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XLITEWWEKISVEFWSVTXMSRSJ[EXIVSV[EXIVZETSVIMXLIVF] VIWTSRWMFPIJSVXLIIZEPYEXMSRWLSYPHLEZIEXLSVSYKLYRHIV
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YWISJTVIJSVQIHJMPQWYGLEWTSP]IXL]PIRIWLIIXWTPEGIH EFPI XS TVSZMHI MRWMKLXW MRXS XLI GEYWIW SJ XLI SFWIVZIH
SRKVEHIFIJSVITPEGMRKEWPEF HIXIVMSVEXMSR SV HMWXVIWW %HHMXMSREP MRJSVQEXMSR SR
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WSYRHGSRGVIXISVFSXLHIWMKREXIHJSVVIQSZEP 666ERH6
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WYGL EW GLERKMRK XLI [EXIV HVEMREKI TEXXIVR IPMQMREXMRK EW[IPP)RZMVSRQIRXEPERHSGGYTEXMSREPWEJIX]GSRWXVEMRXW
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WLSYPHFITIVJSVQIHJSVPMZIERHHIEHPSEHWERHXLIIJJIGXWSJ FIEQW SV KMVHIV W]WXIQW ERH MW IWTIGMEPP] GVMXMGEP JSV
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WTIGMEPGSRGIVRMRGPYHIRIKEXMZIQSQIRXEVIEWMRWPEFWERH WLSYPH FI MRGPYHIH MR XLI HVE[MRKW ERH WTIGMJMGEXMSRW JSV
FIEQWGERXMPIZIVFIEQWNSMRXERHGSRRIGXMSRHIXEMPWTVIGEWX EHHVIWWMRKTSXIRXMEPMRGVIEWIWMRXLIWGSTISJ[SVO
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PSGEP VITEMV SJ SRI WQEPP WIGXMSR GER EJJIGX E QYGL PEVKIV WLSYPH FI VIQSZIH FYX MX MW RSX EP[E]WIEW]XSHIXIVQMRI
EVIESJ[LMGLXLIGSRXVEGXSVQE]RSXFIE[EVI [LIREPPWYGLQEXIVMEPLEWFIIRVIQSZIHSV[LIRXSSQYGL
 1EXIVMEP FILEZMSV GLEVEGXIVMWXMGW{;LIR RI[ ERH KSSHQEXIVMEP LEWFIIRVIQSZIH%GSQQSRVIGSQQIRHEXMSR
MRRSZEXMZI QEXIVMEPW ERH W]WXIQW EVI YWIH JSV VITEMV ERH MWXSVIQSZIWSYRHGSRGVIXIJSVEHIJMRIHHMWXERGIFI]SRH
WXVIRKXLIRMRKXLIWXVYGXYVEPFILEZMSVSJXLIVITEMVIHWIGXMSR XLIHIPEQMREXIHEVIEXLIVIF]I\TSWMRKXLIVIMRJSVGMRKWXIIP
GER HMJJIV WYFWXERXMEPP] JVSQ XLI FILEZMSV SJ XLI SVMKMREP FI]SRHXLITSMRXSJGSVVSHIHWXIIP
'32'6)8)6)4%-6+9-() 6

6IQSZEPSJGSRGVIXIYWMRKI\TPSWMZIWSVSXLIVEKKVIWWMZI  +IRIVEP GSRWMHIVEXMSRW{'SRGVIXI VIQSZEP


QIXLSHWGERHEQEKIXLIGSRGVIXIXLEXMWMRXIRHIHXSVIQEMR EHHVIWWIWHIXIVMSVEXIH ERH HEQEKIH QEXIVMEP 7SQIWSYRH
MRTPEGI*SVI\EQTPIFPEWXMRK [MXLI\TPSWMZIWSVXLIYWISJ GSRGVIXI LS[IZIV QE] FI VIQSZIH XS TIVQMX WXVYGXYVEP
WSQIMQTEGXXSSPWLIEZMIVXLER OK PF GERVIWYPXMR QSHMJMGEXMSRW ERH XS IRWYVI XLEX EPP YRWSYRH QEXIVMEP MW
EHHMXMSREPHIPEQMREXMSRSVGVEGOMRK(IPEQMREXIHEVIEWGER VIQSZIH 8LI IJJIGXMZIRIWW SJ ZEVMSYWVIQSZEPXIGLRMUYIW
FIMHIRXMJMIHF]YWMRKELEQQIVXSXEOIWSYRHMRKW -RQSWX GERHMJJIVJSVHIXIVMSVEXIHERHWSYRHGSRGVIXI7SQIXIGLRMUYIW
GEWIWWYGLHIPEQMREXMSRWWLSYPHFIVIQSZIHFIJSVIVITEMV QE]FIQSVIIJJIGXMZIMRWSYRHGSRGVIXI[LMPISXLIVWQE]
QEXIVMEPWEVITPEGIH [SVOFIXXIVJSVHIXIVMSVEXIHGSRGVIXI
6IQSZEP SJ GSRGVIXI YWMRK MQTEGX XSSPW QE] VIWYPX MR 'SRGVIXIVIQSZEPXIGLRMUYIWWIPIGXIHWLSYPHFIIJJIGXMZI
WQEPPWGEPIQMGVSGVEGOMRKHEQEKI XIVQIHFVYMWMRK XSXLI WEJI IGSRSQMGEP IRZMVSRQIRXEPP] JVMIRHP] ERH QMRMQM^I
WYVJEGI SJ XLI GSRGVIXI PIJX MR TPEGI 9RPIWW XLMW HEQEKIH HEQEKIXSXLIGSRGVIXIPIJXMRTPEGI8LIVIQSZEPXIGLRMUYI
PE]IVMWVIQSZIHE[IEOIRIH TPERIQE]SGGYVMRXLITEVIRX GLSWIRQE]LEZIEWMKRMJMGERXIJJIGXSRXLIPIRKXLSJXMQI
GSRGVIXIFIPS[XLIVITEMVQEXIVMEPFSRHPMRI8LMWGSRHMXMSR XLEX E WXVYGXYVI [MPP FI SYX SJ WIVZMGI 7SQI XIGLRMUYIW
GERVIWYPXMREPS[XIRWMPIVYTXYVI FSRH WXVIRKXLFIX[IIR TIVQMXEWMKRMJMGERXTSVXMSRSJXLI[SVOXSFIEGGSQTPMWLIH
XLI TEVIRX GSRGVIXI ERH VITEMV QEXIVMEP 8LYW E TIVJIGXP] [MXLSYX VIQSZMRK XLI WXVYGXYVI JVSQ WIVZMGI 8LI WEQI
WSYRHERHEGGITXEFPIVITPEGIQIRXQEXIVMEPQE]JEMPHYIXS VIQSZEP XIGLRMUYI LS[IZIV QE] RSX FI WYMXEFPI JSV EPP
MQTVSTIVWYVJEGITVITEVEXMSR%PPHEQEKIHSVHIPEQMREXIH TSVXMSRWSJEKMZIRWXVYGXYVI-RWSQIMRWXERGIWEGSQFMREXMSR
GSRGVIXIMRGPYHMRKFVYMWMRKEX XLIMRXIVJEGISJXLIVITEMVERH SJ VIQSZEP XIGLRMUYIW QE] FI QSVI ETTVSTVMEXI XS WTIIH
XLI TEVIRX GSRGVIXI WLSYPH FI VIQSZIH FIJSVI TPEGMRK XLI VIQSZEPERHPMQMXHEQEKIXSXLIVIQEMRMRKWSYRHGSRGVIXI
VITEMV QEXIVMEP 8LMW QE] VIUYMVI SRI X]TI SJ EKKVIWWMZI 8VMEP JMIPH XIWXMRK ZEVMSYW VIQSZEP XIGLRMUYIW GER LIPT
VIQSZEP JSV KVSWW VIQSZEP JSPPS[IH F] ERSXLIV X]TI SJ GSRJMVQXLIFIWXTVSGIHYVIW
VIQSZEPJSVFVYMWMRK -RKIRIVEPXLIIRKMRIIVVIWTSRWMFPIJSVXLIHIWMKRSJXLI
-REPPGEWIWMR[LMGLGSRGVIXILEWFIIRVIQSZIHJVSQ E VITEMV WLSYPH WTIGMJ] XLI SFNIGXMZIW XS FI EGLMIZIH F] XLI
WXVYGXYVI F]TVMQEV]QIERW WYGL EW FPEWXMRK SV EKKVIWWMZI GSRGVIXI VIQSZEP ERH XLI VITEMV GSRXVEGXSV WLSYPH FI
MQTEGXQIXLSHWXLIGSRGVIXIPIJXMRTPEGIWLSYPHFITVITEVIH EPPS[IH XS WIPIGX XLI QSWX IGSRSQMGEP VIQSZEP QIXLSH
F] YWMRK E WIGSRHEV] QIXLSH WYGL EW GLMTTMRK EFVEWMZI WYFNIGX XS XLI IRKMRIIVvW EGGITXERGI -R WTIGMEP GMVGYQ
FPEWXMRK SV LMKLTVIWWYVI [EXIV NIXXMRK XS VIQSZI ER] WXERGIWXLIIRKMRIIVQE]EPWSRIIHXSWTIGMJ]XLIVIQSZEP
VIQEMRMRKHEQEKIHWYVJEGIQEXIVMEP'EVIJYPZMWYEPMRWTIGXMSRW XIGLRMUYIWXSFIYWIHERHXLSWIXLEXEVITVSLMFMXIH
SJXLITVITEVIHWYVJEGIWWLSYPH FIGSRHYGXIHFIJSVITPEGMRK 8LIQIGLERMGEPTVSTIVXMIWSJXLIGSRGVIXIERHXLIX]TIERH
VITEMVQEXIVMEPW;IXXMRKXLIWYVJEGIQE]LIPTXSMHIRXMJ]XLI WM^ISJEKKVIKEXIXSFIVIQSZIHTVSZMHIMQTSVXERXMRJSVQEXMSR
TVIWIRGISJGVEGOMRK(IXIVQMREXMSRSJXLIXIRWMPIWXVIRKXL XSHIXIVQMRIXLIQIXLSHERHGSWXSJGSRGVIXIVIQSZEP8LI
%'-6%TTIRHM\% F]TYPPSJJXIWXMRKMWEHZMWEFPISR QIGLERMGEP TVSTIVXMIW MRGPYHI GSQTVIWWMZI ERH XIRWMPI
TVITEVIHWYVJEGIWXSHIXIVQMRIXLIWYMXEFMPMX]SJXLIWYVJEGI WXVIRKXLW8LMWMRJSVQEXMSRMWEPWSRIGIWWEV]JSVXLIIRKMRIIV
XSVIGIMZIVITEMVQEXIVMEP XSWTIGMJ]XLITVITEVIHWYVJEGIGSRHMXMSRERHWIPIGXXLIVITEMV
6IQSZEP SJ PMQMXIH EVIEW SJ GSRGVIXI MR EWPEF [EPP SV QEXIVMEPERHMXWLSYPHFIQEHI EZEMPEFPIXSGSRXVEGXSVW JSV
GSPYQR WYVJEGI VIUYMVIW WE[GYXXMRK XLI TIVMQIXIV SJ XLI FMHHMRKTYVTSWIW
VIQSZEPEVIETVSZMHMRKEREHIUYEXIQMRMQYQXLMGORIWWSJ  1SRMXSVMRK ERH WLSVMRK HYVMRK VIQSZEP STIVE
VITEMVQEXIVMEPEXXLIIHKISJXLIVITEMVIHEVIEERHQMXMKEXMRK XMSRW{-XMWIWWIRXMEP XS IZEPYEXI XLI VIQSZEPSTIVEXMSRW XS
XLIEHZERGIQIRXSJYRHIXIGXIH MRGMTMIRXGVEGOMRK*IEXLIVMRK PMQMXXLII\XIRXSJHEQEKIXSXLIWXVYGXYVIERHXSXLIGSRGVIXI
SJVITEMVQEXIVMEPWKIRIVEPP]WLSYPHFIEZSMHIH8LITVIT XLEX VIQEMRW 7XVYGXYVEP IPIQIRXW QE] VIUYMVI WLSVMRK
EVEXMSR JSV WLSXGVIXMRK MW ER I\GITXMSR %'- 6 VIGSQ VIQSZEPSJETTPMIHPSEHWSVFSXLFIJSVIGSRGVIXIVIQSZEPXS
QIRHWXETIVIHIHKIWEVSYRHXLITIVMQIXIVSJWYGLTEXGLIW TVIZIRXWXVYGXYVEPHIJSVQEXMSRWTSWWMFPIGSPPETWIFYGOPMRK
7E[GYXXMRKGEREPWSMQTVSZIXLIETTIEVERGISJXLIVITEMVIH SV WPMTTEKI SJ VIMRJSVGIQIRX 'EVI WLSYPH FI YWIH HYVMRK
EVIE8LIKIRIVEP WLETISJXLIVITEMVIHEVIEWWLSYPHFIEW VIQSZEP SJ GSRGVIXI XS EZSMH GYXXMRK ERH HEQEKMRK VIMR
W]QQIXVMGEP EW TSWWMFPI -'6-   6IIRXVERX GSVRIVW JSVGMRK WXIIP &IGEYWI VIMRJSVGIQIRX MW SJXIR QMWTPEGIH
WLSYPHFIEZSMHIH0EVKIZEVMEXMSRWMRXLIHITXLSJVIQSZEP YRERXMGMTEXIH HEQEKI QE] SGGYV [LIR WE[ GYXXMRK
MRWLSVXHMWXERGIWWLSYPHEPWSFIEZSMHIH8LIXI\XYVISJXLI MQTEGXMRKSVVIQSZMRKGSRGVIXI
TVITEVIH WYVJEGI WLSYPH FI ETTVSTVMEXI JSV XLI MRXIRHIH  'EVIJYP QSRMXSVMRK MW VIUYMVIH XLVSYKLSYX XLI GSRGVIXI
VITEMVQEXIVMEP -'6-  VIQSZEP STIVEXMSR 8LMW GER FI EGGSQTPMWLIH F] ZMWYEP
)ZIV]TVIGEYXMSRWLSYPHFIQEHIXSEZSMHGYXXMRKYRHIV MRWTIGXMSRWSYRHMRKYWISJEGSZIVQIXIVSVSXLIVQIERWXS
P]MRKVIMRJSVGIQIRX6IZMI[MRKHIWMKRHVE[MRKWERHYWMRKE PSGEXIVIMRJSVGIQIRX8LITVSNIGXWTIGMJMGEXMSRWWLSYPHEWWMKR
GSZIVQIXIVSVWMQMPEVHIZMGITVSZMHIWHEXEEWXSXLIPSGEXMSR VIWTSRWMFMPMXMIWJSVXLIMRWTIGXMSRSJXLITVITEVIHGSRGVIXI
ERHHITXLSJVIMRJSVGIQIRX-R EHHMXMSRXLIVIQSZEPSJWQEPP 7SYRHMRK MW ER I\GIPPIRX QIERW XS HIXIGX HIPEQMREXIH
EVIEWSJGSRGVIXIMWGSQQSRP]YWIHXSGSRJMVQXLIPSGEXMSR GSRGVIXIEHNEGIRXXSXLISYXIVQSWXPE]IVWSJVIMRJSVGMRKWXIIP
ERHHITXLSJFEVWFIJSVIWE[GYXXMRK 7YFWYVJEGI GVEGOW XLI I\XIRX SJ HIXIVMSVEXMSR SV SXLIV
7IGXMSRWXLVSYKL  TVIWIRXHIWGVMTXMSRWSJQER] MRXIVREP HIJIGXW LS[IZIV QE] RSX FI MHIRXMJMIH F] XLMW
SJXLIGSQQSRP]YWIH GSRGVIXIVIQSZEPXIGLRMUYIWXSLIPT QIXLSHEPSRI3XLIVQIERWSJIZEPYEXMSRWLSYPHFIYWIHXS
MRXLIWIPIGXMSRTVSGIWW TVSTIVP] MHIRXMJ] XLI I\XIRX SJ GSRGVIXI XS FI VIQSZIH -R
6 %'-'311-88))6)4368

EHHMXMSR WSYRHMRK YWYEPP] HSIW RSX MRHMGEXI RIEVWYVJEGI VIQEMRWEJXIVFPEWXMRK3RIWYGLXIGLRMUYIGYWLMSRFPEWXMRK


QMGVSGVEGOMRKSVFVYMWMRK3RP]QMGVSWGSTMGI\EQMREXMSRSV MRZSPZIWHVMPPMRKEPMRISJQQ MR HMEQIXIVSVWQEPPIV
FSRHXIWXMRKQE]HMWGPSWIRIEVWYVJEGIHEQEKI FSVILSPIWTEVEPPIPXSXLIVIQSZEPJEGIPSEHMRKIEGLLSPI[MXL
7YFWYVJEGIIZEPYEXMSR I\EQMREXMSRSJXLIWYFWXVEXI GER PMKLXGLEVKIWSJI\TPSWMZI YWYEPP]HIXSREXMRKGSVH HMWXVMFYXIH
TVSZMHI ZEPYEFPI MRJSVQEXMSR EFSYX XLI GSRHMXMSR SJ XLI EPSRK MXW PIRKXL GYWLMSRMRK XLI GLEVKIW F] WXIQQMRK IEGL
GSRGVIXI 8LMW MRJSVQEXMSR QE] FI SFXEMRIH F] XLI LSPIGSQTPIXIP]SVMRXLIGSPPEV[MXL[IXWERHERHHIXSREXMRK
JSPPS[MRKQIXLSHWFIJSVIHYVMRKSVEJXIVGSRGVIXIVIQSZEP XLI I\TPSWMZI [MXL IPIGXVMG FPEWXMRK GETW 8LI YRMJSVQ
%'-6  HMWXVMFYXMSR ERH GYWLMSRMRK SJ XLI PMKLX GLEVKIW TVSHYGI E
E  8EOMRK GSVIW JSV ZMWYEP I\EQMREXMSR QMGVSWGSTMG VIPEXMZIP]WSYRHWYVJEGI[MXLPMXXPISZIVFVIEO
I\EQMREXMSR GSQTVIWWMZI WXVIRKXL XIWXW ERH WTPMXXMRK &PEWXMRKQEGLMRIWERHIPIGXVMGEPFPEWXMRKGETHIPE]WIVMIW
XIRWMPIWXVIRKXLXIWXW EVIEPWSYWIHJSVGSRXVSPPIHHIQSPMXMSRERHIQTPS]TVSTIV
F 4YPWIZIPSGMX]XIWXW XMQMRK WIUYIRGIW XS TVSZMHI KVIEXIV GSRXVSP MR VIHYGMRK
G -QTEGXIGLSXIWXW KVSYRHZMFVEXMSR'SRXVSPPIHFPEWXMRKLEWFIIRYWIHWYGGIWW
H &SRHXIWXW TYPPSJJXIWXMRK%'-6%TTIRHM\%  JYPP] SR RYQIVSYW VITEMV TVSNIGXW 8LI WIPIGXMSR SJTVSTIV
I  'SZIVQIXIV SV WMQMPEV IUYMTQIRX XS PSGEXI VIMRJSVGI GLEVKI[IMKLXFSVILSPIHMEQIXIVERHFSVILSPIWTEGMRKJSV
QIRXERHHIXIVQMRIMXWHITXLFIPS[XLIWYVJEGI EVITEMVTVSNIGXHITIRHWSRXLI PSGEXMSRSJXLIWXVYGXYVIXLI
J -RJVEVIHXLIVQSKVETL]ERH EGGITXEFPIHIKVIISJZMFVEXMSRERHHEQEKIERHXLIUYERXMX]
K +VSYRHTIRIXVEXMRKVEHEV +46  ERHUYEPMX]SJGSRGVIXIXSFIVIQSZIH-JEXEPPTSWWMFPIE
1ER]SJXLIWIQIXLSHWEVIHMWGYWWIHMR%'-6 TMPSXXIWXTVSKVEQWLSYPHFIMQTPIQIRXIHXSHIXIVQMRIXLI
 5YERXMX]SJGSRGVIXIXSFIVIQSZIH{-RQSWXVITEMV STXMQYQTEVEQIXIVW&IGEYWISJ XLIMRLIVIRXHERKIVWMRXLI
TVSNIGXW EPP HEQEKIH SV HIXIVMSVEXIH GSRGVIXI WLSYPH FI LERHPMRKERHYWEKISJI\TPSWMZIWEPPTLEWIWSJXLIFPEWXMRK
VIQSZIHLS[IZIVXLIUYERXMX] SJGSRGVIXIXSFIVIQSZIHMW TVSNIGX WLSYPH FI TIVJSVQIH F] UYEPMJMIH ETTVSTVMEXIP]
HMVIGXP]VIPEXIHXSXLIIPETWIHXMQIFIX[IIRTVITEVEXMSRSJ PMGIRWIHTIVWSRRIP[MXLTVSZIRI\TIVMIRGIERHEFMPMX]
XLI IWXMQEXI ERH EGXYEP VIQSZEP 7YFWXERXMEP SZIVVYRW EVI  'YXXMRK QIXLSHW{'YXXMRK QIXLSHW KIRIVEPP]
GSQQSR )WXMQEXMRK MREGGYVEGMIW GER FI QMRMQM^IH F] E IQTPS] QIGLERMGEP WE[MRK MRXIRWI LIEX SV LMKLTVIWWYVI
XLSVSYKLGSRHMXMSRWYVZI]EWGPSWIEWTSWWMFPIXSXLIXMQIXLI [EXIVNIXWXSGYXEVSYRHXLITIVMQIXIVSJGSRGVIXIWIGXMSRWXS
VITEMV[SVOMWI\IGYXIH4SXIRXMEPUYERXMX]SZIVVYRWFEWIH TIVQMXXLIMVVIQSZEP8LIWM^ISJ XLIWIGXMSRWXLEXEVIGYXJVII
SRJMIPHQIEWYVIHUYERXMXMIWWLSYPHFIXEOIRMRXSEGGSYRX MW KSZIVRIH F] XLI EZEMPEFPI PMJXMRK ERH XVERWTSVXMRK
;LIR F] RIGIWWMX] XLI GSRHMXMSR WYVZI] MW HSRI JEV MR IUYMTQIRX 8LI GYXXMRK QIXLSHW MRGPYHI LMKLTVIWWYVI
EHZERGISJXLIVITEMV[SVOXLIIWXMQEXIHUYERXMXMIWWLSYPH [EXIV NIXW WE[ GYXXMRK HMEQSRH [MVI GYXXMRK QIGLERMGEP
FIMRGVIEWIHXSEGGSYRXJSVGSRXMRYIHHIXIVMSVEXMSR&IGEYWI WLIEVMRKWXMXGLHVMPPMRKERHXLIVQEPGYXXMRK
QSWXGSRGVIXIVITEMVTVSNIGXW EVIFEWIHSRYRMXTVMGIWVITEMV E ,MKLTVIWWYVI[EXIVNIX [MXLSYXEFVEWMZIW {%LMKL
EVIEW WLSYPH FI EGGYVEXIP] QIEWYVIH FIJSVI JSVQW EVI TVIWWYVI [EXIVNIX YWIW E WQEPP NIX SJ [EXIV HVMZIR EXLMKL
MRWXEPPIH8LMWMWYWYEPP]HSRI NSMRXP]F]XLIIRKMRIIVERHXLI ZIPSGMXMIWGSQQSRP]TVSHYGMRK TVIWWYVIWSJXS14E
GSRXVEGXSV -X MW RSX YRGSQQSR JSV IWXMQEXIH UYERXMXMIW XS XSTWM %RYQFIVSJHMJJIVIRXX]TIWSJ[EXIV
MRGVIEWIWMKRMJMGERXP]FIX[IIRXLIHIXIGXEFPIUYERXMXMIWERH NIXW EVI GYVVIRXP] FIMRK YWIH 8LI QSWX TVSQMWMRK EVI XLI
XLIEGXYEPUYERXMX]VIQSZIH-'6-TVSZMHIWKYMHIPMRIW YPXVELMKLTVIWWYVINIXERHXLIGEZMXEXMRKNIX7IGXMSR
JSVQIXLSHWSJQIEWYVIQIRXJSVGSRGVIXIVITEMV[SVO HIWGVMFIW YWMRK E [EXIV NIX EW E TVMQEV] VIQSZEP QIXLSH
 'PEWWMJMGEXMSR SJ GSRGVIXI VIQSZEP QIXLSHW{ ;EXIV NIXW YWIH [MXL EFVEWMZIW EVI HIWGVMFIH MR 7IGXMSR
6IQSZEPERHI\GEZEXMSRQIXLSHW GERFIGEXIKSVM^IHF]XLI 
[E]MR[LMGLXLITVSGIWWEGXWSR XLIGSRGVIXI8LIWIGEXIKSVMIW F 7E[GYXXMRK{(MEQSRHSVGEVFMHIWE[WEVIEZEMPEFPIMR
EVI FPEWXMRK GYXXMRK MQTEGXMRK QMPPMRK L]HVSHIQSPMXMSR WM^IW VERKMRK JVSQ WQEPP GETEFPI SJ FIMRK LERHLIPH  XS
TVIWTPMXXMRK ERH EFVEHMRK 8EFPI  TVSZMHIW E KIRIVEP PEVKI GETEFPISJGYXXMRKHITXLWSJYTXSQ?MRA 
HIWGVMTXMSR SJ XLIWI GEXIKSVMIW PMWXW XLI WTIGMJMG VIQSZEP G  (MEQSRH [MVI GYXXMRK{(MEQSRH [MVI GYXXMRK MW
XIGLRMUYIW[MXLMRIEGLGEXIKSV]ERHTVSZMHIWEWYQQEV]SJ EGGSQTPMWLIH [MXL E [MVI GSRXEMRMRK RSHYPIWMQTVIKREXIH
MRJSVQEXMSRSRIEGLXIGLRMUYI8LIXIGLRMUYIWEVIHMWGYWWIH [MXL HMEQSRHW 8LI [MVI MW [VETTIH EVSYRH XLI GSRGVIXI
MRHIXEMPMRXLIJSPPS[MRKWIGXMSRW QEWWXSFIGYXERHVIGSRRIGXIH[MXLXLITS[IVTEGOXSJSVQ
 &PEWXMRK QIXLSHW{&PEWXMRK QIXLSHW KIRIVEPP] EGSRXMRYSYWPSST8LIPSSTMWWTYRMRXLITPERISJXLIGYX
IQTPS] VETMHP] I\TERHMRK KEW GSRJMRIH [MXLMR E WIVMIW SJ [LMPI FIMRK HVE[R XLVSYKL XLI GSRGVIXI QIQFIV 8LMW
FSVILSPIWXSTVSHYGIGSRXVSPPIHJVEGXYVIERHVIQSZEPSJXLI W]WXIQGERFIYWIHXSGYXEWXVYGXYVISJER]WM^IEWPSRKEW
GSRGVIXI8LISRP]FPEWXMRKQIXLSHEHHVIWWIHMRXLMWVITSVX XLI[MVIGERFI[VETTIHEVSYRHXLIGSRGVIXI8LIPMQMXWSJ
MWI\TPSWMZIFPEWXMRK XLITS[IVWSYVGIHIXIVQMRIWXLIWM^ISJXLIGSRGVIXIWXVYGXYVI
)\TPSWMZIFPEWXMRKMWXLIQSWXGSWXIJJIGXMZIERHI\TIHMIRX XLEXGERFIGYX8LMWW]WXIQTVSZMHIWERIJJMGMIRXQIXLSHJSV
QIERW JSV VIQSZMRK PEVKI UYERXMXMIW SJ GSRGVIXI{JSV GYXXMRKYTERHHMWQERXPMRKPEVKISVWQEPPGSRGVIXIWXVYGXYVIW
I\EQTPITSVXMSRWSJPEVKIQEWWGSRGVIXIJSYRHEXMSRWSV[EPPW H 1IGLERMGEPWLIEVMRK{8LIQIGLERMGEPWLIEVMRKQIXLSH
8LMWQIXLSHMRZSPZIWHVMPPMRKFSVILSPIWTPEGMRKERI\TPSWMZI IQTPS]W L]HVEYPMGEPP] TS[IVIH NE[W XS GYX GSRGVIXI ERH
MR IEGL LSPI ERH HIXSREXMRK XLI I\TPSWMZI 'SRXVSPPIH VIMRJSVGMRK WXIIP 8LMW QIXLSH MW ETTPMGEFPI JSV QEOMRK
FPEWXMRK XIGLRMUYIW QMRMQM^I HEQEKI XS XLI QEXIVMEP XLEX GYXSYXW XLVSYKL WPEFW HIGOW ERH SXLIV XLMR GSRGVIXI
'32'6)8)6)4%-6+9-() 6

8EFPI{7YQQEV]SJJIEXYVIWERHGSRWMHIVEXMSRWPMQMXEXMSRWJSVGSRGVIXIVIQSZEPQIXLSHW
'EXIKSV] *IEXYVIW 'SRWMHIVEXMSRW0MQMXEXMSRW
 &PEWXMRK )\TPSWMZIW
9WIW VETMHP] I\TERHMRK KEW GSRJMRIH [MXLMR E WIVMIW SJ 1SWX I\TIHMIRX QIXLSH JSV VIQSZMRK PEVKI ZSPYQIW 6IUYMVIWLMKLP]WOMPPIHTIVWSRRIPJSVHIWMKRERHI\IGYXMSR
FSVILSPIW XS TVSHYGI GSRXVSPPIH JVEGXYVI ERHVIQSZEP SJ [LIVIGSRGVIXIWIGXMSRMWMR QQ XLMGOSVQSVI 7XVMRKIRXWEJIX]VIKYPEXMSRWQYWXFIGSQTPMIH[MXLVIKEVHMRK
GSRGVIXI 4VSHYGIWKSSHJVEKQIRXEXMSRSJGSRGVIXIHIFVMWJSVIEW] XLIXVERWTSVXEXMSR WXSVEKI ERH YWI SJ I\TPSWMZIW HYI XS
VIQSZEP XLIMVMRLIVIRXHERKIVW
&PEWX IRIVK] QYWX FI GSRXVSPPIH XS EZSMH HEQEKI XS
WYVVSYRHMRK MQTVSZIQIRXW VIWYPXMRK JVSQ EMV FPEWX
TVIWWYVIKVSYRHZMFVEXMSRERHJP]MRKHIFVMW
 'YXXMRK ,MKLTVIWWYVI[EXIVNIX [MXLSYXEFVEWMZIW
9WIWTIVMQIXIVGYXWXSVIQSZIPEVKITMIGIWSJGSRGVIXI %TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLWPEFWHIGOWERH 'YXSYXWJSVVIQSZEPPMQMXIHXSXLMRWIGXMSRW
SXLIVXLMRGSRGVIXIQIQFIVW 'YXXMRKMWX]TMGEPP]WPS[IVERHQSVIGSWXP]XLERHMEQSRH
'YXWMVVIKYPEVERHGYVZIHWLETIW FPEHIWE[MRK
1EOIWGYXSYXW[MXLSYXSZIVGYXXMRKGSVRIVW 1SHIVEXIPIZIPWSJRSMWIQE]FITVSHYGIH
'YXWJPYWL[MXLMRXIVWIGXMRKWYVJEGIW 'SRXVSPPMRKJPS[SJ[EWXI[EXIVQE]FIVIUYMVIH
2SLIEXZMFVEXMSRSVHYWXMWTVSHYGIH %HHMXMSREPWEJIX]TVIGEYXMSRWEVIVIUYMVIHHYIXSXLILMKL
,ERHPMRKSJHIFVMWMWIJJMGMIRXFIGEYWIFYPOSJGSRGVIXIMW [EXIVTVIWWYVITVSHYGIHF]XLIW]WXIQ
VIQSZIHMRPEVKITMIGIW
 'YXXMRK GSRXMRYIH (MEQSRHWE[
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLWPEFWHIGOWERH 'YXSYXWJSVVIQSZEPPMQMXIHXSXLMRWIGXMSRW
SXLIVXLMRGSRGVIXIQIQFIVW 4IVJSVQERGIMWEJJIGXIHF]X]TISJHMEQSRHWERHXLIHME
1EOIWTVIGMWMSRGYXW QSRHXSQIXEP FSRH MR FPEHI WIKQIRXW WIKQIRX WIPIG
2SHYWXSVZMFVEXMSRMWTVSHYGIH XMSRMWFEWIHSREKKVIKEXILEVHRIWW 
,ERHPMRKSJHIFVMWMWIJJMGMIRXFIGEYWIFYPOSJGSRGVIXIMW 8LILMKLIVXLITIVGIRXEKISJWXIIPVIMRJSVGIQIRXMRGYXW
VIQSZIHMRPEVKITMIGIW XLIWPS[IVERHQSVIGSWXP]XLIGYXXMRK
8LILEVHIVXLIEKKVIKEXIXLIWPS[IVERHQSVIGSWXP]XLI
GYXXMRK
'SRXVSPPMRKJPS[SJ[EWXI[EXIVQE]FIVIUYMVIH
 'YXXMRK GSRXMRYIH (MEQSRH[MVI GYXXMRK
%TTPMGEFPIJSVGYXXMRKPEVKIERHSVXLMGOTMIGIWSJGSRGVIXI 8LIGYXXMRKGLEMRQYWXFIGSRXMRYSYW
8LIHMEQSRH[MVIGLEMRGERFIMRJMRMXIP]PSRK %GGIWWXSHVMPPLSPIWXLVSYKLXLIGSRGVIXIQYWXFIEZEMPEFPI
2SHYWXSVZMFVEXMSRMWTVSHYGIH ;EXIVQYWXFIEZEMPEFPIXSXLIGLEMR
0EVKI FPSGOW SJ GSRGVIXI GER FI IEWMP] PMJXIH SYX F] E 'SRXVSPPMRKXLIJPS[SJ[EWXI[EXIVQE]FIVIUYMVIH
GVERISVSXLIVQIGLERMGEPQIXLSHW 8LILEVHIVXLIEKKVIKEXIERHSVGSRGVIXIXLIWPS[IVERH
8LI GYXXMRK STIVEXMSR GER FI IUYEPP] IJJMGMIRX MR ER] QSVIGSWXP]XLIGYXXMRK
HMVIGXMSR 4IVJSVQERGIMWEJJIGXIHF]XLIUYEPMX]X]TIERHRYQFIV
SJHMEQSRHWEW[IPPEWXLIHMEQSRHXSQIXEPFSRHMRXLI
GLEMR
 'YXXMRK GSRXMRYIH 1IGLERMGEPWLIEVMRK
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLWPEFWHIGOWERH 0MQMXIHXSXLMRWIGXMSRW[LIVIERIHKIMWEZEMPEFPISV
SXLIVXLMRGSRGVIXIQIQFIVW ELSPIGERFIQEHIXSWXEVXXLIGYX
7XIIPVIMRJSVGIQIRXGERFIGYX )\TSWIHVIMRJSVGMRKWXIIPMWHEQEKIHFI]SRHVIYWI
0MQMXIHRSMWIERHZMFVEXMSREVITVSHYGIH 6IQEMRMRKGSRGVIXIMWHEQEKIH
,ERHPMRKSJHIFVMWMWIJJMGMIRXFIGEYWIFYPOSJGSRGVIXIMW )\XVIQIP]VYKKIHTVSJMPIMWTVSHYGIHEXXLIGYXIHKI
VIQSZIHMRPEVKITMIGIW 6EKKIHJIEXLIVIHKIWVIQEMREJXIVVIQSZEP
 'YXXMRK GSRXMRYIH 7XMXGL HVMPPMRK
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLGSRGVIXIQIQFIVW 6SXEV]TIVGYWWMSRHVMPPMRKMWWMKRMJMGERXP]QSVII\TIHMIRX
[LIVIEGGIWWXSSRP]SRIJEGIMWJIEWMFPI ERH IGSRSQMGEP XLER HMEQSRH GSVI HVMPPMRK LS[IZIV MX
,ERHPMRK SJ HIFVMW MW QSVI IJJMGMIRX FIGEYWI FYPO SJ VIWYPXW MR QSVI HEQEKI XS XLI GSRGVIXI XLEX VIQEMRW
GSRGVIXIMWVIQSZIHMRPEVKITMIGIW IWTIGMEPP]EXXLITSMRXSJI\MXJVSQXLIGSRGVIXI
(ITXLSJGYXWMWHITIRHIRXSREGGYVEG]SJHVMPPMRKIUYMT
QIRX MR QEMRXEMRMRK SZIVPET FIX[IIR LSPIW [MXL HITXL
ERHHMEQIXIVSJXLIFSVILSPIWHVMPPIH8LIHIITIVXLIGYX
XLIKVIEXIVFSVILSPIHMEQIXIVVIUYMVIHXSQEMRXEMR SZIV
PETFIX[IIREHNEGIRXLSPIWERHXLIKVIEXIVXLIGSWX
9RGYX TSVXMSRW FIX[IIR EHNEGIRX FSVILSPIW [MPP LEQTIV
SVTVIZIRXXLIVIQSZEP
'YXXMRKVIMRJSVGIHGSRGVIXIMRGVIEWIWXLIGYXXMRKXMQIERH
MRGVIEWIW XLI GSWX %KKVIKEXI XSYKLRIWW JSV TIVGYWWMSR
HVMPPMRK ERH EKKVIKEXI LEVHRIWW JSV HMEQSRH GSVMRK[MPP
EJJIGXGYXXMRKGSWXERHVEXI
4IVWSRRIPQYWX[IEVLIEVMRKTVSXIGXMSRHYIXSLMKLRSMWI
PIZIPW

QIQFIVW-XMWIWTIGMEPP]ETTPMGEFPI[LIVIXSXEPHIQSPMXMSR SJ XLI HVMPPMRK IUYMTQIRX WS XLEX YRGYX GSRGVIXI VIQEMRW
SJXLIQIQFIVMWHIWMVIH8LIQENSVPMQMXEXMSRSJXLMWQIXLSH FIX[IIREHNEGIRXLSPIW
MWXLEXGYXWWLSYPHFIWXEVXIHJVSQJVIIIHKIWSVJVSQLSPIW J  8LIVQEP GYXXMRK{8LMW QIXLSH VIUYMVIW TS[HIV XSVGL
QEHIF]LERHLIPHFVIEOIVWSVSXLIVQIERW XLIVQEPPERGIERHTS[HIVPERGI[LMGLHIZIPSTMRXIRWILIEX
I 7XMXGLHVMPPMRK{8LIWXMXGLHVMPPMRKQIXLSHIQTPS]WXLI
KIRIVEXIH F] XLI VIEGXMSR FIX[IIR S\]KIR ERH TS[HIVIH
YWISJSZIVPETTMRKFSVILSPIWEPSRKXLIVIQSZEPTIVMQIXIVXS
QIXEPWXSQIPXEWPSXMRXSGSRGVIXI8LIXLIVQEPHIZMGIvWEFMPMX]
GYX SYX WIGXMSRW JSV VIQSZEP 8LMW QIXLSH MW ETTPMGEFPI JSV
QEOMRK GYXSYXW XLVSYKL GSRGVIXI QIQFIVW [LIVI EGGIWW XS JSVVIQSZMRKGSRGVIXIJVSQWXVYGXYVIWQEMRP]HITIRHWSRXLI
SRP]SRIJEGIMWTSWWMFPIERHXLIHITXLSJGYXMWKVIEXIVXLER VEXIEX[LMGLXLIVIWYPXMRKWPEKGERJPS[JVSQXLIWPSX8LIWI
GERFIIGSRSQMGEPP]GYXF]XLIHMEQSRHFPEHIQIXLSH8LI HIZMGIWYWIMRXIRWILIEXERHEVIIWTIGMEPP]IJJIGXMZIJSVGYXXMRK
TVMQEV]HVE[FEGOSJWXMXGLHVMPPMRKMWXLITSXIRXMEPJSVGSWXP] VIMRJSVGIH GSRGVIXILS[IZIV XLI]EVI GSRWMHIVIH WPS[
VIQSZEPGSQTPMGEXMSRWMJXLIGYXXMRKHITXLI\GIIHWXLIEGGYVEG] VIPEXMZIP]I\TIRWMZIERHEVIRSX[MHIP]YWIH
6 %'-'311-88))6)4368

8EFPI GSRX {7YQQEV]SJJIEXYVIWERHGSRWMHIVEXMSRWPMQMXEXMSRWJSVGSRGVIXIVIQSZEPQIXLSHW


'EXIKSV] *IEXYVIW 'SRWMHIVEXMSRW0MQMXEXMSRW
 'YXXMRK GSRXMRYIH 8LIVQEPGYXXMRK
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLLIEZMP]VIMRJSVGIH 0MQMXIHEZEMPEFMPMX]GSQQIVGMEPP]
HIGOWFIEQW [EPPW ERH SXLIV XLMR XS QIHMYQ GSRGVIXI 2SXETTPMGEFPIJSVGYXW[LIVIWPEKJPS[MWVIWXVMGXIH
QIQFIVW
6IQEMRMRKGSRGVIXILEWXLIVQEPHEQEKI[MXLQSVII\XIRWMZI
%RIJJIGXMZIQIERWSJGYXXMRKVIMRJSVGIHGSRGVIXI HEQEKISGGYVVMRKEVSYRHWXIIPVIMRJSVGIQIRX
'YXWMVVIKYPEVWLETIW 4VSHYGIWWQSOIERHJYQIW
4VSHYGIWQMRMQEPRSMWIZMFVEXMSRWERHHYWX 4IVWSRRIP QYWX FI TVSXIGXIH JVSQ LIEX ERH LSX WPEK
TVSHYGIHF]GYXXMRKSTIVEXMSR
 -QTEGXMRK ,ERHLIPHFVIEOIVW
9WIWVITIEXIHWXVMOMRKSJXLIWYVJEGI[MXLEQEWWXSJVEGXYVI %TTPMGEFPIJSVPMQMXIHZSPYQIWSJGSRGVIXIVIQSZEP 4IVJSVQERGI MW E JYRGXMSR SJ GSRGVIXI WSYRHRIWW ERH
ERHWTEPPXLIGSRGVIXI %TTPMGEFPI[LIVIFPS[IRIVK]QYWXFIPMQMXIH EKKVIKEXIXSYKLRIWW
;MHIP]EZEMPEFPIGSQQIVGMEPP] 7MKRMJMGERX PSWW SJ TVSHYGXMZMX] SGGYVW [LIR FVIEOMRK
EGXMSRMWSXLIVXLERHS[R[EVH
'ERFIYWIHMREVIEWSJPMQMXIH[SVOWTEGI
6IQSZEP FSYRHEVMIW [MPP PMOIP] VIUYMVI WE[ GYXXMRK XS
4VSHYGIWVIPEXMZIP]WQEPPERHIEWMP]LERHPIHHIFVMW EZSMHJIEXLIVIHIHKIW
'SRGVIXIXLEXVIQEMRWQE]FIHEQEKIH QMGVSGVEGOMRK 
4VSHYGIWLMKLPIZIPWSJRSMWIHYWXERHZMFVEXMSR
&SSQQSYRXIHFVIEOIVW
%TTPMGEFPIJSVJYPPHITXLVIQSZEPJVSQWPEFWHIGOWERH &PS[IRIVK]HIPMZIVIHXSXLIGSRGVIXIQE] LEZIXSFI
SXLIV XLMR GSRGVIXI QIQFIVW ERH JSV WYVJEGI VIQSZEP PMQMXIHXS TVSXIGXXLI WXVYGXYVI FIMRK VITEMVIH ERHXLI
JVSQQSVIQEWWMZIGSRGVIXIWXVYGXYVIW WYVVSYRHMRKWXVYGXYVIWJVSQHEQEKIHYIXSLMKLG]GPMG
'ERFIYWIHJSVZIVXMGEPERHSZIVLIEHWYVJEGIW IRIVK]KIRIVEXIH
;MHIP]EZEMPEFPIGSQQIVGMEPP] 4IVJSVQERGI MW E JYRGXMSR SJ GSRGVIXI WSYRHRIWW ERH
EKKVIKEXIXSYKLRIWW
4VSHYGIWIEWMP]LERHPIHHIFVMW
(EQEKIWVIQEMRMRKGSRGVIXI
(EQEKIWVIMRJSVGMRKWXIIP
4VSHYGIWJIEXLIVIHIHKIW
4VSHYGIWLMKLPIZIPSJRSMWIERHHYWX
 -QTEGXMRK GSRXMRYIH 7GEFFPIVW
0S[MRMXMEPGSWX ,MKL G]GPMG IRIVK] ETTPMIH XS E WXVYGXYVI [MPP TVSHYGI
'ERFISTIVEXIHF]YRWOMPPIHPEFSV JVEGXYVIWMRXLIVIQEMRMRKGSRGVIXIWYVJEGIEVIE
'ERFIYWIHMREVIEWSJPMQMXIH[SVOWTEGI 4VSHYGIWLMKLPIZIPSJRSMWIERHHYWX
6IQSZIWHIXIVMSVEXIHGSRGVIXI JVSQ[EPP SV JPSSV WYVJEGIW 0MQMXIHHITXLVIQSZEP
IJJMGMIRXP]
6IEHMP]EZEMPEFPIGSQQIVGMEPP]
 1MPPMRK 7GEVMJMIV
9WIWWGEVMJMIVWXSVIQSZIGSRGVIXIWYVJEGIW %TTPMGEFPI JSV VIQSZMRK HIXIVMSVEXIH GSRGVIXI WYVJEGIW 6IQSZEPMWPMQMXIHXSGSRGVIXI[MXLSYXWXIIPVIMRJSVGIQIRX
JVSQWPEFWHIGOWERHQEWWGSRGVIXI 7SYRHGSRGVIXIWMKRMJMGERXP]VIHYGIWXLIVEXISJVIQSZEP
&SSQQSYRXIH GYXXIVW EVI ETTPMGEFPI JSV VIQSZEP JVSQ 'ERHEQEKIGSRGVIXIXLEXVIQEMRW QMGVSGVEGOMRK 
[EPPERHGIMPMRKWYVJEGIW
2SMWIZMFVEXMSRERHHYWXEVITVSHYGIH
6IQSZEPTVSJMPIGERFIGSRXVSPPIH
1IXLSHTVSHYGIWVIPEXMZIP]WQEPPERHIEWMP]LERHPIHHIFVMW
 ,]HVSHIQSPMXMSR %TTPMGEFPI JSV VIQSZEP SJ HIXIVMSVEXIH GSRGVIXI JVSQ 4VSHYGXMZMX]MWWMKRMJMGERXP]VIHYGIH[LIRWSYRHGSRGVIXIMW
9WIWLMKLTVIWWYVI[EXIVXSVIQSZIGSRGVIXI WYVJEGIWSJFVMHKIWERHTEVOMRKHIGOWERHSXLIVHIXIVMSVEXIH FIMRKVIQSZIH
WYVJEGIW[LIVIVIQSZEPHITXLMWMR QQ SVPIWW 6IQSZEP TVSJMPI [MPP ZEV] [MXL GLERKIW MR HITXL SJ
(SIWRSXHEQEKIXLIGSRGVIXIXLEXVIQEMRW HIXIVMSVEXMSR
7XIIPVIMRJSVGMRKMWPIJXGPIERERHYRHEQEKIHJSVVIYWI 1IXLSH VIUYMVIW PEVKI WSYVGI SJ TSXEFPI [EXIV XS QIIX
1IXLSHTVSHYGIWIEWMP]LERHPIHEKKVIKEXIWM^IHHIFVMW [EXIVHIQERH
;EWXI[EXIVQE]LEZIXSFIGSRXVSPPIH
%R IRZMVSRQIRXEP MQTEGX WXEXIQIRX QE] FI VIUYMVIH MJ
[EWXI[EXIVMWXSIRXIVE[EXIV[E]
4IVWSRRIP QYWX [IEV LIEVMRK TVSXIGXMSR HYI XS XLI LMKL
PIZIPSJRSMWITVSHYGIH
*P]MRKHIFVMWMWTVSHYGIH
%HHMXMSREP WEJIX] VIUYMVIQIRXW EVI VIUYMVIH HYI XS XLI
LMKLTVIWWYVIWTVSHYGIHF]XLIWIW]WXIQW

 -QTEGXMRK QIXLSHW{-QTEGXMRK QIXLSHW EVI XLI WMZIFPEWXMRKERH[EXIVFPEWXMRKQE]FIVIUYMVIHXSVIQSZI


QSWX GSQQSRP] YWIH GSRGVIXI VIQSZEP W]WXIQW 8LI] I\GIWWMZIQMGVSGVEGOMRK
VITIEXIHP]WXVMOIEGSRGVIXIWYVJEGI[MXLELMKLIRIVK]XSSP E ,ERHLIPHFVIEOIVW{8LILERHLIPHFVIEOIVSVGLMTTMRK
SVEPEVKIQEWWXSJVEGXYVIERHWTEPPXLIGSRGVIXI8LIYWISJ LEQQIVMWTVSFEFP]XLIFIWXORS[RSJEPPGSRGVIXIVIQSZEP
XLIWIQIXLSHWMRTEVXMEPHITXLGSRGVIXIVIQSZEPGERVIWYPXMR HIZMGIW ,ERHLIPH FVIEOIVW EVI EZEMPEFPI MR ZEVMSYW WM^IW
QMGVSGVEGOMRK SR XLI WYVJEGI SJ XLI GSRGVIXIPIJXMR TPEGI [MXL HMJJIVIRX PIZIPW SJ IRIVK]ERHIJJMGMIRG] 8LIWI XSSPW
)\XIRWMZIQMGVSGVEGOMRKVIWYPXWMRE[IEOIRIHTPERIFIPS[ EVIKIRIVEPP]HIJMRIHF][IMKLXERHZEV]MRWM^IJVSQXS
XLIFSRHPMRI'YVVIRXP]XLIGSQQMXXIIMWYREFPIXSTVSZMHI OK XSPF  2SXIXLIPEVKIVXLILEQQIVWYGLEWOK
HIJMRMXMZI KYMHIPMRIW XS TVIZIRX WYGL HEQEKI [LIR YWMRK ? PFA ERH PEVKIV XLI KVIEXIV XLI TSXIRXMEP JSV QMGVSG
MQTEGX QIXLSHW LS[IZIV JEGXSVW WYGL EW XLI [IMKLX ERH VEGOMRK 8LIWQEPPIVLERHLIPHFVIEOIVWWYGLEWOK PF
WM^I SJ XLI IUYMTQIRX WLSYPH FI GSRWMHIVIH XS QMRMQM^I ERHWQEPPIVEVIYWIHMRTEVXMEPVIQSZEPSJYRWSYRHGSRGVIXI
QMGVSGVEGOMRK(IXIVQMREXMSRSJXLIXIRWMPIWXVIRKXLF]TYPP SV GSRGVIXI EVSYRH VIMRJSVGMRK WXIIP FIGEYWI XLI] HS PMXXPI
SJJXIWXMRKMWVIGSQQIRHIHXSHIXIVQMRIXLIWYMXEFMPMX]SJXLI HEQEKI XS WYVVSYRHMRK GSRGVIXI0EVKIV FVIEOIVW EVI YWIH
WYVJEGI XS VIGIMZI VITEMV QEXIVMEPW %HHMXMSREPP] EJXIV JSVGSQTPIXIVIQSZEPSJPEVKIZSPYQIWSJGSRGVIXISVHIPEQ
MQTEGXMRK WIGSRHEV] QIXLSHW WYGL EW WERHFPEWXMRK EFVE MREXMSRW'EVIWLSYPHFII\IVGMWIH[LIRWIPIGXMRKXLIWM^ISJ
'32'6)8)6)4%-6+9-() 6

8EFPI GSRX {7YQQEV]SJJIEXYVIWERHGSRWMHIVEXMSRWPMQMXEXMSRWJSVGSRGVIXIVIQSZEPQIXLSHW


'EXIKSV] *IEXYVIW 'SRWMHIVEXMSRW0MQMXEXMSRW
 4VIWTPMXXMRK ,]HVEYPMGWTPMXXIV
9WIWL]HVEYPMGNEGOW[EXIVTYPWIWSVI\TERWMZIEKIRXWMR %TTPMGEFPIJSVTVIWTPMXXMRKWPEFWHIGOW[EPPWERHSXLIV (IZIPSTQIRXSJTVIWTPMXXMRKTPERIMWWMKRMJMGERXP]HIGVIEWIH
ETEXXIVRSJFSVILSPIWXSTVIWTPMXERHJVEGXYVIXLIGSRGVIXI XLMRXSQIHMYQGSRGVIXIQIQFIVW F]TVIWIRGISJVIMRJSVGMRKWXIIPRSVQEPXSTVIWTPMXXMRKTPERI
XSJEGMPMXEXIVIQSZEP 9WYEPP]PIWWGSWXP]XLERGYXXMRKQIQFIVW 4VIWTPMXSTIRMRKQYWXFI[MHIIRSYKLXSEPPS[GYXXMRKSJ
0EVKIWIGXMSRWGERFITVIWTPMXJSVVIQSZEPXLIVIF]QEOMRK (MVIGXMSRSJTVIWTPMXXMRKGERFIGSRXVSPPIHF]SVMIRXEXMSR WXIIPVIMRJSVGIQIRX
LERHPMRKSJHIFVMWQSVIIJJMGMIRX SJ[IHKIWERHHVMPPLSPIPE]SYX 7IGSRHEV]QIERWSJFVIEOEKIQE]FIVIUYMVIHXSGSQTPIXI
(IZIPSTQIRX SJ TVIWTPMXXMRK TPERI MR HMVIGXMSR SJ FSVI 'ERFIYWIHMREVIEWSJPMQMXIHEGGIWW VIQSZEP
LSPIWHITXLMWPMQMXIH 0SWW SJ GSRXVSP SJ TVIWTPMXXMRK TPERI GER VIWYPX MJ FSVI
0MQMXIHWOMPPWVIUYMVIHF]STIVEXSV
(IZIPSTQIRXSJTVIWTPMXXMRKTPERIMWWMKRMJMGERXP]HIGVIEWIH LSPIWEVI XSSJEVETEVXSVMJLSPIWEVIPSGEXIHMRWIZIVIP]
F]TVIWIRGISJVIMRJSVGMRKWXIIPRSVQEPXSTVIWTPMXXMRKTPERI 2SZMFVEXMSRRSMWISVJP]VSGOMWTVSHYGIHI\GITXF]XLI HIXIVMSVEXIHGSRGVIXI
HVMPPMRKSJFSVILSPIWERHWIGSRHEV]FVIEOEKIQIXLSH
4VIWTPMXSTIRMRKQYWXFI[MHIIRSYKLXSEPPS[GYXXMRKSJ
WXIIPVIMRJSVGIQIRX
7IGSRHEV]QIERWSJFVIEOEKIQE]FIVIUYMVIHXSGSQTPIXI
VIQSZEP
0SWW SJ GSRXVSP SJ TVIWTPMXXMRK TPERI GER VIWYPX MJ FSVI
LSPIWEVIXSSJEVETEVXSVMJLSPIWEVIPSGEXIHMR WIZIVIP]
HIXIVMSVEXIHGSRGVIXI
 4VIWTPMXXMRK GSRXMRYIH ;EXIVTYPWIWTPMXXIV
)GSRSQMGEPTSVXEFPIVYKKIHIEW]XSYWIERHQEMRXEMR 6IUYMVIW FSVILSPIW EX GPSWI MRXIVZEPW XS GSRXVSP GVEGO
(IZMGIWLEZIWIPJGSRXEMRIHTS[IVWSYVGIW TVSTEKEXMSR
2IKPMKMFPIZMFVEXMSR 'SRXVSPSJGVEGOTPERIHITXLMWPMQMXIH
9REJJIGXIHF]I\XVIQIXIQTIVEXYVIW 2SXETTPMGEFPIXSZIVXMGEPWYVJEGIW
4VSHYGIWWSQIRSMWI
(VMPPLSPIWQYWXLSPH[EXIV
 4VIWTPMXXMRK GSRXMRYIH )\TERWMZI EKIRXW
%TTPMGEFPI[LIVIMR QQ SVQSVISJ EGSRGVIXI &IWXYWIHMRKVEZMX]JMPPIHZIVXMGEPSVRIEVZIVXMGEPLSPIW
JEGIMWXSFIVIQSZIH %KIRXW SJ TYXX] GSRWMWXIRG] EVI EZEMPEFPI JSV YWI MR
'ERFIYWIHXSTVSHYGIZIVXMGEPWTPMXXMRKTPERIWSJWMKRMJMGERX LSVM^SRXEPSVSZIVLIEHLSPIW
HITXL (IZIPSTQIRXSJTVIWTPMXXMRKTPERIMWWMKRMJMGERXP]HIGVIEWIH
2SZMFVEXMSRRSMWISVJP]MRKHIFVMWMWTVSHYGIHSXLIVXLER F]TVIWIRGISJVIMRJSVGMRKWXIIPRSVQEPXSTVIWTPMXXMRKTPERI
XLEX TVSHYGIH F] XLI HVMPPMRK SJ FSVILSPIW ERH WIGSRHEV]
FVIEOEKIQIXLSH
 %FVEWMZIFPEWXMRK 7ERHFPEWXMRK
9WIWIUYMTQIRXXLEXTVSTIPWEREFVEWMZIQIHMYQEXLMKL )JJMGMIRXQIXLSHJSVVSYKLIRMRKXLIWYVJEGIERHI\TSWMRK (V] WERHFPEWXMRK TVSGIHYVI TVSHYGIW PEVKI ZSPYQIW SJ
ZIPSGMX]EXXLIGSRGVIXIXSEFVEHIXLIWYVJEGI EKKVIKEXI HYWX
'PIERWVIMRJSVGMRKWXIIP ;IXWERHFPEWXMRKMWWPS[ERHMWHMJJMGYPXXSSTIVEXI[MXLMR
6IQSZIWWYVJEGIGSRXEQMREXMSR PIKEPIQMWWMSRVIUYMVIQIRXW
7LSXFPEWXMRK
)JJMGMIRXQIXLSHJSVVSYKLIRMRKXLIWYVJEGIERHI\TSWMRK 0EVKIYRMXWQE]TVSHYGILMKLRSMWIPIZIPW
EKKVIKEXI ,MKLZSPXEKITS[IVVIUYMVIQIRXW
0S[HYWXIQMWWMSRW
6IQSZIWWYVJEGIGSRXEQMRERXW
'SRXVSPPIHHITXLSJGSRGVIXIVIQSZEP
6IEHMP]EZEMPEFPIGSQQIVGMEPP]
 %FVEWMZIFPEWXMRK GSRXMRYIH ,MKLTVIWWYVI [EXIVFPEWXMRK [MXLEFVEWMZIW
7IPIGXMZIP]VIQSZIWHIJIGXMZIGSRGVIXI ,MKLMRMXMEPMRZIWXQIRX
6IQSZIWPEVKIUYERXMXMIWSJGSRGVIXIIJJMGMIRXP] %HHMXMSREPTVSXIGXMSRERHWEJIX]TVSGIHYVIWEVIVIUYMVIH
4VIGMWIGSRXVSPSJVIQSZEPTVSGIWW HYIXSLMKL[EXIVTVIWWYVI
'PIERWVIMRJSVGMRKWXIIP[LMPIVIQSZMRKGSRGVIXI 'SRXVSPPMRK JPS[SJ GSRXEQMREXIH[EWXI[EXIV QE]FI
VIUYMVIH
4VSHYGIWQMRMQEPHEQEKIXSVIQEMRMRKGSRGVIXI
4VSHYGIWRSLIEXSVHYWX
%FVEWMZIWIREFPINIXXS GYX WXIIPVIMRJSVGIQIRX ERH LEVH
EKKVIKEXIW

FVIEOIVW MJ FVIEOEKI ERH WIGSRHEV] HEQEKI EVI XS FI FVIEOIVLS[IZIVKIRIVEXIWZMFVEXMSRWXLEXQE]HEQEKIXLI


QMRMQM^IH ERH XS EZSMH FVIEOMRK XLVSYKL SJ JPSSVW ERH VIQEMRMRK GSRGVIXI ERH VIMRJSVGMRK WXIIP ERH EHZIVWIP]
HIGOW(IXIVQMREXMSRSJXLIXIRWMPIVYTXYVIWXVIRKXLF]TYPP EJJIGXXLIMRXIKVMX]SJXLIWXVYGXYVI
SJJXIWXMRK MWVIGSQQIRHIHSR WYVJEGIW TVITEVIHF]LERH G 7GEFFPIVW{7GEFFPIVWEVIFIWXORS[RJSVXLIMVEFMPMX]XS
LIPH FVIEOIVW XS HIXIVQMRI XLI WYMXEFMPMX] SJ XLIWYVJEGIXS VIQSZIWLEPPS[HITXLWSJGSRGVIXIJVSQEWYVJEGI8LIWGEFFPIV
VIGIMZIVITEMVQEXIVMEPW LIEHWEVISJZEVMSYWWM^IWERHKISQIXVMGEPWLETIWERHZEV]MRK
F &SSQQSYRXIHFVIEOIVW{8LIFSSQQSYRXIHFVIEOIV RYQFIVW QE]FIQSYRXIHSR XLI G]PMRHIVW 8LIWM^ISJ XLI
MWWMQMPEVXSXLILERHLIPHFVIEOIVI\GITXXLEXMXMWQIGLERMGEPP] IUYMTQIRXHITIRHWSRXLIRYQFIVSJG]PMRHIVW8LIIUYMTQIRX
STIVEXIH ERH GSRWMHIVEFP] PEVKIV )UYMTQIRXQSYRXIH MW RSVQEPP] STIVEXIH F] GSQTVIWWIH EMV 8LI WGEFFPIV MW
FVIEOIVWLS[IZIVHMJJIVJVSQLERHLIPHTRIYQEXMGXSSPWMR HIWMKRIH XS VIQSZI HIXIVMSVEXIH SV WSYRH GSRGVIXI JVSQ E
XLEX XLI] [SVO SR XLI TVMRGMTPI SJ LMKL IRIVK] ERH PS[ WYVJEGIXSE TVIHIXIVQMRIH HITXL 7GEFFPIVWYWYEPP] PIEZI E
JVIUYIRG]VEXLIVXLERPS[IRIVK]ERHLMKLJVIUYIRG]8LI WYVJEGI [MXL QMGVSGVEGOMRK (IXIVQMREXMSR SJ XLI XIRWMPI
QIGLERMGEPXSSPMWEXXEGLIHXSGSQTVIWWIHEMVSVL]HVEYPMG VYTXYVI WXVIRKXL F] TYPPSJJ XIWXMRK MW VIGSQQIRHIH SR
TVIWWYVI8LIVIEGLSJXLIL]HVEYPMGEVQIREFPIWXLIXSSPXS WYVJEGIWTVITEVIHF]WGEFFPIVWXSHIXIVQMRIXLIWYMXEFMPMX]SJ
FI YWIH SR [EPPW SV SZIVLIEH EX E GSRWMHIVEFPI HMWXERGI XLIWYVJEGIXSVIGIMZIVITEMVQEXIVMEPW
EFSZIERHFIPS[XLIPIZIPSJXLIQEGLMRI8LIFSSQQSYRXIH  1MPPMRKQIXLSHW{1MPPMRKQIXLSHWVIQSZIEWTIGMJMIH
FVIEOIVMWELMKLP]TVSHYGXMZIQIERWSJVIQSZMRKGSRGVIXI EQSYRXSJGSRGVIXIJVSQPEVKIEVIEWSJLSVM^SRXEPSVZIVXMGEP
8LILMKLG]GPIMQTEGXIRIVK]HIPMZIVIHXSEWXVYGXYVIF]XLI WYVJEGIW 8LIVIQSZEP HITXL GER ZEV]JVSQ  XS QQ
6 %'-'311-88))6)4368

 XS  MR  1MPPMRK STIVEXMSRW YWYEPP] PIEZI E WSYRH MRXSWIGXMSRW8LMWQIXLSHLEWTSXIRXMEPEWETVMQEV]QIERW


WYVJEGI [MXL PIWW QMGVSJVEGXYVIW XLER MQTEGX QIXLSHW JSVVIQSZEPSJPEVKIZSPYQIWSJQEXIVMEPJVSQQEWWGSRGVIXI
:MVKMRME8VERWTSVXEXMSR6IWIEVGL'SYRGMP  WXVYGXYVIW7IGSRHEV]QIERWSJWITEVEXMRKERHLERHPMRKXLI
 7GEVMJMIV{%WGEVMJMIVMWEGSRGVIXIGYXXMRKXSSPXLEX GSRGVIXILS[IZIVQE]FIVIUYMVIH[LIVIVIMRJSVGMRKWXIIP
IQTPS]WXLIVSXEV]EGXMSRERHQEWWSJMXWGYXXIVFMXWXSVSYX MWMRZSPZIH
GYXW MRXS GSRGVIXI WYVJEGIW -X VIQSZIW PSSWI GSRGVIXI F ;EXIVTYPWIWTPMXXIV{8LI[EXIVTVIWWYVITYPWIQIXLSH
JVEKQIRXW WGEPI JVSQJVIWLP]FPEWXIHWYVJEGIWERHVIQSZIW VIUYMVIWXLEXXLIFSVILSPIWFIJMPPIH[MXL[EXIV%HIZMGISV
GSRGVIXI XLEX MW GVEGOIH ERH [IEOIRIH F] ER I\TERWMZI HIZMGIWGSRXEMRMRKEZIV]WQEPPI\TPSWMZIGLEVKIMWTPEGIH
EKIRX-XEPWS MWXLIWSPIQIXLSHSJVIQSZMRKHIXIVMSVEXIHERH MRXSSRISVQSVILSPIWERHXLII\TPSWMZIMWHIXSREXIH8LI
WSYRHGSRGVIXIMR[LMGLWSQISJXLIGSRGVIXIGSRXEMRWJSVQ I\TPSWMSR GVIEXIW E LMKLTVIWWYVI TYPWI XLEX MW XVERWQMXXIH
XMIW ERH [MVI QIWL 7GEVMJMIVW EVI EZEMPEFPI MR E VERKI SJ XLVSYKL XLI [EXIV XS XLI WXVYGXYVI GVEGOMRK XLI GSRGVIXI
WM^IW8LIWGEVMJMIVMWERIJJIGXMZIXSSPJSVVIQSZMRKHIXIVMSVEXIH 7IGSRHEV]QIERWQE]FIVIUYMVIHXSGSQTPIXIXLIVIQSZEP
GSRGVIXISRZIVXMGEPERHLSVM^SRXEPWYVJEGIW3XLIVEHZERXEKIW SJ VIMRJSVGIH GSRGVIXI 8LMW QIXLSH HSIW RSX [SVO MJ XLI
MRGPYHI [IPPHIJMRIH PMQMXW SJ GSRGVIXI VIQSZEP VIPEXMZIP] GSRGVIXIMWWSFEHP]GVEGOIHSVHIXIVMSVEXIHXLEXMXHSIWRSX
WQEPPERHIEWMP]LERHPIHGSRGVIXIHIFVMWERHWMQTPMGMX] LSPH[EXIVMRXLIHVMPPLSPIW
SJSTIVEXMSR G )\TERWMZI TVSHYGX EKIRXW{'SQQIVGMEPP] EZEMPEFPI
 ,]HVSHIQSPMXMSR{,MKLTVIWWYVI [EXIV NIXXMRK GIQIRXMXMSYW I\TERWMZI TVSHYGX EKIRXW WYGL EW XLSWI
L]HVSHIQSPMXMSR  GER FI YWIH XS VIQSZI GSRGVIXI XS GSRXEMRMRK EPYQMRYQ TS[HIV [LIR GSVVIGXP] QM\IH [MXL
TVIWIVZIERHGPIERXLIWXIIPVIMRJSVGIQIRXJSVVIYWIERHXS [EXIVI\LMFMXEPEVKIMRGVIEWIMRZSPYQISZIVEWLSVXTIVMSH
QMRMQM^IQMGVSGVEGOMRKXSXLIVIQEMRMRKMRTPEGIGSRGVIXI SJXMQI&]TPEGMRKXLII\TERWMZIEKIRXMRFSVILSPIWPSGEXIH
8LI QIXLSH EPWS LEW E LMKL IJJMGMIRG] ,]HVSHIQSPMXMSR MR E TVIHIXIVQMRIH TEXXIVR [MXLMR E GSRGVIXI WXVYGXYVI XLI
HMWMRXIKVEXIWGSRGVIXIVIXYVRMRKMXXSWERHERHKVEZIPWM^IH GSRGVIXI GER FI WTPMX MR E GSRXVSPPIH QERRIV JSV VIQSZEP
TMIGIW8LMWTVSGIWW[SVOWSRWSYRHSVHIXIVMSVEXIHGSRGVIXI 8LMWXIGLRMUYILEWTSXIRXMEPEWETVMQEV]QIERWSJVIQSZMRK
ERHPIEZIWEVSYKLTVSJMPI,]HVSHIQSPMXMSRTYRGLIWXLVSYKL PEVKI ZSPYQIW SJ QEXIVMEP JVSQ GSRGVIXI WXVYGXYVIW ERH MW
XLI JYPP HITXL SJ WPEFW MR WQEPP EVIEW [LIR XLI GSRGVIXIMW FIWXWYMXIHJSVYWIMRLSPIWSJWMKRMJMGERXHITXL7IGSRHEV]
YRWSYRHSV[LIRJYPPHITXLTEXGLIWEVIMREHIUYEXIP]FSRHIH QIERW QE] FI VIUYMVIH XS GSQTPIXI XLI WITEVEXMSR ERH
XS XLI WMHI [EPPW ,]HVSHIQSPMXMSR WLSYPH RSX FI YWIH MR VIQSZEPSJGSRGVIXIJVSQXLIVIMRJSVGIQIRX%OI]EHZERXEKI
WXVYGXYVIW [MXL YRFSRHIH XIRHSRW I\GITX YRHIV XLI HMVIGX XS XLI YWI SJ I\TERWMZI EKIRXW MW XLI VIPEXMZIP] RSRZMSPIRX
WYTIVZMWMSRSJEWXVYGXYVEPIRKMRIIV REXYVISJXLITVSGIWWERHXLIVIHYGIHXIRHIRG]XSHMWXYVFXLI
,MKLTVIWWYVI[EXIVNIXWMRXLI14E TWM VERKI EHNEGIRXGSRGVIXI
VIUYMVIXS0QMR XSKEPQMR %WXLITVIWWYVI  %FVEHMRK FPEWXMRK{%FVEHMRK FPEWXMRK VIQSZIW
MRGVIEWIWXSXS14E XSTWM XLI[EXIV GSRGVIXIF]TVSTIPPMRKEREFVEWMZIQIHMYQEXLMKLZIPSGMX]
HIQERH ZEVMIW JVSQ  XS  0QMR  XS  KEPQMR EKEMRWXXLIGSRGVIXIWYVJEGIXSEFVEHIMX%FVEWMZIFPEWXMRKMW
2MXXIRKIV   8LI IUYMTQIRX QERYJEGXYVIV WLSYPH FI X]TMGEPP]YWIHXSVIQSZIWYVJEGIGSRXEQMRERXWERHEWEJMREP
GSRWYPXIHXSGSRJMVQXLI[EXIVHIQERH9PXVELMKLTVIWWYVI WYVJEGITVITEVEXMSR'SQQSRP]YWIHQIXLSHWMRGPYHIWERH
IUYMTQIRXSTIVEXMRKEXXS14E XSTWM FPEWXMRKWLSXFPEWXMRKERHLMKLTVIWWYVI[EXIVFPEWXMRK
LEWXLIGETEFMPMX]SJQMPPMRKGSRGVIXIXSHITXLWSJXSQQ 7ERHFPEWXMRK{7ERHFPEWXMRKMWXLIQSWXGSQQSRP]
XSMR 'SRXEMRQIRXERHWYFWIUYIRX HMWTSWEPSJXLI YWIHQIXLSHSJGPIERMRKGSRGVIXIERHVIMRJSVGMRKWXIIPMRXLI
[EXIV EVI VIUYMVIQIRXW SJ XLI L]HVSHIQSPMXMSR TVSGIWW GSRWXVYGXMSR MRHYWXV] 8LI TVSGIWW YWIW GSQQSR WERHW
1ER] PSGEPMXMIW VIUYMVI XLMW [EXIV XS FI JMPXIVIH ERH XLIR WMPMGEWERHWSVQIXEPPMGWERHWEWXLITVMQEV]EFVEHMRKXSSP
XVIEXIH XS VIHYGI XLI EPOEPMRMX] ERH TEVXMGYPEXIW FIJSVI XLI 8LITVSGIWWQE]FII\IGYXIHMRSRISJXLVIIQIXLSHW
[EXIVGERFIVIPIEWIHMRXSEWXSVQSV[EWXI[EXIVW]WXIQ  (V] WERHFPEWXMRK{7ERHW EVI TVSNIGXIH EX XLI
;EXIVNIXPERGIWSTIVEXMRKEXTVIWWYVIWSJXS14E GSRGVIXISVWXIIPMREWXVIEQSJLMKLTVIWWYVIEMVMRXLISTIR
XSTWM ERHLEZMRKE[EXIVHIQERHSJXS EXQSWTLIVI8LIWERHTEVXMGPIWEVIYWYEPP]ERKYPEVERHQE]
0QMR XSKEPQMR EVIEZEMPEFPI8LI]EVIGETEFPI VERKIMRWM^IJVSQTEWWMRKEXSEQQ 2SXSE
SJ GYXXMRK WIGXMSRW SJ GSRGVIXI SV WIPIGXMZIP] VIQSZMRK 2S WMIZI8LIVSYKLIVXLIVIUYMVIHWYVJEGIGSRHMXMSRXLI
WYVJEGIGSRGVIXIMREVIEWXLEXEVIHMJJMGYPXXSVIEGL[MXLPEVKIV PEVKIVXLIWERHTEVXMGPIWM^I
IUYMTQIRX -'6-  8LIWERHTEVXMGPIWEVITVSTIPPIHEXXLIWYVJEGIMREWXVIEQ
 4VIWTPMXXMRK QIXLSHW{4VIWTPMXXMRK QIXLSHW YWI
L]HVEYPMGWTPMXXIVW[EXIVTVIWWYVITYPWIWSVI\TERWMZIGLIQ
MGEPWYWIHMRFSVILSPIWHVMPPIHEXTSMRXWEPSRKETVIHIXIVQMRIH
PMRIXSMRHYGIEGVEGOTPERIJSVXLIVIQSZEPSJGSRGVIXI8LI
TEXXIVR WTEGMRK ERH HITXL SJ XLI FSVILSPIW EJJIGX XLI
HMVIGXMSR ERH I\XIRX SJ XLI GVEGO TPERIW XLEX TVSTEKEXI
4VIWTPMXXMRKMWKIRIVEPP]YWIHMRQEWWGSRGVIXIWXVYGXYVIWSV
YRVIMRJSVGIHGSRGVIXI
E ,]HVEYPMGWTPMXXIV{8LIL]HVEYPMGWTPMXXIVMWE[IHKMRK
HIZMGIXLEXMWYWIHMRTVIHVMPPIHFSVILSPIWXSWTPMXGSRGVIXI
'32'6)8)6)4%-6+9-() 6

GSRGVIXISVFSXL6IKEVHPIWWSJXLIREXYVIWSTLMWXMGEXMSRSV
I\TIRWISJXLIVITEMVQEXIVMEPXLIVITEMVMWSRP]EWKSSHEW
XLIWYVJEGITVITEVEXMSR8SIRWYVIXLIHIWMVIHFILEZMSVMRXLI
WXVYGXYVIVITEMVWXSVIMRJSVGIHGSRGVIXIWLSYPHEPWSMRGPYHI
TVSTIVTVITEVEXMSRSJXLIVIMRJSVGMRKWXIIPXSHIZIPSTEFSRH
[MXL XLI VITPEGIQIRX GSRGVIXI 8LMW WIGXMSR I\EQMRIW XLI
TVITEVEXMSR SJ GSRGVIXI ERH VIMRJSVGMRK WXIIP EW QE] FI
VIUYMVIH 'SRGVIXI VIQSZEP TVSGIHYVIW EW TVIWIRXIH MR
7IGXMSRWLSYPHFIJSPPS[IH
 +IRIVEPGSRHMXMSRW{7YVJEGITVITEVEXMSRGSRWMWXWSJ
XLIJMREPWXITWRIGIWWEV]XSTVITEVIXLIGSRGVIXIWYVJEGIXS
VIGIMZIXLIVITEMVQEXIVMEPW 8LIETTVSTVMEXITVITEVEXMSRSJ
XLI GSRGVIXI WYVJEGI HITIRHW SR TVIGIHMRK STIVEXMSRW XS
VIQSZIGSRGVIXIERHSRXLI X]TISJVITEMVYRHIVXEOIR
1SWXSJXLIQIXLSHWHIWGVMFIHMR7IGXMSREPWSGERFI
YWIHJSVWYVJEGITVITEVEXMSR%RIJJIGXMZIQIXLSHJSVGSRGVIXI
VIQSZEPLS[IZIVQE]RSXFIIJJIGXMZISVETTVSTVMEXIJSV E
WTIGMJMG WYVJEGI TVITEVEXMSR *SV I\EQTPI WSQI GSRGVIXI
VIQSZEPQIXLSHWPIEZIXLIGSRGVIXIWYVJEGIXSSWQSSXLXSS
VSYKL SV XSS MVVIKYPEV JSV XLI WYFWIUYIRX VITEMV -R XLIWI
GEWIWVIQSZEPQIXLSHWSVQIXLSHWWTIGMJMGEPP]MRXIRHIHJSV
XLIJMREPWYVJEGITVITEVEXMSRQE]FIRIIHIH7SQIGSRGVIXI
VIQSZEPQIXLSHWHEQEKISV[IEOIRXLIVIQEMRMRKGSRGVIXI
WYVJEGI 8LMW QE] FI GVMXMGEP MJ WXVYGXYVEP FSRHMRK SJ E
WYFWIUYIRXVITEMVMWMQTSVXERX*SVI\EQTPIQMGVSGVEGOMRK
SJXLIVIWYPXERXWYVJEGIGERSGGYV[LIRMQTEGXQIXLSHWEVI
YWIH TVSZMHMRK E [IEOIRIH TPERI MR XLI TEVIRX GSRGVIXI
FIPS[XLIVITEMVQEXIVMEPFSRHPMRI-RXLMWGEWIEPIWWMRZEWMZI
ERHPIWWEKKVIWWMZIQIXLSHSJ JMREPWYVJEGITVITEVEXMSRWYGL
EWWERHSV[EXIVEFVEWMSR QE]FIFIXXIV
-RQER]VITEMVWMXYEXMSRWXLITVSTSWIHVITEMVVIUYMVIWSRP]
WYVJEGI VSYKLIRMRK I\TSWYVI SJ GSEVWI SV JMRI EKKVIKEXI
VIQSZEPSJEXLMRPE]IVSJHEQEKIHGSRGVIXISVGPIERMRKSJ
XLI GSRGVIXI WYVJEGI ;MXLMR XLI PMQMXW HIWGVMFIH MR XLI
TVIZMSYW TEVEKVETL WIZIVEP SJ XLI VIQSZEP QIXLSHW
HIWGVMFIHMR7IGXMSRGERFIYWIHJSVXLMWX]TISJWYVJEGI
TVITEVEXMSR8LIVIJIVIRGIHQIXLSHWSJJIVE[MHIVERKISJ
TSWWMFPIWYVJEGIGLEVEGXIVMWXMGWERHVIWYPXW*SVI\EQTPIXLI
JMRMWLIH WYVJEGI QE] ZEV] JVSQ E PMKLX EFVEWMZI GPIERMRK
WYMXEFPIJSVXLIETTPMGEXMSRSJEGSEXMRKXSEHIITIVVSYKL
IRMRKRIIHIHJSVWXVSRKFSRHERHVIPMEFPITIVJSVQERGISJE
GVMXMGEPWXVYGXYVEPVITEMV8LIGLSMGISJWYMXEFPIQIXLSHWMW
I\XVIQIP] MQTSVXERX FIGEYWI MX LEW E WXVSRK MRJPYIRGI SR
FSXLXLIGSWXERHXLITIVJSVQERGISJXLIVITEMV
 1IXLSHW SJ WYVJEGI TVITEVEXMSR{8]TMGEP QIXLSHW
SJWYVJEGITVITEVEXMSREVI
E 'LIQMGEPGPIERMRK{-RQSWXGEWIWGLIQMGEPGPIERMRK
QIXLSHWSJWYVJEGI TVITEVEXMSREVIRSXETTVSTVMEXIJSVYWI
[MXLXLIGSRGVIXIVITEMVQEXIVMEPWERHQIXLSHWTVIWIRXIHMR
XLMW KYMHI ;MXL GIVXEMR GSEXMRKW YRHIV GIVXEMR GSRHMXMSRW
%FVEWMZI[EXIVFPEWXMRKPIEZIW XLIGSRGVIXIWYVJEGIGPIER LS[IZIV MX QE] FI TSWWMFPI XS YWI HIXIVKIRXW XVMWSHMYQ
ERHJVIISJHYWX8LIWYVJEGIMWTVITEVIHXSVIGIMZIXLIRI\X TLSWTLEXI ERH ZEVMSYW TVSTVMIXEV] GSRGVIXI GPIERIVW %PP
STIVEXMSRWYGLEWWIEPIVGSEXMRKSVSZIVPE] XVEGIW SJ XLI GPIERMRK EKIRX WLSYPH FI VIQSZIH EJXIV XLI
GSRXEQMREXMRK QEXIVMEP MW VIQSZIH 7SPZIRXW WLSYPH RSX FI
{7YVJEGITVITEVEXMSR YWIHXSGPIERGSRGVIXIFIGEYWIXLI]HMWWSPZIXLIGSRXEQMRERX
3RISJXLIQSWXMQTSVXERXWXITWMRXLIVITEMVSJEGSRGVIXI ERHGEVV]MXHIITIVMRXSXLIGSRGVIXI
WXVYGXYVIMWXLIWYVJEGITVITEVEXMSRSJXLIVITEMVEVIE8LMW F  %GMH IXGLMRK{%GMH IXGLMRK SJ GSRGVIXI WYVJEGIW LEW
MRZSPZIW VIQSZEP SJ HIXIVMSVEXIH SV HIWMKREXIH WSYRH PSRKFIIRYWIHXSVIQSZIPEMXERGI8LIEGMHVIQSZIWIRSYKL
6 %'-'311-88))6)4368

GIQIRXTEWXIXSTVSZMHIEVSYKLIRIHWYVJEGIXLEXMQTVSZIW HITXL WM^I UYERXMX] ERH ETTVS\MQEXI PSGEXMSR SJ XLI


XLIFSRHMRKWYVJEGIJSVGSEXMRKW%'-6VIGSQQIRHW VIMRJSVGIQIRXMRXLIGSRGVIXI
XLEXEGMHFIYWIHSRP][LIRRSEPXIVREXMZIQIERWSJWYVJEGI  3RGI XLI PEVKIV EVIEW SJ YRWSYRH GSRGVIXI LEZI FIIR
TVITEVEXMSRGERFIYWIHERH %'-6HSIWRSXVIGSQQIRH VIQSZIH E WQEPPIV GLMTTMRK LEQQIV WLSYPH FI YWIH XS
XLI YWI SJ EGMH IXGLMRK %GMHW QE] TIRIXVEXI XLI GSRGVIXI VIQSZI XLI GSRGVIXI MR XLI ZMGMRMX] SJ XLI VIMRJSVGIQIRX
WYVJEGIXLVSYKLGVEGOWERHTVSQSXIGSVVSWMSRSJYRHIVP]MRK 'EVI WLSYPH FI XEOIR RSX XS ZMFVEXI XLI VIMRJSVGIQIRX SV
VIMRJSVGMRKWXIIPMRWXVYGXYVEPGSRGVIXI8LIEGMHW[IEOIRXLI SXLIV[MWIGEYWIHEQEKIXSMXW FSRHXSGSRGVIXIEHNEGIRXXS
VIQEMRMRKTEWXITLEWISRXLIGSRGVIXIWYVJEGI XLIVITEMVEVIE(VE[MRKWERHWTIGMJMGEXMSRWWLSYPHTVSZMHI
G 1IGLERMGEP TVITEVEXMSR{8LMW XIGLRMUYI GSRWMWXW SJ KYMHERGI SR HIZIPSTQIRX PIRKXL ERH PET WTPMGIW 7TIGMJMG
QIGLERMGEPP]VIQSZMRKXLMRPE]IVWSJWYVJEGIGSRGVIXIYWMRK PERKYEKI WLSYPH FI TVSZMHIH MR XLI HSGYQIRXW XLEX IZIV]
IUYMTQIRXWYGLEWMQTEGXMRKXSSPW FVIEOIVWERHWGEFFPIVW  TVIGEYXMSR FI XEOIR XS EZSMH HEQEKMRK SV GYXXMRK I\MWXMRK
KVMRHIVWERHWGEVMJMIVW(ITIRHMRKSRXLIIUYMTQIRXYWIHE VIMRJSVGIQIRX HYVMRK XLI GSRGVIXI VIQSZEP TVSGIWW
ZEVMIX]SJWYVJEGIWQE]FISFXEMRIH8LIWIQIXLSHWWLSYPHFI 7IGXMSR  -REHHMXMSRRSVIMRJSVGMRKFEVMWXSFIGYXSV
YWIHGEVIJYPP]SVXLI]GSYPHVIWYPXMRI\GIWWMZIQMGVSGVEGOMRK VIQSZIH [MXLSYX XLI ETTVSZEP SJ XLI IRKMRIIV SJ VIGSVH
EWHMWGYWWIHMR7IGXMSR %HHMXMSREPP] XLI IRKMRIIV WLSYPH FI E[EVI XLEX MR QER]
H %FVEWMZI TVITEVEXMSR{8LMW XIGLRMUYI VIQSZIW XLMR MRWXERGIWXLIVIMRJSVGIQIRXMWRSXWXVIWWIHXSXLIWEQIPIZIP
PE]IVWSJWYVJEGIGSRGVIXIYWMRKEFVEWMZIIUYMTQIRXWYGLEW EJXIV XLI GSQTPIXMSR SJ XLI VITEMV YRPIWW XLI WXVYGXYVEP
WERHFPEWXIVWWLSXFPEWXIVWSVLMKLTVIWWYVI[EXIVFPEWXIVW GSQTSRIRX FIMRK VITEMVIH LEW XLI PMZI ERH HIEH PSEHW
9TSR GSQTPIXMSR SJ XLI WYVJEGI TVITEVEXMSR EPP VIWMHYI VIQSZIHFIJSVIERHHYVMRKXLIVITEMVTVSGIWW-REPPGEWIW
PIJX F] XLI TVSGIWW WLSYPH FI VIQSZIH 8LMW QE] VIUYMVI WLSVMRK VIUYMVIQIRXWWLSYPH FIVIZMI[IH FIJSVIVIQSZMRK
JYVXLIV[EXIVSVEMVFPEWXMRKZEGYYQMRKSVSXLIVXIGLRMUYIW GSRGVIXISVGYXXMRKVIMRJSVGIQIRX8LIGSRXVEGXSVMWYWYEPP]
-'6-TVSZMHIWETVSJMPIRYQFIVW]WXIQJSVHIXIVQMRMRK VIWTSRWMFPI JSV WLSVMRK 8LI GSRXVEGX HSGYQIRXW WLSYPH
WYVJEGIVSYKLRIWWRIGIWWEV]JSVZEVMSYWSZIVPE]ETTPMGEXMSRW TVSZMHI EHIUYEXI MRJSVQEXMSR XS XLI GSRXVEGXSV MRGPYHMRK
7YVJEGI VSYKLRIWW HIJMRIH F] WERHTETIV KVMX WM^I MW EPWS [EVRMRK [LIR ETTVSTVMEXI [LIVI XLI GSRXVEGXSV WLSYPH
GSQQSRP]YWIHXSGLEVEGXIVM^IWYVJEGIVSYKLRIWW TVSTIVP]TVSZMHIXLIVIUYMVIHFVEGMRKERHWLSVMRK
E  5YERXMX] XS VIQSZI{%PP [IEO HEQEKIH ERH IEWMP]
{6IMRJSVGIQIRXVITEMV VIQSZEFPIGSRGVIXIWLSYPHFIGLMTTIHE[E]-JXLIVIMRJSVGMRK
8LIQSWXJVIUYIRXGEYWISJHEQEKIXSVIMRJSVGMRKWXIIPMW FEVWEVISRP]TEVXMEPP]I\TSWIHEJXIVEPPYRWSYRHGSRGVIXIMW
GSVVSWMSR 3XLIV TSWWMFPI GEYWIW SJ HEQEKI EVI JMVI VIQSZIH MX QE] RSX FI RIGIWWEV] XS VIQSZI EHHMXMSREP
GLIQMGEPEXXEGOERHEGGMHIRXEPGYXXMRK8LIJSPPS[MRKFEWMG GSRGVIXIXSI\TSWIXLIJYPPGMVGYQJIVIRGISJXLIVIMRJSVGIQIRX
TVITEVEXMSR ERH VITEMV TVSGIHYVIW QE] FI YWIH JSV EPP SJ ;LIRXLII\TSWIHVIMRJSVGMRKWXIIPLEWPSSWIVYWXGSVVSWMSR
XLIWIGEYWIWSJHEQEKI TVSHYGXWSVMWRSX[IPPFSRHIHXSXLIWYVVSYRHMRKGSRGVIXI
%JXIVXLIGEYWISJXLIHEQEKILEWFIIRHIXIVQMRIHMXMW XLIGSRGVIXIVIQSZEPWLSYPHGSRXMRYIXSGVIEXIEGPIEVWTEGI
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GSRGVIXISRP][LIVIWTEPPWSVHIPEQMREXMSRWLEZISGGYVVIH SJ TIVJSVQMRK EW MRXIRHIH F] XLI HIWMKRIV (EQEKIH
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WYVVSYRHMRK XLI VITEMVIH EVIE XLEX MW LMKLP] GSRHYGMZI XS ERH XLI VIWTSRWMFPI IRKMRIIV WLSYPH FI GSRWYPXIH 4VSNIGX
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HMJJIVIRXVITEMVTVSGIHYVIWEVIRIGIWWEV](ITIRHMRKSRXLI XLER  QQ QMPW  XS QMRMQM^IPSWWSJ FSRHHIZIPST
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WXVYGXYVEPGETEGMX]JSVXLIVIMRJSVGIHQIQFIV FIX[IIRXLIRI[VITEMVQEXIVMEP ERHXLISVMKMREPGSRGVIXI
E 6ITPEGIQIRX{3RIQIXLSHSJVITPEGMRKVIMRJSVGIQIRX 3XLIVGSEXMRKQEXIVMEPWWYGLEWTSP]QIVGIQIRXGSEXMRKW
MWXSGYXSYXXLIHEQEKIHEVIEERHWTPMGIMRVITPEGIQIRXFEVW QE]GSRXEMRGSVVSWMSRMRLMFMXSVW JSVXLIVIMRJSVGMRKWXIIPERH
8LIPIRKXLSJXLIPETWLSYPH GSRJSVQXSXLIVIUYMVIQIRXWSJ FSRHMRKEKIRXWJSVXLIRI[XSSPHGSRGVIXI
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WLSYPH FI TIVJSVQIH F] E [IPHIV %;7 GIVXMJMIH XS XLI JVSQMQTEGXHIWMKRIVVSVSZIVPSEHGSVVSWMSRSVJMVI*MVI
VIUYMVIQIRXWSJ%;7(&YXX[IPHMRKWLSYPHFIEZSMHIH QE]ERRIEPGSPH[SVOIHLMKLWXVIRKXLTVIWXVIWWMRKWXIIP
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QE] KIX LSX IRSYKL XS I\TERH ERH GVEGO XLI WYVVSYRHMRK QIQFIV 6ITEMV STXMSRW JSV FSRHIH WXVERHW EVI HMJJIVIRX
GSRGVIXI 7TIGMEP TVIGEYXMSRW EVI RIGIWWEV] [LIR [IPHMRK JVSQXLSWIJSVXLIYRFSRHIHWXVERHW
EHNEGIRXXSYRFSRHIHSVFSRHIHTVIWXVIWWMRKWXIIP6IMRJSVGMRK E &SRHIH WXVERHW{&IGEYWI XLI TVIWXVIWWIH WXVERH MW
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GSRRIGXMSRW%'-6HIWGVMFIWGSQQIVGMEPP]EZEMPEFPI GSRRIGXIH XS XLI I\MWXMRK IRHW SJ XLI YRHEQEKIH WXVERHW
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GSRRIGXMSRWWLSYPHQIIXXLIVIUYMVIQIRXWSJ%'- I\MWXMRKWXVERHWLSYPHFITSWXXIRWMSRIHXSQEXGLXLIWXVIWW
F 7YTTPIQIRXEP VIMRJSVGIQIRX{8LMW EPXIVREXMZI MW PIZIPSJXLIFSRHIHWXVERH*SV SXLIVX]TIWSJVITEMVVIJIVXS
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GVSWWWIGXMSREPEVIESJXLII\MWXMRKVIMRJSVGMRKWXIIPERHXLI QIQFIV8LIWXVERHWEVITVSXIGXIHEKEMRWXGSVVSWMSRF]XLI
HIGMWMSRXSEHHWYTTPIQIRXEPVIMRJSVGIQIRXWLSYPHFIIZEP WLIEXLMRKGSVVSWMSRMRLMFMXMRKQEXIVMEP GSQQSRP]KVIEWI 
YEXIHSREGEWIF]GEWIFEWMWERHMWXLIVIWTSRWMFMPMX]SJXLI SVFSXL&IGEYWIXLIWXVERHWEVIRSXWXVIWWIHYRXMPEJXIVXLI
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WYTTPIQIRXEP FEV FIWMHI XLI SPH FEV 8LI PIRKXL SJ XLI GEYWISJJEMPYVISJYRFSRHIHXIRHSRW7XVERHJEMPYVIHYIXS
WYTTPIQIRXEPFEVWLSYPHFIIUYEPXSXLIPIRKXLSJXLIHIXIVM GSVVSWMSR EX XLI IRH ERGLSVEKIW ERH MR XLI WXVERHW MW E
SVEXIHWIKQIRXSJXLII\MWXMRKFEVTPYWEPETWTPMGIPIRKXLSR TVSFPIQXLEXMRGVIEWIW[MXLXMQI
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6 %'-'311-88))6)4368

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SJ JVII WXVERH FI]SRH XLI FYPOLIEH -J XLIVI MW I\GIWWMZI HIZIPSTXLIMVLSPHMRKGETEGMXMIWF]XLIFSRHMRKSJXLIEHLI
GSVVSWMSRMRXLIWXVERHJEMPYVISGGYVWERHXLIWXVERHWLSYPH WMZIXSFSXLXLIERGLSVERHXLIGSRGVIXIEXXLI[EPPSJXLI
FIVITPEGIHSV WTPMGIH7LSVMRK SJ XLI WTER FIMRK VITEMVIH HVMPPIHLSPI8LIHMJJIVIRXGLIQMGEPW]WXIQW ITS\MIWTSP]
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WXVERHW-'6-TVSZMHIWWSQIKYMHERGIJSVIZEPYEXMSR WTIGMJMIVERHYWIV8LIIRKMRIIVWLSYPHI\IVGMWITVIGEYXMSRW
SJYRFSRHIHTSWXXIRWMSRIHGSRGVIXIWXVYGXYVIW [LIRWTIGMJ]MRKGLIQMGEPERGLSVWMRIMXLIVERYRHIV[EXIVSV
% HIXIVMSVEXIH TSVXMSR SJ E WXVERH GER FI I\TSWIH F] QSMWXIRZMVSRQIRXF]ZIVMJ]MRKXLEXXLIGLIQMGEPEHLIWMZI
I\GEZEXMRK XLI GSRGVIXI ERH GYXXMRK XLI WLIEXLMRK 8LI LEWFIIRXIWXIHMREWMQMPEVIRZMVSRQIRX
WXVERHMW XLIRGYX SR FSXLWMHIW SJ XLI HIXIVMSVEXMSR [LIVI )\TERWMSRERGLSVW]WXIQWWSQIXMQIWGEPPIHQIGLERMGEP
WSYRH WXVERH MW IZMHIRX 'EYXMSR WLSYPH FI I\IVGMWIH [LIR ERGLSVWMRGPYHIXSVUYIGSRXVSPPIHHIJSVQEXMSRGSRXVSPPIH
GYXXMRKXIRWMSRIHWXVERHW8LIVIQSZIHTSVXMSRSJXLIWXVERHMW ERHYRHIVGYXERGLSVW8LIWIERGLSVWHIZIPSTXLIMVWXVIRKXL
VITPEGIH[MXLERI[WIGXMSRXLEXMWWTPMGIHXSXLII\MWXMRKWXVERH JVSQJVMGXMSREKEMRWXXLIWMHISJXLIHVMPPIHLSPIJVSQOI]MRK
EXXLIPSGEXMSRSJXLIGYXW8LIVITEMVIHWXVERHMWXLIRVIWXVIWWIH MRXSEPSGEPM^IHGVYWLIH^SRISJXLIGSRGVIXIVIWYPXMRKJVSQ
6IQSZEP SJ ER YRFSRHIH WXVERH JVSQ XLI WLIEXLMRK MW XLIWIXXMRKSTIVEXMSRSVJVSQEGSQFMREXMSRSJJVMGXMSRERH
TSWWMFPI FYX MW WSQIXMQIW HMJJMGYPX -X MW EPWS HMJJMGYPX XS OI]MRK8LIWIX]TIWSJERGLSVWHIZIPSTFYVWXMRKJSVGIWMRXLI
MRWXEPPEVITPEGIQIRXWXVERHSJXLIWEQIHMEQIXIV;LIRXLI GSRGVIXI )HKIHMWXERGIW ERHXLI WTEGMRK FIX[IIRERGLSVW
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XSXLEXMRXLISVMKMREPWXVERH  'EWXMRTPEGI ERGLSVW{'EWXMRTPEGI ERGLSV
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WYTTPIQIRX XLI VIMRJSVGIQIRX MR TVIWXVIWWIH TSWX X]TIWERHWLETIWFSPXIHGSRRIGXMSRWERHEHNYWXEFPIERGLSVW
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MW RSVQEPP] KPYIH SRXS XLI I\XIVMSV WYVJEGI 9RPIWW XLI  %RGLSV WXVIRKXL{%RGLSV WXVIRKXL ERH PSRKXIVQ
GSQTSRIRX FIMRK VIMRJSVGIH MW YRPSEHIH LS[IZIV MX SRP] TIVJSVQERGIEVIHITIRHIRXSREZEVMIX]SJJEGXSVWXLEXWLSYPH
TVSZMHIWVIMRJSVGIQIRXJSVJYXYVIPSEHMRKW*MFIV[VETTMRK FI IZEPYEXIH JSV XLI ERGLSV XS FI YWIH 7SQI JEGXSVW XS FI
MW GSQQSRP] YWIH JSV VIMRJSVGMRK GSPYQRW IWTIGMEPP] MR GSRWMHIVIHMRGPYHIQEXIVMEPWXVIRKXL ]MIPHERHYPXMQEXI LSPI
IEVXLUYEOI^SRIW HMEQIXIV ERH HVMPPMRK W]WXIQ YWIH IQFIHQIRX PIRKXL
4VSXIGXMZI QEXIVMEPW GSQQSRP] HV] ERH PIEZI XLI ERRYPEVKETFIX[IIRXLIERGLSVERHXLIHVMPPIHLSPIJSVTSWX
YRFSRHIH WXVERH YRTVSXIGXIH ERH ZYPRIVEFPI XS GSVVSWMSR MRWXEPPIHERGLSVWGSRGVIXIWXVIRKXLERHGSRHMXMSRX]TIERH
8LIVI EVI W]WXIQW EZEMPEFPI XLEX VIIWXEFPMWL XLI TVSXIGXMZI HMVIGXMSRSJPSEHETTPMGEXMSR WXEXMGH]REQMGXIRWMSRWLIEV
FEVVMIV[MXLMRXLIWLIEXLMRK3RIW]WXIQJMPPWXLIZSMH[MXLE FIRHMRKSVGSQFMRIHPSEHMRK WTEGMRKXSSXLIVERGLSVWERH
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EKEMRWXGSVVSWMSRSJXLIWXVERH WXIIP FVIEOEKI WPMT SV TYPPSYX  IRZMVSRQIRXEP GSRHMXMSRW
JSVQSMWXYVIERHGSVVSWMSRVIWMWXERGIERHGVIIT
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VIMRJSVGIQIRXXSTVIZIRXRI[VITEMVWJVSQHMWPSHKMRKJVSQ FITIVJSVQIHXSHIXIVQMRIXLIPSRKXIVQGVIITTIVJSVQERGI
TEVIRX GSRGVIXI MR XLI IZIRX SJ E FSRH JEMPYVI 8LI] EVI EXXLILMKLIWXI\TIGXIHWIVZMGIPSEHERHXIQTIVEXYVI*SVEPP
GSQQSRP]YWIHSRXLIVITEMVWSJZIVXMGEPWYVJEGIWWYGLEW ERGLSVW]WXIQWMRWXEPPEXMSRMRWXVYGXMSRWWLSYPHFIJSPPS[IH
JEËEHIWXS IRWYVI XLEX XLIJEËEHI VITEMVHSIW RSXHMWPSHKI XSIRWYVITVSTIVERGLSVTIVJSVQERGI
JVSQXLIWXVYGXYVI2SRGSVVSWMZIERGLSVWWYGLEWWXEMRPIWW
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XIGLRMUYIW
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8LIVI EVI X[S KIRIVEP GEXIKSVMIW SJ ERGLSVMRK W]WXIQW ERH HITIRH SR XLI GSRWXVEMRXW ERH PMQMXEXMSRW SJ E TVSNIGX
TSWXMRWXEPPIHERHGEWXMRTPEGI %'-6  )QQSRW   -R EHHMXMSR XLI TEWX I\TIVMIRGI SJ XLI
 4SWXMRWXEPPIH ERGLSVW{4SWXMRWXEPPIH ERGLSV GSRXVEGXSVXSWYGGIWWJYPP]TIVJSVQXLITPEGIQIRXXIGLRMUYI
W]WXIQW EVI MRWXEPPIH MRXS E TVIHVMPPIH LSPI 8LI] GER FI MW EPWS MQTSVXERX -'6-  TVSZMHIW KYMHERGI JSV
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ERGLSVW  'EWXMRTPEGI GSRGVIXI QSHMJMIH GSRGVIXI ERH
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ZEVMIX]SJSXLIVWLETIWMRWXEPPIH[MXLEGIQIRXMXMSYWKVSYX GSRGVIXITPEGIQIRXMWXLIVITPEGIQIRXSJHIJIGXMZIGSRGVIXI
ERHGLIQMGEPERGLSVW YWYEPP]XLVIEHIHVSHWWIX[MXLEX[S [MXL RI[ GSRGVIXI XLEX MW GSRZIRXMSREPP] TPEGIH 8LMW
'32'6)8)6)4%-6+9-() 6

QIXLSHMWXLIQSWXJVIUYIRXP]YWIHVITEMVXIGLRMUYIERHMXMW  4VITPEGIHEKKVIKEXI GSRGVIXI{4VITPEGIHEKKVIKEXI


YWYEPP]XLIQSWXIGSRSQMGEP GSRGVIXIMWTVSHYGIHF]JMPPMRKXLIVITEMVEVIE[MXLKETKVEHIH
6ITEMVF]GSRZIRXMSREPGSRGVIXITPEGIQIRXMWETTPMGEFPIXS GSEVWIEKKVIKEXIXLIRJMPPMRKXLIZSMHWMRXLIEKKVIKEXIF]
E [MHI VERKI SJ WMXYEXMSRW MRGPYHMRK VITEMV SJ HIXIVMSVEXMSR TYQTMRKMREGIQIRXMXMSYWSVVIWMRSYWKVSYX%WXLIKVSYXMW
HYI XS HIJIGXW GEYWIH F] TSSV GSRWXVYGXMSR TVEGXMGIW TYQTIH MRXS XLI JSVQW MX JMPPW XLI ZSMHW HMWTPEGMRK ER]
[EXIVXLEXMWTVIWIRX ERHJSVQWEGSRGVIXIQEWW8LI[SVOIV
WLSYPHEZSMHXLIIRXVETQIRXSJEMVXLEXVIWYPXMRZSMHW8LMW
XLI QIXLSHMWYWIHJSVTEVXMEPHITXL VITEMVWSVJSVVITPEGIQIRXSJ
JEGXSVWXLEXXVMKKIVIHXLIHIXIVMSVEXMSR*SVI\EQTPIMJXLI [LSPI QIQFIVW 8LMW QIXLSH VIHYGIW HV]MRK WLVMROEKI
HIXIVMS FIGEYWIXLIEKKVIKEXITEVXMGPIWEVIMRTSMRXXSTSMRXGSRXEGX
FIJSVIERHEJXIVKVSYXMRK
+IRIVEPP] XLI WEQI VIUYMVIQIRXW JSV QEXIVMEPW ERH
IQIRX GSRGVIXI 4''  QSHMJMIH [MXL TVSGIHYVIW XLEX ETTP] XS TVITPEGIHEKKVIKEXI GSRGVIXI MR
WMPMGE JYQI EGV]PMGW WX]VIRIFYXEHMIRI PEXI\ SV ITS\] RI[GSRWXVYGXMSREPWSETTP]XSVITEMV4VITPEGIHEKKVIKEXI
LS[IZIVLEZIFIIRWYGGIWWJYPMRI\XIRHMRKWIVZMGIPMJI GSRGVIXIMWGSZIVIHMRHIXEMPMR%'-6ERH%'-6
 7LSXGVIXI{7LSXGVIXI MW GSRGVIXI SV QSVXEV XLEX MW  *SVQIHERHTYQTIHGSRGVIXIERHQSVXEV{*SVQIH
TRIYQEXMGEPP]GSRZI]IHEXLMKLZIPSGMX]XLVSYKLELSWISRXS ERH TYQTIH VITEMV MW E QIXLSH SJ VITPEGMRK HEQEKIH
E WYVJEGI 8LI LMKL ZIPSGMX] SJ XLI QEXIVMEP WXVMOMRK XLI HIXIVMSVEXIHGSRGVIXIF]JMPPMRKEJSVQIHGEZMX][MXLEVITEMV
WYVJEGITVSZMHIWXLIGSQTEGXMZIIJJSVXRIGIWWEV]XSGSRWSPM QSVXEVSVGSRGVIXIYRHIVTYQTTVIWWYVI8LMWQIXLSHGERFI
HEXIXLIQEXIVMEPERHHIZIPSTEFSRHXSXLIWYFWXVEXIWYVJEGI YWIHJSVZIVXMGEPERHSZIVLIEHVITEMVW*SVQ[SVOWLSYPHFI
8LIWLSXGVIXITVSGIWWMWGETEFPISJTPEGMRKVITEMVQEXIVMEPW GSRWXVYGXIH XS E WXVIRKXL WYJJMGMIRX XS LERHPI XLI TVIWWYVI
MR ZIVXMGEP ERH SZIVLIEH ETTPMGEXMSRW [MXLSYX XLI YWI SJ MRHYGIH F] L]HVSWXEXMG TVIWWYVI ERH XLI EHHMXMSREP TYQT
JSVQW ERH MX GER VSYXMRIP] TPEGI QEXIVMEP WIZIVEP LYRHVIH TVIWWYVI VIUYMVIH XS GSRWSPMHEXI XLI VITEMV QEXIVMEP 8LI
JIIXJVSQXLITSMRXSJHIPMZIV] GEZMX]ERHJSVQ[SVOHIWMKRWLSYPHTVSZMHIJSVZIRXMRKXLI
8LIVI EVI X[S FEWMG WLSXGVIXI TVSGIWWIW -R [IXQM\ EMV:IRXMRKGERFIEGGSQTPMWLIHF]XLIVIQSZEPTVSJMPISJ
WLSXGVIXI GIQIRX EKKVIKEXI ERH [EXIV EVI QM\IH ERH XLI TVITEVIH GSRGVIXI ZIRX XYFIW SV HVMPPIH LSPIW MR XLI
TYQTIH XLVSYKL E LSWI XS E RS^^PI [LIVI EMV MW EHHIH XS I\MWXMRKGSRGVIXI4YQTMRKXLIGEZMX]MWWXEVXIHEXXLIPS[IWX
TVSTIP XLI QEXIVMEP SRXS XLI WYVJEGI (V]QM\ WLSXGVIXMRK TSMRX MR ZIVXMGEP VITEMVW SV EX ER I\XVIQMX] MR SZIVLIEH
YWIW GIQIRX ERH EKKVIKEXI XLEXEVI TVIQM\IH ERHTRIY VITEMVW4YQTMRKGSRXMRYIWYRXMPXLIQEXIVMEPJPS[WJVSQER
QEXMGEPP]TYQTIHXLVSYKLELSWI XLIR[EXIVMWEHHIHEXXLI EHNEGIRXTSVXMRXLIJSVQ[SVO4YQTMRKGSRXMRYIWYRXMPXLI
RS^^PI EW XLI QEXIVMEP MW TVSNIGXIH EX LMKL ZIPSGMX] SRXS E GEZMX]MWGSQTPIXIP]JYPP )QQSRW (YVMRKXLIJMREP
WYVJEGI TVIWWYVM^EXMSRXLIVITEMVQEXIVMEPMWGSRWSPMHEXIHEVSYRHXLI
)MXLIVQIXLSHTPEGIWWYMXEFPIVITEMVQEXIVMEPWJSVRSVQEP VIMRJSVGMRKWXIIPERHHVMZIRMRXSXLIGVIZMGIWSJXLITVITEVIH
GSRWXVYGXMSR VIUYMVIQIRXW %'- 6 TVSZMHIW HIXEMPIH WYFWXVEXIXSMQTVSZIFSRH
MRJSVQEXMSRSRXLIX[SWLSXGVIXITVSGIWWIWERHXLIMVTVSTIV  8VS[IPMRKERHHV]TEGOMRK{
ETTPMGEXMSR E 8VS[IPMRK{6ITEMVWETTPMIHF]LERHXVS[IPMRKGERFI
-REHHMXMSRXSTPEGMRKGSRZIRXMSREP4''ERHQSVXEVXLI YWIHJSVWLEPPS[SVPMQMXIHEVIEWSJVITEMV8LIWIVITEMVWGER
WLSXGVIXI TVSGIWW MW EPWS YWIH JSV TPEGMRK TSP]QIVGIQIRX FIQEHIYWMRKTSVXPERHGIQIRXQSVXEVWTVSTVMIXEV]TVSHYGXW
GSRGVIXI JMFIVVIMRJSVGIH GSRGVIXI YWMRK FSXL WXIIP ERH WYGLEW GIQIRXMXMSYWTVITEGOEKIHQEXIVMEPWTSP]QIVGIQIRX
W]RXLIXMG JMFIVW ERH GSRGVIXI GSRXEMRMRK WMPMGE JYQI ERH KVSYXW TSP]QIV KVSYXW ERH QSVXEVW 8VS[IPETTPMIH
SXLIVTS^^SPERW W]WXIQW EVI RSX VIGSQQIRHIH [LIR VIMRJSVGMRK WXIIP MW
8LI ETTPMGEXMSR SJ VITEMV QEXIVMEPW F] XLI WLSXGVIXI I\TSWIHERHYRHIVGYXHYIXSXLIHMJJMGYPX]SJGSRWSPMHEXMSR
TVSGIWWWLSYPHFIGSRWMHIVIH[LIVIZIVEGGIWWXSXLIWMXIMW SJVITEMVQEXIVMEPEVSYRHERHFILMRHXLIVIMRJSVGMRKWXIIP
HMJJMGYPX XLI IPMQMREXMSR SJ JSVQ[SVO TVSZMHIW IGSRSQ] 8LI TEWXI SJ XLI VITEMV QEXIVMEP WLSYPH FI YWIH EW XLI
ERH WMKRMJMGERX EVIEW SJ SZIVLIEH SV ZIVXMGEP VITEMVW I\MWX FSRHMRKQIHMYQ8LIVITEMVQEXIVMEPWLSYPHFIETTPMIHXS
7LSXGVIXI MW JVIUYIRXP] YWIH JSV VITEMVMRK HIXIVMSVEXIH XLI KVSYXIH WYVJEGI FIJSVI XLI KVSYX SV TEWXI WIXW ;LIVI
GSRGVIXISVQEWSRV]SRFVMHKIWYFWXVYGXYVIWTMIVWWI[IVW QYPXMTPIPE]IVWEVIRIIHIHXSFYMPHYTXLIXSXEPXLMGORIWWSJ
HEQWERHFYMPHMRKWXVYGXYVIW-XMWEPWSYWIHJSVVIMRJSVGMRK XLI VITEMV XLI WYVJEGIW WLSYPH FI VSYKLIRIH XS LIPT FSRH
WXVYGXYVIWF]IRGEWMRKEHHMXMSREPVIMRJSVGMRKWXIIPEHHIHXS WYFWIUYIRXPE]IVW*SVQSWXETTPMGEXMSRWXLIWYVJEGISJXLI
FIEQWTPEGMRKFSRHIHWXVYGXYVEPPMRMRKWSRQEWSRV][EPPW GEZMX] WLSYPH FI WEXYVEXIH ERH WYVJEGI HV] EX XLI XMQI SJ
ERHTPEGMRKEHHMXMSREP GSRGVIXIGSZIVSRI\MWXMRKGSRGVIXI ETTPMGEXMSRSJXLIQEXIVMEP
WXVYGXYVIW VIJIVXS'LETXIV  8LIVIEVIE[MHIZEVMIX]SJTVSTVMIXEV]VITEMVQSVXEVWERH
8LI WLSXGVIXI RS^^PI STIVEXSVvW WOMPP HIXIVQMRIW XLI GSRGVIXIW XLEX LEZI FIIR QSHMJMIH [MXL GLIQMGEPW ERH
MRTPEGIUYEPMX]SJXLIVITEMVQEXIVMEP%'-6TVSZMHIW XLM\SXVSTMGEKIRXW8LITPEGIQIRXXIGLRMUYIWVIGSQQIRHIH
EFEWMWJSVHIXIVQMRMRKXLIUYEPMJMGEXMSRWSJERS^^PISTIVEXSV F] XLI QERYJEGXYVIVW HS RSX EP[E]W GSRJSVQ XS EGGITXIH
8LIRS^^PISTIVEXSVWLSYPHFIGIVXMJMIHF]%'-%'- TPEGIQIRX XIGLRMUYIW JSV TSVXPERHGIQIRX QSVXEV ERH
TVSZMHIW E FEWMG WTIGMJMGEXMSR JSV XLI ETTPMGEXMSR ERH GSRGVIXI8LMWMWTEVXMGYPEVP]XVYIJSVXLMRWIGXMSRWWYGLEW
MRWTIGXMSRSJWLSXGVIXI QQ MR ERHZIVXMGEPERHSZIVLIEHETTPMGEXMSRW8LI
6 %'-'311-88))6)4368

EHHMXMSR SJ GLIQMGEPW ERH XLM\SXVSTMG EKIRXW XLEX TIVQMX TVIWWYVIYRHIVO4E TWM ;LIVIGVEGOWSVSTIRMRKW
HIZMEXMSRWMRTPEGIQIRXXIGLRMUYIWQE]GSQTVSQMWIWSQI I\XIRH XLVSYKL E WXVYGXYVI WYGL EW E [EPP XLI STIRMRK MW
SJ XLI TIVJSVQERGI TVSTIVXMIW )\EQTPIW SJ WSQI SJ XLI YWYEPP]WIEPIHERHTSVXIHSRXLIJEVWMHIEW[IPP
TVSTIVXMIWXLEXQE]FIEJJIGXIH EVIWLVMROEKIFSRHWXVIRKXL ;LIVIETTIEVERGIMWRSXEJEGXSVSTIRMRKWQE]SJXIRFI
ERH GSIJJMGMIRX SJ XLIVQEP I\TERWMSR 8LI WTIGMJMIV ERH WIEPIHF]GEYPOMRK[MXLGPSXLSVJEFVMGXLEXTEWW[EXIVSVEMV
GSRXVEGXSV WLSYPH GSRWYPX [MXL XLI QERYJEGXYVIV ERH QEOI ]IXVIXEMRWSPMHW4ETIVERHQEXIVMEPWXLEXVIQEMRTPEWXMGEVI
WYVIXLEXXLIQEXIVMEPWTIVJSVQERGIGETEFMPMX]ERHPMQMXEXMSRW RSXWYMXEFPIJSVXLMWTYVTSWI
QIIXWXLITVSNIGXGVMXIVMEFIJSVIYWMRKXLIWIQEXIVMEPW6IJIVXS 8LI WTEGMRK SJ XLI IRXV] TSVXW MW PEVKIP] E QEXXIV SJ
'LETXIV NYHKQIRX FEWIH SR XLI REXYVI SJ XLI [SVO %W E KIRIVEP
7YGGIWWJYPYWISJXVS[IPETTPMIHVITEMVWMWHITIRHIRXSRXLI VYPILS[IZIVTSVXWWLSYPHFIJEVXLIVETEVXXLERXLIHIWMVIH
WYVJEGITVITEVEXMSRERHXLIWOMPPSJXLIQEWSR1EWSRWWLSYPH HITXLSJKVSYXTIRIXVEXMSR
FI I\TIVMIRGIH ERH GPSWI JMIPH SFWIVZEXMSR SJ XLI [SVO &IJSVI KVSYXMRK XLI STIRMRKW WLSYPH FI JPYWLIH [MXL
WLSYPHFIQEHI4VSTIVXVS[IPMRKXIGLRMUYIWLSYPHFIYWIH GPIER[EXIVWYFNIGXXSXLITVSGIHYVIXLEXMWYWIHMRKVSYXMRK
XSTVIZIRXXLIIRXVETQIRXSJEMVEXXLIFSRHMRKWYVJEGI[LMGL *PYWLMRK MW HSRI JSV WIZIVEP VIEWSRW XS [IX XLI MRXIVMSV
GERGEYWIVIHYGIHFSRHWXVIRKXL4VSTIVGYVMRKSJTSVXPERH WYVJEGIWJSVFIXXIVKVSYXJPS[ERHTIRIXVEXMSRXSGLIGOXLI
GIQIRX QSVXEV WS XLEX TEXGL QEXIVMEP HSIW RSX HV] FIJSVI IJJIGXMZIRIWW SJ XLI WYVJEGI WIEPMRK ERH TSVX W]WXIQ XS
L]HVEXMSRMWGSQTPIXIMWMQTSVXERX7TIGMEPGYVMRKTVSZMWMSRW TVSZMHI MRJSVQEXMSR SR TVSFEFPI KVSYX JPS[ TEXXIVRW ERH
QE] FI EHZMWEFPI JSV WSQI TVSTVMIXEV] VITEMV QEXIVMEPW SV MRXIVREPMRXIVGSRRIGXMSRWWSQITSWWMFP]YRI\TIGXIHERHXS
[LIVIEGGIWWMFMPMX]MWHMJJMGYPX %'-6ERH  JEQMPMEVM^IXLIKVSYXMRKGVI[[MXLXLIWMXYEXMSR
F (V]TEGOMRK{(V]TEGOMRKMWXLILERHTPEGIQIRXSJE +VSYXMRKMWWXEVXIHEXSRIIRHSJELSVM^SRXEPSTIRMRKSVEX
PS[[EXIV TSVXPERHGIQIRX QSVXEV ERH XLI WYFWIUYIRX XLI FSXXSQ SJ E ZIVXMGEP STIRMRKERH GSRXMRYIW YRXMP KVSYX
XEQTMRKSVVEQQMRKSJXLIQSVXEVMRXSTPEGI&IGEYWISJXLI WLS[WEXXLIWIGSRHTSVXE[E]JVSQXLISRIFIMRKTYQTIH
PS[[EXIVGIQIRXMXMSYWQEXIVMEPVEXMS [GQ XLIWIVITEMVW ;LIRXLMWSGGYVWXLIKVSYXMRKSTIVEXMSRQSZIWXSXLIRI\X
[LIR GSQTEGXIH TVSTIVP] LEZI KSSH WXVIRKXL HYVEFMPMX] TSVX ERH GSRXMRYIW YRXMP KVSYX EKEMR WLS[W EX XLI WIGSRH
ERH[EXIVXMKLXRIWW HMWXERX LSPI 8LI ZEPZI WLSYPH FI WLYX SV TPYKKIH EX IEGL
(V]TEGOMRKGERFIYWIHJSVVITEMVSJJSVQXMIWGSRIFSPXW JPS[MRK TSVX FIJSVI QSZMRK XS XLI RI\X MRNIGXMSR PSGEXMSR
ERHSXLIVLSPIWERHWQEPPEVIEW[MXLVIPEXMZIP]LMKLHITXLXS 4VSKVIWWWLSYPHFIQSRMXSVIHSRXLIJEVWMHISJXLIWXVYGXYVI
WYVJEGIEVIEWVEXMSW&IGEYWISJXLIPEFSVMRXIRWMZIREXYVISJ MJEGGIWWMFPIERHGPSWITSVXWSVZEPZIWEWRIGIWWEV]
XLMWXIGLRMUYIMXMWRSXSJXIRYWIHJSVPEVKIVITEMVW +VSYXMRK MW YWYEPP] WXEVXIH [MXL E VIPEXMZIP] XLMR KVSYX
 -RNIGXMSRKVSYXMRK{+VSYXMRKMWXLIGSQQSRQIXLSH XLMGOIRIHEWUYMGOP]EWTSWWMFPIXSXLILIEZMIWXGSRWMWXIRG]
JSVJMPPMRKGVEGOWSTIRNSMRXWLSRI]GSQFERHMRXIVMSVZSMHW XLEXGERFITYQTIH[MXLSYXFPSGOEKIEWHIXIVQMRIHEXXLI
[MXLEGIQIRXKVSYXSVSXLIVQEXIVMEPXLEXGYVIWMRTPEGIXS KVSYXMRKSTIVEXMSR
TVSHYGIEHIWMVIHVIWYPX1EXIVMEPWSXLIVXLERGIQIRXKVSYX F -RXIVMSVKVSYXMRK{+VSYXMRKSJGVEGOWNSMRXWERHZSMHW
MRGPYHITSP]QIVGIQIRXWPYVV]ITS\]YVIXLERIERHLMKL JVSQ XLI MRXIVMSV MW HSRI XLVSYKL  QQ  MR  SV PEVKIV
QSPIGYPEV[IMKLX QIXLEGV]PEXI ,1;1  +VSYXMRK GER HMEQIXIVLSPIWHVMPPIHEXERERKPIXSMRXIVWIGXXLISTIRMRKEX
WXVIRKXLIR E WXVYGXYVI EVVIWX [EXIV QSZIQIRX SV FSXL HIWMVIHHITXLJVSQXLIWYVJEGISVEWRIEVEWTSWWMFPIXSXLI
&IJSVIHIWMKRMRKEKVSYXMRKVITEMVTVSKVEQXLISFNIGXMZIW FSXXSQSJXLIZSMH
SJ KVSYXMRK WLSYPH FI HIJMRIH ERH XLI TVSTIV QEXIVMEP (VMPPMRK MW HSRI [MXL HMEQSRH GSVI FMXW VSXEV] GEVFMHI
WIPIGXIHXSQIIXXLSWISFNIGXMZIW;LIVIETTVSTVMEXIUYEPMX] FMXW SV TIVGYWWMSR HVMPPW (MEQSRH SV VSXEV] FMX HVMPPMRK MW
GSRXVSPQIEWYVIWWLSYPHMRGPYHIXEOMRKGSVIWXSZIVMJ]XLEX TVIJIVVIH IWTIGMEPP] [LIR XLI STIRMRKW XS FI KVSYXIH EVI
TVSTIVTIRIXVEXMSRERHFSRHLEWFIIREGLMIZIH VIPEXMZIP]REVVS[XSQMRMQM^IXLIHIFVMWXLEX[SYPHGLSOI
 'IQIRXKVSYXMRK{'IQIRXKVSYXMWEQM\XYVISJ XLI GVEGO %TTP]MRK E ZEGYYQ XS XLI HVMPP WXIQ JYVXLIV
GIQIRXMXMSYWQEXIVMEPRSVQEPP]TSVXPERHGIQIRXSVQMGVSJMRI VIHYGIWXLITSWWMFMPMX]SJHVMPPGYXXMRKWKIXXMRKMRXSXLIGVEGO
GIQIRX ERH [EXIV [MXL SV [MXLSYX JMRI EKKVIKEXI SV *SV [MHIV STIRMRKW{JSV I\EQTPI  QQ  MR  SV
EHQM\XYVIWTVSTSVXMSRIHXSTVSHYGIETYQTEFPIGSRWMWXIRG] QSVI{HVMPPGYXXMRKWEVIPIWWSJETVSFPIQFYXMRER]IZIRX
[MXLSYXI\GIWWMZIWIKVIKEXMSRSJGSRWXMXYIRXW+VSYXGERFI EPPLSPIWWLSYPHFIXLSVSYKLP][EWLIHERH[EXIVGMVGYPEXIH
MRNIGXIHMRXSERSTIRMRKJVSQXLIWYVJEGISJEWXVYGXYVISV XLVSYKLXLIW]WXIQFIJSVIKVSYXMRK
XLVSYKLLSPIWHVMPPIHXSMRXIVWIGXXLISTIRMRKMRXLIMRXIVMSV  'LIQMGEPKVSYXMRK{'LIQMGEPKVSYXEWHIJMRIH
E  +VSYXMRK JVSQ XLI WYVJEGI{;LIR KVSYX MW XS FI MRXLMWKYMHIMWER]JPYMHQEXIVMEPRSXHITIRHIRXSRWYWTIRHIH
MRNIGXIH JVSQ XLI WYVJEGI WLSVX IRXV] LSPIW TSVXW  E WSPMHW JSV VIEGXMSR 8LI KVSYX WLSYPH LEVHIR [MXLSYX
QMRMQYQSJQQ MR MRHMEQIXIVERHEQMRMQYQSJ EHZIVWIP]EJJIGXMRKER]QIXEPWSVXLIGSRGVIXIFSYRHEVMIWSJ
QQ MR HIITEVIHVMPPIHMRXSXLISTIRMRK8LIWYVJEGI XLISTIRMRKSVZSMHMRXS[LMGLMXLEWFIIRMRNIGXIH*VSQXLI
SJ XLI STIRMRK MW WIEPIH FIX[IIR TSVXW [MXL E TSVXPERH WXERHTSMRX SJ XLI YWIV GLIQMGEP KVSYXW EVI YWYEPP] X[S
GIQIRXSVVIWMRSYWQSVXEV;LIXLIVSVRSXWLSVXTMTIRMTTPIW GSQTSRIRXW]WXIQWVIUYMVMRKFPIRHMRKEXSVRIEVXLITSMRXSJ
EVI GIQIRXIH MRXS XLI LSPIW JSV KVSYX LSWI GSRRIGXMSRW MRNIGXMSR SV XLI FPIRHMRK SJ XLI MRNIGXIH GLIQMGEP [MXL
HITIRHW PEVKIP] SR ERXMGMTEXIH KVSYXMRK TVIWWYVIW -J XLI QSMWXYVISV[EXIVI\MWXMRKMRXLIGVEGOSVTPEGIHXLIVIF]XLI
TSVXW EVI HVMPPIH EJXIV WIEPMRK XLI STIRMRKW E LERHLIPH KVSYXIV'LIQMGEPKVSYXWQE]GSRXEMRZEVMSYWMRIVXJMPPIVWXS
GSRIWLETIHJMXXMRKSRXLIKVSYXLSWIQE]FIEHIUYEXIJSV QSHMJ] TL]WMGEP TVSTIVXMIW WYGL EW GSRWMWXIRG] ERH LIEX
'32'6)8)6)4%-6+9-() 6

KIRIVEXMSR ERH XS MRGVIEWI ZSPYQI 'LETXIV  HIWGVMFIW XLI VIUYMVIQIRXW SJ %781 '  GER EPWS FI YWIH [LIR
QEXIVMEPWJSVGLIQMGEPKVSYXMRK JMPPMRKPEVKIZSMHW
'LIQMGEPKVSYXWLSYPHFIMRNIGXIHJVSQXLIWYVJEGISVXLI *MRIP] KVSYRH WTIGMEPX] GIQIRXW ERH WMPMGE JYQI QSZIW
MRXIVMSVMRXLIWEQIKIRIVEPQERRIVEWGIQIRXKVSYXW[MXL MRXS JMRIV STIRMRKW QSVI VIEHMP] XLER RSVQEP L]HVEYPMG
XLII\GITXMSRXLEXJSVYRJMPPIHKVSYXWXLITSVXWM^IWQE]FI GIQIRXWFYX HIJMRMXMZI MRJSVQEXMSR SR XLI TIRIXVEFMPMX] SJ
SVQQ SVMR MRHMEQIXIVERHXLITSVXHIZMGIW XLIWIQEXIVMEPWMRXSGVEGOWERHNSMRXWMWPMQMXIH
QE]FIQIGLERMGEPP]ERGLSVIHSVGIQIRXIHMRXSTPEGI %'- ,]HVEYPMG GIQIRX KVSYXW EVI I\GIPPIRX JSV VIMRXIKVEXMRK
6ERH6  ERH WXEFMPM^MRK GVEGOIH WXVYGXYVIW WYGL EW FVMHKI TMIVW
 7IPIGXMSRSJX]TISJKVSYX{5YIWXMSRWXLEXQE]FI XYRRIP PMRMRKW SV [EPPW [LIVI VIIWXEFPMWLMRK GSQTVIWWMSR
GSRWMHIVIH [LIR XLI X]TI SJ KVSYX MW XS FI WIPIGXIH JSV E ERH WLIEV WXVIRKXL MW XLI QEMR KSEP 'IQIRX KVSYXW EPWS
KMZIRVITEMVMRGPYHI TVSZMHIWSQIXIRWMPIFSRHFYXXIRWMPIWXVIRKXLMWHMJJMGYPXXS
-WMXRIGIWWEV]XSXVERWQMXGSQTVIWWMSRXIRWMSRWLIEV TVIHMGX)\TERWMZIGIQIRXKVSYXWEVI[MHIP]YWIHXSTVIZIRX
SVEGSQFMREXMSREGVSWWXLIGVEGO# [EXIVQSZIQIRX %'- 
-WXLIGVEGOEGXMZI QSZMRK ERHWYFNIGXXSJYXYVIXIRWMPI F 'LIQMGEPKVSYX{'LIQMGEPKVSYXWWLSYPHFIGSRWMHIVIH
JSVGIWXLEXQE]I\GIIH XLI XIRWMPISVWLIEVWXVIRKXLSJXLI YRHIVX[SGEXIKSVMIWEGGSVHMRKXS[LIXLIVXLI]LEVHIRXSE
GSRGVIXIMRXLIZMGMRMX]SJXLIVITEMVIHGVEGOSVI\GIIHXLI VMKMH GSRHMXMSR SV XS E JPI\MFPI KIP SV JSEQ )TS\MIW ERH
IPSRKEXMSRERHGVIITGLEVEGXIVMWXMGWSJXLIKVSYX# EGV]PEXIW EVI I\EQTPIW SJ VMKMH X]TIW TSP]YVIXLERI MW ER
-WTVIZIRXMRK[EXIVSVEMVQSZIQIRXXLVSYKLXLIGVEGO I\EQTPISJEKIP
EPPSVTEVXSJXLIVIUYMVIQIRX# 6MKMH GLIQMGEP KVSYXW FSRH I\GIIHMRKP] [IPP XS HV]
-WXLIGVEGO[MHXLWYJJMGMIRXXSEGGITXXLIX]TISJKVSYX WYFWXVEXIERHWSQIFSRHXS[IXGSRGVIXI8LIWIKVSYXWGER
WIPIGXIH# TVIZIRX EPP QSZIQIRX EX ER STIRMRK ERH VIWXSVI XLI JYPP
 (SIW XLI VIUYMVIH MRXIVREP KVSYX TVIWWYVI I\GIIH XLI WXVIRKXL SJ E GVEGOIH GSRGVIXI QIQFIV -J XIRWMPI SV WLIEV
VIWMWXERGISJXLIWXVYGXYVISVSJXLIWYVJEGIWIEPIV# WXVIWWIWI\GIIHMRKXLIGETEFMPMX]SJXLIGSRGVIXIVIGYVEJXIV
-WXLIVEXISJKVSYXWXMJJIRMRKWPS[IRSYKLXSTIVQMXXLI KVSYXMRKLS[IZIVRI[GVEGOWETTIEVMRXLIGSRGVIXIRIEV
KVSYX XS VIEGL MXWHIWXMREXMSR ERH JEWX IRSYKLXS QMRMQM^I FYX KIRIVEPP] RSX EX XLI KVSYXIH GVEGO 6MKMH KVSYXW GER
PIEOEKIJVSQXLIFPMRHWMHI# TIRIXVEXIGVEGOWWSQI[LEXJMRIVXLERQQ MR 
 -W XLI I\SXLIVQEP LIEX PMFIVEXMSR SJ WSQI GLIQMGEP XLI TIRIXVEXMSR FIMRK HITIRHIRX SR ZMWGSWMX] MRNIGXMSR
KVSYXWIWTIGMEPP]ITS\]X]TIWI\GIWWMZI# TVIWWYVIXIQTIVEXYVIERHKVSYXWIXXMQI
 -W XLI KVSYX GSWX IJJIGXMZI MR VIPEXMSR XS HIWMVIH SV 8LITVMRGMTEPYWIJSVKIPX]TIGLIQMGEPKVSYXWMWXSWLYX
VIUYMVIHVIWYPXW# SJJ SV KVIEXP] VIHYGI [EXIV QSZIQIRX +IP KVSYXW HS RSX
%VIXLIWLVMROEKIGVIITERHQSMWXYVIEFWSVTXMSRGLEVEG VIWXSVIWXVIRKXLXS E WXVYGXYVI FYX XLI] KIRIVEPP] QEMRXEMR
XIVMWXMGWSJXLIKVSYXGSQTEXMFPI[MXLXLITVSNIGXGSRHMXMSRW# [EXIV XMKLXRIWWHIWTMXIQMRMQEPQSZIQIRX EGVSWWEGVEGO
 -W XLI ZMWGSWMX] PS[ IRSYKL ERH XLI TSX PMJI PSRK 1SWX KIP KVSYXW EVI [EXIV WSPYXMSRW ERH XLIVIJSVI I\LMFMX
IRSYKLXSIRWYVIJYPPTIRIXVEXMSRSJXLIGVEGOTEVXMGYPEVP] WLVMROEKI MJ EPPS[IH XS HV] FYX XLI] HS VIGSZIV [LIR
WQEPPGVEGOWMREPEVKIGSRGVIXIQEWW# VI[IXXIH7SQIKIPKVSYXWGERFIJSVQYPEXIHEXGSRWMWXIRGMIW
%VIXLI[IXEFMPMX]GLEVEGXIVMWXMGWSJXLIVIWMRGETEFPI WS RIEV XLEX SJ [EXIV XLEX XLI] GER FI MRNIGXIH MRXS ER]
SJIRWYVMRKEREGGITXEFPIFSRH# STIRMRKXLVSYKL[LMGL[EXIVJPS[W3XLIVWGERFIQEHIXS
;MPPXLIITS\]EHLIWMZIGYVIMRXLITVIWIRGISJQSMWXYVI ]MIPHEJSEQXLEXGERFIYWIHMRSTIRMRKWETTVS\MQEXIP]
[MXLSYXEFWSVFMRKQSMWXYVIERHGSQTVSQMWMRKXLIFSRH# QQ MR [MHI
4EVEQIXIVWSJGIQIRXERHGLIQMGEPKVSYXW{  9RHIV[EXIV TPEGIQIRX{4PEGMRK GSRGVIXI HMVIGXP]
E  'IQIRX KVSYXW{'IQIRX ERH SXLIV KVSYXW GSRXEMRMRK YRHIV[EXIV F] QIERW SJ E XVIQMI SV TYQT MW E JVIUYIRXP]
WSPMHWMRWYWTIRWMSRGERFIYWIHSRP][LIVIXLI[MHXLSJXLI YWIH VITEMV QIXLSH -R KIRIVEP XLI WEQI VIUYMVIQIRXW JSV
STIRMRKMWWYJJMGMIRXXSEGGITXXLIWSPMHTEVXMGPIW*SVXLI QEXIVMEPERHTVSGIHYVIWXLEXETTP]XSRI[GSRWXVYGXMSREPWS
VIPMEFPITIRIXVEXMSRSJRIEXKVSYXW L]HVEYPMGGIQIRXQM\IH ETTP]XSVITEMVTPEGIQIRXWYRHIV[EXIV9RHIV[EXIVVITEMVW
[MXLEPEXI\[MXLSV[MXLSYXTS^^SPERWERHSXLIVEHQM\XYVIW EVITVIWIRXIHMR%'-6 4PEGMRKGSRGVIXIYRHIV[EXIV
QM\IH[MXLETTVS\MQEXIP]0SJ[EXIVXSOK KEP F]XVIQMIERHF]TYQTMWGSZIVIHMRHIXEMPMR%'-6
TIVPF SJWSPMHW [EXIVXSWSPMHWVEXMSSJETTVS\MQEXIP] 4VITPEGIHEKKVIKEXIGSRGVIXIMWJVIUYIRXP]YWIHSRYRHIV
  QMRMQYQ GVEGO [MHXL EX XLI TSMRX SJ MRXVSHYGXMSR [EXIVVITEMVTVSNIGXW8LIGSRGVIXIQSVXEVMWTYQTIHJVSQ
WLSYPHFIETTVS\MQEXIP]QQ MR ;MXLJPS[WXEVXIHMR XLIFSXXSQSJXLITPEGIQIRXHMWTPEGMRKXLI[EXIVEWMXVMWIW
XLISTIRMRKWYGLKVSYXTIRIXVEXIWXLVSYKLGVEGOWQQ 8LIYWISJTVITPEGIHEKKVIKEXIGSRGVIXIMWGSZIVIHMR%'-
MR [MHI%WGVEGO[MHXLWMRGVIEWIXSQQ MR 6ERH%'-6
SVQSVIXLIQM\MRK[EXIVQE]FIVIHYGIHXSXS0OK
 XS  KEP TIV  PF  SJ WSPMHW [EXIVXSWSPMHW VEXMS SJ {&SRHMRKQIXLSHW
ETTVS\MQEXIP]  XS  IWTIGMEPP] [LIR [EXIVVIHYGMRK 6ITEMV QEXIVMEPW QE] SV QE] RSX VIUYMVI E WITEVEXI
EHQM\XYVIW EVI YWIH *SV STIRMRKW SJ  QQ  MR  SV FSRHMRK EKIRX -R IMXLIV GEWI XLI WYGGIWW SJ XLI VITEMV
QSVIERHJSVMRXIVMSVZSMHWKVSYXMRKWERHSVQEWSRV]WERH HITIRHW SR EGLMIZMRK MRXMQEXI ERH GSRXMRYSYW GSRXEGX
VERKMRK JVSQ SRI XS X[S XMQIW XLI QEWW SV ZSPYQI SJ XLI FIX[IIR XLI VITEMV QEXIVMEP ERH XLI WYFWXVEXI -RXMQEXI
GIQIRXMRKQEXIVMEPGERFIMRGPYHIH*MRIEKKVIKEXIQIIXMRK GSRXEGXGERFIEGLMIZIHF]ZMFVEXMSRTRIYQEXMGETTPMGEXMSR
6 %'-'311-88))6)4368

LMKL JPYMHMX] ERH XVS[IPMRK TVIWWYVI MR GSRNYRGXMSR [MXL XLIKYMHERGIKMZIRMR%'-6%'-6%'-6


EXXEMRMRKERSTXMQYQWYVJEGITVSJMPI %'-6ERH%'-6
-R GEWIW [LIVI E WITEVEXI FSRHMRK EKIRX MW XS FI YWIH E %HZERXEKIW{'SRZIRXMSREPGSRGVIXIMWVIEHMP]EZEMPEFPI
ETTPMGEXMSR SJ XLI FSRHMRK EKIRX XS XLI TVITEVIH WYFWXVEXI [IPP YRHIVWXSSH IGSRSQMGEP LEW WMQMPEV TVSTIVXMIW XS XLI
WLSYPHFIHSRI[MXLGEVIERHWLSYPHFIXMQIHXSXLITPEGIQIRX TEVIRX GSRGVIXI ERH MW VIPEXMZIP] IEW] XS TVSHYGI TPEGI
SJXLIVITEMVQEXIVMEP&SRHMRKEKIRXWETTPMIHXSWYFWXVEXIW JMRMWLERHGYVI+IRIVEPP]GSRGVIXIQM\XYVIWGERFITVSTSV
QE] FIKMR WIXXMRK SV GYVMRK TVIQEXYVIP] GVIEXMRK E FSRH XMSRIH XS QEXGL XLI TVSTIVXMIW SJ XLI YRHIVP]MRK GSRGVIXI
FVIEOIV[MXLXLIRI[VITEMVQEXIVMEP'IQIRXFEWIHFSRHMRK XLIVIJSVI GSRZIRXMSREP GSRGVIXI MW ETTPMGEFPI XS E [MHI
EKIRXWEVIWTVE]IHSVFVSSQIH[LIVIEWITS\]ERHPEXI\ VERKISJVITEMVW
FEWIHW]WXIQWEVIVSPPIHFVSSQIHSVWTVE]IH 'SRZIRXMSREP GSRGVIXI GER FI IEWMP]TPEGIH YRHIV [EXIV
;LIXLIVXLIVITEMVQEXIVMEPMWWIPJFSRHMRKSVEWITEVEXI YWMRKERYQFIVSJ[IPPVIGSKRM^IHXIGLRMUYIWERHTVIGEYXMSRW
FSRHMRKEKIRXMWYWIHXIWXWWLSYPHFIGSRHYGXIHXSIRWYVI XS IRWYVI XLI MRXIKVMX] SJ XLI GSRGVIXI EJXIV TPEGIQIRX
XLEXFSRHMRKMWXEOMRKTPEGI-RTPEGIXIRWMPITYPPSJJXIWXWEVI %'- 6 ERH 6  'SRGVIXI MW X]TMGEPP] TPEGIH YRHIV
VIGSQQIRHIHXSIZEPYEXIXLEXFSRHMRKSJVITEMVQEXIVMEPWMW [EXIVYWMRKEXVIQMISVETYQT
EHIUYEXI 8LMW XIWXMRK TVSZMHIW JSV XLI IZEPYEXMSR SJ XLI F 0MQMXEXMSRW{'SRZIRXMSREPGSRGVIXIWLSYPHRSXFIYWIH
EHIUYEG] SJ WYVJEGI TVITEVEXMSR TVSZMHIW E XLMGORIWW ERH MRVITEMVW[LIVIXLIEKKVIWWMZIIRZMVSRQIRXXLEXGEYWIHXLI
GSRWSPMHEXMSR EWWIWWQIRX IZEPYEXIW XLI XIRWMPI FSRH SVMKMREP GSRGVIXI XS HIXIVMSVEXI LEW RSX FIIR IPMQMREXIH
WXVIRKXLERHEWWIWWIWXLIJEMPYVIQSHI7YGLMRTPEGIXIWXMRK YRPIWWEVIHYGIHWIVZMGIPMJIMWEGGITXEFPI*SVI\EQTPIMJ
WLSYPHYWIXLIQIXLSHHIWGVMFIHMR%'-6%TTIRHM\% XLI SVMKMREP HIXIVMSVEXMSR [EW GEYWIH F] EGMH EXXEGO
EKKVIWWMZI [EXIV EXXEGO SV IZIR EFVEWMSRIVSWMSR VITEMV
',%48)6{6)4%-61%8)6-%07 [MXLGSRZIRXMSREPGSRGVIXIQE]RSXFIWYGGIWWJYPYRPIWWXLI
{-RXVSHYGXMSR GEYWISJHIXIVMSVEXMSRMWVIQSZIH
8LMWGLETXIVGSRXEMRWHIWGVMTXMSRWSJXLIZEVMSYWGEXIKSVMIW ;LIRYWIHEWEFSRHIHSZIVPE]XLIWLVMROEKITVSTIVXMIW
SJQEXIVMEPWXLEXEVIEZEMPEFPIJSVVITEMVSVVILEFMPMXEXMSR SJXLIVITEMVQEXIVMEPEVIGVMXMGEPFIGEYWIXLIRI[QEXIVMEPMW
SJ GSRGVIXI WXVYGXYVIW 8]TMGEP TVSTIVXMIW EHZERXEKIW FIMRKTPEGIHSREQEXIVMEPXLEXLEWI\LMFMXIHIWWIRXMEPP]EPP
HMWEHZERXEKIW SV PMQMXEXMSRW X]TMGEP ETTPMGEXMSRW ERH SJXLIWLVMROEKIXLEXMX[MPPI\TIVMIRGI*YPPGSRWMHIVEXMSRSJ
ETTPMGEFPIWXERHEVHWERHVIJIVIRGIWEVIHMWGYWWIHJSVIEGL XLIWLVMROEKITVSTIVXMIWERHXLIGYVMRKTVSGIHYVIWLSYPHFI
VITEMV QEXIVMEP %PWS KIRIVEP KYMHERGI SR WIPIGXMSR SJ EHHVIWWIHMRXLIWTIGMJMGEXMSRJSVXLIVITEMV
VITEMVQEXIVMEPWMWTVSZMHIH 'SRGVIXIXLEXMWQM\IHXVERWTSVXIHERHTPEGIHYRHIVLSX
[IEXLIV GSRHMXMSRW SJ LMKL XIQTIVEXYVI PS[ LYQMHMX] SV
{'IQIRXMXMSYWQEXIVMEPW [MRHVIUYMVIWQIEWYVIWXSFIXEOIRXSIPMQMREXISVQMRMQM^I
8SQEXGLXLITVSTIVXMIWSJXLIGSRGVIXIFIMRKVITEMVIHEW YRHIWMVEFPIIJJIGXW %'-6 8LIVIEVIWTIGMEP VIUYMVI
GPSWIP]EWTSWWMFPI 4'' ERHQSVXEVSVSXLIVGIQIRXMXMSYW QIRXWJSVTVSHYGMRKERHTPEGMRKWEXMWJEGXSV]GSRGVIXIHYVMRK
GSQTSWMXMSRWYWMRKWMQMPEVTVSTSVXMSRWSJMRKVIHMIRXWEVIXLI GSPH[IEXLIV %'-6 
FIWX GLSMGIW JSV VITEMV QEXIVMEPW 8LI RI[ GIQIRXMXMSYW G  %TTPMGEXMSRW{'SRZIRXMSREP GSRGVIXI MW SJXIR YWIH MR
VITEMV QEXIVMEP WLSYPH FI GSQTEXMFPI [MXL XLI I\MWXMRK VITEMVWMRZSPZMRKVIPEXMZIP]XLMGOWIGXMSRWERHPEVKIZSPYQIWSJ
GSRGVIXIWYFWXVEXI VITEMVQEXIVMEP8]TMGEPP]GSRZIRXMSREPGSRGVIXIMWETTVSTVMEXI
 'SRZIRXMSREP GSRGVIXI{'SRZIRXMSREP GSRGVIXI JSV TEVXMEPERH JYPPHITXL VITEMVW ERH VIWYVJEGMRK SZIVPE]W
GSQTSWIHSJTSVXPERHGIQIRXEKKVIKEXIWERH[EXIVMWSJXIR [LIVIXLIQMRMQYQXLMGORIWWMWKVIEXIVXLERQQ MR
YWIHEWEVITEMVQEXIVMEP%HQM\XYVIWEVIYWIHXSIRXVEMREMV SVXLISZIVPE]I\XIRHWFI]SRHXLIVIMRJSVGIQIRXSV[LIRXLI
EGGIPIVEXISVVIXEVHL]HVEXMSRMQTVSZI[SVOEFMPMX]VIHYGI VITEMVEVIEMWPEVKI'SRZIRXMSREPGSRGVIXIMWQSWXGSQQSRP]
QM\MRK[EXIVVIUYMVIQIRXWMRGVIEWIWXVIRKXLSVEPXIVSXLIV YWIHJSVVITEMVWSJWPEFW[EPPWGSPYQRWTMIVWERHL]HVEYPMG
TVSTIVXMIWSJXLIGSRGVIXI4S^^SPERMGQEXIVMEPWWYGLEWJP] WXVYGXYVIW 1G(SREPH EW[IPPEWJSVJYPPHITXLVITEMVW
EWLSVWMPMGEJYQIQE]FIYWIHMRGSRNYRGXMSR[MXLTSVXPERH SVSZIVPE]WSRFVMHKISVTEVOMRKWXVYGXYVIHIGOW
GIQIRXJSVIGSRSQ]SVXSTVSZMHIWTIGMJMGTVSTIVXMIWWYGL 'SRZIRXMSREPGSRGVIXIMWTEVXMGYPEVP]WYMXEFPIJSVVITEMVW
EW VIHYGIH IEVP] LIEX SJ L]HVEXMSR MQTVSZIH PEXIVEKI MRQEVMRIIRZMVSRQIRXWFIGEYWIXLIX]TMGEPP]LMKLLYQMHMX]
WXVIRKXL HIZIPSTQIRX VIHYGIH TIVQIEFMPMX] SV MRGVIEWIH MRWYGLIRZMVSRQIRXWQMRMQM^IWXLITSXIRXMEPJSVWLVMROEKI
VIWMWXERGIXSEPOEPMEKKVIKEXIVIEGXMSRERHWYPJEXIEXXEGO 8VS\IPP6ETLEIPERH(EZMW 
'SRGVIXITVSTSVXMSRWWLSYPHTVSZMHI[SVOEFMPMX]HIRWMX] H 7XERHEVHW{%781'GSZIVWVIEH]QM\IHGSRGVIXI
WXVIRKXLERHHYVEFMPMX]RIGIWWEV]JSVXLITEVXMGYPEVETTPMGEXMSR QERYJEGXYVIHERHHIPMZIVIHXSETYVGLEWIVMREJVIWLP]QM\IH
%'-   8S QMRMQM^I WLVMROEKI GVEGOMRK XLI VITEMV ERHYRLEVHIRIHWXEXI4VSTIVXMIWWYGLEWWLVMROEKIERHFSRH
GSRGVIXIWLSYPHLEZIE[GQ EWPS[EWTSWWMFPIERHEGSEVWI EVI RSX MRGPYHIH MR XLMW WTIGMJMGEXMSR ERH XLI] WLSYPH FI
EKKVIKEXI GSRXIRX EW LMKL EW TSWWMFPI %GGSVHMRK XS %'- WTIGMJMIHWITEVEXIP]MJXLI]QIVMXWTIGMEPGSRWMHIVEXMSRMRE
6JVSWXVIWMWXERXRSVQEP[IMKLXGSRGVIXIWLSYPHLEZIE KMZIRVITEMV
[GRSXXSI\GIIHJSVXLMRWIGXMSRWWYGLEWXSQQ  'SRZIRXMSREP QSVXEV{'SRZIRXMSREP QSVXEV MW E
XSMR ERHJSVEPPSXLIVWXVYGXYVIW1M\MRKXVERW QM\XYVI SJ TSVXPERH GIQIRX JMRI EKKVIKEXI ERH [EXIV
TSVXMRKERHTPEGMRKSJGSRZIRXMSREPGSRGVIXIWLSYPHJSPPS[ ;EXIVVIHYGMRKEHQM\XYVIWI\TERWMZI EKIRXW ERHSXLIV
'32'6)8)6)4%-6+9-() 6

QSHMJMIVW EVI SJXIR YWIH [MXL GSRZIRXMSREP QSVXEV XS EKIRXWHIRWMJMIVWEGGIPIVEXSVWTSP]QIVWXLM\SXVSTMGEKIRXWSV


QMRMQM^IWLVMROEKI JMRIEKKVIKEXI
E  %HZERXEKIW{8LI EHZERXEKIW SJ GSRZIRXMSREP QSVXEV E  %HZERXEKIW{8LI EHZERXEKIW SJ TVSTVMIXEV] VITEMV
EVI WMQMPEV XS XLSWI SJ GSRZIRXMSREP GSRGVIXI -R EHHMXMSR QEXIVMEPW EVI XLIMV GSRZIRMIRGI SJ YWI MR XLI JMIPH ERH XLI
QSVXEVGERFITPEGIHMRXLMRRIVWIGXMSRW%[MHIZEVMIX]SJ FVSEHVERKISJTVSHYGXW[MXLHMJJIVIRXTL]WMGEPERHQIGLERMGEP
TVITEGOEKIH QSVXEVW MW EZEMPEFPI 8LI] EVI TEVXMGYPEVP] TVSTIVXMIW XS QIIX XLI HMJJIVIRX JMIPH GSRHMXMSRW WYGL EW
ETTVSTVMEXIJSVWQEPPVITEMVW TEVXMEPHITXL VITEMVW SR ZIVXMGEP ERH SZIVLIEH WYVJEGIW
F  0MQMXEXMSRW{1SVXEVW KIRIVEPP] I\LMFMX MRGVIEWIH [MXLSYX XLI RIIH SJ JSVQW 8LI] GER LEZI JEWXIV XMQIW SJ
HV]MRK WLVMROEKI GSQTEVIH XS GSRGVIXI FIGEYWI SJ XLIMV WIXXMRKERHWLSVXIVGYVIXMQIW
LMKLIV [EXIV ZSPYQI LMKLIV YRMX GIQIRX GSRXIRX LMKLIV F 0MQMXEXMSRW{4VSTVMIXEV]VITEMVQSVXEVWLEZIHMJJIVIRX
TEWXIEKKVIKEXIVEXMSERHXLIEFWIRGISJGSEVWIEKKVIKEXI QIGLERMGEP TVSTIVXMIW XLER XLI GSRGVIXI FIMRK VITEMVIH
,MKLEMVGSRXIRXWEVISJXIRVIUYMVIHXSTVSZMHIEHIUYEXI &IGEYWIXLI]QE]FIGIQIRXVMGLERHI\XIRHIH[MXLER]SRI
VIWMWXERGI XS JVII^MRK ERH XLE[MRK ERH WGEPI VIWMWXERGI SVQSVIQSHMJMIVWWYFWIUYIRXP]XLI]GERLEZIETVSTIRWMX]
LS[IZIVLMKLEMVGSRXIRXHSIWVIHYGIWXVIRKXL JSV LMKL WLVMROEKI GSQTEVIH [MXL GSRZIRXMSREP GSRGVIXI
G  %TTPMGEXMSRW{'SRZIRXMSREP QSVXEV GER FI YWIH 8LIVI EVI RS WXERHEVHW EHHVIWWMRK FSRH WXVIRKXL SJ XLIWI
[LIVIZIVXLMRVITEMVWIGXMSRWEVIVIUYMVIH8LIWIETTPMGEXMSRW QSVXEVW[LIRETTPMIHXSZIVXMGEPSVSZIVLIEHETTPMGEXMSRW
WLSYPHFIVIZMI[IH[LIRMRWXEPPIHMRXLITEXLSJZILMGYPEV G  %TTPMGEXMSRW{7SQI TVSTVMIXEV] QSVXEVW EVI VIGSQ
XVEJJMG XLEX MW WYFNIGX XS VITIXMXMZI PSEHMRK 8IWXMRK YRHIV QIRHIHJSVVITEMVWEWXLMREWQQ MR 8LIWIETTPMGE
EGXYEP JMIPH GSRHMXMSRW MW VIGSQQIRHIH XS IRWYVI XLI
WEXMWJEGXSV]TIVJSVQERGISJXLIQEXIVMEPERHMRWXEPPEXMSR
H  7XERHEVHW{%781 '  GSZIVW XLI TVSHYGXMSR
TVSTIVXMIWTEGOEKMRKERHXIWXMRKSJTEGOEKIHHV]GSQFMRIH
QEXIVMEPWJSVGSRGVIXIERHQSVXEV7TIGMEPGSRWMHIVEXMSRWLSYPH H  7XERHEVHW{8LI I\MWXMRK WXERHEVH %781 ' 
FIKMZIRXSTVSTIVXMIWRSXGSZIVIHMRXLMWWTIGMJMGEXMSRWYGL EPPS[W XLI MRGPYWMSR SJ   GEPGMYQ GLPSVMHI F] [IMKLX SJ
EWWLVMROEKIERHHYVEFMPMX] GIQIRX[MXLSYXEHZMWMRKXLIWTIGMJMIVSVXLIGSRXVEGXSV8LI
 (V]TEGOQSVXEV{(V]TEGOQSVXEVGSRWMWXWSJSRI EPPS[EFPIWLVMROEKIMWLMKLERHQE]GSQTVSQMWIXLIMRXIKVMX]
TEVX GIQIRX X[S ERH SRILEPJ XS XLVII TEVXW WERH SV SJXLIVITEMV8LMWWXERHEVHMWRSXEPPMRGPYWMZIERHGSQTPMERGI
TVITEGOEKIHTVSTVMIXEV]QEXIVMEPWERHSRP]IRSYKL[EXIV XS%781'MWRSEWWYVERGISJXLIHIWMVIHUYEPMX]
WS XLI QSVXEV WXMGOW XSKIXLIV [LIR QSPHIH MRXS E FEPP F]  *IVVSGIQIRX{*IVVSGIQIRXMWEJSVQSJVIMRJSVGIH
WPMKLX TVIWWYVI SJ XLI LERHW ERH HSIW RSXI\YHI[EXIV FYX GSRGVIXI XLEX HMJJIVW JVSQ GSRZIRXMSREP VIMRJSVGIH SV
PIEZIXLILERHWHEQT'YVMRKMWGVMXMGEPFIGEYWISJXLIPS[ TVIWXVIWWIHGSRGVIXITVMQEVMP]F] XLI QERRIVMR[LMGLXLI
MRMXMEP[EXIVGSRXIRXSJHV]TEGOQSVXEV VIMRJSVGMRK IPIQIRXW EVI HMWTIVWIH ERH EVVERKIH %'-
E %HZERXEKIW{&IGEYWISJMXWPS[[GHV]TEGOI\LMFMXW 6 *IVVSGIQIRXMWGSQQSRP]GSRWXVYGXIHSJL]HVEYPMG
ZIV]PMXXPIWLVMROEKI8LIVIJSVIXLIVITEMVVIQEMRWXMKLXERH GIQIRX QSVXEV VIMRJSVGIH [MXL GPSWIP] WTEGIH PE]IVW SJ
MWSJ KSSH UYEPMX] [MXL VIWTIGX XS HYVEFMPMX] WXVIRKXL ERH GSRXMRYSYW ERH VIPEXMZIP] WQEPPHMEQIXIV [MVI QIWL 8LI
[EXIVXMKLXRIWW-JXLITEXGLWLSYPHQEXGLXLIGSPSVSJXLI [MVIQIWLQE]FIQEHISJWXIIPWXEMRPIWWWXIIPSVSXLIVWYMX
WYVVSYRHMRK GSRGVIXI E FPIRH SJ KVE] ERH [LMXI TSVXPERH EFPIQEXIVMEPW
GIQIRXQE]FIYWIH2SVQEPP]EFSYX[LMXIGIQIRXMW E %HZERXEKIW{*IVVSGIQIRXLEWELMKLXIRWMPIWXVIRKXLXS
EHIUYEXIFYXXLITVIGMWITVSTSVXMSRWGERSRP]FIHIXIVQMRIH [IMKLX VEXMS MRGVIEWIH HYVEFMPMX] ERH WYTIVMSV GVEGOMRK
F]XVMEP FILEZMSVMRGSQTEVMWSRXSVIMRJSVGIHGSRGVIXI
F 0MQMXEXMSRW{(V]TEGOMWRSX[IPPWYMXIHJSVTEXGLMRK F 0MQMXEXMSRW{8LIYWISJJIVVSGIQIRXMREVITEMVWMXYEXMSR
WLEPPS[ HITVIWWMSRW SV JSV TEXGLMRK EVIEW VIUYMVMRK JMPPMRK MWPMQMXIHF]XLIREXYVISJXLIVITEMVERHXLIGSWX
FILMRH I\TSWIH VIMRJSVGIQIRX SV JSV TEXGLMRK LSPIW G %TTPMGEXMSRW{&IGEYWIRSJSVQ[SVOMWVIUYMVIHJIVVS
I\XIRHMRK IRXMVIP] XLVSYKL GSRGVIXI WIGXMSRW ;MXLSYX GIQIRX MW IWTIGMEPP] WYMXEFPI JSV VITEMV SJ WXVYGXYVIW [MXL
EHIUYEXIGYVMRKHV]TEGOVITEMVWEVIWYFNIGXXSJEMPYVI GYVZIHWYVJEGIWWYGLEWWLIPPWERHSXLIV JVIIJSVQWLETIW
G %TTPMGEXMSRW{(V]TEGOGERFIYWIHJSVJMPPMRKPEVKISV H 7XERHEVHW{8LIVIEVIGYVVIRXP]RSWXERHEVHWJSVJIVVS
WQEPPGEZMXMIWJSVQXMILSPIWSVER]GEZMX]XLEXEPPS[WJSV GIQIRX %HHMXMSREP MRJSVQEXMSR MW EZEMPEFPI MR %'- 6
EHIUYEXIGSQTEGXMSR7YGLVITEMVWGERFIEGGSQTPMWLIHSR ERH6
ZIVXMGEPERHSZIVLIEHWYVJEGIW[MXLSYXJSVQW(V]TEGOGER  *MFIVVIMRJSVGIHGSRGVIXI{*MFIVVIMRJSVGIHGSRGVIXI
EPWS FI YWIH JSV JMPPMRK REVVS[ WPSXW GYX JSV XLI VITEMV SJ MW GSRZIRXMSREP GSRGVIXI [MXL IMXLIV QIXEPPMG SV TSP]QIVMG
HSVQERXGVEGOWLS[IZIVMXMWRSXVIGSQQIRHIHJSVJMPPMRK JMFIVWEHHIHXSEGLMIZIKVIEXIVVIWMWXERGIXSTPEWXMGWLVMROEKI
SV VITEMVMRK EGXMZI GVEGOW (V] TEGO MW GSQQSRP] YWIH EX HV]MRK WLVMROEKI ERH WIVZMGIVIPEXIH GVEGOMRK -R QSWX
PSEHXVERWJIVTSMRXWERHGSRXEGXEVIEW ETTPMGEXMSRWJMFIVVIMRJSVGIQIRXMWRSXMRXIRHIHEWTVMQEV]
H 7XERHEVHW{'YVVIRXP]XLIVIEVIRSWXERHEVHWJSVHV] VIMRJSVGIQIRX*MFIVWGERFIWXIIPKPEWWW]RXLIXMGSVREXYVEP
TEGOQSVXEV %'-6 *MFIVVIMRJSVGIHGSRGVIXILEWFIIRYWIHJSV
 4VSTVMIXEV] VITEMV QSVXEVW{4VSTVMIXEV] VITEMV VITEMVWYWMRKGSRZIRXMSREPERHWLSXGVIXITPEGIQIRXQIXLSHW
QSVXEVWEVITVITEGOEKIHQSVXEVWXLEXEVIEFPIRHSJTSVXPERH -RJSVQEXMSR SR JMFIVVIMRJSVGIHGSRGVIXI SV WLSXGVIXI GER FI
GIQIRXSVWTIGMEPX]GIQIRXEHQM\XYVIWTPEWXMGM^IVWI\TERWMZI SFXEMRIHJVSQ%'-6%'-6ERH%'-6
6 %'-'311-88))6)4368

E  %HZERXEKIW{8LI JMFIVW EVI EHHIH HYVMRK GSRGVIXI SVEWSPMHTVIGMTMXEXIEWSTTSWIHXSGIQIRXKVSYXWXLEXGSRWMWX


TVSHYGXMSRERHEVIMRXLIGSRGVIXI[LIRMXMWTPEGIH8LIWI SJWYWTIRWMSRWSJWSPMHTEVXMGPIWMREJPYMH8LIVIEGXMSRMRXLI
JMFIVWGERFIYWIHXSTVSZMHIVIMRJSVGIQIRXMRXLMRSZIVPE]W WSPYXMSRQE]MRZSPZISRP]XLIGSRWXMXYIRXWSJXLIWSPYXMSRSV
XLEX EVI RSX XLMGO IRSYKL XS MRGPYHI VIMRJSVGMRK FEVW 8LI MX QE] MRGPYHI XLI MRXIVEGXMSR SJ XLI GSRWXMXYIRXW SJ XLI
EHHMXMSRSJJMFIVWGERMRGVIEWIHYVEFMPMX]ERHVIHYGITPEWXMG WSPYXMSR[MXLSXLIVWYFWXERGIWWYGLEW[EXIVIRGSYRXIVIHMR
WLVMROEKI GVEGOMRK SJ VITEMV QEXIVMEPW %VIEW WYFNIGX XS XLI YWI SJ XLI KVSYX 8LI VIEGXMSR GEYWIW E HIGVIEWI MR
WLSGOSVZMFVEXMSRPSEHMRK[LIVITPEWXMGWLVMROEKIGVEGOMRK JPYMHMX] ERH E XIRHIRG] XS WSPMHMJ] ERH JMPP ZSMHW MR XLI
MW E TVSFPIQ SV [LIVI FPEWX VIWMWXERGI MW VIUYMVIH GSYPH QEXIVMEPMRXS[LMGLXLIKVSYXLEWFIIRMRNIGXIH
FIRIJMXJVSQXLIEHHMXMSRSJJMFIVVIMRJSVGIQIRX E  %HZERXEKIW{8LI EHZERXEKIW SJ GLIQMGEP KVSYXW
F 0MQMXEXMSRW{8LIEHHMXMSRSJJMFIVWVIHYGIWXLIWPYQT MRGPYHIXLIMVETTPMGEFMPMX]MRQSMWXIRZMVSRQIRXWXLIMV[MHI
ERH GER GEYWI [SVOEFMPMX] TVSFPIQW JSV MRI\TIVMIRGIH VERKIW SJ KIP SV WIXXMRK XMQI ERH XLIMV [MHI VERKI SJ
[SVOIVW 6YWX WXEMRW QE] SGGYV EX XLI WYVJEGI SJ WXIIP ZMWGSWMXMIW 'VEGOW MR GSRGVIXI EW REVVS[ EW  QQ
JMFIVVIMRJSVGIH GSRGVIXI HYI XS GSVVSWMSR SJ JMFIVW EX XLI MR LEZIFIIRJMPPIH[MXLGLIQMGEPKVSYX
WYVJEGI 6MKMHGLIQMGEPKVSYXWWYGLEWITS\MIWI\LMFMXI\GIPPIRX
G %TTPMGEXMSRW{*MFIVVIMRJSVGIHGSRGVIXILEWFIIRYWIH FSRHXSGPIERHV]WYFWXVEXIWERHWSQIFSRHXS[IXGSRGVIXI
JSVWPEFWSRKVSYRHSZIVPE]WSJGSRGVIXITEZIQIRXWWPSTI 8LIWI KVSYXW GER VIWXSVI XLI JYPP WXVIRKXL SJ E GVEGOIH
WXEFMPM^EXMSRERHVIMRJSVGIQIRXSJWXVYGXYVIWWYGLEWEVGLIW GSRGVIXIQIQFIV
SVHSQIW6IMRJSVGIHGSRGVIXIWXVYGXYVIWLEZIFIIRVITEMVIH +IPX]TISVJSEQGLIQMGEPKVSYXWWYGLEWWSHMYQWMPMGEXI
[MXLJMFIVVIMRJSVGIHWLSXGVIXI EGV]PEXIW EGV]PEQMHIW ERH TSP]YVIXLERIW EVI TEVXMGYPEVP]
H 7XERHEVHW{%781'GSZIVWXLIQEXIVMEPWTVSTSV WYMXIHJSV YWIMRGSRXVSP SJ[EXIVJPS[XLVSYKL GVEGOW ERH
XMSRW FEXGLMRK HIPMZIV] ERH XIWXMRK SJ JMFIVVIMRJSVGIH NSMRXW7SQIKIPKVSYXWGERFIJSVQYPEXIHEXZMWGSWMXMIWRIEV
GSRGVIXIERHWLSXGVIXI XLEXSJ[EXIVWSXLI]GERFIMRNIGXIHMRXSEPQSWXER]STIRMRK
 +VSYXW{+VSYXWETTVSTVMEXIJSVGSRGVIXIVITEMVEVI XLEX[EXIVJPS[WXLVSYKL
GEXIKSVM^IHEWIMXLIVL]HVEYPMGGIQIRXSVGLIQMGEP F 0MQMXEXMSRW{'LIQMGEPKVSYXWLEZIHMJJIVIRXQIGLERMGEP
 'IQIRXKVSYXW{'IQIRXKVSYXWEVIQM\XYVIWSJ TVSTIVXMIWERHEVIQSVII\TIRWMZIXLERGIQIRXKVSYX%PWS
L]HVEYPMGGIQIRXJMRIEKKVIKEXIERHEHQM\XYVIWXLEX[LIR E LMKL HIKVII SJ WOMPP MW RIIHIH JSV WEXMWJEGXSV] YWI SJ
QM\IH [MXL [EXIV TVSHYGI E TPEWXMG JPS[EFPI SV JPYMH GLIQMGEPKVSYXW7SQIITS\]W]WXIQWHSRSXFSRHMRXLI
GSRWMWXIRG][MXLSYXWIKVIKEXMRKXLIGSRWXMXYIRXW%HQM\XYVIW TVIWIRGISJQSMWXYVI
EVIJVIUYIRXP]MRGPYHIHMRXLIKVSYXXSEGGIPIVEXISVVIXEVHXMQI
SJ WIXXMRK QMRMQM^I WLVMROEKI MQTVSZI TYQTEFMPMX] SV
[SVOEFMPMX] SV MQTVSZI XLI HYVEFMPMX]SJ XLI KVSYX *P]EWL
+IPSVJSEQKVSYXWWLSYPHRSXFIYWIHXSVIWXSVIWXVIRKXL
QE] FI YWIH XS IRLERGI TIVJSVQERGI SV JSV VIEWSRW SJ
XSEWXVYGXYVEPQIQFIV1SWXKIPSVJSEQKVSYXWEVI[EXIV
IGSRSQ] [LIR WYFWXERXMEP UYERXMXMIW SJ KVSYX EVI VIUYMVIH
WSPYXMSRWERHI\LMFMXWLVMROEKIMJEPPS[IHXSHV]MRWIVZMGI
7MPMGE JYQI QE] FI YWIH XS MRGVIEWI GLIQMGEP VIWMWXERGI
HIRWMX]HYVEFMPMX]ERHWXVIRKXLERHHIGVIEWITIVQIEFMPMX] G %TTPMGEXMSRW{6ITEMVSJ JMRI GVEGOW IMXLIV XSTVIZIRX
E  %HZERXEKIW{'IQIRX KVSYXW EVI IGSRSQMGEP VIEHMP] QSMWXYVIQMKVEXMSREPSRKXLIGVEGOSVXSVIWXSVIXLIMRXIKVMX]
EZEMPEFPI IEW] XS MRWXEPP ERH JEMVP] GSQTEXMFPI [MXL SJEWXVYGXYVEPQIQFIVEVIX[SSJXLIQSWXJVIUYIRXETTPMGE
GSRGVIXI %HQM\XYVIW GER QSHMJ] GIQIRX KVSYXW XS QIIX XMSRWSJGLIQMGEPKVSYX
WTIGMJMG NSF VIUYMVIQIRXW %HQM\XYVIW XS QMRMQM^I H  7XERHEVHW{%781 '  GSZIVW X[SGSQTSRIRX
WLVMROEKIEVIEZEMPEFPISRXLIQEVOIX
F 0MQMXEXMSRW{'IQIRXKVSYXWGERFIYWIHJSVVITEMVWF]
MRNIGXMSRSRP][LIVIXLI[MHXLSJXLISTIRMRKMWWYJJMGMIRXXS  0S[WPYQT HIRWI GSRGVIXI{0S[WPYQT HIRWI
EGGITXXLIWSPMHTEVXMGPIWWYWTIRHIHMRXLIKVSYX2SVQEPP] GSRGVIXI 07(' MWEWTIGMEPJSVQSJGSRZIRXMSREPGSRGVIXI
XLIQMRMQYQGVEGO[MHXLEXXLITSMRXSJMRXVSHYGXMSRWLSYPH -XLEWEQSHIVEXIXSLMKLGIQIRXJEGXSVE[GPIWWXLER
FIETTVS\MQEXIP]QQ MR  ERHI\LMFMXW[SVOMRKWPYQTWSJQQ MR SVPIWW07('
G  %TTPMGEXMSRW{8]TMGEP ETTPMGEXMSRW SJ L]HVEYPMGGIQIRX KEMRWWXVIRKXLVETMHP]ERHMWHMWXMRGXMZIFIGEYWISJMXWLMKL
KVSYXQE]ZEV]JVSQKVSYXWPYVVMIWJSVFSRHMRKSPHGSRGVIXI HIRWMX]ERHVIHYGIHTIVQIEFMPMX]
XS RI[ GSRGVIXI XS JMPPMRK SJ PEVKI HSVQERX GVEGOW SV XS E %HZERXEKIW{3ZIVPE]WSJ07('[MXLEQMRMQYQXLMGO
JMPPMRKSJZSMHWEVSYRHSVYRHIVEGSRGVIXIWXVYGXYVI2SRWLVMRO RIWWSJSRP]QQ MR LEZITVSZMHIHYTXS]IEVWSJ
GIQIRXKVSYXWGERFIYWIHXSVITEMVWTEPPIHSVLSRI]GSQFIH WIVZMGI[LIRTVSTIVP]MRWXEPPIH07('GERFITPEGIHYWMRK
GSRGVIXISVXSMRWXEPPERGLSVFSPXWMRLEVHIRIHGSRGVIXI GSRZIRXMSREP IUYMTQIRX [MXL WPMKLX QSHMJMGEXMSRW
H 7XERHEVHW{%781'GSZIVWXLVIIKVEHIWSJTEGO 'SQTEVIH XS WXVYGXYVEP KVEHI GSRGVIXI 07(' TVSZMHIW
EKIHHV]L]HVEYPMGGIQIRXKVSYXW RSRWLVMROEFPI MRXIRHIH MRGVIEWIHVIWMWXERGIXSGLPSVMHIMSRTIRIXVEXMSR[LIRXIWXIH
JSVYWIYRHIVETTPMIHPSEHWYGLEWXSWYTTSVXEWXVYGXYVISVE EGGSVHMRKXS%781' 3^]MPHMVMQ 
QEGLMRI[LIVIGLERKIMRXLMGORIWWFIPS[MRMXMEPTPEGIQIRX F  0MQMXEXMSRW{07('W VIUYMVI QE\MQYQ GSRWSPMHEXMSR
XLMGORIWWMWXSFIQMRMQM^IH IJJSVXXSEGLMIZISTXMQYQHIRWMX]SVXLIYWISJELMKLVERKI
 'LIQMGEP KVSYXW{'LIQMGEP KVSYXW GSRWMWX SJ [EXIVVIHYGMRK EHQM\XYVI ,6;6%  XS MQTVSZI [SVO
WSPYXMSRWSJGLIQMGEPWXLEXVIEGXXSJSVQIMXLIVEKIP JSEQ EFMPMX] SJ XLI GSRGVIXI ERH VIHYGI XLI GSQTEGXMSR IJJSVX
'32'6)8)6)4%-6+9-() 6

RIIHIHXSTVSZMHIFSRHXSXLIVIMRJSVGMRKWXIIPERHYRHIV SV GEVFSREXIH ^SRI ERH GER GEYWI E VIHYGXMSR MR FSRH
P]MRKGSRGVIXI WXVIRKXLEXXLIFSRHMRXIVJEGI
8LIWIPS[[GGSRGVIXIWVIUYMVIEXPIEWXHE]WSJGSRXMRYSYW 'EVIJYPEXXIRXMSRWLSYPHFITEMHXSWYVJEGITVITEVEXMSRERH
QSMWXGYVMRKXSSFXEMREHIUYEXIL]HVEXMSR HV]MRKXMQIWSJ14'MJMQTIVQIEFPIQIQFVERIWEVIETTPMIH
SZIVMX8LI14'ERHQIQFVERIQERYJEGXYVIVWWLSYPHFI
GSRXEGXIHJSVHIXEMPIHVIGSQQIRHEXMSRW
(V]MRKWLVMROEKI GVEGOWHITIRHMRK SR GVEGO [MHXL ERH &IGEYWI SJ XLI WQEPP MRXIVZEP FIX[IIR MRMXMEP ERH JMREP
HITXL GER MRGVIEWI GLPSVMHIMSR MRXVYWMSR VIWYPXMRK MR WIXXMRKXMQIW14'KIRIVEPP]MWRSXLEVHXVS[IPIH
GSVVSWMSR SJ XLI VIMRJSVGMRK WXIIP MR FVMHKI HIGO SZIVPE]W 8LI JMIPH XIGLRMGMER HSIW RSX LEZI XLI JPI\MFMPMX] SJ
&EFIMERH,E[OMRW &IGEYWIXLIVIEVIRSWXERHEVHW ZEV]MRK XLI [EXIV GSRXIRX ERH XLIVIJSVI 14' GERRSX FI
XLIWTIGMJ]MRKIRKMRIIVWLSYPHVIZMI[ETTVSTVMEXIETTPMGEXMSR TPEGIHMREHV]TEGOGSRWMWXIRG]8LIQM\MRK[EXIVX]TMGEPP]
ERHGSQTEXMFMPMX]MWWYIW LEW E XSPIVERGI SJ SRP] •  %R] ZEVMEXMSR SJ XLI [EXIV
G %TTPMGEXMSRW{07('MWJVIUYIRXP]YWIHEWERSZIVPE]SV GSRXIRXJVSQXLEXWTIGMJMIHF]XLIQERYJEGXYVIVVIHYGIWFSXL
JMREP[IEVMRKGSYVWIMREGSQTSWMXIVITEMVXSSFXEMREUYEPMX] XLIWXVIRKXLERHXLIHYVEFMPMX]SJXLI14'QSVXEV
EFVEWMSRVIWMWXERX TVSXIGXMZIPE]IV[MXLE HYVEFPI GSRGVIXI 8LI RIEX SV I\XIRHIH QEKRIWMYQ TLSWTLEXI QSVXEV
WYVJEGI HIZIPSTWEZIV]VETMHI\SXLIVQMGVIEGXMSRXLEXGERTVSHYGI
H 7XERHEVHW{8LI WEQI WXERHEVHW ETTP] XS 07(' EW VIPEXMZIP] LMKL XIQTIVEXYVIW 8LI QSVXEV WLSYPH RSX FI
ETTP]XSGSRZIRXMSREPGSRGVIXI TPEGIHEXXIQTIVEXYVIWEFSZI”' ”* SVMRXLIWYRPMKLX
 1EKRIWMYQ TLSWTLEXI GSRGVIXI ERH QSVXEV{ [MXLMRXLIXIQTIVEXYVIVERKIWSJXS”' XS”* 
1EKRIWMYQTLSWTLEXIGSRGVIXIERHQSVXEV 14' MWFEWIH ,SX[IEXLIVJSVQYPEWEVIEZEMPEFPIJSVYWIMR[EVQEQFMIRX
SREL]HVEYPMGGIQIRXW]WXIQXLEXMWHMJJIVIRXJVSQTSVXPERH GSRHMXMSRW 8LI QERYJEGXYVIV WLSYPH FI GSRWYPXIH [LIR
GIQIRX 9RPMOI TSVXPERH ERH WSQI TSP]QIVGIQIRX TPEGMRKXLIQEXIVMEPMRXLMGORIWWKVIEXIVXLERQQ MR
GSRGVIXI[LMGLVIUYMVIQSMWXGYVMRKJSVSTXMQYQTVSTIVX] SV MR MRWYPEXIH GEZMXMIW [LIVI XLI LIEX KIRIVEXIH GERRSX
HIZIPSTQIRX XLIWI W]WXIQW TVSHYGI XLIMV FIWX TVSTIVXMIW IWGETI)\XIRHMRKXLIQM\XYVI[MXLEKKVIKEXIWSVGSSP[EXIV
YTSR EMV GYVMRK WMQMPEV XS ITS\] GSRGVIXI 6ETMH WXVIRKXL GERWPS[HS[RXLII\SXLIVQMGVIEGXMSR
HIZIPSTQIRX ERH LIEX EVI TVSHYGIH EPXLSYKL VIXEVHIH -RELEVHIRIHWXEXI14'UYMGOP]TVSHYGIWLMKLWXVIRKXL
ZIVWMSRWEVIEZEMPEFPIXLEXTVSHYGIPIWWLIEX8LIWIQEXIVMEPW ERHLMKLQSHYPYWSJIPEWXMGMX]8LIVIJSVIMXMWRSXJPI\MFPI
LEZIFIIRYWIHMRVITEMVWXSGSRGVIXIWMRGIXLIQMHW ERHHSIWRSXLEZIXLIXSYKLRIWWXLEXMWX]TMGEPP]JSYRH[MXL
E %HZERXEKIW{7IXXMRKXMQIWSJXSQMREVIX]TMGEPP] SVKERMGQSHMJMIH QSVXEVW ERH MW WYWGITXMFPI XS JVEGXYVMRK
IRGSYRXIVIHEXVSSQXIQTIVEXYVIWERHIEVP]WXVIRKXLHIZIP JVSQMQTEGXPSEHW
STQIRX SJ  14E  TWM  [MXLMR  L MW VIKYPEVP] ;MXLXLIRSVQEPWIXXMRKJSVQYPEXMSRWSJ14'LMKLLIEX
SFXEMRIH6IXEVHIHZIVWMSRW[MXLI\XIRHIHWIXXMRKXMQIWSJ TIEOWEVIIRGSYRXIVIH;MXLWYWXEMRIHI\TSWYVIXSXIQTIVEXYVIW
XSQMREXVSSQXIQTIVEXYVIEVIEPWSEZEMPEFPI7GEPI MRI\GIWWSJ”' ”* MRWIVZMGIWXVIRKXLVIHYGXMSRW
VIWMWXERGIMWWMQMPEVXSEMVIRXVEMRIHTSVXPERHGIQIRXFEWIH GERHIZIPSTFYXMXWGSQTVIWWMZIWXVIRKXLGERFII\TIGXIHXS
GSRGVIXIQEXIVMEPW;LIRI\XIRHIH[MXLEKKVIKEXIWEFVEWMSR I\GIIHXLEXSJRSVQEPGSRGVIXI
VIWMWXERGI SJ 14' MW WMQMPEV XS GSRZIRXMSREP GSRGVIXI SJ G  %TTPMGEXMSRW{4EXGLMRK ETTPMGEXMSRW EVI XLI QSWX
WMQMPEVWXVIRKXL[LIRXIWXIHMREGGSVHERGI[MXL%781' GSQQSRYWISJ14'ERHEVIGSWXIJJIGXMZIJSVVETMHVITEMVW
2IEX QEKRIWMYQ TLSWTLEXI GIQIRX REXYVEPP] LEW PS[IV [LIVIEWLSVXHS[RXMQIMWMQTSVXERX'SQQSRYWIWEVIMR
EFVEWMSR VIWMWXERGI WMQMPEV XS TSVXPERHGIQIRX QSVXEV SJ LMKL[E]FVMHKIHIGOEMVTSVXXYRRIPERHMRHYWXVMEPVITEMVW
IUYEPWXVIRKXL 6ITEMVW MR E GSPH[IEXLIV IRZMVSRQIRX EVI MQTSVXERX
1EKRIWMYQTLSWTLEXIQSVXEVERHGSRGVIXIGERFITPEGIH ETTPMGEXMSRW(YIXSXLII\SXLIVQMGREXYVISJXLIVIEGXMSR
EXXIQTIVEXYVIWEWPS[EW”' ”* SVPS[IVMJXLIQM\MRK LIEXMRK XLI QEXIVMEPW ERH XLI WYFWXVEXIW MW RSX YWYEPP]
[EXIV ERH QEXIVMEP EVI LIEXIH 1EKRIWMYQ TLSWTLEXI RIGIWWEV]YRPIWWXLIXIQTIVEXYVIMWFIPS[JVII^MRK14'MW
QSVXEVWX]TMGEPP]EGLMIZIW14E TWM GSQTVIWWMZI YWIJYPJSVGSPH[IEXLIVIQFIHQIRXWERHERGLSVMRKFIGEYWI
WXVIRKXL[MXLMRLERHHSIWRSXMRGVIEWIZIV]QYGLFI]SRH SJMXWLMKLFSRHWXVIRKXLERHPS[WLVMROEKIVEXI
XLEXPIZIP8LIQEXIVMEPLEWKSSHFSRHWXVIRKXLXSTSVXPERH H 7XERHEVHW{'YVVIRXP]RSWXERHEVHWEVIEZEMPEFPIJSV14'
GIQIRXERHPS[TIVQIEFMPMX]8LMRTEXGLIW[MXLQEKRIWMYQ 
TLSWTLEXI QSVXEV TIVJSVQ FIXXIV XLER TSVXPERH GIQIRX GVIXIMWTVSHYGIHF]TPEGMRKGSEVWIEKKVIKEXIMREJSVQ
TEXGLIWFIGEYWIXLI]HSRSXVIUYMVIEQSMWXGYVI ERH PEXIV MRNIGXMRK E TSVXPERH GIQIRXWERH KVSYX YWYEPP]
F  0MQMXEXMSRW{14' WLSYPH FI I\XIRHIH SRP] [MXL [MXL EHQM\XYVIW SV E VIWMRSYW QEXIVMEP XS JMPP XLI ZSMHW
RSRGEPGEVISYWEKKVIKEXIWWYGLEWWMPMGEFEWEPXKVERMXIXVET 4VITPEGIHEKKVIKEXI GSRGVIXI HMJJIVW JVSQ GSRZIRXMSREP
VSGOERHSXLIVLEVHVSGOW6IEGXMSRSJGEVFSREXIHWYVJEGIW GSRGVIXI MR XLEX MX GSRXEMRW E LMKLIV TIVGIRXEKI SJ GSEVWI
[MXL XLI IEVP]JSVQMRK TLSWTLSVMG EGMH TVSHYGIW GEVFSR EKKVIKEXI %'- 6 ERH %'- 6 KMZIW KYMHERGI SR
HMS\MHI '3  ERH [IEOIRW XLI TEWXI EKKVIKEXI FSRH QM\MRKERHTPEGMRKTVITPEGIHEKKVIKEXIGSRGVIXI
&IGEYWISJMXWEGMHFEWIVIEGXMSR14'WLSYPHFIYWIHSRP] E  %HZERXEKIW{
SR [IPPTVITEVIH GSRGVIXI WYFWXVEXIW XLEX LEZI LEH XLI
GEVFSREXMSR PE]IV VIQSZIH F] QIGLERMGEP SV GLIQMGEP XLEXSJGSRZIRXMSREPGSRGVIXI
QIERW14'VIEGXWGLIQMGEPP][MXLXLIHYWXSJXLIJVEGXYVI &IGEYWI XLI EKKVIKEXI MW TVITPEGIH ERH XLI KVSYX TYQTIH
6 %'-'311-88))6)4368

YRHIVTVIWWYVIWIKVIKEXMSRMWRSXETVSFPIQERHZMVXYEPP]EPP WIVZMGIQSVIUYMGOP]XLERGSRZIRXMSREPVITEMVQEXIVMEPW8LMW
WYFWXVEXIZSMHWEVIJMPPIH[MXLQSVXEV8LIEFMPMX]SJXLIKVSYX EHZERXEKIMWMQTSVXERXMRVITEMVMRKLMKL[E]WFVMHKIWEMVTSVX
XSHMWTPEGI[EXIVJVSQXLIZSMHWFIX[IIREKKVIKEXITEVXMGPIW VYR[E]WERHMRHYWXVMEPTPERXWFIGEYWISJXLIVIHYGIHTVSXIG
HYVMRKMRNIGXMSRQEOIWXLMWQEXIVMEPTEVXMGYPEVP]WYMXEFPIJSV XMSRXMQIWPS[IVXVEJJMGGSRXVSPGSWXWERHMQTVSZIHWEJIX]
YRHIV[EXIVVITEMVW %'-6%'-6ERH%'-6  F 0MQMXEXMSRW{%PXLSYKLQSWXVETMHWIXXMRKQEXIVMEPWEVI
-RYRHIV[EXIVGSRWXVYGXMSRLMKLIVTPEGMRKVEXIWEXPS[IV EWHYVEFPIEWGSRGVIXIWSQIHYIXSXLIMVGSRWXMXYIRXWQE]
GSWXLEZIFIIREGLMIZIH[MXLTVITPEGIHEKKVIKEXIGSRGVIXI RSXTIVJSVQ[IPPMREWTIGMJMGWIVZMGIIRZMVSRQIRX
GSQTEVIHXSGSRZIRXMSREPTPEGMRKQIXLSHW %'-6ERH 7SQI VETMHWIXXMRK QEXIVMEPW SFXEMR XLIMV WXVIRKXL
%'-6  HIZIPSTQIRXERHI\TERWMSRJVSQXLIJSVQEXMSRSJIXXVMRKMXI
-JXLIPIZIPSJI\TERWMSRMWLMKLERHXLIXMQIXSEXXEMRXLI
ITS\]GSRGVIXIFEWIHSRJMIPHI\TIVMIRGITIVJSVQWMR QE\MQYQPIZIPWSJI\TERWMSRMWPSRKWXVIRKXLVIXVSKVIWWMSR
EQERRIVWMQMPEVXS4''YRHIVPSEH QE] SGGYV 8LI TSXIRXMEP JSV HIPE]IH I\TERWMSR VIWYPXMRK
F %TTPMGEXMSRW{4VITPEGIHEKKVIKEXIGSRGVIXIMWYWIHSR JVSQMRWYJJMGMIRXMRMXMEPGYVMRKJSPPS[IHF]VI[IXXMRKWLSYPH
PEVKIVITEMVTVSNIGXWTEVXMGYPEVP][LIVIYRHIV[EXIVGSRGVIXI FIVIGSKRM^IH
TPEGIQIRX MW VIUYMVIH SV [LIR GSRZIRXMSREP TPEGMRK SJ &IGEYWIWSQISJXLIWIQEXIVMEPWQE]GSRXEMREFRSVQEPP]
GSRGVIXI[SYPHFIHMJJMGYPX8LIWIJEGXSVWQEOITVITPEGIH LMKLPIZIPWSJEPOEPMSVEPYQMREXIXSTVSZMHII\TERWMSRXLIMV
EKKVIKEXIGSRGVIXIERMHIEPQEXIVMEPJSVETTPMGEXMSRW[LIVI I\TSWYVI XS WYPJEXIW ERH VIEGXMZI EKKVIKEXIW WLSYPH FI
GSRWMHIVEFPIGSRKIWXMSRSJVIMRJSVGIQIRXSVSXLIVIQFIHQIRXW PMQMXIH8LIWTIGMJ]MRKIRKMRIIVWLSYPHVIZMI[ETTVSTVMEXI
I\MWXW SV [LIVI EGGIWW MW HMJJMGYPX 4VITPEGIHEKKVIKEXI ETTPMGEXMSRERHGSQTEXMFMPMX]MWWYIW
GSRGVIXITVSZMHIWEWSPYXMSRJSVWXVYGXYVEPVITEMVWVIUYMVMRK G  %TTPMGEXMSRW{6ETMHWIXXMRK GIQIRXW EVI IWTIGMEPP]
MQQIHMEXI PSEH XVERWJIV GETEFMPMX] FIGEYWI SJ MXW PS[ YWIJYPMRVITEMVWMXYEXMSRW[LIVIERIEVP]VIXYVRXSXVEJJMGMW
WLVMROEKI 8]TMGEPETTPMGEXMSRWMRGPYHIYRHIV[EXIVVITEMVSJ VIUYMVIHWYGLEWVITEMVSJTEZIQIRXWFVMHKIHIGOWEMVTSVX
WXMPPMRK FEWMRW HEQW FVMHKIW EFYXQIRXW [EPPW FIEQW VYR[E]WERHMRHYWXVMEPTPERXW
GSPYQRW ERH JSSXMRKW 4VITPEGIHEKKVIKEXI GSRGVIXI LEW H  7XERHEVHW{%781 '  GSZIVW TEGOEKIH HV]
EPWS FIIR YWIH XS VITEMV FIEQW ERH GSPYQRW MR MRHYWXVMEP GIQIRXMXMSYWQSVXEVSVGSRGVIXIQEXIVMEPWJSVVETMHVITEMVW
TPERXW [EXIV XEROW ERH SXLIV WMQMPEV JEGMPMXMIW EW [IPP EW XS LEVHIRIH L]HVEYPMGGIQIRX GSRGVIXI TEZIQIRXW ERH
GEMWWSRWJSVYRHIVTMRRMRKI\MWXMRKWXVYGXYVIW WXVYGXYVIW%781'HSIWRSXTVSZMHIFSRHWXVIRKXLSV
G 0MQMXEXMSRW{*SVQ[SVOGSWXWJSVTVITPEGIHEKKVIKEXI JVII^MRKERHXLE[MRKVIWMWXERGIVIUYMVIQIRXW8LIWTIGM
GSRGVIXI EVI ETTVS\MQEXIP] XLI WEQI EW JSV GSRZIRXMSREP JMGEXMSRTIVQMXWYTXS GEPGMYQGLPSVMHI[MXLSYXEGORS[P
GSRGVIXILS[IZIVEHHMXMSREP[SVOQE]FIVIUYMVIHMRXLI IHKIQIRXXS XLI WTIGMJMIVSV YWIV%PWSEGYVVIRX JSSXRSXI
MRWXEPPEXMSRSJJSVQMRKFIGEYWISJXLIRIIHXSTVITPEGIXLI GEYXMSRW XLI YWIV XSGLIGO SR I\TSWYVI GSRHMXMSRW WYPJEXI
EKKVIKEXIERHTVIZIRXPIEOW&IGEYWISJXLIVIPEXMZIP]LMKL I\TSWYVI ERH EPOEPM VIEGXMZMX]  XLEX EVI RSX GSZIVIH MR XLI
[EXIVGSRXIRXGSQQSRP]YWIHXS]MIPHTYQTEFPIGIQIRXMXMSYW WTIGMJMGEXMSR 8LIVIJSVI EHHMXMSREP XIWXMRK WLSYPH FI
QSVXEVWXLITIVQIEFMPMX]XSKEWSVZETSVSJXLIQSVXEVJVEGXMSR TIVJSVQIHEXERXMGMTEXIHETTPMGEXMSRXIQTIVEXYVIWXSZIVMJ]MJ
SJ TVITPEGIHEKKVIKEXI GSRGVIXI GER FI WSQI[LEX KVIEXIV TVSTIVXMIWRSXGSZIVIHMRXLIWTIGMJMGEXMSREVIMQTSVXERXJSV
XLERXLEXSJRSVQEPGSRGVIXI[LMGLMWERMQTSVXERXJEGXSVXS EKMZIRTVSNIGX7YFWXERXMEPEHZERGIWMRXLIGSQTSYRHMRKSJ
GSRWMHIV [LIVI MX MW XS FI YWIH MR I\XVIQI IRZMVSRQIRXW VETMHWIXXMRKGIQIRXWLEZIXEOIRTPEGIMRVIGIRX]IEVW
-RGPYWMSRSJWMPMGEJYQIMRXLIKVSYXQE]QMXMKEXIXLMWPMQMXEXMSR  7LSXGVIXI{7LSXGVIXI MW E QM\XYVI SJ TSVXPERH
;EXWSR  GIQIRX WERH ERH [EXIV XLEX MW TVSNIGXIH MRXS TPEGI F]
&IGEYWI TVITPEGIHEKKVIKEXI GSRGVIXI GSRWXVYGXMSR MW GSQTVIWWIHEMV-REHHMXMSRXSXLIWIQEXIVMEPWWLSXGVIXIGER
WTIGMEPM^IH VITEMVW YWMRK XLMW TVSGIHYVI WLSYPH FI EPWS GSRXEMR GSEVWI EKKVIKEXI JMFIVW ERH EHQM\XYVIW
GSRHYGXIHF]UYEPMJMIHTIVWSRRIPI\TIVMIRGIHMRXLMWQIXLSH 4VSTIVP] ETTPMIH WLSXGVIXI MW E WXVYGXYVEPP] EHIUYEXI ERH
SJGSRWXVYGXMSR HYVEFPIVITEMVQEXIVMEPXLEXMWGETEFPISJI\GIPPIRXFSRH[MXL
H 7XERHEVHW{%781 '  GSZIVW JPYMHMJMIV JSV KVSYX I\MWXMRKGSRGVIXISVSXLIVGSRWXVYGXMSRQEXIVMEPW
YWIHJSVTVITPEGIHEKKVIKEXIGSRGVIXI E %HZERXEKIW{-RVITEMVTVSNIGXW[LIVIXLMRWIGXMSRWPIWW
%781'HIWGVMFIWXLITVEGXMGIJSVWIPIGXMRKTVSTSVXMSRW XLERQQ MR MRHITXLERHPEVKISVWQEPPWYVJEGIEVIEW
JSV KVSYX QM\XYVIW VIUYMVIH MR XLI TVSHYGXMSR SJ TVITPEGIH [MXLMVVIKYPEVGSRXSYVWSVWLETIWEVIMRZSPZIHWLSXGVIXIQE]
EKKVIKEXIGSRGVIXI FIQSVIIGSRSQMGEPXLERGSRZIRXMSREPGSRGVIXIFIGEYWISJ
 6ETMHWIXXMRKGIQIRXW{6ETMHWIXXMRKGIQIRXMXMSYW XLIWEZMRKWMRJSVQMRKGSWXW
QEXIVMEPWEVIGLEVEGXIVM^IHF]WLSVXWIXXMRKXMQIW7SQIQE] 7LSXGVIXI GER FIETTPMIHSZIVLIEHMRRSVQEP ETTPMGEXMSRW
I\LMFMX VETMH WXVIRKXL HIZIPSTQIRX [MXL GSQTVIWWMZI ERHQEXIVMEPWGERFIQM\IHERHXVERWTSVXIHWIZIVEPLYRHVIH
WXVIRKXLWMRI\GIWWSJ14E TWM [MXLMRL8]TI--- JIIXXSXLIRS^^PISTIVEXSVEXTVSNIGXWMXIW[MXLVIWXVMGXIHEGGIWW
TSVXPERHGIQIRXLEWFIIRYWIHJSVXLITEXGLMRKSJGSRGVIXI 1IGLERMGEPIUYMTQIRXMWEPWSEZEMPEFPIJSVVIQSXITPEGIQIRX
JSV EPSRKXMQI ERH LEWFIIRQSVI [MHIP]YWIHXLERQSWX SJWLSXGVIXI*SVWLSXGVIXIHV]QM\VIJIVXS%'-6
SXLIV QEXIVMEPW MR JYPPHITXL WIGXMSRW 8VERWTSVXEXMSR F 0MQMXEXMSRW{8LIWYGGIWWJYPETTPMGEXMSRSJWLSXGVIXIMW
6IWIEVGL&SEVH  HITIRHIRXSRXLIXVEMRMRKWOMPPERHI\TIVMIRGISJXLIRS^^PI
E %HZERXEKIW{6ETMHWIXXMRKGIQIRXWTVSZMHIEGGIPIVEXIH STIVEXSV8LIRS^^PISTIVEXSVWLSYPHHIQSRWXVEXILMWSVLIV
WXVIRKXLHIZIPSTQIRXXLEXEPPS[WXLIVITEMVXSFITPEGIHMRXS WOMPPF]TPEGMRKEXIWXTERIPXLEXVIJPIGXWXLIWMXIGSRHMXMSRW
'32'6)8)6)4%-6+9-() 6

8LIRS^^PISTIVEXSVvWTIVJSVQERGIWLSYPHFIIZEPYEXIHERH 8LIGVMXIVMEERHTVEGXMGIWRIGIWWEV]XSIRWYVIXLEXI\TERWMSR
ETTVSZIHFIJSVILISVWLIMWEPPS[IHSRXLINSF8LIRS^^PI SGGYVWEXXLIXMQIERHMRXLIEQSYRXVIUYMVIHEVIKMZIRMR
STIVEXSVWLSYPHFI%'-GIVXMJMIHEWERS^^PISTIVEXSV %'-  0S[ GYVMRK XIQTIVEXYVIW GER VIHYGI I\TERWMSR
(YWX ERH VIFSYRH VIUYMVI WTIGMEP EXXIRXMSR MR MRHSSV 7TIGMEPGPIERMRKSJXVERWMXQM\IVHVYQWQE]FIVIUYMVIHXS
ETTPMGEXMSRW TVIZIRXGSRXEQMREXMSR
G %TTPMGEXMSRW{7LSXGVIXILEWFIIRYWIHXSVITEMVHIXI 4VSZMWMSRWWLSYPHFIQEHIXSEPPS[JSVMRMXMEPI\TERWMSRSJ
VMSVEXIHGSRGVIXIFVMHKIWFYMPHMRKWTEVOMRKWXVYGXYVIW PSGO XLIQEXIVMEP XSTVSZMHITSWMXMZIWXVEMR SRXLI MRXIVREP WXIIP
[EPPW HEQW ERH XYRRIPW 8LI TIVJSVQERGI SJ WLSXGVIXI VIWXVEMRX'SRWIUYIRXP]WLVMROEKIGSQTIRWEXMRKGSRGVIXIMW
VITEMV LEW KIRIVEPP] FIIR KSSH LS[IZIV XLIVI EVI WSQI RSX IJJIGXMZI MR FSRHIH SZIVPE]W SR TSVXPERHGIQIRX
MRWXERGIW SJ TSSV TIVJSVQERGI 1ENSV GEYWIW SJ TSSV GSRGVIXI FIGEYWI XLI WYFWXVEXI TVSZMHIW XSSQYGL I\XIVREP
TIVJSVQERGIEVIMREHIUYEXITVITEVEXMSRSJXLISPHWYVJEGI VIWXVEMRX 8LI TSXIRXMEP JSV XLI JSVGIW GVIEXIH HYVMRK XLI
TSSV [SVOQERWLMT ERH RSX EGGSYRXMRK JSV XLI VIPEXMZIP] I\TERWMSR TVSGIWW GSYPH TYWL SYX [EPPW SV JEMP XLI JSVQW
MQTIVQIEFPI REXYVI SJ WLSXGVIXI 8LIVI LEZI FIIR WSQI EPSRKXLITIVMQIXIVSJXLITSYVW
VITEMV JEMPYVIW [LIVI WLSXGVIXI [EW YWIH XS VIWYVJEGI SPH G  %TTPMGEXMSRW{7LVMROEKIGSQTIRWEXMRK GSRGVIXI
L]HVEYPMG WXVYGXYVIW 8LI VIPEXMZIP] MQTIVQIEFPI WLSXGVIXI QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI MR GSRGVIXI
XVETW QSMWXYVI QMKVEXMRK XLVSYKL XLI GSRGVIXI WYFWXVEXI WPEFW TEZIQIRXW FVMHKI HIGOW ERH WXVYGXYVIW %HHMXMSREPP]
GEYWMRK XLI RSREMVIRXVEMRIH GSRGVIXI RIEV XLI VITEMV WLVMROEKIGSQTIRWEXMRKGERVIHYGI[EVTMRKXIRHIRGMIW[LIVI
MRXIVJEGIXSFIGSQIGVMXMGEPP]WEXYVEXIH7YFWIUYIRXG]GPIW GSRGVIXI MW I\TSWIH XS WMRKPI JEGI HV]MRK ERH GEVFSREXMSR
SJJVII^MRKERHXLE[MRKVIWYPXIHMRJEMPYVISJXLIVITEMV 97 WLVMROEKI
%VQ]'SVTWSJ)RKMRIIVW 7EXMWJEGXSV]WLSXGVIXIVITEMVMW H  7XERHEVHW{%781 '  TVSZMHIW WXERHEVHW JSV
GSRXMRKIRXYTSRTVSTIVWYVJEGIXVIEXQIRXSJSPHWYVJEGIWXS I\TERWMZI L]HVEYPMG GIQIRXERHPMQMXWMRGPYHMRK WXVIRKXL
[LMGL XLI WLSXGVIXI MW FIMRK ETTPMIH ERH XLI WOMPP SJ XLI WIXXMRK XMQI ERH I\TERWMSR SJ XLI GIQIRX 1SVXEV ERH
RS^^PISTIVEXSV GSRGVIXI I\TERWMSRW EVI YWYEPP] HIXIVQMRIH MR EGGSVHERGI
H 7XERHEVHW{%'-6ERH%'-TVSZMHIKYMHIW [MXL %781 '  ERH '  VIWTIGXMZIP] %HIUYEG] SJ
ERH WTIGMJMGEXMSRW JSV WLSXGVIXI GSRWXVYGXMSR ERH GIVXMJMGE GSRGVIXIWLSYPHFIGLIGOIHERHYWIHEWSYXPMRIHMR%'-
XMSRVIUYMVIQIRXWJSVXLIRS^^PISTIVEXSV  7MPMGEJYQIGSRGVIXI{7MPMGEJYQIEF]TVSHYGXMR
XLI QERYJEGXYVI SJ WMPMGSR ERH JIVVSWMPMGSR EPPS]W MW ER
IJJMGMIRX TS^^SPERMG QEXIVMEP %HHMRK WMPMGE JYQI ERH E
 ,6;6% XS E GSRGVIXI QM\XYVI WMKRMJMGERXP] MRGVIEWIW
I\TERWMZIGIQIRX GSRGVIXIXLEX GSQTVIWWMZI WXVIRKXL HIGVIEWIW TIVQIEFMPMX] ERH XLYW
QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI 8LI FEWMG MQTVSZIW HYVEFMPMX] %'- 6  7MPMGE JYQI MW RSVQEPP]
QEXIVMEPWERHQIXLSHWEVIWMQMPEVXSXLSWIRIGIWWEV]XSTVSHYGI EHHIH XS GSRGVIXI MR UYERXMXMIW SJ  XS   F] QEWW SJ
LMKLUYEPMX] 4'' 'SRWIUYIRXP] XLI GLEVEGXIVMWXMGW SJ GIQIRX'SQTVIWWMZIWXVIRKXLWSJXS14E XS
WLVMROEKIGSQTIRWEXMRK GSRGVIXI EVI MR QSWX VIWTIGXW TWM GERFIEXXEMRIH[MXLWMPMGEJYQIGSRGVIXI
WMQMPEV XS XLSWI SJ TSVXPERHGIQIRX GSRGVIXI 4VSTVMIXEV] E  %HZERXEKIW{8LI MRMXMEP GSQQIVGMEP MRXIVIWX MR WMPMGE
TVITEGOEKIHQSVXEVXLEXYWIWWSQIJSVQSJWLVMROEKIGSQTIR JYQI [EW JSV MRGVIEWIH GLIQMGEP VIWMWXERGI SJ GSRGVIXI
WEXMRKGIQIRXXSGSYRXIVTSXIRXMEPWLVMROEKIMWEZEMPEFPIERH LS[IZIVMXMWFIMRKEHHIHXSGSRGVIXIXSHE]XSMRGVIEWIHIRWMX]
LEW FIIR YWIH WYGGIWWJYPP] JSV ]IEVW *SV HIJMRMXMSRW SJ ERHWXVIRKXLERHMRWSQIGEWIWEWEGIQIRXVITPEGIQIRXSV
I\TERWMZIGIQIRXGIQIRXX]TIW/1ERH7VIJIVXS%'- TVSTIVX]IRLERGMRKQEXIVMEPXSMQTVSZIUYEPMX]ERHTIVJSV
E  %HZERXEKIW{;LIR TVSTIVP] VIWXVEMRIH F] VIMRJSVGI QERGIMRE[MHIVERKISJETTPMGEXMSRW
QIRXSVI\XIVREPVIWXVEMRXWLVMROEKIGSQTIRWEXMRKGSRGVIXI
XVMIWXSI\TERHEREQSYRXIUYEPXSSVWPMKLXP]KVIEXIVXLERXLI
ERXMGMTEXIH HV]MRK WLVMROEKI FYX FIGEYWI I\TERWMSR MW
PMQMXIH F] VIWXVEMRX VIMRJSVGIQIRX SV FSXL XLI GSRGVIXI IVMRK SJ WMPMGE JYQI QSHMJMIH
MRMXMEPP] HIZIPSTW GSQTVIWWMZI WXVIWWIW 7YFWIUYIRX HV]MRK GSRGVIXIWLSYPHFIHSRI[MXLE,6;6%VEXLIVXLER[MXL[EXIV
WLVMROEKI VIHYGIW XLIWI I\TERWMZI WXVEMRW GSQTVIWWMZI F 0MQMXEXMSRW{8]TMGEPP]EWWMPMGEJYQIHSWEKIMRGVIEWIW
WXVIWWIWSVFSXLFYXMHIEPP]EVIWMHYEPI\TERWMSRVIQEMRWMR XLIGSRGVIXIFIGSQIWQSVIGSLIWMZIMWQSVIWYWGITXMFPIXS
XLI GSRGVIXI XLIVIF] VIHYGMRK WLVMROEKI GVEGOMRK 8LI TPEWXMGWLVMROEKIGVEGOMRKERHEHHWWMKRMJMGERXGSWXXSXLI
NSMRXWYWIHXSGSRXVSPWLVMROEKIGVEGOMRKGERFIVIHYGIHSV VITEMVQEXIVMEP4PEGMRKERHJMRMWLMRKGVI[WLS[IZIVLEZI
IPMQMREXIHEPSRK[MXLXLIRSVQEPTVSZMWMSRWJSV[EXIVWXSTW FIIR EFPI XS SZIVGSQI XLIWI HMJJIVIRGIW [MXLSYX ER]
ERHPSEHXVERWJIVQIGLERMWQW;LIVIE[EXIVXMKLXGSRHMXMSR WMKRMJMGERXHMJJMGYPXMIW ,SPPERH 7MPMGEJYQIGSRGVIXI
MW IWWIRXMEP LS[IZIV XLI IPMQMREXMSR SJ [EXIVWXSTW MW RSX LEW PMXXPI SV RS FPIIH [EXIV [LMGL QEOIW MX HMJJMGYPX XS
VIGSQQIRHIH TVSZMHIEWXIIPXVS[IPJMRMWL
F 0MQMXEXMSRW{%PXLSYKLMXWGLEVEGXIVMWXMGWEVIWMQMPEVXS 8LIQMRMQYQGYVMRKXIQTIVEXYVIWLSYPHFI”' ”* 
XLSWISJTSVXPERHGIQIRXGSRGVIXIXLIQEXIVMEPWWIPIGXMSRSJ %PWS[IXGYVMRKWLSYPHWXEVXMQQIHMEXIP]JSVEVIGSQQIRHIH
TVSTSVXMSRW TPEGIQIRX ERH GYVMRK WLSYPH FI WYGL XLEX QMRMQYQSJHE]W
WYJJMGMIRX I\TERWMSR GSQTVIWWMZI WXVIWWIW SV FSXL EVI G %TTPMGEXMSRW{8LI JMVWX QENSV ETTPMGEXMSRW SJ
SFXEMRIH XS GSQTIRWEXI JSV WYFWIUYIRX HV]MRK WLVMROEKI WMPMGEJYQIGSRGVIXIMRXLI9RMXIH7XEXIW[IVIJSVVITEMVSJ
6 %'-'311-88))6)4368

L]HVEYPMG WXVYGXYVIW WYFNIGXIH XS EFVEWMSRIVSWMSR HEQEKI 1M\XYVI TVSTSVXMSRW HITIRH SR XLI WTIGMJMG ETTPMGEXMSR
,SPPERH ERH +YXWGLS[   8LI LMKL WXVIRKXL SJ ERHXLIX]TISJTSP]QIVYWIHMRXLI4''4SP]QIVPIZIPWSJ
WMPMGEJYQI GSRGVIXI ERH XLI VIWYPXMRK EFVEWMSRIVSWMSR XS TSP]QIVWSPMHWF]QEWWSJGIQIRXEVIVIUYMVIHJSV
VIWMWXERGISJJIVERIGSRSQMGEPWSPYXMSRXSEFVEWMSRIVSWMSR QSWX HIWMVIH ETTPMGEXMSRW 8]TMGEP [G JSV [SVOEFPI 4''
TVSFPIQW TEVXMGYPEVP] MR EVIEW [LIVI PSGEPP] EZEMPEFPI QM\XYVIWYWIHJSVVITEMVVERKIJVSQXSJSVQM\XYVIW
EKKVIKEXIQE]SXLIV[MWIVIWYPXMRYREGGITXEFPIGSRGVIXIJSV GSRXEMRMRKPEXI\IWERHXSJSVQM\XYVIWGSRXEMRMRK
EFVEWMSRIVSWMSRVIWMWXERGI ITS\MIW %'-6 
7MPMGEJYQIGSRGVIXILEWFIIRYWIHI\XIRWMZIP]MRSZIVPE]W E  %HZERXEKIW{4'' SZIVPE]W LEZI I\LMFMXIH I\GIPPIRX
SRTEVOMRKWXVYGXYVIWERHFVMHKIHIGOWXSVIHYGIXLIMRXVYWMSR PSRKXIVQ TIVJSVQERGI 4VSTIVP] MRWXEPPIH SZIVPE]W EVI
SJGLPSVMHIMSRWMRXSXLIGSRGVIXI LMKLP] VIWMWXERX XS JVII^MRKERHXLE[MRKHEQEKI ERH XLI]
H 7XERHEVHW{%781'MWXLIWTIGMJMGEXMSRGSZIVMRK I\LMFMX QMRMQEP FSRH JEMPYVI EJXIV QER] ]IEVW SJ WIVZMGI
WMPMGEJYQI 01' SZIVPE]W MRWXEPPIH SR WIZIVIP] HIXIVMSVEXIH FVMHKI
HIGOWEJXIVTVSTIVWYVJEGITVITEVEXMSRGSRXMRYIXSTIVJSVQ
{4SP]QIVQEXIVMEPW QER] ]IEVW EJXIVMRWXEPPEXMSR6ITSVXW SJ WEXMWJEGXSV]PSRK
8LIMQTVSZIQIRX SJ TVSTIVXMIW SJLEVHIRIH GSRGVIXIF] XIVQTIVJSVQERGISRWXVYGXYVIWSJZEVMEFPIMRMXMEPGSRHMXMSR
XLIEHHMXMSRSJTSP]QIVWMW[IPPHSGYQIRXIH%FMFPMSKVETL] ERHLEVWLMRWIVZMGII\TSWYVIEVIGSQQSR :MVKMRME 
SJ QENSV VIJIVIRGIW GSZIVMRK TSP]QIVW MR GSRGVIXI ERH E 1M\MRKSJ4''WLSYPHFIHSRIMREGSRGVIXIQSFMPIQM\IV
KPSWWEV] SJ XIVQW EVI MRGPYHIH MR %'- 6 8LMW KYMHI ,ERHPMRK TPEGMRK ERH JMRMWLMRK SJ 4'' MW PMQMXIH XS PIWW
TVIWIRXWMRJSVQEXMSRSRZEVMSYWX]TIWSJTSP]QIVQEXIVMEPW XLERQMR8SEGLMIZITVSTIVGYVMRK4''VIUYMVIWSRIHE]
ERHXLIMVWXSVEKILERHPMRKERHYWIEW[IPPEWSRGSRGVIXI XSX[SHE]WSJQSMWXGYVMRKJSPPS[IHF]EMVHV]MRK8LI4''
JSVQYPEXMSRWIUYMTQIRXXSFIYWIHGSRWXVYGXMSRTVSGIHYVIW MWTPEGIHMRWIVZMGI[LIRMXLEWHIZIPSTIHWYJJMGMIRXWXVIRKXL
ERHETTPMGEXMSRW [LMGLMWHITIRHIRXYTSRXLIL]HVEXMSRSJXLIGIQIRX
8[S FEWMG X]TIW SJ GSRGVIXI QEXIVMEPW YWI TSP]QIVW XS %REHZERXEKISJ4''MWMXWKSSH[SVOEFMPMX]ERHIEWISJ
JSVQ GSQTSWMXIW TSP]QIVGIQIRX GSRGVIXI 4''  ERH ETTPMGEXMSR[LIRGSQTEVIHXSWMQMPEVW]WXIQW
TSP]QIVGSRGVIXI 4'  8LIFSRHMRKGLEVEGXIVMWXMGWSJ4''EVII\GIPPIRX /YLP
 4SP]QIVGIQIRX GSRGVIXI ERH QSVXEV{ QERR   ERH 41' YWYEPP] I\LMFMXW PS[ TIVQIEFMPMX]
/YLPQERR 
7X]VIRIFYXEHMRI4''LEWI\GIPPIRXHYVEFMPMX]JSVI\XIVMSV
 01'  -X MW MHIRXMJMIH EW TSVXPERH GIQIRX ERH I\TSWYVIW SV IRZMVSRQIRXW [LIVI QSMWXYVI MW TVIWIRX
EKKVIKEXI GSQFMRIH EX XLI XMQI SJ QM\MRK [MXL SVKERMG 7YVJEGIHMWGSPSVEXMSRSGGYVW[LIRXLIGSRGVIXIMWI\TSWIHXS
TSP]QIVW XLEX EVI HMWTIVWIH SV VIHMWTIVWIH MR [EXIV 8LMW 9:PMKLX;LIVIWYGLHMWGSPSVEXMSRMWRSXEGGITXEFPIEGV]PMG
HMWTIVWMSR MW GEPPIH E PEXI\ ERH XLI SVKERMG TSP]QIV MW E TSP]QIVWWLSYPHFIYWIH
WYFWXERGI GSQTSWIH SJ XLSYWERHW SJ WMQTPI QSPIGYPIW F 0MQMXEXMSRW{4''WLSYPHFITPEGIHERHGYVIHEXXS”'
GSQFMRIH MRXS PEVKI QSPIGYPIW 8LI WMQTPI QSPIGYPIW EVI  XS  ”*  [MXL WTIGMEP TVIGEYXMSRW XEOIR [LIR IMXLIV
ORS[REWQSRSQIVWERHXLIVIEGXMSRXLEXGSQFMRIWXLIQMW I\XVIQIMWVIEGLIH %'-6ERH%'- 
GEPPIHTSP]QIVM^EXMSR8LITSP]QIVQE]FIELSQSTSP]QIV 1SFMPI GSRXMRYSYW QM\IVW JMXXIH [MXL ER EHHMXMSREP
MJ MX MW QEHI F] XLI TSP]QIVM^EXMSR SJ SRI QSRSQIV SV E WXSVEKIXEROJSVXLIPEXI\WLSYPHFIYWIHJSVPEVKIETTPMGE
GSTSP]QIVMJX[SSVQSVIQSRSQIVWEVITSP]QIVM^IH XMSRW SJ 41' ;LIR WQEPP FEXGLIW EVI QM\IH MR HVYQ SV
-RXLMWWIGXMSRXLIYWISJ4''MRGPYHIWFSXLQSVXEVERH QSVXEVQM\IVWXLIQM\MRKXMQIWLSYPHFIPMQMXIHXSQMR
GSRGVIXI 0SRKIV QM\MRK XMQIW VIWYPX MR ER MRGVIEWI MR XLI XSXEP EMV
4SP]QIVHMWTIVWMSRWEVIEHHIHXSXLIGSRGVIXIQM\XYVI XS GSRXIRX[MXLWYFWIUYIRXVIHYGXMSRWMRGSQTVIWWMZIWXVIRKXL
MQTVSZIXLITVSTIVXMIWSJXLIJMREPTVSHYGX8LIWITVSTIVXMIW 41'LEWEXIRHIRG]JSVTPEWXMGWLVMROEKIGVEGOMRKHYVMRK
MRGPYHI MQTVSZIH FSRH WXVIRKXL XS GSRGVIXI WYFWXVEXIW JMIPHTPEGIQIRX7TIGMEPTVIGEYXMSRWEVIRIGIWWEV][LIRXLI
MRGVIEWIH JPI\MFMPMX] ERH MQTEGX VIWMWXERGI MQTVSZIH IZETSVEXMSR VEXI I\GIIHW  OKQL  PFJXL  %'-
VIWMWXERGIXSTIRIXVEXMSRF][EXIVERHF]HMWWSPZIHWEPXWERH 6ERH%'- 
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4''TSP]QIVWQEHIF]IQYPWMSRTSP]QIVM^EXMSRLEZIFIIR PSEHIHQIQFIVW WLSYPHFI GEVIJYPP]IZEPYEXIH /YLPQERR
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FYXEHMIRIERHEGV]PMGPEXI\IWLEZIFIIRXLIQSWXIJJIGXMZIERH 4SP]ZMR]PEGIXEXIWLSYPHRSXFIYWIHMRETTPMGEXMSRWXLEX
TVIHMGXEFPIJSVGSRGVIXIVIWXSVEXMSR3XLIVPEXI\IWGSQQSRP] QE]FII\TSWIHXSQSMWXYVI
YWIHMRGPYHITSP]QIVWERHGSTSP]QIVWSJZMR]PEGIXEXI )TS\]IQYPWMSRWEVI QSVII\TIRWMZI XLER QSWXPEXI\IW
;LIRIQYPWMJMIHERHQM\IH[MXLGSRGVIXIITS\MIWTVSZMHI ERHWSQIEVIWYWGITXMFPIXSGSPSVGLERKIERHHIXIVMSVEXMSR
I\GIPPIRX JVII^MRKERHXLE[MRK VIWMWXERGI WMKRMJMGERXP] JVSQI\TSWYVIXSWYRPMKLX
VIHYGIH TIVQIEFMPMX] ERH MQTVSZIH GLIQMGEP VIWMWXERGI G  %TTPMGEXMSRW{4'' ETTPMGEXMSRW MRGPYHI SZIVPE]W SJ
&SRH MW I\GIPPIRX ERH JPI\YVEP GSQTVIWWMZI ERH XIRWMPI FVMHKIHIGOWTEVOMRKWXVYGXYVIWERHJPSSVWERHTEXGLMRKSJ
WXVIRKXLW EVI LMKL )TS\] IQYPWMSRW LS[IZIV LEZI LEH ER]GSRGVIXIWYVJEGIW7X]VIRIFYXEHMIRIPEXI\MWGSQQSRP]
PMQMXIHYWIMRGSRGVIXI YWIHJSVVITEMVSJFVMHKIWTEVOMRKHIGOWERHJPSSVW%GV]PMG
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PEXI\IWEVIYWIHJSVJPSSVVITEMVERHTEXGLMRKERHEVITEVXMG MQTEVXYRMUYI WYVJEGITVSTIVXMIWSV EIWXLIXMGIJJIGXWXSXLI


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GSPSVVIXIRXMSRMWMQTSVXERX XLEXEVIXVS[IPPEFPIERHWTIGMJMGEPP]MRXIRHIHJSVSZIVLIEHSV
4''MWQSWXGSQQSRP]YWIHJSVSZIVPE]WERHMWRSVQEPP] ZIVXMGEPETTPMGEXMSRW
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XLMGO JSV GSRGVIXI ERH  XS  QQ  XS  MR  JSV QSVXEVW7LVMROEKISJTSP]IWXIVERHEGV]PMGQSVXEVWGERFI
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RI[ LMKLWXVIRKXL [IEVMRK WYVJEGI XLEX MW ZIV] HYVEFPI KEXIKVEHMRKERHXLIQM\XYVITVSTSVXMSRWWLSYPHFIEZEMPEFPI
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XMSRW WMQMPEV XS XLSWI WLS[R MR %'- 6 WLSYPH FI IUYMTQIRX [LIR YWMRK TSP]IWXIVW ERH ITS\MIW 1ERYJEG
GSRWMHIVIH XYVIVWWLSYPHFIGSRWYPXIHFIJSVIYWMRKTVSTVMIXEV]QEXIVMEPW
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QEXIVMEPW GSRXMRYSYWP] FEXGLIH F]ZSPYQI ERH QM\IH MR E VIWXVMGXMSRW
GSRXMRYSYWQM\IV8IWXW ERHGVMXIVME JSVFEXGLMRK EGGYVEG] 6ETMH GYVMRK KIRIVEPP] QIERW PIWW XMQI JSV TPEGMRK ERH
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TPEGIQIRX SJ WX]VIRIFYXEHMIRI 01' SZIVPE]W JSV FVMHKI ZEVMEFPIERHHITIRHMRKSREQFMIRXXIQTIVEXYVIWQE]VERKI
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ETSP]QIVFMRHIV8LIGSQTSWMXIWHSRSXGSRXEMREL]HVEXIH LMKLIVXLERGSRZIRXMSREPGSRGVIXI
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EKKVIKEXI SV JMPPIV 8LI XIVQ 4' WLSYPH RIZIV WYKKIWX E WSXLEXYRRIGIWWEV]WLVMROEKIGVEGOMRKMWEZSMHIH
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PS[ WLVMROEKI [LMPI WSQI JSVQYPEXMSRW FSRH XS HEQT TVSTI
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MWTPEGIHLSXERHMWXLIVQSWIXXMRK*SVJYVXLIVMRJSVQEXMSR WSJXIREXPS[IVXIQTIVEXYVIW9WIVWSJ4'WLSYPHGSRWMHIVMXW
VIJIVXS%'-6 PEGOSJJMVIVIWMWXERGI
8LITVSTIVXMIWSJ4'EVIHITIRHIRXSRXLITVSTIVXMIWERH 'SRZIRXMSREP GSRGVIXIKIRIVEPP] HSIW RSXFSRH XSGYVIH
XLIEQSYRXSJXLITSP]QIVYWIHQSHMJMIHWSQI[LEXF]XLI 4'YRPIWWXLIEKKVIKEXIMWI\TSWIHERHJVIISJER]TSP]QIV
IJJIGXWSJXLI EKKVIKEXIERHXLIJMPPIVQEXIVMEPW8]TMGEPP] G %TTPMGEXMSRW{4' TEXGLMRKQEXIVMEPWEVIHIWMKRIHJSV
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JVII^MRKERHXLE[MRKVIWMWXERGIPS[TIVQIEFMPMX]XS[EXIV XLEXYWILS[IZIVERHGERFIJSVQYPEXIHJSVE[MHIZEVMIX]
ERHEKKVIWWMZIWSPYXMSRWERHKSSHGLIQMGEPVIWMWXERGI SJETTPMGEXMSRW
E %HZERXEKIW{4'GERTVSZMHIEJEWXGYVMRKLMKLWXVIRKXL 4' MW YWIH MR WIZIVEP X]TIW SJ ETTPMGEXMSRW JEWXGYVMRK
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4' MW QM\IH TPEGIH ERH GSRWSPMHEXIH MR E QERRIV XLEX MW XSMR XLMGOSZIVPE]WJSVJPSSVWERHFVMHKIHIGOW
WMQMPEVXSGSRZIRXMSREPGSRGVIXI;MXLWSQILEVWLQM\XYVIW 4SP]QIV QSVXEVW LEZI FIIR YWIH MR E ZEVMIX] SJ VITEMVW
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FPIRHWSJEKKVIKEXIW(ITIRHMRKSRXLIWTIGMJMGYWIQSVXEVW 4' SZIVPE]W EVI IWTIGMEPP] [IPP WYMXIH JSV YWI MR EVIEW
QE] GSRXEMR ZEVMEFPI EKKVIKEXI KVEHEXMSRW MRXIRHIH XS [LIVIGSRGVIXIMWWYFNIGXXSGLIQMGEPEXXEGO
6 %'-'311-88))6)4368

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[MXL GVSWW WIGXMSRW KVIEXIVXLER  Q  JX ERHKVIEXIV QIRX[LIRWYFNIGXXSXIRWMPIWXVIWWIWHYIXSJPI\YVIWLIEVERH
XLERQ JX MRPIRKXL 1YVVE]IXEP  E\MEP PSEHW ;LIR XLI VITEMV HIWMKR VIUYMVIW VIMRJSVGIQIRX
H 7XERHEVHW{%'- MWEWTIGMJMGEXMSRJSVVITEMVSJ WIZIVEPSTXMSRWEVIEZEMPEFPI[LMGLMRGPYHIZEVMSYWGSVVSWMSR
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EHLIWMZI FMRHIV EW HIJMRIH MR %781 '  -X MRGPYHIW  9RGSEXIH WXIIP VIMRJSVGIQIRX{%'-  WTIGMJMIW
VIUYMVIQIRXW JSV EHLIWMZI PEFIPMRK WXSVEKI LERHPMRK WXIIP VIMRJSVGIQIRX EW HIJSVQIH FEVW WTMVEP FEVW ERH
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XLIVITEMVQEXIVMEPWLS[IZIVXLIFSRHWXVIRKXLMWPIWWXLER KEPZERM^MRKTVSGIWWMWFEWIHSRXLI^MRG GSEXMRKTVSZMHMRKE
XLEX TVSZMHIH F] 8]TI -- FSRHMRK EKIRXW 8]TI - FSRHMRK WEGVMJMGMEPGSVVSWMSRPE]IVEVSYRHXLIVIMRJSVGMRKWXIIPFEVW
EKIRXW WLSYPH RSX FI YWIH MR EVIEW WYFNIGX XS [EXIV LMKL  7XEMRPIWW WXIIP VIMRJSVGIQIRX{7SPMH WXEMRPIWW WXIIP
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GIQIRX ERH [EXIV XS TVSHYGI E WPYVV] 8LIWI EVI QSWX GLPSVMHI IRZMVSRQIRXW ERH YREJJIGXIH F] GVEGOMRK MR XLI
GSQQSRP]YWIH[MXL41'QM\XYVIW ZMGMRMX] SJ E GSQQSR VIMRJSVGMRK FEV [LMGL EGXW EW E
G 'IQIRX{'IQIRXFEWIHW]WXIQWLEZIFIIRWYGGIWWJYPP] GEXLSHI7XEMRPIWWWXIIPVIMRJSVGIQIRXGEREPWSFIJMIPHJEFVM
YWIH JSV QER] ]IEVW 'IQIRX FSRHMRK W]WXIQW YWI RIEX GEXIHERHMWVIWMWXERXXSWYVJEGIHEQEKIHYVMRKLERHPMRKERH
TSVXPERH GIQIRX SV E FPIRH SJ TSVXPERH GIQIRX ERH JMRI GSRGVIXI TPEGIQIRX 'SWX MW XLI TVMQEV] HMWEHZERXEKI
EKKVIKEXIJMPPIVTVSTSVXMSRIHSRIXSSRIF]QEWW;EXIVMW VIWXVMGXMRKMXWYWI
EHHIH XS TVSZMHI E YRMJSVQP] GVIEQ] GSRWMWXIRG] 7XEMRPIWWWXIIPGPEHVIMRJSVGIQIRX{7XEMRPIWWWXIIP
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FIIRTVSZIRMRPEFSVEXSV]IRZMVSRQIRXWFYXXLIMVTIVJSVQERGI XSFIGSEXIH
GETEFMPMX]HYIXSLSPMHE]WMRXLIGSEXMRK[LIRJMIPHETTPMIH {'SQTSWMXIRSRQIXEPPMGVIMRJSVGIQIRX
LEZI FIIR WIVMSYWP]GLEPPIRKIH -R EHHMXMSRSRGIXLI]EVI  *MFIVVIMRJSVGIHTSP]QIVW{*64WEVIGSQTSWMXI
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WXERHEVHXIWXMRKTVSGIHYVIW 8LI] KIRIVEPP] YWI ER ITS\] VIWMR EPXLSYKL SXLIV VIWMR
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EVI RSX WYFNIGX XS GSVVSWMSR ERH EVI VIWMWXERX XS GLIQMGEP MRXIQTIVEXYVIPEVKIVITEMVWERHSZIVPE]W8LIVQEPMRGSQTEX
IRZMVSRQIRXW MFMPMX]GSYPHGEYWIJEMPYVIIMXLIVEXXLIMRXIVJEGISV[MXLMR
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HIWMKR QIXLSHSPSK] IRZMVSRQIRXEP TVSXIGXMSR ERH TEXGLIWWYGLEWPIWWXLERQQ MR [MXLGIQIRXMXMSYW
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TIVJSVQERGIEHHMXMSREPPSEH GETEGMX]SVHEQEKIVITEMV GSRGVIXIWYFWXVEXIHSIWRSXGSRXEMRETVSTIVP]IRXVEMRIHEMV
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WTIGMJMGTVSNIGXVIUYMVIQIRXWMXEPWSMRGVIEWIWXLITSXIRXMEP VIMRJSVGIQIRXWLSYPHFIGSRWMHIVIH8LMWTVSXIGXMSRGSYPH
JSV WIPIGXMSR SJ ER MRETTVSTVMEXI QEXIVMEP &SRH ERH MRGPYHIXIGLRMUYIWWYGLEWGEXLSHMGTVSXIGXMSRSVVIMRJSVGIQIRX
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XLEXLEZILMKLVIWMWXERGIXIRH XSMWSPEXIVITEMVIHEVIEWJVSQ JVSQ 2%') -RXIVREXMSREP [LMPI EX XLI WEQI XMQI GSRGIR
EHNEGIRXYRHEQEKIHEVIEW(MJJIVIRXMEPWMRIPIGXVMGEPTSXIRXMEP XVEXMRKSRXLIMWWYIWVIPEXIHXSGSRGVIXIVITEMVW
VIWYPXMRKJVSQZEVMEXMSRWSJTIVQIEFMPMX]SVGLPSVMHIGSRXIRX  )GSRSQMG JEGXSVW{0MJIG]GPI GSWXW WLSYPH FI
FIX[IIRXLIVITEMVQEXIVMEPERHXLISVMKMREPGSRGVIXIGSYPH IZEPYEXIH JSVXLI ZEVMSYWTVSXIGXMSR W]WXIQW XLEX EVIFIMRK
MRGVIEWIGSVVSWMSREGXMZMX]EVSYRH XLITIVMQIXIVSJXLIVITEMV GSRWMHIVIH8LITVSXIGXMSRW]WXIQ[MXLXLIPS[IWXMRMXMEPGSWX
EVIE VIWYPXMRK MR TVIQEXYVI JEMPYVI 8LMW MW GSQQSRP] QE]EGXYEPP]FIXLIQSWXI\TIRWMZI[LIRXLIGSWXWSJJYXYVI
VIJIVVIH XS EW XLI ERSHMG VMRK SV LEPS IJJIGX 6IJIV XS VITEMVWEVIIZEPYEXIHSZIVXLITVSNIGXIHPMJISJXLIWXVYGXYVI
7IGXMSR JSVJYVXLIVHMWGYWWMSR  7IVZMGIVIGSVH{7IZIVEPRI[W]WXIQWEVIEZEMPEFPI
8LIGSRHMXMSRWYRHIV[LMGLXLIVITEMVQEXIVMEPEVIETTPMIH RS[SVQE]WSSRFIFVSYKLXMRXSXLIQEVOIXXLEXLEZIEPQSWX
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ERH EZEMPEFPI PEFSV WOMPPW ERH IUYMTQIRX ;EVRIV   -R 'SRWXVYGXMSRSFWIVZEXMSR{%RETTVSTVMEXIMRWTIGXMSR
EVIEW[LIVIJEMPYVISJEVITEMVGSYPHGVIEXIEWEJIX]LE^EVHWYGL TVSKVEQWLSYPHFIIWXEFPMWLIHERHMQTPIQIRXIHHYVMRKXLI
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HIWMKRIH[MXLEHIUYEXIQIGLERMGEPERGLSVEKI HMWGYWWIWXLMWXSTMG
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WYVJEGI8VMEPWWLSYPHFIQEHISRENSFWMXIQSGOYTFIJSVI FIGSRWMHIVIH[LIRWIPIGXMRKWSQIW]WXIQW-REHHMXMSRXLI
FIKMRRMRKEGXYEPTVSHYGXMSR[SVO LERHPMRKYWIERHHMWTSWEPSJLE^EVHSYWGLIQMGEPWGERFIE
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VITEMVWLEZIEJMRMXIPMJI8LITVMQEV]VIEWSRJSVTVSZMHMRKE WLSYPHFIIZEPYEXIHFIJSVIWIPIGXMRKEQEXIVMEP%QSRKXLI
TVSXIGXMSR W]WXIQ MW XS I\XIRH XLI PMJI SJ XLI WXVYGXYVI SV JEGXSVW XS GSRWMHIV EVI IRZMVSRQIRXEP GSRGIVRW WYGL EW
WYFWIUYIRXVITEMVWERHXSVIHYGIXLIVEXISJHIXIVMSVEXMSRSJ I\TSWYVI XS [MRHHVMZIR VEMR GEVFSR HMS\MHI I\TSWYVI
XLI GSRGVIXI WXVYGXYVI % TVSTIV VITEMV TVSKVEQ WLSYPH YPXVEZMSPIXI\TSWYVIXIQTIVEXYVIZEVMEXMSRWEGMHVEMREFVE
HIXIVQMRIXLIVIEWSRWJSVXLISRWIXSJXLIGSRGVIXIHIXIVMSVEXMSR WMSRSVER]SXLIVTSXIRXMEPP]HIWXVYGXMZIGSRHMXMSRW
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MQTIVEXMZIXLEXTVSXIGXMSRW]WXIQWFIHIWMKRIHXSMQTVSZI 2SXSRP]WLSYPHTIVJSVQERGIGLEVEGXIVMWXMGWFIGSRWMHIVIH
XLITIVJSVQERGISJXLIVITEMVWERHXLISVMKMREPGSRGVIXIF] FYXWSWLSYPHWEJIX]MWWYIW1ER]SJXLITVSXIGXMSRQEXIVMEPW
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TVSXIGXGSRGVIXI-XMWRSXWYJJMGMIRXXSSRP]IZEPYEXIXLI PEXMSR[LSEVIMRHMVIGXTVS\MQMX]WTEGIW[MXLSTIRJPEQIW
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WLSYPHFIIZEPYEXIHERHTVSZMHIH8LIVIEHIVMWVIJIVVIHXS 8LIGSRXVEGXSVWLSYPHJSPPS[TVSTIVWEJIX]TVSGIHYVIWEXEPP
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XMQIW8LIQERYJEGXYVIVWWLSYPHFITEVXSJXLITVSGIWWERH 8LI QIQFVERI QERYJEGXYVIV WLSYPH FI GSRWYPXIH XS


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FIJYVRMWLIH[MXLEPPWYTTPMIHQEXIVMEPWERHQEHIEZEMPEFPI WLSYPHFITVSZMHIHMR[VMXMRKF]XLIQERYJEGXYVIVXLVSYKL
XSXLIS[RIVMJVIUYIWXIHFIJSVIVIPIEWMRKXLIGSRWXVYGXMSR LMWSVLIVVITVIWIRXEXMZIFIJSVIETTPMGEXMSR
HSGYQIRXWXSFMH  :IRXMPEXMSR VIUYMVIQIRXW{:IRXMPEXMSR GSRHMXMSRW
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GSRWMHIVEFP]PIWWXMQIXLERHE]W8LIWIGPEMQWWLSYPHFI UYEPMX]GSRGVIXIERHGEVFSREXMSREVIWSQISJXLIJEGXSVWXLEX
WYFWXERXMEXIHF]XIWXHEXEFIJSVIEGGITXERGIF]XLIWTIGMJMIV GSRXVMFYXI XS GSVVSWMSR )ZIV] EXXIQTX WLSYPH FI QEHI XS
SVGSRXVEGXSV QMRMQM^IXLIEJJIGXSJXLIWIJEGXSVWSREVITEMVTVSKVEQ%R
7YVJEGITVITEVEXMSR{8LIWYVJEGIWLSYPHFIHV]ERH ETTVSTVMEXI TVSXIGXMZI W]WXIQ WLSYPH FI HIWMKRIH MRXS XLI
WSYRHERHXLITVITEVEXMSRMQTPIQIRXIHMREGGSVHERGI[MXL VITEMVTVSKVEQ8LMWQMRMQM^IWXLIIJJIGXSJER]HIXVMQIRXEP
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VIUYMVIQIRXW%PPWYVJEGIGSRXEQMREXMSRMRGPYHMRKI\MWXMRK EJEMPYVISJXLIVITEMVWSVGSRXVMFYXIXSSXLIVGSRGVIXIHIXIVM
GSEXMRKWXLEXGSYPHVIWYPXMRTSSVEHLIWMSRSJEGSEXMRKSV SVEXMSR ;LIR HIZIPSTMRK XLI TVSXIGXMSR W]WXIQ JSV E
XLEXQE]PMQMXXLITIRIXVEXMSRSJWIEPIVWWLSYPHFIVIQSZIH TVSNIGX EPP SJ XLI JEGXSVW EJJIGXMRK XLI TIVJSVQERGI SJ XLI
%GGITXIH XIGLRMUYIW MRGPYHI WGEVMJMGEXMSR FVYWLMRK SV GSQTPIXIHVITEMVWWLSYPHFIIZEPYEXIH1SVIXLERSRITSXIRXMEP
KVMRHMRKEFVEWMZIFPEWXMRKWLSXFPEWXMRKERHJPEQIGPIERMRK TVSFPIQEXMG GSRHMXMSR YWYEPP] WLSYPH FI EHHVIWWIH FIJSVI
(YWXERHHIFVMWVIWYPXMRKJVSQWYVJEGITVITEVEXMSRWLSYPHFI WIPIGXMRKXLITVSXIGXMSRW]WXIQ8LIJSPPS[MRKEVIWSQISJ
VIQSZIH FIJSVI ETTP]MRK XLI WYVJEGI XVIEXQIRX 'EH] XLIQSVIGSQQSRTVSFPIQWXLEXWLSYPHFIGSRWMHIVIHMRE
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ERH;]QERERH+YQMRE  HMWGYWWWYVJEGITVITEVEXMSR  4SSVUYEPMX] SV MREHIUYEXI GSRGVIXI GSZIV{8LI
VIUYMVIQIRXW ERH QIXLSHW %'- 6 ERH -'6-  TIVJSVQERGISJER]GSRGVIXIWXVYGXYVIMWMRTEVXEJYRGXMSRSJ
TVSZMHIKYMHIPMRIWJSVXLITVITEVEXMSRSJGSRGVIXIWYFWXVEXIW XLI UYEPMX] ERH GSZIV SJ GSRGVIXI MR XLEX WXVYGXYVI +SSH
XLEXGSYPHFIYWIHXSHIJMRIEWXERHEVHSJEGGITXEFMPMX]JSV UYEPMX]HYVEFPITVSTIVP]GSRWSPMHEXIHGSRGVIXI[MXLEHIUYEXI
WSQITVSXIGXMSRW]WXIQW GSZIV TPEGIH [MXL QMRMQEP LSRI]GSQFMRK ERH GVEGOW
 7YVJEGI JSV PMUYMHETTPMIH QIQFVERIW ERH SXLIV TVSZMHIWERIRZMVSRQIRXXLEXWLSYPHTVSXIGXXLIIQFIHHIH
GSEXMRKW{7YVJEGIWWLSYPHFIVIPEXMZIP]WQSSXLYWYEPP]MR VIMRJSVGMRK WXIIP JSV ]IEVW [MXLSYX ER] TVSXIGXMSR W]WXIQ
XLIVERKISJGSRGVIXIWYVJEGITVSJMPIXS -'6- JSV FIJSVIVITEMVWMJIZIVEVIVIUYMVIH'SRZIVWIP]TSSVUYEPMX]
ETTP]MRKQSWXPMUYMHETTPMIHQIQFVERIWERHQSWXSXLIVXLMR GSRGVIXI[MXLHIJMGMIRGMIWWYGLEWI\GIWWMZIMRXIVREPGVEGOMRK
GSEXMRKW 1SWX PMUYMHETTPMIH TVSHYGXW EVI RSX MRXIRHIH XS MRXIVREP ZSMHWPEGOSJ GSRWSPMHEXMSR MREHIUYEXIIRXVEMRIH
PIZIP SJJ SV LMHI MQTIVJIGXMSRW EPXLSYKL XVS[IP KVEHI EMVZSMH W]WXIQ SV SXLIV[MWI WYFWXERHEVH GSRHMXMSRW
QEXIVMEPWGERWSQIXMQIWFIYWIHJSVXLMWTYVTSWI8LMWGSYPH GSRXVMFYXIXSXLIGSVVSWMSRSJXLIVIMRJSVGMRKWXIIPEW[IPPEW
FI ER MWWYI JSV I\TSWIH QIQFVERIW SV GSEXMRKW [LIVI XSSXLIVJSVQWSJHIXIVMSVEXMSRSJXLIWXVYGXYVI-XMWFIWXXS
EIWXLIXMGW MW E GSRGIVR 4VSTIV WYVJEGI TVITEVEXMSR EW VIQSZIER]HIJMGMIRXGSRGVIXIEWTEVXSJEVITEMVTVSKVEQ
HIJMRIH F] XLI QERYJEGXYVIV WLSYPH FI MQTPIQIRXIH [LIR ERH [LIVI TSWWMFPI % TVSTIVP] WIPIGXIH TVSXIGXMSR
MRGPYHMRK XLI VITEMVW SJ WLEPPS[ HIPEQMREXMSRW WYVJEGI W]WXIQGERMQTVSZIXLIPSRKXIVQHYVEFMPMX]SJTSSVUYEPMX]
WGEPMRKEKKVIKEXITSTSYXWXLIKVMRHMRKSJVSYKLWYVJEGIW GSRGVIXI IRLERGI XLI TIVJSVQERGI SJ KSSH GSRGVIXI ERH
SVXLIXVIEXQIRXSJER]SXLIVWYVJEGIHIJIGXWEWVIUYMVIHXS I\XIRHXLIPMJISJER]VITEMV
EGLMIZIXLITVSTIVTIVJSVQERGISJXLITVSHYGX 1MWTPEGIHVIMRJSVGMRKWXIIP{1MWTPEGIHVIMRJSVGMRK
'PIERPMRIWWERHUYEPMX]SJWYVJEGI{8LIUYEPMX] WXIIP MW E QENSV GSRXVMFYXMRK JEGXSV XS GSVVSWMSR 8LMW
SJXLIGSRGVIXIWYVJEGIWLSYPHFIIZEPYEXIHFIJSVIMRWXEPPMRK GSQQSRP] SGGYVWEX VIZIEPWSR [EPPWSV GSPYQRW MR WPEFW
XLIPMUYMHETTPMIHQIQFVERI2SXSRP]WLSYPHXLIWYVJEGIFI [MXLZEVMEFPIXLMGORIWWEXXLIIHKIFEVWEPSRKI\TSWIHWPEFW
JVIISJGSRXEQMRERXWXLEXGSYPHEJJIGXXLITIVJSVQERGISJXLI ERHEXLSSOIHFEVWTIVTIRHMGYPEVXSI\TSWIHGSRGVIXIWPEF
TVSXIGXMSR W]WXIQ MX WLSYPH LEZI EHIUYEXI WXVIRKXL E T, IHKIWMJTPEGIHXSSGPSWIXSXLIWYVJEGI8LIVITEMVTVSKVEQ
XLEXMWGSQTEXMFPI[MXLXLITVSHYGXXSFIMRWXEPPIHERHXLI WLSYPHTVSZMHIJSVXLIPEGOSJGSZIVSRXLIVIMRJSVGIQIRX
TVSTIVXMIWVIUYMVIHJSVXLITVSXIGXMSRW]WXIQ6IJIVXS%'- 8LMWGERFIEGGSQTPMWLIH[MXLFYMPHSYXW[LIVIETTVSTVMEXI
6JSVERSZIVZMI[SJXLIXIWXW GSQQSRP]YWIHXSGLIGO
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6 %'-'311-88))6)4368

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GSEXMRKWLIPTXSWSQII\XIRXXSWPS[HS[RXLITVSGIWWFYX
HSRSXWXSTMX&EVVMIVGSEXMRKW SRXLIVIMRJSVGMRKWXIIPWYGL
 ;EXIV TIRIXVEXMSR{;EXIV QE] TIRIXVEXI MRXS EWITS\MIWPEXI\WPYVVMIWSV^MRGVMGLGSEXMRKWGERMRLMFMX
GSRGVIXI F] L]HVSWXEXMG TVIWWYVI QSMWXYVI ZETSV TVIWWYVI XLI GSVVSWMSR EGXMZMX] LS[IZIV XLIVI EVI JMIPHETTPMGEXMSR
GETMPPEV] EGXMSR [MRHHVMZIR VEMR SV ER] GSQFMREXMSR SJ TVSFPIQW XLEX GER WMKRMJMGERXP] VIHYGI XLIMV IJJIGXMZIRIWW
XLIWI 'VEGOW GSRGVIXI HIRWMX] TSVSYW GSRGVIXI PEGO SJ 'EXLSHMGTVSXIGXMSRERHGLPSVMHII\XVEGXMSREVIEPXIVREXMZIW
IRXVEMRIHEMVWXVYGXYVEPHIJIGXWSVMQTVSTIVP]HIWMKRIHSV XLEX WLSYPH FI GSRWMHIVIH [LIVI IGSRSQMGEPP] JIEWMFPI
JYRGXMSRMRKNSMRXWEPPGSRXVMFYXIXSXLIQSZIQIRXSJQSMWXYVI 6IGIRXP]WIZIVEPLMKL[E]HITEVXQIRXWLEZIYWIHKEPZERMG
;EXIVTIRIXVEXMSRMRXSGSRGVIXIGSRXVMFYXIWXSGSVVSWMSRSJ ERSHIW XS VIHYGI GSVVSWMSR MR ERH EVSYRH TEXGLIW ERH MR
VIMRJSVGIQIRX JVII^MRKERHXLE[MRK HEQEKI PIEOEKI MRXS GSRGVIXISZIVPE]W 7IGXMSR 
XLIMRXIVMSVSJXLIWXVYGXYVISV SGGYTMIHPIZIPWFIRIEXLHIGOW 'VEGOW{%PPGSRGVIXIVITEMVTVSKVEQWERHTVSXIGXMSR
ERHTSWWMFPIWXVYGXYVEPHEQEKI%TVSTIVP]HIWMKRIHTVSXIGXMSR W]WXIQW WLSYPH EHHVIWW XLI TVSTIV XVIEXQIRX SV VITEMV SJ
W]WXIQWLSYPHEHHVIWWER]SVEPPSJXLIWIMWWYIW GVEGOW-RXVYWMSRSJ[EXIVMRXSGVEGOWGERVIWYPXMRGSVVSWMSR
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TVSXIGXMZIEPOEPMRMX]SJGSRGVIXIGEYWIHF]XLIEFWSVTXMSRSJ 3RP]EJXIVHIXIVQMRMRKXLIVIEWSRJSVXLISGGYVVIRGISJE
GEVFSRHMS\MHIERHQSMWXYVI-RRSVQEPGSRGVIXIXLIVIMRJSVGMRK GVEGOGERETVSTIVVITEMVXIGLRMUYIFIHIZIPSTIH7XVYGXYVEP
WXIIP MW TVSXIGXIH F] XLI REXYVEPP] LMKL EPOEPMRMX] SJ XLI GVEGOW VIUYMVMRK VITEMV WLSYPH FI EFPI XS VIIWXEFPMWL PSEH
GSRGVIXIEVSYRHXLIVIMRJSVGIQIRXYWYEPP]ET,EFSZI% XVERWJIV EGVSWW XLI GVEGO YWYEPP] GSYTPIH [MXL ITS\]
TEWWMZEXMRK S\MHI PE]IV MW JSVQIH EVSYRH XLI VIMRJSVGMRK MRNIGXMSRXSIRWYVIETSWMXMZIVITEMV
WXIIP XLEX EGXW EW E TVSXIGXMZI GSEXMRK 8LI S\MHI GSEXMRK %GXMZIGVEGOWIWTIGMEPP]XLSWIHYIXSXLIVQEPGLERKIWSR
LIPTWTVIZIRXXLIVIMRJSVGMRKWXIIPJVSQGSVVSHMRKEWPSRKEW I\XIVMSV I\TSWYVIW WLSYPH FI VITEMVIH XS EPPS[ JSV JYXYVI
XLILMKLEPOEPMRMX]MWQEMRXEMRIH;LIRGEVFSREXMSRSGGYVW QSZIQIRXW 8IGLRMUYIW MRZSPZMRK GEYPOMRK GLIQMGEP
XLIEPOEPMRMX]JEPPWERHSRGI MXKSIWFIPS[ET,SJXLI KVSYXW IPEWXSQIVMG GSEXMRKW ERH LMKL IPSRKEXMSR ITS\MIW
IQFIHHIHVIMRJSVGMRKWXIIPMW WYFNIGXXSGSVVSWMSR&IGEYWI LEZITVSZIRXSFIYWIJYPMREHHVIWWMRKQSZMRKGVEGOW
GEVFSREXMSR SGGYVW JVSQ XLI JEGI SJ XLI GSRGVIXI MR[EVHW 8LIVITEMVSJEGXMZIGVEGOWSRI\XIVMSVI\TSWYVIWGERFI
ER]FEVWGPSWIXSXLII\XIVMSVWYVJEGIEVIWYFNIGXXSXLIIJJIGXW HMJJMGYPX 1SWX SJ XLI QEXIVMEPW YWIH JSV GVEGO VITEMV EVI
SJ GEVFSREXMSR ERH EVI RSX TVSXIGXIH EKEMRWX GSVVSWMSR XIQTIVEXYVIWIRWMXMZIERHGERRSXFIMRWXEPPIHQYGLFIPS[
&EVVMIV GSEXMRKW QE] TVSZMHI TVSXIGXMSR EKEMRWX JYXYVI ”'  ”* -XMWQSWXGSQQSRXSVITEMVGVEGOWEXXIQTIVEXYVIW
GEVFSREXMSR[LIVIGSRGVIXIGSZIVEKIMW MRWYJJMGMIRX1ER] EFSZIXLIQERYJEGXYVIVvWVIGSQQIRHIHQMRMQYQ%PXLSYKL
SJXLIWIFEVVMIVGSEXMRKWEVI VIPEXMZIP]RI[ERHHSRSXLEZI XLMWJEGMPMXEXIWXLIMRWXEPPEXMSRSJXLIVITEMVQEXIVMEPEGXMZI
ER]JMIPHTIVJSVQERGIHEXE%R]FEVVMIV GSEXMRKWLSYPH FI GVEGOWHYIXSXIQTIVEXYVIZEVMEXMSRWXIRHXSGPSWIMR[EVQ
GEVIJYPP] IZEPYEXIH FIJSVI YWI 8LI S[RIV WLSYPH FI [IEXLIV 'VEGOW XLEX STIR MR XLI [MRXIV EVI GPSWIH MR XLI
MRJSVQIHSJXLIWIPMQMXEXMSRWERH[VMXXIRGSRWIRXWLSYPHFI WYQQIV &SXL XLI GSRXVEGXSV ERH XLI IRKMRIIV WLSYPH FI
SFXEMRIHFIJSVIYWI3XLIVW]WXIQWEZEMPEFPIXSVIIWXEFPMWL E[EVISJXLMWFIJSVIGSQQIRGMRK[MXLXLIVITEMVTVSGIWW-J
XLITVSXIGXMSRSJXLIVIMRJSVGMRKWXIIPMRGEVFSREXIHGSRGVIXI JIEWMFPIERMRWTIGXMSRSJXLIWXVYGXYVIWLSYPHFIGSRHYGXIH
MRGPYHIXLIYWISJEGEXLSHMGTVSXIGXMSRW]WXIQSVXLIVIEPOE MR GSPH [IEXLIV XS HSGYQIRX XLI PSGEXMSR SJ XLI GVEGOW
PM^EXMSRSJGSRGVIXI VIUYMVMRKVITEMV %'-6 -XMWEPWSHIWMVEFPIXSGSRHYGX
%RSHMGVMRK LEPSIJJIGX {3RQER]GSRGVIXIVITEMV VITEMVW[LIRXLIGVEGOMWRIEVMXWQE\MQYQ[MHXLFIGEYWI
TVSNIGXW WMXYEXMSRW EVMWI [LIVI I\MWXMRK VIMRJSVGIQIRX QSWX JPI\MFPI QEXIVMEPW YWIH MR VITEMV SJ EGXMZI GVEGOW
I\XIRHWJVSQXLITEVIRXGSRGVIXIMRXSEVITEMVQSVXEVSVRI[ TIVJSVQ FIXXIV MR GSQTVIWWMSR XLER MR XIRWMSR )QQSRW
GSRGVIXI5YMXIJVIUYIRXP]JEMPYVIWSGGYVHYIXSEGGIPIVEXIH %'-6 
GSVVSWMSR SJ XLI VIMRJSVGIQIRX MR XLI TEVIRX GSRGVIXI NYWX 'LPSVMHIGLIQMGEPEXXEGO{4IRIXVEXMSRSJGLIQMGEP
FI]SRHXLIIHKISJXLIVITEMV-X MWGSQQSRXSWIIHIPEQMREXMSR SVWEPXWSPYXMSRWXLVSYKLGSRGVIXIGSRXVMFYXIXSXLIGSVVSWMSR
SJ GSRGVIXI EVSYRH XLI TIVMQIXIV SJ RI[ VITEMV TEXGLIW MR SJ XLI IQFIHHIH WXIIP -R EHHMXMSR GLIQMGEP EXXEGO
WTMXISJXLIJEGXXLEXKSSHUYEPMX]QEXIVMEPW[SVOQERWLMT MRGPYHMRKEGMHWEPOEPMWERHWYPJEXIWQE]LEZIEHIXVMQIRXEP
ERHQIXLSHW[IVIYWIH IJJIGXSRXLIGSRGVIXIMXWIPJ&EVVMIVTVSXIGXMSRW]WXIQWEVI
8LMW MW GSQQSRP] VIJIVVIH XS EW ER ERSHMG VMRK SV LEPS GSQQSRP]YWIHXSQMRMQM^IXLIMRXVYWMSRSJGLIQMGEPWMRXS
IJJIGX -X SGGYVW FIGEYWI XLI WEQI FEV I\XIRHW MRXS X[S GSRGVIXI8LMWMWXLSVSYKLP]HMWGYWWIHMR%'-6ERHMX
HMWXMRGXP]HMJJIVIRXIRZMVSRQIRXWWIXXMRKYTGSRHMXMSRWXLEX TVSZMHIWEWYQQEV]SJXLIIJJIGXWSJEZEVMIX]SJQEXIVMEPWSR
GSYPH VIWYPX MR ER MRGVIEWI SJ XLI HMJJIVIRGIW MR IPIGXVMGEP GSRGVIXI 6IJIV EPWS XS 4SVXPERH 'IQIRX %WWSGMEXMSRvW
TSXIRXMEP EXXLI FSRH PMRI FIX[IIR XLIRI[ ERH XLITEVIRX 4YFPMGEXMSR-7  
GSRGVIXI'SVVSWMSRSGGYVWEXXLIERSHIYWYEPP]MRXLITEVIRX 7YVJEGIIVSWMSR{)VSWMSRSJGSRGVIXIEXXLIWYVJEGI
GSRGVIXIEWIPIGXVSRWEVIEXXVEGXIHXSXLIGEXLSHMGTSVXMSRSJ MWEQENSVGSRGIVRSRHEQWWTMPP[E]WERHSXLIV[EXIVJVSRX
XLIVIMRJSVGIQIRXMRXLIYRGSRXEQMREXIHVITEMVQEXIVMEP8LI WXVYGXYVIWEW[IPPEWSRFVMHKIHIGOWVEQTWTEVOMRKHIGOW
FYMPHYTSJVYWXVIWYPXWMRWTEPPMRKSJGSRGVIXIHYIXSXLIPEVKI MRHYWXVMEPJPSSVWERHSXLIVXVEJJMGFIEVMRKWXVYGXYVIW9WYEPP]
MRXIVREPJSVGIWHIZIPSTIHEXXLIWYVJEGISJXLIVIMRJSVGIQIRX XS E PIWWIV I\XIRX MX GER EPWS FI E GSRGIVR SR FYMPHMRKW
8LITVIWIRGISJGLPSVMHIW EGGIPIVEXIWXLMWTVSGIWW I\TSWIHXSEGMHVEMRERHWIZIVI[IEXLIVGSRHMXMSRW'SRGVIXI
'32'6)8)6)4%-6+9-() 6

SZIVPE]WWYVJEGILEVHIRIVWWIEPIVWSVSXLIVXVIEXQIRXWEVI EHNEGIRXGSRWXVYGXMSRRSXMRGPYHIHMRXLIWGSTISJ[SVOJSV
SJXIRYWIHXSTVSXIGXXLIWIWYVJEGIWEJXIVXLIGSQTPIXMSRSJ XLI WYVJEGI XVIEXQIRX QE] FI E TSXIRXMEP WSYVGI JSV [EXIV
ER]VIUYMVIHVITEMVW %'-6ERH6  MRJMPXVEXMSR8LMWQE]MRGPYHIEHNEGIRXQEWSRV]YRVITEMVIH
SVVITEMVIHGSRGVIXI[MRHS[W]WXIQWMRXIVWIGXMRK[EPPWSV
{7]WXIQWGSRGITX WPEFWVSSJWHIGOWMRXIVWIGXMRKSVGSRXMRYSYW[EXIVWXSTWSV
;LIRWIPIGXMRKETVSXIGXMSRW]WXIQEPPJEGXSVWEJJIGXMRK ER]SXLIVGSRWXVYGXMSRXLEXGSYPHVIHYGIXLITIVJSVQERGISJ
XLITIVJSVQERGISJXLEXW]WXIQSRXLIWXVYGXYVIRIIHXSFI XLI[EXIVTVSSJMRKW]WXIQ
GSRWMHIVIH MR XLIMV IRXMVIX] ERH RSX NYWX XLI MRHMZMHYEP  4VSTIVXMIW{8LITVSTIVXMIWSJWYVJEGIXVIEXQIRXW
GSQTSRIRXW 8LMW ETTVSEGL MW HIJMRIH EW E W]WXIQW EJJIGXMRK XLIMV WIPIGXMSR EVI HMWGYWWIH EW JSPPS[W ERH
GSRGITXMR%'-67SQISJ XLIJEGXSVWXLEXWLSYPHFI WYQQEVM^IHMR8EFPI8LIWYVJEGIXVIEXQIRXWEVIGPEWWMJMIH
GSRWMHIVIHMRGPYHI XSJEGMPMXEXIXLMWTVIWIRXEXMSRFYXXLIWYQQEV]PMWXWGLEVEG
c 4VSXIGXMZIQEXIVMEPW XIVMWXMGWFEWIHSRPMQMXIHHEXEJVSQPEFSVEXSV]XIWXWERHJMIPH
c -RXIVJEGISJTVSXIGXMZIQEXIVMEPWXSGSRGVIXIWYVJEGI TIVJSVQERGISJWTIGMJMGJSVQYPEXMSRWSJTVSTVMIXEV]TVSHYGXW
c 'SRGVIXIXSEHITXLSJQQ MR  WYVJEGIGSRGVIXI  % TEVXMGYPEV TVSHYGXWLSYPHSRP]FIWIPIGXIHFEWIHSRMXWJMIPH
c 'SRGVIXIXSEHITXLKVIEXIVXLIRQQ MR  TIVJSVQERGIERHVIWYPXWSJWXERHEVHM^IHSVGSQTEVEXMZIXIWXW
c 7XVYGXYVEPGSRWMHIVEXMSRW 7XYHMIW XLEX HMVIGXP] QIEWYVI TIVJSVQERGI [MXL VIWTIGX XS
c %WFYMPX GSRWXVYGXMSR GSRWMHIVEXMSRW TPEGIQIRX SJ [EXIV EFWSVTXMSR HYVEFMPMX] MR RSVXLIVR ERH WSYXLIVR
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c )\TSWYVISJGSRGVIXIXSIPIQIRXW HMWGYWWIHPEXIVMRXLMWWIGXMSR 8EFPIKMZIWVIJIVIRGIWXS
c 7XEFMPMX]SJKVSYRHWYTTSVXMRKGSRGVIXI MJETTPMGEFPI  %781WXERHEVHWJSVWIEPIVWERHGSEXMRKW
c +VSYRH[EXIVTVIWWYVIW MJETTPMGEFPI   -RWXEPPEXMSRVIUYMVIQIRXW{1SWXWYVJEGIXVIEXQIRXW
c 'LIQMGEP I\TSWYVIW MJETTPMGEFPI ERH WLSYPH FI ETTPMIH XS E GPIER HV] ERH WSYRH WYFWXVEXI EX
c )\TSWYVIXSEFVEWMSRIVSWMSRERHGEZMXEXMSR QSHIVEXI XIQTIVEXYVI ERH LYQMHMX] GSRHMXMSRW MR E [IPP
ZIRXMPEXIHWTEGI%VIPEXMZIP]WQSSXLWYVJEGIMWRIIHIHJSV
{7YVJEGIXVIEXQIRXW PMUYMHETTPMIHQIQFVERIW&IGEYWIXLIWIGSRHMXMSRWHSRSX
7YVJEGI XVIEXQIRXW MRGPYHI ER] QEXIVMEP ETTPMIH XS XLI EP[E]W TVIZEMP XLI HMJJMGYPX] ERH GSWX MR EGLMIZMRK XLI
WYVJEGI SJ GSRGVIXI XLEX MW MRXIRHIH XS TVSZMHI TVSXIGXMSR ETTVSTVMEXIMRWXEPPEXMSRGSRHMXMSRWQE]MRJPYIRGIXLIGLSMGI
8LI QEXIVMEPW ERH TVSGIHYVIWHMWGYWWIHMRXLMW WIGXMSR EVI SJEW]WXIQ
MQTSVXERXGSQTSRIRXWSJETVSXIGXMSRW]WXIQFYXEVIRSXXLI
&IJSVI ETTP]MRK QSWX WYVJEGI XVIEXQIRXW EPP GSRGVIXI
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EHIUYEXITVSXIGXMSRW]WXIQJSVEVITEMVTVSKVEQ%PPSJXLI
JEGXSVW HMWGYWWIH MR 7IGXMSR  WLSYPH FI IZEPYEXIH ERH
HIEPX[MXLMREQERRIVETTVSTVMEXIJSVXLIETTPMGEXMSR1SWX
SJXLITVSXIGXMSRW]WXIQWJSVVITEMVIHGSRGVIXIVIUYMVIEXPIEWX
SRISVMRWSQIGEWIWWIZIVEPSJXLIWYVJEGIXVIEXQIRXGPEWWM (IXEMPW SJ XIVQMREXMSRW EX I\TERWMSR ERH GSRXVSP NSMRXW
JMGEXMSRWHMWGYWWIHMR7IGXMSRWERHXS HSSV ERH [MRHS[ STIRMRKW HVEMRW ERH GYVFW WLSYPH FI
 9WIW{7YVJEGI XVIEXQIRXW MRGPYHI LSVM^SRXEP SV VIZMI[IHERHMRWXEPPIHTVSTIVP]1SMWXYVIMRXLIWPEFEXXMQI
ZIVXMGEPETTPMGEXMSRW8LIXIGLRMUYIWERHQEXIVMEPWWIPIGXIH SJ ETTPMGEXMSRXIQTIVEXYVITVIWIRGI SJGSRXEQMRERXWERH
WLSYPHFIGSRWMWXIRX[MXLXLI MRXIRHIHYWI8LISFNIGXMZIMW SXLIVJEGXSVWEJJIGXXLIWYGGIWWMRETTP]MRKEW]WXIQ
XSPMQMXGSVVSWMSRF]IWXEFPMWLMRKGSRHMXMSRWXLEXVIHYGIXLI -X MW MQTIVEXMZI XS ZIRXMPEXI ER] JPEQQEFPI ERH RS\MSYW
I\MWXMRK QSMWXYVI PIZIP MR XLI GSRGVIXI [LMPI TVIZIRXMRK JYQIWXLEXQE]FITVSHYGIH1ERYJEGXYVIVvWWTIGMJMGEXMSRW
JYVXLIV QSMWXYVI ERH GLPSVMHI MRXVYWMSR %PXLSYKL VIWYPXW WLSYPH MRGPYHI MRWXEPPEXMSR VIUYMVIQIRXW %PP KSZIVRMRK
LEZI ZEVMIH WYVJEGI XVIEXQIRXW LEZI FIIR IJJIGXMZI MR :3'VIKYPEXMSRWJSVEPPTVSHYGXWYWIHSRXLITVSNIGXWLSYPH
WYFWXERXMEPP]WPS[MRKVIMRJSVGIQIRXGSVVSWMSRMRPEFSVEXSV] FIQIX
XIWXW ERH WSQI LEZI TIVJSVQIH [IPP MR JMIPH ETTPMGEXMSRW  4IVJSVQERGI GLEVEGXIVMWXMGW{)EGL TVSXIGXMSR
5YEPMX]QEXIVMEPWERH[SVOQERWLMTEVIIWWIRXMEP W]WXIQ ERH XLI QEXIVMEPW YWIH MR XLEX W]WXIQ LEW MXW S[R
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GSQTEXMFMPMX] FIX[IIR XLI MRXIRHIH XVIEXQIRX VITEMV QMKLX TVSZMHI EHIUYEXI TVSXIGXMSR XS XLI GSRGVIXI ERH
QEXIVMEPWERHI\MWXMRKGSRGVIXIWYFWXVEXI'SQTEXMFMPMX]SJ IQFIHHIHVIMRJSVGMRKWXIIPXLIVIQMKLXFIGIVXEMRTEVEQIXIVW
EPPQEXIVMEPWMRGSRXEGX[MXLIEGLSXLIVWLSYPHFIIZEPYEXIH XS JSVEKMZIRTVSNIGXXLEXQEOISRIQSVIEXXVEGXMZIXLERERSXLIV
EZSMHFSRH &IJSVI IZEPYEXMRK XLI EZEMPEFPI TVSXIGXMSR W]WXIQW XLI
WTIGMJMIVWLSYPHHIXIVQMRIXLIVIUYMVIHW]WXIQGLEVEGXIVMWXMGW
JSV XLEX TVSNIGX 3RGI HIXIVQMRIH E W]WXIQ WLSYPH FI
WIPIGXIH XLEX WEXMWJMIW XLI TVSNIGX VIUYMVIQIRXW &IPS[ EVI
QER] SJ XLI TVMQEV] W]WXIQ GLEVEGXIVMWXMGW XLEX WLSYPH FI
VIZMI[IH[LIRWIPIGXMRKETVSXIGXMSRW]WXIQ8EFPIPMWXW
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SJXLITVSXIGXMSRW]WXIQWLSYPHFIIZEPYEXIH*SVI\EQTPI TIVJSVQERGIGLEVEGXIVMWXMGW
6 %'-'311-88))6)4368

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7TVE]IH XLE[MRK (SIWRSXFVMHKIGVEGOW
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7TVE]IHFVYWLIHSVVSPPIH XLE[MRK XMSRERHVIMRJSVGIQIRXGSVVSWMSR
7IEPIVW 7MPS\ERIW
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6IHYGIWVEXISJGSVVSWMSR
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7SQISJXLIWITVSHYGXWEVIWSPZIRXFEWIH%WWYGLXLI] YRFSRHIH XS XLI WYVJEGI SJ XLI GSRGVIXI 7YGL TVSHYGXW
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XSQMPW WLSYPHFIVSYXIHERHWIEPIHFIJSVIETTPMGEXMSRSJ XMSREP XS MXW XLMGORIWW 8LIVIJSVI XLI EHHMXMSREP HIEH PSEH
XLIQIQFVERI)PEWXSQIVMGQIQFVERIWEVIYWYEPP]KVE]SV WLSYPHFIGSRWMHIVIHMRXLIEREP]WMWSJERI\MWXMRKWXVYGXYVI
FPEGO FYX WSQI QERYJEGXYVIVW SJJIV WIZIVEP SXLIV GSPSVW 3ZIVPE]W GER FI MRWXEPPIH XS EGX GSQTSWMXIP] [MXL XLI
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XS9:6IJIVXS%'-66ERH6 WYGLEW[IPHIH[MVIJEFVMGERHVIMRJSVGMRKWXIIPSVJMFIVW
7YGLTVSHYGXWMRGPYHIFYXEVIRSXPMQMXIHXSYVIXLERIW *SVERSZIVPE]XSTIVJSVQTVSTIVP]XLIWYVJEGIXS[LMGLMX
EGV]PMGWITS\MIWRISTVIRIWGIQIRXTSP]QIVGSRGVIXIERH MW FSRHIH WLSYPH FI GPIER WSYRH ERH ETTVSTVMEXIP]
EWTLEPXMGTVSHYGXW VSYKLIRIH 0EMXERGIHYWXERHHIFVMWXLEXVIWYPXJVSQXLI
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JSVQEGSRXMRYSYW[EXIVTVSSJMRKQIQFVERI 1SWXSJXLIWI 7PEFWSRKVSYRHMRJVII^MRKGPMQEXIWWLSYPHRIZIVVIGIMZI
QIQFVERIW EVI VIWMWXERX XS [EXIV EFWSVTXMSR ERH FVMHKI ERSZIVPE]SVGSEXMRKXLEXMWEZETSVFEVVMIV%RMQTIVZMSYW
WQEPP PIWWXLERQQ?MRA QSZMRKSVRSRQSZMRK FEVVMIVGEYWIWQSMWXYVITEWWMRKJVSQXLIWYFKVEHISVFEGOJMPP
GVEGOW1IQFVERIW[MXLEVMKMHYVIXLERIQSVXEVSVITS\] XSEGGYQYPEXIYRHIVSVFILMRHXLIFEVVMIVPIEHMRKXSGVMXMGEP
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XYVRMRKWXEVXMRKERHWXSTTMRKEVIEW8LIKVMXX]WYVJEGIWSJ WLVMROEKI GVEGOMRK FIGEYWI XLIMV LMKL WYVJEGIXSZSPYQI
WSQI QIQFVERI XST GSEXW TVSZMHIH JSV EFVEWMSR ERH WOMH VEXMS TVSQSXIW VETMH IZETSVEXMSR YRHIV HV]MRK GSRHMXMSRW
VIWMWXERGIEVIHMJJMGYPXXSOIITGPIERERHQE][IEVSJJ WYGLEWPS[VIPEXMZILYQMHMX]ERH[MRH%PWSFIGEYWIXLIWI
8IWXWXLEXQIEWYVITIVJSVQERGIGLEVEGXIVMWXMGWSJIPEW GSRGVIXIWYWYEPP]LEZIPS[[GXLIVIMWPMXXPIFPIIH[EXIVXS
XSQIVMG QIQFVERIW TEVXMGYPEVP] XVEJJMG HIGO QIQFVERI VITPEGI IZETSVEXIH [EXIV )RZMVSRQIRXEP GSRHMXMSRW XS FI
W]WXIQW EVI UYMXI PMQMXIH 1ERYJEGXYVIVW YWYEPP] PMWX E I\TIGXIH[LIRTPEGMRKSZIVPE]WWLSYPHFIHIXIVQMRIHERH
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XIGLRMGEPHEXEWLIIXW[LMGLEVIGSRHYGXIHYRHIVXLIMVS[R XSEZSMHHV]MRKGSRHMXMSRW
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XVEJJMGFIEVMRK QIQFVERI W]WXIQWWLSYPHFIGSQTEVIH JSV TPEWXMGWLVMROEKIJVSQI\GIWWMZIHV]MRKHMJJIVIRXMEPQSZI
OI] TIVJSVQERGI GLEVEGXIVMWXMGW WYGL EW TIVQIEFMPMX] QIRXFIX[IIRXLIHIGOERHXLISZIVPE]HYIXSXIQTIVEXYVI
IPSRKEXMSRXIRWMPIWXVIRKXLXIEVWXVIRKXLEHLIWMSRQSHYPYW HMJJIVIRGIWSVHV]MRKWLVMROEKISVI\MWXMRKGVEGOWVIJPIGXIH
6 %'-'311-88))6)4368

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GVEGOMRK FIYWIHMRER]ETTPMGEXMSRMR [LMGLXLISVMKMREPHEQEKI[EW
8IWXMRKSJXLIMRTPEGIGSRGVIXIWLSYPHFIHSRIFIJSVIERH GEYWIHF]GLIQMGEPEXXEGOXLEX[SYPHGSRXMRYIXSEXXEGOXLI
EJXIVWYVJEGITVITEVEXMSRXSHIXIVQMRIXLIQSHYPYWSJVYTXYVI TSVXPERHGIQIRXMRXLISZIVPE] %'-6 
SJ XLI GSRGVIXIERHEJXIVXLISZIVPE]LEWFIIRGSQTPIXIHXS 4SVXPERHGIQIRXSZIVPE]WEVIYWIHEWE[IEVMRKGSYVWISR
HIXIVQMRIFSRHWXVIRKXL8LIHMVIGX XIRWMPIXIWXEWHIWGVMFIHMR TEVOMRKKEVEKIERHTPE^EHIGOWXSIWXEFPMWLTVSTIVHVEMREKI
%'-6%TTIRHM\%WLSYPHFIWTIGMJMIH MRHEQTTVSSJMRKSVHIGSVEXMZIW]WXIQW8LI]QE]EPWSFI
 'SQQSRSZIVPE]W]WXIQW{ YWIH MR GSRNYRGXMSR [MXL XVEJJMG SV TIHIWXVMER IPEWXSQIVMG
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[IEVMRK GSYVWIW ERH JSV GVIEXMRK WPSTIW JSV HVEMREKI SZIV 01' MW WMQMPEV XS GSRZIRXMSREP GSRGVIXI I\GITX XLEX MX
[EXIVTVSSJMRKQIQFVERIW8LI]EPWSGERTVSZMHIEVGLMXIGXYVEP GSRXEMRWEPEXI\ERHPIWW[EXIV 8LIVEXISJ PEXI\WSPMHW
XVIEXQIRXWJSVI\TSWIHHIGOWSVHVMZI[E]W%WTLEPXEWTLEPX XSTSVXPERHGIQIRXF]QEWWLEWFIIRQSWXGSQQSRP]YWIH
GSRGVIXI SV GSRGVIXI EVI KIRIVEPP] YWIH JSV XLMW TYVTSWI MRFVMHKIERHTEVOMRKHIGOSZIVPE]W8LI[EXIVMRXLIPEXI\
%'-6  GSRWXMXYXIWTEVXSJXLI[EXIVVIUYMVIHXSL]HVEXIXLIGIQIRX
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XLIQWIPZIWHSRSXTVSZMHI[EXIVTVSSJMRK8LIEFWIRGISJER TVSHYGI E GSRGVIXI [MXL E PS[ [G KSSH HYVEFMPMX] KSSH
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GSRGVIXI YRFSRHIH W]WXIQ GER EGXYEPP] TVSQSXI HIGO TIRIXVEXMSRF]GLPSVMHIMSRW
HIXIVMSVEXMSRHYIXSJVII^MRKERHXLE[MRK 8LIVILEZIFIIRTVSFPIQWEWWSGMEXIH[MXLJMRMWLMRKPEXI\
8LIWI W]WXIQW EVI YWIH SR FVMHKI HIGOW TPE^E HIGOW GSRGVIXISZIVPE]W,SX[IEXLIVERH[MRHGEYWIVETMHHV]MRK
TEVOMRKKEVEKIWSZIVSJJMGIWTEGIWERHSZIV[EXIVTVSSJMRK [LMGL QEOIW JMRMWLMRK HMJJMGYPX ERH TVSQSXIW WLVMROEKI
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SZIVPE]W EVI WMQTP] PE]IVW SJ YWYEPP] LSVM^SRXEP GSRGVIXI GSQTPIXIH [MXLMR  QMR SV PIWW XS EGGSQQSHEXI XLI
TPEGIHSRETVSTIVP] TVITEVIH I\MWXMRK GSRGVIXI WYVJEGIXS GSEPIWGMRKSJXLIPEXI\*EMPYVI XSHSWSQE]PIEHXSXIEVMRK
VIWXSVI E WTEPPIH SV HMWMRXIKVEXIH WYVJEGI SV XS TVSZMHI E SJXLIPEXI\JMPQXLEXMWJSVQMRK[MXLMRXLIGSRGVIXI1M\MRK
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KVSYT 7IGXMSR   &SRHIH TSVXPERHGIQIRXGSRGVIXI TIVMSHWSJQM\MRKIRXVETEMVERHWYFWIUYIRXP]MRGVIEWIXLI
SZIVPE]W TVSZMHI E TVSXIGXMZI FEVVMIV XS HIMGMRK WEPXW ERH XSXEPEMVGSRXIRX8LIVIWYPXGERFIWMKRMJMGERXVIHYGXMSRWMR
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QQ MR XSEPQSWXER] VIEWSREFPIXLMGORIWW HITIRHMRK
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GVEGOIH GSRGVIXI WYVJEGIW SR FVMHKI HIGOW SV MR TEVOMRK 01' SZIVPE]W EVI KIRIVEPP] YWIH EW [IEVMRK ERH
WXVYGXYVIW MRGVIEWMRK GSZIV SZIV VIMRJSVGMRK WXIIP EHHMRK TVSXIGXMZI FEVVMIVW SR FVMHKI ERH TEVOMRK KEVEKI HIGOW
WPMTVIWMWXERGI SVPIZIPMRKJPSSVW3XLIVETTPMGEXMSRWSJSZIV ERH MR HEQTTVSSJMRK SV HIGSVEXMZI W]WXIQW SR TPE^E
PE]W MRGPYHI VITEMV SJ GSRGVIXI WYVJEGIW HEQEKIH F] EFVE HIGOWERHTEVOMRKKEVEKIW
WMSR JVII^MRK SV JMVI ERH XLI VITEMV SJ HIXIVMSVEXIH  4SP]QIV GSRGVIXI SZIVPE]W{4SP]QIV
TEZIQIRXW GSRGVIXI MW E GPEWW SJ GSQTSWMXI QEXIVMEPW XLEX MRGPYHIW E
0S[WPYQTGSRGVIXISZIVPE]WEVI4''SZIVPE]WXLEXLEZI [MHI KVSYT SJ QSVXEV ERH GSRGVIXI 8LI TSP]QIV JEQMPMIW
E QSHMJMIH QM\XYVI TVSTSVXMSR XS TVSHYGI E HIRWIV QSVI QSWX GSQQSRP] YWIH MR TSP]QIV GSRGVIXI SZIVPE]W EVI
HYVEFPIGSRGVIXI8LI]LEZIKSSHFSRHGLEVEGXIVMWXMGWXSE ITS\MIW TSP]IWXIVW ERH ZMR]P IWXIVW 8LI GSQTSWMXMSRW SJ
TVSTIVP]TVITEVIHWYFWXVEXI ERHMRGVIEWIHHYVEFMPMX]FIGEYWI IEGLSJXLIWITSP]QIVFMRHIVWEVIHMJJIVIRX;LMPIQSVIXLER
SJPS[IV [G8LIWIW]WXIQWEVIPIWWI\TIRWMZIXLERQSHMJMIH SRIQE]FIYWIHJSVQSWXETTPMGEXMSRWWSQIEVIQSVIWYMXEFPI
GSRGVIXIW]WXIQW JSVWTIGMJMGWMXYEXMSRW6IJIVXS%'-6ERH7IGXMSR
8LITIVJSVQERGI SJ PS[WPYQT GSRGVIXI HITIRHW SR XLI 3ZIVPE]W SJ TSP]QIV GSRGVIXI EVI X]TMGEPP] FSRHIH XS E
[SVOQERWLMTERH YWI SJ GSRZIRXMSREP QEXIVMEPW KIRIVEPP] TVITEVIHWYFWXVEXIERHTVSZMHIEHYVEFPIERH[IEVVIWMWXERX
XLI TIVJSVQERGI LEW FIIR KSSH 0SGEP FSRH JEMPYVIW LEZI WYVJEGI8LI]QE]FIJSVQYPEXIHXSTVSZMHIPS[TIVQIEFMPMX]
FIIRVITSVXIHFYXXLIWILEZIYWYEPP]FIIREXXVMFYXIHXSMREH XS [EXIV GLIQMGEPW ERH GLPSVMHI MSRW 8LMW LIPTW TVIZIRX
IUYEXIWYVJEGITVITEVEXMSRSVGSRWXVYGXMSRHIJMGMIRGMIW VIJIV HIXIVMSVEXMSR SJ XLI GSRGVIXI HYI XS JVII^MRKERHXLE[MRK
XS %'- 6 6 ERH 4'% -7 4SVXPERH 'IQIRX G]GPIW ERH GLIQMGEP EXXEGO 8LIWI QEXIVMEPW LEZI KSSH
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VIWMWXERX ERH L]HVSTPERMRKVIWMWXERX WYVJEGI GLEVEGXIVMWXMGW GVYWLMRK ERH HMWXSVXMSR MRGPYHMRK HMWTPEGIQIRX FYGOPMRK
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XSSXLIVSZIVPE]W]WXIQWMWMXWVETMHGYVIGLEVEGXIVMWXMGW8LMW XLIXVERWQMWWMSRSJGSQTVIWWMZIJSVGIWXLEXQE]FIHIZIPSTIH
GERQMRMQM^IHMWVYTXMSRWERHXVEJJMGGSRXVSPGSWXWERHMQTVSZI F]I\TERWMSRETTPMIHPSEHWSVHMJJIVIRXMEPQSZIQIRXWEVMWMRK
XLI WGLIHYPMRK SJ VITEMVW -R EHHMXMSR TSP]QIV GSRGVIXI JVSQ XLI GSRJMKYVEXMSR SJ XLI WXVYGXYVI SV MXW WIXXPIQIRX
SZIVPE]WGERFIMRWXEPPIH[MXLSYXI\TIRWMZIIUYMTQIRX %'- 6 )\TERWMSRNSMRXWEVIQEHIF]TVSZMHMRKEWTEGI
% HMWEHZERXEKI MW XLEX XLI] WLSYPH FI ETTPMIH XS HV] SZIVXLIIRXMVIGVSWWWIGXMSRFIX[IIREFYXXMRKWXVYGXYVEPYRMXW
WYVJEGIW8LI[SVOEFMPMX]ERHGYVMRKVEXIEVIHITIRHIRXSR H  'SRWXVYGXMSR NSMRXW{'SRWXVYGXMSR NSMRXW EVI QEHI
ETTPMGEXMSRXIQTIVEXYVIW %'-6ERH%'-6  FIJSVIERHEJXIVMRXIVVYTXMSRWMRXLITPEGIQIRXSJGSRGVIXISV
4SP]QIVGSRGVIXISZIVPE]WEVIKIRIVEPP]YWIHEWE[IEVMRK XLVSYKL XLI TSWMXMSRMRK SJ TVIGEWX YRMXW 0SGEXMSRW EVI
GSYVWIMRHEQTVSSJMRKSVHIGSVEXMZIW]WXIQW YWYEPP] TVIHIXIVQMRIH WS EW XS PMQMX XLI [SVO XLEX GER FI
 7MPMGEJYQI SZIVPE]W{7MPMGEJYQI HSRIEXSRIXMQIXSEGSRZIRMIRXWM^I[MXLPIEWXMQTEMVQIRX
GSRGVIXIMWERSVQEPTSVXPERHGIQIRXGSRGVIXIXLEXLEWFIIR SJXLIJMRMWLIHWXVYGXYVIXLSYKLXLI]QE]EPWSFIRIGIWWMXEXIH
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EREPXIVREXMZIXS 01' SV PS[WPYQT GSRGVIXI 7MPMGEJYQI (ITIRHMRKSRXLIWXVYGXYVEPHIWMKRXLI]QE]FIVIUYMVIHXS
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TVSZMHMRKEHIRWIVPIWWTIVQIEFPIQEXVM\-REHHMXMSRXLIWI FIVIUYMVIHXSFIWSYRHP]FSRHIHXSKIXLIVWSEWXSQEMRXEMR
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ERH YPXMQEXI WXVIRKXL ERH MQTVSZIH FSRH XS XLI WYFWXVEXI LSVM^SRXEPP]SVZIVXMGEPP]HITIRHMRKSRXLITPEGMRKWIUYIRGI
7IGXMSR  TVIWGVMFIHF]XLIHIWMKRSJXLIWXVYGXYVI %'-6 
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7MPMGEJYQI SZIVPE]W EVI YWIH EW E [IEVMRK GSYVWI SR
MRNIGXMSR XIGLRMUYIW VSYXMRK ERH GEYPOMRK FSRHMRK
FVMHKIERHTEVOMRKKEVEKIHIGOWERHEWETVSXIGXMZIFEVVMIV
MRWXEPPMRKTVIQSPHIHWIEPWSVMRWXEPPMRKETTVSTVMEXIWYVJEGI
XSWXVYGXYVEPGSRGVIXIMREKKVIWWMZIGLIQMGEPIRZMVSRQIRXW
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7MPMGEJYQI GSRGVIXI MW WYWGITXMFPI XS GVEGOMRK JVSQ MR 7IGXMSR
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QEXXIVGSPPIGXMRKMRGVIZMGIW %'-6  GEXLSHMG EVIEW EVI IPIGXVMGEPP] GSRXMRYSYW ERH MR XLI WEQI
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F 'SRXVEGXMSR GSRXVSP  NSMRXW{'SRXVEGXMSR NSMRXW EVI IPIGXVMGEPP]GSRRIGXMRKXLIVIMRJSVGMRKWXIIPXSERSXLIVQIXEP
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6 %'-'311-88))6)4368

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WQEPPEQSYRXSJIPIGXVMGGYVVIRXXLVSYKLXLIVIMRJSVGMRKWXIIP IJJIGXMZIRIWWSJXLMWQIXLSH ;LMXQSVI 
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GSRXVSPPMRK GSVVSWMSR MW ORS[R EW MQTVIWWIHGYVVIRX -REHHMXMSRXSXLIFEWMGGSQTSRIRXWXLIVIQE]FIVIJIVIRGI
GEXLSHMG TVSXIGXMSR 6IJIV XS %'- 6 JSV EHHMXMSREP IPIGXVSHIWSVSXLIVQSRMXSVMRKERHQIEWYVMRKHIZMGIW8LI
MRJSVQEXMSRSRXLMWWYFNIGX TVMQEV]HMJJIVIRGIFIX[IIRXLIX]TIWSJW]WXIQWMWXLIERSHI
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c 8LIVIMRJSVGMRK WXIIP RIIHW XS FIIPIGXVMGEPP] GSRXMRYSYW K )QFIHHIHERSHIW{8LIERSHIW]WXIQMWIQFIHHIHMR
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WXIIP%XXLIIRHSJXLIXVIEXQIRXTIVMSHXLIERSHIERHXLI GSRWMHIVEXMSRSJXLIGEYWIWSJXLIWXVYGXYVEPJEMPYVISVHIKVE
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:EVMEXMSRWMRWIVZMGIXLIVQEP I\TSWYVIWGERVIWYPXMRWXVIWW
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SJTVSZMHMRKEHHMXMSREPVIMRJSVGIQIRXEGVSWWGVEGOIHWYVJEGIW
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XLIGVEGOWYVJEGIW8LIIRXMVIPIRKXLSJXLIHS[IPMWJM\IHXS
XLIGSRGVIXIF]XLIYWISJEFSRHMRKQEXVM\*MKYVIXS
WLS[XLMWVITEMVQIXLSH
8LIWXVYGXYVIWLSYPHFIWLSVIHERHNEGOIHMJMXMWHIWMVIH
XSVIPMIZI XLIQIQFIVvWHIEHPSEHWXVIWWIWWSXLIRI[VIMR
JSVGIQIRX VIWMWXW XLI SVMKMREP HIEH PSEH %X ]MIPH WXVIWW
LS[IZIVXLIEHHIHVIMRJSVGIQIRX[SYPHRSVQEPP]FIIJJIG
XMZIMRVIWMWXMRKEPPPSEHW
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*MK{-RGVIEWMRKJPI\YVEPVIWMWXERGI[MXLXLIEHHMXMSRSJ ERH SXLIV GLIQMGEP EHLIWMZIW LEZI FIIR WYGGIWWJYPP]
MRXIVMSVVIMRJSVGIQIRXFSRHIHMRXSTVIHVMPPIHLSPI MRWXEPPIH [MXLMR XLI ERRYPEV WTEGI FIX[IIR XLI HS[IP ERH
WMHIWSJXLITVIHVMPPIHLSPI'VIITWLIEVWXVIWWXIRWMPIFSRH
WXVIRKXL ERH SXLIV PSRKXIVQ GLERKIW SJ WYGL VIWMRW ERH
KVSYXWWLSYPHFIGSRWMHIVIH[LIRWIPIGXMRKXLIQEXIVMEPW-R
EHHMXMSR TVSTIVXMIW WYGL EW LIEX KIRIVEXMSR ERH WLIEV
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MRXSTVI[IXXIHGVEGOWXLIRIZEPYEXMRKXLIGSVIHWEQTPISJ IQFIHHIH VIMRJSVGMRK FEVW SV GSRHYMXW HYVMRK XLI HVMPPMRK
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X]TMGEPP]MWGEYWIHF]IRHVIWXVEMRXWXLEXHSRSXEPPS[WPEFSV TIVQMXHVMPPMRKLSPIWXVERWZIVWIXSXLIGVEGO
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8LI HVMPP LSPIW SJ GSRGVIXI WLSYPH FI GPIERIH SJ HYWX
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EGEVFMHIXMTTIHHVMPPFMXQE]FIYWIHFYXGSVIFMXWGVIEXIE *MK {6IMRJSVGIH GSRGVIXI KMVHIV SJ E /ERWEW FVMHKI
WQSSXLWYVJEGIMRWMHIXLILSPI8LIWQSSXLWYVJEGIMWPIWW VITEMVIH ERH WXVIRKXLIRIH YWMRK VIMRJSVGMRK FEVW ITS\]
IJJIGXMZIJSVFSRHMRKXSXLI GSRGVIXI8LIIQFIHQIRXPIRKXL FSRHIHMRXSHVMPPIHLSPIW 7XVEXXSR%PI\ERHIVERH2SPXMRK
SRFSXLWMHIWSJXLIGVEGOWLSYPHFIWYJJMGMIRXXSHIZIPSTXLI  
VIUYMVIHWXVIWWMRXLIFEVF] FSRHWXVIRKXL*SVITS\]FSRH
 XS  XMQIW XLI VIMRJSVGMRK FEV HMEQIXIV MW YWYEPP] 3RIMR QQ HMEQIXIVLSPIWWTEGIHETTVS\MQEXIP]
WYJJMGMIRX FYX HIZIPSTQIRX PIRKXLW WLSYPH FI FEWIH SR  MR  QQ ETEVX EPSRKXLI PIRKXLSJXLI KMVHIV [IVI
GEPGYPEXIH HIWMKR PSEHW ERH FSRH WXVIWWIW SV SR XIWXW *SV HVMPPIHEXEHIKVIIERKPISRXLIGIRXIVPMRISJIEGLKMVHIV
GIQIRX [MXLEZEGYYQHVMPP[SVOMRKJVSQEFSZI
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QQ MR PEVKIVXLERXLIFEVJSVGIQIRXQSVXEVW8LMW MRXS XLI LSPI 8LI FEV [EW ETTVS\MQEXIP]  QQ  MR
TVSZMHIW ER ERRYPEV WTEGI XLEX MW EHIUYEXI XS EPPS[ JSV WLSVXIVXLERXLIJYPPHITXLSJXLILSPIWSXLEXXLIXSTSJXLI
GSRWSPMHEXMSR SJ XLI QSVXEV )TS\] ZMWGSWMX] LS[IZIV MW FEVHMHRSXTVSXVYHISYXSJXLIXSTSJXLILSPI
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XLI LSPI ERH FPS[MRK XLVSYKL XLI XYFI [MXL SMPJVII 7MQMPEV VITEMV TVSGIHYVIW [IVI YWIH SR ERSXLIV TVSNIGX
GSQTVIWWIHEMV8LINIXSJGSQTVIWWIHEMVFPS[WE[E]XLI [LIVIEFSYXGSRGVIXIVSSJNSMWXWHMHRSXLEZIEHIUYEXI
HYWX[MXLMRXLIHVMPPLSPI'SQTVIWWIHEMVWLSYPHFIGLIGOIH WLIEVGETEGMX]8LIWXVYGXYVI[EWFIPS[KVEHIGSZIVIH[MXL
JSVXLITVIWIRGISJQSMWXYVIERHSMPMREGGSVHERGI[MXLXLI FEGOJMPP ERH LEH ER IPEWXSQIVMG [EXIVTVSSJMRK QIQFVERI
%781(QIXLSHFIJSVIGSQQIRGIQIRXSJ[SVOERH ERHGSRGVIXITVSXIGXMSRWPEFSR XSTSJXLIVSSJWPEF(VMPPMRK
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XS WEZIXMQI FPS[MRK SYX XLI LSPI EJXIVHVMPPMRK 7YJJMGMIRX ,SPIW[IVIHVMPPIHJVSQXLIFSXXSQSJXLINSMWXWYT[EVH
FSRHMRK EKIRX WLSYPH FI MRWXEPPIH MRXS XLI LSPI XS JMPP XLI EXEHIKVIIERKPI
ERRYPEVWTEGI8LIITS\]FSRHMRKEKIRXMWHMWTPEGIHF]XLI %JXIVGPIERMRKEX[SGSQTSRIRXJEWXWIXXMRKEHLIWMZI
HS[IPERHJMPPWXLILSPISTIRMRK MJMRWXEPPIHTVSTIVP]-JXLI VIWMRMRETVIQIEWYVIHGEVXVMHKI[EWMRWIVXIHMRXSXLILSPI
LSPIMWXSSXMKLXJSVXLIVIWMRZMWGSWMX]XLIRMRWXEPPEXMSRSJXLI  % VIMRJSVGMRK FEV [MXL E WTIGMEPP] HIWMKRIH XLVIEHIH
HS[IP QE] RSX FI TSWWMFPI 8LI ZMWGSWMX] SJ XLI FSRHMRK GSYTPIV [EW MRWIVXIH MR XLI LSPI [LMPI FIMRK VSXEXIH F] E
EKIRX WLSYPH FI JPYMH IRSYKL XS TIVQMX XLI EKIRX XS JPS[ HVMPP8LIVSXEXMRKFEVFVSOIETEVXXLIGEVXVMHKIERHQM\IHXLI
FIX[IIRXLIHS[IPERHXLILSPI X[SGSQTSRIRX VIWMR 8LI WTIGMEPP] HIWMKRIH GSYTPIV
 )\EQTPI{8LI/ERWEW(ITEVXQIRXSJ8VERWTSVXEXMSR TVIZIRXIHXLIVIWMRJVSQVYRRMRK SYXSJXLILSPIERHLIPHXLI
WXVIRKXLIRIHVIMRJSVGIHGSRGVIXIKMVHIVFVMHKIWEWWLS[RMR FEVMRTPEGIYRXMPXLIEHLIWMZILEVHIRIHMREJI[QMRYXIWERH
*MK 7XVEXXSRERH'VYQTXSR7XVEXXSR%PI\ERHIVERH 8LIXLVIEHIHGSYTPIV[EWVIQSZIHERHXLIVIQEMRMRK
2SPXMRK 8LI/ERWEWFVMHKIWLEHHMEKSREPXIRWMSR WLEPPS[LSPI[EWTEXGLIH
GVEGOW MR QER] SJ XLI KMVHIVW SJ SPHIVX[SPERI X[SKMVHIV
VIMRJSVGIH GSRGVIXI WXVYGXYVIW 'EPGYPEXMSRW ERH I\TPSVEXSV] {)\XIVMSVVIMRJSVGIQIRX
TVSKVEQW FIKMRRMRK EVSYRH  MRHMGEXIH XLEX XLI PSEH IRGEWIHERHI\TSWIH
GEVV]MRK GETEFMPMX] SJ XLI FVMHKIW GSYPH FI WMKRMJMGERXP]  (IWGVMTXMSR{)\XIVMSVVIMRJSVGIQIRXQE]GSRWMWXSJ
IRLERGIHF]EHHMRKWLIEVVIMRJSVGIQIRXMRLSPIWHVMPPIHHMEK WXIIP FVEGOIXW WXIIP TPEXIW VIMRJSVGIH GSRGVIXI WLVSYHMRK
SREPP]8LMWTVSGIHYVIRSXSRP]VITEMVIHXLII\MWXMRKGVEGOWFYX ERHGSQTSWMXIQEXIVMEPWWYGLEW'*64+*64SVIUYMZEPIRX
MXEHHIHHMEKSREPXIRWMSRWXVIRKXLXSXLIQIQFIVW QEXIVMEPW TPEGIH SR XLI I\XIVMSV SJ ER I\MWXMRK GSRGVIXI
8LITVSGIHYVIJSYRHQSWXIJJIGXMZIERHYWIH[EW QIQFIV 8LI RI[ VIMRJSVGIQIRX QE] FI IRGEWIH [MXL
 (MEKSREP GVEGOW SR XLI WYVJEGI SJ XLI KMVHIVW [IVI GSRGVIXI WLSXGVIXI QSVXEV TPEWXIV [EXIVTVSSJMRK JMVI
WIEPIH[MXLEWMPMGSRIKIP TVSSJMRK SV SXLIV TVSHYGX SV MX QE] FI PIJX I\TSWIH ERH
6 %'-'311-88))6)4368

[MHIWXIIPTEGOEKMRKFERHWEVIRSXFSRHIHXSXLIQIQFIV
FYX XLIMV FERHMRK TVIWXVIWW IJJIGXMZIP] ERGLSVW IEGL WXVET
7XIIPGPEQTWFSPXIHEVSYRHER I\MWXMRKVIMRJSVGIHGSRGVIXI
QIQFIVEVIEPWSIJJIGXMZI /ELR 
&IEQWKMVHIVWGSPYQRWERH[EPPWGER FI WXVIRKXLIRIH
F]TPEGIQIRXSJPSRKMXYHMREPVIMRJSVGMRKFEVWERHWXMVVYTWSV
XMIW EVSYRH XLI QIQFIVW ERH XLIR IRGEWMRK XLI QIQFIVW
[MXLWLSXGVIXISVGEWXMRTPEGIGSRGVIXI *VEXX (EZMW
7XVERH 8LIWLSXGVIXIFSRHWXLIRI[VIMRJSVGIQIRX
XSXLII\MWXMRKQIQFIV8LIEHHIHWLSXGVIXIEPWSMRGVIEWIW
XLI WM^I SJ XLI QIQFIV ERH EHHW WXVIRKXL ERH WXMJJRIWW
'SRWMHIVEXMSRWLSYPHFIKMZIR XSXLIEHHMXMSREPHIEH[IMKLX
SJXLIQIQFIVVIWYPXMRKJVSQWYGLEHHMXMSRW
*MK {%TTPMGEXMSR SJ WXIIP WXVETTMRK XS VITEMV SJ  JX
 Q  PSRK KMVHIVW 7XVEXXSR %PI\ERHIV ERH 2SPXMRK &SXLQEWSRV]ERHVIMRJSVGIHGSRGVIXI[EPPWLEZIFIIR
  WXVIRKXLIRIHF]EHHMRKWYVJEGIPE]IVWSJVIMRJSVGMRKFEVW
SV[IPHIH[MVIJEFVMGERHF]ETTP]MRKWLSXGVIXI 7XVERH
 *VEXX  /ELR   8LI WLSXGVIXI FSRHW XLI
TVSXIGXIHJVSQGSVVSWMSR[MXLEGSEXMRK8LIVIMRJSVGIQIRX RI[ VIMRJSVGIQIRX XS XLI [EPP 3JXIR RI[ HS[IPW EVI
QE]FIHIJSVQIHFEVW[IPHIH[MVIJEFVMGWXIIPTPEXIWXIIP IQFIHHIHMRLSPIWHVMPPIHMRXS TIVMQIXIVGSPYQRWERHFIEQW
VSPPIH WIGXMSRW WXIIP WXVETTMRK GSQTSWMXI QEXIVMEPW SV JSV E GSRRIGXMSR FIX[IIR XLI JVEQI QIQFIVW ERH XLI
WTIGMEPP]JEFVMGEXIHFVEGOIXW*SVQIQFIVWHEQEKIHF]SZIV WXVIRKXLIRIHMRJMPPIHWLSXGVIXI[EPP
PSEHIVSWMSREFVEWMSRSVGLIQMGEPEXXEGOXLIHIXIVMSVEXIHSV &IEQW GSPYQRW ERH [EPP WIGXMSRW LEZI VIGIRXP] FIIR
GVEGOIH GSRGVIXI GER FI VIQSZIH ERH RI[ VIMRJSVGIQIRX WXVIRKXLIRIH F] GEVFSR JMFIV '*64 KPEWW JMFIV +*64 SV
MRWXEPPIHEVSYRHERHEHNEGIRXXSXLIVIQEMRMRKGSRGVIXI8LI IUYMZEPIRXGSQTSWMXIQEXIVMEPWMRWXEPPIH[MXLFSRHMRKVIWMR
RI[ VIMRJSVGIQIRX MW IRGEWIH MR GSRZIRXMSREPP] TPEGIH 0EFSVEXSV]XIWXWTIVJSVQIHF] XLIQERYJEGXYVIVW TVSZMHI
GSRGVIXI SV MR WLSXGVIXI ;LIVI XLI I\MWXMRK GSRGVIXIMWMR HIWMKRGVMXIVMEJSVXLIYWISJXLIMVTVSTVMIXEV]W]WXIQW)ZEP
KSSH GSRHMXMSR XLI RI[ VIMRJSVGIQIRX QE] FI FSRHIH YEXMSRSJPSRKXIVQWXVIRKXLMRJMIPHGSRHMXMSRWEVIRSXEZEMP
HMVIGXP]XSXLII\MWXMRKGSRGVIXIWYVJEGIEJXIVTVITEVMRKXLI EFPIMRXLI9RMXIH7XEXIWLS[IZIVXLMWQIXLSH LEW FIIR YWIH
WYVJEGIEWHIWGVMFIHMR'LETXIV)TS\]ERHSXLIVGLIQMGEP JSVWIZIVEP]IEVWMR)YVSTI&ERHMRKERH WXVIRKXLIRMRK [MXL
EHLIWMZIWERHTSVXPERHGIQIRXGSRGVIXIGERFIYWIHXSFSRH GEVFSRSVKPEWWWLIIXWSVWXVMTWERHIUYMZEPIRXGSQTSWMXIQEXI
XLI RI[ VIMRJSVGIQIRX XS XLI WYFWXVEXI SV MX QE] FI VMEPW MW E GSWXIJJIGXMZI WXVIRKXLIRMRK QIXLSH YWIH XS
QIGLERMGEPP]JEWXIRIHXSXLII\MWXMRKGSRGVIXI YTKVEHI WXVYGXYVEP QIQFIVW VIUYMVMRK WIMWQMG GSHI
 %HZERXEKIWERHX]TMGEPYWIW{4PEGIQIRXSJI\XIVMSV YTKVEHI QSHMJMGEXMSRW 8LMW QIXLSH MW WYMXEFPI JSV YWI
VIMRJSVGIQIRXQE]FIXLIQSWX GSRZIRMIRXQIXLSHJSVVITEMV [LIVI WIVZMGI PSEHW LEZI FIIR MRGVIEWIH EW PSRK EW
ERHWXVIRKXLIRMRK[LIVISFWXVYGXMSRWPMQMXEGGIWWSJIUYMTQIRX HYGXMPMX] MW GSRWMHIVIH EPSRK [MXL TVSTIV TVSZMWMSRW JSV
RIIHIH JSV TPEGIQIRX SJ MRXIVMSV VIMRJSVGIQIRX -J WYVJEGI JMVITVSSJMRKERH[EXIVTVSSJMRK
VITEMV ERH TPEGIQIRX SJ WYVJEGI ITS\] QSVXEV TPEWXIV SV  0MQMXEXMSRW{&IGEYWIXLIWXMJJRIWWSJQSWXVITEMVIH
WLSXGVIXIMWVIUYMVIHJSVGSRGVIXIVILEFMPMXEXMSRTPEGIQIRXSJ QIQFIVWMWMRGVIEWIH[LIRTPEXIWSVGSRGVIXIIRGEWIQIRXMW
I\XIVREP VIMRJSVGIQIRX JSV WXVIRKXLIRMRK QE] FI EGGSQ YWIHPSEHHMWXVMFYXMSRMRXLI WXVYGXYVIMWEPXIVIHERHWLSYPH
TPMWLIHMRXLIWEQIGSRWXVYGXMSRTVSGIWW XMSRW
)\XIVREP JPI\YVEP WLIEV ERH XSVWMSR VIMRJSVGIQIRX JSV FIX[IIR WXVIRKXLIRIH ERH YRWXVIRKXLIRIH WIGXMSRW &SXL
FIEQWERH KMVHIVW QE] FI TVSZMHIH F] FSRHMRK HIJSVQIH VITEMVIH ERH YRVITEMVIH QIQFIVW MRGPYHMRK JSYRHEXMSRW
VIMRJSVGMRKFEVWSVTPEXIWXS XLIWYVJEGISJGSRGVIXIKMVHIVW WLSYPHFIGLIGOIHJSVWIVZMGIPSEHGSRHMXMSRW7XVIRKXLIRMRK
[MXLWLSXGVIXIGEWXMRTPEGI GSRGVIXISVITS\]ERHTSP]QIV [MXL GSQTSWMXI QEXIVMEPW QE] TVSZMHI XLI RIGIWWEV]
GSRGVIXI /ENJEW^  8SIQWQI]IV  ,SPQER ERH WXVIRKXLIRMRKFYXFIGEYWISJXLIIPEWXMGFILEZMSVSJ*64W
'SSO/ELR8S[RWIRHERH/EPHNMER %RGLSVW XLIYPXMQEXIFILEZMSVSJ*64VIMRJSVGIQIRXWLSYPHFIGEVI
JYPP]IZEPYEXIHXSIRWYVIWEXMWJEGXSV]TIVJSVQERGI
7XIIPTPEXIWGERFIEXXEGLIHXSI\MWXMRKKMVHIVWYWMRKFSPXW )\XIVREP VIMRJSVGIQIRX EP[E]W SGGYTMIW WTEGI XLEX [EW
EWMPPYWXVEXIHMR*MK9WMRKEWXVYGXYVEPEHLIWMZIVIUYMVIW EZEMPEFPIJSVSXLIVYWIWFIJSVIXLIVITEMV
EHIUYEXI WYVJEGI TVITEVEXMSR SJ FSXL XLI WXIIP ERH XLI 7YVJEGITVITEVEXMSRSJFSXLWXIIPERHGSRGVIXIMWGVMXMGEPMJ
GSRGVIXIERHWIPIGXMSRSJXLI ETTVSTVMEXIEHLIWMZIXSFSRH FSRHMRKMWVIUYMVIHJSVGSQTSWMXIEGXMSR'LETXIVTVIWIRXW
WXIIP XS GSRGVIXI 7ERHFPEWXMRK SJ FSXL XLI WXIIP TPEXI ERH WYVJEGITVITEVEXMSRXIGLRMUYIW
GSRGVIXI WYVJEGI MW XLI FIWX QIXLSH SJ TVITEVEXMSR FYX 'EVIJYP GSRWMHIVEXMSR WLSYPH FI I\IVGMWIH [LIR YWMRK
WYVJEGI GPIERMRK [MXL QIGLERMGEP QIERW SV LMKLTVIWWYVI WXVYGXYVEPEHLIWMZIWIWTIGMEPP]ITS\]HYIXSXLIMVWSJXIRMRK
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6 %'-'311-88))6)4368

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c 7YTTPIQIRXEPGSPYQRWERH GSPYQRW XS TVSZMHI EHIUYEXI GSZIV SZIV XLI WYTTPIQIRXEP
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