Sunteți pe pagina 1din 150

?

jcZ'%%+ KdajbZ( >hhjZ, Gh&%%

0,53

&)&! æ
  HFLæDO
VS

M^[j^[h_j_icel_[i"
h[YehZ_d]j[b[l_i_ed"
()
]Wc_d]eh][d[hWb
Yecfkj_d]"m[i^emoek
^emjeXk_bZj^[Y[dj[he\
oekh^ec[[dj[hjW_dc[dj


 ,+Hkdd_d]NFedWCWY

<;7JKH;
(/cW_dXeWhZiiZhiZY *)
J^[bWj[ij?dj[bWdZ7C:fbWj\ehci"j[ij[ZWdZjehjkh[Z
I]ZhZYVnh!Vcni]^c\Éh
edhh^WaZ;^cYdji]dl
<;7JKH;
7C:Êi<N#,(jckZ^aZY
,*#X_jWdZZkWbYeh[0?ij^[h[WdomWo_jYWd][jX[jj[h5
,)

 ,%9Wi[b_]^j_d]
;gdbA:9idJK!
FehjWXb[k^YZd
&&)
YgZhhjendjghnhiZb <_dZekj^emjeYedl[hj:L:i\ehoekh_FeZehFIF

"MTPBWBJMBCMFJO#BOHMBEFTI
/FQBM #IVUBO 4SJ-BOLB 6"& 7IKIM)@0Fem[h#fWYa[Zjej^[]_bbi
åå%$)4/2)!, 

FjdkVY^h!egdXZhhdg4
'
PSUIPTFPGZPVXIPXFSFBSPVOEXIFOi8FBSFUIF8PSMEwXBTUPQQJOHUIFDIBSUT
BOEi1SPKFDU6'0wXBTBJSFEFWFSZ4VOEBZPO%PPSEBSTIBO ZPVMMBHSFFUIBUCBDL
UIFOUFDIOPMPHZIBEMJUUMFPSOPJOnVFODFPOPVSEBJMZMJWFT/PFNBJM OP.1 OP
*OUFSOFU OP%HBNFT‰POFTIVEEFSTUPJNBHJOFBMJGFXJUIPVUUIFEJHJUBMFOWJSPONFOUXF
MJWFJOUPEBZ5IFSFBSFBNZSJBEPGFMFNFOUTPGEBUBUIBUOFFEUPCFQSPDFTTFEGSPNFNBJMT
TIVUUMJOHCFUXFFOOFUXPSLT TVSSPVOETPVOENPWJFTBOE.1TPOHT UIFEFNBOEPOFOE
VTFSEBUBQSPDFTTJOHJTFWFSJODSFBTJOH5PEBZ UIFUFDIOPMPHJFTBOEQSPEVDUTUIBUCFDPNF
CFTUTFMMFSTBSFPOFTUIBUEFMJWFSUIBUSFBMXPSME JNNFEJBUFFYQFSJFODF
%JTDPVOUJOHFTPUFSJDUFDIOPMPHJFTTVDIBTRVBOUVNBOEQIPUPODPNQVUJOH UIFOFFE
GPSBEESFTTJOHUIFQSPDFTTJOHSFRVJSFNFOUTPGWBSJFEEBUBBDSPTTEJGGFSFOUEFWJDFTIBT
SFTVMUFEJOBOFDMFDUJDNJYPGBQQSPBDIFT4UBSUJOHXJUIUIFNFNPSBCMFDPQSPDFTTPSUIBU
SPEFBMPOHTJEF*OUFMTBOEQSPDFTTPSTPGZFTUFSZFBS XFOPXTUBOEBUBUISFTIPME
CFJOHIBJMFEBTUIFOFYUQBSBEJHNTIJGUJOQSPDFTTJOH‰NVMUJDPSF8FWFBMSFBEZTFFO
UIFTFUFDIOPMPHJFTEFNPOTUSBUFEWJBUIFMBUFTUDSPQPGEFTLUPQBOENPCJMF$16TGSPN*OUFM
BOE".%"OEUIFFGmDBDZPGUIFOFXNVMUJDPSFNBOUSBJTVOEPVCUFE5PEBZTFOEVTFST
IBWFEFNBOEJOHQSPDFTTJOHOFFET NPTUPGXIJDIIBWFUPCFBEESFTTFETJNVMUBOFPVTMZ
XBUDIJOHBNPWJFXIJMFEPXOMPBEJOHBmMFXJUIZPVSBOUJWJSVTBOEmSFXBMMBQQMJDBUJPO
TDBOOJOHFWFSZDIVOLPGEBUBFOUFSJOHZPVSDPNQVUFS GPSFYBNQMF
*OUIFGBDFPGTPNVDI
5PEBZTFOEVTFST
QSPDFTTJOHQPXFS XFBSFQSFTFOUFEXJUIBOJOUFSFTUJOHZFUGBNJMJBSTJUVBUJPO‰HJWFOTVDI
IBWFEFNBOEJOH QPXFS JUTBMMUPPFBTZGPSDPNQBOJFTUPTVDDVNCUPUIFUFNQUBUJPOPGDIPPTJOHUIFCSVUF
QSPDFTTJOHOFFET  GPSDFNFUIPEPGJOUFHSBUJOHQSPDFTTPSTXJUIPVUHJWJOHUIPVHIUUPUBQQJOHUIFJOIFSFOU
FGmDJFODJFTPGUIFTFOFXUFDIOPMPHJFT0OBQBSBMMFMMFWFM XFTBXBTJNJMBSTJUVBUJPOXIFO
NPTUPGXIJDIIBWF
IBSEEJTLTUPSBHFTVEEFOMZXFOUFYQPOFOUJBMBGFXZFBSTBHP‰HJWFOTPNVDIPGTQBDF 
UPCFBEESFTTFE TPGUXBSFEFWFMPQFSTXFOUCFSTFSLDSFBUJOHIVHFBQQMJDBUJPOTUIBUSFBMMZEJEOUEPNVDI
TJNVMUBOFPVTMZ FYUSBPWFSUIFJSQSFEFDFTTPSTCFTJEFTBEEJOHFZFDBOEZ5IJTSFTVMUFEJOBQIFOPNFOPOXF
LOPXBMMUPPXFMM‰CMPBUXBSF&WFOXJUIUIFNPTUQPXFSGVMPGOFXHFOFSBUJPOQSPDFTTPST 
TIPEEZQSPHSBNNJOHUIBUJOFGmDJFOUMZVTFTJUTDBQBCJMJUJFTJTBMMUIBUTSFRVJSFEUPDIPLF
UIPTFQJQFMJOFTBOECSJOHJUUPJUTLOFFT
5IJTNVDIJTDFSUBJOUIFSFBSFIVHFDIBOHFTIBQQFOJOHXJUIJOUIFQSPDFTTPSJOEVTUSZ
*OUFMIBTFGGFDUJWFMZBCBOEPOFEUIFJSFSTUXIJMF/FUCVSTUBSDIJUFDUVSFJOUIFJSOFYUSBOHF
PGQSPDFTTPSTBOEIBTESBXOPOUIFTVDDFTTPGUIFJSDVSSFOUEVBMDPSFNPCJMFUFDIOPMPHZ
#FDBVTFPGUIFJSDVSSFOUMFBEJOUIFEVBMDPSFTFHNFOU ".%JTDIBMMFOHFEXJUITUBZJOH
BIFBEXJUIUIFJSOFX".QMBUGPSN XIJDIXFWFSFWJFXFEJOUIJTJTTVF
&WFONPSF
JOUFSFTUJOHBSFDPNQBOJFTMJLF*#.XIPWFUIVTGBSOPUSFBMMZCFFOBIPVTFIPMEOBNF
XIFOJUDPNFTUPQSPDFTTPST)BWJOHCBHHFEUIFUBTLPGDSFBUJOHUIFQSPDFTTPSTPGUXP
PGUIFIPUUFTUOBNFTJODPOTPMFHBNJOH‰.JDSPTPGUT9CPYBOE4POZT1MBZTUBUJPO
‰UIFZBSFVTJOHUXPTJNJMBS NVMUJDPSF
ZFUNBSLFEMZEJGGFSFOUBQQSPBDIFTJOEFMJWFSJOH
TVQFSDPNQVUFSSFBMNQFSGPSNBODFUPDPOTVNFSEFWJDFT*NDFSUBJOUIBUUIFJOEVTUSZT
NPWFUPBOEOBOPNFUFSGBCSJDBUJPOTZTUFNTXJMMTQBXONBTTJWFPQQPSUVOJUJFT
FOBCMJOHVOJNBHJOBCMFQSPDFTTJOHDBQBCJMJUJFTJONPSFDPOTVNFSEFWJDFT
* GPSPOF DBOUXBJUGPSUFSBnPQTUPIJUNZEFTLUPQ

].BSDP"OHFMP%4PV[B
NBSDPETPV[B!DIJQJOEJBDPN

*5.%æææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
8dciZcih
?JC:'%%+

,+ BVX L^cYdlh

''6gZndj =9"GZVYn4 *) BdWdBVc^V

  C:LHL>G: *)BdWdBVc^V ,+  BVX L^cYdlh


 '' 6gZndj=9"GZVYn4   "NZSJBEPGNBJOCPBSETUFTUFEUIJT "WBJMUIFEVBMCPPUJOHPQUJPOXJUI
)%57 IBJMFEBTUIFOFYUSFWPMVUJPO NPOUI8IFUIFSZPVBSFBIPNF "QQMFT#PPU$BNQTPGUXBSFUIBU
UPCSBDFUIFXPSMEPGUFMFWJTJPO  VTFS BOFOUIVTJBTU BQSPGFTTJPOBMPS BMMPXTZPVUPSVO8JOEPXT91PO
FOTVSFTUPQPSEFSDMBSJUZ WJCSBODZ BHBNFS ZPVXJMMTVSFMZmOEZPVSQJDL .BDDPNQVUFST
BOETIBSQOFTT(FBSVQGPSUIJT GSPNUIJTSBOHF
UFDIOPMPHZUPUBLFZPVCZTUPSN 
+-HegjXZjendjg^EdY 6EEA>86I>DCH


(':Xd8dbeji^c\    *UTBMMBCPVUUIFBUUJUVEF JTOUJU  -)Hd[ilVgZ8ZciZg


1$NBOVGBDUVSJOHWFOEPSTBSF 4PESFTTZPVSJ1PEJOBTFYZTJMJDPOF   "NJYPGTPNFPGUIFCFTU
EFMJOFBUJOHXBZTUPSFGVSCJTI TLJOXIJMFQSPUFDUJOHJUGSPNCFJOH BQQMJDBUJPOTGSPNPGmDFTVJUFTUP
DPNQVUJOHFRVJQNFOUBGUFSUIFJS TDSBUDIFEPSTQPSUJUPOZPVSBSN TZTUFNTFDVSJUZUPWJEFPFEJUJOHUPPMT
MJGFDZDMFJTPWFSBOETBWFUIF XIJMFKPHHJOHXJUIBOBSNCBOE BOETPPO5BLFZPVSQJDL
FOWJSPONFOUGSPNUIFEBOHFSTPG
FMFDUSPOJDUSBTI ,%A^\]ibZje!7jiiZgXje .%;VXZKVajZ
  "EFUBJMFEMJOFVQPGBMMUIFMJHIUJOH   "GUFSmOHFSQSJOUTBOESFUJOBTDBOT 

  8DK:GHIDGN BDDFTTPSJFTUIBUDBOKB[[VQZPVS
NVDIJHOPSFEDPNQVUFSDBTF
ZPVSGBDFOPXTFSWFTBTUIFLFZUP
JEFOUJGZZPVBOEMFUZPVUISPVHI
()  :ciZgi]Z=IE8  "5.TFDVSJUZDIFDLT
  8FUFMMIPXUPCVJMEBDPNQMFUF ,) 6B9\dZh6B'
IPNFFOUFSUBJONFOUQBDLBHF   8JUI".%IFBEJOHUPXBSETUIF%%3 .'>ciZgcZiJceaj\\ZY
SFWPMWJOHBSPVOEUIF1$ UIJT QMBUGPSN XFUBLFBmSTUMPPLBUUIFBMM   :PVSDIBODFUPHPPOMJOFJSSFTQFDUJWF
TVNNFS5IJTIPNFUIFBUFS1$ OFX"."UIMPO'9QSPDFTTPS PGUIFMPDBUJPOUISPVHINPCJMF
TBUJBUFTZPVSIVOHFSGPSNPWJFT  CSPBECBOEBDDFTTUPUIF8FC
HBNFT TVSmOHUIF/FUBOEFWFO 
SFDPSEJOH57TIPXT‰BMMBUPOFQMBDF .+HjggZVaanHeZV`^c\
  /FXUFDIOPMPHZUSFOETJOTQFDJBM

  =6G9L6G: FGGFDUTBSFDIBOHJOHUIFNPWJF
XBUDIJOHFYQFSJFODFDPNQMFUFMZ
)'Ide<ZVg
  0VSDPMMFDUJPOPGIBSEXBSFQSPEVDUT   =6C9HDC
UIJTNPOUIXJMMMFBWFZPVUPUBMMZ
GBTDJOBUFEXJUIBMMUIFJSVOJRVF &%)6BVhiZg8ji
BOEVTFSGSJFOEMZGFBUVSFTBOE   "WJE-JRVJEJTUIFBOTXFSUPZPVS
QFSGPSNBODFMFWFMT () BVEJPWJEFPFEJUJOHOFFET

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ

&%. 8dckZgi^c\Eg^ci

,) 6B9\dZh6B' -)   Hd[ilVgZ8ZciZg

&%.8dckZgi^c\Eg^ci &'-I]Z:aYZgHXgdaah>K/ qEgdYjXihIZhiZY


  *GZPVUIJOLQSJOUDBOUMBTUGPSFWFS  DWa^k^dc -OTHERBOARDSåå 
UIFODPOWFSUZPVSQSJ[FECPPLT    "mSTUDMBTT31( UIJTHBNFJT !32OCKæ4WINS ($46æ2 æ!SUSæ!. 6-æ#3- æ
OFXTQBQFSDMJQTPSWJTJUJOHDBSETUP DIBSBDUFSJ[FECZTVQFSCDIBSBDUFS !SUSæ !. 3,)æ $ELUXE æ !SUSæ !2 -60 æ !SUSæ
!2 -60æ$ELUXE æ!SUSæ0. 3,)æ$ELUXE æ!SUSæ
UFYUmMFTXJUIUIFIFMQPGPQUJDBM BOJNBUJPOBEEJOHUPUIFUISJMMGBDUPS
0.$ 3,)æ$ELUXE æ!SUSæ07$ %æ0REMIUM æ"IOSTARæ
DIBSBDUFSSFDPHOJUJPOTPGUXBSF MJLFOFWFSCFGPSF 4&ORCEæ  æ$&)æ.& 3,)æ)NFINITY æ$&)æ.& 5LTRAæ
 $ æ $&)æ 2$8æ #& $2 æ %#3æ ' - æ &OXCONNæ
&&)LViX]^c\^EdYkYh &(%'%%+;>;6LdgaY8je 0,!% 3 æ &OXCONNæ 7IN&ASTæ +-! 23 æ
  1PSUBCMFNPWJFTJOZPVSQPDLFU$BSSZ 5IJTHBNFJTZPVSUJDLFUUPCFQBSUPG &OXCONNæ 7IN&ASTæ +-$ %+23( æ &OXCONNæ
7IN&ASTæ .&8+-# 23 æ 'IGABYTEæ '! '-(
ZPVSGBWPSJUFNPWJFTPOZPVSJ1PEPS UIFNVDIBXBJUFEGPPUCBMMmFTUB‰
2( æ 'IGABYTEæ '! '8 æ 'IGABYTEæ '! +.æ
141TJNQMZCZDPOWFSUJOH%7%TJOUP UIF8PSME$VQJO(FSNBOZ 0RO 3,) æ 'IGABYTEæ '! +.'-&  æ 'IGABYTEæ '!
DPNQBUJCMFWJEFPmMFT +.06-4  æ-3)æ'- 6 æ-3)æ'- æ-3)æ
&(&Idb8aVcXn¼h<]dhiGZXdc 8æ 0LATINUM æ -3)æ +.æ $IAMONDæ 0LUS æ -3)æ 0.æ
6YkVcXZYLVg[^\]iZg $IAMOND æ-3)æ0.æ3,) &) æ-3)æ23- ),$
JCL>C9

'BOUBTUJDWJTVBMTXJUISFBMJTUJD
&'+Bjai^"bVhi^[dg[gZZ CMPPNJOHFGGFDUTBOE)%3XJMMIBWF (ARDWAREå 
  %FSJWFUIFGVOPGHBNFTQJSJUCZ ZPVIPPLFEUPUIJTHBNF !SUSæ%.'4æ4OP æ!SUSæ7* æ'IGABYTEæ0OSEIDON æ
)NTEXæ $6$æ 0LAYERæ 2  æ +ODAKæ %ASY3HAREæ 6 æ
JOEVMHJOHJOPOMJOFNVMUJQMBZFS
-AXTORæ 3HAREDæ 3TORAGEæ 0LUS æ 0LANTRONICSæ %XPLORERæ
HBNJOH"OEHVFTTXIBU ZPVEPOU &('IdbWGV^YZgAZ\ZcY  æ 3AHARAæ )MAGE#AMæ $#3# æ 4RANSCENDæ
IBWFUPTQFOEBEJNFGPSJU8F +PJO-BSB$SPGUJOIFSOFXBWBUBS 3TORE*ETæ43'3* æ6ANTECæ.EX3TARæ æ:ENITHæ:
GFBUVSFTPNFPGUIFNPTUQPQVMBS BTTIFQMVOHFTJOIFSXPSMEPG
.VMUJQMBZFS0OMJOF3PMF1MBZJOH BEWFOUVSF5IJTHBNFJTVOEPVCUFEMZ
(BNFT ..031(
IFSF CFUUFSUIBOUIFQSFWJPVTWFSTJPOT

 GZ\jaVgh
 5PXO4RVBSF 
6HJHL(?
 -FUUFST 
°)(
 5FDIOPMPHZ-BOETDBQF 
 %S$)*1 
 5JQTBOE5SJDLT 
 (BNF3FWJFXT 
 -BTU8PSE 

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
Gk_YaGkej[

?JC:'%%+qKDAJB:(q>HHJ:,

<:C:G6AB6C6<:G"EJ7A>H=>C<ææææææææææ #OCHINæ
+RISHNAæ4EWARI 3AWMYAæ+UMAR
0HONEæ 
:9>IDG SAWMYAKUMAR INFOMEDIAINDIACOM
-ARCOæ!NGELOæ$3OUZA
(YDERABAD
H:C>DG8DEN:9>IDG 6ASUDEVANæ)YER
9>?F_iWb[WZ_d] 3HARMISTHAæ$EY 0HONEæ ææ&AXæ æ
8DEN:9>IDG
+OLKATA
j[Y^cW]Wp_d[m_j^ )LONAæ#HATTERJEE !æ+æ2OY
0HONEæ æ æææ&AXæ æ
LG>I:GH
mehbZYbWii[Z_jeh_Wb !SHUTOSHæ$ESAI æ0RADOSHæ-ITRAæ .EWæ$ELHI
0RANAVæ3ARAN
I:HI8:CI:G
Yedj[dj 3OHAMæ2ANINGA æ!NANDæ4ULIANI æ'AURAVæ3ETH
PRANAVSARAN INFOMEDIAINDIACOM
*ITENDRAæ+Ræ'UPTAæ
4IBSBE4SJWBTUBWB BJAI>B:9>68DDG9>C6IDG   æ0RAKASHDEEPæ"UILDING ææ
!NUPæ0ILLAI æ4OLSTOYæ-ARG æ.EWæ$ELHIænææ
LZhiZgc9^\^iVa!9^gZXidgHVaZh 0HONEæ    ææ&AXæ 
>cY^VHdji]6h^V 9:H><C
*AGDISHæ,IMBACHIYA æ0RAMODæ*ADHAV æ$INESHæ$ESAI ææ #)2#5,!4)/.æ
2USHIKESHæ-ASURKAR æ-ANOJæ4ANDEL ææ .ATIONALæ#IRCULATIONæ-ANAGER
5MESHæ$AHIWALKAR æ2AVIæ0ARMAR +UMARæ-OHANANIæ
KUMARMOHANANI INFOMEDIAINDIACOM æ
E=DID:9>IDG
3HIRISHæ+ARALEæ 8=>E>CI:GC6I>DC6A
%DITORIALæ#ONSULTANTæ)NTERNATIONAL
BJAI>B:9>6L:7 7OLFGANGæ3U æ0OCCISTRABEæ æ-UNCHEN
(EMANTæ#HARYAæ
#()0æISæALSOæPUBLISHEDæINæTHEæFOLLOWINGæCOUNTRIES
HE:8>6AEGD?:8IH #HINA
:9>IDG"EGD?:8IH
#ZECHæ2EPUBLIC
"RIANæ0EREIRA
'ERMANY
æ
'REECE
LG>I:GH
(UNGARY
!RUNABHæ!RORA æ2AHULæ!THALYE æ/LIVIAæ9ARDI
æ )NDONESIA
=:69B6G@:I>C< )TALY
'ANESHæ,AKSHMANAN -ALAYSIA
.ETHERLANDS
:9>IDG>6AD;;>8: 0OLAND
)NTELLIGENTæ#OMPUTINGæ#HIP 2OMANIA
4"7æ0UBLISHINGææ-EDIAæ0VTæ,TDæææ 2USSIA
{!æ7ING æ2UBYæ(OUSE æNDæ&LOOR æ*+æ3AWANTæ-ARG æ 3INGAPORE
$ADAR7 æ-UMBAIæ æææ).$)!æ 4HAILAND
0HONEææ æ æ&AXææ æææ 4URKEY
% MAILæCOMMENT CHIP INDIACOM 5KRAINE

7JH>C:HHD;;>8:H 4"7æ 0UBLISHINGæ æ -EDIAæ 0VTæ ,TDæ DOESæ NOTæ TAKEæ THEæ
-UMBAIæ(EADæ/FFICE RESPONSIBILITYæ FORæ RETURNINGæ UNSOLICITEDæ MATERIALæ SENTæ WITHOUTæ
-ARTINæ7ILSON DUEæPOSTALæSTAMPSæFORæRETURNæPOSTAGEæ.OæPARTæOFæTHISæMAGAZINEæ
CANæ BEæ REPRODUCEDæ WITHOUTæ THEæ PRIORæ WRITTENæ PERMISSIONæ OFæ
MWILSON INFOMEDIAINDIACOM
THEæ PUBLISHERæ 4"7æ 0UBLISHINGæ æ -EDIAæ 0VTæ ,TDæ RESERVESæ THEæ
3AGARæ3ALUNKHEæ RIGHTæ TOæ USEæ THEæ INFORMATIONæ PUBLISHEDæ HEREINæ INæ ANYæ MANNERæ
SAGARS INFOMEDIAINDIACOM WHATSOEVERæ
4"7æ0UBLISHINGææ-EDIAæ0VTæ,TD
#OPYRIGHTææ).4%,,)'%.4æ#/-054).'æ#()0
{!æ7ING æ2UBYæ(OUSE æNDæ&LOOR æ*+æ3AWANTæ-ARG æ
$ADARæ7 æ-UMBAIæ æææ).$)!ææ &ORæ ALLæ INTERNATIONALæ SUBSCRIPTIONæ ENQUIRIES æ CONTACTæ THE
0HONEææ æ æ&AXææ æ SUBSCRIPTIONæDEPARTMENT æ)NTELLIGENTæ#OMPUTINGæ#()0
% MAILæTBWBOM CHIP INDIACOM SUBSCRIPTION CHIP INDIACOM 

"ANGALORE )NTELLIGENTæ #OMPUTINGæ #()0æ ISæ PRINTEDæ BYæ !æ 3æ 6ADIWALAæ
(ARISHæ+AMAT ANDæ PUBLISHEDæ BYæ +æ 6æ 2AOæ ONæ BEHALFæ OFæ 4"7æ 0UBLISHINGæ
HARISHKAMAT INFOMEDIAINDIACOM ANDæ -EDIAæ 0VTæ ,TDæ ANDæ PRINTEDæ ATæ )NFOMEDIAæ )NDIAæ ,TD æ 0LOTæ
THæ&LOOR æ@#æ7ING æ-ITTALæ4OWERæ.O æ .O æ 3ECTORæ  æ /FFæ 3ION 0ANVELæ 2OAD æ .ERUL æ .AVIæ -UMBAIæ
-'2OAD æ"ANGALOREænææ næææANDæPUBLISHEDæATæ4"7æ0UBLISHINGæANDæ-EDIAæ0VTæ,TD ææ
0HONEæ æ  ææ&AXæ æ {!æ7ING æ2UBYæ(OUSE æNDæ&LOOR æ*+æ3AWANTæ-ARG æ$ADAR7 æ
-UMBAIæ æææ).$)!
#HENNAI
æ æ ISæ ANæ INTERNATIONALLYæ PROTECTEDæ TRADEMARKæ OWNEDæ BYæ
/æ+æ'URUMURTHYæ
6OGELæ"URDAæ#OMMUNICATIONæ'MB(
0HONEæ æ ææ&AXæ æ
GURUMURTHY INFOMEDIAINDIACOM #OVERæ$ESIGNæ0RAMODæ*ADHAV

lll#X]^e"^cY^V#Xdb ).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
9^h`8dciZcih
*5.%ææ\ææ6/,5-%ææ\æ)335%æ

BdW^aZ/ <VbZ6YYdch/
&%!2æ50$!4%æ
&2%%æ2).'4/.%3æ
30,!3(0(/4/æ&/2æ3-!240(/.%
<VbZ9Zbdh/ Bdk^ZIgV^aZgh/
>ciZgcZi/ 4/-æ#,!.#93æ'(/34æ2%#/.ææ
!$6!.#%$æ7!2&)'(4%2æ
4(%æ/-%.
-%%4æ4(%æ2/").3/.3
+ -%,%/.æ
/0%2!ææ"%4! (%2/%3æ/&æ-)'(4æ!.$æ-!')#æ6æ
7%"!2// 2)3%æ/&æ.!4)/.3æ2)3%æ/&æ,%'%.$3 <VbZIgV^aZgh/
4/-æ#,!.#93æ'(/34æ2%#/.æ
Bjai^bZY^V/ Bjhi"=VkZh/ !$6!.#%$æ7!2&)'(4%2
!54/0!4#(%2æ80æ!02),ææ '5),$æ7!23æ&!#4)/.3
$)68æ#2%!4%
!6)$æ,)15)$ææ42)!,æ -!+).'æ/&æ#3)æ
6,#æ-%$)!æ0,!9%2æ
30%!+æ4/æ4%84æ '//',%æ3+%4#(50
<VbZ9Zbdh/
HZXjg^in/ HZgk^XZEVX`/ *%7%,æ15%34
,!4%34æ.!6æ!.$æ-#!&%%æ!.4) 6)253æ 6)35!,æ345$)/ææ3%26)#%æ0!#+æ -934%29æ#!3%æ&),%3æ(5.436),,%
50$!4%3 æ&)&!æ7/2,$æ#50
3/,3/&4æ.%4&),4%2/.%æ K^YZdh/ 0)2!4%æ0/00%23
3!).43ææ3)..%23æ"/7,).'
253(æ&/2æ"%2,).
,)6%æ&/2æ30%%$
Ji^a^i^Zh/ 4(%æ,!+%æ(/53%
/0%./&&)#%/2'æ
7%"2//4æ309æ37%%0%2
2%')3429æ#,%!.%2æ

HnhiZb/
,!4%34æ.6)$)!æ!.$æ!4)æ$2)6%23
3934%-æ#,%!.%2æ
 4/7.å315!2%åå
4/7.å315!2%

I=>HBDCI=DCX]^e"^cY^V#Xdb

IdlcHfjVgZ
8
FXPVMEMJLFUPCFHJOUIJTNPOUIT TJ[FPG,#"GUFSUIF,#QJFDFmMFTBSF
5PXOTRVBSFXJUIBOBQPMPHZ5IF EPXOMPBEFE UIFOZPVXJMMIBWFBDPNQMFUF
SFBTPOGPSUIJTJTUIBUUIFEJTDJNBHF 7BMJE'FEPSB$PSF$%*40mMF
PG'FEPSB$PSFUIBUIBECFFOJODMVEFEPOUIF 5IJTXBTJOEFFEIFMQGVMBOEXFXPVMEMJLFUP
.BZ%7%XBTDPSSVQU5IJTXBTCSPVHIUUPPVS TJODFSFMZUIBOLIJNGPSIJTDPOUSJCVUJPO,FFQVQ
OPUJDFCZTFWFSBMNFNCFSTPOPVSXFCTJUF8F UIFHPPEXPSL%FTQJUFUIJTTPMVUJPO XFXJMMTUJMM
FWFOSFDFJWFEMPUPGDPNQMBJOUTWJBFNBJM"TXF QSPWJEFUIFXPSLJOHEJTD*40PG'FEPSB$PSF
XFSFHFBSJOHVQUPBHBJOEJTUSJCVUFUIFXPSLJOH POUIF+VMZ%7%"OPUIFSQPTUCZiTBOT@JOEJBw
*40PGEJTDXJUIPVS+VMZJTTVF POFPGPVSTFOJPS QSPWJEFEJOGPSNBUJPOBCPVUBOFXPOMJOF1$
NFNCFSiTBOT@JOEJBwQSPWJEFEBTPMVUJPOUP IBSEXBSFTIPQQJOHTJUF)FBEPWFSUPIUUQXXX
mYUIJTQSPCMFN5IFFSSPSDBOCFSFDUJmFECZ JU[TIPQDPNDBUFHPSJFTBTQ DBUJOEJB$PNQV
EPXOMPBEJOHUXPmMFTPG,#+VTUGPMMPXUIF UFST@@BOE@@1FSJQIFSBMTBOEZPVXJMMHFUZPVSTFMG
NFUIPENFOUJPOFECFMPXBOEZPVDBOSFNFEZUIF BHPPEEFBM OPNBUUFSXIBUDPNQPOFOUZPV
DPSSVQU*40mMFXJUIPVUGVSUIFSEFMBZ XBOUUPCVZ
%PXOMPBE6UPSSFOUGSPNIUUQXXX 8FTUVNCMFEVQPOBOJOUFSFTUJOHQPTUCZ
VUPSSFOUDPNEPXOMPBEVUPSSFOUFYF iBOBOELwJOUIF*OUFSOFUTFDUJPO)FIBTJOJUJBUFE
*OTUBMMUIFDMJFOUBGUFSEPXOMPBEJOH BEFCBUFPOUIFUPQJD‰iXIJDIFNBJMTFSWJDF
$SFBUFBGPMEFSCZOBNFCPSEFBVYCJOBSZJ BNPOHTUHNBJM ZBIPPBOEIPUNBJMJTDVSSFOUMZUIF
POZPVSIBSEEJTL5IFQBSUJUJPOTIPVMEIBWFBU CFTU w)FIBTFWFOQPTUFEUIFMJOLXIFSF$/&5
MFBTU(#GSFFIBSEEJTLTQBDF IBTEPOFBDPNQSFIFOTJWFSFWJFXPGBMMUIFUISFF
$PQZBMMUIF'FEPSB$PSF*40mMFTUPUIF XFCCBTFEFNBJMTFSWJDFT5IFEFCBUFJTTUJMMIPU
GPMEFSCPSEFBVYCJOBSZJ BOEJGZPVEMJLFUPFYQSFTTZPVSPQJOJPOPOUIF
3FOBNFUIFJTPmMFTJOUIFGPMEFSCPSEFBVY JTTVF UIFOZPVDBOEPTPCZMPHHJOHPOUPUPPVS
CJOBSZJBTFYQMBJOFEIFSF3FOBNF XFCTJUF:PVXJMMBMTPmOEJOGPSNBUJPOBCPVUUIF
'$JEJTDJTPUP'$JEJTDJTP  PGmDJBMMBVODIPGUIF9#PYJO*OEJB DPVSUFTZ
'$JEJTDJTPUP'$JEJTDJTP  iUBONBZ@ZwJOUIF)BSEXBSFTFDUJPO
'$JEJTDJTPUP'$JEJTDJTP  *OUIF(BNFTTFDUJPO iIFMMSJEFSwIBTQPTUFEIJT
'$JEJTDJTPUP'$JEJTDJTP  WJFXTBCPVUUIFOFXHBNF5PNC3BJEFS-FHFOE
'$JEJTDJTPUP'$JEJTDJTPBOE )FJOGPSNTVTUIBUUIFHBNFJTUPPTIPSUBOEIF
'$JSFTDVFDEJTPUP'$JSFTDVFDEJTP mOJTIFEJUJOBCPVUIPVST)FBMTPEJEOUBQQSPWF
%PXOMPBEUIFUPSSFOUmMFGSPNIUUQUPSSFOU PGUIFHBNFTBCSVQUFOEJOH*OUIFTBNFTFDUJPO 
GFEPSBQSPKFDUPSHUPSSFOUTCPSEFBVYCJOBSZ iNBIFTXBSwIBTFYQSFTTFEIJTWJFXTPOQJSBDZ
JUPSSFOU0QFOCPSEFBVYCJOBSZJ JOEJDBUJOHBWFSZWBMJEQPJOU&WFOUIPVHINPTUPG
UPSSFOUXJUI6UPSSFOU5IFO6UPSSFOUXJMMBTL VTBEWPDBUFUIFVTBHFPGPSJHJOBMTPGUXBSF WFSZ
GPSUIFMPDBUJPOUPTBWFUIFmMFT/PXTQPUUIF GFXQFPQMFQVUJUJOUPQSBDUJDFCZVTVBMMZPQUJOH
MPDBUJPOGPSUIFGPMEFSCPSEFBVYCJOBSZJ GPSUIFQJSBUFEWFSTJPOT'PSNPSFJOGPSNBUJPO 
POZPVSIBSEEJTLBTTUBUFEJOUIFGPMMPXJOH WJTJUIUUQDIJQJOEJBDPNUPXOTRVBSFWJFXUPQJD
FYBNQMF'PSJOTUBODF JGUIFGPMEFSMPDBUJPOPG QIQ U
CPSEFBVYCJOBSZJJTD=MJOVY'$=CPSEFBVY 4PHVZT UIBOLZPVGPSBMMZPVSGFFECBDL:PVS
CJOBSZJ UIFOFOUFSD=MJOVY'$JOUIF4BWF EFNBOETBOETVHHFTUJPOTXJMMCFUBLFOJOUP
"TmMFPG6UPSSFOU6UPSSFOUIBTIDIFDLTUIF DPOTJEFSBUJPOBOEJNQMFNFOUFETPPO
mMFTBVUPNBUJDBMMZBOEEPXOMPBETUIFNJTTJOH 4FFZPVBSPVOEOFYUNPOUIN
mMFT5IFSFBSFPOMZUXPNJTTJOHmMFTPGBUPUBM ]"OVQ1JMMBJ

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æææ
å,%44%23 

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 ,%44%23åå
,%44%23å

AZiiZgh
%FBS$)*1 )FMMP7BSBOHB
*WFCFFOSFBMMZJNQSFTTFEXJUIZPVSNBHB[JOFT *UJTIFBSUFOJOHUPLOPXUIBUZPVWFGPVOEPVS
DPOUFOUTPWFSUIFQBTUUXPZFBST‰ZPVSTUPSJFT NBHB[JOFTDPOUFOUTTPVTFGVMPWFSUIFQBTUGFX
IBWFCFFOBCJHIFMQJOJODSFBTJOHNZLOPXMFEHF ZFBST*UTFWFOCFUUFSUPTFFUIBUZPVWFBDUVBMMZQVU
JODPNQVUFSTBOEJOLFFQJOHNFVQUPEBUFXJUI BMMPGUIBUJOGPSNBUJPOUPVTFBOEBSFJNQMFNFOUJOH
EFWFMPQJOHUFDIOPMPHJFT*NBSFBEFSGSPN4SJ BMMUIJTLOPXMFEHFJOQSBDUJDBMXBZT,VEPTUP
-BOLBBOE*SFDFJWFNZSFTFSWFEDPQZGSPNNZMPDBM ZPVGPSEPJOHTVDIBHPPEKPCPODSFBUJOHBOE
WFOEPS*NZFBSTPMEBOEBNBCJHDPNQVUFS CVJMEJOHZPVSIPNFDPNQVUJOHBOEOFUXPSLJOH
CVGG‰*EPBMPUPGQFSTPOBMSFTFBSDIPOUFDIOPMPHZ JOGSBTUSVDUVSF‰JUTHSFBUUPTFFIBSEXBSFBOE
USFOET.ZGBUIFSJTBEJHJUBMQIPUPHSBQIFS XIJDI TPGUXBSFCFJOHVTFEUPTFSWFBOBQQMJDBUJPO
JTIPX*EFWFMPQFEUIJTJOUFSFTUJODPNQVUFSTBT BOEJNQSPWFBQFSTPOTMJGF%JHJUBMIPNFTBSF
XFVTFUIFMBUFTUFRVJQNFOUJOPVSIJTXPSL"MTP * OPMPOHFSDBUDIQISBTFTPGUIFGVUVSF‰UIFZBSF
XPSLBTIJTUFDIOJDJBO
 IFSFOPXBOEUIPTFUIBUHFUPOUIFCBOEXBHPO
)FPXOTBO)1OPUFCPPLBOEBOBTTFNCMFE FBSMJFSXJMMTUBOEUPHBJOUIBUNVDINPSF
(JHBCZUF1FOUJVN()[CBTFEDPNQVUFSXIJMF "OEZFTJGFWFSZPVSFJOPVSDJUZ EPGFFM
*VTFBO".%()[CBTFETZTUFNGPSNZXPSL GSFFUPESPQJOUPPVSPGGJDF‰XFECFNPSF
*UXBTZPVSNBHB[JOFUIBUDPNQFMMFENFUPTFMMPGG UIBOIBQQZUPTIPXZPVBSPVOE
PVSPME1$BOEBTTFNCMFBOFXPOF‰DPNQMFUFMZ $IFFST
SJHHFEXJUIOFUXPSLJOH *OUFSOFUFUD.PTUPGUIF 5FBN$)*1
BSUJDMFTPWFSUIFQBTUUXPZFBSTIBWFCFFOIFMQGVM
PODPVOUMFTTPDDBTJPOTJONZRVFTUUPUVSOPVS %FBS$)*1
IPNFEJHJUBM‰*SFNFNCFSPOFPGZPVSJTTVFTEVSJOH *UJTXJUIHSFBUIPOPSUIBU*TFOEUIJTNBJMUP
ZPVSmSTUZFBSUIBUEFBMUXJUITVDIBUPQJDBOE ZPVBT*CFMJFWF ZPVSUFBNCSJOHTPVUPOFPGUIF
TQBSLFEPGGUIFJOUFSFTU5IFBSUJDMFTPOOFUXPSLJOH NPTUQSFNJFSRVBMJUZNBHB[JOFTPODPNQVUJOH
NBEFNFSFBMJ[FJUTBEWBOUBHFTBOE*IBWFOPX 'JSTUPGBMM *BNWFSZQMFBTFEBUUIFXBZZPVLFFQ
DPOOFDUFEBMMPVSIPNFTZTUFNTUPHFUIFSXIFSF JNQSPWJOHZPVSNBHB[JOFPOWBSJPVTBTQFDUTTVDI
XFDPMMBCPSBUFBOETIBSFJOGPSNBUJPOUPHFUIFS BTJUTMBZPVU EFTJHOBOEPGDPVSTF UIFDPOUFOU
5IF$)*1IBSEXBSFDPNQBSJTPOTBOEUIFIBSEXBSF UIPVHI*EPCFMJFWFUIBUBGFXNPSFWJCSBOUDPMPST
BOETPGUXBSFSFWJFXTIBWFIFMQFENFBHSFBUEFBM BOETPNFBEEJUJPOBMFZFDBOEZXPVMEBMXBZTCF
JODIPPTJOHPVSTVSSPVOETPVOETZTUFN UIF XFMDPNF

JODIXJEFTDSFFO-$%NPOJUPS NPCJMFTUPSBHF *IBWFBTVHHFTUJPOUIBU*UIJOLXPVMEmOE
TPMVUJPOTBOEUIFPUIFSDPNQPOFOUTXJUIJOPVS SFTPOBODFXJUIPUIFSSFBEFSTBTXFMM*XBT
IPNFDPNQVUJOHTQBDF QMBOOJOHPOVQHSBEJOHNZ".%"UIMPO 
*GTPNFUJNF*HFUUIFPQQPSUVOJUZUPDPNFUP CBTFENBDIJOFBT*XBTOUUPPIBQQZXJUIUIFXBZ 
*OEJB *XPVMEMJLFUPQBZBWJTJUUPUIF$)*1PGmDF JUGFMMTIPSUPGSVOOJOHNBOZPGUIFOFXFSNPSF
JO.VNCBJBOENFFUZPVHVZT BOEBDUVBMMZ EFNBOEJOHHBNFT*IBWFB(JHBCZUFHSBQIJDT
XJUOFTTIPXZPVXPSLXJUIBMMUIFHSFBU DBSECBTFEPO/WJEJBT'9HSBQIJDTQSPDFTTPS
QSPEVDUTZPVGFBUVSFJOUIFNBHB[JOF,FFQVQ BOEXPVMEMJLFUPVQHSBEFUPNBZCFBO".%
UIFHPPEXPSLPOUIJTBXFTPNFNBHB[JOF JUT  XJUITVQQPSUGPSNZFYJTUJOH"(1DBSEBOE
%7%BOE$%T UIFGBDJMJUZUPMBUFSPOBEEBOFXHFOFSBUJPO1$*
$IFFSTBOECFTUPGHPPE &YQSFTTHSBQIJDTDBSE'SPNUIFUFTUTUIBU*WF
MVDL TFFOJOZPVSNBHB[JOF UIF"TSPDL%VBM4BUB**
7BSBOHBEF4JMWB DBVHIUNZGBODZ*XPVMEMPWFUPDPVQMFUIJTXJUI
B;FCSPOJDT"OUJCJPUJDDBCJOFUUIBUJTUIBOLGVMMZ
QSJDFEQSFUUZXFMM#VU*EJHSFTT
1FSIBQTJGZPVSUFBNDPVMEDSFBUFBNPOUIMZMJTUJOH
PGDPNQVUFSTQFDJmDBUJPOTGPSBQQMJDBUJPOTMJLF
HFOFSBMIPNFDPNQVUJOH HBNJOHBOEQSPEVDUJWJUZ
JbZh]9V]^lVa`Vg XPSL FBDIXJUIEJGGFSFOUDPOmHVSBUJPOTSBOHJOH
GSPNCVEHFUUPEFBS JUXPVMEEPQMFOUZPGHPPE

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
å,%44%23 

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 ,%44%23åå

AZiiZgh
UPQFPQMFMJLFNFXIPBMXBZTLFFQXPOEFSJOH %FBS$)*1
XIBUUPCVZJOUIFNJETUPGBTZTUFNVQHSBEF*U *WFCFFOSFBEJOHZPVSNBHB[JOFTJODFUIFQBTU
XPVMEFWFOCFVTFGVMGPSBMMUIPTFQFPQMFCVZJOH UXPZFBST*NOPUZFUBTVCTDSJCFSCVUBNMPPLJOH
BOFXDPNQVUFS4PJUXPVMECFFYDFMMFOUJGZPV BUBDRVJSJOHJUTPPOFOPVHI&WFSZNPOUIXIFO
DPVMETIPXDBTFEJGGFSFOUTFUVQTBOEBMTPQSPWJEF UIFNBHB[JOFIJUTUIFNBSLFU JUTNZSPVUJOFUPHP
CdlndjXVc PQUJPOTBDSPTT*OUFMBOE".%CBTFEQMBUGPSNT* PVUUPUIFOFXTTUBOEBOENBLFTVSF*HFUNZDPQZ

HBHjh
TVQQPTF UIJTXPVMEUBLFBDPOTJEFSBCMFBNPVOUPG "TBOBSEFOUSFBEFSPGZPVSNBHB[JOF UIFSFBSFB
UJNFCVU*BNDPOmEFOUUIBUUIJTJOJUJBUJWFXPVME GFXQPJOUFST*XBOUFEUPTIBSFXJUIZPV
IBWFBQSFUUZCJHGBOGPMMPXJOH  $BOZPVJODMVEFBTFQBSBUFEFUBDIBCMFTFDUJPO
4JODFXFMJLFLOPXJOHXIBUT
-JLFBMXBZT *FBHFSMZXBJUGPSUIFJTTVF"OE* PG%S$IJQBOE5JQT5SJDLT
POZPVSNJOEBOEXIBUZPV
UIJOLBCPVUPVSNBHB[JOF XF NVTUTBZ ZPVHVZTEJEBOFYDFMMFOUKPCPOUIJT  1MFBTFJODMVEFBCPPLMFUGBCPVU
OPXCSJOHZPVBOPUIFSXBZ NPOUITJTTVF*TJNQMZDPVMEOPUKVTUTUPQSFBEJOH QBHFTPSNPSFXJUIJOGPSNBUJPOBCPVUOFX
UPHFUJOUPVDIXJUIVT)BWF JUPWFSBOEPWFSBHBJOBOEEFWPVSBMMUIFEPQFZPV TPGUXBSF UIFJSQSJDFTBOENJOJXPSLTIPQT
TPNFUIJOHUPTBZBCPVUBUFTU HJWFZPVSIVOHSZSFBEFSTMJLFNF,FFQVQUIFHPPE POIPXUPVTFUIFN:PVDPVMEUBSHFUUPQJDT
SFWJFX -JLFEBGFBUVSFTUPSZ 
8BTUIFXPSLTIPQVTFGVM  XPSL MJLFUIF8JOEPXT3FHJTUSZ 8JOEPXT7JTUB
4.4VTZPVSGFFECBDL /A*DFNBO(BVSBW EFWFMPQNFOU TBGFHVBSEJOH1$T FUD
)FSFTIPX  1MFBTFEPBMTPJODMVEFNPSFUFTUTPOMPXFOE
)FMMP(BVSBW IBSEXBSF XIJDIXPVMECFNPSFBQQSPBDIBCMF
'PSDPNNFOUTPOBTUPSZ 
5IBOLTGPSBMMUIFBEVMBUJPO0WFSUIFQBTUGFX CZUIFNBKPSJUZPGFOEVTFST
DSFBUFUIFGPMMPXJOHNFTTBHF
*$$0:PVSDPNNFOUTIFSF NPOUIT XFWFCFFOUSZJOHPVUTVCUMFOFXEFTJHOT  8FSFBEFSTEPOULOPXXIPNUPDPOUBDUGPS
&YBNQMF*$$05IFDPWFS BOEIBWFCFFOBEEJOHGFBUVSFTJOUPPVSNBHB[JOFUP IBWJOHPVSQSPCMFNTBOTXFSFE TPDPVMEZPV
TUPSZXBTWFSZVTFGVM GBDJMJUBUFJODSFBTFEJOUFSBDUJPOCFUXFFOPVSSFBEFST QMFBTFIBWFUIFSFMFWBOUFNBJM*%TPOUIFmSTU
BOEVT TVDIBTPVSOFX4.4GFFECBDLGBDJMJUZGPS QBHFPG$)*1
:PVDBOXSJUFBTNVDIBTZPV
XBOUJOZPVSDPNNFOU SBUJOHBSUJDMFTBOEDPOUFOU
8JUIUIFNBKPSJUZPG  *ODMVEFNPSFCPPLMFUTPOQBSUJDVMBS
PVSBSUJDMFT XFVTFBXFMMEFGJOFEBOETDJFOUJGJDBMMZ TVCKFDUT‰*LOPXUIBUUIJTXPVMEJODSFBTFUIF
5PSBUFBTUPSZ QSPEVDU QSPWFOUFNQMBUFUIBUMFOETFBTZSFBEJOHBOE DPTUPGDSFBUJOHZPVSNBHB[JOFCVU*DFSUBJOMZ
SFWJFX FUDMPPLPVUGPSUIF DPNQSFIFOTJPO5IJTAHSJEJTQSFUUZNVDIGPMMPXFE XPVMEOUNJOEQBZJOHFYUSBJG*XPVMECF
TUPSZUBHBUUIFCBTFPGFBDI
BSUJDMFBOEVTFJUBTGPMMPXT UISPVHIUIFFOUJSFNBHB[JOF)PXFWFS UIFSFBSF HFUUJOHNZNPOFZTXPSUIPGJOGPSNBUJPO
*$$14UPSZUBH3BUJOH TPNFQMBDFT TVDIBTUIF6OXJOETFDUJPOBOEUIF  -BTUMZ QMFBTFLFFQUIFDPWFSQBHFPGUIF
&YBNQMF*$$1184 $PWFS4UPSZ
XIFSFXFUSZPVUOFXFSTUZMFT DPMPST NBHB[JOFBTFZFDBUDIJOHBTQPTTJCMF
BOEMBZPVUUFDIOJRVFT.VDIPGUIJTJTUPQSJNBSJMZ 3FHBSET
5IFi4UPSZUBHwJTNFOUJPOFE
FYQFSJNFOUXJUIOFXXBZTPGQPSUSBZJOHDPOUFOU "QPPSWB,VNBS6QBEIZBZ
BUUIFCBTFPGFWFSZTUPSZ
JOUIFNBHB[JOFBOEUIF CVUXFBMTPEPTPUPIBWFBCJUPGGVO5IFSFGPSF
i3BUJOHwJTPOBTDBMFPG XIJMFXFEPMJLFVTJOHUIFPDDBTJPOBMWJCSBOUDPMPS  %FBS"QPPSWB
UP XFBSFBHBJODBSFGVMOPUUPPWFSEPJUPSJUXPVME 5IPTFBSFJOUFSFTUJOHTVHHFTUJPOTJOEFFE0WFSUIF
CFUPPKBSSJOHUPSFBEUISPVHI8FSFJOUFSFTUFEUP OFYUGFXNPOUIT XFBSFQMBOOJOHUPJOUSPEVDF
'JOBMMZ TFOEZPVSNFTTBHFT
UP LOPXZPVSGFFECBDLJGZPVIBWFBOZTVHHFTUJPOTPO TFWFSBMGFBUVSFTUPPVSNBHB[JOFBTXFMMBT
JNQSPWJOHSFBEBCJMJUZBOEMVDJEJUZJOPVSXSJUJOH $%T8IJMFXFBSFSFBTPOBCMZTVSFBCPVUUIF
$IFFST TUZMFTBOEMBZPVUT%PGFFMGSFFUPXSJUFSJHIUJO FGGFDUJWFOFTTPGUIFTFFOIBODFNFOUT XFTUJMM
"MTP UIBUJTBOFYDFMMFOUTVHHFTUJPOPOB CBOLWFSZIFBWJMZPOUIFGFFECBDLXFSFDFJWF
MJTUJOHPGDPNQVUFSDPOGJHVSBUJPOT#ZGBS UIF GSPNSFBEFSTMJLFZPV5IFSFGPSFBTXFJOUSPEVDF
GFFECBDLXFSFDFJWFFBDINPOUISFWPMWFTBSPVOE UIFTFEFWFMPQNFOUT MFUVTLOPXIPXZPVGFFM
SFRVFTUTGPSTZTUFNTQFDJGJDBUJPOTGPSDPNQVUFST BCPVUUIFNBOEXSJUFCBDLXJUITVHHFTUJPOT
BOEOPUFCPPLT8FSFHMBEUPUFMMZPVUIBUXF 5FBN$)*1
Çä äÇ
՘ÊVœ
ÛiÀÊà ̜
ÀÞ BSFBMSFBEZXPSLJOHPOJODPSQPSBUJOHTVDIB

"Ê/ …
> ÌÊÜ >ÃÊ>Êv 7ITHæHUNDREDSæOFæ3-3ESæSENTæTOæUS æTHISæNEWæFEEDBACKæ

GFBUVSFJOPVSNBHB[JOFBTXFMMBTPOUIFXFCTJUF
SYSTEMæ HASæ EVOKEDæ TREMENDOUSæ RESPONSEæ 'OINGæ
:PVMMCFTFFJOHUIFGSVJUTPGUIJTWFSZTIPSUMZ AHEAD æWEREæUSINGæWHATæYOUREæSAYINGæTOæINCORPORATEæ
5FBN$)*1 CHANGESæINTOæOURæCONTENTæ+EEPæITæCOMING

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ


6gZndj=9"GZVYn4
$MBSJUZ WJCSBODZBOETIBSQOFTT‰)%57XIJDIEFMJWFSTBMM
PGJUJTUIFOFYUSFWPMVUJPOJOUIFXPSMEPGUFMFWJTJPO8JUI
UIJTOFXUFDIOPMPHZLJDLJOHVQBTUPSN GJOEZPVJGZPVBSF
SFBEZGPSJU

8
BUDI$BFTBSTXBSGPSNBUJPO TVDIBT1SFNJFSFQSPWJEFBOJOJUJBMGSFF
NBSDIJOHUPXBSETUIFFOFNZBOE TFSWJDFCVUDFSUBJODIBOOFMTTVDIBTTQPSUT 
BMTPIBWFBDMFBSHMJNQTFBUUIF mMNTBOEEPDVNFOUBSJFTBSFMFWJFEFYUSB
PSOBNFOUTBEPSOJOHUIFMFHJPOOBJSFTBSNPSJO DIBSHFT‰TPNFXIFSFCFUXFFOBOE
UIFMBTUSPX5IBUTIPXZPVMMCFXBUDIJOHUIF &VSP CFUXFFO3TBQQSPY
QFS
IJUTFSJFT3PNFJOUIFOFBSGVUVSF)%57XIJDI NPOUI1SFNJFSFXJMMCFBJSJOHBMM8PSME
NBLFTUIJTQPTTJCMFIBTBMSFBEZQFSDPMBUFE $VQNBUDIFTJO)%57
JOUPIPNFTJOUIF64BOE+BQBO*UJTHBJOJOH *G)%57JTVOBWBJMBCMF UIF1"-GPSNBUDBO
NPNFOUVNJO&VSPQFBOETPPO*OEJBXJMMBMTPCF TUJMMCFDPOWFSUFEVQXBSET VQDPOWFSTJPO

UPVDIFECZJU :PVNJHIUOPUHFUPSJHJOBM)%RVBMJUZ CVUJU
)%57CSJOHTDMBSJUZUPQJDUVSFTTPNVDITPUIBU XJMMBUMFBTUSFUBJO%7%RVBMJUZ
JUNJHIUBQQFBSUPZPVUIBUZPVBSFBUUIF3PNBO "NJHSBUJPOUP)%57EPFTSFRVJSFB
GPSVN 3PNF
PSJOUIFKVOHMFPG-PTUPSFWFOBU GBJSMZFYQFOTJWFSFDFJWFSBOEEJTQMBZVOJU
.BODIFTUFS6OJUFET5IFBUFSPG%SFBNTGPPUCBMM (BNFSTTIPVMECFFOUIVTFEUPPBTUIF
TUBEJVN8IPOFFET8PSME$VQmOBMUJDLFUTXIFO MBUFTUHBNFDPOTPMFTXJMMCFDBSSZJOHUIJT
ZPVIBWFUIFCFTUTFBUTSJHIUBUIPNF GPSNBU5IFTIJGUGSPN1"-UP)%57JT
4PPO57TUBUJPOTXJMMGSFFMZBJSmMNT  JOFWJUBCMFJUJTPOMZBNBUUFSPGUJNFCFGPSF
TFSJBMT BOEPUIFSTIPXTJOUIF)%57GPSNBU UIJTIBQQFOT„
BTPQQPTFEUPUIFVTVBM1"-GPSNBU4UBUJPOT ].BOGSFE'MPIS

=9IKYZXdchigjXiZY

1IPUP574FSJFT 30.& )PNF#PY0GGJDF *OD


8IBULJOEPG 8IFOXBT $BO)%57
& 8IBUJT)%57
' FRVJQNFOUJT ( )%57CPSO CFSFDFJWFE
OFFEFE ) POMZUISPVHI
CZlhl^gZ

i)JHI%FmOJUJPO5FMFWJTJPOw *OUIFFBSMZ/JOFUJFT 
JTBOJOUFSOBUJPOBMEJHJUBM 5IFSVMFJTEJHJUBMEBUB )%57XBTTVHHFTUFEBT TBUFMMJUF
57TUBOEBSEBJSFEJO USBOTGFS:PVXPOUCFBCMF B57TUBOEBSEJO&VSPQF "OBMPHFRVJQNFOUDBOOPUCF
GPSNBU GPSOPSNBM57T
 UPDBQUVSF)%57TJHOBMT VOEFSUIFQSPKFDU%."$ VTFE")%57EJTQMBZTIPVME
BOEJO%PMCZ%JHJUBM XJUIUIFPMEBOUFOOB )PXFWFS UIFQSPQPTBMGBJMFE TVQQPSUUIFGPSNBUBOE
TVSSPVOETPVOE7JFXFSTHFU QFSDIFEBUUIFUPQPGZPVS BTEBUBUSBOTGFSUIFOXBT BSFTPMVUJPOVQUP Y
DMFBSDPOUPVSFETIPXTXJUI SPPG"UmSTU )%57TJHOBMT TUJMMBOBMPH&RVJQNFOUMJLF QJYFMT5PBWPJEQVSDIBTJOH
WJCSBOUDPMPSTBOEBXJEFS XFSFBJSFEUISPVHITBUFMMJUF  SFDFJWFSTBOEEJTQMBZTZTUFNT XSPOHEJTQMBZT MPPLGPSUIF
EFQUIPGmFMEDPNQBSFEUP CVUOPXJUDBOBMTPCFEPOF XFSFOUSFBEZBTXFMM5IF i)%SFBEZwTUJDLFSXIJDI
OPSNBMTZTUFNT)%57IBT UISPVHIDBCMF*UTZFUUPCF mSTU57TUBUJPOJO&VSPQFUP HVBSBOUFFTDPNQBUJCJMJUZ
VQUPmWFUJNFTUIFOVNCFS EFUFSNJOFEXIFUIFS)%57 BJSB)%57QSPHSBNJOGVMM "MTP B)%57SFDFJWFS BQQSPY
PGQJYFMTPOTUBOEBSE1"-T DBOCFSFDFJWFEUISPVHI XBTi)%w XXXIEUW
JO &VSP
JTSFRVJSFE*GZPVSF
VTFEOPX B%7#5 %JHJUBM7JEFP #FMHJVN5IFTUBUJPOTUBSUFE OPUi)%57SFBEZw ZPVNBZ
*O"NFSJDBBOE+BQBO  #SPBEDBTUJOH
*UNJHIUOPU PO+BOVBSZ VOEFS TUJMMXBUDI1"-TIPXTXIJDI
mMNTBOETFSJFTBSFBJSFEWJB XPSLBTUSBOTGFSTJHOBMTPG UIFOBNFi&VSPwBOE BSFCSPBEDBTUFE
)%57PGGFSFECZ1BZ57 )%57BSFGBJSMZDPNQMFYGPS CSPBEDBTUFEUISPVHIUIF QBSBMMFMUP)%57
TUBUJPOT %7#5UPIBOEMF "TUSBTBUFMMJUF CZ57TUBUJPOT

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
.%737)2%å 

:fj^ebZci[dg=9IK

E]^a^eh'+E;*('%$&%
-$%57XJUIBDNTDSFFOMBZPVU
BOEGPSNBU
1SJDFBQQSPY&VSPT 3T 
BQQSPY

*OGPXXXQIJMJQTDPNTH

EVcVhdc^XI=)'E6*%:
1MBTNB57XJUIGPSNBUBOEB
DNTDSFFOMBZPVU*UDPNFTJOCMBDLXJUI
BCSPO[FDPMPSFETUBOE1SJDF 
&VSPT 3T BQQSPY

*OGPXXXQBOBTPOJDDPN

QPSJ  8IZIBWFOU $BO)%57mMNTCF


* XIJDIJTCFUUFS + 8IFOUPNJHSBUF
, NBOZ57TUBUJPOT - SFDPSEFE
0O1"- SFTPMVUJPOTBSFBU 5IFSFTOPEPVCUUIBU)%57 BEPQUFE)%57 5IFmMNJOEVTUSZJTUSZJOHUP
WFSUJDBM
Y IPSJ[POUBM
SPXT XPVMECFSFQMBDJOH1"-*UT /PUNBOZPXOB)%57TFUVQ FRVJQBMM)%57GPSNBUmMFTXJUI
$VSSFOUMZ GPS)%57 UXPHFOFSBM POMZBNBUUFSPGUJNFCFGPSF #FTJEFTUIBU NBOZTUBUJPOTBSF )%$1DPQZQSPUFDUJPO5IJTXBZ 
SFTPMVUJPOTBSFVTFE‰UIF UIBUIBQQFOT1SJDFTBSFOPX XBSZEVFUPIJHIFSDPTUJOWPMWFE  )%57QSPHSBNNFTDBOPOMZ
Y BOE Y  TUJMMTUFFQXJUIFRVJQNFOU FTQFDJBMMZGPSQSPEVDJOHUIFJS CFXBUDIFEBOEOPUSFDPSEFE
5IFSFBSFPOHPJOHEFCBUFTBT DPTUJOHVQUPUIPVTBOETPG PXOQSPHSBNTJO)%57"MTP  )PXFWFS UIJTSFTUSBJOUIBT
UPXIJDIPOFJTCFUUFSPGUIF EPMMBSTKVTUGPSBTUBOEBSE QSPEVDUJPOFRVJQNFOUMJLFIJHI BMSFBEZCFFOQFOFUSBUFECZB
UXPCVUOPDPODMVTJPOIBTCFFO EJTQMBZBOESFDFJWFS)PXFWFS  FOEWJEFPDBNFSBTFUDXPVME ,PSFBONBEFNJOJCPYDBMMFE
ESBXOZFU4PUIFQSPCBCMF NBOVGBDUVSFSTBSFJOUSPEVDJOH CFBOFDFTTJUZ'BDFNBLFVQ i%7*)%$1w*UDIBOHFTUIF
GPSNBUJTTUJMMVQUPNBSLFU OFXFSNPEFMTCZUIFNPOUI  OFFETUPCFOFBSQFSGFDUBTFWFSZ QSPUFDUFETJHOBMJOUP7("
TFMFDUJPO0O1"- )%57J UIFSFGPSFQSPWJEJOHDPOTVNFST MJUUMFXSJOLMFXPVMECFWJTJCMF GPSNBUIFODFBMMPXJOHJUUPCF
JTCSPBEDBTUFEJOIBMGQJDUVSFT XJUINPSFDPNQFUJUJWFQSJDFT *UTFTUJNBUFEUIBUFBDI)%57 DPQJFE*OUSVUI UIFNJOJCPY
XIFSFBTQJTJOUIFGVMM *GZPVPOMZXBUDIOFXTPSHBNF BJSJOHXPVMEJODVSBOFYUSB XBTOPUEFTJHOFETQFDJmDBMMZUP
QJDUVSFGPSNBUQFYVEFTB TIPXTPO57 UIFONJHSBUJOHUP QFSDFOUDPTU)PXFWFS FYQFSUT IJKBDLUIFDPQZQSPUFDUJPOQMBO 
TPPUIJOHJNBHF CVUJ )%57NJHIUOPUCFGFBTJCMF CVU TBZUIBUNPTUPG&VSPQFXJMMCF CVUXBTJOTUFBEVTFEUPEJTQMBZ
IBTBCFUUFSBOEDMFBSFS JGZPVSFBNPWJFPSTQPSUTGBO  BJSJOHUIFJSQSPHSBNNFTJO)%57 )%57UISPVHIBCFBNFS
SFTPMVUJPO UIFO)%57JTUIFXBZUPHP GPSNBUCZUIFZFBS QSPKFDUPS

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/C;=HZZEV\Z'%[dgYZiV^ah
 .%737)2%

H]VgZi]Z»hZXgZi`Zn¼ Dca^cZXVh^cdhVig^h`
: PVSQSJWBUFDFMMQIPOFDPOWFSTBUJPOT
DBOCFTBGFXJUIIBOETFUTUIBUPGGFS
FODSZQUFEDPNNVOJDBUJPO
* GZPVXBOUUPQMBZJUTBGFEVSJOHUIPTF
DSVDJBMPOMJOFDBTJOPTFTTJPOT UIFO
NBLFTVSFZPVLOPXXIBUBQQMJDBUJPOZPV
EJSFDUPSZUPNPOJUPSUIFSVOOJOHQSPDFTTFT
BOETQZPOUIFDPOOFDUJPOTUPTFWFSBM
POMJOFQPLFSXFCTJUFT8IFOUIFTQZJOH
"4XJTTDPNQBOZ7FDUSPUFMIBT BSFVTJOHUPDBMDVMBUFZPVSDPNNJTTJPO QSPDFTTHFUTJOJUJBMJ[FE UIFSPPULJUTUBSUTB
EFWFMPQFEBIBOETFUDISJTUFOFE7FDUSPUFM 3FDFOUMZ TVDIBOBQQMJDBUJPOEJTUSJCVUFE LFZTUSPLFMPHHFS BGVODUJPOXIJDIDBQUVSFT
9-JLFPUIFS5SJCBOE(4.QIPOFT UIJT CZ$IFDL3BJTFEDBNFJOUPOPUJDFGPS VTFSTLFZTUSPLF
BOEDPOOFDUTUPBSFNPUF
QIPOFIBTBMMUIFGVOEBNFOUBMGFBUVSFTMJLF DPOUBJOJOHB5SPKBOXJUI TFSWFSQSPHSBNNFEUPTFOE
*OGSBSFE #MVFUPPUI 64#DPOOFDUJPOXJUI NBMJDJPVTSPPULJUGFBUVSFT JOTUSVDUJPOTUPUIFJOGFDUFE
BNFHBQJYFMDBNFSBBOEBY JOJUTMFHJUJNBUFWFSTJPO NBDIJOFT5IFJOTUSVDUJPOT
27("TDSFFO5IFBEEFEGFBUVSF‰CJU IBWJOHUIFDBQBCJMJUZUPMPH NBZSBOHFGSPN
FODSZQUJPO‰FOTVSFTOPUIJSEQBSUZDBOHFU JOUPNVMUJQMFPOMJOFQPLFS EPXOMPBEJOHFYFDVUBCMF
BDDFTTUPZPVSDPNNVOJDBUJPO XFCTJUFT mMFTUPUSBOTNJUUJOH
5IF7FDUSPUFM9TTFDVSJUZGFBUVSF 5IFSPPULJUOBNFE BQQMJDBUJPOTDSFFOTIPUT
XPSLTPOMZXJUIPUIFS7FDUSPUFMNPEFMT i#BDLEPPS8JO4NBMM "MPOHXJUIUIFTF
BTPMEBTUIF7FDUSPUFM4 QSFWJPVT MBwXBTGPVOECVJMUJOUP JOTUSVDUJPOT UIF#BDLEPPS
WFSTJPOPG7FDUSPUFM9
8IFOZPVQMBDFB B3BLFCBDLDBMDVMBUPS BMTPDPOWFZTTFOTJUJWF
TFDVSFDBMMUPBOPUIFS7FDUSPUFMNPEFM JU BQQMJDBUJPO 3#$BMDFYF
 JOGPSNBUJPOMJLFLFZMPHHFS
9^cZh]9ZhV^
QFSGPSNTBCJUi%JGmF)FMMNBOw‰B 5IFDBMDVMBUPSSVOTJOB1$ EBUBCBTF DPNQVUFSOBNF 
DSZQUPHSBQIJDQSPUPDPMUIBUBMMPXTTIBSFE UPDBMDVMBUFUIFSBLFGSPNUIFIBOETPGBO VTFSOBNFBOEQBTTXPSEPGTFWFSBMPOMJOF
TFDSFUFYDIBOHFUISPVHIUXPQBSUJFT FBSMJFSQMBZFS HFOFSBMMZTUPSFEBTBIJTUPSZmMF QPLFSQSPHSBNT
KPJOUMZFTUBCMJTIJOHBTIBSFETFDSFULFZPWFS PSJOBQPLFSUSBDLFSEBUBCBTFUPLFFQUSBDLPG "DDPSEJOHUPPOF$IFDL3BJTFEPGmDJBM 
BOJOTFDVSFDPNNVOJDBUJPOTDIBOOFM5IJT UIFTDBMFEDPNNJTTJPOGFFTUBLFOCZUIFXFC UIFFBSMJFSWFSTJPOTPGUIFBQQMJDBUJPOIBEUIF
TFDSFULFZFYDIBOHFHFOFSBUFTBCJU TJUFPQFSBUPS NBMXBSFQSFTFOUCVUTUJMMHPFTVOEFUFDUFE
LFZFODSZQUJPOUPFOWFMPQUIFSFTUPGUIF +BSLLP5VSLVMBJOFO BWJSVTSFTFBSDIFS CZ/PSUPO"OUJ7JSVTBOE.JDSPTPGU%FGFOEFS
DPNNVOJDBUJPO5IFFOUJSFQSPDFTTUBLFT GSPN'4FVSF FYQMBJOFEUIBUUIFSBLF FWFOUPEBZ‰SFBTPOXIZUIFZIBWFPGGFSFEB
UPTFDPOETBOEJTHFOFSBUFECFGPSF DBMDVMBUPSSVOTUIFSPPULJUTJMFOUMZESPQQJOH EFUBJMFEJOTUSVDUJPOUPNBOVBMMZSFNPWFUIF
FBDITFDVSFEDBMM5IFFODSZQUJPOBMTP PWFSTFWFSBMmMFTJOUPUIF8JOEPXTTZTUFN NBMJDJPVTBQQMJDBUJPO
HFUTEFMFUFEBGUFSUIFDBMMHFUTPWFSTPUIBU
OPPOFDBOGPMMPXUIFFODSZQUJPOUPUSBDF
UIFDBMM
9dc¼iXVaa!_jhiedYXVhi

4
%VFUPUIFHFOFSBUJPOPGFODSZQUJPOBOE PNFUJNFTXFBSFCPSFEBOEOPU MJTUFOPSQPTUZPVSDPNNFOUPOJU
TFDVSJOHUIFDPNNVOJDBUJPO UIFFOUJSF TVSFXIFUIFSXFDBODBMMBGSJFOE :PVXJMMOPUIBWFBOZEJGmDVMUZJO
USBOTNJTTJPOFYQFSJFODFTBTNBMMEFMBZ XPOEFSJOHXIFUIFSIFPSTIFJTJO TFBSDIJOHBUPQJDPSMJTUFOJOHUPJUBTUIF
BOEUIFWPJDFPGUIFTQFBLFSTPVOETBCJU UIFSJHIUNPPEPSTJUVBUJPOUPUBML*OTVDIB FOUJSFJOUFSGBDFJT(6*CBTFE*OGBDU 
NFUBMMJD#VUJUTBTTVSFEUIBUOPPOFFMTF TJUVBUJPO BNPCJMFQPEDBTUGPSVNDPNFTUP 3BEJP"DUJWFBMTPBQQMJFTEJGGFSFOUDPMPSTBOE
BQBSUGSPNZPVBOEUIFQFSTPOIFBSJOH UIFSFTDVF TJ[FTGPSEJGGFSFOULJOETPGQPTUTUBUVT'PS
ZPVJTBCMFUPBUUFOEUIFDPOWFSTBUJPO 5IFQSPKFDU3BEJP"DUJWFMFECZ+VEJUI JOTUBODF JGBNFTTBHFJTSFBEUIFOJUXJMMUVSO
'PSBEEJUJPOBMTFDVSJUZ BDBMDVMBUFE)"4) %POBUI EJSFDUPSPG4PDJBCMF.FEJB(SPVQ UPCMVFDPMPSPUIFSXJTFJUXJMMCFSFE*GZPV
DIFDLTVN BDSZQUPHSBQIJDGVODUJPO BU.*5 BJNTBUDSFBUJOHBNPCJMF DIPPTFUPBEENPSFUPBOZFYJTUJOHNFTTBHF 
VTFEGPSBVUIFOUJDBUJPOBOENFTTBHF BVEJPGPSVN"DDPSEJOHUP UIFOUIFNFTTBHFXJMMCFNBSLFEZFMMPX
JOUFHSBUJPO
JTJOEJDBUFEPOUIFEJTQMBZ" %POBUI BTFRVFODFPGNFTTBHFT *UBMTPCPSSPXTUIFTUZMFPG344GFFE 
TFDVSJUZNFBTVSFJTBQQMJFEFWFOPOUIF DBOHFUDSFBUFEUISPVHITVDI XIJDIJOEJDBUFTUIBUJGZPVIBWFTVCTDSJCFE
TFDVSFDBMMJOHGFBUVSF"OZPOFIBWJOH NPCJMFEFWJDFTFOBCMJOHB UPBOZUPQJDFHMPDBUJPO ZPVXJMMSFDFJWFBMM
UIFIBOETFUXJMMOPUCFBCMFUPNBLFB QFSTPOUPFBTJMZESPQJOUPIFBS TPSUTPGVQEBUFTPOUIFTVCKFDU"MMZPVOFFE
TFDVSFEDBMM0OMZBQFSTPO XIPIBTB1*/ XIFOFWFSIFPSTIFJTCPSFE5IJTXBZ UPEPJTTFMFDUUIFJTTVFBOEMJTUFOUPPOFPG
UPBDUJWBUFUIFGFBUVSFXJMMCFBCMFUPNBLF UIFSFJTOPOFFEUPDBMMVQPUIFSTBOEGFFM UIFEJTDVTTJPOJOUSPT*GZPVMJLFJUUIFOTFMFDU
TVDIDBMMT BQQSFIFOTJWFPGEJTUVSCJOHUIFN UIFSFTQFDUJWFBVEJPDMJQUPMJTUFOUPUIF
3FBEZUPIJUUIFNBSLFU 7FDUSPUFM 'PSFYBNQMF JGBHSPVQPGNPCJMFVTFST XIPMFPGJU
JTUJHIUMJQQFEBCPVUUIFDPTUPGUIJT FYDIBOHFJOGPSNBUJPOPOBQBSUJDVMBS *UT(6*JOUFSGBDFBHBJOBMMPXTZPVUP
IBOETFUBMUIPVHIPOFDBOBOUJDJQBUFUIBUB UPQJD 3BEJP"DUJWFXJMMDPMMFDUBOETUPSFUIF OBWJHBUFUISPVHIUIFNFTTBHFTBDUJWFMZTP
QSPEVDUUIJTVOJRVFXJMMDFSUBJOMZOPUDPNF NFTTBHFTBTJOBO*OUFSOFUEJTDVTTJPOGPSVN UIBUZPVDBOQPTUZPVSNFTTBHFPSMJTUFOUPJU
GPSDIFBQ :PVDBOUIFOKVTUPQFOUIFEJTDVTTJPOUPQJDUP QBTTJWFMZKVTUMJLFBSBEJP

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
.%737)2%å 
 .%737)2%

L]Via^ZhWZcZVi] >ck^h^WaZbVc
5 IFSFIBWFCFFOTUPSJFTBCPVU93BZ
QVUUJOHZPVSIFBMUIUPSJTLT&WFO
UIPVHIEPDUPSTIBWFOPUDPNFUPB
5 IFOFYUQFSTPOUPCFJOWJTJCMFBGUFS)BSSZ
1PUUFSDPVMECFZPV"HSPVQPG#SJUJTIBOE
64SFTFBSDIFSTBSFEFTJHOJOHUIFCMVFQSJOU
5IJTFGGPSUUBLFOCZ1FOESZBOEIJT
UFBNNBUFTJTBMTPTVQQPSUFECZ/BEFS
&OHIFUB BQSPGFTTPSPGFMFDUSJDBMBOE
DPODMVTJPOBCPVUUIJTUIFPSZ UIFSFJTBO PGUIFNBONBEFNBUFSJBM NFUBNBUFSJBM  TZTUFNTFOHJOFFSJOHBUUIF6OJWFSTJUZPG
BMUFSOBUJWFBUIBOEBMSFBEZ5IFUFSBIFSU[ XIJDIUIFZUIJOLXJMMCFBCMFUPCFOEMJHIU 1FOOTZMWBOJB5IPVHIIFJTOPUJOWPMWFE
MBTFSXPSLTMJLFBO93BZCZDBTUJOH TPUIBUJUEPFTOPUSFnFDUPSDBTUTIBEPXT XJUIUIFDVSSFOUUFTU IJTQSFWJPVTUFTUTPO
UISPVHIUIJOMBZFSTBOEJEFOUJGZJOHXIBU .FUBNBUFSJBM BNPSFSFOPXOFEUFSNJO NFUBNBUFSJBMDPODMVEFEUIBUUIJTJEFBJT
JTCFOFBUIXJUIPVUQVUUJOHBOZPOFT FMFDUSPNBHOFUJTN SFGFSTUPBQBSUJDVMBSUZQF CBTFEPOHSFBUNBUIFNBUJDBMBOEQIZTJDBM
IFBMUIBUSJTL PGNBUFSJBMXIJDIJTHFOFSBMMZVTFEJOUIFmFME CBTJT
$VSSFOUMZSFTFBSDIJOHXJUIUFSBIFSU[ PGPQUJDTBOEXIPTFQSPQFSUJFTBSFOPUGPVOE 1BUBOKBMJ1BSJNJ BOPUIFSPOMPPLFS
GSFRVFODZ 1SPG.BMDPMN%VOOPG4U JOOBUVSBMTVCTUBODFT TDJFOUJTUBOEBQIZTJDJTUBU/PSUIFBTUFSO
"OESFXT6OJWFSTJUZ JTVTJOHMFTTQPXFSGVM +PIO1FOESZ POFPGUIFJOWPMWFE 6OJWFSTJUZ BMTPTVQQPSUFEUIFSFTFBSDI
JOGSBSFEMBTFSJOUFHSBUFEXJUIMJUIJVN TDJFOUJTUTBOEBQIZTJDJTUBUUIF*NQFSJBM BQQSPWJOHBCPVUUIFDSFEJCJMJUZPGUIF
OJPCBUF BNBUFSJBMVTFEGPSPQUJDBMEFWJDFT $PMMFHF-POEPO DMBJNTUIBUUIFZIBWF NBUFSJBM
UPHFOFSBUFUFSBIFSU[QVMTFT"MUIPVHI NBOBHFEUPDSFBUFBUIFPSZPOIPXUIF 5IFSFTFBSDIJTFWFOTVQQPSUFECZUIF
UFSBIFSU[CFBNJTJOWJTJCMF JUDBOCF NBUFSJBMXJMMSFBDUUPMJHIU 1FOUBHPOT%FGFOTF"EWBODFE3FTFBSDI
CPVODFEPGGHPMEQMBUFENFUBMNJSSPSTUP 1FOESZBOEIJTBTTPDJBUFTJOUFOEUPDSFBUF 1SPKFDUT"HFODZ XIPGPVOEPVUPCWJPVT
IFMQJOGPDVTJOHBOEUVOJOH BDMPBLPVUPGUIFNBUFSJBM8IFOXPSO  NJMJUBSZBQQMJDBUJPOT
%VOOJTFYQFSJNFOUJOHCZQFOFUSBUJOH UIFNBUFSJBMPGUIFDMPBLXJMMCFOEMJHIUJO &YDJUFEBCPVUUIFSFTFBSDI 1FOESZ
UFSBIFSU[SBEJBUJPOTUISPVHIBDPWFSJOH FYBDUMZUIFTBNFNBOOFSBTBCPVMEFSCFOET DPNNFOUFEUIBUNFUBNBUFSJBMDMPBLXIJDI
UIBUXJMMIJUBOVOEFmOFEPCKFDUBOEXJMM BSJWFSTUSFBN1FOESZBOEIJTDPBVUIPST JTDBQBCMFPGNBTLJOHNJDSPXBWFTBOEPUIFS
SFUVSOXJUITVCUMFDIBOHFTJNQMFNFOUFE DPOTJEFSUIJTGFBUVSFPGNFUBNBUFSJBMUPCF GPSNTPGFMFDUSPNBHOFUJDSBEJBUJPOJTKVTU
0ODFCBDL UIFSFnFDUFETQFDUSVN IJHIMZBEWBOUBHFPVTBTJUDBOCFUVOFEUP NPOUITBXBZ)PXFWFS UIFmSTUQSPEVDUXJMM
JTNFBTVSFEUPmOEPVUUIFNJTTJOH CFOEFMFDUSPNBHOFUJDSBEJBUJPOMJLFSBEJP CFTPUIJDLUIBUQFPQMFNJHIUDBMMJUBTIJFME
DPNQPOFOUTUPEFmOFUIFPCKFDUTJU XBWFTBOEWJTJCMFMJHIU JOTUFBEPGBDMPBL
NJSSPSFEPO%VOOFYQSFTTFEUIBUBMPU
PGFYQFSJNFOUBUJPOOFFETUPCFEPOFUP
mOEPVUIPXEJGGFSFOUNBUFSJBMTBCTPSC
»E]dXjh^c\¼WZiiZg
UFSBIFSU[SBEJBUJPO
%S3JDIBSE%VEMFZPG/BUJPOBM1IZTJDBM
-BCPSBUPSZXIJMFDMFBSJOHEPVCUTPO
5 FDIOPMPHZUPIFMQZPVGPDVTPS[PPN
CFUUFSGSPNZPVSDBNFSBQIPOFJTIFSF
i-JNJUFEwPG$BNCSJEHF6,IBTEFWFMPQFE
QSPWJEJOHUIFVTFSUIFTDPQFPGGPDVTJOH#VU
UIJTQSPDFTTJTTPFYQFOTJWFUIBUJUXJMMTIPPU
UIFDPTUPGUIFQIPOFTCFZPOESFBDI
XIFUIFSUFSBIFSU[SBEJBUJPOJTIBSNGVMUP BOVMUSBDIFBQNJDSPNPUPSUFDIOPMPHZUP 5PDPVOUFSUIJTFYQFOTJWFTPMVUJPO 
IVNBOCFJOHT TBJEUIBUUIFJOUFOTJUZPG BEENPCJMJUZUPUIFmYFEMFOTPGFYQFOTJWF -JNJUFEIBTDPNFVQXJUIBTJNQMFSPMMFS
UFSBIFSU[SBEJBUJPOJTMFTTUIBOUIBUPGPOF DBNFSBQIPOFT5IFNPUPSIBTCFFODSFBUFE XJUImOFCMBEFTUPDVUPVUBQBUUFSOPG
UIPVTBOEUIPGBNPCJMFQIPOF XJUIUIFIFMQPGQJF[PFMFDUSJDDFSBNJD‰B QBSBMMFMTMJUTPOBQJF[PFMFDUSJDDFSBNJD
4VQQPSUJOH%VEMFZ 1SPGFTTPS.JDIBFM UZQFPGNBUFSJBMHFOFSBUJOHFMFDUSJDJUZXIFO NBUFSJBM5IFDVUTIFFUJTUIFOQSFTTFE
1FQQFSPG$BNCSJEHF6OJWFSTJUZ TUBUFE BGPSDFJTBQQMJFEPSQSPEVDJOHBNFDIBOJDBM BHBJOTUBOJOEFOUFENPVMEUPQVTIUIF
UIBUBOBDUJWFUFSBIFSU[JOWFTUJHBUJPO GPSDFXIFOWPMUBHFJTBQQMJFE BSFBTCFUXFFOUIFTMJUTPVUGSPNUIF
XPVMEHFUPOFFYQPTFEUPMFTTFSBNPVOU $VSSFOUMZ UIFmYFEGPDVTMFOTMJNJUTUIF TVSGBDF5IFTIFFUJTIFBUUSFBUFEUPIBSEFO
PGUFSBIFSU[SBEJBUJPOBTDPNQBSFEUP VTFSPGTVDIQIPOFTUPGPDVTPONJEEMF UIFDFSBNJDBOEUIFUPQTPGUIFCSJEHFT
SBEJBUJPOFGGFDUTGSPNMJHIUOJOH EJTUBODFPCKFDUTBOEUIFOCPUIUIFDMPTF BSFUIFOSPVHIFOFEUPJNQSPWFUIFJSHSJQ
"OPUIFSTQJOPGGGSPNUIFHPWFSONFOUT BOEMPOHEJTUBODFPCKFDUTCFDPNFCMVSSZ $POEVDUJWFNBUFSJBMJTQSJOUFEPOUPUIF
3VUIFSGPSE"QQMFUPO-BCPSBUPSZ  &WFOJGPOFUSJFTUPDSFBUFUIFFGGFDUPG CSJEHFTMFHTUPGPSNFMFDUSPEFTTPUIBU
5ISV7JTJPO UBMLTBCPVUBQBTTJWFTDBOOFS UFMFQIPUPCZJODSFBTJOHUIFTJ[FPGDFSUBJO XIFOBDVSSFOUJTGFEUPUIFFMFDUSPEFT UIF
JNBHJOHPCKFDUTDPODFBMFEVOEFSTFWFSBM TFDUJPOTPGBOJNBHF UIFQJYFMTPGUIBU MFHTnFYBOENPWFTUIFCSJEHF
MBZFSTPGDMPUIJOH3FTFBSDIFSTDMBJNUIBU QBSUJDVMBSTFDUJPOHSPXJOTJ[FMFOEJOHUIF /PXJOBTFUVQMJLFUIJTXIFOBMFOTJT
UIFUFDIOPMPHZDBOCFVTFEJOUIFBSFBPG JNBHFBCMPUDIZBOENPTBJDMPPL QMBDFEBOEUIFBMUFSOBUFDVSSFOUJTQBTTFE
EFOUJTUSZGPSJNBHJOHUFFUI XJUIPVUUIF 5IFSFGPSF UPBEENPCJMJUZ UFDIOPMPHJTUT UISPVHIUIFCSJEHF UIFCSJEHFHBJOT
SJTLTPG93BZ
TFDVSJUZGPSTDSFFOJOH BSFMFGUXJUIPOFPQUJPO‰UIBUPGBQQMZJOH NPNFOUVNBOEJOUVSOBEKVTUTUIFQPTJUJPO
QFPQMF CBHTBOEPUIFSQBDLBHFTBOE BMUFSOBUJOHDVSSFOUTUPUIFQSFDJTJPO PGUIFMFOT5IJTXJMMFGGFDUJWFMZDSFBUF
FMFDUSPOJDTGPSOPOEFTUSVDUJWFJNBHJOHPG FOHJOFFSFEQJF[PFMFDUSJDDFSBNJDVTFEJO UIFFGGFDUPG[PPNJOHPSGPDVTJOHPOUIF
JOUFHSBUFEDJSDVJU TUJMMDBNFSBT5IJTXPVMEHFUJUNPWJOH JOUFOEFEPCKFDU

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
 .%737)2%

7ZndcYi]Z]dg^odc HigdWZZ[[ZXi[dgheVXZh^X`cZhh
$ PNFBOEZPVXJMMIBWFMPUTUP
EFWPVSGSPNUIFTLZ#ZUIBUUJNF UIF
N-BSHF4ZOPQUJD4VSWFZ5FMFTDPQF
" OFXXBZUPUBDLMFTQBDFTJDLOFTT
EFTDSJCFEBTBHJEEZGFFMJOH
UIBU
VTVBMMZMBTUTFWFOBGUFSMBOEJOHIBTCFFO
DBOOPSNBMJ[FUIJTNJTNBUDI3FTDILF
GPVOEPVUUIBUTUSPCFMJHIUJOHBMTPIFMQTJO
DSFBUJOHUIFFGGFDUPGGSP[FOJNBHFJOUIF
-445
JTFYQFDUFEUPCFJOTUBMMFEPO GPVOE.JMMBSE3FTDILFPG+PIOTPO4QBDF SFUJOB5IFSFGPSF IFBOEIJTUFBNDSFBUFE
$FSSP1BDIâO BNIJHIQFBLJO $FOUFSBMPOHXJUI(FPSHF'PSEBOE+FGGSFZ HMBTTFTNBEFPG-$%TIVUUFSTUIBU
/PSUIFSO$IJMF 4PNFSTBU8ZMF-BCPSBUPSJFTJO)PVTUPO  TXJUDIGSPNEBSLUPDMFBSWJFXWFSZ
6OMJLFPUIFSUFMFTDPQFTVTJOHPOMZPOF IBWFEFTJHOFEBQBJSPGHPHHMFTUIBU RVJDLMZQSPWJEJOHBTUSPCFFGGFDU8JUIJO
MBSHFNJSSPSBOETFWFSBMTNBMMNJSSPSTUP TUJNVMBUFTUIFTUSPCFMJHIUJOHFGGFDUUP POFTFDPOE UIFJSHMBTTFTBMMPXFEGPVS
DPMMFDUBOEGPDVTUIFMJHIU -445XJMMVTF QSFWFOUUIFOBVTFBUJOHFGGFDUTPGTQBDF NJMMJTFDPOEnBTIFTPGMJHIUUPDSFBUF
UISFFMBSHFNJSSPSTXIFSFNFBTVSJOH TJDLOFTT UIFTUSPCFXIJDIXPVMEGSFF[FUIF
N NBOENSFTQFDUJWFMZ8IJMF JNBHFPOUIFSFUJOBBOESFEVDFUIF
FYQMBJOJOHUIFOFFEPGUIFUISFFMBSHF EJTQBSJUZCFUXFFOUIFFZFBOEUIF
NJSSPST %POBME4XFFOZ QSPKFDUNBOBHFS FBS5IJTFWFOUVBMMZMFTTFOTUIFTQBDF
PG-445FYDMBJNFEUIBUUIFTFUISFFNJSSPST TJDLOFTTFGGFDU
XPVMEOVMMJGZUIFEJTUPSUJPOPGmFMEBU 3FTDIFLFTUFBNJTDVSSFOUMZUFTUJOH
UIFFEHFTTPWFSZQSPNJOFOUJOPUIFS UIFHMBTTFTPOBQBSBCPMJDBJSDSBGUUIBU
UFMFTDPQFT5IJTBMTPJNQMJFTUIBU-445 TJNVMBUFTNJDSPHSBWJUZCZEJWJOHUPXBSET
XJMMIBWFBmFMEPGWJFXPGGPVSJODIFT  UIFFBSUI
FRVJWBMFOUUPFJHIUGVMMNPPOT XIJDIJT 0SFHPOCBTFE.BD/BVHIUPOJTBMSFBEZ
XBZXJEFSUIBOUIFSFHVMBSmFMEPGWJFX *UJTJOGFSSFEUIBUTQBDFTJDLOFTTPDDVST EFWFMPQJOHUIFHMBTTFT#VU3FTDIFLFT
NFBTVSJOHJODIFT EVFUPNJTNBUDIPGXIBUUIFFZFTTFF UFBNQPJOUFEPVUUIBUUIFTFHMBTTFTXPVME
BOEUIFFBSTIFBSBGUFSFYQFSJFODJOHUIF OPUDPNQMFUFMZFMJNJOBUFTQBDFTJDLOFTT
SBUUMFTBOETIBLFTPGWFIJDMFNPWFNFOU 5IFTFHPHHMFTPOMZIFMQUPSFEVDFUIF
'SFF[JOHUIFJNBHFTGPSNFEPOUIFSFUJOB OBVTFBUJOHGFFMJOH

7ZiiZgE8^bbjc^in
$ DPNQVUFSTFDVSJUZTZTUFNTGPMMPXPVS
CPEZTEFGFOTFNFDIBOJTNUPmHIU
CBDLWJSVTFTBOEIBDLFST6XF"JDLFMJO 
OPUBUUBDLGPSFJHONPMFDVMFTTUSBJHIUBXBZ
*OTUFBE JUEFUFDUTBOEPCTFSWFTUIF
CFIBWJPSPGTVDINPMFDVMFTBOESBJTFTUIF
"MPOHXJUIUIFFYUSBXJEFmFMEPGWJFX  BDPNQVUFSTDJFOUJTUGSPNUIF6OJWFSTJUZ BMBSNPOMZXIFOUIFZTUBSUDSFBUJOHTPNF
-445JTEFTJHOFEUPIPMEBEJHJUBMDBNFSB PG/PUUJOHIBN6,BOEIJTUFBNIBWF USPVCMF
XJUICJMMJPOQJYFMTUPJNBHFUIFFOUJSF EFWFMPQFEBTZTUFNUIBUPGGFSTCFUUFS "JDLFLJOBOE$BZ[FSIBWFTUVEJFEUIF
TLZGPSUISFFOJHIUT5IJTXJMMQSPEVDF QSPUFDUJPOUPZPVS1$GSPNUIFSBWBHFTPG GVODUJPOBMJUZPGEFOESJUJDDFMMTGPSNJOHUIF
UFSBCZUFPGEBUBFBDIOJHIU5IJTJNBHJOH FNBJMWJSVTFTBOEEFOJBMPGTFSWJDFBUUBDLT GSPOUMJOFXBSSJPSTPGPVSCPEZTJNNVOF
XJMMBMMPXBTUSPOPNFSTUPEFUFDUPCKFDUT 3FTFBSDIFSTBHSFFEUIBUGPSEFDBEFT  TZTUFN5IFTFEFOESJUJDDFMMTQJDLVQEJTUSFTT
UIBURVJDLMZDIBOHFUIFJSQPTJUJPOTVDIBT UIFZIBWFCFFOUSZJOHUPEFWFMPQBSUJmDJBM TJHOBMGSPNUIFBUUBDLFEBOEEZJOHDFMMTJO
OFBS&BSUIBTUFSPJETBOEUIFJSCSJHIUOFTT JNNVOFTZTUFNGPSDPNQVUFSTi5IF PVSCPEZBOENPWFPOMZXIFOUIFWPMVNF
TVDIBTi4VQFSOPWBFw UIFSFBTPOXIZ XBZPVSJNNVOFTZTUFNEFUFDUTBUUBDLT PGUIFEZJOHDFMMTFYDFFEBTFUCFODINBSL
GSBNFTBSFDBQUVSFEGFXEBZTBQBSU-445 GSPNVOLOPXOQBUIPHFOTNBLFTJUBO 4JNJMBSMZ UIFTPGUXBSFPG"JDLFMJOTTZTUFN
XJMMBMTPIBWFUIFDBQBCJMJUZPGTVSWFZJOH JEFBMNPEFM wJOGPSNFE4UFWF$BZ[FS B LFFQTBDMPTFXBUDIPOUIFEJTUSFTTDBMMT
MBSHFSBSFBTSFQFBUFEMZUPDSFBUFNPWJFT DPNQVUBUJPOBMOFVSPTDJFOUJTU#VUTPGBS UIF XJUIJOBOFUXPSL5IFTPGUXBSFHFUTJOUP
5IFMBSHFNJSSPSTXJMMIFMQJOQFFSJOH DPNQVUFSJNNVOFTZTUFNVTFEUPNJNJD BDUJPOPOMZXIFOUIFOVNCFSPGEJTUSFTT
BUEJTUBOUHBMBYJFTUPPCTFSWFIPXNVDI UIFGVODUJPOPGUIFXIJUFCMPPEDFMMT5IF DBMMTJODSFBTFTBQSFTFUUISFTIPME5PFYQMBJO
UIFJSMJHIUCFOETEVFUPJOUFSWFOJOHEBSL XBZPVSXIJUFCMPPEDFMMTXBUDIPVUGPS UIJT "JDLFMJOTUBUFEUIBUXIFOBDPNQVUFS
NBUUFST IPXUIFEBSLFOFSHZBGGFDUTPUIFS BMJFONPMFDVMFTTVDIBTQSPUFJOTNBEFCZ JTQJOHFEGSPNBOPUIFSDPNQGPSBOVNCFS
BTUSBMCPEJFTBOEUIFXBZHBMBYJFTFBTJMZ WJSVTFT CBDUFSJBBOEQBSBTJUFTBOEBUUBDL  PGUJNFTJOPSEFSUPWFSJGZUIF*1BEESFTTBOE
HSPVQUPHFUIFSJODMVTUFST TJNJMBSMZUIFJNNVOFTZTUFNPGBDPNQVUFS DIFDLXIFUIFSJUJTPOMJOFPSOPU UIFOUIF
4XFFOFZJOGPSNFEUIBUUIFUPUBMDPTU USBDFTBMJFOBDUJWJUZBOETVNNPOTVQBO BDUJWJUZDBOOPUCFUFSNFEBTBOBUUBDL#VU
FTUJNBUFEGPSUIJTUFMFTDPQFJTNJMMJPO  BUUBDL*OBOFUXPSL UIJTXBTQFSGPSNFECZ JGUIFSFBSFNJMMJPOTPGUIFN UIFOTVSFMZ
PVUPGXIJDIPOMZNJMMJPOIBTCFFO TPGUXBSFUIBUVTFEUPQPMJDFTVDIBDUJWJUZ JUJTBEFOJBMPGTFSWJDFBOEUIFTJUVBUJPO
SBJTFETPGBSGSPNQSJWBUFEPOPST "MUFSOBUJWFMZ "JDLFMJOTTZTUFNEPFT JTBMBSNJOH

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
 .%737)2%

L]^hia^c\XVaa K^gVa[Vh]^dcidYdi]ZgdjcYh

% 5
PMQIJOTBSFOPUKVTUSFTQPOTJWFUP IFUFDIOPMPHZBOEGBTIJPOJOEVTUSJFT
IVNBOCFJOHT UIFZFWFOLOPX IBWFCFFOXPSLJOHDMPTFMZTJODFUIFMBTU
FBDIPUIFSCZOBNF4DJFOUJTUT GFXZFBST"OEBU.*5T.FEJB-BCJUJTOP
IBWFDMBJNFEUIBUBQBSUGSPNIVNBOT EJGGFSFOU3FTFBSDIFSTUIFSFBSFEFWFMPQJOH
POMZ#PUUMFOPTFEPMQIJOTVTFTPVOET GBTIJPOBDDFTTPSJFTPOXIJDIQBUUFSOTBOE
UPSFQSFTFOUUIFNTFMWFTBOESFDPHOJ[F EFTJHOTDBODIBOHFBDDPSEJOHUPUIFXFBSFST
NFNCFSTPGUIFJSHSPVQ5IFXIJTUMJOH XIJNBOEGBTIJPOQSJOUTDBOCFTIBSFEWJSBMMZ
UIBUUIFZJOEVMHFJOUSBOTNJUTNPSF WJBXJSFMFTTDPNNVOJDBUJPO
5IFSFTFBSDIQSPKFDUJTFOUJUMFE
i6SCBOIFSNFTwJOIPNBHFUPUIFGBNPVT
1BSJTJBOMVYVSZHPPETNBOVGBDUVSFS5IF
HPBMJTUPUBLFDVFTGSPNUIFPOMJOFXPSME .*5Ti6SCBO)FSNFTwDPODFQUGPS
BOEBQQMZUIFNUPQIZTJDBMGBTIJPO OFYUHFOFSBUJPOGBTIJPOVTFTB
DPNNVOJDBUJWFGBTIJPOGSBNFXPSL
6SCBOIFSNFTEFmOFTBDPNNVOJDBUJWF
GBTIJPOGSBNFXPSLUIBUXPVMEVMUJNBUFMZ BENJUUFEJTTJNQMJTUJDDPOTJTUJOHPGB4IBSQ
DPOTJTUPG0-&%JOUFHSBUFEDMPUIJOHNBUFSJBM ;BVSVT1%"XPWFOJOUPBNFTTFOHFSCBH5IF
EJTQMBZJOHEJHJUBMJNBHFTBOEEFTJHOT5IFZ -$%TDSFFOPGUIF;BVSVT XIJDIGFBUVSFTB
DPVMEBMTPCFVQEBUFEXIFOPOFEFTJSFT GPS -JOVYCBTFEEFWFMPQNFOUQMBUGPSNJTWJTJCMF
JOTUBODF B5TIJSUDPVMECFTPMJECMVFPOF UISPVHIBDMFBSQMBTUJDXJOEPX5IFEFWJDF
%PMQIJOTDBOXIJTUMFUIFJSOBNFT
EBZBOETUSJQFEUIFOFYU VTFT#MVFUPPUIBOEJOGSBSFEUFDIOPMPHZGPS
JEFOUJUZJOGPSNBUJPOUIBOBOZPUIFSUZQF 5IFTFEJHJUBMJNBHFTDPVMEUIFOCF QSPYJNJUZEFUFDUJPOBOEEBUBUSBOTNJTTJPO
PGDPNNVOJDBUJPOSFTPSUFEUPCZPUIFS USBOTNJUUFEXJSFMFTTMZUPDMPUIJOHXPSOCZ 5IFLFZUP6SCBOIFSNFTJTUPCSJOHUIJT
BOJNBMTSFDPHOJ[JOHTQFDJFT PUIFSQFPQMF UIFSFCZDSFBUJOHBTPSUPGWJSBM QSPQBHBUJPOTQFFEUPUIFQIZTJDBMXPSME TP
5IJTJTBNPSFTPQIJTUJDBUFEXBZ GBTIJPO QSPQBHBUJOHJONVDIUIFTBNFXBZ UIBUDIBOHJOHUIFQBUUFSOPODMPUIFTXPVME
PGDPNNVOJDBUJOHFYQSFTTJOHBOE BWJSVTEPFTPOMJOF CFBTTJNQMFBTBCTPSCJOHGBTIJPOGSPNUIF
VOEFSTUBOEJOHTQFDJmDiOBNFTwTBZT7JODFOU 5IFQSPPGPGDPODFQUUIBU%POBUI QFSTPOOFYUUPZPV
+BOJLPGUIF6OJWFSTJUZPG4U"OESFXTJO
4DPUMBOEBOEIJTUFBNPGTDJFOUJTUT XIP
SFTFBSDIFEPOCPUUMFOPTFEPMQIJOTBOE
7^iiZcWni]ZWZZiaZ
TZOUIFTJ[FEUIFJSTJHOBUVSFXIJTUMFT
5PUFTUXIFUIFSUIFEPMQIJOT
SFDPHOJ[FEOBNFTSFQSPEVDFEJOUIJTXBZ 
" NBUFSJBMJOTQJSFECZBEFTFSUCFFUMFT
USJDLGPSFYUSBDUJOHXBUFSGSPNUIFBJS
DPVMEIBWFBSBOHFPGOPWFMFOHJOFFSJOH
NBUFSJBMXBTUIFOQMBDFEBCPWFUIJTUP
CVJMEBIJHIMZXBUFSSFQFMMFOUTVSGBDF
"XBUFSBUUSBDUJOHQBUUFSOXBT
UIFTDJFOUJTUTQMBZFECBDLUPJOEJWJEVBM BQQMJDBUJPOT*UDPVMECFVTFEUPNBLFTFMG UIFODSFBUFEPOUPQPGUIJTCZBEEJOHB
EPMQIJOTUIFTZOUIFTJ[FEXIJTUMFT EFDPOUBNJOBUJOHTVSGBDFT LFFQDPNQVUFS TPMVUJPOPGDIBSHFEQPMZNFSNPMFDVMFT
PGBDMPTFSFMBUJWF VTVBMMZNPUIFSPS DIJQTDPPMBOENBLFQPDLFUTJ[FEDIFNJDBM 5IFTFOBUVSBMMZBODIPSBUPOFFOEUPUIF
JOEFQFOEFOUPGGTQSJOH
UPTFFJGUIFZ UFTUJOHEFWJDFT OBOPQBSUJDMFTBOEBSFTUSPOHMZBUUSBDUJWF
SFBDUFE5IFSFTFBSDIFSTUIFODPNQBSFE 5IF/BNJCEFTFSUCFFUMFMJWJOHPOUIF UPXBUFSNPMFDVMFTBUUIFPUIFSFOE4JODF
UIFSFBDUJPOTUPSFTQPOTFTUPTZOUIFTJ[FE QBSDIFETBOETPGTPVUIXFTU"GSJDBDPMMFDUT BMMUIFNBUFSJBMTJOWPMWFEBSFJOMJRVJEGPSN 
DBMMTGSPNVOSFMBUFEEPMQIJOT*OOJOFPVU ESJOLJOHXBUFSVTJOHJUTXJOHT XIJDIBSF SFTFBSDIFSTTBZJUTIPVMECFFBTZUPDVTUPN
PGDBTFT UIFEPMQIJOTSFBDUFEUPUIF XBYFEBOEDPWFSFEXJUIBOBSSBZPGSBJTFE NBLFTVSGBDFT
OBNFPGUIFDMPTFSFMBUJWF VOXBYFECVNQT5IFCVNQTTUSPOHMZ i8FDPVMEVTFJOLKFUTUZMFQSJOUJOHUP
)PXFWFS UIFSFXFSFmWFDBTFTXIJDI BUUSBDUXBUFSXIJMFUIFXBYZBSFBTSFQFMJU UISPXEPXOBOZQBUUFSOZPVXBOU wTUBUFT
TIPXFEEPMQIJOTOPUSFBDUJOHUPUIF 4DJFOUJTUTIBWFBMSFBEZDSFBUFEB 3PCFSU$PIFO BDIFNJDBMFOHJOFFSGSPN
TZOUIFTJ[FEOBNFT#VUBDDPSEJOHUPUIFN NBUFSJBMDPWFSFEXJUINNXJEFXBUFS .*5#VU$PIFOCFMJFWFTNPSFVOVTVBM
JUXBTQSPCBCMZBiNPUJWBUJPOBMJTTVFw BUUSBDUJOHDIBOOFMTPOUPQPGBIJHIMZ QBUUFSOTDPVMEIBWFFWFONPSFFYPUJD
TVDIBTUIFSFMBUJPOTIJQCFUXFFOUIF XBUFSSFQFMMJOHCBDLHSPVOE5IJTEFTJHO BQQMJDBUJPOTi*UDPVMECFVTFEGPSDPPMJOHB
BOJNBMTCFJOHUFTUFEBOEUIFOBNFTCFJOH DBVTFTXBUFSUP[JQGSPNPOFTJEFPGUIF NJDSPDIJQXJUIPVUUIFOFFEGPSBQVNQUP
DBMMFEPVU NBUFSJBMUPUIFPUIFS5PDSFBUFUIFCFFUMF ESJWFUIFnVJEBSPVOE wIFTBZT
"SFTFBSDIBMTPEFMJOFBUFTUIBUTPVOE JOTQJSFENBUFSJBM UIFUFBNBQQMJFEBMBZFS +VMJBO7JODFOU BCJPNJNFUJDTSFTFBSDIFS
QSPEVDUJPOJTHSFBUMZBGGFDUFECZDIBOHJOH PGQPMZNFSUPBTIFFUPGHMBTT SPVHIFOFE BU#BUI6OJWFSTJUZJOUIF6, TBZTUIFXPSL
XBUFSQSFTTVSF UIVTNBLJOHWPJDF JUXJUIBDJEBOEUIFOEFQPTJUFETQFDJBMMZ EFNPOTUSBUFTUIBUOBUVSFDBOJOTQJSF
SFDPHOJUJPONPSFEJGmDVMUUIBOJOBJS DPBUFETJMJDBOBOPQBSUJDMFT"5FnPOMJLF TPQIJTUJDBUFEFOHJOFFSJOH

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
 .%737)2%

:Xd8dbeji^c\
1$NBOVGBDUVSJOHDPNQBOJFTBSFGJOEJOHXBZTUPSFDZDMFDPNQVUFSIBSEXBSFBOE
TBWFUIFFOWJSPONFOUGSPNUIFSJTLTPGFMFDUSPOJDKVOL

" OPUIFSXPSMEFOWJSPONFOUEBZKVTU
PCTFSWFE8IJMFUIF,ZPUPOBUJPOTSFWJFXFE
UIFQSPUPDPMBOEDPODFJWFEXBZTPGFYUFOEJOH
SVSBMNBSLFUT UIFSFCZBMMPXJOHQSFIJTUPSJD
DPNQVUFSTUPUSJDLMFJOUPTNBMMWJMMBHFTBOE
UPXOT0ODFUIFPVUEBUFEDPNQVUFSTDFBTFUP
UIFQBDUCFZPOE XFIFSFEJTDVTTIPXUP GVODUJPOBEFRVBUFMZ UIFZBSFVODFSFNPOJPVTMZ
TBWFUIFFOWJSPONFOUGSPNGBMMJOHQSFZUPUIF EJTQPTFEJOUIFMPDBMFOWJSPONFOU1FPQMF
BGUFSFGGFDUTPGFMFDUSPOJDXBTUF BSFVOBXBSFPGUIFUSFNFOEPVTOFHBUJWF
5IFMJGFDZDMFPGBDPNQVUFSJTVTVBMMZ JNQBDUUIFTFEJTQPTFEDPNQVUFSTIBWFPO
UISFFUPGJWFZFBST"OESBQJEBEWBODFNFOUT UIFFOWJSPONFOU5IFMFBEBOENFSDVSZ
JOUFDIOPMPHZBSFSFOEFSJOHPMEDPNQVUJOH DPNQPOFOUTPGUIFEJTQMBZT MFBE NFSDVSZ
FRVJQNFOUEFBE"DDPSEJOHUPBSFDFOUTUVEZ PSDBENJVNPGUIFCBUUFSJFT DBENJVN 
CZUIF/BUJPOBM4BGFUZ$PVODJM CZNPSF DISPNJVN NFSDVSZ OJDLFM PSMFBEDPOUBJOFEJO
UIBONJMMJPO1$TXPVMEIBWFSFTPSUFE UIFQBJOUTBOEQBDLBHJOHBOEUIFIBMPHFOTJO
UPSFUJSFNFOU"OFTUJNBUFENJMMJPO1$T UIFDBCMFTBOEQSJOUFEDJSDVJUCPBSETDBOXSFBL
CFDBNFPCTPMFUFJOBOENPTUPGUIFTF IBWPDUPUIFFOWJSPONFOU
BSFTUJMMJOTUPSBHF5IFSFNBJOJOH1$TXFSF 5BLJOHJOUPBDDPVOUUIFEBOHFSTEVNQFE
EJTQPTFEXJUIGFXFSUIBOQFSDFOUCFJOH 1$TFYQPTFQFPQMFUPBOEUIFEJGmDVMUZJO
SFDZDMFE XIJDIJTXIZFDPDPNQVUJOHCFDPNFT SFTQPOTJCMZEJTQPTJOHPGGDPNQVUFSIBSEXBSF 
JNQPSUBOU"GUFSBMM DPNQVUFSTDPOUBJO 1$WFOEPSTBSFSBNQJOHVQNBOEBUPSZ
FOWJSPONFOUBMMZIB[BSEPVTDPNQPOFOUTBOE SFDZDMJOHQSPHSBNT"QQMFSFDFOUMZBOOPVODFE
PODFEVNQFEEFOVEFUIFFOWJSPONFOUUP BOFYQBOTJPOPGJUTSFDZDMJOHQSPHSBNJOUIF
VOQSFDFEFOUFESJTLT4FWFSBMNBOVGBDUVSJOH 64'SPN+VOF "QQMFXJMMCFUBLJOHPME
DPNQBOJFTDPOUJOVFUPPWFSMPPLUIFEBNBHF DPNQVUFSTGPSGSFFXJUIUIFQVSDIBTFPGBOFX
UIFTFNBDIJOFTEPUPUIFFOWJSPONFOUBGUFS .BDJOUPTITZTUFN5IPTFXIPCVZBOFX.BD
UIFJSQSPEVDUJWFMJGFDZDMFJTPWFS*OGBDU UIJSE UISPVHIUIF"QQMFSFUBJMTUPSFPSUISPVHIUIF
XPSMEDPVOUSJFTDPOUJOVFUPCFDPNFEVNQJOH XFCTJUF XXXBQQMFDPN
XJMMSFDFJWFGSFF
HSPVOETGPSUIFTFDPNQVUFST5IFMVSFPG TIJQQJOHBMPOHFOWJSPONFOUGSJFOEMZEJTQPTBM
DIFBQDPNQVUFSTBOEQFSJQIFSBMTUFNQUUIF PGUIFJSPMEDPNQVUFSBTQBSUPGUIF"QQMF
3FDZDMJOHQSPHSBN&RVJQNFOUSFDFJWFECZUIF
QSPHSBNJOUIF64JTSFDZDMFEEPNFTUJDBMMZBOE
OPIB[BSEPVTNBUFSJBMJTTIJQQFEPWFSTFBT
%FMMBMTPBMMPXTZPVUPSFDZDMFZPVS
VOXBOUFE1$PSDPNQVUFSFRVJQNFOUGPSB
nBUGFFQFSJUFN-JLF"QQMF JGZPVCVZBOFX
%FMMEFTLUPQPSOPUFCPPLBOEPQUGPSUIFGSFF
SFDZDMJOHPQUJPOBUUIFUJNFPGQVSDIBTF UIFZ
XJMMSFDZDMFZPVSPME1$BOENPOJUPSGPSB
MJNJUFEUJNF*OGBDU CVZFSTPG%FMMDPNQVUFST
DBOBVDUJPOPME%FMM1$TWJBXXX%FMM"VDUJPO
DPNPSEPOBUFJUUPEJTBCMFEPSFDPOPNJDBMMZ
EJTBEWBOUBHFEDIJMESFOBOEBEVMUTUISPVHIUIF
/BUJPOBM$SJTUJOB'PVOEBUJPO"QBSUGSPNUIF
BCPWF %FMMT7BMVF3FDPWFSZ4FSWJDFBOEUIF
1$3FDZDMJOH4FSWJDFQSPHSBNTBMMPXNFEJVN
BOEMBSHFCVTJOFTTPSHBOJ[BUJPOTUPSFDZDMF
DPNQVUFSIBSEXBSF8IJMFUIF7BMVF3FDPWFSZ
4FSWJDFSFGVSCJTIFTFRVJQNFOUGPSSFTBMF UIF1$

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
.%737)2%å 

3FDZDMJOH4FSWJDFJODMVEFTEBUBSFNPWBM  NFFU$BMJGPSOJBTTUSJDUFSBQQMJBODF
POTJUFQBDLJOH FRVJQNFOUSFNPWBMBOE FGmDJFODZSFHVMBUJPOT TDIFEVMFEUP
&1"DPNQMJBOUSFDZDMJOH5IFDPTUWBSJFT UBLFFGGFDUGSPN+VMZ 
%FMMBDDFQUTBOZCSBOEPGIBSEXBSF CVU "DDPSEJOHUP"QQMF FMJNJOBUJPO
UIFSFNVTUCFBUMFBTUPSNPSFQJFDFT PG$BUIPEF3BZ5VCF $35
EJTQMBZT
UPCFHJOXJUI IBTNBEFUIFJSQSPEVDUMJOFNVDI
5IF1$3FDZDMJOH4FSWJDFGSPN*#. NPSFFOWJSPONFOUBMMZGSJFOEMZ
DPNFTJOUIFGPSNPGBLJUDPOTJTUJOH 5IFJSnBUQBOFMEJTQMBZTIBWFDVU
PGBQSFQBJE614TIJQQJOHMBCFMBOE EPXOPONPSFUIBOUXPQPVOETPG
JOTUSVDUJPOT0OFLJUDPWFST1$TGSPN MFBE DPOTVNFVQUPQFSDFOUMFTT
EJGGFSFOUWFOEPSTBOEJODMVEFTTZTUFN FOFSHZJOTMFFQNPEF BOEXFJHIIBMG
VOJUT NPOJUPST NJDF LFZCPBSET BOE BTNVDIBTUIFJS$35DPVOUFSQBSUT5IFJS
QFSJQIFSBMT5PUBMTIJQQJOHXFJHIUDBOOPU DPNQVUFSTTIJQXJUIQPXFSNBOBHFNFOU
FYDFFEQPVOET*#.XJMMBTTFTTTZTUFNT FOBCMFE XIJDINFBOTUIBUBMPXQPXFS
UPTFFJGUIFZDBOCFSBNQFEVQGPS TMFFQNPEFXJMMBVUPNBUJDBMMZBDUJWBUF
EPOBUJPOUP(JGUTJO,JOE*OUFSOBUJPOBM JGUIFSFIBTCFFOOPVTFSBDUJWJUZGPS SFNPWFE17$GSPNBMMQSPEVDUT FYDFQU
(*,*
BDIBSJUZGPSQSPEVDUQIJMBOUISPQZ NJOVUFT DBCMFTBOEXJSJOH EVFUPDVTUPNFS
UIBUDPOUSJCVUFTUPBOFUXPSLPGPWFS #SBOETMJLF)1UPPIBWFUBLFOVQUIJT QSFGFSFODFT"DDFQUBCMFBMUFSOBUJWFTBSF
 OPOQSPmUHSPVQTXPSMEXJEF DIBMMFOHF)1QSPEVDUTBSFBMTPDPNQMJBOU OPUZFUBWBJMBCMFGPS17$DPBUFEDBCMFT
XJUIUIFSFTUSJDUJPOTPGIB[BSEPVT BOEXJSJOH1PUFOUJBMBMUFSOBUJWFTUP17$
Gd=H9^gZXi^kZ TVCTUBODFT 3P)4
JO$BMJGPSOJBBOE GPSXJSFTBOEDBCMFTBSFFNFSHJOHTVDIBT
5IF&VSPQFBO6OJPOBEPQUFEUIF &VSPQF)1IBEBMSFBEZSFTUSJDUFEGPVS UIFSNPQMBTUJDSVCCFSFMBTUPNFS 51351&

EJSFDUJWFPOUIFSFTUSJDUJPOPGUIFVTF PGUIFTVCTUBODFTQSJPSUPBOEJT BOEQPMZFUIZMFOFEFSJWFEIZCSJET#VU
PGDFSUBJOIB[BSEPVTTVCTUBODFTJO FOTVSJOHUIBUBMMTVCTUBODFTSFHVMBUFECZ UIFTFNBUFSJBMTBSFOPUZFUTVGmDJFOUMZ
FMFDUSJDBMBOEFMFDUSPOJDFRVJQNFOU  3P)4BSFSFTUSJDUFEJOFWFSZ)1IBSEXBSF EFWFMPQFEGPSXJEFTDBMFVTFBOEBO
BMTPLOPXOBTUIF3P)4EJSFDUJWF5IF QSPEVDU BTTFTTNFOUPGMPOHUFSNFOWJSPONFOUBM
3P)4%JSFDUJWFSFTUSJDUTUIFVTFPG )1TnBUQBOFMEJTQMBZT OPUFCPPLT  JNQBDUTBOETBGFUZBQQSPWBMJTZFUUPCF
DFSUBJOTVCTUBODFTTVDIBTMFBE NFSDVSZ  NVMUJGVODUJPOIBOEIFMETBOEBMMJOPOF mOBMJ[FE
DBENJVN IFYBWBMFOUDISPNJVNBOE QSJOUFSTIFMQSFEVDFFOFSHZDPOTVNQUJPO  )1JOUFOETUPJNQMFNFOUUIF
UXPnBNFSFUBSEBOUT‰1##BOE1#%&JO DBSCPOEJPYJEFFNJTTJPOTBOETQBDFVTFE SFDZDMJOHQSPHSBNPGQSJOUFSTVQQMJFT
FMFDUSJDBMBOEFMFDUSPOJDQSPEVDUTTPMEJO JOUSBOTQPSU BMMPGXIJDISFTVMUJOMPXFS BOEDPNQVUFSFRVJQNFOUXPSMEXJEF
UIF&VSPQFBO6OJPOBGUFS+VMZ  FOWJSPONFOUBMJNQBDU 5PEBZ UIFTFQSPHSBNTBSFJOQSBDUJDF
4JNJMBSSFTUSJDUJPOTBSFCFJOHJOUSPEVDFE #VTJOFTTFT HPWFSONFOUT DVTUPNFST JOUIF64 $BOBEB NPTUPG&VSPQFBOE
FMTFXIFSFJOUIFXPSMETVDIBTJO$IJOB BOEUIFQVCMJDBSFJODSFBTJOHMZJOUFSFTUFE TPNF"TJB1BDJmD BOE-BUJO"NFSJDBO
-POHCFGPSF"QQMFCFHBOJUT3P)4 JOSFTQPOTJCMFSFVTFBOEEJTQPTBMPGVTFE DPVOUSJFT5IF)11MBOFU1BSUOFST
USBOTJUJPO UIFJSPXO4VCTUBODF1PMJDZ FMFDUSPOJDT )BSEXBSF3FUVSOBOE3FDZDMJOH1SPHSBN
SFTUSJDUFEUIFVTFPGNBOZPGUIF .BOZDPVOUSJFTBSFBEPQUJOHPS JO*OEJBJTBOJOJUJBUJWFUPQSPWJEFJUT
NBUFSJBMTSFTUSJDUFECZ3P)4 JODMVEJOH QSPQPTJOHMFHJTMBUJPOSFRVJSJOHSFTQPOTJCMF DVTUPNFSTBOFBTZXBZUPEJTQPTFPGVTFE
NFSDVSZ DBENJVN IFYBWBMFOUDISPNJVN  FOEPGMJGFQSPEVDUNBOBHFNFOU  DPNQVUJOHFRVJQNFOUJOBTPDJBMMZBOE
CSPNJOBUFEnBNFSFUBSEBOUTBOE JODMVEJOHUIF6OJUFE4UBUFT $BOBEB  FOWJSPONFOUBMMZSFTQPOTJCMFNBOOFS5IF
UIFVTFPGMFBEGPSNFDIBOJDBMQMBTUJD .FYJDP $IJOB 5BJXBO +BQBO BOE,PSFB QSPHSBNPGGFSTUPUBLFCBDLFOEPGMJGF
QBSUT QBJOUT JOLT QBDLBHJOHBOE *NQMFNFOUBUJPOPGUIF&VSPQFBO6OJPO )1BOEOPO)1DPNQVUFSBOEQSJOUJOH
CBUUFSJFT8PSMEXJEFDPNQMJBODFGPS 8BTUF&MFDUSJDBMBOE&MFDUSPOJD&RVJQNFOU IBSEXBSFQSPEVDUTTVDIBTTDBOOFST GBY
BMMQSPEVDUTXJUIUIF3P)4EJSFDUJWFJT 8&&&
%JSFDUJWFCFHBOJO SFRVJSJOH NBDIJOFT QFSTPOBMDPNQVUFST TFSWFST 
CFJOHBOUJDJQBUFECZ+VMZ"QQMF NBOVGBDUVSFSTUPFOTVSFUIBUDVTUPNFST NPOJUPST IBOEIFMEEFWJDFT QSJOUFST
DMBJNTUIBUJ1PEDIBSHFSTBSF&OFSHZ4UBS DBOSFDZDMFFMFDUSPOJDQSPEVDUTQPTU BOEFYUFSOBMDPNQPOFOUTTVDIBTNJDF 
DPNQMBJOUXIJMFUIFJ1PE/BOPJTNBEF UIFJSMJGFDZDMF LFZCPBSET FUD
GSPNCJPEFHSBEBCMFTUBSDIBOEUIFGVSPG 1SPEVDUEFTJHOJTDSJUJDBMBTJUJNQBDUT *UJTCFUUFSUPCFTBGFUIBOTPSSZ4P 
OPOFOEBOHFSFEmFMENJDF*OBEEJUJPO  UIFBCJMJUZUPSFVTFPSSFDZDMFQSPEVDUT XIJMFUIF,ZPUPBHSFFNFOUDPOUJOVFT 
J1PEQPXFSBEBQUFSTOPXFYDFFE&OFSHZ FDPOPNJDBMMZBUUIFFOEPGUIFMJGF &BSUIEBZBOOPVODFNFOUTNBEFCZ1$
4UBS &OFSHZ4UBSJTB64HPWFSONFOU DZDMF.BUFSJBMJOOPWBUJPOSFEVDFTUIF BOEQFSJQIFSBMTNBOVGBDUVSJOHDPNQBOJFT
CBDLFEQSPHSBNIFMQJOHCVTJOFTTFTBOE FOWJSPONFOUBMJNQBDU XIJMFBMTPSFEVDJOH BSFIFMQJOHJOUIFNJTTJPOUPQSPUFDUBOE
JOEJWJEVBMTQSPUFDUUIFFOWJSPONFOU
 JUTDPTUBTXFMMBTUIBUPGSFDZDMJOH TBWFUIFFOWJSPONFOU„
FGmDJFODZSFRVJSFNFOUTBOEBMSFBEZ 0WFSUIFQBTUGFXZFBST )1IBT ]"NJTI.PEZ

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/C;:HZZEV\Z'%[dgYZiV^ah
  \
å#/6%234/29åå åå(/-%å4(%!4%2å0#

:ciZgi]Z=IE8

8IFUIFSJUTXBUDIJOHNPWJFT QMBZJOHHBNFT SFDPSEJOH


57TIPXTPSTVSGJOHUIF*OUFSOFU KPJOVTBTXFTIPXZPV
IPXUPCVJMEB1$UIBUDBOCFUIFDFOUFSPGZPVSIPNF
8dkZghidgn

FOUFSUBJONFOU

EgVbdY?VY]Vk

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
\
(/-%å4(%!4%2å0#åå åå#/6%234/29 

%
P ZPV SFNFNCFS UIF mSTU DFMM QIPOF ZPV FWFS
PXOFE  $BO ZPV SFNFNCFS IPX NBOZ GFBUVSFT
BOE DBQBCJMJUJFT JU IBE CFTJEFT BMMPXJOH ZPV UP
NBLF B QIPOF DBMM  'MBTI GPSXBSE UP UPEBZ‰BOE ZPVMM
BHSFFUIBUJUTGFBUVSFTEPOUTUBDLBHBJOTUUIFQIPOFZPVSF
VTJOH UPEBZ 0WFS UIF ZFBST  UIF POF UIJOH UIBUT CFFO
IBQQFOJOH UIBOLT UP BEWBODFNFOUT JO NJOJBUVSJ[BUJPO
UFDIOPMPHJFT
 JT DPOWFSHFODF :PVWF QSPCBCMZ IFBSE UIF
XPSECFJOHUSVNQFUFEPWFSUIFCFUUFSQBSUPGUIFMBTUUISFF
ZFBST CVUUIFSFTTUJMMOPFTDBQJOHUIFGBDUUIBUUIFEFWJDFT
XFVTFUPEBZPGGFSVTBNPSFDPNQSFIFOTJWFiBMMJOPOFw
FYQFSJFODFUIBOHBEHFUTPGUIFQBTUEJE
4PXIJMFNPCJMFEFWJDFTBSFXFMMBCPBSEUIF
DPOWFSHFODFCBOEXBHPO ZPVSEFTLUPQEFWJDFTDBOUCF
UIBUGBSCFIJOE$BTFJOQPJOU‰IPNFFOUFSUBJONFOU
5PEBZBMMLJOETPGGPMLT‰GSPNUFFOBHFSTUPZPVOH
QBSFOUT‰BSFJODSFBTJOHMZUFUIFSFEUPUIFJSEJHJUBM
TIBEPXTXIFUIFSJUJTUIFOFFEUPMPHPOPSDSFBUFEJHJUBM
EPDVNFOUTPSTIBSFQJDUVSFT4PXIBUEPZPVHFUXIFO
ZPVNBSSZUIJTOFFEUPUIFOFFEUPCFFOUFSUBJOFE :PV
IBWFQFPQMFXIPSFRVJSFBDPNQVUFSUIBUMJUFSBMMZEPFTJU
BMM GSPNPGmDFmMFTUPTVSSPVOETPVOEIPNFUIFBUFS
8IJMFUIFQIFOPNFOPOPG)PNF5IFBUFS1$T
)51$T
JTTUJMMOBTDFOUJOPVSNBSLFUT BUSFOEJTDMFBSMZ
EFWFMPQJOHXJUIUIFBEWFOUPGDPPMMPPLJOHWBOJUZ
DBTFTJ[FEDPNQVUFST QBDLFEUPUIFHJMMTXJUICMFFEJOH
FEHFDPNQPOFOUT#FJUEVBMDPSFQSPDFTTPST CJU
DBQBCJMJUZPSNPWJFMJLFHBNJOH ZPVDBOCVJMEPOFPG
UIFTFDPNQVUFSTBMNPTUBTFBTJMZBTZPVXPVMEBTUBOEBSE
EFTLUPQ"MMJUOFFETJTBMJUUMFDPOTJEFSBUJPOUPUIFUZQF
PGIBSEXBSFBOETPGUXBSFZPVTFMFDUUPGBDJMJUBUFBHSFBU
IPNFFOUFSUBJONFOUFYQFSJFODF#FTJEFTUIFNPWJFT
BOEHBNFT ZPVDBOBMTPJNQBSUTPNFQSFUUZJOUFSFTUJOH
DBQBCJMJUJFTJOUPTVDIBTZTUFN‰IPXBCPVUCFJOHBCMF
UPSFDPSEZPVSGBWPSJUF57TIPXTBOECVSOUIFNPOUIF
$%PS%7%#FUUFSTUJMM IPXBCPVUDVUUJOHPVUBMMUIF
QFSLZBEWFSUJTFNFOUTPSCFJOHBCMFUPBDUVBMMZQBVTFZPVS
GBWPSJUFTPBQPQFSBBTZPVTUFQPVUUPHFUBTOBDL POMZUP
CFBCMFUPDPOUJOVFJUXIFOZPVHFUCBDL :FT BMMPGUIFTF
DPPMDBQBCJMJUJFTBSFXFMMXJUIJOUIFSFBMNPGUPEBZTIPNF
UIFBUFS1$QSPKFDU
0WFSUIFOFYUGFXQBHFT XFMMTIPXZPVXIBUZPV
OFFEUPCVJMEPOFPGUIFTFGBOUBTUJDEFWJDFTBOEXIBUZPV
DBOQPTTJCMZEPXJUIJU#FTUPGBMM XFWFQSPWJEFEPQUJPOT
UIBUXPOUCSFBLZPVSCBOLCBMBODF4PJGZPVSFSFBEZUP
SFEFmOFUIFXBZZPVBSFFOUFSUBJOFEBUIPNF MFUTHFU
SJHIUJOUPJU

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/8=IHZZEV\Z'%[dgYZiV^ah
 \
å#/6%234/29åå åå(/-%å4(%!4%2å0#

"O)51$FYQFSJFODFJTBMMBCPVUXIBUZPVIBWFJOUIFCPY‰MFUTUBLFBMPPLBUUIF
DPNQPOFOUTJUDPOTJTUTPG8FIBWFQSJNBSJMZPVUMJOFEUISFFEJGGFSFOUDPOmHVSBUJPOTTVJUJOH
EJGGFSFOUOFFET‰UIFZBSFCSPBEMZDMBTTJmFEJOUPFDPOPNZ NJESBOHFBOEIJHIFOE5IF
FDPOPNZTZTUFNJTUBJMPSNBEFUPCFQBJSFEXJUI$3557TUIBUEPOUIBWFBIJHISFTPMVUJPO

4HEåBOX UIFNJESBOHFPOFDBOCFVTFEXJUI$35TPSTNBMM-$%TDSFFOT XIJMFUIFIJHIFOEDBUFHPSZ


JTDMFBSMZJOUFOEFEUPCFVTFEXJUIMBSHF-$%EJTQMBZTBOEQMBTNBTDSFFOT5IFUSJDLJTUP
NBUDIUIFDPSSFDUDPNQPOFOUTXJUIFBDIPUIFSTPUIBUUIFZEFMJWFSBOVODPNQSPNJTFE
FOUFSUBJONFOUFYQFSJFODF-FUTTUFQZPVUISPVHIUIFDPNQPOFOUTBMPOHXJUIWBSJBUJPOTJO
QSJDFTBOEDBQBCJMJUZ

1SPDFTTPS  
*OUIJTDBUFHPSZ XFTFUUMFEGPS /WJEJBDIJQTFU1SJDF/"(PPEGPS
"O)51$DBOCFVTFEUPNVMUJUBTL‰GPS POCPBSEHSBQIJDT5IJT(JHBCZUFCPBSE TUBOEBSEEFmOJUJPODPOUFOUJODMVEJOH
FYBNQMF JGZPVBSFSFDPSEJOHB57TIPX  GFBUVSFT/WJEJBTDIJQTFU‰UIFCFTU )EFDPEJOHIJHIEFmOJUJPODPOUFOU
ZPVNJHIUBMTPXBOUUPFODPEFBNPWJF POCPBSEHSBQIJDTTPMVUJPOUPEBZ8FBMTP .JESBOHF/WJEJB(5 3T 
TJNVMUBOFPVTMZ5IJTJTXIFSFUIFQPXFSPG DIPTFJUBTJUGFBUVSFTB57PVUQPSU MFUUJOH  
'VMMZMPBEFEGFBUVSFTFUGPS
UIFQSPDFTTPSJTIBSOFTTFE5IFOFXEVBM ZPVIPPLJUVQUPZPVS57VTJOHFJUIFS EFMJWFSJOHDMFBSQJDUVSFRVBMJUZGPS
DPSFQSPDFTTPSTBSFQFSGFDUGPSNVMUJUBTLJOH 4WJEFPPSDPNQPOFOUWJEFPDPOOFDUJPOT TUBOEBSEBOEIJHIEFmOJUJPODPOUFOU
BTUIFZIBWFJOEJWJEVBMQSPDFTTPSDPSFTUIBU .JESBOHF"TVT"/&%FMVYF 3T 
 "MTPEFMJWFSTHSFBUWBMVFGPSNPOFZ
FGmDJFOUMZIBOEMFNVMUJQMFBQQMJDBUJPOTBUUIF 5IJTJTBHPPETUBCMFCPBSEXJUI/WJEJBT HBNJOH
TBNFUJNF)PXFWFS BUUIFMPXFSFOEPGUIF /GPSDF6MUSBDIJQTFU QBDLJOHBGPSNJEBCMF )JHIFOE/WJEJB(5 3T 

TDBMF TJOHMFDPSFQSPDFTTPSTXJMMBMTPEPKVTU TFUPGGFBUVSFTBOEDBQBCJMJUJFT 5IJTDBSEJTUIFCJHCSPUIFSPGUIF(5
mOFGPSCBTJDBQQMJDBUJPOT )JHIFOE"TVT"/4-*%FMVYF 3T BOEEFMJWFSTBEEJUJPOBMIPSTFQPXFSGPS
&DPOPNZ".%"UIMPO  3T 
   
5IJTJTBO4-*CPBSEXJUI HBNJOHFTQFDJBMMZBUIJHISFTPMVUJPOT

*UQFSGFDUMZTVJUTPVSOFFET5IPVHIOPUEVBM JOEJWJEVBMYMBOFTMFUUJOHZPVIPPLVQ 57UVOFSDBSE


DPSF JUTRVJUFBQPXFSGVMQSPDFTTPSXJUI UXPHSBQIJDDBSETGPSNPOTUSPVTHSBQIJDBM *OBEEJUJPOUPBHSBQIJDTDBSE ZPVOFFEB
HPPENVMUJUBTLJOHDBQBCJMJUJFT QPXFS#FTJEFT JUIBTIFBUQJQFDPPMJOH 57UVOFSDBSEUIBUGBDJMJUBUFTWJFXJOHBOE
.JESBOHF".%9 %VBM$PSF UIBUFOBCMFTTJMFOUPQFSBUJPO‰JEFBMGPSB SFDPSEJOHPGUFMFWJTJPOTIPXT*UEFDPEFT
3T 
5IJTJTUIFMPXFTUSVOH NPOTUFS)51$ BOBMPHPSEJHJUBM57CSPBEDBTUTBOEDPOWFSUT
PG".%TEVBMDPSFSBOHFCVU JUUPCFEJTQMBZFEPOZPVSDPNQVUFSTDSFFO
UIFUXPDPSFTEFMJWFSPOQFSGPSNBODF (SBQIJDTDBSE *OTUFBEPGCVZJOHBOFYQFOTJWF-$%57
)JHIFOE".%'9 3T  
 (SBQIJDTDBSETQMBZBOJNQPSUBOUSPMFJO XJUIBOJOCVJMU57UVOFS ZPVDBOCVZBCJH
4JODFUIFIJHIFOE)51$XJMMBMTPNPPOMJHIU QJDUVSFRVBMJUZBOEEJTQMBZEFWJDFTVQQPSU TDSFFO-$%NPOJUPSBOETBWFDPOTJEFSBCMZPO
BTBIJHIFOEHBNJOHNBDIJOF JUXPVME 8FIBWFDIPTFO/WJEJBGPSJUT1VSF7JEFP DPTUT.PTU57UVOFSDBSETBMTPEPVCMFVQBT
SFRVJSFUPEFMJWFSBTNPPUIHBNJOH UFDIOPMPHZXIJDIJTBDPNCJOBUJPOPG SFDPSEFSTUIBUTUPSFQSPHSBNTBTWJEFPmMFT
FYQFSJFODFBUIJHISFTPMVUJPOT4FUUMJOHGPS BEFEJDBUFEWJEFPQSPDFTTJOHDPSFBOE POZPVSIBSEEJTL
OPUIJOHMFTTUIBOUIFCFTU UIF'9TFSJFTPG BEEJUJPOBMTPGUXBSFUIBUEFMJWFSTTNPPUI  &DPOPNZ NJESBOHFBOEIJHIFOE$PNQSP
".%QSPDFTTPSTBSFUPQPGUIFDMBTT IJHIEFmOJUJPO) 8.7 BOE.1&( 7JEFPNBUF57(PME1MVT** 3T  

NPWJFT‰BMMPGUIJTXJUINJOJNBM$16 4JODFJUTBWFSZDSVDJBMFMFNFOUGPSBO)51$ 
.PUIFSCPBSE VUJMJ[BUJPOBOEMPXQPXFSDPOTVNQUJPO XFVTFEPOFPGUIFCFTUPQUJPOTBWBJMBCMF
&DPOPNZ(JHBCZUF(",/17.5 3T &DPOPNZ0OCPBSE(JHBCZUFNPUIFSCPBSE  UISPVHIBMMPVSDBUFHPSJFT8FDIPTFUIF

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
\
(/-%å4(%!4%2å0#åå åå#/6%234/29 

$PNQSP7JEFPNBUF57(PME1MVT**GPS XBUU146 3T 


XJUIJUTNPEVMBS 8JSFMFTTLFZCPBSENPVTF
VONBUDIFEQJDUVSFRVBMJUZBOEFYUFOTJWF EFTJHO TMFFWFEDBCMFTBOETJMFOUPQFSBUJPO 4JODFZPVS)51$XJMMCFTUBDLFEOFYUUPZPVS
GFBUVSFT*UTVQQPSUTUJNFTIJGUJOHXIFSFZPV JTQFSGFDUGPSBO)51$#FJOHNPEVMBS JU 57JOUIFMJWJOHSPPN ZPVEXBOUUPDPOUSPM
DBOQBVTFBOEQMBZCBDLMJWFUFMFWJTJPO MFUTZPVSFNPWFFYUSBOFPVTQPXFSDBCMFT  JUGSPNUIFDPNGPSUPGZPVSDPVDI5IFSFGPSF 
DSFBUJOHNPSFSPPNXJUIJOUIFDBCJOFUBOE BXJSFMFTTLFZCPBSENPVTFJTBNVTUJO
$BTF SFTVMUJOHJOFGmDJFOUDPPMJOH ZPVS)51$TFUVQ8FIBWFUXPEJGGFSFOU
"DBTFIJHIPOHPPEMPPLTXJMMCFBQFSGFDUmU UFDIOPMPHJFTVTFEIFSF‰3'BOE#MVFUPPUI
JOZPVSMJWJOHSPPN1MBDJOHJUUIFSFEFNBOET )BSEEJTL &DPOPNZ-PHJUFDI$PSEMFTT%FTLUPQ&9
UIBUJUTQPSUTTJMFOUPQFSBUJPOCZVTJOHRVJFU 4JODFSFDPSEJOHJTBWFSZJOUFHSBMGFBUVSF   3T 
5IJTCVOEMFGFBUVSFTBO
GBOTBOEOPJTFEBNQFOJOHNBUFSJBMXJUIJO XFOFFEQMFOUZPGTUPSBHFTQBDF8F EQJPQUJDBMXJSFMFTTNPVTFXJUIBXJSFMFTT
UIFDBTJOH'PSUIFFDPOPNZ)51$ XFGPVOE SFDPNNFOEBNJOJNVNPG(#IBSEESJWF LFZCPBSEVTJOH3'UFDIOPMPHZ
BHPPEIPSJ[POUBMDBTFJOUIF;FCSPOJDT-BT TQBDF8FBMTPSFDPNNFOEVTJOHB4"5" )JHIFOE-PHJUFDI$PSEMFTT%FTLUPQ4
7FHBT#VUGPSUIFNJESBOHFBOEIJHIFOE ESJWFTJODFJUJTGBTUFSUIBOBOPSNBM*%&ESJWF .FEJB3FNPUF 3T 
8JSFMFTT#MVFUPPUI
TPMVUJPOTXFOFFEFEBCJHHFSIPSJ[POUBMDBTF CZBCPVUQFSDFOUBOEVTFTTMJNDBCMFT LFZCPBSENPVTFUIBUJODMVEFTTPGUXBSFGPS
XJUICFUUFSDPPMJOHTJODFXFIBWFIFBU UIBUGBDJMJUBUFCFUUFSDBCMFNBOBHFNFOUBOE 8JOEPXT.FEJB$FOUFS&EJUJPO
QSPEVDJOHDPNQPOFOUTMJLFUIFQPXFSGVM DPPMJOH
HSBQIJDTDBSET6OGPSUVOBUFMZ IFSFJO*OEJB  &DPOPNZ NJESBOHFBOEIJHIFOE4FBHBUF 4PVOE
UIFSFBSFOPTQFDJBMJ[FE)51$DBTFT TPXF #BSSBDVEB(#4"5" 3T 
8JUIJUT "OBEEPOTPVOEDBSENBLFTBXPSMEPGB
PQUFEGPSBGFXDPOWFOUJPOBMWFSUJDBMDBTFT  SQNTQFFE JUJTTVJUFEUPIBOEMJOH EJGGFSFODFUPBIPNFUIFBUFS
&DPOPNZ;FCSPOJDT-BT7FHBT 3T 
 WJEFPFODPEJOHXJUIPVUCFJOHUPPFYQFOTJWF &DPOPNZ$SFBUJWF-JWFCJUDIBOOFM
5IJTDBTJOHTQPSUTBOFBUGSPOUUPVDIQBOFM 3T 
(SFBUCBOHGPSUIFCVDLXJUI
BOEIBTBIPSJ[POUBMEFTJHO 3". BXFTPNFTPVOE
.JESBOHFBOEIJHIFOE"OUFD4VQFS 4JODF".%TNFNPSZDPOUSPMMFSTVQQPSUT .JESBOHFBOEIJHIFOE$SFBUJWF4PVOE

-BOCPZ 3T 


(JHBCZUF5SJUPO 3T 
 EVBMDIBOOFMNFNPSZ XFVTFEUXPTUJDLT #MBTUFS9'J9USFNF.VTJDDIBOOFM 3T
-PPLTHPPEBOETQPSUTBGVODUJPOBMEFTJHO PG3".FYDFQUGPSUIFFDPOPNZWFSTJPO   
8JUI5)9DFSUJmDBUJPO UIFSFT
*UVTFTUXPNNGBOTGPSJOUBLFBOE XIFSFXFVTFEBTJOHMF.#TUJDL OPUIJOHCFUUFSUIBOUIJTDBSEGPSJNNFSTJWF
FYIBVTUUPLFFQUIFUFNQFSBUVSFTJODIFDL 4JODFXFEJEOPUPWFSDMPDLUIF)51$  NPWJFT HBNJOHBOEBVEJP
5IFPOMZUSBEFPGGJTUIBUUIFZBSFDSFBUFEGPS GPSUIFIJHIFOECVJMEXFVTFE3".
WFSUJDBMPSJFOUBUJPO XJUIMPXFSMBUFODJFT SFTVMUJOHJOCFUUFS 4QFBLFST
QFSGPSNBODF 'PSBIPNFUIFBUFSTFUVQ ZPVOFFETVSSPVOE
1PXFSTVQQMZ &DPOPNZ$PSTBJS7BMVF3"..#%%3 TPVOETQFBLFSTDBQBCMFPGIBOEMJOHNPWJFT
5PNBJOUBJOFMFDUSJDBMTUBCJMJUZXJUIJOUIF  3T 
 BOENVTJDXJUIFRVBMQBOBDIF
TZTUFN ZPVOFFEBDBQBCMFQPXFSTVQQMZ .JESBOHF$PSTBJS7BMVF3".(# &DPOPNZ-PHJUFDI9 3T 
(PPE
"UUIFTBNFUJNF JUOFFETUPCFTJMFOU8F Y
%%3 3T UP3T 
 CBTJDTFUVQXJUIBEFDFOUXPPGFS
VTFEQPXFSTVQQMJFTGSPN"OUFDBTUIFZBSF )JHIFOE$PSTBJS9.4--130(#  .JESBOHF-PHJUFDI; 3T 

BNPOHUIFCFTUJOUIFCVTJOFTT (#Y
%%3 3T 
5IFTFNFNPSZ )BTBOFBUMPPLJOHEFTJHOBOEEFMJWFSTHSFBU
&DPOPNZ5IF;FCSPOJDTXBUUT146 TUJDLTBSFTQFDJBMMZSFDPNNFOECZ"TVTGPS TPVOEGPSJUTQSJDF
1SJDF/"
UIBUDPNFTXJUIUIF;FCSPOJDT-BT UIF"TVT"/4-*%FMVYFNPUIFSCPBSE )JHIFOE-PHJUFDI; 3T 

7FHBTDBTFJTBHPPEDIPJDFGPSCFHJOOFST 8JUINFNPSZUJNJOHTPG EBUB #FTUJOBOZDMBTT:PVIBWFHPUUPIFBSUIFTF
.JESBOHFBOEIJHIFOE5IF"OUFD/FP)& TQFFETBSFTUFSPJEBM TQFBLFSTUPCFMJFWFUIFZBSFUIFCFTU

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
å#/6%234/29åå åå(/-%å4(%!4%2å0#

5PDPNQMFNFOUUIFIBSEXBSFVTFEJOUIF)PNF5IFBUFS1$ )51$
ZPVEOFFEUPUFBN
JUVQXJUIUIFSJHIULJOEPGTPGUXBSFUPEFMJWFSUIFiMFBOCBDLwFOUFSUBJONFOUFYQFSJFODF

4HEå ZPVSFMPPLJOHGPS8IJMFXFBMSFBEZSVONPTUPGUIFTFBQQMJDBUJPOTPOPVS1$TUIFTF
EBZT UIFSFJTBEJGGFSFODFXIFOSVOOJOHJUPOBIPNFUIFBUFS1$‰JUTIPVMESFTQPOEMJLF
BDPOTVNFSFMFDUSPOJDTEFWJDF8IJMFDPNNFSDJBMIPNFUIFBUFS1$TBSFOUWFSZQPQVMBSJO

SOFTWARE PVSNBSLFUT UIFZBSFCFDPNJOHJODSFBTJOHMZBWBJMBCMFBOEDBOFWFOCFCPVHIUPGGUIFTIFMG


GSPNTPNFCSBOET)PXFWFS UPUSVMZPCUBJOUIFFYQFSJFODFZPVOFFE UIFSFTOPCFUUFSXBZ
UIBOUPCVJMEPOFZPVSTFMGVTJOHDPNQPOFOUTEFTDSJCFEJOUIFQSFWJPVTTFDUJPO-FUTUBLFB
XBMLUISPVHIUIFCFTULJOETPGTPGUXBSFZPVMMOFFEGPSDPNQMFUJOHZPVSIPNFUIFBUFS1$

5IFJOUFSGBDF BVEJPWJEFPUFMFWJTJPODPOUSPMPOZPVS1$ FBTZUPDPOWFSU%7%NPWJFTJOUPmMFT ZPV


5IFNPSFZPVSDPNQVUFSJOUFSGBDFMPPLT 8JUIBTUFQCZTUFQXJ[BSEESJWFOJOUFSGBDF  XJMMQSPCBCMZDPNFBDSPTTNPWJFTUIBU
MJLFBOPQFSBUJOHTZTUFN UIFMFTTJUGFFMT JUTSFMBUJWFMZFBTZGPSFWFOBOPOUFDIJF BSFFODPEFEVTJOHEJGGFSFOUmMFGPSNBUT
MJLFBDPOTVNFSFMFDUSPOJDTEFWJDFBOE UPTFUVQUIFWBSJPVTDPNQPOFOUTPGUIF CFTJEFT%JW9 TVDIBT9WJ% .1&( 
UIFNPSFUFEJPVTUIFPWFSBMMFYQFSJFODF BQQMJDBUJPOBOECFHJOVTJOHJU5PFYUFOE 2VJDLUJNF FUD
:PVQSPCBCMZBMSFBEZ
5IFSFGPSF UIFmSTUUZQFPGTPGUXBSFZPVMM JUTGVODUJPOBMJUZ UIFSFBSFTFWFSBMQMVHJOT IBWFTFWFSBMTVDIWJEFPmMFTPOZPVSIBSE
OFFEJTPOFUIBUPGGFSTBOJOUVJUJWFHSBQIJDBM UIBUDBOCFEPXOMPBEFEGSPNUIFQSPHSBNT EJTL0CWJPVTMZ ZPVXPVMEOUXBOUUP
JOUFSGBDFXIJMFGBDJMJUBUJOHDPNQMFUFDPOUSPM XFCTJUFXJUIEPDVNFOUBUJPOPOIPXUP CFCPUIFSFEXJUIXIBUUZQFPGmMFZPVS
PGZPVSDPNQVUFSTNFEJBmMFT/PNPSF JOTUBMM DPOmHVSFBOEVTFUIFBQQMJDBUJPO NPWJFTBOEWJEFPDMJQTBSF‰ZPVKVTU
CSPXTJOHUISPVHIZPVSmMFFYQMPSFSPS #FTJEFT.FEJB1PSUBM UIFSFBSFTFWFSBMPUIFS XBOUUPCFBCMFUPQMBZUIFN5IFSFGPSF 
MBVODIJOHTFQBSBUFBQQMJDBUJPOTGPSQMBZJOH BQQMJDBUJPOTCBTFEPOPUIFSPQFSBUJOH JUNBLFTTFOTFUPVTFBTJOHMFBQQMJDBUJPO
CBDLQJDUVSFT TPOHTPSNPWJFT‰JEFBMMZ JU TZTUFNTMJLF-JOVYBOETPNFUIBUDBOCF UIBUDBODPNGPSUBCMZQMBZCBDLBMMPGUIFTF

TIPVMEBMMUBLFQMBDFGSPNBTJOHMFGSPOUFOE DPOmHVSFEUPSVOEJSFDUMZPGGBCPPUBCMF$% mMFUZQFT5IFSFBSFTFWFSBMTVDITPGUXBSF


JOUFSGBDF PS64#ESJWF5IJTJODMVEFTBQQMJDBUJPOTMJLF SBOHJOHGSPNDPNNFSDJBMQSPHSBNTUP
5IFSFBSFTFWFSBMPQUJPOTIFSF‰ZPV .ZUI57 XXXNZUIUWPSH
'SFFWP XXX GSFF PQFOTPVSDFBQQMJDBUJPOT5IFGPSNFS
DBOVTFZPVSTUBOEBSE8JOEPXT91 GSFFWPPSH
BOE(FF9CP9 XXXHFFYCPY BSFHFOFSBMMZFBTZUPJOTUBMMBOEVTFXIJMF
QSPGFTTJPOBMBOEVTFJOEJWJEVBMBQQMJDBUJPOT PSH
8IJMFFBDIPGUIFTFMPPLEJGGFSFOU UIFZ UIFMBUUFSTPNFUJNFTSFRVJSFBCJUPGVTFS
GPSZPVSBVEJPBOEWJEFPQMBZCBDL CVUUIJT IBWFBDPNNPOBJNPGQSPWJEJOHBTJNQMF DPOmHVSBUJPOCFGPSFZPVCFHJOVTJOHJU
XPVMEOUSFBMMZCFUPPEJGGFSFOUGSPNZPVS NFEJBDPOUSPMJOUFSGBDFGPSZPVSDPNQVUFS )PXFWFS UIFGSFFWBSJBOUTMFOEUIFNTFMWFT
DPOWFOUJPOBMDPNQVUJOHFYQFSJFODF5IF 0GDPVSTF UIFSFTBMTP.JDSPTPGU8JOEPXT UPCFJOHIJHIMZDPOmHVSBCMF FOBCMJOHUIFN
BJNIFSFJTUPBCTUSBDUBMMUIBUUFDIOPMPHZ .FEJB$FOUFS&EJUJPO XIJDIEFMJWFST UPTVQQPSUOFXmMFGPSNBUTBOEGFBUVSFT
BOETJNQMZVTFBOFBTZJOUFSGBDFGSPNXIJDI DFOUSBMJ[FEDPOUSPMUPZPVSDPNQVUFST BTUIFZBSFSFMFBTFE5IFZBMTPUFOEUPCF
BMMFOUFSUBJONFOUDBOCFBDDFTTFE5IFSF NFEJBmMFTBOEUFMFWJTJPOWJFXJOHCVUUIJTJT MJHIUFSPOZPVSTZTUFN SFRVJSJOHMFTTFS
BSFTFWFSBMTVDIBQQMJDBUJPOTBWBJMBCMFMJLF POMZBWBJMBCMFQSFJOTUBMMFEPODPNNFSDJBM IBSEXBSFSFTPVSDFT
.FEJB1PSUBM XXXUFBNNFEJBQPSUBM DPNQVUFSTZTUFNT $PNNFSDJBMBQQMJDBUJPOTTVDIBT
DPN
XIJDIJTBGSFFPQFOTPVSDFQSPHSBN *OUFSWJFX8JO%7% XXXJOUFSWJEFPDPN

UIBUSVOTBUPQ8JOEPXT91*UEFMJWFSTBO 8BUDIJOHNPWJFT BOE$ZCFSMJOL1PXFS%7% XXXDZCFSMJOL
JOUVJUJWFBOEIJHIMZDPOmHVSBCMFNFOV 5IFTFEBZT NPWJFTBSFOPUCBTFEPOPOF DPN
BSFUXPPGUIFNPTUQPQVMBSWJEFP
ESJWFOGSPOUFOEJOUFSGBDFUIBUGBDJMJUBUFT TJOHMFGPSNBU 7$%PS%7%
4JODFJUJTTP QMBZCBDLBQQMJDBUJPOT8JUIFYDFMMFOU

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
\
(/-%å4(%!4%2å0#åå åå#/6%234/29 

GSPOUFOEJOUFSGBDFTGPS%7%QMBZCBDLBOE UIFTFEFWJDFTDPNFXJUIUIFJSPXOSFNPUF 5XFBLJOHTPGUXBSFBOENVTUIBWF


GVMMTVQQPSUGPSNVMUJDIBOOFMTVSSPVOE DPOUSPM FOBCMJOHBOFYQFSJFODFTJNJMBSUP QBUDIFTVQEBUFT
TPVOETUBOEBSET %7%OBWJHBUJPODPOUSPM UIBUPGXBUDIJOHBDPOWFOUJPOBMUFMFWJTJPO /PNBUUFSXIBUBQQMJDBUJPOZPVVTF 
BOEWJEFPPVUQVUPQUJPOT UIFZPGGFSHSFBU 8JUIBMMPGUIFTF57UVOFSBQQMJDBUJPOT  UIFSFTOPUIJOHMJLFCFJOHBCMFUPDPOUSPM
NPWJFFYQFSJFODFT5IFSFDFOUWFSTJPOT JOTUBMMBUJPOJTSFBTPOBCMZTUSBJHIUGPSXBSE ZPVSFOUJSFNFEJBFYQFSJFODFGSPNUIF
BMTPTVQQPSUOFXFSWJEFPTUBOEBSETTVDI "MMZPVOFFEUPLOPXJTUIFUZQFPG57 DPNGPSUPGZPVSDPVDIXJUIBSFNPUF
BT) GPSWJFXJOHIJHIEFmOJUJPO TJHOBMGSPNZPVSDBCMF57MJOF UIFTUBOEBSE DPOUSPM8IJMFTPNFIBSEXBSF MJLF57
WJEFPDPOUFOU
5IFZDBOCFQVSDIBTFE VTFEJO*OEJBJTBOBMPH1"-#
BOEUIFSFTU UVOFST
DPNFXJUIUIFJSPXOSFNPUF
POMJOFBOEDPTUBSPVOE0GDPVSTF  JTUBLFODBSFPGCZUIF57UVOFS‰JUTDBOT DPOUSPM JUXPVMECFCFTUUPVTFUIF
GPSCBTJDWJEFPQMBZCBDL ZPVDBOBMTPVTF GPSBWBJMBCMFDIBOOFMTBOEBVUPNBUJDBMMZ SFNPUFUPDPOUSPMFWFSZBTQFDUPGZPVS
8JOEPXT.FEJB1MBZFS XIJDIJTJODMVEFE BTTJHOTOVNCFST NVDIJOUIFTBNFXBZ DPNQVUFS‰JODMVEJOHZPVSTPOHTBOE
XJUI8JOEPXT91CVUUIFDPOUSPMTBOE BTBDPOWFOUJPOBM57EPFTXIFOZPVmSTU JNBHFmMFTV*$& XXXNFEJBUFYYDPN

GFBUVSFTBSFOPUOFBSMZBTQPXFSGVMBTUIBU QMVHJUJO#FTJEFTUIFTPGUXBSFZPVSFDFJWF JTPOFTVDIQSPHSBNUIBUDBOCFVTFEUP
PG8JO%7%PS1PXFS%7%5IFO XJUIZPVS57UVOFS ZPVEPOUSFBMMZOFFE DPOmHVSFBSFNPUFDPOUSPMUPUBLF
UIFSFBSFPUIFSDPNQMFUFMZGSFFWJEFP BOZUIJOHFMTFGPSXBUDIJOH57POZPVS DIBSHFPGWJSUVBMMZFWFSZBTQFDUPG
QMBZCBDLBQQMJDBUJPOT POFPGUIFCFTU DPNQVUFS)PXFWFS UIFDBQBCJMJUJFTPG ZPVS8JOEPXT91CBTFEDPNQVUFS
CFJOH;PPN1MBZFS XXXJONBUSJYDPN
 ZPVSQBSUJDVMBS57UVOFSDBSEXJMMEFDJEF JODMVEJOHZPVS%7%BOEBVEJPQMBZCBDL
5IJTPQFOTPVSDFBQQMJDBUJPOJTWBTUMZ XIFUIFSZPVDBOQFSGPSNBEWBODFEUBTLT TPGUXBSF*UIBTTFWFSBMGFBUVSFTTVDI
DPOmHVSBCMFGPSQMBZJOHCBDLWJSUVBMMZBOZ MJLFSFDPSEJOHUPIBSEEJTL POUIFnZWJEFP BTUIFBCJMJUZUPBTTJHONBDSPT BTFUPG
WJEFPmMFUZQF*UJTQSJNBSJMZBWJEFPBOE FODPEJOH BMTPSFMBUFEUPUIFTQFFEPGZPVS WBSJFEUBTLT
UPBTJOHMFCVUUPOQSFTT 
%7%QMBZCBDLGSPOUFOEUIBUDBOVTFBOZ QSPDFTTPSBOEIBSEEJTL
BOEUJNFTIJGUJOH POTDSFFOEJTQMBZ POTDSFFONFOVTBOE
WJEFPPSBVEJPQMBZCBDLDPEFDJOTUBMMFEPO FYQMBJOFEJOUIFTFDUJPOPOVTJOHZPVS EPXOMPBEBCMFQMVHJOTGPSQPQVMBS
ZPVSTZTUFN5IJTBQQSPBDIFOBCMFTJUUP )PNF5IFBUFS1$
 NVMUJNFEJBBQQMJDBUJPOT"OPUIFSHPPE

QMBZCBDLWJSUVBMMZBOZmMFUZQF "VEJPQMBZCBDL SFNPUFDPOUSPMBQQMJDBUJPOJT(JSEFS


5IFNVTJDQMBZFSPGDIPJDFJOZPVS)PNF XXXQSPNJYJTDPN
XIJDIPGGFSTBIPTU
57UVOFS 5IFBUFS1$TIPVMECFOPOFPUIFSUIBO PGTZTUFNDPOUSPMDBQBCJMJUJFTGPSZPVS
'PSNPTUVTFST XBUDIJOH57POUIFJS UIFPOFZPVSFNPTUGBNJMJBSXJUI*G 8JOEPXTBQQMJDBUJPOT‰BOEJUTGSFF
DPNQVUFSJTBSFMBUJWFMZOFXDPODFQU ZPVWFBMXBZTVTFE8JOBNQ JUXPVME $PNNFSDJBMBQQMJDBUJPOTMJLF1PXFS%7%
VOMFTTZPVPXOB57UVOFSDBSE8JUIUIF NBLFCFTUTFOTFUPDPOUJOVFVTJOHJUPS BOE8JO%7%PGGFSDVTUPNSFNPUF
SBOHFPGJOUFSOBMBOEFYUFSOBM57UVOFST JGZPVSFGBNJMJBSXJUIJ5VOFTJOUFSGBDF DPOUSPMTUIBUDBOCFQVSDIBTFEGSPNUIFJS
POUIFNBSLFU JUTOPUUPPEJGmDVMUUP BOEDBQBCJMJUJFT JUXPVMENBLFOPTFOTF XFCTJUFT
FOBCMF57QMBZCBDLPOZPVSDPNQVUFS NPWJOHBXBZGSPNJU)PXFWFS ZPVNJHIU 5PXSBQVQUIFTPGUXBSFJOZPVS)51$ 
%FQFOEJOHVQPOZPVSCVEHFU UIFDIPJDFJT BMTPXBOUUPUSZPVUUIFNVTJDQMBZCBDL JUJTJNQPSUBOUUPSFNFNCFSUPVTFUIF
WBTU‰SBOHJOHBMMUIFXBZGSPN3T GPS GVODUJPOBMJUZPGUIFVOJmFEJOUFSGBDF MBUFTUESJWFSTGPSZPVSTZTUFNDPNQPOFOUT
JOUFSOBM57UVOFSDBSETUPPWFS3T GPS MJLFUIF.FEJB1PSUBMTPGUXBSFEFTDSJCFE BOEVQEBUFZPVS04XJUIUIFMBUFTU
EFWJDFTMJLFUIF"5*"MM*O8POEFSHSBQIJDT FBSMJFS
8IJMFJUQSPWJEFTBIBOEZGSPOU QBUDIFTUPFOTVSFUIBUJUPQFSBUFTBU
DBSETUIBUTVQQPSUWJEFPFODPEJOH  FOEJOUFSGBDFUPBMMPGZPVSNVTJD JUEPFT PQUJNVNMFWFM"MTP EJTBCMFVOOFDFTTBSZ
QFSTPOBMWJEFPSFDPSEJOH UIFBCJMJUZUP MBDLTPNFPGUIFNPSFQPXFSGVMQMBZMJTU TUBSUVQQSPHSBNTBOEEFGSBHNFOUZPVS
TUPSFWJEFPGPSMBUFSWJFXJOH
WJEFPFEJUJOH BOENVTJDTFBSDIDBQBCJMJUJFTQSFTFOUJO IBSEEJTLSFHVMBSMZUPLFFQUIFSFTQPOTF
BOEFWFO'.SBEJP#FTUPGBMM NPTUPG 8JOBNQPSJ5VOFT BUIJHIMFWFMT

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
å#/6%234/29åå åå(/-%å4(%!4%2å0#

"O)51$XJMMHJWFZPVUIFCFTUPGCPUIUIFXPSMETPGFOUFSUBJONFOUBOEJOGPSNBUJPOBUUIF
DPTUPGPOF8JUIBO)51$TFUVQ ZPVHFUIJHImEFMJUZTVSSPVOETPVOEDPNQMFNFOUFEXJUI
DMFBSQJDUVSFBUPOFFOE XIJMFBUUIFPUIFSFOEZPVHFUB1$GPSDPNQVUJOHPSGPSMPHHJOH
POUPUIF*OUFSOFU5IFCFTUQBSUJTZPVDBOEPBMMPGUIFTFUBTLTSFNPUFMZ"MMZPVSFRVJSFJTB

5SINGåIT SFNPUFDPOUSPM BXJSFMFTTLFZCPBSEBOEBXJSFMFTTNPVTF4PJGZPVXBOUUPmOEJOGPSNBUJPO


POBNPWJFGSPNUIF*OUFSOFU EPXOMPBEBOEUIFOQMBZJUXIJMFXBOUJOHUPFYQFSJFODFUIF
UISJMMPGCFJOHJOBUIFBUFS ZPVDBOEPJUXJUIKVTUBGFXDMJDLTPGUIFNPVTFBOECZQVTIJOH
TPNFCVUUPOTPGUIFSFNPUFXJUIPVUFWFOOFFEJOHUPNPWFGSPNZPVSDPVDI*GZPVXBOUUP
LOPXXIBUNPSFBO)51$DBOEP SFBEPO

"VUPNBUJPO %POUXPSSZ KVTUEPOUMFUZPVS1$EFDJEF MBUFSZPVDBOVTFJUBTXBMMQBQFSPSFWFO


/PXZPVEPOUIBWFUPXPSSZBCPVU XIFOUPQBVTF6TFZPVSSFNPUF QBVTFUIF VTFJUPOZPVSXFCQBHF:PVS)51$TFUVQ
NJTTJOHUIBU#SB[JMJBOTXJOHFWFOJGZPV CSPBEDBTU EPXIBUFWFSZPVIBWFUPBOE XJMMBMMPXZPVUPEPUIBUXJUIUIFIFMQPG
IBWFUPBOTXFSUIFQIPOFUIBUIBQQFOT UIFODPNFCBDLBOESFTVNFUIFCSPBEDBTU TPNFBQQMJDBUJPOTMJLF(#173PS4BHF
UPCFJOUIFPUIFSSPPN#FDBVTFUIF 4PUIFSFZPVBSF WJFXJOHUIFOFXTUFMFDBTU 574PGUXBSFTVDIBTUIFTFDBODBQUVSFPS
NPNFOUUIFQIPOFSJOHT ZPVS)51$XJMM GSPNFYBDUMZUIFTBNFQPJOUXIFSFZPVIBE SFDPSEBOZTJOHMFJNBHFGSPNUIFTDSFFO
QBVTFUIFMJWFNBUDI UVSOPOUIFMJHIUT MFGUJUXJUIPVUNJTTJOHFWFOBCJU:PVS)51$ BOETBWFJUJOQPQVMBSGPSNBUTMJLF#.1 
BOEEJTQMBZUIFDBMMFSTEFUBJMTPOUIF XJMMBMMPXZPVUPTIJGUUIFUJNFBOEHPCBDL +1( 1/(PS(*'*GSFRVJSFE ZPVDBOFWFO
TDSFFO5IJTJTQPTTJCMFCFDBVTFZPVS)51$ UPUIFQPJOUGSPNXIFSFJUIBECFFOQBVTFE FEJUUIFDBQUVSFETIPUCZSFTJ[JOHPS
JTTZODISPOJ[FEXJUIZPVSUFMFQIPOFBOE DSPQQJOHJU5IFSFBSFDFSUBJOBQQMJDBUJPOT
POSFDFJWJOHUIFJODPNJOHDBMMTJHOBM JU 4USFBNJOH UIBUFWFOBMMPXZPVUPEJSFDUMZFYQPSUB
QBVTFTUIFCSPBEDBTU&WFOJGZPVNPWF :PVXPVMEXBOUUIFGSFFEPNPGNPWJOH DBQUVSFETIPUUPBO)5.-EPDVNFOU
GSPNZPVSDPVDIUPHFUBCPUUMFPGDPLF BCPVUZPVSIPVTFBOEMJTUFOUPNVTJD  8IBUJGZPVXBOUUPXBUDIUIF8PSME

GSPNUIFLJUDIFOSFGSJHFSBUPS SFTUBTTVSFE XPVMEOUZPV 8JUI)51$BSPVOE ZPVDBO $VQmOBMFWFOBGUFSCSPBEDBTUJOH 


5IFNPUJPOEFUFDUPSTZTUFNXJMMQVUB IBWFUIFTFUVQFOTDPODFEJOBOZDPSOFS 8JUIZPVS)51$BOEBQQMJDBUJPOTMJLF
QBVTFPOUIFMJWFCSPBEDBTUBOEQMBZBO PGUIFIPVTFBOEUIFMJTUFOJOHFYQFSJFODF .FFEJP57 #MVFOUT4DSFFO$BQUVSFPS
JOUFSNJTTJPONVTJDUJMMZPVSFHBJOZPVS DBODPOUJOVFVOBGGFDUFEFWFOJGZPVBSFBU 4BHF57 BMMZPVOFFEUPEPJTSFDPSE
QPTJUJPO"TZPVS)51$JTBIPNFUIFBUFS BOZPUIFSSFNPUFDPSOFSPGUIFIPVTF"MM UIFNBUDIEVSJOHCSPBEDBTU TBWFUIF
BMPOHXJUIBDPNQVUFS ZPVDBOTFUVQ ZPVOFFEUPEPJTDPOmHVSFZPVSTFUVQXJUI SFDPSEJOHBTBNPWJFmMFBOEQMBZJU
BVUPNBUJPOTZTUFNTBTNFOUJPOFEBCPWF 8J'JFOBCMFETQFBLFSTQMBDFEBDSPTTZPVS MBUFSBTNBOZUJNFTBTZPVXJTI*OGBDU 
CZDPOmHVSJOHUIF)51$XJUIPUIFS SPPNT/PXJGZPVQMBZBOBVEJP$%PS.1  BQQMJDBUJPOTMJLF.FFEJP57BOE4BHF
DPOTVNFSFMFDUSPOJDEFWJDFT0CWJPVTMZ  ZPVBTXFMMBTPUIFSTDBOFOKPZUIFNVTJD 57FWFOBMMPXZPVUPFEJUUIFSFDPSEJOH
TFUUJOHVQTVDITZTUFNTXJMMDPTUZPVNPSF /PNBUUFSXIFSFUIFTQFBLFSTBSFMPDBUFE BOEFWFOUVBMMZSFBEZUIFNGPS7JEFP
UIBOUIBUPGBTUBOEBSE)51$UIBUEPFTOPU JOZPVSIPVTF JGUIFZBSFXJUIJOUIFSBOHF $%PS%7%
TVQQPSUTVDIBVUPNBUJPO PGSFDFQUJPO ZPVS)51$TFUVQXJMMTUSFBN
UIFNVTJDUPUIFTQFBLFSTQMBDFE 57HVJEF
5JNFTIJGUJOH %POUXPSSZJGZPVNJTTFESFBEJOHUIF
:PVNJHIUEFDJEFOPUUPTQFOEUIPTF 4OBQTIPUBOE3FDPSEJOH NPSOJOHOFXTQBQFSUPTJGUUISPVHI
BEEJUJPOBMCVDLTGPSBVUPNBUJPO CVUNJHIU :PVNJHIUXJTIUPDBQUVSFBQBSUJDVMBS UIFCSPBEDBTUJOHTDIFEVMF5IF)51$
TUJMMOPUXBOUUPNJTTPVUPOUIFOFXT TIPUPGBNPWJFBOETBWFUIFJNBHFTPUIBU GVODUJPOTBTBOPOMJOF57HVJEF

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
\
(/-%å4(%!4%2å0#åå åå#/6%234/29 

"QQMJDBUJPOEFWFMPQFS .JDSPTPGUGPS XJEFSBOHFPGGPSNBUTMJLF.1&( .1&(  UPIFMQJOCVJMEJOHTPGUXBSFUIBUDBO


.FEJB$FOUFSJO*OEJB
XJMMHJWFZPVB 8JOEPXT.FEJB"SDIJUFDUVSF 8."
 PQFSBUFBDSPTTBMMEFWJDFTBOEJOUFMMJHFOUMZ
DPNQMFUFTFUPGJOGPSNBUJPOGPSBMMUIF CJUNBQT #.1
/54$ 1"- "54$BOEBXJEF NBOBHFBOEEJTUSJCVUFSJDIEJHJUBMDPOUFOU
57DIBOOFMTBOEXIBUTNPSF ZPVHFUUP BSSBZPGUSBOTGFSQSPUPDPMTMJLF*&$ 5IF%-/"DFSUJmFEQSPEVDUTNVTUCFBCMF
LOPXBCPVUUIFCSPBEDBTUTDIFEVMF *&&& )551(&5 351 )5511651045  UPGVODUJPOXJUIPOFPSNPSFEJGGFSFOU
EBZTJOBEWBODF4POPXZPVDBOTJNQMZ 5$1*15IF61O1"7BSDIJUFDUVSFBMTP UZQFTPGEFWJDFT BTTQFDJmFECZ%-/"

SVOUISPVHIUIFHVJEFBOETFUZPVSTZTUFN FOBCMFTUSBOTGFSPGBVEJPWJTVBMmMFTBU TVDIBTEJHJUBMNFEJBTFSWFS DBQBCMFPG
UPSFDPSEUIFQSPHSBNUIBUZPVDBOUXBUDI BOZDPSOFSPGUIFIPVTFGPSWJFXJOHPS NBOBHJOHBOEBHHSFHBUJOHNFEJBDPOUFOU
MJWF:PVSTZTUFNXJMMBVUPNBUJDBMMZ QMBZJOH5IJTEPFTOPUSFRVJSFBOZNBOVBM MJLFBTFUUPQCPY
EJHJUBMNFEJBQMBZFS
SFDPSEUIFTIPXBOEZPVXJMMFOKPZJUBU TZODCFUXFFOUIFUXPEFWJDFT#FTJEFT  DBQBCMFPGQMBZJOHCBDLDPOUFOUMJLFB57

ZPVSMFJTVSF UIF61OQ"7TUBOEBSEJTTPTDBMBCMFUIBUJU NPCJMFEJHJUBMNFEJBQMBZFS DBQBCMFPG
FWFOTVQQPSUTEFWJDFTXIJDIBSFSFMBUJWFMZ QMBZJOHNVMUJNFEJBDPOUFOU
BOENPCJMF
(BNJOH MPXJONFNPSZBOEQSPDFTTJOHQPXFS JOUFSPQFSBCJMJUZVOJU FOBCMJOHDPOUFOU
5IF)51$TFUVQEPFTOUPOMZBMMPX 5IFDPPSEJOBUJPOBNPOHBMMUIFEFWJDFT USBOTGPSNBUJPOJSSFTQFDUJWFPGUZQFBOE
WJFXJOH57 MJTUFOJOHUPNVTJDBOECBTJD JTEPOFXJUIUIFIFMQPGBi$POUSPM1PJOUw GPSNBU

DPNQVUJOH5IFTBNFTFUVQDBOBMTPCF VTFSJOUFSGBDF 6*
5IJT6*XJMMHJWFZPV
VTFEBTBHBNFDPOTPMF"QQMJDBUJPOTMJLF DPNQMFUFEFUBJMTPGUIFNFEJBUZQFBOE "MMJOPOF
(BNF57BOE(BNJOH/FYVTUVSOZPVS JUTMPDBUJPO:PVDBOVTFUIFTBNF6*GPS 4PUIFSFZPVBSFBSNFEXJUIJOGPSNBUJPO
)51$JOUPBHBNJOHIVC6TJOHUIFTF UIFQVSQPTFPGUSBOTGFSSJOHUIFmMF8IJMF BCPVUUIFCFOFmUTPGBO)51$4PXIBUT
BQQMJDBUJPOT ZPVXJMMHFUUIFFEHFPG USBOTGFSSJOH UIFDPOUSPMQPJOUKVTUDSFBUFT TUPQQJOHZPVUIFO (PBOECVJMEPOF
TIJGUJOHUIFGVODUJPOBMJUZPGB57UPUIBUPG BMJOLCFUXFFOUIFUXPEFWJDFTPODFUIF UIJTTVNNFS5IJTPOFTUPQTZTUFNXJMM
BDPNQVUFSBOEBMTPUPUIBUPGBHBNJOH USBOTGFSTUBSUTUIFDPOUSPMQPJOUSFNPWFT TFSWFZPVBMMZPVSFOUFSUBJONFOUBOE
DPOTPMF JUTFMGGPSBTZODISPOJ[FEUSBOTGFS5IJT JOGPSNBUJPOOFFETPOBQMBUUFS"OETJODF

4UBOEBSET JOEJDBUFTUIBUJGZPVIBWFBNPWJFmMFPO UIJTTFYZVOJUTJUTJOZPVSMJWJOHSPPN 


/PXUIBUXFIBWFUBMLFEBCPVUUIF ZPVSMBQUPQJOUIFCFESPPNBOEZPVBSFJO ZPVDBOnBVOUJUCFGPSFZPVSHVFTUTBOE
BEWBOUBHFTPGUIF)51$ MFUTNFOUJPOB UIFMJWJOHSPPN UIFOXJUIUIFIFMQPGUIF FOUFSUBJOZPVSTFMGBOEUIFN"GUFSBMM 
GFXOFXTUBOEBSETEPJOHUIFSPVOET 61O1"7BSDIJUFDUVSF ZPVKVTUOFFEUPVTF XIBUDPVMECFNPSFGVOUIBOUIJT‰ZPVDBO
61O1"75IJTJTBTUBOEBSEXIJDIJT UIF$POUSPM1PJOU6*UPTFBSDIUIFmMFBOE XBUDIZPVSGBWPSJUFTQPSUTDIBOOFMPO57 
SFRVJSFEGPSBOFUXPSLFOUFSUBJONFOU QMBZJUPOUIF)51$ TXJUDIUPBNPWJFCZQMBZJOH%7%PS7$% 
TUSVDUVSF"TQFSUIJTTUBOEBSE BMMUZQFTPG %-/"%-/"PSUIF%JHJUBM-JWJOH/FUXPSL MJTUFOUPNVTJDXIFOZPVGFFMUIFVSHFGPS
NFEJBmMFT BVEJP WJEFPBOETUJMMJNBHFT
 "MMJBODFJTBOPUIFSTUBOEBSEGPSNVMBUFECZ JUCZQMBZJOHBVEJP$%TPS.1T XPSLBU
TUPSFEBUEJGGFSFOUMPDBUJPOTDBOCF UIFDPOTVNFSFMFDUSPOJDT DPNQVUJOHBOE UIF1$JGUIFOFFEBSJTFT QMBZHBNFTBOE
WJFXFEGSPNBOZQPJOUJOUIFOFUXPSL5IF NPCJMFJOEVTUSJFT5IJTTUBOEBSEBMMPXT FWFODIBUBCJUXJUIZPVSGSJFOECZMPHHJOH
TUBOEBSEJTJOEFQFOEFOUPGBOZQBSUJDVMBS FBTZJOUFSPQFSBCJMJUZCFUXFFODPOTVNFS POUPUIF*OUFSOFU‰BMMBUUIFTBNFQMBDF
UZQFPGEFWJDF GPSNBUPGDPOUFOUBOE FMFDUSPOJDEFWJDFT 1$TBOENPCJMFEFWJDFT "OEUIBOLTUPUIFDPNQVUJOHDBQBCJMJUJFT 
USBOTGFSQSPUPDPMBOECFDBVTFPGUIJT JU *OUIFGVUVSF UIF%-/"TUBOEBSEXJMM ZPVHFUBNPSFPSHBOJ[FETFUVQUIBUFWFO
TVQQPSUTBXJEFWBSJFUZPGEFWJDFTMJLF JODMVEFHVJEFMJOFTUPEFTJHOQSPEVDUTUIBU TFSWFTZPVXJUIQSPHSBNTZPVXPVMEIBWF
57 %7%QMBZFSKVLFCPY TFUUPQCPY  BSFFBTZUPJOTUBMMBOEDBOPQFSBUFXJUI PUIFSXJTFNJTTFEBOESFHSFUUFEN
TUFSFPTZTUFN .1QMBZFS EJHJUBMDBNFSB  FYJTUJOHDPOTVNFSFMFDUSPOJDTEFWJDFT5IJT ].BSDP%4PV[B (BVSBW4FUIBOE
DBNDPSEFSBOEUIF1$*UBMTPTVQQPSUTB TUBOEBSEXJMMBMTPTQFDJGZDFSUBJOHVJEFMJOFT 1SBEPTI.JUSB

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0


?V\Y^h]A^bWVX]^nV

Ide<ZVg
8
JUIUIFXJEFTDSFFOOPUFCPPLT MPPLJOHJODIIBSEESJWFDBTJOHUIBUZPV
HBJOJOHQPQVMBSJUZ JUTFFNT DBOCVZ5IFmOJTI CVJMERVBMJUZBOEUIF
UPIBWFCFDPNFUIFQSFGFSSFE QBDLBHFXJMMCMPXZPVBXBZ5IF1PTFJEPO
DBUFHPSZGPSBMMUIFNBKPSNBOVGBDUVSFST JTBOFYDFMMFOUBUUFNQUCZ(JHBCZUFUP
5IF8+JTBJODIXJEFTDSFFOOPUFCPPL FOUFSUIFIJHIFOEDBTFTFHNFOU*UMPPLT
TQPSUJOHBVOJRVFNJYPGTUZMF QPXFSBOE HSFBU IBTTNBSUBOEJOOPWBUJWFGFBUVSFT
QPSUBCJMJUZ#FJOHGBJSMZDPNQBDU JUTOPU BOEJTXFMMQSJDFE
UPPIFBWZBOECPBTUTPGUIFMBUFTU/"1" (BNFSTMPPLJOHGPSBIJHIFOEHSBQIJDT
QMBUGPSNBOEIJHIFOEHSBQIJDT DBSETIPVMEDPOTJEFSUIF"TVT&/(5
5IF,PEBL&BTZ4IBSF7JTUIFmSTUEVBM 501&WFOUIPVHIUIFQSJDFUBHJTPOUIF
MFOTEJHJUBMDBNFSBUIBUNPOFZDBOCVZ JU IFBWJFSTJEF UIFPWFSBMMQBDLBHFBOE
IBTBOJNQSFTTJWFGFBUVSFTFUBOEBVTFGVM QFSGPSNBODFNJHIUKVTUDIBOHFZPVSPQJOJPO
VMUSBXJEFMFOTUPUBLFQBOPSBNJDTIPUT 5IF;FOJUIJODI-$%NPOJUPSBOE
5IJTNPOUIXFIBWFUXPDBTFSFWJFXT FBDI UIFNFHBQJYFMEJHJUBMDBNFSBEFMJWFSFE
POFCFJOHPOFPGUIFCFTUJOJUTDBUFHPSZ BWFSBHFQFSGPSNBODFGPSUIFJSSFTQFDUJWF
5IF7BOUFD/FYU4UBSJTPOFPGUIFCFTU TFHNFOUT
=VgYlVgZ

qI]ZGVi^c\h:meaV^cZY
/…iÊ «Àœ`ÕVÌÃÊ ˆ˜Ê ̅iÊ ˆ˜`ˆÛˆ`Õ>Ê >˜`Ê «>À>“iÌiÀp̅iʓœÀiʈ“«œÀÌ>˜ÌÊ>Ê«>À>“iÌiÀ]Ê
Vœ“«>ÀˆÃœ˜Ê ÌiÃÌÃÊ Ã…>ÀiÊ iÝ>V̏ÞÊ Ì…iÊ Ã>“iÊ Ì…iʅˆ}…iÀʈÃÊ̅iÊÜiˆ}…Ì>}iÊ>œÌÌi`Ê̜ʈ̰Ê
ÌiÃÌÊ«ÀœVi`ÕÀiÃ°Ê ˜Ê >``ˆÌˆœ˜]Ê Ì…iÀiÊ ˆÃÊ >Ê 6>ÕiÊ vœÀÊ œ˜iÞÊ
>V…Ê «Àœ`ÕVÌÊ ˆ˜Ê /œ«Ê i>ÀÊ ˆÃÊ À>Ìi`Ê œ˜Ê À>̈˜}]Ê Ü…ˆV…Ê ˆÃÊ V>VՏ>Ìi`Ê vÀœ“Ê ̅iÊ
>Ê ÃV>iÊ œvÊ xÊ vœÀÊ `ˆvviÀi˜ÌÊ ŽiÞÊ «>À>“iÌiÀÃ\Ê «iÀvœÀ“>˜ViÊ>˜`Ê̅iÊvi>ÌÕÀiÃʜvÊ̅iÊ«Àœ`ÕVÌÊ
*iÀvœÀ“>˜Vi]Ê Õˆ`Ê +Õ>ˆÌÞ]Ê i>ÌÕÀiÃ]Ê ˆ˜Ê Ài>̈œ˜Ê ÌœÊ Ì…iÊ «ÀˆVi°Ê ˆ}…Ê «iÀvœÀ“>˜ViÊ
À}œ˜œ“ˆVÃÊ >˜`Ê 7>ÀÀ>˜ÌÞ°Ê /…iÃiÊ Û>ÀÞÊ >˜`ʏœÌÃʜvÊvi>ÌÕÀiÃÊ>ÌÊ>ʏœÜÊ«ÀˆViÊÌÀ>˜Ã>ÌiÃÊ
>VVœÀ`ˆ˜}Ê ÌœÊ Ì…iÊ V…>À>VÌiÀˆÃ̈VÃÊ œvÊ Ì…iÊ ˆ˜ÌœÊ >Ê LiÌÌiÀÊ 6>ÕiÊ vœÀÊ œ˜iÞÊ À>̈˜}°Ê /…ˆÃÊ
…>À`Ü>Ài°Ê œÀÊ ˆ˜ÃÌ>˜Vi]Ê iÀ}œ˜œ“ˆVÃÊ ­i>ÃiÊ À>̈˜}ʈÃÊV>VՏ>Ìi`ÊÕȘ}ÊVÕÀÀi˜ÌÊ«ÀˆVið
œvÊ ÕÃi®Ê ˆÃÊ ˜œÌÊ ˆ“«œÀÌ>˜ÌÊ ˆ˜Ê >Ê }À>«…ˆVÃÊ œÌi\Ê /…iÊ «ÀˆViÃÊ “i˜Ìˆœ˜i`Ê …iÀiÊ `œÊ
V>À`Ê>˜`Ê̅iÀivœÀi]ʈÌÊ܈Ê˜œÌÊLiÊiÛ>Õ>Ìi`Ê ˜œÌÊ ˆ˜VÕ`iÊ Ì>ÝiÃ°Ê i˜Vi]Ê Ì…iÞÊ ÜˆÊ Û>ÀÞÊ
vœÀÊ̅ˆÃ°Ê >VVœÀ`ˆ˜}Ê ÌœÊ Ì…iÊ Ì>ÝiÃÊ >««ˆV>LiÊ ˆ˜Ê
Ê «Àœ`ÕV̽ÃÊ "ÛiÀ>Ê ,>̈˜}Ê ˆÃÊ V>VՏ>Ìi`Ê Ì…iÊ VˆÌÞÊ œÀÊ ÃÌ>ÌiÊ Ü…iÀiÊ ÞœÕÊ LÕÞÊ Ì…iÊ
LÞÊ>ÃÈ}˜ˆ˜}ÊÜiˆ}…Ì>}iÃÊ̜Êi>V…ÊiÛ>Õ>̈œ˜Ê «Àœ`ÕVÌÊvÀœ“°

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$ (!2$7!2% 

AVeide
6hjhL(?
HeZX^[^XVi^dch/9^bZch^dchLm=m9bb/((%m('#,m'),!
LZ^\]i/'#'`\h!8]^ehZi/>ciZa.)*EB!EgdXZhhdg/>ciZa
8dgZ9jdI'(%%&#+%<=o!BZbdgn/*&'B799G'!
9^heaVn/&)"^cX]&*/.l^YZhXgZZc!-%<7=99

Fh_Y[ Gh,,!)..
9edjWYj G^X]VgY8]Zc
F^ed[ %''")%%*--.)
;#cW_b bZY^VT^cY^V5Vhjh#Xdb#il
M[Xi_j[ lll#Vhjh#Xdb#il
MWhhWdjo 'nZVgh
 G6I>C<H 

8k_bZgkWb_jo    
;h]edec_Yi    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

<Vb^c\dci]Z\d
5 IF"TVT8+JTUIFMBUFTUBOEUIF
IPUUFTUBEEJUJPOUP"TVTSBOHFPG
OPUFCPPLT5IF8+JTBIFBWZEVUZ
DPNGPSUBCMZQBDLTJOIPSEFTPGGFBUVSFT
XJUIPVUNJTTJOHBOZUIJOH
*OBEEJUJPOUPDPNNPOGFBUVSFT
N"ICBUUFSZQBDLUPPMBTUTGPSBHPPE
IPVSTBTFYQFDUFE
*GZPVSFMPPLJOHGPSQPSUBCJMJUZBOE
VMUSBQPSUBCMFOPUFCPPLUIBUXJMMRVFODI GPVOEJONPTUOPUFCPPLT JUBMTPTQPSUTB QFSGPSNBODFDPVQMFEXJUIHSFBUGFBUVSFT 
ZPVSUIJSTUGPSHBNJOHBOEFOUFSUBJONFOU IPUTXBQQBCMFEVBMMBZFS%7%XSJUFS JO TNBSUMPPLBOEDPNGPSU UIF"TVT8+JT
XIJMFZPVSFPOUIFNPWF DBSESFBEFS 1$.$*"TMPU (JHBCJU EFmOJUFMZXPSUIBCVZ
&UIFSOFU *3 #MVFUPPUIBOE41%*' 'PSJODIXJEFTDSFFOEJTQMBZ"5*
;ZVijgZh PVUQVU .PCJMJUZ3BEFPO9BOEGBOUBTUJD
5IJTTMFFLDIBSDPBMCMBDLOPUFCPPLXJUI QFSGPSNBODF
BCSVTIFEVQBMVNJOVNUPQGFBUVSFT 7j^aYfjVa^inVcYZg\dcdb^Xh "HBJOTU"MJUUMFIFBWZGPSBOVMUSB
UIFMBUFTUNPCJMFQMBUGPSN5IF*OUFM 5IFCVJMERVBMJUZPGUIF8+JTnBXMFTT QPSUBCMF
$PSF%VP5QSPDFTTPSPOUIF*OUFM BOEXFDPVMEOPUmOEBOZUIJOHUPDSJC
1.DIJQTFUQPXFSTJU'VSUIFS JUBMTP BCPVU5IFRVBMJUZPGIJOHFT TDSFFOGSBNF  H8DG:H
GFBUVSFTBTUJDLPG.#%%3NFNPSZ LFZCPBSE CVUUPOTBOEDIBTTJTJTUPQOPUDI 1$.BSL 
GPSTUBCMFTZTUFNQFSGPSNBODFBOEBO HJWJOHUIFOPUFCPPLBTUVSEZMPPLBOE %.BSL 
(#IBSEESJWFGPSBMMZPVSTUPSBHF GFFM"TVTIBTBMTPQBJEDMPTFBUUFOUJPO %.BSL 
SFRVJSFNFOUT#VUXIBUNBLFTUIJT UPFSHPOPNJDT8JUIGFBUVSFTMJLFHPPE
OPUFCPPLBXPSLIPSTFGPSHBNJOHJTJUT LFZCPBSEMBZPVU UBDUJMFLFZTBOECVUUPOT  H^Hd[iHVcYgV'%%*
QPXFSGVMEFEJDBUFEHSBQIJDTTVCTZTUFN TJEFQMBDFNFOUPGQPSUTBOEIPULFZT JU $16"SJUINFUJD
QPXFSFECZUIF"5*.PCJMJUZ3BEFPO HVBSBOUFFTFYDFMMFOUVTFSDPNGPSUBOE %ISZTUPOFT 
9(16 JODSFBTFEQSPEVDUJWJUZ 8IFUTUPOFT 
5IFNPTUTUSJLJOHGFBUVSFBCPVUUIF .FNPSZCBOEXJEUI .#T
OPUFCPPLJTJUTTMJDLJODIHMBSFUZQF EZg[dgbVcXZ )BSEESJWFJOEFY .#T
XJEFTDSFFOEJTQMBZXJUIBOBTQFDUSBUJPPG 5BLFBMPPLBUUIFTDPSFT5IF8+TJNQMZ 0QUJDBMESJWFJOEFY,#T
*UTWJCSBOUDPMPSTBOEDSJTQEFUBJMT SPDLT5IFTDPSFTJOEJDBUFUIBUUIF
XJMMLFFQZPVSFZFTHMVFEUPUIFTDSFFO TZTUFNQFSGPSNTPQUJNBMMZXJUIPVUBOZ BdW^aZBVg`'%%'
XIJMFHBNJOHPSXBUDIJOHBNPWJF5IF IJDDVQT:PVXJMMCFBCMFUPSVONPTUHBNFT NJOVUFT
OPUFCPPLEPFTOUDPNQSPNJTFPOBOZ BUNFEJVNPSIJHITFUUJOHTXJUIEFDFOU
GFBUVSF%FTQJUFIBWJOHBGPSNGBDUPS GSBNFSBUFT)BWJOHBEVBMDPSFQSPDFTTPS <Vb^c\hXdgZh
TPNFXIFSFCFUXFFOBOVMUSBQPSUBCMF JTBCJHBEWBOUBHFXIFOJUDPNFTUP '&"3 Y!)JHI
GQT
BOEBNBJOTUSFBNOPUFCPPL JU IJHIXPSLMPBEPOUIFQSPDFTTPS5IF %PPN Y!-PX
GQT

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*

HBHjh1=LH3id,%%,HZZEV\Z'%[dgYZiV^ah
 (!2$7!2% 4%34%$ \

I;IBdc^idg
OZc^i]O&,
HeZX^[^XVi^dch/HXgZZch^oZ/&,"^cX]!9^bZch^dch
Lm=m9bb/(-%m(,(m'('!LZ^\]i/)#,*`\h!
GZhedchZi^bZ/&'bh!8dcigVhigVi^d/*%%/&!9di
e^iX]/%#'+)bb!7g^\]icZhh/(%%XY$b'

Fh_Y[ Gh&'!.%%
9edjWYj OZc^i]8dbejiZghAiY
F^ed[ &-%%"''"'%%)
;#cW_b ^c[d5oZc^i]"^cY^V#Xdb
M[Xi_j[ lll#oZc^i]"^cY^V#Xdb
MWhhWdjo &nZVg
 G6I>C<H 

8k_bZgkWb_jo    
;h]edec_Yi    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

9Zh`ideWZVjin
5 IF;JTPOFPGUIFmSTU-$%NPOJUPST
PGGFSFECZ;FOJUI SFOPXOFEGPS
OPUFCPPLTBOEEFTLUPQ1$T"UQSFTFOU 
SFTPMVUJPOPGY*UGFBUVSFTB
SFTQPOTFUJNFPGNTBOEBDPOUSBTU
SBUJPPGXIJDIJTTVGmDJFOUGPS
CBOEJOHSFTVMUJOHPVUPGDPMPSUSBOTJUJPO
JTRVJUFFWJEFOU)PXFWFS UIFPWFSBMM
DISPNJOBODFBOEMVNJOBODFJTGBJSMZ
UIFUFDIOPMPHZVTFEJONPTUPGUIFCBTJD SFHVMBSVTBHFBUIPNFPSPGmDFBTXFMMBT JNQSFTTJWF
NPEFMTPG-$%NPOJUPSTIBTSFBDIFEB FOUFSUBJONFOUBOEHBNJOH)PXFWFS JU 5IFNPOJUPSGFBUVSFTWFSZHPPE
QPJOUPGNBUVSJUZ&YDFQUGPSCVJMERVBMJUZ  NJTTFTPVUPOBWFSZJNQPSUBOUGFBUVSF  FSHPOPNJDT5IFNFOVCVUUPOTBSFTQBDFE
QSJDFBOEBGFXPUIFSBEEJUJPOBMGFBUVSFT  %7*JOQVU"TBSFTVMUPGBOBMPHJOQVU  XFMMBUUIFCBTFPGUIFTDSFFO6TJOHUIF
UIFZEPOUEJGGFSNVDI-FUTMPPLBUXIBU IPSJ[POUBMCBOEJOHJTRVJUFWJTJCMFXIFO JOUVJUJWFVTFSJOUFSGBDF BEKVTUJOHUIFNPOJUPS
UIF;FOJUI;IBTUPPGGFS ZPVXBUDIUIFTDSFFODMPTFMZ8IBUTFUT TFUUJOHTMJLFCSJHIUOFTT DPOUSBTU DPMPSBOE
UIJT-$%BQBSUGSPNJUTDPVOUFSQBSUTJTJUT TIBSQOFTTXJMMCFFBTZFWFOGPSBmSTUUJNFS
;ZVijgZh TUBOEUIBUTQPSUTEFHSFFTPGGSFFEPN *OBEEJUJPOUPUIFBCTFODFPGB%7*QPSU 
5IF;FOJUI;JTKVTUBOPUIFSQMBJO+BOF 6OMJLFNPTUPUIFSNPOJUPSTUIBUTXJWFM BOPUIFSNBKPSnBXJOUIFNPOJUPSJTJUT
JODI-$%NPOJUPSXJUIBOPQUJNBM POMZWFSUJDBMMZ UIJTPOFBMTPTXJWFMT CVJMERVBMJUZ*UEPFTMPPLWJTVBMMZBQQFBMJOH
IPSJ[POUBMMZ:PVDBOBMTPDIBOHFUIF XJUIBEVBMUPOFDPMPSDPNCJOBUJPOCVUUIF
PSJFOUBUJPOPGUIFTDSFFOUPQPSUSBJUCZ RVBMJUZPGNBUFSJBMVTFEJODPOTUSVDUJPOPG
SPUBUJOHJUEFHSFFTDMPDLXJTFBGUFS UIFCPEZDPVMEIBWFDFSUBJOMZCFFOCFUUFS
FYUFOEJOHUIFIFJHIUPGUIFBEKVTUBCMF
TUBOE4UFSFPTQFBLFSTBSFQMBDFEBUUIF KZgY^Xi
CBTFPGUIFTDSFFO#VUUIFZBSFHPPEGPS "MMJOBMM UIF;FOJUI;JTBHPPE-$%
OPUIJOH‰ZPVDBOOPUFYQFDUNVDIGSPN NPOJUPSXIJDIXJMMTVSFMZHSBCUIF
UIFUJOZXBUUUXFFUFST*GZPVXBOUHPPE BUUFOUJPOPGPOMPPLFST)PXFWFSJGZPVQMBO
TPVOE ZPVXJMMOFFEUPTIFMMPVUTPNF UPCVZBNPOJUPSUPBEPSOZPVSEFTLUPQ 
NPSFNPOFZGPSBHPPETFUPGTQFBLFST EPDPOTJEFSPUIFSNPEFMTPGGFSFECZPUIFS
NBOVGBDUVSFSTUPP:PVNBZHFUBCFUUFS
EZg[dgbVcXZVcYZg\dcdb^Xh QFSGPSNBODFGPSBMFTTFSQSJDF5IFQSJDF
5IFJNBHFSFQSPEVDUJPOPGUIF;JTDSJTQ  UBHPGUIJTPOFXFJHITRVJUFBCJUGPSBCBTJD
UIBOLTUPJUTPQUJNBMSFTPMVUJPOBOEBEPU JODINPOJUPS
QJUDIPGNN#VUXIFOJUDPNFTUP 'PSEFHSFFTPGGSFFEPNBOEIFJHIU
DPMPST JUJTOPUTBUJTGZJOHFOPVHI5IFZ BEKVTUBCMFTUBOE
5IFTDSFFODBOCFTXJWFMFEEFHSFFTUP
TFFNBCJUXBTIFEPVU5IFSFQSPEVDUJPO "HBJOTU/P%7*JOQVUBWFSBHFDPMPS
DIBOHFUIFPSJFOUBUJPOUPQPSUSBJU
PGHSBEJFOUTUPPJTCFMPXBWFSBHFBTUIF SFQSPEVDUJPOBOEBWFSBHFCVJMERVBMJUZ

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$ (!2$7!2% 

9^\^iVa8VbZgV
@dYV`:VhnH]VgZK*,%
HeZX^[^XVi^dch/889HZchdg/*BE!9jVaAZch/JaigV"
L^YZ"'(bb!OddbAZch"(.id&&,bb!9^bZch^dch
Lm=m9bb/&%&).#-'%#)!Dei^XVaOddbÄ)m!
BZbdgnIneZ"H9$BB8!('B7^ciZgcVaBZbdgn

Fh_Y[ Gh'(!...
9edjWYj 6gVY]VcVEgVW]j
F^ed[ %''"*+)&+(%%
;#cW_b XdciVXi^cY^V5`dYV`#Xdb
M[Xi_j[ lll#`dYV`#Xd#^c
MWhhWdjo &nZVg
 G6I>C<H 

8k_bZgkWb_jo    
;h]edec_Yi    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

9jVak^h^dc
8 FBMMLOPXBCPVUEJHJUBMDBNFSBT 
TPXIBUTEJGGFSFOUBCPVUUIJTPOF 
8FMMGPSTUBSUFSTBOENPSFJNQPSUBOUMZ 
TVQQMJFTUIFJSJNBHFFEJUJOHTPGUXBSF
BMPOHXJUIUIFEFWJDFESJWFST
CVUJUMBDLTBMJUUMFJOJNBHFTIBSQOFTT
BOEEFUBJM
'PS%VBMMFOTFTBOEHPPEDPMPS
JUTXIBU,PEBLDMBJNT‰UIFXPSMETmSTU 9Zh^\cVcYZg\dcdb^Xh SFQSPEVDUJPO
EJHJUBMDBNFSBXJUIEVBMMFOT-FUVTEJWF 5IF7DPNFTJOBTMFFLCMBDLBOETUFFM "HBJOTU3FRVJSFTBQPXFSFEDSBEMFBOE
JOUPDIFDLPVUXIBUCFOFmUTEVBMMFOTFT CPEZ*UIBTBDPNGPSUBCMZCJHJODI TPGUXBSFUPUSBOTGFSJNBHFTBWFSBHF
DBOPGGFSBOENVDINPSF IJSFT-$%TDSFFO5IFCVUUPOTBSFWFSZ JNBHFTIBSQOFTTBOEMPTTPGEFUBJM
JOUFMMJHFOUMZMBJEPVUXJUIEFEJDBUFEPOFT
;ZVijgZh GPSi%FMFUFwBOEi'MBTIw5IFZBSFBMTP
5IF7IBTUXPMFOTFT5IFPOFPO SFTQPOTJWFBOEPGHPPERVBMJUZ5IF7
UIFUPQJTUIFVMUSBXJEFBOHMFMFOTXJUI IBTBOPWFSBMMFYDFMMFOUCVJMERVBMJUZBOE
BmYFEGPDBMMFOHUIPGNN5IFPOF OBWJHBUJPOUISPVHIUIFDBNFSBJTRVJUF
CFMPXJUJTUIFDPOWFOUJPOBM[PPN FBTZ
NN[PPNMFOT#FTJEFT FBDIMFOTIBTB
TFQBSBUFNFHBQJYFM$$%TFOTPS5IF EZg[dgbVcXZ
VMUSBXJEFBOHMFMFOTDPWFSTBMBSHFSBSFB 'PSBDDVSBUFDPMPSSFQSPEVDUJPO ,PEBL
BOEJTTVJUBCMFGPSMBOETDBQFTBOECJH VTFTXIBUJTLOPXOBTBiDPMPSTDJFODF
GBNJMZQIPUPHSBQIT"TMFFLDPNQBDU DIJQw5IFDPMPSSFQSPEVDUJPOJTJOEFFE 5PQ6MUSBXJEFBOHMFMFOTCPUUPN;PPN
MFOT
DBNFSBEFmOFTQPSUBCJMJUZCVUJOUIF HPPEXJUISFMBUJWFMZBDDVSBUFTLJOUPOFT
7TDBTF UIFDSBEMFSVJOTJU:PVOFFE
UIFDSBEMFBOE,PEBLTQSPQSJFUZTPGUXBSF
UPUSBOTGFSUIFJNBHFTBOEBCPWFUIBU UIF
DSBEMFTIPVMECFQPXFSFE4PXIFOZPV
BSFPVUPOBWBDBUJPO ZPVBSFFGGFDUJWFMZ
DBSSZJOHUIFDBNFSB UIFDSBEMF UIF64#
DBCMFBOEUIFQPXFSDBCMFDVNBEBQUFS
5IFCBUUFSZMJGFBDDPSEJOHUP$*1" $BNFSB
BOE*NBHJOH1SPEVDUT"TTPDJBUJPO

TUBOEBSEJTTOBQTBOETUBOETRVJUF
BWFSBHFXIFODPNQBSFEUP$BTJPT&9;
-FGUUP3JHIU4BNFTDFOFTIPUXJUI[PPNMFOTBOEVMUSBXJEFBOHMFMFOTSFTQFDUJWFMZ
XIJDIHJWFTTOBQTQFSDIBSHF,PEBL

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*
 (!2$7!2% 4%34%$ \

:miZgcVaHidgV\Z9Zk^XZ
BVmidgH]VgZYHidgV\ZEajh
HeZX^[^XVi^dch/*%%<7,!'%%gebYg^kZ!&%$&%%
:i]ZgcZiedgi!'mJH7'#%edgih!LZ^\]i/!
9^bZch^dchLm=m9bb/)&m&)%m',&!
HiVcYVgYh/JEcE6K!9AC6!>ciZaCBEG

Fh_Y[ Gh&-!**%
9edjWYj BVmidg8dgedgVi^dc
F^ed[ %&&"*&+%.++&
;#cW_b bVmidg^c[d5YZcVkZ#Xdb
M[Xi_j[ lll#bVmidg#Xdb
MWhhWdjo (nZVgh
 G6I>C<H 

8k_bZgkWb_jo    
;h]edec_Yi    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

BZY^VlVgZ]djhZ
# FJUBUIPNFPSPGmDF UIFSFJTBO
FWFSJODSFBTJOHOFFEGPSNPSFTUPSBHF
TQBDFGPSPVSEJHJUBMEBUB5IF.BYUPS4IBSFE
BQQMJDBUJPOJTBDDFTTFECZEPVCMFDMJDLJOHPO
UIF.BYUPS4IBSFE4UPSBHFJDPOJOUIFTZTUFN
USBZ'SPNUIJTTFUVQTDSFFO POFDBONPEJGZ
BTTPSUFEmMFTUPUIFEFWJDF‰WFSZTJNJMBSUP
DPOWFOUJPOBMOFUXPSLmMFDPQZCBOEXJEUIT
5IFEFWJDFDBOBMTPCFDPOmHVSFE
4UPSBHF1MVTJTBTMJDLMPPLJOHTPMVUJPOUP UIFEFWJDFTOFUXPSLBOEGPMEFSTFUUJOHT  UPCBDLVQVTFSTFMFDUFEGPMEFSTPO
UIJTQSPCMFNXIJMFEFMJWFSJOHBMVDJEVTBHF NBOBHFQPXFSQSPmMFT BTTJHOSJHIUTUPVTFST  ZPVSDPNQVUFSBOEUIJTQSPDFTTDBOCF
FYQFSJFODF‰FWFOGPSUIFOPOUFDIJF DPOmHVSFCBDLVQTDIFEVMFT FUD TDIFEVMFE5IFTPGUXBSFDBOTBWFVQUP
*UIBTCFFODPOTUSVDUFEVTJOHBTJOHMF #FGPSFVTJOHJU VTFSTBOEOFUXPSLGPMEFST IJTUPSJDBMWFSTJPOTPGBCBDLVQTFU
(#IBSEEJTLESJWFFODBTFEJOBUPVHI OFFEUPCFDSFBUFEPOUIFESJWF‰UIJTJTFBTJMZ *GZPVOFFEUPVTFUIJTEFWJDFBTB
NFUBMMJDTIFMMXJUIBOFUXPSLBOE64# EPOFWJBBTUFQCZTUFQCSPXTFSJOUFSGBDF SFQPTJUPSZGPSBMMZPVSNFEJBmMFT ZPV
QPSUTGPSDPOOFDUJWJUZ#FTJEFTUIFEFWJDF 8IFOmOJTIFE JUDSFBUFTBTIPSUDVUPOZPVS DBOFOBCMFJUUPSVOBTBNFEJBTFSWFS
JUTFMG UIFQBDLBHFDPOTJTUFEPGBO&UIFSOFU EFTLUPQ BMMPXJOHFBTZBDDFTTUPUIFESJWF 5IJTMFUTZPVTUSFBNBSBOHFPGBVEJPBOE
DBCMF FYUFSOBMQPXFSBEBQUFSBOEB2VJDL *UBMMPXTZPVUPTFMFDUTFQBSBUFQSPmMFTGPS WJEFPmMFTUPDPOOFDUFEFOUFSUBJONFOU
4UBSUTPGUXBSF$%5IFJOTUBMMBUJPOQSPDFTT IPNFPSPGmDFXIJMFDPOmHVSJOHUIFEFWJDFT EFWJDFTPOZPVSOFUXPSL VTJOHUIF61O1
JTEFTDSJCFEJOUISFFFBTZTUFQT‰QMVH TIBSFETQBDF'PSFYBNQMF JOUIFPGmDF TUBOEBSE6TJOHPUIFSFOUFSUBJONFOU
JOQPXFS QMVHJOOFUXPSLBOEJOTUBMM QSPmMF JUDSFBUFTJOEJDBUJWFMZOBNFEGPMEFST EFWJDFTUIBUTVQQPSUUIJTTUBOEBSEPOUIF
TPGUXBSF)PXFWFS JUXBTOUSFBMMZBT MJLF.Z1IPUPT .ZQSFTFOUBUJPOT FUD5IJT OFUXPSL NFEJBmMFTDBOCFBVUPNBUJDBMMZ
TJNQMFBTJUXBTNBEFPVUUPCF5IF NBLFTJUFBTJFSUPPSHBOJ[FBOEDPQZZPVS iEJTDPWFSFEwPOUIJTCPY
EFWJDFEJEOPUHFUEFUFDUFEBUTUBSUVQBT EBUB5IFSFJTBOJOUFSFTUJOHGFBUVSFDBMMFE )BWJOHJUTQSJOUTFSWFSDBQBCJMJUJFT ZPV
JUXBTGBDUPSZDPOmHVSFEXJUIBEJGGFSFOU %SBHBOE4PSU XIJDIQSFEFmOFTmMFUZQFTUP DBODPOOFDUBQSJOUFSUPPOFPGUIFESJWFT
*1BEESFTTBOETVCOFUNBTL5PFOBCMFJU TQFDJmDGPMEFSTPOUIF UXP64#QPSUT*UDBOBMTPBDDFQUPUIFS
UPXPSLPOUIFOFUXPSL JUOFFEFEUPCF EFWJDF TPUIBUmMFTHFU FYUFSOBMTUPSBHFEFWJDFTTVDIBTUIVNC
POUIFTBNFOFUXPSLTVCOFUBOESBOHF‰ BVUPNBUJDBMMZTPSUFE ESJWFT‰UIFTFTIPXVQCFOFBUIUIFTUPSBHF
UIFSFGPSF *IBEUPNBOVBMMZDPOmHVSF BOEQMBDFEXJUIJOUIF EFWJDFJOUIFXPSLHSPVQ‰ZPVDBOCSPXTF
JUCZDPOOFDUJOHJUUPNZDPNQVUFSBOE DPSSFDUEJSFDUPSJFT‰BMM UISPVHIJUBTXJUIBOZPUIFSGPMEFS
GFFEJOHJOUIFDPSSFDUTFUUJOHT8IJMFUIJT ZPVOFFEUPEPJTUPESBH 'PS"DPOWFOJFOUTPMVUJPOGPSEBUB
EJEOUUBLFNVDIUJNF JUTIPVMEIBWFCFFO BOEESPQBCVODIPGmMFT TUPSBHFBOECBDLVQGPSUIFIPNFBOE
NFOUJPOFEXJUIJOUIF2VJDL4UBSU(VJEF UPZPVSEFTLUPQJDPOBOE PGmDFJOUFHSBUFEQSJOUTFSWFSIBMGB
0ODFDPOOFDUFE JUTRVJUFFBTZUPVTF UIFTPSUJOHJTUBLFODBSF UFSBCZUFPGTUPSBHFUPVHIDPOTUSVDUJPO
*UTFWFSZBTQFDUJTDPOUSPMMFEUISPVHIB PG*OPVSUFTUT JUUPPL "HBJOTU.JHIUOFFEUFDIOJDBMFYQFSUJTF
CSPXTFSCBTFEJOUFSGBDFXJUIDMFBSBOE "GBOQSPWJEFT NJOVUFTTFDPOET EVSJOHTFUVQTIPVMEIBWFIBE(JHBCJU
FBTZOBWJHBCJMJUZ5IF.BYUPSDPOmHVSBUJPO BDUJWFDPPMJOH UPDPQZ.#PG &UIFSOFU

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$ (!2$7!2% 

8]^ehZi
6hjh:C,.%%<IIDE
HeZX^[^XVi^dch/Ck^Y^V<Z;dgXZ,.%%<I<EJ!'*+B7
d['*+"W^iG6B!9jVa9K>edgih!<EJXadX`ZYVi*'%
B=o!BZbdgnXadX`ZYVi&))%B=o!H]VYZgBdYZa
(#%hjeedgi

Fh_Y[ Gh')!,%%
9edjWYj ?Z[[Zgn=jVc\
F^ed[ %''")%%*--.)
;#cW_b bZY^VT^cY^V5Vhjh#Xdb#il
M[Xi_j[ lll#Vhjh#Xdb#il
MWhhWdjo (nZVgh
 G6I>C<H 

F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

Ldgi]neZg[dgbZg
5 IF(F'PSDF(5DIJQTFUGSPN/WJEJB
JTPOFPGUIFNPTUFYDJUJOHDIJQTFUTJO
UIFIJHIFOETFHNFOU5IF"TVT&/(5
BOETVQQPSUTUIF$PNQPTJUF 4WJEFPBOE
)%57PVUQVUTVTJOHUIFTQFDJBM)%57
PVUQVUBEBQUPS
5IFFYDFMMFOUDPPMFSBOEPWFSDMPDLFE
TQFDJmDBUJPOTBMPOHXJUIBHPPETPGUXBSF
CVOEMFNBLFJUBXPSUIZJOWFTUNFOU
501JTBCFFGFEVQWFSTJPOPGUIF(5 'PS4UFMMBSQFSGPSNBODFFGGFDUJWFDPPMJOH
XJUIIJHIFSDMPDLTQFFET CFUUFSDPPMJOH EZg[dgbVcXZ BOEHPPETPGUXBSFCVOEMF
BOEJNQSFTTJWFQBDLBHF5IFUBCMFBUUIF 5IF"TVT&/(5501JTBOFYDFMMFOU "HBJOTU&YQFOTJWF
CPUUPNDMBSJmFTUIFTQFDJmDBUJPOTJOUFSNT DIPJDFGPSBIJHIFOEHBNJOHWJEFP
'&"3."9Y!Y""Y"'
PGDMPDLTQFFET DBSE8FNBOBHFEUPQVTIUIFDMPDL
'14
TQFFETGVSUIFSUPGPSDPSFBOE  "5*3BEFPO95
 /WJEJB(F'PSDF(59
EVX`V\ZVcYXdda^c\ NFNPSZSFTQFDUJWFMZ"GUFSPWFSDMPDLJOH   "TVT&/(55010$ 

#FJOHBQSFNJVNWFSTJPO UIFDBSEDPNFT UIF&/(5501DPNFTWFSZDMPTF  "5*3BEFPO995


 "TVT&/(5501
XJUIMPUTPGHPPEJFTJOUIFGPSNPGGVMM UPNBUDIJOHUIF(F'PSDF(59  /WJEJB(F'PSDF(5
WFSTJPOPGUIFQPQVMBSHBNF,JOH,POH  /WJEJB(F'PSDF(590$
 /WJEJB(F'PSDF(5
BMPOHXJUIBTUSJOHPGBQQMJDBUJPOTUIBU *OEFY
%.BSL
% &% '% (% )% *% +% ,% -%
JODMVEFTTPNFSFTPVSDFGVMVUJMJUJFTMJLF  /WJEJB(F'PSDF(59
 "TVT&/(55010$ 

(BNF'BDFNFTTFOHFSBOEPWFSDMPDLJOH )BMG-JGF-PTU$PBTUY!Y""Y"'
 "TVT&/(5501
'14
UPPMT5IFDPPMFSJTBMPUEJGGFSFOUUIBOUIF  "5*3BEFPO95  "5*3BEFPO95
 /WJEJB(F'PSDF(5  /WJEJB(F'PSDF(59
EFGBVMUPOFVTFEPOSFGFSFODFDBSET5IJT
 "5*3BEFPO995
POFJTBIVHFDIVOLPGNFUBMUIBUDPPMTUIF % &%%% '%%% (%%% )%%% *%%% +%%%  "TVT&/(55010$ 

 /WJEJB(F'PSDF(590$
(16BTXFMMBTUIF3".DIJQT$POTJEFSJOH %.BSL  /WJEJB(F'PSDF(5
*OEFY  "TVT&/(5501
UIFTNBMMTJ[FPGUIFON(DPSF UIF  "5*3BEFPO95
 /WJEJB(F'PSDF(5
DPPMFSVTFECZ"464JTBMNPTUQFSGFDU  /WJEJB(F'PSDF(59
 "TVT&/(55010$ 
% &% '% (% )% *% +%
GPSBOPWFSDMPDLFEDBSE"MTP UIFDPPMFS  "TVT&/(5501
JTBTNBSUTJOHMFTMPUTPMVUJPOFOTVSJOH  /WJEJB(F'PSDF(590$
 "5*3BEFPO995
%00.)JHIY!Y""
NJOJNVNEJTUVSCBODFJOTJEFUIFDBTFBOE  /WJEJB(F'PSDF(5 '14
 /WJEJB(F'PSDF(59
 /WJEJB(F'PSDF(5
FOPVHISPPNGPSUIFPUIFSDPNQPOFOUT  "TVT&/(55010$ 

% '%%% )%%% +%%% -%%% &%%%% &'%%%  "5*3BEFPO95


5IFDBSEDPNFTXJUIUIF%VBM%7*PVUQVUT  "TVT&/(5501
 /WJEJB(F'PSDF(590$
(59SFGFSFODF (5SFGFSFODF "TVT&/(5  /WJEJB(F'PSDF(5
 "5*3BEFPO995
$PSFDMPDLTQFFET .)[ .)[ .)[  /WJEJB(F'PSDF(5
.FNPSZDMPDLTQFFET  .)[  .)[  .)[ % &% '% (% )% *% +% ,% -%

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*
 (!2$7!2% 4%34%$ \

8dbejiZg8VhZ
<^\VWniZEdhZ^Ydc<O"M6&86"HIH
HeZX^[^XVi^dch/9^bZch^dch/Lm=m9bb/'%%m))%m).*!
CZiLZ^\]i/-`\h!*m*#'*"^cX]ZmiZgcVaYg^kZWVnh!
&m(#*"^cX]Yg^kZWVnh:miZgcVa!)m(#*"^cX]Yg^kZWVnh
>ciZgcVa![dg=VgYY^h`h!;gdciJH7'Cd!6jY^dB^X
VcY=ZVYe]dcZhVcY;^gZl^gZedgih

Fh_Y[ Gh)!.*%
9edjWYj <^\VWniZIZX]cdad\^Zh>cY^VAiY
F^ed[ %''"(%+&++++
;#cW_b hVaZh5\^\VWniZ#^c
M[Xi_j[ lll#\^\VWniZ#^c
MWhhWdjo &nZVg
 G6I>C<H 

8k_bZgkWb_jo    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

8aVhhnXVhZ
* OPVSMBTUNPOUITJTTVF XFSFWJFXFE
(JHBCZUFT5SJUPOBOEXFSFWFSZNVDI
JNQSFTTFE5IJTUJNFBSPVOE XFIBWF
:PVKVTUOFFEUPTMJEFUIFESJWFTJOUIF
FNQUZESJWFCBZ BMJHOJUBOEMPDLJUXJUI
QMBTUJDDMJQT
USBOTQBSFODZBOEQBTUFJUPOUIFTMJEF
8IBUTUIFVTFPGBUSBOTQBSFOUTJEF
QBOFMXJUIPVUBOZ-&%GBOT (JHBCZUF
SFWJFXFEBOPUIFSDBTFGSPN(JHBCZUFT 5IFCFTUUIJOHXFMJLFEXBTUIFTJEF UBLFTDBSFPGUIBUUPP5IFSFBSGBOJTB
TUBCMF UIF1PTFJEPO*UJTWFSZJNQSFTTJWF QBOFM(JHBCZUFHJWFTZPVUIFDIPJDFUP NNCMVFGPVS-&%GBOUIPVHIUIF
BUmSTUHMBODF-FUTEJHJOUPTFFXIFUIFS FJUIFSVTFBUSBOTQBSFOUBDSZMJDXJOEPX -&%TBSFOUBMMUIBUQPXFSGVMBOEZPVXJMM
JUMJWFTVQUPPSFYDFFETUIFTUBOEBSETTFU PSBNFTIFEBMVNJOVNQMBUFNPVOUFEUP IBWFUPTVQQMFNFOUJUXJUIPUIFSDBTF
CZ(JHBCZUFT5SJUPO UIFTJEFQBOFMVTJOHTDSFXT0OUIFPVUTFU  MJHIUJOHBDDFTTPSJFTUPNBLFGPSEFMJHIUGVM
UIFUSBOTQBSFOUXJOEPXJTPVUMJOFEXJUI WJFXJOH
9Zh^\c BTUZMJTISJNXIJDIIBTi(JHBCZUF$IBTTJTw
&YUFSJPS5IFQBJOUKPCJTFYDFQUJPOBM*U JOEFOUFEPOJU 8VhZkZci^aVi^dcVcYXVWaZbVcV\ZbZci
IBTBTIJOZTJMWFSmOJTIBOEMPPLTWFSZ "OPUIFSVOJRVFGFBUVSFJTXIBU 5IF1PTFJEPOIBTUXPNNGBOT POF
DMBTTZ(JHBCZUFDBSSJFTJUTUSBEJUJPOPG (JHBCZUFDBMMTiGSPOUTJEFMJHIUCFBN FBDIGPSGSPOUJOUBLFBOESFBSFYIBVTU 
HJWJOHBGVMMBMVNJOVNGSPOUCF[FMBTJU QSPKFDUPSw*UTCBTJDBMMZCMVFPSXIJUF DPOTJEFSFEBTBOJEFBMBSSBOHFNFOU5IF
EJEXJUIUIF5SJUPODBTF8JUIBCSVTIFE -&%MJHIUT ZPVIBWFUIFPQUJPOUPVTF NNGBOTBSFOUBMMUIBUQPXFSGVMBOE
BMVNJOVNmOJTI JUMPPLTFYUSFNFMZ FJUIFS
GPDVTFEUISPVHIBTMJEFIBWJOHB UIFZEPOUNPWFHSFBUBNPVOUTPGBJS
TPQIJTUJDBUFE i1PTFJEPOwDVUPVUPOJU(JHBCZUFQSPWJEFT 'PS*OOPWBUJWFUPPMMFTTEFTJHOQBJOU
*OUFSJPS*UJTTBGFUPXPSLJOTJEFXJUI ZPVBOBEEJUJPOBMFNQUZTMJEF:PVKVTU RVBMJUZBOETJEFQBOFM
OPTIBSQFEHFT#VUUIFSFMJFTBQSPCMFN OFFEUPQSJOUXIBUFWFSZPVXBOUPOB "HBJOTU4IBSQFEHFTMPXNNGBOT
IFSF8IJMFPQFOJOHUIFGSPOUCF[FM XF
IBEUPSFNPWFUIFTJEFQBOFM PUIFSUIBO
UIFPOFXJUIUIFUSBOTQBSFOUQBOFM
"MTP 
UIFCBDLFEHFPOUIBUTJEFPGUIFDBTFXBT
RVJUFTIBSQ

;ZVijgZhVcY^chiVaaVi^dc
(JHBCZUFIJHIMJHIUTUIBUJUVTFTB
UPPMMFTTEFTJHOBOEJOEFFETP*UVTFT
UIVNCTDSFXTUPGBTUFOUIFTJEFQBOFM
4JEFQBOFMXJUIUSBOTQBSFOUBOENFTIFE
UPUIFDBTF'PSUIFPQUJDBMBOEnPQQZ NN#MVF-&%SFBSFYIBVTUGBO
BMVNJOVNBUUBDINFOUT
ESJWFT JUVTFTBTMJEFBOEMPDLNFDIBOJTN
\
4%34%$ (!2$7!2% 

9^kMEaVnZg
>ciZmG"&*
HeZX^[^XVi^dch/9^bZch^dchLm=m9bb/)(%m',%m)+!
CIH8$E6A!9K9$K89'#%eaVnWVX`!6jY^d89$BE($
BE)hjeedgi!?E:<$@dYV`E^XijgZ89XdbeVi^WaZ!
*#&"X]VccZa$XdVm^Va$dei^XVaVjY^ddjieji

Fh_Y[ Gh(!*.%
9edjWYj >ciZmIZX]cdad\^Zh
F^ed[ &-%%"&&"+,-.
;#cW_b ^c[d5^ciZmiZX]cdad\^Zh#Xdb
M[Xi_j[ lll#^ciZmiZX]cdad\^Zh#Xdb
MWhhWdjo &nZVg
 G6I>C<H 

8k_bZgkWb_jo    
;h]edec_Yi    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

9^kMdc>ciZm
* OUFYIBTJOUSPEVDFEJUTSBOHFPG%7%
QMBZFSTXJUIUIF3BJNFEBUSFBDIJOH
PVUUPUIPTFXIPXBOUUPFOKPZBVEJPWJEFP
PGUSBOTMVDFOUQMBTUJDUPHJWFJUUIBUiUSFOEZw
MPPL*UEPFTOPUDPNQMFUFMZFKFDU JODSFBTJOH
UIFDIBODFTPGTDSBUDIJOHZPVS$%%7%
WJEFPTFODPEFEXJUIBiQBDLFECJUTUSFBNw‰
UIJTBQQFBSTJOUIFGPSNPGTMJHIUGSBNF
ESPQT5IF3EJEOPUFYIJCJUBOZQSPCMFN
TBWFEJOQPQVMBS1$GPSNBUTPOUIFJSIPNF XIJMFTMJQQJOHJUJO5IFQMBZFSTNFOVJT CVUTVSQSJTJOHMZ JUXBTVOBCMFUPQMBZBOZ
UIFBUFSPSBVEJPTZTUFNT5IF3IBTB TJNQMFBOEEPFTOPUSFRVJSFPOFUPTDBOUIF WJEFPFODPEFEXJUI%JW9WFSTJPO*UQMBZFE
TMJNEFTJHOXJUIBSBOHFPGDPOOFDUJWJUZ NBOVBM#BTJDBVEJPTFUUJOHTBSFQSPWJEFEGPS UIFBVEJPUSBDL TJODFJUXBTBO.1TUSFBN

PQUJPOT:PVDBOEJSFDUWJEFPGSPNUIJTQMBZFS UIFTQFBLFSTFUVQJOBTVSSPVOETPVOENPEF CVUXBTVOBCMFUPEFDPEFUIFWJEFP*UXBT
UPBQFSTPOBMDPNQVUFSPSUFMFWJTJPOWJBB "OFRVBMJ[FSBOEBVEJPFGGFDUT IBMM DIVSDI  BCMFUPQMBZOFXFS%JW9WFSTJPOTmMFTFBTJMZ
47JEFPPS$PNQPTJUFDBCMF:PVDBOFWFO MJWF FUD
BSFBMTPQSPWJEFE1JDUVSFTTBWFE :PVBMTPIBWFUPNBLFTVSFUIBUUIFBVEJP
XBUDIZPVS%7%NPWJFTPOZPVS57UISPVHI PO$%TDBOBMTPCFWJFXFEPOUIFQMBZFS USBDLJOUIFNPWJFDMJQTBSFFODPEFEJOUIF
UIFEFWJDFTDPNQPOFOU $S $C :
EJTQMBZ 5IFZDBOCFWJFXFEBTUIVNCOBJMTXIJMTU .1GPSNBU
DPOOFDUJPOT/PUIJOHJTPWFSMPPLFEBTGBS CSPXTJOHGPMEFST4IPSUDVUTPOUIFSFNPUF 'PS5IFQMBZFSJTBCMFUPQMBZ.1BVEJP
BTBVEJPDPOOFDUJWJUZJTDPODFSOFEFJUIFS BMMPXPOFUPSPUBUFBOE[PPNJOUPJNBHFT FODPEFEJODPOTUBOUBTXFMMBTWBSJBCMF
*UTVQQPSUTBOBMPHTQFBLFST TUFSFPPS *GZPVJOUFOEPOVTJOHFYUFSOBMTUFSFP CJUSBUF4POHTQMBZFEBUCJUSBUFTSBOHJOH
DIBOOFM
BTXFMMBTEJHJUBMPVUQVUT DPBYJBM TQFBLFSTWJBUIF3$"KBDLTUIFONBLF GSPNLCQTUPPWFSLCQTQMBZXJUIPVU
BOEPQUJDBM
5IFGSPOUQBOFMJTNJOJNBMXJUI TVSFUIFZIBWFTPNFTPSUPGJOCVJMU TLJQQJOH
KVTUUIFQPXFS -$%EJTQMBZ QMBZCBDLBOE BNQMJmDBUJPO WPMVNFDPOUSPM
5IFPVUQVU "HBJOTU%PFTOPUTVQQPSU%JW9WFSTJPO
NJDSPQIPOFPVUQVUDPOUSPMT5IFSFNPUF GSPNPSEJOBSZTQFBLFSTJTXFBLBTUIFSF WJEFPT5VSOUIFQMBZFSPWFSBOEZPVXJMM
DPOUSPMCVJMEBOEUIFCVUUPOTBSFUBDLZ5IF EPFTOPUTFFNUPCFBOZBNQMJmFSQSFTFOU TFFTDSFXT VTFEUPmYUIFDJSDVJUCPBSET
SFTQPOTFXBTOPUVQUPUIFNBSLFJUIFS‰UIF 5IF3TVQQPSUTWJEFPFODPEFEXJUI JOTJEF
TUJDLJOHPVUPGUIFCPEZ5IJTJT
QMBZFSXPVMEOPUSFTQPOEUPUIFSFNPUFT UIF.1&(GPSNBU5IJTJODMVEFTWJEFPT VOTBGFBOELJMMTUIFJOJUJBMBQQFBMGPSUIF
DPNNBOETJGUIFMBUUFSTUSBZFEBXBZGSPN FODPEFEJO%JW9BTXFMMBT9WJ%0MEFS QSPEVDU5IFSFJTOPTVQQPSUGPS8"7PS
UIF*3SFDFJWFS5IFQMBZFST$%USBZJTNBEF QMBZFSTUFOEUPIBWFBQSPCMFNXJUIQMBZJOH 8.7GPSNBU

5IFESJWFUSBZEPFTOPUFKFDUDPNQMFUFMZ 4DSFXTQFFLPVUPGUIFVOEFSTJEFPGUIF3 "XJEFSBOHFPG"7PVUQVUTBSFQSPWJEFE


 (!2$7!2% 4%34%$ \

:miZgcVa'#*"^cX]=VgY9g^kZ:cXadhjgZ
KVciZXCZmHiVg(
HeZX^[^XVi^dch/9^bZch^dchLm=m9bb/&('m-%m&*!
JH7&#&$'#%^ciZg[VXZ[dg'#*"^cX]]VgYYg^kZ!
6ajb^cjbXVhZ!hjeedgihL^cYdlh.-H:id
L^cYdlhME!BVXDH-#+VcYVWdkZ

Fh_Y[ Gh&!)%%
9edjWYj 6e^XVa>beZm!BjbWV^
F^ed[ .-'&().&,,
;#cW_b hVaZh5Ve^XVa#^c
M[Xi_j[ lll#kVciZXjhV#Xdb
MWhhWdjo &nZVg
 G6I>C<H 

8k_bZgkWb_jo    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

Add`hbViiZg
"  GFXNPOUITCBDL XFSFWJFXFE
UIF7BOUFD/FY4UBSXIJDIXBT
JNQSFTTJWFXJUIJUTTJMWFSNBUUFmOJTI 
BNPVOU5PDPVOUFSUIBU 7BOUFDQSPWJEFT
BQPXFSDBCMFUIBUESBXTQPXFSGSPNUIF
64#QPSU$PNJOHUPUIFJOTJEF 7BOUFD
PUIFSFYUFSOBMJODIFODMPTVSFT
"U3T  ZPVHFUBIBOETPNFDBTF 
BGBCVMPVTDBSSZCBH BOBEEJUJPOBM7
SVHHFECPEZBOEHPPEQFSGPSNBODF/PX IBTBOVODPOWFOUJPOBMEFTJHO5IFIBSE 64#QPXFSDBCMFBOEUPUPQJUBMM 7BOUFDT
MFUTDIFDLPVUUIF7BOUFD/FY4UBSBOE ESJWFSFTUTBOEmUTJOUPBnBUDJSDVJUCPBSE SFMJBCJMJUZ-PDBMHFOFSJDBMVNJOJVNDBTFT
XIFUIFSJUMJWFTVQUPUIFTUBOEBSETTFUCZ *UDPNGPSUBCMZBMJHOTXJUIUIFQJOCSBDLFU BSFBWBJMBCMFGPSBQSJDFUBHPG3TBOE
JUTQSFEFDFTTPS UIF/FY4UBS BOEUIFXIPMFTFUVQJTNVDITUVSEJFSUIBO EPFTOUDPNQSPNJTFPOXBSSBOUZ:PVHFU
JOPUIFSDBTFT*UJTBVUPNBUJDBMMZEFUFDUFE BOBTTVSFEPOFZFBSXBSSBOUZGSPNCPUI
9Zh^\c BTBSFNPWBCMFTUPSBHFEFWJDFJO8JOEPXT MPDBMBTXFMMBTUIJTDBTFXIJMFFYIJCJUJOH
5IFNPEFMXFSFDFJWFEGPSSFWJFXXBT 91BOEJTBUSVFQMVHBOEQMBZEFWJDF BMNPTUTJNJMBSQFSGPSNBODFT
CMBDLJODPMPS7BOUFDDBMMTJUi0OZY#MBDLw JFZPVDBOQMVHBOEVOQMVHUIFEFWJDF 4PJTJUKVTUJmFETQFOEJOHBOFYUSB
0VUPGUIFCPY UIFDBTFJTBOBCTPMVUF XJUIPVUSFCPPUJOHUIFDPNQVUFS*UDPNFT 3T GPSHPPEMPPLT HPPECVJMERVBMJUZ
TUVOOFSNBEFPGBMVNJOVNXJUIBCSJMMJBOU XJUIBESJWFS$%GPS8JOEPXT4&XIFSFJO BOEBDBSSZCBH 8FMMXIFOZPVXBOUUP
NFUBMMJDNJSSPSmOJTI)BWJOHBNJSSPS ZPVOFFEUPJOTUBMMUIF64#ESJWFST#FTJEFT TUBOEPVUJOUIFDSPXE ZPVTVSFIBWFUP
mOJTI JUFBTJMZDBUDIFTPOmOHFSQSJOU 8JOEPXT JUJTDPNQBUJCMFXJUI.BD04 QBZBMJUUMFFYUSB
JNQSFTTJPOT#VUUIFOUIJTEPFTOUNFBO BOEBCPWF 'PS,JMMFSMPPLTWFSZHPPECVJMERVBMJUZ
UIBUJUJTTVTDFQUJCMFUPTDSBUDIFT5IF BEEJUJPOBM71PXFS64#DBCMFBOE
BMVNJOVNDBTFIBTBCSVTIFEUFYUVSFBOE EZg[dgbVcXZ DBSSZDBTF
JTTDSBUDISFTJTUBOU 5IFQFSGPSNBODFJTHPPEBOEJOMJOFXJUI "HBJOTU4MJHIUMZFYQFOTJWF

;ZVijgZh
0OFUIJOHXFSFBMMZMJLFEXBTUIFDBSSZ
DBTF BWFSZOJGUZBEEJUJPOJOEFFE*UIBT
TFQBSBUFFODMPTVSFTGPSCPUIUIFDBTFBT
XFMMBTUIFDBCMFT/PXZPVIBWFOPSFBTPO
UPGPSHFUUIBU64#DBCMFBUIPNF"OPUIFS
JOUFSFTUJOHBTQFDUJTUIBUJUDPNFTXJUIBO
BEEJUJPOBMQPXFSDBCMF64#TQFDJmDBUJPOT
TUBUFUIBUB64#QPSUTIPVMEQSPWJEF
N"PGQPXFS)PXFWFS OPUBMMDPNQVUFST *OUFSOBMJOUFSGBDFDJSDVJUCPBSE $BSSZDBTF QPXFSDBCMFBOE64#DBCMF
BOEFTQFDJBMMZMBQUPQTQSPWJEFUIBUGVMM

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$ (!2$7!2% 

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*
 \
(!2$7!2% 4%34%$

9^\^iVa8VbZgV
HV]VgV>bV\Z8Vb)'98*H8&
HeZX^[^XVi^dch/>bV\ZhZchdg/8890A89Y^heaVn/'"^cX]0
H]jiiZgheZZY/'s&$'%%%hZX0[dXVaaZc\i]/,#-"'(#)
bb0Oddb/(mdei^XVa!-mY^\^iVa0BVXgd/*Xb07j^ai"^c
bZbdgn/'*#)B70K^Zl[^cYZg/dei^XVa07ViiZgn/A^"^dc

Fh_Y[ Gh&)!...
9edjWYj 9^eZcKZgbV
F^ed[ %&'%")(.,,%%
;#cW_b Y^eZc#kZgbV5hV]VgVXdbejiZgh#Xd#^c
M[Xi_j[ lll#hV]VgVXdbejiZgh#Xd#^c
MWhhWdjo &nZVg
 G6I>C<H 

8k_bZgkWb_jo    
;h]edec_Yi    
F[h\ehcWdY[    
<[Wjkh[i    
El[hWbbHWj_d]    
LWbk[\ehced[o    

BZiVaa^XVb
5 IF4BIBSB*NBHF$BN%$4$JTB
NBJOTUSFBNEJHJUBMDBNFSBXJUIBO
NFHBQJYFM$$%JNBHFTFOTPS)BWJOH
XJUICSVTIFETUFFM-FBWJOHBTJEFUIF-$%
TDSFFOBOECVUUPOT UIFFOUJSFDBNFSBJT
NFUBMMJD*UEPFTGFFMMJLFBNFUBMCMPDL
EFUBJMTEVFUPUIFIJHIQSFTFODFPGOPJTF
5IJTPOFJTDFSUBJOMZOPUNFBOUGPS
JOEPPSQIPUPHSBQIZBOEQFSGPSNBODF
BTIVUUFSTQFFEPGTFD BGPDBM XIFOIFMECVUUIFPWFSBMMMPPLBOEGFFM PVUEPPSTJTKVTUBCPVUBWFSBHF
MFOHUIPGNN YPQUJDBMBOE JTKVTUBCPVUBWFSBHF)PXFWFS 4BIBSB *GUIFQSJDFUBHPGUIJTDBNFSBUFNQUT
YEJHJUBM[PPN UIFDBNFSBJTDMFBSMZ IBTQBJEHPPEBUUFOUJPOUPUIFEFTJHO ZPVUPCVZJUSJHIUBXBZ IPMEPO*OTUFBE 
UBSHFUFEUPXBSETOPWJDFTBOEBNBUFVST 5IFDBNFSBIBTHPPEFSHPOPNJDTUIVT QVTIZPVSCVEHFUBMJUUMFGVSUIFSBOE
XIPXBOUJUGPSQPJOUBOETIPPUQVSQPTF PGGFSJOHVTFSDPNGPSUXIFOPQFSBUJOH JOWFTUJOBOFOUSZMFWFMEJHJUBMDBNFSB
5IFCBDLQBOFMPGUIFDBNFSBGFBUVSFTB JU5IFNPEFTFMFDUPSTXJUDI GPVS GSPNBSFQVUFECSBOE"HPPE
JODI-$%TDSFFOUIBUDBOCFVTFEBTB XBZKPZTUJDLBOEPUIFSIPULFZTBSF NFHBQJYFMEJHJUBMDBNFSBTIPVMETVGmDF
WJFXmOEFSBOEGPSQSFWJFXJOHJNBHFTPO DPNGPSUBCMZQMBDFEOFYUUPUIF-$% ZPVSSFRVJSFNFOUT
UIFNFNPSZ"OPQUJDBMWJFXmOEFSJTBMTP EJTQMBZNBLJOHJUFBTZUPPQFSBUFXJUIUIF 'PS(PPEFSHPOPNJDTBOECVOEMFEDBSSZ
QSFTFOUBUUIFUPQPGUIF-$%TDSFFO SJHIUIBOE5IFDMJDLCVUUPOBOEUIF[PPN DBTF
"QBSUGSPNUIF.#PGCVJMUJO TMJEFSPOUIFUPQBSFBMTPXFMMQMBDFETP "HBJOTU"WFSBHFCVJMERVBMJUZQPPSEFUBJM
NFNPSZ UIFDBNFSBBMTPTVQQPSUT..$ UIBUZPVSmOHFSTEPOUHFUTUSFTTFE BOEDPMPSSFQSPEVDUJPO
DBSETGPSTUPSJOHUIFQJDUVSFT5IF..$ 5IF64#QPSUEPVCMJOHVQBTBWJEFP
DBSETMPUJTMPDBUFEPWFSUIFMJJPOCBUUFSZ PVUQVUQPSUBOEUIFDPOOFDUPSGPSUIF
DPNQBSUNFOUQMBDFEBUUIFTJEF CBUUFSZDIBSHFSBSFMPDBUFEPOUIFMFGU
5IF*NBHF$BNTQPSUTNPTUPGUIF TJEFPGUIFDBNFSB
GFBUVSFTDPNNPOMZGPVOEJONPTU
NPTUEJHJUBMDBNFSBT*UIBTTVQQPSUGPS EZg[dgbVcXZ
NBDSPNPEF TFMGUJNFS XIJUFCBMBODF &JHIUNFHBQJYFMTTVSFMZTPVOETHSFBUBOE
TFUUJOHT JNBHFRVBMJUZTFUUJOHT NBOVBM XJMMHJWFZPVBGFFMJOHUIBUUIFDBNFSB
GPDVT TIVUUFS BQFSUVSFQSJPSJUZBOE JTBOBDFQFSGPSNFS)PXFWFS XFXFSF
nBTITFUUJOHT6TJOHQSFTFUTBOENBOVBM EJTIFBSUFOFEXJUIUIFSFTVMUTJOTQJUF
TFUUJOHT JUJTFBTZFOPVHIGPSBOZPOFUP PGSFQFBUFEUFTUJOHBUWBSJPVTTFUUJOHT
UBLFHPPEQIPUPHSBQITEFQFOEJOHPOUIF &WFOBUUIFIJHIFTUSFTPMVUJPO UIFSFTVMUT
FOWJSPONFOUBOEBNCJFOUMJHIUJOH XFSFOPUJNQSFTTJWFBUBMM5IFDBNFSB
TFSJPVTMZTVGGFSTGSPNXIJUFCBMBODF 5IFCBUUFSZBOEUIF4%DBSETMPUTBSF
7j^aYfjVa^inVcYZg\dcdb^Xh JTTVFTBOEOPJTF5IFJNBHFTDBQUVSFE DPNGPSUBCMZMPDBUFEBUUIFTJEFBOE
5IF*NBHF$BNGFBUVSFTBCPEZBSNPSFE IBWFBEJTUJODUHSFFOUJOHFBOEMBDLJO DPWFSFECZBGMBQ

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$ (!2$7!2% 

HidgZ^chinaZ :miZgcVaHidgV\Z9Zk^XZ
IgVchXZcYHidgZ?ZiIH'%<H?&-
5 IFWFSZmSTUMPPLBUUIF5SBOTDFOE
4UPSF+FUXJMMSFNJOEZPVPGUIFJ1PE
*UNFBTVSFTBTNVDIBTBQBDLPGDBSET
5IFESJWFIBTFYDFMMFOUQFSGPSNBODF
GPSJUTLJOE:PVDBOOPUCMBNFUIFTMPX
USBOTGFSTQFFETTJODFJUJTUIFGPSN
BOETQPSUTBHMPTTZXIJUFTIFMMXJUI GBDUPSUIBUMJNJUTUIFQFSGPSNBODFPGUIF
BDISPNFSJN5IJTDPNQBDUFYUFSOBM ESJWF*GZPVSFPOBRVFTUGPSBTUZMJTI
TUPSBHFEFWJDFQBDLTJO(#PGTUPSBHF BOEBDPNQBDUQPSUBCMFTUPSBHFEFWJDF
TQBDFPOBJODIQMBUUFSTQJOOJOHBU XJUIPPEMFTPGTUPSBHFTQBDF EPOUNJTT
 SQN5IFIBSEESJWFXJUIBCVGGFS UIJTPOF
TJ[FPG.#CFMPOHTUPUIF)JUBDIJ 'PS&YDFMMFOUCVJMERVBMJUZMFBUIFSDBTF HeZX^[^XVi^dch/;dgb[VXidg/&#-"^cX]!9^bZch^dch
Lm=m9bb/,&#*m&*m.*!LZ^\]i/&&-\bh!
5SBWFM4UBS$,GBNJMZ-JLFNPTUPG HPPEQFSGPSNBODFBOECVOEMFE8JOEPXT 8VeVX^in/'%<7!8VX]Z/'B7!GEB/)'%%!
UIFSFDFOUFYUFSOBMTUPSBHFEFWJDFT  ESJWFS$% >ciZg[VXZ/JH7'#%=^"HeZZY
UIF4UPSF+FUUPPIBTB64#IJTQFFE "HBJOTU%BUBTFDVSJUZTPGUXBSFOPU
Fh_Y[ Gh-!%%%
JOUFSGBDFGPSRVJDLUSBOTGFSTQFFET5PVTF JODMVEFE 9edjWYj BZY^VbVc>c[diZX]EkiAiY
UIFESJWF ZPVTJNQMZOFFEUPIPPLJUVQUP F^ed[ %''"'(-'-&%%
BOZ64#QPSUPOZPVS1$XJUIUIFCVOEMFE IZhihXdgZh ;#cW_b hVaZh5bZY^VbVc\gdje#Xdb
M[Xi_j[ lll#igVchXZcYjhV#Xdb
64#DBCMF 4ZOUIFUJDUFTUTVTJOH&WFSFTU6MUJNBUF
MWhhWdjo 'nZVgh
5IF4UPSF+FUDPNFTXJUIBTUZMJTI -JOFBS   3BOEPN 
 G6I>C<H
MFBUIFSDBTFUPQSPUFDUJUTHMPTTZCPEZ  3FBE.#T 3FBE.#T
8k_bZgkWb_jo    
GSPNTUBJOTBOETDSBUDIFT0ODFTMJQQFE  8SJUF.#T 8SJUF.#T
F[h\ehcWdY[    
JOUIFDBTF UIFSFTOPOFFEUPSFNPWF <[Wjkh[i    
UIFESJWFFWFOXIFOZPVXBOUUPVTFJU 3FBMXPSMEGJMFUSBOTGFSUFTU El[hWbbHWj_d]    
5IFDBTFIBTIPMFTFYQPTJOHUIFNJOJ (#4JOHMFmMF (#.VMUJQMFmMFT LWbk[\ehced[o    
64#DPOOFDUPSBOEUIFBDUJWJUZ-&%PO  3FBE.#T 3FBE.#T
UIFESJWF  8SJUF.#T 8SJUF.#T

9Zh^\cVcYXdb[dgi 7ajZiddi]=ZVYhZi
EaVcigdc^Xh:meadgZg('%
5 IF&YQMPSFSJT1MBOUSPOJDTMBUFTU
FOUSZMFWFMIFBETFUEFTJHOFEUP
PGGFSGSFFEPN nFYJCJMJUZBOEDPNGPSUBU
UIFCBTJDGVODUJPOBMJUJFT
5IFDBONBLFBOESFDFJWFDBMMT 
SFKFDUDBMMT JODSFBTFBOEEFDSFBTFUIF
BOBGGPSEBCMFQSJDF5IFTUZMJTIEFTJHO WPMVNF EJBMUIFMBTUOVNCFSBOEBDUJWBUF
JTQBJSFEXJUIFBTZUPVTFGVODUJPOT WPJDFEJBMJOH"OEJUEPFTBMMUIJTCZVTJOH
XIJMTUEFMJWFSJOHBMMUIFBEWBOUBHFTPGB UIFTBNFCVUUPO
#MVFUPPUIIFBETFU
5IF"IBTBOPWFSUIFFBSUZQFPG EZg[dgbVcXZ
EFTJHOBOEUIFFBSMPPQTXJWFMTMFUUJOHZPV 7PJDFDMBSJUZBOECBUUFSZMJGFBSFWFSZ HeZX^[^XVi^dch/7ajZiddi]k&#'=VcYh";gZZVcY
]ZVYhZiegd[^aZh!LZ^\]i/&,\bh!IVa`I^bZ/Jeid
XFBSJUPOFJUIFSFBS5IPVHIJUmUTXFMM JUT JNQPSUBOUBTQFDUTXIJMFDPOTJEFSJOHB
&%]djgh!HiVcY"Wni^bZ/Jeid')%]djgh
OPUWFSZDPNGPSUBCMFTQFDJBMMZXIFOVTFE #MVFUPPUIIFBETFU%VSJOHDBMMT UIFWPJDF
GPSBMPOHUJNF5IJTJTQSJNBSJMZEVFUPUIF RVBMJUZJTDMFBSBOEDSJTQXJUIPVUBOZTUBUJD Fh_Y[ Gh(!%%%
9edjWYj 7dWWn?dhZe]
FBSCVE PSMBHT*UBEWFSUJTFTBCBUUFSZMJGFPGVQUP
F^ed[ %&')"*&%*&.'
IPVSTBOEJOPVSUFTUT JUMBTUFEVTBHPPE ;#cW_b WdWWn#_dhZe]5eaVcigdc^Xh#Xdb
;ZVijgZh IPVSTBOENJOVUFTPOBTJOHMFDIBSHF M[Xi_j[ lll#eaVcigdc^Xh#Xdb
1MBOUSPOJDTDMBJNTUIBUUIFIFBETFUJTFBTZ XJUIBTUBOECZUJNFPGVQUPIPVST5IJT MWhhWdjo 'nZVgh
 G6I>C<H 
UPVTFBOEJUJTJOEFFETP5IFQBDLBHF JTSFNBSLBCMFBTNPTUPGUIFIBOETFUTEPOU
DPOUBJOTKVTUUIFIFBETFUBOEUIFDIBSHFS MBTUUIBUMPOHPOBTJOHMFDIBSHF*UUBLFT 8k_bZgkWb_jo    

*UIBTPOFTJOHMFCVUUPOUIBUDPOUSPMT IPVSTUPHPGSPN[FSPUPGVMMDIBSHF1SJDFEBU ;h]edec_Yi    


F[h\ehcWdY[    
BMMUIFGFBUVSFT0OFJOUFSFTUJOHUIJOHJT 3T  JUTBHPPE BGGPSEBCMFBOETJNQMFUP
<[Wjkh[i    
UIBUUIFJOEJDBUPS-&%JTQMBDFECFIJOE VTF#MVFUPPUIIFBETFU
El[hWbbHWj_d]    
UIFNJSSPSFETJMWFSGSPOUQBOFMBOEJT 'PS8FMMQSJDFEFBTZUPVTFHPPECBUUFSZ
LWbk[\ehced[o    
WJTJCMFPOMZXIFOUIF-&%HMPXT#FJOHBO MJGFBOETPVOERVBMJUZ
FOUSZMFWFMIFBETFU JUTOPUWFSZIJHIPO "HBJOTU(FUTBMJUUMFVODPNGPSUBCMFXIFO
GFBUVSFTCVUQSFUUZNVDIUBLFTDBSFPGBMM VTFEGPSMPOHIPVST

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*
BdWdBVc^V
Bdi]ZgWdVgYh[dgdcZVcYVaa¸nZh!i]Vi¼h
l]Vi¼hi]^hh]ddidji^hVaaVWdji

E g Vb
dY?VY
]Vk

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
-/4(%2"/!2$å#/-0!2)3/.åå åå(!2$7!2%å 

8
IFOZPVUBMLPGBNPUIFSCPBSE JU GFBUVSFPGGFSJOHT
FWPLFTJNBHFTPGBNPUIFSTIJQ *OUIJTDPNQBSJTPO XFEFDJEFEUPHSPVQ
PSBNBUSJBSDIPSTPSUT*ONBOZ UIFQMBUGPSNTJOUP*OUFMBOE".%CBTFE
XBZT UIJTJTFYBDUMZXIBUJUJT‰UIFWFSZDPSF TZTUFNT8JUIJOFBDIPGUIFTF XFWF
PGZPVSDPNQVUFSVQPOXIJDIBMNPTUFWFSZ SFWJFXFEBWBSJFUZPGTFQBSBUFDIJQTFUTGSPN
PUIFSDPNQPOFOUSFTJEFT*ONPSFXBZTUIBO /WJEJB "5* 4*4BOE*OUFM5IFTIFFSWBSJFUZ
POF JUJTUIFQIZTJDBMBTXFMMBTUIFFMFDUSJD PGDIJQTFUTGSPNFBDIPGUIFTFCSBOETJT
GPVOEBUJPOPOXIJDIZPVSDPNQVUFST JOUFSFTUJOHBTJUQPJOUTUPNBOVGBDUVSFST
GFBUVSFT DBQBCJMJUJFTBOEQFSGPSNBODFBSF JODSFBTJOHMZQSPWJEJOHBQQMJDBUJPO
CBTFE‰MJUUMFXPOEFSUIFOJUJTBMTPSFGFSSFE TQFDJBMJ[BUJPOBOEBNPSFHSBOVMBSQSJDF
UPBTiQMBUGPSNw TFHNFOUBUJPO‰UIFQSJDFTPGUIFCPBSET
'PSUIPTFPGZPVXIPBSFBDDVTUPNFEUP JOUIFSPVOEVQSBOHJOHGSPN3T BMM
NPUIFSCPBSET ZPVMMmOEBWFSZJOUFSFTUJOH UIFXBZUP3T #ZBOPWFSXIFMNJOH
TFMFDUJPOPGQSPEVDUTJOUIJTTIPPUPVU NBKPSJUZ UIFNPTUJOUFSFTUJOHDBUFHPSZJTUIF
TQBOOJOHUIFFOUJSFSBOHFPGDIJQTFUT NJETFHNFOUCFUXFFO3T BOE 
BDSPTT".%BOE*OUFMQMBUGPSNT(JWFOUIF "MNPTUVOCFMJFWBCMZ FWFOBUUIFMPXFS
TJHOJmDBOUVQIFBWBMTJOQSPDFTTPS HSBQIJD FOEPGUIJTQSJDF XFSFTFFJOHTVDIFYPUJD
BOETUPSBHFUFDIOPMPHJFT NPUIFSCPBSE GFBUVSFTBTIJHIEFmOJUJPODIBOOFMBVEJP 
NBOVGBDUVSFSTIBWFIBEQMFOUZPOUIFJS JOUFHSBUFE3"*%DPOUSPMMFST F4"5" XIFSF
IBOET‰OPOFPGUIFTFUFDIOPMPHJFTXPVME ZPVDBODPOOFDUZPVS4"5"IBSEEJTLESJWF
IBWFTFFOUIFMJHIUPGEBZIBEJUOPUCFFOGPS WJBFYUFSOBMQPSUTXJUIPVUOFFEJOHUPPQFO
CPBSETUIBUTVQQPSUUIFTFOFXUFDIOPMPHJFT ZPVSDBCJOFU
BOEFWFO4-*TVQQPSU XIFSF
4JODFUIFMBTUUJNFXFDPOEVDUFEB UXPHSBQIJDTDBSETDBOCFSVOJOUBOEFN
NPUIFSCPBSEDPNQBSJTPOJO.BSDI  GPSTUFSPJEBMHBNJOHQFSGPSNBODF
4FWFSBM
XFWFTFFOOVNFSPVTOFXDBQBCJMJUJFTCFJOH CPBSETBSFFWFOUBJMPSFEUPIJHIRVBMJUZ
JOUFHSBUFEJOUPUPEBZTDIJQTFUT‰GSPN IPNFUIFBUFSXJUI%7*WJEFPPVUQVUPOUIF
IJHIEFmOJUJPOBVEJPTVQQPSUUPBEWBODFE CPBSEJUTFMG
HSBQIJDTQSPDFTTJOHGFBUVSFTMJLF1JYFM4IBEFS 0OUIFNFNPSZGSPOU UIFBEWFOUPG
 PODFUIFNBJOTUBZPGIJHIFOEHSBQIJDT CJUQSPDFTTPSTIBTTQBXOFETVQQPSU
DBSET
BOEIBSEXBSFCBTFE)WJEFP GPSVQUP(#PG3".‰ZPVNJHIUOPU
EFDPEJOH GPSEJTQMBZJOHVQDPNJOHIJHI OFFEJUOPX CVUJUTHPPEUPLOPXUIBU
EFmOJUJPOWJEFPTUBOEBSET FUD
5IFHPPE UIFTVQQPSUJTUIFSFGPSJU5IFBEWFOUPG
OFXTJTUIBUJOTQJUFPGBMMUIFTFOFXGFBUVSFT  CPUI*OUFMBOE".%TEVBMDPSFQSPDFTTPST
UIFQSJDFIBTOPUSJTFOBMMUIBUESBNBUJDBMMZ IBTDBMMFEGPSOFXUFTUTUPCFJOUFHSBUFE
5IFSFTVMU:PVDBOHFUBQSFUUZEBNOHPPE JOUPPVSQPSUGPMJPPGCFODINBSLT5ISPVHI
HBNJOH IPNFUIFBUFSBOEJNBHFQSPDFTTJOH UIFN XFFYUSBDUFEBHPPEJEFBBCPVUUIF
QBDLBHFJOBCPBSEUIBUDPTUTMFTTUIBO  QFSGPSNBODFPGUIFTZTUFNTXIJMFNVMUJ
CVDLT&YUSBQPMBUFUIJTBOEZPVIBWFWFSZ UBTLJOHTFWFSBMBQQMJDBUJPOT‰TPNFUIJOH
DBQBCMFDPNQVUFSUPEBZUIBUDPTUTTPVUI UIBUUPEBZTDPNQVUFSVTFSTBSFNPSF
PG3T *OEFFE UPEBZTBGGPSEBCMF BDDVTUPNFEUP
DPNQVUJOHTPMVUJPOEPFTOUOFDFTTBSJMZIBWF -FUTIFBEPWFSUPUIFUFTUQSPDFTTTFDUJPO
UPUSBOTMBUFJOUPDSJQQMFEQFSGPSNBODFPS UPmOEPVUIPXXFSFWJFXFEUIFN

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/=8BHZZEV\Z'%[dgYZiV^ah
 \
(!2$7!2%åå åå-/4(%2"/!2$å#/-0!2)3/.

IZhiEgdXZhh 8BSSBOUZ 'FBUVSFT TPDLFU %*..TMPUTBOEUIFDPPMJOHTPMVUJPO


4VQQPSU
8FUFTUFEUIFNPUIFSCPBSETPOUIFCBTJT 1MBDFNFOUPGDBQBDJUPSTBXBZGSPNUIF$16
PGGPVSQBSBNFUFST‰GFBUVSFT QFSGPSNBODF  TPDLFU QMBDFNFOUPG%*..TMPUTGBSGSPN
CVJMERVBMJUZBOEMBZPVUQMVTXBSSBOUZ UIFDBQBDJUPSTBOE$16TPDLFU DPMPSDPEJOH
BOETVQQPSU*GZPVUBLFBDMPTFMPPLBU PGGSPOUQBOFMDPOOFDUPSTXFSFBMMUBLFO
UIFTDPSFT ZPVXJMMOPUJDFUIBUXFIBWF JOUPDPOTJEFSBUJPOBOEQPJOUTXFSFBXBSEFE
BTTJHOFEFRVBMXFJHIUBHFUPGFBUVSFTBOE BDDPSEJOHMZ8FBMTPUPPLOPUFPGUIFUZQF
QFSGPSNBODF.PUIFSCPBSETXFSFTPSUFE PGDPPMJOHGPS/PSUICSJEHF 4PVUICSJEHF
JOUPUXPCSPBEDBUFHPSJFT‰*OUFMCBTFE BOEWPMUBHFSFHVMBUPST1SFTFODFPGTQFDJBM
BOE".%CBTFEQMBUGPSNT8FGVSUIFS #VJME DPPMJOHUFDIOJRVFTMJLFIFBUQJQFTSFTVMUFE
2VBMJUZ
JODMVEFEBUIJSEDBUFHPSZ‰UIBUPG*(1CBTFE 1FSGPSNBODF JOBEEJUJPOBMQPJOUT
JOUFHSBUFEHSBQIJDT
QSPDFTTPSCFDBVTF 8FJHIUBHFEJTUSJCVUJPOGPSFWBMVBUJPO
*(1CBTFECPBSETPGGFSBHSFBUCBOHGPSUIF QBSBNFUFST ;jijgZ"egdd[^cYZm/5IJTJOEFYUFMMTIPX
CVDLGPSBOBMMSPVOEQBDLBHFNBLJOHJUUIF FYQBOEBCMFZPVSNPUIFSCPBSEJT"CPBSE
IPUUFTUTFMMJOHDBUFHPSZ-FUTUBLFBMPPLBU GSBNFSBUFBUYXJUINFEJVNRVBMJUZ IBWJOHTVQQPSUGPSEVBMDPSFBOECJU
UIFQBSBNFUFSTOPX TFUUJOHTBOEYXJUIIJHIRVBMJUZ QSPDFTTPST %%3**BOEEVBMDIBOOFM
TFUUJOHT8FBMTPSBO%.BSLUPPCTFSWF NFNPSZTVQQPSU HJHBCJU-"/ F4"5" 
;ZVijgZh/*OUIJTTFDUJPOXFMPHHFEUIF UIFWBSJBUJPOJOHSBQIJDTQFSGPSNBODFBDSPTT EVBMY1$*&TMPUT IJHIEFmOJUJPOBVEJP
GFBUVSFTBOEUFDIOJDBMTQFDJmDBUJPOTPGFBDI BMMNPUIFSCPBSET BOEHPPEPWFSDMPDLJOHBCJMJUJFTXJMMOPUHFU
PGUIFTVCTZTUFNTPGUIFNPUIFSCPBSET 'PSSFBMXPSMEUFTUTXFSFDPSEFEUIF PVUEBUFEGPSBUMFBTUBZFBSGSPNOPX8F
8FTUBSUFEXJUIUIFOBNFBOEUIF'4#PG UJNFUBLFOUPFODPEFB.#.1&( MPPLFEGPSBMMTVDIGFBUVSFTBOEBXBSEFE
UIFDIJQTFUGPMMPXFECZUIFUZQFBOEUIF mMFUP9WJEGPSNBUVTJOH8JO"7*7JEFP TDPSFTUPFBDICPBSEBDDPSEJOHMZ
UFDIOPMPHZPGUIFNFNPSZTVQQPSUFE5IF $POWFSUFS5IFEPVCMFCBSSFMUFTUBTTFTTFE
OVNCFSPG%*..TMPUTBOEUIFNBYJNVN LVggVcinVcYhjeedgi/4JODFB
BNPVOUPGJOTUBMMBCMFNFNPSZXFSFBMTP NPUIFSCPBSEJTBIJHIMZDPNQMFY
UBLFOJOUPDPOTJEFSBUJPO.PWJOHPOUPUIF DPNQPOFOUJOWPMWJOHTFWFSBMTVCTZTUFNT JU
HSBQIJDTTVCTZTUFN CPBSETXJUIEVBM(16 JTIJHIMZTVTDFQUJCMFUPGBJMVSFT)FODF JUJT
TVQQPSUBOEEVBMY1$*&MBOFTTDPSFE DSJUJDBMUIBUJUJTCBDLFECZSPCVTUXBSSBOUZ
IJHIFS#PBSETXJUIWJEFPPVUQVUTMJLF BOETVQQPSU)FSF XFUPPLOPUFPGUIF
47JEFPBOE%7*XFSFBXBSEFENPSFQPJOUT XBSSBOUZQFSJPE UIFOVNCFSPGTFSWJDF
*UXBTOUBTVSQSJTFUPmOEBMMNPUIFSCPBSET DFOUFSTBOEUIFJSSFTQFDUJWFMPDBUJPOT"
IBWJOHTVQQPSUGPSNVMUJDIBOOFMBVEJP IJHIXBSSBOUZQFSJPEBOEBHPPEDPWFSBHF
)PXFWFS CPBSETIBWJOHIJHIEFmOJUJPO PGTFSWJDFDFOUFSTBDSPTTTFWFSBMDJUJFT
BVEJPBOEDIBOOFMTPVOETDSBQFEBMJUUMF JOEJDBUFTUSPOHBGUFSTBMFTTFSWJDF5IJT
GVSUIFSUIBOUIFPOFTGFBUVSJOHUIFSFHVMBS TDPSFBDDPVOUFEGPSQFSDFOUPGUIF
DIBOOFMBVEJPTVQQPSU8FBMTPUPPLOPUF PWFSBMMJOEFY
5IF"TVT"/4-*%FMVYFTQPSUTDPQQFS
PGUIFPWFSDMPDLJOHGFBUVSFTTVDIBTWPMUBHF IFBUQJQFDPPMJOH
UXFBLJOH .)['4#TQFFEJODSFNFOUTBOE KVajZ[dgbdcZn/5IJTJOEFYJTDBMDVMBUFECZ
BVUPPWFSDMPDLJOHPGGFSFECZUIF#*04BOE UIFNVMUJUBTLJOHQFSGPSNBODFPGEVBMDPSF XFJHIJOHUIFQFSGPSNBODFBOEGFBUVSFTPG
BXBSEFEQPJOUTBDDPSEJOHMZ QSPDFTTPST)FSF XFFODPEFEB.# UIFNPUIFSCPBSETJODPNNFOTVSBUJPOXJUI
.1&(mMFUP9WJEXJUIBIJHIEFmOJUJPO QSJDF5IFCPBSETPGGFSJOHBHPPENJYPG
EZg[dgbVcXZ/8FUFTUFEUIFNPUIFSCPBSET QWJEFPQMBZJOHTJNVMUBOFPVTMZBOE GFBUVSFTBOEQFSGPSNBODFGPSBOBUUSBDUJWF
GPSUIFQFSGPSNBODFPGUIFQSPDFTTPS  MPHHFEUIFUJNFUBLFO QSJDFTDPSFEXFMMJOUIJTTFDUJPO"QBSU
NFNPSZCBOEXJEUI EJTL*0BOEHSBQIJDT GSPNUIFCFTUQFSGPSNFS XFBXBSEFEUIF
QFSGPSNBODF'PSUIF*OUFMCBTFE4-*CPBSET  7j^aYfjVa^inVcYaVndji/)FSF XFFWBMVBUFE CPBSEXJUIUIFIJHIFTU7'.JOEFYJOFBDI
XFVTFEUIF*OUFM1FOUJVN&&()[ UIFQMBDFNFOUPGDBQBDJUPSTBSPVOEUIF$16 DBUFHPSZ
QSPDFTTPS5IF*(1CBTFECPBSETXFSFUFTUFE
$PNQPOFOUTVTFE
POMZGPSUIFPOCPBSEHSBQIJDTQFSGPSNBODF
".%4PDLFU *OUFM4PDLFU-("
8FVTFE4J4PGU4BOESB1SPGFTTJPOBM
1SPDFTTPS ".%"UIMPO9 *OUFM1FOUJVN%()[
BOE1$.BSLBTTZOUIFUJDUFTUTUPHBVHF
UIFPWFSBMMTZTUFNQFSGPSNBODF8FBMTP .FNPSZ (#,JOHTUPO%%3.)[ (#$PSTBJS%%3.)[
VTFE&WFSFTU6MUJNBUFUPKVEHFUIFEJTL 
JOEVBMDIBOOFM 
JOEVBMDIBOOFM
*0QFSGPSNBODF'PSHBNJOHXFSBOUIF )BSEESJWF 8FTUFSO%JHJUBM3BQUPS(% 8FTUFSO%JHJUBM3BQUPS(%
JOCVJMUEFNPPG%PPNBOESFDPSEFEUIF (SBQIJDTDBSE "TVT&YUSFNF/(595PQ "TVT&YUSFNF/(595PQ

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
-/4(%2"/!2$å#/-0!2)3/.åå åå(!2$7!2%å \ 

6B9 6B9 >ciZa


 
     



9;>c;)HA>>c[^c^in
;dmXdccC;)M@-B8"GH 
<^\VWniZ<6"<&.,*M


















 
     








     

  

HeZX^[^XVi^dch/HdX`Zi.(.!;H7/&%%%B=o=neZg HeZX^[^XVi^dch/HdX`Zi.(.!;H7/-%%B=o=neZg HeZX^[^XVi^dch/HdX`ZiIA<6,,*!>ciZa.,*M!


IgVchedgi!Ck^Y^Vc;dgXZ)HA>!GZVaiZ`6A8+**!BVm IgVchedgi!Ck^Y^Vc;dgXZ)!GZVaiZ`6A8+**!BVm 8gZVi^kZHdjcY7aVhiZgA^kZ')W^i!BVmBZbdgn/-
BZbdgn/'<7!jeid99G)%%!6IM BZbdgn/'<7!jeid99G)%%!B^Xgd6IM <7!jeid99G'++,!6IM

Fh_Y[ Gh,!((* Fh_Y[ Gh'!..* Fh_Y[ Gh&)!..%


9edjWYj lll#i]Z^iYZedi#Xdb 9edjWYj BZY^ViZX]>cY^V9^hig^Wji^dcEkiAiY 9edjWYj <^\VWniZIZX]cdad\n>cY^VAiY
F^ed[ %))")'&*-.'' F^ed[ %''"'+(+&&&& F^ed[ %''"'+*'++.+
;#cW_b ^c[d5i]Z^iYZedi#Xdb ;#cW_b X]^e5bZY^ViZX]^cY^V#Xdb ;#cW_b hVaZh5\^\VWniZ#^c
MWhhWdjo 'nZVgh MWhhWdjo (nZVgh MWhhWdjo (nZVgh
 G6I>C<H   G6I>C<H   G6I>C<H 

<[Wjkh[i     <[Wjkh[i     <[Wjkh[i    


F[h\ecWdY[     F[h\ecWdY[     F[h\ecWdY[    
8k_bZGkWb_jo     8k_bZGkWb_jo     8k_bZGkWb_jo    
El[hWbbHWj_d]     El[hWbbHWj_d]     El[hWbbHWj_d]    
LWbk[\ehced[o     LWbk[\ehced[o     LWbk[\ehced[o    

%'*T-BO1BSUZTFSJFTPGNPUIFSCPBSET 5IF'PYDPOO/'9,.$34CPBSEHJWFT 5IF("(9CPBSECBTFEPOUIF*OUFM


QSPWJEFFYUFOTJWFPWFSDMPDLJOHPQUJPOT UIFPUIFSTBSVOGPSUIFJSNPOFZ&WFO 9DIJQTFUIBTRVJUFBGFXBEEJUJPOBM
UIFDPNQPOFOUTPOUIFCPBSEBSFNBEFPG UIPVHIJUIBTUIFO'PSDFDIJQTFUBOEB GFBUVSFTNBLJOHJUVOJRVF*UDPNFTXJUI
67SFBDUJWFNBUFSJBM‰BOJEFBMDPNQBOJPO '4#PG.)[ JUTQFSGPSNBODFFRVBMT $SFBUJWF-BCT4#-JWFDIJQGPSPOCPBSE
GPS-"/HBNJOHQBSUJFTBOEIFODFUIF UPQQFSGPSNJOH4-*CPBSET*UTDPSFEMPXJO BVEJP5IFPOCPBSE$SFBUJWF-BCTBVEJP
OBNF-BO1BSUZ5IFJS*OmOJUZTFSJFTPG UIFNFNPSZCFODINBSLPG4J4PGU4BOESB DPEFDJTUIFTBNFBTGPVOEPO"VEJHZ-4
NPUIFSCPBSETDPNFTXJUIUIFPWFSDMPDLJOH #VUUIFOBUUIFFOEPGUIFEBZXIBU TPVOEDBSET*UIBTUIFBEWBOUBHFPG&"9
FYUSBWBHBO[BNJOVTUIF67SFBDUJWF NBUUFSTJTSFBMXPSMEQFSGPSNBODFBOEUIF )%TVQQPSUNBLJOHJUPOFPGUIFCFTU
DPNQPOFOUT5IJTTFSJFTJTBJNFEBUUIF /'9,.$34JTSJHIUVQUIFSFJOUIFUPQ POCPBSEBVEJPTPMVUJPOT
FOUIVTJBTUXIPDBSFTGPSQFSGPSNBODF SBOLT*USFDPSEFEGSBNFTQFSTFDPOEBU 5IF$16TPDLFUBSFBJTTVSSPVOEFECZ
BOEOPUMPPLTBOEUIF%'**OmOJUZO'4-* YJO%PPNBTDPNQBSFEUP GPVS5VSCP+FUGBOT5XPGBOTPOFJUIFSTJEF
GVMmMTUIBU CZUIF%'*O'4-**OmOJUZ BSFMJOLFECZBQMBTUJDTFNJFODMPTVSF5IF
5IJTCPBSEHBWFVTUIFCFTUTDPSFTBDSPTT 5IFUPQQFSGPSNFSGPS%PPNXBTUIF"TVT XIPMFTFUVQFGGFDUJWFMZDPPMTUIF$16 UIF
BMMDBUFHPSJFTGPS1$.BSLBOE%.BSL "3.71XJUIBXIPQQJOHGQTBUUIF /PSUI#SJEHFBOEUIFNFNPSZBSFB8IFO
"MUIPVHIJUDBNFmSTUJOBMNPTUBMMUIF BCPWFNFOUJPOFESFTPMVUJPO5IFSFBMJDJOH PQFSBUJPOBM UIFGPVSCMVF-&%TMJHIUVQ
UFTUT JUXBTCFBUFOCZUIF"TVT"3.71 POUIFDBLFXBTJUTQFSGPSNBODFJO%.BSL JOUIFGBOFODMPTVSFHJWJOHJUBDPPMCMVF
JOUIFSFBMXPSMEHBNJOHUFTUT5IF*OmOJUZ 6TJOH"TVTTGBDUPSZPWFSDMPDLFE FGGFDU5IFDPPMJOHGBOTUBLFVQTQBDFPO
QVTIFEPVUGQTJO%PPNBUBSFTPMVUJPO (59.#DBSE XFHPUBTDPSFPG UIFCBDLQBOFMXIJDIJTXIZ(JHBCZUF
PGYBTDPNQBSFEUPGQTCZUIF  POMZTFDPOEUP%'**OmOJUZXIJDI IBTQSPWJEFEBEEJUJPOBMQPSUTPOBEEPO
"3.714PJGZPVBSFMPPLJOHTPMFMZGPSB TDPSFEQPJOUT5IFPOMZHMJUDIJTUIBU*U CSBDLFUT
HBNJOHSJH ZPVDBODPOTJEFSUIF"3.71 GFBUVSFTPOMZUXP%*..TMPUTHJWJOHZPVB "QBSUGSPNFBDIBOEFWFSZBDDFTTPSZ
#FJOHBO4-*CPBSEZPVDBOIPPLVQUXP NBYJNVNFYQBOEBCMFNFNPSZPG(# VTVBMMZCVOEMFE (JHBCZUFIBTQBDLFEJO
HSBQIJDDBSETGPSBEEFEQFSGPSNBODF"U )PXFWFS BU3T  UIJTCPBSEJTQFSGFDU NPSF0OFOPUFXPSUIZJUFNJTUIFFYUFSOBM
BCPVU3T  JUJTBMTPUIFNPTUBGGPSEBCMF GPSBCVEHFUHBNFSXIPXBOUTNPSFUIBO 4"5"CSBDLFU
".%CPBSETVQQPSUJOHEVBM(16TFUVQ BOPOCPBSEHSBQIJDTTPMVUJPO 'PS&YDFQUJPOBMQFSGPSNBODFPOCPBSE
'PS#MB[JOHGBTUQFSGPSNBODFPWFSDMPDLJOH 'PS&YDFMMFOUQFSGPSNBODFGPSUIFQSJDF $SFBUJWF4PVOE#MBTUFS-JWFFGmDJFOU
PQUJPOT "HBJOTU%*..TMPUT NBYJNVN DPPMJOHEFTJHO
"HBJOTU/POF JOTUBMMBCMFNFNPSZCFJOH(#
 "HBJOTU&YQFOTJWF

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!2$7!2%åå åå-/4(%2"/!2$å#/-0!2)3/.

>ciZa ><E ><E


     
 
   
;dmXdcc.&*EA,6:"-H 
6hjh6-C"KB8HB
;dmXdcc+&%%@-B6"GH
















 
    
   





     

  

HeZX^[^XVi^dch/HdX`ZiIA<6,,*!>ciZa.&*E! HeZX^[^XVi^dch/HdX`Zi.(.!;H7/&%%%B=o=neZg HeZX^[^XVi^dch/HdX`Zi.(.!;H7/&%%%B=o=neZg


GZVaiZ`6A8--%!BVmBZbdgn/'<7!jeid IgVchedgi!Ck^Y^V<Z;dgXZ+&*%!69>69&.-+6!BVm IgVchedgi!Ck^Y^V<Z;dgXZ+&%%!GZVaiZ`6A8+**!
99G)%%!6IM BZbdgn/)<7!jeid99G)%%!B^Xgd6IM BVmBZbdgn/)<7!jeid99G)%%!B^Xgd6IM

Fh_Y[ Gh(!,*% Fh_Y[ Gh)!-%% Fh_Y[ Gh(!'%%


9edjWYj BZY^ViZX]>cY^V9^hig^Wji^dcEkiAiY 9edjWYj 6HJHIZ@8dbejiZg>cX 9edjWYj BZY^ViZX]>cY^V9^hig^Wji^dcEkiAiY
F^ed[ %''"'+(+&&&& F^ed[ %''")%%*--.+ F^ed[ %''"'+(+&&&&
;#cW_b X]^e5bZY^ViZX]^cY^V#Xdb ;#cW_b bZY^VT^cY^V5Vhjh#Xdb ;#cW_b X]^e5bZY^ViZX]^cY^V#Xdb
MWhhWdjo (nZVgh MWhhWdjo (nZVgh MWhhWdjo (nZVgh
 G6I>C<H   G6I>C<H   G6I>C<H 

<[Wjkh[i     <[Wjkh[i     <[Wjkh[i    


F[h\ecWdY[     F[h\ecWdY[     F[h\ecWdY[    
8k_bZGkWb_jo     8k_bZGkWb_jo     8k_bZGkWb_jo    
El[hWbbHWj_d]     El[hWbbHWj_d]     El[hWbbHWj_d]    
LWbk[\ehced[o     LWbk[\ehced[o     LWbk[\ehced[o    

5IF'PYDPOO1-"&4EFMJWFSTHPPE *GZPVBSFMPPLJOHGPSBQPXFSQFSGPSNFS 5IF8JO'BTU,."34JTZPVSTPMVUJPO


QFSGPSNBODFGPSUIFQSJDFJUDPNFTGPS XJUIPOCPBSEHSBQIJDTUIFOUIF"TVT"/ GPSBOFDPOPNJDBMCPBSEXJUIHPPEGFBUVSFT
*UTUIFPOMZ*OUFMCBTFECPBSEXIJMF "/7.$4.JTUIFQFSGFDUDIPJDF5IF BOEQFSGPSNBODF*UDBNFDMPTFUP"TVT
UIFSFTUPGUIFNIBWFFJUIFSUIFO'PSDF 4J4PGU4BOESBQSPDFTTPSBOENFNPSZ "/7.$4.JOQFSGPSNBODF UIFXJOOFS
4-**OUFM&EJUJPOPSUIF*OUFMYDIJQTFUT CFODINBSLTDPSFTGPSUIF"TVTCPBSEBSF GPSiCFTUQFSGPSNBODFwJOUIF*(1DBUFHPSZ
*OTQJUFPGCFJOHBSFMBUJWFMZPMEDIJQTFU JU TJNJMBSUPUIBUPG%'*TO'PSDF4-**OmOJUZ  5IFSFJTPOMZBOFHMJHJCMFEJGGFSFODFJO
FRVBMTUIFQFSGPSNBODFPGOFXPOFT‰UIF UIFCFTUQFSGPSNFSJOUIF".%DBUFHPSZ SFBMXPSMEQFSGPSNBODFCFUXFFOUIFUXP
1$.BSLTDPSFNBLFTUIJTDMFBS 5IJTTIPXTUIBUJOTQJUFPGCFJOHBCPBSE CPBSET*OGBDU UIFQFSGPSNBODFPGUIJT
"OPUIFSJOUFSFTUJOHUIJOHUIBUXF XJUIPOCPBSEHSBQIJDT JUQFSGPSNTBMNPTU CPBSEXJUIBTUBOEBMPOFHSBQIJDTDBSEJTOPU
PCTFSWFEJTUIBUJOTQJUFPGCFJOHBMPXDPTU BUQBSXJUIUIFUPQDMBTTCPBSET MFTTFSUIBOUIBUPGUIFPUIFSO'PSDFCBTFE
CPBSE JUQSPWJEFTIJHIEFmOJUJPOPOCPBSE 5IJTJTUIFPOMZ*(1CBTFECPBSEXJUI%7* CPBSET)PXFWFS UIFPOCPBSEHSBQIJDT
BVEJPJOUIFGPSNPGUIF3FBMUFL"-$ PVUQVUUIBUXFDBNFBDSPTT$POTJEFSJOH QFSGPSNBODFPGUIJTCPBSEJTJOBEFRVBUFGPS
BVEJPDIJQTFU*OLFFQJOHXJUIUIFMBUFTU UIBUJUTBNJDSP"59CPBSE JUXPVME NPEFSOEBZHBNJOH
USFOET JUPGGFST(JHBCJU-"/BOEUXP%*.. IBWFCFFOBOJEFBMDIPJDFGPSBIPNF 5IF/WJEJBTHSBQIJDTQFSGPSNBODF
TMPUTHJWJOHBNBYJNVNJOTUBMMBCMFNFNPSZ FOUFSUBJONFOU1$CVUJUEPFTOUIBWFBO JTNVDICFUUFSUIBOUIBUPG*OUFM(."BOE
PG(#0OFUIJOHUIBUUIJTCPBSEMBDLTJT POCPBSE570VUBOEDPNFTPOMZWJBBOBEE FRVBMTUIFQFSGPSNBODFPGTUBOEBMPOF
TVQQPSUGPS3"*%8JUI".%*(1CBTFE POCSBDLFUOPUCVOEMFEXJUIUIFCPBSE WJEFPDBSET5IFCPBSEIBTRVJUFBGFX
CPBSETTVQQPSUJOH3"*%BOEDPTUJOHBSPVOE *UTOPSUICSJEHFJTDPPMFEWJBBQBTTJWF PWFSDMPDLJOHPQUJPOTCVUJUIBSEMZBGGFDUFE
UIFTBNF JUTOPUNVDIUPBTLGPS IFBUTJOL JEFBMGPSBTJMFOUTZTUFN*ODBTF JUTQFSGPSNBODFEVSJOHPVSUFTUT
*UEFMJWFSFEHPPESFBMXPSMEHBNJOH ZPVQMBOUPPQUGPSBOFYUFSOBM7("DBSE  *UIBTQBTTJWFIFBUTJOLTGPSCPUIUIF
QFSGPSNBODFPOMZUPCFPWFSTIBEPXFECZ JUIBTBOY1$*&YQSFTTTMPU*UBMTPIBT /PSUI#SJEHFBOEUIF4PVUI#SJEHFBMMPXJOH
UIF(JHBCZUF("(9XIJDICFBUBMMUIF YTMPUGPS1$*&YQSFTTQFSJQIFSBMTBOEUXP TJMFOUPQFSBUJPO'JOBMMZ UIFQBDLBHF
".%CPBSETBUIJHIFSSFTPMVUJPOT 1$*TMPUTGPSBEEJUJPOBM1$*DBSET"UBQSJDF DPOUBJOTBMMUIFTUBOEBSEBDDFTTPSJFT
'PS&YDFMMFOUQSJDJOHGPSUIFQFSGPSNBODF PG3T  UIJTJTUSFNFOEPVTWBMVFGPS "MMUIJTDPNJOHGPSBQSJDFPG3T JT
JUEFMJWFST NPOFZ VOCFBUBCMF
"HBJOTU0OMZUXP%*..TMPUT XJUI 'PS%7*PVUQFSGPSNBODFBMNPTUBUQBS 'PS7FSZDMPTFJOQFSGPSNBODFUPUIFCFTU
NBYJNVNJOTUBMMBCMFNFNPSZPG(#
OP XJUIPUIFSO'PSDF4-*CPBSET QFSGPSNFS‰UIF"TVT"/7.$4.
3"*%TVQQPSU "HBJOTU/POF "HBJOTU/POF

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
-/4(%2"/!2$å#/-0!2)3/.åå åå(!2$7!2%å 

q7jn^c\\j^YZ
(PUPUIFNBSLFUUPCVZBNPUIFSCPBSEBOE &OUFSUBJONFOUCVGG"QBSUGSPNEPJOH &OUIVTJBTU*GZPVBSFBIBSEDPSFHBNFS
ZPVXJMMFOEVQDPOGVTFEBGUFSTDBOOJOH SFHVMBSXPSLPOUIF1$BOEVTJOHJUGPS PSDSB[ZBCPVUPWFSDMPDLJOHBOEQVTIJOH
UISPVHIBWFSJUBCMFBSSBZPGCPBSETXJUI HBNJOH ZPVNJHIUXBOUUPUVSOZPVS1$ UIFMJNJUTPGUIFTZTUFNUPJUTFYUSFNF 
EJGGFSFOUGFBUVSFTBOETQFDJmDBUJPOT5IJT JOUPBDPNQMFUFIPNFFOUFSUBJONFOU UIFSFTOPUIJOHUPCFBUUIFFOUIVTJBTU
CVZJOHHVJEFXJMMIFMQZPVOBSSPXEPXO DFOUFS‰UIFIPNFUIFBUFS1$5PCVJME MFWFMCPBSET5IFTFUPQFOECPBSET
UPUIFCFTUQJDLCFmUUJOHZPVSOFFETBOE TVDIBTZTUFN ZPVOFFEBGFBUVSFSJDI BSFSFQMFUFXJUIUIFCFTUGFBUVSFTBOE
CVEHFU4JODF".%CBTFETZTUFNTPGGFSGBS NPUIFSCPBSE4PEPOUNJTTPVUPO DPNQPOFOUT%VBMHJHBCJU&UIFSOFU 
CFUUFSQFSGPSNBODFBOEWBMVFGPSNPOFZ GFBUVSFTTVDIBTDIBOOFMIJHIEFmOJUJPO EVBM#*04 EVBMY1$*FTMPUT F4BUB 
UIBO*OUFMCBTFEPOFT XFSFDPNNFOE BVEJP %7* DPNQPOFOUPS47JEFPPVUQVU DIBOOFMIJHIEFmOJUJPOBVEJPBOE
HPJOHJOGPSBO".%CBTFENPUIFSCPBSE "IBSEXBSFEFDPEFSCVJMUJOUPUIFDIJQTFU BEEJUJPOBM3"*%DPOUSPMMFSBSFTPNFPG
JGZPVBSFQMBOOJOHUPCVJMEBOFXTZTUFN UPQMBZCBDLIJHIEFmOJUJPODPOUFOUXJMM UIFGFBUVSFTUIBUBSFVTVBMMZGPVOEPOMZ
)PXFWFS JGZPVIBWFBOFYJTUJOH*OUFMCBTFE CFBWFSZCJHBEWBOUBHF%POUGPSHFUUP JOFOUIVTJBTUCPBSET
TZTUFN ZPVDBOTUJMMSFGFSUPUIJTCVZJOH DIFDLPVUCPBSETGFBUVSJOH/WJEJB(F'PSDF 4JODFPWFSDMPDLJOHDBMMTGPSQSFDJTF
HVJEFBOEEFDJEFPOXIJDI*OUFMCBTFE DIJQTFUTPGGFSJOHUIFQFSGFDU UVOJOHBOEBMPUPGUXFBLJOH UIF#*04
CPBSETVJUTZPVUIFCFTU QBDLBHFOFFEGPSIPNFUIFBUFS1$T*OUFM GFBUVSFTQMFOUZPGPQUJPOTUPmOF
CBTFECPBSETGFBUVSJOHUIF(DIJQTFU UVOFBOEUXFBLUIFQFSGPSNBODFPG
3FHVMBSVTFS*GZPVBSFBIPNFPSBO DPVQMFEXJUIIJHIEFmOJUJPOBVEJPBSF UIFQSPDFTTPS NFNPSZBOEDIJQTFU
PGmDFVTFSOPULFFOUPVTFUIF1$GPS BMTPXPSUIDPOTJEFSJOH :PVOFFEUPMPPLPVUGPSGFBUVSFTMJLF
BOZPUIFSQVSQPTFTPUIFSUIBOCBTJD 'PSBIJHIFOEIPNFUIFBUFSDVN WPMUBHFUXFBLJOH .)['4#GSFRVFODZ
DPNQVUJOH‰VTJOHPGmDFTVJUF TVSmOHUIF HBNJOH1$ JUJTTVHHFTUFEUPHPGPSB JODSFNFOU NFNPSZMBUFODZTFUUJOHT FUD
*OUFSOFU TFOEJOHFNBJMBOEGPSBCJUPG NJESBOHFOPO*(1CPBSEGFBUVSJOH BMMPGXIJDIUPHFUIFSQMBZBNBKPSSPMF
FOUFSUBJONFOU JUNBLFTOPTFOTFUPTIFMM IJHIEFmOJUJPOBVEJP5ISPXJOBHPPE JOPWFSDMPDLJOH"MTP BTPWFSDMPDLJOH
PVUNPSFNPOFZCZPQUJOHGPSBIJHIFOE HSBQIJDTDBSEGFBUVSJOH%7* 47JEFPBOE HFOFSBUFTDPOTJEFSBCMFBNPVOUPG
CPBSE8IBUZPVTIPVMEFTTFOUJBMMZMPPL DPNQPOFOUWJEFPPVUQVUBOEJUXJMMSPDL IFBU NBLFTVSFUIFCPBSEIBTBHPPE
GPSJTBTJNQMFZFUBWBMVFGPSNPOFZ *NBHJOFUIFGVOBGUFSDPOOFDUJOHTVDIB DPPMJOHTZTUFNMJLFIFBUQJQFTBOE
NPUIFSCPBSEPGGFSJOHBOBMMJOPOFTPMVUJPO TZTUFNUPBO-$%QSPKFDUPSPSBQMBTNB57 IFBUTJOLTUPDPPMUIFOPSUICSJEHFBOE
XJUIUIFPQUJPOPGVQHSBEJOHJUJOUIF  UIFTPVUICSJEHF BOEIFBUTJOLTPWFSUIF
GVUVSF"CPBSETQPSUJOHGFBUVSFTTVDIBT 3FDPNNFOEFENPEFMT QPXFSDPOEJUJPOFST5IFCFUUFSUIF#*04
EVBMDIBOOFMNFNPSZTVQQPSUVQUP(# ".%"TVT"/7.$4. (JHBCZUF(" BOEUIFDPPMJOHTZTUFN UIFCFUUFSZPV
PGNFNPSZ POCPBSEHSBQIJDTBTXFMMBTB ,/17.5 %'*O'4-**OGJOJUZ DBOPWFSDMPDL
1$*FTMPU NVMUJDIBOOFMBVEJPBOE *OUFM(JHBCZUF("(.)3) *GZPVQMBOUPCVZTVDIBIJHIFOE
&UIFSOFUXJMMCFHPPEFOPVHIGPSCBTJD CPBSE NBLFTVSFZPVIBWFUIFCFTU
DPNQVUJOHBOEQMBZJOHHBNFTUIBUEPFTOU DPNQPOFOUTBOEQMFOUZPGDBTIJOZPVS
EFNBOEIJHITZTUFNSFRVJSFNFOUT*GZPV XBMMFU&OUIVTJBTUCPBSETDPTUNPSF
BSFSFBEZUPTUSFUDIZPVSCVEHFUBMJUUMF UIBOUISFFUJNFTUIBOBOBWFSBHFCPBSE
GVSUIFS MPPLGPSBCPBSETQPSUJOHBCFUUFS BOEJGZPVTQFOEBGPSUVOFPOTVDIB
DIJQTFUTVDIBT/WJEJB(F'PSDF:PV CPBSE NBLFTVSFJUJTCBDLFECZBSPCVTU
XJMMEFmOJUFMZHFUBCPPTUJOQFSGPSNBODF XBSSBOUZBOETVQQPSU

3FDPNNFOEFENPEFMT 3FDPNNFOEFENPEFMT
".%8JO'BTU,.%&,34)  ".%%'*O'6MUSB% (JHBCZUF
%7*PVUQVUJTNVDITVQFSJPSUIBOUIF
8JO'BTU,."34 .4*34.*-% ("9 "TVT"/4-*%FMVYF 
BOBMPH%4VCPVUQVU
*OUFM.4*(. *OUFM"TVT1/4-*%FMVYF

-PPLPVUGPS3FBMUFL"-$BVEJPDIJQPS $PNQPOFOUPVUQVUJTBOBEEFECPOVTJG )FBUQJQFDPPMJOHDPVQMFEXJUIBDUJWF


IJHIFSUPFOKPZIJHIEFGJOJUJPOBVEJP ZPVQMBOUPCVJMEBIPNFUIFBUFS1$ DPPMJOHXJMMQMFBTFPWFSDMPDLFST

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!2$7!2%åå åå-/4(%2"/!2$å#/-0!2)3/.

qEZghdcVaIV`Z
%EEEEEEEEE

HeZXHXVc
& '
86I:<DGN 6B9
CVbZ 6hjh6-C('"HA>9ZajmZ 9;>AVceVginJIG9M'%%8;"9G
6cVcYIja^Vc^ #ONTACT !3534E+æ#OMPUTERæ)NC WWWTHEITDEPOTCOM
VcVcY#ija^Vc^5X]^e"^cY^V#Xdb
0HONE    
% MAIL MEDIA?INDIA ASUSCOM INFO THEITDEPOTCOM
!FTERæKEEPINGæASIDEæ2Sæ æTOæBUYææ 0RICE
2Sæ  2Sæ 
AæHIGH ENDæMOTHERBOARDæFORæMYæNEWæ DkZgVaa
SYSTEM æ )æ CANTæ THINKæ OFæ ANYæ OTHERæ &EATURESæOUTæOFæ '-#,' '-#%*
BOARDæ OTHERæ THANæ THEæ $&)æ )NFINITYæ 0ERFORMANCEæOUTæOFæ ('#%* (&#)'
"UILDæQUALITYæOUTæOFæ '%#%% &)#('
N& 3,)æ 0ARTæ OFæ THEæ $&)æ LEAGUEæ OFæ
7ARRANTYææ3UPPORTæOUTæOFæ )#'. -#-.
BOARDSæRENOWNEDæFORæFANTASTICæBUILDæ
h&UTURE PROOFvæINDEXæOUTæOFæ  
QUALITYæ ANDæ EXCELLENTæ OVERCLOCKINGæ /VERALLæOUTæOFæ IdiVa/-*#%+ IdiVa/-'#+-
OPTIONS æ ITæ OFFERSæ Aæ TIGHTæ FEATUREæ 6ALUEæFORæMONEY
SETæ ANDæ TERRIFICæ PERFORMANCEæ FORæ ;ZVijgZh
ITSæ PRICEæ -Yæ JAWæ DROPPEDæ TOæ SEEæ ITæ #05æSOCKETæTYPE 3OCKETæ 3OCKETæ
PERFORMINGæ ATæ PARæ WITHæ ENTHUSIASTæ #HIPSET3YSTEMæBUSæSPEEDæ-(Z .VIDIAæN&ORCEæ3,)æXææ !4)æ#ROSS&IREæ8PRESSæææ
-EMORYæ4YPE&REQUENCY $$2æææ-(Z $$2æææ-(Z
BOARDSæ COSTINGæ TWICEæ ASæ MUCHæ )Tæ
-EMORYæSLOTS-AXæ2!- æææ'" æææ'"
ZOOMEDæTHROUGHæALLæTHEæSYNTHETICæANDæ
$UALæCHANNELæMEMORYæSUPPORT  
REAL WORLDæ TESTSæ WITHæ TOPæ SCORESæ INæ )NTEGRATEDæGRAPHICSææ$IRECT8æVER .! .!
MULTI TASKINGæANDæGAMINGæTESTSææ4HEæ 0#)æ%XPRESSæXæSLOT  
BOARDæ ALSOæ HASæ MULTI '05æ SUPPORTæ 0#)ææ0#)æ%XPRESSæXæSLOTS ææ ææ
FORæTHOSEæWHOæCRAVEæFORæHIGHERæFRAMEæ -ULTI '05æSUPPORT $UALæX $UALæX
RATESæ3OæIFæYOUVEæGOTæTHEæBUCKS æJUSTæ /NBOARDæAUDIOæ.AME 2EALTEKæ!,# 2EALTEKæ!,#
/NBOARDæAUDIOæ#HANNELS  
GOæFORæIT
/NBOARDæAUDIOæ(IGH DEFINITIONæSUPPORT  
%THERNETæ æ'IGABIT ææ ææ
53"æææ&IRE7IRE ææ ææ
)$%æ)NTERFACESæ0!4!ææ3!4! ææ ææ
)$%æ2!)$ .ATIVE $EDICATED .ATIVE $EDICATED
/VERCLOCKING
6OLTAGEæTWEAKINGæFEATURE  
<VjgVkHZi] æ-(Zæ&3"æSPEEDæINCREMENTS  
\VjgVk#hZi]5X]^e"^cY^V#Xdb
(ARDWAREæMONITORæAPPLICATION  
EZg[dgbVcXZ
!FTERæ ANæ EXHAUSTIVEæ ROUNDUPæ OFæ æ 3YNTHETICæTESTS
MOTHERBOARDS æ )æ GOTæ HOOKEDæ ONæ TOæ 0#-ARKææOUTæOFæ  
THEæ &OXCONNæ +-$ %+23(æ )Tæ 3I3OFTæ3ANDRAææSCOREæOUTæOFæ  
FEATURESæ .VIDIASæ LATESTæ ANDæ MOSTæ %VERESTæ$ISKæBENCHMARKæOUTæOFæ  
POWERFULæ æ INTEGRATEDæ 2EAL WORLDæAPPLICATIONS
6IDEOæ%NCODINGæ7IN!6) æSEC  
GRAPHICSæCHIPSETæ4HOUGHæITæSUPPORTSæ
$UALæCOREæTESTæSEC æ  
$IRECT8æ æ ANDæ 3HADERæ -ODELæ  æ ITSæ
'AMING
NOTæ EQUIPPEDæ TOæ MEETæ MODERN DAYæ $OOMææ-EDIUM æX æFPS  
GAMINGæ NEEDSæ )TSæ MEANTæ MOREæ FORæ $OOMææ(IGH æX æFPS  
DIGITALæ HOMEæ ENTERTAINMENTæ 4HEæ $-ARKææINDEX  
æCHIPSETæISæCAPABLEæOFæHANDLINGæ 7j^aYfjVa^in
ANDæ REPRODUCINGæ HIGHæ DEFINITONæ 0LACEMENTæOFæCAPACITORSæAROUNDæTHEæ#05æSOCKET 'OOD 'OOD
0LACEMENTæOFæ$)--æSLOTS 'OOD 'OOD
VIDEOæCONTENTæ)TæALSOæOFFERSæAæHIGHæ
#OOLINGæ.ORTHBRIDGE3OUTHBRIDGE !CTIVEææ!CTIVE !CTIVEææ0ASSIVE
PERFORMANCEæ NETWORKæ CONTROLLERæ
3PECIALæCOOLINGæ(EATPIPES(EATæSPREADERS æ\æ æ\æ
'IGABITæ ,!. æ ANDæ MULTI CHANNELæ LVggVcinHjeedgi
HIGHæ DEFINITIONæ AUDIOæ !LLæ THISæ ATæ 2Sæ 7ARRANTYæYEARS  
 æMAKESæITæAæVERYæGOODæDEAL .OæOFæSERVICEæCENTERS  
.OæOFæCITIESæHAVINGæSERVICEæCENTERS  
1SJDFTBSFJOEJDBUJWFBOEBSFTVCKFDUUPDIBOHF UBYFTFYUSB
7JEFPFODPEJOHEVSJOH)IJSFTWJEFPQMBZCBDL
).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
-/4(%2"/!2$å#/-0!2)3/.åå åå(!2$7!2%å \ 

( ) * + ,
BH>@-C9^VbdcYEajh 9;>AVceVginJIc;)JaigV"9 6hjh6-G('"BKE9ZajmZ 6hjh6-G"BKE <^\VWniZ@-CEgd"HA>
-ICRO 3TARæ)NTERNATIONAL WWWTHEITDEPOTCOM !3534E+æ#OMPUTERæ)NC !3534E+æ#OMPUTERæ)NC 'IGABYTEæ4ECHNOLOGYæ)NDIA æ,TD
         
MARKETING MSI INDIACOM INFO THEITDEPOTCOM MEDIA?INDIA ASUSCOM MEDIA?INDIA ASUSCOM SALES GIGABYTEIN
2Sæ  2Sæ  2Sæ  2Sæ  2Sæ 

'-#*) ',#', '-#*% '*#+* '*#-*


(%#-, (&#-) (%#.) ('#(& (%#.%
&+#(+ &(#&- &(#&- &&#(+ *#.&
)#%% )#,% )#'. )#'. &%#%%
    
IdiVa/,.#,, IdiVa/,+#.. IdiVa/,+#.% IdiVa/,(#+% IdiVa/,'#++

3OCKETæ 3OCKETæ 3OCKETæ 3OCKETæ 3OCKETæ


.VIDIAæN&ORCEæ3,)æXææ .VIDIAæN&ORCEæ5LTRAææ !4)æ#ROSS&IREæ8PRESSæææ !4)æ#ROSS&IREæ8PRESSæææ .VIDIAæN&ORCEæ3,)ææ
$$2æææ-(Z $$2æææ-(Z $$2æææ-(Z $$2æææ-(Z $$2æææ-(Z
æææ'" æææ'" æææ'" æææ'" æææ'"
    
.! .! .! .! .!
    
ææ ææ ææ ææ ææ
$UALæX $UALæX $UALæX $UALæX $UALæX
#REATIVEæ3"æ!UDIGYæ3% 2EALTEKæ!,# 2EALTEKæ!,# 3OUND-AXæ!$! 2EALTEKæ!,#
    
    
ææ ææ ææ ææ ææ
ææ ææ ææ ææ ææ
ææ ææ ææ ææ ææ
.ATIVE $EDICATED .ATIVE .ATIVE $EDICATED .ATIVE .ATIVE

    
    
    

    


    
    

    
    

    


    
    

'OOD 'OOD 'OOD 'OOD !VERAGE


!VERAGE 'OOD 'OOD 'OOD 0OOR
!CTIVEææ!CTIVE !CTIVEæ\æ.ONE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE
æ\æ æ\æ æ\æ æ\æ æ\æ

    
    
    

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0



       

\











(!2$7!2%åå åå-/4(%2"/!2$å#/-0!2)3/.









 
  




 
 

   




 

HeZXHXVc
- . &%
86I:<DGN 6B9 >CI:A
CVbZ 9;>c;)HA>>c[^c^in ;dmXdccL^c;VhiC;)M@-B8"GH <^\VWniZ<6"<&.,*M
#ONTACT WWWTHEITDEPOTCOM -EDIATECHæ)NDIAæ$ISTRIBUTIONæ0VTæ,TD 'IGABYTEæ4ECHNOLOGYæ)NDIA æ,TD
0HONE      
% MAIL INFO THEITDEPOTCOM CHIP MEDIATECHINDIACOM SALES GIGABYTEIN
0RICE
2Sæ  2Sæ  2Sæ 
DkZgVaa
&EATURESæOUTæOFæ '*#,. &+#-& '*#,*
0ERFORMANCEæOUTæOFæ ('#() (&#'* '.#-%
"UILDæQUALITYæOUTæOFæ ,#,( *#.& &+#*.
7ARRANTYææ3UPPORTæOUTæOFæ )#,% *#(( &%#%%
h&UTURE PROOFvæINDEXæOUTæOFæ   
/VERALLæOUTæOFæ IdiVa/,%#** IdiVa/*.#(% IdiVa/-'#&)
6ALUEæFORæMONEY
;ZVijgZh
#05æSOCKETæTYPE 3OCKETæ 3OCKETæ ,'!æ
#HIPSET3YSTEMæBUSæSPEEDæ-(Z .VIDIAæN&ORCEæ3,)ææ .VIDIAæN&ORCEææ )NTELæ8ææ
-EMORYæ4YPE&REQUENCY $$2æææ-(Z $$2æææ-(Z $$2æ))æææ-(Z
-EMORYæSLOTS-AXæ2!- æææ'" æææ'" æææ'"
$UALæCHANNELæMEMORYæSUPPORT   
)NTEGRATEDæGRAPHICSææ$IRECT8æVER .! .! .!
0#)æ%XPRESSæXæSLOT   
0#)ææ0#)æ%XPRESSæXæSLOTS ææ ææ ææ
-ULTI '05æSUPPORT $UALæX  
/NBOARDæAUDIOæ.AME 2EALTEKæ!,# 2EALTEKæ!,# #REATIVEæ3"æ,IVE
/NBOARDæAUDIOæ#HANNELS   
/NBOARDæAUDIOæ(IGH DEFINITIONæSUPPORT   
%THERNETæ æ'IGABIT ææ ææ ææ
53"æææ&IRE7IRE ææ ææ ææ
)$%æ)NTERFACESæ0!4!ææ3!4! ææ ææ ææ
)$%æ2!)$ .ATIVE  .ATIVE
/VERCLOCKING
6OLTAGEæTWEAKINGæFEATURE   
æ-(Zæ&3"æSPEEDæINCREMENTS   
(ARDWAREæMONITORæAPPLICATION   
EZg[dgbVcXZ
3YNTHETICæTESTS
0#-ARKææOUTæOFæ   
3I3OFTæ3ANDRAææSCOREæOUTæOFæ   
%VERESTæ$ISKæBENCHMARKæOUTæOFæ   
2EAL WORLDæAPPLICATIONS
6IDEOæ%NCODINGæ7IN!6) æSEC   
$UALæCOREæTESTæSEC æ   
'AMING
$OOMææ-EDIUM æX æFPS   
$OOMææ(IGH æX æFPS   
$-ARKææINDEX   
7j^aYfjVa^in
0LACEMENTæOFæCAPACITORSæAROUNDæTHEæ#05æSOCKET !VERAGE 0OOR 'OOD
0LACEMENTæOFæ$)--æSLOTS !VERAGE !VERAGE 'OOD
#OOLINGæ.ORTHBRIDGE3OUTHBRIDGE !CTIVEææ !CTIVEææ !CTIVEææ0ASSIVE
3PECIALæCOOLINGæ(EATPIPES(EATæSPREADERS ææ\ææ ææ\ææ ææ\ææ
LVggVcinHjeedgi
7ARRANTYæYEARS   
.OæOFæSERVICEæCENTERS   
.OæOFæCITIESæHAVINGæSERVICEæCENTERS   
1SJDFTBSFJOEJDBUJWFBOEBSFTVCKFDUUPDIBOHF UBYFTFYUSB
7JEFPFODPEJOHEVSJOH)IJSFTWJEFPQMBZCBDL
).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
-/4(%2"/!2$å#/-0!2)3/.åå åå(!2$7!2%å 

&& &' &( &) &*


6HJHE*C('"HA>9ZajmZ 6HJHE*L9'":EgZb^jb BH>E)C9^VbdcY BH>.,*MEaVi^cjb BH>E)C"HA>";>
!3534E+æ#OMPUTERæ)NC !3534E+æ#OMPUTERæ)NC -ICRO 3TARæ)NTERNATIONAL -ICRO 3TARæ)NTERNATIONAL -ICRO 3TARæ)NTERNATIONAL
         
MEDIA?INDIA ASUSCOM MEDIA?INDIA ASUSCOM MARKETING MSI INDIACOM MARKETING MSI INDIACOM MARKETING MSI INDIACOM
2Sæ  2Sæ  2Sæ  2Sæ  2Sæ 

'.#+, '.#), ',#,- '+#.. '+#(%


',#(+ '.#+' ',#&' '.#(% ',#(*
'%#%% &(#&- &%#+- -#-+ -#-+
)#'. )#'. )#%% )#%% )#%%
    
IdiVa/-&#(& IdiVa/,+#** IdiVa/+.#*- IdiVa/+.#&* IdiVa/++#*&

,'!æ ,'!æ ,'!æ ,'!æ ,'!æ


NFORCEæ3,)æ)NTELæ%Dææ )NTELæ8ææ NFORCEæ3,)æ)NTELæ%Dææ )NTELæ8ææ NFORCEæ3,)æ)NTELæ%Dææ
$$2æ))æææ-(Z $$2æ))æææ-(Z $$2æ))æææ-(Z $$2æ))æææ-(Z $$2æ))æææ-(Z
æææ'" æææ'" æææ'" æææ'" æææ'"
    
.! .! .! .! .!
    
ææ ææ ææ ææ ææ
$UALæX $UALæX   
2EALTEKæ!,# 2EALTEKæ!,# #REATIVEæ3"æ,IVE 2EALTEKæ!,# 2EALTEKæ!,#
    
    
ææ ææ ææ ææ ææ
ææ ææ ææ ææ ææ
ææ ææ ææ ææ ææ
.ATIVE $EDICATED .ATIVE $EDICATED .ATIVE $EDICATED .ATIVE $EDICATED .ATIVE

    
    
    

    


    
    

    
    

    


    
    

'OOD 'OOD !VERAGE !VERAGE !VERAGE


'OOD 'OOD 'OOD !VERAGE !VERAGE
!CTIVEææ!CTIVE 0ASSIVEææ0ASSIVE !CTIVEææ0ASSIVE !CTIVEææ0ASSIVE !CTIVEææ0ASSIVE
ææ\ææ ææ\ææ ææ\ææ ææ\ææ ææ\ææ

    
    
    

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
   

 \



(!2$7!2%åå åå-/4(%2"/!2$å#/-0!2)3/.




  




 

HeZXHXVc
&+ &, &-
86I:<DGN >CI:A ><E
CVbZ 6HJHE*C9'"HA>9ZajmZ ;dmXdcc.&*EA,6:"-H <^\VWniZ<6"@-C*&EKBI".
#ONTACT !3534E+æ#OMPUTERæ)NC -EDIATECHæ)NDIAæ$ISTRIBUTIONæ0VTæ,TD 'IGABYTEæ4ECHNOLOGYæ)NDIA æ,TD
0HONE      
% MAIL MEDIA?INDIA ASUSCOM CHIP MEDIATECHINDIACOM SALES GIGABYTEIN
0RICE
2Sæ  2Sæ  2Sæ 
DkZgVaa
&EATURESæOUTæOFæ '-#'+ '%#.' '+#,&
0ERFORMANCEæOUTæOFæ ''#'( '+#,% '&#-*
"UILDæQUALITYæOUTæOFæ &&#(+ &(#&- &&#(+
7ARRANTYææ3UPPORTæOUTæOFæ )#'. *#(( &%#%%
h&UTURE PROOFvæINDEXæOUTæOFæ   
/VERALLæOUTæOFæ IdiVa/++#&) IdiVa/++#&( IdiVa/+.#.'
6ALUEæFORæMONEY
;ZVijgZh
#05æSOCKETæTYPE ,'!æ ,'!æ 3OCKETæ
#HIPSET3YSTEMæBUSæSPEEDæ-(Z NFORCEæ3,)æ)NTELæ%Dææ )NTELæ0ææ .VIDIAæ'E&ORCEæææ
-EMORYæ4YPE&REQUENCY $$2æ))æææ-(Z $$2æææ-(Z $$2æææ-(Z
-EMORYæSLOTS-AXæ2!- æææ'" æææ'" æææ'"
$UALæCHANNELæMEMORYæSUPPORT   
)NTEGRATEDæGRAPHICSææ$IRECT8æVER .! .! .VIDIAæ'E&ORCEæææ$8æ
0#)æ%XPRESSæXæSLOT   
0#)ææ0#)æ%XPRESSæXæSLOTS ææ ææ ææ
-ULTI '05æSUPPORT   
/NBOARDæAUDIOæ.AME 2EALTEKæ!,# 2EALTEKæ!,# 2EALTEKæ!,#
/NBOARDæAUDIOæ#HANNELS   
/NBOARDæAUDIOæ(IGH DEFINITIONæSUPPORT   
%THERNETæ æ'IGABIT ææ ææ ææ
53"æææ&IRE7IRE ææ ææ ææ
)$%æ)NTERFACESæ0!4!ææ3!4! ææ ææ ææ
)$%æ2!)$ .ATIVE $EDICATED  .ATIVE
/VERCLOCKING
6OLTAGEæTWEAKINGæFEATURE   
æ-(Zæ&3"æSPEEDæINCREMENTS   
(ARDWAREæMONITORæAPPLICATION   
EZg[dgbVcXZ
3YNTHETICæTESTS
0#-ARKææOUTæOFæ   
3I3OFTæ3ANDRAææSCOREæOUTæOFæ   
%VERESTæ$ISKæBENCHMARKæOUTæOFæ   
2EAL WORLDæAPPLICATIONS
6IDEOæ%NCODINGæ7IN!6) æSEC   
$UALæCOREæTESTæSEC æ   
'AMING
$OOMææ-EDIUM æX æFPS   
$OOMææ(IGH æX æFPS   .!
$-ARKææINDEX   
7j^aYfjVa^in
0LACEMENTæOFæCAPACITORSæAROUNDæTHEæ#05æSOCKET !VERAGE 'OOD 'OOD
0LACEMENTæOFæ$)--æSLOTS 'OOD 'OOD 'OOD
#OOLINGæ.ORTHBRIDGE3OUTHBRIDGE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE
3PECIALæCOOLINGæ(EATPIPES(EATæSPREADERS ææ\ææ ææ\ææ ææ\ææ
LVggVcinHjeedgi
7ARRANTYæYEARS   
.OæOFæSERVICEæCENTERS   
.OæOFæCITIESæHAVINGæSERVICEæCENTERS   
1SJDFTBSFJOEJDBUJWFBOEBSFTVCKFDUUPDIBOHF UBYFTFYUSB
7JEFPFODPEJOHEVSJOH)IJSFTWJEFPQMBZCBDL
).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
-/4(%2"/!2$å#/-0!2)3/.åå åå(!2$7!2%å 

&. '% '& ''


<^\VWniZ<6"-&.)*<B="G= <^\VWniZ<6"@-C*&<B;". ;dmXdccL^c;Vhi+&*%@-B9":@GH= 7^dhiVgI[dgXZ+&%%".(.
'IGABYTEæ4ECHNOLOGYæ)NDIA æ,TD 'IGABYTEæ4ECHNOLOGYæ)NDIA æ,TD -EDIATECHæ)NDIAæ$ISTRIBUTIONæ0VTæ,TD 3UPERTRONæ%LECTRONICSæ,TD
       
SALES GIGABYTEIN SALES GIGABYTEIN CHIP MEDIATECHINDIACOM SUNIL?SHARMA SUPERTRONINDIACOM
2Sæ  2Sæ  2Sæ  2Sæ 

',#&+ '*#'+ '-#%. '+#%+


&.#&+ '&#)) ''#%- '&#+,
&&#(+ ,#,( ,#,( &&#(+
&%#%% &%#%% *#(( )#.*
   
IdiVa/+,#+- IdiVa/+)#)( IdiVa/+)#%* IdiVa/+)#%*

,'!æ 3OCKETæ 3OCKETæ 3OCKETæ


)NTELæ'ææ .VIDIAæ'E&ORCEæææ .VIDIAæ'E&ORCEæææ .VIDIAæ'E&ORCEæææ
$$2æ))æææ-(Z $$2æææ-(Z $$2æææ-(Z $$2æææ-(Z
æææ'" æææ'" æææ'" æææ'"
   
)NTELæ'-!ææ$8æ .VIDIAæ'E&ORCEæææ$8æ .VIDIAæ'E&ORCEæææ$8æ .VIDIAæ'E&ORCEæææ$8æ
   
ææ ææ ææ ææ
   
2EALTEKæ!,# 2EALTEKæ!,# 2EALTECKæ!,# 2EALTEKæ!,#
   
   
ææ ææ ææ ææ
ææ ææ ææ ææ
ææ ææ ææ ææ
.ATIVE .ATIVE .ATIVE .ATIVE

   
   
   

   


   
   

   
   

   
.! .! .! .!
   

'OOD !VERAGE !VERAGE 'OOD


'OOD !VERAGE !VERAGE 'OOD
0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE
ææ\ææ ææ\ææ ææ\ææ ææ\ææ

   
   
   

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0


 
 \


(!2$7!2%åå åå-/4(%2"/!2$å#/-0!2)3/.





 





 

HeZXHXVc
'( ') '*
86I:<DGN ><E
CVbZ 6hjh6-C"KB8HB BH>GH)-'B)">A9 BH>.)*<B'
#ONTACT !3534E+æ#OMPUTERæ)NC -ICRO 3TARæ)NTERNATIONAL -ICRO 3TARæ)NTERNATIONAL
0HONE      
% MAIL MEDIA?INDIA ASUSCOM MARKETING MSI INDIACOM MARKETING MSI INDIACOM
0RICE
2Sæ  2Sæ  2Sæ 
DkZgVaa
&EATURESæOUTæOFæ ',#+* ')#+( '+#**
0ERFORMANCEæOUTæOFæ ''#'' '%#.+ &-#+.
"UILDæQUALITYæOUTæOFæ .#** .#** .#**
7ARRANTYææ3UPPORTæOUTæOFæ )#'. )#%% )#%%
h&UTURE PROOFvæINDEXæOUTæOFæ   
/VERALLæOUTæOFæ IdiVa/+(#,% IdiVa/*.#&) IdiVa/*-#,.
6ALUEæFORæMONEY
;ZVijgZh
#05æSOCKETæTYPE 3OCKETæ 3OCKETæ ,'!æ
#HIPSET3YSTEMæBUSæSPEEDæ-(Z .VIDIAæ'E&ORCEæææ !4)æ2ADEONæ8PRESSæææ )NTELæ'ææ
-EMORYæ4YPE&REQUENCY $$2æææ-(Z $$2æææ-(Z $$2æ))æææ-(Z
-EMORYæSLOTS-AXæ2!- æææ'" æææ'" æææ'"
$UALæCHANNELæMEMORYæSUPPORT   
)NTEGRATEDæGRAPHICSææ$IRECT8æVER .VIDIAæ'E&ORCEæææ$8æ !4)æ2ADEONæ8PRESSæææ$8æ )NTELæ'-!ææ$8æ
0#)æ%XPRESSæXæSLOT   
0#)ææ0#)æ%XPRESSæXæSLOTS ææ ææ ææ
-ULTI '05æSUPPORT   
/NBOARDæAUDIOæ.AME !$)æ!$! 2EALTEKæ!,# 2EALTEKæ!,#
/NBOARDæAUDIOæ#HANNELS   
/NBOARDæAUDIOæ(IGH DEFINITIONæSUPPORT   
%THERNETæ æ'IGABIT ææ ææ ææ
53"æææ&IRE7IRE ææ ææ ææ
)$%æ)NTERFACESæ0!4!ææ3!4! ææ ææ ææ
)$%æ2!)$ .ATIVE .ATIVE .ATIVE
/VERCLOCKING
6OLTAGEæTWEAKINGæFEATURE   
æ-(Zæ&3"æSPEEDæINCREMENTS   
(ARDWAREæMONITORæAPPLICATION   
EZg[dgbVcXZ
3YNTHETICæTESTS
0#-ARKææOUTæOFæ   
3I3OFTæ3ANDRAææSCOREæOUTæOFæ   
%VERESTæ$ISKæBENCHMARKæOUTæOFæ   
2EAL WORLDæAPPLICATIONS
6IDEOæ%NCODINGæ7IN!6) æSEC   
$UALæCOREæTESTæSEC æ   
'AMING
$OOMææ-EDIUM æX æFPS   
$OOMææ(IGH æX æFPS .! .! .!
$-ARKææINDEX   
7j^aYfjVa^in
0LACEMENTæOFæCAPACITORSæAROUNDæTHEæ#05æSOCKET !VERAGE !VERAGE 'OOD
0LACEMENTæOFæ$)--æSLOTS 'OOD !VERAGE !VERAGE
#OOLINGæ.ORTHBRIDGE3OUTHBRIDGE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE
3PECIALæCOOLINGæ(EATPIPES(EATæSPREADERS ææ\ææ ææ\ææ ææ\ææ
LVggVcinHjeedgi
7ARRANTYæYEARS   
.OæOFæSERVICEæCENTERS   
.OæOFæCITIESæHAVINGæSERVICEæCENTERS   
1SJDFTBSFJOEJDBUJWFBOEBSFTVCKFDUUPDIBOHF UBYFTFYUSB
7JEFPFODPEJOHEVSJOH)IJSFTWJEFPQMBZCBDL
).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
   

\ 



-/4(%2"/!2$å#/-0!2)3/.åå åå(!2$7!2%å




  




 

'+ ', '- '.


6HGdX`,,*Il^ch"=9IKG'#% ;dmXdccL^c;Vhi+&%%@-B6"GH BH>,+&<B'"K :8H.)*<"B(
!BACUSæ0ERIPHERALSæ0VTæ,TD -EDIATECHæ)NDIAæ$ISTRIBUTIONæ0VTæ,TD 0RIYAæ,IMITED #YBERSTARæ)NFOCOMæ,TD
       
ENQUIRY ABACUSPERIPHERALSCOM CHIP MEDIATECHINDIACOM SALES?BOM PRIYAGROUPCOM ELITE CYBERSTARINDIACOM
2Sæ  2Sæ  2Sæ  2Sæ 

'*#., '(#+- '%#(- '&#*+


&-#'' '&#-( '&#*. &.#&+
.#** *#.& ,#,( .#**
(#)+ *#(( *#)( (#,*
   
IdiVa/*,#'% IdiVa/*+#,* IdiVa/**#&' IdiVa/*)#%&

,'!æ 3OCKETæ 3OCKETæ ,'!æ


!4)æ2ADEONæ8PRESSæ .VIDIAæ'E&ORCEæææ 3)3æ'8ææ )NTELæ'
$$2æ))æææ-(Z $$2æææ-(Z $$2æææ-(Z $$2æ))æææ-(Z
æææ'" æææ'" æææ'" æææ'"
   
!4)æ2ADEONæ8ææ$8æ .VIDIAæ'E&ORCEæææ$8æ -IRAGEæææ$8æ )NTELæ'-!ææ$8æ
   
ææ ææ ææ ææ
   
2EALTEKæ!,# 2EALTEKæ!,# 2EALTEKæ!,# 2EALTEKæ!,#
   
   
ææ ææ ææ ææ
ææ ææ ææ ææ
ææ ææ ææ ææ
.ATIVE .ATIVE .ATIVE 

   
   
   

   


   
   

   
   

   
.! .! .! .!
   

'OOD 0OOR !VERAGE !VERAGE


!VERAGE !VERAGE !VERAGE 'OOD
0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE 0ASSIVEææ0ASSIVE
ææ\ææ ææ\ææ ææ\ææ ææ\ææ

   
   
   

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!2$7!2%åå åå&%!452%

HegjXZjendjg^EdY
mmmmmmmmm
"DDFTTPSJ[FZPVSJ1PEUPDIBOHFJUTMPPLT QSPUFDUGSPNTDSBUDIFTBOEBEEGVODUJPOBMJUZ
YYYYYYYYY

5IFJ1PEOPUPOMZSFEFmOFEQPSUBCMFMJTUFOJOHFYQFSJFODFDPNQMFUFMZ JUBMTPCFDBNFBTFYZUBLFNFIPNFJUFN#VUKVTUMJLFZPVOFFE
BDIBOHFJOXBSESPCF ZPVSJ1PEEPFTUIBUUPP4PHJWFJUBDIBOHFJOMPPLBOETQJGGJUVQXJUITUZMJ[FEBDDFTTPSJFT/PNBUUFSXIBU

Y
YYYYYYYYYYYY
HFOFSBUJPOPGJ1PEZPVPXO UIFSFTBXJEFSBOHFPGDIPJDFTUPTQJDFJUVQ‰BKB[[ZTJMJDPOFTLJOUPHJWFJUBGBDFMJGU '.SBEJPBOETPPO
3FEFmOFJUTTUZMFTUBUFNFOUOPX

EdgiVWaZheZV`Zgh
"QPSUBCMFTPVOETZTUFNMFUTZPVTIBSFZPVSNVTJDPOUIFJ1PEXJUI
PUIFSTBUIPNF BUBQJDOJD POUIFCFBDIPSXIFSFWFSZPVHP8JUIB
TMFFLEFTJHOGPMMPXJOHUIFDPMPSTDIFNFPGUIFJ1PEBOEOFPEZNJVN
ESJWFST UIFTQFBLFSTOPUPOMZMPPLCVUBMTPTPVOEHSFBU4FQBSBUF
NPEFMTBSFBWBJMBCMFGPSBMMUIFHFOFSBUJPOTPGJ1PEJODMVEJOH4IVGnF

6gbWVcY
*GZPVOFFENVTJDUPLFFQZPVQFQQFE
VQXIJMFZPVSFKPHHJOHPSXPSLJOH
PVUBUUIFHZN UIFBSNCBOEJTXIBU
ZPVTIPVMEOUNJTTPVU*OBEEJUJPO
UPQSPUFDUJOHZPVSJ1PEGSPNTIPDLT 
TUBJOTBOETDSBUDIFT UIFBEEFECPOVT
JTUIBUZPVDBOnBVOUJUBSPVOE
8VgX]Vg\Zg
5IFPOMZOJHHMFXJUIUBLJOHUIFJ1PEGPSBMPOH
ESJWFJTJUTCBUUFSZMJGF8JUIBOBVUPBEBQUFS
XIJDIESBXTQPXFSGSPNUIFDBSTDJHBSFUUF
MJHIUFSTPDLFU ZPVDBOMJTUFOUPZPVSGBWPSJUF
USBDLTXIJMFLFFQJOHZPVSJ1PEGVMMZDIBSHFE

EgVbdY?VY]Vk

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå(!2$7!2%å 

H^a^XdcZh`^ch
*UXPVMECFBTJOUPDBSSZZPVSTIJOZEFOUJTU
XIJUFPSQJBOPCMBDLJ1PEJOZPVSQPDLFUBMPOH
XJUIDPJOTBOEPUIFSTUVGG4JMJDPOFTLJOTBSF
UIFCFTUQSPUFDUJPOBHBJOTUTDSBUDIFT EVTUBOE
NPJTUVSFBGGFDUJOHZPVSQSFDJPVTQMBZFS
;BigVchb^iiZg
%JEZPVLOPXZPVDBOTFOEZPVSNVTJD
XJSFMFTTMZGSPNZPVSJ1PEUPBOZ'.
SBEJP 8IFUIFSZPVSFJOZPVSDBS BUB
QBSUZ BUIPNFPSXIFSFWFSUIFNPPE
TUSJLFTZPV ZPVDBOCSPBEDBTUUVOFTPWFS
UIFSBEJPBOETIBSFUIFNXJUIGSJFOET
BOEQFPQMFBSPVOEZPV

^EdYgVY^d
:PVOFFEOUFOWZ.1QMBZFSTXJUI
'.SBEJPBOZMPOHFS6TJOHUIF
J1PESBEJP ZPVDBOUVOFJOUPZPVS
GBWPSJUFSBEJPTUBUJPOTXIFOZPVSF
CPSFEPGMJTUFOJOHUPTPOHTPOZPVS
J1PE4JNQMZQMVHUIFEFWJDFJOUPUIF
NNKBDLPGZPVSJ1PEBOEJUMM
UVSOJOUPBO'.SBEJP

B^XVYVeiZg
)PXBCPVUBEEJOHUIFGVODUJPOBMJUZPGB
EJDUBQIPOFUPZPVSJ1PE 6TJOHBNJDSPQIPOF
BEBQUPS ZPVDBODPOOFDUBNJDSPQIPOFPGZPVS
PXODIPJDFBOEVTFZPVSJ1PEUPSFDPSEMFDUVSFT 
DPOWFSTBUJPOTBOEJOUFSWJFXTPOUIFHP

]"OBOE5VMJBOJ

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/=;>HZZEV\Z'%[dgYZiV^ah
 \
(!2$7!2%åå åå&%!452%

A^\]ibZje!WjiiZgXje
"HMJNQTFUISPVHIBMMUIFDBTFMJHIUJOHBDDFTTPSJFTUIBU
XJMMTQJLFVQZPVSDBTFBOENBLFJUUIFPCKFDUPGFOWZ

$
PNQVUFSDBTFTIBWFDPNFBMPOHXBZGSPN #FGPSF*DPNNFODF MFUNFNBLFJUDMFBS
CFJOHCMBOECFJHFCPYFTUPIPUBOETJ[[MJOH UIBUBMMUIFTFQSPEVDUTBSFNFBOUUPMJHIUVQ
PCKFDUTPGEFTJSF&BSMJFS UIFDPNQVUFS UIFJOTJEFPGZPVSDBTF4PZPVOFFEUPIBWF
XBTBSBSJUZBOEPOMZUIFOJDIFTFHNFOUDPVME BUSBOTQBSFOUPSBNFTIFETJEFQBOFM$BTFT
BGGPSEJU"HBJO UIFSFXBTIBSEMZNVDIDIPJDFXJUI GSPN"OUFD -BOCPZ 4VQFS-BOCPZ
(JHBCZUF
SFHBSETUPDBTFT*UBMMCFHBOXIFOHVZTTUBSUFE 1PTFJEPO
BOE$PPMFS.BTUFSDPNFXJUIQSF
DBSSZJOHUIFJSSJHTUP-"/HBNJOHQBSUJFT"OEUIFO mUUFEUSBOTQBSFOUTJEFQBOFMT*ODBTFZPVIBWFB
DBNFUIFUSBOTQBSFOUTJEFQBOFM5IFJEFBCFIJOE DBTFXJUIBOPSNBMTJEFQBOFM EPOUXPSSZ+VTU
JUXBTUPTIPXPGGUIFQPXFSGVMDPNQPOFOUT HPUPBNFUBMDVUUJOHTIPQPSHFUBESFNFMPSVTF
VTFEJOUIFTZTUFNBOEBMPOHXJUIJUDBNFUIF BGSFUTBXUPDVUBIPMF5IFOHFUBOBDSZMJDTIFFU
DBTFMJHIUJOH5IPVHIDBTFMJHIUJOHQSPEVDUT UPZPVSTJEFQBOFM XJMMDPTUZPVCFUXFFO
IBWFKVTUTUBSUFEFNFSHJOHJO*OEJB QSFTFOUMZXF UPCVDLT
BOEHFUJUmUUFECZESJMMJOHIPMFT
IBWFBQSFUUZEFDFOUSBOHFGSPNUIFUPQUISFF JOUPJU5IFXIPMFQSPDFEVSF NFUBMDVUUFSTXJMM
NBOVGBDUVSFSTXPSMEXJEF‰"OUFD $PPMFS.BTUFS DIBSHF3TUPGPSDVUUJOHUIFIPMF
TIPVME
BOE7BOUFD OPUDPTUZPVNPSFUIBO3T

EgVbdY?VY]Vk

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå(!2$7!2%å 

AZi¼h]VkZVadd`Vii]ZkVg^djhXVhZ
a^\]i^c\VcYbdYY^c\egdYjXih
;Vch BTJUBEETUPPNVDIPGDPMPS JOTUFBEHP
4JODFDPNQVUFSDPNQPOFOUTMJLFUIF XJUIBOPWFSBMMTJOHMFPSBEVBMDPMPSTFUVQ
QSPDFTTPSBOEHSBQIJDDBSETQSPEVDFBMPU $VSSFOUMZ -&%GBOTBSFPOMZBWBJMBCMFGSPN
PGIFBU GBOTBSFVTFEJOTJEFUIFDBTFUP "OUFD
EJTTJQBUFUIFIFBUBOELFFQUIFTZTUFN -&%GBOPQUJPOT

TUBCMF(FOFSBMMZ XFIBWFCMBDLDBTFGBOT "OUFD3FEPS#MVFPS(SFFO-&%GBOT
UPUBLFDBSFPGUIBU/PX TUFQBTJEFGSPN NNo3T
UIFDPOWFOUJPOBM XFIBWFGBOTUIBUXJMM "JSnPX$'.
TFSWFUIFQVSQPTFPGDPPMJOHZPVSTZTUFN /PJTF-FWFME#"
BOEDPOTFRVFOUMZMJHIUVQZPVSDBTF5IFZ  "OUFD(SFFO-&%GBONNo3T 
DPNFJOUXPTJ[FTBOEUISFFEJGGFSFOU "JSnPX$'.
UZQFT /PJTF-FWFME#"
4J[F5IFZDPNFJOUXPEJGGFSFOUTJ[FT  "OUFD5SJ-&%GBONN3T
BOENN:PVIBWFUPDIFDLGPSTMPUTJO "JSnPX
ZPVSDBTFUPEFUFSNJOFUIFTJ[FPGGBOTUIBU /PJTF-FWFM 
XJMMmUUIFSF6TVBMMZ UIFSFHVMBSDBTFTIBWF "OUFD5SJ-&%GBONN3T 
TMPUTBUUIFGSPOUBOECBDLGPSNNGBOT "JSnPX$'.
"MJUUMFCJHHFSBOECFUUFSDBTFXJMMIBWF /PJTF-FWFME#"
NNTMPUT*GZPVIBWFOUCPVHIUBDBTF HP
GPSPOFXJUIGSPOUBOESFBSNNGBOT 67GBOT5IFZBSFDPMPSFEGBOTXIJDIBSF67
NNGBOTNPWFNPSFBJS NFBTVSFEJO SFBDUJWFJFUIFZHMPXXIFOFYQPTFEUP67
$'.JF$VCJDGFFUQFS.FUFS IJHIFSUIF MJHIUCZB67$$'-PSB67-&%UVCF5IFZ
CFUUFS
BOEBUUIFTBNFUJNFBSFMFTTOPJTZ IBWFOPMJHIUPGUIFJSPXO
OPJTFJTNFBTVSFEJOE#" MFTTFSUIFCFUUFS
 1SPEVDUT
 $PPMFS.BTUFS674JMFOUGBO#MVFPS
5ZQFT 1VSQMFNNo3T

-&%GBOT5IFTFBSFUSBOTQBSFOUGBOT "JSnPX$'.
XJUIUISFFPSGPVSTDPMPS-&%T5IF-&%T /PJTF-FWFME#"
BSFPGTJOHMFDPMPSBOEUIFSFTPOFNPEFM "OUFD#MVFPS0SBOHF67GBONNo3T
GSPN"OUFDLOPXOBTB5SJ-&%GBO XIJDI 
QPTTFTTFTCMVF HSFFOBOESFE-&%JOUIF "JSnPX$'.
TBNFGBO8FDBVUJPOBHBJOTUB5SJ-&%GBO /PJTF-FWFME#"

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/=;8HZZEV\Z'%[dgYZiV^ah
 \
(!2$7!2%åå åå&%!452%

 

67-&%GBOT 0SBOHF #MBEF


(SFFO #PEZ
NN67
5IFZVTFVMUSBWPJMFU-&%TUPMJHIUFOVQ -&%GBO3T
UIFGBOCMBEFTBOEUIFGBODBTJOH CPUIPG "JS'MPX$'.
XIJDIBSFNBEFPG67SFBDUJWFNBUFSJBM /PJTF-FWFME#"
1SPEVDUT *OTUBMMBUJPO5IFZBSFFJUIFSQPXFSFECZB 
7BOUFD(SFFO CMBEF
#MVF #PEZ
PS UISFFQJODPOOFDUPSUIBUDPOOFDUTUPUIF
0SBOHF #MBEF
(SFFO #PEZ
NN67-&% NPUIFSCPBSEPSEJSFDUMZUPUIF146CZB
GBO3T QJONPMFYDPOOFDUPS
"JS'MPX$'.
/PJTF-FWFME#" <gVe]^XXVgYXddaZgh
 7BOUFD(SFFO CMBEF
#MVF #PEZ
PS *UDBOUHFUCFUUFSXIFOZPVIBWFCFBVUZ
BOECSBJOTUPHFUIFS5IFTFGBODBSETmU
JOUPBOFNQUZFYQBOTJPOTMPUCFMPXUIF UVSOPOBOE
HSBQIJDDBSE5IFZDPPMUIFHSBQIJDDBSE PGGBDDPSEJOHUPUIF
BOEQSPWJEFBWJTVBMUSFBU SIZUINPGUIFTPOH5IFSF
 "OUFD7$PPM3T *UDPNFT JTBTFOTJUJWJUZLOPCCZXIJDIZPVDBO
XJUIBUISFFTQFFEFYUFSOBMTXJUDIUP JODSFBTFPSSFEVDFUIFSFTQPOTFPGUIF
DPOUSPMUIFGBOTQFFET*UTBEFDFOU UVCFTUPUIFBNCJFOUTPVOET
 QFSGPSNFSBOEOPUWFSZBVEJCMFFWFOBUUIF "OUFD67*-*/5*MMVNJOBUJPO5VCF3T
IJHIFTU31.  67UVCFXJUIBOBVEJPDPOUSPMMFS
 7BOUFD4QFDUSVN'BO$BSE3T  DPOOFDUTWJBB64#QPSU
*UDPNFTXJUIEVBMNNGBOTCMPXJOH  7BOUFD4QFDUSVN$PME$BUIPEF #MVFPS
BJSEJSFDUMZPOUPUIFDBSE7FSZHPPE (SFFOPS67
3T%PFTOUDPNFXJUI
QFSGPSNFS$PNFTXJUI67-&%TBOEBO BOBVEJPDPOUSPMMFS
BRVBNBSJOF67SFBDUJWFDBTJOH $PPMFS.BTUFS6MUSB"VSPSB %VBM5VCFT

3T$PNFTXJUIBOBVEJPDPOUSPMMFS
88;AVcYA:9ijWZh BOEUIFQBDLBHFDPOUBJOTUXPUVCFT
$$'-TUBOETGPS$PME$BUIPEF'MVPSFTDFOU 5SFNFOEPVTWBMVFGPSNPOFZTJODFUIF
-BNQ#PUI$$'-TBOE-&%UVCFTBSF DPNQFUJUPSTBSFTFMMJOHBTJOHMFUVCFGPS
JODIFTMPOH5IFZBSFTIJQQFEBMPOHXJUI UIFTBNFQSJDF
 BOJOWFSUFSUPDPOWFSU%$UP"$5IFZBSF *OTUBMMBUJPO5IFZBMMDPNFXJUIEVBMTJEFE
TPMFMZGPSBFTUIFUJDQVSQPTFPOMZ TUJDLZQBETBOEDBOCFNPVOUFEBOZXIFSF
"OUFD*-3-&%*MMVNJOBUJPO-JHIU3FEPS JOUIFDBTF5IFUVSOPOPGGTXJUDIBOE
(SFFOPS#MVF3T5IFZIBWFBOBVEJP UIFTFOTJUJWJUZLOPCJTPOBNFUBMQMBUF
DPOUSPMMFSSFTQPOEJOHUPUIFBNCJFOU MJLFUIF%7*PS7("QPSUPOBHSBQIJD
TPVOET'PSFYBNQMFJGZPVIBWFBTPOH DBSE
XIJDImUTPOUPUIFCBDLQMBUFPGUIF
QMBZJOHJOUIFCBDLHSPVOE UIFUVCFTXJMM FYQBOTJPOTMPUT

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå(!2$7!2%å 

8VWaZHaZZk^c\@^ih NBLJOH67SFBDUJWFNPUIFSCPBSET5IFJS
*OOVNFSPVTDBCMFTKVUUJOHPVUPGUIF QPQVMBS-BOQBSUZTFSJFTPGNPUIFSCPBSET
QPXFSTVQQMZEPOUNBLFGPSBHPPE IBWFBMMUIFTMPUTXIJDIJODMVEFUIF1$*
QJDUVSF#FTJEFT UIFZPCTUSVDUQSPQFSDBTF NFNPSZ 1$*FYQSFTTBOEQSPDFTTPS
WFOUJMBUJPO5IJTJTXIFSFUIFDBCMFTMFFWJOH TMPUTNBEFPG67SFBDUJWFNBUFSJBM5IF
LJUTDPNFJOUPQJDUVSF5IFZTMFFWFUIF146 NPUIFSCPBSEBMTPCVOEMFTBMPOH67
DBCMFTHJWJOHBOFBUBOEBUUSBDUJWFMPPLBOE SFBDUJWF4"5"DBCMFBOESPVOEFE67
BSFNBEFPG67SFBDUJWFNBUFSJBMJFUIFZ SFBDUJWF'MPQQZBOE*%&DBCMFT5IF%'*
HMPXXIFOFYQPTFEUP67-JHIU -BOQBSUZO'4-*%3NPEFMCVOEMFTBMPOHB
 "OUFD67DBCMFXSBQT (SFFOPS8IJUF
 DBCMFTMFFWJOHLJUTJNJMBSUP7BOUFDT 
1SJDF3T5IFZXSBQUIFDBCMFJOBTQJSBM  %'*-BOQBSUZ4FSJFTPG.PUIFSCPBSET 
NBOOFS5IFZDPNFXJUIDMFBSEPVCMFTJEFE 1SJDF3T 3T N
BEIFTJWFQBETNBLJOHXSBQQJOHFBTZ
7BOUFDDBCMFTMFFWJOHLJU 67PSBOHFPS
67HSFFOPS67ZFMMPX
1SJDF3T*UT 

NBEFPGCSBJEFEOZMPONBUFSJBM*UDPNFT
XJUIBUPUBMPGGFFUPGDBCMFTMFFWJOH 8dciVXih
FOPVHIUPUBLFDBSFPGBMMUIF146DBCMFT "OUFD
BOEPUIFSXJSFTJOUIFDBTF GSPOUQBOFM XXXUIFJUEFQPUDPN
XJSFTBOEGBOXJSFT
"MPOHXJUIUIF $POUBDU7JOPE
TMFFWJOH ZPVBMTPHFUIFBUTISJOLUPTFBM 1IPOF
UIFFOETBOEDBCMFUJFT BMM67SFBDUJWF
 &NBJMJOGP!UIFJUEFQPUDPN
5IFSFJTPOFIJUDIUIPVHI5IFLJUEPFTOU
DPNFXJUIBNPMFYSFNPWBMUPPM5IPVHI 7BOUFD
ZPVDBOEPXJUIPVUJUTJODFUIFTMFFWJOHJT "QJDBM*NQFY .VNCBJ

FYQBOEBCMF JUTCFUUFSZPVSFNPWFZPVS $POUBDU5FKBT



NPMFYDPOOFDUPSTCFGPSFZPVTMFFWFUPEP 1IPOF
BOFBUKPC &NBJMUFKBT!BQJDBMJO

$PPMFS.BTUFS
JKgZVXi^kZ>9:!H6I6VcYÅdeen
4.$*OUFSOBUJPOBM %FMIJ

XVWaZh $POUBDU)JNBOTIV+BJO
3PVOEFE*%&DBCMFTBSFNVDICFUUFSUIBO 1IPOF
GMBU*%&DBCMFTBTUIFZEPOUPCTUSVDUUIF &NBJMIJNBOTIVKBJO!HNBJMDPN
BJSGMPXJOTJEFUIFDBTF67SFBDUJWF*%&
BOE4"5"DBCMFTBSFBHBJONBEFPG67 ](BVSBW4FUI
SFBDUJWFNBUFSJBMBOEHMPXPOMZXIFO
FYQPTFEUP67MJHIUT
 $PPMFS.BTUFS67*%&DBCMF (SFFO

3T
 7BOUFD$PCSB'MPQQZ3PVOE67DBCMF
3T

Bdi]Zg7dVgYh 
%'* WFSZXFMMLOPXOGPSNBLJOHFOUIVTJBTU
MFWFMNPUIFSCPBSETJTBMTPWFSZQPQVMBSGPS

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!2$7!2%åå åå&%!452%

6B9\dZh6B'
8JUI".%TNPWFUPUIF%%3QMBUGPSN XFCSJOHZPVUIFTQBOLJOHOFX".%".
'9QSPDFTTPS

8]Vc\Zh^c6B'eaVi[dgb
"
.%BOOPVODFEJUTNPWFUP%%3QMBUGPSN
TPNFUJNFCBDL5IFXBJUGPS". 5IFTPDLFUBSDIJUFDUVSFGPS".%T".
CBTFEQSPDFTTPSJTmOBMMZPWFS‰IFSFXF QSPDFTTPSTIBTCFFODIBOHFEUPQJOBT
JOWFTUJHBUFUIF".CBTFE'9QSPDFTTPSGSPN PQQPTFEUPUIFPMEFS,BSDIJUFDUVSFXIJDIXBTB
".%*OUFMNJHSBUFEUPUIF%%3QMBUGPSNMPOH QJOCBTFETPMVUJPO".%BEET%%3TVQQPSU
UJNFCBDL GFFEJOHUIFJSEVBMDPSFQSPDFTTPSTXJUI UPUIFCVJMUJONFNPSZDPOUSPMMFSPOUIF".
IJHIFSNFNPSZCBOEXJEUI"MTP XJUINVMUJQMF QSPDFTTPSTUIFTFDIJQTIBWFTVQQPSUGPS%%3
DPSFTJOUIFQJQFMJOFGPSUIFEFTLUPQBTXFMMBT   BOE.)[EVBMDIBOOFMNFNPSZ
NPCJMFQMBUGPSNT UIF%%3BSDIJUFDUVSF DPOmHVSBUJPOT5IFOFXQSPDFTTPSTXJMMCFCBTFE
NBLFTBMPUPGTFOTFXJUIUIFQSPDFTTPST POUIFONGBCSJDBUJPOUIFUBCMFCFMPXHJWFT
CFJOHCBOEXJEUIIVOHSZ".%TUVDL BMJTUJOHPGUIFOFXMJOFPG".%T".CBTFE
JUTOFDLPVUBOETUPPETUSPOHXJUIUIF QSPDFTTPST
%%3TUBOEBSEUIBUXPSLFEHSFBU
XJUIUIF,BSDIJUFDUVSFBOEOFWFSSFBMMZ 6B9;M"+'!i]Z6B'XdciZcYZg
SFRVJSFEUIF%%3CBOEXJEUI"MMTBJEBOE 5IF'9CBTFEPO".JTBEVBMDPSFON
EPOF JUXBTPCWJPVTGPS".%UPNBLFBNPWF TPDLFUQSPDFTTPSUIBUPQFSBUFTBU()[ 
UP%%3QMBUGPSN FOTVSJOHFOPVHINFNPSZ FYBDUMZ.)[BCPWFUIF'9CBTFEPOUIF
CBOEXJEUIGPSUIFVQDPNJOHQSPDFTTPSTXIJDI PMEFSTPDLFUQMBUGPSN8JUI.#PGUPUBM
DPVMECFPQFSBUJOHPOIJHIFS'4#GSFRVFODJFTBOE -DBDIF .#QFSDPSF
UIFDBDIFTJ[FSFNBJOT
SVOOJOHPONVMUJQMFDPSFT UIVTVUJMJ[JOHUIFFYUSB VODIBOHFEXIFODPNQBSFEUPUIFFBSMJFS'9
CBOEXJEUIGSPN%%3BSDIJUFDUVSF 8IJMFUIF%%3QMBUGPSNBMMPXTUIFNFNPSZ

6B96B'EgdXZhhdga^hi^c\
1SPDFTTPS 3BUJOH.PEFM $BDIF $MPDL4QFFE
"UIMPO'9  Y.# ()[
"UIMPO9   Y.# ()[
"UIMPO9   Y.# ()[
"UIMPO9   Y.# ()[
"UIMPO9   YL# ()[
"UIMPO9   YL# ()[
"UIMPO9   Y.# ()[
"UIMPO9   Y.# ()[
"UIMPO9  YL# ()[
"UIMPO9   YL# ()[
"UIMPO9   YL# ()[
"UIMPO   L# ()[
"UIMPO   L# ()[
"UIMPO   L# ()[
"UIMPO   L# ()[

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå(!2$7!2%å 

1$.BSL )BMG-JGF-PTU$PBTU
*OEFY '14
 ".%"UIMPO'9  ".%"UIMPO'9

 ".%"UIMPO9  ".%"UIMPO9

 ".%"UIMPO'9  ".%"UIMPO'9


% &%%% '%%% (%%% )%%% *%%% +%%% ,%%% -%%%
% &% '% (% )% *% +% ,% -%

4J4PGU4BOESB %PPN)JHI
.#T '14
 ".%"UIMPO'9  ".%"UIMPO'9

 ".%"UIMPO9  ".%"UIMPO9

 ".%"UIMPO'9  ".%"UIMPO'9

5IF".%"UIMPO'9POUIF % &%%% '%%% (%%% )%%% *%%% +%%% ,%%% -%%% % '% )% +% -% &%%
4PDLFUQMBUGPSN
VQDPNJOHQSPDFTTPSTPOUIF".QMBUGPSN
CBOEXJEUIUPUPVDI.)[ UIFQSPDFTTPS %.BSL BOEUIFJNQSPWFNFOUBOEmOFUVOJOH
*OEFY
'4#GPSUIF".QSPDFTTPSTTUJMMSFNBJOTBU PGUIFNPUIFSCPBSEDIJQTFUTBMPOHXJUI
 ".%"UIMPO'9
.)[5IFQPXFSDPOTVNQUJPOGPSUIF UJHIUFSMBUFODZ%%3NFNPSZNPEVMFT
'9JTSBUFEBU 8  ".%"UIMPO9 XJMMDFSUBJOMZDPOUSJCVUFJOBIJHIFS
QFSGPSNBODFZJFMEGPSUIF".QMBUGPSN
 ".%"UIMPO'9
7ZcX]bVg`^c\i]Z;M"+' *OUIFVQDPNJOHJTTVFTXFXJMMCSJOHZPVB
% &%%% '%%% (%%% )%%% *%%% +%%%
5IF'9XFSFDFJWFEGSPN".%XBT EFUBJMFEDPNQBSJTPOPGUIF".QMBUGPSN
QBJSFEXJUIBQSFSFMFBTFNPUIFSCPBSE XJUIUIFPMEFS4PDLFUQMBUGPSNT
VTJOHUIF/WJEJBDIJQTFUBOEIBE(#PG 'FBS.BY!Y
'14
DPSTBJS%%3.)[NFNPSZ5IFCPBSE
 ".%"UIMPO'9
H]djaYndjje\gVYZ4
BVUPNBUJDBMMZUPPLUIFNFNPSZBU *GZPVBSFDVSSFOUMZPOBTPDLFU
.)[ XJUIUIFMBUFODZTFUUPi"VUPw#FJOH  ".%"UIMPO9 QMBUGPSN UIFSFBSFOUBOZDPNQFMMJOH
BQFSGPSNBODFQSFWJFXXJUIBQSFSFMFBTF SFBTPOTGPSBKVNQUPUIF".QMBUGPSN
 ".%"UIMPO'9
NPUIFSCPBSEDIJQTFU XFDBSSJFEPVUTPNF 8IJMFJGZPVBSFBCPVUUPVQHSBEFGSPN
QSFMJNJOBSZUFTUTUPHJWFBTOFBLQFBLBUUIF % &% '% (% )% *% +% ,% -% BNVDIPMEFSQMBUGPSN UIF".JTB
JOJUJBMQFSGPSNBODFTDPSFT5IFTFTDPSFTBSF OPUPGGFSTJHOJmDBOUHBJOJOUIFSFBMXPSME CFUUFSDIPJDFTJNQMZCFDBVTFPGUIF%%3
JOEJDBUJWFPGUIFFBSMZQFSGPSNBODFPGUIF BQQMJDBUJPOT UIFTZOUIFUJDCFODINBSLTEP BEWBOUBHFBMPOHXJUIBGVUVSFQSPPGDIJQTFU
".QMBUGPSN8FDPNQBSFEUIF'9UP TIPXBHBJOJOQFSGPSNBODF CVUUIFIJHIFS UIBUXJMMBMMPXGVUVSFVQHSBEFTPOUIF".
UIFFBSMJFSTPDLFUCBTFE".%"UIMPO DMPDLTQFFEPGUIF'9JTUIFEPNJOBOU QMBUGPSN"MTP HPJOHCZUIFTPDLFU
9BOEUIF".%'9 GBDUPSSBUIFSUIBOUIFNFNPSZCBOEXJEUI TFSJFT ZPVDBOFYQFDU".%UPUXFBLUIF
(BNJOHCFODINBSLTDMFBSMZTIPXWFSZMJUUMF DPSFBOECPPTUUIFQFSGPSNBODFKVTUMJLFJO
IV`^c\hidX`d[eZg[dgbVcXZ HBJOPWFSUIFFBSMJFSQMBUGPSN JOEJDBUJOH UIFDBTFPGUIF7FOJDFDPSFGPS4PDLFUN
(PJOHCZUIFCFODINBSLT UIF".EPFT OPSFBMCFOFmUGSPNUIF".QMBUGPSN5IF ]4PIBN3BOJOHB

IZhiG^\
$16 ".%"UIMPO'9 ".%"UIMPO9 ".%"UIMPO
4PDLFU 4PDLFU '94PDLFU
.PUIFSCPBSE /WJEJB.$1 "464"/4-* "464"/4-*
4PDLFU". 4PDLFU
4PDLFU

)BSE%JTL 8FTUFSO%JHJUBM 8FTUFSO%JHJUBM 8FTUFSO%JHJUBM


8%(% 8%(% 8%(%
.FNPSZ $PSTBJS%%3 ,JOHTUPO%%3 ,JOHTUPO%%3
.#Y
(# .#Y
(# .#Y

7JEFP$BSE "TVT&/(5501 "TVT&/(5501 "TVT&/(5501

04 8JOEPXT91 8JOEPXT91 8JOEPXT91


1SPGFTTJPOBM41 1SPGFTTJPOBM41 1SPGFTTJPOBM41

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/=;6HZZEV\Z'%[dgYZiV^ah
 \
(!2$7!2%åå åå&%!452%

9^cZh]9ZhV^

BVX L^cYdlh
"O*OUFMQSPDFTTPSJOTJEFB.BDJOUPTIDPNQVUFSSVOOJOH8JOEPXT91:FTUIBUTXIBU
JUJTBMMBCPVU

8
IBUIBQQFOFEXIFO"QQMF XFSFOUIBQQZXJUIKVTUUIFJOTUBMMBUJPOBOE TJUF5IFmOBMTUFQJOFOTVSJOHUIBUZPVS
KPJOFEIBOETXJUI*OUFM 5IF BCJMJUZUPVTF8JOEPXT91POB.BD4PXF ."$049JTSFBEZGPS#PPU$BNQJTUPDIFDL
mSTURVFTUJPOUIBUDBNFUPPVS XFOUBIFBEBOECFODINBSLFEUIF.BDT GPSmSNXBSFVQEBUFTUIFOFXFSmSNXBSF
NJOEXBTXIFUIFSUIFOFX.BDNBDIJOFT POUIF8JOEPXT91QMBUGPSN HFUUJOHB TPMWFTCPPUJOHJTTVFTXJUI.BD#PPL1SP
DBOSVO8JOEPXT91POUIFN5IFEFWFMPQFS MPXEPXOPOIPXJUQFSGPSNT5IFQSPWJTJPO BOEUIF*OUFMCBTFEJ.BD5IFOFYUTUFQJT
DPNNVOJUJFTBOEDPEFSTXPSLFEPWFSUJNF PGVTJOH8JOEPXT91XPVMEPOMZNBLF UPFOTVSFZPVIBWFBCMBOLSFDPSEBCMF$%
USZJOHUPEFWFMPQFNVMBUPSTBOEVUJMJUJFTUIBU TFOTFJGUIFQFSGPSNBODFXBTBUQBSXJUI BOEB8JOEPXT91)PNFPS1SPGFTTJPOBM
XPVMEBMMPXVTFSTUPJOTUBMM8JOEPXT91BOE PUIFSOPUFCPPLTXJUITJNJMBSDPOmHVSBUJPO  JOTUBMMBUJPO$%XJUI4FSWJDF1BDLSFBEZ5IF
PUIFSPQFSBUJOHTZTUFNTPOUIFOFX.BDT FOTVSJOHZPVHFUZPVSNPOFZTXPSUI-FUT #MBOLSFDPSEBCMF$%JTSFRVJSFEGPSCVSOJOH
"QQMFNBEFUIJOHTBMPUTJNQMFSCZPGGFSJOH EFBMXJUIUIFQSPDFTTPGJOTUBMMJOH8JOEPXT BESJWFST$%UPJOTUBMMBMMUIFSFRVJSFEEFWJDF
UIFCFUBWFSTJPOPGi#PPU$BNQw BVUJMJUZ 91POUIF.BDVTJOH#PPU$BNQBOEUIFO ESJWFSTPOUIF8JOEPXT9104
TUSBJHIUGSPNUIFIPSTFTNPVUIUIBUMFUT QSPDFFEUPCFODINBSLJOHBOEQFSGPSNBODF
ZPVJOTUBMM8JOEPXT91POUIF.BDBOEUIVT BOBMZTJT I]Z>chiVaaVi^dc
QSPWJEFTEVBMCPPUJOHPQUJPOXIJDIDBOSVO 0ODFZPVIBWFBOVQEBUFE.BD049JO
.BDBTXFMMBT8JOEPXT91"MNPTUBMMPGVT LZaXdbZid7ddi8Vbe QMBDFBMPOHXJUIUIF8JOEPXT91$% 
XBOUFEUPUSZPVSIBOETPOUIF.BD049  5IFmSTUTUFQJTUPEPXOMPBEUIFSFMBUJWFMZ TJNQMZMBVODI#PPU$BNQVOEFSUIF.BD
BOEOPXJTUIFDIBODFUPMFBSOBOEFYQMPSF IFBWZ.#i#PPU$BNQ1VCMJD#FUBw 049BOEGPMMPXUIFTUFQTGPSBOFBTZBOE
UIF04 XIJMFIBWJOHUIFHPPEPME8JOEPXT JOTUBMMFSmMFGSPNUIF"QQMFXFCTJUF5IF FYUSFNFMZTJNQMFJOTUBMMBUJPO5IF4QBDF
91GPSPVSEBJMZDPNQVUJOHOFFET5IBOLTUP EPXOMPBEQSPDFTTEPFTOPUFOEIFSFUIF .BLFSVUJMJUZmSTUQBSUJUJPOTZPVSIBSE
UIF*OUFMCBTFE.BDTBOE#PPU$BNQXFDBO OFYUTUFQJTUPWFSJGZUIFWFSTJPOPGUIF.BD ESJWFUPJOTUBMM8JOEPXT91POUIFTFDPOE
iEPNPSFw 049#PPU$BNQSFRVJSFTUIF049UPCF QBSUJUJPO5IFQBSUJUJPOJOHJTTJNQMFBOE
6TJOH#PPU$BNQXFJOTUBMMFE8JOEPXT VQEBUFEXJUIUIFMBUFTU.BD049 LFFQTBMMZPVS%"5"JOUBDUPOUIFDVSSFOU
POUIF.BD#PPL1SPBOEUIVTHPUBEVBM *ODBTFZPVS04JTOPUVQEBUFE EPXOMPBE QBSUJUJPOXIJMFQSFQBSJOHBGSFTICMBOL
04SVOOJOHPOUIFOPUFCPPL8FPCWJPVTMZ UIF.#VQEBUFmMFGSPNUIF"QQMFXFC QBSUJUJPOGPS8JOEPXT91JOTUBMMBUJPO0ODF

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå(!2$7!2%å 

UPUBMQSPUFDUJPOPGZPVS.BD049QBSUJUJPO DIJQTFUGPSUIF/PSUI#SJEHFBOEUIF*OUFM
GSPNWJSVTFTBOETFDVSJUZUISFBUTXIJMFZPV *$))%BVEJP4PVUI#SJEHFDIJQTFU
BSFVTJOH8JOEPXT910ODFZPVGPSNBU 3VOOJOH$16*%POUIF:POBICBTFE*OUFM
UIFQBSUJUJPO UIF8JOEPXTJOTUBMMBUJPOJTBT $PSF%VPQSPDFTTPSTIPXFEVQUIFFYBDU
TJNQMFBOETUSBJHIUGPSXBSEBTBOZ*OBCPVU TQFDJmDBUJPOT UIF&WFSFTUEJBHOPTUJDVUJMJUZ
NJOVUFT UIF.BD#PPL1SPCPPUTJOUP SFDPHOJ[FEBMMUIFDPNQPOFOUTKVTUMJLF
8JOEPXT91XJUIi8FMDPNFUP8JOEPXT JUXPVMEPOBOZOPUFCPPLDPNQVUFS5IF
91wMPHPnBTIJOHBUVT5IFCPPUMPBEFSTFUT TDSFFOTIPUTQSPWJEFEFUBJMTPOUIFQSPDFTTPS
UIFEFGBVMUPQFSBUJOHTZTUFNUP8JOEPXT BOEUIFDIJQTFUJOTJEFUIF.BD#PPL1SP
91UPCPPUJOUPUIF049 ZPVOFFEUPIPME
5IFWFSZGJSTUTDSFFOTUBSUTUIFJOTUBMMBUJPO UIFi"MUwLFZXIJMFCPPUJOHUPHFUUIFCPPU Ejii^c\i]ZBVX7dd`EgdidiZhi
QSPDFTT
NFOVXIJDIMFUTZPVDIPPTFUIFPQFSBUJOH 8FSBOBnFFUPGCFODINBSLTUIBUXPVME
EPOF #PPU$BNQQSPDFFETUPUIFOFYUTUFQ TZTUFN:PVDBOVTFUIF4UBSUVQ%JTLQBOF TQFDJmDBMMZUFTUUIFDPSFDPNQPOFOUTPG
PGCVSOJOHBESJWFS$%XIJDIDPOUBJOTBMM PG4ZTUFN1SFGFSFODFTJO.BD049UPTFUUIF UIFOPUFCPPLDPNQVUFS5IFQSPDFTTPS
UIFOFDFTTBSZESJWFSTGPSUIFIBSEXBSFBOE EFGBVMUPQFSBUJOHTZTUFNUPVTFXIFOZPVS QFSGPSNBODFJTPCWJPVTMZUIFNPTU
EFWJDFT0ODFEPOF JUBTLTZPVUPJOTFSU DPNQVUFSTUBSUTVQ#PPU$BNQ#FUBBMTP DSVDJBMBTQFDUBMPOHXJUIUIFNFNPSZ 
UIF8JOEPXT91$%BOESFCPPUTTUSBJHIU JODMVEFTB4UBSUVQ%JTLDPOUSPMQBOFMJOTUBMMFE
JOUPUIF8JOEPXT91JOTUBMMBUJPO KVTUMJLF JOUIF8JOEPXT91PQFSBUJOHTZTUFNUIBU
BOZPUIFSJOTUBMMBUJPOPG8JOEPXT91POB XPSLTKVTUMJLF4UBSUVQ%JTLQSFGFSFODFT
GSFTIQBSUJUJPO5IFQBSUJUJPONBEFCZ#PPU 5IF4UBSUVQ%JTLDPOUSPMQBOFMMFUTZPVTFU
$BNQJTBVUPNBUJDBMMZMBCFMFEi$wBOEJT UIFEFGBVMUPQFSBUJOHTZTUFNXIFOZPVSF
UIFMBTUQBSUJUJPOPOUIFIBSEESJWF#PPU SVOOJOH8JOEPXT910ODFUIFTZTUFN
$BNQDMFBSMZJOTUSVDUTVTFSTUPJOTUBMMPO
UIFFYBDUQBSUJUJPOBOEOPUUPmEEMFBSPVOE
XJUIBOZPUIFSQBSUJUJPOT5IFSFBTPOTBSF
PCWJPVT‰UIFPUIFSQBSUJUJPOJTUIFPOFUIBU
IPMET.BD049BOEIFODFGPSNBUUJOHJUXJMM
SFTVMUJOEBUBMPTT5IFOFYUTDSFFOMFUTZPV
GPSNBUUIFQBSUJUJPO ZPVIBWFBOPQUJPO
PG/5'4PS'"5*GZPVGPSNBUUIFQBSUJUJPO
VTJOHUIF/5'4mMFTZTUFN ZPVXJMMOPUCF
BCMFUPXSJUFPSTBWFmMFTUPUIF8JOEPXT
WPMVNFGSPN.BD0496TJOH'"5QSPWJEFT 5IFi"MUwLFZMFUTZPVEVBMCPPUTJNQMZCZ 5IF:POBIDPSFTIPXTVQXJUIUIFFYBDU
TFMFDUJOHUIFPQFSBUJOHTZTUFN TQFDJGJDBUJPOTGPSUIF*OUFM5DIJQ
CFUUFSDPNQBUJCJMJUZBMMPXJOHZPVUPSFBE
BOEXSJUFmMFTPOUIF8JOEPXTWPMVNFGSPN CPPUTJOUP8JOEPXT91 TJNQMZQPQJOUIF *%&BOEHSBQIJDTQFSGPSNBODF8F
.BD0495IFSFTUSJDUJPOXJUI'"5mMF .BDJOUPTIESJWFST$%UIBUXBTCVSOUBUUIF CFODINBSLFEFBDIPGUIFTFTVCTZTUFNTBOE
TZTUFNCFJOHUIF(#QBSUJUJPOTJ[FMJNJU  TUBSUBOEJOTUBMMBMMUIFESJWFSTGPSUIFEFWJDFT DPNQBSFEUIFNUPPUIFSOPUFCPPLTXIJDI
XFDIPPTFUIF'"5mMFTZTUFN/PNBUUFS 5IF.BDJOUPTI%SJWFST$%JOTUBMMTUIFESJWFST BSFCVJMUPOUIFTBNF*OUFM/"1"QMBUGPSN
XIBUmMFTZTUFNZPVDIPPTF 8JOEPXT91 UPTVQQPSUUIFHSBQIJDT OFUXPSLJOH BVEJP  BOEDBSSZTJNJMBSTQFDJmDBUJPOT5IFUBCMF
XJMMOPUCFBCMFUPSFBEBOESFDPHOJ[FUIF "JS1PSUXJSFMFTT #MVFUPPUI UIF&KFDULFZ PO
)'4 mMFTZTUFNVTFECZUIF.BD0495IF "QQMFLFZCPBSET
CSJHIUOFTTDPOUSPMGPSCVJMU
QPTJUJWFTJEFUPUIJTDPNFTJOUIFGPSNPG JOEJTQMBZTBOEPUIFSDPSFTZTUFNDPNQPOFOU
DIJQTFU HSBQIJDT OFUXPSLJOHBOETPVOE

ESJWFST0ODFBMMUIFESJWFSTXFSFJOTUBMMFE 
UIFTZTUFNSFCPPUFEBOEBMMUIFNBKPS
EFWJDFTBMPOHXJUIUIFDPSFDPNQPOFOUT
XFSFDPSSFDUMZSFDPHOJ[FEBOEJOTUBMMFE5IF
PWFSBMMQSPDFTTJTTNPPUI IBTTMFGSFFBOE
WFSZXFMMEPDVNFOUFE4PGBSTPHPPEJTBMM*
DBOTBZ

C6E6^ch^YZ
:PVDBOTJNQMZESBHBOEDSFBUFUIF 5IF.BD#PPL1SPJTQFSDFOU/"1"CBTFE
8JOEPXT91QBSUJUJPO XJUIUIF.PCJMF*OUFM$BMJTUPHB(J(.

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/=;BHZZEV\Z'%[dgYZiV^ah
 (!2$7!2%åå åå&%!452% \

HeZX^ÄXVi^dchX]Vgi FOTVSJOHUIFZQFSGPSNUPUIFJSGVMMQPUFOUJBM
XJUIPVUBOZDPNQSPNJTF
8dcÄ\jgVi^dc BVX7dd`Egd 6hjhL(? 6XZgIgVkZabViZ HVbhjc\HZchM+%
-'%)LAB^
EgdXZhhdg >ciZa8dgZ9jdI'*%% >ciZa8dgZ9jdI'(%% >ciZa8dgZ9jdI'*%% >ciZa8dgZ9jdI'(%%
I]ZXdbegdb^hZ
5IF"QQMF3FNPUF$POUSPM *3
"QQMF
G6B &%')B7 *&'B7 &%')B7 &%')B7 8JSFMFTT #MVFUPPUI
LFZCPBSEPSNPVTF 
8]^ehZi >ciZa.)*<B >ciZa.)*EB >ciZa.)*EB >ciZa.)*<B "QQMF64#.PEFN .BD#PPL1SPTTVEEFO
=99 &%%<7"*)%%GEB -%<7"*)%%GEB &%%<7"*)%%GEB -%<7"*)%%GEB NPUJPOTFOTPS .BD#PPL1SPTBNCJFOU
MJHIUTFOTPSBOECVJMUJOJ4JHIUDBNFSB
<gVe]^XhegdXZhhdg 6I>BdW^a^inGVYZdc 6I>BdW^a^inGVYZdc 6I>BdW^a^inGVYZdc >ciZa<B6.)*
M&+%%'*+B7 M&+%%'*+B7 M&+%%'*+B7 '*+B7 XJMMOPUGVODUJPODPSSFDUMZXIFOSVOOJOH
8JOEPXT"MMUIFTFHPPEJFTUIBUDBNFXJUI
DeZgVi^c\hnhiZb L^cYdlhME L^cYdlhME L^cYdlhME L^cYdlhME
Egd[Zhh^dcVa"HE' Egd[Zhh^dcVa"HE' Egd[Zhh^dcVa"HE' Egd[Zhh^dcVa"HE' UIF.BD#PPL1SPDPOWFSUJOUPEFBEXFJHIU
XJUI8JOEPXT91*UTOPUBIVHFIJUCVU*
1$.BSL %.BSL BNTVSFNBOZXJMMNJTTUIFGFBUVSFT4JODF
*OEFY JUTBMMBCPVUESJWFSTVQQPSU UIFOFYUWFSTJPO
*OEFY
"TVT8+
 "DFS5SBWFMNBUF8-.J PG#PPU$BNQXJMMJODMVEFBMMUIFOFDFTTBSZ
.BD#PPL1SP
 "TVT8+ ESJWFSTPS"QQMFXJMMTMJQJOBOEVQEBUF
"DFS5SBWFMNBUF8-.J UIFQBDLXJUITVQQPSUGPSBMMUIFCFMMTBOE
 .BD#PPL1SP
4BNTVOH4FOT9 XIJTUMFTUIBUDPNFXJUIUIF.BD#PPL1SP
% &%%% '%%% (%%% )%%% *%%% +%%% ,%%% -%%%
% *%% &%%% &*%% '%%% '*%% (%%% (*%% )%%% 0OFBMTPOFFETUPBEBQUBOEBEKVTUUPIPX
UIJOHTIBQQFOEJGGFSFOUMZ GPSFYBNQMFUIF
4J4PGU4BOESB1SP$16 %PPN Y!MPX
CSJHIUOFTTBEKVTUNFOUJTEPOFVTJOHUIF
'14 4IJGU$POUSPM'4IJGU$POUSPM'DPNCPT
 "DFS5SBWFMNBUF8-.J
  "DFS5SBWFMNBUF8-.J 5IFSJHIUDMJDLEPFTOUXPSLPOUIFUPVDIQBE
 .BD#PPL1SP  "TVT8+ CVUBUUBDIJOHB64#NPVTFTPMWFTUIF
 QSPCMFN BMMPXJOHSJHIUDMJDLJO8JOEPXT91
 .BD#PPL1SP KVTUMJLFPOBOZPUIFSDPNQVUFS5IFCBUUFSZ
 "TVT8+
 % (% +% .% &'% &*% MJGFPGUIF.BD#PPL1SPEPFTOPUTVGGFS
 4BNTVOH4FOT9 VOEFS8JOEPXT91*UTUIFTBNFBOEUIVT 

QPXFSNBOBHFNFOUBOECBTJDQPXFSTBWJOH
'&"3 Y!IJHI

% *%%% &%%%% &*%%% '%%%% '14 TDIFNFTDBOCFVTFEXJUIPVUBOZJTTVFT


„9]gnhidcZ6AJB>EH„L]ZihidcZ^HH:'B;ADEH
 "TVT8+

4J4PGU4BOESB1SP  .BD#PPL1SP Hjbb^c\^ije


.FNPSZ#BOEXJEUI 5IF#PPU$BNQJOJUTDVSSFOUBWBUBSBOE
.#T % * &% &* '% '* (% (* )%
 "DFS5SBWFMNBUF8-.J DBQBCJMJUJFTXJMMOPUDIBOHFUIFTDFOBSJP
 HJWFOMJTUTUIFOPUFCPPLTDPNQBSFEBOEUIF ESBTUJDBMMZ)BSEDPSF8JOEPXT91VTFSTXJMM
 .BD#PPL1SP TQFDJmDBUJPOTPGFBDIPOF OPUNJHSBUFUPUIF.BD#PPL1SP TJNQMZ
 CFDBVTFJUTUPPFBSMZUPUBLFUIFQMVOHF
 4BNTVOH4FOT9 EZg[dgbVcXZVcVanh^h .BD049VTFSTTVSFMZXJMMMJLFUPBEEB
 5IFBCPWFDIBSUTHJWFBDMFBODIJUUP EJNFOTJPOUPUIFJSEBJMZDPNQVUJOHCZ
 "TVT8+ UIF.BD#PPL1SPJOUIFQFSGPSNBODF JOTUBMMJOH8JOEPXT91BOEHFUUJOHUPLOPX
 EFQBSUNFOU5IFDPSFTZTUFNQFSGPSNBODF UIFiPUIFSTJEFw(BNFSTXJMMCFOFmUGSPN
% *%% &%%% &*%% '%%% '*%% (%%% (*%% )%%% JOUFSNTPG$16 NFNPSZBOE*%&TDPSFT UIFBCJMJUZUPFOKPZUIFWBTUDIPJDFPG1$
„>ci7j[[¼Y^HH:'B7$h„;adVi7j[[¼Y^HH:'B7$h JTBMNPTUBUQBSXJUIPUIFSOPUFCPPL HBNJOHBWBJMBCMFUPUIFNUISPVHI8JOEPXT
DPNQVUFSTIBWJOHTJNJMBSTQFDJmDBUJPOT5IF 91POB.BD#PPL1SP/PUJHOPSJOHUIFFWFS
&WFSFTU6MUJNBUF&EJUJPO HSBQIJDTQFSGPSNBODFJTTMJHIUMZPGUIFNBSL JODSFBTJOH-JOVYDPNNVOJUZ XFXFSFBCMF
%JTL#FODINBSL XIFOZPVDPNQBSFTJNJMBSTZTUFNTSVOOJOH UPCPPUJOUP-JOVYVTJOH,OPQQJYMJWF
.#T POUIF"5*.PCJMJUZ3BEFPO9DIJQTFUT $%&WFSZUIJOHXPSLFEmOF5IVTPOFDBO
 "TVT8+
  5IVTHBNFSTNJHIUMPTFPVUPO FYQFDUUIFPUIFSUIJSEQBSUZCPPUMPBEFSTUP
QFSFDOUQFSGPSNBODFXIFOHBNJOHPOUIF BMMPXNVMUJQMF04PQUJPOTPOUIF*OUFMCBTFE
 .BD#PPL1SP .BD#PPL1SPSVOOJOHHBNFTPO8JOEPXT .BDT0WFSBMM #PPU$BNQJTBHPPEFGGPSU

91QMBUGPSN#FJOHJOFBSMZTUBHFT POFDBO GSPN"QQMF"GUFSBMM TJNQMJDJUZBOEFBTFPG
% * &% &* '% '* (% FYQFDU"QQMFUPJNQSPWFUIFPWFSBMMTVQQPSU VTFJTUZQJDBMPG"QQMFN
 „GVcYdbGZVY „A^cZVgGZVY"b^YYaZ
BOEQFSGPSNBODFPGUIF*OUFMCBTFE.BDT  ]4PIBN3BOJOHB

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
0%23/.!,å4%#(./,/'9åå åå(!2$7!2%å 

6bViiZgd[X]d^XZ
5
IFSFJTTPNVDIDPNQFUJUJPOJOUIF 0ODFZPVVOEFSTUBOEQMBUGPSNT JUCFDPNFTB
BVUPNPCJMFTFDUPSUIBUWFOEPSTUSZFWFSZ XIPMFMPUFBTJFSUPCVZB1$:PVEOPMPOHFSOFFE
USJDLJOUIFCPPLUPXPPQPUFOUJBMDVTUPNFST UPUBMLBCPVUUFDIOJDBMTQFDJmDBUJPOTMJLFCVTTQFFE
5XPPGUIFTFBSFDVTUPNJ[BUJPOBOEDIPJDF5IFZMM PSDIJQTFUT5IFDIPJDFIBTBMSFBEZCFFONBEFUP
BTLIPXZPVJOUFOEUPVTFZPVSDBSBOEXIBUT TVJUUIFQMBUGPSN
UIFTJ[FPGZPVSGBNJMZ*GJUTKVTUZPVBOEUIFXJGF .JDSPTPGUJTUSZJOHUPNBLFTPGUXBSFNPSF
HPJOHGPSTIPSUESJWFT UIFOCVZBTNBMMDBS%PZPV BDDFTTJCMF FTQFDJBMMZJOEFWFMPQJOHDPVOUSJFT6OEFS
TIVUUMFCFUXFFO.VNCBJBOE1VOF PSBOZOFBSCZ JUT'MFY(PQMBO ZPVECFBCMFUPCVZB1$BOEBMM
UPXO
5SZBTQPSUTVUJMJUZWFIJDMF8IBULJOEPG UIFSFRVJSFETPGUXBSFGPSBCPVUIBMGUIFDPTU5IF
VQIPMTUFSZEPZPVXBOU 8IBUTIPVMECFUIFDPMPST DBUDIJTZPVQBZGPSTPGUXBSFBTZPVVTFJU4PZPVE
PGUIFJOUFSJPST %JFTFMPSQFUSPM 5IFUBTLPGCVZJOH QBZoDFOUTGPSBOIPVSTVTFPGUIFXPSE
QFSTPOBMDPNQVUFSTJTCFDPNJOHBMPUMJLFUIJT QSPDFTTPSPSTQSFBETIFFU&WFOUVBMMZ BGUFSTFWFSBM
]#SJBO1FSFJSB
)BSEXBSFBOETPGUXBSFWFOEPSTBSFUSZJOHOFX IVOESFEIPVSTPGQBJEVTF ZPVEHFUUPPXOUIF Wg^Vc#eZgZ^gV5X]^e"^cY^V#Xdb
TUSBUFHJFTMJLFiQMBUGPSNJ[BUJPOwBOEiQBZBTZPV TPGUXBSF5IJTBHBJOHJWFTDPOTVNFSTBDIPJDFBOE
HPwBOEOPUTPOFXPOFTMJLFCVJMUUPPSEFS QVUTUIFNJODPOUSPM‰XJUIPVUCFJOHUPPJNQPTJOH
*GNZNFNPSZTFSWFTNFXFMM *SFDPMMFDUUIBU *UIJOL1$WFOEPSTDBOUBLFDVTUPNJ[BUJPO
%FMMXBTUIFmSTUUPPGGFSCVJMUUPPSEFS1$T8IFO POFTUFQGVSUIFS$SFBUF1$TTQFDJBMMZGPSEPDUPST 
DPNQBOJFTTUBSUFEMJTUJOHQSPEVDUTPOUIFJSXFC KPVSOBMJTUT BEWPDBUFT BDDPVOUBOUT NVTJDJBOT
0ODFZPV
TJUFT%FMMMFUQPUFOUJBMDVTUPNFSTDIPPTFGSPN BOEPUIFSQSPGFTTJPOBMTBOEMPBEUIFBQQSPQSJBUF
WBSJPVTPQUJPOTPOJUTXFCTJUF6TJOHESPQMJTUTPOF BQQMJDBUJPOT'PSJOTUBODF BXSJUFSXPVMEOFFEB VOEFSTUBOE
DPVMETQFDJGZUIFSFRVJSFENFNPSZBOEIBSEEJTL CBTJD$FMFSPO1$XJUIXPSEQSPDFTTJOHTPGUXBSF QMBUGPSNT JU
DBQBDJUJFT QSPDFTTPSUZQFBOETQFFE NPOJUPSTJ[F  BOEUPPMTMJLFTQFMMDIFDLFS TPGUXBSFEJDUJPOBSZ
DIPJDFPGESJWFTBOEPUIFSQBSBNFUFST"OEBTPOF UIFTBVSVT TPGUXBSFFODZDMPQFEJBBOEBDPVQMFPG CFDPNFTBXIPMF
XFOUBCPVUiCVJMEJOHwIJT1$POMJOF UIFTPGUXBSF SFGFSFODFTPGUCPPLT‰BDPNQMFUFTPMVUJPO)FE MPUFBTJFSUPCVZ
XPVMEDPNQVUFUIFUPUBMDPTU4PZPVDPVME KVTUOFFEUPCPPUJUBOETUBSUXSJUJOH
JNNFEJBUFMZQMBOZPVSCVEHFUBTZPVCVJMUZPVS1$ -JLFXJTF 1$TGPSEPDUPSTTIPVMEDPNFQSFMPBEFE
B1$:PVEOP
5IBUTBMPUMJLFPSEFSJOHBDVTUPNCVJMUDBS XJUIIPTQJUBMNBOBHFNFOUTPGUXBSFPSTPGUXBSF MPOHFSOFFEUPUBML
*OUIFMBTUEFDBEFQFPQMFXFOUBCPVUCVZJOH UPPMTUIBUBJEJOEJBHOPTJT.FNPSZBOEIBSEEJTL
1$TCBTFEPOQSPDFTTPSTQFFE&WFSZUIJOHFMTF DBQBDJUZTIPVMECFEFDJEFECZUIFWFOEPS CBTFEPO
BCPVUUFDIOJDBM
XBTTFDPOEBSZ&WFOUVBMMZTQFFEOPMPOHFS UIFSFRVJSFNFOUTPGUIFTPGUXBSF TQFDJGJDBUJPOT
NBUUFSFE FTQFDJBMMZGSPNUIFBQQMJDBUJPOT "QQMF.BDJOUPTI1$TBSFDPNQMFUFJOUIBUTFOTF
MJLFCVTTQFFEPS
QFSTQFDUJWF1FPQMFXFSFMPPLJOHGPSPUIFSUIJOHT 5IFZDPNFQSFMPBEFEXJUIBMMUIFTPGUXBSFZPV
MJLFDPOOFDUJWJUZ TFDVSJUZBOENBOBHFBCJMJUZ OFFE'PSJOTUBODF UIFMBUFTU.BD#PPLOPUFCPPL DIJQTFUT
"QQMJDBUJPOTQFSGPSNBODFBOEVUJMJUZTVQFSTFEFE IBTJ-JGFBOE'SPOU3PXTPGUXBSFUIBUNBLFUIF
QSPDFTTPSTQFFE"OEUIBUTXIZ*OUFMBOEPUIFS DPNQVUJOHFYQFSJFODFTPNVDINPSFFOKPZBCMF
NBOVGBDUVSFSTUIPVHIUBCPVUiQMBUGPSNJ[BUJPOw 'SPOU3PXFOBCMFTZPVUPOBWJHBUFUISPVHINPWJFT 
5IF$FOUSJOP *OUFM
BOE5VSJPO ".%
QMBUGPSNT QIPUPT BOENVTJD XJUIUIFTVQQMJFESFNPUF
BSFBMMBCPVUXJSFMFTTDPOOFDUJWJUZ4PJGZPVSF DPOUSPMVOJU
"OEJ-JGFJTBTVJUFPGBQQMJDBUJPOTUIBU
BMXBZTPOUIFHPBOETUJMMXBOUUPLFFQJOUPVDIXJUI FOBCMFZPVUPDPMMFDU PSHBOJ[FBOEFEJUQIPUPT 
DPMMFBHVFTWJBUIF*OUFSOFU JUNBLFTTFOTFUPCVZB NVTJD NPWJFT CMPHT QPEDBTUT TPGUCPPLTBOE
OPUFCPPLXJUI$FOUSJOPPS5VSJPOUFDIOPMPHZ0O BMNPTUBOZPUIFSUZQFPGEJHJUBMDPOUFOU
UIFPUIFSIBOE JGZPVXBOUB1$UIBUEPVCMFTBTB 4JODFUIF.BD#PPLIBTiFWFSZUIJOHJOUIF
IPNFFOUFSUBJONFOUTZTUFN ZPVMMDIPPTFB.FEJB CPYwBT"QQMFQVUTJU ZPVDBOTUBSUVTJOHJUSJHIU
$FOUFS1$ PSPOFCBTFEPO*OUFMTGPSUIDPNJOH7**7 BXBZ/POFFEUPTIPQGPSPQFSBUJOHTZTUFNTBOE
QMBUGPSNPS".%-*7&
"OECVTJOFTTQSPGFTTJPOBMT BQQMJDBUJPOT‰MFHBMPSPUIFSXJTF/PX XPVMEOUJU
XJMMXBOUUPDPOTJEFS*OUFMTW1SPCSBOE‰BOFX CFHSFBUJG1$TXFSFTPMEUIJTXBZ
MJOFPGEFTLUPQTXJUITFDVSJUZBOENBOBHFBCJMJUZ 5IFXSJUFSIBTCFFODPWFSJOHQFSTPOBMUFDIOPMPHZ
GFBUVSFT FYQFDUFEMBUFSUIJTZFBS
 JTTVFTGPSUIFQBTUZFBST

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!2$7!2%åå åå4%#(./,/'9å,!.$3#!0%

K^ZlZg¼hYZa^\]i
"HVJEFUPCVZJOHUIFQFSGFDU-$%NPOJUPS ?V\Y^h]A^bWVX]^nV

:cign"aZkZa B^Y"gVc\Z =^\]"ZcY

BdYZah/6XZg6A&*&'!A<A&*(%H!HVbhjc\*)%C! BdYZah/HVbhjc\,)%C!A<A&,(%H!6hjhEB&,IJ! BdYZah/K^Zlhdc^XK6.&'L!HVbhjc\.)%C!6hjh


7ZcF;E*&< K^Zlhdc^XK6,&'7 EL&.&!K^Zlhdc^XKM.')

7jY\Zi/Gh&%!%%% 7jY\Zi/7ZilZZcGh&%!%%%"'%!%%% 7jY\Zi/6WdkZGh'%!%%%

5 IBOLTUPUIFTUFBEZESPQJO-$%NPOJUPS
QSJDFT OPXZPVDBOCVZPOFVOEFSUIF
, NBSL 5IF DIPJDF GPS BO -$% NPOJUPS
. PTU VTFST QSFGFS UP HP GPS JODI
-$% NPOJUPST 5IFZ BSF TMJHIUMZ NPSF
FYQFOTJWF UIBO UIF JODI NPOJUPST CVU
5 IF JODI -$% NPOJUPST GBMM JO UIJT
TFHNFOU5IFFOUSZMFWFMJODI-$%TDBO
CFCBHHFEBUBQSJDFPGBCPVU,5IFPWFSBMM
CFMPX , JT SFTUSJDUFE UP UIF JODI BOE UIFZ PGGFS CFUUFS WBMVF #FJOH POF PG UIF RVBMJUZPGUIFFOUSZMFWFM-$%TJTHPPEFOPVHI
JODI TFHNFOU 8IJMF UIF JODI -$% NPTUTPVHIUBGUFSTFHNFOUT UIFSFBSFBNQMF GPSIPNFVTFCVUUIFZBSFOUQBSUJDVMBSMZHPPE
NPOJUPST BSF BMNPTU FYUJODU  UIF JODI PQUJPOT UP DIPPTF GSPN %POU TFUUMF GPS B GPSHBNJOHPSGPSQSPGFTTJPOBMVTF#JHHFSUIF
POFT IBWF B GBJS QSFTFODF JO UIF NBSLFU SFTQPOTF UJNF UIBU JT MFTT UIBO NT 5IF TDSFFOTJ[F IJHIFSUIFJNQPSUBODFPGDPOUSBTU
)PXFWFSBTNPTUPGUIFNBOVGBDUVSFSTBSF 4BNTVOH / JT B HPPE PQUJPO GPS B CBTJD SBUJPTBOECSJHIUOFTTMFWFM5IFSFTQPOTFUJNF
BHHSFTTJWFMZ QVTIJOH UIF JODI -$%T  UIF JODI -$% UIBU PGGFST  NJOVUFT SFTQPOTF JTBMTPDSVDJBMBTHBNJOHPSXBUDIJOHNPWJFT
DIPJDFGPSUIFJODI-$%TJTBCJUSFTUSJDUFE XJUIHPPEDPMPSSFQSPEVDUJPO5IF-(4 PO UIF CJH TDSFFO DBO CFDPNF JNQPTTJCMF
    *G ZPV BSF JOUFSFTUFE JO CVZJOH POF GPS JTBOPUIFSHPPEPQUJPOIBWJOHFYDFMMFOUDPMPS FWFOXJUIUIFTMJHIUFTUPGCMVS
HBNJOH NBLFTVSFUIFSFTQPOTFUJNFJTBT SFQSPEVDUJPOBOEMPPLTTUVOOJOHBTXFMM 'PSQSPGFTTJPOBMVTF UIFDPMPS
MPX BT QPTTJCMF 6OMJLF UIF JODI -$%T  .PWJOHUPXBSETUIF,NBSL JGZPVBSF SFQSPEVDUJPOBOEDPOUSBTUSBUJPTBSF
UIF JODI -$%T EPOU TQPSU B WFSZ HPPE MPPLJOHGPSFYUSFNFQFSGPSNBODF UIF"464 JNQPSUBOU&OTVSFBNJOJNVNPG
SFTQPOTFUJNFUIFCFTUPOFDBOFYQFDUJTB 1.56JTTJNQMZUIFCFTUJODI-$% DPOUSBTUSBUJPBOEOJUTPGCSJHIUOFTT
NTSFTQPOTFUJNF XIJDIJTCBSFNJOJNVN UIBUNPOFZDBOCVZ*UIBTHPUBCMB[JOH MFWFM(BNFSTXJMMIBWFUPTQFOEFYUSB
JO DBTF PG DBTVBM HBNJOH 5IF CSJHIUOFTT GBTUNTSFTQPOTFUJNFBOEUIFDPOUSBTU GPSJODI-$%NPOJUPSTUIBUTQPSUNT
BOE DPOUSBTU SBUJPT TIPVME OPU CF JHOPSFE SBUJPTBSFPVUTUBOEJOH%POUHFUDBSSJFE SFTQPOTFUJNFUIFTFDPTUDMPTFUP,5IF
PS FMTF UIF DPMPST BQQFBS XBTIFE PVU BOE BXBZCZUIFCVJMUJOTQFBLFSTPGGFSFECZ 7JFXTPOJD7"8JTBWFSZHPPEDIPJDFGPS
EVMM%PDIFDLUIFCVJMERVBMJUZPGUIFGSBNF UIF-$%NPOJUPST UIFZBSFCBSFMZTVGmDJFOU BJODIXJEFTDSFFO-$%NPOJUPSUIBUHJWFT
BOE UIF TUBCJMJUZ PG UIF TUBOE FOTVSF UIBU GPSNPTUPGUIFVTFST5IVT EPOUMFUUIF HPPEPWFSBMMQFSGPSNBODFGPSBDPNQFUFOU
UIF RVBMJUZ JT BDDFQUBCMF 4JODF UIF -$% TQFBLFSTJOnVFODFZPVSCVZJOHEFDJTJPO QSJDFUBHPG,*GZPVXBOUUIFCFTUMPPLJOH
NPOJUPST DPNF XJUI B OBUJWF SFTPMVUJPO  %POUGPSHFUUPDIFDLUIFWJFXJOHBOHMFT XJEFTDSFFONPOJUPSXJUIHPPEQFSGPSNBODF 
UIF NBYJNVN TVQQPSUFE SFTPMVUJPO JT OPU BTUIFZQMBZBOJNQPSUBOUSPMFJGZPVBSF HPGPSUIF"TVT18*UJTCZGBS UIFNPTU
B SFBM DPODFSO IFSF -BTUMZ  DIFDL GPS EFBE QMBOOJOHUPXBUDINPWJFTPOUIF-$% HPPEMPPLJOHBOEGFBUVSFSJDIJODI
QJYFMT JNNFEJBUFMZ BGUFS QVSDIBTF SJHIU BU TDSFFO"MTP FOTVSFUIBUUIFNPOJUPSTIBWF XJEFTDSFFO-$%JOUIFNBSLFU„
UIFTUPSFJUTFMG CPUI%4VCBTXFMMBT%7*QPSUT ]4PIBN3BOJOHB

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ

HBHjhHidgnXdYZ/=IAHZZEV\Z'%[dgYZiV^ah
 \
(!2$7!2%åå åå&%!452%

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå(!2$7!2%å 

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0


?V\Y^h]A^bWVX]^nV

Hd[ilVgZ8ZciZg
*
OUIJTNPOUITTFMFDUJPOPGBQQMJDBUJPOT  PWFSXIFMNJOH0OUIFTFDVSJUZGSPOU XF
XFIBWFBNJYPGBOJUJWJSVT WJEFP DBNFBDSPTTBHPPEBOUJWJSVTBQQMJDBUJPO
FEJUJOH PGmDFTVJUFTBOEBIPTUPG QSPWJEJOHCBTJDmSFXBMMDBQBCJMJUJFT‰BOE
8FCUPPMT'SFFXBSFBQQMJDBUJPOTIBWF JUTGSFF$IFDLPVUPVSSFWJFXPG6MFBE
BMXBZTCFFOBCPPOUPVTFSTXIPDBOOPU 7JEFP4UVEJP1MVTPGGFSJOHHPPEVUJMJUZ
BGGPSEEFBSMZQSJDFEBQQMJDBUJPOTPGUXBSF XIFOXPSLJOHXJUIWJEFPmMFTGSPNB%7
CVUTUJMMOFFEUIFGVODUJPOBMJUZUPHFU DBNFSBPSDBNFSBQIPOF*UCPBTUTPGB
UIFJSXPSLEPOF8FWFBTTFNCMFETPNF CBHGVMPGQSPGFTTJPOBMHSBEFGFBUVSFTBOE
PGUIFCFTUGSFFXBSFPVUUIFSF‰NPTUPG JOUVJUJWFVTBCJMJUZUIBUFWFOUIFmSTUUJNFST
6eea^XVi^dch

UIFBQQMJDBUJPOTSFWJFXFEUIJTNPOUIBSF XJMMBQQSFDJBUF'PSWJEFPDPOWFSTJPOTPMFMZ 
DPNQMFUFMZGSFFBOEEPOPUTDSPVOHFPO 7JEFP[JMMBJTBOFGGFDUJWFUPPMUIBUSFEVDFT
GVODUJPOBMJUZJOUIFJSSFTQFDUJWFBSFBT DPNQMFYWJEFPGPSNBUDPOWFSTJPOUPB
*GZPVSFUIFDSFBUJWFLJOEIBWJOHB TJNQMFSJHIUDMJDLFYQPSU/PUTBUJTmFE
LOBDLPGCVJMEJOHUIJOHTPSBSFMPPLJOH XJUIZPVSXFCCSPXTFS 5IFODIFDLPVU
BUSFEFTJHOJOHZPVSIPNF ZPVNJHIU ,.FMFPOXJUIJUTJNQSFTTJWFTQFFET
XBOUUPHJWF(PPHMF4LFUDI6QBTIPU‰JUT BOEGFBUVSFT'JOBMMZ UIFOFYUWFSTJPOPG
BOJGUZBOEFBTZUPVTF%NPEFMJOH 0QFO0GmDFPSHJTPVU‰mOEPVUIPXJU
UPPMUIBUEFMJWFSTSFTVMUTXJUIPVUCFJOH TUBDLTVQBHBJOTUUIFPUIFSPGmDFTVJUFT

qI]ZGVi^c\h:meaV^cZY
4HEæ PARAMETERSæ USEDæ FORæ EVALUATINGæ BYæ COMPILINGæ THEæ FEATURESæ ANDæ THEæ UTILITYæ OFæ
SOFTWAREæ AREæ ASSIGNEDæ Aæ GRAPHICALæ RATINGæ THEæAPPLICATIONæAGAINSTæITSæPRICEæ
OUTæOFæAæSCALEæOFææ4HESEæMEASURESæINCLUDEæ )Næ CASEæ OFæ FREEWAREæ ANDæ SHAREWAREæ TOOLSæ
PERFORMANCE æFEATURESæANDæEASEæOFæUSEæ4HEæ AVAILABLEæFORæDOWNLOADINGæFROMæTHEæ)NTERNET æ
OVERALLæRATINGæSHOWNæINæTHEæREVIEWSæISæBASEDæ WEæREPLACEæTHEæPRICEæWITHæTHEæDOWNLOADæSIZEæ
ONæALLæTHESEæFACTORS ANDæTHEREFORE æTHEæTIMEæTAKENæTOæDOWNLOADæ
)NæADDITION æTHEREæISæAæVALUEæFORæMONEYæRATINGæ THEæAPPLICATION æFORæARRIVINGæATæTHEæVALUEæFORæ
FORæEACHæAPPLICATIONæ4HISæRATINGæISæOBTAINEDæ MONEYæRATING

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$åå åå!00,)#!4)/.3 

K^YZd:Y^idg
JaZVYK^YZdHijY^d&%Eajh
HnhiZbgZfj^gZbZcih/DeZgVi^c\hnhiZb/B^Xgdhd[i
L^cYdlh'%%%!ME=dbZ:Y^i^dc!Egd[Zhh^dcVa!
BZY^V8ZciZg:Y^i^dcVcYEgd[Zhh^dcVam+):Y^i^dc!
EgdXZhhdg/EZci^jb)!B!9dg:migZbZ:Y^i^dc
dg6B96i]adc+)dg]^\]Zg!'*+B7d[G6B*&'
B7dgbdgZ[dgZY^i^c\!&<7dgbdgZd[VkV^aVWaZ
]VgYYg^kZheVXZ[dgegd\gVb^chiVaaVi^dc!Y^heaVn
XVeVWaZd[&%')m,+-gZhdaji^dc!')"W^iK<6XVgY!
hdjcYXVgY!89"GDB!89"G$GLdg9K9"G$GL

Fh_Y[ ..#..6eegdmGh)!*%%
9edjWYj JaZVYHnhiZbh>cX
m[Xi_j[ lll#jaZVY#Xdb
 G6I>C<H 

;Wi[e\ki[     
<[Wjkh[i    
F[h\ehcWdY[    
El[hWbbHWj_d]    
LWbk[\ehced[o    

'JOEJUPO$)*1 $%

K^YZdZY^i^c\[dgVaa
% JHJUBMWJEFPJTCFDPNJOHBO
JODSFBTJOHMZJNQPSUBOUQBSUPGPVS
DPNQVUJOHMJWFT‰CFJU%JW9NPWJFT EJHJUBM
GSPNBNPCJMFEFWJDF5IJTQSPDFTTJT
TUSBJHIUGPSXBSEBGUFSZPVWFBUUBDIFE
ZPVSWJEFPEFWJDFUPZPVSDPNQVUFS
USBOTJUJPOTCFGPSFBQQMZJOH
5IFWJEFPDMJQTSVOOJOHBUPQUIFNBJO
WJEFPmMFMFOETJOUFSFTUJOHFGGFDUTMJLF
WJEFPDBNFSBTBOEFWFODFMMQIPOFTUIBU XJUIUIFOFDFTTBSZESJWFSTJOTUBMMFE UIF QJDUVSFJOQJDUVSFBOECMFOEFEWJEFPT"MM
DBOSFDPSEWJEFP6MFBE7JEFP4UVEJP QSPHSBNBVUPNBUJDBMMZJNQPSUTUIFWJEFP BUUSJCVUFTPGUIFTFWJEFPTUSFBNTDBOCF
1MVTJTBTVJUFPGUPPMTUIBUFOBCMFTZPV JOUPBOFXQSPKFDUXJOEPX JOEJWJEVBMMZNPEJmFE5IFUJUMFUBCMFUT
UPFEJU QSPEVDFBOEEJTUSJCVUFWJEFPT :PVMMQSPCBCMZTQFOENPTUPGZPVS ZPVBEEUFYUPSDBQUJPOTUPZPVSWJEFP
UISPVHIBWBSJFUZPGGPSNBUT&WFSTJODF UJNFFEJUJOHWJEFP*OUIJTTFDUJPO UIFmMF TFHNFOUT:PVDBODSFBUFTPVOEUSBDLTCZ
UIFZUPPLPWFS*OUFSWJEFP 6MFBETTVQQPSU CSPXTFSMFUTZPVMPBEQSFTBWFEQSPKFDUT JNQPSUJOHTPOHTGSPNBVEJP$%T .1mMFT
GPSOFXWJEFPTUBOEBSETTVDIBT)%%7% PSGSFTIWJEFPDMJQTEJTQMBZFEJOUIFGPSNPG PSFWFOBWPJDFPWFSUISPVHIBDPOOFDUFE
BOE.1&(TVQQPSUGPSOFXHFOFSBUJPO UIVNCOBJMTXJUIJOBMJCSBSZ#FTJEFTWJEFP NJDSPQIPOF'JOBMMZ ZPVDBOFYQPSUZPVS
NPCJMFWJEFPEFWJDFTIBTPOMZJODSFBTFEBT mMFT BESPQEPXOMJTUCPYBMMPXTZPVUP DSFBUJPOUPBmMFPOZPVSIBSEEJTL B%7%
TFFOJOUIJTBQQMJDBUJPO MPBEWBSJPVTPUIFSUZQFTPGNVMUJNFEJB EJTL B%7DBNDPSEFS BTUSFBNJOHmMF
8IFOUIFQSPHSBNJTmSTUMBVODIFE JU FMFNFOUTGSPNZPVSMJCSBSZJOUPZPVS POMJOFPSFWFOUPNPCJMFEFWJDFTMJLFUIF
EJTQMBZTUISFFPQUJPOTUPTUBSUVQXJUI‰ QSPKFDUT5IJTJODMVEFTBVEJPmMFT DPMPST  "QQMFJ1PEPSUIF4POZ141
7JEFPTUVEJPFEJUPS .PWJFXJ[BSEBOEUIF USBOTJUJPOFGGFDUT 'MBTIBOJNBUJPOT  "MNPTUBMMCVUUPOTPGUIJTQSPHSBNT
%7UP%7%XJ[BSE5IF7JEFP4UVEJP&EJUPS WJEFPmMUFST UFYUUJUMFT FUD5IJTCVGGFU JOUFSGBDFQPQPVUJGUIFDVSTPSJTIFME
JTBGVMMGFBUVSFEBQQMJDBUJPOPGGFSJOHB PGSFTPVSDFTMFUTZPVDSFBUFTPNFQSFUUZ PWFSUIFN UIVTBJEJOHJOUIFJOUFSGBDF
CVOEMFPGDBQBCJMJUJFTGPSXPSLJOHXJUI JOUFSFTUJOHFGGFDUTUPZPVSDBQUVSFEWJEFP VOEFSTUBOEJOH*UBMTPIBTBGFBUVSFDBMMFE
EJHJUBMWJEFP*UTJOUFSGBDFDPOTJTUTPGB mMFT#VJMEJOHZPVSQSPKFDUJTBTTJNQMFBT 4NBSU1SPYZUIBUDPOWFSUTIJHIEFmOJUJPO
WJEFPQSFWJFXXJOEPXTVSSPVOEFECZB ESBHHJOHBOEESPQQJOHWJEFPDMJQTUPUIF WJEFPUPTNBMMFSmMFTUIBUBSFMJHIUFSPO
UJNFMJOFQBOFMBOEBTFDUJPOGPSDBMMJOH UJNFMJOFXJOEPX5PNPEJGZZPVSWJEFP  TZTUFNSFTPVSDFTBOERVJDLFSUPFEJU'JOBMMZ 
VQPOWBSJPVTWJEFPFGGFDUT5BCTPOUIFUPQ PODFBHBJO ZPVESBHBOEESPQJUUPUIF JUSFWFSUTUPUIFPSJHJOBMIJHIRVBMJUZmMFTUP
PGUIFJOUFSGBDFMFUTZPVTFMFDUCSPBEUBTLT SFRVJSFEBSFB*OUIFBVEJPFEJUJOHWJFX  NBJOUBJOTPVSDFRVBMJUZ8JUIBHSFBUTFUPG
TVDIBTDBQUVSJOH FEJUJOH BQQMZJOHFGGFDUT  UIFQSPHSBNFWFOGFBUVSFTBTVSSPVOE FBTZUPXPSLXJUIUPPMT UIJTJTBNVTUIBWF
PWFSMBZT UJUMFT BVEJPBOETIBSJOH TPVOENJYFS XIFSFZPVDBOJOUVJUJWFMZ JGZPVOFFEUPXPSLXJUIIPNFWJEFP
6OEFSUIF$BQUVSFUBC ZPVDBOJNQPSU NPEJGZUIFBVEJPFGGFDUBUUIFMJTUFOFST 'PS&BTZUPVTF JOUVJUJWFMBZPVU )%
WJEFPGSPNGPVSEJGGFSFOUTPVSDFT‰EJSFDUMZ MPDBUJPOJGZPVSWJEFPmMFDPOUBJOTUIF %7%TVQQPSU FYQPSUUPJ1PE141NPCJMF
GSPNBOFYUFSOBMEJHJUBMWJEFPEFWJDF CZ OFDFTTBSZTVSSPVOEBVEJP"GUFSWJEFP EFWJDFT
TDBOOJOHB%7UBQFXJUIJOB%7DBNDPSEFS  FEJUJOH BOZPGUIFJOUFSFTUJOHWJEFPFGGFDUT "HBJOTU3FRVJSFTBSFBTPOBCMZQPXFSGVM
JNQPSUJOHGSPNB%7%EJTLBOEJNQPSUJOH DBOCFBEEFEMJLFGBEFJOTBOEQSFWJFXFE TZTUFN

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/HLHHZZEV\Z'%[dgYZiV^ah
 !00,)#!4)/.3åå åå4%34%$ \

D[[^XZHj^iZ
DeZcD[[^XZ#dg\'#%
HnhiZbgZfj^gZbZcih/L^cYdlh.-$B:$'%%%HZgk^XZ
EVX`'dg]^\]Zg$ME$'%%(!&'-B7G6B!'%%
B7VkV^aVWaZ]VgYY^h`heVXZ!-%%m+%%dg]^\]Zg
gZhdaji^dcl^i]ViaZVhi'*+Xdadgh!VahdVkV^aVWaZ
[dgHE6G8!A^cjmVcYBVXDHeaVi[dgbh

Fh_Y[ ;gZZ
9edjWYj HjcB^XgdhnhiZbh
m[Xi_j[ lll#deZcd[[^XZ#dg\
 G6I>C<H 

;Wi[e\ki[     
<[Wjkh[i    
F[h\ehcWdY[    
El[hWbbHWj_d]    

'JOEJUPO$)*1 $%

DeZc[dgVaa
0 QFO0GmDFPSHJTUIFMBUFTUGSFF
PGmDFTVJUF PGGFSJOHBHPPETFUPG
GFBUVSFTBOEDBQBCJMJUJFTGPSUIFHFOFSBM
MFUUJOHZPVUPOBWJHBUFRVJDLMZ
0OUIFTQSFBETIFFUBQQMJDBUJPO $BMD
JTBMTPWFSZTJNJMBSUP&YDFMJOBQQFBSBODF
JMMVTUSBUJPOT5IFTFDBOBMTPCFJNQPSUFE
JOUPUIFPUIFSDPNQPOFOU0QFO0GmDF
PSHBQQMJDBUJPOT*NQSFTTJT0QFO0GmDFT
PGmDFVTFS*UDPOTJTUTPGmWFDPNQPOFOU 6OMJLFUIFQSFWJPVTWFSTJPOTPG0QFO0GmDF BMUFSOBUJWFUP.41PXFSQPJOU*UPGGFST
GFBUVSFT‰#BTF $BMD %SBX *NQSFTT .BUI PSHTVQQPSUJOHPOMZ SPXT UIJT QMFOUZPGUIFGVODUJPOBMJUZUIBUZPVECF
BOE8SJUFS&BDIPGUIFTFDPSSFTQPOETUP TVQQPSUT SPXTNBLJOHJUTVJUFE VTFEUPXJUI1PXFSQPJOUJODMVEJOHTMJEF
BEBUBCBTF TQSFBETIFFU WFDUPSESBXJOH  UPWFSZMBSHFTQSFBETIFFUTGPSFOUFSQSJTF WJFXT USBOTJUJPOTBOEUFYUFGGFDUT
QSFTFOUBUJPO NBUIFRVBUJPOUPPMBOE BQQMJDBUJPOT 5ISPVHIPVUUIFVTFPGUIJTBQQMJDBUJPO 
XPSEQSPDFTTPSSFTQFDUJWFMZ'JSTUVQJTUIF 5IFOFXEBUBCBTFVUJMJUZJOUIJTWFSTJPO  JUJTJOUFSFTUJOHUPOPUFUIBUUIFCVCCMF
XPSEQSPDFTTPS 8SJUFS"UmSTUHMBODF JU DBMMFE#BTF JTTJHOJmDBOUJOUIFGBDUUIBUJUJT IFMQJTNPSFWFSCPTFUIBOUIBUPGTVJUFTMJLF
DMPTFMZSFTFNCMFTUIF.48PSEJOUFSGBDF DPNQMFUFMZCBTFEPOBOPQFOBSDIJUFDUVSF .40GmDF XIFSFJUBDUVBMMZFYQMBJOTUIF
UIPVHIXJUIOPUJDFBCMZMFTTFSCVUUPOTPO $SFBUFEBSPVOEBOPQFOTPVSDFFOHJOFCBTFE GVODUJPOTPGWBSJPVTCVUUPOT PUIFSUIBO
UIFUPPMCBST CVUUIFTFDBOCFDPOmHVSFE
 PO+BWB JUBMMPXTDSPTTQMBUGPSNDPNQBUJCJMJUZ KVTUEJTQMBZJOHJUTOBNF"MTP 0QFO0GmDF
6TJOHUIJTXPSEQSPDFTTPSJTBTOBQBTJU BNPOH(/6-JOVY .BD049 .JDSPTPGU PSHDBOOBUJWFMZFYQPSUBMMPGJUTEPDVNFOUT
NJNJDLTUIFVTBHFPG8PSEWFSZDMPTFMZBOE 8JOEPXTBOE4VO4PMBSJTVTFST5IFSFGPSF  UP1%'GPSNBU‰BCJHBEWBOUBHF0OUIF
TQPSUTTJNJMBSTIPSUDVULFZTBOEJDPOTGPSUIF BOZEBUBCBTFDSFBUFEVTJOH#BTFDBOCF OFHBUJWFTJEF JUEPFTOPUIBWFBOJOUFHSBUFE
WBSJPVTGVODUJPOT*UDPOUBJOTUIFNBOEBUPSZ EJSFDUMZVUJMJ[FEPOBOZPGUIFTFQMBUGPSNT FNBJMDMJFOUCVUUIJTJTOUBQSPCMFNJGZPVSF
FEJUJOHGFBUVSFTTVDIBTPOUIFnZTQFMM 5IFSFTBOJOUFSFTUJOHUPPMGPSFOHJOFFSJOH BMSFBEZBDDVTUPNFEUPVTJOHBOFYJTUJOHNBJM
DIFDLJOH EPDVNFOUGPSNBUUJOHPQUJPOT  BQQMJDBUJPOTDBMMFE.BUI5IJTBQQMJDBUJPO DMJFOU"MTP XFGPVOEUIBUUIF0QFO0GmDF
UBCMFT FUD)PXFWFS 8SJUFSEPFTOPUIBWF JTBOBEWBODFEUPPMGPSXPSLJOHXJUI PSHBQQMJDBUJPOTPDDVQJFEBTJ[FBCMFBNPVOU
BOZHSBNNBSDIFDLJOHDBQBCJMJUJFTBTEPFT NBUIFNBUJDBMFRVBUJPOT TVQQPSUJOH PGTZTUFN3".XIFOSVOOJOH‰BCPVU.#
.48PSE5IPVHIJUIBTBGFBUVSFTVHHFTUJOH BMHFCSBJDBOEHFPNFUSJDGPSNVMBT
PGGFSJOH XJUIBTJOHMFBQQMJDBUJPOBOEJODSFNFOUBMMZ
XPSETBTZPVUZQFBMPOH*UTVQQPSUTPUIFS UPPMTGPSDSFBUJOHBOESVOOJOHTDJFOUJmD NPSFXIFOBEEJUJPOBMDPNQPOFOU
JOUFSFTUJOHGFBUVSFTMJLFNVMUJNFEJBmMF GPSNVMBT5IFTFGPSNVMBTBSFTBWFEJOB BQQMJDBUJPOTBOEEPDVNFOUTXFSFPQFOFE
JOTFSUJPOBMMPXJOHZPVUPQMBDFBVEJPBOE TQFDJBMGPSNBUDBMMFE.BUI.- XIJDIJTBO 'PS'SFF DPNQSFIFOTJWFTFUPGGFBUVSFTGPS
WJEFPmMFTXJUIJOZPVSEPDVNFOUTBOEUIF FYUFOTJPOPG9.-
NBLJOHJUFBTZGPSTIBSJOH PGmDFQSPEVDUJWJUZ CBTFEPOPQFOTUBOEBSET 
BCJMJUZUPJOTFSUUFYUGPSNVMBT HFPNFUSJD  POUIF8FC5IFSFJTOPDPVOUFSQBSUGPSUIJT 1%'FYQPSUDBQBCJMJUZ
TUBUJTUJDBM BSJUINFUJD #PPMFBOFUD
EJSFDUMZ UPPMJOUIF.40GmDF4VJUF/FYUVQ %SBX "HBJOTU3BUIFSUBYJOHPOTZTUFNNFNPSZ 
XJUIJOZPVSUFYUEPDVNFOU5IFBQQMJDBUJPO JTBOJOUFSFTUJOHMJUUMFWFDUPSESBXJOHUPPM OPJOUFHSBUFEFNBJMDMJFOU ZPVXJMMOPUCF
BMTPGFBUVSFTBEPDVNFOUNBQEJTQMBZJOH UIBUQSPWJEFTBXJEFBSSBZPGFMFNFOUTGPS BCMFUPVTFTPNFPGZPVSFYJTUJOH.40GmDF
UIFWBSJPVTSFTPVSDFTVTFEJOZPVSEPDVNFOU DSFBUJOHUIJOHTMJLFnPXDIBSUTBOECBTJD GVODUJPOTMJLFNBDSPTBOEQJWPUUBCMFT

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$åå åå!00,)#!4)/.3 

IlZV`VcYWZ]Veen HnhiZbJi^a^in

" OPUIFSXFBQPOJOUIFBSTFOBM
BHBJOTUVOEFSQFSGPSNJOHDPNQVUFST 
8JO6UJMJUJFTDPOTJTUTPGBTFUPGVUJMJUJFT
PQUJNJ[FSUIBUBUUFNQUTUPGSFFVQBT
NVDIPG3".BTQPTTJCMFQSPNJTJOHUP
FOIBODFTZTUFNSFTQPOTF)PXFWFS 
L^cJi^a^i^Zh*#%

UIBUMFUTZPVUXFBLWBSJPVTTVCTZTUFNTPG CFTJEFTJOEJDBUJOHBHSFBUFSBNPVOUPGGSFF
ZPVSDPNQVUFS NFNPSZBWBJMBCMF XFEJEOUSFBMMZTFFBOZ
"GUFSBTUSBJHIUGPSXBSEJOTUBMMBUJPO  UBOHJCMFHBJOTCZVTJOHUIJTGFBUVSF5IF
ZPVBSFQSFTFOUFEXJUIBTDSFFOMJTUJOHJUT #)0 #SPXTFS)FMQ0CKFDUT
SFNPWFSMFUT
GVODUJPOTDBUFHPSJ[FECZUIFUZQFPGUXFBL ZPVHFUSJEPGUIPTFOBHHJOHUPPMCBSTUIBU
ZPVOFFEUPSVOPOZPVSTZTUFN*OBQBOFPO TFFNUPNZTUFSJPVTMZBUUBDIUIFNTFMWFTUP
UIFMFGU UIFSFBSFWBSJPVTPQUJPOTJODMVEJOH ZPVSXFCCSPXTFSPWFSUIFDPVSTFPGVTBHF HnhiZbgZfj^gZbZcih/&((B=oegdXZhhdg!('B7G6B
&*B7[gZZ]VgYY^h`heVXZ
4ZTUFN$MFBOFST 4ZTUFN0QUJNJ[FST 4ZTUFN 5IFSFBSFUIFPUIFSSFHVMBSGFBUVSFTMJLF
$POUSPM 4ZTUFN5PPMT 3FHJTUSZ5PPMTBOE WJFXJOHUIF8JOEPXTQSPDFTTFT PCUBJOJOH Fh_Y[ (.#.*Gh&!-%%Veegdm
9edjWYj MEIddah
'JMF5PPMT$MJDLJOHPOFBDIPGUIFTFPQUJPOT EFUBJMFETZTUFNJOGPSNBUJPO QSPHSBN
m[Xi_j[ lll#me"iddah#Xdb
SFWFBMTBTVCTFUPGSFMBUFEGFBUVSFTJOUIF VOJOTUBMMDPOUSPM FUD'JOBMMZ JUIBTBTFUPG
 G6I>C<H 
NBJOQSPHSBNXJOEPX5ISPVHIUIFTFUPPMT  VUJMJUJFTMJLFmMFTISFEEJOH GPSQFSNBOFOU
;Wi[e\ki[    
ZPVDBOSFNPWFFYUSBOFPVTmMFTGSPNZPVS EFMFUJPO
BmMFTQMJUUFSBOEBO&9&mMF
<[Wjkh[i    
IBSEEJTLBOESFDPWFSTUPSBHFTQBDF:PV QSPUFDUPSXIJDIQBTTXPSEQSPUFDUT&9&
F[h\ehcWdY[    
DBOXFFEPVUEFGVODUSFHJTUSZFOUSJFT FSBTF mMFTGPSBEEFETFDVSJUZ
El[hWbbHWj_d]     
USBDFTPGZPVSCSPXTJOHIJTUPSZ FUD *OJUTVOSFHJTUFSFETIBSFXBSFWFSTJPO ZPV
LWbk[\ehced[o    
5IF4ZTUFN0QUJNJ[FSTFDUJPOJT DBOVTFJUGPSGSFFGPSPOMZVQUPEBZT
JOUFSFTUJOH‰JUBMMPXTZPVUPMPDBUF 'PS&BTZUPVTFJOUFSGBDF IBOEZTFUPGUPPMT 'JOEJUPO$)*1 $%
EVQMJDBUFmMFTBDSPTTZPVSESJWF JUTDBOT BOEVUJMJUJFTJOBTJOHMFQBDLBHF
GPSJOWBMJETIPSUDVUTUPQSPHSBNTBOE "HBJOTU4LJNQZEBZFWBMVBUJPOQFSJPE 
BUUFNQUTUPmYUIFN*UBMTPIBTBNFNPSZ NFNPSZPQUJNJ[FSJTOPUUPPFGGFDUJWF

<gVWi]VihXgZZc >bV\Z:Y^idg
6h]VbeddBV\^XVaHcVe
" TIBNQPP.BHJDBM4OBQJTBOJGUZMJUUMF
BQQMJDBUJPOUIBUNBLFTUIFUSVTUZQSJOU
TDSFFOMPPLQSJNJUJWF‰VTJOHUIJTUPPM ZPV
QSFTTJOHUIF$53-CVUUPOBOEMFGUDMJDLJOH
5IFDBQUVSFETDSFFOTIPUJTUIFOPQFOFE
XJUIJOUIFBQQMJDBUJPOGPSGVSUIFSFEJUJOH
DBOFBTJMZDBQUVSF8JOEPXTTDSFFOTIPUT *OUIFQSFEFmOFENPEF UIFVTFSDBO
XIFUIFSZPVSFUBLJOHKVTUPOFPSTFWFSBM TQFDJGZBSFDUBOHMFPGBOZSFTPMVUJPOBOE
IVOESFET"MTP JUGFBUVSFTBCVJMUJO UIFBQQMJDBUJPOXJMMPOMZDBQUVSFUIFBSFB
JNBHFFEJUPSUPUPVDIVQZPVSTDSFFOTIPUT JOTJEFJU'JOBMMZJOUIFNBOVBMNPEF UIF
BOEJNQBSUTMJDLTQFDJBMFGGFDUTMJLFESPQ VTFSDBOESBXPVUBOBSFBPOTDSFFOXJUI
TIBEPXT UPSOQBQFSFGGFDUT CFWFMFE UIFNPVTFBOEUIFQSPHSBNDBQUVSFTUIF
HnhiZbgZfj^gZbZcih/L^cYdlh.*$.-$BZ$CI$'%%%$
FEHFT FUD DPOUFOUTPGUIBUBSFBPOMZ5IFBQQMJDBUJPO ME$'%%(HZgkZg!-%%m+%%$&+"W^i\gVe]^XhXVgY
"GUFSJOTUBMMJOHUIFQSPHSBN JUDSFBUFT DBOBMTPCFDPOmHVSFEUPDPOUJOVPVTMZTBWF
Fh_Y[ ;gZZ
BMJUUMFIJEEFOUPPMCBSBUUIFUPQPGZPVS TDSFFODBQUVSFTPOUIFIBSEEJTLXJUIPVU
m[Xi_j[ lll#Vh]Vbedd#Xdb
TDSFFOUIBUJTCSPVHIUJOUPWJFXXIFO PQFOJOHUIFFEJUNPEFJNNFEJBUFMZBGUFS
 G6I>C<H 
ZPVSPMMZPVSNPVTFDVSTPSPWFSJU)FSF  UIFDBQUVSF
;Wi[e\ki[    
ZPVDBOTUBSUUIFTDSFFODBQUVSFQSPDFTT 5IFJOUFSFTUJOHUIJOHBCPVUUIJT
<[Wjkh[i     
PSDPOmHVSFUIFQSPHSBNTTFUUJOHT*O UPPMJTUIFIJHIRVBMJUZXJUIXIJDIUIF
F[h\ehcWdY[     
UIFDPOmHVSBUJPOTDSFFO ZPVDBOEFmOF TDSFFOTIPUTBSFDBQUVSFE8JUIUIFBCJMJUZ
El[hWbbHWj_d]    
UIFGPSNBUPGUIFTBWFEJNBHF 1/( +1&( UPFEJUDBQUVSFEJNBHFTPOUIFnZBOEBEE
PS#.1
BOEJUTPQFSBUJPODBOCFTFUVQ TQFDJBMFGGFDUTJOUIFGPSNPGHMPXTBOE 'JOEJUPO
UPCFBVUPNBUJD QSFEFmOFEPSNBOVBM TIBEPXT ZPVSTDSFFOTIPUTXJMMOPMPOHFS
TFMFDUJPOBSFBTPOUIFTDSFFO*OUIF CFEVMMBGUFSVTJOHUIJTBQQMJDBUJPO
BVUPNBUJDNPEF FBDIQSPHSBNXJOEPX 'PS&BTZUPDPOmHVSFBOEVTF TMJDLMPPLJOH
ZPVIBWFPQFOFEPOUIFTDSFFOXJMMCF JNBHFFGGFDUTQPTTJCMFPOUIFTDSFFOTIPUT
IJHIMJHIUFEXJUIBSFECPSEFSXIFOZPV EVSJOHJNBHFDBQUVSF
IPMEUIFNPVTFDVSTPSPWFSJU:PVDBO "HBJOTU6OBCMFUPDBQUVSFPWFSMBZJNBHFT
UIFODBQUVSFUIBUBQQMJDBUJPOTTDSFFOCZ GSPN%7%PS%JW9NPWJFT


*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 !00,)#!4)/.3åå åå4%34%$ \

7gdlhZg
@"BZaZdc%#.#&(
He^[[nWgdlh^c\
, .FMFPOIBTCFFOBSPVOEGPSUIFQBTU
TJYZFBSTBOEJTDSFBUFECZUIFTBNF
GPMLTGSPNUIF.P[JMMBGPVOEBUJPO#BTFE
SFTPVSDFTJODMVEJOH(PPHMF 8JLJQFEJB 
:BIPPBOENFUBTFBSDIFT VTJOHBDPMMFDUJPO
PGEJGGFSFOUTFBSDIFOHJOFT
"MMPGUIFTF
VQPOUIFGBTU(FDLPFOHJOF UIJTCSPXTFSJT TFUUJOHTTVDIBTUIF"ECMPDLGFBUVSF BSF
LOPXOGPSJUTRVJDLMPBEUJNF MPXTZTUFN QSFDPOmHVSFEFOBCMJOHJUUPCFVTFE
SFRVJSFNFOUTBOEBHPPETFUPGGFBUVSFT XJUIPVUBOZBEEJUJPOBMVTFSDPOmHVSBUJPO*U
FOBCMJOHBSJDI*OUFSOFUFYQFSJFODF"OE BMTPTVQQPSUTGFBUVSFTMJLFUBCCFECSPXTJOH
ZFT‰JUTDPNQMFUFMZGSFF BOENPVTFHFTUVSFT TJNJMBSUP0QFSBBOE
HnhiZbgZfj^gZbZcih/L^cYdlh.*$.-$BZ$CI$'%%%$
*OTUBMMJOHJUJTTUSBJHIUGPSXBSE5IFmSTU 'JSFGPY6TFSTPG'JSFGPYXJMMmOEUIFNPVTF
ME$'%%(HZgkZg!('B7G6Bb^c^bjb!-B7[gZZ
]VgYY^h`heVXZ UIJOHPOFOPUJDFTJTUIFHSFBUFSTDSFFO HFTUVSFTTJNJMBS TPJUTTJNQMFUPHFUVTFE
BSFBPGGFSFECZUIFCSPXTFSBUEFGBVMU UP8JUIJOUIF.FOVCBS UIFSFBSFTFWFSBM
Fh_Y[ ;gZZ
9edjWYj @"BZaZdc
TFUUJOHT‰UIFUPPMCBSTBUUIFUPQBOEUIF PUIFSGVODUJPOTMJLFUSBOTMBUJPOUPPMTBOE
m[Xi_j[ ]iie/$$`bZaZdc#hdjgXZ[dg\Z#cZi TUBUVTCBSBUUIFCPUUPNBSFTNBMMFSUIBO FBTJMZBDDFTTJCMFQSJWBDZPQUJPOT'PSUIF
 G6I>C<H  PUIFSCSPXTFST NBYJNJ[JOHUIFBSFBJOUIF NPSFBEWBODFEDBQBCJMJUJFTMJLF.BDSPT
;Wi[e\ki[     NBJOXJOEPXTGPSEJTQMBZJOHUIFXFCQBHF BOENPEJGZJOHNFOVT UIFVTFSJTSFRVJSFE
<[Wjkh[i     5IFUPPMCBSTDPOUBJOQMFOUZPGUJOZJDPOT UPNPEJGZUIFBQQMJDBUJPOTUFYUCBTFE
F[h\ehcWdY[     UIBUPGGFSZPVPOFDMJDLBDDFTTUPFWFSZUIJOH DPOmHVSBUJPOmMFT
El[hWbbHWj_d]     GSPNBDDFTTJOHZPVSNBJM "ECMPDLTFUUJOHT 'PS'FBUVSFQBDLFE GSFF RVJDLSFTQPOTF
GPSTVQQSFTTJOHBEWFSUJTFNFOUTJOXFC BOEFBTZPOTZTUFNSFTPVSDFVUJMJ[BUJPO
'JOEJUPO$)*1 $%
QBHFT
TDSJQUCMPDLJOH GPSQSFWFOUJOH "HBJOTU4PNFDPOmHVSBUJPOPQUJPOT
NBMJDJPVTTDSJQUTGSPNSVOOJOH
BOEB SFRVJSFUIFVTFSUPHFUJOUPBSDBOF
TFBSDICVUUPOUIBUDBODBMMVQPOPOF DPOmHVSBUJPOUFYUmMFT POMZXPSLTPOUIF
PGOJOFEFGBVMUTFBSDIFOHJOFTBOEXFC 8JOEPXTQMBUGPSN

:Vhn(9
(9BdYZa^c\
<dd\aZH`ZiX]Je*#%#')* ( PPHMF4LFUDI6QPGGFSTZPVBRVJDLXBZ
UPHFUZPVSUIPVHIUTJOUPBXPSLJOH
NPEFM"CBTJD IJHIMZJOUVJUJWFBOEGVOUP
BSDT BOEQVMMUIFNPVUJOUPNPSFDPNQMFY
TIBQFT:PVDBOFWFOQBJOUZPVSNPEFMT
VTJOHBQBJOUQBMFUUFBOEUFYUVSFUIFNCZ
VTF%NPEFMJOHUPPM JUBMMPXTZPVUPRVJDLMZ EJHHJOHJOUPBMJCSBSZPGQSFTBWFENBUFSJBMT
DSFBUFQSPKFDUTVTJOHTJNQMFTUSVDUVSFTUIBU MJLFCSJDL HMBTT DFNFOU FUD5IFCFTUQBSU
DBOCFNPEJmFEUPDSFBUFNPSFDPNQMFY JTUIBUZPVTJNQMZESBHBOEESPQUIFTF
XPSL5IFNBJOBUUSJCVUFPGUIJTQSPHSBNJT NBUFSJBMTPOUPZPVSNPEFMBOEUIFZBSF
JUTFBTFPGVTF‰ZPVEPOUOFFEUPIBWFBOZ JNNFEJBUFMZBQQMJFE'PSBEEJUJPOBMQSFDJTJPO
QSJPS%NPEFMJOHLOPXMFEHFUPDPNNFODF JOZPVSXPSL ZPVDBOBMTPUZQFJOOVNFSJD
VTJOHJU8JUIJU ZPVDBODSFBUFNPEFMT WBMVFTGPSNFBTVSFNFOUTMJLFXBMMIFJHIUT 
HnhiZbgZfj^gZbZcih/B^Xgdhd[iL^cYdlh'%%%!ME
=dbZdgMEEgd[Zhh^dcVa!+%%B=oEZci^jb>>>
PGIPVTFT GVSOJUVSFBOEFWFODBSTBOE UIJDLOFTTFTPGEPPST FUD
egdXZhhdg!&'-B7G6B!-%B7[gZZ]VgYY^h` BSDIJUFDUVSF#FJOHQBSUPGUIF(PPHMFTUBCMF  *OTQJUFPGUIJTQSPHSBNTMVDJEJOUFSGBDF
heVXZ!DeZc<AXdbea^Vci\gVe]^Xh!bdjhZ ZPVDBOBMTPFYQPSUUIFTFNPEFMTUP(PPHMF BOESVEJNFOUBSZ%NPEFMJOHGFBUVSFTFU 
Fh_Y[ ;gZZ &BSUI"OECFTUPGBMM JUTGSFF JUBMMPXTGPSTVSQSJTJOHMZEFUBJMFENPEFMT
9edjWYj <dd\aZ *OTUBMMJOHUIFBQQMJDBUJPOJT PODFZPVHFUBDDVTUPNFEUPJU5IFSFBSF
m[Xi_j[ lll#h`ZiX]je#Xdb TUSBJHIUGPSXBSE6OMJLFNPTUPUIFS% UIPVTBOETPGNPEFMTPOUIF8FCUIBUDBOCF
 G6I>C<H 
NPEFMJOHBQQMJDBUJPOT UIJTPOFTQPSUTBWFSZ EPXOMPBEFEBOETUVEJFE:PVDBOBMTPTIBSF
;Wi[e\ki[    
DMFBOBOEDPNGPSUBCMFJOUFSGBDFXJUIBMBSHF ZPVSXPSLCZVQMPBEJOHJUUPUIFPOMJOF%
<[Wjkh[i     
XPSLTQBDFBSFBBOEBUPPMCBSGBDJMJUBUJOH% 8BSFIPVTF8IFOZPVSFUISPVHIXJUIZPVS
F[h\ehcWdY[    
NPEFMJOH8IJMFDPNQSFIFOTJWF NPTUPGUIF NPEFMT UIFZDBOCFTBWFEBTB+1&( 1/( 
El[hWbbHWj_d]    
QSPHSBNTIFMQSFTPVSDFTBSFPOMJOFXJUIOP 5*''PS#.1mMF
'JOEJUPO PGnJOFIFMQ)PXFWFS UIFSFBSFPOMJOFWJEFP 'PS4JNQMFJOUFSGBDFBOEDBQBCJMJUJFT QMFOUZ
UVUPSJBMTUIBUJOUVJUJWFMZHVJEFmSTUUJNFST PGPOMJOFEPDVNFOUBUJPOBOEIFMQ GSFF
UISPVHIUIFJOUFSGBDFBOEDBQBCJMJUJFTPG "HBJOTU.FBHFSPGnJOFIFMQ JNBHFT
UIFQSPHSBN5IFJEFBJTUPTUBSUPVUXJUI DBOOPUCFFYQPSUFEUPPUIFS%NPEFMJOH
UIFCBTJDTPGNPEFMJOHVTJOHSFDUBOHMFTBOE BQQMJDBUJPOT

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
4%34%$åå åå!00,)#!4)/.3 

HnhiZbHZXjg^in
;gZZegdiZXi^dc 6kVhi=dbZ:Y^i^dc)#,
" IBOEGVMPGDPNQBOJFTUPEBZPGGFS
GSFF BMCFJUGFBUVSFMJNJUFE
BOUJWJSVT
BQQMJDBUJPOT"WBTUJTPOFTVDIBQQMJDBUJPO
BOE//51BMPOHXJUIQPSUSFEJSFDUJPOBOE
IFVSJTUJDTDBOOJOHGPSVOLOPXOUISFBUT
5IFQSPHSBNFWFONPOJUPSTmMFT
XIJDIQSPWJEFTBGVMMCPVRVFUPGTZTUFN USBOTGFSSFEUISPVHIZPVS11BQQMJDBUJPOT JU
QSPUFDUJPO SBOHJOHGSPNBOUJWJSVT OFUXPSL SFDPHOJ[FT11DMJFOUT
0OUIF*OUFSOFU
JOUSVTJPOQSPUFDUJPO NBJMTDBOOJOH XFC GSPOU JUTDBOTBMMUSBGmDDPNJOHUISPVHIUIF
QSPUFDUJPOBTXFMMBT11BOENFTTFOHFS )551QPSUBOEDBOBMTPCFDPOmHVSFEUP
TDBOOJOH‰BOEJUTGSFFGPSQFSTPOBMBOE CMPDLTQFDJmD63-T8IFOJUSVOTBTDBOBOE
HnhiZbgZfj^gZbZcih/EZci^jbXaVhhegdXZhhdg!
IPNFVTF MPDBUFTUISFBUTXJUIJONFNPSZ JUTVHHFTUT
&'-B7G6BgZXdbbZcYZY!*%B7[gZZ]VgYY^h`
5IFQSPHSBNJOUFSGBDFJTWFSZ4QBSUBO SFTUBSUJOHUIF1$BOEJOJUJBUFTBTDBOEVSJOH heVXZ!L^cYdlh.*$.-$BZ$CI)#%$ME
XJUIBTJOHMFTMJEFSGPSDIBOHJOHUIFMFWFM CPPUVQFOBCMJOHJUUPMPDBUFCPPUTFDUPS
Fh_Y[ ;gZZ[dg]dbZjhZ
PGQSPUFDUJPOPGFBDIPGUIFQSPHSBNT UISFBUTBOESPPULJUT8JUIBGVMMMPBEPG 9edjWYj 6al^iHd[ilVgZ
DPNQPOFOUT"CVUUPOPOUIFNBJOTDSFFO GFBUVSFTBOETQJGGZSFTQPOTF UIJTBQQMJDBUJPO m[Xi_j[ lll#VkVhi#Xdb
SFWFBMTHSFBUFSEFUBJMT XIFSFUIFVTFSDBO JTBHSFBUPQUJPOGPSDPNQVUFSTUIBUBSF  G6I>C<H 

JOEJWJEVBMMZUXFBLUIFDPOmHVSBUJPOPGFBDI SFMBUJWFMZMPXPOIBSEXBSFSFTPVSDFT*O ;Wi[e\ki[     


PGUIFQSPHSBNTDPNQPOFOUT5IFQMVT PVSUFTUT JUEFUFDUFEWJSVTFTEVSJOHUIF <[Wjkh[i    
QPJOUJOUIJTQSPEVDUJTUIFDPNQSFIFOTJWF CPPUUJNFTDBOBOEBMTPQSFWFOUFE"EXBSF F[h\ehcWdY[    

TVQQPSUGPSJOEJWJEVBMBQQMJDBUJPOTJOFBDI BOE5SPKBOTGSPNJOTUBMMJOHUISPVHILOPXO El[hWbbHWj_d]    

PGJUTDPNQPOFOUT‰JOUIFNFTTFOHFS TPVSDFTPGUIFTFNBMXBSF
'JOEJUPO$)*1 $%
TDBOOJOH GPSFYBNQMF JUTVQQPSUTVQUP 'PS'SFFQMFOUZPGGFBUVSFTBOEMJHIUPO
NFTTFOHFSDMJFOUTJODMVEJOHUFYUBOEWPJDF TZTUFNSFTPVSDFT
DIBUQSPHSBNT'PSNBJMTDBOOJOHCFTJEFT "HBJOTU6QEBUFTBSFOPUUPPGSFRVFOU OP
101BOE4.51TVQQPSU JUBMTPGFBUVSFT*."1 TDBOPOEFNBOEJOUIFGSFFWFSTJPO

DcZ"Xa^X`k^YZd
Bjai^bZY^V
) BWFZPVFWFSXBOUFEUPDPOWFSUB
mMFGSPNPOFGPSNBUUPBOPUIFSCVU
IBWFBMXBZTCFFOBUBMPTTXJUISFHBSETUP
EPXOTBNQMFEGSPNTUFSFPUPNPOPUP
DPOTFSWFTJ[F*UBMTPIBTBTFUUJOHXIFSF
UIFFYUSBDUQPJOUTPGUIFWJEFPmMFDBOCF
K>9:DO^aaV'#(
XIBUBQQMJDBUJPOTUPVTFBOEXIBUDPEFDT TQFDJmFE6TJOHUIJT ZPVDBODPOWFSUPOMZB
UPMPBE 7JEFP[JMMBJTBOJGUZMJUUMFUPPMUIBU TFDUJPOPGUIFTPVSDFmMF‰JEFBMGPSDSFBUJOH
FGGFDUJWFMZQVUTBOFOEUPUIFTFXPFT‰JU DMJQTPGMPOHFSWJEFPT'JOBMMZ ZPVDBO
DPOWFSUTWJSUVBMMZBOZWJEFPGPSNBUUP DIPPTFUPNBJOUBJOUIFTPVSDFSFTPMVUJPO
BOPUIFSWJEFPGPSNBU6TJOHJUTPXOTFU PSZPVDBODIBOHFJUXJUIJOUIFQSPHSBNT
PGDPEFDTBMPOHXJUIUIFPOFTJOTUBMMFEPO JOUFSGBDF*UDBOBMTPFYUSBDUUIFTPVOEUSBDL
ZPVSDPNQVUFS JUPGGFSTBTJOHMFJOUFSGBDF PGBWJEFPmMFUPBTFQBSBUFBVEJPmMF"OE
HnhiZbgZfj^gZbZcih/B^Xgdhd[iL^cYdlh.-H:!
GPSDPOWFSUJOHWJEFPmMFTPOZPVSIBSEEJTL XJUIUIJTOFXWFSTJPO UIFSFJTTVQQPSUGPS B:$CI)#%$'%%%$ME$ME+)!EZci^jb'%%B=o
%VSJOHUIFTFUVQ JUJOTUBMMT8JOEPXT CJUQSPDFTTPSTBOEPQFSBUJOHTZTUFNTGPS egdXZhhdg!+)B7G6B!'%B7[gZZ]VgYY^h`heVXZ
'PSNBU4FSJFT3VOUJNFJGJUJTOUBMSFBEZPO FWFOGBTUFSWJEFPFODPEJOH
Fh_Y[ '.#.*
ZPVSDPNQVUFS"GUFSEPJOHTP JUQSFTFOUT 8JUIBTJNQMF POFDMJDLJOUFSGBDFUP 9edjWYj K>9:Do^aaV
BTDSFFOUIBUMFUTZPVDIPPTFCFUXFFO WJEFPFODPEJOH UIJTJTBHSFBUUPPMGPS m[Xi_j[ lll#k^YZdo^aaV#cZi
WBSJPVTWJEFPGPSNBUTSBOHJOHGSPN BNVMUJNFEJBQSPHSBNNFSTPSBXFC  G6I>C<H 

"7* 8.7 .1&( 3FBM.FEJBBOE'MBTI EFTJHOFS XIPOFFETUPGSFRVFOUMZDSFBUF ;Wi[e\ki[    

8JUIJOFBDIPGUIFTF UIFSFBSFTFWFSBM WJEFPDMJQTGPSVTFPOUIF8FCPSFWFOGPS <[Wjkh[i    

TFUUJOHTSFMBUJOHUPUIFWJEFPSFTPMVUJPO DPOWFSUJOHmMFTGPSEJTUSJCVUJPOUPDMJFOUT F[h\ehcWdY[    

BOECJUSBUF‰JNQPSUBOUDPOTJEFSBUJPOT XIPWFOFWFSJOTUBMMFEWJEFPDPEFDTPO El[hWbbHWj_d]    

XIFODSFBUJOHWJEFPmMFTGPSFNBJMJOHPS UIFJSTZTUFN LWbk[\ehced[o    

GPSTUSFBNJOHPWFSBXFCTJUF8JUIFBDIPG 'PS"TJNQMFBOEFMFHBOUTPMVUJPOUP 'JOEJUPO$)*1 $%


UIFTFGPSNBUT ZPVDBOVTFPOFPGTFWFSBM WJEFPGPSNBUDPOWFSTJPO QMFOUZPGWJEFP
DPEFDTJOTUBMMFEPOUIFDPNQVUFSJODMVEJOH TUBOEBSETTVQQPSUFE
%JW9BOE9WJ%'SBNFSBUFTDBOBMTPCF "HBJOTU5SJBMQSPHSBNBMMPXTPOMZOJOF
DIBOHFECFUXFFOmMFTBOEBVEJPDBOCF VTFT

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
!00,)#!4)/.3åå åå&%!452%

;VXZKVajZ
$IVDLZPVSTXJQFDBSE GPSHFUZPVS1*/OVNCFS‰ZPVSGBDFDBOOPXPQFOUIF
EPPSTGPSZPV

5
PEBZUIFGBDFIBTCFDPNFBDPOEVJU 7JTJPOJDTJTPOFPGUIFN5IFJSBQQMJDBUJPO BOJNBHF5IJTWFSTJPODSFBUFTB%NFTI
UPJEFOUJGZXIPTXIP5IFGBDFEPOT 'BDF*UXBTUIFPOFVTFECZUIF5BNQB1PMJDF PGBOJNBHFGSPNNVMUJQMFQIPUPHSBQIT
UIFSPMFPGBDDFTTDBSET *%CBEHFT  %FQBSUNFOUBU99974VQFS#PXMUPTDBO PGBTJOHMFQFSTPOBOEUIFOGPMMPXTJUCZ
QBTTXPSETBOETPPO4P JODBTFZPVIBWF BOBVEJFODFTQBOOJOH QFPQMFBOE DBMDVMBUJOH%GBDUPSTTVDIBTMJHIU BYJT
GPSHPUUFOZPVS1*/OVNCFSXIJMFZPVBSF JEFOUJGZUFSSPSJTUTJGBOZGSPNBEBUBCBTF PSJFOUBUJPOBOEDIBOHFJONFTIPDDVSSJOH
BUUIF"5. EPOUXPSSZ4JNQMZMPPLBUUIF PGDSJNJOBMNVHTIPUT JO+BOVBSZ EVFUPBTNJMFPSBMBVHI
DBNFSBJOGSPOU MFUZPVSGBDFCFJEFOUJmFE 7JTJPOJDTFWFOUVBMMZNFSHFEXJUI*EFOUJYUP "SFMBUJWFMZOFXFOUSBOUKVNQJOHUIJT
BOEZPVXJMMCFBMMPXFEUPXJUIESBXDBTI GVSUIFSEFWFMPQUIJTBQQMJDBUJPOBOEJUXBT CBOEXBHPOJT3JZB BTUBSUVQDPNQBOZCBTFE
"OEUIJOLBCPVUJU ZPVNBZNJTQMBDFZPVS SFOBNFEBT'BDF*U"3(64 JOUIF645IFBQQMJDBUJPOEFWFMPQFECZUIFN
*%DBSECVUZPVXPOUNJTQMBDFZPVSGBDF 'BDJBMSFDPHOJUJPOBQQMJDBUJPOTXFSF BOEMBVODIFEJO'FCSVBSZ QFSGPSNT
'BDJBMSFDPHOJUJPOUFDIOPMPHZJTOPU OPUKVTUMJNJUFEUPDPNQVUFST5IFTFXFSF UIFTBNFGVODUJPOTBTUIBUPG'BDF*U"3(64
TPNFUIJOHOFX3FTFBSDIPOJUTUBSUFE FYUFOEFEUPNPCJMFEFWJDFTBTXFMM"OEUIF XJUIUIFBEEJUJPOBMGFBUVSFTPGCFJOHBCMFUP
XBZCBDLJOXIFO8PPEZ#MFETPF  DPNQBOZCFIJOEUIFEFWFMPQNFOUPGTVDI SFBEUFYUDIBSBDUFSTGSPNBQIPUPHSBQIBOE

9^cZh]9ZhV^

POFPGUIFQJPOFFSTJOBSUJmDJBMJOUFMMJHFODF BOBQQMJDBUJPOJT6,CBTFE/FWFO7JTJPO NBOBHJOHQJDUVSFTBDDPSEJOHMZ5IJTGFBUVSF


BOEQBUUFSOSFDPHOJUJPOBMPOHXJUI)FMFO "TFDVSJUZFYQFSUTJNQMZOFFETUPIBWFB IBTDFSUBJOMZHJWFOBOFEHFUPUIFBQQMJDBUJPO
$IBO8PMGFBOE$IBSMFT#JTTPO XPSLFEPO DBNFSBQIPOFIBWJOH*OUFSOFUDPOOFDUJWJUZ CFDBVTFXJUIUIFIFMQPGUIJT POFDBOFWFO
VTJOHDPNQVUFSTUPSFDPHOJ[FIVNBOGBDFT )FDBODMJDLBQIPUPHSBQIPGUIFEFTJSFE mOENBQTBOETUSFFUHVJEFTCZUZQJOHJOKVTU
)PXFWFS UIJTTUVEZGBJMFEUPHFUQVCMJD QFSTPOBOEDPOOFDUUP/FWFO7JTJPOT UIFOBNFPGBTUSFFU
OPUJDFEVFUPMBDLPGGVOET5IFMBUFTTBX DFOUSBMJ[FEEBUBCBTFUPTFBSDIBOEJEFOUJGZ
QFPQMFHFUUJOHBDRVBJOUFEXJUIUIFDPODFQU XIPIFJT*GUIFQFSTPOXIPTFQJDUVSFIBT BdYjhdeZgVcY^
BOEUIFTXJUOFTTFEUIFmSTUDPNNFSDJBMMZ CFFOTIPUJTOPUQBSUPG/FWFO7JTJPOT "MMGBDJBMSFDPHOJUJPOBQQMJDBUJPOTOFFEB
BWBJMBCMFTZTUFN#VUJUXBTPOMZJO+BOVBSZ FYJTUJOHEBUBCBTF UIFOUIFVTFS JOUIJT DBNFSBBOEBEBUBCBTFUPQFSGPSN0ODF
UIBUBGBDJBMSFDPHOJUJPOBQQMJDBUJPO DBTF UIFTFDVSJUZFYQFSU
OFFETUPUBHUIF UIFQIPUPHSBQIJTUBLFO JUJTUSBOTGFSSFE
XBTVTFEGPSUIFmSTUUJNFCZUIF5BNQB QIPUPHSBQIPODFBOEUIBUJTBMM'PMMPXJOH UPUIFBQQMJDBUJPO5IFBQQMJDBUJPOUIFO
1PMJDF%FQBSUNFOUBU'MPSJEBEVSJOHUIF UIJT OPNBUUFSXIBUUIFBOHMFPGTIPUJT  BDDFTTFTUIFEBUBCBTFBOEMPDBUFTBNBUDI
i99974VQFS#PXMwUPVSOBNFOU /FWFO7JTJPOTEBUBCBTFXJMMOPUIBWFBOZ PGUIFQIPUPCBTFEPODFSUBJOBMHPSJUINT
EJGmDVMUZUPmHVSFPVUXIPUIFQFSTPOJT 6TVBMMZ UIFBQQMJDBUJPOXPSLTPOBO
I]ZeaVnZgh 5IFJDJOHPOUIFDBLFDBNFGSPN"VSPSB  BMHPSJUINLOPXOBTiFJHFOGBDFw XIJDI
0WFSUIFZFBST TFWFSBMDPNQBOJFTIBWF BOPUIFS6,CBTFECJPNFUSJDTPGUXBSF DBMDVMBUFTUIFEJTUBODFCFUXFFODFSUBJO
TQFOUZFBSTSFTFBSDIJOHBOEEFWFMPQJOH EFWFMPQNFOUmSN5IFZEFWFMPQFEBOPUIFS OPEBMQPJOUTTVDIBTUIFFZFT OPTFBOEUIF
GBDJBMSFDPHOJUJPOBQQMJDBUJPOT64CBTFE WFSTJPOPGUIFBQQMJDBUJPOUPBEEEFQUIUP DIJO"TXJUImOHFSQSJOUT UIFTFEJTUBODFT

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå!00,)#!4)/.3 

BSFVOJRVFUPFBDIJOEJWJEVBMBOEBSF
DBQBCMFPGEJTUJOHVJTIJOHPOFGSPNUIFPUIFS
FWFOJGUXPQFSTPOTBSFJEFOUJDBMUXJOT
8JUIUIFIFMQPGiFJHFOGBDFw BGVMMGBDJBM
GFBUVSFJTEFmOFEUIBUDBOCFNBUDIFEXJUI
BMMUIFJNBHFTTUPSFEJOBEBUBCBTFJOBGFX
TFDPOET5IFNBUDIJOHPGBNVHTIPUJTEPOF
JONVMUJQMFTUBHFT
%FUFDUJPO0ODFBDBNFSBEFUFDUTBGBDF JU
DBQUVSFTJUJOMPXSFTPMVUJPOBOEUSBOTGFSTJU
UPUIFBQQMJDBUJPO"TUIFBQQMJDBUJPOmHVSFT
PVUBIFBEMJLFTUSVDUVSF JUTXJUDIFTUPB .BUDIJOHUIFNVHTIPUXJUIUIPTF "%NFTIDSFBUFEGSPNNVMUJQMF
BWBJMBCMFJOUIFEBUBCBTF QIPUPHSBQITIFMQTUPGJOEUIFSJHIUNBUDI
IJHISFTPMVUJPOTFBSDI
"MJHONFOU8IFOBGBDFJTEFUFDUFE UIF BSFBMTPVTFEGPSGBDJBMSFDPHOJUJPO 4JNJMBSMZ UIFTFDBOCFJOTUBMMFEJOEFTLUPQ
TZTUFNEFUFSNJOFTUIFIFBETQPTJUJPO TJ[F "MMUIFBCPWFTUBUFEBMHPSJUINTXPSL DPNQVUFSTBMPOHXJUIXFCDBNTUPQSPUFDU
BOEQPTF CFTUXJUI%JNBHFTMFBWJOHUIF%EPNBJO QSJWBUFBOEDPOmEFOUJBMJOGPSNBUJPO
/PSNBMJ[BUJPO5IFJNBHFPGUIFIFBE DPNQMFUFMZVOUPVDIFE*UJTDPOTJEFSFE
JTTDBMFEBOESPUBUFETPUIBUJUDBOCF UIBU%GBDFSFDPHOJUJPONFUIPETDBOMFBE ;a^eh^YZ
SFHJTUFSFEBOENBQQFEJOUPBOBQQSPQSJBUF UPNPSFBDDVSBUFDBMDVMBUJPOTBTJTTVFT 8IJMFOPOJOUSVTJWFOFTTXBTDPOTJEFSFEUIF
TJ[FBOEQPTF MJLFDIBOHFJOMJHIUJOH EJGGFSFOUGBDJBM QSJNBSZGFBUVSF UPEBZJUJTCFJOHEFCBUFE
3FQSFTFOUBUJPO5IFTZTUFNUSBOTMBUFTUIF FYQSFTTJPOT NBLFVQBOEIFBEPSJFOUBUJPO BTUIFESBXCBDLPGUIJTUFDIOPMPHZ1FPQMF
GBDJBMEBUBJOUPBVOJRVFDPEF5IJTDPEJOH BMTPOFFEUPCFDPOTJEFSFEJOJEFOUJGZJOHB IBWFTIPXODPODFSOPOUIFQPUFOUJBM
QSPDFTTBMMPXTGPSFBTJFSDPNQBSJTPOPG GBDF*NBHFTPGBTJOHMFQFSTPOUBLFOGSPN VTFPGGBDJBMSFDPHOJUJPODBNFSBTQMBDFE
UIFOFXMZBDRVJSFEGBDJBMEBUBUPUIBUPG EJGGFSFOUBOHMFTDBODSFBUFB%NFTIBOE JODPOTQJDVPVTMZJOTFWFSBMBSFBTPGBDJUZ 
UIFEBUBCBTF UIFOFJHFOWFDUPSTBSFQMPUUFEPOUIBUNFTI XIJDICZUBLJOHQIPUPHSBQITPGQBTTFSTCZ
.BUDIJOH5IFOFXMZBDRVJSFEGBDJBM GPSDBMDVMBUJPOTBOENBUDIJOH IBWFJOUVSOJOWBEFEVQPOUIFJSQSJWBDZ*U
EBUBJTDPNQBSFEUPUIFTUPSFEEBUBBOE JTBMTPCFJOHPCTFSWFEUIBUUIFFSSPSSBUFPG
JEFBMMZ
MJOLFEUPBUMFBTUPOFTUPSFEGBDJBM 7ZcZ[^ih GBDJBMSFDPHOJUJPOUFDIOPMPHZJTNVDINPSF
SFQSFTFOUBUJPO 'BDJBMSFDPHOJUJPOBQQMJDBUJPOTMJLFPUIFS UIBOUIBUPGmOHFSQSJOUPSSFUJOBTDBOOJOH
"UUIFCBDLFOE UIFEJTUBODFPGOPEBM CJPNFUSJDBQQMJDBUJPOTBSFHFOFSBMMZVTFEGPS 5IFEFWFMPQFSTPGGBDJBMSFDPHOJUJPOXIJMF
QPJOUTLOPXOBTFJHFOWFDUPSTBSFDBMDVMBUFE TFDVSJUZQVSQPTFT5IFBEEJUJPOBMBEWBOUBHF BDDFQUJOHUIFGBDUUIBUUIFSFIBTOPU
mSTUBOEUIFOUIFDBMDVMBUFEFJHFOWFDUPSJT XJUIUIFGPSNFSJTUIBUJUDBOBMTPCFVTFE CFFOQFSDFOUTVDDFTTSBUF EJTBHSFF
NBUDIFEXJUIUIFEBUBCBTF*EFOUJYT'BDF*U GPSUIFQVSQPTFPGTVSWFJMMBODF5IFCFTU XJUIUIFBCPWFPCTFSWBUJPO*OGBDU UIFZ
DBOMPDBUFOPEBMQPJOUTMJLFEJTUBODF UIJOHBCPVUUIFTFBQQMJDBUJPOTJTUIBUUIFZ DMBJNUIBUUIJTUFDIOPMPHZJTBTQPXFSGVM
CFUXFFOFZFT XJEUIPGOPTF EFQUIPG BSFOPOJOUSVTJWF5IFQFSTPOPOXBUDIJT BTUIBUPG%/"JEFOUJmDBUJPO8JUITVDI
FZFTPDLFUT DIFFLCPOFT KBXMJOF DIJO DPNQMFUFMZPCMJWJPVTPGUIFGBDUUIBUIFJT BSHVNFOUTnPBUJOH JUSFNBJOTUPCFTFFO
)PXFWFS JUHFOFSBMMZEFQFOETPOUP CFJOHNPOJUPSFE5IJTJTQPTTJCMFCFDBVTF IPXUIJTUFDIOPMPHZNBUVSFTBOEHBJOTUIF
OPEBMQPJOUTUPSFBDIBDPODMVTJPO0ODFUIF JEFOUJmDBUJPODBOCFBDDPNQMJTIFEGSPN DPOmEFODFPGUIFDPNNPONBON
BQQMJDBUJPODPNQMFUFTXPSLJOHXJUIPOF UXPGFFUBXBZPSNPSF XIFSFUIFVTFSOFFE ]1SBEPTI.JUSB
FJHFOWFDUPS JUNPWFTUPUIFOFYU5IJTXBZ OPUXBJUMPOHBOEEPOPUIJOHBQBSUGSPN
XIFOBMMUIFFJHFOWFDUPSTBSFNBUDIFE UIF DBTVBMMZMPPLJOHBUUIFDBNFSB
BQQMJDBUJPODPNFTVQXJUIBSFTVMUTIPXJOH 'JOEJOHBQBSUJDVMBSGBDFJOBDSPXEPG
FJUIFSUIFQFSTPOJOUIFQIPUPHSBQIUPCF UIPVTBOETJTBQQBSFOUMZBOVOTVSNPVOUBCMF
BDPNQMFUFOFXGBDFPSNBUDIJOHXJUI UBTL#VUXJUIGBDJBMSFDPHOJUJPOUFDIOPMPHZ 
TPNFPOFFMTFTGSPNUIFEBUBCBTF'BDF*U UIJTJNQPTTJCMFFSSBOEHFUTEPOFXJUIJO
QSJNBSJMZDPODFOUSBUFTPOUIFi(PMEFO BGFXTFDPOET5IFWJEFPGFFETHBUIFSFE
5SJBOHMFwSFHJPO XIJDISVOTGSPNUFNQMF CZUIFTVSWFJMMBODFDBNFSBTQSPWJEFBO
UPUFNQMFVQUPUIFMJQT5IJTSFHJPOJT VOFOEJOHTPVSDFPGGBDJBMQIPUPHSBQITGPS
DPOTJEFSFEUPCFUIFNPTUTUBCMFCFDBVTF BOZTVDIBQQMJDBUJPOUPXPSLPO"OZQIPUP
JUTUBZTVOBGGFDUFEFWFOXIFOPOFHSPXT DBOCFDIPTFOBUSBOEPNBOENBUDIFE
BCFBSE QVUTPOHMBTTFT QVUTPOXFJHIU  BHBJOTUUIFEBUBCBTFPGTUPSFEJNBHFT
FUDCSJOHJOHPVUWJTJCMFDIBOHFTUPUIF #FTJEFTTVSWFJMMBODF GBDJBMSFDPHOJUJPO
GBDF"MPOHXJUIFJHFOGBDF BMHPSJUINTMJLF BQQMJDBUJPOTBSFBMTPVTFEGPSBMMPXJOHBDDFTT
imTIFSGBDFwBOEi)JEEFO.BSLPW.PEFMw UPTFDVSFEJOGPSNBUJPOJOPGmDFTBOE"5.T

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/6;;HZZEV\Z'%[dgYZiV^ah
 \
!00,)#!4)/.3åå åå&%!452%

>ciZgcZijceaj\\ZY
(FU POMJOF JOTUBOUMZ‰BU IPNF  JO UIF DBS PS PO B KFU QMBOF *O UIF GVUVSF  NPCJMF
CSPBECBOEBDDFTTUPUIF8FCXJMMCFQPTTJCMFOPNBUUFSXIFSFZPVBSF

8
BOUUPLOPXXIBUUIFGVUVSFPG NPOUI 8."/DVTUPNFSTDBOFOKPZ GSPNXJSFEUPXJSFMFTT/PX*OUFSOFUBDDFTT
CSPBECBOEXJMMMPPLMJLF 8JUI UIFDPOWFOJFODFPGPOMJOFXJSFMFTTOFTT GPMMPXTTVJUUPP
UIFCSPBECBOEDSB[FIJUUJOH 8JUIBOPUFCPPLPSDFMMQIPOF UIFZDBO
*OEJBBOEXJUI%"-BOEDBCMFUFDIOPMPHJFT TVSGBUSBUFTPGVQUP.CQTTJUUJOH =^\]heZZYid\d/JBIH\Zih
QSPMJGFSBUJOH XFSFJODSFBTJOHMZHFUUJOH POUIFJSDPVDI POBQBSLCFODIPSXIJMF
VTFEUPIBWJOHSFBTPOBCMZGBTU*OUFSOFU TIPQQJOH5IJTDPOWFOJFODFJTPOMZMJNJUFE hZg^djhXdbeZi^i^dc
BDDFTTJOPVSIPNFTBOEPGmDFT"EEUP CZPWFSMPBEFE"DDFTT1PJOUT#FTJEFTUIBU  .PCJMFSBEJPPQFSBUPSTBSFFVQIPSJDXJUI
JU UPEBZTXJSFMFTTTFSWJDFTBSFBMSFBEZ IPUTQPUDPOOFDUJPOTDBOCFCSJFnZDVUPGG UIJTEFWFMPQNFOUi.PSFUIBOQFSDFOUPG
EBUBFOBCMFE BMMPXJOHBOZUJNF*OUFSOFU EVSJOHUSBWFMBTBSFTVMUPGOPOGVODUJPOJOH PVSDVTUPNFSTXBOUUPBDDFTTUIF*OUFSOFU
BDDFTT)PXFWFS XFTUJMMIBWFBXBZ iIBOEPWFSwQSPDFTTFTPOUIF8-"/#VU TQPOUBOFPVTMZBOZUJNFw TBZT.BSUJO
UPHPVOUJMUIF6UPQJBOUJNFXIFOXF EFTQJUFUIFTFESBXCBDLT UIFOFUXPSLBU 4DIOFJEFS BNBSLFUJOHSFQSFTFOUBUJWFBU
IBWFUSVMZCSPBECBOE*OUFSOFUBDDFTT OP 8VFSNUBMIBTTIPXOPOBTNBMMTDBMFXIBU 50OMJOF BMFBEJOHUFMFQIPOZQSPWJEFSJO
NBUUFSXIFUIFSXFSFBUIPNF BUPGmDF DPVMEFYJTUPOUIFMBSHFTDBMF#SPBECBOE &VSPQF50OMJOFTDPNQFUJUPSTBSFBMTP
PSTPNFXIFSFJOCFUXFFO5PHFUBTFOTF XJSFMFTT*OUFSOFU BOZXIFSFBOEBOZUJNF DPNGPSUBCMFXJUIUIJTEFWFMPQJOHNBSLFU
PGUIJOHTUPDPNF UIFSFTBOJOUFSFTUJOH 8JUIXJSFMFTTUFDIOPMPHZ UIFiMBTUNJMFw QPUFOUJBM"MTPBU7PEBGPOF NPCJMFEBUB
QMBDFDBMMFEUIF8VFSNUBM 8VFSN7BMMFZ
 JO-"/DPWFSBHFDBOCFFBTJMZBOEBGGPSEBCMZ TFSWJDFTHSFXCZQFSDFOUMBTUZFBS.PSF
OFTUMFEJOUIFTPVUIPG.VODIFO (FSNBOZ CSJEHFE8JUIUIJT NPSFQFPQMFXJMMCFBCMF BOENPSFNBJM WJEFPTUSFBNTBOE.1TBSF
4/FUXPSLTPQFSBUFTB8."/ 8JSFMFTT UPVTFCSPBECBOE*OUFSOFU‰FWFOUIPTF CFJOHEPXOMPBEFEGSPNUIF8FCUISPVHI
.FUSPQPMJUBO"SFB/FUXPSL
XIJDIBDUT MJWJOHJOBSFBTXJUIPVU%4-MJOFT5FMFQIPOF DFMMQIPOFTPSOPUFCPPLTPOUIFNPWF
MJLFBHJHBOUJD8JSFMFTT-"/ TFSWJDFT TVDIBT5"5"*OEJDPNBOE#4/- "UUIJTNPNFOU BMBSHFQPSUJPOPG
'PSBOFRVJWBMFOUPG3T QFS IFSFBUIPNF
IBWFBMSFBEZNBEFUIFMFBQ UIJTEBUBnPXIBQQFOTUISPVHIUIF

-OBILEæ7EBæ!CCESS 7I-!8
7IRELESSæ)NTERNETæACCESSæNETWORKSæ 7ITHæAæRANGEæOFæSEVERALæKMS æ
AREæNOWæINCREASINGæINæNUMBERæ3EVERALæ 7I-!8æENSURESæSEAMLESSæ
STANDARDSæAREæBEINGæSUPPLIEDæTOæENSUREæ HIGH SPEEDæNETWORKSæINæREMOTEæ
SEAMLESSæHIGH SPEEDæCONNECTIONS AREASæ$ATAæCANæFLOWæASæFARæ
ASææKMSæORæMOREæTHROUGHæ
RURALæAIRSPACEæWITHOUTæSIGNALæ
7 ,!.æ POLLUTION
)NæCITIES æ7 ,!.æPROVIDESæAæ
THICKæhCARPETvæOFæCOVERAGEæ
3OFTWAREæHANDLESæTHEæPROCESSæ
OFæROAMINGæBETWEENæHOTSPOTSæTOæ
ENSUREæCONTINUITYæOFæCONNECTION

7 ,!.
!LLOWSæSMOOTHæ
ACCESSæINæAæMOVINGæ
TRAINæEVENæINæTUNNELSææ

'3-'0235-43
4HEæ'3-æNETWORKæPRACTICALLYæCOVERSæALLæ
OFæ'ERMANYæ4HEæFASTERæ5-43æNETWORKæ
MAINLYæEXISTSæINæDENSELYæPOPULATEDæAREASæ
7HENæTHEæ5-43æCONNECTIONæISæCUTæOFF æITæISæ
AUTOMATICALLYæPICKEDæBACKæUPæBYæ'3-
\
&%!452%åå åå!00,)#!4)/.3 

6OJWFSTBM.PCJMF5FMFDPNNVOJDBUJPOT PGUIF6.54TUBOEBSE 5SJBMTPGTFSWJDFTTVDIBTUIFTFIBWF


4ZTUFNFWFOUIPVHIUIJTUIJSEHFOFSBUJPO 1PSUBCMF%4-JTOUKVTUNFBOUGPS BMSFBEZCFHVOJOQMBDFTMJLF4UVUUHBSU 
NPCJMFOFUXPSLTVGGFSTGSPNTPNF UIFIPNF CVUBOZXIFSFXJUIJOJUT #FSMJOBOE/PSESIFJO8FTUGBMFO5IFHSFFO
XFBLOFTTFT8JUIBEPNBJOPGQFSDFOU JOGSBTUSVDUVSF*UJTDVSSFOUMZCFJOH TJHOBMJTBXBJUFEGSPNGFEFSBM*OUFSOFU
PGUIFQPQVMBUJPOPG(FSNBOZ 7PEBGPOF  NBSLFUFECZPOMZPOFTFSWJDFQSPWJEFS‰ BHFODJFTUIBUBSFZFUUPTBODUJPOMJDFOTFT
5.PCJMFBOEPUIFSPQFSBUPSTPOMZTFSWF %/4/&5'PSBDIBSHFPGBCPVU&VSPT 5IJTMJDFOTJOHIBTCFFOEFMBZFECFDBVTF
EFOTFMZQPQVMBUFESFHJPOTXJUIBOBWFSBHF 3T 
QFSNPOUI 
BDDFTTTQFFEPG,CQT1SJDFTBSFTUJMM UIFZPGGFSBTZTUFNPG 7 ,!.
SFMBUJWFMZIJHI‰GPS(#WPMVNFPGEBUB  nBUSBUFUBSJGGTXJUI !BOVEæTHEæCLOUDSæMOREæANDæMOREæAIRLINERSæ
JUDPTUTNPSFUIBOBCPVUFVSPT 3T TQFFETFRVJWBMFOUUP AREæEQUIPPEDæWITHæ7 ,!.æONBOARDæ$ATAæ
 
QFSNPOUI1SPWJEFSTDMFBSMZXBOUUP UIF%4- MFWFM FROMæTHEæ)NTERNETæCANæREACHæALTITUDESæOFæ
 MæVIAæRADIOæWAVES
SFDPVQUIFJOWFTUNFOUPGUIFMJDFOTJOHUIBU .CQT
"TMPOHBT
DPTUTCJMMJPOTPG&VSPT ZPVSFNBJOJOUIF
8IJMFNPCJMFSBEJPPQFSBUPSTBSF TFMFDUFEBSFBPGDFMM
IPMEJOHPOGBTUUP6.54 UIFSFTUPG USBOTNJTTJPO UIF
UIFQSPWJEFSTBSFDPNJOHVQXJUIPUIFS DPOOFDUJPOSFNBJOT
QSPTQFDUJWFBMUFSOBUJWFT'PSFYBNQMF  TFDVSF*GZPVMFBWFUIF
BDPNQBOZDBMMFE"JSEBUB"(XJMMCF BSFBPGTFSWJDF ZPVMM
NBSLFUJOHiQPSUBCMF%4-w‰BGBTUFSWBSJBOU IBWFUPEJBMVQBHBJO

0ORTABLEæ$3,
!æTYPEæOFæ5-43æSTANDARDæUSEDæINSTEADæOFæ
$3,æWITHæEQUIVALENTæSPEEDæ7ITHæAæHIGHæ
DENSITYæOFæ5-43æNETWORKSæINæHEAVILYæ
POPULATEDæAREAS æITæWONTæBEæLONGæBEFOREæALLæ
AREASæAREæCOVEREDæBYæTHISæSTANDARD

3$2
3OFTWAREæ$EFINEDæ2ADIOæ
ISæTHEæSOLUTIONæFORæFORMATæ
CONFUSIONæ!æSTANDARDæ
RECEIVERæWILLæRECOGNIZEæ
ALLæHIGHæFREQUENCYæRADIOæ
SIGNALSæAUTOMATICALLYæ4HEæ
RECEIVEDæSIGNALSæWILLæBEæ
TRANSLATEDæBYæSOFTWARE

8JSFMFTT 4UBOEBSETJOVTF

4UBOEBSE 'SFRVFODZSBOHF $PWFSBHFDFMM #BOEXJEUI 4QFDJBMGFBUVSFT


.)[
UIFPSFUJDBM UIFPSFUJDBM
WBMVF
WBMVF

8-"/B o NFUFST .#JUT 8JEFSDPWFSBHFUIBOMJOFPGTJHIUBOE


o CZVTFPGTQFDJBMBOUFOOBF)PXFWFS 
8-"/C o  NFUFST .#JUT FMFDUSPNBHOFUJDJOUFSGFSFODFTPVSDFT
TVDIBTQPXFSUSBOTGPSNFST
DBO
ESBNBUJDBMMZSFEVDFDPWFSBHFBOE
8-"/H o  NFUFST .#JUT CBOEXJEUI
8J.BY o LJMPNFUFST .#JUT $PWFSBHFEFQFOETPOUPQPHSBQIJD
6.54  o LJMPNFUFST .#JUT QSPGJMFBOECVJMEJOHT*ODJUJFT POFDFMM
DBOPOMZSFBDIBCPVUBGFXIVOESFE
(4.  o  LJMPNFUFST ,#JUT NFUSFT'PS8J."9 CBOEXJEUIXJMM
 o  SFEVDFBTUSBOTGFSEJTUBODFJODSFBTFT
(4. o LJMPNFUFST ,#JUT 3FBMJTUJDWBMVFTJOEJGGJDVMUDPOEJUJPOT
o SFNBJOBSPVOE.CQT
(134 (4. (4. ,#JUT
(4.&YUFOTJPO

1PSUBCMF%4- 6.54 6.54 .#JUT 1PSUBCMF%4-DBOPOMZCFVTFEJOPOFDFMM


6.547BSJBOU
6QMPBE EVFUPFYJTUJOHSFHVMBUJPOT
,#JUT

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/6;>HZZEV\Z'%[dgYZiV^ah
 \
!00,)#!4)/.3åå åå&%!452%

QPSUBCMF%4-UBLFT.)[GSPNUIF6.54 =^\]heZZY6aa^VcXZ/L"A6C!
.)[GSFRVFODZDIBOOFM L^B6MVcYJBIH JhZ[jalZWa^c`h
"DDPSEJOHUP"JSEBUB PODFUIFZHFU 5ISFFTUBOEBSETJOWBSJPVTWFSTJPOT X XXETM[VNNJUOFINFOEF
UIFHSFFOTJHOBM UIFZXJMMCFDBQBCMF 1PSUBCMF%4-SFBEJOFTTUFTUBOEJOGP
TPVOEMJLFBSFDJQFGPSDIBPT$IBPT
PGDPWFSJOHBCPVUSFHJPOTXJUIUIF X XXNBYYUFMFLPNEF
NBZJOEFFEMPPNMBSHFCVUJUJTOUBT 5IFmSTU8J."9OFUXPSLJO(FSNBOZ
QPSUBCMF%4-TUBOEBSEXJUIJOBZFBS CBEBTJUMPPLTMJLFBTPGOPXTJODFUIF X XXGPLVTHNEEF
"TXJUIUIFNVDIIZQFE8J."9 WBSJPVTTUBOEBSETXJMMBMMCFVTBCMFPO 1PSUBMJOGPSNBUJPOPOUIF
TUBOEBSEIFSFJO*OEJB CSPBECBOETFSWJDF UIFTBNFEFWJDFT7JSUVBMMZFWFSZOFX i,POWFSHFO[wQSPKFDU
DPNQBOJFTMJLF%#% IBWFQVUUIFJSGBJUIJO OPUFCPPLMBVODIFEPWFSUIFQBTUZFBS
UIFTUBOEBSE*OTNBMMUPXOT UIFZIBWF GFBUVSFT8JSFMFTT-"/DBQBCJMJUJFT8JUIB Dca^cZVcnl]ZgZ
SFBEJFEBXJSFMFTTBMUFSOBUJWFUP%4-JF SFMBUJWFMZDIFBQ1$.$*"DBSE OPUFCPPLT 5IFUSJDLUPFOBCMJOHTVDITFBNMFTTSPBNJOH
i%4-POBJSw‰POFGPSNPG8J."9UIBUIBT DBOFOUFS6.54MJOFTJOOFUXPSLTUIBU JTUPDPNFVQXJUIBOFGGFDUJWFQBZNFOU
OPUZFUCFFODFSUJmFE5IFCBTJDDIBSHFJT TVQQPSUJU5IFDPNJOHHFOFSBUJPOPG TDIFNFUIBUXPSLTBDSPTTOFUXPSLTBOEJT
&VSPT 3TBQQSPYJNBUFMZ
UIFTBNF OPUFCPPLTXJMMBMTPQBDL8J."9DIJQT USBOTQBSFOUUPVTFST"DDPSEJOHUP5JFNBOO 
BT%4- BOEUIFTBNFiIBOEPWFSw TXJUDIJOH UIFSFXJMMCFUXPQBZNFOUNPEFMTUIFmSTU
"SDPSCFDBNFB8J."9UFTUFSJO BDDFTTQPJOUTXJUIPVUCFJOHDVUPGG
 NPEFMJTXIBUJTCFJOHVTFEOPX‰ZPVS
+BOVBSZBOEJTJOUIFQSPDFTT BTDFMMQIPOFT FOBCMJOHVOJOUFSSVQUFE QSPWJEFSXJMMDIBSHFZPVCBTFEPOWPMVNFPS
PGEFWFMPQJOHSBEJPUPXFSTJO *OUFSOFUBDDFTTXJUIPVUUIFOFFEUP nBUSBUF VTJOHPOMZIPUTQPUTBOEOFUXPSLT
,BJTFS4MBVTUFSO#VUJUJTTUJMMFBSMZUP EJBMVQFBDIUJNFBVTFSDSPTTGSPNPOF HPJOHPOMJOFUISPVHIBDFOUSBMQPSUBM5IF
QSFEJDUXIFUIFSPSOPU8J."9XJMMCFBCMF TFSWJDFQSPWJEFSTOFUXPSLUPBOPUIFS BEWBOUBHFPGUIJTJTDPNCJOFEXJUIUIF
UPmMMUIFOFFETPGUIFQFPQMFMJWJOHJOUIF +VTUBTJTQPTTJCMFXJUIDFMMVMBSQIPOF DSPTTTVCTJEZPGSJOHUPOFTBOEPUIFSQBZ
SFHJPORVJDLMZFOPVHI QSPWJEFST XIFOESJWJOHGSPNPOFDJUZUP DPOUFOU UIJTSBUFJTCPVOEUPCFDIFBQ
.FBOXIJMFJOUIFCJHDJUJFT UIFGVUVSF BOPUIFSZPVDBONBLFUFMFQIPOFDBMMT 5IFTFDPOEQBZNFOUNPEFMDBMDVMBUFTUIF
PGIJHITQFFEBDDFTTJTTFDVSF5IFDJUJFT XJUIPVUJOUFSSVQUJPO5IJTJTCFDBVTFZPVS DIBSHFTPGTQFDJmDTPMVUJPOTBOEUIFSFGPSF
JOUIFHSBTQPGJODSFBTJOHMZDPODFOUSBUFE WPVSWPJDFJTUSBOTGFSFECZSFMBZUISPVHI FOETVQCFJOHNPSFFYQFOTJWF)PXFWFS 
8-"/BSFTFFJOHUIFBQQFBSBODFPG IVOESFETPGSBEJPDFMMT‰BMMUSBOTQBSFOU XJUIJOUFSQSPWJEFSSPBNJOHDPPQFSBUJPO JU
SFQFBUFSTBOEPUIFSTQFDJBMUFDIOJDBM PUUIFVTFS&GGPSUTBSFHPJOHPOUPFOBCMF TIPVMECFFBTJFSUPHFUUPUIF8FCJOTUBOUMZ
EFWFMPQNFOUT*OGBDU 8-"/IBTBMSFBEZ UIJTGVODUJPOBMJUZGPSBMMOFUXPSLTBOEOPU BOEBOZXIFSFXJUIPVUIBWJOHUPXPSSZ
QFOFUSBUFEVOEFSHSPVOETVCXBZTBOE TJNQMZGPSQIPOFT BCPVUXIJDIOFUXPSLJTBWBJMBCMFBOEIPX
PUIFSDPSOFSTBOEDSFWJDFTJOQVCMJD *OQSBDUJDF UIFTDFOBSJPXJMMMPPL NVDIZPVSFQBZJOHGPSUIFTFSWJDF
BSFBT5IFZFWFOIBWFQMBOTGPS8FC SPVHIMZMJLFUIJTGSPNUIFNPNFOUZPV 5IF4%3 4PGUXBSF%FmOFE3BEJP

BDDFTTJOUSBJOTUBUJPOTBOEPUIFSNBTT TJUEPXOGPSCSFBLGBTUBUIPNF ZPVCFHJO 1SPKFDUBMTPQSPNJTFTDPOWFOJFODFUPVTFST
DPNNVUFBSFBT EPXOMPBEJOHBMBSHFmMF5IFEPXOMPBE 8IJMF8-"/ 8J."9PS6.54EFWJDFT
5IFOVNCFSPGXJSFMFTTEFQMPZNFOUT QSPDFTTJTOUmOJTIFEXIFOZPVTIVU SFRVJSFIBSEXBSFDPNQPOFOUTUPSFDFJWF
JOSFHJPOTMJLF&VSPQFBSFIVHF‰5.PCJMF ZPVSOPUFCPPLUPMFBWFGPSUIFPGmDF&O TJHOBM 4%3VTFTBOZPGUIFSBEJPTUBOEBSET
BMPOFPQFSBUFT BDDFTTQPJOUTJO SPVUF ZPVSOPUFCPPLFODPVOUFSTFBDI BWBJMBCMFJOUIFXPSME5IJTDPVMEQSPWFUP
BEEJUJPOUP 7PEBGPOFIPUTQPUT  SFBEZXJSFMFTTOFUXPSL NBLJOHEJBMVQ CFBCPPOUPVTFSTXIPGSFRVFOUMZUSBWFM
GSPN&1MVTBOENPSFGSPNDPVOUMFTT DPOOFDUJPOTBVUPNBUJDBMMZBOEDPOUJOVJOH PWFSTFBTBOEBDSPTTXJSFMFTTTUBOEBSET*U
JOEFQFOEFOUPQFSBUPST UIFEPXOMPBE#ZUIFUJNFZPVBSSJWFBU XPSLTPOUIFQSJODJQMFPGBSFDFJWFS KVTU
UIFPGmDFBOEPQFOUIFOPUFCPPL UIF MJLFBOPSEJOBSZSBEJPSFDFJWFS
SFBEJOHBMM
EPXOMPBEQSPDFTTJTDPNQMFUF EBUBGSPNBTJOHMFIJHIGSFRVFODZTJHOBM
5IJTTPVOETMJLFBGBOUBTZ EPFTOUJU  TVDIBT8-"/ 8J."9BOEPUIFST
5IF
#VUJUTDMPTFSUPSFBMJUZUIBOZPVUIJOL 4%3IBSEXBSFUIFOQSPDFTTTFTUIFSFDFJWFE
3FTFBSDIFSTTVDIBT+FOT5JFNBOOGSPN TJHOBMTVTJOHTPGUXBSFUIBUJTDBQBCMFPG
UIF'SBVOIPGFS*OTUJUVUF IBWFEFWFMPQFEB EFDJQIFSJOHBOZPGUIFSFDPHOJ[FEXJSFMFTT
UFDIOPMPHZUIBUFOBCMFTTFBNMFTTSPBNJOH TUBOEBSETBWBJMBCMF5IFQSPUPDPMTUIBU
BNPOHXJSFMFTTOFUXPSLT)FJTJOUIF BSFTVQQPSUFEDBOCFVTFEEFQFOEJOHPO
QSPDFTTPGEFWFMPQJOHDMJFOUTPGUXBSFUIBU UIFTPGUXBSF8IFOFWFSBOFXQSPUPDPM
DBOmOESFBEZOFUXPSLTBOEDPOUJOVF BSJTFT UIFTPGUXBSFTVQEBUFQSPDFTTTIPVME
POMJOFQSPDFTTFTXJUIPVUJOUFSSVQUJPO CFBCMFUPJEFOUJGZJU"MMUIJTQPJOUTUPB
FWFOXIFOTXJUDIJOHPQFSBUPST"DDPSEJOH SPTZXJSFMFTTGVUVSFJOEFFE8FIPQFUIJT
UP5JFNBOO JUJTBMSFBEZUFDIOJDBMMZ IBQQFOTTPPOFSUIBOMBUFSN
BDIJFWBCMFGSPNUIFQSPWJEFSTFOE ]"OESFBT)FOUTDIFM

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå!00,)#!4)/.3 

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
HjggZVaanHeZV`^c\
"T XF FYQFDU B TQBUF PG TQFDUBDVMBS SFMFBTFT TIPXDBTJOH UIF
USJVNQIPGUFDIOPMPHZ XFUBLFBMPPLBUUIFDVSSFOUUSFOET


JTUIFZFBSPGDFMFCSBUJOHUIFHMPSZ UIBUFYQFSUJTFHSPXTXIFOUIFSFJTDPOTUBOU
PGTQFDJBMFGGFDUT5IFESPPMGBDUPSUIBU JOUFSBDUJPOBOETIBSJOHPGXPSLQSPDFTTFT
,JOH,POHFOSBQUVSFEVTXJUIIBTOU /FFEMFTTUPTBZ UIF7'9JOEVTUSZJTOP
RVJUFTVCTJEFEBOE)PMMZXPPEJTSFBEZXJUI FYDFQUJPOUPUIJTQIFOPNFOPO"OEFTQFDJBMMZ
JUTSFQFSUPJSFPGCMPDLCVTUFSTMJLF4VQFSNBO XIFOUIJTJOEVTUSZJTCFHJOOJOHUPCPNCJOBUF
3FUVSOT 1PTFJEPO BMSFBEZSFMFBTFE
$BST  XJUIBDUJWJUZ JUJTUIFSJHIUUJNFUPFNCSBDFB
)BQQZ'FFU FUD4PUIF7JTVBM&GGFDUT4PDJFUZ  DVMUVSFUIBUJTBEWBODFEJOEJHJUBMUFDIOPMPHZ
XIJDISFDFOUMZBOOPVODFEUIFEBUFTGPSUIF #PMMZXPPEIBTHSBEVBUFEUPEJHJUBMmMNNBLJOH
'FTUJWBMPG7JTVBM&GGFDUTUPCFIFMEBUUIF TMPXMZBOETUFBEJMZ.PTUmMNTBSF%*USFBUFE
GBNFE&HZQUJBO5IFBUFSJO)PMMZXPPE XJMMIBWF BMNPTUFWFSZBEmMNBOENPTUGFBUVSFmMNTBSF
BMPUUPUBMLBCPVU QPMJTIFEXJUIWJTVBMFGGFDUTUPSFUBJOUIFUISJMM
+VTUBTJOUFSOBUJPOBMNPWJFNBLFSTBSFBCPVU GBDUPS*OBDPVOUSZUIBUMPWFTDJOFNBXJUIJUT
UPDFMFCSBUFUIFUSJVNQIPGEJHJUJ[BUJPOJOmMNT  MBSHFSUIBOMJGFBTQFDUTBOEXPSTIJQTmMNTUBST 
XFIFSFJO*OEJBPCTFSWFEUIFJOEVTUSZFWFOU UIFSFTBIVHFQPUFOUJBMGPSHSPXUIi5IFTIFFS
?V\Y^h]A^bWVX]^nV POEJHJUBMmMNNBLJOHPSHBOJ[FECZ"VUPEFTL PVUQVUPGmMNTFWFSZZFBSBDSPTTBMMSFHJPOTPG
)BJMFEBTUIF%JHJUBM'JMN&WFOUPGUIFZFBS  UIFDPVOUSZBOEUIFQFSNFBUJPOPGUFDIOPMPHZ
UIJTBOOVBMHBMBKVCJMBUJPOXBTOPURVJFUUP JOUPUIFTFmMNTJOTVDIBTIPSUTQBOPGUJNF
TBZUIFMFBTU*UXBTSBJOJOHQFPQMFTPUPTQFBL TQFBLWPMVNFTPGUIFQFPQMFPGUIJTDPVOUSZ
5IPVTBOETUISPOHFEUIFEJHJUBMQSPKFDUJPO BTTPDJBUFEJOUIJTUSBEFw TBZT-FTOJF)FBMTP
UIFBUFSTJO$IFOOBJBOE.VNCBJXIFSFUIF SFJUFSBUFTUIBU*OEJBIBTUIFQSPQFOTJUZUPEP
FWFOUXBTPSHBOJ[FESFTQFDUJWFMZ"HVOHIP SFNBSLBCMZXFMMJOUIJTTQIFSFTJNQMZCFDBVTF
BVEJFODFDPNQSJTJOHDJOFNBUPHSBQIFST  PGJUTSJDISFQPTJUPSZPGNZUIPMPHJDBMTUPSJFT
nFEHFMJOHBSUJTUT FOUIVTJBTUTBOETUBMXBSUT *OEJBOBSUJTUTOFFEUIFSJHIUUSBJOJOHBOEUIFTF
JOUIFUSBEFGSPNSFOPXOFEQPTUQSPEVDUJPO EJHJUBMUPPMTUIBUIBWFIFMQFENBLFMFHFOEBSZ
IPVTFTXFMDPNFEUIFFYQFSUTGSPN mMNTMJLF5JUBOJD ,JOH,POH -053BOETPPOXJMM
)PMMZXPPE‰"DBEFNZ"XBSEXJOOFS"OESFX NBLFUIFTFTUPSJFTBSFBMJUZ8IPLOPXT XF
-FTOJFBOE(SBEZ$PGGFS-FTOJF EJSFDUPSPG NJHIUTPPOIBWFBHSBOEJPTF.BIBCIBSBUBJO
QIPUPHSBQIZGPSOPUBCMFCMPDLCVTUFSTMJLF,JOH UIFPGmOH
,POH -PSEPGUIF3JOHTBOE0TDBSXJOOFSGPS (SBEZ$PGGFS BWFUFSBOXPSLJOHPO*OGFSOP
-0535IF'FMMPXTIJQPGUIF3JOHBMPOHXJUI GPSUIFQBTUZFBSTTBZTDPMMBCPSBUJPO
(SBEZ$PGFS *OEVTUSJBM-JHIU.BHJD *-.
 XJUI*OEJBBOZEBZXPVMECFiHVOGPSmSFw"
%JHJUBM4VQFSWJTPS IJTDSFEJUTJODMVEF4UBS QMFUIPSBPGWJTVBMFGGFDUTTUVEJPTCBTFEPVUPG
8BST&QJTPEF***BOE8BSPGUIF8PSMET
TIBSFE -PT"OHFMFTBSFDPNJOHUP*OEJBUPTIBSFUIFJS
UIFJSFYQFSJFODFTCZQSFTFOUJOHUIFJSXPSL FYQFSJFODFTXJUI*OEJBOTUVEJPT8FBU$)*1
UPUIFBVEJFODF XFSFGPSUVOBUFFOPVHIUPXJUOFTTUIFFYQFSUT
*OEJB BDBVMESPOPGUBMFOUFEBSUJTUTBOE BUUIFJSXPSL)FTFMFDUFETPNFPGIJTGBWPSJUF
WJTVBMFGGFDUTTQFDJBMJTUT IBTCFFOSFDFOUMZ TIPUTGSPNUIFNPWJFTIFXPSLFEGPS‰4UBS
SFDPHOJ[FEHMPCBMMZ4PFWFOUTTVDIBTUIJT 8BST3FWFOHFPGUIF4JUIBOE8BSPGUIF
XJMMPOMZIFMQUPEFOVEFUIFTFBSUJTUTUPUIF 8PSMET BOEEFDPOTUSVDUFEUIFNJOPSEFSUPUFMM
HMPCBMTUBHFBOEBMTPEJHPVUGVSUIFSUBMFOU VTIPXUIFTIPUTXFSFDPODFJWFEBOEFYFDVUFE
QPPMT&YQFSUTTVDIBT"OESFX-FTOJFCFMJFWF 5IJTNJHIUSFBEMJLFJOUFSFTUJOHUSJWJB‰UIF
\
&%!452%åå åå!00,)#!4)/.3 

MJUUMFFNCFSTWJTJCMFJOUIFCVSOJOHTIJQ )%
UFDIOPMPHZJTQJDLJOHVQQBDF‰JU
TDFOFJO4UBS8BST3FWFOHFPGUIF4JUI  JTUIFCFHJOOJOHPGBSFWPMVUJPOUIBUXJMM
XFSFTIPUCZQVUUJOHUVGUTPGTUFFMXPPM DIBOHFUIFGBDFPGUIFWJTVBMXPSMEJO
UPmSF5IFTNPMEFSJOHTIJQUIBUJTmOBMMZ UIFOFYUZFBST)%JTUIFGVUVSFPG
EFTUSPZFEJTCFBVUJGVMMZDSBGUFEUIBOLT WJEFPQSPEVDUJPO
UP%JTDSFFUT*OGFSOP‰BWJTVBMFGGFDUT 4PFJSPHJWFTBQSFTDJFOUBDDPVOUPG
TZTUFNGPSIJHITQFFEDPNQPTJUJOH  IPXUIF"TJBONBSLFUJTHPJOHUPMFBQGSPH
BEWBODFEHSBQIJDTBOEJOUFSBDUJWFEFTJHO JOUIFEJHJUBMNPWJFNBLJOHSFBMNi5IJT
8IJMFEJHJUBMFRVJQNFOUDPOUJOVFUP NBSLFUIBTUIFQPUFOUJBMUPNPWFNVDI
EPXPOEFSTUPmMNT JOEVTUSZFYQFSUT GBTUFSUIBOTFFOBOZXIFSFFMTF‰JUXJMM
BSFRVJDLUPQPJOUPVUBXBWFPGOFX JNNFEJBUFMZTXJUDIUP,XIJDIXJMM
USFOETUIBUBSFTXFFQJOHUIFJOEVTUSZ SFTVMUJOBOVQTVSHFPGEJHJUBMQSPKFDUJPO
PGGJUTHSPVOE"T1IJMMJQF4PFJSP  UIFBUFSTJO"TJBVOMJLFJOUIFDBTFJO
$VTUPNFS4PMVUJPOT.BOBHFS "VUPEFTL /PSUI"NFSJDBPS&VSPQFw
TBZT i8FBSFNPWJOHBXBZGSPNB 5IFTVQFSBCVOEBODFPGNPEFSO
NPEFMXIJDISFRVJSFTUIFOFFEUPCVJME UIFBUFSTJOUIFTFDPVOUSJFTIBTSFTVMUFE
TQFDJmDIBSEXBSFJOPSEFSUPXPSLXJUI JOUIFTMPXJOHEPXOPGUIJTNPWFNFOU
DFSUBJOTPGUXBSF5PEBZTIBSEXBSF UPXBSETEJHJUBMQSPKFDUJPO4PVOMFTT
IBTUIFBSDIJUFDUVSFUPCFGBTUFOPVHI UIFSFJTBWFSZTUSPOHFOUJUZUPQVTIUIJT
UPBDDPNNPEBUFUIFOFFETPGIJHIMZ UFDIOPMPHZ JUTFFNTVOMJLFMZBTPGOPX
QSPGFTTJPOBMBQQMJDBUJPOTw0QFOTPVSDF -JGFJTBCPVUUIFKPVSOFZ OPUBCPVUUIF #VU"TJB XIJDIEJEOPUOFDFTTBSJMZDBUDI
GJOJTIMJOF8BUDIPVUGPSUIFNPWJF$BST
IBTPQFOFEBXPSMEPGPQQPSUVOJUJFT‰ XJUIDVUUJOHFEHFBOJNBUJPO VQPONPEFSOmMNCBTFEUFDIOPMPHZ
UPEBZ JUJTFBTZGPSVTUPNJHSBUFGSPN IBTJTOPXTIPXJOHDMFBSTJHOTPG
IJHIFOEUPHFOFSJDQMBUGPSNTPO-JOVY CBDLmMFTPSNBOJQVMBUJOHBNVMUJMBZFSFE PQUJOHGPS,BOEUIFSFGPSFKVNQJOH
*UJTUIFBHFPGDPNNPEJUZIBSEXBSF‰ ,CBDLHSPVOEQMBUFJOSFBMUJNF 5PYJD TUSBJHIUUPEJHJUBMQSPKFDUJPOUPSFBDI
TVDIBQMBUGPSNTFSWFTUIFOFFETPG PGGFSTmMNDPNQPTJUPSTUIFGSFFEPNUP BMBSHFSBVEJFODF5IJTJTPGDPVSTFBO
BMMBQQMJDBUJPOTBOEUIJTJTQSFDJTFMZ FYQFSJNFOUXJUIPVUDPNQSPNJTJOHPO BOPNBMZRVJOUFTTFOUJBMUPUIJTDPOUJOFOU 
XIZXFBSFXJUOFTTJOHUIFNJHSBUJPOPG UIFRVBMJUZ*UPGGFSTUIFBCJMJUZUPUSZPVU DPODMVEFT4PFJSP
BMMTZTUFNTUPDPNNPEJUZIBSEXBSF  OFXUFDIOJRVFTBOEWJTVBMJ[FUIF 8FBSFPOUIFUISFTIPMEPGBEJHJUBM
SFJUFSBUFT4PFJSP SFTVMUTJNNFEJBUFMZBOEVMUJNBUFMZ SFWPMVUJPOJOmMNNBLJOHBOEUBLJOHJOUP
.JHSBUJPOTFFNTUPCFUIFLFZXPSE JUHJWFTWJTVBMFGGFDUTTQFDJBMJTUTUIF BDDPVOU4PFJSPTBOBMZTJT JUIBTCFFO
JOEFFEBTUFDIOPMPHJDBMBEWBODFNFOUT GSFFEPNBOETDPQFUPCFNPSFDSFBUJWF DMFBSMZJOEJDBUFEUIBUXFBSFRVJDLUP
MFBWFVTXJUIOPDIPJDFCVUUPNJHSBUFUP 5PYJDIBTCFFODSFBUFEGPSNVMUJVTFS FNCSBDJOHOFXUSFOETJOUFDIOPMPHZ
UIFOFYUMFWFMPGEFWFMPQNFOU4PUIFSF DPMMBCPSBUJPO4JODFJUJTQPXFSFECZBO /PXBMMXFOFFEUPEPJTNJOFPVUPVS
XFBSFBHBJO MPHJDBMMZNJHSBUJOHUPXBSET 0SBDMFSFMBUJPOBMEBUBCBTFUIBUFOTVSFT NZUIPMPHJDBMXPOEFST IBOEQJDLPOF
EBUBDFOUSJDFOWJSPONFOUT*ODPNNPO DPOTUBOUTZODISPOJ[BUJPOCFUXFFOBMM BOEUSBOTMBUFJUJOUPBEJHJUBMSFBMJUZ*UJT
QBSMBODF JUNFBOTNJHSBUJOHUPXBSET TZTUFNT BSUJTUT UFDIOJDBMEJSFDUPSTBOE UJNFUIFXPSMETBXBOEUBMLFEBCPVUPVS
XPSLnPXTUIBUNBOJQVMBUFEBUBmMFT WJTVBMFGGFDUTTVQFSWJTPSTDBOPQFOBOE NBKFTUJDFQJDT„
5IJTJTCFDBVTFUIFSFJTOPPUIFSXBZ SFWJFXUIFDPNQPTJUJPOTCFJOHXPSLFE ]4IBSNJTUIB%FZ
UPEFBMXJUIIJHISFTPMVUJPOmMNT5IJT POCZPUIFSBSUJTUT4POPUPOMZDBO
JTUIFBHFPGIJHISFTPMVUJPOBOEUPCF WFSTJPOTCFUSBDLFEBVUPNBUJDBMMZCVU
BCMFUPNFFUJUTEFNBOET UFDIOJDJBOT DPNQPTJUJPOTDBOBMTPCFDSFBUFEPO
OFFEUPCBOLPOEBUBDFOUSJDmMFTUIBU NVMUJQMFTZTUFNTXIJMFTJNVMUBOFPVTMZ
IBWFUIFDBQBCJMJUZUPTUPSFUPSSFOUTPG CFJOHMJOLFEUPHFUIFSGPSDFOUSBMJ[FE
JOGPSNBUJPO CBTJDBMMZBMPUNPSFQJYFMT SFWJFXBOESFOEFSJOH5PYJDFOBCMFTUIF
XJUIBMPUNPSFDPMPS
5IFOFXQSPEVDU FOUJSFGBDJMJUZUPTUBZJOTZOD
GSPN"VUPEFTLTCBHOBNFE5PYJDIBT 3JOHPVUBOBMPH3JOHJOEJHJUBM5IF
CFFOCVJMUJOBXBZTPUIBUJUDBOIBOEMF JOEVTUSZXJMMTPPOXFFEPVUBOBMPH
MBSHFBNPVOUTPGEBUB%FTJHOFEGPS DBQUVSJOHBOEBEBQUUPFMFDUSPOJD
SFBMUJNFJOUFSBDUJPO XIFUIFSQMBZJOH DBQUVSJOHDPNQMFUFMZ)JHIEFmOJUJPO

HBHjhHidgnXdYZ/6;HHZZEV\Z'%[dgYZiV^ah
 \
!00,)#!4)/.3åå åå).&/'2!0()#3

L^cYdlh9Z[gV\bZciZg
=VgYY^h`hVgZa^`ZXVW^cZih°
-FUTVOEFSTUBOEIPXGJMFTBSFTUPSFEPOBIBSEESJWFCFGPSFGJHVSJOH
PVUIPXUIFZBSFEFGSBHNFOUFE5IJTXJMMBOTXFSBOPUIFSCVSOJOH
RVFTUJPO i8IZEP*OFFEUPEFGSBHNFOUNZESJWFJOUIFGJSTUQMBDF w
:PVSIBSEESJWFJTTJNJMBSUPPXOJOHBDBCJOFUXIJDIJTGVMMPG
DMPUIFT USJOLFUT QBQFS BVEJPDBTTFUUFTBOE$%T QIPUPBMCVNT 
FWFOEJSUZTPDLT8IFOZPVTUPDLUIFDBCJOFUGPSUIFGJSTUUJNF FBDI
ESBXFSJTOFBUMZGJMMFE‰UIFUPQESBXFSIBTBMMZPVSUSPVTFSTBOE
TIJSUTXIJMFUIFNJEEMFESBXFSHFUTUPIPMEBMMPGZPVSTPDLTBOE
VOEFSXFBS:PVBSSBOHFZPVSXBUDIFT DPNCBOEPUIFSBDDFTTPSJFTJO
UIFMPXFTUESBXFS"GSFTIMZJOTUBMMFEIBSEESJWFJTTJNJMBSUPUIJT"MM
UIFGJMFTBSFTUPSFEPOBIBSEESJWFJOBDPOUJOVPVT PSDPOUJHVPVT

GBTIJPO'JMFTBSFTUPSFEBDSPTTNBOZiDMVTUFSTwPOB
IBSEESJWF$MVTUFSTJ[FJTEFQFOEFOUPOUIFGJMFTZTUFN
ZPVDIPPTFo'"5PS/5'4*UJTTJNJMBSUPUIFESBXFST
JOUIFDBCJOFU
(JWFJUBGFXNPOUIT XFFLT JONZDBTF
BOEZPVS
DBCJOFUXJMMTUBSUUPMPPLMJLFBEJTBTUFS[POF:PVS
TIJSUTBOEUSPVTFSTBSFEVNQFEJOUPUIFUPQESBXFS
POBiGJSTUDVNGJSTUTFSWFwCBTJT4PDLTBOEVOEFSXFBS
NJOHMFGSFFMZJOUIFNJEEMFESBXFSBOEGJGUZCVDLTTBZ
UIBUZPVXJMMOPUCFBCMFUPGJOEZPVSGBWPSJUFXBUDIXIFO
ZPVBSFBMMTFUGPSUIBUIPUEBUF
'JMFT GPMEFSTBOEBQQMJDBUJPOTPOBIBSEESJWFBSF
DPOTUBOUMZEFMFUFE VOJOTUBMMFE NPWFEPSSFTUPSFE5IJT
CSFBLTUIFDPOUJOVJUZPGUIFGJMFTGSBHNFOUTTUPSFE"TJOHMFGJMF
XJMMOPUCFTUPSFEJOGSBHNFOUTBDSPTTDMVTUFSTOFBSFBDIPUIFS
8JOEPXTXJMMTBWFUIFGJMFGSBHNFOUTJODMVTUFSTUIBUBSFGPVOEUPCF
GSFF‰TJNJMBSUPTUVGGJOHZPVSTPDLTXIFSFWFSZPVGJOEQMBDFJOUIF
NJEEMFESBXFS
5IFSFTVMUJTBXBTUFPGUJNF:PVXJMMTQFOENPSFUJNFMPPLJOHGPS
POFTPDLBOEZPVSIBSEESJWFXJMMUBLFNPSFUJNFBDDFTTJOHB.#
.1GJMFCFDBVTFJUJTTDBUUFSFEBDSPTTDMVTUFSTJOZPVSi%wQBSUJUJPO
5IFDMVTUFSDPVMECFBTTNBMMBTCZUFTPSBTMBSHFBTLJMPCZUFT
%PUIFNBUIBOEZPVXJMMSFBMJ[FUIBUUIBUJTBIFMMMPUPGDMVTUFST
UPCFTDBUUFSFEBDSPTT "SFOUZPVHMBEUIBUTPDLTDPNFJOQBJST

5IFEBUBPOZPVSIBSEEJTLJTBDDFTTFEXJUIUIFIFMQPGSFBEXSJUF
iIFBETw‰TJNJMBSUPZPVSBSNTUIBUEPUIFKPCPGGJMMJOHBOEFNQUZJOH
ZPVSDBCJOFU
-PPLJOHGPSPOFGJMFBDSPTTBQBSUJUJPOSFEVDFTUIFQFSGPSNBODFBT
XFMMBTUIFMJGF JOUIFMPOHSVO
PGUIFESJWF
8IBUXPVMEZPVEPUPDVUUIFUJNFTQFOUPOMPPLJOHGPSUIF
NJTTJOHTPDL 3FBSSBOHFZPVSDBCJOFU SJHIU 5IBUJTFYBDUMZXIBU
8JOEPXT%FGSBHNFOUFS BOEPUIFSUIJSEQBSUZEFGSBHNFOUFST
EPFT

9^cZh]9ZhV^

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
\
).&/'2!0()#3åå åå!00,)#!4)/.3 

*GZPVSIBSEESJWFTFFNTUPIBWFTMPXFEEPXOPSUBLFTBHFTJOPQFOJOHGJMFTBOE
CSPXTJOHGPMEFSTUIFOZPVOFFEUPiEFGSBHNFOUwZPVSESJWF)FSFJTIPXUIJTXJMM
JNQSPWFZPVSIBSEESJWFTIFBMUI

L^cYdlh9Z[gV\bZciZg 6
8JOEPXT91T%JTL%FGSBHNFOUFSQSPEVDFT
BOBOBMZTJTPGUIFTUBUFPGFBDIQBSUJUJPO*O
BEEJUJPOUPJUTEFUBJMFEMJTUJUNFOUJPOTUIF
QFSDFOUBHFPGEFGSBHNFOUBUJPO5IFiEJTL
TUBUFwJTEJTQMBZFEXJUIUIFIFMQPGDPMPSFE
CBOET"UBHMBODFZPVXJMMLOPXIPXNVDI
ZPVSEBUBTQSFBEBDSPTTUIFQBSUJUJPO SFGFSUP
'JHVSF"

8FLOPXUIBUmMFTBSFTUPSFEJO
GSBHNFOUTBDSPTTNBOZDMVTUFST&BDI
GSBHNFOUJTOVNCFSFEBOEDPOUBJOTUIF
BEESFTTXIFSFUIFOFYUGSBHNFOUIBTCFFO
TBWFE5IFIBSEESJWFIFBENPWFTBDSPTT
UIFQBSUJUJPOMPPLJOHVQBMMUIFBEESFTTFTJO
TFRVFODF5IFmOBMmMFGSBHNFOUDPOUBJOT
UIFiFOEPGMJOFwBEESFTT XIJDIUFMMTUIFESJWF
IFBEUIBUUIFSFBSFOPNPSFBEESFTTMJOLT
5IFTFGSBHNFOUTIBWFUPCFSFPSHBOJ[FEBOE
TUPSFEJOBDPOUJOVPVTNBOOFSUPFBTFmMF
BDDFTT
8JOEPXT%FGSBHNFOUFSTKPCJTUPVTF
UIFGSFFTQBDFBWBJMBCMFPOUIFIBSEESJWF UPNBLFTVSFEBUBIBTCFFODPQJFEDPSSFDUMZ UIFXIJMF5IJSEQBSUZTPGUXBSFJTBWBJMBCMF
UPTPSUPVUBGSBHNFOUFEQBSUJUJPO*UJTBCMF 5IFmMFTBSFOPXXSJUUFOUPUIFIBSEESJWFJO UIBUDBOBSSBOHFTZTUFNBOECPPUmMFT
UPEPUIJTXJUIUIFIFMQPGi"1*DBMMTw"1*T UIFOFXPSEFS*OUIFDBTFPG/5'4QBSUJUJPOT  JOUPDPOUJHVPVTVOJUTUPP5IFBQQMJDBUJPO
"QQMJDBUJPO1SPHSBNNJOH*OUFSGBDF
BSFB UIF.BTUFS'JMF5BCMFJTBMTPVQEBUFEQPTU QFSGPSNTUIFTFSPVUJOFTXIJMF8JOEPXT
CVODIPGSPVUJOFTUIBUBSFSVOXIFOBVTFS EFGSBHNFOUBUJPO5IJTJTCFDBVTFUIF.BTUFS HPFTUISPVHIJUTCPPUQSPDFTT5IJTJTUIF
JOUFSBDUTXJUIBOBQQMJDBUJPO*OUIJTDBTF UIF 'JMF5BCMFDPOUBJOTBOJOEFYPGBMMUIFmMFTJO SFBTPOJUJTBEWJTFEUPSVO%JTL%FGSBHNFOUFS
BQQMJDBUJPOJT%JTL%FGSBHNFOUFS*UMPDBUFTBMM UIFQBSUJUJPO PWFSOJHIUXJUIUIFTDSFFOTBWFSEJTBCMFEBOE
mMFGSBHNFOUTBOEUSJFTUPSFPSHBOJ[FUIFN *UJTRVJUFPCWJPVTUIBUTZTUFNmMFT BMMBQQMJDBUJPOTDMPTFEN
JODPOUJHVPVTDMVTUFST"GUFSUIJTJTEPOF UIF JODMVEJOHUIFQBHJOHmMF
BSFOPUNPWFEUP ]"TIVUPTI%FTBJ
SFPSHBOJ[FEGSBHNFOUTBSFBOBMZ[FEBHBJO DPOUJHVPVTBSFBTCFDBVTFUIFZBSFJOVTFBMM
CdiZ
%FGSBHNFOUBUJPOUJNFEFQFOET
POUIFTZTUFNSFTPVSDFT QBSUJUJPO
TJ[F OVNCFSPGmMFTJODMVEJOHUIFJS
JOEJWJEVBMTJ[FBOEUIFBNPVOUPG
GSBHNFOUBUJPO
'JMFTUIBUBSFSFBSSBOHFEJODPOUJHVPVT
DMVTUFSTPOUIFIBSEESJWFBSFOPU
PSHBOJ[FEBDDPSEJOHUPUIFGPMEFS
TUSVDUVSFZPVTFFJO8JOEPXT
&YQMPSFS'JMFTBSFBSSBOHFEPOUIF
IBSEESJWFBDDPSEJOHUPUIFBWBJMBCJMJUZ
PGDPOUJHVPVTDMVTUFSTGPSPQUJNJ[FE
IBSEESJWFQFSGPSNBODF
&BDIGJMFGSBHNFOUQPJOUTUPUIFOFYUDMVTUFSXIFSFUIFOFYUGSBHNFOUJTTUPSFE

*5.%ææææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/6;LHZZEV\Z'%[dgYZiV^ah


9g#8=>E 5IJTJTOUBQSPCMFNXJUI*OUFSOFU
&YQMPSFS5IFLFZCPBSETIPSUDVUZPVVTFUP
TBWFUIFXFCQBHFTo<$53-> <4>oTIPVME
XPSLCFDBVTFJUJTFYQMJDJUMZNFOUJPOFEBT
BO*&TIPSUDVUPOUIF.JDSPTPGUXFCTJUF
#VUUIFGBDUJTUIFi4BWFwPQUJPOTUBZT
EJTBCMFEBOEUIFTIPSUDVUEPFTOPUXPSL
*UJTTUSBOHFOPUIJOHNVDIDBOCFEPOF
BCPVUJU*OTUFBEZPVDBOVTFUIFi4BWF
"TwPQUJPOVOEFSUIF'JMFNFOV6TFUIF
<"MU> <'> <">LFZTUPMBVODIUIFA4BWF
8FC1BHFEJBMPHCPY6TFUIF<5BC>LFZ
UPNPWFBDSPTTUIFmFMET QSFTTJOHUIF
TQBDFCBSPSUIF<&OUFS>LFZUPTFMFDUB
GPMEFSPSOBWJHBUFUISPVHIPOF*GZPV
OFFEUPTBWFJNBHFTUIFOZPVDBOTBWFJU
BTBA8FC1BHF DPNQMFUFoUIJTDSFBUFTB
TFQBSBUFGPMEFSBMPOHXJUIUIF)5.-mMF
DPOUBJOJOHJNBHFTBOESFMBUFEDPOUFOU
QSFTFOUPOUIFQBHF5IFPUIFSPQUJPO
XPVMECFUPTBWFUIFmMFBTBA8FC
"SDIJWF TJOHMFmMFoUIJTXJMMDSFBUFB
TJOHMFmMFXJUIBMMUIFJNBHFTBOEMJOLT
<$53-> <4>EJTBCMFEJO*& QSFTFSWFEXJUIJOJU
28IFOFWFS*WJTJUBOZXFCTJUFJO*OUFSOFU
9^cZh]9ZhV^
&YQMPSFS *USZUPVTFUIF<$53-> <4> )ZQFSMJOLTEPOPUXPSLJO0&
TIPSUDVUUPTBWFUIFQBHF5IFTIPSUDVU 2*VTF0VUMPPL&YQSFTTBTNZEFGBVMU
EJEOPUXPSLBOE*SFBMJ[FEUIBUUIFi4BWFw NBJMDMJFOUPONZ8JOEPXT91)PNF
PQUJPOJOUIF'JMFNFOVJTEJTBCMFE4JODF* &EJUJPODPNQVUFS-BUFMZ *IBWFOPUJDFE
OFFEUPTBWFBMNPTUFWFSZQBHFUIBU*TVSG UIBUDMJDLJOHPOBOZIZQFSMJOLQSFTFOUJO
GPSNZTUVEJFT *OFFEUPmOEBXBZBSPVOE UIFNBJMJO0VUMPPL&YQSFTTEPFTOPUIJOH*
=VcYhdc

UIJTQSPCMFN*XPVMEQSFGFSJUJGZPVDPVME DBOOPUVOEFSTUBOEXIBUIBTHPOFXSPOH
UFMMNFIPX*DBOTBWFUIFXFCQBHFTXJUI *DBOTVSGUIF*OUFSOFUBOEUIFSFBSFOP
UIFIFMQPGLFZCPBSETIPSUDVUT JTTVFTTFOEJOHBOESFDFJWJOHFNBJMT#VU
4VBOTI UIFMJOLTEPOPUMBVODINZXFCCSPXTFS
8IBUEP*EPUPHFUJUUPXPSLBHBJO 
4VCIBTI
q=dlidGZVYi]Z8dYZ
"MM DPEF MJOFT BOE DPNNBOET BSF
5IJTQSPCMFNNJHIUCFEVFUP
XSJUUFOJOUIFGPMMPXJOHNBOOFSæ
JODPSSFDUDPOmHVSBUJPOPGmMFBTTPDJBUJPOT
QHWVK‡LQW‡LS‡UHVHW‡WFSUHVHWW[Wæ
5IJTNFBOTUIBUUIFBTTPDJBUJPOCFUXFFO
WHEREæ THEæ ‡æ SYMBOLæ DENOTESæ Aæ SPACEæ
UIFIZQFSMJOLBOEZPVSXFCCSPXTFSIBT
(ENCE æ THEæ ABOVEæ CODEæ LINEæ SHOULDæ BEæ
CFFOMPTU5IJTDPVMECFEVFUPDIBOHFT
TYPEDæASæ
NBEFUPUIFTFTFUUJOHTPSUIFJOTUBMMBUJPO
QHWVKVSDFH!LQWVSDFH!LSVSDFH
PGBUIJSEQBSUZCSPXTFSUIBUNJHIUIBWF
!UHVHWVSDFH!WFSUHVHWGRW!W[W
DBVTFEUIJTDPOGVTJPO:PVDBOUSZSFQBJSJOH

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
\
$2å#()0åå åå(!.$3å/.å 

FYUFSOBMESJWFUP/5'4)FSFJTIPXZPVDBO
HFUUIBUPQUJPOUPGPSNBUUP/5'48IJMF
UIFFYUFSOBMESJWFJTDPOOFDUFEUPZPVS
DPNQVUFS PQFO8JOEPXT&YQMPSFS SJHIU
DMJDLPOUIFESJWFBOETFMFDU1SPQFSUJFT
$MJDLPOUIFA)BSEXBSFUBC6OEFSA"MMEJTL
ESJWFT EPVCMFDMJDLUIFFYUFSOBMTUPSBHF
ESJWFUPPQFOJUTIBSEXBSFQSPQFSUJFT
EJBMPHCPY$MJDLPOUIFA1PMJDZUBCBOE
TFMFDUA0QUJNJ[FGPSQFSGPSNBODF$MJDL
PO0LUXJDFUPFYJUUP8JOEPXT&YQMPSFS
3JHIUDMJDLPOUIFTUPSBHFESJWFBOETFMFDU
'PSNBU/PX/5'4PQUJPOXJMMCFBWBJMBCMF
VOEFSUIF'JMF4ZTUFNESPQEPXOMJTU
0ODFZPVBSFEPOFXJUIUIFGPSNBU ZPV
%JTBCMFUIFPQFSBUJOHTZTUFNT*."1* DBOSFWFSUCBDLUPUIFA0QUJNJ[FGPSRVJDL
3FTUPSFGJMFBTTPDJBUJPOTUP*OUFSOFU $%#VSOJOH4FSWJDFGSPNJOUFSGFSJOHXJUI
&YQMPSFSCZFEJUJOHUIFABDUJPOMJOF BOZPUIFSCVSOJOHFOHJOF SFNPWBMJOUIFTUPSBHFESJWFQSPQFSUJFT
A1PMJDJFTUBC
UIJTBTTPDJBUJPOCZPQFOJOH8JOEPXT BQSPCMFNXJUIUIFPQFSBUJOHTZTUFN
&YQMPSFS DMJDLPO5PPMT]'PMEFS0QUJPOT XIFSFJOJUIJOEFSTUIFTPGUXBSFTCVSO -PTU*OUFSOFU$POOFDUJWJUZ
$MJDLPOUIFA'JMF5ZQFTUBCBOETDSPMM QSPDFTT$MJDLPO4UBSU]$POUSPM1BOFM] 2*MPWFJOTUBMMJOHOFXTPGUXBSFoUSJBM
UISPVHIUIFA3FHJTUFSFEmMFUZQFTMJTU "ENJOJTUSBUJWF5PPMT]4FSWJDFT PS$MJDL BOEGSFFoPONZDPNQVUFS-VDLJMZ *IBWF
4FMFDUA63-)ZQFSUFYU5SBOTGFS1SPUPDPM PO4UBSU]3VO UZQFATFSWJDFTNTDBOE OFWFSSFBMMZGBDFEUPPNBOZQSPCMFNT
$MJDLPOUIFA"EWBODFECVUUPO TJODFZPV DMJDL0L
*OUIF4FSWJDFTXJOEPX TDSPMM "QBSUGSPNTMPXJOHNZDPNQVUFSEPXO
VTF8JOEPXT91
"MJTUPG"DUJPOTXJMM EPXOUPA*."1*$%#VSOJOH$0.4FSWJDF BOEDSFBUJOHmMFTUIBUXJMMOPUEFMFUFBGUFS
BQQFBS4FMFDUAPQFOBOEDMJDLPOUIFA&EJU BOEEPVCMFDMJDLPOJU$MJDLPOUIFESPQ VOJOTUBMMJOH NZNBDIJOFIBTCFFORVJUF
CVUUPO5IFA"QQMJDBUJPOVTFEUPQFSGPSN EPXOMJTUBHBJOTUA4UBSUVQUZQFBOETFMFDU SFTJMJFOU5IJTXBTVOUJM*EPXOMPBEFETPNF
UIFBDUJPOmFMENVTUDPOUBJOUIFGPMMPXJOH A%JTBCMFE$MJDLPO"QQMZBOE0LBGUFS BQQMJDBUJPOTGSPNBXBSF[TJUF*UIJOL
MJOF  UIFTFSWJDFJTEJTBCMFE$MPTFUIF4FSWJDFT JUXBTTPNF11TPGUXBSF*JOTUBMMFE*U
i$=1SPHSBN'JMFT=*OUFSOFU&YQMPSFS= XJOEPXBOEUSZXSJUJOHEBUBUPBCMBOL$% EJTQMBZFEBQSPNQUUPNBLFTPNFDIBOHFT
JFYQMPSFFYFwOPIPNF XJUI/FSPOPX UPUIFTZTUFN*DMJDLFEPO0LJOBIVSSZBOE
$PQZUIJTMJOFJOUPUIFA"QQMJDBUJPOVTFE BGUFSBSFTUBSU *DPVMEOPUDPOOFDUUPUIF
UPQFSGPSNUIFBDUJPOmFMEoJODMVEJOHUIF &YUFSOBM4UPSBHF1SPCMFN *OUFSOFU*VOJOTUBMMFEUIFTPGUXBSFCVUJU
RVPUBUJPONBSLT$MJDL0,UXJDFUPTBWF 2*PXOB(#FYUFSOBMTUPSBHFESJWF IBEOPFGGFDU)PXEP*HFUNZ*OUFSOFU
UIJTDIBOHFBOENBLFUIFTBNFDIBOHFTUP *UJTGPSNBUUFEUPUIF'"5mMFTZTUFN DPOOFDUJPOUPXPSLBHBJO
BOPUIFSmMFUZQFA63-)ZQFSUFYU5SBOTGFS *UXPSLTQSPQFSMZXIJMFUSBOTGFSSJOHmMFT 7JOBZ
1SPUPDPMXJUI1SJWBDZ BOEGPMEFSTCVUXIFOFWFS*USZUPNPWFBO
$MJDLPO"QQMZBOE0,UPDMPTFUIF JNBHFmMFGSPNNZDPNQVUFS JUSFGVTFTUP 5IF11TPGUXBSFIBTNPTU
'PMEFS0QUJPOTXJOEPX EPTP*UTBZTUIFSFJTOPTQBDFPOUIFESJWF EFmOJUFMZNFEEMFEXJUIZPVS5$1*1
5IBUJTOPUTPCFDBVTF*IBWFFWFOUSJFE
/FSP1PXFS$BMJCSBUJPO&SSPS EFMFUJOHFWFSZUIJOHGSPNUIFESJWF5IF
28IFOFWFS*USZUPCVSOTPNFEBUBPOUP JNBHFmMFBMNPTU(#JOTJ[FBOEJUKVTU
BCMBOL$% /FSPnBTIFTBOFSSPSNFTTBHF EPFTOPUDPQZUPNZTUPSBHFESJWF XIJDI
A1PXFS$BMJCSBUJPO&SSPS*IBWFUSJFEVTJOH IBT(#PGGSFFTQBDF4PNFPOFUPME
EJGGFSFOU$%ToJUIBEOPUFGGFDU*FWFO NFUPDIBOHFUIFmMFTZTUFNUP/5'4CVU
USJFESFJOTUBMMJOHNZ$%8SJUFS*UPPLUIF JUEPFTOPUHJWFNFUIFPQUJPOUPEPUIBU
$%XSJUFSUPBGSJFOETQMBDFBOEDPOOFDUFE 8IBUEP*EP *TNZESJWFGBVMUZ 
JUUIFSF*VTFEUIFTBNFNFEJB*USJFEPO 1SBUJL
NZTZTUFN*UXPSLFEQFSGFDUMZUIFSF8IBU
DPVMEUIFQSPCMFNCF 5IFSFBTPOZPVHFUUIFFSSPSJT
.BOPK CFDBVTFZPVSFYUFSOBMTUPSBHFESJWFJT
GPSNBUUFEJO'"55IF'"5TZTUFN
"TZPVGPVOEPVU UIJTJTDFSUBJOMZ DBOOPUTVQQPSUBmMFUIBUJTHSFBUFSUIBOPS
OPUBIBSEXBSFJTTVF5IFSFNJHIUCF FRVBMUP(#:PVXJMMIBWFUPGPSNBUUIF

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/=98HZZEV\Z'%[dgYZiV^ah
 \
(!.$3å/.åå åå$2å#()0

DPOOFDUJPO6OJOTUBMMJOHBMNPTUOFWFS
TPMWFTUIFQSPCMFN:PVDBONBOVBMMZ 8=>E">C9>6@CDL=DLqlll#X]^e"^cY^V#Xdb$`cdl]dl
SFJOTUBMMA'JMFBOE1SJOUFS4IBSJOHGPS 8ViVad\^c\VWdd`XdaaZXi^dc LIKEæ AUTHOR æ CATEGORY æ PUBLISHER æ ETCæ 4HISæ
.JDSPTPGU/FUXPSLT A$MJFOUGPS.JDSPTPGU * IBWF B IVHF DPMMFDUJPO PG CPPLT ISæALSOæPRINTABLEæINæDIFFERENTæFORMATSæ
/FUXPSLTBOEA*OUFSOFU1SPUPDPM 5$1 BOE * BN QMBOOJOH UP PSHBOJ[F UIFN )Næ ADDITIONæ TOæ CATEGORIZINGæ ALLæ YOURæ
*1
GSPNZPVS/FUXPSL$POOFDUJPOT BMQIBCFUJDBMMZ HFOSFXJTF FUD*TUIFSF BOOKSˆMAKINGæ THEMæ EASIERæ TOæ SEARCHˆ
QSPQFSUJFT5IJTXJMMTFUUIJOHTTUSBJHIU BOZ HPPE TPGUXBSF BWBJMBCMF PO UIF ITSæ hLENDINGvæ FEATURESæ WILLæ LETæ YOUæ KEEPæ Aæ
.BLFTVSFZPVOPUFBMMZPVSOFUXPSL *OUFSOFU  XIJDI XJMM IFMQ NF JO EPJOH TABæONæWHOæYOUæHAVEæLENTæYOURæBOOKSæTOæ
DPOOFDUJPOTFUUJOHTCFGPSFVOJOTUBMMJOH UIJT *IPQFJUJTGPSGSFFUPP "OOK$"æ ALSOæ HASæ LENDINGæ LIBRARYæ
BOESFJOTUBMMJOHUIFTFDPNQPOFOUT.BLFB BSKVONL FEATURESæ 7ITHæ THEM æ YOUæ CANæ ADDæ
OPUFPGZPVS*1BEESFTT JGJUIBTCFFOHJWFO 9OUæCANæDOWNLOADæh"OOK$"væFROMæTHEæ BORROWERS æ LOANæ OUTæ BOOKS æ ADDæ MULTIPLEæ
UPZPVCZZPVSQSPWJEFS
(BUFXBZBEESFTT FOLLOWINGæLINKæIUUQXXXTPGUQFEJB COPIESæ ANDæ SOæ ONæ 9OUæ CANæ TESTæ THESEæ
BOEZPVS8*/4%/4TFSWFSBEESFTTFT JG DPNHFU0UIFST)PNF&EVDBUJPO FEATURESæ BYæ CREATINGæ Aæ BLANKæ TEXTæ lLEæ
QSPWJEFE
"OPUIFSBMUFSOBUJWFXPVMECF #PPL%#TIUNM CALLEDæ hLIBRARYTXTvæ INæ THEæ SAMEæ FOLDERæ ASæ
UPEPXOMPBEBMJUUMFVUJMJUZ GSPNBDBGÍ 4HISæSOFTWAREæISæFREEæ9OUæCANæCATALOGæ h"OOK$"EXEvæ2ESTARTæTHEæPROGRAMæ
PSGSJFOETNBDIJOF
DBMMFE8JO4PDL'JY*U ALLæ YOURæ BOOKSæ BYæ lLLINGæ INæ DIFFERENTæ lELDSæ XIJN@HFO
JTBWBJMBCMFPOIUUQXXXNBKPSHFFLT
DPNEPXOMPBEIUNM
#FGPSFSVOOJOHUIJTVUJMJUZOPUFEPXO
ZPVSDPOOFDUJPOTFUUJOHTBTJUXJMMSFJOTUBMM
UIF5$1*1QSPQFSUJFT JOTUFBEPGZPV
IBWJOHUPEPJUNBOVBMMZ
BOESFTUBSU
ZPVSDPNQVUFS"GUFSJUSFTUPSFTZPVS
DPOOFDUJPOTDPNQPOFOUT FOUFSZPVS
TFUUJOHTPODFBHBJO:PVXJMMCFBCMFUP
DPOOFDUUPUIF*OUFSOFUBHBJO

$POWFSU'"5UP/5'4
2*SFBEUIBUDPOWFSUJOHBQBSUJUJPO
UP/5'4JTCFUUFSCFDBVTFJUJTCFUUFS
BOENPSFSFMJBCMF*XBTBMTPUPMEUIBUJU $BUBMPHBMMZPVSCPPLTBOELFFQBUBCPOXIPZPVMFOEUIFNUP
TVQQPSUTMBSHFSQBSUJUJPOTJ[FT*XPVMEMJLF
UPLOPXJG*DBODPOWFSUNZ'"5QBSUJUJPO BOETUBCJMJUZ5IJTJTCFDBVTFJUTUPSFT 5IFAGPSNBUDPNNBOEXJMMBMTPDIBOHF
UP/5'4XJUIPVUIBWJOHUPSFJOTUBMMUIF mMFTJOTNBMMFSDMVTUFSTSFTVMUJOHJOMFTT mMFTZTUFNTCVUBTUIFOBNFTVHHFTUT JUJT
PQFSBUJOHTZTUFN XBTUBHFPGGSFFTQBDF:PVDBODPOWFSU BEFTUSVDUJWFQSPDFTT:PVXJMMMPTFBMMZPVS
/BWJO '"5QBSUJUJPOTUP/5'4 JO8JOEPXT EBUB0OUIFPUIFSIBOE UIFADPOWFSUFYF
91
XJUIPVUSFJOTUBMMJOHUIF VUJMJUZEPFTUIFDPOWFSTJPOXJUIPVUMPTJOH
:FT /5'4JTBCFUUFSmMFTZTUFN PQFSBUJOHTZTUFN:PVOFFEUPVTFUIF BOZEBUB)PXFWFSJGZPVXBOUUPDPOWFSU
XIFOJUDPNFTUPmMFNBOBHFNFOU ADPOWFSUFYFVUJMJUZUPCFBCMFUPEPUIJT BO/5'4QBSUJUJPOCBDLUP'"5 UIFOJU

$POWFSUZPVSQBSUJUJPOUP/5'4XJUIPVUMPTJOHEBUBXJUIUIFADPOWFSUDPNNBOE

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
\
$2å#()0åå åå(!.$3å/.å 

XJMMEFMFUFBMMUIFEBUBGSPNUIFQBSUJUJPO XJMMIBWFUPEVNQUIFTIPSUDVUPOUPZPVS
/FFEBIBOEXJUIZPVS1$USBWBJMT 
:PVCFUUFSIBWFZPVSNJOENBEFVQ %FTLUPQPSJOUPUIF4UBSUNFOV JGJUJTB
-PHPOUPXXXDIJQJOEJBDPN
CFGPSFDPOWFSUJOHUIFQBSUJUJPOUP/5'4 QSPHSBNJOTUFBEPGBmMF
GPSJUUPGVODUJPO
LOPXIPXBOEQPTUZPVSRVFSZ7PJMB
.BLFTVSFZPVUBLFBCBDLVQCFGPSFZPV *GJUJTBTIPSUDVUGPSBQSPHSBNBOEOPU
:PVSFPOZPVSXBZUPBHMJUDIGSFF
VTFADPOWFSUFYF$MJDLPO4UBSU]3VO UZQF BmMF UIFOUIFTIPSUDVULFZXJMMXPSLJO
GVUVSF
ADNEBOEDMJDLPO0L5ZQFUIFGPMMPXJOH BTMJHIUMZEJGGFSFOUXBZ*GUIFQSPHSBNT
DPNNBOEBOEQSFTT<&OUFS> TIPSUDVUFYJTUTPOBOPUIFSQBSUJUJPOUIFO
$POWFSU9'4/5'4 XIJMFSVOOJOHJOUIFCBDLHSPVOEJGUIF
>c[dq;dg6XXjgViZ9^V\cdh^h°
i9wJTUIFESJWFZPVXBOUUPDPOWFSUUP TIPSUDVULFZTBSFVTFE UIFO8JOEPXTXJMM
/5'4*GUIJTESJWFIBQQFOTUPCFZPVSi$w TXJUDIUPJUNBLJOHJUBDUJWF æ-ENTIONæSYSTEMæSPECIFICATIONS
ESJWFUIFOUIFDPOWFSTJPOXJMMCFHJOXIFO )FSFJTIPXZPVDBOTBWFUIFQSPHSBNT ææ-ENTIONæ NEWæ HARDWAREæ ORæ SOFTWAREæ
ZPVSFTUBSU*GZPVHFUBNFTTBHFBTLJOH TIPSUDVUJOUIF4UBSUNFOV3JHIUDMJDL INSTALLEDæRECENTLY
ZPVUPAEJTNPVOUUIFWPMVNFUIFOQSFTT POUIFTIPSUDVUBOETFMFDUA$VU$MJDLPO ææ.OTEæTHEæERRORæMESSAGE æINCLUDINGæTHEæ
<:>JGZPVBSFOPUBDDFTTJOHBOZmMFTPS A4UBSUBOEOBWJHBUFUPUIFQMBDFXIFSF ACTIONæORæEVENTæTHATæTRIGGERSæTHEæERRORæ
GPMEFSTGSPNUIFSF*GZPVBSFVOTVSFUIFO ZPVXBOUUPQMBDFUIFTIPSUDVU)FSF &ORæINSTANCE æTHEæERRORæMESSAGEæCOMESæ
DIPPTFOPUUPEJTNPVOU UZQF</>BOE XFXJMMQMBDFJUJOUPUIFNBJOA1SPHSBNT UPæONLYæDURINGæSTARTUPæORæSHUTDOWN æORæ
QSFTT<&OUFS>
*UXJMMOFYUQSPDFFEUPBTL NFOV5IFTIPSUDVUXJMMTUJMMXPSLJGJUJT WHENæSTARTINGæAæPARTICULARæAPPLICATIONæ
JGZPVXBOUUPTDIFEVMFUIFDPOWFSTJPO TBWFEXJUIJOBTVCNFOV3JHIUDMJDLPO ANDæSOæONæ
QSPDFTTUPCFHJOBGUFSBSFTUBSU1SFTT A1SPHSBNTBOETFMFDUA&YQMPSF8IFO ææ-ENTIONæ ANYæ CHANGESæ YOUVEæ MADEæ
<:>BOESFTUBSUUIFDPNQVUFS%POPU 8JOEPXT&YQMPSFSPQFOT A1BTUFUIF JUSTæ BEFOREæ YOUæ STARTEDæ GETTINGæ THEæ
DBODFMUIFDPOWFSTJPOXIFOUIFNBDIJOF TIPSUDVUUIFSFBOEBTTJHOZPVSTIPSUDVU ERRORæ&ORæINSTANCE æHAVEæYOUæDELETEDæ
SFTUBSUT%VSJOHUIJTQSPDFTT UIFTZTUFN LFZ JGZPVIBWFOPUBTTJHOFEPOFZFU
 SOMEæ FILESæ RECENTLYæ ORæ UNINSTALLEDæ
XJMMSFCPPUUXJDF 5IJTJTBQQMJDBCMFUPQSPHSBNT*GJUJTBmMF SOMEæAPPLICATIONS
UIFOZPVXJMMIBWFUPTBWFUIFTIPSUDVUPO
4IPSUDVULFZEPFTOPUXPSL UIF%FTLUPQPOMZ QSPWJEFTBO47JEFP 0VU
PSB$PNQPTJUF
2*DSFBUFEBTIPSUDVUJOPOFPGNZ 570VU
DPOOFDUPS:PVS57TIPVMEBMTP
QBSUJUJPOTUPPQFOBmMFUIBU*GSFRVFOUMZ 0VUQVUUP57 IBWFPOFPGUIFTFDPOOFDUPST"GUFS
BDDFTT*FWFOBTTJHOFEBTIPSUDVULFZUP 2*PXOB1FOUJVNDPNQVUFSBOEB DPOOFDUJOH ZPVTIPVMEHFUEJTQMBZPO
JUCVUJUEPFTOPUXPSL8IBUDBO*EPUP 4POZUFMFWJTJPO*XPVMEMJLFUPLOPXIPX ZPVSUFMFWJTJPO*GZPVOFFEUPUXFBLUIF
NBLFUIJTXPSL %P*OFFEUPJOTUBMMBOZ *DBOSPVUFUIFEJTQMBZGSPNNZDPNQVUFS QPTJUJPOPGUIFEJTQMBZPOZPVS57 ZPVXJMM
AQPXFSVUMJUJFTUPUXFBL8JOEPXT  UPNZ4POZ57 OFFEUPVTFZPVSHSBQIJDDBSETDPOUSPM
o%FFQBL .PVMBMJ QBOFM TPGUXBSFTVJUF
UPTFUUIFBMUFSOBUF
EJTQMBZUPA576TJOHUIFUFMFWJTJPOJOTUFBE
:PVSTIPSUDVULFZJTOPUXPSLJOH :PVIBWFOPUTQFDJmFEZPVSTZTUFN PGUIFNPOJUPSUPXPSLPOZPVSDPNQVUFS
CFDBVTFJUJTOPUTBWFEPOUIF%FTLUPQ TQFDJmDBUJPOT*UXPVMEIBWFIFMQFEUP JTSFBMMZOPUXPSUIUIFFGGPSU6OMJLFUIF
5IJTJTUIFXBZTIPSUDVULFZTGVODUJPO:PV LOPXJGZPVVTFBEFEJDBUFEHSBQIJDT NPOJUPS B57EPFTOPUTVQQPSUIJHI
DBSEPSJGJUJTBOJOUFHSBUFETPMVUJPO SFTPMVUJPOT*UNBLFTNPSFTFOTFUPVTF
:PVOFFEUPIBWFBHSBQIJDTDBSE XIJDI UIFUFMFWJTJPOXIFOZPVXBOUUPXBUDI
NPWJFTTBWFEPOZPVSIBSEESJWFN

4BWFZPVSGJMFTTIPSUDVUPOZPVSEFTLUPQJG "CPWF47JEFP 0VU


POBHSBQIJDTDBSE 
ZPVXBOUUIFTIPSUDVULFZUPXPSL #FMPX$PNQPTJUF0VUPOBOBEBQUFS

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!.$3å/.åå åå7/2+3(/0

EgVbdY?VY]Vk

6BVhiZg8ji
&EJUIPNFWJEFPT PMEXFEEJOHDMJQT BEE)PMMXPPEFGGFDUT FODPEFUPEJGGFSFOU
GPSNBUTPSDVUBQSPGFTTJPOBM%7%‰XJUIPOFTPMVUJPO

"
WJE-JRVJE‰FBSMJFSLOPXOBT1JOOBDMF -JRVJEMFUTZPVJODMVEFTPNFDPPMFGGFDUTJOUP
-JRVJEVOUJMJUCFDBNFBQBSUPG"WJE‰JT ZPVSWJEFP*UIBTBMBSHFSFQPTJUPSZPGTQFDJBM
BOBVEJPWJEFPFEJUJOHUPPM-JRVJEJT FGGFDUT USBOTJUJPOT mMUFST‰TPNFBSFTJNQMFBOE
BWBJMBCMFJOEJGGFSFOUWFSTJPOTEFQFOEJOHPOUIF MJHIU PUIFSTBSFNPSFDPNQMFYBOEUBLFMPOHFSUP
LJOEPGXPSLZPVJOUFOEUPEP5IJTXPSLTIPQJT SFOEFS:PVXJMMmOEUIBUHPJOHUISPVHIUIJTMJCSBSZ
CBTFEPOUIF"WJE-JRVJEWFSTJPO1SPGFTTJPOBM BMPOFJTBUBTLPGJUTPXO5IJTJTXIZKVTUUISFF
WFSTJPOTBSFBDDPNQBOJFEXJUIBOFYUFSOBM FGGFDUTIBWFCFFOTIPXOJOUIJTXPSLTIPQ-JRVJE
IBSEXBSFEFDPEFS BMTPLOPXOBTiCSFBLPVUCPYw
 BMTPBMMPXTZPVUPEFTJHOZPVSPXO%7%NFOVPS
BOENVMUJQMF"7DPOOFDUJWJUZPQUJPOT-JRVJE SFXPSLUIFUFNQMBUFT
JTOPUBUPPMUIBUDBOCFMFBSOFEPWFSOJHIU*G 5IFTZTUFNSFRVJSFNFOUTBSFOPUNPEFTU*U
ZPVIBWFXPSLFEXJUIQSPGFTTJPOBMBVEJPWJEFP JTBEWJTBCMFUPXPSLXJUIBIJHIFSDPOmHVSBUJPO
FEJUJOHBQQMJDBUJPOTBMSFBEZUIFOZPVNJHIUOPU 0MEFSIBSEXBSFXJMMIBWFBOFGGFDUPOUIF
IBWFUPGBDFBTUFFQMFBSOJOHDVSWF PVUQVU‰JUXJMMSFTVMUJOTMPXFSSFOEFSTBOEDIPQQZ
-JRVJEJTBPOFTUPQTPMVUJPOGPSUSBOTGFSSJOH QSFWJFXT BDIPQQZQSFWJFXEPFTOUNFBOUIF
DPOUFOUGSPNBOFYUFSOBMTPVSDF MJLFBDBNDPSEFS
 PVUQVUXJMMBMTPCFUIFTBNF
-FUVTOPXNPWFPO
UPFEJUJOHJUXJUIUIFIFMQPGQSPGFTTJPOBM BOEHFUUPLOPXUIJTBQQMJDBUJPO
UPPMT7JEFPGPPUBHFDBOCFNJYFE FEJUFEBOE
QSFWJFXFEPOUIFnZ:PVDBOFODPEFZPVSIPNF B^c^bjbhnhiZbgZfj^gZbZcih
WJEFPTJOUPEJGGFSFOUGPSNBUT JODMVEJOH%JW9  *OUFM1FOUJVN()[ 8JOEPXT911SP41 
3FBM.FEJB 8JOEPXT.FEJBBOE2VJDLUJNF
BOE .#3". "(19HSBQIJDTDBSEXJUI
BVUIPSB%7%XJUIUIFIFMQPGBTJNQMFXJ[BSE .#3".BOE%JSFDU9TVQQPSU 'JSF8JSFQPSUT 
5IJTXPSLTIPQUSJFTUPIJHIMJHIUTPNFPG"WJE TPVOEDBSEBOE%7%30.ESJWF
-JRVJETJOUFSGBDFBOEDBQBCJMJUJFT*UJMMVTUSBUFTUIF
1SJDF3T $POUBDU"EJUZB*OGPUFDI-UE
OVNCFSPGXBZTZPVDBOHPBCPVUBEEJOHWJEFP
8FCTJUFXXXBEJUZBHSPVQDPN
DMJQTJOUPBiQSPKFDUw FEJUUIFNBOEQSFWJFXUIF
&NBJMTBMFT!BEJUZBHSPVQDPN
SFTVMUTJOSFBMUJNF

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
7/2+3(/0åå åå(!.$3å/.å 

6 A^fj^Y,#%^ciZg[VXZ
#FGPSFQMVOHJOHIFBEMPOHJOUP-JRVJE XJUIDVTUPNJ[BCMFUPPMCBSTUPSFNPWF JUJTSFDPNNFOEFEUPQSJOUBOEQJOUIFN
 JUJTOFDFTTBSZUPHFUBDDVTUPNFEUP VOOFDFTTBSZCVUUPOT VQPOZPVSTPGUCPBSE
UIFJOUFSGBDF4PNFQSFGFSBDMVUUFSGSFF "OBQQMJDBUJPOJTOPUIJOHXJUIPVUJUT "EE3FNPWF$POUSPM#VUUPOTPO
XPSLTQBDF‰UIF7JFX4XJUDIFSQSPWJEFT LFZCPBSETIPSUDVUT4JODFUIFSFBSFNBOZ UIF5PPMCBS
NVMUJQMFWJFXJOHPQUJPOT:PVDBOmEEMF LFZCPBSETIPSUDVUT (MPCBM.BTUFS4PVSDF


4PVSDF7JFXFS *OTFSU

'JMN4UZMF
$POUSPM#VUUPOT

.BSLJOPVU

1SPKFDU#SPXTFS 5SBDLT ;PPNJOUPBOEPVUPGUJNFMJOF 5BTLCBS

7JFX4XJUDIFS

,FZCPBSE4IPSUDVUTGPS.BTUFS4PVSDF7JFXFSBOE(MPCBM4IPSUDVUT

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*

HBHjhHidgnXdYZ/=LAHZZEV\Z'%[dgYZiV^ah
 \
(!.$3å/.åå åå7/2+3(/0

7 8gZVi^c\Vegd_ZXi

$SFBUFBQSPKFDUCFGPSFUSBOTGFSSJOHB 5IF*NQPSU8J[BSEPGGFSTWBSJPVTXBZTPG *NQPSUJOHNFEJBBOEJUTNBOBHFNFOUJT


CBUDIPGWJEFPDMJQTGPSFEJUJOH JNQPSUJOHDMJQTUPZPVSQSPKFDU NBEFFBTJFSXJUI-JRVJETCVJMUJOTFBSDI

&WFSZUJNFZPVCFHJOXPSLXJUIBTFUPG GSPNBDBNDPSEFSUIFOZPVDBOFJUIFSVTF TIPVMECFPGUIFTBNFGPSNBU LOPXOBT


WJEFPDMJQTZPVOFFEUPDSFBUFBOFX1SPKFDU UIFi*NQPSU8J[BSEwPSUIFi&;$BQUVSFw iDPOUBJOFSw
DPEFD .1&( %JW9 FUD
BOE
i'JMF]/FX]1SPKFDUwXJMMDSFBUFBOFX UPPMGSPNUIF'JMFNFOV.BLFTVSFZPVS BTQFDUSBUJP:PVDBOBMTPPSHBOJ[FZPVSDMJQT
QSPKFDU/BNFUIFQSPKFDUBQQSPQSJBUFMZ DBNDPSEFSJTDPOOFDUFEUPZPVSDPNQVUFS CZDSFBUJOHBi3BDLw GPVOEJOUIFi'JMF]
BOETFMFDUUIFOBUVSFPGTFRVFODFZPVXJMM CFGPSFZPVCFHJOUIFDBQUVSF5PFEJUDMJQT /FXwNFOV
BOEHJWJOHJUBTVJUBCMFOBNF
CFFEJUJOH"iTFRVFODFwDPOTJTUTPGBTFUPG UIBUBSFBMSFBEZQSFTFOUPOZPVSDPNQVUFS 8JUIUIFNFEJBNBOBHFNFOUZPVDBO
WJEFPT PSBVEJPUSBDLT
$IPPTFUIFGPSNBU HPUPi'JMF]*NQPSU].FEJBwBOEDIPPTF TFBSDIGPSJNBHFT BVEJP WJEFPUPJNQPSU
ZPVXJMMCFJNQPSUJOH*GZPVBSFUSBOTGFSSJOH UIFDMJQTZPVJOUFOEUPXPSLPO5IFDMJQT $MJDLPOi'JMF]*NQPSU]4FBSDI.FEJBw

8 >chZgi^c\k^YZdXa^eh

%SBHFBDIDMJQJOUPUIFTPVSDFWJFXFSBOE 1SFWJFXUIFUSBOTGFSSFEDMJQ6TFUIFNPVTF 4XJUDIWJFXTUPiTUPSZCPBSEwUPBSSBOHF


.BSLJOPVUQPSUJPOTPGUIFDMJQZPVXBOU TDSPMMUPDPOUSPMUIFQMBZMJOF SFEMJOF
NVMUJQMFDMJQTTFRVFOUJBMMZ

5ISFFWJEFPDMJQTXFSFJNQPSUFEBOEUIFZ 7JFXFSTUPPMCBS"EKBDFOUUPUIF4PVSDF USBDL3JHIUDMJDLPOUIFUSBDLOBNF TFMFDU


XFSFQMBDFEJOUIF1SPKFDU#SPXTFS/FX 7JFXFSJTBCVUUPOUIBUUPHHMFTCFUXFFO i7JFX])FBEwPSi5BJMwUPEJTQMBZUIFmSTU
TFRVFODFTPSSBDLTDBOCFDSFBUFEXJUIJO i0WFSXSJUFwBOEi'JMN4UZMFw.BLFTVSF BOEPSMBTUGSBNFPGUIFDMJQJOUIFUJNFMJOF
UIF1SPKFDU#SPXTFSUPP5PJOTFSUBUSBDL UIFTZNCPMJTZFMMPX UIJTJOEJDBUFTJUJT 6TFUIF4UPSZCPBSEWJFX XJUIUIF7JFX
JOUPUIFUJNFMJOFZPVIBWFUPmSTUESBHUIF i'JMN4UZMFw
$MJDLPOUIFi*OTFSUwBSSPX 4XJUDIFS
JGZPVIBWFNBOZDMJQT FTQFDJBMMZ
mMFJOUPUIF4PVSDF7JFXFS4FMFDUUIFQBSU BCPWFUIF'JMN4UZMFTZNCPM5IJTXJMMUSBOTGFS POBDBNDPSEFS
UPFEJU5IFWJFXDSFBUFT
ZPVXBOUUPUSBOTGFSUPUIFUJNFMJOFXJUI UIFNBSLFEQPSUJPOUPUIFUJNFMJOF%PUIF BCPBSEPOXIJDIZPVDBOBSSBOHFNFEJB
UIF.BSLJO.BSLPVUCVUUPOTJOUIF4PVSDF TBNFGPSUIFSFTUPGUIFDMJQTPOUPUIFTBNF DMJQTTFRVFOUJBMMZXJUIMFTTDMVUUFS

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
7/2+3(/0åå åå(!.$3å/.å 

9 Jh^c\igVch^i^dchVcYZ[[ZXih

1JDLBUSBOTJUJPOGSPNUIF1SPKFDU#SPXTFS "MMUIFUSBOTJUJPOTDBOCFGVSUIFSFEJUFE "EWBODFELFZJOHFGGFDUTMJLFUIF(SFFO


BOEESBHBOEESPQCFUXFFODMJQT BDDPSEJOHUPZPVSQSFGFSFODFT 4DSFFOIBWFQPXFSGVMDBQBCJMJUJFT

"GUFSJOTFSUJOHQPSUJPOTGSPNNVMUJQMFWJEFP XIJDIZPVDBOUXFBLUIFFGGFDUBOEQSFWJFX UIJTMJCSBSZ5IFHSFFOTDSFFODBOCFVTFE


DMJQTJOUPUIFUJNFMJOFXFDBOHPBIFBE JU$MJDLPOUIFi&YJUwCVUUPOJOUIFUPQSJHIU UPTVQFSJNQPTFUIFCBDLHSPVOEXJUIBO
BOEBEETPNFTQJDFCZJODMVEJOHUSBOTJUJPO DPSOFSPGUIFFGGFDUTFEJUPS5IFUSBOTJUJPO JNBHFPSBOPUIFSMBZFS*UJTGPVOEVOEFS
FGGFDUTJOUPUIFOFXUSBDL$IPPTFB DBOBMTPCFESBHHFEJOUPUIFUJNFCFUXFFO UIF$PNNPUJPO$MJQ'9GPMEFSJOUIF1SPKFDU
USBOTJUJPOFGGFDUGSPNi3FBMUJNF5SBOTJUJPO UIFUXPDMJQT*UBVUPNBUJDBMMZDFOUFST #SPXTFST-JCSBSZUBC
UPSFQMBDFJUXJUIBO
'9]&EJUPSTw GPVOEXJUIJOUIFi-JCwUBCJO JUTFMGCFUXFFOUIFDMJQT:PVDBOFWFOSJHIU JNBHFPSDMJQ4FMFDUi%POPUVTF,FZGSBNFTw
UIF1SPKFDU#SPXTFS
%PVCMFDMJDLPOJUUP DMJDLPOJUBOETFMFDUUIFi"MJHOwGPSNBU JOUIFFGGFDUTi0QUJPOTwBTUIFCBDLHSPVOE
FEJUUIFUSBOTJUJPOFGGFDUTQBSBNFUFSTXJUI 1SPGFTTJPOBMFGGFDUTDBOBMTPCFBEEFEGSPN XJMMOPUCFDIBOHJOHUISPVHIUIFDMJQ

: AVnZgh^cZ[[ZXihVcYbjai^"XVbZY^i^c\

5IF$MJQ'9QSPQFSUJFTMJTUTUIFFGGFDUT 5IF0VUQVU8J[BSEQSPEVDFTBXIPMFIPTU 'PSNVMUJQMFDMJQTUIBUOFFEUPCFNFSHFE 


5IFZBSFBQQMJFEJOUIFTBNFPSEFS PGGPSNBUTUPFODPEFZPVSWJEFPUP NVMUJDBNFEJUJOHJTBQPXFSGVMPQUJPO

'JSTUDSFBUFBOJNBHF TUJMM
BOEBEEJUUP LFZTUPDIBOHFUIFPSEFSJOXIJDIUIFZBSF JTFYUSFNFMZVTFGVMGPSWJEFPTUSFBNTGSPN
UIFUJNFMJOF CFMPXUIFNBJOWJEFPUSBDL
 BQQMJFE'JOBMMZBGUFSFEJUJOHUIFUSBOTJUJPO NVMUJQMFDBNFSBT"SSBOHFBMMUIFDMJQTJOB
5IJTXJMMSFQMBDFUIFHSFFOCBDLHSPVOE FGGFDUTFYQPSUUIFUSBDLUPBMPDBUJPOPO TJOHMF3BDL TFUUIF.BSLJOQPJOUT DMJDLPO
%SBHUIFi(SFFO4DSFFO,FZwFGGFDUBOE ZPVSIBSEEJTLJOUIFGPSNBUPGZPVSDIPJDF i1SPKFDU].VMUJDBN4ZOD]"MMJO3BDLw4ZOD
i4NPPUI4DSFFOwmMUFSPOUPUIFWJEFPUSBDL &BDIGPSNBUPGGFSTUFNQMBUFT XIJDIBSF UIFDMJQTBDDPSEJOHUPi.BSLJOwBOEDPOmSN
POUIFUJNFMJOF5IFQVSQMFMJOFPOUIFUSBDL CBTFEPORVBMJUZ BTQFDUSBUJPBOETJHOBM UIFTFMFDUJPO3JHIUDMJDLUIFUPPMCBS TFMFDU
TJHOJmFTBOPWFSMBZ%PVCMFDMJDLPOJUUP GPSNBU /54$1"-
5IFMBTUTDSFFOTIPUPO i$VTUPNJ[Fw TFMFDUUIFi4QFDJBMwUBC/FYU 
WJFXUIFTFFGGFDUT6TFUIF6Q%PXOBSSPX UIJTQBHFTIPXTUIF.VMUJ$BNGFBUVSF5IJT BEEUIFi.VMUJDBN%JTQMBZwCVUUPO

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*
 \
(!.$3å/.åå åå7/2+3(/0

; 8gZVi^c\V9K9bZcj

5IF%7%8J[BSEXJMMIFMQZPVTFMFDUB :PVDBOBEEEFMFUFJUFNT JNBHFTJOUIF :PVDBOSFTFUMJOLTEJSFDUMZGSPNUIF


NFOVBOEBVUPMJOLDMJQT UFNQMBUFDIPTFOGPSUIF%7%NFOV QSFWJFX-JOLTDBOBMTPEJTQMBZBOJNBUJPOT

$SFBUFZPVSPXO%7%XJUIBDVTUPNJ[FE B%7%.FOVGSPNi-JCwJOUIF1SPKFDU /VNCFSTwBDDPSEJOHUPUIFDMJQTZPVXBOU


NFOV$MJDLPOi&EJU]%7%8J[BSEw5IJT #SPXTFSBOEBEEJUUPUIFCFHJOOJOHPG UPTLJQUP$SFBUFZPVSPXOUJUMFTXJUIUIF
i&EJUwJTGPVOEPOUIFUPQSJHIUIBOE UIFUJNFMJOF*GZPVVTFUIFXJ[BSEZPVDBO IFMQPG5JUMF%FLP35*UJTJOTUBMMFETFQBSBUFMZ
DPSOFSPGUIFXJOEPX*OTFSUUIF%7% TQFDJGZUIFDMJQTJOUIFSBDLBTUIFPOFT VOEFSUIF1SPHSBNTNFOV5IFNFOVBOE
.FOVEJSFDUMZGSPNUIFUFNQMBUFTXJUIPVU ZPVXBOUUPMJOLUPBOEDPOUJOVF&EJUUIF UJUMFFEJUPSTPGGFSBSBOHFPGUPPMTGSPNUFYU
TUBSUJOHUIFXJ[BSE JGZPVBSFBMSFBEZ %7%.FOVCZDMJDLJOHPOUIFi&EJU.FOVw TQBDJOH GPOUT TJ[F TIBQFTBOEDPMPST:PV
GBNJMJBSXJUIUIFJOUFSGBDF
$MJDLPO CVUUPO8IJMFXPSLJOHXJUIUIF%7%.FOV DBOFWFOPQUGPSBCMBOLNFOVBOEVTFB
i5JNFMJOF]"EE%7%.FOV5SBDLw4FMFDU JUJTBEWJTBCMFUPSFOBNFUIFi$IBQUFS CBDLHSPVOEJNBHFPGZPVSDIPJDF

< 6ji]dg^c\VcYiZhi^c\i]Z9K9

)FSFUIFCBDLHSPVOEIBTCFFODIBOHFE 5IFMJOLTBQQFBSBMPOHUIFUJNFMJOFBT $SFBUFBO*40JNBHFGJSTUBOEUFTUJUPVU


BOEUIFMJOLTSFBSSBOHFE TNBMMQPJOUFSTOVNCFSFEBDDPSEJOHMZ CFGPSFGJOBMJTJOHPOBCMBOL%7%

&EJUJOHUIF%7%NFOVJTFBTZ$SFBUFBOE POUIFi1SFWJFXwUBCBOEUFTUUIFMJOLT JGZPVBSFNBLJOHB7$%47$%


PSTFMFDU
FEJUUIFMJOLNBEFCFUXFFOUIFCVUUPO JOUIFNFOV"GUFSQSFWJFXJOHZPVS%7% i%7%*40*NBHFwJOUIF&YQPSUEJBMPH
BOEUIFTDFOFTJOZPVSWJEFPTUSFBN'SPN NFOVBOEJUTMJOLTZPVBSFSFBEZUPDSFBUF CPY$MJDLPOi'JUCFTUQPTTJCMFRVBMJUZPO
UIFi"VUP-JOLwUBCZPVDBOTFMFDUUIFDMJQT JU5IFRVJDLFTUXBZXPVMECFUPDMJDLPO EJTDwJGZPVXBOUUIFBQQMJDBUJPOUPmU
ZPVXBOUUPDSFBUFMJOLTGPS"EEBTJOHMF i'JMF]#VSOUP%JTD]%7%w:PVDBOBMTP ZPVSPWFSTJ[FEWJEFPPOUPUIFEJTD"O*40
MJOLPSNVMUJQMFMJOLTCZTFMFDUJOHi"EE DMJDLPOi'JMF]0VUQVU8J[BSEwBOETFMFDU JNBHFXJMMCFDSFBUFEJOUIFEFTUJOBUJPO
1BHFwJOi-JOLTwUBC4FUUIFDPMPSTBOE i#VSOUP%JTLwUPHFUUPUIFTBNFTDSFFO ZPVTFU„
USBOTQBSFODJFTJOUIFi)JHIMJHIUwUBC$MJDL &JUIFSCVSOEJSFDUMZUPBCMBOL%7% $%  ]"TIVUPTI%FTBJ

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
7/2+3(/0åå åå(!.$3å/.å 

EgVbdY?VY]Vk

8dckZgi^c\eg^ci
*UJTFBTZUPDPOWFSUCPPLT OFXTQBQFSDMJQQJOHT WJTJUJOHDBSETBOETPPOJOBGFX
NJOVUFTXJUIUIFIFMQPGPQUJDBMDIBSBDUFSSFDPHOJUJPOTPGUXBSF

)
BWFZPVFWFSUSJFEDPOWFSUJOH DVUUJOHT WJTJUJOHDBSET MFHBMEPDVNFOUT  qEaVX^c\i]ZiVg\Zi
QSJOUFEQBHFTUPUFYUmMFTBMMPXJOH GBYFT MFUUFST CSPDIVSFTBOETFWFSBMPUIFS
NPEJmDBUJPOCZCSFBLJOHGSFFPG EPDVNFOUTUPUFYUJOOPUJNF:PVDBO
UIFCVSEFOPGSFUZQJOHUIFFOUJSFDPOUFOU  UIFOVTFUIFTPGUDPQZUPDPNQPTFFNBJMT 
*UJTJOEFFEBOFBTZXBZCFDBVTFSFUZQJOH DPNQJMFFCPPLT DSFBUFIPNFQSPKFDUTPS
DPOUFOUUIPVHITFFNTFBTZBOEUIFPOMZ BSDIJWFJUPOTUPSBHFNFEJBMJLF$%T
XBZUPEPTPXJMMUBLFBHFTJGPOFXFSFUP BOE%7%T8IFUIFSZPVSFBTUVEFOU 
SFUZQFIVOESFETPGQBHFT"OECFMJFWFNF  MJCSBSJBO 40)0PSBIPNFVTFS 0$3DBO
JUEPFTOUUBLFNPSFUIBONJOVUFTUP XPSLXPOEFST
DPOWFSUBOFOUJSFQSJOUFEQBHFJOUPBUFYU 5IJTXPSLTIPQXJMMTUFQZPVUISPVHIUIF  #FGPSFZPVCFHJO JUJTJNQPSUBOUUP
mMF4VSQSJTFE 5IFTPMVUJPOJTTJNQMF FOUJSFQSPDFTTPG0$3FYQMBJOJOHFBDIBOE QMBDFUIFUBSHFUEPDVNFOUDPSSFDUMZ
"MMZPVOFFEJTBTJNQMFnBUCFETDBOOFS FWFSZTUFQJOEFUBJMSJHIUGSPNDPOmHVSJOH POUIFTDBOOFSTCFE1MBDJOHUIF
BOEBO0$3 0QUJDBM$IBSBDUFS3FDPHOJUJPO
 UIFTDBOOFSBOEUIFTPGUXBSFUPUIFmOBM UBSHFUJOBUJMUFEPSVQTJEFEPXOXBZ
BQQMJDBUJPO PVUDPNF5IFTPGUXBSFUIBUXFIBWFVTFE NBZSFTVMUJOSFEVDFEBDDVSBDZCZUIF
0$3JTBQSPDFTTPGTDBOOJOHQSJOUFE GPSUIFXPSLTIPQJT"##::'JOF3FBEFS 0$3TPGUXBSF
QBHFTBOEUIFOVTJOHUIF0$3TPGUXBSF ‰UIFCFTU0$3TPGUXBSFDBQBCMFPG  8IFOQMBDJOHUIFUBSHFUPOUIF
UPSFDPHOJ[FUIFDPOUFOUBT"4$**UFYU EFMJWFSJOHBOBDDVSBDZPGPWFSQFSDFOU TDBOOFSTCFE OPUJDFUIFJDPOBUUIF
5IF0$3TPGUXBSFIBTUPPMTGPSCPUI "QBSUGSPNSFDPHOJ[JOHUFYU JUDBOFWFO FEHFPGUIFCFEXIJDIJOEJDBUFTUIF
BDRVJSJOHUIFJNBHFGSPNUIFTDBOOFS SFQSPEVDFUIFMBZPVUPGUIFTPVSDF'JOBMMZ  UPQDPSOFSPGUIFEPDVNFOU1MBDFUIF
BOESFDPHOJ[JOHUIFUFYU4P BMMJUUBLFTUP ZPVIBWFBOPQUJPOUPFYQPSUUIFDPOUFOUUP UBSHFUBSPVOEDNGSPNUIFFEHFT
DPOWFSUBQBHFUPUFYUJTKVTUBGFXDMJDLTPG BWBSJFUZPGGPSNBUTTVDIBT8PSEEPDVNFOU  PGUIFCFEXJUIPVUUJMUJOHJU#FGPSF
UIFNPVTF &YDFMTQSFBETIFFU 1%'BOETPPO5IF$)*1 QSFTTJOHUIFTDBOCVUUPO NBLFTVSF
5IFBEWBOUBHFTPG0$3BSFOVNFSPVT‰ %7%JODMVEFTUIFTIBSFXBSFWFSTJPOPG UIFMJEPGUIFTDBOOFSJTDMPTFE
ZPVDBODPOWFSUCPPLT OFXTQBQFS "##::'JOF3FBEFS/PXMFUTCFHJO

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*

HBHjhHidgnXdYZ/=LDHZZEV\Z'%[dgYZiV^ah
 \
(!.$3å/.åå åå7/2+3(/0

q8dc[^\jg^c\677NN;^cZGZVYZg-#%
HXVc GZVY HVkZ

 1SFTTi$USM 4IJGU 0wUPCSJOHVQUIF  5IFi3FBEwUBCJOUIFi0QUJPOTw  *OUIFi4BWFwUBCJOUIFi0QUJPOTwEJBMPH


i0QUJPOTwEJBMPHCPYBOEDMJDLPOUIF EJBMPHCPYBMMPXTZPVUPDPOGJHVSF CPY CFHJOXJUITQFDJGZJOHUIFGPOUT
i4DBO0QFOwUBCUPDPOmHVSFUIF UIFSFBETFUUJOHT XIJDI'JOF3FBEFS XIJDIZPVXPVMEMJLF'JOF3FBEFSUP
TDBOOFSTFUUJOHT5IF58"*/ESJWFSJT VTFTGPSSFDPHOJ[JOHUIFDPOUFOUT VTFJOUIFmOBMPVUQVU"T'JOF3FBEFS
TFUBTUIFEFGBVMUTDBOOFSDPOOFDUFE BGUFSUIFJNBHFPGUIFTPVSDFJT SFDPHOJ[FT4FSJG 4BOT4FSJGBOE
UPZPVS1$(PBIFBEBOEDMJDLPOUIF BDRVJSFE .POPTQBDFEGPOUT ZPVDBOTQFDJGZ
i4DBOOFS4FUUJOHTwCVUUPO  4FUUIFSFDPHOJUJPONPEFUP FBDIPGUIFTFVTJOHUIFESPQEPXOMJTUT
 )FSF UIFQBSBNFUFSTUIBUOFFE i5IPSPVHIwBOENBLFTVSFUIFPQUJPO QSPWJEFEVOEFSUIFIFBEJOHi'POUTw
DBSFGVMTFMFDUJPOBSFUIFTDBOOJOH UPFYUSBDUUFYUGSPN1%'JTBDUJWF  $MJDLPOUIFi'PSNBU4FUUJOHTwCVUUPO
NPEFBOEUIFSFTPMVUJPO5IF  :PVDBOBMTPJOTUSVDU'JOF3FBEFSUP BOEVOEFSUIFUBCi35'%PDw DIFDL
TFMFDUJPOEFQFOETPOUIFUZQFPGUIF IJHIMJHIUUIFIZQFSMJOLTJGJUDPNFT UIFPQUJPOTUIBUTBZi3FUBJOUFYUDPMPSw
TPVSDFEPDVNFOU"SFTPMVUJPOPG BDSPTTBOZ5IFDPMPSUPCFVTFEGPS BOEi)JHIMJHIUVODFSUBJODIBSBDUFSTw
EQJJTXFMMTVJUFEGPSSFHVMBSUFYUXJUI IZQFSMJOLTDBOCFTQFDJmFECZDMJDLJOH 6OEFSUIF1%'UBC DIFDLUIFPQUJPOUP
BGPOUTJ[FPGQPJOUTPSHSFBUFS'PS POUIFDPMPSTXBUDIBDDPNQBOZJOH SFUBJOUFYUBOECBDLHSPVOEDPMPST*O
UFYUJOmOFQSJOU TFUUIFSFTPMVUJPO UIFi)JHIMJHIUIZQFSMJOLTwPQUJPOTBOE BEEJUJPOUPUIJT ZPVDBOBMTPQSPUFDU
IJHIFSUPTPNFXIFSFBSPVOEUP EFmOJOHUIFEFTJSFEDPMPS UIFFYQPSUFE1%'mMFCZTQFDJGZJOH
EQJ  %FQFOEJOHPOUIFMBOHVBHFPGUIF BQBTTXPSECZDMJDLJOHPOUIFi1%'
 4FUUIFTDBOOJOHNPEFUPi$PMPS TPVSDF TQFDJGZUIFSFDPHOJUJPO 4FDVSJUZ4FUUJOHTwCVUUPO
QJDUVSFTwPOMZJGZPVXBOUUIFPVUQVU MBOHVBHFUPCFVTFE  #SPXTFUISPVHIUIFPUIFSGPSNBUT 
JODPMPS*ODBTFPGEPDVNFOUTXJUI  *GZPVPGUFOVTFBDFSUBJOMBOHVBHF XIJDIZPVMMCFVTJOHGPSFYQPSUJOH
POMZUFYUPSOFXTQBQFSQBHFT TFUUIF DPNCJOBUJPO ZPVDBODSFBUFBOFX VOEFSUIFi'PSNBU4FUUJOHTwEJBMPHCPY
TDBOOJOHNPEFUPi(SBZQJDUVSFTwGPS MBOHVBHFHSPVQUIBUJODMVEFTUIF BOETFMFDUUIFSFRVJSFEPQUJPOTVOEFS
CFUUFSSFDPHOJUJPO MBOHVBHFTZPVNPTUPGUFOVTF FBDIUBC

q6Xfj^g^c\i]ZhdjgXZ qI>E
 0ODFDPOmHVSFE ZPVSFBMMTFUUPCFHJO OFFEUPDPOWFSU  .BLFTVSFUIFUBSHFUEPDVNFOUZPV
VTJOH'JOF3FBEFSUPDIVSOPVUUFYU  "GUFSTDBOOJOH DMJDLPOUIFmSTUJNBHF TDBOJTDMFBSXJUIBGPOUTJ[FPGBUMFBTU
GSPNZPVSIBSEDPQJFT JOUIFCBUDIBOEVTFUIFi&SBTFSwUPPM QPJOUTGPSJODSFBTFEBDDVSBDZ*U
 "MJHOUIFUBSHFUPOUIFTDBOOFSTCFE POUIFi*NBHFwUPPMCBSBDDPNQBOZJOH JTEJGmDVMUGPSUIF0$3TPGUXBSFUP
BTJOTUSVDUFEJOUIFmSTUTUFQBOEDMJDL UIFJNBHFUPDMFBOVQVOXBOUFE SFDPHOJ[FEPDVNFOUTXJUITNBMMGPOU
POUIFi4DBOwCVUUPOPOUIFUPPMCBS TQFDLMFTBOENBSLTCZESBHHJOHBCPY TJ[F MJHIUQSJOUBOEIBOEXSJUUFOUFYU
5IFTDBOOFSXJMMBDRVJSFUIFEPDVNFOU BSPVOEUIFN&BDIPGUIFTDBOOFE  'JOF3FBEFSDBOSFDPHOJ[F
BOEBEEJUTJNBHFUPUIFDVSSFOUCBUDI JNBHFTJOUIFCBUDINVTUCFDMFBO IZQFSMJOLTUPmMFT '51MJOLT XFC
'JOJTITDBOOJOHBMMUIFQBHFTUIBUZPV DPOUBJOJOHPOMZJNBHFTBOEUFYU TJUFTBOEFNBJMBEESFTTFT"##::
'JOF3FBEFSXJMMSFDPHOJ[FUIFUFYUPGB
IZQFSMJOLBOESFDSFBUFJUTEFTUJOBUJPO
BEESFTTJOUIFPVUQVUEPDVNFOU
 *OBEEJUJPOUPUIFCVJMUJOMBOHVBHFT
BOEMBOHVBHFHSPVQT ZPVNBZBMTP
DSFBUFBOFXMBOHVBHFPSNBLFVQB
OFXMBOHVBHFHSPVQ

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
7/2+3(/0åå åå(!.$3å/.å 

q9Z[^c^c\ZaZbZcih
#FGPSFTUBSUJOHUIFSFDPHOJUJPOQSPDFTT 
ZPVNVTUTQFDJGZUIFWBSJPVTFMFNFOUT &
TVDIBTUFYU QJDUVSF UBCMFBOECBSDPEFT
JOFWFSZJNBHFTPUIBU'JOF3FBEFS
SFDPHOJ[FTUIFNBDDPSEJOHMZ&WFOUIPVHI
JUJTQPTTJCMFUPBOBMZ[FUIFQBHFMBZPVU
BVUPNBUJDBMMZ JUJTSFDPNNFOEFEUIBU
ZPVEFmOFUIFFMFNFOUTNBOVBMMZTJODF
BVUPNBUJDBOBMZTJTNBZMFBEUPJODPSSFDU
SFTVMUT
*OPSEFSUPEFmOFUIFFMFNFOUT ZPV
NVTUESBXBCMPDLBSPVOEFBDIPGUIFN
VTJOHUIFBQQSPQSJBUFCMPDLJOHUPPMPOUIF
i*NBHFwUPPMCBS
5PESBXBCMPDL QPTJUJPOUIFNPVTF
QPJOUFSBUUIFQPJOUXIFSFZPVXBOUUIF
DPSOFSPGUIFCMPDLUPCFBOEESBHUIF
NPVTFEJBHPOBMMZVOUJMJUFODMPTFTUIF
SFRVJSFEBSFB

IneZhd[WadX`h
 5FYU5IJTTIPVMECFVTFEUPEFmOF
CMPDLTPGUFYUJOBOJNBHFBOETIPVME '
DPOUBJOUFYUPOMZJOBTJOHMFDPMVNO*G
UIFSFBSFQJDUVSFTXJUIJOUFYU ESBXB
QJDUVSFCMPDLBSPVOEUIFNTFQBSBUFMZ
 5BCMF5IJTTIPVMECFVTFEUPTQFDJGZ
BSFBTJOBOJNBHFUIBUBSFTUSVDUVSFE
JOBUBCVMBSGPSN8IFO'JOF3FBEFS
DPNFTBDSPTTTVDIBCMPDL JU
BVUPNBUJDBMMZESBXTIPSJ[POUBMBOE
WFSUJDBMTFQBSBUPSTUPEFmOFDFMMT4VDI
BCMPDLJTSFQSFTFOUFEBTBUBCMFJOUIF
mOBMPVUQVU
 1JDUVSF5IJTJTVTFEGPSJNBHFBSFBT
UIBUDPOUBJOQJDUVSFT5IJTUZQFPG
CMPDLNBZFODMPTFBOBDUVBMQJDUVSF
PSBOZPUIFSPCKFDUUIBUTIPVMECF
EJTQMBZFEBTBQJDUVSF
 #BSDPEF*GZPVSEPDVNFOUDPOUBJOT
CBSDPEFTBOEZPVOFFEUPEJTQMBZUIF
EFDPEFEWBMVFSBUIFSUIBOEJTQMBZJOH
UIFCBSDPEFJUTFMG ESBXBTFQBSBUF
CMPDLBOETFUUIFUZQFUPCBSDPEF :mVbeaZ& :mVbeaZ'
'JOF3FBEFSDBOSFDPHOJ[FNPSFUIBO  5IFJNBHFJTBDPNCJOBUJPOPGUFYU  5IFJNBHFDPOUBJOTJNBHFT UFYUBOE
UZQFTPGCBSDPEFT BOEJNBHF UBCMFT
 5IFUFYUCPYFTBSFESBXOTUBSUJOHGSPN  4UBSUJOHGSPNUIFUPQ JNBHFT UBCMFT
qI>E UIFUPQ BOEUFYUCPYFTBSFEFmOFEBTUIFZ
*GZPVIBQQFOFEUPESBXBXSPOHCMPDL   #PYFTOVNCFSBOEBSFESBXO BQQFBS
DIBOHFJU3JHIUDMJDLPOUIFCMPDL TFMFDU TFQBSBUFMZTJODFBUFYUCPY  4JODFUIFmSTUJNBHFDPOUBJOTUFYU UIF
i$IBOHF#MPDL5ZQFwGSPNUIFDPOUFYU TIPVMEDPOUBJOUFYUPOMZJOBTJOHMF UFYUQPSUJPOJTEFmOFETFQBSBUFMZPWFS
NFOVBOEDIPPTFUIFDPSSFDUUZQFPGCMPDL DPMVNO UIFJNBHFCPY

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*
 \
(!.$3å/.åå åå7/2+3(/0

qGZVY
 "GUFSCMPDLNBSLJOHBMMUIFQBHFT  SFDPHOJ[FBMMUIFQBHFTJOUIFCBUDI XIJDIZPVXPVMEMJLF'JOF3FBEFS
DMJDLPOUIFi3FBEwCVUUPOPOUIF  *GZPVXJTIUPSFBETJOHMFPSTFMFDUFE UPSFDPHOJ[FCZDMJDLJOHPOUIFN
UPPMCBSUPJOTUSVDU'JOF3FBEFSUP QBHFT GJSTUTFMFDUUIFQBHFT LFFQJOHUIFi$USMwLFZQSFTTFE
5IFODMJDLPOUIFESPQEPXOMJTUUP
UIFSJHIUTJEFPGUIFi3FBEwCVUUPO
BOETFMFDUUIFPQUJPOi3FBEw
"MUFSOBUJWFMZ ZPVDBOVTFUIF
TIPSUDVUi$USM 3wUPSFBETFMFDUFE
QBHFTBOEi$USM 4IJGU 3wUPSFBEBMM
UIFQBHFTJOUIFCBUDI
 "GUFSSFDPHOJUJPO UIFDPOWFSUFEUFYU
XJMMHFUEJTQMBZFEJOUIFUFYUXJOEPX
OFYUUPUIFJNBHF$MJDLJOHBOZXIFSF
JOUIFUFYUXJOEPXXJMMIJHIMJHIUUIF
DPSSFTQPOEJOHDIBSBDUFSXIJDIJU
SFDPHOJ[FEJOUIFJNBHF

qHeZaa8]ZX`
 #FGPSFZPVFYQPSUUIFSFDPHOJ[FE UFYUXJOEPX UFYUBTSFRVJSFEVTJOHUIFGPSNBUUJOH
DPOUFOUT CFTVSFZPVSVOBUIPSPVHI  "GUFSSVOOJOHUIFTQFMMDIFDL GPSNBUUIF UPPMCBSJOUIFUFYUXJOEPX
TQFMMDIFDL*UJTMJLFMZUIBU'JOF3FBEFS
SFDPHOJ[FETPNFDIBSBDUFSTJODPSSFDUMZ
 1SFTTUIF'LFZUPQFSGPSNBTQFMMDIFDL
-JLFBXPSEQSPDFTTPS ZPVDBOBEEOFX
XPSETUPUIFEJDUJPOBSZBOESFQMBDF
XSPOHXPSETXJUIUIFTVHHFTUFEXPSE
PSLFZJOUIFSJHIUXPSE*GBTQFMMJOH
OFFEJOHDPOmSNBUJPOJTDPSSFDU DMJDLPO
UIFJHOPSFCVUUPOUPNPWFBIFBE
 8IBUZPVOFFEUPEPDBSFGVMMZJT
DPOmSNPSSFDUJGZUIFDIBSBDUFSTXIJDI
'JOF3FBEFSmOETEJGmDVMUUPSFDPHOJ[F
4VDIDIBSBDUFSTBSFIJHIMJHIUFEJOUIF

q:medgi^c\
 :PVDBODIPPTFUPFYQPSUUIF BQQMJDBUJPOT UIFSJHIUTJEFPGUIFi4BWFwCVUUPOBOE
SFDPHOJUJPOSFTVMUTUPBWBSJFUZPG  5PFYQPSU DMJDLPOUIFESPQEPXOMJTUUP FYQPSUUIFTFMFDUFEQBHFT/FYU TFMFDU
UIFBQQMJDBUJPOUPXIJDIZPVXPVMEMJLF
UPFYQPSU'JOF3FBEFSXJMMBVUPNBUJDBMMZ
PQFOUIFTFMFDUFEBQQMJDBUJPOBOE
EJTQMBZUIFSFDPHOJUJPOSFTVMUT
 "GUFSHPJOHUISPVHIUIFmOBMSFTVMUT
BOESFDUJGZJOHBOZSFNBJOJOHFSSPST 
TBWFUIFmMFBOEZPVSFEPOF
 0ODFZPVWFNBTUFSFE'JOF3FBEFS JU
IBSEMZUBLFTBNJOVUFUPDPOWFSUBO
FOUJSFQBHF5IBUTMJLFSFUZQJOHBUB
QIFOPNFOBMTQFFEPGXPSETQFS
TFDPOEN
]"OBOE5VMJBOJ

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
7/2+3(/0åå åå(!.$3å/.å 

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*
1PTU%JSFDUPS1SPKFDUT 1PTU5FTU-FBE*OUFHSBUJPOBOE 1PTU1SPKFDU-FBEFS*NQMFNFOUBUJPO
$PNQBOZ5BWBOU5FDIOPMPHJFT*OEJB 7BMJEBUJPO $PNQBOZ'JOBODJBM4PGUXBSF4ZTUFNT
1WU-UE $PNQBOZ"MDBUFM%FWFMPQNFOU*OEJB 1WU-UE
1SPmMF#5FDI.5FDI#&.&.$" 1WU-UE 1SPmMF$BOEJEBUFTIPVMECFB#& &&&
.4DJO$PNQVUFS4DJFODFPSBSFMBUFEmFME 1SPmMF4IPVMEIBWFTLJMMTMJLF44 $".&-  &$&*5$4
#5FDI.$"XJUI
GSPNQSFNJFSJOTUJUVUFT4USPOHEFTJSFUP ."1BOZUFMFDPNUFTUUPPM,OPXMFEHFPG MFBEFSTIJQBCJMJUJFT&YQJOUIF#BOLJOH
IBWFQSPBDUJWFPXOFSTIJQJOFOTVSJOHFOE (4. $%." 42- 6/*9QSFG 'JOBODJBMTFDUPSXPVMECFQSFG
UPFOEEFMJWFSZ &YQ &YQ
&YQ -PDBUJPO(VSHBPO -PDBUJPO.VNCBJ
-PDBUJPO#BOHBMPSF &NBJMUVTIBSJLBHPWJM!BMDBUFMDPN &NBJMDBSFFST!GTTDPJO
&NBJMBTIJTITBN!UBWBOUDPN
1PTU1SPKFDU-FBE4PMBSJT"ENJOJTUSBUPST 1PTU1SPKFDU.BOBHFS
1PTU4PGUXBSF1SPKFDU.BOBHFS $PNQBOZ4BUZBN$PNQVUFS4FSWJDFT-UE $PNQBOZ*SJT4PGUXBSF1WU-UE
$PNQBOZ"MUJFSSF 1SPmMF&YQPTVSFUP4"//"4XJMMCF 1SPmMF4IPVMEIBWF1SFTBMFTDBQBCJMJUJFT
1SPmMF.VTUCFBCMFUPIJSF NPUJWBUFBOE BOBEWUHXJUIFYQPGIBOEMJOHIJHIFOE MJLF &TUJNBUJPO 4PMVUJPO"SDIJUFDUJOH 
SVOTNBMMUFBNPGTPGUXBSFFOHJOFFST FOUFSQSJTFMFWFMTFSWFST*OTUBMMBUJPO  XSJUFTDPQFEPDVNFOUTBOE408T 8SJUJOH
%JSFDUQSPWFOUSBDLSFDPSEPGKPCTUBCJMJUZ DPOmHVSBUJPOBOEUSPVCMFTIPPUJOHFYQ QSPQPTBMT $VTUPNFSJOUFSBDUJPOTJOTFMMJOH
BOEEFMJWFSJOHQSPKFDUTPOUJNFJTBNVTU QSFG BQSPKFDUTPMVUJPO
&YQ &YQ &YQ
-PDBUJPO1VOF -PDBUJPO)ZEFSBCBE -PDBUJPO%FMIJ/$3
&NBJMIS!BMUJFSSFDPN &NBJMOFUXPSLJOH!TBUZBNDPN &NBJMOBWFFO!JSJTTPGUXBSFDPN

1PTU4S4PGUXBSF&OHJOFFS 1PTU5FBN-FBEFS2VBMJUZ"TTVSBODF 1PTU1SPKFDU-FBEFS


$PNQBOZ"LBNBJ $PNQBOZ/BVLSJDPN $PNQBOZ/JQQPO%BUB4ZTUFNT-UE
1SPmMF#4JO$PNQVUFS4DJFODFPS 1SPmMF#&#5FDIJO$PNQVUFS4DJFODFT 1SPmMF5IF1SPGFTTJPOBMTIPVMEIBWFB
FRVJWBMFOU .4PS1I%QSFGXJUIFYQ &MFDUSPOJDT5FMFDPNNVOJDBUJPOT HPPEXPSLJOHFYQPO"JSMJOF3FTFSWBUJPO
JO4USFBNJOHQSPUPDPMT CPUIEFTJHOBOE &MFDUSJDBMXJUITUSPOH2"FYQ NPTUMZPO 4ZTUFNT"QQMJDBUJPOTFTQFDJBMMZPO
JNQMFNFOUBUJPOXJMMCFBQMVT 8FCCBTFETZTUFNTBOE5FTUJOH"QUJUVEF &5JDLFUJOHBQQMJDBUJPOT
&YQ &YQ &YQ
-PDBUJPO#BOHBMPSF -PDBUJPO%FMIJ/$3 -PDBUJPO%FMIJ/$3
&NBJMTLBSUIJL!BLBNBJDPN &NBJMTXBUJ!OBVLSJDPN &NBJMIS!OJQQPOEBUBDPN

1PTU1SPKFDU-FBEFS8JSFMFTT/FUXPSLJOH 1PTU1SPKFDU.BOHFS4PGUXBSF 1PTU1SPKFDU.BOBHFS


5FDIOPMPHJFT $PNQBOZ&MJDP-UE $PNQBOZ4PGU1SP4ZTUFNT-UE
$PNQBOZ"EZB4ZTUFNT4PGUXBSF 1
-UE 1SPmMF4IPVMECF#&#5FDI.5FDIJO 1SPmMF$BOEJEBUFTIPVMEIBWFTUSPOH
1SPmMF&OHH$PNQVUFS4DJFODF&MFDUSJDBM &MFDUSPOJDT*OTUSVNFOUBUJPO$PNQVUFS UFDIOJDBMBOECVTJOFTTVOEFSTUBOEJOH
&MFDUSPOJDT5FMFDPNNXJUISFMFWBOUZFBST 4DJFODFGSPNBSFQVUFE*OTUJUVUFXJUIFYQ BOEBQSPWFOUSBDLSFDPSEJONFFUJOH
PGFYQJOBTJNJMBSmFME JO&NCFEEFEBOETPGUXBSFEWMQU FYDFFEJOHTUBUFEEFBEMJOFTBOE
&YQ &YQ NJMFTUPOFT
-PDBUJPO%FMIJ -PDBUJPO)ZEFSBCBE &YQ
&NBJMKPCT!BEZBTZTUFNTDPN &NBJMISE!FMJDPMUEDPN -PDBUJPO)ZEFSBCBE
&NBJMSFDSVJU!TPGUQSPTZTDPN
1PTU5FBN-FBE 1PTU8FC4QIFSF"ENJOJTUSBUPS
$PNQBOZ)VHIFT4PGUXBSF4ZTUFNT-UE $PNQBOZ)POFZXFMM5FDIOPMPHZ 1PTU1SPKFDU.BOBHFS
1SPmMF4IPVMEIBWFXPSLFEPODPNQMFUF 4PMVUJPOT-BC1WU-UE $PNQBOZ14*%BUB4ZTUFNT
MJGFDZDMF WJ[3FRVJSFNFOUT %FTJHO $PEJOH  1SPmMF(SBEVBUFTJOBOZ%JTDJQMJOFXJUI 1SPmMF&YQJONBOBHJOH.JDSPTPGU
6OJUUFTUJOHBOE*OUFHSBUJPO GPSBDPVQMFPG FYQJO+&&EWMQUJTBQMVT,OPXMFEHFPG .JDSPTPGU/FUTPMVUJPOTXJUIFYDFMMFOU
QSPKFDUT &OUFSQSJTF4FDVSJUZXJUI6.-BOE00"% UFDIOJDBMTLJMMTJOUIJTUFDIOPMPHZQMBUGPSN
&YQ BSFQSFG &YQ
-PDBUJPO%FMIJ/$3 &YQ -PDBUJPO#BOHBMPSF
&NBJMOBWEFFQBSPSB!nFYUSPOJDTTPGUXBSF -PDBUJPO#BOHBMPSF &NBJMTVNBOHVDIIBJU!QTJEBUBDPN
DPN &NBJMSFTINBDIFMVS!IPOFZXFMMDPN
1PTU4PGUXBSF1SPEVDU.BOBHFS SFNPUFWJSUVBMNVMUJOBUJPOBMDPNQBOJFT 1SPmMF.$"&OHHHSBEVBUFGSPN
$PNQBOZ4ZNQIPOZ XJUITUSPOHLOPXMFEHFPG)5.-9.-BOE SFDPHOJ[FEJOTUJUVUFTVOJWFSTJUZXJUI
1SPmMF&YQXJUIJNQMFNFOUJOHCVTJOFTT .JDSPTPGU%WMQU5FDIOPMPHJFTFYQ NHNURVBMJmDBUJPOGSPNBSFDPHOJ[FE
JOUFMMJHFODFTPMVUJPOT1SBDUJDBMIBOETPO &YQ JOTUJUVUJPOBOEFYQJOUIF*5JOEVTUSZPO
JNQMFNFOUBUJPOFYQXJUI$PHOPT #VTJOFTT -PDBUJPO#BOHBMPSF 0SBDMF'JOBODJBMT
0CKFDUT$SZTUBM .JDSPTUSBUFHZ *#* FUD &NBJMMBMJU@LIPTMB!EFMMDPN &YQ
XPVMECFBQQSPQSJBUF -PDBUJPO)ZEFSBCBE
&YQ 1PTU5FDIOJDBM-FBEFS+BWB &NBJMBKBZTJOHI!HFOQBDUDPN
-PDBUJPO#BOHBMPSF $PNQBOZ#IBSUJ5FMFTPGU1WU-UE
&NBJMNBZVSBSBP!TZNQIPOZTWDPN 1SPmMF5IFDBOEJEBUFTIPVMECFBO.$" 1PTU5FDIOJDBM4PMVUJPOT&OHJOFFS
PS#5FDI$PNQVUFS4DJFODFXJUIFYQJO $PNQBOZ(PPHMF0OMJOF*OEJB
1PTU1SPKFDU-FBE +BWB +414FSWMFUT$BOEJEBUFTXPSLJOH 1SPmMF#4.41I%JO$PNQVUFS
$PNQBOZ/BVLSJDPN JOUFMFDPNEPNBJOXPVMECFQSFG 4DJFODFXJUIFYQJOSFMBUFEmFMEXJMM
1SPmMF#&#5FDIJO$PNQVUFS4DJFODFT &YQ CFDPOTJEFSFEJOMJFVPGEFHSFF FYQJO
&MFDUSPOJDT5FMFDPNNVOJDBUJPOT -PDBUJPO%FMIJ FNBJMBOENFTTBHJOHUFDIOPMPHJFTXJMM
&MFDUSJDBMXJUISFMFWBOUFYQJOBTJNJMBSmFME &NBJMBQQMZEFMIJ!CIBSUJUFMFTPGUDPN CFQSFG
&YQ &YQ
-PDBUJPO%FMIJ/$3 1PTU1SPKFDU-FBEFS -PDBUJPO%FMIJ
&NBJMTXBUJ!OBVLSJDPN $PNQBOZ$IBOHFQPOE5FDIOPMPHJFT-UE &NBJMKPCTIZEFSBCBE!HPPHMFDPN
1SPmMF4IPVMECF#&.$"XJUIFYQJO
1PTU4S1SPKFDU-FBE0SBDMF IBOEMJOHNFEJVNUPMBSHFJOUMQSPKFDUT 1PTU4S4PGUXBSF&OHJOFFS$
$PNQBOZ&TQJSF*OGPMBCT1WU-UE 4IPVMEQPTTFTTFYDFMMFOUTLJMMTJO+&&  $PNQBOZ5IPNTPO$PSQPSBUJPO
1SPmMF#&#5FDI.$"GSPNSFQVUFE 0SBDMF 9.-BOE8FCMPHJDPO4VO4PMBSJT 1SPmMF4IPVMEIBWFTLJMMTJO$/&5
JOTUJUVUFTXJUIFYQJOTPGUXBSFBQQMJDBUJPO BOE8JOEPXTFOWJSPONFOUT XJUITUSPOHLOPXMFEHFJO0014DPODFQU
EWMQU &YQ BOEFYQPTVSFJOEFTJHOJOH
&YQ -PDBUJPO$IFOOBJ &YQ
-PDBUJPO%FMIJ &NBJMSBWJL!DIBOHFQPOEDPN -PDBUJPO#BOHBMPSF
&NBJMOJEIJQSBTBE!FTQJSFJOGPDPN &NBJMCJOFFUBTJOHI!NBJMUIPNTPODPN
1PTU1SPKFDU-FBEFS
1PTU1SPKFDU.BOBHFS/FU.4 $PNQBOZ"TQJSF4ZTUFNT*OEJB 1
-UE 1PTU4PMVUJPO"SDIJUFDU.JDSPTPGU
5FDIOPMPHJFT 1SPmMF4IPVMECFIJHIMZQSPmDJFOUJO"41 5FDIOPMPHJFT
$PNQBOZ)FBMUI"TZTU1WU-UE /FU 7#/FU $ $PSF+BWB +41 4FSWMFUT  $PNQBOZ*OUFSHMPCF5FDIOPMPHJFT
1SPmMF.$".4D$PNQVUFS4DJFODF &+# 3.* $03#" 1SPmMF5IFJOEJWJEVBMTIPVMEIBWFFYQ
XJUIFYQJO64)FBMUIDBSF*5JTIJHIMZ &YQ PO*EFOUJUZ"DDFTT.HNUTPMVUJPOTEWMQU
EFTJSBCMF -PDBUJPO$IFOOBJ FYQBOEBCJMJUZUPBQQMZDVSSFOUOUJFSBOE
&YQ &NBJMXPSL!BTQJSFTZTDPN XFCEWMQUUFDIOPMPHJFTUPTPMWFCVTJOFTT
-PDBUJPO#BOHBMPSF QSPCMFNT
&NBJMIS!IFBMUIBTZTUDPN 1PTU-FBE+FF &YQ
$PNQBOZ.PNFOUVN5FDIOPMPHJFT " -PDBUJPO(VSHBPO
1PTU4S4PGUXBSF&OHJOFFS8JSFMFTT 4PQSB/FXFMM#VEHF$PNQBOZ
&NBJMKPCTDUQ!JOUFSHMPCFUFDIOPMPHJFT
$PNQBOZ'MFYUSPOJDT4PGUXBSF4ZTUFNT 1SPmMF4IPVMEIBWFFYQPGXPSLJOHPO DPN
1SPmMF$BOEJEBUFNVTUIBWFFYQPTVSF +BWB+&&1SPKFDUT1SPEVDUXJUI&+# +41 
UP3/$TUBDLBOEFYQJO((4.(134 4FSWMFUT BOE+%#$FYQPTVSF4IPVMECF 1PTU1SPKFDU.BOBHFS
4USPOHJO$$ QSPHSBNNJOHJO6OJY-JOVY DPNGPSUBCMFJO+BWB+&&BQQMJDBUJPO $PNQBOZ$POUBUB4PMVUJPOT1WU-UE
FOWJSPONFOU EFTJHO XFCCBTFEQSPKFDUBSDIJUFDUVSF 1SPmMF8PSLJOHLOPXMFEHFPG4%-$T 
&YQ BOEEFTJHO 1SPKFDU.HNU NFUSJDT FUDXJUIFYQPG
-PDBUJPO(VSHBPO &YQ FOSJDIFE*5JO+&&%FTJHO4LJMMT6.- 
&NBJMBNJUKBJO!nFYUSPOJDTTPGUXBSFDPN -PDBUJPO%FMIJ/$3 +&&%FTJHO1BUUFSOTTVDIBT%"0BOE
&NBJMBOBOEL!NPNFOUVNUFDIDPN .7$9.-XJMMCFQSFG
1PTU5FBN-FBEFS0OMJOF$POUFOU &YQ
$PNQBOZ%FMM*OUFSOBUJPOBM4FSWJDFT 1PTU*OUFHSBUJPO-FBE0SBDMF"QQMJDBUJPOT -PDBUJPO/PJEB
1SPmMF4IPVMEIBWFFYQXPSLJOHJO $PNQBOZ(FOQBDU4PGUXBSF4PMVUJPOT &NBJMKPCT!DPOUBUBDPJO
&(+ 8aVhh^[^ZYh

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
&)% 8aVhh^[^ZYh
8aVhh^[^ZYh &)&

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
&)) 8aVhh^[^ZYh

4/æ"//+æ30!#%æ(%2%æ#/.4!#4
-UMBAIæ
-ARTINå7ILSONæ
0HONEæ 
"ANGALOREæ
(ARISHå+AMATæ
0HONEæ æ
.EWå$ELHIæ
0RANAVå3ARANæ
0HONEæ æ
(YDERABADæ
6ASUDEVANå)YERæ
0HONEæ æ
#HENNAIæ
/å+å'URUMURTHYæ
0HONEæ æ
+OLKATAæ
!å+å2OYæ
0HONEæ æ
0UNEæ
9OGITAå6AIDYAåå3å.AIDUæ
0HONEæ æ

mmm$Y^_f#_dZ_W$Yec
8aVhh^[^ZYh &)*
&)+ 8aVhh^[^ZYh

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
8aVhh^[^ZYh &),

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0
 ,!34å7/2$

I]ZAVhiLdgY
4
JODFBTGBSCBDLBT*DBOSFNFNCFS *WFCFFO JOGPSNBUJPOPOB/FXUPOJBOSFnFDUPSUFMFTDPQF*U
GBTDJOBUFEXJUIBOZUIJOHPQUJDBM/P *NOPU XBTBWBJMBCMFIFSFJO*OEJBBOEJUMPPLFEHPSHFPVT*
UBMLJOHBCPVUBTUSBOHFGFUJTIGPSNPOPDMFTBOE ESPPMFEBT*SFBEUISPVHIJUTTQFDJmDBUJPOTBOEJOB
TQFDUBDMFT‰*NUBMLJOHBCPVUUFMFTDPQFT CJOPDVMBST nBTI UIPTFTVNNFSNPNFOUTDBNFnPPEJOHCBDL*
BOENJDSPTDPQFT%VSJOHNZTDIPPMJOHZFBST *XBT LOFX*IBEUPIBWFJU
GPSUVOBUFUPIBWFIBENJOJBUVSF BOEQFSGFDUMZ 5IBOLGVMMZ *TUVNCMFEVQPOUIFXFCTJUFPGB
XPSLJOH
WFSTJPOTPGBMMPGUIFTFHBEHFUT4VNNFS UFMFTDPQFNBOVGBDUVSFSJOHPPEPM.VNCBJXIPIBEB
BGUFSOPPOTVTFEUPmOENFTDBOOJOHUIFHSFFOFSZ QSFUUZJNQSFTTJWFMJOFVQPGJOTUSVNFOUTBDSPTTTFWFSBM
CFIJOENZIPVTFBOETUVEZJOHUIFGBNJMZPGFBHMFTUIBU QSJDFSBOHFT#FTUPGBMM UIFZXFSFBGSBDUJPOPGUIFDPTU
IBEUBLFOVQBCPEFJOUIFQBMNUSFFJONZCBDLZBSE PGBOZGPSFJHOUFMFTDPQF"OEUIFVTFSSFWJFXTPOMJOF
"UUIFPUIFSFOEPGUIFTDBMF *VTFEUPQJDLVQBOUTPG JOEJDBUFEHPPEBGUFSTBMFTTFSWJDFBOECVJMERVBMJUJFT
UIFnPPSBOENPVOUUIFNVOEFSUIFNJDSPTDPQFBOE 5XPQSJOUPVUTMBUFSBOENZNJOEXBTTFU
NBSWFMBUUIFQFSGFDUJPOPGDSFBUJPO NBHOJmFEY /FYU *IBEUPTFMMUIJTDPODFQUJOUFSOBMMZUPUIF
UJNFTPWFS#FJOHUIFQFSFOOJBMTDJFOUJTU *XBTDBMMFE IPNFNJOJTUFS‰NZXJGF#FJOHUIFBOHFMTIFJT
UIBUGPSBXIJMFXIFO*XBTZPVOH
*VTFEUPSFHVMBSMZ TDPSFUXPCSPXOJFQPJOUTGPSNF
TIFXBTNPSF
PQFOUIFTFHBEHFUT PGUFOGPSHFUUJOHIPX UIBOTVQQPSUJWFPGUIJTCFFVOEFSNZCPOOFU‰XF
UPQVUUIFNUPHFUIFS0WFSUIFZFBST  mYFEBEBUFUPHFUIFSXIFOXFXPVMEWJTJUUIFPGmDF
*NBOBHFEUPCVJMEBOBTTPSUNFOUPG PGUIFUFMFTDPQFNBOVGBDUVSFSTPUIBUXFDPVMECVZ
MFOTFTGSPNBQMFUIPSBPGEJTNFNCFSFE JU"GUFSBMM HPJOHBIFBE JUTBHSFBUFEVDBUJPOBMUPPM
BOEDBOOJCBMJ[FEPQUJDBMUPPMT‰GSPN UPP SJHIU 4PJUXBTEFDJEFE‰UIJTXBTOUNFSFMZB
PCKFDUJWFTUPFZFQJFDFTUPDPNQPVOE  QVSDIBTF JUXBTBOJOWFTUNFOU&WFSZPOFXBTIBQQZ
NVMUJFMFNFOUMFOTTUSVDUVSFT *IBEB 5IFGPMMPXJOH4VOEBZ XFTFUPVUUP(IBULPQBS B
UJEZDPMMFDUJPO"GUFSTDIPPM UIFQBDF TVCVSCJO.VNCBJ OPUPSJPVTGPSDSBNQFEXJOEJOH
PGDPMMFHFMJGFQVMMFENFBXBZGSPNUIJT SPBETBOEJOTBOFUSBGmDTOBSMT
"SNFEXJUIUIFBEESFTT
QBTTJPOBOE*QSFUUZNVDIMPTU TDSJCCMFTPOBQBQFSBOEBGUFSBCSJFGSVOBSPVOE XF
UPVDIXJUIBMMUIFGVOEBTPG GPVOEUIFQMBDF5IFPXOFSPGUIFDPNQBOZXBTB
PQUJDBMTDJFODF IFMQGVMDIBQXIPQBUJFOUMZFYQMBJOFEUIFTQFDJmDBUJPOT
5IFOBUFOHJOFFSJOHDPMMFHF  BOEDBQBCJMJUJFTPGPVSOFX%/FXUPOJBOSFnFDUPS
*IBEBSPPNNBUFXIPIBQQFOFE 5IFO IFUVSOFEBSPVOEBOESFNPWFEUIFUFMFTDPQF
UPCFFWFONPSFQBTTJPOBUFBCPVU GSPNBDVQCPBSECFIJOEIJN0VSKBXTESPQQFE‰UIF
PQUJDTUIBO*XBT"OEIFBMTPLOFX CBSSFMXBTBCPVUBTQBOUIJDLBOENFUSFTMPOH
BUIJOHPSUXPBCPVUBTUSPOPNZ *UXBTNPOTUSPVT*UBMTPIBEJUTTPMJENFUBMUSJQPE
#FTUPGBMM IFIBEWPMVNFTPGCPPLT XJUIBOBTTPSUNFOUPGFZFQJFDFTBOE#BSMPXMFOTFT
POUFMFTDPQFTBOEUIFmOFBSUPG GPSEJGGFSFOUNBHOJmDBUJPOT0VSFZFTTIPOFXJUI
CVJMEJOHUIFN*HMFFGVMMZEFWPVSFEUIFN VOCSJEMFEHMFF5IJTXBTTFSJPVTPQUJDBMmSFQPXFS"T
BMM‰CZUIFFOEPGNZUIJSEZFBS *XBT IFFYQMBJOFEUIBUXFDPVMETFFJOEJWJEVBMDSBUFSTJO
IBQQJMZDPOmEFOUBUCFJOHBOFYQFSUPO UIFNPPO SJOHTPG4BUVSOBOECBOETPG+VQJUFSBOE
UFMFTDPQFT0GDPVSTF *IBEOUUPVDIFEB FWFOPVSOFBSFTUOFJHICPSIPPEHBMBYZ"OESPNFEB XF
/FXUPOJBOUFMFTDPQFJONZMJGFBOEEJEOU DPVMEOUXBJUUPHFUJUVQBOESVOOJOH
LOPXUIFmSTUUIJOHBCPVUQSBDUJDBMMZ *UTCFFOBHMPSJPVTUXPXFFLTTUVEZJOHUIFOJHIU
HSJOEJOHBQSJNBSZNJSSPS ZFU*XBT TLJFT-PPLJOHPVUJOUPUIFIFBWFOT UIFSFTBQBMQBCMF
IBQQZ"GUFSUIBU DBNFUIFEFNBOET TFOTFPGIVNJMJUZPOFGFFMTJOQSFTFODFPGUIFWBTUOFTT
PGXPSLMJGF.ZJOUFSFTUJOPQUJDBM PGPVUFSTQBDF‰BGUFSBMM JUTCBSFMZNJMFTBXBZGSPN
JOTUSVNFOUTSFNBJOFECVU*KVTUEJEOPU VTTUSBJHIUVQ&OSBQUVSFEXJUIUIFOFXUPZ *WFCFFO
BDDPSEUIFUJNFBOEFGGPSUUPEFWFMPQJOH TMFFQJOHBUQSPHSFTTJWFMZMBUFSIPVSTFBDIOJHIU5IF
UIJTIPCCZ6OUJMUXPXFFLTBHP XJGFIBTTUBSUFEDPNQMBJOJOH#VUUIFO (BMJMFPEJEOU
*XBTJOUIFPGmDFCSPXTJOHUIF EJTDPWFSHSFBUUIJOHTCZUVSOJOHJOBUPDMPDL SJHIU „
/FUXIFO*DBNFBDSPTTBQJFDFPG ]].BSDP%TPV[B

9^cZh]9ZhV^ ).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ
 \
(!.$3å/.åå åå7/2+3(/0

LViX]^c\^EdYkYh
%POUXBJUUPHFUIPNFUPXBUDIZPVS
GBWPSJUF%7%T$POWFSUUIFNBOEXBUDI
POZPVSJ1PEWJEFPPSPOZPVS141

?V\Y^h]A^bWVX]^nV

5
IJTXPSLTIPQUFMMTZPVIPXUPDPOWFSU
%7%TJOUPWJEFPmMFTDPNQBUJCMF qG^ei]Z9K9
POZPVSJ1PEWJEFPPSPOZPVS141
$PQZJOHBQBSUPGUIF%7%GPSCBDLVQ
QVSQPTFJTBMMPXFEBOEJTOPUDPOTJEFSFE
JMMFHBM)PXFWFS EJTUSJCVUJPOPGDPQZSJHIU
NBUFSJBMJTJMMFHBM4PJGZPVXBOUUPDPQZJUGPS
UIFQVSQPTFPGEJTUSJCVUJPO ZPVOFFEQSJPS
QFSNJTTJPO4PNFPGUIFUIJOHTZPVXPVME
OFFEUPDPOWFSU%7%mMFTBSF 45&1/FYU DIPPTFUIFEFTUJOBUJPO
Hd[ilVgZ 45&1-PBEUIF%7%JOUPZPVSESJWF GPMEFSXIFSFZPVXJTIUPTUPSFUIFWJEFP
 %7%%FDSZQUFSIUUQmMFGPSVN BOETUBSU%7%%FDSZQUFS1SFTT'UP mMFTBOEDMJDLUIFMBSHFHSFFOBSSPXBUUIF
CFUBOFXTDPNEPXOMPBE%7%@ TUBSUJO'JMFNPEF UIJTNPEFIBOEMFT CPUUPNUPTUBSUSJQQJOH5IFCBSTPOUIF
%FDSZQUFS FBDI70#mMFTFQBSBUFMZ%7%%FDSZQUFS SJHIUJOEJDBUFQSPHSFTT5PUBMUJNFFMBQTFE
 70#.FSHFIUUQNFEMFNTQSBZ XJMMBVUPNBUJDBMMZMPDBUFJUBOEEJTQMBZ BOESFRVJSFEJTEJTQMBZFEPOUIFMFGU
TFFWJMNBTUSNBJONFOVQIQ NFOV JUTDPOUFOUT)FSFJOGPSNBUJPOTVDIBT
 (1$POWFSUFSIUUQXXXGSFFDPEFDT SFHJPODPEFTBOEDPQZQSPUFDUJPOPOUIF
DPN(1@$POWFSUFS@EPXOMPBEIUN %7%JGBOZ JTEJTQMBZFE#VUJUXJMMCZQBTT qBZg\Zi]Z[^aZh
=VgYlVgZ UIFDPQZQSPUFDUJPO5IJTJTCFDBVTF%7% 45&1:PVSEFTUJOBUJPOGPMEFSTIPVMEOPX
4PNFPGUIFUIJOHTUIBUZPVOFFEBSF %FDSZQUFSXBTQSPHSBNNFEJOBXBZ DPOUBJODPVQMFPG(#TPGNVMUJQMF70#
%7%30.ESJWFPOZPVS1$ UIBUJUDBOTLJQUIJTPQUJPO"OEUIJTJT mMFT'PSPCWJPVTSFBTPOT XFOFFEUPKPJO
-PBETPGEJTLTQBDFUPSJQUIF%7% QSFDJTFMZXIZJUXBTCBOOFE:PVXJMM UIFNJOUPPOFmMF8FXJMMVTF70#.FSHF
:PVNVTUSFNFNCFSUIBUmMFTJO%7%T mOEJUTSFQMBDFNFOUJO(PPHMF,FFQUIF GPSUIJT4UBSUi70#.FSHFwBOEi"EEwUIF
UZQJDBMMZDPNFXJUIUISFFFYUFOTJPOT‰*'0  i$53-wCVUUPOQSFTTFEBOETFMFDUUIF mMFT.BLFTVSFUIFZBSFJOMPHJDBMPSEFS
#61BOE70#5IF70#mMFTBSFUIFPOFT 70#mMFT 'JOBMMZ DMJDLPOi.FSHFwUPKPJO
UIBUDPOUBJOUIFBDUVBMNPWJF

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
7/2+3(/0åå åå(!.$3å/.å 

q8dckZgii]Zk^YZd

45&1.JOJNJ[JOH(1$POWFSUFSEPFT
45&11SPWJEF70#.FSHFUIFOBNFBOE OPUUBLFJUUPUIFUBTLCBSVOMJLFPUIFS
UIFEFTUJOBUJPOGPMEFSGPSUIFNFSHFEmMF 45&1'JSTUTUBSUVQ(1$POWFSUFS4FMFDU 8JOEPXTBQQMJDBUJPOT*OTUFBE JUHPFTUP
8IFOFWFSZPVSJQBOZUIJOHUPZPVSIBSE i&OHMJTIwGPSUIFMBOHVBHF/FYU ZPVXJMM UIFTZTUFNUSBZ"TJOHMFDMJDLPOUIFJDPO
ESJWF DIFDLJGJUIBTCFFOEFDPEFEDPSSFDUMZ OPUJDFTFWFSBMMJOFTXJUIOVNCFSTBOE QPQTVQBNFOVXJUIGPVSDIPJDFT4IPX
CZQMBZJOHJUPOZPVS1$%7%QMBZFS OVNFSBMTXIJDIBSFWBSJPVTWJEFPGPSNBUT .BJO8JOEPX 8
BOE&YJU 9
BSFRVJUF
TPGUXBSFTVDIBT1PXFS%7% 8JO%7%  GPSDPSSFTQPOEJOHNPCJMFQIPOFTBOE PCWJPVT4IPX-PH8JOEPX -
PQFOT
FUD5IFSFTIPVMEOPUCFBOZHSFFOPSQJOL IBOEIFMEEFWJDFTJODMVEJOHUIF1414DSPMM BMPHPGUIFBDUJPOCFIJOEUIFTDFOF
CMPDLTBMUIPVHIJUJTRVJUFOPSNBMGPSJUUP EPXOUPUIFCPUUPN TFMFDUi.PEFM.1 XIJMF0QUJPO 0
PQFOTVQBEWBODFE
IBWFBTMJHIUMZTRVBTIFEMPPLJOHJNBHF GPSJ1PEwBOEDMJDLPOi"QQMZw QBSBNFUFSTGPSUIFDPOWFSTJPO

45&11VUBUJDLPOi-BVODIBOFYUFSOBM
BQQMJDBUJPOw/FYU DMJDLPOi#SPXTFw
5IJTXJMMUBLFZPVUPUIFi'JOJTIJOHw 45&1$MJDLPOi#SPXTFwPOUIFNBJO
TVCGPMEFSPGUIFSFTQFDUJWFGPMEFSJOXIJDI (1$POWFSUFSBQQMJDBUJPOXJOEPXUP 45&14FMFDUUIFRVBMJUZPGZPVSPVUQVU
ZPVFYUSBDUFE(1$POWFSUFSGSPNUIF TFMFDUUIFUBSHFUMPDBUJPOGPMEFS5IJTXJMM WJEFPCBTFEPOCJUSBUF"TBSVMFPG
EPXOMPBEFE[JQmMF4FMFDUUIFBQQMJDBUJPO DSFBUFUIFDPOWFSUFEmMF.BLFTVSFUIFSF UIVNC SFNFNCFSIJHIFSUIFCJUSBUF 
6QEBUFJ1PE J5VOFT
FYF5IJTXJMM JTFOPVHITQBDFPOUIFEJTLUPIPMEJU5IF CFUUFSUIFRVBMJUZBOECJHHFSUIFmMFTJ[F
BVUPNBUJDBMMZJOWPLFJ5VOFTPODFZPVSF mMFXJMMCFHJWFOUIFTBNFOBNFBTUIF #BTFEPOZPVSSFRVJSFNFOUT ZPVOFFEUP
EPOFXJUIDPOWFSTJPO/FYU DMJDLPOi0,w PSJHJOBM70#mMF UBLFBDBMM

45&1"GUFSDPOWFSTJPO (1$POWFSUFS
45&1/FYU ESBHBOEESPQUIF 45&10ODFUIFDPOWFSTJPOTUBSUT ZPV BVUPNBUJDBMMZTUBSUTVQJ5VOFTBOEQMBDFT
QSFWJPVTMZNFSHFE70#mMFJOUP NBZOPUJDFUIBUUIFQSPHSFTTCBSJTTUVDL UIFOFXMZDPOWFSUFEmMFJOUIFQMBZMJTU
UIFFNQUZBSFBBUUIFUPQ5IJTXJMM GPSBMPOHUJNF%POUGSFU JUJTOPSNBM XJOEPX*OUIFJ5VOFTXJOEPX SJHIUDMJDL
JNNFEJBUFMZTUBSUUIFDPOWFSTJPO:PV "MTP JUXJMMOPUSFTQPOEGPSRVJUFTPNF POUIFmMFZPVKVTUNBEFBOEDMJDLPOi(FU
DBOBEENVMUJQMFmMFTUPSVOBTBCBUDI UJNFFWFOBGUFSUIFQSPHSFTTCBSTBZT *OGPw5IFODMJDLPOUIFi*OGPwUBCBOEmMMJO
)FSFJUJTXPSUINFOUJPOJOHUIBU(1 QFSDFOU*GZPVIBWFUIFMPHXJOEPX EFUBJMTMJLFOBNF BSUJTU FUD"MMZPVOFFEUP
$POWFSUFSDBODPOWFSU"7* %JW9BOE FOBCMFE ZPVXJMMTFFUIBUJUJTXPSLJOHJO EPJTUSBOTGFSJUUPZPVSJ1PEBOEFOKPZ„
.1&(mMFTBMTP
UIFCBDLHSPVOE ]3BVOBL3PZ

*5.%æææÊ\ÊÊ /  /Ê
"*1/ Ê
*

HBHjhHidgnXdYZ/=L9HZZEV\Z'%[dgYZiV^ah
 \
(!.$3å/.å å4)03åå42)#+3

I^ehIg^X`h ?JC:'%%+

L>C9DLH   &&,
 8JOEPXT91 $VTUPNJ[FVTFSJDPOT

 8JOEPXT91 6TFPG%."GPSCFTUQFSGPSNBODF

6EEA>86I>DCH   &&,
9^cZh]9ZhV^
 1PXFS1PJOU 3FQMBDFNFOUPGGPOUTUZMFTJOB1PXFS1PJOUQSFTFOUBUJPO

 1PXFS1PJOU 1PXFS1PJOUUPCFTFUJOXJUI5SVF5ZQFGPOUT
I^ed[i]Zbdci]qL^cYdlhME
;^cY^c\jei^bZ  1PXFS1PJOU 5FSNJOBUJOHUIFQPQVQJOWBTJPOT

*VTF8JOEPXT911SPGFTTJPOBMBOE*XPVMEMJLFUP  &YDFM %FMFUJPOPGQFSTPOBMJOGPSNBUJPO


LOPXIPX*DBOmOEPVUNZNBDIJOFTiVQUJNFw*
 .JDSPTPGU8PSE "WFSUJOHi4NBSU5BHTw
XPVMEBMTPMJLFUPLOPXBCPVUUIFOVNCFSPGCZUFT
USBOTGFSSFEUPBOEGSPNNZNBDIJOFEVSJOHUIFUJNF .JDSPTPGU8PSE *OTFSUJOHBO&YDFMXPSLTIFFUJOB8PSEEPDVNFOU
JUXBTPO%P*OFFEUPJOTUBMMBOBQQMJDBUJPOJOPSEFS
.JDSPTPGU8PSE 'PSNBUUJOHUFYUUPTVQFSTDSJQUBOETVCTDSJQU
UPHFUUIJTJOGPSNBUJPO
 8JOBNQ .VMUJQMFUBTLJOHPG8JOBNQ
:FT ZPVDBOmOEPVUIPXMPOHZPVS
DPNQVUFSIBTCFFOPOCZVTJOHUIFiOFUTUBUJTUJDTw  *MMVTUSBUPS$4 $SFBUJPOPGNBTUIFBE
DPNNBOE*UXJMMHJWFZPVBMMUIFJOGPSNBUJPOZPV "EPCF1IPUPTIPQ$4 1BHFDVSMFGGFDU
OFFE‰CZUFTSFDFJWFEUSBOTNJUUFE SFBEXSJUF
PQFSBUJPOTBTXFMMBTOFUXPSLFSSPST*OBEEJUJPOUP  "EPCF1IPUPTIPQ #MFOEJOHUIFFGGFDUPGSFGSBDUJPOJOBOBSUXPSL
UIJT JUXJMMBMTPEJTQMBZBEFUBJMFETUBUJTUJDTMPHGPS
"EPCF1IPUPTIPQ "SCJUSBSZSPUBUJPO
ZPVSTZTUFN+VTUGPMMPXUIFTFTUFQT
 'SPNUIFi4UBSUwNFOVTFMFDUi3VOw  3(#&EJUPS 'JOEJOH3(# IFYBEFDJNBMBOE)5.-NBDSPDPMPSWBMVFT
 5ZQFiDNEw

 "UUIFDPNNBOEQSPNQU UZQFiOFUTUBUJTUJDT
XPSLTUBUJPOwBOEQSFTTi&OUFSwLFZ JGZPVS >CI:GC:I8DBBJC>86I>DC  &')
NBDIJOFJTBTFSWFS UIFOSFQMBDFiXPSLTUBUJPOw
 *OUFSOFU&YQMPSFS 5XFBLQPQVQCMPDLJOH
XJUIiTFSWFSw:PVXJMMPCUBJOUIFTFTTJPO
JOGPSNBUJPO
  0VUMPPL&YQSFTT 1SFWFOU.4/.FTTFOHFSGSPNMBVODIJOHXJUI
8IFOUIFDPNNBOEJTFYFDVUFE ZPVXJMM 0VUMPPL&YQSFTT
mOEBMMUIFOFDFTTBSZTUBUJTUJDTQFSUBJOJOHUP
 0VUMPPL 6TJOH%JTUSJCVUJPO-JTUTJO0VUMPPL
ZPVSTZTUFN
 0VUMPPL "VUPSFTQPOEFSJO0VUMPPL

).4%,,)'%.4æ#/-054).'æ#()0æ\æ*5.%ææ

HBHjhHidgnXdYZ/MMMHZZEV\Z'%[dgYZiV^ah
\
4)03åå42)#+3å å(!.$3å/.å 

L^cYdlh %."%*3&$5.&.03:"$$&44 %."



&qL^cYdlhME JTUIFUFDIOJRVFUIBUBMMPXTBQFSJQIFSBM
$VTUPNJ[FVTFSJDPOT UPSFBEBOEXSJUFUPNFNPSZXJUIPVU
)PXDBO*DVTUPNJ[FVTFSJDPOTBOECFBCMF JOUFSWFOUJPOCZUIF$16
UPTFMFDUNZPXODIPJDFPGQJDUVSFTVTJOH .PTUPGUIFMBUFTUIBSEESJWFTBOE
8JOEPXT91  %7%$%ESJWFTTVQQPSUUIJTGFBUVSFCVUJU
JTOPUFOBCMFECZEFGBVMU'PMMPXUIFTUFQT
æ8JOEPXT91BMMPXTGPSOVNFSPVT UPMFBSOIPXUPDIFDLUIF%."TUBUVT
DVTUPNJ[BUJPOTBOECFOFmUTUPDIBOHFUIF BOEBMTPFOBCMFUIF%."GFBUVSFUISPVHI
XBZ8JOEPXTMPPLT0OFPGUIFNJTUIF EFWJDFNBOBHFNFOUJO8JOEPXT91 ( 3FQMBDFBMMUIFVTFTPGBTJOHMFGPOUBU
POFHP
QJDUVSFUIBUBQQFBSTBTBOJDPOJOUIFMPHPO /05&.BLFTVSFZPVSEFWJDFTVQQPSUT
TDSFFOPG8JOEPXT#ZEFGBVMU UIFSFBSF %."CFGPSFFOBCMJOHUIF%."NPEF
BCPVUQJDUVSFTUPDIPPTFBOEJGZPVBSFOU  (PUPi4UBSU]$POUSPMQBOFM]4ZTUFNw æ:FT UIJTDBOCFEPOF)PXFWFS 
TBUJTmFEXJUIUIFN 8JOEPXT91QSPWJEFT  6OEFSi4ZTUFN1SPQFSUJFTw DMJDLPO OPUFUIBUUIJTPOMZDIBOHFTUIFUFYUCPYFT
ZPVXJUIBOPQUJPOUPBEEZPVSPXODIPJDF i)BSEXBSFw BOEUIFHSBQIJDTDPOUBJOJOHUFYUVTJOHB
PGQJDUVSFTSFQSFTFOUJOHUIFVTFSBDDPVOU  $MJDLPOi%FWJDF.BOBHFSwBOEHPUP QBSUJDVMBSGPOUTUZMFXJMMOPUCFDIBOHFE
)FSFTIPXZPVDBODVTUPNJ[FZPVSVTFS i*%&"5""5"1*$POUSPMMFSTw 5IFTUFQTUPCFQFSGPSNFEBSFBTGPMMPXT
BDDPVOUJDPO  6OEFSUIF*%&DPOUSPMMFST EPVCMFDMJDL  $MJDLPOi'PSNBUwBOEUIFOPOi3FQMBDF
 4JOHMFDMJDLPOUIFi4UBSUwNFOVBOE POi1SJNBSZ*%&$IBOOFMw 'POUTw
DIPPTFi$POUSPM1BOFMw  $MJDLPOUIFUBCi"EWBODFE4FUUJOHTw  *OUIFEJBMPHCPYVOEFSOFBUIi3FQMBDFw 
 4JOHMFDMJDLPOUIFi6TFS"DDPVOUTw BOEDIFDLUIFTUBUVTPGi5SBOTGFS.PEFw TFMFDUUIFGPOUUIBUTIPVMECF
JDPO  .BLFTVSFJUJTPOi%."JGBWBJMBCMFw TVCTUJUVUFEXJUIBOPUIFS
 'JOEUIFVTFSBDDPVOUZPVEMJLFUP *GJUJTPOi1*00OMZw DMJDLPOUIF  6OEFSOFBUIi8JUIw TFMFDUUIFOFX
DIBOHFUIFJDPOGPSBOEDMJDLPOJU ESPQEPXONFOVBOETFMFDUi%."JG EFTJSFEGPOU
 $MJDLPOUIFUFYUUIBUTBZT i$IBOHF.Z BWBJMBCMFw  $MJDLPOUIFi3FQMBDFwCVUUPO
1JDUVSFw  5IFmMFECFMPXi$VSSFOU5SBOTGFS  3FQFBUTUFQTBTEFTJSFEJGZPVXBOU
 :PVMMIBWFUIFPQUJPOUPFJUIFSQJDLPOF .PEFwJOEJDBUFTUIFDVSSFOUTUBUVTPG UPSFQMBDFNVMUJQMFGPOUT
PGUIFQSFEFmOFEJDPOTPSDIPPTFZPVS UIFUSBOTGFSNPEF  8IFOEPOF DMJDLPOi$MPTFwUPDMPTF
PXOCFU  $MJDLPOi0,wBOE8JOEPXTXJMM UIFEJBMPHCPY
 *GZPVMJLFPOFPGUIFQSFEFmOFEJDPOT  BVUPNBUJDBMMZQSPNQUZPVGPSB
KVTUIJHIMJHIUUIFPOFZPVMJLFBOEDMJDL SFTUBSU TFMFDUi:FTwBOESFTUBSUZPVS )qEdlZgEd^ci
POUIFCVUUPOMBCFMFEi$IBOHF1JDUVSFw NBDIJOF 1PXFS1PJOUUPCFTFUJOXJUI5SVF5ZQF
 *GZPVEMJLFUPVTFZPVSPXOQJDUVSF KVTU 5IFi1SJNBSZ*%&$IBOOFMwBOEUIF GPOUT
DMJDLPOUIFNBHOJGZJOHHMBTTPSUIFUFYU i4FDPOEBSZ*%&DIBOOFMwCPUITVQQPSUUXP )PXDBO*EJTUSJCVUF1PXFS1PJOU
MBCFMFEi#SPXTFGPSNPSFQJDUVSFTw5IJT ESJWFTFBDI%FQFOEJOHPOUIFOVNCFSPG QSFTFOUBUJPOTTPBTUPNBLFJUBQQFBSBTJG
XJMMMBVODIBEJBMPHCPYEJSFDUJOHZPV ESJWFTZPVIBWF DIFDLGPSUIFTUBUVTPG FNCFEEFECZ5SVF5ZQFGPOUT
UPOBWJHBUFUPXIFSFZPVSOFXQJDUVSF FBDIPOFPGUIFNBOENBLFTVSFUIBUZPV
JTTUPSFE"GUFSZPVmOEJU KVTUDMJDLPO UBLFBEWBOUBHFPGUIF%."NPEF æ#ZEFGBVMU 1PXFS1PJOUXJMMOPU
i0QFOwUPTBWFZPVSOFXDIBOHFT FNCFEUIF5SVF5ZQFGPOUT8IFOB
6eea^XVi^dch
'qL^cYdlhME (qEdlZgEd^ci'%%(
6TFPG%."GPSCFTUQFSGPSNBODF 3FQMBDFNFOUPGGPOUTUZMFTJOB
)PXDBO*FOBCMFUIF%."NPEFTGPS 1PXFS1PJOUQSFTFOUBUJPO
CSJOHJOHPVURVBMJUZQFSGPSNBODFJO *VTF1PXFS1PJOURVJUFPGUFOGPSNZ
8JOEPXT91  PGmDJBMQSFTFOUBUJPOT4PNFUJNFTBGUFS
EFTJHOJOHBQSFTFOUBUJPO *SFBMJ[FUIBUUIF
æ.PTUPGUIFIBSEESJWFTBOE$%%7% QSFTFOUGPOUEPFTOPURVJUFmUUIFCJMMBOE
ESJWFTTVQQPSU%."NPEFTCVUJUJT GPSTXJUDIJOHPWFSUPBOFXGPOU *OFFEUP
JNQPSUBOUUPFOTVSFUIBUUIFZPQFSBUFPO DIBOHFUIFGPOUPGFWFSZTMJEFJOEJWJEVBMMZ
%."NPEFCFDBVTFNBOZBUJNFTCZEFGBVMU  *mOEUIJTRVJUFJSSJUBUJOHBTJUDPOTVNFT
UIF%."NPEFTBSFOPUBDUJWBUFEVOEFS BMPUPGUJNF*TUIFSFBOZQSPDFEVSFCZ
8JOEPXT91#FGPSFXFMFBSOIPXUPDIFDL XIJDI*DBOSFQMBDFBMMUIFVTFTPGBTJOHMF
BOEBDUJWBUFUIF%."NPEF JUTJNQPSUBOU GPOUJOB1PXFS1PJOUQSFTFOUBUJPOXJUI
UPLOPXXIBU%."NPEFJTBMMBCPVU BOPUIFSGPOUBUPOFHP

*5.%ææ\æ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!.$3å/.å å4)03åå42)#+3

UIFQSFTFOUPQFOmMFHFUTWJFXFEoGPS
JOTUBODF UIFEPDVNFOUTBVUIPS DPNQBOZ 
XIFOUIFEPDVNFOUXBTDSFBUFEBOEMBTU
BDDFTTFE*GFOUFSFEFWFOPUIFSJOGPSNBUJPO
DPNFTJOTJHIUTVDIBTUIFEPDVNFOUTUJUMF 
TVCKFDU NBOBHFS DPNNFOUTBOENPSF
)PXDBO*EFMFUFUIJTQFSTPOBMJOGPSNBUJPO
UIBUJTTBWFEBMPOHXJUINZ&YDFM
TQSFBETIFFUT

æ5IJTQFSTPOBMJOGPSNBUJPONBZCF
CFOFmDJBMUPCFTUPSFEGPSPOFTPXOVTF
)PXFWFSJGZPVEJTUSJCVUFUIFTQSFBETIFFU
UPPUIFST ZPVNJHIUOPUXBOUUIFNUP
IBWFBDDFTTUPUIJTJOGPSNBUJPO*GEFTJSFE 
) &NCFE5SVF5ZQF'POUTJOZPVS * 6ODIFDLUIFi4IPXNFOVPOSJHIU
ZPVDBOIBWF&YDFMSFNPWFUIJT
QSFTFOUBUJPO NPVTFDMJDLw
JOGPSNBUJPOXIFOFWFSZPVSFTBWFUIF
1PXFS1PJOUQSFTFOUBUJPOJTIBOEFEPWFS QSFTFOUBUJPO UIFOTFMFDUi&NCFE EPDVNFOU5IFQSPDFEVSFJTBTGPMMPXT
UPTPNFPOFFMTFXIPEPFTOPUQPTTFTTUIF BMMDIBSBDUFSTwPSFMTFHPGPSi&NCFE  $MJDLPOi5PPMTwBOEUIFOPOi0QUJPOTw
GPOUTPSJHJOBMMZVTFEJOUIFQSFTFOUBUJPO  DIBSBDUFSTJOVTFPOMZw  8IFOUIFi0QUJPOTwNVMUJUBCCFE
IJTDPNQVUFSXJMMUIFONBLFBiCFTUHVFTTw  $MJDLPOi0,wUPDMPTFUIFEJBMPHCPY EJBMPHCPYBQQFBST DMJDLPOUIF
POUIFGPOUTUPCFEJTQMBZFECBTFEPOUIF  3FTBWFZPVSQSFTFOUBUJPOUPJODMVEFUIF i(FOFSBMwUBC
POFTBWBJMBCMFJOIJTTZTUFN5IJTNBZ JOGVTFE5SVF5ZQFGPOUT  $IFDLi3FNPWFQFSTPOBMJOGPSNBUJPO
NBLFZPVSEJTUSJCVUFEQSFTFOUBUJPOGBS GSPNmMFQSPQFSUJFTPOTBWFw
MFTTUIBOBUUSBDUJWF5IFSFJTIPXFWFS B *qEdlZgEd^ci  $MJDLPOi0,wUPDMPTFUIFEJBMPHCPY
XBZUPFNCFE5SVF5ZQFGPOUTEJSFDUMZJOB 5FSNJOBUJOHUIFQPQVQJOWBTJPOT  3FTBWFUIFDVSSFOUEPDVNFOUCZ
1PXFS1PJOUQSFTFOUBUJPO BMMPXJOH 8IJMFWJFXJOHBTMJEFTIPXJO1PXFS1PJOU DMJDLJOHPOi'JMFwBOEUIFOPOi4BWFw
VTFSTUPWJFXZPVSXPSLFYBDUMZUIFXBZ JG*BDDJEFOUBMMZDMJDLPOUIFSJHIUNPVTF  /FYU DMJDLPOi'JMFwBOEUIFOPO
JUXBTFOWJTJPOFE5IPVHIUIJTDPNFTBUB CVUUPO UIFOBQPQVQNFOVBQQFBST i1SPQFSUJFTwUPFOTVSFUIFJOGPSNBUJPO
DPTUPGJODSFBTFEmMFTJ[FFTQFDJBMMZJGPOFT BMMPXJOHNFUPOBWJHBUFCFUXFFOTMJEFT XBTSFNPWFE
BQQMZJOHBHSFBUBNPVOUPGGPOUT4PJGZPV BNPOHPUIFSPQUJPOT1MFBTFTVHHFTUNF
XJTIUPJOGVTFBQBSUJDVMBSEPDVNFOUXJUI UIFXBZTUISPVHIXIJDI*DBOQSFWFOUUIF ,qB^Xgdhd[iLdgY'%%(
5SVF5ZQFGPOUT UIFOTVCTFRVFOUTUFQT QPQVQNFOVGSPNBQQFBSJOH "WFSUJOHi4NBSU5BHTw
OFFEUPCFGPMMPXFE )PXDBO*QSFWFOUi4NBSU5BHTwGSPN
 $MJDLPOi5PPMTwBOEUIFOPOi0QUJPOTw æ"MUIPVHIUIFQPQVQNFOVDBOCF BQQFBSJOHJONZ8PSEEPDVNFOUT
 8IFOUIFNVMUJUBCCFEEJBMPHCPY VTFGVM JOTPNFTJUVBUJPOTJUNBZMPPL
BQQFBST UIFODMJDLPOUIFi4BWFwUBC VOQSPGFTTJPOBMXIFOHJWJOHBQSFTFOUBUJPO æ.JDSPTPGU8PSEJOUSPEVDFEUIF
 $IFDLi&NCFE5SVF5ZQF'POUTw 5IVTUPEJTBCMFUIJTGFBUVSF JODBTFZPV
 *GZPVXBOUPUIFSTUPNPEJGZZPVS BDDJEFOUBMMZDMJDLPOUIFSJHIUNPVTF
CVUUPO
ZPVXJMMOFFEUPQFSGPSNUIF
GPMMPXJOHJOTUSVDUJPOT
 4FMFDUi5PPMTwBOEUIFODMJDLPO
i0QUJPOTw
 8IFOUIFNVMUJUBCCFEEJBMPHCPY
PQFOT DMJDLPOUIFi7JFXwUBC
 6OEFSOFBUIi4MJEF4IPXw VODIFDL
i4IPXNFOVPOSJHIUNPVTFDMJDLw
 $MJDLPOi0,wUPDMPTFUIFEJBMPHCPY

+q:mXZa'%%(
%FMFUJPOPGQFSTPOBMJOGPSNBUJPO
8IFO*DMJDLPOi'JMFwBOEUIFOPO
i1SPQFSUJFTwJOBO&YDFMTQSFBETIFFU  ,V 'JSTU VODIFDLi-BCFMUFYUXJUITNBSU
WBSJFEQFSTPOBMJOGPSNBUJPOSFHBSEJOH UBHTw

).4%,,)'%.4æ#/-054).'æ#()0æ\æ*5.%ææ
\
4)03åå42)#+3å å(!.$3å/.å 

*5.%ææ\æ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!.$3å/.å å4)03åå42)#+3

 6ODIFDLi-BCFMUFYUXJUITNBSUUBHTw  'JSTU QMBDFUIFDVSTPSBUBQPTJUJPO


 %FTFMFDUi4IPX4NBSU5BH"DUJPO XIFSFZPVXPVMEMJLFUIFXPSLTIFFU
#VUUPOTw UPBQQFBS
 $MJDLPOi0,wUPDMPTFUIFEJBMPHCPY  $MJDLPOUIFi*OTFSUwNFOVBOETFMFDU
 4FMFDUi5PPMTwGPMMPXFECZi0QUJPOTw i0CKFDUw
 8IFOUIFNVMUJUBCCFEEJBMPHCPY  'SPNUIFi$SFBUFOFXwUBCJOUIF
BQQFBST DMJDLPOUIFi7JFXwUBC i0CKFDUwEJBMPHCPY TFMFDUUIFPQUJPO
 6ODIFDLi4NBSUUBHTw i.JDSPTPGU&YDFMw8PSLTIFFU$MJDLJOH
 1SFTTi0,wUPDMPTFUIFEJBMPHCPY POi0,wXJMMJOTFSUBCMBOL&YDFM
XPSLTIFFUBUUIFTFUMPDBUJPO
-qB^Xgdhd[iLdgY  :PVDBOOPXCFHJOVTJOHUIF
*OTFSUJOHBO&YDFMXPSLTIFFUJOB XPSLTIFFU5IFGPSNVMBCBSBQQFBST
8PSEEPDVNFOU VOEFSUIFSVMFSCBSXIFOUIF
*UJTWFSZEJGmDVMUUPXPSLXJUIGPSNVMBT XPSLTIFFUJTBDUJWF
JOB8PSEEPDVNFOU*TUIFSFBOZXBZ*  $MJDLJOHBOZXIFSFPVUTJEFUIF
DBOJOTFSUBO&YDFMXPSLTIFFUJOUPB8PSE XPSLTIFFUXJMMGSFF[FJUBOEZPVXJMM
,W
6ODIFDLi4NBSU5BHTwBTTIPXOIFSF EPDVNFOUUPNBLFNZXPSLFBTJFS SFUVSOUPUIF8PSEEPDVNFOU5P
NPEJGZUIFXPSLTIFFU ZPVmSTUOFFEUP
DPODFQUPGi4NBSU5BHTw8IFO.JDSPTPGU EPVCMFDMJDLPOBOZDFMMJOUIFXPSLTIFFU
8PSESFDPHOJ[FTBEBUF UJNFPSBOZPUIFS BOEUIFODBSSZPVUGVSUIFSPQFSBUJPOT
QJFDFPGJOGPSNBUJPO JUXJMMVOEFSMJOFUIF 5IFOFYUUJNFZPVXJTIUPQFSGPSN
UFYUJOSFE)PWFSJOHZPVSDVSTPSPWFSUIF DBMDVMBUJPOTXJUIJOBEPDVNFOU EPOU
UFYUCSJOHTVQBOiJwCVUUPO$MJDLJOHPOUIF GPSHFUUPFYFSDJTFUIJTGFBUVSF
CVUUPOTVSGBDFTVQBNFOVXIFSFZPVDBO
QFSGPSNUBTLTTVDIBTMPPLJOHVQBQBSUJDVMBS .qB^Xgdhd[iLdgY
EBUFJOZPVS0VUMPPL$BMFOEBS BTUPDLRVPUF 'PSNBUUJOHUFYUUPTVQFSTDSJQUBOE
POBXFCTJUFPSBEEJOHBQIPOFOVNCFSUP TVCTDSJQU
ZPVS0VUMPPL$POUBDUT8IJMFTPNFNBZmOE )PXEP*GPSNBUUFYUUPTVQFSTDSJQUBOE
i4NBSU5BHTwVTFGVM PUIFSTNBZmOEUIFN TVCTDSJQUXJUIJOTFDPOET
BOOPZJOH*UBMTPUBLFTFYUSB$16UJNFGPS
.JDSPTPGU8PSEUPBOBMZ[FBEPDVNFOUGPS æ(PJOHUPi'PSNBU]'POUwBOE
UFYUUPCFBTTPDJBUFEXJUIi4NBSU5BHTw4P TFMFDUJOHTVQFSTDSJQUPSTVCTDSJQUFBDI
JOPSEFSUPEJTBCMFUIJTGFBUVSF ZPVOFFEUP UJNFDBOCFRVJUFUJNFDPOTVNJOHBOE
QFSGPSNUIJTUXFBL GSVTUSBUJOH)FSFJTBOFBUTMFJHIUPGIBOE
 4FMFDUi5PPMTwBOEUIFOi"VUP$PSSFDU  5PGPSNBUUIFUFYUBTTVQFSTDSJQU 
- *UJTQPTTJCMFUPFNCFEBO&YDFM
0QUJPOTw mSTUTFMFDUUIFUFYUBOEUIFOQSFTT
XPSLTIFFUJOUPB8PSEEPDVNFOU
 8IFOUIFi"VUP$PSSFDUwNVMUJUBCCFE i$USM 4IJGU w
EJBMPHCPYBQQFBST TFMFDUUIFi4NBSU  'PSTVCTDSJQU QSFTTi$USM wBGUFS
5BHTwUBC æ$SVODIJOHOVNCFSTCFDPNFT TFMFDUJOHUIFUFYU
FGGPSUMFTTPOVTJOHBTQSFBETIFFU 5SZJUPVU*UDBOCFEPOFXJUIJOTFDPOET
BQQMJDBUJPOMJLF.JDSPTPGU&YDFM
.BJOUBJOJOHBDDPVOUT QFSGPSNJOH &%qL^cVbe*
DPNQMFYDBMDVMBUJPOT DSFBUJOHHSBQIT .VMUJQMFUBTLJOHPG8JOBNQ
BOETPPODBOBMMCFBDDPNQMJTIFEXJUI )PXDBO*FOBCMF8JOBNQUPQMBZWJEFP
UIFIFMQPGBGFXNFSFDMJDLT4VDIBUBTL mMFTBOE.1TTJNVMUBOFPVTMZXJUI
JTOFBSMZJNQPTTJCMFXIFOVTJOHBXPSE NVMUJQMFPUIFSJOTUBODFT
QSPDFTTJOHBQQMJDBUJPOMJLF.JDSPTPGU
8PSE)PXFWFS BTJUVBUJPONBZBSJTF æ5IFSFNBZCFUJNFTXIFOZPVXBOU
XIFSFZPVNBZXBOUUPDPNCJOFUIF UPQMBZBWJEFPJOTUFBEPGVTJOH8JOBNQ
GFBUVSFTPGB8PSEEPDVNFOUBOEBO&YDFM TWJTVBMJ[BUJPOTXIFOQMBZJOH.1
XPSLTIFFUTVDIBTJOTFSUJOHBOBDDPVOUPG mMFT6OGPSUVOBUFMZ 8JOBNQJTOPSNBMMZ
FYQFOTFTPSBHSBQIXJUIJOBEPDVNFOU DPOmHVSFEUPBMMPXPOMZPOFJOTUBODFPG
)FSFTBSVOEPXOPOIPXUPJOTFSUBO UIFQMBZFSSVOOJOH5IJTNFBOTUIBUZPV
&YDFMXPSLTIFFUJOBXPSEEPDVNFOU OPSNBMMZNVTUVTF8JOEPXT.FEJB1MBZFS

).4%,,)'%.4æ#/-054).'æ#()0æ\æ*5.%ææ
\
4)03åå42)#+3å å(!.$3å/.å 

UPQMBZUIFWJEFPBOEUIFO8JOBNQUP BOEPQFOUIFTXBUDIQBMFUUF 8JOEPX 3FNFNCFSZPVDBOOPUBEKVTUBMMUIF


QMBZUIFBVEJPPSWJDFWFSTB)PXFWFS ZPV ]4XBUDIFT
0ODFUIFTXBUDIQBMFUUF MJHIUTUPHFUIFSBOEUIFSFGPSF ZPVOFFE
DBOFBTJMZDPOmHVSF8JOBNQUPBMMPX QPQTVQ DMJDLPOBDPMPSPGMJHIUTIBEF UPBEKVTUUIFNJOEJWJEVBMMZ
NVMUJQMFJOTUBODFTMJLFQMBZJOHCPUIWJEFP FH0SBOHFPS:FMMPX  $MJDLPOi0,wXIFOZPVBSFTBUJTmFE
BOEBVEJPmMFTTJNVMUBOFPVTMZ*UDBOCF  $MJDLPOi&GGFDU]%]&YUSVEF#FWFMw XJUIUIFSFTVMU
DPOmHVSFEJOUIFDPOTFRVFOUNBOOFS 5IJTXJMMPQFOUIFi&YUSVEF#FWFM  4FMFDUUIFUFYUGSPNUIFNFOVCBS$MJDL
 3JHIUDMJDLPOUIF8JOBNQUJUMFCBS 0QUJPOTwXJOEPX POi0CKFDU]&YQBOE"QQFBSBODFw5IJT
 $IPPTFi0QUJPOTwBOEUIFO  $IFDLUIFi1SFWJFXwDIFDLCPYUPTFF XJMMDSFBUFBHSPVQPGPCKFDUTGSPNUIF
i1SFGFSFODFTw UIFVQEBUFTBOEDIBOHFTPOUIFUFYU TJOHMFUFYUPCKFDU
 8IFOUIFi1SFGFSFODFTwEJBMPHCPY  :PVDBOUXFBLUIFBOHMFJOBOZBYFT  4FMFDUHSPVQTFMFDUJPOUPPMGSPNUIF
BQQFBST DMJDLPOi(FOFSBM1SFGFSFODFTw 9 :PS;NBSLFEXJUISFE HSFFO UPPMCBSJUJTUIFTFDPOEIPSJ[POUBMUPPM
 *OUIFSJHIUQBOF DIFDLi"MMPXNVMUJQMF BOEZFMMPXBSSPXSFTQFDUJWFMZJOUIF XIJDIMPPLTMJLFBOBSSPXXJUIBQMVT
JOTUBODFTw i&YUSVEF#FWFM0QUJPOTwXJOEPX
UJMM TJHOBTTVGmY
 $MJDLPOi$MPTFwUPDMPTFUIFEJBMPHCPY ZPVBSFTBUJTmFEXJUIUIFPVUQVU  5PTFMFDUUIFGSPOUTVSGBDFTPGUIF%
 *GZPVXBOUUPFYQFSJNFOUXJUITPNF PCKFDU LFFQUIFi4IJGUwLFZQSFTTFEBOE
&&q>aajhigVidg8H MJHIUT DMJDLPOUIFi.PSF0QUJPOTw DMJDLPOBOZPGUIFMFUUFSTGSPOUQBSU
$SFBUJPOPGNBTUIFBE CVUUPO5IJTXJMMBQQFOEUIFMJHIU (PPODMJDLJOHPOUIFGSPOUTVSGBDFPG
)PXDBO*DSFBUFB%NBTUIFBEGPSNZXFC BEKVTUNFOUTFDUJPOJOUIFTBNF UIFPUIFSDIBSBDUFST
QBHF i&YUSVEF#FWFM0QUJPOTwXJOEPX  0OUIFUPPMCBS DMJDLPOUIFi4USPLFwJDPO
*GZPVXJTI ZPVDBOBMTPBEEMJHIUTCZ KVTUCFMPXUIFi;PPNwUPPM
BOEUIFO
æ5PDSFBUFB%NBTUIFBE ZPVOFFE DMJDLJOHPOUIFi/FXMJHIUwJDPOXIJDI DMJDLPOBDPMPSPGEBSLTIBEFGSPNUIF
UPIBWF*MMVTUSBUPS$4*UIBTBmMUFSXJUIJO JTUIFTFDPOEJDPOVOEFSUIFJNBHF TXBUDIFT
UIFi&GGFDUwNFOVUJUMFE%UIBUIFMQTJO PGBTQIFSFXJUIBTQPU5IFTQIFSF  0QFOUIFi4USPLFwXJOEPXCZDMJDLJOH
DSFBUJOHUIFNBTUIFBE'PMMPXUIFTUFQT JOEJDBUFTUIFPCKFDUTBOEUIFTQPUT POi8JOEPX]4USPLFwGSPNUIFNFOV
 5ZQFBOZUFYUPOUIFBSUCPBSE4JODF JOEJDBUFUIFMJHIUTBQQMJFEPOUIFN5P CBS$IBOHFUIFTUSPLFWBMVFUPPSUP
CZEFGBVMUJUUBLFTCMBDLDPMPS TPUP BEKVTUUIFMJHIUT ZPVOFFEUPTFMFDUUIF UIJDLFOUIFTUSPLF
DIBOHFUIFDPMPSLFFQUIFUFYUTFMFDUFE TQPUTBOEDIBOHFUIFWBMVFTBTXFMM  %FTFMFDUCZDMJDLJOHBOZXIFSFPOUIF
BSUCPBSE$IPPTFUIFi4FMFDUJPOwBOE
UIJTUJNF TFMFDUUIFFOUJSFHSPVQPG
PCKFDUT
 'SPNUIFNFOVCBS DMJDLPOi&GGFDU]
8BSQ]"SDw5IJTXJMMPQFOUIFi8BSQ
0QUJPOTwXJOEPXXJUIUIFi"SDw
TFMFDUFE$MJDLPOUIFQSFWJFXDIFDL
CPYUPTFFUIFVQEBUFTBOEDIBOHFTPO
UIFPCKFDU
 "EKVTUUIFi#MFOEwTMJEFSUPHFUZPVS
EFTJSFESFTVMU5IJTXJMMCFOEUIFUFYUJO
UIFGPSNPGBOBSD5IFFYUFOUPGCFOE

&&W 5IFi8BSQ0QUJPOTwXJOEPXXJUIUIF
i"SDwTUZMFTFMFDUFEBOEUIFi#MFOEwTMJEFS
BEKVTUFEBTTFFOIFSF

&&X 8IFOZPVLFFQZPVSNPVTFCVUUPO
&&V 5IF%&YUSVEF#FWFM0QUJPOT QSFTTFEBMPOHXJUIUIF$USMLFZPOUIF
XJOEPXTXJUIUIFBEKVTUNFOUTFUUJOHT LFZCPBSE UIFDVSTPSXJMMUBLFUIFTIBQF
GPSMJHIUTIPXTUIFJDPOZPVOFFEUPDMJDL PGBOBSSPXIFBEXIJDIDBOUIFOCFVTFE
PO UPBEENPSFMJHIU GPSUBQFSJOHQVSQPTFT

*5.%ææ\æ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!.$3å/.å å4)03åå42)#+3

XJMMCFEFmOFECZUIFCMFOEWBMVF æ*GZPVUIPVHIUBQQMZJOHUIFQBHF
 $MJDLPOi0,wPODFZPVBSFTBUJTmFE DVSMFGGFDUSFRVJSFTBUIJSEQBSUZQMVHJO 
XJUIUIFSFTVMU ZPVXJMMCFHMBEUPLOPXUIBUUIFSFJTB
 'JOBMMZ UPBEEUIFQFSTQFDUJWF PQUGPS CVJMUJOGFBUVSFJO"EPCF1IPUPTIPQEPJOH
i'SFF5SBOTGPSN5PPMwGSPNUIFUPPMCBS UIFTBNFUBTLBOEUIBUUPPXJUIHSFBU
PSQSFTTi&wGSPNLFZCPBSE4FMFDUUIF FBTF)PXFWFS ZPVXJMMOFFEUPVQHSBEF
UFYUBOEDMJDLPOUPQSJHIUDPOUSPMQPJOUT  UP1IPUPTIPQ$4UPUBLFBEWBOUBHFPGJU
QSFTTUIFi$USMwLFZBOEESBHUIFNPVTF 5PBQQMZBQBHFDVSMFGGFDU ZPVOFFEUPEP
EPXOUPUBQFSUIFSJHIUTJEFPGUIFPCKFDU UIFGPMMPXJOH
8IFOEPOF KVTUSPUBUFUIFUFYUBCJU  0QFOUIFJNBHFUPXIJDIZPVXJTIUP
BOUJDMPDLXJTFUPBDRVJSFUIFmOBMFGGFDU BQQMZUIFQBHFDVSMFGGFDU
 4FMFDUUIFi4FMFDUJPOUPPMwPSQSFTT  4FMFDUUIFFOUJSFJNBHFCZQSFTTJOH
i7wPOUIFLFZCPBSEBOEEFTFMFDUCZ i$USM "w
DMJDLJOHBOZXIFSFPOUIFBSUCPBSE  1SFTTi$USM 5wUPFOUFSUIFi'SFF &(V 5IFDIBOOFMQBMFUUFJOEJDBUJOHUIFJDPO
ZPVOFFEUPDMJDLPOUPDSFBUFBDIBOOFM
5SBOTGPSNwNPEF
BOETBWFUIFTFMFDUJPOJOJU
&'q6YdWZE]didh]de8H'  /PX SJHIUDMJDLPOBOZQBSUPGUIF
1BHFDVSMFGGFDU JNBHFBOEDIPPTFUIFPQUJPOi8BSQw 1IPUPTIPQ BCJEFCZUIFGPMMPXJOHTUFQTUP
*XBOUUPBQQMZBQBHFDVSMFGGFDUUPPOF GSPNUIFDPOUFYUNFOV:PVXJMMTFFB DSFBUFUIFEFTJSFEFGGFDU
PGUIFDPSOFSTPGBOJNBHF"QBSUGSPNUIF YHSJEBTJUTXJUDIFTUPXBSQNPEF  4FMFDUPOFQPSUJPOXJUIUIFIFMQPGUIF
UIJSEQBSUZ1IPUPTIPQmMUFST JTUIFSFBOZ  5IFOESBHPOFPGUIFDPSOFSWFSUJDFT i.BHJD8BOE5PPMwBOEUIFOPQFOUIF
CVJMUJOGFBUVSFJO1IPUPTIPQUPBQQMZ EJBHPOBMMZJOXBSETVOUJMZPVHFU i$IBOOFMwQBMFUUF*OUIFi$IBOOFMw
QBHFDVSMT UIFEFTJSFEQBHFDVSMFGGFDU:PV QBMFUUF TJNQMZDMJDLPOUIFTFDPOE
DBOGVSUIFSUXFBLUIFQBHFDVSMCZ JDPO 4BWFTFMFDUJPOBTDIBOOFM
GSPN
ESBHHJOHBOEBEKVTUJOHUIFBEKBDFOU UIFMFGUQMBDFEBUUIFCPUUPNPGUIF
WFSUJDFT QBMFUUFGPSBVUPNBUJDBMMZTBWJOHB
 8IFOZPVSFDPOUFOUFEXJUIUIF TFMFDUJPOJOBTFQBSBUFDIBOOFM"GUFS
SFTVMUBOUFGGFDU QSFTTUIF&OUFSLFZUP TBWJOH EFTFMFDUCZQSFTTJOHi$USM %w
BQQMZUIFQBHFDVSMBOEZPVSFEPOF 4JNJMBSMZ EPUIJTGPSBMMUIFQPTTJCMF
QPSUJPOTUIBUXPVMETIPXEJGGFSFOU
&(qE]didh]de MFWFMTPGSFGSBDUJPOT
#MFOEJOHUIFFGGFDUPGSFGSBDUJPOJOBO  /FYUTUFQXPVMECFUPTBWFBMMUIF
BSUXPSL TFMFDUJPOTUPHFUIFS5PEPUIJT QSFTT
*XBOUUPDSFBUFUIFFGGFDUPGSFGSBDUJPOJO i$USM 4IJGUwBOEDMJDLPOBMMUIF
POFPGNZBSUXPSLT"T*NOPUBXBSFPG DIBOOFMTUJMMBMMUIFTFQBSBUFMZTBWFE
UIFQSPQFSVTBHFPGUIF%TPGUXBSF DBO TFMFDUJPOTBSFTFMFDUFEUPHFUIFS0ODF
1IPUPTIPQBJENFJOUIJTFOEFBWPS DPNQMFUFE TBWFUIFTFMFDUJPOJOPOF
TJOHMFDIBOOFM0OmOJTIJOHUIFUBTL 
&' :PVEPOUSFRVJSFBOZQMVHJOUPBQQMZ æ:FT UIFFGGFDUPGSFGSBDUJPODBO EFTFMFDU
UIFQBHFDVSMFGGFDUUPBOZJNBHF CFDSFBUFEJO1IPUPTIPQ
#VUSFNFNCFSJGZPVXBOU
UPDSFBUFUIFFGGFDU UIFO
mSTUPGBMMZPVXPVMEOFFE
UPDSFBUFBOPCKFDUXIJDI
XJMMCFUIFNFEJVNPG
SFGSBDUJPO:PVDBOVTFBOZ
WFDUPSHSBQIJDTPGUXBSF
MJLF*MMVTUSBUPSPS$PSFMUP
DSFBUFUIFPCKFDUBOEUIFO
DPQZBOEQBTUFUIFPCKFDU
JO1IPUPTIPQ8FDSFBUFE
BTJNQMFHMBTTJO*MMVTUSBUPS
&(W 5IF(MBTTGJMUFSXJOEPXTIPXJOHUIFPQUJPOCVUUPOZPV
BOEQBTUFEJUJO1IPUPTIPQ
OFFEUPDMJDLPOBOEUIFi-PBE5FYUVSFwPQUJPOZPVOFFE
POBOJNBHFGPSUIFKPC"T
UPTFMFDU
UIFPCKFDUHFUTQBTUFEJO

).4%,,)'%.4æ#/-054).'æ#()0æ\æ*5.%ææ
\
4)03åå42)#+3å å(!.$3å/.å 

 3FTFMFDUUIFTFMFDUJPOCZQSFTTJOHUIF JOEJWJEVBMOBNFT:PVDBOTJNQMZGPMMPX
#FGPSF
i$USMwLFZPOUIFLFZCPBSEBOEDMJDLJOH UIFTUFQTXJUIUIFOBNFTZPVIBWF SPUBUJPO
POUIFDIBOOFMXIFSFBTFMFDUJPOJT VTFE
TBWFE'SPNUIFNFOVCBS DMJDLPO  4FMFDUUIFMBZFSi#PEZ3FGSBDUFEwBOE
i'JMUFS]#MVS](BVTTJBO#MVSwUPPQFO UIFOGSPNUIFNFOVCBS TFMFDUi'JMUFS
(BVTTJBO#MVSTFUUJOHXJOEPX$IBOHF ]%JTUPSU](MBTTw*OUIFmMUFSXJOEPX 
UIFi3BEJVTwUPiwBOEDMJDLPOi0,w NPWFZPVSDVSTPSUPUIFQBSUUJUMFE
 /FYU DIPPTFPOFPGUIFDIBOOFMT i5FYUVSFw$MJDLPOUIFPQUJPOCVUUPO
BOEQSFTTi$USM "wPOUIFLFZCPBSE KVTUCFTJEFUIFESPQEPXOMJTUBOEHPGPS
GPSTFMFDUJOHUIFFOUJSFDIBOOFM UIFDIPJDFPGi-PBE5FYUVSFw5IJTXJMM
1SFTTi$USM $wUPDPQZBOEi$USM /w PQFOUIFi-PBE5FYUVSFwXJOEPX4FMFDU "GUFS
GPSDSFBUJOHBOFXmMF%POUDIBOHF UIFmMFXIJDIXJMMCFVTFEUPDSFBUFUIF SPUBUJPO
BOZEJNFOTJPOCVUDIBOHFUIFi$PMPS SFGSBDUJPOFGGFDU XFIBWFDIPTFOi(MBTT
.PEFwGSPNi(SBZTDBMFwUPi3(#$PMPSw CPEZ4NBMMw'JEEMFXJUIi%JTUPSUJPOw
*OUIFOFXmMF QBTUFUIFJOGPSNBUJPO BOEi4NPPUIOFTTwTFUUJOHTCVUEPOPU
PGUIFDIBOOFM4BWFBOEDMPTFUIFOFX DIBOHFUIFi4DBMJOHwTFUUJOHGSPN
mMFBT14%'PSPVSKPC XFIBWFOBNFE /FYU DMJDLPOi0,w$IPPTFUIFPUIFS
UIFOFXmMFBTi(MBTTUPQ4NBMMw MBZFSOBNFEi5PQ3FGSBDUFEwBOEGPMMPX
3FQFBUUIFTUFQXJUIBMMUIFPUIFSTBWFE UIFTBNFQSPDFEVSFUPDSFBUFUIFCBTJD
TFMFDUJPOT SFGSBDUJPOFGGFDU0OMZUIJTUJNFXIJMF
 $MJDLPOUIFDIBOOFMXJOEPXPGUIF MPBEJOHUIFUFYUVSF DIPPTFUIFmMF &) :PVDBOSFDUJGZUJMUFETDBOTVTJOHUIF
NBJOmMFXIFSFXFIBWFCFFOXPSLJOH OBNFEi(MBTTUPQ4NBMMw
BSCJUSBSZSPUBUJPOGFBUVSFJO1IPUPTIPQ
TPGBS4FMFDUUIFDIBOOFMXIFSFJO  0ODFEPOF DSFBUFBi$MJQQJOH.BTLwCZ
BMMPGUIFTFMFDUJPOTIBWFCFFOTBWFE QSFTTJOHUIFi"MUwLFZBOEDMJDLJOHBUUIF
UPHFUIFS+VTUEPVCMFDMJDLPOUIF NJEEMFPGUIFMBZFSTi(MBTT#PEZwBOE æ8IFOTDBOOJOHQJDUVSFT JUJT
DIBOOFMTFYJTUJOHOBNFBOESFQMBDFJU i#PEZ3FGSBDUFEw JNQPSUBOUUPBMJHOUIFTPVSDFPOUIF
CZUZQJOHJOUIFOFXOBNFBTDSJCFE  $SFBUFBOFXMBZFSPOUPQPGUIFTUBDL TDBOOFSTCFEUPHFUBDDVSBUFSFTVMUT*GUIF
 0QFOUIFi-BZFSTwXJOEPX4FMFDU BOEmMMJUXJUICMBDLDPMPS TPVSDFJTNJTBMJHOFE UIFTDBOOFESFTVMU
UIFi.BHJD8BOEwUPPMBHBJOBOEDMJDL  'SPNUIFNFOVCBS DMJDLPOi'JMUFS] NBZCFUJMUFE*GZPVGBDFTVDIBTJUVBUJPO 
POPOFPGUIFQPSUJPOTUPTFMFDUJU 3FOEFS]-JHIUJOH&GGFDUTw5IJTXJMM IFSFJTBRVJDLXBZPOIPXZPVDBOSFDUJGZ
1SFTTi$USM 4IJGU +wUPDVUUIFTFMFDUFE PQFOUIFi-JHIUJOH&GGFDUTwXJOEPX UIFUJMUXJUIJOTFDPOET
QPSUJPO DSFBUFBOFXMBZFSBOEQBTUF *OUIBUXJOEPX NPWFZPVSDVSTPSUP  0QFOUIFTDBOOFEJNBHFJO1IPUPTIPQ
UIFJOGPSNBUJPOPOUIFOFXMBZFS/PX UIFTFDUJPOOBNFEi5FYUVSF$IBOOFMw  /PXSFQFBUQSFTTJOHi4IJGU *wVOUJM
UIBUUIFMBZFSTBSFTFQBSBUFE OBNF BOEGSPNUIFESPQEPXOMJTU DIPPTF UIFNPVTFQPJOUFSDIBOHFTUPBSVMFS
UIFNBDDPSEJOHMZ*OUIJTDBTF XFIBWF UIFDIBOOFMOBNFEi5IF(MBTTw$IFDL JOEJDBUJOHUIFNPEFIBTDIBOHFEUPUIF
VTFEi(MBTT#PEZwBOEi(MBTT5PQw UIFCPYi8IJUFJTIJHIw*ODSFBTFUIF i.FBTVSJOH5PPMw/PUJDFUIBUUIFJDPO
 %VQMJDBUFUIFi#BDLHSPVOEMBZFSwCZ i)FJHIUwTFUUJOHT*OUIFi1SPQFSUJFTw BCPWFUIFi;PPN5PPMwJOUIFTJEFCBS
DMJDLJOHBOEESBHHJOHJUUPUIFi$SFBUF TFDUJPO JODSFBTFUIFi(MBTTwTFUUJOHT BMTPDIBOHFTUPBSVMFS
BOFXMBZFSwJDPOXJUIUIFTFDPOEPOF "MTP EFDSFBTFUIFi.BUFSJBMwTFUUJOHT  5IFODMJDLBOEESBXBMJOFBDSPTTUIF
CFJOHQMBDFEBUUIFCPUUPNGSPNSJHIU 8IFOZPVBSFTBUJTmFEXJUIUIFFOE
3FQFBUUIFQSPDFTTUJMMZPVDSFBUFBT SFTVMU DMJDLPOi0,w
NBOZMBZFSTBTZPVIBWFGPSNFEUP  0OUIBUMBZFS DIBOHFUIF#MFOEJOH
EJTUJOHVJTIUIFQPSUJPOTPGUIFPCKFDU NPEFPQUJPO UIFESPQEPXOMJTUMPDBUFE
 /BNFUIFOFXTFUPGMBZFSTJO BUUIFUPQSJHIUTJEFPGUIFMBZFSQBMFUUF

TVDIBNBOOFSTPUIBUUIFZDBSSZB GSPNi/PSNBMwUPi0WFSMBZw/PXZPVS
SFTFNCMBODFXJUIUIFQPSUJPOTPGUIF SFGSBDUJPOFGGFDUJTDPNQMFUF
PCKFDU'PSFYBNQMF XFIBWFOBNFE
UIFMBZFSTi#PEZ3FGSBDUFEwBOE &)q6YdWZE]didh]de
i5PQ3FGSBDUFEw1PTJUJPOUIFNKVTU "SCJUSBSZSPUBUJPO
POUPQPGUIFBTTPDJBUFEMBZFSTMJLFUIF *TDBOOFETPNFQIPUPHSBQITJOBIVSSZ
MBZFSOBNFEi#PEZ3FGSBDUFEwXJMMCF XJUIPVUBMJHOJOHUIFNPOUIFTDBOOFST
QPTJUJPOFEKVTUBCPWFUIFi(MBTT#PEZw CFE"TBSFTVMU UIFTDBOOFEJNBHFTBSF
 'SPNOPXPO XFOFFEUPSFGFSUIF BCJUUJMUFE)PXEP*SPUBUFUIFJNBHFTUP
MBZFSTBOEUIFmMFTGPMMPXJOHUIFJS SFDUJGZUIFUJMU

*5.%ææ\æ).4%,,)'%.4æ#/-054).'æ#()0
 \
(!.$3å/.å å4)03åå42)#+3

CPSEFSPGUIFTDBOOFEJNBHF #SPXTFUISPVHIUIFCFMPXNFOUJPOFE &,qDjiadd`:megZhh


 4FMFDUUIFPQUJPOi3PUBUF*NBHF] TUFQTUPHFOFSBUFBO)5.-NBDSPDPEF 1SFWFOU.4/.FTTFOHFSGSPN
"SCJUSBSZwGSPNUIFi*NBHFwNFOV:PV  3VO3(#&EJUPSBOETFMFDUi0QUJPOTw MBVODIJOHXJUI0VUMPPL&YQSFTT
XJMMOPUJDFUIFBOHMFPGUIFUJMUJOUIF GSPNUIFi'JMFwNFOV *TQBSJOHMZVTFBEJBMVQDPOOFDUJPOGPS
i"OHMFwmFMEJOUIFi3PUBUF$BOWBTw  6OEFSUIFi(FOFSBMwUBC DIFDLUIF *OUFSOFUBDDFTT0VUMPPL&YQSFTTJTUIF
EJBMPHCPY PQUJPOi)5.-.BDSPwBOEDMJDLPOUIF NBJMDMJFOU*VTFUPEPXOMPBENZFNBJMT
 $MJDLPOUIFi0,wCVUUPOUPSPUBUFUIF i0,wCVUUPO 8IFOFWFS*VTF0VUMPPL&YQSFTT .4/
JNBHFBSCJUSBSJMZBOESFDUJGZUIFUJMU  /PXHPUPUIFDPMPSQBMFUUFCZEPVCMF .FTTFOHFSBMTPBQQFBSTJOUIFTZTUFNUSBZ
 'JOBMMZ DSPQUIFEFTJSFETFDUJPOPGUIF DMJDLJOHPOUIFDPMPSTXBUDIBOETFMFDU BOEBTLTNFUPFOUFSNZQBTTXPSEUPTJHO
JNBHFFMJNJOBUJOHUIFUJMUSFTVMUJOHPVU BDPMPSGPSXIJDIZPVOFFEBO)5.- JO UIPVHI*IBWFOUTFU.4/.FTTFOHFS
PGSPUBUJPOPGUIFDBOWBTUPHFUUIFmOBM NBDSPDPEF$MJDLPOUIFi0,wCVUUPOUP UPSFNFNCFSNZQBTTXPSEBOETJHOJO
DPSSFDUFESFTVMU SFUVSOUPUIFTXBUDI BVUPNBUJDBMMZ
)PXEP*DPOUSPMUIJT
1MFBTFOPUFUIBUUPPNVDISPUBUJPOPG  0OQSFTTJOHi$USM $w UIF)5.- CFIBWJPSBOETUPQUIJTBDUJWJUZ
UIFDBOWBTFOETVQJOTMJHIUMPTTPGJNBHF NBDSPDPEFXJMMHFUDPQJFEUPUIF
RVBMJUZ"MUIPVHI SFDUJGZJOHUIFNJOPSUJMUT DMJQCPBSE:PVDBOVTFJUCZTJNQMZ æ:PVDBOEJTBCMF.4/.FTTFOHFS
IBSEMZNBLFTBOZEJGGFSFODF.BLFTVSF  QBTUJOHUIFDPEFBUBOZEFTJSFEMPDBUJPO GSPNUSZJOHUPBVUPNBUJDBMMZTJHOJO
ZPVUSZZPVSCFTUUPBMJHOZPVSUBSHFUPOUIF XIJMFEFTJHOJOHBXFCQBHF XIFOFWFSZPVMBVODI0VUMPPL&YQSFTT
TDBOOFSCFEBOEQSFWJFXZPVSTDBOTCFGPSF  5IF3(#WBMVFTBQQFBSCFMPXUIF CZDIBOHJOHBTFUUJOHJOUIFNBJMDMJFOUwT
TBWJOHUIFmOBMSFTVMU DPMPSTXBUDI5IFZDBOCFVTFGVMXIFO PQUJPOT5PTUPQ.4/.FTTFOHFSGSPN
DPEJOHDFSUBJO+BWBBOE%)5.-TDSJQUT TUBSUJOHBMUPHFUIFSXJMMSFRVJSFZPVUP
&*qG<7:Y^idg FEJUUIF8JOEPXTSFHJTUSZ4UBSU0VUMPPL
'JOEJOH3(# IFYBEFDJNBMBOE)5.- >ciZgcZiVcY8dbbjc^XVi^dc &YQSFTTBOEDMJDLPOi5PPMT]0QUJPOTw
NBDSPDPMPSWBMVFT &+q>ciZgcZi:meadgZg 6OEFSUIFi(FOFSBMwUBC VODIFDLUIFCPY
*TUIFSFBRVJDLXBZUPmOEPVUUIF3(#BOE 5XFBLQPQVQCMPDLJOH BHBJOTUi"VUPNBUJDBMMZMPHPOUP8JOEPXT
)5.-NBDSPWBMVFTPGBDPMPSQJDLFEVQGSPN )PXDBO*CMPDLQPQVQTCZUXFBLJOH .FTTFOHFSw$MJDLPO"QQMZBOEUIFOPO
UIFDPMPSQBMFUUF *UXPVMECFWFSZVTFGVMGPS  i0,w$MPTF0VUMPPL&YQSFTTBOEFEJUUIF
NFJOXFCEFTJHOJOHBOEJNBHJOH æ5IF*&1PQVQCMPDLFSJTHSFBU*U SFHJTUSZJGZPVXBOUUPTUPQ.FTTFOHFS
CMPDLTNPTUQPQVQTXFMMXJUISFDPOmSNJOH GSPNTUBSUJOHUPP$MJDLPOi4UBSU]3VOw 
UIPVHIBUUJNFTJSSJUBUJOH
iQPQwTPVOE UZQFiSFHFEJUwBOEDMJDLPOi0,w*OUIF
4JNQMFUXFBLJOHDBOCMPDLQPQVQT 3FHJTUSZ&EJUPS QSPDFFEUPUIFGPMMPXJOHLFZ
BMUPHFUIFSBOETUPQUIFiQPQwTPVOEUPP <),&:@-0$"-@."$)*/&=40'58"3&=
 (PUPi5PPMT]*OUFSOFU0QUJPOT]1SJWBDZw .JDSPTPGU=0VUMPPL&YQSFTT>
BOECFMPXJTUIFQPQVQCMPDLFS 8JUIUIFLFZi0VUMPPL&YQSFTTwTFMFDUFE 
 $MJDLPOi4FUUJOHTwJOUIF1PQVQCMPDLFS MPPLGPSBWBMVFXJUIUIFOBNFi)JEF
TFDUJPO .FTTFOHFSw*GUIFSFJTOPTVDIWBMVFUIFO
 6ODIFDLi1MBZBTPVOEXIFOywUP DSFBUFJU3JHIUDMJDLPOUIFSJHIUIBOETJEF
EJTBCMFUIFiQPQwTPVOEXIFOFWFSB QBOFMPGUIF3FHJTUSZ&EJUPSCZPQUJOHGPS
QPQVQJTCMPDLFE
 5IFPQUJPOVOEFSi4IPXJOGPSNBUJPOyw
EFDJEFTXIFUIFSUIFCMVFCBSPVHIUUP
QPQVQXIFOFWFSBQPQVQJTCMPDLFE
&* (FU3(# )FYBEFDJNBMBOE)5.-.BDSP -FBWFJU0/BTJUXJMMIFMQZPVEFUFSNJOF
DPMPSDPEFTJOBGMBTIPGBTFDPOE XIFOFWFSBMFHJUJNBUFQPQVQIBTCFFO
CMPDLFE
 i'JMUFS-FWFMwJTQSFUUZNVDITFMG
æ3(#BOE)5.-NBDSPDPMPSDPEFT FYQMBOBUPSZ5IJTPQUJPOMFUTZPVEFmOF
DPNFJOIBOEZXIJMFEFTJHOJOHXFCQBHFT IPXTUSJDUUIFQPQVQCMPDLFSPVHIUUP
"UIJSEQBSUZBQQMJDBUJPOEJTQMBZJOHDPMPS CF%FGBVMUJTi.FEJVNwVTFi)JHIw
DPEFTGPSBOZDPMPSQJDLFEVQGSPNUIF UPCMPDLBMMQPQVQTBOEi-PXwUPBMMPX
QBMFUUFXPVMECFWFSZVTFGVM3(#&EJUPS QPQVQTGSPNTFDVSFTJUFTPOMZ
GSPN4PGUXBSFCZ%FTJHOJTPOFTVDIUPPM  *GBEWFOUVSPVT ZPVDBONBOVBMMZBEE
UIBUDBOEJTQMBZDPMPSDPEFTJOBTOBQ5IJT XFCTJUFTUIBUIBWFJSSJUBUJOHQPQVQTJO &, 4UPQ.4/.FTTFOHFSGSPNTJHOJOH
UJOZ,#BQQMJDBUJPOJTQSFTFOUPOUIF UIFi"EESFTTPG8FCw"GUFSFOUFSJOHJU  JOBVUPNBUJDBMMZXIFOZPVMBVODI
0VUMPPL&YQSFTT
$)*1%7% DMJDLPOi"EEw

).4%,,)'%.4æ#/-054).'æ#()0æ\æ*5.%ææ
\
4)03åå42)#+3å å(!.$3å/.å 

4FMFDUi/FX]%803%7BMVFw/BNFUIF UIFODMJDLPOi"EE/FXwBOELFZJOBOFX
%803%7BMVFi)JEF.FTTFOHFSw%PVCMF BEESFTT$IFDLUIFCPYi"EEUP$POUBDUTw
DMJDLPOUIFWBMVFZPVKVTUDSFBUFEBOE JGZPVXBOUUIFDIBOHFTUPCFTBWFEJO
DIBOHFUIFFTUJNBUJPOUP$MJDLPOi0,wUP ZPVS$POUBDUTGPMEFSUPP
TBWFUIFDIBOHF*GUIFWBMVFBMSFBEZFYJTUT  $MJDLPOi4BWFBOE$MPTFwUPTBWFZPVS
CVUUIFEFOPNJOBUJPOJTOPUiw UIFOZPV EJTUSJCVUJPOMJTU*GZPVXBOUUPBDDFTTJU
POMZOFFEUPFEJUJU$MPTFUIF3FHJTUSZ&EJUPS BHBJO ZPVDBOEPTPCZBDDFTTJOHJUGSPN
BOESFTUBSUZPVSDPNQVUFS UIF$POUBDUTGPMEFSJO0VUMPPL
 0OFWFSZVTFGVMGFBUVSFJOB
&-qDjiadd`'%%% EJTUSJCVUJPOMJTUJTJUTBCJMJUZUPVQEBUF
6TJOH%JTUSJCVUJPO-JTUTJO0VUMPPL DIBOHFTNBEFUPBDPOUBDUTEFUBJMT
*VTF0VUMPPLBTNZFNBJMDMJFOU0WFS %PVCMFDMJDLPOUIFEJTUSJCVUJPOMJTUZPV
UIFQFSJPEPGPOFZFBS *IBWFBDDVNVMBUFE IBWFDSFBUFEGSPNUIF$POUBDUTGPMEFS &. $SFBUFBOBVUPSFTQPOEFSXJUIUIFIFMQ
BIVHFOVNCFSPGDPOUBDUT‰GSJFOET GBNJMZ BOEDMJDLPOi6QEBUF/PXw*GZPV PGBUFNQMBUFNBJMBOE0VUMPPLT3VMFT
8J[BSE
BOEDPMMFBHVFT8IFO*IBWFUPTFOEB DIBOHFEBOZEFUBJMT FTQFDJBMMZFNBJM
NBJMUPPOMZNZDPMMFBHVFT UIFO*IBWF BEESFTT
JUXJMMCFVQEBUFEXJUIJOUIF  4BWFUIJTBVUPSFTQPOEFSFNBJM$MJDL
UPTJGUUISPVHIUIFFOUJSFMJTUJOEJWJEVBMMZ EJTUSJCVUJPOMJTU POi'JMF]4BWF"TwBOETFMFDUi0VUMPPL
*OWBSJBCMZ *PWFSMPPLBGFXQFPQMFJOUIF :PVDBOFWFONBJMZPVSEJTUSJCVUJPOMJTUUP 5FNQMBUFwGSPNUIFi4BWFBTUZQFw
QSPDFTT)PXEP*NBLFNBJMJOHNBOZ ZPVSTFMGJGZPVPXOBOPUIFSDPNQVUFSPSB ESPQEPXOMJTU
QFPQMFFBTJFS OPUFCPPLBOETBWFJUUPZPVSDPOUBDUTGPMEFS  /BNFUIFmMFBQQSPQSJBUFMZBOETBWFJU
CZSVOOJOHJOUIFTVDDFTTJWFTUFQT JOBGPMEFSPSPOUIF%FTLUPQ
æ0VUMPPL JUTMBUFSWFSTJPOT
BMMPXT  'JSTU BEEUIFEJTUSJCVUJPOMJTUBTBO  /PXDSFBUFBSVMF$MJDLPOi5PPMT]3VMFT
VTFSTUPDSFBUFi%JTUSJCVUJPO-JTUTw TJNJMBSUP BUUBDINFOU0QFOBOFXNFTTBHF 8J[BSEwBOEUIFODMJDLPOi/FXw
DSFBUJOH(SPVQT
4FQBSBUFEJTUSJCVUJPOMJTUT XJOEPX DMJDLPOi*OTFSU]*UFNw$MJDL  4FMFDUi$IFDLNFTTBHFTXIFOUIFZ
DBOCFDSFBUFE FBDIDPOUBJOJOHBSFDPSEPG POUIF$POUBDUTGPMEFS TFMFDUUIF BSSJWFwBOEDMJDLPOi/FYUw
ZPVSGSJFOET SFMBUJWFTBOEDPMMFBHVFT5IFTF EJTUSJCVUJPOMJTUZPVKVTUDSFBUFEBOEUIFO  *OUIFDJSDVNTUBODFT DIFDLi8IFSFNZ
BSFTBWFEJOUIF$POUBDUTGPMEFSBOEDBOCF DMJDLPOi0,w4FOEBMPOHUIFNBJMXJUI OBNFJTJOUIF5PCPYwBOEi8IFSFNZ
FNQMPZFEJOTUFBEPGJOEJWJEVBMMZTFMFDUJOH UIJTBUUBDINFOU OBNFJTJOUIF$DCPYw$MJDLPOi/FYUwUP
FBDIDPOUBDU  8IFOZPVSFDFJWFUIFNBJM EPVCMF TQFDJGZUIFBDUJPOGPSUIFTFDPOEJUJPOT
 -BVODI0VUMPPLBOEDMJDLPOi'JMF]/FX] DMJDLPOUIFBUUBDINFOU XIJDIJTZPVS  $IFDLUIFCPYBHBJOTUi3FQMZVTJOHB
%JTUSJCVUJPO-JTUw PSQSFTTi$USM 4IJGU -w
 EJTUSJCVUJPOMJTU
8IFOJUPQFOT DMJDLPO TQFDJmDUFNQMBUFw
 -BCFMUIFEJTUSJCVUJPOMJTUmSTUCZUZQJOHB i4BWFBOE$MPTFw*UXJMMCFTBWFEJOUIF  $MJDLPOi4QFDJmDUFNQMBUFw JOUIF
TVJUBCMFEFTDSJQUJPOJOUIFi/BNFwmFME $POUBDUTGPMEFS 3VMFT%FTDSJQUJPOTFDUJPOPGUIFXJ[BSE

 $MJDLPOi4FMFDU.FNCFSTwJGZPVIBWF UPTQFDJGZUIFTBWFEBVUPSFTQPOEFS
FWFSZCPEZTDPOUBDUTTBWFEBMSFBEZ &.qDjiadd`'%%% UFNQMBUFZPVKVTUDSFBUFE
4FMFDUUIFVTFSTUIBUmUJOUPUIJT "VUPSFTQPOEFSJO0VUMPPL  5IFi4FMFDUB3FQMZ5FNQMBUFwEJBMPHCPY
EJTUSJCVUJPOMJTU ZPVSDPMMFBHVFT GPS *XPVMEMJLFUPLOPXBTUPIPX*DPVMETFU BQQFBST$MJDLPOUIFi-PPL*OwESPQEPXO
FYBNQMF
BOEi"EEwUIFN VQBOBVUPSFTQPOEFSPONZNBDIJOF *VTF MJTUBOETFMFDUUIFi6TFS5FNQMBUFTJO'JMF
 *GZPVXBOUUPBEENPSFVTFSTUPUIFMJTU 0VUMPPLBTNZFNBJMDMJFOU5IFSFBSFQMVH 4ZTUFNw$MJDLPOUIFi#SPXTFwCVUUPO
UIBUBSFOPUZFUTBWFEJOZPVSDPOUBDUT  JOTCVUUIFZBSFOPUGSFF BOETFMFDUUIFGPMEFSXIFSFZPVTBWFE
UIF0VUMPPL5FNQMBUF PGU
mMF4FMFDU
æ:PVDBOTFUVQBOBVUPSFTQPOEFSJO UIFmMFBOEDMJDLPOi0QFOw
0VUMPPLCVUUIFSFJTPOFQSPCMFNXJUIUIJT  $MJDLPOi/FYUw5IJTMJTUTUIFFYDFQUJPOT
TPMVUJPO PSBOZPUIFSQMVHJOJGVTFEXJUIJO UIBUZPVNJHIUXBOUUPDSFBUFTJODFJO
0VUMPPL
'PSUIJTBVUPSFTQPOEFSUPXPSL  UIFBVUPSFTQPOEFSNBJMXJMMOPUCFTFOU
ZPVSDPNQVUFSBOEUIFFNBJMDMJFOUXJMMIBWF PVUBVUPNBUJDBMMZ
UPSFNBJOPOBMMUIFUJNF  $MJDLPOi/FYUwBOEOBNFUIJTSVMF.BLF
)FSFTBSVOEPXOPOTFUUJOHVQUIF TVSFUIBUi5VSOPOUIJTSVMFwJTDIFDLFE
DPOmHVSBUJPOT XIFOZPVXBOUUPBDUJWBUFUIFBVUP
 -BVODI0VUMPPLBOEDSFBUFBOFX SFTQPOEFSSVMF$MJDLPOi'JOJTIw
NFTTBHF8JUIPVUFOUFSJOHBOZUIJOH  *GZPVIBWFDSFBUFEPUIFSSVMFT UIFOZPV
&- 6TFEJTUSJCVUJPOMJTUTUPTFOEFNBJMTUP JOUIFi5PwBOEi$DwmFMET UZQFZPVS DBOBMTPBSSBOHFUIFSVMFTBDDPSEJOHUP
BXIPMFCVODIPGQFPQMFJOBTJNQMF TVCKFDUMJOFBOEDSFBUFZPVSi0VUPO QSJPSJUZCBTJTCZVTJOHUIFi.PWFVQwBOE
BOEFBTZXBZ
7BDBUJPOwNBJM i.PWF%PXOwCVUUPOT„

*5.%ææ\æ).4%,,)'%.4æ#/-054).'æ#()0


Bjai^"bVhi^[dg[gZZ
)FSFTBMPPLBUTPNFPGUIFGSFF..031(HBNFTPGGFSJOHTPNFWFSZ
VOJRVFGFBUVSFT

.
PTUPGVTBSFXFMMBXBSFBCPVUNBTTJWFMZNVMUJ ZPVHFUUPTFMFDUBOZPOFQSPGFTTJPOTVDIBTUIBUPGTPMEJFS 
QMBZFSPOMJOFSPMFQMBZJOHHBNFT ..031(
 TQFDJBMBHFOU QFUQSPGFTTJPO IFBMFS UFDIOPMPHJDBMFYQFSU 
MJLF8PSMEPG8BSDSBGU UIFSFDFOUMZSFMFBTFE USBEFSPSBEWFOUVSFS:PVBMTPHFUUPFYQSFTTZPVSTFMG
(VJME8BST'BDUJPOT $JUZPG)FSPFT FUD)PXFWFSJOPSEFS UISPVHIWPJDFPSDIBUJOBGBOUBTUJDTPDJBMFOWJSPONFOU
UPQMBZUIFTFHBNFT ZPVXJMMOFFEUPTIFMMPVUFJUIFSZPVST XJUIDMVCT CBST HVJMEIPVTFT QMBZFSBQBSUNFOUT TPDJBM
PSZPVSQBSFOUTIBSEFBSOFEDBTI4PXFUIPVHIU XIZOPU DMPUIFTBOENVDINPSF
MJTUPVUTPNFPGUIFWFSZHPPE..031(HBNFTBWBJMBCMF
UIBUZPVDPVMEQMBZGPSGSFF8JUICSPBECBOEDPOOFDUJPO '#Egd_ZXi:cigde^V
CFDPNJOHNPSFBOENPSFBGGPSEBCMFJO*OEJB ZPVKVTUOFFE 1SPKFDU&OUSPQJBJTBWJSUVBMVOJWFSTFXJUIBSFBMDBTI
UPEPXOMPBEUIFDMJFOUTGPSUIFTFHBNFT JOTUBMMUIFTPGUXBSF FDPOPNZ*UJTTFUPOUIFEJTUBOUDPMPOZPG$BMZQTP‰UIF
BOETUBSUQMBZJOHUIFN"MTP NPTUPGUIFTFHBNFTIBWF mSTUIBCJUBCMFQMBOFUNBOLJOEIBTFWFSGPVOE1BSUJDJQBOUT
WFSZMPXTZTUFNSFRVJSFNFOUT4PZPVEPOUOFFEUPIBWF BTTVNFUIFSPMFTPGDPMPOJTUTUIBUTUSJWFUPCVJMEBOFXXPSME
BNPOTUFSSJHUPQMBZUIFTFHBNFT#FMPXBSFTPNFPGUIF UPHFUIFS)PXFWFS UIFZBMTPMJWFVOEFSDPOTUBOUUISFBUGSPN
HBNFTUIBUXFGFMUDPVMEHJWFFWFOUIFCFTUBSVOGPSUIFJS WBSJPVTFOFNJFTXBOUJOHUPEFTUSPZUIFnFEHMJOHDPMPOZ5IF
NPOFZ SFBMDBTIFDPOPNZNFBOTUIBUUIFJOUFSOBM1SPKFDU&OUSPQJB
FDPOPNZJTMJOLFEUPUIFSFBMXPSMEFDPOPNZUISPVHIB
&#6cVgX]nDca^cZ DVSSFODZDBMMFEUIF1SPKFDU&OUSPQJB%PMMBS 1&%
XIJDIIBT
"OBSDIZ0OMJOFJTUIFmSTUTDJFODFmDUJPOCBTFE TDJm
 BmYFEFYDIBOHFSBUFMJOLFEUPUIF64%PMMBS 1&%FRVBMT
..031(5IPVTBOETPGQMBZFSTXPSMEXJEFDBODPNQFUF 64%
"TBQBSUJDJQBOU ZPVVTF1&%UPBDRVJSFWJSUVBMMBOE
BOEDPPQFSBUFTJNVMUBOFPVTMZJOBGVUVSJTUJDXPSME" BOEFRVJQNFOUJO1SPKFDU&OUSPQJB UIFSFCZJOWFTUJOHJO
QMBOFUCZUIFOBNFPG3VCJ,BQSPWJEFT ZPVSBWBUBST QBSUJDJQBOU
UIFQFSGFDUTFUUJOHGPSUIJTHBNF  SFQSFTFOUBUJPOJOUIF 
*UTDJUJ[FOTBSFTIBQJOHBOFXGVUVSF WJSUVBMVOJWFSTF
HSPXUI
GPSUIFNTFMWFTEFTQJUFUIFPOHPJOH BOEBCJMJUJFT"VOJRVF
DPOnJDUUIBUBMXBZTUISFBUFOTUP BTQFDUPGUIJTHBNFJT
EJTUVSCUIFQFBDFPOUIFQMBOFU4PNF UIBUBQMBZFSNBZFMFDU
PGUIFGFBUVSFTPGUIJTHBNFBSFWBSJFUZ UPUSBOTGFS1&%CBDL
PGDIBSBDUFSDVTUPNJ[BUJPOT MPUTPG JOUPSFBMMJGFDVSSFODZ 
TQFDJBMBUUBDLT BOFQJDBOECFMJFWBCMF UIFSFCZFOBCMJOHIJNUP
TDJmVOJWFSTFXJUIBOJOWPMWJOHBOE FBSOSFBMNPOFZXIJMF
JOUSJHVJOHTVCQMPU GBTUQBDFEHBNF QBSUJDJQBUJOHJOUIF
QMBZBOEGVUVSJTUJDnZJOHWFIJDMFT1MVT POMJOFWJSUVBMVOJWFSTF


Jcl^cY

EgVbdY?VY]Vk

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
&%!452%åå åå5.7).$ 

PG1SPKFDU&OUSPQJB"T$BMZQTPJTBSFDFOUMZ JOIBCJUFECZFWJMGPSDFTBOENPOTUFST*O EJTUJODUJWFGFBUVSFT‰NVMUJDIBSBDUFS


EJTDPWFSFEQMBOFU UIFDPMPOJTUT QBSUJDJQBOUT
 UIFDFOUFSPGUIFUSJBOHMFJT'FSFOUVT*OUIJT EFWFMPQNFOUTZTUFN EJWFSTFJUFNPQUJPOT
OFFEUPFTUBCMJTIUIFJSPXOFDPOPNZBOE HBNF ZPVXJMMOFFEUPBQQMZZPVSNBSUJBMBSU BOETLJMMTZTUFNT WBSJPVTFDPOPNJDTZTUFNT
CVJMEVQUIFJSTPDJFUZ5IJTSFRVJSFTBMPUPG TLJMMTUPCBUUMFNJHIUZESBHPOTBOEQPXFSGVM BOETUSFOHUIFOFEDPPQFSBUJWFHBNFQMBZ
DPPQFSBUJPOBOETQFDJBMJ[BUJPO‰JUJTOPUB NBHJDJBOTXJUIBEWBODFETDJFOUJmDXFBQPOT
POFNBOTIPX5IJTNFBOTUIBUQBSUJDJQBOUT 5IFHBNFIBTTPNFJOUFSFTUJOHGFBUVSFT *#@c^\]iDca^cZ
OFFEUPDPMMBCPSBUFXIFOJUDPNFTUP TVDIBTWFSZHPPEHSBQIJDTQSFTFOUJOHBOFBS ,OJHIU0OMJOFJTBGVMMZ%..031(XJUIB
GVSUIFSJOHUIFJSEFWFMPQNFOUJUJTCFUUFS SFBMXPSMEFYQFSJFODF*UBMTPBVUPNBUJDBMMZ WBTUXPSMEUPFYQMPSFBOEBDIBPUJDSFBMNUP
UPIBWFBTQFDJBMJ[FENJOFSTFBSDIJOHGPS BOBMZ[FTBOESFXBSETUIFHBNFSTBDDPSEJOH USBWFSTFVQPO,OJHIU"TDFOTJPOJTUIFMBUFTU
NJOFSBMTBOEBOFYQFSUUPPMTNBOVGBDUVSFS UPUIFBDUJPOTEPOFCZUIFN FUD5IFPQFO FYQBOTJPOUP,OJHIU0OMJOF XIJDIGFBUVSFT
NBLJOHUPPMT5IJTJTBMTPUSVFXJUISFHBSE CFUBXJMMDPOUJOVFGPSGFXNPSFNPOUIT UIFFWFSXBJUFE,JOH4ZTUFN5IJTHBNF
UPMBOENBOBHFNFOUBOEFTUBUFCSPLFSJOH CFGPSFBUUBJOJOHUIFTUBUVSFPGBDPNNFSDJBM NPEFQSPWJEFTQMBZFSTUIFDIBODFUPCFDPNF
/PUFUIBUUIFTZTUFNSFRVJSFNFOUTGPSUIJT TFSWJDF4PIVSSZBOEEPXOMPBEUIFDMJFOUT BLJOHXJUIBOPNJOBUJPOPGUIFUPQDMBO
HBNFBSFTMJHIUMZPOUIFIJHIFSTJEFBOEZPV OPXBOETUBSUFOKPZJOHUIFFYQFSJFODF MFBEFSTJOUIFHBNF5IF,JOHJTCFTUPXFE
XJMMOFFEBHSBQIJDTDBSE BUMFBTUBMPXFOE  XJUINBOZVTFGVMBCJMJUJFTXPSUImHIUJOHGPS
POF
BMPOHXJUI.#PG3".UPCFBCMFUP )#<ViZid=ZVkZch 0UIFSBEEFEGFBUVSFTBSFUIFOFXDPNQPVOE
QMBZUIJTHBNF (BUFUP)FBWFOTEFMJWFSTBOFYQFSJFODFMJLF TZTUFN IJHIFSDIBODFTPGJUFNVQHSBEJOH 
OPPUIFS#JMMFEBTBEJWJOFFYQFSJFODF QMBZFST FUD%VSJOHSFHJTUSBUJPO UIJTHBNFBMMPXTZPV
(#;ZgZcijh XJMMGPSHFUIFJSEFTUJOJFTBTUIFZXPSLUIFJS UPFJUIFSSFHJTUFSGPSUIF'SFF1MBZBDDPVOU
"XPSMEPGXFTUFSOGBOUBTZ PSJFOUBMNBSUJBM XBZVQBTQPXFSGVMXBSSJPSTLOPXOBT0DDVMU PSUIF1BZ1MBZBDDPVOU5IFGPSNFSXJMMHJWF
BSUTBOETDJFODFmDUJPOBSFBMMDPNCJOFE ,OJHIUT 8JOEZ&YQMPSFST 7JUBM4QJSJUPSTBOE ZPVGSFFBDDFTTUPBMMUIFDVSSFOUGFBUVSFT
UPDSFBUFUIFXPSMEPG'FSFOUVT(BNFQMBZ 8BUFS4QJSJUPSTPOUIFJSRVFTUUPCFDPNF PGUIFHBNFBTXFMMBTGVUVSFVQEBUFTBOE
SFWPMWFTBSPVOEUISFFDPOUJOFOUT 3PH NJHIUZIFSPFTPGUIFDFMFTUJBMXPSME4PNF UIFFYQBOTJPOQBDLBHFTXJUIOPUJNFMJNJU
UPUIFXFTU $POUJLIBOUPUIFFBTUBOE PGUIFGFBUVSFTPGUIJTHBNFBSFGBOUBTUJD )PXFWFS JGZPVXJTIUPmOBODJBMMZTVQQPSU
.BMWSJDLUPUIFTPVUI3BHJTBGBOUBTZXPSME DIBSBDUFSBOJNBUJPOT BVOJRVF%XPSME UIFHBNFBOEXBOUBTVQFSJPSHBNJOH
PGSFMJHJPOBOENBHJD5IF$POUJLIBOTBSF XIFSFmFMETBOEEVOHFPOTDPFYJTU SFBMUJNF FYQFSJFODF UIFOHPGPSUIFMBUUFSPQUJPO
LJOHTPGUIFDBQJUBMJTUJD'PSHFMBOEPGNBHJDBM SBOEPNRVFTUTZTUFNBOEFWFOUCBUUMF
BOETDJFOUJmDFOFSHJFT.BMWSJDLJTBMBOE TZTUFN MBSHFTDBMFCBUUMFTZTUFN NBYJNJ[FE +#EaVcZH]^[i
1MBOF4IJGUDPNQSJTFT
  BWJSUVBMGBOUBTZXPSME
XIFSFJOBQMBZFSDBO
CFHJOBTBQFBTBOUJO
TFBSDIPGGBNFBOE
HSBEVBMMZCFDPNFB
IFSP5IFEFWFMPQFST
IBWFSFQSPEVDFEBSFBM
XPSMEXJUIQPMJUJDT 
FDPOPNZ NBOZ
OPOQMBZFSDIBSBDUFST
DPOUSPMMFECZUIF
TFSWFSXJUIPVUUIF
QMBZFSTFWFOCFJOH
 DPOOFDUFE:PVDBO
DPOOFDUUPUIFTFSWFS
BOZUJNFUPBMXBZTmOEQMBZFSTFYQMPSJOH
UIFWJSUVBMXPSMEJOUIJTHBNF:PVDBO
EJTDPOOFDUBOESFDPOOFDUBHBJOUIFTFSWFS
TBWFTUIFDIBSBDUFSTBDUVBMTUBUVTBOEIJT
QPTTFTTJPOT5IFHBNFPGGFSTSBDFT
XJUIVOJRVFUSBJUTGPSDIBSBDUFSDSFBUJPOBT
BOPSJHJOBMNBHJDTZTUFN EJWFSTFTQFMMT 
HPPEOVNCFSPGRVFTUTBOEPUIFSTVDI
FYDJUJOHGFBUVSFTN
]"OVQ1JMMBJ

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/J;BHZZEV\Z'%[dgYZiV^ah
5IJT31(PGGFSTUIFCFTUPGHBNJOHUISJMMT
XJUIUPQRVBMJUZDIBSBDUFSBOJNBUJPO

5
IF&MEFS4DSPMMT*70CMJWJPOJTCFZPOEEPVCUPOFPGUIFCFTU31(T
UIBU*IBWFFWFSQMBZFEUJMMOPX8JUIUIJTHBNF #FUIFTEBIBT
JOWPMWFEFWFSZUIJOHUIBUmOFUVOFTUIFWBSJFEBTQFDUTPG31(
BOEDPOUSJCVUFTJODIVSOJOHPVUBOFYIJMBSBUJOHFYQFSJFODF)FSFZPV
FNCBSLPOBGBOUBTUJDPQFOFOEFERVFTUJOUIFXPSMEPG5BNSJFM
#FGPSFZPVDBOTUBSUQMBZJOHUIFHBNF ZPVIBWFUPmSTUDIPPTF
ZPVSDIBSBDUFSTSBDF HFOEFSBOEPUIFSPQUJPOT:PVQMBZUIFSPMFPGB
QSJTPOFSMPDLFEBXBZJOUIFQSJTPODFMM)FSFZPVDPNFJODPOUBDUXJUI
UIF&NQFSPS6SJFM4FQUJN XIPJTUSZJOHUPFTDBQFBOBTTBTTJOBUJPO
BUUFNQUXJUIWFSZGFXHVBSETQSPUFDUJOHIJNWJBBTFDSFUQBTTBHF
UIBUTUBSUTJOZPVSDFMM4VEEFOMZ UIF&NQFSPSSFDPHOJ[FTZPVGSPN
POFPGIJTESFBNTBOEMFUTZPVFTDBQFPOZPVSPXOUISPVHIUIFTBNF
QBTTBHFUIBUUIF*NQFSJBMHVBSETPQFOVQ"GUFSUIJT ZPVMBOEVQJOB
EVOHFPOXIJDIJTBGVMMnFEHFEUVUPSJBMTFTTJPO"TZPVUSZUPmOEZPVS
XBZPVUPGUIJTEVOHFPO ZPVXJMMCFUBVHIUIPXUPDBTUTQFMMT mHIU 
VTFTUFBMUI QJDLMPDLT MPPLUISPVHIUIFRVFTUKPVSOBM VTFJUFNTBOE
NBOBHFUIFJOWFOUPSZ8IFOZPVBSFWFSZDMPTFUPmOJTIJOHUIJTTUBHF 
UIF&NQFSPSJTBTTBTTJOBUFEBOEZPVBSFTFOUPOBRVFTUUPmOEPVU
UIF&NQFSPSTMBTUTPO IJTPOMZMJWJOHIFJSBTBMMIJTPUIFSTPOTIBWF
CFFOTMBJOCZUIFFWJMGPSDFT
'SPNIFSF ZPVFNFSHFPVUPGUIFEBSL
EVOHFPOBOECFHJOUIFFYQMPSBUJPOPGUIFCFBVUJGVMMBOEPG$ZSPEJJM
(BNFQMBZJTWFSZFOHSPTTJOH.PTUPGUIFRVFTUTXIFUIFSUIFZ
BSFNBJOPSTJEFRVFTUT BSFNVDINPSFJOWPMWFEBTDPNQBSFEUP
PUIFS31(T"OEJGUIBUTOPUFOPVHI ZPVDBODMJNCUIFSBOLTJOUIF
"SFOBJOPSEFSUPCFDSPXOFEBTBDIBNQJPOJODPNCBU5IFSFBSFBMTP
NBOZIJEEFOJUFNT‰FOFNJFT BSUJGBDUTBOEEZOBNJDBMMZQPQVMBUFE
EVOHFPOT
$PNCBUSFRVJSFTZPVUPUJNFBUUBDLTBOEEFGFOTJWFNPWFTBTXFMM
BTVTFZPVSJOUFMMJHFODFUPEFWFMPQBQQSPQSJBUFUBDUJDTEFQFOEJOH
POZPVSDMBTTPSTLJMMT&BDIJOEJWJEVBMTLJMMHBJOTBGFXCPOVTFTPODF
ZPVSBJTFJUUPBDFSUBJOBNPVOU5IFTQFMMDBTUJOHBOEBUUBDLPSJFOUFE
BCJMJUJFTBSFRVJUFJOUFSFTUJOHBOEUIFTFCPOVTFTXJMMSFBMMZNPUJWBUF
ZPVUPBUUBJOUIPTFTLJMMTBTTPPOBTQPTTJCMF:PVXJMMBMTPmOEUIBU
QFPQMFZPVXJMMDPNFBDSPTTJOUPXOTXPOUTJNQMZTUBOEJOPOFDPSOFS
BOETUBSFBUZPV5IFZIBWFUIFJSPXOFSSBOETBOEJGZPVTUSJLFVQB
DPOWFSTBUJPOXJUIUIFN DIBODFTBSFUIBUZPVXJMMCFBCMFUPHBUIFS
TNBMMCJUTPGJOGPSNBUJPOUIBUXJMMIFMQJOZPVSRVFTU0OFNPSFUIJOH 
UIFMPDBMTIBWFBWFSZHPPENFNPSZBOEUIFZXJMMSFNFNCFSXIBU
UIJOHTZPVIBWFEPOFGPSBOEBHBJOTUUIFN
5IFHBNFTPVUEPPSTDFOFTBSFUSVMZHPSHFPVT*UIBTBWFSZHPPE
EgVbdY?VY]Vk MFWFMPGEFUBJMFETZTUFNUIBUFOTVSFTTNPPUIHBNFQMBZ5IFIVHF 

).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ
\
2%6)%7åå åå5.7).$ 

MVTIGPSFTUTQSPWFUPCFBOJEFBMTFUUJOHGPSJODSFEJCMFmHIUTXIFSF
DPNCBUJTCPUITBUJTGZJOHBOECSVUBMCVUUIFTFFOWJSPONFOUTDBOBMTP
CFTFSFOFBOEQFBDFGVM"OPUJDFBCMFGFBUVSFPGUIJTHBNFJTUIBUJU
SFQMBDFTPCKFDUTMJLFUSFFTJOUIFEJTUBODFXJUIMPXRVBMJUZWFSTJPOT
BOEBTZPVHFUDMPTFSUPUIPTFPCKFDUT JUBEETEFUBJMUPUIFN8IJMF
UIJTTZTUFNIBTCFFOQSFWBMFOUJOFBSMJFSHBNFTUPP JUIBTCFFO
JNQMFNFOUFEPOBNVDIMBSHFSTDBMFJO0CMJWJPO&WFOUIPVHIUIF
JOUFSGBDFIBTBNFEJFWBMMPPLUPJU ZPVXPOUIBWFNVDIUSPVCMF
nJQQJOHUISPVHIJU"OPUIFSMJLFBCMFGFBUVSFPGUIJTHBNFJTUIBUZPV
DBOMPPLBUUIFXPSMEFJUIFSUISPVHIUIFFZFTPGZPVSDIBSBDUFSPS
GSPNBUIJSEQFSTPOTQFSTQFDUJWF5IFMBUUFSPQUJPOIPXFWFS MFOET
ZPVNVDINPSFDPOUSPMPWFSUIFDBNFSBBOHMF&WFOUIPVHIZPVSNBJO
PCKFDUJWFJTUPUSBDFUIF&NQFSPSTTPO UIFSFJTOPUIJOHTUPQQJOHZPV
GSPNFYQMPSJOHZPVSTVSSPVOEJOHT:PVDPVMEEPXIBUFWFSZPVXBOU
BOEMFOHUIFOPSTIPSUFOUIFEVSBUJPOPGUIFHBNFBDDPSEJOHUPZPVS
DIPJDF&WFOJGZPVDIPPTFUPDPODFOUSBUFPOZPVSNBJONJTTJPO JUXJMM
UBLFZPVQMVTIPVSTUPDPNQMFUFJU"EEUIFTJEFNJTTJPOTBOEZPV
XJMMQMBZUIFHBNFGPSBTJHOJmDBOUMZMPOHFSEVSBUJPO"OPUIFSHPPE
GFBUVSFJOUIFHBNFJTUIFEJGmDVMUZMFWFMGBDFE*UTQBDFEUPJODSFBTF
UIFEJGmDVMUZTFUUJOHTBTZPVHFUNPSFQPXFSGVMJOUFSNTPGUIFGPFT
UIBUZPVDPNFVQBHBJOTU*GBUBOZTUBHFZPVGFFMBTUIPVHIUIFHBNF
JTHJWJOHZPVBXIJQQJOH UIFSFJTBTMJEJOHTDBMFUIBUZPVDBOVTFUP
EPXOTJ[FPSVQUIFBOUF
$IBSBDUFSBOJNBUJPOJOUIJTHBNFJTPGUPQRVBMJUZ5IFNVTJDBM
TDPSFJTFYDFMMFOUBOEDPNQMFNFOUTUIFHBNFTNFEJFWBMGBOUBTZ
TFUUJOH%FQFOEJOHPOUIFFOWJSPONFOU ZPVMMHFUDIFFSZEBZUJNF
BEWFOUVSFUZQFPGDPNQPTJUJPOT UFOTFCBUUMFNVTJDBOEBNCJFOU 
VOTFUUMJOHTUSJOHBSSBOHFNFOUTGPSEVOHFPOTBOESVJOT4PVOEFGGFDUT
BSFFRVBMMZJNQSFTTJWFXJUIDSJTQNFUBMDMBOHTGPSDMBTIFTJOCBUUMFBOE
FFSJF PUIFSXPSMEMZBVEJPGPSNBHJDBMIBQQFOJOHT:PVDBOBMTPVTFUIF
&MEFS4DSPMMT*7$POTUSVDUJPO4FUUPFYQBOEUIFHBNFBDDPSEJOHUPZPVS
XJTI5IFPOMZUIJOHUIBUNJHIULFFQZPVGSPNFOKPZJOHUIJTCFBVUJGVM
HBNFJTUIFTZTUFNSFRVJSFNFOUTGPSUIJTHBNF#VUZPVDPVMETUJMMQMBZ
UIJTHBNFPOBNJESBOHFTZTUFNXJUIEFDFOUGSBNFSBUFTCZLFFQJOH
UIFTFUUJOHTUPUIFMPXFTU
0OUIFXIPMF 0CMJWJPOJTBOFOKPZBCMFFYQFSJFODFBOEIBTBO
FYDFMMFOUSFQMBZWBMVF:PVXJMMLFFQDPNJOHCBDLUPUIJTHBNFBHBJO
BOEBHBJOXJUIPVUFWFSHFUUJOHCPSFEPGJU:PVXPVMECFIBSEQSFTTFE
UPmOEBHBNFUIBUMPPLTBTHPPE QMBZTBTXFMMBOEKVTUQMBZTGPSBT
MPOHBTUIJTPOFN
]"OVQ1JMMBJ

G6I>C<H .$&%
'PS(SFBUTUPSZFYDFMMFOUHSBQIJDTBOETPVOE
FGGFDUTUIBUEPOUMFUZPVSJOUFSFTUXBOF
"HBJOTU)JHITZTUFNSFRVJSFNFOUT

 FkXb_i^[h0'@<VbZh 9ZkZadeZg/7Zi]ZhYVHd[ildg`h :_ijh_Xkjeh0Z"megZhh>ciZgVXi^kZ F^ed[0%''"'--,%%&, Ioij[c0L^cYdlhME$'%%%!EZci^jb


>K'<=odgZfj^kVaZci!*&'B7G6B!-mdg[VhiZg9K9Yg^kZ!)#+<7d[[gZZ]VgYY^h`heVXZ!k^YZdXVgYl^i]&'-B7dgbdgZbZbdgn

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/JGDHZZEV\Z'%[dgYZiV^ah
NJOVUFT5IFEJGmDVMUZMFWFMPGUIFNBUDIFT
JOUIJTDIBMMFOHFJODSFBTFTFYQPOFOUJBMMZ4P
UIFMBTUNBUDIJTUIFUPVHIFTUPOFUPXJO
5IJTGFBUVSFXBTNJTTJOHJOUIFFBSMJFS'*'"
8PSME$VQHBNFT
5IFi5FBN.BOBHFNFOUwPQUJPOBMMPXT
ZPVUPDVTUPNJ[FUIFUFBNTCZDIBOHJOHUIF
TUBSUJOHMJOFVQPGBNBUDI UFBNUBDUJDT FUD
'PSTPNFOFSWFXSBDLJOHNPNFOUTDIPPTF
UIFi1FOBMUZ4IPPUPVUwPQUJPO:PVOFFEUP
IBWFOFSWFTPGTUFFMUPFNFSHFWJDUPSJPVT
IFSF"NPWJOHUBSHFUPOUIFQPXFSNFUFS
JOEJDBUFTUIFTXFFUTQPUUPIJUBQFOBMUZ
:PVSUJDLFUUPUIF 5IFSBUFBUXIJDIUIJTNPWFTEFQFOETPO
'*'"8PSME$VQ FYBDUMZXIBUUIFLFFQFSJTEPJOHBOEXIPJT
GSFFUPNPWFBSPVOEPOIJTMJOF

%
BUF+VMZ 7FOVF#FSMJO  5IFDPOUSPMTPGUIFHBNFBSFTJNJMBS
XIFSFUIF'*'"8PSME$VQmOBM UPUIBUPG'*'""UUIFFOEPGFBDI
XJMMCFIFME5IFUJNFPGSFDLPOJOH NBUDI ZPVBSFBXBSEFEQPJOUTGPSTDPSJOH
IBTBSSJWFE:PVIBWFEPOFXFMMUPHVJEF HPBMT TIPUTPOUBSHFUT FUD5IFTPVOE
ZPVSUFBNUIJTGBS#VUZPVSKPCJTTUJMM FGGFDUTBSFFYDFMMFOU‰UIFDSPXEDIBOUJOH 
JODPNQMFUF8JMMZPVMFBEZPVSUFBN QBSUJDVMBSMZ CSFBUIFTMJGFJOUPUIFHBNF
UP8PSME$VQHMPSZPSXJMMZPVMFUUIF 8JUISFTQFDUUPHSBQIJDT UIJTJTUIFCFTU
QSFTTVSFBOEFYQFDUBUJPOTPGZPVSGBOTHFU HBNFJOUIF'*'"TFSJFTSFMFBTFEUIJTZFBS
UPZPV 8FMDPNFUP'*'"8PSME$VQ 5IFDIBSBDUFSNPEFMTGFBUVSFBEJTUJODUJWF
5IJTJTZPVSDIBODFUPCFQBSUPGUIF8PSME MJLFMJOFTTUPUIFJSSFBMXPSMEDPVOUFSQBSUT
$VQIJTUPSZ "MTP BMMUIFTUBEJVNTJO(FSNBOZXIFSF
0ODFZPVSFUISPVHIXJUIUIF UIFBDUVBMNBUDIFTXJMMCFQMBZFEIBWF
JOTUBMMBUJPO CFHJOZPVSRVFTUUPXJOUIF CFFOSFQMJDBUFEXJUIVUNPTUBDDVSBDZ
8PSME$VQCZTFMFDUJOHUIFi'*'" 5IFHBNFIBTDPOTJEFSBCMFSFQMBZWBMVF
8PSME$VQwPQUJPO:PVDBOFJUIFSTUBSU UPPBTZPVDBODIPPTFGSPNBWBSJFUZPG
XJUIUIF8PSME$VQUPVSOBNFOUEJSFDUMZPS UFBNTCFMPOHJOHUPEJGGFSFOURVBMJmDBUJPO
CFHJOCZQMBZJOHUIFRVBMJmDBUJPONBUDIFT [POFTBOEQMBZUIFHBNFBUWBSJFE
5IFTFDPOEPQUJPOMFUTZPVTFMFDUBOZUFBN EJGmDVMUZMFWFMT
GSPNUIFTJYRVBMJmDBUJPO[POFT QSPHSFTT )PXFWFS TFBTPOFE'*'"QMBZFSTNJHIU
UISPVHIUIFHSPVQTUBHFTBOEUIFORVBMJGZ mOEUIFEJGmDVMUZMFWFMTPGUIFHBNFFBTZ
5IFSFTBTFOTFPGBDIJFWFNFOUJOUBLJOHB UPUBDLMF"OPUIFSEJTBQQPJOUNFOUJTUIF
WJSUVBMMZVOLOPXOUFBNUPUIF8PSME$VQ BCTFODFPG*OEJBBNPOHUIFRVBMJGZJOH
mOBMTJOTUFBEPGDIPPTJOH#SB[JMUPXJOUIF UFBNT*XPVMEIBWFMPWFEUPUBLF*OEJBBMM
$VQ5IFi(MPCBM$IBMMFOHFwPQUJPOMFUTZPV UIFXBZUPWJDUPSZ#VUUIJTHBNFTVSFMZ
UBLFDPOUSPMPGBUFBNIBMGXBZUISPVHI XIFUTZPVSBQQFUJUFGPSUIFVQDPNJOH
UIFNBUDIXJUIDFSUBJOPCKFDUJWFTUIBUZPV 8PSME$VQ*GZPVSFOPUHPJOHUP(FSNBOZ 
OFFEUPGVMmMUPDPNQMFUFUIFDIBMMFOHF UIJTJTTVSFMZZPVSUJDLFUGPSJUN
0OFPGUIFDIBMMFOHFTIFSFJTUPUBLFDPOUSPM ]"OVQ1JMMBJ
PG*OEJBJOUIF8PSME$VQRVBMJmFS
NBUDIBHBJOTU+BQBOUIBUXBT G6I>C<H  -$&%
QMBZFEJO,PMLBUB*OEJBJTUSBJMJOH 'PS7FSZHPPEHSBQIJDTFYDFMMFOUTPVOEFGGFDUT
CZUXPHPBMTBOEZPVBSFHJWFO "HBJOTU*OEJBEPFTOPUGFBUVSFBNPOHUIF"TJBO
UIFUBTLPGXJOOJOHUIFNBUDI RVBMJGJDBUJPOUFBNT
CZTDPSJOHGPVSHPBMTJOBCPVU
Eg^XZ/Gh&!'.. FkXb_i^[h0:6Hedgih :_ijh_Xkjeh0<VnVig^>beZmEki#AiY# F^ed[0%''"'(--&))(
Ioij[c0L^cYdlhME$'%%%!EZci^jb>K&#(<=odgZfj^kVaZci!'*+B7G6B!-mdg[VhiZg9K9Yg^kZ!.%%B7
d[[gZZ]VgYY^h`heVXZ!k^YZdXVgYl^i]('B7dgbdgZbZbdgn

EgVbdY?VY]Vk
).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%æ

HBHjhHidgnXdYZ/JG;HZZEV\Z'%[dgYZiV^ah
"GVUVSJTUJDHBNF (3"8PGGFSTZPVUIBU
FYUSBFEHF

(
IPTU3FDPO"EWBODFE8BSmHIUFS
JTPOFUJUMFUIBU*IBECFFOSFBMMZ
MPPLJOHGPSXBSEUPQMBZJOHPO
UIF1$4FUJOUIFTQSBXMJOHNFUSPQPMJTPG
.FYJDP$JUZJO (3"8EFWFMPQTVQPO
6CJTPGUTXFMMFTUBCMJTIFENJMJUBSZTIPPUFS
UPDSFBUFBOFYQFSJFODFMJLFOFWFSCFGPSF
:PVQMBZBT(IPTU-FBEFS$BQUBJO4DPUU
.JUDIFMM XIPmOETIJNTFMGJO.FYJDP
$JUZIVOUJOHEPXOUIFMPDBUJPOGPSBO FRVJQQFEXJUIBDBNFSBFOBCMFTTPMEJFST
JOUFMMJHFODFEFWJDFUIBUXBTTUPMFOGSPN UPMPPLBSPVOEDPSOFSTXJUIPVUBOZSJTL
BEPXOFETQZQMBOFJO/JDBSBHVB"UUIF .JUDIFMMBMTPIBTBDDFTTUP6"7ESPOFT
TBNFUJNF UIF64QSFTJEFOU $BOBEJBO UIBUDBOnZPWFSBOBSFBBOEEFUFDUFOFNZ
1SJNF.JOJTUFSBOEUIF.FYJDBO1SFTJEFOU QMBDFNFOUT
BSFJO.FYJDP$JUZUPTJHOBKPJOUTFDVSJUZ (3"8EJTQMBZTGBTDJOBUJOH
BHSFFNFOU5IFTJUVBUJPOTPPOXPSTFOT WJTVBMTBMPOHXJUISFBMJTUJD
XIFOBSPHVFQFSTPOBMJOUIF.FYJDBO CMPPNJOHFGGFDUTBOE)%3
BSNZBUUFNQUTBDPVQBOEJUJTVQUPZPV 5IFTNPLFBOETPVOEFGGFDUT 
.JUDIFMM
BMPOHXJUIUIFSFTUPGUIF(IPTU DIBSBDUFSNPEFMTBOEUIFJS
5FBNUPEFBMXJUIUIFFWFOUTBTUIFZ BOJNBUJPOTBSFJNQSFTTJWF5IF
VOGPMEPWFSUIFOFYUGFXEBZT DPOTJTUFOUMZDIBMMFOHJOHFOFNZ"*JO
5PQVUJUTJNQMZ (3"8JTMJLFJUTFBSMJFS UIFHBNFJOEVDFTZPVUPSFNBJODBSFGVMBMM
WFSTJPOTXIFSFJOZPVDPOUSPMBGPVS UIFUJNF:PVDBODPNNBOEZPVS(IPTUTUP
NFNCFSUFBNPGTQFDJBMPQFSBUJPOTPMEJFST UBLFWBSJPVTTUBODFTMJLFi"TTBVMUwPSi3FDPOw
UISPVHIBTFSJFTPGNJTTJPOTDPNQFMMJOH EFQFOEJOHPOUIFTJUVBUJPOPSFWFOVTFUIF
POFUPSFMZNPSFPOTUSBUFHJDUIJOLJOH WJSUVBMNBQUPQPTJUJPOUIFNFMTFXIFSF
GPSTVSWJWBM5IFDBNQBJHOUBLFTQMBDF )PXFWFS OPUBMMDBOQMBZ(3"8BTJUIBT
FOUJSFMZJO.FYJDP$JUZSFDSFBUFECSJMMJBOUMZ WFSZIJHITZTUFNSFRVJSFNFOUTFYIJCJUJOH
JOUIFHBNF5IF(IPTUTBSFLOJUUFEXJUI BIBSEDPSFUBDUJDBMHBNFNPEF#VUB1$
*OUFHSBUFE8BSmHIUFS4ZTUFN DVSSFOUMZ BEKVTUFEUPSVOUIFIJHITFUUJOHTQSPNJTFT
CFJOHEFWFMPQFECZUIF64NJMJUBSZ
 BHSFBUQMBZJOHUJNFN
JOUSPEVDJOHTFWFSBMOFXGFBUVSFTJOUIJT ]"OVQ1JMMBJ
HBNF5IF$SPTT$PNBMMPXTJOUFMMJHFODF
VQEBUFT OFXTGFFETBOEGPPUBHFTGSPN G6I>C<H -$&% EgVbdY?VY]Vk
UIFPUIFSHIPTUTUPCFEJTQMBZFE5IF
'PS'VUVSJTUJDHBNFQMBZGBTDJOBUJOHHSBQIJDT
)6%BMTPJEFOUJmFTHIPTUUFBNNFNCFST JNQSFTTJWFFOFNZ"*
EJTUJOHVJTIJOHUIFNGSPNFOFNJFT
"HBJOTU:PVOFFEBWFSZQPXFSGVMTZTUFNUPQMBZ
BOEGSJFOEMZWFIJDMFT5IF.3$-8SJnF UIJTHBNFBUUIFIJHIFTUTFUUJOHT

Eg^XZ/Gh&!'.. FkXb_i^[h0JW^hd[i :_ijh_Xkjeh0Z"megZhh>ciZgVXi^kZHd[ilVgZEkiAiY F^ed[0%''"'--,%%&, Ioij[c0L^cYdlhME$'%%%!EZci^jb>K


'<=odgZfj^kVaZci!&<7G6B!-mdg[VhiZg9K9Yg^kZ!(#*<7d[[gZZ]VgYY^h`heVXZ!k^YZdXVgYl^i]&'-B7dgbdgZbZbdgn

*5.%æææ\ææ).4%,,)'%.4æ#/-054).'æ#()0

HBHjhHidgnXdYZ/JG<HZZEV\Z'%[dgYZiV^ah
Lara’s yet another intriguing
action packed conquest...

L
ara Croft, one of the most important athletic figure resembles the
videogame icons ever, is back with a character that she is and her
bang. After the debacle of Angel of animations are spot-on. The
Darkness, the developers have adopted a developers must be complimented for
“safety first” approach. So you will find that this. The sound effects are also good. The
the game play is a lot similar to the classic voice acting throughout the game is truly
games of the same franchise that were great. On the downside, the enemy AI is
released in the early 90s along with a decent not that good. You can pick them off easily.
helping of modern gadgets and equipment. While Lara looks great, all the enemies
This game actually delves into Lara’s look similar. The camera could be a little
past quite a bit. You are given the first frustrating here and there. There’s no free
glimpse of her past when she is on a plane look and the camera’s rotation in certain
with her mother, the engines fail and the areas is a little limited, making it difficult to
plane is sent plummeting. Lara is quite look at the surroundings with any level of
young but this clip helps us determine forward planning. Also, this game occupies
where Lara’s strength and conviction over 7 GB of your hard disk space.
comes from. Unfortunately after the crash, Tomb Raider: Legend is a game that has
things don’t get much better as Lara and saved the series. It has a good mix of action
her mum stumble onto an ancient ruin. and puzzling ensuring that your interest
The young Ms Croft inadvertently activates won’t wane. A great package that will sate
a device that creates a portal, her mother fans of the series, who’ve been waiting
is then sucked into oblivion and Lara is left for a refreshingly invigorated Tomb
standing with the consequences. Raider. This game is probably the
One of the most significant changes that most competent entrant in
you will notice is in Lara’s movements. She the series since the first and
is no longer confined to a grid of movement second games almost a
and is free to run around the place. She decade ago. ■
is much more acrobatic in this game. The | Anup Pillai
combat system is also much more advanced.
Lara can now move around as she shoots
and also dodges the bullets. She can fire at
objects present in her surroundings so that
they collapse over the enemies killing them
in an instant. The controls are also very
simple and easy to master.
Pramod Jadhav
RATINGS 8 / 10
On the visual front, the game
For: A good mix of action and puzzles; Lara Croft
looks pretty nice. The greatest in a complete new avatar; good visual effects.
attraction is Lara herself. Her
Against: Weak AI; occupies 7 GB of your hard disk
space.

Price: Rs 1,299 Publisher: Eidos Developer: Crystal Dynamics Distributor: Milestone Interactive Phone: 022-28203319 System: Windows XP/ 2000,
Pentium IV 2 GHz or equivalent, 512 MB RAM, 8x or faster DVD drive, 7 GB of free hard disk space, video card with 128 MB or more memory

INTELLIGENT COMPUTING CHIP | JUNE 2006

SMS us! Story code: URL (See Page 20 for details)


 ,!34å7/2$

I]ZAVhiLdgY
4
JODFBTGBSCBDLBT*DBOSFNFNCFS *WFCFFO JOGPSNBUJPOPOB/FXUPOJBOSFnFDUPSUFMFTDPQF*U
GBTDJOBUFEXJUIBOZUIJOHPQUJDBM/P *NOPU XBTBWBJMBCMFIFSFJO*OEJBBOEJUMPPLFEHPSHFPVT*
UBMLJOHBCPVUBTUSBOHFGFUJTIGPSNPOPDMFTBOE ESPPMFEBT*SFBEUISPVHIJUTTQFDJmDBUJPOTBOEJOB
TQFDUBDMFT‰*NUBMLJOHBCPVUUFMFTDPQFT CJOPDVMBST nBTI UIPTFTVNNFSNPNFOUTDBNFnPPEJOHCBDL*
BOENJDSPTDPQFT%VSJOHNZTDIPPMJOHZFBST *XBT LOFX*IBEUPIBWFJU
GPSUVOBUFUPIBWFIBENJOJBUVSF BOEQFSGFDUMZ 5IBOLGVMMZ *TUVNCMFEVQPOUIFXFCTJUFPGB
XPSLJOH
WFSTJPOTPGBMMPGUIFTFHBEHFUT4VNNFS UFMFTDPQFNBOVGBDUVSFSJOHPPEPM.VNCBJXIPIBEB
BGUFSOPPOTVTFEUPmOENFTDBOOJOHUIFHSFFOFSZ QSFUUZJNQSFTTJWFMJOFVQPGJOTUSVNFOUTBDSPTTTFWFSBM
CFIJOENZIPVTFBOETUVEZJOHUIFGBNJMZPGFBHMFTUIBU QSJDFSBOHFT#FTUPGBMM UIFZXFSFBGSBDUJPOPGUIFDPTU
IBEUBLFOVQBCPEFJOUIFQBMNUSFFJONZCBDLZBSE PGBOZGPSFJHOUFMFTDPQF"OEUIFVTFSSFWJFXTPOMJOF
"UUIFPUIFSFOEPGUIFTDBMF *VTFEUPQJDLVQBOUTPG JOEJDBUFEHPPEBGUFSTBMFTTFSWJDFBOECVJMERVBMJUJFT
UIFnPPSBOENPVOUUIFNVOEFSUIFNJDSPTDPQFBOE 5XPQSJOUPVUTMBUFSBOENZNJOEXBTTFU
NBSWFMBUUIFQFSGFDUJPOPGDSFBUJPO NBHOJmFEY /FYU *IBEUPTFMMUIJTDPODFQUJOUFSOBMMZUPUIF
UJNFTPWFS#FJOHUIFQFSFOOJBMTDJFOUJTU *XBTDBMMFE IPNFNJOJTUFS‰NZXJGF#FJOHUIFBOHFMTIFJT
UIBUGPSBXIJMFXIFO*XBTZPVOH
*VTFEUPSFHVMBSMZ TDPSFUXPCSPXOJFQPJOUTGPSNF
TIFXBTNPSF
PQFOUIFTFHBEHFUT PGUFOGPSHFUUJOHIPX UIBOTVQQPSUJWFPGUIJTCFFVOEFSNZCPOOFU‰XF
UPQVUUIFNUPHFUIFS0WFSUIFZFBST  mYFEBEBUFUPHFUIFSXIFOXFXPVMEWJTJUUIFPGmDF
*NBOBHFEUPCVJMEBOBTTPSUNFOUPG PGUIFUFMFTDPQFNBOVGBDUVSFSTPUIBUXFDPVMECVZ
MFOTFTGSPNBQMFUIPSBPGEJTNFNCFSFE JU"GUFSBMM HPJOHBIFBE JUTBHSFBUFEVDBUJPOBMUPPM
BOEDBOOJCBMJ[FEPQUJDBMUPPMT‰GSPN UPP SJHIU 4PJUXBTEFDJEFE‰UIJTXBTOUNFSFMZB
PCKFDUJWFTUPFZFQJFDFTUPDPNQPVOE  QVSDIBTF JUXBTBOJOWFTUNFOU&WFSZPOFXBTIBQQZ
NVMUJFMFNFOUMFOTTUSVDUVSFT *IBEB 5IFGPMMPXJOH4VOEBZ XFTFUPVUUP(IBULPQBS B
UJEZDPMMFDUJPO"GUFSTDIPPM UIFQBDF TVCVSCJO.VNCBJ OPUPSJPVTGPSDSBNQFEXJOEJOH
PGDPMMFHFMJGFQVMMFENFBXBZGSPNUIJT SPBETBOEJOTBOFUSBGmDTOBSMT
"SNFEXJUIUIFBEESFTT
QBTTJPOBOE*QSFUUZNVDIMPTU TDSJCCMFTPOBQBQFSBOEBGUFSBCSJFGSVOBSPVOE XF
UPVDIXJUIBMMUIFGVOEBTPG GPVOEUIFQMBDF5IFPXOFSPGUIFDPNQBOZXBTB
PQUJDBMTDJFODF IFMQGVMDIBQXIPQBUJFOUMZFYQMBJOFEUIFTQFDJmDBUJPOT
5IFOBUFOHJOFFSJOHDPMMFHF  BOEDBQBCJMJUJFTPGPVSOFX%/FXUPOJBOSFnFDUPS
*IBEBSPPNNBUFXIPIBQQFOFE 5IFO IFUVSOFEBSPVOEBOESFNPWFEUIFUFMFTDPQF
UPCFFWFONPSFQBTTJPOBUFBCPVU GSPNBDVQCPBSECFIJOEIJN0VSKBXTESPQQFE‰UIF
PQUJDTUIBO*XBT"OEIFBMTPLOFX CBSSFMXBTBCPVUBTQBOUIJDLBOENFUSFTMPOH
BUIJOHPSUXPBCPVUBTUSPOPNZ *UXBTNPOTUSPVT*UBMTPIBEJUTTPMJENFUBMUSJQPE
#FTUPGBMM IFIBEWPMVNFTPGCPPLT XJUIBOBTTPSUNFOUPGFZFQJFDFTBOE#BSMPXMFOTFT
POUFMFTDPQFTBOEUIFmOFBSUPG GPSEJGGFSFOUNBHOJmDBUJPOT0VSFZFTTIPOFXJUI
CVJMEJOHUIFN*HMFFGVMMZEFWPVSFEUIFN VOCSJEMFEHMFF5IJTXBTTFSJPVTPQUJDBMmSFQPXFS"T
BMM‰CZUIFFOEPGNZUIJSEZFBS *XBT IFFYQMBJOFEUIBUXFDPVMETFFJOEJWJEVBMDSBUFSTJO
IBQQJMZDPOmEFOUBUCFJOHBOFYQFSUPO UIFNPPO SJOHTPG4BUVSOBOECBOETPG+VQJUFSBOE
UFMFTDPQFT0GDPVSTF *IBEOUUPVDIFEB FWFOPVSOFBSFTUOFJHICPSIPPEHBMBYZ"OESPNFEB XF
/FXUPOJBOUFMFTDPQFJONZMJGFBOEEJEOU DPVMEOUXBJUUPHFUJUVQBOESVOOJOH
LOPXUIFmSTUUIJOHBCPVUQSBDUJDBMMZ *UTCFFOBHMPSJPVTUXPXFFLTTUVEZJOHUIFOJHIU
HSJOEJOHBQSJNBSZNJSSPS ZFU*XBT TLJFT-PPLJOHPVUJOUPUIFIFBWFOT UIFSFTBQBMQBCMF
IBQQZ"GUFSUIBU DBNFUIFEFNBOET TFOTFPGIVNJMJUZPOFGFFMTJOQSFTFODFPGUIFWBTUOFTT
PGXPSLMJGF.ZJOUFSFTUJOPQUJDBM PGPVUFSTQBDF‰BGUFSBMM JUTCBSFMZNJMFTBXBZGSPN
JOTUSVNFOUTSFNBJOFECVU*KVTUEJEOPU VTTUSBJHIUVQ&OSBQUVSFEXJUIUIFOFXUPZ *WFCFFO
BDDPSEUIFUJNFBOEFGGPSUUPEFWFMPQJOH TMFFQJOHBUQSPHSFTTJWFMZMBUFSIPVSTFBDIOJHIU5IF
UIJTIPCCZ6OUJMUXPXFFLTBHP XJGFIBTTUBSUFEDPNQMBJOJOH#VUUIFO (BMJMFPEJEOU
*XBTJOUIFPGmDFCSPXTJOHUIF EJTDPWFSHSFBUUIJOHTCZUVSOJOHJOBUPDMPDL SJHIU „
/FUXIFO*DBNFBDSPTTBQJFDFPG ]].BSDP%TPV[B

9^cZh]9ZhV^ ).4%,,)'%.4æ#/-054).'æ#()0ææ\ææ*5.%ææ



)PNF5IFBUFS1$]NPUIFSCPBSETUFTUFE]*OTJEF"WJE-JRVJE 2.)2EGISTRATION.O-!(%.'


S-ar putea să vă placă și