Corporate+Actions by Michael Simmons

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6EXLIV XLER GSZIV XLI TVEGXMGIW [MXLMR WTIGMwG PSGEXMSRW EVSYRH XLI KPSFI [I LEZI EXXIQTXIH
XS GSRZI] GSRGITXW XLEX [MPP FI ETTPMGEFPI XS XLI QENSVMX] SJ PSGEXMSRW 8LI MRXIRXMSR MW JSV XLI
VIEHIV XS ETTP] XLIWI GSRGITXW MR ER] PSGEXMSR EW IEGL SJ XLI QENSV TSMRXW GSZIVIH [MXLMR XLI
FSSO EVI X]TMGEPP] TVEGXMWIH [MXLMR IEGL QEVOIX FYX XLIVI MW IZIV] TSWWMFMPMX] XLEX IEGL QEVOIX
LEW MXW S[R RYERGIW MR HIEPMRK [MXL E TEVXMGYPEV TSMRX
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RSX IZIV] GSRGIMZEFPI IZIRX LEW FIIR WXEXIH RSV [MPP IZIV] TSWWMFPI ZEVMEXMSR SJ XLSWI IZIRXW
XLEX EVI MRGPYHIH FI GSZIVIH 2SRIXLIPIWW [I FIPMIZI XLEX VIEHIVW [MPP wRH XLEX XLI QIXLSH
SJ I\TPEMRMRK GSRGITXW [MPP EPPS[ WYGL GSRGITXW XS FI ETTPMIH XS ZEVMEXMSRW SJ ERH RI[ X]TIW
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ZEVMSYW GSQTSRIRXW SJ E XSTMG GSRGITXYEPP] TVSZMHMRK I\EQTPIW ERH QEOMRK JSV[EVH VIJIVIRGI
XS PEXIV XSTMGW ERH FEGO[EVH VIJIVIRGI XS IEVPMIV XSTMGW 3YV SFNIGXMZI LEW FIIR XS IREFPI XLI
VIEHIV XS KEMR E GSQTPIXI SZIVZMI[ SJ GSVTSVEXI EGXMSRW WYFWIUYIRXP] IREFPMRK GSQQYRMGEXMSR
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XLI FSSO QEOI RYQIVSYW VIJIVIRGIW XS TSMRXW GSZIVIH [MXLMR TVIZMSYW GLETXIVW GSRWIUYIRXP]
MX MW VIGSQQIRHIH XLEX XLI FSSO MW VIEH WIUYIRXMEPP] GLETXIVF]GLETXIV EPXLSYKL EW JEV EW
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XS XLI EYXLSVW -J XLI VIEHIV LEW SFWIVZEXMSRW SR XLI WX]PI ERH GSRXIRX SJ XLI FSSO [I [SYPH
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MRK WIVZMGIW wVQ ERH MW RS[ ER MRHITIRHIRX EREP]WX ERH XVEMRIV 1MGLEIPtW EVIEW SJ I\TIVXMWI
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EGXMZMXMIW JVSQ E wVWXTVMRGMTPIW TIVWTIGXMZI
)PEMRI (EPKPIMWL LEW WTIRX LIV [SVOMRK PMJI [MXLMR XLI STIVEXMSREP EVIEW SJ MRZIWXQIRX FEROMRK
ERH WXSGO FVSOMRK [SVOMRK HMVIGXP] JSV MRXIVREXMSREP FEROMRK wVQW ERH wRERGMEP WSJX[EVI
TVSZMHIVW )PEMRItW LERHWSR I\TIVMIRGI WTERW ZEVMSYW QMHHPI ERH FEGO SJwGI STIVEXMSREP
HMWGMTPMRIW MR QYPXMTPI QEVOIXW ;LMPWX [SVOMRK HMVIGXP] MR MRZIWXQIRX FEROMRK ERH WXSGO
FVSOMRK XLMW LEW YPXMQEXIP] MRGPYHIH XLI QEREKIVMEP VIWTSRWMFMPMX] JSV E RYQFIV SJ STIVEXMSREP
EVIEW
8LI JSGEP TSMRX SJ )PEMRItW [SVOMRK LMWXSV] MW XLI GSRWMWXIRX MRZSPZIQIRX [MXL 'SVTSVEXI
%GXMSRW STIVEXMSRW MRMXMEPP] [MXL XLI QERYEP TVSGIWWMRK SJ IZIRXW EW E GYWXSHMER ERH WYF
WIUYIRXP] [SVOMRK EW E 7IRMSV &YWMRIWW %REP]WX WTIGMEPM^MRK MR 'SVTSVEXI %GXMSRW EREP]WMRK
GPMIRX VIUYMVIQIRXW ERH GSRWYPXMRK MR TVSGIWW VIIRKMRIIVMRK JSV 8MIV ERH 8MIV MRZIWXQIRX
FEROW
%W E GSRWIUYIRGI )PEMRI LEW FSXL SFWIVZIH ERH FIIR HMVIGXP] MRZSPZIH MR XLI IZSPYXMSR SJ
KPSFEP QEVOIX TVEGXMGIW SJ 'SVTSVEXI %GXMSRW STIVEXMSRW ERH XLI QSZI XS EYXSQEXMSR
3FWIVZEXMSRW SR XLI WX]PI ERH GSRXIRX SJ XLMW FSSO GER FI GSRZI]IH XS XLI EYXLSVW F] IQEMP
MRJS$QMOIWMQQSRWGSQ
4EVX -RXVSHYGXSV] )PIQIRXW

-2863(9'8-32
*SV ER] LSPHIV SJ WIGYVMXMIW [LIXLIV ER SVKERMÊXMSR SV MRHMZMHYEP VIQEMRMRK MR GSRXVSP SJ
WIGYVMXMIW ERH GEWL TSWMXMSRW MW JYRHEQIRXEP XS XLI IJwGMIRX QEREKIQIRX SJ MXW MRZIWXQIRX
TSVXJSPMS 8LMW MW RSX WMQTP] E QEXXIV SJ VIGSVHMRK XVEHMRK ERH WIXXPIQIRX EGXMZMX] FYX EPWS XLI
EGGYVEXI TVSGIWWMRK ERH VIGSVHMRK SJ XLI MQTEGX SJ GSVTSVEXI EGXMSR IZIRXW SR XLSWI WIGYVMXMIW
ERH GEWL TSWMXMSRW
8LMW GLETXIV WIVZIW XS MRXVSHYGI XLI JYRHEQIRXEP GSRGITXW ERH XIVQMRSPSK] EWWSGMEXIH [MXL
XLI TVSGIWWMRK ERH QEREKIQIRX SJ GSVTSVEXI EGXMSRW
()*-2-8-32 3* '36436%8) %'8-327

% GSVTSVEXI EGXMSR MW ER IZIRX MR XLI PMJI SJ E WIGYVMX] X]TMGEPP] MRWXMKEXIH F] XLI MWWYIV [LMGL
EJJIGXW E TSWMXMSR MR XLEX WIGYVMX]
-J ERH [LIR XLI MWWYIV SJ ER I\MWXMRK WIGYVMX] HMWXVMFYXIW FIRIwXW XS WLEVILSPHIVW SV FSRHLSPH
IVW VIJIVVIH XS XLVSYKLSYX XLMW FSSO EW TSWMXMSR LSPHIVW SV GLSSWIW XS GLERKI XLI WIGYVMX]tW
WXVYGXYVI WYGL IZIRXW EVI GSQQSRP] ORS[R EW GSVTSVEXI EGXMSRW
1ER] X]TIW SJ GSVTSVEXI EGXMSR IZIRXW I\MWX SJXIR [MXL WYFXPI ZEVMEXMSRW FYX MX MW TSWWMFPI
XS HIwRI ERH KVSYT XLIWI IZIRXW FEWIH YTSR E GSQFMREXMSR SJ
XLI MWWYIVtW TYVTSWI
XLI MQTEGX SJ XLI IZIRX JVSQ XLI TSWMXMSR LSPHIVtW ERH QEVOIX TPEGItW TIVWTIGXMZIW ERH
XLI PMJIG]GPI SJ XLI IZIRX
8LI XIVQ sPMJIG]GPIt MW YWIH MR XLI GSRXI\X SJ XLMW FSSO XS VIJIV XS XLI WIVMIW SJ PSKMGEP WXITW MR XLI
TVSGIWWMRK SJ E GSVTSVEXI EGXMSR 7YGL PMJIG]GPIW EVI HIXIVQMRIH F] XLI REXYVI SJ XLI GSVTSVEXI
EGXMSR 2SXI XLEX HIXEMPIH HIWGVMTXMSRW SJ RYQIVSYW GSVTSVEXI EGXMSR X]TIW EVI GSRXEMRIH [MXLMR
'LETXIV s)ZIRX (IWGVMTXMSR ERH 'PEWWMwGEXMSRt
496437) 3* '36436%8) %'8-327

8LI TYVTSWI SJ E GSVTSVEXI EGXMSR MW X]TMGEPP] HVMZIR F] XLI EMQW SJ XLI MWWYIV ERH [MPP ZEV]
EGGSVHMRK XS XLI WTIGMwG X]TI SJ GSVTSVEXI EGXMSR 4YVTSWIW MRGPYHI
(MWXVMFYXMSR SJ -RGSQI
8LMW VIPEXIW XS XLI HMWXVMFYXMSR SJ TVSwXW SR IUYMXMIW ERH XLI TE]QIRX SJ MRXIVIWX SR FSRHW
F] XLI MWWYIV 4VSwXW SV IEVRMRKW EVI HMWXVMFYXIH XS WLEVILSPHIVW MR XLI JSVQ SJ HMZMHIRH
TE]QIRXW [LMPWX MRXIVIWX MW HMWXVMFYXIH XS FSRHLSPHIVW ZME MRXIVIWX TE]QIRXW GSQQSRP]
ORS[R EW GSYTSR TE]QIRXW 2SXI XLEX XLI TE]QIRX SJ E HMZMHIRH MW HITIRHIRX YTSR E
'SVTSVEXI %GXMSRW
HIGMWMSR F] XLI MWWYIVtW FSEVH SJ HMVIGXSVW HMZMHIRH TE]QIRXW EVI RSX KYEVERXIIH [LIVIEW
GSYTSR TE]QIRXW EVI QEHI EX TVIWXEXIH MRXIVZEPW ERH JSV w\IHVEXI FSRHW EX XLI WTIGMwIH
GSYTSR VEXI MR EGGSVHERGI [MXL XLI XIVQW SJ MWWYI SJ XLI FSRH
6EMWMRK SJ 'ETMXEP
;LIR XLI MWWYIV [MWLIW XS VEMWI JYVXLIV GETMXEP MX QE] HS WS IMXLIV F] XLI MWWYI SJ RI[ IUYMX]
ZME WLEVIW SV EPXIVREXMZIP] ZME XLI MWWYI SJ FSRHW EPWS ORS[R EW HIFX 8LI QEVOIX TPEGI
EW E [LSPI QE] FI TIVQMXXIH XS TYVGLEWI IMXLIV XLI RI[ WLEVIW SV HIFX SV XLI MWWYI QE] FI
VIWXVMGXIH XS I\MWXMRK TSWMXMSR LSPHIVW SRP] -R XLSWI MRWXERGIW [LIVI XLI MWWYI SJ RI[ IUYMX]
EX E TVMGI MW SJJIVIH XS I\MWXMRK TSWMXMSR LSPHIVW SRP] XLIR XLI IZIRX MW GSRWMHIVIH XS FI E
GSVTSVEXI EGXMSR
6IWXVYGXYVMRK SJ -WWYIH 'ETMXEP
*VSQ XMQI XS XMQI XLI MWWYIV QE] GLSSWI XS VIWXVYGXYVI SV VISVKERMÎ XLI MWWYIH GETMXEP SJ
XLI GSQTER] 8LI MWWYIH GETMXEP MW XLI XSXEP ZEPYI SJ MWWYIH WLEVIW MR XLI GSQTER] XLI XSXEP
ZEPYI MW GEPGYPEXIH F] QYPXMTP]MRK XLI TEV ZEPYI SJ IEGL WLEVI F] XLI UYERXMX] SJ WLEVIW
MWWYIH
*VSQ XMQI XS XMQI XLI MWWYIV QE] GLSSWI XS GLERKI XLI UYERXMX] SJ WLEVIW MWWYIH ERHSV
XLI TEV ZEPYI SJ XLSWI WLEVIW JSV I\EQTPI F] [E] SJ WLEVI WTPMXW SV FY]FEGOW
1ER] VIEWSRW I\MWX JSV VIWXVYGXYVMRK MRGPYHMRK
i XLI VIHYGXMSR SV MRGVIEWI SJ XLI XSXEP ZEPYI SJ MWWYIH GETMXEP
i XLI VIHYGXMSR SV MRGVIEWI SJ XLI GYVVIRX QEVOIX TVMGI SJ XLI WLEVIW
6IHIQTXMSR SJ (IFX
-R EGGSVHERGI [MXL XLI XIVQW SJ MRHMZMHYEP HIFX MWWYIW MR XLI JSVQ SJ FSRHW XLI MWWYIV [MPP
VIHIIQ XLI FSRHW EX XLI QEXYVMX] HEXI SV TVMSV XS XLI QEXYVMX] HEXI MJ XLI MWWYI XIVQW TIVQMX
9TSR MWWYERGI SJ FSRHW XLI HIFX [MPP ETTIEV EW E PMEFMPMX] MR XLI FEPERGI WLIIX SJ XLI
MWWYIV EX VIHIQTXMSR XLI PMEFMPMX] [MPP FI VIHYGIH EGGSVHMRKP]
6IWXVYGXYVMRK SJ (IFX 0MEFMPMXMIW %KEMRWX -WWYIH 'ETMXEP
*VSQ XMQI XS XMQI ER MWWYIV QE] GLSSWI XS VIWXVYGXYVI MXW FEPERGI WLIIX F] XLI GSRZIVWMSR
SJ HIFX PMEFMPMXMIW XS MWWYIH GETMXEP [LIVI XLI FSRH MWWYI XIVQW TIVQMX 7YGL GSRZIVWMSRW
[MPP WMQYPXERISYWP] VIHYGI XLI HIFX PMEFMPMXMIW SJ XLI MWWYIV [LMPWX MRGVIEWMRK XLI GETMXEP MR
MWWYI
%WWYQMRK 'SRXVSP SJ %RSXLIV 3VKERMÊXMSR
3RI SVKERMÊXMSR MR XLMW GEWI RSX XLI MWWYIV QE] [MWL XS KEMR GSRXVSP SJ MI XEOISZIV
ERSXLIV SVKERMÊXMSR MR SVHIV XS JSV I\EQTPI
i GSRXVSP GSQTIXMXMSR MR XLI WEQI QEVOIX
i GSRXVSP IMXLIV WYTTPMIV SV HMWXVMFYXMSR RIX[SVOW MR XLI WEQI QEVOIX
i I\XIRH SV HMZIVWMJ] TVSHYGX VERKI SV QEVOIX
(MWWIQMREXMSR SJ -RJSVQEXMSR XS 7LEVILSPHIVW
8LI FSEVH SJ HMVIGXSVW SJ ER MWWYIV MW SFPMKIH XS MRJSVQ WLEVILSPHIVW SJ ZEVMSYW EGXMZMXMIW XLEX
EJJIGX XLI STIVEXMSR ERH TVSwXEFMPMX] SJ XLI GSQTER] ERH MR WSQI GEWIW [MPP EPWS RIIH XS WIIO
XLI WLEVILSPHIVWt ETTVSZEP SJ WYGL EGXMZMX] FIJSVI MX MW YRHIVXEOIR 7YGL MRJSVQEXMSR MRGPYHIW
RSXMwGEXMSR SJ GSQTER] ]IEVIRH VIWYPXW GETMXEP MRZIWXQIRX TVSKVEQQIW RSXMwGEXMSR SJ ER
%+1
*MKYVI MPPYWXVEXIW XLI ZEVMSYW EMQW SJ XLI MWWYIV EW HIWGVMFIH EFSZI [LMPWX EPWS WLS[MRK
XLEX MR IEGL GEWI XLI GSVTSVEXI EGXMSR IZIRX MRJSVQEXMSR MW MRXIRHIH XS FI GSQQYRMGEXIH XS XLI
TSWMXMSR LSPHIV XLI S[RIV SJ XLI YRHIVP]MRK WIGYVMX]
-WWYIV
(MWXVMFYXMSRSJ-RGSQI
6IWXVYGXYVMRKSJ
-WWYIH'ETMXEP
%WWYQMRK'SRXVSPSJ
%RSXLIV3VKERMÊXMSR
6IHIQTXMSR
SJ(IFX
6EMWMRK
SJ'ETMXEP
6IWXVYGXYVMRKSJ(IFX
0MEFMPMXMIW%KEMRWX
-WWYIH'ETMXEP
(MWWIQMREXMSRSJ
-RJSVQEXMSRXS
7LEVILSPHIVW
4SWMXMSR,SPHIV
*MKYVI 4YVTSWI SJ GSVTSVEXI EGXMSRW
-14%'8 3* '36436%8) %'8-327

% GSVTSVEXI EGXMSR IZIRX QE] FI GEXIKSVMÎH MR XIVQW SJ MXW MQTEGX XS XLI TSWMXMSR LSPHIV ERH
MR EHHMXMSR QE] FI QSVI FVSEHP] VIxIGXIH MR XLI QEVOIX TPEGI F] XLI GLERKI MR TVMGI SJ XLI
YRHIVP]MRK WIGYVMX]
%W E TSWMXMSR LSPHIV XLI MQTEGX SJ E GSVTSVEXI EGXMSR MW QIEWYVIH MR XIVQW SJ MXW MQTEGX XS
WIGYVMXMIW ERHSV GEWL TSWMXMSRW GSRWIUYIRXP] GSVTSVEXI EGXMSR IZIRXW GER FI GEXIKSVMÎH EW
JSPPS[W
&IRIwXW
8LIWI EVI IZIRXW XLEX VIWYPX MR ER MRGVIEWI XS XLI TSWMXMSR LSPHIVtW WIGYVMXMIW SV GEWL TSWMXMSR
[MXLSYX EPXIVMRK XLI YRHIVP]MRK WIGYVMX] JSV I\EQTPI E FSRYW MWWYI
6ISVKERMÊXMSRW
8LIWI EVI IZIRXW XLEX VIWLETI SV VIWXVYGXYVI XLI TSWMXMSR LSPHIVtW YRHIVP]MRK WIGYVMXMIW TSWM
XMSR TSWWMFP] EPWS GSQFMRMRK E GEWL IPIQIRX *SV I\EQTPI
%R IUYMX] VIWXVYGXYVI [LMGL VIWYPXW MR JSV I\EQTPI XLI I\GLERKI SJ E WIGYVMX] SJ SRI TEV
ZEPYI [MXL E WIGYVMX] SJ E HMJJIVIRX TEV ZEPYI
% GSRZIVWMSR [LIVI SRI X]TI SJ WIGYVMX] WYGL EW E GSRZIVXMFPI FSRH MW I\GLERKIH JSV E
HMJJIVIRX X]TI SJ WIGYVMX] WYGL EW ER SVHMREV] WLEVI
% WYFWGVMTXMSR [LIVI SRI X]TI SJ WIGYVMX] WYGL EW E 2MP 4EMH 6MKLX MW I\GLERKIH JSV E
HMJJIVIRX X]TI SJ WIGYVMX] WYGL EW ER SVHMREV] WLEVI YTSR XLI TE]QIRX SJ E GEWL EQSYRX
'SVTSVEXI %GXMSRW
-WWYIV 2SXMGIW
8LIWI IZIRXW EVI YWIH JSV XLI HMWWIQMREXMSR SJ MRJSVQEXMSR JVSQ XLI MWWYIV XS TSWMXMSR LSPHIVW
JSV I\EQTPI XLI RSXMwGEXMSR SJ ER %RRYEP +IRIVEP 1IIXMRK [LMGL VIWYPXW MR RS GLERKI XS
IMXLIV XLI WIGYVMXMIW SV GEWL TSWMXMSR SJ XLI TSWMXMSR LSPHIV
*MKYVI MPPYWXVEXIW XLI HMJJIVIRX MQTEGX XLEX ZEVMSYW GSVTSVEXI EGXMSR IZIRXW LEZI YTSR XLI
TSWMXMSR LSPHIVtW WIGYVMXMIW ERHSV GEWL TSWMXMSRW
-WWYIV
4SWMXMSR,SPHIV
&IRIJMXW
7IGYVMXMIW
6ISVKERMÊXMSRW
'EWL
-WWYIV2SXMGIW
2S-QTEGX
*MKYVI -QTEGX JVSQ XLI TSWMXMSR LSPHIVtW TIVWTIGXMZI

%W [IPP EW HMVIGXP] MQTEGXMRK XLI FEPERGI WLIIX SJ XLI MWWYIV ERH XLI WIGYVMXMIW ERHSV GEWL
TSWMXMSRW SJ TSWMXMSR LSPHIVW E GSVTSVEXI EGXMSR QE] EPWS LEZI ER MQTEGX SR XLI QEVOIX TVMGI
SJ XLI WIGYVMX] XS [LMGL MX ETTPMIW ORS[R EW XLI YRHIVP]MRK WIGYVMX]
8LI HIQERH JSV E WIGYVMX] VIxIGXW QER] XLMRKW JSV I\EQTPI XLI WYTTP] XLI TIVGITXMSRW SJ
XLI QEVOIX TPEGI EW XS XLI TVSwXEFMPMX] SJ XLI MWWYIV XLI TIVGITXMSRW SJ XLI MWWYIVtW WSPZIRG]
ERH XLI WXEXI SJ MXW GETMXEP VIWIVZIW ERH HIFXW 8LIVIJSVI [LIR ER IZIRX SGGYVW XS EPXIV ER] SJ
XLIWI XLI TIVGITXMSR SJ XLI QEVOIX TPEGI ERH XLI GLERKI MR XLI HIQERH JSV XLI WIGYVMX] [MPP FI
VIxIGXIH MR MXW TVMGI
8LIVIJSVI XLI IZIRX GER EPWS FI GSRWMHIVIH XS MQTEGX TSXIRXMEP FY]IVW ERH WIPPIVW SJ XLI
YRHIVP]MRK WIGYVMX] EW XLI TVMGI E FY]IV QE] TE] ERH E WIPPIV QE] VIGIMZI QE] GLERKI
8,) 0-*)'='0) 3* % '36436%8) %'8-32

%GVSWW XLI VERKI SJ WTIGMwG X]TIW SJ GSVTSVEXI EGXMSRW E RYQFIV SJ HMJJIVIRX PMJIG]GPIW GER ETTP]
JVSQ XLIMV MRMXMEP ERRSYRGIQIRX YRXMP XLI EGXYEP VIGIMTX ERH HMWXVMFYXMSR SJ WIGYVMXMIW ERHSV
GEWL VIWYPXERX IRXMXPIQIRX [LIVI ETTPMGEFPI %W TVIZMSYWP] MRHMGEXIH XLI XIVQ sPMJIG]GPIt MW
YWIH MR XLI GSRXI\X SJ XLMW FSSO XS VIJIV XS XLI WIVMIW SJ PSKMGEP WXITW TVIHSQMRERXP] HIXIVQMRIH
F] XLI REXYVI SJ XLI GSVTSVEXI EGXMSR
8LIWI HMJJIVIRX PMJIG]GPIW GER FI GEXIKSVMÎH EW JSPPS[W
1ERHEXSV]
1ERHEXSV] [MXL 3TXMSRW
:SPYRXEV]
1YPXMWXEKI
-WWYIV 2SXMGIW
)EGL SJ XLIWI MW HIWGVMFIH FIPS[
1ERHEXSV] +IRIVMG 0MJIG]GPI
*SV XLSWI IZIRXW XLEX EVI HIwRIH EW QERHEXSV] XLI TSWMXMSR LSPHIV LEW RS GLSMGI EW XS [LIXLIV
ERHSV LS[ MX TEVXMGMTEXIW MR XLI IZIRX 8LI IZIRX [MPP FI ETTPMIH XS EPP TSWMXMSR LSPHIVW ERH XLI
WIGYVMXMIW ERHSV GEWL TSWMXMSRW SJ IEGL TSWMXMSR LSPHIV [MPP FI MQTEGXIH MR XLI WEQI JEWLMSR
8LI PSKMGEP WXITW SJ XLI QERHEXSV] PMJIG]GPI EVI GSQQSR XS EPP IZIRX PMJIG]GPIW [MXL XLI
I\GITXMSR SJ XLI -WWYIV 2SXMGIW PMJIG]GPI ERH XLIVIJSVI MR XLI GSRXI\X SJ XLMW FSSO XLI] JSVQ
XLI KIRIVMG PMJIG]GPI 1ERHEXSV] IZIRXW EVI HIXEMPIH MR 'LETXIVW i
1ERHEXSV] [MXL 3TXMSRW 0MJIG]GPI
&] GSRXVEWX XS WXERHEVH QERHEXSV] IZIRXW XLIWI IZIRXW [MPP SJJIV XLI TSWMXMSR LSPHIV E GLSMGI EW
XS LS[ MX TEVXMGMTEXIW MR XLI IZIRX 8LI TSWMXMSR LSPHIV [MPP FI KMZIR X[S SV QSVI EPXIVREXMZIW EW
XS XLI GSQFMREXMSR SJ WIGYVMXMIW ERHSV GEWL XLEX MX [MPP VIGIMZI EW E VIWYPX SJ XLI GSVTSVEXI EGXMSR
8LI PMJIG]GPI SJ XLMW IZIRX [MPP MRGSVTSVEXI XLI WXITW SJ XLI QERHEXSV] KIRIVMG PMJIG]GPI ERH
[MPP MR EHHMXMSR MRGSVTSVEXI WXITW XS QEREKI XLI TSWMXMSR LSPHIVtW GLSMGI EW XS XLI WIGYVMXMIW
ERHSV GEWL MX [MWLIW XS VIGIMZI 1ERHEXSV] [MXL 3TXMSRW IZIRXW EVI HIXEMPIH [MXLMR 'LETXIVW
ERH
:SPYRXEV] 0MJIG]GPI
*SV ZSPYRXEV] IZIRXW TEVXMGMTEXMSR MR XLI IZIRX MW TYVIP] FEWIH YTSR XLI GLSMGI SJ XLI TSWMXMSR
LSPHIV 8LMW MW MR GSRXVEWX XS XLI X[S PMJIG]GPIW MRXVSHYGIH EFSZI [LIVI TEVXMGMTEXMSR MW QERHE
XSV] 8LI TSWMXMSR LSPHIV [MPP FI KMZIR XLI STXMSR XS sXEOI RS EGXMSRt SV RSX XS TEVXMGMTEXI
ERH MR EHHMXMSR QE] EPWS FI KMZIR E GLSMGI EW XS XLI GSQFMREXMSRW SJ WIGYVMXMIW ERHSV GEWL MX
VIGIMZIW WLSYPH MX GLSSWI XS TEVXMGMTEXI 8LI PMJIG]GPI SJ ZSPYRXEV] IZIRXW MW ZIV] WMQMPEV XS XLEX
SJ XLI QERHEXSV] [MXL STXMSRW PMJIG]GPI WYTTSVXMRK XLI QEREKIQIRX SJ XLI TSWMXMSR LSPHIVtW
GLSMGI :SPYRXEV] IZIRXW EVI HIXEMPIH [MXLMR 'LETXIVW ERH
1YPXM7XEKI 0MJIG]GPI
8LIWI EVI GSQTPI\ IZIRXW XLEX GSQFMRI X[S SV QSVI WXEKIW PMJIG]GPIW MR XLIMV SZIVEPP PMJI *VSQ
XLI MWWYIVtW TIVWTIGXMZI IEGL SJ XLIWI IZIRXW MW E WMRKPI EGXMSR RSRIXLIPIWW JVSQ XLI TSWMXMSR
LSPHIVtW TIVWTIGXMZI XLI IZIRX GER FI ZMI[IH EW GSRXEMRMRK QER] MRXIVHITIRHIRX PMJIG]GPIW
*YVXLIVQSVI IEGL PMJIG]GPI GER FI GEXIKSVMÎH EW FIMRK QERHEXSV] QERHEXSV] [MXL STXMSRW
SV ZSPYRXEV] 1YPXMWXEKI IZIRXW EVI HIXEMPIH [MXLMR 'LETXIVW i
-WWYIV 2SXMGIW 0MJIG]GPI
8LIWI IZIRXW EVI YWIH JSV GSQQYRMGEXMSR TYVTSWIW SRP] XS TSWMXMSR LSPHIVW ERH HS RSX MRZSPZI
ER] WIGYVMXMIW ERHSV GEWL IRXMXPIQIRXW 8LIVIJSVI XLIWI IZIRXW LEZI E WMKRMwGERXP] WLSVXIV
'SVTSVEXI %GXMSRW
STIVEXMSREP PMJIG]GPI XLER XLSWI TVIZMSYWP] QIRXMSRIH EW XLIVI MW RS MQTEGX XS XLI TSWMXMSR
LSPHIVW WIGYVMXMIW ERHSV GEWL TSWMXMSRW EW E VIWYPX SJ XLI IZIRX -WWYIV 2SXMGIW IZIRXW EVI
HIXEMPIH [MXLMR 'LETXIV
*MKYVI MPPYWXVEXIW XLI HMJJIVIRX PMJIG]GPIW HIWGVMFIH EFSZI

'SVTSVEXI%GXMSR
0MJIG]GPIW
1ERHEXSV]
1ERHEXSV]
[MXL3TXMSRW
:SPYRXEV]
1YPXM7XEKI
-WWYIV
2SXMGIW
*MKYVI 'SVTSVEXI EGXMSR PMJIG]GPIW
7911%6=
-X MW MQTSVXERX XS ETTVIGMEXI XLEX MWWYIVW SJ WIGYVMXMIW ERH XLIMV EHZMWIVW [MPP GSRXMRYI XS wRH
MRZIRXMZI [E]W SJ VEMWMRK JYVXLIV GETMXEP SJJIVMRK MRGSQI STXMSRW XS XLIMV WLEVILSPHIVW ERH
VISVKERM^MRK XLIMV GETMXEP WXVYGXYVI
9RHIVWXERHMRK XLI FEWMG TVMRGMTPIW SJ E GSVTSVEXI EGXMSR MI XLI MWWYIVtW EMQ XLI MQTEGX SR
WIGYVMXMIW ERHSV GEWL TSWMXMSRW ERH XLI PMJIG]GPIW TVSZMHIW E JYRHEQIRXEP WXVYGXYVI XLEX GER
FI ETTPMIH XS XLI GYVVIRX ERH JYXYVI GSVTSVEXI EGXMSRW IRZMVSRQIRX -R XLMW [E] TVEGXMXMSRIVW
EVI [IPP IUYMTTIH XS HIEP [MXL XLMW IZIVIZSPZMRK EVIE SJ XLI WIGYVMXMIW MRHYWXV]

-2863(9'8-32
8LMW GLETXIV TVSZMHIW ER MRJSVQEP HIWGVMTXMSR SJ XLI GSQQSR GSVTSVEXI EGXMSR IZIRX X]TIW 8LI
HIWGVMTXMSRW YXMPMÎ XLI GSRGITXW MRXVSHYGIH MR XLI TVIZMSYW GLETXIV ERH EHHMXMSREPP] IZIRXW
EVI GPEWWMwIH FEWIH SR XLI JSPPS[MRK
XLI MWWYIVtW TYVTSWI
XLI MQTEGX SR XLI TSWMXMSR LSPHIV
XLI PMJIG]GPI SJ XLI IZIRX
-X MW MQTSVXERX XS RSXI XLEX XLMW MW RSX MRXIRHIH XS FI ER I\LEYWXMZI PMWX SJ IZIRXW FYX VEXLIV
MW MRXIRHIH XS TVSZMHI ER MRXVSHYGXMSR XS XLI QSWX GSQQSR X]TIW [LMGL [MPP FI VIJIVVIH XS
XLVSYKLSYX PEXIV GLETXIVW
-R XLI TVIZMSYW GLETXIV XLI JSPPS[MRK GSRGITX SJ KVSYTMRK IZIRXW JVSQ XLI TSWMXMSR LSPHIVtW
TIVWTIGXMZI [EW MRXVSHYGIH
&IRIwXW
6ISVKERMÊXMSRW
-WWYIV 2SXMGIW
8LMW GLETXIV MRXVSHYGIW E JYVXLIV FVIEOHS[R SJ KVSYTMRK WS EW XS TVSZMHI E QSVI WTIGMwG
MRHMGEXMSR EW XS XLI MWWYIVtW TVMQEV] MRXIRX MR ERRSYRGMRK XLI IZIRX *SV I\EQTPI [LIR JSGYWMRK
SR VISVKERMÊXMSR IZIRXW XLI] GER FI JYVXLIV FVSOIR HS[R MRXS XLI JSPPS[MRK WYFKVSYTW
)UYMX] -WWYIH 'ETMXEP 6IWXVYGXYVI
(IFX 6IHIQTXMSR
6EMWMRK SJ 'ETMXEP
(IWTMXI XLMW QSVI WTIGMwG KVSYTMRK MX MW MQTSVXERX XS VIQEMR xI\MFPI [LIR GSRWMHIVMRK WYGL
IZIRXW ;LMPWX JSV WSQI IZIRXW XLI WYFKVSYTMRK MW WXVEMKLXJSV[EVH ERH VEXLIV SFZMSYW MR SXLIV
GEWIW MX MW JEV QSVI EVFMXVEV] -R XLI QEMR XLMW MW FIGEYWI F] QIERW SJ E WMRKPI X]TI SJ IZIRX
XLI MWWYIV QE] FI EFPI XS EGLMIZI E RYQFIV SJ SFNIGXMZIW WMQYPXERISYWP] *SV I\EQTPI [LMPWX
X]TMGEPP] E 6MKLXW -WWYI [SYPH FI GSRWMHIVIH TVMQEVMP] EW XLI VEMWMRK SJ GETMXEP MX EPWS VIWYPXW
MR XLI VIWXVYGXYVMRK SJ XLI MWWYIH IUYMX] SJ E GSQTER]
8LIVIJSVI XLI WYFKVSYTW HIWGVMFIH MR XLI JSPPS[MRK WIGXMSR LEZI FIIR GVIEXIH XS VIxIGX
XLI EYXLSVWt ZMI[ SJ XLI MWWYIVtW TVMQEV] MRXIRX
):)28 ()7'6-48-327

8LI IZIRXW HIWGVMFIH [MXLMR XLMW GLETXIV EVI TPEGIH [MXLMR XLI JSPPS[MRK WYFKVSYTW

'SVTSVEXI %GXMSRW

)UYMX] 6IWXVYGXYVI
(IFX 6IHIQTXMSR
6EMWMRK SJ 'ETMXEP
-WWYIV 2SXMGIW
2SXI XLEX EPP IZIRX XMXPIW EVI I\TVIWWIH JVSQ ER MRXIVREXMSREP TIVWTIGXMZI YRPIWW MRHMGEXIH
SXLIV[MWI :EVMEXMSRW MR IZIRX XMXPIW ERH XLIMV XVIEXQIRX EVI HIWGVMFIH JYVXLIV MR 7IGXMSR SJ
XLMW GLETXIV
'SYTSR 4E]QIRX
8LMW MW XLI TE]QIRX SJ MRXIVIWX MR GEWL EKEMRWX XLI JEGI ZEPYI MI XLI UYERXMX] EPWS ORS[R EW
RSQMREP ZEPYI SJ E FSRH [LIXLIV MX FI w\IHVEXI FSRHW SV xSEXMRK VEXI RSXIW XS XLI LSPHIV
8LI GEWL EQSYRX TE]EFPI MW FEWIH SR XLI JEGI ZEPYI SJ XLI FSRH XLI MRXIVIWX VEXI ERH XLI
TIVMSH IK ERRYEP SV WIQMERRYEP X[MGI ]IEVP] XS [LMGL XLI MRXIVIWX TE]QIRX VIPEXIW 2SXI
XLEX IEGL GSYTSR TE]QIRX MW VIKEVHIH EW ER MRHMZMHYEP GSVTSVEXI EGXMSR IZIRX
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH 97( JEGI ZEPYI SJ <3< %+
FSRHW QEXYVMRK WX .YRI ;LIR XLI MWWYIV QEOIW E GSYTSR TE]QIRX MR XLMW I\EQTPI
ERRYEPP] SR WX .YRI IEGL ]IEV XLI TSWMXMSR LSPHIV [MPP FI IRXMXPIH XS VIGIMZI 97(
GEWL TVMSV XS XE\
8[S ZEVMEXMSRW SJ XLI GSYTSR TE]QIRX IZIRX I\MWX
'SYTSR 4E]QIRX i E QERHEXSV] IZIRX [LIVI XLI TE]QIRX SJ MRXIVIWX SGGYVW MR E WMRKPI
HIWMKREXIH GYVVIRG]
'SYTSR 4E]QIRX [MXL 'YVVIRG] 3TXMSR i E QERHEXSV] [MXL STXMSRW IZIRX [LIVI TE]QIRX
SJ MRXIVIWX QE] SGGYV MR ER] SJ E RYQFIV SJ GYVVIRGMIW EW SJJIVIH F] XLI MWWYIV [MXL XLI
TSWMXMSR LSPHIV LEZMRK XS IPIGX EX PIEWX SRI GYVVIRG]
-R EHHMXMSR XLI TE]QIRX SJ GSYTSR XS TSWMXMSR LSPHIVW QE] MRGPYHI E GETMXEP TSVXMSR VITVIWIRX
MRK XLI VIHIQTXMSR SV VITE]QIRX SJ TEVX SJ XLI GETMXEP ZEPYI SJ XLI HIFX 8LMW QE] FI ORS[R
EW E GSYTSR TE]QIRX [MXL GETMXEP SV EQSVXMÎH GSYTSR
(MZMHIRH 4E]QIRX
8LMW MW XLI HMWXVMFYXMSR SJ XLI GSQTER]tW IEVRMRKW JSV E HIwRIH IEVRMRKW TIVMSH XS IUYMX]
TSWMXMSR LSPHIVW
(MZMHIRH TE]QIRXW EVI IRXMVIP] XMIH XS GSQTER] IEVRMRKW ERH XLIVIJSVI LEZI RS KYEVERXIIH
TE]QIRX ;LIR TEMH TE]QIRXW EVI SJXIR QEHI EX VIKYPEV MRXIVZEPW IK UYEVXIVP] SV WIQM
ERRYEPP] EGGSVHMRK XS XLI GSRZIRXMSR MR XLI WTIGMwG QEVOIX TPEGI 8LI HMWXVMFYXMSR SJ MRGSQI
QE] SGGYV MR E RYQFIV SJ JSVQW IK GEWL WIGYVMXMIW SV WGVMT -R EHHMXMSR XLI TSWMXMSR LSPHIV
QE] FI SJJIVIH STXMSRW EW XS XLI JSVQ MR [LMGL XLI TE]QIRX MW VIGIMZIH MI E GLSMGI SJ GYVVIRG]
SV XLI EFMPMX] XS IPIGX XS VIGIMZI XLI MRGSQI EW WIGYVMXMIW VEXLIV XLER GEWL

*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH +&4 SVHMREV] WLEVIW [LMGL VITVIWIRXW
E GETMXEP ZEPYI SJ IUYMX] MR XLI MWWYIV SJ +&4 ;LIR XLI MWWYIV ERRSYRGIW E HMZMHIRH
EX E VEXI SJ +&4 TIV WLEVI XLI TSWMXMSR LSPHIV [MPP FI IRXMXPIH XS VIGIMZI +&4
GEWL TVMSV XS XE\
% RYQFIV SJ ZEVMIXMIW SJ HMZMHIRH IZIRXW I\MWX
'EWL (MZMHIRH i E QERHEXSV] IZIRX [LIVI XLI HMWXVMFYXMSR SGGYVW MR E WMRKPI HIWMKREXIH
GYVVIRG]
7XSGO (MZMHIRH i E QERHEXSV] IZIRX [LIVI XLI HMWXVMFYXMSR SGGYVW MR WIGYVMXMIW
7GVMT (MZMHIRH i E QERHEXSV] IZIRX [LIVI XLI HMWXVMFYXMSR SGGYVW MR XLI JSVQ SJ WGVMT
XIQTSVEV] GIVXMwGEXIW 8LI WGVMT VITVIWIRXW XLI MWWYIVtW TVSQMWI XS TE] E GEWL HMZMHIRH
EX E XMQI [LIR IEVRMRKW QE] FI GSRWMHIVIH WYJwGMIRX XS HMWXVMFYXI FYX JSV XLI TVIWIRX XMQI
GEWL VIWIVZIW EVI FIMRK GSRWIVZIH
3TXMSREP (MZMHIRH i E QERHEXSV] [MXL STXMSRW IZIRX [LIVI XLI HMWXVMFYXMSR QE] SGGYV MR
IMXLIV XLI JSVQ SJ GEWL SV WIGYVMXMIW [MXL XLI TSWMXMSR LSPHIV LEZMRK XS IPIGX EX PIEWX SRI SJ
XLIWI JSVQW
(MZMHIRH 6IMRZIWXQIRX 4PER (64 SV (6M4 i E QERHEXSV] [MXL STXMSRW IZIRX [LIVI XLI
HMWXVMFYXMSR QE] SGGYV MR IMXLIV GEWL SV WIGYVMXMIW FEWIH YTSR XLI VIMRZIWXQIRX SJ XLI GEWL
ZEPYI MR XLI TYVGLEWI SJ JYVXLIV WLEVIW JVSQ XLI MWWYIV EX E TYFPMWLIH TVMGI [MXL XLI TSWMXMSR
LSPHIV LEZMRK XS IPIGX EX PIEWX SRI SJ XLIWI JSVQW
0MUYMHEXMSR (MWXVMFYXMSR
8LMW MW XLI HMWXVMFYXMSR SJ GEWL ERH EWWIXW XS TSWMXMSR LSPHIVW EW E VIWYPX SJ XLI PMUYMHEXMSR SJ
XLI GSQTER]
8LI PMUYMHEXSVW QE] QEOI QYPXMTPI HMWXVMFYXMSRW EW EWWIXW EVI WSPH SJJ SZIV E TIVMSH SJ XMQI
3RGI XLI wREP HMWXVMFYXMSR MW QEHI XLI TSWMXMSR LSPHIVtW WIGYVMX] [MPP GIEWI XS I\MWX
8LI IZIRX QE] FI QERHEXSV] SV QERHEXSV] [MXL STXMSRW [LIVI SR SGGEWMSRW XLI TSWMXMSR
LSPHIV QE] FI SJJIVIH E GLSMGI EW XS XLI JSVQ XLI HMWXVMFYXMSR XEOIW
&SRYW -WWYI SV 'ETMXEPMÊXMSR -WWYI ERH MR XLI 97 E 7LEVI 7TPMX [MXLSYX
GLERKI SJ TEV ZEPYI
8LMW MW XLI HMWXVMFYXMSR SJ EHHMXMSREP EWWIXW JVII SJ GSWX XS TSWMXMSR LSPHIVW MR TVSTSVXMSR XS
XLIMV I\MWXMRK LSPHMRK
8LI MWWYI [MPP VIWYPX MR ER MRGVIEWI XS XLI TSWMXMSR LSPHIVtW YRHIVP]MRK LSPHMRK [LIVI XLI
MWWYI MW MR XLI WEQI WIGYVMX] EW XLEX SJ XLI YRHIVP]MRK LSPHMRK SV EPXIVREXMZIP] QE] VIWYPX MR E
LSPHMRK SJ ER EHHMXMSREP WIGYVMX]
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH +&4 SVHMREV] JYPP] TEMH WLEVIW MR
GSQTER] %&' 8LI MWWYIV QE] HMWXVMFYXI X[S RI[ WLEVIW MR %&' JSV IZIV] wZI EPVIEH] LIPH
8LIVIJSVI XLI TSWMXMSR LSPHIV [MPP VIGIMZI E JYVXLIV +&4 SVHMREV] WLEVIW MRGVIEWMRK
MXW SZIVEPP TSWMXMSR XS +&4 SVHMREV] WLEVIW %PXIVREXMZIP] XLI MWWYIV QE] HMWXVMFYXI
X[S TVIJIVIRGI WLEVIW MR GSQTER] %&' JSV IZIV] wZI SVHMREV] WLEVIW LIPH MR %&' -R XLMW GEWI
XLI TSWMXMSR LSPHIV [MPP VIGIMZI TVIJIVIRGI WLEVIW MR %&' VIWYPXMRK MR E RI[ LSPHMRK
[LMPI WXMPP VIXEMRMRK MXW SVMKMREP LSPHMRK SJ SVHMREV] WLEVIW
% &SRYW -WWYI MW E QERHEXSV] IZIRX

'SVTSVEXI %GXMSRW
)UYMX] 6IWXVYGXYVI

'LERKI MR 7IGYVMX] 6EROMRK SV %WWMQMPEXMSR
7IGYVMXMIW MWWYIH F] [E] SJ SXLIV IZIRXW WYGL EW FSRYW MWWYIW ERH VMKLXW MWWYIW QE] SJXIR
FI MWWYIH [MXL HMJJIVIRX GLEVEGXIVMWXMGW JVSQ I\MWXMRK MWWYIH WIGYVMXMIW XLI QSWX GSQQSR SJ
[LMGL QE] FI XLIMV IRXMXPIQIRX XS JYXYVI HMZMHIRH TE]QIRXW
8LMW IZIRX SGGYVW EX XLI TSMRX MR XMQI [LIR X[S WYGL WIGYVMXMIW [MXL HMJJIVIRX GLEVEGXIVMWXMGW
FIGSQI MHIRXMGEP MR EPP VIWTIGXW IK VERO TEVMTEWWY JSV JYXYVI HMZMHIRHW 8LI VIWYPX XS XLI
TSWMXMSR LSPHIV [MPP FI XLI I\GLERKI SJ MXW sRSRVEROMRKt WIGYVMXMIW JSV SVHMREV] WIGYVMXMIW
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LEZI E TSWMXMSR SJ %9( SVHMREV] WLEVIW
ERH %9( RI[ SVHMREV] WLEVIW VIGIMZIH WM\ QSRXLW IEVPMIV EW E VIWYPX SJ E FSRYW
MWWYI FYX [LMGL EX XLI XMQI SJ MWWYI HMH RSX IRXMXPI XLI LSPHIV XS XLI RI\X HMZMHIRH ;LIR XLI
MWWYIV ERRSYRGIW XLI 'LERKI MR 7IGYVMX] 6EROMRK XLI RI[ SVHMREV] WLEVIW [MPP QIVKI
[MXL XLI SVHMREV] WLEVIW VIWYPXMRK MR E GSQFMRIH LSPHMRK SJ %9( SVHMREV] WLEVIW
EPP SJ [LMGL [MPP VERO JSV XLI RI\X HMZMHIRH
% 'LERKI MR 7IGYVMX] 6EROMRK MW E QERHEXSV] IZIRX ERH GER SJXIR JSVQ TEVX SJ E QYPXMWXEKI
IZIRX
7LEVI 7TPMX SV 7YF(MZMWMSR ERH MR XLI 97 E 7LEVI 7TPMX [MXL GLERKI MR TEV ZEPYI
% WLEVI WTPMX MW ER MRGVIEWI MR ER MWWYIVtW RYQFIV SJ MWWYIH WLEVIW TVSTSVXMSREP XS E VIHYGXMSR
MR XLI GETMXEP TEV ZEPYI SJ IEGL I\MWXMRK WLEVI
8LI VIWYPX MW RS GLERKI MR XLI GETMXEP ZEPYI MI XLI UYERXMX] SJ WLEVIW LIPH QYPXMTPMIH F]
XLIMV TEV ZEPYI SJ XLI WLEVILSPHIVtW IUYMX] SV XS XLI XSXEP QEVOIX ZEPYI SJ XLI WLEVILSPHIVtW
TSWMXMSR EX XLI XMQI SJ XLI WTPMX RSRIXLIPIWW XLI QEVOIX TVMGI TIV WLEVI [MPP RSVQEPP] VIHYGI
TVSTSVXMSREPP] XS XLI GLERKI MR TEV ZEPYI
[LMGL VITVIWIRXW E GETMXEP ZEPYI SJ IUYMX] MR XLI MWWYIV SJ %9( 8LI MWWYIV ER
RSYRGIW E X[S JSV SRI WLEVI WTPMX [MXL IEGL %9( SVHMREV] WLEVI FIMRK VITPEGIH F] X[S
%9( SVHMREV] WLEVIW %W E VIWYPX SJ XLI WLEVI WTPMX XLI LSPHIVtW LSPHMRK [MPP FI
%9( SVHMREV] WLEVIW 8LI UYERXMX] SJ WLEVIW LIPH LEW MRGVIEWIH XS [LMPWX XLI
GETMXEP ZEPYI SJ IUYMX] VIQEMRW YRGLERKIH EW %9(
% 7LEVI 7TPMX MW E QERHEXSV] IZIRX
'SRWSPMHEXMSR SV 6IZIVWI 7TPMX
% GSRWSPMHEXMSR MW E HIGVIEWI MR ER MWWYIVtW RYQFIV SJ MWWYIH WLEVIW TVSTSVXMSREP XS ER MRGVIEWI
8LI VIWYPX MW RS GLERKI MR XLI GETMXEP ZEPYI SJ XLI WLEVILSPHIVtW IUYMX] SV XLI XSXEP QEVOIX
ZEPYI SJ XLI WLEVILSPHIVtW TSWMXMSR EX XLI XMQI SJ XLI GSRWSPMHEXMSR RSRIXLIPIWW XLI QEVOIX
TVMGI TIV WLEVI [MPP RSVQEPP] MRGVIEWI TVSTSVXMSREPP] XS XLI GLERKI MR TEV ZEPYI
[LMGL VITVIWIRXW E GETMXEP ZEPYI SJ IUYMX] MR XLI MWWYIV SJ %9( 8LI MWWYIV ER
RSYRGIW E SRI JSV X[S GSRWSPMHEXMSR [MXL IZIV] X[S %9( SVHMREV] WLEVIW FIMRK VITPEGIH
F] SRI %9( SVHMREV] WLEVI %W E VIWYPX SJ XLI GSRWSPMHEXMSR XLI LSPHIVtW LSPHMRK [MPP FI
%9( SVHMREV] WLEVIW 8LI UYERXMX] SJ WLEVIW LIPH LEW HIGVIEWIH XS [LMPWX
XLI GETMXEP ZEPYI SJ IUYMX] VIQEMRW YRGLERKIH EW %9(
% 'SRWSPMHEXMSR MW E QERHEXSV] IZIRX

7GLIQI SJ %VVERKIQIRX
% 7GLIQI SJ %VVERKIQIRX MW E FVSEH XIVQ XS HIWGVMFI ER IZIRX [LIVI XLI MWWYIV MWWYIW XS
TSWMXMSR LSPHIVW GSQFMREXMSRW SJ WIGYVMXMIW ERHSV GEWL MR I\GLERKI JSV XLI I\MWXMRK YRHIVP]MRK
WIGYVMX]
8LI TYVTSWI WMQMPEV XS XLEX SJ E 7LEVI 7TPMX SV 'SRWSPMHEXMSR MW E VIWXVYGXYVI SJ XLI MWWYIVtW
MWWYIH GETMXEP
-R XLI JSPPS[MRK I\EQTPI XLI MWWYIVtW EMQ MW XS MRGVIEWI XLI RYQFIV SJ WLEVIW MR MWWYI EX XLI
WEQI XMQI EW VIHYGMRK XLI TEV ZEPYI SJ IEGL WLEVI % TSWMXMSR LSPHIV QE] LEZI E TSWMXMSR SJ
+&4 SVHMREV] WLEVIW MR GSQTER] %&' [LMGL VITVIWIRXW E GETMXEP ZEPYI SJ IUYMX]
MR XLI MWWYIV SJ +&4 8LI MWWYIV ERRSYRGIW
E VIHYGXMSR MR XLI TEV ZEPYI SJ XLI WIGYVMXMIW SJ +&4 QEOMRK XLI RI[ TEV ZEPYI +&4
E HMWXVMFYXMSR SJ SRI +&4 WLEVI JSV IZIV] XLVII SVMKMREP +&4 WLEVIW LIPH JVEGXMSRW
HMWXVMFYXIH EW GEWL EX +&4 TIV WLEVI
8LMW [MPP VIWYPX MR E XSXEP SJ FEWIH YTSR XLI SVMKMREP WLEVIW XSKIXLIV [MXL E
HMWXVMFYXMSR SJ EHHMXMSREP WLEVIW +&4 SVHMREV] WLEVIW VITVIWIRXMRK GETMXEP ZEPYI
SJ IUYMX] MR XLI MWWYIV SJ +&4 XSKIXLIV [MXL XLI HMWXVMFYXMSR SJ +&4 GEWL
VITVIWIRXMRK VH SJ E WLEVI
8]TMGEPP] XLI IZIRX [MPP FI QERHEXSV] FYX QE] FI QERHEXSV] [MXL STXMSRW [LIVI XLI MWWYIV
SJJIVW TSWMXMSR LSPHIVW E GLSMGI EW XS XLI JSVQ SJ HMWXVMFYXMSR XS FI VIGIMZIH IK E GLSMGI SJ
WIGYVMXMIW SV GEWL
'ETMXEP 6ITE]QIRX SV (IGVIEWI MR :EPYI SV 6IXYVR SJ 'ETMXEP
8LMW MW E VIHYGXMSR MR XLI GETMXEP TEV ZEPYI SJ ER IUYMX] XLIVIF] VIHYGMRK XLI TSWMXMSR LSPHIVtW
S[RIVWLMT MR XLI GSQTER]
8LI GETMXEP VIHYGXMSR MW TEMH F] XLI MWWYIV XS XLI TSWMXMSR LSPHIV ERH XLI SVMKMREP WIGYVMX]
MW I\GLERKIH JSV WIGYVMXMIW ETTVSTVMEXI XS XLI RI[ GETMXEP ZEPYI SR E SRI JSV SRI FEWMW 8LI
UYERXMX] SJ XLI TSWMXMSR LSPHIVtW TSWMXMSR HSIW RSX GLERKI [LMPWX XLI GETMXEP ZEPYI SJ XLI
TSWMXMSR LSPHIVtW IUYMX] HSIW GLERKI
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH )96 SVHMREV] JYPP] TEMH WLEVIW [LMGL
VITVIWIRXW E GETMXEP ZEPYI SJ )96 % GETMXEP VITE]QIRX F] XLI MWWYIV SJ )96
TIV WLEVI [MPP VIHYGI XLI GETMXEP ZEPYI SJ IEGL WLEVI XS )96 8LI TSWMXMSR LSPHIV [MPP RS[
LSPH )96 JYPP] TEMH SVHMREV] WLEVIW 8LI XSXEP RYQFIV SJ WLEVIW LIPH LEW RSX
GLERKIH FYX XLI GETMXEP ZEPYI SJ XLI IUYMX] MW RS[ )96 ERH XLI TSWMXMSR LSPHIV [MPP
VIGIMZI )96 MR GEWL
% 'ETMXEP 6ITE]QIRX MW E QERHEXSV] IZIRX
&Y]&EGO SV 6ITYVGLEWI 3JJIV SV -WWYIV 8IRHIV 3JJIV
8LMW MW XLI VITYVGLEWI SJ MWWYIH GETMXEP IUYMX] F] XLI MWWYIV EX E TYFPMWLIH TVMGI
8LI XIVQW SJ XLI &Y]&EGO QE] VIPEXI XS XLI IRXMVI MWWYIH GETMXEP SV XS E TSVXMSR SRP] -R
EHHMXMSR XLI sTVMGIt TEMH TIV WLEVI QE] FI XLI JEGI ZEPYI TEV SV EX E HMWGSYRX SV TVIQMYQ
XS XLI JEGI ZEPYI XLMW FIMRK FEWIH YTSR TVIZEMPMRK QEVOIX GSRHMXMSRW EX XLI XMQI SJ XLI SJJIV
8LI IZIRX VIWYPXW MR XLI I\GLERKI SJ XLI &Y]&EGO UYERXMX] JSV GEWL ERH XLIVIJSVI VIWYPXW MR
XLI VIQSZEP MR XLI GEWI SJ XLI IRXMVI MWWYIH GETMXEP SV VIHYGXMSR MR XLI GEWI SJ E TSVXMSR SRP]

'SVTSVEXI %GXMSRW
SJ XLI LSPHMRK -R XLMW [E] XLI &Y]&EGO HMJJIVW JVSQ XLI 'ETMXEP 6ITE]QIRX EW XLIVI MW RS
GLERKI MR XLI JEGI ZEPYI SJ IEGL YRMX
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH )96 SVHMREV] JYPP] TEMH WLEVIW 8LI
MWWYIV SJJIVW XS FY] SJ MWWYIH GETMXEP EX E TVMGI SJ )96 [LMGL VITVIWIRXW E HMWGSYRX SJ
)96 XS XLI JEGI ZEPYI SJ XLI IUYMX] 8LIVIJSVI MJ XLI TSWMXMSR LSPHIV [MWLIW XS EGGITX XLMW
SJJIV EKEMRWX MXW IRXMVI LSPHMRK MX [MPP VIGIMZI )96 MR GEWL MR I\GLERKI JSV
WLEVIW [MXL MXW LSPHMRK VIHYGMRK XS WLEVIW
% &Y]&EGO MW ZSPYRXEV] IZIRX EW XLI TSWMXMSR LSPHIV MW YRHIV RS SFPMKEXMSR XS WIPP ER] SV
EPP SJ MXW LSPHMRK XS XLI MWWYIV
3HH 0SX 3JJIV
8LMW MW XLI STTSVXYRMX] JSV TSWMXMSR LSPHIVW [MXL SHH PSX LSPHMRKW XS sVSYRHt XLIMV LSPHMRKW
MRXS XVEHEFPI PSXW
% sPSXt VITVIWIRXW XLI RSVQEP XVEHEFPI TEVGIP SJ E WIGYVMX] 8LI VSYRHMRK SJ LSPHMRKW MW
EGLMIZIH F] XLI MWWYIV SJJIVMRK XS WIPP EHHMXMSREP WIGYVMXMIW XS XLI TSWMXMSR LSPHIV MI XLI
TSWMXMSR LSPHIV [MPP FY] EX E TYFPMWLIH TVMGI MR SVHIV XS sXST YTt MXW LSPHMRK -R WSQI GEWIW
XLI MWWYIV QE] EPWS SJJIV XS FY] MI XLI TSWMXMSR LSPHIV [MPP WIPP XLSWI LSPHMRKW XLEX EVI PIWW
XLER E PSX
*SV I\EQTPI E sPSXt JSV GSQTER] %&' QE] FI WLEVIW ERH XLI MWWYIV ERRSYRGIW XLEX
MX [MPP FY] EX E TVMGI SJ +&4 TIV WLEVI ER] LSPHMRKW YRHIV WLEVIW 8LIVIJSVI MJ E
TSWMXMSR LSPHIV LEW WLEVIW ERH EGGITXW XLI SJJIV MX [MPP VIGIMZI +&4 MR I\GLERKI JSV
MXW LSPHMRK
%R 3HH 0SX 3JJIV MW E ZSPYRXEV] IZIRX EW XLI TSWMXMSR LSPHIV QE] HIGMHI XS XEOI RS EGXMSR
EX EPP
;EVVERX )\IVGMWI
;EVVERX )\IVGMWI MW XLI STTSVXYRMX] JSV TSWMXMSR LSPHIVW XS I\GLERKI sI\IVGMWIt XLIMV LSPHMRK
MR [EVVERXW XS ERSXLIV JSVQ SJ WIGYVMX] YWYEPP] SVHMREV] WLEVIW SV GSQQSR WXSGO EX E w\IH
TVMGI EX SV FIJSVI E TVIWTIGMwIH HEXI
8LI MRMXMEXSV SJ XLI I\IVGMWI MW XLI TSWMXMSR LSPHIV VEXLIV XLER XLI MWWYIV 8LI WGLIHYPI ERH
XIVQW SJ I\IVGMWI EVI WIX SYX YTSR MWWYI SJ XLI [EVVERX WIGYVMX] WLSYPH [EVVERXW RSX FI I\IVGMWIH
F] XLI wREP I\IVGMWI HEXI XLI [EVVERX WIGYVMX] [MPP I\TMVI
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH [EVVERXW 8LI XIVQW SJ I\IVGMWI EPPS[ XLI
TSWMXMSR LSPHIV XS I\IVGMWI [EVVERXW JSV SVHMREV] WLEVIW EX E GSWX SJ ,/(
8LIVIJSVI MR XLI IZIRX XLEX XLI TSWMXMSR LSPHIV GLSSWIW XS I\IVGMWI MXW LSPHMRK MX [SYPH VIGIMZI
SVHMREV] WLEVIW EX E XSXEP GSWX SJ ,/(
%R I\IVGMWI MW E ZSPYRXEV] IZIRX EW XLI TSWMXMSR LSPHIV QE] HIGMHI XS XEOI RS EGXMSR EX EPP
&SRH ERH 2SXI 'SRZIVWMSR
8LMW MW ER STTSVXYRMX] JSV TSWMXMSR LSPHIVW XS GSRZIVX SV XS I\GLERKI XLIMV LSPHMRK XS ERSXLIV
JSVQ SJ WIGYVMX] YWYEPP] SVHMREV] WLEVIW SV GSQQSR WXSGO
8]TMGEPP] XLIWI EVI HIFX WIGYVMXMIW MR XLI JSVQ SJ FSRHW SV RSXIW FYX GSYPH EPWS FI GSRZIVXMFPI
TVIJIVIRGI WLEVIW 8LI MRMXMEXSV SJ XLI GSRZIVWMSR MW XLI TSWMXMSR LSPHIV VEXLIV XLER XLI MWWYIV

*VSQ XLI MWWYIVtW TIVWTIGXMZI WYGL E GSRZIVWMSR VIWYPXW MR E GLERKI MR MXW FEPERGI WLIIX JVSQ
MWWYIH HIFX XS MWWYIH GETMXEP 8LI GSRZIVWMSR QE] EHHMXMSREPP] VIUYMVI XLI TE]QIRX SJ E TVI
WXEXIH TVMGI XS XLI MWWYIV 8LI WGLIHYPI ERH XIVQW SJ GSRZIVWMSR EVI WIX SYX YTSR MWWYI SJ XLI
GSRZIVXMFPI WIGYVMX]
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH 97( JEGI ZEPYI SJ GSRZIVXMFPI FSRHW
VITVIWIRXIH F] FSRHW [MXL E HIRSQMREXMSR SJ 97( IEGL 8LI XIVQW SJ XLI
GSRZIVWMSR EPPS[ XLI TSWMXMSR LSPHIV XS GSRZIVX IEGL 97( FSRH JSV SVHMREV] WLEVIW
8LIVIJSVI MR XLI IZIRX XLEX XLI TSWMXMSR LSPHIV GLSSWIW XS GSRZIVX MXW LSPHMRK MX [SYPH VIGIMZI
SVHMREV] WLEVIW
% GSRZIVWMSR MW E ZSPYRXEV] IZIRX EW XLI TSWMXMSR LSPHIV QE] HIGMHI XS XEOI RS EGXMSR EX EPP
(IFX 6IHIQTXMSR
&SRH 6IHIQTXMSR
8LMW MW XLI VITE]QIRX SJ XLI GETMXEP ZEPYI F] XLI MWWYIV XS XLI FSRHLSPHIV SR SV FIJSVI XLI
QEXYVMX] HEXI SJ XLI FSRH
8LI XIVQW SJ VITE]QIRX MI GETMXEP ZEPYI ERH wREP VIHIQTXMSR HEXI EPWS ORS[R EW XLI
QEXYVMX] HEXI EVI ORS[R EX XLI XMQI SJ MWWYI SJ XLI FSRH 8]TMGEPP] XLI VIHIQTXMSR SJ XLI
FSRH MW QERHEXSV] YRHIV XLI XIVQW SJ MXW MWWYI RSRIXLIPIWW XLI MWWYIV QE] HIGMHI XS VIHIIQ
XLI FSRH IEVP] MR JYPP SV MR TEVX MR [LMGL GEWI XLMW [MPP FI E QERHEXSV] IZIRX 7SQI MWWYIW
EPPS[ XLI LSPHIV XS MRMXMEXI VIHIQTXMSR MR [LMGL GEWI XLMW [MPP FI E ZSPYRXEV] IZIRX -R EPP GEWIW
XLI TSWMXMSR LSPHIV [MPP I\GLERKI MXW LSPHMRK JSV VIGIMTX SJ GEWL
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH 97( JEGI ZEPYI SJ <3< %+
FSRHW QEXYVMRK WX .YRI %X wREP QEXYVMX] SJ XLI FSRH SR WX .YRI XLI MWWYIV [MPP
TE] MR XLMW I\EQTPI SJ XLI FSRHtW JEGI ZEPYI XLI TSWMXMSR LSPHIV [MPP FI IRXMXPIH XS
VIGIMZI 97( GEWL
% RYQFIV SJ ZEVMIXMIW SJ FSRH VIHIQTXMSR IZIRXW XLIVIJSVI I\MWX
&SRH 6IHIQTXMSR SV *MREP 1EXYVMX] XLI VITE]QIRX SJ XLI HIFX MR JYPP EX XLI QEXYVMX] HEXI
EW WXEXIH EX XLI XMQI SJ MWWYI 8LMW MW E QERHEXSV] IZIRX
4EVXMEP 6IHIQTXMSR SV 4EVXMEP 'EPP XLI VITE]QIRX SJ TEVX SJ XLI HIFX ZEPYI EGVSWW EPP
TSWMXMSR LSPHIVW TVMSV XS XLI TYFPMWLIH QEXYVMX] HEXI 8LMW MW E QERHEXSV] IZIRX
)EVP] 6IHIQTXMSR SV *YPP 'EPP XLI VITE]QIRX SJ XLI JYPP HIFX ZEPYI TVMSV XS XLI TYFPMWLIH
QEXYVMX] HEXI 8LMW MW E QERHEXSV] IZIRX
:SPYRXEV] 6IHIQTXMSR SV 4YX 'EPP XLI VITE]QIRX SJ HIFX EX XLI VIUYIWX SJ XLI TSWMXMSR
LSPHIV TVMSV XS XLI TYFPMWLIH QEXYVMX] HEXI 8LMW MW E ZSPYRXEV] IZIRX
(VE[MRK SV 0SXXIV] XLI VITE]QIRX SJ WIPIGXIH LSPHMRKW SJ HIFX F] XLI MWWYIV TVMSV XS XLI
TYFPMWLIH QEXYVMX] HEXI 8LMW MW E QERHEXSV] IZIRX FYX HMJJIVW JVSQ E TEVXMEP VIHIQTXMSR MR
XLEX SRP] XLI WIPIGXIH LSPHMRKW EVI EJJIGXIH
6EMWMRK SJ 'ETMXEP
6MKLXW -WWYI
8LMW MW XLI SJJIV SJ RI[ WLEVIW XS I\MWXMRK WLEVILSPHIVW MR TVSTSVXMSR XS XLIMV I\MWXMRK LSPHMRKW
EX E WTIGMwIH TVMGI
% VMKLXW MWWYI MW SRI QIGLERMWQ F] [LMGL ER MWWYIV GER VEMWI JYVXLIV GETMXEP 8LI VMKLX
MXWIPJ MW X]TMGEPP] MWWYIH EW E WIGYVMX] ORS[R EW E 2MP 4EMH 6MKLX FYX HSIW RSX MR MXWIPJ VITVIWIRX

'SVTSVEXI %GXMSRW
ER] IUYMX] MR XLI MWWYIV ERH LEW E ZIV] WLSVX PMJI WTER X]TMGEPP] I\TMVMRK EW PMXXPI EW X[S SV
XLVII [IIOW EJXIV MXW MRMXMEP MWWYI 8LI HMWXVMFYXMSR SJ XLI VMKLX XS I\MWXMRK TSWMXMSR LSPHIVW MW E
QERHEXSV] IZIRX
8LI RMP TEMH VMKLX MW VIRSYRGIEFPI SV WEPIEFPI QIERMRK XLEX XLI TSWMXMSR LSPHIV QE] WIPP
MXW RMP TEMH VMKLXW MR XLI QEVOIX SV TSXIRXMEPP] TYVGLEWI QSVI
4VMSV XS I\TMV] ER] LSPHIV SJ RMP TEMH VMKLXW QE] GSRZIVX XLIQ XS XLI WTIGMwIH WIGYVMX] EW
HIXEMPIH MR XLI VMKLXW MWWYI TVSWTIGXYW YTSR TE]QIRX SJ XLI WTIGMwIH TVMGI F] XLI WTIGMwIH
HIEHPMRI 8LMW MW ORS[R EW I\IVGMWI SV WYFWGVMTXMSR -X MW XLI TSWMXMSR LSPHIVtW GLSMGI EW XS
[LIXLIV MX WYFWGVMFIW ERH TE]W XLI GSWX SJ WYFWGVMTXMSR SV RSX ERH XLIVIJSVI XLMW WXEKI MW E
ZSPYRXEV] IZIRX
*EMPYVI XS WYFWGVMFI XLI RMP TEMH VMKLXW TVMSV XS XLI IRH SJ XLIMV PMJI [MPP VIWYPX MR XLIMV I\TMV]
ERH XLMW WXEKI MW XLIVIJSVI XVIEXIH EW E QERHEXSV] IZIRX
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH +&4 SVHMREV] JYPP] TEMH WLEVIW MR
GSQTER] %&' 8LI MWWYIV QE] SJJIV SRI RI[ WLEVI MR %&' JSV IZIV] wZI EPVIEH] LIPH EX E
TVMGI SJ +&4 TIV WLEVI 8LIVIJSVI XLI TSWMXMSR LSPHIV [MPP VIGIMZI XLI SJJIV SJ E JYVXLIV
+&4 SVHMREV] WLEVIW EX E GSWX SJ +&4 8LI TSWMXMSR LSPHIV QE] IPIGX
XS WYFWGVMFI XS RSRI WSQI SV EPP XLI WLEVIW MX MW FIMRK SJJIVIH 7LSYPH XLI TSWMXMSR LSPHIV
GLSSWI XS WYFWGVMFI XS EPP XLI WLEVIW SJJIVIH MXW LSPHMRK [MPP MRGVIEWI F] +&4
SVHMREV] WLEVIW YTSR TE]QIRX XS XLI MWWYIV F] XLI WTIGMwIH HIEHPMRI SJ +&4
XLIVIF] MRGVIEWMRK MXW SZIVEPP TSWMXMSR XS +&4 SVHMREV] WLEVIW
8LI SZIVEPP PMJI SJ XLI IZIRX GSQTVMWIW E RYQFIV SJ WXEKIW FSXL QERHEXSV] ERH ZSPYRXEV]
ERH MW XLIVIJSVI VIKEVHIH EW LEZMRK E 1YPXM7XEKI 0MJIG]GPI 2SXI XLEX XLMW XSTMG MW I\TPSVIH
MRHITXL MR 'LETXIV s)\EQTPI SJ E 6MKLXW -WWYIt
)RXMXPIQIRX -WWYI
8LMW MW XLI SJJIV SJ RI[ WLEVIW XS I\MWXMRK WLEVILSPHIVW MR TVSTSVXMSR XS XLIMV I\MWXMRK LSPHMRKW
EX E WTIGMwIH TVMGI
%W [MXL E VMKLXW MWWYI XLMW MW E GETMXEP VEMWMRK I\IVGMWI -R EPP VIWTIGXW XLMW IZIRX MW XLI WEQI
EW E VMKLXW MWWYI I\GITX XLEX XLI VMKLX XS WYFWGVMFI MW RSRVIRSYRGIEFPI MI RSRWEPIEFPI SV
XVERWJIVEFPI
8LI SZIVEPP PMJI SJ XLI IZIRX GSQTVMWIW E RYQFIV SJ WXEKIW FSXL QERHEXSV] ERH ZSPYRXEV]
ERH MW XLIVIJSVI VIKEVHIH EW LEZMRK E 1YPXM7XEKI 0MJIG]GPI
4VMSVMX] -WWYI
8LMW MW XLI SJJIV SJ E RI[ JSVQ SJ WIGYVMX] SV SJ E LSPHMRK MR E RI[ GSQTER] XS FSXL XLI TYFPMG
ERH XS I\MWXMRK TSWMXMSR LSPHIVW MR TVSTSVXMSR XS XLIMV I\MWXMRK LSPHMRKW SGGEWMSREPP] MRGPYHMRK
E QE\MQYQ UYERXMX] JSV [LMGL TSWMXMSR LSPHIVW QE] ETTP] EX E WTIGMwIH TVMGI
)\MWXMRK TSWMXMSR LSPHIVW MR XLI YRHIVP]MRK GSQTER] EVI KMZIR TVMSVMX] XS ETTP] SZIV QIQFIVW
SJ XLI TYFPMG 8LI VMKLX XS TYVGLEWI MW RSRXVEHEFPI
% 4VMSVMX] -WWYI MW E ZSPYRXEV] IZIRX EW XLI TSWMXMSR LSPHIV QE] HIGMHI XS XEOI RS EGXMSR
EX EPP
)UYMX] 'EPP SV -RWXEPQIRX 'EPP
8LMW MW XLI MRGVIEWI MR GETMXEP TEV ZEPYI SJ E TEVXP] TEMH IUYMX] F] XLI TE]QIRX SJ JYVXLIV
GETMXEP F] XLI WLEVILSPHIVW

8LI IUYMX] GEPP ETTPMIW SRP] XS XLSWI WLEVIW EKEMRWX [LMGL WSQI GETMXEP LEW TVIZMSYWP]
FIIR TEMH ERH XLIVIJSVI HSIW RSX ETTP] XS RMPTEMH WLEVIW [LIVI MRMXMEP GETMXEP MW TEMH EW E
WYFWGVMTXMSR *SV MRWXERGI E %9( SVHMREV] WLEVI VITVIWIRXW XLI S[RIVWLMT SJ %9( SJ
GETMXEP ZEPYI MR XLI MWWYIV [LMPWX E %9( SVHMREV] WLEVI TEVXP] TEMH XS %9( VITVIWIRXW
S[RIVWLMT SJ %9( SJ GETMXEP ZEPYI 8LI MWWYIV QE] GEPP E JYVXLIV MRWXEPQIRX SJ GETMXEP SV
XLI JYPP FEPERGI JVSQ XLI TSWMXMSR LSPHIV VIWYPXMRK MR XLI GSRZIVWMSR SJ XLI TEVXP] TEMH WLEVI
XS E JYPP] TEMH WLEVI
8LI XIVQW ERH XMQIXEFPI JSV GEPPW MW RSVQEPP] w\IH EX XLI XMQI SJ MWWYI SJ XLI TEVXP] TEMH
WLEVI 8LMW QIXLSH SJ MWWYMRK WIGYVMXMIW ERH WYFWIUYIRXP] QEOMRK JYVXLIV GETMXEP GEPPW EKEMRWX
XLIQ EPPS[W XLI MWWYIV XS WTVIEH XLI VEMWMRK SJ VIZIRYI SZIV E TIVMSH SJ XMQI
*SV I\EQTPI E TSWMXMSR LSPHIV QE] LSPH %9( TEMH XS %9( SVHMREV]
WLEVIW % GEPP SJ %9( TIV WLEVI MW HYI [LMGL [MPP QEOI XLI WLEVIW YT XS %9(
JYPP] TEMH -R TE]MRK XLI GEPP XLI TSWMXMSR LSPHIV [MPP TE] XLI MWWYIV %9( ERH MXW
LSPHMRK SJ TEVXP] TEMH WLEVIW [MPP FI VITPEGIH F] %9( JYPP] TEMH SVHMREV]
WLEVIW
)UYMX] GEPPW EVI TVIHSQMRERXP] QERHEXSV] [MXL RSRTE]QIRX SJ XLI GEPP VIWYPXMRK MR JSVJIM
XYVI SJ XLI LSPHMRK F] XLI TSWMXMSR LSPHIV 3R VEVI SGGEWMSRW XLI GEPP QE] FI XVIEXIH EW ZSPYRXEV]
[LIVI MX MW ER MRXIVMQ RSX wREP MRWXEPQIRX 9RHIV XLMW GMVGYQWXERGI XLI TEVXP] TEMH WIGYVMX]
QE] GSRXMRYI XS XVEHI [MXLSYX XLI GEPP TEMH FYX XLI wREP GEPP [MPP FI QERHEXSV] VIWYPXMRK MR
JSVJIMXYVI MJ RSX TEMH
1IVKIV
% 1IVKIV MW XLI I\GLERKI SJ WIGYVMXMIW MR XLI QIVKIH GSQTERMIW JSV WIGYVMXMIW MR XLI RI[
GSQFMRIH GSQTER]
% QIVKIV SGGYVW [LIR XLI EWWIXW SJ X[S GSQTERMIW EVI GSQFMRIH 8LI VIWYPX MW X]TMGEPP] XLI
I\GLERKI SJ WIGYVMXMIW MR XLI QIVKMRK GSQTERMIW JSV WIGYVMXMIW MR XLI RI[ GSQFMRIH GSQTER]
ERH QE] EPWS MRGPYHI E HMWXVMFYXMSR SJ GEWL XS XLI TSWMXMSR LSPHIVW ;LIVI QYPXMTPI JSVQW SJ
HMWXVMFYXMSR EVI EZEMPEFPI XLI TSWMXMSR LSPHIV QE] MR EHHMXMSR FI SJJIVIH XLI GLSMGI EW XS XLI
WTIGMwG JSVQ MX [MWLIW XS IPIGX 3JXIR XLI I\EGX XIVQW SJ XLI I\GLERKI [MPP HMJJIV EGGSVHMRK XS
[LMGL YRHIVP]MRK WIGYVMX] E TSWMXMSR MW LIPH MR EW MW MPPYWXVEXIH MR XLI JSPPS[MRK I\EQTPI
*SV I\EQTPI GSQTER] %&' ERH GSQTER] > EKVII XS QIVKI ERH JSVQ E WMRKPI GSQTER]
<=> 8LI XIVQW SJ XLI QIVKIV EVI
XS VITPEGI WLEVIW MR %&' [MXL SRI WLEVI MR XLI RI[ GSQTER] <=> JSV IZIV] SRI WLEVI LIPH
MR %&' ERH
XS VITPEGI WLEVIW MR > [MXL SRI WLEVI MR XLI RI[ GSQTER] <=> JSV IZIV] wZI WLEVIW LIPH
MR >
% TSWMXMSR LSPHIV QE] LSPH +&4 SVHMREV] JYPP] TEMH WLEVIW MR GSQTER] %&'
[LMPWX ERSXLIV TSWMXMSR LSPHIV LSPHW +&4 SVHMREV] JYPP] TEMH WLEVIW MR GSQTER] >
8LI VIWYPX SJ XLI QIVKIV [MPP FI XLEX XLI TSWMXMSR LSPHIV MR %&' [MPP LEZI MXW LSPHMRK VITPEGIH
[MXL WLEVIW MR <=> [LMPWX XLI TSWMXMSR LSPHIV MR > [MPP LEZI MXW LSPHMRK VITPEGIH [MXL
WLEVIW MR <=>
8LI IZIRX MW QERHEXSV] SV QE] FI QERHEXSV] [MXL STXMSRW [LIVI E GLSMGI EW XS XLI JSVQ
SJ HMWXVMFYXMSR MW SJJIVIH

'SVTSVEXI %GXMSRW
7TMRSJJ SV (IQIVKIV SV 9RFYRHPMRK

8LMW MW XLI HMWXVMFYXMSR SJ WIGYVMXMIW MR E WYFWMHMEV] XS XLI WLEVILSPHIVW SJ XLI TEVIRX GSQTER]
[MXLSYX XLI WYVVIRHIV SJ XLI SVMKMREP YRHIVP]MRK WIGYVMX]
8LMW IZIRX X]TMGEPP] MRZSPZIW RS GSWX XS XLI TSWMXMSR LSPHIV MR XLI TEVIRX GSQTER] 3R
SGGEWMSRW XLI TSWMXMSR LSPHIV QE] FI SJJIVIH E GLSMGI EW XS XLI JSVQ SJ HMWXVMFYXMSR XS FI
VIGIMZIH IK E GLSMGI SJ WIGYVMXMIW SV GEWL
*SV I\EQTPI GSQTER] %&' HIGMHIW XS WTMRSJJ E RI[ GSQTER] <=> 8LI XIVQW SJ XLI
WTMRSJJ KMZI XLI TSWMXMSR LSPHIV E GLSMGI
XS VIGIMZI X[S WLEVIW MR XLI RI[ GSQTER] <=> JSV IZIV] wZI WLEVIW LIPH MR %&' SV
XS VIGIMZI SRI WLEVI MR XLI RI[ GSQTER] <=> ERH +&4 MR GEWL JSV IZIV] wZI WLEVIW
LIPH MR %&'
% TSWMXMSR LSPHIV QE] LSPH +&4 SVHMREV] JYPP] TEMH WLEVIW MR GSQTER] %&'
-X QE] GLSSWI IMXLIV STXMSR MR XLI WTMRSJJ [MXL UYMXI HMJJIVIRX VIWYPXW -J XLI TSWMXMSR LSPHIV
IPIGXW XLI wVWX STXMSR MX [MPP VIGIMZI WLEVIW MR <=> %PXIVREXMZIP] MJ MX IPIGXW XLI WIGSRH
STXMSR MX [MPP VIGIMZI WLEVIW MR <=> XSKIXLIV [MXL +&4 MR GEWL
8LI IZIRX MW QERHEXSV] SV QE] FI QERHEXSV] [MXL STXMSRW [LIVI E GLSMGI EW XS XLI JSVQ
SJ HMWXVMFYXMSR MW SJJIVIH
8EOISZIV SV %GUYMWMXMSR SV 8IRHIV
8LMW MW XLI I\GLERKI SJ WIGYVMXMIW MR XLI XEVKIX GSQTER] JSV WIGYVMXMIW ERHSV GEWL SJJIVIH F]
ERSXLIV SVKERMÊXMSR
% GLERKI MR GSRXVSPPMRK MRXIVIWX MW EGLMIZIH ZME XLI EGGYQYPEXMSR SJ MWWYIH GETMXEP MR XLI
XEVKIX GSQTER] ORS[R EW sXLI SJJIVIIt F] XLI TIVWSRW SV SVKERMÊXMSR PEYRGLMRK XLI XEOISZIV
ORS[R EW sXLI SJJIVSVt 8LI VIEWSRW JSV XEOISZIVW GER KIRIVEPP] FI GEXIKSVMÎH JVSQ XLIMV
IGSRSQMGEP ZMI[TSMRX XS XLI SJJIVSV EW E HIWMVI XS
GSRXVSP GSQTIXMXMSR MR XLI WEQI QEVOIX
GSRXVSP IMXLIV WYTTPMIV SV HMWXVMFYXMSR RIX[SVOW MR XLI WEQI QEVOIX
I\XIRH SV HMZIVWMJ] TVSHYGX VERKI SV QEVOIX
% XEOISZIV GSYPH GSQFMRI ER] SV EPP SJ XLIWI HIWMVIW
;LIVI XLI XEVKIX SJ XLI XEOISZIV FMH MW E PMWXIH GSQTER] XLI EGGYQYPEXMSR SJ GETMXEP F] XLI
SJJIVSV [MPP HMVIGXP] EJJIGX XLI TSWMXMSR LSPHIVW MR XLI XEVKIX GSQTER] -RMXMEPP] XLIVI MW E WSJX
MQTEGX F] [E] SJ EJJIGXMRK XLI QEVOIX TVMGI EW XLI QEVOIX TVMGI [MPP MRGVIEWI VIxIGXMRK XLI
MRGVIEWI MR HIQERH KIRIVEXIH F] XLI SJJIVSV 3RGI XLI SJJIVSV LEW EGGYQYPEXIH E WMKRMwGERX
LSPHMRK MR XLI XEVKIX GSQTER] MX [MPP FI VIUYMVIH F] QEVOIX VIKYPEXMSRW XS WXEXI MXW MRXIRXMSR
EW XS [LIXLIV MX [MWLIW XS PEYRGL E JSVQEP SJJIV XS KEMR GSRXVSP SV RSX ;LIVI XLI MRXIRXMSR MW
XS QEOI E JSVQEP SJJIV WYGL ER SJJIV MW QEHI XS XLI TSWMXMSR LSPHIVW SJ XLI XEVKIX GSQTER]
WXEXMRK XLI TIVGIRXEKI SJ MWWYIH GETMXEP XLEX MW XS FI EGUYMVIH [LMGL GSYPH FI ER]XLMRK YT XS
ERH XLI TVMGI TIV WLEVI XLEX XLI SJJIVSV [MPP TE] ERH XLI TIVMSH JSV [LMGL XLI SJJIV MW
STIR
4SWMXMSR LSPHIVW [LS EGGITX XLI SJJIV MR I\GLERKI JSV XLIMV LSPHMRK MR XLI XEVKIX GSQTER]
QE] VIGIMZI IMXLIV WIGYVMXMIW SJJIVIH F] XLI SJJIVSV SV GEWL SV E GSQFMREXMSR SJ FSXL %X XLMW
XMQI EGGITXERGI SJ XLI SJJIV MW IRXMVIP] ZSPYRXEV] SR XLI TEVX SJ XLI TSWMXMSR LSPHIV 2SRIXLIPIWW
MR XLI IZIRX XLEX XLI SJJIVSV EGUYMVIW WYJwGMIRX WLEVIW VIWYPXMRK MR XLI XEVKIX GSQTER] RS PSRKIV

FIMRK EFPI XS VIQEMR PMWXIH XLIR ER] VIQEMRMRK QMRSVMX] SJ TSWMXMSR LSPHIVW [MPP LEZI XLIMV
TSWMXMSR GSQTYPWSVMP] EGUYMVIH F] XLI SJJIVSV ERH EW WYGL XLMW MW E QERHEXSV] IZIRX
-WWYIV 2SXMGIW
-WWYIV 1IIXMRKW [MXL 4VS\] :SXMRK
8LMW MW XLI RSXMwGEXMSR XS TSWMXMSR LSPHIVW SJ E GSQTER] QIIXMRK
8]TMGEPP] XLIWI QIIXMRKW EVI XLI %RRYEP +IRIVEP 1IIXMRK %+1 SV )\XVESVHMREV] +IR
IVEP 1IIXMRK )+1 -WWYIV 1IIXMRKW EVI SJXIR LIPH XS SFXEMR WLEVILSPHIV VEXMwGEXMSR SJ
GSQTER] HIGMWMSRW JSV I\EQTPI XLI EHSTXMSR SJ wRERGMEP WXEXIQIRXW XLI WEPI SJ GETMXEP XLI
HMWXVMFYXMSR SJ MRGSQI IXG -R VIWTSRWI XS XLI RSXMwGEXMSR SJ E GSQTER] QIIXMRK XLI TSWMXMSR
LSPHIV QE] GLSSWI XS MWWYI E TVS\] ZSXI
8LMW IZIRX ETTPMIW XS EPP TSWMXMSR LSPHIVW FYX [MPP RSX HMVIGXP] MQTEGX XLI TSWMXMSR LSPHIVtW
WIGYVMXMIW ERHSV GEWL TSWMXMSR
% GSQTER] QIIXMRK MW ER -WWYIV 2SXMGI
-RJSVQEXMSR 3RP]
8LMW WMRKPI XIVQ VITVIWIRXW EPP MRWXERGIW [LIVI XLI MWWYIV GSQQYRMGEXIW WTIGMwG GLERKIW MR
MRJSVQEXMSR TIVXEMRMRK XS XLI WIGYVMXMIW MR MWWYI SV XS XLI GSQTER] MXWIPJ
9RPMOI -WWYIV 1IIXMRKW XLI RSXMwGEXMSR MW MRJSVQEXMSR SRP] ERH HSIW RSX VIUYMVI VEXMwGEXMSR
F] WLEVILSPHIVW XLSYKL ER] GLERKIW MX MW GSQQYRMGEXMRK QE] LEZI TVIZMSYWP] FIIR XLI WYFNIGX
SJ E WLEVILSPHIV QIIXMRK 8LIWI RSXMwGEXMSRW QE] MR XYVR MQTEGX XLI XIVQW SV SGGYVVIRGI SJ
JYXYVI IZIRXW MR XLI WIGYVMX] )\EQTPIW SJ RSXMwGEXMSRW MRGPYHI
I\XIRWMSR XS XLI QEXYVMX] HEXI SJ E FSRH
EHZMGI SJ E FSRH MR HIJEYPX SJ MXW GSYTSR TE]QIRX
EHNYWXQIRX SJ E FSRH GSYTSR VEXI
E GLERKI MR XLI MHIRXMwGEXMSR SJ E WIGYVMX] IK REQI GLERKI SV GLERKI MR -7-2 RYQFIV
E GLERKI MR XLI PSX WMÎ SJ E WIGYVMX]
GLERKIW XS XLI XVEHMRK WXEXYW SJ E WIGYVMX] IK WYWTIRWMSR SV HIPMWXMRK
FEROVYTXG] SV MQTIRHMRK PIKEP EGXMSR EKEMRWX XLI MWWYIV
8LMW IZIRX ETTPMIW XS EPP TSWMXMSR LSPHIVW FYX [MPP RSX HMVIGXP] MQTEGX XLI TSWMXMSR LSPHIVtW
WIGYVMXMIW ERHSV GEWL TSWMXMSR
%R -RJSVQEXMSR 3RP] IZIRX MW ER -WWYIV 2SXMGI
):)28 '0%77-*-'%8-32

8LI EHZERXEKI SJ FIMRK EFPI XS GPEWWMJ] IZIRXW MR XIVQW SJ XLIMV MQTEGX ERH PMJIG]GPI JVSQ ER
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HYVIW [LMGL GER XLIR FI ETTPMIH XS IEGL GEXIKSV] %HZERXEKIW EPWS I\MWX JVSQ ER STIVEXMSREP
XVEMRMRK TIVWTIGXMZI MR XLEX MX EPPS[W XLI XVEMRII XS ZMI[ E WIX SJ IZIRXW GSPPIGXMZIP] VEXLIV XLER
FIMRK MRXVSHYGIH XS IEGL IZIRX MRHITIRHIRXP] SJ IEGL SXLIV
9WMRK XLI HIWGVMTXMSRW TVSZMHIH IEVPMIV MR XLMW GLETXIV MX MW RS[ TSWWMFPI XS GPEWWMJ] XLI
GSQQSR IZIRXW MR XIVQW SJ XLI MQTEGX ERH PMJIG]GPI GEXIKSVMIW MRXVSHYGIH MR XLI TVIZMSYW
GLETXIV

'SVTSVEXI %GXMSRW
8LMW MW MPPYWXVEXIH ZME E QEXVM\ 8EFPI [LMGL MHIRXMwIW XLI MQTEGX SJ XLI IZIRX FSXL
JVSQ XLI MWWYIVtW ERH XLI TSWMXMSR LSPHIVtW TIVWTIGXMZIW ZIVWYW XLI STIVEXMSREP PMJIG]GPI SJ XLI
IZIRX
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8LI MQTEGX MW MRMXMEPP] WTPMX FIX[IIR FIRIwX VISVKERMÊXMSR ERH MWWYIV RSXMGIW -X MW XLIR
TVSKVIWWMZIP] FVSOIR HS[R XS VIZIEP E QSVI WTIGMwG MRHMGEXMSR SJ XLI MWWYIVtW MRXIRX XSKIXLIV
[MXL XLI EGXYEP SYXGSQI XS XLI TSWMXMSR LSPHIV MR XIVQW SJ QSZIQIRXW SJ WIGYVMXMIW ERHSV GEWL
EKEMRWX MXW SVMKMREP TSWMXMSR
0MJIG]GPI
;MXL VIWTIGX XS PMJIG]GPI XLI WEQI GEXIKSVMIW MRXVSHYGIH MR 'LETXIV EVI YWIH XLIWI FIMRK
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7MQMPEVP] XS MQTEGX XLIWI LEZI FIIR FVSOIR HS[R MRXS QSVI WTIGMwG WYF GEXIKSVMIW [LIVI
ETTVSTVMEXI
% WIPIGXMSR SJ XLI IZIRXW HIWGVMFIH IEVPMIV MR XLMW GLETXIV LEW FIIR MRGPYHIH [MXLMR XLI QEXVM\
XS MPPYWXVEXI LS[ XLI] GER FI GPEWWMwIH
*SV I\EQTPI [MXLMR XLI -QTEGX 8]TI SJ VISVKERMÊXMSR (IFX 6IHIQTXMSR MW WLS[R 8LI
MQTEGX SR XLI TSWMXMSR LSPHIV MW EP[E]W XS VIQSZI MXW WIGYVMXMIW LSPHMRK ERH XS VIGIMZI GEWL
EW GETMXEP MVVIWTIGXMZI SJ XLI WTIGMwG X]TI SJ VIHIQTXMSR -R XLMW VIWTIGX XLI wZI ZEVMIXMIW SJ
VIHIQTXMSR HIWGVMFIH IEVPMIV MR XLMW GLETXIV ETTIEV I\EGXP] XLI WEQI ,S[IZIV XLMW MW RSX XLI
GEWI STIVEXMSREPP] EW MPPYWXVEXIH [LIR TPSXXMRK XLIWI IZIRXW EKEMRWX XLIMV VIWTIGXMZI PMJIG]GPIW
-X GER RS[ FI WIIR XLEX HIWTMXI XLIMV GSQQSR MQTEGX SR XLI TSWMXMSR LSPHIV XLIWI IZIRXW
EVI E QM\XYVI SJ FSXL QERHEXSV] ERH ZSPYRXEV] PMJIG]GPIW 8S XLI 783tW 'SVTSVEXI %GXMSRW
(ITEVXQIRX XLMW [MPP QIER XLEX XLI TVSGIHYVIW XS QEREKI XLIWI IZIRXW [MPP HMJJIV WSQI[LEX
FIX[IIR XLSWI XLEX EVI QERHEXSV] ERH XLSWI XLEX EVI ZSPYRXEV] 8LIWI HMJJIVIRGIW [MPP FI
WTIGMwGEPP] I\TPSVIH XLVSYKLSYX XLMW FSSO
-R WYQQEV] XLI GPEWWMwGEXMSR QEXVM\ GER FI VIKEVHIH EW ER EREP]WMW XSSP MR MHIRXMJ]MRK XLI
LMKLPIZIP GLEVEGXIVMWXMGW ERH PMJIG]GPI SJ FSXL I\MWXMRK ERH RI[ IZIRXW XLEX QE] FI MRXVSHYGIH
F] MWWYIVW
):)28 '31&-2%8-327

-WWYIVW QE] GSQFMRI QYPXMTPI IZIRXW XS EGLMIZI XLI SZIVEPP MQTEGX XLEX XLI] VIUYMVI 8LMW MW
TEVXMGYPEVP] GSQQSR [MXL VIWTIGX XS VISVKERMÊXMSRW [LIVI ER MWWYIV EMQW XS VIWXVYGXYVI XLI
MWWYIH IUYMX] GETMXEP *SV I\EQTPI E WLEVI WTPMX F] MXWIPJ VITVIWIRXW E VIWXVYGXYVI SJ MWWYIH
IUYMX] GETMXEP EW HSIW E GETMXEP VITE]QIRX 2SRIXLIPIWW XLI MWWYIV GSYPH GSQFMRI XLI X[S
IZIRXW XS EGLMIZI XLI SZIVEPP MQTEGX VIUYMVIH
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SJ WLEVIW MR MWWYI ERH WMQYPXERISYWP] VIHYGI XLI XSXEP ZEPYI SJ MWWYIH IUYMX] GETMXEP *SV
I\EQTPI ER MWWYIV QE] LEZI MWWYIH QMPPMSR 97( JYPP] TEMH SVHMREV] WLEVIW XS XLI
TYFPMG )EGL 97( SVHMREV] WLEVI [SYPH FI ORS[R EW JYPP] TEMH [LMGL MRHMGEXIW XLEX
IEGL WLEVI VITVIWIRXW 97( S[RIVWLMT MR XLI MWWYMRK GSQTER] XS XLI TSWMXMSR LSPHIV
8LI MWWYIVtW wRERGMEP VIGSVHW [MPP WLS[ XLEX XLIVI MW E XSXEP SJ 97( SJ GETMXEP
VITVIWIRXIH F] IUYMX] MWWYIH XS XLI TYFPMG 8LI MWWYIVtW EMQ MW XS VIHYGI XLI GETMXEP ZEPYI SJ
MWWYIH GETMXEP ERH MRGVIEWI XLI RYQFIV SJ WLEVIW MR MWWYI
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8]TI
8EFPI
6ISVKERMÊXMSR
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6IGIMZI'EWL
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6IGIMZI7IGYVMXMIW
EW-RGSQI
6IGIMZI'EWL
EW'ETMXEP
6IGIMZI7IGYVMXMIW
EW'ETMXEP
6IQSZI7IGYVMXMIW
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(IFX6IHIQTXMSR
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1IVKIV
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7LEVI7TPMX
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6IQSZI7IGYVMXMIW
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6IGIMZI'EWL
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EW'ETMXEP
(IFX6IWXVYGXYVIEKEMRWX
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6IWXVYGXYVI
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6IWIVZIW
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4E]QIRXSJ-RXIVIWX(YI
(IFX
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)EVRIH)UYMX]
4SWMXMSR,SPHIVW
4IVWTIGXMZI
7TMRSJJ
7TMRSJJ
7GLIQISJ
%VVERKIQIRX
7GLIQISJ
%VVERKIQIRX
7GLIQISJ
%VVERKIQIRX
1ERHEXSV]
1ERHEXSV])UYMX]
'EPP
1ERHEXSV])UYMX]
'EPP
1ERHEXSV])UYMX]
'EPP
0MJIG]GPI
1IVKIV
7TMRSJJ
1IVKIV
7TMRSJJ
1IVKIV
7GLIQISJ
%VVERKIQIRX
(MZMHIRH6I
MRZIWXQIRX4PER
1ERHEXSV][MXL
3TXMSRW
:SPYRXEV]
6IHIQTXMSR
:SPYRXEV]
6IHIQTXMSR
'SRZIVXMFPI&SRH
'SRZIVWMSR
'SRZIVXMFPI&SRH
'SRZIVWMSR
;EVVERX)\IVGMWI
;EVVERX)\IVGMWI
;EVVERX)\IVGMWI
:SPYRXEV]
8EOISZIV
GSQTYPWSV]
EGUYMWMXMSR
8EOISZIV
GSQTYPWSV]
EGUYMWMXMSR
8EOISZIV
GSQTYPWSV]
EGUYMWMXMSR
6MKLXW-WWYI
8EOISZIV
8EOISZIV
8EOISZIV
6MKLXW-WWYI
6MKLXW-WWYI
6MKLXW-WWYI
:SPYRXEV]
1YPXM7XEKI
1ERHEXSV]
-WWYIV2SXMGI
%+1

'SVTSVEXI %GXMSRW
% X[S JSV SRI WLEVI WTPMX SJ 97( SVHMREV] WLEVIW [MPP VIWYPX MR IEGL 97( SVHMREV]
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97( FYX MW RS[ VITVIWIRXIH F] E KVIEXIV RYQFIV SJ WLEVIW MWWYIH QMPPMSR
% GETMXEP VITE]QIRX XS TSWMXMSR LSPHIVW SJ 97( TIV WLEVI MQQIHMEXIP] JSPPS[MRK XLI
WLEVI WTPMX [MPP VIHYGI XLI GETMXEP ZEPYI SJ IEGL MWWYIH WLEVI XS 97( QEOMRK XLIQ 97(
JYPP] TEMH SVHMREV] WLEVIW
8LI VIWYPX JSPPS[MRK FSXL XLI WLEVI WTPMX ERH GETMXEP VITE]QIRX [MPP FI QMPPMSR 97(
JYPP] TEMH SVHMREV] WLEVIW MWWYIH [MXL E XSXEP MWWYIH GETMXEP SJ 97(
-R XLMW I\EQTPI XLI MWWYIV GSYPH LEZI WMQTP] VIHYGIH XLI GETMXEP ZEPYI SJ MWWYIH GETMXEP XS
97( F] QEOMRK E GETMXEP VITE]QIRX SJ 97( EKEMRWX IEGL 97( SVHMREV]
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VIQEMRMRK MR MWWYI &] MQTPIQIRXMRK E WLEVI WTPMX MQQIHMEXIP] TVMSV XS XLI GETMXEP VITE]QIRX
XLI MWWYIV LEW EGLMIZIH XLI EHHMXMSREP EMQ SJ MRGVIEWMRK XLI RYQFIV SJ WLEVIW MR MWWYI
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XLIVIJSVI RSX YRYWYEP XS wRH WYGGIWWMZI IZIRXW JVSQ XLI MWWYIV [MXLMR E PMQMXIH XMQIJVEQI
[LMGL [MPP LEZI E GYQYPEXMZI IJJIGX SR XLI TSWMXMSR LSPHIVtW wREP TSWMXMSR -R WYGL WMXYEXMSRW
JEMPYVI SJ XLI 783 XS ETTP] SRI IZIRX WYGGIWWJYPP] SV XS ETTP] IZIRXW MR XLI GSVVIGX WIUYIRGI
QE] VIWYPX MR WYFWIUYIRX IVVSVW MR ETTP]MRK WYGGIWWMZI IZIRXW %GGYVEXI HMEVM^MRK SJ XLIWI
IZIRXW ERH MHIRXMwGEXMSR SJ ER] IZIRX HITIRHIRGMIW [MPP IREFPI XLI 783 XS VIHYGI VMWO MR WYGL
WMXYEXMSRW
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HMJJIVIRX REQIW JSV GIVXEMR IZIRXW XLEX EVI YWIH MR HMJJIVIRX QEVOIXW *SV I\EQTPI E &SRYW
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ORS[R EW E 7YF(MZMWMSR
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GER FI XVIEXIH HMJJIVIRXP] MR HMJJIVIRX QEVOIXW *SV I\EQTPI MR XIVQW SJ GEPGYPEXMSR SJ XLI VIWYPX
SJ ER IZIRX E JSV VMKLXW MWWYI MW MRXIVTVIXIH SRI [E] MR XLI 97 ERH MR E HMJJIVIRX [E] [MXLMR
)YVSTIER ERH %WME 4EGMwG QEVOIXW
7YGL HMJJIVIRGIW EVI I\TPSVIH [MXLMR 'LETXIV s)ZIRX 8IVQW 'ETXYVI ERH 'PIERWMRKt ERH
'LETXIV s'EPGYPEXMSR SJ 6IWYPXERX )RXMXPIQIRXWt
-R TVEGXMGI JVSQ E GSVTSVEXI EGXMSRW TVSGIWWMRK TIVWTIGXMZI IZIRXW EVI X]TMGEPP] HMJJIVIRXM
EXIH EX E KVERYPEV PIZIP MR SVHIV XS JEGMPMXEXI HIXEMPIH TVSGIWWMRK SR ER 784 FEWMW SJ XLI QER]
IZIRX ZEVMEXMSRW XLEX QE] SGGYV MR XLI QEVOIX TPEGI *SV I\EQTPI 7;-*8 WYTTSVXW E RYQFIV
SJ WTIGMwG IZIRX X]TIW VIPEXMRK XS MRJSVQEXMSR SRP] IZIRXW
7911%6=
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REXYVI SJ IEGL X]TI SJ GSVTSVEXI EGXMSR
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ETTP]MRK WXERHEVH STIVEXMSREP TVSGIHYVIW [LIVIZIV TSWWMFPI 8LI ETTVSEGL SJ MHIRXMJ]MRK XLI
OI] EXXVMFYXIW SJ ER IZIRX [MPP EPWS IREFPI E XMQIP] VIWTSRWI XS XLI MRXVSHYGXMSR F] MWWYIVW SJ
RI[ ZEVMEXMSRW SJ IZIRXW ERH XLI YRHIVWXERHMRK SJ QEVOIX ZEVMERGIW SJ I\MWXMRK IZIRXW

8LI 7IGYVMXMIW ERH 'SVTSVEXI %GXMSRW
1EVOIX 4PEGI
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QIRX F] XLI TSWMXMSR LSPHIV MRZSPZIW E RYQFIV SJ TEVXMIW 7YGL TEVXMIW MRGPYHI XLSWI XLEX EVI
MRZSPZIH [MXL XVEHMRK ERHSV WIXXPIQIRX SJ XVEHIW [MXLMR XLI WIGSRHEV] QEVOIX REQIP]
XLI TSWMXMSR LSPHIVW i MRHMZMHYEP MRZIWXSVW MRWXMXYXMSREP MRZIWXSVW ERH 783W
EKIRXW JSV MRZIWXSVW i XLSWI SVKERMÊXMSRW XLEX EGX EW MRXIVQIHMEVMIW FIX[IIR MRZIWXSVW ERH
XLI QEVOIX TPEGI XLMW MRGPYHIW FVSOIVW -RXIVRIX FVSOIVW GPIEVMRK FEROW WXSGOFVSOIVW IXG
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EGXMSR MRJSVQEXMSR REQIP]
MWWYIVW ERH
HEXE ZIRHSVW
8LMW GLETXIV TVSZMHIW E HIWGVMTXMSR SJ WYGL TEVXMGMTERXW MR XLI WIGYVMXMIW QEVOIX TPEGI ERH
WTIGMwGEPP] XLIMV VSPIW MR VIPEXMSR XS GSVTSVEXI EGXMSRW
8,) 7)'96-8-)7 1%6/)8 40%') i 3:)6:-);

-R SVHIV XS ETTVIGMEXI XLI ZEVMSYW TEVXMGMTERXWt VSPIW MR E GSVTSVEXI EGXMSRW GSRXI\X MX MW IWWIRXMEP
XS wVWX YRHIVWXERH XLI JYRHEQIRXEP EWTIGXW SJ XLI WIGYVMXMIW QEVOIX TPEGI
8LI WIGYVMXMIW QEVOIX TPEGI MRZSPZIW
XLI XVEHMRK IRZMVSRQIRX
MWWYIVW ERH XLIMV EKIRXW WYGL EW VIKMWXVEVW
WIGYVMXMIW
MRZIWXSVW
EKIRXW JSV MRZIWXSVW
WIGYVMXMIW XVEHMRK SVKERMÊXMSRW 783W
'7(W -'7(W ERH GYWXSHMERW
ERH XLIMV MRXIVVIPEXMSRWLMTW *MKYVI MPPYWXVEXIW WYGL VIPEXMSRWLMTW
8LI 8VEHMRK )RZMVSRQIRX
8LI QEVOIX TPEGI MW KIRIVEPP] GSRWMHIVIH XS FI XLI IRZMVSRQIRX [MXLMR [LMGL WIGYVMXMIW EVI
FSYKLX ERH WSPH 'IRXVEP XS WSQI QEVOIX TPEGIW MW XLI I\MWXIRGI SJ E WXSGO I\GLERKI [LMGL
EGXW EW XLI TVMQEV] QIIXMRK TSMRX JSV XLSWI [MWLMRK XS FY] ERH WIPP WIGYVMXMIW [LMPI SXLIV

'SVTSVEXI %GXMSRW
8,)7)'96-8-)71%6/)840%')
3ZIVZMI[
MWWYIVW
WI
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MWWYIVW
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QEVOIXW QE] I\MWX [MXLSYX E WXSGO I\GLERKI [MXL FY]IVW ERH WIPPIVW GSRXEGXMRK IEGL SXLIV
HMVIGXP] 8VEHIW I\IGYXIH SZIV ER I\GLERKI EVI KIRIVEPP] XIVQIH sSRI\GLERKIt SV sI\GLERKI
XVEHIHt [LIVIEW SXLIV XVEHIW EVI I\IGYXIH F] XIPITLSRI SR ER 38' s3ZIVXLI'SYRXIVt FEWMW
8LI IZSPYXMSR SJ XLIWI QEVOIXW EVSYRH XLI KPSFI LEW MRZSPZIH XLI MRXVSHYGXMSR SJ VYPIW ERH
VIKYPEXMSRW XS IRWYVI XLEX ER MRHMZMHYEP QEVOIX MW VIKEVHIH EW E JEMV ERH NYWX TPEGI XS GSRHYGX
FYWMRIWW
8LI ZEVMSYW QEVOIXW HIZIPSTIH XLIMV VYPIW VIKYPEXMSRW ERH QIXLSHW SJ STIVEXMSR SZIV QER]
]IEVW XS WYMX XLIMV PSGEP RIIHW ERH MR WSQI QEVOIXW REXMSREP KSZIVRQIRXW MQTSWIH VYPIW 8LMW
VIWYPXIH MR JSV I\EQTPI WXVMGX HMZMHMRK PMRIW FIX[IIR XLI EGXMZMXMIW SJ XLI QEVOIX TEVXMGMTERXW
ERH w\IH GSQQMWWMSR EQSYRXW GLEVKIH XS GPMIRXW JSV FY]MRK ERH WIPPMRK WIGYVMXMIW 8LIWI VYPIW
VIKYPEXMSRW ERH QIXLSHW SJ STIVEXMSR EJJIGX RSX SRP] XVEHMRK ERH WIXXPIQIRX FYX EPWS GSVTSVEXI
EGXMSRW
,S[IZIV MR QER] QEVOIXW XLI VIQSZEP SV VIHYGXMSR SJ GSRXVSPW MQTSWIH F] KSZIVRQIRXW
LEW SGGYVVIH MR XLI PEWX UYEVXIV SJ XLI XL GIRXYV] MR SVHIV XS TVSQSXI GSQTIXMXMSR FIX[IIR
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SJ JYRHW EX XLI GLIETIWX VEXI SJ MRXIVIWX
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XSHMERW QSWX 783W LSPH WIGYVMXMIW VITVIWIRXMRK XLIMV TSWMXMZI XVEHMRK TSWMXMSRW HMVIGXP] [MXL
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MR WEJI GYWXSH]
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XLI XVEHIH WIGYVMX]
%R 783 JSV I\EQTPI MW PMOIP] XS LEZI WIXYT EVVERKIQIRXW [MXL RYQIVSYW GYWXSHMERW
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XLI 783 [MPP VIUYMVI XLI WIXXPIQIRX SJ XLI XVERWEGXMSR XS FI IJJIGXIH XLVSYKL MXW ETTVSTVMEXI
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8EFPI
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8LI WIXXPIQIRX MRWXVYGXMSR GSRXEMRW HIXEMPW SJ XLI XVEHI ERH XIPPW XLI GYWXSHMER XS HIPMZIV SV
VIGIMZI WIGYVMXMIW ERH XS TE] SV VIGIMZI GEWL SR XLI ZEPYI HEXI SJ XLI XVEHI 8LI GSYRXIVTEVX] XS
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MRWXVYGXMSR XS MXW GYWXSHMER [MXLMR XLI VIPIZERX wRERGMEP GIRXVI
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EXXIQTX XS QEXGL XLI HIXEMPW 3RGI E QEXGL LEW FIIR EGLMIZIH SR ZEPYI HEXI XLI WIGYVMXMIW ERH
GEWL EVI I\GLERKIH ERH XLI VIWYPXERX MRGVIEWI SV HIGVIEWI MR WIGYVMXMIW ERH GEWL MW VIGSVHIH
F] XLI 783tW GYWXSHMER EKEMRWX XLI 783tW WIGYVMXMIW ERH GEWL EGGSYRXW QEMRXEMRIH F] XLI
GYWXSHMER 2SXI XLEX EPXLSYKL XLI MRXIRXMSR MW XS WIXXPI XVEHIW SR ZEPYI HEXI WIXXPIQIRX JEMPYVI
GER SGGYV
;LIVI XLI GYWXSHMER LSPHW WIGYVMXMIW ERH GEWL SR FILEPJ SJ XLI 783 XLI GYWXSHMER MW
VIWTSRWMFPI JSV EQSRK SXLIV WIVZMGIW
LSPHMRK XLI WIGYVMXMIW MR WEJI OIITMRK SR FILEPJ SJ XLI EGGSYRX LSPHIV
LSPHMRK GEWL FEPERGIW MR WEJI OIITMRK SR FILEPJ SJ XLI EGGSYRX LSPHIV
VITSVXMRK SJ WIGYVMXMIW ERH GEWL TSWMXMSRW XS XLI 783
QEREKIQIRX SJ GSVTSVEXI EGXMSRW JEPPMRK HYI SR XLI WIGYVMXMIW
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GYWXSHMEP WIVZMGIW SR FILEPJ SJ XLSWI [LS I\IGYXI XVEHIW ERH WSQI EVI WLS[R MR 8EFPI
)EGL SJ XLIWI TIVJSVQW E WTIGMwG GYWXSHMERtW VSPI

8EFPI
8IVQ
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(IWGVMTXMSR
0SGEPGYWXSHMER
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FILEPJERHQE]IJJIGXWIXXPIQIRXSJXVEHIWSRMXWGPMIRXtWFILEPJ
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SJXLIKPSFEPGYWXSHMER
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7YFGYWXSHMER
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8LIYPXMQEXIWXSVEKIPSGEXMSRSJWIGYVMXMIW[MXLMREJMRERGMEPGIRXVI
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EREHHMXMSREPWIVZMGI
%'7(XLEXLERHPIWHSQIWXMGWIGYVMXMIWSJXLIGSYRXV]MR[LMGLMXMW
PSGEXIH
%'7(XLEXLERHPIWMRXIVREXMSREPWIGYVMXMIW3RP]X[SSVKERMÊXMSRW
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)YVSGPIEV&VYWWIPW
%RSVKERMÊXMSRXLEXIJJIGXWXLII\GLERKISJWIGYVMXMIWERHGEWLSR
FILEPJSJMXWGPMIRXWVIWYPXERXWIGYVMXMIWERHGEWLFEPERGIWQE]SVQE]
RSXFILIPH
+PSFEPGYWXSHMER
2EXMSREPGIRXVEPWIGYVMXMIWHITSWMXSV]
2'7(
-RXIVREXMSREPGIRXVEPWIGYVMXMIWHITSWMXSV]
-'7(
7IXXPIQIRXEKIRX
% JYPP HIWGVMTXMSR SJ XLI WIGYVMXMIW QEVOIX TPEGI GER FI JSYRH [MXLMR 'LETXIV SJ 7IGYVMXMIW
3TIVEXMSRW % +YMHI XS 8VEHI ERH 4SWMXMSR 1EREKIQIRX
4%68-'-4%287 i 8,) '36436%8) %'8-327 4)674)'8-:)

*YVXLIV XS XLI SZIVZMI[ SJ XLI WIGYVMXMIW QEVOIX TPEGI EFSZI IEGL TEVXMGMTERXX]TI [MPP RS[
FI ZMI[IH JVSQ XLI TIVWTIGXMZI SJ GSVTSVEXI EGXMSRW 'SRWIUYIRXP] XLI TEVXMGMTERXW [MPP FI
HIWGVMFIH MR XLI KIRIVEP WIUYIRGI SJ XLIMV MRZSPZIQIRX [MXL GSVTSVEXI EGXMSRW REQIP]
-WWYIVW
'7(7 ERH -'7(W
'YWXSHMERW
4SWMXMSR LSPHIVW
i -RHMZMHYEPW
i -RWXMXYXMSRW
i 783W
*MKYVI VITVIWIRXW ER SZIVZMI[ SJ XLI EFSZIQIRXMSRIH TEVXMIW MRZSPZIQIRX MR GSVTSVEXI
EGXMSRW
7XIT XLI MWWYIV QE] GSQQYRMGEXI GSVTSVEXI EGXMSR MRJSVQEXMSR XS '7(W ERH -'7(W E XS
TSWMXMSR LSPHIVW F SV XS GYWXSHMERW G
7XIT XLI '7( SV -'7( QE] GSQQYRMGEXI [MXL GYWXSHMERW E SV HMVIGXP] [MXL XLI TSWMXMSR
LSPHIV F HITIRHIRX YTSR [LMGL MW XLI TEVXMGMTERX SJ XLI '7( SV -'7(
7XIT XLI GYWXSHMER [MPP GSQQYRMGEXI HMVIGXP] [MXL MXW GPMIRX XLI TSWMXMSR LSPHIV
2SXI XLEX WSQI GSVTSVEXI EGXMSR IZIRXW VIUYMVI SRI[E] GSQQYRMGEXMSR JVSQ MWWYIV XS XLI
YPXMQEXI TSWMXMSR LSPHIV [LIVIEW STXMSREP ERH ZSPYRXEV] GSVTSVEXI EGXMSR IZIRXW EHHMXMSREPP]
VIUYMVI XLI TSWMXMSR LSPHIV XS EHZMWI MXW IPIGXMSR HIGMWMSR XS XLI MWWYIV

'SVTSVEXI %GXMSRW
-WWYIV
E
G
'7(-'7(
E
F
F
'YWXSHMER

4SWMXMSR,SPHIV
QSVI
QSVI
*MKYVI 'SVTSVEXI EGXMSRW TEVXMGMTERXW SZIVZMI[
-WWYIVW
8LI MWWYIV MW XLI SVMKMREXMRK IRXMX] XLEX MWWYIW WIGYVMXMIW XS XLI QEVOIX TPEGI MR SVHIV XS VEMWI
GEWL
-WWYIVW ERRSYRGI XLI HIXEMPW SJ GSVTSVEXI EGXMSRW EX XLI XMQI SJ WIGYVMX] MWWYERGI YWYEPP]
FSRHW SV HYVMRK XLI PMJI SJ XLI WIGYVMX] X]TMGEPP] IUYMXMIW
8LI MWWYIV [MPP EHZMWI XLI HIXEMPW SJ E GSVTSVEXI EGXMSR IZIRX XS XLSWI MRHMZMHYEPW SV SVKERM^
EXMSRW [MXL [LSQ XLI MWWYIV LEW HMVIGX GSRXEGX ;LIVI E TSWMXMSR LSPHIVtW WIGYVMXMIW EVI LIPH
HMVIGXP] [MXL E '7( SV -'7( MX MW XLI '7( SV -'7( XLEX LEW XLI HMVIGX GSRXEGX [MXL XLI MWWYIV
VEXLIV XLER XLI TSWMXMSR LSPHIV MXWIPJ XLI MWWYIV [MPP XLIVIJSVI GSQQYRMGEXI IZIRXW HMVIGXP]
XS XLI '7( SV -'7( %PXIVREXMZIP] JSV XLSWI WIGYVMXMIW XLEX TIVQMX VIKMWXVEXMSR SJ WIGYVMXMIW
HMVIGXP] MRXS XLI TSWMXMSR LSPHIVtW REQI XLI MWWYIV [MPP LEZI HMVIGX GSRXEGX [MXL XLI TSWMXMSR
LSPHIV
'7(W ERH -'7(W

8LI 'IRXVEP 7IGYVMXMIW (ITSWMXSV] '7( SV -RXIVREXMSREP 'IRXVEP 7IGYVMXMIW (ITSWMXSV] -'7(
MW XLI YPXMQEXI WXSVEKI PSGEXMSR SJ WIGYVMXMIW [MXLMR E wRERGMEP GIRXVI MR [LMGL XLI VIGSVH SJ
S[RIVWLMT MW X]TMGEPP] QEMRXEMRIH IPIGXVSRMGEPP] F] FSSOIRXV] 8LI '7(-'7( QEMRXEMRW
E VIGSVH SJ XLI XSXEP UYERXMX] SJ E WIGYVMX] LIPH ERH VIGSRGMPIW XLMW [MXL XLI FVIEOHS[R SJ
LSPHMRKW EX MRHMZMHYEP TEVXMGMTERX PIZIP '7(W ERH -'7(W YWYEPP] LEZI HMVIGX GSRXEGX [MXL
MWWYIVW
;LIR E GSVTSVEXI EGXMSR FIGSQIW HYI XLI '7(-'7( QYWX IRWYVI XLEX MX
FIGSQIW E[EVI SJ XLI I\MWXIRGI SJ XLI IZIRX
KEXLIVW XLI GSVVIGX HIXEMPW SJ XLI IZIRX
GSPPIGXW JVSQ XLI MWWYIV XLI GSVVIGX UYERXMX] SJ WIGYVMXMIW ERHSV GEWL ZEPYI EX XLI ETTVSTVMEXI
HEXI ERH
HMWFYVWIW XS XLI VIPIZERX TEVXMGMTERXW XLI GSVVIGX UYERXMX] SJ WIGYVMXMIW ERHSV GEWL ZEPYI EX
XLI ETTVSTVMEXI HEXI

-R EHHMXMSR JSV IPIGXMZI IZIRXW XLI '7(-'7( QYWX IRWYVI XLEX MX

EHZMWIW MXW TEVXMGMTERXW SJ XLI HIEHPMRI F] [LMGL XLI TEVXMGMTERX QYWX QEOI MXW HIGMWMSR
QSRMXSVW VIWTSRWIW JVSQ MXW TEVXMGMTERXW ERH
GSQQYRMGEXIW IPIGXMSR HIGMWMSRW XS XLI MWWYIV F] XLI MWWYIVtW HIEHPMRI
'YWXSHMERW
8LI GYWXSHMER MW ER SVKERMÊXMSR XLEX WTIGMEPMÎW MR LSPHMRK WIGYVMXMIW ERH YWYEPP] GEWL ERH
IJJIGXMRK QSZIQIRXW SJ WIGYVMXMIW ERH GEWL SR FILEPJ SJ MXW EGGSYRX LSPHIVW 8LI GYWXSHMER
QE] LSPH WIGYVMXMIW [MXL E '7(-'7( SV HMVIGXP] [MXL XLI MWWYIV %R 783 XLEX HSIW RSX LEZI
HMVIGX QIQFIVWLMT SJ E '7(-'7( [MPP YXMPMÎ XLI WIVZMGI SJ E GYWXSHMER XLEX LEW HMVIGX SV
MRHMVIGX ZME E WYFGYWXSHMER QIQFIVWLMT
8LI GYWXSHMER MW MR E WMQMPEV TSWMXMSR XS '7(W ERH -'7(W JVSQ E GSVTSVEXI EGXMSRW TIVWTIG
XMZI EW MX QYWX IRWYVI XLEX MX
FIGSQIW E[EVI SJ XLI I\MWXIRGI SJ ER IZIRX
GSPPIGXW JVSQ XLI '7(-'7( SV MWWYIV XLI GSVVIGX UYERXMX] SJ WIGYVMXMIW ERHSV GEWL ZEPYI
EX XLI ETTVSTVMEXI HEXI ERH
HMWFYVWIW XS XLI VIPIZERX EGGSYRX LSPHIVW XLI GSVVIGX UYERXMX] SJ WIGYVMXMIW ERHSV GEWL ZEPYI
EX XLI ETTVSTVMEXI HEXI
-R EHHMXMSR JSV IPIGXMZI IZIRXW XLI GYWXSHMER QYWX IRWYVI XLEX MX
EHZMWIW MXW EGGSYRX LSPHIVW SJ XLI HIEHPMRI F] [LMGL XLI TEVXMGMTERX QYWX QEOI MXW HIGMWMSR
QSRMXSVW VIWTSRWIW JVSQ MXW EGGSYRX LSPHIVW ERH
GSQQYRMGEXIW IPIGXMSR HIGMWMSRW XS XLI '7(-'7( SV MWWYIV F] XLI VIPIZERX HIEHPMRI
4SWMXMSR ,SPHIVW

8LMW MW E KIRIVMG XIVQ XLEX HIWGVMFIW MRHMZMHYEPW SV SVKERMÊXMSRW XLEX LSPH E WIGYVMXMIW TSWMXMSR
8LMW WTIGMwGEPP] MRGPYHIW MRHMZMHYEPW MRWXMXYXMSREP MRZIWXSVW GSYRXIVTEVXMIW ERH 783W EW
LSPHIVW SJ TVSTVMIXEV] TSWMXMSRW
;LIXLIV ER MRHMZMHYEP ER MRWXMXYXMSREP MRZIWXSV SV ER 783 XLI TSWMXMSR LSPHIV [MPP GPIEVP]
[MWL XS QE\MQMÎ ER] EHZERXEKI XLEX GER FI KEMRIH JVSQ GSVTSVEXI EGXMSR IZIRXW 8LMW GER FI
WYQQEVMÎH EW
FIGSQMRK E[EVI SJ ERH KEXLIVMRK GSVVIGX HIXEMPW SJ XLI IZIRX EPXLSYKL XLMW MW PIWW PMOIP] MR
XLI GEWI SJ ER MRHMZMHYEP
GSPPIGXMRK JVSQ XLI MWWYIV '7(-'7( SV GYWXSHMER XLI GSVVIGX UYERXMX] SJ WIGYVMXMIW ERHSV
GEWL ZEPYI EX XLI ETTVSTVMEXI HEXI ERH
FIMRK EPIVXIH XS IPIGXMZI IZIRXW [IPP MR EHZERGI SJ HIGMWMSR HIEHPMRIW
8LI TSWMXMSR LSPHIV [MPP FI MR GSQQYRMGEXMSR HMVIGXP] [MXL IMXLIV XLI MWWYIV JSV XLSWI
WIGYVMXMIW XLEX TIVQMX VIKMWXVEXMSR SJ WIGYVMXMIW HMVIGXP] MRXS XLI TSWMXMSR LSPHIVtW REQI SV
[MXL XLI '7( -'7( SV GYWXSHMER

'SVTSVEXI %GXMSRW
*MKYVI MPPYWXVEXIW XLI HMJJIVIRX X]TIW SJ TSWMXMSR LSPHIV

-WWYIV
E
G
'7(-'7(
E
F
F
'YWXSHMER

4SWMXMSR,SPHIV
-RHMZMHYEPW
3VKERMÊXMSRW
-RWXMXYXMSRW
783W
QSVI
QSVI
*MKYVI 7IGYVMXMIW TSWMXMSR LSPHIVW SZIVZMI[
-RHMZMHYEPW
*SV XLSWI QEVOIXW [LIVI MX VIQEMRW TSWWMFPI MRHMZMHYEP MRZIWXSVW QE] GLSSWI XS QEMRXEMR E
HMVIGX VIPEXMSRWLMT [MXL XLI MWWYIV SV XS YXMPMÎ XLI GYWXSHMEP WIVZMGIW TVSZMHIH F] SVKERMÊXMSRW
WYGL EW EKIRXW JSV MRZIWXSVW GYWXSHMERW ERH 783W 2SXI MRHMZMHYEP MRZIWXSVW [MWLMRK XS FIGSQI
HMVIGX QIQFIVW SJ '7(W-'7(W [MPP FI HITIRHIRX YTSR XLI QIQFIVWLMT GVMXIVME SJ IEGL
'7(-'7(
8LI MRHMZMHYEP GER I\TIGX XS VIGIMZI GSVTSVEXI EGXMSR IZIRX MRJSVQEXMSR ERH VIWYPXERX IRXMXPI
QIRXW HMVIGXP] JVSQ [LSQIZIV LSPHW XLI WIGYVMXMIW
8LMW MW E KIRIVMG XIVQ KMZIR XS MRZIWXSVW XLEX EVI SVKERMÊXMSRW EW STTSWIH XS MRHMZMHYEPW WYGL
MRZIWXSVW MRGPYHI JYRH QEREKIVW LIHKI JYRHW MRWYVERGI GSQTERMIW ERH TIRWMSR JYRHW
%W MRWXMXYXMSREP MRZIWXSVW GER LEZI XLIMV WIGYVMXMIW VIKMWXIVIH HMVIGXP] [MXL MWWYIVW LIPH F]
'7(-'7(W SV LIPH ERH QEREKIH F] KPSFEP SV PSGEP GYWXSHMERW XLI MRWXMXYXMSR GER I\TIGX XS
VIGIMZI GSVTSVEXI EGXMSR IZIRX MRJSVQEXMSR ERH VIWYPXERX IRXMXPIQIRXW JVSQ EPP WYGL SVKERM^
EXMSRW -R XLI GEWI SJ GYWXSHMERW XLI TVSZMWMSR SJ WYGL MRJSVQEXMSR MW RSVQEPP] TEVX SJ XLI
WIVZMGI XLI GYWXSHMER TVSZMHIW XS MXW EGGSYRX LSPHIVW
%R 783 MW ER SVKERMÊXMSR XLEX TVEGXMWIW TVSTVMIXEV] XVEHMRK MRZSPZMRK XLI FY]MRK WIPPMRK ERH
LSPHMRK SJ WIGYVMXMIW JSV MXW S[R EGGSYRX %W [IPP EW LSPHMRK MXW S[R TVSTVMIXEV] TSWMXMSRW XLI
783 QE] LSPH WIGYVMXMIW MR WEJI GYWXSH] SR FILEPJ SJ MXW GPMIRXW [MXL SFPMKEXMSRW XS WIVZMGI
ERH TVSXIGX MXW GPMIRXWt MRXIVIWXW EW [IPP EW MXW S[R

*SV XLSWI 783W XLEX STIVEXI E WEJI GYWXSH] WIVZMGI JVSQ E GSVTSVEXI EGXMSRW TIVWTIGXMZI XLI
783 LEW E HYEP VSPI -X LEW SFPMKEXMSRW XS
MXWIPJ JSV IZIRXW VIPEXMRK XS MXW TVSTVMIXEV] TSWMXMSRW ERH
MXW GPMIRXW MRGPYHMRK MRWXMXYXMSRW ERH MRHMZMHYEPW JSV IZIRXW VIPEXMRK XS WIGYVMXMIW LIPH MR
WEJI GYWXSH]
8LIWI SFPMKEXMSRW EVI VITVIWIRXIH MR *MKYVI
3VKERMÊXMSRW
-RWXMXYXMSRW
783W
4VSTVMIXEV]
'YWXSH]
-RWXMXYXMSRW
-RHMZMHYEPW
*MKYVI 8LI 783tW HYEP VSPI
8LI HMJJIVIRX X]TIW SJ LSPHMRKW XLEX XLI 783 QEREKIW MI TVSTVMIXEV] ERH TSXIRXMEPP]
GYWXSH] ERH XLI PMOIP] HMJJIVIRX X]TIW SJ GYWXSH] GPMIRXW MI MRWXMXYXMSREP ERH MRHMZMHYEP
[MPP X]TMGEPP] VIUYMVI HMJJIVMRK QIXLSHW SJ QEREKIQIRX XLVSYKLSYX XLI PMJIG]GPI SJ XLI IZIRX
EGGSVHMRK XS XLI 783tW WIVZMGI PIZIP EKVIIQIRXW [MXL XLIWI X]TIW SJ TSWMXMSR LSPHIVW -X MW
IWWIRXMEP JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS HMWXMRKYMWL EX XLI LMKLIWX PIZIP FIX[IIR
WYGL HMJJIVMRK PIZIPW SJ WIVZMGI ERH XS MRGSVTSVEXI XLMW EWTIGX SJ FYWMRIWW MRXS MXW HE]XSHE]
TVSGIHYVIW
(IWTMXI XLI JEGX XLEX XLI 783tW WIGYVMXMIW [LIXLIV WSPIP] TVSTVMIXEV] TSWMXMSRW SV JSV TVSTVM
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VIGSVHW
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FIGSQI SYX SJ FEPERGI [LIXLIV YWMRK QERYEP QIXLSHW SV E FSSOW
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9RHIV WSQI GMVGYQWXERGIW XLI REXYVI SJ MXW FYWMRIWW QE] HIQERH XLEX XLI 783 QEMRXEMRW E
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783 QEMRXEMRW EGGYVEXI ERH XMQIP] FSSOW
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GYWXSHMER EGGSYRXW
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VIGSVHW
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8EFPI
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VIGSVHW
8SIRWYVIXLEXXVEHIHEXIHWIGYVMXMIW
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VIGSVHW
8SIRWYVIXLEXXVEHIHIXEMPWEVI
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VIGSVHW
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F] GSQTEVMRK
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HYI XS FI HIPMZIVIH XS XLI 783 F] GSYRXIVTEVXMIW JVSQ [LSQ XLI 783 LEW TYVGLEWIH WIGY
VMXMIW ERHSV
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SJ [LMGL GER FI WIIR MR 'LETXIV s(IXIVQMRMRK )RXMXPIQIRXt
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4EWWMRKSJ-RXIVREP)RXVMIW
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9THEXMRKSJ-RXIVREP)RXVMIW
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EXMSREP IPIQIRXW MR E PSKMGEP xS[ XLEX MR VIEPMX] WSQI IPIQIRXW QE] FI MXIVEXMZI MR REXYVI SV
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RIGIWWMXEXMRK XLI GSQQYRMGEXMSR XS LSPHIVW SJ XLI EZEMPEFPI EPXIVREXMZIW ERH XLI QSRMXSVMRK
SJ IEGL LSPHIVtW HIGMWMSR 8LIWI PMJIG]GPIW EVI HIWGVMFIH MR 'LETXIV s'SRGITXW SJ )ZIRXW
[MXL )PIGXMSRWt

'SVTSVEXI %GXMSRW
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8LI MWWYIV GSQQYRMGEXIW XLI HIXEMPW ERH XIVQW SJ ER IZIRX 8LMW QE] FI YTSR XLI MWWYI SJ XLI
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XLI PMJI SJ XLI WIGYVMX] EW MW XLI GEWI JSV E HMZMHIRH TE]QIRX SR IUYMX] 7II 'LETXIV
):)28 8)617 '%4896) %2( '0)%27-2+

8LI GETXYVI ERH VIGSVHMRK SJ IZIRX HEXE MW XLI wVWX WXIT MR ER] GSVTSVEXI EGXMSR PMJIG]GPI JVSQ
XLI 783tW TIVWTIGXMZI IZIR JSV XLSWI IZIRXW XLEX HS RSX VIWYPX MR ER] MQTEGX XS XLI TSWMXMSR
LSPHIVtW WIGYVMXMIW ERHSV GEWL TSWMXMSRW 8LMW STIVEXMSREP IPIQIRX IRGSQTEWWIW XLI X]TI SJ
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7II 'LETXIV
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*SPPS[MRK SR JVSQ XLI GETXYVI SJ IZIRX HEXE MX MW XLIR RIGIWWEV] XS HIXIVQMRI EKEMRWX [LMGL
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ERH PSGEXMSR XLI PEXXIV VITVIWIRXIH F] WIXXPIH GYWXSHMER TSWMXMSRW ERH YRWIXXPIH XVEHIW [MPP
FI HIXIVQMRIH YWMRK XLI IZIRX HIXEMPW 8LI TSWMXMSRW QE] FI YTHEXIH XLVSYKLSYX XLI PMJI
SJ XLI IZIRX MR SVHIV XS XEOI EGGSYRX SJ ER] VIPIZERX GLERKIW JSV I\EQTPI EW E VIWYPX SJ
JYVXLIV XVEHMRK ERH WIXXPIQIRX
8S IRWYVI EGGYVEG] MR XLI JSV[EVH TVSGIWWMRK SJ XLI IZIRX HIXEMPW EW E QIEWYVI SJ GSRXVSP
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FEPERGIH ERH I\XIVREPP] VIGSRGMPIH 7II 'LETXIV
'31192-'%8-32 3* ):)28 -2*361%8-32

*YRHEQIRXEP XS ER] GSVTSVEXI EGXMSR IZIRX MW XLI GSQQYRMGEXMSR XLEX SGGYVW FIX[IIR TSWMXMSR
LSPHIVW ERH XLI 783
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VIWTSRWMFPI JSV E TSWMXMSR JSV I\EQTPI XLI XVEHIV VIWTSRWMFPI JSV E XVEHMRK FSSO TSWMXMSR ERH
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ER MRJSVQEXMZI REXYVI SV QE] VIUYMVI E VIWTSRWI EW MW XLI GEWI JSV IZIRXW [LIVI XLI TSWMXMSR
LSPHIVW EVI VIUYMVIH XS MRHMGEXI ER EGXMSR XS XLI 783 WYGL EW IZIRXW [MXL IPIGXMSRW 7II
'LETXIV
'%0'90%8-32 3* 6)7908%28 )28-80)1)287

%X XLI ETTVSTVMEXI XMQI XLI IRXMXPIH EQSYRX SJ WIGYVMXMIW ERHSV GEWL HYI XS XLI LSPHIVW
MW GEPGYPEXIH 8LMW MRZSPZIW ETTP]MRK XLI GEPGYPEXMSR XIVQW SJ XLI IZIRX ERH ER] IPIGXMSRW
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VIWYPXERX IRXMXPIQIRX %W E GSRXVSP QIEWYVI MR TEVEPPIP [MXL TSWMXMSRW VIWYPXERX IRXMXPIQIRXW
EVI I\XIVREPP] VIGSRGMPIH TVMSV XS WIXXPIQIRX 7II 'LETXIV
3ZIVZMI[ SJ XLI +IRIVMG 'SVTSVEXI %GXMSR 0MJIG]GPI

4%77-2+ 3* -28)62%0 )286-)7

3RGI XLI VIWYPXERX IRXMXPIQIRX MW GEPGYPEXIH ERH VIGSRGMPIH MRXIVREP WIGYVMXMIW ERHSV GEWL
IRXVMIW EVI TEWWIH -X MW EX XLMW XMQI XLEX XLI I\TIGXIH MQTEGX SJ XLI IZIRX MW VIxIGXIH SR XLI
TSWMXMSRW LSPHIVtW WIGYVMXMIW ERHSV GEWL TSWMXMSRW ERH XLI HMJJIVIRGIW FIX[IIR FIRIwX IZIRXW
ERH VISVKERMÊXMSR IZIRXW FIGSQI ETTEVIRX 7II 'LETXIV
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3* 6)7908%28 )28-80)1)287
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[MPP SGGYV 8LMW IPIQIRX IRGSQTEWWIW XLI EGXYEP GSPPIGXMSR ERH HMWFYVWIQIRX SJ XLSWI VIWYPXERX
IRXMXPIQIRXW MRGPYHMRK XLI ZEVMIX] SJ WIXXPIQIRX QIXLSHW ERH XLI MQTEGX SR YRWIXXPIH XVEHIW
ZME GPEMQW GSQTIRWEXMSRW ERH XVERWJSVQEXMSRW 7II 'LETXIV
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MR FIRIwX IZIRXW [LIVI XLI IRXMXPIQIRX WIGYVMX] MW XLI WEQI EW XLI YRHIVP]MRK WIGYVMX] ERH MW
MPPYWXVEXIH F] XLI JSPPS[MRK I\EQTPI
%WWYQMRK E VEXI SJ XLVII JSV X[S ERH ER YRHIVP]MRK LSPHMRK SJ <<< WLEVIW XLI
WIGYVMXMIW IRXMXPIQIRX [MPP FI GEPGYPEXIH EW JSPPS[W
-R )YVSTIER ERH %WME 4EGMwG 1EVOIXW
HMZMHI LSPHMRK F] ! QYPXMTP] F] !
[LMGL TVSHYGIW E VIWYPXERX IRXMXPIQIRX SJ WLEVIW [LMGL [LIR EHHIH XS XLI TSWMXMSR
LSPHIVtW I\MWXMRK LSPHMRK [MPP VIWYPX MR E wREP LSPHMRK SJ WLEVIW
8LI SVMKMREP LSPHMRK LEW MRGVIEWIH F] WLEVIW EW E VIWYPX SJ XLI IZIRX
-R 97 1EVOIXW
[LMGL TVSHYGIW E VIWYPXERX IRXMXPIQIRX SJ WLEVIW [LMGL VITPEGIW XLI TSWMXMSR LSPHIVtW
I\MWXMRK LSPHMRK ERH VIWYPXW MR E wREP LSPHMRK SJ WLEVIW
-R XLI EFSZI I\EQTPIW RSXI LS[ XLI ERRSYRGIQIRX YWMRK XLI WEQI XIVQW MI E VEXI SJ
XLVII JSV X[S TVSHYGIW HVEQEXMGEPP] HMJJIVIRX VIWYPXW HYI XS XLI XVIEXQIRX [MXLMR XLI HMJJIVIRX
QEVOIXW &SXL XLI VIWYPXERX IRXMXPIQIRXW ERH XLI VIWYPXMRK RI[ LSPHMRK MR WIGYVMX] <<< HMJJIV
HVEQEXMGEPP] HIWTMXI XLI SVMKMREP YRHIVP]MRK LSPHMRK FIMRK XLI WEQI ERH XLI VEXMS ETTIEVMRK XS
FI XLI WEQI -X MW IWWIRXMEP XS FI E[EVI SJ XLI HMJJIVIRX QEVOIX XVIEXQIRXW SJ VEXMSW XS EZSMH XLI
MRGSVVIGX GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW
s6EXIt MW SJXIR YWIH [LIVI XLI IZIRX MW ER IRXMXPIQIRX XS GEWL 8LI VEXI MW QEHI YT SJ X[S
RYQFIVW XLEX WXEXI XLI UYERXMX] ERH YRMXW SJ XLI IRXMXPIQIRX GYVVIRG] VIPIZERX XS XLI YRHIVP]MRK
WIGYVMX]
*SV I\EQTPI s GIRXW TIV WLEVIt SV s TIRGI TIV WLEVIt 1SWX GSQQSRP] E GYVVIRG] VEXI
[MPP FI ERRSYRGIH MR XLI PS[IWX YRMX SJ XLI IRXMXPIQIRX GYVVIRG] 2SRIXLIPIWW XLMW MW RSX EP[E]W
XLI GEWI *EMPYVI XS GETXYVI XLI GSVVIGX YRMXW EKEMRWX XLI VEXI MI TYXXMRK XLI HIGMQEP TSMRX MR
XLI VMKLX TPEGI [MPP VIWYPX MR WMKRMwGERX IVVSVW MR XLI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW *SV
I\EQTPI EWWYQI E VEXI SJ +&4 MW GETXYVIH ERH ETTPMIH XS E LSPHMRK SJ <<< WLEVIW
8LMW GSYPH VITVIWIRX IMXLIV TIRGI TIV WLEVI SV EPXIVREXMZIP] TSYRHW TIV WLEVI 8LI
wVWX [SYPH VIWYPX MR ER IRXMXPIQIRX SJ +&4 [LMPWX XLI WIGSRH [SYPH VIWYPX MR ER
IRXMXPIQIRX SJ +&4
8LI ETTPMGEXMSR SJ 6EXMSW ERH 6EXIW MW I\TPSVIH MR QSVI HIXEMP MR 'LETXIV s'EPGYPEXMSR
SJ 6IWYPXERX )RXMXPIQIRXWt
8VIEXQIRX SJ *VEGXMSRW
-R EHHMXMSR XS XLI ERRSYRGIQIRX SJ 6EXMSW ERH 6EXIW XLI IZIRX XIVQW [MPP EPWS MRGPYHI GSRHMXMSRW
ETTP]MRK XS XLI XVIEXQIRX SJ JVEGXMSRW MR XLI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW 8LMW MW FIGEYWI

WSQI VEXIW QE] VIWYPX MR XLI GVIEXMSR SJ JVEGXMSREP IRXMXPIQIRXW MI VIWYPXERX IRXMXPIQIRXW XLEX
EVI RSX [LSPI YRMXW SJ XLI YRHIVP]MRK WIGYVMX]
*SV I\EQTPI EWWYQI E VEXI SJ X[S RI[ WLEVIW JSV IZIV] wZI WLEVIW LIPH MR WIGYVMX] <<< ERH
ER YRHIVP]MRK LSPHMRK SJ <<< WLEVIW 8S GEPGYPEXI XLI VIWYPXERX IRXMXPIQIRX XLI YRHIVP]MRK
LSPHMRK [MPP FI HMZMHIH F] wZI ERH XLIR QYPXMTPMIH F] X[S EW JSPPS[W
8S GEPGYPEXI XLI VIWYPXERX IRXMXPIQIRX
[LMGL TVSHYGIW E [LSPI RYQFIV TPYW E JVEGXMSREP EQSYRX
8LI GSRHMXMSRW TIVXEMRMRK XS XLI XVIEXQIRX SJ JVEGXMSRW [MPP MRHMGEXI LS[ XLI VIWYPXERX IR
XMXPIQIRX MW XS FI VSYRHIH XS E [LSPI YRMX
8VIEXQIRX SJ *VEGXMSRW MW I\TPSVIH MR QSVI HIXEMP MR 'LETXIV s'EPGYPEXMSR SJ 6IWYPXERX
)RXMXPIQIRXWt
)\GLERKI 6EXIW
%W WXEXIH TVIZMSYWP] XLI IZIRX QE] VIWYPX MR XLI HMWXVMFYXMSR SJ ER IRXMXPIQIRX GYVVIRG] SV
QYPXMTPI GYVVIRGMIW ERH MR XLIWI MRWXERGIW XLI IZIRX XIVQW [MPP MRGPYHI E VEXI JSV XLMW HMWXVMFYXMSR
XSKIXLIV [MXL WTIGMJ]MRK XLI IRXMXPIQIRX GYVVIRG] MXWIPJ
-X MW TSWWMFPI XLEX XLI HMWXVMFYXMSR VEXI MW WTIGMwIH MR E GYVVIRG] SXLIV XLER XLEX SJ XLI
IRXMXPIQIRX GYVVIRG] 8LMW QE] SGGYV [LIR XLI MWWYIV ERRSYRGIW JSV I\EQTPI XLI HMWXVMFYXMSR
SJ MRGSQI FEWIH YTSR ER IEVRMRKW TIV WLEVI VEXI MR XLI MWWYIH GYVVIRG] sTEVt GYVVIRG] SJ XLI
IUYMX] MR UYIWXMSR FYX HYI XS ER I\GIWW JSVIMKR GYVVIRG] TSWMXMSR SR MXW FSSOW GLSSWIW XS TE]
XLI MRGSQI HMWXVMFYXMSR MR E GYVVIRG] SXLIV XLER XLI TEV GYVVIRG] -R XLMW MRWXERGI XLI IZIRX
XIVQW [MPP EPWS MRGPYHI XLI ERRSYRGIQIRX SJ XLI I\GLERKI VEXI FIX[IIR XLI TEV GYVVIRG] ERH
XLI IRXMXPIQIRX GYVVIRG] MR SVHIV XS GEPGYPEXI VIWYPXERX IRXMXPIQIRXW
3TXMSRW %ZEMPEFPI
%W MRXVSHYGIH MR 'LETXIV s&EWMG 'SVTSVEXI %GXMSR 'SRGITXWt WSQI IZIRXW QE] FI IPIGXMZI
MR REXYVI XLIVIF] SJJIVMRK XLI TSWMXMSR LSPHIV E GLSMGI SJ LS[ MX TEVXMGMTEXIW SV [LIXLIV MX
TEVXMGMTEXIW MR XLI IZIRX EX EPP
8LI XIVQW SJ WYGL IZIRXW [MPP MRGPYHI XLI EPXIVREXMZIW EZEMPEFPI XS XLI TSWMXMSR LSPHIV
ORS[R KIRIVMGEPP] EW sSTXMSRWt ,S[ STXMSRW MQTEGX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP
FI WTIGMwGEPP] I\TPSVIH MR 'LETXIV s'SRGITXW SJ )ZIRXW [MXL )PIGXMSRWt
%HHMXMSREP )ZIRX 'SRHMXMSRW ERH -RJSVQEXMSR
8LI GSRHMXMSRW ERH MRJSVQEXMSR GSRXEMRIH [MXLMR XLI IZIRX XIVQW HIWGVMFIH WS JEV GER FI
GSRWMHIVIH UYMXI KIRIVMG XS EPP X]TIW SJ IZIRXW [MXL XLI I\GITXMSR SJ s3TXMSRW %ZEMPEFPIt
[LMGL EW TVIZMSYWP] WXEXIH ETTPMIW SRP] XS IZIRXW [MXL IPIGXMSRW
3ZIV ERH EFSZI XLIWI KIRIVMG GSRHMXMSRW ERH MRJSVQEXMSR XLI IZIRX XIVQW QE] MRGPYHI
EHHMXMSREP MRJSVQEXMSR WTIGMwG XS XLI X]TI SJ IZIRX SV XLI QEVOIX MR [LMGL XLI IZIRX ETTPMIW
8LMW EHHMXMSREP MRJSVQEXMSR QE] MRGPYHI
[LIXLIV XLI IZIRX MW XE\EFPI SV RSRXE\EFPI [MXL VIWTIGX XS MXW MQQIHMEXI MQTEGX SR XLI
TSWMXMSR LSPHIV VIJIV XS 'LETXIV s'SRGITXW ERH 1EREKIQIRX SJ 8E\EXMSRt

'SVTSVEXI %GXMSRW
7LEVILSPHIV )PMKMFMPMX] GSRHMXMSRW VIJIV XS 'LETXIV s'SRGITXW SJ )ZIRXW [MXL )PIGXMSRW
(MVIGXSVW 6IGSQQIRHEXMSRW JSV I\EQTPI VIGSQQIRHEXMSRW MR JEZSYV SJ EGGITXERGI SJ E
8EOISZIV
7396')7 3* ):)28 8)617

8LI SVMKMREXMRK WSYVGI SJ EPP IZIRX XIVQW MW XLI MWWYIV SJ XLI YRHIVP]MRK WIGYVMX] XS [LMGL XLI
IZIRX ETTPMIW [MXL XLI I\GITXMSR SJ 8EOISZIV XIVQW EW HIWGVMFIH MR 'LETXIV s'SRGITXW SJ
8EOISZIV )ZIRXWt 8LI MWWYIV [MPP TYFPMGP] ERRSYRGI XLI XIVQW SJ XLI IZIRX XS XLI QEVOIX TPEGI
XLI XMQMRK SJ XLMW MW HIWGVMFIH MR XLI JSPPS[MRK WIGXMSR 8LI XIVQW [MPP XLIR FI HMWWIQMREXIH
XLVSYKLSYX XLI QEVOIX TPEGI XS MRXIVIWXIH TEVXMIW 8LMW [MPP MRGPYHI
'7(W-'7(W
'YWXSHMERW
4SWMXMSR LSPHIVW MRGPYHMRK 783W MRWXMXYXMSREP ERH MRHMZMHYEP MRZIWXSVW
-R EHHMXMSR XS XLI EFSZI XLI IZIRX XIVQW [MPP FI GSQQYRMGEXIH XS QEVOIX VIKYPEXSVW ERH HEXE
ZIRHSVW (EXE ZIRHSVW EVI SVKERMÊXMSRW XLEX TVSZMHI XLI WIVZMGI SJ HMWWIQMREXMRK QEVOIX
HEXE [LMGL QE] MRGPYHI XVEHMRK ERH TVMGI MRJSVQEXMSR XSKIXLIV [MXL XLEX SJ 'SVTSVEXI
%GXMSRW )ZIRX (EXE XS WIVZMGI WYFWGVMFIVW WYGL EW 783W ERH SXLIV QEVOIX SVKERMÊXMSRW %X
XLI XMQI SJ [VMXMRK I\EQTPIW SJ HEXE ZIRHSVW EVI 8IPIOYVW &PSSQFIVK 6IYXIVW ERH *MRERGMEP
-RJSVQEXMSR
8LI TSXIRXMEP xS[ SJ XLI IZIRX XIVQW XS QEVOIX TEVXMGMTERXW MW MPPYWXVEXIH F] *MKYVI
[LMGL EPWS MRGPYHIW HEXE ZIRHSVW %W GER FI WIIR MR XLI wKYVI XLI IZIRX XIVQW QE] XEOI
QYPXMTPI VSYXIW FIJSVI VIEGLMRK XLIMV wREP HIWXMREXMSR *SV I\EQTPI XLI 783 QE] GETXYVI
XLI IZIRX XIVQW HMVIGXP] JVSQ XLI MWWYIV ZME MXW '7(-'7( SV GYWXSHMER HITIRHMRK YTSR XLI
PSGEXMSR SJ XLI LSPHMRK ERH ZME E HEXE ZIRHSV

-WWYIV
E

'7(-'7(
G
F
E
'YWXSHMER
F
4SWMXMSR,SPHIV
3VKERMÊXMSRW
(EXE
:IRHSVW
783W
QSVI
*MKYVI *PS[ SJ IZIRX XIVQW
-RWXMXYXMSRW
QSVI
-RHMZMHYEPW

8LI WSYVGI SJ XLI IZIRX XIVQW [MPP RSVQEPP] HMGXEXI XLI XMQMRK SJ XLIMV EZEMPEFMPMX] XSKIXLIV
[MXL XLI VIGMTMIRXtW TIVGITXMSR SJ XLI VIPMEFMPMX] SJ XLI MRJSVQEXMSR GETXYVIH &SXL SJ XLIWI
MWWYIW EVI I\TPSVIH MR XLI JSPPS[MRK WIGXMSRW
%:%-0%&-0-8= 3* ):)28 8)617

%W HIWGVMFIH MR XLI TVIZMSYW WIGXMSR XLI SVMKMREXMRK WSYVGI SJ EPP IZIRX XIVQW MW XLI MWWYIV 8LI
XMQMRK SJ XLI MWWYIVtW GSQQYRMGEXMSR SJ IZIRX XIVQW QE] SGGYV IMXLIV
YTSR MWWYI SJ XLI WIGYVMX] SV
HYVMRK XLI PMJI SJ XLI WIGYVMX]
&SXL SJ XLIWI EVI HIWGVMFIH FIPS[
9TSR -WWYI SJ XLI 7IGYVMX]
8]TMGEPP] IZIRX XIVQW EZEMPEFPI EX XLI XMQI SJ XLI MWWYI SJ XLI WIGYVMX] [MPP ETTP] XS IZIRXW
SR FSRHW ERH [EVVERXW ERH XLIVIJSVI JSVQ TEVX SJ XLI MWWYI GSRHMXMSRW SJ XLEX WIGYVMX] JSV
I\EQTPI XIVQW ERH WGLIHYPI SJ XLI GSYTSR MRXIVIWX TE]QIRXW HYI SR XLI FSRH XSKIXLIV
[MXL HIXEMPW SJ XLI VIHIQTXMSR QEXYVMX] SJ XLI FSRH 8LMW MW FIGEYWI YRPMOI IUYMXMIW FSRHW
VITVIWIRX HIFX JVSQ XLI MWWYIVtW TIVWTIGXMZI [LIVI XLI TSWMXMSR LSPHIV PIRHW GETMXEP XS XLI
MWWYIV ERH XLI XIVQW SJ MRXIVIWX TE]EFPI SR XLEX HIFX ERH XLI XIVQMREXMSR SJ XLEX HIFX EVI
PIKEPP] VIUYMVIH XS FI EZEMPEFPI EX XLI MWWYI SJ XLEX HIFX XLI WEQI EW ER] SXLIV GEWL FSVVS[MRK
WMXYEXMSR
(IWTMXI XLI XIVQW SJ XLI IZIRXW FIMRK EZEMPEFPI EX XLI XMQI SJ MWWYI SJ XLI WIGYVMX] XLI] [MPP
RSX FI EGXIH YTSR F] XLI 783 SV SXLIV TSWMXMSR LSPHIVW YRXMP E XMQI GPSWIV XS XLI ETTVSTVMEXI
HEXIW SJ XLI IZIRXW *SV I\EQTPI E FSRH QE] FI MWWYIH [MXL E GSQQMXQIRX F] XLI MWWYIV XS
TE] GSYTSR MRXIVIWX SR XLI WEQI HEXI IEGL ]IEV XLVSYKLSYX XLI ]IEV PMJI SJ XLI FSRH GPIEVP]
XLIVI MW PMXXPI TYVTSWI MR GEPGYPEXMRK XLI VIWYPXERX IRXMXPIQIRX XSHE] MR VIPEXMSR XS E GSYTSR
TE]QIRX IZIRX WGLIHYPIH XS FI TEMH WE] XIR QSRXLW JVSQ RS[
-X MW MQTSVXERX XS RSXI XLEX HIWTMXI XLI XIVQW SJ XLI IZIRX FIMRK EZEMPEFPI EX XLI XMQI SJ XLI
MWWYI SJ XLI WIGYVMX] QEOMRK XLI IZIRX TVIHMGXEFPI MX QE] WXMPP RSX FI KYEVERXIIH -X MW TSWWMFPI
JSV XLI MWWYIV XS FI MR HIJEYPX SJ GSYTSR TE]QIRXW SV XS EPPS[ JSV I\EQTPI XLI IEVP] VIHIQTXMSR
SJ XLI FSRH WLSYPH XLI XIVQW SJ XLI MWWYI TIVQMX MX
-R EHHMXMSR MR WTIGMwG GMVGYQWXERGIW WYGL EW GSYTSR TE]QIRXW SR xSEXMRK VEXI RSXIW
[LIVI XLI MRXIVIWX VEXI GLERKIW SR TVIHIXIVQMRIH HEXIW MX [MPP FI RIGIWWEV] XS WYTTPIQIRX
XLI SVMKMREP ERRSYRGIH XIVQW [MXL XLI GSYTSR VEXI ETTPMGEFPI XS IEGL GSYTSR TE]QIRX
'EVI MW XLIVIJSVI VIUYMVIH XS IRWYVI XLEX WYGL XIVQW EVI VIZMI[IH XLVSYKLSYX XLI PMJI SJ
XLI WIGYVMX] [LIR ETTVSEGLMRK JSVXLGSQMRK WGLIHYPIH IZIRXW 8S EWWMWX MR XLMW TVSGIWW QER]
SVKERMÊXMSRW IQTPS] XLI WIVZMGIW SJ E HEXE ZIRHSV HIWTMXI XLI IZIRX XIVQW LEZMRK FIIR ORS[R
EX XLI XMQI SJ MWWYI SJ XLI WIGYVMX]
(YVMRK XLI 0MJI SJ XLI 7IGYVMX]
8LI QENSVMX] SJ IZIRXW JEPPMRK [MXLMR XLI GEXIKSV] SJ sERRSYRGIH F] XLI MWWYIVt HYVMRK XLI sPMJIt
SJ XLI WIGYVMX] LIVIEJXIV VIJIVVIH XS EW sERRSYRGIH IZIRXWt ETTP] XS IUYMXMIW ERH VIWYPX JVSQ
HIGMWMSRW QEHI F] XLI MWWYIVtW FSEVH SJ HMVIGXSVW

'SVTSVEXI %GXMSRW
%W WYGL XLIWI IZIRXW QE] FI QEHI EX ER] XMQI XLVSYKLSYX XLI PMJI SJ XLI WIGYVMX] ERH EVI
RSX TVIHMGXEFPI 8LIWI IZIRXW MRGPYHI
(MZMHIRHW
&SRYW -WWYIW ERH
7LEVI 7TPMXW
%RRSYRGIH IZIRXW SRGI ETTVSZIH F] XLI FSEVH SJ HMVIGXSVW ERH ERRSYRGIH XS XLI QEVOIX
TPEGI EVI VEVIP] [MXLHVE[R ERH GER XLIVIJSVI FI GSRWMHIVIH EW ZMVXYEPP] KYEVERXIIH 8LI
ERRSYRGIQIRX SJ WYGL IZIRXW YWYEPP] SGGYVW E WLSVX TIVMSH TVMSV XS XLI VIGSVH HEXI SJ XLI
IZIRX
7MRGI ERRSYRGIH IZIRXW EVI RSX TVIHMGXEFPI ERH HS RSX JSVQ TEVX SJ XLI GSRHMXMSRW SJ XLI
MWWYI SJ XLI WIGYVMX] XLI QEVOIX TPEGI MW GSQTPIXIP] VIPMERX YTSR XLI EGGYVEG] SJ XLI IZIRX
XIVQW EW ERRSYRGIH ERH GETXYVIH (YI XS XLI MRGVIEWMRK ZSPYQIW ERH WSQIXMQIW GSQTPI\MX]
SJ XLIWI IZIRXW VIGIRX XMQIW LEZI WIIR MRGVIEWMRK TVIWWYVIW SR 783W ERH SXLIV SVKERMÊXMSRW
XS IRWYVI XLI XMQIP] ERH EGGYVEXI GETXYVI SJ XLIWI IZIRX XIVQW MR SVHIV XS EZSMH XLI MRIZMXEFPI
LMKL GSWXW EWWSGMEXIH [MXL IVVSVW MR XLMW MRJSVQEXMSR
'0)%27-2+ 3* ):)28 8)617

-R SVHIV XS IRWYVI XLEX MRJSVQEXMSR ETTPMIH F] XLI 783 MW SJ XLI LMKLIWX UYEPMX] TSWWMFPI XLI
GPIERWMRK SJ IZIRX XIVQW GSQTEVIW ERH ZIVMwIW IZIRX MRJSVQEXMSR JVSQ TSXIRXMEPP] QYPXMTPI
WSYVGIW
8LI -QTSVXERGI SJ s'PIERt )ZIRX 8IVQW

8LI TVIZMSYW WIGXMSRW LEZI LMKLPMKLXIH XLI MQTSVXERGI SJ GETXYVMRK GSQTPIXI ERH EGGYVEXI
IZIRX XIVQW %W WXEXIH TVIZMSYWP] XLI IZIRX XIVQW HMGXEXI [LMGL TSWMXMSR LSPHIVW ERH LSPHMRKW
EVI EJJIGXIH F] XLI IZIRX [LIR XLI] EVI EJJIGXIH ERH LS[ XLI VIWYPXERX IRXMXPIQIRXW ETTPMGEFPI
XS XLSWI TSWMXMSRW EVI GEPGYPEXIH
*EMPYVI XS GETXYVI XLMW MRJSVQEXMSR MR E XMQIP] GSQTPIXI ERH EGGYVEXI JEWLMSR [MPP I\TSWI
XLI 783 ERH ER] SXLIV SVKERMÊXMSR XS WMKRMwGERX wRERGMEP PSWW -R E PIWW HMVIGX QERRIV
WYGL JEMPYVI [MPP LEZI XLI MRIZMXEFPI MQTEGX SR XLI IJwGMIRG] SJ XLI 783tW GPMIRX WIVZMGI ERH
GSRWIUYIRX PSRKIVXIVQ TVSwXEFMPMX]
8S EHHVIWW XLIWI MWWYIW ER MRGVIEWMRK RYQFIV SJ SVKERMÊXMSRW EVI MRXVSHYGMRK XLI WXIT SJ
'PIERWMRK SJ )ZIRX 8IVQW [MXLMR XLIMV STIVEXMSREP xS[ (IWTMXI XLMW MRGVIEWIH E[EVIRIWW XLIVI
MW WXMPP E WMKRMwGERX EFWIRGI SJ GPIERWMRK MR QER] SVKERMÊXMSRW [MXL GSQTPIXI VIPMERGI YTSR
E WMRKPI WSYVGI SJ IZIRX XIVQW SJXIR JVSQ XLI GYWXSHMER XS WYTTSVX XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX
'PIERWMRK SJ IZIRX XIVQW MRZSPZIW XLI GSQTEVMWSR SJ EPP SV WSQI SJ XLI GSRHMXMSRW ERH
MRJSVQEXMSR TIVXEMRMRK XS ER IZIRX EGVSWW E RYQFIV SJ WSYVGIW ERH MW ETTPMGEFPI [LIR XLI
783 HSIW RSX VIGIMZI XLI MRJSVQEXMSR HMVIGXP] JVSQ XLI MWWYIV MI ZME SXLIV WSYVGIW WYGL EW
HEXE ZIRHSVW '7(W-'7(W ERH GYWXSHMERW 'PIERWMRK QE] VIWYPX MR GLSSWMRK SRI WSYVGI SZIV
ERSXLIV JSV XLI IRXMVI IZIRX XIVQW SV EPXIVREXMZIP] GLSSWMRK SRI WSYVGI SZIV ERSXLIV JSV IEGL
TMIGI SJ MRJSVQEXMSR [MXLMR XLI IZIRX XLIVIF] FYMPHMRK E GSQTSWMXI VIGSVH SJ XLI IZIRX XIVQW

%TTVSEGLIW XS s'PIERt )ZIRX 8IVQW

% RYQFIV SJ ETTVSEGLIW EVI EZEMPEFPI XS XLI 783 MR SVHIV XS IRWYVI sGPIERt IZIRX XIVQW
REQIP]
7SYVGIH JVSQ QYPXMTPI )\XIVREP (EXE 4VSZMHIVW
7SYVGIH EW TVIGPIERWIH TYFPMGP] EZEMPEFPI MRJSVQEXMSR ERH
*YPP] SYXWSYVGIH GPIERWMRK
7SYVGIH JVSQ 1YPXMTPI )\XIVREP (EXE 4VSZMHIVW IK &PSSQFIVK *8
ERH '7(W-'7(W ERH 'YWXSHMERW
-R XLMW ETTVSEGL XLI SVKERMÊXMSR [SYPH EWWYQI XLI JYPP VIWTSRWMFMPMX] JSV XLI GPIERWMRK WXIT
MXWIPJ -X [MPP GSPPIGX XLI MRJSVQEXMSR JVSQ XLI ZEVMSYW WSYVGIW GSQTEVI MRHMZMHYEP TMIGIW SJ
MRJSVQEXMSR SV IRXMVI ERRSYRGIQIRXW ERH FEWIH YTSR E TVIHIwRIH WIX SJ VYPIW WIPIGX [LMGL
MRJSVQEXMSR MW HIIQIH EGGYVEXI XS TVSGIIH [MXL
8LI EHZERXEKI SJ XLMW ETTVSEGL MW XLEX XLI 783 QE] XEOI JYPP S[RIVWLMT SJ XLI STIVEXMSR
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WIGYVMXMIW TSWMXMSR VIGSVHW IUYEXI XS XLSWI VIGSVHW SJ XLI I\XIVREP TEVX]TEVXMIW ERH XS XLI JVSRX
SJwGI ;LMPWX VIGSRGMPMEXMSR MW E RSVQEP JYRGXMSR SJ XVEHMRK ERH WIXXPIQIRX STIVEXMSRW MX MW EPWS
GVMXMGEP [MXLMR XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS IRWYVI XLEX XLI TSWMXMSRW ERH YRWIXXPIH
XVEHIW EKEMRWX [LMGL XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP GEPGYPEXI VIWYPXERX IRXMXPIQIRXW
VIGSRGMPI XS XLSWI MHIRXMwIH F] I\XIVREP TEVXMIW ERH XLI JVSRX SJwGI
8]TMGEPP] MX MW EGGITXIH XLEX VIGSRGMPMEXMSR SJ WIXXPIH GYWXSHMER TSWMXMSRW XS XLI GYWXSHMERtW
VIGSVHW [MPP SGGYV FYX XLIVI EVI EPWS STTSVXYRMXMIW XS VIGSRGMPI FSXL S[RIVWLMT TSWMXMSRW ERH
YRWIXXPIH XVEHIW [LMGL [MPP VIWYPX MR GPEMQW SR FILEPJ SJ SV EKEMRWX XLI 783 8LI MQTSVXERGI
ERH XMQIPMRIWW SJ WYGL VIGSRGMPMEXMSRW GERRSX FI SZIVWXEXIH 8LI MHIRXMwGEXMSR SJ ER] IVVSVW EW
WSSR EW TSWWMFPI SR SV EJXIV XLI VIGSVH HEXI SJ XLI IZIRX [MPP EZSMH FSXL MRGSVVIGX GEPGYPEXMSRW
SJ VIWYPXERX IRXMXPIQIRXW ERH TSXIRXMEPP] MRGSVVIGX HMWFYVWIQIRX SJ VIWYPXERX IRXMXPIQIRXW PEXIV
MR XLI PMJIG]GPI SJ XLI IZIRX
6IGSRGMPMEXMSR SJ 3[RIVWLMT 4SWMXMSRW

8LI VIGSRGMPMEXMSR SJ IRXMXPIH S[RIVWLMT TSWMXMSRW MW SJXIR ER MRJSVQEP TVSGIWW [MXLMR XLI
'SVTSVEXI %GXMSRW (ITEVXQIRX -X MW GSQQSR JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS VIP]
YTSR RSXMwGEXMSRW JVSQ SXLIV TEVXMIW ERH HITEVXQIRXW MJ E HMWGVITERG] I\MWXW 8LMW QE] SGGYV
MR X[S [E]W
8LI JVSRX SJwGI XVEHIVW VIWTSRWMFPI JSV E XVEHMRK FSSO TSWMXMSR QE] LEZI MRHITIRHIRXP]
HIXIVQMRIH XLI TSWMXMSR EKEMRWX [LMGL MX I\TIGXW XS VIGIMZI IRXMXPIQIRX 9TSR VIGIMTX SJ XLI
RSXMwGEXMSR SJ IRXMXPIH TSWMXMSR JVSQ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XLI JVSRX SJwGI QE]
EHZMWI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX SJ ER] HMWGVITERG]
'YWXSH] GPMIRXW QE] LEZI MRHITIRHIRXP] GEPGYPEXIH XLI I\TIGXIH IRXMXPIQIRX 9TSR VIGIMTX
SJ XLI RSXMwGEXMSR SJ wREP IRXMXPIQIRX JVSQ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XLI] QE]
EHZMWI XLI 783 SJ ER] HMWGVITERG]
(IWTMXI WYGL HMWGVITERGMIW FIMRK MHIRXMwIH SYXWMHI SJ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
XLI VIWTSRWMFMPMX] JSV MRZIWXMKEXMSR ERH VIGXMwGEXMSR SJ WYGL HMWGVITERGMIW PMIW [MXL XLI 'SV
TSVEXI %GXMSRW (ITEVXQIRX 8LI TSXIRXMEP PEGO SJ JSVQEPMÎH TVSGIHYVIW HSIW RSX EFWSPZI XLI
'SVTSVEXI %GXMSRW (ITEVXQIRX SJ MXW VIWTSRWMFMPMX]
-X MW WXVSRKP] VIGSQQIRHIH XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XEOI EHZERXEKI SJ XLIWI
VIGSRGMPMEXMSRW MR SVHIV XS KEMR KVIEXIV GSRXVSP MR XLI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW
%W [MXL XLI MHIRXMwGEXMSR SJ ER] SXLIV HMWGVITERG] MQQIHMEXI MRZIWXMKEXMSR ERH GSVVIGXMZI
EGXMSR MW VIUYMVIH 7LSYPH XLI IVVSV LEZI SGGYVVIH [MXLMR XLI 783tW VIGSVHW XLI IRXMXPIH TSW
MXMSRW ERH YRWIXXPIH XVEHIW XS [LMGL XLI IZIRX XIVQW EVI XS FI ETTPMIH [MPP VIUYMVI VIGEPGYPEXMSR
XS XEOI EGGSYRX SJ ER] GSVVIGXMSRW ERH RI[ EHZMGIW WIRX XS XLI EJJIGXIH TSWMXMSR LSPHIVW
6IGSRGMPMEXMSR SJ 7IXXPIH 'YWXSHMER 4SWMXMSRW
8LI QSWX GSQQSR SJ I\XIVREP VIGSRGMPMEXMSRW XS XEOI TPEGI [MXLMR XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX MW XLEX SJ MRXIVREPP] LIPH WIXXPIH GYWXSHMER TSWMXMSRW XS GYWXSHMERtW VIGSVHW EW EX XLI

'SVTSVEXI %GXMSRW
VIGSVH HEXI 6IGSRGMPMEXMSR XS XLI GYWXSHMER MW ZMXEP EW MX MW XLI GYWXSHMERtW VIGSVH HEXI UYERXMX]
XLEX [MPP JSVQ XLI FEWMW JSV GEPGYPEXMSR ERH GSPPIGXMSR SJ VIWYPXERX IRXMXPIQIRX F] XLI 783
8]TMGEPP] XLI GYWXSHMER [MPP MRWXMKEXI VIGSRGMPMEXMSR F] XLI MWWYERGI SJ E GSQQYRMGEXMSR
XS XLI 783 XLEX WXEXIW MXW VIGSVH HEXI TSWMXMSR MR XLI YRHIVP]MRK WIGYVMX] JSV XLI IZIRX MR
UYIWXMSR 8LMW X]TI SJ GSQQYRMGEXMSR MW RS[ MWWYIH IPIGXVSRMGEPP] MR XLI QENSVMX] SJ GEWIW
ERH XLI VIGSVH HEXI MRJSVQEXMSR MW QSWX SJXIR MRGPYHIH [MXLMR XLI GYWXSHMERtW EHZMGI SJ XLI
IZIRX XIVQW XS XLI 783 %X XLI XMQI SJ [VMXMRK XLI 7;-*8 18 QIWWEKI WYTTSVXW XLI
GSQQYRMGEXMSR SJ IZIRX XIVQW ERH VIGSVH HEXI TSWMXMSRW -VVIWTIGXMZI SJ LS[ XLMW MRJSVQEXMSR
MW GSQQYRMGEXIH XLI 783 [SYPH I\TIGX E GSQQYRMGEXMSR JVSQ MXW GYWXSHMERW JSV IZIV]
TSWMXMSR LIPH EX ER MRHMZMHYEP EGGSYRX PIZIP [LIVI VIPIZERX 8LI 783tW 'SVTSVEXI %GXMSR
(ITEVXQIRX WLSYPH XVEGO [LMGL GSQQYRMGEXMSRW LEZI FIIR VIGIMZIH ERH [LMGL EVI SYXWXERHMRK
JVSQ XLI GYWXSHMER ERH ER] SYXWXERHMRK VIGSVH HEXI GSQQYRMGEXMSRW WLSYPH FI JSPPS[IH YT
MR E XMQIP] JEWLMSR
9TSR VIGIMTX SJ XLI RSXMwGEXMSR SJ XLI VIGSVH HEXI TSWMXMSR JVSQ XLI GYWXSHMER XLI 783 [MPP
EXXIQTX XS QEXGL XLMW EKEMRWX WIXXPIH GYWXSHMER TSWMXMSRW XLEX MX LEW EPVIEH] MHIRXMwIH JSV XLI
IZIRX 7YGGIWWJYP QEXGLMRK [MPP VIUYMVI XLEX RSX SRP] XLI UYERXMX] SJ XLI VIGSVH HEXI TSWMXMSR
VIGSRGMPIW XS XLEX EHZMWIH F] XLI GYWXSHMER FYX EPWS XLEX XLI EGGSYRX HIXEMPW SJ XLI LSPHMRK EVI
EGGYVEXI
%R] HMWGVITERGMIW MR XLI MRJSVQEXMSR VIGIMZIH JVSQ XLI GYWXSHMER XS XLEX LIPH F] XLI 783 [MPP
VIUYMVI MQQIHMEXI MRZIWXMKEXMSR ERH GSVVIGXMZI EGXMSR (MWGVITERGMIW QE] SGGYV JSV I\EQTPI
HYI XS IVVSVW MR XLI 783tW VIGSVH OIITMRK [LIVI WIXXPIQIRXW QE] RSX LEZI FIIR GSVVIGXP]
YTHEXIH SV EW E VIWYPX SJ HIPE]W MR XLI XMQMRK SJ WIXXPIQIRX YTHEXIW
-X MW MQTSVXERX XS VIQIQFIV XLEX XLI WIXXPIH GYWXSHMER TSWMXMSR MW SRP] TEVX SJ XLI SZIVEPP
TMGXYVI ERH XLEX XLIVIJSVI MJ MX MW MRGSVVIGX XLIR ER IUYEP ERH STTSWMXI TSWMXMSR TSWWMFP] ER
YRWIXXPIH XVEHI MW EPWS MRGSVVIGX
3RGI ER] IVVSVW EVI MHIRXMwIH ERH GSVVIGXIH [MXL XLI 783tW TSWMXMSR OIITMRK XLIR XLI
TSWMXMSRW ERH YRWIXXPIH XVEHIW XS [LMGL XLI IZIRX XIVQW EVI XS FI ETTPMIH [MPP VIUYMVI VI
GEPGYPEXMSR XS XEOI EGGSYRX SJ WYGL GSVVIGXMSRW
6IGSRGMPMEXMSR SJ 9RWIXXPIH 8VEHIW

%W TVIZMSYWP] HIWGVMFIH YRWIXXPIH XVEHIW [MPP VIWYPX MR XLI KIRIVEXMSR SJ GPEMQW IMXLIV MR JEZSYV
SJ XLI 783 SV EKEMRWX XLI 783 MI VIWYPXERX IRXMXPIQIRXW XLEX [MPP VIUYMVI GSPPIGXMSR JVSQ
GSYRXIVTEVXMIW SV HMWFYVWIQIRX XS GSYRXIVTEVXMIW VIWTIGXMZIP] 8LIVIJSVI XLI VIGSRGMPMEXMSR SJ
YRWIXXPIH XVEHIW [MXL XLI I\XIVREP GSYRXIVTEVXMIW MW NYWX EW ZMXEP EW XLI VIGSRGMPMEXMSR SJ WIXXPIH
GYWXSHMER TSWMXMSRW ERH S[RIVWLMT TSWMXMSRW XS XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
8LI TVSGIHYVIW VIPEXMRK XS XLMW WXIT [MPP HMJJIV JVSQ QEVOIX XS QEVOIX -R WSQI GEWIW '7(W
ERH -'7(W [MPP EHZMWI TEVXMGMTERXW SJ ER] YRWIXXPIH XVEHIW [MXL SXLIV TEVXMGMTERXW EW EX XLI
VIGSVH HEXI SJ XLI IZIRX
% PIWW JSVQEP ETTVSEGL XS XLMW VIGSRGMPMEXMSR MW EW E VIWYPX SJ XLI MWWYI ERH VIGIMTX SJ GPEMQ
EHZMGIW VIJIV XS 'LETXIV s'SQQYRMGEXMSR SJ )ZIRX -RJSVQEXMSRt FIX[IIR XLI 783 ERH
XLI GSYRXIVTEVX] SJ XLI YRWIXXPIH XVEHI 8LI GLIGOMRK SJ WYGL GPEMQ EHZMGIW F] XLI VIGMTMIRX
[MPP MHIRXMJ] [LIXLIV XLI TEVXMIW EKVII XLI HIXEMPW SJ XLI YRWIXXPIH XVEHI ERH XLEX E GPEMQ JSV XLI
VIWYPXERX IRXMXPIQIRX [MPP FI QEHI
)VVSVW MHIRXMwIH XLVSYKL XLI VIGSRGMPMEXMSR TVSGIWW QE] SGGYV EW E VIWYPX SJ IMXLIV TEVX] XS
XLI XVEHI LEZMRK JEMPIH XS YTHEXI XVEHMRK ERH WIXXPIQIRX EGXMZMX] EGGYVEXIP] MR XLIMV VIGSVHW

%KEMR XLI MHIRXMwGEXMSR SJ ER] HMWGVITERG] VIUYMVIW MQQIHMEXI MRZIWXMKEXMSR ERH GSVVIGXMZI
EGXMSR 7LSYPH XLI IVVSV LEZI SGGYVVIH [MXLMR XLI 783tW VIGSVHW XLIR XLI IRXMXPIH TSWMXMSRW
ERH YRWIXXPIH XVEHIW XS [LMGL XLI IZIRX XIVQW EVI XS FI ETTPMIH [MPP VIUYMVI VIGEPGYPEXMSR
7911%6=
-X MW GPIEV XLEX XLI 783 QYWX MHIRXMJ] IRXMXPIH TSWMXMSRW MRGPYHMRK YRWIXXPIH XVEHIW EKEMRWX [LMGL
XS ETTP] XLI XIVQW SJ XLI IZIRX ;MXLSYX E HSYFX XLSYKL XLI RIIH XS FEPERGI ERH VIGSRGMPI XLMW
MRJSVQEXMSR MR E XMQIP] JEWLMSR MW E WMKRMwGERX QMPIWXSRI MR XLI IEVP] PMJIG]GPI SJ XLI GSVTSVEXI
EGXMSR
7YQQMRK YT XLMW MRJSVQEXMSR MW
i XVEHMRK FSSO TSWMXMSRW ERH
i GYWXSH] GPMIRX TSWMXMSRW
i WIXXPIH GYWXSHMER TSWMXMSRW
i YRWIXXPIH XVEHIW VIWYPXMRK MR GPEMQW MR JEZSYV SJ XLI 783
i YRWIXXPIH XVEHIW VIWYPXMRK MR GPEMQW EKEMRWX XLI 783
8LI FEWMG TVMRGMTPI VIKEVHMRK FEPERGMRK ERH VIGSRGMPMEXMSR MW XLI PSRKIV XLMW MRJSVQEXMSR
VIQEMRW YRGLIGOIH XLI KVIEXIV XLI VMWO XS XLI 783 SJ MRGSVVIGX GEPGYPEXMSR SJ VIWYPXERX IR
XMXPIQIRXW TSXIRXMEPP] VIWYPXMRK MR MRGSVVIGX HIPMZIVMIW ERH VIGIMTXW SJ IRXMXPIQIRXW YTSR XLI
TE]QIRX SV HMWXVMFYXMSR HEXI SJ XLI IZIRX ERH WMKRMwGERX wRERGMEP PSWWIW XS XLI 783
(IWTMXI XLI VIPMERGI YTSR TSWMXMSR ERH XVEHI MRJSVQEXMSR QEMRXEMRIH F] SXLIV EVIEW SJ XLI
783tW STIVEXMSR XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX IRWYVI XLEX MX MW MR GSRXVSP SJ MXW S[R
STIVEXMSR ERH XLEX TVSGIHYVIW EVI MR TPEGI FIX[IIR MX ERH SXLIV STIVEXMSREP EVIEW JSV XLI YVKIRX
MRZIWXMKEXMSR ERH GSVVIGXMSR SJ IVVSVW
7SRW 0XH

)\XIVREP
-RXIVREP
)\XIVREPP]6IGSRGMPI
-2863(9'8-32
8LVSYKLSYX XLI PMJI SJ ER] KMZIR IZIRX XLI 783 [MPP MWWYI E ZEVMIX] SJ GSQQYRMGEXMSRW FSXL
XS XLI TSWMXMSR LSPHIVW ERH XS ER] TEVXMIW [MXL [LSQ MX LEW MHIRXMwIH GPEMQW 8LI TYVTSWI
SJ XLIWI GSQQYRMGEXMSRW MW MRMXMEPP] XS MRJSVQ XLI TSWMXMSR LSPHIV SJ XLI IZIRX ERH WYFWIUYIRXP]
XS EHZMWI XLI TSWMXMSR LSPHIV SJ GLERKIW XS MXW WIGYVMXMIW ERH GEWL TSWMXMSRW EW E VIWYPX SJ XLI
IZIRX
-R EHHMXMSR XLI 783 QE] GLSSWI XS GSQQYRMGEXI MRJSVQEXMSR XS SXLIV MRXIVIWXIH TEVXMIW JSV
[LSQ TSWMXMSRW EVI RSX LIPH 8LMW GSYPH MRGPYHI JSV I\EQTPI XVEHIVW [MXLMR XLI 783 ERH
MRZIWXQIRX EREP]WXW
8LI X]TIW SJ GSQQYRMGEXMSRW MWWYIH XLVSYKLSYX XLI PMJI SJ ER IZIRX [MPP RSVQEPP] HMJJIV
EGGSVHMRK XS
XLI GEXIKSV] SV WSQIXMQIW WTIGMwG X]TI SJ XLI IZIRX ERH
XLI GSRZIRXMSRW [MXLMR XLI QEVOIX XS [LMGL XLI IZIRX ETTPMIW VIKYPEXSV] VIUYMVIQIRXW QE]
ETTP]
-R EHHMXMSR XLI WTIGMwG TVIJIVIRGIW SJ XLI TEVX] XS [LSQ XLI GSQQYRMGEXMSR MW MWWYIH ERH XLI
783tW WIVZMGI PIZIP EKVIIQIRX 70% [MXL XLEX TEVX] [MPP FI XEOIR MRXS EGGSYRX XLEX MW [LEX
WTIGMwG GSQQYRMGEXMSRW EVI ETTPMGEFPI ERH EVI VIUYMVIH F] XLI TSWMXMSR LSPHIV
8LI TYVTSWI SJ XLMW GLETXIV MW XS HIWGVMFI XLI ZEVMSYW X]TIW SJ GSQQYRMGEXMSRW XLEX EVI X]TM
GEPP] ETTPMGEFPI XS IZIRXW XLIMV GLEVEGXIVMWXMGW QIXLSHW SJ GSQQYRMGEXMSR ERH XLI MQTSVXERGI

'SVTSVEXI %GXMSRW
SJ WXEXMG HEXE MR XLI MWWYERGI SJ GSQQYRMGEXMSRW %HHMXMSREPP] XLI MRGVIEWMRKP] GSQQSR TVEG
XMGI SJ GSQQYRMGEXMRK IZIRX XIVQW [MXL SXLIV MRXIVIWXIH TEVXMIW MI RSRTSWMXMSR LSPHIVW ERH
MXW FIRIwXW [MPP FI MRXVSHYGIH
8,) 783t7 6-7/

*VSQ XLI TIVWTIGXMZI SJ TVSZMHMRK E LMKL UYEPMX] WIVZMGI XS MXW GPMIRXW XLI 783tW JEMPYVI XS
MRJSVQ LSPHIVW SJ ER MQTIRHMRK IZIRX SV SJ VIWYPXMRK GLERKIW XS XLI TSWMXMSR LSPHIVtW WIGYVMXMIW
ERHSV GEWL TSWMXMSRW MW E WIVMSYW SZIVWMKLX *VSQ XLI ZMI[TSMRX SJ XLI TSWMXMSR LSPHIV XLI
783 [MPP LEZI JEMPIH MR JYPwPPMRK MXW SFPMKEXMSRW EW WXEXIH MR MXW WIVZMGI PIZIP EKVIIQIRX [MXL
XLI 783 8LMW MW ETTPMGEFPI [LIXLIV XLI TSWMXMSR LSPHIV MW E XVEHMRK FSSO SV E GYWXSH] GPMIRX
8LI VMWO SJ WYGL JEMPYVI FIGSQIW IZIR QSVI TVSRSYRGIH [LIVI WYGL GSQQYRMGEXMSRW VIUYMVI
E VIWTSRWI SV EGXMSR XS FI XEOIR F] XLI TSWMXMSR LSPHIV MR SVHIV JSV XLI 783 XS GSQTPIXI XLI
TVSGIWWMRK SJ XLI IZIRX 8LMW MW XLI GEWI JSV IZIRXW [MXL IPIGXMSRW ERH MW I\TPEMRIH JYVXLIV MR
'LETXIV s'SRGITXW SJ )ZIRXW [MXL )PIGXMSRWt
%W [IPP EW XLI SFZMSYW TVSZMWMSR SJ KSSH WIVZMGI XS TSWMXMSR LSPHIVW MWWYMRK GSQQYRMGE
XMSRW EPWS TVSZMHIW XLI 783 [MXL ER MRJSVQEP QIERW SJ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
VIGSRGMPMRK [MXL FSXL TSWMXMSR LSPHIVW ERH TEVXMIW [MXL [LSQ GPEMQW LEZI FIIR MHIRXMwIH
7YGL VIGSRGMPMEXMSRW X]TMGEPP] MRGPYHI
IRXMXPIH TSWMXMSRW S[RIVWLMT TSWMXMSRW ERH PSGEXMSR MRGPYHMRK YRWIXXPIH XVEHIW ERH
GSPPIGXMFPI ERH HMWFYVWEFPI VIWYPXERX IRXMXPIQIRXW
8LI FIRIwXW SJ WYGL VIGSRGMPMEXMSR LEZI FIIR HIWGVMFIH MR 'LETXIV s(IXIVQMRMRK
)RXMXPIQIRXt
'31192-'%8-2+ ;-8, 437-8-32 ,30()67

%W MRHMGEXIH TVIZMSYWP] E ZEVMIX] SJ GSQQYRMGEXMSRW XS TSWMXMSR LSPHIVW QE] SGGYV (ITIRHMRK
YTSR XLI GEXIKSV] SV WSQIXMQIW WTIGMwG X]TI SJ IZIRX XLI TSWMXMSR LSPHIV QE] VIGIMZI SRI
SV QYPXMTPI GSQQYRMGEXMSRW JVSQ XLI 783 HYVMRK XLI PMJI SJ XLI IZIRX -R XLMW [E] GSVTSVEXI
EGXMSRW GSQQYRMGEXMSRW HMJJIV JVSQ XVEHMRK GSQQYRMGEXMSRW [LIVI JSV XLI PEXXIV X]TMGEPP] E
WMRKPI GSRwVQEXMSR SJ XLI XVEHI [MPP FI KIRIVEXIH YTSR XLI I\IGYXMSR SJ XLI XVEHI
*SV XLI TYVTSWIW SJ XLMW GLETXIV IEGL ZEVMIX] SJ GSQQYRMGEXMSR [MPP FI ORS[R EW E sX]TIt
[MXL IEGL X]TI VITVIWIRXMRK E YRMUYI GSQFMREXMSR SJ GLEVEGXIVMWXMGW
'LEVEGXIVMWXMGW SJ 'SQQYRMGEXMSR 8]TIW
8LI GLEVEGXIVMWXMGW SJ IEGL X]TI SJ GSQQYRMGEXMSR VIxIGX XLI VIEWSRW JSV XLI GSQQYRMGEXMSR
XLI X]TI SJ TSWMXMSR EKEMRWX [LMGL XLI GSQQYRMGEXMSR MW FIMRK MWWYIH ERH XLI XMQMRK ERH
JVIUYIRG] SJ XLI GSQQYRMGEXMSR [MXLMR XLI PMJIG]GPI SJ XLI IZIRX 8LI GSQFMREXMSR SJ XLIWI
GLEVEGXIVMWXMGW [MPP MR XYVR HMGXEXI XLI GSRXIRX SJ XLI GSQQYRMGEXMSR 8LI HIwRMXMSRW SJ WYGL
GLEVEGXIVMWXMGW EVI EW JSPPS[W ERH EVI MPPYWXVEXIH MR XLI HIwRMXMSR SJ GSQQYRMGEXMSR X]TIW MR
7IGXMSR
6IEWSRW JSV 'SQQYRMGEXMRK
'SQQYRMGEXMSRW QE] FI TYVIP] SJ ER MRJSVQEXMZI REXYVI JSV I\EQTPI GSQQYRMGEXMSR SJ XLI
IZIRX XIVQW SV QE] VIUYMVI E VIWTSRWI JVSQ XLI VIGMTMIRX EW MW XLI GEWI JSV XLSWI IZIRXW [LIVI
XLI TSWMXMSR LSPHIVW EVI VIUYMVIH XS MRHMGEXI ER EGXMSR XS XLI 783 WYGL EW IPIGXMSRW VIJIV

XS 'LETXIV s'SRGITXW SJ )ZIRXW [MXL )PIGXMSRWt JSV QSVI HIXEMP (MJJIVIRX MRJSVQEXMSR
[MPP FI GSQQYRMGEXIH XS XLI TSWMXMSR LSPHIV EX HMJJIVIRX XMQIW XLVSYKLSYX XLI PMJIG]GPI JSV
I\EQTPI GSQQYRMGEXMSR SJ IZIRX XIVQW ERH GSQQYRMGEXMSR SJ VIWYPXERX IRXMXPIQIRX
8]TIW SJ 4SWMXMSR
8LI HMJJIVIRX X]TIW SJ TSWMXMSRW EKEMRWX [LMGL XLI GSQQYRMGEXMSR MW FIMRK KIRIVEXIH QE]
KMZI VMWI XS HMJJIVIRX X]TIW SJ GSQQYRMGEXMSRW *SV I\EQTPI XLI X]TIW SJ GSQQYRMGEXMSRW
MWWYIH XS TSWMXMSR LSPHIVW [MPP KIRIVEPP] HMJJIV XS XLSWI EKEMRWX YRWIXXPIH XVEHIW -R FSXL GEWIW
GSQQYRMGEXMSR SJ VIWYPXERX IRXMXPIQIRX MW VIUYMVIH FYX MR XLI GEWI SJ ER YRWIXXPIH XVEHI XLMW
GSQQYRMGEXMSR GSRWXMXYXIW E GPEMQ
8MQMRK SJ 'SQQYRMGEXMSR
8LI XMQMRK SJ IEGL GSQQYRMGEXMSR MW MRXVMRWMGEPP] XMIH XS XLI VIEWSRW JSV XLI GSQQYRMGEXMSR
ERH XLI X]TI SJ TSWMXMSR EKEMRWX [LMGL MX MW KIRIVEXIH *SV I\EQTPI XLI GSQQYRMGEXMSR SJ
IZIRX XIVQW [SYPH X]TMGEPP] FI KIRIVEXIH IEVP] MR XLI IZIRX PMJIG]GPI [LIR IRXMXPIH TSWMXMSRW
MRGPYHMRK YRWIXXPIH XVEHIW EVI MRMXMEPP] MHIRXMwIH [LMPWX XLI GSQQYRMGEXMSR SJ XLI VIWYPXERX
IRXMXPIQIRX [MPP SGGYV XS[EVHW XLI IRH SJ XLI PMJIG]GPI SRGI TSWMXMSRW ERH VIWYPXERX IRXMXPIQIRX
GEPGYPEXMSRW EVI wREPMÎH
*VIUYIRG] SJ 'SQQYRMGEXMSR
7SQI X]TIW SJ GSQQYRMGEXMSRW QE] FI MWWYIH SRP] SRGI HYVMRK XLI PMJI SJ XLI IZIRX [LMPWX
SXLIVW QE] FI MWWYIH SR QYPXMTPI SGGEWMSRW 8]TMGEPP] XLSWI XLEX EVI MWWYIH SR QYPXMTPI
SGGEWMSRW EVI XLSWI XLEX VIUYMVI ER EGXMSR JVSQ XLI TEVX] XS [LSQ XLI GSQQYRMGEXMSR MW
MWWYIH ERH [LIR RSXMwGEXMSR SJ XLEX EGXMSR LEW RSX FIIR VIGIMZIH F] XLI 783 *SV I\EQTPI
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MX MW RSVQEPP] RSX TSWWMFPI JSV TEVXMEP YRMXW SJ XLI IRXMXPIQIRX WIGYVMX] XS FI HMWXVMFYXIH ER
I\GITXMSR XS XLMW RSVQ MW JSV I\EQTPI QYXYEP JYRH YRMX HMWXVMFYXMSRW 8LI VIWYPX SJ ETTP]MRK XLI
JVEGXMSRW GSRHMXMSRW [MPP FI XS VSYRH XLI VIWYPXERX WIGYVMXMIW IRXMXPIQIRX XS [LSPI HIRSQMREXIH
YRMXW SV XVEHIEFPI PSXW VIJIV XS 'LETXIV s7XEXMG (EXEt JSV XLI HIWGVMTXMSR SJ HIRSQMREXIH
YRMXW ERH XVEHIEFPI PSXW
'SRHMXMSRW JSV XLI XVIEXQIRX SJ JVEGXMSRW EVI VEVIP] VIUYMVIH JSV VIWYPXERX GEWL IRXMXPIQIRXW EW
XLI ERRSYRGIH GEWL VEXI MW RSVQEPP] MR XLI WXERHEVH HIGMQEP ZEPYIW SJ XLI IRXMXPIQIRX GYVVIRG]
ERH XLIVIJSVI RS JVEGXMSRW [MPP EVMWI
6SYRHMRK VYPIW SJ XLI IZIRX [MPP HMGXEXI XLI GSRHMXMSRW JSV XLI VSYRHMRK SJ XLI VIWYPXERX
WIGYVMXMIW IRXMXPIQIRX [LIVI XLI ETTPMGEXMSR SJ XLI WIGYVMXMIW VEXMS VIWYPXW MR E JVEGXMSREP YRMX
*SV I\EQTPI EWWYQI ER YRHIVP]MRK LSPHMRK SJ %&' ERH E WIGYVMXMIW VEXMS SJ SRI RI[
WLEVI JSV IZIV] JSYV LIPH %W E VIWYPX SJ XLI IRXMXPIQIRX GEPGYPEXMSR XLI LSPHIV [SYPH FI IRXMXPIH
XS RI[ WLEVIW -X MW RSX TSWWMFPI XS HMWXVMFYXI SJ E WLEVI WS XLMW IRXMXPIQIRX [MPP
VIUYMVI JVEGXMSREP VSYRHMRK
8LI QSWX GSQQSR GSRHMXMSRW JSV XLI VSYRHMRK SJ E JVEGXMSREP WIGYVMXMIW IRXMXPIQIRX EVI
6SYRH YT ER] JVEGXMSR XS XLI RI\X [LSPI YRMX
6SYRH YT JVEGXMSRW SJ ERH EFSZI XS XLI RI\X [LSPI YRMX ERH VSYRH HS[R JVEGXMSRW PIWW
XLER XS XLI TVIZMSYW [LSPI YRMX
6SYRH HS[R JVEGXMSRW SJ ERH FIPS[ XS XLI TVIZMSYW [LSPI YRMX ERH VSYRH YT JVEGXMSRW
QSVI XLER XS XLI RI\X [LSPI YRMX
6SYRH HS[R ER] JVEGXMSR XS XLI TVIZMSYW [LSPI YRMX
(MWXVMFYXI GEWL MR PMIY SJ WIGYVMXMIW JVEGXMSRW
2SXI MR GEWIW [LIVI JVEGXMSRW EVI VSYRHIH HS[R XS XLI TVIZMSYW [LSPI YRMX TSMRXW ERH
EFSZI XLI IZIRX XIVQW QE] MRGPYHI XLI STXMSR JSV XLI TSWMXMSR LSPHIV XS TYVGLEWI E JVEGXMSR
SJ E YRMX MR SVHIV XS VSYRH YT MXW LSPHMRK XS XLI RI\X [LSPI YRMX

'SVTSVEXI %GXMSRW
8EFPI MPPYWXVEXIW XLI HMJJIVMRK VIWYPXERX IRXMXPIQIRXW XLEX QE] FI GEPGYPEXIH EGGSVHMRK
XS XLI JVEGXMSRW GSRHMXMSRW SJ XLI IZIRX YWMRK E RYQFIV SJ HMJJIVIRX IZIRX VEXMSW FEWIH YTSR ER
YRHIVP]MRK LSPHMRK SJ WLEVIW ERH GEWL JSV JVEGXMSRW XIVQW SJ +&4 TIV WLEVI 2SXI
XLEX [MXLMR 8EFPI IEGL RYQFIVIH GSPYQR GSVVIWTSRHW XS XLI RYQFIVIH VSYRHMRK VYPIW
EFSZI
8EFPI
)ZIRX
6EXMS
9RVSYRHIH
)RXMXPIQIRX
JSV

JSV

JSV

WLEVIWERH
+&4
WLEVIWERH
+&4
WLEVIWERH
+&4
7IGYVMXMIW 6EXMS 'EPGYPEXMSR 7IUYIRGI

8LI GEPGYPEXMSR WIUYIRGI VIJIVW XS XLI SVHIV MR [LMGL XLI YRHIVP]MRK LSPHMRK MW QYPXMTPMIH ERH
HMZMHIH F] XLI WIGYVMXMIW VEXMS ERH XLEX JVEGXMSR GSRHMXMSRW EVI ETTPMIH
8LI WIUYIRGI MR [LMGL XLIWI WXITW EVI TIVJSVQIH QE] VIWYPX MR HMJJIVMRK VIWYPXERX IRXMXPI
QIRXW ERH EW [MXL EPP SXLIV IZIRX GSRHMXMSRW MX MW MQTSVXERX XLEX XLI 783 GSVVIGXP] MRXIVTVIXW
XLI IZIRX XIVQW MR SVHIV XS GEPGYPEXI VIWYPXERX IRXMXPIQIRXW EGGYVEXIP]
8LI QSWX GSQQSR GEPGYPEXMSR WIUYIRGI MW XLI JSPPS[MRK [LMGL LEW EPWS FIIR XLEX YWIH MR
EPP XLI TVIZMSYW I\EQTPIW MR XLMW GLETXIV
(MZMHI 1YPXMTP] 6SYRH
(MZMHI XLI YRHIVP]MRK UYERXMX] F] XLI WIGSRH RYQFIV SJ XLI VEXMS HMZMWSV XLIR
1YPXMTP] XLI VIWYPX F] XLI wVWX RYQFIV QYPXMTPMIV XLIR wREPP]
%TTP] JVEGXMSR VSYRHMRK VYPI
9WMRK E VEXMS SJ X[S JSV XLVII )YVSTIER WX]PI HMWVIKEVHMRK JVEGXMSRW ERH EWWYQMRK E LSPHMRK
SJ <<< WLEVIW XLI IRXMXPIQIRX [SYPH FI GEPGYPEXIH EW JSPPS[W
(MZMHI LSPHMRK F] ! QYPXMTP] F] ! ERH
VSYRH HS[R JVEGXMSRW XS XLI TVIZMSYW [LSPI YRMX
8LMW TVSHYGIW ER IRXMXPIQIRX SJ WLEVIW
8[S SXLIV WIUYIRGIW MRGPYHI XLI JSPPS[MRK
(MZMHI 6SYRH 1YPXMTP]
(MZMHI XLI YRHIVP]MRK UYERXMX] F] XLI WIGSRH RYQFIV SJ XLI VEXMS HMZMWSV XLIR
%TTP] JVEGXMSR VSYRHMRK VYPI XS XLI VIWYPX XLIR wREPP]
1YPXMTP] XLI VIWYPX F] XLI wVWX RYQFIV QYPXMTPMIV

(MZMHI LSPHMRK F] ! HMWVIKEVH JVEGXMSRW ERH QYPXMTP] F]
!
1YPXMTP] (MZMHI 6SYRH
1YPXMTP] XLI YRHIVP]MRK UYERXMX] F] XLI wVWX RYQFIV QYPXMTPMIV XLIR
(MZMHI XLI VIWYPX F] XLI WIGSRH RYQFIV HMZMWSV XLIR wREPP]
%TTP] JVEGXMSR VSYRHMRK VYPI
1YPXMTP] LSPHMRK F] ! HMZMHI F] ! ERH VSYRH
HS[R JVEGXMSRW XS XLI TVIZMSYW [LSPI YRMX
8LI HMJJIVMRK VIWYPXW EGLMIZIH F] IEGL GEPGYPEXMSR WIUYIRGI GER FI GSQTEVIH [MXLMR XLI
EFSZI I\EQTPIW
'EPGYPEXMSR SJ 6IQSZEP SJ 9RHIVP]MRK 7IGYVMXMIW ,SPHMRKW
;LIVI XLI IZIRX MW E VISVKERMÊXMSR LSPHMRKW MR XLI YRHIVP]MRK WIGYVMX] EVI RSVQEPP] VIQSZIH
MR JYPP SV MR TEVX EW E VIWYPX SJ XLI IZIRX -R XLMW GEWI XLI IZIRX XIVQW [MPP EPWS MRGPYHI XLI
GSRHMXMSRW JSV XLI VIQSZEP SJ XLI YRHIVP]MRK WIGYVMX] ERH XLI 783 [MPP RIIH XS MRGPYHI XLMW
GEPGYPEXMSR MR XLI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW
-R XLI QENSVMX] SJ GEWIW XLI VIQSZEP SJ LSPHMRKW MR XLI YRHIVP]MRK WIGYVMX] [MPP FI WS
XLI GEPGYPEXMSR MW UYMXI WXVEMKLXJSV[EVH 3R SXLIV SGGEWMSRW XLI XIVQW SJ XLI IZIRX HMGXEXI XLEX
SRP] TEVX SJ XLI YRHIVP]MRK LSPHMRK FI VIQSZIH -R WYGL GMVGYQWXERGIW XLI XIVQW [MPP MRHMGEXI
XLI TIVGIRXEKI SJ XLI YRHIVP]MRK LSPHMRK XS FI VIQSZIH
'EPGYPEXMSR SJ 'EWL 4E]EFPI XS XLI -WWYIV
% ZIV] PMQMXIH RYQFIV SJ QERHEXSV] IZIRXW WYGL EW E QERHEXSV] IUYMX] GEPP [MPP EPWS MRGPYHI
XLI TE]QIRX SJ GEWL XS XLI MWWYIV MR SVHIV JSV XLI TSWMXMSR LSPHIV XS VIGIMZI MXW WIGYVMXMIW
IRXMXPIQIRX
-R WYGL IZIRXW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP GEPGYPEXI XLI UYERXMX] SJ RI[ WIGYVMXMIW
XS FI VIGIMZIH XSKIXLIV [MXL XLI GEWL TE]EFPI
8LI GEWL TE]EFPI XS XLI MWWYIV [MPP X]TMGEPP] FI GEPGYPEXIH F] ETTP]MRK XLI GEWL TVMGI MR
GPYHIH MR XLI IZIRX XIVQW XS XLI VIWYPXERX WIGYVMXMIW IRXMXPIQIRX 8LMW QIERW XLEX E HITIRHIRG]
[MPP I\MWX FIX[IIR XLI X[S GEPGYPEXMSRW [MXL XLI GEPGYPEXMSR SJ XLI WIGYVMXMIW IRXMXPIQIRX FIMRK
VIUYMVIH XS FI TIVJSVQIH TVMSV XS XLI GEPGYPEXMSR SJ XLI GEWL TE]QIRX
8LI XSTMG SJ GEWL TE]EFPI XS XLI MWWYIV MW I\TPSVIH JYVXLIV [MXLMR 'LETXIV s1EREKIQIRX
SJ :SPYRXEV] )ZIRXWt [LMGL EPWS MRGPYHIW I\EQTPI GEPGYPEXMSRW

'SVTSVEXI %GXMSRW
'%0'90%8-32 3* 6)7908%28 )28-80)1)287 %+%-278

3;2)67,-4 437-8-327
8S HEXI XLVSYKLSYX XLMW GLETXIV XLI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW LEW FIIR FEWIH WMQTP]
YTSR XLI ETTPMGEXMSR SJ XLI IZIRX XIVQW IK VEXMSW VSYRHMRK VYPIW XS XLI UYERXMX] SJ XLI IRXMXPIH
LSPHMRK
-R XLI GEWI SJ TSWMXMSR LSPHIVW XLI IRXMXPIH LSPHMRK X]TMGEPP] VIxIGXW XLIMV IRXMXPIH TSWMXMSR
EW E VIWYPX SJ EGGYQYPEXIH GYQ XVEHMRK MVVIWTIGXMZI SJ [LIXLIV ER] SJ XLSWI XVEHIW EVI EGXYEPP]
WIXXPIH ERH EVI VIxIGXIH MR XLI WIXXPIH GYWXSHMER TSWMXMSR SV RSX EW HIWGVMFIH MR 'LETXIV
s(IXIVQMRMRK )RXMXPIQIRXt -X MW MR JEGX XLI PSGEXMSRW SJ XLI S[RIVWt IRXMXPIH TSWMXMSRW XLEX
VIxIGXW XLI UYERXMX] WIXXPIH EW WIXXPIH GYWXSHMER TSWMXMSR ERH XLI UYERXMX] WXMPP XS FI WIXXPIH
EW YRWIXXPIH XVEHIW
;I LEZI KIRIVMGEPP] VIJIVVIH XS XLI VIWYPXERX IRXMXPIQIRX GEPGYPEXIH EKEMRWX ER YRWIXXPIH
XVEHI EW E sGPEMQt MR JEZSYV SV EKEMRWX XLI 783 8S HEXI RS HMVIGX VIPEXMSRWLMT LEW FIIR
HVE[R FIX[IIR XLI TSWMXMSR LSPHIV JSV [LSQ XLI YRWIXXPIH XVEHI [EW SVMKMREPP] I\IGYXIH
ERH XLI YRWIXXPIH XVEHI 8LI GSPPIGXMSR F] XLI 783 SJ E GPEMQIH VIWYPXERX IRXMXPIQIRX JVSQ E
GSYRXIVTEVX] MW WMQTP] I\TIGXIH XS GSZIV XLI HMWFYVWEFPI SFPMKEXMSRW SJ XLI 783 XS MXW ZEVMSYW
TSWMXMSR LSPHIVW XLIVIJSVI XLMW MW RSX HMWWMQMPEV XS XLI GSPPIGXMSR SJ XLI VIWYPXERX IRXMXPIQIRX
JVSQ XLI GYWXSHMER
2SRIXLIPIWW EGGSVHMRK XS XLI X]TI SJ IZIRX [LIXLIV XLI VIWYPXERX IRXMXPIQIRX MW GSPPIGXIH
JVSQ XLI GSYRXIVTEVX] SJ ER YRWIXXPIH XVEHI SV JVSQ E GYWXSHMER MR VIWTIGX SJ E WIXXPIH GYWXSHMER
TSWMXMSR [MPP EJJIGX XLI [E] XLEX XLI 783 GEPGYPEXIW XLI VIWYPXERX IRXMXPIQIRX EKEMRWX E TSWMXMSR
LSPHIVtW IRXMXPIH TSWMXMSR
8]TMGEPP] [LIR GEPGYPEXMRK XLI VIWYPXERX IRXMXPIQIRX EKEMRWX E TSWMXMSR LSPHIVtW IRXMXPIH
TSWMXMSR XLI 783 [MPP HMWXMRKYMWL FIX[IIR
FIRIwXW ERH
VISVKERMÊXMSRW
&IRIwX )ZIRXW
&IRIwX IZIRXW EVI XLSWI IZIRXW XLEX VIWYPX MR ER MRGVIEWI XS XLI TSWMXMSR LSPHIVtW WIGYVMXMIW SV
GEWL TSWMXMSR [MXLSYX EPXIVMRK XLI YRHIVP]MRK WIGYVMX] JSV I\EQTPI E FSRYW MWWYI %W WYGL
[LIVI ER YRWIXXPIH XVEHI I\MWXW XLI WIGYVMXMIW SV GEWL VIWYPXMRK JVSQ XLI FIRIwX [MPP FI GPEMQIH
MR EHHMXMSR XS XLI WIXXPIQIRX SJ XLI SVMKMREP XVEHI ERH WYGL GPEMQW RSVQEPP] LEZI RS MQTEGX
SR XLI UYERXMX] SV WIGYVMX] SJ XLI SVMKMREP XVEHI
-R XLMW MRWXERGI XLI 783 [MPP GEPGYPEXI XLI VIWYPXERX IRXMXPIQIRXW HYI XS FI HMWFYVWIH XS
TSWMXMSR LSPHIVW FEWIH YTSR XLIMV EGGYQYPEXIH GYQ XVEHMRK 8LI GEPGYPEXMSR SJ VIWYPXERX IRXMXPI
QIRXW XS FI GSPPIGXIH JVSQ PSGEXMSRW FSXL WIXXPIH GYWXSHMER ERH YRWIXXPIH XVEHIW [MPP SGGYV
ZMVXYEPP] MRHITIRHIRXP] 'PEMQW GSPPIGXIH EKEMRWX YRWIXXPIH XVEHIW [MPP WMQTP] GSZIV XLI 783tW
ZEVMSYW HMWFYVWEFPI SFPMKEXMSRW
-R XLI GEWI SJ VISVKERMÊXMSR IZIRXW YRPMOI FIRIwXW XLI IJJIGX SJ XLI IZIRX MW XS VIWLETI SV
VIWXVYGXYVI XLI TSWMXMSR LSPHIVtW YRHIVP]MRK WIGYVMXMIW TSWMXMSR 8LIVIJSVI [LIVI ER YRWIXXPIH
XVEHI I\MWXW XLI VIWYPXERX IRXMXPIQIRX [MPP RSX FI MR EHHMXMSR XS XLI SVMKMREP YRWIXXPIH XVEHI

FYX [MPP MR JEGX VITPEGI XLI XVEHIH UYERXMX] ERHSV WIGYVMX] SJ XLI YRWIXXPIH XVEHI 8LI EGX SJ
VITPEGIQIRX SJ YRWIXXPIH XVEHIW MW ORS[R EW XVERWJSVQEXMSR 8LI IZIRXYEP WIXXPIQIRX SJ XVERW
JSVQEXMSRW MW HIWGVMFIH MR QSVI HIXEMP MR 'LETXIV s'SPPIGXMSR(MWFYVWIQIRX SJ 6IWYPXERX
)RXMXPIQIRXWt
;LIR XLI YRWIXXPIH XVEHI [EW SVMKMREPP] XVERWEGXIH XLI 783 [MPP LEZI [MXLMR MXW TSWMXMSR
OIITMRK VIGSVHW YTHEXIH XLI TSWMXMSR LSPHIVtW TSWMXMSR S[RIVWLMT ERH EX XLI WEQI XMQI
TEWWIH IRXVMIW MRHMGEXMRK XLI STIR XVEHI [MXL XLI GSYRXIVTEVX] PSGEXMSR 6IJIV XS 'LETXIV
s7IGYVMXMIW 4SWMXMSR 1EREKIQIRXt &SXL SJ XLIWI IRXVMIW [MXLMR XLI 783tW TSWMXMSR OIITMRK
VIGSVHW EVMWI EW E VIWYPX SJ XLI WMRKPI XVEHI ERH [MPP EHLIVI XS XLI TVMRGMTPIW SJ HSYFPI IRXV]
FSSOOIITMRK
;LIR XLI YRWIXXPIH XVEHI MW XVERWJSVQIH EW E VIWYPX SJ E VISVKERMÊXMSR IZIRX XLI XVEHIH
UYERXMX] ERHSV WIGYVMX] SJ XLI XVEHI [MPP FI EQIRHIH ERH GSRWIUYIRXP] XLI SVMKMREP XVEHI
IRXVMIW XS XLI 783tW WIGYVMX] TSWMXMSR OIITMRK [MPP EPWS FI EQIRHIH XS VIxIGX XLI RI[ UYERXMX]
ERHSV WIGYVMX] SJ XLI XVEHI 8LMW [MPP MRGPYHI EW MX HMH SR XLI SVMKMREP XVEHI ER IRXV] XS VIxIGX
XLI XVEHI MR XLI TSWMXMSR LSPHIVtW TSWMXMSR -X MW XLIVIJSVI RIGIWWEV] JSV XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX XS EZSMH HYTPMGEXMRK XLI IJJIGX SJ XLMW MR XLI TSWMXMSR LSPHIVtW SZIVEPP TSWMXMSR
ERH I\GPYHI MX JVSQ ER] SXLIV GEPGYPEXMSRW SJ VIWYPXERX IRXMXPIQIRXW HYI XS FI HMWFYVWIH XS XLI
TSWMXMSR LSPHIV
8S HS XLMW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP I\GPYHI XLI UYERXMX] SJ ER] YRWIXXPIH XVEHIW
JVSQ XLI TSWMXMSR LSPHIVtW IRXMXPIH TSWMXMSR ERH XLIVIJSVI XLI VIWYPXERX IRXMXPIQIRX GEPGYPEXIH
HMVIGXP] EKEMRWX XLI TSWMXMSR LSPHIV [MPP FI FEWIH YTSR XLEX VIQEMRMRK UYERXMX] SJ MXW IRXMXPIH
LSPHMRK XLEX VITVIWIRXW WIXXPIH XVEHIW [LMGL MR XYVR MW VIxIGXIH [MXLMR XLI WIXXPIH GYWXSHMER
TSWMXMSRW XLMW TSVXMSR SJ XLI TSWMXMSR LSPHIVWt IRXMXPIH TSWMXMSR [MPP FI ORS[R EW XLI WIXXPIH
IRXMXPIH TSWMXMSR %R] VIWYPXERX IRXMXPIQIRX HYI XS XLI TSWMXMSR LSPHIV EW E VIWYPX SJ YRWIXXPIH
XVEHIW [MPP FI TEWWIH XS MX ZME XLI XVERWJSVQEXMSR SJ XLI YRWIXXPIH XVEHI
8LMW GSRGITX MW MPPYWXVEXIH ZME XLI JSPPS[MRK I\EQTPI %WWYQI
% SRI JSV X[S GSRWSPMHEXMSR SV VIZIVWI WTPMX [LIVI %&' 7+( 3VHMREV] 7LEVIW EVI
VITPEGIH F] %&' 7+( 3VHMREV] 7LEVIW
&SSO % MW PSRK %&' 7+( 3VHMREV] 7LEVIW SJ [LMGL WLEVIW EVI WIXXPIH
8LI JYVXLIV %&' 7+( 3VHMREV] 7LEVIW TYVGLEWIH SR E GYQ FEWMW JVSQ 'SYR
XIVTEVX] < SR FILEPJ SJ 8VEHMRK &SSO % VIQEMR YRWIXXPIH EW EX XLI VIGSVH HEXI SJ XLI IZIRX
(ITSX = LEW E WIXXPIH TSWMXMSR SJ %&' 7+( 3VHMREV] 7LEVIW
8LI WIGYVMX] TSWMXMSRW JSV %&' 7+( 3VHMREV] 7LEVIW EW EX XLI VIGSVH HEXI [MPP ETTIEV EW
WLS[R MR 8EFPI
8EFPI
%&'7+(3VHMREV]7LEVIW
3[RIVWLMT
8VEHMRK&SSOs%t

i
i
i
0SGEXMSR
'YWXSHMER=1EMR%'
'SYRXIVTEVX]s<t
8LI VIWYPXERX IRXMXPIQIRX GEPGYPEXIH EKEMRWX XLI YRWIXXPIH XVEHI JSV %&' 7+(
3VHMREV] 7LEVIW SR FILEPJ SJ 8VEHMRK &SSO % [MXL 'SYRXIVTEVX] < [MPP VIWYPX MR XLI

'SVTSVEXI %GXMSRW
XVERWJSVQEXMSR SJ XLMW XVEHI XS XLI JSPPS[MRK

4YVGLEWI %&' 7+( 3VHMREV] 7LEVIW SR FILEPJ SJ 8VEHMRK &SSO % JVSQ 'SYR
XIVTEVX] <
%W E GSRWIUYIRGI XLI XVEHMRK FSSOtW TSWMXMSR MR %&' 7+( 3VHMREV] 7LEVIW [MPP FI
VIHYGIH F] WLEVIW ERH E TSWMXMSR SJ %&' 7+( 3VHMREV] 7LEVIW [MPP FI
GVIEXIH
3YX SJ XLI XSXEP IRXMXPIQIRX MI WLEVIW HYI XS XLI XVEHMRK FSSO EW XLI VIWYPXERX
IRXMXPIQIRX VIPEXMRK XS WLEVIW [MPP FI XVERWJSVQIH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
[MPP I\GPYHI XLEX XVERWJSVQIH EQSYRX JVSQ IRXMXPIQIRX GEPGYPEXMSRW VIPEXMRK XS XLI VIQEMRMRK
WLEVIW MI XLI WIXXPIH IRXMXPIH TSWMXMSR
;MXL VIWTIGX XS XLI XVEHMRK FSSOtW XSXEP VIWYPXERX IRXMXPIQIRX MR XLMW I\EQTPI XLI GEPGYPEXMSRW
WLS[R MR 8EFPI ETTP]
8EFPI
4EVX]
&SSO%
&SSO%i
'SYRXIVTEVX]<
8SXEP)RXMXPIH
4SWMXMSR

%&'7+(
3VHMREV]7LEVIW
7IXXPIH)RXMXPIH
9RWIXXPIH8VEHI
4SWMXMSR
XSFI8VERWJSVQIH

%&'7+(
3VHMREV]7LEVIW

2SXI XLEX XLI XSXEP VIWYPXERX IRXMXPIQIRX MW %&' 7+( 3VHMREV] 7LEVIW &] [E] SJ
TVSZMRK XLMW wKYVI LEH XLI GEPGYPEXMSR QIXLSH MRZSPZIH XLI HMVIGX HMZMWMSR SJ XLI XSXEP IRXMXPIH
TSWMXMSR F] X[S XLI VIWYPX [SYPH LEZI FIIR MHIRXMGEP
&%0%2'-2+ 6)7908%28 )28-80)1)287

8LI FEPERGMRK SJ GSPPIGXMFPI ERH HMWFYVWEFPI IRXMXPIQIRXW MW ER MRXIVREP WXIT WMQMPEV XS XLI
FEPERGMRK SJ IRXMXPIH TSWMXMSRW MRGPYHMRK YRWIXXPIH XVEHIW VIJIV XS 'LETXIV s(IXIVQMRMRK
)RXMXPIQIRXt [LMGL MR XLMW GEWI IRWYVIW XLI MRXIKVMX] SJ XLI GEPGYPEXIH VIWYPXERX IRXMXPIQIRXW
&EPERGMRK SJ VIWYPXERX IRXMXPIQIRXW VIUYMVIW XLI WYQ SJ XLI GSPPIGXMFPI VIWYPXERX IRXMXPIQIRXW
XS IUYEP XLI WYQ SJ XLI HMWFYVWEFPI VIWYPXERX IRXMXPIQIRXW
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX GERRSX EWWYQI XLEX WMQTP] FIGEYWI XLI IRXMXPIH TSWMXMSRW
MRGPYHMRK YRWIXXPIH XVEHIW FEPERGI EW HIWGVMFIH MR 'LETXIV s(IXIVQMRMRK )RXMXPIQIRXt
XLEX XLI VIWYPXMRK IRXMXPIQIRXW [MPP EPWS FEPERGI -QFEPERGIW MR XLI VIWYPXERX IRXMXPIQIRXW QE]
SGGYV EW E VIWYPX SJ LYQER IVVSV [LIVI GEPGYPEXMSRW EVI FIMRK TIVJSVQIH QERYEPP] IMXLIV
MR XLIMV IRXMVIX] SV MR TEVX -R XLI QENSVMX] SJ GEWIW MQFEPERGIW [MPP SGGYV EW E VIWYPX SJ XLI
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TVMGI SJ XLI YRHIVP]MRK WIGYVMX] XS XLI IZIRX
8LMW X]TI SJ MQTEGX SJ IZIRXW MW NYWX EW ETTPMGEFPI XS IZIRXW [MXL IPIGXMSRW EPFIMX QSVI
IPEFSVEXI ERH PIWW TVIHMGXEFPI EW E VIWYPX SJ XLI EPXIVREXMZIW SJJIVIH F] XLI MWWYIV XS TSWMXMSR
LSPHIVW


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GLERKIW XS XLI MWWYIVtW FEPERGI WLIIX MI MXW MWWYIH GETMXEP HIFXW ERH GEWL VIWIVZIW EW E VIWYPX
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MWWYIV MW YREFPI XS MHIRXMJ] EGGYVEXIP] XLI wREP MQTEGX YRXMP EJXIV XLI GPSWI SJ XLI IZIRX [LIR EPP
TSWMXMSR LSPHIVWt IPIGXMSR HIGMWMSRW EVI ETTPMIH XS XLI FEPERGI WLIIX -R XLMW [E] FSXL QERHEXSV]
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8LI MWWYIV [MPP RSVQEPP] XEOI EHZMGI EW XS [LMGL STXMSRW XS SJJIV TSWMXMSR LSPHIVW [MXL E
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GLSMGI FIX[IIR WIGYVMXMIW SV GEWL MR E QERHEXSV] [MXL STXMSRW IZIRX XLI MWWYIV [SYPH VIUYMVI
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I\IVGMWI GSRXVSP SZIV XLI MQTEGX SJ XLI IZIRX SR MXW WIGYVMXMIW ERHSV GEWL TSWMXMSRW [MXLMR XLI
WGSTI SJ XLI STXMSRW SJJIVIH F] XLI MWWYIV -RHIIH [LIVI XLI IZIRX MW ZSPYRXEV] XLI TSWMXMSR
LSPHIV QE] GLSSWI RSX XS TEVXMGMTEXI EX EPP XLIVIF] LEZMRK RS MQTEGX SR MXW TSWMXMSRW
8LMW HMJJIVIRGI XS XLI TSWMXMSR LSPHIV [LIVI XLI IZIRX MRGPYHIW STXMSRW MW SJ JYRHEQIRXEP
MQTSVXERGI EW XLI GLSMGI FIX[IIR STXMSRW EZEMPEFPI XS XLI TSWMXMSR LSPHIV FIGSQIW ER MRZIWX
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RMGEXIH XS TSWMXMSR LSPHIVW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP MR EHHMXMSR XS XLI KIRIVMG
PMJIG]GPI GSPPEXI XLI VIGIMTX SJ IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW ERH MWWYI IPIGXMSR
HIGMWMSRW XS XLI PSGEXMSR SJ XLSWI TSWMXMSRW 8LIWI WXITW [MPP GSRXMRYI YRXMP XLI ETTVSTVMEXI
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JSPPS[MRK X[S GLETXIVW
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IPIGXMSRW EVI HIEPX [MXL MRGSVVIGXP] SV RSX MR E XMQIP] QERRIV

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MR XLI IZIRX F] XLI TSWMXMSR LSPHIV MW QERHEXSV] LS[IZIV XLI TSWMXMSR LSPHIV [MPP FI KMZIR
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sHIJEYPXt GLSMGI XS XLI TSWMXMSR LSPHIV 8LEX MW XS WE] XLEX MR XLI GEWI SJ RS IPIGXMSR HIGMWMSR
FIMRK QEHI XLI MWWYIV [MPP EYXSQEXMGEPP] EPPSGEXI ER STXMSR XS XLI TSWMXMSR LSPHIV MR SVHIV XS
GEPGYPEXI XLI VIWYPXERX IRXMXPIQIRX 8LMW MW GSQQSR [LIVI IZIRXW EVI STXMSREP ERH TEVXMGMTEXMSR
MR XLI IZIRX MW QERHEXSV] 8LMW MW VITVIWIRXIH MR *MKYVI
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TSWMXMSR LSPHIVW MRGSVVIGX GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW ERH XLI MRIZMXEFPI VMWO SJ XLI
783 MRGYVVMRK PSWWIW

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SJ IPIGXMSR HIGMWMSRW 8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX IRWYVI XLEX XLIWI HIEHPMRIW EVI
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XLI 783tW TIVWTIGXMZI XLIWI HIEHPMRIW GER FI GPEWWMwIH EW I\XIVREP SV MRXIVREP
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I\XIVREP XS XLI 783 MI XLI PSGEXMSR SJ TSWMXMSRW [LIXLIV XLEX FI XLI MWWYIV XLI 783tW GYWXSHMER
SV E GSYRXIVTEVX] EKEMRWX [LSQ XLI 783 MW GPEMQMRK
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IPIGXMSR HIGMWMSRW ERH X]TMGEPP] MRHMGEXIW FSXL E HEXI ERH XMQI ;LIVI XLI 783 MW RSXMJ]MRK
XLI MWWYIV HMVIGXP] SJ MXW IPIGXMSR HIGMWMSRW MI RSX ZME MXW GYWXSHMER XLMW MW XLI PEWX HEXI ERH
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783 8LMW HEXI [MPP TSXIRXMEPP] HMJJIV JSV IEGL GSYRXIVTEVX] [MXL [LSQ XLI 783 LEW E GPEMQ
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EKEMRWX IEGL GPEMQ
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SJ IPIGXMSR HIGMWMSRW JVSQ MXW TSWMXMSR LSPHIVW MRGPYHMRK XVEHMRK FSSOW ERH GYWXSH] GPMIRXW
XSKIXLIV [MXL HIEHPMRIW XS FI ETTPMIH XS IPIGXMSR HIGMWMSRW HYI JVSQ GSYRXIVTEVXMIW GPEMQMRK
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8LI 783 QE] WIX HMJJIVIRX MRXIVREP HIEHPMRIW EGGSVHMRK XS XLI X]TI SJ TSWMXMSR LSPHIV *SV
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8]TMGEPP] XLI 783 [SYPH EPWS WXEXI XLI EGXMSR XLEX MX [MPP XEOI MR XLI IZIRX XLEX XLI TSWMXMSR
LSPHIV HSIW RSX GSQQYRMGEXI MXW IPIGXMSR HIGMWMSR XS XLI 783 F] XLI HIEHPMRI VIJIV XS
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LSPHIV
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IPIGXIH F] XLI TSWMXMSR LSPHIV 7LSYPH XLI 783 MWWYI E TVIPMQMREV] IRXMXPIQIRX RSXMGI JSV E
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LSPHIV

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XS XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX WYFWIUYIRXP] MQQIHMEXIP] YTHEXMRK XLI MRJSVQEXMSR MR
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QSVI JYPP] PEXIV MR XLMW GLETXIV
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MXW IPIGXMSR HIGMWMSRW XLIWI MRWXVYGXMSRW EVI ORS[R EW WXERHMRK IPIGXMSRW 7XERHMRK IPIGXMSRW
PSKMGEPP] SRP] ETTP] [LIVI XLI GSQFMREXMSRW SJ STXMSRW EVI w\IH FEWIH YTSR XLI X]TI SJ IZIRX
IZIR XLSYKL XLI WTIGMwG VEXMSW SJ XLI STXMSR EVI RSX ORS[R MI XLI GSQFMREXMSR SJ STXMSRW
[SYPH RSX ZEV] JVSQ IZIRX XS IZIRX EGGSVHMRK XS XLI MWWYIVtW ERRSYRGIQIRX
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4PERW [LIVI FEWIH YTSR XLI HIwRMXMSR SJ XLI IZIRX XLI TSWMXMSR LSPHIV [MPP EP[E]W FI KMZIR
XLI STXMSR XS IPIGX GEWL SV EPXIVREXMZIP] VIMRZIWX XLEX GEWL MRXS RI[ WIGYVMXMIW 8LI TSWMXMSR
LSPHIVtW MRZIWXQIRX WXVEXIK] QE] FI EP[E]W XS IPIGX GEWL SV EPXIVREXMZIP] EP[E]W XS IPIGX VI
MRZIWXQIRX MRXS RI[ WIGYVMXMIW 2SXI XLEX (MZMHIRH 6IMRZIWXQIRX 4PERW EVI HIWGVMFIH JYVXLIV
[MXLMR 7IGXMSR
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7GLIQI SJ %VVERKIQIRX [LIVI IEGL MWWYIV GSYPH SJJIV ER] GSQFMREXMSR SJ WIGYVMXMIW ERHSV
GEWL
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XLI RIIH XS VIGIMZI IPIGXMSRW JVSQ XLI TSWMXMSR LSPHIV SR ER IZIRXF]IZIRX FEWMW XLIVIJSVI
EPPS[MRK XLI 783 XS EGLMIZI 784 MR XLMW MRWXERGI %R] WYGL WXEXMG HEXE QYWX EP[E]W FI EGGYVEXIP]
VIGSVHIH ERH QEMRXEMRIH EW HIWGVMFIH MR 'LETXIV [MXL ETTPMGEFPI HEXIW JVSQ [LMGL WYGL
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(IJEYPX )PIGXMSR (IGMWMSRW

;MXLMR XLI XIVQW SJ XLI IZIRX XLI MWWYIV QE] MRHMGEXI XLEX SRI SJ XLI STXMSRW EZEMPEFPI MW XLI
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STXMSR [MPP FI ETTPMIH XS XLI TSWMXMSR
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LSPHIV QYWX IPIGX EX PIEWX SRI SJ XLI STXMSRW EZEMPEFPI MI MX QYWX TEVXMGMTEXI MR XLI IZIRX
9RHIV RSVQEP GMVGYQWXERGIW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP ETTP] HIJEYPX IPIGXMSR
HIGMWMSRW XS XLI TSWMXMSRW MX MW QEREKMRK [LIVI IPIGXMSR HIGMWMSRW EVI RSX VIGIMZIH JVSQ XLI
TSWMXMSR LSPHIV SV LIPH EW WXERHMRK IPIGXMSRW F] XLI IPIGXMSR TIVMSH HIEHPMRI
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;LIVI YRWIXXPIH XVEHIW EVI MHIRXMwIH VIWYPXMRK MR TSXIRXMEP GPEMQW EKEMRWX XLI 783 XLI 'SVTSV
EXI %GXMSRW (ITEVXQIRX [MPP I\TIGX XS VIGIMZI JVSQ XLI WTIGMwG GSYRXIVTEVX] E GSQQYRMGEXMSR
VIKEVHMRK XLI STXMSRW MX [MWLIW XS IPIGX [MXL VIWTIGX XS MXW GPEMQ
1EVOIX GSRZIRXMSRW [MXL VIWTIGX XS XLI WSPMGMXMRK SJ XLMW MRJSVQEXMSR ZEV] KVIEXP] 9RPMOI
TVSGIHYVIW JSV TSWMXMSR LSPHIVW [LIVI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP EGXMZIP] VI
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MRK GSYRXIVTEVX] -J XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX HSIW RSX VIGIMZI EHZMGI SJ WYGL IPIGXMSR
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HIJEYPX STXMSR [SYPH FI ETTPMIH
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EW XLI 783 MW IRHIEZSYVMRK XS TVSXIGX XLI GPEMQMRK GSYRXIVTEVX] JSV XLI VIUYIWXIH VIWYPXERX
IRXMXPIQIRX 2SRIXLIPIWW MR WSQI QEVOIXW TVSXIGXMSR SJ XLI VIUYIWXIH STXMSR MW RSX IRJSVGIH
ERH TVSXIGXMSR QE] FI SR E sFIWX IRHIEZSYVWt FEWMW 8LMW QIERW XLEX XLI 783 MW VIUYMVIH SRP] XS
HS MXW FIWX XS WEXMWJ] ER] IPIGXMSR HIGMWMSR SJ XLI GPEMQMRK GSYRXIVTEVX] ERH QE] FI EPPS[IH XS
WEXMWJ] XLI GPEMQ ZME XLI HIPMZIV] SJ SRI SJ XLI EPXIVREXMZI STXMSRW 2SXI XLEX XLMW MW QSVI GSQQSR
MR XLI GEWI SJ ZSPYRXEV] IZIRXW VIJIV XS 'LETXIV s1EREKIQIRX SJ :SPYRXEV] )ZIRXWt
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9TSR VIGIMTX SJ IPIGXMSR HIGMWMSRW MVVIWTIGXMZI SJ XLI WSYVGI XLI 'SVTSVEXI %GXMSRW (ITEVX
QIRX QYWX VIGSVH TVSQTXP] ERH EGGYVEXIP] MR MXW VIGSVHW XLI JSPPS[MRK MRJSVQEXMSR
XLI WTIGMwG TSWMXMSR LSPHIV
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XLI WTIGMwG STXMSR IPIGXIH
%HHMXMSREP EYHMX XVEMP VIPEXIH MRJSVQEXMSR [SYPH X]TMGEPP] EPWS MRGPYHI
XLI HEXI SJ XLI IPIGXMSR HIGMWMSR
XLI QIHMYQ F] [LMGL XLI IPIGXMSR HIGMWMSR [EW GSRZI]IH
XLI WSYVGI SJ XLI IPIGXMSR HIGMWMSR MRGPYHMRK XLI TIVWSRW VIWTSRWMFPI JSV QEOMRK XLI IPIGXMSR
HIGMWMSR
XLI HEXI SJ VIGSVHMRK XLI IPIGXMSR HIGMWMSR ERH F] [LSQ
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FI SZIVWXEXIH )VVSVW ERH HIPE]W QE] GEYWI MRGSVVIGX IPIGXMSR HIGMWMSRW FIMRK WYFWIUYIRXP]
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6IGSVHMRK )PIGXMSR (IGMWMSR 5YERXMXMIW

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MRJSVQEXMSR [MPP EPPS[ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS GEPGYPEXI EGGYVEXIP]
XLI IPIGXMSR HIGMWMSRW XS FI MWWYIH XS XLI PSGEXMSR XSKIXLIV [MXL
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8LI TSWMXMSR LSPHIV QE] IJJIGXMZIP] sWTPMXt MXW LSPHMRK EGVSWW QSVI XLER SRI STXMSR SV QE]
GSQQYRMGEXI IPIGXMSR HIGMWMSRW EX QYPXMTPI XMQIW XLVSYKLSYX XLI IPIGXMSR TIVMSH JSV TEVX
UYERXMXMIW SJ MXW SVMKMREP IRXMXPIH LSPHMRK IEGL XMQI
8LI I\EQTPI WLS[R MR 8EFPI MPPYWXVEXIW XLI WGIREVMS [LIVI XLI XVEHIV VIWTSRWMFPI JSV XLI
XVEHMRK FSSO TSWMXMSR QEOIW QYPXMTPI IPIGXMSR HIGMWMSRW EKEMRWX XLI SVMKMREP YRHIVP]MRK LSPHMRK
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WLS[R
8EFPI
4SWMXMSR,SPHIV
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,SPHMRK5YERXMX]

3R WSQI SGGEWMSRW XLI TSWMXMSR LSPHIV QE] EHZMWI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX SJ XLI
EQSYRX SJ XLI VIWYPXERX IRXMXPIQIRX XLEX MX [MWLIW XS VIGIMZI VEXLIV XLER XLI LSPHMRK UYERXMX] XS
[LMGL MX ETTPMIW ;LIR XLMW SGGYVW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP RIIH XS GEPGYPEXI
XLI IUYMZEPIRX IPIGXIH LSPHMRK UYERXMX] YWMRK XLI XIVQW SJ XLI IZIRX MR SVHIV XS YTHEXI MXW
VIGSVHW [MXL XLI IPIGXIH LSPHMRK UYERXMX] -R HSMRK WS GEVI MW VIUYMVIH XS XEOI EGGSYRX SJ ER]
JVEGXMSREP HMJJIVIRGIW XLEX QE] SGGYV EW E VIWYPX SJ VSYRHMRK MR EGGSVHERGI [MXL XLI IZIRX
XIVQW
*SV I\EQTPI GSQTER] < ERRSYRGIW E 7GLIQI SJ %VVERKIQIRX [LIVIF] XLI TSWMXMSR LSPHIV
QE] IPIGX XS VIGIMZI
WIGYVMXMIW EX E VEXMS SJ SRI RI[ WLEVI JSV IZIV] JSYV I\MWXMRK WLEVIW LIPH SV
GEWL EX E VEXMS SJ )96 JSV IZIV] SRI I\MWXMRK WLEVI LIPH SV
ER] GSQFMREXMSR SJ WIGYVMXMIW ERHSV GEWL
'YWXSH] 'PMIRX 8 [LS LEW E LSPHMRK SJ WLEVIW MR 'SQTER] < GSQQYRMGEXIW XLI
JSPPS[MRK IPIGXMSR HIGMWMSR XS XLI 783 [LMGL MW WYFWIUYIRXP] GSRZIVXIH XS XLI IUYMZEPIRX
IPIGXIH LSPHMRK UYERXMX] FEWIH YTSR XLI XIVQW SJ XLI SJJIV EW WXEXIH EFSZI
IPIGX E VIWYPXERX WIGYVMXMIW IRXMXPIQIRX SJ RI[ WLEVIW ERH
XLI FEPERGI XS FI IPIGXIH EW GEWL
3R XLI FEWMW SJ XLI IZIRX XIVQW SJ SRI RI[ WLEVI JSV IZIV] JSYV LIPH WIGYVMXMIW [MPP FI
IPIGXIH EKEMRWX E LSPHMRK SJ YRHIVP]MRK WLEVIW MR SVHIV XS VIGIMZI RI[ WLEVIW
8LI FEPERGI SJ 'YWXSH] 'PMIRX 8tW LSPHMRK FIMRK YRHIVP]MRK WLEVIW [MPP VIGIMZI XLI

'SVTSVEXI %GXMSRW
GEWL STXMSR 8LMW [MPP FI VIGSVHIH MR XLI 'SVTSVEXI %GXMSRW (ITEVXQIRXtW VIGSVHW EW WLS[R MR
8EFPI
8EFPI
4SWMXMSR,SPHIV
'YWXSH]'PMIRXs8t
(EXI)PIGXMSR
(IGMWMSR
6IGIMZIH
XL3GXSFIV
XL3GXSFIV
)PIGXIH,SPHMRK
5YERXMX]
7IGYVMXMIW
'EWL

9RIPIGXIH
,SPHMRK5YERXMX]

XSXEP

:EPMHEXMRK 6IGIMZIH )PIGXMSR (IGMWMSRW

;LIR MRMXMEPP] VIGSVHMRK XLI IPIGXIH UYERXMX] ERH WTIGMwG STXMSR SJ E VIGIMZIH IPIGXMSR HIGMWMSR
ERH XLIR XLVSYKLSYX XLI IPIGXMSR TIVMSH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX IRWYVI XLI
JSPPS[MRK
XLI IPIGXIH UYERXMX] HSIW RSX I\GIIH XLI IRXMXPIH LSPHMRK UYERXMX] ERH
XLI STXMSR IPIGXIH MW MR JEGX ZEPMH JSV XLI IZIRX MR UYIWXMSR
:EPMHEXMRK XLI )PIGXIH 5YERXMX]
%W E VIWYPX SJ XVEHMRK MR XLI YRHIVP]MRK IZIRX WIGYVMX] XLVSYKLSYX XLI IPIGXMSR TIVMSH ERH
MR JEGX TSXIRXMEPP] YT YRXMP XLI IZIRXtW VIGSVH HEXI SV TE]QIRX HEXI n MX MW TSWWMFPI JSV XLI
UYERXMX] SJ XLI IRXMXPIH LSPHMRK XS GLERKI IMXLIV MRGVIEWMRK SV VIHYGMRK XLI UYERXMX] SVMKMREPP]
GSQQYRMGEXIH XS XLI TSWMXMSR LSPHIV -RMXMEPP] YTSR VIGIMTX SJ XLI IPIGXMSR HIGMWMSR MX MW
ZMXEP XS IRWYVI XLEX XLI IPIGXIH UYERXMX] HSIW RSX I\GIIH XLI IRXMXPIH UYERXMX] FYX IUYEPP] XLMW
GLIGO QYWX VIQEMR MR TPEGI XLVSYKLSYX XLI IPIGXMSR TIVMSH XS XEOI EGGSYRX SJ ER] TSXIRXMEP
GLERKIW XS XLI IRXMXPIH UYERXMX] EW E VIWYPX SJ JYVXLIV XVEHMRK
7LSYPH XLI IPIGXIH UYERXMX] I\GIIH XLI IRXMXPIH UYERXMX] EX ER] XMQI XLIR MQQIHMEXI EGXMSR
MW VIUYMVIH F] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX X]TMGEPP] ZME GSRXEGXMRK XLI TSWMXMSR LSPHIV
SV TIVWSRW VIWTSRWMFPI JSV XLI TSWMXMSR MR SVHIV XS VIWSPZI XLI HMWGVITERG]
:EPMHEXMRK XLI )PIGXIH 3TXMSR
7YFWIUYIRX XS XLI MRMXMEP ERRSYRGIQIRX SJ IZIRX XIVQW JVSQ XMQI XS XMQI XLI EZEMPEFPI
STXMSRW SV XLI XIVQW VIPEXMRK XS XLIQ QE] EPXIV %PXLSYKL XLMW MW QSVI X]TMGEP MR XEOISZIV
IZIRXW HIWGVMFIH MR 'LETXIV s'SRGITXW SJ 8EOISZIV )ZIRXWt MX GSYPH TSXIRXMEPP] SGGYV
[MXL ER] IZIRX [MXL IPIGXMSR HIGMWMSRW WYGL EW E QERHEXSV] [MXL STXMSRW IZIRX 8LI 'SVTSVEXI
%GXMSRW (ITEVXQIRX QYWX MQQIHMEXIP] MHIRXMJ] ER] WYGL GLERKIW XS IZIRX XIVQW ERH MHIRXMJ]
XLIMV MQTEGX XS IPIGXMSRW EPVIEH] VIGIMZIH 8]TMGEPP] MR WYGL GEWIW XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX [MPP GSQQYRMGEXI XLI GLERKIW XS IZIRX XIVQW XS TSWMXMSR LSPHIVW ERH VIUYIWX
XLIMV RI[ MRWXVYGXMSRW [MXL VIKEVH XS XLIMV IPIGXMSR HIGMWMSRW
1%2%+-2+ 3:)6(9) )0)'8-32 ()'-7-327

%W TVIZMSYWP] HIWGVMFIH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP X]TMGEPP] WIX ER MRXIVREP HIEH
PMRI [MXL VIWTIGX XS XLI VIGIMTX SJ IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW [MXL XLI HEXI SJ XLMW
HIEHPMRI FIMRK TVMSV XS XLSWI HIEHPMRIW XLEX ETTP] XS XLI PSGEXMSR GSQTSRIRXW

&] IRWYVMRK XLEX WYGL E HIEHPMRI MW TVMSV XS XLI PSGEXMSR HIEHPMRIW XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX WLSYPH LEZI WYJwGMIRX XMQI XS VIGIMZI EPP IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW
ERH XLIR MWWYI XLI GSVVIWTSRHMRK IPIGXMSR HIGMWMSRW XS XLI PSGEXMSR
-R EHHMXMSR XLI IEVPMIV HEXI SJ XLI MRXIVREP HIEHPMRI WLSYPH EPWS TVSZMHI XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX [MXL E TIVMSH [MXLMR [LMGL XS JSPPS[ YT YVKIRXP] ER] TSWMXMSR LSPHIVW JSV [LMGL
IPIGXMSR HIGMWMSRW LEZI RSX FIIR VIGIMZIH
8LI TVSGIWW SJ VIGSVHMRK IPIGXMSR HIGMWMSRW EW ERH [LIR XLI] EVI VIGIMZIH ERH XLIVIJSVI
MHIRXMJ]MRK ER] SYXWXERHMRK IPIGXMSR HIGMWMSRW EW MPPYWXVEXIH MR XLI TVIZMSYW WIGXMSR WLSYPH
EPPS[ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS QSRMXSV SYXWXERHMRK IPIGXMSR HIGMWMSRW YT XS ERH
MRGPYHMRK XLI MRXIVREP HIEHPMRI HEXI
%W HIWGVMFIH IEVPMIV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP RSVQEPP] MWWYI VIQMRHIVW
EKEMRWX WYGL SYXWXERHMRK IPIGXMSR HIGMWMSRW XS XLI TSWMXMSR LSPHIV 8]TMGEPP] XLI MWWYI SJ WYGL
VIQMRHIVW [SYPH GSQQIRGI MR XLI HE]W MQQIHMEXIP] TVMSV XS XLI MRXIVREP HIEHPMRI HEXI VEXLIV
XLER [EMXMRK YRXMP XLI PEWX HE] (ITIRHMRK YTSR XLI PIRKXL SJ XLI TIVMSH JVSQ XLI MRXIVREP HIEH
PMRI HEXI XS XLI HIEHPMRI HEXI ETTPMGEFPI XS XLI PSGEXMSR XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
QE] GSRXMRYI XS MWWYI WYGL VIQMRHIVW 2SRIXLIPIWW XLIVI [MPP GSQI E TSMRX MR XMQI [LIVI XLI
VIQMRHIVW EVI RS PSRKIV ETTPMGEFPI ERH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP FI VIUYMVIH XS
XEOI WTIGMwG EGXMSR [MXL VIKEVH XS XLI SYXWXERHMRK IPIGXMSR *SV QERHEXSV] [MXL STXMSRW IZIRXW
XLIWI EGXMSRW EVI JSV I\EQTPI
EXXIQTX XS QEOI ZIVFEP GSRXEGX [MXL XLI TSWMXMSR LSPHIV
WIIO ER MRXIVREP HIGMWMSR JVSQ [LSQIZIV MW VIWTSRWMFPI JSV XLI TSWMXMSR IK LIEH XVEHIV SV
GYWXSH] GPMIRX WEPIWTIVWSR
ETTP] HIJEYPX STXMSRW [LIVI ETTPMGEFPI
8LI EFSZI EGXMSRW MRZSPZI ER IPIQIRX SJ VMWO JVSQ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX ERH
XLIVIJSVI JVSQ XLI 783tW TIVWTIGXMZI MRGPYHIH MR WYGL E VMWO MW XLI 'SVTSVEXI %GXMSRW (ITEVX
QIRX SZIVPSSOMRK XLI GSRXIRX SJ XLI 70% MR VIPEXMSR XS XLI QEREKIQIRX SJ IPIGXMSR HIGMWMSRW -X
[SYPH FI I\TIGXIH XLEX WYGL GEWIW [SYPH FI IWGEPEXIH XS WIRMSV TIVWSRRIP ERH [SYPH VIUYMVI
XLI ETTVSTVMEXI EYXLSVMÊXMSR
*SV I\EQTPI [LIVI IPIGXMSR HIGMWMSRW LEZI RSX FIIR VIGIMZIH JVSQ XLI XVEHIV VIWTSRWMFPI
JSV E XVEHMRK FSSO XLMW QE] FI IWGEPEXIH XS XLI LIEH XVEHIV %PXIVREXMZIP] [LIVI IPIGXMSR
HIGMWMSRW LEZI RSX FIIR VIGIMZIH JVSQ E GYWXSH] GPMIRX XLI MWWYI QE] FI VIJIVVIH XS XLI
WEPIWTIVWSR VIWTSRWMFPI JSV XLI GPMIRX JSV E HIGMWMSR XS FI QEHI
-779) 3* )0)'8-32 ()'-7-327

8LI IPIGXMSR HIGMWMSRW VIGIMZIH JVSQ TSWMXMSR LSPHIVW ERH GPEMQMRK GSYRXIVTEVXMIW WLSYPH
FI VIGSVHIH ERH GSPPEXIH XLVSYKLSYX XLI IPIGXMSR TIVMSH MR SVHIV JSV XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX XS MWWYI IPIGXMSR HIGMWMSRW XS XLI PSGEXMSR MR SVHIV XS WEXMWJ] XLI IPIGXMSR HIGMWMSRW
VIGIMZIH
-R HSMRK WS XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP TIVJSVQ XLI JSPPS[MRK WXITW

'EPGYPEXI IEGL IPIGXMSR HIGMWMSR XS FI MWWYIH

-HIRXMJ] XLI PSGEXMSR GSQTSRIRX XS [LMGL XLI IPIGXMSR HIGMWMSR [MPP FI MWWYIH
&EPERGI IPIGXMSR HIGMWMSRW XS FI MWWYIH XS XLSWI VIGIMZIH
-WWYI XLI IPIGXMSR HIGMWMSR RSXMwGEXMSR XS XLI PSGEXMSR

'SVTSVEXI %GXMSRW
-R TIVJSVQMRK XLIWI WXITW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX WLSYPH FI QMRHJYP SJ XLI HIEHPMRIW
ETTPMGEFPI XS XLI PSGEXMSRW MRGPYHMRK GSYRXIVTEVX] HIEHPMRIW GYWXSHMER HIEHPMRIW ERH MWWYIV
HIEHPMRIW HIWGVMFIH MR 7IGXMSR
)PIGXMSR HIGMWMSRW QE] FI MWWYIH XS XLI PSGEXMSR SRP] SRGI MQQIHMEXIP] TVMSV XS SV SR
XLI ETTVSTVMEXI HIEHPMRI SV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QE] MWWYI QYPXMTPI IPIGXMSR
HIGMWMSRW XS XLI PSGEXMSRW XLVSYKLSYX XLI IPIGXMSR TIVMSH 8LMW [MPP RSVQEPP] HITIRH YTSR
XLI PIRKXL SJ XLI IPIGXMSR TIVMSH ERH XLI REXYVI SJ XLI IZIRX
'EPGYPEXMRK )PIGXMSR (IGMWMSRW XS FI -WWYIH
%W E VIWYPX SJ LEZMRK VIGSVHIH XLI STXMSRW ERH EWWSGMEXIH IPIGXIH UYERXMXMIW EW VIGIMZIH JVSQ
TSWMXMSR LSPHIVW ERH GPEMQMRK GSYRXIVTEVXMIW EW HIWGVMFIH IEVPMIV MR XLMW GLETXIV XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [MPP GEPGYPEXI XLI XSXEP UYERXMX] JSV IEGL STXMSR XS FI IPIGXIH 8LI JSPPS[MRK
I\EQTPI MPPYWXVEXIW XLMW GEPGYPEXMSR
)\EQTPI 2S i 8LVII 8VEHMRK &SSOW 3RI 'YWXSHMER
1EVOW ERH 7TIRGIV TPG XLI MWWYIV ERRSYRGIW E 7GLIQI SJ %VVERKIQIRX IZIRX XLEX KMZIW XLI
LSPHIV XLI STXMSR XS VIGIMZI
3TXMSR % i GEWL
3TXMSR & i WIGYVMXMIW
8LI 783tW IRXMXPIH TSWMXMSR MR 1EVOW ERH 7TIRGIV WLEVIW MW VITVIWIRXIH MR 8EFPI RSXI
XLEX MR XLMW I\EQTPI XLI IRXMVI TSWMXMSR MW LIPH EX E WMRKPI GYWXSHMER I\XIVREPP]
8EFPI
1EVOWERH7TIRGIV7LEVIW
3[RIVWLMT
8VEHMRK&SSOs%t
8VEHMRK&SSOs&t
8VEHMRK&SSOs't

0SGEXMSR
'YWXSHMER+0SRHSR

8EFPI WYQQEVMÎW XLI IPIGXMSR HIGMWMSRW EHZMWIH F] IEGL TSWMXMSR LSPHIV
8EFPI
)PIGXMSR(IGMWMSR7YQQEV]
4SWMXMSR,SPHIV
8VEHMRK&SSOs%t
8VEHMRK&SSOs&t
8VEHMRK&SSOs't
)PIGXIH,SPHMRK
5YERXMX]
3TXMSR%
3TXMSR&

XSXEP

9RIPIGXIH
,SPHMRK5YERXMX]

XSXEP
3VMKMREP
9RHIVP]MRK
,SPHMRK5YERXMX]

8EFPI VIZIEPW XLI XSXEPW TIV STXMSR EW E VIWYPX SJ IPIGXMSR HIGMWMSRW XEOIR F] XLI ZEVMSYW
TSWMXMSR LSPHIVW XLEX [MPP FI MWWYIH F] XLI 783 XS XLI PSGEXMSR MR XLI JSVQ SJ IPIGXMSR HIGMWMSRW

8EFPI
7YQQEV]SJ)PIGXMSR(IGMWMSRW
3[RIVWLMT
3TXMSR%
3TXMSR&

0SGEXMSR
'YWXSHMER+0SRHSR
'YWXSHMER+0SRHSR

-HIRXMJ]MRK XLI 0SGEXMSR 'SQTSRIRX

3RGI XLI IPIGXMSR HIGMWMSRW XS FI MWWYIH JSV IEGL STXMSR LEZI FIIR XEFYPEXIH MX MW RIGIWWEV] XS
MHIRXMJ] XLI PSGEXMSR GSQTSRIRX XS [LMGL XLI IPIGXMSR HIGMWMSR [MPP FI MWWYIH 8LI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [MPP LEZI TVIZMSYWP] MHIRXMwIH XLI PSGEXMSR GSQTSRIRXW MR XLI YRHIVP]
MRK IZIRX WIGYVMX] MRGPYHMRK ER] YRWIXXPIH XVEHIW EW HIWGVMFIH MR 'LETXIV s(IXIVQMRMRK
)RXMXPIQIRXt ERH MX MW RS[ RIGIWWEV] XS ETTP] IPIGXMSR HIGMWMSRW EKEMRWX WYGL GSQTSRIRXW
;LIVI E WMRKPI PSGEXMSR GSQTSRIRX I\MWXW WYGL EW E WIXXPIH GYWXSHMER TSWMXMSR EW MPPYWXVEXIH
MR XLI TVIZMSYW I\EQTPI XLI HIGMWMSR MW ER SFZMSYW SRI ;LIVI QYPXMTPI PSGEXMSR GSQTSRIRXW
I\MWX MI QSVI XLER SRI ERH GSQFMREXMSRW SJ WIXXPIH GYWXSHMER TSWMXMSRW ERH YRWIXXPIH XVEHIW
I\MWX MX MW RIGIWWEV] JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS WIPIGX ER ETTVSTVMEXI PSGEXMSR
XS IPIGX EKEMRWX TSWWMFP] [MXL E WMRKPI STXMSR FIMRK WTVIEH EGVSWW QSVI XLER SRI PSGEXMSR
)\EQTPI 2S i 8LVII 8VEHMRK &SSOW 8[S 'YWXSHMERW
2SOME XLI MWWYIV ERRSYRGIW E 7GLIQI SJ %VVERKIQIRX IZIRX XLEX KMZIW XLI LSPHIV XLI STXMSR
XS VIGIMZI
3TXMSR % i GEWL
8LI 783tW IRXMXPIH TSWMXMSR MR 2SOME WLEVIW MW VITVIWIRXIH MR 8EFPI RSXI XLEX MR XLMW
I\EQTPI XLI IRXMVI TSWMXMSR MW LIPH FIX[IIR X[S GYWXSHMERW I\XIVREPP]
8EFPI
2SOME7LEVIW
3[RIVWLMT
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t
8VEHMRK&SSOs*t

0SGEXMSR
'YWXSHMER7,IPWMROM
'YWXSHMER8*VEROJYVX

8EFPI
4SWMXMSR,SPHIV
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t
8VEHMRK&SSOs*t
)PIGXIH,SPHMRK
5YERXMX]

XSXEP
3TXMSR%
3TXMSR&

9RIPIGXIH
,SPHMRK5YERXMX]

XSXEP
3VMKMREP
9RHIVP]MRK
,SPHMRK5YERXMX]

'SVTSVEXI %GXMSRW
8EFPI VIZIEPW XLI XSXEPW TIV STXMSR EW E VIWYPX SJ IPIGXMSR HIGMWMSRW XEOIR F] XLI ZEVMSYW
TSWMXMSR LSPHIVW XLEX [MPP FI MWWYIH F] XLI 783 XS XLI X[S PSGEXMSRW MR XLI JSVQ SJ IPIGXMSR
HIGMWMSRW
8EFPI
3[RIVWLMT
3TXMSR%
3TXMSR&
3TXMSR%
3TXMSR&

0SGEXMSR
'YWXSHMER7,IPWMROM
'YWXSHMER7,IPWMROM
'YWXSHMER8*VEROJYVX
'YWXSHMER8*VEROJYVX
8LI WIPIGXMSR SJ E PSGEXMSR [LIVI QYPXMTPI I\MWX MW X]TMGEPP] E QERYEP I\IVGMWI RSRIXLIPIWW
E RYQFIV SJ KYMHIPMRIW GER FI EHSTXIH
)RWYVI XLEX XVEHMRK FSSO IPIGXMSRW MI XLI 783tW TVSTVMIXEV] TSWMXMSRW EVI ETTPMIH SRP] XS
XLI 783tW TVSTVMIXEV] WIXXPIQIRX EGGSYRXW LIPH EX XLI GYWXSHMER
)RWYVI XLEX GYWXSH] GPMIRX IPIGXMSRW EVI ETTPMIH SRP] XS XLI GYWXSH] WIXXPIQIRX EGGSYRXW LIPH
EX XLI GYWXSHMER
;LIVI YRWIXXPIH XVEHIW I\MWX EXXIQTX XS MHIRXMJ] XLI XVEHMRK FSSO SV GYWXSH] GPMIRX XS [LMGL
XLI YRWIXXPIH XVEHI GSVVIWTSRHW XLIR ETTP] XLI TSWMXMSR LSPHIVtW IPIGXMSR HIGMWMSRW XS XLI
YRWIXXPIH XVEHI EGGSVHMRKP] 8LMW QE] VIWYPX MR XLI TSWMXMSR LSPHIVW IPIGXMSR HIGMWMSR FIMRK
WTVIEH EGVSWW FSXL WIXXPIH GYWXSHMER TSWMXMSRW ERH YRWIXXPIH XVEHIW
)\EQTPI 2S i 8LVII 8VEHMRK &SSOW 8LVII 'YWXSH] 'PMIRXW 3RI 'YWXSHMER
[MXL 8LVII 7YFEGGSYRXW 3RI 9RWIXXPIH 8VEHI
,7&' XLI MWWYIV ERRSYRGIW E 7GLIQI SJ %VVERKIQIRX IZIRX XLEX KMZIW XLI LSPHIV XLI STXMSR
XS XEOI
3TXMSR % i GEWL
8LI 783tW IRXMXPIH TSWMXMSR MR ,7&' WLEVIW MW VITVIWIRXIH MR 8EFPI RSXI XLEX MR
XLMW I\EQTPI XLI IRXMVI TSWMXMSR JSV EPP SJ XLI S[RIVW MW LIPH MR HMJJIVIRX EGGSYRXW EX XLI
WEQI GYWXSHMER I\XIVREPP] TPYW WIGYVMXMIW EVI S[IH XS XLI 783 F] E GSYRXIVTEVX] JVSQ [LMGL
WIGYVMXMIW LEZI FIIR TYVGLEWIH 8LI TYVTSWI SJ XLMW I\EQTPI MW XS MPPYWXVEXI XLI IPIGXMSR
HIGMWMSRW QEHI EGVSWW QYPXMTPI PSGEXMSR GSQTSRIRXW SR XLI FEWMW SJ XLI IPIGXMSR HIGMWMSRW
VIGIMZIH JVSQ TSWMXMSR LSPHIVW
8EFPI
,7&'7LEVIW
3[RIVWLMT
8VEHMRK&SSOs+t
8VEHMRK&SSOs,t
8VEHMRK&SSOs.t
'YWXSH]'PMIRXs<t
'YWXSH]'PMIRXs=t
'YWXSH]'PMIRXs>t

0SGEXMSR
'YWXSHMER4,SRK/SRKEG1EMR
'SYRXIVTEVX]:7MRKETSVI

'YWXSHMER4,SRK/SRKEG'YWX


8EFPI
4SWMXMSR,SPHIV
8VEHMRK&SSOs+t
8VEHMRK&SSOs,t
8VEHMRK&SSOs.t
'YWXSH]'PMIRXs<t
'YWXSH]'PMIRXs=t
'YWXSH]'PMIRXs>t
(EXI)PIGXMSR
)PIGXIH,SPHMRK
3TXMSR%
3TXMSR&
(IGMWMSR
5YERXMX]
6IGIMZIH
XL*IFVYEV]

RH*IFVYEV]

XL*IFVYEV]

XL*IFVYEV]

XL*IFVYEV]

XL*IFVYEV]

XSXEP
3VMKMREP
9RHIVP]MRK
,SPHMRK5YERXMX]

XSXEP

9RIPIGXIH
,SPHMRK5YERXMX]
-R SVHIV XS ETTP] S[RIVWLMT TSWMXMSRW XS MXW XVYP] ETTVSTVMEXI PSGEXMSR GSQTSRIRXW EW

STTSWIH XS ETTP]MRK SR E VERHSQ FEWMW XLI 783 [MPP RIIH XS QEMRXEMR MXW WIGYVMXMIW TSWMXMSR
QEREKIQIRX VIGSVHW EX E KVERYPEV PIZIP VIJIV XS 'LETXIV s7IGYVMXMIW 4SWMXMSR 1EREKIQIRXt
7YGL VIGSVH OIITMRK [MPP IREFPI XLI VIPEXMSRWLMT XS FI QEMRXEMRIH FIX[IIR XLI S[RIV ERH XLI
PSGEXMSR JSV I\EQTPI 8EFPI MHIRXMwIW XLI 783 WTIGMwGEPP] 8VEHMRK &SSO s.t EW LEZMRK
WLEVIW HYI JVSQ 'SYRXIVTEVX] : JSPPS[MRK E TYVGLEWI EW EX XLI VIGSVH HEXI ERH
XLIVIJSVI XLI 783 QYWX EHZMWI XLEX GSYRXIVTEVX] SJ XLI 783tW IPIGXMSR HIGMWMSR MR VIEPMX] XLI
IPIGXMSR HIGMWMSR SJ 8VEHMRK &SSO s.t MR VIPEXMSR XS XLEX SYXWXERHMRK XVEHI
8LI IPIGXMSR HIGMWMSR QEHI F] XLI S[RIVW TPYW XLSWI XLEX QYWX FI MWWYIH XS XLI PSGEXMSRW
EVI WYQQEVMÎH MR 8EFPI
8EFPI
3[RIVWLMT
3TXMSR%8VEHMRK&SSOW
3TXMSR%'YWXSH]'PMIRXW
3TXMSR%'YWXSH]'PMIRXW
3TXMSR&8VEHMRK&SSOW
3TXMSR&8VEHMRK&SSOW
3TXMSR&'YWXSH]'PMIRXW
3TXMSR&'YWXSH]'PMIRXW

0SGEXMSR
'SYRXIVTEVX]:7MRKETSVI
-R EHHMXMSR ER] WTIGMwG PMROW FIX[IIR S[RIVWLMT TSWMXMSRW ERH PSGEXMSRW EW TVIZMSYWP]
HIWGVMFIH MR 'LETXIV s7IGYVMXMIW 4SWMXMSR 1EREKIQIRXt ERH MR 'LETXIV s(IXIVQMRMRK
)RXMXPIQIRXt [MPP EMH XLI TVSGIWW SJ ETTP]MRK IPIGXMSR HIGMWMSRW VIGIMZIH XS XLI ETTPMGEFPI
EWWSGMEXIH PSGEXMSR GSQTSRIRX
&EPERGMRK )PIGXMSR (IGMWMSRW
3RGI XLI ETTVSTVMEXI IPIGXMSR HIGMWMSRW EVI VIGSVHIH EKEMRWX XLI PSGEXMSR GSQTSRIRXW MX MW
RIGIWWEV] XS IRWYVI XLEX XLI IPIGXMSR HIGMWMSRW XS FI MWWYIH XS XLI PSGEXMSRW FEPERGI [MXL
XLSWI VIGIMZIH JVSQ TSWMXMSR LSPHIVW ERH GPEMQMRK GSYRXIVTEVXMIW 8]TMGEPP] XLMW [SYPH FI
HSRI JSV IEGL STXMSR IRWYVMRK XLEX XLI IPIGXMSR HIGMWMSRW VIGIMZIH IUYEP XLI IPIGXMSR HIGMWMSRW
XS FI MWWYIH
&EWIH YTSR XLI ,7&' WLEVIW I\EQTPIW EFSZI FEPERGMRK SJ IPIGXMSR HIGMWMSRW JSV 3TXMSR
% MW VITVIWIRXIH EW WLS[R MR 8EFPI ERH 3TXMSR & MW VITVIWIRXIH MR 8EFPI

'SVTSVEXI %GXMSRW
8EFPI
3TXMSR%
3[RIVWLMT
7YQSJ
8VEHMRK&SSO
4SWMXMSRW
7YQSJ
'YWXSH]'PMIRX
4SWMXMSRW

0SGEXMSR
7YQSJ7IXXPIH
4SWMXMSRW
'YWXSHMERSV
-WWYIV

7YQSJ'PEMQW
MR*EZSYVSJ
783

7YQSJ'PEMQW
MR*EZSYVSJ
783

7YQSJ'PEMQW
EKEMRWX783

8EFPI
3TXMSR&
3[RIVWLMT
7YQSJ
8VEHMRK&SSO
4SWMXMSRW

7YQSJ
'YWXSH]'PMIRX
4SWMXMSRW

0SGEXMSR
7YQSJ7IXXPIH
4SWMXMSRW
'YWXSHMERSV
-WWYIV

7YQSJ'PEMQW
EKEMRWX783

%R] MQFEPERGI [MPP VIUYMVI MQQIHMEXI MRZIWXMKEXMSR TVMSV XS XLI MWWYI SJ XLI IPIGXMSR HIGMWMSR
XS XLI PSGEXMSR
'SQQYRMGEXMSR SJ )PIGXMSR (IGMWMSRW
3RGI EPP IPIGXMSR HIGMWMSRW EVI wREPMÎH ERH FEPERGMRK GSQTPIXIH XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX WLSYPH MWWYI GSQQYRMGEXMSRW XS IEGL PSGEXMSR EHZMWMRK MXW IPIGXIH STXMSRW ERH XLI
LSPHMRK UYERXMXMIW XS [LMGL XLI] ETTP] F] XLI ETTPMGEFPI HIEHPMRIW
8LI QIXLSH SJ XVERWQMWWMSR SJ IPIGXMSR HIGMWMSRW MW PEVKIP] HITIRHIRX YTSR XLI X]TI SJ
PSGEXMSR MI WTIGMwGEPP] [LIXLIV MX MW XLI MWWYIV E '7(-'7( GYWXSHMER SV XLI GSYRXIVTEVX]
XS ER YRWIXXPIH XVEHI XSKIXLIV [MXL XLI ETTPMGEFPI QEVOIX GSRZIRXMSRW
-WWYIV 4SWMXMSRW
;LIVI TSWMXMSRW EVI LIPH HMVIGXP] RSVQEPP] MR TL]WMGEP JSVQ [MXL XLI MWWYIV MR XLI QENSVMX]
SJ GEWIW XLI GSQQYRMGEXMSR SJ IPIGXMSR HIGMWMSRW EKEMRWX XLIWI TSWMXMSRW [MPP EPWS FI E
TL]WMGEP I\IVGMWI YWYEPP] VIUYMVMRK XLI PSHKIQIRX SJ ETTVSTVMEXI HSGYQIRXEXMSR [MXL IMXLIV
XLI MWWYIVtW VIKMWXVEV SV XLI MWWYIV MXWIPJ
8LI TL]WMGEP TVSGIWW SJ GSRZI]MRK XLI IPIGXMSR HIGMWMSR MR XLMW QERRIV MW F] RS QIERW
E WIGYVI QIXLSH ERH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX IRWYVI WYJwGMIRX XMQI JSV
TL]WMGEP HIPMZIV] SJ XLI IPIGXMSR RSXMGI XS FI QEHI TVMSV XS XLI MWWYIVtW HIEHPMRI ERH [SYPH
RSVQEPP] SFXEMR E VIGIMTX SJ WYGL HIPMZIV]
'7(-'7( 4SWMXMSRW
-R QSWX GEWIW '7(W-'7(W [MPP WYTTSVX TVSTVMIXEV] IPIGXVSRMG QIWWEKIW XS EGGSQQSHEXI
XLI WIXXPIQIRX SJ XVEHIW GSVTSVEXI EGXMSR IRXMXPIQIRXW ERH TSXIRXMEPP] XLI GSQQYRMGEXMSR
SJ IPIGXMSR HIGMWMSRW -R SXLIV GEWIW XLI '7(-'7( QE] EGGITX 7;-*8 QIWWEKIW SV SXLIV
QIHME WYGL EW XIPI\
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [SYPH X]TMGEPP] IRWYVI XLEX XLI WXEXMG HEXE VIGSVHW
SJ XLI '7(-'7( EGGYVEXIP] VIxIGX XLI VIUYMVIH XVERWQMWWMSR QIXLSH XS IREFPI IPIGXMSR
HIGMWMSRW XS FI XVERWQMXXIH MR ER 784 JEWLMSR [LIVI TSWWMFPI

'YWXSHMER 4SWMXMSRW
-R QSWX GEWIW GYWXSHMERW [MPP EGGITX 7;-*8 QIWWEKIW SV SXLIV QIHME WYGL EW XIPI\ JSV XLI
GSQQYRMGEXMSR SJ IPIGXMSR HIGMWMSRW EPXLSYKL MR WSQI GEWIW GSQQYRMGEXMSR ZME TETIV QE]
WXMPP FI EGGITXIH 2SXI XLEX EX XLI XMQI SJ [VMXMRK GYWXSHMERtW [IFWMXIW EVI FIMRK GSRWMHIVIH
EW E QIHMYQ F] [LMGL IPIGXMSR HIGMWMSRW GER FI GSQQYRMGEXIH
%W [MXL '7(W-'7(W XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [SYPH X]TMGEPP] IRWYVI XLEX
XLI 783tW WXEXMG HEXE VIGSVHW SJ XLI GYWXSHMER EGGYVEXIP] VIxIGX XLI VIUYMVIH XVERWQMWWMSR
QIXLSH XS IREFPI IPIGXMSR HIGMWMSRW XS FI XVERWQMXXIH MR ER 784 JEWLMSR [LIVI TSWWMFPI
'PEMQW MR *EZSYV SJ XLI 783
;LIVI YRWIXXPIH XVEHIW EVI MHIRXMwIH VIWYPXMRK MR TSXIRXMEP GPEMQW MR JEZSYV SJ XLI 783
XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP FI VIUYMVIH XS RSXMJ] XLI GSYRXIVTEVX] GSRGIVRIH
SJ XLI 783tW VIUYMVIH IPIGXMSR HIGMWMSR 8]TMGEPP] XLMW [SYPH FI ZME XIPI\ JEGWMQMPI SV
MR TETIV JSVQ YWYEPP] VIUYMVMRK TL]WMGEP HIPMZIV] %PP SJ XLIWI QIXLSHW EVI PIWW WIGYVI
XLER XLI IPIGXVSRMG QIWWEKIW HIWGVMFIH JSV '7(W-'7(W ERH GYWXSHMERW ERH XLIVIJSVI MX
MW MQTIVEXMZI XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XEOIW EPP RIGIWWEV] WXITW XS IRWYVI XLEX
XLI GSQQYRMGEXMSR MW VIGIMZIH ERH EGORS[PIHKIH F] XLI GSYRXIVTEVX]
%W JSV ER] IPIGXMSR HIGMWMSRW FIMRK QEHI EKEMRWX GPEMQW HIWGVMFIH IEVPMIV MR XLMW GLETXIV
TVSXIGXMSR SJ XLI 783tW IPIGXMSR HIGMWMSR MW RSX EP[E]W KYEVERXIIH 8LI 'SVTSVEXI %GXMSRW
(ITEVXQIRX XLIVIJSVI RIIHW XS PMEMWI [MXL XLI GSYRXIVTEVX] EKEMRWX [LSQ MX MW GPEMQMRK
XLVSYKLSYX XLI IZIRX XS IRWYVI XLEX XLI 783tW MRXIVIWXW EVI FIMRK TVSXIGXIH EHIUYEXIP]
8LI MWWYI SJ ER IPIGXMSR HIGMWMSR GSQQYRMGEXMSR XS XLI PSGEXMSR GER FI ZMI[IH MR E WMQMPEV
PMKLX XS XLI MWWYI SJ E WIXXPIQIRX MRWXVYGXMSR VIPEXMRK XS E XVEHI -R XLI WEQI [E] XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [SYPH I\TIGX XS QSRMXSV XLI TVSKVIWW SJ XLI GSQQYRMGEXMSR IJJIGXMZIP]
MVVIWTIGXMZI SJ XVERWQMWWMSR QIXLSH VIGSVHMRK
HEXI MWWYIH
HEXI EGORS[PIHKIH F] XLI PSGEXMSR
HEXI EGGITXIH F] XLI PSGEXMSR
-X MW RSX WYJwGMIRX XS EWWYQI XLEX SRGI ER IPIGXMSR HIGMWMSR MW EGORS[PIHKIH F] XLI PSGEXMSR
XLEX MX MW MR JEGX EGGITXIH XLI XIVQ sEGGITXIHt MW E GSQQSR XIVQ XLEX VIJIVW XS XLI VIGMTMIRX LEZMRK
ZEPMHEXIH XLI IPIGXMSR HIGMWMSR ERH XLEX MX [MPP EGX YTSR MX 8LI PSGEXMSR [MPP TIVJSVQ ZEPMHEXMSR
GLIGOW EKEMRWX XLI IPIGXMSR HIGMWMSR HIXEMPW XLEX EVI WMQMPEV XS XLSWI XLI 783 TIVJSVQIH EKEMRWX
IPIGXMSR HIGMWMSRW MX VIGIMZIH JVSQ MXW TSWMXMSR LSPHIVW IK ZEPMHEXMSR SJ IPIGXMSR UYERXMXMIW
ERH IPIGXIH STXMSRW
)PIGXMSR HIGMWMSR RSXMwGEXMSRW GER FI VINIGXIH F] XLI PSGEXMSR MR [LMGL GEWI XLI 'SVTSV
EXI %GXMSRW (ITEVXQIRX [MPP VIUYMVI TVSGIHYVIW XS MHIRXMJ] WYGL VINIGXMSRW ERH MQQIHMEXIP]
GSVVIGX ER] HMWGVITERGMIW VIPSHKMRK XLI IPIGXMSR HIGMWMSR TVMSV XS XLI PSGEXMSRtW HIEHPMRI
3:)6)0)'8-327
-R XLI GEWI SJ WSQI QERHEXSV] [MXL STXMSRW IZIRXW XLI MWWYIV QE] WIX E PMQMX JSV XLI IPIGXMSR
HIGMWMSRW MX [MPP EGGITX JSV E WTIGMwG STXMSR FEWIH YTSR XLI IPIGXIH UYERXMX] 3RI EHZERXEKI SJ
XLMW XS XLI MWWYIV MW XS VIWXVMGX MXW I\TSWYVI XS XLEX STXMSR
8LI GSRHMXMSRW SJ ER] WYGL PMQMXW [SYPH JSVQ TEVX SJ XLI IZIRX XIVQW ERH EW WYGL WLSYPH
FI MRGPYHIH MR ER] GSQQYRMGEXMSRW XS TSWMXMSR LSPHIVW QEHI F] XLI 783

'SVTSVEXI %GXMSRW
*SV I\EQTPI XLI MWWYIV QE] ERRSYRGI E 7GLIQI SJ %VVERKIQIRX [MXL XLI GLSMGI FIX[IIR
IPIGXMRK RI[ WIGYVMXMIW SV GEWL -R EHHMXMSR XLI IPIGXMSR SJ GEWL QE] FI VIWXVMGXIH XS SJ XLI
I\MWXMRK MWWYIH WLEVIW 8LMW [MPP QIER XLEX EWWYQMRK WLEVIW EVI GYVVIRXP] MWWYIH
XLI MWWYIV [MPP EGGITX SRP] XLI IPIGXMSR HIGMWMSR SJ GEWL EKEMRWX ER YTTIV PMQMX SJ
WLEVIW %R] IPIGXMSR HIGMWMSRW VIGIMZIH F] XLI MWWYIV MR I\GIWW SJ XLMW [MPP FI GSRWMHIVIH EW
SZIVIPIGXMSRW
;LIVI IPIGXMSR HIGMWMSRW EKEMRWX XLI VIWXVMGXIH STXMSR I\GIIH XLI PMQMX WXMTYPEXIH MR XLI IZIRX
XIVQW XLI MWWYIV [MPP VIHYGI XLI IPIGXIH UYERXMX] ORS[R EW sWGEPMRK HS[Rt SJ EPP SV TEVX SJ
XLI IPIGXMSR HIGMWMSRW VIGIMZIH JSV XLI WTIGMwIH STXMSR 8LMW MW EGLMIZIH MR SRI SJ X[S [E]W
SR E TVSVEXE FEWMW EGVSWW EPP IPIGXMSR HIGMWMSRW SV
SR XLI FEWMW SJ [LIR XLI IPIGXMSR HIGMWMSR [EW VIGIMZIH [MXL XLSWI IPIGXMSR HIGMWMSRW VIGIMZIH
EJXIV XLI PMQMX LEW FIIR VIEGLIH FIMRK VIHYGIH MR TEVX SV MR JYPP
8LI XVIEXQIRX SJ XLI VIQEMRMRK IPIGXIH UYERXMX] ORS[R EW XLI sSZIVIPIGXIHt UYERXMX]
[MPP HITIRH YTSR XLI SXLIV STXMSRW SJJIVIH [MXLMR XLI IZIRX XIVQW ;LIVI E HIJEYPX STXMSR SJ
WIGYVMXMIW ERHSV GEWL ETTPMIW XLMW [MPP X]TMGEPP] FI ETTPMIH XS XLI SZIVIPIGXIH UYERXMX]
'SRXMRYMRK [MXL XLI 1EVOW ERH 7TIRGIV I\EQTPI IEVPMIV MR XLMW GLETXIV XLI IPIGXMSR HIGMWMSRW
SJ XLI XLVII XVEHMRK FSSOW VIWYPXIH MR XLI WMXYEXMSR WLS[R MR 8EFPI
8EFPI
3VMKMREP7YQQEV]SJ)PIGXMSR(IGMWMSRW
3[RIVWLMT
3TXMSR%GEWL
3TXMSR&WIGYVMXMIW

0SGEXMSR
'YWXSHMER+0SRHSR
'YWXSHMER+0SRHSR
*SPPS[MRK XLMW XLI 783 [SYPH LEZI MRWXVYGXIH 'YWXSHMER + XS EGGITX 3TXMSR % ERH 3TXMSR &
EGGSVHMRKP]
,S[IZIV MR XLMW I\EQTPI XLI MWWYIV VIWXVMGXW XLI IPIGXMSR SJ GEWL XS SJ XLI I\MWXMRK MWWYIH
WLEVIW [LMPI IPIGXMSR HIGMWMSRW JSV GEWL MR XSXEP EQSYRX XS SJ MWWYIH GETMXEP 8LIVIJSVI
XLI MWWYIV GLSSWIW XS VIHYGI IPIGXMSR HIGMWMSRW VIGIMZIH JSV GEWL F] E XLMVH XLI I\GIWW VIGIMZIH
ERH ETTP] XLI HIJEYPX STXMSR SJ WIGYVMXMIW XS XLI I\GIWW XLI GYWXSHMER LEZMRK EHZMWIH XLI 783
JSPPS[MRK VIGIMTX SJ XLI MRJSVQEXMSR JVSQ XLI MWWYIV 7II 8EFPI
8EFPI
%HNYWXIH7YQQEV]SJ)PIGXMSR(IGMWMSRW
3[RIVWLMT
3TXMSR%
3TXMSR&

0SGEXMSR
'YWXSHMER+0SRHSR
'YWXSHMER+0SRHSR
9TSR VIGIMTX SJ RSXMwGEXMSR SJ SZIVIPIGXMSRW JVSQ XLI PSGEXMSR XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX [MPP RIIH XS YTHEXI MXW VIGSVHW MQQIHMEXIP] SJ IPIGXMSR HIGMWMSRW MWWYIH [MXL XLI
YTHEXIH IPIGXMSR HIGMWMSR UYERXMXMIW ERH STXMSRW [LIVI ETTPMGEFPI -R XYVR MX MW XLIR RIGIWWEV]
XS ETTP] XLI WEQI VYPIW XS XLI SVMKMREP IPIGXMSR HIGMWMSRW VIGIMZIH JVSQ TSWMXMSR LSPHIVW ERH
GPEMQMRK GSYRXIVTEVXMIW MR SVHIV XS VIFEPERGI XLI IPIGXMSR HIGMWMSR UYERXMXMIW
'SRXMRYMRK JYVXLIV [MXL XLI 1EVOW ERH 7TIRGIV I\EQTPI MR SVHIV XS VIxIGX XLI RIGIWWEV]
EHNYWXQIRXW EX S[RIVWLMT PIZIP XLI SVMKMREP 3TXMSR % GEWL IPIGXMSR HIGMWMSRW WLS[R MR
8EFPI [SYPH VIUYMVI EHNYWXMRK XS XLSWI WLS[R MR 8EFPI
8LI VIQEMRMRK IPIGXIH LSPHMRK UYERXMX] [MPP HIJEYPX XS 3TXMSR & WIGYVMXMIW EW WLS[R MR
8EFPI

8EFPI
3VMKMREP)PIGXMSR(IGMWMSR7YQQEV]
4SWMXMSR,SPHIV
8VEHMRK&SSOs%t
8VEHMRK&SSOs&t
8VEHMRK&SSOs't
)PIGXIH,SPHMRK
5YERXMX]
3TXMSR%
3TXMSR&

XSXEP

9RIPIGXIH
,SPHMRK5YERXMX]

XSXEP
3VMKMREP
9RHIVP]MRK
,SPHMRK5YERXMX]

8EFPI
3VMKMREP
6IZMWIH
3TXMSR%
3TXMSR%
8VEHMRK&SSOs%t

8VEHMRK&SSOs&t

8VEHMRK&SSOs't

4SWMXMSR,SPHIV
8EFPI
%HNYWXIH)PIGXMSR(IGMWMSR7YQQEV]
3VMKMREP
6IZMWIH
3VMKMREP
4SWMXMSR,SPHIV
3TXMSR%
3TXMSR%
3TXMSR&
8VEHMRK&SSOs%t

8VEHMRK&SSOs&t

8VEHMRK&SSOs't

6IZMWIH
3TXMSR&

-X MW MQTSVXERX XS RSXI XLEX MR QEREKMRK SZIVIPIGXMSRW XLI 783 QE] GLSSWI XS TVMSVMXMÎ XLI
XVIEXQIRX SJ GIVXEMR TEVXMGMTERXW EFSZI SXLIVW JSV I\EQTPI XS TVSXIGX XLI MRXIVIWXW SJ GYWXSH]
GPMIRXW wVWX XLIR XVEHMRK FSSOW ERH PEWXP] GPEMQMRK GSYRXIVTEVXMIW %R] GLERKIW XS E TSWMXMSR
LSPHIVtW SV GPEMQMRK GSYRXIVTEVX]tW SVMKMREP IPIGXMSR HIGMWMSRW EW E VIWYPX SJ SZIVIPIGXMSRW
QYWX FI GSQQYRMGEXIH TVSQTXP]
-VVIWTIGXMZI SJ LS[ XLI SZIVIPIGXMSRW EVI GSQQYRMGEXIH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
QYWX EX EPP XMQIW IRWYVI MX LEW GSRXVSP SJ XLI VIWYPXERX IRXMXPIQIRXW MX I\TIGXW XS GSPPIGX ERH XLI
VIWYPXERX IRXMXPIQIRX MX I\TIGXW XS HMWFYVWI
'%0'90%8-32 3* 6)7908%28 )28-80)1)287

8LI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW JSV QERHEXSV] [MXL STXMSRW IZIRXW JEPPW QEMRP] [MXLMR
XLI WEQI KIRIVMG TVSGIHYVIW EW JSV QERHEXSV] IZIRXW EW HIXEMPIH [MXLMR 'LETXIV s'EPGY
PEXMSR SJ 6IWYPXERX )RXMXPIQIRXWt 8LMW GEPGYPEXMSR SGGYVW IMXLIV
MRMXMEPP] JSV TSWMXMSR LSPHIVW YTSR VIGIMTX SJ MXW IPIGXMSR HIGMWMSR JSPPS[IH JSV XLI PSGEXMSR
YTSR EGGITXERGI F] XLI PSGEXMSR SJ XLI 783tW IPIGXMSR HIGMWMSR SV
EGVSWW FSXL TSWMXMSR LSPHIVW ERH XLI PSGEXMSR WMQYPXERISYWP] YTSR EGGITXERGI F] XLI PSGEXMSR
SJ XLI 783tW IPIGXMSR HIGMWMSR
8LI HMJJIVIRGI XS XLI KIRIVMG TVSGIHYVI JSV QERHEXSV] IZIRXW MW XLEX XLI GEPGYPEXMSR MW FEWIH
YTSR XLI UYERXMX] SJ XLI YRHIVP]MRK IRXMXPIH LSPHMRK JSV [LMGL XLI IPIGXIH STXMSR ETTPMIW ERH

'SVTSVEXI %GXMSRW
RSX WMQTP] EKEMRWX XLI UYERXMX] SJ XLI IRXMXPIH LSPHMRK SV PSGEXMSR EW MW XLI GEWI [MXL QERHEXSV]
IZIRXW %R IRXMXPIQIRX [MPP FI GEPGYPEXIH JSV IEGL STXMSR XLEX XLI TSWMXMSR LSPHIV LEW IPIGXIH
ERH MR XYVR JSV IEGL STXMSR XLEX LEW FIIR IPIGXIH EKEMRWX XLI PSGEXMSR
'SRXMRYMRK EKEMR [MXL XLI 1EVOW ERH 7TIRGIV I\EQTPI XLI IPIGXIH STXMSR UYERXMXMIW XLEX
LEZI FIIR GSRwVQIH F] XLI GYWXSHMER EVI EW WLS[R MR 8EFPI [LMGL [MXLMR XLI 783tW
S[RIVWLMT VIGSVHW [MPP RIIH XS FI VIxIGXIH EW WLS[R MR 8EFPI
8EFPI
'SRJMVQIH7YQQEV]SJ)PIGXMSR(IGMWMSRW
3[RIVWLMT
3TXMSR%
3TXMSR&

0SGEXMSR
'YWXSHMER+0SRHSR
'YWXSHMER+0SRHSR
8EFPI
'SRJMVQIH)PIGXMSR(IGMWMSR7YQQEV]
'SRJMVQIH
'SRJMVQIH
4SWMXMSR,SPHIV
3TXMSR%
3TXMSR&
8VEHMRK&SSOs%t

8VEHMRK&SSOs&t

8VEHMRK&SSOs't

;LIVI XLI 1EVOW ERH 7TIRGIV IPIGXMSR HIGMWMSRW VIPEXI XS E 7GLIQI SJ %VVERKIQIRX SJ JSV
I\EQTPI
3TXMSR % i GEWL EX E VEXI SJ +&4 JSV IZIV] SRI I\MWXMRK WLEVI LIPH SV
3TXMSR & i WIGYVMXMIW EX E VEXMS SJ X[S RI[ WLEVIW JSV IZIV] wZI I\MWXMRK WLEVIW LIPH
XLI VIWYPXERX GEWL 3TXMSR % GSPPIGXMFPI IRXMXPIQIRX [MPP FI EW WLS[R MR 8EFPI
8EFPI
1EVOWERH7TIRGIV7LEVIWi6IWYPXERX'EWL+&4 JVSQ7GLIQISJ%VVERKIQIRX
3[RIVWLMT
0SGEXMSR
8VEHMRK&SSOs%t

'YWXSHMER+0SRHSR
8VEHMRK&SSOs&t

8VEHMRK&SSOs't

8LI VIWYPXERX WIGYVMXMIW 3TXMSR & GSPPIGXMFPI IRXMXPIQIRX [MPP FI EW MR 8EFPI
8EFPI
1EVOWERH7TIRGIV7LEVIWi6IWYPXERX7IGYVMXMIWJVSQ7GLIQISJ%VVERKIQIRX
3[RIVWLMT
0SGEXMSR
8VEHMRK&SSOs%t

'YWXSHMER+0SRHSR
8VEHMRK&SSOs&t

8VEHMRK&SSOs't

-R EHHMXMSR XLI XIVQW SJ QERHEXSV] [MXL STXMSRW IZIRXW QE] MRGPYHI WSQI EHHMXMSREP SV HMJ
JIVIRX GEPGYPEXMSRW XS XLSWI HIXEMPIH [MXLMR 'LETXIV s'EPGYPEXMSR SJ 6IWYPXERX )RXMXPIQIRXWt
ERH QE] GSRWMWX SJ GEPGYPEXMSR SJ VIWYPXERX WIGYVMXMIW IRXMXPIQIRXW FEWIH YTSR E VIMRZIWXQIRX
TVMGI

'EPGYPEXMSRW &EWIH YTSR E 6IMRZIWXQIRX 4VMGI

%W MRHMGEXIH MR 'LETXIV s'SRGITXW SJ )ZIRXW [MXL )PIGXMSRWt WSQI MRGSQI IZIRXW QE]
EPWS MRGPYHI STXMSRW E WTIGMwG I\EQTPI SJ XLMW FIMRK E HMZMHIRH VIMRZIWXQIRX TPER [LIVI
XLI TSWMXMSR LSPHIV MW KMZIR XLI GLSMGI FIX[IIR IPIGXMRK GEWL MRGSQI SV WIGYVMXMIW VIJIV XS
'LETXIV )ZIRX (IWGVMTXMSR ERH 'PEWWMwGEXMSR % HMZMHIRH VIMRZIWXQIRX TPER MRGPYHIW E
YRMUYI QIXLSH SJ GEPGYPEXMRK XLI VIWYPXERX IRXMXPIQIRX
-R XLI GEWI [LIVI XLI TSWMXMSR LSPHIV IPIGXW XS VIGIMZI GEWL MRGSQI XLMW [MPP FI GEPGYPEXIH MR
EGGSVHERGI [MXL XLI TVMRGMTPIW HIXEMPIH MR 'LETXIV s'EPGYPEXMSR SJ 6IWYPXERX )RXMXPIQIRXWt
ETTP]MRK XLI GEWL VEXI EW TIV XLI IZIRX XIVQW XS XLI LSPHMRK UYERXMX] JSV [LMGL GEWL MW IPIGXIH
8LMW GEPGYPEXMSR [MPP HIXIVQMRI XLI TVIXE\IH GEWL MRGSQI IRXMXPIQIRX 2SXI XLEX XLI GEPGYPEXMSR
SJ XE\ PMEFMPMXMIW MW HIXEMPIH MR 'LETXIV s'SRGITXW ERH 1EREKIQIRX SJ 8E\EXMSRt
;LIVI WIGYVMXMIW EVI IPIGXIH XLI VIWYPXERX IRXMXPIQIRX [MPP FI GEPGYPEXIH YWMRK E VI
MRZIWXQIRX TVMGI TIV WLEVI [MXL XLI TSWMXMSR LSPHIV VIMRZIWXMRK MXW GEWL IRXMXPIQIRX FEWIH
YTSR XLMW TVMGI 2SXI XLEX EPXLSYKL XLI VIMRZIWXQIRX TVMGI JSVQW TEVX SJ XLI IZIRX XIVQW MX MW
SJXIR RSX EZEMPEFPI YRXMP E XMQI GPSWIV XS SV JSPPS[MRK XLI VIGSVH HEXI SJ XLI IZIRX
-R GEPGYPEXMRK XLI VIWYPXERX WIGYVMXMIW IRXMXPIQIRX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX
wVWX GEPGYPEXI XLI GEWL MRGSQI IRXMXPIQIRX ERH XLIR HMZMHI XLMW EQSYRX F] XLI VIMRZIWXQIRX
TVMGI
*SV I\EQTPI XLI %YWXVEPMER FVI[MRK GSQTER] *SWXIVW +VSYT ERRSYRGIW E HMZMHIRH VI
MRZIWXQIRX TPER KMZMRK WLEVILSPHIVW XLI GLSMGI SJ IPIGXMRK
GEWL MRGSQI EX E VEXI SJ %9( TIV WLEVI SV
WIGYVMXMIW EX E VIMRZIWXQIRX TVMGI SJ %9( TIV WLEVI
8VEHMRK &SSO s&t MW XLI LSPHIV SJ *SWXIVW +VSYT WLEVIW [LMGL MW VITVIWIRXIH MR MXW
IRXMVIX] F] E JYPP] WIXXPIH WIGYVMXMIW TSWMXMSR EX XLI GYWXSHMER 8LMW MW VITVIWIRXIH MR 8EFPI
8LI XVEHMRK FSSO IPIGXW XS VIGIMZI WIGYVMXMIW VEXLIV XLER GEWL
8EFPI
*SWXIVW+VSYT7LEVIW
3[RIVWLMT
8VEHMRK&SSOs&t

0SGEXMSR
'YWXSHMER17]HRI]
8LI VIWYPXERX RYQFIV SJ WLEVIW XLEX [MPP FI VIMRZIWXIH MW GEPGYPEXIH EW JSPPS[W

(IVMZI XLI GEWL MRGSQI IRXMXPIQIRX F] QYPXMTP]MRK XLI RYQFIV SJ WLEVIW IPIGXIH F] XLI GEWL
MRGSQI VEXI
WLEVIW %9( TIV WLEVI ! %9(
(MZMHI XLI GEWL MRGSQI IRXMXPIQIRX F] XLI VIMRZIWXQIRX TVMGI
%9( HMZMHIH F] %9( TIV WLEVI ! WLEVIW
%X XLI ETTVSTVMEXI XMQI XLI VIWYPXERX IRXMXPIQIRX SJ WLEVIW QYWX FI EHHIH XS XLI
SVMKMREP TSWMXMSR TVSZMHMRK XLI VIMRZIWXIH WLEVIW VERO TEVMTEWWY [MXL XLI SVMKMREP WLEVIW XS
VIZIEP XLI VIZMWIH TSWMXMSR WLS[R MR 8EFPI
)RXVMIW EVI TEWWIH EX XLI WEQI XMQI [MXLMR FSXL XVEHIVtW VIGSVHW ERH XLI 783tW QEMR FSSOW
VIGSVHW XLIVIF] IRWYVMRK XLEX WIGYVMXMIW TSWMXMSRW VIQEMR MR FEPERGI [LIR EXXIQTXMRK XS
VIGSRGMPI

'SVTSVEXI %GXMSRW
8EFPI
*SWXIVW+VSYT7LEVIW
3[RIVWLMT
8VEHMRK&SSOs&t

0SGEXMSR
'YWXSHMER17]HRI]
2SXI XLEX JSV WMQTPMGMX] XLI I\EQTPI EFSZI LEW RSX MRGPYHIH XLI GEPGYPEXMSR SJ ER] XE\
PMEFMPMXMIW WXEQT HYX] SV SXLIV WYGL GLEVKIW [LMGL QE] FI EW ETTPMGEFPI [LIR IPIGXMRK VI
MRZIWXQIRX XS RI[ WIGYVMXMIW EW [LIR IPIGXMRK GEWL MRGSQI *SV I\EQTPI VIMRZIWXQIRX QE]
SGGYV FEWIH YTSR XLI TVIXE\IH SV TSWXXE\IH GEWL MRGSQI EQSYRX EGGSVHMRK XS XLI IZIRX
XIVQW ERH XE\ VIKYPEXMSRW SJ XLI PSGEP QEVOIX 8LI MQTPMGEXMSRW SJ XLMW XS XLI GEPGYPEXMSR SJ XLI
WIGYVMXMIW IRXMXPIQIRX EVI I\TPSVIH MR 'LETXIV s'SRGITXW ERH 1EREKIQIRX SJ 8E\EXMSRt
4%77-2+ 3* -28)62%0 )286-)7

*SV QERHEXSV] [MXL STXMSRW IZIRXW EW [MXL QERHEXSV] IZIRXW IRXVMIW [MPP FI TEWWIH F] XLI
783 XS VIxIGX
ER] GLERKI XS XLI YRHIVP]MRK WIGYVMXMIW TSWMXMSR ERH
XLI HMWXVMFYXMSR SJ ER] WIGYVMXMIW ERHSV GEWL XLEX MW I\TIGXIH XS SGGYV SR XLI HMWXVMFYXMSR
HEXI SV IJJIGXMZI HEXI SJ XLI IZIRX
-R XLI GEWI SJ QERHEXSV] [MXL STXMSRW IZIRXW EW [MXL QERHEXSV] IZIRXW IRXMXPIQIRX HEXI
IRXVMIW ERH VIGSVH HEXI IRXVMIW [MPP FI TEWWIH EGGSVHMRK XS X]TI SJ IZIRX
;I RS[ HIWGVMFI IRXVMIW VIPEXMRK XS
1ERHEXSV] [MXL 3TXMSRW &IRIwX )ZIRXW ERH
1ERHEXSV] [MXL 3TXMSRW &IRIwX )ZIRXW
*SV FIRIwX IZIRXW XLEX TVSZMHI XLI S[RIV [MXL STXMSRW MR TEVEPPIP [MXL QERHEXSV] FIRIwX
IZIRXW TVMSV XS WIXXPIQIRX SJ VIWYPXERX IRXMXPIQIRXW X[S X]TIW SJ IRXVMIW QE] FI TEWWIH F] XLI
783 HITIRHMRK YTSR [LIXLIV ER IRXMXPIQIRX HEXI ETTPMIW XS XLI IZIRX SV RSX 8LIWI EVI
)RXMXPIQIRX HEXI IRXVMIW ERH
6IGSVH HEXI IRXVMIW
&SXL SJ XLIWI EVI I\TPEMRIH MR XLMW WIGXMSR
2SXI XLEX XLI JSPPS[MRK [MPP FI YWIH EW XLI FEWMW JSV XLI I\EQTPIW MR XLMW WIGXMSR %PMXEPME
XLI -XEPMER EMVPMRI GSQTER] ERRSYRGIW E FIRIwX IZIRX [LIVIF] XLI TSWMXMSR LSPHIV QE] IPIGX
XS VIGIMZI
WIGYVMXMIW EX E VEXMS SJ SRI RI[ WLEVI JSV IZIV] JSYV I\MWXMRK WLEVIW LIPH SV
GEWL EX E VEXI SJ )96 JSV IZIV] SRI I\MWXMRK WLEVI LIPH SV
ER] GSQFMREXMSR SJ WIGYVMXMIW ERHSV GEWL

8VEHMRK &SSO s%t [LS LEW E LSPHMRK SJ WLEVIW MR %PMXEPME IPIGXW XS VIGIMZI
E VIWYPXERX WIGYVMXMIW IRXMXPIQIRX SJ RI[ WLEVIW IUYMZEPIRX XS SVMKMREP WLEVIW
ERH
XLI FEPERGI XS FI IPIGXIH EW GEWL IUYMZEPIRX XS SVMKMREP WLEVIW VIWYPXMRK MR
)96

%W IPIGXMSR HIGMWMSRW EVI X]TMGEPP] FIMRK VIGIMZIH JVSQ TSWMXMSR LSPHIVW JSV E TIVMSH SJ XMQI FI
]SRH XLI I\ IRXMXPIQIRX HEXI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MW YRPMOIP] XS ORS[ XLI TSWMXMSR
LSPHIVtW IPIGXIH STXMSR EX XLI XMQI SJ XLI IRXMXPIQIRX HEXI [LIR EGGVYEP IRXVMIW EVI RSVQEPP]
TEWWIH XS VIxIGX XLI VIWYPXERX IRXMXPIQIRX 'SRWIUYIRXP] E WIX SJ MRMXMEP IRXVMIW EVI TEWWIH EW
EX XLI I\ IRXMXPIQIRX HEXI FEWIH YTSR XLI HIJEYPX STXMSR [LMGL EVI WYFNIGX XS GLERKI SRGI
IPIGXMSR HIGMWMSRW EVI wREPMÎH 7YGL GLERKIW EVI RSVQEPP] TEWWIH SR VIGSVH HEXI
%WWYQMRK XLEX XLI HIJEYPX STXMSR MW JSV XLI TSWMXMSR LSPHIV XS VIGIMZI WIGYVMXMIW VEXLIV XLER
GEWL SR I\ IRXMXPIQIRX HEXI XLI IRXVMIW WLS[R MR 8EFPI [SYPH FI TEWWIH
8EFPI
(IFMX
)ZIRX'SRXVSP%GGSYRX
(MWFYVWEFPI)RXVMIW%PMXEPME 2I[3VHMREV]7LEVIW

'VIHMX

8VEHMRK&SSOs%t
6IGSVH (EXI )RXVMIW

*SV QERHEXSV] [MXL STXMSRW FIRIwX IZIRXW VIGSVH HEXI IRXVMIW VIPEXMRK XS XLI PSGEXMSR MI WIXXPIH
GYWXSHMER TSWMXMSRW ERH YRWIXXPIH XVEHIW EVI VIUYMVIH XS FI TEWWIH YRHIV EPP GMVGYQWXERGIW -R
EHHMXMSR YRHIV WSQI GMVGYQWXERGIW TSWMXMSR LSPHIV VIPEXIH IRXVMIW EVI VIUYMVIH XS FI TEWWIH
4SWMXMSR ,SPHIV )RXVMIW

3RGI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MW MRJSVQIH F] XLI TSWMXMSR LSPHIV SJ MXW wREP IPIGXMSR
HIGMWMSR ER] EHNYWXQIRXW XS XLI IRXVMIW TEWWIH SR IRXMXPIQIRX HEXI WLSYPH FI TEWWIH SR VIGSVH
HEXI SV XLI MWWYIVtW HIEHPMRI HEXI [LMGLIZIV MW PEXIV MR SVHIV XS VIxIGX XLI IPIGXIH STXMSR
EGGYVEXIP] 9WMRK XLI I\EQTPI IPIGXMSR HIGMWMSRW UYSXIH EFSZI XLI IRXVMIW WLS[R MR 8EFPIW
XS [MPP FI TEWWIH 8EFPI WLS[W XLI IRXV] XS VIZIVWI XLI )RXMXPIQIRX (EXI IRXV]
8EFPI
(IFMX
8VEHMRK&SSOs%t

'VIHMX

)ZIRX'SRXVSP%GGSYRX

8EFPI WLS[W XLI IRXV] XS VIxIGX XLI wREP UYERXMX] SJ WIGYVMXMIW IPIGXIH F] XLI TSWMXMSR
LSPHIV

'SVTSVEXI %GXMSRW
8EFPI
(IFMX
)ZIRX'SRXVSP%GGSYRX

'VIHMX

8VEHMRK&SSOs%t
8EFPI WLS[W XLI IRXV] XS VIxIGX XLI wREP EQSYRX SJ GEWL IPIGXIH F] XLI TSWMXMSR LSPHIV
8EFPI
(MWFYVWEFPI)RXVMIW)96
(IFMX
)ZIRX'SRXVSP%GGSYRX
'VIHMX

8VEHMRK&SSOs%t
2SXI XLEX WLSYPH XLI TSWMXMSR LSPHIVtW wREP IPIGXMSR HIGMWMSR FI XLI WEQI EW XLI HIJEYPX
STXMSR WSQI 783W QE] GLSSWI RSX XS VIZIVWI ERH VITPEGI XLI SVMKMREP IRXVMIW SR XLI FEWMW
XLEX XLI VIWYPX [MPP FI MHIRXMGEP XS XLI SVMKMREP WIX SJ IRXVMIW
0SGEXMSR )RXVMIW
-R XLI GEWI SJ QERHEXSV] [MXL STXMSRW FIRIwX IZIRXW E WIX SJ VIGSVH HEXI IRXVMIW [MPP FI TEWWIH
EKEMRWX XLI PSGEXMSR VIxIGXMRK ER] GLERKIW XS WIGYVMXMIW ERHSV GEWL TSWMXMSRW MR PMRI [MXL
MWWYIH IPIGXMSR HIGMWMSRW 8LIWI IRXVMIW [MPP FI TEWWIH SR IMXLIV XLI VIGSVH HEXI SV XLI MWWYIVtW
HIEHPMRI HEXI [LMGLIZIV MW PEXIV
*SPPS[MRK SR JVSQ XLI EFSZI I\EQTPI 8EFPI MPPYWXVEXIW XLI VIGSVH HEXI IRXV] JSV
WIGYVMXMIW GSPPIGXMFPI JVSQ XLI ETTVSTVMEXI GYWXSHMER
8EFPI
'SPPIGXMFPI)RXVMIW%PMXEPME 2I[3VHMREV]7LEVIW
(IFMX
'YWXSHMERs<t1EMREG
4VSNIGXIH
'VIHMX

)ZIRX'SRXVSP%GGSYRX
8LI IRXV] XS VIxIGX XLI EQSYRX SJ GEWL IPIGXIH F] XLI TSWMXMSR LSPHIV ERH GSRZI]IH XS XLI
GYWXSHMER MW WLS[R MR 8EFPI
8EFPI
'SPPIGXMFPI)RXVMIW)96
(IFMX
'YWXSHMERs<t1EMREG
4VSNIGXIH
'VIHMX

)ZIRX'SRXVSP%GGSYRX
2SXI XLEX WIXXPIQIRX HEXI IRXVMIW EVI HIWGVMFIH MR 7IGXMSR

*SV VISVKERMÊXMSR IZIRXW XLEX TVSZMHI XLI S[RIV [MXL STXMSRW [LIVI ER IRXMXPIQIRX HEXI MW
RSVQEPP] RSX ETTPMGEFPI MR TEVEPPIP [MXL QERHEXSV] VISVKERMÊXMSR IZIRXW TVMSV XS WIXXPIQIRX
SJ VIWYPXERX IRXMXPIQIRXW SRP] VIGSVH HEXI IRXVMIW EVI TEWWIH

7YGL IZIRXW X]TMGEPP] VIUYMVI XLI TEWWMRK SJ IRXVMIW SR VIGSVH HEXI XS

VIQSZI LSPHMRKW ERH ER] YRWIXXPIH XVEHIW MR XLI YRHIVP]MRK WIGYVMX]
GVIEXI LSPHMRKW MR XLI VITPEGIQIRX WIGYVMX]
VITVIWIRX YRWIXXPIH XVEHIW XLEX [MPP FI XVERWJSVQIH
7YGL IRXVMIW EVI HIXEMPIH MR 'LETXIV s4EWWMRK SJ -RXIVREP )RXVMIWt ERH MR 'LETXIV
s)\EQTPIW SJ 1ERHEXSV] )ZIRXWt
3RGI XLI TSWMXMSR LSPHIV LEW QEHI MXW wREP IPIGXMSR HIGMWMSR VIGSVH HEXI IRXVMIW QE] RIIH
XS FI VIZIVWIH ERH VITPEGIH EW HIWGVMFIH MR XLI 6IGSVH (EXI )RXVMIW WIGXMSR IEVPMIV MR XLMW
GLETXIV
'300)'8-32 %2( (-7&967)1)28

3* 6)7908%28 )28-80)1)287
3RGI XLI 783 MW GIVXEMR XLEX MXW IPIGXMSR HIGMWMSRW SR FILEPJ SJ XLI TSWMXMSR LSPHIVW LEZI FIIR
EGGITXIH F] XLI PSGEXMSRW JVSQ XLEX TSMRX JSV[EVH XLI GSPPIGXMSR ERH HMWFYVWIQIRX SJ VIWYPXERX
IRXMXPIQIRXW JEPPW [MXLMR XLI WEQI TVSGIHYVIW EW JSV QERHEXSV] IZIRXW 7YGL TVSGIHYVIW EVI
HIXEMPIH [MXLMR 'LETXIV s'SPPIGXMSR(MWFYVWIQIRX SJ 6IWYPXERX )RXMXPIQIRXWt
94(%8-2+ 3* -28)62%0 )286-)7

8LI WIXXPIQIRX SJ E QERHEXSV] [MXL STXMSRW IZIRX MW XLI WEQI MR EPP VIWTIGXW EW XLI WIXXPIQIRX
SJ E QERHEXSV] IZIRX )RXVMIW TEWWIH SR VIGSVH HEXI EKEMRWX
GYWXSHMERW MR XLI JSVQ SJ sTVSNIGXIHt IRXVMIW ERH
GSYRXIVTEVXMIW MR XLI JSVQ SJ sE[EMXMRK WIXXPIQIRXt IRXVMIW
[MPP FI YTHEXIH [MXL E JYVXLIV WIX SJ IRXVMIW EKEMRWX XLI GYWXSHMER MR XLI JSVQ SJ sWIXXPIHt IRXVMIW
SRGI XLI GYWXSHMER LEW EHZMWIH XLI 783 SJ WIXXPIQIRX 7YGL IRXVMIW EVI HIXEMPIH MR 'LETXIV
s9THEXMRK SJ -RXIVREP )RXVMIWt ERH MR 'LETXIV s)\EQTPIW SJ 1ERHEXSV] )ZIRXWt
7911%6=
8LI QEREKIQIRX SJ IPIGXMSR HIGMWMSRW MW JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX ERH XLIVIJSVI
JSV XLI 783 E LMKLP] VMWO] I\IVGMWI YWYEPP] VIUYMVIH XS FI TIVJSVQIH [MXLMR E WLSVX XMQI
TIVMSH ERH [MXL E HIKVII SJ QERYEP MRXIVZIRXMSR IZIR MR E LMKLP] EYXSQEXIH IRZMVSRQIRX
-R WYQQEV] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX
GETXYVI QERHEXSV] [MXL STXMSRW IZIRX XIVQW EW WSSR EW TSWWMFPI EJXIV ERRSYRGIQIRX
EHZMWI TSWMXMSR LSPHIVW SJ XLIMV STXMSRW EW WSSR EW TSWWMFPI IRWYVMRK XLI RIGIWWEV] HIEHPMRI
JSV XLIMV IPIGXMSR HIGMWMSR MW GPIEVP] WXEXIH
GSPPIGX VIGSVH ERH ZEPMHEXI IPIGXMSR HIGMWMSRW VIGIMZIH JVSQ TSWMXMSR LSPHIVW ERH GPEMQMRK
GSYRXIVTEVXMIW
wREPMÎ SZIVHYI IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW
GSPPEXI IPIGXMSR HIGMWMSR VIWYPXW HIXIVQMRI ERH MWWYI IPIGXMSR HIGMWMSRW XS PSGEXMSRW
QSRMXSV WYGGIWW SJ IPIGXMSR HIGMWMSRW MWWYIH XS PSGEXMSRW MRGPYHMRK SZIVIPIGXMSRW
-X QYWX EP[E]W FI QMRHJYP SJ XLI IPIGXMSR HIGMWMSR HIEHPMRIW MQTSWIH F] XLI ZEVMSYW PSGEXMSRW

'SVTSVEXI %GXMSRW
7MKRMwGERX PSWWIW GER FI MRGYVVIH F] XLI 783 [LIVI IPIGXMSR HIGMWMSRW EVI HIEPX [MXL
MRGSVVIGXP] SV RSX MR E XMQIP] QERRIV
%W HIEHPMRIW ETTVSEGL ERH [SVOPSEH XLVIEXIRW XS SYX[IMKL XLI QERTS[IV [MXLMR XLI 'SV
TSVEXI %GXMSRW (ITEVXQIRX XLIVI MW ER MRGVIEWMRK HERKIV XLEX WYGL TVIWWYVI [MPP VIWYPX MR
QMWXEOIW 8LI sERXMHSXIt XS XLI 783 MRGYVVMRK WYGL PSWWIW MW JSV XLI 'SVTSVEXI %GXMSRW (ITEVX
QIRX XS [SVO XS E GPIEVP] HIwRIH XMQIXEFPI SJ EGXMSRW ERH HIEHPMRIW [MXL YREQFMKYSYW VSPIW
ERH VIWTSRWMFMPMXMIW SJ XLSWI MRZSPZIH

-2863(9'8-32
%W HIWGVMFIH MR XLI TVIZMSYW GLETXIV E ZSPYRXEV] IZIRX MW SRI [LIVI XLI TSWMXMSR LSPHIV [MPP
FI KMZIR E GLSMGI EW XS [LIXLIV MX [MWLIW XS TEVXMGMTEXI MR XLI IZIRX SV RSX MI TEVXMGMTEXMSR
MW TYVIP] ZSPYRXEV] 7LSYPH XLI TSWMXMSR LSPHIV GLSSWI XS TEVXMGMTEXI MR XLI IZIRX MX QE] MR
EHHMXMSR FI KMZIR X[S SV QSVI EPXIVREXMZIW EW XS XLI JSVQ SJ VIWYPXERX IRXMXPIQIRX MX [MWLIW XS
VIGIMZI
8LI IZIRX PMJIG]GPI SJ ZSPYRXEV] IZIRXW HSIW RSX HMJJIV JVSQ XLEX SJ QERHEXSV] [MXL STXMSRW
IZIRXW 2SXI XLEX JSV XLI TYVTSWIW SJ XLMW FSSO QYPXMTPI WXEKI IZIRXW ERH XEOISZIVW EVI GSZIVIH
WITEVEXIP]
%W [MXL QERHEXSV] [MXL STXMSRW IZIRXW ZSPYRXEV] IZIRXW VIUYMVI XLI QEREKIQIRX SJ IPIGXMSR
HIGMWMSRW ERH MR XLMW VIWTIGX XLI X[S GEXIKSVMIW SJ IZIRXW EVI ZIV] WMQMPEV
2SRIXLIPIWW XLI ZSPYRXEV] IZIRX MRXVSHYGIW XLI GSRGITX SJ RSRTEVXMGMTEXMSR ERH XLIVIJSVI
XLI QEREKIQIRX SJ ZSPYRXEV] IZIRXW HMJJIVW MR WSQI VIWTIGXW XS XLEX SJ QERHEXSV] [MXL STXMSRW
IZIRXW XS XEOI EGGSYRX SJ XLMW
-R EHHMXMSR ZSPYRXEV] IZIRXW MRGPYHI IZIRXW XLEX VIUYMVI XLI TE]QIRX SJ QSRMIW XS XLI
MWWYIV 7YGL TE]QIRXW EVI ORS[R EW WYFWGVMTXMSRW ERH XLIVIJSVI VIUYMVI XLI EHHMXMSREP WXIT SJ
GEPGYPEXMRK XLI QSRMIW HYI EW TEVX SJ XLI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW WXIT
*MKYVI MPPYWXVEXIW XLI SZIVEPP PSKMGEP xS[ SJ IPIQIRXW [MXL VIWTIGX XS ZSPYRXEV] IZIRXW
)\XIVREP
-RXIVREP
)\XIVREPP]6IGSRGMPI

'SVTSVEXI %GXMSRW
:30928%6= ):)28 8)617

% ZSPYRXEV] IZIRX MRGPYHIW IZIRX XIVQW ERH GSRHMXMSRW EHHMXMSREP XS XLSWI SJ E QERHEXSV] IZIRX
8LIWI MRGPYHI
STXMSRW EZEMPEFPI XS TSWMXMSR LSPHIVW
HIEHPMRIW JSV PSHKMRK IPIGXMSR HIGMWMSRW ERH
WLEVILSPHIV IPMKMFMPMX] GSRHMXMSRW TIVXEMRMRK XS WTIGMwG STXMSRW
3TXMSRW %ZEMPEFPI

;LIVI ER IZIRX MW ZSPYRXEV] XLEX MW XLI TSWMXMSR LSPHIV MW KMZIR MR EHHMXMSR XS ER] SJ XLI
SXLIV STXMSRW XLI GLSMGI EW XS [LIXLIV MX [MWLIW XS TEVXMGMTEXI MR XLI IZIRX SV RSX XLI GLSMGI
XS XEOI sRS EGXMSRt GER EPWS FI GSRWMHIVIH ER STXMSR ERH QYWX FI VIGSVHIH EW WYGL F] XLI 783
EKEMRWX XLI IZIRX XLYW HMWXMRKYMWLMRK XLI IZIRX EW ZSPYRXEV] -X GER XLIVIJSVI FI GSRWMHIVIH
XLEX XLI sRS EGXMSRt STXMSR MW XLI HIJEYPX MR XLEX YRPIWW ER IPIGXMSR HIGMWMSR MW QEHI RS
EGXMSR [MPP FI XEOIR ERH RS VIWYPXERX IRXMXPIQIRX [MPP FI GEPGYPEXIH 8LMW MW VITVIWIRXIH MR
*MKYVI
4SWMXMSR,SPHIV
ZSPYRXEV]
IZIRX
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4EVXMGMTEXI#
]IW
RS
-RJSVQMWWYIVSJ
WTIGMJMGHIGMWMSR
(SRSXVIWTSRHXS
MWWYIV
2SEGXMSR[MPPFI
XEOIRF]XLIMWWYIV
*MKYVI :SPYRXEV] IZIRXW TSWMXMSR LSPHIV STXMSRW
%R STXMSR QE] EPWS MRGPYHI E sTVMGIt VIxIGXMRK XLI GSWX SJ RI[ WIGYVMXMIW XS XLI TSWMXMSR
LSPHIV MR XLI GEWI SJ WTIGMwG IZIRXW 8LI XVIEXQIRX SJ XLMW TVMGI MR XLI GEPGYPEXMSR SJ QSRMIW
TE]EFPI XS XLI MWWYIV MW HIWGVMFIH MR 7IGXMSR
-X MW RIGIWWEV] EX EPP XMQIW XS MHIRXMJ] XLSWI IZIRXW XLEX EVI ZSPYRXEV] MR REXYVI ERH XLEX MRGPYHI
XLI EFMPMX] JSV XLI TSWMXMSR LSPHIV XS XEOI RS EGXMSR *EMPYVI XS MHIRXMJ] XLI STXMSRW EZEMPEFPI
GSVVIGXP] GSYPH VIWYPX MR MRGSVVIGX GSQQYRMGEXMSRW XS TSWMXMSR LSPHIVW MRGSVVIGX GEPGYPEXMSR SJ
VIWYPXERX IRXMXPIQIRXW ERH XLI MRIZMXEFPI VMWO SJ XLI 783 MRGYVVMRK PSWWIW


:SPYRXEV] IZIRXW MRGPYHI E RYQFIV SJ HIEHPMRIW EW HIWGVMFIH JSV QERHEXSV] [MXL STXMSRW
IZIRXW JSV FSXL XLI VIGIMTX ERH MWWYI SJ IPIGXMSR HIGMWMSRW 8LIWI MRGPYHI
I\XIVREP HIEHPMRIW
i MWWYIVtW HIEHPMRI
i GYWXSHMERtW HIEHPMRI
i GSYRXIVTEVX]tW HIEHPMRI ERH
MRXIVREP HIEHPMRIW
4PIEWI VIJIV XS 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt
7LEVILSPHIV )PMKMFMPMX]
%W MRXVSHYGIH MR 'LETXIV s)ZIRX 8IVQW 'ETXYVI ERH 'PIERWMRKt ZSPYRXEV] IZIRXW QE] EPWS
MRGPYHI WTIGMwG GSRHMXMSRW TIVXEMRMRK XS XLI TSWMXMSR LSPHIVtW IPMKMFMPMX] XS EGGITX SRI SV SXLIV
STXMSR SV MR JEGX TEVXMGMTEXI MR XLI IZIRX EX EPP )\EQTPIW SJ XLMW MRGPYHI
*SVIMKR 3[RIVWLMT 6IWXVMGXMSRW
% ZSPYRXEV] IZIRX QE] SJJIV XLI TSWMXMSR LSPHIV XLI STXMSR XS TYVGLEWI EHHMXMSREP WIGYVMXMIW
MR XLI MWWYIV EX E TVMGI 8LI STXMSR XS TYVGLEWI EHHMXMSREP WIGYVMXMIW MW ORS[R EW E WYF
WGVMTXMSR 8LI VIKYPEXMSRW TIVXEMRMRK XS S[RIVWLMT MR XLI GSYRXV] SJ MWWYI SJ XLI YRHIVP]MRK
WIGYVMX] QE] VIWXVMGX JSVIMKR S[RIVWLMT EW MW SJXIR XLI GEWI MR QIHME GSQTERMIW 8LIVIJSVI
MR XLMW MRWXERGI XLI STXMSR XS WYFWGVMFI XS RI[ WLEVIW [SYPH RSX FI EZEMPEFPI XS JSVIMKR TS
WMXMSR LSPHIVW RSXI XLEX XLMW VIWXVMGXMSR MW EPWS ETTPMGEFPI XS GIVXEMR QERHEXSV] [MXL STXMSRW
IZIRXW 8LI 783 QYWX VIGSVH XLMW GSRHMXMSR ERH IRWYVI XLEX TSWMXMSR LSPHIVW EVI MRJSVQIH
EGGSVHMRKP] *EMPYVI XS HS WS F] XLI 783 [SYPH MRGYV E FVIEGL SJ VIKYPEXMSRW
)PMKMFMPMX] FEWIH YTSR 7MÎ SJ ,SPHMRK
3R SGGEWMSRW XLI MWWYIV QE] WIX GSRHMXMSRW SJ IPMKMFMPMX] FEWIH YTSR XLI WMÎ SJ XLI TSWMXMSR
LSPHIVtW LSPHMRK *SV I\EQTPI ER 3HH 0SX 3JJIV MW VIWXVMGXIH SRP] XS XLSWI TSWMXMSR LSPHIVW
XLEX LEZI E TSWMXMSR SYXWMHI SJ XLI RSVQEP XVEHEFPI PSXW SJ XLI YRHIVP]MRK WIGYVMX]
()8)61-2-2+ )28-80)1)28 83 :30928%6= ):)287

8LI TVMRGMTPIW SJ HIXIVQMRMRK IRXMXPIQIRX XS ZSPYRXEV] IZIRXW HS RSX HMJJIV JVSQ XLSWI HIWGVMFIH
MR 'LETXIV s(IXIVQMRMRK )RXMXPIQIRXt -R TEVEPPIP [MXL XLI KIRIVMG PMJIG]GPI XLI 783 QYWX
MHIRXMJ]
i XVEHMRK FSSO TSWMXMSRW ERH
i GYWXSH] GPMIRX TSWMXMSRW
i WIXXPIH GYWXSHMER TSWMXMSRW
i YRWIXXPIH XVEHIW VIWYPXMRK MR GPEMQW MR JEZSYV SJ XLI 783
i YRWIXXPIH XVEHIW VIWYPXMRK MR GPEMQW EKEMRWX XLI 783
8LI SRP] EHHMXMSREP EWTIGX MR HIXIVQMRMRK IRXMXPIQIRX XS E ZSPYRXEV] IZIRX MW XS ETTP] ER]
GSRHMXMSRW MR XLI IZIRX XIVQW XLEX QE] VIWXVMGX TEVXMGMTEXMSR EW HIWGVMFIH MR 7IGXMSR %R
I\EQTPI SJ TEVXMGMTEXMSR FEWIH YTSR WMÎ SJ LSPHMRK JSPPS[W

'SVTSVEXI %GXMSRW
,7&' XLI MWWYIV ERRSYRGIW ER 3HH 0SX 3JJIV XLI MWWYIV [MPP FY] EX E TVMGI SJ ,/(
TIV WLEVI ER] LSPHMRKW YRHIV WLEVIW [LIVI XVEHEFPI PSXW EVI WLEVIW 8EFPI
VITVIWIRXW ER 783tW IRXMVI TSWMXMSR MR ,7&' WLEVIW EW EX XLI VIGSVH HEXI
8EFPI
,7&'7LEVIW
3[RIVWLMT
8VEHMRK&SSOs%t
'YWXSH]'PMIRXs<t
'YWXSH]'PMIRXs=t
'YWXSH]'PMIRXs>t

i
i
0SGEXMSR
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'YWXSHMER0,SRK/SRK'YWXEG
i
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP MQQIHMEXIP] MHIRXMJ] XLEX XLI SJJIV MW VIWXVMGXIH XS
GYWXSH] GPMIRX s=t EW SRP] XLEX TSWMXMSR LSPHIV LEW E TSWMXMSR YRHIV WLEVIW
'31192-'%8-32 3* :30928%6=

):)28 -2*361%8-32
-R XLI QENSVMX] SJ GEWIW XLI X]TIW SJ GSQQYRMGEXMSRW XLEX ETTP] XS ZSPYRXEV] IZIRXW EVI XLI
WEQI SV WMQMPEV XS XLSWI XLEX ETTP] XS QERHEXSV] [MXL STXMSRW IZIRXW HMJJIVMRK SRP] MR GSRXIRX
XS MRGPYHI VIJIVIRGI XS XLI TSWMXMSR LSPHIVtW STXMSR RSX XS TEVXMGMTEXI MR XLI IZIRX EX EPP
8LIWI X]TIW SJ GSQQYRMGEXMSRW HIWGVMFIH MR 'LETXIV MRGPYHI
*MREP 'PEMQ 2SXMGI
6)')-48 3* )0)'8-32 ()'-7-327

8LI VIGIMTX SJ IPIGXMSR HIGMWMSRW MR VIWTIGX SJ ZSPYRXEV] IZIRXW QMVVSVW XLEX TVIZMSYWP] HIXEMPIH
JSV QERHEXSV] [MXL STXMSRW IZIRXW
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP VIGIMZI IPIGXMSRW HIGMWMSRW JVSQ
TSWMXMSR LSPHIVW ERH
GPEMQMRK GSYRXIVTEVXMIW
-R XLI GEWI SJ ZSPYRXEV] IZIRXW MX GER FI GSRWMHIVIH XLEX XLI GLSMGI XS XEOI RS EGXMSR MI RSX
XS TEVXMGMTEXI MR XLI IZIRX MW XLI HIJEYPX STXMSR
9RHIV RSVQEP GMVGYQWXERGIW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP ETTP] HIJEYPX IPIGXMSR
HIGMWMSRW XS XLI TSWMXMSRW MX MW QEREKMRK [LIVI IPIGXMSR HIGMWMSRW EVI RSX VIGIMZIH JVSQ XLI
TSWMXMSR LSPHIV F] XLI IPIGXMSR TIVMSH HIEHPMRI 8LIVIJSVI MR XLI WTIGMwG GEWI SJ E ZSPYRXEV]
IZIRX XLMW QIERW XLEX [LIVI IPIGXMSR HIGMWMSRW EVI RSX VIGIMZIH JVSQ XLI TSWMXMSR LSPHIV
SV GPEMQMRK GSYRXIVTEVX] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [SYPH X]TMGEPP] XEOI RS JYVXLIV
EGXMSR ERH XLI TSWMXMSR LSPHIV [SYPH RSX TEVXMGMTEXI MR XLI IZIRX

6)'36(-2+ %2( :%0-(%8-2+ 6)')-:)(

)0)'8-32 ()'-7-327
;LIVI E TSWMXMSR LSPHIV IPIGXW XS TEVXMGMTEXI MR E ZSPYRXEV] IZIRX XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX QYWX VIGSVH TVSQTXP] ERH EGGYVEXIP] MR MXW VIGSVHW XLI WEQI MRJSVQEXMSR EW [SYPH
FI I\TIGXIH JSV ER] IPIGXMSR HIGMWMSR REQIP]
XLI WTIGMwG TSWMXMSR LSPHIV
XLI UYERXMX] SJ XLI YRHIVP]MRK IRXMXPIH LSPHMRK XS [LMGL XLI IPIGXMSR ETTPMIW ERH
XLI WTIGMwG STXMSR IPIGXIH
8LMW MW VIGSVHIH XSKIXLIV [MXL EHHMXMSREP EYHMX XVEMP VIPEXIH MRJSVQEXMSR JSV I\EQTPI XLI HEXI
SJ XLI IPIGXMSR HIGMWMSR
-R VIGSVHMRK XLI UYERXMX] SJ XLI YRHIVP]MRK LSPHMRK XS [LMGL XLI IPIGXMSR ETTPMIW XLI
'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP FI [IPP TPEGIH XS GEPGYPEXI
XLI IPIGXMSR HIGMWMSRW XS FI MWWYIH XS XLI PSGEXMSR XSKIXLIV [MXL
ER] SYXWXERHMRK IPIGXMSR HIGMWMSRW WXMPP XS FI VIGIMZIH JVSQ XLI TSWMXMSR LSPHIVW
%W HIWGVMFIH TVIZMSYWP] MR XLI GEWI SJ ZSPYRXEV] IZIRXW XLI TSWMXMSR LSPHIV SV GPEMQMRK
GSYRXIVTEVX] QE] IPIGX XS XEOI RS EGXMSR ERH RSX TEVXMGMTEXI MR XLI IZIRX EX EPP ;LIVI XLMW GLSMGI
MW I\TPMGMXP] GSQQYRMGEXIH XS XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MX MW LMKLP] VIGSQQIRHIH
XLEX XLMW MRJSVQEXMSR EPWS FI VIGSVHIH ERH XLEX XLI IPIGXIH UYERXMX] SJ XLI LSPHMRK FI YTHEXIH
EGGSVHMRKP] (SMRK WS [MPP IREFPI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS MHIRXMJ] EGGYVEXIP]
[LIXLIV XLI TSWMXMSR LSPHIV PIKMXMQEXIP] HSIW RSX [MWL XS IPIGX SV LEW WMQTP] RSX RSXMwIH MXW
IPIGXMSR HIGMWMSR
*SV I\EQTPI XLI GSRZIVXMFPI TVIJIVIRGI WLEVIW MR GSQTER] < QE] FI ZSPYRXEVMP] GSRZIVXIH
HYVMRK 3GXSFIV SJ IZIV] ]IEV ORS[R EW XLI GSRZIVWMSR TIVMSH XS JYPP] TEMH SVHMREV] WLEVIW
YRXMP QEXYVMX] SJ XLI GSRZIVXMFPI TVIJIVIRGI WLEVIW 8LIVIJSVI HYVMRK XLI GSRZIVWMSR TIVMSH XLI
TSWMXMSR LSPHIV QE] IPIGX XS
GSRZIVX MXW GSRZIVXMFPI TVIJIVIRGI WLEVIW XS JYPP] TEMH SVHMREV] WLEVIW SV XS
XEOI RS EGXMSR
)EGL SJ XLI EFSZI STXMSRW QE] FI IPIGXIH [MXL VIWTIGX XS EPP SV TEVX SJ XLI TSWMXMSR LSPHIVtW
LSPHMRK
'YWXSH] 'PMIRX 8 [LS LEW E LSPHMRK SJ GSRZIVXMFPI TVIJIVIRGI WLEVIW MR 'SQ
TER] < GSQQYRMGEXIW XLI JSPPS[MRK IPIGXMSR HIGMWMSR XS XLI 783
GSRZIVX GSRZIVXMFPI TVIJIVIRGI WLEVIW
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP VIGSVH XLMW EW WLS[R MR 8EFPI MRHMGEXMRK XLEX
RS IPIGXMSR HIGMWMSR LEW FIIR VIGIMZIH JSV XLI FEPERGI SJ 'YWXSH] 'PMIRX 8tW LSPHMRK FIMRK
GSRZIVXMFPI TVIJIVIRGI WLEVIW
7YFWIUYIRXP] 'YWXSH] 'PMIRX 9 [LS LEW E LSPHMRK SJ GSRZIVXMFPI TVIJIVIRGI WLEVIW
MR 'SQTER] < GSQQYRMGEXIW XLI JSPPS[MRK IPIGXMSR HIGMWMSR XS XLI 783
GSRZIVX GSRZIVXMFPI TVIJIVIRGI WLEVIW ERH
HS RSX GSRZIVX MI VIXEMR GSRZIVXMFPI TVIJIVIRGI WLEVIW
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP VIGSVH XLMW EW WLS[R MR 8EFPI MRHMGEXMRK XLEX
IPIGXMSR HIGMWMSRW [MXL VIWTIGX XS XLI XSXEP UYERXMX] SJ 'YWXSH] 'PMIRX 9tW LSPHMRK LEZI FIIR

'SVTSVEXI %GXMSRW
8EFPI
4SWMXMSR,SPHIV
'YWXSH]'PMIRXs8t
(EXI)PIGXMSR
(IGMWMSR
6IGIMZIH
XL3GXSFIV
XSXEP
8EOI2S
'SRZIVX
%GXMSR
,SPHMRK
,SPHMRK
5YERXMX]
5YERXMX]

9RIPIGXIH
,SPHMRK
5YERXMX]
3VMKMREP
9RHIVP]MRK
,SPHMRK5YERXMX]

VIGIMZIH MRGPYHMRK XLI HIGMWMSR RSX XS TEVXMGMTEXI MI RSX XS GSRZIVX GSRZIVXMFPI
TVIJIVIRGI WLEVIW
8EFPI
4SWMXMSR,SPHIV
'YWXSH]'PMIRXs8t
'YWXSH]'PMIRXs9t
(EXI)PIGXMSR
(IGMWMSR
6IGIMZIH
XL3GXSFIV
XL3GXSFIV
XSXEP
8EOI2S
'SRZIVX
%GXMSR
,SPHMRK
,SPHMRK
5YERXMX]
5YERXMX]

9RIPIGXIH
,SPHMRK
5YERXMX]
3VMKMREP
9RHIVP]MRK
,SPHMRK5YERXMX]

-R I\TPMGMXP] VIGSVHMRK HIGMWMSRW RSX XS TEVXMGMTEXI MR ZSPYRXEV] IZIRXW XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX MW EFPI XS EZSMH ER] GSRJYWMSR FIX[IIR XLSWI LSPHMRKW XLEX EVI RSX XS TEVXMGMTEXI
MR XLI IZIRX ERH XLSWI JSV [LMGL IPIGXMSR HIGMWMSRW LEZI XVYP] RSX FIIR VIGIMZIH
1%2%+-2+ 3:)6(9) )0)'8-32 ()'-7-327

%W QIRXMSRIH TVIZMSYWP] XLI STXMSR XS XEOI RS EGXMSR MI RSX XS TEVXMGMTEXI MR E ZSPYRXEV]
IZIRX MW IWWIRXMEPP] XLI HIJEYPX STXMSR JSV XLEX IZIRX
8LIVIJSVI SRGI XLI HIEHPMRI JSV XLI VIGIMTX SJ IPIGXMSR HIGMWMSRW LEW TEWWIH XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [MPP FI VIUYMVIH XS XEOI WTIGMwG EGXMSR [MXL VIKEVH XS ER] SYXWXERHMRK
IPIGXMSR HIGMWMSRW JSV I\EQTPI
EXXIQTX XS QEOI ZIVFEP GSRXEGX [MXL XLI TSWMXMSR LSPHIV
WIIO ER MRXIVREP HIGMWMSR JVSQ [LSIZIV MW VIWTSRWMFPI JSV XLI TSWMXMSR IK LIEH XVEHIV SV
GYWXSH] GPMIRX WEPIWTIVWSR
XEOI RS EGXMSR
8LI VMWOW SJ wRERGMEP PSWW XS XLI 783 EW E VIWYPX SJ MRGSVVIGX EGXMSRW XEOIR EX XLMW TSMRX GER
FI WMKRMwGERX 7XVMGX KYMHIPMRIW EVI VIGSQQIRHIH MR SVHIV XS SFXEMR XLI ETTVSTVMEXI PIZIP SJ
EYXLSVMÊXMSR ERH XS IRWYVI XLEX GSQTER] TSPMGMIW EVI GSQQYRMGEXIH XS TSWMXMSR LSPHIVW ERH
EVI EHLIVIH XS
*SV I\EQTPI XLI 783tW TSPMG] MR XLI GEWI SJ RSRVIGIMTX SJ IPIGXMSR HIGMWMSRW JSV ZSPYRXEV]
IZIRXW QE] FI XS XEOI RS EGXMSR [MXL VIWTIGX XS XLI TSWMXMSR LSPHIVtW LSPHMRK %GGSVHMRKP] XLMW
WLSYPH EP[E]W FI MRGPYHIH SR EPP GSQQYRMGEXMSRW XS XLI TSWMXMSR LSPHIV ERH MR EHHMXMSR E sJSYV
I]IWt TVMRGMTPI XS SYXWXERHMRK IPIGXMSR HIGMWMSRW MW VIGSQQIRHIH

-779) 3* )0)'8-32 ()'-7-327

8LI MWWYI SJ IPIGXMSR HIGMWMSRW XS XLI PSGEXMSR [MXL VIWTIGX XS ZSPYRXEV] IZIRXW HSIW RSX HMJJIV XS
XLEX SJ QERHEXSV] [MXL STXMSRW IZIRXW 4PIEWI VIJIV XS 'LETXIV s1EREKIQIRX SJ 1ERHEXSV]
[MXL 3TXMSRW )ZIRXWt
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP

'EPGYPEXI IEGL IPIGXMSR HIGMWMSR XS FI MWWYIH

-HIRXMJ] XLI PSGEXMSR GSQTSRIRX XS [LMGL XLI IPIGXMSR HIGMWMSR [MPP FI MWWYIH
&EPERGI IPIGXMSR HIGMWMSRW XS FI MWWYIH XS XLSWI VIGIMZIH
-WWYI XLI IPIGXMSR HIGMWMSR RSXMwGEXMSR XS XLI PSGEXMSR
-X MW GSQQSR JSV ZSPYRXEV] IZIRXW XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX TIVJSVQW XLMW G]GPI
SJ WXITW SR QYPXMTPI SGGEWMSRW XLVSYKLSYX XLI IPIGXMSR TIVMSH SJ XLI IZIRX VEXLIV XLER WMQTP]
SRGI XS[EVHW XLI GPSWI SJ XLI IPIGXMSR TIVMSH 8LMW MW QEMRP] HYI XS XLI REXYVI SJ ZSPYRXEV]
IZIRXW [LIVI MX MW RSX YRYWYEP JSV
RI[ LSPHMRKW MWWYIH WYFWIUYIRX XS XLI IZIRX MI XLI VIWYPXERX IRXMXPIQIRX XS FI QEHI
EZEMPEFPI XS TSWMXMSR LSPHIVW XLVSYKLSYX XLI IPIGXMSR TIVMSH EW ERH [LIR IPIGXMSR HIGMWMSRW
EVI VIGIMZIH VEXLIV XLER SR E WMRKPI PEXIV HEXI EJXIV XLI GPSWI SJ XLI IPIGXMSR TIVMSH
WTIGMwG STXMSRW XS FI PMQMXIH VIJIV XS 7IGXMSR FIPS[
3:)6)0)'8-327
*SV ZSPYRXEV] IZIRXW MR TEVEPPIP [MXL QERHEXSV] [MXL STXMSRW IZIRXW XLI MWWYIV QE] WXMTYPEXI
E PMQMX XS FI ETTPMIH XS HIWMKREXIH STXMSRW [MXL VIWTIGX XS XLI IPIGXMSR HIGMWMSRW
;LIVI WYGL E PMQMX MW I\GIIHIH IPIGXMSR HIGMWMSRW [MPP FI VIHYGIH IMXLIV
SR E TVSVEXE FEWMW EGVSWW EPP IPIGXMSR HIGMWMSRW SV
SR XLI FEWMW SJ [LIR XLI IPIGXMSR HIGMWMSR [EW VIGIMZIH [MXL XLSWI IPIGXMSR HIGMWMSRW VIGIMZIH
EJXIV XLI PMQMX LEW FIIR VIEGLIH FIMRK VIHYGIH MR TEVX SV MR JYPP
8LI SZIVIPIGXIH UYERXMX] [MPP VIGIMZI EGGSVHMRK XS XLI XIVQW SJ XLI ZSPYRXEV] IZIRX IMXLIV
ER EPXIVREXMZI STXMSR SV
XLI IPIGXMSR HIGMWMSR EKEMRWX XLMW UYERXMX] [MPP FI GERGIPPIH IRXMVIP] -R XLMW GEWI XLMW QIERW
XLEX XLI TSWMXMSR LSPHIV [MPP RSX TEVXMGMTEXI MR XLI IZIRX JSV XLMW UYERXMX] SJ MXW SVMKMREP LSPHMRK
8LI QIXLSH SJ VIHYGMRK IPIGXMSR HIGMWMSRW FEWIH YTSR [LIR XLI] EVI VIGIMZIH F] XLI PSGEXMSR
ERH XLI VMWO SJ TSWMXMSR LSPHIVW QMWWMRK SYX SR TEVXMGMTEXMRK MR XLI IZIRX [MPP SJXIR PIEH XLI
'SVTSVEXI %GXMSRW (ITEVXQIRX XS MWWYI IPIGXMSR HIGMWMSRW XS XLI PSGEXMSR EW QIRXMSRIH MR XLI
TVIZMSYW WIGXMSR SR QYPXMTPI SGGEWMSRW XLVSYKLSYX XLI IPIGXMSR TIVMSH JSV ZSPYRXEV] IZIRXW
8LMW ETTVSEGL IRWYVIW XLEX XLI 783tW TSWMXMSR LSPHIVWt IPIGXMSR HIGMWMSRW EVI HIEPX [MXL FIJSVI
ER] SZIVIPIGXMSRW SGGYV
'%0'90%8-32 3* 6)7908%28 )28-80)1)287

-R EHHMXMSR XS XLI ZEVMSYW GEPGYPEXMSR TVMRGMTPIW HIWGVMFIH XS HEXI MR 'LETXIV s'EPGYPEXMSR SJ
6IWYPXERX )RXMXPIQIRXWt ERH MR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt
QER] ZSPYRXEV] IZIRXW EPWS MRGPYHI XLI GEPGYPEXMSR SJ GEWL TE]EFPI XS XLI MWWYIV

'SVTSVEXI %GXMSRW
8LSWI ZSPYRXEV] IZIRXW XLEX VIUYMVI WYFWGVMTXMSR XS RI[ WIGYVMXMIW SV I\IVGMWI SJ I\MWXMRK
WIGYVMXMIW XS RI[ WIGYVMXMIW QE] MRGPYHI XLI GEPGYPEXMSR SJ QSRMIW TE]EFPI XS XLI MWWYIV 2SXI
XLEX E ZIV] PMQMXIH RYQFIV SJ QERHEXSV] IZIRXW WYGL EW ER IUYMX] GEPP [MPP EPWS MRGPYHI WYGL
E GEPGYPEXMSR
-R WYGL IZIRXW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP GEPGYPEXI XLI UYERXMX] SJ RI[ WIGYVMXMIW
XS FI VIGIMZIH XSKIXLIV [MXL XLI GEWL TE]EFPI
8LI GEPGYPEXMSR SJ XLI VIWYPXERX WIGYVMXMIW IRXMXPIQIRX [MPP FI FEWIH YTSR XLI WIGYVMXMIW VEXMS
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MR 'LETXIV
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;MXL ER] IZIRX [MXL IPIGXMSRW XLI TSWMXMSR LSPHIVWt IPIGXMSR HIGMWMSRW EVI FEWIH YTSR XLI
TIVGIMZIH TVSwXEFMPMX] SJ XLI EZEMPEFPI IZIRX STXMSRW ERH WTIGMwGEPP] MR XLI GEWI SJ ER IZIRX
VIUYMVMRK XLI TE]QIRX SJ GEWL XS XLI MWWYIV WYGL EW E VMKLXW MWWYI XLI HIGMWMSR [SYPH MRGPYHI
GSRWMHIVMRK XLI TIVGIMZIH TVSwXEFMPMX] SJ XLI STXMSR XS WYFWGVMFI ZIVWYW XLI GSWX ERH EZEMPEFMPMX]
SJ JYRHW XS HS WS
8LI TSWWMFPI PMJI SJ E QYPXMWXEKI IZIRX XLI WXEKIW ERH HITIRHIRGMIW [MXLMR QE] FI MPPYW
XVEXIH ZME XLI HIWGVMTXMSR SJ E VIRSYRGIEFPI VMKLXW MWWYI
8LI 0MJI SJ E 6MKLXW -WWYI
% VMKLXW MWWYI MW XLI SJJIV SJ RI[ WLEVIW MR XLI JSVQ SJ RMP TEMH VMKLXW XS I\MWXMRK WLEVILSPHIVW
MR TVSTSVXMSR XS XLIMV I\MWXMRK LSPHMRKW EX E WTIGMwIH TVMGI WYFWGVMTXMSR F] TSWMXMSR LSPHIVW
QYWX FI QEHI F] E WTIGMwIH HEXI 3RGI XLI SJJIV MW VIGIMZIH XLI WLEVILSPHIV QE] WIPP MXW RMP
TEMH VMKLXW MR XLI QEVOIX SV TYVGLEWI QSVI 4VMSV XS XLI I\TMV] SJ XLI SJJIV ER] LSPHIV SJ RMP
TEMH VMKLXW QE] GSRZIVX XLIQ XS XLI WTIGMwIH WIGYVMX] EW HIXEMPIH MR XLI VMKLXW MWWYI TVSWTIGXYW
YTSR TE]QIRX SJ XLI WTIGMwIH TVMGI XLMW MW ORS[R EW sI\IVGMWIt SV sWYFWGVMTXMSRt *EMPYVI XS
WYFWGVMFI XLI RMP TEMH VMKLXW TVMSV XS XLI IRH SJ XLIMV PMJI [MPP VIWYPX MR XLIMV I\TMV]
% VMKLXW MWWYI GSRWMWXW SJ JSYV WIUYIRXMEP FYX TSXIRXMEPP] SZIVPETTMRK WXEKIW [MXL IEGL
LEZMRK HITIRHIRGMIW YTSR XLI JSVQIV

HMWXVMFYXMSR SJ RMP TEMH VMKLXW

XVEHMRK SJ RMP TEMH VMKLXW
WYFWGVMTXMSR SJ RMP TEMH VMKLXW
I\TMV] SJ YRWYFWGVMFIH RMP TEMH VMKLXW
6MKLXW7YFWGVMTXMSR4IVMSH
2I[7LEVIW(MWXVMFYXMSR
7YFWGVMTXMSRW'PSWI
7YFWGVMTXMSRW'PSWI
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6MKLXW8VEHMRK4IVMSH
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-RXIVREP(IEHPMRI
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246(MWXVMFYXMSR
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%RRSYRGIQIRX(EXI
8LIWI WXEKIW EVI MPPYWXVEXIH MR XLI I\EQTPI XMQIPMRI WLS[R MR *MKYVI
*MKYVI )\EQTPI SJ VMKLXW MWWYI WXEKIW
(MWXVMFYXMSR SJ 2MP 4EMH 6MKLXW

8LI MRMXMEP HMWXVMFYXMSR SJ RMP TEMH VMKLXW XS TSWMXMSR LSPHIVW MW E QERHEXSV] FIRIwX 4SWMXMSR
LSPHIVW MR XLI YRHIVP]MRK WIGYVMX] SJ XLI IZIRX [MPP FI IRXMXPIH XS VIGIMZI XLI JVII HMWXVMFYXMSR
SJ RMP TEMH VMKLXW MI WIGYVMXMIW [LIVI EW ]IX RS GETMXEP LEW FIIR TEMH 8LI RMP TEMH VMKLX GER
FI GSRWMHIVIH ER MRXIVMQ SV XIQTSVEV] WIGYVMX] EW MX LEW E wRMXI PMJI

8LI UYERXMX] SJ RMP TEMH VMKLXW VIGIMZIH F] XLI TSWMXMSR LSPHIV VITVIWIRXW XLI UYERXMX] SJ
RI[ WIGYVMXMIW XLEX XLI MWWYIV MW SJJIVMRK XLI TSWMXMSR LSPHIV MI XLEX XLI TSWMXMSR LSPHIV QE]
WYFWIUYIRXP] TYVGLEWI JVSQ XLI MWWYIV
%PP TSWMXMSR LSPHIVW VIKMWXIVIH SR XLI VIGSVH HEXI SJ XLI IZIRX [MPP VIGIMZI XLMW HMWXVMFYXMSR
FEWIH YTSR XLI WXEXIH VEXMS VIPEXMZI XS XLIMV YRHIVP]MRK LSPHMRK IK SRI RMP TEMH VMKLX JSV IZIV]
JSYV WLEVIW GYVVIRXP] LIPH
%W [MXL ER] SXLIV FIRIwX HMWXVMFYXMSR XLI 783tW FSSOW
VIGSVHW [MPP FI YTHEXIH XS VIxIGX
XLI RMP TEMH VMKLXW GSPPIGXIH ERH HMWFYVWIH VIJIV XS 'LETXIV s4EWWMRK SJ -RXIVREP )RXVMIWt
ERH 'LETXIV s9THEXMRK SJ -RXIVREP )RXVMIWt
(IWTMXI FIMRK RMP TEMH MR XLI GEWI SJ E VMKLXW MWWYI XLI RMP TEMH VMKLX MW E PMWXIH WIGYVMX] MR MXW
S[R VMKLX ERH EW WYGL QE] FI XVEHIH 3RGI RMP TEMH VMKLXW EVI HMWXVMFYXIH XLI TSWMXMSR LSPHIV
QE]
WIPP ER] SV EPP SJ MXW RMP TEMH VMKLXW IRXMXPIQIRX
WYFWGVMFI MI GSRZIVX ER] SV EPP SJ MXW RMP TEMH VMKLXW IRXMXPIQIRX SV
I\TMVI MI RSX WYFWGVMFI ER] SV EPP SJ MXW RMP TEMH VMKLXW IRXMXPIQIRX
%PP SJ XLIWI EGXMSRW EVI HITIRHIRX YTSR XLI TSWMXMSR LSPHIV LEZMRK VIGIMZIH E RMP TEMH VMKLXW
IRXMXPIQIRX MR XLI wVWX MRWXERGI
8VEHMRK SJ 2MP 4EMH 6MKLXW
8LI XVEHMRK SJ RMP TEMH VMKLXW [MPP X]TMGEPP] GSQQIRGI YTSR IRXMXPIQIRX HEXI SV E WTIGMwGEPP]
ERRSYRGIH GSQQIRGI XVEHMRK HEXI ERH GSRXMRYI YRXMP XLI GIEWI XVEHMRK HEXI RSVQEPP] WIX F]
XLI PSGEP QEVOIX (YVMRK XLI XVEHMRK TIVMSH E RYQFIV SJ XVEHMRK WGIREVMSW GER SGGYV
)\MWXMRK RMP TEMH VMKLX LSPHIVW QE] WIPP XLIMV RMP TEMH VMKLXW IMXLIV EPP SV MR TEVX XLIVIF]
HIGVIEWMRK XLI LSPHMRK SVMKMREPP] VIGIMZIH
)\MWXMRK RMP TEMH VMKLX LSPHIVW QE] TYVGLEWI EHHMXMSREP RMP TEMH VMKLXW XLIVIF] MRGVIEWMRK XLI
LSPHMRK SVMKMREPP] VIGIMZIH
2I[ MRZIWXSVW QE] TYVGLEWI ERH WIPP RMP TEMH VMKLXW XLIVIF] GVIEXMRK RI[ LSPHMRKW SJ RMP TEMH
VMKLXW 7YGL MRZIWXSVW [SYPH LEZI RS IRXMXPIH LSPHMRK MR XLI SVMKMREP YRHIVP]MRK WIGYVMX]
ERH XLIVIJSVI [SYPH RSX LEZI VIGIMZIH E HMWXVMFYXMSR SJ XLI RMP TEMH VMKLXW SR XLI VIGSVH HEXI
SJ XLI IZIRX
-R XLI QENSVMX] SJ GEWIW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP RSX FIGSQI EGXMZIP] MRZSPZIH
MR XLI EGXYEP XVEHMRK ERH WYFWIUYIRX WIXXPIQIRX SJ XLI RMP TEMH VMKLXW 2SRIXLIPIWW MX MW ZMXEP
XLEX MXW VIGSVHW EVI YTHEXIH XS VIxIGX ER] GLERKIW XLEX SGGYV MR ER] RMP TEMH VMKLXW TSWMXMSRW
MRGPYHMRK XLI GVIEXMSR SJ RI[ TSWMXMSRW EW E VIWYPX SJ XLMW EGXMZMX]
8LI WYFWGVMTXMSR SV I\TMV] SJ ER] RMP TEMH VMKLXW MW HITIRHIRX YTSR XLI EGGYQYPEXIH TSWMXMSRW
VIxIGXMRK ER] MRMXMEP HMWXVMFYXMSR SJ RMP TEMH VMKLXW XSKIXLIV [MXL ER] XVEHMRK
7YFWGVMTXMSR SJ 2MP 4EMH 6MKLXW
8LI WYFWGVMTXMSR SJ RMP TEMH VMKLXW MW E ZSPYRXEV] WXEKI XLEX TVSZMHIW XLI TSWMXMSR LSPHIV [MXL
XLI STXMSR XS GSRZIVX ER] SV EPP SJ MXW RMP TEMH VMKLXW TSWMXMSR MRXS RI[ WIGYVMXMIW YTSR TE]QIRX
SJ XLI WYFWGVMTXMSR TVMGI
8LMW WXEKI MW FEWIH YTSR TSWMXMSRW MR XLI RMP TEMH VMKLXW RSX XLI SVMKMREP YRHIVP]MRK WIGYVMX] SJ
XLI IZIRX [MXL XLI XSXEP UYERXMX] SJ RMP TEMH VMKLXW XLEX E TSWMXMSR LSPHIV QE] WYFWGVMFI VIxIGXMRK
IMXLIV MXW SVMKMREP QERHEXSV] HMWXVMFYXMSR SV XLI VIWYPX SJ RMP TEMH VMKLXW XVEHMRK SV FSXL

'SVTSVEXI %GXMSRW
%W GER FI WIIR JVSQ XLI XMQIPMRI MR *MKYVI XLI IPIGXMSR TIVMSH MR XLMW GEWI VIJIVVIH
XS EW XLI VMKLXW WYFWGVMTXMSR TIVMSH GSQQIRGIW EX XLI RMP TEMH VMKLXW HMWXVMFYXMSR HEXI ERH
GSRXMRYIW YRXMP XLI MWWYIVtW HIEHPMRI HEXI MR XLMW GEWI VIJIVVIH XS EW XLI WYFWGVMTXMSRW GPSWI
HEXI (YVMRK XLMW TIVMSH EHHMXMSREP HIEHPMRIW [MPP ETTP] EW MW XLI GEWI [MXL EPP PMJIG]GPIW
JSV IZIRXW [MXL IPIGXMSRW VIJIV XS 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW
)ZIRXWt
8LI XMQIPMRI WLS[W XLEX XLI WYFWGVMTXMSR TIVMSH VYRW GSRGYVVIRXP] [MXL ERH FI]SRH XLI
VMKLXW XVEHMRK TIVMSH *SV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XLMW MW ER MQTSVXERX GSRGIVR EW MX
[MPP FI VIGIMZMRK IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW XS WYFWGVMFI ERH MWWYMRK IPIGXMSR
HIGMWMSRW XS XLI PSGEXMSRW [LMPI XLI TSWMXMSRW MR XLI RMP TEMH VMKLXW QE] FI GLERKMRK EW E
VIWYPX SJ XVEHMRK ERH WIXXPIQIRX
%W WXEXIH TVIZMSYWP] MX MW ZMXEP XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX VIGIMZIW GSRWXERX
YTHEXIW SJ XLI GLERKIW XS TSWMXMSRW MR XLI RMP TEMH VMKLXW XLVSYKLSYX XLMW TIVMSH MR SVHIV XS
QEREKI XLI WYFWGVMTXMSR WXEKI SJ XLI IZIRX EGGYVEXIP]
)\TMV] SJ 9R7YFWGVMFIH 2MP 4EMH 6MKLXW
8LI I\TMV] SJ YRWYFWGVMFIH RMP TEMH VMKLXW MW E QERHEXSV] IZIRX 8LI IJJIGX SJ XLI IZIRX MW XS
VIQSZI EPP TSWMXMSRW MR XLI RMP TEMH VMKLXW WIGYVMX] XLEX LEZI RSX FIIR WYFWGVMFIH XS [LIXLIV
XLEX TSWMXMSR EVSWI EW E VIWYPX SJ XLI SVMKMREP RMP TEMH VMKLXW HMWXVMFYXMSR SV EW E VIWYPX SJ XVEHMRK
SV FSXL
8LMW EGXMSR MW X]TMGEPP] ETTPMIH XS EPP VIQEMRMRK YRWYFWGVMFIH TSWMXMSRW MQQIHMEXIP] JSP
PS[MRK XLI WYFWGVMTXMSRW GPSWI HEXI
'SQTEVMWSR SJ 1YPXMWXEKI )ZIRXW
8LI TVIZMSYW WIGXMSR LEW HIWGVMFIH XLI GSRGITXW VIPEXMRK XS XLI WXEKIW XLEX ETTP] XS XLI SZIVEPP
PMJI SJ E VMKLXW MWWYI %W WXEXIH E RYQFIV SJ SXLIV IZIRXW QE] EPWS FI GSRWMHIVIH EW QYPXM
WXEKI IZIRXW 8LMW MW QSWX GSQQSR [MXL VIWTIGX XS XLSWI IZIRXW XLEX MRZSPZI XLI ZSPYRXEV]
WYFWGVMTXMSR SV GSRZIVWMSR XS E RI[ WIGYVMX] MR I\GLERKI JSV ER I\MWXMRK SV MRXIVMQ WIGYVMX]
8LI EHHMXMSREP WXEKIW XS XLI ZSPYRXEV] WXEKIW SGGYV EW E VIWYPX SJ
ER] MRMXMEP MWWYI SJ ER MRXIVMQ WIGYVMX] TVMSV XS XLI WYFWGVMTXMSR TIVMSH ERH
XLI I\TMV] SJ ER] YRWYFWGVMFIH WIGYVMXMIW EJXIV XLI WYFWGVMTXMSR TIVMSH
8LI GSQFMREXMSR SJ WXEKIW ETTPMGEFPI XS E WIPIGXMSR SJ IZIRXW HIwRIH MR 'LETXIV s)ZIRX
(IWGVMTXMSR ERH 'PEWWMwGEXMSRt MW WYQQEVMÎH MR 8EFPI
8EFPI
)ZIRX8]TI
-WWYISJ-RXIVMQ
7IGYVMX]
6MKLXW-WWYI
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4VMSVMX]-WWYI
&SRHERH2SXI*MREP
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1ERHEXSV]
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2S
2S
7XEKI
8VEHMRKSJ-RXIVMQ
7YFWGVMTXMSRSV
7IGYVMX]
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SV9RHIVP]MRK7IGYVMX]
:SPYRXEV]
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2S
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2S
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2%
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9RHIVP]MRK7IGYVMX]
1ERHEXSV]
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RSXIW XLI XIVQW SJ MWWYI SJ XLI WIGYVMX] QE] TIVQMX XLI TSWMXMSR LSPHIV XS GSRZIVX XLI WIGYVMX]

SR QYPXMTPI SGGEWMSRW XLVSYKLSYX XLI PMJI SJ XLI FSRH SV RSXI %X XLI IRH SJ XLI PMJI SJ XLI
WIGYVMX] E wREP GSRZIVWMSR TIVMSH [MPP FI EZEMPEFPI -X MW SRP] EX XLMW XMQI XLEX ER] YRGSRZIVXIH
WIGYVMXMIW [MPP FI I\TMVIH 2SRGSRZIVWMSR XLVSYKLSYX XLI PMJI SJ XLI WIGYVMX] YT YRXMP XLI
wREP GSRZIVWMSR TIVMSH [MPP RSX VIWYPX MR I\TMV] ERH MW XLIVIJSVI RSX GSRWMHIVIH E QYPXMWXEKI
IZIRX
8,) 783t7 6-7/

8LVSYKLSYX XLI HIWGVMTXMSRW SJ QERHEXSV] IZIRX TVSGIWWMRK ERH IZIRXW [MXL IPIGXMSRW TVSGIWW
MRK QER] EVIEW SJ TSXIRXMEP VMWO XS XLI 783 LEZI FIIR LMKLPMKLXIH MRGPYHMRK
EGGYVEG] SJ IZIRX XIVQW
HIXIVQMREXMSR SJ IRXMXPIH TSWMXMSRW ERH PSGEXMSR GSQTSRIRXW
GSQQYRMGEXMSR SJ IZIRX XIVQW
GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRX
QEREKIQIRX SJ IPIGXMSR HIGMWMSRW
%PP SJ XLIWI EVIEW TSWI E VMWO XS XLI 783 MR VIPEXMSR XS E QYPXMWXEKI IZIRX MJ RSX QEREKIH MR
ER EGGYVEXI ERH XMQIP] QERRIV
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HIRGMIW MR XLI TVSGIWWMRK PMJIG]GPI [LMGL RSVQEPP] HS RSX I\MWX [LIR SRP] E WMRKPI PMJIG]GPI
ETTPMIW ;LIVI XLI QYPXMWXEKI IZIRX GSRWMWXW SJ FSXL E QERHEXSV] PMJIG]GPI ERH ER IZIRXW
[MXL IPIGXMSRW PMJIG]GPI XLI 783 QYWX FI E[EVI SJ ER] MQTPMGEXMSRW XLEX SRI PMJIG]GPI QE]
LEZI SR XLI SXLIV -R WSQI GEWIW XLI WXEKIW QE] FI QEREKIH GSRGYVVIRXP] [LMPI MR SXLIVW XLI
TVSGIWWMRK SJ SRI WXEKI QE] VIUYMVI GSQTPIXMSR TVMSV XS XLI GSQQIRGIQIRX SJ XLI RI\X WXEKI
8LMW GSRGITX [MPP FI I\TERHIH MR XLI JSPPS[MRK WIGXMSR YWMRK E VMKLXW MWWYI XS MPPYWXVEXI XLI
HITIRHIRGMIW FIX[IIR WXEKIW
-14%'8 3* 1908-78%+) ):)287

XLI TIVWTIGXMZIW SJ XLI MWWYIV XLI TSWMXMSR LSPHIV ERH XLI QEVOIX EW VIxIGXIH MR GLERKIW XS
XLI TVMGI SJ XLI YRHIVP]MRK WIGYVMX] XS XLI IZIRX [LMPI 'LETXIV s'SRGITXW SJ )ZIRXW [MXL
)PIGXMSRWt HIWGVMFIW XLEX MQTEGX ETTPMGEFPI XS IZIRXW [MXL IPIGXMSRW
1YPXMWXEKI IZIRXW VIxIGX E GSQFMREXMSR SJ XLIWI MQTEGXW YWYEPP] EGGSVHMRK XS XLI GSQFM
REXMSR SJ WXEKIW ETTPMGEFPI XS XLI IZIRX ERH XS XLI WXEKI XLEX XLI IZIRX LEW VIEGLIH MR MXW SZIVEPP
PMJI
4VIHMGXEFMPMX] SJ ER] MQTEGX MW RS PSRKIV WMQTP] FEWIH YTSR [LIXLIV XLI IZIRX MW QERHEXSV]
SV IPIGXMZI MR REXYVI 7SQI QERHEXSV] WXEKIW GER FI GSRWMHIVIH XS LEZI TVIHMGXEFPI MQTEGX
[LMPWX SXLIV QERHEXSV] WXEKIW XLEX EVI HITIRHIRX YTSR XLI SYXGSQI SJ E ZSPYRXEV] WXEKI [MPP
FI PIWW TVIHMGXEFPI %W EP[E]W ER] ZSPYRXEV] WXEKI [MPP LEZI E PIWW TVIHMGXEFPI MQTEGX EW E
VIWYPX SJ XLI IPIGXMSR HIGMWMSRW QEHI F] TSWMXMSR LSPHIVW
*VSQ XLI MWWYIVtW TIVWTIGXMZI EW [MXL EPP SXLIV IZIRXW XLI MQTEGX SJ ER] QYPXMWXEKI IZIRX MW
MHIRXMwIH MR XLI GLERKIW XS XLI MWWYIVtW FEPERGI WLIIX MI MXW MWWYIH GETMXEP HIFXW ERH GEWL
VIWIVZIW

'SVTSVEXI %GXMSRW
-R XLI GEWI SJ E QYPXMWXEKI IZIRX XLI TVIHMGXEFMPMX] SJ XLI SZIVEPP IZIRX ZEVMIW ERH MW LMKLP]
HITIRHIRX YTSR XLI REXYVI SJ IEGL WXEKI
;LIVI E QERHEXSV] WXEKI VIWYPXW MR XLI HMWXVMFYXMSR SJ RI[ WIGYVMXMIW ERHSV GEWL XS TSWMXMSR
LSPHIVW XLI MWWYIV QE] FI EFPI XS TVIHMGX EGGYVEXIP] XLI MQTEGX SJ WYGL E HMWXVMFYXMSR SR MXW
FEPERGI WLIIX -R WSQI GEWIW WYGL E HMWXVMFYXMSR QE] FI MR ER MRXIVMQ SV XIQTSVEV] WIGYVMX]
MR SVHIV XS JEGMPMXEXI PEXIV WXEKIW EW MW XLI GEWI SJ RMP TEMH VMKLXW 8]TMGEPP] ER MRXIVMQ WIGYVMX]
[MPP LEZI RS GETMXEP ZEPYI ERH EW WYGL [MPP RSX LEZI ER] wRERGMEP MQTEGX SR XLI MWWYIVtW FEPERGI
WLIIX
3XLIV QERHEXSV] WXEKIW SJ E QYPXMWXEKI IZIRX QE] FI PIWW TVIHMGXEFPI JSV XLI MWWYIV HYI XS
XLIMV HITIRHIRG] YTSR XLI SYXGSQI SJ IEVPMIV ZSPYRXEV] WXEKIW 8LMW MW XLI GEWI [LIVI I\TMV]
SJ I\MWXMRK WIGYVMXMIW JSVQW TEVX SJ XLI SZIVEPP PMJI SJ XLI IZIRX 8]TMGEPP] WYGL ER I\TMV]
[SYPH SGGYV EX XLI IRH SJ XLI IZIRX ERH YWYEPP] EW E VIWYPX SJ IPIGXMSR HIGMWMSRW XEOIR F] XLI
TSWMXMSR LSPHIV 8LMW MW XLI GEWI JSV I\EQTPI MR E VMKLXW MWWYI [LIVI ER] RMP TEMH VMKLXW XLEX
EVI RSX WYFWGVMFIH XS EX XLI GPSWI SJ XLI IZIRX [MPP FI I\TMVIH %GGSVHMRKP] XLI TVIHMGXEFMPMX]
SJ XLMW WXEKI [MPP FI HITIRHIRX YTSR XLI VIWYPXW SJ IPIGXMSR HIGMWMSRW VIGIMZIH JVSQ TSWMXMSR
LSPHIVW
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MJ ER] YRXMP EJXIV XLI GPSWI SJ XLI IZIRX [LIR EPP TSWMXMSR LSPHIVWt IPIGXMSR HIGMWMSRW EVI ETTPMIH
XS XLI FEPERGI WLIIX
*VSQ XLI MWWYIVtW TIVWTIGXMZI ER] PEGO SJ TVIHMGXEFMPMX] [MXL VIWTIGX XS QYPXMWXEKI IZIRXW
LEW XLI WEQI RIKEXMZI GSRRSXEXMSRW EW ZSPYRXEV] IZIRXW
%W [MXL ER] SXLIV IZIRX XLI MQTEGX SJ ER] QYPXMWXEKI IZIRX XS E TSWMXMSR LSPHIV MW QIEWYVIH
MR XIVQW SJ MXW MQTEGX SR XLIMV WIGYVMXMIW ERHSV GEWL TSWMXMSRW
9RPMOI TVIZMSYWP] HIWGVMFIH IZIRXW [LIVI XLI TSWMXMSR LSPHIVWt TSWMXMSRW EVI X]TMGEPP] MQ
TEGXIH EX E WMRKPI TSMRX HYVMRK XLI IZIRX MR XLI GEWI SJ E QYPXMWXEKI IZIRX XLI TSWMXMSR LSPHIVWt
TSWMXMSRW QE] FI YTHEXIH [MXL WIGYVMXMIW ERHSV GEWL SR QYPXMTPI SGGEWMSRW XLVSYKLSYX XLI
IZIRX ERH QE] MRGPYHI
VIGIMTX SJ MRXIVMQ XIQTSVEV] WIGYVMXMIW
TE]QIRX SJ GEWL XS XLI MWWYIV
VIGIMTX SJ RI[ WIGYVMXMIW ERHSV GEWL ERH
I\TMV] SJ WIGYVMXMIW MRGPYHMRK MRXIVMQ WIGYVMXMIW
7SQI SJ XLIWI GLERKIW QE] FI SR E QERHEXSV] FEWMW [LMPI SXLIVW QE] FI EW E VIWYPX SJ
IPIGXMSR HIGMWMSRW ERH XLIVIJSVI FEWIH YTSR XLI MRZIWXQIRX HIGMWMSR SJ XLI TSWMXMSR LSPHIV
8LI WTIGMwG MQTEGX XLEX GSYPH SGGYV XS TSWMXMSR LSPHIVWt WIGYVMXMIW ERHSV GEWL TSWMXMSRW MW
HIWGVMFIH XLVSYKL XLMW ERH XLI JSPPS[MRK GLETXIV

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ER MRXIVMQ WIGYVMX] VITVIWIRXMRK XLI TSWMXMSR LSPHIVW VMKLX XS WYFWGVMFI XS RI[ WIGYVMXMIW
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;LIVI XLI VIWYPXERX IRXMXPIQIRX SJ RMP TEMH VMKLXW MW S[IH XS E GPEMQMRK GSYRXIVTEVX] XVERWJIV
QE] FI IPIGXVSRMG SV TL]WMGEP -HIEPP] XLI WIXXPIQIRX SJ ER] GPEMQW MW VIGSQQIRHIH EW IEVP]
EW TSWWMFPI SRGI VIWYPXERX IRXMXPIQIRXW EVI GSPPIGXIH 3RGI XLI RMP TEMH VMKLXW IRXMXPIQIRX MW
XVERWJIVVIH XS XLI GPEMQMRK GSYRXIVTEVX] ER] WYFWIUYIRX QEREKIQIRX SJ XVEHMRK ERH WIXXPIQIRX
WYFWGVMTXMSRW ERH I\TMV] [MPP FIGSQI MXW VIWTSRWMFMPMX] ERH RSX XLEX SJ XLI 783
-R XLI GEWI SJ RMP TEMH VMKLXW MX MW LMKLP] YRPMOIP] XLEX ER] WIGYVMXMIW FSVVS[MRK QEVOIX
I\MWXW YRPMOI SXLIV WIGYVMXMIW *SV XLMW VIEWSR [LIVI XVERWJIV XS ERSXLIV TEVX] SJ RMP TEMH VMKLXW
MW VIUYMVIH EW HIWGVMFIH EFSZI XLMW QE] SRP] XEOI TPEGI SR ER EGXYEP WIXXPIQIRX VEXLIV XLER
SR E GSRXVEGXYEP WIXXPIQIRX FEWMW
8LI WIXXPIQIRX SJ VIWYPXERX IRXMXPIQIRXW MR RMP TEMH VMKLXW [MPP FI EW TIV E QERHEXSV] FIRIwX
IZIRX 7IGYVMX] TSWMXMSRW [MPP FI YTHEXIH [MXL E JYVXLIV WIX SJ IRXVMIW EKEMRWX XLI GYWXSHMER MR XLI
JSVQ SJ sWIXXPIHt IRXVMIW SRGI XLI GYWXSHMER LEW EHZMWIH XLI 783 SJ WIXXPIQIRX 7YGL IRXVMIW
EVI HIXEMPIH [MXLMR 'LETXIV s9THEXMRK SJ -RXIVREP )RXVMIWt ERH 'LETXIV s)\EQTPIW SJ
1ERHEXSV] )ZIRXWt
2-0 4%-( 6-+,87 79&7'6-48-32

8LMW MW E ZSPYRXEV] WXEKI XLI TYVTSWI SJ [LMGL MW XS QEREKI XLI TVSGIWW SJ WYFWGVMFMRK JSP
PS[MRK XLI TSWMXMSR LSPHIVtW TSWMXMZI IPIGXMSR HIGMWMSR ERH XLI WYFWIUYIRX HMWXVMFYXMSR SJ XLI
RI[ WIGYVMXMIW
8LMW WXEKI GSQQIRGIW EX XLI RMP TEMH VMKLXW HMWXVMFYXMSR HEXI GSRXMRYMRK YRXMP XLI WYFWGVMTXMSR
GPSWI HEXI ERH MRGPYHIW XLI JSPPS[MRK IPIGXMZI PMJIG]GPI IPIQIRXW
GSQQYRMGEXMSR SJ IZIRX MRJSVQEXMSR
VIGIMZI ERH MWWYI IPIGXMSR HIGMWMSRW
GEPGYPEXI VIWYPXERX IRXMXPIQIRXW
8LIWI IPIQIRXW EVI HIWGVMFIH FIPS[

'SVTSVEXI %GXMSRW
%W MPPYWXVEXIH MR XLI XMQIPMRI HMEKVEQ WLS[R MR *MKYVI XLMW WXEKI [MPP SGGYV GSRGYVVIRXP]
[MXL XLI RMP TEMH VMKLXW XVEHMRK TIVMSH %X EPP XMQIW XLVSYKLSYX XLMW WXEKI [LIR TIVJSVQMRK
XLI EFSZI WXITW MX MW MQTIVEXMZI XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XEOIW EGGSYRX SJ XLI
MQTEGX SJ ER] XVEHMRK ERH WIXXPIQIRX MR XLI RMP TEMH VMKLXW 8LVSYKLSYX XLMW WIGXMSR VIJIVIRGI
[MPP FI QEHI XS [LIVI XLMW MQTEGX SGGYVW
)RXMXPIQIRX XS WYFWGVMFI XS RMP TEMH VMKLXW MW FEWIH YTSR XLI LSPHIVtW TSWMXMSR MR XLI RMP TEMH
VMKLXW VIxIGXMRK ER] SVMKMREP IRXMXPIQIRX HMWXVMFYXMSR XSKIXLIV [MXL XVEHMRK ERH WIXXPIQIRX
SJ RMP TEMH VMKLXW EW EX XLI WYFWGVMTXMSRW GPSWI HEXI SJ XLI IZIRX
RMP TEMH VMKLXW WIGYVMX] ERH
WYFWGVMTXMSRW GPSWI HEXI
EW WXEXIH MR XLI IZIRX XIVQW
(YVMRK XLI ZSPYRXEV] WXEKI SJ XLI VMKLXW MWWYI XLI WYFWGVMTXMSRW GPSWI HEXI SJ XLI IZIRX
IJJIGXMZIP] FIGSQIW XLI VIGSVH HEXI JSV XLI TYVTSWIW SJ MHIRXMwGEXMSR SJ IRXMXPIH TSWMXMSRW
ERH PSGEXMSR MRGPYHMRK YRWIXXPIH XVEHIW 8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP MHIRXMJ] EPP
S[RIVWLMT TSWMXMSRW ERH PSGEXMSR YT XS ERH MRGPYHMRK XLI WYFWGVMTXMSRW GPSWI HEXI
%W [MXL EPP SXLIV IZIRXW XLMW WXIT [MPP MRGPYHI
XLI I\XVEGXMSR SJ IRXMXPIH TSWMXMSRW ERH PSGEXMSR GSQTSRIRXW MRGPYHMRK YRWIXXPIH XVEHIW
JVSQ XLI 783tW WIGYVMXMIW TSWMXMSR VIGSVHW
XLI FEPERGMRK SJ IRXMXPIH TSWMXMSRW ERH PSGEXMSR GSQTSRIRXW
XLI VIGSRGMPMEXMSR SJ IRXMXPIH TSWMXMSRW ERH PSGEXMSR GSQTSRIRXW
8LMW TVSGIWW MW EW HIXEMPIH MR 'LETXIV s(IXIVQMRMRK )RXMXPIQIRXt
8LMW WXIT [MPP X]TMGEPP] GSQQIRGI MQQIHMEXIP] JSPPS[MRK XLI TEWWMRK SJ MRXIVREP IRXVMIW XS
VIxIGX VIWYPXERX IRXMXPIQIRXW MR RMP TEMH VMKLXW ETTVS\MQEXIP] VIGSVH HEXI ERH [MPP YXMPMÎ
XLI TVMRGMTPIW SJ TVSNIGXIH TSWMXMSRW EW HIWGVMFIH MR 'LETXIV XEOMRK EGGSYRX SJ WYFWIUYIRX
XVEHMRK ERH WIXXPIQIRX EGXMZMX] MR XLI RMP TEMH VMKLXW YT YRXMP XLI WYFWGVMTXMSRW GPSWI HEXI
%W E VIWYPX SJ XVEHMRK MR RMP TEMH VMKLXW XLI JSPPS[MRK QE] SGGYV
)\MWXMRK RMP TEMH VMKLXW LSPHIVW QE] WIPP XLIMV RMP TEMH VMKLXW IMXLIV EPP SV MR TEVX XLIVIF]
HIGVIEWMRK XLI LSPHMRK SVMKMREPP] VIGIMZIH
)\MWXMRK RMP TEMH VMKLXW LSPHIVW QE] TYVGLEWI EHHMXMSREP RMP TEMH VMKLXW XLIVIF] MRGVIEWMRK
XLI LSPHMRK SVMKMREPP] VIGIMZIH
2I[ MRZIWXSVW QE] TYVGLEWI ERH WIPP RMP TEMH VMKLXW XLIVIF] GVIEXMRK RI[ LSPHMRKW SJ RMP TEMH
VMKLXW 7YGL MRZIWXSVW [SYPH LEZI RS IRXMXPIH LSPHMRK MR XLI SVMKMREP YRHIVP]MRK WIGYVMX]
ERH XLIVIJSVI [SYPH RSX LEZI VIGIMZIH E HMWXVMFYXMSR SJ XLI RMP TEMH VMKLXW SR XLI VIGSVH HEXI
SJ XLI IZIRX
%W WYGL MX MW TSWWMFPI XLEX XLI TSWMXMSRW SVMKMREPP] GVIEXIH F] XLI HMWXVMFYXMSR SJ RMP TEMH VMKLXW
[MPP RSX FIEV E KVIEX HIEP SJ WMQMPEVMX] XS XLSWI WYFWIUYIRXP] I\XVEGXIH JVSQ XLI 783tW WIGYVMXMIW
TSWMXMSR VIGSVHW JSV XLI TYVTSWIW SJ WYFWGVMTXMSR TVSGIWWMRK
2SXI XLEX MR WSQI GEWIW XLI WYFWGVMTXMSR SJ RMP TEMH VMKLXW QE] FI VIWXVMGXIH XS TSWMXMSR
LSPHIVW EGGSVHMRK XS XLIMV VIWMHIRG] EW HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ :SPYRXEV]
)ZIRXWt -R XLMW GEWI JSVIMKR TSWMXMSR LSPHIVW [MPP WXMPP FI IRXMXPIH XS VIGIMZI XLI RMP TEMH VMKLXW

HMWXVMFYXMSRW FYX [MPP SRP] FI EFPI XS XVEHI SV I\TMVI XLI RMP TEMH VMKLXW 8LIMV TSWMXMSR [SYPH
FI MRGPYHIH MR XLI I\XVEGXMSR SJ RMP TEMH VMKLXW WIGYVMX] TSWMXMSRW FYX XLI EGXMSR XS WYFWGVMFI
[MPP RSX FI EZEMPEFPI XS XLIQ
8LMW WXEKI SJ XLI VMKLXW MWWYI XLI WYFWGVMTXMSR WXEKI MRZSPZIW XLI MWWYI SJ GSQQYRMGEXMSRW WMQ
MPEV XS XLSWI HIWGVMFIH [MXLMR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt
XLIWI FIMRK
*MREP 'PEMQ 2SXMGI
9RPMOI SXLIV IZIRXW [MXL IPIGXMSRW MX MW YRPMOIP] XLEX SZIVIPIGXMSR SJ WTIGMwG STXMSRW [MPP
SGGYV MR E VMKLXW MWWYI ERH XLIVIJSVI XLMW GSQQYRMGEXMSR X]TI MW RSX MRGPYHIH MR XLI EFSZI PMWX
8LI EFSZI GSQQYRMGEXMSRW [MPP GSRXEMR MRJSVQEXMSR WTIGMwG XS XLI WYFWGVMTXMSR SJ RMP TEMH
VMKLXW SRP] *SV I\EQTPI XLI *MREP )RXMXPIQIRX 2SXMGI [MPP GSRXEMR XLI HIXEMPW SJ XLI wREP
VIWYPXERX IRXMXPIQIRX XS RI[ WIGYVMXMIW EW E VIWYPX SJ WYFWGVMTXMSR
8LI EFSZI PMWX HSIW RSX MRGPYHI XLI )ZIRX 8IVQW %RRSYRGIQIRX GSQQYRMGEXMSRW XLEX LEZI
JIEXYVIH EKEMRWX FSXL QERHEXSV] IZIRXW ERH IZIRXW [MXL IPIGXMSRW 8LMW MW FIGEYWI XLMW GSQ
QYRMGEXMSR MW MWWYIH XS TSWMXMSR LSPHIVW MR XLI YRHIVP]MRK WIGYVMX] EX XLI GSQQIRGIQIRX SJ
XLI IZIRX HYVMRK XLI HMWXVMFYXMSR SJ RMP TEMH VMKLXW WXEKI
-X QE] FI RIGIWWEV] RSRIXLIPIWW XS GSQQYRMGEXI WYFWGVMTXMSR XIVQW XS XLSWI LSPHIVW SJ RMP
TEMH VMKLXW [LS EGUYMVIH XLIMV TSWMXMSR ZME XVEHMRK ERH RSX XLI TVIZMSYW HMWXVMFYXMSR WXEKI
EW XLI] [MPP RSX LEZI VIGIMZIH XLI JYPP IZIRX XIVQW ERRSYRGIQIRX -R XLMW GEWI XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX QE] MWWYI ER EFVMHKIH ZIVWMSR SJ XLI )ZIRX 8IVQW %RRSYRGIQIRX SV
YXMPMÎ XLI 6IUYIWX JSV )PIGXMSR (IGMWMSR i 6IQMRHIV
6IGIMZI ERH -WWYI )PIGXMSR (IGMWMSRW
(YVMRK XLMW ZSPYRXEV] WXEKI SJ XLI VMKLXW MWWYI XLI QEREKIQIRX SJ IPIGXMSR HIGMWMSRW JEPPW
[MXLMR XLI WEQI TVSGIHYVIW EW JSV EPP ZSPYRXEV] IZIRXW 7YGL TVSGIHYVIW EVI HIXEMPIH [MXLMR
'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt
8LI TVSGIHYVIW [MPP MRGPYHI XLI VIUYMVIQIRX JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS
VIGSVH ERH ZEPMHEXI VIGIMZIH IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW ERH GPEMQMRK GSYR
XIVTEVXMIW
QSRMXSV ERH JSPPS[ YT SZIVHYI IPIGXMSRW
GEPGYPEXI ERH MWWYI IPIGXMSR HIGMWMSRW XS PSGEXMSRW MRGPYHMRK GSYRXIVTEVXMIW EKEMRWX [LSQ
XLI 783 MW GPEMQMRK
QSRMXSV XLI WXEXYW SJ EPP IPIGXMSR HIGMWMSRW MWWYIH XS PSGEXMSRW MRGPYHMRK GSYRXIVTEVXMIW
8LI WYFWGVMTXMSR XIVQW SJ XLI VMKLXW MWWYI QE] EPPS[ XLI TSWMXMSR LSPHIV XS IPIGX JVSQ
QSVI XLER SRI STXMSR [MXL VIWTIGX XS XLI RI[ WIGYVMX]W XS FI VIGIMZIH ERH XLI EWWSGMEXIH
WYFWGVMTXMSR GSWX *SV I\EQTPI XLI XIVQW QE] EPPS[ XLI TSWMXMSR LSPHIV XS WYFWGVMFI XS RI[

'SVTSVEXI %GXMSRW
JYPP] TEMH WIGYVMXMIW SV TEVXP] TEMH WIGYVMXMIW 8LI WYFWGVMTXMSR GSWX SJ IEGL STXMSR [MPP FI
TVSTSVXMSREP XS XLI TEV ZEPYI SJ XLI RI[ WIGYVMX] -X MW RIGIWWEV] XLIVIJSVI XS VIGSVH XLI STXMSR
VIUYMVIH ERH RSX WMQTP] XLEX XLI TSWMXMSR LSPHIV [MWLIW XS WYFWGVMFI RSXI XLEX XLMW WLSYPH FI
XVIEXIH EW E VIwRIQIRX XS XLSWI EGXMSRW WXEXIH [MXLMR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV]
%W WXEXIH TVIZMSYWP] MR WSQI GEWIW XLI WYFWGVMTXMSR SJ RMP TEMH VMKLXW QE] FI VIWXVMGXIH
XS TSWMXMSR LSPHIVW EGGSVHMRK XS XLIMV VIWMHIRG] EW HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ
:SPYRXEV] )ZIRXWt -R XLMW GEWI JSVIMKR TSWMXMSR LSPHIVW [MPP WXMPP FI IRXMXPIH XS VIGIMZI XLI RMP
TEMH VMKLXW HMWXVMFYXMSRW FYX XLI EGXMSR XS WYFWGVMFI [MPP RSX FI EZEMPEFPI XS XLIQ 8LI SRP]
EPXIVREXMZIW [MPP FI XS WIPP XLIMV RMP TEMH VMKLXW IRXMXPIQIRX SV XS EPPS[ XLIQ XS I\TMVI
3RGI XLI 783 MW GIVXEMR XLEX MXW IPIGXMSR HIGMWMSRW SR FILEPJ SJ XLI TSWMXMSR LSPHIVW LEZI
FIIR EGGITXIH F] XLI PSGEXMSRW XLI wREP GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW WYFWIUYIRX
XS WYFWGVMTXMSR SJ RMP TEMH VMKLXW JEPPW [MXLMR XLI WEQI TVSGIHYVIW EW JSV SXLIV IZIRXW [MXL
IPIGXMSRW EW HIXEMPIH [MXLMR 'LETXIV s'EPGYPEXMSR SJ 6IWYPXERX )RXMXPIQIRXWt
HIXEMPW SJ XLI RI[ WIGYVMX]W XS FI MWWYIH EW E VIWYPX SJ WYFWGVMTXMSR
WYFWGVMTXMSR TVMGI ERH GYVVIRG] MRGPYHMRK ER] STXMSRW JSV XLI TE]QIRX SJ WYFWGVMTXMSR GSWX
WYFWGVMTXMSR VEXMS MI XLI VEXMS SJ RI[ WIGYVMXMIW XS FI VIGIMZIH VIPEXMZI XS IEGL WYFWGVMFIH
RMP TEMH VMKLX
8LIWI MXIQW EVI EW WXEXIH MR XLI IZIRX XIVQW
%W E VIWYPX SJ IPIGXMSR HIGMWMSRW XS WYFWGVMFI XLMW WXIT [MPP GEPGYPEXI XLI UYERXMX] SJ
ER] VIHYGXMSR MR XLI RMP TEMH VMKLXW LSPHMRKW
VIWYPXERX IRXMXPIQIRX MR RI[ WIGYVMXMIW
GEWL WYFWGVMTXMSR GSWX XS FI TEMH
-R TVEGXMGI TE]QIRX MW IJJIGXIH EX XLI WEQI XMQI EW MWWYMRK IPIGXMSR HIGMWMSRW ERH GSRWI
UYIRXP] MX [MPP FI RIGIWWEV] JSV XLI GEPGYPEXMSR SJ WYFWGVMTXMSR GSWXW XS FI TEMH XS XLI MWWYIV
XS FI GEPGYPEXIH EX XLI XMQI SJ MWWYMRK XLI IPIGXMSR HIGMWMSR
6IHYGXMSR SJ 2MP 4EMH 6MKLXW ,SPHMRK
8LI VIHYGXMSR MR XLI RMP TEMH VMKLXW LSPHMRK [MPP VIxIGX XLI UYERXMX] VIPEXMRK XS XLI IPIGXMSR
HIGMWMSR
6IWYPXERX )RXMXPIQIRX XS 2I[ 7IGYVMX]W
%GGSVHMRK XS XLI XIVQW SJ XLI IZIRX WYFWGVMTXMSR QE] VIWYPX MR XLI HMWXVMFYXMSR SJ SRI SV QSVI
RI[ WIGYVMX]W JSV IEGL EZEMPEFPI STXMSR 8]TMGEPP] WYFWGVMTXMSR [MPP VIWYPX MR XLI MWWYI SJ E
TVMQEV] WIGYVMX] [MXL TSWWMFPI EHHMXMSREP WIGSRHEV] WIGYVMXMIW
8LI GEPGYPEXMSR SJ XLI VIWYPXERX IRXMXPIQIRX MR XLI TVMQEV] WIGYVMX] MW RSVQEPP] EW E VIWYPX
SJ ETTP]MRK XLI WYFWGVMTXMSR VEXMS XS XLI IPIGXIH UYERXMX] SJ IEGL STXMSR ERH EW WYGL HSIW RSX
JYRHEQIRXEPP] HMJJIV XS XLEX ETTVSEGL HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV]

8LI GEPGYPEXMSR SJ ER] WIGSRHEV] IRXMXPIQIRX WIGYVMXMIW [MPP X]TMGEPP] FI EW E VIWYPX SJ E

JYVXLIV WIGYVMXMIW VEXMS EW ETTPMIH XS IMXLIV XLI
IPIGXIH UYERXMX] SJ IEGL STXMSR EW TIV XLI TVMQEV] WIGYVMX] IRXMXPIQIRX SV
XLI VIWYPXERX IRXMXPIQIRX MR XLI TVMQEV] WIGYVMX]
7YFWGVMTXMSR 'SWX
%W WXEXIH TVIZMSYWP] XLI IZIRX XIVQW QE] WYTTSVX E GLSMGI SJ WYFWGVMTXMSR STXMSRW [MXL XLI
WYFWGVMTXMSR GSWX X]TMGEPP] HMJJIVMRK EGGSVHMRK XS XLI STXMSR IPIGXIH
8LI QSRMIW TE]EFPI XS XLI MWWYIV [MPP X]TMGEPP] FI GEPGYPEXIH F] ETTP]MRK XLI WYFWGVMTXMSR
TVMGI EGGSVHMRK XS XLI IPIGXIH STXMSR XS XLI VIWYPXERX WIGYVMXMIW IRXMXPIQIRX 8LMW QIERW XLEX
E HITIRHIRG] [MPP I\MWX FIX[IIR XLI X[S GEPGYPEXMSRW [MXL XLI GEPGYPEXMSR SJ XLI WIGYVMXMIW
IRXMXPIQIRX FIMRK VIUYMVIH XS FI TIVJSVQIH TVMSV XS XLI GEPGYPEXMSR SJ XLI GEWL TE]QIRX
-R XLI QENSVMX] SJ GEWIW XLI GEPGYPEXMSR SJ WYFWGVMTXMSR GSWXW [MPP FI FEWIH YTSR XLI TVMQEV]
WIGYVMX] IRXMXPIQIRX SRP] EW HIWGVMFIH MR XLI TVIZMSYW WIGXMSR 8]TMGEPP] XLI MWWYI SJ WIGSRHEV]
WIGYVMXMIW MW SR E JVIISJGSWX FEWMW EW E VIWYPX SJ WYFWGVMTXMSR XS XLI TVMQEV] WIGYVMX]
-RXIVREP IRXVMIW VIxIGXMRK XLI WYFWGVMTXMSR XS RI[ WLEVIW EVI XLI WEQI EW XLSWI MR VIWTIGX SJ ER]
SXLIV ZSPYRXEV] IZIRX %GGSVHMRKP] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP TEWW IRXVMIW XLEX
VIxIGX
XLI HMWXVMFYXMSR SJ XLI RI[P] WYFWGVMFIH WLEVIW
XLI TE]QIRX SJ WYFWGVMTXMSR QSRMIW
XLI VIQSZEP SJ RMP TEMH VMKLXW XLEX LEZI FIIR WYFWGVMFIH
7YGL IRXVMIW EVI
IPIGXMSR HIGMWMSR HEXI IRXVMIW
VIGSVH HEXI IRXVMIW
SZIVIPIGXMSR EHNYWXQIRX IRXVMIW MJ ETTPMGEFPI
8LIWI EVI I\TPEMRIH MR 'LETXIV s1EREKIQIRX SJ :SPYRXEV] )ZIRXWt
8LI IZIRX XIVQW [MPP MRGPYHI XLI HMWXVMFYXMSR HEXI JSV EPP WIGYVMXMIW MWWYIH EW E VIWYPX SJ WYF
WGVMTXMSRW 8LMW [MPP FI E HEXI EX ER] XMQI EJXIV XLI WYFWGVMTXMSRW GPSWI HEXI
%W [MXL ER] WIGYVMXMIW HMWXVMFYXIH EW E VIWYPX SJ E GSVTSVEXI EGXMSR XLI VIWYPXERX IRXMXPIQIRXW
[MPP FI GSPPIGXIH JVSQ XLI PSGEXMSR ERH HMWFYVWIH XS XLI TSWMXMSR LSPHIVW VITVIWIRXMRK XLI
WIXXPIQIRX SJ XLSWI IRXMXPIQIRXW 8LI GSPPIGXMSR ERH HMWFYVWIQIRX SJ VIWYPXERX IRXMXPIQIRXW
JEPPW [MXLMR XLI WEQI TVSGIHYVIW EW JSV SXLIV IZIRXW 7YGL TVSGIHYVIW EVI HIXEMPIH [MXLMR
'LETXIV s'SPPIGXMSR(MWFYVWIQIRX SJ 6IWYPXERX )RXMXPIQIRXWt
7IGYVMXMIW TSWMXMSRW [MPP FI YTHEXIH [MXL E JYVXLIV WIX SJ IRXVMIW EKEMRWX XLI GYWXSHMER MR XLI
JSVQ SJ sWIXXPIHt IRXVMIW SRGI XLI GYWXSHMER LEW EHZMWIH XLI 783 SJ WIXXPIQIRX 7YGL IRXVMIW
EVI HIXEMPIH [MXLMR 'LETXIV s9THEXMRK SJ -RXIVREP )RXVMIWt

'SVTSVEXI %GXMSRW
9279&7'6-&)( 2-0 4%-( 6-+,87 )<4-6=

8LMW MW E QERHEXSV] WXEKI XLI TYVTSWI SJ [LMGL MW XS I\TMVI EPWS ORS[R EW sPETWIt ER]
YRWYFWGVMFIH RMP TEMH VMKLXW WYFWIUYIRX XS XLI WYFWGVMTXMSR WXEKI
%W HIXEMPIH TVIZMSYWP] XLI RMP TEMH VMKLXW WIGYVMX] MW ER MRXIVMQ WIGYVMX] VITVIWIRXMRK XLI
TSWMXMSR LSPHIVtW VMKLX XS WYFWGVMFI XS RI[ WIGYVMXMIW %GGSVHMRKP] SRGI WYFWGVMTXMSR GIEWIW XLI
RMP TEMH VMKLXW GIEWI XS I\MWX EW E WIGYVMX] )JJIGXMZIP] XLMW WXEKI I\MWXW XS VIQSZI ER] VIQEMRMRK
TSWMXMSRW MR XLI RMP TEMH VMKLXW
8LMW WXEKI X]TMGEPP] SGGYVW MQQIHMEXIP] JSPPS[MRK XLI GPSWYVI SJ XLI WYFWGVMTXMSR TIVMSH
MI JSPPS[MRK XLI WYFWGVMTXMSRW GPSWI HEXI ERH MRGPYHIW EX QMRMQYQ XLI JSPPS[MRK QERHEXSV]
PMJIG]GPI IPIQIRXW
)EGL SJ XLIWI MW HIWGVMFIH FIPS[ 8LI 783 QE] MR EHHMXMSR MWWYI GSQQYRMGEXMSRW XS XLI
TSWMXMSR LSPHIV IJJIGXMZIP] GSRwVQMRK XLI UYERXMX] SJ RMP TEMH VMKLXW I\TMVIH -R XLI GEWI SJ
E WMQTPI I\TMV] XLI WXITW VIxIGXMRK GSPPIGXMSR ERH HMWXVMFYXMSR SJ VIWYPXERX IRXMXPIQIRXW ERH
YTHEXMRK SJ MRXIVREP IRXVMIW HS RSX ETTP] EW RS EGXYEP WIGYVMXMIW SV GEWL EVI FIMRK HMWXVMFYXIH
EW E VIWYPX SJ XLI WXEKI
)RXMXPIQIRX XS XLMW WXEKI MW FEWIH YTSR XLI LSPHIVtW VIQEMRMRK TSWMXMSR MR XLI RMP TEMH VMKLXW
8LMW WXIT [MPP GSQQIRGI JSPPS[MRK XLI TEWWMRK SJ MRXIVREP IRXVMIW XS VIxIGX VIHYGXMSRW MR RMP
TEMH VMKLXW TSWMXMSRW EW E VIWYPX SJ WYFWGVMTXMSR
8LI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW [MPP WMQTP] GEPGYPEXI XLI UYERXMX] SJ RMP TEMH VMKLXW
XS FI VIQSZIH -R EPP GEWIW XLMW [MPP FI SJ XLI IRXMXPIH LSPHMRK MI XLI YRWYFWGVMFIH RMP
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PSGEXMSRW 8LIWI IRXVMIW EVI MPPYWXVEXIH MR 'LETXIV s)\EQTPI SJ E 6MKLXW -WWYIt
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SV XLMVH TEVX] [LS [MPP WYFWIUYIRXP] WYFWGVMFI XS XLI RI[ WIGYVMXMIW SYXWMHI SJ XLI RSVQEP XIVQW
SJ XLI MWWYI -R XLMW GEWI XLI MWWYIV QE] HMWXVMFYXI GEWL XS XLI TSWMXMSR LSPHIVW SJ YRWYFWGVMFIH
RMP TEMH VMKLXW VITVIWIRXMRK E TSVXMSR SJ XLIWI WEPI TVSGIIHW
8LMW GEWL HMWXVMFYXMSR [MPP SGGYV SR E QERHEXSV] FEWMW ERH TSXIRXMEPP] EX WSQI XMQI WYFWI
UYIRX XS XLI GPSWI SJ XLI RMP TEMH VMKLXW WYFWGVMTXMSR ERH [MPP FI MRMXMEXIH F] IMXLIV ER EHHMXMSREP

IZIRX ERRSYRGIQIRX SV EQIRHQIRX XS XLI SVMKMREP IZIRX ERRSYRGIQIRX MRJSVQMRK TSWMXMSR

LSPHIVW XLEX GEWL [MPP FI HMWXVMFYXIH MR I\GLERKI JSV XLIMV YRWYFWGVMFIH RMP TEMH VMKLXW
9RHIV XLIWI GMVGYQWXERGIW XLI PMJIG]GPI [MPP QMVVSV XLEX SJ ER] QERHEXSV] IZIRX [LIVI
GEWL MW I\GLERKIH JSV XLI YRHIVP]MRK LSPHMRK ERH YRPMOI XLI WMQTPI I\TMV] HIXEMPIH EFSZI
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TVSGIIHW ERH XLI GSPPIGXMSR ERH HMWXVMFYXMSR SJ GEWL TVSGIIHW
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XLI IZIRX ERH WYFWXERXMEP GSWXW XS XLI 783

%W XLI REXYVI SJ VMKLXW MWWYIW MRGSVTSVEXIW E RYQFIV SJ WXEKIW XLMW IRXMVI GLETXIV MW HIHMGEXIH
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8LI SFNIGXMZI SJ XLMW GLETXIV MW XS TVSZMHI XLI VIEHIV [MXL ER I\EQTPI VMKLXW MWWYI XLEX MW HIWMKRIH
XS MPPYWXVEXI XLI HMJJIVIRX JEGIXW SJ E QYPXMWXEKI IZIRX ERH XLI EWWSGMEXIH QEREKIQIRX SJ MXW
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):)28 8)617

8LI MWWYIV 2SOME ERRSYRGIW SR XL %YKYWX XLI HIXEMPW SJ E VMKLXW MWWYI XLI SJJIV XS XLI I\MWXMRK
WLEVILSPHIVW XS TYVGLEWI EHHMXMSREP WLEVIW MR TVSTSVXMSR XS XLIMV I\MWXMRK WLEVILSPHMRK WII
8EFPI
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8LIRI[WLEVIWMWWYIHEWEVIWYPXSJWYFWGVMTXMSR[MPPVEROTEVMTEWWYMREPP
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'SVTSVEXI %GXMSRW
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2-0 4%-( 6-+,87 (-786-&98-32

8LMW WIGXMSR SYXPMRIW XLI WXITW TIVJSVQIH F] XLI 783 XLVSYKLSYX XLMW WXEKI
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XLEX XLI 783 LEW E WMRKPI XVEHMRK FSSO TSWMXMSR WLEVIW [LMGL MW JYPP] SYXWXERHMRK
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%RRSYRGIQIRX XS XLI GYWXSH] GPMIRX XVERWQMXXIH F] XIPI\
2SXI XLEX XLI GSQQYRMGEXMSR WII 8EFPI GSRXEMRW RS WTIGMwG MRJSVQEXMSR VIKEVHMRK
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TYVTSWI MW TYVIP] XS GSQQYRMGEXI XLI IZIRX XIVQW
8EFPI
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2SOME )96 7LEVIW3JJIVSJ2MP4EMH6IRSYRGIEFPI 6MKLXWEXE

TVMGISJ)96TIVWLEVIXSWLEVILSPHIVWVIKMWXIVIHSRXL%YKYWX
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6MKLXW8VEHMRK
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7IGYVMX]6IJIVIRGI
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%HHMXMSREP-RJSVQEXMSR
4PIEWIRSXIXLEXXLMWRSXMGI[MPPFIJSPPS[IHWLSVXP]F]E*MREP)RXMXPIQIRX
2SXMGIXLEX[MPPWTIGMJ]]SYVLSPHMRKMR2MP4EMH6MKLXWXLIGSWXSJ
WYFWGVMTXMSRERHXLIHIEHPMRIF][LMGL[IVIUYMVI]SYVWYFWGVMTXMSR
HIGMWMSR
7MKRSJJF]XLI783
8VERWQMWWMSR8MQI
8VERWQMXXIHEXSRXL%YKYWX
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ETTVSTVMEXI XVEHIV VIWTSRWMFPI JSV XLI FSSO
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E GEPGYPEXMSR ERH FEPERGMRK SJ VIWYPXERX IRXMXPIQIRXW FEWIH SR XLI s JSV t IZIRX EX FSXL
GSPPIGXMFPI ERH HMWFYVWEFPI PIZIPW 8EFPI WLS[W XLI VIWYPXW SJ XLIWI GEPGYPEXMSRW MRGPYHMRK
XLI FEPERGMRK XSXEPW FIX[IIR GSPPIGXMFPI ERH HMWFYVWEFPI VIWYPXERX IRXMXPIQIRXW MR XLI RMP TEMH
VMKLXW
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XL %YKYWX ERH EPWS WIVZIW EW E VIUYIWX XS TSWMXMSR LSPHIVW JSV XLIMV WYFWGVMTXMSR HIGMWMSR
8LI GSQQYRMGEXMSR XS XLI GYWXSH] GPMIRX MW MPPYWXVEXIH MR 8EFPI
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8VERWQMXXIHEXSRWX%YKYWX
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+ >YVMGL XLI GPEMQ VIUYIWXW XLI GSYRXIVTEVX] XS HIPMZIV RMP TEMH VMKLXW XS XLI 783tW
QEMR EGGSYRX EX 'YWXSHMER : %X XLMW TSMRX XLIVI GER FI RS KYEVERXII XLEX XLI RMP TEMH VMKLXW
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TVSXIGXIH

4EWWMRK SJ -RXIVREP )RXVMIW VI 2MP 4EMH 6MKLXW

%W XLI HMWXVMFYXMSR SJ RMP TEMH VMKLXW MW E QERHEXSV] IZIRX JSPPS[MRK XLI GEPGYPEXMSR SJ VIWYPXERX
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XLI VIWYPXERX RMP TEMH VMKLXW IRXMXPIQIRXW MX I\TIGXW FEWIH YTSR XLI 783tW VIGSVHW
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8EFPI
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8VEHMRK&SSOs(t
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4VSNIGXIH
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)ZIRX'SRXVSP%GGSYRX

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'SPPIGXMSR ERH (MWFYVWIQIRX SJ 6IWYPXERX )RXMXPIQIRXW MR 2MP 4EMH 6MKLXW

3R XLI RMP TEMH VMKLXW HMWXVMFYXMSR HEXI XL %YKYWX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MW
HYI XS VIGIMZI XLI JSPPS[MRK WIGYVMXMIW I\XIVREPP]
RMP TEMH VMKLXW XS FI VIGIMZIH JVSQ 'SYRXIVTEVX] + JSPPS[MRK XLI MWWYERGI SJ XLI
GPEMQ F] XLI 783 ERH GVIHMXIH XS XLI 783tW QEMR WIGYVMXMIW EGGSYRX EX XLI GYWXSHMER ERH
RMP TEMH VMKLXW XS FI GVIHMXIH XS XLI 783tW WEJIGYWXSH] WIGYVMXMIW EGGSYRX EX XLI
GYWXSHMER
%X GPSWISJFYWMRIWW SR XL %YKYWX XLI GYWXSHMER EHZMWIW XLI 783 XLEX ERH
RMP TEMH VMKLXW LEZI FIIR GVIHMXIH XS XLI 783tW VIWTIGXMZI EGGSYRXW -QQIHMEXIP] YTSR VIGIMTX
SJ XLI HEXI ERH HIXEMPW SJ WIXXPIQIRX JVSQ XLI GYWXSHMERW [MXLMR MXW FSSOW ERH VIGSVHW XLI
'SVTSVEXI %GXMSRW (ITEVXQIRX TEWWIW XLI IRXVMIW WLS[R MR 8EFPI
8EFPI
(IFMX
'YWXSHMER:1EMREG
7IXXPIH
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7IXXPIH
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%[EMXMRK6IGIMTX
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8EFPI
2SOME2MP4EMH6MKLXW
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8VEHMRK&SSOs(t
'YWXSH]'PMIRXs+t

0SGEXMSR
'YWXSHMER:1EMR%'
'YWXSHMER:'YWXSH]%'
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2-0 4%-( 6-+,87 86%(-2+

*SV XLMW TEVXMGYPEV IZIRX XLI VMKLXW XVEHMRK TIVMSH GSQQIRGIH SR XL %YKYWX ERH GIEWIH SR
RH 7ITXIQFIV (YVMRK XLEX TIVMSH X[S XVEHIW MR RMP TEMH VMKLXW [IVI I\IGYXIH
'YWXSH] 'PMIRX s+t WSPH RMP TEMH VMKLXW TEVX SJ ER SVMKMREP IRXMXPIQIRX SJ RMP
TEMH VMKLXW [LMGL WIXXPIW TVMSV XS XLI GPSWI SJ XLI VMKLXW XVEHMRK TIVMSH
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RMP TEMH VMKLXW
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FSSOW ERH VIGSVHW MW EW WLS[R MR 8EFPI 8LIWI TSWMXMSRW EVI XLI VIWYPX SJ FSXL XLI RMP
TEMH VMKLXW HMWXVMFYXMSR ERH XVEHMRK EGXMZMX]
8EFPI
2SOME2MP4EMH6MKLXW
3[RIVWLMT
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t
'YWXSH]'PMIRXs+t

0SGEXMSR
'YWXSHMER:1EMR%'
'SYRXIVTEVX],4EVMW
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SJ XVEHIW MR RMP TEMH VMKLXW LEW FIIR GEVVMIHSYX F] XLI WIXXPIQIRX WXEJJ &SXL EGXMZMXMIW LEZI FIIR
YRHIVXEOIR IRXMVIP] MRHITIRHIRXP] SJ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX LS[IZIV MX MW IWWIRXMEP
XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX VIQEMRW E[EVI SJ ER] RMP TEMH VMKLXW XVEHMRK ERH WIXXPI
QIRX EGXMZMX] EW XLI VIWYPXERX TSWMXMSRW [MPP FI MRLIVMXIH F] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
2-0 4%-( 6-+,87 79&7'6-48-32

%W MPPYWXVEXIH MR *MKYVI XLMW WXEKI [MPP SGGYV GSRGYVVIRXP] [MXL XLI RMP TEMH VMKLXW XVEHMRK
TIVMSH %X EPP XMQIW XLVSYKLSYX XLMW WXEKI MX MW MQTIVEXMZI XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
XEOIW EGGSYRX SJ XLI MQTEGX SJ ER] XVEHMRK ERH WIXXPIQIRX MR XLI RMP TEMH VMKLXW

(IXIVQMRMRK )RXMXPIQIRX MR 2MP 4EMH 6MKLXW

8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX EWGIVXEMR XLI wREP IRXMXPIH LSPHMRKW MI VIPIZERX
TSWMXMSR LSPHIVW ERH XLIMV VIPIZERX LSPHMRK UYERXMXMIW MR XLI RMP TEMH VMKLXW MR SVHIV XS EWWIWW
XLI VIPEXIH WYFWGVMTXMSR HIGMWMSRW 8LI wREP IRXMXPIH LSPHMRKW TSWMXMSR MW XLEX [LMGL MW WXEXIH
MR 7IGXMSR
)RXMXPIQIRX XS WYFWGVMFI XS RMP TEMH VMKLXW MW FEWIH YTSR XLI LSPHIVtW TSWMXMSR MR XLI RMP TEMH
VMKLXW VIxIGXMRK ER] SVMKMREP IRXMXPIQIRX HMWXVMFYXMSR XSKIXLIV [MXL XVEHMRK ERH WIXXPIQIRX
SJ RMP TEMH VMKLXW EW EX XLI WYFWGVMTXMSRW GPSWI HEXI SJ XLI IZIRX
6IGIMZMRK ERH -WWYMRK 7YFWGVMTXMSR (IGMWMSRW
'YWXSHMER : LEW EHZMWIH XLI 783 XLEX MXW HIEHPMRI JSV VIGIMZMRK WYFWGVMTXMSR HIGMWMSRW MW XL
7ITXIQFIV XLMW MW XLI MWWYIVtW HIEHPMRI QMRYW X[S HE]W 8LI 783tW HIEHPMRI JSV VIGIMZMRK
WYFWGVMTXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW MW XL 7ITXIQFIV
3R VH 7ITXIQFIV XLVII HE]W TVMSV XS XLI MRXIVREP HIEHPMRI HEXI XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX VYRW MXW VITSVX SJ RMP TEMH VMKLXW TSWMXMSR LSPHIVW ERH LSPHMRKW VIZIEPMRK XLI
TSWMXMSRW WLS[R MR 8EFPI
8EFPI
2SOME2MP4EMH6MKLXW
3[RIVWLMT
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t
'YWXSH]'PMIRXs+t

0SGEXMSR
'YWXSHMER:1EMR%'
'SYRXIVTEVX],4EVMW
'YWXSHMER:'YWXSH]%'
8LSWI TSWMXMSR LSPHIVW XLEX LIPH 2SOME WLEVIW ERH [LS VIGIMZIH RMP TEMH VMKLXW XLVSYKL XLI
RMP TEMH VMKLXW HMWXVMFYXMSR TVSGIWW WII 7IGXMSR LEZI FIIR QEHI E[EVI SJ XLI 783tW
HIEHPMRI JSV WYFWGVMTXMSR HIGMWMSRW XLVSYKL XLI GSRXIRX SJ XLI *MREP )RXMXPIQIRX 2SXMGI
;MXL VIKEVH XS XLI TYVGLEWI F] 8VEHMRK &SSO s)t SJ RMP TEMH VMKLXW XLI XVEHI
GSRwVQEXMSR MWWYIH F] XLI 783 GSRXEMRIH XLI WYFWGVMTXMSR HIXEMPW MRGPYWMZI SJ XLI 783tW
WYFWGVMTXMSR HIEHPMRI
%W EX GPSWISJFYWMRIWW SR XL 7ITXIQFIV XLI 783tW HIEHPMRI QMRYW SRI HE] XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX LEH FIIR EHZMWIH MR [VMXMRK SJ WYFWGVMTXMSR HIGMWMSRW JSV FSXL XVEHMRK
FSSOW FYX EX XLMW XMQI RS HIGMWMSR LEH FIIR VIGIMZIH JVSQ XLI GYWXSH] GPMIRX 8LI 'SVTSVEXI
%GXMSRW (ITEVXQIRXtW VIGSVHW LEH FIIR YTHEXIH XS VIxIGX XLI WYFWGVMTXMSR HIGMWMSRW VIGIMZIH
XS HEXI EW WLS[R MR 8EFPI
8EFPI
7YFWGVMTXMSR(IGMWMSR'SRXVSPEWEXGPSWISJFYWMRIWWSRXL7ITXIQFIV
(EXI7YFW
)PIGXIH,SPHMRK
7YFWGVMTXMSR
9RIPIGXIH,SPHMRK 3VMKMREP9RHIVP]MRK
,SPHMRK5YERXMX]
(IGMWMSR6IGIMZIH
5YERXMX]
(IGMWMSR
5YERXMX]
XL7ITXIQFIV

7YFWGVMFI

8VEHMRK&SSOs(t
XL7ITXIQFIV

(SRSXWYFWGVMFI

XL7ITXIQFIV
8VEHMRK&SSOs)t

7YFWGVMFI

2SHIGMWMSR
'YWXSH]'PMIRXs+t
i
i

VIGIMZIH
4SWMXMSR,SPHIV
(IWTMXI MWWYMRK [VMXXIR VIQMRHIVW ERH EXXIQTXW XS GSRXEGX XLI GYWXSH] GPMIRX F] XIPITLSRI
RS VIWTSRWI [EW VIGIMZIH F] QMHHE] SR XL 7ITXIQFIV XLI 783tW HIEHPMRI ;MXLMR XLI 783

'SVTSVEXI %GXMSRW
XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX GSRXEGXIH XLI VIPIZERX WEPIWQER [LS QEHI E HIGMWMSR SR
FILEPJ SJ XLI GPMIRX XS WYFWGVMFI EW XLI WYFWGVMTXMSR TVMGI WLS[IH E VIEWSREFPI HMWGSYRX XS
XLI QEVOIX TVMGI SJ XLI SVMKMREP WLEVIW % JYVXLIV GSQQYRMGEXMSR [EW RS[ RIGIWWEV] MR SVHIV
XS EHZMWI XLI GPMIRX SJ XLMW HIGMWMSR 8LMW VIWYPXIH MR XLI wREP WYFWGVMTXMSR HIGMWMSRW WLS[R MR
8EFPI
8EFPI
7YFWGVMTXMSR(IGMWMSR'SRXVSPi*MREPEWEXGPSWISJFYWMRIWWSRXL7ITXIQFIV
9RIPIGXIH,SPHMRK 3VMKMREP9RHIVP]MRK
(EXI7YFW
)PIGXIH,SPHMRK
7YFWGVMTXMSR
,SPHMRK5YERXMX]
5YERXMX]
(IGMWMSR6IGIMZIH
5YERXMX]
(IGMWMSR
XL7ITXIQFIV

7YFWGVMFI

8VEHMRK&SSOs(t
XL7ITXIQFIV

(SRSXWYFWGVMFI

XL7ITXIQFIV
8VEHMRK&SSOs)t

7YFWGVMFI

'YWXSH]'PMIRXs+t

XL7ITXIQFIV

7YFWGVMFI

4SWMXMSR,SPHIV
*VSQ E TSWMXMZI WYFWGVMTXMSR HIGMWMSR TIVWTIGXMZI XLI SZIVEPP TMGXYVI MW EW WLS[R MR 8EFPI

8EFPI
7YQQEV]SJ4SWMXMZI7YFWGVMTXMSR(IGMWMSRW
3[RIVWLMT
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t
'YWXSH]'PMIRXs+t

0SGEXMSR
'YWXSHMER:1EMR%'
'SYRXIVTEVX],4EVMW
'YWXSHMER:'YWXSH]%'
-R SVHIV XS JSVQEPP] EHZMWI 'YWXSHMER : SJ XLI 783tW WYFWGVMTXMSR HIGMWMSRW SR XL 7ITXIQ
FIV 'YWXSHMER :tW HIEHPMRI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MWWYIW E 7;-*8 18
QIWWEKI XS XLI GYWXSHMER MRWXVYGXMRK XLI GYWXSHMER XS WYFWGVMFI XS
RMP TEMH VMKLXW [MXLMR XLI 783tW QEMR EGGSYRX EX E GSWX SJ )96 ERH
RMP TEMH VMKLXW [MXLMR XLI 783tW GYWXSH] EGGSYRX EX E GSWX SJ )96
8LI GSWXW EVI XS FI HIFMXIH XS XLI 783tW EGGSYRX [MXL XLI GYWXSHMER
;MXL VIKEVH XS XLI TYVGLEWI SJ RMP TEMH VMKLXW F] 8VEHMRK &SSO s)t HYVMRK XLI RMP TEMH
VMKLXW XVEHMRK TIVMSH EW EX XLMW HEXI 'SYRXIVTEVX] , 4EVMW LEW RSX ]IX HIPMZIVIH XLI WIGYVMXMIW
'SRWIUYIRXP] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MWWYIW E GSQQYRMGEXMSR XS XLI GSYRXIVTEVX]
VIUYIWXMRK XLI GSYRXIVTEVX] XS WYFWGVMFI XS
RMP TEMH VMKLXW EX E GSWX SJ )96
[MXL XLI GSWX TEMH SR XLI WEQI HEXI XS XLI GSYRXIVTEVX]tW )96 EGGSYRX SJ MXW GLSSWMRK
4EWWMRK SJ 7YFWGVMTXMSR (IGMWMSR (EXI )RXVMIW
*SPPS[MRK IEGL HIGMWMSR XS WYFWGVMFI MR SVHIV XS EZSMH EGGMHIRXEPP] WIPPMRK XLI WIGYVMXMIW [LMPI
MR XLI GSYVWI SJ WYFWGVMTXMSR XLI 783 [MPP YWYEPP] WIKVIKEXI XLI ETTVSTVMEXI UYERXMX] SJ XLI RMP
TEMH VMKLXW WIGYVMX] [MXLMR MXW FSSOW ERH VIGSVHW MQQIHMEXIP] YTSR XLI WYFWGVMTXMSR HIGMWMSR
FIMRK XEOIR -X MW MQTSVXERX XS RSXI XLEX WYGL WIKVIKEXMSR [MPP RSX VIQSZI XLI LSPHMRK JVSQ XLI
TSWMXMSR LSPHIVtW XSXEP LSPHMRK MR XLI RMP TEMH VMKLXW XLMW EGXMSR QIVIP] WIVZIW XS WIKVIKEXI MX
JVSQ IEGL TSWMXMSR LSPHIVtW XSXEP RMP TEMH VMKLXW TSWMXMSR

8LI IRXVMIW WLS[R MR 8EFPI EVI TEWWIH XS EGLMIZI XLMW

8EFPI
7IKVIKEXMSR)RXVMIW2SOME2MP4EMH6MKLXW
(IFMX
'VIHMX
8VEHMRK&SSOs(t

8VEHMRK&SSOs)t

'YWXSH]'PMIRXs+t

8VEHMRK&SSOs(t
%GGITXIH
8VEHMRK&SSOs)t
%GGITXIH
'YWXSH]'PMIRXs+t
%GGITXIH
2SXI XLEX WYFWGVMTXMSR HIGMWMSR HEXI IRXVMIW X]TMGEPP] ETTP] XS TSWMXMSR LSPHIVW EW MPPYWXVEXIH
EFSZI FYX [LIVI XLI 783 [MWLIW XS VIxIGX WYFWGVMTXMSR HIGMWMSRW MWWYIH XS XLI PSGEXMSR
XLVSYKLSYX XLI WYFWGVMTXMSR TIVMSH IRXVMIW [MPP FI TEWWIH XLEX EVI WMQMPEV XS XLI WIKVIKEXMSR
IRXVMIW MPPYWXVEXIH JSV XLI TSWMXMSR LSPHIV
*SPPS[MRK XLI TEWWMRK SJ EPP WYFWGVMTXMSR HIGMWMSR HEXI IRXVMIW XLI XSXEP TSWMXMSR MR XLI RMP
TEMH VMKLXW [MXLMR XLI 783tW FSSOW ERH VIGSVHW MW EW WLS[R MR 8EFPI
8EFPI
2SOME 2MP4EMH6MKLXW
3[RIVWLMT
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t%GGITXIH
'YWXSH]'PMIRXs+t%GGITXIH

0SGEXMSR
'YWXSHMER:1EMR%'
'SYRXIVTEVX],4EVMW
'YWXSHMER:'YWXSH]%'
'EPGYPEXMSR SJ 6IWYPXERX )RXMXPIQIRX MR XLI 2I[ 7IGYVMX]W ERH

7YFWGVMTXMSR 'EWL
*SPPS[MRK XLI wREP WYFWGVMTXMSR HIGMWMSRW 8EFPI VIZIEPW XLI GEWL WYFWGVMTXMSR GSWXW HYI
JVSQ TSWMXMSR LSPHIVW EW [IPP EW XLI GSVVIWTSRHMRK WYFWGVMTXMSR GSWXW TE]EFPI XS XLI GYWXSHMER
ERH XLI GSYRXIVTEVX]
8EFPI
3[RIV
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t
'YWXSH]'PMIRXs+t
3[RIVWLMT
7YFWGVMTXMSR
5YERXMX]

0SGEXMSR
7YFWGVMTXMSR'SWX
0SGEXMSR
7YFWGVMTXMSR
5YERXMX]
)96TW
)96 'YWXSHMER:1EMREG

)96 'SYRXIVTEVX],4EVMW

)96 'YWXSHMER:'YWXEG

7YFWGVMTXMSR'SWX
)96TW
)96
)96
)96
;MXL VIKEVH XS VIWYPXERX IRXMXPIQIRX XS XLI WIGYVMXMIW IEGL WYFWGVMFIH RMP TEMH VMKLX IRXMXPIW
XLI LSPHIV XS VIGIMZI SRI RI[ 2SOME WLEVI
'SQQYRMGEXMSR SJ 6IWYPXERX )RXMXPIQIRX MR XLI 2I[ 7IGYVMX]
3R XLI HE] JSPPS[MRK WYFWGVMTXMSRW GPSWI XL 7ITXIQFIV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
MWWYIW E *MREP )RXMXPIQIRX 2SXMGI XS XLI GYWXSH] GPMIRX ERH XS XLI XVEHMRK FSSO 2SXI XLEX XLMW MW
E JYVXLIV GSQQYRMGEXMSR JSPPS[MRK XLI MWWYERGI SJ E *MREP )RXMXPIQIRX 2SXMGI VIPEXMRK XS XLI

'SVTSVEXI %GXMSRW
RMP TEMH VMKLXW SR WX %YKYWX 8LI GSQQYRMGEXMSR XS XLI GYWXSH] GPMIRX MW MPPYWXVEXIH FIPS[
MR 8EFPI RSXI XLEX XLI s(IXEMPWt WIGXMSR SJ XLMW GSQQYRMGEXMSR MW ZIV] WTIGMwG XS XLI
GYWXSH] GPMIRX EW MR XLMW TEVXMGYPEV GEWI XLI 783 XSSO XLI HIGMWMSR XS WYFWGVMFI SR XLI GPMIRXtW
FILEPJ ERH XLMW GSQQYRMGEXMSR VIxIGXW XLEX JEGX
8EFPI
*VSQ
8S
%XXIRXMSR
'YWXSH]'PMIRXs+t
7YFNIGX
3YV6IJIVIRGI
*MREP)RXMXPIQIRX2SXMGI
2SOME6MKLXW%YKYWX
)ZIRX(IWGVMTXMSR
2SOM E )96 7LEVIW3JJIVSJ2MP4EMH6IRSYRGIEFPI6MKLXWEXE

9RHIVP]MRK7IGYVMX]
7IGYVMX]6IJIVIRGI
'YVVIRX,SPHMRK
2SOME2MP4EMH6MKLXW
-7-2
2SOME2MP4EMH6MKLXW
(IXEMPW
)RXMXPIQIRX
7YFWGVMTXMSR'SWX
7IXXPIQIRX(IXEMPW
7MKRSJJF]XLI783
8VERWQMWWMSR8MQI
*SPPS[MRKSYVHIGMWMSRSR]SYVFILEPJ XSWYFWGVMFIXS]SYVJYPPIRXMXPIH

LSPHMRKSJ2MP4EMH6MKLXW]SYEVIXLIS[RIVSJXLIJSPPS[MRKWIGYVMXMIW
2SOME)967LEVIW
)96
%W[ILEZITEMHXLIWYFWGVMTXMSRGSWXSR]SYVFILEPJOMRHP]VIQMX)96
XSSYVEGGSYRXRYQFIVEX&ERO<<<*VEROJYVX
[MXLSYXHIPE]
8VERWQMXXIHEXSRXL7ITXIQFIV
4EWWMRK SJ -RXIVREP )RXVMIW XS 6IxIGX 7YFWGVMTXMSRW

7IGYVMXMIW 4SWMXMSRW MR XLI 2I[ 7IGYVMX]
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX RS[ TEWW IRXVMIW XS VIxIGX XLI WYFWGVMTXMSR XS XLI RI[
WIGYVMX] 2SXI XLEX XLI WLEVIW VIWYPXMRK JVSQ XLMW VMKLXW MWWYI VERO TEVMTEWWY [MXL XLI SVMKMREP
2SOME WLEVIW
-R SVHIV XS VIxIGX XLI EGUYMWMXMSR SJ XLI WLEVIW F] XLI TSWMXMSR LSPHIVW XLI IRXVMIW WLS[R MR
8EFPI EVI TEWWIH
8EFPI
(MWFYVWEFPI)RXVMIW2SOME)967LEVIW
(IFMX
)ZIRX'SRXVSP%GGSYRX
)ZIRX'SRXVSP%GGSYRX
'VIHMX

8VEHMRK&SSOs(t
'YWXSH]'PMIRXs+t
-R SVHIV XS VIxIGX XLI WLEVIW HYI JVSQ XLI GYWXSHMER ERH XLI GSYRXIVTEVX] XLI IRXVMIW WLS[R
MR 8EFPI EVI TEWWIH
%W XLI TYVGLEWI SJ RMP TEMH VMKLXW [EW YRWIXXPIH EW EX XLI WYFWGVMTXMSRW GPSWI HEXI
XL 7ITXIQFIV XLI IRXVMIW WLS[R MR 8EFPI VITVIWIRX XLI XVERWJSVQEXMSR SJ XLEX XVEHI

8EFPI
'SPPIGXMFPI)RXVMIW2SOME)967LEVIW
(IFMX
'YWXSHMER:1EMR%'
4VSNIGXIH
'YWXSHMER:'YWXSH]%'
4VSNIGXIH
'VIHMX

)ZIRX'SRXVSP%GGSYRX

)ZIRX'SRXVSP%GGSYRX

MR GSRNYRGXMSR [MXL XLI WYFWGVMTXMSR GSWX IRXVMIW ERH XLI VIQSZEP SJ XLI RMP TEMH VMKLXW IRXVMIW
FIPS[
8EFPI
(IFMX
'SYRXIVTEVX],4EVMW
%[EMXMRK7IXXPIQIRX
8VERWJSVQIH8VEHI)RXVMIW2SOME)967LEVIW
'VIHMX

8VEHMRK&SSOs)t
7YFWGVMTXMSR 'SWXW 6IPEXMRK XS XLI 2I[ 7IGYVMX]

-R EHHMXMSR XS TEWWMRK IRXVMIW JSV XLI WYFWGVMFIH WIGYVMXMIW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
EW EX XLI GPSWI SJ XLI WYFWGVMTXMSR TIVMSH RS[ RIIHW XS TEWW IRXVMIW XS VIxIGX XLI WYFWGVMTXMSR
GSWXW TEMH
-R SVHIV XS VIxIGX XLI WYFWGVMTXMSR GSWXW TEMH F] XLI TSWMXMSR LSPHIVW XLI IRXVMIW WLS[R MR
8EFPI EVI TEWWIH
8EFPI
(MWFYVWEFPI)RXVMIW)96
(IFMX
8VEHMRK&SSOs(t
'YWXSH]'PMIRXs+t
'VIHMX

)ZIRX'SRXVSP%GGSYRX
)ZIRX'SRXVSP%GGSYRX
-R SVHIV XS VIxIGX XLI WYFWGVMTXMSR GSWXW TEMH XS XLI GYWXSHMER ERH XLI GSYRXIVTEVX] XLI
IRXVMIW WLS[R MR 8EFPI EVI TEWWIH
8EFPI
'SPPIGXMFPI)RXVMIW)96
(IFMX
)ZIRX'SRXVSP%GGSYRX
)ZIRX'SRXVSP%GGSYRX
'VIHMX

'YWXSHMER:1EMR%'
'YWXSHMER:'YWXSH]%'
-R SVHIV XS HIVMZI XLI JYPP GEWL ZEPYI S[IH XS XLI GSYRXIVTEVX] XLI WYFWGVMTXMSR GSWX SJ )96
[MPP FI EHHIH XS XLI SVMKMREP TYVGLEWI GSWX

'SVTSVEXI %GXMSRW
8EFPI
8VERWJSVQIH8VEHI)RXVMIW)96
(IFMX
8VEHMRK&SSOs)t
'VIHMX

'SYRXIVTEVX],4EVMW
%[EMXMRK7IXXPIQIRX
7IGYVMXMIW 4SWMXMSRW MR XLI 2MP 4EMH 6MKLXW

*SV XLI TSWMXMSR LSPHIVW MR SVHIV XS VIxIGX XLI VITPEGIQIRX SJ XLI RMP TEMH VMKLXW [MXL XLI RI[
WIGYVMX] XLI IRXVMIW WLS[R MR 8EFPI EVI TEWWIH
8EFPI
(IFMX
'YWXSH]'PMIRXs+t
%GGITXIH
'VIHMX

)ZIRX'SRXVSP%GGSYRX

)ZIRX'SRXVSP%GGSYRX

8EFPI
(IFMX
8VEHMRK&SSOs)t%GGITXIH
8VERWJSVQIH8VEHI)RXVMIW2SOME2MP4EMH6MKLXW
'VIHMX

'SYRXIVTEVX],4EVMW
%[EMXMRK7IXXPIQIRX
'SPPIGXMSR ERH (MWFYVWIQIRX SJ 2I[ 7IGYVMXMIW

9TSR WIXXPIQIRX SJ XLI SYXWXERHMRK HIPMZIVMIW SJ XLI 2SOME WLEVIW MRGPYHMRK XLI XVERWJSVQIH
XVEHI XLI GYWXSHMER MWWYIW ER EHZMGI SJ WIXXPIQIRX SR XL 7ITXIQFIV XS XLI 783 ERH XLI
IRXVMIW WLS[R MR 8EFPI EVI TEWWIH
8EFPI
'SPPIGXMFPI)RXVMIW2SOME)967LEVIW
(IFMX
'YWXSHMER:1EMR%'
7IXXPIH
'YWXSHMER:1EMR%'
7IXXPIH
'YWXSHMER:'YWXSH]%'
7IXXPIH
'VIHMX

'YWXSHMER:1EMR%'
4VSNIGXIH
'SYRXIVTEVX],4EVMW
%[EMXMRK7IXXPIQIRX
'YWXSHMER:'YWXSH]%'
4VSNIGXIH
9279&7'6-&)( 2-0 4%-( 6-+,87 )<4-6=

%PWS SR XLI GPSWI SJ XLI WYFWGVMTXMSR TIVMSH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX ÎVSMÎ
ER] VIGSVHW SJ RMP TEMH VMKLXW LSPHMRKW JSV [LMGL XLI TSWMXMSR LSPHIV LEW GLSWIR RSX XS WYFWGVMFI

(IXIVQMRMRK 6IQEMRMRK 9RWYFWGVMFIH 4SWMXMSRW MR 2MP 4EMH 6MKLXW

*SPPS[MRK XLI WYFWGVMTXMSR HIGMWMSRW F] XLI TSWMXMSR LSPHIVW 8EFPI VITVIWIRXW XLI VI
QEMRMRK YRWYFWGVMFIH TSWMXMSR MR XLI RMP TEMH VMKLXW
8EFPI
2SOME2MP4EMH6MKLXW
3[RIVWLMT
8VEHMRK&SSOs(t

0SGEXMSR
'YWXSHMER:1EMR%'

'EPGYPEXMSR SJ 2MP 4EMH 6MKLXW XS FI 6IHYGIH

%PP MI SJ XLI RMP TEMH VMKLXW VITVIWIRXIH MR 8EFPI QYWX FI VIHYGIH
4EWWMRK SJ -RXIVREP )RXVMIW XS >IVSMÎ 6IQEMRMRK 2MP 4EMH 6MKLXW 4SWMXMSRW
-R SVHIV XS VIxIGX XLI I\TMV] SJ XLI YRWYFWGVMFIH RMP TEMH VMKLXW JVSQ XLI TIVWTIGXMZI SJ XLI
TSWMXMSR LSPHIVW XLI IRXVMIW WLS[R MR 8EFPI EVI TEWWIH
8EFPI
(IFMX
8VEHMRK&SSOs(t
'VIHMX

)ZIRX'SRXVSP%GGSYRX
7MQMPEVP] MR SVHIV XS VIxIGX XLI JEGX XLEX XLI RMP TEMH VMKLXW LEZI I\TMVIH JVSQ XLI TIVWTIGXMZI
SJ XLI GYWXSHMER XLI IRXVMIW WLS[R MR 8EFPI EVI TEWWIH
8EFPI
(IFMX
)ZIRX'SRXVSP%GGSYRX
'VIHMX

'YWXSHMER:1EMREG

4EWWMRK SJ XLIWI IRXVMIW ÎVSMÎW XLI 783tW VIGSVHW SJ RMP TEMH VMKLXW
*-2%0 7)'96-8-)7 437-8-327

*SPPS[MRK GSQTPIXMSR SJ XLI QEREKIQIRX SJ XLI IZIRX XLI XSXEP WIGYVMXMIW TSWMXMSR MR 2SOME
7LEVIW EW VIGSVHIH [MXLMR XLI 783tW FSSOW ERH VIGSVHW MW EW WLS[R MR 8EFPI
8EFPI
2SOME)967LEVIW
3[RIVWLMT
8VEHMRK&SSOs(t
8VEHMRK&SSOs)t
'YWXSH]'PMIRXs+t

0SGEXMSR
'YWXSHMER:1EMR%'
'YWXSHMER:'YWXSH]%'

'SVTSVEXI %GXMSRW
8EFPIW XS WLS[ E WYQQEXMSR SJ LS[ XLI wREP WIGYVMXMIW TSWMXMSRW [IVI HIVMZIH
JSV IEGL SJ XLI TSWMXMSR LSPHIVW
8EFPI
8VEHMRK&SSOs(t
2SOME2MP4EMH6MKLXW
4VI6MKLXW-WWYI8VEHMRK4SWMXMSR
RE
)RXMXPIQIRXXS2MP4EMH6MKLXW

4YVGLEWIWSJ2MP4EMH6MKLXW
RMP
7EPIWSJ2MP4EMH6MKLXW
RMP
2MP4EMH6MKLXW%PPS[IHXS0ETWI

2MP4EMH6MKLXW7YFWGVMFIH

6IWYPXSJ7YFWGVMTXMSRXS2I[7LEVIW
RE
4SWX6MKLXW-WWYI8VEHMRK4SWMXMSR
2SOME)967LEVIW

8EFPI
8VEHMRK&SSOs)t
2SOME2MP4EMH6MKLXW
RE
2SOME)967LEVIW
RMP
RMP

RMP
RMP

RE

8EFPI
'YWXSH]'PMIRXs+t
2SOME2MP4EMH6MKLXW
RE

RMP

RMP

RE
2SOME)967LEVIW

8LIWI XEFPIW LMKLPMKLX XLI ZEVMIX] SJ STXMSRW XLEX GER FI XEOIR MR E VMKLXW MWWYI ERH XLI HIKVII
SJ GEVI VIUYMVIH MR XLI QEREKIQIRX SJ WYGL IZIRXW

-R VIGIRX GLETXIVW QYPXMWXEKI PMJIG]GPIW LEZI FIIR MRXVSHYGIH ERH HIWGVMFIH [LIVI XLI SZIVEPP
PMJI SJ ER IZIRX GSQTVMWIW E GSQFMREXMSR SJ FSXL QERHEXSV] ERH IPIGXMZI PMJIG]GPIW
;MXLMR XLI HIwRMXMSR SJ MXW PMJIG]GPI E XEOISZIV MW SRI WYGL IZIRX 2SRIXLIPIWW XLI XEOISZIV MW
FIMRK WMRKPIH SYX LIVI FIGEYWI SJ MXW EHHMXMSREP YRMUYI JIEXYVIW 8LMW GLETXIV [MPP MHIRXMJ] XLSWI
YRMUYI JIEXYVIW ERH HIWGVMFI XLI EHHMXMSREP STIVEXMSREP QMPIWXSRIW FI]SRH XLSWI TVIZMSYWP]
MRXVSHYGIH MR QERHEXSV] ERH IPIGXMZI PMJIG]GPIW [LMGL XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP
RIIH XS EGGSQQSHEXI MR SVHIV XS GSRXVSP ERH QEREKI WYGL IZIRXW TVSTIVP]
-2863(9'8-32
8LI XIVQ XEOISZIV MW YWIH XS HIWGVMFI E GLERKI MR GSRXVSPPMRK MRXIVIWX SJ E GSQTER] EGLMIZIH
ZME XLI EGGYQYPEXMSR SJ MWWYIH GETMXEP MR XLEX GSQTER] F] XLI TIVWSRW SV SVKERMÊXMSR PEYRGL
MRK XLI XEOISZIV
8LI TIVWSRW SV SVKERMÊXMSR PEYRGLMRK XLI XEOISZIV MW ORS[R EW XLI SJJIVSV EW MX MW QEOMRK
ER SJJIV JSV XLI MWWYIH GETMXEP SJ XLI XEVKIX GSQTER] 8LI XEVKIX GSQTER] MW ORS[R EW XLI
SJJIVII
%W WXEXIH MR 'LETXIV s)ZIRX (IWGVMTXMSR ERH 'PEWWMwGEXMSRt XLI VIEWSRW JSV XEOISZIVW GER
KIRIVEPP] FI GEXIKSVMÎH JVSQ XLI IGSRSQMGEP ZMI[TSMRX XS XLI SJJIVSV EW E HIWMVI XS
GSRXVSP GSQTIXMXMSR MR XLI WEQI QEVOIX EPXLSYKL PIKMWPEXMSR MW SJXIR MR TPEGI XS KYEVH EKEMRWX
QSRSTSPMIW HIZIPSTMRK
GSRXVSP IMXLIV WYTTPMIV SV HMWXVMFYXMSR RIX[SVOW MR XLI WEQI QEVOIX
I\XIRH SV HMZIVWMJ] TVSHYGX VERKI SV QEVOIX
% XEOISZIV GSYPH GSQFMRI ER] SV EPP SJ XLIWI HIWMVIW
8LI SJJIVSV [MPP EGGYQYPEXI MWWYIH GETMXEP ZME XLI TYVGLEWI SJ WIGYVMXMIW JVSQ XLI TSWMXMSR
LSPHIVW SJ XLI XEVKIX GSQTER] -R GSRWMHIVEXMSR SJ XLMW TYVGLEWI XLI TSWMXMSR LSPHIVW QE]
VIGIMZI IMXLIV WIGYVMXMIW SJJIVIH F] XLI SJJIVSV SV GEWL SV E GSQFMREXMSR SJ FSXL
2SXI XLEX MR EGGSVHERGI [MXL XLI HIWGVMTXMSRW TVIZMSYWP] TVSZMHIH MR 'LETXIV XEOISZIVW
EVI HMWXMRKYMWLIH JVSQ QIVKIVW E WMQMPEV IZIRX X]TI MR XLEX MR E XEOISZIV XLI SJJIVSV FMHW JSV
GSRXVSP SJ XLI SJJIVII [LMPWX MR E QIVKIV FSXL GSQTERMIW GSQFMRI ERH GIEWI XS I\MWX XS JSVQ
E RI[ GSQTER]
-R EPP QEVOIXW XEOISZIVW ERH XLI XVEHMRK SJ WIGYVMXMIW YRHIV XEOISZIV MW GPSWIP] QSRMXSVIH
ERH VIKYPEXIH F] QEVOIX EYXLSVMXMIW 8LMW MW JSV E RYQFIV SJ VIEWSRW MRGPYHMRK
VIWXVMGXMSR SJ QSRSTSPMIW IRWYVMRK XLEX GSQTIXMXMSR MW QEMRXEMRIH [MXLMR XLI QEVOIX TPEGI
VIWXVMGXMSR SJ SZIVWIEW GSRXVSP SJ PSGEP IRXIVTVMWI
-R XLI QENSVMX] SJ GMVGYQWXERGIW XLI SJJIVSV [MPP RIIH XS WIIO ETTVSZEP JVSQ XLI ETTVSTVMEXI
VIKYPEXSV] EYXLSVMX] TVMSV XS PEYRGLMRK E XEOISZIV FMH JSV XLI SJJIVII 8]TMGEPP] XLMW MW HSRI SRGI
XLI SJJIVSV LEW EGGYQYPEXIH E WXMTYPEXIH TIVGIRXEKI SJ XLI SJJIVIItW MWWYIH GETMXEP EPXLSYKL

'SVTSVEXI %GXMSRW
XLI VIKYPEXSV] EYXLSVMX] [MPP RS HSYFX LEZI FIIR QSRMXSVMRK ER] EGGYQYPEXMSR YT YRXMP XLMW
TSMRX %X XLMW XMQI XLI SJJIVSV QYWX QEOI ORS[R XS XLI QEVOIX TPEGI MXW MRXIRXMSRW MI [LIXLIV
MX MRXIRHW XS PEYRGL E JSVQEP FMH SV RSX ERH WIIO VIKYPEXSV] ETTVSZEP JSV WYGL E FMH
8LI XIVQW SJ ER] XEOISZIV FMH EVI GSRXEMRIH [MXLMR ER SJJIV HSGYQIRX WMQMPEV XS E TVSWTIGXYW
MWWYIH F] XLI SJJIVSV 8LI SJJIV HSGYQIRX GSRXEMRW HIXEMPW SJ XLI SJJIVSVtW MRXIRXMSRW XLI TVIGMWI
XIVQW ERH JIEXYVIW SJ XLI IZIRX 8LI VERKI SJ JIEXYVIW XLEX QE] FI ETTPMGEFPI XS E XEOISZIV
IZIRX ERH SJ [LMGL XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX FI E[EVI MRGPYHI
XLI TIVGIRXEKI SJ XLI SJJIVII XLEX XLI SJJIVSV [MWLIW XS EGUYMVI
XLI TIVMSH JSV [LMGL XLI SJJIV MW MRMXMEPP] ZEPMH
ER] WTIGMEP GSRHMXMSRW TIVXEMRMRK XS XLI SJJIV
*VSQ XLI SJJIVIItW TIVWTIGXMZI XLI XEOISZIV FMH QE] FI IMXLIV [IPGSQI JVMIRHP] SV YR
[IPGSQI LSWXMPI 8]TMGEPP] XLI HMVIGXSVW SJ XLI SJJIVII [MPP MWWYI E HSGYQIRX SV WXEXIQIRX
XS XLI QEVOIX TPEGI ERH XS MXW TSWMXMSR LSPHIVW WXEXMRK [LIXLIV MX ZMI[W XLI SJJIV EW JVMIRHP]
SV LSWXMPI ERH QEOMRK E VIGSQQIRHEXMSR XS MXW TSWMXMSR LSPHIVW VIKEVHMRK [LEX EGXMSR XLI]
WLSYPH XEOI [MXL VIWTIGX XS XLI EGGITXERGI SJ XLI SJJIV
%W TVIZMSYWP] WXEXIH XLI SZIVEPP PMJI SJ E XEOISZIV VITVIWIRXW QYPXMTPI PMJIG]GPI WXEKIW -R MXW
MRMXMEP WXEKI XLI EGGITXERGI SJ E XEOISZIV MW TYVIP] ZSPYRXEV] SR XLI TEVX SJ XLI TSWMXMSR LSPHIV
MVVIWTIGXMZI SJ ER] VIGSQQIRHEXMSRW JVSQ XLI HMVIGXSVW SJ XLI SJJIVII -R XLI GPSWMRK WXEKIW SJ
WSQI XEOISZIVW [LIVI XLI SJJIVSV EGUYMVIW WYJwGMIRX WLEVIW EW XS VIWYPX MR XLI SJJIVII RS PSRKIV
FIMRK EFPI XS FI PMWXIH EGGITXERGI SJ XLI SJJIV F] ER] VIQEMRMRK TSWMXMSR LSPHIVW ORS[R EW
HMWWIRXMRK WLEVILSPHIVW QE] FIGSQI QERHEXSV] XLMW MW ORS[R EW GSQTYPWSV] EGUYMWMXMSR
8LI ZEVMSYW EWTIGXW ERH QEREKIQIRX SJ XLIWI WXEKIW [MPP FI HIWGVMFIH XLVSYKLSYX XLMW ERH XLI
JSPPS[MRK GLETXIV
8,) 783t7 6-7/

4EVXMGYPEV IQTLEWMW MW FIMRK KMZIR XS XLI GSQTPI\MX] SJ XEOISZIV IZIRXW FI]SRH QER] SJ XLI
IZIRXW MPPYWXVEXIH XS HEXI [MXLMR XLMW FSSO 8LI VIEWSR JSV XLMW MW XS LMKLPMKLX XLI MQTPMGEXMSRW
XS XLI 783 MR XIVQW SJ ER] wRERGMEP VMWO EW E VIWYPX SJ MRGSVVIGX LERHPMRK ERH QEREKIQIRX SJ
WYGL IZIRXW
% XEOISZIV TSWWIWWIW EPP XLI JYRHEQIRXEP GLEVEGXIVMWXMGW SJ SXLIV IZIRX X]TIW XLEX MW
GETXYVI SJ IZIRX XIVQW
HIXIVQMREXMSR SJ IRXMXPIH TSWMXMSRW ERH PSGEXMSR GSQTSRIRXW
GSQQYRMGEXMSR SJ IZIRX XIVQW
GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRX
QEREKIQIRX SJ IPIGXMSR HIGMWMSRW
-X MW MQTIVEXMZI LS[IZIV XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX JYVXLIVQSVI ERH EX EPP
XMQIW FI E[EVI SJ XLI EHHMXMSREP JIEXYVIW ERH QMPIWXSRIW TIVXEMRMRK XS E XEOISZIV XLI TSWWMFMPMX]
XLEX GLERKIW XS IZIRX XIVQW GER SGGYV ERH XLI TSXIRXMEP VMWOW EWWSGMEXIH [MXL XLIQ
*)%896)7 3* 8%/)3:)67

-X LEW TVIZMSYWP] FIIR WXEXIH XLEX XEOISZIV IZIRXW MRXVSHYGI JIEXYVIW XLEX QE] FI ETTPMGEFPI XS
XLI XEOISZIV FI]SRH XLSWI HIWGVMFIH EW TIVXEMRMRK XS QERHEXSV] IZIRXW IZIRXW [MXL IPIGXMSRW
ERH MRHIIH SXLIV QYPXMWXEKI IZIRXW 8LI TYVTSWI SJ XLMW WIGXMSR MW TVIHSQMRERXP] XS HIWGVMFI

XLI JIEXYVIW WTIGMwG XS E XEOISZIV XLEX MRxYIRGI MXW WYFWIUYIRX QEREKIQIRX F] XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX
QEVOIX ERH SJJQEVOIX SJJIVW
TEVXMEP ERH JYPP SJJIVW
GSQTIXMRK SJJIVW
SJJIV GSRWMHIVEXMSR
GSRHMXMSREP ERH YRGSRHMXMSREP WXEXYW
8LIWI EVI RS[ HIWGVMFIH FIPS[ 1ER] SJ XLIWI JIEXYVIW HMVIGXP] MQTEGX XLI VIWYPXERX IRXMXPIQIRX
XIVQW HYVEXMSR ERH ZSPYRXEV] SV QERHEXSV] REXYVI SJ XLI SJJIV
1EVOIX ERH 3JJ1EVOIX 3JJIVW
3RGI ETTVSZEP MW SFXEMRIH JVSQ XLI ETTVSTVMEXI VIKYPEXSV] EYXLSVMX] E XEOISZIV QE] FI I\IGYXIH
MR IMXLIV SJ X[S [E]W F] XLI SJJIVSV
QEVOIX SJJIV SV
SJJQEVOIX SJJIV
1EVOIX 3JJIV
% QEVOIX SJJIV QIERW XLEX XLI SJJIVSV [MPP TYVWYI XLI EGUYMWMXMSR SJ PMWXIH WIGYVMXMIW MR XLI
SJJIVII ZME RSVQEP TYVGLEWIW MR XLI WXSGO QEVOIX
8LI SJJIVSV [MPP TYFPMGP] ERRSYRGI MXW MRXIRXMSRW ER SJJIV TVMGI XLMW QIXLSH MW SRP] ETTPM
GEFPI [LIVI GEWL GSRWMHIVEXMSR MW FIMRK SJJIVIH JSV XLI EGUYMWMXMSR ERH ETTSMRX E sFVSOIVt XS
sWXERH MR XLI QEVOIXt SR MXW FILEPJ )WWIRXMEPP] XLI SJJIVSV TPEGIW ER sSVHIVt [MXL MXW FVSOIV XS
TYVGLEWI WIGYVMXMIW MR XLI SJJIVII EX E WIX TVMGI JSV E WIX TIVMSH SJ XMQI EW [MXL SXLIV SJJIVW XLI
SJJIVSV QE] GLSSWI XS MRGVIEWI XLMW TVMGI HYVMRK XLI TIVMSH SJ XLI SJJIV
%GGITXERGI SJ XLI SJJIV MW EGLMIZIH F] TSWMXMSR LSPHIVW TPEGMRK ER SVHIV XS WIPP EX XLI WTIGMwIH
TVMGI [MXL XLIMV VITVIWIRXEXMZI 783 SV FVSOIV
8LI VIWYPX SJ QEXGLMRK XLI WIPP SVHIVW SJ TSWMXMSR LSPHIVW [MXL XLI FY] SVHIV SJ XLI SJJIVSV
MW XLI I\IGYXMSR SJ E XVEHI 8VERWJIVIRGI SJ XLI TSWMXMSR LSPHIVtW TSWMXMSR XS XLI SJJIVSV [MPP
SGGYV YTSR WIXXPIQIRX SJ XLI XVEHI
3RI HMWEHZERXEKI SJ XLMW QIXLSH XS XLI TSWMXMSR LSPHIV MW XLEX MR XLI I\IGYXMSR SJ E XVEHI MX
[MPP MRGYV RSVQEP XVEHMRK GSWXW WYGL EW FVSOIVEKI SV GSQQMWWMSR ERH WXEQT HYX] MR EGGSVHERGI
[MXL PSGEP QEVOIX GSRZIRXMSRW
;MXLMR WSQI SVKERMÊXMSRW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QE] RSX FIGSQI MRZSPZIH
MR XLI QEREKIQIRX SJ XLMW X]TI SJ XEOISZIV EW MX FIGSQIW EFWSVFIH MR XLI RSVQEP XVEHMRK ERH
WIXXPIQIRX STIVEXMSRW SJ XLI 783 %X QSWX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QE] WMQTP]
RSXMJ] TSWMXMSR LSPHIVW SJ XLI I\MWXIRGI SJ XLI SJJIV ERH EJXIV XLEX XEOI RS JYVXLIV EGXMSR
3JJ1EVOIX 3JJIV
-R GSRXVEWX XS E QEVOIX SJJIV ER SJJQEVOIX SJJIV SGGYVW [LIR XLI EGUYMWMXMSR SJ WIGYVMXMIW MR
XLI SJJIVII F] XLI SJJIVSV SGGYVW SYXWMHI SJ XLI RSVQEP QEVOIX XVEHMRK QIGLERMWQ EW E VIWYPX
SJ HMVIGX EKVIIQIRX ERH XVERWJIVIRGI SJ TSWMXMSRW FIX[IIR XLI TSWMXMSR LSPHIV ERH XLI SJJIVSV

'SVTSVEXI %GXMSRW
-R XLMW MRWXERGI XLI SJJIVSV SV MXW EKIRX [MPP HMVIGXP] GSRXEGX EPP TSWMXMSR LSPHIVW MR XLI
SJJIVII EHZMWMRK XLIQ SJ XLI XIVQW SJ XLI SJJIV ZME XLI SJJIV HSGYQIRX %GGITXERGI SJ XLI SJJIV
MW EGLMIZIH F] XLI TSWMXMSR LSPHIV GSQQYRMGEXMRK MXW HIWMVI XS EGGITX XLI SJJIV XS XLI SJJIVSV
SV MXW EKIRX 7YGL EGGITXERGI [MPP XVMKKIV XLI XVERWJIVIRGI SJ XLI TSWMXMSR LSPHIVtW TSWMXMSR
XS XLI SJJIVSV 8LI JYPP PMJIG]GPI SJ XLMW TVSGIWW MW HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ
8EOISZIV )ZIRXWt
-R XLI QENSVMX] SJ GEWIW XLI GSWXW SJ WYGL XVERWJIVIRGI IK WXEQT HYX] EVI FSVRI F] XLI
SJJIVSV
8LI QEREKIQIRX SJ SJJQEVOIX XEOISZIVW XVEHMXMSREPP] [MPP JEPP XS XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX SJ XLI 783 -X [MPP FI XLMW HITEVXQIRXtW VIWTSRWMFMPMX] XS
GETXYVI XLI XIVQW SJ XLI SJJIV
HIXIVQMRI IRXMXPIQIRX
GSQQYRMGEXI IZIRX XIVQW
QEREKI XLI VIGIMTX ERH MWWYI SJ SJJIV EGGITXERGIW IPIGXMSR HIGMWMSRW
IRWYVI XLEX XLVSYKLSYX XLI PMJIG]GPI XLI 783tW TSWMXMSR OIITMRK VIGSVHW EVI YTHEXIH XS VIGSVH
EGGITXERGIW SJ XLI SJJIV ER] GLERKIW MR XLI sWXEXIt SJ XLI SJJIV ERH XLI wREP GSPPIGXMSR ERH
HMWFYVWIQIRX SJ SJJIV GSRWMHIVEXMSR
4EVXMEP ERH *YPP 3JJIVW

%W WXEXIH MR XLI MRXVSHYGXMSR XS XLMW GLETXIV XLI HIWMVI SJ XLI SJJIVSV MR QEOMRK E XEOISZIV
SJJIV MW XS EGUYMVI MWWYIH GETMXEP MR XLI SJJIVII 8LMW HIWMVI QE] WMQTP] FI XS EGUYMVI WYJwGMIRX
GETMXEP XS I\IVGMWI E GSRXVSPPMRK MRXIVIWX MR XLI SJJIVII SV QE] FI JSV XLI XSXEP SJ MWWYIH GETMXEP
MR XLI SJJIVII 8LIWI EVI ORS[R EW TEVXMEP ERH JYPP SJJIVW VIWTIGXMZIP]
;LIXLIV ER SJJIV MW TEVXMEP SV JYPP [MPP HMVIGXP] MQTEGX XLI QEREKIQIRX SJ XLI IZIRX JVSQ XLI
'SVTSVEXI %GXMSRW (ITEVXQIRXtW TIVWTIGXMZI WTIGMwGEPP] MR XLI JSPPS[MRK EVIEW
SJJIV TIVMSH
SZIVEGGITXERGIW
GSQTYPWSV] EGUYMWMXMSR
3JJIV 4IVMSH
%W [MXL EPP SXLIV IZIRXW [MXL IPIGXMSRW XLI IZIRX [MPP LEZI ER IPIGXMSR TIVMSH MR XLMW GEWI
VITVIWIRXMRK XLI SJJIV TIVMSH -R WSQI GEWIW [LIVI XLI SJJIV MW TEVXMEP XLI SJJIVSV QE] FI
EPPS[IH XS WLSVXIR XLI SJJIV TIVMSH SRGI XLI HIWMVIH GETMXEP LEW FIIR EGUYMVIH MI IPIG
XMSR HIGMWMSRW LEZI FIIR VIGIMZIH XLEX WEXMWJ] XLI UYERXMX] SJ WIGYVMXMIW XLI SJJIVSV [MWLIW XS
EGUYMVI
)UYEPP] XLI SJJIV GSYPH GPSWI IEVP] MR E JYPP SJJIV [LIVI JYPP EGGITXERGIW EVI VIGIMZIH F] XLI
SJJIVSV TVMSV XS XLI SVMKMREP SJJIV GPSWI HEXI
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP RIIH XS QSRMXSV XLI TVSKVIWW SJ WYGL IZIRXW FIMRK
E[EVI XLEX XLI SJJIV GSYPH GPSWI IEVPMIV XLER XLI MRXIRHIH HEXI MR SVHIV XS IRWYVI XLEX XLI
MRXIVIWXW SJ MXW TSWMXMSR LSPHIVW EVI TVSXIGXIH

3ZIV%GGITXERGIW
%HHMXMSREPP] [LIVI ER IZIRX MW TEVXMEP ERH IPIGXMSR HIGMWMSRW I\GIIH XLI SJJIVSVtW VIUYMVIH
UYERXMX] SJ WIGYVMXMIW XLI SJJIVSV [MPP VIXYVR ER] SZIVIPIGXMSRW 8LMW TVSGIWW LEW FIIR HIWGVMFIH
TVIZMSYWP] [MXL VIWTIGX XS IZIRXW [MXL IPIGXMSRW MR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV]
[MXL 3TXMSRW )ZIRXWt ERH [MPP FI I\TERHIH YTSR [MXL VIWTIGX XS XEOISZIVW MR 'LETXIV
s1EREKIQIRX SJ 8EOISZIV )ZIRXWt -R EHHMXMSR XLI SJJIV TIVMSH QE] FI WLSVXIRIH MR WSQI
GMVGYQWXERGIW XS TVIZIRX JYVXLIV EGGITXERGIW EW MRHMGEXIH EFSZI
;LIVI ER SJJIV MW JSV XLI JYPP MWWYIH GETMXEP SJ XLI SJJIVII XLIR EX E TSMRX ETTVSEGLMRK JYPP
EGGITXERGIW XLI SJJIVSV [MPP FI EPPS[IH XS EGUYMVI GSQTYPWSVMP] ER] VIQEMRMRK TSWMXMSRW JVSQ
TSWMXMSR LSPHIVW XLEX LEZI RSX EPVIEH] EGGITXIH XLI SJJIV 8LMW TSMRX RSVQEPP] SGGYVW [LIR
XLI UYERXMX] SJ ER] SYXWXERHMRK EGGITXERGIW MW PIWW XLER XLI QMRMQYQ TIVGIRXEKI XLEX EPPS[W
E GSQTER] XS FI PMWXIH *SV I\EQTPI QEVOIX VIKYPEXMSRW QE] WXMTYPEXI XLEX E QMRMQYQ SJ
SJ E GSQTER]tW MWWYIH GETMXEP QYWX FI TYFPMGP] LIPH 3RGI EGGITXERGIW EVI VIGIMZIH MR
I\GIWW SJ XLIR PIWW XLER SJ XLI MWWYIH GETMXEP [MPP VIQEMR TYFPMGP] LIPH SYXWMHI SJ
XLI SJJIVSV 'SRWIUYIRXP] XLI SJJIVII [MPP FI HIPMWXIH ERH XLI VIQEMRMRK WIGYVMXMIW LIPH F]
QMRSVMX] TSWMXMSR LSPHIVW [MPP FI GSQTYPWSVMP] EGUYMVIH 8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX
QYWX FI E[EVI SJ XLMW GLERKI XS XLI SJJIV WTIGMwGEPP] FIGEYWI RS[ XLI XIVQW SJ XLI SJJIV QYWX
FI ETTPMIH XS ER] VIQEMRMRK TSWMXMSRW SR E QERHEXSV] FEWMW
'SQTIXMRK 3JJIVW
3R SGGEWMSRW E GSQTER] QE] FIGSQI E XEOISZIV XEVKIX XS QSVI XLER SRI SJJIVSV EX XLI WEQI
XMQI *VSQ XLI TSWMXMSR LSPHIVtW TIVWTIGXMZI XLMW QIERW XLEX MX LEW XS GLSSWI JVSQ QSVI XLER SRI
WIX SJ SJJIV XIVQW ERH QEOI MXW HIGMWMSR *VSQ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRXtW TIVWTIGXMZI
XLMW QIERW XLEX MX LEW QSVI XLER SRI IZIRX XS QEREKI EKEMRWX XLI WEQI IRXMXPIH TSWMXMSRW
1EREKMRK XLI GSQTIXMRK SJJIVW IRXMVIP] MRHITIRHIRXP] SJ IEGL SXLIV MW RSX VIGSQQIRHIH
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX IRWYVI XLEX JSV I\EQTPI
TSWMXMSR LSPHIVW EVI EGGYVEXIP] MRJSVQIH SJ EPP XIVQW TIVXEMRMRK XS FSXL SJJIVW
VIGIMZIH IPIGXMSR HIGMWMSRW EVI VIGSVHIH EKEMRWX XLI GSVVIGX SJJIV
TSWMXMSRW EVI GSVVIGXP] YTHEXIH YTSR EGGITXERGI SJ ER SJJIV XS IRWYVI XLEX XLI TSWMXMSR MW RS
PSRKIV EZEMPEFPI XS EGGITX ER] GSQTIXMRK SJJIV
8LI I\MWXIRGI SJ GSQTIXMRK SJJIVW QE] VIWYPX MR XLI GSQTIXMRK SJJIVSVW GSRXMRYEPP]
MRGVIEWMRK XLIMV SJJIV GSRWMHIVEXMSR ERH IZIR TSXIRXMEPP] I\XIRHMRK XLI SJJIV TIVMSH MR SV
HIV XS EXXVEGX EGGITXERGIW JVSQ TSWMXMSR LSPHIVW ERH TVSZMHI XLIQ [MXL EQTPI STTSVXYRMX]
XS EGGITX XLIMV SJJIV 2SXI XLEX MR WSQI QEVOIXW E QE\MQYQ SJJIV TIVMSH QE] FI WIX F] XLI
VIKYPEXSV] EYXLSVMX]
3JJIV 'SRWMHIVEXMSR
8LI SJJIVSV [MPP ERRSYRGI XLI GSRWMHIVEXMSR XLEX MX [MPP QEOI XS E TSWMXMSR LSPHIV MR I\GLERKI
JSV MXW TSWMXMSR MR XLI SJJIVII [LIR MRMXMEPP] QEOMRK XLI SJJIV

'SVTSVEXI %GXMSRW
%X XLMW WXEKI [LMPWX XLI SJJIV MW TYVIP] ZSPYRXEV] XLI TSWMXMSR LSPHIV QE] FI SJJIVIH GSQFM
REXMSRW SJ WIGYVMXMIW ERHSV GEWL JSV MXW TSWMXMSR XSKIXLIV [MXL XLI STXMSR RSX XS EGGITX XLI SJJIV
EX EPP 8LI GSRWMHIVEXMSR SJJIVIH F] XLI SJJIVSV QE] MRGPYHI E RYQFIV SJ STXMSRW VITVIWIRXMRK
ZEVMSYW GSQFMREXMSRW SJ WIGYVMXMIW ERHSV GEWL [MXL XLI TSWMXMSR LSPHIV FIMRK EFPI XS IPIGX
[LMGL STXMSR MX VIUYMVIW MR XLI IZIRX XLEX MX GLSSWIW XS EGGITX XLI SJJIV 8LI XIVQW SJ XLI SJJIV
QE] EPWS MRGPYHI VIWXVMGXMSRW YTSR XLI IPIGXMSR HIGMWMSRW XLEX XLI SJJIVII MW [MPPMRK XS EGGITX
JSV ER] WMRKPI STXMSR )PIGXMSR HIGMWMSRW VIGIMZIH MR I\GIWW SJ XLI PMQMXW SR ER] SRI STXMSR
[SYPH X]TMGEPP] VIGIMZI XLI HIJEYPX STXMSR SV FEWMG SJJIV GSRWMHIVEXMSR -R SJJIVMRK QYPXMTPI
STXMSRW XLI SJJIVSV MW QEOMRK XLI SJJIV QSVI EXXVEGXMZI XS TSWMXMSR LSPHIVW [LMPI VIWXVMGXMRK XLI
IPIGXMSR HIGMWMSRW EKEMRWX ER] SRI STXMSR EPPS[W XLI SJJIVSV XS PMQMX MXW I\TSWYVI XS ER] WTIGMwG
STXMSRW
9RPMOI SXLIV IZIRXW XLI XIVQW SJ ER] STXMSRW QE] EPXIV XLVSYKLSYX XLI PMJI SJ XLI IZIRX
8LMW [SYPH X]TMGEPP] SGGYV XS EXXVEGX QSVI SJJIV EGGITXERGIW JVSQ TSWMXMSR LSPHIVW ;LMPI
YRHIV SJJIV XLI WIGYVMXMIW SJ XLI SJJIVII EVI WXMPP XVEHIEFPI ERH EW WYGL LEZI E QEVOIX ZEPYI -R
SVHIV XS EXXVEGX EGGITXERGIW XLI SJJIVSV QYWX KIRIVEPP] SJJIV QSVI XLER XLI QEVOIX TVMGI -RGVIEW
MRK QEVOIX TVMGIW XSKIXLIV [MXL TSWWMFPI GSQTIXMRK SJJIVW QE] JSVGI XLI SJJIVSV XS MRGVIEWI
MXW SJJIV GSRWMHIVEXMSR EX ER] XMQI XLVSYKLSYX XLI SJJIV MX MW LMKLP] YRPMOIP] XLEX XLI SJJIV
GSRWMHIVEXMSR [SYPH FI VIHYGIH
-X MW GVMXMGEP XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QSRMXSVW ER] GLERKIW XS XLI STXMSRW
ERH SJJIV GSRWMHIVEXMSR XLVSYKLSYX XLI PMJI SJ XLI SJJIV XEOMRK MRXS EGGSYRX MXW MQTEGX SR FSXL
VIGIMZIH ERH SYXWXERHMRK IPIGXMSR HIGMWMSRW ERH [LIVI RIGIWWEV] GSQQYRMGEXMRK WYGL GLERKIW
XS TSWMXMSR LSPHIVW
'SRHMXMSREP ERH 9RGSRHMXMSREP 7XEXYW
%RSXLIV JIEXYVI WSQI[LEX YRMUYI XS E XEOISZIV MW XLI GSRGITX SJ sWYGGIWWt EW ETTPMIH XS
XLI IZIRX -R SXLIV X]TIW SJ IZIRX MRGPYHMRK ZSPYRXEV] IZIRXW SRGI ERRSYRGIH XLI MWWYIV MW
GSQQMXXIH XS XLI IZIRX IZIR MJ ZIV] JI[ IPIGXMSR HIGMWMSRW EVI VIGIMZIH MR XLI GEWI SJ E
ZSPYRXEV] IZIRX
-R XLI GEWI SJ E XEOISZIV XLI SJJIVSV [MPP WXMTYPEXI QMRMQYQ GSRHMXMSRW XLEX QYWX FI QIX
SXLIV[MWI MX [MPP RSX FI SFPMKIH XS WXERH F] MXW SJJIV XS EGUYMVI XLI SJJIVII 3RI WYGL GSRHMXMSR
MW XLI SJJIVSV VIGIMZMRK E QMRMQYQ RYQFIV SJ SJJIV EGGITXERGIW JSV I\EQTPI XLI SJJIVSV QE]
[MWL XS EGUYMVI SJ XLI SJJIVII FYX WIXW E QMRMQYQ TIVGIRXEKI SJ XLMW QIERW XLEX
SRGI EGGITXERGIW SJ EX PIEWX EVI VIGIMZIH ERH ER] SXLIV GSRHMXMSRW SJ XLI SJJIV QIX XLI
SJJIV MW HIIQIH WYGGIWWJYP
-J XLI GSRHMXMSRW SJ ER SJJIV EVI RSX QIX XLI SJJIVSV [MPP VIXYVR EPP EGGITXERGIW VIGIMZIH XS
HEXI XS XLI TSWMXMSR LSPHIVW ERH XLIMV TSWMXMSRW MR XLI SJJIVII EVI VIMRWXEXIH )JJIGXMZIP] XLI
SJJIV MW HIIQIH YRWYGGIWWJYP ERH XLI IZIRX MW GERGIPPIH
9RXMP XLI GSRHMXMSRW SJ XLI SJJIV EVI QIX XLI SJJIV MW GSRWMHIVIH GSRHMXMSREP SRGI XLI
GSRHMXMSRW LEZI FIIR QIX XLI SJJIV FIGSQIW YRGSRHMXMSREP
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX IRWYVI XLEX MX MW E[EVI SJ XLI WXEXYW SJ XLI SJJIV
EX EPP XMQIW VIGSVHMRK XLI TSMRX EX [LMGL MX FIGSQIW YRGSRHMXMSREP 9T YRXMP XLMW TSMRX ER]
SJJIV EGGITXERGIW VIGIMZIH XS HEXI QE] FI VIXYVRIH F] XLI SJJIVSV [LMPI EJXIV XLMW TSMRX XLI
TVSKVIWWMSR SJ XLI SJJIV MW KYEVERXIIH 2SXI XLEX MR WSQI QEVOIXW XLI TSWMXMSR LSPHIVW QE] FI
TIVQMXXIH XS [MXLHVE[ XLIMV EGGITXERGIW [LMPI XLI SJJIV VIQEMRW GSRHMXMSREP
9RXMP ER SJJIV MW HIIQIH YRGSRHMXMSREP XLI SJJIVSV [MPP LSPH ER] EGGITXERGIW VIGIMZIH XS
HEXI MR XVYWX EPWS ORS[R EW IWGVS[ JSV XLI TSWMXMSR LSPHIVW XLIVIF] TVSXIGXMRK XLIMV MRXIVIWXW

WLSYPH XLI XEOISZIV RSX TVSGIIH XS GSQTPIXMSR 3RGI XLI SJJIV MW HIIQIH YRGSRHMXMSREP XLI
S[RIVWLMT SJ ER] EGGITXERGIW VIGIMZIH [MPP FI XVERWJIVVIH XS XLI SJJIVSV ERH SJJIV GSRWMHIVEXMSR
MW TE]EFPI
-14%'8 3* 8%/)3:)6 ):)287

XLI TIVWTIGXMZIW SJ XLI MWWYIV XLI TSWMXMSR LSPHIV ERH XLI QEVOIX EW VIxIGXIH MR GLERKIW XS
XLI TVMGI SJ XLI YRHIVP]MRK WIGYVMX] XS XLI IZIRX [LMPI 'LETXIV s'SRGITXW SJ )ZIRXW [MXL
)PIGXMSRWt HIWGVMFIW XLEX MQTEGX EW ETTPMGEFPI XS IZIRXW [MXL IPIGXMSRW
8LI MQTEGX SJ WYGL IZIRXW MW NYWX EW ETTPMGEFPI XS XEOISZIVW XSKIXLIV [MXL WSQI WTIGMwG
MQTEGXW XLEX EVI YRMUYI XS XEOISZIVW 3RI WMKRMwGERX HMJJIVIRGI GSQTEVIH [MXL XLI GEXIKSVMIW
SJ IZIRXW TVIZMSYWP] HIWGVMFIH MW XLEX E XEOISZIV [MPP LEZI E HMVIGX MQTEGX RSX SRP] YTSR XLI
MWWYIV MR XLMW GEWI ORS[R EW XLI SJJIVII ERH XLI TVMGI SJ XLI YRHIVP]MRK WIGYVMX] FYX EPWS
YTSR XLI TIVWSRW SV SVKERMÊXMSR PEYRGLMRK XLI XEOISZIV SJJIV ORS[R EW XLI SJJIVSV ERH
TSXIRXMEPP] YTSR XLI TVMGI SJ MXW MWWYIH GETMXEP
8LI MQTEGX XS XLI JSPPS[MRK MW HIWGVMFIH MR XLI RI\X WIGXMSRW
3JJIVSV
3JJIVII
4SWMXMSR ,SPHIV
4VMGI SJ XLI 9RHIVP]MRK 7IGYVMX]
4VMGI SJ XLI 3JJIVSVtW -WWYIH 'ETMXEP
-QTEGX JVSQ XLI 3JJIVSVtW 4IVWTIGXMZI

*VSQ XLI SJJIVSVtW TIVWTIGXMZI XLI MQTEGX SJ E XEOISZIV QE] FI HMVIGXP] QIEWYVIH MR XIVQW SJ
GLERKIW XS MXW FEPERGI WLIIX MI MXW MWWYIH GETMXEP HIFXW ERH GEWL VIWIVZIW EW E VIWYPX SJ XLI
WYGGIWWJYP EGUYMWMXMSR SJ MWWYIH GETMXEP MR XLI SJJIVII
8LI SJJIVSV [MPP I\TIGX XS TE] GEWL ERHSV HMWXVMFYXI WIGYVMXMIW MR I\GLERKI JSV XLI EGUYMWMXMSR
SJ GETMXEP MR XLI SJJIVII 8LI MQTEGX SJ E XEOISZIV SJJIV XS XLI SJJIVSV QE] XLIVIJSVI FI QIEWYVIH
MR XIVQW SJ XLI GSWX SJ XLI EGUYMWMXMSR XSKIXLIV [MXL ER] JYXYVI KEMRW XS XLI SJJIVSV EW E VIWYPX
SJ WYGL ER EGUYMWMXMSR
8LI MQTEGX SJ XLI GSWX SJ ER] EGUYMWMXMSR SJ MWWYIH GETMXEP XS XLI SJJIVSV EW [MXL EPP IZIRXW
[MXL IPIGXMSRW XLEX EVI ZSPYRXEV] MR REXYVI MW HMJwGYPX XS TVIHMGX EGGYVEXIP] &IWMHIW XLI GSWX
FIMRK FEWIH YTSR XLI EGGITXERGIW VIGIMZIH JVSQ TSWMXMSR LSPHIVW XLI SJJIVSV QE] EPWS wRH
XLIQWIPZIW MRGVIEWMRK XLI GSRWMHIVEXMSR FIMRK SJJIVIH JSV EGUYMWMXMSR XLVSYKLSYX XLI SJJIV
TIVMSH MR SVHIV XS QEOI XLI SJJIV QSVI EXXVEGXMZI XS TSWMXMSR LSPHIVW 8LI wREP GSWX SJ XLI
EGUYMWMXMSR [MPP RSX FI ORS[R YRXMP EPP SJJIV EGGITXERGIW JVSQ TSWMXMSR LSPHIVW EVI VIGIMZIH
ERH XLI SJJIV GPSWIH
8LI MQTEGX SJ XLI TSXIRXMEP KEMRW SJ WYGL ER EGUYMWMXMSR [MPP HITIRH MR TEVX YTSR [LIXLIV
XLI SJJIV MW MRXIRHIH XS EGUYMVI EPP SV TEVX SJ XLI MWWYIH GETMXEP SJ XLI SJJIVII ERH EKEMR XLI
I\XIRX XS [LMGL TSWMXMSR LSPHIVW MR XLI SJJIVII EGGITX XLI SJJIV -R EGUYMVMRK EPP SJ XLI MWWYIH
GETMXEP XLI SJJIVSV [MPP IJJIGXMZIP] EGUYMVI XLI EWWIXW PMEFMPMXMIW ERH KSSH[MPP SJ XLI SJJIVII
[LMPI MR EGUYMVMRK TEVX MX [MPP I\TIGX XS EGUYMVI E GSRXVSPPMRK MRXIVIWX MR XLI SJJIVII XLIVIF]
MRxYIRGMRK MXW JYXYVI TVSwXEFMPMX] ERH VIETMRK XLI VI[EVHW SJ WYGL GSRXVSP

'SVTSVEXI %GXMSRW
-QTEGX JVSQ XLI 3JJIVIItW 4IVWTIGXMZI

8LI MQTEGX SJ E XEOISZIV SJJIV JVSQ XLI SJJIVIItW TIVWTIGXMZI [MPP HITIRH WTIGMwGEPP] SR
[LIXLIV XLI XEOISZIV SJJIV MW WYGGIWWJYP SV RSX ERH [LIXLIV XLI SJJIV MW QEHI JSV XLI EGUYMWMXMSR
SJ EPP SV TEVX SJ XLI MWWYIH GETMXEP MR XLI SJJIVII %KEMR EW [MXL EPP SXLIV IZIRXW [MXL IPIGXMSRW
[LIVI TSWMXMSR LSPHIV TEVXMGMTEXMSR MW SJ E ZSPYRXEV] REXYVI XLI wREP MQTEGX SJ XLI IZIRX MW
MQTSWWMFPI XS TVIHMGX EGGYVEXIP] ERH XLMW MW EPWS XVYI SJ XEOISZIVW
8LI WYGGIWW SJ ER] XEOISZIV SJJIV [MPP VIWYPX MR XLI XVERWJIVIRGI SJ S[RIVWLMT ERH MXW GSRXVSP
SJ XLI EGUYMVIH WIGYVMXMIW XS XLI SJJIVSV 7YGL XVERWJIVIRGI [SYPH X]TMGEPP] FI JSV E WMKRMwGERX
TSVXMSR SV EPP SJ XLI MWWYIH GETMXEP SJ XLI SJJIVII MR EGGSVHERGI [MXL XLI EGGITXERGIW VIGIMZIH
JVSQ TSWMXMSR LSPHIVW
-J XLI SJJIV MW JSV SRP] TEVX SJ XLI MWWYIH GETMXEP [LIVI WYGGIWWJYP XLI SJJIVSV QE] EGUYMVI
WYJwGMIRX MWWYIH GETMXEP XS I\IVGMWI MRxYIRGI ERH GSRXVSP SZIV XLI JYXYVI HMVIGXMSR ERH HE] XS
HE] STIVEXMSRW SJ XLI SJJIVII XLI MQTEGX FIMRK XS VIHYGI XLI GSRXVSP SJ XLI I\MWXMRK HMVIGXSVW
ERH WLEVILSPHIVW
%PXIVREXMZIP] MJ XLI SJJIV MW JSV EPP SJ XLI MWWYIH GETMXEP [LIVI WYGGIWWJYP XLI SJJIVII [SYPH
GIEWI XS I\MWX EW E PMWXIH GSQTER] ERH IWWIRXMEPP] FI EFWSVFIH MRXS XLI SJJIVSVtW SVKERMÊXMSR
TSWWMFP] EW E WYFWMHMEV] SV HMZMWMSR SJ XLI SJJIVSV

%W [MXL EPP SXLIV IZIRXW XLI MQTEGX SJ E XEOISZIV SR E TSWMXMSR LSPHIV MW QIEWYVIH MR XIVQW SJ
XLI wREP MQTEGX SR MXW WIGYVMXMIW ERHSV GEWL TSWMXMSRW
;MXL VIWTIGX XS E XEOISZIV HYVMRK MXW ZSPYRXEV] WXEKI XLI TSWMXMSR LSPHIV QE] I\IVGMWI GSRXVSP
SZIV XLI MQTEGX XS MXW WIGYVMXMIW ERHSV GEWL TSWMXMSRW [MXLMR XLI WGSTI SJ XLI STXMSRW SJJIVIH
F] XLI SJJIVSV MRGPYHMRK XLI GLSMGI RSX XS EGGITX XLI SJJIV EX EPP XLIVIF] RSX TEVXMGMTEXMRK MR
XLI IZIRX -R XLI IZIRX XLEX XLI SJJIVSV EGUYMVIW WYJwGMIRX WLEVIW EW XS VIWYPX MR XLI SJJIVII
RS PSRKIV FIMRK EFPI XS FI PMWXIH XLIR ER] QMRSVMX] TSWMXMSR LSPHIVW [MPP LEZI XLIMV TSWMXMSR
GSQTYPWSVMP] EGUYMVIH 8LMW WXEKI MW QERHEXSV] ERH EW WYGL XLI TSWMXMSR LSPHIV MW RSX EFPI XS
I\IVGMWI GSRXVSP SZIV XLI MQTEGX XS MXW WIGYVMXMIW ERHSV GEWL TSWMXMSRW
-R EGGITXMRK E XEOISZIV SJJIV XLI TSWMXMSR LSPHIV MW QEOMRK ER MRZIWXQIRX HIGMWMSR XS HMWTSWI
SJ EPP SV TEVX SJ MXW WIGYVMX] LSPHMRK MR XLI SJJIVII MR I\GLERKI JSV XLI WIGYVMXMIW ERHSV GEWL
SJJIVIH F] XLI SJJIVSV 7YGL E HIGMWMSR MW IZIR QSVI WMKRMwGERX XLER XLI MRZIWXQIRX HIGMWMSRW
QEHI MR TVIZMSYWP] HMWGYWWIH IZIRXW [MXL IPIGXMSRW EW MX TSXIRXMEPP] MRZSPZIW XLI VIHMVIGXMSR
SJ XLI TSWMXMSR LSPHIVtW MRZIWXQIRX JVSQ SRI MWWYIV XLI SJJIVII XS ERSXLIV XLI SJJIVSV -R
QEOMRK WYGL E HIGMWMSR XLI TSWMXMSR LSPHIV MW IWWIRXMEPP] XEOMRK E ZMI[ SR XLI JYXYVI TVSwXEFMPMX]
SJ FSXL XLI SJJIVII ERH XLI SJJIVSV

%W [MXL QER] SXLIV IZIRXW XLI TVMGI SJ XLI YRHIVP]MRK WIGYVMX] MR XLMW GEWI XLI MWWYIH GETMXEP
SJ XLI SJJIVII [MPP X]TMGEPP] MRGVIEWI XS VIxIGX XLI ZEPYI XS XLI TSWMXMSR LSPHIV EW E VIWYPX SJ
XLI IZIRX -R XLI GEWI SJ E XEOISZIV XLMW MRGVIEWI [SYPH FI I\TIGXIH XS VIxIGX XLI ZEPYI SJ XLI
GSRWMHIVEXMSR FIMRK SJJIVIH F] XLI SJJIVSV XS WLEVILSPHIVW JSV XLIMV EGGITXERGI SJ XLI SJJIV ERH
WYFWIUYIRX XVERWJIVIRGI SJ XLIMV LSPHMRKW XS XLI SJJIVSV

%W TVIZMSYWP] WXEXIH XLMW GSRWMHIVEXMSR QE] FI MR XLI JSVQ SJ WIGYVMXMIW MR XLI SJJIVSV SV
GEWL SV GSQFMREXMSRW SJ FSXL -VVIWTIGXMZI SJ XLI JSVQ XLI GSRWMHIVEXMSR XEOIW XLI QEVOIX
TVMGI SJ XLI YRHIVP]MRK WIGYVMX] [SYPH FI I\TIGXIH XS MRGVIEWI XS VIxIGX XLMW ZEPYI (IWTMXI
XLMW ERH FIGEYWI MRMXMEPP] XEOISZIVW EVI ZSPYRXEV] XLI I\EGX GLERKI MR ZEPYI SJ XLI YRHIVP]MRK
WIGYVMX] MW PIWW TVIHMGXEFPI XLER JSV QERHEXSV] IZIRXW
8LVSYKLSYX XLI PMJI SJ XLI XEOISZIV SJJIV XLI SJJIVSV QE] MRGVIEWI XLI ZEPYI SJ XLI GSRWMH
IVEXMSR FIMRK SJJIVIH XS TSWMXMSR LSPHIVW MR XLI SJJIVII [MXL E ZMI[ XS QEOMRK XLI SJJIV QSVI
EXXVEGXMZI 8LMW HSIW RSX X]TMGEPP] SGGYV MR SXLIV IZIRX X]TIW [LIVI XLI XIVQW SJ XLI IZIRX EVI
w\IH XLVSYKLSYX XLI PMJI SJ XLI IZIRX %R] WYGL GLERKI MR XLI SJJIV GSRWMHIVEXMSR XLVSYKLSYX
XLI PMJI SJ XLI SJJIV [SYPH EKEMR FI I\TIGXIH XS FI VIxIGXIH MR XLI QEVOIX TVMGI SJ XLI YRHIVP]MRK
WIGYVMX] 8LI VIWYPX GSYPH FI GSRXMRYEP MRGVIEWIW FIX[IIR XLI TVMGI XLI SJJIVSV MW [MPPMRK XS TE]
XS EGUYMVI WIGYVMXMIW MR XLI SJJIVII ERH XLI TVMGI XLI SJJIVIItW WIGYVMXMIW EVI XVEHMRK EX MR XLI
STIR QEVOIX TPEGI -R IJJIGX XLI SJJIVSV MW MR GSQTIXMXMSR [MXL XLI STIR QEVOIX MR XIVQW SJ XLI
TVMGI MRZIWXSVW EVI [MPPMRK XS TE] JSV XLI WIGYVMXMIW
-R EHHMXMSR XLI SJJIVSV QE] GSQI YRHIV HMVIGX GSQTIXMXMSR JVSQ SXLIV TIVWSRW SV SVKER
MÊXMSRW [LS [MWL XS PEYRGL E XEOISZIV SJJIV JSV XLI SJJIVII -X MW RSX YRGSQQSR JSV VMZEP FMHW
XS SGGYV ERH E FMHHMRK s[EVt XS IRWYI 8LI [MRRIV SJ WYGL E FMHHMRK [EV [SYPH X]TMGEPP]
FI XLI SJJIVSV [LS QEOIW XLI QSWX EXXVEGXMZI EPFIMX LMKLIWX FMH 8LI QEVOIX TVMGI SJ XLI
YRHIVP]MRK WIGYVMX] [SYPH VIxIGX WYGL E WMXYEXMSR GSRXMRYEPP] MRGVIEWMRK XS VIxIGX XLI ZEPYI
SJ XLI EZEMPEFPI SJJIVW
8LMW EGXMZMX] ERH MXW MRxYIRGI SR XLI QEVOIX TVMGI SJ E WIGYVMX] YRHIV XEOISZIV SJJIV GER WIIQ
HEYRXMRK RSRIXLIPIWW ER ETTVIGMEXMSR SJ MX MW ZMXEP XS XLSWI QEOMRK HIGMWMSRW EW XS [LIXLIV XS
EGGITX XLI SV ER] GSQTIXMRK XEOISZIV SJJIVW
-QTEGX SR XLI 4VMGI SJ XLI 3JJIVSVtW 7IGYVMX]

%W E VIWYPX SJ PEYRGLMRK E XEOISZIV SJJIV XLI TVMGI SJ MWWYIH WIGYVMXMIW MR XLI SJJIVSV [MPP EPWS
FI MQTEGXIH 7YGL ER MQTEGX VIxIGXW XLI QEVOIXtW I\TIGXEXMSRW JSV XLI ZEPYI SJ XLI SJJIVSV EW
E VIWYPX SJ E WYGGIWWJYP XEOISZIV % WYGGIWWJYP XEOISZIV [SYPH VIWYPX MR XLI SJJIVSV EGUYMVMRK
XLI EWWIXW PMEFMPMXMIW ERH KSSH[MPP SJ XLI SJJIVII EX E GSWX -J XLI QEVOIX TPEGI FIPMIZIW XLEX
XLMW MW EHZERXEKISYW XS XLI SJJIVSV VIWYPXMRK MR JYXYVI MRGVIEWIH TVSwXEFMPMX] ERH VIXYVRW SR
MRZIWXQIRXW XLIVIF] QEOMRK MX E QSVI EXXVEGXMZI MRZIWXQIRX XLI QEVOIX TVMGI SJ XLI WIGYVMXMIW
MWWYIH F] XLI SJJIVSV [SYPH RSVQEPP] MRGVIEWI XS VIxIGX XLMW I\TIGXEXMSR 'SRZIVWIP] MJ XLI
QEVOIX TPEGI TIVGIMZIW XLEX TVSwXEFMPMX] ERH VIXYVRW SR MRZIWXQIRX [MPP RSX MRGVIEWI EW E VIWYPX
SJ E WYGGIWWJYP XEOISZIV XLI QEVOIX TVMGI SJ WIGYVMXMIW MWWYIH F] XLI SJJIVSV QE] [IPP HIGVIEWI
8LI TVMGI SJ XLI SJJIVSVtW WIGYVMX] QE] EPWS FI MQTEGXIH F] XLI GSRXMRYMRK WYGGIWW SV PEGO
SJ WYGGIWW SJ XLI XEOISZIV SJJIV XLVSYKLSYX MXW PMJI -J XLI QEVOIX TPEGI HIXIGXW XLEX TSWMXMSR
LSPHIVW MR XLI SJJIVII EVI RSX EGGITXMRK XLI SJJIV XLIR MX QE] XEOI E RIKEXMZI ZMI[ SJ XLI ZEPYI
SJ XLI SJJIVSV XLMW FIMRK VIxIGXIH MR XLI TVMGI SJ MXW MWWYIH WIGYVMXMIW
%R] GLERKIW MR XLI QEVOIX TVMGI SJ XLI SJJIVSVtW WIGYVMXMIW [MPP YRHSYFXIHP] LEZI ER MQTEGX
YTSR XLI TIVGIMZIH ZEPYI SJ ER] SJJIV GSRWMHIVEXMSR XLEX MRGPYHIW WYGL WIGYVMXMIW XLIVIJSVI
MRxYIRGMRK XLI HIGMWMSRW QEHI F] WLEVILSPHIVW MR XLI SJJIVII XS EGGITX WYGL ER SJJIV SV RSX
-X MW SFZMSYW XLEX WMKRMwGERX PMROW I\MWX FIX[IIR XLI ZEPYI SJ ER] SJJIV GSRWMHIVEXMSR XLI
TVMGI SJ XLI YRHIVP]MRK WIGYVMX] ERH XLI TVMGI SJ XLI SJJIVSVtW WIGYVMXMIW 'LERKIW MR SRI QE]
WIX MR QSXMSR E GLEMR SJ IZIRXW [LMGL VIWYPXW MR GLERKIW XS XLI SXLIV WIGYVMXMIW

'SVTSVEXI %GXMSRW
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'SRHMXMSREP4IVMSH
7YWTIRWMSRSJ8VEHMRK
3JJIV'PSWMRK(EXI
'YWXSHMER(IEHPMRI(EXI
-RXIVREP(IEHPMRI(EXI
9RGSRHMXMSREP(EXI
3JJIV3TIRMRK(EXI
%RRSYRGIQIRX(EXI
8LI TSWWMFPI QYPXMTPI WXEKIW MI ZSPYRXEV] ERH QERHEXSV] SJ E XEOISZIV IZIRX LEZI FIIR
MRXVSHYGIH IEVPMIV MR XLMW GLETXIV XSKIXLIV [MXL HIWGVMTXMSRW SJ JIEXYVIW XLEX [MPP HMVIGXP] MQTEGX
XLI PMJIG]GPI SJ XLI IZIRX 8LIWI EVI MPPYWXVEXIH F] XLI XMQIPMRI WLS[R MR *MKYVI
9RGSRHMXMSREP4IVMSH
3JJIV4IVMSH
1EVOIX8VEHMRKMR3JJIVII7IGYVMX]
7IXXPIQIRXSJ3JJIV%GGITXERGIW
(IPMWXMRK
1ERHEXSV]
%GUYMWMXMSR
*MKYVI 8EOISZIV IZIRX PMJIG]GPI
7911%6=
%W MRXVSHYGIH MR XLMW GLETXIV XEOISZIV IZIRXW EPXLSYKL LEZMRK E PMJIG]GPI XLEX MW QYPXMWXEKI
MR REXYVI JYVXLIV MRGSVTSVEXI WTIGMwG GLEVEGXIVMWXMGW XLEX HS RSX ETTP] XS SXLIV X]TIW SJ IZIRXW
7YGL GLEVEGXIVMWXMGW MRGPYHI
XLI IZIRX MW MRMXMEXIH F] E XLMVH TEVX] XLI SJJIVSV ERH RSX XLI MWWYIV SJ XLI YRHIVP]MRK
WIGYVMXMIW
E GSQTIXMRK XEOISZIV IZIRX QE] FI MRMXMEXIH F] E JYVXLIV SJJIVSV
WTIGMwG GSRHMXMSRW EVI EXXEGLIH XS XLI SJJIV [LMGL QE] VIWYPX MR XLI SJJIV FIMRK [MXLHVE[R
MJ XLI] EVI RSX QIX
8LIWI GLEVEGXIVMWXMGW QEOI XLI QEREKIQIRX SJ XEOISZIVW VMWO] ERH WSQIXMQIW QERYEPP]
MRXIRWMZI JSV XLI 783 -X MW HMJwGYPX XS EYXSQEXI JYPP] XLI GSRHMXMSRW SJ E XEOISZIV ERH TEVXMGY
PEVP] HMJwGYPX [LIVI GSQTIXMRK SJJIVW I\MWX 6SFYWX TVSGIHYVIW QYWX I\MWX [MXLMR XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX XSKIXLIV [MXL E WXVSRK YRHIVWXERHMRK SJ XLI GLEVEGXIVMWXMGW SJ XEOISZIVW
ERH XLI EFMPMX] XS ETTP] XLSWI XS E KMZIR IZIRX MJ XLI VMWOW EVI XS FI QMXMKEXIH

8%/)3:)6 ):)28 8)617
8LI XIVQW ERH GSRHMXMSRW SJ XLI SJJIV EVI GSRXEMRIH [MXLMR XLI SJJIV HSGYQIRX EW MWWYIH F] XLI
SJJIVSV 8LI TVMRGMTPIW SJ GETXYVMRK ERH GPIERWMRK XLI XIVQW SJ XEOISZIV IZIRXW EVI JYRHEQIR
XEPP] XLI WEQI EW XLSWI ETTPMIH XS ER] SXLIV X]TI SJ IZIRX EW HIWGVMFIH MR 'LETXIV s)ZIRX
8IVQW 'ETXYVI ERH 'PIERWMRKt MRGPYHMRK XLSWI EXXVMFYXIW WTIGMwG XS IZIRXW [MXL IPIGXMSRW VIJIV
XS 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt JSV I\EQTPI XLI STXMSRW
EZEMPEFPI XS TSWMXMSR LSPHIVW ERH HIEHPMRIW ETTPMGEFPI XS IPIGXMSR HIGMWMSRW
%W HIWGVMFIH MR 'LETXIV s'SRGITXW SJ 8EOISZIV )ZIRXWt EHHMXMSREP JIEXYVIW I\MWX [MXL
VIWTIGX XS XEOISZIV IZIRXW XLEX [MPP HMVIGXP] MQTEGX XLI MRJSVQEXMSR XS FI GETXYVIH ERH QEREKIH
EW IZIRX XIVQW -X MW RIGIWWEV] JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS GETXYVI ZIVMJ] VIGSVH
ERH QEREKI ER] GLERKIW XS XLIWI XIVQW EW XLI] SGGYV HYVMRK MXW PMJIG]GPI 7YGL EHHMXMSREP
JIEXYVIW SJ XLI IZIRX XIVQW MRGPYHMRK XLSWI XLEX QE] GLERKI HYVMRK XLI PMJI SJ XLI IZIRX
MRGPYHI
TIVGIRXEKI XS FI EGUYMVIH
SJJIV TIVMSH
SJJIV GSRWMHIVEXMSR
GSRHMXMSREPYRGSRHMXMSREP WXEXYW SJ XLI SJJIV
GSQTYPWSV] EGUYMWMXMSR XIVQW
8LIWI EVI RS[ HIWGVMFIH FIPS[
4IVGIRXEKI XS FI %GUYMVIH
8LI SJJIVSV [MPP WXEXI [MXLMR XLI SJJIV HSGYQIRX XLI TIVGIRXEKI SJ MWWYIH GETMXEP MR XLI SJJIVII
XLEX MX [MWLIW XS EGUYMVI -R WSQI GEWIW XLI SJJIVSV QE] WXEXI FSXL E QMRMQYQ TIVGIRXEKI ERH E
QE\MQYQ TIVGIRXEKI [MXL X]TMGEPP] XLI QMRMQYQ TIVGIRXEKI FIMRK SRI SJ XLI GSRHMXMSRW JSV
XLI WYGGIWW SJ XLI SJJIV MI MJ XLI QMRMQYQ TIVGIRXEKI MW RSX WYGGIWWJYPP] EGUYMVIH XLI SJJIV
[MPP FI [MXLHVE[R
*SV MRWXERGI MR XLI GEWI SJ E JYPP XEOISZIV XLI SJJIVSV QE] WXEXI XLEX MX [MWLIW XS EGUYMVI
SJ XLI MWWYIH GETMXEP SJ XLI SJJIVII FYX XLEX XLI SJJIV MW GSRHMXMSREP YTSR FIMRK
EGUYMVIH 8LMW QIERW XLEX EPXLSYKL XLI HIWMVI SJ XLI SJJIVSV MW E JYPP XEOISZIV SJ XLI SJJIVII MX
[MPP FI LETT] [MXL E PIWWIV TIVGIRXEKI [LMGL MR XLMW I\EQTPI [SYPH WXMPP KEMR XLIQ GSRXVSPPMRK
MRXIVIWX MR XLI SJJIVII
% JYVXLIV I\EQTPI MPPYWXVEXIW [LIVI XLI SJJIVSVtW MRXIRXMSR MW XS EGUYMVI TEVX SJ XLI MWWYIH
GETMXEP SJ XLI SJJIVII 9RHIV XLIWI GMVGYQWXERGIW XLI SJJIVSV QE] WXEXI XLEX MX [MWLIW XS EGUYMVI
SJ XLI SJJIVII ERH RS QSVI -R XLMW GEWI XLI SJJIV MW GSRHMXMSREP YTSR SJ MWWYIH GETMXEP
FIMRK EGGITXIH FYX MX EPWS QIERW XLEX WLSYPH XLI SJJIVSV VIGIMZI EGGITXERGIW MR I\GIWW SJ XLMW
wKYVI SZIVEGGITXERGIW [MPP FI HIGPMRIH XLI XVIEXQIRX SJ SZIVEGGITXERGIW MW HIXEMPIH PEXIV
MR XLMW GLETXIV

'SVTSVEXI %GXMSRW
8LI TIVGIRXEKI XS FI EGUYMVIH QE] FI WXEXIH MR E RYQFIV SJ [E]W YWYEPP] HITIRHMRK YTSR
[LIXLIV XLI SJJIV MW MRXIRHIH EW E TEVXMEP SV JYPP XEOISZIV
*YPP 8EOISZIV
i SRP]
i QE\MQYQ [MXL E PIWWIV QMRMQYQ
4EVXMEP 8EOISZIV
i WMRKPI TIVGIRXEKI
i QMRMQYQ TIVGIRXEKI [MXL E KVIEXIV QE\MQYQ
8LMW MRJSVQEXMSR [MPP X]TMGEPP] FI MRGPYHIH MR XLI GSRXIRX SJ TSWMXMSR LSPHIV GSQQYRMGEXMSRW
EW MX MW GVMXMGEP MR XLI HIGMWMSR QEOMRK TVSGIWW SJ XLI TSWMXMSR LSPHIV )UYEPP] XLIWI TIVGIRXEKIW
[MPP HMVIGXP] MQTEGX XLI GSRHMXMSREPYRGSRHMXMSREP WXEXYW SJ XLI SJJIV [LIXLIV SZIVEGGITXERGIW
QE] VIUYMVI XVIEXQIRX ERH MR XLI GEWI SJ E JYPP XEOISZIV [LIXLIV MX MW PMOIP] XLEX GSQTYPWSV]
EGUYMWMXMSR [MPP SGGYV
3JJIV 4IVMSH
9TSR MRMXMEP ERRSYRGIQIRX SJ E XEOISZIV SJJIV XLI SJJIVSV [MPP ERRSYRGI ER
SJJIV STIR HEXI ERH ER
SJJIV GPSWI HEXI
8LIWI X[S HEXIW HIwRI XLI SJJIV TIVMSH VITVIWIRXMRK XLI TIVMSH SJ XMQI JSV [LMGL XLI MWWYIV
[MPP EGGITX SJJIV EGGITXERGIW ERH ETTP] WTIGMwGEPP] XS XLI ZSPYRXEV] WXEKI SJ XLI SJJIV
8LI SJJIV STIR HEXI MW XLI IEVPMIWX HEXI JVSQ [LMGL XLI SJJIVSV [MPP EGGITX RSXMwGEXMSR SJ SJJIV
EGGITXERGIW 8LI SJJIV GPSWI HEXI WIVZIW XLI WEQI TYVTSWI EW XLI MWWYIV HIEHPMRI HEXI MR ER]
IZIRX [MXL IPIGXMSRW ERH MW XLI PEWX HEXI XLEX XLI SJJIVSV [MPP EGGITX RSXMwGEXMSR SJ EGGITXERGI SJ
XLI SJJIV JVSQ E TSWMXMSR LSPHIV %WWSGMEXIH HIEHPMRIW WYGL EW MRXIVREP HIEHPMRIW GSYRXIVTEVX]
HIEHPMRIW ERH GYWXSHMER HIEHPMRIW [MPP EPWS ETTP] XS XLI IZIRX EW HIWGVMFIH MR 'LETXIV
s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt
2SRIXLIPIWW EW MRXVSHYGIH MR XLI TVIZMSYW GLETXIV GMVGYQWXERGIW QE] SGGYV XLEX TVSQTX XLI
SJJIVSV XS I\XIRH XLI SJJIV GPSWI HEXI JSV XLI SJJIV 8]TMGEPP] XLMW [SYPH SGGYV [LIVI MRWYJwGMIRX
EGGITXERGIW LEZI FIIR VIGIMZIH JVSQ TSWMXMSR LSPHIVW F] I\XIRHMRK XLI SJJIV XLI SJJIVSV
MW EPPS[MRK TSWMXMSR LSPHIVW QSVI XMQI XS GSRWMHIV ERH EGGITX XLI SJJIV 8LI SJJIV TIVMSH QE]
EPWS FI I\XIRHIH [LIVI E GSQTIXMRK SJJIV MW ERRSYRGIH EW XLI SVMKMREP SJJIV [MPP X]TMGEPP]
EHSTX XLI XMQIWGEPI SJ XLI GSQTIXMRK SJJIV
%PXIVREXMZIP] XLI SJJIV GSYPH GPSWI IEVPMIV XLER MRMXMEPP] ERRSYRGIH FEWIH YTSR XLI TIVGIRX
EKI SJ EGGITXERGIW VIGIMZIH F] XLI SJJIVSV
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX LEZI TVSGIHYVIW MR TPEGI XS GETXYVI ERH VIGSVH ER]
GLERKIW MR XLI SJJIV GPSWI HEXI XLVSYKLSYX XLI SJJIV ERH XLI WYFWIUYIRX I\XIRWMSRW MR XLI SJJIV
TIVMSH 7YGL GLERKIW [MPP MR XYVR LEZI E HSQMRS IJJIGX YTSR XLI PMJIG]GPI SJ XLI IZIRX MRGPYHMRK
VIEWWIWWQIRX SJ MRXIVREP GSYRXIVTEVX] ERH GYWXSHMER HIEHPMRIW
GSQQYRMGEXMSR SJ XLI RI[ SJJIV GPSWI HEXI ERH ER] EWWSGMEXIH HIEHPMRIW XS TSWMXMSR LSPHIVW
HIXIVQMREXMSR SJ IRXMXPIH TSWMXMSRW YT XS ERH MRGPYHMRK XLI RI[ SJJIV GPSWI HEXI
3JJIV 'SRWMHIVEXMSR
%W [MXL ER] SXLIV ZSPYRXEV] IZIRX XLI SJJIV XIVQW [MPP MRGPYHI HIXEMPW SJ XLI STXMSRW EZEMPEFPI
XS TSWMXMSR LSPHIVW WXEXMRK XLI SJJIV GSRWMHIVEXMSR GSRHMXMSRW JSV IEGL STXMSR [LIXLIV MX FI

FEWIH YTSR XLI HMWXVMFYXMSRW SJ WIGYVMXMIW GEWL SV GSQFMREXMSRW SJ FSXL 8LMW MW MR EHHMXMSR XS
XLI STXMSR XS XEOI RS EGXMSR ERH RSX EGGITX XLI SJJIV HYVMRK MXW ZSPYRXEV] WXEKI
(YVMRK XLI ZSPYRXEV] WXEKI SJ XLI SJJIV XLI TSWMXMSR LSPHIV LEZMRK QEHI E TSWMXMZI IPIGXMSR
HIGMWMSR QE] FI SJJIVIH IMXLIV
SRI SV QSVI EPXIVREXMZIW EW XS XLI SJJIV GSRWMHIVEXMSR MX QE] VIGIMZI SV EPXIVREXMZIP]
RS GLSMGI [LIVI SRP] SRI JSVQ SJ SJJIV GSRWMHIVEXMSR I\MWXW
-VVIWTIGXMZI SJ XLI EPXIVREXMZIW EZEMPEFPI HYVMRK XLI ZSPYRXEV] WXEKI MX MW PMOIP] XLEX MR XLI GEWI
[LIVI XLI XEOISZIV TVSGIIHW XS GSQTYPWSV] EGUYMWMXMSR SRP] E WMRKPI JSVQ SJ SJJIV GSRWMHIVEXMSR
[MPP ETTP] -X MW RIGIWWEV] XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX EGGYVEXIP] MHIRXMwIW XLI I\EGX
SJJIV GSRWMHIVEXMSR XIVQW EW XLI] ETTP] XS IEGL WXEKI SJ XLI IZIRX
-R EHHMXMSR EW MRXVSHYGIH MR XLI TVIZMSYW GLETXIV XLI SJJIVSV QE] TPEGI PMQMXW YTSR XLI IPIG
XMSR HIGMWMSRW MX [MPP EGGITX TIVXEMRMRK XS ER] SRI WTIGMwG STXMSR )PIGXMSR HIGMWMSRW VIGIMZIH
MR I\GIWW SJ XLI PMQMXW SR ER] SRI STXMSR [SYPH X]TMGEPP] VIGIMZI XLI HIJEYPX STXMSR SV FEWMG
SJJIV GSRWMHIVEXMSR %W E GSRWIUYIRGI XLVSYKLSYX XLI SJJIV XLI SJJIVSV QE] ERRSYRGI XLEX
SRI SV QSVI SJ XLI TVIZMSYWP] ERRSYRGIH STXMSRW EVI RS PSRKIV EZEMPEFPI
9RPMOI XLI QENSVMX] SJ SXLIV IZIRXW XLI VEXMS ERH VEXI ETTPMIH XS XLI HMWXVMFYXMSR SJ WIGYVMXMIW
ERH GEWL VIWTIGXMZIP] MR GSRWMHIVEXMSR JSV EGGITXERGI SJ E XEOISZIV QE] MRGVIEWI XLVSYKLSYX
XLI SJJIV TIVMSH 8LMW RSVQEPP] SGGYVW EW XLI SJJIVSVtW VIWTSRWI XS XLI MRGVIEWMRK QEVOIX TVMGI
JSV XLI SJJIVIItW MWWYIH GETMXEP SV GSQTIXMRK SJJIVW FSXL SJ [LMGL EVI HIWGVMFIH MR XLI TVIZMSYW
GLETXIV 7YGL MRGVIEWIW MR XLI SJJIV GSRWMHIVEXMSR QE] SGGYV EX ER] XMQI XLVSYKLSYX XLI PMJI
SJ XLI SJJIV ERH QE] ETTP] XS EPP EGGITXERGIW VIGIMZIH XS HEXI XSKIXLIV [MXL ER] EGGITXERGIW
VIGIMZIH SRGI XLI GLERKI MW ERRSYRGIH SV QE] WMQTP] ETTP] XS SRP] XLSWI EGGITXERGIW VIGIMZIH
SRGI XLI GLERKI MW ERRSYRGIH -X MW GVMXMGEP XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MR MHIRXMJ]MRK
WYGL E GLERKI EPWS EGGYVEXIP] MHIRXMwIW XLI HEXI JVSQ [LMGL ER] WYGL GLERKI MW XS ETTP]
-X MW MQTIVEXMZI XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX IRWYVIW XLEX XLI TVSGIHYVIW IQTPS]IH
XS VIGSVH XLI XIVQW SJ E XEOISZIV SJJIV EVI WYJwGMIRXP] VSFYWX XS XEOI EGGSYRX SJ EPP WYGL GLERKIW
MR XLI SJJIV GSRWMHIVEXMSR XLVSYKLSYX MXW PMJI 7YGL GLERKIW [MPP MQTEGX
GSQQYRMGEXMSRW XS TSWMXMSRW LSPHIVW MRJSVQMRK SJ XLI YTHEXIH SJJIV XIVQW ERH
'SRHMXMSREP9RGSRHMXMSREP 7XEXYW SJ XLI 3JJIV
8LI GSRGITX SJ GSRHMXMSREP ERH YRGSRHMXMSREP WXEXYW EW MX ETTPMIW XS E XEOISZIV SJJIV LEW FIIR
HIWGVMFIH MR XLI TVIZMSYW GLETXIV 8LI 'SVTSVEXI %GXMSRW (ITEVXQIRXtW IZIRX VIGSVHW QYWX
EGGYVEXIP] VIxIGX XLI GSRHMXMSREPYRGSRHMXMSREP WXEXYW SJ ER SJJIV EX ER] XMQI ERH MR EHHMXMSR
VIGSVH XLI I\EGX HEXI YTSR [LMGL ER SJJIV FIGSQIW YRGSRHMXMSREP [LIVI ETTPMGEFPI
8LI WXEXYW SJ E XEOISZIV SJJIV [MPP HMVIGXP] MQTEGX
8LI WXEXI SJ ER] SJJIV EGGITXERGIW VIGIMZIH [LMPI GSRHMXMSREP XLI FIRIwGMEP S[RIVWLMT SJ
XLI EGGITXIH WIGYVMXMIW WXMPP PIKEPP] VIWMHIW [MXL XLI TSWMXMSR LSPHIV FYX SRGI ER SJJIV FIGSQIW
YRGSRHMXMSREP S[RIVWLMT XVERWJIVW XS XLI SJJIVSV 8LI 783tW WIGYVMXMIW TSWMXMSR VIGSVHW [MPP
RIIH XS VIxIGX XLMW
8LI I\TIGXIH HMWXVMFYXMSR HEXI SJ SJJIV GSRWMHIVEXMSR X]TMGEPP] SJJIV GSRWMHIVEXMSR MW RSX
TE]EFPI YRXMP ER SJJIV MW HIIQIH [LSPP] YRGSRHMXMSREP %X XLMW XMQI SJJIV GSRWMHIVEXMSR GER
FI I\TIGXIH XS FI VIGIMZIH JSV EPP EGGITXERGIW XS HEXI X]TMGEPP] [MXLMR E XMQI TIVMSH WTIGMwIH
F] XLI VIKYPEXSV SJ XLI QEVOIX ERH XLIVIEJXIV YTSR XLI MWWYI SJ ER] JYVXLIV EGGITXERGIW XS
XLI SJJIVSV

'SVTSVEXI %GXMSRW

'SQTYPWSV] EGUYMWMXMSR GSRWXMXYXIW XLI WIGSRH WXEKI SJ E XEOISZIV IZIRX ERH MW ETTPMGEFPI XS
JYPP XEOISZIVW [LIVI XLI XSXEP SJ QMRSVMX] TSWMXMSRW MR XLI SJJIVII HVSTW YRHIV XLI VIKYPEXSV]
PMWXMRK VIUYMVIQIRXW EW E VIWYPX SJ SJJIV EGGITXERGIW VIGIMZIH XS HEXI 8LMW GSYPH SGGYV TVMSV XS
XLI SVMKMREP SJJIV GPSWI HEXI SV QE] RSX FI ORS[R YRXMP JSPPS[MRK XLMW HEXI -X MW RSX KYEVERXIIH
XLEX GSQTYPWSV] EGUYMWMXMSR [MPP SGGYV EX EPP
8LI ERRSYRGIQIRX SJ GSQTYPWSV] EGUYMWMXMSR [MPP MRGPYHI GSRHMXMSRW TIVXEMRMRK XS XLI SJJIV
GSRWMHIVEXMSR TE]EFPI XS XLI QMRSVMX] TSWMXMSR LSPHIVW XSKIXLIV [MXL XLI IJJIGXMZI HEXI SJ XLI
EGUYMWMXMSR
8LIWI GSRHMXMSRW EVI MR IJJIGX ER EHHIRHYQ XS XLI SVMKMREP SJJIV XIVQW -X [SYPH FI IEW] JSV
XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS ZMI[ XLI GSQTYPWSV] EGUYMWMXMSR WXEKI SJ XLI XEOISZIV EW
E WITEVEXI IZIRX RSRIXLIPIWW EW [MXL ER] SXLIV QYPXMWXEKI IZIRX TVSGIWWMRK HITIRHIRGMIW [MPP
I\MWX FIX[IIR XLI ZSPYRXEV] WXEKI ERH XLI QERHEXSV] GSQTYPWSV] EGUYMWMXMSR WXEKI RSX PIEWX
SJ XLIWI FIMRK XLI HIXIVQMREXMSR SJ IRXMXPIQIRX EX XLMW WXEKI -X MW MQTIVEXMZI XLEX XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX MW QMRHJYP SJ XLIWI HITIRHIRGMIW XS IRWYVI XLEX XLI GSVVIGX TSWMXMSRW ERH
VIWYPXERX IRXMXPIQIRXW EVI GEPGYPEXIH JSV GSQTYPWSV] EGUYMWMXMSR
()8)61-2-2+ )28-80)1)28 83 8%/)3:)6 ):)287

8LI TVMRGMTPIW SJ HIXIVQMRMRK IRXMXPIQIRX XS XEOISZIV IZIRXW HS RSX HMJJIV JVSQ XLSWI HIWGVMFIH
MR 'LETXIV s(IXIVQMRMRK )RXMXPIQIRXt -R TEVEPPIP [MXL XLI KIRIVMG PMJIG]GPI XLI 783 QYWX
MHIRXMJ]
i 8VEHMRK FSSO TSWMXMSRW
%W [MXL EPP SXLIV QYPXMWXEKI IZIRXW XLMW I\IVGMWI QYWX FI TIVJSVQIH JSV IEGL WXEKI SJ XLI IZIRX
XLI ZSPYRXEV] WXEKI ERH XLI QERHEXSV] WXEKI JSV GSQTYPWSV] EGUYMWMXMSR [LIVI MX ETTPMIW
[MXL VIWTIGX XS LSPHMRKW MR XLI YRHIVP]MRK WIGYVMX] SJ XLI IZIRX
(YVMRK XLI ZSPYRXEV] WXEKI SJ XLI XEOISZIV XLI SJJIV GPSWI HEXI SJ XLI IZIRX IJJIGXMZIP]
FIGSQIW XLI VIGSVH HEXI JSV XLI TYVTSWIW SJ MHIRXMwGEXMSR SJ IRXMXPIH TSWMXMSRW ERH PSGEXMSR
MRGPYHMRK YRWIXXPIH XVEHIW 8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX MHIRXMJ] EPP S[RIVWLMT
TSWMXMSRW ERH PSGEXMSR YT XS ERH MRGPYHMRK XLI SJJIV GPSWI HEXI 8LMW WXIT [MPP X]TMGEPP] GSQ
QIRGI TVMSV XS XLI SJJIV STIR HEXI ERH YXMPMÎ XLI TVMRGMTPIW SJ TVSNIGXIH TSWMXMSRW XEOMRK
EGGSYRX SJ WYFWIUYIRX XVEHMRK ERH WIXXPIQIRX EGXMZMX] EW HIWGVMFIH MR 'LETXIV s(IXIVQMRMRK
)RXMXPIQIRXt
%W HIWGVMFIH MR XLI TVIZMSYW WIGXMSR XLI SJJIV GPSWI HEXI QE] FI I\XIRHIH XLVSYKLSYX XLI
PMJI SJ XLI XEOISZIV IZIRX -R GEWIW [LIVI XLMW SGGYVW XLI HIXIVQMREXMSR SJ IRXMXPIH TSWMXMSRW
ERH PSGEXMSRW QYWX FI YTHEXIH XS XEOI EGGSYRX SJ XLMW I\XIRWMSR *EMPYVI XS HS WS [SYPH VIWYPX
MR XLI MRGSVVIGX SQMWWMSR SJ XVEHMRK ERH WIXXPIQIRX EGXMZMX] FIX[IIR XLI SVMKMREP GPSWI HEXI
ERH XLI RI[ GPSWI HEXI
;LIVI GSQTYPWSV] EGUYMWMXMSR SJ QMRSVMX] TSWMXMSRW MW ETTPMGEFPI EW HIWGVMFIH EFSZI
IRXMXPIQIRX [MPP FI FEWIH YTSR XLI IJJIGXMZI HEXI SJ XLMW EGUYMWMXMSR XS ER] VIQEMRMRK TSWMXMSRW

ERH PSGEXMSR GSQTSRIRXW MR XLI 783tW WIGYVMXMIW VIGSVHW -X MW GVMXMGEP JSV XLMW VIEWSR XLEX EPP
ZSPYRXEV] EGGITXERGIW SJ XLI SJJIV LEZI FIIR EGGYVEXIP] YTHEXIH MR XLI 783tW WIGYVMXMIW TSWMXMSR
VIGSVHW
'31192-'%8-32 3* ):)28 -2*361%8-32

% XEOISZIV IZIRX EW [MXL ER] SXLIV QYPXMWXEKI IZIRX EW HIWGVMFIH MR 'LETXIV s'SRGITXW
SJ 1YPXM7XEKI )ZIRXWt [MPP MRGSVTSVEXI E GSQFMREXMSR SJ XLSWI GSQQYRMGEXMSR X]TIW XLEX EVI
X]TMGEPP] ETTPMGEFPI XS QERHEXSV] ERH ZSPYRXEV] IZIRXW 7YGL GSQQYRMGEXMSRW [MPP SGGYV EW
VIPIZERX XS XLI SZIVEPP IZIRXW ERH EX MRHMZMHYEP WXEKIW SJ XLI IZIRX 8LIWI GSQQYRMGEXMSRW QE]
MRGPYHI
*MREP 'PEMQ 2SXMGI
-R EHHMXMSR XS XLI EFSZI E XEOISZIV IZIRX [MPP VIUYMVI GSQQYRMGEXMSRW XLEX YTHEXI XLI TSWMXMSR
LSPHIV [MXL WTIGMwG GLERKIW XS XLI IZIRX XLVSYKLSYX MXW PMJIG]GPI WLSYPH XLI] SGGYV 7YGL
GLERKIW QE] MRGPYHI
GLERKIW XS SJJIV GSRWMHIVEXMSR
YTHEXI SJ XEOISZIV WXEXYW JSV I\EQTPI XLI SJJIV FIGSQMRK YRGSRHMXMSREP SV GSQTYPWSV]
EGUYMWMXMSR
RSXMGI SJ E GSQTIXMRK SJJIV
;LIVI E TSWMXMSR LSPHIV IPIGXW XS EGGITX XLI XEOISZIV SJJIV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
GSYPH I\TIGX XS MWWYI XLI JSPPS[MRK GSQQYRMGEXMSRW EX QMRMQYQ XLVSYKLSYX XLI PMJIG]GPI SJ
XLI IZIRX
)ZIRX 8IVQW %RRSYRGIQIRX GSQQYRMGEXMRK XLI IZIRX XIVQW GSRHMXMSRW ETTPMGEFPI ERH
VIUYIWXMRK IPIGXMSR HIGMWMSRW JVSQ XLI TSWMXMSR LSPHIV
'SRwVQEXMSR SJ )PIGXMSR (IGMWMSR GSRwVQMRK XLI TSWMXMSR LSPHIVtW IPIGXMSR HIGMWMSR VI
GIMZIH XS EGGITX XLI XEOISZIV SJJIV
9THEXI SJ 8EOISZIV 7XEXYW XS YRGSRHMXMSREP EHZMWMRK XLI TSWMXMSR LSPHIV XLEX XLI SJJIV MW
RS[ HIIQIH WYGGIWWJYP
*MREP )RXMXPIQIRX 2SXMGI GSQQYRMGEXMRK XLI VIWYPXERX IRXMXPIQIRX EW E VIWYPX SJ IPIGXMSR
HIGMWMSRW VIGIMZIH JVSQ XLI TSWMXMSR LSPHIV XS EGGITX XLI XEOISZIV SJJIV
%PXIVREXMZIP] [LIVI E TSWMXMSR LSPHIV LEW RSX IPIGXIH SR EPP SV TEVX SJ MXW LSPHMRK XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX GSYPH I\TIGX XS MWWYI XLI JSPPS[MRK GSQQYRMGEXMSRW
)ZIRX 8IVQW %RRSYRGIQIRX GSQQYRMGEXMRK XLI IZIRX XIVQW GSRHMXMSRW ETTPMGEFPI ERH
VIUYIWXMRK IPIGXMSR HIGMWMSRW JVSQ XLI TSWMXMSR LSPHIV
9THEXI SJ 8EOISZIV 7XEXYW XS YRGSRHMXMSREP EHZMWMRK XLI TSWMXMSR LSPHIV XLEX XLI SJJIV MW
RS[ HIIQIH WYGGIWWJYP

'SVTSVEXI %GXMSRW

9THEXI SJ 8EOISZIV 7XEXYW XS GSQTYPWSV] EGUYMWMXMSR EHZMWMRK XLI TSWMXMSR LSPHIV XLEX XLI
SJJIV MW RS[ QERHEXSV]
*MREP )RXMXPIQIRX 2SXMGI GSQQYRMGEXMRK XLI VIWYPXERX IRXMXPIQIRX EW E VIWYPX SJ QERHEXSV]
EGGITXERGI SJ XLI SJJIV MR VIWTIGX SJ XLI TSWMXMSR LSPHIVtW TSWMXMSR
8LI WTIGMwG GSRXIRX ERH GSQFMREXMSR SJ GSQQYRMGEXMSRW MWWYIH [MPP ZEV] EGGSVHMRK XS XLI
WXEKI SJ XLI XEOISZIV ERH MXW WXEXYW %W WYGL XLI TVSGIWWIW IQTPS]IH F] XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX QYWX FI WIRWMXMZI XS XLI GLERKMRK REXYVI SJ XLI XEOISZIV IZIRX
1%2%+)1)28 3* )0)'8-32 ()'-7-327

(YVMRK XLI ZSPYRXEV] WXEKI SJ XLI XEOISZIV IZIRX XLI QEREKIQIRX SJ IPIGXMSR HIGMWMSRW JEPPW
[MXLMR XLI WEQI TVSGIHYVIW EW JSV EPP SXLIV ZSPYRXEV] IZIRXW 7YGL TVSGIHYVIW EVI HIXEMPIH
[MXLMR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt
8LI TVSGIHYVIW [MPP MRGPYHI XLI VIUYMVIQIRX JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS
VIGSVH ERH ZEPMHEXI VIGIMZIH IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW ERH GPEMQMRK GSYR
XIVTEVXMIW
QSRMXSV ERH JSPPS[ YT SZIVHYI IPIGXMSR HIGMWMSRW
GEPGYPEXI ERH MWWYI IPIGXMSR HIGMWMSRW XS PSGEXMSRW MRGPYHMRK GSYRXIVTEVXMIW EKEMRWX [LSQ
XLI 783 MW GPEMQMRK
QSRMXSV XLI WXEXYW SJ EPP IPIGXMSR HIGMWMSRW MWWYIH XS PSGEXMSRW MRGPYHMRK GSYRXIVTEVXMIW
%PP SJ XLIWI JYRGXMSRW HYVMRK XLI ZSPYRXEV] SJJIV TIVMSH QYWX FI TIVJSVQIH QMRHJYP SJ XLI
TSXIRXMEPP] GLERKMRK XIVQW SJ XLI SJJIV WTIGMwGEPP] GLERKIW MR XLI SJJIV GPSWI HEXI SJJIV
GSRWMHIVEXMSR ERH XLI GSRHMXMSREPYRGSRHMXMSREP WXEXYW SJ XLI SJJIV EW HIXEMPIH IEVPMIV MR XLMW
GLETXIV
*EMPYVI XS XEOI EGGSYRX SJ WYGL GLERKIW QE] VIWYPX MR IVVSVW MRGPYHMRK
XLI RSRMWWYI SJ IPIGXMSR HIGMWMSRW XS PSGEXMSRW TVMSV XS XLI ETTVSTVMEXI HIEHPMRI HEXI
EGGITXERGI SJ MRGSVVIGX SJJIV GSRWMHIVEXMSR
MRGSVVIGX YTHEXMRK SJ XLI 783tW WIGYVMXMIW TSWMXMSRW EW E VIWYPX SJ EGGITXERGIW HITIRHIRX
YTSR XLI GSRHMXMSREPYRGSRHMXMSREP WXEXYW SJ XLI IZIRX
*VSQ ER STIVEXMSREP TIVWTIGXMZI MX MW VIGSQQIRHIH XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
TVSGIWWIW EPP IPIGXMSR HIGMWMSRW VIGIMZIH EW ERH [LIR XLI] EVI VIGIMZIH MQQIHMEXIP] MWWYMRK
IUYMZEPIRX IPIGXMSR HIGMWMSRW XS XLI ETTVSTVMEXI PSGEXMSR 8LMW ETTVSEGL TEVXMGYPEVP] EGGSQQS
HEXIW XLSWI MRWXERGIW [LIVI XLI SJJIV TIVMSH ERHSV SJJIV GSRWMHIVEXMSR QE] FI GLERKIH HYVMRK
XLI SJJIV TIVMSH ERH IRWYVIW XLEX XLI MRXIVIWXW SJ XLI 783tW TSWMXMSRW EVI TVSXIGXIH (IPE] MR XLI
MWWYERGI SJ IPIGXMSR HIGMWMSRW XS XLI PSGEXMSRW QE] VIWYPX MR XLI SJJIV GSRWMHIVEXMSR IPIGXIH F]
XLI TSWMXMSR LSPHIV FIMRK RS PSRKIV EZEMPEFPI SV XLI SJJIV FIMRK GPSWIH IEVPMIV XLER I\TIGXIH -R
XLMW [E] XLI TVEGXMGEP QEREKIQIRX SJ IPIGXMSR HIGMWMSRW [MXL VIKEVHW XS E XEOISZIV QE] HMJJIV
XS SXLIV IZIRXW [MXL IPIGXMSRW [LIVI XLI HIEHPMRI ERH XIVQW EVI w\IH EPPS[MRK XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX TSXIRXMEPP] XS EGGYQYPEXI EPP IPIGXMSR HIGMWMSRW VIGIMZIH XLVSYKLSYX XLI
IPIGXMSR TIVMSH ERH MWWYI IPIGXMSR HIGMWMSRW XS XLI PSGEXMSRW EX E WMRKPI TSMRX MR XMQI XS[EVHW
XLI IRH SJ XLI IPIGXMSR TIVMSH

1%2%+-2+ 9279'')77*90 8%/)3:)67

8LI JIEXYVI SJ sWYGGIWWt EW MX ETTPMIW XS XEOISZIV IZIRXW LEW FIIR HIWGVMFIH MR 'LETXIV s'SR
GITXW SJ 8EOISZIV )ZIRXWt -R WYQQEV] E XEOISZIV MW WYGGIWWJYP [LIR MX QIIXW XLI GSRHMXMSRW
WIX SYX MR XLI SJJIV HSGYQIRX IK QMRMQYQ EGGITXERGIW ERH GSRWIUYIRXP] FIGSQIW YRGSR
HMXMSREP 3RGI YRGSRHMXMSREP XLI SJJIV MW KYEVERXIIH GSRZIVWIP] [LMPI XLI SJJIV MW GSRHMXMSREP
MX QE] FI [MXLHVE[R F] XLI SJJIVSV EX ER] XMQI
8LI SJJIVSV QE] [MXLHVE[ XLI SJJIV HIWTMXI LEZMRK VIGIMZIH EGGITXERGIW ERH MR HSMRK WS
[MPP ERRSYRGI XLI [MXLHVE[EP ERH HIGPMRI EPP EGGITXERGIW VIGIMZIH XS HEXI -R XLI GEWI SJ ER
SJJIV FIMRK [MXLHVE[R XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX
YTHEXI MXW IZIRX XIVQW VIGSVHW XS WLS[ XLI IZIRX EW s[MXLHVE[Rt ERH XLI ETTPMGEFPI HEXI
GSQQYRMGEXI XLI [MXLHVE[EP XS EPP TSWMXMSRW LSPHIVW FSXL XLSWI JVSQ [LSQ IPIGXMSR HI
GMWMSRW LEZI FIIR VIGIMZIH ERH XLSWI JVSQ [LSQ IPIGXMSR HIGMWMSRW [IVI WXMPP SYXWXERHMRK
EX XLI XMQI SJ [MXLHVE[EP
IRWYVI XLEX XLI 783tW WIGYVMXMIW TSWMXMSR VIGSVHW EVI GSVVIGXP] YTHEXIH XS VIxIGX XLEX WIGYVMXMIW
JSV [LMGL IPIGXMSR HIGMWMSRW LEH TVIZMSYWP] FIIR VIGIMZIH EVI RS[ EKEMR EZEMPEFPI JSV XVEHMRK
MI XLI] EVI RS PSRKIV GSQQMXXIH XS XLI XEOISZIV
-R WYQQEV] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX EGX XS VIZIVWI EPP EGXMSRW XEOIR ERH
MRJSVQ TSWMXMSR LSPHIVW EGGSVHMRKP]
3:)6%'')48%2')7
3ZIVEGGITXERGIW [MXL VIWTIGX XS XEOISZIVW QE] EVMWI EW E VIWYPX SJ IMXLIV SV FSXL SJ X[S
WGIREVMSW XLIWI FIMRK SJJIV EGGITXERGIW MR I\GIWW SJ
E WTIGMwG STXMSR ERHSV
XLI VIUYMVIH TIVGIRXEKI SJ MWWYIH GETMXEP MR XLI SJJIVII MR XLI GEWI SJ E TEVXMEP SJJIV
FIMRK VIGIMZIH F] XLI SJJIVSV
-R FSXL GEWIW XLI SJJIVSV [MPP ERRSYRGI XLI WTIGMwG GSRHMXMSRW [MXL VIWTIGX XS MXW XVIEXQIRX
SJ WYGL SZIVEGGITXERGIW EW HIWGVMFIH FIPS[
3ZIV%GGITXERGI SJ E 7TIGMwG 3TXMSR
8LI QEREKIQIRX SJ SZIVEGGITXERGIW SJ E WTIGMwG STXMSR MW SRP] ETTPMGEFPI MR XEOISZIV IZIRXW
[LIVI QYPXMTPI STXMSRW JSV XLI SJJIV GSRWMHIVEXMSR EVI SJJIVIH ERH XLI XIVQW SJ XLI SJJIV MRGPYHI
PMQMXW YTSR XLI IPIGXMSR HIGMWMSRW XLEX XLI SJJIVSV MW [MPPMRK XS EGGITX JSV ER] WMRKPI STXMSR
-R XLMW MRWXERGI XLI SJJIV XIVQW [MPP EPWS MRGPYHI HIXEMPW SJ XLI HIJEYPX STXMSR SV FEWMG SJJIV
GSRWMHIVEXMSR
;LIVI EGGITXERGIW I\GIIH ER] PMQMXW WIX F] XLI SJJIVSV JSV E WTIGMwIH STXMSR RSVQEP TVEGXMGI
MW XS ETTP] XLI HIJEYPX STXMSR MR MXW TPEGI 8LMW TVEGXMGI QE] ETTP] XS EPP SV TEVX SJ ER IPIGXMSR
HIGMWMSR ERH QE] FI IJJIGXIH SR E TVSVEXE SV swVWXGSQI wVWXWIVZIHt FEWMW EW HIXEMPIH MR
'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt 8LI EGGITXERGI [MPP RSX FI
HIGPMRIH YRPMOI TVEGXMGIW XLEX QE] FI ETTPMGEFPI MR SXLIV ZSPYRXEV] IZIRXW
%R] WYGL XVIEXQIRX SJ IPIGXMSR HIGMWMSRW TVIZMSYWP] MWWYIH [MPP FI GSQQYRMGEXIH XS XLI
783 F] XLI SJJIVSV SV MXW EKIRX 9TSR VIGIMTX SJ WYGL MRJSVQEXMSR XLI 'SVTSVEXI %GXMSRW

'SVTSVEXI %GXMSRW
(ITEVXQIRX QYWX YTHEXI MXW VIGSVHW XS

VIxIGX XLI GLERKI MR STXMSR EKEMRWX XLI MWWYIH IPIGXMSR HIGMWMSR XS [LMGL MX ETTPMIW
YTHEXI XLI IPIGXIH STXMSR EKEMRWX XLI ETTVSTVMEXI VIGIMZIH IPIGXMSR HIGMWMSR
MRJSVQ TSWMXMSR LSPHIVW SJ ER] GLERKIW XS XLIMV IPIGXMSR HIGMWMSRW EW E VIWYPX SJ WYGL GLERKIW
MRJSVQ SYXWXERHMRK TSWMXMSR LSPHIVW SJ XLI JYXYVI YREZEMPEFMPMX] SJ XLI STXMSRW MJ ETTPMGEFPI
3ZIV%GGITXERGI SJ E 4EVXMEP 3JJIV
%W HIWGVMFIH MR XLI TVIZMSYW GLETXIV MR WSQI XEOISZIVW XLI SJJIVSVtW HIWMVI QE] FI XS KEMR
GSRXVSPPMRK MRXIVIWX MR XLI SJJIVII SRP] ERH EW WYGL MX QE] SJJIV XS EGUYMVI PIWW XLER XLI XSXEP
MWWYIH GETMXEP SJ XLI SJJIVII 8LI SJJIV XIVQW [MPP WTIGMJ] XLI TIVGIRXEKI SJ MWWYIH GETMXEP XLEX
XLI SJJIVSV [MWLIW XS EGUYMVI XSKIXLIV [MXL XLI GSRHMXMSRW [MXL VIWTIGX XS XLI XVIEXQIRX SJ ER]
EGGITXERGIW VIGIMZIH MR I\GIWW SJ XLMW TIVGIRXEKI 8[S EPXIVREXMZIW I\MWX EW XS XLI XVIEXQIRX SJ
SZIVEGGITXERGIW MR XLMW MRWXERGI XLIWI FIMRK XLI HIGPMRI SJ XLI SZIVEGGITXERGI SR E TVSVEXE
SV wVWXMR FEWMW
4VS6EXE
;LIVI E TVSVEXE XVIEXQIRX SJ SZIVEGGITXERGIW MW ETTPMIH XLI SJJIVSV [MPP X]TMGEPP] OIIT XLI
SJJIV STIR YRXMP XLI SVMKMREPP] ERRSYRGIH GPSWMRK HEXI EGGITXMRK EPP SJJIV EGGITXERGIW VIGIMZIH
ERH XLIR ETTP]MRK XLI TVSVEXE VEXMS XS EPP EGGITXERGIW SRGI XLI SJJIV LEW GPSWIH 8LI I\GIWW
UYERXMX] SJ IEGL EGGITXERGI [MPP FI HIGPMRIH EGGSVHMRKP]
*SV I\EQTPI GSQTER] < ERRSYRGIW E TEVXMEP XEOISZIV SJJIV JSV SJ GSQTER] = MR
HMGEXMRK XLEX ER] SZIVEGGITXERGIW [MPP FI VIHYGIH SR E TVSVEXE FEWMW EX XLI GPSWI SJ XLI
SJJIV
'YWXSH] 'PMIRX 8 [LS LEW E LSPHMRK SJ WLEVIW MR 'SQTER] = GSQQYRMGEXIW MXW
IPIGXMSR HIGMWMSR XS XLI 783 XS EGGITX XLI SJJIV [MXL VIWTIGX XS MXW IRXMVI LSPHMRK 9TSR VIGIMTX
SJ XLI IPIGXMSR HIGMWMSR JVSQ 'YWXSH] 'PMIRX 8 XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP
TEWW MRXIVREP IRXVMIW XS VIxIGX XLEX 'YWXSH] 'PMIRX 8 LEW EGGITXIH XLI SJJIV ERH
GSQQYRMGEXI XLI IPIGXMSR HIGMWMSR XS XLI PSGEXMSR XS EGGITX XLI SJJIV MR VIWTIGX SJ
WLEVIW
8LI IJJIGX SJ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX TEWWMRK MRXIVREP IRXVMIW VIxIGXMRK XLI TS
WMXMSR LSPHIVtW EGGITXERGI SJ XLI SJJIV MW XS VIHYGI XLI TSWMXMSR LSPHIVtW XVEHMRK TSWMXMSR F]
WLEVIW XS RMP ERH GVIEXI ER sEGGITXIHt TSWMXMSR SJ WLEVIW 8LIWI IRXVMIW EVI
EW TVIZMSYWP] HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ :SPYRXEV] )ZIRXWt ERH EVI VIJIVVIH XS
EKEMR PEXIV MR XLMW GLETXIV
%X XLI GPSWI SJ XLI SJJIV EGGITXERGI TIVMSH GSQTER] < ERRSYRGIW XLEX MX LEW VIGIMZIH SJJIV
EGGITXERGIW MR VIWTIGX SJ SJ GSQTER] = 8LMW VITVIWIRXW ER EGGITXERGIW I\GIWW SJ SJ
MWWYIH GETMXEP FIMRK XLI HMJJIVIRGI FIX[IIR XLI SJ MWWYIH GETMXEP VIGIMZIH ERH XLI
SJ MWWYIH GETMXEP VIUYMVIH %GGSVHMRKP] GSQTER] < ERRSYRGIW XLEX EPP SJJIV EGGITXERGIW [MPP
FI VIHYGIH F] FIMRK XLI I\GIWW VIGIMZIH I\TVIWWIH EW E TIVGIRXEKI SJ XLI
EGGITXERGIW EGXYEPP] VIGIMZIH
9TSR VIGIMTX SJ XLMW ERRSYRGIQIRX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP ETTP] XLMW EH
NYWXQIRX XS EPP IPIGXMSR HIGMWMSRW MR MXW VIGSVHW ;MXL VIWTIGX XS 'YWXSH] 'PMIRX 8 MXW EGGITXERGI

[MPP FI VIHYGIH EW JSPPS[W

(IVMZI XLI EGGITXERGI UYERXMX] XS FI VIHYGIH F] QYPXMTP]MRK XLI RYQFIV SJ WLEVIW sEGGITXIHt
F] XLI EHNYWXQIRX TIVGIRXEKI
WLEVIW ! WLEVIW
(IVMZI XLI EHNYWXIH EGGITXERGI UYERXMX] F] WYFXVEGXMRK XLI EGGITXERGI UYERXMX] XS FI VIHYGIH
JVSQ XLI SVMKMREP EGGITXERGI UYERXMX]
WLEVIW n WLEVIW ! WLEVIW
'SRWIUYIRXP] XLI wREP EGGITXERGI UYERXMX] MR VIWTIGX SJ [LMGL 'YWXSH] 'PMIRX 8 [MPP VIGIMZI
VIWYPXERX IRXMXPIQIRX MW WLEVIW 8LI WLEVIW F] [LMGL MXW SVMKMREP EGGITXERGI [EW
VIHYGIH SR E TVSVEXE FEWMW [MPP FI VIZIVXIH XS XLIMV XVEHMRK TSWMXMSR ERH 'YWXSH] 'PMIRX 8
[MPP VIXEMR S[RIVWLMT SJ XLIWI WLEVIW 8LI MRXIVREP IRXVMIW TEWWIH XS VIxIGX XLMW EHNYWXQIRX EVI
VIJIVVIH XS PEXIV MR XLMW GLETXIV
*MVWX-R
;LIVI E wVWXMR XVIEXQIRX SJ SZIVEGGITXERGIW MW ETTPMIH XLI SJJIVSV [MPP IJJIGXMZIP] GPSWI
XLI SJJIV ERH VIJYWI XLI VIGIMTX SJ ER] JYVXLIV EGGITXERGIW SRGI XLI QE\MQYQ EGUYMWMXMSR
TIVGIRXEKI MW VIEGLIH %R] IPIGXMSR HIGMWMSRW MWWYIH EJXIV XLMW TSMRX [MPP FI VINIGXIH 8LI wREP
SJJIV EGGITXERGI VIGIMZIH F] XLI SJJIVSV QE] EPWS FI VIHYGIH MR SVHIV XS OIIT EGGITXERGIW
[MXLMR XLI QE\MQYQ TIVGIRXEKI -R XLMW GEWI XLI 783 [MPP FI EHZMWIH SJ WYGL ER EHNYWXQIRX
XS XLI IPIGXIH UYERXMX]
%R] WYGL XVIEXQIRX SJ SZIVIPIGXMSRW [MXL VIWTIGX XS E TEVXMEP SJJIV [MPP FI GSQQYRMGEXIH XS
XLI 783 F] XLI SJJIVSV SV MXW EKIRX EX XLI TSMRX MR XMQI [LIR XLI] EVI ETTPMIH 9TSR VIGIMTX SJ
WYGL MRJSVQEXMSR XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX YTHEXI MXW VIGSVHW EW ETTVSTVMEXI XS
VIxIGX XLI IEVP] GPSWYVI SJ XLI IZIRX MJ ETTPMGEFPI GSQQYRMGEXMRK XLI WEQI XS EPP TSWMXMSR
LSPHIVW
YTHEXI XLI IPIGXMSR UYERXMXMIW EKEMRWX XLI MWWYIH IPIGXMSR HIGMWMSR XS [LMGL MX ETTPMIW
MRJSVQ TSWMXMSR LSPHIVW SJ ER] GLERKIW XS XLIMV IPIGXMSR UYERXMXMIW EW E VIWYPX SJ WYGL GLERKIW
'%0'90%8-32 3* 6)7908%28 )28-80)1)287

8LI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRX MW VIUYMVIH JSV FSXL XLI ZSPYRXEV] WXEKI XSKIXLIV [MXL
ER] QERHEXSV] GSQTYPWSV] EGUYMWMXMSR WXEKI
:SPYRXEV] 7XEKI
(YVMRK XLI ZSPYRXEV] WXEKI SJ XLI XEOISZIV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [SYPH RSX
X]TMGEPP] GEPGYPEXI ER] IRXMXPIQIRXW EW E VIWYPX SJ EGGITXERGI SJ XLI SJJIV YRXMP XLI SJJIV MW
HIIQIH YRGSRHMXMSREP ERH XLIVIJSVI KYEVERXIIH XS TVSGIIH ERH XLI XVIEXQIRX SJ ER] SZIV
IPIGXMSRW TIVXEMRMRK XS WTIGMwIH STXMSRW SV E TEVXMEP SJJIV EVI wREPMÎH

'SVTSVEXI %GXMSRW
3RGI XLIWI QMPIWXSRIW EVI TEWWIH XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX WLSYPH TVSGIIH MR
GEPGYPEXMRK XLI GLERKIW XLEX [MPP SGGYV XS XLI TSWMXMSR LSPHIVtW WIGYVMXMIW ERHSV GEWL TSWMXMSRW
XSKIXLIV [MXL MXW PSGEXMSRW TSWMXMSRW EW E VIWYPX SJ XLI SJJIV 8LI GEPGYPEXMSRW JEPP [MXLMR
XLI WEQI FEWMG KIRIVMG TVSGIHYVIW EW HIXEMPIH [MXLMR 'LETXIV s'EPGYPEXMSR SJ 6IWYPXERX
)RXMXPIQIRXWt [LMPI FIMRK ETTPMGEFPI XS XLI IPIGXIH UYERXMX] EW TIV IZIRXW [MXL IPIGXMSRW
HIXEMPIH [MXLMR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt
%GGITXERGI SJ XLI SJJIV [MPP VIWYPX MR XLI VIQSZEP SJ XLI UYERXMX] SJ XLI YRHIVP]MRK WIGYVMX]
TSWMXMSR MR XLI SJJIVII XS [LMGL XLI IPIGXMSR HIGMWMSR ETTPMIH MR I\GLERKI JSV XLI IPIGXIH
WIGYVMX] ERHSV GEWL STXMSR SJJIVIH F] XLI SJJIVSV
%X XLI WEQI XMQI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP HIXIVQMRI XLI I\TIGXIH WIXXPIQIRX
HEXI SJ XLI SJJIV GSRWMHIVEXMSR 8LI SJJIVSV [MPP RSVQEPP] MRGPYHI XLI VYPIW JSV XLMW [MXLMR XLI
XIVQW SJ XLI SJJIV HSGYQIRX 8LI SJJIV GSRWMHIVEXMSR MW YRPMOIP] XS FI TEMH F] XLI SJJIVSV YRXMP
EJXIV XLI SJJIV LEW FIGSQI YRGSRHMXMSREP EW YRXMP XLMW XMQI XLI SJJIV GSYPH FI [MXLHVE[R WLSYPH
MXW GSRHMXMSRW RSX FI QIX
8LI VYPIW JSV XLI HMWXVMFYXMSR SJ SJJIV GSRWMHIVEXMSR MRGPYHI
E WMRKPI HEXI JSPPS[MRK XLI SJJIV GPSWI HEXI SV
E HEXI GEPGYPEXIH JSPPS[MRK XLI YRGSRHMXMSREP HEXI SV IPIGXMSR HIGMWMSR HEXI [LMGLIZIV MW
XLI PEXIV
'SRHMXMSREP4IVMSH
7YWTIRWMSRSJ8VEHMRK
3JJIV'PSWMRK(EXI
'YWXSHMER(IEHPMRI(EXI
-RXIVREP(IEHPMRI(EXI
9RGSRHMXMSREP(EXI
3JJIV3TIRMRK(EXI
%RRSYRGIQIRX(EXI
;LIVI E WMRKPI HEXI JSPPS[MRK XLI SJJIV GPSWI HEXI MW WXMTYPEXIH XLI SJJIVSV [MPP HMWXVMFYXI EPP
SJJIV GSRWMHIVEXMSRW SR E WMRKPI HEXI SRGI XLI SJJIV MW GPSWIH MVVIWTIGXMZI SJ [LIR XLI SJJIV
FIGEQI YRGSRHMXMSREP SV IPIGXMSR HIGMWMSRW [IVI VIGIMZIH
;LIVI XLI HMWXVMFYXMSR HEXI MW FEWIH YTSR XLI YRGSRHMXMSREP HEXI ERH XLI IPIGXMSR HIGMWMSR
HEXI XLI SJJIVSV [MPP MRMXMEPP] SR E WMRKPI HEXI HMWXVMFYXI EPP SJJIV GSRWMHIVEXMSRW MR VIWTIGX SJ
IPIGXMSR HIGMWMSRW VIGIMZIH YT YRXMP XLI YRGSRHMXMSREP HEXI XLIVIEJXIV SJJIV GSRWMHIVEXMSRW [MPP
FI HMWXVMFYXIH EW ERH [LIR JYVXLIV IPIGXMSR HIGMWMSRW EVI VIGIMZIH YRXMP XLI GPSWI SJ XLI SJJIV
8LMW MW MPPYWXVEXIH MR XLI XMQIPMRI WLS[R MR *MKYVI
9RGSRHMXMSREP4IVMSH
3JJIV4IVMSH
1EVOIX8VEHMRKMR3JJIVII7IGYVMX]
7IXXPIQIRXSJ3JJIV%GGITXERGIW
(IPMWXMRK
1ERHEXSV]
%GUYMWMXMSR
*MKYVI 8EOISZIV IZIRX PMJIG]GPI

%WWYQI XLEX XLI XEOISZIV MW ERRSYRGIH EW YRGSRHMXMSREP SR XL 7ITXIQFIV [LMPWX XLI
3JJIV 'PSWMRK (EXI MW XLI XL 3GXSFIV 8LI SJJIV XIVQW TVIZMSYWP] ERRSYRGIH EHZMWIH XLEX
SJJIV GSRWMHIVEXMSR VIWYPXERX IRXMXPIQIRXW [MPP FI HMWXVMFYXIH XS EGGITXMRK TSWMXMSR LSPHIVW
[MXLMR wZI HE]W SJ SJJIV EGGITXERGI SV XLI IZIRX FIGSQMRK [LSPP] YRGSRHMXMSREP [LMGLIZIV
MW XLI PEXIV
%W EX XL 7ITXIQFIV [LIR XLI SJJIV FIGSQIW YRGSRHMXMSREP XLI 'SVTSVEXI %GXMSRW (I
TEVXQIRXtW VIGSVHW MRHMGEXI XLI WXEXYW WLS[R MR 8EFPI [MXL VIWTIGX XS IPIGXMSR HIGMWMSRW
VIGIMZIH ERH SYXWXERHMRK
8EFPI
4SWMXMSR,SPHIV
8VEHMRK&SSOs%t
8VEHMRK&SSOs&t
'YWXSH]'PMIRXs8t
(EXI)PIGXMSR
(IGMWMSR6IGIMZIH
XL7ITXIQFIV
XL7ITXIQFIV
XL7ITXIQFIV
XSXEP
%GGITX
,SPHMRK
5YERXMX]

9RIPIGXIH
,SPHMRK
5YERXMX]

3VMKMREP
9RHIVP]MRK
,SPHMRK
5YERXMX]

&EWIH YTSR XLI IZIRX FIMRK ERRSYRGIH EW YRGSRHMXMSREP XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
[MPP GEPGYPEXI VIWYPXERX IRXMXPIQIRX [MXL ER I\TIGXIH WIXXPIQIRX HEXI SJ XL 7ITXIQFIV FIMRK
wZI HE]W EJXIV XLI YRGSRHMXMSREP HEXI MR VIWTIGX SJ XLI JSPPS[MRK SJJIV EGGITXERGIW
8VEHMRK &SSO s%t WLEVIW
8VEHMRK &SSO s&t WLEVIW
'YWXSH] 'PMIRX s8t WLEVIW
3R RH 7ITXIQFIV EJXIV XLI SJJIV LEW FIGSQI YRGSRHMXMSREP 8VEHMRK &SSO s&t IPIGXW XS
EGGITX XLI SJJIV MR VIWTIGX SJ MXW VIQEMRMRK TSWMXMSR SJ WLEVIW 8LI 'SVTSVEXI %GXMSRW
(ITEVXQIRX [MPP YTHEXI MXW VIGSVHW XS VIxIGX XLI VIGIMTX SJ XLMW IPIGXMSR HIGMWMSR ERH MXW HEXI
8EFPI
8EFPI
4SWMXMSR,SPHIV
8VEHMRK&SSOs%t
8VEHMRK&SSOs&t
'YWXSH]'PMIRXs8t
(EXI)PIGXMSR
(IGMWMSR6IGIMZIH
XL7ITXIQFIV
XL7ITXIQFIV
RH7ITXIQFIV
XL7ITXIQFIV
XSXEP
%GGITX
,SPHMRK
5YERXMX]
9RIPIGXIH
,SPHMRK
5YERXMX]

3VMKMREP
9RHIVP]MRK
,SPHMRK
5YERXMX]

8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP GEPGYPEXI VIWYPXERX IRXMXPIQIRX MR VIWTIGX SJ XLI wREP
EGGITXERGI SJ WLEVIW SR FILEPJ SJ 8VEHMRK &SSO s&t [MXL ER I\TIGXIH WIXXPIQIRX HEXI
SJ XL 7ITXIQFIV FIMRK wZI HE]W EJXIV XLI EGGITXERGI HEXI

'SVTSVEXI %GXMSRW
1ERHEXSV] 'SQTYPWSV] %GUYMWMXMSR 7XEKI

;LIVI GSQTYPWSV] EGUYMWMXMSR SJ QMRSVMX] TSWMXMSRW HMWWIRXMRK WLEVILSPHMRKW SGGYVW XLMW
[MPP FI EW TVIZMSYWP] WXEXIH SR E QERHEXSV] FEWMW
3RGI GSQTYPWSV] EGUYMWMXMSR MW ERRSYRGIH XLI WTIGMwG XIVQW SJ XLMW WXEKI [MPP FI ETTPMIH XS
ER] VIQEMRMRK TSWMXMSRW MR XLI SJJIVII MR XLI 783tW WIGYVMXMIW TSWMXMSR VIGSVHW 8LI VIWYPXERX
IRXMXPIQIRXW [MPP VIQSZI XLI YRHIVP]MRK TSWMXMSR ERH HMWXVMFYXI IMXLIV WIGYVMXMIW ERHSV GEWL EW
WXEXIH F] XLI SJJIVSV
8LI XIVQW SJ GSQTYPWSV] EGUYMWMXMSR [MPP EPWS MRGPYHI ER IJJIGXMZI HEXI [LMGL [MPP WIVZI EW
XLI I\TIGXIH ZEPYI HEXI SJ XLI VIWYPXERX IRXMXPIQIRXW
4%77-2+ 3* -28)62%0 )286-)7

%W [MXL EPP SXLIV IZIRXW IRXVMIW [MPP FI TEWWIH F] XLI 783 XS VIxIGX
%GGSVHMRKP] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP TEWW IRXVMIW XLEX VIxIGX
XLI HMWXVMFYXMSR SJ XLI SJJIV GSRWMHIVEXMSR MR XLI JSVQ SJ WIGYVMXMIW ERHSV GEWL ERH
XLI VIQSZEP SJ YRHIVP]MRK WIGYVMXMIW MR VIWTIGX SJ [LMGL XLI SJJIV LEW FIIR EGGITXIH
8LI WTIGMwG REXYVI SJ XLIWI IRXVMIW [MPP HITIRH YTSR [LIXLIV XLI XEOISZIV MW WXMPP MR XLI
ZSPYRXEV] WXEKI SV LEW TVSKVIWWIH XS GSQTYPWSV] EGUYMWMXMSR
:SPYRXEV] 7XEKI

)RXVMIW [MPP SRP] FI TEWWIH HYVMRK XLI ZSPYRXEV] WXEKI MJ XLI TSWMXMSR LSPHIV LEW IPIGXIH XS
EGGITX XLI XEOISZIV SJJIV 7YGL IRXVMIW EVI
)PIGXMSR (IGMWMSR (EXI IRXVMIW
9RGSRHMXMSREP (EXI IRXVMIW
;MXLHVE[EP SJ SJJIV IRXVMIW MJ ETTPMGEFPI
3ZIVIPIGXMSR EHNYWXQIRX IRXVMIW MJ ETTPMGEFPI

8LIWI IRXVMIW [MPP VIWYPX MR XLI WIKVIKEXMSR SJ WIGYVMXMIW MR VIWTIGX SJ [LMGL XLI TSWMXMSR
LSPHIV LEW EGGITXIH XLI XEOISZIV SJJIV EW HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ :SPYRXEV]
)ZIRXWt ERH [MPP ETTP] XS TSWMXMSR LSPHIVW ERH HITIRHMRK YTSR QEVOIX GSRZIRXMSR XS PSGEXMSR
TSWMXMSRW
%PWS WSQI '7(W-'7(W GSQQSRP] WIXYT ER IWGVS[ EGGSYRX JSV IEGL STXMSR ERH XVERWJIV
WIGYVMXMIW MRXS XLMW EGGSYRX EW IPIGXMSR HIGMWMSRW EVI VIGIMZIH JVSQ XLI 783

9RGSRHMXMSREP (EXI )RXVMIW

8LIWI IRXVMIW EVI TEWWIH EX XLI XMQI XLEX XLI XEOISZIV IZIRX MW HIIQIH EW YRGSRHMXMSREP ERH
KYEVERXIIH XS TVSGIIH -R REXYVI XLIWI IRXVMIW IUYEXI XS XLSWI TEWWIH SR XLI VIGSVH HEXI [MXL
VIWTIGX XS ZSPYRXEV] IZIRXW
%X XLMW XMQI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP TEWW IRXVMIW XLEX VIxIGX
8LIWI IRXVMIW MRGPYHI XLI VIQSZEP SJ YRHIVP]MRK WIGYVMXMIW JVSQ WIKVIKEXIH TSWMXMSRW JSV
[LMGL IPIGXMSR HIGMWMSRW [IVI VIGIMZIH JVSQ TSWMXMSR LSPHIVW ERH MWWYIH XS PSGEXMSRW
;MXLHVE[EP SJ 3JJIV )RXVMIW
3R XLSWI SGGEWMSRW [LIVI ER SJJIV MW HIIQIH YRWYGGIWWJYP ERH WYFWIUYIRXP] [MXLHVE[R
XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP TEWW MRXIVREP IRXVMIW XLEX VIMRWXEXI XLI WIGYVMXMIW
TSWMXMSRW SJ XLSWI TSWMXMSR LSPHIVW XLEX LEZI TVIZMSYWP] IPIGXIH XS EGGITX XLI SJJIV VIPEX
MRK XS XLIMV XVEHMRK TSWMXMSR )JJIGXMZIP] XLIWI IRXVMIW [MPP VIZIVWI XLI IPIGXMSR HIGMWMSR HEXI
IRXVMIW
;LIVI QSVI XLER SRI STXMSR MW SJJIVIH SV XLI SJJIV MW TEVXMEP ERH SZIVIPIGXMSRW SGGYV XLI
'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP FI VIUYMVIH XS TEWW MRXIVREP IRXVMIW XS EHNYWX XLI SZIV
IPIGXMSR EW HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ :SPYRXEV] )ZIRXWt
'SQTYPWSV] %GUYMWMXMSR 7XEKI
-J XLI XEOISZIV SJJIV TVSGIIHW XS GSQTYPWSV] EGUYMWMXMSR ERH [LIVI TSWMXMSRW WXMPP I\MWX JSV
[LMGL XLI 783tW TSWMXMSR LSPHIVW LEZI RSX EGGITXIH XLI SJJIV YTSR ERRSYRGIQIRX SJ GSQTYP
WSV] EGUYMWMXMSR XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP TEWW IRXVMIW XS VIxIGX
8LIWI IRXVMIW MRGPYHI XLI VIQSZEP SJ YRHIVP]MRK WIGYVMXMIW XLEX LEZI FIIR GSQTYPWSVMP]
EGUYMVIH
'300)'8-32 %2( (-7&967)1)28

3* 6)7908%28 )28-80)1)287
3RGI IPIGXMSR HIGMWMSRW EVI EGGITXIH F] XLI SJJIVSV XLI SJJIV MW HIIQIH YRGSRHMXMSREP SZIV
EGGITXERGIW EVI XVIEXIH [LIVI ETTPMGEFPI ERH VIWYPXERX IRXMXPIQIRXW GEPGYPEXIH MRGPYHMRK XLI
I\TIGXIH ZEPYI HEXI XLI EGXYEP GSPPIGXMSR ERH HMWFYVWIQIRX SJ IRXMXPIQIRXW JEPPW [MXLMR XLI
WEQI KIRIVEP TVSGIHYVIW EW [MXL SXLIV IZIRXW 7YGL TVSGIHYVIW EVI HIXEMPIH [MXLMR 'LETXIV
s'SPPIGXMSR(MWFYVWIQIRX SJ 6IWYPXERX )RXMXPIQIRXWt

'SVTSVEXI %GXMSRW
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX VIQEMR E[EVI XLEX MR WSQI GEWIW WYGL WIXXPIQIRXW
QE] SGGYV SZIV E TIVMSH SJ XMQI EGGSVHMRK XS XLI ZEPYI HEXIW GEPGYPEXIH EW HIWGVMFIH MR
TVIZMSYW WIGXMSRW
8LI MQTEGX MW XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QE] FI GSPPIGXMRK IRXMXPIQIRXW XLVSYKL
SYX XLI HMWXVMFYXMSR TIVMSH ERH [MPP WYFWIUYIRXP] RIIH XS MHIRXMJ] [LMGL HMWFYVWEFPI VIWYPXERX
IRXMXPIQIRXW XS WIXXPI MR XYVR
94(%8-2+ 3* -28)62%0 )286-)7

7IGYVMXMIW ERHSV GEWL TSWMXMSRW VIxIGXMRK XLI VIWYPXERX IRXMXPIQIRX SJJIV GSRWMHIVEXMSR [MPP FI
YTHEXIH [MXL E JYVXLIV WIX SJ IRXVMIW EKEMRWX XLI GYWXSHMER MR XLI JSVQ SJ sWIXXPIHt IRXVMIW SRGI
XLI GYWXSHMER LEW EHZMWIH XLI 783 SJ WIXXPIQIRX 7YGL IRXVMIW EVI HIXEMPIH [MXLMR 'LETXIV
s9THEXMRK SJ -RXIVREP )RXVMIWt 2SXI XLEX EW TVIZMSYWP] HIWGVMFIH MR XLMW GLETXIV WIXXPIQIRX
QE] SGGYV TVSKVIWWMZIP] SZIV E TIVMSH SJ XMQI SRGI XLI IZIRX MW HIGPEVIH YRGSRHMXMSREP ERH
XLEX YTHEXMRK SJ MRXIVREP IRXVMIW WYFWIUYIRX XS WIXXPIQIRX MW GVMXMGEP MR SVHIV XS QSRMXSV ER]
SYXWXERHMRK VIWYPXERX IRXMXPIQIRXW
7911%6=
8LI QEREKIQIRX SJ XEOISZIVW TSWIW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX ERH XLIVIJSVI XLI
783 [MXL WMKRMwGERX GLEPPIRKIW
%W HIWGVMFIH MR XLI TVIZMSYW GLETXIV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX ERH XLI 783 MR
KIRIVEP QYWX IRWYVI XLEX MX LEW VSFYWX TVSGIHYVIW MR TPEGI MR SVHIV XS QEREKI
XLI QYPXMTPI WXEKIW SJ WYGL IZIRXW [MXL WTIGMwG IQTLEWMW SR XLI EGGYVEXI ERH XMQIP] VIGSVH
MRK SJ MRXIVREP IRXVMIW XLVSYKLSYX XLI IZIRX XS VIxIGX GLERKIW MR XLI YRHIVP]MRK WIGYVMX] EW
E VIWYPX SJ SJJIV EGGITXERGIW
GLERKIW XS XLI IZIRX XIVQW ERH WXEXYW XLVSYKLSYX XLI PMJIG]GPI SJ XLI IZIRX [LMGL QE] VIUYMVI
MQQIHMEXI EGXMSR F] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX SV GSQQYRMGEXMSR XS XLI TSWMXMSR
LSPHIV
TSWWMFPI GSQTIXMRK SJJIVW
'SRWIUYIRXP] XMQIP] ERH EGGYVEXI TVSGIWWMRK SJ IZIRX ERRSYRGIQIRXW ERH YTHEXMRK SJ WIGY
VMXMIW TSWMXMSRW EVI SJ YXQSWX MQTSVXERGI MR XLI QEREKIQIRX ERH TVSGIWWMRK SJ WYGL IZIRXW
4EVX :
8E\EXMSR

-2863(9'8-32
8E\EXMSR VIJIVW XS E PIZ] MQTSWIH YTSR MRHMZMHYEPW TEVXRIVWLMTW SV GSVTSVEXMSRW F] GSYRXVMIW
JSV XLI WYTTSVX SJ XLI WXEXI 8E\EXMSR PIZMIW QE] FI FEWIH YTSR XLI ZEPYI SJ IEVRMRKW TVSTIVX]
SV KSSHW ERH WIVZMGIW
8E\EXMSR FEWIH YTSR XLI ZEPYI SJ IEVRMRKW WTIGMwGEPP] VIPEXIW XS XLI IEVRMRK SJ
MRGSQI ORS[R EW sMRGSQI XE\t SV
TVSwXW ORS[R EW sGETMXEP KEMRW XE\t
8LI QENSVMX] SJ MRHMZMHYEPW MR IQTPS]QIRX EVI JEQMPMEV [MXL XLI TE]QIRX SJ MRGSQI XE\
SR MRGSQI VIGIMZIH JVSQ XLIMV IQTPS]IV ERH MRGSQI VIGIMZIH JVSQ MRZIWXQIRXW JSV I\EQTPI
MRXIVIWX IEVRIH SR GEWL LIPH MR FERO EGGSYRXW 'ETMXEP KEMRW XE\ ETTPMIW XS XLI TVSwXW IEVRIH
JVSQ XLI FY]MRK ERH WYFWIUYIRX WIPPMRK SJ EWWIXW [LMGL [IVI LIPH JSV MRZIWXQIRX TYVTSWIW
8LI FEWMG TVMRGMTPIW ERH HMJJIVIRGIW FIX[IIR MRGSQI XE\ ERH GETMXEP KEMRW XE\ [MXL VI
WTIGX XS MRZIWXQIRXW GER FI MPPYWXVEXIH EW XLI] ETTP] XS TVSTIVX] XLEX MW S[RIH TYVIP] JSV
XLI TYVTSWIW SJ MRZIWXQIRX 8LI [IIOP] VIRX VIGIMZIH JVSQ VIRXMRK XLI TVSTIVX] MW GPEWWIH
EW MRGSQI ERH MW PMEFPI XS MRGSQI XE\ 7LSYPH XLI TVSTIVX] FI WSPH EX E PEXIV XMQI XLIR ER]
TVSwX JVSQ XLEX WEPI MI WEPI TVSGIIHW PIWW XLI SVMKMREP TYVGLEWI GSWX MW GPEWWIH EW E KEMR
SV VIXYVR SR XLI SVMKMREP MRZIWXQIRX ORS[R EW GETMXEP ERH MW PMEFPI XS GETMXEP KEMRW XE\ -R
WSQI GSYRXVMIW MJ XLI WYFWIUYIRX WEPI SJ XLI TVSTIVX] VIWYPXW MR E PSWW XLIR XLI TVSTIVX] S[RIV
QE] FI TIVQMXXIH XS YWI XLMW PSWW XS VIHYGI MXW SZIVEPP XE\ PMEFMPMXMIW JVSQ SXLIV TVSwXW ERH
MRGSQI
8LIWI TVMRGMTPIW EVI EPWS ETTPMGEFPI XS MRZIWXQIRXW MR WIGYVMXMIW QEVOIXW ERH EW WYGL ETTP]
XS GLERKIW MR TSWMXMSR LSPHIVWt WIGYVMXMIW ERHSV GEWL TSWMXMSRW EW E VIWYPX SJ FSXL XVEHMRK
ERH GSVTSVEXI EGXMSR IZIRXW 8LMW GLETXIV WTIGMwGEPP] HIWGVMFIW XLI GSRGITXW SJ XE\EXMSR EW
ETTPMGEFPI XS GSVTSVEXI EGXMSR IZIRXW ERH XLI MQTEGX SR XLI 783tW QEREKIQIRX SJ XLSWI IZIRXW
ERH XLIMV WIGYVMXMIW ERHSV GEWL TSWMXMSRW
2SXI XLEX XLI TVIGMWI VIKYPEXMSRW ETTPMGEFPI XS XLI GEPGYPEXMSR ERH GSPPIGXMSR SJ ER] XE\
PMEFMPMX] [MPP HMJJIV JVSQ GSYRXV] XS GSYRXV] ERH MX MW RSX XLI EYXLSVWt MRXIRXMSR XS HIXEMP WTI
GMwG XE\ PIKMWPEXMSR JSV ER] MRHMZMHYEP GSYRXV] ,S[IZIV MR SVHIV XS LIPT GSRZI] GSRGITXW
VITVIWIRXEXMZI I\EQTPIW [MPP FI YXMPMÎH [MXLMR XLMW GLETXIV ERH XLI JSPPS[MRK GLETXIV 'LET
XIV s1EREKIQIRX SJ -RGSQI 8E\t
8%<%&0) %2( 2328%<%&0) ):)287

8LI IZIRX XIVQW [MPP GPIEVP] WXEXI [LIXLIV ER IZIRX MW XE\EFPI SV RSRXE\EFPI [MXL VIWTIGX XS MXW
MQQIHMEXI MQTEGX SR XLI TSWMXMSR LSPHIVWt WIGYVMXMIW ERHSV GEWL TSWMXMSRW MI XLI VIWYPXERX
IRXMXPIQIRX

'SVTSVEXI %GXMSRW
8E\EFPI )ZIRXW

(IWMKREXMRK ER IZIRX EW XE\EFPI QIERW XLI TSWMXMSR LSPHIV [MPP MRGYV E GLERKI MR MXW WIGYVMXMIW
ERHSV GEWL TSWMXMSR EW E HMVIGX VIWYPX SJ XLI IZIRX [LMGL QE] MQQIHMEXIP] KIRIVEXI IMXLIV
MRGSQI SV E GETMXEP KEMR
8LMW QE] FI EW E VIWYPX SJ
XLI HMWXVMFYXMSR SJ MRGSQI MR XLI JSVQ SJ IMXLIV HMZMHIRHW SV GSYTSRW
XLI I\GLERKI SJ SPH WIGYVMXMIW JSV GEWL JSV I\EQTPI XLI QEXYVMX] SJ FSRHW
XLI I\GLERKI SJ SPH WIGYVMXMIW JSV E GSQFMREXMSR SJ RI[ WIGYVMXMIW ERH GEWL [LMGL GSQFMRIW
XLI QEVOIX ZEPYI SJ XLI RI[ WIGYVMXMIW ERH XLI JEGI ZEPYI SJ XLI GEWL JSV I\EQTPI E XEOISZIV
SV QIVKIV
XLI I\GLERKI SJ SPH WIGYVMXMIW JSV RI[ WIGYVMXMIW [LIVI XLI RI[ WIGYVMXMIW EVI HMWXVMFYXIH XS
TSWMXMSR LSPHIVW SR XLI FEWMW SJ XLI QEVOIX ZEPYI SJ XLSWI WIGYVMXMIW JSV I\EQTPI E XEOISZIV
SV QIVKIV [LIVI XLI SJJIVSV HMWXVMFYXIW WLEVIW XLEX LEZI XLIMV S[R QEVOIX ZEPYI MR I\GLERKI
JSV WIGYVMXMIW MR XLI SJJIVII
2SXI XLEX MR HIWMKREXMRK ER IZIRX EW XE\EFPI RS TVIWYQTXMSR EW XS XLI TVSwX E TSWMXMSR LSPHIV
QE] QEOI MJ ER] MW FIMRK QEHI -R JEGX XLI SVMKMREP GSWX SJ XLI TSWMXMSR LSPHIVtW TSWMXMSR MR
XLI YRHIVP]MRK WIGYVMX] QE] FI QSVI XLER XLI ZEPYI SJ ER] RI[ WIGYVMXMIW ERHSV GEWL VIWYPXMRK
MR E PSWW EW E VIWYPX SJ XLI GSVTSVEXI EGXMSR IZIRX
2SR8E\EFPI )ZIRXW

2SRXE\EFPI IZIRXW EVI XLSWI IZIRXW [LIVI XLI GLERKI MR XLI TSWMXMSR LSPHIVtW WIGYVMXMIW ERHSV
GEWL TSWMXMSR EW E HMVIGX VIWYPX SJ XLI GSVTSVEXI EGXMSR HSIW RSX MQQIHMEXIP] KIRIVEXI MRGSQI
SV E GETMXEP KEMR JSV XLI TSWMXMSR LSPHIV 8LMW QE] MRGPYHI
XLI I\GLERKI SJ SPH WIGYVMXMIW JSV RI[ WIGYVMXMIW [LIVI XLI SVMKMREP GSWX SJ XLI SPH WIGYVMXMIW
MW EPWS XVERWJIVVIH XS XLI RI[ WIGYVMXMIW JSV I\EQTPI E WLEVI WTPMX ERH
XLI JVII HMWXVMFYXMSR SJ WIGYVMXMIW MI EX RS GSWX XS XLI TSWMXMSR LSPHIV JSV I\EQTPI E FSRYW
MWWYI
2SXI XLEX EPXLSYKL ER IZIRX MXWIPJ QE] FI GSRWMHIVIH RSRXE\EFPI XLMW HSIW RSX VIQSZI ER]
GETMXEP KEMRW XE\ PMEFMPMX] JVSQ XLI TSWMXMSR LSPHIV YTSR XLI IZIRXYEP HMWTSWEP SJ XLI WIGYVMXMIW
VIGIMZIH EW E VIWYPX SJ XLI GSVTSVEXI EGXMSR IZIRX MR XLI RSVQEP GSYVWI SJ WIGYVMXMIW XVEHMRK
-2863(9'8-32 83 '%4-8%0 +%-27 8%<

%2( -2'31) 8%<
8LI X]TI SJ XE\ ETTPMGEFPI XS E XE\EFPI GSVTSVEXI EGXMSR [MPP FI FEWIH YTSR XLI WTIGMwG X]TI
SJ IZIRX EGGSVHMRK XS [LIXLIV XLI VIWYPXERX IRXMXPIQIRX SJ WIGYVMXMIW ERHSV GEWL MW GPEWWIH EW
GETMXEP KEMR SV MRGSQI %W [IPP EW WXEXMRK XLEX ER IZIRX MW XE\EFPI SV RSRXE\EFPI XLI XIVQW
SJ ER IZIRX [MPP GPIEVP] WXEXI [LIXLIV WIGYVMXMIW ERHSV GEWL XS FI HMWFYVWIH XS XLI TSWMXMSR
LSPHIVW EVI HVE[R JVSQ XLI MWWYIVtW GETMXEP VIWIVZIW SV VITVIWIRX HMWXVMFYXMSR MR XLI JSVQ SJ
MRGSQI EW E VIWYPX SJ GSQTER] TVSwXW SV MRXIVIWX SR HIFX

'ETMXEP +EMRW 8E\

%W WXEXIH TVIZMSYWP] GETMXEP KEMRW XE\ MW ETTPMGEFPI XS ER] TVSwX IEVRIH EW E VIWYPX SJ MRZIWXQIRX
7TIGMwG XE\EXMSR VIKYPEXMSRW ERH EGGSYRXMRK GSRZIRXMSRW ETTP] XS XLI GEPGYPEXMSR SJ GETMXEP
KEMRW XE\ JVSQ GSYRXV] XS GSYRXV] LS[IZIV MR TVMRGMTPI ER] XE\ PMEFMPMX] MW RSX RSVQEPP]
MRGYVVIH YRXMP WYGL XMQI EW ER] TVSwX MW VIEPMÎH F] XLI TSWMXMSR LSPHIV
8[S WGIREVMSW QE] VIWYPX MR E GETMXEP KEMR XLIWI FIMRK
XLI HMWTSWEP SJ WIGYVMXMIW MR I\GLERKI JSV RI[ WIGYVMXMIW ERHSV GEWL SV
XLI VIGIMTX SJ GEWL JVSQ XLI GETMXEP VIWIVZIW SJ XLI MWWYIV [MXL RS I\GLERKI SJ XLI YRHIVP]MRK
WIGYVMXMIW
;LIVI WYGL GETMXEP KEMR QE] FI VIEPMÎH MQQIHMEXIP] EW E HMVIGX VIWYPX SJ XLI IZIRX XLI IZIRX
MW GSRWMHIVIH XE\EFPI
;MXL VIWTIGX XS RSRXE\EFPI IZIRXW ER] KEMR XLEX [MPP FI PMEFPI XS GETMXEP KEMRW XE\ [MPP RSX
FI VIEPMÎH YRXMP XLI HMWTSWEP MI WEPI ZME RSVQEP XVEHMRK SJ XLI WIGYVMXMIW VIGIMZIH EW E VIWYPX
SJ XLI GSVTSVEXI EGXMSR IZIRX
%R] TSXIRXMEP PMEFMPMX] XS GETMXEP KEMRW XE\ [MPP RSX HMVIGXP] MQTEGX XLI GEPGYPEXMSR SJ VIWYPXERX
IRXMXPIQIRXW EW HIWGVMFIH MR IEVPMIV GLETXIVW ;MXLMR XLI SVKERMÊXMSREP WXVYGXYVI SJ XLI 783
MX MW VEVI JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS FIGSQI HMVIGXP] MRZSPZIH MR XLI GEPGYPEXMSR SJ
TVSwXW ERH ER] WYFWIUYIRX GETMXEP KEMRW XE\ PMEFMPMXMIW XLMW [SYPH RSVQEPP] FI XLI VIWTSRWMFMPMX]
SJ XLI *MRERGMEP 'SRXVSP SV WMQMPEV HITEVXQIRX 2SXI XLEX EW GEPGYPEXMSR SJ GETMXEP KEMRW XE\
MW RSX RSVQEPP] QEREKIH [MXLMR XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XLMW XSTMG [MPP RSX FI
IPEFSVEXIH FI]SRH XLMW GLETXIV
2SRIXLIPIWW XLMW HSIW RSX EPPIZMEXI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX SJ EPP VIWTSRWMFMPMX]
EW MX MW XLI WSYVGI SJ MRJSVQEXMSR TIVXEMRMRK XS ER] GLERKIW MR WIGYVMXMIW ERHGEWL TSWMXMSRW EW
E VIWYPX SJ E GSVTSVEXI EGXMSRW IZIRX -X MW MQTIVEXMZI XLEX EPP GLERKIW XS XLI 783tW WIGYVMXMIW
ERHSV GEWL TSWMXMSRW EVI IJJIGXIH SR E XMQIP] ERH EGGYVEXI FEWMW ERH XLEX IZIRXW EVI MHIRXMwIH
GSVVIGXP] EW XE\EFPI SV RSRXE\EFPI
-R EHHMXMSR [LIVI XLI IZIRX VIWYPXW MR XLI HMWXVMFYXMSR SJ RI[ WIGYVMXMIW IMXLIV MR I\GLERKI
JSV I\MWXMRK WIGYVMXMIW SV EW E TYVI FIRIwX MR EHHMXMSR XS XLI TSWMXMSR LSPHIVtW I\MWXMRK TSWMXMSR
XLI GSWX SJ XLSWI WIGYVMXMIW EW HIWGVMFIH EFSZI QYWX FI GSVVIGXP] VIJIVIRGIH MR ER] WIGYVMXMIW
HMWXVMFYXMSR NSYVREPW XLYW EPPS[MRK XLI GSVVIGX GEPGYPEXMSR SJ KEMR MVVIWTIGXMZI SJ [LIXLIV MX FI
MQQIHMEXI SV YTSR PEXIV HMWTSWEP SJ XLI WIGYVMXMIW
8LI GSWX SJ XLI RI[ WIGYVMXMIW QE] FI GEPGYPEXIH EGGSVHMRK XS SRI SJ XLI JSPPS[MRK JSYV
QIXLSHW HITIRHIRX YTSR XLI X]TI SJ IZIRX ERH XLI IZIRX XE\EFMPMX] ERRSYRGIH F] XLI MWWYIV
7IGYVMXMIW QE] FI
(MWXVMFYXIH MR I\GLERKI JSV I\MWXMRK WIGYVMXMIW [MXL E ZEPYI EW HIWMKREXIH F] XLI MWWYIV SV
XLI GYVVIRX QEVOIX ZEPYI IK E XEOISZIV 2SXI XLEX XLMW [SYPH FI HIWMKREXIH EW E XE\EFPI
IZIRX
(MWXVMFYXIH MR I\GLERKI JSV I\MWXMRK WIGYVMXMIW [MXL E ZEPYI IUYEP XS XLI TYVGLEWI GSWX SJ
SVMKMREP WIGYVMXMIW IK E WLEVI WTPMX 2SXI XLEX XLMW [SYPH FI HIWMKREXIH EW E RSRXE\EFPI
IZIRX [MXL ER] TSXIRXMEP KEMR FIMRK MRGYVVIH EX E PEXIV HEXI YTSR XLI WEPI SJ XLI RI[ WIGYVMXMIW
(MWXVMFYXIH EW E JVII FIRIwX ERH XLIVIJSVI XLI GSWX MW ÎVS IK E FSRYW MWWYI 2SXI XLEX XLMW
[SYPH FI E RSRXE\EFPI IZIRX [MXL ER] TSXIRXMEP KEMR FIMRK MRGYVVIH EX E PEXIV HEXI YTSR XLI
WEPI SJ XLI RI[ WIGYVMXMIW ERH RSVQEPP] ER] WYFWIUYIRX WEPI TVSGIIHW [MPP HI HIIQIH
TVSwX

'SVTSVEXI %GXMSRW
4YVGLEWIH JVSQ XLI MWWYIV F] [E] SJ WYFWGVMTXMSR ERH XLIVIJSVI XLI GSWX SJ XLI RI[ WIGYVMXMIW
[MPP FI IUYMZEPIRX XS XLI WYFWGVMTXMSR QSRMIW TEMH IK WYFWGVMTXMSR MR E VMKLXW MWWYI 2SXI
XLEX XLMW [SYPH FI HIWMKREXIH EW E RSRXE\EFPI IZIRX [MXL ER] TSXIRXMEP KEMR FIMRK MRGYVVIH
EX E PEXIV HEXI YTSR XLI WEPI SJ XLI RI[ WIGYVMXMIW
-RGSQI 8E\

-RGSQI XE\ MW ETTPMGEFPI XS XLSWI VIWYPXERX IRXMXPIQIRXW [LIXLIV MR XLI JSVQ SJ GEWL SV WIGY
VMXMIW [LMGL VITVIWIRX XLI HMWXVMFYXMSR SJ GSQTER] TVSwXW EW HMZMHIRH SR IUYMX] SV MRXIVIWX
GSYTSR SR HIFX XS TSWMXMSR LSPHIVW 8LI X]TI SJ MRGSQI HMWXVMFYXMSR MI [LIXLIV HMZMHIRH
SV MRXIVIWX MW ER MQTSVXERX HMWXMRGXMSR EW XLMW QE] WYFWIUYIRXP] MQTEGX XLI VEXI SJ MRGSQI XE\
ETTPMGEFPI
7TIGMwG XE\EXMSR VIKYPEXMSRW [MPP ETTP] MR VIWTIGX SJ XLI GEPGYPEXMSR ERH GSPPIGXMSR SJ MRGSQI
XE\ JVSQ GSYRXV] XS GSYRXV] LS[IZIV MR XLI QENSVMX] SJ GMVGYQWXERGIW MRGSQI XE\ PMEFMPMXMIW
I\MWX MR FSXL XLI GSYRXV] [LIVI XLI MRGSQI MW IEVRIH ERH XLI GSYRXV] [LIVI XLI TSWMXMSR LSPHIV
TIVQERIRXP] VIWMHIW *SV I\EQTPI E VIWMHIRX SJ XLI 9RMXIH /MRKHSQ QE] VIGIMZI MRGSQI EW
E VIWYPX SJ E HMZMHIRH SR E +IVQER IUYMX] 8LI TVSwXW FIMRK HMWXVMFYXIH XS XLI TSWMXMSR LSPHIV
LEZI IJJIGXMZIP] FIIR IEVRIH MR +IVQER] ERH EVI PMEFPI JSV +IVQER MRGSQI XE\ -R EHHMXMSR
XLI TSWMXMSR LSPHIV MW PMEFPI XS TE] MRGSQI XE\ MR XLI 9RMXIH /MRKHSQ SR XLI HMZMHIRH EW MX MW
E TIVQERIRX VIWMHIRX SJ XLEX GSYRXV] 3J GSYVWI [LIVI XLI GSYRXV] [LIVI XLI MRGSQI MW IEVRIH
ERH XLI GSYRXV] [LIVI XLI TSWMXMSR LSPHIV TIVQERIRXP] VIWMHIW EVI XLI WEQI XLI TSWMXMSR LSPHIV
MW PMEFPI JSV SRP] SRI MRWXERGI SJ MRGSQI XE\
-R WSQI MRWXERGIW XLI MWWYIV QE] VIHYGI XLI XE\ PMEFMPMX] SJ XLI TSWMXMSR LSPHIV F] IJJIGXMZIP]
TVITE]MRK XLI XE\ PMEFMPMX] ERH QEOMRK XLI MRGSQI HMWXVMFYXMSR EX E PS[IV VEXI 8LMW MW ETTPMGEFPI
XS HMZMHIRH TE]QIRXW SR IUYMXMIW ERH XLI IZIRX XIVQW [MPP MRHMGEXI [LIXLIV XLI HMZMHIRH VEXI
MW TVIXE\IH SV RSX -R WSQI QEVOIXW JSV I\EQTPI %YWXVEPME E HMZMHIRH XLEX LEW LEH XLI XE\
TVITEMH MW ORS[R EW JVEROIH [LMPI E HMZMHIRH XLEX LEW RSX LEH XE\ TVITEMH MW ORS[R EW YR
JVEROIH -R EHHMXMSR XLI IZIRX XIVQW QE] MRHMGEXI XLEX XLI HMZMHIRH MW TEVXP] JVEROIH QIERMRK
XLEX XE\ LEW FIIR TVITEMH YTSR E TSVXMSR SJ XLI HMZMHIRH SRP]
2SXI XLEX TE]QIRXW SJ SZIVWIEW MRGSQI XE\ EW VIJIVVIH XS MR XLI IEVPMIV I\EQTPI XSKIXLIV
[MXL XLI TVITE]QIRX SJ ER] XE\ F] XLI MWWYIV QE] EPPS[ XLI TSWMXMSR LSPHIV XS VIHYGI MXW XE\
PMEFMPMX] MR MXW GSYRXV] SJ VIWMHIRGI 8LMW MW I\TPSVIH QSVI JYPP] MR XLI RI\X GLETXIV
9RPMOI GETMXEP KEMRW XE\ XLI GEPGYPEXMSR SJ MRGSQI XE\ PMEFMPMXMIW [MPP HMVIGXP] MQTEGX XLI
GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW JSV MRGSQI IZIRXW 8LMW MW FIGEYWI MR XLI QENSVMX] SJ GEWIW
XLI VIWYPXERX MRGSQI IRXMXPIQIRX MW VIHYGIH F] ER] MRGSQI XE\ TE]EFPI 8S HEXI VIJIVIRGIW
XS MRGSQI IZIRXW LEZI EP[E]W FIIR QEHI SR XLI FEWMW SJ GEPGYPEXMRK VIWYPXERX IRXMXPIQIRXW
[MXLSYX XLI MQTEGX SJ XE\ 8LVSYKLSYX XLI JSPPS[MRK GLETXIV XLI EHHMXMSREP GEPGYPEXMSRW XS
XEOI EGGSYRX SJ XLI MRGSQI XE\ PMEFMPMX] ERH XLI GEPGYPEXMSR SJ XLI VIWYPXERX MRGSQI IRXMXPIQIRX
MRGSVTSVEXMRK XE\ PMEFMPMXMIW [MPP FI HIXEMPIH 8LMW [MPP MRGPYHI XLI TVMRGMTPIW SJ MHIRXMJ]MRK XLI
ETTPMGEFPI XE\ VEXIW XS FI ETTPMIH XS ER MRHMZMHYEP TSWMXMSR LSPHIV
8LI VIWTSRWMFMPMX] JSV XLI GEPGYPEXMSR SJ XE\ SR MRGSQI IZIRXW PMIW MR XLI QENSVMX] SJ GEWIW
[MXL XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX 8LMW MW HYI XS XLI MQTEGX SJ MRGSQI XE\ EQSYRXW
SR XLI GEPGYPEXMSR SJ XLI VIWYPXERX IRXMXPIQIRX -R EHHMXMSR XLI 'SVTSVEXI %GXMSRW (ITEVX
QIRX QE] EPWS FI VIWTSRWMFPI JSV XLI EGXYEP TE]QIRX SJ XE\ PMEFMPMXMIW XS XLI ETTVSTVMEXI XE\
EYXLSVMXMIW

8,) 783t7 6-7/

8LI GSPPIGXMSR ERH TE]QIRX SJ XE\ SR MRZIWXQIRXW [LIXLIV GETMXEP KEMRW XE\ SV MRGSQI XE\
MW E PIKEP VIUYMVIQIRX -RGSVVIGX GEPGYPEXMSRW ERH RSRTE]QIRX F] ETTVSTVMEXI HIEHPMRIW GER
VIWYPX MR XLI 783 MRGYVVMRK WIVMSYW ERH GSWXP] wRIW
%W WXEXIH TVIZMSYWP] XLI WTIGMwG VIKYPEXMSRW WYVVSYRHMRK XLI GEPGYPEXMSR ERH GSPPIGXMSR SJ
MRGSQI XE\ [MPP HMJJIV JVSQ GSYRXV] XS GSYRXV] -R EGGSQQSHEXMRK XLI ZEVMIX] SJ VIKYPEXMSRW MX
LEW FIIR LMWXSVMGEPP] HMJwGYPX XS ETTP] LMKL PIZIPW SJ EYXSQEXMSR ERH 784 XS XLMW EWTIGX SJ XLI
'SVTSVEXI %GXMSRW (ITEVXQIRXtW VIWTSRWMFMPMXMIW ERH EGGSVHMRKP] XLI GEPGYPEXMSR GSPPIGXMSR
ERH QEREKIQIRX SJ MRGSQI XE\ EQSYRXW EVI RSXSVMSYWP] QERYEP
-R EHHMXMSR HYI XS XLI ZEVMIX] SJ VIKYPEXMSRW XLI GEPGYPEXMSR ERH GSPPIGXMSR SJ MRGSQI
XE\ VIUYMVIW WTIGMEPMWX ORS[PIHKI ERH MR QSWX GEWIW E HIHMGEXIH XIEQ [MXLMR XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [MPP FI VIWTSRWMFPI JSV XLI QEREKIQIRX SJ MRGSQI IZIRXW ERH EWWSGMEXIH
XE\ GEPGYPEXMSRW
8S EZSMH XLI VMWO SJ PSWWIW ERH wRIW XLI 783 WLSYPH IRWYVI XLEX EPP EYXSQEXMG ERH QERYEP
TVSGIHYVIW EVI GSVVIGXP] QSRMXSVIH ERH ZEPMHEXIH 8LI TVSGIHYVIW [MXLMR XLI 'SVTSVEXI %GXMSRW
(ITEVXQIRX QYWX MRGPYHI XLI MHIRXMwGEXMSR SJ MRGSQI ERH XE\EFPI ERH RSRXE\EFPI GETMXEP
IZIRXW EHHMXMSREPP] XLI QEMRXIRERGI SJ GYVVIRX XE\ VIKYPEXMSRW ERH VEXIW MW GVMXMGEP
7911%6=
8LI TVMRGMTPIW SJ XE\EXMSR SJ MRGSQI ERH GETMXEP KEMRW EVI EW ETTPMGEFPI XS WIGYVMXMIW EW XLI]
EVI XS SXLIV JSVQW SJ MRZIWXQIRX
8LSWI XLEX EHQMRMWXIV MRZIWXQIRXW S[RIH F] SXLIVW EVI GSRJVSRXIH [MXL E GLEPPIRKMRK ERH
LMWXSVMGEPP] QERYEPP] MRXIRWMZI XEWO MR XLI EGGYVEXI ERH XMQIP] QEREKIQIRX SJ XE\IW SR WYGL
MRZIWXQIRXW

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8LMW GLETXIV HIWGVMFIW XLI GEPGYPEXMSR ERH GSPPIGXMSR SJ MRGSQI XE\ PMEFMPMXMIW ERH LS[ XLI]
MQTEGX XLI GEPGYPEXMSR SJ VIWYPXERX MRGSQI IRXMXPIQIRXW F] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
8S HEXI XLI GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW [MXL VIWTIGX XS MRGSQI IZIRXW LEW FIIR
MPPYWXVEXIH F] WMQTP] QYPXMTP]MRK XLI IRXMXPIH LSPHMRK UYERXMX] F] XLI HMZMHIRH GEWL VEXI SV
GSYTSR VEXI SV MR XLI GEWI SJ (MZMHIRH 6IMRZIWXQIRX 4PERW (64W ETTP]MRK XLI VIMRZIWXQIRX
XIVQW XS GEPGYPEXI E WIGYVMXMIW MRGSQI IRXMXPIQIRX
-X MW RS[ RIGIWWEV] XS I\XIRH XLIWI GEPGYPEXMSRW MR SVHIV XS XEOI EGGSYRX SJ XLI XE\ PMEFMPMXMIW
SJ XLI TSWMXMSR LSPHIV MRGSVTSVEXMRK XLIWI EQSYRXW MRXS XLI wREP VIWYPXERX IRXMXPIQIRX XS FI
GSPPIGXIH JVSQ XLI PSGEXMSR ERH HMWFYVWIH XS XLI TSWMXMSR LSPHIV
-RGSQI XE\ PMEFMPMXMIW [MXLLIPH EX WSYVGI MI F] XLI MWWYIV SR FILEPJ SJ MXW GSYRXV]tW XE\
EYXLSVMX] EVI GSQQSRP] ORS[R EW [MXLLSPHMRK XE\ ;MXLMR XLMW FSSO XLI JSPPS[MRK XIVQW [MPP
FI YWIH
XE\ HIHYGXIH SZIVWIEW JVSQ XLI TIVWTIGXMZI SJ XLI 783 [MPP FI VIJIVVIH XS EW *SVIMKR
;MXLLSPHMRK 8E\ [LIVIEW
XE\ HIHYGXIH MR XLI TSWMXMSR LSPHIVtW GSYRXV] SJ VIWMHIRGI [MPP FI VIJIVVIH XS EW 4SWMXMSR
,SPHIVtW (SQIWXMG -RGSQI 8E\ [LMGL QE] SV QE] RSX FI [MXLLIPH EX WSYVGI EGGSVHMRK XS
HSQIWXMG PIKMWPEXMSR
8LI GEPGYPEXMSR SJ E VIWYPXERX MRGSQI IRXMXPIQIRX [MPP RSVQEPP] MRGPYHI GEPGYPEXMSR SJ
+VSWW -RGSQI VITVIWIRXMRK XLI VIWYPXERX IRXMXPIQIRX TVMSV XS XLI GEPGYPEXMSR ERH HIHYGXMSR
SJ ER] XE\ EQSYRXW
*SVIMKR ;MXLLSPHMRK 8E\ VITVIWIRXMRK XE\ HIHYGXIH F] XLI MWWYIV SV GYWXSHMER ERH TE]EFPI
XS XLI MWWYIVtW REXMSREP XE\ EYXLSVMX]
2IX -RGSQI EJXIV HIHYGXMSR SJ JSVIMKR [MXLLSPHMRK XE\ VITVIWIRXMRK XLI EQSYRX X]TMGEPP]
VIGIMZEFPI F] XLI 783 JVSQ XLI GYWXSHMER JSPPS[MRK HIHYGXMSR EX WSYVGI SJ XLI *SVIMKR
;MXLLSPHMRK 8E\
4SWMXMSR ,SPHIVtW (SQIWXMG -RGSQI 8E\ VITVIWIRXMRK XLSWI XE\ EQSYRXW HIHYGXIH F] XLI
783 ERH TE]EFPI XS E XE\ EYXLSVMX] MR XLI GSYRXV] SJ VIWMHIRGI SJ XLI TSWMXMSR LSPHIV
2IX -RGSQI VITVIWIRXMRK XLI wREP VIWYPXERX IRXMXPIQIRX XS FI HMWFYVWIH F] XLI 783 XS TSWMXMSR
LSPHIVW SRGI EPP ETTPMGEFPI XE\ EQSYRXW LEZI FIIR HIHYGXIH JVSQ XLI KVSWW MRGSQI
-R SVHIV XS KYMHI XLI VIEHIV XLVSYKL XLMW GLETXIV XLI MRJSVQEXMSR MR 8EFPI [MPP FI VITIEXIH
EX XLI FIKMRRMRK SJ IEGL VIPIZERX WIGXMSR XLI XEFPI GSRXEMRW HIwRMXMSRW SJ IEGL GEPGYPEXMSR
GSQTSRIRX ERH E WMQTPI GEPGYPEXMSR I\EQTPI
8LI TVIZMSYW GLETXIV HIWGVMFIH LS[ EPP MRGSQI HMWXVMFYXMSRW EVI TSXIRXMEPP] PMEFPI JSV MRGSQI
XE\ ERH XLIWI TVMRGMTPIW [MPP ETTP] XS XLSWI HMWXVMFYXIH MR XLI JSVQ SJ FSXL GEWL ERH WIGYVMXMIW
RSRIXLIPIWW XLI WTIGMwG GSRZIRXMSRW JSV ETTP]MRK MRGSQI XE\ EQSYRXW XS ER IRXMXPIQIRX [MPP
HMJJIV EGGSVHMRK XS [LIXLIV XLI IRXMXPIQIRX MW HMWXVMFYXIH EW GEWL SV WIGYVMXMIW 8LIWI HMJJIVIRGIW

'SVTSVEXI %GXMSRW
8EFPI
'LETXIVWIGXMSR
+VSWW-RGSQI
*SVIMKR;MXLLSPHMRK8E\*;8
2IX-RGSQIEJXIV*;8
4SWMXMSR,SPHIVtW(SQIWXMG
-RGSQI8E\4,(-8
2IX-RGSQIEJXIV*;8ERH
4,(-8
(IJMRMXMSRSJGEPGYPEXMSRGSQTSRIRX
6IWYPXSJQYPXMTP]MRKIRXMXPIHLSPHMRKF]XLI
HMZMHIRHVEXISVGSYTSRVEXI
8E\HIHYGXIHF]MWWYIVSVGYWXSHMERERHTE]EFPI
XSMWWYIVtWREXMSREPXE\EYXLSVMX]
8LIEQSYRXVIQEMRMRKEJXIVHIHYGXMSRSJ
*SVIMKR;MXLLSPHMRK8E\ERHTEMHXS783F]
GYWXSHMER
8E\HIHYGXIHF]XLI783ERHTE]EFPIXS
LSPHIVtWREXMSREPXE\EYXLSVMX]
8LIEQSYRXTE]EFPIXSXLITSWMXMSRLSPHIVEJXIV
HIHYGXMSRSJ*SVIMKR;MXLLSPHMRK8E\ERH
4SWMXMSR,SPHIVtW(SQIWXMG-RGSQI8E\
'EPGYPEXMSRI\EQTPI
)96
)96
SJKVSWWMRGSQI
)96
)96
SJKVSWWMRGSQI
)96
[MPP FI HIWGVMFIH XLVSYKLSYX XLMW GLETXIV 2SXI XLEX XLI I\EQTPI XE\ VEXIW YWIH MR XLMW GLETXIV ERH
XLIMV XVIEXQIRX [MXLMR WXEXIH GSYRXVMIW EVI IRXMVIP] wGXMXMSYW EVI YWIH JSV MPPYWXVEXMZI TYVTSWIW
SRP] ERH EVI RSX MRXIRHIH XS VIxIGX EGXYEP XE\ VEXIW SV XLIMV XVIEXQIRX
+6377 -2'31)

8LI GEPGYPEXMSR SJ KVSWW MRGSQI 8EFPI MW XLI wVWX WXIT MR XLI GEPGYPEXMSR SJ RIX MRGSQI
SV wREP VIWYPXERX IRXMXPIQIRX XLI QENSVMX] SJ XE\ EQSYRX GEPGYPEXMSRW EVI FEWIH YTSR XLI KVSWW
IRXMXPIQIRX 8LI KVSWW MRGSQI MW VIPIZERX XS MRGSQI GEPGYPEXMSRW JSV FSXL TSWMXMSR LSPHIVW ERH
XLI PSGEXMSR
8EFPI
'LETXIVWIGXMSR
+VSWW-RGSQI
2IX-RGSQIEJXIV*;8
-RGSQI8E\4,(-8
4,(-8
GYWXSHMER
'EPGYPEXMSRI\EQTPI
)96
)96
SJKVSWWMRGSQI
)96
)96
SJKVSWWMRGSQI
)96
8LI KVSWW MRGSQI MW RSVQEPP] GEPGYPEXIH F] QYPXMTP]MRK XLI IRXMXPIH LSPHMRK UYERXMX] F] XLI
GEWL VEXI GSYTSR VEXI SV WIGYVMXMIW VEXMS SJ XLI MRGSQI IZIRX 8LMW GEPGYPEXMSR MW GSRWMWXIRX
[MXL XLSWI HIWGVMFIH MR 'LETXIV s'EPGYPEXMSR SJ 6IWYPXERX )RXMXPIQIRXWt 2SXI XLEX XLI
ZEVMEXMSRW VIUYMVIH JSV (64 EVI HIWGVMFIH MR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL
3TXMSRW )ZIRXWt
*SV I\EQTPI YWMRK E GEWL HMZMHIRH VEXI SJ GIRXW TIV WLEVI ERH EWWYQMRK ER IRXMXPIH
LSPHMRK SJ <<< WLEVIW
[LMGL TVSHYGIW KVSWW MRGSQI SJ GIRXW SV )96

*36)-+2 ;-8,30(-2+ 8%<

*SVIMKR [MXLLSPHMRK XE\ 8EFPI MW MRGSQI XE\ HIHYGXIH JVSQ XLI KVSWW MRGSQI F] XLI
MWWYIV SV XLI GYWXSHMER ERH TE]EFPI XS XLI MWWYIVtW REXMSREP XE\ EYXLSVMX] *SVIMKR [MXLLSPHMRK
XE\ MW VIPIZERX XS MRGSQI GEPGYPEXMSRW JSV FSXL TSWMXMSR LSPHIVW ERH XLI PSGEXMSR
8EFPI
'LETXIVWIGXMSR
+VSWW-RGSQI
2IX-RGSQIEJXIV*;8
-RGSQI8E\4,(-8
4,(-8
GYWXSHMER
'EPGYPEXMSRI\EQTPI
)96
)96
SJKVSWWMRGSQI
)96
)96
SJKVSWWMRGSQI
)96
*SV I\EQTPI EWWYQI XLEX XLI KVSWW HMZMHIRH MPPYWXVEXIH EFSZI MW TEMH SR E +IVQER IUYMX]
ERH LIPH F] E TSWMXMSR LSPHIV [LS MW E TIVQERIRX VIWMHIRX SJ XLI 9RMXIH /MRKHSQ -R XLMW
MRWXERGI +IVQER MRGSQI XE\ [SYPH FI [MXLLIPH F] XLI MWWYIV SV GYWXSHMER ERH TEMH XS XLI
+IVQER XE\ EYXLSVMX]
*SVIMKR MRGSQI XE\ MW [MXLLIPH TVMSV XS TE]QIRX FIGEYWI EW XLI TSWMXMSR LSPHIV MW RSX VIWMHIRX
MR XLI GSYRXV] XLEX MW XLI WSYVGI SJ XLI MRGSQI XLI TSWMXMSR LSPHIV [MPP RSX FI HIGPEVMRK XLI
MRGSQI MR XLEX GSYRXV] %W WYGL MR SVHIV JSV XLI MWWYIVtW REXMSREP XE\ EYXLSVMX] XS KYEVERXII
XLI GSPPIGXMSR SJ XLI MRGSQI XE\ XLEX MX MW HYI MRGSQI XE\ QYWX FI HIHYGXIH [MXLLIPH TVMSV XS
TE]QIRX SJ XLI MRGSQI XS XLI TSWMXMSR LSPHIV
*SVIMKR [MXLLSPHMRK XE\ MW GEPGYPEXIH F] QYPXMTP]MRK XLI KVSWW MRGSQI F] XLI ETTPMGEFPI XE\
VEXI *SV I\EQTPI YWMRK E KVSWW MRGSQI EQSYRX SJ )96 ERH JSVIMKR [MXLLSPHMRK
XE\ VEXI SJ
QYPXMTP] KVSWW MRGSQI F]
[LMGL TVSHYGIW E JSVIMKR [MXLLSPHMRK XE\ EQSYRX SJ )96
-X MW MQTSVXERX XS RSXI XLEX XLI HIHYGXMSR SJ JSVIMKR [MXLLSPHMRK XE\ HSIW RSX JVII XLI TSWMXMSR
LSPHIV JVSQ ER] XE\ PMEFMPMXMIW [MXLMR MXW S[R GSYRXV] SJ VIWMHIRGI MI XS MXW HSQIWXMG XE\
EYXLSVMX] 8LIVIJSVI XLI MRGYVVIRGI SJ XE\ PMEFMPMXMIW MR X[S GSYRXVMIW QE] WIVZI XS HMWGSYVEKI
WSQI TSWMXMSR LSPHIVW JVSQ MRZIWXQIRX SZIVWIEW 'SRWIUYIRXP] QER] GSYRXVMIW FERH XSKIXLIV
XS EKVII PS[IV JSVIMKR [MXLLSPHMRK XE\ VEXIW JSV JSVIMKR TSWMXMSR LSPHIVW MR SVHIV XS IRGSYVEKI
QYXYEP SZIVWIEW MRZIWXQIRX FIX[IIR XLIMV VIWTIGXMZI MRZIWXSVW
3RI SJ X[S X]TIW SJ JSVIMKR [MXLLSPHMRK XE\ VEXIW QE] ETTP] XS MRHMZMHYEP JSVIMKR TSWMXMSR
LSPHIVW ERH XLI ETTPMGEFPI X]TI [MPP HITIRH WTIGMwGEPP] YTSR XLI TSWMXMSR LSPHIVtW GSYRXV] SJ
VIWMHIRGI ERH XLI MWWYIVtW GSYRXV] 8LI X[S X]TIW EVI
8VIEX] 6EXIW [LIVI E XVIEX] ORS[R EW E HSYFPI XE\EXMSR EKVIIQIRX MW WMKRIH XS EKVII XLEX
MRGSQI IEVRIH JVSQ MRZIWXQIRX FIX[IIR XLI X[S GSYRXVMIW [MPP FI XE\IH EX E VIHYGIH VEXI
GSQTEVIH [MXL XLI LMKLIV RSRXVIEX] VEXI i WII FIPS[ SV
2SRXVIEX] 6EXIW [LIVI RS WYGL XVIEX] I\MWXW FIX[IIR XLI X[S GSYRXVMIW ERH MRGSQI IEVRIH
[MPP FI XE\IH EX XLI LMKLIV VEXI

'SVTSVEXI %GXMSRW
-VVIWTIGXMZI SJ XLI I\MWXIRGI SJ E XVIEX] SV RSX XLI EGXYEP JSVIMKR [MXLLSPHMRK XE\ VEXI
ETTPMGEFPI MW HMGXEXIH F] XLI XE\ EYXLSVMX] SJ XLI MWWYIVtW GSYRXV]
2)8 -2'31) %*8)6 ()(9'8-32 3* *36)-+2

;-8,,30(-2+ 8%<
;LIR JSVIMKR MRGSQI MW GSPPIGXIH F] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX JVSQ XLI PSGEXMSR XLI
JSVIMKR [MXLLSPHMRK XE\ [MPP LEZI EPVIEH] FIIR HIHYGXIH ERH XLIVIJSVI XLI EQSYRX VIGIMZIH
F] XLI 783 [MPP FI XLI VIQEMRMRK RIX MRGSQI EQSYRX 2IX MRGSQI EJXIV HIHYGXMSR SJ JSVIMKR
[MXLLSPHMRK XE\ MW VIPIZERX XS MRGSQI GEPGYPEXMSRW JSV XLI PSGEXMSR 8EFPI 2SXI XLEX RIX
MRGSQI GEPGYPEXMSRW JSV XLI TSWMXMSR LSPHIV EVI HIWGVMFIH PEXIV MR XLMW GLETXIV
8EFPI
'LETXIVWIGXMSR
+VSWW-RGSQI
2IX-RGSQIEJXIV*;8
-RGSQI8E\4,(-8
4,(-8
GYWXSHMER
'EPGYPEXMSRI\EQTPI
)96
)96
SJKVSWWMRGSQI
)96
)96
SJKVSWWMRGSQI
)96
%WWYQMRK XLEX XLI 783 MW E[EVI SJ ER MRGSQI IZIRX ERH LEW GEPGYPEXIH IRXMXPIQIRX HYI
MR EHZERGI SJ XLI TE]QIRX SV HMWXVMFYXMSR HEXI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [SYPH
FI I\TIGXMRK XS VIGIMZI XLI ETTVSTVMEXI GVIHMX EX MXW GYWXSHMER EGGSYRXW SR XLI HYI HEXI
8LI EQSYRXW HYI QYWX XEOI MRXS EGGSYRX XLI VIWMHIRG] WXEXYW SJ XLI TSWMXMSR LSPHIVW [LIXLIV
XVEHMRK FSSOW SV GYWXSH] GPMIRXW ERH GSRWIUYIRXP] [LIXLIV XVIEX] VEXIW EVI ETTPMGEFPI SV RSX
2IX MRGSQI EJXIV HIHYGXMSR SJ JSVIMKR [MXLLSPHMRK XE\ MW GEPGYPEXIH F] HIHYGXMRK XLI JSVIMKR
[MXLLSPHMRK XE\ JVSQ XLI KVSWW MRGSQI *SV I\EQTPI YWMRK E KVSWW MRGSQI EQSYRX SJ )96
ERH JSVIMKR [MXLLSPHMRK XE\ VEXI SJ
HIHYGX JSVIMKR [MXLLSPHMRK XE\ JVSQ KVSWW MRGSQI )96 n )96
[LMGL TVSHYGIW E RIX MRGSQI EJXIV HIHYGXMSR SJ JSVIMKR [MXLLSPHMRK XE\ EQSYRX SJ )96

'SRZIRXMSRW XS QEREKI JSVIMKR [MXLLSPHMRK XE\ HIHYGXIH EX XLI PSGEXMSR ZIVWYW XLEX ETTPM
GEFPI XS TSWMXMSR LSPHIVW EVI I\TPSVIH PEXIV MR XLMW GLETXIV
437-8-32 ,30()6t7 (31)78-' -2'31) 8%<

4SWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ 8EFPI MW XE\ HIHYGXIH F] XLI 783 JVSQ MRGSQI
HYI XS TSWMXMSR LSPHIVW SR ER MRZIWXQIRX MR ER SZIVWIEW WIGYVMX] MI JSVIMKR MRGSQI ERH
TE]EFPI XS XLI TSWMXMSR LSPHIVtW HSQIWXMG XE\ EYXLSVMX] *YVXLIVQSVI WYGL XE\ MW ETTPMGEFPI XS
ER MRZIWXQIRX MR E WIGYVMX] MWWYIH [MXLMR XLI GSYRXV] SJ VIWMHIRGI SJ XLI TSWMXMSR LSPHIV MI
HSQIWXMG MRGSQI 4SWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ MW VIPIZERX XS MRGSQI GEPGYPEXMSRW
JSV TSWMXMSR LSPHIVW SRP] ERH RSX XS XLI PSGEXMSR

8EFPI
'LETXIVWIGXMSR
+VSWW-RGSQI
2IX-RGSQIEJXIV*;8
-RGSQI8E\4,(-8
4,(-8
GYWXSHMER
'EPGYPEXMSRI\EQTPI
)96
)96
SJKVSWWMRGSQI
)96
)96
SJKVSWWMRGSQI
)96
%TTPMGEFMPMX] SJ 4SWMXMSR ,SPHIVtW (SQIWXMG -RGSQI 8E\

%X XLMW WXEKI MX MW IWWIRXMEP XS RSXI XLEX XLI 783 QE] FI VIUYMVIH XS HIHYGX TSWMXMSR LSPHIVtW
HSQIWXMG MRGSQI XE\ JVSQ XLSWI GPMIRXW XLEX EVI VIWMHIRX [MXLMR XLI 783tW GSYRXV] SJ VIWMHIRGI
EGGSVHMRK XS XLI XE\ PIKMWPEXMSR SJ XLEX GSYRXV]
-R E WMXYEXMSR [LIVI XLI 783 LSPHW WIGYVMXMIW MR WEJI GYWXSH] JSV E RYQFIV SJ GPMIRXW
WSQI SJ XLSWI GPMIRXW QE] FI VIWMHIRX [MXLMR XLI 783tW GSYRXV] SJ VIWMHIRGI XLI 783
XLIVIJSVI FIMRK SFPMKIH XS HIHYGX TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ JVSQ MRGSQI HYI
XS WYGL GPMIRXW *SV I\EQTPI MJ XLI 783 MW FEWIH MR XLI 9/ XLI 783 QE] FI VIUYMVIH XS
HIHYGX TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ JVSQ 9/ VIWMHIRX TSWMXMSR LSPHIVW %R I\GIT
XMSR SGGYVW [LIVI XLI TSWMXMSR LSPHIV MW I\IQTX JVSQ WYGL XE\ EW MW XLI GEWI JSV VIKMWXIVIH
GLEVMXMIW
'SRZIVWIP] WSQI SJ XLI 783tW GPMIRXW QE] FI VIWMHIRX SZIVWIEW ERH XLIVIJSVI RSX WYFNIGX XS
XE\ [MXLMR XLI 783tW GSYRXV] SJ VIWMHIRGI YRHIV XLIWI GMVGYQWXERGIW XLI 783 QYWX TEWWSR XLI
MRGSQI XS GPMIRXW VIWMHIRX SZIVWIEW EJXIV LEZMRK LEH SRP] JSVIMKR [MXLLSPHMRK XE\ HIHYGXIH
%R I\GITXMSR XS XLMW VYPI SGGYVW [LIVI XLI TSWMXMSR LSPHIV MW VIWMHIRX SZIVWIEW FYX JEMPW XS
GSQTPIXI RSRVIWMHIRG] HIGPEVEXMSR HSGYQIRXW MR [LMGL GEWI XLI 783 QE] FI SFPMKIH XS
HIHYGX XE\ 3ZIVWIEW VIWMHIRX TSWMXMSR LSPHIVW EVI X]TMGEPP] VIUYMVIH XS HIGPEVI MRGSQI XS XLIMV
S[R REXMSREP XE\ EYXLSVMX] XLMW MW RSVQEPP] XLI VIWTSRWMFMPMX] SJ XLI TSWMXMSR LSPHIV ERH RSX
XLI 783
8LI XI\X MR 7IGXMSR MW [VMXXIR JVSQ XLI TIVWTIGXMZI SJ XLI 783 RIIHMRK XS HIHYGX
TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ JVSQ ETTPMGEFPI TSWMXMSR LSPHIVW SRP]
'EPGYPEXMSR SJ 4SWMXMSR ,SPHIVtW (SQIWXMG -RGSQI 8E\

%W [MXL EPP SXLIV MRGSQI VIGIMZIH JSV I\EQTPI WEPEV] VIRXEP VIXYVRW SR MRZIWXQIRX TVSTIVX]
ERH MRXIVIWX SR WEZMRKW MRGSQI IEVRIH JVSQ MRZIWXQIRX MR WIGYVMXMIW QYWX FI HIGPEVIH XS XLI
TSWMXMSR LSPHIVtW REXMSREP XE\ EYXLSVMX] ERH MW PMEFPI JSV HSQIWXMG XE\EXMSR 8LVSYKLSYX XLMW
GLETXIV XLMW MW FIMRK HIWGVMFIH EW HSQIWXMG XE\ EW MX VITVIWIRXW XLI XE\ TE]EFPI XS XLI GSYRXV]
SJ VIWMHIRGI SJ XLI TSWMXMSR LSPHIV
8LI HSQIWXMG XE\ MW GEPGYPEXIH SR XLI KVSWW MRGSQI EQSYRX MVVIWTIGXMZI SJ ER] SXLIV XE\
EQSYRXW EPVIEH] TEMH IMXLIV EW JSVIMKR [MXLLSPHMRK XE\ SV TVITEMH XE\ TEMH F] XLI MWWYIV
HIWGVMFIH PEXIV MR XLMW GLETXIV

'SVTSVEXI %GXMSRW
9WMRK XLI I\EQTPI MR XLI TVIZMSYW WIGXMSR YRHIV JSVIMKR [MXLLSPHMRK XE\ EWWYQI XLEX YRHIV
RSVQEP GMVGYQWXERGIW XLI 9/ VIWMHIRX [MPP FI PMEFPI JSV 9/ MRGSQI XE\ EX E VEXI SJ SR
XLI KVSWW MRGSQI IEVRIH MR XLMW GEWI )96
8LI HSQIWXMG XE\ MW GEPGYPEXIH F] QYPXMTP]MRK XLI KVSWW MRGSQI F] XLI ETTPMGEFPI XE\ VEXI
MR XLMW GEWI
QYPXMTP] KVSWW MRGSQI F]
[LMGL TVSHYGIW E HSQIWXMG XE\ EQSYRX SJ )96 2SXI XLEX HSQIWXMG XE\ HIHYGXIH MR
E GYVVIRG] SXLIV XLER XLI REXYVEP GYVVIRG] SJ XLI TSWMXMSR LSPHIVtW REXMSREP XE\ EYXLSVMX] [MPP
VIUYMVI XLI 783 XS IJJIGX E JSVIMKR I\GLERKI XVERWEGXMSR XS VEMWI XLI ETTVSTVMEXI GYVVIRG] MR
XLI I\EQTPI UYSXIH XLI ETTVSTVMEXI GYVVIRG] MW +&4
-X MW MQTSVXERX XS RSXI XLEX XLI TSWMXMSR LSPHIV QE] EGGSVHMRK XS HSQIWXMG MRGSQI XE\
VIKYPEXMSRW FI EFPI XS VIHYGI MXW HSQIWXMG XE\ PMEFMPMX] [LIVI
JSVIMKR [MXLLSPHMRK XE\ LEW FIIR ETTPMIH WII WIGXMSR FIPS[
HSQIWXMG XE\ LEW FIIR TVITEMH F] XLI MWWYIV HIWGVMFIH PEXIV MR XLMW GLETXIV
2SXI XLEX [LIVI XLI 783 LEW HIHYGXIH TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ TVMSV XS TEWWMRK
SR XLI MRGSQI XS XLI TSWMXMSR LSPHIV XLI 783 [MPP RIIH XS
LSPH XLI HIHYGXIH XE\ MR ER ETTVSTVMEXI EGGSYRX ERH
VIQMX XLI XE\ XS XLI 783tW REXMSREP XE\ EYXLSVMX] EX XLI VIUYMVIH XMQI
8LIWI XSTMGW EVI I\TPSVIH MR QSVI HIXEMP PEXIV MR XLMW GLETXIV
3JJWIXXMRK *SVIMKR ;MXLLSPHMRK 8E\
8LI HIHYGXMSR SJ JSVIMKR [MXLLSPHMRK XE\ EX WSYVGI HSIW RSX I\IQTX XLI TSWMXMSR LSPHIV JVSQ
ER] HSQIWXMG MRGSQI XE\ PMEFMPMX] [MXLMR MXW S[R GSYRXV] SJ VIWMHIRGI
9RHIV WSQI GMVGYQWXERGIW XLI TSWMXMSR LSPHIV QE] FI VIUYMVIH XS TE] HSQIWXMG MRGSQI XE\
GSQTPIXIP] SZIV ERH EFSZI ER] JSVIMKR [MXLLSPHMRK XE\ EQSYRX EPVIEH] HIHYGXIH ,S[IZIV
YRHIV SXLIV EVVERKIQIRXW TEVXMGYPEVP] [LIVI E XVIEX] MW MRZSPZIH FIX[IIR XLI MWWYIVtW GSYRXV]
ERH XLI TSWMXMSR LSPHIVtW GSYRXV] XLI JSVIMKR [MXLLSPHMRK XE\ HIHYGXIH QE] FI YWIH F]
XLI TSWMXMSR LSPHIVtW HSQIWXMG XE\ EYXLSVMX] XS VIHYGI ZME SJJWIXXMRK XLI TSWMXMSR LSPHIVtW
HSQIWXMG XE\ PMEFMPMX]
-X MW XLI VIWTSRWMFMPMX] SJ XLI 783 XS VIQEMR E[EVI SJ GYVVIRX SJJWIXXMRK EVVERKIQIRXW ERH XS
HIHYGX XLI GSVVIGX XE\ EQSYRXW EGGSVHMRKP]
;LIR X[S GSYRXVMIW IRXIV MRXS E HSYFPI XE\EXMSR EKVIIQIRX XLI SZIVEPP EMQ MW XLEX MRZIWXSVW
MR FSXL GSYRXVMIW [MPP RSX TE] ER EQSYRX SJ XE\ KVIEXIV XLER XLI JYPP HSQIWXMG MRGSQI XE\ VEXI
TE]EFPI [MXLMR XLI MRZIWXSVtW GSYRXV] -R SVHIV XS EGLMIZI XLMW XLI XE\ EYXLSVMXMIW [MXLMR XLI
MRZIWXSVtW GSYRXV] QE] HIGPEVI XLEX [MXLLSPHMRK XE\ HIHYGXIH EX WSYVGI MW SJJWIXXEFPI EKEMRWX
XLI HSQIWXMG MRGSQI XE\ HYI 8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX FI E[EVI EW XS [LIXLIV
XLMW MW ETTPMGEFPI [MXLMR MXW GSYRXV] SJ VIWMHIRGI
'SRWIUYIRXP] JSPPS[MRK SR JVSQ XLI I\EQTPI MR XLI TVIZMSYW WIGXMSR [LIVI +IVQER MRGSQI
XE\ SJ )96 EX E VEXI SJ LEW TVIZMSYWP] FIIR HIHYGXIH JVSQ XLI 9RMXIH /MRKHSQ
TSWMXMSR LSPHIVtW KVSWW MRGSQI SJ )96 MJ XLMW EQSYRX MW SJJWIXXEFPI EKEMRWX MXW
9RMXIH /MRKHSQ HSQIWXMG XE\ PMEFMPMX] SJ )96 XLI GEPGYPEXMSR [SYPH ETTIEV EW

JSPPS[W
HIHYGX JSVIMKR [MXLLSPHMRK XE\ JVSQ HSQIWXMG XE\ )96 n )96
[LMGL TVSHYGIW E wREP HSQIWXMG XE\ EQSYRX SJ )96 [LMGL [MPP FI GSRZIVXIH XS XLI
HSQIWXMG GYVVIRG] MR XLMW GEWI +&4 EW HIWGVMFIH TVIZMSYWP]
'SRWIUYIRXP] XLI wREP HSQIWXMG XE\ PMEFMPMX] MR XLI I\EQTPI MW IJJIGXMZIP] SJ XLI KVSWW
MRGSQI EW VITVIWIRXIH F] XLI HMJJIVIRGI FIX[IIR XLI HSQIWXMG XE\ VEXI ERH XLI JSVIMKR
[MXLLSPHMRK XE\ VEXI
8LI I\XIRX XS [LMGL JSVIMKR [MXLLSPHMRK XE\ QE] FI SJJWIX EKEMRWX HSQIWXMG XE\ PMEFMPMXMIW
[MPP HMJJIV JVSQ GSYRXV] XS GSYRXV] %W WYGL MX MW RSX WMQTP] E QEXXIV SJ EP[E]W VIHYGMRK XLI
HSQIWXMG XE\ PMEFMPMX] F] XLI EQSYRX SJ XLI JSVIMKR [MXLLSPHMRK XE\ 8LI 'SVTSVEXI %GXMSRW
(ITEVXQIRX [MPP RIIH XS MHIRXMJ] XLI EQSYRX SJ JSVIMKR [MXLLSPHMRK XE\ SV XLI IUYMZEPIRX VEXI
XLEX QE] FI SJJWIX 1ER] SVKERMÊXMSRW LSPH XLI VEXI MR XLI EFSZI I\EQTPI XLEX QE] FI
SJJWIX EW ER EHHMXMSREP MXIQ SJ HEXE MR XLIMV XE\ VEXI VIGSVHW MR SVHIV XS TIVJSVQ XLMW GEPGYPEXMSR
EYXSQEXMGEPP]
8LI IJJIGX SJ VIKYPEXMSRW EPPS[MRK XLI SJJWIXXMRK SJ JSVIMKR [MXLLSPHMRK XE\ EKEMRWX HSQIWXMG
XE\ PMEFMPMXMIW MW XS VIHYGI XLI TSWMXMSR LSPHIVtW SZIVEPP XE\ PMEFMPMX] ERH IRGSYVEKI JYVXLIV
JSVIMKR MRZIWXQIRX
2SXI XLEX [LIVI XLI 783 LEW HIHYGXIH TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ TVMSV XS
TEWWMRKSR XLI MRGSQI XS XLI TSWMXMSR LSPHIV XLI 783 [MPP RIIH XS
LSPH XLI HIHYGXIH XE\ MR ER ETTVSTVMEXI EGGSYRX ERH
VIQMX XLI XE\ XS XLI 783tW REXMSREP XE\ EYXLSVMX] EX XLI VIUYMVIH XMQI
8LIWI XSTMGW EVI I\TPSVIH MR QSVI HIXEMP PEXIV MR XLMW GLETXIV
2)8 -2'31) %*8)6 ()(9'8-32 3* *36)-+2

;-8,,30(-2+ 8%< %2( 437-8-32 ,30()6t7 (31)78-'
-2'31) 8%<
3RGI XLI KVSWW MRGSQI JSVIMKR XE\ EQSYRXW ERH HSQIWXMG XE\ EQSYRXW MJ ETTPMGEFPI EVI
GEPGYPEXIH XLI RIX MRGSQI XS FI HMWFYVWIH XS TSWMXMSR LSPHIVW GER FI GEPGYPEXIH 8EFPI
2IX MRGSQI EJXIV HIHYGXMSR SJ JSVIMKR [MXLLSPHMRK XE\ ERH TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI
XE\ MW VIPIZERX XS MRGSQI GEPGYPEXMSRW JSV TSWMXMSR LSPHIVW SRP] ERH RSX XS XLI PSGEXMSR
8EFPI
'LETXIVWIGXMSR
+VSWW-RGSQI
2IX-RGSQIEJXIV*;8
-RGSQI8E\4,(-8
4,(-8
GYWXSHMER
'EPGYPEXMSRI\EQTPI
)96
)96
SJKVSWWMRGSQI
)96
)96
SJKVSWWMRGSQI
)96

'SVTSVEXI %GXMSRW
4SWMXMSR ,SPHIVW 6IWMHIRX ;MXLMR XLI 783tW 'SYRXV] SJ 6IWMHIRGI

*VSQ XLI 783tW TIVWTIGXMZI JSV XLSWI TSWMXMSR LSPHIVW XLEX EVI VIWMHIRX [MXLMR XLI 783tW
GSYRXV] SJ VIWMHIRGI XLI RIX MRGSQI XS FI GVIHMXIH XS WYGL TSWMXMSR LSPHIVW [MPP RSVQEPP] MR
XLI GEWI SJ JSVIMKR MRGSQI FI XLI VIWYPX SJ XLI HIHYGXMSR SJ
JSVIMKR [MXLLSPHMRK XE\ ERH
TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\ [LMGL QE] LEZI FIIR SJJWIX F] XLI JSVIMKR [MXLLSPH
MRK XE\
8LI wGXMXMSYW I\EQTPI MRGSQI IZIRX UYSXIH XLVSYKLSYX XLMW GLETXIV VIxIGXW E WTIGMwG
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XLI 783 MW VIWMHIRX MR XLI 9/
XLI 783 LSPHW WIGYVMXMIW SR FILEPJ SJ E GYWXSH] GPMIRX XLEX MW EPWS VIWMHIRX MR XLI 9/
XLI MWWYIV MW VIWMHIRX MR +IVQER]
XLI 9/ LEW E HSYFPI XE\EXMSR EKVIIQIRX [MXL +IVQER] ERH XLIVIJSVI [MXLLSPHMRK XE\ MW
GLEVKIH EX XLI XVIEX] VEXI
[MXLLSPHMRK XE\ MW SJJWIXXEFPI EKEMRWX 9/ MRGSQI XE\ TE]EFPI F] XLI TSWMXMSR LSPHIV
8LI WYQQEVMÎH ZMI[ SJ EPP XLI GSQTSRIRXW VIPEXMRK XS XLI EFSZI QIRXMSRIH I\EQTPI MW WLS[R
MR 8EFPI
8EFPI
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2IXMRGSQIEJXIVEPPXE\IW
)96

'SRZIVWIP] LEH XLI JSVIMKR [MXLLSPHMRK XE\ RSX FIIR SJJWIXXEFPI EKEMRWX 9/ MRGSQI XE\ FYX
MR EPP SXLIV VIWTIGXW XLI GMVGYQWXERGIW EVI EW HIWGVMFIH EFSZI XLI WYQQEVMÎH ZMI[ SJ EPP XLI
GSQTSRIRXW [SYPH FI EW WLS[R MR 8EFPI
8EFPI
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)96

*SV XLSWI TSWMXMSR LSPHIVW XLEX EVI VIWMHIRX [MXLMR XLI 783tW GSYRXV] SJ VIWMHIRGI XLI RIX
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FI XLI VIWYPX SJ XLI HIHYGXMSR SJ TSWMXMSR LSPHIVtW HSQIWXMG MRGSQI XE\
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XLI 783 LSPHW WIGYVMXMIW SR FILEPJ SJ E GYWXSH] GPMIRX XLEX MW EPWS VIWMHIRX MR XLI 9/
XLI MWWYIV MW VIWMHIRX MR XLI 9/ ERH
9/ MRGSQI XE\ MW TE]EFPI F] XLI TSWMXMSR LSPHIV

8LI WYQQEVMÎH ZMI[ SJ EPP XLI GSQTSRIRXW VIPEXMRK XS XLI EFSZI QIRXMSRIH I\EQTPI MW
WLS[R MR 8EFPI
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XLI VIWYPX SJ XLI HIHYGXMSR SJ SRP] JSVIMKR [MXLLSPHMRK XE\
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GSQTSRIRXW MW EW WLS[R MR 8EFPI
XLI 783 LSPHW WIGYVMXMIW SR FILEPJ SJ E GYWXSH] GPMIRX XLEX MW VIWMHIRX MR 1I\MGS
XLI MWWYIV MW VIWMHIRX MR +IVQER]
1I\MGS LEW RS HSYFPI XE\EXMSR EKVIIQIRX [MXL +IVQER] ERH XLIVIJSVI [MXLLSPHMRK XE\ MW
GLEVKIH EX XLI RSRXVIEX] VEXI
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)96

8LI EFSZI ETTPMIW IUYEPP] XS XLI WMXYEXMSR [LIVI XLI MWWYIVtW GSYRXV] SJ VIWMHIRGI MW XLI
WEQI EW XLI 783W *SV I\EQTPI
XLI 783 LSPHW WIGYVMXMIW SR FILEPJ SJ E GYWXSH] GPMIRX XLEX MW VIWMHIRX MR 1I\MGS
XLI MWWYIV MW VIWMHIRX MR XLI 9/
1I\MGS LEW RS HSYFPI XE\EXMSR EKVIIQIRX [MXL XLI 9/ ERH XLIVIJSVI [MXLLSPHMRK XE\ MW
GLEVKIH EX XLI RSRXVIEX] VEXI
%JXIV XLI 783 LEW GVIHMXIH XLI TSWMXMSR LSPHIV [MXL XLI RIX MRGSQI MX MW XLI VIWTSRWMFMPMX] SJ
XLI TSWMXMSR LSPHIV XS HIGPEVI XLI VIGIMTX SJ WYGL MRGSQI XS MXW REXMSREP XE\ EYXLSVMX] [LS QE]
SV QE] RSX WXEXI XLEX XLI [MXLLSPHMRK XE\ MW SJJWIXXEFPI EKEMRWX XLI TSWMXMSR LSPHIVtW HSQIWXMG
MRGSQI XE\ PMEFMPMX]
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8]TMGEPP] XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP QEMRXEMR WIXW SJ VYPIW XLEX HMGXEXI LS[ XS
EVVMZI EX XLI wREP RIX MRGSQI XS FI HMWFYVWIH XS XLI TSWMXMSR LSPHIV ERH [LIXLIV XS MRGSVTSVEXI
ER] SJ XLI XE\ JSVIMKR [MXLLSPHMRK ERHSV HSQIWXMG MRGSQI XE\ MR XLEX GEPGYPEXMSR

'SVTSVEXI %GXMSRW
8LMW MW FIGEYWI MVVIWTIGXMZI [LIXLIV JSVIMKR [MXLLSPHMRK XE\ SV HSQIWXMG MRGSQI XE\ LEW
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MR SVHIV XS HIVMZI XLI wREP RIX MRGSQI EQSYRX -R WSQI GEWIW [LIVI XE\ LEW FIIR GEPGYPEXIH
FYX RSX EGXYEPP] HIHYGXIH XLMW [SYPH WMQTP] FI RSXMwIH XS XLI TSWMXMSR LSPHIV EW MRJSVQEXMSR
JSV XLIQ XS EHZMWI XLI XE\ EYXLSVMXMIW MRHITIRHIRXP] ZME XLI TSWMXMSR LSPHIVtW S[R XE\ VIXYVRW
8LI EFSZI QIRXMSRIH VYPIW MRGPYHI
XLI X]TI SJ TSWMXMSR LSPHIV MI XVEHMRK FSSO SV GYWXSH] GPMIRX
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8LI QIXLSH SJ wREP RIX MRGSQI GEPGYPEXMSR [MPP FI E GSPPEFSVEXMSR SJ XLIWI VYPIW
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0 SJ XLI XVEHMRK FSSO QE] RSX XEOI XLIWI XE\ EQSYRXW MRXS EGGSYRX -X
MW E QEXXIV SJ GSQTER] 783 TSPMG] ERH EGGSYRXMRK TVIJIVIRGIW EW XS [LIXLIV XLIWI EQSYRXW
SJ XE\ EVI EGGSYRXIH JSV WITEVEXIP] SV EGGSYRXIH JSV [MXLMR XLI RIX GVIHMX XS XLI XVEHMRK FSSOtW
4
0 8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP RIIH XS FI E[EVI SJ XLI VIUYMVIQIRXW [LMGL
QE] HMJJIV FIX[IIR HMJJIVIRX XVEHMRK FSSOW MR SVHIV XS IRWYVI XLEX XLI VIWYPXERX RIX IRXMXPIQIRX
GVIHMXIH XS XLI XVEHMRK FSSOtW 4
0 MW GSVVIGX
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E HIHYGXMSR MR XLI GEPGYPEXMSR SJ XLI RIX IRXMXPIQIRX EW MPPYWXVEXIH IEVPMIV MR XLMW GLETXIV 8LI
MRGPYWMSR SJ ER] HSQIWXMG MRGSQI XE\ MR XLI GEPGYPEXMSR SJ XLI GYWXSH] GPMIRXtW RIX MRGSQI [MPP
HITIRH YTSR XLI HSQIWXMG XE\ PIKMWPEXMSR MR XLI GSYRXV] [LIVI XLI 783 STIVEXIW EW HIWGVMFIH
FIPS[
(SQIWXMG 8E\ 0IKMWPEXMSR MR XLI 'SYRXV] [LIVI XLI 783 3TIVEXIW

%W WXEXIH TVIZMSYWP] MR XLMW GLETXIV XLI HIHYGXMSR SJ HSQIWXMG MRGSQI XE\ JVSQ XLSWI GPMIRXW
VIWMHIRX [MXLMR XLI 783tW GSYRXV] SJ VIWMHIRGI QE] FI VIUYMVIH EGGSVHMRK XS XLI XE\ PIKMWPEXMSR
SJ XLEX GSYRXV]
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EPWS HIHYGX XLMW EQSYRX TVMSV XS ER] HMWFYVWIQIRX SJ MRGSQI ERH XLMW [MPP XLIVIJSVI FI MRGPYHIH
MR XLI GEPGYPEXMSR SJ XLI RIX MRGSQI
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XE\IW HYI XS HSQIWXMG XE\ PIKMWPEXMSR EW E WIVZMGI XS GYWXSH] GPMIRXW XLI 783 QE] GEPGYPEXI
HSQIWXMG MRGSQI XE\ SR FILEPJ SJ XLI TSWMXMSR LSPHIV IZIR [LIVI XLI 783 HSIW RSX EGXYEPP]
HIHYGX XLEX MRGSQI XE\ WS XLEX XLI GPMIRX MW E[EVI SJ XLI HSQIWXMG XE\ EQSYRX XLEX MX MW VIUYMVIH
XS TE] XS MXW S[R XE\ EYXLSVMX]
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;LIXLIV XLI MRGSQI MW HMWXVMFYXIH MR XLI JSVQ SJ GEWL SV WIGYVMXMIW [MPP KVIEXP] MQTEGX [LIXLIV
MRGSQI XE\ MW HIHYGXIH TVMSV XS HMWFYVWIQIRX SJ XLI IRXMXPIQIRX XS XLI TSWMXMSR LSPHIV

;LIVI XLI VIWYPXERX IRXMXPIQIRX MW HMWXVMFYXIH EW GEWL MRGSQI ER] SV EPP SJ XLI XE\ EQSYRXW
TVIZMSYWP] HIWGVMFIH GSYPH FI ETTPMGEFPI MR XLI GEPGYPEXMSR SJ XLI RIX MRGSQI MR GSRWMHIVEXMSR
SJ XLI SXLIV JEGXSVW HIWGVMFIH EFSZI
;LIVI XLI MRGSQI MW HMWXVMFYXIH MR XLI JSVQ SJ WIGYVMXMIW XLI [E] MR [LMGL XE\ EQSYRXW EVI
XVIEXIH [MPP PEVKIP] HITIRH YTSR XLI FEWMW SJ XLI WIGYVMX] IRXMXPIQIRX GEPGYPEXMSR MR XLI wVWX
MRWXERGI 8LMW [SYPH FI ZME IMXLIV E WIGYVMXMIW VEXMS SV E VIMRZIWXQIRX TVMGI WII FIPS[
7IGYVMXMIW 6EXMS
;LIVI XLI VIWYPXERX MRGSQI IRXMXPIQIRX MW MR XLI JSVQ SJ WIGYVMXMIW JSV [LMGL XLI GEPGYPEXMSR
LEW FIIR FEWIH TYVIP] YTSR E WIGYVMXMIW VEXMS ERH RS IUYMZEPIRX MRGSQI ZEPYI MW ORS[R MX [MPP
RSX FI TSWWMFPI JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX XS GEPGYPEXI MRGSQI XE\ SV XLIVIJSVI
XS MRGSVTSVEXI WYGL XE\IW MRXS XLI GEPGYPEXMSR SJ XLI VIWYPXERX IRXMXPIQIRX -R WYGL GEWIW ER]
ETTPMGEFPI XE\IW [MPP X]TMGEPP] FI GEPGYPEXIH F] XLI wRERGMEP GSRXVSP HITEVXQIRX SJ XLI 783
FEWIH YTSR WYFWIUYIRX VIWIEVGL EW XS XLI XE\ MQTPMGEXMSRW SJ XLI IZIRX
6I-RZIWXQIRX 4VMGI
;LIVI E RSQMREP GEWL ZEPYI MW EXXVMFYXIH XS XLI VIWYPXERX WIGYVMXMIW IRXMXPIQIRX MX MW TSWWMFPI XS
GEPGYPEXI ETTPMGEFPI XE\ EQSYRXW 8LI VIWYPXERX WIGYVMX] IRXMXPIQIRX QE] FI GEPGYPEXIH FEWIH
YTSR XLI
KVSWW MRGSQI GEWL IUYMZEPIRX I\GPYHMRK XE\ PMEFMPMXMIW SV
RIX MRGSQI GEWL IUYMZEPIRX MRGPYHMRK XE\ PMEFMPMXMIW EGGSVHMRK XS XLI TVIZMSYWP] HIWGVMFIH
GSRZIRXMSRW
;LIXLIV VIMRZIWXQIRX MW FEWIH YTSR XLI KVSWW MRGSQI GEWL IUYMZEPIRX SV XLI RIX MRGSQI GEWL
IUYMZEPIRX MW RSVQEPP] HITIRHIRX YTSR XLI HSQIWXMG QEVOIX VIKYPEXMSRW ERH XLI WTIGMwG IZIRX
)ZIR [LIVI XLI VIMRZIWXQIRX MW FEWIH YTSR XLI KVSWW MRGSQI GEWL IUYMZEPIRX XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [MPP RSVQEPP] GEPGYPEXI XLI XE\ EQSYRXW ERH VITSVX XLI XE\ MRJSVQEXMSR
XS XLI TSWMXMSR LSPHIV
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WIGYVMXMIW XS FI HMWFYVWIH XS XLI TSWMXMSR LSPHIV EW MPPYWXVEXIH FIPS[
*SV I\EQTPI XLI %YWXVEPMER FVI[MRK GSQTER] *SWXIVW ERRSYRGIW E HMZMHIRH VIMRZIWXQIRX
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GEWL MRGSQI EX E VEXI SJ %9( TIV WLEVI SV
WIGYVMXMIW EX E VIMRZIWXQIRX TVMGI SJ %9( TIV WLEVI
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IRXMVIX] F] E JYPP] WIXXPIH GYWXSHMER TSWMXMSR 8LMW MW VITVIWIRXIH MR XLI 8EFPI
8EFPI
*SWXIVW+VSYT7LEVIW
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8LI GYWXSH] GPMIRX IPIGXW XS VIGIMZI WIGYVMXMIW VEXLIV XLER GEWL
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XLI VIWYPXERX RYQFIV SJ WLEVIW XLEX [MPP FI VIMRZIWXIH MW GEPGYPEXIH EW JSPPS[W
(IVMZI XLI KVSWW GEWL MRGSQI IRXMXPIQIRX F] QYPXMTP]MRK XLI RYQFIV SJ WLEVIW IPIGXIH F]
XLI GEWL MRGSQI VEXI
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MW PIWW XLER VIGIMZIH [LIR VIMRZIWXQIRX [EW SR E KVSWW FEWMW FYX XLI TSWMXMSR LSPHIVtW WEQI
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LSPHIV [SYPH I\TIGX XS LEZI RS JYVXLIV XE\ PMEFMPMX] [MXL VIWTIGX XS XLMW MRGSQI IZIRX
()8)61-2-2+ 8%< 6%8)7 *36 437-8-32 ,30()67

8S HEXI XLI X]TIW SJ XE\ XLEX QE] FI ETTPMGEFPI XS E TSWMXMSR LSPHIVtW VIWYPXERX MRGSQI IR
XMXPIQIRX LEZI FIIR HIWGVMFIH MRGPYHMRK XLIMV XVIEXQIRX MR XLI GEPGYPEXMSR SJ XLI RIX MRGSQI
IRXMXPIQIRX XS FI GSPPIGXIH ERH HMWFYVWIH

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XLI VEXI SJ XE\ XS FI HIHYGXIH
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4SWMXMSR ,SPHIV ERH 7IGYVMX] 8E\ %XXVMFYXIW

+MZIR XLI ZEVMSYW GSRWMHIVEXMSRW HIWGVMFIH XS HEXI [MXLMR XLMW GLETXIV MR SVHIV XS HIVMZI XLI
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XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MHIRXMwIW XLI GSVVIGX XE\ VEXIW XS FI ETTPMIH XS IEGL
TSWMXMSR LSPHIV

'SVTSVEXI %GXMSRW
8LI HIXIVQMREXMSR SJ XLI ETTPMGEFPI X]TI SJ XE\ ERH XE\ VEXI [MPP RSVQEPP] HITIRH YTSR E
GSQFMREXMSR SJ XLI JSPPS[MRK TSWMXMSR LSPHIV ERH WIGYVMX] EXXVMFYXIW
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X]TI SJ WIGYVMX]
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XLI 783tW GIRXVEP WXEXMG HEXE VITSWMXSV] QEOIW WYGL MRJSVQEXMSR EZEMPEFPI XS EPP [MXLMR XLI 783
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8LI GSYRXV] SJ MWWYI SJ XLI WIGYVMX] VIxIGXW XLI GSYRXV] XLEX MW XLI WSYVGI SJ XLI MRGSQI ERH
XLI XE\ EYXLSVMX] XLEX WIXW XLI XE\ VEXIW ETTPMGEFPI XS MRGSQI
8LI GYVVIRX [MXLLSPHMRK XE\ VEXIW FSXL XVIEX] ERH RSRXVIEX] EVI X]TMGEPP] VIGSVHIH F] XLI
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8LI QSWX HMWXMRKYMWLMRK JIEXYVI SJ XLMW IZIRX MW XLEX MX VIUYMVIW E WMQTPI SRI [E] GSQQYRMGEXMSR
JVSQ XLI 783 XS MXW TSWMXMSRW LSPHIVW SRP] 8LI PMJIG]GPI SJ ER MRJSVQEXMSR SRP] IZIRX QE]
XLIVIJSVI FI MPPYWXVEXIH EW WLS[R MR *MKYVI
'SVTSVEXI%GXMSRWi-RJSVQEXMSR3RP])ZIRX0MJIG]GPI
)\XIVREP
-RXIVREP
(IXIVQMRMRK6IPIZERX4SWMXMSR,SPHIVW
*MKYVI -RJSVQEXMSR SRP] IZIRX PMJIG]GPI

%W HIWGVMFIH MR 'LETXIV s)ZIRX (IWGVMTXMSR ERH 'PEWWMwGEXMSRt MRJSVQEXMSR SRP] IZIRXW
MRJSVQ TSWMXMSR LSPHIVW SJ JSV I\EQTPI
I\XIRWMSR XS XLI QEXYVMX] HEXI SJ E FSRH
EHZMGI SJ E FSRH MR HIJEYPX SJ MXW GSYTSR TE]QIRX
EHNYWXQIRX SJ E FSRH GSYTSR VEXI XLMW YWYEPP] LEW TVIZMSYWP] VIUYMVIH XLI ETTVSZEP SJ FSRH
LSPHIVW ERH MW SJXIR VIJIVVIH XS EW E VIQEVOIXMRK EKVIIQIRX
E GLERKI MR XLI MHIRXMwGEXMSR SJ E WIGYVMX] IK REQI GLERKI SV GLERKI MR -7-2 GSHI
E GLERKI MR XLI PSX WMÎ SJ E WIGYVMX]
GLERKIW XS XLI XVEHMRK WXEXYW SJ E WIGYVMX] IK WYWTIRWMSR SV HIPMWXMRK
FEROVYTXG] SV MQTIRHMRK PIKEP EGXMSR EKEMRWX XLI MWWYIV
GLERKI XS XLI GSQTER]tW TPEGI SJ MRGSVTSVEXMSR
%GGSVHMRK XS XLI TYVTSWI SJ XLI MWWYIV RSXMGI XLI GSRXIRX SJ XLI IZIRX ERRSYRGIQIRX [MPP
HMJJIV 8LMW GER FI MPPYWXVEXIH ZME X[S SJ XLI EFSZI TYVTSWIW
)\XIRWMSR XS XLI 1EXYVMX] (EXI SJ E &SRH
8LI IZIRX XIVQW X]TMGEPP] MRGPYHI
XLI ERRSYRGIQIRX HEXI
XLI HIWGVMTXMSR SJ XLI WIGYVMX] MR XLMW GEWI XLI FSRH XS [LMGL XLI ERRSYRGIQIRX ETTPMIW
MRGPYHMRK ER MHIRXMwIV WYGL EW -7-2 GSHI

XLI VIEWSR JSV XLI ERRSYRGIQIRX MR XLMW GEWI sI\XIRWMSR SJ QEXYVMX]t

XLI RI[ QEXYVMX] HEXI
'LERKIW XS XLI 8VEHMRK 7XEXYW SJ E 7IGYVMX] i 7IGYVMX] %GXMZI %RRSYRGIQIRX
8LI IZIRX XIVQW X]TMGEPP] MRGPYHI
XLI ERRSYRGIQIRX HEXI
XLI HIWGVMTXMSR SJ XLI WIGYVMX] XS [LMGL XLI ERRSYRGIQIRX ETTPMIW MRGPYHMRK ER MHIRXMwIV
WYGL EW -7-2 GSHI
XLI VIEWSR JSV XLI ERRSYRGIQIRX MR XLMW GEWI XS MRJSVQ XLEX XLI WIGYVMX] [MPP FI VIEGXMZEXIH
XLI VIEGXMZEXMSR HEXI
(IXIVQMRMRK 6IPIZERX 4SWMXMSR ,SPHIVW
;MXL ER] GSVTSVEXI EGXMSR IZIRX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX HIXIVQMRI XS [LMGL
TSWMXMSR LSPHIVW XLI IZIRX MW VIPIZERX EW HIWGVMFIH MR 'LETXIV s(IXIVQMRMRK )RXMXPIQIRXt
8LMW WXIT MW IUYEPP] ETTPMGEFPI XS MRJSVQEXMSR SRP] IZIRXW HIWTMXI XLI JEGX XLEX XLI SYX
GSQI [MPP RSX TVSHYGI ER] VIWYPXERX IRXMXPIQIRXW SJ WIGYVMXMIW ERHSV GEWL XS XLI TSWMXMSR
LSPHIV
-R XLI GEWI SJ MRJSVQEXMSR SRP] IZIRXW MX MW RIGIWWEV] JSV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
XS HIXIVQMRI VIPIZERX TSWMXMSR LSPHIVW MR SVHIV XS IRWYVI XLEX XLI MWWYIV RSXMGI MW GSQQYRMGEXIH
XS XLSWI TSWMXMSR LSPHIVW
9RPMOI SXLIV GSVTSVEXI EGXMSR IZIRXW MRJSVQEXMSR SRP] IZIRXW HS RSX GSRXEMR ER] WTIGMwG
HEXIW WYGL EW VIGSVH HEXI XLEX HIXIVQMRI XLI VIPIZERX TSWMXMSR LSPHIVW 8]TMGEPP] XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [MPP MHIRXMJ] XLI TSWMXMSR LSPHIVW XS GSQQYRMGEXI [MXL EW EX XLI HEXI SJ
XLI IZIRX ERRSYRGIQIRX
'SQQYRMGEXMSR XS TSWMXMSR LSPHIVW [MXL VIWTIGX XS MRJSVQEXMSR SRP] IZIRXW MW KIRIVEPP] ZIV]
WMQTPI EW VIxIGXIH MR XLI REXYVI SJ XLI IZIRX 8LI 783 [MPP MWWYI SRP] E WMRKPI GSQQYRMGEXMSR
XS XLI TSWMXMSR LSPHIV MR SVHIV XS TEWWSR XLI MRJSVQEXMSR ERRSYRGIH F] XLI MWWYIV 'SQQYRM
GEXMSRW [SYPH RSX SGGYV EKEMRWX YRWIXXPIH XVEHIW YRPMOI SXLIV IZIRXW EW RS VIUYMVIQIRX I\MWXW
XS GPEMQ VIWYPXERX IRXMXPIQIRXW
8]TMGEPP] XLI WMRKPI GSQQYRMGEXMSR [MPP FI MWWYIH XS XLI TSWMXMSR LSPHIV SRP] SRGI XLI
IZIRX XIVQW EVI VIGIMZIH ERH GPIERWIH 8LI GSQQYRMGEXMSR MW XLI IUYMZEPIRX SJ XLI )ZIRX
8IVQW %RRSYRGIQIRX VIJIVVIH XS MR 'LETXIV s'SQQYRMGEXMSR SJ )ZIRX -RJSVQEXMSRt 8LMW
GSQQYRMGEXMSR [MPP GSRXEMR XLI XI\X SJ XLI MWWYIVtW ERRSYRGIQIRX FYX [MPP RSX RSVQEPP] QEOI
VIJIVIRGI XS XLI UYERXMX] SJ XLI TSWMXMSR LSPHIVtW LSPHMRK SV VIWYPXERX IRXMXPIQIRX XIVQW EW
XLI] EVI RSX ETTPMGEFPI
-779)6 1))8-2+7 ;-8, 463<= :38-2+ ):)287

-R XLI GEWI SJ XLIWI IZIRXW XLI MWWYIV [MPP EHZMWI TSWMXMSR LSPHIVW SJ ER MWWYIV QIIXMRK EX [LMGL
XLI TSWMXMSR LSPHIV MW EFPI XS ZSXI [MXL VIWTIGX XS ZEVMSYW QSXMSRW ERH VIWSPYXMSRW TVSTSWIH JSV
XLI QIIXMRK

'SVTSVEXI %GXMSRW
7YGL VIWSPYXMSRW GSYPH MRGPYHI XLI

IPIGXMSR SJ GSQTER] HMVIGXSVW
EHSTXMSR SJ wRERGMEP WXEXIQIRXW
WEPI SJ GETMXEP
HMWXVMFYXMSR SJ MRGSQI
8LI GSQTER] QIIXMRK [MPP FI IMXLIV XLI %RRYEP +IRIVEP 1IIXMRK %+1 SV ER )\XVESVHMREV]
+IRIVEP 1IIXMRK )+1
;LIVI E TSWMXMSR LSPHIV MW IRXMXPIH XS ZSXI [MXL VIWTIGX XS WYGL QSXMSRW ERH VIWSPYXMSRW FYX
MW YREFPI XS EXXIRH XLI GSQTER] QIIXMRK MX MW EFPI XS
GSQQYRMGEXI MXW ZSXMRK MRXIRXMSRW TVMSV XS XLI QIIXMRK XS XLI MWWYIV SV MXW EKIRX IJJIGXMZIP]
ER EFWIRXII ZSXI SV
MRWXVYGX ERH RSQMREXI E XLMVH TEVX] XS I\IGYXI MXW ZSXI SR MXW FILEPJ
;LIVI XLI TSWMXMSR LSPHIV RSQMREXIW E XLMVH TEVX] XS I\IGYXI MXW ZSXI SR MXW FILEPJ XLMW MW
ORS[R EW TVS\] ZSXMRK 8LI VIQEMRHIV SJ XLMW WIGXMSR [MPP HIWGVMFI WTIGMwGEPP] XLI 783tW
QEREKIQIRX SJ TVS\] ZSXMRK SR FILEPJ SJ MXW TSWMXMSR LSPHIVW
;LIVI XLI 783 MW QEREKMRK TSWMXMSRW IMXLIV MXW S[R XVEHMRK FSSO TSWMXMSRW SV GYWXSH]
GPMIRX TSWMXMSRW XLI 783 QE] MWWYI XS XLI MWWYIV SV MXW EKIRX E TVS\] ZSXI VIxIGXMRK XLI ZSXI
SJ XLI TSWMXMSR LSPHIV
:SXMRK SR QSXMSRW sJSVt XLI TVSTSWEPW MW RSX GSQTYPWSV] ERH MW IRXMVIP] EX XLI HMWGVIXMSR
SJ XLI TSWMXMSR LSPHIV
8LI I\XIRX XS [LMGL XLI QEREKIQIRX SJ TVS\] ZSXIW MW WYTTSVXIH [MPP HITIRH YTSR XLI PIZIP
SJ WIVZMGI XLEX XLI 783 [MWLIW XS SJJIV MXW TSWMXMSRW LSPHIVW TEVXMGYPEVP] GYWXSH] GPMIRXW 8LI
783 QE] GLSSWI XS HMWWIQMREXI XLI MRJSVQEXMSR SRP] XS MXW TSWMXMSR LSPHIVW ERH RSX XS QEREKI
ZSXMRK
8LI PMJIG]GPI SJ ER MWWYIV QIIXMRK [MXL TVS\] ZSXMRK IZIRX QE] FI MPPYWXVEXIH EW WLS[R MR
*MKYVI
'SVTSVEXI%GXMSRWi-WWYIV1IIXMRKW[MXL4VS\]:SXMRK)ZIRX0MJIG]GPI
(IXIVQMRMRK6IPIZERX4SWMXMSR,SPHIVW
1EREKIQIRXSJ:SXIW
*MKYVI -WWYIV QIIXMRKW [MXL TVS\] ZSXMRK IZIRX PMJIG]GPI

8LI WMKRMwGERX MRGPYWMSRW MR XLI IZIRX XIVQW [MPP FI
XLI ERRSYRGIQIRX HEXI SJ XLI IZIRX
XLI HEXI ERH PSGEXMSR SJ XLI MWWYIV QIIXMRK
)\XIVREP
-RXIVREP

XLI X]TI SJ MWWYIV QIIXMRK MI %+1 SV )+1

XLI JYPP HIXEMPW SJ XLI QSXMSRW ERH VIWSPYXMSRW SR [LMGL TSWMXMSR LSPHIVW QE] ZSXI
ER] VIWXVMGXMSRW MR XLI IPMKMFMPMX] XS ZSXI
XLI HIEHPMRI JSV TVS\] ZSXIW
XLI HIXEMPW SJ XLI MWWYIVtW EKIRX [LIVI ETTPMGEFPI JSV XLI VIGIMTX SJ TVS\] ZSXIW
(IXIVQMREXMSR SJ 6IPIZERX 4SWMXMSR ,SPHIVW
8LI HIXIVQMREXMSR SJ VIPIZERX TSWMXMSR LSPHIVW XLEX EVI IRXMXPIH XS ZSXI EX MWWYIV QIIXMRKW MW
WMQMPEV XS XLEX HIWGVMFIH MR XLI TVIZMSYW WIGXMSR [MXL VIWTIGX XS MRJSVQEXMSR SRP] IZIRXW [MXL
E JI[ RSXEFPI I\GITXMSRW
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP MRMXMEPP] MHIRXMJ] TSWMXMSR LSPHIVW YTSR XLI ER
RSYRGIQIRX HEXI SJ XLI IZIRX 6IPIZERX TSWMXMSR LSPHIVW [MPP XLIR GSRXMRYEPP] FI MHIRXMwIH
YRXMP XLI HIEHPMRI JSV ZSXMRK MR SVHIV XS IRWYVI XLEX EPP RI[ TSWMXMSR LSPHIVW FIX[IIR XLI
ERRSYRGIQIRX HEXI ERH XLI ZSXMRK HIEHPMRI EVI KMZIR ER STTSVXYRMX] XS ZSXI
-R WSQI GEWIW XLI MWWYIV QE] LEZI WIX VIWXVMGXMSRW SR ZSXMRK IPMKMFMPMX] 7YGL VIWXVMGXMSRW
GSYPH MRGPYHI
WIXXMRK E QMRMQYQ TSWMXMSR LSPHMRK UYERXMX] XS HMWGSYVEKI QMPMXERX TSWMXMSR LSPHIVW [LS
TYVGLEWI E WMRKPI WLEVI TYVIP] MR SVHIV XS sFY]t E ZSXI ERH KEMR E ZSMGI EX XLI GSQTER]
QIIXMRKW SV
VIWXVMGXMSRW YTSR SZIVWIEW TSWMXMSR LSPHIVW [LIVI SRP] TSWMXMSR LSPHIVW VIWMHIRX MR XLI
GSYRXV] SJ XLI MWWYIV EVI TIVQMXXIH XS ZSXI 8LMW QE] SGGYV [LIVI KIRIVEP VIWXVMGXMSRW XS
XLI I\XIRX SJ JSVIMKR S[RIVWLMT I\MWX EGGSVHMRK XS KSZIVRQIRX PIKMWPEXMSR JSV I\EQTPI EW MW
GSQQSR MR QIHME GSQTERMIW
;LIVI ER] VIWXVMGXMSRW I\MWX EW XS XLI IPMKMFMPMX] XS ZSXI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX
QYWX IRWYVI XLEX XLIWI VIWXVMGXMSRW EVI ETTPMIH [MXLMR XLMW WXIT ERH XLEX WYGL TSWMXMSRW EVI RSX
MRGPYHIH MR XLI IZIRX TVSGIWWMRK
-R EHHMXMSR XS XLI JIEXYVIW ETTPMGEFPI XS GSQQYRMGEXMSRW VIPEXMRK XS MRJSVQEXMSR SRP] IZIRXW
[LIVI XLI MWWYIV RSXMGI MRGPYHIW ZSXMRK ERH XLI 783 MW SJJIVMRK TVS\] ZSXMRK XS MXW TSWMXMSR
LSPHIVW XLIR XLI GSQQYRMGEXMSR XS TSWMXMSR LSPHIVW [MPP EPWS MRGPYHI
XLI HEXI ERH X]TI SJ XLI ETTPMGEFPI MWWYIV QIIXMRK
HIXEMPW SJ QSXMSRW ERH VIWSPYXMSRW XS FI ZSXIH YTSR
HIEHPMRIW JSV XLI VIGIMTX SJ XLI TSWMXMSR LSPHIVW ZSXMRK HIGMWMSR F] XLI 783
(ITIRHMRK YTSR XLI WIVZMGI PIZIP SJJIVIH XLI 783 QE] MWWYI GSQQYRMGEXMSRW XS XLI TSWMXMSR
LSPHIV XS GLEWI [LIVI ZSXMRK HIGMWMSRW EVI RSX VIGIMZIH ERH EW ER EGORS[PIHKIQIRX XS XLI
TSWMXMSR LSPHIV [LIR ZSXMRK HIGMWMSRW EVI VIGIMZIH
1EREKIQIRX SJ 4VS\] :SXMRK
8LI QEREKIQIRX SJ TVS\] ZSXMRK F] XLI 783 SR FILEPJ SJ TSWMXMSR LSPHIVW MW MR WSQI VIWTIGXW
WMQMPEV XS XLI QEREKIQIRX SJ IPIGXMSR HIGMWMSRW ETTPMGEFPI XS IZIRXW [MXL IPIGXMSRW EW HIWGVMFIH
MR 'LETXIV s1EREKIQIRX SJ 1ERHEXSV] [MXL 3TXMSRW )ZIRXWt

'SVTSVEXI %GXMSRW
8LI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX

VIGIMZI ERH VIGSVH XLI TVS\] ZSXMRK HIGMWMSR JVSQ TSWMXMSR LSPHIVW ERH
MWWYI IUYMZEPIRX TVS\] ZSXMRK HIGMWMSRW XS XLI MWWYIV SV MXW EKIRX
%W TVIZMSYWP] HIWGVMFIH XLI MWWYIV QIIXMRK QE] GSRXEMR E RYQFIV SJ HMJJIVIRX VIWSPYXMSRW
XLEX XLI TSWMXMSR LSPHIV QE] ZSXI sJSVt SV sEKEMRWXt -R XLI VIGSVHMRK SJ XLI TVS\] ZSXMRK
HIGMWMSRW JVSQ TSWMXMSR LSPHIVW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX QYWX IRWYVI XLEX MX VIGSVHW
XLI TSWMXMSR LSPHIVtW WTIGMwG [MWLIW EGGYVEXIP] [MXL VIWTIGX XS IEGL VIWSPYXMSR -R EHHMXMSR MX
QE] FI RIGIWWEV] XS VIGSVH XLI UYERXMX] SJ XLI LSPHMRK XS [LMGL XLI ZSXMRK HIGMWMSR ETTPMIW
EW XLMW QE] FI VIUYMVIH [LIR XLI TVS\] ZSXIW EVI WYFQMXXIH EX XLI GSQTER] QIIXMRK %W [MXL
ER] SXLIV MRWXVYGXMSR VIGIMZIH JVSQ E TSWMXMSR LSPHIV XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP
ZEPMHEXI XLI MRJSVQEXMSR GSRXEMRIH MR XLMW GEWI XLEX XLI TSWMXMSR LSPHIV MW IRXMXPIH XS ZSXI ERH
XLEX XLI QSXMSRW ERH VIWSPYXMSRW EVI GSVVIGX JSV XLI QIIXMRK MR UYIWXMSR
8LI JSPPS[MRK I\EQTPI MPPYWXVEXIW XLI WGIREVMS [LIVI 'SQTER] < ERRSYRGIW MXW %+1 ERH
XLI VIWSPYXMSRW XS FI ZSXIH SR [LIVIF] XLI TSWMXMSR LSPHIV QE] ZSXI
=IW MR JEZSYV SJ EPP VIWSPYXMSRW SV
2S EKEMRWX EPP VIWSPYXMSRW
8LI 783 MW LSPHMRK TSWMXMSRW SR FILEPJ SJ XLVII GYWXSH] GPMIRXW MR GSQTER] < ERH [MPP
VIGSVH XLI ZSXMRK HIGMWMSRW SJ IEGL GPMIRX [MXL VIWTIGX XS MXW LSPHMRK EW XLI HIGMWMSRW EVI VIGIMZIH
8EFPI
8EFPI
4SWMXMSR,SPHIV
'YWXSH]'PMIRXs8t
'YWXSH]'PMIRXs9t
'YWXSH]'PMIRXs:t
4VS\]:SXI'SRXVSP
(EXI)PIGXMSR
)PIGXIH,SPHMRK
(IGMWMSR
5YERXMX]
6IGIMZIH
VH.YP]

XL.YP]

XL.YP]

XSXEP
=IW
2S

;LIVI E TVS\] ZSXMRK HIGMWMSR LEW RSX FIIR VIGIMZIH JVSQ XLI TSWMXMSR LSPHIV F] XLI MRXIVREP
HIEHPMRI XLI 783tW HIGMWMSR EW XS [LIXLIV XS QEREKI SZIVHYI TVS\] ZSXIW [MPP RSVQEPP] FI E
QEXXIV SJ TSPMG] ERH XLI 70% [MXL XLI WTIGMwG TSWMXMSR LSPHIV -R KIRIVEP XLMW TVSGIWW MW RSX
WIIR EW E TVMSVMX] F] XLI 783 EW XLIWI IZIRXW HS RSX GEVV] E HMVIGX VMWO SJ wRERGMEP MQTEGX XS
IMXLIV XLI TSWMXMSR LSPHIV SV XLI 783
3RGI XLI 783tW MRXIVREP HIEHPMRI LEW TEWWIH ERH TVMSV XS XLI MWWYIVtW SV MXW EKIRXtW HIEHPMRI
XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MPP GSPPEXI XLI ZSXMRK HIGMWMSRW VIGIMZIH JVSQ TSWMXMSR
LSPHIVW ERH MWWYI XLI IUYMZEPIRX ZSXMRK HIGMWMSRW XS XLI MWWYIV SV MXW EKIRX 8LI TVS\] ZSXMRK
HIGMWMSR MWWYIH [MPP VIxIGX IEGL SJ XLI ZSXMRK HIGMWMSRW QEHI F] XLI TSWMXMSR LSPHIVW MR VIWTIGX
SJ XLI WYQ XSXEP SJ XLIMV LSPHMRKW
8EFPI VIZIEPW XLI XSXEPW TIV TVS\] ZSXMRK STXMSR EW E VIWYPX SJ ZSXMRK HIGMWMSRW XEOIR
F] XLI ZEVMSYW TSWMXMSR LSPHIVW XLEX [MPP FI MWWYIH F] XLI 783 XS XLI PSGEXMSR MR XLI JSVQ SJ
TVS\] ZSXIW

8EFPI
3[RIVWLMT
s=IWtSTXMSR
s2StSTXMSR

0SGEXMSR
'YWXSHMER+0SRHSR
'YWXSHMER+0SRHSR
2SXI XLEX MR TVEGXMGI XLI TVS\] ZSXMRK STXMSRW SJJIVIH XS TSWMXMSR LSPHIVW QE] FI JEV QSVI
I\XIRWMZI XLER XLSWI WLS[R MR 8EFPI 8LI TSWMXMSR LSPHIV QE] MR EHHMXMSR XS XLI ZSXMRK
STXMSRW MPPYWXVEXIH EPWS FI TIVQMXXIH XS ZSXI sJSVt SV sEKEMRWXt MRHMZMHYEP VIWSPYXMSRW
)ZIR XLSYKL XLI EFSZI HSIW RSX VIWYPX MR GLERKIW XS ER] WIGYVMX] ERHSV GEWL TSWMXMSRW
EW E QEXXIV SJ KSSH TVEGXMGI XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX WLSYPH EPWS IRWYVI XLEX XLI
ZSXMRK HIGMWMSRW VIGIMZIH JVSQ TSWMXMSR LSPHIVW EVI EGGYVEXIP] VIxIGXIH MR XLI MWWYI SJ ZSXMRK
HIGMWMSRW XS XLI MWWYIV SV MXW EKIRX MR SVHIV XS TVSXIGX XLI [MWLIW SJ MXW TSWMXMSR LSPHIVW
7911%6=
8LI PMJIG]GPI SJ MWWYIV RSXMGIW MW WMKRMwGERXP] WMQTPIV XLER XLEX SJ SXLIV IZIRXW XLEX VIWYPX MR
GLERKIW XS XLI WIGYVMXMIW ERHSV GEWL TSWMXMSR SJ TSWMXMSR LSPHIVW 2SRIXLIPIWW XLI MRJSVQEXMSR
TIVXEMRMRK XS WYGL ERRSYRGIH IZIRXW QE] MQTEGX TSWMXMSR LSPHIV MRZIWXQIRX HIGMWMSRW ERH QE]
EPWS VIUYMVI TSWMXMSR LSPHIV VEXMwGEXMSR SR WSQI SGGEWMSRW
8LIVIJSVI MX MW ZMXEP XLEX XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX IRWYVIW EGGYVEG] ERH XMQIPMRIWW
MR XLI GSQQYRMGEXMSR SJ MRJSVQEXMSR XS TSWMXMSR LSPHIVW EW E VIWYPX SJ WYGL IZIRX ERRSYRGI
QIRXW
4EVX :-3FNIGXMZIW ERH -RMXMEXMZIW

8LI TVIZMSYW GLETXIVW MR XLMW FSSO EVI MRXIRHIH XS WIX XLI WGIRI JSV XLI JYRHEQIRXEP GSVTSVEXI
EGXMSR EWTIGXW SJ XLI WIGYVMXMIW MRHYWXV] 8LI MRXIRXMSR SJ XLMW GLETXIV MW JSV XLI VIEHIV XS
FIGSQI E[EVI SJ XLI SFNIGXMZIW ERH MRMXMEXMZIW GYVVIRXP] WLETMRK XLI MRHYWXV]tW GSVTSVEXI EGXMSR
GLEVEGXIVMWXMGW
-2863(9'8-32
%W [MPP FI ETTEVIRX JVSQ LEZMRK VIEH EPP XLI TVIZMSYW GLETXIVW XLI WYFNIGX SJ GSVTSVEXI EGXMSRW
MRGPYHMRK MRGSQI ERH XE\ TVSGIWWMRK GSQTVMWIW E PSKMGEP WIVMIW SJ WXITW 8LIWI TVSGIWWIW QE]
RSX FI GSRWMHIVIH XVIQIRHSYWP] GSQTPI\ SV MRXIPPIGXYEPP] GLEPPIRKMRK LS[IZIV XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX QYWX STIVEXI MR E LMKLP] WXVYGXYVIH ERH HMWGMTPMRIH QERRIV MR SVHIV XS
TVSGIWW MXW [SVO MR E XMQIP] JEWLMSR [LMPI QMRMQM^MRK XLI EVVE] SJ VMWOW MRZSPZIH
% RYQFIV SJ WXITW MR XLI TVSGIWW MRZSPZI I\XIVREP TEVXMIW YTSR [LSQ XLI 783 MW I\XVIQIP]
VIPMERX MRGPYHMRK
MWWYIVW
'7(W ERH GYWXSHMERW
HEXE ZIRHSVW
7;-*8
,MWXSVMGEPP] IEGL EWTIGX SJ XLI MRHYWXV] LEW IZSPZIH EGGSVHMRK XS XLI GMVGYQWXERGIW EX XLI
XMQI XS FI XLI QSWX I\TIHMIRX [E] JSV[EVH ERH YRWYVTVMWMRKP] XLMW LEW RSX EP[E]W IUYEXIH XS
LEZMRK E GSQQSR WIX SJ WXERHEVHW XLEX WYMX EPP MRXIVIWXIH TEVXMIW VIKMSREPP] SV KPSFEPP] 7YGL
HMJJIVMRK WXERHEVHW EHSTXIH F] QER] GSYRXVMIW ERH VIKMSRW PIEHW XS HMJwGYPXMIW MR GSQQY
RMGEXMSR ERH YRHIVWXERHMRK JVIUYIRXP] VIUYMVMRK GSVTSVEXI EGXMSR IZIRXW XS FI LERHPIH MR E
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i ER 783 QE] RSX FI E 7;-*8 WYFWGVMFIV LMWXSVMGEPP] ERH QE] FI GETEFPI SJ MWWYMRK
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EX PEVKI ERH WLSYPH FI VIKEVHIH EW I\XIVREP
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XS FI GSQTPIXIH F] XLI EKVIIH HIEHPMRIW
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GLERKIW
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MRXVSHYGXMSR SJ RI[ QIWWEKMRK WXERHEVHW
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i EVI HIWGVMFIH FIPS[

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GER FI SZIVGSQI MJ XLI IZIRX HIXEMPW EVI WYTTPMIH XS XLI 783 IPIGXVSRMGEPP]
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MRGSVVIGX
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JSGYW MXW IJJSVXW SRP] SR RSRVIGSRGMPMRK MXIQW VEXLIV XLER LEZMRK XS VIGSRGMPI EPP MRXIVREP
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VIGIMTX F] XLI TSWMXMSR LSPHIV
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IPIGXMSR HIGMWMSR VIWTSRWI QSRMXSVMRK ERH VIQMRHIV KIRIVEXMSR
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PEXMSRW [MXL GPMIRX EHHVIWW MRJSVQEXMSR ERH XLIMV GSQQYRMGEXMSR QIHME TVIJIVIRGIW YWI SJ
WXERHEVHMÎH I\XIVREP GSQQYRMGEXMSR QIXLSHW ERH XLI EFMPMX] XS VIKMWXIV VIWTSRWIW ERH MR XLI
GEWI SJ QERHEXSV] [MXL STXMSRW ERH ZSPYRXEV] IZIRXW XS EPIVX XLI YWIV [LIVI VIWTSRWI HIEHPMRIW
LEZI FIIR VIEGLIH [MXLSYX LEZMRK VIGIMZIH E VIWTSRWI JVSQ XLI TSWMXMSR LSPHIV
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WYGL EW XLI EYXSQEXMSR SJ
E WTIGMwG WXIT XLEX ETTPMIW EGVSWW EPP PMJIG]GPIW JSV I\EQTPI GSQQYRMGEXMSR SJ IZIRX MRJSV
QEXMSR EW HIWGVMFIH EFSZI [LMGL KMZIW FIRIwX XS EPP IZIRX X]TIW SV
EYXSQEXMSR JVSQ XLI FIKMRRMRK XS XLI IRH SJ E WTIGMwG PMJIG]GPI JSV I\EQTPI QERHEXSV]
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IRXVMIW GSPPIGXMSRHMWFYVWIQIRX SJ VIWYPXERX IRXMXPIQIRXW ERH YTHEXMRK SJ MRXIVREP IRXVMIW
8LMW ETTVSEGL IREFPIW XLI 'SVTSVEXI %GXMSR (ITEVXQIRXtW TIVWSRRIP XS JSGYW SR XLI QSVI
GSQTPI\ IZIRXW [LMGL PIKMXMQEXIP] VIUYMVI E KVIEXIV HIKVII SJ QERYEP QEREKIQIRX
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XLI GSWX SJ EYXSQEXMSR
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783W WIGYVMXMIW XVEHMRK GER FI I\IGYXIH ZME QYPXMTPI PIKEP IRXMXMIW XLEX EVI FEWIH MR E RYQFIV
SJ HMJJIVIRX PSGEXMSRW
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X]TMGEPP] QIERMRK XLEX E VIKMSREP GIRXVI MW VIWTSRWMFPI JSV STIVEXMSREP EGXMZMXMIW RSX SRP] SJ
FYWMRIWW I\IGYXIH F] MXW sLSQIt IRXMX] FYX EPWS JSV EPP SV E RYQFIV SJ XLI IRXMXMIW PSGEXIH
IPWI[LIVI 7YGL ER EVVERKIQIRX MW MPPYWXVEXIH MR *MKYVI
8LMW EVVERKIQIRX MW X]TMGEPP] IQTPS]IH JSV VIEWSRW SJ IGSRSQMIW SJ WGEPI QIERMRK XLEX
XLIVI MW E GSRGIRXVEXMSR SJ WXEJJ [MXLMR XLI LYF XLEX EVI VIWTSRWMFPI JSV XLI TVSGIWWMRK ERH
QEREKIQIRX SJ STIVEXMSREP EGXMZMXMIW SJ E RYQFIV SJ IRXMXMIW 8LI VIHYGXMSR MR STIVEXMSRW WXEJJ
MR IEGL SVMKMREXMRK IRXMX] TVSZMHIW XLI 783tW KVSYT [MXL FIRIwXW MR XIVQW SJ WXEJwRK GSWXW

'SVTSVEXI %GXMSRW
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XLI XVEHI PMJIG]GPI
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XLI TSWMXMSR LSPHIV SJ XLEX WEQI XVEHI
8LMW PEGO SJ W]WXIQ JYRGXMSREPMX] LEW QIERX XLEX JSV I\EQTPI MR XLI GEWI SJ E TEVXMEPP] JEMPMRK
XVEHI XLIVI MW RS SFZMSYW QIGLERMWQ XS VIPEXI XLI JEMP XS XLI TSWMXMSR LSPHIV 8LIR [LIR E
GSVTSVEXI EGXMSR IZIRX JEPPW HYI ERH XLI XVEHI MW WXMPP TEVXMEPP] JEMPMRK EW EX XLI VIGSVH HEXI E
GPEMQ WMXYEXMSR VIPEXMRK XS XLI TEVXMEP JEMP QE] VIWYPX MR ER MREFMPMX] XS MHIRXMJ] XLI TSWMXMSR
LSPHIV 8LMW GER GVIEXI E VMWO XS XLI 783 [LIVI XLI TSWMXMSR LSPHIVtW EGGSYRX MW STIVEXIH SR ER
EGXYEP WIXXPIQIRX FEWMW
8LIVIJSVI MJ XLI 783tW XVEHMRK ERH WIXXPIQIRX VIGSVHW GER FI QEMRXEMRIH [MXL E PMRO FIX[IIR
TSWMXMSR LSPHIVW ERH XLI PSGEXMSR XLI FIRIwXW XS XLI 783 GER MRGPYHI XLI QEREKIQIRX SJ I\TS
WYVI MR XLI WIXXPIQIRX SJ VIWYPXERX IRXMXPIQIRXW VIJIV XS 'LETXIV ERH EGGYVEXI QEREKIQIRX
SJ XE\ PMEFMPMXMIW FIX[IIR TSWMXMSR LSPHIVW ERH PSGEXMSRW VIJIV XS 'LETXIV
6IKYPEV 6IGSRGMPMEXMSR SJ &SSOW ERH 6IGSVHW

3TIVEXMRK EGGYVEXI ERH VIGSRGMPIH FSSOW
VIGSVHW MW GPIEVP] SRI SJ XLI JYRHEQIRXEP HSGXVMRIW
MR XLI WYGGIWWJYP ERH VMWOQMRMQMÎH TVSGIWWMRK SJ GSVTSVEXI EGXMSRW 6IKYPEV VIGSRGMPMEXMSR SJ
FSSOW
VIGSVHW TSWMXMSRW SYXWMHI SJ XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX MRGPYHMRK TSWMXMSR
LSPHIVWt TSWMXMSRW YRWIXXPIH XVEHIW ERH WIXXPIH GYWXSHMER TSWMXMSRW MW IWWIRXMEP MR SVHIV XS EZSMH
WYVTVMWIW [LIR ER IZIRX MW XS FI TVSGIWWIH EKEMRWX XLSWI TSWMXMSRW 8LMW MW EPWS E GSVRIVWXSRI
SJ EGLMIZMRK 784

8LI WYGGIWWJYP HEMP] VIGSRGMPMEXMSR SJ STIVEXMSREP VIGSVHW SJ XVEHMRK FSSO TSWMXMSRW XS XLSWI
LIPH MR XLI JVSRX SJwGI TVSZMHIW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MXL E LMKL HIKVII SJ GSR
wHIRGI XLEX XLI TSWMXMSRW YTSR [LMGL ER IZIRX MW FEWIH EVI GSVVIGX -J XLMW FEWMG VIGSRGMPMEXMSR
MW RSX EXXIQTXIH EX EPP SV MW RSX EXXIQTXIH SR E WYJwGMIRXP] JVIUYIRX FEWMW TVIJIVEFP] HEMP] XLI
WXEJJ VIWTSRWMFPI JSV TVSGIWWMRK IZIRXW EVI ZIV] PMOIP] XS LEZI XS YRHIVXEOI XLEX VIGSRGMPMEXMSR
XLIQWIPZIW EX XLI MRMXMEXMSR SJ ER IZIRX [LIVIEW XLI JSVQEP VIWTSRWMFMPMX] WLSYPH PMI [MXL XLI
6IGSRGMPMEXMSRW (ITEVXQIRX
;MXL VIKEVH XS YRWIXXPIH XVEHIW MI JSV[EVH ZEPYI HEXIH XVEHIW ERH JEMPIH XVEHIW XLI WYG
GIWWJYP HEMP] VIGSRGMPMEXMSR SJ STIVEXMSREP VIGSVHW XS XLI SYXWMHI [SVPH TVSZMHIW XLI 'SVTSVEXI
%GXMSRW (ITEVXQIRX [MXL E LMKL HIKVII SJ GSRwHIRGI XLEX YRWIXXPIH XVEHIW WLS[R [MXLMR MRXIV
REP FSSOW
VIGSVHW EW EX XLI VIGSVH HEXI SJ ER IZIRX [MPP QIER XLEX XLI GSYRXIVTEVXMIW [MPP
EKVII XLEX E sGPEMQt WMXYEXMSR MW ETTPMGEFPI
8LI WYGGIWWJYP HEMP] VIGSRGMPMEXMSR SJ STIVEXMSREP VIGSVHW SJ WIXXPIH WIGYVMXMIW TSWMXMSRW XS
XLSWI LIPH F] XLI 783tW GYWXSHMERW TVSZMHIW XLI 'SVTSVEXI %GXMSRW (ITEVXQIRX [MXL E LMKL HI
KVII SJ GSRwHIRGI XLEX WYGL TSWMXMSRW EW EX XLI VIGSVH HEXI SJ ER IZIRX [MPP IREFPI XLI EGGYVEXI
TVIHMGXMSR SJ IRXMXPIQIRXW HYI XS FI GVIHMXIH XS XLI 783tW EGGSYRXW SR TE]QIRXHMWXVMFYXMSR
HEXI
)PIGXVSRMG 'SQQYRMGEXMSRW
6IGIRX XIGLRMGEP EHZERGIQIRXW LEZI TVSZMHIH 783W [MXL XLI STTSVXYRMX] XS GSQQYRMGEXI XS
TSWMXMSR LSPHIVW MR ER IPIGXVSRMG JEWLMSR 8LI EHZERXEKIW SJ XLI IPIGXVSRMG GSQQYRMGEXMSR
QIHMYQ EVI E VIHYGXMSR MR JSV I\EQTPI
GSWXW SJ QERYEPP] MRXIRWMZI QEREKIQIRX SJ RSRIPIGXVSRMG JSVQW SJ GSQQYRMGEXMSR [MXL
TSWMXMSR LSPHIVW WYGL EW TETIV JE\ ERH IZIR XIPI\ ERH
HIPE]W MR GSQQYRMGEXMSRW FIX[IIR TEVXMIW ERH XLIVIJSVI
XLI VMWOW EWWSGMEXIH [MXL QMWWMRK SV HIPE]IH GSQQYRMGEXMSRW TEVXMGYPEVP] MR XLI GEWI SJ
IZIRXW [MXL IPIGXMSRW
2SXI XLEX MR XLMW GSRXI\X IPIGXVSRMG GSQQYRMGEXMSRW MRGPYHIW XLI -RXIVRIX
)\XIVREP -RMXMEXMZIW
8LSWI MRMXMEXMZIW XLEX EVI YRHIVXEOIR F] XLI QEVOIX EX PEVKI EVI VIKEVHIH EW I\XIVREP XS XLI 783
ERH JEPP MRXS X[S QEMR GEXIKSVMIW
XLSWI XLEX EVI MQTSWIH YTSR XLI QEVOIX TPEGI ERH XLIVIJSVI XLI 783 F] HIJEYPX MI QERHE
XSV] QEVOIX GLERKIW SV
XLSWI XLEX TVSQSXI GLERKIW MR QEVOIX TVEGXMGI [LMGL XLI 783 QE] GLSSWI XS EHSTX
8LI JSPPS[MRK PMWXW E RYQFIV SJ XLI GYVVIRX I\XIVREP MRMXMEXMZIW
7XERHEVHMÊXMSR SJ WXVYGXYVI ERH JSVQEX SJ GSQQYRMGEXMSRW FIX[IIR TEVXMIW IK MWWYIVW
GYWXSHMERW 783W ERH GPMIRXW ZME 7;-*8 -73 QIWWEKIW 8LI MRXIRHIH FIRIwX XS
EPP MRZSPZIH TEVXMIW MW E X[S[E] WMRKPI QIXLSH SJ GSQQYRMGEXMSR VIWYPXMRK MR VIHYGIH
GSWXW SJ WYTTSVXMRK QYPXMTPI WXVYGXYVIW ERH JSVQEXW 7XERHEVHMÊXMSR SJ QIWWEKIW [MPP EPWS

'SVTSVEXI %GXMSRW
JEGMPMXEXI XLI WXVEMKLXJSV[EVH GSQTEVMWSR SJ HEXE JVSQ QYPXMTPI WSYVGIW ERH QYPXMTPI QEVOIXW
EW MX MW I\TIGXIH XLEX QSWX MJ RSX EPP TEVXMIW [MPP FI GSQQYRMGEXMRK MR XLI WEQI QERRIV
8LI MRXVSHYGXMSR SJ XLI )RKPMWL PERKYEKI MR EHHMXMSR XS XLI TVMQEV] PERKYEKI SR EPP RSR
)RKPMWL GSQQYRMGEXMSRW )RKPMWL [MPP XLIVIJSVI FIGSQI XLI WXERHEVH PERKYEKI EGVSWW EPP
X]TIW SJ GSQQYRMGEXMSRW IZIR XLSYKL MX QE] RSX FI XLI TVMQEV] PERKYEKI SJ XLI 783 SV
XLI GPMIRX *SV I\EQTPI E GPMIRX VIGIMZMRK GSQQYRMGEXMSRW MR +IVQER [MPP EPWS VIGIMZI
ER )RKPMWL XVERWPEXMSR SR XLEX GSQQYRMGEXMSR EW [SYPH E GPMIRX VIGIMZMRK GSQQYRMGEXMSRW
MR *VIRGL 'SRWIUYIRXP] XLI X[S GSQQYRMGEXMSRW GSYPH FI GSQTEVIH MJ VIUYMVIH ZME XLI
GSQQSR PERKYEKI SJ )RKPMWL
7LSVXIRMRK SJ WIXXPIQIRX G]GPIW ERH F] EWWSGMEXMSR I\ IRXMXPIQIRX TIVMSHW EGVSWW QEVOIXW
MR SVHIV XS VIHYGI XLI MRWXERGI SJ GPEMQW [MXL VIWTIGX XS YRWIXXPIH XVEHIW 8LMW MW I\TIGXIH XS
VIHYGI
i QERYEPP] MRXIRWMZI TVSGIWWIW EWWSGMEXIH [MXL XLI MHIRXMwGEXMSR SJ GPEMQW MWWYERGI SJ
GPEMQW XS GSYRXIVTEVXMIW ERH XLI QEREKIQIRX SJ SZIVHYI WIXXPIQIRX SJ GPEMQW
i VMWOW EWWSGMEXIH [MXL XLI RSRGSPPIGXMSR SJ VIWYPXERX IRXMXPIQIRXW EVMWMRK JVSQ GPEMQW
i VMWOW EWWSGMEXIH [MXL XLI RSRTVSXIGXMSR SJ IPIGXMSR HIGMWMSRW MR VIWTIGX SJ YRWIXXPIH XVEHIW
8LI WLSVXIRMRK SJ WIXXPIQIRX G]GPIW MI XLI RYQFIV SJ HE]W FIX[IIR XVEHI HEXI ERH ZEPYI
HEXI [MPP LEZI E FIRIwGMEP IJJIGX SR XLI QEREKIQIRX SJ GSVTSVEXI EGXMSRW -R IUYMX] QEVOIXW
XLI MRXVSHYGXMSR SJ JSV I\EQTPI 8 WIXXPIQIRX MR E QEVOIX [LIVI 8 LEW TVIZMSYWP] FIIR
XLI RSVQ [MPP VIWYPX MR WLSVXIV I\ IRXMXPIQIRX TIVMSHW 8LMW MR XYVR WLSYPH QIER XLEX XLIVI MW
PIWW WGSTI JSV XVEHIW XS VIQEMR YRWIXXPIH EW EX XLI VIGSVH HEXI SJ ER IZIRX
7XERHEVHMÊXMSR SJ VIGSVH HEXIW ERH I\ HEXIW %X XLI XMQI SJ [VMXMRK E GSVTSVEXI EGXMSR
IZIRX SR E WIGYVMX] XLEX MW XVEHIH MR X[S SV QSVI QEVOIXW MW PMOIP] XS LEZI QEVOIXWTIGMwG
GSRZIRXMSRW ETTPMIH XS VIGSVH HEXIW ERH I\ HEXIW *SV I\EQTPI WIGYVMX] < XVEHIH MR SRI
QEVOIX QE] LEZI E GSRZIRXMSR SJ VIGSVH HEXI FIMRK SRI HE] TVMSV XS I\ HEXI [LIVIEW XLI
GSRZIRXMSR MR ERSXLIV QEVOIX QE] FI JSV XLI VIGSVH HEXI XS FI XLVII HE]W EJXIV I\ HEXI 7YGL
QEVOIXWTIGMwG GSRZIRXMSRW QIER XLEX HMJJIVIRX XVIEXQIRXW SJ XLI WEQI GSVTSVEXI EGXMSR IZIRX
EVI RIGIWWEV] 8LI WXERHEVHMÊXMSR SJ HEXI GSRZIRXMSRW [SYPH EZSMH XLI RIIH JSV WMKRMwGERXP]
HMJJIVIRX TVSGIWWIW MR SVHIV XS QEREKI QYPXMTPI QEVOIXW
8LI I\XIVREP MRMXMEXMZIW HIWGVMFIH EFSZI EVI FIMRK TYVWYIH F] E RYQFIV SJ MRHYWXV] [SVOMRK
KVSYTW XLIWI KVSYTW TVMQEVMP] EREP]WI XLI RIIHW SJ XLI QEVOIX TPEGI ERH EHZSGEXI ERH TVSQSXI
GLERKIW 8LI [SVOMRK KVSYTW YWYEPP] LEZI VITVIWIRXEXMSR JVSQ XLI QEVOIX TVSJIWWMSREP GSQ
QYRMX] MRWXMXYXMSREP MRZIWXSVW WXSGO I\GLERKIW ERH QEVOIX EYXLSVMXMIW ERH [LIR ETTVSTVMEXI
XLI VIKYPEXSV] EYXLSVMXMIW
0MWXIH FIPS[ EVI WSQI SJ XLIWI KVSYTW [MXL XLIMV GYVVIRX JSGYW
)YVSTIER 7IGYVMXMIW *SVYQ )7* i JSGYWMRK SJ WTIGMwG MWWYIW WYGL EW XLI WXERHEVHMÊXMSR
SJ VIGSVH HEXI ERH I\ HEXI WXVYGXYVIW SJ IZIRXW
7IGYVMXMIW 1EVOIX 4VEGXMGI +VSYT 714+ i JSGYWMRK QEMRP] SR XLI WXERHEVHMÊXMSR SJ
QIWWEKMRK 7;-*8 MW E OI] TEVXMGMTERX [MXLMR XLMW KVSYT
)YVSTIER 'IRXVEP 7IGYVMXMIW (ITSWMXSVMIW %WWSGMEXMSR )'7(% i JSGYWMRK SR XLI HIWMKR
SJ WSPYXMSRW EX ER MRXIVREXMSREP PIZIP XLEX EVI EMQIH EX XLI VIHYGXMSR SJ VMWO ERH MRGVIEWI
SJ IJwGMIRG] [MXLMR XLI )YVSTIER WIGYVMXMIW MRHYWXV] MRGPYHMRK GYWXSH] WIXXPIQIRX ERH
GSVTSVEXI EGXMSRW STIVEXMSRW

8LI TYVTSWI SJ XLIWI KVSYTW MW XS EGLMIZI GSRWIRWYW EGVSWW XLI QEVOIXW SV [MXLMR XLIMV QIQ
FIVWLMT ERH PSFF] PIKMWPEXSVW ERH QEVOIX VIKYPEXSVW JSV GLERKI
',%00)2+)7 -2 %',-):-2+ 8,) 78%8)( 3&.)'8-:)7

-R TEVEPPIP [MXL SXLIV MRHYWXVMIW ERH SXLIV LMWXSVMGEP GLERKIW [MXLMR XLI WIGYVMXMIW MRHYWXV]
EXXIQTXMRK XS MQTPIQIRX QENSV TVSKVEQQIW SJ GLERKI [MXLMR XLI GSVTSVEXI EGXMSRW EVIRE MW
PMOIP] XS FI ZIV] GSWXP] XMQI GSRWYQMRK ERH RSX [MXLSYX WMKRMwGERX HMJwGYPXMIW ERH GLEPPIRKIW
8LI JSPPS[MRK EVI I\EQTPIW SJ WYGL GLEPPIRKIW
8LI GSRZIVWMSR SJ MWWYIV IZIRX MRJSVQEXMSR JSV I\EQTPI XLI XVERWPEXMSR SJ PIKEP MRJSVQEXMSR
GSRXEMRIH [MXLMR E GSVTSVEXI EGXMSR IZIRX TVSWTIGXYW MRXS E WMRKPI WXERHEVH QIWWEKI
;LIR E GSVTSVEXI EGXMSR IZIRX MW ERRSYRGIH [LIXLIV EX XLI FIKMRRMRK SJ XLI PMJI SJ E
FSRH SV EX ER] TSMRX EJXIV MWWYERGI MR XLI GEWI SJ IUYMX] XLI MWWYIV [MPP TYFPMWL E TVSWTIGXYW
SV WMQMPEV GSQQYRMGEXMSR JSV HMWWIQMREXMSR XS XLI LSPHIVW ERHSV XLI QEVOIX TPEGI 7YGL
HSGYQIRXW EVI TVSHYGIH [MXL XLI MRZSPZIQIRX SJ PE[]IVW MR SVHIV XS EFMHI F] GSQTER] PE[
ERH XLI PSGEP WXSGO I\GLERKI SV QEVOIX EYXLSVMX] VIKYPEXMSRW %W MX MW LMKLP] PMOIP] XLEX
RS X[S GSYRXVMIW LEZI XLI WEQI VIUYMVIQIRXW MR XLIWI VIWTIGXW TVMQEVMP] HYI XS IZSPYXMSR
MR HMJJIVIRX QEVOIXW EGLMIZMRK WXERHEVHMÊXMSR SJ IZIRX MRJSVQEXMSR ERH XLI [E] MR [LMGL
WYGL MRJSVQEXMSR MW TVIWIRXIH EVI QENSV GLEPPIRKIW
%KVIIQIRX SZIV GSQQYRMGEXMSR WXERHEVHW [MXL EPP MRXIVIWXIH TEVXMIW
-R SVHIV XS EGLMIZI XVYI WXERHEVHMÊXMSR SR E KPSFEP WGEPI XLI HIGMWMSR QEOIVW [MPP RIIH XS
XEOI EGGSYRX SJ XLI TIVWTIGXMZIW SJ QER] X]TIW SJ SVKERMÊXMSRW MRGPYHMRK MWWYIVW QEVOIX EY
XLSVMXMIW '7(W -'7(W GYWXSHMERW 783W MRWXMXYXMSREP MRZIWXSVW VIKYPEXSVW XE\ EYXLSVMXMIW
IXG 9RPIWW XLI ZMI[W SJ EPP WYGL SVKERMÊXMSRW EVI GSRWMHIVIH XLI VIWYPX SJ MQTPIQIRXIH MR
MXMEXMZIW QE] FI XLEX GSQTVSQMWI MW WXMPP RIGIWWEV] SR E HE]XSHE] FEWMW YPXMQEXIP] QIERMRK
XLEX XLI SFNIGXMZI LEW RSX MR JEGX FIIR VIEGLIH
8LI EFMPMX] XS EGLMIZI EKVIIQIRX SZIV TVMSVMXMIW EGVSWW QYPXMTPI QEVOIXW GSYRXVMIW VIKMSRW
ERH X]TIW SJ SVKERMÊXMSRW
*SV I\EQTPI
i SFNIGXMZIW XLEX EVI SJ LMKLIWX MQTSVXERGI MR )YVSTI QE] RSX FI VIKEVHIH EW MQTSVXERX
[MXLMR XLI %WME 4EGMwG VIKMSR
i XLI ZMI[TSMRXW SJ PIKMWPEXSVW ERH VIKYPEXSVW MR 2SVXL %QIVMGE QE] HMJJIV JVSQ XLSWI MR
)YVSTI
i GSSVHMREXMSR SJ XLI SFNIGXMZIW SJ WS QER] [SVOMRK KVSYTW ERH EKVIIMRK WIUYIRGMRK ERH
HITIRHIRGMIW FIX[IIR XLI ZEVMSYW TVSNIGXW QE] FI HMJwGYPX
8LI GSWXW SJ FSXL MRXIVREP ERH I\XIVREP MRMXMEXMZIW
*VSQ ER MRXIVREP TIVWTIGXMZI XLI GLEPPIRKI MW [LIXLIV E WXVSRK IRSYKL FYWMRIWW GEWI GER
FI TVIWIRXIH XS QEREKIQIRX MR SVHIV XS WIGYVI JYRHMRK JSV GLERKI MRMXMEXMZIW %X ER] SRI
QSQIRX MR XMQI 783W RSVQEPP] LEZI E [LSPI VERKI SJ MQTVSZIQIRXW XS I\MWXMRK TVSGIWWIW
TVSGIHYVIW ERH W]WXIQW XLEX MX [SYPH MHIEPP] [MWL XS MQTPIQIRX MQQIHMEXIP] 8LI VIEPMX]
LS[IZIV MW XLEX E PMQMXIH EQSYRX SJ FYHKIX MW WIX EWMHI JSV E KMZIR wWGEP TIVMSH ERH XLI
783tW QEREKIQIRX QYWX HIGMHI [LMGL TVSNIGXW [MPP TVSZMHI XLI KVIEXIWX FIRIwXW -X MW RSVQEP
TVEGXMGI JSV IEGL MRMXMEXMZI XS LEZI E TVSNIGX WTSRWSV [LS GVIEXIW ERH TVIWIRXW XLI VEXMSREPI
ERH NYWXMwGEXMSR GSQQSRP] ORS[R EW E sFYWMRIWW GEWIt XS QEREKIQIRX MR XLI LSTI SJ
KEMRMRK ETTVSZEP JSV XLI TVSNIGX 8LI FYWMRIWW GEWI JSV SRI SV QSVI GSVTSVEXI EGXMSRWVIPEXIH

'SVTSVEXI %GXMSRW
TVSNIGXW [MPP RIIH XS FI QEHI EPSRKWMHI XLSWI VITVIWIRXMRK MRMXMEXMZIW JVSQ SXLIV EVIEW SJ
XLI SVKERMÊXMSR 4SWWMFP] XLI QSWX HMJwGYPX EWTIGX SJ QEOMRK XLI GSVTSVEXI EGXMSRW GEWI MW
XS WXEXI XLEX XLI MRMXMEXMZI MW HIWMKRIH XS KYEVH EKEMRWX TSXIRXMEP PSWWIW UYERXMJ]MRK XLI WGEPI
SJ E PMOIP] PSWW MW I\XVIQIP] HMJwGYPX *SV I\EQTPI MJ E PSWW [IVI XS FI MRGYVVIH MX GSYPH
FI SR
i E VIPEXMZIP] WQEPP TSWMXMSR XLEX LEW E WMRKPI LSPHIV SV YT XS
i RYQIVSYW PEVKI TSWMXMSRW LIPH F] QER] GPMIRXW
QEOMRK XLI FYWMRIWW GEWI ZIV] HMJwGYPX XS NYWXMJ] 'PIEVP] E WIVMSYW IVVSV MR XLI WIGSRH GEWI
QE] MRGYV E JEV KVIEXIV QSRIXEV] ERH VITYXEXMSREP PSWW XLER XLI WEQI IVVSV VIPEXMRK XS XLI
wVWX GEWI 'SRZIVWIP] MJ XLI 783 LEW LEH XLI QMWJSVXYRI XS LEZI MRGYVVIH MR XLI TEWX SRI SV
QSVI WIVMSYW PSWWIW SR GSVTSVEXI EGXMSR IZIRXW KEMRMRK FYHKIXEV] ETTVSZEP QE] FI VIPEXMZIP]
WXVEMKLXJSV[EVH
*VSQ ER I\XIVREP TIVWTIGXMZI XLI GLEPPIRKI MW [LIXLIV XLI QEVOIX TEVXMGMTERXW [SYPH FI
[MPPMRK XS QEOI XLI RIGIWWEV] MRZIWXQIRX ERH MJ WS SR [LEX FEWMW 8LI TVSJIWWMSREP QEVOIX
GSQQYRMX] SV SXLIV KVSYTW WYGL EW MRWXMXYXMSREP MRZIWXSVW QE] HIGMHI XLEX XLI] [MPP MRZIWX
MR SVHIV XS VIEPMÎ XLIMV SFNIGXMZIW FYX EVI PMOIP] XS HIQERH XLEX GIVXEMR GSRHMXMSRW QYWX FI
QIX JSV I\EQTPI MR XIVQW SJ QIIXMRK EKVIIH HIEHPMRIW ERH FYHKIXW ERH EGLMIZMRK GIVXEMR
PIZIPW SJ JYRGXMSREPMX] ERH TIVJSVQERGI
+PSWWEV] SJ 8IVQW
8LMW KPSWWEV] GSRXEMRW QER] SJ XLI XIVQW QIRXMSRIH [MXLMR XLI FSSO ERH EHHMXMSREPP] GSRXEMRW
JVIUYIRXP] YWIH XIVQW RSX YWIH [MXLMR XLI FSSO FYX [LMGL QE] FI SJ YWI XS XLI VIEHIV ;SVHW
ERH TLVEWIW MR MXEPMGW [MXLMR XLI HIWGVMTXMSR SJ XIVQW MRHMGEXI XLEX ER EWWSGMEXIH KPSWWEV] MXIQ
I\MWXW
%GGITXERGI 4IVMSH 8LI TIVMSH [MXLMR [LMGL XLI SJJIVSV [MPP EGGITX IPIGXMSR HIGMWMSRW XS
EGGITX XLI XEOISZIV SJJIV JVSQ TSWMXMSR LSPHIVW MR XLI SJJIVII
%GGVYEP -RXIVREP EGGSYRXMRK IRXVMIW VITVIWIRXMRK XLI EGGYQYPEXMSR SJ MRGSQI TE]QIRX SJ
[LMGL MW HYI EX XLI RI\X MRGSQI TE]QIRX HEXI
%GGVYIH -RXIVIWX 3R MRXIVIWXFIEVMRK FSRHW XLI EGGYQYPEXIH MRXIVIWX WMRGI XLI QSWX VIGIRX
GSYTSR TE]QIRX HEXI ERH TE]EFPI EX XLI RI\X GSYTSR TE]QIRX HEXI
%GUYMWMXMSR %R EXXIQTX XS TYVGLEWI F] SRI GSQTER] EPP SV TEVX SJ XLI MWWYIH WLEVI GETMXEP
SJ ERSXLIV GSQTER] %PWS ORS[R EW XEOISZIV SV XIRHIV
%GXYEP 7IXXPIQIRX -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW XLI GVIHMXMRK SJ XLI TSWMXMSR LSPHIV
F] XLI 783 JSPPS[MRK GSPPIGXMSR SJ XLI EQSYRX S[IH EX XLI PSGEXMSR 'SRZIVWIP] XLI HIFMXMRK
SJ XLI TSWMXMSR LSPHIV F] XLI 783 JSPPS[MRK TE]QIRX SJ XLI EQSYRX S[IH EX XLI PSGEXMSR
%KIRG] 8VEHMRK )JJIGXMRK XLI TYVGLEWI SV XLI WEPI SJ WIGYVMXMIW MR XLI GETEGMX] SJ ER EKIRX
SR FILEPJ SJ GPMIRXW
%KIRX JSV -RZIWXSVW %R SVKERMÊXMSR XLEX EGXW EW ER MRXIVQIHMEV] FIX[IIR MXW GPMIRXW ERH E
QEVOIX TEVXMGMTERX [MXL [LSQ XLI EKIRX XVEHIW %KIRXW YWYEPP] HS RSX LSPH WIGYVMXMIW TSWMXMSRW
SR XLIMV S[R FILEPJ 7II 4VSTVMIXEV] 8VEHMRK
%+1 %RRYEP +IRIVEP 1IIXMRK % KEXLIVMRK SJ WLEVILSPHIVW EX [LMGL GSQTER] TVSTSWEPW
EVI QEHI JSV [LMGL XLI WLEVILSPHIVW EVI IRXMXPIH XS ZSXI
%QSVXMÎH 'SYTSR % GSYTSR TE]QIRX [LMGL EPWS MRGPYHIW E GETMXEP TSVXMSR VITVIWIRXMRK
XLI VIHIQTXMSR SV VITE]QIRX SJ TEVX SJ XLI GETMXEP ZEPYI SJ XLI HIFX

+PSWWEV] SJ 8IVQW
%RRSYRGIH )ZIRX %R IZIRX HIGPEVIH F] XLI MWWYIV HYVMRK XLI sPMJIt SJ XLI WIGYVMX] VIWYPXMRK
JVSQ HIGMWMSRW QEHI F] XLI MWWYIVtW FSEVH SJ HMVIGXSVW ERH TSXIRXMEPP] VEXMwIH F] WLEVILSPHIVW
8LMW HMJJIVW JVSQ E TVIHMGXEFPI IZIRX [LIVI XLI IZIRX XIVQW JSVQ TEVX SJ XLI MWWYI GSRHMXMSRW
SJ XLI WIGYVMX] *SV I\EQTPI GSYTSR TE]QIRXW JSV FSRHW
%RRSYRGIQIRX -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW XLI HIGPEVEXMSR SJ GSVTSVEXI EGXMSR XIVQW
%RRSYRGIQIRX (EXI
SJ ER IZIRX
%RRYEP
8LI HEXI YTSR [LMGL XLI MWWYIV HIGPEVIW XS XLI QEVOIX TPEGI XLI XIVQW
=IEVP]
%WWMQMPEXMSR 8LI EQEPKEQEXMSR SJ X[S WIGYVMXMIW [MXL TVIZMSYWP] HMJJIVIRX GLEVEGXIVMWXMGW

RS[ FIGSQMRK MHIRXMGEP MR EPP VIWTIGXW IK VEROMRK TEVMTEWWY JSV JYXYVI HMZMHIRHW
&EPERGI 7LIIX 8LI VITVIWIRXEXMSR SJ E GSQTER]tW wRERGMEP TSWMXMSR EX E WTIGMwIH HEXI 8LI
FEPERGI WLIIX MRGPYHIW EWWIXW PMEFMPMXMIW ERH S[RIVtW IUYMX]
&IEVIV 7IGYVMX] % WIGYVMX] LEZMRK RS JEGMPMX] JSV XLI MWWYIV XS VIGSVH XLI S[RIV SJ XLI WIGYVMX]
ERH [LIVI TVSSJ SJ S[RIVWLMT MW TL]WMGEP TSWWIWWMSR SJ XLI WIGYVMX] GIVXMwGEXI LMWXSVMGEPP]
QEMRP] FSRHW VEXLIV XLER IUYMXMIW [IVI MWWYIH MR FIEVIV JSVQ 7II 6IKMWXIVIH 7IGYVMX]
&IRIwGMEP 3[RIV -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW XLI XVEHMRK FSSO SV GYWXSH] GPMIRX SR
FILEPJ SJ [LSQ XLI 783 LSPHW E TSWMXMSR -X MW XLI FIRIwGMEP S[RIV [LS VIGIMZIW XLI FIRIwX
SJ XLI GSVTSVEXI EGXMSR
&IRIwX %R EQSYRX SJ GEWL SV E UYERXMX] SJ WIGYVMXMIW TE]EFPI F] ER MWWYIV XS WLEVILSPHIVW
SV FSRHLSPHIVW EW E VI[EVH JSV SV VIXYVR SR XLIMV MRZIWXQIRX
&IRIwX )ZIRXW 8LSWI GSVTSVEXI EGXMSR IZIRXW XLEX VIWYPX MR ER MRGVIEWI XS XLI TSWMXMSR LSPHIVtW
WIGYVMXMIW SV GEWL TSWMXMSR [MXLSYX EPXIVMRK XLI YRHIVP]MRK WIGYVMX] *SV I\EQTPI E FSRYW MWWYI
&SEVH 0SX % WXERHEVH XVEHMRK UYERXMX] WYGL EW SV WLEVIW JSV E KMZIR WIGYVMX]
XVEHMRK MW YWYEPP] GSRHYGXIH MR QYPXMTPIW SJ XLI FSEVH PSX 8LI GSWX SJ XVEHMRK MR FSEVH PSXW MW
X]TMGEPP] GLIETIV XLER JSV XVEHMRK MR RSRFSEVH PSX UYERXMXMIW 7II 3HH 0SX
&SRH % X]TI SJ WIGYVMX] XLEX VITVIWIRXW E PSER SJ GEWL F] ER MRZIWXSV XS E KSZIVRQIRX
KSZIVRQIRX EKIRG] WYTVEREXMSREP SVKERMÊXMSR SV GSQTER] JSV [LMGL XLI MRZIWXSV YWYEPP]
VIGIMZIW E w\IH VEXI SJ MRXIVIWX TIVMSHMGEPP] HYVMRK XLI XIVQ SJ XLI PSER ERH VIGIMZIW VITE]QIRX
SJ GETMXEP EX QEXYVMX] SJ XLI FSRH YWYEPP] ]IEVW PEXIV
&SRHLSPHIV
8LI S[RIV SJ FSRHW
&SRH 'SRZIVWMSR 7II GSRZIVWMSR

&SRH 6IHIQTXMSR 8LI VITE]QIRX SJ GETMXEP F] XLI MWWYIV XS XLI FSRHLSPHIVW SR SV FIJSVI
XLI QEXYVMX] HEXI SJ XLI FSRH
+PSWWEV] SJ 8IVQW

&SRYW -WWYI 8LI KVERX SJ EHHMXMSREP WLEVIW F] ER MWWYIV XS MXW WLEVILSPHIVW JVII SJ GSWX XS
XLI WLEVILSPHIVW X]TMGEPP] EX E w\IH VEXMS SJ EHHMXMSREP WLEVIW XS SVMKMREP WLEVIW
&SSO )RXV] % QIXLSH F] [LMGL WIXXPIQIRX SJ XVEHIW MW IJJIGXIH [LIVIF] XLI I\GLERKI SJ
WIGYVMXMIW ERH GEWL MRZSPZIW RS TL]WMGEP QSZIQIRX SJ WIGYVMXMIW EW FSXL XLI WIPPIV ERH FY]IV
YWI XLI WEQI GYWXSHMER YRHIV WYGL GMVGYQWXERGIW WIXXPIQIRX VIWYPXW MR E XVERWJIV SJ WIGYVMXMIW
ERH GEWL FIX[IIR WIPPIV ERH FY]IV [MXLMR XLI GYWXSHMERtW FSSOW
&SSOW
6IGSVHW 8LI SJwGMEP VIGSVH SJ ER SVKERMÊXMSRtW XVEHMRK EGXMZMX] WIGYVMXMIW
TSWMXMSRW ERH GEWL TSWMXMSRW
&SSOW 'PSWMRK (EXI 8LI HEXI EX [LMGL E GSQTER]tW WLEVI VIKMWXIV MW XIQTSVEVMP] GPSWIH JSV
XLI TYVTSWI SJ MHIRXMJ]MRK JSV I\EQTPI XLI WLEVILSPHIVW XS [LSQ GSVTSVEXI EGXMSR FIRIwXW
WYGL EW HMZMHIRHW SV FSRYW MWWYIW [MPP FI TEMH %PWS ORS[R EW VIGSVH HEXI
&VSOIV %R SVKERMÊXMSR XLEX I\IGYXIW XVEHIW SR FILEPJ SJ MXW GPMIRXW VEXLIV XLER SR MXW S[R
FILEPJ F] wRHMRK FY]IVW [LIVI GPMIRXW [MWL XS WIPP ERH wRHMRK WIPPIVW [LIVI GPMIRXW [MWL XS
FY] WIGYVMXMIW &VSOIVW RSVQEPP] GLEVKI GSQQMWWMSR XS GPMIRXW JSV TVSZMHMRK XLMW WIVZMGI
&Y]&EGO 8LI VITYVGLEWI SJ EPP SV TEVX SJ XLI MWWYIH WLEVI GETMXEP IUYMX] F] XLI MWWYIV
JVSQ WLEVILSPHIVW EX E TYFPMWLIH TVMGI
'EPP 7II JYPP GEPP ERH TEVXMEP GEPP
'ETMXEP
-R E GSVTSVEXI EGXMSRW WIRWI
8LI EWWIXW SJ E WIGYVMXMIW MWWYIV EJXIV EPP PMEFMPMXMIW LEZI FIIR HIHYGXIH
8LI JYRHW TEMH F] MRZIWXSVW XS ER MWWYIV SJ WIGYVMXMIW
'ETMXEP +EMR 4VSwXW IEVRIH JVSQ XLI FY]MRK ERH WIPPMRK SJ EWWIXW [LMGL [IVI LIPH JSV
MRZIWXQIRX TYVTSWIW
'ETMXEP +EMRW 8E\ 8LI XE\ SR TVSwXW IEVRIH JVSQ XLI FY]MRK ERH WIPPMRK SJ EWWIXW [LMGL
[IVI LIPH JSV MRZIWXQIRX TYVTSWIW
'ETMXEP :EPYI 8LI JEGI ZEPYI SJ ER IUYMX] WIGYVMX] 7II TEV ZEPYI
'ETMXEP 6ITE]QIRX % VIHYGXMSR MR XLI GETMXEP ZEPYI SJ ER IUYMX] XLIVIF] VIHYGMRK XLI
TSWMXMSR LSPHIVtW S[RIVWLMT MR XLI GSQTER] 8LI GETMXEP VIHYGXMSR MW TEMH F] XLI MWWYIV XS XLI
TSWMXMSR LSPHIV ERH XLI SVMKMREP WIGYVMX] MW I\GLERKIH JSV WIGYVMXMIW ETTVSTVMEXI XS XLI RI[
GETMXEP ZEPYI SR E SRI JSV SRI FEWMW 2SXI XLEX GETMXEP VITE]QIRXW SR FSRHW EVI ORS[R EW FSRH
VIHIQTXMSRW
'ETMXEP 6IWIVZIW %QSYRXW SJ GETMXEP VIXEMRIH MR E GSQTER]tW FEPERGI WLIIX XS FI YWIH MR
XLI JYXYVI SV JSV E WTIGMEP TYVTSWI
'EWL (MZMHIRH 4E]QIRX 8LI TE]QIRX XS WLEVILSPHIVW F] ER MWWYIV SJ MRGSQI MR XLI JSVQ
SJ GEWL

+PSWWEV] SJ 8IVQW
'EWL JSV *VEGXMSRW 8LI HMWXVMFYXMSR SJ GEWL XS XLI TSWMXMSR LSPHIV MR PMIY SJ XLI JVEGXMSREP
EQSYRX SJ E WIGYVMXMIW VIWYPXERX IRXMXPIQIRX
'EWL 4SWMXMSR % TSWMXMSR MR GEWL VITVIWIRXMRK XLI EGGYQYPEXIH XVEHMRK SJ E TSWMXMSR LSPHIV
''%77 'IRXVEP 'PIEVMRK
7IXXPIQIRX 7]WXIQ XLI RSVQEP TPEGI SJ WIXXPIQIRX JSV IUYMXMIW
XVEHIH MR ,SRK /SRK
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MR 'EREHE
'IEWI 8VEHMRK (EXI 8LI PEWX HE] YTSR [LMGL E WIGYVMX] QE] FI XVEHIH 8]TMGEPP] XLMW JSVQW
TEVX SJ XLI IZIRX XIVQW SV XLI MWWYI XIVQW SJ E WIGYVMX] *SV I\EQTPI XLMW HEXI MW ETTPMGEFPI XS
XLI XVEHMRK SJ RMP TEMH VMKLXW MR E VMKLXW MWWYI
'IRXVEP 'SYRXIVTEVX] %R SVKERMÊXMSR XLEX TPEGIW MXWIPJ FIX[IIR XLI GSYRXIVTEVXMIW XS
XVEHIW FIGSQMRK XLI GSYRXIVTEVX] XS FSXL WIPPIV ERH FY]IV XLI VIWYPXERX WIXXPIQIRX SFPMKE
XMSR MW FIX[IIR WIPPIV ERH GIRXVEP GSYRXIVTEVX] ERH FY]IV ERH GIRXVEP GSYRXIVTEVX]
'IRXVEP 7IGYVMXMIW (ITSWMXSV] 8LI YPXMQEXI WXSVEKI PSGEXMSR SJ WIGYVMXMIW [MXLMR E wRERGMEP
GIRXVI MR [LMGL XLI VIGSVH SJ S[RIVWLMT MW X]TMGEPP] QEMRXEMRIH IPIGXVSRMGEPP] F] FSSO
IRXV] WIXXPIQIRX SJ XVEHIW QE] FI IJJIGXIH EW ER EHHMXMSREP WIVZMGI % X]TI SJ GYWXSHMER
SVKERMÊXMSR
'IVXMwGEXI (SGYQIRX SJ S[RIVWLMT MR E WIGYVMX] GIVXMwGEXIW LEZI LMWXSVMGEPP] FIIR MWWYIH
MR VIKMWXIVIH SV FIEVIV JSVQ -R QER] wRERGMEP GIRXVIW XSHE] GIVXMwGEXIW EVI RSX MWWYIH ERH
TVSSJ SJ S[RIVWLMT MW LIPH IPIGXVSRMGEPP] [MXLMR FSSOIRXV] W]WXIQW
'IVXMwGEXIH % WIGYVMX] [LIVI XLI MWWYIV SV E VIKMWXVEV EGXMRK SR XLI MWWYIVtW FILEPJ QEMRXEMRW
E VIGSVH SJ S[RIVW SJ XLI WIGYVMX] WYFWIUYIRXP] MWWYMRK E GIVXMwGEXI XS XLI S[RIV EW TVSSJ SJ
S[RIVWLMT VEXLIV XLER FIMRK VITVIWIRXIH F] ER IPIGXVSRMG LSPHMRK ;LIR WSPH XLI GIVXMwGEXI
MW WYVVIRHIVIH ERH GERGIPPIH ERH E RI[ GIVXMwGEXI MW MWWYIH MR XLI FY]IVtW REQI
',)77 'PIEVMRK ,SYWI )PIGXVSRMG 7YFVIKMWXIV 7]WXIQ XLI RSVQEP TPEGI SJ WIXXPIQIRX JSV
IUYMXMIW XVEHIH MR %YWXVEPME ',)77 IJJIGXW WIXXPIQIRX JSV MXW EGGSYRX LSPHIVW SR E FSSOIRXV]
FEWMW
'PEMQW %PP WMXYEXMSRW [LIVI VIWYPXERX IRXMXPIQIRX SJ WIGYVMXMIW SV GEWL EVI HYI XS FI VIGIMZIH
JVSQ SV TEMH XS GSYRXIVTEVXMIW EW E VIWYPX SJ YRWIXXPIH XVEHIW MR XLI YRHIVP]MRK WIGYVMX] SJ XLI
IZIRX
'PIEVWXVIEQ &EROMRK *VEROJYVX 8LI RSVQEP TPEGI SJ WIXXPIQIRX JSV IUYMXMIW XVEHIH MR
+IVQER]
'PIEVWXVIEQ -RXIVREXMSREP 0SGEXIH MR 0Y\IQFSYVK SRI SJ XLI X[S -RXIVREXMSREP 'IRXVEP
7IGYVMXMIW (ITSWMXSVMIW -'7(W SJJIVMRK GYWXSH] ERH WIXXPIQIRX WIVZMGIW XS MXW TEVXMGMTERXW
XLI SXLIV -'7( MW )YVSGPIEV
+PSWWEV] SJ 8IVQW

'PSWI (EXI 8LI PEWX HEXI SJ ER IPIGXMSR TIVMSH 7II MWWYIV HIEHPMRI HEXI
'SPPIGXMFPI 6IWYPXERX )RXMXPIQIRX 8LI VIWYPXERX IRXMXPIQIRX SJ ER IZIRX XLEX MW XS FI GSP
PIGXIH F] XLI 783 JVSQ XLI PSGEXMSR SJ MXW LSPHMRKW MI XLI GYWXSHMER ERH XLI GSYRXIVTEVXMIW
XS GPEMQW
'SPPIGXMSR -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW sGSPPIGXMSRt VIJIVW XS XLI VIGIMTX SJ XLI VIWYPXERX
IRXMXPIQIRX JVSQ XLI PSGEXMSR
'SQQIRGI 8VEHMRK (EXI 8LI wVWX HE] YTSR [LMGL E WIGYVMX] QE] FI XVEHIH 8]TMGEPP]
XLMW JSVQW TEVX SJ XLI IZIRX XIVQW SV XLI MWWYI XIVQW SJ E WIGYVMX] *SV I\EQTPI XLMW HEXI MW
ETTPMGEFPI XS XLI XVEHMRK SJ RMP TEMH VMKLXW MR E VMKLXW MWWYI
'SQQSR 7XSGO 8LI WXERHEVH HIWGVMTXMSR SJ WLEVIW MWWYIH F] GSQTERMIW MR XLI 9RMXIH 7XEXIW
7II 3VHMREV] 7LEVIW
'SQTER] )EVRMRKW 8LI TVSwXW SJ E FYWMRIWW IRXIVTVMWI
'SQTIRWEXMSR -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW XLI WIXXPIQIRX SJ GPEMQW EYXSQEXMGEPP]
F] XLI '7(-'7( SR FILEPJ SJ XLI 783 ERH MXW GSYRXIVTEVX]
'SQTIRWEXMSR (EXI 7II (ITSX %HNYWXQIRX (EXI
'SQTYPWSVMP] %GUYMVIH 7II 'SQTYPWSV] %GUYMWMXMSR
'SQTYPWSV] %GUYMWMXMSR 8LI QERHEXSV] TSWWIWWMSR SJ SYXWXERHMRK TSWMXMSRW MR XLI SJJIVII
F] XLI SJJIVSV MR E XEOISZIV SJJIV
'SRHMXMSREP 8LI WXEXYW SJ E XEOISZIV SJJIV VIxIGXMRK XLEX XLI QMRMQYQ GSRHMXMSRW WIX F] XLI
SJJIVSV WXMPP ETTP] ;LMPI XLI XEOISZIV SJJIV VIQEMRW GSRHMXMSREP XLI SJJIVSV MW EFPI XS [MXLHVE[
XLI SJJIV
'SRHMXMSREP 4IVMSH % TLEWI SJ E XEOISZIV SJJIV HYVMRK [LMGL XLI QMRMQYQ GSRHMXMSRW WIX
F] XLI SJJIVSV QYWX GSRXMRYI XS FI QIX MR SVHIV JSV XLI SJJIV XS TVSGIIH
'SRWSPMHEXMSR % HIGVIEWI MR ER MWWYIVtW RYQFIV SJ MWWYIH WLEVIW TVSTSVXMSREP XS ER MRGVIEWI
MR XLI GETMXEP ZEPYI SJ IEGL I\MWXMRK WLEVI
'SRXVEGXYEP 7IXXPIQIRX 8LI HMWXVMFYXMSR XS E TSWMXMSR LSPHIV SJ WIGYVMXMIW ERHSV GEWL XS
VIxIGX WIXXPIQIRX SR TE]QIRX SV HMWXVMFYXMSR HEXI SJ XLI GSVTSVEXI EGXMSR VIKEVHPIWW SJ [LIXLIV
XLI WIGYVMXMIW ERHSV GEWL LEZI FIIR GSPPIGXIH JVSQ XLI PSGEXMSR
'SRXVEGXYEP 7IXXPIQIRX (EXI 8LI MRXIRHIH HEXI SJ I\GLERKI SJ WIGYVMXMIW ERH GEWL FIX[IIR
FY]IV ERH WIPPIV %RSXLIV XIVQ JSV ZEPYI HEXI
'SRXVSPPMRK -RXIVIWX % PIZIP SJ S[RIVWLMT MI TIVGIRXEKI SJ MWWYIH GETMXEP MR E GSQTER]
XLEX EPPS[W XLI TSWMXMSR LSPHIV XS I\IVGMWI GSRXVSP SZIV XLI QEREKIQIRX SJ XLEX GSQTER]

+PSWWEV] SJ 8IVQW
8LI PIZIP SJ S[RIVWLMT X]TMGEPP] I\GIIHW XLEX SJ XLI GSQFMRIH S[RIVWLMT SJ EPP SXLIV
S[RIVW
'SRZIVWMSR 8LI I\GLERKI SJ SRI WIGYVMX] JSV ERSXLIV WIGYVMX] 8LMW RSVQEPP] VIWYPXW JVSQ
E GSRZIVWMSR HIGMWMSR F] XLI TSWMXMSR LSPHIV JVIUYIRXP] MRZSPZMRK GSRZIVXMFPI FSRHW FIMRK
GSRZIVXIH XS XLI YRHIVP]MRK IUYMX] MR XLI MWWYIV
'SRZIVWMSR 4IVMSH 8LI XMQIJVEQI HYVMRK [LMGL E GSRZIVXMFPI WIGYVMX] MW IPMKMFPI JSV GSR
ZIVWMSR
'SRZIVXMFPI &SRHW % FSRH XLEX IRXMXPIW XLI LSPHIV XS GSRZIVX XLEX WIGYVMX] MRXS XLI YRHIVP]MRK
IUYMX] SJ XLI MWWYIV EX E w\IH VEXMS XS XLI JEGI ZEPYI SJ XLI FSRH HYVMRK TVIWTIGMwIH TIVMSHW
HYVMRK XLI PMJI SJ XLI FSRH
'SRZIVXMFPI 4VIJIVIRGI 7LEVI % X]TI SJ TVIJIVIRGI WLEVI XLEX IRXMXPIW XLI LSPHIV XS GSRZIVX
XLEX WIGYVMX] MRXS XLI YRHIVP]MRK SVHMREV] WLEVIW SJ XLI MWWYIV EX E w\IH VEXMS XS XLI JEGI ZEPYI
HYVMRK TVIWTIGMwIH TIVMSHW HYVMRK XLI PMJI SJ XLI TVIJIVIRGI WLEVI
'SVTSVEXI %GXMSR )ZIRX %R IZIRX MR XLI PMJI SJ E WIGYVMX] X]TMGEPP] MRWXMKEXIH F] XLI MWWYIV
[LMGL EJJIGXW E TSWMXMSR MR XLEX WIGYVMX] *SV I\EQTPI E GSYTSR TE]QIRX SV E FSRYW MWWYI
'SVTSVEXI %GXMSR 0MJIG]GPI 8LI WIUYIRXMEP WXITW MRZSPZIH MR XLI TVSGIWWMRK SJ E GSVTSVEXI
EGXMSR TVIHSQMRERXP] HIXIVQMRIH F] XLI REXYVI SJ XLI GSVTSVEXI EGXMSR
'SVTSVEXI %GXMSR (EXE 4VSZMHIV %R SVKERMÊXMSR XLEX WYTTPMIW MRJSVQEXMSR XS WYFWGVMFIVW
VIKEVHMRK XLI HIXEMP SJ GSVTSVEXI EGXMSRW EW ERH [LIR ERRSYRGIH X]TMGEPP] SR ER IPIGXVSRMG
FEWMW
'SYRXIVTEVX] 8LI STTSWMRK IRXMX] [MXL [LMGL E WIGYVMXMIW XVEHMRK SVKERMÊXMSR I\IGYXIW E
WIGYVMXMIW XVERWEGXMSR
'SYRXIVTEVX] (IEHPMRI (EXI 8LI wREP HEXI WXMTYPEXIH F] XLI GSYRXIVTEVX] SJ ER YRWIXXPIH
XVEHI F] [LMGL MX VIUYMVIW XS VIGIMZI ER] IPIGXMSR HIGMWMSRW JVSQ XLI 783 TYVWYERX XS XLI 783tW
GPEMQ JSV VIWYPXERX IRXMXPIQIRX
'SYRXIVTEVX] 6MWO 8LI VMWO XLEX XLI GSYRXIVTEVX] XS E XVEHI [MPP JEMP XS LSRSYV MXW GSRXVEGXYEP
SFPMKEXMSR XS TE] GEWL SV XS HIPMZIV WIGYVMXMIW
'SYTSR 3R MRXIVIWX FIEVMRK FSRHW FSRHW EVI MWWYIH [MXL GSYTSRW EXXEGLIH IEGL GSYTSR
VITVIWIRXW MRXIVIWX HYI SR SRI WTIGMwIH GSYTSR TE]QIRX HEXI -R SVHIV XS VIGIMZI MRXIVIWX SR
XLI FSRH XLI GSYTSR QYWX FI HIXEGLIH ERH TVIWIRXIH XS XLI GSYTSR TE]MRK EKIRX
'SYTSR 4E]MRK %KIRX %R SVKERMÊXMSR ETTSMRXIH F] ER MWWYIV XS GSPPIGX GSYTSRW JVSQ XLI
FSRHLSPHIVW ZIVMJ] XLI ZEPMHMX] SJ XLI GSYTSRW ERH QEOI GSYTSR TE]QIRXW XS XLI FSRHLSPHIVW
SR FILEPJ SJ XLI MWWYIV
+PSWWEV] SJ 8IVQW

'SYTSR 4E]QIRX 8LI WGLIHYPIH TE]QIRX SJ MRXIVIWX MR GEWL EKEMRWX XLI JEGI ZEPYI MI XLI
UYERXMX] EPWS ORS[R EW RSQMREP ZEPYI SJ E FSRH [LIXLIV MX FI w\IHVEXI FSRHW SV xSEXMRK
VEXI RSXIW XS XLI LSPHIV
'SYTSR 4E]QIRX (EXI 8LI WGLIHYPIH HEXI SJ E GSYTSR TE]QIRX
'SYTSR 4IVMSH 8LI XMQIJVEQI FIX[IIR IEGL TE]QIRX SJ MRXIVIWX SR E FSRH
'SYTSR 6EXI
8LI VEXI SJ MRXIVIWX TE]EFPI F] XLI FSRH MWWYIV XS XLI FSRHLSPHIVW
'6)78 8LI RSVQEP TPEGI SJ WIXXPIQIRX JSV IUYMXMIW XVEHIH MR XLI 9/ ERH -VIPERH '6)78
IJJIGXW WIXXPIQIRX JSV MXW QIQFIVW SR E FSSOIRXV] FEWMW
'7( 8LI EFFVIZMEXIH JSVQ SJ GIRXVEP WIGYVMXMIW HITSWMXSV]
'YQ 0EXMR JSV s[MXLt *VSQ E GSVTSVEXI EGXMSRW TIVWTIGXMZI XVEHIW QE] FI I\IGYXIH SR IMXLIV
E sGYQt SV sI\t FEWMW 7II s)\t
'YQ (MZMHIRH )\IGYXMSR SJ E XVEHI SR E GYQHMZMHIRH FEWMW IRXMXPIW XLI FY]IV XS XLI HMZMHIRH
[LMPI XLI WIPPIV PSWIW IRXMXPIQIRX
'YQ )RXMXPIQIRX 4IVMSH 8LI XMQIJVEQI TVMSV XS XLI IRXMXPIQIRX HEXI HYVMRK [LMGL YRHIV
RSVQEP XVEHMRK GMVGYQWXERGIW
XLI TYVGLEWIV SJ E XVEHI [MXL E XVEHI HEXI TVMSV XS XLI IRXMXPIQIRX HEXI [MPP FI IRXMXPIH XS XLI
FIRIwX ERH
XLI WIPPIV SJ E XVEHI [MXL E XVEHI HEXI TVMSV XS XLI IRXMXPIQIRX HEXI [MPP PSWI IRXMXPIQIRX XS XLI
FIRIwX
'YQ 8VEHMRK 9RHIV RSVQEP GMVGYQWXERGIW XVEHMRK TVMSV XS XLI IRXMXPIQIRX HEXI MW ORS[R
EW GYQ XVEHMRK HYVMRK [LMGL XMQI FY]IVW EVI RSVQEPP] IRXMXPIH XS TEVXMGMTEXI MR XLI IZIRX ERH
WIPPIVW [MPP RSVQEPP] PSWI IRXMXPIQIRX
'YWXSHMER %R SVKERMÊXMSR XLEX WTIGMEPMÎW MR LSPHMRK WIGYVMXMIW ERH GEWL ERH IJJIGXMRK
QSZIQIRXW SJ WIGYVMXMIW ERH GEWL SR FILEPJ SJ MXW EGGSYRX LSPHIVW
'YWXSHMER (IEHPMRI (EXI 8LI wREP HEXI WXMTYPEXIH F] XLI GYWXSHMER F] [LMGL MX VIUYMVIW XS
VIGIMZI ER] IPIGXMSR HIGMWMSRW JVSQ MXW EGGSYRX LSPHIVW
'YWXSH] 8LI LSPHMRK SJ WIGYVMXMIW ERH MR WSQI GEWIW GEWL MR WEJIOIITMRK SR FILEPJ SJ XLI
FIRIwGMEP S[RIV SJ XLI EWWIXW ERH XLI TVSZMWMSR SJ EWWSGMEXIH WIVZMGIW WYGL EW XLI GSPPIGXMSR
SJ MRGSQI TE]EFPI XS XLI FIRIwGMEP S[RIV %PWS ORS[R EW WEJI GYWXSH]
'YWXSH] 'PMIRX % GPMIRX SR FILEPJ SJ [LSQ XLI 783 LSPHW WIGYVMXMIW ERH MR WSQI GEWIW
GEWL MR WEJI GYWXSH]

+PSWWEV] SJ 8IVQW
'YWXSH] 'PMIRX 4SWMXMSR 8LI RIX WYQ F] UYERXMX] SJ EPP XVEHIW MR IEGL WIGYVMX] TIV GYWXSH]
GPMIRX
(EXE 'PIERWMRK 8LI TVSGIWW SJ GSQTEVMRK ERH GPIERWMRK HEXE IK WIGYVMXMIW SV GSVTSVEXI
EGXMSRW HEXE VIGIMZIH JVSQ X[S SV QSVI WSYVGIW MR SVHIV XS MHIRXMJ] EGGYVEXI MRJSVQEXMSR
%PWS ORS[R EW HEXE WGVYFFMRK
(EXE 7GVYFFMRK 8LI TVSGIWW SJ GSQTEVMRK ERH GPIERWMRK HEXE IK WIGYVMXMIW SV GSVTSVEXI
EGXMSRW HEXE VIGIMZIH JVSQ X[S SV QSVI WSYVGIW MR SVHIV XS MHIRXMJ] EGGYVEXI MRJSVQEXMSR
%PWS ORS[R EW HEXE GPIERWMRK
(EXE :IRHSV %R SVKERMÊXMSR XLEX WYTTPMIW MRJSVQEXMSR XS WYFWGVMFIVW VIKEVHMRK XLI HIXEMP
SJ GSVTSVEXI EGXMSRW EW ERH [LIR ERRSYRGIH X]TMGEPP] SR ER IPIGXVSRMG FEWMW
(IFX 8LI MWWYERGI SJ FSRHW WMKRMwIW XLEX XLI MWWYIV MW MR HIFX XS XLI MRZIWXSVW E sHIFX MWWYIt
MW W]RSR]QSYW [MXL XLI XIVQ sFSRH MWWYIt
(IJEYPX 3TXMSR -R XLI GSRXI\X SJ GSVTSVEXI EGXMSR IZIRXW [MXL IPIGXMSRW XLI STXMSR XLEX XLI
MWWYIV [MPP ETTP] XS LSPHMRKW [LIVI RS IPIGXMSR HIGMWMSR LEW FIIR VIGIMZIH JVSQ XLI TSWMXMSR
LSPHIV
(IJIVVIH (IPMZIV] 8LI MRXIRXMSREP ERH QEVOIX[MHI TSWXTSRIQIRX SJ WIGYVMXMIW WIXXPIQIRX
XS E HEXI PEXIV XLER XLI WXERHEVH WIXXPIQIRX G]GPI
(IJIVVIH (IPMZIV] (EXI 8LI IEVPMIWX HEXI XLEX WIXXPIQIRX GER SGGYV SR E RI[ MWWYI SJ WIGY
VMXMIW EPWS ORS[R EW TVMQEV] ZEPYI HEXI
(IPMZIV] ZIVWYW 4E]QIRX 8LI WMQYPXERISYW MVVIZSGEFPI ERH VMWOJVII I\GLERKI SJ WIGYV
MXMIW ERH GEWL FIX[IIR WIPPIV ERH FY]IV SV XLIMV GYWXSHMERW 'SQQSRP] ORS[R EW (Z4
(IQEXIVMEPMÎH 7IGYVMXMIW LSPHMRKW XLEX [IVI TVIZMSYWP] VITVIWIRXIH F] GIVXMwGEXIW SJ S[R
IVWLMT FYX [LMGL LEZI FIIR VITPEGIH F] IPIGXVSRMG LSPHMRKW WIXXPIQIRX SJ WYFWIUYIRX WEPIW
ERH TYVGLEWIW EVI X]TMGEPP] IJJIGXIH ZME FSSOIRXV]
(IQIVKIV
7II WTMRSJJ
(ITSX %R SVKERMÊXMSR XLEX LSPHW WIGYVMXMIW ERH IJJIGXW WIXXPIQIRX SJ XVEHIW SR FILEPJ SJ MXW
EGGSYRX LSPHIV EPWS ORS[R EW GYWXSHMER
(ITSX %GGSYRX 8LI WTIGMwG EGGSYRX LIPH F] E HITSX SV GYWXSHMER MR [LMGL WIGYVMXMIW EVI
LIPH
(ITSX %HNYWXQIRX (EXI 8LI HEXI YT XS [LMGL E '7(-'7( [MPP XEOI EGGSYRX SJ GYQ XVEHMRK
WIXXPIH TEWX VIGSVH HEXI MR HIXIVQMRMRK IRXMXPIQIRX 8LI '7(-'7( [MPP EHNYWX XLI VIGSVH HEXI
UYERXMX] JSV [LMGL IRXMXPIQIRX [MPP FI TEMH XLIVIF] EZSMHMRK XLI RIIH JSV GPEMQW
(IXIVQMRMRK )RXMXPIQIRX 8LI JYRGXMSR SJ ETTP]MRK XLI XIVQW SJ ER IZIRX XS XLI 783tW FSSOW
VIGSVHW XS MHIRXMJ] IRXMXPIH TSWMXMSRW ERH XLI PSGEXMSR SJ XLSWI TSWMXMSRW
+PSWWEV] SJ 8IVQW

(MWFYVWEFPI 6IWYPXERX )RXMXPIQIRX 8LI VIWYPXERX IRXMXPIQIRX SJ ER IZIRX [LMGL MW XS FI

HMWFYVWIH F] XLI 783 XS XLI FIRIwGMEP S[RIVW MI XVEHMRK FSSOW ERH GYWXSH] GPMIRXW
(MWFYVWIQIRX 8LI TE]QIRX SV HIPMZIV] SJ VIWYPXERX IRXMXPIQIRX SJ ER IZIRX XS XLI FIRIwGMEP
S[RIVW
(MWGSYRX -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW ERRSYRGIH HEXE E TVMGI PIWW XLER XLI TEV ZEPYI
SJ E WIGYVMX] [LIR ETTPMIH XS XLI WYFWGVMTXMSR SJ RI[ WIGYVMXMIW
(MWWIRXMRK 7LEVILSPHIV % LSPHIV SJ IUYMX] [LS LEW RSX ZSPYRXEVMP] EGGITXIH E XEOISZIV
SJJIV [LMGL TVSGIIHW XS GSQTYPWSV] EGUYMWMXMSR 8LI HMWWIRXMRK WLEVILSPHIVtW TSWMXMSR [MPP
RSVQEPP] FI GSQTYPWSVMP] EGUYMVIH F] XLI SJJIVSV
(MWXVMFYXMSR 8LI HIPMZIV] SJ WIGYVMXMIW ERHSV TE]QIRX SJ GEWL VIWYPXERX IRXMXPIQIRXW EW E
GSRWIUYIRGI SJ E GSVTSVEXI EGXMSR IZIRX X]TMGEPP] YWIH MR GSRNYRGXMSR [MXL FIRIwX IZIRXW
(MWXVMFYXMSR (EXI 8LI HEXI YTSR [LMGL ER] WIGYVMXMIW ERHSV GEWL VIWYPXERX IRXMXPIQIRXW EVI
HYI XS FI HMWXVMFYXIH XS TSWMXMSR LSPHIVW %PWS ORS[R EW TE]QIRX HEXI
(MZMHIRH 7II HMZMHIRH TE]QIRX
(MZMHIRH 4E]QIRX 8LI HMWXVMFYXMSR SJ IEVRMRKW F] E GSQTER] XS MXW WLEVILSPHIVW [LIXLIV
MR XLI JSVQ SJ GEWL SV WIGYVMXMIW
(MZMHIRH 6IMRZIWXQIRX 4PER 8LI TE]QIRX XS WLEVILSPHIVW F] ER MWWYIV SJ MRGSQI MR IMXLIV
XLI JSVQ SJ GEWL SV WIGYVMXMIW 8LI WLEVILSPHIV LEW XLI STXMSR XS VIMRZIWX MXW GEWL HMZMHIRH
ZEPYI MR JYVXLIV WIGYVMXMIW EX E HMWGSYRX XS XLI GYVVIRX QEVOIX TVMGI
(SYFPI )RXV] &SSOOIITMRK % FEWMG EGGSYRXMRK TVMRGMTPI [LIVIF] IEGL EGGSYRXMRK IRXV]
MW SJJWIX F] E GSRXVE HIFMX SV GVIHMX IRXV]
(SYFPI 8E\EXMSR %KVIIQIRX %R EVVERKIQIRX FIX[IIR X[S GSYRXVMIW [LIVIF] VIWMHIRXW
SJ SRI GSYRXV] [LS MRZIWX MR WIGYVMXMIW MWWYIH F] MWWYIVW [MXLMR XLI SXLIV GSYRXV] [MPP LEZI
[MXLLSPHMRK XE\ HIHYGXIH EX E PS[IV VEXI XLER XLI WXERHEVH VEXI TE]EFPI F] MRZIWXSVW %PWS
ORS[R EW E 8VIEX]
(VE[MRK 8LI VITE]QIRX SJ GETMXEP SJ WIPIGXIH LSPHMRKW SJ HIFX F] XLI MWWYIV TVMSV XS XLI
TYFPMWLIH QEXYVMX] HEXI SJ XLI FSRH
(64 SV (6M4
%GVSR]QW JSV (MZMHIRH 6IMRZIWXQIRX 4PER
(8' (ITSWMXSV] 8VYWX 'SQTER] XLI RSVQEP TPEGI SJ WIXXPIQIRX SJ IUYMXMIW GSVTSVEXI ERH
QYRMGMTEP FSRHW XVEHIH MR XLI 9RMXIH 7XEXIW (8' IJJIGXW WIXXPIQIRX JSV MXW EGGSYRX LSPHIVW SR
E FSSOIRXV] FEWMW
(8' 7[MRK (EXI 8LI HEXI YTSR [LMGL ER MRHMZMHYEP WIGYVMX] XLEX MW LIPH MR (8' MW QSZIH
JVSQ XLI SVMKMREP WIGYVMX] MHIRXMwIV XS E RI[ WIGYVMX] MHIRXMwIV 8LMW ETTPMIW XS VISVKERMÊXMSR
IZIRXW

+PSWWEV] SJ 8IVQW
(Z4 %GVSR]Q JSV (IPMZIV] ZIVWYW 4E]QIRX

(YI &MPP % HSGYQIRX TVSZMHIH F] SRI TEVX] SJ E WIGYVMXMIW XVERWEGXMSR XS MXW GSYRXIVTEVX]
EW ER YRHIVXEOMRK XS HIPMZIV WIGYVMXMIW SV XS TE] GEWL VIWYPXMRK JVSQ E GSVTSVEXI EGXMSR
)EVP] 6IHIQTXMSR 7II JYPP GEPP
)EVRMRKW 4IV 7LEVI 8LI RIX IEVRMRKW SJ E GSQTER] I\TVIWWIH MR XIVQW TVSTSVXMSREP XS XLI
MWWYIH GETMXEP SJ XLI GSQTER]
)EVRMRKW 4IVMSH 8LI XMQIJVEQI [MXLMR [LMGL XLI TVSwXW SJ E FYWMRIWW IRXIVTVMWI LEZI FIIR
IEVRIH 8]TMGEPP] XLI HMWXVMFYXMSR SJ HMZMHIRHW MRGSQI VIPEXIW XS E WXEXIH IEVRMRKW TIVMSH
)JJIGXMZI (EXI 8LI HEXI YTSR [LMGL XLI VISVKERMÊXMSR SJ TSWMXMSR LSPHIVWt TSWMXMSRW MR XLI
YRHIVP]MRK WIGYVMX] MW HYI XS XEOI IJJIGX
)PIGX -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW XS GLSSWI FIX[IIR XLI STXMSRW XLEX LEZI FIIR
ERRSYRGIH F] XLI MWWYIV [MXL VIWTIGX XS XLI VIWYPXERX IRXMXPIQIRX XS FI VIGIMZIH JSV E QERHEXSV]
[MXL STXMSRW IZIRX SV ZSPYRXEV] IZIRX
)PIGXMSRW )ZIRXW [MXL IPIGXMSRW IREFPI TSWMXMSR LSPHIVW E GLSMGI EW XS LS[ XLI] TEVXMGMTEXI
MR ER IZIRX MJ EX EPP
)PIGXMSR (IGMWMSR 8LI WIPIGXMSR F] TSWMXMSRW LSPHIVW SJ XLI STXMSRW XLEX XLI] VIUYMVI [MXL
VIWTIGX XS QERHEXSV] [MXL STXMSRW IZIRXW ERH ZSPYRXEV] IZIRXW
)PIGXMSR (IGMWMSR (EXI 8LI HEXI YTSR [LMGL ER IPIGXMSR HIGMWMSR MW QEHI F] E TSWMXMSR
LSPHIV
)PIGXMSR 4IVMSH 8LI XMQIJVEQI [MXLMR [LMGL IPIGXMSR HIGMWMSRW GER FI QEHI 8LI IPIGXMSR
TIVMSH MW HIwRIH [MXLMR XLI IZIRX XIVQW F] ER STIR HEXI ERH E GPSWI HEXI
)RXMXPIH 4SWMXMSR 8LI GYQYPEXMZI XVEHMRK TSWMXMSRW SJ XVEHMRK FSSOW ERH GYWXSH] GPMIRXW
[LMGL LEZI IRXMXPIQIRX VIPEXMRK XS GIVXEMR X]TIW SJ GSVTSVEXI EGXMSRW
)RXMXPIQIRX 8LI VMKLX SJ S[RIVWLMT VIPEXMRK XS GIVXEMR X]TIW SJ GSVTSVEXI EGXMSR
)RXMXPIQIRX 'YVVIRG] 8LI GYVVIRG] XLEX [MPP IMXLIV FI HMWXVMFYXIH EW E VIWYPX SJ E FIRIwX
SV XLEX [MPP VITPEGI XLI YRHIVP]MRK WIGYVMX] MR XLI GEWI SJ E VISVKERMÊXMSR 7II EPWS TE]QIRX
GYVVIRG]
)RXMXPIQIRX (EXI 8LI OI] HEXI MR HIXIVQMRMRK [LIXLIV E FY]IV SV WIPPIV MW IRXMXPIH XS TEV
XMGMTEXI MR ER IZIRX RSVQEPP] ETTPMGEFPI XS FIRIwX IZIRXW %PWS ORS[R EW )\ (EXI
)RXMXPIQIRX (EXI )RXVMIW -RXIVREP EGGSYRXMRK IRXVMIW XLEX VIxIGX XLI MQTEGX SJ VIWYPXERX
IRXMXPIQIRXW WTIGMwGEPP] SR S[RIVWLMT TSWMXMSRW 7YGL IRXVMIW EVI RSVQEPP] TEWWIH EX XLI WEQI
XMQI XLEX XLI TVMGI SJ XLI YRHIVP]MRK WIGYVMX] GLERKIW EW E VIWYPX SJ XLI IZIRX
+PSWWEV] SJ 8IVQW

)RXMXPIQIRX -WWYI %R SJJIV F] ER MWWYIV XLEX [MWLIW XS VEMWI JYVXLIV GETMXEP XS XLI I\
MWXMRK WLEVILSPHIVW XS TYVGLEWI EHHMXMSREP WLEVIW MR TVSTSVXMSR XS MXW I\MWXMRK WLEVILSPHMRK
8LI SJJIV XS TYVGLEWI EHHMXMSREP WLEVIW MW RSX XVERWJIVEFPI SV VIRSYRGIEFPI YRPMOI E VMKLXW
MWWYI
)RXMXPIQIRX 4IVMSH 8LI XMQIJVEQI TVMSV XS XLI )RXMXPIQIRX (EXI SJ ER IZIRX [MXLMR [LMGL
FY]IVW SJ WIGYVMXMIW [MPP FIGSQI IRXMXPIH XS TEVXMGMTEXI MR ER IZIRX
)RXMXPIQIRX 7IGYVMX] 8LI WIGYVMX] XLEX [MPP IMXLIV FI HMWXVMFYXIH EW E VIWYPX SJ E FIRIwX SV
[MPP VITPEGI XLI YRHIVP]MRK WIGYVMX] MR XLI GEWI SJ E VISVKERMÊXMSR
)UYMX] %R EPXIVREXMZI HIWGVMTXMSR JSV XLI XIVQ WLEVIW ER sIUYMX] MWWYIt MW W]RSR]QSYW [MXL
XLI XIVQ sWLEVI MWWYIt
)UYMX] 'EPP 8LI TE]QIRX SJ JYVXLIV GETMXEP VIPEXMRK XS ER I\MWXMRK TEVXP]TEMH IUYMX] MWWYI
F] XLI WLEVILSPHIVW [LIR GEPPIH F] XLI MWWYIV
)UYMX] 6IWXVYGXYVI
WLEVIW
8LI GLERKI MR UYERXMX] SJ WLEVIW MWWYIH ERHSV XLI TEV ZEPYI SJ XLSWI
)WGVS[ %GGSYRXW SV )WGVS[ %KIRX 7TIGMEP EGGSYRXW LIPH JSV XLI TYVTSWIW SJ WIKVIKEXMRK
WIGYVMXMIW MR GYWXSH] JSV E XLMVH TEVX] YRXMP GIVXEMR GSRHMXMSRW EVI JYPwPPIH )WGVS[ EGGSYRXW
EVI GSQQSRP] YWIH [MXL VIWTIGX XS XEOISZIV IZIRXW [LIVI WIGYVMXMIW EVI LIPH YRXMP XEOISZIV
GSRHMXMSRW EVI QIX EJXIV [LMGL XLI] [MPP FI XVERWJIVVIH XS XLI SJJIVSV
)YVSFSRH % X]TI SJ FSRH XLEX MW YWYEPP] WSPH XS MRZIWXSVW SYXWMHI XLI GSYRXV] VIPEXMRK XS XLI
GYVVIRG] SJ MWWYI 2S [MXLLSPHMRK XE\ SR MRGSQI MW TE]EFPI F] MRZIWXSVW
)YVSGPIEV 0SGEXIH MR &VYWWIPW SRI SJ XLI X[S -RXIVREXMSREP 'IRXVEP 7IGYVMXMIW (ITSWMXSVMIW
-'7(W SJJIVMRK WEJI GYWXSH] ERH WIXXPIQIRX WIVZMGIW XS MXW TEVXMGMTERXW XLI SXLIV -'7( MW
'PIEVWXVIEQ -RXIVREXMSREP
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)ZIRX 'SRXVSP %GGSYRX %R MRXIVREP EGGSYRX YWIH XS SJJWIX GSVTSVEXI EGXMSR IRXVMIW [MXLMR E
WIX SJ MRXIVREP IRXVMIW JSV XLI TYVTSWI SJ IRWYVMRK FEPERGMRK SJ HIFMX ERH GVIHMX IRXVMIW
)ZIRX (EXE 7II )ZIRX 8IVQW
)ZIRX (EXIW (EXIW ETTPMGEFPI XS E GSVTSVEXI EGXMSR IZIRX XLEX EVI GSRXEMRIH [MXLMR XLI IZIRX
XIVQW MRGPYHMRK HEXIW XLEX WIX XLI GSRHMXMSRW JSV IRXMXPIQIRX XS XLI IZIRX HYI HEXIW JSV XLI
HMWXVMFYXMSR SJ VIWYPXERX IRXMXPIQIRXW SV XLI IJJIGXMZI HEXI SJ XLI IZIRX ERH HIEHPMRI HEXIW [LIVI
XLI TSWMXMSR LSPHIV MW VIUYMVIH XS GSQQYRMGEXI [MXL XLI MWWYIV
)ZIRX (IEHPMRI 8LI wREP HEXI WXMTYPEXIH F] XLI MWWYIV MR XLI IZIRX XIVQW F] [LMGL MX VIUYMVIW
XS VIGIMZI ER] IPIGXMSR HIGMWMSRW 8LMW MW EPWS XLI GPSWI HEXI SJ ER IPIGXMSR TIVMSH %PWS ORS[R
EW MWWYIVtW HIEHPMRI HEXI

+PSWWEV] SJ 8IVQW
)ZIRX 8IVQW 8LI GSPPIGXMZI GSRHMXMSRW ERH MRJSVQEXMSR WXMTYPEXIH F] XLI MWWYIV TIVXEMRMRK
XS E GSVTSVEXI EGXMSR IZIRX
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IZIRX %PWS XLI MRMXMEP RSXMGI XLEX XLI 783 QE] MWWYI XS TSWMXMSR LSPHIVW XS MRJSVQ XLIQ SJ XLI
MQTIRHMRK IZIRX
)\ s;MXLSYXt XLI STTSWMXI SJ GYQ *VSQ E GSVTSVEXI EGXMSRW TIVWTIGXMZI XVEHIW QE] FI
I\IGYXIH SR IMXLIV ER sI\t SV sGYQt FEWMW 7II s'YQt
)\ (EXI 8LI HEXI YWIH XS HIXIVQMRI [LIXLIV WIPPIV SV FY]IV LEW IRXMXPIQIRX XS GIVXEMR X]TIW
SJ GSVTSVEXI EGXMSR SR TVMQEVMP] IUYMX] WIGYVMXMIW
)\ (EXI %GGVYEP )RXVMIW 7II IRXMXPIQIRX HEXI IRXVMIW
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7II I\ HEXI
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YRHIV RSVQEP XVEHMRK GMVGYQWXERGIW
XLI TYVGLEWIV SJ E XVEHI [MXL E XVEHI HEXI SR SV EJXIV XLI IRXMXPIQIRX HEXI [MPP RSX KEMR
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EW I\ XVEHMRK HYVMRK [LMGL XMQI FY]IVW HS RSX RSVQEPP] KEMR IRXMXPIQIRX XS TEVXMGMTEXI MR XLI
IZIRX ERH WIPPIVW [MPP VIXEMR IRXMXPIQIRX
)\GLERKI 6EXI 8LI sTVMGIt EX [LMGL SRI GYVVIRG] MW I\GLERKIH JSV ERSXLIV
)\IGYXMSR 8LI EKVIIQIRX XS XVEHI FIX[IIR X[S TEVXMIW [LIXLIV FY]MRK SV WIPPMRK PIRHMRK
SV FSVVS[MRK IXG
)\IVGMWI
8LI TVSGIWW SJ GSRZIVXMRK E WIGYVMX] XS ER EWWSGMEXIH SV YRHIVP]MRK WIGYVMX]
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9TSR I\TMV] XLI WIGYVMX] GIEWIW XS I\MWX ERH XLI TSWMXMSR LSPHIVtW TSWMXMSR MW VIQSZIH
*EGI :EPYI 7II TEV ZEPYI
*EMPIH 7IXXPIQIRX % XVEHI JSV [LMGL WIXXPIQIRX LEW RSX ]IX SGGYVVIH [LIVI XLI ZEPYI HEXI
MW MR XLI TEWX
*MREP 'PEMQ 2SXMGI % GSQQYRMGEXMSR MWWYIH F] E FY]IV SJ WIGYVMXMIW XS E WIPPIV VIUYIWXMRK
TE]QIRX SJ GEWL SV HIPMZIV] SJ WIGYVMXMIW XS [LMGL XLI FY]IV MW IRXMXPIH VIPEXMRK XS E GSVTSVEXI
+PSWWEV] SJ 8IVQW

EGXMSR 7YGL WMXYEXMSRW EVMWI [LIVI TYVGLEWIH WIGYVMXMIW EVI RSX HIPMZIVIH F] GPSWI SJ XLI
VIGSVH HEXI
QIRX XLEX XLI] EVI S[IH
% GSQQYRMGEXMSR XS TSWMXMSR LSPHIVW SJ XLI wREP VIWYPXERX IRXMXPI
*M\IH6EXI &SRH (IFX WIGYVMXMIW XLEX TE] GSYTSR SR WTIGMwIH HEXIW EX E w\IH VEXI SJ MRXIVIWX
ERH XLEX QEXYVI SR E w\IH HEXI %PWS ORS[R EW sWXVEMKLX FSRHWt
*PSEXMRK 6EXI 2SXI % JSVQ SJ FSRH XLEX TE]W ZEVMEFPI VEXIW SJ MRXIVIWX MR EGGSVHERGI [MXL
E WTIGMwIH sFIRGLQEVOt VEXI EW STTSWIH XS XLI QENSVMX] SJ FSRHW XLEX LEZI E w\IH VEXI SJ
MRXIVIWX XLVSYKLSYX XLIMV PMZIW
*S4
%GVSR]Q JSV *VII SJ 4E]QIRX
*SVIMKR ;MXLLSPHMRK 8E\ -RGSQI XE\ HIHYGXIH JVSQ XLI KVSWW MRGSQI SR IUYMX] ERH HIFX
F] XLI MWWYIV SV XLI GYWXSHMER ERH TE]EFPI XS XLI MWWYIVtW REXMSREP XE\ EYXLSVMX]
s*SYV )]IWt 4VMRGMTPI
SR XLI MRJSVQEXMSR
8LI TVEGXMGI SJ LEZMRK [SVO ZIVMwIH F] ERSXLIV TIVWSR TVMSV XS EGXMRK
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MR JVEGXMSREP VIWYPXERX IRXMXPIQIRXW XS [LMGL VSYRHMRK VYPIW [MPP FI ETTPMIH MR SVHIV XS VSYRH
XLI VIWYPXERX IRXMXPIQIRX XS [LSPI YRMXW
*VII SJ 4E]QIRX 8LI WITEVEXI RSRWMQYPXERISYW I\GLERKI SJ WIGYVMXMIW ERH GEWL FIX[IIR
WIPPIV ERH FY]IV SV XLIMV GYWXSHMERW 'SQQSRP] VIJIVVIH XS EW *S4
*VMIRHP] 8EOISZIV % XEOISZIV SJJIV [LIVI XLI HMVIGXSVW SJ XLI XEVKIX GSQTER] SJJIVII
VIGSQQIRH XS MXW WLEVILSPHIVW XS EGGITX XLI SJJIV F] XLI SJJIVSV 8LI EPXIVREXMZI MW E ,SWXMPI
8EOISZIV
*VSRX 3JwGI % GSPPIGXMZI XIVQ YWIH XS HIWGVMFI XLSWI [LS EVI MRZSPZIH [MXL XVEHMRK ERH
QEVOIX QEOMRK HMVIGXP] SV MRHMVIGXP]
*62 %GVSR]Q JSV *PSEXMRK 6EXI 2SXI
*YPP 'EPP 8LI VITE]QIRX SJ XLI JYPP GETMXEP ZEPYI F] XLI MWWYIV XS EPP FSRHLSPHIVW TVMSV XS
XLI TYFPMWLIH QEXYVMX] HEXI SJ E FSRH
*YPP] 4EMH 8LI HIWMKREXMSR [MXL VIWTIGX XS MWWYIH WLEVIW XLEX MRHMGEXIW XLEX IEGL WLEVI
VITVIWIRXW MXW JYPP JEGI ZEPYI EW IUYMX] MR XLI MWWYIV 7II IUYMX] GEPP
+IRIVEP 0IHKIV 8LI QSRIXEV] XVERWEGXMSR VIGSVHW SJ ER SVKERMÊXMSR [LMGL EVI VIGSVHIH EW
HIFMXW ERH GVIHMXW 'EWL IRXVMIW VIWYPXMRK JVSQ GSVTSVEXI EGXMSRW IZIRXW [MPP YTHEXI XLI 783tW
KIRIVEP PIHKIV
+VSWW -RGSQI %R EQSYRX SJ MRGSQI TVMSV XS XLI HIHYGXMSR SJ ER] XE\

+PSWWEV] SJ 8IVQW
,SWXMPI 8EOISZIV % XEOISZIV SJJIV [LIVI XLI HMVIGXSVW SJ XLI XEVKIX GSQTER] SJJIVII VIG
SQQIRH XS MXW WLEVILSPHIVW RSX XS EGGITX XLI SJJIV F] XLI SJJIVSV 8LI EPXIVREXMZI MW E *VMIRHP]
8EOISZIV
-'7(
%FFVIZMEXIH JSVQ SJ -RXIVREXMSREP 'IRXVEP 7IGYVMXMIW (ITSWMXSV]
-RGSQI )EVRMRKW JVSQ MRZIWXQIRXW MR WIGYVMXMIW RSVQEPP] EWWSGMEXIH [MXL HMZMHIRHW ERH
GSYTSR %PWS ETTPMGEFPI XS IEVRMRKW JVSQ SXLIV JSVQW SJ MRZIWXQIRX ERH IQTPS]QIRX
-RGSQI 8E\ 8LI XE\ ETTPMIH XS IEVRMRKW JVSQ MRZIWXQIRX MR WIGYVMXMIW SXLIV JSVQW SJ
MRZIWXQIRX ERH IQTPS]QIRX
-RHIZEP
8LI RSVQEP TPEGI SJ WIXXPIQIRX JSV FSRHW ERH IUYMXMIW XVEHIH MR 1I\MGS
-RMXMEP 4YFPMG 3JJIVMRK % QIXLSH SJ FVMRKMRK E RI[ IUYMX] MWWYI XS XLI WIGYVMXMIW QEVOIX
TPEGI [LIVIF] XLI KIRIVEP TYFPMG MW KMZIR XLI STTSVXYRMX] XS ETTP] JSV WLEVIW MR XLI MWWYI %
XIVQ YWIH MR XLI 9RMXIH 7XEXIW XLI IUYMZEPIRX SJ ER 3JJIV JSV 7EPI MR XLI 9/
-RWXEPQIRX 'EPP
7II IUYMX] GEPP
-RWXMXYXMSREP 'PMIRXW 7II MRWXMXYXMSREP MRZIWXSVW

-RWXMXYXMSREP -RZIWXSVW % KIRIVMG XIVQ KMZIR XS IRHMRZIWXSVW XLEX EVI SVKERMÊXMSRW EW
STTSWIH XS MRHMZMHYEPW WYGL MRZIWXSVW MRGPYHI JYRH QEREKIVW LIHKI JYRHW MRWYVERGI GSQTE
RMIW ERH TIRWMSR JYRHW
-RXIVIWX 'EWL TE]EFPI F] E GEWL FSVVS[IV XS E GEWL PIRHIV MR E GSVTSVEXI EGXMSRW WIRWI
MRXIVIWX GSYTSR MW TE]EFPI F] E FSRH MWWYIV XS XLI FSRHLSPHIVW
-RXIVIWX 'PEMQW % VIUYIWX F] E WIPPIV XS XLI FY]IV JSV VIMQFYVWIQIRX SJ PSWX GEWL MRXIVIWX
[LIVI XLI WIPPIV [EW EFPI XS HIPMZIV WIGYVMXMIW SR SV EJXIV XLI ZEPYI HEXI FYX XLI FY]IV [EW
YREFPI XS TE]WIXXPI 8LMW IUYEPP] ETTPMIW XS XLI HMWFYVWIQIRX SJ GSVTSVEXI EGXMSR VIWYPXERX
IRXMXPIQIRXW [LIVI XLI TSWMXMSR LSPHIV WYJJIVW PSWW SJ MRXIVIWX HYI XS E HIPE] MR HMWFYVWIQIRX
F] XLI 783
-RXIVMQ 7IGYVMX] % XIQTSVEV] WIGYVMX] LEZMRK E WLSVX ERH wRMXI PMJI HMWXVMFYXIH MR SVHIV XS
JEGMPMXEXI XLI wREP GEPGYPEXMSR SJ VIWYPXERX IRXMXPIQIRXW [LMGL EVI FEWIH YTSR XLI TSWMXMSR
LSPHIVtW TSWMXMSR MR XLI MRXIVMQ WIGYVMX] % RMP TEMH VMKLX MW ER I\EQTPI SJ ER MRXIVMQ
WIGYVMX]
-RXIVREP (IEHPMRI (EXI 8LI wREP HEXI F] [LMGL XLI 783 VIUYMVIW XS VIGIMZI IPIGXMSR HI
GMWMSRW JVSQ MXW TSWMXMSR LSPHIVW
-RXIVREP )RXVMIW %GGSYRXMRK IRXVMIW TEWWIH [MXLMR XLI 783tW FSSOW
VIGSVHW XS VIxIGX
GLERKIW XS XLI YRHIVP]MRK WIGYVMXMIW TSWMXMSR ERH XLI HMWXVMFYXMSR SJ ER] WIGYVMXMIW ERHSV GEWL
XLEX MW I\TIGXIH XS SGGYV SR XLI HMWXVMFYXMSR HEXI SV IJJIGXMZI HEXI SJ XLI IZIRX
+PSWWEV] SJ 8IVQW

-RXIVREXMSREP 'IRXVEP 7IGYVMXMIW (ITSWMXSV] % GIRXVEP WIGYVMXMIW HITSWMXSV] XLEX LSPHW

SZIVWIEW WIGYVMXMIW ERH YWYEPP] JEGMPMXEXIW WIXXPIQIRX SJ XVEHIW MR RYQIVSYW GYVVIRGMIW )YVS
GPIEV &VYWWIPW ERH 'PIEVWXVIEQ -RXIVREXMSREP 0Y\IQFSYVK EVI X[S VIGSKRMÎH -'7(W
-RZIWXSV
%R MRHMZMHYEP SV MRWXMXYXMSR XLEX LEW TYVGLEWIH ERH S[RW WIGYVMXMIW
-43 %GVSR]Q JSV -RMXMEP 4YFPMG 3JJIVMRK

-7-2 -RXIVREXMSREP 7IGYVMXMIW -HIRXMwGEXMSR 2YQFIV E YRMJSVQ KPSFEP WXERHEVH TVSZMHMRK
YRMUYI VIJIVIRGI RYQFIVW -7-2 RYQFIVW JSV MRHMZMHYEP WIGYVMXMIW IREFPMRK YREQFMKYSYW
MHIRXMwGEXMSR SJ XLI MWWYI FIMRK XVEHIH ERH HIPMZIVIH
-71% -RXIVREXMSREP 7IGYVMXMIW 1EVOIX %WWSGMEXMSR E FSH] LIEHUYEVXIVIH MR >YVMGL XLEX
QEOIW VYPIW ERH VIGSQQIRHEXMSRW KSZIVRMRK XVEHMRK ERH WIXXPIQIRX MR XLI MRXIVREXMSREP WIGY
VMXMIW QEVOIXW MRGPYHMRK )YVSFSRHW -71%tW QIQFIVW EVI PSGEXIH EVSYRH XLI KPSFI
-73 8LI -RXIVREXMSREP 3VKERMÊXMSR JSV 7XERHEVHMÊXMSR TVSQSXIW XLI HIZIPSTQIRX SJ GSR
WMWXIRG] EVSYRH XLI KPSFI VIPEXMRK XS KSSHW ERH WIVZMGIW [MXLMR QER] MRHYWXVMIW
-73 'YVVIRG] 'SHIW % WIX SJ MRXIVREXMSREPP] VIGSKRMÎH XLVIIHMKMX GSHIW VITVIWIRXMRK IEGL
SJ XLI [SVPHtW GYVVIRGMIW
-WWYI
%R MRHMZMHYEP WIGYVMX]
-WWYI 'YVVIRG] 8LI GYVVIRG] SJ MWWYI SJ ER MRHMZMHYEP WIGYVMX] [LIXLIV XLI HIRSQMREXIH
GYVVIRG] SJ E FSRH XLEX VITVIWIRXW XLI GEWL VIGIMZIH F] XLI MWWYIV SV XLI TEV ZEPYI GYVVIRG] SJ
ER IUYMX] MWWYI XLEX VITVIWIRXW XLI ZEPYI SJ S[RIVWLMT MR XLI MWWYIV
-WWYIH 7LEVI 'ETMXEP 8LI RSQMREP GEWL ZEPYI SJ IUYMX] MWWYIH MR ER MWWYIV GEPGYPEXIH F]
QYPXMTP]MRK XLI RYQFIV SJ WLEVIW MWWYIH F] XLI TEV ZEPYI SJ XLI WLEVI 2SXI XLMW X]TMGEPP] LEW
RS VIPIZERGI XS XLI QEVOIX ZEPYI SJ ER MWWYI
-WWYIV 8LI SVMKMREXMRK IRXMX] XLEX WYTTPMIW WIGYVMXMIW XS XLI QEVOIX TPEGI MR SVHIV XS VEMWI
GEWL WYGL IRXMXMIW MRGPYHI GSQTERMIW WSZIVIMKR IRXMXMIW KSZIVRQIRXW KSZIVRQIRX EKIRGMIW
ERH WYTVEREXMSREP SVKERMÊXMSRW
-WWYIV (IEHPMRI (EXI 8LI wREP HEXI WXMTYPEXIH F] XLI MWWYIV F] [LMGL MX VIUYMVIW XS VIGIMZI
IPIGXMSR HIGMWMSRW 8LMW MW EPWS XLI GPSWI HEXI SJ ER IPIGXMSR TIVMSH
-WWYIV 1IIXMRKW [MXL 4VS\] :SXMRK %R EWWIQFP] SVKERMÎH F] ER MWWYIV MR SVHIV XS SFXEMR
WLEVILSPHIV VEXMwGEXMSR SJ GSQTER] HIGMWMSRW JSV I\EQTPI XLI EHSTXMSR SJ wRERGMEP WXEXIQIRXW
XLI WEPI SJ GETMXEP XLI HMWXVMFYXMSR SJ MRGSQI -R SVHIV XS TEVXMGMTEXI [LIR YREFPI XS EXXIRH XLI
QIIXMRK XLI TSWMXMSR LSPHIV QE] GLSSWI XS MWWYI E TVS\] ZSXI
-WWYIV 2SXMGIW )ZIRXW YWIH JSV XLI HMWWIQMREXMSR SJ MRJSVQEXMSR JVSQ XLI MWWYIV XS TSWMXMSR
LSPHIVW JSV I\EQTPI XLI RSXMwGEXMSR SJ ER %RRYEP +IRIVEP 1IIXMRK [LMGL VIWYPX MR RS GLERKI
XS IMXLIV XLI WIGYVMXMIW SV GEWL TSWMXMSR SJ XLI TSWMXMSR LSPHIV

+PSWWEV] SJ 8IVQW
-WWYIV 8IRHIV 3JJIV 7II FY]FEGO

.%7()' .ETER 7IGYVMXMIW (ITSWMXSV] 'IRXIV XLI RSVQEP TPEGI SJ WIXXPIQIRX JSV IUYMXMIW
XVEHIH MR .ETER
.SYVREP % WIX SJ FEPERGMRK HIFMX ERH GVIHMX EGGSYRXMRK IRXVMIW [LMGL EVI YWIH XS YTHEXI
EGGSYRX FEPERGIW
/7( /SVIE 7IGYVMXMIW (ITSWMXSV] XLI RSVQEP TPEGI SJ WIXXPIQIRX JSV FSRHW ERH IUYMXMIW
XVEHIH MR /SVIE
0MUYMHEXMSR 8LI XIVQMREXMSR SJ ER MWWYIV ZME XLI WIPPMRK SJ MXW EWWIXW ERH XLI WYFWIUYIRX
HMWXVMFYXMSR SJ TVSGIIHW XS QIIX SYXWXERHMRK PMEFMPMXMIW ERH GVIHMXSVW GPEMQW
0MUYMHEXMSR (MWXVMFYXMSR 8LI HMWXVMFYXMSR SJ TVSGIIHW JVSQ XLI PMUYMHEXMSR SJ ER MWWYIV XS
TSWMXMSR LSPHIVW 7II PMUYMHEXMSR
0MWXIH 'SQTER] 'SQTERMIW [LSWI WLEVIW EVI TYFPMGP] XVEHIH MR XLI QEVOIX TPEGI ZME E
VIKMWXIVIH WXSGO I\GLERKI
0SGEXMSR 8LI SVKERMÊXMSR SV WMXI XLEX LSPHW WIGYVMXMIW X]TMGEPP] LIPH F] E GYWXSHMER FYX
QE] EPWS MRGPYHI YRWIXXPIH XVEHIW [LIVI WIGYVMXMIW EVI WXMPP PSGEXIH [MXL XLI GSYRXIVTEVX]
0SRK *MVWX 'SYTSR % XIVQ KMZIR XS XLI wVWX TE]QIRX SJ MRXIVIWX EJXIV E FSRH LEW FIIR
MWWYIH WTIGMwGEPP] [LIVI XLI IPETWIH XMQI FIX[IIR MWWYERGI SJ XLI FSRH ERH XLI wVWX GSYTSR
TE]QIRX HEXI MW KVIEXIV XLER XLI RSVQEP GSYTSR TIVMSH JSV XLEX FSRH 7II 7LSVX *MVWX 'SYTSR
0SRK 8VEHMRK 4SWMXMSR 8LI TSWMXMZI RIX WYQ F] UYERXMX] SJ EPP XVEHIW MR E WIGYVMX] TIV
MRHMZMHYEP S[RIV
0SRK :EPYI (EXI
G]GPI
% XVEHI HEXI XS ZEPYI HEXI TIVMSH XLEX MW PSRKIV XLER XLI WXERHEVH WIXXPIQIRX
0SX 7II FSEVH PSX

0SXXIV] 7II HVE[MRK
1ERHEXSV] )ZIRX % GSVTSVEXI EGXMSR IZIRX [LIVI XLI TSWMXMSR LSPHIV LEW RS GLSMGI EW XS
[LIXLIV ERH LS[ MX TEVXMGMTEXIW MR XLI IZIRX
1ERHEXSV] [MXL 3TXMSRW )ZIRX % GSVTSVEXI EGXMSR IZIRX [LIVI XLI TSWMXMSR LSPHIV LEW RS
GLSMGI EW XS [LIXLIV MX TEVXMGMTEXIW MR XLI IZIRX FYX MW KMZIR E GLSMGI F] XLI MWWYIV EW XS XLI
JSVQ XLEX MXW VIWYPXERX IRXMXPIQIRX [MPP XEOI MI WIGYVMXMIW ERHSV GEWL
1ERYJEGXYVIH (MZMHIRH % TE]QIRX SJ ER EQSYRX IUYEP XS ER MRGSQI TE]QIRX QEHI F] E
FSVVS[IV SJ WIGYVMXMIW XS E PIRHIV SJ WIGYVMXMIW WS XLEX XLI PIRHIV VIGIMZIW XLI MRGSQI EQSYRX
XLEX MX [SYPH LEZI VIGIMZIH LEH MX RSX PIRX SV VITSIH SYX XLI WIGYVMX]
+PSWWEV] SJ 8IVQW

1EVO XS 1EVOIX 6IZEPYEXMSR SJ E WIGYVMXMIW TSWMXMSR [MXL XLI GYVVIRX QEVOIX TVMGI XLMW MW
YWIH JSV I\EQTPI [LIR GEPGYPEXMRK YRVIEPMÎH TVSwX ERH PSWW ERH [LIR GEPGYPEXMRK XLI GYVVIRX
ZEPYI SJ GSPPEXIVEP
1EVOIX %R IRZMVSRQIRX [MXLMR [LMGL WIGYVMXMIW EVI XVEHIH JSV I\EQTPI XLI 97 8VIEWYV]
FSRH QEVOIX ERH XLI ,SRK /SRK IUYMX] QEVOIX
1EVOIX 4VMGI 8LI TVMGI EX [LMGL E WIGYVMX] MW GYVVIRXP] EFPI XS FI FSYKLX SV WSPH MR XLI
QEVOIX TPEGI HIXIVQMRIH F] QEVOIX JSVGIW SJ WYTTP] ERH HIQERH
1EXYVMX] (EXI 8LI MRXIRHIH HEXI SJ VITE]QIRX SJ FSVVS[IH GEWL 7TIGMwGEPP] XLI HEXI SJ
GETMXEP VITE]QIRX F] E FSRH MWWYIV XS FSRHLSPHIVW
1IVKIV 8LI YRMSR SJ X[S TVIZMSYWP] HMWXMRGX GSQTERMIW VIWYPXMRK MR XLI GSQFMREXMSR SJ
EWWIXW
1YPXM7XEKI )ZIRX % GSVTSVEXI EGXMSR IZIRX XLEX GSQFMRIW X[S SV QSVI WXEKIW PMJIG]GPIW
MR MXW SZIVEPP PMJI *VSQ XLI MWWYIVtW TIVWTIGXMZI IEGL SJ XLIWI IZIRXW EVI E WMRKPI EGXMSR
RSRIXLIPIWW JVSQ E GSVTSVEXI EGXMSR TVSGIWWMRK TIVWTIGXMZI EW [IPP EW JVSQ XLI TSW
MXMSR LSPHIVtW TIVWTIGXMZI XLI IZIRX GER FI ZMI[IH EW GSRXEMRMRK QER] MRXIVHITIRHIRX
PMJIG]GPIW
2EXMSREP '7( % GIRXVEP WIGYVMXMIW HITSWMXSV] XLEX LSPHW HSQIWXMG WIGYVMXMIW ERH X]TMGEPP]
JEGMPMXEXIW WIXXPIQIRX SJ XVEHIW MR XLI HSQIWXMG GYVVIRG] SR E FSSO IRXV] FEWMW
2IX -RGSQI
%R EQSYRX SJ MRGSQI JSPPS[MRK XLI HIHYGXMSR SJ XE\
2MP 4EMH -WWYIH WIGYVMXMIW XLEX VITVIWIRX RS GETMXEP ZEPYI MR XLI MWWYIV 7II RMP TEMH VMKLXW
2MP 4EMH 6MKLXW %R MRXIVMQ WIGYVMX] MWWYIH HYVMRK XLI GSYVWI SJ E VMKLXW MWWYI [LMGL VITVI
WIRXW XLI TSWMXMSR LSPHIVtW sVMKLXt XS TYVGLEWI EHHMXMSREP WIGYVMXMIW EX E TVIHIwRIH TVMGI JVSQ
XLI MWWYIV 8LI RMP TEMH VMKLX VITVIWIRXW RS IUYMX] MR XLI MWWYIV ERH LIRGI MW ORS[R EW sRMP
TEMHt
2SR6IRSYRGIEFPI 2SX XVEHIEFPI SV XVERWJIVEFPI 7II 6IRSYRGIEFPI
2SR8VEHIEFPI 2SX XVEHIEFPI SV XVERWJIVEFPI 7II 6IRSYRGIEFPI
2SR8VIEX] ;LIVI RS HSYFPI XE\EXMSR EKVIIQIRX I\MWXW FIX[IIR GSYRXVMIW JSVIMKR MRZIWXSVW
[MPP LEZI JSVIMKR [MXLLSPHMRK XE\ HIHYGXIH EX XLI WXERHEVH RSRXVIEX] VEXI 7II (SYFPI 8E\EXMSR
%KVIIQIRX
2SVQEP 'YQ 8VEHMRK 7II GYQ XVEHMRK
2SVQEP )\ 8VEHMRK
7II I\ XVEHMRK
2SWXVS %R SVKERMÊXMSR XLEX LSPHW GEWL SR FILEPJ SJ MXW EGGSYRX LSPHIV

+PSWWEV] SJ 8IVQW
2SWXVS %GGSYRX 8LI WTIGMwG EGGSYRX LIPH F] E RSWXVS MR [LMGL GEWL MW LIPH SR FILEPJ SJ XLI
EGGSYRX LSPHIV
3HH 0SX ;LIVI E WXERHEVH XVEHMRK UYERXMX] SJ WLEVIW JSV E KMZIR WIGYVMX] I\MWXW ORS[R EW
E FSEVH PSX XVEHMRK MR E UYERXMX] SXLIV XLER XLI FSEVH PSX MW GSQQSRP] ORS[R EW ER SHH PSX
8LI GSWX SJ XVEHMRK MR SHH PSXW MW X]TMGEPP] KVIEXIV XLER JSV XVEHMRK MR FSEVH PSXW 7II &SEVH 0SX
3HH 0SX 3JJIV 8LI STTSVXYRMX] JSV TSWMXMSR LSPHIVW [MXL SHH PSX LSPHMRKW XS sVSYRHt XLIMV
LSPHMRKW MRXS XVEHEFPI PSXW 8LI VSYRHMRK SJ LSPHMRKW MW EGLMIZIH F] XLI MWWYIV SJJIVMRK XS WIPP XS
XLI TSWMXMSR LSPHIV MI XLI TSWMXMSR LSPHIV [MPP FY] EX E TYFPMWLIH TVMGI EHHMXMSREP WIGYVMXMIW
MR SVHIV XS sXST YTt MXW LSPHMRK -R WSQI GEWIW XLI MWWYIV QE] EPWS SJJIV XS FY] MI XLI TSWMXMSR
LSPHIV [MPP WIPP XLSWI LSPHMRKW XLEX EVI PIWW XLER E PSX
3JJIV %GGITXERGI 8LI IPIGXMSR HIGMWMSR XLEX VIxIGXW XLI EGGITXERGI SJ XLI SJJIVSVtW SJJIV
XIVQW
3JJIV 'PSWI (EXI
8LI wREP HEXI SJ XLI XEOISZIV SJJIV TIVMSH
3JJIV 'SRWMHIVEXMSR 8LI WIGYVMXMIW ERHSV GEWL XLEX XLI SJJIVSV TE]W XLI TSWMXMSR LSPHIV MR
I\GLERKI JSV MXW TSWMXMSR MR XLI SJJIVII
3JJIV (SGYQIRX 8LI PIKEP XI\X MWWYIH F] XLI SJJIVSV XLEX GSRXEMRW XLI XIVQW SJ XLI SJJIV JSV
XLI SJJIVII
3JJIV 3TIR (EXI
8LI wVWX HEXI SJ E XEOISZIV SJJIV TIVMSH
3JJIV 4IVMSH 8LI XMQIJVEQI [MXLMR [LMGL SJJIV EGGITXERGIW GER FI QEHI 8LI SJJIV TIVMSH
MW HIwRIH [MXLMR XLI IZIRX XIVQW F] ER SJJIV STIR HEXI ERH ER SJJIV GPSWI HEXI
3JJIV 8IVQW 8LI IZIRX XIVQW ETTPMGEFPI XS E XEOISZIV SJJIV ERH GSRXEMRIH [MXLMR XLI SJJIV
HSGYQIRX
3JJIVII
8LI XEVKIX GSQTER] MR E XEOISZIV SJJIV 7II SJJIVSV
3JJIVSV 8LI TIVWSRW SV SVKERMÊXMSR QEOMRK ER SJJIV JSV XLI MWWYIH WLEVI GETMXEP SJ XLI
XEVKIX GSQTER] 8LI XEVKIX GSQTER] MW ORS[R EW XLI SJJIVII
3TIR (EXI 8LI wVWX HEXI SJ ER IPIGXMSR TIVMSH
3TIR 8VEHI % XVEHI JSV [LMGL WIXXPIQIRX LEW RSX ]IX SGGYVVIH [LIXLIV ZEPYI HEXI MW MR XLI
JYXYVI SV MR XLI TEWX %PWS ORS[R EW ER YRWIXXPIH XVEHI
3TXMSR -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW XLI EPXIVREXMZIW EZEMPEFPI XS E TSWMXMSR LSPHIV EW
XS LS[ MX [MPP TEVXMGMTEXI MR ER IZIRX *SV I\EQTPI XLI GLSMGI FIX[IIR VIGIMZMRK WIGYVMXMIW
ERHSV GEWL VIWYPXERX IRXMXPIQIRXW MR E QERHEXSV] [MXL STXMSRW IZIRX
+PSWWEV] SJ 8IVQW

3TXMSREP (MZMHIRH 8LI TE]QIRX XS WLEVILSPHIVW F] ER MWWYIV SJ MRGSQI MR IMXLIV XLI JSVQ
SJ GEWL SV WIGYVMXMIW ;LIXLIV XLI WLEVILSPHIV VIGIMZIW GEWL SV WIGYVMXMIW MW MXW GLSMGI GSQ
QYRMGEXIH ZME MXW IPIGXMSR HIGMWMSR
3VHMREV] 7LEVIW 8LI WXERHEVH HIWGVMTXMSR SJ WLEVIW MWWYIH F] GSQTERMIW MR ZEVMSYW TEVXW
SJ XLI KPSFI MRGPYHMRK %YWXVEPME -RHME ERH XLI 9/ 7II 'SQQSR 7XSGO
38' %GVSR]Q JSV SZIVXLIGSYRXIV
3YXWSYVGMRK 8LI EGX SJ QSZMRK XLI QEREKIQIRX SJ WSQI SV EPP STIVEXMSREP VIWTSRWMFMPMXMIW
XS E XLMVH TEVX]
3ZIV%GGITXERGI )PIGXMSR HIGMWMSRW XS EGGITX XLI SJJIV XLEX I\GIIH XLI QE\MQYQ PMQMX WIX
F] XLI SJJIVSV 8]TMGEPP] ETTPMGEFPI [MXL VIWTIGX XS TEVXMEP XEOISZIV SJJIVW
3ZIV)PIGXMSR 6IGIMTX F] ER MWWYIV SJ IPIGXMSR HIGMWMSRW MR I\GIWW SJ ER] PMQMXW WIX F] XLI
MWWYIV JSV E KMZIR STXMSR SV XLI IZIRX EW E [LSPI
3ZIV)PIGXMSR %HNYWXQIRX 8LI QSHMwGEXMSR QEHI F] XLI MWWYIV XS IPIGXMSR HIGMWMSR UYER
XMXMIW [LIVI IPIGXMSR HIGMWMSRW VIGIMZIH I\GIIH ER] PMQMXW WIX F] XLI MWWYIV JSV E KMZIR STXMSR
SV XLI IZIRX EW E [LSPI
3ZIV7YFWGVMTXMSR 7YFWGVMTXMSR HIGMWMSRW XLEX I\GIIH XLI QE\MQYQ PMQMX WIX F] XLI MWWYIV
3ZIVHYI )PIGXMSRW 3YXWXERHMRK IPIGXMSR HIGMWMSRW JVSQ TSWMXMSR LSPHIVW YT XS ERH MRGPYHMRK
XLI MRXIVREP HIEHPMRI HEXI SJ XLI 783 ERHSV XLI MWWYIVtW HIEHPMRI HEXI
3[RIVWLMT 4SWMXMSR 8LI EGGYQYPEXIH UYERXMX] SJ E WIGYVMX] S[RIH F] E TSWMXMSR LSPHIV
7II TSWMXMSR
4
0 %GVSR]Q JSV 4VSwX ERH 0SWW
4EV 'YVVIRG] 8LI GYVVIRG] MR [LMGL XLI TEV ZEPYI SJ E WIGYVMX] MW UYSXIH
4EV :EPYI 8LI JEGI ZEPYI SJ ER IUYMX] WIGYVMX] XLEX VIxIGXW XLI ZEPYI SJ IUYMX] SV GETMXEP
IEGL WIGYVMX] VITVIWIRXW
4EVM4EWWY 0EXMR JSV sEPMOIt SV sIUYEPP]t -R E GSVTSVEXI EGXMSRW WIRWI VIJIVVMRK XS X[S
WIGYVMXMIW XLEX VERO IUYEPP] MR XIVQW SJ IRXMXPIQIRX XS HMZMHIRHW XLI] EVI HIWGVMFIH EW VEROMRK
sTEVMTEWWYt
4EVXMEP 'EPP 8LI VITE]QIRX SJ TEVX SJ XLI GETMXEP F] XLI MWWYIV XS EPP FSRHLSPHIVW TVMSV XS
XLI TYFPMWLIH QEXYVMX] HEXI SJ E FSRH
4EVXMEP 6IHIQTXMSR 7II TEVXMEP GEPP

+PSWWEV] SJ 8IVQW
4EVXMEP 7IXXPIQIRX 8LI I\GLERKI SJ E UYERXMX] SJ WIGYVMXMIW ERH ER EQSYRX SJ GEWL XLEX EVI
PIWW XLER XLI JYPP UYERXMX] ERH GEWL ZEPYI SJ XLI XVEHI
4EVXP]4EMH 7LEVI % WLEVI XLEX LEW LEH WSQI FYX RSX EPP SJ MXW GETMXEP WLEVI ZEPYI TEMH F]
XLI TSWMXMSR LSPHIV ERH XLIVIJSVI VIGIMZIH F] XLI MWWYIV 8LI MWWYIV [MPP GEPP XLI FEPERGI SJ
XLI GETMXEP EX E PEXIV HEXI EX [LMGL TSMRX XLI WLEVI [MPP FIGSQI JYPP] TEMH 7II EPWS IUYMX] GEPP
4E]QIRX 'YVVIRG] 8LI GYVVIRG] MR [LMGL ER] GEWL VIWYPXERX IRXMXPIQIRXW [MPP FI HMWXVMFYXIH
XS TSWMXMSR LSPHIVW 7II EPWS IRXMXPIQIRX GYVVIRG]
4E]QIRX (EXI 8LI HEXI YTSR [LMGL ER] WIGYVMXMIW ERHSV GEWL VIWYPXERX IRXMXPIQIRXW EVI
HYI XS FI TEMH XS TSWMXMSR LSPHIVW %PWS ORS[R EW HMWXVMFYXMSR HEXI
4L]WMGEP (IPMZIV] 8LI EGXYEP QSZIQIRX SJ WIGYVMXMIW GIVXMwGEXIW JSV XLI TYVTSWIW SJ WIXXPI
QIRX SYXWMHI SJ E GIRXVEP WIGYVMXMIW HITSWMXSV] SV SXLIV GYWXSHMER 8]TMGEPP] E VEVI SGGYVVIRGI
XSHE] EW MR QER] wRERGMEP GIRXVIW WIXXPIQIRX MW IJJIGXIH F] FSSO IRXV]
4SWMXMSR 8LI EGGYQYPEXIH UYERXMX] SJ E WIGYVMX] 8LMW XIVQ MW YWIH XS HIWGVMFI ER] EGGYQY
PEXMSR SJ WIGYVMXMIW MRGPYHMRK FSXL S[RIVWLMT ERH PSGEXMSRW
4SWMXMSR ,SPHIV 8LI TEVX] SR FILEPJ SJ [LSQ XLI 783 LSPHW WIGYVMXMIW % TSWMXMSR LSPHIV
QE] FI E XVEHMRK FSSO SV E GYWXSH] GPMIRX
4SWMXMSR ,SPHIVtW (SQIWXMG -RGSQI 8E\ 8E\ HIHYGXMFPI JVSQ MRGSQI HYI XS E TSWMXMSR
LSPHIV ERH TE]EFPI XS E XE\ EYXLSVMX] MR XLI TSWMXMSR LSPHIVtW GSYRXV] SJ VIWMHIRGI
4VIHMGXEFPI )ZIRX % GSVTSVEXI EGXMSR IZIRX XLEX MW HIXEMPIH [MXLMR XLI MWWYI GSRHMXMSRW SJ XLI
WIGYVMX] ERH MW XLIVIJSVI TVIHMGXEFPI JSV I\EQTPI GSYTSR TE]QIRXW SR FSRHW 7II ERRSYRGIH
IZIRXW
4VIJIVIRGI 7LEVIW % X]TI SJ WLEVI XLEX IRXMXPIW XLI LSPHIV XS E HMJJIVIRX EQSYRX SJ HMZMHIRH
MR VIPEXMSR XS XLI SVHMREV] WLEVIW SV GSQQSR WXSGO ERH WLSYPH PMUYMHEXMSR SJ XLI GSQTER]
SGGYV XLI VIXYVR SJ XLI WLEVILSPHIVtW GETMXEP EW E TVMSVMX] SZIV SVHMREV] WLEVIW
4VIPMQMREV] 'PEMQ 2SXMGI % GSQQYRMGEXMSR MWWYIH XS TEVXMIW [MXL [LSQ ER ERXMGMTEXIH
SYXWXERHMRK VIGIMTX VIPEXMRK XS ER YRWIXXPIH XVEHI LEW FIIR MHIRXMwIH RSXMJ]MRK XLEX E GPEMQ
[MPP FI QEHI MJ WIXXPIQIRX SJ XLI YRHIVP]MRK XVEHI MW RSX IJJIGXIH TVMSV XS XLI VIGSVH HEXI
4VIPMQMREV] )RXMXPIQIRX 2SXMGI % GSQQYRMGEXMSR MRJSVQMRK XLI TSWMXMSR LSPHIV SJ XLI
TVSNIGXIH VIWYPXERX IRXMXPIQIRX FEWIH YTSR MXW LSPHMRK EW EX XLI IRXMXPIQIRX HEXI SJ XLI IZIRX
4VIQMYQ -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW ERRSYRGIH HEXE E sTVMGIt KVIEXIV XLER XLI TEV
ZEPYI SJ E WIGYVMX] [LIR ETTPMIH XS XLI WYFWGVMTXMSR SJ RI[ WIGYVMXMIW
4VMQEV] 1EVOIX % KIRIVMG XIVQ XS HIWGVMFI XLI MWWYERGI SJ ERH XVEHMRK MR WIGYVMXMIW XLEX
EVI MR XLI GSYVWI SJ FIMRK FVSYKLX XS XLI QEVOIX TPEGI 7II 7IGSRHEV] 1EVOIX
+PSWWEV] SJ 8IVQW

4VMQEV] :EPYI (EXI 8LI IEVPMIWX HEXI XLEX WIXXPIQIRX GER SGGYV SR E RI[ MWWYI SJ WIGYVMXMIW
EPWS ORS[R EW (IJIVVIH (IPMZIV] (EXI
4VMSVMX] -WWYI %R SJJIV F] ER MWWYIV XLEX [MWLIW XS VEMWI JYVXLIV GETMXEP XS XLI I\MWXMRK
WLEVILSPHIVW ERH XLI TYFPMG XS TYVGLEWI EHHMXMSREP WLEVIW MR XLI MWWYIV )\MWXMRK WLEVILSPHIVW
EVI KMZIR E TVMSVMX] XS ETTP] SZIV QIQFIVW SJ XLI TYFPMG 8LI SJJIV XS TYVGLEWI EHHMXMSREP
WLEVIW MW RSX XVERWJIVEFPI SV VIRSYRGIEFPI
4VSXIGXMSR 8LI TVEGXMGI SJ ETTP]MRK IPIGXMSR HIGMWMSRW XS GSVTSVEXI EGXMSR GPEMQW JVSQ GSYR
XIVTEVXMIW MW ORS[R MR WSQI QEVOIXW EW sTVSXIGXMSRt EW XLI 783 IRHIEZSYVW XS TVSXIGX XLI
GSYRXIVTEVX] JSV XLI VIUYIWXIH VIWYPXERX IRXMXPIQIRX
4VSTVMIXEV] 9WIH MR XLI GSRXI\X SJ WIGYVMXMIW XVEHMRK XLMW VIJIVW XS XLSWI TSWMXMSRW LIPH JSV
ER SVKERMÊXMSRtW S[R EGGSYRX
4VSTVMIXEV] 8VEHMRK &Y]MRK WIPPMRK ERH LSPHMRK WIGYVMXMIW JSV ER SVKERMÊXMSRtW S[R
EGGSYRX RSX EGXMRK EW ER EKIRX JSV MRZIWXSVW 7II 7IGYVMXMIW 8VEHMRK 3VKERMÊXMSR
4VSWTIGXYW % HSGYQIRX XLEX HIXEMPW XLI XIVQW ERH GSRHMXMSRW ETTPMGEFPI XS XLI MWWYERGI SJ E
RI[ WIGYVMX] ERH XS WSQI GSVTSVEXI EGXMSR IZIRXW IK VMKLXW MWWYIW
4VS\] :SXI % ZSXI QEHI F] E XLMVH TEVX] EW RSQMREXIH F] XLI TSWMXMSR LSPHIV SR FILEPJ SJ
XLEX TSWMXMSR LSPHIV 2SVQEPP] VIPEXMRK XS VIWSPYXMSRW EX MWWYIV QIIXMRKW
4YX 'EPP 8LI VITE]QIRX SJ GETMXEP F] XLI MWWYIV XS E FSRHLSPHIV EX XLI VIUYIWX SJ XLI
FSRHLSPHIV TVMSV XS XLI TYFPMWLIH QEXYVMX] HEXI SJ XLI FSRH
5YEVXIVP] *SYV XMQIW E ]IEV IZIV] XLVII QSRXLW
6ERO6EROMRK 7SQI IUYMXMIW EVI MWWYIH JSV I\EQTPI EW VIWYPXERX IRXMXPIQIRX JVSQ E FSRYW
MWWYI SV E VMKLXW MWWYI [MXLSYX UYEPMJ]MRK JSV XLI RI\X HMZMHIRH WYGL WIGYVMXMIW EVI HMW
XMRGXP] REQIH IK 2I[ 3VHMREV] 7LEVIW MR SVHIV XS HMWXMRKYMWL XLIQ JVSQ XLI SVHMREV]
WLEVIWGSQQSR WXSGO YRXMP WYGL XMQI XLEX XLI] sVEROt XLI WEQI ERH QIVKI MRXS E WMRKPI WIGY
VMX] 7II TEVMTEWWY
6EXI 8LI GEWL VEXI TIV WLEVI XS FI ETTPMIH XS E UYERXMX] SJ WIGYVMXMIW XS HIXIVQMRI E GEWL
VIWYPXERX IRXMXPIQIRX 8LI VEXMS MW QEHI YT SJ X[S RYQFIVW XLEX WXEXI XLI UYERXMX] ERH YRMXW SJ
XLI IRXMXPIQIRX GYVVIRG]
6EXI 'YVVIRG] 8LI GYVVIRG] MR [LMGL XLI GEWL VEXI SJ E GSVTSVEXI EGXMSR IZIRX MW UYSXIH
6EXI 6Iw\MRK 8LI HIXIVQMREXMSR SJ XLI GSYTSR VEXI JSV E WTIGMwIH TIVMSH JSV E xSEXMRK
VEXI RSXI
6EXMS 8LI UYSXEXMSR SJ X[S RYQFIVW EW TEVX SJ XLI IZIRX XIVQW XLEX VITVIWIRXW XLI UYERXMX]
SJ XLI VIWYPXERX IRXMXPIQIRX WIGYVMX] VIPIZERX XS XLI YRHIVP]MRK WIGYVMX] % VEXMS MW X]TMGEPP]

+PSWWEV] SJ 8IVQW
UYSXIH JSV GSVTSVEXI EGXMSR IZIRXW XLEX VIWYPX MR E WIGYVMXMIW IRXMXPIQIRX WYGL EW FSRYW MWWYIW
VMKLXW MWWYIW ERH WXSGO WTPMXW
6IEPMÎH 4VSwX ERH 0SWW %GXYEP TVSwX SV PSWW JSPPS[MRK WEPIW ERH TYVGLEWIW SJ WIGYVMXMIW
7II 9RVIEPMÎH 4VSwX ERH 0SWW
6IFEXIEFPI 8E\ 8E\ TVITEMH XLEX QE] FI SJJWIX EKEMRWX SXLIV SV PEXIV XE\ PMEFMPMXMIW
6IGSRGMPMEXMSR 8LI GSQTEVMWSR SJ SRI WIX SJ VIGSVHW XS ERSXLIV X]TMGEPP] YWIH XS IRWYVI
XLEX MRXIVREP FSSOW
VIGSVHW EKVII [MXL WIGYVMXMIW ERH GEWL FEPERGIW LIPH I\XIVREPP] EX HITSXW
ERH RSWXVSW 6IGSRGMPMEXMSR MW GVMXMGEP MR QEMRXEMRMRK GSRXVSP SJ GSVTSVEXI EGXMSRW TVSGIWWMRK
EW MX MW JSV XVEHMRK ERH WIXXPIQIRX
6IGSVH (EXI
)UYMXMIW XLI HEXI EX [LMGL E GSQTER]tW WLEVI VIKMWXIV MW XIQTSVEVMP] GPSWIH JSV XLI TYVTSWI
SJ MHIRXMJ]MRK XLI WLEVILSPHIVW XS [LSQ GSVTSVEXI EGXMSR FIRIwXW WYGL EW HMZMHIRHW SV
FSRYW MWWYIW [MPP FI TEMH %PWS ORS[R EW FSSOW GPSWMRK HEXI
&SRHW XLI HEXI EX [LMGL E GYWXSHMER MHIRXMwIW MXW EGGSYRX LSPHIVW XS [LSQ GSYTSR TE]QIRXW
[MPP FI QEHI
2SXI XLEX JSV IUYMXMIW ERH FSRHW XLI VIGMTMIRX SJ E TE]QIRX MW RSX RIGIWWEVMP] IRXMXPIH XS XLI
FIRIwX HYI XS WIXXPIQIRX JEMPYVI 7II )RXMXPIQIRX )RXMXPIQIRX (EXI )\ (EXI
6IGSVH (EXI )RXVMIW -RXIVREP IRXVMIW TEWWIH [MXLMR XLI 783tW FSSOW
VIGSVHW SR XLI
VIGSVH HEXI MR SVHIV XS VIxIGX XLI VIWYPXERX IRXMXPIQIRX XLEX MW I\TIGXIH XS FI GSPPIGXIH JVSQ XLI
PSGEXMSR ERH XLI VIWYPXERX IRXMXPIQIRX XLEX MW XS FI HMWFYVWIH XS TSWMXMSR LSPHIVW
6IHIQTXMSR 7II FSRH VIHIQTXMSR
6IHIQTXMSR (EXI
7II QEXYVMX] HEXI
8LI HEXI SJ VITE]QIRX SJ GETMXEP F] E FSRH MWWYIV XS XLI FSRHLSPHIVW
6IKMWXIV 8LI PMWX SJ LSPHIVW SJ E VIKMWXIVIH WIGYVMX] QEMRXEMRIH F] ER MWWYIV SV E VIKMWXVEV

EGXMRK SR XLI MWWYIVtW FILEPJ XLMW EPPS[W HMVIGX GSQQYRMGEXMSR JSV I\EQTPI TE]QIRXW SJ
MRGSQI F] XLI MWWYIV [MXL XLI S[RIVW SJ XLI WIGYVMX]
6IKMWXIVIH 7IGYVMX] % WIGYVMX] [LIVI XLI MWWYIV SV E VIKMWXVEV EGXMRK SR XLI MWWYIVtW FILEPJ
QEMRXEMRW E VIGSVH SJ S[RIVW SJ XLI WIGYVMX] XLMW VIUYMVIW XLEX [LIR WIGYVMXMIW EVI WSPH XLI
WIPPIVtW REQI MW VITPEGIH F] XLI FY]IVtW REQI SR XLI VIKMWXIV 8]TMGEPP] IUYMXMIW VEXLIV XLER
FSRHW EVI MWWYIH MR VIKMWXIVIH JSVQ 7II &IEVIV 7IGYVMX]
6IKMWXVEV %R SVKERMÊXMSR ETTSMRXIH F] ER MWWYIV SJ E VIKMWXIVIH WIGYVMX] XS QEMRXEMR XLI
VIKMWXIV SJ LSPHIVW SJ XLEX WIGYVMX] %PWS ORS[R EW XVERWJIV EKIRX MR XLI 97
6IKMWXVEXMSR 8LI EGX SJ YTHEXMRK XLI MWWYIVtW VIKMWXIV SJ S[RIVW SJ E VIKMWXIVIH WIGYVMX] MR
SVHIV XS VIxIGX XVERWJIV SJ S[RIVWLMT
+PSWWEV] SJ 8IVQW

6IKMWXVEXMSR (EXI 8LI HEXI YTSR [LMGL XLI XVERWJIV SJ VIKMWXIVIH WIGYVMXMIW JVSQ XLI WIPPIV
XS XLI FY]IV MW IJJIGXIH [MXLMR XLI MWWYIVtW VIKMWXIV SJ S[RIVW
6IKYPEXSV %R IRXMX] XLEX MW VIWTSRWMFPI JSV XLI QSRMXSVMRK ERH GSRXVSPPMRK SJ EGXMZMXMIW [MXLMR
E WIGYVMXMIW QEVOIX TPEGI XS IRWYVI GSQTPMERGI [MXL VYPIW ERH VIKYPEXMSRW
6IKYPEXSV] 6ITSVXMRK 8LI TVSZMWMSR SJ MRJSVQEXMSR XS E VIKYPEXSV F] E WIGYVMXMIW XVEHMRK
SVKERMÊXMSR VIKEVHMRK MXW XVEHMRK EGXMZMX] ERH MXW WIGYVMXMIW TSWMXMSRW
6IMRZIWXQIRX 8LI YWI SJ MRGSQI YWYEPP] MR XLI JSVQ SJ GEWL HMZMHIRHW XS TYVGLEWI EH
HMXMSREP WIGYVMXMIW MR XLI MWWYIV HMVIGXP] JVSQ XLI MWWYIV 7II (MZMHIRH 6IMRZIWXQIRX 4PER
6IRSYRGIEFPI 7IGYVMXMIW XLEX GER FI VIPMRUYMWLIH SV WSPH F] E LSPHIV ERH XLIVIJSVI EGUYMVIH
SV TYVGLEWIH F] E FY]IV *SV WSQI FYX RSX EPP GSVTSVEXI EGXMSRW VIWYPXERX IRXMXPIQIRXW MR XLI
JSVQ SJ WIGYVMXMIW EVI VIRSYRGIEFPI 7II 2SR6IRSYRGIEFPI
6ISVKERMÊXMSR 8LI EPXIVEXMSR SJ XLI GETMXEP WXVYGXYVI ERH TSWWMFP] SXLIV EWTIGXW SJ ER
SVKERMÊXMSR %PWS ORS[R EW E VIWXVYGXYVI SV VIGSRWXVYGXMSR
6ISVKERMÊXMSR )ZIRXW 'SVTSVEXI EGXMSR IZIRXW XLEX VIWLETI SV VIWXVYGXYVI XLI TSWMXMSR
LSPHIVtW YRHIVP]MRK WIGYVMXMIW TSWMXMSR TSWWMFP] EPWS GSQFMRMRK E GEWL IPIQIRX *SV I\EQTPI
E WLEVI WTPMX
6ITYVGLEWI 3JJIV 7II FY]FEGO
6IWXVYGXYVI 7II VISVKERMÊXMSR
6IWYPXERX )RXMXPIQIRX 7IGYVMXMIW ERHSV GEWL EQSYRXW VIWYPXMRK JVSQ ETTP]MRK XLI XIVQW SJ
E GSVTSVEXI EGXMSR IZIRX XS IRXMXPIH TSWMXMSRW MRGPYHMRK S[RIVWLMT PSGEXMSRW ERH GPEMQW
6IZIVWI 7TPMX
7II GSRWSPMHEXMSR
6MKLXW -WWYI %R SJJIV F] ER MWWYIV XLEX [MWLIW XS VEMWI JYVXLIV GETMXEP XS XLI I\MWXMRK
WLEVILSPHIVW XS TYVGLEWI EHHMXMSREP WLEVIW MR TVSTSVXMSR XS XLIMV I\MWXMRK WLEVILSPHMRK MR
SVHIV XS IRXMGI XLI WLEVILSPHIVW XS XEOIYT XLI SJJIV XLI TVMGI SJ XLI VMKLXW MW X]TMGEPP] SJJIVIH
EX E VIHYGXMSR XS XLI GYVVIRX QEVOIX TVMGI SJ XLI I\MWXMRK WLEVIW 8LI VMKLX XS TYVGLEWI EHHMXMSREP
WLEVIW MW X]TMGEPP] XVERWJIVEFPI SV VIRSYRGIEFPI
6MKLXW 7YFWGVMTXMSR 4IVMSH 8LI XMQIJVEQI [MXLMR [LMGL IPIGXMSR HIGMWMSRW XS WYFWGVMFI RMP
TEMH VMKLXW XS RI[ WLEVIW [MPP FI EGGITXIH F] XLI MWWYIV 7II WYFWGVMTXMSR TIVMSH
6SYRHMRK 6YPIW 6IKEVHMRK JVEGXMSREP WIGYVMXMIW IRXMXPIQIRX XLI MRGVIEWI XS XLI RI\X [LSPI
RYQFIV SV XLI HIGVIEWI XS XLI TVIZMSYW [LSPI RYQFIV 7II JVEGXMSRW
7EJI 'YWXSH] 8LI LSPHMRK SJ WIGYVMXMIW ERH MR WSQI GEWIW GEWL MR WEJIOIITMRK SR FILEPJ SJ
XLI FIRIwGMEP S[RIV SJ XLI EWWIXW ERH XLI TVSZMWMSR SJ EWWSGMEXIH WIVZMGIW WYGL EW XLI GSPPIGXMSR
SJ MRGSQI TE]EFPI XS XLI FIRIwGMEP S[RIV %PWS ORS[R EW sGYWXSH]t 7II GYWXSH] GPMIRX

+PSWWEV] SJ 8IVQW
7EJI 'YWXSH] 'PMIRX % GPMIRX SR FILEPJ SJ [LSQ XLI 783 MW LSPHMRK MXW WIGYVMXMIW ERH MR
WSQI GEWIW GEWL MR WEJI GYWXSH] %PWS ORS[R EW GYWXSH] GPMIRX
7GLIQI SJ %VVERKIQIRX % GSVTSVEXI EGXMSR IZIRX MR [LMGL XLI MWWYIV MWWYIW XS TSWMXMSR
LSPHIVW GSQFMREXMSRW SJ WIGYVMXMIW ERHSV GEWL MR I\GLERKI JSV XLI I\MWXMRK YRHIVP]MRK WIGY
VMX] 8LI TYVTSWI WMQMPEV XS XLEX SJ E WLEVI WTPMX SV GSRWSPMHEXMSR MW E VIWXVYGXYVI SJ XLI MWWYIVtW
MWWYIH WLEVI GETMXEP
7GVMT (MZMHIRH 8LI TE]QIRX XS WLEVILSPHIVW F] ER MWWYIV SJ MRGSQI MR XLI JSVQ SJ WGVMT
XIQTSVEV] GIVXMwGEXIW 8LI WGVMT VITVIWIRXW XLI MWWYIVtW TVSQMWI XS TE] E GEWL HMZMHIRH EX
E XMQI [LIR IEVRMRKW QE] FI GSRWMHIVIH WYJwGMIRX XS HMWXVMFYXI FYX GEWL VIWIVZIW EVI FIMRK
GSRWIVZIH
7IGSRHEV] 1EVOIX % KIRIVMG XIVQ XS HIWGVMFI XLI QEVOIX TPEGI [LIVI I\MWXMRK WIGYVMXMIW
EVI XVEHIH EW STTSWIH XS XLSWI WIGYVMXMIW XLEX EVI MR XLI GSYVWI SJ FIMRK FVSYKLX XS XLI QEVOIX
TPEGI [MXLMR XLI TVMQEV] QEVOIX
7IGYVMXMIW *MRERGMEP MRWXVYQIRXW XLEX QE] FI TYVGLEWIH ERH WSPH XLI QSWX GSQQSR JSVQW
SJ [LMGL EVI IUYMXMIW ERH FSRHW
7IGYVMXMIW 4SWMXMSR 8LI EGGYQYPEXIH UYERXMX] SJ ER IUYMX] SV FSRH S[RIH F] E TSWMXMSR
LSPHIV 7II TSWMXMSR
7IGYVMXMIW 8VEHMRK 3VKERMÊXMSR 783 %R SVKERMÊXMSR XLEX TVEGXMGIW TVSTVMIXEV] XVEHMRK
MRZSPZMRK XLI FY]MRK WIPPMRK ERH LSPHMRK SJ WIGYVMXMIW JSV MXW S[R EGGSYRX ;LIR GSVTSVEXI
EGXMSR IZIRXW EVMWI XLI 783 [MPP RIIH XS EWWIWW VIPIZERX WIGYVMXMIW TSWMXMSRW MR SVHIV XS GSPPIGX
FIRIwXW VIWXVYGXYVI MXW LSPHMRKW IXG EGGSVHMRK XS XLI REXYVI SJ XLI IZIRX
7IQMERRYEP
8[MGI ]IEVP] IZIV] WM\ QSRXLW
7IVZMGI 0IZIP %KVIIQIRX % PIKEP GSRXVEGX FIX[IIR XLI 783 ERH MXW TSWMXMSR LSPHIVW ERH
FIX[IIR XLI 783 ERH XLI GYWXSHMER [LMGL HIwRIW XLI PIZIP ERH XIVQW SJ WIVZMGI XLEX EVI XS FI
TVSZMHIH
7IXXPIH 'YWXSHMER 4SWMXMSR 8LI UYERXMX] SJ WIGYVMXMIW LIPH MR XLI EGGSYRX SJ ER EGGSYRX
LSPHIV EX E GYWXSHMER HMJJIVIRGIW MR XLI WIXXPIH TSWMXMSR ERH XVEHMRK TSWMXMSR EVI YWYEPP] HYI
XS SRI SV QER] STIR XVEHIW
7IXXPIH 8VEHI % XVEHI JSV [LMGL XLI I\GLERKI SJ WIGYVMXMIW ERH GEWL FIX[IIR FY]IV ERH
WIPPIV MR SVHIV XS JYPwP XLIMV GSRXVEGXYEP SFPMKEXMSRW LEW FIIR IJJIGXIH
7IXXPIQIRX 8LI EGX SJ FY]IV ERH WIPPIV SV XLIMV EKIRXW I\GLERKMRK WIGYVMXMIW ERH GEWL MR
SVHIV XS JYPwP XLIMV GSRXVEGXYEP SFPMKEXMSR
7IXXPIQIRX ']GPI 8LI WXERHEVH SV HIJEYPX TIVMSH SJ XMQI FIX[IIR XVEHI HEXI ERH ZEPYI HEXI
SJ XVEHIW [MXLMR IEGL QEVOIX TPEGI
+PSWWEV] SJ 8IVQW

7IXXPIQIRX (EXI 8LI HEXI XLI EGXYEP I\GLERKI SJ WIGYVMXMIW ERH GEWL LEW FIIR IJJIGXIH XLMW
HEXI MW ORS[R SRP] EJXIV WIXXPIQIRX LEW SGGYVVIH 2SXI XLEX MR WSQI GSYRXVMIW sWIXXPIQIRX
HEXIt MW YWIH XS QIER XLI MRXIRHIH HEXI SJ HIPMZIV] SJ WIGYVMXMIW ERH GEWL 7II :EPYI (EXI
7IXXPIQIRX *EMPYVI 8VEHIW [LIVI WIGYVMXMIW ERH GEWL LEZI RSX FIIR I\GLERKIH SR ZEPYI HEXI
XLI GSRXVEGXYEP WIXXPIQIRX HEXI
7IXXPIQIRX -RWXVYGXMSR % QIWWEKI MWWYIH F] ER EGGSYRX LSPHIV XS MXW GYWXSHMER XLEX VIUYIWXW
XLI GYWXSHMER XS HIPMZIV SV VIGIMZI WIGYVMXMIW ERHSV VIGIMZI SV TE] GEWL SR E WTIGMwIH HEXI XLI
ZEPYI HEXI SJ XLI XVEHI
7IXXPIQIRX 7XEXYW 8LI GSRHMXMSR SJ E WIXXPIQIRX MRWXVYGXMSR VITSVXIH F] E GYWXSHMER XS MXW
EGGSYRX LSPHIV X]TMGEP WXEXYWIW EVI YRQEXGLIH [MXL GSYRXIVTEVX] QEXGLIH [MXL GSYRXIVTEVX]
WIXXPIH ERH JEMPIH
7LEVI 8LEX [LMGL VITVIWIRXW IUYMX] S[RIVWLMT MR E GSQTER]
7LEVILSPHIV 8LI S[RIV SJ WLEVIW MR E GSQTER]
7LEVILSPHIV )PMKMFMPMX] 7TIGMwG GSRHMXMSRW SJ E GSVTSVEXI EGXMSRW IZIRX XLEX WXMTYPEXI [LMGL
GEXIKSVMIW SJ TSWMXMSR LSPHIV UYEPMJ] JSV TEVXMGMTEXMSR MR XLI IZIRX SV UYEPMJ] XS IPIGX WTIGMwG
STXMSRW MR ER IZIRX
7LEVI 'ETMXEP 8LI XSXEP JEGI ZEPYI SV TEV ZEPYI SJ MWWYIH WLEVIW MR E GSQTER]
7LEVI 7TPMX %R MRGVIEWI MR ER MWWYIVtW RYQFIV SJ MWWYIH WLEVIW TVSTSVXMSREP XS E VIHYGXMSR
7LSVX *MVWX 'SYTSR % XIVQ KMZIR XS XLI wVWX TE]QIRX SJ MRXIVIWX EJXIV E FSRH LEW FIIR
MWWYIH WTIGMwGEPP] [LIVI XLI IPETWIH XMQI FIX[IIR MWWYI SJ XLI FSRH ERH XLI wVWX GSYTSR
TE]QIRX HEXI MW PIWW XLER XLI RSVQEP GSYTSR TIVMSH JSV XLEX FSRH 7II 0SRK *MVWX 'SYTSR
7LSVX 8VEHMRK 4SWMXMSR 8LI RIKEXMZI EGGYQYPEXIH UYERXMX] SJ ER IUYMX] SV FSRH S[RIH F]
E TSWMXMSR LSPHIV
7LSVX :EPYI (EXI
G]GPI
% XVEHI HEXI XS ZEPYI HEXI TIVMSH XLEX MW WLSVXIV XLER XLI WXERHEVH WIXXPIQIRX
7-7 7IKE-RXIVWIXXPI %+ XLI RSVQEP TPEGI SJ WIXXPIQIRX JSV FSRHW ERH IUYMXMIW XVEHIH MR
7[MXÎVPERH
70% 7II 7IVZMGI 0IZIP %KVIIQIRX
7TIGMEP'YQ 8VEHMRK 8VEHMRK HYVMRK XLI I\ IRXMXPIQIRX TIVMSH I\IGYXIH [MXL WTIGMEP GSR
HMXMSRW EKVIIH FIX[IIR FY]IV ERH WIPPIV [LIVIF]
XLI TYVGLEWIV SJ E WTIGMEPGYQ XVEHI [MPP KEMR IRXMXPIQIRX XS XLI FIRIwX ERH
XLI WIPPIV SJ E WTIGMEPGYQ XVEHI [MPP PSWI IRXMXPIQIRX XS XLI FIRIwX

+PSWWEV] SJ 8IVQW
7TIGMEP)\ 8VEHMRK 8VEHMRK HYVMRK XLI GYQ IRXMXPIQIRX TIVMSH I\IGYXIH [MXL WTIGMEP GSR
HMXMSRW EKVIIH FIX[IIR FY]IV ERH WIPPIV [LIVIF]
XLI TYVGLEWIV SJ E WTIGMEPI\ XVEHI [MPP RSX KEMR IRXMXPIQIRX XS XLI FIRIwX ERH
XLI WIPPIV SJ E WTIGMEPI\ XVEHI [MPP VIXEMR IRXMXPIQIRX XS XLI FIRIwX
7TIGMEP 8VEHMRK 'YQ)\ 6IJIV XS WTIGMEPGYQ XVEHMRK ERH WTIGMEPI\ XVEHMRK
7TMR3JJ 8LI HMWXVMFYXMSR SJ WIGYVMXMIW MR E WYFWMHMEV] GSQTER] XS XLI WLEVILSPHIVW SJ XLI
TEVIRX GSQTER] [MXLSYX XLI WYVVIRHIV SJ XLI SVMKMREP YRHIVP]MRK WIGYVMXMIW 8LMW GSVTSVEXI
EGXMSR IZIRX X]TMGEPP] MRZSPZIW RS GSWX XS XLI TSWMXMSR LSPHIV MR XLI TEVIRX GSQTER]
7XERHMRK )PIGXMSR % WXERHMRK MRWXVYGXMSR KMZIR F] E TSWMXMSR LSPHIV WXEXMRK MXW w\IH MR
WXVYGXMSRW [MXL VIKEVH XS IPIGXMSR HIGMWMSRW *SV ETTVSTVMEXI GSVTSVEXI EGXMSR IZIRXW WYGL
MRWXVYGXMSRW [MPP FI YWIH VEXLIV XLER VIUYIWXMRK IPIGXMSR HIGMWMSRW JVSQ XLI TSWMXMSR LSPHIV SR
ER IZIRXF]IZIRX FEWMW
7XEXMG (EXE % WXSVI SJ MRJSVQEXMSR TIVXEMRMRK XS XVEHMRK GSQTERMIW GSYRXIVTEVXMIW WIGY
VMXMIW ERH GYVVIRGMIW [LMGL MW YWIH MR XLI TVSGIWWMRK SJ XVEHIW TSWMXMSR QEREKIQIRX ERH
GSVTSVEXI EGXMSRW
7XEXMG (EXE (IJEYPXMRK -R XLI GSVTSVEXI EGXMSRW GSRXI\X XLI EYXSQEXMG EXXEGLQIRX SJ ETTVS
TVMEXI MRJSVQEXMSR MR XLI QEREKIQIRX SJ GSVTSVEXI EGXMSR TVSGIWWMRK ERH XLI GEPGYPEXMSR SJ
VIWYPXERX IRXMXPIQIRXW EGGSVHMRK XS TVIHIwRIH VYPIW
783 %GVSR]Q JSV 7IGYVMXMIW 8VEHMRK 3VKERMÊXMSR
7XSGO (MZMHIRH 8LI TE]QIRX XS WLEVILSPHIVW F] ER MWWYIV SJ MRGSQI MR XLI JSVQ SJ WIGY
VMXMIW
7XSGO 6IGSVH % W]WXIQ SJ HSYFPI IRXV] FSSOOIITMRK XLEX EGGSYRXW SR XLI SRI WMHI JSV XLI
S[RIVWLMT SJ WIGYVMXMIW IK XVEHMRK TSWMXMSRW ERH SR XLI SXLIV WMHI JSV XLIMV PSGEXMSR IK EX
XLI GYWXSHMER SV [MXL XLI GSYRXIVTEVX] E[EMXMRK WIXXPIQIRX
784 %GVSR]Q JSV 7XVEMKLX 8LVSYKL 4VSGIWWMRK
7XVEMKLX 8LVSYKL 4VSGIWWMRK %R SFNIGXMZI SJ WIGYVMXMIW XVEHMRK SVKERMÊXMSRW WYTTPMIVW SJ
GSQQYRMGEXMSRW WSJX[EVI GYWXSHMERW IXG XS QEREKI XLI IRXMVI XVEHI PMJIG]GPI ERH GSVTSVEXI
EGXMSRW PMJIG]GPI MR ER EYXSQEXIH ERH WIEQPIWW QERRIV [MXLSYX XLI RIIH JSV VIZMI[ SV VITEMV
8LI MRXIRHIH FIRIwX SJ WXVEMKLX XLVSYKL TVSGIWWMRK MW VIHYGIH GSWXW ERH XLI EFMPMX] XS TVSGIWW
LMKL ZSPYQIW SJ XVEHIW MR E WIGYVI ERH VMWOJVII QERRIV
7YFHMZMWMSR 7II WLEVI WTPMX
7YFWGVMTXMSR 8LI TYVGLEWI SJ RI[ WIGYVMXMIW F] E TSWMXMSR LSPHIV JVSQ XLI MWWYIV EW TEVX
SJ E GETMXEP VEMWMRK IZIRX
+PSWWEV] SJ 8IVQW

7YFWGVMTXMSR 'PSWI (EXI 8LI PEWX HEXI YTSR [LMGL WYFWGVMTXMSR HIGMWMSRW [MPP FI EGGITXIH
F] XLI MWWYIV 7II EPWS GPSWI HEXI
7YFWGVMTXMSR (IGMWMSR 8LI HIGMWMSR XEOIR F] E TSWMXMSR LSPHIV EW XS [LIXLIV XS TYVGLEWI
RI[ WIGYVMXMIW VIWYPXMRK JVSQ E GETMXEP VEMWMRK GSVTSVEXI EGXMSR IZIRX WYGL EW E VMKLXW MWWYI
8LMW MW E WTIGMwG X]TI SJ IPIGXMSR HIGMWMSR
7YFWGVMTXMSR 3TIR (EXI
MWWYIV 7II STIR HEXI
8LI wVWX HEXI XLEX WYFWGVMTXMSR HIGMWMSRW [MPP FI EGGITXIH F] XLI
7YFWGVMTXMSR 4IVMSH 8LI XMQIJVEQI [MXLMR [LMGL WYFWGVMTXMSR HIGMWMSRW [MPP FI EGGITXIH
F] XLI MWWYIV 8LMW TIVMSH MW HIwRIH F] E WYFWGVMTXMSR STIR HEXI ERH E WYFWGVMTXMSR GPSWI
HEXI
7;-*8 8LI 7SGMIX] JSV ;SVPH[MHI -RXIVFERO *MRERGMEP 8IPIGSQQYRMGEXMSRW E [SVPH
[MHI SVKERMÊXMSR TVSZMHMRK WIGYVI QIWWEKI XVERWQMWWMSR FIX[IIR TEVXMIW XLEX WYFWGVMFI XS
7;-*8 1IWWEKI X]TIW MRGPYHI XVEHI GSRwVQEXMSR WIXXPIQIRX MRWXVYGXMSRW WIGYVMXMIW ERH
GEWL WXEXIQIRXW ERH GSVTSVEXI EGXMSRW
8EOISZIV 3JJIV %R EXXIQTX XS TYVGLEWI F] SRI GSQTER] EPP SV TEVX SJ XLI MWWYIH WLEVI
GETMXEP SJ ERSXLIV GSQTER] %PWS ORS[R EW EGUYMWMXMSR SV XIRHIV
8EVKIX 'SQTER] 8LI GSQTER] XLEX ER SJJIVSV [MWLIW XS EGUYMVI MR E XEOISZIV SJJIV 8LI
XEVKIX GSQTER] MW GSQQSRP] ORS[R EW XLI SJJIVII
8E\ 6IFEXI 8E\ TVITEMH XLEX QE] FI SJJWIX EKEMRWX SXLIV SV PEXIV XE\ PMEFMPMXMIW
8E\ 6IGPEMQ 8LI TVSGIWW SJ VIGSZIVMRK XE\ [LIXLIV JSVIMKR [MXLLSPHMRK XE\ SV HSQIWXMG
MRGSQI XE\ F] SV SR FILEPJ SJ XLI TSWMXMSR LSPHIV JVSQ XE\ EYXLSVMXMIW XS [LSQ XLI XE\ LEW
FIIR TEMH
8IRHIV 8LI SJJIV F] ER SJJIVSV XS TYVGLEWI EPP SV TEVX SJ XLI MWWYIH WLEVI GETMXEP SJ ER
SXLIV GSQTER] VIJIVVIH XS EW XLI XEVKIX GSQTER] SV SJJIVII %PWS ORS[R EW E XEOISZIV SV
EGUYMWMXMSR
8VEHI %R EKVIIQIRX XS I\GLERKI WIGYVMXMIW JSV GEWL SV JSV ERSXLIV EWWIX FIX[IIR X[S
TEVXMIW [LIXLIV FY]MRK SV WIPPMRK PIRHMRK SV FSVVS[MRK IXG
8VEHI 'SRHMXMSRW -RJSVQEXMSR VIxIGXMRK XLI WTIGMwG XIVQW YRHIV [LMGL E XVEHI [EW I\I
GYXIH EKVIIH FIX[IIR FY]IV ERH WIPPIV EX XLI XMQI SJ XVEHI I\IGYXMSR 8VEHI GSRHMXMSRW XLEX
MQTEGX GSVTSVEXI EGXMSR IRXMXPIQIRXW EVI WTIGMEPGYQ ERH WTIGMEPI\
8VEHI 'SRwVQEXMSR % GSQQYRMGEXMSR SJ XLI HIXEMPW SJ E XVEHI JVSQ SRI TEVX] XS MXW GSYR
XIVTEVX] ZEVMSYW QIHME EVI YWIH JSV XLI GSQQYRMGEXMSR QIXLSH % QIERW SJ EGLMIZMRK XVEHI
EKVIIQIRX
8VEHI (EXI 8LI HEXI XLI TEVXMIW XS E XVEHI EKVII XS XVEHI XLI HEXI SJ XVEHI I\IGYXMSR

+PSWWEV] SJ 8IVQW
8VEHI )\IGYXMSR 8LI EKVIIQIRX XS XVEHI FIX[IIR X[S TEVXMIW [LIXLIV FY]MRK SV WIPPMRK
PIRHMRK SV FSVVS[MRK IXG
8VEHIEFPI
%FPI XS FI FSYKLX ERH WSPH MR XLI QEVOIX TPEGI EPWS XVERWJIVEFPI
8VEHIV %R MRHMZMHYEP [LS FY]W ERH WIPPW WIGYVMXMIW JSV XLI EGGSYRX SJ XLI WIGYVMXMIW XVEHMRK
SVKERMÊXMSR XLEX IQTPS]W XLI XVEHIV SRI SV QSVI XVEHIVW EVI X]TMGEPP] VIWTSRWMFPI JSV XLI
STIVEXMSR SJ E XVEHMRK FSSO
8VEHMRK 8LI EGXMZMX] SJ EKVIIMRK XS I\GLERKI WIGYVMXMIW JSV GEWL SV JSV ERSXLIV EWWIX
FIX[IIR TEVXMIW [LIXLIV FY]MRK SV WIPPMRK PIRHMRK SV FSVVS[MRK IXG
8VEHMRK &SSO % WYFHMZMWMSR SJ E XVEHMRK HITEVXQIRX [MXLMR E WIGYVMXMIW XVEHMRK SVKERMÊXMSR
MR [LMGL XVEHMRK MR E WTIGMwG KVSYTMRK SJ WIGYVMXMIW JSV I\EQTPI MW GSRHYGXIH ERH OITX WITEVEXI
JVSQ XLI FYWMRIWW SJ SXLIV XVEHMRK FSSOW
8VEHMRK &SSO 4SWMXMSR 8LI RIX WYQ F] UYERXMX] SJ EPP XVEHIW MR IEGL WIGYVMX] TIV XVEHMRK
FSSO
8VEHMRK 4SWMXMSR % TSWMXMZI SV RIKEXMZI XVEHIHEXIH WIGYVMXMIW LSPHMRK
8VERWJSVQEXMSR -R XLI GSRXI\X SJ GSVTSVEXI EGXMSRW XLI WIXXPIQIRX SJ E GPEMQ F] XLI sVI
WLETMRKt SJ XLI YRHIVP]MRK YRWIXXPIH XVEHI [LIVI XLI WIGYVMX] UYERXMX] ERHSV GEWL WIXXPIQIRX
ZEPYI SJ XLI XVEHI QE] EPXIV
8VERWJSVQEXMSR (EXI %W E VIWYPX SJ XVERWJSVQEXMSR XLI SVMKMREP ZEPYI HEXI SJ XLI YRHIVP]MRK
XVEHI MW X]TMGEPP] EPXIVIH HYI XS XLI YRHIVP]MRK WIGYVMX] FIMRK VITPEGIH F] XLI RI[P] MWWYIH
WIGYVMX] 8LI QEVOIX [MPP WIX XLI IEVPMIWX ZEPYI HEXI XVERWJSVQEXMSR HEXI JSV XLI RI[ WIGYVMX]
[LMGL [MPP FI SR SV EJXIV XLI IJJIGXMZI HEXI SJ XLI IZIRX
8VERWJSVQIH 8VEHIW 8VEHIW XLEX LEZI FIIR VIWLETIH EW E VIWYPX SJ E GSVTSVEXI EGXMSR 7II
XVERWJSVQEXMSR
8VIEX] 7II (SYFPI 8E\EXMSR %KVIIQIRX
9RFYRHPMRK
7II WTMRSJJ
9RGSRHMXMSREP 8LI WXEXYW SJ E XEOISZIV SJJIV SRGI XLI QMRMQYQ GSRHMXMSRW WIX F] XLI SJJIVSV
LEZI FIIR QIX 3RGI YRGSRHMXMSREP XLI SJJIVSV MW PIKEPP] SFPMKEXIH XS JYPwP XLI XIVQW SJ XLI
SJJIV
9RGSRHMXMSREP (EXI 8LI HEXI ETTPMGEFPI XS E XEOISZIV SJJIV YTSR [LMGL XLI QMRMQYQ
GSRHMXMSRW WIX F] XLI SJJIVSV EVI QIX 8LMW HEXI QEVOW XLI WXEVX SJ XLI YRGSRHMXMSREP TIVMSH
9RGSRHMXMSREP 4IVMSH 8LI XMQIJVEQI [MXLMR E XEOISZIV SJJIV FIX[IIR XLI YRGSRHMXMSREP
HEXI ERH XLI SJJIV GPSWI HEXI [LIVI XLI QMRMQYQ GSRHMXMSRW WIX F] XLI SJJIVSV JSV XLI SJJIV XS
+PSWWEV] SJ 8IVQW

TVSGIIH LEZI FIIR PMJXIH ERH RS PSRKIV ETTP] 8LI YRGSRHMXMSREP TIVMSH JSPPS[W XLI GSRHMXMSREP
TIVMSH
9RHIVP]MRK ,SPHMRK 8LI TSWMXMSR LSPHIVtW IRXMXPIH TSWMXMSR MR XLI YRHIVP]MRK WIGYVMX] XS
[LMGL XLI IZIRX XIVQW [MPP FI ETTPMIH
9RHIVP]MRK 7IGYVMX] 8LI WIGYVMX] XS [LMGL XLI IZIRX XIVQW EVI ETTPMGEFPI VIWYPXMRK MR XLI
HMWXVMFYXMSR SJ FIRIwXW XS TSWMXMSR LSPHIVW MR XLEX WIGYVMX] SV XLI VISVKERMÊXMSR SJ XLIMV
LSPHMRK
9RHIVWYFWGVMTXMSR *EMPYVI SJ WYFWGVMTXMSR HIGMWMSRW XS QIIX XLI QMRMQYQ GVMXIVME IK
WTIGMwIH TIVGIRXEKI SJ RI[ WIGYVMXMIW WIX F] XLI MWWYIV 7II YRHIV[VMXMRK
9RHIV[VMXMRK 8LI EGX SJ KYEVERXIIMRK XS ER MWWYIV SJ WIGYVMXMIW XLEX XLI MWWYIV [MPP VIGIMZI
XLI JYRHW MX [MWLIW XS VEMWI EX XLI WTIGMwIH XMQI SRI SV QER] YRHIV[VMXIVW [MPP FY] ER] YRWSPH
TSVXMSR SJ XLI RI[ MWWYI
9RVIEPMÎH 4VSwX ERH 0SWW 8LISVIXMGEP TVSwX SV PSWW SR E TSWMXMZI SV RIKEXMZI WIGYVMXMIW
XVEHMRK TSWMXMSR JSPPS[MRK VIZEPYEXMSR SJ XLI TSWMXMSR 7II 6IEPMÎH 4VSwX ERH 0SWW
9RWIXXPIH 8VEHI % XVEHI JSV [LMGL WIXXPIQIRX LEW RSX ]IX SGGYVVIH [LIXLIV ZEPYI HEXI MW MR
XLI JYXYVI SV MR XLI TEWX %PWS ORS[R EW ER STIR XVEHI
9R7YFWGVMFIH % TSWMXMSR JSV [LMGL WYFWGVMTXMSR HIGMWMSRW LEZI RSX FIIR VIGIMZIH F] XLI
MWWYIV
:EPYI (EXI 8LI MRXIRHIH HEXI SJ I\GLERKI SJ WIGYVMXMIW ERH GEWL FIX[IIR FY]IV ERH WIPPIV
%PWS ORS[R EW GSRXVEGXYEP WIXXPIQIRX HEXI 2SXI XLEX MR WSQI GSYRXVMIW XLI XIVQ 7IXXPIQIRX
(EXI MW YWIH XS QIER XLI MRXIRHIH HEXI SJ I\GLERKI SJ WIGYVMXMIW ERH GEWL
:SPYRXEV] )ZIRX % GSVTSVEXI EGXMSR IZIRX [LIVI TEVXMGMTEXMSR MR XLI IZIRX MW FEWIH WSPIP]
YTSR XLI HIGMWMSR SJ XLI TSWMXMSR LSPHIV
:SPYRXEV] 6IHIQTXMSR 7II TYX GEPP
:4' :EVHITETTIVWGIRXVEPIR XLI RSVQEP TPEGI SJ WIXXPIQIRX JSV FSRHW ERH IUYMXMIW XVEHIH MR
7[IHIR
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WIGYVMX] MR TVSTSVXMSR XS XLI RYQFIV SJ [EVVERXW LIPH EX E w\IH TVMGI EX SV FIJSVI E TVIWTIGMwIH
HEXI FI]SRH XLEX HEXI WYFWGVMTXMSR MW RS PSRKIV TSWWMFPI ERH XLI [EVVERX I\TMVIW
;EVVERX )\IVGMWI 8LI I\GLERKI SJ SRI WIGYVMX] JSV ERSXLIV WIGYVMX] MRZSPZMRK XLI TSWMXMSR
LSPHIV TE]MRK ER I\IVGMWI GSWX F] E WTIGMwIH HIEHPMRI XS XLI MWWYIV
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MWWYIVW XS MRZIWXSVW [LIXLIV SR IUYMXMIW SV FSRHW -RZIWXSVW VIWMHIRX MR GIVXEMR GSYRXVMIW QE]

+PSWWEV] SJ 8IVQW
FI WYFNIGX XS E PS[IV VEXI SJ [MXLLSPHMRK XE\ MJ XLI MWWYIVtW GSYRXV] ERH XLI MRZIWXSVtW GSYRXV]
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VIGSVHW PIEZMRK RS GEWL EQSYRX HYI XS SV JVSQ XLI TSWMXMSR LSPHIV
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'SRGITXW SJ 1YPXM7XEKI )ZIRXW

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*MKYVI -QTEGX JVSQ XLI TSWMXMSR LSPHIVtW TIVWTIGXMZI

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*MKYVI 8LI 783tW HYEP VSPI

7)'96-8-)7 78%8-' (%8%

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(-74%6%8) 86%() %2( 437-8-32 6)'36(7

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