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6IETTVSZIH

+YMHIJSV7IPIGXMRK4VSTSVXMSRW
JSV2S7PYQT'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII

1MGLEIP.&S]PI
'LEMV

8IVVIRGI)%VRSPH *VERGSMWHI0EVVEVH 8EVMJ1.EFIV 6S]GI.6LSEHW


;MPPMEQ0&EVVMRKIV (SREPH)(M\SR 6SFIVX7.IROMRW .SLR46MIW
1YLEQQIH4&EWLIIV 'EPZMR0(SHP *VERO%/S^IPMWOM +1MGLEIP6SFMRWSR
'EWMQMV&SKREGOM (EVVIPP*)PPMSX 'SPMR00SFS (SREPH07GLPIKIPj
+EV]0&VIRRS 1MGLEIP6+EVHRIV 1EVO(0YXLIV .EQIW17LMPWXSRI
1EVWLEPP0&VS[R .SLR8+YXLVMI ,S[EVH40Y\ %ZE7L]TYPE
6EQSR0'EVVEWUYMPPS +8IVV],EVVMW7V +EVX61EWW .IJJVI]*7TIGO
.EQIW)'SSO +SHJVI]%,SPQWXVSQ )H81G+YMVI ;MPPMEQ<7]TLIV
.SLR*'SSO 6MGLEVH(,MPP (MTEO84EVIOL 7XERPI].:MVKEPMXXI
6E]QSRH%'SSO (EZMH0,SPPMRKW[SVXL .EQIW74MIVGI  ;SSH[EVH0:SKX
(EZMH%'VSGOIV +ISVKI;,SPPSR 1MGLEIP*4MWXMPPM (IER.;LMXI--
(+IRI(ERMIP 7EMH-VEZERM 7XIZIR%6EKER 6MGLEVH1;MRK

 1IQFIVWSJWYFGSQQMXXII[LSTVITEVIHVIZMWMSRW
j
'LEMVSJ7YFGSQQMXXII'
8LIWYFGSQQMXXIIXLEROW+EV]/RMKLXERH8SQ,SPQJSVTVSZMHMRKEWWMWXERGIJSVWSQISJXLIKVETLMGWMRXLMWVITSVX

8LMW KYMHI MW MRXIRHIH EW E WYTTPIQIRX XS %'-  % TVSGIHYVI MW '328)287
TVIWIRXIH JSV TVSTSVXMSRMRK GSRGVIXI XLEX LEW WPYQTW MR XLI VERKI SJ 'LETXIV{7GSTIERHPMQMXWT6
^IVSXSQQ MR ERHGSRWMWXIRGMIWFIPS[XLMWVERKIJSVEKKVIKEXIWYT
XSQQ MR QE\MQYQWM^I7YMXEFPIIUYMTQIRXJSVQIEWYVMRKWYGL 'LETXIV{4VIPMQMREV]GSRWMHIVEXMSRWT6
GSRWMWXIRGMIWMWHIWGVMFIH8EFPIWERHGLEVXWWMQMPEVXSXLSWIMR%'- {+IRIVEP
EVITVSZMHIH[LMGLEPSRK[MXLPEFSVEXSV]XIWXWSRTL]WMGEPTVSTIVXMIWSJJMRI
ERHGSEVWIEKKVIKEXI]MIPHMRJSVQEXMSRJSVSFXEMRMRKGSRGVIXITVSTSVXMSRW
{1IXLSHWJSVQIEWYVMRKGSRWMWXIRG]
JSVEXVMEPQM\XYVI {1M\MRK[EXIVVIUYMVIQIRX
8LMWHSGYQIRXEPWSMRGPYHIWETTIRHM\IWSRTVSTSVXMSRMRKQM\XYVIWJSV
VSPPIVGSQTEGXIHGSRGVIXIGSRGVIXIVSSJXMPIGSRGVIXIQEWSRV]YRMXWERH 'LETXIV{7IPIGXMRKTVSTSVXMSRWT6
TIVZMSYWGSRGVIXIJSVHVEMREKITYVTSWIW)\EQTPIWEVITVSZMHIHEWEREMH {+IRIVEP
MRGEPGYPEXMRKTVSTSVXMSRWJSVXLIWIWTIGMEPX]ETTPMGEXMSRW {7PYQTERHQE\MQYQWM^IEKKVIKEXI
{)WXMQEXMRK[EXIVERHEKKVIKEXIKVEHMRKVIUYMVIQIRXW
/I][SVHW HYVEFMPMX] QM\XYVI TVSTSVXMSRMRK RSWPYQT GSRGVIXI VSPPIV
GSQTEGXIHGSRGVIXIWPYQTXIWX[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMS
{7IPIGXMRK[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMS
{)WXMQEXISJGSEVWIEKKVIKEXIUYERXMX]

%'- 'SQQMXXII 6ITSVXW +YMHIW 1ERYEPW 7XERHEVH 'LETXIV{4VSTSVXMSRMRKGSQTYXEXMSRW 7-YRMXW 


4VEGXMGIW ERH 'SQQIRXEVMIW EVI MRXIRHIH JSV KYMHERGI MR T6
TPERRMRK HIWMKRMRK I\IGYXMRK ERH MRWTIGXMRK GSRWXVYGXMSR
8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVI {+IRIVEPTVSTSVXMSRMRKGVMXIVME
GSQTIXIRX XS IZEPYEXI XLI WMKRMJMGERGI ERH PMQMXEXMSRW SJ MXW {)\EQTPISJTVSTSVXMSRMRKGSQTYXEXMSRW
GSRXIRX ERH VIGSQQIRHEXMSRW ERH [LS [MPP EGGITX {&EXGLMRKUYERXMXMIWJSVTVSHYGXMSRWM^IFEXGLMRK
VIWTSRWMFMPMX] JSV XLI ETTPMGEXMSR SJ XLI QEXIVMEP MX GSRXEMRW
8LI %QIVMGER 'SRGVIXI -RWXMXYXI HMWGPEMQW ER] ERH EPP {%HNYWXQIRXSJXVMEPQM\XYVI
VIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPPRSX
FIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX %'-6WYTIVWIHIW%'-6ERHFIGEQIIJJIGXMZI.ERYEV]
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XLI%VGLMXIGX)RKMRIIV XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGI YRPIWW TIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW

6
6 %'-'311-88))6)4368

'LETXIV{6IJIVIRGIWT6 8EFPI{'SQTEVMWSRSJGSRWMWXIRG]
{6IJIVIRGIHWXERHEVHWERHVITSVXW QIEWYVIQIRXWJSVWPYQTERH:IFIETTEVEXYW
{'MXIHVIJIVIRGIW 'SRWMWXIRG]HIWGVMTXMSR 7PYQTQQ 7PYQTMR :IFIW
)\XVIQIP]HV] { { XS
%TTIRHM\{4VSTSVXMSRMRKGSQTYXEXMSRW :IV]WXMJJ { { XS
MRGLTSYRHYRMXW T6 7XMJJ XS XS XS
7XMJJTPEWXMG XS XS XS
%TTIRHM\{0EFSVEXSV]XIWXWT6 4PEWXMG XS XS XS
:IV]TPEWXMG XS XS {
%TTIRHM\{6SPPIVGSQTEGXIHGSRGVIXIQM\XYVI
TVSTSVXMSRMRKT6
8EFPI{%TTVS\MQEXIVIPEXMZI[EXIVGSRXIRXJSV
%TTIRHM\{'SRGVIXIVSSJXMPIQM\XYVI HMJJIVIRXGSRWMWXIRGMIW
TVSTSVXMSRMRKT6 %TTVS\MQEXIVIPEXMZI[EXIVGSRXIRX
'SRWMWXIRG]HIWGVMTXMSR 8LEYPS[ 8EFPI%'-
%TTIRHM\{'SRGVIXIQEWSRV]YRMXQM\XYVI
)\XVIQIP]HV]  {
TVSTSVXMSRMRKT6
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%TTIRHM\{4IVZMSYWGSRGVIXIQM\XYVI 7XMJJ  {
TVSTSVXMSRMRKT6 7XMJJTPEWXMG  
4PEWXMG  
',%48)6{7'34)%2(0-1-87 :IV]TPEWXMG  
%'-  TVSZMHIW QIXLSHW JSV TVSTSVXMSRMRK GSRGVIXI
[MXL WPYQTW KVIEXIV XLER  QQ  MR  EW QIEWYVIH F]
%781''18LMWKYMHIMWERI\XIRWMSRSJ%'- 2SWPYQTGSRGVIXI[MPPLEZITSSV[SVOEFMPMX]MJGSRWSPM
 ERH EHHVIWWIW XLI TVSTSVXMSRMRK SJ GSRGVIXI LEZMRK HEXIHF]LERHVSHHMRK-JZMFVEXMSRMWYWIHLS[IZIVWYGL
WPYQTMRXLIVERKISJ^IVSXSQQ MR  GSRGVIXIQMKLXFIGSRWMHIVIHXSLEZIEHIUYEXI[SVOEFMPMX]
8LITEMVIHZEPYIWWXEXIHMRMRGLTSYRHERH7-YRMXWEVIXLI 8LIVERKISJ[SVOEFPIQM\XYVIWGERXLIVIJSVIFI[MHIRIHF]
VIWYPXWSJGSRZIVWMSRWXLEXVIJPIGXXLIMRXIRHIHHIKVIISJ GSRWSPMHEXMSRXIGLRMUYIWXLEXMQTEVXKVIEXIVIRIVK]MRXSXLI
EGGYVEG])EGLW]WXIQMWYWIHMRHITIRHIRXP]SJXLISXLIV QEWWXSFIGSRWSPMHEXIH8LI:IFIETTEVEXYWXLIGSQTEGXMRK
MR XLI I\EQTPIW 'SQFMRMRK ZEPYIW JVSQ XLI X[S W]WXIQW JEGXSVETTEVEXYW XLIQSHMJMIHGSQTEGXMSRXIWXERHXLI
QE]VIWYPXMRRSRGSRJSVQERGI[MXLXLMWKYMHI 8LEYPS[HVSTXEFPIEVIPEFSVEXSV]HIZMGIWXLEXGERTVSZMHIE
-R EHHMXMSR XS XLI KIRIVEP HMWGYWWMSR SR TVSTSVXMSRMRK YWIJYPQIEWYVISJGSRWMWXIRG]JSVGSRGVIXIQM\XYVIW[MXL
RSWPYQT GSRGVIXI XLMW KYMHI MRGPYHIW TVSTSVXMSRMRK TVSGI PIWWXLERQQ MR WPYQT3J XLIXLVIIGSRWMWXIRG]
HYVIWJSVXLIWIGPEWWIWSJRSWPYQTGSRGVIXIVSPPIVGSQTEGXIH QIEWYVIQIRXWXLI:IFIETTEVEXYWMWJVIUYIRXP]YWIHXSHE]MR
GSRGVIXI %TTIRHM\   VSSJ XMPIW %TTIRHM\   GSRGVIXI VSPPIVGSQTEGXIHGSRGVIXIERH[MPPFIVIJIVVIHXSMRXLMWKYMHI
QEWSRV] YRMXW '19  %TTIRHM\   ERH TIVZMSYW GSRGVIXI 8LI:IFIXIWXMWHIWGVMFIHMR%TTIRHM\-JRSRISJXLIWI
%TTIRHM\  QIXLSHW EVI EZEMPEFPI GSRWSPMHEXMSR SJ XLI XVMEP QM\XYVI
YRHIV EGXYEP TPEGMRK GSRHMXMSRW MR XLI JMIPH SV PEFSVEXSV]
',%48)6{46)0-1-2%6='327-()6%8-327 [MPP SJ RIGIWWMX] WIVZI EW E QIERW JSV HIXIVQMRMRK
{+IRIVEP [LIXLIV XLI GSRWMWXIRG] ERH [SVOEFMPMX] EVI EHIUYEXI
8LIKIRIVEPGSQQIRXWGSRXEMRIHMR%'-EVITIVXMRIRX 7YMXEFPI[SVOEFMPMX]MWSJXIRFEWIHSRZMWYEPNYHKIQIRXJSV
XSXLITVSGIHYVIWHMWGYWWIHMRXLMWKYMHI8LIHIWGVMTXMSRSJ QEGLMRIQEHITVIGEWXGSRGVIXITVSHYGXW
XLI GSRWXMXYIRX QEXIVMEPW SJ GSRGVIXI XLI HMJJIVIRGIW MR %GSQTEVMWSRSJ:IFIXIWXVIWYPXW[MXLXLIGSRZIRXMSREP
TVSTSVXMSRMRKXLIMRKVIHMIRXWERHXLIRIIHJSVORS[PIHKISJ WPYQTXIWXMWWLS[RMR8EFPI2SXIXLEXXLI:IFIXIWX
XLI TL]WMGEP TVSTIVXMIW SJ XLI EKKVIKEXI ERH GIQIRXMXMSYW GERTVSZMHIEQIEWYVISJGSRWMWXIRG]MRQM\XYVIWXIVQIH
QEXIVMEPWETTP]IUYEPP]XSXLMWKYMHI 8LIPIZIPSJSZIVHIWMKR wI\XVIQIP]HV]x:IFIXMQIEXGSQTEGXMSRMWMRJPYIRGIH
MRHMGEXIHMR%'-ERH%'-6WLSYPHFIETTPMIH F]SXLIVJEGXSVWWYGLEWQSMWXYVIGSRHMXMSRSJEKKVIKEXIW
XSXLIGSQTVIWWMZIWXVIRKXLYWIHJSVTVSTSVXMSRMRK XMQIMRXIVZEPEJXIVQM\MRKERHGPMQEXMGGSRHMXMSRW

{1IXLSHWJSVQIEWYVMRKGSRWMWXIRG] {1M\MRK[EXIVVIUYMVIQIRX
;SVOEFMPMX]MWXLITVSTIVX]SJGSRGVIXIXLEXHIXIVQMRIWXLI -R%'-ETTVS\MQEXIVIPEXMZIQM\MRK[EXIVVIUYMVI
IEWI[MXL[LMGLMXGERFIQM\IHTPEGIHGSRWSPMHEXIHERH QIRXWEVIKMZIRJSVGSRGVIXIGSRJSVQMRKXSXLIGSRWMWXIRG]
JMRMWLIH 2S WMRKPI XIWX MW EZEMPEFPI XLEX [MPP QIEWYVI XLMW HIWGVMTXMSRW SJ WXMJJ TPEWXMG TPEWXMG ERH ZIV] TPEWXMG EW
TVSTIVX]MRUYERXMXEXMZIXIVQW-XMWYWYEPP]I\TIHMIRXXSYWI WLS[RMR8EFPISJXLMWKYMHI'SRWMHIVMRKXLI[EXIV
WSQIX]TISJGSRWMWXIRG]QIEWYVIQIRXEWERMRHI\XS[SVO VIUYMVIQIRX JSV XLI  XS  QQ  XS  MR  WPYQT EW
EFMPMX]'SRWMWXIRG]QE]FIHIJMRIHEWXLIVIPEXMZIEFMPMX]SJ  XLIVIPEXMZI[EXIVGSRXIRXWJSVXLSWIXLVIIGSRWMWXIRGMIW
JVIWLP]QM\IHGSRGVIXIXSJPS[8LIWPYQTXIWXMWXLIQSWX EVIERH VIWTIGXMZIP]8LEYPS[I\XIRHIHXLMW
JEQMPMEVXIWXQIXLSHJSVGSRWMWXIRG]ERHMWXLIFEWMW JSV GSRGITXSJVIPEXMZI[EXIVGSRXIRXWXSMRGPYHIWXMJJIVQM\XYVIW
XLIQIEWYVIQIRXSJGSRWMWXIRG]YRHIV%'- EWWLS[RMR8EFPI
+9-()*367)0)'8-2+4634368-327*362370914'32'6)8) 6

*MK {%TTVS\MQEXI QM\MRK [EXIV VIUYMVIQIRXW JSV HMJJIVIRX GSRWMWXIRGMIW ERH QE\MQYQWM^I
EKKVIKEXIJSVRSREMVIRXVEMRIHGSRGVIXI

*MK {%TTVS\MQEXI QM\MRK [EXIV VIUYMVIQIRXW JSV HMJJIVIRX GSRWMWXIRGMIW ERH QE\MQYQWM^I
EKKVIKEXIJSVEMVIRXVEMRIHGSRGVIXI

*MKYVIWERHLEZIFIIRTVITEVIHFEWIHSRXLIVIWYPXW GSQFMREXMSRSJQEXIVMEPWERYQFIVSJJEGXSVW[MPPEJJIGX
JVSQEWIVMIWSJPEFSVEXSV]XIWXWMR[LMGLXLIEZIVEKIEMV XLI EGXYEPQM\MRK [EXIV VIUYMVIQIRX ERH GERVIWYPX MR E
GSRXIRXW[IVIEWMRHMGEXIH MR *MK8LIWIXIWXWWLS[ GSRWMHIVEFPIHMJJIVIRGIJVSQXLIZEPYIWWLS[RMR*MKERH
XLEXXLIJEGXSVWMR8EFPIRIIHXSFIETTPMIHXSXLIUYERXMXMIW  8LIWI JEGXSVW MRGPYHI TEVXMGPI WLETI ERH KVEHMRK SJ XLI
KMZIRMR%'-XSSFXEMRXLIETTVS\MQEXI[EXIVGSRXIRXJSV EKKVIKEXI EMV GSRXIRX ERH XIQTIVEXYVI SJ XLI GSRGVIXI XLI
XLIWM\GSRWMWXIRG]HIWMKREXMSRW%TTVS\MQEXIVIPEXMZIQM\MRK IJJIGXMZIRIWW SJ QM\MRK GLIQMGEP EHQM\XYVIW ERH XLI
[EXIVVIUYMVIQIRXWEVIKMZIRMROKQ PF]H YWMRKXLI QIXLSH SJ GSRWSPMHEXMSR ;MXL VIWTIGX XS QM\MRK JSV
VIPEXMZI[EXIVGSRXIRXWWLS[RF]8LEYPS[ JSVXLIWXMJJ I\EQTPIWTMVEPFPEHIERHTERX]TIQM\IVWEVIQSVIIJJIG
ZIV] WXMJJ ERH I\XVIQIP] HV] GSRWMWXIRGMIW *SV E KMZIR XMZIJSVRSWPYQTGSRGVIXIWXLEREVIVSXEXMRKHVYQQM\IVW
6 %'-'311-88))6)4368

*MK{%MVGSRXIRXSJGSRGVIXIQM\XYVIWJSVHMJJIVIRXQE\MQYQWM^IEKKVIKEXI

',%48)6{7)0)'8-2+4634368-327 FIGEYWIXLISTXMQYQGSRWMWXIRG]MWLMKLP] HITIRHIRXSRXLI


{+IRIVEP IUYMTQIRXTVSHYGXMSRQIXLSHWERHQEXIVMEPWYWIH-XMWJYVXLIV
'IQIRXMXMSYWQEXIVMEPWMRGPYHIXLIGSQFMRIHQEWWSJGIQIRX VIGSQQIRHIHXLEX[LIVIZIVTSWWMFPIXLIGSRWMWXIRGMIWYWIH
REXYVEPTS^^SPERWJP]EWLKVSYRHKVERYPEXIHFPEWXJYVREGIWPEK WLSYPHFIMRXLIVERKISJZIV]WXMJJSVHVMIVFIGEYWIXLIYWISJ
++&*7 ERHWMPMGEJYQIXLEXEVIYWIHMRXLIQM\XYVI XLIWIHVMIVGSRWMWXIRGMIWXLEXEVIEHIUYEXIP]GSRWSPMHEXIH[MPP
%WVIGSQQIRHIHMR%'-GSRGVIXIWLSYPHFITPEGIH VIWYPXMRMQTVSZIHUYEPMX]ERHEQSVIIGSRSQMGEPTVSHYGX
YWMRKXLIQMRMQYQUYERXMX]SJQM\MRK[EXIVGSRWMWXIRX[MXL 8LIRSQMREPQE\MQYQWM^ISJXLIEKKVIKEXIXSFIWIPIGXIHJSV
QM\MRK TPEGMRK GSRWSPMHEXMRK ERH JMRMWLMRK VIUYMVIQIRXW ETEVXMGYPEVX]TISJGSRWXVYGXMSRMWHMGXEXIHTVMQEVMP]F]GSRWMH
FIGEYWI XLMW [MPP LEZI E JEZSVEFPI MRJPYIRGI SR WXVIRKXL IVEXMSRSJFSXLXLIQMRMQYQHMQIRWMSRSJEWIGXMSRERHXLI
HYVEFMPMX]ERHSXLIVTL]WMGEPTVSTIVXMIW8LIQENSVGSRWMH QMRMQYQGPIEVWTEGMRKFIX[IIRVIMRJSVGMRKFEVWTVIWXVIWWMRK
IVEXMSRW MR WIPIGXMRK TVSTSVXMSRW ETTP] IUYEPP] [IPP XS XIRHSRWHYGXWJSVTSWXXIRWMSRMRKXIRHSRWSVSXLIVIQFIHHIH
RSWPYQTGSRGVIXIWEW XSXLIQSVI TPEWXMGQM\XYVIW8LIWI MXIQW8LIPEVKIWXTIVQMWWMFPIQE\MQYQWM^IEKKVIKEXIWLSYPH
GSRWMHIVEXMSRWEVI FIYWIHLS[IZIVXLMWHSIWRSXTVIGPYHIXLIYWISJWQEPPIVWM^IW
e %HIUYEXIHYVEFMPMX]MREGGSVHERGI[MXL%'-6XS MJXLI]EVIEZEMPEFPIERHXLIMVYWI[SYPHVIWYPXMRIUYEPSVKVIEXIV
WEXMWJEGXSVMP] [MXLWXERH XLI [IEXLIV ERH SXLIV WXVIRKXL[MXLRSHIXVMQIRXXSSXLIVGSRGVIXITVSTIVXMIW
HIWXVYGXMZIEKIRXWXS[LMGLMXQE]FII\TSWIH *SVVIMRJSVGIHTVIGEWXGSRGVIXITVSHYGXWWYGLEWTMTIXLI
e 7XVIRKXLVIUYMVIHXS[MXLWXERHXLIHIWMKRPSEHW[MXLXLI QE\MQYQGSEVWIEKKVIKEXIWM^IMWKIRIVEPP]QQ MR
VIUYMVIHQEVKMRSJWEJIX] SVPIWW
e 8LI PEVKIWX QE\MQYQWM^I EKKVIKEXI GSRWMWXIRX [MXL
IGSRSQMG EZEMPEFMPMX] WEXMWJEGXSV] TPEGIQIRX ERH {)WXMQEXMRK[EXIVERHEKKVIKEXIKVEHMRK
GSRGVIXIWXVIRKXL VIUYMVIQIRXW
e 8LIWXMJJIWXGSRWMWXIRG]XLEXGERFIIJJMGMIRXP]GSRWSPM 8LIUYERXMX]SJ[EXIVTIVYRMXZSPYQISJGSRGVIXIVIUYMVIH
HEXIHERH XSTVSHYGIEQM\XYVISJXLIHIWMVIHGSRWMWXIRG]MWMRJPYIRGIH
e 1IQFIVKISQIXV] F]XLIQE\MQYQWM^ITEVXMGPIWLETIKVEHMRKSJXLIEKKVIKEXI
ERHXLIEQSYRXSJIRXVEMRIHEMV-XMWVIPEXMZIP]YREJJIGXIHF]
{7PYQTERHQE\MQYQWM^IEKKVIKEXI XLIUYERXMX]SJGIQIRXMXMSYWQEXIVMEPFIPS[EFSYXXS
%'-GSRXEMRWVIGSQQIRHEXMSRWJSVGSRWMWXIRGMIWMR OKQ XSPF]H -RQM\XYVIWVMGLIVXLERXLIWI
XLI VERKI SJ WXMJJ TPEWXMG XS ZIV] TPEWXMG 8LIWI EW [IPP EW QM\MRK [EXIV VIUYMVIQIRXW GER MRGVIEWI WMKRMJMGERXP] EW
WXMJJIV GSRWMWXIRGMIW EVI MRGPYHIH MR *MK  ERH  GIQIRXMXMSYWQEXIVMEPWGSRXIRXWEVIMRGVIEWIH%GGITXEFPI
'SRWMWXIRGMIW MR XLI ZIV]WXMJJ VERKI ERH HVMIV EVI SJXIR EKKVIKEXI KVEHMRKW EVI TVIWIRXIH MR %781 '  ERH
YWIHMR XLIJEFVMGEXMSR SJZEVMSYW TVIGEWXIPIQIRXW WYGL %%7,831ERH1
EW TMTI TVIWXVIWWIH QIQFIVW '19 ERH VSSJ XMPIW %PWS %KKVIKEXIKVEHMRKMWERMQTSVXERXTEVEQIXIVMRWIPIGXMRK
VSPPIVGSQTEGXIHERHTIVZMSYWGSRGVIXIWJEPPMRXSXLIRSWPYQT TVSTSVXMSRWJSVGSRGVIXIMRQEGLMRIQEHITVIGEWXTVSHYGXW
GEXIKSVMIWEWHMWGYWWIHMR%TTIRHM\XLVSYKL8LIVIMWRS WYGL EW TMTIW '19 VSSJ XMPI QERLSPIW ERH TVIWXVIWWIH
ETTEVIRX NYWXMJMGEXMSR JSV WIXXMRK PMQMXW JSV QE\MQYQ ERH TVSHYGXW*SVQWJSVXLIWITVSHYGXWEVIVIQSZIHMQQIHMEXIP]
QMRMQYQGSRWMWXIRG]MRXLIQERYJEGXYVISJXLIWIQEXIVMEPW EJXIVXLIGSRGVIXIMWTPEGIHERHGSRWSPMHEXIHSVXLIGSRGVIXI
+9-()*367)0)'8-2+4634368-327*362370914'32'6)8) 6

MWTPEGIHF]ERI\XVYWMSRTVSGIWW-RIMXLIVGEWIXLIGSRGVIXI
LEW RS I\XIVREP WYTTSVX MQQIHMEXIP] EJXIV TPEGIQIRX ERH
GSRWSPMHEXMSRXLIVIJSVIXLIJVIWLGSRGVIXIQM\XYVI WLSYPH
FI GSLIWMZIIRSYKL XS VIXEMR MXW WLETI EJXIV GSRWSPMHEXMSR
'SLIWMZIRIWWMWEGLMIZIHF]TVSZMHMRKWYJJMGMIRXJMRIWMRXLI
QM\XYVIW7SQISJXLIWIJMRIWGERFISFXEMRIHF]GEVIJYP
WIPIGXMSRSJXLIJMRIEKKVIKEXIKVEHMRKW 4S^^SPERWWYGL
EWJP]EWLLEZIEPWSFIIRYWIHXSMRGVIEWIGSLIWMZIRIWW-R
WSQIGEWIWXLIHIWMVIHGSLIWMZIRIWWGERFIMQTVSZIHF]
MRGVIEWMRKXLIGIQIRXMXMSYWQEXIVMEPWGSRXIRX8LMWETTVSEGLMW
RSXVIGSQQIRHIH LS[IZIVFIGEYWI SJRIKEXMZIIJJIGXW
SJI\GIWWMZIGIQIRXMXMSYWQEXIVMEPWWYGLEW KVIEXIVLIEX
SJL]HVEXMSRERHHV]MRKWLVMROEKI
8LIUYERXMXMIWSJ[EXIVWLS[RMR *MKERHSJXLMW
KYMHIEVIWYJJMGMIRXP]EGGYVEXIJSVTVIPMQMREV]IWXMQEXIWSJ
TVSTSVXMSRW %GXYEP [EXIV VIUYMVIQIRXW RIIH XS FI IWXEF
PMWLIH MR PEFSVEXSV] XVMEPW ERH ZIVMJMIH F] JMIPH XIWXW 8LMW
WLSYPHVIWYPXMR[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSW [GQ
MRXLIVERKISJXSSVLMKLIV)\EQTPIWSJWYGL
EHNYWXQIRXWEVIKMZIRJYVXLIVMRXLMWKYMHI
*SV QEGLMRIQEHI TVIGEWX GSRGVIXI TVSHYGXW WYGL EW
TMTIWERH'19XLIKIRIVEPVYPIMWXSYWIEWQYGL[EXIVEW
XLITVSHYGX[MPPXSPIVEXI[MXLSYXWPYQTMRKSVGVEGOMRK[LIR
XLIJSVQWEVIWXVMTTIH

{7IPIGXMRK[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMS *MK{6IPEXMSRWLMTWFIX[IIR[EXIVGIQIRXMXMSYWQEXIVMEPW
8LIWIPIGXMSRSJ [GQHITIRHWSRXLIVIUYMVIHWXVIRKXL VEXMSERHGSQTVIWWMZIWXVIRKXLSJGSRGVIXI
*MKYVI  TVSZMHIW MRMXMEP MRJSVQEXMSR JSV [GQ 8LI
GSQTVIWWMZIWXVIRKXLWEVIJSV\QQ \MR GSRGVIXI EVI ETTVS\MQEXIP]   PS[IV XLER JSV XLI
G]PMRHIVW TVITEVIH MR EGGSVHERGI [MXL %781 '  RSREMVIRXVEMRIHGSRGVIXI8LIWIHMJJIVIRGIWQE]RSXFIEW
WYFNIGXIHXSWXERHEVHQSMWXGYVMRKERHXIWXIHEXHE]W KVIEX MR XLI RSWPYQT QM\XYVIW FIGEYWI XLI ZSPYQI SJ
MREGGSVHERGI[MXL%781'JSVXLIZEVMSYWVEXMSW8LI IRXVEMRIH EMV MR XLIWI QM\XYVIW YWMRK ER EMVIRXVEMRMRK
VIUYMVIH [GQ XS EGLMIZI E HIWMVIH WXVIRKXL HITIRHW SR GIQIRXSVXLIYWYEPEQSYRXSJEMVIRXVEMRMRKEHQM\XYVITIV
[LIXLIVXLIGSRGVIXIMWEMVIRXVEMRIH YRMXSJGIQIRXMXMSYWQEXIVMEP[MPPFIVIHYGIHWMKRMJMGERXP]
9WMRKXLIQE\MQYQTIVQMWWMFPI[GQJVSQ*MKERHXLI [MXL TVEGXMGEPP] RS PSWW MR VIWMWXERGI XS JVII^MRK ERH
ETTVS\MQEXIQM\MRK[EXIVVIUYMVIQIRXJVSQ*MKERH XLE[MRKERHHIRWMX]-REHHMXMSR[LIRGIQIRXMXMSYWQEXIVMEP
XLIGIQIRXMXMSYWQEXIVMEPGSRXIRXGERFIGEPGYPEXIHF]HMZMHMRK GSRXIRXERHGSRWMWXIRG]EVIGSRWXERXXLIHMJJIVIRGIWMRWXVIRKXL
XLI QEWW SJ [EXIV RIIHIH JSV QM\MRK F] XLI [GQ -J XLI EVITEVXMEPP]SVIRXMVIP]SJJWIXF]VIHYGXMSRSJQM\MRK[EXIV
WTIGMJMGEXMSRWJSVXLINSFGSRXEMREQMRMQYQGIQIRXMXMSYW VIUYMVIQIRXWXLEXVIWYPXJVSQEMVIRXVEMRQIRX
QEXIVMEPGSRXIRXVIUYMVIQIRXXLIGSVVIWTSRHMRK[GQJSV 8LIVIUYMVIHEZIVEKIWXVIRKXLRIGIWWEV]XSIRWYVIXLIWXVIRKXL
IWXMQEXMRKWXVIRKXLGERFIGSQTYXIHF]HMZMHMRKXLIQEWW WTIGMJMIHJSVETEVXMGYPEVNSFHITIRHWSRXLIHIKVIISJGSRXVSP
SJ [EXIV F] XLI QEWW SJ XLI GIQIRXMXMSYW QEXIVMEP 8LI SZIVEPPSTIVEXMSRWMRZSPZIHMRXLITVSHYGXMSRERHXIWXMRKSJXLI
PS[IWXSJXLIXLVII[GQ{XLSWIJSVHYVEFMPMX]WXVIRKXLSV GSRGVIXI 7II %'-  JSV E GSQTPIXI KYMHI -J JPI\YVEP
GIQIRXMXMSYW QEXIVMEP GSRXIRX{WLSYPH FI WIPIGXIH JSV WXVIRKXLMWEVIUYMVIQIRXVEXLIVXLERGSQTVIWWMZIWXVIRKXL
GEPGYPEXMRKGSRGVIXITVSTSVXMSRW XLIVIPEXMSRWLMTFIX[IIR[GQERHJPI\YVEPWXVIRKXLWLSYPH
%MVIRXVEMRMRK EHQM\XYVIW SV EMVIRXVEMRMRK GIQIRXW GER FIHIXIVQMRIHF]PEFSVEXSV]XIWXWYWMRKXLINSFQEXIVMEPW
FI FIRIJMGMEP MR IRWYVMRK HYVEFPI GSRGVIXI MR EHHMXMSR XS
TVSZMHMRKSXLIVEHZERXEKIWWYGLEWVIHYGXMSRMRXLIQM\XYVI {)WXMQEXISJGSEVWIEKKVIKEXIUYERXMX]
LEVWLRIWW [MXL RS MRGVIEWI MR [EXIV %MVIRXVEMRIH GSRGVIXI 8LIPEVKIWXUYERXMX]SJGSEVWIEKKVIKEXITIVYRMXZSPYQI
WLSYPHFIYWIH[LIRXLIGSRGVIXITVSHYGXWEVII\TIGXIHXSFI SJGSRGVIXIWLSYPHFIYWIHERHFIGSRWMWXIRX[MXLEHIUYEXI
I\TSWIHXSJVIUYIRXG]GPIWSJJVII^MRKERHXLE[MRKMREQSMWX TPEGIEFMPMX]*SVXLITYVTSWISJXLMWHSGYQIRXTPEGIEFMPMX]
GVMXMGEPP] WEXYVEXIH GSRHMXMSR %781 '  XIWXMRK FIJSVI MWHIJMRIHEWXLIEFMPMX]XSEHIUYEXIP]GSRWSPMHEXIXLIQM\XYVI
GSRWXVYGXMSRMWVIGSQQIRHIHXSEWWIWWVIWMWXERGIXSJVII^MRK [MXL XLI QMRMQYQ SJ TL]WMGEP ERH QIGLERMGEP XMQIERH
ERHXLE[MRKGLEVEGXIVMWXMGWSJXLIRSWPYQTGSRGVIXI-JXLIWI IJJSVX*SVEKMZIREKKVIKEXIXLIEQSYRXSJQM\MRK[EXIV
RSWPYQT GSRGVIXI QM\XYVIW QE] FI I\TSWIH XS HIMGIV WEPXW VIUYMVIH[MPPXLIRFIEXEQMRMQYQERHWXVIRKXLEXEQE\MQYQ
XLI]WLSYPHEPWSFIXIWXIHMREGGSVHERGI[MXL%781' 8LMW UYERXMX] SJ GSEVWI EKKVIKEXI GER FIWX FI HIXIVQMRIH
*MKYVIMWFEWIHSRXLIEMVGSRXIRXWWLS[RMR*MK JVSQPEFSVEXSV]MRZIWXMKEXMSRWYWMRKXLIQEXIVMEPWJSVXLI
-R*MKEXIUYEP[GQXLIWXVIRKXLWJSVXLIEMVIRXVEMRIH MRXIRHIH[SVO[MXLPEXIVEHNYWXQIRXMRXLIJMIPHSVTPERX
6 %'-'311-88))6)4368

*MK{:SPYQISJGSEVWIEKKVIKEXITIVYRMXZSPYQISJGSRGVIXISJTPEWXMGGSRWMWXIRG]
XSQQ?XSMRAWPYQT 

*MK{:SPYQIGSVVIGXMSRJEGXSVWJSVHV]VSHHIHGSEVWIEKKVIKEXIJSVGSRGVIXISJ
HMJJIVIRXGSRWMWXIRGMIW
-JWYGLHEXEEVIRSXEZEMPEFPISVGERRSXFISFXEMRIH*MK YWIHXLIGSRWMWXIRG][MPPHIGVIEWI*SVXLIZIV]TPEWXMGERH
TVSZMHIWEKSSHIWXMQEXISJXLIEQSYRXSJGSEVWIEKKVIKEXI TPEWXMGGSRWMWXIRGMIWXLIZSPYQISJGSEVWIEKKVIKEXITIVYRMX
JSVZEVMSYWGSRGVIXILEZMRKEHIKVIISJ[SVOEFMPMX]WYMXEFPI ZSPYQISJGSRGVIXIMWIWWIRXMEPP]YRGLERKIHJVSQXLEXWLS[RMR
JSVYWYEPVIMRJSVGIHGSRGVIXIGSRWXVYGXMSR ETTVS\MQEXIP]XS *MK  *SV XLI WXMJJIV GSRWMWXIRGMIW{XLSWI VIUYMVMRK
QQ?XSMRAWPYQT 8LIWIZEPYIWSJHV]VSHHIH ZMFVEXMSR{XLIEQSYRXSJGSEVWIEKKVIKEXIXLEXGERFIEGGSQ
ZSPYQISJGSEVWIEKKVIKEXITIVYRMXZSPYQISJGSRGVIXI QSHEXIHMRGVIEWIWVEXLIVWLEVTP]MRVIPEXMSRXSXLIEQSYRXSJ
EVIFEWIHSRIWXEFPMWLIHIQTMVMGEPVIPEXMSRWLMTWJSVEKKVIKEXIW JMRIEKKVIKEXIVIUYMVIH*MKYVIWLS[WWSQIX]TMGEPZEPYIW
KVEHIH[MXLMRGSRZIRXMSREPPMQMXW'LERKIWMRXLIGSRWMW SJ XLI ZSPYQI SJ GSEVWI EKKVIKEXI TIV YRMX ZSPYQI SJ
XIRG] SJ XLI GSRGVIXI GER FI EJJIGXIH F] GLERKMRK XLI GSRGVIXI JSV HMJJIVIRX GSRWMWXIRGMIW I\TVIWWIH EW E
EQSYRXSJGSEVWIEKKVIKEXITIVYRMXZSPYQISJGSRGVIXI%W TIVGIRXEKISJXLIZEPYIWWLS[RMR*MK8LIMRJSVQEXMSR
KVIEXIV EQSYRXW SJ GSEVWI EKKVIKEXI TIV YRMX ZSPYQI EVI GSRXEMRIHMRXLIWIX[SJMKYVIWTVSZMHIWEFEWMWJSVWIPIGXMRK
+9-()*367)0)'8-2+4634368-327*362370914'32'6)8) 6

ERETTVSTVMEXIEQSYRXSJGSEVWIEKKVIKEXIJSVXLIJMVWXXVMEP XSQQGERFIYWIHERHMWPSGEPP]EZEMPEFPI,IEZ]MRXIVREP
QM\XYVI%HNYWXQIRXWMRXLMWEQSYRX[MPPTVSFEFP]FIRIGIWWEV] ERHI\XIVREP ZMFVEXMSREVI EZEMPEFPI XS EGLMIZI GSRWSPMHEXMSR
MRXLIJMIPHSVTPERXSTIVEXMSR IREFPMRKXLIYWISJZIV]WXMJJGSRGVIXI8LIHV]VSHHIHHIRWMX]
-RTVIGEWXGSRGVIXITVSHYGXW[LIVIGSLIWMZIRIWWMWVIUYMVIH SJXLIGSEVWIEKKVIKEXIMWOKQ&IGEYWIXLII\TSWYVI
XSVIXEMRXLIGSRGVIXIWLETIEJXIVXLIJSVQWEVIWXVMTTIH MWWIZIVIEMVIRXVEMRIHGSRGVIXI[MPPFIYWIH8LITVSTSVXMSRW
XLIZSPYQISJGSEVWIEKKVIKEXIGERFIVIHYGIHWSQI[LEX QE]FIGSQTYXIHEWJSPPS[W
JVSQXLIZEPYIWMRHMGEXIHMR*MK8LIHIKVIISJGSLIWMZI *VSQ *MKXLI[GQVIUYMVIHXSTVSHYGIEREZIVEKI
RIWWVIUYMVIHHITIRHWSRXLITEVXMGYPEVTVSGIWWYWIHXSQEOI HE] WXVIRKXL SJ  14E MR EMVIRXVEMRIH GSRGVIXI MW
XLI GSRGVIXI TVSHYGX 9RMJSVQP] KVEHIH EKKVIKEXI MW WLS[RXSFIETTVS\MQEXIP]F]QEWW
MQTSVXERXMRTVIGEWXGSRGVIXITMTIXLIVIJSVIFPIRHWSJX[S
8LI ETTVS\MQEXI UYERXMX] SJ QM\MRK [EXIV RIIHIH XS
SVQSVIGSEVWIEKKVIKEXIWEVIJVIUYIRXP]YWIH
TVSHYGIEGSRWMWXIRG]MRXLIZIV]WXMJJVERKIMREMVIRXVEMRIH
'SRGVIXISJGSQTEVEFPI[SVOEFMPMX]GERFII\TIGXIH[MXL GSRGVIXIQEHI[MXLQQRSQMREPQE\MQYQWM^IEKKVI
EKKVIKEXIWSJGSQTEVEFPI WM^IWLETIERHKVEHMRK[LIRE
KEXI MW  OKQ *MK   -R *MK  XLI VIUYMVIH EMV
KMZIRHV]VSHHIHZSPYQISJGSEVWIEKKVIKEXITIVYRMXZSPYQI
GSRXIRXJSVXLIQSVITPEWXMGQM\XYVIMWMRHMGEXIHXSFI 
SJGSRGVIXIMWYWIH-RXLIGEWISJHMJJIVIRXX]TIWSJEKKVIKEXIW
[LMGL[MPPFITVSHYGIHF]YWMRKEREMVIRXVEMRMRKEHQM\XYVI
TEVXMGYPEVP] XLSWI[MXL HMJJIVIRX TEVXMGPIWLETIW XLI YWI SJ E
%REMVIRXVEMRMRKEHQM\XYVI[LIREHHIHEXXLIQM\IVEWPMUYMH
JM\IHHV]VSHHIHZSPYQISJGSEVWIEKKVIKEXIEYXSQEXMGEPP]
WLSYPHFI MRGPYHIHEWTEVXSJXLI QM\MRK[EXIV8LIRSXIXSXLI
QEOIWEPPS[ERGIJSVHMJJIVIRGIWMRQSVXEVVIUYMVIQIRXWEW
JMKYVI GEPPW EXXIRXMSR XS XLI PS[IV EMV GSRXIRXW IRXVEMRIH MR
VIJPIGXIHF]ZSMHGSRXIRXSJXLIGSEVWIEKKVIKEXI *SVI\EQTPI
WXMJJIVQM\XYVIW*SVXLMWGSRGVIXIEWWYQIXLIEMVGSRXIRXXSFI
ERKYPEVEKKVIKEXIWLEZIELMKLIVZSMHGSRXIRXERHXLIVIJSVI
 [LIRXLIWYKKIWXMSRWMRXLIRSXIEVIJSPPS[IH
VIUYMVIQSVIQSVXEVXLERVSYRHIHEKKVIKEXIW
8LMW EKKVIKEXIIWXMQEXMRK TVSGIHYVI HSIW RSX VIJPIGX *VSQXLITVIGIHMRKX[STEVEKVETLWMXGERFIWIIRXLEXXLI
ZEVMEXMSRWMRKVEHMRKSJGSEVWIEKKVIKEXIW[MXLMRHMJJIVIRX VIUYMVIH GIQIRXMXMSYW QEXIVMEP MW  !  OKQ 
QE\MQYQWM^I PMQMXW I\GITX EW XLI] EVI VIJPIGXIH MR 3RP]TSVXPERHGIQIRX[MPPFIYWIH
TIVGIRXEKIWSJZSMHW*SVGSEVWIEKKVIKEXIWJEPPMRK[MXLMR *MKYVI[MXLERSQMREPQE\MQYQWM^IEKKVIKEXISJ
XLIPMQMXWSJGSRZIRXMSREPKVEHMRKWTIGMJMGEXMSRWXLMWSQMW QQERHEJMRIRIWWQSHYPYWSJWERHSJQSJGSEVWI
WMSR TVSFEFP] LEW PMXXPI MQTSVXERGI 8LI STXMQYQ EKKVIKEXI SR E HV]VSHHIH FEWMW [SYPH FI VIUYMVIH MR IEGL
HV]VSHHIHZSPYQISJGSEVWIEKKVIKEXITIVYRMXZSPYQISJ GYFMGQIXIVSJGSRGVIXILEZMRKEWPYQTSJEFSYXXSQQ
GSRGVIXI HITIRHW SRMXW QE\MQYQ WM^I ERH XLI JMRIRIWW -R *MK  JSV XLI ZIV] WXMJJ GSRWMWXIRG] HIWMVIH XLI
QSHYPYWSJXLIJMRIEKKVIKEXIEWMRHMGEXIHMR*MK EQSYRXSJGSEVWIEKKVIKEXIWLSYPHFI SJXLEXJSVXLI
TPEWXMGGSRWMWXIRG]SV»!Q8LIUYERXMX]MR
',%48)6{4634368-32-2+'31498%8-327 EGYFMGQIXIV[MPPFIQ[LMGLMRXLMWGEWIMWQ»
7-92-87 OKQ!OK
{+IRIVEPTVSTSVXMSRMRKGVMXIVME
'SQTYXEXMSR SJ TVSTSVXMSRW [MPP FI I\TPEMRIH F] SRI ;MXL XLI UYERXMXMIW SJ GIQIRX [EXIV GSEVWI EKKVIKEXI
I\EQTPI8LIJSPPS[MRKGVMXIVMEEVIEWWYQIH ERHEMVIWXEFPMWLIHXLIWERHGSRXIRXMWGEPGYPEXIHEWJSPPS[W
e 8LIGIQIRXWTIGMJMGKVEZMX]MW 7SPMHZSPYQI  
e 'SEVWIERHJMRIEKKVIKEXIWMRIEGLGEWIEVISJWEXMWJEG !  ! Q
SJGIQIRX  » 
XSV] UYEPMX] ERH EVI KVEHIH [MXLMR PMQMXW SJ KIRIVEPP]
EGGITXIHWTIGMJMGEXMSRWWYGLEW%781'ERH' 
:SPYQISJ[EXIV !  ! Q
e 8LIGSEVWIEKKVIKEXILEWEWTIGMJMGKVEZMX]FYPOSZIR 
HV]SJERHEREFWSVTXMSRSJ ERH
e 8LIJMRIEKKVIKEXILEWEWTIGMJMGKVEZMX]FYPOSZIRHV]SJ 7SPMHZSPYQISJ 
!  ! Q
EREFWSVTXMSRSJ ERHJMRIRIWWQSHYPYWSJ GSEVWIEKKVIKEXI  » 

:SPYQISJEMV !  »  ! Q


{)\EQTPISJTVSTSVXMSRMRKGSQTYXEXMSRW
'SRGVIXIMWVIUYMVIHJSVERI\XVYHIHTVSHYGXMRRSVXLIVR 8SXEPZSPYQISJ
*VERGIXLEX[MPPFII\TSWIHXSWIZIVI[IEXLIV[MXLJVIUYIRX MRKVIHMIRXW ! Q
G]GPIWSJJVII^MRKERHXLE[MRK7XVYGXYVEPGSRWMHIVEXMSRW I\GITXWERH
VIUYMVIMXXSLEZIEHIWMKRGSQTVIWWMZIWXVIRKXLSJ14EEX
 HE]W *VSQ TVIZMSYW I\TIVMIRGI MR XLI TPERX TVSHYGMRK 7SPMHZSPYQISJ
!  z  ! Q
WMQMPEV TVSHYGXW XLI I\TIGXIH GSIJJMGMIRX SJ ZEVMEXMSR SJ WERHVIUYMVIH
WXVIRKXLWMW -XMWJYVXLIVVIUYMVIHXLEXRSQSVIXLERSRI 6IUYMVIHQEWWSJ
XIWXMR[MPPJEPPFIPS[XLIHIWMKRWXVIRKXLSJ14EEX !  »  »  ! OK
SZIRHV]WERH
 HE]W *VSQ *MK  E  SJ %'-  XLI VIUYMVIH EZIVEKI
WXVIRKXLEXHE]WWLSYPHFI14E»SV14E8LI ;EXIVEFWSVFIH  »  
WM^ISJXLIWIGXMSRERHWTEGMRKSJVIMRJSVGIQIRXEVIWYGLXLEX F]SZIRHV] ! ! OK
EKKVIKEXIW  » 
ERSQMREPQE\MQYQWM^IGSEVWIEKKVIKEXISJQQKVEHIH
6 %'-'311-88))6)4368

8EFPI{'SQTEVMWSRFIX[IIRGSQTYXIHFEXGL 7ERH QSMWX !» !OK


UYERXMXMIWERHXLSWIYWIHMRTVSHYGXMSR 'SEVWIEKKVIKEXI QSMWX !» !OK
&EXGLUYERXMXMIWSJGSRGVIXITIVGYFMGQIXIV ;EXIVXSFIEHHIH !» !OK
-RKVIHMIRXW
'SQTYXIHOK 9WIHMRTVSHYGXMSROK
'IQIRX   {%HNYWXQIRXSJXVMEPQM\XYVI
2IXQM\MRK[EXIV   8LIIWXMQEXISJXSXEP[EXIVVIUYMVIQIRXKMZIRMR*MK
7ERH  SZIRHV]  QSMWX ERHQE]YRHIVWXEXIXLI[EXIVVIUYMVIH-RWYGLGEWIWXLI
'SEVWIEKKVIKEXI  SZIRHV]  QSMWX EQSYRX SJ GIQIRXMXMSYW QEXIVMEPW WLSYPH FI MRGVIEWIH XS
;EXIVEFWSVFIH  { QEMRXEMRXLI[GQYRPIWWSXLIV[MWIMRHMGEXIHF]PEFSVEXSV]
)\GIWW[EXIV { z XIWXW 8LMWEHNYWXQIRX[MPPFIMPPYWXVEXIHF]EWWYQMRKXLEXXLI
8SXEP   GSRGVIXIJSVXLII\EQTPI[EWJSYRHMRXLIXVMEPFEXGLXSVIUYMVI
;EXIVEHHIHEXQM\IV   OKSJQM\MRK[EXIVMRWXIEHSJOK'SRWIUYIRXP]XLI
GIQIRXMXMSYWQEXIVMEPWGSRXIRXWLSYPHFIMRGVIEWIHJVSQ
8LIIWXMQEXIHFEXGLUYERXMXMIWTIVGYFMGQIXIVSJGSRGVIXI XS  »!OKQ ERHXLIFEXGLUYERXMXMIW
EVI VIGSQTYXIHEGGSVHMRKP]
'IQIRX !OK 7SQIXMQIW PIWW [EXIV XLERMRHMGEXIHMR *MK  ERH 
;EXIV !OK  QE]FIVIUYMVIHFYXMXMWVIGSQQIRHIHXLEXRSEHNYWXQIRX
7ERHSZIRHV] !OK FI QEHI MR XLI EQSYRX SJ GIQIRXMXMSYW QEXIVMEPW JSV XLI
'SEVWIEKKVIKEXISZIRHV] !OK FEXGL MR TVSKVIWW 7XVIRKXL VIWYPXW QE] [EVVERX EHHMXMSREP
%MVIRXVEMRMRKEHQM\XYVI ! EWVIUYMVIH JSV EMV FEXGLIW [MXL PIWW GIQIRXMXMSYW QEXIVMEPW %HNYWXQIRX MR
FEXGLUYERXMXMIWMWRIGIWWEV]XSGSQTIRWEXIJSVXLIPSWWSJ
{&EXGLMRKUYERXMXMIWJSVTVSHYGXMSRWM^I ZSPYQI HYI XS XLI VIHYGIH [EXIV 8LMW MW HSRI F]
FEXGLMRK MRGVIEWMRKXLIWSPMHZSPYQISJWERHMREREQSYRXIUYEPXS
*SV XLI WEOI SJ GSRZIRMIRGI MR QEOMRK XVMEP QM\XYVI XLI ZSPYQI SJ XLI VIHYGXMSR MR [EXIV *SV I\EQTPI
GSQTYXEXMSRWXLIEKKVIKEXIWLEZIFIIREWWYQIHXSFIMRER EWWYQIXLEXOKSJ[EXIVMWVIUYMVIHMRWXIEHSJOK
SZIRHV]WXEXI9RHIVTVSHYGXMSRGSRHMXMSRWXLI]KIRIVEPP] JSVXLIGSRGVIXISJXLII\EQTPI8LIRMWWYFWXMXYXIH
[MPPFIQSMWXERHXLIUYERXMXMIWXSFIFEXGLIHMRXSXLIQM\IV JSV  MR GSQTYXMRK XLI ZSPYQI SJ [EXIV MR XLI
WLSYPHFIEHNYWXIHEGGSVHMRKP] FEXGL 8LMWVIWYPXWMR  Q  PIWW [EXIV XLIVIJSVI XLI
;MXL XLI FEXGL UYERXMXMIW HIXIVQMRIH MR XLI I\EQTPI WSPMHZSPYQISJWERHFIGSQIW!Q 
EWWYQIXLEXXIWXWWLS[XLIWERHXSGSRXEMR ERHXLI 8LITIVGIRXEKISJEMVMRWSQIRSWPYQT GSRGVIXIXLEXGER
GSEVWIEKKVIKEXI XSXEPQSMWXYVI&IGEYWIXLIUYERXMX] FIGSRWSPMHEXIHMRXLIGSRXEMRIVF]ZMFVEXMSRGERFIQIEWYVIH
SJSZIRHV]WERHVIUYMVIH[EWOKXLIEQSYRXSJQSMWX HMVIGXP][MXLEREMVQIXIV %781' SVMXGERFIGSQTYXIH
WERHXSFI[IMKLIHSYXWLSYPHFIOK»!OK KVEZMQIXVMGEPP]JVSQQIEWYVIQIRXSJXLIJVIWLGSRGVIXIHIRWMX]
7MQMPEVP]XLIEQSYRXSJQSMWXGSEVWIEKKVIKEXIWLSYPHFI MREGGSVHERGI[MXL%781'*SVER]KMZIRWIXSJGSRHM
»!OK XMSRWERHQEXIVMEPWXLIEQSYRXSJEMVIRXVEMRIHMWETTVS\M
8LIJVII[EXIVMRXLIEKKVIKEXIWMRI\GIWWSJXLIMVEFWSVT QEXIP] TVSTSVXMSREP XS XLI UYERXMX] SJ EMVIRXVEMRMRK
XMSRWLSYPHFIGSRWMHIVIHEWTEVXSJXLIQM\MRK[EXIV&IGEYWI EHQM\XYVI YWIH -RGVIEWMRK XLI GIQIRXMXMSYW QEXIVMEPW
XLIEFWSVTXMSRSJWERHMW XLIEQSYRXSJJVII[EXIV[LMGL GSRXIRXSVXLIJMRIJVEGXMSRSJXLIWERHHIGVIEWMRKWPYQT
MXGSRXEMRWMWz! 8LIJVII[EXIVMRXLIGSEVWI SVVEMWMRKXLIXIQTIVEXYVISJXLIGSRGVIXIYWYEPP]HIGVIEWIWXLI
EKKVIKEXIMWz! 8LIVIJSVIXLIQM\MRK[EXIV EQSYRXSJEMVIRXVEMRIHJSVEKMZIREQSYRXSJEHQM\XYVI8LI
GSRXVMFYXIHF]XLIWERHMW»!OKERHXLEX KVEHMRKERHTEVXMGPIWLETISJEKKVIKEXIEPWSLEZIERIJJIGX
GSRXVMFYXIHF]XLIGSEVWIEKKVIKEXIMW»!OK8LI SRXLIEQSYRXSJIRXVEMRIHEMV8LINSFQM\XYVIWLSYPHRSX
UYERXMX]SJQM\MRK[EXIVXSFIEHHIHMWz  !OK FIEHNYWXIHJSVQMRSVJPYGXYEXMSRWMR[GQSVEMVGSRXIRX%
8EFPIWLS[WEGSQTEVMWSRFIX[IIRXLIGSQTYXIHFEXGL ZEVMEXMSRMR[GQSJ•XSMRXLIEFSZII\EQTPI
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7XIT{8LIZSPYQISJGIQIRX:G MW
8LIZEPYISJ:4MW :G ! ?»  A!JX
:4 ! Q»!Q 7XIT{8LIZSPYQISJJP]EWL:*MW
7XIT{8LIJMRIEKKVIKEXIZSPYQI:*%MW :* ! »!JX
:*% ! Q» z !Q 7XIT {8LI FYPO HIRWMX] SJ IEGL QEXIVMEP MW WTIGMJMG
7XIT{8LIZSPYQISJ[EXIV:;MW KVEZMX] » 
:; ! »   !Q GIQIRX ! PFJX
7XIT{8LIZSPYQISJGIQIRX:'MW JP]EWL ! PFJX
:' ! ?»  A!Q 2SXSMR ! PFJX
7XIT{8LIZSPYQISJJP]EWL:*MW XSMR ! PFJX
:* ! »!Q XSMR ! PFJX
7XIT{8LIFYPOHIRWMX] WEXYVEXIHWYVJEGIHV]FEWMW SJ JMRIEKKVIKEXI ! PFJX
IEGLSJXLIQEXIVMEPWMW [EXIV ! PFJX
GIQIRX ! OKQ 8LIR XLI QEWW SJ IEGL QEXIVMEP WEXYVEXIHWYVJEGI HV]
JP]EWL ! OKQ FEWMW VIUYMVIHJSV]HSJGSRGVIXIMW ZSPYQIMRTVSTSVXMSRW
XSQQ ! OKQ »FYPOHIRWMX] 
XSQQ ! OKQ GIQIRX ! PF
XSQQ ! OKQ JP]EWL ! PF
JMRIEKKVIKEXI ! OKQ 2SXSMR ! PF
[EXIV ! OKQ XSMR ! PF
8LIR XLI QEWW SJ IEGL QEXIVMEP WEXYVEXIHWYVJEGI HV] XSMR ! PF
FEWMW VIUYMVIHJSVQSJGSRGVIXIMW ZSPYQIMRTVSTSVXMSRW JMRIEKKVIKEXI ! PF
»FYPOHIRWMX]  [EXIV ! PF
GIQIRX ! OK 7XITWERHVIQEMRXLIWEQIEWFIJSVI
JP]EWL ! OK
XSQQ ! OK %{4VSTSVXMSRMRKYWMRKWSMP
XSQQ ! OK GSQTEGXMSRGSRGITXW
XSQQ ! OK % +IRIVEP{8LMW TVSTSVXMSRMRK QIXLSH MRZSPZIW
JMRIEKKVIKEXI ! OK IWXEFPMWLMRK E VIPEXMSRWLMT FIX[IIR XLI HV] HIRWMX] ERH
[EXIV ! OK QSMWXYVIGSRXIRXSJXLI6''F]GSQTEGXMRKWTIGMQIRWEXE
6 %'-'311-88))6)4368

8EFPI%{6IGSQQIRHIH6''TEZIQIRX ERHWLSYPHFIHIXIVQMRIHMREGGSVHERGI[MXL%781'
GSQFMRIHEKKVIKEXIKVEHMRKPMQMXW %JXIV GSQTPIXMSR SJ GSQTEGXMSR XIWXW GSRHYGXIH EX MRGVI
7MIZIWM^I 'YQYPEXMZITIVGIRXTEWWMRK QIRXEP QSMWXYVI GSRXIRXW XLIQSMWXYVIHIRWMX] HEXE TSMRXW
QQ MR  EVITPSXXIHERHEWQSSXLGYVZIMWHVE[RXLVSYKLXLIQ8LI
QQ MR XS TIEOSJXLITEVEFSPMGGYVZIIWXEFPMWLIWXLISTXMQYQQSMWXYVI
QQ MR XS GSRXIRX *MK 
QQ MR XS % 4VSTSVXMSRMRKWXITW{
QQ 2S XS 7XIT{'SQFMRIHV]GSEVWIERHJMRIEKKVIKEXIXSTVSHYGIE
QQ 2S XS KVEHMRK[MXLMRXLIPMQMXWSJ8EFPI%%TTVS\MQEXIP]OK
QQ 2S XS PF SJXLIGSQFMRIHEKKVIKEXIEVIRIIHIHJSVIEGLQSMW
 Q 2S XS XYVIHIRWMX]XIWX
 Q 2S XS 7XIT{7IPIGXEGIQIRXMXMSYWQEXIVMEPWGSRXIRXEGGSVHMRK
 Q 2S XS XSXLIGSQTVIWWMZISVJPI\YVEPWXVIRKXL*SV6''TEZIQIRXW
 Q 2S XS LEZMRKWTIGMJMIHJPI\YVEPWXVIRKXLWEWHIXIVQMRIHMREGGSVHERGI
[MXL%781'SJXS14ESVXSTWMXLIEQSYRX
SJGIQIRXMXMSYWQEXIVMEPWYWIH WLSYPHVERKIFIX[IIRERH
KMZIRGSQTEGXMZIIJJSVXSZIVEVERKISJQSMWXYVIGSRXIRX-X  F]QEWWSJHV]EKKVIKEXI8LIZEPYIWIPIGXIH[MPPHITIRH
MWWMQMPEVXSXLIQIXLSHYWIHXSHIXIVQMRIXLIVIPEXMSRWLMT TEVXMEPP]SRXLIX]TIERHEQSYRXSJTS^^SPERYWIH
FIX[IIR XLI QSMWXYVI GSRXIRX ERH HV] HIRWMX] SJ WSMPW ERH 7XIT {9WMRK XLI GSQFMRIH EKKVIKEXI ERH XLI WIPIGXIH
WSMPEKKVIKEXIQM\XYVIW8LIGSQTEGXMSRIUYMTQIRXYWIH GIQIRXMXMSYWQEXIVMEPWGSRXIRXHIXIVQMRIXLISTXMQYQQSMW
MRGPYHIWEOK PF GSQTEGXMSRLEQQIVLEZMRKER XYVIGSRXIRXSJXLI6''MREGGSVHERGI[MXL%781(%
QQ MR HVSTERHEQQ MR HMEQIXIVWXIIP QMRMQYQ SJ JSYV QSMWXYVIHIRWMX] WTIGMQIRW WLSYPH FI
QSPHLEZMRKELIMKLXSJQQ MR &SXLEVIHIWGVMFIH QSPHIHERHIEGLWTIGMQIRWLSYPHFITVITEVIHJVSQEWITE
MR%781(8LIQIXLSHMWWYMXIHXSXLSWIQM\XYVIW VEXIFEXGLSJ6''XSEZSMHI\GIWWMZIGIQIRXL]HVEXMSR)EGL
XLEXLEZIE217%SJQQ MR SVPIWWERHGIQIRXM WYGGIWWMZI FEXGL WLSYPH GSRXEMR E LMKLIV QSMWXYVI GSRXIRX
XMSYW QEXIVMEPGSRXIRXWKVIEXIVXLER X]TMGEPP] YWIHMR 6'' XLERTVIZMSYWSRIW8LMWMWHSRIF]EHHMRKWYJJMGMIRX[EXIVXS
QM\XYVIWJSVQEWWMZIWIGXMSRW-XWLSYPHKIRIVEPP]FIGSRWMH XLI FEXGL WS EW XS MRGVIEWI XLI 6'' QSMWXYVI GSRXIRX EW E
IVIH JSV YWI MR TVSTSVXMSRMRK 6'' QM\XYVIW JSV VIPEXMZIP] TIVGIRXEKISJXLIHV]QEWWSJ6''F]XS 
XLMRWIGXMSRWYGLEWTEZIQIRXWSVWPEFW8LIGSQTEGXMZI 7XIT{(IXIVQMRIXLISTXMQYQQSMWXYVIGSRXIRXF]TPSX
IJJSVX XS FI ETTPMIH XS XLI QSMWXYVIHIRWMX] WTIGMQIRW XMRK XLI HV] QEWW SJ IEGL WTIGMQIR ZIVWYW MXW VIWTIGXMZI
GSVVIWTSRHWXSXLEXHIWGVMFIHMR%781( QSMWXYVIGSRXIRXERHHVE[MRKEWQSSXLGYVZIXLVSYKLXLIWI
% 'IQIRXMXMSYWQEXIVMEPWGSRXIRX{8LIGIQIRXMXMSYW TPSXXIH TSMRXW *MK %  8LI QSMWXYVI GSRXIRX ERH HV]
QEXIVMEPWGSRXIRXMWHIXIVQMRIHF]XLIGSQTVIWWMZISVJPI\YVEP HIRWMX] GSVVIWTSRHMRK XS XLI TIEO SJ XLMW GYVZI MW XLI
WXVIRKXLEXXLISTXMQYQ[EXIVGSRXIRXJSVHMJJIVIRXQM\XYVIW STXMQYQQSMWXYVI
8LIGIQIRXMXMSYWQEXIVMEPGSRXIRXMWI\TVIWWIHEWETIVGIRXEKI 7XIT{%WWYQIERIRXVETTIHEMVGSRXIRXSJ  8LI
SJXLIHV]QEWWSJEKKVIKEXI8LIGIQIRXMXMSYWQEXIVMEP EGXYEPZEPYIGERFIGEPGYPEXIHJVSQGSQTEGXMSRXIWXVIWYPXW
GSRXIRXJSV6''TEZIQIRXWKIRIVEPP]VERKIWJVSQXS ERHXLI^IVSEMVZSMHWGYVZI
  HITIRHMRK SR XLI WXVIRKXL ERH HYVEFMPMX]VIUYMVIQIRXW 7XIT{9WMRKXLISTXMQYQQSMWXYVIGSRXIRXXLIWIPIGXIH
8LMWVERKIGSVVIWTSRHWXSETTVS\MQEXIP]XSOKQSV GIQIRXMXMSYWQEXIVMEPWGSRXIRXERHXLIZEPYIJSVXLIEMVGSRXIRX
XSPF]HSJGIQIRXMXMSYWQEXIVMEP GEPGYPEXIXLIEFWSPYXIZSPYQIWERHQEWWIWSJXLIQEXIVMEPWJSV
% *MRI ERH GSEVWI EKKVIKEXI GSRXIRX{*MRI ERH XLIVIUYMVIHYRMXZSPYQISJGSRGVIXI
GSEVWIEKKVIKEXIWLSYPHFIFPIRHIHXSGVIEXIEHIRWIKVEHIH 7XIT{*SPPS[7XITWXLVSYKLYWMRKELMKLIVERHPS[IV
GSQFMRIHEKKVIKEXI6IGSQQIRHIHKVEHMRKPMQMXWJSVQQ GIQIRXMXMSYW QEXIVMEPW GSRXIRX %JXIV XVMEP FEXGLIW EVI
MR 217%XSFIYWIHMR6''TEZIQIRXQM\XYVIWEVI TVSHYGIHEXXLISTXMQYQQSMWXYVIGSRXIRXJSVIEGLGIQIRXM
KMZIRMR8EFPI%8LIZSPYQISJJMRIERHGSEVWIEKKVI XMSYWQEXIVMEPWGSRXIRXTPSXWXVIRKXLZIVWYWGIQIRXMXMSYW
KEXITIVYRMXZSPYQISJGSRGVIXIEVIHIXIVQMRIHEJXIVXLI QEXIVMEPWGSRXIRXXSHIXIVQMRIXLIZEPYIRIIHIHJSVXLIJMREP
STXMQYQ[EXIVGSRXIRXSJXLIEKKVIKEXIGIQIRXMXMSYWQEXIVMEP QM\XYVITVSTSVXMSRW*SPPS[7XITWXLVSYKLEKEMR[MXLXLI
QM\XYVIMWHIXIVQMRIH WIPIGXIHGIQIRXMXMSYWQEXIVMEPWGSRXIRXXSHIXIVQMRIXLI
% ;EXIVGSRXIRX{*SVEKMZIRGSQTEGXMZIIJJSVXXLI STXMQYQ QSMWXYVI GSRXIRX ERH VIGEPGYPEXI XLI QEXIVMEP
STXMQYQ QSMWXYVI GSRXIRX SJ XLIQM\XYVIMW HITIRHWYTSR EFWSPYXIZSPYQIWERHQEWW
XLI TVSTIVXMIWSJ XLI EKKVIKEXIW YWIHERHXLIGIQIRXMXMSYW % )\EQTPITVSFPIQ{'SRGVIXITEZIQIRXMWVIUYMVIH
QEXIVMEP GSRXIRX 7XVIRKXL PSWW [MPP SGGYV [MXL E QSMWXYVI JSVE PEVKIWXSVEKIXIVQMREPPSGEXIHMREQSHIVEXIGPMQEXI
GSRXIRXFIPS[XLISTXMQYQ8LMWMWHYIXSMRWYJJMGMIRXTEWXI 8LIWTIGMJMIHJPI\YVEPWXVIRKXLMW14E TWM EXHE]W
ERH XLI TVIWIRGI SJ ZSMHW FIX[IIR EKKVIKEXI TEVXMGPIW EKI0SGEPEKKVIKEXIWSYVGIWEVIGETEFPISJTVSHYGMRKEQTPI
7XVIRKXLPSWW[MPPEPWSSGGYVMJXLIQSMWXYVIGSRXIRXMWWMKRMJ WYTTPMIW SJ EKKVIKEXI JVEGXMSRW [LMGL [LIR TVSTIVP]
MGERXP]EFSZIXLISTXMQYQHYIXSERMRGVIEWIMRXLI[GQ FPIRHIH [MPP FI [IPPKVEHIH % RSQMREP QE\MQYQWM^I
8LIQSMWXYVIGSRXIRX F]QEWW MWI\TVIWWIHEWETIVGIRXSJ EKKVIKEXISJQQ MR MWWIPIGXIHFEWIHSRXLIX]TISJ
XLIHV]QEWWSJXLIEKKVIKEXIGIQIRXMXMSYWQEXIVMEPQM\XYVI QSHMJMIHTEZMRKIUYMTQIRXXLEXMWERXMGMTEXIHJSVYWI8]TI-
+9-()*367)0)'8-2+4634368-327*362370914'32'6)8) 6

TSVXPERHGIQIRXERH'PEWW*JP]EWLEVIEZEMPEFPIERH[MPPFI
WTIGMJMIH 4VSTSVXMSR ER 6'' QM\XYVI [LMGL QE] FI
GSQTEGXIHWYGLXLEXMXGSRXEMRWRSXQSVIXLER ZSMHWERH
[MPPEGLMIZIXLIVIUYMVIHWXVIRKXL
7XIT{%KKVIKEXIWJSVXLITVSNIGXEVIWYTTPMIHMRX[SWM^I
KVSYTW{XSQQ 2SXSMR ERH™QXSQQ
2SXS2S 7MIZIEREP]WMWXIWXWMRHMGEXIXLEXMJ
SJ XLI GSEVWI EKKVIKEXI MW GSQFMRIH [MXL   SJ XLI JMRI
EKKVIKEXIE[IPPKVEHIHGSQFMRIHEKKVIKEXIKVEHMRK[MXLMR
XLIPMQMXWSJ8EFPI%MWTVSHYGIH *SYVOKSVPFFEXGLIW
SJXLIGSQFMRIHHV]EKKVIKEXIEVIFEXGLIHMRTVITEVEXMSR
JSVXLITVSHYGXMSRSJGSQTEGXMSRXIWXWTIGMQIRW
7XIT{%GIQIRXMXMSYWQEXIVMEPWGSRXIRXSJ F]HV]
QEWW SJ EKKVIKEXIW MW MRMXMEPP] WIPIGXIH JSV YWI % JP] EWL
GSRXIRXSJ F]EFWSPYXIZSPYQISJGIQIRXMXMSYWQEXIVMEPWMW
EPWSWIPIGXIH:EV]MRKGIQIRXMXMSYWQEXIVMEPWGSRXIRXWERHJP]
*MK%{8]TMGEPQSMWXYVIHV]HIRWMX]VIPEXMSRWLMT
EWLGSRXIRXWWLSYPHFIGSRWMHIVIHHITIRHMRKSRWTIGMJMGE
XMSRVIUYMVIQIRXWHYVMRKXLIQM\XYVITVSTSVXMSRMRKWXYH]
7XITWERH{'SQTEGXMSRXIWXWEVIGSRHYGXIHMREGGSV XSQQ !Q OK
HERGI[MXL%781(1IXLSH(EXVIKYPEVP]WTEGIH GIQIRX !Q OK
6'' QSMWXYVIGSRXIRXW 8LI QSMWXYVIHV] HIRWMX] GYVZI JP]EWL !Q OK
MRHMGEXIW XLISTXMQYQQSMWXYVIGSRXIRX MW  ERH XLI [EXIV !Q OK
QE\MQYQHV]HIRWMX]SJOKQ SVPFJX EMV !Q
7XITWERH{8LIFYPOHIRWMXMIW HV]FEWMW SJXLIQEXIVMEPW 8LI TVSTSVXMSRW SJ QEXIVMEPW HV] FEWMW  YWIH MR E FEXGL
EVI TVITEVIHEXXLISTXMQYQQSMWXYVIGSRXIRXEVI MRMRGLTSYRH
GIQIRX ! OKQ PFJX YRMXW 
JP]EWL ! OKQ  PFJX
XSQQ PF
2SXS2S ! PF» !
2SXSMR ! OKQ  PFJX JX
 ™QXSQQ PF
2SXSMR ! PF» !
2SXS2S ! OKQ PFJX JX
[EXIV ! OKQ  PFJX
GIQIRXMXMSYW
'EPGYPEXMSRWEVIKMZIRLIVIMRJSV7-YRMXWERHXLIGSVVI ! PF»  ! JX
QEXIVMEPZSPYQI
WTSRHMRK MRGLTSYRH ZEPYIW EVI MR XLI JVEQIHXI\X 8LI
TVSTSVXMSRWSJQEXIVMEPW HV]FEWMW YWIHMREFEXGLTVITEVIH JX » » PF
GIQIRX ! !
EXXLISTXMQYQQSMWXYVIGSRXIRXEVI MR7-YRMXW  PFJX JX
OK JX »  PF
 ™QXSQQ! OK» !
Q JP]EWL ! 
!
JX
»PFJX
OK
XSQQ ! OK» !
Q [EXIV ! PF» !
PF
JX
GIQIRXMXMSYW
! OK»  ! Q XSXEPEMVJVII
QEXIVMEPZSPYQI ! JX
FEXGLZSPYQI
Q» » OK
GIQIRX ! !
OKQ Q *SV  ]H  SJ GSRGVIXI QYPXMTP] XLI ZSPYQI SJ IEGL
QEXIVMEPF]
Q » » OK z !
JP]EWL ! !
OKQ Q 2SXS2S HV]  !JX PF
2SXSMR HV]  !JX PF
OK GIQIRX !JX PF
[EXIV ! OK» !
Q JP]EWL !JX PF
XSXEPEMVJVII [EXIV ! JX PF
! Q EMV !JX
FEXGLZSPYQI
7XIT{*SPPS[7XITWXLVSYKLYWMRKELMKLIVERHPS[IV
*SVQSJGSRGVIXIQYPXMTP]XLIZSPYQISJIEGLQEXIVMEPF] GIQIRXMXMSYW QEXIVMEPW GSRXIRX %JXIV XVMEP FEXGLIW EVI
z  ! TVSHYGIH ERH JPI\YVEP WXVIRKXL WTIGMQIRW QSPHIH ERH
 ™QXSQQ !Q OK XIWXIHEXXLISTXMQYQQSMWXYVIGSRXIRXJSVIEGLGIQIRXMXMSYW
6 %'-'311-88))6)4368

QEXIVMEPWGSRXIRXTPSXJPI\YVEPWXVIRKXLZIVWYWGIQIRXMXMSYW
QEXIVMEPWGSRXIRXXSHIXIVQMRIXLIZEPYIRIIHIHJSVXLIJMREP
QM\XYVITVSTSVXMSRW*SPPS[7XITWXLVSYKLEKEMR[MXLXLI
WIPIGXIH GIQIRXMXMSYW QEXIVMEPW GSRXIRX XS HIXIVQMRI XLI
STXMQYQQSMWXYVIGSRXIRXERHVIGEPGYPEXIXLIQEXIVMEPEFWSPYXI
ZSPYQIWERH[IMKLXWQEWWIW

%44)2(-<{'32'6)8)633*8-0)1-<896)
4634368-32-2+
%{+IRIVEP
'SRGVIXIVSSJXMPIWEVIKIRIVEPP]TVSHYGIHF]ERI\XVYWMSR
TVSGIWWEPXLSYKLWSQIQERYJEGXYVIVWMRGSVTSVEXIEZMFVE
XMSR ERH GSQTEGXMSR TVSGIWW WMQMPEV XS XLEX JSV TVSHYGMRK
QEWSRV] YRMXWERHTEZMRK WXSRIW 8LII\XVYWMSRTVSGIWW
VIUYMVIW E QM\XYVI MRGSVTSVEXMRK SRP] JMRI EKKVIKEXI *MK%{%KKVIKEXIKVEHMRKVERKIWJSVGSRGVIXIVSSJXMPIW
[LIVIEWXLIZMFVEXMSRERHGSQTEGXMSRTVSGIWWMRGSVTSVEXIW
FSXLJMRIERHGSEVWIEKKVIKEXIW8LMWKYMHIHIEPWSRP][MXL
XLIQERYJEGXYVISJGSRGVIXIVSSJXMPIWF]XLII\XVYWMSRTVSGIWW VITPEGIQIRX TIVGIRXEKI WLSYPH FI HIXIVQMRIH WS XLEX WYJJM
6SSJXMPIWEVITVSHYGIHF]I\XVYHMRKEGSRGVIXIQM\XYVI GMIRXIEVP]WXVIRKXLMWSFXEMRIHJSVTVSHYGXMSRERHLERHPMRK
MRXSEWTIGMJMGWLETI TVSJMPI ERHGYXXMRKXLII\XVYHIHWIGXMSRXS % 2SVQEP[IMKLXERHPMKLX[IMKLXEKKVIKEXIW{1SWX
XLITVSTIVPIRKXL8LIJVIWLP]I\XVYHIHVSSJXMPIWEVIXVERWTSVXIH VSSJ XMPIW EVI TVSHYGIH YWMRK SRP] RSVQEP[IMKLX EKKVI
F]GSRZI]SVXSWXSVEKIVEGOWERHWYFWIUYIRXP]TPEGIHMRXSOMPRW KEXIWLS[IZIVWSQITVSHYGXMSRMRGSVTSVEXIWPMKLX[IMKLX
JSVEMVQMWXSVPS[TVIWWYVIWXIEQGYVMRK8LITVSTSVXMSRMRKSJ EKKVIKEXI0MKLX[IMKLXVSSJXMPIWEVITVSHYGIHQEMRP]JSVXLI
QEXIVMEPWJSVXLIGSRGVIXI QM\XYVI[MPPZEV]HITIRHMRKSRXLI VIVSSJMRK QEVOIX [LIVI WXVYGXYVIW EVI RSX HIWMKRIH JSV
X]TI SJ QEXIVMEPW XLI WTIGMJMG XMPI TVSJMPI FIMRK TVSHYGIH RSVQEP[IMKLXVSSJXMPIHIEHPSEHW'SRWMHIVMRKXLEXTEXIRXW
ERHXLIHIWMVIHHIRWMX] JSVPMKLX[IMKLXVSSJXMPITVSHYGXMSREVILIPHF]GIVXEMRQERY
1EXIVMEPTVSTIVXMIWQSWXGVMXMGEPJSVGSRGVIXIVSSJXMPIWEVI JEGXYVMRK GSQTERMIW XLMW KYMHI HIEPW I\GPYWMZIP] [MXL XLI
WXVIRKXLEFWSVTXMSRHYVEFMPMX]HIRWMX]XI\XYVIERHEIWXLIXMGW QERYJEGXYVISJVSSJXMPIWYWMRKRSVQEP[IMKLXEKKVIKEXIW
8LIWXVIRKXLSJVSSJXMPIWMWHIXIVQMRIHF]QIEWYVMRKXLI % +VEHMRK ERH JMRIRIWW QSHYPYW{*MRI EKKVIKEXI
JPI\YVEPPSEHGETEGMX] SRP]MWYWIHMRXLITVSHYGXMSRSJI\XVYHIHGSRGVIXIVSSJXMPI
%PS[EFWSVTXMSRZEPYISJGSRGVIXIVSSJ XMPIWMWEQENSV XSJEGMPMXEXIGYXXMRKSJXLII\XVYHEXIERHTVSHYGMRKWQSSXL
JEGXSVMRXLIHIWMKRSJEVSSJJVEQMRKW]WXIQHYIXSXLIIJJIGX IRHW8LIJMRIRIWWQSHYPYW SJ XLI EKKVIKEXIWLSYPH VERKI
SJMRGVIEWIHHIEHPSEHYRHIVMRGPIQIRX[IEXLIVGSRHMXMSRW FIX[IIR  ERH  [MXL E X]TMGEP ZEPYI FIMRK  8LI
0S[EFWSVTXMSRZEPYIWEVIEPWSXLSYKLXXSMQTVSZIXLIHYVE KVEHMRKPMQMXWXLEXLEZIFIIRVIGSQQIRHIHF]SRIERMRXIV
FMPMX]EWTIGXWSJVSSJXMPIWLS[IZIVJYVXLIVWXYHMIWSRXLMW REXMSREPWYTTPMIVXSXLIVSSJXMPIMRHYWXV]EVIWLS[RMR*MK%
WYFNIGXEVI[EVVERXIH % %HQM\XYVIW{
8LIHIRWMX]SJVSSJXMPIWHIXIVQMRIWXLIPSEHTIVYRMXEVIE %GGIPIVEXSVW{(ITIRHMRK SR XLI GPMQEXI TVSHYGXMSR
XLEXEWXVYGXYVIQYWXWYTTSVX8LMWGERMRJPYIRGIXLIJIEWM WGLIHYPI ERH X]TI SJ GIQIRX EGGIPIVEXMRK EHQM\XYVIW EVI
FMPMX]SJYWMRKGSRGVIXIVSSJXMPIMRWXIEHSJEWTLEPXMGWLMRKPIW YWIHMRXLITVSHYGXMSRSJVSSJXMPIW
JSVETVSTSWIHVIVSSJMRKSTIVEXMSR ;EXIVVITIPPIRXW{-RXIKVEP[EXIVVITIPPIRXWGERFIYWIHXS
HIGVIEWI[EXIVEFWSVTXMSRSJVSSJXMPI9WISJPS[[GQ
8I\XYVI ERH EIWXLIXMGW EVI MQTSVXERX JSV TVSZMHMRK XLI
TS^^SPERW ERH PS[EFWSVTXMSR EKKVIKEXIW X]TMGEPP]
TYVGLEWIV[MXLEREVGLMXIGXYVEPP]HIWMVEFPITVSHYGXXLEXGER
HIGVIEWI[EXIVEFWSVTXMSREW[IPP
FIQERYJEGXYVIHXSQEXGLTMKQIRXIHWXYGGS[EPPWSVSXLIV
4PEWXMGM^IVW [IXXMRKEKIRXW[EXIVVIHYGIVW {4PEWXMGM^IVW
FYMPHMRKIPIQIRXW
GERFIYWIHXSMRGVIEWIXLIJPS[SJQEXIVMEP[LMPIMQTVSZMRK
XLIXI\XYVISJXLIVSSJXMPIHYVMRKI\XVYWMSRERHGYXXMRK
%{7IPIGXMSRSJQEXIVMEPW % 4MKQIRXW{4MKQIRXW EVI EHHIH MRXIKVEPP] XS XLI
% 4SVXPERH GIQIRX{8]TI - ERH 8]TI --- TSVXPERH GSRGVIXI QM\XYVI SV TPEGIH MR E GIQIRX WPYVV] SV FSXL
GIQIRX %781' EVIX]TMGEPP]YWIHMRXLITVSHYGXMSR ERHETTPMIHXSXLIVSSJXMPIEJXIVI\XVYWMSR8LMWMWHSRIXS
SJGSRGVIXIVSSJXMPIHITIRHMRKYTSRXLIGPMQEXIEZEMPEFMPMX] SFXEMRXLIHIWMVIHEIWXLIXMGW[MXLXLIVSSJXMPIIMXLIVF]
ERH TVSHYGXMSR WGLIHYPI JSV XLI TEVXMGYPEV QERYJEGXYVMRK TVSHYGMRKEWMRKPIGSPSVSVETTP]MRKEQSXXPIHGSPSVXSXLI
JEGMPMX] I\TSWIHWYVJEGIJSVEWTIGMJMGIJJIGX
% 1MRIVEP EHQM\XYVIW{4S^^SPERW EVI WSQIXMQIW
YWIH EW TEVXMEP VITPEGIQIRX SJ TSVXPERH GIQIRX 8]TMGEPP] %{4VSTSVXMSRMRKTVSGIHYVI
IMXLIV 'PEWW * SV 'PEWW ' JP] EWL %781 '   MW YWIH % ;EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS{8LI [GQ
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