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6IETTVSZIH

6ITSVXSR*MFIV6IMRJSVGIH'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII

.EQIW-(ERMIP :IPPSVI7+STEPEVEXREQ 1IPZ]R%+EPMREX


'LEMVQER 7IGVIXEV] 1IQFIVWLMT7IGVIXEV]

7LYEMF,%LQEH +ISVKI',SJJ 1SVVMW7GLYTEGO


1%VSGOMEWEQ] 6SST0.MRHEP 7YVIRHVE47LELkk
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,MVEQ4&EPP.V 1EVO%0ITTIVX 4LMPMT%7QMXL
2IQOYQEV&ERXLME 'PMJJSVH21EG(SREPH 4EVZMW7SVSYWLMER
+SVHSR&&EXWSR 4VMXTEP71ERKEX .EQIW(7TIEOQER
1>MEH&E]EWM ,IRV]21EVWL.Vjj (EZMH.7XIZIRW
1EVZMR)'VMW[IPP 2MGLSPEW'1MXGLIPP 627[EQ]
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1EVWLE*IPHWXIMR (61SVKER &IR08MPWIR
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7MHRI]*VIIHQER %RXSRMS2ERRM +EV]0:SRHVER
(EZMH1+EPI 7IXL04IEVPQER 1IXLM;IGLEVEXERE

%RXSRMS.+YIVVE 1E\04SVXIV 7TIRGIV8;Y
0PS]H),EGOQER :6EQEOVMWLRER 6SFIVX'>IPPIVW
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12EHMQ,EWWSYR (:6IHH]
'EVSP(,E]W )VRIWX/7GLVEHIV
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j'LEMVQER7XIIP*MFIV6IMRJSVGIH'SRGVIXI7YFGSQQMXXIIVIWTSRWMFPIJSVTVITEVMRK'LETXIV
k'LEMVQER+PEWW*MFIV6IMRJSVGIH'SRGVIXI7YFGSQQMXXIIVIWTSRWMFPIJSVTIVTEVMRK'LETXIV
‹'LEMVQER7]RXLIXMG*MFIV6IMRJSVGIH'SRGVIXI7YFGSQQMXXIIVIWTSRWMFPIJSVTVITEVMRK'LETXIV
'SGLEMVQIR2EXYVEP*MFIV6IMRJSVGIH'SRGVIXI7YFGSQQMXXIIVIWTSRWMFPIJSVTVITEVMRK'LETXIV
jj'LEMVQER)HMXSVMEP7YFGSQQMXXIIVIWTSRWMFPIJSVVIZMI[MRKERHJMREPIHMXMRKXLIIRXMVIVITSVX
kk4VIZMSYW'LEMVQERSJ'SQQMXXIIVIWTSRWMFPIJSVSZIVWIIMRKXLIHIZIPSTQIRXSJXLIQENSVMX]SJXLMW7XEXISJXLI%VX6ITSVX
‹‹4VIZMSYW'LEMVQERSJ+PEWW*MFIV6IMRJSVGIH'SRGVIXI7YFGSQQMXXIIVIWTSRWMFPIJSVSZIVWIIMRKXLIHIZIPSTQIRXSJQYGLSJ'LETXIV

8LIVITSVX TVITEVIHF]%'-'SQQMXXII SR *MFIV6IMRJSVGIH 'SRGVIXI W]RXLIXMGJMFIVW  2EXYVEPP] SGGYVVMRKEWFIWXSWJMFIVWERHZIKIXEFPIJMFIVW


*6' MWEGSQTVILIRWMZIVIZMI[SJEPPX]TIWSJ*6'-XMRGPYHIWJYRHEQIRXEP WYGLEWWMWEPERHNYXIEVIEPWSYWIHJSVVIMRJSVGIQIRX8LIGSRGVIXIQEXVMGIW
TVMRGMTPIWSJ*6'EKPSWWEV]SJXIVQWEHIWGVMTXMSRSJJMFIVX]TIWQERYJEG QE]FIQSVXEVWRSVQEPP]TVSTSVXMSRIHQM\IWSVQM\IWWTIGMJMGEPP]JSVQY
XYVMRK QIXLSHW QM\ TVSTSVXMSRMRK ERH QM\MRK QIXLSHW MRWXEPPEXMSR TVEG PEXIHJSVETEVXMGYPEVETTPMGEXMSR+IRIVEPP]XLIPIRKXLERHHMEQIXIVSJXLI
XMGIW TL]WMGEP TVSTIVXMIW HYVEFMPMX] HIWMKR GSRWMHIVEXMSRW ETTPMGEXMSRW JMFIVWYWIHJSV*6'HSRSXI\GIIHMR QQ ERHMR QQ VIWTIG
ERH VIWIEVGL RIIHW 8LI VITSVX MW FVSOIR MRXS JMZI GLETXIVW -RXVSHYGXMSR XMZIP]8LIVITSVXMW[VMXXIRWSXLEXXLIVIEHIVQE]KEMRERSZIVZMI[SJXLI
7XIIP*6'+PEWW*6'7]RXLIXMG*6'ERH2EXYVEP*6' TVSTIVX]IRLERGIQIRXWSJ*6'ERHXLIETTPMGEXMSRWJSVIEGLKIRIVEPGEXI
KSV]SJJMFIVX]TI WXIIPKPEWWW]RXLIXMGERHREXYVEPJMFIVW 
*MFIV VIMRJSVGIH GSRGVIXI *6'  MW GSRGVIXI QEHI TVMQEVMP] SJ L]HVEYPMG
GIQIRXWEKKVIKEXIWERHHMWGVIXIVIMRJSVGMRKJMFIVW*MFIVWWYMXEFPIJSVVIMR &VMXXPI QEXIVMEPW EVI GSRWMHIVIH XS LEZI RS WMKRMJMGERX TSWXGVEGOMRK
JSVGMRKGSRGVIXILEZIFIIRTVSHYGIHJVSQWXIIPKPEWWERHSVKERMGTSP]QIVW HYGXMPMX]*MFVSYWGSQTSWMXIWLEZIFIIRERHEVIFIMRKHIZIPSTIHXSTVSZMHI
MQTVSZIH QIGLERMGEP TVSTIVXMIW XS SXLIV[MWI FVMXXPI QEXIVMEPW ;LIR
WYFNIGXIHXSXIRWMSRXLIWIYRVIMRJSVGIHFVMXXPIQEXVMGIWMRMXMEPP]HIJSVQIPEW
%'- 'SQQMXXII 6ITSVXW +YMHIW ERH 'SQQIRXEVMIW EVI XMGEPP]8LIIPEWXMGVIWTSRWIMWJSPPS[IHF]QMGVSGVEGOMRKPSGEPM^IHQEGVSG
MRXIRHIHJSVKYMHERGIMRTPERRMRKHIWMKRMRKI\IGYXMRKERH VEGOMRKERHJMREPP]JVEGXYVI-RXVSHYGXMSRSJJMFIVWMRXSXLIGSRGVIXIVIWYPXWMR
MRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWI TSWXIPEWXMG TVSTIVX] GLERKIW XLEX VERKI JVSQ WYFXPI XS WYFWXERXMEP
SJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLIWMKRMJMGERGI HITIRHMRKYTSR E RYQFIVSJJEGXSVWMRGPYHMRKQEXVM\ WXVIRKXL JMFIV X]TI
ERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS JMFIVQSHYPYWJMFIVEWTIGXVEXMSJMFIVWXVIRKXLJMFIVWYVJEGIFSRHMRKGLEV
[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLIQEXIVMEPMX
GSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQWER]ERH
EPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPP
RSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ %'-6FIGEQIIJJIGXMZI2SZIQFIV8LMWVITSVXWYTIVWIHIW%'-
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX 6  
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

EGXIVMWXMGW JMFIV GSRXIRX JMFIV SVMIRXEXMSR ERH EKKVIKEXI WM^I IJJIGXW *SV {4L]WMGEP ERH GLIQMGEP TVSTIVXMIW SJ GSQQIVGMEPP]
QER]TVEGXMGEPETTPMGEXMSRWXLIQEXVM\JMVWXGVEGOWXVIRKXLMWRSXMRGVIEWIH EZEMPEFPIW]RXLIXMGJMFIVW
-RXLIWIGEWIWXLIQSWXWMKRMJMGERXIRLERGIQIRXJVSQXLIJMFIVWMWXLITSWX
GVEGOMRK GSQTSWMXI VIWTSRWI 8LMW MW QSWX GSQQSRP] IZEPYEXIH ERH
{4VSTIVXMIWSJ72*6'
GSRXVSPPIHXLVSYKLXSYKLRIWWXIWXMRK WYGLEWQIEWYVIQIRXSJXLIEVIEYRHIV {'SQTSWMXITVSHYGXMSRXIGLRSPSKMIW
XLIPSEHHIJSVQEXMSRGYVZI  {*MFIVTEVEQIXIVW
-JTVSTIVP]IRKMRIIVIHSRISJXLIKVIEXIWXFIRIJMXWXSFIKEMRIHF]YWMRKJMFIV
{%TTPMGEXMSRWSJ72*6'
VIMRJSVGIQIRX MW MQTVSZIH PSRKXIVQ WIVZMGIEFMPMX] SJ XLI WXVYGXYVI SV {6IWIEVGLRIIHW
TVSHYGX7IVZMGIEFMPMX]MWXLIEFMPMX]SJXLIWTIGMJMGWXVYGXYVISVTEVXXSQEMR {'MXIHVIJIVIRGIW
XEMR MXW WXVIRKXL ERH MRXIKVMX]ERH XS TVSZMHIMXW HIWMKRIH JYRGXMSR SZIV MXW
MRXIRHIHWIVZMGIPMJI
'LETXIV{2EXYVEPJMFIVVIMRJSVGIHGSRGVIXI
3RI EWTIGX SJ WIVZMGIEFMPMX] XLEX GER FI IRLERGIH F] XLI YWI SJ JMFIVW MW 2*6' TT6
GSRXVSPSJGVEGOMRK*MFIVWGERTVIZIRXXLISGGYVVIRGISJPEVKIGVEGO[MHXLW {-RXVSHYGXMSR
XLEXEVIIMXLIVYRWMKLXP]SVTIVQMX[EXIVERHGSRXEQMRERXWXSIRXIVGEYWMRK {2EXYVEPJMFIVW
GSVVSWMSRSJVIMRJSVGMRKWXIIPSVTSXIRXMEPHIXIVMSVEXMSRSJGSRGVIXI?A-R {9RTVSGIWWIHREXYVEPJMFIVVIMRJSVGIHGSRGVIXI
EHHMXMSR XS GVEGO GSRXVSP ERH WIVZMGIEFMPMX] FIRIJMXW YWI SJ JMFIVW EX LMKL
ZSPYQITIVGIRXEKIW XSTIVGIRXSVLMKLIV[MXLWTIGMEPTVSHYGXMSRXIGL
{4VSGIWWIHREXYVEPJMFIVVIMRJSVGIHGSRGVIXI
RMUYIW GERWYFWXERXMEPP]MRGVIEWIXLIQEXVM\XIRWMPIWXVIRKXL?A {4VEGXMGEPETTPMGEXMSRW
{7YQQEV]
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{,MWXSVMGEPEWTIGXW
{*MFIV VIMRJSVGIH ZIVWYW GSRZIRXMSREPP]VIMRJSVGIH ',%48)6{-2863(9'8-32
GSRGVIXI {,MWXSVMGEPEWTIGXW
{(MWGYWWMSRSJJMFIVX]TIW 7MRGI ERGMIRX XMQIW JMFIVW LEZI FIIR YWIH XS VIMRJSVGI
{4VSHYGXMSREWTIGXW FVMXXPI QEXIVMEPW 7XVE[ [EW YWIH XS VIMRJSVGI WYRFEOIH
{(IZIPSTMRKXIGLRSPSKMIW FVMGOWERHLSVWILEMV[EWYWIHXSVIMRJSVGIQEWSRV]QSVXEV
{%TTPMGEXMSRW ERHTPEWXIV%TYIFPSLSYWIFYMPXEVSYRHFIPMIZIHXSFI
{+PSWWEV] XLI SPHIWX LSYWI MR XLI 97 MW GSRWXVYGXIH SJ WYRFEOIH
{6IGSQQIRHIHVIJIVIRGIW EHSFI VIMRJSVGIH [MXL WXVE[ -R QSVI VIGIRX XMQIW PEVKI
{'MXIHVIJIVIRGIW WGEPI GSQQIVGMEP YWI SJ EWFIWXSW JMFIVW MR E GIQIRX TEWXI
QEXVM\FIKER[MXLXLIMRZIRXMSRSJXLI,EXWGLIOTVSGIWWMR
'LETXIV{7XIIPJMFIVVIMRJSVGIHGSRGVIXI 7*6'   %WFIWXSW GIQIRX GSRWXVYGXMSR TVSHYGXW EVI [MHIP]
TT6 YWIHXLVSYKLSYXXLI[SVPHXSHE],S[IZIVTVMQEVMP]HYIXS
{-RXVSHYGXMSR LIEPXLLE^EVHWEWWSGMEXIH[MXLEWFIWXSWJMFIVWEPXIVREXIJMFIV
{4L]WMGEPTVSTIVXMIW X]TIW[IVIMRXVSHYGIHXLVSYKLSYXXLIWERHW
{4VITEVEXMSRXIGLRSPSKMIW -R QSHIVR XMQIW E [MHI VERKI SJ IRKMRIIVMRK QEXIVMEPW
{8LISVIXMGEPQSHIPMRK MRGPYHMRKGIVEQMGWTPEWXMGWGIQIRXERHK]TWYQ TVSHYGXW
{(IWMKRGSRWMHIVEXMSRW MRGSVTSVEXI JMFIVW XS IRLERGI GSQTSWMXI TVSTIVXMIW 8LI
{%TTPMGEXMSRW IRLERGIH TVSTIVXMIW MRGPYHI XIRWMPI WXVIRKXL GSQTVIWWMZI
{6IWIEVGLRIIHW WXVIRKXLIPEWXMGQSHYPYWGVEGOVIWMWXERGIGVEGOGSRXVSPHYVE
{'MXIHVIJIVIRGIW FMPMX]JEXMKYIPMJIVIWMWXERGIXSMQTEGXERHEFVEWMSRWLVMROEKI
I\TERWMSRXLIVQEPGLEVEGXIVMWXMGWERHJMVIVIWMWXERGI
'LETXIV{+PEWWJMFIVVIMRJSVGIHGSRGVIXI )\TIVMQIRXEP XVMEPW ERH TEXIRXW MRZSPZMRK XLI YWI SJ
+*6' TT6 HMWGSRXMRYSYW WXIIP VIMRJSVGMRK IPIQIRXW{WYGL EW REMPW
{-RXVSHYGXMSR [MVIWIKQIRXWERHQIXEPGLMTW{XSMQTVSZIXLITVSTIVXMIW
{*EFVMGEXMSRSJ+*6'QEXIVMEP SJGSRGVIXIHEXIJVSQ?A(YVMRKXLIIEVP]WMR
{4VSTIVXMIWSJ+*6' XLI9RMXIH7XEXIWXLIJMVWXQENSVMRZIWXMKEXMSR[EWQEHIXS
{0SRKXIVQTIVJSVQERGISJ+*6' IZEPYEXIXLITSXIRXMEPSJWXIIPJMFIVWEWEVIMRJSVGIQIRXJSV
{*VII^IXLE[HYVEFMPMX] GSRGVIXI?A7MRGIXLIREWYFWXERXMEPEQSYRXSJVIWIEVGL
{(IWMKRTVSGIHYVIW HIZIPSTQIRXI\TIVMQIRXEXMSRERHMRHYWXVMEPETTPMGEXMSRSJ
{%TTPMGEXMSRWSJ+*6' WXIIPJMFIVVIMRJSVGIHGSRGVIXILEWSGGYVVIH
{+*6'TERIPQERYJEGXYVI 9WISJKPEWWJMFIVWMRGSRGVIXI[EWJMVWXEXXIQTXIHMRXLI
{7YVJEGIFSRHMRK 9776MRXLIPEXIW?A-X[EWUYMGOP]IWXEFPMWLIHXLEX
{6IWIEVGLVIGSQQIRHEXMSRW SVHMREV]KPEWWJMFIVWWYGLEWFSVSWMPMGEXI)KPEWWJMFIVWEVI
{'MXIHVIJIVIRGIW EXXEGOIHERHIZIRXYEPP]HIWXVS]IHF]XLIEPOEPMMRXLIGIQIRX
TEWXI'SRWMHIVEFPIHIZIPSTQIRX[SVO[EWHMVIGXIHXS[EVHW
'LETXIV{7]RXLIXMGJMFIVVIMRJSVGIHGSRGVIXI TVSHYGMRKEJSVQSJEPOEPMVIWMWXERXKPEWWJMFIVWGSRXEMRMRK
72*6' TT6 ^MVGSRME?A8LMWPIHXSEGSRWMHIVEFPIRYQFIVSJGSQQIV
{-RXVSHYGXMSR GMEPM^IHTVSHYGXW 8LIPEVKIWXYWISJKPEWWJMFIVVIMRJSVGIH
*-&)66)-2*36')('32'6)8) 6

GSRGVIXIMRXLI97MWGYVVIRXP]JSVXLITVSHYGXMSRSJI\XIVMSV
EVGLMXIGXYVEPGPEHHMRKTERIPW
-RMXMEPEXXIQTXWEXYWMRKW]RXLIXMGJMFIVW R]PSRTSP]TVS
T]PIRI [IVIRSXEWWYGGIWWJYPEWXLSWIYWMRKKPEWWSVWXIIP
JMFIVW ? A ,S[IZIV FIXXIV YRHIVWXERHMRK SJ XLI
GSRGITXWFILMRHJMFIVVIMRJSVGIQIRXRI[QIXLSHWSJJEFVM
GEXMSRERHRI[X]TIWSJSVKERMGJMFIVWLEZIPIHVIWIEVGLIVW
XS GSRGPYHI XLEX FSXL W]RXLIXMG ERH REXYVEP JMFIVW GER
WYGGIWWJYPP]VIMRJSVGIGSRGVIXI?A
'SRWMHIVEFPI VIWIEVGL HIZIPSTQIRX ERH ETTPMGEXMSRW SJ
*6'EVIXEOMRKTPEGIXLVSYKLSYXXLI[SVPH-RHYWXV]MRXIVIWX
ERH TSXIRXMEP FYWMRIWW STTSVXYRMXMIW EVI IZMHIRGIH F]
GSRXMRYIHRI[HIZIPSTQIRXWMRJMFIVVIMRJSVGIHGSRWXVYGXMSR
QEXIVMEPW8LIWIRI[HIZIPSTQIRXWEVIVITSVXIHMRRYQIVSYW
VIWIEVGL TETIVW MRXIVREXMSREP W]QTSWME ERH WXEXISJXLIEVX
VITSVXWMWWYIHF]TVSJIWWMSREPWSGMIXMIW8LI%'-'SQQMXXII *MK {6ERKI SJ PSEH ZIVWYW HIJPIGXMSR GYVZIW JSV
 TYFPMWLIH E WXEXISJXLIEVX VITSVX MR  ?A YRVIMRJSVGIHQEXVM\ERHJMFIVVIMRJSVGIHGSRGVIXI
6-0)1vW GSQQMXXII SR JMFIV VIMRJSVGIH GIQIRX GSQTSWMXIW
LEWEPWSTYFPMWLIHEVITSVX?A%6IGSQQIRHIH4VEGXMGI
ERHE5YEPMX]'SRXVSP1ERYEPJSVQERYJEGXYVISJKPEWWJMFIV PSWWMWQEKRMJMIHEWXLIEWTIGXVEXMSSJXLIJMFIVSVXLIUYER
VIMRJSVGIHGSRGVIXITERIPWERHTVSHYGXWLEZIFIIRTYFPMWLIH XMX]SJJMFIVWEHHIHMRGVIEWIW,S[IZIVXLMWWPYQTPSWWHSIW
F] XLI 4VIGEWX4VIWXVIWWIH 'SRGVIXI -RWXMXYXI ? A RSX RIGIWWEVMP] QIER XLEX XLIVI MW E GSVVIWTSRHMRK PSWW SJ
8LVIIVIGIRXW]QTSWMYQTVSGIIHMRKWTVSZMHIEKSSHWYQQEV] [SVOEFMPMX]IWTIGMEPP][LIRZMFVEXMSRMWYWIHHYVMRKTPEGI
SJXLIVIGIRXHIZIPSTQIRXWSJ*6'?A QIRX7MRGIWPYQTMWRSXERETTVSTVMEXIQIEWYVISJ[SVO
7TIGMJMG HMWGYWWMSRW SJ XLI LMWXSVMGEP HIZIPSTQIRXW SJ EFMPMX]MXMWVIGSQQIRHIHXLEXXLIMRZIVXIHWPYQTGSRIXIWX
*6' [MXL ZEVMSYW JMFIV X]TIW EVI MRGPYHIH MR 'LETXIVW  %781' SVXLI:IFI8IWX &7 FIYWIHXSIZEP
XLVSYKL YEXIXLI[SVOEFMPMX]SJJVIWL*6'QM\XYVIW
*SVGSRZIRXMSREPP]QM\IHWXIIPJMFIVVIMRJSVGIHGSRGVIXI
{*MFIVVIMRJSVGIHZIVWYWGSRZIRXMSREPP] 7*6'  LMKL EWTIGX VEXMS JMFIVW EVI QSVI IJJIGXMZI MR
VIMRJSVGIHGSRGVIXI MQTVSZMRKXLITSWXTIEOTIVJSVQERGIFIGEYWISJXLIMVLMKL
9RVIMRJSVGIHGSRGVIXILEWEPS[XIRWMPIWXVIRKXLERHEPS[
VIWMWXERGIXSTYPPSYXJVSQXLIQEXVM\%HIXVMQIRXEPIJJIGXSJ
WXVEMRGETEGMX]EXJVEGXYVI8LIWIWLSVXGSQMRKWEVIXVEHMXMSR
YWMRKLMKLEWTIGXVEXMSJMFIVWMWXLITSXIRXMEPJSVFEPPMRKSJXLI
EPP] SZIVGSQI F] EHHMRK VIMRJSVGMRK FEVW SV TVIWXVIWWMRK
JMFIVWHYVMRKQM\MRK8IGLRMUYIWJSVVIXEMRMRKLMKLTYPPSYX
WXIIP 6IMRJSVGMRK WXIIP MW GSRXMRYSYW ERH MW WTIGMJMGEPP]
VIWMWXERGI[LMPIVIHYGMRKJMFIVEWTIGXVEXMSMRGPYHIIRPEVKMRK
PSGEXIHMRXLIWXVYGXYVIXSSTXMQM^ITIVJSVQERGI*MFIVWEVI
SVLSSOMRKXLIIRHWSJXLIJMFIVWVSYKLIRMRKXLIMVWYVJEGI
HMWGSRXMRYSYW ERH EVI KIRIVEPP] HMWXVMFYXIH VERHSQP]
XI\XYVISVGVMQTMRKXSTVSHYGIE[EZ]VEXLIVXLERWXVEMKLX
XLVSYKLSYX XLI GSRGVIXI QEXVM\ %PXLSYKL RSX GYVVIRXP]
JMFIV TVSJMPI (IXEMPIH HIWGVMTXMSRW SJ TVSHYGXMSR QIXLSHW
EHHVIWWIHF]%'-'SQQMXXIIJMFIVWEVIFIMRKYWIHMR
JSV7*6'EVIJSYRHMR'LETXIV
WXVYGXYVEPETTPMGEXMSRW[MXLGSRZIRXMSREPVIMRJSVGIQIRX
&IGEYWISJXLIJPI\MFMPMX]MRQIXLSHWSJJEFVMGEXMSRJMFIV +PEWWJMFIVVIMRJSVGIHGSRGVIXIW +*6' EVITVSHYGIHF]
VIMRJSVGIHGSRGVIXIGERFIERIGSRSQMGERHYWIJYPGSRWXVYG IMXLIV XLI WTVE]YT TVSGIWW SV XLI TVIQM\ TVSGIWW -R XLI
XMSRQEXIVMEP*SVI\EQTPIXLMR XSMR?XSQQA WTVE]YT TVSGIWW KPEWW JMFIVW EVI GLSTTIH ERH WMQYPXE
XLMGO  TVIGEWX KPEWW JMFIV VIMRJSVGIH GSRGVIXI EVGLMXIGXYVEP RISYWP] HITSWMXIH [MXL E WTVE]IH GIQIRXWERH WPYVV] SRXS
GPEHHMRK TERIPW EVI IGSRSQMGEPP] ZMEFPI MR XLI 97 ERH JSVQWTVSHYGMRKVIPEXMZIP]XLMRTERIPWVERKMRKJVSQXS
)YVSTI-RWPEFWSRKVEHIQMRMRKXYRRIPMRKERHI\GEZEXMSR MR XSQQ XLMGO-RXLITVIQM\TVSGIWWE[IXQM\
WYTTSVX ETTPMGEXMSRW WXIIP ERH W]RXLIXMG JMFIV VIMRJSVGIH GIQIRXEKKVIKEXIKPEWW JMFIV QSVXEV SV GSRGVIXI MW GEWX
GSRGVIXIERHWLSXGVIXILEZIFIIRYWIHMRPMIYSJ[IPHIH[MVI TVIWWQSPHIHI\XVYHIHZMFVEXIHSVWPMTJSVQIH+PEWWJMFIV
JEFVMGVIMRJSVGIQIRX QSVXEV QM\IW EVI EPWS TVSHYGIH JSV WYVJEGI FSRHMRK
WTVE]MRKSVWLSXGVIXMRK7TIGMJMG+*6'TVSHYGXMSRXIGLRSP
{(MWGYWWMSRSJJMFIVX]TIW SKMIWEVIHIWGVMFIHMR'LETXIV
8LIVIEVIRYQIVSYWJMFIVX]TIWEZEMPEFPIJSVGSQQIVGMEPERH 7]RXLIXMGJMFIVVIMRJSVGIHGSRGVIXIW 72*6' EVIKIRIV
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MRXS WIZIVEP TMIGIW EJXIV E WMRKPI LEQQIV FPS[ PSWMRK MXW WLS[IH XLEX XLI GSIJJMGMIRX SJ WXEXMG JVMGXMSR JSV HV]
WXVYGXYVEPMRXIKVMX] GSRGVIXIWYVJEGIW[MXLRS[IEVIVSWMSRSVHIXIVMSVEXMSRSJ
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XLI WYVJEGI [EW MRHITIRHIRX SJ XLI WXIIP JMFIV GSRXIRX 8SVIHYGIXLITSXIRXMEPJSVGSVVSWMSREXGVEGOWSVWYVJEGI
%JXIV WMQYPEXIH EFVEWMSR ERH IVSWMSR SJ XLI WYVJEGI XLI WXEMRMRKXLIYWISJEPPS]IHGEVFSRWXIIPJMFIVWWXEMRPIWWWXIIP
WXIIPJMFIVVIMRJSVGIHWYVJEGIWLEHYTXSTIVGIRXLMKLIV JMFIVWSVKEPZERM^IHGEVFSRWXIIPJMFIVWEVITSWWMFPIEPXIVRE
WOMH ERH VSPPMRK VIWMWXERGI XLER HMH TPEMR GSRGVIXI YRHIV XMZIW4VIGEYXMSRWJSVXLIYWISJKEPZERM^IHWXIIPWMRGSRGVIXI
HV][IXERHJVS^IRWYVJEGIGSRHMXMSRW QYWXFISFWIVZIHEWSYXPMRIHMR%'-
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XMGIWJSVQEOMRKHYVEFPIGSRGVIXIETTP]XS7*6'*SVJVII^MRK HITIRHW SR QER] JEGXSVW MRGPYHMRK XLI TVSTIVXMIW SJ XLI
ERHXLE[MRKVIWMWXERGIXLIWEQIEMVGSRXIRXGVMXIVMEWLSYPHFI QEXIVMEPWXIQTIVEXYVIERHVIPEXMZILYQMHMX]SJXLIIRZMVSR
YWIH EW MW VIGSQQIRHIH MR %'-  )\TSWYVI XIWXW LEZI QIRXXLIEKI[LIRGSRGVIXIMWWYFNIGXIHXSXLIHV]MRKIRZM
KIRIVEPP] VIZIEPIH XLEX JSV JVII^MRK ERH XLE[MRK VIWMWXERGI VSRQIRX ERH XLI WM^I SJ XLI GSRGVIXI QEWW -J GSRGVIXI MW
7*6'QYWXFIEMVIRXVEMRIH?A%MVZSMHGLEVEGXIVMWXMGWSJ VIWXVEMRIHJVSQWLVMROEKIXLIRXIRWMPIWXVIWWIWHIZIPSTERH
7*6' ERH RSRJMFVSYW GSRGVIXI EVI WMQMPEV MR REXYVI GSRGVIXIQE]GVEGO7LVMROEKIGVEGOMRKMWSRISJXLIQSVI
WYTTSVXMRKXLIEFSZIL]TSXLIWMW?A GSQQSRGEYWIWSJGVEGOMRKJSV[EPPWWPEFWERHTEZIQIRXW
3RI SJ XLI QIXLSHW XS VIHYGI XLI EHZIVWI IJJIGXW SJ
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WLVMROEKI GVEGOMRK MW VIMRJSVGMRK XLI GSRGVIXI [MXL WLSVX
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JSV [EXIVGIQIRX VEXMS XLIR GSVVSWMSR SJ JMFIVW [MPP FI
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PMQMXIHXSXLIWYVJEGIWOMRSJXLIGSRGVIXI3RGIXLIWYVJEGI
EPPS[XIRWMPIWXVIWWIWXSFIXVERWJIVVIHEGVSWWGVEGOWMIXLI
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GSQTSWMXI QEMRXEMRW VIWMHYEP XIRWMPI WXVIRKXL IZIR MJ
GSVVSWMSR QYGL QSVI XLER  MR  QQ  FIPS[ XLI
WLVMROEKIGVEGOWSGGYVERH  WXVIWWXVERWJIVGERSGGYVJSV
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EPSRKXMQITIVQMXXMRKLIEPMRKWIEPMRKSJXLIGVEGOW?A
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8LIVI MW RS WXERHEVH XIWX XS EWWIWW GVEGOMRK HYI XS
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7MRGI XLI GSVVSWMSR QIGLERMWQ SGGYVW MR HIFSRHIH EVIEW WLVMROMRK XLIR YRME\MEP XIRWMPI WXVIWWIW EVI TVSHYGIH -J E
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GSRXEMRMRKGLPSVMHIWLEWMRHMGEXIHXLEXGVEGOWMRGSRGVIXIGER EWHMWGYWWIHMR6IJIVIRGIW ERHXLVSYKL
PIEHXSGSVVSWMSRSJXLIJMFIVWTEWWMRKEGVSWWXLIGVEGO?A ;LMPIXLIEHHMXMSRSJWXIIPJMFIVWQE]RSXVIHYGIXLIXSXEP
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GSRHMXMSR JYPP GSRWMHIVEXMSR WLSYPH FI KMZIR XS XLI TSWWM VIHYGIXLIEZIVEKIGVEGO[MHXLWMKRMJMGERXP] XLIZEPYISJ
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XLIPEFSVEXSV]SVMREQEVMRIXMHEP^SRI'SVVSWMSRFILEZMSV 1M\MRKSJ76*'GERFIEGGSQTPMWLIHF]WIZIVEPQIXLSHW
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6 %'-'311-88))6)4368

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8MQI SV XLI :IFI XIWX MW VIGSQQIRHIH VEXLIV XLER XLI LSTTIVEXXLIVEXISJEFSYXPFW OK TIVQMRYXI
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GEXMSRWERHMRXLIVITEMVSJL]HVEYPMGWXVYGXYVIWMWHIWGVMFIH EHHIHQERYEPP]F]IQTX]MRKXLIGSRXEMRIVWMRXSXLI
MR 6IJIVIRGIWERH 8IWXVIWYPXWMRHMGEXIXLEXPMKLX XVYGO LSTTIV SV ZME E GSRZI]SV FIPX SV FPS[IV EW
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QYPXMTPIGVEGOMRKSJXLIQEXVM\TVMSVXSGSQTSWMXIJVEGXYVI KMZIR LIVI EW XLIWI EVI X]TMGEPP] XLI QSWX WYMXEFPI JSV
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QEXVM\LEWGVEGOIHSRISJXLIJSPPS[MRKX]TIWSJJEMPYVI[MPP JVEGXYVI QIGLERMGWFEWIH QSHIPW 8LI QSVI JYRHEQIRXEP
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 8LI GSQTSWMXI JVEGXYVIW MQQIHMEXIP] EJXIV QEXVM\ QIGLERMGW 0)*1 XSWSPZIXLITVSFPIQSJGVEGOMRMXMEXMSR
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XLI GVMXMGEP WIGXMSR SV MRWYJJMGMIRX JMFIV PIRKXLW XS ETTVSTVMEXIGLERKIWMRXLIWXVIWWMRXIRWMX]JEGXSV?A
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6 %'-'311-88))6)4368

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JSVGIHGSRGVIXI8LIQENSVHMJJIVIRGIWMRXLIJMGXMXMSYWGVEGO WLS[MRKXLEXXLIMRXIVJEGIWSJXIRMRKERHHIFSRHMRKTPE]ER
QSHIPW?AEVIXLIWMRKYPEVMX]EWWYQTXMSRWEXXLI MQTSVXERXVSPIMRXLIJVEGXYVISJWYGLGSQTSWMXIW,S[IZIV
GVEGOXMT XLIGVMXIVME YWIHJSVGVEGO MRMXMEXMSRERHKVS[XL WMKRMJMGERXVIWIEVGL IJJSVXW[MPPFIRIIHIHXSQSHMJ]XLIWI
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3XLIVW?ALEZITVSTSWIHEJVEGXYVIQIGLERMGWQSHIP JMFIVWXLEXEVIVERHSQP]SVMIRXIHEXEQEXVM\GVEGO VERHSQ
XSTVIHMGXXLIGVEGOTVSTEKEXMSRVIWMWXERGISJJMFIVVIMRJSVGIH RIWWMRFSXLXLIERKYPEVSVMIRXEXMSREW[IPPEWXLIIQFIH
GSRGVIXIXLEXMWWSQI[LEXHMJJIVIRXJVSQIMXLIVSJXLIWIX[S QIRXPIRKXL 
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EGGSVHMRKXSXLMWQSHIPMWWITEVEXIHMRXSXLIJSPPS[MRKJSYV {(IWMKRGSRWMHIVEXMSRW
VIKMQIWPMRIEVIPEWXMGFILEZMSVSJXLIGSQTSWMXIWYFGVMXMGEP 8LI HIWMKRIV QE] FIWX ZMI[ 7*6' EW E GSRGVIXI [MXL
GVEGO KVS[XL MR XLI QEXVM\ ERH XLI FIKMRRMRK SJ XLI JMFIV MRGVIEWIHWXVEMRGETEGMX]MQTEGXVIWMWXERGIIRIVK]EFWSVT
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XLI JMFIV FVMHKMRK GPSWMRK WXVIWWIW VIQEMR GSRWXERX WXIEH] SRXLIUYERXMX]ERHX]TISJJMFIVWYWIH,S[IZIVGSQTSWMXI
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QSHIP YWIW X[S TEVEQIXIVW XS HIWGVMFI XLIQEXVM\ JVEGXYVI 7IZIVEPETTVSEGLIWXSXLIHIWMKRERHWM^MRKSJQIQFIVW
TVSTIVXMIW /7' QSHMJMIH GVMXMGEP WXVIWW MRXIRWMX] JEGXSV [MXL7*6'EVIEZEMPEFPI8LIWIEVIFEWIHSRGSRZIRXMSREP
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XLI GVMXMGEP GVEGO XMT STIRMRK HMWTPEGIQIRX EW HIWGVMFIH HYVIWJSVXLIJMFIVGSRXVMFYXMSR%HHMXMSREPMRJSVQEXMSRSR
IEVPMIVJSVYRVIMRJSVGIHGSRGVIXI ERHEJMFIVTYPPSYXWXVIWW HIWMKRGSRWMHIVEXMSRWQE]FIJSYRHMR%'-6w(IWMKR
GVEGO[MHXLVIPEXMSRWLMTEWXLIFEWMGMRTYXMRJSVQEXMSR 'SRWMHIVEXMSRWJSV7XIIP*MFIV6IMRJSVGIH'SRGVIXIx8LIWI
%PPSJXLIJMGXMXMSYWGVEGOQSHIPWVIP]SRXLIWXVIWWGVEGO QIXLSHWKIRIVEPP]EGGSYRXJSVXLIXIRWMPIGSRXVMFYXMSRSJXLI
[MHXL VIPEXMSRW SFXEMRIH I\TIVMQIRXEPP] 8LIVI LEZI FIIR 7*6'[LIRGSRWMHIVMRKXLIMRXIVREPJSVGIWMRXLIQIQFIV
WSQI EXXIQTXW EX TVIHMGXMRK XLI QEGVSWGSTMG WXVIWWGVEGO ;LIRWYTTSVXIHF]JYPPWGEPIXIWXHEXEXLIWIETTVSEGLIWGER
[MHXL VIPEXMSRW SJ XLI GSQTSWMXI JVSQ E WXYH] SJ XLI TVSZMHI WEXMWJEGXSV] HIWMKRW 8LI QENSV HMJJIVIRGIW MR XLI
QIGLERMGWSJXLIJMFIVQEXVM\MRXIVJEGI?A TVSTSWIHQIXLSHWMWMRXLIHIXIVQMREXMSRSJXLIQEKRMXYHI
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MGEPQSHIPW?A1ER]SJXLIWIQSHIPWLEZIFIIR QSQIRXGETEGMX]HITIRHWSRXLIX]TIERHUYERXMX]SJJMFIVW
WYGGIWWJYPXSZEV]MRKHIKVIIWMRTVIHMGXMRKXLITIEOTYPPSYX TVIWIRX 3XLIV ETTVSEGLIW XLEX LEZI FIIR YWIH EVI SJXIR
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[MXL GEYXMSR MR RI[ ETTPMGEXMSRW ERH SRP] EJXIV EHIUYEXI 4VIWIRX ETTPMGEXMSRW SJ 7*6' EVI HMWGYWWIH MR XLI
MRZIWXMKEXMSR JSPPS[MRKWIGXMSRW
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WLSYPHFIYWIHMRGSRNYRGXMSR[MXLTVSTIVP]HIWMKRIHGSRXMR TPEGI 7*6' ETTPMGEXMSRW MRZSPZI WPEFWSRKVEHI IMXLIV MR
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GVEGOMRKERHMQTVSZIVIWMWXERGIXSQEXIVMEPHIXIVMSVEXMSREW X[IRX]X[S EMVTSVX TEZMRK TVSNIGXW LEH FIIR GSQTPIXIH MR
EVIWYPXSJJEXMKYIMQTEGXERHWLVMROEKISVXLIVQEPPSEHW% XLI 9RMXIH 7XEXIW ?A ERH SZIV  QMPPMSR WUYEVI JIIX
GSRWIVZEXMZIFYXVIEWSREFPIETTVSEGLJSVWXVYGXYVEPQIQFIVW QMPPMSRWUYEVIQIXIVW SJMRHYWXVMEPJPSSVMRKLEHFIIR
[LIVI JPI\YVEP SV XIRWMPI PSEHW SGGYV WYGL EW MR FIEQW GSRWXVYGXIH MR )YVSTI XLVSYKL  ?A 1ER] SXLIV
GSPYQRWSVIPIZEXIHWPEFW VSSJWJPSSVWSVSXLIVWPEFWRSX TVSNIGXWMRGPYHMRKFVMHKIHIGOSZIVPE]WERHJPSSVSZIVPE]W
SRKVEHI MWXLEXVIMRJSVGMRKFEVWQYWXFIYWIHXSVIWMWXXLI LEZIFIIRVITSVXIH?A
XSXEP XIRWMPI PSEH 8LMW MW FIGEYWI XLI ZEVMEFMPMX] SJ JMFIV -R  XLI 97 %VQ] 'SRWXVYGXMSR )RKMRIIVMRK
HMWXVMFYXMSR QE] FI WYGL XLEX PS[ JMFIV GSRXIRX MR GVMXMGEP 6IWIEVGL0EFSVEXSV]TIVJSVQIHGSRXVSPPIHXIWXMRKSJ7*6'
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VIMRJSVGIQIRXMWRSXIWWIRXMEPXSXLIWEJIX]ERHMRXIKVMX]SJ XVEXMSRTVITEVIHEHIWMKRKYMHIJSVWXIIPJMFVSYWGSRGVIXIJSV
XLIWXVYGXYVIWYGLEWJPSSVWSRKVEHITEZIQIRXWSZIVPE]W EMVTSVXTEZIQIRXETTPMGEXMSRW?A%REP]WMWSJXIWXHEXE
KVSYRHWYTTSVXERHWLSXGVIXIPMRMRKWXLIMQTVSZIQIRXWMR MRHMGEXIHXLEX7*6'WPEFWRIIHXSFISRP]EFSYXSRILEPJXLI
JPI\YVEPWXVIRKXLMQTEGXVIWMWXERGIXSYKLRIWWERHJEXMKYI XLMGORIWWSJTPEMRGSRGVIXIWPEFWJSVXLIWEQI[LIIPPSEHW
TIVJSVQERGIEWWSGMEXIH[MXLXLIJMFIVWGERFIYWIHXSVIHYGI %R I\EQTPI SJ 7*6' MRHYWXVMEP JPSSVW MW XLI  JX 
WIGXMSRXLMGORIWWMQTVSZITIVJSVQERGISVFSXL*SVWXVYG Q ,SRHE%YXSQSFMPI%WWIQFP]ERH3JJMGI&YMPH
XYVEPGSRGVIXI%'-HSIWRSXTVSZMHIJSVYWISJXLIEHHM MRK MR %PPMWXSR 3RXEVMS 'EREHE SJ [LMGL  WUJX
XMSREP XIRWMPI WXVIRKXL SJ XLI JMFIV VIMRJSVGIH GSRGVIXI MR Q MWWPEFSRKVEHI8LMWWPEFSRKVEHIMWMR 
FYMPHMRKHIWMKRERHXLIVIJSVI XLIHIWMKRSJVIMRJSVGIQIRX QQ XLMGOERHVIMRJSVGIH[MXLZSPTIVGIRXSVPFW]H
QYWXWXMPPJSPPS[XLIYWYEPTVSGIHYVI3XLIVETTPMGEXMSRWEW OKWQ SJMRGLPSRK QQ HIJSVQIHJMFIVW
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8LIVIEVIWSQIETTPMGEXMSRW[LIVIWXIIPJMFIVWLEZIFIIR )PIGXVMG'SVT4LMPEHIPTLME4%?A7*6'GSRXEMRMRK
YWIH [MXLSYX VIMRJSVGMRK FEVW XS GEVV] PSEHW 8LIWI LEZI PF]H OKQ SJMRF]MRHMEQIXIV 
FIIR WLSVX WTER IPIZEXIH WPEFW JSV I\EQTPI E TEVOMRK QQF]QQHMEQIXIV GVMQTIHIRHJMFIVW[EWTPEGIHF]
KEVEKI EX ,IEXLVS[ %MVTSVX [MXL WPEFW  JX MR  Q TYQTMRK %PXLSYKL XLI GSRGVIXI IRGEWIQIRX MRGPYHIH
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FIHIQSRWXVEXIHF]JYPPWGEPIPSEHXIWXWERHXLIJEFVMGEXMSR -RJX Q SJMRXLMGO QQ
WLSYPHIQTPS]VMKMHUYEPMX]GSRXVSP 7*6'[EWTPEGIHEWEVITPEGIQIRXSJXLIYTWXVIEQGSRGVIXI
7SQI JYPPWGEPI XIWXW LEZI WLS[R XLEX WXIIP JMFIVW EVI JEGMRKTPEGIHMREXXLI&EVV0EOI(EQRIEV(IRZIV
IJJIGXMZIMRWYTTPIQIRXMRKSVVITPEGMRKXLIWXMVVYTWMRFIEQW '3?A8LI7*6'QM\XYVIGSRXEMRIHZSPTIVGIRX
?  A EPXLSYKL WYTTPIQIRXMRK SV VITPEGMRK SVPFW]H OKWQ SJMRF]MRHMEQIXIV
WXMVVYTW [MXL WXIIP JMFIVW MW RSX ER EGGITXIH TVEGXMGI EX QQF]QQHMEQIXIV GVMQTIHIRHJMFIVWERH
TVIWIRX8LIWIJYPPWGEPIXIWXWLEZIWLS[RXLEXWXIIPJMFIVWMR MR  QQ  QE\MQYQWM^I EKKVIKEXI 8LI 7*6' [EW
GSQFMREXMSR [MXL VIMRJSVGMRK FEVW GER EPWS MRGVIEWI XLI TYQTIHXSEWPMTJSVQWGVIIHXSTEZIXLIJX Q LMKL
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FIEQW?A
7IZIVEPSXLIVETTPMGEXMSRWSJGEWXMRTPEGI7*6'MRGPYHI
7XIIPJMFIVWGEREPWSTVSZMHIEREHIUYEXIMRXIVREPVIWXVEMRMRK
6ITEMVWERHRI[GSRWXVYGXMSRSRQENSVHEQWERHSXLIV
QIGLERMWQ[LIRWLVMROEKIGSQTIRWEXMRKGIQIRXWEVIYWIH
L]HVEYPMGWXVYGXYVIWXSTVSZMHIVIWMWXERGIXSGEZMXEXMSRERH
WSXLEXXLIGSRGVIXIW]WXIQ[MPPTIVJSVQMXWGVEGOGSRXVSPJYRG
WIZIVI IVSWMSR GEYWIH F] XLI MQTEGX SJ PEVKI [EXIVFSVRI
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HIFVMW?A
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XLIHIWMKRIVERHFYMPHIVMRXEOMRKEHZERXEKISJXLIWXEXMGERH 7PMTJSVQIHGEWXMRTPEGIXYRRIPPMRMRK?A
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GYVZISJ7-*'32MRGSQTVIWWMSR 7-*'32GSQTSWMXIW

 0EVKI  JX  Q MRHYWXVMEP JPSSVSRKVEHI EPSRKXLI7REOI6MZIV;EWLMRKXSRWLS[IHZIV]KSSH


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 6SPPIVGSQTEGXIH GSRGVIXI 6''  JSV TEZIQIRX LEZIFIIRQEHIMRWPSTIWXEFMPM^EXMSRMRKVSYRHWYTTSVXJSV
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MRGSVTSVEXIHMRXS6''TEZMRKQM\IW[MXLVIWYPXMRKMQTVSZI WSPHMIVTMPIVIXEMRMRK[EPPWEWGSRGVIXIPEKKMRKXLEXMWTPEGIH
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 &SRHIH SZIVPE] VITEMVW XS SZIV  FVMHKI HIGOW MR A%HHMXMSREPVIJIVIRGIWERHQSVIGSQTPIXIMRJSVQEXMSR
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WYGLEWMQTEGXVIWMWXERGISVXSYKLRIWW3XLIVTVIGEWXETTPM XYVIW ?AEVXMJMGMEPVSGOWGETIWYWMRK FSXLHV]QM\ERH
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7SQIVIGIRXETTPMGEXMSRWEVIGMXIH XYVIW WYGL EW PMKLXLSYWIW FVMHKI TMIVW ERH EFYXQIRXW
(SPSWWI -R  ERH   ]H  Q   SJ ?AGLERRIPPMRMRK ERHWPSTI WXEFMPM^EXMSRSRXLI1X
7*6'[IVITPEGIHMRSZIVXSR 18 HSPSWWIF] 7X,IPIRW7IHMQIRX'SRXVSP7XVYGXYVIPMRMRKSJSMPWXSVEKI
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:EYPXWERHWEJIW7MRGIQSWXSJXLIZEYPXERHWEJI  7-*'32 WPYVV]MRJMPXVEXIH JMFIV GSRGVIXI {
QERYJEGXYVIVWMR2SVXL%QIVMGELEZIYWIH7*6'MRTVIGEWX 7PYVV]MRJMPXVEXIHJMFIVGSRGVIXI 7-*'32 MWEX]TISJJMFIV
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GEWXMRTPEGI QIXLSH 7XIIP JMFIV GSRXIRXW ZEV] JVSQ PIWW PSSWI GSRHMXMSR ERH XLI VIWYPXMRK JMFIV RIX[SVO MW MRJMP
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YWIHXSMRGVIEWIXLIMQTEGXVIWMWXERGIERHXSYKLRIWWSJXLI EGGSQTPMWLIHF]KVEZMX]JPS[EMHIHF]PMKLXZMFVEXMSRSV
TERIPWEKEMRWXTIRIXVEXMSR F]TVIWWYVIKVSYXMRK
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GSRGVIXI QEWSRV] QEGLMRIW EVI VSYXMRIP] WYTTPMIH EX PIEWX X[S VIWTIGXWXLI] GSRXEMR E QYGL PEVKIV ZSPYQI
XLVSYKLSYXXLI97JSVFYMPHMRKVSSJWYTTSVXWXVYGXYVIWMR JVEGXMSR SJ JMFIVW YWYEPP]  XS  ZSPYQI TIVGIRX FYX
GSEPQMRIW7XIIPJMFIVWEVIYWIHXSMRGVIEWIXLIGSQTVIWWMZI ZEPYIWSJYTXSZSPYQITIVGIRXLEZIFIIRVITSVXIH ERH
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8MPXYTTERIPW7*6'LEWFIIRYWIHXSVITPEGIGSRZIRXMSREP WXVIRKXLWERHHYGXMPMXMIW
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 7LSXGVIXI{7XIIP JMFIV VIMRJSVGIH WLSXGVIXI 7*67 8LIJSPPS[MRKMWEWYQQEV]SJGYVVIRXMRJSVQEXMSR
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:.YRITT 2EQYV++ERH2EEQER%)w7XVEMR6EXI)JJIGXWSR8IRWMPI
.MRHEP6SST0ERH,EWWER/%w&ILEZMSVSJ7XIIP*MFIV6IMR 4VSTIVXMIW SJ *MFIV 6IMRJSVGIH 'SRGVIXIx 'IQIRX &EWIH 'SQTSWMXIW
JSVGIH 'SRGVIXI &IEQ'SPYQR 'SRRIGXMSRWx *MFIV 6IMRJSVGIH 7XVEMR6EXI)JJIGXWSR*VEGXYVI71MRHIWWERH747LELIHW1EXIVMEP
'SRGVIXI{-RXIVREXMSREP7]QTSWMYQ74%QIVMGER'SRGVIXI-RWXMXYXI 6IWIEVGL7SGMIX]4MXXWFYVKL167:TT
*EVQMRKXSR,MPPW1MGLTT  >SPPS 6SREPH * w;MVI *MFIV 6IMRJSVGIH 'SRGVIXI 3ZIVPE]W JSV
7SSH:ERH+YTXE7w&ILEZMSVSJ7XIIP*MFVSYW'SRGVIXI&IEQ 3VXLSXVSTMG&VMHKI(IGO8]TI0SEHMRKWx%'-.3962%0 4VSGIIHMRKW:
'SPYQR'SRRIGXMSRWx*MFIV6IMRJSVGIH'SRGVIXI4VSTIVXMIWERH%TTPMGE 2S3GXTT
XMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL  /SVQIPMRK, % 6IMRLEVHX , ; ERH 7LEL 7 4 w7XEXMG ERH
TT *EXMKYI 4VSTIVXMIW SJ 'SRGVIXI &IEQW 6IMRJSVGIH [MXL 'SRXMRYSYW &EVW
 .MRHEP 6 ERH 7LEVQE : w&ILEZMSV SJ 7XIIP *MFIV 6IMRJSVGIH ERH[MXL*MFIVWx%'-.3962%0 4VSGIIHMRKW:2S.ER*IF
'SRGVIXI/RII8]TI'SRRIGXMSRWx *MFIV6IMRJSVGIH'SRGVIXI4VSTIVXMIW TT
ERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW &EXWSR+&EPP'&EMPI]00ERHIVW)ERH,SSOW.w*PI\
1MGLTT YVEP *EXMKYI 7XVIRKXL SJ 7XIIP *MFIV 6IMRJSVGIH 'SRGVIXI &IEQWx %'-
 ;MPPMEQWSR + 6 ERH /REF 0 - w*YPP 7GEPI *MFVI 'SRGVIXI .3962%0 4VSGIIHMRKW:2S2SZTT
&IEQ8IWXWx*MFIV6IMRJSVGIH'IQIRXERH'SRGVIXI6-0)17]QTSWMYQ 6EQEOVMWLRER:ERH.SWMJIO'LEVPIWw4IVJSVQERGI'LEVEGXIVMW
'SRWXVYGXMSR4VIWW0ERGEWXIV)RKPERHTT XMGW ERH *PI\YVEP *EXMKYI 7XVIRKXL SR 'SRGVIXI 7XIIP *MFIV 'SQTSWMXIWx
2EVE]ERER6ERH(EV[MWL-=7w*MFIV'SRGVIXI(IIT&IEQWMR 4VSGIIHMRKWSJXLI-RXIVREXMSREP7]QTSWMYQSR*MFVI6IMRJSVGIH'SRGVIXI
7LIEVx%'-7XVYGXYVEP.SYVREP:2S1EV%TVTT (IG1EHVEW-RHMETT
7LEL74ERH6ERKER6:w*MFIV6IMRJSVGIH'SRGVIXI4VSTIV 6EQEOVMWLRER:3FIVPMRK+ERH8EXREPP4w*PI\YVEP*EXMKYI
XMIWx%'-.3962%0 4VSGIIHMRKW:2S*IFTT 7XVIRKXLSJ7XIIP *MFIV6IMRJSVGIH'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI
;SVOW6,ERH9RXVEYIV6)(MWGYWWMSRSJw8IRWMPI7XVIRKXL 4VSTIVXMIWERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQ
SJ'SRGVIXI%JJIGXIHF]9RMJSVQP](MWXVMFYXIHERH'PSWIP]7TEGIH7LSVX MRKXSR,MPPW1MGLTT
0IRKXLWSJ;MVI6IMRJSVGIQIRXx%'-.3962%0 4VSGIIHMRKW:2S  7GLVEHIV ) / w7XYHMIW MR XLI &ILEZMSV SJ *MFIV 6IMRJSVGIH
(IGTT 'SRGVIXIx178LIWMW'PEVOWSR'SPPIKISJ8IGLRSPSK]4SXWHEQ
7R]HIV10ERH0EROEVH(6w*EGXSVW%JJIGXMRKXLI7XVIRKXL  6SQYEPHM .EQIW 4 w8LI 7XEXMG 'VEGOMRK 7XVIWW ERH *EXMKYI
SJ7XIIP*MFVSYW'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S*IF 7XVIRKXLSJ'SRGVIXI6IMRJSVGIH[MXL7LSVX4MIGIWSJ7XIIP;MVIx-RXIVRE
TT XMSREP'SRJIVIRGISRXLI7XVYGXYVISJ'SRGVIXI0SRHSR)RKPERH
 ;EXIVLSYWI & 0 ERH 0YOI ' ) w7XIIP *MFIV 3TXMQM^EXMSRx  +V^]FS[WOM 1 ERH 7LEL 7 4 w7LVMROEKI 'VEGOMRK MR *MFIV
'SRJIVIRGI4VSGIIHMRKW1w*MFVSYW'SRGVIXI{'SRWXVYGXMSR1EXIVMEP 6IMRJSVGIH 'SRGVIXIx %'- 1EXIVMEPW .SYVREP :  2S  1EV%TV
JSVXLI7IZIRXMIWx(IGTT TT
 0EROEVH ( 6 w*PI\YVEP 7XVIRKXL 4VIHMGXMSRWx 'SRJIVIRGI  1EPQFIVK & ERH 7OEVIRHELP % w1IXLSH SJ 7XYH]MRK XLI
4VSGIIHMRKW 1 w*MFVSYW 'SRGVIXI{'SRWXVYGXMSR 1EXIVMEP JSV XLI 'VEGOMRK SJ *MFVI 'SRGVIXI YRHIV 6IWXVEMRIH 7LVMROEKIx 4VSGIIHMRKW
7IZIRXMIWx(IGTT 6-0)17]QTSWMYQSR8IWXMRKERH8IWX1IXLSHWSJ*MFVI'IQIRX'SQTSW
.SLRWXSR'(w)JJIGXWSR*PI\YVEP4IVJSVQERGISJ7E[MRK4PEMR MXIW7LIJJMIPH'SRWXVYGXMSR4VIWW0ERGEWXIVTT
'SRGVIXIERHSJ7E[MRKERH3XLIV1IXLSHWSJ%PXIVMRK*MFIV%PMKRQIRXMR 7LEL74ERH;MRXIV+ISVKIw-RIPEWXMG&ILEZMSVERH*VEGXYVISJ
*MFIV 6IMRJSVGIH 'SRGVIXIx 'IQIRX 'SRGVIXI ERH %KKVIKEXIW %781 'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S7ITXTT
''%+(4:2S7YQQIVTT )HKMRKXSR.,ERRERX(.ERH;MPPMEQW6-8w7XIIP*MFVI
 ,SYKLXSR ( 0 &SVKI 3 ) 4E\XSR . % w'EZMXEXMSR 6IWMW 6IMRJSVGIH 'SRGVIXIx 'YVVIRX 4ETIV 2S '4 &YMPHMRK 6IWIEVGL
XERGISJ7SQI7TIGMEP'SRGVIXIWx%'-.3962%0 4VSGIIHMRKW:2S )WXEFPMWLQIRX+EVWXSR;EXJSVHTT
(IGTT  .SLRWXSR 'SPMR ( w8SYKLRIWW SJ 7XIIP *MFIV 6IMRJSVGIH
 7YEVMW ; ERH 7LEL 7 4 w-RIVXMEP )JJIGXW MR XLI -RWXVYQIRXIH 'SRGVIXIx7XIIP*MFIV'SRGVIXI)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW0XH
-QTEGX8IWXMRKSJ'IQIRX'SQTSWMXIWx'IQIRX'SRGVIXIERH%KKVIKEXIW TT
:2S;MRXIVTT  2ERRM % w(YGXMPMX] SJ *MFIV 6IMRJSVGIH 'SRGVIXIx .SYVREP SJ
7YEVMW;ERH7LEL74w8IWX1IXLSHWJSV-QTEGX6IWMWXERGISJ 1EXIVMEPWMR'MZMP)RKMRIIVMRK%7'):2S*IFTT
*MFIV 6IMRJSVGIH 'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI{-RXIVREXMSREP  +STEPEVEXREQ : 7 7LEL 7 4 &EXWSR + 'VMW[IPP 1
7]QTSWMYQ74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL 6EQEOVMWLRER : ERH ;IGLEVEXERE 1 w*VEGXYVI 8SYKLRIWW SJ *MFIV
TT 6IMRJSVGIH 'SRGVIXIx %'- 1EXIVMEPW .SYVREP :  2S  .YP]%YK
7YEVMW;ERH7LEL74w4VSTIVXMIWSJ'SRGVIXIERH*MFIV6IMR TT
JSVGIH 'SRGVIXI 7YFNIGXIH XS -QTEGX 0SEHMRKx .SYVREP 7XVYGXYVEP (MZM  'SSO ( . ERH 9LIV ' w8LI 8LIVQEP 'SRHYGXMZMX] SJ *MFVI
WMSR%7'):2S.YP]TT 6IMRJSVGIH 'SRGVIXIx 'IQIRX ERH 'SRGVIXI 6IWIEVGL :  2S  .YP]
+STEPEVEXREQ:ERH7LEL74w4VSTIVXMIWSJ7XIIP*MFIV6IMR TT
JSVGIH 'SRGVIXI 7YFNIGXIH XS -QTEGX 0SEHMRKx %'- .3962%0 4VSGIIH  7GLVEHIV )VRIWX / ERH 1YRGL %RXLSR] : w*MFVSYW 'SRGVIXI
MRKW:2S.ER*IFTT 6ITEMV SJ 'EZMXEXMSR (EQEKIx 4VSGIIHMRKW %7') :  '3 .YRI
 +STEPEVEXREQ : 7LEL 7 4 ERH .SLR 6 w% 1SHMJMIH -RWXVY TT
QIRXIH-QTEGX8IWXSJ'IQIRX'SQTSWMXIWx)\TIVMQIRXEP1IGLERMGW: 'LES4'w8EVFIPE(EQ{4VSFPIQW7SPZIHF]2SZIP'SRGVIXIx
2S.YRITT 'MZMP)RKMRIIVMRK%7'):2S(IGTT
6 %'-'311-88))6)4368

 7GLVEHIV ) / ERH /EHIR 6 % w3YXPIX 6ITEMVW EX ([SVWLEO  0E[W : 0E[VIRGI 4 ERH 2YVWI 6 ; w6IMRJSVGIQIRX SJ
(EQx8LI1MPMXEV])RKMRIIV:2S1E].YRITT &VMXXPI1EXVMGIWF]+PEWW*MFIVWx.SYVREPSJ4L]WMGWERH%TTPMIH4L]WMGW
 2ERRM % w%FVEWMSR 6IWMWXERGI SJ 6SPPIV'SQTEGXIH 'SRGVIXIx :TT
%'-1EXIVMEPW.SYVREP:2S2SZ(IGTT  +STEPEVEXREQ : 7 ERH 7LEL 7 4 w8IRWMPI *EMPYVI SJ 7XIIP
 1MOOIPQIRM 1 6 w% 'SQTEVEXMZI 7XYH] SJ *MFIV 6IMRJSVGIH *MFIV6IMRJSVGIH 1SVXEVx .SYVREP SJ )RKMRIIVMRK 1IGLERMGW %7') :
'SRGVIXIERH4PEMR'SRGVIXI'SRWXVYGXMSRx178LIWMW1MWWMWWMTTM7XEXI 2S1E]TT
9RMZIVWMX]7XEXI'SPPIKI 7XERK,ERH7LEL74w*EMPYVISJ*MFIV6IMRJSVGIH'SQTSW
 &EPEKYVY 4 ERH 6EQEOVMWLRER : w*VII^I8LE[ (YVEFMPMX] SJ MXIWF]4YPP3YX*VEGXYVIx.SYVREPSJ1EXIVMEPW7GMIRGI:2S1EV
*MFIV 6IMRJSVGIH 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW :  2S  TT
1E].YRITT 7ELYHMR%,w2SRPMRIEV*MRMXI)PIQIRX7XYH]SJ%\MW]QQIXVMG
 7GLYTEGO 1 w(YVEFMPMX] SJ 7*6' )\TSWIH XS 7IZIVI )RZMVSR *MFIV4YPP3YXx178LIWMW9RMZIVWMX]SJ1MWWSYVM'SPYQFME.YP]
QIRXWx 7XIIP *MFIV 'SRGVIXI )PWIZMIV %TTPMIH 7GMIRGI 4YFPMWLIVW 0XH TT
TT +STEPEVEXREQ:7ERH'LIRK.w3RXLI1SHIPMRKSJ-RIPEWXMG
 ,SJJ + w(YVEFMPMX] SJ *MFIV 6IMRJSVGIH 'SRGVIXI MR E 7IZIVI -RXIVJEGIWMR *MFVSYW 'SQTSWMXIWx &SRHMRKMR 'IQIRXMXMSYW 'SQTSWMXIW
1EVMRI)RZMVSRQIRXx*MFIV6IMRJSVGIH'SRGVIXI4VSTIVXMIWERH%TTPMGE 7 1MRHIWW ERH 7 4 7LEL IHW 1EXIVMEPW 6IWIEVGL 7SGMIX] &SWXSR :
XMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL (IGTT
TT 2EQYV++ERH2EEQER%)w%&SRH7XVIWW1SHIPJSV*MFIV
6IMRJSVGIH'SRGVIXI&EWIHSR&SRH7XVIWW7PMT6IPEXMSRWLMTx%'-1EXI
1SVWI('ERH;MPPMEQWSR+6w'SVVSWMSR&ILEZMSVSJ7XIIP
VMEPW.SYVREP:2S.ER*IFTT
*MFVSYW 'SRGVIXIx 6ITSVX 2S ')60861 'SRWXVYGXMSR )RKM
2EEQER%)2EQYV++%P[ER.ERH2ENQ,w%REP]X
RIIVMRK6IWIEVGL0EFSVEXSV]'LEQTEMKR1E]TT
MGEP7XYH]SJ*MFIV4YPP3YXERH&SRH7PMT4EVX%REP]XMGEP7XYH]4EVX
 7[EQ] 6 2 ERH 7XEZVMHIW , w-RJPYIRGI SJ *MFIV 6IMRJSVGI
)\TIVMQIRXEP :EPMHEXMSRx %7').SYVREPSJ 7XVYGXYVEP)RKMRIIVMRK :
QIRXSR6IWXVEMRIH7LVMROEKIERH'VEGOMRKx%'-.3962%0 4VSGIIHMRKW
2S7ITX
:2S1EVTT
 w;MVI6IMRJSVGIH 4VIGEWX 'SRGVIXI (IGOMRK 4ERIPWx 4VIGEWX
 +V^]FS[WOM 1 ERH 7LEL 7 4 w1SHIP XS 4VIHMGX 'VEGOMRK MR 'SRGVIXI 9/ (IGTT
*MFIV 6IMRJSVGIH 'SRGVIXI (YI XS 6IWXVEMRIH 7LVMROEKIx 1EKE^MRI SJ  7LEVQE % / w7LIEV 7XVIRKXL SJ 7XIIP *MFIV 6IMRJSVGIH
'SRGVIXI6IWIEVGL:2S7ITX 'SRGVIXI &IEQWx %'- .3962%0 4VSGIIHMRKW :  2S  .YP]%YK
/VIRGLIP,ERH7LEL74w6IWXVEMRIH7LVMROEKI8IWXW[MXL44 TT
*MFIV 6IMRJSVGIH 'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI 4VSTIVXMIW ERH  ,IREKIV ' , ERH (SLIVX] 8 . w%REP]WMW SJ 6IMRJSVGIH
%TTPMGEXMSRW 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW *MFVSYW'SRGVIXI&IEQWx.SYVREP7XVYGXYVEP(MZMWMSR%7'):2S
1MGLTT 784ETIV2S.ER
 'EVPWSR 6 ; ERH 6IEHMRK 8 . w1SHIP 7XYH] SJ 7LVMROEKI  &EPEKYVY4ERH)^IPHMR%w&ILEZMSVSJ 4EVXMEPP]4VIWXVIWWIH
'VEGOMRKMR'SRGVIXI&YMPHMRK;EPPWx%'-7XVYGXYVEP.SYVREP:2S &IEQW1EHI9WMRK,MKL7XVIRKXL*MFIV6IMRJSVGIH'SRGVIXIx*MFIV6IMR
.YP]%YKTT JSVGIH'SRGVIXI4VSTIVXMIWERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI
7GLVEHIV)VRIWX/ERH1YRGL%RXLSR]:w(IGO7PEF6ITEMVIH -RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
F]*MFVSYW'SRGVIXI3ZIVPE]x4VSGIIHMRKW7XVYGXYVEP(MZMWMSR%7'):  4EYP&/4SPMZOE 1 ERH 1IXLE 4 / w4VSTIVXMIW SJ *MFIV
'31EVTT 6IMRJSVGIH 7LVMROEKI'SQTIRWEXMRK 'SRGVIXIx %'- .3962%0 4VSGIIH
 &EPEKYVY 4 ERH 6EQEOVMWLRER : w4VSTIVXMIW SJ 0MKLX[IMKLX MRKW:2S2SZ(IGTT
*MFIV 6IMRJSVGIH 'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI 4VSTIVXMIW ERH 0EROEVH(6ERH7GLVEHIV)/w-RWTIGXMSRERH%REP]WMWSJ
%TTPMGEXMSRW 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 'YVP MR 7XIIP *MFIV 6IMRJSVGIH 'SRGVIXI %MVJMIPH 4EZIQIRXWx &IOEIVX
1MGLTT 'SVT1EVMIXXE%TVTT
 -'30( &YPPIXMR  w*MFIV 6IMRJSVGIH 'SRGVIXIx -RXIVREXMSREP  6SFMRWSR ' 'SPEWERXM % ERH &S]H + w7XIIP *MFIV 6IMR
'SQQMWWMSRSR0EVKI(EQW4EVMWTT JSVGIH%YXS%WWIQFP]4PERX*PSSVx'SRGVIXI-RXIVREXMSREP:2S
 8EXVS7XITLIR&w8LI)JJIGXSJ7XIIP*MFIVW SRXLI 8SYKLRIWW %TVTT
4VSTIVXMIWSJ0EVKI%KKVIKEXI'SRGVIXIx178LIWMW4YVHYI9RMZIVWMX]  7GLVEHIV ) / w*MFIV 6IMRJSVGIH 'SRGVIXI 4EZIQIRXW ERH
;IWX0EJE]IXXI-RH(IGTT 7PEFW{%7XEXISJXLI%VX6ITSVXx7XIIP*MFIV'SRGVIXI)PWIZMIV%TTPMIH
 +STEPEVEXREQ : 7 ERH 7LEL 7 4 w*EMPYVI 1IGLERMWQW ERH 7GMIRGI4YFPMWLIVW0XHTT
*VEGXYVISJ*MFIV6IMRJSVGIH'SRGVIXIx*MFIV6IMRJSVGIH'SRGVIXI4VST  4EVOIV * .V w7XIIP *MFVSYW 'SRGVIXI *SV %MVTSVX 4EZIQIRX
IVXMIWERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR %TTPMGEXMSRWx *%%6( 2EXMSREP 8IGLRMGEP -RJSVQEXMSR 7IVZMGI
,MPPW1MGLTT %(%7TVMRKJMIPH2SZTT
 1MRHIWW 7 w8LI *VEGXYVI SJ *MFVI 6IMRJSVGIH ERH 4SP]QIV ,YFPIV60.Vw7XIIP*MFIV6IMRJSVGIH'SRGVIXI*PSSVx)RKM
-QTVIKREXIH 'SRGVIXIW % 6IZMI[x *VEGXYVI 1IGLERMGW SJ 'SRGVIXI RIIVMRK(MKIWX%TVTT
IHMXIHF]*,;MXXQERR)PWIZMIV7GMIRGI4YFPMWLIVW&:%QWXIVHEQ 8EXREPP4'w7XIIP*MFVSYW'SRGVIXI4YQTIHJSV&YVWX4VSXIG
TT XMSRx'SRGVIXI-RXIVREXMSREP(IWMKRERH'SRWXVYGXMSR:2S(IG
 ,MPPIVFSVK % w%REP]WMW SJ *VEGXYVI F] 1IERW SJ XLI *MGXMXMSYW TT
'VEGO 1SHIP 4EVXMGYPEVP] JSV *MFIV 6IMRJSVGIH 'SRGVIXIx -RXIVREXMSREP  6IXXFIVK ;MPPMEQ % w7XIIP6IMRJSVGIH 'SRGVIXI 1EOIW 3PHIV
.SYVREPSJ'IQIRX'SQTSWMXIW:2S2SZTT (EQ7EJIV1SVI6IPMEFPIx,]HVS6IZMI[7TVMRKTT
4IXIVWWSR4)w*VEGXYVI1IGLERMGEP'EPGYPEXMSRWERH8IWXWJSV  &EKEXI 1SYWWE 1G'YPPSYKL *VERO ERH *S[PIV (EZMH
*MFIV 6IMRJSVGIH 'SRGVIXIx 4VSGIIHMRKW %HZERGIW MR 'IQIRX 1EXVM\ w'SRWXVYGXMSRERH4IVJSVQERGISJER)\TIVMQIRXEP8LMR&SRHIH'SRGVIXI
'SQTSWMXIW 1EXIVMEPW 6IWIEVGL 7SGMIX] %RRYEP 1IIXMRK &SWXSR 2SZ 3ZIVPE]4EZIQIRXMR,SYWXSRx86&6IGSVHTT
TT
.YV];%w-RWMXI'SRGVIXI0MRMRKW{-RXIKVEXMRKXLI4EGOEKIx
;IGLEVXERE1ERH7LEL74w%1SHIPJSV4VIHMGXMRK*VEGXYVI 8YRRIPWERH8YRRIPPMRK.YP]TT
6IWMWXERGISJ*MFIV6IMRJSVGIH'SRGVIXIx'IQIRXERH'SRGVIXI6IWIEVGL
:2S2SZTT  w&VMHKI (IGO 3ZIVPE] 'SQFMRIW 7XIIP *MFIV ERH 0EXI\x 'MZMP
)RKMRIIVMRK%7')1EVTT
 :MWEPZERMGL / ERH 2EEQER % ) w*VEGXYVI 1SHIP JSV *MFIV
6IMRJSVGIH'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S1EV%TV w*MFIV'SRGVIXI4YXXS6SEH8IWXMR5YIFIGx'SRGVIXI4VSHYGXW
TT .YRITT
 .IRU = 7 ERH 7LEL 7 4 w'VEGO 4VSTEKEXMSR MR *MFIV 6IMR  .ERXSW ' w4EZMRK EX XLI 0EFW{'IQIRX MW +SMRK ,MKL8IGLx
JSVGIH'SRGVIXIx.SYVREPSJ7XVYGXYVEP)RKMRIIVMRK%7'):2S %PGSE)RKMRIIVMRK2I[W:2S1EVTT
.ERTT 2ERRM%ERH.SLEVM%w6''4EZIQIRX6IMRJSVGIH[MXL7XIIP
0E[VIRGI4w7SQI8LISVIXMGEP'SRWMHIVEXMSRWSJ*MFVI4YPP3YX *MFIVWx 'SRGVIXI -RXIVREXMSREP (IWMKR ERH 'SRWXVYGXMSR :  2S 
JVSQER)PEWXMG1EXVM\x.SYVREPSJ1EXIVMEP7GMIRGI:TT 1EVTT
*-&)66)-2*36')('32'6)8) 6

.SLRWXSR'(ERH'EVXIV4(w*MFIV6IMRJSVGIH'SRGVIXIERH 2EEQER%)w%HZERGIWMR,MKL4IVJSVQERGI*MFIV6IMRJSVGIH
7LSXGVIXIJSV6ITEMVERH6IWXSVEXMSRSJ,MKL[E]&VMHKIWMR%PFIVXEx86& 'IQIRX 'SQTSWMXIWx 4VSGIIHMRKW SJ -%&7)) 7]QTSWMYQ SR 'SRGVIXI
6IGSVH2STT 7XVYGXYVIWJSVXLI*YXYVI4EVMWTT
 )RKMRIIV 9THEXI 97 %VQ] 'SVTW SJ )RKMRIIVW 3JJMGI SJ XLI 2EEQER%)ERH,SQVMGL.6w8IRWMPI7XVIWW7XVEMR4VST
'LMIJSJ)RKMRIIVW;EWLMRKXSR(':2S3GXTT IVXMIWSJ7-*'32x%'-1EXIVMEPW.SYVREP:2S1E].YRI
1EWSR6MGLEVH,w'SRGVIXI'VMF&PSGO&SPWXIV0SRK[EPP6SSJ TT
7YTTSVXx'SEP1MRMRK
4VSGIWWMRK3GXTT
 w7XEGO'EWX 7ERH[MGL 4ERIPWx 'SRGVIXI -RXIVREXMSREP (IWMKR
ERH'SRWXVYGXMSR:2S(IGTT ',%48)6{+0%77*-&)66)-2*36')(
 /EHIR 6 % w7PSTI 7XEFMPM^IH [MXL 7XIIP *MFVSYW 7LSXGVIXIx
'32'6)8) +*6'
;IWXIVR'SRWXVYGXMSR%TVTT {-RXVSHYGXMSR
 ,IREKIV ' , w7XIIP *MFVSYW 7LSXGVIXI % 7YQQEV] SJ XLI 1YGL SJ XLI SVMKMREP VIWIEVGL TIVJSVQIH SR KPEWW JMFIV
7XEXISJXLI%VXx 'SRGVIXI-RXIVREXMSREP(IWMKRERH'SRWXVYGXMSR:
2S.ERTT
VIMRJSVGIHGIQIRXTEWXIXSSOTPEGIMRXLIIEVP]PW8LMW
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ERH7SRW0XH2I[=SVOTT +EVWXSR;EXJSVH%YK
4'-'SQQMXXIISR+PEWW*MFIV6IMRJSVGIH'SRGVIXI4ERIPW1ERYEP  &YMPHMRK 6IWIEVGL )WXEFPMWLQIRXw% 7XYH] SJ XLI 4VSTIVXMIW SJ
JSV5YEPMX] 'SRXVSP JSV 4PERXW ERH4VSHYGXMSR SJ +PEWW *MFIV 6IMRJSVGIH 'IQ*-034' 'SQTSWMXIWx 'YVVIRX 4ETIV '4  &YMPHMRK
'SRGVIXI4VSHYGXW4VIGEWX4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKS 6IWIEVGL7XEXMSR9RMXIH/MRKHSQ(ITEVXQIRXSJ)RZMVSRQIRX+EVWXSR
TT ;EXJSVH.YRI
6 %'-'311-88))6)4368

7LEL740YHMVHNE((ERMIP.-ERH1SFEWLIV&w8SYKL 7QMXL.;ERH;EPOIV8;(w%TTPMGEXMSRWSJ+PEWW*MFVI
RIWW(YVEFMPMX]SJ+PEWW*MFIV6IMRJSVGIH'SRGVIXI7]WXIQx%'-1EXI 6IMRJSVGIH 'IQIRXx 4VSGIIHMRKW SJ XLI 7]QTSWMYQ SR *MFVSYW
VMEPW.SYVREP:SP2S7ITX3GXTT 'SRGVIXI LIPH MR 0SRHSR 'SRWXVYGXMSR 4VIWW 0XH 0ERGEWXIV )RKPERH
 4VSGXSV & % w0SRK 8IVQ 7XVIRKXL 4VSTIVXMIW SJ +6'x %TVTT
4VSGIIHMRKW 'SQTSWMXI 1EXIVMEPW MR &YMPHMRKW 7XEXI SJ XLI %VX  8EPPIRXMVI %+ w8LI ,MWXSVMGEP 8IGLRS'SQQIVGMEP (IZIPST
6IWIEVGL ERH 4VSWTIGXW 'SRWMKPMS 2E^MSREPI HIPPI 6MGIVGLI 1MPERS QIRXSJ +*6'8SKIXLIV[MXL 1ENSV)YVSTIER%HZERGIW1EHIMR8LMW
-XEP]1E] 2I[ 'SQTSWMXI*MIPH (YVMRKXLI 4EWX 8IR =IEVWx 4VSGIIHMRKW{(YVE
 &MNIR . 1 w'YVMRK SJ +6'x 7M\XL &MIRRMEP 'SRKVIWW SJ XLI FMPMX] SJ +PEWW *MFIV 6IMRJSVGIH 'SRGVIXI 7]QTSWMYQ 4VIWXVIWWIH
+PEWWJMFVI 6IMRJSVGIH 'IQIRX %WWSGMEXMSR )HMRFYVKL 7GSXPERH 3GX 'SRGVIXI-RWXMXYXI'LMGEKSTT
TT (ERMIP.-6SPPIV..;IMRQERR803IWXIVPI6+ERH
:ERHIV4PEW'w8LI1ER]-QTVSZIQIRXWSJ+6'F]4SP]QIV 7LYPX^(1w5YEPMX]'SRXVSPERH5YEPMX]%WWYVERGIJSVXLI1ERYJEG
%HHMXMSRx )MKLXL &MIRRMEP 'SRKVIWW SJ XLI +PEWWJMFVI 6IMRJSVGIH XYVI ERH -RWXEPPEXMSR SJ +*6' *EGEHIWx 7IZIRXL &MIRRMEP 'SRKVIWW SJ
'IQIRX%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT XLI +PEWWJMFVI6IMRJSVGIH'IQIRX%WWSGMEXMSR1EEWXVMGLX 8LI2IXLIV
1G(SREPH&1&YVOI1%ERH1SRGEV^4(w8LI)JJIGXW PERHW7ITXTT
SJ 2EXYVEP %KMRK SR E 4SP]QIV 1SHMJMIH +PEWW *MFIV 6IMRJSVGIH ,ERWSR 2 ;6SPPIV..(ERMIP.-ERH;IMRQERR80
'SRGVIXIx)MKLXL&MIRRMEP'SRKVIWWSJXLI+PEWWJMFVI6IMRJSVGIH'IQIRX 1ERYJEGXYVI ERH -RWXEPPEXMSR SJ +*6' *EGEHIW 74 %QIVMGER
%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT 'SRGVIXI-RWXMXYXI(IXVSMXTT
&MNIR.w-QTVSZIH1IGLERMGEP4VSTIVXMIWSJ+PEWW*MFVI6IMR 3IWXIVPI6+7GLYPX^(1ERH+PMOMR.((IWMKR'SRWMH
JSVGIH'IQIRXF]4SP]QIV1SHMJMGEXMSRx'IQIRX
'SRGVIXI'SQTSW IVEXMSRW JSV +*6' *EGEHIW 74 %QIVMGER 'SRGVIXI -RWXMXYXI
MXIW :SPTT (IXVSMXTT
&MNIR.w)+PEWW*MFVI6IMRJSVGIH4SP]QIV1SHMJMIH'IQIRXx
4VSGIIHMRKW SJ XLI -RXIVREXMSREP 'SRKVIWW SR +PEWW *MFVI 6IMRJSVGIH ',%48)6{7=28,)8-'*-&)66)-2*36')(
'IQIRX0SRHSR3GXTT '32'6)8) 72*6'
 &MNIR.ERH.EGSFW 1 w4VSTIVXMIW SJ +PEWW *MFIV6IMRJSVGIH {-RXVSHYGXMSR
4SP]QIV1SHMJMIH'IQIRXx.SYVREPSJ1EXIVMEPWERH7XVYGXYVIW:SP
2S7ITX3GXTT
% ZEVMIX] SJ JMFIV QEXIVMEPW SXLIV XLER WXIIP KPEWW SV
 .EGSFW 1 . 2 w*SVXSR 4+6'{% 1ER] 7MHIH 'SRWXVYGXMSR REXYVEPJMFIVWLEZIFIIRHIZIPSTIHJSVYWIF]XLIGSRWXVYG
1EXIVMEPx (ITEVXQIRX SJ 1EXIVMEP %TTPMGEXMSR (IZIPSTQIRX (71 XMSRMRHYWXV]JSVJMFIVVIMRJSVGIHGSRGVIXI8LIWIJMFIVWEVI
'IRXVEP0EFSVEXSV]+IPIIR8LI2IXLIVPERHW3GX GEXIKSVM^IHEWW]RXLIXMGJMFIVWJSVYWIMRW]RXLIXMGJMFIVVIMR
 &MNIR . w+PEWWJMFVI 6IMRJSVGIH 'IQIRX -QTVSZIQIRX F] JSVGIHGSRGVIXI72*6'JSVMHIRXMJMGEXMSR
4SP]QIV %HHMXMSRx 7]QTSWMYQ %HZERGIH 'IQIRX 'SQTSWMXIW %QIV
MGER1EXIVMEP7SGMIX]%RRYEP1IIXMRK&SWXSR2SZTT  7]RXLIXMG JMFIV X]TIW{7]RXLIXMG JMFIVW EVI QER
 &MNIR . w(YVEFMPMX] SJ 7SQI +PEWW *MFIV 6IMRJSVGIH 'IQIRX QEHIJMFIVWVIWYPXMRKJVSQVIWIEVGLERHHIZIPSTQIRXMRXLI
'SQTSWMXIWx%'-.3962%0.YP]%YKTT TIXVSGLIQMGEPERHXI\XMPIMRHYWXVMIW72*6'YXMPM^IWJMFIVW
 ;IWX . 1 (I:IOI] 6 ' ERH 1ENYQHEV % . w%GV]PMG HIVMZIH JVSQ SVKERMG TSP]QIVW [LMGL EVI EZEMPEFPI MR E
4SP]QIV1SHMJMIH+6'x'SQTSWMXIW:SP2S.ER
 /RS[PIW 6 4 ERH 4VSGXSV & % w8LI 4VSTIVXMIW ERH 4IVJSV
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QERGI SJ 4SP]QIV 1SHMJMIH +6'x 4VSGIIHMRKW SJ XLI XL &MIRRMEP TSVXPERH GIQIRX GSRGVIXI FEWIH QEXVMGIW EVI EGV]PMG
-RXIVREXMSREP'SRKVIWWSJXLI+6'%)HMRFYVKL3GXTT EVEQMHGEVFSRR]PSRTSP]IWXIVTSP]IXL]PIRIERHTSP]TVS
 &EPP , 4 w8LI )JJIGX SJ *SVXSR 'SQTSYRH SR +*6' 'YVMRK T]PIRI *SV QER] SJ XLIWI JMFIVW XLIVI MW PMXXPI VITSVXIH
6IUYMVIQIRXWx4VSGIIHMRKWSJXLIXL&MIRRMEP'SRKVIWWSJXLI+6'% VIWIEVGL SV JMIPH I\TIVMIRGI [LMPI SXLIVW EVI JSYRH MR
7XVEXJSVH9TSR%ZSR9/3GXTT
 ,E]EWLM 1 7EXS 7 ERH *YNMM , w7SQI ;E]W XS -QTVSZI
GSQQIVGMEPETTPMGEXMSRWERHLEZIFIIRXLIWYFNIGXSJI\XIR
(YVEFMPMX] SJ +*6'x 4VSGIIHMRKW{(YVEFMPMX] SJ +PEWW *MFIV 6IMR WMZIVITSVXMRK
JSVGIH 'SRGVIXI 7]QTSWMYQ 4VIWXVIWWIH 'SRGVIXI -RWXMXYXI 'LMGEKS 8EFPIWYQQEVM^IWXLIVERKISJTL]WMGEPTVSTIVXMIWSJ
TT WIPIGXIHW]RXLIXMGJMFIVX]TIW8LIIJJIGXSJXIQTIVEXYVISR
&IRXYV%ERH(MEQSRH7w)JJIGXWSJ(MVIGX-RGSVTSVEXMSRSJ
1MGVSWMPMGEMRXS+*6''SQTSWMXIWSR6IXIRXMSRSJ1IGLERMGEP4VSTIV
W]RXLIXMGJMFIVWMWWLS[RMRXLMWXEFPIF]PMWXMRKXLIXIQTIVE
XMIW %JXIV %KMRKx 4VSGIIHMRKW{(YVEFMPMX] SJ +PEWW *MFIV 6IMRJSVGIH XYVIEX[LMGLJMFIVWQIPXS\MHM^ISVHIGSQTSWI7]RXLIXMG
'SRGVIXI7]QTSWMYQ4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKSTT JMFIVWEVIWEMHXSFIQIPXIH[LIRXLIGV]WXEPPMRITSVXMSRWSJ
 XLITSP]QIVWXLEXXLI]EVIQEHISJEVIGSRZIVXIHSRLIEXMRK
&MNIR.w%7YVZI]SJ2I[(IZIPSTQIRXWMR+PEWW'SQTSWMXMSR
'SEXMRKW ERH1EXVMGIW XS )\XIRH 7IVZMGI 0MJIXMQISJ +*6'x 4VSGIIH
JVSQEWSPMHXSEKPEWW]SVPMUYMHWXEXI8LIXIQTIVEXYVIEX
MRKW{(YVEFMPMX] SJ +PEWW *MFIV 6IMRJSVGIH 'SRGVIXI 7]QTSWMYQ [LMGLXLMWTL]WMGEPGLERKISGGYVWMWGEPPIHXLIQIPXMRKTSMRX
4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKSTT -JSRLIEXMRKEJMFIVHIGSQTSWIWFIJSVIMXQIPXWMXMWFIGEYWI
8LMIV].ERH+IRMW%,MKL(YVEFMPMX]+PEWW'IQIRX'SQTSW SRI SJ QER] TSWWMFPI GLIQMGEP VIEGXMSRW EW SGGYVVIH EX E
MXIW2I[:IXVSXI\7]WXIQ7X+SFEMR'IRXVIHI6IGLIVGLIWHI4SRXE PS[IV XIQTIVEXYVI FIJSVI VIEGLMRK XLI QIPXMRK TSMRX %
1SYWWSR7%*VERGITT
 7SYOEXGLSJJ 4 ERH 6MHH 4 . w,MKL (YVEFMPMX] +PEWW *MFVI
X]TMGEP X]TI SJ HIGSQTSWMXMSR MW S\MHEXMSR 3\MHEXMSR MW
6IMRJSVGIH 'IQIRX 9WMRK E 1SHMJMIH 'IQIRXMXMSYW 1EXVM\x )MKLXL GEYWIHF]XLIGLIQMGEPVIEGXMSRSJXLIJMFIV[MXLXLIS\]KIR
&MIRRMEP 'SRKVIWW SJ XLI +PEWWJMFVI 6IMRJSVGIH 'IQIRX %WWSGMEXMSR MRXLIEMV8LIXIQTIVEXYVIEX[LMGLEHIGSQTSWMXMSRSGGYVW
1EEWXVMGLX8LI2IXLIVPERHW3GXTT MWGEPPIHXLIHIGSQTSWMXMSRXIQTIVEXYVI(IGSQTSWMXMSRMW
+EVXWLSVI+'w%2I[,MKL(YVEFMPMX]'IQIRXJSV+6'4VSH
YGXWx )MKLXL &MIRRMEP 'SRKVIWW SJ XLI +PEWWJMFVI 6IMRJSVGIH 'IQIRX
YWYEPP] RSXMGIH FIGEYWI XLI JMFIV UYMGOP] GLERKIW GSPSV
%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT JYQIWSVYRHIVKSIWERSFZMSYWGLIQMGEPGLERKI
+EVXWLSVI+EZMRw%6IGIRX(IZIPSTQIRXJSV+6''SQTSWMXIWx  ,MWXSVMGEPFEGOKVSYRH{8[IRXMIXLGIRXYV]MRXIVIWX
8LI 6IZMI[ (IWMKR
 %VGLMXIGXYVI 7XSYHKEXI 4YFPMGEXMSRW 0XH MRW]RXLIXMGJMFIVWEWEGSQTSRIRXSJGSRWXVYGXMSRQEXIVMEPW
0SRHSRT
[EW JMVWX VITSVXIH MR  ?A 7]RXLIXMG QSRSJMPEQIRX
 ,EVQSR 8 ERH 1SPPS] , . w7SQI -WWYIW SJ (YVEFMPMX] ERH
7LVMROEKIMR+*6'x)MKLXL&MIRRMEP'SRKVIWWSJXLI+PEWWJMFVI6IMRJSVGIH JMFIVW [IVI YWIH MR FPEWX VIWMWXERX WXVYGXYVIW JSV XLI 97
'IQIRX%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT %VQ] 'SVTW SJ )RKMRIIVW 6IWIEVGL ERH (IZIPSTQIRX
*-&)66)-2*36')('32'6)8) 6

8EFPI{7IPIGXIHW]RXLIXMGJMFIVX]TIWERHTVSTIVXMIW
)UYMZEPIRX 9PXMQEXI 1IPXS\MHEXMSRSV ;EXIVEFWSVTXMSR
HMEQIXIV 7TIGMJMG 8IRWMPI )PEWXMG IPSRKEXMSR -KRMXMSR HIGSQTSWMXMSR TIV%781(
*MFIVX]TI MR»z KVEZMX] WXVIRKXLOWM QSHYPYWOWM TIVGIRX XIQTIVEXYVI”* XIQTIVEXYVI”* TIVGIRXF][IMKLX
%GV]PMG      {  
%VEQMH-      LMKL  
%VEQMH--j      LMKL  
'EVFSR4%2,1k      LMKL  RMP
'EVFSR4%2,8‹      LMKL  RMP
'EVFSRTMXGL+4      LMKL  
'EVFSRTMXGL,4jj      LMKL  RMP
2]PSRkk      {  
4SP]IWXIV        
4SP]IXL]PIRIkk      {  RMP
4SP]TVST]PIRIkk {       RMP
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j
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k
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‹4SP]EGV]PSRMXVMPIFEWIHLMKLXIRWMPIWXVIRKXL
-WSXVSTMGTMXGLFEWIHKIRIVEPTYVTSWI
jj1IWSTLEWITMXGLFEWIHLMKLTIVJSVQERGI
kk
(EXEPMWXIHMWSRP]JSVJMFIVWGSQQIVGMEPP]EZEMPEFPIJSV*6'
1IXVMGIUYMZEPIRXWMR!QQOWM!14E HIKVIIW* !HIKVIIW'

7IGXMSR?A8LIJMFIVW[IVISJEWM^IERHWLETI KISQIXV] &EWMGEPP]GEWXMRTPEGIGSRGVIXI[MPPEGGSQQSHEXIYTXS


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7*6' ERHKPEWWJMFIVW +*6' 8LI][IVISRILEPJXSSRI TVSTSVXMSREHNYWXQIRXW;IXQM\WLSXGVIXI[MXLYTXS
MRGL XSQQ MRPIRKXL[MXLEJMFIVEWTIGXVEXMS PIRKXL TIVGIRXF]ZSPYQI[MPPTVSZMHIQENSVMRGVIEWIWMRXSYKLRIWW
XSHMEQIXIVPH SJFIX[IIRERH-RXLMWTVSNIGXMX[EW MRHI\ZEPYIW?A*MFIVPIRKXLERHJMFIVGSRJMKYVEXMSREVI
EPWSHMWGSZIVIHXLEXXLIEHHMXMSRSJ[LEXXLIR[EWGSRWMH MQTSVXERX JEGXSVW EX XLMW JMFIV GSRXIRX -R WPEFSRKVEHI
IVIH WQEPP UYERXMXMIW  TIVGIRX F] ZSPYQI SJ W]RXLIXMG ETTPMGEXMSRW [MXL GSPPEXIH JMFVMPPEXIH TSP]TVST]PIRI JMFIV
JMFIVWXSGSRGVIXIVIWYPXIHMREGSQTSWMXI[MXLMRGVIEWIWMR GSRXIRXWYTXSTIVGIRXF]ZSPYQIXLIJEXMKYIWXVIRKXLLEW
FSXLHYGXMPMX]ERHMQTEGXVIWMWXERGI?A,S[IZIVMX[EW MRGVIEWIHHVEQEXMGEPP]?A
ERSXLIVJMJXIIR]IEVWFIJSVIPEVKIWGEPIHIZIPSTQIRXEGXMZM 8LIYWI SJ W]RXLIXMG JMFIVW MRXLI JSVQ SJ PE]IVIHQIWL MW
XMIWFIKER[MXLW]RXLIXMGJMFIVW WMQMPEVMRGSRGITXXSXLIW]WXIQORS[REWJIVVSGIQIRX4VSKVIWW
7MRGIXLIXMQISJXLMWIEVP][SVOGSQQIVGMEPP]EZEMPEFPI MRVIWIEVGLERHMRXLIHIZIPSTQIRXSJGSQQIVGMEPTVSHYGXWLEW
W]RXLIXMGJMFIVWMRXLIXSHIRMIVVERKILEZIFIIRWLS[RXS FIIRVETMHERHLEWFIIRVITSVXIHMRTYFPMGEXMSRWSRJIVVSGIQIRX
FIXXIV HMWXVMFYXI GVEGOMRK VIHYGI GVEGO WM^I ERH MQTVSZI MRXLI97ERHMRTYFPMGEXMSRWSRJMFIVVIMRJSVGIHGSRGVIXITVMR
SXLIVTVSTIVXMIWSJGSRGVIXIEWHMWGYWWIHPEXIVMRXLMWVITSVX GMTEPP] MR )YVSTI 6IEHIVW MRXIVIWXIH MR XLMW HIZIPSTQIRX
8LIIEVPMIVETTPMGEXMSRWSJW]RXLIXMGJMFIVWJMVWXYWIHMRXLIPEXI WLSYPHVIJIVXSXLI[SVOSJ%'-'SQQMXXII
W LEH HIRMIV MR XLI  XS  VERKI ERHPS[IV EWTIGX
VEXMSW8LIJMRIVHIRMIVJMFIVW[IVIYWIHXLVSYKLXLIW
%TTPMGEXMSRW [MXL JMRIV HIRMIV JMFIVW XLEX MW VIPEXMZIP] {4L]WMGEPERHGLIQMGEPTVSTIVXMIWSJGSQQIV
GMEPP]EZEMPEFPIW]RXLIXMGJMFIVW
WQEPPHMEQIXIVERHLMKLEWTIGXVEXMSJMFIVWFIKER[MXLJMFIV
ZSPYQITIVGIRXEKIWSJETTVS\MQEXIP]SRIJMJXLSJXLEX[LMGL 8LIHYVEFMPMX]ERHGLIQMGEPGSQTEXMFMPMX]SJJMFIVWMRXLI
LEHFIIRTVIZMSYWP]YWIH[MXLXLIGSEVWIVJMFIVW8LIWIPS[ TEVXMGYPEV IRGETWYPEXMRK QEXVM\ QYWX FI MRHMZMHYEPP] HIXIV
ZSPYQI ETTPMGEXMSRW ETTIEVIH EX  XS  TIVGIRX F] QMRIH8LIJMFIVWMRHMGEXIHFIPS[LEZIKIRIVEPP]TIVJSVQIH
ZSPYQI,S[IZIVIZIREXXLIWIPS[ZSPYQIEHHMXMSRWXLI [IPP MR TSVXPERH GIQIRX QEXVMGIW *MFIV QERYJEGXYVIVW ERH
JMFIVGSYRX RYQFIVSJJMFIVWMREYRMXZSPYQISJQEXVM\ ERH WYTTPMIVWWLSYPHGSRJMVQXLIWYMXEFMPMX]SJXLIMVJMFIVWJSVXLI
WTIGMJMG WYVJEGI WYVJEGI EVIE SJ JMFIVW TIV YRMX ZSPYQI SJ MRXIRHIHETTPMGEXMSRXLVSYKLMRHITIRHIRXXLMVHTEVX]XIWXMRK
QEXVM\  EVI GSQTEVEFPI [MXL ZEPYIW JSYRH [MXL LMKLIV  %GV]PMG{%GV]PMGJMFIVWGSRXEMREXPIEWXTIVGIRXF]
ZSPYQITIVGIRXEKIWSJGSEVWIVWM^IJMFIVW [IMKLXSJEGV]PSRMXVMPIYRMXW7IPIGXIHTVSTIVXMIWSJEGV]PMG
 (IZIPSTMRK XIGLRSPSKMIW{;MXL XLI IQIVKIRGI SJ JMFIVWEVIWLS[RMR8EFPI+IRIVEPP]EGV]PMGJMFIVWYWIH
RI[ EVIEW SJ ETTPMGEXMSR VIWIEVGL MRXIVIWX LEW QSZIH XS MRXLIXI\XMPIMRHYWXV]LEZIEXIRWMPIWXVIRKXLVERKMRKJVSQ
LMKLIV JMFIV GSRXIRXW [LIVI XSYKLRIWW MRHI\ ERH SXLIV XSOWM XS14E ,S[IZIVWTIGMEPLMKLXIREGMX]
JEGXSVW EVI HIWMKR GSRWMHIVEXMSRW 8SYKLRIWW MRHI\ MW ER EGV]PMGJMFIVWLEZIFIIRHIZIPSTIHXSVITPEGIEWFIWXSWJMFIV
MRHMGEXMSR SJ XLI PSEHGEVV]MRK GETEFMPMXMIW SJ XLI JMFIVW MR QER] JMFIV VIMRJSVGIH GSRGVIXI TVSHYGXW 8LIWI JMFIVW
[MXLMRXLIGSRGVIXIQEXVM\EJXIVJMVWXGVEGO LEZIXIRWMPIWXVIRKXLWSJYTXSOWM 14E ?A
6 %'-'311-88))6)4368

 %VEQMH{%VEQMH EVSQEXMG TSP]EQMHI  MW E LMKL QSPIGYPEV [IMKLX IRH KVSYTW VIWMHYEP QSRSQIV IXG 
QSHYPYW QERQEHI TSP]QIVMG QEXIVMEP XLEX [EW JMVWX EHHMXMSRSJHMJJIVIRXPIZIPWSJEHHMXMZIW PMKLXERHLIEXWXEFM
HMWGSZIVIH MR  %JXIV QER] ]IEVW SJ I\TIVMQIRXEP PM^IVW HIPYWXIVERXW IXG  QERYJEGXYVMRK GSRHMXMSRW WTMR
VIWIEVGLEQIXLSHXSTVSHYGIXLEXQEXIVMEPMRJMFIVJSVQ[EW RMRKHVE[MRKXI\XYVMRKIXG ERHJMFIVHMQIRWMSRW GVSWW
JMREPP]HIZIPSTIH%VEQMHJMFIVW[IVIMRMXMEPP]TVSHYGIHJSV WIGXMSREPWLETIERHEVIEJMFIVPIRKXLIXG 'YVVIRXP]SRP]
GSQQIVGMEP ETTPMGEXMSRW F] XLI IEVP] W %XXIQTXW XS X[SX]TIW SJ R]PSR JMFIV EVI QEVOIXIH JSV JMFIV VIMRJSVGIH
MRGSVTSVEXIXLMW JMFIV MRXS GSRGVIXIEWE JSVQSJVIMRJSVGI GSRGVIXI8LI]EVIR]PSRERHR]PSR
QIRXFIKERF]XLIPEXIW-XLEWFIIRGSRGPYHIHXLEXXLI 2]PSRJMFIVWEVIWTYRJVSQR]PSRTSP]QIV8LITSP]QIVMW
QIGLERMGEP TVSTIVXMIW SJ E GIQIRX QEXVM\ VIMRJSVGIH [MXL XVERWJSVQIH XLVSYKL I\XVYWMSR WXVIXGLMRK ERH LIEXMRK XS
EVEQMH JMFIVW EVI WYJJMGMIRXP] EXXVEGXMZI XS [EVVERX JYVXLIV JSVQERSVMIRXIHGV]WXEPPMRIJMFIVWXVYGXYVI-REHHMXMSRXS
WXYHMIW ?A ,S[IZIV XLI LMKL GSWX SJ EVEQMH JMFIVW LEW GSRZIRXMSREP ]EVRW TVSHYGIH F] WXERHEVH HVE[MRK R]PSR
FIIREPMQMXEXMSRXSGSQQIVGMEPEGGITXERGI JMFIV TVSTIVXMIW QE] FI IRLERGIH F] WTIGMEP XVIEXQIRXW
%VEQMHJMFIVWLEZIVIPEXMZIP]LMKLXIRWMPIWXVIRKXLERHE MRGPYHMRK SZIV JMRMWLMRK LIEXMRK EMV XI\XYVMRK IXG 2]PSR
LMKLXIRWMPIQSHYPYWEWWLS[RMR8EFPI%VEQMHJMFIVW JMFIVW EVI EZEMPEFPI EW QYPXMJMPEQIRX ]EVRW QSRSJMPEQIRX
EVIX[SERHELEPJXMQIWEWWXVSRKEW)KPEWWJMFIVERHJMZI WXETPI ERH XS[ *SV GSRGVIXI ETTPMGEXMSRW LMKL XIREGMX]
XMQIWEWWXVSRKEWWXIIPJMFIVWTIVYRMX[IMKLX LMKLXIRWMPIWXVIRKXL LIEXERHPMKLXWXEFPI]EVRMWWTYRERH
8LI WXVIRKXLSJ EVEQMH JMFIV MW YREJJIGXIH YT XS * WYFWIUYIRXP]GYXMRXSWLSVXIVPIRKXLW
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WXVIRKXL ERH JPI\YVEP WXVIRKXL XIWXW KIRIVEPP] VIWYPX MR XLI STIH MR  F] 0YH[MK ,EXWGLIO ;LIR TVSHYGMRK
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F]XLIJMFIVZSPYQIJMFIVKISQIXV]QIXLSHSJTVSHYGXMSR VIPEXMZIP]LMKLIVIRXVETTIHEMV TIVGIRX ERHPS[IVYRMX
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8LIVIMWTVIWIRXP]RSWXERHEVHM^IHTVSGIHYVIJSVUYERXM HV]MRKWLVMROEKIXIWXWGSRHYGXIHEXERIEVP]EKIERHYWMRK
J]MRK XLI IJJIGXW SJ TSP]TVST]PIRI SV ER] SXLIV W]RXLIXMG EGGIPIVEXIHHV]MRKGSRHMXMSRW?AMRHMGEXIHVIHYGXMSRWSJ
JMFIV SR TPEWXMG SV HV]MRK WLVMROEKI SV SR GVEGOMRK XLEX ERHTIVGIRXJSVJMFIVZSPYQIWSJERH
VIWYPXW JVSQ ZSPYQI GLERKIW YRHIV VIWXVEMRIH GSRHMXMSRW TIVGIRXVIWTIGXMZIP](YIXSXLILMKLHIKVIISJZEVMEFMPMX]
,S[IZIV QER] TVSGIHYVIW LEZIFIIRWYKKIWXIHERHXLIMV EWWSGMEXIH [MXL WYGL XIWXMRK XLI EYXLSVW GEYXMSR EKEMRWX
6 %'-'311-88))6)4368

%PXLSYKL YRVIWXVEMRIH WLVMROEKI XIWXW HS TVSZMHI WSQI


MRJSVQEXMSREFSYXXLIWLVMROEKIGLEVEGXIVMWXMGWSJJMFIVVIMR
JSVGIHGSQTSWMXIWVIWYPXWSJXLIWIXIWXWQE]RSXTVSZMHIER]
YWIJYP MRJSVQEXMSR VIKEVHMRK LS[ GSQTSWMXIW VIWTSRH XS
WLVMROEKIMRHYGIHWXVIWWIWMREVIWXVEMRIHGSRHMXMSR-RXLI
VIWXVEMRIHGSRHMXMSRWLVMROEKIWXVEMRWXVERWPEXIMRXSXIRWMPI
WXVIWWIWMRGSRGVIXI%JXIVGVEGOMRKTSP]TVST]PIRIJMFIVWEVI
FIPMIZIH XS XVERWJIV XIRWMPI WXVIWW EGVSWW GVEGOW ERH EGX XS
EVVIWXSVGSRJMRIGVEGOXMTI\XIRWMSRWSXLEXQER]JMRI LEMV
PMRI GVEGOWSGGYVMRWXIEHSJJI[IVPEVKIVGVEGOW?A
3XLIVVIWIEVGLLEWWLS[RXLEXPS[ZSPYQIGSRXIRXW
TIVGIRX SJ PS[ IJJIGXMZI HMEQIXIV TSP]TVST]PIRI JMFIV
WMKRMJMGERXP]PMQMXGVEGOWM^IJSVTPEWXMGWLVMROEKIGVEGOWXLEX
SGGYV[MXLMRXLIJMVWXJI[LSYVWEJXIVGEWXMRK?A
'SQTSWMXIW VIMRJSVGIH [MXL LMKLIV ZSPYQI GSRXIRXW SJ
TSP]TVST]PIRIJMFIVLEZIEPWSFIIRWLS[RXSLEZIERMRJPY
IRGISRVIWXVEMRIHWLVMROEKIERHWLVMROEKIMRHYGIHGVEGOMRK
?A'SQTSWMXIWVIMRJSVGIH[MXLTIVGIRXTSP]TVST]PIRI
JMFIVWF]ZSPYQIGERTVSZMHIWMKRMJMGERXTSWXGVEGOMRKXSYKL
RIWW IJJIGXMZIP] HMWXVMFYXMRK WLVMROEKI MRHYGIH GVEGOMRK MR
QEXYVIGSRGVIXI
1YPXMTPIGVEGOMRKHMWTPE]IHF]LEVHIRIHGSQTSWMXIWHYVMRK
VIWXVEMRIH WLVMROEKI XIWXW MRHMGEXIW XLI EFMPMX] SJ XLI JMFIV
GSRGVIXIXSHMWXVMFYXIWLVMROEKIMRHYGIHGVEGOMRKWXVEMRW
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XMZIRIWWSJTSP]TVST]PIRIJMFIVWMRJMFIVVIMRJSVGIHGSRGVIXI
HITIRHW YTSR XLI QIGLERMGEP FSRH FIX[IIR XLI JMFIV ERH
GIQIRXTEWXI4SP]TVST]PIRIMWGLIQMGEPP]MRIVXERHL]HVS
TLSFMGXLYWIPMQMREXMRKXLITSXIRXMEPJSVGLIQMGEPFSRHMRK
%WEVIWYPXXLIQIGLERMGEPFSRHSJJMFVMPPEXIHTSP]TVST]PIRI
JMFIVW GER FI KVIEXIV XLER QSRSJMPEQIRX TSP]TVST]PIRI
JMFIVW ?A 8LI JMFVMPPEXIH TSP]TVST]PIRI JMFIV I\LMFMXW
MQTVSZIH QIGLERMGEP FSRHMRKEW EHMVIGX VIWYPXSJ GIQIRX
QEXVM\ TIRIXVEXMRK XLI JMFVMPPEXIH RIX[SVO XLEX ERGLSVW XLI
RIX[SVOMRXLIQEXVM\?A8LMWJIEXYVIMWGEPPIHTIKKMRK
%QIGLERMGEPFSRHSVEHLIWMSR[MXLGEPGMYQWMPMGEXIL]HVEXI
*MK {(V]MRK WLVMROEKI WXVEMR ZIVWYW XMQI TPSXW JSV LEWFIIRVITSVXIH?A
TSP]TVST]PIRI JMFIV VIMRJSVGIH GSRGVIXI WTIGMQIRW ERH  8IWXW EX IPIZEXIH XIQTIVEXYVIW{-X LEW FIIR
GSQTERMSRTPEMRGSRGVIXIWTIGMQIRW
WLS[RXLEXTSP]TVST]PIRIJMFIVVIMRJSVGIHGSRGVIXIQE]RSX
FI GSQTEXMFPI [MXL GIVXEMR EYXSGPEZI GYVMRK XIGLRMUYIW
?A6IWYPXWSJXIWXWMRHMGEXIXLEXGSQTSWMXIWGYVIHMRER
YWMRK XLIWI HEXE XS JSVQ XLI VIPEXMSRWLMT FIX[IIR JMFIV EYXSGPEZIEXTWM 14E * ' JSVLSYVWERH
EQSYRXERHWLVMROEKIVIHYGXMSR8IWXWTIGMQIRW[IVIGYVIH XLIR SZIRHVMIH EX  *  '  JSV  LSYVW WYJJIV E
YRHIV[EXIVXLIRWYFNIGXIHXSEGGIPIVEXIHHV]MRK7LVMROEKI GSRWMHIVEFPIPSWWMRHYGXMPMX]HYIXSXLIVQEPS\MHEXMZIHIKVE
WXVEMR ZIVWYW XMQI [EW TPSXXIH XS GSQTEVI WTIGMQIRW HEXMSRSJXLITSP]TVST]PIRIJMFIVW-X[EWPEXIVTVSZIRXLEX
GSRXEMRMRKJMFIVW[MXLGSRXVSPWTIGMQIRWXVIEXIHMHIRXMGEPP] XLIXLIVQEPHIKVEHEXMSR[EWGEYWIHF]XLILMKLSZIRHV]MRK
ERHWMQYPXERISYWP]8LIWIGYVZIWEVIWLS[RMR*MK XIQTIVEXYVIIQTPS]IHERHXLEXEYXSGPEZIGYVMRKMRGSRNYRG
8LIWIWEQIEYXLSVW?AEPWSVITSVXIHTPEWXMGWLVMROEKI XMSR[MXLSZIRHV]MRKGSYPHFIYWIHSRP]MJHV]MRKXIQTIVE
VIHYGXMSRW SJ  XS  TIVGIRX JSV TSP]TVST]PIRI GSRXIRXW XYVIWEVIKVIEXP]VIHYGIH
VERKMRKJVSQXSTIVGIRXF]ZSPYQI4PEWXMGWLVMROEKI *YPPWGEPI JMVI XIWXMRK SJ QIXEP HIGO GSQTSWMXI WPEFW
XIWXWJSPPS[IH%781'(YVMRKXLIXIWXWMX[EWRSXIHXLEX YXMPM^MRK JMFVMPPEXIH TSP]TVST]PIRI JMFIVW ERH RS SXLIV VIMR
XLIUYERXMX]SJWYVJEGIFPIIH[EXIV[EWWMKRMJMGERXP]VIHYGIH JSVGIQIRXLEWFIIRVITSVXIH?A8IWXVIWYPXWMRHM
F]XLIEHHMXMSRSJJMFIVW-X[EWWYKKIWXIHXLEXXLITVIWIRGISJ GEXIHXLEXXLITVIWIRGISJJMFIVWLEHRSEHZIVWIIJJIGXERHXLEX
JMFIVWVIHYGIHWIXXPIQIRXSJXLIEKKVIKEXITEVXMGPIWXLYWIPMQ EX[SLSYVJMVIVEXMRKGSYPHFIEGLMIZIHJSVYRTVSXIGXIHWXIIP
MREXMRKHEQEKMRKGETMPPEV]FPIIHGLERRIPWERHTVIZIRXMRKER HIGOGSQTSWMXIWPEFW]WXIQERHEXLVIILSYVJMVIVEXMRKGSYPH
MRGVIEWI MR MRXIVKVERYPEV TVIWWYVIW MR XLI TPEWXMG GSRGVIXI FIEGLMIZIHJSVETVSXIGXIHWXIIPHIGOGSQTSWMXIWPEFW]WXIQ
8LMWVIHYGIHWIXXPIQIRXLIPTWEGGSYRXJSVXLIKVIEXIVZSPYQI  ,]FVMH JMFIV VIMRJSVGIH GSRGVIXI{%PXLSYKL RSX
PS[IVHIRWMX] [MXLJMFVSYWQM\IWHMWGYWWIHIEVPMIV MRZIWXMKEXIHI\XIRWMZIP]XLIYWISJX[SSVQSVIJMFIVX]TIWMR
*-&)66)-2*36')('32'6)8) 6

XLIWEQIGSRGVIXIQM\MWGSRWMHIVIHTVSQMWMRK8LIHIGMWMSR
XSQM\X[SJMFIVWQE]FIFEWIHSRXLITVSTIVXMIWXLEXXLI]QE]
MRHMZMHYEPP]TVSZMHISVWMQTP]FEWIHSRIGSRSQMGW'SRWMHIV
EFPI MQTVSZIQIRX MR XLI PSEHHIJPIGXMSR VIWTSRWI [EW
SFWIVZIHQM\MRKWXIIP[MXLTSP]TVST]PIRIJMFIVW?A
-R E QSVI VIGIRX WXYH] ?A WXIIP QMGVSJMFIVW 
QMGVSRWMRHMEQIXIVERHQQPSRK ERHGEVFSRQMGVSJMFIVW
QMGVSRWMRHMEQIXIVERHQQPSRK FSXLMRQSRSERH
L]FVMH JSVQW [IVI MRZIWXMKEXIH -R XLI QSRSJSVQ WXIIP
JMFIVTVSZMHIHFIXXIVWXVIRKXLIRMRKXLERXLIGEVFSRJMFIVERH
GEVFSRJMFIVTVSZMHIHFIXXIVXSYKLIRMRKXLERXLIWXIIPJMFIV
-RXIVIWXMRKP]MRXLIL]FVMHJSVQ MRGSQFMREXMSR XLI]FSXL
VIXEMRIHXLIMVMRHMZMHYEPGETEGMXMIWXSWXVIRKXLIRERHXSYKLIR
EWWLS[RMR*MK-XETTIEVWTSWWMFPIXLIVIJSVIXLEXF]
TVSTIVP]GSRXVSPPMRKJMFIVTVSTIVXMIWERHGSQFMRMRKXLIQMR
ETTVSTVMEXITVSTSVXMSRWSRIGEREGXYEPP]XEMPSVQEOIL]FVMH
JMFIVGSQTSWMXIWJSVWTIGMJMGEPP]HIWMKRIHETTPMGEXMSRW *MK{'EVFSRWXIIPL]FVMHJMFIVVIMRJSVGIHGSRGVIXI

{'SQTSWMXITVSHYGXMSRXIGLRSPSKMIW
&EXGLQM\MRKMWE[MHIP]YWIHTVSHYGXMSRQIXLSHJSVEPP 'SRGVIXI TERIPW [MXL QSRSJMPEQIRX TSP]TVST]PIRI JMFIV
X]TIWSJ72*6'*MFIVWEVIEHHIHXSXLI[IXQM\HMVIGXP] LEZIFIIRTVSHYGIHYWMRKEWTVE]WYGXMSRHI[EXIVMRKXIGL
JVSQ FEKW FS\IW SV JIIHIVW 'SPPEXIH JMFIV X]TIW VIUYMVI RMUYI?A1SRSJMPEQIRXJMFIVWEPWSLEZIFIIRYWIHMRE
QIGLERMGEPEKMXEXMSRHYVMRKXLIQM\MRKTVSGIWWXSIRGSYVEKI TVIWWMRKXIGLRMUYI?A
XLIFVIEOYTSJJMFIVFYRHPIWERHXLIMVHMWTIVWMSRXLVSYKLXLI ;MXL XLI LERH PE]YT XIGLRMUYI LMKLIV JMFIV ZSPYQI
QM\XYVI4VITEGOEKIHHV]QM\IWXLEXGSRXEMRHMWTIVWIHJMFIVW TIVGIRXEKIW YT XS  TIVGIRX  GER FI SFXEMRIH XLER [MXL
ERHXS[LMGLSRP][EXIVRIIHFIEHHIHEVIEPWSEZEMPEFPI GSRZIRXMSREP FEXGL QM\MRK XIGLRMUYIW YT XS EFSYX 
4VI[IMKLIH JMFIV UYERXMXMIW MR HIKVEHEFPI FEKW EVI EPWS TIVGIRX 7TVE]WYGXMSRHI[EXIVMRKXIGLRMUYIWGERTVSHYGI
[MHIP]YWIHXSJEGMPMXEXIFEXGLMRK GSQTSWMXIW[MXLEWLMKLEWTIVGIRXJMFIVF]ZSPYQI
%JXIVFEXGLMRKTPEGIQIRXXIGLRMUYIWMRGPYHIEPPXLIWXER
'SRWMWXIRG] MW GSQQSRP] QIEWYVIH F] XLI WPYQT XIWX
HEVHQIXLSHWWYGLEWFEXGLGEWXMRKTYQTMRK[IXQM\WLSX
%781 '  %R ETTEVIRX WPYQT HMJJIVIRGI WLSYPH FI
GVIXMRK ERH TPEWXIVMRK 8LI YWI SJ HV]QM\ WLSXGVIXI JSV
I\TIGXIH[LIRGSQTEVMRKRSRJMFVSYWERH72*6'JSVSXLIV
72*6'MWHMJJMGYPXHYIXSXLITVSTIRWMX]JSVXLIVIPEXMZIP]
[MWIWMQMPEVQM\HIWMKRW-RXLIGEWISJL]HVSTLSFMGJMFIVW
PS[HIRWMX]JMFIVWWTIGMJMGKVEZMX]SJETTVS\MQEXIP]XS
XLIVIMWRSPSWWSJ[EXIVXSXLIJMFIVFYXXLIJMFIV[MPPTVSZMHI
FI FPS[R SYX IMXLIV F] XLI WLSXGVIXI RS^^PI EMV TVIWWYVI
ETPEWXMGWLIEVWXVIRKXLXSXLIQM\XLEX[MPPVIHYGIWPYQT
WXVIEQSVF]IRZMVSRQIRXEPEMVWXVIEQW7PMTJSVQQEGLMRIW
TSWIRSTVSFPIQW[MXL72*6'QM\IW 'SRZIRXMSREPVIEH]QM\IHGSRGVIXIGERIEWMP]FITVSHYGIH
4SP]TVST]PIRIJMFIVWLEZIFIIRMRGSVTSVEXIHMRXSGSRGVIXI YWMRKQSRSJMPEQIRXSVJMFVMPPEXIHJMFIVWEXTIVGIRXZSPYQI
YWMRKWIZIVEPQIXLSHW?A8LI]QE]FI [MXL PMXXPI PSWW SJ GSRWMWXIRG] EW QIEWYVIH F] WPYQT
QM\IHEWWLSVXHMWGVIXIJMFIVWSJQSRSJMPEQIRXSVJMFVMPPEXIH ,S[IZIVWPYQTPSWW[MPPMRGVIEWIQSVIVETMHP]FI]SRHXLMW
JSVQ-XLEWFIIRVITSVXIHXLEXTSP]IXL]PIRIJMFIVWGSYPHFI TSMRX?A8LIWPYQTPSWWMWHITIRHIRXYTSRXLIJMFIV
IEWMP]HMWTIVWIHMRGSRGVIXIQEXVMGIWMRZSPYQITIVGIRXEKIWSJ PIRKXLEW[IPP7PYQTMWSJXIRXLSYKLMQTVSTIVP]YWIHEWE
YTXSTIVGIRXYWMRKGSRZIRXMSREPQM\MRKXIGLRMUYIW?A QIEWYVISJ[SVOEFMPMX]ERHMXMWSJXIRWEMHXLEXXLI[SVOEFMPMX]
%GV]PMG JMFIVW LEZI FIIR YWIH MR XLI ,EXWGLIO TVSGIWW SJGSRGVIXIMWVIHYGIHMRXLITVIWIRGISJJMFIVW,S[IZIV[MXL
[LMGLMWYWIHXSQERYJEGXYVIEWFIWXSWGIQIRXFSEVH WXERHEVHTPEGIQIRXTVEGXMGIWJMFIVGSRGVIXI[MPP[SVOTPEGI
ERHTYQTVIEHMP]2SEHHMXMSREPQM\MRK[EXIVMWVIUYMVIHERH
%WFIWXSWJMFIVGSRJSVQWZIV][IPPXSXLI,EXWGLIOTVSGIWW
RSRIWLSYPHFIEHHIH7MRGIXLIGSRZIRXMSREPWPYQTXIWXMWER
FIGEYWI XLIWI JMRIP] JMFVMPPEXIH JMFIVW TVSZMHI I\GIPPIRX
MRETTVSTVMEXI QIEWYVI SJ [SVOEFMPMX] JSV *6' MX MW VIGSQ
JMPXVEXMSR GLEVEGXIVMWXMGW XLEX OIIT XLI GIQIRX TEVXMGPIW
QIRHIHXLEXXLIMRZIVXIHWPYQTGSRIXIWX %781' SV
YRMJSVQP]HMWTIVWIHMRXLIJMFIVGIQIRXWPYVV]ERHTVIZIRX
XLI:IFI8IWX %'- FIYWIHXSIZEPYEXI[SVOEFMPMX]
WIKVIKEXMSR HYVMRK ZEGYYQ HI[EXIVMRK %GV]PMG JMFIVW
GERRSX TIVJSVQ XLMW JYRGXMSR HYI XS XLIMV VIPEXMZIP] PEVKI 7]RXLIXMGJMFIVWEVIYWYEPP]EHHIHXSVIEH]QM\GSRGVIXIEX
HMEQIXIV ERH WTIGMJMG WYVJEGI TVSTIVXMIW 8LIVIJSVI MX MW XLIFEXGLTPERX?A'SRZIRXMSREPTPEGIQIRXQIXLSHWEVI
RIGIWWEV] XLEX GIVXEMR wTVSGIWWx JMFIVW FI YWIH EW JMPPIV MR ETTPMGEFPIMRGPYHMRKFEXGLTPEGIQIRXERHTYQTMRK
EHHMXMSR XS EGV]PMG VIMRJSVGMRK JMFIVW XS TVSZMHI JMPXIVMRK
GLEVEGXIVMWXMGW ERH TVIZIRX WIKVIKEXMSR SJ JMRI TEVXMGPIW {*MFIVTEVEQIXIVW
+IRIVEPP]EGV]PMGJMFIVMWMRGSVTSVEXIHEXXSTIVGIRXF] -RGYVVIRXGSQQIVGMEPERHMRHYWXVMEPFYPOGSRGVIXIETTPM
[IMKLX[LMPITVSGIWWJMFIVWEVIEHHIHEXXSTIVGIRXF] GEXMSRW W]RXLIXMG JMFIVW EVI EHHIH XS GSRGVIXI MR XLI PS[
[IMKLX7SQII\EQTPIWSJIJJIGXMZITVSGIWWJMFIVWEVIOVEJX VERKISJJMFIVEHHMXMSRWETTVS\MQEXIP]TIVGIRXFEWIHSR
GIPPYPSWITYPTJMFIVERHTSP]IXL]PIRITYPTJMFIV?A XLIZSPYQISJGSRGVIXI-RXLIWIETTPMGEXMSRWXLIWXVIRKXLSJ
6 %'-'311-88))6)4368

[LIVI
J ! JSVHMRQQ
J ! JSVHMRMRGLIW
( ! TVIQM\SVTSWXQM\JMFIVHIRMIV
7+ ! JMFIVWTIGMJMGKVEZMX]
[LIVI 7+MWXLIWTIGMJMGKVEZMX]SJXLIJMFIVQEXIVMEPERH(
GERFIIMXLIVXLIFIJSVIQM\HIRMIVSVXLITSWXQM\HIRMIV
EW HIWMVIH ;MXL XLIWI IUYEXMSRW W]RXLIXMG JMFIVW GER FI
GSQTEVIH[MXLSXLIVJMFIVX]TIWF]XLIMVEWTIGXVEXMS0H
[LIVI 0MWXLIPIRKXLSJJMFIVERHHMWXLIIUYMZEPIRXJMFIV
HMEQIXIV
*SV I\EQTPI W]RXLIXMG JMFIVW SJ TSP]TVST]PIRI [MXL E
WTIGMJMGKVEZMX]SJERH[LMGLEVIGSQTEVEFPIMRWM^IXS
WXIIPJMFIVWETTVS\MQEXIP]MR QQ MRHMEQIXIV
EVIETTVS\MQEXIP]HIRMIV8LIHIRMIVSJXLIWEQIWM^I
JMFIVWSJWXIIP[SYPHFIETTVS\MQEXIP]8LIWIEVIXLI
X]TIERHWM^ISJW]RXLIXMGJMFIVWHIRMIV[LMGL[IVIJMVWX
ETTPMIH MR W]RXLIXMG JMFIV GSRGVIXI TVSHYGXMSR 1SRSJMPE
*MK{*MFIVHMEQIXIVZIVWYWHIRMIVVIPEXMSRWLMT QIRX QYPXMJMPEQIRX SV JMFVMPPEXIH W]RXLIXMG JMFIVW EVI
GYVVIRXP]ETTPMIHEXJEVPS[IVHIRMIVHS[RXSXS*SV
XLIGSRGVIXIMWGSRWMHIVIHXSFIYREJJIGXIHERHGVEGOGSRXVSP XLIWIJMFIVWXLIIUYMZEPIRXHMEQIXIVMWSRP]MR 
GLEVEGXIVMWXMGWEVIWSYKLX QQ ERHXLIVIJSVIXLIEWTIGXVEXMSMWMRGVIEWIHF]XIRXMQIW
*MFIVEHHMXMSRWSJX[SSVXLVIIXMQIWXLIZSPYQIEFSZIEVI JSVIUYEPPIRKXLJMFIVW
FIMRK XIWXIH ERH JPI\YVEP WXVIRKXL ERH XSYKLRIWW MRGVIEWIW
8LI JSPPS[MRK WIVMIW SJ IUYEXMSRW ERH XEFPIW MW LIPTJYP
EVIFIMRKVITSVXIH[LIRGSRGVIXITPEGIQIRXGERFIEGGSQ
?A 8LI] TVSZMHI XLI VIPEXMSRWLMT FIX[IIR ZEVMSYW
TPMWLIH[MXLSYXGSQTEGXMSRHMJJMGYPXMIW
KISQIXVMGERHQEXIVMEPX]TIJMFIVTEVEQIXIVW
7M^IERH[IMKLXGPEWWMJMGEXMSRSJJMFIVWYWIHMRXLIWIETTPM
GEXMSRW YWI XIVQMRSPSK] SVMKMREXMRK MR XLIXI\XMPI MRHYWXV]  *MFIVWTEGMRKERHWYVJEGIEVIE{*MFIVWTEGMRKERH
3RI I\EQTPI MW XLI YWI SJ XLI XIVQ wHIRMIVx (IRMIV MW WTIGMJMGWYVJEGIEVIOI]TEVEQIXIVWMRJPYIRGMRKXLIFILEZMSV
HIJMRIHEWXLI[IMKLXMRKVEQWSJQIXIVWSJJMFIV;LIR SJJMFIVVIMRJSVGIHGSRGVIXIFSXLMRXLITPEWXMGWXEKIERHMR
HIXIVQMRMRKXLIHIRMIVSJEJMFIVEWMRKPIJMPEQIRXMWYWIH XLILEVHIRIHJMREPTVSHYGX
*SVEJMFVMPPEXIHXETIEWXERHEVH[MHXLSJXLII\XVYHIHJMPQMW 8LI EZIVEKI JMFIV WTEGMRK MW E JYRGXMSR SJ JMFIV GVSWW
YWIH8LIJMFIVHIRMIVMWXLYWEQIEWYVISJXLIJMRIRIWWSJXLI WIGXMSREP EVIE JMFIV ZSPYQI ERH JMFIV SVMIRXEXMSR 8LI
JMFIV ;LIR ETTPMIH XS GSRGVIXI QM\XYVIW XLIVI QE] FI EZIVEKI JMFIV WTEGMRK MW HIVMZIH JVSQ XLI RYQFIV SJ JMFIVW
HMJJIVIRGIW FIX[IIR XLI JMFIV HIRMIV EW MX I\MWXW TVMSV XS GVSWWMRKEYRMXEVIEMREREVFMXVEV]GSQTSWMXIGVSWWWIGXMSR-X
FEXGLMRK TVIQM\JMFIVHIRMIV ERHEWMXI\MWXWEJXIVQM\MRK EJJIGXW FSXL XLI VLISPSKMGEP TVSTIVXMIW SJ XLI QM\ ERH XS E
TSWXQM\JMFIVHIRMIV WMRGIWSQIJMFIVX]TIWEVIHIWMKRIH GIVXEMR I\XIRX XLI QIGLERMGEP TVSTIVXMIW SJ XLI LEVHIRIH
EW GSPPEXIH JMFIV FYRHPIW XLEX WITEVEXI HYVMRK XLI QM\MRK GSRGVIXI;LIRQM\MRKERHGEWXMRK*6'XLIHIJSVQEXMSRERH
TVSGIWW*YVXLIVQSVIXLIJMFVMPPEXMSRTEXXIVRSJERI\XVYHIH JPS[GLEVEGXIVMWXMGWHITIRHSRJMFIVWTEGMRK1SVIIRIVK]MW
WLIIXSJTSP]TVST]PIRIGERZEV]JVSQQERYJEGXYVIVXSQERY VIUYMVIHXSHMWXVMFYXIGSRGVIXI XLVSYKLSYXRYQIVSYWREVVS[
JEGXYVIV8LYWXLIHIRMIVSJXLIQEMRJMFVMPWERHGVSWWJMFVMPW JMFIVWTEGIWXLERXLVSYKLSYXEJI[PEVKIWTEGIW8LIEFMPMX]SJ
QE]FIGSRWMHIVEFP]HMJJIVIRX[MXLMRXLIJMFVMPPEXIHRIX[SVO JMFIVW XS EGX EW GVEGO EVVIWXSVW MW MRJPYIRGIH MR TEVX F] XLI
ERHJVSQTVSHYGXXSTVSHYGX HMWXERGIEGVEGOGERXVEZIPFIJSVIMXMRXIVGITXWEJMFIV
(IRMIVMWEQIEWYVISJJMFIVJMRIRIWWERHQE]FIGSVVI 8LIJMFIVWTIGMJMGWYVJEGI *77 MWXLITVIHSQMRERXJEGXSV
PEXIHXSERIUYMZEPIRXJMFIVHMEQIXIVSVERIUYMZEPIRXJMFIV HIXIVQMRMRKGVEGOWTEGMRKERHGVEGO[MHXL8LIKVIEXIVXLI
GVSWWWIGXMSREPEVIE*MKYVIMWETPSXSJXLIVIPEXMSRWLMT WTIGMJMGJMFIVWYVJEGIXLIGPSWIVXLIGVEGOWTEGMRK ERHXLI
FIX[IIR XLI JMFIV X]TI EW HIJMRIH F] HIRMIV ERH WTIGMJMG REVVS[IVXLIGVEGO[MHXL8LI*77MWEJYRGXMSRSJXLIWMRKPI
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