Hi Lo: Caries Risk Assessment

Journal
o f t h e c a l i f o r n i a d e n ta l a s s o c i at i o n OCTOBER 2007
CAMBRA
Clinical Protocols
Products
r a r e ly
br u s hes
white spots o n
smooth surfac e s likes
ca n dy
hi
lo
r e cr e at i o n a l
drug use
med
lives in non-
f l u o r i dat e d
co m m u n i t y
e xp o s e d
r o ots
Caries risk
assessment
Douglas A. Young, DDS, MS, MBA;
part 1 of 2 John D.B. Featherstone, MSc, PhD;
and Jon R. Roth, MS, CAE
Journal CDA Journal
Volume 35, Number 10
o c to b e r 2 0 0 7
d e pa rt m e n t s
665 The Editor/Health Illiteracy
667 Letters to the Editor
671 Impressions
754 Dr. Bob/Dental Spa-ahhhhh
f e at u r e s
679 CA R I E S M A N AG EM ENT BY R IS K AS S E S SM E N T — A P RACT I T I O N E R’S GU I D E
An introduction to the issue.
Douglas A. Young, DDS, MS, MBA; John D.B. Featherstone, MSc, PhD; and Jon R. Roth, MS, CAE
681 C U R I NG TH E SI LENT EP ID EM IC : CA RI E S MA N AGE ME N T I N T H E 21 ST CE N T U RY A N D B E YO N D

This paper will present key concepts necessary for the most current management of dental caries and sets the stage for subsequent
papers in this issue to cover the clinical implementation of a caries management by risk assessment model (CAMBRA).
Douglas A. Young, DDS, MS, MBA; John D.B. Featherstone, MSc, PhD; and Jon R. Roth, MS, CAE
687 CA R I E S R IS K AS S ES SM ENT AP PRO P RI AT E F O R T H E AGE 1 V I S I T ( IN FA N T S A N D TO D D L E RS )

The latest maternal and child Caries Management By Risk Assessment tools for children age 0 to 5 (CAMBRA 0-5), developed
for oral health promotion and disease prevention starting with the recommended age 1 dental visit is presented in this paper.
Francisco J. Ramos-Gomez, DDS, MS, MPH; James Crall, DDS, ScD; Stuart A. Gansky, DrPH; Rebecca L. Slayton,
DDS, PhD; and John D.B. Featherstone, MSc, PhD
703 CA R I E S R IS K AS S ES SM ENT IN P RACT I CE F O R AGE 6 T H RO U GH AD U LT

A practical caries risk assessment procedure and form for patients age 6 through adult are presented. The content of the
form and the procedures have been validated by outcomes research after several years of experience using the factors and
indicators that are included.
John D.B. Featherstone, MSc, PhD; Sophie Domejean-Orliaguet, DDS; Larry Jenson, DDS, MA; Mark Wolff, DDS,
PhD; and Douglas A. Young, DDS, MS, MBA
714 C LI NI CAL P R OTO CO LS FO R CARI E S MA N AGE M E N T BY R I S K AS S E S S M E N T

This article seeks to provide a practical, everyday clinical guide for managing dental caries based upon risk group assessment. Also
included are some sample treatment plans to help practitioners visualize how CAMBRA may impact a patient’s treatment.
Larry Jenson, DDS, MA; Alan W. Budenz, MS, DDS, MBA; John D.B. Featherstone, MSc, PhD; Francisco J. Ramos-Gomez,
DDS, MS, MPH; Vladimir W. Spolsky, DMD, MPH; and Douglas A. Young, DDS, MS, MBA
724 P R O D U CTS : O LD , NE W, A N D EM E RGI N G

The purpose of this review is to present the evidence base for current products and those that have recently appeared on the market.
Vladimir W. Spolsky, DMD, MPH; Brian Black, DDS; and Larry Jenson, DDS, MS
&EJUPS ƾ ƿƼ ǅ Ǌ ǐ Ǎ ǉ Ƽ Ǉ ˜ ǑǊ Ǉ έ ί ˜ ǉ ʇ Ϋ Ϊ
ÏËÖÞÒ
ÖÖÓÞÏÜËÍã
ƼǇƼǉǇ˛ǁǀǇǎǀǉǁǀǇƿ˜ƿƿǎ

VDIIBTCFFOXSJUUFOBCPVU
IFBMUIMJUFSBDZJOSFDFOU ÒÏÚÜÙ×ÙØÞÙÜËÚÜÙÑÜË×ÝËÜÏËØÏâË×ÚÖÏÙÐ
NPOUITɥF0DUPCFSñïïõ
JTTVFPGUIF+PVSOBMPG"NFSJ ËÞÞÏ×ÚÞÝÞÙÙàÏÜÍÙ×ÏÞÒÏÎÓÐÐÓÍßÖÞãÙÐÒÏËÖÞÒ
DBO%FOUBM"TTPDJBUJPOIBEBO
FEJUPSJBMCZ%S.JDIBFM(MJDLTVQQPSUJOH ÖÓÞÏÜËÍãÓØÝÏÖÏÍÞÏÎÚÙÚßÖËÞÓÙØÝ˛
FĊPSUTUPBMMFWJBUFUIFJODSFBTJOHBNPVOU
PGIFBMUIJMMJUFSBDZðɥBUTBNFZFBS UIF
"NFSJDBO%FOUBM"TTPDJBUJPOFTUBCMJTIFE
BDPNNJUUFFUPTUVEZUIFQSPCMFNBOE BDDFTTUPIFBMUIDBSFɥFTFBSFQFPQMF UIFJSBCJMJUZUPDPNNVOJDBUFXJUIUIFJS
SFQPSUCBDLUPUIFñïïö)PVTFPG%FM XIPNBZIBWFTVCTUBOUJBMEJċDVMUZJOUIF QBUJFOUTBOEFOTVSFBEFQUIPGVOEFS
FHBUFTɥFDPNNJUUFFXBTDIBSHFEUP DPNQSFIFOTJPOPGIFBMUIDBSFDPODFQUT TUBOEJOH1SPWJEFSTOFFEUPVOEFSTUBOE
BTTJTUUIF$PVODJMPO"DDFTT 1SFWFOUJPO BMBDLPGJOEJWJEVBMTUPBUUFNQUUPUFBDI DVMUVSBMWBMVFTBOETZTUFNTGPSUIFJS
BOE*OUFSQFSTPOBM3FMBUJPOTJOEFWFMPQJOH UIFN PSMBOHVBHFCBSSJFST"TBSFTVMU QPUFOUJBMQBUJFOUQPQVMBUJPOT4PDJBM
QSPHSBNTBOEJEFOUJGZJOHBQQSPBDIFTUP UIFSFJTMJLFMZUPCFBMFTTBHHSFTTJWFVTF NPSFTBOECFMJFGTOFFEUPCFBEESFTTFE
FOBCMJOHUIJTBMMJNQPSUBOUDPODFQUɥF PGBWBJMBCMFGBDJMJUJFTBOEQFSTPOOFMGPS JOUIFQMBOOJOHGPSIFBMUIDBSFQSPHSBNT
"TTPDJBUJPOUPPLBHPPEBQQSPBDIUPUIF IFBMUIDBSFPSMBDLPGBEFRVBUFQSFWFOUJWF BOEEFMJWFSZ8FOFFEUPVQEBUFPVSTFMWFT
QSPCMFN OPUTPNVDIJOUIFFTUBCMJTI QSBDUJDFTPOUIFJSQBSUɥFQSPNPOUPSB DPOUJOVBMMZPOUFDIOJRVFTUIBUFOBCMFVT
NFOUPGBHSPVQUPMPPLBUUIFQSPCMFN QSPHSBNTBSFBOFYBNQMFPGBUUFNQUTUP UPSFMBUFUPPVSQBUJFOUTXIPIBWFDVMUVSBM
CVUSBUIFSUIFJSDIBSHFSFMBUJWFUPUIF PWFSDPNFUIFEJċDVMUZPGIFBMUIMJUFSBDZ EJĊFSFODFTUPCFFĊFDUJWFJOFEVDBUJOH
EFmOJUJPOPGUIFJTTVF JOTFMFDUFEQPQVMBUJPOTCZVTJOHMPDBM UIFNPOIFBMUINBUUFSTɥF"NFSJDBO
*MMJUFSBDZDBOCFWJFXFEBUUISFFMFWFMT DPNNVOJUZIFBMUIDBSFXPSLFSTUPFEV %FOUBM"TTPDJBUJPOIBTDIBSHFEUIF$PVO
'PSTPNF UIFSFJTEJċDVMUZJODPNQSF DBUFUIFNBTTFT$BSFHJWFSTGPSUIFFMEFSMZ DJMPO%FOUBM&EVDBUJPOBOE-JDFOTVSFUP
IFOEJOHUIFOFDFTTJUZPGHPPEIFBMUI PSUIFJOmSNBSFBOPUIFSBSFBXIFSF FODPVSBHFEFWFMPQNFOUPGQSPHSBNTUP
QSBDUJDFTɥJTMFWFMPGJMMJUFSBDZJTEJċDVMU IFBMUIMJUFSBDZDBOCFQSPNPUFE"E USBJOIFBMUIDBSFQSPGFTTJPOBMTJOQSFWFO
UPPWFSDPNFJOUIBUUIFJOEJWJEVBMTNBZ EJUJPOBMQSPHSBNTTVDIBTUIFTFOFFEUP UJWFDBSFGPSQBUJFOUT
OPUCFBCMFUPVOEFSTUBOEUIFJOGPSNBUJPO DPOUJOVFUPCFEFWFMPQFEGPSGVUVSFQSF ɥFmOBMMFWFMPGJMMJUFSBDZJTJHOP
UIFZBSFHJWFO'PSPUIFST UIFSFNBZCF WFOUJPOBOEUSFBUNFOUPGEFOUBM BTXFMM SBODFɥFMBDLPGBCJMJUZUPMFBSOJOPVS
BMBDLPGFEVDBUJPOɥFTFBSFJOEJWJEVBMT BTHFOFSBMIFBMUIJTTVFT1BUJFOUTOFFEUP QBUJFOUTPSMBDLPGFEVDBUJPOGPSPVS
XIPIBWFUIFDBQBDJUZUPMFBSOCVUIBWF CFFEVDBUFEPOUIFOFFEGPSQSPQFSEJFU IFBMUIDBSFQSPWJEFST XIJMFVOGPSUVOBUF
OPUCFFOUBVHIUPSIBWFMFBSOFEFSSPOF PSBMIZHJFOF BOEVUJMJ[JOHEFOUBMQSPGFT JTVOEFSTUBOEBCMFBOETPNFXIBUFYDVT
PVTUIJOHT'JOBMMZ UIFSFJTJHOPSBODFGPS TJPOBMTBOEGBDJMJUJFTUPQSFWFOUQSPCMFNT BCMF*HOPSBODF UIFQSPDFTTPGJHOPSJOH
UIPTFXIPBSFFEVDBUFEBOEJHOPSFUIBU BOEUSFBUEJTFBTF XIBUJTLOPXO JTOPUɥFQSPHSBNTGPS
XIJDIUIFZIBWFMFBSOFEɥJTJHOPSBODFJT ɥFVOFEVDBUFEHSPVQTNJHIUJODMVEF IFBMUIDBSFBUUIFHPWFSONFOUMFWFMBOE
BCMBUBOUEJTSFHBSEPGFWJEFODFJOGBDUGPS UIPTFXIPEFMJWFSIFBMUIDBSF1IZTJ XJUIQSJWBUFDBSSJFSTDBOOPUCFFYDVTFE
WBSJPVTSFBTPOT DJBOT OVSTFT EFOUJTUT IZHJFOJTUT EFOUBM GPSJHOPSJOHUIFQFPQMFXIPOFFEIFBMUI
3FDJQJFOUTPGPVUSFBDIQSPHSBNTBSF BTTJTUBOUT BOEPUIFSTDFSUBJOMZIBWFUIF DBSFBUUIFNPTUCBTJDMFWFM'FEFSBM TUBUF
UIFQPPS XPSLJOHQPPS VOEPDVNFOUFE LOPXMFEHFUPJODVMDBUFIFBMUIDBSFWBMVFT BOEMPDBMQSPHSBNTOFFEUPSFBTTFTTUIFJS
JNNJHSBOUT MBOHVBHFDIBMMFOHFEDJUJ[FOT JOUIFJSQBUJFOUT-BDLJOHNBZCFDVMUVSBM QSJPSJUJFTGPSJODMVTJPOBOESFJNCVSTF
FMEFSMZBOEUIPTFXIPIBWFMJNJUFEPSOP TFOTJUJWJUZBOEMBOHVBHFTLJMMTUIBUGPTUFS NFOUGPSEFOUBMBOEHFOFSBMIFBMUIDBSF
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹʹͳ
ƾ ƿƼ ǅ Ǌ ǐ Ǎ ǉ Ƽ Ǉ ˜ ǑǊ Ǉ έ ί ˜ ǉ ʇ Ϋ Ϊ
ɥFO BOEPOMZUIFO DBOXFTBZUIBUXF

BSFQSPHSFTTJOHGSPNJMMJUFSBDZUPMJUFSBDZ
)FBMUIMJUFSBDZJTBNVMUJMFWFMJTTVF
UIBUIBTJNQBDUJO$BMJGPSOJBBTXFMMBT
OBUJPOBMMZ*UJOWPMWFTQBUJFOUT QSPWJE
FST BOEQBZFST*USFnFDUTBNFTIJOHPG
WBMVFTBUBMMUISFFMFWFMTUIBUVMUJNBUFMZ
XJMMJNQSPWFUIFIFBMUIPGUIFQPQVMBUJPO
ɥJTJTBTJHOJmDBOUQSPCMFNUIBUOFFETUP
CFBEESFTTFEJGXFBSFUPDPOUJOVFUPBE
ESFTTQSFWFOUJPOPGEJTFBTFJOUIFQBUJFOU
QPQVMBUJPOTXIPNPTUOFFEJU
Ǎ ǀ ǁ ǀ Ǎ ǀ ǉƾǀ ǎ
͒˛ÖÓÍÕ˜ÒÏÞÙáÏÜÙÐËÌÏÖËØÎÒÏËÖÞÒÙßÞÍÙ×ÏÝ˛×ÏØÞ
ÝÝÙÍ͔̙͒͒͑͘̚˝͔͖͙͒͗̋˜͓͑͑͗˛

ÎÎÜÏÝÝÍÙ××ÏØÞÝ˜ÖÏʵÏÜÝ˜ËØÎÛßÏÝÞÓÙØÝ
ÞÙÞÒÏÏÎÓÞÙÜËÞËÖËØ˛ÐÏÖÝÏØÐÏÖÎ̶ÍÎË˛ÙÜÑ˛
ʹʹʹ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
-FUUFST ƾ ƿƼ ǅ Ǌ ǐ Ǎ ǉ Ƽ Ǉ ˜ ǑǊ Ǉ έ ί ˜ ǉ ʇ Ϋ Ϊ
ßÎÙÝÐÙÜÞÒÏÏá ØÎÙÍËÜÎÓÞÓÝÜÏàÏØÞÓÙØßÓÎÏÖÓØÏÝ

IF+PVSOBMPGUIF$BMJGPSOJB TDSJCFUIFNHPBXBZw"UTPNFQPJOU OVNCFSPGEFOUBMQSPDFEVSFTGPSXIJDI
%FOUBM"TTPDJBUJPOTIPVMECF JOUJNF *UIJOLEFOUJTUSZOFFETUPNBLF QSPQIZMBYJTJTJOEJDBUFEIBTBMTPFOMBSHFE
DPNNFOEFEGPSUIFFYDFMMFOU UIFQPJOUUIBUXFBSFFWFSZCJUBTNVDI GSPNQSFWJPVTSFDPNNFOEBUJPOJOUIJT
BSUJDMFCZ%SɥPNBT1BM iEPDUPSTwBTUIFZBSF BOEXFOFFEUPUFMM TFMFDUIJHISJTLHSPVQ
MBTDISFHBSEJOHUIFOFX")" PVSQBUJFOUTXIBUUPEPCBTFEPOSFTFBSDI ɥF"NFSJDBO"DBEFNZPG0SBM.FEJ
FOEPDBSEJUJTQSFWFOUJPOHVJEFMJOFT%S BOEOPUCBTFEPOXIBUJOEJWJEVBMNFEJDBM DJOFTVQQPSUTUIFTFSFDPNNFOEBUJPOT
1BMMBTDITBOBMZTJTPGUIFTJUVBUJPOXBTFY QSBDUJUJPOFSTUFMMVTXIBUUPEP BOEXPVMEMJLFUPBTTJTUEFOUJTUTJONBL
DFMMFOU#VUIJTBSUJDMFCFHTTPNFOFFEFE *UJTNZQSFEJDUJPOUIBUJUXJMMUBLF JOHUIFUSBOTJUJPOUPUIFOFXHVJEFMJOFT
JTTVFTBOERVFTUJPOTy ZFBSTGPS.%TUPTUPQUFMMJOHUIFJS BTTNPPUIBTQPTTJCMFɥJTBSUJDMFUIFO
ð,OPXJOHUIBUUIFFWJEFODFGPS QBUJFOUTUIFZOFFEBOUJCJPUJDTQSJPSUP JTOPUJOUFOEFEBTBTVCTUJUVUFGPSBOJO
BOUJCJPUJDQSPQIZMBYJTXBTMBDLJOH XIZ EFOUBMQSPDFEVSFT JOTQJUFPGUIFOFX EFQUISFWJFXPGUIFTFJNQPSUBOUDIBOHFT
EJEXFBTBQSPGFTTJPOCPXUPUIFNFEJ ")"SFDPNNFOEBUJPOT CVUBOBJEJOUIFQSPDFTTPGNBLJOHUIF
DBMQSPGFTTJPOTEFNBOETGPSTPNFUIJOH ǂ ǐ ǔǂ ˛ ǂ Ǆ ƼƾǊ ǋ ǐ Ǖ Ǖ Ǆ ˜ ƿ ƿ ǎ USBOTJUJPOUPUIFOFXSFHJNFO
UIBUXBTUSVMZEBOHFSPVTGPSPVSQBUJFOUT -BLF"SSPXIFBE $BMJG *ODMVEFEBSFUXPEPDVNFOUTUIBU
ɥFOFFEMFTTBOUJCJPUJDQSFTDSJCJOHIBT TIPVMEBTTJTUJOUIJTQSPDFTTɥFmSTUJTB
DFSUBJOMZCSFESFTJTUBOUCBDUFSJBBOE TVNNBSZGPSQPTUJOHJOPOFTPċDFPSJO
HFOFSBUFEBMMFSHJDSFBDUJPOT8FWFIBE ǉǊƿǊǐƽǏ BDMJOJDBMBSFBBTBSFNJOEFSPGKVTUXIBU
UIFTDJFODFUPTVQQPSUUIFiOPBOUJCJPU DPOEJUJPOTBSFOPXDPWFSFE GPSXIBU
JDTOFDFTTBSZwQPTJUJPOGPSBOVNCFSPG ÞÒÏáÙÜÎáÓÖÖ QSPDFEVSFT BOEXJUIXIBUNFEJDBUJPOT
ZFBST)BE"%"DPNFVQXJUIBOPċDJBM ÏàÏØÞßËÖÖãÝÚÜÏËÎ ɥJTPOFQBHFTIFFUJTJOUFOEFEUPDVF
QPTJUJPO *UIJOLXFDPVMEIBWFOPUPOMZ QSPWJEFSTJOUIFJSEBJMZQSBDUJDF
EFGFOEFEPVSQPTJUJPOJODPVSU CVUTBWFE ÞÙÏàÏÜãÙØÏ˜ÌßÞ˜ ɥFTFDPOEEPDVNFOUJTJOUFOEFEBTB
OFFEMFTTBOUJCJPUJDFYQPTVSFGPSUIPV ÐÙÜÜÓÑÒÞØÙá˜ QBUJFOUJOGPSNBUJPOTIFFU*OPVSMJNJUFE
TBOET QPTTJCMZNJMMJPOTPGQBUJFOUT FYQFSJFODFXJUIUIFTFDIBOHFT UIFSFBSFB
ñ%S1BMMBTDICSJOHTVQBMPOHTUBOE áÏÓØÎÏØÞÓÝÞÜãËÜÏ OVNCFSPGQBUJFOUTXIP XFGPSZFBSTUPME
JOHQSPCMFNUIBUFYJTUTCFUXFFONFEJDJOF ÓØÞÒÏÖÏËÎ˛ UIFNUIFZOFFEFEBOUJCJPUJDQSPQIZMBYJT
BOEEFOUJTUSZUIFZTJNQMZEPOUSFTQFDU XBOUBOFYQMBOBUJPOBTUPXIZUIFJSDBSF
PVSWFSZFYJTUFODF*TUIFSFBOZUIJOHXF JTOPXDIBOHJOHɥFBUUBDIFEQBUJFOU
DBOEPUPJNQSPWFUIBU ɥBUJT TIZPG JOGPSNBUJPOTIFFUTIPVMENBLFUIJTUBTL
XJUIIPMEJOHBOFTUIFUJDXIFOUIFZOFFE ÓÎÝÐÙÜ
×ÚÖÏ×ÏØÞÓØÑÏá FBTJFSɥFSFBSFTFWFSBMXBZTUIJTTIFFU
EFOUBMQSPDFEVSFT
8IJMFUIFBSHVNFOU ØÞÓÌÓÙÞÓÍÜÙÚÒãÖËâÓÝßÓÎÏÖÓØÏÝ DBOCFVTFE
DBOCFNBEFUIFZBSFTJNQMZKFBMPVTPGVT "TSFDFOUMZQVCMJTIFECZUIF"NFSJDBO ■*UDPVMECFTFOUUPJOEJWJEVBMTBG
BTBQSPGFTTJPO XFXPSLGFXFSIPVST DPO )FBSU"TTPDJBUJPOJO$JSDVMBUJPOBOEUIF GFDUFECZUIFDIBOHFJOBEWBODFPGUIFJS
USPMUIPTFIPVSTXFEPXPSL BOEXFNBLF +PVSOBMPGUIF"NFSJDBO%FOUBM"TTPDJBUJPO BQQPJOUNFOUTTPUIFZDBOSFBEUISPVHIJU
NPSFNPOFZ
UIFSFBMJUZJTUIFNFEJDBM SFDPNNFOEBUJPOTGPSBOUJCJPUJDQSPQIZ ■*UDPVMECFVTFEBTBSFGFSFODFEVS
QSPGFTTJPOTBSSPHBOUBUUJUVEFUPXBSE MBYJTUPQSFWFOUJOGFDUJWFFOEPDBSEJUJTIBWF JOHUIFQBUJFOUWJTJUBTBOFYQMBOBUJPOGPS
EFOUJTUSZIBTTPNFWFSZSFBMQSBDUJDBM DIBOHFETVCTUBOUJBMMZð ñɥFTFSFDPNNFO UIFDIBOHFT
DPOTFRVFODFT8FKVTUFOEFEBOFFEMFTT EBUJPOTBSFNPSFDMFBSMZCBTFEJOTDJFOUJmD ■*UDPVMECFUBLFOCZUIFQBUJFOUUP
QSPQIZMBYJTQSPDFEVSF UIBOLTUPUIF SFTFBSDIUIBOBOZQSFWJPVTMZ BOETVCTUBO UBLFUPUIFJSQIZTJDJBOBTJOGPSNBUJPO
")"TXJTEPN8FBSFDVSSFOUMZCBUUMJOH UJBMMZSFEVDFUIFJOEJDBUJPOTGPSQSPQIZMBYJT 8IBUXFBSFmOEJOHJTUIBUEFOUJTUSZ
BOFXJTTVFSFHBSEJOHCJTQIPTQIPOBUFT ɥFPVUDPNFJTUIBUPOMZBTNBMM JTNVDINPSFBXBSFPGUIFDIBOHFESFD
BOE SJHIUOPX UIFNFEJDBMQSPGFTTJPOT OVNCFSPGQBUJFOUTXIPBSFBUIJHISJTL PNNFOEBUJPOTUIBOBSFNPTUQIZTJDJBOT
BUUJUVEFJTiJUTZPVSQSPCMFNJU BSFOPXUPSFDFJWFBOUJCJPUJDQSPQIZMBYJT ɥFTIFFUOPUPOMZQSPWJEFTBDPODJTF
EPFTOUBĊFDUNF*NTUJMMHPJOHUPQSF JODPOKVODUJPOXJUIEFOUBMUSFBUNFOUɥF TZOPQTJTPGUIFDIBOHFTCVUBMTPIBT8FC
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹʹ͵
ǊƾǏǊƽǀǍΪα ǇǀǏǏǀǍǎ
TJUFTBOZPOFDBOBDDFTTGPSBEEJUJPOBM Ǎǀ ǁ ǀ Ǎǀ ǉ ƾ ǀ ǎ˝
JOGPSNBUJPO/PEPVCUUIFXPSEXJMMFWFO ͒˛ÓÖÝÙØ˜ËßÌÏÜÞ˜ÏÞËÖ˜ÜÏàÏØÞÓÙØÙÐÓØÐÏÍÞÓàÏ
ÏØÎÙÍËÜÎÓÞÓÝ˛ßÓÎÏÖÓØÏÝÐÜÙ×ÞÒÏ×ÏÜÓÍËØ ÏËÜÞÝÝÙÍÓËÞÓÙØ˜
UVBMMZTQSFBEUPFWFSZPOF CVU GPSSJHIU ËÑßÓÎÏÖÓØÏÐÜÙ×ÞÒÏ×ÏÜÓÍËØ ÏËÜÞÝÝÙÍÓËÞÓÙØÜÒÏß×ËÞÓÍ
OPX XFJOEFOUJTUSZBSFJOUIFMFBE ÐÏàÏÜ˜ÏØÎÙÍËÜÎÓÞÓÝ˜ËØÎËáËÝËÕÓÓÝÏËÝÏÙ××ÓʵÏÏ˜ÙßØÍÓÖ
ɥFTFEPDVNFOUTBSFBMTPQPTUFEPO ÙØËÜÎÓÙÖÙÑã˜ËÜÎÓÙàËÝÍßÖËÜÓÝÏËÝÏÓØÞÒÏÙßØÑ˜ËØÎÞÒÏ
ÙßØÍÓÖÙØÖÓØÓÍËÖËÜÏËØÎÙßØÍÓÖÙØËÜÎÓÙàËÝÍßÖËÜßÜÑÏÜã
PVS8FCTJUFGPSFBTZBWBJMBCJMJUZPGCPUI ËØÎØÏÝÞÒÏÝÓË˜ËØÎÞÒÏßËÖÓÞãÙÐßÞÍÙ×ÏÝÏÝÏËÜÍÒ
EFOUBMDBSFQSPWJEFSTBOEQBUJFOUT8F
ØÞÏÜÎÓÝÍÓÚÖÓØËÜãÙÜÕÓØÑÜÙßÚ˛ÒÓÝ×ÏÜÓÍËØ ÏËÜÞ
FODPVSBHFQSBDUJUJPOFSTUPSFGFSQBUJFOUT ÝÝÙÍÓËÞÓÙØËÜÞÓÍÖÏÍËØÌÏÎÓÜÏÍÞÖãÎÙáØÖÙËÎÏÎÐÜÙ×˝
ÒʵÚ˝˹˹ÍÓÜÍ˛ËÒËÔÙßÜØËÖÝ˛ÙÜÑ˹ÍÑÓ˹ÜÏÚÜÓØÞ˹
UPPVSTJUFOPUPOMZGPSUIFTFEPDVNFOUT

˛͒͑͗˛͙͔͚͖͒͑˛
CVUBMTPGPSPUIFSQBUJFOUJOGPSNBUJPO ͓˛×ÏØÞÝÝÙÍ˜͔͙̙͒͗̚˝͔͚̋͗͑͘˜͓͑͑͘ÙÜÎÙáØÖÙËÎÐÜÙ×
TIFFUTUIBUXFIBWFQSPEVDFEBOEBSF ÒʵÚ˝˹˹ÔËÎË˛ËÎË˛ÙÜÑ˛
EFWFMPQJOHɥF8FCTJUFPGUIF"NFSJ
DBO"DBEFNZPG0SBM.FEJDJOFJTXXX
BBPNDPN8FFODPVSBHFZPVSBOEZPVS
QBUJFOUTGFFECBDLBOERVFTUJPOT
Ǐǃǀ ƼǈǀǍǄƾƼǉ Ƽƾ Ƽƿ ǀ ǈ ǔ Ǌǁ ǊǍƼǇ
ǈǀƿǄƾǄǉ ǀ ǒ ǍǄǏ Ǆǉ ǂ ǂǍǊǐǋ
ʹʹͶ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
*NQSFTTJPOT ƾ ƿƼ ǅ Ǌ ǐ Ǎ ǉ Ƽ Ǉ ˜ ǑǊ Ǉ έ ί ˜ ǉ ʇ Ϋ Ϊ
ÒÏÒÙÖÏÙÙÞÒËØÎÙÞÒÓØÑßÞ
ƽǔǋƼǏǏǔǍǀǔǀǎ
*OSVHCZ BTJONPTUTQPSUT UIFSFJT
BDPNNPONFOUBMJUZUPmHIUUPPUIBOE
OBJMUPTDPSF)PXFWFS JOUIFDBTFPG#FO
$[JTMPXTLJ JUXFOUBTDSVNUPPGBS
%VSJOHUIF2VFFOTMBOE$VQ $[JTMPXT
LJDPMMJEFEOPHHJOTXJUIPQQPOFOU5XFFE
)FBETGPSXBSE.BUU"VTUJO$[JTMPXTLJ
TVĊFSFEBDVUBCPWFIJTFZF BXPVOEUIBU
XBTJNNFEJBUFMZTUJUDIFEVQ"VTUJO ññ
MPTUTFWFSBMUFFUIBOEBMTPCSPLFIJTKBX
$[JTMPXTLJSFUVSOFEUPUIFmFMEGPSIJT
UFBN 8ZOOVN.BOMZ IJTFZFTXFMMJOHVQ
JOTUBOUMZ#ZUIFFOEPGUIFHBNF IFDPVME
OPMPOHFSTFFPVUPGJUBOEXPVMEOUCF
BCMFUPGPSBOPUIFSXFFL
i*WFIBEBMPUPGDVUTBOECVNQT
BOECSVJTFTBOEUIBUGSPNQMBZJOHSVHCZ
MFBHVF TPJUXBTOU JUXBTOUBOZUIJOHPVU
PGUIFPSEJOBSZ*UXBTBIFBWZDPMMJTJPO
ËʵßÖÖÓØ
CVUOPUIJOHEJĊFSFOUUPXIBU*WFIBE
CFGPSF wTBJE$[JTMPXTLJJOBCSPBEDBTU
ƾǊǉǏ Ǆ ǉ ǐǀ ǎ Ǌǉ ΰ αΰ
×ÜÙØ ÏËÖÞÒÍËÜÏ
ËßØÍÒÏÝËÞÓÏØÞ %FOUJTUT$BO#F4DMFSPEFSNB4QFDJBMJTUT
ÙØÓÞÙÜ
ØÏâÚÏÜÞÓØÞÒÏËÜÏËÙÐËßÞÙÓ××ßØÏÎÓÝÏËÝÏÝÍÖÏÜÙÎÏÜ×Ë
×ÜÙØ ÏËÖÞÒÍËÜÏÙÐ
ËØØÙÍÕÌßÜØ˜
ÖÖ˛˜ËØ̋ ÝËÓÎÒÏÌÏÖÓÏàÏÝËÖÖÎÏØÞÓÝÞÝÒËàÏÞÒÏËÌÓÖÓÞãËØÎÕØÙáÖÏÎÑÏÞÙ
ØÙßØÍÏÎÞÒÏÖËßØÍÒÙÐË ÞÜÏËÞÞÒÏÝÏÚËÞÓÏØÞÝ˛
ØÏáÚÙÜÞËÌÖÏ˜ÝÞËÞÏ̋ÙÐ̋ ËàÓÎ ÏËÎÏÜ˜˜ËÑÏØÏÜËÖÎÏØÞÓÝÞËØÎËÐËÍßÖÞã×Ï×ÌÏÜ
ÞÒÏ̋ËÜÞÚËÞÓÏØÞ×ÙØÓÞÙÜÐÙÜ
ßÝÏÓØÒÙÝÚÓÞËÖÝ˜ÎÏØÞÓÝÞ
ËÞßʰÝØÓàÏÜÝÓÞãÍÒÙÙÖÙÐÏØÞËÖÏÎÓÍÓØÏ˜ÝËÓÎÝÙ×ÏÎÏØÞÓÝÞÝ
ËØÎ×ÜÙØ˪ÝßÝÏÜ̋ÐÜÓÏØÎÖã
ÙʩÍÏÝ˜ËØÎÜÏÑÓÙØËÖ ÎÏÝÓÑØÍËÚËÌÓÖÓÞÓÏÝÞÙ ÞßÜØËáËãÝÍÖÏÜÙÎÏÜ×ËÚËÞÓÏØÞÝ˜ÒÏÝÓÞËØÞÞÒÏãÎÙØ˪ÞÒËàÏÞÒÏ
ÝßÜÑÏÜãÍÏØÞÏÜÝ˛ÒÏ̋ ÚÜÙàÓÎÏËàÏÜÝËÞÓÖÏ˜ ÍÖÓØÓÍËÖÕØÙáÖÏÎÑÏØÏÏÎÏÎÞÙÞÜÏËÞÞÒÏ×˛
͖͒͑ÍÙ×ÌÓØÏÝÞÒÏÌÏÝÞÙÐ ÖÓÑÒÞáÏÓÑÒÞ×ÙØÓÞÙÜ
ÍÖÏÜÙÎÏÜ×Ë×ËãÌÏÝãÝÞÏ×ÓÍÙÜÖÙÍËÖÓäÏÎËØÎËʥÏÍÞÝÞÒÏ
ÙÖÓØ˪ÝÖÏËÎÓØÑØÙØÓØàËÝÓàÏ ÞÒËÞáÓÖÖÏØËÌÖÏÍÖÙÝÏ
ÌÖÙÙÎÚÜÏÝÝßÜÏÞÏÍÒØÙÖÙÑã áËÞÍÒÙÐËÚËÞÓÏØÞ˪ÝàÓÞËÖ ÍËÜÎÓÙàËÝÍßÖËÜÝãÝÞÏ×˜ÕÓÎØÏãÝ˜ÖßØÑÝ˜ËØÎÝÕÓØ˛ÓÍÜÙÝÞÙ×ÓË˜
ÝÓÑØÝáÒÏÞÒÏÜÞÒÏãËÜÏ ×ãÙÐËÍÓËÖÎãÝÐßØÍÞÓÙØ˜ËØÎâÏÜÙÝÞÙ×ÓËËÜÏÝÙ×ÏÎÏØÞËÖÏʥÏÍÞÝ
ÝÏÎÏØÞËÜãÙÜÌÏÓØÑ×ÙàÏÎ ÙÐÞÒÏÎÓÝÏËÝÏ˛ ÏËÎÏÜÝËÓÎÞÒËÞáÓÞÒËÍÙ×ÌÓØËÞÓÙØÙÐÚÒãÝÓÍËÖ
áÓÞÒÓØËÒÙÝÚÓÞËÖ˛ÙÜ
×ÙÜÏÓØÐÙÜ×ËÞÓÙØ˜ÍÙØÞËÍÞ
ÞÒÏÜËÚã˜ÚÜÙÚÏÜÏÛßÓÚ×ÏØÞ˜ËØÎÚÜÏ×ÏÎÓ̋
ÒßÍÕÜÓÝËÐßÖÖÓËÞÒßÍÕ˛ ÍËÞÓÙØáÓÞÒ×ßÝÍÖÏÜÏÖËâËØÞÝ˜ÎÏØÞÓÝÞÝÍËØ
ÜÓÝËÐßÖÖÓ̶×ÜÙØ˛ÍÙ×ÙÜ ÞÜÏËÞÞÒÏÝÏÓØÎÓàÓÎßËÖÝ˛
͓͚͓͔͒͑̋͗͑̋͗͑˛
˫ãÞßÜØÓØÑÚËÞÓÏØÞÝËáËã˜ÞÒÏÝÏ
ÎÏØÞÓÝÞÝËÜÏÍÜÏËÞÓØÑÌËÜÜÓÏÜÝÞÙÍËÜÏÞÒËÞ
ØÏÏÎØÙÞÏâÓÝÞ˜ˬÒÏÝËÓÎÓØÞÒÏÝß××ÏÜ
ÓÝÝßÏÙÐÞÒÏÙßÜØËÖÙÐÞÒÏËÝÝËÍÒßÝÏʵÝ
ÏØÞËÖÙÍÓÏÞã˛
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹ͵ ͯ
ǊƾǏǊƽǀǍΪαǄǈǋǍǀǎǎǄǊǉǎ
ÙÙÞÒÜÙÝÓÙØÓÝÞÒÏÙÍßÝÐÙÜÏá JODSFBTFBXBSFOFTTBOELOPXMFEHFPG
Ë×ÚËÓÑØ UIFTFJTTVFTUPFOTVSFUIBUJOGPSNBUJPO
ɥF"DBEFNZPG(FOFSBM%FOUJTUSZ JNQPSUBOUUPHFOFSBMEFOUJTUTXJMMCF
SFDFOUMZBOOPVODFEBZFBSMPOHTQPOTPS TIBSFEXJUIBMBSHFSEFOUBMBVEJFODFBOE
TIJQGPDVTJOHPOUPPUIFSPTJPO BXJEFSQBUJFOUQPQVMBUJPO wTBJE3POBME
ɥFTQPOTPSTIJQ NBEFQPTTJCMFCZBO -3VQQ %.% (4,$POTVNFS)FBMUI
FEVDBUJPOBMHSBOUGSPN(MBYP4NJUI,MJOF DBSFTFOJPSNBOBHFS QSPGFTTJPOBMSFMB
$POTVNFS)FBMUIDBSF XJMMGPDVTPOUIF UJPOTi"TBMFBEFSJODPOUJOVJOHEFOUBM
$POUSJCVUJOH EFWFMPQNFOUBOEQSPEVDUJPOPGIJHIRVBM FEVDBUJPOBOEBOBEWPDBUFGPSMJGFMPOH
JUZFEVDBUJPOBMNBUFSJBMTBOEPQQPSUVOJUJFT MFBSOJOH XFBSFQMFBTFEUPTVQQPSUUIF
GBDUPSTPGUPPUI GPSHFOFSBMEFOUJTUTPOBDJEFSPTJPOBOE "(%JOCSJOHJOHJOJUJBUJWFTTVDIBTUIJT
FSPTJPODBO UPPUIXFBS"EEJUJPOBMMZ QSPHSBNTXJMM POFUPJUTNFNCFSEFOUJTUTw
DPNFDPVSUFTZ CFEFWFMPQFEUPCPPTUUIFDPNQSFIFOTJPO ɥF"(%GFBUVSFEBOFEVDBUJPOBM
BOENBOBHFNFOUPGPSBMIFBMUIBOEUIF USBDLSFMBUFEUPUIFTFPSBMIFBMUIJTTVFT
PGTPGUESJOLTBOE FYQFDUBUJPOTPGPMEFSQBUJFOUT EVSJOHJUTBOOVBMNFFUJOHFBSMJFSUIJT
PUIFSMPXQ)WBMVF %FOUJTUT BDDPSEJOHUPBTVSWFZPG ZFBS"QSPHSBNBUUIFFWFOUQSPWJEFE
GPPET JODMVEJOH "(%NFNCFST CFMJFWFUPPUIFSPTJPOJT BUUFOEFFTXJUIBOPCKFDUJWFPWFSWJFX
NPSFDPNNPOOPXUIBOmWFZFBSTBHP BJNFEBUJODSFBTJOHUIFJSBXBSFOFTTBOE
GSFTIGSVJU ZPHVSU $POUSJCVUJOHGBDUPSTPGUPPUIFSPTJPODBO LOPXMFEHFPGBDJEFSPTJPO EJBHOPTJT
QJDLMFT BOEGSVJU DPNFDPVSUFTZPGTPGUESJOLTBOEPUIFS FUJPMPHZ BOEDMJOJDBMNBOBHFNFOU"O
KVJDFT MPXQ)WBMVFGPPET JODMVEJOHGSFTIGSVJU PUIFSQSPHSBNVQEBUFEBUUFOEFFTBCPVU
ZPHVSU QJDLMFT BOEGSVJUKVJDFT EFOUVSFDBSFBOEPĊFSFEHVJEBODFPO
i"U(4,$POTVNFS)FBMUIDBSF XFBSF IPXUPJNQSPWFUIFRVBMJUZPGMJGFJTTVFT
DPNNJUUFEUPXPSLJOHXJUIUIF"(%UP UIBUPMEFSQBUJFOUTGBDF
ÖËâÙ×ÓÞÒÖÓØÏ
ØÞÜÙÎßÍÏÝÏá
ÏØÝÙÎãØÏÜÙØË×ÏÖ ˩ÏÞÒÙßÞÒ˪ ÏÑÓÝÖËÞÓÙØ ËßÎÏÎ

˫ÏÞÒ×ÙßÞÒÓÝÜÙÌÌÓØÑÚÏÙÚÖÏ˜ÏÝÚÏÍÓËÖÖããÙßØÑÚÏÙÚÖÏ˜ÙÐÞÒÏÓÜÞÏÏÞÒËØÎÞÒÏÓÜÙÜËÖ
ÖËâÙ×ÓÞÒÖÓØÏ˜
×ËÕÏÜÝÙÐÏØÝÙÎãØÏ˜ ËØÎÙàÏÜËÖÖÒÏËÖÞÒ˜ˬÝËÓÎÙÌÏÜÞÜËØÎÔÙÜÎ˜˜ÜÏÍÏØÞÖãËÞËÚÓÞÙÖ ÓÖÖ˜ËØØÙßØÍÓØÑÞÒÏ
ËØØÙßØÍÏÎÞÒÏËÜÜÓàËÖÙÐ Ú ̋ØÏßÞÜËÖËØÎ×ÓØÓ×ËÖÖã ˪ÝÝßÚÚÙÜÞÐÙÜ×ÏÞÒ×ÙßÞÒÖÏÑÓÝÖËÞÓÙØ˛
ØÏáÏØÝÙÎãØÏÜÙØË×ÏÖ ËÌÜËÝÓàÏ˜áÒÓÖÏÚÜÙàÓÎÓØÑ ÒÏËØØÙßØÍÏÎÞÒÏÓØÞÜÙÎßÍÞÓÙØÙÐÞÒÏÏÞÒÙßÞÒÙÜÜÏÍÞÓÙØËÖÙÝÞÝËØÎ
ÙÙÞÒÚËÝÞÏ˜Ë×ßÖÞÓÌÏØÏʨÞ ÒÓÑÒʮßÙÜÓÎÏËàËÓÖËÌÓÖÓÞã˜
ÎÏØÞÓÐÜÓÍÏÎÏÝÓÑØÏÎÞÙ ÍËÜÓÏÝÚÜÙÞÏÍÞÓÙØ˜ËØÎ
ÏÏØÞÜãßÚÚÙÜÞÍÞËØÎÞÒÏÏÞÒÙßÞÒÜÏàÏØÞÓÙØËØÎÙ××ßØÓÞãÏÍÙàÏÜãÍÞ˛ÒÏÝÏ
ÒÏÖÚÜÏÒËÜÎÏØÝÙʰÏØÏÎ ÐÜÏÝÒÌÜÏËÞÒ˛ÜÙØË×ÏÖÓÝ ÌÓÖÖÝ˜ÓØÞÜÙÎßÍÏÎÓØÞÒÏ ÙßÝÏÓØÖËÞÏßÖãËÜÏÑÏËÜÏÎÞÙáËÜÎÚÜÏàÏØÞÓØÑãÙßÞÒÝÐÜÙ×ËÌßÝÓØÑ
ÞÙÙÞÒÏØË×ÏÖËØÎÚÜÙÞÏÍÞ ÎÏÝÓÑØÏÎÞÙÒÏÖÚÚÜÙÞÏÍÞ ×ÏÞÒËØÎÞÒÏÝßÌÝÏÛßÏØÞØÏÏÎÐÙÜÏâÞÏØÝÓàÏÎÏØÞËÖÍËÜÏ˜ËÝáÏÖÖËÝÞÙÜÏÖÓÏàÏÞÒÏÞÜÏËÞ̋
ËÑËÓØÝÞÝÏØÝÓÞÓàÓÞã˛ÜÙ̋ ËÑËÓØÝÞÞÙÙÞÒáÏËÜ˛ÙÒÏÖÚ
ØË×ÏÖÓÝÐÙÜ×ßÖËÞÏÎÞÙÌÏ ×ÏØÞÌßÜÎÏØÙØÝÞËÞÏÍÙÜÜÏÍÞÓÙØÝ˪ÌßÎÑÏÞÝ˛ÏØËÞÙÜÝÐÜÙ×ÙØÞËØËËØÎÓØØÏÝÙÞËÚÖËØÞÙ
ÍÙ×ÌËÞÞÙÙÞÒáÏËÜËØÎ
ËÍÓÎÏÜÙÝÓÙØ˜ÜÙØË×ÏÖ˪Ý ÓØÞÜÙÎßÍÏÖÓÕÏÌÓÖÖÝÓØÞÒÏÏØËÞÏ˛
ÐÙÜ×ßÖËÞÓÙØÓØÍÖßÎÏÝ ˫ÏÞÒáÜÏËÕÝÒËàÙÍÙØÞÒÏÌÙÎÓÏÝÙÐÞÒÏÚÏÙÚÖÏáÒÙßÝÏÓÞ˜ˬÝËÓÎÏÚ˛ÓÍÕ ËÜÝÏØ˜áÒÙ
ÒÓÑÒÖãËàËÓÖËÌÖÏʮßÙÜÓÎÏ
ÍÙ̋ÍÒËÓÜÝÞÒÏ ÙßÝÏÏÞÒËßÍßÝ˜ËÖÙØÑáÓÞÒÐÏÖÖÙá
ËÝÍÙ×ÚËÜÏÎÞÙÏàÏÜãÎËã
ÞÙÙÞÒÚËÝÞÏÝ˛ÙÜ×ÙÜÏ ËÝÒÓØÑÞÙØÝÞËÞÏÏÚ˛ÜÓËØËÓÜÎ˛˫ÒÓÝÎÜßÑÓÝË
ÓØÐÙÜ×ËÞÓÙØ˜ÑÙÞÙááá˛ ÍÒÏ×ÓÍËÖÍÙÍÕÞËÓÖÞÒËÞÖÓÞÏÜËÖÖãÜÙÞÝËáËããÙßÜÞÏÏÞÒ˛
ÎÏØÞËÖ̋ÚÜÙÐÏÝÝÓÙØËÖ˛ÍÙ×˜ ÏÞÒ×ÙßÞÒÓÝËÎÓÝÏËÝÏÞÒËÞÍËßÝÏÝÚÏÜ×ËØÏØÞ
ÙÜÍËÖÖ͙͖͓͖͓͖͑͑̋͗̋͗˛
ÎË×ËÑÏÐÙÜ×ÏÞÒßÝÏÜÝËØÎÌßÜÎÏØÝÙßÜÍÙ××ßØÓÞÓÏÝ
áÓÞÒÞÒÏÒÓÑÒÍÙÝÞÙÐÞÜÏËÞ×ÏØÞ˛ˬ
ØÚÜÏÝÝÕÓÞÙØ×ÏÞÒ×ÙßÞÒÓÝËàËÓÖËÌÖÏËÞ
ááá˛ËÎË˛ÙÜÑ˹ÑÙÞÙ˹×ÏÞÒ
ʹ ͵Ͱ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
"NOJPUJD'MVJE3FWFBMT1FSJPEPOUBM#BDUFSJBJO4PNF8PNFO
ÝÞßÎãÞÒËÞÏàËÖßËÞÏÎáÙ×ÏØËÞÜÓÝÕÐÙÜÚÜÏ×ËÞßÜÏÖËÌÙÜÐÙßØÎÞÒÏÚÜÏÝÏØÍÏÙÐ
ÚÏÜÓÙÎÙØÞËÖÌËÍÞÏÜÓËÓØÝÙ×ÏÙÐÞÒÏáÙ×ÏØ˪ÝË×ØÓÙÞÓÍʮßÓÎ˛
ÒÏÝÞßÎã˜áÒÓÍÒËÚÚÏËÜÏÎÓØÞÒÏßÖãÓÝÝßÏÙÐÞÒÏÙßÜØËÖÙÐÏÜÓÙÎÙØÞÙÖÙÑãÏàËÖßËÞÏÎ
ΘΜÚÜÏÑØËØÞáÙ×ÏØáÓÞÒËÎÓËÑØÙÝÓÝÙÐÞÒÜÏËÞÏØÏÎÚÜÏ×ËÞßÜÏÖËÌÙÜ˜ÐÙßØÎ˛ÑÓØÑÓàËÖÓÝ˜ÓØ
ÞÒÏË×ØÓÙÞÓÍʮßÓÎËØÎÙÜËÖÍËàÓÞãÓØΙΖÚÏÜÍÏØÞÙÐÞÒÏáÙ×ÏØ˛
˫ÏÏàËÖßËÞÏÎáÙ×ÏØáÒÙáÏÜÏËÞÜÓÝÕÙÐÚÜÏ×ËÞßÜÏÖËÌÙÜ˜ˬÝËÓÎÝÞßÎãËßÞÒÙÜÙÜÑÏ
Ë×ÙØËÖ˜ËÍßÖÞãÙÐÏØÞÓÝÞÜã˜ØÓàÏÜÝÓÞãÙÐÒÓÖÏ˛˫ÏÕØÙáÞÒËÞÞÒÏÜÏËÜÏ×ËØãÜÏËÝÙØÝ
ËáÙ×ËØÍËØÌÏÎÓËÑØÙÝÏÎáÓÞÒÞÒÜÏËÞÏØÏÎÚÜÏ×ËÞßÜÏÖËÌÙÜ˜ÓØÍÖßÎÓØÑÌËÍÞÏÜÓËÖÓØÐÏÍ̋
ÞÓÙØ˛ËÝÞÜÏÝÏËÜÍÒÒËÝÝÒÙáØËÜÏÖËÞÓÙØÝÒÓÚÌÏÞáÏÏØËÎàÏÜÝÏÚÜÏÑØËØÍãÙßÞÍÙ×ÏÝËØÎ
ÚÏÜÓÙÎÙØÞËÖÎÓÝÏËÝÏ˜ËÍÒÜÙØÓÍÌËÍÞÏÜÓËÖÓØÐÏÍÞÓÙØ˛ˬ
˫ÒÓÖÏÞÒÓÝÝÞßÎã˪ÝʨØÎÓØÑÝÎÙØÙÞÝÒÙáËÎÓÜÏÍÞÍËßÝËÖÜÏÖËÞÓÙØÝÒÓÚÌÏÞáÏÏØÚÏÜÓ̋
ÙÎÙØÞËÖÎÓÝÏËÝÏÝËØÎËÎàÏÜÝÏÚÜÏÑØËØÍãÙßÞÍÙ×ÏÝ˜ÓÞÓÝÝÞÓÖÖÓ×ÚÙÜÞËØÞÐÙÜáÙ×ÏØÞÙÚËãÝÚÏÍÓËÖËʵÏØÞÓÙØÞÙ
ÞÒÏÓÜÙÜËÖÒÏËÖÞÒÎßÜÓØÑÚÜÏÑØËØÍã˜ˬÏâÚÖËÓØÏÎÜÏÝÞÙØ˛ÓÖÖÏÜ˜Ü˛˜˜ÚÜÏÝÓÎÏØÞÙÐÞÒÏ×ÏÜÓÍËØÍËÎÏ×ãÙÐ
ÏÜÓÙÎÙØÞÙÖÙÑã˛˫Ù×ËØáÒÙËÜÏÚÜÏÑØËØÞÙÜÍÙØÝÓÎÏÜÓØÑÌÏÍÙ×ÓØÑÚÜÏÑØËØÞÝÒÙßÖÎÝÚÏËÕáÓÞÒÞÒÏÓÜÎÏØÞËÖ
ËØÎÒÏËÖÞÒÍËÜÏÚÜÙÐÏÝÝÓÙØËÖÝËÌÙßÞÞÒÏÓÜÙÜËÖÒÏËÖÞÒÎßÜÓØÑÚÜÏÑØËØÍã˛ˬ
ÒÏÒËÝËÜÓÝÕËÝÝÏÝÝ×ÏØÞÞÏÝÞÞÒËÞÓÝËàËÓÖËÌÖÏÙØÖÓØÏËÞááá˛ÚÏÜÓÙ˛ÙÜÑÙÜÌãÍËÖÖÓØÑΞΖΖ̋ΙΛΜ̋ΝΝΙΜ˛
ÙÝÝÓÌÖÏÙØØÏÍÞÓÙØÏÜÓÙÎÙØÞËÖ FZF NBZBDDPVOUGPSCJHFĊFDUTPOHFOFSBM

ËÍÞÏÜÓË ËÝÓÞÒãÝÞÏ×ÓÍÙØÎÓÞÓÙØÝ IFBMUIDPOEJUJPOTɥJTCBDUFSJBIBTPGUFO
1FSJPEPOUBMCBDUFSJB BTTNBMMBTJU CFFOUIPVHIUUPQMBZBSPMFJONBOZPGUIF
JT NBZIBWFBIVHFJNQBDUPODPSPOBSZ QPUFOUJBMDPOOFDUJPOTCFUXFFOPWFSBMM
BSUFSZEJTFBTFBOEQSFFDMBNQTJB IFBMUIBOEPSBMIFBMUI5XPPGUIFTUVEJFT
5XPOFXTUVEJFT QVCMJTIFEJOUIF JOUIF+PVSOBMPG1FSJPEPOUPMPHZGVSUIFSUIF
+PVSOBMPG1FSJPEPOUPMPHZIBWFFYQMPSFE VOEFSTUBOEJOHPGUIFTFQPTTJCMFDPOOFD
UIFQPUFOUJBMMJOLCFUXFFOUIJTQBSUJDVMBS UJPOT"DDPSEJOHUPUIFBSUJDMF POFTUVEZ
CBDUFSJBBOEQSFFDMBNQTJB BTXFMMBT MPPLFEBUQBUJFOUTXIPIBECFFOEJBH
DPSPOBSZBSUFSZEJTFBTF OPTFEXJUIDPSPOBSZBSUFSZEJTFBTFBOE
iɥFTFTUVEJFTBSFKVTUBGFXJOUIF FYBNJOFEUIFCBDUFSJBGPVOEJOUIFJS
HSPXJOHCPEZPGFWJEFODFPOUIFNPVUI BSUFSJFTɥFZXFSFBCMFUPJEFOUJGZ
CPEZDPOOFDUJPO.PSFSFTFBSDIJTOFFEFE QFSJPEPOUBMQBUIPHFOTJOUIFDPSPOBSZ
UPGVMMZVOEFSTUBOEIPXQFSJPEPOUBM BOEJOUFSOBMNBNNBSZBSUFSJFTJOOJOF
CBDUFSJBUSBWFMTGSPNUIFNPVUIUPPUIFS PVUPGðôPGUIFQBUJFOUTFYBNJOFE
QBSUTPGUIFCPEZBTXFMMBTUIFFYBDU "TFDPOETUVEZMPPLFEBUXPNFO
SPMFJUIBTJOUIFEFWFMPQNFOUPGUIFTF XIPIBETVĊFSFEGSPNQSFFDMBNQTJB
TZTUFNJDEJTFBTFT wTBJE1SFTUPO%.JMMFS EVSJOHUIFJSQSFHOBODZɥFTUVEZGPVOE
+S %%4 BOEQSFTJEFOUPGUIF"NFSJ UIBUôïQFSDFOUPGUIFQMBDFOUBTGSPN
DBO"DBEFNZPG1FSJPEPOUPMPHZi*OUIF XPNFOXJUIQSFFDMBNQTJBXFSFQPTJUJWF
NFBOUJNFJUJTJNQPSUBOUGPSQIZTJDJBOT GPSPOFPSNPSFQFSJPEPOUBMQBUIPHFOT
EFOUBMQSPGFTTJPOBMTBOEQBUJFOUTBMJLF ɥJTXBTDPNQBSFEUPKVTUðóòQFSDFOUJO
UPNPOJUPSUIFSFTFBSDIJOUIJTBSFBBTJU UIFDPOUSPMHSPVQ#PUIPGUIFTFTUVEJFT
DPOUJOVFTUPHSPXTPUIFZDBOCFUUFSXPSL TVQQPSUUIFDPODFQUUIBUQFSJPEPOUBM
UPHFUIFSUPBDIJFWFUIFIJHIFTUMFWFMTPG PSHBOJTNTNJHIUCFBTTPDJBUFEXJUIUIF
PWFSBMMIFBMUIw EFWFMPQNFOUPGPUIFSTZTUFNJDDPOEJ
ɥFTFTUVEJFTGPVOEUIBUQFSJPEPOUBM UJPOTTVDIBTDPSPOBSZBSUFSZEJTFBTFBOE
CBDUFSJB PGUFOJOWJTJCMFUPUIFVOBJEFE QSFFDMBNQTJB
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹ͵ ͱ
ÜËÖ̋ÓØÞÜÙÎßÍÏÝ
ÜËÖ̋ÜÓß×ÚÒáÓÞÒ
×ËÜÞßÓÎÏ

)POPST
ÏáÜËÖ̋ÜÓß×ÚÒáÓÞÒ ÖÖÏØÙØÑ˜˜ËÝÝÓÝÞËØÞ
×ËÜÞßÓÎÏÓÝÜËÖ̋˪Ý ÚÜÙÐÏÝÝÙÜËÞÞÒÏØÓàÏÜÝÓÞãÙÐÞÒÏ
×ÙÝÞÞÏÍÒØÙÖÙÑÓÍËÖÖã ËÍÓʨÍ˜ÜÞÒßÜ˛ßÑÙØÓÍÒÙÙÖÙÐ
ËÎàËØÍÏÎÞÙÙÞÒÌÜßÝÒ˛
Þ ÏØÞÓÝÞÜã˜ÒËÝÌÏÏØÒÙØÙÜÏÎÌãÞÒÏ
ÓÝÞÒÏʨÜÝÞÞÙÙÞÒÌÜßÝÒÞÙ ÏàÏÖÙÚ×ÏØÞËÖÓÝËÌÓÖÓÞÓÏÝÙßØ̋
ÍÙ×ÌÓØÏÌÏÝÞ̋ÓØ̋ÍÖËÝÝ
ÍÓÖÝÙÐÖË×ÏÎËËØÎÙØÞÜËÙÝÞË
ÍÖÏËØÓØÑËØÎÑß×ÍËÜÏ
ÙßØÞÓÏÝáÓÞÒÓÞÝÞÒÏâÍÏÖÖÏØÍÏÓØ
áÓÞÒËáÓÜÏÖÏÝÝÎÓÝÚÖËã
ÏÜàÓÍÏáËÜÎÐÙÜ ÏËÖÞÒËÜÏ˛
ÞÒËÞÚÜÙàÓÎÏÝÜÏËÖ̋ÞÓ×Ï ÌÜßÝÒÞÒÙÜÙßÑÒÖã˜ÑÏØÞÖã˜
ÏáËÝÜÏÍÙÑØÓäÏÎÐÙÜÒÓÝÏÐ̋
ÎÜÓÏØØÏÜÙáØ
ØËàÓÑËÞÓÙØÐÙÜãÙßÜÙÜËÖ ËØÎÐÙÜÞÒÏÎÏØÞËÖ̋ÜÏÍÙ×̋
ÒÏËÖÞÒ˛ÒÏáÓÜÏÖÏÝÝ ×ÏØÎÏÎÞáÙ×ÓØßÞÏÝ˛ ÐÙÜÞÝÞÙÓ×ÚÜÙàÏËÍÍÏÝÝÞÙÎÏØÞËÖ
ÎÓÝÚÖËãÐÏËÞßÜÏ̙ÞÒÏʨÜÝÞ ÜËÖ̋ÜÓß×ÚÒáÓÞÒ ÍËÜÏÐÙÜÚÏÙÚÖÏáÓÞÒÎÏàÏÖÙÚ̋
ÓØÞÒÏÍËÞÏÑÙÜã̚ÒÏÖÚÝãÙß ×ËÜÞßÓÎÏÓÝËàËÓÖËÌÖÏ ×ÏØÞËÖÎÓÝËÌÓÖÓÞÓÏÝÙàÏÜÞÒÏÚËÝÞ
ÎÏÚËÜÞ×ÏØÞ˜ÜÏÞËÓÖ˜ËØÎ ͙͒ãÏËÜÝ˛ÎÎÓÞÓÙØËÖÖã˜ÒÏËÖÝÙ "MMFO8POH %%4 GBSSJHIU
SFDFJWFTUIF&YDFMMFODFJO4FSWJDF"XBSEGPS
)FBMUI$BSFGSPNUIF%FWFMPQNFOUBM%JTBCJMJUJFT$PVODJMTPG"MBNFEBBOE
ÝÚÏÍÓËÖÞãÝÞÙÜÏÝËÞË ÜÏÍÏÓàÏÎÝÏàÏÜËÖÍÏÜÞÓʨÍËÞÏÝÙÐ $POUSB$PTUB$PVOUJFT
ÝßÑÑÏÝÞÏÎÜÏÞËÓÖÚÜÓÍÏÙÐ ÜÏÍÙÑØÓÞÓÙØÐÜÙ×ÞÒÏÝÞËÞÏ ÏÑÓÝ̋
͕͚̿͒˛͚͚˛ÙÜ×ÙÜÏÓØÐÙÜ̋ ÖËÞßÜÏËØÎ˛˛ÙØÑÜÏÝÝ˜ÓØÍÖßÎÓØÑ ÏØÞÓÝÞÜã˜ËØÎÓÝÞÒÏÙÜÞÒÏÜØËÖÓ̋
×ËÞÓÙØ˜ÍÙØÞËÍÞÖÓäËÌÏÞÒ
ÙØÏÐÜÙ×ÚÏËÕÏÜËØÍãÏÖÙÝÓ˛ ÐÙÜØÓËÍÙÙÜÎÓØËÞÙÜÐÙÜÞÒÏÚÏÍÓËÖ
ÓØÑËÞ×ÓØÑ˛ÏÔ̶ÚÑ˛ÍÙ×
ÙØÑ˜áÒÙÓÝËÝÝÓÝÞËØÞÎÓÜÏÍÞÙÜ Öã×ÚÓÍÝÚÏÍÓËÖ×ÓÖÏÝÚÜÙÑÜË×˛
ÙÜ͖͔͓͓͕͓͒̋͗̋͘͘˛
ÐÙÜËÍÓʨÍ˪ÝÎàËØÍÏÎÎßÍËÞÓÙØÓØ àÏ˛ÏÞÏÜÝ˜˜˜
ÏØÏÜËÖÏØÞÓÝÞÜãÚÜÙÑÜË×˜ÝÏÜàÏÝ Ò˜
˜ÙÐËØÜËØÍÓÝÍÙ˜ÒËÝ
ËÝÜÏÑÓÙØËÖàÓÍÏÚÜÏÝÓÎÏØÞÙÐÞÒÏ ÌÏÏØËÚÚÙÓØÞÏÎÞÙÞÒÏÚÙÝÓÞÓÙØ
×ÏÜÓÍËØÝÝÙÍÓËÞÓÙØÙÐ ÙÝÚÓÞËÖ ÙÐÚÜÙÐÏÝÝÙÜÙÐÏØÎÙÎÙØÞÓÍÝËÞ
ÏØÞÓÝÞÝ˜ÓÝËÎÓÚÖÙ×ËÞÏáÓÞÒÞÒÏ ØÓàÏÜÝÓÞãÙÐÞÒÏËÍÓʨÍ˜ÜÞÒßÜ˛
0WF"1FUFST %.% .4
×ÏÜÓÍËØÙËÜÎÙÐÚÏÍÓËÖËÜÏ ßÑÙØÓÍÒÙÙÖÙÐÏØÞÓÝÞÜã˛ 1I% '*$%
ØÞÓÞÜßÝÞ ËáÝ˝ JOKPJOUBDUJWJUZ BOEUIBUKPJOUBDUJWJUZ

ÒËÞÏØÞÓÝÞÝÏÏÎÞÙØÙá SFTUSBJOTDPNQFUJUJPO
8JUIUIF64%FQBSUNFOUPG+VTUJDF ɥFDPVSUTUZQJDBMMZVUJMJ[FUXPEJĊFSFOU
i"OUJUSVTUMBXT BOEUIF'FEFSBM5SBEF$PNNJTTJPO TUBOEBSETJOEFUFSNJOJOHJGBSFTUSBJOUPO
DBOOPUCFJHOPSFE QSPTFDVUJOHEFOUJTUTBOEQIZTJDJBOTGPS DPNQFUJUJPOIBTPDDVSSFEɥFmSTU UIF
BOUJUSVTUWJPMBUJPOT JUJTJNQFSBUJWFIFBMUI iQFSTFSVMF wXIJDIJTBDMFBSDVUEFUFSNJ
CZEFOUJTUTPOUIF DBSFQSPWJEFSTCFBXBSFPGBOUJUSVTUMBXTJO OBUJPO*TUIFQMBJOUJĊBCMFUPFTUBCMJTIUIF
CBTJTUIBUUIFZ PSEFSUPBWPJEWJPMBUJOHUIFN TBJE%BOJFM FYJTUFODFPGBOBHSFFNFOUCFUXFFOUIF
BSFOPUGBJS BSF 4DIVMUF MFHBMDPVOTFMGPSUIF.JDIJHBO QBSUJFTDIBSHFE i6OEFSUIFQFSTFBOBMZTJT
%FOUBM"TTPDJBUJPO JOUIF+VMZJTTVFPGUIF JUEPFTOPUNBUUFSUIBUUIFEFOUJTUTEJEOPU
UPPDPNQMJDBUFE PS +PVSOBMPGUIF.JDIJHBO%FOUBM"TTPDJBUJPO JOUFOEUPWJPMBUFUIFBOUJUSVTUMBXT PSUIBU
NBLFOPTFOTFw )FOPUFEUIBUGPSBWJPMBUJPOPGUIF UIFBHSFFNFOUPQFSBUFTUPMPXFSDPOTVNFS
4IFSNBO"OUJUSVTU"DUUPPDDVS UXP QSJDFT w4DIVMUFTBJE(SPVQCPZDPUUTBOE
ƿƼǉ Ǆ ǀ Ǉ ǎ ƾ ǃ ǐ ǇǏ ǀ
UIJOHTNVTUUBLFQMBDF5XPPSNPSFJOEF QSJDFmYJOHDPVMEGBMMVOEFSUIJTTUBOEBSE
QFOEFOUEFOUJTUTPSFOUJUJFTNVTUFOHBHF i3VMFPGSFBTPOwJTUIFTFDPOETUBO
EBSE*TUIFBHSFFNFOUPOCBMBODF BOUJ
DPNQFUJUJWF *GUIFBOTXFSJTiZFT wUIF
DPVSUTBQQMZUIFSVMFPGSFBTPO
i"OUJUSVTUMBXTDBOOPUCFJHOPSFECZ
EFOUJTUTPOUIFCBTJTUIBUUIFZBSFOPUGBJS
BSFUPPDPNQMJDBUFE PSNBLFOPTFOTF w
4DIVMUFDBVUJPOFE
ʹ ͵Ͳ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α

ÞÓÝÙØÏÙÐÞÒÏ×ÙÝÞ
ÌÏËßÞÓÐßÖÍÙ×ÚÏØÝËÞÓÙØÝ
ǐǋƾǊǈǄǉǂ ǈǀǀǏǄǉǂǎ ÙÐÞÒÓÝÖÓÐÏÞÒËÞØÙ×ËØ
͓͑͑͘ ÍËØÝÓØÍÏÜÏÖãÞÜãÞÙÒÏÖÚ
Ùà˛͓̋͘ÏÍ˛͒ ×ÏÜÓÍËØÍËÎÏ×ãÙÐÜËÖËØÎËâÓÖÖÙÐËÍÓËÖËÎÓÙÖÙÑã͖͙ÞÒØØßËÖÏÝÝÓÙØ˜ ËØÙÞÒÏÜáÓÞÒÙßÞÒÏÖÚÓØÑ
ÒÓÍËÑÙ˜ËËÙ×Ü˛ÙÜÑ˛
ÒÓ×ÝÏÖÐ˛
͓͙͑͑
ǍƼǇǋǃǒƼǇƿǊǀǈǀǍǎǊǉ
Ëã͕͒̋ ÚÜÓØÑÍÓÏØÞÓÐÓÍÏÝÝÓÙØ˜ØËÒÏÓ×˜͙͑͑̋̋
̙͓͔͓͕͖̋͗͘̚˜ÍÎË˛ÙÜÑ˛
ÏÚÞ˛͓͕͒̋͒ ËÖÖÍÓÏØÞÓÐÓÍÏÝÝÓÙØ˜ËØÜËØÍÓÝÍÙ˜͙͑͑̋̋
̙͓͔͓͕͖̋͗͘̚˜ÍÎË˛ÙÜÑ˛
ÍÞ˛͚͒͗̋͒ ×ÏÜÓÍËØÏØÞËÖÝÝÙÍÓËÞÓÙØ͕͚͒ÞÒØØßËÖÏÝÝÓÙØ˜ËØØÞÙØÓÙ˜ÏâËÝ˜ËÎË˛ÙÜÑ˛
ÙÒËàÏËØÏàÏØÞÓØÍÖßÎÏÎÙØÞÒÓÝÖÓÝÞÙÐØÙØÚÜÙÐÓÞËÝÝÙÍÓËÞÓÙØÍÙØÞÓØßÓØÑÏÎßÍËÞÓÙØ×ÏÏÞÓØÑÝ˜ÚÖÏËÝÏÝÏØÎÞÒÏÓØÐÙÜ×ËÞÓÙØ
ÞÙÚÍÙ×ÓØÑÏÏÞÓØÑÝ˜ÙßÜØËÖ˜͓͒͑͒Þ˛˜͒͗ÞÒÖÙÙÜ˜ËÍÜË×ÏØÞÙ˜͚͖͙͕͒ÙÜÐËâÞÒÏÓØÐÙÜ×ËÞÓÙØÞÙ͚͖͖͕͖͚͓͒͗̋̋͗˛
áËÜÎÞÙ ÙØÙÜÏ×ÌÏÜÏØÞÓÝÞÐÙÜ ■EFNPOTUSBUFE

ÙØÞÜÓÌßÞÓÙØÝ BDPNNJUNFOU
ɥF"NFSJDBO%FOUBM"TTPDJBUJPOIBT UPIVNBOJUZBOE
FTUBCMJTIFEUIF"%")VNBOJUBSJBO"XBSE TFMnFTTOFTTJOSFHBSE
UPSFDPHOJ[FBNFNCFSGPSUIFJSFYFN UPEJSFDUQFSTPOBMPS
QMBSZDPOUSJCVUJPOTUIBUJNQSPWFBOE PSHBOJ[BUJPOBMHBJOPS
IBWFBOJNQBDUPOUIFPSBMIFBMUIPGUIF QSPmUBOE
VOEFSTFSWFEQPQVMBDF ■FTUBCMJTIFEB
i8FBSFWFSZQMFBTFEUPPĊFSUIJT MFHBDZPGPOHPJOH
BXBSEUIBUSFDPHOJ[FTUIPTFXIPIBWF WBMVFBOECFOFmUUP
TFMnFTTMZNBEFBMBTUJOHJNQBDUPOUIFPSBM PUIFST
IFBMUIDBSFPGUIFJSGFMMPXIVNBOCFJOHT w ɥFñïïöSFDJQJFOU i8FBSFWFSZ
TBJE +BNFT##SBNTPO %%4 "%"FYFDV XJMMSFDFJWFçð ôïïUPCFFBSNBSLFEUPUIF QMFBTFEUPPGGFS
UJWFEJSFDUPSi"DLOPXMFEHJOH"%"NFN EFOUBMQSPKFDUPSDIBSJUZPGUIFXJOOFST UIJTBXBSEUIBU
CFSTXIPHJWFVOTFMmTIMZPGUIFJSUJNF PXODIPPTJOH BTXFMMBTGFUFEBUBOBXBSE
BOEQSPGFTTJPOBMTLJMMTOPUPOMZSFDPHOJ[FT DFSFNPOZBUUIF"%"TBOOVBMTFTTJPOJO SFDPHOJ[FTUIPTF
UIFJSJOEJWJEVBMDPOUSJCVUJPOT CVUFODPVS 4BO"OUPOJP 5FYBT JOñïï÷ XIPIBWF
BHFTPUIFSTUPQVSTVFTJNJMBSBDUJWJUJFTBOE "%"NFNCFSTBDUJWF MJGF PS TFMGMFTTMZNBEF
SFnFDUTQPTJUJWFMZPOUIFQSPGFTTJPOw SFUJSFEJOHPPETUBOEJOHDBOOPNJOBUF
ɥFDSJUFSJBGPSUIFBOOVBMBXBSE BD POFDBOEJEBUFQFSZFBS4VCNJTTJPOT BMBTUJOHJNQBDU
DPSEJOHUPBO"%"QSFTTSFMFBTF BSFUIPTF EJSFDUFEUPUIF0ċDFPGUIF&YFDVUJWF POUIFPSBMIFBMUI
XIPIBWF %JSFDUPS NVTUCFQPTUNBSLFEOPMBUFS DBSFPGUIFJSGFMMPX
■NBEFTJHOJmDBOUDPOUSJCVUJPOTUPBT UIBO0DUðô ñïïö/PNJOBUJPOTSF
TJTUJOBMMFWJBUJOHIVNBOTVĊFSJOHBOEJN DFJWFEBGUFSUIFEFBEMJOFXJMMCFDPOTJE IVNBOCFJOHTw
QSPWJOHUIFRVBMJUZPGMJGFBOEPSBMIFBMUI FSFEGPSUIFGPMMPXJOHZFBS5PEPXOMPBE ǅ Ƽ ǈǀ ǎ ƽ ˛ ƽ ǍƼǈǎ Ǌ ǉ˜
PGUIPTFTFSWFE UIFOPNJOBUJPOQBDLFU HPUPXXX ƿƿǎ
■FYIJCJUFEMFBEFSTIJQBOEPVUTUBOE BEBPSHHPUPJOUFSOBUJPOBM'PSNPSF
JOHIVNBOJUBSJBOWPMVOUFFSBDDPNQMJTI JOGPSNBUJPO DPOUBDUUIF"%"$FOUFSGPS
NFOUTCSJOHJOHIPOPSUPUIFQSPGFTTJPO *OUFSOBUJPOBM%FWFMPQNFOUBOE"ĊBJST
■TFSWFEBTBOJOTQJSBUJPOUPUIFEFO WJBFNBJMJOUFSOBUJPOBM!BEBPSHPSòðñ
UBMQSPGFTTJPO óóïñöñõ
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹ͵ ͳ
Ǎǐǂ ƽǔ˜ƾ Ǌ ǉ ǏǄǉǐ ǀƿ ǁǍǊǈ ΰαΫ
JOUFSWJFXiɥFPOMZEJĊFSFODFXBT*WF i*DBOMBVHIBCPVUJUOPX CVUUIF

OFWFSIBEBUPPUIJONZIFBECFGPSF EPDUPSUPMENFJUDPVMEIBWFCFFOTFSJPVT
UIBUTGPSTVSFw XJUIUFFUIDBSSZJOHHFSNT wTBJE$[JT
'PMMPXJOHUIF"QSJMðDSBOJVNDMBTIPG MPXTLJJOBQSFWJPVTJOUFSWJFXi*GFFMTP
UIFSVHCZMFBHVFUJUBOT $[JTMPXTLJ XIP MVDLZUIBUUIFXPSTUUIBU*HPUPVUPGJU
IBEOFWFSTQPLFOUP"VTUJOCFGPSF TBJE XBTUIBUNZIFBEMPPLFEVHMJFSUIBOJU
iDBVTF*LOFXIFEMPTUTPNFUFFUI *TBJE EPFTOPSNBMMZw
A%POUZPVXFBSBNPVUIHVBSE "OEIFE "OEJODBTFBOZPOFTDPĊTBUIJTTUPSZ
TBJEUIBUIFEGPSHPUUFOIJTNPVUIHVBSE $[JTMPXTLJIBTUIFUPPUIGPSQSPPG
UIBUEBZTPJUXBTPOFPGUIPTFUIJOHTw i*WFHPUUIFUPPUIBUIPNF TJUUJOH
*OBTQPSUPGVOMJNJUFECPEZDPOUBDU POUIFCFETJEFUBCMF w$[JTMPXTLJTBJEi*G
$[JTMPXTLJIFBEBDIFTBTJEFDPOUJO "VTUJO
XBOUTJUCBDL IFDBOIBWFJU*N
VFEQMBZJOHSVHCZMFBHVFGPSBMNPTUUISFF LFFQJOHJUBUUIFNPNFOUBTQSPPGUIBU
NPOUITQPTUJODJEFOU)FBMTPTVĊFSFE JUBDUVBMMZIBQQFOFE*UTBTUPSZ*DBO
TIPPUJOHQBJOTJOIJTIFBE GBUJHVF BOE UFMMGPSUIFSFTUPGNZMJGF*UXJMMHFUBCJU
BOFZFJOGFDUJPO BDDPSEJOHUPWBSJPVT NPSFFYBHHFSBUFEPWFSUIFZFBST CVUJUTB
i*GFFMTPMVDLZUIBU OFXTSFQPSUT HPPEMBVHIw
UIFXPSTUUIBU*HPU $[JTMPXTLJTBJEIJTEPDUPSTLOFXUIF 'PSUIPTFXIPUIJOLUIJTCJ[BSSFUBMF
DVUXBTDBVTFECZBUPPUIBOEQMBDFEIJN NBZCFUPPNVDIGPSUIFNUPCJUFPO
PVUPGJUXBTUIBU
POBOUJCJPUJDT)JTQIZTJDJBOT IPXFWFS UIFZTIPVMEDPOTJEFSUIBU JOñïïñ SVHCZ
NZIFBEMPPLFE EJEOUNBLFUIFEFOUVMPVTEJTDPWFSZPG MFBHVFQMBZFS+BNJF"JOTDPVHITBSNIBE
VHMJFSUIBOJU BOFNCFEEFEUPPUIJOIJTGPSFIFBEVOUJM CFDPNFTPJOGFDUFE UIFSFXFSFDPODFSOT
NJE+VMZ"CPVUðôXFFLTBGUFSUIFDPMMJ UIF"VTTJFXPVMESFRVJSFBOBNQVUBUJPO
EPFTOPSNBMMZ˛ˬ
TJPOCFUXFFOUIFSVHCZMFBHVFQMBZFST BDDPSEJOHUPBOBSUJDMFJOUIF#SJTCBOF
i"MPUPGUIFCPZTIBWFCFFOHJWJOHJU 5JNFT)PXFWFS UIFTPVSDFXBTEJTDPW
ƽ ǀǉ ƾǕ ǄǎǇǊǒ ǎ ǆǄ
UPNF TBZJOH*XBTVTJOHJU FNCFEEFE FSFEBOPQQPOFOUTUPPUIFNCFEEFEJO
UPPUI
BTBOFYDVTFGPSNZQPPSGPSN "JOTDPVHITBSN"OE JOñïïó iBGPFT
CVUNZFZFMPPLTBUIPVTBOEUJNFTCFUUFS GBOH wBDDPSEJOHUPUIF#SJTCBOF5JNFT XBT
BMSFBEZBOE*GFFMBMPUCFUUFS wTBJEUIFñó SFNPWFEGSPNUIFOPHHJOPG"VTTJFSVHCZ
ZFBSPMESVHCZGPSXBSE MFBHVFQMBZFS4IBOF.JMMBSE
àÏØÓÐÙØÏÎÙÏÝØ˪ÞÒËàÏËÚÏØÝÓÙØÚÖËØ˜ÌßÞÓÝÖÓÕÏÖãÞÙÒËàÏËØÓØÒÏÜÓÞËØÍÏÞÒËÞÓØÍÖßÎÏÝËΚΖΗ̙Õ̚˜ÚÜÙàÓÝÓÙØÝÓØ
ÞÒÏÚÏØÝÓÙØ̋ÝÞÜÏØÑÞÒÏØÓØÑÖËáÑÜÏÏØ̋ÖÓÑÒÞÏÎÌãÙØÑÜÏÝÝÖËÝÞãÏËÜ×ËãÌÏÙÐÓØÞÏÜÏÝÞ˛

ØËØÓÝÝßÏÙÐÏ×ÌÏÜÝÒÓÚËʵÏÜÝ˜ÞÒÏÚßÌÖÓÍËÞÓÙØÙÐÞÒÏÜÏÑÙØÏØÞËÖÝÝÙÍÓËÞÓÙØ˜Ù×Ù×ÓËØ˜ËʨØËØÍÓËÖ
ÏâÚÏÜÞ˜áÜÙÞÏÞÒËÞÌãÞÒÏÞÓ×Ï×ËØãÚÏÙÚÖÏÜÏÞÓÜÏ˜ËΚΖΗ̙Õ̚ÙÜÙÞÒÏÜÜÏÞÓÜÏ×ÏØÞËÍÍÙßØÞÓÝÙʰÏØÞÒÏÓÜÝÓØÑÖÏÌÓÑÑÏÝÞ
ʨØËØÍÓËÖËÝÝÏÞ˜ËØÎÍËØÏàÏØÌÏËÖËÜÑÏÓØÒÏÜÓÞËÌÖÏËÝÝÏÞßÚÙØÙØÏ˪ÝÎÏËÞÒ˛ÙÜÝÚÙßÝÏÝ˜ÓÞ˪ÝØÏàÏÜÌÏÏØËÚÜÙÌÖÏ×
ÞÙÝÓ×ÚÖãÜÙÖÖÞÒÏÐßØÎÝÙÐËØÓØÒÏÜÓÞÏÎΚΖΗ̙Õ̚ÓØÞÙËØÓØÎÓàÓÎßËÖÜÏÞÓÜÏ×ÏØÞËÍÍÙßØÞËØÎÍÙØÞÓØßÏ
ÞÙÒËàÏÞÒÏÌÏØÏʨÞÝÙÐÞËâ̋ÎÏÐÏÜÜÏÎÑÜÙáÞÒ˛ßÞßØÞÓÖØÙá˜ÍÒÓÖÎÜÏØËØÎÙÞÒÏÜ
ÌÏØÏʨÍÓËÜÓÏÝÎÓÎØÙÞÒËàÏÞÒÓÝÖßâßÜã˛
ÜÏàÓÙßÝÖã˜Ù×ÓËØÝËÓÎ˜ÞÒÏãáÏÜÏÜÏÛßÓÜÏÎÞÙÞËÕÏËÖß×ÚÝß×ÚËãÙßÞáÓÞÒÓØ
ʨàÏãÏËÜÝÙÐÞÒÏËÍÍÙßØÞÙáØÏÜ˪ÝÎÏËÞÒ˜áÒÓÍÒ×ÏËØÞÞÒÏãËÖÝÙÞÙÙÕËÌÓÑÞËâÒÓÞ˛
ÙáÏàÏÜ˜ÒÏÍÙØÞÓØßÏÎ˜ÞÒËÞÝÓØÍÏËØ˛ΗÞÒÓÝãÏËÜ˜ËØãØÙØÝÚÙßÝÏÌÏØÏʨÍÓËÜãÍËØ
ÞÜËØÝÐÏÜËØÓØÒÏÜÓÞÏÎΚΖΗ̙Õ̚ÙÜÙÞÒÏÜÜÏÞÓÜÏ×ÏØÞÚÖËØÓØÞÙËØ
˛
ÌÏØÏʨÍÓËÜãáÒÙáÙßÖÎÖÓÕÏÞÙÞËÕÏËÎàËØÞËÑÏÙÐÞÒÏØÏáÜßÖÏÝØÏÏÎÝ
ÞÙÏØÝßÜÏÞÒÏÞÜËØÝÐÏÜÓÝÚÜÙÚÏÜÖãÍÙ×ÚÖÏÞÏÎ˜ÒÏÝËÓÎ˜ËØÎʨØËØÍÓËÖËØÎÞËâ
ËÎàÓÝÏÜÝÍËØËÝÝÓÝÞÓØÞÒËÞÏØÎÏËàÙÜ˛
ʹ ͵ʹ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ǊƾǏǊƽǀǍΪαǄǉǏǍǊƿǐƾǏǄǊǉ
ËÜÓÏÝËØËÑÏ×ÏØÞ
ÌãÓÝÕÝÝÏÝÝ×ÏØÞ
̐ƼǋǍƼƾǏǄǏǄǊǉǀǍ˪ǎǂǐǄƿǀ
ƿǊǐǂǇƼǎƼ˛ǔǊǐǉǂ˜ƿƿǎ˜ǈǎ˜ǈƽƼ˞ǅǊǃǉƿ˛ƽ˛ǁǀƼǏǃǀǍǎǏǊǉǀ˜ǈǎƾ˜ǋǃƿ˞ƼǉƿǅǊǉǍ˛ǍǊǏǃ˜ǈǎ˜ƾƼǀ
ǂǐǀǎǏǀƿǄǏǊǍǎ O'FCSVBSZBOE.BSDIñïïò UXPJTTVFTPGUIF+PVSOBM IBWFBEFTJSFUPCFHJOJODPSQPSBUJOHUIF

ÙßÑÖËÝ˛ÙßØÑ˜ƿƿǎ˜
PGUIF$BMJGPSOJB%FOUBM"TTPDJBUJPOXFSFEFEJDBUFEUP $".#3"QSJODJQMFTJOUPUIFJSQSBDUJDF
ǈǎ˜ǈƽƼ˜ÓÝËÝÝÙÍÓËÞÏ SFWJFXJOHUIFTDJFOUJmDCBTJTGPSUIFNPTUDVSSFOUBQ *O1BSUðPGUIJTTFSJFT XFBTLFE
ÚÜÙÐÏÝÝÙÜÓØÞÒÏÏÚËÜÞ̋ QSPBDIUPDBSJFTNBOBHFNFOUVTJOHSJTLBTTFTTNFOU UIFMFBEJOHSFTFBSDIFSTJOEFOUBMDBSJFT
×ÏØÞÙÐÏØÞËÖÜËÍÞÓÍÏ QSPUPDPMTGPSEJBHOPTJT USFBUNFOUBOEQSFWFOUJPO EFOUBMBDBEFNJDQSBDUJDF BOEQSBDUJDJOH
ËÞÞÒÏØÓàÏÜÝÓÞãÙÐÞÒÏ
JODMVEJOHOPOTVSHJDBMNFBOTGPSSFQBJSJOHPSSFNJOFSBM EFOUJTUTUPTFUUIFTUBHFXJUIVQEBUFE
ËÍÓʨÍ˜ÜÞÒßÜßÑÙØÓ
ÍÒÙÙÖÙÐÏØÞÓÝÞÜã˜ÓØ
J[JOHUPPUITUSVDUVSFɥFTDJFODFCFIJOE$BSJFT.BOBHF JOGPSNBUJPOSFMBUJOHUPUIFBQQMJDBUJPO
ËØÜËØÍÓÝÍÙ˛ NFOUCZ3JTL"TTFTTNFOU $".#3" JOUSPEVDFEJOUIFTF PG$".#3"SJTLBTTFTTNFOUHVJEFMJOFT
+PVSOBMTDVMNJOBUFEXJUIBDPOTFOTVTTUBUFNFOUPGOBUJPOBM BOEDMJOJDBMQSPUPDPMTGPSDIJMESFOBOE
ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ FYQFSUTBOEUIFQSPEVDUJPOPGSJTLBTTFTTNFOUGPSNTGPS BEVMUT BTXFMMBTBSFWJFXPGUIFMBU
ǈǎƾ˜ǋǃƿ˜ÓÝÓØÞÏÜÓ×ÎÏËØ˜
DMJOJDJBOTUPVTFJOQSBDUJDFɥF$BMJGPSOJB%FOUBM"TTPDJB FTUQSPEVDUTBWBJMBCMFGPSEFOUJTUTUP
ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜
ËØÜËØÍÓÝÍÙ˜ÍÒÙÙÖÙÐ
UJPO UISPVHIUIF$%"'PVOEBUJPO NBLFTUIFTF+PVSOBMT FNQMPZ$".#3"JOUIFJSPċDFT
ÏØÞÓÝÞÜã˜ËØÎÓÝËÚÜÙÐÏÝ̋ BWBJMBCMFUPUIFQVCMJDBUXXXDEBGPVOEBUJPOPSHKPVSOBM %PVHMBT":PVOH %%4 .4 .#"
ÝÙÜÓØÞÒÏÏÚËÜÞ×ÏØÞÙÐ 4JODFUIFTDJFODFPG$".#3"IBTOPXCFFOXFMMDJUFEJO +PIO%#'FBUIFSTUPOF .4D 1I%
ÜÏàÏØÞÓàÏËØÎÏÝÞÙÜ̋ UIFMJUFSBUVSF DMJOJDJBOTBSFJODSFBTJOHMZQMBDJOHUIJTLOPXM BOE+PO33PUI .4 $"& TFUUIF
ËÞÓàÏÏØÞËÖÍÓÏØÍÏÝËÞ
FEHFJOUPQSBDUJDFUPUIFCFOFmUPGUIFJSQBUJFOUT*OUIJT TUBHFXJUIBSFWJFXPGUIFQSJODJQMFTPG
˛
UXPQBSUTFSJFT UIJTNPOUIBOEOFYU XFXJMMNPWFGSPNUIF $".#3" BTXFMMBTCBTFMJOFEFmOJ
ÙØ˛ÙÞÒ˜ǈǎ˜ƾƼǀ˜ÓÝ TDJFOUJmDCBTJTPG$".#3"JOUPQSBDUJDBMNFUIPETGPSEFOUJTUT UJPOTVTFEUISPVHIPVUUIFQBQFST
ÏâÏÍßÞÓàÏÎÓÜÏÍÞÙÜÙÐÞÒÏ UPJODPSQPSBUFUIFDPODFQUTJOUPQSBDUJDFɥFDMJOJDBMQSPUPDPMT 'SBODJTDP+3BNPT(PNF[ %%4 .4
ËÖÓÐÙÜØÓËÏØÞËÖÝÝÙÍÓË̋ NFOUJPOFEJOUIJTTFSJFTBSFTVHHFTUJPOTGSPNFYQFSUTJOUIF .1)+BNFT+$SBMM %%4 4D%3FCFDDB
ÞÓÙØÙßØÎËÞÓÙØ˛
mFMEPGDBSJPMPHZ EFOUBMQSBDUJDF BDBEFNJDSFTFBSDI BTXFMMBT -4MBZUPO %%4 1I%4UVBSU"(BOTLZ
QSBDUJUJPOFSTXIPBSFBMSFBEZTVDDFTTGVMMZVTJOHUIFTFDPODFQUT %S1)BOE%S'FBUIFSTUPOF QSFTFOU
JOUIFJSPċDFTɥFHVJEFMJOFTBSFTVHHFTUJPOTGPSEFOUJTUTXIP UIFMBUFTUNBUFSOBMBOEDIJME$".#3"
XBOUUPCFHJOJODPSQPSBUJOH$".#3"JOUPUIFJSQSBDUJDFBOE BTTFTTNFOUUPPMTGPSDIJMESFOBHFïUP
BSFCBTFEPOUIFCFTUTDJFOUJmDFWJEFODFUPEBUFGPS$".#3" ôBOEIPXQSBDUJUJPOFSTVTFUIFTFUPPMT
*UJTNFBOUUPCFBTUBSUJOHQPJOUUPBJEUIPTFPċDFTXIP XIFOTFFJOHDIJMESFOJOUIFJSQSBDUJDF
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹ͵ ͷ
ǊƾǏǊƽǀǍΪαǄǉǏǍǊƿǐƾǏǄǊǉ
%S'FBUIFSTUPOF4PQIJF%PNFKFBO BOE%S+FOTPOQSPWJEFJOTJHIUTJOUP
0SMJBHVFU %%4-BSSZ+FOTPO%%4 ." UIFEFOUBMQSPEVDUTUIBUBSFDVSSFOUMZ ÒÏÙßØÎËÞÓÙØáÓÖÖÒÙÝÞË
.BSL8PMĊ %%4 1I%BOE%S:PVOH BWBJMBCMFUPBTTJTUUIFDMJOJDJBOJOQSVEFOU ÖÓàÏÏÌÍËÝÞÐÏËÞßÜÓØÑÜÝ˛ÙÒØ˛˛
ÏËÞÒÏÜÝÞÙØÏËØÎÙßÑÖËÝ˛ÙßØÑ˜ËÖÙØÑ
DPOUJOVFXJUIBOBSUJDMFSFHBSEJOHQSBDUJ SFDPNNFOEBUJPOTGPSQBUJFOUJOUFSWFO
áÓÞÒËßÞÒÙÜÝÐÜÙ×ÞÒÓÝÓÝÝßÏËØÎØÏâÞ
DBMDBSJFTSJTLBTTFTTNFOUQSPDFEVSFTBOE UJPOTVTJOHUIF$".#3"QSJODJQMFT
×ÙØÞÒ˪ÝÙßÜØËÖ˜ÐÜÙ×ΛÞÙΝÚ˛×˛ÏÍ˛Λ˛
GPSNGPSQBUJFOUTBHFõUISPVHIBEVMU /FYUNPOUI XFXJMMQSPWJEFQSBDUJDBM
ËÜÞÓÍÓÚËØÞÝáÓÖÖÌÏËÌÖÏÞÙÝßÌ×ÓÞ
%S+FOTPO"MBO8#VEFO[ .4 JNQMFNFOUBUJPOTVHHFTUJPOTGPSEFOUJTUT
ÛßÏÝÞÓÙØÝÙØÞÒÏÞÙÚÓÍÝÍÙàÏÜÏÎÓØÞÒÏÝÏ
%%4 .#"%S'FBUIFSTUPOF7MBEJ MPPLJOHUPCFHJO$".#3"JOUIFJS
ÓÝÝßÏÝÐÙÜËØÝáÏÜÝÎßÜÓØÑÞÒÏÏÌÍËÝÞ˛ÒÓÝ
NJS84QPMTLZ %.% .1)BOE%S QSBDUJDF BMPOHXJUITVHHFTUJPOTGPS ÍÙßÜÝÏÓÝÝÚÙØÝÙÜÏÎÌãÙßØÎËÞÓÙØ˜
:PVOH QSPWJEFBQSBDUJDBM FWFSZEBZ FEVDBUJOHEFOUBMUFBNNFNCFSTBOE ÞÒÜÙßÑÒÓÞÝÑÜËØÞÐÜÙ×ÓÜÝÞΛËÖÓÐÙÜØÓË˜ËØÎ
DMJOJDBMHVJEFGPSNBOBHJOHEFOUBMDBS QBUJFOUTPOUIFCFOFmUTPGUIFTFBQ ÓÝËÚÚÜÙàÏÎÞÙÍÙØÐÏÜÞáÙÍÙØÞÓØßÓØÑÏÎßÍË̋
JFTGPSBOZQBUJFOUCBTFEVQPOUIFSJTL QSPBDIFTɥBUJTTVFXJMMDVMNJOBUFXJUIB ÞÓÙØÍÜÏÎÓÞÝ˛ÙÜÏÑÓÝÞÏÜÐÙÜÞÒÏÏàÏØÞ˜ÞÙÑÙ˝
BTTFTTNFOUQSPUPDPMTQSFTFOUFE DPOTFOTVTTUBUFNFOUEFNPOTUSBUJOH ÍÎËÐÙßØÎËÞÓÙØ˛ÙÜÑÙÜʨÜÝÞΛÙÜËÖÒÏËÖÞÒ˛ÙÜÑ˛
%S4QPMTLZ#SJBO1#MBDL %%4 CSPBEDPMMBCPSBUJPOBOETVQQPSU
ʹͶͮ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
ǈƼǉƼǂǄǉǂƾƼǍǄǀǎ
ßÜÓØÑÞÒÏÓÖÏØÞ
ÚÓÎÏ×ÓÍ˝ËÜÓÏÝ
ËØËÑÏ×ÏØÞÓØÞÒÏ͓͒ÝÞ
ÏØÞßÜãËØÎÏãÙØÎ
ƿǊǐǂǇƼǎƼ˛ǔǊǐǉǂ˜ƿƿǎ˜ǈǎ˜ǈƽƼ˞ǅǊǃǉƿ˛ƽ˛ǁǀƼǏǃǀǍǎǏǊǉǀ˜ǈǎƾ˜ǋǃƿ˞
ƼǉƿǅǊǉǍ˛ǍǊǏǃ˜ǈǎ˜ƾƼǀ
Ƽ ƽǎǏǍ ƼƾǏ ËÜÓÏÝÓÝÞÒÏ×ÙÝÞÚÜÏàËÖÏØÞÎÓÝÏËÝÏÙÐÍÒÓÖÎÜÏØËØÎÓÝÏÚÓÎÏ×ÓÍÓØÝÙ×Ï

ÚÙÚßÖËÞÓÙØÝ˛ÜÓÝÕ̋ÌËÝÏÎËÚÚÜÙËÍÒÞÙ×ËØËÑÓØÑÍËÜÓÏÝÞËÜÑÏÞÝÞÒÙÝÏÓØÑÜÏËÞÏÝÞ
ÔÏÙÚËÜÎãÐÙÜÍÙØÞÜËÍÞÓØÑÞÒÏÎÓÝÏËÝÏ˜ËÝáÏÖÖËÝÚÜÙàÓÎÏÝÏàÓÎÏØÍÏ̋ÌËÝÏÎÎÏÍÓÝÓÙØÝ
ÞÙÞÜÏËÞÍßÜÜÏØÞÎÓÝÏËÝÏËØÎÍÙØÞÜÙÖÓÞÓØÞÒÏÐßÞßÜÏ˛ÒÓÝÚËÚÏÜÙßÞÖÓØÏÝÕÏãÍÙØÍÏÚÞÝ
ØÏÍÏÝÝËÜãÞÙÏʥÏÍÞÓàÏÖã×ËØËÑÏËØÎÜÏÎßÍÏÍËÜÓÏÝÌËÝÏÎÙØÞÒÏ×ÙÝÞÍßÜÜÏØÞÝÍÓÏØÍÏ
ÞÙÎËÞÏ˛ßÌÝÏÛßÏØÞËÜÞÓÍÖÏÝáÓÖÖÙßÞÖÓØÏËÜÙËÎ×ËÚÞÙÝßÍÍÏÝÝÓØÍßÜÓØÑÎÏØÞËÖÍËÜÓÏÝ˛
ƼǐǏǃǊǍǎ
ÙßÑÖËÝ˛ÙßØÑ˜ƿƿǎ˜ ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ ÒÏÓÖÏØÞÚÓÎÏ×ÓÍ EJTFBTFPGDIJMEIPPE XJUIBSBUFmWFUJNFT

ǈǎ˜ǈƽƼ˜ÓÝËØËÝÝÙÍÓËÞÏ ǈǎƾ˜ǋǃƿ˜ÓÝÓØÞÏÜÓ×ÎÏËØ˜
i8IBUBNPVOUTUPABTJMFOUFQJEFNJD HSFBUFSUIBOUIBUTFFOGPSUIFOFYUNPTU
ÚÜÙÐÏÝÝÙÜ˜ÏÚËÜÞ×ÏØÞ ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜
ÙÐÏØÞËÖÜËÍÞÓÍÏ˜ ËØÜËØÍÓÝÍÙ˜ÍÒÙÙÖÙÐ PGPSBMEJTFBTFTJTBĊFDUJOH"NFSJDBT QSFWBMFOUEJTFBTFPGDIJMEIPPEBTUINBð
ØÓàÏÜÝÓÞãÙÐÞÒÏËÍÓʨÍ˜ ÏØÞÓÝÞÜã˜ËØÎÓÝËÚÜÙÐÏÝ̋ NPTUWVMOFSBCMFDJUJ[FOTQPPSDIJMESFO #FDBVTFEFOUBMJOGFDUJPOTBSFDPNNPO
ÜÞÒßÜ˛ßÑÙØÓÍÒÙÙÖÙÐ ÝÙÜ˜ÏÚËÜÞ×ÏØÞÙÐÜÏ̋ UIFFMEFSMZ BOENBOZNFNCFSTPGSB BOEVTVBMMZOPOMJGFUISFBUFOJOHJOOBUVSF
ÏØÞÓÝÞÜã˛ àÏØÞÓàÏËØÎÏÝÞÙÜËÞÓàÏ DJBMBOEFUIOJDNJOPSJUZHSPVQTw UIFTJHOJmDBODFPGEFOUBMDBSJFTJOPWFSBMM
ÏØÞËÖÍÓÏØÍÏÝ˜ËÞ˛
ĥęĖĤĦģĘĖĠğĘĖğĖģĒĝñïïï IFBMUIIBTIJTUPSJDBMMZCFFONJOJNJ[FE
ÙØ˛ÙÞÒ˜ǈǎ˜ƾƼǀ˜ÓÝ 64%FQBSUNFOUPG)FBMUIBOE VOUJMSFDFOUMZ0O'FCñ÷ ñïïö UIF
ÏâÏÍßÞÓàÏÎÓÜÏÍÞÙÜ˜ËÖÓ̋ )VNBO4FSWJDFT ñïïï0SBM)FBMUIJO 8BTIJOHUPO1PTUSFQPSUFEUIBUBðñZFBS
ÐÙÜØÓËÏØÞËÖÝÝÙÍÓËÞÓÙØ "NFSJDB"3FQPSUPGUIF4VSHFPO(FO PME.BSZMBOECPZEJFEGSPNVOUSFBUFE
ÙßØÎËÞÓÙØ˛ FSBM 3PDLWJMMF .E 64%FQBSUNFOUPG UPPUIEFDBZɥJTOFXTSFDFJWFEOBUJPOBM
)FBMUIBOE)VNBO4FSWJDFT /BUJPOBM BUUFOUJPO OPUPOMZGSPNUIFEFOUBMQSPGFT
*OTUJUVUFPG%FOUBMBOE$SBOJPGBDJBM3F TJPOCVUUIFQVCMJDJOHFOFSBM"MUIPVHI
TFBSDI /BUJPOBM*OTUJUVUFTPG)FBMUI PWFSBMMEFOUBMDBSJFTQSFWBMFODFBOETFWFS
JUZIBTCFFOOPUBCMZSFEVDFEJOTFWFSBM

XFTUFSODPVOUSJFTPWFSUIFQBTUDPVQMFPG
FOUBMDBSJFT BMTPLOPXOBTUIF EFDBEFT EFOUBMDBSJFTDPOUJOVFTUPCFB
QSPDFTTMFBEJOHUPUPPUIEFDBZ NBKPSIFBMUIJTTVFJOUIF6OJUFE4UBUFT
JTUIFQBUIPMPHJDQSPHSFTTJPO ɥFUIJSE/BUJPOBM)FBMUIBOE/VUSJ
PGUPPUIEFTUSVDUJPOCZPSBM UJPO&YBNJOBUJPO4VSWFZ /)"/&4***

NJDSPPSHBOJTNTUIBUDBO 1IBTFð DPMMFDUFEEBUBGSPNðø÷÷UPðøøó
BĊFDUJOEJWJEVBMTPGBMMBHFT DVMUVSFT FUI UIBUJOEJDBUFEôïQFSDFOUPGôUP÷ZFBS
OJDJUJFT BOETPDJPFDPOPNJDCBDLHSPVOET PMEDIJMESFOJOUIF6OJUFE4UBUFTIBEFY
*Oñïïï JUXBTEFUFSNJOFEUIBUEFOUBM QFSJFODFEDBSJFTJOUIFQSJNBSZEFOUJUJPOñ
DBSJFTXBTUIFNPTUDPNNPODISPOJD 3FNBSLBCMZ XIFOUIFEBUBBSFFYBNJOFE
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͶͯ
BQQSPYJNBUFMZñôQFSDFOUPGDIJMESFOBOE TBNFóɥSPVHIPVUUIJT+PVSOBM UIF UJPOPGGFSNFOUBCMFDBSCPIZESBUFT

CBUUMF
BEPMFTDFOUTJOUIFôUPðöZFBSPMESBOHF BVUIPSTXJMMSFGFSUPBOFWJEFODFCBTFE QSPUFDUJWFGBDUPST TBMJWBBOETFBMBOUT
BDDPVOUFEGPS÷ïQFSDFOUPGUIFDBSJFT EJTFBTFNBOBHFNFOUQSPUPDPMGPS$BS BOUJCBDUFSJBMT nVPSJEF BOEBOFĊFD
FYQFSJFODFEJOUIFQFSNBOFOUUFFUIɥFTF JFT.BOBHFNFOUCZ3JTL"TTFTTNFOU UJWFEJFU
õ8JUIUIFVTFPG$".#3"
EBUBJOEJDBUFUIBUEFOUBMDBSJFTDPOUJO PS$".#3"ô&WJEFODFCBTFEEFOUJTUSZ UIFSFJTFWJEFODFUIBUFBSMZEBNBHFUP
VFTUPCFBNBKPSPSBMIFBMUIDPODFSOJO BTEFmOFECZ"NFSJDBO%FOUBM"TTP UFFUIGSPNEFOUBMDBSJFTNBZCFSF
DIJMESFOJOUIF6OJUFE4UBUFTBOEXPSME DJBUJPO$PVODJMPO4DJFOUJmD"ĊBJSTJO WFSTFEBOEUIFNBOJGFTUBUJPOTPGUIF
XJEFòɥJTTVHHFTUTUIBUUIFQPQVMBUJPO ñïïõ JTBOBQQSPBDIUPPSBMIFBMUIDBSF EJTFBTFQFSIBQTQSFWFOUFEBMMUPHFUIFS
PGJOEJWJEVBMTTVTDFQUJCMFUPEFOUBMEFDBZ UIBUSFRVJSFTUIFKVEJDJPVTJOUFHSBUJPO
DPOUJOVFTUPFYQBOEXJUIJODSFBTFEBHF PGTZTUFNBUJDBTTFTTNFOUTPGDMJOJDBMMZ ÜËØÝÓÞÓÙØÓØÑÜÙ×ÍÓÏØÍÏÞÙÜËÍÞÓÍÏ
*UJTFWJEFOUGSPNOVNFSPVTPUIFSTUVEJFT SFMFWBOUTDJFOUJmDFWJEFODFSFMBUJOHUPUIF *O'FCSVBSZBOE.BSDIñïïò UXP
UIBUEFOUBMDBSJFTDPOUJOVFTUPBĊFDUJOEJ JTTVFTPGUIF+PVSOBMPGUIF$BMJGPSOJB
WJEVBMTUISPVHIDIJMEIPPEBOECFZPOEò %FOUBM"TTPDJBUJPOXFSFEFEJDBUFEUP
.VDIPGUIFEFOUJTUSZJTGPDVTFEPO ǏǃǀƾǊǍǀǋǍǄǉƾǄǋǇǀǎ SFWJFXJOHUIFTDJFOUJmDCBTJTGPS$".
SFTUPSJOHUIFTZNQUPNTPGUIJTUSBOTNJTTJ #3" DVMNJOBUJOHXJUIBDPOTFOTVT
ÝßÚÚÙÜÞÓØÑÜÓÝÕ̋ÌËÝÏÎÍËÜÓÏÝ
CMFCBDUFSJBMJOGFDUJPOSBUIFSUIBOUSFBUJOH TUBUFNFOUPGOBUJPOBMFYQFSUTBOEUIF
JUTFUJPMPHJDDBVTF UIFJOGFDUJPVTDBSJPHFO ×ËØËÑÏ×ÏØÞËÜÏÎÏÍËÎÏÝ QSPEVDUJPOPGSJTLBTTFTTNFOUGPSNT
JDCJPmMNJOBQSFEPNJOBOUMZQBUIPMPHJD ɥF$BMJGPSOJB%FOUBM"TTPDJBUJPO
ÙÖÎ˜ËØÎ×ËØãÚÜËÍÞÓÞÓÙØÏÜÝ
PSBMFOWJSPONFOUɥFDPSFQSJODJQMFTTVQ UISPVHIUIF$%"'PVOEBUJPO IBTNBEF
QPSUJOHSJTLCBTFEDBSJFTNBOBHFNFOUBSF ËÜÏËÖÜÏËÎãßÝÓØÑÞÒÓÝËÝ UIFTFKPVSOBMTBWBJMBCMFUPUIFQVCMJDBU
EFDBEFTPME BOENBOZQSBDUJUJPOFSTBSF XXXDEBGPVOEBUJPOPSHKPVSOBMɥFTF
ÞÒÏÓÜÍßÜÜÏØÞÝÞËØÎËÜÎ
BMSFBEZVTJOHUIJTBTUIFJSDVSSFOUTUBOEBSE JTTVFTPGUIF+PVSOBMQSFTFOUSFWJFXT
BQQSPBDIJOQBUJFOUDBSF.BOZDMJOJDJBOT ËÚÚÜÙËÍÒÓØÚËÞÓÏØÞÍËÜÏ˛ PGUIFTDJFOUJmDMJUFSBUVSFPOUIFDBSJFT
TUJMMOFFEIFMQHFUUJOHTUBSUFEXJUIFN QSPDFTTTUBSUJOHXJUIUIFJOGFDUJPVT
QMPZJOHUIFTFQSJODJQMFTJOUIFJSQSBDUJDF OBUVSFPGUIFQBUIPHFOJDCBDUFSJBM
ɥJTJTTVFPGUIF+PVSOBMQSPWJEFTDVS QBUJFOUTPSBMBOENFEJDBMDPOEJUJPOBOE PSHBOJTNTUIBUBSFQBSUPGBOFYUSFNFMZ
SFOUJOGPSNBUJPOPOIPXUPBTTFTTDBSJFT IJTUPSZ XJUIUIFEFOUJTUTDMJOJDBMFYQFS DPNQMFYCJPmMNDPNNVOJUZöɥFTF
SJTL XIBUUPEPBTBSFTVMU BOEQSPWJEFT UJTFBOEUIFQBUJFOUTUSFBUNFOUOFFET PSHBOJTNTVUJMJ[FGFSNFOUBCMFDBSCPIZ
UIFQSPUPDPMTUPJNQMFNFOUJUJOQSBDUJDF BOEQSFGFSFODFT XXXBEBPSHQSPGSF ESBUFTBTBOFOFSHZTPVSDFBOEDSFBUF
ɥFBSUJDMFTFNQIBTJ[FQSBDUJDBMTVHHFT TPVSDFTQVCTKBEBSFQPSUTJOEFYBTQ
TNBMMNPMFDVMFBDJETUIBUUIFOFOUFSUIF
UJPOTPOIPXUIFTFDVSSFOUNBOBHFNFOU 4JNQMZQVU XJUIUIF$".#3" UPPUIWJBEJĊVTJPODIBOOFMTCFUXFFO
UFDIOJRVFTNBZCFFċDJFOUMZJODPSQP NFUIPEPMPHZUIFDMJOJDJBOJEFOUJmFTUIF UIFNJOFSBMDSZTUBMTɥFEJĊVTJPOPG
SBUFEJOUPBEFOUBMQSBDUJDFɥJTQBQFS DBVTFPGEJTFBTFCZBTTFTTJOHSJTLGBD BDJEDBVTFTNJOFSBMMPTTCFMPXUIFUPPUI
XJMMQSFTFOULFZDPODFQUTOFDFTTBSZGPS UPSTGPSFBDIJOEJWJEVBMQBUJFOU#BTFE TVSGBDFBOE JGUIFQSPDFTTJTOPUIBMUFE
UIFNPTUDVSSFOUNBOBHFNFOUPGEFOUBM POUIFFWJEFODFQSFTFOUFE UIFDMJOJDJBO UIFTVSGBDFXJMMDBWJUBUF*OUIFDBTFPG
DBSJFTBOETFUTUIFTUBHFGPSTVCTFRVFOU UIFODPSSFDUTUIFQSPCMFNT CZNBOBHJOH BOPODBWJUBUFEMFTJPO JUJTQPTTJCMFUP
QBQFSTJOUIJTJTTVFUPDPWFSUIFDMJOJDBM UIFSJTLGBDUPST
VTJOHTQFDJmDUSFBUNFOU IBMUPSSFWFSTFUIFDBSJFTQSPDFTT*O
JNQMFNFOUBUJPOPGBDBSJFTNBOBHFNFOU SFDPNNFOEBUJPOTJODMVEJOHCFIBWJPSBM UIJTDBTF VTJOHUIF$BSJFT#BMBODF UIF
CZSJTLBTTFTTNFOUNPEFM PS$".#3" DIFNJDBM BOENJOJNBMMZJOWBTJWFQSP QSPUFDUJWFGBDUPSTPWFSDPNFUIFQBUIP
DFEVSFT#PUIUIFSJTLBTTFTTNFOUBOE MPHJDBMGBDUPSTBOESFNJOFSBMJ[BUJPOPG
ËÜÓÏÝËØËÑÏ×ÏØÞÌãÓÝÕ JOUFSWFOUJPOTBSFCBTFEPOUIFDPODFQUPG UIFMFTJPOJTQPTTJCMFBOEQSFGFSSFE÷
ÝÝÏÝÝ×ÏØÞ BMUFSJOHUIF$BSJFT#BMBODF TFF'FBUIFS 3FNJOFSBMJ[BUJPOJTUIFOBUVSBMSFQBJS
'PSNPSFUIBOUXPEFDBEFT NFEJ TUPOF FUBMUIJTJTTVF
ɥF$BSJFT#BMBODF QSPDFTTGPSEFOUBMDBSJFT4FWFSBMBSUJDMFT
DBMTDJFODFIBTTVHHFTUFEUIBUQIZTJ JTBNPEFMXIFSFQBUIPMPHJDBMGBDUPST JOUIPTF+PVSOBMTSFWJFXFEUIFJOEJWJEVBM
DJBOTJEFOUJGZBOEUSFBUQBUJFOUTCZSJTL CBDUFSJB BCTFODFPGIFBMUIZTBMJWB BOE DIFNPUIFSBQFVUJDBHFOUTTVDIBTYZMJUPM
SBUIFSUIBOUSFBUJOHBMMQBUJFOUTUIF QPPSEJFUBSZIBCJUT JF GSFRVFOUJOHFT DIMPSIFYJEJOF JPEJOF nVPSJEF BTXFMM
ʹͶͰ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
BTnVPSJEFSFMFBTJOHEFOUBMNBUFSJBMTøðò ÒãÏʨØÏÏÜ×ÓØÙÖÙÑãˣ DBSJPHFOJDCJPmMNJOUIFQSFTFODFPG

.PSFSFDFOUMZ BQJWPUBMSBOEPNJ[FE $IBOHJOHQBSBEJHNTJODBSJFTNBOBHF BOPSBMTUBUVTUIBUJTNPSFQBUIPMPHJ
DMJOJDBMUSJBMCZ'FBUIFSTUPOFFUBM NFOUEPFTOPUIBQQFOXJUIPVUHMPCBMJO DBMUIBOQSPUFDUJWFMFBETUPUIFEFNJO
JOWFTUJHBUFE$".#3"QSPUPDPMT WPMWFNFOUBOEDPMMBCPSBUJPOGSPNTFWFSBM FSBMJ[BUJPOPGEFOUBMIBSEUJTTVFT
DPNQBSFEUPDPOWFOUJPOBMDBSFðó*O TPVSDFT JODMVEJOHVQEBUJOHUFSNJOPMPHZ "OZSFTVMUJOHDIBOHFT WJTJCMFPOUIF
UIFJOUFSWFOUJPOHSPVQ QBUJFOUTXFSF UPSFnFDUOFXTDJFOUJmDBEWBODFT&YJTUJOH UFFUIPSOPU BSFNFSFMZTZNQUPNTPG
BTTFTTFEBUMFWFMTPGDBSJFTSJTLCBTFE UFSNJOPMPHZEPFTOPUBMXBZTBDDVSBUFMZ UIJTEJTFBTFQSPDFTTɥFSFGPSF DBSJFTJT
VQPOUIF$BSJFT#BMBODFEFTDSJCFE SFnFDUOFXBEWBODFTJOTDJFODF)PXFWFS OPUBIPMFJOUIFUPPUI DBWJUBUJPO OPS
QSFWJPVTMZ%FQFOEJOHVQPOUIFJSSJTL OFXUFSNJOPMPHZJTOPUBMXBZTVOJWFSTBMMZ TIPVMEJUCFVTFEUPEFTDSJCFFWFSZUIJOH
TUBUVT QBUJFOUTXFSFUSFBUFEXJUI BDDFQUFEBTOFXDPODFQUTBSFPGUFOEF DMJOJDBMMZEFUFDUBCMFɥSPVHIPVUUIJT
BOUJCBDUFSJBMUIFSBQZ DIMPSIFYJEJOF
UP TDSJCFEXJUIEJĊFSFOUEFmOJUJPOT OBNFT +PVSOBMUIFSFXJMMCFDMFBSVTFPGPUIFS
SFEVDFUIFCBDUFSJBMDIBMMFOHFBOEUPQJDBM EFTDSJQUJWFUFSNJOPMPHZXIFOSFGFSSJOHUP
nVPSJEF EBJMZnVPSJEFNPVUISJOTF
UP UIFTZNQUPNTPGDBSJFTTVDIBTDBWJUB
FOIBODFSFNJOFSBMJ[BUJPOɥFDPOUSPM ǈǄǉǄǈƼǇǇǔǄǉǑƼǎǄǑǀ UJPO DBSJPVTMFTJPOT SBEJPHSBQIJDDBSJFT
HSPVQSFDFJWFEFYBNJOBUJPO DVTUPNBSZ XIJUFPSCSPXOTQPUMFTJPOT JOGFDUFE
ÎÏØÞÓÝÞÜãËØÎ
QSFWFOUJWFDBSFBOESFTUPSBUJPOBT EFOUJO BĊFDUFEEFOUJO BOETPPO
OFFEFE CVUOPSJTLBTTFTTNFOUPS ×ÓØÓ×ËÖÓØÞÏÜàÏØÞÓÙØ
DIFNJDBMJOUFSWFOUJPOT3FTVMUTTIPXFE ˜
˜Ƽǉƿ
ÝÞËØÎÐÙÜ
BTJHOJmDBOUSFEVDUJPOPGDBSJPHFOJD .JOJNBMMZJOWBTJWFEFOUJTUSZ NJOJNBM
CBDUFSJBBOEGVUVSFDBSJPVTMFTJPOTJO ×ßÍÒ×ÙÜÏÞÒËØ JOUFSWFOUJPO BOE$".#3"BSFSFMBUJWFMZ
UIF$".#3"UFTUHSPVQDPNQBSFEUPUIF OFXUFSNTEFWFMPQFEJOSFTQPOTFUPTDJ
ÍÙØÝÏÜàËÞÓàÏÍËàÓÞã
DPOWFOUJPOBMDBSFDPOUSPMHSPVQðó FOUJmDBEWBODFTJOUIFmFMEɥFZBSFVTFE
4JODFUIFTDJFODFPG$".#3"IBT ÚÜÏÚËÜËÞÓÙØ˛ JOUFSDIBOHFBCMZCZTPNF BOECZPUIFSTB
CFFOXFMMDJUFEJOUIFMJUFSBUVSF DMJOJDJBOT TPVSDFPGEFCBUFBCPVUXIJDIJTUIFNPTU
BSFJODSFBTJOHMZQMBDJOHUIJTLOPXMFEHF QSPQFSUFSN'PSFYBNQMF $".#3"EPFT
JOUPQSBDUJDFUPUIFCFOFmUPGUIFJS PSMBCFMT4PNFGFFMUIFSFTIPVMECFHMPC OPUTUPQBUQSFWFOUJPOBOEDIFNJDBMUSFBU
QBUJFOUTɥJTJTTVFPGUIF+PVSOBMXJMM BMMZBDDFQUFEUFSNJOPMPHZ XIJMFPUIFST NFOUTJUJODMVEFTFWJEFODFCBTFEEFDJ
QSFTFOUXBZTUPJODPSQPSBUF$".#3" XBOUUIFGSFFEPNUPBQQMZUFSNJOPMPHZ TJPOTPOXIFOBOEIPXUPSFTUPSFBUPPUI
JOUPQSBDUJDFBOEXJMMCFBEEFEBTB UIBUJTNPSFMPDBMMZBDDFQUFE*OBOZDBTF UPNJOJNJ[FTUSVDUVSBMMPTT*OBEEJUJPO
SFTPVSDFUPUIFQSFWJPVTMZNFOUJPOFE DBSJFTNBOBHFNFOUCZSJTLBTTFTTNFOU NJOJNBMMZJOWBTJWFEFOUJTUSZBOENJOJNBM
8FCTJUF1SPUPDPMTNFOUJPOFEJOUIJT BDDVSBUFMZEFTDSJCFTUIFOFXQBSBEJHNPG JOUFSWFOUJPOTUBOEGPSNVDINPSFUIBO
+PVSOBMBSFTVHHFTUJPOTCBTFEPOUIF USFBUJOHUIFDBSJFTEJTFBTFQSPDFTTBOEXJMM DPOTFSWBUJWFDBWJUZQSFQBSBUJPOɥFUFSN
CFTUBWBJMBCMFTDJFOUJmDFWJEFODFUP CFVTFEUISPVHIPVUUIJT+PVSOBM"MUFSOB iNJOJNBMJOUFSWFOUJPOwXBTFOEPSTFECZ
EBUFBTXFMMBTDMJOJDBMQSBDUJDFJOPċDFT UJWFUFSNJOPMPHZUIBUIBTCFFOVTFEJO UIF'FEFSBUJPO%FOUBJSF*OUFSOBUJPOBMF
DVSSFOUMZVTJOHUIF$".#3"BQQSPBDI UIFQBTUJODMVEFTUIFiNFEJDBMNPEFMw JOBñïïñQPMJDZTUBUFNFOUBOEJTHMPCBMMZ
*UJTNFBOUUPCFBTUBSUJOHQPJOUUPBJE PSUIFiNPEFSONBOBHFNFOUPGDBSJFTw SFDPHOJ[FEðõɥFUFSNT$".#3"BOE
UIFPċDFTUIBUIBWFOPUZFUJODPSQPSBUFE ɥFMJNJUBUJPOTXJUIUIFTFUFSNTJTUIBU .*%BSFJOðïïQFSDFOUBHSFFNFOUXJUI
$".#3"QSJODJQMFTɥJTJTTVFBMTP UIFZEPOPUEFTDSJCFUIFEJTFBTFQSPDFTT UIF'%*TUBUFNFOUPONJOJNBMJOUFS
DPOUBJOTVQEBUFESJTLBTTFTTNFOUGPSNT WFOUJPOɥVT UIFBVUIPSTTVQQPSUUIF
BOEQSPDFEVSFTUIBUTIPVMECFBEPQUFECZ ƾƼǍǄǀǎ JOUFSDIBOHFBCJMJUZPGBMMUISFFUFSNTBOE
UIPTFDVSSFOUMZVUJMJ[JOH$".#3"BTUIF ɥFUFSNDBSJFTIBTCFFOVTFEUP SFDPHOJ[FUIFJNQPSUBODFPGMPDBMQSFGFS
DIBOHFTBSFCBTFEVQPOFYQFSJFODFUP EFTDSJCFBNVMUJUVEFPGNBOJGFTUBUJPOT FODFTBTXFMMBTHMPCBMDPMMBCPSBUJPO
EBUFɥJTFĊPSUXJMMDPOUJOVFUPCF XIJDINBZMFBEUPDPOGVTJPOJGOPU
VQEBUFEBTOFXSFTFBSDITDJFODFBOE GVSUIFSEFmOFEðô'PSQVSQPTFTPGUIJT ƿǀǏǀƾǏǄǊǉǑǀǍǎǐǎƿǄƼǂǉǊǎǄǎ
EFOUBMQSPEVDUTBSFJODPSQPSBUFEJOUP +PVSOBM DBSJFTJTEFmOFEBTBOJOGFDUJPVT %FmOJOHUIFUFSNTEFUFDUJPOBOEEJ
UIFEFOUBMNBSLFUQMBDF USBOTNJTTJCMFEJTFBTFQSPDFTTXIFSFB BHOPTJTBTJUSFMBUFTUPEFOUBMDBSJFTJTCFTU
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͶͱ
EPOFCZFYBNQMF4JNQMZQVU POFEJBHOP "SJ[POB"EEJUJPOBMMZ SFQSFTFOUBUJWFT OFX$".#3"HSPVQTJOUIF&BTUFSOBOE

TFTUIFDBSJFTEJTFBTFCVUEFUFDUTDBSJPVT GSPNSFTFBSDI JOEVTUSZ UIF$BMJGPSOJB $FOUSBM6OJUFE4UBUFTIBWFGPSNFEBOE
MFTJPOT%FUFDUJOHBXIJUFTQPUMFTJPO GPS %FOUBM"TTPDJBUJPO'PVOEBUJPO HPWFSO CFHVOUPNFFUXJUIUIFTBNFBHFOEB
FYBNQMF JTOPUEJBHOPTJOHUIFEJTFBTF NFOU UIF%FOUBM#PBSEPG$BMJGPSOJB BOEQSJODJQMFTBTUIF8FTUFSO$".#3"
PGDBSJFTCFDBVTFUIFEJTFBTFQSPDFTT UIJSEQBSUZQBZFST BOEQSJWBUFQSBDUJDF $PBMJUJPOɥFSFHJPOBMHSPVQTIBWFBHSFFE
JOWPMWFEXJUIUIFMFTJPODPVMECFJOBDUJWF DMJOJDJBOTXFSFJODMVEFEJOUIFXPSL UPXPSLUPHFUIFSBOEDPMMBCPSBUFXJUIUIF
BOEUIFMFTJPODPVMECFSFNJOFSBMJ[FE JOHHSPVQ5IFTUSBUFHZGPSJODMVEJOHB OFXMZGPSNFE"%&"$BSJPMPHZ4QFDJBM
EJWFSTFQFSTQFDUJWFPGJOEJWJEVBMTXBTUP *OUFSFTU(SPVQXIFSFPQQPSUVOJUJFTFYJTU
ǋǍǀǑǀǉǏǄǊǉǑǀǍǎǐǎǈƼǉƼǂǄǉǂǍǄǎǆ CSFBLUIFUSBEJUJPOBMNPMEXIFSFPOMZ
ǁƼƾǏǊǍǎ SFTFBSDIFST FEVDBUPST BOEDMJOJDJBOT ÞËØÎËÜÎÙÐËÜÏ
5SBEJUJPOBMMZ UIFUFSNiQSFWFOUJPOw NFUGPSUIFJSTQFDJBMUJFT5IFHPBMXBT 4UBOEBSEPGDBSFJOWPMWFTNBOZ
IBTCFDPNFBDPNNPOMBOHVBHFUFSN DPNQPOFOUTBOEJTNPSFUIBOKVTUXIBU
UIBUIBTCFFOCMBODIFEBOETJNQMJmFEUP BEFOUJTUEPFTJOIJTIFSPXOQSBDUJDF
POMZNFBOiCSVTIBOEnPTTwBOEiEPOU ǏǃǀǏǀǍǈ˫ǋǍǀǑǀǉǏǄǊǉˬ XIBUBEFOUBMTDIPPMUFBDIFT PSFWFO
FBUTVHBSwɥBUBEWJDFJTIJTUPSJDBMMZ XIBUJTQVCMJTIFEJOSFGFSFFEQVCMJDB
XIBUNBOZDPOTJEFSXIFOUIFUFSNJT ÒËÝÌÏÍÙ×ÏËÍÙ××ÙØ UJPOT4UBOEBSETBSFOFWFSTUBUJD OPSJT
VTFEJOUIFDPOUFYUPGDBSJFTQSFWFOUJPO ÖËØÑßËÑÏÞÏÜ×ÞÒËÞ UIFSFBMXBZTDPNQMFUFBHSFFNFOUPOUIF
6UJMJ[JOH$".#3"BSDIFUZQF NBOBH BQQMJDBUJPOɥF$BMJGPSOJBMFHBMTZTUFN
JOHSJTLGBDUPSTJTXIBUJTEPOFBGUFSmSTU ÒËÝÌÏÏØÌÖËØÍÒÏÎËØÎ EFmOFTUIFTUBOEBSEPGDBSFBTXIBUB
QFSGPSNJOHDBSJFTSJTLBTTFTTNFOU0ODF ÝÓ×ÚÖÓÐÓÏÎÞÙÙØÖã×ÏËØ SFBTPOBCMZDBSFGVMEFOUJTUTIPVMEEP
UIFSJTLGBDUPSTBSFJEFOUJmFE UIFOFWJ VOEFSTJNJMBSDJSDVNTUBODFT3FBTPO
EFODFCBTFEUSFBUNFOUEFDJTJPOTDBOCF ˫ÌÜßÝÒËØÎÐÖÙÝÝˬËØÎ BCMFDBSFXFJHITUIFCFOFmUTWFSTVTUIF
NBEFUPCSJOHUIFCBMBODFPGQBUIPMPHJD ˫ÎÙØ˪ÞÏËÞÝßÑËÜ˛ˬ SJTLT*GUIFCFOFmUTFYDFFEUIFSJTLT
BOEQSPUFDUJWFGBDUPSTQPTJUJWFMZCBDLUP UIFOSFBTPOBCMFEFOUJTUTTIPVMEBEPQU
GBWPSIFBMUIVTJOHBOBSSBZPGCFIBWJPSBM UIFTFTUBOEBSETɥFQVCMJDFYQFDUTUIBU
DIFNJDBM NJOJNBMMZJOWBTJWFTVSHJDBM EFOUJTUTBOEQIZTJDJBOTXJMMVUJMJ[FDVSSFOU
BOEPUIFSUFDIOJRVFTɥSPVHIPVUUIJT UPJOGVTFOFXJEFBTJOUPUIFDPOWFSTB TDJFOUJmDBMMZTBGFBOEFĊFDUJWFQSBDUJDFT
JTTVFPGUIF+PVSOBMUIFUFSNQSFWFOUJPO UJPOXIFSFOPFYJTUJOHOFUXPSLGPS $".#3"QSPDFEVSFT BTQSFTFOUFEJO
XJMMCFEFmOFEBTSJTLGBDUPSNBOBHFNFOU TIBSJOHUIJTJOGPSNBUJPOFYJTUFE UIJTJTTVFPGUIF+PVSOBM QSPWJEFBGSBNF
CZNBYJNJ[JOHQSPUFDUJWFGBDUPSTBOE "EEJUJPOBMMZ UIFDSPTTQPMMJOBUJPO XPSLGPSQSPWJEJOHDBSJFTNBOBHFNFOU
NJOJNJ[JOHQBUIPMPHJDBMGBDUPST
QSPWJEFETVQQPSUGSPNOPOUSBEJUJPOBM CZSJTLBTTFTTNFOUGPSUIFCFOFmUBOE
QBSUOFSTUPJNQMFNFOUDIBOHFTJODBS JNQSPWFEEFOUBMIFBMUIPGUIFQBUJFOU
ÏÝÞÏÜØÙËÖÓÞÓÙØ JFTNBOBHFNFOUɥFDPBMJUJPOVTFE &YQMBJOJOHUIFQMBOOFEUSFBUNFOUUPUIF
5IF8FTUFSO$".#3"$PBMJUJPO UIJTDPOEVJUPGJOGPSNBUJPOCBTFEPO QBUJFOUBOEPCUBJOJOHJOGPSNFEDPOTFOU
JTBVOJRVFDPMMBCPSBUJPOPGEJWFSTF SFDJQSPDJUZTPUIBUUIPTFJOUIFOFUXPSL JT PGDPVSTF OFDFTTBSZBTQBSUPGUIJT
HSPVQTPGJOEFQFOEFOUPSHBOJ[BUJPOT DPVMETIBSFJOGPSNBUJPOGSFFMZBOE BQQSPBDI BTJUJTGPSBOZQSPDFEVSF"M
5IJTDPBMJUJPOSFQSFTFOUTBOJOUFSPS DPOmEFOUJBMMZJOUIFTQJSJUPGDPPQFSB UIPVHIUIF$".#3"QSPUPDPMTBSFCBTFE
HBOJ[BUJPOBMDPMMBCPSBUJPOUIBUIBT UJPO DPMMBCPSBUJPO BOEDPPSEJOBUJPOGPS POUIFCFTUBWBJMBCMFTDJFODFXFIBWFOPX
FWPMWFEPWFSGPVSZFBSTBOEIBTMFEUP UIFDPNNPOHPPEPGJNQSPWJOHUIF UIFSFJTNVDINPSFJOWPMWFEJOUSFBU
TJHOJGJDBOUQSPHSFTTJOUIFDMJOJDBMBEPQ TUBOEBSEPGDBSJFTNBOBHFNFOU NFOUEFDJTJPOTPUIFSUIBOKVTUTDJFODF
UJPOPG$".#3"5IFXPSLJOHHSPVQ ɥFDPBMJUJPOIBTVTFEUIF8PSME "TTUBUFEQSFWJPVTMZ UIF"%"EFmOJUJPO
BTTFNCMFEGSPNEJGGFSFOUBTQFDUTPGUIF $POHSFTTPG.JOJNBMMZ*OWBTJWF%FOUJTUSZ PGFWJEFODFCBTFEEFOUJTUSZJNQMJFTUIBU
EFOUBMQSPGFTTJPO JODMVEFEVOPGGJDJBM BOOVBMNFFUJOH BUUFOEFENPTUMZCZ USFBUNFOUEFDJTJPOTTIPVMEBMTPDPOTJEFS
SFQSFTFOUBUJWFTPGFEVDBUJPOGSPNBMM DMJOJDJBOT BTBWFOVFUPHBUIFSFBDIZFBS UIFDMJOJDBMFYQFSUJTFPGUIFDMJOJDJBOBOE
GJWF$BMJGPSOJBEFOUBMTDIPPMT BTXFMMBT CFDBVTF$".#3"JTBDPSFWBMVFPGUIF NPTUJNQPSUBOUMZ UIFQSFGFSFODFTPG
GSPN0SFHPO 8BTIJOHUPO /FWBEB BOE 8$.*% XXXXDNJEDPN
3FDFOUMZ UIFGVMMZJOGPSNFEQBUJFOUKVTUBTNVDI
ʹ Ͷ Ͳ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
BTUIFTDJFODF XXXBEBPSHQSPGSF ͗˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÞÒÏÌËÝÓÝÐÙÜÍËÜÓÏÝ ͕͒˛ÏËÞÒÏÜÝÞÙØÏ˜ËØÝÕã˜ÏÞËÖ˜ÜËØÎÙ×ÓäÏÎÍÖÓØÓÍËÖ

×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞ˛ÜËÖ ÏËÖÞÒÜÏàÏØÞ͓ ÞÜÓËÖÙÐÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞ˛ËÜÓÏÝÏÝ
TPVSDFTUPQJDTFWJEFODFCBTFEBTQ
ßÚÚÖ͒˝͓͖͚͕̋͗˜͓͕͑͑˛ ͔͚˝͓͚͖̙ËÌÝÞÜËÍÞ͓͖͐̚˜͓͖͑͑˛
͘˛ÏÜÕÙáÓÞä˜ÍÛßÓÝÓÞÓÙØËØÎÞÜËØÝ×ÓÝÝÓÙØÙÐ×ßÞËØÝÝÞÜÏÚ̋ ͖͒˛ÙßØÑ˜ËØËÑÓØÑÍËÜÓÏÝÓØÞÒÏ͓͒ÝÞÍÏØÞßÜã˝ÞÙÎËã˪Ý
ÙØÍÖßÝÓÙØÝ ÞÙÍÙÍÍÓ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͓͒̚˝͔͖͙͒̋˜͓͔͑͑˛ ÞÏÜ×ÓØÙÖÙÑãÞÙÞÜÏËÞãÏÝÞÏÜÎËã˪ÝÎÓÝÏËÝÏ˛ËÖÓÐÏØÞÝÝÙÍ
͙˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÍÙØÞÜÓÌßÞÓØÑÐËÍÞÙÜÝ ͔͕̙͖̚˝͔͗̋͑͘͘˜͓͑͑͗˛
*UJTUIFDPOTFOTVTPGUIF8FTUFSO ËØÎÏËÜÖãÎÏÞÏÍÞÓÙØ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͓͒̚˝͓͚͔͔͒̋˜͓͔͑͑˛ ͒͗˛ãËÝ˜ØßÝËàÓÍÏ˜ÏÞËÖ˜ÓØÓ×ËÖÓØÞÏÜàÏØÞÓÙØÎÏØÞÓÝÞÜã
$".#3"$PBMJUJPOUIBUJUJTCFTUGPS ͚˛ ãØÍÒ ˜ÓÖÑÜÙ×˜ãÖÓÞÙÖËØÎÎÏØÞËÖÍËÜÓÏÝ˝ËØÙàÏÜàÓÏá ̋̋ËÜÏàÓÏá˛
Ù××ÓÝÝÓÙØÜÙÔÏÍÞ͚͒̋͘˛
ØÞÏØÞ͖̙͑͒̚˝͓͒̋͒˜
UIFQSPGFTTJPOUPQPTJUJPOJUTFMGGPSUIF ÐÙÜÍÖÓØÓÍÓËØÝ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͔͒̚˝͓͖͚͑̋˜͓͔͑͑˛ ͓͑͑͑˛
͒͑˛ØÎÏÜÝÙØ ˜ÜÏàÓÏáÙÐÞÒÏÏʩÍËÍãÙÐÍÒÖÙÜÒÏâÓÎÓØÏ
GVUVSFBOEFNCSBDFDBSJFTNBOBHFNFOU ÙØÎÏØÞËÖÍËÜÓÏÝËØÎÞÒÏÍËÜÓÏÝÓØÐÏÍÞÓÙØ˛ËÖÓÐÏØÞÝÝÙÍ ǏǊǍǀǌǐǀǎǏƼǋǍǄǉǏǀƿƾǊǋǔǊǁǏǃǄǎƼǍǏǄƾǇǀ˜ǋǇǀƼǎǀ
CZSJTLBTTFTTNFOUɥJTNFBOTUIJOL ͔̙͔͒̚˝͓͕͒͒̋˜͓͔͑͑˛ ƾǊǉǏƼƾǏÙßÑÖËÝ˛ÙßØÑ˜˜˜˜ØÓàÏÜÝÓÞãÙÐÞÒÏ
JOHPGEFOUBMDBSJFTBTBEJTFBTFQSPDFTT ͒͒˛ÏØÏÝÞÏØ˜ÏÜÕÙáÓÞä˜ËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˝ËØ ËÍÓʨÍ˜ÜÞÒßÜ˛ßÑÙØÓÍÒÙÙÖÙÐÏØÞÓÝÞÜã˜͓͖͖͒ÏÌÝÞÏÜÞ˛˜
ÙàÏÜàÓÏááÓÞÒÜÏÐÏÜÏØÍÏÞÙÙßÜÏâÚÏÜÓÏØÍÏÓØËÖÓÐÙÜØÓË˛ËÖÓÐ ÙÙ×͕͑͑˜ËØÜËØÍÓÝÍÙ˜ËÖÓÐ˛˜͚͕͖͒͒˛
XJUIUIFQPTTJCJMJUZPGJOUFSWFOUJPO ÏØÞÝÝÙÍ͔̙͓͒̚˝͔͚͕͔͒̋˜͓͔͑͑˛
BSSFTUJOHUIFQSPHSFTTPGUIFEJTFBTF ͓͒˛ÙØÖã˜ÖßÙÜÓÎÏàËÜØÓÝÒÏÝ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͔͒̚˝͓͚͒̋͘˜
BOEFWFOSFWFSTJOHJU$BSJFTSJTLBTTFTT ͓͔͑͑˛
͔͒˛ÏÓØÞÜËßÌ˜Ë×ÙÝ̋Ù×Ïä˜ÏÞËÖ˜ÖßÙÜÓÎÏàËÜØÓÝÒ
NFOUTIPVMECFDPNFBSPVUJOFQBSUPG ÏʩÍËÍãÓØÚÜÏàÏØÞÓØÑÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˛ÏØÞÏÝ
UIFDPNQSFIFOTJWFPSBMFYBNJOBUJPO BOE ͙͖̙͓̚˝͓͒̋͗͘˜͓͑͑͗˛
UIFSFTVMUTPGUIFBTTFTTNFOUTIPVMECF
VTFEBTUIFCBTJTGPSUIFUSFBUNFOUQMBO
ɥJTJTTVFPGUIF+PVSOBMQSPWJEFT
DBSJFTSJTLBTTFTTNFOUBOEUSFBUNFOU
QSPDFEVSFTGPSOFXCPSOTUPBHFô 3B
NPT(PNF[FUBM
DBSJFTSJTLBTTFTTNFOU
GPSBHFõUISPVHIBEVMU 'FBUIFSTUPOF
FUBM
DBSJFTNBOBHFNFOUCBTFEPO
SJTLBTTFTTNFOU +FOTPOFUBM
BOE
EFOUBMQSPEVDUTBWBJMBCMFGPSVTFJOUIF
$".#3"BQQSPBDI 4QPMTLZFUBM

*OTVNNBUJPO UIF8FTUFSO$".#3"
$PBMJUJPOVSHFTUIBUBMMEFOUJTUTJNQMF
NFOU$".#3"JOUIFJSQSBDUJDFTGPSUIF
CFOFmUPGUIFJSQBUJFOUTBOEUIFJNQSPWFE
PSBMIFBMUIPGUIFOBUJPOɥFUJNFUPEPJU
JTOPXɥFUPPMTBOESBUJPOBMFBSF
QSPWJEFEJOUIFGPMMPXJOHQBHFT
Ǎ ǀǁǀǍǀǉƾǀǎ
͒˛ÙßÜËÎÓËØ˜ÏÒÜ˜ÜËÖÖ˜ÓÝÚËÜÓÞÓÏÝÓØÍÒÓÖÎÜÏØ˪ÝÙÜËÖ
ÒÏËÖÞÒËØÎËÍÍÏÝÝÞÙÎÏØÞËÖÍËÜÏ˛͓͙͕̙͓͑̚˝͓͓͖͔͗̋͒˜͓͑͑͑˛
͓˛ËÝÞÏ ˜ÏÖáÓÞä ˜ÏÞËÖ˜ÙÜÙØËÖÍËÜÓÏÝÓØÞÒÏÚÜÓ×ËÜã
ËØÎÚÏÜ×ËØÏØÞÎÏØÞÓÞÓÙØÙÐÍÒÓÖÎÜÏØËØÎËÎÙÖÏÝÍÏØÞÝ͒̋͒͘
ãÏËÜÝÙÐËÑÏ˝ØÓÞÏÎÞËÞÏÝ˜͚͙͙͚͚͒̋͒͒˛ÏØÞÏÝ͖͘ÚÏÍÙ˝
͔͕͗͒̋͒˜͚͚͒͗˛
͔˛ËÍÏÕ˜ ÏÖÖÏÜ˜ÏÞËÖ˜
Ý͖͘ÚÏÜÍÏØÞÙÐÎÏØÞËÖÍËÜÓÏÝ
ÜÏËÖÖãÐÙßØÎÓØ͓͖ÚÏÜÍÏØÞÙÐÞÒÏÚÙÚßÖËÞÓÙØˣßÌÖÓÍ ÏËÖÞÒ
ÏØÞ͕̙͗͒̚˝͓͖͑̋˜͓͕͑͑˛
͕˛ØÎÏÜÝÙØ ˜ËÖÏÝ˜×ØÏÖÖ̋˜ÙÎÏÜØ×ËØËÑÏ×ÏØÞ
ÙÐÎÏØÞËÖÍËÜÓÏÝ˝ÞÒÏÍßʵÓØÑÏÎÑÏÓÝØÙÞÞÒÏÎÏØÞËÖÌßÜ˛×
ÏØÞÝÝÙÍ͓͕͒˝͔͕͕̋͘˜͚͚͔͒˛
͖˛ÏËÞÒÏÜÝÞÙØÏ˜ÏÞËÖ˜ËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ̋
×ÏØÞ˝ÍÙØÝÏØÝßÝÝÞËÞÏ×ÏØÞ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͔͒̚˝͓͖͚̋͗͘˜
͓͔͑͑˛
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͶͳ
ƾƼǈƽǍƼǁǊǍƼǂǀΫ
ËÜÓÏÝÓÝÕÝÝÏÝÝ×ÏØÞ
ÚÚÜÙÚÜÓËÞÏÐÙÜÞÒÏÑÏ͒
ÓÝÓÞ̙
ØÐËØÞÝËØÎÙÎÎÖÏÜÝ̚
ǁǍƼǉƾǄǎƾǊǅ˛ǍƼǈǊǎ̋ǂǊǈǀǕ˜ƿƿǎ˜ǈǎ˜ǈǋǃ˞ǅƼǈǀǎƾǍƼǇǇ˜ƿƿǎ˜ǎƾƿ˞
ǎǏǐƼǍǏƼ˛ǂƼǉǎǆǔ˜ƿǍǋǃ˞ǍǀƽǀƾƾƼǇ˛ǎǇƼǔǏǊǉ˜ƿƿǎ˜ǋǃƿ˞
ƼǉƿǅǊǃǉƿ˛ƽ˛ǁǀƼǏǃǀǍǎǏǊǉǀ˜ǈǎƾ˜ǋǃƿ
Ƽ ƽǎǏǍ ƼƾǏ ÒÓÝËÜÞÓÍÖÏÎÓÝÍßÝÝÏÝÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞÐÙÜÍÒÓÖÎÜÏØ

ËÑÏ͖͑̋˛ÓÝÕËÝÝÏÝÝ×ÏØÞÓÝÞÒÏʨÜÝÞÝÞÏÚÓØËÍÙ×ÚÜÏÒÏØÝÓàÏÚÜÙÞÙÍÙÖÐÙÜÓØÐËØÞÙÜËÖ
ÍËÜÏ˛ÒÏÚÜÙÑÜË×ÓØÍÖßÎÏÝÙÚÚÙÜÞßØÓÞÓÏÝÞÙÏÝÞËÌÖÓÝÒË˫ÎÏØÞËÖÒÙ×ÏˬËØÎÚÜÙàÓÎÏ
ÑßÓÎËØÍÏÐÙÜÓ×ÚÜÙàÏÎÒÏËÖÞÒÙßÞÍÙ×ÏÝ˛ÓÝÕËÝÝÏÝÝ×ÏØÞÐÙÜ×Ý˜ÓØÝÞÜßÍÞÓÙØÝÐÙÜßÝÏ˜
ËØÎÑßÓÎËØÍÏ̋ÜÏÖËÞÏÎÏÎßÍËÞÓÙØÚÙÓØÞÝÒËàÏÌÏÏØÓØÍÖßÎÏÎ˛ÙÖÖËÌÙÜËÞÓÙØË×ÙØÑËÖÖ
ÒÏËÖÞÒÚÜÙÐÏÝÝÓÙØËÖÝÜÏÑËÜÎÓØÑÏËÜÖãËØÎÞÓ×ÏÖãÓØÞÏÜàÏØÞÓÙØÞÙÚÜÙ×ÙÞÏÍÒÓÖÎÜÏØ˪ÝÙÜËÖ
ÒÏËÖÞÒËØÎÎÓÝÏËÝÏÚÜÏàÏØÞÓÙØÓÝÏ×ÚÒËÝÓäÏÎ˛
ƼǐǏǃǊǍǎ

ÜËØÍÓÝÍÙ˛Ë×ÙÝ̋ ÏÌÏÍÍË ˛ÖËãÞÙØ˜ IJMFUIFPSBMIFBMUI EFOUJTUTBOEPUIFSIFBMUIDBSFQSPGFTTJPO
Ù×Ïä˜ƿƿǎ˜ǈǎ˜ǈǋǃ˜ÓÝ ƿƿǎ˜ǋǃƿ˜ÓÝËØËÝÝÙÍÓËÞÏ
ËØËÝÝÙÍÓËÞÏÚÜÙÐÏÝÝÙÜ˜
PGNBOZDIJMESFOJO BMTNVTUCFHJOQSFWFOUJWFJOUFSWFOUJPOT
ÚÜÙÐÏÝÝÙÜ˜ØÓàÏÜÝÓÞãÙÐ
ÏÚËÜÞ×ÏØÞÙÐÜÙÐËÍÓËÖ ËÝÒÓØÑÞÙØ˜ÏÚËÜÞ×ÏØÞ UIF6OJUFE4UBUFTIBT JOJOGBODZõɥF"NFSJDBO%FOUBM"TTP
ÍÓÏØÍÏÝ˜ÓàÓÝÓÙØÙÐ ÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ JNQSPWFEESBNBUJDBMMZ DJBUJPO "NFSJDBO"DBEFNZPG1FEJBUSJD
ÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ØÓ̋ ÏËʵÖÏ˛ JOSFDFOUZFBST DBSJFTSF %FOUJTUSZ BOEUIF"NFSJDBO"TTPDJBUJPO
àÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜ËØ NBJOTUIFNPTUQSFWBMFOUDISPOJDDIJME PG1VCMJD)FBMUI%FOUJTUSZDVSSFOUMZSFD
ÜËØÍÓÝÍÙ˞ÏØÞÏÜ ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜
ÞÙÎÎÜÏÝÝÓÝÚËÜÓÞÓÏÝÓØ
IPPEEJTFBTFJOUIF6OJUFE4UBUFTmWF PNNFOEBMMDIJMESFOIBWFUIFJSmSTUQSF
ǈǎƾ˜ǋǃƿ˜ÓÝÓØÞÏÜÓ×ÎÏËØ˜
ÒÓÖÎÜÏØ˪ÝÜËÖ ÏËÖÞÒ˛ UJNFTNPSFDPNNPOUIBOBTUINBðò WFOUJWFEFOUBMWJTJUCZðñNPOUITPGBHFöø
ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜
ËØÜËØÍÓÝÍÙ˜ÍÒÙÙÖÙÐ &BSMZDIJMEIPPEDBSJFTJTQSFWBMFOU
Ë×ÏÝ˛ÜËÖÖ˜ƿƿǎ˜ǎƾƿ˜ÓÝ ÏØÞÓÝÞÜã˜ËØÎÓÝËÚÜÙÐÏÝ̋ BNPOHZPVOHDIJMESFO QBSUJDVMBSMZJO ǀǎǏƼƽǇǄǎǃǈǀǉǏǊǁƼƿǀǉǏƼǇǃǊǈǀ
ËÚÜÙÐÏÝÝÙÜËØÎÍÒËÓÜ˜ÏÍ̋ ÝÙÜ˜ÏÚËÜÞ×ÏØÞÙÐÜÏ̋ VOEFSTFSWFEQPQVMBUJPOT'PSFYBNQMF 1BSFOUTBOEPUIFSDBSFQSPWJEFSTBSF
ÞÓÙØÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˞ àÏØÞÓàÏËØÎÏÝÞÙÜËÞÓàÏ
ÎÓÜÏÍÞÙÜ˜ ËÞÓÙØËÖ
÷QFSDFOUPGDIJMESFOBHFñUPôIBWF FODPVSBHFEUPIFMQFWFSZDIJMEFTUBCMJTI
ÏØÞËÖÍÓÏØÍÏÝ˜ËÞ˛
ÜËÖ ÏËÖÞÒÙÖÓÍãÏØÞÏÜ˜ öôQFSDFOUPGUIFDBSJFTFYQFSJFODFó BEFOUBMIPNFGPSFBSMZEFOUBMDBSFUP
ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜ ƼƾǆǉǊǒǇǀƿǂǈǀǉǏ .PSFPWFS UIFñïïô$BMJGPSOJB0SBM QSPWJEFDBSJFTSJTLBTTFTTNFOU FEVDBUJPO
ÙÝØÑÏÖÏÝ˜ÍÒÙÙÖÙÐ )FBMUI/FFET"TTFTTNFOUPG$IJMESFO GPSQBSFOUTDBSFHJWFSTBOEBOUJDJQBUPSZ
ÏØÞÓÝÞÜã˛ ÒÏËßÞÒÙÜÝÞÒËØÕÝ˛
SFQPSUFEDBSJFTJOLJOEFSHBSUFOBOE HVJEBODFPOUIFQSFWFOUJPOPGEFOUBM
ËÜÌËÜË ÏÍÕ×ËØÐÙÜÒÏÜ
ÞßËÜÞ˛ËØÝÕã˜ƿǍǋǃ˜ ÏÎÓÞÙÜÓËÖËÝÝÓÝÞËØÍÏËØÎ UIJSEHSBEFDIJMESFOBTEJTQSPQPSUJPO EJTFBTFðï*OBEEJUJPO QFSJPEJDTVQFSWJ
ÓÝËØËÝÝÙÍÓËÞÏÚÜÙÐÏÝÝÙÜ˜ ÞÒÏ ÜËÖ ÏËÖÞÒ BUFMZBĊFDUJOHDIJMESFOPGNJHSBOUT JO TJPOPGDBSFJOUFSWBM QFSJPEJDJUZ
TIPVME
ÜÏàÏØÞÓàÏËØÎÏÝÞÙÜ̋ ÓÝÚËÜÓÞÓÏÝÙÖÖËÌÙÜËÞÓàÏ MPXFSTPDJPFDPOPNJDTUSBUB BOEDFSUBJO CFEFUFSNJOFECZMFWFMPGSJTLððɥF
ËÞÓàÏÏØÞËÖÍÓÏØÍÏÝ˜ ÐÙÜÞÒÏÓ×ÚÖÏ×ÏØÞËÞÓÙØÙÐ SBDJBMFUIOJDHSPVQTTVDIBT)JTQBOJDTô iEFOUBMIPNFwDPODFQUJTEFSJWFEGSPNUIF
ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜ ÞÒÏÓØÝÞÜß×ÏØÞ
"NFSJDBO"DBEFNZPG1FEJBUSJDTSFDPN
ËØÜËØÍÓÝÍÙ˛ ËØÎÞÒÏÎÏàÏÖÙÚ×ÏØÞÙÐ
ÞÒÏÝÏÖÐ̋×ËØËÑÏ×ÏØÞÑÙËÖ ǄǉǄǏǄƼǇǄǉǁƼǉǏǊǍƼǇƾƼǍǀǑǄǎǄǏ NFOEBUJPOUIBUFWFSZDIJMETIPVMEIBWF
ÓØÝÞÜß×ÏØÞÞÒÜÙßÑÒ ÓÑÒ &WJEFODFJODSFBTJOHMZTVHHFTUTUIBUUP BiNFEJDBMIPNFwðñɥFJOUFOUJPOPGUIF
ÖËÓØÝ ÏËÖÞÒÏØÞÏÜ˛ CFTVDDFTTGVMJOQSFWFOUJOHPSBMEJTFBTF SFDPNNFOEBUJPOJTUPQSPNPUFIFBMUI
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͶ͵
DBSFGPSJOGBOUT DIJMESFO BOEBEPMFTDFOUT FBSMZBTQPTTJCMFBOEQSFGFSBCMZQSJPSUP GBDUPSTɥJTBSUJDMFXJMMQSFTFOUUIFDPO

UIBUJEFBMMZJTBDDFTTJCMF DPOUJOVPVT DPN UIFPOTFUPGUIFEJTFBTFQSPDFTT$BSJFT TJEFSBCMZNPEJmFEGPSNBOEEJTDVTTPVS
QSFIFOTJWF GBNJMZDFOUFSFE DPPSEJOBUFE SJTLBTTFTTNFOUBOETVCTFRVFOUNBOBHF FYQFSJFODFTXJUIJUTVTF BTXFMMBTSFDPN
DPNQBTTJPOBUF BOEDVMUVSBMMZBQQSPQSJBUF NFOUPGUIFEJTFBTFJODIJMESFOJTDSVDJBM NFOEBUJPOTGPSNBOBHJOHEJĊFSFOUSJTL
'SPNUIFNFEJDBMQPJOUPGWJFX SFGFS EVFUPUIFLOPXOGBDUUIBUDBSJFTJOUIF HSPVQTCBTFEPOUIFJSJOEJWJEVBMJ[FESJTL
SJOHBDIJMEGPSBOPSBMFYBNJOBUJPOBOE QSJNBSZEFOUJUJPOJTBTUSPOHQSFEJDUPS BTTFTTNFOUTɥFõZFBSPMEUISPVHIBEVMU
SJTLBTTFTTNFOUUPBEFOUJTUXIPQSPWJEFT PGDBSJFTJOUIFQFSNBOFOUEFOUJUJPOðö ð÷ GPSNJTEFTDSJCFEJOEFUBJMJOBTFQBSBUF
DBSFGPSJOGBOUTBOEZPVOHDIJMESFO TUBSU BSUJDMFCZ'FBUIFSTUPOFFUBMUIJTJTTVF
JOHTJYNPOUITBGUFSUIFmSTUUPPUIFSVQUT ƾƼǍǄǀǎǈƼǉƼǂǀǈǀǉǏƽǔǍǄǎǆƼǎǎǀǎǎǈǀǉǏ
PSCZðñNPOUITPGBHF XJMMFTUBCMJTIUIF *O"QSJMñïïñ BDPOTFOTVTDPOGFSFODF ÙÎÓʨÏÎËÜÓÏÝÓÝÕÝÝÏÝÝ×ÏØÞÙÜ×
DIJMETEFOUBMIPNF BOEQSPWJEFBOPQQPS XBTIFMEJO4BDSBNFOUP $BMJG PODBSJFT ̙͖͑̋̚ËÜÑÏÞÏÎËÞ
ØÐËØÞÝËØÎ
UVOJUZUPNPOJUPSBOEJNQMFNFOUQSFWFO NBOBHFNFOUCZSJTLBTTFTTNFOU"HSPVQ ÙÎÎÖÏÜÝ͖͑̋ÏËÜÝ̋ÙÖÎ
UJWFPSBMIFBMUIIBCJUTUIBUXJMMNFFUFBDI 'FBUIFSTUPOFBOEDPMMFBHVFT BUUIF
DIJMETJOEJWJEVBMBOEVOJRVFOFFETɥF $BMJGPSOJBDPOTFOTVTDPOGFSFODFJOñïïñ
JOUFOUPGUIJTFĊPSUJTUPNBJOUBJOUIF ǄǁǋǃǔǎǄƾǄƼǉǎƼǍǀ QSPQPTFEUIBUUIFQSPHSFTTJPOPSSFWFSTBM
DIJMETDBWJUZGSFFTUBUVTBOEQSFWFOUPUIFS ÞÙÜÏÐÏÜÍÒÓÖÎÜÏØËÞËÑÏ͒˜ PGEFOUBMDBSJFTJTEFUFSNJOFECZUIFCBM
PSBMEJTFBTFT'PSUIJTUPCFDPNFBSFBMJUZ BODFCFUXFFODBSJFTQBUIPMPHJDBMGBDUPST
QSBDUJDJOHDMJOJDJBOTNVTUCFDPNNJUUFEUP ÞÒÏÚÜËÍÞÓÍÓØÑÎÏØÞËÖ BOEDBSJFTQSPUFDUJWFGBDUPSTɥFPSJHJOBM
XFMDPNJOHUIFTFZPVOHQBUJFOUTJOUPUIFJS ÍÙ××ßØÓÞã×ßÝÞÞËÕÏÙØ BHFïôGPSNXBTEFTJHOFEUPSFnFDUUIF
QSBDUJDFT*GQIZTJDJBOTBSFUPSFGFSDIJMESFO GVMMSBOHFPGQBUIPMPHJDBMBOEQSPUFDUJWF
BUBHFð UIFQSBDUJDJOHEFOUBMDPNNVOJUZ ÞÒÏÜÏÝÚÙØÝÓÌÓÖÓÞãÙÐÌÏÓØÑ GBDUPSTñïɥFNPEJmFEGPSNQSFTFOUFE
NVTUUBLFPOUIFSFTQPOTJCJMJUZPGCFJOH áÓÖÖÓØÑËØÎáÏÖÖ̋ÚÜÏÚËÜÏÎ IFSFIBTCFFOSFWJTFEUPJNQSPWFFBTF
XJMMJOHBOEXFMMQSFQBSFEUPBDDFQUUIFN PGVTFXIJMFSFUBJOJOHFTTFOUJBMDPN
ÞÙËÍÍÏÚÞÞÒÏ×. QPOFOUTSFMBUFEUPUIFDBSJFTCBMBODF
ƽǀǉǀǁǄǏǎǊǁǍǄǎǆƼǎǎǀǎǎǈǀǉǏ ɥF$".#3"ïôGPSNJTBPOF
3JTLBTTFTTNFOUJTBOFTUJNBUJPOPG QBHFRVFTUJPOOBJSFUIBUJTEFTJHOFE
UIFMJLFMJIPPEUIBUBOFWFOUXJMMPDDVSJO PGFYQFSUTEFTJHOFEBDBSJFTSJTLBTTFTT GPSVTFXJUIDIJMESFOBHFïôJOBCVTZ
UIFGVUVSF"OJOEJWJEVBMJ[FEDBSJFTSJTL NFOU $3" GPSNBOEQSPQPTFEJUTVTF EFOUBMQSBDUJDF BOEJTMBJEPVUJOB
BTTFTTNFOUJTUIFmSTUTUFQBOEBOJNQPS CBTFEVQPOUIFLOPXOMJUFSBUVSFBUUIBU TFRVFODFUIBUGPMMPXTUIFOPSNBMnPX
UBOUQBSUPGBDPNQSFIFOTJWFQSPUPDPMGPS UJNF0OFGPSNXBTEFTJHOFEGPSQBUJFOUT GSPNUIFQBUJFOUQBSFOUJOUFSWJFX
UIFJOGBOUPSBMDBSFWJTJUCZJEFOUJGZJOH õZFBSTPMEUISPVHIBEVMUIPPE BOEBTFD UISPVHIUIFDMJOJDBMFYBNJOBUJPOPG
DIBSBDUFSJTUJDTUIBUDBOIFMQUIFIFBMUI POEXBTGPSQBUJFOUTïô"MMTVQQPSUJOH UIFDIJMEɥFNPEJmFE$".#3"ïô
DBSFQSPWJEFSTBOEQBSFOUTDBSFHJWFSTUP SFWJFXBSUJDMFTBOETVNNBSJFTGSPNUIJT GPSNGPMMPXFECZBPOFQBHFSFWJTFE
IBWFBUSVFVOEFSTUBOEJOHPGUIFMFWFM $".#3"DPOTFOTVT BTXFMMBTUIF$3" TVNNBSZPGJOTUSVDUJPOTJTQSPWJEFEJO
PGDBSJFTSJTLBOEPSBMIFBMUIOFFETPG GPSNTBOEJOUFSWFOUJPOQSPDFEVSFT XFSF ǏƼƽǇǀΫ ɥFGPSNIBTJOUFSWJFXRVFT
JOGBOUTBOEUPEEMFST$BSJFTSJTLBTTFTT QVCMJTIFEJOUIF+PVSOBMPGUIF$BMJGPSOJB UJPOTDPNQSJTJOHmWFTVCHSPVQT
NFOUHVJEFTUIFDMJOJDBMEFDJTJPONBLJOH %FOUBM"TTPDJBUJPOJO'FCSVBSZBOE.BSDI ■$BSJFTEJTFBTFJOEJDBUPSTQBSFOU
QSPDFTTðòðô'FBUIFSTUPOFEFTDSJCFEBCBM ñïïòɥFZBSFBDDFTTJCMFJOUIFJSFOUJSFUZ JOUFSWJFX%JTFBTFJOEJDBUPSTBSFPC
BODFCFUXFFOQBUIPMPHJDBMBOEQSPUFDUJWF BUXXXDEBGPVOEBUJPOPSHKPVSOBMðø ñï TFSWBUJPOTUIBUJOEJDBUFUIFQSFTFODF
GBDUPSTUIBUDBOCFTXVOHJOUIFEJSFDUJPO 4JODFUIFO PVSHSPVQIBTVTFEBOENPEJ PGEJTFBTFTZNQUPNTPSUIFQSFTFODF
PGFBSMZDBSJFTJOUFSWFOUJPOBOEQSFWFO mFEUIFGPSNGPSJOGBOUTBOEUPEEMFST PGBOFOWJSPONFOUUIBUJOEJDBUFTUIF
UJPOVUJMJ[JOHUIFBDUJWFSPMFPGUIFEFOUJTU UBSHFUJOHïô BOEIBTBEEFEBUSFBUNFOU DIJMEJTMJLFMZUPIBWFUIFEJTFBTFDBMMFE
BOEBMMJFEEFOUBMTUBĊðõ5PBDIJFWFUIF QSPUPDPMñð.PEJmDBUJPOTJODMVEFïô EFOUBMDBSJFT'PSFYBNQMF QBTUEFOUBM
CFTUNBOBHFNFOUBOEPVUDPNFTGPSHPPE BHFTQFDJmDUISFTIPMEWBMVFTGPSTBMJWBSZ SFTUPSBUJPOTJOEJDBUFEJTFBTFJOUIFQBTU
EFOUBMIFBMUI BOBQQSPQSJBUFDBSJFTSJTL DBSJPHFOJDCBDUFSJBMBTTBZT BOECPUIDIJME XIJDINPTUMJLFMZJTTUJMMQSPHSFTTJOH
BTTFTTNFOUTDSFFOJOHNVTUCFFYFDVUFEBT BOENBUFSOBMDBSJFTSJTLBOEQSPUFDUJWF ɥFTPDJPFDPOPNJDTUBUVTPGUIFGBN
ʹͶͶ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
ͯ
ÐÙÜÏØÞËÖÜÙàÓÎÏÜÝ̙͖͑̋̚ÝÝÏÝÝ×ÏØÞÙÙÖ
ËÜÓÏÝÓÝÕÝÝÏÝÝ×ÏØÞÙÜ×ÐÙÜÑÏ͑ÞÙ͖
ËÞÓÏØÞØË×Ï˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
˛˛̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰͐ÑḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈ËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
ØÓÞÓËÖ˹ÌËÝÏÖÓØÏÏâË×ÎËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈ËÜÓÏÝÜÏÍËÖÖÎËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
ÏÝÚÙØÎÞÙÏËÍÒÛßÏÝÞÓÙØÓØÝÏÍÞÓÙØÝ͒˜͓˜͔˜ËØÎ͕áÓÞÒËÍÒÏÍÕ×ËÜÕÓØÞÒÏ˫ÏÝˬÙÜ˫ÙˬÍÙÖß×Ø ÏÝ Ù ÙÞÏÝ

͒˛ËÜÓÏÝÓÝÕ
ØÎÓÍËÞÙÜÝ̐ËÜÏØÞ
ØÞÏÜàÓÏá̩̩
̙Ë̚ÙÞÒÏÜÙÜÚÜÓ×ËÜãÍËÜÏÑÓàÏÜÒËÝÒËÎËÍÞÓàÏÎÏØÞËÖÎÏÍËãÓØÞÒÏÚËÝÞ͓͒×ÙØÞÒÝ
̙Ì̚ÒÓÖÎÒËÝÜÏÍÏØÞÎÏØÞËÖÜÏÝÞÙÜËÞÓÙØÝ̙ÝÏÏ͖ÌÌÏÖÙá̚
̙Í̚ËÜÏØÞËØÎ˹ÙÜÍËÜÏÑÓàÏÜÒËÝÖÙá̙ÝÙÍÓÙÏÍÙØÙ×ÓÍÝÞËÞßÝ̚ËØÎ˹ÙÜÖÙáÒÏËÖÞÒÖÓÞÏÜËÍã
̙Î̚ÒÓÖÎÒËÝÎÏàÏÖÙÚ×ÏØÞËÖÚÜÙÌÖÏ×Ý
̙Ï̚ÙÎÏØÞËÖÒÙ×Ï˹ÏÚÓÝÙÎÓÍÎÏØÞËÖÍËÜÏ
͓˛ËÜÓÏÝÓÝÕËÍÞÙÜÝ̙ÓÙÖÙÑÓÍËÖ̐̚ËÜÏØÞ
ØÞÏÜàÓÏá̩̩
̙Ë̚ÒÓÖÎÒËÝÐÜÏÛßÏØÞ̙ÑÜÏËÞÏÜÞÒËØÞÒÜÏÏÞÓ×ÏÝÎËÓÖã̚ÌÏÞáÏÏØ̋×ÏËÖÝØËÍÕÝÙÐÝßÑËÜÝ˹ÍÙÙÕÏÎ
ÝÞËÜÍÒ˹ÝßÑËÜÏÎÌÏàÏÜËÑÏÝ
̙Ì̚ÒÓÖÎÒËÝÝËÖÓàË̋ÜÏÎßÍÓØÑÐËÍÞÙÜÝÚÜÏÝÏØÞ˜ÓØÍÖßÎÓØÑ˝
͒˛ÏÎÓÍËÞÓÙØÝ̙Ï˛Ñ˛˜ÝÙ×ÏÐÙÜËÝÞÒ×ËÙÜÒãÚÏÜËÍÞÓàÓÞã̚
͓˛ÏÎÓÍËÖ̙ÍËØÍÏÜÞÜÏËÞ×ÏØÞ̚ÙÜÑÏØÏÞÓÍÐËÍÞÙÜÝ
̙Í̚ÒÓÖÎÍÙØÞÓØßËÖÖãßÝÏÝÌÙÞÞÖÏ̋ÍÙØÞËÓØÝÐÖßÓÎÝÙÞÒÏÜÞÒËØáËÞÏÜ
̙Î̚ÒÓÖÎÝÖÏÏÚÝáÓÞÒËÌÙÞÞÖÏÙÜØßÜÝÏÝÙØÎÏ×ËØÎ
͔˛ÜÙÞÏÍÞÓàÏËÍÞÙÜÝ̙ÙØÌÓÙÖÙÑÓÍËÖ̐̚ËÜÏØÞ
ØÞÏÜàÓÏá
̙Ë̚ÙÞÒÏÜ˹ÍËÜÏÑÓàÏÜÎÏÍËã̋ÐÜÏÏÖËÝÞÞÒÜÏÏãÏËÜÝ
̙Ì̚ÒÓÖÎÒËÝËÎÏØÞËÖÒÙ×ÏËØÎÜÏÑßÖËÜÎÏØÞËÖÍËÜÏ
͕˛ÜÙÞÏÍÞÓàÏËÍÞÙÜÝ̙ÓÙÖÙÑÓÍËÖ̐̚ËÜÏØÞ
ØÞÏÜàÓÏá
̙Ë̚ÒÓÖÎÖÓàÏÝÓØËÐÖßÙÜÓÎËÞÏÎÍÙ××ßØÓÞãÙÜÞËÕÏÝÐÖßÙÜÓÎÏÝßÚÚÖÏ×ÏØÞÝÌãÝÖÙáÖãÎÓÝÝÙÖàÓØÑÙÜ
ËÝÍÒÏáËÌÖÏÞËÌÖÏÞÝ
̙Ì̚ÒÓÖÎ˪ÝÞÏÏÞÒËÜÏÍÖÏËØÏÎáÓÞÒÐÖßÙÜÓÎËÞÏÎÞÙÙÞÒÚËÝÞÏ̙ÚÏË̋ÝÓäÏ̚ÎËÓÖã
̙Í̚ÙÞÒÏÜ˹ÍËÜÏÑÓàÏÜÍÒÏáÝ˹ÝßÍÕÝâãÖÓÞÙÖÍÒÏáÓØÑÑß×˹ÖÙäÏØÑÏÝ͓͕̋âÎËÓÖã
͖˛ËÜÓÏÝÓÝÕ
ØÎÓÍËÞÙÜÝ˹ËÍÞÙÜÝ̐ÖÓØÓÍËÖâË×ÓØËÞÓÙØÙÐÒÓÖÎ̩̩
̙Ë̚ÌàÓÙßÝáÒÓÞÏÝÚÙÞÝ˜ÎÏÍËÖÍÓÐÓÍËÞÓÙØÝ˜ÙÜÙÌàÓÙßÝÎÏÍËãÚÜÏÝÏØÞÙØÞÒÏÍÒÓÖÎ˪ÝÞÏÏÞÒ
̙Ì̚ÏÝÞÙÜËÞÓÙØÝÚÖËÍÏÎÓØÞÒÏÖËÝÞÞáÙãÏËÜÝÓØ˹ÙØÍÒÓÖÎ˪ÝÞÏÏÞÒ
̙Í̚ÖËÛßÏÓÝÙÌàÓÙßÝÙØÞÒÏÍÒÓÖÎ˪ÝÞÏÏÞÒËØÎ˹ÙÜÑß×ÝÌÖÏÏÎÏËÝÓÖã
̙Î̚ÒÓÖÎÒËÝÎÏØÞËÖÙÜÙÜÞÒÙÎÙØÞÓÍËÚÚÖÓËØÍÏÝÚÜÏÝÏØÞ˜ÐÓâÏÎÙÜÜÏ×ÙàËÌÖÏ˝Ï˛Ñ˛˜ÌÜËÍÏÝ˜ÝÚËÍÏ
×ËÓØÞËÓØÏÜÝ˜ÙÌÞßÜËÞÙÜÝ
̙Ï̚ÓÝÕËÍÞÙÜ˝ÓÝßËÖÖãÓØËÎÏÛßËÞÏÝËÖÓàËÐÖÙá̋ÎÜã×ÙßÞÒ
̩̩
ÐãÏÝÞÙËØãÙØÏÙÐ̙͒Ë̚˜̙͒Ì̚˜͖̙Ë̚˜ÙÜ͖̙Ì̚ÙÜËØãÞáÙÓØÍËÞÏÑÙÜÓÏÝ͒˜͓˜͖˜ÍÙØÝÓÎÏÜÚÏÜÐÙÜ×ÓØÑ ËÜÏØÞ˹ËÜÏÑÓàÏÜ ÒÓÖÎ
ÌËÍÞÏÜÓËÖÍßÖÞßÜÏÙØ×ÙÞÒÏÜÙÜÍËÜÏÑÓàÏÜËØÎÍÒÓÖÎ˛ÝÏÞÒÓÝËÝËÌËÝÏÖÓØÏÞÙÐÙÖÖÙáÜÏÝßÖÞÝÙÐ
ËØÞÓÌËÍÞÏÜÓËÖÓØÞÏÜàÏØÞÓÙØ˛ ËÞÏ˝ ËÞÏ˝
̙Ë̚ßÞËØÝÝÞÜÏÚÞÙÍÙÍÍÓ̙
ØÎÓÍËÞÏÌËÍÞÏÜÓËÖÖÏàÏÖ˝ÒÓÑÒ˜×ÏÎÓß×˜ÖÙá̚
̙Ì̚ ËÍÞÙÌËÍÓÖÖßÝÝÚÏÍÓÏÝ̙
ØÎÓÍËÞÏÌËÍÞÏÜÓËÖÖÏàÏÖ˝ÒÓÑÒ˜×ÏÎÓß×˜ÖÙá̚
ÒÓÖÎ˪ÝÙàÏÜËÖÖÍËÜÓÏÝÜÓÝÕÝÞËÞßÝ˝̙
̚âÞÜÏ×Ï Ùá ÙÎÏÜËÞÏ ÓÑÒ
ÏÍÙ××ÏØÎËÞÓÙØÝÑÓàÏØ˝ ÏÝ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ Ṵ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̀ ËÞÏÑÓàÏØ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ ËÞÏÐÙÖÖÙáßÚ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
̋ ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰͓̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰͒̚̚
ÜËÍÞÓÞÓÙØÏÜÝÓÑØËÞßÜḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈ËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͶͷ
ØÝÞÜßÍÞÓÙØÝÐÙÜËÜÓÏÝÓÝÕÝÝÏÝÝ×ÏØÞÙÜ×̐ÒÓÖÎÜÏØÑÏ͖͑̋
͒˛ØÝáÏÜÞÒÏÛßÏÝÞÓÙØÝ˝ÏÝÚÙØÎÞÙÛßÏÝÞÓÙØÝ͒ÞÙ͖áÓÞÒ˫ãÏÝˬÙÜ˫ØÙˬËØÝáÏÜÝ˛ÙßÍËØ×ËÕÏÝÚÏÍÓËÖØÙÞËÞÓÙØÝÝßÍÒËÝÞÒÏØß×ÌÏÜÙÐÍËàÓÞÓÏÝÚÜÏÝ̋
ÏØÞ˜ÞÒÏÝÏàÏÜÓÞãÙÐÞÒÏÖËÍÕÙÐÙÜËÖÒãÑÓÏØÏ˜ÞÒÏÌÜËØÎÙÐÐÖßÙÜÓÎÏÝßÝÏÎ˜ÞÒÏÞãÚÏÙÐÌÙÞÞÖÏÍÙØÞÏØÞÝßÝÏÎ˜ÞÒÏÞãÚÏÙÐÝØËÍÕÝÏËÞÏØ˜ÙÜÞÒÏØË×ÏÝÙÐ
×ÏÎÓÍËÞÓÙØÝ˹ÎÜßÑÝÞÒËÞ×ËãÌÏÍËßÝÓØÑÎÜã×ÙßÞÒ˛
͓˛ÏÞÏÜ×ÓØÏÞÒÏÙàÏÜËÖÖÍËÜÓÏÝÜÓÝÕÙÐÞÒÏÍÒÓÖÎ˝ÎÎßÚÞÒÏ˫ãÏÝˬËØÝáÏÜÝÞÙÞÒÏÎÓÝÏËÝÏÓØÎÓÍËÞÙÜÝ˹ÜÓÝÕÐËÍÞÙÜÝÐÜÙ×ÍËÜÓÏÝÜÓÝÕÍËÞÏÑÙÜÓÏÝ͒˜͓˜ËØÎ͖˛
ÒÏØËÎÎßÚÞÒÏØß×ÌÏÜÙÐ˫ãÏÝˬËØÝáÏÜÝÐÙÜÞÒÏÚÜÙÞÏÍÞÓàÏÓØÎÓÍËÞÙÜÝ˹ÐËÍÞÙÜÝÓÎÏØÞÓÐÓÏÎÓØÍËÞÏÑÙÜÓÏÝ͔ËØÎ͕˛ËÕÏËÔßÎÑ×ÏØÞËÝÞÙÖÙá˜×ÙÎÏÜËÞÏ
ÙÜÒÓÑÒÙàÏÜËÖÖÍËÜÓÏÝÜÓÝÕÌËÝÏÎÙØÞÒÏÌËÖËØÍÏÌÏÞáÏÏØÞÒÏÚËÞÒÙÖÙÑÓÍËÖÐËÍÞÙÜÝ̙ÍËÜÓÏÝÎÓÝÏËÝÏÓØÎÓÍËÞÙÜÝËØÎÜÓÝÕÐËÍÞÙÜÝ̚ËØÎÞÒÏÚÜÙÞÏÍÞÓàÏÐËÍ̋
ÞÙÜÝ˛ÙÞÏ˝ÏÞÏÜ×ÓØÓØÑÞÒÏÍËÜÓÏÝÜÓÝÕÐÙÜËØÓØÎÓàÓÎßËÖÍÒÓÖÎÜÏÛßÓÜÏÝÏàËÖßËÞÓØÑÌÙÞÒÞÒÏØß×ÌÏÜËÝáÏÖÖËÝÞÒÏÝÏàÏÜÓÞãÙÐÞÒÏÎÓÝÏËÝÏÓØÎÓÍËÞÙÜÝËØÎ
ÜÓÝÕÐËÍÞÙÜÝ˛ÏÜÞËÓØÖãËÍÒÓÖÎáÓÞÒÍËÜÓÏÝÚÜÏÝÏØÞÖãÙÜÓØÞÒÏÜÏÍÏØÞÚËÝÞÓÝËÞÒÓÑÒÜÓÝÕÐÙÜÐßÞßÜÏÍËÜÓÏÝ˛ÚËÞÓÏØÞáÓÞÒÖÙáÌËÍÞÏÜÓËÖÖÏàÏÖÝáÙßÖÎØÏÏÎ
ÞÙÒËàÏÝÏàÏÜËÖÙÞÒÏÜÜÓÝÕÐËÍÞÙÜÝÚÜÏÝÏØÞÞÙÌÏÍÙØÝÓÎÏÜÏÎËÞ×ÙÎÏÜËÞÏÜÓÝÕ˛Ù×ÏÔßÎÑ×ÏØÞÓÝØÏÏÎÏÎáÒÓÖÏËÖÝÙÍÙØÝÓÎÏÜÓØÑÞÒÏÚÜÙÞÏÍÞÓàÏÐËÍÞÙÜÝ
ÞÙÎÏÞÏÜ×ÓØÏÞÒÏÜÓÝÕ˛
͔˛ËÍÞÏÜÓËÞÏÝÞÓØÑ˝
ÐÞÒÏËØÝáÏÜÓÝ˫ãÏÝˬÞÙËØãÙØÏÙÐ̙͒Ë̚˜̙͒Ì̚˜͖̙Ë̚˜ÙÜ͖̙Ì̚ÛßÏÝÞÓÙØÝÜÏÑËÜÎÓØÑÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜ˪ÝÜÏÍÏØÞËÍÞÓàÏÎÏÍËã˜ÙÜÍÒÓÖÎ˪Ý
ÜÏÍÏØÞÜÏÝÞÙÜËÞÓÙØÝ˜ÙÜËØãÙÌàÓÙßÝáÒÓÞÏÝÚÙÞÝ˜ÎÏÍËÖÍÓÐÓÍËÞÓÙØÝÙÜÙÌàÓÙßÝÎÏÍËã˞ÙÜËØãÞáÙÙÐÞÒÏÛßÏÝÞÓÙØÝÓØ͒˜͓˜͖˜ÍÙØÝÓÎÏÜÚÏÜÐÙÜ×ÓØÑÌËÍÞÏÜÓËÖ
ÍßÖÞßÜÏÝÙØÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜËØÎÍÒÓÖÎ̙ÝÏÏ̩̩ØÙÞÏÝÙØÞÒÏÐÙÜ×̚˛ÏÏÝÏÚËÜËÞÏ˫ËÍÞÏÜÓËÖÏÝÞÓØÑˬÓØÝÞÜßÍÞÓÙØÝÐÙÜÞÏÍÒØÓÛßÏÝÞÏÚÝ˛ÝÏÞÒÏÌËÍÞÏ̋
ÜÓËÖÍÙÖÙØãÎÏØÝÓÞãÖÏàÏÖ̙ÖÙá˜×ÏÎÓß×˜ÙÜÒÓÑÒ̚ÞÙÎÏÞÏÜ×ÓØÏáÒÙáÙßÖÎÌÏØÏÐÓÞÐÜÙ×ËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚãËØÎÞÙÏÝÞËÌÖÓÝÒËÌËÝÏÖÓØÏÞÙËÝÝÏÝÝÞÒÏ
Ó×ÚËÍÞÙÐËØãÚÜÏÝÍÜÓÌÏÎËØÞÓÌËÍÞÏÜÓËÖÓØÞÏÜàÏØÞÓÙØ̙Ý̚ËØÎáÒÏÞÒÏÜÞÙÍËÜÜãÙßÞËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚãÐÙÜÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÙÜÍÒÓÖÎ˛
͕˛ÖËØÐÙÜÍËÜÓÏÝÓØÞÏÜàÏØÞÓÙØËØÎÚÜÏàÏØÞÓÙØ˝ÏàÏÖÙÚËÍËÜÓÏÝÍÙØÞÜÙÖËØÎ×ËØËÑÏ×ÏØÞÚÖËØÐÙÜÞÒÏÍÒÓÖÎËØÎÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÌËÝÏÎÙØÍÙ×ÚÖÏÞÏÎ
ËÝÝÏÝÝ×ÏØÞÝÓØÍÙÜÚÙÜËÞÓØÑËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚãËØÎÐÖßÙÜÓÎÏÎÏÖÓàÏÜãÐÙÜ×ÝËÝÓØÎÓÍËÞÏÎ˛̙ÏÏ˫ÖÓØÓÍËÖßÓÎÏÖÓØÏÝÐÙÜËÞÓÏØÞÝ͖͑̋ÏËÜÝ˜ˬ
ǏƼƽǇǀά ˛̚ ÓÑÒÍËÜÓÏÝÜÓÝÕÝÞËÞßÝÓÝÑÏØÏÜËÖÖãËØÓØÎÓÍËÞÓÙØÐÙÜÞÒÏßÝÏÙÐÌÙÞÒËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚãËØÎÐÖßÙÜÓÎÏÞÒÏÜËÚã˛
ÐÞÒÏËØÝáÏÜÓÝ˫ãÏÝˬÞÙËØã
ÙØÏÙÐÛßÏÝÞÓÙØÝÜÏÑËÜÎÓØÑÞÒÏÚÜÏÝÏØÍÏÙÐáÒÓÞÏÝÚÙÞÝ˜ÎÏÍËÖÍÓÐÓÍËÞÓÙØÙÜÙÌàÓÙßÝÎÏÍËãÙØÞÒÏÍÒÓÖÎ˪ÝÞÏÏÞÒÙÜÚËÜÏØÞ˹ÍÒÓÖÎÜÏÝÞÙÜËÞÓÙØÝ̙̙͒Ë̚˜̙͒Ì̚˜
͖̙Ë̚˜ÙÜ͖̙Ì̚̚˜ÝÞÜÙØÑÖãÍÙØÝÓÎÏÜßÝÓØÑËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚãÐÙÜÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜËÝáÏÖÖËÝÞÒÏÍÒÓÖÎ˛ØÍÏÝÞÜËÞÏÑÓÏÝÒËàÏÌÏÏØÚÖËØØÏÎÞÙËÑÑÜÏÝ̋
ÝÓàÏÖãÎÏËÖáÓÞÒÍËÜÓÏÝËÝËÌËÍÞÏÜÓËÖÖã̋ÌËÝÏÎÞÜËØÝ×ÓÝÝÓÌÖÏÓØÐÏÍÞÓÙØ˜ÎÏÞÏÜ×ÓØÏáÒÓÍÒÞÏÏÞÒÒËàÏÍËàÓÞËÞÓÙØËØÎÞÜÏËÞ×ÏØÞÚÖËØÐÙÜ×ÓØÓ×ËÖÖãÓØàËÝÓàÏ
ÜÏÝÞÙÜËÞÓàÏÚÜÙÍÏÎßÜÏÝÎÏÝÓÑØÏÎÞÙÍÙØÝÏÜàÏÞÙÙÞÒÝÞÜßÍÞßÜÏ˛
͖˛ Ù×ÏÍËÜÏÜÏÍÙ××ÏØÎËÞÓÙØÝ˝ÏàÓÏááÓÞÒÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÞÒÏÓØÎÓàÓÎßËÖÓäÏÎÒÙ×ÏÍËÜÏÜÏÍÙ××ÏØÎËÞÓÙØÝãÙßÒËàÏÝÏÖÏÍÞÏÎÐÙÜÞÒÏ×ÙØÞÒÏ
˫ËÜÏØÞ˹ËÜÏÑÓàÏÜÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜÙØÞÜÙÖÙÐÏØÞËÖÏÍËãÓØÒÓÖÎÜÏØ͖͑̋ˬÐÙÜ×̙ǏƼƽǇǀή ̚˛ÝÏÞÒÓÝÓØÞÏÜËÍÞÓÙØËÝËØÙÚÚÙÜÞßØÓÞãÐÙÜËÌÜÓÏÐ
ÚËÞÓÏØÞ̋ÍÏØÞÏÜÏÎËÚÚÜÙËÍÒÞÙÏØÑËÑÏÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÓØÞáÙ̋áËãÍÙ××ßØÓÍËÞÓÙØÙØÝÞÜËÞÏÑÓÏÝÐÙÜÍËÜÓÏÝÍÙØÞÜÙÖËØÎ×ËØËÑÏ×ÏØÞ˛ßÜÓØÑÞÒÓÝ
×ÙÞÓàËÞÓÙØËÖÓØÞÏÜàÓÏáÓØÑÓØÞÏÜàÏØÞÓÙØ˜ËÝÕÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÞÙÍÙ××ÓÞÞÙÞáÙÑÙËÖÝËØÎØÙÞÏÞÒÏ×ÙØÞÒÏ˫ÏÖÐ̋×ËØËÑÏ×ÏØÞÑÙËÖÝ͒̚ËØÎ͓̚ˬËÜÏË
ÓØÞÒÏÖËÝÞÝÏÍÞÓÙØÙÐÞÒÏ͖͑̋ÐÙÜ×̙ǏƼƽǇǀΫ ̚˛
ØÐÙÜ×ÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÞÒËÞãÙßáÓÖÖÐÙÖÖÙáßÚáÓÞÒÞÒÏ×ÙØÞÒÏÝÏÑÙËÖÝËÞÞÒÏØÏâÞËÚÚÙÓØÞ̋
×ÏØÞ˛ÓàÏÙØÏÍÙÚãÙÐÞÒÏÝÓÑØÏÎÜÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜ×ÞÙÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜËØÎÕÏÏÚÙØÏÓØÞÒÏÍÒÓÖÎ˪ÝÍÒËÜÞ˛ÙÓØÞÙßÞÞÙÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜ
ÞÒËÞÞÒÏÌËÍÕÙÐÞÒÏÜÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜ×ÓØÍÖßÎÏÝËÎÎÓÞÓÙØËÖÓØÐÙÜ×ËÞÓÙØÙØ˫ ÙáÙÙÞÒÏÍËã ËÚÚÏØÝˬËØÎ˫ÏÞÒÙÎÝÙÐÙØÞÜÙÖÖÓØÑÙÙÞÒÏÍËãˬ
ÞÙÒÏÖÚÞÒÏ×ÐßÜÞÒÏÜßØÎÏÜÝÞËØÎÞÒÏÍËÜÓÏÝÎÓÝÏËÝÏÚÜÙÍÏÝÝËØÎáËãÝÞÙÍÙØÞÜÙÖÓÞ̙ǏƼƽǇǀή ̚˛
͗˛ËÍÞÏÜÓËÞÏÝÞÜÏÝßÖÞÝ˝ÐÞÏÜÞÒÏÓØÙÍßÖËÞÏÎ×ÏÎÓËÝÞÓÍÕÝÙÜÍßÖÞßÜÏÞßÌÏÝÒËàÏÓØÍßÌËÞÏÎÐÙÜ͓͘ÒÙßÜÝ̙ÝÏÏǏƼƽǇǀέ ÐÙÜÓØÝÞÜßÍÞÓÙØÝ̚˜ÎÏÞÏÜ×ÓØÏÞÒÏ
ÍÙÖÙØãÎÏØÝÓÞãÖÏàÏÖ˜ËØÎÓØÐÙÜ×ÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÙÐÞÒÏÜÏÝßÖÞÝÙÐÞÒÏÌËÍÞÏÜÓËÞÏÝÞÝ˛ÓØÍÏÝÒÙáÓØÑÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÞÒÏÌËÍÞÏÜÓËÑÜÙáØÐÜÙ×
ÞÒÏÓÜÙáØ×ÙßÞÒÍËØÌÏËÑÙÙÎ×ÙÞÓàËÞÙÜ˜ÝÒÙáÞÒÏ×ÞÒÏÍßÖÞßÜÏÞßÌÏËÞÞÒÏØÏâÞàÓÝÓÞ̙ÞÒÏÍßÖÞßÜÏÕÏÏÚÝÝËÞÓÝÐËÍÞÙÜÓÖãÐÙÜÝÙ×ÏáÏÏÕÝ̚ÙÜÚÜÙàÓÎÏ
ÞÒÏ×áÓÞÒËÚÒÙÞÙÑÜËÚÒÙÜÎÓÑÓÞËÖÓ×ËÑÏÙÐÞÒÏÓÜÌËÍÞÏÜÓËÖÍÙÖÙØÓÏÝ˛
ÐÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÒËÝÒÓÑÒÍËÜÓÙÑÏØÓÍÌËÍÞÏÜÓËÖÍÙßØÞÝÞÒÏØáÙÜÕáÓÞÒÞÒÏ×
ÞÙÖÙáÏÜÞÒÏÓÜÍËÜÓÏÝÜÓÝÕËØÎÑÏÞÞÒÏÓÜÍËÜÓÏÝÓØÐÏÍÞÓÙØßØÎÏÜÍÙØÞÜÙÖ˛ÒÏÑÙËÖÓÝÞÙÏÖÓ×ÓØËÞÏÞÒÓÝÝÙßÜÍÏÙÐÓØÐÏÍÞÓÙØËØÎÜÏÓØÐÏÍÞÓÙØÐÙÜÞÒÏÍÒÓÖÎ˛
͘˛ÙÖÖÙáßÚ˝ÐÞÏÜÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜ˹ÍÒÓÖÎÒËÝÌÏÏØÐÙÖÖÙáÓØÑãÙßÜÜÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜÞÒÜÏÏÞÙÝÓâ×ÙØÞÒÝ˜ÒËàÏÞÒÏ×ÌËÍÕÞÙÜÏËÝÝÏÝÝÒÙá
áÏÖÖÞÒÏãËÜÏÎÙÓØÑ˛Ù×ÏÚÜËÍÞÓÍÓØÑÍÖÓØÓÍÓËØÝÜÏÚÙÜÞÑÙÙÎ×ÙÞÓàËÞÓÙØËÖÝßÍÍÏÝÝÓØÎÙÓØÑËÌËÍÞÏÜÓËÖÍßÖÞßÜÏÓ××ÏÎÓËÞÏÖãËÐÞÏÜÞÒÏÚËÞÓÏØÞ˪ÝàÏÜã
ÐÓÜÝÞ×ÙØÞÒÙÐËØÞÓÌËÍÞÏÜÓËÖÞÜÏËÞ×ÏØÞ˛ËÞÓÏØÞÝØÏÏÎÏØÍÙßÜËÑÏ×ÏØÞÏËÜÖãÙØáÒÏØÌÏÒËàÓÙÜÍÒËØÑÏÓÝÜÏÛßÓÜÏÎ˛ÝÕÞÒÏ×ÓÐÞÒÏãËÜÏÐÙÖÖÙáÓØÑãÙßÜ
ÓØÝÞÜßÍÞÓÙØÝËØÎÒÙáÙÐÞÏØ˛
ÐÞÒÏÌËÍÞÏÜÓËÖÖÏàÏÖÝáÏÜÏ×ÙÎÏÜËÞÏÙÜÒÓÑÒÓØÓÞÓËÖÖã˜ÜÏÚÏËÞÞÒÏÌËÍÞÏÜÓËÖÍßÖÞßÜÏÞÙÝÏÏÓÐÌËÍÞÏÜÓËÖÖÏàÏÖÝÒËàÏÌÏÏØ
ÜÏÎßÍÏÎÌãËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚã˛ËÕÏÍÒËØÑÏÝÓØãÙßÜÜÏÍÙ××ÏØÎËÞÓÙØÝÙÜÜÏÓØÐÙÜÍÏÚÜÙÞÙÍÙÖÓÐÜÏÝßÖÞÝËÜÏØÙÞËÝÑÙÙÎËÝÎÏÝÓÜÏÎÙÜÞÒÏÚËÜÏØÞ˹
ÍËÜÏÑÓàÏÜÓÝØÙÞÍÙÙÚÏÜËÞÓØÑËÝ×ßÍÒËÝÏâÚÏÍÞÏÎ˛
ÞÓÝàÏÜãÓ×ÚÙÜÞËØÞÞÙÓØÐÙÜ×ÚËÞÓÏØÞÝÞÒËÞÍÒËØÑÓØÑËÚËÞÒÙÑÏØÓÍÌÓÙÐÓÖ×ÓÝØÙÞÑÙÓØÑÞÙÒËÚÚÏØ
ÙàÏÜØÓÑÒÞ˛
ØÐËÍÞ˜ÓÞ×ËãÞËÕÏÝÏàÏÜËÖ×ÙØÞÒÝÞÙÏàÏØãÏËÜÝÓØÝÙ×ÏÍËÝÏÝ˛
ʹͷͮ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
JMZEPFTOPUDBVTFEFOUBMDBSJFTCVU ESZNPVUI BOEUIFQSFTFODFPGEFOUBM UPVTFBNPSFUBSHFUFEBQQSPBDIJOUIF

IBTCFFOBTTPDJBUFETUSPOHMZXJUIJUT PSUIPEPOUJDBQQMJBODFTɥFQSFTFODFPG NBOBHFNFOUPGUIFEJTFBTFQSPDFTT
QSFTFODF-PXIFBMUIMJUFSBDZPGUIF TFWFSBMEJTFBTFJOEJDBUPSTBOESJTLGBDUPST
QSJNBSZDBSFHJWFSJTBHPPEJOEJDBUPS JOEJDBUFTUIBUUIFIFBMUIDBSFQSPWJEFS ǄǈǋǇǀǈǀǉǏƼǏǄǊǉǊǁƾƼǍǄǀǎǍǄǎǆ
UIBUUIFFOWJSPONFOUJTDPOEVDJWFUP QFSGPSNBCBDUFSJBMDVMUVSFGPSNVUBOT ƼǎǎǀǎǎǈǀǉǏǁǊǍƾǃǄǇƿǍǀǉΪ̋ίǔǀƼǍǎ̋ǊǇƿ
EFOUBMDBSJFT4JNJMBSMZ EFWFMPQNFO TUSFQUPDPDDJBOEMBDUPCBDJMMVTTQFDJFTPO ƼǎǋƼǍǏǊǁǏǃǀǄǉǁƼǉǏǊǍƼǇƾƼǍǀǑǄǎǄǏ
UBMEFGFDUTBOEUIFBCTFODFPGBEFOUBM CPUIUIFNPUIFSDBSFHJWFSBOEDIJMEUP 1SPUPDPMGPSBDPNQSFIFOTJWF
IPNFBSFJOEJDBUPSTPGBIJHIFSMJLFMJ BTTFTTUIFOFFEGPSBOUJCBDUFSJBMUIFSBQZ $".#3"ïôJOGBOUPSBMDBSFWJTJU
IPPEPGUIFQSFTFODFPGEFOUBMDBSJFT "TJNQMFWJTVBMEJBHSBNPGUIFJOUFS JODMVEFTUIFGPMMPXJOHDPNQPOFOUT
■$BSJFTSJTLGBDUPST CJPMPHJDBM
BDUJPOPGUIFEJTFBTFJOEJDBUPSTBOESJTL ■1BSFOUJOUFSWJFX
QBSFOUJOUFSWJFX˛ ɥFTFBSFCJPMPHJDBM GBDUPSTJTQSFTFOUFECZ'FBUIFSTUPOFFU ■&YBNJOBUJPOPGUIFDIJME
GBDUPSTUIBUFYQMBJOXIZEFOUBMDBSJFTJT BMMBUFSJOUIJTJTTVFPGUIF+PVSOBM ■"TTJHONFOUPGDBSJFTSJTLMFWFM
JOQSPHSFTTBOEIFMQTVTUPEFUFSNJOF ■*OEJWJEVBMJ[FEUSFBUNFOUCBTFEPO
IPXUPBSSFTUPSSFWFSTFUIFQSPDFTT SJTLMFWFM
ɥFTFSJTLGBDUPSTJODMVEFGSFRVFODZ ǄƿǀǉǏǄǁǄƾƼǏǄǊǉǊǁ ■*GJOEJDBUFE CBDUFSJBMDVMUVSFPO
PGJOHFTUJPOPGGFSNFOUBCMFDBSCP ÜÓÝÕÐËÍÞÙÜÝÓÝÏÝÝÏØÞÓËÖ QBSFOUPSDBSFHJWFSBOEDIJME
IZESBUFT TMFFQIBCJUTUIBUQSPWJEFB ■4IPXCBDUFSJBMSFTVMUTUPQBSFOUDBSF
DPOUJOVBMGPPETPVSDFGPSUIFCBDUFSJB ÞÙßØÎÏÜÝÞËØÎáÒãÞÒÏ HJWFSFĊFDUJWFNPUJWBUPS
NFEJDBUJPOTUIBUXPVMESFEVDFTBMJ ÎÓÝÏËÝÏÓÝáÒÏÜÏÓÞÓÝ˜ ■*OEJWJEVBMJ[FEIPNFDBSFSFDPN
WBSZnPX BOEDPOUJOVBMCPUUMFVTF NFOEBUJPOT
■1SPUFDUJWFGBDUPST OPOCJPMPHJDBM
ÙÜáÒÏÞÒÏÜ ■.PUJWBUJPOBMJOUFSWJFXTUSBUFHJFT
QBSFOUJOUFSWJFXɥFTFJOEJDBUPST ÓÞÓÝÖÓÕÏÖãÞÙ×ËØÓÐÏÝÞ GPSDBSJFTDPOUSPM
PCUBJOFEEVSJOHUIFQBSFOUJOUFSWJFX ■4FUUJOHPGTFMGNBOBHFNFOUHPBMT
TIFEMJHIUPOUIFQPTTJCJMJUJFTPGJODSFBT Ýã×ÚÞÙ×ÝÓØÞÒÏÐßÞßÜÏ˛ XJUIQBSFOUDIJME
JOHPSFOIBODJOHQSPUFDUJWFQSBDUJDFT ■"OUJDJQBUPSZHVJEBODFBDDPSEJOHUPB
1SPUFDUJWFGBDUPSTJODMVEFTVDIUIJOHTBT TQFDJmDBHFDBUFHPSZ
XIFUIFSUIFNPUIFSDBSFHJWFSJTGSFFPG ÏÝÓÜÏÎßÞÍÙ×ÏÝÐÙÜÞÒÏËÜÓÏÝÓÝÕ ■%FUFSNJOFUIFJOUFSWBMGPSQFSJPEJD
EFDBZ NBZOPUIBWFDBSJPHFOJDCBDUFSJBUP ÝÝÏÝÝ×ÏØÞÙÜ×͖͑̋ SFFWBMVBUJPO QFSJPEJDJUZPGFYBNJOBUJPO
USBOTNJUUPUIFDIJME
BOEUIFDIJMETBD ɥFDBSJFTSJTLBTTFTTNFOUGPSNIBT ■$PMMBCPSBUJPOXJUIPUIFSIFBMUIDBSF
DFTTUPSFHVMBSEFOUBMDBSF EFOUBMIPNF
CFFOEFTJHOFEUPFOTVSFDMFBSJEFOUJmDB QSPGFTTJPOBMT
■1SPUFDUJWFGBDUPST CJPMPHJDBM
UJPOPGEJTFBTFJOEJDBUPSTBOEDBSJFTSJTL ɥF$".#3"ïôBTTFTTNFOUDPN
QBSFOUJOUFSWJFXɥFTFBSFCJPMPHJDBM GBDUPST*EFOUJmDBUJPOPGSJTLGBDUPSTJT QPOFOUTBSFGVSUIFSEFTDSJCFECFMPX
QSPUFDUJWFGBDUPSTUIBUDBOIFMQBS FTTFOUJBMUPVOEFSTUBOEXIZUIFEJTFBTF
SFTUPSSFWFSTFEFOUBMDBSJFTɥFZJO JTXIFSFJUJT PSXIFUIFSJUJTMJLFMZUP ǋƼǍǀǉǏǄǉǏǀǍǑǄǀǒ
DMVEFUIFDIJMETFYQPTVSFUPnVPSJEF NBOJGFTUTZNQUPNTJOUIFGVUVSF3JTL 5IFQBSFOUJOUFSWJFXCFGPSFUIF
PSFYQPTVSFUPDBMDJVNQIPTQIBUF BTTFTTNFOUQFSNJUTUIFEFOUBMIFBMUI DIJMEJTFYBNJOFEXJMMFTUBCMJTIUIF
QBTUFPSYZMJUPMCBTFEQSPEVDUTCZUIF DBSFQSPWJEFSUPEFUFSNJOFUIFCBMBODF QSFTFODFPGTFWFSBMJNQPSUBOUSJTL
NPUIFSDBSFHJWFSBTXFMMBTUIFDIJME PGQSPUFDUJWFGBDUPSTBQQSPQSJBUFGPS GBDUPSTBOEEJTFBTFJOEJDBUPST*UXJMM
■$BSJFTEJTFBTFJOEJDBUPSTBOESJTLGBD UIFIJHI NPEFSBUF PSMPXDBSJFTSJTL BMTPFTUBCMJTIXIFUIFSQSPUFDUJWF
UPSTDMJOJDBMFYBNJOBUJPOPGDIJME˛ %JTFBTF MFWFMJOBOJOEJWJEVBM'JOEJOHTGSPN NFBTVSFTBSFBMSFBEZJOQMBDF*GUIF
JOEJDBUPSTJODMVEFDMJOJDBMPCTFSWBUJPOT UIFDIJMEBOEQBSFOUDBSFHJWFSBTTFTT NPUIFSBOEPSDBSFHJWFSIBTBDUJWF
TVDIBTPCWJPVTXIJUFTQPUMFTJPOTEF NFOUSFHBSEJOHDBSJFTSJTLMFWFMBOE EFDBZ UIJTBVUPNBUJDBMMZQMBDFTUIF
DBMDJmDBUJPOT PCWJPVTEFDBZ BOESFDFOU SFBTPOTGPSSJTLDBOCFVTFEUPEFTJHO DIJMEBUIJHISJTLEVFUPUIFIJHIQPT
SFTUPSBUJPOT#JPMPHJDBMSJTLGBDUPST BOEJNQMFNFOUBOJOUFSWFOUJPOTUSBUFHZ TJCJMJUZPGCBDUFSJBMUSBOTNJTTJPOBOE
JODMVEFRVBOUJUZPGQMBRVFBOEHJOHJWBM UIBUJODPSQPSBUFTUIFBQQSPQSJBUFQSPUFD JOPDVMBUJPOPGUIFDIJMETNPVUIBUBO
CMFFEJOH BOJOEJDBUPSPGIFBWZQMBRVF
UJWFGBDUPSTɥJTQFSNJUTUIFDMJOJDJBO FBSMZTUBHFCZUIFQBSFOUDBSFHJWFS
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͷͯ
Ͱ
ÜÏËÞ×ÏØÞßÓÎÏÖÓØÏÝ̙͖͑̋ãÏËÜÝ̚
ËÜÓÏÝËØËÑÏ×ÏØÞÌãÓÝÕÝÝÏÝÝ×ÏØÞ̙̚ÖÓØÓÍËÖßÓÎÏÖÓØÏÝÐÙÜËÞÓÏØÞÝ͖͑̋ãÏËÜÝ
ÓÝÕ ÏàÏÖ ËÖÓàËÏÝÞ ØÞÓÌËÍÞÏÜÓËÖÝ ÖßÙÜÓÎÏ ÜÏÛßÏØÍãÙÐ ÜÏÛßÏØÍãÙÐ ̩̩̩̩ ÏËÖËØÞÝ âÓÝÞÓØÑ ÏÝÓÙØÝ
ËÎÓÙÑÜËÚÒÝ ÏÜÓÙÎÓÍÜËÖ ãÖÓÞÙÖËØÎ˹ÙÜ ̩̩̩
âË×Ý̙̚ ËÕÓØÑÙÎË
ʹͷͰ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
ÙáÜÓÝÕ ÚÞÓÙØËÖ ÙÞÜÏÛßÓÜÏÎÙÜ ÙÞÜÏÛßÓÜÏÎ ÐÞÏÜËÑÏ͓˝ àÏÜã͓͗̋͒×ÙØÞÒÝ ÚÞÓÙØËÖ
̙ËÝÏÖÓØÏ̚ ÓÐÝËÖÓàËÞÏÝÞáËÝ ÓÞÏáÓØÑÜËÎÓÙ̋ ÞÙÜÏ̋ÏàËÖßËÞÏ
ÚÏÜÐÙÜ×ÏÎ˞ÞÜÏËÞ ÑÜËÚÒÝÏàÏÜã͙͓͕͒̋ ÍËÜÓÏÝÜÓÝÕ
×ËÓØÍËÜÏÑÓàÏÜ ×ÙØÞÒÝ

ËÍÍÙÜÎÓØÑÖã
̩̩
ÙÎÏÜËÞÏÜÓÝÕ ÏÍÙ××ÏØÎÏÎ ÙÞÜÏÛßÓÜÏÎÙÜ ÐÖßÙÜÓÎÏ̋ ÐÞÏÜËÑÏ͓˝ àÏÜã͗×ÙØÞÒÝ ãÖÓÞÙÖÑß×ÙÜÖÙä̋ ÏËÖËØÞÝÐÙÜÎÏÏÚ ÏÝÓÙØÝÞÒËÞÎÙ
ÓÐÝËÖÓàËÞÏÝÞáËÝ ÍÙØÞËÓØÓØÑÞÙÙÞÒ̋ ÓÞÏáÓØÑÜËÎÓÙ̋ ÞÙÜÏ̋ÏàËÖßËÞÏ ÏØÑÏÝ ÚÓÞÝËØÎÐÓÝÝßÜÏÝ ØÙÞÚÏØÏÞÜËÞÏÞÒÏ
ÚÏÜÐÙÜ×ÏÎ˞ÞÜÏËÞ ÚËÝÞÏÞáÓÍÏÎËÓÖã̙Ë ÑÜËÚÒÝÏàÏÜã͓͙͒̋͒ ÍËÜÓÏÝÜÓÝÕ áÙÝÞÓÍÕÝÙÐÑß× ËÐÞÏÜÞáÙãÏËÜÝÙÐ ËØÎËÜÏØÙÞ
×ËÓØÍËÜÏÑÓàÏÜ ÚÏË̋ÝÓäÏÎË×ÙßØÞ̚ ×ÙØÞÒÝ

ÙÜÞáÙ×ÓØÞÝÐÙßÜ ËÑÏ˛ ÓÑÒÐÖßÙÜÓÎÏ ÍËàÓÞËÞÏÎÝÒÙßÖÎ
ËÍÍÙÜÎÓØÑÖã ÙÎÓß×ÐÖßÙÜÓÎÏ
ÞÓ×ÏÝÎËÓÖãÐÙÜÞÒÏ ÍÙØàÏØÞÓÙØËÖÑÖËÝÝ ÌÏÞÜÏËÞÏÎáÓÞÒ
ÞÜÏËÞ×ÏØÞÑÏÖÝ˹ ÍËÜÏÑÓàÏÜ ÓÙØÙ×ÏÜÓÝÜÏÍÙ×̋ ÐÖßÙÜÓÎÏÞÙÙÞÒ̋
ÜÓØÝÏÝ ãÖÓÞÙÖÐÙÙÎ˜ÝÚÜËã ×ÏØÎÏÎ ÚËÝÞÏËØÎÐÖßÙÜÓÎÏ
ÙÜÎÜÓØÕÝÐÙÜÞÒÏ àËÜØÓÝÒ
ÍÒÓÖÎ
ÓÑÒÜÓÝÕ̩ ÏÛßÓÜÏÎ ÒÖÙÜÒÏâÓÎÓØÏ͑˛͓͒ϯ ÖßÙÜÓÎÏàËÜØÓÝÒËÞ ÐÞÏÜËÑÏ͓˞ àÏÜã͔×ÙØÞÒÝÞÙ ãÖÓÞÙÖÑß×ÙÜ ÏËÖËØÞÝÐÙÜÎÏÏÚ ÏÝÓÙØÝÞÒËÞÎÙ
͒͑×ÖÜÓØÝÏÐÙÜ×ËÓØ ÓØÓÞÓËÖàÓÝÓÞËØÎÍËÜ̋ áÙÝÓäÏ͓͐ ÜÏ̋ÏàËÖßËÞÏÍËÜÓÏÝ ÖÙäÏØÑÏÝ˛áÙ ÚÓÞÝËØÎÐÓÝÝßÜÏÝ ØÙÞÚÏØÏÞÜËÞÏÞÒÏ
ÍËÜÏÑÓàÏÜÙÐÞÒÏ ÓÏÝÜÏÍËÖÖÏâË×Ý ÙÍÍÖßÝËÖÐÓÖ×ÝËØÎ ÜÓÝÕËØÎËÚÚÖãÐÖßÙ̋ ÝÞÓÍÕÝÙÐÑß×ÙÜ ËÐÞÏÜÞáÙãÏËÜÝÙÐ ËØÎËÜÏØÙÞ
ÓØÐËØÞÙÜÍÒÓÖÎÐÙÜ ÐÖßÙÜÓÎÏ̋ÍÙØ̋ ͓ÌÓÞÏáÓØÑÜËÎÓÙ̋ ÜÓÎÏàËÜØÓÝÒ ÞáÙ×ÓØÞÝÐÙßÜ ËÑÏ˛ ÓÑÒÐÖßÙÜÓÎÏ ÍËàÓÞËÞÏÎÝÒÙßÖÎ
ÙØÏáÏÏÕÏËÍÒ ÞËÓØÓØÑÞÙÙÞÒÚËÝÞÏ ÑÜËÚÒÝÏàÏÜã͓͗̋͒

ÞÓ×ÏÝÎËÓÖãÐÙÜÞÒÏ ÍÙØàÏØÞÓÙØËÖÑÖËÝÝ ÌÏÞÜÏËÞÏÎáÓÞÒ
×ÙØÞÒ˛ËÍÞÏÜÓËÖ ËØÎÍËÖÍÓß×ÚÒÙÝ̋ ×ÙØÞÒÝÙÜßØÞÓÖØÙ
ÍËÜÏÑÓàÏÜ ÓÙØÙ×ÏÜÓÝÜÏÍÙ×̋ ÐÖßÙÜÓÎÏÞÙÙÞÒ̋
ÞÏÝÞÏàÏÜãÍËÜÓÏÝ ÚÒËÞÏÚËÝÞÏÍÙ×ÌÓ̋ ÍËàÓÞËÞÏÎÖÏÝÓÙØÝ ãÖÓÞÙÖÐÙÙÎ˜ÝÚÜËã˜ ×ÏØÎÏÎ ÚËÝÞÏËØÎÐÖßÙÜÓÎÏ
ÜÏÍËÖÖ˛ ØËÞÓÙØÞáÓÍÏÎËÓÖã ËÜÏÏàÓÎÏØÞ ÙÜÎÜÓØÕÝÐÙÜÞÒÏ àËÜØÓÝÒ
ÏËÖÞÒÚÜÙàÓÎÏÜ ÙÎÓß×ÐÖßÙÜÓÎÏ ÍÒÓÖÎ ×ÓÑÒÞÌÏÜÏÍ̋
×ÓÑÒÞÌÜßÝÒÓØÐËØÞ˪Ý ÞÜÏËÞ×ÏØÞÑÏÖ˹ Ù××ÏØÎÏÎ
ÞÏÏÞÒáÓÞÒ ÜÓØÝÏÝ
âÞÜÏ×ÏÜÓÝÕ̩ ÏÛßÓÜÏÎ ÒÖÙÜÒÏâÓÎÓØÏ ÖßÙÜÓÎÏàËÜØÓÝÒ ÐÞÏÜËÑÏ͓˞ àÏÜã͔͒̋×ÙØÞÒÝ ãÖÓÞÙÖÑß×ÙÜ ÏËÖËØÞÝÐÙÜÎÏÏÚ ÙÖÎÓØÑÍËÜÏáÓÞÒ

͑˛͓͒ϯ ËÞÓØÓÞÓËÖàÓÝÓÞ˜ÏËÍÒ áÙÝÓäÏ͓͐ÙÍÍÖß̋ ÞÙÜÏ̋ÏàËÖßËÞÏÍËÜ̋ ÖÙäÏØÑÏÝ˛áÙ ÚÓÞÝËØÎÐÓÝÝßÜÏÝ ÑÖËÝÝÓÙØÙ×ÏÜ
͒͑×ÖÜÓØÝÏÐÙÜÙØÏ ÍËÜÓÏÝÜÏÍËÖÖËØÎ ÝËÖÐÓÖ×ÝËØÎ͓ÌÓÞÏ̋ ÓÏÝÜÓÝÕËØÎËÚÚÖã ÝÞÓÍÕÝÙÐÑß×ÙÜ ËÐÞÏÜÞáÙãÏËÜÝÙÐ ×ËÞÏÜÓËÖÝßØÞÓÖÍËÜ̋
×ÓØßÞÏÎËÓÖãËÞ ËÐÞÏÜÚÜÙÚÒãÖËâÓÝ áÓØÑÜËÎÓÙÑÜËÚÒÝ ÐÖßÙÜÓÎÏàËÜØÓÝÒ ÞáÙ×ÓØÞÝÐÙßÜ ËÑÏ˛ ÓÑÒÐÖßÙÜÓÎÏ ÓÏÝÚÜÙÑÜÏÝÝÓÙØÓÝ
ÌÏÎÞÓ×ÏÐÙÜÞáÙ ÙÜÜÏÍËÖÖÏâË×Ý ÏàÏÜã͗×ÙØÞÒÝÙÜ ËØÎËØÞÓÍÓÚËÞÙÜã ÞÓ×ÏÝÎËÓÖãÐÙÜÞÒÏ ÍÙØàÏØÞÓÙØËÖÑÖËÝÝ ÍÙØÞÜÙÖÖÏÎ̙̚
áÏÏÕÝÏËÍÒ×ÙØÞÒ˛ ÐÖßÙÜÓÎÏ̋ÍÙØ̋ ßØÞÓÖØÙÍËàÓÞËÞÏÎ ÑßÓÎËØÍÏ ÍËÜÏÑÓàÏÜ ÓÙØÙ×ÏÜÓÝÜÏÍÙ×̋ ÖßÙÜÓÎÏàËÜØÓÝÒ
ËÍÞÏÜÓËÖÞÏÝÞËÞ ÞËÓØÓØÑÞÙÙÞÒÚËÝÞÏ ÖÏÝÓÙØÝËÜÏÏàÓÎÏØÞ ãÖÓÞÙÖÐÙÙÎ˜ÝÚÜËã˜ ×ÏØÎÏÎ ËØÎËØÞÓÍÓÚË̋
ÏàÏÜãÍËÜÓÏÝÜÏÍËÖÖ ËØÎÚÒÙÝÚÒËÞÏ ÙÜÎÜÓØÕÝ ÞÙÜãÑßÓÎËØÍÏ˹ÝÏÖÐ̋
ÏËÖÞÒÚÜÙ̋ ÚËÝÞÏÍÙ×ÌÓØËÞÓÙØ ×ËØËÑÏ×ÏØÞÑÙËÖÝ
àÓÎÏÜ×ÓÑÒÞÌÜßÝÒ ÞáÓÍÏÎËÓÖã
ÓØÐËØÞ˪ÝÞÏÏÞÒáÓÞÒ ÙÎÓß×ÐÖßÙÜÓÎÏ
ÞÜÏËÞ×ÏØÞÑÏÖ˹
ÜÓØÝÏÝ
̩ÏÎÓËÞÜÓÍÚËÞÓÏØÞÝáÓÞÒÙØÏ̙ÙÜ×ÙÜÏ̚ÍËàÓÞËÞÏÎÖÏÝÓÙØ̙Ý̚ËÜÏÒÓÑÒ̋ÜÓÝÕÚËÞÓÏØÞÝ˛
̩ÏÎÓËÞÜÓÍÚËÞÓÏØÞÝáÓÞÒÙØÏ̙ÙÜ×ÙÜÏ̚ÍËàÓÞËÞÏÎÖÏÝÓÙØ̙Ý̚ËØÎÒãÚÙÝËÖÓàËÜãÙÜÝÚÏÍÓËÖØÏÏÎÝËÜÏÏâÞÜÏ×Ï̋ÜÓÝÕÚËÞÓÏØÞÝ˛
̩ÏÎÓËÞÜÓÍÚËÞÓÏØÞÝáÓÞÒÎËÓÖã×ÏÎÓÍËÞÓÙØÝßÍÒËÝÓØÒËÖÏÜÝÙÜÌÏÒËàÓÙÜËÖÓÝÝßÏÝáÓÖÖÒËàÏÎÓ×ÓØÓÝÒÏÎÝËÖÓàËÜãÐßØÍÞÓÙØ˛
̩̩ØÞÓÍÓÚËÞÙÜãÑßÓÎËØÍÏ̎˫ÚÚÜÙÚÜÓËÞÏÎÓÝÍßÝÝÓÙØËØÎÍÙßØÝÏÖÓØÑÝÒÙßÖÎÌÏËØÓØÞÏÑÜËÖÚËÜÞÙÐÏËÍÒàÓÝÓÞÐÙÜÍËÜÏ˛ˬ
̩̩̩
ÚÜÙÞÙÍÙÖÚÜÏÝÏØÞÏÎÌãÏØÝÙØÏÞËÖ˛ÞÒÓÝÓÝÝßÏ×ËãÌÏÒÏÖÚÐßÖÙØÝÏËÖËØÞÎÏÍÓÝÓÙØÝ˛
̩̩̩̩ãÖÓÞÙÖÓÝØÙÞÑÙÙÎÐÙÜÚÏÞÝ̙ÏÝÚÏÍÓËÖÖãÎÙÑÝ̚˛
ÙÜËÖÖÜÓÝÕÖÏàÏÖÝ˝ÏÎÓËÞÜÓÍÚËÞÓÏØÞÝ˜ÞÒÜÙßÑÒÞÒÏÓÜÍËÜÏÑÓàÏÜ˜×ßÝÞ×ËÓØÞËÓØÑÙÙÎÙÜËÖÒãÑÓÏØÏËØÎËÎÓÏÞÖÙáÓØÐÜÏÛßÏØÍãÙÐÐÏÜ×ÏØÞËÌÖÏÍËÜÌÙÒãÎÜËÞÏÝ˛
ËÞÓÏØÞÝáÓÞÒËÚÚÖÓËØÍÏÝ̙Ý˜ÙÜÞÒÙÎÙØÞÓÍÝ̚ÜÏÛßÓÜÏÏâÍÏÖÖÏØÞÙÜËÖÒãÑÓÏØÏÞÙÑÏÞÒÏÜáÓÞÒÓØÞÏØÝÓàÏÐÖßÙÜÓÎÏÞÒÏÜËÚã˛ÖßÙÜÓÎÏÑÏÖÞÙÌÏÚÖËÍÏÎÓØÜÏ×ÙàËÌÖÏËÚÚÖÓËØÍÏÝ˛
ͱ
ËÍÞÏÜÓËÖÏÝÞÓØÑÜÙÍÏÎßÜÏÝ
ËÍÞÏÜÓËÖÞÏÝÞÝÐÙÜÍËÜÓÙÑÏØÓÍÌËÍÞÏÜÓË˜×ßÞËØÝÝÞÜÏÚÞÙÍÙÍÍÓËØÎÐÙÜÖËÍÞÙÌËÍÓÖÖÓÝÚÏÍÓÏÝ˜ÍËØÜÏËÎÓÖãÌÏÎÙØÏÓØËÎÏØÞËÖÙÐÐÓÍÏÙÜÍÙ××ßØÓÞãÍÖÓØÓÍ
ÝÏÞÞÓØÑ˛ÒÏÜÏËÜÏÞáÙÞÏÝÞÕÓÞÝÍßÜÜÏØÞÖãËàËÓÖËÌÖÏÓØÞÒÏØÓÞÏÎÞËÞÏÝÐÙÜÍÒËÓÜÝÓÎÏÞÏÝÞÓØÑÞÒËÞÞÏÝÞÝÐÙÜÌÙÞÒËØÎ ˛ØÏÓÝÞÒÏ˫ËÜÓÏÝ
ÓÝÕÏÝÞˬ̙̚×ËÜÕÏÞÏÎÌãÓàËÎÏØÞ˹
àÙÍÖËÜ̙×ÒÏÜÝÞ˜˛˛̚˛ÒÏÙÞÒÏÜÓÝÞÒÏ˫ÏØÞÙÍßÖÞˬËØÎ˫ÏØÞÙÍßÖÞ ˬÞÏÝÞ˜×ËÜÕÏÞÏÎÌãÎÑÏÏØÞËÖ˛
ÙÞÒËÜÏÝßÐÐÓÍÓÏØÞÖãÝÏØÝÓÞÓàÏÞÙÚÜÙàÓÎÏËÖÏàÏÖÙÐÖÙá˜×ÏÎÓß×˜ÙÜÒÓÑÒÍËÜÓÙÑÏØÓÍÌËÍÞÏÜÓËÖÍÒËÖÖÏØÑÏÝÏÚËÜËÞÏÖãÐÙÜËØÎÐÙÜ ˛ËÍÒÒËÝ
ÝÏÖÏÍÞÓàÏ×ÏÎÓËÍßÖÞßÜÏ˫ÝÞÓÍÕÝˬÞÒËÞÞÏÝÞËØÎ ÖÏàÏÖÝÓØÝËÖÓàËÝË×ÚÖÏÎÐÜÙ×ÞÒÏÚËÞÓÏØÞ˛
ÒÏÕÓÞÒËÝËÝÓØÑÖÏ˫×ÏÎÓËÝÞÓÍÕˬáÓÞÒÝÏÖÏÍÞÓàÏ×ÏÎÓËÐÙÜÙØÙØÏÝÓÎÏËØÎ ÙØÞÒÏÙÞÒÏÜ˛ÒÏÏØÞÙÍßÖÞÝÖÓÎÏÝÍÙ×ÏËÝÞáÙÝÏÚËÜËÞÏ
ÝÞÓÍÕÝ˛ÒÏÜÏÝßÖÞÝÙÌÞËÓØÏÎÐÜÙ×ÞÒÏÞÏÝÞÝÞÓÍÕÝÐÜÙ×ÏÓÞÒÏÜÝßÚÚÖÓÏÜÍËØËÖÝÙÌÏßÝÏÎËÝË×ÙÞÓàËÞÓÙØËÖÞÙÙÖÐÙÜÚËÞÓÏØÞÍÙ×ÚÖÓËØÍÏáÓÞÒËØËØÞÓ̋
ÌËÍÞÏÜÓËÖÜÏÑÓ×ÏØ˛ØÙÞÒÏÜÝãÝÞÏ×ËÜÓÍÜÏÏØ˹ËÜÓÍßÖÞ̙ÜËÖÓÙÞÏÍÒ˜ÖÌËØãÜÏ˛̚ßÝÏÝËÛßÓÍÕÝÍÜÏÏØÓØÑËØÎÍßÖÞßÜÓØÑÞÏÍÒØÓÛßÏÝÞËÜÑÏÞÓØÑ˛
ÞÒÏÜÌËÍÞÏÜÓËÖÞÏÝÞÕÓÞÝáÓÖÖÖÓÕÏÖãÌÏËàËÓÖËÌÖÏÓØÞÒÏØÏËÜÐßÞßÜÏ˛
ÒÏÐÙÖÖÙáÓØÑÓÝÞÒÏÚÜÙÍÏÎßÜÏÐÙÜËÎ×ÓØÓÝÞÏÜÓØÑÞÒÏÍßÜÜÏØÞÖãËàËÓÖËÌÖÏÍËÜÓÏÝÜÓÝÕÞÏÝÞ˛ÒÏÕÓÞÍÙ×ÏÝáÓÞÒÞáÙ̋ÝÓÎÏÎÝÏÖÏÍÞÓàÏ×ÏÎÓËÝÞÓÍÕÝÞÒËÞ
ËÝÝÏÝÝ×ßÞËØÝÝÞÜÏÚÞÙÍÙÍÍÓÙØÞÒÏÌÖßÏÝÓÎÏËØÎÖËÍÞÙÌËÍÓÖÖÓÙØÞÒÏÑÜÏÏØÝÓÎÏ˛ÝÞËÜÞÏÜÕÓÞÞÒËÞÓØÍÖßÎÏÝÝÓâ˫×ÏÎÓËÝÞÓÍÕÝˬÓØÍßÖÞßÜÏÞßÌÏÝ˜ËØÎ
ËØÓØÍßÌËÞÙÜÓÝËàËÓÖËÌÖÏ̙
àÙÍÖËÜÍËÞËÖÙÑ͖͖͐͗͗͑͑͒̚˛ÖÞÒÙßÑÒÞÒÏËÍÍÙ×ÚËØãÓØÑ×ËØßÐËÍÞßÜÏÜ˪ÝÓØÝÞÜßÍÞÓÙØÝÜÏÍÙ××ÏØÎ͕͙ÒÙßÜÝÙÐÓØÍßÌË̋
ÞÓÙØ˜͓̋͘ÒÙßÜÓØÍßÌËÞÓÙØÝÏÏ×ÝÞÙÑÓàÏÌÏÞÞÏÜÜÏÝßÖÞÝ˛
ÜÙÍÏÎßÜÏÝÞÏÚÝ˝
Ë˛ÙÜÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜËØÎÐÙÜÍÒÓÖÎÜÏØÙÖÎÏØÙßÑÒÞÙÝÚÓÞ̙ÚÜÙÌËÌÖã͕ÙÜ͖ãÏËÜÝ̋ÙÖÎ̚˜ËÌËÍÞÏÜÓËÖÍßÖÞßÜÏÝÒÙßÖÎÌÏÞËÕÏØËÝÐÙÖÖÙáÝ˝ÒÏÝßÌÔÏÍÞ
ÍÒÏáÝÙØÞÒÏÍÒÏáÓØÑÑß×̙áËâ̚ÚÜÙàÓÎÏÎÓØÞÒÏÕÓÞÐÙÜÞÒÜÏÏ×ÓØßÞÏÝ̙ËÍÍßÜËÞÏÖãÞÓ×ÏÎ̚˜ËØÎÝÚÓÞÝËÖÖ×ÓâÏÎÝËÖÓàËÓØÞÙË×ÏËÝßÜÓØÑÌÏËÕÏÜ˛
ÏËÝßÜÏÞÒÏàÙÖß×Ï̙ÓØ×Ö̚ËØÎÎÓàÓÎÏÌã͔ÞÙÑÓàÏ×Ö˹×ÓØßÞÏÝÞÓ×ßÖËÞÏÎÝËÖÓàËÐÖÙáÜËÞÏ˛ÙÜ×ËÖÐÖÙáÓÝÑÜÏËÞÏÜÞÒËØ͒×Ö˹×ÓØßÞÏËØÎÖÙáÓÝÖÏÝÝ
ÞÒËØ͑˛͘×Ö˹×ÓØßÞÏ˛
ÐÞÒÏÚËÞÓÏØÞÓÝßØËÌÖÏÞÙÝÚÓÞ˜ÍÙÖÖÏÍÞËÚÖËÛßÏÝË×ÚÖÏßÝÓØÑËÝÞÏÜÓÖÏÝáËÌ˜ËÑÓÞËÞÏ˹àÓÌÜËÞÏÓØ͓ÍÍÙÐÝÞÏÜÓÖÏÝËÖÓØÏËØÎßÝÏÞÒÏ
ÖÓÛßÓÎÞÙÓØÙÍßÖËÞÏÞÒÏÍßÖÞßÜÏÞßÌÏËÝÌÏÖÙá˛
Ì˛Ï×ÙàÏÞÒÏÝÏÖÏÍÞÓàÏ×ÏÎÓËÝÞÓÍÕÐÜÙ×ÞÒÏÍßÖÞßÜÏÞßÌÏ˛ÏÏÖÙÐÐÞÒÏÚÖËÝÞÓÍÝÒÏÏÞÍÙàÏÜÓØÑÏËÍÒÝÓÎÏÙÐÞÒÏÝÞÓÍÕ˛ÙßÜÞÒÏÍÙÖÖÏÍÞÏÎÝËÖÓàË
ÙàÏÜÞÒÏ×ÏÎÓËÙØÏËÍÒÝÓÎÏßØÞÓÖÓÞÓÝÏØÞÓÜÏÖãáÏÞ˛
Í˛ÖËÍÏÙØÏÙÐÞÒÏÝÙÎÓß×ÌÓÍËÜÌÙØËÞÏÞËÌÖÏÞÝ̙ÓØÍÖßÎÏÎáÓÞÒÞÒÏÕÓÞ̚ÓØÞÒÏÌÙÞÞÙ×ÙÐÞÒÏÞßÌÏ˛
Î˛ÏÚÖËÍÏÞÒÏ×ÏÎÓËÝÞÓÍÕÓØÞÒÏÍßÖÞßÜÏÞßÌÏ˜ÝÍÜÏáÞÒÏÖÓÎÙØËØÎÖËÌÏÖÞÒÏÞßÌÏáÓÞÒÞÒÏÚËÞÓÏØÞ˪ÝØË×Ï˜Øß×ÌÏÜ˜ËØÎÎËÞÏ˛
Ï˛ÖËÍÏÞÒÏÞßÌÏÓØÞÒÏÓØÍßÌËÞÙÜËÞ͔͘ÎÏÑÜÏÏÝÏÖÝÓßÝÐÙÜ͓͘ÒÙßÜÝ˛̙
ØÍßÌËÞÙÜÝÝßÓÞËÌÖÏÐÙÜËÎÏØÞËÖÙÐÐÓÍÏËÜÏÝÙÖÎÌãÞÒÏÍÙ×ÚËØã˛̚
Ð˛Ï×ÙàÏÞÒÏÍßÖÞßÜÏÞßÌÏÐÜÙ×ÞÒÏÓØÍßÌËÞÙÜËÐÞÏÜ͓͘ÒÙßÜÝËØÎÍÙ×ÚËÜÏÞÒÏÎÏØÝÓÞÓÏÝÙÐÌËÍÞÏÜÓËÖÍÙÖÙØÓÏÝáÓÞÒÞÒÏÚÓÍÞßÜÏÝÚÜÙàÓÎÏÎÓØÞÒÏ
ÕÓÞÓØÎÓÍËÞÓØÑÜÏÖËÞÓàÏ×ßÞËØÝÝÞÜÏÚÞÙÍÙÍÍÓËØÎÖËÍÞÙÌËÍÓÖÖÓÌËÍÞÏÜÓËÖÖÏàÏÖÝ˜ÜËØÑÓØÑÐÜÙ×ÖÙáÞÙÒÓÑÒ˛ÙÖÙØãÎÏØÝÓÞÓÏÝÓØÞÒÏ×ÓÎÎÖÏÙÐÞÒÏÜËØÑÏ
ËÜÏ×ÏÎÓß×˛̙ÒÏÎËÜÕÌÖßÏËÑËÜÓÝÝÏÖÏÍÞÓàÏÐÙÜËØÎÞÒÏÖÓÑÒÞÑÜÏÏØËÑËÜÓÝÝÏÖÏÍÞÓàÏÐÙÜ ˛̚ÏÍÙÜÎÞÒÏÖÏàÏÖÙÐÌËÍÞÏÜÓËÖÍÒËÖÖÏØÑÏÓØÞÒÏ
ÚËÞÓÏØÞ˪ÝÍÒËÜÞËÝÖÙá˜×ÏÎÓß×˜ÙÜÒÓÑÒ˛
ËÍÞÏÜÓËÏÝÞÓØÑÐÙÜÙßØÑÒÓÖÎÜÏØ˝ÒÓÖÎÜÏØËÑÏ͔͑̋ËÜÏÎÓÐÐÓÍßÖÞÞÙÍßÖÞßÜÏÜÏÖÓËÌÖãÓØÞÒÏÐËÝÒÓÙØÎÏÝÍÜÓÌÏÎÚÜÏàÓÙßÝÖã˛ ÙáÏàÏÜ˜ËÑÙÙÎ
ËÚÚÜÙâÓ×ËÞÏÓØÎÓÍËÞÓÙØÐÙÜÞÒÏÍÒÓÖÎÍËØÌÏÙÌÞËÓØÏÎÌãßÝÓØÑËÍÙÞÞÙØÝáËÌÞÙÝË×ÚÖÏÞÒÏÝßÜÐËÍÏÝÙÐËÖÖÞÏÏÞÒËØÎÑß×ÝÓØÞÒÏ×ÙßÞÒ˜ÞÒÙÜÙßÑÒ̋
ÖãÎÓÝÚÏÜÝÓØÑÞÒÏÝË×ÚÖÏÓØËÌÙßÞ͒ÞÙ͓×ÖÙÐÝÞÏÜÓÖÏÝËÖÓØÏÓØËÞÏÝÞÞßÌÏ̙ÓÝÒÏÜÍÓÏØÞÓÐÓÍ̚˜ËØÎÎÓÝÚÏÜÝÓØÑÓÞÐÙÜ͒×ÓØßÞÏÙØËÖËÌÙÜËÞÙÜãàÙÜÞÏâ
̙ÓÝÒÏÜÍÓÏØÞÓÐÓÍ˜ÍËÞËÖÙÑ͓͙͔͖͓͒̋͒̋̚˛ÒÏÝßÝÚÏØÝÓÙØÓÝÞÒÏØÍÙËÞÏÎÙØÞÒÏÝÞÓÍÕËÝÎÏÝÍÜÓÌÏÎÚÜÏàÓÙßÝÖãÐÙÜÝËÖÓàËÝË×ÚÖÏÝËØÎÓØÍßÌËÞÏÎ
ÐÙÜ͓͘ÒÙßÜÝ˛ÒÓÝáÓÖÖÑÓàÏËÑÙÙÎÏÝÞÓ×ËÞÏÙÐÞÒÏËØÎ ÍÒËÖÖÏØÑÏÓØÞÒÏãÙßØÑÍÒÓÖÎ˛͓͖
ÐÞÒÓÝÓÝØÙÞÚÙÝÝÓÌÖÏÐÙÜáÒËÞÏàÏÜÜÏËÝÙØ˜ÞÒÏÌËÍÞÏ̋
ÜÓËÖÖÏàÏÖÝÙÐÞÒÏÚËÜÏØÞ˹ÍËÜÏÑÓàÏÜÍÙßÖÎÌÏßÝÏÎËÝËÜÙßÑÒÏÝÞÓ×ËÞÏÙÐÞÒÏÍÒÓÖÎ˪ÝÖÓÕÏÖãÌËÍÞÏÜÓËÖÍÒËÖÖÏØÑÏ˛
ǀǓƼǈǄǉƼǏǄǊǉǊǁǏǃǀƾǃǄǇƿ SJTLMFWFM MPX NPEFSBUF PSIJHI

"T QSPDFTTBOEUIFDMJOJDBMFYBNJOBUJPOPG
ɥFFYBNJOBUJPOPGUIFDIJME TUBUFEQSFWJPVTMZ BDUJWFEFDBZJOUIF UIFDIJME"EVBMBQQSPBDIJTFTTFOUJBMGPS
XJMMDPNQMFUFUIFSJTLGBDUPSEJTFBTF QBSFOUDBSFHJWFSPSJOUIFDIJMEBVUP NPEFSBUFBOEIJHIDBSJFTSJTLDIJMESFO
JOEJDBUPSMJTU*GUIFDIJMEIBTPCWJ NBUJDBMMZQMBDFTUIFDIJMEBUIJHISJTL BOEUIFJSQBSFOUDBSFHJWFST4USBUFHJFT
PVTEFDBMDJmDBUJPO XIJUFTQPUT
PS TJHOBMJOHUIFOFFEGPSBOUJCBDUFSJBM OFFEUPCFFNQMPZFEUPNPEJGZUIFNBUFS
DBWJUJFT UIJTQMBDFTUIFDIJMEBUIJHI JOUFSWFOUJPOBOEnVPSJEFUSFBUNFOU OBMDBSFHJWFSUSBOTNJTTJPOPGDBSJPHFOJD
SJTLGPSGVUVSFDBWJUJFTCFDBVTFDBS GPSCPUIQBSFOUDBSFHJWFSBOEDIJME CBDUFSJBUPJOGBOUTUISPVHIUIFQPUFO
JFTDBOQSPHSFTTSBQJEMZBUUIJTBHF UJBMVTFPGDIMPSIFYJEJOFSJOTF nVPSJEF
ǄǉƿǄǑǄƿǐƼǇǄǕǀƿǏǍǀƼǏǈǀǉǏƽƼǎǀƿ WBSOJTI BOEYZMJUPMCBTFEQSPEVDUT
ƼǎǎǄǂǉǈǀǉǏǊǁƾƼǍǄǀǎǍǄǎǆǇǀǑǀǇ ǊǉǍǄǎǆǇǀǑǀǇ
0ODFUIFSJTLGBDUPSTMJTUIBTCFFO "OJOEJWJEVBMJ[FEUSFBUNFOUQMBO ƽƼƾǏǀǍǄƼǇƾǐǇǏǐǍǀ
DIFDLFE ǏƼƽǇǀΫ
UIFQSPWJEFSTVN GPSFBDIJOGBOUDBSFHJWFSJTEFUFSNJOFE *GBTTFTTNFOUTSFWFBMUIFQSFTFODFPG
NBSJ[FTUIFNBOEBTTJHOTBDBSJFT CZJUFNTDIFDLFEEVSJOHUIFJOUFSWJFX IJHISJTLGBDUPSTJOEJDBUPST QSPWJEFST
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͷͱ
TIPVMEDPOTJEFSQFSGPSNJOHBCBDUFSJBM DPNNVOJDBUJPOCZGPDVTJOHPOB ǎǀǏǏǄǉǂǎǀǇǁ̋ǈƼǉƼǂǀǈǀǉǏǂǊƼǇǎ

DVMUVSFPOUIFQBSFOUPSDBSFHJWFSBOE QBUJFOUDFOUFSFECSJFGDPVOTFMJOH ǒǄǏǃǋƼǍǀǉǏƼǉƿƾǃǄǇƿ
DIJMEɥFTBMJWBSZBTTBZSFTVMUTTIPVMECF BQQSPBDIDBMMFENPUJWBUJPOBMJOUFSWJFX 'PMMPXJOHUIFCSJFGNPUJWBUJPOBM
TIPXOUPUIFQBSFOUDBSFHJWFSTCFDBVTF JOHñõ.PUJWBUJPOBMJOUFSWJFXJOHSFMJFT JOUFSWJFXJOH DPVOTFMJOH
UIFQBS
TFFJOHUIFCBDUFSJBMHSPXUINBZNPUJWBUF POUXPXBZDPNNVOJDBUJPOUIBU FOUDBSFHJWFSJTBTLFEUPTFMFDUUXP
CFIBWJPSBMDIBOHFGPSUIFNBOEUIFJSDIJM JODMVEFTUIFGPMMPXJOHTUFQTFTUBCMJTI TFMGNBOBHFNFOUHPBMTPSSFDPNNFO
ESFO*GUIFQBSFOUTDBSFHJWFSTIBWFIJHI JOHBUIFSBQFVUJDBMMJBODF SBQQPSUBOE EBUJPOTBTUIFJSBTTJHONFOUTCFGPSF
DBSJPHFOJDCBDUFSJBMDPVOUTUIFZTIPVMECF USVTU
BTLJOHRVFTUJPOTUPIFMQQBSFOUT UIFOFYUSFFWBMVBUJPOEFOUBMWJTJUɥF
BEWJTFEUPTFFLBQQSPQSJBUFEFOUBMDBSFUP JEFOUJGZUIFQSPCMFNBOEMJTUFOJOHUP QBSFOUDBSFHJWFSJTBTLFEUPDPNNJUUP
SFEVDFUIFJSDBSJFTSJTLBOEDPOUSPMUIFJS XIBUUIFZTBZFODPVSBHJOHTFMG UIFUXPHPBMTTFMFDUFEBOEJTJOGPSNFE
DBSJFTCZFMJNJOBUJOHUIFJOGFDUJPOTPVSDF NPUJWBUJPOBMTUBUFNFOUTQSFQBSJOHGPS UIBUUIFPSBMIFBMUIDBSFQSPWJEFSTXJMM
BOESFEVDJOHUIFFBSMZJOGBOUJOPDVMBUJPO GPMMPXVQPOUIPTFHPBMTXJUIUIFNBU
3FMBUJWFMZMPXCBDUFSJBMMFWFMTIBWF UIFOFYUBQQPJOUNFOU 4FFǏƼƽǇǀί GPS
CFFOEFNPOTUSBUFEJOTFWFSBMTUVEJFT i4FMGNBOBHFNFOU(PBMTGPS1BSFOU$BSF
UPCFTJHOJmDBOUMZBTTPDJBUFEXJUIFBSMZ
ǒǃǀǉǋƼǍǀǉǏǎ HJWFSwXJUIQBUJFOUDPOmEFODFTDBMFBOE
EFNJOFSBMJ[BUJPOBOEEFOUBMDBSJFTJO ÒÏËÜÞÒÏ×ÝÏÖàÏÝ QBUJFOUDPNNJUNFOUTJHOBUVSFTFDUJPO
JOGBOUTBOEUPEEMFSTñò ñó"TQSFTFOUFE
SFDFOUMZ DIJMESFOXJUITJHOJmDBOUMFWFMT
ËÍÕØÙáÖÏÎÑÓØÑËÚÜÙÌÖÏ× ÙáÙÙÞÒÏÍËã ËÚÚÏØÝ
PGNVUBOTTUSFQUPDPDDJBOEBOZMFWFM ËØÎàÙÓÍÓØÑÞÒÏÓÜ 5PPUIEFDBZJTDBVTFECZDFSUBJOUZQFT
PGMBDUPCBDJMMJXFSFBUHSFBUFTUSJTLGPS PGCBDUFSJB CVHT
UIBUMJWFJOZPVSNPVUI
EFWFMPQJOHFBSMZDIJMEIPPEDBSJFTñó
ÍÙ××ÓÞ×ÏØÞÞÙ 8IFOUIFZTUJDLUPUIFmMNPOZPVSUFFUI
ÝÙÖàÏÞÒÏÚÜÙÌÖÏ×˜ DBMMFEEFOUBMQMBRVF UIFZDBOEPEBNBHF
ǄǉƿǄǑǄƿǐƼǇǄǕǀƿǃǊǈǀƾƼǍǀ ɥFCBDUFSJBGFFEPOXIBUZPVFBU FTQF
ǍǀƾǊǈǈǀǉƿƼǏǄǊǉǎ
ËÍÞÓÙØÓÝÐËÍÓÖÓÞËÞÏÎ˛ DJBMMZTVHBST JODMVEJOHGSVJUTVHBST
BOE
)PNFDBSFSFDPNNFOEBUJPOTBSF DPPLFETUBSDI CSFBE QPUBUPFT SJDF QBTUB
QSPWJEFEBUUIFFOEPGUIFJOGBOUPSBMDBSF FUD
8JUIJOBCPVUmWFNJOVUFTBGUFSZPV
WJTJUCBTFEPOBMMJOGPSNBUJPOHBUIFSFE FBUPSESJOL UIFCBDUFSJBCFHJONBLJOH
UISPVHIUIFBTTFTTNFOUQSPDFTTǏƼƽǇǀή DIBOHF EJTDVTTJOHUIFIVSEMFTUIBU BDJETBTUIFZEJHFTUZPVSGPPEɥFTFBDJET
mSTUQBHFGPSBi1BSFOU$BSFHJWFS3FD JOUFSGFSFXJUIBDUJPO
SFTQPOEJOHUP DBOCSFBLJOUPUIFPVUFSTVSGBDFPGUIF
PNNFOEBUJPOTGPS$POUSPMPG%FOUBM SFTJTUBODFBOETDIFEVMJOHGPMMPXVQ UPPUIBOENFMUBXBZTPNFPGUIFNJOFS
%FDBZJO$IJMESFOïô:FBSTwGPSNUIBU BTXFMMBTQSFQBSJOHUIFQBSFOUGPSUIF BMT:PVSTQJUDBOCBMBODFUIFBDJEBUUBDLT
JODMVEFTBDIFDLMJTUGPSTVHHFTUFEIPNF JOFWJUBCMFCVNQTJOUIFSPBE"QB BTMPOHBTUIFBDJEBUUBDLTEPOUIBQQFO
DBSJFTJOUFSWFOUJPOTBOEǏƼƽǇǀή TFDPOE UJFOUQBSFOUDFOUFSFEBQQSPBDIUP WFSZPGUFO)PXFWFSJGð
ZPVSNPVUIJT
QBHF QSFTFOUTUIFTVHHFTUFEJOGPSNB IFBMUIQSPNPUJPOBOEDBSJFTQSFWFOUJPO ESZñ
ZPVIBWFBMPUPGUIFTFCBDUFSJB
UJPOEFTJHOFEUPQSPWJEFUIFQBSFOUPS JTTIPXJOHQSPNJTFJOHFUUJOHQBSFOUT PSò
ZPVTOBDLGSFRVFOUMZ UIFOUIFBDJE
DBSFHJWFSBOEQBUJFOUXJUIBTJNQMJmFE UPFOHBHFJOQSFWFOUJWFQBSFOUJOH DBVTFTMPTTPGUPPUINJOFSBMTɥJTJTUIF
EFTDSJQUJPOPGUIFEFOUBMEFDBZQSPDFTT QSBDUJDFTñö5IFNPSFQBSFOUTUBML TUBSUPGUPPUIEFDBZBOEMFBETUPDBWJUJFT
i)PX5PPUI%FDBZ)BQQFOT wBT BCPVUUIFJSJOUFOUUPBDUPSDIBOHFBOE
XFMMBTi.FUIPETPG$POUSPMMJOH5PPUI UIFJSPQUJNJTN UIFCFUUFS8IFO ÏÞÒÙÎÝÙÐÙØÞÜÙÖÖÓØÑÙÙÞÒÏÍËã
%FDBZw EFTJHOFEGPSUIFCBDLQBHFPG QBSFOUTIFBSUIFNTFMWFTBDLOPXMFEHJOH %JFU3FEVDJOHUIFOVNCFSPG
UIFIPNFDBSFSFDPNNFOEBUJPOTGPSN
BQSPCMFNBOEWPJDJOHUIFJSDPNNJU TVHBSZBOETUBSDIZGPPET TOBDLT PS
NFOUUPTPMWFUIFQSPCMFN BDUJPOJT ESJOLTDBOIFMQSFEVDFUPPUIEFDBZ
ǈǊǏǄǑƼǏǄǊǉƼǇǄǉǏǀǍǑǄǀǒǄǉǂƼǉƿ GBDJMJUBUFEñö1FMUJFS 8FJOTUFJO BOE 5IBUEPFTOPUNFBOZPVDBOOFWFS
ǎǏǍƼǏǀǂǄǀǎǁǊǍƾƼǍǄǀǎƾǊǉǏǍǊǇ 'SFEFLJOEEJTDVTTCFIBWJPSBMJTTVFTJO FBUUIFTFUZQFTPGGPPET:PVTIPVME
%FOUBMQSPGFTTJPOBMTDBOFOIBODF HSFBUFSEFUBJMMBUFSJOUIFOFYUJTTVFPG MJNJUUIFOVNCFSPGUJNFTZPVFBU
UIFFGGFDUJWFOFTTPGUIFJSQSFWFOUJWF UIF+PVSOBMñ÷ UIFTFGPPETCFUXFFONBJONFBMT"
ʹ ͷ Ͳ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
Ͳ
ËÜÏØÞ˹ËÜÏÑÓàÏÜÏÍÙ××ÏØÎËÞÓÙØÝÙÜ×
ËÜÏØÞ˹ËÜÏÑÓàÏÜÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜÙØÞÜÙÖÙÐÏØÞËÖÏÍËãÓØÒÓÖÎÜÏØ͖͑̋ÏËÜÝ
ËÓÖãÜËÖ ãÑÓÏØÏ˹ÖßÙÜÓÎÏÙÙÞÒÚËÝÞÏÜÏËÞ×ÏØÞ
̙ÒÏÝÏÚÜÙÍÏÎßÜÏÝÜÏÎßÍÏÞÒÏÌËÍÞÏÜÓËÓØÞÒÏ×ÙßÞÒËØÎÚÜÙàÓÎÏËÝ×ËÖÖË×ÙßØÞÙÐÐÖßÙÜÓÎÏÞÙÑßËÜÎËÑËÓØÝÞÐßÜÞÒÏÜÞÙÙÞÒÎÏÍËãËÝáÏÖÖËÝÞÙ
ÜÏÚËÓÜÏËÜÖãÎÏÍËãÏÎËÜÏËÝ˛̚
̰̰̰̰̰̰̰̰̰̰ÜßÝÒÍÒÓÖÎ˪ÝÞÏÏÞÒáÓÞÒËÐÖßÙÜÓÎÏ̋ÍÙØÞËÓØÓØÑÞÙÙÞÒÚËÝÞÏ̙Ý×ËÖÖÝ×ÏËÜÙÜÚÏË̋ÝÓäÏÎË×ÙßØÞÙØËÝÙÐÞÝ×ËÖÖÓØÐËØÞ̋ÝÓäÏÎÞÙÙÞÒÌÜßÝÒ̚ÞáÓÍÏ
ÎËÓÖã̙ÑÏØÞÖãÌÜßÝÒÏÎÌãÚËÜÏØÞÙÜÍËÜÏÑÓàÏÜ̚
̰̰̰̰̰̰̰̰̰̰ÏÖÏÍÞÓàÏÎËÓÖãÐÖÙÝÝÓØÑÙÐËÜÏËÝáÓÞÒÏËÜÖãÍËÜÓÏÝ̙áÒÓÞÏÝÚÙÞÝ̚
̰̰̰̰̰̰̰̰̰̰ÞÒÏÜ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
ÓÏÞ
̙ÒÏËÓ×ÓÝÞÙÜÏÎßÍÏÞÒÏØß×ÌÏÜÙÐÌÏÞáÏÏØ̋×ÏËÖÝáÏÏÞÝØËÍÕÝÞÒËÞÍÙØÞËÓØÍËÜÌÙÒãÎÜËÞÏÝ˜ÏÝÚÏÍÓËÖÖãÝßÑËÜÝ˛ßÌÝÞÓÞßÞÓÙØÌãÝØËÍÕÝÜÓÍÒÓØ
ÚÜÙÞÏÓØ˜ÝßÍÒËÝÍÒÏÏÝÏáÓÖÖËÖÝÙÒÏÖÚ˛̚
̰̰̰̰̰̰̰̰̰̰ËÝÓÝ
̰̰̰̰̰̰̰̰̰̰ Ó×ÓÞÌÙÞÞÖÏ˹ØßÜÝÓØÑ̙ÞÙËàÙÓÎÚÜÙÖÙØÑÏÎÍÙØÞËÍÞÙÐ×ÓÖÕáÓÞÒÞÏÏÞÒ̚
̰̰̰̰̰̰̰̰̰̰ÏÚÖËÍÏÔßÓÍÏÙÜÝáÏÏÞÖÓÛßÓÎÝÓØÞÒÏÌÙÞÞÖÏáÓÞÒáËÞÏÜ
̰̰̰̰̰̰̰̰̰̰ Ó×ÓÞÝØËÍÕÓØÑ̙ÚËÜÞÓÍßÖËÜÖãÝáÏÏÞÝ̚
̰̰̰̰̰̰̰̰̰̰ÏÚÖËÍÏÒÓÑÒÍËÜÌÙÒãÎÜËÞÏÝØËÍÕÝáÓÞÒÍÒÏÏÝÏËØÎÚÜÙÞÏÓØÝØËÍÕÝ
̰̰̰̰̰̰̰̰̰̰ÞÒÏṴ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
ãÖÓÞÙÖ̙ËÜÏØÞ˹ÍËÜÏÑÓàÏÜÝ̚
ãÖÓÞÙÖÓÝËÝáÏÏÞÏØÏÜÞÒËÞÞÒÏÌËÍÞÏÜÓËÍËØØÙÞÐÏÏÎÙØ˛ÝÓØÑâãÖÓÞÙÖ̋ÍÙØÞËÓØÓØÑÍÒÏáÓØÑÑß×ÙÜ×ÓØÞÝ˹ÖÙäÏØÑÏÝÓÝËáËãÞÒËÞÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ
ÙÐÒÓÑÒ̋ÜÓÝÕÍÒÓÖÎÜÏØÍËØÜÏÎßÍÏÞÒÏÞÜËØÝÐÏÜÙÐÎÏÍËã̋ÍËßÝÓØÑÌËÍÞÏÜÓËÞÙÞÒÏÓÜÌËÌã˹ÞÙÎÎÖÏÜ˛ÒÓÝÓÝ×ÙÝÞÏÐÐÏÍÞÓàÏáÒÏØßÝÏÎÌãÞÒÏÚËÜÏØÞ˹ÍËÜÏ̋
ÑÓàÏÜÝÞËÜÞÓØÑÝÒÙÜÞÖãËÐÞÏÜÞÒÏÍÒÓÖÎ˪ÝÌÓÜÞÒ˛ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝáÓÞÒÎÏØÞËÖÎÏÍËãÚÖËÍÏÞÒÏÓÜÍÒÓÖÎÜÏØËÞÒÓÑÒÜÓÝÕÐÙÜÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˛ãÖÓÞÙÖ
ÓÝØÙÞÑÙÙÎÐÙÜÚÏÞÝ̙ÏÝÚÏÍÓËÖÖãÎÙÑÝ̚˛
̰̰̰̰̰̰̰̰̰̰ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÙÐÍÒÓÖÎÜÏØËÑÏ͔ËØÎßØÎÏÜáÓÞÒÒÓÑÒÌËÍÞÏÜÓËÖÖÏàÏÖÝÝÒÙßÖÎßÝÏâãÖÓÞÙÖ×ÓØÞÝ˹ÖÙäÏØÑÏÝÙÜâãÖÓÞÙÖÑß×ÞáÙÞÙÐÙßÜ
ÞÓ×ÏÝÎËÓÖã˛
ØÞÓÌËÍÞÏÜÓËÖÓØÝÏ̙ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ̚
̙
ØËÎÎÓÞÓÙØ˜ÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÙÐÒÓÑÒ̋ÜÓÝÕÍÒÓÖÎÜÏØ×ËãÜÏÛßÓÜÏËØÞÓÌËÍÞÏÜÓËÖÞÜÏËÞ×ÏØÞÞÙÎÏÍÜÏËÝÏÞÒÏÞÜËØÝ×ÓÝÝÓÙØÙÐÍËÜÓÙÑÏØÓÍÌËÍÞÏÜÓËËØÎ
ÖÏÝÝÏØÞÒÏÓØÐËØÞ˹ÍÒÓÖÎ˪ÝÜÓÝÕÙÐÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˛̚
̰̰̰̰̰̰̰̰̰̰ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÙÐÍÒÓÖÎÜÏØËÑÏ͔ËØÎßØÎÏÜáÓÞÒÒÓÑÒÌËÍÞÏÜÓËÖÖÏàÏÖÝÝÒÙßÖÎÜÓØÝÏáÓÞÒ͒͑×ÖÙÐÍÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏ͑˛͓͒ÚÏÜÍÏØÞ
̙ÏÜÓÙÑËÜÎ˜ÏÜÓÎÏâ˜ÜËÖâÌãÚÜÏÝÍÜÓÚÞÓÙØÙØÖã̚˛ÓØÝÏËÞÌÏÎÞÓ×ÏÐÙÜ͒×ÓØßÞÏ͒â˹ÎËãÐÙÜÙØÏáÏÏÕ˛ÏÚÏËÞÏËÍÒ×ÙØÞÒÐÙÜÙØÏáÏÏÕ
ßØÞÓÖÓØÐÏÍÞÓÙØÓÝÍÙØÞÜÙÖÖÏÎ˛ÏÚËÜËÞÏÌãÙØÏÒÙßÜÐÜÙ×ÐÖßÙÜÓÎÏßÝÏ˛ÙØÞÓØßÏÐÙÜÝÓâ×ÙØÞÒÝÙÜßØÞÓÖÌËÍÞÏÜÓËÖÖÏàÏÖÝÜÏ×ËÓØÍÙØÞÜÙÖÖÏÎ˛
ÜËÍÞÓÞÓÙØÏÜÝÓÑØËÞßÜḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈ËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
ËÜÏØÞ˹ÍËÜÏÑÓàÏÜÝÓÑØËÞßÜḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈ËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͷͳ
ͳ
ÏÖÐ̋×ËØËÑÏ×ÏØÞÙËÖÝÐÙÜËÜÏØÞ˹ËÜÏÑÓàÏÜ
ËÞÓÏØÞË×Ḭ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
ÏÑßÖËÜÎÏØÞËÖàÓÝÓÞÝÐÙÜ Ë×ÓÖãÜÏÍÏÓàÏÝÎÏØÞËÖ ÏËÖÞÒãÝØËÍÕÝ ÜßÝÒáÓÞÒÐÖßÙÜÓÎÏÞÙÙÞÒ̋

ÍÒÓÖÎ ÞÜÏËÞ×ÏØÞ ÚËÝÞÏËÞÖÏËÝÞÞáÓÍÏÎËÓÖã
ÙÝÙÎË ÏÝÝÙÜØÙÔßÓÍÏ ÏËØÙÐÐÌÙÞÞÖÏ̙ÞÖÏËÝÞØÙ ØÖãáËÞÏÜÙÜ×ÓÖÕÓØÝÓÚÚã

ÌÙÞÞÖÏÐÙÜÝÖÏÏÚÓØÑ̚ ÍßÚ
ǄǈǋǊǍǏƼǉǏ˝
ÒÏÖËÝÞÞÒÓØÑÞÒËÞ
ÞÙßÍÒÏÝãÙßÜÍÒÓÖÎ˪Ý
ÞÏÏÞÒÌÏÐÙÜÏÌÏÎ̋
ÞÓ×ÏÓÝÞÒÏÞÙÙÞÒ̋
ÌÜßÝÒáÓÞÒÐÖßÙÜÓÎÏ
ÞÙÙÞÒÚËÝÞÏ˛
ÒÏáÑß×áÓÞÒâãÖÓÞÙÖ ÜÓØÕÞËÚáËÞÏÜ ÏÝÝÙÜØÙÍËØÎãËØÎÔßØÕ

ÐÙÙÎ
ÓÜÍÖÏÞÒÏÑÙËÖÝãÙßáÓÖÖÐÙÍßÝÙØÌÏÞáÏÏØÞÙÎËãËØÎãÙßÜØÏâÞàÓÝÓÞ˛
ØËÝÍËÖÏÙÐ͒̋͒͑˜ÒÙáÍÙØÐÓÎÏØÞËÜÏãÙßÞÒËÞãÙßÍËØËÍÍÙ×ÚÖÓÝÒÞÒÏÑÙËÖÝˣ͒ ͓ ͔ ͕ ͖ ͗ ͘ ͙ ͚ ͒ ͑
ÙÞÖÓÕÏÖã ÏÐÓØÓÞÏÖã
ãÚÜÙ×ÓÝÏ˝
ËÑÜÏÏÞÙÞÒÏÑÙËÖÝÍÓÜÍÖÏÎËØÎßØÎÏÜÝÞËØÎÞÒËÞÝÞËÐÐ×ËãËÝÕ×ÏÒÙá
Ë×ÎÙÓØÑáÓÞÒ×ãÑÙËÖÝ˛
ËÞÏ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ÓÑØÏÎÌã˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
ÏàÓÏáËÞÏ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰Ù××ÏØÞÝ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ÞËÐÐ
ØÓÞÓËÖÝ˝̰̰̰̰̰̰̰̰̰
ÏàÓÏáËÞÏ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰Ù××ÏØÞÝ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ÞËÐÐ
ØÓÞÓËÖÝ˝̰̰̰̰̰̰̰̰̰
ʹͷʹ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
HPPESVMFJTUISFFNFBMTQFSEBZBOE QSPUFDUBHBJOTUUPPUIEFDBZBOEUP NFOUHPBMT UIFJOGBOUPSBMDBSFBQ

OPNPSFUIBOUISFFTOBDLTQFSEBZ SFEVDFUIFEFDBZDBVTJOHCBDUFSJB QPJOUNFOUTIPVMEJODMVEFBOUJDJQBUPSZ
'MVPSJEFT'MVPSJEFTIFMQUPNBLFUFFUI "OUJCBDUFSJBMNPVUISJOTFT3JOTFT HVJEBODFBCPVUBHFTQFDJmD PSBMIZHJFOF
TUSPOHFSBOEUPQSPUFDUBHBJOTUUPPUI UIBUZPVSEFOUJTUDBOQSFTDSJCFBSFBCMF HSPXUIBOEEFWFMPQNFOUJTTVFT JF
EFDBZ BOEUPIFBMUPPUIEFDBZJGJUIBT UPSFEVDFUIFOVNCFSPGCBDUFSJBUIBU UFFUIJOH EJHJU PSQBDJmFSIBCJUT
PSBM
OPUHPOFUPPGBS'MVPSJEFTBSFBWBJMBCMF DBVTFUPPUIEFDBZBOEDBOCFVTFGVMJO IBCJUT EJFU BOEOVUSJUJPOBOEJOKVSZ
GSPNBWBSJFUZPGTPVSDFTTVDIBTESJOL QBUJFOUTBUIJHISJTLGPSUPPUIEFDBZ QSFWFOUJPO4FFǏƼƽǇǀΰ GPSi"HFTQFDJmD
JOHXBUFS UPPUIQBTUF BOESJOTFTZPVDBO ɥFTFSJOTFTBSFPOMZSFDPNNFOEFE "OUJDJQBUPSZ(VJEBODF5BCMFwGPSUIFBHF
CVZJOUIFTVQFSNBSLFUPSESVHTUPSF GPSDIJMESFOXIPDBOSJOTFBOETQJU DBUFHPSJFTPGQSFOBUBM CJSUIUPmSTUZFBS
ɥFZNBZBMTPCFQSFTDSJCFECZZPVS 4FBMBOUT4FBMBOUTBSFQMBTUJDPSHMBTT ñUPòZFBSTPME BOEGPSUIFDIJMEBHFòUP
EFOUJTUPSBQQMJFEJOUIFEFOUBMPċDF JPOPNFSDPBUJOHTCPOEFEPOUPUIF ôɥFBOUJDJQBUPSZHVJEBODFBQQSPBDIJT
%BJMZVTFPGnVPSJEFJTWFSZJNQPSUBOU EFTJHOFEUPUBLFBEWBOUBHFPGUJNFDSJUJ
UPIFMQQSPUFDUBHBJOTUUIFBDJEBUUBDLT DBMPQQPSUVOJUJFTUPJNQMFNFOUQSFWFO
1MBRVF3FNPWBM1MBRVFJTBZFMMPXJTI UJWFIFBMUIQSBDUJDFTBOESFEVDFUIF
mMNUIBUTUJDLTUPUIFTVSGBDFPGUFFUI DIJMETSJTLPGQSFWFOUBCMFPSBMEJTFBTFñø
5PPUICSVTIJOHSFNPWFTQMBRVFBOE
ƼƾǄƿǎǄǉǎǐǂƼǍ̋ǁǍǀǀ
TIPVMECFEPOFUXJDFFWFSZEBZ#BDUFSJB ÍËØÎãáÓÖÖØÙÞ ƿǀǏǀǍǈǄǉǀǏǃǀǄǉǏǀǍǑƼǇǁǊǍ
MJWFJOQMBRVF TPSFNPWJOHUIFQMBRVF ǋǀǍǄǊƿǄƾǍǀ̋ǀǑƼǇǐƼǏǄǊǉ
GSPNZPVSUFFUIPOBEBJMZCBTJTIFMQTUP
ÍËßÝÏÞÙÙÞÒÎÏÍËã˜ ̙ǋǀǍǄǊƿǄƾǄǏǔǊǁǀǓƼǈǄǉƼǏǄǊǉ̚
DPOUSPMUPPUIEFDBZ1MBRVFJTWFSZTUJDLZ ÌßÞÍËØÝÖÙáÖãÎÓÝÝÙÖàÏ ɥFDMJOJDJBONVTUDPOTJEFSFBDI
BOENBZCFIBSEUPSFNPWFGSPNCFUXFFO JOGBOUBOEDIJMETJOEJWJEVBMOFFETBOE
UIFUFFUIBOEJOHSPPWFTPOUIFCJUJOH
ÞÒÏÞÙÙÞÒÝßÜÐËÍÏ DBSJFTSJTLBTTFTTNFOUUPEFUFSNJOF
TVSGBDFTPGCBDLUFFUI*GZPVSDIJMEIBT ÙàÏÜÞÓ×Ï̙ËÚÜÙÍÏÝÝ UIFBQQSPQSJBUFJOUFSWBMBOEGSFRVFODZ
BOPSUIPEPOUJDSFUBJOFSCFTVSFUPSFNPWF GPSPSBMFYBNJOBUJPOñø4PNFJOGBOUT
JUCFGPSFCSVTIJOHZPVSDIJMETUFFUI
ÍËÖÖÏÎÏÜÙÝÓÙØ̚. BOEUPEEMFSTXJUIXIJUFTQPUMFTJPOT
#SVTIBMMTVSGBDFTPGUIFSFUBJOFSBMTP BOEDBSFHJWFSTXJUIIJHISJTLCFIBWJPST
4QJU4QJU TBMJWB
JTJNQPSUBOUGPS TIPVMECFSFFWBMVBUFEPOBNPOUIMZ
IFBMUIZUFFUI*UCBMBODFTBDJETBOE CJUJOHTVSGBDFTPGCBDLUFFUIUPQSPUFDU CBTJT.PTUDIJMESFOBUIJHISJTLTIPVME
QSPWJEFTPUIFSJOHSFEJFOUTUIBUQSPUFDU UIFEFFQHSPPWFTGSPNEFDBZ*OTPNF CFTFFOPOBUISFFNPOUIJOUFSWBMGPS
UIFUFFUI*GPOFDBOOPUCSVTIBGUFS QFPQMFUIFHSPPWFTPOUIFTVSGBDFTPG SFFWBMVBUJPOUIPTFJOUIFNPEFSBUF
BNFBMPSTOBDL POFDBODIFXTVHBS UIFUFFUIBSFUPPOBSSPXBOEEFFQUP SJTLDBUFHPSZTIPVMECFQMBDFEPOBTJY
GSFFHVN5IJTXJMMTUJNVMBUFUIFGMPX DMFBOXJUIBUPPUICSVTIɥFZNBZEFDBZ NPOUIJOUFSWBMBOEUIFMPXSJTLDIJME
PGTBMJWBUPIFMQSFEVDFUIFFGGFDUPG FWFOJGZPVCSVTIUIFNSFHVMBSMZ4FBM BUBTJYUPðñNPOUISBOHFJOUFSWBM
BDJET4VHBSGSFFDBOEZPSNJOUTDBO BOUTBSFBOFYDFMMFOUQSFWFOUJWFNFBTVSF "UFBDIPGUIFTFJOGBOUPSBMDBSFWJTJUT
BMTPCFVTFE CVUTPNFPGUIFTFDPOUBJO VTFEGPSDIJMESFOBOEZPVOHBEVMUTBU JUJTFTTFOUJBMUPSFBTTFTTUIFSJTLTUB
BDJETUIFNTFMWFT"DJETJOTVHBSGSFF SJTLGPSUIJTUZQFPGEFDBZɥFZEPOPU UVTBOENPOJUPSJNQSPWFNFOUPOUIF
DBOEZXJMMOPUDBVTFUPPUIEFDBZ CVU MBTUGPSFWFSBOETIPVMECFJOTQFDUFE QSFWJPVTMZTFUTFMGNBOBHFNFOUHPBMT
DBOTMPXMZEJTTPMWFUIFUPPUITVSGBDF PODFBZFBSBOEQSFQBSFEJGOFFEFE *GUIFCBDUFSJBMMFWFMTXFSFNPEFSBUFPS
PWFSUJNF BQSPDFTTDBMMFEFSPTJPO
IJHIJOJUJBMMZ SFQFBUUIFCBDUFSJBMDVMUVSF
4PNFTVHBSGSFFHVNTBSFNBEFUPIFMQ ƼǉǏǄƾǄǋƼǏǊǍǔǂǐǄƿƼǉƾǀ UPTFFJGCBDUFSJBMMFWFMTIBWFCFFOSFEVDFE
GJHIUUPPUIEFDBZ4PNFHVNTDPOUBJO ̙ǀƼǍǇǔǋƼǍǀǉǏƼǇǀƿǐƾƼǏǄǊǉ CZUIFBOUJCBDUFSJBMUIFSBQZSFDPN
CBLJOHTPEBUIBUOFVUSBMJ[FUIFBDJET ƼǉƿǏǄǈǀǇǔǄǉǏǀǍǑǀǉǏǄǊǉƼǉƿ˹ NFOEFEUPUIFQBSFOUDBSFHJWFSBOEUIF
QSPEVDFECZUIFCBDUFSJBJOQMBRVF ǊǍǍǀǁǀǍǍƼǇ̚ NVMUJQMFnVPSJEFWBSOJTIBQQMJDBUJPOTPO
(VNUIBUDPOUBJOTYZMJUPMBTJUTmSTU *OBEEJUJPOUPDBSJFTSJTLBTTFTTNFOU UIFJOGBOU.BLFDIBOHFTJOSFDPNNFOEB
MJTUFEJOHSFEJFOUJTUIFHVNPGDIPJDF BOEQBSFOUDBSFHJWFSDPNNJUNFOUUP UJPOTPSLFFQSFJOGPSDJOHUIFQSPUPDPMJG
5IJTUZQFPGHVNIBTCFFOTIPXOUP TQFDJmDDBSJFTQSFWFOUJPOTFMGNBOBHF SFTVMUTBSFOPUBTHPPEBTEFTJSFE PSUIF
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͷ͵
ʹ
ÑÏ̋ÚÏÍÓÐÓÍØÞÓÍÓÚËÞÙÜãßÓÎËØÍÏ̙ÐÜÙ×Ë×ÙÝ̋Ù×Ïä˜ÜÏÐÏÜÏØÍÏ͓͒̚

ËÕÏ ˾ËÌãÞÏÏÞÒËÜÏÓ×ÚÙÜÞËØÞ˛ ˾ËÌãÞÏÏÞÒËÜÏÓ×ÚÙÜÞËØÞ˛ ˾ËÌãÞÏÏÞÒËÜÏÓ×ÚÙÜÞËØÞ˛ ˾ËÌãÞÏÏÞÒËÜÏÓ×ÚÙÜÞËØÞ˛
ÒÙ×Ï ˾ËÜÏØÞÝ˪˹ÍËÜÏÑÓàÏÜÝ˪ÙÜËÖ ˾ËÜÏØÞÝ˪˹ÍËÜÏÑÓàÏÜÝ˪ÙÜËÖ ˾ËÜÏØÞÝ˪˹ÍËÜÏÑÓàÏÜÝ˪ÙÜËÖ ˾ËÜÏØÞÝ˪˹ÍËÜÏÑÓàÏÜÝ˪ÙÜËÖ
×ÏÝÝËÑÏ ÒÏËÖÞÒËÐÐÏÍÞÝÌËÌã˪ÝÙÜËÖ ÒÏËÖÞÒËÐÐÏÍÞÝÌËÌã˪ÝÙÜËÖ ÒÏËÖÞÒËÐÐÏÍÞÝÌËÌã˪ÝÙÜËÖ ÒÏËÖÞÒËÐÐÏÍÞÝÍÒÓÖÎ˪ÝÙàÏÜËÖÖ
ÐÙÜÍËÜÏ̋ ÒÏËÖÞÒ˛ ÒÏËÖÞÒ˛ ÒÏËÖÞÒ˛ ÒÏËÖÞÒ˛
ÑÓàÏÜÝ ˾ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÝÒÙßÖÎ ˾ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÝÒÙßÖÎ ˾ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÝÒÙßÖÎ ˾ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÝÒÙßÖÎ
ÙÌÞËÓØÜÏÑßÖËÜÎÏØÞËÖÍÒÏÍÕ̋ ÙÌÞËÓØÜÏÑßÖËÜÎÏØÞËÖÍÒÏÍÕ̋ ÙÌÞËÓØÜÏÑßÖËÜÎÏØÞËÖÍÒÏÍÕ̋ ÙÌÞËÓØÜÏÑßÖËÜÎÏØÞËÖÍÒÏÍÕ̋
ßÚËØÎÑÏÞÞÜÏËÞ×ÏØÞÓÐ ßÚËØÎÑÏÞÞÜÏËÞ×ÏØÞÓÐ ßÚËØÎÑÏÞÞÜÏËÞ×ÏØÞÓÐ ßÚËØÎÑÏÞÞÜÏËÞ×ÏØÞÓÐ
ØÏÍÏÝÝËÜã˛ ØÏÍÏÝÝËÜã˛ ØÏÍÏÝÝËÜã˛ ØÏÍÏÝÝËÜã˛
˾ÍÒÏÎßÖÏÍÒÓÖÎ˪ÝÐÓÜÝÞÎÏØÞËÖ ˾ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÝÒÙßÖÎ ˾ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÝÒÙßÖÎ ˾ËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝÝÒÙßÖÎ
ËÚÚÙÓØÞ×ÏØÞÌãËÑÏ͒˛ ËàÙÓÎÝÒËÜÓØÑáÓÞÒÞÒÏÓÜÍÒÓÖÎ ËàÙÓÎÝÒËÜÓØÑáÓÞÒÞÒÏÓÜÍÒÓÖÎ ËàÙÓÎÝÒËÜÓØÑáÓÞÒÞÒÏÓÜÍÒÓÖÎ
˾ÝÏÙÐÐÖßÙÜÓÎÏÝ˜ÓØÍÖßÎÓØÑ ÞÒÓØÑÝÞÒËÞÒËàÏÌÏÏØÓØÞÒÏÓÜ ÞÒÓØÑÝÞÒËÞÒËàÏÌÏÏØÓØÞÒÏÓÜ ÞÒÓØÑÝÞÒËÞÒËàÏÌÏÏØÓØÞÒÏÓÜ
ÞÙÙÞÒÌÜßÝÒÓØÑáÓÞÒÐÖßÙÜÓÎÏ ×ÙßÞÒÝ˛ ×ÙßÞÒÝ˛ ×ÙßÞÒÝ˛
ÞÙÙÞÒÚËÝÞÏ˜ÓÝÞÒÏ×ÙÝÞ ˾ÍÒÏÎßÖÏÍÒÓÖÎ˪ÝÐÓÜÝÞÎÏØÞËÖ ˾ÍÒÏÎßÖÏÍÒÓÖÎ˪ÝÐÓÜÝÞÎÏØÞËÖ ˾ÜÏàÏØÞÓÙØÓÝÖÏÝÝÍÙÝÞÖãÞÒËØ
ÏÐÐÏÍÞÓàÏáËãÞÙÚÜÏàÏØÞ ËÚÚÙÓØÞ×ÏØÞÌãËÑÏ͒˛ ËÚÚÙÓØÞ×ÏØÞÌãËÑÏ͒˛ ÞÜÏËÞ×ÏØÞ˛
ÞÙÙÞÒÎÏÍËã˛ ˾ÜÏàÏØÞÓÙØÓÝÖÏÝÝÍÙÝÞÖãÞÒËØ ˾ÜÏàÏØÞÓÙØÓÝÖÏÝÝÍÙÝÞÖãÞÒËØ ˾ÝÏÙÐÐÖßÙÜÓÎÏÝ˜ÓØÍÖßÎÓØÑ
ÞÜÏËÞ×ÏØÞ˛ ÞÜÏËÞ×ÏØÞ˛ ÞÙÙÞÒÌÜßÝÒÓØÑáÓÞÒÐÖßÙÜÓÎÏ
˾ÝÏÙÐÐÖßÙÜÓÎÏÝ˜ÓØÍÖßÎÓØÑ ˾ÝÏÙÐÐÖßÙÜÓÎÏÝ˜ÓØÍÖßÎÓØÑ ÞÙÙÞÒÚËÝÞÏ˜ÓÝÞÒÏ×ÙÝÞÏÐÐÏÍ̋
ÞÙÙÞÒÌÜßÝÒÓØÑáÓÞÒÐÖßÙÜÓÎÏ ÞÙÙÞÒÌÜßÝÒÓØÑáÓÞÒÐÖßÙÜÓÎÏ ÞÓàÏáËãÞÙÚÜÏàÏØÞÞÙÙÞÒ
ÞÙÙÞÒÚËÝÞÏ˜ÓÝÞÒÏ×ÙÝÞÏÐÐÏÍ̋ ÞÙÙÞÒÚËÝÞÏ˜ÓÝÞÒÏ×ÙÝÞÏÐÐÏÍ̋ ÎÏÍËã˛
ÞÓàÏáËãÞÙÚÜÏàÏØÞÞÙÙÞÒ ÞÓàÏáËãÞÙÚÜÏàÏØÞÞÙÙÞÒ
ÎÏÍËã˛ ÎÏÍËã˛
ÜËÖ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋

ÒÏËÖÞÒ ÏÜÝÞÙÙÌÞËÓØÎÏØÞËÖÍÒÏÍÕ̋ßÚ ÏÜÝÞÙ×ËÓØÞËÓØÑÙÙÎÙÜËÖ ÏÜÝÞÙ×ËÓØÞËÓØÑÙÙÎÙÜËÖ ÏÜÝÞÙ×ËÓØÞËÓØÑÙÙÎÙÜËÖ
ËØÎ ËØÎ˜ÓÐØÏÍÏÝÝËÜã˜ÞÜÏËÞ×ÏØÞ ÒÏËÖÞÒËØÎÑÏÞÞÜÏËÞ×ÏØÞ˜ÓÐ ÒÏËÖÞÒËØÎÑÏÞÞÜÏËÞ×ÏØÞ˜ÓÐ ÒÏËÖÞÒËØÎÑÏÞÞÜÏËÞ×ÏØÞ˜ÓÐ
ÒãÑÓÏØÏ ÌÏÐÙÜÏÌÓÜÞÒÙÐÌËÌãÞÙÜÏÎßÍÏ ØÏÍÏÝÝËÜã˜ÞÙÜÏÎßÍÏÝÚÜÏËÎ ØÏÍÏÝÝËÜã˜ÞÙÜÏÎßÍÏÝÚÜÏËÎ ØÏÍÏÝÝËÜã˜ÞÙÜÏÎßÍÏÝÚÜÏËÎ
ÍËàÓÞã̋ÍËßÝÓØÑÌËÍÞÏÜÓËÞÒËÞ ÙÐÌËÍÞÏÜÓËÞÒËÞÍËØÍËßÝÏ ÙÐÌËÍÞÏÜÓËÞÒËÞÍËØÍËßÝÏ ÙÐÌËÍÞÏÜÓËÞÒËÞÍËØÍËßÝÏ
ÍËØÌÏÚËÝÝÏÎÞÙÞÒÏÌËÌã˛ ÞÙÙÞÒÎÏÍËã˛ ÞÙÙÞÒÎÏÍËã˛ ÞÙÙÞÒÎÏÍËã˛
˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋
ÏÜÝÞÙÌÜßÝÒÞÏÏÞÒáÓÞÒÐÖßÙ̋ ÏÜÝÞÙËàÙÓÎÝÒËÜÓØÑáÓÞÒÞÒÏÓÜ ÏÜÝÞÙËàÙÓÎÝÒËÜÓØÑáÓÞÒÞÒÏÓÜ ÏÜÝÞÙËàÙÓÎÝÒËÜÓØÑáÓÞÒÞÒÏÓÜ
ÜÓÎÏÞÙÙÞÒÚËÝÞÏ˛ ÍÒÓÖÎÞÒÓØÑÝÞÒËÞÒËàÏÌÏÏØÓØ ÍÒÓÖÎÞÒÓØÑÝÞÒËÞÒËàÏÌÏÏØÓØ ÍÒÓÖÎÞÒÓØÑÝÞÒËÞÒËàÏÌÏÏØÓØ
ÞÒÏÓÜ×ÙßÞÒÝ˛ ÞÒÏÓÜ×ÙßÞÒÝ˛ ÞÒÏÓÜ×ÙßÞÒÝ˛
˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ÏàÓÏáÚËÜÏØÞ˪Ý˹ÍËÜÏÑÓàÏÜ˪Ý ˾ÓÝÍßÝÝÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ
ÏÜÝÞÙÌÏÍÙ×ÏÐË×ÓÖÓËÜáÓÞÒ ÜÙÖÏÓØÌÜßÝÒÓØÑÞÙÎÎÖÏÜ˪Ý ÍÙØÞÓØßÏÎÜÏÝÚÙØÝÓÌÓÖÓÞãÞÙ
ÞÒÏØÙÜ×ËÖËÚÚÏËÜËØÍÏÙÐ ÞÏÏÞÒ˛ ÒÏÖÚÍÒÓÖÎÜÏØßØÎÏÜËÑÏ͙ÞÙ
ÍÒÓÖÎ˪ÝÑß×Ý˛ ˾ÓÝÍßÝÝÌÜßÝÒËØÎÞÙÙÞÒ̋ ÌÜßÝÒÞÒÏÓÜÞÏÏÞÒ˛
˾×ÚÒËÝÓäÏßÝÓØÑËáËÝÒÍÖÙÞÒ ÚËÝÞÏÝÏÖÏÍÞÓÙØ˛ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏ̋
ÙÜÞÙÙÞÒÌÜßÝÒÞÙÍÖÏËØÞÏÏÞÒ ˾ÜÙÌÖÏ×ÝÙÖàÏÙØÙÜËÖ ÑÓàÏÜÝÞÙÍÙØÝÓÎÏÜÎÏØÞËÖ
ËØÎÑß×ÝáÓÞÒÏÜßÚÞÓÙØÙÐÞÒÏ ÒãÑÓÏØÏÓÝÝßÏÝ˛ ÝÏËÖËØÞÝÐÙÜÚÜÓ×ËÜãËØÎÐÓÜÝÞ
ÐÓÜÝÞÞÙÙÞÒ˛ ˾ÍÒÏÎßÖÏÍÒÓÖÎ˪ÝÐÓÜÝÞÎÏØÞËÖ ÚÏÜ×ËØÏØÞ×ÙÖËÜÝ˛
˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ àÓÝÓÞÌãËÑÏ͒˛
ÏÜÝÞÙÍÒÏÍÕÐÜÙØÞËØÎÌËÍÕ
ÞÏÏÞÒÐÙÜáÒÓÞÏ˜ÌÜÙáØ˜ÙÜ
ÌÖËÍÕ̙ÝÓÑØÝÙÐÍËàÓÞÓÏÝ̚˛
ÜËÖ ˾ÏÝÍÜÓÌÏÚÜÓ×ËÜãÞÙÙÞÒ ˾ÓÝÍßÝÝÚÜÓ×ËÜãÞÙÙÞÒÏÜßÚ̋ ˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ ˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ

ÎÏàÏÖÙÚ̋ ÏÜßÚÞÓÙØÚËÞÞÏÜØÝ̙ÐÓÜÝÞÞÙÙÞÒ ÞÓÙØÚËÞÞÏÜØÝ˛ ÙÐÌËÌãÞÏÏÞÒÐÙÜÍÒÏáÓØÑ˜ ÙÐÌËÌãÞÏÏÞÒÐÙÜÍÒÏáÓØÑ˜
×ÏØÞ ßÝßËÖÖãÏÜßÚÞÝÌÏÞáÏÏØ͗̋͒͑ ˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ ÝÚÏËÕÓØÑ˜ÔËáÎÏàÏÖÙÚ×ÏØÞ˜ ÝÚÏËÕÓØÑ˜ËØÎÔËáÎÏàÏÖÙÚ̋
×ÙØÞÒÝÙÖÎ̚˛ ÙÐÌËÌãÞÏÏÞÒÐÙÜÍÒÏáÓØÑ˜ ËØÎÝÏÖÐ̋ÏÝÞÏÏ×˛ ×ÏØÞ˛
˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ ÝÚÏËÕÓØÑ˜ÔËáÎÏàÏÖÙÚ×ÏØÞ ˾ÓÝÍßÝÝÞÏÏÞÒÓØÑËØÎáËãÝ
ÙÐÌËÌãÞÏÏÞÒÐÙÜÍÒÏáÓØÑ˜ ËØÎÝÏÖÐ̋ÏÝÞÏÏ×˛ ÞÙÝÙÙÞÒÏÝÙÜÏÑß×Ý˜ÝßÍÒËÝ
ÝÚÏËÕÓØÑ˜ÔËáÎÏàÏÖÙÚ×ÏØÞ ˾ÓÝÍßÝÝÞÏÏÞÒÓØÑËØÎáËãÝ ÞÏÏÞÒÓØÑÜÓØÑÝËØÎáËÝÒÍÖÙÞÒÝ˛
ËØÎÝÏÖÐ̋ÏÝÞÏÏ×˛ ÞÙÝÙÙÞÒÝÙÜÏÑß×Ý˜ÝßÍÒËÝ
ÍÒÏáÓØÑÙØÞÏÏÞÒÓØÑÜÓØÑÝËØÎ
áËÝÒÍÖÙÞÒÝ˛
ʹͷͶ Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α
ʹ
ÑÏ̋ÚÏÍÓÐÓÍØÞÓÍÓÚËÞÙÜãßÓÎËØÍÏ̙ÐÜÙ×Ë×ÙÝ̋Ù×Ïä˜ÜÏÐÏÜÏØÍÏ͓͒̚ÍÙØÞÓØßÏÎ

ÖßÙÜÓÎÏ ˾àËÖßËÞÏÐÖßÙÜÓÎÏÝÞËÞßÝÓØ ˾àËÖßËÞÏÐÖßÙÜÓÎÏÝÞËÞßÝÙÐ ˾Ï̋ÏàËÖßËÞÏÐÖßÙÜÓÎÏÝÞËÞßÝ ˾Ï̋ÏàËÖßËÞÏÐÖßÙÜÓÎÏÝÞËÞßÝ
ËÎÏÛßËÍã ÜÏÝÓÎÏØÞÓËÖáËÞÏÜÝßÚÚÖã˛ ÜÏÝÓÎÏØÞÓËÖáËÞÏÜÝßÚÚÖã˛ ÙÐÜÏÝÓÎÏØÞÓËÖáËÞÏÜÝßÚÚÖã˛ ÓØÜÏÝÓÎÏØÞÓËÖáËÞÏÜÝßÚÚÖã˛
˾ÏàÓÏáÞÙÚÓÍËÖËØÎÝãÝÞÏ×ÓÍ ˾ÏàÓÏáÞÙÚÓÍËÖËØÎÝãÝÞÏ×ÓÍ ˾ÏàÓÏáÞÙÚÓÍËÖËØÎÝãÝÞÏ×ÓÍ ˾ÏàÓÏáÝÙßÜÍÏÝÙÐÐÖßÙÜÓÎÏ˛
ÝÙßÜÍÏÝÙÐÐÖßÙÜÓÎÏ˛ ÝÙßÜÍÏÝÙÐÐÖßÙÜÓÎÏ˛ ÝÙßÜÍÏÝÙÐÐÖßÙÜÓÎÏ˛ ˾ÏàÓÏáØÏÏÎÐÙÜÞÙÚÓÍËÖÙÜ
˾ØÍÙßÜËÑÏ×ÙÞÒÏÜÞÙÎÜÓØÕ ˾ØÍÙßÜËÑÏÎÜÓØÕÓØÑÐÖßÙÜÓ̋ ˾ØÍÙßÜËÑÏÎÜÓØÕÓØÑÐÖßÙÜÓ̋ ÙÞÒÏÜÐÖßÙÜÓÎÏÝ˛˛
ÐÖßÙÜÓÎËÞÏÎÞËÚáËÞÏÜ˛ ÎËÞÏÎÞËÚáËÞÏÜ˛ ÎËÞÏÎÞËÚáËÞÏÜ˛
˾ÙØÝÓÎÏÜÞÙÚÓÍËÖØÏÏÎÝ̙Ï˛Ñ˛˜ ˾ÏàÓÏáØÏÏÎÐÙÜÞÙÚÓÍËÖ
ÞÙÙÞÒÚËÝÞÏ˜ÐÖßÙÜÓÎÏàËÜØÓÝÒ̚˛ ÐÖßÙÜÓÎÏÝ˛
ÜËÖ ˾ØÍÙßÜËÑÏ×ÙÞÒÏÜÞÙÝÞÙÚ ˾ØÍÙßÜËÑÏÌÜÏËÝÞÐÏÏÎÓØÑ˛ ˾Ï×ÓØÎ×ÙÞÒÏÜÞÒËÞÜÏ×Ùà̋ ˾ÓÝÍßÝÝÍÙØÝÏÛßÏØÍÏÝÙÐ

ÒËÌÓÞÝ Ý×ÙÕÓØÑ˛ ˾ÎàÓÝÏ×ÙÞÒÏÜÞÒËÞÜÏ×ÙàÓØÑ ÓØÑÍÒÓÖÎÐÜÙ×ÌÜÏËÝÞËÐÞÏÜ ÎÓÑÓÞÝßÍÕÓØÑËØÎÚÜÙÖÙØÑÏÎ
ÍÒÓÖÎÐÜÙ×ÌÜÏËÝÞËÐÞÏÜÐÏÏÎ̋ ÐÏÏÎÓØÑËØÎáÓÚÓØÑÌËÌã˪Ý ØÙØ̋ØßÞÜÓÞÓàÏÝßÍÕÓØÑ̙Ï˛Ñ˛ÚËÍ̋
ÓØÑËØÎáÓÚÓØÑÌËÌã˪ÝÑß×Ý˹ Ñß×Ý˹ÞÏÏÞÒáÓÞÒÎË×ÚáËÝÒ̋ ÓÐÓÏÜ̚ËØÎÌÏÑÓØÚÜÙÐÏÝÝÓÙØËÖ
ÞÏÏÞÒáÓÞÒÎË×ÚáËÝÒÍÖÙÞÒ ÍÖÙÞÒÜÏÎßÍÏÝÞÒÏÜÓÝÕÙÐ˛ ÓØÞÏÜàÏØÞÓÙØÓÐØÏÍÏÝÝËÜã˛
ÜÏÎßÍÏÝÞÒÏÜÓÝÕÙÐ˛ ˾ÏÑÓØáÏËØÓØÑÙÐØÙØ̋ØßÞÜÓ̋
˾ÏàÓÏáÚËÍÓÐÓÏÜÝËÐÏÞã˛ ÞÓàÏÝßÍÕÓØÑÒËÌÓÞÝËÞ͓˛
ÓÏÞËØÎ ˾×ÚÒËÝÓäÏÏËÞÓØÑËÒÏËÖÞÒã ˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ ˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ ˾ÏàÓÏáËØÎÏØÍÙßÜËÑÏ

ØßÞÜÓÞÓÙØ ÎÓÏÞËØÎÖÓ×ÓÞÓØÑØß×ÌÏÜÙÐ ØÏàÏÜÞÙÚßÞÌËÌãÞÙÌÏÎáÓÞÒ ØÏàÏÜÞÙÚßÞÌËÌãÞÙÌÏÎáÓÞÒ ÒÏËÖÞÒãÎÓÏÞ˛
ÏâÚÙÝßÜÏÝÞÙÝßÑËÜÝØËÍÕÝ ËÌÙÞÞÖÏáÓÞÒËØãÞÒÓØÑÙÞÒÏÜ ËÌÙÞÞÖÏÙÜËÖÖÙáÐÏÏÎÓØÑ˩ËÞ ˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ
ËØÎÎÜÓØÕÝ˛ ÞÒËØáËÞÏÜÓØÓÞÙÜËÖÖÙáÐÏÏÎ̋ áÓÖÖ˪˛ ËÌÙßÞÖÓ×ÓÞÓØÑÞÒÏÐÜÏÛßÏØÍã
˾×ÚÒËÝÓäÏÞÒËÞÓÞÓÝÞÒÏÐÜÏ̋ ÓØÑ˩ËÞáÓÖÖ˛˪ ˾ÓÝÍßÝÝÒÏËÖÞÒãÎÓÏÞËØÎÙÜËÖ ÙÐÏâÚÙÝßÜÏÝÞÙÝßÑËÜ˛
ÛßÏØÍãÙÐÏâÚÙÝßÜÏÝ˜ØÙÞÞÒÏ ˾×ÚÒËÝÓäÏÞÒËÞÓÞÓÝÞÒÏÐÜÏ̋ ÒÏËÖÞÒ˛ ˾ÏàÓÏáÝØËÍÕÓØÑÍÒÙÓÍÏÝ˛
Ë×ÙßØÞÙÐÝßÑËÜÞÒËÞËÐÐÏÍÞÝ ÛßÏØÍãÙÐÏâÚÙÝßÜÏÝ˜ØÙÞÞÒÏ ˾×ÚÒËÝÓäÏÞÒËÞÓÞÓÝÞÒÏÐÜÏ̋ ˾×ÚÒËÝÓäÏÞÒËÞÍÒÓÖÎÝÒÙßÖÎ
ÝßÝÍÏÚÞÓÌÓÖÓÞãÞÙÍËÜÓÏÝ˛ Ë×ÙßØÞÙÐÝßÑËÜÞÒËÞËÐÐÏÍÞÝ ÛßÏØÍãÙÐÏâÚÙÝßÜÏÝ˜ØÙÞÞÒÏ ÌÏÍÙ×ÚÖÏÞÏÖãáÏËØÏÎÐÜÙ×
˾ØÍÙßÜËÑÏÌÜÏËÝÞÐÏÏÎÓØÑ˛ ÝßÝÍÏÚÞÓÌÓÖÓÞãÞÙÍËÜÓÏÝ˛ Ë×ÙßØÞÙÐÝßÑËÜÞÒËÞËÐÐÏÍÞÝ ÌÙÞÞÖÏËØÎÎÜÓØÕÓØÑÏâÍÖßÝÓàÏÖã
˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ ˾ØÍÙßÜËÑÏáÏËØÓØÑÐÜÙ× ÝßÝÍÏÚÞÓÌÓÖÓÞãÞÙÍËÜÓÏÝ˛ ÐÜÙ×ËÍßÚ˛
ØÏàÏÜÞÙÚßÞÌËÌãÞÙÌÏÎáÓÞÒ ÌÙÞÞÖÏÞÙÍßÚÌã͒ãÏËÜÙÐËÑÏ˛ ˾ÏàÓÏáÝØËÍÕÍÒÙÓÍÏÝËØÎ
ËÌÙÞÞÖÏáÓÞÒËØãÞÒÓØÑÙÞÒÏÜ ÏØÍÙßÜËÑÏÒÏËÖÞÒãÝØËÍÕÝ˛
ÞÒËØáËÞÏÜÓØÓÞÙÜÞÙËÖÖÙá
ÐÏÏÎÓØÑ˩ËÞáÓÖÖ˛˪

ØÔßÜã ˾ÏàÓÏáÍÒÓÖÎ̋ÚÜÙÙÐÓØÑÙÐ ˾ÏàÓÏáÍÒÓÖÎ̋ÚÜÙÙÐÓØÑÙÐ ˾ÏàÓÏáÍÒÓÖÎ̋ÚÜÙÙÐÓØÑÙÐ ˾×ÚÒËÝÓäÏßÝÏÙÐÚÜÙÚÏÜÖã
ÚÜÏàÏØ̋ ÒÙ×ÏÓØÍÖßÎÓØÑÏÖÏÍÞÜÓÍËÖÍÙÜÎ ÒÙ×ÏÓØÍÖßÎÓØÑÏÖÏÍÞÜÓÍËÖÍÙÜÎ ÒÙ×ÏÓØÍÖßÎÓØÑÏÖÏÍÞÜÓÍËÖÍÙÜÎ ÝÏÍßÜÏÎÍËÜÝÏËÞ˛
ÞÓÙØ ÝËÐÏÞãËØÎÚÙÓÝÙØÍÙØÞÜÙÖ˛ ÝËÐÏÞãËØÎÚÙÓÝÙØÍÙØÞÜÙÖ˛ ÝËÐÏÞãËØÎÚÙÓÝÙØÍÙØÞÜÙÖ˛ ˾ ËàÏÏ×ÏÜÑÏØÍãØß×ÌÏÜÝ
˾×ÚÒËÝÓäÏßÝÏÙÐÚÜÙÚÏÜÖã ˾×ÚÒËÝÓäÏßÝÏÙÐÚÜÙÚÏÜÖã ˾×ÚÒËÝÓäÏßÝÏÙÐÍËÜÝÏËÞ˛ ÒËØÎã˛
ÝÏÍßÜÏÎÍËÜÝÏËÞ˛ ÝÏÍßÜÏÎÍËÜÝÏËÞ˛ ˾×ÚÒËÝÓäÏßÝÏÙÐÒÏÖ×ÏÞ ˾ØÍÙßÜËÑÏÝËÐÏÞãÓØÚÖËã
˾ØÍÙßÜËÑÏÍËÜÏÑÓàÏÜÝÞÙ ˾ØÍÙßÜËÑÏÍËÜÏÑÓàÏÜÝÞÙ áÒÏØÍÒÓÖÎÓÝÜÓÎÓØÑÞÜÓ˹ÌÓÍãÍÖÏ ËÍÞÓàÓÞÓÏÝÓØÍÖßÎÓØÑÒÏÖ×ÏÞÝ
ÕÏÏÚÏ×ÏÜÑÏØÍãØß×ÌÏÜÝ ÕÏÏÚÏ×ÏÜÑÏØÍãØß×ÌÏÜÝ ÙÜÓØÝÏËÞÙÐËÎßÖÞÌÓÕÏ˛ ÙØÌÓÕÏÝËØÎ×ÙßÞÒÑßËÜÎÝÓØ
ÒËØÎã˛ ÒËØÎã˛ ˾Ï×ÓØÎÍËÜÏÑÓàÏÜÝÞÙÕÏÏÚ ÝÚÙÜÞÝ˛
Ï×ÏÜÑÏØÍãØß×ÌÏÜÝÒËØÎã˛ ˾Ï×ÓØÎÍËÜÏÑÓàÏÜÝÞÙÕÏÏÚ
Ï×ÏÜÑÏØÍãØß×ÌÏÜÝÒËØÎã˛
QBSFOUDBSFHJWFSJTOPUDPPQFSBUJOH.BOZ ƾǊǇǇƼƽǊǍƼǏǄǊǉ NFEJDJOF EFOUJTUSZ OVSTJOH BOEPUIFS

IBWFSFQPSUFEWBMVFJOCBDUFSJBMUFTUJOH ɥFPWFSBMMPCKFDUJWFPGUIF+PVSOBMPG BHFODJFTUIBUBĊFDUEFOUBMIFBMUIUPSFBDI
BGUFSUIFmSTUNPOUIPGBOUJCBDUFSJBMUSFBU UIF$BMJGPSOJB%FOUBM"TTPDJBUJPOT'FCSV UIBUPCKFDUJWF*OPSEFSUPTVQQPSUDPMMBC
NFOU#ZEPJOHTPJUNPUJWBUFTQBUJFOUT BSZBOE.BSDIñïïòJTTVFTBOEDVSSFOU PSBUJWFBQQSPBDIFT UPNPSFBHHSFTTJWFMZ
UPLFFQPOUIFSFHJNFOXIFOUIFZTFF EPDVNFOUTJOUIJTJTTVFPODBSJFTNBO EFBMXJUIEFOUBMDBSJFTBTBCBDUFSJBMMZ
QPTJUJWFSFTVMUT1BUIPHFOJDCJPmMNTEP BHFNFOUCZSJTLBTTFTTNFOUJTUPSFEVDF CBTFEUSBOTNJTTJCMFEJTFBTF JOTUSVNFOUT
OPUDIBOHFJNNFEJBUFMZBOEQBUJFOUT PSFSBEJDBUFEFOUBMDBSJFTJODIJMESFOJO IBWFCFFOEFWFMPQFETQFDJmDBMMZGPSNFEJ
DBSFHJWFSTTIPVMECFJOGPSNFEUIBUJU FWFSZDPVOUZ DPNNVOJUZ BOEDVMUVSF DBMOPOEFOUBMQSPGFTTJPOBMTUPQSPWJEF
DPVMEUBLFNPOUITPSZFBSTUPSFFTUBCMJTI JO$BMJGPSOJBCZUIFZFBSñïðïðø ñï*UXJMM BQQSPQSJBUFUPPMT ǏƼƽǇǀα i.FEJDBM
BIFBMUIZOPSNBMnPSBJOUIFGBNJMZVOJU UBLFBDSPTTEJTDJQMJOBSZBQQSPBDIBNPOH $".#3"3JTL"TTFTTNFOU'PSNïô
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ʹͷͷ
͵
ÙÜ×ÐÙÜÏÎÓÍËÖÜÙàÓÎÏÜÝ̙͖͑̋ãÏËÜÚËÞÓÏØÞÝ̚˜ÝÝÏÝÝ×ÏØÞÙÙÖ
̙ÎËÚÞÏÎÐÜÙ×˹ËØÜËØÍÓÝÍÙÏØÏÜËÖ ÙÝÚÓÞËÖÏÚËÜÞ×ÏØÞÙÐË×ÓÖãËØÎÙ××ßØÓÞãÏÎÓÍÓØÏ˛̚
Ë×Ï

Ù××ßØÓÞã ÏËÖÞÒÏÞáÙÜÕ
ËØÜËØÍÓÝÍÙÏØÏÜËÖ ÙÝÚÓÞËÖ
ÏÎÓÍËÖÏØÞÏÜ
Ë×ÓÖã ÏËÖÞÒÏØÞÏÜ
ÏÎÓËÞÜÓÍÜËÖ ÏËÖÞÒÍÜÏÏØÓØÑ
ÜÙÑÜÏÝÝÙÞÏÝ ËÞÓÏØÞ
˹ÎÎÜÏÝÝÙÑÜËÚÒ

͖͑
ʶ
ÒÓÏÐÍÙ×ÚÖËÓØÞÙÜÜÏËÝÙØÐÙÜÜÏÐÏÜÜËÖ❏
ØÓÞÓËÖ
❏ ÙÖÖÙá̋ßÚ
ËÜÓÏÝÜÓÝÕÓØÎÓÍËÞÙÜÝ̐ÌËÝÏÎÙØÚËÜÏØÞÓØÞÏÜàÓÏá ÙÞÏÝ
̙Ë̚ÙÞÒÏÜ˹ÚÜÓ×ËÜãÍËÜÏÑÓàÏÜÒËÝÒËÎËÍÞÓàÏÎÏØÞËÖÎÏÍËãÓØÚËÝÞ͓͒×ÙØÞÒÝ
̙Ì̚ÖÎÏÜÝÓÌÖÓØÑÝáÓÞÒÒÓÝÞÙÜãÙÐÎÏØÞËÖÎÏÍËã
̙Í̚ÙØÞÓØßËÖßÝÏÙÐÌÙÞÞÖÏÍÙØÞËÓØÓØÑÌÏàÏÜËÑÏÝÙÞÒÏÜÞÒËØáËÞÏÜ˹×ÓÖÕ˛ÙÞÞÖÏßÝÏЩ͓͕
×ÙØÞÒÝÙÖÎ˛
̙Î̚ÒÓÖÎÝÖÏÏÚÝáÓÞÒËÌÙÞÞÖÏÙÜØßÜÝÏÝÙØÎÏ×ËØÎ
̙Ï̚ÜÏÛßÏØÞ̙ÑÜÏËÞÏÜ͔â˹ÎËãÞÙÞËÖ̚ÍËØÎã˜ÍËÜÌÙÒãÎÜËÞÏÝØËÍÕÝ̙ÔßØÕÐÙÙÎ̚˜ÝÙÎË˜ÝßÑ̋
ËÜÏÎÌÏàÏÜËÑÏÝ̙ÓØÍÖßÎÓØÑÚÜÙÍÏÝÝÏÎÔßÓÍÏ̚
̙Ð̚ÏÎÓÍËÖ
ÝÝßÏÝ
͒˛ËÖÓàË̋ÜÏÎßÍÓØÑ×ÏÎÝ̙ËÝÞÒ×Ë˜ÝÏÓäßÜÏ˜ÒãÚÏÜËÍÞÓàÓÞãÏÞÍ˛̚
͓˛ÏàÏÖÙÚ×ÏØÞËÖÚÜÙÌÖÏ×ÝÏÞÍ˛
͔˛ ˹ËØÏ×ÓËÙÜÏРâ˝
ÜÙÞÏÍÞÓàÏÐËÍÞÙÜÝ̐ÌËÝÏÎÙØÚËÜÏØÞÓØÞÏÜàÓÏá ÙÞÏÝ
̙Ë̚ÒÓÖÎÖÓàÏÝÓØÐÖßÙÜÓÎËÞÏÎÍÙ××ßØÓÞãÎÜÓØÕÝÞËÚáËÞÏÜÎËÓÖã
̙Ì̚ÏÏÞÒÍÖÏËØÏÎáÓÞÒÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏ̙ÚÏË̋ÝÓäÏ̚ÎËÓÖã
̙Í̚ÖßÙÜÓÎÏàËÜØÓÝÒËÚÚÖÓÏÎÞÙÍÒÓÖÎ˪ÝÞÏÏÞÒÓØÖËÝÞ͗×ÙØÞÒÝ
ÜËÖÏâË×ÓØËÞÓÙØ
ÌàÓÙßÝáÒÓÞÏÝÚÙÞÝ̙ÎÏÍËÖÍÓÐÓÍËÞÓÙØÝ̚˜ÙÜÙÌàÓÙßÝÎÏÍËãÚÜÏÝÏØÞÙØÞÒÏÍÒÓÖÎ˪ÝÞÏÏÞÒ˝

̙Ì̚ÖËÛßÏÓÝÙÌàÓÙßÝÙØÞÒÏÞÏÏÞÒËØÎ˹ÙÜÑß×ÝÌÖÏÏÎÏËÝÓÖã
̙ËÜÖãÒÓÖÎÒÙÙÎËÜÓÏÝ̚ÓËÑØÙÝÓÝ˝
❏ÙàÓÝÓÌÖÏËÜÖãÒÓÖÎÒÙÙÎËÜÓÏÝ̙̚
❏ÙØ̋ÍËàÓÞËÞÏÎ
❏ËàÓÞËÞÏÎ

ÝÝÏÝÝ×ÏØÞ˝ÒÓÖÎ˪ÝÍËÜÓÏÝÜÓÝÕÝÞËÞßÝ̙ÍËàÓÞÓÏÝÓØÞÒÏ×ÙÞÒÏÜ˹ÍËÜÏÑÓàÏÜ˜áÒÓÞÏÝÚÙÞÝÙÜ
ÍËàÓÞÓÏÝÓØÞÒÏÍÒÓÖÎÓØÎÓÍËÞÏÒÓÑÒÍËÜÓÏÝÜÓÝÕ˛ÒÏÌËÖËØÍÏÌÏÞáÏÏØÞÒÏÍÒÏÍÕÏÎÝÒËÎÏÎ
ËÜÏËÝ̙ÜÓÝÕÓØÎÓÍËÞÙÜÝ̚ËØÎÞÒÏÍÒÏÍÕÏÎßØ̋ÝÒËÎÏÎËÜÏËÝ̙ÚÜÙÞÏÍÞÓàÏÐËÍÞÙÜÝ̚ÚÜÙàÓÎÏÝ
ÞÒÏÜÓÝÕÝÞËÞßÝËÝÒÓÑÒÙÜÖÙá̚˝
❏ ❏

ÖËØ˝❏ ÏËÖÞÒÏÎßÍËÞÓÙØÒËØÎÙßÞÝ
❏ÏÖÐ̋×ËØËÑÏ×ÏØÞÙËÖÝ͒˛̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
❏ ÓÝÚÏØÝÏÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏËØÎÞÙÙÞÒÌÜßÝÒ
❏ÜÙÚÒãÖËâÓÝËØÎÐÖßÙÜÓÎÏàËÜØÓÝÒ
❏ ÜËÖ ÏËÖÞÒÖÓØÓÍÐÙÖÖÙá̋ßÚËÚÚÙÓØÞ×ÏØÞ̙ÒÓÑÒÜÓÝÕ̰̰̰̰̰̰̰̚×ÙØÞÒÝ
❏ÜÑÏØÞÙßÞÝÓÎÏÎÏØÞËÖÜÏÐÏÜÜËÖ̙ÒÓÑÒÜÓÝÕ˜ØÏÏÎÝÞÜËÍÕÓØÑ̚
❏ÙßÞÓØÏÎÏØÞËÖÜÏÐÏÜÜËÖÐÙÜÎÏØÞËÖÒÙ×Ï̙ËÖÖÙÞÒÏÜÝ̚
ÓÑØËÞßÜÏÙÐÏØÎÏÜÓØÑÜÙàÓÎÏÜ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰Ë×Ï˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰͐
ßÚÏÜàÓÝÓØÑÞÞÏØÎÓØÑ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰͐ËÞÏÙÐÏÜàÓÍÏ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
͵ͮ ͮ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
*OGBOUT5PEEMFST4FMGNBOBHFNFOU QPOFOUPGDBSJFTNBOBHFNFOU0ODF NFOUBXBSFOFTTBNPOHQVCMJDIFBMUI

(PBMTw
UPBTTFTTBOEBTTJTUJOGBOUTUPE SJTLMFWFMJTEFUFSNJOFE UIFQSPWJEFS QSPHSBNTBOEDPNNVOJUZDMJOJDTBTXFMM
EMFSTBOEUIFJSDBSFHJWFSTBDDPSEJOHUP EFWFMPQTBOJOEJWJEVBMJ[FEUSFBUNFOU %FOUBMQSPWJEFSTOFFEUPCFUSBJOFE
UIFJSDBSJFTSJTLTUBUVT1MFBTFTIBSFUIJT QMBO DVTUPNJ[FTIPNFDBSFSFDPNNFO BOEFEVDBUFEUPVUJMJ[FBOBHFBQQSPQSJBUF
GPSNXJUIZPVSNFEJDBMDPMMFBHVFT EBUJPOT FOHBHFTUIFQBSFOUDBSFHJWFSJO SJTLBTTFTTNFOUUPPMUIBUDBOBTTJTUUIFN
5SBEJUJPOBMMZ UIFmSTUDPOUBDUBO UIFQSPDFTTCZDPOEVDUJOHBNPUJWBUJPOBM UPNPOJUPSBOENBOBHFUIFJSQBUJFOUT
JOGBOUIBTXJUIBIFBMUIDBSFQSPWJEFS JOUFSWJFX JOWPMWFTUIFQBSFOUDBSFHJWFS JOEJWJEVBMMZBOEFĊFDUJWFMZUPQSFWFOU
JTXJUIUIFQFEJBUSJDJBOPSGBNJMZIFBMUI JOTFUUJOHUIFJSTFMGNBOBHFNFOUHPBMT GVUVSFEFOUBMEJTFBTFGPSUIFJSQFEJBUSJD
DBSFQSBDUJUJPOFS*UJTUIFSFGPSFDSVDJBM FEVDBUFTUIFQBSFOUDBSFHJWFSBCPVU QPQVMBUJPO*OBEEJUJPO QIZTJDJBOT BT
UIFTFQSBDUJUJPOFSTCFUSBJOFEUPJEFOUJGZ BHFTQFDJmDJOUFSWFOUJPOTGPSQSFWFOUJPO XFMMBTPUIFSOPOEFOUBMQSPWJEFST OFFE
DIJMESFOBUIJHISJTLGPSDBSJFTɥFSF BOUJDJQBUPSZHVJEBODF
BOEEFUFSNJOFT UPCFUSBJOFEBOEFEVDBUFEJOBQQSPQSJBUF
JTTPNFFWJEFODFUIFTFQSPWJEFSTIBWF TDSFFOJOH SJTLBTTFTTNFOUPGJOGBOUTBOE
LOPXMFEHFJOFBSMZEFOUBMQSFWFOUJWF UPEEMFSTBOESFGFSSBMUPBEFOUBMIPNF
JOUFSWFOUJPOTòï òð4PNFFĊFDUJWFDBSJFT ƼǈƼǅǊǍǄǏǔǊǁ 'VSUIFSJOGPSNBUJPOUPBTTJTUJO
DPOUSPMQSPHSBNTIBWFCFFOBEESFTTFE FYQBOTJPOPGSFMBUFELOPXMFEHFBOETLJMMT
CZ3P[JFSBOEDPMMFBHVFTXIFSFUIFZ
ØÓÞÏÎÞËÞÏÝÚÒãÝÓÍÓËØÝ NBZCFGPVOEPOUIFi'JSTU4NJMFTw8FC
EFNPOTUSBUFEUIBUOPOEFOUBMQSPGFT ÎÙØÙÞÝÍÜÏÏØÐÙÜÏËÜÖã TJUF XXXmSTUôPSBMIFBMUIPSH QBSUPGB
TJPOBMTXFSFBCMFUPTVDDFTTGVMMZJOUF TUBUFXJEFPSBMIFBMUIJOJUJBUJWFGVOEFE
HSBUFQSFWFOUJWFEFOUBMTFSWJDFTJOUP
ÝÓÑØÝÙÐÏËÜÖãÍÒÓÖÎÒÙÙÎ CZ'JSTUô$BMJGPSOJBBOENBOBHFECZUIF
UIFJSQSBDUJDFTòñ)PXFWFS *TNBJMFUBM ÍËÜÓÏÝØÙÜÎÙÞÒÏãÖÙÙÕ $BMJGPSOJB%FOUBM"TTPDJBUJPO'PVOEBUJPO
DPODMVEFEUIBUBNBKPSJUZPG6OJUFE BOEUIF%FOUBM)FBMUI'PVOEBUJPOSFHBSE
4UBUFTQIZTJDJBOTEPOPUTDSFFOGPSFBSMZ
ÐÙÜáÒÓÞÏÝÚÙÞÖÏÝÓÙØÝ JOHPSBMIFBMUIPGDIJMESFOïôòó8FCTJUF
TJHOTPGFBSMZDIJMEIPPEDBSJFTOPSEP áÒÓÍÒËÜÏÞÒÏÚÜÏÍßÜÝÙÜÝ SFTPVSDFTJODMVEFDPNQMFNFOUBSZDPO
UIFZMPPLGPSXIJUFTQPUMFTJPOTXIJDI UJOVJOHFEVDBUJPODPVSTFT ñ$&VOJUT

BSFUIFQSFDVSTPSTPGDBWJUBUJPOòò
ÙÐÍËàÓÞËÞÓÙØ˛ EFTJHOFETQFDJmDBMMZGPSEFOUBMBOENFEJ
*UJTPVSFUIJDBMBOENPSBMSFTQPOTJCJM DBMQSPGFTTJPOBMTUPBEESFTTUIFiTJMFOUFQJ
JUZUPFOTVSFUIFCFTUQSFWFOUJPONBOBHF EFNJDwPG&$$BĊFDUJOHDIJMESFOBHFïô
NFOUNPEFMGPSUIJTWVMOFSBCMFHSPVQPG UIFJOUFSWBMGPSQFSJPEJDSFFWBMVBUJPO ɥFQSPHSBNSFnFDUTDIBOHFTJO
ZPVOHDIJMESFO#ZCFJOHQSPBDUJWFPO *OPSEFSUPFĊFDUJWFMZUSFBUFBSMZ&$$ UIFNPEFSONBOBHFNFOUPGDBSJFTBOE
QSFWFOUJPO XFDBOTVSFMZEFDSFBTFUIF XFOFFEUPUSFBUUIFEJTFBTFSBUIFSUIBO JNQSPWFEEJBHOPTJTPGOPODBWJUBUFE
QSFWBMFODFPGFBSMZDIJMEIPPEDBSJFTBOE KVTUUIFSFTVMUTPGUIFEJTFBTF3BUIFSUIBO JODJQJFOUMFTJPOTBOEUSFBUNFOUGPS
FOTVSFIFBMUIZLJETXJUIIFBMUIZTNJMFTòó BCEJDBUJOHUIFSFTQPOTJCJMJUZGPSBEESFTT QSFWFOUJPOBOEBSSFTUPGUIFTFMFTJPOTòô
JOHUIJTHSPXJOHFQJEFNJDUPUIFQFEJBUSJD "EEJUJPOBMTLJMMTFNQIBTJ[FEGPSUIF
ß××ËÜã EFOUBMTQFDJBMJTUT UIFQSPGFTTJPONVTU JOJUJBMJOGBOUPSBMDBSFWJTJU XJUIJOTJY
%FUFSNJOJOHBDIJMETDBSJFTSJTLMFWFM FYQBOEUIFBQQSPBDIUPJOGBOUUPEEMFS NPOUITPGFSVQUJPOPGUIFmSTUUPPUI
IJHI NPEFSBUF MPX
JTUIFQSJNBSZHPBM DBSJFTSJTLBTTFTTNFOUBOEQSFWFOUJPO BOEOPMBUFSUIBOðñNPOUITPGBHF

PGVUJMJ[JOHBOBQQSPQSJBUFDBSJFTSJTLBT UPJODMVEFHFOFSBMEFOUBMQSBDUJDFTBT JODMVEFJOGBOUUPEEMFSQPTJUJPOJOH LOFF
TFTTNFOUJOTUSVNFOUUIBUJTBHFTQFDJmD XFMMBTNFEJDBMDBSFQSPWJEFST"TTUBUFE UPLOFFFYBN
XIFOUPUSFBUSFGFS
ɥFDBSJFTSJTLBTTFTTNFOUQSPDFTTGPS QSFWJPVTMZ UIFTUVEZCZ*TNBJMBOEDPM QBSFOUDBSFHJWFSFEVDBUJPOBOENBOBH
UIFJOGBOUUPEEMFSJTDPNQSJTFEPGQBS MFBHVFTGPVOEUIBUBMUIPVHIQIZTJDJBOT JOHCFIBWJPSPGWFSZZPVOHDIJMESFO
FOUDBSFHJWFSJOUFSWJFX FYBNJOBUJPO JOUIF6OJUFE4UBUFTXPVMESFGFSBDIJME ɥFBVUIPSTIBWFQSPWJEFEDBSJFTSJTL
PGUIFDIJME BTTJHONFOUPGDBSJFTSJTL XJUIBIJHIDBSJFTSJTLMFWFMGPSBEFOUBM BTTFTTNFOUGPSNT $".#3"ïô
GPS
MFWFM BOECBDUFSJBMDVMUVSFT JGJOEJDBUFE WJTJU UIFNBKPSJUZPGSFTQPOEFOUTEJE EFOUBMBOENFEJDBM OPOEFOUBM
QSPWJEFST
$PNQMFUJOHBDBSJFTSJTLBTTFTTNFOU OPUSFHVMBSMZTDSFFOGPSTJHOTPG&$$ BTNPEFMTGPSVTFPSNPEJmDBUJPOɥF
$".#3"ïô
JTUIFDSJUJDBMFMFNFOUJO &YQBOTJPOPGPQQPSUVOJUJFTGPSBEESFTTJOH POFQBHFGPSNTBSFEFTJHOFEGPSVTFXJUI
UIFJOGBOUPSBMDBSFWJTJUBOEWJUBMDPN &$$BMTPNFBOTJODSFBTJOHSJTLBTTFTT JOGBOUTUPEEMFSTBHFïô*OTUSVDUJPOTGPS
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͮͯ
UIFDMJOJDJBOIBWFCFFOJODMVEFEUPHVJEF ͓͒˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÝ˜ÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜ ÓØÙÜÞÒËÜÙÖÓØË×ÏÎÓÍËÖÚÜËÍÞÓÍÏÝ˝Ó×ÚÖÓÍËÞÓÙØÝÐÙÜÜÏÝÏËÜÍÒ

ÚÜÏàÏØÞÓàÏÚÏÎÓËÞÜÓÍÒÏËÖÞÒÍËÜÏ˛ÏÎÓËÞÜÓÍÝ͖͒͑˝͕͖͗˜͓͑͑͑˛ ËØÎÚÜËÍÞÓÍÏ˛ÏØÞÎßÍ̙͙͗͘̚˝͙͙͖͗̋͘˜͓͔͑͑˛
UIFIFBMUIDBSFQSPWJEFSTUISPVHIUIFSJTL ͔͔˛
Ý×ËÓÖ
˜ËÓØËÜ˜ÙÒØ˜ÒÓÖÎÜÏØ˪ÝʨÜÝÞÎÏØÞËÖàÓÝÓÞ˝
͔͒˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÝÍÓÏØÍÏËØÎÚÜËÍÞÓÍÏÙÐÍËÜÓÏÝ
BTTFTTNFOUQSPDFTT4VQQMFNFOUBMGPSNT ÚÜÏàÏØÞÓÙØ˛×ÏØÞÝÝÙÍ͔͒͒˝͙͙͚͚̋͘˜͓͑͑͑˛ ËʵÓÞßÎÏÝËØÎÚÜËÍÞÓÍÏÝÙÐ˛˛ÚÏÎÓËÞÜÓÍÓËØÝËØÎÐË×ÓÖãÚÒãÝÓ̋
GPSVTFGPMMPXJOHDBSJFTSJTLBTTFTTNFOU ͕͒˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÞÒÏÌËÝÓÝÐÙÜÍËÜÓÏÝ ÍÓËØÝ˛ÏÎÓËÞÜÏØÞ͓͖˝͕͓͖͔̋͑˜͓͔͑͑˛
×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞ˛ÜËÖ ÏËÖÞÒÜÏàÏØÞ͓ ͔͕˛ËÖÓÐÙÜØÓËÏØÞËÖÝÝÙÍÓËÞÓÙØÙßØÎËÞÓÙØËØÎÞÒÏÏØÞËÖ
$".#3"ïô
BSFJODMVEFEBTXFMM'PS ÏËÖÞÒÙßØÎËÞÓÙØ˜ÓÜÝÞ×ÓÖÏÝ˛ÒʵÚ˝˹˹ááá˛ʨÜÝÞ͖ÙÜËÖÒÏËÖÞÒ˛
ßÚÚÖ͒˝͓͖͚͕̋͗˜͓͕͑͑˛
FYBNQMF PODFUIFQBUIPMPHJDBMBOE ͖͒˛ ËØÝÏÖÏÞÏÜÝÝÙØ˜ßÜÏ˜ÜËʵÒËÖÖ˜àËÖßËÞÓÙØÙÐË ÙÜÑ˛ÍÍÏÝÝÏÎßÑ˛͒͘˜͓͑͑͘˛
QSPUFDUJWFGBDUPSTBSFBTTFTTFEUPEFUFS ÍÙ×ÚßÞÏÜ̋ÌËÝÏÎÍËÜÓÏÝÜÓÝÕËÝÝÏÝÝ×ÏØÞÚÜÙÑÜË×ÓØËØÏÖÎÏÜÖã ͔͖˛ËÞÓÙØËÖ
ØÝÞÓÞßÞÏÝÙÐ ÏËÖÞÒ˜ÓËÑØÙÝÓÝËØÎ×ËØËÑÏ̋
ÑÜÙßÚÙÐÓØÎÓàÓÎßËÖÝ˛ÍÞËÎÙØÞÙÖÍËØÎ͗͒˝͕͒͗̋͒͘˜͓͔͑͑˛ ×ÏØÞÙÐÎÏØÞËÖÍËÜÓÏÝÞÒÜÙßÑÒÙßÞÖÓÐÏ˛ÏÞÒÏÝÎË˜Î˜ËÞÓÙØËÖ
NJOFJGUIFQBUJFOUJTBUSJTLPGQSPHSFT
ØÝÞÓÞßÞÏÝÙÐ ÏËÖÞÒ˜͓͑͑͒˛
͒͗˛ÏËÞÒÏÜÝÞÙØÏ˜ËÜÓÏÝÚÜÏàÏØÞÓÙØËØÎÜÏàÏÜÝËÖÌËÝÏÎÙØ
TJPOPSJOJUJBUJPOPGEFOUBMDBSJFT EFDJ ÞÒÏÍËÜÓÏÝÌËÖËØÍÏ˛ÏÎÓËÞÜÏØÞ͓͙˝͓͙͒˜͔͓˞ÎÓÝÍßÝÝÓÙØ͚͓͙͒̋˜
TJPOTOFFEUPCFNBEFSFHBSEJOH ͓͑͑͗˛
͒͘˛ÏÜÏÞä˜Ë×˜ÏÞËÖ˜ÜÏÝÍÒÙÙÖÍËÜÓÏÝËÝËØÓØÎÓÍËÞÙÜÙÐ ǏǊǍǀǌǐǀǎǏƼǋǍǄǉǏǀƿƾǊǋǔǊǁǏǃǄǎƼǍǏǄƾǇǀ˜ǋǇǀƼǎǀƾǊǉǏƼƾǏ
JOEJDBUJPOTGPSCBDUFSJBMDVMUVSFT BOE
ÐßÞßÜÏÍËÜÓÏÝ˝ËÖÙØÑÓÞßÎÓØËÖÝÞßÎã˛ÏÎÓËÞÜÏØÞ͓͖̙͓̚˝͕͙͒͒̋˜ ÜËØÍÓÝÍÙ˛Ë×ÙÝ̋Ù×Ïä˜˜˜ ˜ÏÚËÜÞ×ÏØÞÙÐ
IPNFDBSFSFDPNNFOEBUJPOTGPSUIF ͓͔͑͑˛ ÜÙÐËÍÓËÖÍÓÏØÍÏÝ˜ÓàÓÝÓÙØÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ØÓàÏÜÝÓÞã
QBSFOUDBSFHJWFSBOEDIJME8JUIUIJT ͙͒˛ËÑÖÓËÐÏÜÜÙ˜ÏÜÏÓÜË˜ÏÞËÖ˜ÝÝÏÝÝ×ÏØÞÙÐÎÏØÞËÖ ÙÐËÖÓÐÙÜØÓË˜ËØÜËØÍÓÝÍÙ˜͑͘͘ËÜØËÝÝßÝàÏ˛˜Ùâ͖͔͑͘˜
ÍËÜÓÏÝÚÜÏÎÓÍÞÙÜÝÓØËÝÏàÏØ̋ãÏËÜÖÙØÑÓÞßÎÓØËÖÝÞßÎã˛ßÌÖÓÍ ÙÙ×͓͒͑͒˜ËØÜËØÍÓÝÍÙ˜ËÖÓÐ˛˜͚͕͕͔͒˛
FBTJMZJEFOUJmBCMFJOGPSNBUJPO CPUI
ÏËÖÞÒÏØÞ̙͔͗͗̚˝͚͔͒͗̋͘˜͓͑͑͗˛
IFBMUIDBSFQSPWJEFSTBOEHVBSEJBOTDBO ͚͒˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÍÙØÞÜÓÌßÞÓØÑÐËÍÞÙÜÝ
CFNBEFBXBSFPGUIFUSFBUNFOUOFFET TFU ËØÎÏËÜÖãÎÏÞÏÍÞÓÙØ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͓͒̚˝͓͚͔͔͒̋˜͓͔͑͑˛
͓͑˛ÏËÞÒÏÜÝÞÙØÏ˜ÎËÓÜ˜ÏÞËÖ˜ËÜÓÏÝ×ËØËÑÏ×ÏØÞ
TFMGNBOBHFNFOUHPBMT BOUJDJQBUFBHF
ÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞ˝ÍÙØÝÏØÝßÝÝÞËÞÏ×ÏØÞ˜ÚÜÓÖ͓͓͑͑˛ËÖÓÐ
TQFDJmDDPODFSOT BTXFMMBTSFGFSUIFDIJME ÏØÞÝÝÙÍ͔̙͔͒̚˝͓͖͚̋͗͘˜͓͔͑͑˛
UPUIFDPSSFDUSFTPVSDFTBOE NPTU ͓͒˛Ë×ÙÝ̋Ù×Ïä˜ÖÓØÓÍËÖÍÙØÝÓÎÏÜËÞÓÙØÝÐÙÜËØÓØÐËØÞÙÜËÖ
ÒÏËÖÞÒÍËÜÏÚÜÙÑÜË×˛Ù×ÚÏØÎÓß×͓̙͖͗̚ÝßÚÚÖ͒˝͓͔͒̋͘˜͓͖͑͑˛
JNQPSUBOUMZ QSFWFOUUIFEFWFMPQNFOUPG
͓͓˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜãÙßØÍÓÖÙØ
GVUVSFEFOUBMEJTFBTF ÖÓØÓÍËÖʥËÓÜÝ˜ÙÖÓÍãÙØßÝÏÙÐËÍËÜÓÏÝ̋ÜÓÝÕËÝÝÏÝÝ×ÏØÞÞÙÙÖ
̙̚ÐÙÜÓØÐËØÞÝ˜ÍÒÓÖÎÜÏØ˜ËØÎËÎÙÖÏÝÍÏØÞÝ˛ÏÎÓËÞÜÏØÞ
Ǎ ǀǁǀǍ ǀ ǉƾǀǎ ͓͘˝͓͖̋͘˜͓͖͑͑˛
͒˛ËÜÑËÝ˜ÜËÖÖ˜ÍÒØÏÓÎÏÜ˜ÙÍÓÙÎÏ×ÙÑÜËÚÒÓÍÎÓÝÞÜÓ̋ ͓͔˛ÏÕÓ˜Ë×ËÝÒÓÞË˜ÏÞËÖ˜ʥÏÍÞÙÐ×ÓâÏÎ×ßÞËØÝÝÞÜÏÚ̋
ÌßÞÓÙØÙÐÚÏÎÓËÞÜÓÍÎÏØÞËÖÍËÜÓÏÝ˝
˜͚͙͙͚͚͕͒̋͒˛× ÞÙÍÙÍÍÓÍÙÖÙØÓäËÞÓÙØÙØÍËÜÓÏÝÎÏàÏÖÙÚ×ÏØÞ˛ÜËÖÓÍÜÙÌÓÙÖ

ÏØÞÝÝÙÍ͓͚͒˝͓͓͚͔͙͒̋˜͚͚͙͒˛
××ßØÙÖ͓̙͒͒̚˝͕͖͓̋͘˜͓͑͑͗˛
͓˛ÙÖËØÎ͔ÜÎ˜ ËÖÏ˜ÜÙàÓÎÓØÑÙÜËÖÒÏËÖÞÒÞÙÞÒÏÖÓʵÖÏÙØÏÝ˛ ͓͕˛Ë×ÙÝ̋Ù×Ïä˜ËÍÞÏÜÓËÖÝËÖÓàËÜã×ËÜÕÏÜÝ˪ÜÙÖÏÓØ

ØÎÓËØËÏØÞÝÝÙÍ͙͓˝͙͕̋͒˜͓͔͑͑˛ ÜÓÝÕËÝÝÏÝÝ×ÏØÞÓØÓØÐËØÞÝ˛ÏØÞÏÝ
ÝÝßÏ͙͖˝͖͑͒͗˜͓͑͑͗˛
͔˛ ÏËÖÞÒËØÎ ÏËÖÞÒËÜÏÓØÍÒÙÙÖÝ˜ ÏËÖÞÒÎÓÝÚËÜÓÞÓÏÝ ááá˛ÎÏØÞËÖÜÏÝÏËÜÍÒ˛ÙÜÑ˛ÍÍÏÝÝÏÎßÑ˛͒͘˜͓͑͑͘˛
ÏâÚÏÜÓÏØÍÏÎÌãÜËÍÓËÖ˹ÏÞÒØÓÍ×ÓØÙÜÓÞãÚÙÚßÖËÞÓÙØÝ˛ ͓͖˛ßÔÓØÙ˜ÒËØ ˜ÏÞËÖ˜Ù×ÚËÜËÞÓàÏÏØß×ÏÜËÞÓÙØÙÐ
͔͔͘˜͓͕͑͑˛ ÍËÜÓÙÑÏØÓÍÌËÍÞÏÜÓËÌãÞáÙÝË×ÚÖÓØÑÞÏÍÒØÓÛßÏÝ˛ÏØÞÏÝ
͕˛ËÍÏÕ˜ËÑØÏÜ ˜ÏÞËÖ˜ßÜàÏãÙÐÙÜËÖÒÏËÖÞÒÝÞËÞßÝ
ÝÝßÏ͙͔˝͔͕͖͖˜͓͕͑͑˛ááá˛ÎÏØÞËÖÜÏÝÏËÜÍÒ˛ÙÜÑ˛ÍÍÏÝÝÏÎ
ÙÐËÜãÖËØÎÝÍÒÙÙÖÍÒÓÖÎÜÏØ͓͓͑͑͑̋͑͑͒˛ÏÎÓËÞÜÏØÞ͓͗ ßÑ˛͒͘˜͓͑͑͘˛
̙͕̚˝͔͓͚͔̋͗˜͓͕͑͑˛ ͓͗˛ÏÓØÝÞÏÓØ˜ ËÜÜÓÝÙØ˜ÏØÞÙØ˜ÙÞÓàËÞÓØÑÚËÜÏØÞÝ
͖˛ÏØÞËÖ ÏËÖÞÒÙßØÎËÞÓÙØ˜ÒÏ͓͑͑͗ÙÜËÖÒÏËÖÞÒØÏÏÎÝ ÞÙÚÜÏàÏØÞÍËÜÓÏÝÓØÞÒÏÓÜãÙßØÑÍÒÓÖÎÜÏØ˛×ÏØÞÝÝÙÍ
ËÝÝÏÝÝ×ÏØÞÙÐÍÒÓÖÎÜÏØ˛ÒʵÚ˝˹˹ááá˛ÎÏØÞËÖÒÏËÖÞÒÐÙßØÎËÞÓÙØ˛ ͔͖͒˝͔͙͒̋͘˜͓͕͑͑˛
ÙÜÑ˹ÞÙÚÓÍÝ˹ÚßÌÖÓÍ˹˛ÍÍÏÝÝÏÎÚÜÓÖ͒͑˜͓͑͑͘˛ ͓͘˛ÏÓØÝÞÏÓØ˜ÜÙàÓÎÏÜàÏÜÝßÝÚËÞÓÏØÞ̋ÍÏØÞÏÜÏÎËÚÚÜÙËÍÒÏÝ
͗˛ÙáËÕ˜ËÞÓÙØËÖÏÐÙÜÞÒÏÞÓ×ÓØÑÙÐÞÒÏʨÜÝÞÙÜËÖÏàËÖßË̋ ÞÙÒÏËÖÞÒÚÜÙ×ÙÞÓÙØáÓÞÒÚËÜÏØÞÝÙÐãÙßØÑÍÒÓÖÎÜÏØ˝áÒËÞ
ÞÓÙØ˛ÏÎÓËÞÜÏØÞ͚͒˝͙̋͒͒˜͚͚͒͘˛ áÙÜÕÝ˹ÎÙÏÝØÙÞáÙÜÕËØÎáÒã˛ÏÎÓËÞÜÏØÞ͓͙˝͓͒̋͗͘˜͓͑͑͗˛
͘˛×ÏÜÓÍËØÏØÞËÖÝÝÙÍÓËÞÓÙØ˜ÝÞËÞÏ×ÏØÞÙØÏËÜÖãÍÒÓÖÎ̋ ͓͙˛ÏÖÞÓÏÜ˜ÏÓØÝÞÏÓØ˜ÜÏÎÏÕÓØÎ˜ÓÝÕãßÝÓØÏÝÝ˝
ÒÙÙÎÍËÜÓÏÝ͓͕͑͑˛ÒʵÚ˝˹˹ááá˛ËÎË˛ÙÜÑ˹ÚÜÙÐ˹ÜÏÝÙßÜÍÏÝ˹ÚÙÝÓ̋
ØʮßÏØÍÓØÑÏÙÚÖÏÞÙÒËØÑÏ˜̙ÓØÚÜÙÍÏÝÝÙÐÌÏÓØÑÚßÌÖÓÝÒÏÎ̚˜
ÞÓÙØ˹ÍËÜÓÏÝ˹˛ÍÍÏÝÝÏÎßÑ˛͒͘˜͓͑͑͘˛ ËÖÏØÞÝÝÙÍ˛
͙˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ÓØÐËØÞÙÜËÖÒÏËÖÞÒ˛ ͓͚˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ÖÓØÓÍËÖÑßÓÎÏ̋
ÏÎÓËÞÜÏØÞ͓͓˝͙͓˜͓͑͑͑˛ ÖÓØÏÙØÚÏÜÓÙÎÓÍÓÞãÙÐÏâË×ÓØËÞÓÙØ˜ÚÜÏàÏØÞÓàÏÎÏØÞËÖÝÏÜàÓÍÏÝ˜
͚˛×ÏÜÓÍËØÝÝÙÍÓËÞÓÙØÙÐßÌÖÓÍ ÏËÖÞÒÏØÞÓÝÞÜã˜ÓÜÝÞÙÜËÖ ËØÞÓÍÓÚËÞÙÜãÑßÓÎËØÍÏËØÎÙÜËÖÞÜÏËÞ×ÏØÞÐÙÜÍÒÓÖÎÜÏØ͓͔͑͑˛
ÒÏËÖÞÒËÝÝÏÝÝ×ÏØÞÚÙÖÓÍã˛͓͕͑͑˛ÒʵÚ˝˹˹ááá˛ËËÚÒÎ˛ÙÜÑ˹ÎÏ̋ ÒʵÚ˝˹˹ááá˛ËËÚÎ˛ÙÜÑ˛ÍÍÏÝÝÏÎßÑ˛͒͘˜͓͑͑͘˛
ÐËßÖÞ˛ËÝÚˣÚËÑÏХÚÙÖÓÍã˛ÒÞ×˛ÍÍÏÝÝÏÎßÑ˛͓͓˜͓͑͑͘˛ ͔͑˛ËÎÏÜ˜ÙäÓÏÜ˜ÏÞËÖ˜ÒãÝÓÍÓËØÝ˪ÜÙÖÏÝÓØÚÜÏàÏØÞÓØÑ
͒͑˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ÙÖÓÍãÙØÏËÜÖã ÎÏØÞËÖÍËÜÓÏÝÓØÚÜÏÝÍÒÙÙÖÍÒÓÖÎÜÏØ˝ËÝß××ËÜãÙÐÞÒÏÏàÓÎÏØÍÏ
ÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ̙̚˝ÍÖËÝÝÓʨÍËÞÓÙØÝ˜ÍÙØÝÏÛßÏØÍÏÝ˜ËØÎ ÐÙÜÞÒÏ˛˛ÚÜÏàÏØÞÓàÏÝÏÜàÓÍÏÝÞËÝÕÐÙÜÍÏ˛×ÜÏàÏÎ
ÚÜÏàÏØÞÓàÏÝÞÜËÞÏÑÓÏÝ˜͓͔͑͑˛ÒʵÚ˝˹˹ááá˛ËËÚÎ˛ÙÜÑ˛ÍÍÏÝÝÏÎ ͓͗˝͔͖͓͖͒̋˜͓͕͑͑˛
ßÑ˛͒͘˜͓͑͑͘˛ ͔͒˛ÎÏÖËÜßä˜ÙäÓÏÜ˜ÖËÎÏ˜ÏØÞËÖÝÍÜÏÏØÓØÑËØÎ
͒͒˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ÙÖÓÍãÙØÞÒÏ ÜÏÐÏÜÜËÖÙÐãÙßØÑÍÒÓÖÎÜÏØÌãÚÏÎÓËÞÜÓÍÚÜÓ×ËÜãÍËÜÏÚÜÙàÓÎÏÜÝ˛
ÎÏØÞËÖÒÙ×Ï˜͓͕͑͑˛ÒʵÚ˝˹˹ááá˛ËËÚÎ˛ÙÜÑ˛ÍÍÏÝÝÏÎßÑ˛͒͘˜ ÏÎÓËÞÜÓÍÝ͕͒͒˝͕͓͖͓͗̋˜͓͕͑͑˛
͓͑͑͘˛ ͔͓˛ÙäÓÏÜ˜ßʵÙØ˜ÜÏàÏØÞÓÙØÙÐÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ
͵ͮ Ͱ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
Ƽ ǂ ǀ ΰ Ǐ ǃ Ǎ Ǌ ǐ ǂ ǃ Ƽ ƿ ǐ ǇǏ
ËÜÓÏÝÓÝÕÝÝÏÝÝ×ÏØÞ
ÓØÜËÍÞÓÍÏÐÙÜÑÏ͗
ÒÜÙßÑÒÎßÖÞ
ǅǊǃǉƿ˛ƽ˛ǁǀƼǏǃǀǍǎǏǊǉǀ˜ǈǎƾ˜ǋǃƿ˞ǎǊǋǃǄǀƿǊǈǀǅǀƼǉ̋ǊǍǇǄƼǂǐǀǏ˜ƿƿǎ˞
ǇƼǍǍǔǅǀǉǎǊǉ˜ƿƿǎ˜ǈƼ˞ǈƼǍǆǒǊǇǁǁ˜ƿƿǎ˜ǋǃƿ˞ƼǉƿƿǊǐǂǇƼǎƼ˛ǔǊǐǉǂ˜ƿƿǎ˜ǈǎ˜ǈƽƼ
Ƽ ƽǎǏǍ ƼƾǏ ÒÏËÓ×ÙÐÞÒÓÝËÜÞÓÍÖÏÓÝÞÙÚÜÏÝÏØÞËÚÜËÍÞÓÍËÖÍËÜÓÏÝÜÓÝÕËÝÝÏÝÝ×ÏØÞ

ÚÜÙÍÏÎßÜÏËØÎÐÙÜ×ÐÙÜÚËÞÓÏØÞÝáÒÙËÜÏËÑÏ͗ÞÒÜÙßÑÒËÎßÖÞ˛ÒÏÍÙØÞÏØÞÙÐÞÒÏÐÙÜ×
ËØÎÞÒÏÚÜÙÍÏÎßÜÏÝÒËàÏÌÏÏØàËÖÓÎËÞÏÎÌãÙßÞÍÙ×ÏÝÜÏÝÏËÜÍÒËʰÏÜÝÏàÏÜËÖãÏËÜÝÙÐ
ÏâÚÏÜÓÏØÍÏßÝÓØÑÞÒÏÐËÍÞÙÜÝËØÎÓØÎÓÍËÞÙÜÝÞÒËÞËÜÏÓØÍÖßÎÏÎ˛

ƼǐǏǃǊǍǎ
ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ ËÜÜãÏØÝÙØ˜ƿƿǎ˜ǈƼ˜ BSJFTSJTLBTTFTTNFOUJTUIF DPNFTSFTFBSDICBTFEVQPOUIFVTFPGUIF

ǈǎƾ˜ǋǃƿ˜ÓÝÓØÞÏÜÓ×ÎÏËØ˜ ÓÝÐÙÜ×ÏÜÖãËÒÏËÖÞÒÝÍÓ̋ mSTUTUFQJODBSJFTNBOBHF QSPDFEVSFTJOBMBSHFDPIPSUPGQBUJFOUTBU
ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜ ÏØÍÏÝÍÖÓØÓÍËÖÚÜÙÐÏÝÝÙÜ˜
ËØÜËØÍÓÝÍÙ˜ÍÒÙÙÖÙÐ ÏÚËÜÞ×ÏØÞÙÐÜÏàÏØÞÓàÏ
NFOUCZSJTLBTTFTTNFOU UIF4DIPPMPG%FOUJTUSZBUUIF6OJWFSTJUZ
ÏØÞÓÝÞÜã˜ËØÎÓÝËÚÜÙÐÏÝ̋ ËØÎÏÝÞÙÜËÞÓàÏÏØÞËÖ $".#3"ɥFMFWFMPGSJTL PG$BMJGPSOJB 4BO'SBODJTDP XBTSFDFOUMZ
ÝÙÜ˜ÏÚËÜÞ×ÏØÞÙÐÜÏ̋ ÍÓÏØÍÏÝ˜ØÓàÏÜÝÓÞãÙÐ TIPVMECFVTFEUPEFUFSNJOF QVCMJTIFE WBMJEBUJOHUIFGPSNBOEQSPDF
àÏØÞÓàÏËØÎÏÝÞÙÜËÞÓàÏ ËÖÓÐÙÜØÓË˜ËØÜËØÍÓÝÍÙ˜ UIFOFFEGPSUIFSBQFVUJDJOUFSWFOUJPOBOE EVSFTñɥFSFTVMUTGSPNUIJTTUVEZBSFUIF
ÏØÞËÖÍÓÏØÍÏÝ˜ËÞ˛ ÍÒÙÙÖÙÐÏØÞÓÝÞÜã˛ JTBOJOUFHSBMQBSUPGUSFBUNFOUQMBOOJOH CBTJTGPSUIFDVSSFOUSFWJTJPOTUPUIFDBSJFT
ÙßÑÖËÝ˛ÙßØÑ˜ƿƿǎ˜ ËÜÕÙÖʥ˜ƿƿǎ˜ǋǃƿ˜ÓÝË
ɥFNBOBHFNFOUPGDBSJFTGPMMPXJOHSJTL SJTLBTTFTTNFOUGPSNBOEQSPDFEVSFTQSF
ǈǎ˜ǈƽƼ˜ÓÝËØËÝÝÙÍÓËÞÏ ÚÜÙÐÏÝÝÙÜËØÎÍÒËÓÜ˜Ï̋ BTTFTTNFOUGPSõZFBSPMETUISPVHIBEVMU TFOUFEIFSFɥFTVDDFTTGVMDPNQPOFOUT
ÚÜÙÐÏÝÝÙÜ˜ÏÚËÜÞ×ÏØÞ ÚËÜÞ×ÏØÞÙÐËÜÓÙÖÙÑãËØÎ JTEFTDSJCFEJOUIJTJTTVFJOEFUBJMJOUIF PGUIFQSFWJPVTWFSTJPOIBWFCFFOSF
ÙÐÏØÞËÖÜËÍÞÓÍÏ˜ Ù×ÚÜÏÒÏØÝÓàÏËÜÏ˜Ïá QBQFSCZ+FOTPOFUBM"TFQBSBUFGPSN HSPVQFEBDDPSEJOHUPUIFPVUDPNFTSFTVMUT
ØÓàÏÜÝÓÞãÙÐÞÒÏËÍÓʨÍ˜ ÙÜÕØÓàÏÜÝÓÞãÙÖÖÏÑÏÙÐ BOEQSPDFEVSFTGPSVTFGPSOFXCPSOT BOEBSFQSFTFOUFEJOǏƼƽǇǀΫ ɥFGPSNDBO
ÜÞÒßÜ˛ßÑÙØÓÍÒÙÙÖÙÐ ÏØÞÓÝÞÜã˜ÏáÙÜÕ˛
ÏØÞÓÝÞÜã˛
UPôZFBSPMETJTQSFTFOUFEJOUIFQBQFS CFSFBEJMZBEBQUFEGPSVTFJOFMFDUSPOJD
CZ3BNPT(PNF[FUBMJOUIJTJTTVF SFDPSETZTUFNT BTIBTCFFOEPOFBU6$4'
ÙÚÒÓÏÙ×ÏÔÏËØ̋ÜÖÓ̋ "HSPVQPGFYQFSUTGSPNBDSPTTUIF ɥFCBDLHSPVOE SBUJPOBMF BOETUFQCZ
ËÑßÏÞ˜ƿƿǎ˜ÓÝËØËÝÝÓÝÞËØÞ 6OJUFE4UBUFTDPOWFOFEBUBDPOTFOTVT TUFQQSPDFEVSFTBSFEFTDSJCFEBTGPMMPXT
ÚÜÙÐÏÝÝÙÜ˜ÏÚËÜÞ×ÏØÞÙÐ
DPOGFSFODFIFMEJO4BDSBNFOUP $BMJG JO
ÚÏÜËÞÓàÏÏØÞÓÝÞÜãËØÎ
ØÎÙÎÙØÞÓÍÝ˜ØÓàÏÜÝÓÞĀ
"QSJMñïïñɥJTHSPVQQSPEVDFEBDBSJFT ËÍÕÑÜÙßØÎ
Î˪ßàÏÜÑØÏ˜ÖÏÜ×ÙØÞ̋ÏÜ̋ SJTLBTTFTTNFOUGPSNBOEQSPDFEVSFT 4VDDFTTGVMBOEBDDVSBUFDBSJFTSJTL
ÜËØÎ˜ÜËØÍÏ˛ CBTFEVQPOMJUFSBUVSFBWBJMBCMFVQUPUIBU BTTFTTNFOUTIBWFCFFOBESFBNGPS
UJNFɥFSFTVMUTXFSFQVCMJTIFEJOñïïòð EFDBEFT/VNFSPVTSFTFBSDIQBQFST
ɥFDPOTFOTVTTUBUFNFOUBOETVQQPSUJOH IBWFCFFOXSJUUFOPOUIFUPQJD TVDI
SFWJFXBSUJDMFTBSFBWBJMBCMFPOUIFOFU BTUIFSFWJFXTCZ"OEFSTPOFUBMBOE
XXXDEBGPVOEBUJPOPSHKPVSOBMɥJT "OVTBWJDFò ó4FWFSBMGPSNTBOEQSP
GPSN PSTPNFWBSJBUJPOPGJU IBTCFFOJO DFEVSFTIBWFCFFOTVHHFTUFE TPNF
VTFJOEFOUBMTDIPPMTBOEQSJWBUFQSBDUJDFT PGXIJDIBSFTVNNBSJ[FEJOBSFDFOU
GPSBTMPOHBTGPVSZFBST3FDFOUPVU SFWJFXCZ;FSPFUBMô*OEJWJEVBMDPOUSJC
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͮͱ
ͯ
ËÜÓÏÝÓÝÕÝÝÏÝÝ×ÏØÞÙÜ×̐ÒÓÖÎÜÏØÑÏ͗ËØÎàÏÜ˹ÎßÖÞÝ
ËÞÓÏØÞË×Ï˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ÒËÜÞ͐˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ËÞÏ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
ÝÝÏÝÝ×ÏØÞËÞÏ˝
ÝÞÒÓÝ̙ÚÖÏËÝÏÍÓÜÍÖÏ̚ÌËÝÏÖÓØÏ ÙÜ ÜÏÍËÖÖ
ÓÝÏËÝÏ
ØÎÓÍËÞÙÜÝ̙ØãÙØÏ˫ˬÝÓÑØÓÐÓÏÝÖÓÕÏÖã˫ ÓÑÒÓÝÕˬËØÎÞÙÎÙËÌËÍÞÏÜÓË Х
Х
Х

ÞÏÝÞ̩̩̚
ÓÝÓÌÖÏÍËàÓÞÓÏÝÙÜÜËÎÓÙÑÜËÚÒÓÍÚÏØÏÞÜËÞÓÙØÙÐÞÒÏÎÏØÞÓØ
ËÎÓÙÑÜËÚÒÓÍËÚÚÜÙâÓ×ËÖÏØË×ÏÖÖÏÝÓÙØÝ̙ØÙÞÓØÎÏØÞÓØ̚
ÒÓÞÏÝÚÙÞÝÙØÝ×ÙÙÞÒÝßÜÐËÍÏÝ
ÏÝÞÙÜËÞÓÙØÝÖËÝÞ͔ãÏËÜÝ
ÓÝÕËÍÞÙÜÝ̙ÓÙÖÙÑÓÍËÖÚÜÏÎÓÝÚÙÝÓØÑÐËÍÞÙÜÝ̚
ËØÎ ÌÙÞÒ×ÏÎÓß×ÙÜÒÓÑÒ̙ÌãÍßÖÞßÜÏ̩̩̚
ÓÝÓÌÖÏÒÏËàãÚÖËÛßÏÙØÞÏÏÞÒ
ÜÏÛßÏØÞÝØËÍÕ̙Щ͔âÎËÓÖãÌÏÞáÏÏØ×ÏËÖÝ̚
ÏÏÚÚÓÞÝËØÎÐÓÝÝßÜÏÝ
ÏÍÜÏËÞÓÙØËÖÎÜßÑßÝÏ

ØËÎÏÛßËÞÏÝËÖÓàËÐÖÙáÌãÙÌÝÏÜàËÞÓÙØÙÜ×ÏËÝßÜÏ×ÏØÞ̙̩̩
Ð×ÏËÝßÜÏÎ˜ØÙÞÏÞÒÏÐÖÙá
ÜËÞÏÌÏÖÙá̚
ËÖÓàËÜÏÎßÍÓØÑÐËÍÞÙÜÝ̙×ÏÎÓÍËÞÓÙØÝ˹ÜËÎÓËÞÓÙØ˹ÝãÝÞÏ×ÓÍ̚
âÚÙÝÏÎÜÙÙÞÝ
ÜÞÒÙÎÙØÞÓÍËÚÚÖÓËØÍÏÝ
ÜÙÞÏÍÞÓàÏËÍÞÙÜÝ
ÓàÏÝ˹áÙÜÕ˹ÝÍÒÙÙÖÐÖßÙÜÓÎËÞÏÎÍÙ××ßØÓÞã
ÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏËÞÖÏËÝÞÙØÍÏÎËÓÖã
ÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏËÞÖÏËÝÞ͓âÎËÓÖã
ÖßÙÜÓÎÏ×ÙßÞÒÜÓØÝÏ̙͑˛͖͑ϯË̚ÎËÓÖã
͖˜͑͑͑ÚÚ×ÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏÎËÓÖã
ÖßÙÜÓÎÏàËÜØÓÝÒÓØÖËÝÞ͗×ÙØÞÒÝ
ÐÐÓÍÏÞÙÚÓÍËÖÓØÖËÝÞ͗×ÙØÞÒÝ
ÒÖÙÜÒÏâÓÎÓØÏÚÜÏÝÍÜÓÌÏÎ˹ßÝÏÎÙØÏáÏÏÕÏËÍÒÙÐÖËÝÞ͗×ÙØÞÒÝ
ãÖÓÞÙÖÑß×˹ÖÙäÏØÑÏÝ͕âÎËÓÖãÖËÝÞ͗×ÙØÞÒÝ
ËÖÍÓß×ËØÎÚÒÙÝÚÒËÞÏÚËÝÞÏÎßÜÓØÑÖËÝÞ͗×ÙØÞÒÝ
ÎÏÛßËÞÏÝËÖÓàËÐÖÙá̙Щ͒×Ö˹×ÓØÝÞÓ×ßÖËÞÏÎ̚
̩̩ËÍÞÏÜÓË˹ËÖÓàËÏÝÞÏÝßÖÞÝ˝˝ ˝ÖÙáËÞÏ˝×Ö˹×ÓØ˛ËÞÏ˝

̙ÝÏÍÓÜÍÖÏÎÓØÎÓÍËÞÙÜÝ˹ÐËÍÞÙÜÝËÌÙàÏ̚
̙
Х

Р

̚

̙
̚˝

ÙÍÞÙÜÝÓÑØËÞßÜÏ˹͐˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰ËÞÏ˝̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰
͵ͮ Ͳ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ÒÏËÜÓÏÝ
×ÌËÖËØÍÏ
ǋǍǊǏǀƾǏǄǑǀǁƼƾǏǊǍǎ
ËÖÓàËʶÝÏËÖËØÞÝ
ǍǄǎǆǁƼƾǏǊǍǎ
ØÞÓÌËÍÞÏÜÓËÖÝ
ËÎÌËÍÞÏÜÓË
ƿǄǎǀƼǎǀǄǉƿǄƾƼǏǊǍǎ ÖßÙÜÓÎÏ
ÌÝÏØÍÏÙÐÝËÖÓàË
ÒÓÞÏÝÚÙÞÝ ʥÏÍÞÓàÏÎÓÏÞ
ÓÏÞËÜãÒËÌÓÞÝ̙ÚÙÙÜ̚
ÏÝÞÙÜËÞÓÙØÝШ͔ãÏËÜÝ
ØË×ÏÖÖÏÝÓÙØÝ
ËàÓÞÓÏÝ˹ÎÏØÞÓØ
ƾƼǍǄǀǎǋǍǊǂǍǀǎǎǄǊǉ ǉǊƾƼǍǄǀǎ
ǁ Ǆǂ ǐǍ ǀ Ϋ˛ ÒÏÍËÜÓÏÝ˫Ó×ÌËÖËØÍÏ˛ˬÒÏÌËÖËØÍÏË×ÙØÑÝÞÎÓÝÏËÝÏÓØÎÓÍËÞÙÜÝ˜ÜÓÝÕÐËÍÞÙÜÝËØÎÚÜÙÞÏÍÞÓàÏÐËÍÞÙÜÝÎÏÞÏÜ×ÓØÏÝáÒÏÞÒÏÜÎÏØÞËÖÍËÜÓÏÝÚÜÙÑÜÏÝÝÏÝ˜ÒËÖÞÝ˜ÙÜÜÏàÏÜÝÏÝ˛
ÏÐÏÜÞÙǏƼƽǇǀΫ ËØÎÞÒÏÞÏâÞÐÙÜ×ÙÜÏÎÏÞËÓÖÙØÎÓÝÏËÝÏÓØÎÓÍËÞÙÜÝ˛ËàÓÞÓÏÝ˹ÎÏØÞÓØÜÏÐÏÜÝÞÙÐÜËØÕÍËàÓÞÓÏÝÙÜÖÏÝÓÙØÝÞÙÞÒÏÎÏØÞÓØÌãÜËÎÓÙÑÜËÚÒ˛ÏÝÞÙÜËÞÓÙØÝШ͔ãÏËÜÝ×ÏËØÝÜÏÝ̋
ÞÙÜËÞÓÙØÝÚÖËÍÏÎÓØÞÒÏÚÜÏàÓÙßÝÞÒÜÏÏãÏËÜÝ˛ÒÓÝʨÑßÜÏÒËÝÌÏÏØßÚÎËÞÏÎÐÜÙ×ÚÜÏàÓÙßÝàÏÜÝÓÙØÝÙÐÞÒÏ˫ÍËÜÓÏÝÌËÖËØÍÏˬáÓÞÒÞÒÏàÏÜãÓ×ÚÙÜÞËØÞËÎÎÓÞÓÙØÙÐÞÒÏÎÓÝÏËÝÏÓØÎÓÍËÞÙÜÝ˛͗
Ð
ÞÒÏÝÏÓØÎÓÍËÞÙÜÝËÜÏÚÜÏÝÏØÞÞÒÏãáÏÓÑÒÒÏËàÓÖãÙØÞÒÏÝÓÎÏÙÐÚÜÏÎÓÍÞÓØÑÍËÜÓÏÝÚÜÙÑÜÏÝÝÓÙØßØÖÏÝÝÞÒÏÜËÚÏßÞÓÍÓØÞÏÜàÏØÞÓÙØÓÝÍËÜÜÓÏÎÙßÞ˛ÒÏÖÏËÎÓØÑÖÏʵÏÜÝÞÒËÞÒÏÖÚÞÙÜÏ×Ï×ÌÏÜ
ÞÒÏÓ×ÌËÖËØÍÏ̙˞˞̚ÒËàÏÌÏÏØËÎÎÏÎ˜ËÝáÏÖÖËÝÝÏËÖËØÞÝËÝËÚÜÙÞÏÍÞÓàÏÐËÍÞÙÜ˛ÓÏÞËÜãÒËÌÓÞÝ̙ÚÙÙÜ̚ÓØÎÓÍËÞÏÝÐÜÏÛßÏØÞÓØÑÏÝÞÓÙØÙÐÐÏÜ×ÏØÞËÌÖÏÍËÜÌÙÒãÎÜËÞÏÝ
̙ÑÜÏËÞÏÜÞÒËØÞÒÜÏÏÞÓ×ÏÝÎËÓÖãÌÏÞáÏÏØ×ÏËÖÝ̚˛
VUJOHGBDUPSTUPDBSJFTSJTLIBWFCFFO BOUJDJQBUFUIBU XJUIUIFVQEBUFEGPSN UPEFUFSNJOFUIFMFWFMPGSJTLUIBUUIF

JEFOUJmFEPWFSUIFMBTUòïZFBSTPSTP QSFTFOUFEIFSF UIFTVDDFTTXJMMCFFWFO TVNPGUIFTFGBDUPSTJOEJDBUFTö4QFDJmD
BOEBSFWJFXPGUIFTFXBTQVCMJTIFEJO IJHIFSBTBMMPGUIFDPOUSJCVUJOHGBD QBUIPMPHJDBOEQSPUFDUJWFGBDUPSTGPS
UXPTQFDJBMJTTVFTPGUIF+PVSOBMPGUIF UPSTIBWFCFFOWBMJEBUFEBOESBOLFEJO EFOUBMDBSJFTDPOUSJCVUFUPEFUFSNJO
$BMJGPSOJB%FOUBM"TTPDJBUJPO 'FCSVBSZ PSEFSPGUIFPEETSBUJPTGPVOEUIFZXFSF JOHUIFCBMBODFCFUXFFOQSPHSFTTJPO
BOE.BSDIñïïò XXXDEBGPVOEBUJPO SFMBUFEUPUIFGPSNBUJPOPGDBWJUJFT BSSFTUNFOU PSSFWFSTBMPGUIFEJTFBTF
PSHKPVSOBM
UPHFUIFSXJUIUIFDPOTFO 'PSFYBNQMF BZPVOHQBUJFOUNBZIBWF
TVTTUBUFNFOUSFGFSSFEUPBCPWFõ.VDI ÏÞÏÜ×ÓØÓØÑËÜÓÏÝÓÝÕ QPPSPSBMIZHJFOFCVUOPPUIFSDBSJFT
PGUIFJOGPSNBUJPOIBTCFFOBWBJMBCMF "TTJHOJOHBQBUJFOUUPBDBSJFTSJTL SJTLGBDUPST8FXPVMEXBOUUPBEESFTT
GPSðïUPñïZFBSTPSNPSF CVUIBTOPU MFWFMJTUIFmSTUTUFQJONBOBHJOHUIF UIFPSBMIZHJFOFJTTVF CVUUIJT JOBOE
CFFOQVUJOUPFWFSZEBZDMJOJDBMQSBDUJDF EJTFBTFQSPDFTT"TUFQCZTUFQHVJEF PGJUTFMG JTOPUTVċDJFOUUPQVUUIF
QSJNBSJMZCFDBVTFUIFJOGPSNBUJPOIBT IPXUPEPUIJTJTMBJEPVUMBUFSJOUIJT QBUJFOUJOBIJHISJTLDBUFHPSZ8FLOPX
OPUCFFOHBUIFSFEUPHFUIFSJOBTJNQMF BSUJDMF#FGPSFNPWJOHUPUIFEFUBJMT UIBUQBUJFOUTXJUIIJHIQMBRVFMFWFMT
GPSNBOEQSPDFEVSF BOETVDIDPNCJ TPNFPWFSBMMEJTDVTTJPOBOEEFmOJUJPO GSFRVFOUMZEFNPOTUSBUFOPFWJEFODF
OBUJPOTIBWFOPUCFFOWBMJEBUFEVOUJM PGUFSNTBSFOFFEFEɥJTBTTFTTNFOU PGEFOUBMDBSJFT0OUIFPUIFSIBOE B
SFDFOUMZñ6UJMJ[BUJPOPGSJTLBTTFTTNFOU PDDVSTJOUXPQIBTFTUIFmSTUJTUP QBUJFOUXJUIBDBWJUBUFEDBSJFTMFTJPOJT
UPEFUFSNJOFUIFSBQFVUJDNPEBMJUJFTXBT EFUFSNJOFTQFDJmDEJTFBTFJOEJDBUPST JNNFEJBUFMZQVUJOUPUIFIJHISJTLDBU
TVDDFTTGVMBUBMFWFMPGBCPVUöïQFSDFOU SJTLGBDUPST BOEQSPUFDUJWFGBDUPST FHPSZCFDBVTFUIJTJTBXFMMEPDVNFOUFE
JOBOBEVMUQPQVMBUJPOɥFBVUIPST FBDIQBUJFOUIBTɥFTFDPOETUFQJT QSFEJDUPSPGGVUVSFDBSJFTMFTJPOT
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͮͳ
ɥFTFDPOEQIBTFPGDBSJFTSJTLBT EJTFBTFɥFTFJOEJDBUPSTTBZOPUIJOH XJUIGSBOLDBWJUJFTIBTIJHIMFWFMTPG

TFTTNFOUJTCZOPNFBOTBNBUIFNBUJDBM BCPVUXIBUDBVTFEUIFEJTFBTFPSIPXUP DBSJPHFOJDCBDUFSJB BOEQMBDJOHSFTUPSB
GPSNVMBJUJTCFUUFSDIBSBDUFSJ[FEBTB USFBUJUɥFZTJNQMZEFTDSJCFBDMJOJDBM UJPOTEPFTOPUTJHOJmDBOUMZMPXFSUIF
KVEHNFOUCBTFEPOUIFMJLFMZCBMBODF PCTFSWBUJPOUIBUJOEJDBUFTUIFQSFTFODF PWFSBMMCBDUFSJBMDIBMMFOHFJOUIFNPVUI÷
CFUXFFOUIFJOEJDBUPSTBOEGBDUPST PGEJTFBTFɥFTFBSFOPUQBUIPMPHJDBM
JEFOUJmFEJOUIFSJTLBTTFTTNFOUGPSN GBDUPSTOPSBSFUIFZDBVTBUJWFJOBOZXBZ ËÜÓÏÝÓÝÕËÍÞÙÜÝ
ǏƼƽǇǀΫ
BOEJMMVTUSBUFEWJTVBMMZJOǁǄǂǐǍǀ ɥFZBSFTJNQMZQIZTJDBMPCTFSWBUJPOT $BSJFTSJTLGBDUPSTBSFCJPMPHJDBMGBD
Ϋ ɥFSJTLBTTFTTNFOUGPSN ǏƼƽǇǀΫ
IPMFT XIJUFTQPUT SBEJPMVDFODJFT
ɥF UPSTUIBUDPOUSJCVUFUPUIFMFWFMPGSJTLGPS
JTDPNQSJTFEPGBIJFSBSDIZPGEJTFBTF PVUDPNFTBTTFTTNFOUEFTDSJCFEQSFWJ UIFQBUJFOUPGIBWJOHOFXDBSJPVTMFTJPOT
JOEJDBUPST SJTLGBDUPST BOEQSPUFD PVTMZBOEQSJPSMJUFSBUVSF IJHIMJHIU JOUIFGVUVSFPSIBWJOHUIFFYJTUJOHMFTJPOT
UJWFGBDUPSTUIBUBSFCBTFEPOUIFCFTU QSPHSFTTɥFSJTLGBDUPSTBSFUIFCJPMPHJ
TDJFOUJmDFWJEFODFXFIBWFBUUIJTUJNF DBMSFBTPOTPSGBDUPSTUIBUIBWFDBVTFEPS
"TNFOUJPOFEQSFWJPVTMZ UIFSJTLBTTFTT DPOUSJCVUFEUPUIFEJTFBTF PSXJMMDPO
NFOUQSPDFEVSFTQVCMJTIFEJOñïïòIBWF ǄǏǄǎƽǀǏǏǀǍ USJCVUFUPJUTGVUVSFNBOJGFTUBUJPOPOUIF
CFFOBTTFTTFEPWFSNPSFUIBOUISFFZFBST ÞÙÏÜÜÙØÞÒÏ UPPUIɥFTFXFDBOEPTPNFUIJOHBCPVU
BOEUIFPVUDPNFTMFEUPUIFFMJNJOB ɥFSFBSFOJOFSJTLGBDUPSTSFDFOUMZ
UJPOPGTPNFJUFNTBOEUPUIFWBMJEBUJPO ÍÙØÝÏÜàËÞÓàÏÝÓÎÏ JEFOUJmFEJOPVUDPNFTNFBTVSFTPGDBS
PGUIPTFJODMVEFEIFSF UPHFUIFSXJUI ËØÎÚÖËÍÏËÚËÞÓÏØÞ JFTSJTLBTTFTTNFOUñMJTUFEJOǏƼƽǇǀΫ ð

WBMJEBUJPOPGUIFUPPMUPBTTFTTDBSJFT NFEJVNPSIJHI.4BOE-#DPVOUTñ

SJTLð ñɥFEFUFSNJOBUJPOPGIJHISJTL ÓØÞÒÏØÏâÞÒÓÑÒÏÜ WJTJCMFIFBWZQMBRVFPOUFFUIò
GSF
TUBUVTJTGBJSMZDMFBSɥFEFDJTJPOUPQMBDF ÍËÞÏÑÙÜãÓÐ RVFOU UISFFUJNFTEBJMZ
TOBDLJOH
TPNFPOFJOUIFNPEFSBUFSJTLDBUFHPSZ CFUXFFONFBMTó
EFFQQJUTBOEmTTVSFT
JTTPNFUJNFTOPUDMFBSBOEEJĊFSFOU ÞÒÏÜÏÓÝÎÙßÌÞ˛ ô
SFDSFBUJPOBMESVHVTFõ
JOBEFRVBUF
QSBDUJUJPOFSTNBZSFBTPOBCMZDPNFUPEJG TBMJWBnPXCZPCTFSWBUJPOPSNFBTVSF
GFSFOUDPODMVTJPOT*UJTCFUUFSUPFSSPO NFOUö
TBMJWBSFEVDJOHGBDUPST NFEJDB
UIFDPOTFSWBUJWFTJEFBOEQMBDFBQBUJFOU UIBUUIFTFEJTFBTFJOEJDBUPSTBSFTUSPOH UJPOTSBEJBUJPOTZTUFNJD
÷
FYQPTFE
JOUIFOFYUIJHIFSDBUFHPSZJGUIFSFJT JOEJDBUPSTPGUIFEJTFBTFDPOUJOVJOHVO SPPUTBOEø
PSUIPEPOUJDBQQMJBODFT
EPVCU"TXFHFUNPSFDMJOJDBMEBUBUIF MFTTUIFSBQFVUJDJOUFSWFOUJPOGPMMPXT *GUIFSFBSFOPQPTJUJWFDBSJFTEJTFBTF
BDDVSBDZPGUIFTFSJTLBTTFTTNFOUGPSNT ɥFGPVSDBSJFTEJTFBTFJOEJDUPST JOEJDBUPST TFFBCPWF
UIFTFOJOFGBD
XJMMOPEPVCUJODSFBTFFWFOGVSUIFS PVUMJOFEJOǏƼƽǇǀΫ BSF ð
GSBOLDBWJUB UPSTJOTVNCFDPNFUIFEFUFSNJOBOUT
UJPOTPSMFTJPOTUIBUSBEJPHSBQIJDBMMZ PGDBSJFTBDUJWJUZ VOMFTTUIFZBSFPĊTFU
ËÞÓÙØËÖÏËØÎ
ØÝÞÜßÍÞÓÙØÝÐÙÜÑÏ͗ TIPXQFOFUSBUJPOJOUPEFOUJO ñ
BQ CZUIFQSPUFDUJWFGBDUPSTMJTUFECFMPX
ÒÜÙßÑÒÎßÖÞËÜÓÏÝÓÝÕÝÝÏÝÝ×ÏØÞ QSPYJNBMSBEJPHSBQIJDMFTJPOTDPOmOFE
ÙÜ× UPUIFFOBNFMPOMZ ò
WJTVBMXIJUFTQPUT ËÜÓÏÝÜÙÞÏÍÞÓàÏËÍÞÙÜÝ
ɥFGPMMPXJOHTFDUJPOQSFTFOUTUIF POTNPPUITVSGBDFTBOE ó
BOZSFTUPSB ɥFTFBSFCJPMPHJDBMPSUIFSBQFVUJDGBDUPST
SBUJPOBMFBOEJOTUSVDUJPOTGPSUIFVTFPG UJPOTQMBDFEJOUIFMBTUUISFFZFBSTɥFTF PSNFBTVSFTUIBUDBODPMMFDUJWFMZPĊTFU
UIFGPSNQSFTFOUFEJOǏƼƽǇǀΫ i$BSJFT3JTL GPVSDBUFHPSJFTBSFTUSPOHJOEJDBUPSTGPS UIFDIBMMFOHFQSFTFOUFECZUIFQSFWJPVTMZ
"TTFTTNFOU'PSN$IJMESFO"HFõBOE GVUVSFDBSJFTBDUJWJUZBOEVOMFTTUIFSF NFOUJPOFEDBSJFTSJTLGBDUPSTɥFNPSF
0WFS"EVMUTw JTOPOTVSHJDBMUIFSBQFVUJDJOUFSWFOUJPO TFWFSFUIFSJTLGBDUPST UIFIJHIFSNVTUCF
UIFMJLFMJIPPEPGGVUVSFDBWJUJFTPSUIFQSP UIFQSPUFDUJWFGBDUPSTUPLFFQUIFQBUJFOU
ËÜÓÏÝÓÝÏËÝÏ
ØÎÓÍËÞÙÜÝ HSFTTJPOPGFYJTUJOHMFTJPOTJTWFSZIJHI JOCBMBODFPSUPSFWFSTFUIFDBSJFTQSPDFTT
$BSJFTEJTFBTFJOEJDBUPSTBSFDMJOJDBM "QPTJUJWFSFTQPOTFUPBOZPOFPG "TJOEVTUSZSFTQPOETUPUIFOFFEGPSNPSF
PCTFSWBUJPOTUIBUUFMMBCPVUUIFQBTUDBS UIFTFGPVSJOEJDBUPSTBVUPNBUJDBMMZQMBDFT BOECFUUFSQSPEVDUTUPUSFBUEFOUBMDBSJFT
JFTIJTUPSZBOEBDUJWJUZɥFZBSFJOEJDB UIFQBUJFOUBUIJHISJTLVOMFTTUIFSBQFV UIFDVSSFOUMJTUJOǏƼƽǇǀΫJTTVSFUPFYQBOE
UPSTPSDMJOJDBMTJHOTUIBUUIFSFJTEJTFBTF UJDJOUFSWFOUJPOJTBMSFBEZJOQMBDFBOE JOUIFGVUVSF$VSSFOUMZ UIFQSPUFDUJWF
QSFTFOUPSUIBUUIFSFIBTCFFOSFDFOU QSPHSFTTIBTCFFOBSSFTUFE"QBUJFOU GBDUPSTMJTUFEJOǁǄǂǐǍǀΫBSFð
MJWFTXPSL
͵ͮ ʹ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
TDIPPMMPDBUFEJOBnVPSJEBUFEDPNNVOJUZ GBDUPSTBOEUIFQSPUFDUJWFGBDUPSTVTJOH UJPOTJOUIFGPSNPGBMFUUFS CBTFE

ñ
nVPSJEFUPPUIQBTUFBUMFBTUPODFEBJMZò
UIFDBSJFTCBMBODFDPODFQU TFFCPUUPN PODMJOJDBMPCTFSWBUJPOTBOEUIF
nVPSJEFUPPUIQBTUFBUMFBTUUXPUJNFTEBJMZ PGǏƼƽǇǀΫ BOEǁǄǂǐǍǀΫ
ǉǊǏǀ˝ %FUFS $BSJFT3JTL"TTFTTNFOUSFTVMU
ó
nVPSJEFNPVUISJOTF ïïôQFSDFOU/B'
NJOJOHUIFDBSJFTSJTLGPSBOJOEJWJEVBM ÷(JWFUIFQBUJFOUUIFTIFFUUIBU
EBJMZô
ô ïïïQQN'nVPSJEFUPPUIQBTUF SFRVJSFTFWBMVBUJOHUIFOVNCFSBOE FYQMBJOTIPXDBSJFTIBQQFOT ǁǄǂǐǍǀά

EBJMZõ
nVPSJEFWBSOJTIJOMBTUTJYNPOUIT TFWFSJUZPGUIFEJTFBTFJOEJDBUPSTSJTL BOEUIFMFUUFSXJUIZPVSSFDPNNFOEB
ö
PċDFnVPSJEFUPQJDBMJOMBTUTJYNPOUIT GBDUPST"OJOEJWJEVBMXJUIDBSJFTMFTJPOT UJPOT4BNQMFMFUUFSTBSFHJWFO.PSF
÷
DIMPSIFYJEJOFQSFTDSJCFEVTFEEBJMZGPS QSFTFOUMZPSJOUIFSFDFOUQBTUJTBU EFUBJMTBCPVUUIFTFSFDPNNFOEBUJPOTBOE
POFXFFLFBDIPGMBTUTJYNPOUITø
YZMJUPM IJHISJTLGPSGVUVSFDBSJFTCZEFGBVMU" QSPDFEVSFTBSFMBJEPVUJO+FOTPOFUBMJO
HVNMP[FOHFTGPVSUJNFTEBJMZJOUIFMBTU QBUJFOUXJUIMPXCBDUFSJBMMFWFMTXPVME UIJTJTTVF1SPEVDUTUIBUTIPVMECFVTFE
TJYNPOUITðï
DBMDJVNBOEQIPTQIBUF BSFEFTDSJCFEJOEFUBJMJO4QPMTLZFUBM
TVQQMFNFOUQBTUFEVSJOHMBTUTJYNPOUIT ø$PQZUIFSFDPNNFOEBUJPOTBOEUIF
BOEðð
BEFRVBUFTBMJWBnPX ðNMNJO ǁǇǐǊǍǄƿǀǏǊǊǏǃǋƼǎǏǀ MFUUFSGPSUIFQBUJFOUDIBSU PSJGZPVIBWF
TUJNVMBUFE
'MVPSJEFUPPUIQBTUFGSFRVFODZ ÐÜÏÛßÏØÍãÓÝÓØÍÖßÎÏÎ FMFDUSPOJDSFDPSETUIFWBSJPVTGPSNMFUUFST
JTJODMVEFETJODFTUVEJFTIBWFTIPXOUIBU BOESFDPNNFOEBUJPOTDBOCFHFOFSBUFEUP
CSVTIJOHUXJDFEBJMZPSNPSFJTTJHOJmDBOU ÝÓØÍÏÝÞßÎÓÏÝÒËàÏ CFQSJOUFEPVUDVTUPNGPSFBDIQBUJFOU

MZNPSFFĊFDUJWFUIBOPODFBEBZPSMFTTø ÝÒÙáØÞÒËÞÌÜßÝÒÓØÑ ðï*OGPSNUIFQBUJFOUPGUIFSFTVMUT
"OZPSBMMPGUIFTFQSPUFDUJWFGBDUPSTDBO PGBOZUFTUTFH TIPXJOHUIFQBUJFOU
DPOUSJCVUFUPLFFQUIFQBUJFOUiJOCBMBODFw ÞáÓÍÏÎËÓÖãÙÜ×ÙÜÏÓÝ UIFCBDUFSJBHSPXOGSPNUIFJSNPVUI
PSFWFOCFUUFSUPFOIBODFSFNJOFSBMJ[BUJPO ÝÓÑØÓÐÓÍËØÞÖã $35UFTUSFTVMU
DBOCFBHPPENPUJWB
XIJDIJTUIFOBUVSBMSFQBJSQSPDFTTPGUIF UPSTPIBWFUIFDVMUVSFUVCFPSEJHJUBM
FBSMZDBSJPVTMFTJPO ×ÙÜÏÏÐÐÏÍÞÓàÏÞÒËØ QIPUPHSBQIPGUIFUFTUTMJEFIBOEZBU
ÙØÍÏËÎËãÙÜÖÏÝÝ˛ UIFOFYUWJTJU PSTDIFEVMFPOFGPSUIJT
ÒËÞÞÙÙ QVSQPTFUIFDVMUVSFLFFQTTBUJTGBDUP
ð5BLFUIFQBUJFOUEFUBJMT UIFQBUJFOU SJMZGPSTPNFXFFLT
PSHJWFTFOEUIFN
IJTUPSZ JODMVEJOHNFEJDBUJPOT
BOE OFFEUPIBWFTFWFSBMPUIFSSJTLGBDUPST BQJDUVSF EJHJUBMDBNFSBBOEFNBJM

DPOEVDUUIFDMJOJDBMFYBNJOBUJPOɥFO QSFTFOUUPCFDPOTJEFSFEBUNPEFSBUF ðð"GUFSUIFQBUJFOUIBTCFFOGPMMPX
QSPDFFEXJUIUIFDBSJFTSJTLBTTFTTNFOU SJTL4PNFDMJOJDBMKVEHNFOUJTOFFEFE JOHZPVSSFDPNNFOEBUJPOTGPSUISFFUPTJY
ñ$JSDMFPSIJHIMJHIUFBDIPGUIFi:&4w XIJMFBMTPDPOTJEFSJOHUIFQSPUFD NPOUIT IBWFUIFQBUJFOUCBDLUPSFBTTFTT
DBUFHPSJFTJOUIFUISFFDPMVNOTPOUIF UJWFGBDUPSTJOEFUFSNJOJOHUIFSJTL IPXXFMMUIFZBSFEPJOH"TLUIFNJGUIFZ
GPSN ǏƼƽǇǀΫ
0OFDBONBLFTQFDJBM ô*GBQBUJFOUJTIJHISJTLBOEIBT BSFGPMMPXJOHZPVSJOTUSVDUJPOT IPXPGUFO
OPUBUJPOTTVDIBTUIFOVNCFSPGDBSJPVT TFWFSFTBMJWBSZHMBOEIZQPGVODUJPOPS *GUIFCBDUFSJBMMFWFMTXFSFNPEFSBUFPS
MFTJPOTQSFTFOU UIFTFWFSJUZPSUIFMBDLPG TQFDJBMOFFET UIFOUIFZBSFBUiFYUSFNF IJHIJOJUJBMMZ SFQFBUUIFCBDUFSJBMDVMUVSF
PSBMIZHJFOF UIFCSBOEPGnVPSJEFTVTFE SJTLwBOESFRVJSFWFSZJOUFOTJWFUIFSBQZ˛ UPTFFJGCBDUFSJBMMFWFMTIBWFCFFOSFEVDFE
UIFUZQFPGTOBDLTFBUFO PSUIFOBNFTPG õ$PNQMFUFUIFUIFSBQFVUJDSFDPN 4PNFDMJOJDJBOTSFQPSUJNQSPWFEQBUJFOU
NFEJDBUJPOTESVHTDBVTJOHESZNPVUI NFOEBUJPOTTFDUJPOBTEFTDSJCFEJOUIF NPUJWBUJPOXIFOBTFDPOECBDUFSJBMUFTU
ò*GUIFBOTXFSJTiZFTwUPBOZPOFPG QBQFSCZ+FOTPOFUBMUIJTJTTVF CBTFE JTEPOFJOJUJBMMZJNNFEJBUFMZBGUFSUIF
UIFGPVSEJTFBTFJOEJDBUPSTJOUIFmSTU POUIFBTTFTTFEMFWFMPGSJTLGPSGVUVSF mSTUNPOUIPGBOUJCBDUFSJBMUSFBUNFOU
QBOFM UIFOBCBDUFSJBMDVMUVSFTIPVME DBSJPVTMFTJPOTBOEPOHPJOHDBSJFT %PDVNFOUJOHBiXJOJOZPVSDPMVNOwFBSMZ
CFUBLFOVTJOHUIF$BSJFT3JTL5FTU BDUJWJUZ6TFUIFUIFSBQFVUJDSFDPN POJTBWBMVBCMFUPPMUPFODPVSBHFQBUJFOUT
$35
NBSLFUFECZ7JWBEFOU "NIFSTU NFOEBUJPOTBTBTUBSUJOHQPJOUGPSUIF .BLFDIBOHFTJOZPVSSFDPNNFOEBUJPOT
/:
o4FFCFMPXPSFRVJWBMFOUUFTU
USFBUNFOUQMBOɥFQSPEVDUTUIBUDBO PSSFJOGPSDFQSPUPDPMJGSFTVMUTBSFOPUBT
ó.BLFBOPWFSBMMKVEHNFOUBTUP CFVTFEBSFEFTDSJCFEJOEFUBJMJO+FOTPO HPPEBTEFTJSFE PSUIFQBUJFOUJTOPUDPN
XIFUIFSUIFQBUJFOUJTBUIJHI NPEFS FUBMBOE4QPMTLZFUBMJOUIJTJTTVF QMJBOU3FGFSUP+FOTPOFUBMUIJTJTTVFGPS
BUFPSMPXSJTLEFQFOEFOUPOUIFCBM ö1SPWJEFUIFQBUJFOUXJUIUIFSB NPSFEFUBJMPOQSPUPDPMTBOEQSPDFEVSFT
BODFCFUXFFOUIFEJTFBTFJOEJDBUPSTSJTL QFVUJDBOEIPNFDBSFSFDPNNFOEB ƾǊ ǉ Ǐ Ǆ ǉ ǐǀ ǎ Ǌǉ αΫΪ
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͮ͵
Ƽǂ ǀΰ Ǐǃ Ǎ Ǌǐ ǂǃƼ ƿ ǐǇǏ˜ ƾǊ ǉ Ǐ Ǆǉ ǐ ǀƿ ǁ ǍǊ ǈ α Ϊ α
ÙáÙÙÞÒÏÍËã ËÚÚÏØÝ
ÙÙÞÒÎÏÍËãÓÝÍËßÝÏÎÌãÍÏÜÞËÓØÞãÚÏÝÙÐÌËÍÞÏÜÓË̙×ßÞËØÝÝÞÜÏÚÞÙÍÙÍÍÓ
ËØÎÖËÍÞÙÌËÍÓÖÖÓ̚ÞÒËÞÖÓàÏÓØãÙßÜ×ÙßÞÒ˛ÒÏØÞÒÏãËÞÞËÍÒÞÒÏ×ÝÏÖàÏÝÞÙ
ÞÒÏÞÏÏÞÒËØÎ×ßÖÞÓÚÖãÓØÎÏØÞËÖÚÖËÛßÏ˜ÞÒÏãÍËØÎÙÎË×ËÑÏ˛ÒÏÌËÍÞÏÜÓË
ÐÏÏÎÙØáÒËÞãÙßÏËÞ˜ÏÝÚÏÍÓËÖÖãÝßÑËÜÝ̙ÓØÍÖßÎÓØÑÐÜßÓÞÝßÑËÜÝ̚ËØÎÍÙÙÕÏÎ
ÝÞËÜÍÒ̙ÌÜÏËÎ˜ÚÙÞËÞÙÏÝ˜ÜÓÍÏ˜ÚËÝÞË˜ÏÞÍ˛̚˛ÓÞÒÓØÔßÝÞËÐÏá×ÓØßÞÏÝËÐÞÏÜ
ãÙßÏËÞ˜ÙÜÎÜÓØÕ˜ÞÒÏÌËÍÞÏÜÓËÌÏÑÓØÚÜÙÎßÍÓØÑËÍÓÎÝËÝËÌã̋ÚÜÙÎßÍÞÙÐÞÒÏÓÜ
ÎÓÑÏÝÞÓØÑãÙßÜÐÙÙÎ˛ÒÙÝÏËÍÓÎÝÍËØÚÏØÏÞÜËÞÏÓØÞÙÞÒÏÒËÜÎÝßÌÝÞËØÍÏÙÐ
ÞÒÏÞÙÙÞÒËØÎÎÓÝÝÙÖàÏÝÙ×ÏÙÐÞÒÏ×ÓØÏÜËÖÝ̙ÍËÖÍÓß×ËØÎÚÒÙÝÚÒËÞÏ̚˛
ÐÞÒÏ
ËÍÓÎËÞÞËÍÕÝËÜÏÓØÐÜÏÛßÏØÞËØÎÙÐÝÒÙÜÞÎßÜËÞÓÙØ˜ãÙßÜÝËÖÓàËÍËØÒÏÖÚÞÙ
ÜÏÚËÓÜÞÒÏÎË×ËÑÏÌãØÏßÞÜËÖÓäÓØÑÞÒÏËÍÓÎÝËØÎÝßÚÚÖãÓØÑ×ÓØÏÜËÖÝËØÎÐÖßÙ̋
ÜÓÎÏÞÒËÞÍËØÜÏÚÖËÍÏÞÒÙÝÏÖÙÝÞÐÜÙ×ÞÒÏÞÙÙÞÒ˛ ÙáÏàÏÜ˜ÓÐ˝͒̚ãÙßÜ×ÙßÞÒÓÝ
ÎÜã˞͓̚ãÙßÒËàÏ×ËØãÙÐÞÒÏÝÏÌËÍÞÏÜÓË˞ÙÜ͔̚ãÙßÝØËÍÕÐÜÏÛßÏØÞÖã˞ÞÒÏØÞÒÏ
ÞÙÙÞÒ×ÓØÏÜËÖÖÙÝÞÌãËÞÞËÍÕÝÙÐËÍÓÎÝÓÝÞÙÙÑÜÏËÞ˜ËØÎÍËØØÙÞÌÏÜÏÚËÓÜÏÎ˛
ÒÓÝÓÝÞÒÏÝÞËÜÞÙÐÞÙÙÞÒÎÏÍËãËØÎÖÏËÎÝÞÙÍËàÓÞÓÏÝ˛
ǁ Ǆ ǂ ǐ Ǎǀ ά˛ ÙáÞÙÙÞÒÎÏÍËãÒËÚÚÏØÝ̙ÞÙÌÏÑÓàÏØÞÙÏËÍÒÚËÞÓÏØÞ̚˛
̩ÏÝÞÚÜÙÍÏÎßÜÏÝ̐ËÖÓàËÖÙáËÞÏ *UDBOBMTPCFVTFEBTBNPUJWBUJPOBMUPPM UJPOOVNCFS BOEEBUF1MBDFUIFUVCFJO

ËØÎËÜÓÏÝËÍÞÏÜÓËÏÝÞÓØÑ GPSQBUJFOUBEIFSFODFXJUIBOBOUJCBDUFSJBM UIFJODVCBUPSBUòöEFHSFFT$FMTJVTGPSöñ
ð4BMJWB'MPX3BUF)BWFUIFQBUJFOU SFHJNFO0UIFSCBDUFSJBMUFTULJUTXJMMMJLFMZ IPVST*ODVCBUPSTTVJUBCMFGPSBEFOUBM
DIFXBQBSBċOQFMMFU JODMVEFEXJUI CFBWBJMBCMFJOUIFOFBSGVUVSFɥFGPMMPX PċDFBSFBMTPTPMECZUIFDPNQBOZ
UIF$35UFTUTFFCFMPX
GPSUISFFUP JOHJTUIFQSPDFEVSFGPSBENJOJTUFSJOHUIF F
$PMMFDUUIFUVCFBGUFSöñIPVST
mWFNJOVUFT UJNFE
BOETQJUBMMTBMJWB DVSSFOUMZBWBJMBCMF$35UFTU3FTVMUTBSF BOEDPNQBSFUIFEFOTJUJFTPGCBDUF
HFOFSBUFEJOUPBNFBTVSJOHDVQ"UUIF BWBJMBCMFBGUFSöñIPVST OPUFUIFNBOV SJBMDPMPOJFTXJUIUIFQJDUVSFTQSPWJEFE
FOEPGUIFUISFFUPmWFNJOVUFT NFB GBDUVSFSTJOTUSVDUJPOTUBUFTó÷IPVST CVU JOUIFLJUJOEJDBUJOHSFMBUJWFCBDUFSJBM
TVSFUIFBNPVOUPGTBMJWB JONJMMJMJUFST NPSFSFMJBCMFSFTVMUTBSFBDIJFWFEJGUIF MFWFMTɥFEBSLCMVFBHBSJTTFMFDUJWFGPS
NM
BOEEJWJEFUIBUBNPVOUCZUJNFUP JODVCBUJPOUJNFJTöñIPVST
ɥFLJUDPNFT NVUBOTTUSFQUPDPDDJBOEUIFMJHIUHSFFO
EFUFSNJOFUIFNMNJOVUFPGTUJNVMBUFE XJUIBUXPTJEFETFMFDUJWFNFEJBTUJDLUIBU BHBSJTTFMFDUJWFGPSMBDUPCBDJMMJ3FDPSE
TBMJWBSZnPX"nPXSBUFPGðNMNJO BTTFTTNVUBOTTUSFQUPDPDDJPOUIFCMVF UIFMFWFMPGCBDUFSJBMDIBMMFOHFJOUIF
BOEBCPWFJTDPOTJEFSFEOPSNBM"MFWFM TJEFBOEMBDUPCBDJMMJPOUIFHSFFOTJEF QBUJFOUTDIBSU BTMPX NFEJVNPSIJHI
PGïöNMNJOJTMPXBOEBOZUIJOHBUïô B
3FNPWFUIFTFMFDUJWFNFEJBTUJDL 4PNFmOEJUIFMQGVMGPSEPDVNFOUBUJPO
NMNJOPSMFTTJTESZ JOEJDBUJOHTFWFSF GSPNUIFDVMUVSFUVCF1FFMPĊUIFQMBTUJD UPOVNCFSUIFQJDUVSFTðUISPVHIó
TBMJWBSZHMBOEIZQPGVODUJPO*OWFTUJHBUJPO DPWFSTIFFUGSPNFBDITJEFPGUIFTUJDL
PGUIFSFBTPOGPSUIFMPXnPXSBUFJTBO C
1PVS EPOPUTUSFBL
UIFDPM Ë×ÚÖÏËÞÓÏØÞ ÏʵÏÜÝ˹
JNQPSUBOUTUFQJOUIFQBUJFOUUSFBUNFOU MFDUFETBMJWBPWFSUIFNFEJBPO ÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜÙØÞÜÙÖÙÐ
ñ#BDUFSJBMUFTUJOH"OFYBNQMF PUIFST FBDITJEFVOUJMJUJTFOUJSFMZXFU ÏØÞËÖÏÍËã̙ÑÏ͗ËØÎàÏÜ˹ÎßÖÞ̚
BSFDVSSFOUMZBWBJMBCMF
PGBDVSSFOUMZBWBJM D
1MBDFPOFPGUIFTPEJVNCJDBS 0OFPGUIFGPMMPXJOHMFUUFST ǁǄǂǐǍǀǎ
BCMFDIBJSTJEFUFTUGPSDBSJPHFOJDCBDUFSJBM CPOBUFUBCMFUT JODMVEFEXJUIUIF έ̎ΰ
JODMVEJOHIPNFDBSFSFDPNNFOEB
DIBMMFOHFJTUIF$BSJFT3JTL5FTU $35
LJU
JOUIFCPUUPNPGUIFUVCF UJPOTTIPVMEHPUPFBDIQBUJFOUEFQFOE
NBSLFUFECZ7JWBEFOU*UJTTVċDJFOUMZ E
3FQMBDFUIFNFEJBTUJDLJOUIF JOHPOUIFSJTLDBUFHPSZBOEUIFPWFSBMM
TFOTJUJWFUPQSPWJEFBMFWFMPGMPX NFEJ DVMUVSFUVCF TDSFXUIFMJEPOBOEMBCFM USFBUNFOUQMBO SFGFSUP+FOTPOFUBM
VN PSIJHIDBSJPHFOJDCBDUFSJBMDIBMMFOHF UIFUVCFXJUIUIFQBUJFOUTOBNF SFHJTUSB UIJTJTTVFGPSUSFBUNFOUQMBOEFUBJMT

͵ͯͮ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ÏËÜ̙ËÞÓÏØÞ̚˜
ÙØÑÜËÞßÖËÞÓÙØÝ˜ãÙßÒËàÏÌÏÏØËÝÝÏÝÝÏÎËÞÖÙáÜÓÝÕÐÙÜÐßÞßÜÏÎÏØÞËÖÎÏÍËã˛ÏáËØÞÞÙÒÏÖÚãÙßÝÞËãÞÒËÞáËã˛ÙßáÓÖÖÐÓØÎÞÒËÞãÙßáÓÖÖÌÏËÌÖÏ
ÞÙ×ËÓØÞËÓØãÙßÜÍßÜÜÏØÞÖÏàÏÖÙÐÙÜËÖÒÏËÖÞÒÓÐãÙßÎÙÞÒÏÐÙÖÖÙáÓØÑ˝
■ ÜßÝÒÞáÓÍÏÎËÓÖãáÓÞÒËØÙàÏÜ̋ÞÒÏ̋ÍÙßØÞÏÜÐÖßÙÜÓÎÏ̋ÍÙØÞËÓØÓØÑÞÙÙÞÒÚËÝÞÏ˛
■ ÏàÓÏááÓÞÒßÝãÙßÜÎÓÏÞËÜãËØÎÙÜËÖÒãÑÓÏØÏÒËÌÓÞÝËØÎÜÏÍÏÓàÏÙÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØÝ˛
ÐÑÙÙÎ˜ÍÙØÞÓØßÏáÓÞÒãÙßÜÏâÓÝÞÓØÑÎÓÏÞËÜãËØÎÙÜËÖ
ÒãÑÓÏØÏÒËÌÓÞÝßØÖÏÝÝÞÒÏÜÏÓÝËÍÒËØÑÏÓØÝÞËÞßÝ˜ÝßÍÒËÝØÏá×ÏÎÓÍËÞÓÙØÝ˛
■ ÏÞËÞÒÙÜÙßÑÒÚÜÙÐÏÝÝÓÙØËÖÍÖÏËØÓØÑËÝØÏÏÎÏÎÐÙÜãÙßÜÚÏÜÓÙÎÙØÞËÖÒÏËÖÞÒ˛ÏáÓÖÖÌÏÒËÚÚãÞÙÚÜÙàÓÎÏÞÒÏÝÏÍÖÏËØÓØÑÝÐÙÜãÙß˛
■ ÏÞßÜØÐÙÜËÍËÜÓÏÝÜÏÍËÖÖÏâË×̙áÒÏØÜÏÛßÏÝÞÏÎ̚ÓØÝÓâÞÙ͓͒×ÙØÞÒÝÞÙÜÏ̋ÏàËÖßËÞÏãÙßÜÍßÜÜÏØÞÍËÜÓÏÝÜÓÝÕ˛
■ ËàÏØÏáÌÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝ̙̋ÜËãÝ̚ÞËÕÏØËÌÙßÞÏàÏÜã͓͕ÞÙ͔͗×ÙØÞÒÝÞÙÍÒÏÍÕÐÙÜÍËàÓÞÓÏÝ˛
■ ÙØÝÓÎÏÜßÝÓØÑâãÖÓÞÙÖÑß×˹ÍËØÎÓÏÝËØÎÙàÏÜ̋ÞÒÏ̋ÍÙßØÞÏÜÐÖßÙÜÓÎÏÜÓØÝÏ̙͑˛͖͑ÚÏÜÍÏØÞÝÙÎÓß×ÐÖßÙÜÓÎÏ̚ÓØÝÞÏËÎÙÐÜÏÑßÖËÜÑß×˹ÍËØÎãÙÜ×ÙßÞÒ̋
áËÝÒ˛
■ ÏÞÐÖßÙÜÓÎÏàËÜØÓÝÒËÐÞÏÜÞÏÏÞÒÍÖÏËØÓØÑÝ˜ÌËÝÏÖÓØÏÌËÍÞÏÜÓËÖÞÏÝÞ˜ÝÏËÖËØÞÝÓÐãÙßÜÎÏØÞÓÝÞÜÏÍÙ××ÏØÎÝÓÞ˛Ùß×ËãÙÜ×ËãØÙÞØÏÏÎÞÒÓÝ˛
Þ
ÎÏÚÏØÎÝÙØãÙßÜÙÜËÖÍÙØÎÓÞÓÙØÝ˛
■ ÞÒÏÜÜÏÍÙ××ÏØÎËÞÓÙØÝ˝
ǁ Ǆǂ ǐǍ ǀ έ˛ ÙáÍËÜÓÏÝÜÓÝÕ˛
ÙßÒËàÏÌÏÏØËÝÝÏÝÝÏÎÞÙÌÏËÞ×ÙÎÏÜËÞÏÜÓÝÕÐÙÜØÏáÎÏØÞËÖÎÏÍËãÓØÞÒÏØÏËÜÐßÞßÜÏÌÏÍËßÝÏãÙßÒËàÏ̙ÐÓÖÖÓØÞÒÏÌÖËØÕ̚˛ÏáËØÞãÙßÞÙ×ÙàÏ
ÓØÞÙËÝËÐÏÜÝÓÞßËÞÓÙØÞÙËàÙÓÎØÏáÎÏÍËãÓØÞÒÏÐßÞßÜÏ˛ ÏÜÏËÜÏÝÙ×ÏáËãÝÞÙËÍÍÙ×ÚÖÓÝÒÞÒÓÝÑÙËÖ˝
■ ÏàÓÏáãÙßÜÎÓÏÞËÜãËØÎÙÜËÖÒãÑÓÏØÏÒËÌÓÞÝáÓÞÒßÝËØÎÜÏÍÏÓàÏÙÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØÝ˛
■ ÜßÝÒÞáÓÍÏÎËÓÖãáÓÞÒËØÙàÏÜ̋ÞÒÏ̋ÍÙßØÞÏÜÐÖßÙÜÓÎÏ̋ÍÙØÞËÓØÓØÑÞÙÙÞÒÚËÝÞÏ˜ÐÙÖÖÙáÓØÑÞÒÏÙÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØÚÜÙÍÏÎßÜÏÝãÙßÒËàÏÌÏÏØ
ÑÓàÏØ˛
■ ßÜÍÒËÝÏËØÙàÏÜ̋ÞÒÏ̋ÍÙßØÞÏÜÐÖßÙÜÓÎÏÜÓØÝÏ̙͑˛͖͑ÚÏÜÍÏØÞÝÙÎÓß×ÐÖßÙÜÓÎÏ˜Ï˛Ñ˛ÖßÙÜÓÑËÜÎÙÜ̚ËØÎÜÓØÝÏáÓÞÒ͒͑×Ö̙ÙØÏÍËÚÐßÖÖ̚ÙØÍÏÙÜ
ÞáÓÍÏÎËÓÖãËÐÞÏÜãÙßÒËàÏßÝÏÎãÙßÜÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏ˛ÙØÞÓØßÏÎËÓÖãßØÞÓÖãÙßÜØÏâÞÎÏØÞËÖÏâË×˛
■ ÏÞËÞÒÙÜÙßÑÒÚÜÙÐÏÝÝÓÙØËÖÍÖÏËØÓØÑÐÜÙ×ßÝËÝØÏÏÎÏÎÐÙÜãÙßÜÚÏÜÓÙÎÙØÞËÖÒÏËÖÞÒ˛
■ ÒÏáÙÜÝßÍÕâãÖÓÞÙÖ̋ÍÙØÞËÓØÓØÑÑß×ÙÜÍËØÎÓÏÝÐÙßÜÞÓ×ÏÝÎËÓÖã˛
■ ÏÞßÜØáÒÏØÜÏÛßÏÝÞÏÎÐÙÜËÍËÜÓÏÝÜÏÍËÖÖÏâË×ÓØÐÙßÜÞÙÝÓâ×ÙØÞÒÝÞÙÜÏ̋ÏàËÖßËÞÏãÙßÜÚÜÙÑÜÏÝÝËØÎÍßÜÜÏØÞÍËÜÓÏÝÜÓÝÕ˛
■ ÏÞØÏáÌÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝ̙̋ÜËãÝ̚ËÌÙßÞÏàÏÜã͙͓͕͒̋×ÙØÞÒÝÞÙÍÒÏÍÕÐÙÜÍËàÓÞÓÏÝ˛
■ ÏÞËÐÖßÙÜÓÎÏàËÜØÓÝÒÞÜÏËÞ×ÏØÞÏàÏÜãÐÙßÜÞÙÝÓâ×ÙØÞÒÝËÞãÙßÜÍËÜÓÏÝÜÏÍËÖÖÏâË×Ý˛
■ Ùß×ËãËÖÝÙØÏÏÎËÌËÝÏÖÓØÏÌËÍÞÏÜÓËÖÞÏÝÞËØÎÝÏËÖËØÞÝ̙ÎÏÚÏØÎÓØÑÙØãÙßÜÝÓÞßËÞÓÙØËØÎÍÙØÎÓÞÓÙØ̚˛
ǁ Ǆǂ ǐǍ ǀ ή˛ ÙÎÏÜËÞÏÍËÜÓÏÝÜÓÝÕ˛
Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ͯͯ
ßÜËÝÝÏÝÝ×ÏØÞÜÏàÏËÖÝãÙßËÜÏËÞËÒÓÑÒÜÓÝÕÙÐÒËàÓØÑØÏáÎÏØÞËÖÎÏÍËãÓØÞÒÏØÏËÜÐßÞßÜÏÌÏÍËßÝÏãÙßÒËàÏ̙ÐÓÖÖÓØÞÒÏÌÖËØÕ̚˛ÏáËØÞÞÙÒÏÖÚ
ãÙßÞÙ×ÙàÏÞÙËÝËÐÏÜÝÓÞßËÞÓÙØÞÙËàÙÓÎØÏáÎÏÍËãÓÐËÞËÖÖÚÙÝÝÓÌÖÏ˛ÏÝÞÜÙØÑÖãÜÏÍÙ××ÏØÎÞÒÏÐÙÖÖÙáÓØÑ˝
■ Ù×ÚÖÏÞÏËÍËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞáÓÞÒßÝÞÙÎËã̙ËÝËÌËÝÏÖÓØÏÌÏÐÙÜÏËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚã̚˛ÏáÓÖÖÒËàÏÞÒÏÜÏÝßÖÞÝÙÐÞÒÓÝÞÏÝÞÓØÞÒÜÏÏÎËãÝ˛
■ Ù×ÚÖÏÞÏËÝËÖÓàËÐÖÙá×ÏËÝßÜÏ×ÏØÞÞÙÍÒÏÍÕÐÙÜÎÜã×ÙßÞÒ˛ÒÓÝÓÝËàÏÜãÝÓ×ÚÖÏÞÏÝÞÞÒËÞáÏáÓÖÖÎÙÞÙÎËãËÝÚËÜÞÙÐÞÒÏÌËÍÞÏÜÓËÖËÝÝÏÝÝ×ÏØÞ˛
■ ÏàÓÏááÓÞÒßÝãÙßÜÎÓÏÞËÜãËØÎÙÜËÖÒãÑÓÏØÏÒËÌÓÞÝËØÎÜÏÍÏÓàÏÓØÝÞÜßÍÞÓÙØÝÙØÌÙÞÒ˛ÒÏ×ÙÝÞÓ×ÚÙÜÞËØÞÞÒÓØÑÓÝÞÙÜÏÎßÍÏÞÒÏØß×ÌÏÜÙÐ
ÌÏÞáÏÏØ̋×ÏËÖÝáÏÏÞÝØËÍÕÝÞÒËÞÍÙØÞËÓØÍËÜÌÙÒãÎÜËÞÏÝ˜ÏÝÚÏÍÓËÖÖãÝßÑËÜ˛ßÌÝÞÓÞßÞÓÙØÌãÝØËÍÕÝÜÓÍÒÓØÚÜÙÞÏÓØ˜ÝßÍÒËÝÍÒÏÏÝÏ˜áÓÖÖËÖÝÙÒÏÖÚ
ËÝáÏÖÖËÝÞÒÏâãÖÓÞÙÖÑß×ÙÜÍËØÎÓÏÝÎÏÝÍÜÓÌÏÎÌÏÖÙá˛
■ ÜßÝÒÞáÓÍÏÎËÓÖãáÓÞÒËÒÓÑÒÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏ˜ÏÓÞÒÏÜÙØÞÜÙÖÙÜÜÏàÓÎÏØÞÖßÝÞÙÙÞÒÚËÝÞÏ̙͖˜͑͑͑ÚËÜÞÝÚÏÜ×ÓÖÖÓÙØÐÖßÙÜÓÎÏ̚˛ÏáÓÖÖ
ÚÜÙàÓÎÏÝÙ×ÏÐÙÜãÙßÞÙÎËã˛ÒÓÝÓÝÞÙÌÏßÝÏÎÞáÓÍÏÎËÓÖãÓØÚÖËÍÏÙÐãÙßÜÜÏÑßÖËÜÞÙÙÞÒÚËÝÞÏ˛
■ ÓØÝÏÐÙÜÙØÏ×ÓØßÞÏ˜ÙØÍÏËÎËãáÓÞÒËÝÚÏÍÓËÖËØÞÓÌËÍÞÏÜÓËÖ×ÙßÞÒÜÓØÝÏáÏáÓÖÖÚÜÙàÓÎÏÐÙÜãÙßÞÙÎËã˛
ÞÓÝÍËÖÖÏÎÏÜÓÎÏâÙÜÏÜÓÙÑËÜÎËØÎ
ÒËÝËØËÍÞÓàÏÓØÑÜÏÎÓÏØÞÍËÖÖÏÎÍÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏËÞ͑˛͓͒ÚÏÜÍÏØÞ˛ÙßÝÒÙßÖÎßÝÏÞÒÓÝÙØÍÏÎËÓÖãÔßÝÞÌÏÐÙÜÏÌÏÎËÞØÓÑÒÞ̙͒͑×ÖÐÙÜÙØÏ
×ÓØßÞÏ̚˜ÌßÞÙØÖãÐÙÜÙØÏáÏÏÕÏËÍÒ×ÙØÞÒ˛Ùß×ßÝÞßÝÏÞÒÓÝËÞÖÏËÝÞÙØÏÒÙßÜËÐÞÏÜÌÜßÝÒÓØÑáÓÞÒÞÒÏ͖˜͑͑͑ÚÚ×ÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏ˛
■ ËàÏÞÒÏØÏÍÏÝÝËÜãÜÏÝÞÙÜËÞÓàÏáÙÜÕÎÙØÏ˜ÝßÍÒËÝÐÓÖÖÓØÑÝÙÜÍÜÙáØÝ˜ËÝØÏÏÎÏÎ˜ÓØË×ÓØÓ×ËÖÖãÓØàËÝÓàÏÐËÝÒÓÙØ˛
■ ßÍÕÙÜÍÒÏáâãÖÓÞÙÖÍËØÎÓÏÝÙÜÑß×ÐÙßÜÞÓ×ÏÝÎËÓÖã˛ÙßÍËØÙÌÞËÓØÝßÚÚÖÓÏÝÐÜÙ×ßÝÞÙÎËãÙÜáÏÍËØÒÏÖÚãÙßÌßãÞÒÏÝÏÏÖÝÏáÒÏÜÏ˛
■ ÏÞÝÏËÖËØÞÝËÚÚÖÓÏÎÞÙËÖÖÙÐÞÒÏÌÓÞÓØÑÝßÜÐËÍÏÝÙÐãÙßÜÌËÍÕÞÏÏÞÒÞÙÕÏÏÚÞÒÏ×ÐÜÙ×ÌÏÓØÑÜÏÓØÐÏÍÞÏÎáÓÞÒÞÒÏÌËÍÞÏÜÓËÞÒËÞÍËßÝÏÎÏØÞËÖ
ÎÏÍËã˛ÏáÓÖÖÌÏÒËÚÚãÞÙÎÙÞÒÓÝÐÙÜãÙß˛
■ ÏÞßÜØáÒÏØÜÏÛßÏÝÞÏÎÐÙÜËÍËÜÓÏÝÜÏÍËÖÖÏâË×ÓØÞÒÜÏÏÞÙÐÙßÜ×ÙØÞÒÝÞÙÜÏ̋ÏàËÖßËÞÏãÙßÜÚÜÙÑÜÏÝÝËØÎÍßÜÜÏØÞÍËÜÓÏÝÜÓÝÕ˛
■ ËÜÞÓÍÓÚËÞÏÓØËØÙÞÒÏÜÍËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞËÞãÙßÜÍËÜÓÏÝÜÏÍËÖÖÏâË×ÙÜÏËÜÖÓÏÜÞÙÍÙ×ÚËÜÏÜÏÝßÖÞÝáÓÞÒãÙßÜÐÓÜÝÞàÓÝÓÞ˛ÒÓÝáÓÖÖËÖÖÙáßÝÞÙ
ÍÒÏÍÕáÒÏÞÒÏÜÞÒÏÍÒÖÙÜÒÏâÓÎÓØÏÓÝáÙÜÕÓØÑÝËÞÓÝÐËÍÞÙÜÓÖã˛
■ ÖÖÙáßÝÞÙÜÏàÓÏáãÙßÜßÝÏÙÐÍÒÖÙÜÒÏâÓÎÓØÏËØÎÙØÞÜÙÖ˹ÜÏàÓÎÏØÞËØÎÙÜËÖÒãÑÓÏØÏËÞÞÒËÞàÓÝÓÞ˛
■ ÏÞËÞÒÙÜÙßÑÒÚÜÙÐÏÝÝÓÙØËÖÍÖÏËØÓØÑËÝØÏÏÎÏÎÐÙÜãÙßÜÚÏÜÓÙÎÙØÞËÖÒÏËÖÞÒ˛
■ ÏÞØÏáÌÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝ̙̋ÜËãÝ̚ËÌÙßÞÏàÏÜãÝÓâÞÙ͙͒×ÙØÞÒÝÞÙÍÒÏÍÕÐÙÜÍËàÓÞÓÏÝ˛
■ ÏÞËÐÖßÙÜÓÎÏàËÜØÓÝÒÞÜÏËÞ×ÏØÞÐÙÜËÖÖÙÐãÙßÜÞÏÏÞÒÏàÏÜãÞÒÜÏÏÞÙÐÙßÜ×ÙØÞÒÝËÞãÙßÜÍËÜÓÏÝÜÏÍËÖÖÏâË×Ý˛
ǁǄǂ ǐǍ ǀ ί˛ ÓÑÒÍËÜÓÏÝÜÓÝÕ˛
Ǎ ǀǁǀǍ ǀ ǉƾǀǎ
͒˛ÏËÞÒÏÜÝÞÙØÏ˜ÎËÓÜ˜ÏÞËÖ˜ËÜÓÏÝ×ËØËÑÏ×ÏØÞÌã ͚˛ßÜØÙá˜ÓØÏ˜ÏÞËÖ˜ÜËØÎÙ×ÓäÏÎÍÙØÞÜÙÖÖÏÎÞÜÓËÖ
ÜÓÝÕËÝÝÏÝÝ×ÏØÞ˝ÍÙØÝÏØÝßÝÝÞËÞÏ×ÏØÞ˜ÚÜÓÖ͓͓͑͑˛ËÖÏØÞ ÙÐÞÒÏÏʩÍËÍãÙÐÝßÚÏÜàÓÝÏÎÞÙÙÞÒÌÜßÝÒÓØÑÓØÒÓÑÒ̋ÍËÜÓÏÝ̋ÜÓÝÕ
ÝÝÙÍ͔̙͔͒̚˝͓͖͚̋͗͘˜ËÜÍÒ͓͔͑͑˛ ÍÒÓÖÎÜÏØ˛ËÜÓÏÝÏÝ͔̙͕͗̚˝͓͚͕͔̋͑͑˜ßÖã̋ßÑßÝÞ͓͓͑͑˛
͓˛Ù×ÏÔÏËØ̋ÜÖÓËÑßÏÞ˜ËØÝÕã˜ÏËÞÒÏÜÝÞÙØÏ˜ËÜÓÏÝ
ÜÓÝÕËÝÝÏÝÝ×ÏØÞÓØËØÏÎßÍËÞÓÙØËÖÏØàÓÜÙØ×ÏØÞ˛ÏØÞÎßÍ ǏǊǍǀǌǐǀǎǏƼǋǍǄǉǏǀƿƾǊǋǔǊǁǏǃǄǎƼǍǏǄƾǇǀ˜ǋǇǀƼǎǀ
̙͓͑͒͘̚˝͔͕͖͕͒͗̋˜͓͑͑͗˛ ƾǊǉǏƼƾǏÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜Í˜Ò˜ØÓàÏÜÝÓÞãÙÐ
͔˛ØÎÏÜÝÙØ ˜ËÖÏÝ˜×ØÏÖÖ̋˜ÙÎÏÜØ×ËØËÑÏ×ÏØÞ ËÖÓÐÙÜØÓË˜ËØÜËØÍÓÝÍÙ˜ÏÚËÜÞ×ÏØÞÙÐÜÏàÏØÞÓàÏËØÎ
ÙÐÎÏØÞËÖÍËÜÓÏÝ˝ÞÒÏÍßʵÓØÑÏÎÑÏÓÝØÙÞÞÒÏÎÏØÞËÖÌßÜ˛× ÏÝÞÙÜËÞÓàÏÏØÞËÖÍÓÏØÍÏÝ˜͑͘͘ËÜØËÝÝßÝàÏ˛˜Ùâ͖͙͑͘˜
ÏØÞÝÝÙÍ͓͕͒˝͔͕͕̋͘˜͚͚͔͒˛ ËØÜËØÍÓÝÍÙ˜ËÖÓÐ˛˜͚͕͕͔͒˛
͕˛ØßÝËàÓÍÏ˜ʩÍËÍãÙÐØÙØÝßÜÑÓÍËÖ×ËØËÑÏ×ÏØÞÙÐÞÒÏ
ÓØÓÞÓËÖÍËÜÓÏÝÖÏÝÓÙØ˛ÏØÞËÖÎßÍËÞÓÙØ͗͒˝͙͚͖͚͖̋͑˜͚͚͒͘˛
͖˛ÏÜÙ˜ÙØÞËØË˜ ÏØØÙØ˜ÖÓØÓÍËÖËÚÚÖÓÍËÞÓÙØÝËØÎ
ÙßÞÍÙ×ÏÝÙÐßÝÓØÑÓØÎÓÍËÞÙÜÝÙÐÜÓÝÕÓØÍËÜÓÏÝ×ËØËÑÏ×ÏØÞ˛
ÏØÞÎßÍ͖̙͗͒͑̚˝͓͔͓͒͒͗̋˜͓͑͑͒˛
͗˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÍÙØÞÜÓÌßÞÓØÑÐËÍÞÙÜÝËØÎ
ÏËÜÖãÎÏÞÏÍÞÓÙØ˛ËÖÏØÞÝÝÙÍ͔̙͓͒̚˝͓͚͔͔͒̋˜ÏÌÜßËÜã͓͔͑͑˛
͘˛ÏËÞÒÏÜÝÞÙØÏ˛ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÞÒÏÌËÝÓÝÐÙÜÍËÜÓÏÝ
×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞ˛ÜËÖ ÏËÖÞÒÜÏàÏØÞ
͓̙ßÚÚÖ͒̚˝͓͖͚͕̋͗˜͓͕͑͑˛
͙˛ÏËÞÒÏÜÝÞÙØÏ˜ËØÝÕã˜ÏÞËÖ˜ÜËØÎÙ×ÓäÏÎÍÖÓØÓÍËÖ
ÞÜÓËÖÙÐÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞ˛ËÜÓÏÝÏÝ
͔͚̙͕̚˝͓͚͖˜͓͖͑͑˛
͵ͯͰ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ßÜËÝÝÏÝÝ×ÏØÞÓØÎÓÍËÞÏÝÞÒËÞãÙßËÜÏËÞÏâÞÜÏ×ÏÜÓÝÕÙÐØÏáÎÏØÞËÖÎÏÍËãÓØÞÒÏØÏËÜÐßÞßÜÏÌÏÍËßÝÏãÙßÒËàÏ̙ÐÓÖÖÓØÞÒÏÌÖËØÕ̚ËØÎãÙßÒËàÏ
ÝÏàÏÜÏ˫ÎÜã×ÙßÞÒˬÎßÏÞÙ̙ÐÓÖÖÓØÞÒÏÌÖËØÕ̚˛ÏáËØÞãÙßÞÙ×ÙàÏÞÙËÝËÐÏÜÝÓÞßËÞÓÙØÞÙËàÙÓÎØÏáÎÏÍËãÓÐËÞËÖÖÚÙÝÝÓÌÖÏ˛ÖÏËÝÏÎÙÞÒÏÐÙÖÖÙáÓØÑ
ÜÓÑÒÞËáËã˝
■ Ù×ÚÖÏÞÏËÍËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞáÓÞÒßÝÞÙÎËã̙ËÝËÌËÝÏÖÓØÏÌÏÐÙÜÏËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚã̚˛ÏáÓÖÖÕØÙáÞÒÏÜÏÝßÖÞÝÙÐÞÒÓÝÞÏÝÞÓØÞÒÜÏÏÎËãÝ˛
■ Ù×ÚÖÏÞÏËÝËÖÓàËÐÖÙá×ÏËÝßÜÏ×ÏØÞÞÙÍÙØÐÓÜ×ãÙßÜÏâÞÜÏ×ÏÎÜã×ÙßÞÒ˛ÒÓÝÓÝËàÏÜãÝÓ×ÚÖÏÞÏÝÞÞÒËÞáÏáÓÖÖÍÙ×ÚÖÏÞÏÞÙÎËãËÝÚËÜÞÙÐÞÒÏ
ÌËÍÞÏÜÓËÖËÝÝÏÝÝ×ÏØÞ˛
■ ÏàÓÏáãÙßÜÎÓÏÞËÜãËØÎÙÜËÖÒãÑÓÏØÏÒËÌÓÞÝáÓÞÒßÝËØÎÜÏÍÏÓàÏÓØÝÞÜßÍÞÓÙØÝËÌÙßÞÒÙáÞÙÓ×ÚÜÙàÏÞÒÏ×ÌÙÞÒ˛ÒÏ×ÙÝÞÓ×ÚÙÜÞËØÞÞÒÓØÑÓÝÞÙ
ÜÏÎßÍÏÞÒÏØß×ÌÏÜÙÐÌÏÞáÏÏØ̋×ÏËÖÝáÏÏÞÝØËÍÕÝÞÒËÞÍÙØÞËÓØÍËÜÌÙÒãÎÜËÞÏÝ˜ÏÝÚÏÍÓËÖÖãÝßÑËÜ˛ßÌÝÞÓÞßÞÓÙØÌãÝØËÍÕÝÜÓÍÒÓØÚÜÙÞÏÓØ˜ÝßÍÒËÝ
ÍÒÏÏÝÏ˜áÓÖÖËÖÝÙÒÏÖÚËÝáÏÖÖËÝÞÒÏâãÖÓÞÙÖÑß×ÙÜÍËØÎÓÏÝÜÏÍÙ××ÏØÎÏÎÌÏÖÙá˛
■ ÜßÝÒÞáÓÍÏÎËÓÖãáÓÞÒËØÏáÝÞÜÙØÑÞÙÙÞÒÚËÝÞÏ˜ÏÓÞÒÏÜÙØÞÜÙÖÙÜÜÏàÓÎÏØÞÖßÝÞÙÙÞÒÚËÝÞÏ̙͖˜͑͑͑ÚËÜÞÝÚÏÜ×ÓÖÖÓÙØÐÖßÙÜÓÎÏ̚˛ÏáÓÖÖÚÜÙ̋
àÓÎÏãÙßáÓÞÒÝÙ×ÏÞÙÎËã˛ÒÓÝÓÝÞÙÌÏßÝÏÎÞáÓÍÏÎËÓÖãÓØÚÖËÍÏÙÐãÙßÜÜÏÑßÖËÜÞÙÙÞÒÚËÝÞÏ˛
■ ÓØÝÏÐÙÜÙØÏ×ÓØßÞÏ˜ÙØÍÏËÎËãáÓÞÒËÝÚÏÍÓËÖËØÞÓÌËÍÞÏÜÓËÖ×ÙßÞÒÜÓØÝÏÞÒËÞáÏáÓÖÖÚÜÙàÓÎÏãÙßáÓÞÒÞÙÎËã˛
ÞÓÝÍËÖÖÏÎÏÜÓÎÏâÙÜÏÜÓÙÑËÜÎ
ËØÎÒËÝËØËÍÞÓàÏÓØÑÜÏÎÓÏØÞÍËÖÖÏÎÍÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏËÞ͑˛͓͒ÚÏÜÍÏØÞ˛ÙßáÓÖÖßÝÏÞÒÓÝÙØÍÏÎËÓÖãÔßÝÞÌÏÐÙÜÏÑÙÓØÑÞÙÌÏÎËÞØÓÑÒÞ̙͒͑×Ö
ÐÙÜÙØÏ×ÓØßÞÏ̚˜ÌßÞÙØÖãÐÙÜÙØÏáÏÏÕÏËÍÒ×ÙØÞÒ˛Ùß×ßÝÞßÝÏÞÒÓÝËÞÖÏËÝÞÙØÏÒÙßÜËÐÞÏÜÌÜßÝÒÓØÑáÓÞÒÞÒÏ͖˜͑͑͑ÚÚ×ÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏ˛
■ ÏÞËÐÖßÙÜÓÎÏàËÜØÓÝÒÞÜÏËÞ×ÏØÞÐÙÜËÖÖÙÐãÙßÜÞÏÏÞÒÏàÏÜãÞÒÜÏÏ×ÙØÞÒÝËÞãÙßÜÍËÜÓÏÝÜÏÍËÖÖÏâË×Ý˛
■ ÏÍÏÓàÏÞÒÏØÏÍÏÝÝËÜãÜÏÝÞÙÜËÞÓàÏáÙÜÕÝßÍÒËÝÐÓÖÖÓØÑÝËØÎÍÜÙáØÝ˜ËÝØÏÏÎÏÎ˜ÓØË×ÓØÓ×ËÖÖãÓØàËÝÓàÏÐËÝÒÓÙØ˛
■ ßÍÕÙÜÍÒÏáâãÖÓÞÙÖÍËØÎÓÏÝÙÜÑß×ÐÙßÜÞÓ×ÏÝÎËÓÖã˛ÙßÍËØÙÌÞËÓØÝßÚÚÖÓÏÝÐÜÙ×ßÝÞÙÎËãÙÜáÏÍËØÒÏÖÚãÙßÌßãÞÒÏÝÏÏÖÝÏáÒÏÜÏ˛
■ ÝÏËÝÚÏÍÓËÖÚËÝÞÏÞÒËÞÍÙØÞËÓØÝÍËÖÍÓß×ËØÎÚÒÙÝÚÒËÞÏ̙Ï˛Ñ˛˜
ÚËÝÞÏ̚˛ÚÚÖãÓÞÝÏàÏÜËÖÞÓ×ÏÝÎËÓÖãÞÙãÙßÜÞÏÏÞÒ˛ÏáÓÖÖÞÏËÍÒãÙßÒÙáÞÙÎÙ
ÞÒÓÝÚÜÙÚÏÜÖã˛
■ ÌÞËÓØËÞÒÙÜÙßÑÒÚÜÙÐÏÝÝÓÙØËÖÍÖÏËØÓØÑÎßÜÓØÑãÙßÜÍßÜÜÏØÞàÓÝÓÞ˛
■ ÏÞËÝÏËÖËØÞÞÜÏËÞ×ÏØÞÙØËÖÖÙÐÞÒÏÌÓÞÓØÑÝßÜÐËÍÏÝÙÐãÙßÜÌËÍÕÞÏÏÞÒÞÙÕÏÏÚÞÒÏ×ÐÜÙ×ÌÏÓØÑÜÏÓØÐÏÍÞÏÎáÓÞÒÞÒÏÌËÍÞÏÜÓËÞÒËÞÍËßÝÏÎÏØÞËÖ
ÎÏÍËã˛
■ ÝÏËÌËÕÓØÑÝÙÎËÜÓØÝÏ̙ÙÜÝÓ×ÓÖËÜØÏßÞÜËÖÓäÓØÑÚÜÙÎßÍÞ̚ÐÙßÜÞÙÝÓâÞÓ×ÏÝÎËÓÖãÎßÜÓØÑÞÒÏÎËã˛ÙßÍËØ×ËÕÏÞÒÓÝãÙßÜÝÏÖÐÌãÝÒËÕÓØÑßÚÞáÙÞÏË̋
ÝÚÙÙØÝÙÐÌËÕÓØÑÝÙÎËÓØËØÏÓÑÒÞ̋ÙßØÍÏÌÙÞÞÖÏÙÐáËÞÏÜ˛
■ ÖÏËÝÏÜÏÞßÜØáÒÏØÍËÖÖÏÎÐÙÜËÜÏ̋ÏàËÖßËÞÓÙØÓØËÌÙßÞÙØÏ×ÙØÞÒ˛
■ ÖÏËÝÏÜÏÞßÜØáÒÏØÜÏÛßÏÝÞÏÎÐÙÜËÍËÜÓÏÝÜÏÍËÖÖÏâË×ÓØÞÒÜÏÏ×ÙØÞÒÝ˛
■ ÏÞØÏáÌÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝ̙̋ÜËãÝ̚ËÌÙßÞÏàÏÜãÝÓâ×ÙØÞÒÝßØÞÓÖØÙÍËàÓÞËÞÏÎÖÏÝÓÙØÝËÜÏÏàÓÎÏØÞ˛
■ Ù×ÏÓØÐÙÜËØÙÞÒÏÜÍËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞËÞÞÒÏÞÒÜÏÏ̋×ÙØÞÒàÓÝÓÞÙÜÝÙÙØÏÜÞÙÍÙ×ÚËÜÏÜÏÝßÖÞÝáÓÞÒãÙßÜÐÓÜÝÞàÓÝÓÞÞÙÍÒÏÍÕáÒÏÞÒÏÜÞÒÏ
ÍÒÖÙÜÒÏâÓÎÓØÏÓÝáÙÜÕÓØÑÝËÞÓÝÐËÍÞÙÜÓÖã˛
■ ÏÍÏÓàÏËÜÏàÓÏáÙÐãÙßÜßÝÏÙÐÍÒÖÙÜÒÏâÓÎÓØÏËØÎÙØÞÜÙÖ˹ÜÏàÓÎÏØÞËØÎÙÜËÖÒãÑÓÏØÏËÞÞÒËÞàÓÝÓÞ˛
■ Ù×ÏÓØÐÙÜËÞÒÙÜÙßÑÒÚÜÙÐÏÝÝÓÙØËÖÍÖÏËØÓØÑËÝØÏÏÎÏÎÐÙÜãÙßÜÚÏÜÓÙÎÙØÞËÖÒÏËÖÞÒ˛
■ ÏÞËØÙÞÒÏÜÐÖßÙÜÓÎÏàËÜØÓÝÒÞÜÏËÞ×ÏØÞÙÐËÖÖÞÏÏÞÒËÑËÓØËÞÞÒÜÏÏ̋×ÙØÞÒÍËÜÓÏÝÜÏÍËÖÖàÓÝÓÞËØÎËØÙÞÒÏÜÝÏÞÙÐÌÓÞÏáÓØÑ̋ÜËãÝËÞÝÓâ×ÙØÞÒÝ˛
ÏáÓÖÖÚÜÙàÓÎÏãÙßáÓÞÒËÞÓ×ÏÞËÌÖÏÞÙÒÏÖÚãÙßÞÙÜÏ×Ï×ÌÏÜËÖÖÙÐÞÒÏÝÏÚÜÙÍÏÎßÜÏÝ˛
ÖÞÒÙßÑÒÞÒÓÝÝÙßØÎÝÖÓÕÏËÖÙÞÙÐÞÒÓØÑÝÞÙÎÙËØÎÞÙÜÏ×Ï×ÌÏÜ˜ÞÒÓÝÓØÞÏØÝÓàÏÞÒÏÜËÚãÓÝØÏÍÏÝÝËÜãÞÙÝÞÙÚÞÒÏÜËÚÓÎÎÏÝÞÜßÍÞÓÙØÙÐãÙßÜÞÏÏÞÒ˛

ÞÍËØÜÏËÖÖãáÙÜÕ˜ËØÎÓÐãÙßËÜÏáÓÖÖÓØÑÞÙÚßÞÓØÞÒÏÞÓ×ÏËØÎÏÐÐÙÜÞ˜ãÙßÍËØÍÖÏËÜßÚãÙßÜ×ÙßÞÒ˜Ñß×Ý˜ËØÎÞÏÏÞÒËØÎËàÙÓÎÍÙÝÞÖãÜÏÝÞÙÜËÞÓàÏ
ÎÏØÞËÖáÙÜÕÓØÞÒÏÐßÞßÜÏ˛ÖÏËÝÏÒÏÖÚßÝÞÙÒÏÖÚãÙß˛
ÜËÍÞÓÞÓÙØÏÜÝÓÑØËÞßÜḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈ËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
ËÞÓÏØÞÝÓÑØËÞßÜḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈ËÞḬ̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̰̈
ǁ Ǆǂ ǐǍ ǀ ΰ˛ âÞÜÏ×ÏÍËÜÓÏÝÜÓÝÕ̙ÒÓÑÒÜÓÝÕÚÖßÝÝÏàÏÜÏÝËÖÓàËÜãÑÖËØÎÒãÚÙÐßØÍÞÓÙØ̚˛
Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ͯͱ
ƾƼǈƽǍƼ
ÖÓØÓÍËÖÜÙÞÙÍÙÖÝÐÙÜ
ËÜÓÏÝËØËÑÏ×ÏØÞÌã
ÓÝÕÝÝÏÝÝ×ÏØÞ
ǇƼǍǍǔǅǀǉǎǊǉ˜ƿƿǎ˜ǈƼ˞ƼǇƼǉǒ˛ƽǐƿǀǉǕ˜ǈǎ˜ƿƿǎ˜ǈƽƼ˞ǅǊǃǉƿ˛ƽ˛ǁǀƼǏǃǀǍǎǏǊǉǀ˜
ǈǎƾ˜ǋǃƿ˞ǁǍƼǉƾǄǎƾǊǅ˛ǍƼǈǊǎ̋ǂǊǈǀǕƿƿǎ˜ǈǎ˜ǈǋǃ˞ǑǇƼƿǄǈǄǍǒ˛ǎǋǊǇǎǆǔ˜ƿǈƿ˜
ǈǋǃ˞ƼǉƿƿǊǐǂǇƼǎƼ˛ǔǊǐǉǂ˜ƿƿǎ˜ǈǎ˜ǈƽƼ
ƼƽǎǏǍ ƼƾǏ ÒÓÝËÜÞÓÍÖÏÝÏÏÕÝÞÙÚÜÙàÓÎÏËÚÜËÍÞÓÍËÖ˜ÏàÏÜãÎËãÍÖÓØÓÍËÖÑßÓÎÏÐÙÜ

×ËØËÑÓØÑÎÏØÞËÖÍËÜÓÏÝÌËÝÏÎßÚÙØÜÓÝÕÑÜÙßÚËÝÝÏÝÝ×ÏØÞ˛
ÞÓÝÌËÝÏÎßÚÙØÞÒÏÌÏÝÞ
ÏàÓÎÏØÍÏËÞÞÒÓÝÞÓ×ÏËØÎÍËØÌÏßÝÏÎÓØÚÖËØØÓØÑÏʥÏÍÞÓàÏÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÐÙÜËØã
ÚËÞÓÏØÞ˛
ØËÎÎÓÞÓÙØÞÙËÍÙ×ÚÜÏÒÏØÝÓàÏÜÏÝÞÙÜËÞÓàÏÞÜÏËÞ×ÏØÞÚÖËØ˜ÏËÍÒÚËÞÓÏØÞÝÒÙßÖÎ
ÒËàÏËÍÙ×ÚÜÏÒÏØÝÓàÏÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÞÜÏËÞ×ÏØÞÚÖËØ˛Ù×ÏÝË×ÚÖÏÞÜÏËÞ×ÏØÞ
ÚÖËØÝËÜÏÓØÍÖßÎÏÎ˛
ƼǐǏǃǊǍǎ
ËÜÜãÏØÝÙØ˜ƿƿǎ˜ǈƼ˜ ÜËØÍÓÝÍÙ˛Ë×ÙÝ̋ ËÜÞ͒˝ËÜÓÏÝÓÝÏËÝÏËØËÑÏ×ÏØÞ 3FDFOUSFTFBSDICZ'FBUIFSTUPOFFUBM

ÓÝÐÙÜ×ÏÜÖãËÒÏËÖÞÒÝÍÓ̋ Ù×Ïäƿƿǎ˜ǈǎ˜ǈǋǃ˜ÓÝ DMFBSMZEFNPOTUSBUFEUIBUBTTJHOJOHSJTL
ÏØÍÏÝÍÖÓØÓÍËÖÚÜÙÐÏÝÝÙÜ˜ ËØËÝÝÙÍÓËÞÏÚÜÙÐÏÝÝÙÜ˜
ǔǊǐǃƼǑǀƾǊǈǋǇǀǏǀƿƼƾƼǍǄǀǎǍǄǎǆ BTTFTTNFOUMFWFMTEPFTNBLFBEJĊFSFODF
ÏÚËÜÞ×ÏØÞÙÐÜÏàÏØÞÓàÏ ÏÚËÜÞ×ÏØÞÙÐÜÙÐËÍÓËÖ
ËØÎÏÝÞÙÜËÞÓàÏÏØÞËÖ ÍÓÏØÍÏÝ˜ÓàÓÝÓÙØÙÐ
ƼǎǎǀǎǎǈǀǉǏ˝ǉǊǒǒǃƼǏˣ JOUIFFĊFDUJWFNBOBHFNFOUPGQBUJFOUT
ÍÓÏØÍÏÝ˜ØÓàÏÜÝÓÞãÙÐ ÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˜ØÓ̋ 1FSGPSNJOHBDBSJFTSJTLBTTFTTNFOUBT GPSEFOUBMDBSJFTðɥFVTFPGBOUJNJDSPCJ
ËÖÓÐÙÜØÓË˜ËØÜËØÍÓÝÍÙ˜ àÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜ËØ EFTDSJCFEJOBQSFWJPVTBSUJDMFNBLFTMJUUMF BMT nVPSJEF TFBMBOUT UIFGSFRVFODZPG
ÍÒÙÙÖÙÐÏØÞÓÝÞÜã˛ ÜËØÍÓÝÍÙ˞˹ TFOTFJGUIFSFJTOPEJĊFSFODFJOUIFXBZ SBEJPHSBQITBOEQFSJPEJDPSBMFYBNT BT
ÏØÞÏÜÞÙÎÎÜÏÝÝÓÝ̋
XFQMBOUSFBUNFOUGPSJOEJWJEVBMQBUJFOUT XFMMBTPUIFSSJTLGBDUPSNBOBHFNFOU
ÖËØ˛ßÎÏØä˜ǈǎ˜ ÚËÜÓÞÓÏÝÓØÒÓÖÎÜÏØ˪ÝÜËÖ
ƿƿǎ˜ǈƽƼ˜ÓÝËÚÜÙÐÏÝÝÙÜ˜ ÏËÖÞÒ˜ËØÎËÎÓÚÖÙ×ËÞÏ
*OEFFE JGEFOUBMDBSJFTXFSFQBOEFNJD QSPDFEVSFTXJMMBMMCFEFUFSNJOFECZUIF
ÏÚËÜÞ×ÏØÞÙÐØËÞÙ×ÓÍËÖ ÙÐÞÒÏ×ÏÜÓÍËØÙËÜÎÙÐ FWFSZPOFIBTUIFEJTFBTF XFXPVMEOPU DBSJFTSJTLMFWFMPGUIFQBUJFOUBOELOPXM
ÍÓÏØÍÏÝËØÎÏÚËÜÞ̋ ÏÎÓËÞÜÓÍÏØÞÓÝÞÜã˛ OFFEBSJTLBTTFTTNFOUBUBMMFWFSZ FEHFPGUIFDPOUSJCVUJOHSJTLGBDUPSTGPS
×ÏØÞÙÐÏØÞËÖÜËÍÞÓÍÏ˜ QBUJFOUXPVMECFBUIJHISJTL0OFPGUIF UIBUQBUJFOU4VCTFRVFOUUPUIJTSFTFBSDI
ØÓàÏÜÝÓÞãÙÐÞÒÏËÍÓʨÍ˜ ÖËÎÓ×ÓÜ˛ÚÙÖÝÕã˜ƿǈƿ˜
TUSPOHFTUQSFEJDUPSTGPSGVUVSFEJTFBTFJT QSPUPDPMTGPSUIFDMJOJDBMNBOBHFNFOU
ÜÞÒßÜ˛ßÑÙØÓÍÒÙÙÖÙÐ ǈǋǃ˜ÓÝËØËÝÝÙÍÓËÞÏÚÜÙ̋
ÏØÞÓÝÞÜã˛ ÐÏÝÝÙÜ˜ÓàÓÝÓÙØÙÐßÌÖÓÍ
BSFDFOUIJTUPSZPGUIFEJTFBTF*GFWFSZ PGDBSJFTCZSJTLGBDUPSMFWFM $".#3"
ÏËÖÞÒËØÎÙ××ßØÓÞã QBUJFOUJTBUIJHISJTL UIFNBOBHFNFOU IBWFCFFOEFUFSNJOFEBOEFNQMPZFE
ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ ÏØÞÓÝÞÜã˜ØÓàÏÜÝÓÞãÙÐ PGFWFSZQBUJFOUXPVMECFUIFTBNF BUBHSPXJOHOVNCFSPGEFOUBMTDIPPMT
ǈǎƾ˜ǋǃƿ˜ÓÝÓØÞÏÜÓ×ÎÏËØ˜ ËÖÓÐÙÜØÓË˜ ÙÝØÑÏÖÏÝ˜ )PXFWFS EFOUBMDBSJFTJTOPUQBO JODMVEJOHUIFmWFJO$BMJGPSOJB TFFBSUJDMF
ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜ ÍÒÙÙÖÙÐÏØÞÓÝÞÜã˛
EFNJDNBOZQFPQMFTJNQMZEPOPU CZ:PVOH 'FBUIFSTUPOF BOE3PUI

ËØÜËØÍÓÝÍÙ˜ÍÒÙÙÖÙÐ
ÏØÞÓÝÞÜã˜ËØÎÓÝËÚÜÙÐÏÝ̋ ÙßÑÖËÝ˛ÙßØÑ˜ƿƿǎ˜
IBWFUIFEJTFBTF PSBUMFBTUEFUFDU 8IJMFDPNQMFUFDPOTFOTVTPOUIFTF
ÝÙÜ˜ÏÚËÜÞ×ÏØÞÙÐÜÏ̋ ǈǎ˜ǈƽƼ˜ÓÝËØËÝÝÙÍÓËÞÏ BCMFNBOJGFTUBUJPOTPGJU BOETPXF QSPUPDPMTDPOUJOVFTUPEFWFMPQ UIFSFJT
àÏØÞÓàÏËØÎÏÝÞÙÜËÞÓàÏ ÚÜÙÐÏÝÝÙÜ˜ÏÚËÜÞ×ÏØÞ IBWFUPBTLPVSTFMWFTUIFRVFTUJPOT TUSPOHBHSFFNFOUBCPVUUSFBUJOHQBUJFOUT
ÏØÞËÖÍÓÏØÍÏÝ˜ËÞ˛ ÙÐÏØÞËÖÜËÍÞÓÍÏ˜ 4IPVMEQBUJFOUTJOEJĊFSFOUSJTLHSPVQT GPSEFOUBMDBSJFTCBTFEPOSJTLMFWFM
ØÓàÏÜÝÓÞãÙÐÞÒÏËÍÓʨÍ˜
SFDFJWFEJĊFSFOUUSFBUNFOU "OEJG ɥJTBSUJDMFTFFLTUPQSPWJEFBQSBDUJ
ÜÞÒßÜ˛ßÑÙØÓÍÒÙÙÖÙÐ
ÏØÞÓÝÞÜã˛
TP XIBUJTUIFCFTUXBZUPNBOBHF DBM FWFSZEBZDMJOJDBMHVJEFGPSNBOBH
QBUJFOUTBUUIFEJĊFSFOUSJTLMFWFMT JOHEFOUBMDBSJFTCBTFEVQPOSJTLHSPVQ
͵ͯͲ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
BTTFTTNFOU*UJTCBTFEVQPOUIFCFTU FEUPCFUIFmOBMXPSEGPSBOZQBSUJDVMBS UFSNJOFECZUIFDBSJFTSJTLMFWFMGPSB

FWJEFODFBUUIJTUJNFBOEDBOCFVTFEJO QBUJFOU%FOUJTUTTIPVMEVTFUIJTUBCMFBT QBUJFOU'PSFYBNQMF UIFOBUJPOBMSFD
QMBOOJOHFĊFDUJWFDBSJFTNBOBHFNFOU BHVJEFJOEFWFMPQJOHBDPNQSFIFOTJWF PNNFOEBUJPOT XXXLPEBLDPNHP
GPSBOZQBUJFOU8FIBWFBMTPJODMVEFE DBSJFTNBOBHFNFOUQSPHSBNJOEJWJEV EFOUBM
GPSSBEJPHSBQITGPSUIFSFDBMM
TPNFTBNQMFUSFBUNFOUQMBOTUPIFMQ BMMZUBJMPSFEGPSFBDIQBUJFOUTOFFETBOE QBUJFOUEFQFOEVQPOBDBSJFTSJTLBTTFTT
QSBDUJUJPOFSTWJTVBMJ[FIPX$".#3" XJTIFT4FDPOE SFTFBSDIJOUSFBUNFOU NFOU3FDBMMQBUJFOUTXIPBSFBUIJHISJTL
NBZJNQBDUBQBUJFOUTUSFBUNFOU*UJT NPEBMJUJFTGPSNBOBHJOHDBSJFTJTBOPOHP GPSUIFEJTFBTFBSFSFDPNNFOEFEUPIBWF
JNQPSUBOUUPLFFQJONJOESFTFBSDIBMTP JOHQSPDFTTUIBUNPTUMJLFMZXJMMSFTVMUJO QPTUFSJPSCJUFXJOHSBEJPHSBQITFWFSZTJY
TIPXTUIBUQMBDJOHEFOUBMSFTUPSBUJPOT NPEJmDBUJPOTUPUIFTFSFDPNNFOEBUJPOT UPðñNPOUIT XIJMFQBUJFOUTJOUIFMPX
EPFTMJUUMFPSOPUIJOHUPNBOBHFUIFDBSJFT PWFSUIFZFBSTɥJSE UIFTFSFDPNNFO SJTLDBUFHPSZBSFSFDPNNFOEFEUPIBWF
EJTFBTFQSPDFTT*OBEEJUJPOUPBDPNQSF EBUJPOTBSFCBTFEVQPOUIFBWBJMBCMF QPTUFSJPSCJUFXJOHSBEJPHSBQITOPNPSF
IFOTJWFSFTUPSBUJWFUSFBUNFOUQMBO FBDI GSFRVFOUMZUIBOFWFSZñóUPòõNPOUIT
QBUJFOUTIPVMEIBWFBDPNQSFIFOTJWF 0GDPVSTF UIFSFNBZCFPUIFSQBUIPMP
DBSJFTNBOBHFNFOUUSFBUNFOUQMBO ǋǍƼƾǏǄƾǀǎǏǃƼǏǋǍǀǎƾǍǄƽǀ HJFTUIBUSFRVJSFBIJHIFSGSFRVFODZPGSB
ÞÒÏÝË×ÏÜËÎÓÙÑÜËÚÒËØÎ EJPHSBQIT CVUBTGBSBTDBSJFTJTDPODFSOFE
ƾƼǈƽǍƼǏǍǀƼǏǈǀǉǏǍǀƾǊǈǈǀǉƿƼǏǄǊǉǎ POFNVTULOPXUIFDBSJFTSJTLMFWFMGPSB
ǁǊǍǋƼǏǄǀǉǏǎƼǂǀΰƼǉƿǊǇƿǀǍ ÚÏÜÓÙÎÓÍÙÜËÖÏâË× QBUJFOUCFGPSFQSFTDSJCJOHSBEJPHSBQIT
*OUIJTTFDUJPO UIFBVUIPSTQSFTFOU ÐÜÏÛßÏØÍãÐÙÜËÖÖÚËÞÓÏØÞÝ 4JNJMBSMZ QBUJFOUTJOUIFIJHISJTLHSPVQ
DMJOJDBMHVJEFMJOFTGPSNBOBHJOHQBUJFOUT TIPVMECFTFFOGPSDMJOJDBMFYBNJOBUJPO
JOFBDIPGUIFWBSJPVTDBSJFTSJTLBTTFTT ËÜÏØÙÞÏâÒÓÌÓÞÓØÑË NPSFGSFRVFOUMZUIBOUIFMPXPSNPEFS
NFOUDBUFHPSJFTGPSBHFõUISPVHIBEVMU ÜÏËÝÙØËÌÖÏÚÜÙÞÙÍÙÖÞÒËÞ BUFSJTLHSPVQT1SBDUJDFTUIBUQSFTDSJCFUIF
5SFBUNFOUGPSDIJMESFOBHFôBOEVOEFSJT TBNFSBEJPHSBQIBOEQFSJPEJDPSBMFYBN
EFTDSJCFEJOUIFBSUJDMFCZ3BNPT(PNF[ áÓÖÖÌÏØÏÐÓÞÞÒÏ GSFRVFODZGPSBMMQBUJFOUTBSFOPUFYIJCJU
FUBMJOUIJTJTTVFǏƼƽǇǀΫ MJTUTUIFGPVS ÓØÎÓàÓÎßËÖØÏÏÎÝÙÐ JOHBSFBTPOBCMFQSPUPDPMUIBUXJMMCFOFmU
SJTLMFWFMHSPVQT MPX NPEFSBUF IJHI BOE UIFJOEJWJEVBMOFFETPGUIFJSQBUJFOUT
FYUSFNF
BOEUIFSFDPNNFOEBUJPOTGPS ÞÒÏÓÜÚËÞÓÏØÞÝ. 1BUJFOUTXIPBSFBUIJHISJTLGPSDBSJFT
DBSJFTNBOBHFNFOUQSPDFEVSFTGPSFBDI TIPVMEIBWFBOJOJUJBMCBTFMJOFCBDUFSJBM
MFWFMɥFBVUIPSTmSTUQPJOUPVUUIBUB FWJEFODFBUUIFUJNFPGXSJUJOHBOE UFTUUPEFUFSNJOFUIFCBDUFSJBMDIBMMFOHF
QBUJFOUTDBSJFTSJTLMFWFMEFUFSNJOFTCPUI UIFSFGPSFDPOTUJUVUFBCBTJTGPSXIBU PGUIFPSHBOJTNTNPTUDMPTFMZSFMBUFE
EJBHOPTUJDQSPDFEVSFTBOESJTLGBDUPS DPVOUTBTSFBTPOBCMFDBSFGPSQBUJFOUT UPUIFEJTFBTFNVUBOTTUSFQUPDPDDJBOE
NBOBHFNFOUQSPDFEVSFTɥFSFDPNNFO XJUIEFOUBMDBSJFT"OEmOBMMZ CSBOE MBDUPCBDJMMJñɥFUFTUTDVSSFOUMZBWBJM
EBUJPOTQSFTFOUFEIFSFXFSFEFWFMPQFECZ OBNFTPGDBSJFTNBOBHFNFOUQSPEVDUT BCMFPOUIFNBSLFUBSFEFTDSJCFEJOUIF
DPOTFOTVTPGUIF8FTUFSO$".#3"$P IBWFOPUCFFOVTFEJOǏƼƽǇǀΫ ɥFZBSF DBSJFTSJTLBTTFTTNFOUBSUJDMFJOUIJT
BMJUJPO BXPSLJOHHSPVQBTTFNCMFEGSPN SFGFSSFEUPCZUIFJSHFOFSJDDPNQPTJ JTTVF$IFNJDBMBOUJCBDUFSJBMUIFSBQZ
EJĊFSFOUBTQFDUTPGUIFEFOUBMQSPGFTTJPO UJPO"GVMMEFTDSJQUJPOBOEMJTUJOHPG UPSFEVDFUIFCBDUFSJBMDIBMMFOHFBOE
JODMVEJOHVOPċDJBMSFQSFTFOUBUJWFTPG BWBJMBCMFQSPEVDUTJTHJWFOJOUIFQBQFS MPXFSUIJTSJTLGBDUPSNVTUCFNPOJUPSFE
FEVDBUJPO SFTFBSDI JOEVTUSZ PSHBOJ[FE CZ4QPMTLZFUBMJOUIJT+PVSOBM*UJT GSFRVFOUMZUPEFUFSNJOFUIFFĊFDUJWFOFTT
EFOUJTUSZ HPWFSONFOUBMBTTJTUBODFBHFO OPUPVSJOUFOUJPOUPFOEPSTFBOZPOF PGUIFBOUJNJDSPCJBMUIFSBQZBOEQBUJFOU
DJFT UIFTUBUFMJDFOTJOHCPBSE UIJSEQBSUZ QSPEVDUPSUPFYDMVEFDPNQFUJUPST DPNQMJBODFòɥFSFDPNNFOEFEGSFRVFODZ
QBZFST BOEQSJWBUFQSBDUJDFDMJOJDJBOT PGTVDIUFTUTJTEJTQMBZFEJOǏƼƽǇǀΫ
ɥFSFBSFTFWFSBMUIJOHTBCPVUUIJT %JBHOPTUJDQSPDFEVSFT
UBCMFPGSFDPNNFOEBUJPOTUIBUTIPVMECF $BSJFTJTBDISPOJDEJTFBTFQSPDFTT ÓÝÕËÍÞÙÜËØËÑÏ×ÏØÞÜÙÍÏÎßÜÏÝ
OPUFE'JSTU UIFTFSFDPNNFOEBUJPOTBSF UIBUNVTUCFNPOJUPSFEPWFSUJNFUP ǏƼƽǇǀΫ MJTUTSJTLGBDUPSNBOBHFNFOU
TVCKFDUUPDMJOJDBMKVEHNFOUCBTFEVQPO CFFĊFDUJWFMZNBOBHFEɥFGSFRVFODZ QSPUPDPMTUIBUIBWFTPNFTVCTUBOUJBUFE
UIFDBSJFTSJTLBTTFTTNFOUDBSSJFEPVUCZ PGQFSJPEJDPSBMFYBNJOBUJPOT SBEJP DMJOJDBMTVDDFTT*UBTTVNFTQBUJFOUTJO
UIFJOEJWJEVBMEFOUJTUBOEBSFOPUJOUFOE HSBQIT BOECBDUFSJBMUFTUTBSFBMMEF BMMSJTLHSPVQTXJMMSFDFJWFFEVDBUJPOJO
Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ͯͳ
ͯ
͵ͯʹ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ËÜÓÏÝËØËÑÏ×ÏØÞÌãÓÝÕÝÝÏÝÝ×ÏØÞ
ÖÓØÓÍËÖßÓÎÏÖÓØÏÝÐÙÜËÞÓÏØÞÝÑÏ͗ËØÎÖÎÏÜ
ÓÝÕ ÏàÏÖ ÜÏÛßÏØÍãÙÐ ÜÏÛßÏØÍãÙÐ ËÖÓàËÏÝÞ ØÞÓÌËÍÞÏÜÓËÖÝ ÖßÙÜÓÎÏ Ú ÙØÞÜÙÖ ËÖÍÓß× ÏËÖËØÞÝ
͐͐͐ ËÎÓÙÑÜËÚÒÝ ËÜÓÏÝÏÍËÖÖ ̙ËÖÓàËÖÙáʶ ÒÖÙÜÒÏâÓÎÓØÏ ÒÙÝÚÒËÞÏ ̙ÏÝÓØ̋ÌËÝÏÎÙÜ
̩̩̩ âË×Ý ËÍÞÏÜÓËÖßÖÞßÜÏ̚ ãÖÓÞÙÖ ÙÚÓÍËÖ ÖËÝÝ
ÙØÙ×ÏÜ̚
̩̩̩̩ ßÚÚÖÏ×ÏØÞÝ
ÙáÜÓÝÕ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͓͗̋͒ ËãÌÏÎÙØÏËÝ ÏÜÝËÖÓàËÞÏÝÞÓÐÎÙØÏ ÐÖßÙÜÓÎÏ̋ÍÙØÞËÓØÓØÑ ÙÞÜÏÛßÓÜÏÎ ÙÞÜÏÛßÓÜÏÎ ÚÞÓÙØËÖÙÜËÝ
ÑÜËÚÒÝÏàÏÜã͓͕̋ ×ÙØÞÒÝÞÙÜÏ̋ ËÌËÝÏÖÓØÏÜÏÐÏÜ̋ ÞÙÙÞÒÚËÝÞÏÞáÓÍÏÎËÓÖã˜ ÚÏÜ
ÝÏËÖ̋
͔͗×ÙØÞÒÝ ÏàËÖßËÞÏÍËÜÓÏÝ ÏØÍÏÐÙÜØÏá ËÐÞÏÜÌÜÏËÕÐËÝÞËØÎËÞ ÚÞÓÙØËÖ˝ÐÙÜ ËØÞÚÜÙÞÙÍÙÖ
ÜÓÝÕ ÚËÞÓÏØÞÝ ÌÏÎÞÓ×Ï˛ÚÞÓÙØËÖ˝Ë ÏâÍÏÝÝÓàÏÜÙÙÞ ̙ǏƼƽǇǀά̚
àËÜØÓÝÒÓÐÏâÍÏÝÝÓàÏÜÙÙÞ ÏâÚÙÝßÜÏÙÜÝÏØ̋
ÏâÚÙÝßÜÏÙÜÝÏØÝÓÞÓàÓÞã ÝÓÞÓàÓÞã
ÙÎÏÜËÞÏÜÓÝÕ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͕̋͗ ËãÌÏÎÙØÏËÝ ÏÜÝËÖÓàËÞÏÝÞÓÐÎÙØÏ ÐÖßÙÜÓÎÏ̋ÍÙØÞËÓØÓØÑ ÙÞÜÏÛßÓÜÏÎ ÙÞÜÏÛßÓÜÏÎ ÝÚÏÜ

ÑÜËÚÒÝÏàÏÜã͙͒̋ ×ÙØÞÒÝÞÙÜÏ̋ ËÌËÝÏÖÓØÏÜÏÐÏÜ̋ ãÖÓÞÙÖ̙͗̋͒͑ÑÜË×Ý˹ÎËã̚ ÞÙÙÞÒÚËÝÞÏÞáÓÍÏÎËÓÖã ÝÏËÖËØÞÚÜÙÞÙÍÙÖ
͓͕×ÙØÞÒÝ ÏàËÖßËÞÏÍËÜÓÏÝ ÏØÍÏÐÙÜØÏá Ñß×ÙÜÍËØÎÓÏÝ˛áÙÞËÌÝ ÚÖßÝ˝͑˛͖͑ϯËÜÓØÝÏ ÚÞÓÙØËÖ˝ÐÙÜ ̙ǏƼƽǇǀά ̚
ÜÓÝÕ ÚËÞÓÏØÞÝÙÜÓÐ ÙÐÑß×ÙÜÞáÙÍËØÎÓÏÝ ÎËÓÖã˛
ØÓÞÓËÖÖã˜͓͒̋ËÚÚÙÐ ÏâÍÏÝÝÓàÏÜÙÙÞ
ÞÒÏÜÏÓÝÝßÝÚÓÍÓÙØ ÐÙßÜÞÓ×ÏÝÎËÓÖã ËàËÜØÓÝÒ˞͒ËÚÚËÞ͕̋͗ ÏâÚÙÝßÜÏÙÜÝÏØ̋
ÙÐÒÓÑÒÌËÍÞÏÜÓËÖ ×ÙØÞÒÜÏÍËÖÖ ÝÓÞÓàÓÞã
ÍÒËÖÖÏØÑÏËØÎÞÙ
ËÝÝÏÝÝÏÐÐÓÍËÍã
ËØÎÚËÞÓÏØÞÍÙÙÚ̋
ÏÜËÞÓÙØ
ÓÑÒÜÓÝÕ̩ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͔͕̋ ËÖÓàËÐÖÙáÞÏÝÞ ÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏ ͒˛͒ϯËÞÙÙÞÒÚËÝÞÏ ÙÞÜÏÛßÓÜÏÎ ÚÞÓÙØËÖ˝ ÝÚÏÜ

ÑÜËÚÒÝÏàÏÜã͙͗̋͒ ×ÙØÞÒÝÞÙÜÏ̋ ËØÎÌËÍÞÏÜÓËÖ ͑˛͓͒ϯ ÞáÓÍÏÎËÓÖãÓØÝÞÏËÎÙÐ ÚÚÖãÍËÖÍÓß×˹ ÝÏËÖËØÞÚÜÙÞÙÍÙÖ
×ÙØÞÒÝÙÜßØÞÓÖØÙ ÏàËÖßËÞÏÍËÜÓÏÝ ÍßÖÞßÜÏÓØÓÞÓËÖÖã ͒͑×ÖÜÓØÝÏÐÙÜÙØÏ×ÓØ̋ ÜÏÑßÖËÜÐÖßÙÜÓÎÏÞÙÙÞÒ̋ ÚÒÙÝÚÒËÞÏÚËÝÞÏ ̙ǏƼƽǇǀά ̚
ÍËàÓÞËÞÏÎÖÏÝÓÙØÝ ÜÓÝÕËØÎËÚÚÖã ËØÎËÞÏàÏÜãÍËÜ̋ ßÞÏÎËÓÖãÐÙÜÙØÏáÏÏÕ ÚËÝÞÏ˛ÚÞÓÙØËÖ˝͑˛͓ϯ ÝÏàÏÜËÖÞÓ×ÏÝ
ËÜÏÏàÓÎÏØÞ ÐÖßÙÜÓÎÏàËÜØÓÝÒ ÓÏÝÜÏÍËÖÖËÚÚÞ˛ÞÙ ÏËÍÒ×ÙØÞÒ˛ãÖÓÞÙÖ̙͗̋͒͑ ËÜÓØÝÏÎËÓÖã̙͒ÌÙÞÞÖÏ̚ ÎËÓÖã
ËÝÝÏÝÝÏÐÐÓÍËÍã ÑÜË×Ý˹ÎËã̚Ñß×ÙÜÍËØ̋ ÞÒÏØ͑˛͖͑ϯË
ËØÎÚËÞÓÏØÞÍÙÙÚ̋ ÎÓÏÝ˛áÙÞËÌÝÙÐÑß×ÙÜ ÜÓØÝÏ͓ÎËÓÖã˛
ØÓÞÓËÖÖã˜͔͒̋
ÏÜËÞÓÙØ ÞáÙÍËØÎÓÏÝÐÙßÜÞÓ×ÏÝ ËÚÚÙÐËàËÜØÓÝÒ˞͒ËÚÚ
ÎËÓÖã ËÞ͔͕̋×ÙØÞÒÜÏÍËÖÖ
âÞÜÏ×ÏÜÓÝÕ̩̩ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͔×ÙØÞÒÝ ËÖÓàËÐÖÙáÞÏÝÞ ÒÖÙÜÒÏâÓÎÓØÏ͑˛͓͒ϯ ͒˛͒ϯËÞÙÙÞÒÚËÝÞÏ ÍÓÎ̋ØÏßÞÜËÖÓäÓØÑ ÏÛßÓÜÏÎÚÚÖã ÝÚÏÜ

̙ ÓÑÒÜÓÝÕÚÖßÝ ÑÜËÚÒÝÏàÏÜã͗ ÞÙÜÏ̋ÏàËÖßËÞÏ ËØÎÌËÍÞÏÜÓËÖ ̙ÚÜÏÐÏÜËÌÖã ÓØáËÞÏÜ ÞáÓÍÏÎËÓÖãÓØÝÞÏËÎÙÐ ÜÓØÝÏÝËÝØÏÏÎÏÎ ÍËÖÍÓß×˹ÚÒÙÝ̋ ÝÏËÖËØÞÚÜÙÞÙÍÙÖ
ÎÜã×ÙßÞÒÙÜ ×ÙØÞÒÝÙÜßØÞÓÖØÙ ÍËÜÓÏÝÜÓÝÕËØÎ ÍßÖÞßÜÏÓØÓÞÓËÖÖã ÌËÝÏÜÓØÝÏ͒͑̚×ÖÜÓØÝÏ ÜÏÑßÖËÜÐÖßÙÜÓÎÏÞÙÙÞÒ̋ ÓÐ×ÙßÞÒÐÏÏÖÝÎÜã˜ ÚÒËÞÏÚËÝÞÏ ̙ǏƼƽǇǀά ̚
ÝÚÏÍÓËÖØÏÏÎÝ̚ ÍËàÓÞËÞÏÎÖÏÝÓÙØÝ ËÚÚÖãÐÖßÙÜÓÎÏ ËØÎËÞÏàÏÜãÍËÜ̋ ÐÙÜÙØÏ×ÓØßÞÏÎËÓÖãÐÙÜ ÚËÝÞÏ˛͑˛͖͑ϯË ËÐÞÏÜÝØËÍÕÓØÑ˜ ÞáÓÍÏÎËÓÖã
ËÜÏÏàÓÎÏØÞ àËÜØÓÝÒ˛ ÓÏÝÜÏÍËÖÖËÚÚÞ˛ÞÙ ÙØÏáÏÏÕÏËÍÒ×ÙØÞÒ˛ ÜÓØÝÏáÒÏØ×ÙßÞÒÐÏÏÖÝ ÌÏÎÞÓ×ÏËØÎËÐÞÏÜ
ËÝÝÏÝÝÏÐÐÓÍËÍã ãÖÓÞÙÖ̙͗̋͒͑ÑÜË×Ý˹ÎËã̚ ÎÜã˜ËÐÞÏÜÝØËÍÕÓØÑ˜ ÌÜÏËÕÐËÝÞ˛ËÕÓØÑ
ËØÎÚËÞÓÏØÞÍÙÙÚ̋ Ñß×ÙÜÍËØÎÓÏÝ˛áÙÞËÌÝ ÌÜÏËÕÐËÝÞ˜ËØÎÖßØÍÒ˛ ÝÙÎËÑß×ËÝ
ÏÜËÞÓÙØ ÙÐÑß×ÙÜÞáÙÍËØÎÓÏÝ
ØÓÞÓËÖÖã˜͔͒̋ËÚÚ˛Ë ØÏÏÎÏÎ
ÐÙßÜÞÓ×ÏÝÎËÓÖã àËÜØÓÝÒ˞͒ËÚÚËÞ͔×ÙØÞÒ
ÜÏÍËÖÖ˛
̩ËÞÓÏØÞÝáÓÞÒÙØÏ̙ÙÜ×ÙÜÏ̚ÍËàÓÞËÞÏÎÖÏÝÓÙØ̙Ý̚ËÜÏÒÓÑÒ̋ÜÓÝÕÚËÞÓÏØÞÝ˛̩̩ËÞÓÏØÞÝáÓÞÒÙØÏ̙ÙÜ×ÙÜÏ̚ÍËàÓÞËÞÏÎÖÏÝÓÙØ̙Ý̚ËØÎÝÏàÏÜÏÒãÚÙÝËÖÓàËÞÓÙØËÜÏÏâÞÜÏ×Ï̋ÜÓÝÕÚËÞÓÏØÞÝ˛̩̩̩ÖÖÜÏÝÞÙÜËÞÓàÏáÙÜÕÞÙÌÏÎÙØÏáÓÞÒ
ÞÒÏ×ÓØÓ×ËÖÖãÓØàËÝÓàÏÚÒÓÖÙÝÙÚÒãÓØ×ÓØÎ˛âÓÝÞÓØÑÝ×ÙÙÞÒÝßÜÐËÍÏÖÏÝÓÙØÝÞÒËÞÎÙØÙÞÚÏØÏÞÜËÞÏÞÒÏËØÎËÜÏØÙÞÍËàÓÞËÞÏÎÝÒÙßÖÎÌÏÞÜÏËÞÏÎÍÒÏ×ÓÍËÖÖã˜ØÙÞÝßÜÑÓÍËÖÖã˛ÙÜÏâÞÜÏ×Ï̋ÜÓÝÕÚËÞÓÏØÞÝ˜ßÝÏÒÙÖÎÓØÑÍËÜÏ
áÓÞÒÑÖËÝÝÓÙØÙ×ÏÜ×ËÞÏÜÓËÖÝßØÞÓÖÍËÜÓÏÝÚÜÙÑÜÏÝÝÓÙØÓÝÍÙØÞÜÙÖÖÏÎ˛ËÞÓÏØÞÝáÓÞÒËÚÚÖÓËØÍÏÝ̙Ý˜ÚÜÙÝÞÒÙÎÙØÞÓÍÝ̚ÜÏÛßÓÜÏÏâÍÏÖÖÏØÞÙÜËÖÒãÑÓÏØÏÞÙÑÏÞÒÏÜáÓÞÒÓØÞÏØÝÓàÏÐÖßÙÜÓÎÏÞÒÏÜËÚãÏ˛Ñ˛˜ÒÓÑÒÐÖßÙÜÓÎÏÞÙÙÞÒ̋
ÚËÝÞÏËØÎÐÖßÙÜÓÎÏàËÜØÓÝÒÏàÏÜãÞÒÜÏÏ×ÙØÞÒÝ˛ÒÏÜÏÓØÎÓÍËÞÏÎ˜ËØÞÓÌËÍÞÏÜÓËÖÞÒÏÜËÚãÞÙÌÏÎÙØÏÓØÍÙØÔßØÍÞÓÙØáÓÞÒÜÏÝÞÙÜËÞÓàÏáÙÜÕ˛͐͐͐ÙÜËÖÖÜÓÝÕÖÏàÏÖÝ˝ËÞÓÏØÞÝ×ßÝÞ×ËÓØÞËÓØÑÙÙÎÙÜËÖÒãÑÓÏØÏËØÎËÎÓÏÞÖÙáÓØ
ÐÜÏÛßÏØÍãÙÐÐÏÜ×ÏØÞËÌÖÏÍËÜÌÙÒãÎÜËÞÏÝ˛̩̩̩̩ãÖÓÞÙÖÓÝØÙÞÑÙÙÎÐÙÜÚÏÞÝ̙ÏÝÚÏÍÓËÖÖãÎÙÑÝ̚˛
QMBRVFSFNPWBMBOEEJFUBSZDPVOTFMJOH MJOFTGPS1SFTDSJCJOH%FOUBM3BEJPHSBQITJO NPOUIT EFQFOEFOUVQPOUIFSJTLGBDUPST

UPDPOUSPMUIFBNPVOUBOEGSFRVFODZ ñïïó XXXLPEBLDPNHPEFOUBM
UIF QSFTFOUBOEUIFQSBDUJUJPOFSTKVEHNFOU
PGGFSNFOUBCMFDBSCPIZESBUFJOUBLF GSFRVFODZPGSBEJPHSBQIJDFYBNJOBUJPO 3JTLGBDUPSJOUFSWFOUJPOT TVDIBTEJFU
JTMFTTJOUIFTFHSPVQT XJUICJUFXJOH DPVOTFMJOH PSBMIZHJFOFJOTUSVDUJPO BOE
ǏǃǀǇǊǒ̋ǍǄǎǆǋƼǏǄǀǉǏ SBEJPHSBQIFWFSZñóUPòõNPOUIT VTFPGnVPSJEFSJOTFT NBZSFRVJSFNPSF
-PXSJTLQBUJFOUTUZQJDBMMZQSFTFOU BHHSFTTJWFJNQMFNFOUBUJPOBOENPSF
XJUIMJUUMFIJTUPSZPGDBSJPVTMFTJPOT ǏǃǀǈǊƿǀǍƼǏǀ̋ǍǄǎǆǋƼǏǄǀǉǏ GSFRVFOUNPOJUPSJOH6TFPGTFBMBOUTBTB
FYUSBDUJPOT PSSFTUPSBUJPOTó8IBUFWFS .PEFSBUFSJTLQBUJFOUT CZEFmOJUJPO QSFWFOUJWFNFBTVSFNBZCFNPSFEFTJS
DPNCJOBUJPOPGPSBMCBDUFSJB PSBMIZHJFOF IBWFNPSFSJTLGBDUPSTUIBOUIFMPXSJTL BCMFUPSFDPNNFOEJOUIJTSJTLDBUFHPSZô
IBCJUT EJFU nVPSJEFVTF PSTBMJWBSZ QBUJFOUT)PXFWFS UIFTFQBUJFOUTUZQJ
DPOUFOUBOEnPXUIFZNBZIBWF JUIBT DBMMZEPOPUTIPXUIFTJHOTPGDPOUJOV ǏǃǀǃǄǂǃ̋ǍǄǎǆǋƼǏǄǀǉǏ
QSPUFDUFEUIFNGSPNUIFEJTFBTFPGDBSJFT 1BUJFOUTXIPDVSSFOUMZIBWFEFOUBM
UIVTGBSBOEDPVMEWFSZMJLFMZDPOUJOVF DBSJFT NPTUPGUFOEFUFSNJOFECZDBWJ
UPQSPUFDUUIFNGSPNUIFEJTFBTFJOUIF ǄǏǄǎƼǇǎǊǋǊǎǎǄƽǇǀ UBUFEMFTJPOT BSFIJHISJTLQBUJFOUTóɥF
GVUVSF)PXFWFS UIFSFJTOPHVBSBOUFF QSFTFODFPGPCTFSWBCMFDBSJPVTMFTJPOT
PGUIJT*GUIFQSPUFDUJWFPSQBUIPHFOJD
ÞÒËÞÝÙ×ÏÙØÏáÒÙ GPSFYBNQMF JTBEJTFBTFJOEJDBUPS BOEJT
GBDUPSTJOUIFJSNPVUIDIBOHFTTJHOJm ÎÙÏÝØÙÞÒËàÏË BWFSZTUSPOHJOEJDBUPSUIBUUIFEJTFBTF
DBOUMZ UIFZXJMMCFDPNFTVTDFQUJCMFUP EFOUBMDBSJFT XJMMQSPHSFTTUPQSPEVDF
UIFEJTFBTF'PSFYBNQMF BEEJUJPOPG
ÍËàÓÞËÞÏÎÖÏÝÓÙØ˜ÌßÞ NPSFDBWJUJFT VOMFTTXFJOUFSWFOFXJUI
NFEJDBUJPOTXJUITFWFSFIZQPTBMJWBUPSZ ÒËÝÞáÙÙÜ×ÙÜÏÒÓÑÒ̋ÜÓÝÕ DIFNJDBMUIFSBQZUPMPXFSUIFCBDUFSJBM
TJEFFĊFDUTDPVMENBSLFEMZBMUFSUIFTBMJWB DIBMMFOHFBOEJODSFBTFSFNJOFSBMJ[BUJPO
nPXPGUIFQBUJFOUBOEQMBDFUIFNJOUIF
ÐËÍÞÙÜÝ˜ÍÙßÖÎÌÏÚÖËÍÏÎ 'FBUIFSTUPOFFUBM DBSJFTSJTLBTTFTT
IJHIPSFYUSFNFSJTLDBUFHPSZ$POWFSTF ÓØÞÒÏÒÓÑÒ̋ÜÓÝÕÑÜÙßÚ˛ NFOU UIJTJTTVF
*UJTBMTPQPTTJCMFUIBU
MZ UIFBCTFODFPGUFFUIBOEUIFQSFTFODF TPNFPOFXIPEPFTOPUIBWFBDBWJUBUFE
PGNVMUJQMFSFTUPSBUJPOTEPOPUQSFDMVEF MFTJPO CVUIBTUXPPSNPSFIJHISJTL
TPNFPOFGSPNCFJOHBUMPXSJTL*UJTQPT GBDUPST DPVMECFQMBDFEJOUIFIJHISJTL
TJCMFGPSTPNFPOFXIPIBTIBEBIJTUPSZ JOHEFOUBMDBSJFTUIBUXPVMEQVUUIFN HSPVQɥFTFQBUJFOUTNVTUCFNBOBHFE
PGVODPOUSPMMFEDBSJFT MPTUUFFUI BOE JOUPUIFIJHISJTLHSPVQó"TNFOUJPOFE BHHSFTTJWFMZUPFMJNJOBUFPSSFEVDFUIF
NVMUJQMFSFTUPSBUJPOTUPCFDPNFBMPXSJTL CFGPSF SJTLMFWFMBTTJHONFOUJTBKVEH QPTTJCJMJUZPGBOFXPSSFDVSSFOUDBSJFT
QBUJFOUCZFĊFDUJWFMZDPOUSPMMJOHUIFJSSJTL NFOUCBTFEVQPOUIFGBDUPSTJEFOUJmFEJO MFTJPO#BDUFSJBMUFTUJOH BOUJNJDSPCJBM
GBDUPSTGPSUIFEJTFBTFɥFNBOBHFNFOU UIFSJTLBTTFTTNFOUQSPDFEVSFBOEHFUUJOH USFBUNFOUT ððQFSDFOU/B'UPPUIQBTUF ô
TUSBUFHZGPSUIFMPXSJTLQBUJFOUJTUP DPOTFOTVTPONPEFSBUFSJTLQBUJFOUTJT QFSDFOU/B'nVPSJEFWBSOJTI BOEYZMJUPM
NBJOUBJOUIFCBMBODFPGQSPUFDUJWFGBDUPST NPSFEJċDVMUUIBOXJUIUIFIJHIBOE BSFTUBOEBSESFHJNFOTGPSBMMIJHISJTL
UIFZDVSSFOUMZIBWFBOEUPNBLFUIFN MPXSJTLHSPVQT"NPEFSBUFSJTLQBUJFOU QBUJFOUT EFUBJMTBSFHJWFOMBUFSBOEJO
BXBSFUIBUUIFJSSJTLGPSDBSJFTDBODIBOHF JOHFOFSBMUFSNTJTPOFXIPIBTTPNFSJTL ǏƼƽǇǀΫ
ò õøɥFGSFRVFODZPGQFSJPEJD
PWFSUJNF4IPVMEUIFSFCFBDIBOHFJO GBDUPSTJEFOUJmFEBOEXIPTFDBSJFTCBM PSBMFYBNTJTJODSFBTFEBOESBEJPHSBQIJD
PSBMIZHJFOF CBDUFSJBMMFWFMT EJFU TBMJWBSZ BODFDPVMEMJLFMZCFNPWFEFBTJMZUPIJHI FWBMVBUJPOXJUIOFXCJUFXJOHSBEJPHSBQIT
nPX PSnVPSJEFVTF UIFEFOUJTUTIPVME SJTL*OUIFTFQBUJFOUTBEEJUJPOBMnVPSJEF NBZCFEFTJSBCMFFWFSZTJYUPðñNPOUIT
BEESFTTUIFTFGPMMPXJOHBDBSJFTSJTLBT UIFSBQZ GPSFYBNQMF DPVMECFBEEFEUP
TFTTNFOUBUFBDIQFSJPEJDPSBMFYBN FOTVSFUIBUUIFCBMBODFJTUJQQFEUPXBSE ǏǃǀǀǓǏǍǀǈǀ̋ǍǄǎǆǋƼǏǄǀǉǏ
-PXSJTLQBUJFOUTHFOFSBMMZOFFEMFTT BSSFTUJOHUIFQSPHSFTTJPOPGUIFEJTFBTF ɥFFYUSFNFSJTLQBUJFOUJTBIJHISJTL
QSPGFTTJPOBMTVQFSWJTJPOGPSDBSJFT UIFZ .PEFSBUFSJTLQBUJFOUTHFOFS QBUJFOUXJUITQFDJBMOFFETPSXIPIBT
NBZXFMMOFFEGSFRVFOUQSPGFTTJPOBMWJTJUT BMMZSFRVJSFNPSFGSFRVFOUSBEJPHSBQIJD UIFBEEJUJPOBMCVSEFOPGCFJOHTFWFSFMZ
EVFUPQFSJPEPOUBMEJTFBTFPSPUIFSDPOEJ FWBMVBUJPOGPSDBSJFTEJTFBTFBDUJWJUZ IZQPTBMJWBSZ1BUJFOUTJOUIJTSJTLHSPVQ
UJPOT
TPUIFGSFRVFODZPGQFSJPEJDPSBM UIBOEPMPXSJTLQBUJFOUT XJUICJUFXJOH NVTUCFFWFONPSFBHHSFTTJWFMZNBOBHFE
FYBNTJTMFTTBOE GPMMPXJOHUIF(VJEF SBEJPHSBQITBQQSPYJNBUFMZFWFSZð÷UPñó BOETFFONPSFGSFRVFOUMZUIBOUIPTFJO
Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ͯ͵
ƾƼǈƽǍƼ
Ͱ ͱ
Ë×ÚÖÏÜÏËÞ×ÏØÞÖËØÐÙÜË Ë×ÚÖÏÜÏËÞ×ÏØÞÖËØÐÙÜË
Ùá̋ÜÓÝÕËÞÓÏØÞ ÙÎÏÜËÞÏ̋ÜÓÝÕËÞÓÏØÞ
ËÞÓÏØÞÙ˛͒ ËÞÓÏØÞÙ˛͓
UIFIJHISJTLHSPVQɥFTFQBUJFOUTMBDL ÙáÍËÜÓÏÝÜÓÝÕ˝͓͕̋ãÏËÜ̋ÙÖÎÐÏ×ËÖÏ˜ØÙ ÙÎÏÜËÞÏÍËÜÓÏÝÜÓÝÕ˝͕͖̋ãÏËÜ̋ÙÖÎ×ËÖÏ˜
ÒÓÝÞÙÜãÙÐÎÏÍËãÏÎ˜×ÓÝÝÓØÑ˜ÙÜÐÓÖÖÏÎÞÏÏÞÒ˜ ÒÓÝÞÙÜãÙÐÝÏàÏÜËÖÜÏÝÞÙÜËÞÓÙØÝËØÎ×ÓÝÝÓØÑ
CPUIUIFCVĊFSJOHBCJMJUZQSPWJEFECZ ÞÏÏÞÒ˜ÒÓÝÞÙÜãÙÐÚÏÜÓÙÎÙØÞËÖÝßÜÑÏÜã˜ØÙ
TBMJWB BOEUIFDBMDJVNBOEQIPTQIBUF ØÙÍËÜÓÙßÝÖÏÝÓÙØÝÚÜÏÝÏØÞ˜ËÎÏÛßËÞÏÝËÖÓàË
ÐÖÙá˜ÑÙÙÎÙÜËÖÒãÑÓÏØÏ˜ÖËÝÞÎÏØÞËÖàÓÝÓÞ ØÏáÍËÜÓÙßÝÖÏÝÓÙØÝ˜ØÙÖÏÝÓÙØÝÜÏÝÞÙÜÏÎÓØ
OFFEFEUPSFNJOFSBMJ[FOPODBWJUBUFE ×ÙÜÏÞÒËØÞÒÜÏÏãÏËÜÝËÑÙ˜ÍÒÓÏÐÍÙ×ÚÖËÓØÞ ÞÒÏÖËÝÞÞÒÜÏÏãÏËÜÝ˜ÐËÓÜÙÜËÖÒãÑÓÏØÏ˜ßÝÏÝ
MFTJPOTɥVT BEEJUJPOBMUIFSBQJFTBSF ÙÐÍÒÓÚÚÏÎËØÞÏÜÓÙÜÞÙÙÞÒ˛ ÝËÖÓàËÜãÜÏÎßÍÓØÑ×ÏÎÓÍËÞÓÙØÝ˜ÖËÝÞÎÏØÞËÖ
JOEJDBUFE JODMVEJOHCVĊFSJOHSJOTFT FH àÓÝÓÞÝÓâ×ÙØÞÒÝËÑÙáÓÞÒÜËÎÓÙÑÜËÚÒÝ˜ÍÒÓÏÐ
ÒËÝÏ͑˝ ÍÙ×ÚÖËÓØÞÓÝÌÜÙÕÏØÖÙáÏÜ×ÙÖËÜ˛
CBLJOHTPEBBOEPUIFST TFF4QPMTLZFU
BM
UPSFQMBDFUIFDMFBOTJOHBOECVĊFSJOH Ù×ÚÜÏÒÏØÝÓàÏÙÜËÖÏâË× ÒËÝÏ͑
GVODUJPOTPGOPSNBMTBMJWBBOEDBMDJVN ͕ÌÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝ ÏÜÓÙÎÓÍÙÜËÖÏâË×
BOEQIPTQIBUFQBTUFTUPSFQMBDFUIF ÒËÝÏ
ÒËÝÏ
OPSNBMTBMJWBSZDPNQPOFOUTGPSSFNJO
ÎßÖÞÚÜÙÚÒãÖËâÓÝ ÏÜÓÙÎÙØÞËÖ×ËÓØÞÏØËØÍÏ
FSBMJ[BUJPOPGUPPUITUSVDUVSFGPMMPXJOH
ÏÍÙ××ÏØÎÞÙÙÞÒÚËÝÞÏáÓÞÒÐÖßÙÜÓÎÏ ÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØÝ
UIFBDJEQSPEVDUJPOPGGPPEJOHFTUJPOðï ðð
ÒËÝÏ
ÏÍÙ××ÏØÎÞÙÙÞÒÚËÝÞÏ̙͒˜͑͑͑ÙÜ͒˜͒͑͑
"8PSE"CPVU"OUJNJDSPCJBMT ÙÙÞÒÙ˛͚ÓØÍÓÝËÖÍÙ×ÚÙÝÓÞÏ ÚÚ×ÐÖßÙÜÓÎÏ̚áÓÞÒÐÖßÙÜÓÎÏ
"TJNQPSUBOUBTBOUJNJDSPCJBMUIFSBQZ ÏÍÙ××ÏØÎÐÖßÙÜÓÎÏÜÓØÝÏ̙͑˛͖͑ÚÏÜ̋
ÒËÝÏ
JTJODPNCBUJOHUIFJOGFDUJPVTQBUIP ÍÏØÞÝÙÎÓß×ÐÖßÙÜÓÎÏ̚ÎËÓÖãÓØËÎÎÓÞÓÙØÞÙ
HFOTUIBUDBVTFEFOUBMDBSJFT UIFGBDU ÙÒËÝÏ
̙ÚÜÙÝÞÒÏÞÓÍ̚ÍËÜÏÓØÎÓÍËÞÏÎ ÞÙÙÞÒÚËÝÞÏ
SFNBJOTUIFSFJTTUJMMOPTJOHMFNPEBMJUZ ÒËÝÏ
ÏÍÙ××ÏØÎâãÖÓÞÙÖÍËØÎÓÏÝÙÜÑß×ÎËÓÖã
UIBUFMJNJOBUFTDBSJPHFOJDCBDUFSJBXJUI ÏÜÓÙÎÓÍÙÜËÖÏâË×ÓØ͓͓͕͒̋×ÙØÞÒÝ ÒËÝÏ
POFUSFBUNFOU3FTFBSDIBOEJOEVTUSZ ÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝÓØ͓͕͔̋͗×ÙØÞÒÝ ÙÙÞÒÙ˛͚͒ÚÙÜÍÏÖËÓØÌÙØÎÏÎÞÙ×ÏÞËÖ

IBTZFUUPQSPWJEFUIFQSPEVDUTUPSBQJEMZ ÍÜÙáØ
BOEQFSNBOFOUMZNPEJGZUIFDPNQMFY
ÒËÝÏ
IVNBOCJPmMNUPBIFBMUIZTUBUF$VS PGQSPEVDUTBSFVTVBMMZUFTUFEBTUIFTPMF
SFOUQSPEVDUTBMXBZTSFRVJSFSFQFUJUJPO JOEFQFOEFOUWBSJBCMFBOEOPUVTFEXJUI ËÜÞÓËÖÎÏØÞßÜÏÜÏÖÓØÏÞÙÖËÌÙÜËÞÙÜã
BUJOUFSWBMTDVTUPNJ[FEGPSFBDIQBUJFOU PUIFSQSPEVDUTFJUIFSDPODVSSFOUMZPSJO ÒËÝÏ

1BUJFOUTBOEDMJOJDJBOTTIPVMECFXBSOFE TVDDFTTJPO*OQSBDUJDF EFOUJTUTDPNNPO ÏÜÓÙÎÓÍÙÜËÖÏâË×ÓØ͓͒×ÙØÞÒÝ
UIBUCJPmMNNPEJmDBUJPOXJMMOPUIBQQFO MZQSFTDSJCFTFWFSBMNPEBMJUJFTTJNVMUBOF ÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝÓØ͓͒×ÙØÞÒÝ
PWFSOJHIUBOE JOSFBMJUZ NBZUBLFTFWFSBM PVTMZBOEUIFFċDBDZPGUIFTFDPNCJOB
ÏÜÓÙÎÙØÞËÖ×ËÓØÞÏØËØÍÏÏàÏÜãÞÒÜÏÏ
NPOUITPSFWFOZFBST$IMPSIFYJEJOF UIF UJPOTJTQPPSMZTUVEJFE*UNBZXFMMCFUIBU ×ÙØÞÒÝ
NPTUTUVEJFEPGDBSJFTBOUJNJDSPCJBMT BDPNCJOBUJPOPGBOUJNJDSPCJBMTBOEPUIFS
IBTCFFODMFBSMZTIPXOUPSFEVDFMFWFMT SJTLNBOBHFNFOUQSPEVDUTXJMMMFBEUPB
PG.4BOEUPSFEVDFUIFSFDVSSFODFPG CFOFmDJBMDIBOHFJOUIFCJPmMN*OPSEFS TDJFOUJmDSFTFBSDIEFNPOTUSBUJOHUIBU
DBSJFTMFTJPOTõ)PXFWFS DIMPSIFYJEJOF UPBMUFSUIFDBSJFTJNCBMBODFUIBUJTQSFT TVDIBUSFBUNFOUNPEBMJUZIBTDMFBS
IBTCFFOTIPXOUPCFMFTTFĊFDUJWFPO FOUJOIJHIPSFYUSFNFDBSJFTSJTLQBUJFOUT CFOFmUTGPSBQBSUJDVMBSSJTLDBUFHPSZ
MBDUPCBDJMMJJOUIFNPVUI XIJDIJTBOPUIFS BHHSFTTJWFBOUJNJDSPCJBMUIFSBQZJTOFFEFE OPUBMMUIFTFTUVEJFTIBWFCFFOEPOF
QSJNBSZQBUIPHFOJOEFOUBMDBSJFTñ BTXFMMBTBHHSFTTJWFnVPSJEFUIFSBQZ CBTFEPOSJTLDBUFHPSZ
UIFEFDJTJPO
"MUIPVHIJPEJOFIBTCFFOSFQPSUFEJO UPVTFBEEJUJPOBMPSPUIFSQSFWFOUJWF
UIFMJUFSBUVSFUPCFFĊFDUJWFJOZPVOHDIJM "8PSE"CPVU3FDPNNFOEFE1SPDFEVSFT NFBTVSFTTIPVMECFDBSFGVMMZDPOTJE
ESFO XIFOBQQMJFEJOUIFPQFSBUJOHSPPN BOE0QUJPOBM1SPDFEVSFT FSFEBOEUIFSJTLTBOEDPTUTXFJHIFE
FOWJSPONFOU UIFSFJTBMBDLPGQVCMJTIFE ǏƼƽǇǀΫ DPOUBJOTSFDPNNFOEBUJPOT BHBJOTUUIFCFOFmUTPGUIPTFNFBTVSFT
SFTFBSDIPOJUTFĊFDUJWFOFTTJOPMEFSDIJM CBTFEPOUIFBWBJMBCMFTDJFODF0GUFO "OUJNJDSPCJBMT TFBMBOUT BOEIJHI
ESFOPSBEVMUTBOEUIFSFGPSFIBTCFFOFY QBUJFOUT BOETPNFUJNFTUIFJSIFBMUIDBSF TUSFOHUInVPSJEFDPVMEIBWFTPNFBT
DMVEFEGSPNUIFBHFõUISPVHIBEVMUQSP QSPGFTTJPOBMTBTXFMM XBOUUPGFFMUIFZ TPDJBUFESJTLTBOEDPTUTUIBUBDDPNQBOZ
UPDPMQSFTFOUFEJOǏƼƽǇǀΫ ñ8JUIUIBUTBJE BSFEPJOHBMMUIFZDBOUPQSPNPUFPSBM BOZQPUFOUJBMCFOFmU*GUIFDPTUBOEBOZ
UIFDMJOJDJBONVTUSFNFNCFSUIBUFċDBDZ IFBMUI8IFOUIFSFJTBMBDLPGEFmOJUJWF SJTLTPGBUSFBUNFOUNPEBMJUZBSFBD
͵ͯͶ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
Ͳ ͳ
Ë×ÚÖÏÜÏËÞ×ÏØÞÖËØÐÙÜË Ë×ÚÖÏÜÏËÞ×ÏØÞÖËØÐÙÜËØ
ÓÑÒ̋ÜÓÝÕËÞÓÏØÞ âÞÜÏ×Ï̋ÜÓÝÕËÞÓÏØÞ
ËÞÓÏØÞÙ˛͔ ËÞÓÏØÞÙ˛͕
ÓÑÒÍËÜÓÏÝÜÓÝÕ˝͓͗̋ãÏËÜ̋ÙÖÎ×ËÖÏ˜ÒÓÝ̋ âÞÜÏ×ÏÍËÜÓÏÝÜÓÝÕ˝͖͓̋ãÏËÜ̋ÙÖÎÐÏ×ËÖÏ˜
ÞÙÜãÙÐÜÏÝÞÙÜËÞÓÙØÝÐÙÜÍËÜÓÙßÝÖÏÝÓÙØÝ ÏâÞÏØÝÓàÏÜÏÝÞÙÜËÞÓàÏÒÓÝÞÙÜã˜×ÓÝÝÓØÑ
͙͒×ÙØÞÒÝËÑÙ˜ØÙ×ÓÝÝÓØÑÞÏÏÞÒ˜ÍËÜÓÙßÝ ÞÏÏÞÒ˜ÑÏØÏÜËÖÓäÏÎËÞÞËÍÒ×ÏØÞÖÙÝÝ˜ØÏá
ÖÏÝÓÙØÞÙÞÒÏÎÏØÞÓØÙØÞÙÙÞÒÙ˛͕˜ÚÙÙÜ ÍËÜÓÙßÝÖÏÝÓÙØÝÙÝ˛͕˜͙˜͚˜͒͑˜͙͒˜ËØÎ͔͒˜
ÙÜËÖÒãÑÓÏØÏ˜áÒÓÞÏÝÚÙÞÖÏÝÓÙØÌßÍÍËÖÙ˛ ÞËÕÓØÑ×ÏÎÓÍËÞÓÙØÝÜÏÝßÖÞÓØÑÓØÝËÖÓàËÜã
͚͒˜ØÙÝã×ÚÞÙ×Ý˜ÚÜÓàËÞÏÖãÓØÝßÜÏÎ˛ ÑÖËØÎÒãÚÙÐßØÍÞÓÙØ˜ÖËÝÞÎÏØÞËÖàÓÝÓÞÞáÙ
ãÏËÜÝËÑÙ˛
ÒËÝÏ͑
ÒËÝÏ͑
Ù×ÚÜÏÒÏØÝÓàÏÙÜËÖÏâË×
Ù×ÚÜÏÒÏØÝÓàÏÙÜËÖÏâË×
DFQUBCMFUPUIFJOGPSNFEQBUJFOU UIFO ËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞ̙ÓØÝßÜËØÍÏÍÙÎÏ˝̋
BUSFBUNFOUDPVMECFDPOTJEFSFEUPCF ͕͖͑͑̚ ßÖÖ̋×ÙßÞÒÝÏÜÓÏÝÙÐÜËÎÓÙÑÜËÚÒÝ
PQUJPOBMGPSQBUJFOUTXIPXJTIUIFN ÓÏÞËØËÖãÝÓÝ ËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞ
4BNQMFUSFBUNFOUQMBOTBSFHJWFOJO ÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝ ÏÎÓÍËÖÍÙØÝßÖÞÙØ×ÏÎÓÍËÞÓÙØÝ
ǏƼƽǇǀǎά̋ί GPSFBDIPGUIFMPX NPEFS ÒËÝÏ
ÓÏÞËØËÖãÝÓÝ
BUF IJHI BOEFYUSFNFSJTLTJUVBUJPOT
ÎßÖÞÚÜÙÚÒãÖËâÓÝ ÒËÝÏ
ËÜÞ
˝ËÜÓÏÝ ÏÝÓÙØËØËÑÏ×ÏØÞ ÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØ ͕ÛßËÎÜËØÞÝÙÐÝÍËÖÓØÑËØÎÜÙÙÞÚÖËØÓØÑ

ɥFEFDJTJPOUPNBOBHFBOFYJTU ÜÏÝÍÜÓÌÏÒÓÑÒÍÙØÍÏØÞÜËÞÓÙØ͒˛͒ÚÏÜÍÏØÞ ØÏ̋×ÙØÞÒÜÏ̋ÏàËÖßËÞÓÙØ
JOHDBSJPVTMFTJPOCZDIFNPUIFSBQFVUJD ÝÙÎÓß×ÐÖßÙÜÓÎÏ̙Ë̚ÞÙÙÞÒÚËÝÞÏßÝÏÎ
ÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØ
ÞáÓÍÏÎËÓÖãÓØÚÖËÍÏÙÐÐÖßÙÜÓÎÏÞÙÙÞÒ̋
NFBOT FH nVPSJEF BOUJNJDSPCJBM ÚËÝÞÏ ÜÏÝÍÜÓÌÏ͒˛͒ÚÏÜÍÏØÞËÞÙÙÞÒÚËÝÞÏßÝÏÎ
YZMJUPM
PSCZTVSHJDBMNFBOT FYDJTJPO ÞáÓÍÏÎËÓÖãÓØÚÖËÍÏÙÐÞÙÙÞÒÚËÝÞÏ
ÜÏÝÍÜÓÌÏÍÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏ̙͑˛͓͒
BOESFTUPSBUJPO
NBZBUUJNFTCFJOnV ÚÏÜÍÏØÞ̚ÜÓØÝÏÞÙÌÏßÝÏÎÙØÍÏÎËÓÖãËÞØÓÑÒÞ
̙ÝË×ÏËÝÐÙÜÒÓÑÒ̋ÜÓÝÕÚËÞÓÏØÞ˜ËÌÙàÏ̚
FODFECZUIFTJUFPSMPDBUJPO UIFEFQUIPS ÐÙÜÙØÏáÏÏÕÏËÍÒ×ÙØÞÒ˛ÏÚÏËÞ×ÙØÞÒÖã˛ ÜÏÝÍÜÓÌÏÍÒÖÙÜÒÏâÓÎÓØÏÜÓØÝÏßÝÏÎÙØÍÏ
FYUFOUPGMFTJPO BOEUIFBDUJWJUZTUBUVTPG ÝÏÝÏÚËÜËÞÏÎÌãÙØÏÒÙßÜÐÜÙ×ÒÓÑÒÍÙØ̋ ÎËÓÖãËÞØÓÑÒÞÐÙÜÙØÏáÏÏÕÏËÍÒ×ÙØÞÒ˛
UIFMFTJPO BDUJWFPSBSSFTUFE
"MUIPVHI ÍÏØÞÜËÞÓÙØÐÖßÙÜÓÎÏÞÙÙÞÒÚËÝÞÏ˛ ÝÏÝÏÚËÜËÞÏÎÌãÙØÏÒÙßÜÐÜÙ×ÒÓÑÒÍÙØ̋
TVSHJDBMSFQBJSPGDBWJUBUFEDBSJFTMFTJPOT ÖßÙÜÓÎÏàËÜØÓÝÒÙÐËÖÖÞÏÏÞÒ ÍÏØÞÜËÞÓÙØÞÙÙÞÒÚËÝÞÏ̙ÝË×ÏËÝÐÙÜÒÓÑÒ̋
ÜÓÝÕÚËÞÓÏØÞËÌÙàÏ̚
NBZOPUBMUFSUIFEJTFBTFSJTLMFWFMPGB
ÒËÝÏ
ÜÏÝÍÜÓÌÏÌËÕÓØÑÝÙÎËÜÓØÝÏÝÐÙßÜÞÙÝÓâ
QBUJFOU JUEPFTSFNPWFOJDIFTUIBUIBSCPS
ÙÙÞÒÙ˛͕Ë×ËÖÑË× ÞÓ×ÏÝÎËÓÖã
DBSJFTDBVTJOHCBDUFSJBBOE PGDPVSTF
SFTUPSFTUIFGVODUJPOPGUIFUPPUI ÏËÖËØÞÝÐÙÜËÖÖÚÙÝÞÏÜÓÙÜÞÏÏÞÒ ÖßÙÜÓÎÏàËÜØÓÝÒÙÐËÖÖÞÏÏÞÒ
ÒËÝÏ
ËÖÍÓß×˹ÚÒÙÝÚÒËÞÏÚËÝÞÏËÚÚÖÓÏÎÝÏàÏÜËÖ
ǎǄǏǀ̋ǎǋǀƾǄǁǄƾǈƼǉƼǂǀǈǀǉǏǊǁǇǀǎǄǊǉǎ ÞÓ×ÏÝÎËÓÖã̙ÞÜËãÝÍËØÌÏÒÏÖÚÐßÖ̚
ÙÒËÝÏ
ÞÜÏËÞ×ÏØÞÓØÎÓÍËÞÏÎ
ƼǉƿǋǍǀǑǀǉǏǄǊǉ ÒËÝÏ
ÒËÝÏ

&WJEFODFCBTFEJOUFSWFOUJPOTUSBUF ÙÙÞÒÙ˛͙×ÏÝÓËÖÍÙ×ÚÙÝÓÞÏ
HJFTBSFDIPTFOUPCSJOHUIFQBUJFOUCBDL ÏÜÓÙÎÓÍÙÜËÖÏâË×ÏàÏÜãÝÓâ×ÙØÞÒÝ
ÙÙÞÒÙ˛͚×ÏÝÓËÖÍÙ×ÚÙÝÓÞÏ
JOUPBIFBMUIZTUBUF)PXFWFS UIF$". ËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞÏàÏÜãÝÓâ×ÙØÞÒÝÞÙ
#3"USFBUNFOUNPEFMEPFTOPUTUPQBU ÍÒÏÍÕÐÙÜÍÙ×ÚÖÓËØÍÏËØÎÏÐÐÓÍËÍãÙÐÞÒÏ ÙÙÞÒÙ˛͒͑ÎÓÝÞËÖÍÙ×ÚÙÝÓÞÏ
ÍÒÖÙÜÒÏâÓÎÓØÏÜÓØÝÏ ÙÙÞÒÙ˛͕×ÙÎË×ËÖÑË×
NBOBHJOHDBSJFTSJTL QSFWFOUJPO
JUBMTP
JODMVEFTFBSMZEFUFDUJPOBOENJOJNBMMZJO ÏàÓÏáÍÙ×ÚÖÓËØÍÏáÓÞÒÍÒÖÙÜÒÏâÓÎÓØÏ ÙÙÞÒÙ˛͙͒ÐßÖÖàÏØÏÏÜÑÙÖÎÍÜÙáØ
ÑÖßÍÙØËÞÏÜÓØÝÏËØÎ͒˛͒ÚÏÜÍÏØÞËÞÙÙÞÒ̋
WBTJWFTUSBUFHJFTUIBUUSFBUDBSJPVTMFTJPOT
ÚËÝÞÏËØÎÙÜËÖÒãÑÓÏØÏ ÒËÝÏ
EJĊFSFOUMZEFQFOEJOHPOTJUF PDDMVTBM
ÎßÖÞÚÜÙÚÒãÖËâÓÝ ÙÖÎÙØÚÜÙÝÞÒÏÞÓÍÝßØÞÓÖÍËÜÓÏÝËØÎÚÏÜÓ̋
BQQSPYJNBM PSSPPU
FYUFOUPGUIFMFTJPO
ÙÎÙØÞËÖÚÜÙÍÏÝÝÏÝËÜÏÝÞËÌÓÖÓäÏÎ
DBWJUBUFEPSOPU
BOEDBSJFTBDUJWJUZðñ ðò ÖßÙÜÓÎÏàËÜØÓÝÒÙÐËÖÖÞÏÏÞÒ
"MUIPVHIUIFDIFNJTUSZPGUIFDBSJFT Ï̋ÏàËÖßËÞÏÍËÜÓÏÝËØÎÚÏÜÓÙÎÙØÞËÖÝÞËÞßÝ
ËÞÐÙßÜÞÙÝÓâáÏÏÕÝÐÜÙ×ÓØÓÞÓËÖÞÒÏÜËÚã˹
QSPDFTTJTUIFTBNFBUBMMTJUFT UIFEJĊFS ÒËÝÏ
FODFTJONPSQIPMPHZ NJOFSBMDPOUFOU OPUBEFRVBUFGPSEFUFDUJOHFBSMZPDDMVTBM

BOEBCJMJUZUPEFUFDUFBSMZMFTJPOTMFBEUP DBSJFTBOECFDBVTFPGGBMTFOFHBUJWFT NBZ ÒËÝÏ

WFSZEJĊFSFOUNBOBHFNFOUTUSBUFHJFTðó MFBEUPBTJHOJmDBOUOVNCFSPGMFTJPOT ÏÜÓÙÎÓÍÙÜËÖÏâË×ÏàÏÜãÞÒÜÏÏ×ÙØÞÒÝ
CFJOHVOEFUFDUFE UIFTPDBMMFEiIJEEFO ËÜÓÏÝÌËÍÞÏÜÓËÖÞÏÝÞËÞÏËÍÒÍËÜÓÏÝÜÏÍËÖÖ
0DDMVTBM1JUBOE'JTTVSF-FTJPOT PDDMVTBMMFTJPOTw
ðõñï#FDBVTFPGUIFMBSHF ÏâË×
)BSEFTUUP%FUFDU
BNPVOUPGTVSSPVOEJOHTPVOEFOBNFMPO ÖßÙÜÓÎÏàËÜØÓÝÒËÞÏËÍÒÍËÜÓÏÝÜÏÍËÖÖÏâË×
0DDMVTBMDBSJFTMFTJPOTBSFSFTQPOTJCMF UIFGBDJBMBOEMJOHVBMPGUIFUPPUI SBEJPH ÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝÏàÏÜãÝÓâ×ÙØÞÒÝ
GPSUIFNBKPSJUZPGUIFSFTUPSBUJPOTJO SBQIZDBOOPUEFUFDUPDDMVTBMMFTJPOTVOUJM
ÏÜÓÙÎÙØÞËÖ×ËÓØÞÏØËØÍÏÏàÏÜãÞÒÜÏÏ
DIJMESFOðô"OVNCFSPGTUVEJFTIBWFDPO UIFZBSFXFMMBEWBODFEñð$BSJFTEFUFDUJOH ×ÙØÞÒÝ
DMVEFEUIBUUIFVTFPGBEFOUBMFYQMPSFSJT EZFBQQMJFEUPmTTVSFTEPFTOPUJNQSPWF
Ǌ ƾ ǏǊ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ͯͷ
ƾƼǈƽǍƼ
UIFWJTVBMEFUFDUJPOPGEFOUJOBMDBSJFT CZUIF$%5öDPEFTBOETVNNBSJ[FEBT SBUIFSUIBONJDSPNFDIBOJDBMMZNJHIUCF

BOETIPVMEOPUCFVTFEGPSUIBUQVS GPMMPXT4FBMBOUNFBOTJUJTTUJMMDPOmOFE BOBMUFSOBUJWFDIPJDF4PNFTUVEJFTTIPX
QPTFññ'JTTVSFXJEFOJOHIBTCFFOTIPXO JOFOBNFMJUJTOPUUIFEFOUBMNBUFSJBM SFTJOCBTFETFBMBOUTIBWFHPPESFUFOUJPO
UPJNQSPWFTFOTJUJWJUZGSPNðöQFSDFOU FH SFTJOWFSTVTHMBTTJPOPNFS
*UJT XIJMFPUIFSTUVEJFTGPVOEñôQFSDFOUUP
UPöïQFSDFOU CVUJUTUJMMJTEJċDVMUUP DPOTJEFSFEBSFTUPSBUJPOJGBOZQBSUPGUIF ôïQFSDFOUEFDBZVOEFSOFBUIQSFWJPVTMZ
EFUFSNJOFXIFUIFSUIFMFTJPOTFYUFOEFE QSFQBSBUJPOJTJOEFOUJOJGUIFQSFQBSBUJPO QMBDFETFBMBOUTñ÷ñø3FDFOUMZ OFXDPOWFO
JOUPEFOUJOññɥFVTFPGB%*"(/0EFOU iFYUFOETUPwBTFDPOETVSGBDF XIFUIFSPS UJPOBMHMBTTJPOPNFSTIBWFCFFOQSPQPTFE
DBSJFTEFUFDUPS ,B7P"NFSJDB$PSQ OPUUIFTFDPOETVSGBDFJTJOEFOUJO
UIFO BTBDIFNJDBMUSFBUNFOUGPSDBSJFT NBJOMZ
-BLF;VSJDI *MM
NBZBJEJOUIFEFDJ JGJTDPOTJEFSFEBUXPTVSGBDFSFTUPSBUJPO GPSJUTBCJMJUZUPDIFNJDBMMZCPOEUPFOBNFM
TJPONBLJOHQSPDFTTPGBOFBSMZPDDMVTBM /PUF*OQFSGPSNJOHNJOJNBMMZJOWB QSJTNBUJDPSBQSJTNBUJD
BOEEFOUJO BT
MFTJPO CVUJTCZOPNFBOTBCTPMVUFñòñõ TJWFEFOUJTUSZ FTQFDJBMMZXIFOTVSHJDBM XFMMBTJUTJOUFSOBMDBSJFTQSFWFOUJWFFĊFDUT
6OUJMSFDFOUMZ UIFSFXBTOPVOJWFSTBM BUUIFUPPUIHMBTTJPOPNFSJOUFSGBDFòï òð
XBZGPSDMJOJDJBOTUPDBUFHPSJ[FUIFWJTVBM (MBTTJPOPNFS TJODFJUJTBDIFNJ
DIBSBDUFSJTUJDTPGUIFPDDMVTBMTVSGBDFPG ǐǉǏǄǇǍǀƾǀǉǏǇǔ˜ DBMBDJECBTFSFBDUJPO EPFTOPUIBWFUIF
UFFUIɥF*OUFSOBUJPOBM$BSJFT%FUFD ÞÒÏÜÏáËÝ QSPCMFNPGUIFDPOUSBDUJPOHBQGPSNBUJPO
UJPOBOE"TTFTTNFOU4ZTUFN *$%"4 XBT DPNNPOXIFOSFTJOJTQPMZNFSJ[FE*U
EFWFMPQFECZJOUFSOBUJPOBMDPNNJUUFFUP ØÙßØÓàÏÜÝËÖáËã CZOBUVSFPGJUTnVPSJEFSFMFBTF JTDBSJFT
GBDJMJUBUFDBSJFTFQJEFNJPMPHZ SFTFBSDI BOE ÐÙÜÍÖÓØÓÍÓËØÝÞÙ QSPUFDUJWFòñ0OFTUVEZTIPXFECFUUFS
BQQSPQSJBUFDMJOJDBMNBOBHFNFOUñöɥF QFOFUSBUJPOBOESFUFOUJPOPGUIFVOQSF
TZTUFNXBTEFTJHOFEUPQSPWJEFBUFSNJ ÍËÞÏÑÙÜÓäÏÞÒÏ QBSFEmTTVSFTVTJOHBHMBTTJPOPNFSTFBM
OPMPHZUPEFTDSJCFXIBUJTTFFOWJTVBMMZ àÓÝßËÖÍÒËÜËÍÞÏÜÓÝÞÓÍÝ BOUJOUIFQSFTFODFPGTBMJWBòò*OBEEJUJPO
SBUIFSUIBOEJDUBUFUSFBUNFOUQSPUPDPMñö TPNFIBWFTQFDVMBUFEUIBUQMBDJOHSFTJO
)PXFWFS HJWFOUIFDPSSFMBUJPOPGWJTVBM ÙÐÞÒÏÙÍÍÖßÝËÖ POBOFXMZFSVQUFEUPPUIDPVMEJOIJCJU
mOEJOHTUPIJTUPMPHJDmOEJOHT UIFTZTUFN ÝßÜÐËÍÏÙÐÞÏÏÞÒ˛ GVUVSFNJOFSBMNBUVSBUJPO BOEQFSIBQT
DBOSFBTPOBCMZCFVTFEUPHVJEFUSFBUNFOU HMBTTJPOPNFSNBZQSPWFBEWBOUBHFPVT
EFDJTJPOTJONBOBHJOHPDDMVTBMMFTJPOT GPSDPOUJOVFEQFSNFBUJPOPGDFSUBJO
ǏƼƽǇǀΰTIPXTUIF*$%"4EFmOJUJPOT IJTUP QSPDFEVSFTBSFJOWPMWFE JUJTDSJUJDBMUP NPMFDVMFTBOENJOFSBMTJOUPUIFUPPUIòï òó
MPHJDmOEJOHT BOEWJTVBMJOUFSQSFUBUJPOPG IBWFQSPQFSEPDVNFOUBUJPO*OUIJTDBTF *OTVNNBSZ BTPGZFU UIFSFJTOP
UIFEFmOJUJPOTɥFSFDPNNFOEFEQSPUPDPM *$%"4DPEFT %*"(/0EFOUSFBEJOHT JG QFSGFDUXBZUPEFUFDUUIFFBSMZPDDMVTBM
JTGPPUOPUFEBUUIFCPUUPNPGUIFǏƼƽǇǀΰ EPOF
BOEQSFPQ JOUSBPQ BOEQPTUPQ MFTJPO*$%"4PDDMVTBMDPEFTBOEQSPUPDPM
*OTVNNBSZ QJUTBOEmTTVSFTJEFOUJ DMJOJDBMQIPUPHSBQITJTIJHIMZSFDPN DPVMEIFMQDMJOJDJBOTNBLFUIFEFDJTJPOUP
mFEBTDPEFTïñEPOPUSFRVJSFTFBMBOUT NFOEFE8FIBWFUIFQSPGFTTJPOBMPCMJHB USFBUBQJUPSmTTVSFXJUIDIFNPUIFSBQFV
4FBMBOUTBSFDPOTJEFSFEPQUJPOBMJGOP UJPOUPFMJNJOBUFUIFVOFUIJDBMNJTVTFPG UJDBHFOUT TFBMBOUT PSSFTUPSBUJPOT(MBTT
UPPUITUSVDUVSFJTSFNPWFEUPDPNQMFUF .*% PWFSUSFBUNFOU
GPSmOBODJBMHBJO JPOPNFSDPVMECFBQPTTJCMFUSFBUNFOUBM
UIFQSPDFEVSF %*"(/0EFOUSFBEJOHT 1SFWFOUJWFDBSFPGUIFPDDMVTBMTVSGBDF UFSOBUJWFUPSFTJOCBTFETFBMBOUT FTQFDJBM
NBZCFIFMQGVMJODMBTTJGZJOHMFTJPOTVTJOH JTQSPCMFNBUJD3FTJOCBTFENBUFSJBMTEP MZJOJNNBUVSFFOBNFM XIFOOPmTTVSF
UIF*$%"4DPEFTñòñõ
1JUTBOEmTTVSFT OPUCPOEBTXFMMUPBQSJTNBUJDFOBNFM QSFQBSBUJPOJTQFSGPSNFE PSXIFOQSPQFS
DMBTTJmFEBTDPEFTñòXJUI%*"(/0EFOU DPNNPOPOOFXMZFSVQUFEUFFUI
OPSEP JTPMBUJPOJTOPUBDIJFWBCMFòò"HHSFTTJWF
SFBEJOHTJOUIFñïòïSBOHFTIPVMEIBWF UIFZBMMPXGPSDPOUJOVFENJOFSBMJ[BUJPOPG QSFWFOUJPOBOEFBSMZNJOJNBMJOUFSWFO
BNJOJNBMMZJOWBTJWFiDBSJFTCJPQTZw DPO BOFXMZFSVQUFEUPPUI BOESFTJOTFBMBOUT UJPOJTJOEJDBUFEGPSUIPTFBUIJHIFSSJTL
TFSWBUJWFmTTVSFXJEFOJOH
UPEFUFSNJOF NBZGBJMXIFOJTPMBUJPOJTOPUJEFBM*O
XIFUIFSBTFBMBOUBOE RVJUFQPTTJCMZ B PSEFSUPHFUBHPPESFTJOCPOEUPFOBNFM "QQSPYJNBM-FTJPOT
SFTUPSBUJPOJTUPCFQMBDFEñô1JUTBOEmT QJUTBOEmTTVSFTTIPVMECFEFFQFOFEBOE 4NPPUI4VSGBDF-FTJPOT
TVSFTDMBTTJmFEBTDPEFTóõSFRVJSFNJOJ XJEFOFEIPXFWFS UIJTJTDPOUSBEJDUPSZ *GUIFTVSGBDFPGBTNPPUITVSGBDF

NBMMZJOWBTJWFSFTUPSBUJPOɥFEFmOJUJPO UPBNJOJNBMMZJOWBTJWFBQQSPBDI(MBTT MFTJPOJTOPUDBWJUBUFE UIFODIFNJDBM
PGBiTFBMBOUwBOEiSFTUPSBUJPOwBSFEFmOFE JPOPNFSTFBMBOUTUIBUCPOEDIFNJDBMMZ SFQBJSJTUIFSFDPNNFOEFEUSFBUNFOU
͵Ͱ ͮ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ʹ
ÍÍÖßÝËÖÜÙÞÙÍÙÖ̩̩̩

ÍÙÎÏ ͑ ͒ ͓ ͔ ͕ ͖ ͗
ÏÐÓØÓÞÓÙØÝ ÙßØÎÞÙÙÞÒÝßÜÐËÍÏ˞ ÓÜÝÞàÓÝßËÖÍÒËØÑÏ ÓÝÞÓØÍÞàÓÝßËÖÍÒËØÑÏ ÙÍËÖÓäÏÎÏØË×ÏÖ ØÎÏÜÖãÓØÑÎËÜÕ ÓÝÞÓØÍÞÍËàÓÞãáÓÞÒ âÞÏØÝÓàÏÎÓÝÞÓØÍÞ

ØÙÍËÜÓÏÝÍÒËØÑÏ ÓØÏØË×ÏÖ˞ÝÏÏØÙØÖã ÓØÏØË×ÏÖ˞ÝÏÏØáÒÏØ ÌÜÏËÕÎÙáØáÓÞÒØÙ ÝÒËÎÙáÐÜÙ×ÎÏØÞÓØ˜ àÓÝÓÌÖÏÎÏØÞÓØ˞ÐÜËØÕ ÍËàÓÞãáÓÞÒÎÏØÞÓØ˞
ËÐÞÏÜËÓÜÎÜãÓØÑ̙͖ ËÐÞÏÜËÓÜÎÜãÓØÑ˜ÙÜ áÏÞ˜áÒÓÞÏÙÜÍÙÖÙÜÏÎ˜ àÓÝÓÌÖÏÎÏØÞÓØÙÜ áÓÞÒÙÜáÓÞÒÙßÞÖÙÍËÖ̋ ÍËàÓÞËÞÓÙØÓØàÙÖàÓØÑ ÍËàÓÞãÓÝÎÏÏÚËØÎ
ÝÏÍ̚˞ÙÜÒãÚÙÚÖËÝÓË˜ ÍÙÖÙÜÏÎÍÒËØÑÏ˫ÞÒÓØˬ ˫áÓÎÏÜˬÞÒËØÞÒÏÐÓÝ̋ ßØÎÏÜÖãÓØÑÝÒËÎÙá˞ ÓäÏÎÏØË×ÏÖÌÜÏËÕ̋ ÖÏÝÝÞÒËØÒËÖÐÙÐË áÓÎÏÓØàÙÖàÓØÑ×ÙÜÏ
áÏËÜ˜ÏÜÙÝÓÙØ˜ËØÎ ÖÓ×ÓÞÏÎÞÙÞÒÏÍÙØ̋ ÝßÜÏ˹ÐÙÝÝË ÎÓÝÍÙØÞÓØßÓÞãÙÐÝßÜ̋ ÎÙáØ ÞÙÙÞÒÝßÜÐËÍÏ ÞÒËØÒËÖÐÙÐÞÒÏÞÙÙÞÒ
ÙÞÒÏÜØÙØÍËÜÓÏÝÚÒÏ̋ ÐÓØÏÝÙÐÞÒÏÚÓÞËØÎ ÐËÍÏÏØË×ÏÖ˜áÓÎÏØ̋
ØÙ×ÏØË ÐÓÝÝßÜÏËÜÏË ÓØÑÙÐÐÓÝÝßÜÏ
ÓÝÞÙÖÙÑÓÍÎÏÚÞÒ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹

áËÝ͚͑ϯÓØÞÒÏÙßÞÏÜ áËÝ͖͑ϯÓØØÏÜÏØË×̋ áÓÞÒ͘͘ϯÓØÎÏØÞÓØ áÓÞÒ͙͙ϯÓØÞÙÎÏØÞÓØ áÓÞÒ͒͑͑ϯÓØÎÏØÞÓØ ͒͑͑ϯÜÏËÍÒÓØÑÓØØÏÜ
ÏØË×ÏÖáÓÞÒÙØÖã͒͑ϯ ÏÖËØÎ͖͑ϯÓØÞÙÞÒÏ ͒˹͔ÎÏØÞÓØ
ÓØÞÙÎÏØÞÓØ ÙßÞÏÜ͒˹͔ÎÏØÞÓØ̚
ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏÍÙ××ÏØÎËÞÓÙØÐÙÜ
ÎÏØÞ×ËãÌÏ
ÎÏØÞ×ËãÌÏ ÙÜÍËÜÓÏÝÌÓÙÚÝãÓÐ ÓØàËÝÓàÏÜÏÝÞÙÜËÞÓÙØ ÜÏÝÞÙÜËÞÓÙØ ÜÏÝÞÙÜËÞÓÙØ ÜÏÝÞÙÜËÞÓÙØ
ÖÙáÜÓÝÕ ÒÏÖÚÐßÖ ÒÏÖÚÐßÖ
ÎÏØÞÓÝ͓͔͑̋͑ ØÏÏÎÏÎ
ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏÍÙ××ÏØÎËÞÓÙØÐÙÜ
ÎÏØÞ×ËãÌÏ ÏÎ
ÎÏØÞ×Ëã ÏÎÙÜÍËÜÓÏÝÌÓÙÚÝãÓÐ ÓØàËÝÓàÏÜÏÝÞÙÜËÞÓÙØ ÜÏÝÞÙÜËÞÓÙØ ÜÏÝÞÙÜËÞÓÙØ ÜÏÝÞÙÜËÞÓÙØ
×ÙÎÏÜËÞÏÜÓÝÕ ÒÏÖÚÐßÖ ÌÏÒÏÖÚÐßÖ
ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏÍÙ××ÏØÎËÞÓÙØÐÙÜ ÏÎ
ÎÏØÞ×Ëã ÏÎ
ÒÓÑÒÜÓÝÕ̩ ÌÏÒÏÖÚÐßÖ ÌÏÒÏÖÚÐßÖ
ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏÍÙ××ÏØÎËÞÓÙØÐÙÜ ÏÎ
ÎÏØÞ×Ëã ÏÎ
ÏâÞÜÏ×ÏÜÓÝÕ̩̩ ÌÏÒÏÖÚÐßÖ ÌÏÒÏÖÚÐßÖ
̩ËÞÓÏØÞÝáÓÞÒÙØÏ̙ÙÜ×ÙÜÏ̚ÍËàÓÞËÞÏÎÖÏÝÓÙØ̙Ý̚ËÜÏÒÓÑÒ̋ÜÓÝÕÚËÞÓÏØÞÝ˛̩̩ËÞÓÏØÞÝáÓÞÒÙØÏ̙ÙÜ×ÙÜÏ̚ÍËàÓÞËÞÏÎÖÏÝÓÙØ̙Ý̚ËØÎâÏÜÙÝÞÙ×ÓËËÜÏÏâÞÜÏ×Ï̋ÜÓÝÕÚËÞÓÏØÞÝ˛
̩̩̩ÖÖÝÏËÖËØÞÝËØÎÜÏÝÞÙÜËÞÓÙØÝÞÙÌÏÎÙØÏáÓÞÒË×ÓØÓ×ËÖÖãÓØàËÝÓàÏÚÒÓÖÙÝÙÚÒãÓØ×ÓØÎ˛ÏËÖËØÞÝËÜÏÎÏÐÓØÏÎËÝÍÙØÐÓØÏÎÞÙÏØË×ÏÖ˛ÏÝÞÙÜËÞÓÙØÓÝÎÏÐÓØÏÎËÝÓØÎÏØÞÓØ˛ÞáÙ̋ÝßÜÐËÍÏÜÏÝÞÙÜËÞÓÙØÓÝÎÏÐÓØÏÎËÝË
ÚÜÏÚËÜËÞÓÙØÞÒËÞÒËÝÙØÏÚËÜÞÙÐÞÒÏÚÜÏÚËÜËÞÓÙØÓØÎÏØÞÓØËØÎÞÒÏÚÜÏÚËÜËÞÓÙØÏâÞÏØÎÝÞÙËÝÏÍÙØÎÝßÜÐËÍÏ̙ØÙÞÏ˝ÞÒÏÝÏÍÙØÎÝßÜÐËÍÏÎÙÏÝØÙÞÒËàÏÞÙÌÏÓØÎÏØÞÓØ̚˛ÝÏËÖËØÞÍËØÌÏÏÓÞÒÏÜÜÏÝÓØ̋ÌËÝÏÎÙÜÑÖËÝÝÓÙØÙ̋
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ Ͱͯ
×ÏÜ˛ÏÝÓØ̋ÌËÝÏÎÝÏËÖËØÞÝÝÒÙßÖÎÒËàÏÞÒÏ×ÙÝÞÍÙØÝÏÜàËÞÓàÏÖãÚÜÏÚËÜÏÎÐÓÝÝßÜÏÝÐÙÜÚÜÙÚÏÜÌÙØÎÓØÑ˛ÖËÝÝÓÙØÙ×ÏÜÝÒÙßÖÎÌÏÍÙØÝÓÎÏÜÏÎáÒÏÜÏÞÒÏÏØË×ÏÖÓÝÓ××ËÞßÜÏ˜ÙÜáÒÏÜÏÐÓÝÝßÜÏÚÜÏÚËÜËÞÓÙØÓÝØÙÞÎÏÝÓÜÏÎ˜
ÙÜáÒÏÜÏÜßÌÌÏÜÎË×ÓÝÙÖËÞÓÙØÓÝØÙÞÚÙÝÝÓÌÖÏ˛ËÞÓÏØÞÝÝÒÙßÖÎÌÏÑÓàÏØËÍÒÙÓÍÏÓØ×ËÞÏÜÓËÖÝÏÖÏÍÞÓÙØ˛
ƾƼǈƽǍƼ
&BSMZBQQSPYJNBMMFTJPOTBSFJEFBMUPSFN 3PPU-FTJPOT )BSEFTUUP3FTUPSF

JOWBTJWFEFOUJTUSZTIPVMEBQQMZɥF
JOFSBMJ[FTJNQMZCFDBVTFUPQJDBMnVPSJEF $FNFOUVNBOEEFOUJOJTNVDINPSF HVJEFMJOFTQSFTFOUFEJOUIJTBSUJDMFBSF
XPSLTXFMMPOTNPPUITVSGBDFTBOEUIFSF QPSPVTUIBOFOBNFM CFJOHBCPVUôï CBTFEJOUIFCFTUBWBJMBCMFTDJFOUJmD
JTBSFMJBCMFXBZUPNPOJUPSJUTQSPHSFTT QFSDFOUCZWPMVNFNJOFSBMBOEBCPVUôï MJUFSBUVSFBOEBSFJOUFOEFEUPCFBIFMQGVM
CJUFXJOHSBEJPHSBQIT
*Oðøøñ 1JUUTBOE QFSDFOUCZWPMVNFEJĊVTJPOTQBDF XBUFS HVJEFGPSEFOUBMQSBDUJUJPOFSTNBOBHJOH
3JNNFSDPSSFMBUFESBEJPHSBQIJDEFQUI QSPUFJO BOEMJQJET
#POEJOHDPNQPTJUF EFOUBMDBSJFT
UPDBWJUBUJPO*OUIJTTUVEZ OPOFPGUIF NBUFSJBMTUPEFOUJOBOEDFNFOUVNJTB
TBNQMFTXFSFDBWJUBUFEUIBUQSFTFOUFE DMJOJDBMDIBMMFOHFJGGPSOPUIJOHNPSFUIBO Ǎ ǀ ǁ ǀ Ǎ ǀ ǉƾǀ ǎ˝
XJUIBSBEJPMVDFODZJOUIFPVUFSIBMGPG JUTMPDBUJPO PGUFOTVCHJOHJWBM EJċDVMUUP ͒˛ÏËÞÒÏÜÝÞÙØÏ˜ËØÝÕã˜ÏÞËÖ˜ÜËØÎÙ×ÓäÏÎÍÖÓØÓÍËÖ
ÞÜÓËÖÙÐÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞ˛ËÜÓÏÝÏÝ
FOBNFM*GUIFSBEJPMVDFODZBQQFBSFEJO JTPMBUF LFFQESZ
BOEEJċDVMUUPMJHIUDVSF ͔͚˝͓͚͖̙ËÌÝÞÜËÍÞ͓͖͐̚˜͓͖͑͑˛
UIFJOOFSIBMGPGFOBNFMPOUIFSBEJP EFFQCPYGPSNT
*OUIJTDBTF DIFNJDBM ͓˛ÏÜÕÙáÓÞä˜ÍÛßÓÝÓÞÓÙØËØÎÞÜËØÝ×ÓÝÝÓÙØÙÐ×ßÞËØÝ
HSBQI UIFOUIFQFSDFOUDBWJUBUJPOXBT TFBMJTQFSIBQTNPSFJNQPSUBOUUIBOSFUFO ÝÞÜÏÚÞÙÍÙÍÍÓ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͓͒̚˝͔͖͙͒̋˜͓͔͑͑˛
͔˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÍÙØÞÜÓÌßÞÓØÑÐËÍÞÙÜÝ
BCPVUðïQFSDFOUɥJTJODSFBTFEUPóð UJWFCPOETUSFOHUIòï(MBTTJPOPNFSSFTUPS ËØÎÏËÜÖãÎÏÞÏÍÞÓÙØ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͓͒̚˝͓͚͔͔͒̋˜͓͔͑͑˛
QFSDFOUJGUIFSBEJPMVDFODZFYUFOEFEUP BUJWFNBUFSJBMTBSF SFBTPOBCMZ UIFNBUFSJBM ͕˛ÏËÞÒÏÜÝÞÙØÏ˜ÏÞËÖ˜ËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ̋
UIFPVUFSIBMGPGEFOUJO BOEðïïQFSDFOU PGDIPJDFPOEFOUJOBOEDFNFOUVNCFDBVTF ×ÏØÞ˝ÍÙØÝÏØÝßÝÝÞËÞÏ×ÏØÞ˛ËÖÓÐÏØÞÝÝÙÍ͓͔͑͑˞͔̙͔͒̚˝͓͖̋͘
͚͗˜ÚÜÓÖ͓͓͑͑˛
DBWJUBUJPOJGUIFSBEJPMVDFODZFYUFOEFE PGUIFJSDIFNJDBMMZGVTFETFBM SBUIFSUIBO ͖˛ÎËÓÜ˜ÒÏÜÙÖÏÙÐÝÏËÖËØÞÝÓØÍËÜÓÏÝÚÜÏàÏØÞÓÙØÚÜÙ̋
UPUIFJOOFSIBMGPGUIFEFOUJOFòô0UIFS NJDSPNFDIBOJDBMCPOE
MFTTTISJOLBHF ÑÜË×Ý˛ËÖÓÐÏØÞÝÝÙÍ͔̙͔͒̚˝͓͓͒̋͘˜͓͔͑͑˛
TUVEJFTDPSSFMBUJOHSBEJPHSBQIJDEFQUI nVPSJEFSFMFBTF CJPDPNQBUJCJMJUZ BOE ͗˛ØÎÏÜÝÙØ ˜ÜÏàÓÏáÙÐÞÒÏÏʩÍËÍãÙÐÍÒÖÙÜÒÏâÓÎÓØÏ
ÙØÎÏØÞËÖÍËÜÓÏÝËØÎÞÒÏÍËÜÓÏÝÓØÐÏÍÞÓÙØ˛ËÖÓÐÏØÞÝÝÙÍ
UPIJTUPMPHZBSFOPUBTIFMQGVMTJODF QFSIBQTUIFOJDFTUGFBUVSF UIFOFFEGPSB ͔̙͔͒̚˝͓͕͒͒̋˜͓͔͑͑˛
JUEPFTOPUEFUFSNJOFUIFQSFTFODFPG NPJTUTVSGBDFUPJOUFSBDUXJUIòð òñ$PNQPT ͘˛ÙØÖã˜ÖßÙÜÓÎÏàËÜØÓÝÒÏÝ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͔͒̚˝͓͚͒̋͘˜
DBWJUBUJPOɥVT NBOZSFTPSUUPTVSHJ JUFDBOBMTPCFMBZFSFEPOUPQPGHMBTTJPOP ͓͔͑͑˛
͙˛ÏÓØÞÜËßÌ˜Ë×ÙÝ̋Ù×Ïä˜ÏÞËÖ˜ÖßÙÜÓÎÏàËÜØÓÝÒ
DBMSFQBJSPOMZJGUIFSBEJPHSBQITIPXT NFSQSPEVDUTVTJOHUIFDPSSFDUUFDIOJRVFT ÏʩÍËÍãÓØÚÜÏàÏØÞÓØÑÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˛ÏØÞÏÝ
BDMFBSFOBNFMDPOFXJUIBEFOUJOBM BOENBUFSJBMTòöɥJTTPDBMMFEiTBOEXJDIw ͙͖̙͓̚˝͓͒̋͗͘˜͓͑͑͗˛
QFOFUSBUJPOBOEVTFDIFNJDBMSFNJO UFDIOJRVFBMMPXTUIFTUSFTTPGUIFSFTJO ͚˛ ãØÍÒ ˜ÓÖÑÜÙ×˜ãÖÓÞÙÖËØÎÎÏØÞËÖÍËÜÓÏÝ˝ËØÙàÏÜàÓÏá
ÐÙÜÍÖÓØÓÍÓËØÝ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͔͒̚˝͓͖͚͑̋˜͓͔͑͑˛
FSBMJ[BUJPOTUSBUFHJFTUPSFQBJSMFTJPOT QPMZNFSJ[BUJPOQSPDFTTUPCFEJTTJQBUFEJO ͒͑˛ÏãØÙÖÎÝ˜Ï×ÓØÏÜËÖÓäËÞÓÙØÙÐÏØË×ÏÖÝßÌÝßÜÐËÍÏÖÏ̋
TIPXJOHMFTTFSSBEJPHSBQIJDQFOFUSBUJPO UIFTFUUJOHHMBTTJPOPNFS HMBTTJPOPNFS ÝÓÙØÝÌãÍËÝÏÓØÚÒÙÝÚÒÙÚÏÚÞÓÎÏ̋ÝÞËÌÓÖÓäÏÎÍËÖÍÓß×ÚÒÙÝÚÒËÞÏ
ɥFFYDFQUJPOUPUIJTHVJEFMJOFJTUIF UBLFTEBZTUPTFUBOEIBTCFFOTIPXOUPJO ÝÙÖßÞÓÙØÝ˛ÏØÞÏÝ̙͚͗͘̚˝͖͙͚͖͒̋͘˜͚͚͒͘˛
͒͒˛ÏãØÙÖÎÝ˜ËÓ˜ÏÞËÖ˜ÏÞÏØÞÓÙØÓØÚÖËÛßÏËØÎÜÏ×ÓØÏÜ̋
DBTFPGWFSUJDBMNBSHJOBMSJEHFGSBDUVSF DSFBTFJOTUSFOHUIGPSUXPUPUISFFZFBST
ò÷ ËÖÓäËÞÓÙØÙÐÏØË×ÏÖÖÏÝÓÙØÝÌãàËÜÓÙßÝÐÙÜ×ÝÙÐÍËÖÍÓß×ÓØË
XIFSFCBDUFSJBDPVMECFQFOFUSBUJOH ×ÙßÞÒÜÓØÝÏÙÜÝßÑËÜ̋ÐÜÏÏÍÒÏáÓØÑÑß×˛ÏØÞÏÝ͙͓̙͔̚˝͓͑͗̋
EFOUJOTIPXJOHBEFOUJOBMSBEJPMVDFODZ ÙØÍÖßÝÓÙØÝ ͒͒˜͓͔͑͑˛
͓͒˛ÙßØÞ˜ ß×Ï˜ÜÏÝÏÜàËÞÓÙØËØÎÜÏÝÞÙÜËÞÓÙØÙÐÞÙÙÞÒ
XJUIPVUSBEJPHSBQIJDSBEJPMVDFODZJO $BSJFTSJTLBTTFTTNFOUJTUIFCBTJTGPS ÝÞÜßÍÞßÜÏ˜ʨÜÝÞÏÎ˛˜ÙÝÌã˜͚͚͙͒˛
FOBNFMòõ*OUIJTDBTF SFTUPSBUJPOJT TVCTFRVFOUUSFBUNFOUQMBOOJOHUP ͔͒˛ÙßØÞ˜ ß×Ï˜ØÏáÍËàÓÞãÍÖËÝÝÓʨÍËÞÓÙØ˛ßÝÞÜËÖÓËØ
ÏØÞ͕͔̙͔̚˝͖͔͚͒̋˜͚͚͙͒˛
JOEJDBUFEBGUFSDMJOJDBMMZDPOmSNJOH NBOBHFUIFEJTFBTFPGDBSJFT$BSJFTSJTL ͕͒˛ÙßØÑ˜ÏáÍËÜÓÏÝÎÏÞÏÍÞÓÙØÞÏÍÒØÙÖÙÑÓÏÝËØÎ×ÙÎÏÜØ
UIFWFSUJDBMNBSHJOBMSJEHFGSBDUVSF BTTFTTNFOUTIPVMECFSPVUJOFMZCVJMUJOUP ÍËÜÓÏÝ×ËØËÑÏ×ÏØÞ˝×ÏÜÑÓØÑÞÒÏÝÞÜËÞÏÑÓÏÝ˛ÏØÏØÞ
ɥPTFTIPXJOHTMJHIUWFSUJDBMGSBDUVSF DPNQSFIFOTJWFPSBMFYBNJOBUJPOTBOE ͖̙͕͑̚˝͔͓͔͑̋͒˜͓͓͑͑˛
͖͒˛ÕÝÞÜËØÎ˜ÓÍÕÏʵÝ˜ÓÎÎ˜ÍÍÖßÝËÖÍËÜÓÏÝ˝
PGUIFNBSHJOBMSJEHFXJUIPVUSBEJP QFSJPEJDPSBMFYBNJOBUJPOT1BUJFOU ÚËÞÒÙÖÙÑã˜ÎÓËÑØÙÝÓÝËØÎÖÙÑÓÍËÖ×ËØËÑÏ×ÏØÞ˛ÏØÞÚÎËÞÏ
HSBQIJDEFOUJOBMSBEJPMVDFODZNBZOPU USFBUNFOUQMBOTTIPVMESFnFDUCPUIDBSJFT ͓͙̙͙̚˝͔͙͑̋͘˜͓͑͑͒˛
SFRVJSFSFTUPSBUJPO*UJTBMTPSFBTTVSJOH NBOBHFNFOUTUSBUFHJFTBTXFMMBTSFTUPS ͒͗˛ ßÝÝÓ˜ËÖÓÎÓÞãÙÐÎÓËÑØÙÝÞÓÍËØÎÞÜÏËÞ×ÏØÞÎÏÍÓÝÓÙØÝÙÐ
ʨÝÝßÜÏÍËÜÓÏÝ˛ËÜÓÏÝÏÝ͓͖̙͕̚˝͓͚͔͔͗̋͑˜͚͚͒͒˛
UPOPUFUIFDPOTFSWBUJWFBQQSPBDIJT BUJWFQMBOTGPSUIFEFTUSVDUJPODSFBUFECZ ͒͘˛ÏÜÎÙØÝÍÒÙÞ ˜ÜÙØÕÒÙÜÝÞ˜ÏÞËÖ˜ÏÜÐÙÜ×ËØÍÏÙÐ
FTQFDJBMMZBQQMJDBCMFUPUIFBQQSPYJ UIFEJTFBTF$BSJFTNBOBHFNFOUTUSBUFHJFT ÝÙ×ÏÎÓËÑØÙÝÞÓÍÝãÝÞÏ×ÝÓØÏâË×ÓØËÞÓÙØÝÐÙÜÝ×ËÖÖÙÍÍÖßÝËÖ
NBMMFTJPOCFDBVTFNPTUFBSMZMFTJPOT NBZJODMVEFDIFNJDBMUIFSBQZUPSFEVDF ÍËÜÓÙßÝÖÏÝÓÙØÝ˛ËÜÓÏÝÏÝ͓̙͗͒̚˝͖͚͕̋͗˜͚͚͓͒˛
͙͒˛ÏØØÓØÑ˜àËØ×ÏÜÙØÑÏØ˜ÏÞËÖ˜ËÖÓÎÓÞãÙÐÚÜÙÌÓØÑÐÙÜ
FWFOJGDIFNJDBMSFQBJSXBTBUUFNQUFE CBDUFSJBMDIBMMFOHFBTXFMMBTnVPSJEFBOE ʨÝÝßÜÏÍËÜÓÏÝÎÓËÑØÙÝÓÝ˛ËÜÓÏÝÏÝ͓̙͗͗̚˝͕͕͖͚̋˜͚͚͓͒˛
BOEGBJMFE DPVMECFFBTJMZPCTFSWFE PUIFSUIFSBQJFTUPFOIBODFSFNJOFSBMJ[B ͚͒˛ ßÝÝÓ˜Ù×ÚËÜÓÝÙØÙÐÎÓʥÏÜÏØÞ×ÏÞÒÙÎÝÐÙÜÞÒÏÎÓËÑØÙÝÓÝ
POBTVCTFRVFOUSBEJPHSBQIBOESF UJPOPGMFTJPOTUIBUBSFOPUDBWJUBUFE*G ÙÐʨÝÝßÜÏÍËÜÓÏÝáÓÞÒÙßÞÍËàÓÞËÞÓÙØ˛ËÜÓÏÝÏÝ͓̙͖͘̚˝͕͚͑̋͒͗˜
͚͚͔͒˛
TUPSFEXJUIPVUNBLJOHUIFQSFQBSB TVSHJDBMUSFBUNFOUJTOFFEFEGPSDBWJUBUFE ͓͑˛ÓÍÕÏʵÝ˜ÓÎÎ˜ÏÞËÖ˜ ÓÎÎÏØÍËÜÓÏÝ˝áÒËÞÓÝÓÞˣÙÏÝÓÞ
UJPOEFTJHONVDICJHHFS JGBUBMM MFTJPOT UIFQSJODJQMFTPGNJOJNBMMZ ÏâÓÝÞˣÙÏÝÓÞ×ËʵÏÜˣ
ØÞÏØÞ͕̙͖͘̚˝͓͖͚͖̋͗˜͚͚͒͘˛
͵Ͱ Ͱ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
͓͒˛ÙÍÕ˜ÓÎÎ˜ÒÏÏÖÏÍÞÜÙØÓÍÎÏÞÏÍÞÓÙØÙÐÎÏ×ÓØÏÜËÖÓ̋ Ù××ßØÓÞãÏØÞ ÏËÖÞÒ͓̙͔͒̚˝͚͔͙͒̋˜ÏÚÞÏ×ÌÏÜ͓͕͑͑˛ ͔͖˛ÓʵÝ˜Ó××ÏÜ˜ØÓØàÓàÙÍÙ×ÚËÜÓÝÙØÙÐÜËÎÓÙÑÜËÚÒÓÍ

ÝËÞÓÙØÓØÙÍÍÖßÝËÖʨÝÝßÜÏÝ˛ÜÏØÞ͕̙͙͒͗̚˝͓͕͔̋͘˜͚͙͙͒˛ ͓͙˛Ó×ÙØÝÏØ˜ÏÞÏØÞÓÙØËØÎÏʥÏÍÞÓàÏØÏÝÝÙÐÎÏØÞËÖÝÏËÖ̋ ËØÎÎÓÜÏÍÞÖãËÝÝÏÝÝÏÎÍÖÓØÓÍËÖÍËÜÓÏÝÝÞËÞßÝÙÐÚÙÝÞÏÜÓÙÜËÚ̋
͓͓˛ÏÜÏÓÜË˜ÏÜÎÙØÝÍÒÙÞ ˜ ßãÝ×ËØÝ˜ËÜÓÏÝ ËØÞËʰÏÜ͖͒ãÏËÜÝ˛×ÏØÞÝÝÙÍ͓͓̙͒͒͒̚˝͔͕͕͓̋˜͚͚͒͒˛ ÚÜÙâÓ×ËÖÝßÜÐËÍÏÝÓØÚÜÓ×ËÜãËØÎÚÏÜ×ËØÏØÞÞÏÏÞÒ˛ËÜÓÏÝÏÝ
ÎÏÞÏÍÞÓÙØ×ÏÞÒÙÎÝ˝ÍËØÞÒÏãËÓÎÎÏÍÓÝÓÙØ×ËÕÓØÑÐÙÜÓØàËÝÓàÏ ͓͚˛ÙÙÜÞÏÜ×ËØ ˜ÏÏÜÒÏÓÔ× ˜ÏÞËÖ˜ÖÓØÓÍËÖËØÎÜËÎÓÙ̋ ̙͓͗̚˝͕͖͓͒͗̋˜͚͚͓͒˛
ÝÏËÖËØÞÞÜÏËÞ×ÏØÞˣËÜÓÏÝÏÝ͔͖̙͓̚˝͙͔͚̋˜͓͑͑͒˛ ÑÜËÚÒÓÍÔßÎÑ×ÏØÞÙÐÙÍÍÖßÝËÖÍËÜÓÏÝÓØËÎÙÖÏÝÍÏØÞÝ˛ßÜÜËÖ ͔͗˛ÓÖÓÍÓÍÒ˜ËÓØÏã˜ÖÓØÓÍËÖÚÜÏÝÏØÞËÞÓÙØÝÙÐÝÞÜÏÝÝÎÓÝ̋
͓͔˛ ßÝÝÓ˜ÏÞËÖ˛ÖÓØÓÍËÖÚÏÜÐÙÜ×ËØÍÏÙÐÞÒÏÖËÝÏÜʮßÙÜÏÝ̋ ÍÓ͙̙͓͒͑̚˝͚͔͙̋˜͓͑͑͑˛ ÞÜÓÌßÞÓÙØÓØÞÏÏÞÒËØÎÞÒÏÝÓÑØÓʨÍËØÍÏÓØÙÚÏÜËÞÓàÏÎÏØÞÓÝÞÜã˛
ÍÏØÍÏÝãÝÞÏ×
ÎÏØÞÐÙÜÎÏÞÏÍÞÓÙØÐÙÍÍÖßÝËÖÍËÜÓÏÝ˛ ͔͑˛ÙßØÑ˜ÒÏßÝÏÙÐÑÖËÝÝÓÙØÙ×ÏÜÝËÝËÍÒÏ×ÓÍËÖÞÜÏËÞ̋ ÜËÍÞÏÜÓÙÎÙØÞÓÍÝÏÝÞÒÏÞÏØÞ͓̙͒͘̚˝͚͖͗̋͑͑͘˞ÛßÓä͓͑˜͓͑͑͑˛
ËÜÓÏÝÏÝ͔͔̙͒̚˝͓͚͚˜͚͚͚͒˛ ×ÏØÞÐÙÜÍËÜÓÏÝ˛ÜËÍÞÜÙÍÏÎÏÝÞÒÏÞÏØÞ͙̙͕͒̚˝͓͕͙͖̋͑˜͓͑͑͗˛ ͔͘˛ÙßØÞ˜ËÚËÑÏÙÜÑÓÙß˜ËÕÓØÝÙØ˜ÓÍÜÙÖÏËÕËÑÏÓØ
͓͕˛ ÓÌÝÞ˜ËßÖßÝ˜ËÜÓÏÝÎÏÞÏÍÞÓÙØÌãÜÏÎÏâÍÓÞÏÎʮßÙÜÏÝ̋ ͔͒˛ÑÙ ˜ÙßØÞ˜ÝÞßÎãÙÐÑÖËÝÝÓÙØÙ×ÏÜÍÏ×ÏØÞËØÎÓÞÝ ÞÒÏÝËØÎáÓÍÒÞÏÍÒØÓÛßÏ˛×ÏØÞ͖̙͕̚˝͚͖͙͒̋˜͚͚͓͒˛
ÍÏØÍÏ˝
ØàÏÝÞÓÑËÞÓÙØÝÙØʮßÙÜÙÚÒÙÜÏÝ˛ËÚÏÜÚÜÏÝÏØÞÏÎËÞ ÓØÞÏÜÐËÍÏáÓÞÒÏØË×ÏÖËØÎÎÏØÞÓØßÝÓØÑËÖÙá̋ÞÏ×ÚÏÜËÞßÜÏ˜ ͔͙˛ËØßÓØÏØ˜ËàÓÎÝÙØ ˜ÏÞËÖ˜
ØÝÓÞßÞÜËØÝÐÙÜ×ËÞÓÙØ
͕͗ÞÒÙØÑÜÏÝÝ˜͚͚͚͒˛ ÒÓÑÒ̋ÜÏÝÙÖßÞÓÙØÝÍËØØÓØÑÏÖÏÍÞÜÙØ×ÓÍÜÙÝÍÙÚÓÍÞÏÍÒØÓÛßÏ ÙÐÑÖËÝÝÓÙØÙ×ÏÜÓØÞÙËØÏØË×ÏÖ̋ÖÓÕÏ×ËÞÏÜÓËÖ˛×ÏØÞ
͓͖˛ ÏÓØÜÓÍÒ̋ÏÖÞäÓÏØ˜ÏÏÜÒÏÓÔ× ˜ÏÞËÖ˜ÖÓØÓÍËÖÏàËÖßË̋ ßÓØÞÏÝÝÏØÍÏ
ØÞ͓͙̙͒̚˝͔͚͗̋˜͚͚͒͘˛ ̙͕͒͘̚˝͓͓͔̋͘˜͓͕͑͑˛
ÞÓÙØÙÐàÓÝßËÖ˜ÜËÎÓÙÑÜËÚÒÓÍ˜ËØÎÖËÝÏÜʮßÙÜÏÝÍÏØÍÏ×ÏÞÒÙÎÝ ͔͓˛ÙÜÞÙØ˜ÏËÞÒÏÜÝÞÙØÏ˜
ØàÓàÙÓØÒÓÌÓÞÓÙØÙÐÎÏ×ÓØÏÜËÖ̋
ÐÙÜÎÏÞÏÍÞÓÙØÙÐÙÍÍÖßÝËÖÍËÜÓÏÝ˛ÏØÞÒÓÖÎ͚̙͓͗̚˝͓͒̋͘ ÓäËÞÓÙØËÜÙßØÎÙÜÞÒÙÎÙØÞÓÍÌÜËÍÕÏÞÝ˛×ÜÞÒÙÎÏØÞÙÐËÍÓËÖ ǏǊǍǀǌǐǀǎǏƼǋǍǄǉǏǀƿƾǊǋǔǊǁǏǃǄǎƼǍǏǄƾǇǀ˜ǋǇǀƼǎǀ
͔͓˜͓͔˜͓͓͑͑˛ ÜÞÒÙÚ͓͔̙͒͒̚˝͕͒͑̋˜͓͔͑͑˛ ƾǊǉǏƼƾǏÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜Í˜Ò˜ØÓàÏÜÝÓÞãÙÐ
͓͗˛ÒÓ˜ÏÖËØÎÏÜ˜ØÑ×ËÜ̋ËØÝÝÙØ˜ÍÍÖßÝËÖÍËÜÓÏÝ ͔͔˛ØÞÙØÝÙØ˜ËØßÍÕ˜ÏÞËÖ˜ßÜÐËÍÏÚÜÙÞÏÍÞÓÙØÐÙÜØÏáÖã ËÖÓÐÙÜØÓË˜ËØÜËØÍÓÝÍÙ˜ÏÚËÜÞ×ÏØÞÙÐÜÏàÏØÞÓàÏËØÎ
ÎÏÞÏÍÞÓÙØáÓÞÒËÙ
ÎÏØÞËØÎÜËÎÓÙÑÜËÚÒã˝ËØÓØàÓÞÜÙ ÏÜßÚÞÓØÑʨÜÝÞ×ÙÖËÜÝ˛Ù×ÚÏØÎÙØÞÓØÎßÍÏØÞ͓̙͒͘̚˝͕͖͓͗̋˜ ÏÝÞÙÜËÞÓàÏÏØÞËÖÍÓÏØÍÏÝ˜͑͘͘ËÜØËÝÝßÝàÏ˛˜Ùâ͖͙͑͘˜
ÍÙ×ÚËÜÓÝÙØ˛ËÜÓÏÝÏÝ͔͕̙͓̚˝͖͙͒͒̋˜͓͑͑͑˛ ͓͑͑͗˛ ËØÜËØÍÓÝÍÙ˜ËÖÓÐ˛˜͚͕͕͔͒˛
͓͘˛ÓʵÝ˜
˜ËØÓØÞÏÜØËÞÓÙØËÖÝãÝÞÏ×ÐÙÜÍËÜÓÏÝÎÏÞÏÍ̋ ͔͕˛Óß˜Ëã˜ÏÞËÖ˜
ØÞÏÜËÍÞÓÙØÙÐÜÏÝÓØ̋×ÙÎÓʨÏÎÑÖËÝÝ̋
ÞÓÙØËØÎËÝÝÏÝÝ×ÏØÞÌÏÓØÑÎÏàÏÖÙÚÏÎÞÙÐËÍÓÖÓÞËÞÏÍËÜÓÏÝ ÓÙØÙ×ÏÜÍÏ×ÏØÞÝáÓÞÒ×ÙÓÝÞÎÏØÞÓØÏ˛ÏØÞ͔͓̙͘̚˝͖͓͔͒̋͑˜
ÏÚÓÎÏ×ÓÙÖÙÑã˜ÜÏÝÏËÜÍÒËØÎËÚÚÜÙÚÜÓËÞÏÍÖÓØÓÍËÖ×ËØËÑÏ×ÏØÞ˛ ͓͕͑͑˛
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ Ͱͱ
ƿ ǀ ǉ ǏƼ Ǉ ǋ Ǎ Ǌ ƿ ǐ ƾ Ǐ ǎ
ÜÙÎßÍÞÝ̐
ÖÎ˜Ïá˜ËØÎ×ÏÜÑÓØÑ
ǑǇƼƿǄǈǄǍǒ˛ǎǋǊǇǎǆǔ˜ƿǈƿ˜ǈǋǃ˞ƽǍǄƼǉǋ˛ƽǇƼƾǆ˜ƿƿǎ˞ƼǉƿǇƼǍǍǔǅǀǉǎǊǉ˜ƿƿǎ˜ǈƼ
ƼƽǎǏǍ ƼƾǏ ÒÏÚËÜËÎÓÑ×ÝÒÓʰÓØßØÎÏÜÝÞËØÎÓØÑÞÒÏÏÞÓÙÖÙÑã˜ÚÜÏàÏØÞÓÙØ˜ËØÎ

ÞÜÏËÞ×ÏØÞÙÐÎÏØÞËÖÍËÜÓÏÝÜÏÛßÓÜÏÝËØßØÎÏÜÝÞËØÎÓØÑÙÐÞÒÏÎÏØÞËÖÚÜÙÎßÍÞÝÞÒËÞËÜÏ
ÍßÜÜÏØÞÖãËàËÓÖËÌÖÏÞÙËÝÝÓÝÞÞÒÏÍÖÓØÓÍÓËØÓØÚÜßÎÏØÞÜÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜÚËÞÓÏØÞ
ÓØÞÏÜàÏØÞÓÙØÝ˛ÒÏÚßÜÚÙÝÏÙÐÞÒÓÝÜÏàÓÏáÓÝÞÙÚÜÏÝÏØÞÞÒÏÏàÓÎÏØÍÏÌËÝÏÐÙÜÍßÜÜÏØÞ
ÚÜÙÎßÍÞÝËØÎÞÒÙÝÏÞÒËÞÒËàÏÜÏÍÏØÞÖãËÚÚÏËÜÏÎÙØÞÒÏ×ËÜÕÏÞ˛

ƼǐǏǃǊǍǎ ƿǄǎƾǇƼǄǈǀǍ BOBHJOHEFOUBMDBSJFTCZ QBUJFOUJOUFSWFOUJPOTDPWFSJOHUIFCSPBE
ÖËÎÓ×ÓÜ˛ÚÙÖÝÕã˜ƿǈƿ˜ SJTLBTTFTTNFOUSFRVJSFT SBOHFPGFYUSFNFBOEIJHIDBSJFTSJTL
ÒÏÚÜÙÎßÍÞÝÎÓÝÍßÝÝÏÎÓØ
ǈǋǃ˜ÓÝËØËÝÝÙÍÓËÞÏÚÜÙ̋ ÞÒÓÝÓÝÝßÏËÜÏÓØÞÏØÎÏÎÞÙ BOVOEFSTUBOEJOHPGUIF UPQBUJFOUTXJUINPEFSBUFBOEFWFOMPX
ÐÏÝÝÙÜ˜ÓàÓÝÓÙØÙÐßÌÖÓÍ ÌÏÏâË×ÚÖÏÝÙÐÍßÜÜÏØÞÖã QBUIPMPHJDBOEQSPUFDUJWF SJTL"MUIPVHIMPXDBSJFTSJTLQBUJFOUT
ÏËÖÞÒËØÎÙ××ßØÓÞã ËàËÓÖËÌÖÏÚÜÙÎßÍÞÝÐÙÜ GBDUPSTUIBUFYJTUJOUIF NJHIUOPUCFDPOTJEFSFEBUSJTLGPSDBS
ÏØÞÓÝÞÜã˜ØÓàÏÜÝÓÞãÙÐ ÍÖÓØÓÍÓËØÝÞÙßÝÏÓØÍËÜÓÏÝ iDBSJFTCBMBODFw SFGFSUP'FBUIFSTUPOF JFT QSJNBSZQSFWFOUJPO CZEFmOJUJPO JT
ËÖÓÐÙÜØÓË˜ ÙÝØÑÏÖÏÝ˜ ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝ̋
ÍÒÙÙÖÙÐÏØÞÓÝÞÜã˛ FUBMUIJTJTTVF
ɥFQBUIPMPHJDGBDUPST JOUFOEFEUPQSFWFOUEJTFBTFGSPNPDDVS
ÝÏÝÝ×ÏØÞ˛ÒÏËßÞÒÙÜÝÎÙ
ØÙÞÏØÎÙÜÝÏËØãÙÐÞÒÏÝÏ JODMVEFUIFUSBOTNJTTJCMFBOEJOGFDUJWF SJOHCFGPSFBOZQBUIPMPHZJTQSFTFOU
ÜÓËØ˛ÖËÍÕ˜ƿƿǎ˜ÓÝ ÚÜÙÎßÍÞÝËØÎËÚÚÜÏÍÓ̋ PSHBOJTNT NVUBOTTUSFQUPDPDDJ .4 BOE $MJOJDJBOTTQFOEUIFNBKPSJUZPGUIFJS
ËÝÝÓÝÞËØÞÎÓÜÏÍÞÙÜ˜ÓàÓÝÓÙØ ËÞÏÞÒËÞÞÒÏÜÏËÜÏ×ËØã MBDUPCBDJMMJ -#
SFEVDFETBMJWBSZnPX DBSFFSTEFBMJOHXJUITFDPOEBSZQSFWFOUJPO
ÙÐÖÓØÓÍËÖÏØÞÓÝÞÜã˜ Ù×Ë ÙÞÒÏÜÚÜÙÎßÍÞÝÞÒËÞáÏÜÏ BOEUIFGSFRVFOUJOHFTUJPOPGGFSNFOUBCMF JF SFNPWJOHUIFSFTVMUPGEFOUBMDBSJFT
ÓØÎËØÓàÏÜÝÓÞã˜ÍÒÙÙÖÙÐ Ù×ÓʵÏÎÙØÖãÌÏÍËßÝÏÙÐ
ÏØÞÓÝÞÜã˛ DBSCPIZESBUFT OPUKVTUTVDSPTF3FDPHOJ[ BOESFTUPSJOHUIFDBWJUBUJPOBOEPSEFGFDUT
ÖÓ×ÓÞËÞÓÙØÝÙÐÝÚËÍÏ˛
JOHDBSJFTFUJPMPHZJTJNQFSBUJWFCFGPSF JOUPPUITUSVDUVSFXJUIEFOUBMNBUFSJ
ËÜÜãÏØÝÙØ˜ƿƿǎ˜ǈƼ˜ SBUJPOBMJOUFSWFOUJPOTDBOCFEFWFMPQFEð BMTUIBUBSFCJPMPHJDBMMZDPNQBUJCMFXJUI
ÓÝÐÙÜ×ÏÜÖãËÒÏËÖÞÒÝÍÓ̋ ɥFQSPUFDUJWFGBDUPSTJODMVEFBE UIFUFFUIBOETVQQPSUJOHUJTTVFT4PNF
ÏØÍÏÝÍÖÓØÓÍËÖÚÜÙÐÏÝÝÙÜ˜
FRVBUFBNPVOUTPGIFBMUIZTBMJWBUIBU PGUIFQSPEVDUT TVDIBTDIMPSIFYJEJOF
ÏÚËÜÞ×ÏØÞÙÐÜÏàÏØÞÓàÏ
ËØÎÏÝÞÙÜËÞÓàÏÏØÞËÖ JODMVEFBDJECVĊFST UIFQSFTFODFPG $)9
BOEnVPSJEFT IBWFBOFYUFOTJWF
ÍÓÏØÍÏÝ˜ØÓàÏÜÝÓÞãÙÐ DBMDJVN QIPTQIBUF BOEnVPSJEFGPS FWJEFODFCBTFUPTVQQPSUFċDBDZCVUNBZ
ËÖÓÐÙÜØÓË˜ËØÜËØÍÓÝÍÙ˜ SFNJOFSBMJ[BUJPO QSPUFJOTBOEMJQJET OPUIBWFBTTUSPOHBOFWJEFODFCBTFBTB
ÍÒÙÙÖÙÐÏØÞÓÝÞÜã˛ UIBUGPSNUIFQSPUFDUJWFQFMMJDMF JN DBSJFTUSFBUNFOUJOUFSWFOUJPO$PNNFOUT
NVOPHMPCVMJOT BOEBTBMJWBSZnPXSBUF XJMMCFNBEFDPODFSOJOHUIFTUSFOHUI
BEFRVBUFUPDMFBSUIFPSBMDBWJUZ"MUIPVHI PGFWJEFODFXJUIJOUIFDPOUFYUPGSJTL
JOUSJOTJDBOUJCBDUFSJBMGBDUPSTBSFQSFT BTTFTTNFOUBOEiDBSJFTCBMBODFw-BTUMZ
FOUJOUIFTBMJWB FYUSJOTJDBOUJCBDUFSJBM UIFVTFPGBOZPGUIFQSPEVDUTEJTDVTTFE
BHFOUTBSFBOJNQPSUBOUDPOTJEFSBUJPOJO JOUIJTQBQFSJTQSFEJDBUFEPOBTTJTUJOH
UIFiFYUSFNFSJTLwBOEiIJHIDBSJFTSJTLw QBUJFOUTUPUIPSPVHIMZDMFBOUIFJSUFFUI
QBUJFOUCFDBVTFTBMJWBSZBOUJNJDSPCJ JODMVEJOHBQQSPYJNBMT POBEBJMZCBTJT
BMTNBZCFJOTVċDJFOUUPPWFSDPNFUIF
DIBMMFOHFPGIJHI.4BOE-#DPVOUT ÜÙÎßÍÞËÞÏÑÙÜÓÏÝáÓÞÒâË×ÚÖÏÝ
ɥFSFNBJOEFSPGUIJTSFWJFXXJMM ɥFQSPEVDUTSFWJFXFEIFSFBSFGPS
EJTDVTTQSBDUJDBMEFOUBMQSPEVDUTUPVTFJO VTFJOUIFDMJOJDBMNBOBHFNFOUPGEFOUBM
͵Ͱ Ͳ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
DBSJFT BTEFTDSJCFEJOEFUBJMJOUIJTJTTVF BOEJPEJOFJOZPVOHBEVMUTBOEGPVOE DMJOJDBMVTF UIFSFJTBTUSPOHCPEZPGFWJ

CZ3BNPT(PNF[FUBMBOE+FOTPOFUBM UIBUCPUIXFSFFĊFDUJWFJOTVQQSFTT EFODFTVQQPSUJOHUIFFċDBDZPGïðñQFS
JOPUIFSQBQFSTJOUIJT+PVSOBM*OUIPTF JOH4NVUBOTõ)PXFWFS JUJTTJHOJmDBOU DFOUDIMPSIFYJEJOFUIBUKVTUJmFTJUTEFTJH
QBQFST HFOFSJDEFTDSJQUJPOTBSFVTFEJO UIBUXJUI$)9 4NVUBOTSFNBJOFE OBUJPOBTPOFPGUIFNPTUFĊFDUJWFDBSJFT
UIFUSFBUNFOUUBCMFTBOEQSPDFEVSBMEF TVQQSFTTFEñðEBZTBGUFSBQQMJDBUJPO BOUJNJDSPCJBMBHFOUTDVSSFOUMZBWBJMBCMF
TDSJQUJPOTɥJTQBQFSQSPWJEFTFYBNQMFT *OBSBOEPNMZDPOUSPMMFEDMJOJDBMUSJBM
PGUIFTFQSPEVDUTJODMVEJOHQSPEVDUEF UIBUFYUFOEFENPSFUIBOUXPZFBST 8ZBUU "QQMJDBUJPO
TDSJQUJPOT CSBOEOBNFT BOETPVSDFT*UJT BOE.BD&OUFFDPNQBSFEEBJMZSJOTJOH *OFYUSFNFSJTLBOEIJHISJTLDBSJFT
OPUJOUFOEFEUPCFJODMVTJWFOPSJTBOZFO XJUIFJUIFS$)9PSïñQFSDFOUOFVUSBM BEVMUT ðïNJMMJMJUFSTPGïðñQFSDFOU$)9
EPSTFNFOUUPBQBSUJDVMBSQSPEVDUPSDPN TPEJVNnVPSJEFöɥFZDPODMVEFEUIBUUIF TPMVUJPOTIPVMECFVTFEGPSSJOTJOHPODFPS
QBOZJNQMJFE.BOZQSPEVDUTXFSFPNJU ïñQFSDFOUnVPSJEFSJOTFTJHOJmDBOUMZ UXJDFEBJMZGPSPOFNJOVUF BGUFSCSFBLGBTU
UFEPOMZCFDBVTFPGMJNJUBUJPOTPGTQBDF BOEBUCFEUJNF BGUFSCSVTIJOHUIFUFFUI

GPSTFWFOEBZTPSPOFXFFLQFSNPOUI
ØÞÓÌËÍÞÏÜÓËÖÝ ƼǇǏǃǊǐǂǃǇǊǒ .PSFEFUBJMBCPVUIPXUIJTmUTJOUPUIF
UIFSBQZGPSJOEJWJEVBMTGPMMPXJOHDBSJFTSJTL
ƾǃǇǊǍǃǀǓǄƿǄǉǀ̙ƾǃǇǊǍǃǀǓǄƿǄǉǀ
ÍËÜÓÏÝÜÓÝÕÚËÞÓÏØÞÝ BTTFTTNFOUJTHJWFOJOUIFQBQFSCZ+FOTPO
ǂǇǐƾǊǉƼǏǀΪ˛ΫάǋǀǍƾǀǉǏ˜ΫΫ˛ΰǋǀǍƾǀǉǏ ×ÓÑÒÞØÙÞÌÏÍÙØÝÓÎÏÜÏÎ FUBMUIJTJTTVF*OUIFIJHIDBSJFTSJTLBEVMU
ƼǇƾǊǃǊǇ˜ǋǀǍǄǊǂƼǍƿ˜ǋǀǍǄƿǀǓ˜ǋǀǍǄǊǍǓ UIJTTIPVMECFGPMMPXFECZUISFFXFFLTPG
Ƽǉƿǂ̋ǐ̋ǈƾǃǇǊǍǃǀǓǄƿǄǉǀǂǇǐƾǊǉƼǏǀ
ËÞÜÓÝÕÐÙÜÍËÜÓÏÝ˜ÚÜÓ×ËÜã SJOTJOHXJUIFJUIFSUIFïñQFSDFOU/B'
ǊǍƼǇǍǄǉǎǀǐǎǋ̚ ÚÜÏàÏØÞÓÙØ˜ÌãÎÏÐÓØÓÞÓÙØ˜ÓÝ 3JOTF 1SFWJEFOUPS0SBM#
PS05$ïïô
ɥFSFJTBMBSHFCPEZPGEBUBJODMVEJOH QFSDFOU/B'SJOTF6TFPGUIFïñQFSDFOU
DPOUSPMMFEDMJOJDBMUSJBMTUPTVQQPSUUIF
ÓØÞÏØÎÏÎÞÙÚÜÏàÏØÞÎÓÝÏËÝÏ /B'SJOTFJTPQUJPOBM BOE JGTFMFDUFE
FċDBDZPGDIMPSIFYJEJOF $)9
BTBOBO ÐÜÙ×ÙÍÍßÜÜÓØÑÌÏÐÙÜÏËØã TIPVMECFVTFEEBJMZ BGUFSMVODITPBTOPU
UJQMBRVFBHFOUɥFNFDIBOJTNPGBDUJPO UPJOUFSGFSFXJUIUIFððQFSDFOU/B'UPPUI
JTUJNFEFQFOEFOUBOESFRVJSFTBUXP
ÚËÞÒÙÖÙÑãÓÝÚÜÏÝÏØÞ˛ QBTUF*GUIJTPQUJPOJTOPUTFMFDUFE UIFQB
TUFQQSPDFTT'JSTU UIFTUSPOHMZDBUJPOJD UJFOUTIPVMEVTFUIF05$ïïôQFSDFOU/B'
$)9NPMFDVMFNVTUBUUBDIUPUIFBOJPOJD SJOTF UXJDFEBJMZ BGUFSCSFBLGBTUBOEBGUFS
UPPUITVSGBDFBOEUIFOJUJTSFMFBTFEPWFS SFEVDFEUIFJODJEFODFPGDBSJFTBNPOH MVODI*UJTVTFGVMUPOPUFUIBUDBUJPOJDQSPE
BQFSJPEPGGPVSUPðñIPVSTɥFDBUJPOJD FMEFSTJOBMPOHUFSNDBSFSFTJEFODF VDUT FH $)9
XJMMCJOEUPTPNFFYUFOU
NPMFDVMFBUUBDIFTUPUIFBOJPOJDTVSGBDF DPNQBSFEUPUIF$)9HSPVQɥJTJTOPU XJUIBOJPOJDQSPEVDUT FH nVPSJEFPSJP
PGUIFCBDUFSJBMDFMM1SPMPOHFEDPOUBDU TVSQSJTJOH CFDBVTFUIF$)9DBOPOMZ EJOF
BOEUIFDPOUFOUTTIPVMEOPUCFNJYFE
XJUIUIFCBDUFSJBFWFOUVBMMZXFBLFOT SFEVDFUIF.4÷ XIFSFBTUIFïñQFSDFOU UPHFUIFSPSVTFEJNNFEJBUFMZBGUFSPOFBO
UIFDFMMXBMMBOEEJTSVQUTJUTDPOUFOUTñ nVPSJEFSJOTFDPOUSJCVUFTUPUIFSFNJO PUIFS*UJTQPTTJCMFUPVTFnVPSJEFUIFSBQZ
$IMPSIFYJEJOFJTFĊFDUJWFBHBJOTUBCSPBE FSBMJ[BUJPOPGUIFUPPUITVSGBDF*OUIBU BOE$)9POUIFTBNFEBZGPSPOFXFFLB
TQFDUSVNPGNJDSPPSHBOJTNTJOEFOUBM TUVEZ UIFEBJMZVTFPGïñQFSDFOUOFVUSBM NPOUI QSPWJEFEUIFZBSFVTFEBCPVUPOF
QMBRVF JODMVEJOH.4 OPUOFDFTTBSJMZ-#
TPEJVNnVPSJEFEFDSFBTFEUIFJODJEFODF IPVSPSNPSFBQBSUUPBMMPXGPSFJUIFSUP
"OFYDFMMFOUBOEDPODJTFSFWJFX PGDBSJFTJOJOTUJUVUJPOBMJ[FEFMEFST JOUFSBDUXJUIUIFUFFUIBOEUIFQMBRVF*O
PGUIFFċDBDZPGDIMPSIFYJEJOFJTQSF EFNPOTUSBUJOHUIFOFDFTTJUZPGFOIBODJOH UIJTDBTF BPODFBEBZSJOTFXJUIUIF$)9
TFOUFECZ"OEFSTPOò)FDPODMVEFEUIBU SFNJOFSBMJ[BUJPOEVSJOHUIFUSFBUNFOUPG BOEBPODFBEBZSJOTFXJUInVPSJEFBU
UIFMJUFSBUVSFJTNJYFEPOUIFFĊFDUTPG JOEJWJEVBMTBUSJTLPGDBSJFTQSPHSFTTJPO BOPUIFSUJNFPGEBZJTSFDPNNFOEFEɥJT
$)9BHBJOTUEFOUBMDBSJFT CVUJTGBWPS "OUJCBDUFSJBMUSFBUNFOUXJMMHFOFSBMMZ SFHJNFOJTMJLFMZUPBDIJFWFCFUUFSDPNQMJ
BCMFXJUISFTQFDUUPDPOUSPMMJOH.4 OFFEnVPSJEFUSFBUNFOUJODPOKVODUJPO BODFBTJUJTMFTTDPOGVTJOHGPSUIFQBUJFOU
.PSFTQFDJmDBMMZ$)9IBTCFFOEFNPO "UUIJTUJNF BQPTUJOUFSWFOUJPO
TUSBUFEUPCFFĊFDUJWFJODBSJFTDPOUSPM $PODMVTJPO TBMJWBCBDUFSJBMUFTUTIPVMECFBENJOJT
BNPOHQBUJFOUTXJUITQFDJBMOFFETòô %FTQJUFUIFHSFBUOFFEGPSUIFEFWFMPQ UFSFEUPNPOJUPSUIFUSFBUNFOUQSPDFTT
4DIBFLFOFUBMDPNQBSFEDIMPSIFYJEJOF NFOUPGOFXBOECFUUFSBOUJNJDSPCJBMTGPS BOENPUJWBUFUIFQBUJFOUUPDPOUJOVFɥF
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ Ͱͳ
QBUJFOUUIFOSFUVSOTUPVTJOHUIF$)9 BMDPIPMGSFF$)9XBTBTFĊFDUJWFBTUIF ΫǋǀǍƾǀǉǏǄǊƿǄǉǀ̙ΫΪǋǀǍƾǀǉǏ

EBJMZGPSTFWFOEBZTUPLFFQUIFCBDUF BMDPIPMCBTFE$)9JOSFEVDJOH4USFQUPDPD ǋǊǑǄƿǊǉǀ̋ǄǊƿǄǉǀ˜ƽǀǏƼƿǄǉǀ̚
SJBMMFWFMTTVQQSFTTFE"GUFSUIJTTFDPOE DVTNVUBOTMFWFMT"MUIPVHIUIFBVUIPST ɥFNJDSPCJDJEBMFĊFDUPGQPWJEPOF
SPVOEPG$)9VTF UIFQBUJFOUTIPVME GPVOETUBUJTUJDBMMZTJHOJmDBOUEJĊFSFODFTJPEJOFIBTCFFOVTFEGPSNBOZZFBSTJO
SJOTFUXJDFEBJMZXJUIïïôQFSDFOU/B' CFUXFFOCPUI$)9HSPVQTBOEUIF-JT UIFDMFBOJOHPGTVSHJDBMJOTUSVNFOUT BTB
SJOTF "DU 'MVPSJHBSE $BSJ'SFF.BJO UFSJOF UIFUPUBMTBNQMFTJ[FPGUIFTUVEZ
IBOESJOTFBOECPEZTDSVCCFGPSFTVSHFSZ
UFOBODF
ɥJTMBUUFSQSPUPDPM JF $)9 /òñ
MBDLFEUIFQPXFSUPTIPXUSVF *UJTNJDSPCJDJEBMGPSHSBNQPTJUJWFBOE
BOEïïôQFSDFOU/B'SJOTF
TIPVMECF EJĊFSFODFT*OBOPUIFSDPOUSPMMFEDMJOJDBM
HSBNOFHBUJWFCBDUFSJB GVOHJ NZDPCBD
SFQFBUFENPOUIMZVOUJMCBDUFSJBMMFWFMTBSF UFSJB WJSVTFT BOEQSPUP[PBOTðð6OMJLF
USBJMDPOEVDUFECZ#PSSBKPFUBMJOñïïñ
DPOTJTUFOUMZMPXPSVOUJMOPOFXDBSJPVT ðïDPODMVEFEUIBUUIFXBUFSCBTFE$)9 DIMPSIFYJEJOF QPWJEPOFJPEJOFFYFSUTJUT
MFTJPOTBSFEFUFDUFEGPSVQUPBUMFBTU XBTFRVBMMZBTFĊFDUJWFBTUIFBMDPIPM MFUIBMFĊFDUTCZEJSFDUDPOUBDUXJUIUIF
POFZFBS1FSJPEJDTBMJWBCBDUFSJBMUFTUJOH NJDSPCJBMDFMMXBMM5FOQFSDFOUQPWJEPOF
TIPVMECFEPOFUPEFUFSNJOFXIFUIFS ǐǎǀǊǁǏǃǀ JPEJOFZJFMETðQFSDFOUBDUJWFJPEJOF
UIFQBUJFOUJTDPPQFSBUJOHXJUIUIF$)9 0OFBEEJUJPOBMBUUSJCVUFPGQPWJEPOF
SFHJNFOBOEXIFUIFSJUJTXPSLJOH áËÞÏÜ̋ÌËÝÏÎ JPEJOFJTUIBUJUBQQFBSTUPCFFĊFDUJWF
ɥJTTBNFSFHJNFOTIPVMEBMTPCF ÝÒÙßÖÎÌÏÍÙØÝÓÎÏÜÏÎ BHBJOTUCPUI.4BOE-#JODIJMESFO
DPOTJEFSFEJOUIFIJHIDBSJFTSJTLDIJME .PTUPGUIFTUVEJFTUIBUIBWFFYBN
PWFSUIFBHFPGõ ÐÙÜÞÒÙÝÏËÞÏâÞÜÏ×ÏÜÓÝÕ JOFEUPQJDBMMZBQQMJFEJPEJOFIBWFCFFO
ÐÙÜÍËÜÓÏÝ˜ÙÜËØãÚËÞÓÏØÞ DPOEVDUFEJOZPVOHDIJMESFO"SFWJFXPG
ƾǃǇǊǍǃǀǓǄƿǄǉǀ̙ƾǃǇǊǍǃǀǓǄƿǄǉǀǂǇǐƾǊ̋ UIFTFTUVEJFTJTQSFTFOUFECZ%FO#FTUFO
ǉƼǏǀΪ˛ΫάǋǀǍƾǀǉǏ˜ƼǌǐǀǊǐǎǎǊǇǐǏǄǊǉ˜ áÒÙÓÝÓØÞÙÖÏÜËØÞ BOE#FSLPXJU[JOñïïòðñSFGFSUPIUUQ
ǂ̋ǐ̋ǈƾǃǇǊǍǃǀǓǄƿǄǉǀǂǇǐǉƾǊǉƼǏǀ ÙÐËÖÍÙÒÙÖ. XXXDEBGPVOEBUJPOPSHOFXT@KPVSOBMT
ǊǍƼǇǍǄǉǎǀǐǎǋ̚ IUN'PSPVSQVSQPTFT BDPODJTFTVN
0OFPGUIFNPSFSFDFOUEFWFMPQNFOUT NBSZXJMMCFQSFTFOUFE*OPOFTUVEZ B
JOUIF6OJUFE4UBUFTIBTCFFOUIFJOUSP DPOUBJOJOH$)9QSPEVDUJODPOUSPMMJOH POFUJNFUXPNJOVUFUPQJDBMBQQMJDBUJPO
EVDUJPOPGBXBUFSCBTFEDIMPSIFYJEJOF QMBRVFBOESFEVDJOHHJOHJWBMJOnBNNB PGñQFSDFOUJPEJOFPSQPUBTTJVNJPEJOF
NPVUISJOTFɥJTIBTXJEFTQSFBEBQQFBM UJPOBGUFSñ÷EBZTɥJTTUVEZIBETVċ MPXFSFECBDUFSJBMMFWFMTGPSVQUPðò
OPUPOMZGPSTBGFUZSFBTPOT CVUBMTP DJFOUTBNQMFTJ[F CVUJUXBTOPUEJSFDUFE XFFLTðò*OBOPUIFS GPMMPXJOHBQSPQIZ
GPSQBUJFOUTXIPTIPVMEBWPJEBMDPIPM BUNFBTVSJOHEFDSFBTFTJO4NVUBOTMFWFMT MBYJT UISFFBQQMJDBUJPOTPGQPUBTTJVN
DPOUBJOJOHNPVUISJOTFT*OBEEJUJPO JPEJOFSFEVDFE.4GPSVQUPTJYNPOUITðó
QBUJFOUTXIPBSFJNNVOPDPNQSPNJTFE $PODMVTJPO *OBSBOEPNMZDPOUSPMMFEDMJOJDBMUSJBM
PSXIPIBWFEFDSFBTFETBMJWBSZnPXEVF "UUIJTUJNFUIFSFJTMJNJUFEFWJEFODF ðïQFSDFOUQPWJEPOFJPEJOFXBTBQQMJFE
UPSBEJBUJPOUIFSBQZ NFEJDBUJPOTPS UPSFDPNNFOEUIFVTFPGUIFBMDPIPMGSFF FWFSZUXPNPOUIT VQUPTFWFONPOUIT

TZTUFNJDDPOEJUJPOTBOEDBOOPUUPMFS $)9BTTVCTUJUVUFGPS$)9JOBMDPIPM JOJOGBOUTðñUPðøNPOUITPGBHF/POF
BUFBMDPIPMDPOUBJOJOHNPVUISJOTFT &WFOUIPVHIBEEJUJPOBMSFTFBSDIJTOFFEFE PGUIFJOGBOUTJOUIFUSFBUNFOUHSPVQ
ɥFSFJTTPNFMJNJUFEFWJEFODFUIBU UPEPDVNFOUJUTFċDBDZ JUTIPVMECF EFWFMPQFEXIJUFTQPUMFTJPOT XIFSFBT
UIFXBUFSCBTFE$)9JTBTFĊFDUJWFBT DPOTJEFSFEBOESFDPNNFOEFEUPQBUJFOUT òðQFSDFOUPGUIFJOGBOUTJOUIFDPOUSPM
UIFBMDPIPMCBTFE$)9&MESJEHFFUBMJO XIPBSFJOUPMFSBOUPGBMDPIPM HSPVQEFWFMPQFEXIJUFTQPUTðôɥJT
ðøø÷DPOEVDUFEBEPVCMFCMJOESBOEPNMZ OFFETUPCFJOUFSQSFUFEXJUIDBVUJPO
DPOUSPMMFEDMJOJDBMUSJBMDPNQBSJOHUISFF "QQMJDBUJPO CFDBVTFPGUIFTNBMMTBNQMFTJ[F /òð

HSPVQT$)9XJUIBMDPIPM $)9BMDPIPM 6TFPGUIFXBUFSCBTFE$)9TIPVME *OBQJMPUTUVEZPGDIJMESFOXJUI
GSFF BOE-JTUFSJOF"MMTVCKFDUTSFGSBJOFE CFDPOTJEFSFEGPSUIPTFBUFYUSFNFSJTL FYUFOTJWFEFOUBMDBSJFTSFRVJSJOHHFOFSBM
GSPNBMMPSBMIZHJFOFQSBDUJDFTGPSñð GPSDBSJFT PSBOZQBUJFOUXIPJTJOUPMFS BOFTUIFTJBGPSUSFBUNFOU ñôDIJMESFO
EBZTXIJMFVTJOHðôNMPGUIFBTTJHOFE BOUPGBMDPIPMɥFQSPUPDPMGPSVTJOHUIF SBOHJOHJOBHFGSPNñUPöXFSFSBOEPNMZ
NPVUISJOTFGPSPOFNJOVUFEBJMZø*OUIBU BMDPIPMGSFF$)9JTUIFTBNFBTUIBUEF TFQBSBUFEJOUPBUSFBUNFOUBOEDPOUSPM
TUVEZUIFBVUIPSTDPODMVEFEUIBUUIF TDSJCFEBCPWFGPSUIFBMDPIPMCBTFE$)9 HSPVQðõɥFUSFBUNFOUHSPVQSFDFJWFE
͵Ͱ ʹ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
UPQJDBMBQQMJDBUJPOPGðïQFSDFOUQSPWJ NFOVTJOHPOMZUIF"1'HFMɥFEJĊFS CFBQQMJFEGPSVQUPUXPNJOVUFT GPMMPXFE

EPOFJPEJOFUISFFUJNFTBUUXPNPOUI FODFTJOTBMJWBSZ.4BOE-#CFUXFFO CZXJQJOHXJUIHBV[FPSSJOTJOHXJUIB
JOUFSWBMT BOEUIFDPOUSPMHSPVQEJEOPU UIFUSFBUNFOUBOEDPOUSPMHSPVQT XBUFSTZSJOHF"GUFSBHFõ PSXIFOBDIJME
SFDFJWFJPEJOF4JYNPOUITGPMMPXJOHFY XFSFOPUTUBUJTUJDBMMZTJHOJmDBOU IBTEFWFMPQFEBDPPSEJOBUFETXBMMPXJOH
UFOTJWFPOFUJNFSFTUPSBUJWFEFOUBMUSFBU SFnFY UIFZNBZSJOTFXJUIðïNMPGQPWJ
NFOU CPUIHSPVQTIBEBTUBUJTUJDBMMZTJH $PODMVTJPO EPOFJPEJOFGPSPOFNJOVUFBOEFYQFDUP
OJmDBOUEFDSFBTFJO4NVUBOTDPVOUT CVU ɥFQPTJUJWFSFTVMUTPGQPWJEPOFJP SBUFɥJTSPVUJOFTIPVMECFSFQFBUFEBU
UIFSFXBTOPEJĊFSFODFCFUXFFOUIFUXP EJOFBTBOBOUJNJDSPCJBMUPEFDSFBTF.4 BMMSFDBMMFYBNJOBUJPOTBOESFTUPSBUJWFBQ
HSPVQT0OFZFBSGPMMPXJOHJOJUJBMUSFBU BOE-#JOZPVOHDIJMESFOIBWFCFFOXFMM QPJOUNFOUTVOUJMOPOFXDBSJPVTMFTJPOT
NFOU õòQFSDFOUPGUIFDIJMESFOJOUIF EPDVNFOUFEɥFSFJTMJUUMFFWJEFODF BSFEFUFDUFE6TFJOBEVMUTJTOPUSFRVJSFE
DPOUSPMHSPVQIBEOFXDBWJUJFTDPNQBSFE IPXFWFS UIBUJUJTFĊFDUJWFJOBEVMUT
UPð÷QFSDFOUJOUIFUSFBUNFOUHSPVQ ÙÚÓÍËÖÖßÙÜÓÎÏÙÎËÖÓÞÓÏÝ
*OBTJNJMBSTUVEZPGDIJMESFOXJUI ǄǍǍǀǎǋǀƾǏǄǑǀǊǁ *OUIFFYUSFNFSJTLBOEIJHISJTL
FYUFOTJWFFBSMZDIJMEIPPEDBSJFT ññ DBSJFTQBUJFOU UIFmSTUTUFQJTUPEFBM
DIJMESFO BHFñUPõ
UIFUSFBUNFOUHSPVQ ÍËÜÓÏÝÜÓÝÕ˜ËÖÖ XJUIUIFJOGFDUJPVTEJTFBTFPGEFOUBM
SFDFJWFEBPOFUJNFBQQMJDBUJPOPGðï ËÑÏÑÜÙßÚÝÝÒÙßÖÎ DBSJFT"GUFS.4BOE-#IBWFCFFODIBM
QFSDFOUQPWJEPOFJPEJOFBOEUIFDPO MFOHFEXJUIBOUJCBDUFSJBMT PUIFSQSPUFD
USPMHSPVQBQIPTQIBUFCVĊFSFETBMJOFðö ßÝÏÍÙ××ÏÜÍÓËÖÖã UJWFBHFOUTTVDIBTUPQJDBMnVPSJEFTBOE
1SJPSUPSFTUPSBUJWFUSFBUNFOU BMMDIJM ËàËÓÖËÌÖÏÐÖßÙÜÓÎËÞÏÎ YZMJUPMOFFEUPCFFNQMPZFEUPIFMQUJQ
ESFOSFDFJWFEBQSPQIZMBYJT BUXPNJO UIFDBSJFTCBMBODFJOGBWPSPGBIFBMUIZ
VUFðñòQFSDFOUBDJEVMBUFEQIPTQIBUF ÞÙÙÞÒÚËÝÞÏËÞÖÏËÝÞ PSBMFOWJSPONFOUɥFSFJTBTVCTUBOUJBM
nVPSJEFHFMBQQMJDBUJPO GPMMPXFEXJUI ÞáÓÍÏÚÏÜÎËã˛ CPEZPGHPPEFWJEFODFUPTVQQPSUUPQJDBM
FJUIFSUIFJPEJOFPSTBMJOFUSFBUNFOU nVPSJEFBHFOUTðøɥFmSTUTUVEJFTPO
.VUBOTTUSFQUPDPDDJBOEMBDUPCB QSPGFTTJPOBMMZBQQMJFEnVPSJEFTJODMVEFE
DJMMJXFSFTJHOJmDBOUMZSFEVDFEBUPOF PSPMEFSDIJMESFO"EEJUJPOBMTUVEJFT IJHIDPODFOUSBUJPOTPEJVNnVPSJEF /B'

IPVS UISFFXFFLT BOEUISFFNPOUITJO BSFOFFEFEUPEFUFSNJOFJUTFċDBDZJO TUBOOPVTnVPSJEF 4O'ñ
BOEBDJEVMBUFE
UIFQPWJEPOFJPEJOFHSPVQ'PMMPXJOH SFEVDJOH.4BOE-#JOBEVMUTPSPMEFS QIPTQIBUFnVPSJEF "1'
BRVFPVTTPMV
POFZFBS NPSFUIBOõïQFSDFOUPGUIF DIJMESFO6OUJMTVDITUVEJFTBSFEPOF UIF UJPOT8IFOVTFESFQFBUFEMZ JF UXP
DIJMESFOIBEOFXDBWJUJFT CVUUIFSFXBT VTFPGJPEJOFJOBEVMUTDBOOPUCFSFDPN UJNFTQFSZFBS
BMMPGUIFTFBHFOUTXFSF
OPTJHOJmDBOUEJĊFSFODFJODBSJFTJODSF NFOEFEBTCFJOHQSPWFOUPCFCFOFmDJBM FRVBMMZFĊFDUJWFJOSFEVDJOHEFOUBMDBSJFT
NFOUCFUXFFOUIFUXPHSPVQTɥFSFTVMUT &WFOUVBMMZUIFZFWPMWFEJOUPHFMT GPBNT
TVHHFTUUIBUQFSJPEJDSFBQQMJDBUJPOPGUIF "QQMJDBUJPOJO$IJMESFO BOEWBSOJTIFT'MVPSJEBUFEEFOUJGSJDFT
QPWJEPOFJPEJOFJTOFFEFEJOBIJHI 8IFOVTJOHUPQJDBMJPEJOFBMMQBUJFOUT BOESJOTFTXFSFEFWFMPQFEDPODVSSFOUMZ
SJTLHSPVQXJUIFBSMZDIJMEIPPEDBSJFT DBSFHJWFSTTIPVMECFTDSFFOFEGPSQPUFO XJUIQSPGFTTJPOBMMZBQQMJFEnVPSJEFTɥF
*Oñïïô &M)PVTTFFJOZBOE'BSTJ UJBMJPEJOFBMMFSHJFT*OIJHIBOENPEFSBUF PCKFDUJWFPGnVPSJEFJOUFSWFOUJPOJTUP
DPOEVDUFEBDPOUSPMMFEDMJOJDBMUSJBM DBSJFTSJTLZPVOHDIJMESFO ðïQFSDFOU JOIJCJUQMBRVFCBDUFSJB JOIJCJUEFNJOFS
JODIJMESFOBHFóUPõð÷ɥFUSFBUNFOU QPWJEPOFJPEJOFDBOCFBQQMJFEXJUIBDPU BMJ[BUJPO FOIBODFSFNJOFSBMJ[BUJPO BOE
HSPVQ ðïQFSDFOUQPWJEPOFJPEJOF
UPOTXBCTBUVSBUFEXJUIUIFJPEJOF4FW GPSNBnVPSPBQBUJUFMJLFDPBUJOHBUUIF
BOEUIFDPOUSPMHSPVQ "1'HFM
FBDI FSBMTUVEJFTSFQPSUFECFUUFSSFTVMUTJGUIF QBSUJBMMZEFNJOFSBMJ[FENJOFSBMDSZTUBMT
SFDFJWFEBQSPQIZMBYJTBOE"1'CF CJPmMNXBTEJTUVSCFEPSSFNPWFEXJUIB JOUIFUPPUITVCTVSGBDFDBSJPVTMFTJPOT
GPSFTUBSUJOHUIFTUVEZɥFSFBGUFS QSPQIZMBYJTQPMJTI*ODIJMESFOZPVOHFS
UIFUSFBUNFOUHSPVQSFDFJWFEUPQJDBM UIBOBHFõ PSJOTQFDJBMOFFETQBUJFOUT ǁǇǐǊǍǄƿƼǏǀƿƿǀǉǏǄǁǍǄƾǀǎ
BQQMJDBUJPOTPGQPWJEPOFJPEJOFXFFLMZ UIFUFFUITIPVMECFJTPMBUFEXJUIDPUUPO *SSFTQFDUJWFPGDBSJFTSJTL BMMBHF
GPSUIFmSTUNPOUI BOEUIFOBUUISFF SPMMTBOEHFOUMZESJFEXJUIHBV[FPSDPUUPO HSPVQTTIPVMEVTFDPNNFSDJBMMZBWBJMBCMF
TJY BOEðñNPOUITɥFDPOUSPMHSPVQ SPMMTXJUIFYDFTTJPEJOFCFJOHBTQJSBUFE nVPSJEBUFEUPPUIQBTUFBUMFBTUUXJDFQFS
GPMMPXFEUIFTBNFBQQMJDBUJPOSFHJ XJUITVDUJPO0OFUPUXPNJMMJMJUFSTNBZ EBZ$IJMESFOZPVOHFSUIBOñTIPVMEMJNJU
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ Ͱ͵
UIFBNPVOUPGQBTUFUPBQFBTJ[FBNPVOU "QQMJDBUJPO SJTLQBUJFOUXJUIMPXTBMJWBSZnPXJTUIF

BQQMJFEPOBTPGUUPPUICSVTICZUIF *OUIFFYUSFNFSJTLBOEIJHIDBS DPOTUSVDUJPOPGDVTUPNUSBZTBOEUIFVTF
DBSFHJWFS UPNJOJNJ[FUIFSJTLPGnVPSP JFTSJTLBEVMU JF SBNQBOUDBSJFT SPPU PGUIFððQFSDFOU/B'HFM ðïNJOVUFTQFS
TJTñï4UVEJFTPOUIFFċDBDZPGnVPSJEBUFE DBSJFT PSFYDFTTJWFHJOHJWBMSFDFTTJPO PS OJHIU
ɥJTJTKVTUJmBCMFFWFOUIPVHIJUJT
EFOUJGSJDFTJODIJMESFOPGUXPUPUISFF EFDSFBTFETBMJWBUJPO
JUJTSFBTPOBCMFUP NPSFDPTUMZ6TFPGUIFIJHIDPODFOUSBUJPO
ZFBSTEVSBUJPOIBWFSFQPSUFESFEVDUJPOT SFDPNNFOEUIFVTFPGððQFSDFOU/B' nVPSJEFUPPUIQBTUFTTIPVMECFDPOUJOVFE
JODBSJFTFYQFSJFODFPGðôQFSDFOUUPôï UPPUIQBTUFUXJDFQFSEBZ SFGFSUP+FOTPO VOUJMUIFDBSJFTTUBUVTPGUIFQBUJFOUIBT
QFSDFOU*OUIF6OJUFE4UBUFT UIFDPO FUBM UIJTJTTVF GPSSFDPNNFOEFEUSFBU DIBOHFEBOESFNBJOTDPOUSPMMFE0OF
DFOUSBUJPOPGnVPSJEFJOnVPSJEFUPPUI NFOUQSPUPDPMTGPSUIFWBSJPVTSJTLMFWFMT DBVUJPOBSZOPUF"WPJEVTJOHUIFô ïïï
QBTUFTJTVTVBMMZð ïïïUPð ðïïQQN'ðø BOEUP'FBUIFSTUPOFFUBM UIJTJTTVF GPS QQNnVPSJEFUPPUIQBTUFPSHFMEJSFDUMZ
*OSFDFOUZFBST ððQFSDFOU/B' DBSJFTSJTLEFUFSNJOBUJPOQSPDFEVSFT
*U BGUFSUIFVTFPGDIMPSIFYJEJOF4FQBSBU
UPPUIQBTUFBOEHFM ô ïïïQQN'
JOHUIFJSVTFCZBOIPVSPSNPSFXJMM
1SFWJEFOUôïïï $POUSPM39 'MVPSJEFY ǄƿǀƼǇǇǔ˜ IFMQQSFWFOUUIFDBUJPOJDDIBSHFPG$)9
%BJMZ%FGFOTF
IBWFCFDPNFBWBJMBCMFGPS GSPNCJOEJOHXJUIUIFBOJPOJDDIBSHFPG
USFBUJOHSPPUTFOTJUJWJUZBOEIBWFCFFO ÚËÞÓÏØÞÝÝÒÙßÖÎ UIFnVPSJEF BOEBMMPXFJUIFSQSPEVDUUP
BQQSPWFEGPSTBGFUZBOEFċDBDZCZUIF ÌÏÓØÝÞÜßÍÞÏÎÞÙ JOUFSBDUJOEFQFOEFOUMZXJUIUIFCBDUF
'PPEBOE%SVH"ENJOJTUSBUJPO*UTVTFBT SJBPOUIFQMBRVFBOEXJUIUIFUPPUI
BOiPĊMBCFMwBOUJDBSJFTBHFOUJTCBTFEPO ÏâÚÏÍÞÙÜËÞÏ˜ÌßÞ
UIFMJLFMJIPPEPGJUCFJOHNPSFCFOFmDJBM ØÙÞÜÓØÝÏáÓÞÒ ǁǇǐǊǍǄƿǀǈǊǐǏǃǍǄǉǎǀǎ̙Ϊ˛ΪίǋǀǍƾǀǉǏ
JOUSFBUJOHSBNQBOUDBSJFT SPPUDBSJFT ǉƼǁ˜ƼƾǏ˜ǁǇǐǊǍǄǂƼǍƿ˜ƾƼǍǄǁǍǀǀǈƼǄǉ̋
BOEQBUJFOUTXJUIEFDSFBTFETBMJWBUJPOPS áËÞÏÜÐÙÖÖÙáÓØÑ ǏǀǉƼǉƾǀǍǄǉǎǀƼǉƿΪ˛άǋǀǍƾǀǉǏǉƼǁ˜
EFDSFBTFEDPPQFSBUJPOJOBQQMZJOHPUIFS ÌÜßÝÒÓØÑ˛ ǋǍǀǑǄƿǀǉǏƼǉƿǊǍƼǇ̋ƽǁǇǐǊǍǄǉǎǀ̚
GPSNTPGnVPSJEF*OBDMJOJDBMTUVEZUIBU .PVUISJOTFTDPOUBJOJOHnVPSJEFXFSF
GPMMPXFESPPUDBSJFTQSPHSFTTJPO UIFVTF EFWFMPQFEGPSEBJMZ ïïôQFSDFOU/B'
PS
PGBô ïïïQQN'UPPUIQBTUFQSPEVDFE DBOCFVTFEBGUFSCSFBLGBTU MVODI EJOOFS XFFLMZ ïñQFSDFOU/B'
VTFGPSDIJMESFO
TUBUJTUJDBMMZTJHOJmDBOUMZMFTTDBSJFTUIBO PSBUCFEUJNF BTMPOHBTJUEPFTOPUJOUFS PWFSUIFBHFPGõɥFïïôQFSDFOU/B'
UIFDPOUSPMð ïïïQQN'QSPEVDUñð GFSFXJUIBOZPUIFSnVPSJEFNPEBMJUZUIBU SJOTFJTBOPWFSUIFDPVOUFSJUFN XIFSFBT
JTSFDPNNFOEFE*GJUJTVTFEPOMZPODF UIFïñQFSDFOU/B'SJOTFSFRVJSFTB
$PODMVTJPO QFSEBZ JUJTQSFGFSBCMFUPVTFBUCFEUJNF QSFTDSJQUJPO PSNVTUCFEJTQFOTFECZUIF
*UJTSFBTPOBCMFUPBTTVNFUIBUUIF *EFBMMZ QBUJFOUTTIPVMECFJOTUSVDUFEUP EFOUBMPċDFɥFFWJEFODFCBTFGPSTVQ
BOUJDBSJFTFĊFDUPGIJHInVPSJEFDPODFO FYQFDUPSBUF CVUOPUSJOTFXJUIXBUFS QPSUJOHUIFJSFċDBDZEBUFTCBDLUPFBSMZ
USBUJPOUPPUIQBTUFTJTBOFYUFOTJPOPGUIF GPMMPXJOHCSVTIJOH8IFOUIFUPOHVFBOE ðøöïTXIFOUIFQSFWBMFODFPGEFOUBMDBSJFT
FWJEFODFCBTFGPSUIFSPVUJOFMZVTFEUPPUI MJQTBSFDMFBSFEPGGPBN UIFNJMEnBWPS XBTIJHIFSUIBOUPEBZɥFBWFSBHFSFEVD
QBTUFTXJUIMPXFSBNPVOUTPGnVPSJEFBOE PGUIFQBTUFJTQMFBTBOUMZUPMFSBCMF*GQB UJPOJODBSJFTFYQFSJFODFXBTòïQFSDFOU
NBZQSPWFIFMQGVMXJUIQBUJFOUTXIPXJMM UJFOUTQSFGFSUPSJOTFXJUIXBUFSUPFMJNJ &WFOUIPVHIUIFFBSMZSBOEPNJ[FEDMJOJ
OPUDPPQFSBUFXJUIPUIFSSFDPNNFOEFE OBUFGPPEPSPUIFSEFCSJT UIFZTIPVMEUSZ DBMUSJBMTVTFEIJTUPSJDBMDPOUSPMTSBUIFS
TPVSDFTPGUPQJDBMnVPSJEFTVDIBT05$ UPSJOTFXJUIKVTUPOFNPVUIGVMPGXBUFS UIBUDPODVSSFOUDPOUSPMT UIFRVBMJUZPG
nVPSJEFSJOTFTɥFTFIJHInVPSJEFUPPUI IPMEJOHJUJOUIFNPVUIGPSBUMFBTUPOF UIFFWJEFODFUPTVQQPSUNPVUISJOTFTJT
QBTUFTSFRVJSFBQSFTDSJQUJPOBOENBOZ NJOVUF PSBMUFSOBUJWFMZSFBQQMZJOHBTNBMM IJHIðøɥFJSDPOWFOJFODFBOEDVMUVSBM
DMJOJDJBOTIBWFFYQFSJFODFEESBNBUJDJO BNPVOUPGUIFUPPUIQBTUFBGUFSSJOTJOH BDDFQUBODFNBLFTUIFNBQQFBMJOH
DSFBTFTJOTVDDFTTCZEJTQFOTJOHBMM$BSJFT ɥFVUJMJUZPGððQFSDFOU/B'UPPUI
.BOBHFNFOUCZ3JTL"TTFTTNFOU $". QBTUFJTUIBUJUJTBTJOHMFQSPEVDU*U $PODMVTJPO
#3"
QSPEVDUTEJSFDUMZUPQBUJFOUT XIJMF EPFTOPUSFRVJSFCSVTIJOHmSTUBOEUIFO ɥFSFJTBHPPERVBMJUZFWJEFODFCBTF
BUUIFTBNFUJNFQSPWJEJOHBCFOFmDJBMTFS BQQMZJOHBIJHIDPODFOUSBUJPOnVPSJEF UPTVQQPSUUIFVTFEPGnVPSJEFSJOTFT
WJDFGPSQBUJFOUT.PSFEFUBJMJTQSPWJEFE HFM XIJDINBZEJTDPVSBHFTPNFQBUJFOUT JOUIFEFNJOFSBMJ[BUJPOSFNJOFSBMJ[B
JOUIFQBQFSCZ+FOTPOFUBMJOUIJTJTTVF 0OFPQUJPOBMQSPDFEVSFJOUIFFYUSFNF UJPODZDMFɥFZBSFFTQFDJBMMZWBMVBCMF
͵Ͱ Ͷ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
JOUSFBUJOHUIFNPEFSBUFSJTL IJHI WBSOJTIDBOCFBQQMJFENPSFRVJDLMZUIBO TFBSDIUPFTUBCMJTIBOPQUJNBMJOUFSWBMPG

SJTLBOEFYUSFNFDBSJFTSJTLQBUJFOU BGPVSNJOVUFnVPSJEFHFMPSGPSNUSBZ GSFRVFODZPGBQQMJDBUJPOTJTTUJMMOFFEFE
BQQMJDBUJPO"TZTUFNBUJDSFWJFXGPVOE "UMFBTUPOFSBOEPNJ[FEDPOUSPMMFEUSJBM
"QQMJDBUJPO UIBUnVPSJEFWBSOJTIFTIBWFBTVCTUBOUJBM IBTCFFOSFWJFXFETZTUFNBUJDBMMZTVQ
*OUIFIJHIDBSJFTSJTLQBUJFOU EBJMZ DBSJFTQSFWFOUJWFFĊFDU CVUOPDPODVSSFOU QPSUJOHJUTVTFJOBEPMFTDFOUTVQUPBHF
SJOTJOHXJUIðïNMPGïïôQFSDFOU/B' DPOUSPMTXFSFFNQMPZFEJOUIFTFTUVEJFTññ ðóññ&WJEFODFGPSJUTVTFJOBEVMUTIBT
SJOTFGPSòïUPõïTFDPOETTIPVMECFEPOF *OBUXPZFBSSBOEPNJ[FEDPOUSPMMFEDMJOJ CFFOFYUSBQPMBUFEGSPNUIFTFTUVEJFT
UXJDFEBJMZ*GJUJTVTFEBGUFSCSFBLGBTUBOE DBMUSJBMPOMPXJODPNFDIJMESFOZPVOHFS
BGUFSMVODI ððQFSDFOU/B'UPPUIQBTUF UIBOBHFñ8FJOUSBVCFUBMGPVOEUIBU "QQMJDBUJPO
DPVMECFVTFECFGPSFSFUJSJOHɥJTTBNF PODFQFSZFBSBOEUXJDFQFSZFBSBQQMJDB *OUIFIJHIDBSJFTSJTLDIJME FH &$$
TDIFEVMFNBZBMTPCFVTFEGPSQBUJFOUT UJPOPGôQFSDFOUTPEJVNnVPSJEFWBSOJTI PSBEPMFTDFOUXJUISBNQBOUDBSJFT
UIF
XJUIEFDSFBTFETBMJWBUJPO FYUSFNFSJTL
UPPUITIPVMECFTXBCCFEXJUIFJUIFS
CFDBVTFUIFnVPSJEFXJMMOPUCFDMFBSFE ǏǃǀƼƿǑƼǉǏƼǂǀǊǁ DPUUPOSPMMTPSñCZñHBV[FTQPOHFTUP
SBQJEMZGSPNUIFPSBMDBWJUZ0OFPUIFS SFNPWFUIFQMBRVFBOEFYDFTTJWFNPJT
PQUJPOGPSUIFIJHIDBSJFTSJTLPSFYUSFNF ÐÖßÙÜÓÎÏàËÜØÓÝÒ UVSFɥFnVPSJEFWBSOJTI XIFUIFSJU
SJTLQBUJFOUJTUPVTFðïNMPGUIFïñ ÓÝÞÒËÞÌÏÍËßÝÏÓÞ DPNFTJOUIFðïNMUVCFTPSðNMJOEJ
QFSDFOU/B'SJOTFPODFQFSEBZ CFUXFFO WJEVBMBQQMJDBUPST TIPVMECFNJYFEXJUI
UIFUJNFTUIBUDIMPSIFYJEJOFJTCFJOH ËÎÒÏÜÏÝÏâÞÜÏ×ÏÖãáÏÖÖÞÙ UIFBQQMJDBUPSCSVTIUPNJYUIFnVPSJEF
VTFE"GUFSDPNQMFUJPOPGPOFCPUUMFPG ÞÒÏÞÙÙÞÒÝßÜÐËÍÏÓÞ BOESFTJODBSSJFS BOEUIFOQBJOUFEPO
UIFïñQFSDFOU/B'SJOTF UIFQBUJFOUDBO BMMPGUIFUPPUITVSGBDFT XPSLJOHUIF
TUBSUUPVTFUIFïïôQFSDFOU/B'SJOTF ×ËâÓ×ÓäÏÝÞÒÏÖÙØÑ̋ÞÏÜ× WBSOJTIJOUPUIFFNCSBTVSFTBTNVDIBT
*OUIFNPEFSBUFDBSJFTSJTLQBUJFOU ÎÏÖÓàÏÜãÙÐÐÖßÙÜÓÎÏ˛ QPTTJCMF*UDBOBMTPCFnPTTFEJOUPUIF
EBJMZSJOTJOHXJUIðïNMPGïïôQFSDFOU JOUFSQSPYJNBMTQBDFTɥFWBSOJTIIBTB
/B'SJOTFGPSòïTFDPOETTIPVMECFEPOF ZFMMPXJTICSPXOBQQFBSBODF FYDFQUGPS
JOUIFNPSOJOHBOECFGPSFSFUJSJOHɥF TJHOJmDBOUMZSFEVDFEUIFJODJEFODFPG 7BOJTI XIJDIJTXIJUFɥFQBUJFOUPS
ZPVOHBEPMFTDFOUXJUIPSUIPEPOUJDBQQMJ FBSMZDIJMEIPPEDBSJFTXJUIUXJDFQFSZFBS DBSFHJWFSTIPVMECFJOTUSVDUFEUPIBWF
BODFTBMTPNFFUTUIFQSPmMFPGBNPEFSBUF TJHOJmDBOUMZNPSFFĊFDUJWFUIBOPODFñò UIFDIJMESFGSBJOGSPNESJOLJOHPSFBUJOH
DBSJFTSJTLQBUJFOU&WFOUIFMPXDBSJFT ɥJTQSPEVDUJTBMTPTVJUBCMFGPSBEVMUT GPSòïNJOVUFTBGUFSUIFBQQMJDBUJPO
SJTLQBUJFOUXJUIOVNFSPVTDSPXOTPS BTBDBSJFTDPOUSPMBHFOUUIBUEPFTOPU "MUIPVHIJUNBZGFFMTPNFXIBUiHSJUUZw
SFTUPSBUJPOTTIPVMESJOTFPODFEBJMZXJUI SFRVJSFQFSTPOBMDPNQMJBODF BMUIPVHI PSiQBTUZ wUIFZNBZFBUPSESJOLXJUIUIF
ðïNMPGUIF/B'SJOTFUPIBWFBEEJUJPOBM DPOUSPMMFEDMJOJDBMUSJBMTIBWFOPUCFFO WBSOJTIPOUIFJSUFFUI*UXJMMCFSFNPWFE
QSPUFDUJPOCFZPOEnVPSJEBUFEUPPUIQBTUF SFQPSUFEɥF)PVTFPG%FMFHBUFTPGUIF UIFOFYUUJNFUIFZCSVTIɥFMPOHFSJUJT
"MMPGUIFTFSFHJNFOTTIPVMECFDPOUJO "NFSJDBO%FOUBM"TTPDJBUJPOBQQSPWFEB POUIFUFFUI UIFNPSFCFOFmUUIFQBUJFOU
VFEVOUJMUIFDBSJFTSJTLDIBOHFTPSBT SFTPMVUJPOUIBUiTVQQPSUTUIFVTFPGnVPSJEF SFDFJWFT"MUIPVHITPNFQSBDUJUJPOFST
MPOHBTUIFQBUJFOUEFTJSFTUPDPOUJOVF WBSOJTIFTBTTBGFBOEFċDBDJPVTXJUIJOB TVHHFTUUIBUUIFDIJMEOPUCSVTIVOUJM
DBSJFTQSFWFOUJPOQSPHSBNyw 3FTPMVUJPO UIFGPMMPXJOHNPSOJOH UIJTSFDPNNFO
ǁǇǐǊǍǄƿǀǑƼǍǉǄǎǃǀǎ̙ίǋǀǍƾǀǉǏǉƼǁ òö) /PWFNCFSñïïó
*UJTSFDPNNFOEFE EBUJPOJTNBEFBUUIFEJTDSFUJPOPGUIF
ǑƼǍǉǄǎǃ˝ƿǐǍƼǋǃƼǏ˜ƿǐǍƼǁǇǊǍ˜ƾƼǑǄǏǔ CZUIF"%"$PVODJMPO4DJFOUJmD"ĊBJST QSBDUJUJPOFS&WFOJGJUJTPOUIFUFFUIGPS
ǎǃǄǀǇƿ˜ǁǇǐǊǍǋǍǊǏǀƾǏǊǍ˜ǑƼǉǄǎǃ̚ GPSCJBOOVBMBQQMJDBUJPOJODIJMESFOBOE POMZUISFFUPGPVSIPVST JUXJMMQSPWJEF
ɥFBEWBOUBHFPGnVPSJEFWBSOJTIJT BEPMFTDFOUTGPSQSFWFOUJOHDBSJFTJOIJHI BUMFBTUBTNVDICFOFmUBTBGPVSNJOVUF
UIBUCFDBVTFJUBEIFSFTFYUSFNFMZXFMMUP SJTLQBUJFOUT UXPPSNPSFBQQMJDBUJPOT QSPGFTTJPOBMMZBQQMJFEUSBZBQQMJDBUJPO
UIFUPPUITVSGBDFJUNBYJNJ[FTUIFMPOH BSFSFDPNNFOEFEJOQSFWFOUJOHDBSJFTñó *OUIFFYUSFNFSJTLPSIJHIDBSJFTSJTL
UFSNEFMJWFSZPGnVPSJEF*OBEEJUJPO IJHI BEVMU FH FYDFTTJWFPSSBNQBOUDBSJFT
DPODFOUSBUJPOTPGnVPSJEFDBOCFBQQMJFE $PODMVTJPO HJOHJWBMSFDFTTJPO ESZNPVUI
UIFUFFUI
JOTNBMMRVBOUJUJFT"DPNQMFUFMZESJFE ɥFFWJEFODFCBTFGPSôQFSDFOU/B' BSFMJHIUMZESJFEUPSFNPWFFYDFTTJWF
UPPUITVSGBDFJTOPUSFRVJSFEBOEUIF WBSOJTIJTPGBIJHIRVBMJUZ"EEJUJPOBMSF NPJTUVSFXJUIBñCZñHBV[FBOEWBSOJTI
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ Ͱͷ
JTQBJOUFEPOUIFSPPUTVSGBDF POUIFNBS OPUNFUBCPMJ[FECZ.4"OPWFSWJFXPG UIBUJUNBZIBWFBNJMEMBYBUJWFFĊFDU

HJOTPGSFTUPSBUJPOT BOEEFDBMDJmFEBSFBT YZMJUPMBOEEFOUBMDBSJFTXBTQSFTFOUFE ɥFCFOFmUPGVTJOHYZMJUPMDPOUBJOJOH
6QUPUISFFBQQMJDBUJPOTBSFQMBOOFE CZ-ZODIBOE.JMHSPNñô4JODFJUJTOPU QSPEVDUTJTDPNQMFNFOUFECZJODSFBT
JOUIFQBUJFOUTTFRVFODFPGSFTUPSBUJWF CSPLFOEPXOCZDBSJPHFOJDNJDSPPSHBO JOHUIFTBMJWBSZnPX XIJDIESBXTUIF
USFBUNFOU'PSFYBNQMF WBSOJTIDBOCF JTNT YZMJUPMTUBSWFTUIF.4JOBNBOOFS CVĊFSJOHDBQBDJUZPGTBMJWBJOUPBDUJPO
BQQMJFEBGUFSUIFJOJUJBMQSPQIZMBYJTPS TJNJMBSUPSFNPWJOHTVDSPTFGSPNUIF BTXFMMBTUIFFMFDUSPMZUFTUIBUDPOUSJC
BGUFSDPNQMFUJOHTDBMJOHBOESPPUQMBO EJFUDPNQMFUFMZ*ODMVEJOHYZMJUPMJOUP VUFUPSFNJOFSBMJ[BUJPOɥFSFGPSF UIF
JOH UPEJNJOJTIEFOUJOBMTFOTJUJWJUZɥF UIFEJFUXJMMBMTPJOIJCJU.4BUUBDINFOU CFOFmUPGVTJOHYZMJUPMJTOPUDPOmOFE
PUIFSBQQMJDBUJPOTBSFNBEFBGUFSBMMPGUIF UPUIFUFFUINBLJOHJUBHPPEQSPEVDU UPDIJMESFO JUJTFYUFOEFEUPNBOZ
BDUJWFEFDBZJTSFNPWFEPSUFNQPSJ[FE GPSEFDSFBTJOHUIFCBDUFSJBMMPBEPG BEVMUTXIPFYQFSJFODFESZNPVUIɥF
ɥFOVNCFSPGBQQMJDBUJPOTJTHPWFSOFE QSJNBSZDBSFHJWFSTBOEJOUFSSVQUJOH BNPVOUPGYZMJUPMOFFEFEGPSCFOFmUT
CZUIFOVNCFSPGSFTUPSBUJWFBQQPJOU BHBJOTUDBSJFTJTTMPXMZCFJOHSFmOFE*O
NFOUTOFFEFEBOEBUUIFEJTDSFUJPOPG ǊǉǀǊǁǏǃǀ ñïïõ .BLJOFOOBSSPXFEUIFEBJMZEPTF
UIFQSBDUJUJPOFSɥFQBUJFOUJTJOTUSVDUFE UPCFUXFFOõðïHSBNTQFSEBZñ÷ ñø5P
UPSFGSBJOGSPNESJOLJOHPSFBUJOHGPSòï ÎÏÝÓÜËÌÖÏÐÏËÞßÜÏÝÙÐ EFUFSNJOFUIFFYBDUBNPVOUPGYZMJUPMJO
NJOVUFT BOESFBTTVSFEUIBUUIFWBSOJTI ßÝÓØÑÞÒÏ͖ÚÏÜÍÏØÞË BQSPEVDU UIFNBOVGBDUVSFSTIPVMECF
XJMMCFSFNPWFEBUUIFOFYUCSVTIJOH0OF DPOTVMUFEPSBMUFSOBUJWFMZ QBUJFOUTDBOCF
BQQMJDBUJPOJTBMTPNBEFBUUIFQBUJFOUT àËÜØÓÝÒÓÝÞÒËÞÓÞÓÝØÙÞ BEWJTFEUPDIPPTFQSPEVDUTXJUIYZMJUPM
SFDBMMWJTJUT'PSUIFFYUSFNFDBSJFTSJTL ÝßÌÔÏÍÞÞÙÞÒÏÍÙ×ÚÖÓËØÍÏ MJTUFEPOUIFMBCFMBTUIFmSTUJOHSFEJFOU
QBUJFOU BUISFFNPOUISFDBMMJTSFDPN
NFOEFE BOEGPSUIFIJHIDBSJFTSJTL UISFF ÙÐÞÒÏÚËÞÓÏØÞ˜ÌßÞÓÝßØÎÏÜ $PODMVTJPO
UPGPVSNPOUITɥFTBNFQSPUPDPMJT ÞÒÏÍÙØÞÜÙÖÙÐÞÒÏÎÏØÞÓÝÞ˛ 5IFFWJEFODFCBTFGPSSFDPNNFOE
GPMMPXFEGPSUIFNPEFSBUFSJTLBEVMU POF JOHQSPEVDUTNBOVGBDUVSFEXJUIYZMJUPM
UPUXPBQQMJDBUJPOT
XJUIBSFDBMMBUGPVSUP JTTUSPOHMZTVQQPSUFECZDPOUSPMMFE
TJYNPOUIT&WFOBOBQQBSFOUMZMPXDBSJFT UIFWFSUJDBMUSBOTNJTTJPOPG.4UPUIF DMJOJDBMUSJBMT
SJTLQBUJFOUNBZCFOFmUGSPNBOBQQMJDB DIJMEñõ ñö4JODFUIFSFJTOPNFUBCPMJTN
UJPOPGWBSOJTIJGUIFZQSFTFOUXJUIFYDFT BOEOPESPQJOUIFTBMJWBSZQ) UIF "QQMJDBUJPO
TJWFHJOHJWBMSFDFTTJPOPSSPPUTFOTJUJWJUZ FOWJSPONFOUGBWPSTOPOBDJEPHFOJD .PSFQSPEVDUTDPOUBJOJOHYZMJUPMBSF
"QQMZJOHWBSOJTIBUUIFSFDBMMFY CBDUFSJBñõ.BLJOFOFUBMGPVOEUIBUUIF CFDPNJOHBWBJMBCMFJOUIF6OJUFE4UBUFT
BNJOBUJPOTXPVMEDPOUJOVFVOUJMUIF TZTUFNBUJDVTFPGYZMJUPMDIFXJOHHVN 1SPEVDUTBOE8FCTJUFTGPSQVSDIBTJOHUIF
SJTLPGDBSJFTIBTEJNJOJTIFEGPSUIF TJHOJmDBOUMZSFEVDFEUIFSFMBUJWFSJTL DPOGFDUJPOTBQQFBSJOǏƼƽǇǀΫ 'PSNPEFS
QBUJFOU'JOBMMZ UIPTFXIJUFTQPUEFDBM PGDBSJFTDPNQBSFEUPHVNTDPOUBJOJOH BUF IJHI BOEFYUSFNFDBSJFTSJTLQBUJFOUT
DJmFEBSFBT TUBJOFEmTTVSFTBOEBSFBT TPSCJUPMYZMJUPMBOETVDSPTFñ÷6TJOHUIF UXPQJFDFTPGYZMJUPMHVNPSUXPQJFDFTPG
OPUFEBTiXBUDIFTwBSFBMMDBOEJEBUFT TBNFQPQVMBUJPO IFBOEIJTDPXPSL YZMJUPMIBSEDBOEZNJOUTTIPVMECFVTFE
GPSWBSOJTIBQQMJDBUJPO OPNBUUFSXIBU FSTGPVOEUIBUUIFVTFPGBYZMJUPMHVN GPSmWFNJOVUFTGPMMPXJOHNFBMTPSTOBDLT
UIFDBSJFTSJTL0OFPGUIFEFTJSBCMF XBTNPSFGSFRVFOUMZBTTPDJBUFEXJUI GPVSUJNFTEBJMZɥFUBSHFUEPTFPGYZMJUPM
GFBUVSFTPGVTJOHUIFôQFSDFOU/B' UIFBSSFTUPGEFOUJOBMDBSJFTUIBOUIF JTõUPðïHSBNTTQSFBEUISPVHIPVUUIF
WBSOJTIJTUIBUJUJTOPUTVCKFDUUPUIF PUIFSDPNCJOBUJPOTPGDIFXJOHHVNñø EBZ&YDFTTJWFPSQSPMPOHFEHVNDIFXJOH
DPNQMJBODFPGUIFQBUJFOU CVUJTVOEFS *OTVNNBSZ UIFVTFPGYZMJUPMDPO JTOPUBEWJTFE.PTUYZMJUPMTXFFUFOFE
UIFDPOUSPMPGUIFEFOUJTU*OHFOFSBM UBJOJOHQSPEVDUT TVDIBTDIFXJOHHVN QSPEVDUTDPOUBJOnBWPSUIBUPOMZMBTUTB
BEVMUTNBZQSFGFSUIFXIJUFWBSOJTI NJOUT DBOEZ BOEDPPLJFTIBTSFTVMUFEJO TIPSUUJNFUPEJTDPVSBHFFYDFTTJWFDIFX
UPUIFZFMMPXJTICSPXOWBSOJTIFT EFDSFBTJOHUIFJODJEFODFPGEFOUBMDBSJFT JOH"EVMUTXJUIESZNPVUITPSTFOJPS
BSSFTUJOHDBSJPVTMFTJPOTBOEEFDSFBTJOH DJUJ[FOT XIPNBZOPUMJLFUPDIFXHVN
ǓǔǇǄǏǊǇ UIFUSBOTNJTTJPOPG.4GSPNNPUIFST CFDBVTFPGPDDMVTJPOQSPCMFNT IBWFUIF
9ZMJUPMJTBOBUVSBMMZPDDVSSJOH BOEDBSFHJWFSTUPDIJMESFOɥFPOMZTJEF PQUJPOPGVTJOHYZMJUPMJONJOUT DBOEJFT
EJBCFUJDTBGF MPXDBMPSJFTVHBSUIBUJT FĊFDUPGUPPNVDIYZMJUPMJOHFTUJPOJT NPVUIXBTI UPPUIQBTUF PSNPVUITQSBZT
͵ͱ ͮ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ÜãÙßÞÒÙØÝÓÎÏÜËÞÓÙØÝ ƽǐǁǁǀǍǄǉǂǋǍǊƿǐƾǏǎ̙ƼǍǈ ʶ ǃƼǈǈǀǍ EFOUJGSJDFTòõ3FNPWJOHUPPUITUBJOTJTUIF

ɥFIFBMUIZQBUJFOUIBTBOBEFRVBUF ǏǊǊǏǃǋƼǎǏǀǎ˜ǂǐǈ˜ƼǉƿƽƼǆǄǉǂǎǊƿƼ˞ BEWFSUJTJOHCBTJTGPS0SCJU8IJUFDIFX
TVQQMZPGDBMDJVNBOEQIPTQIBUFJOUIF ǊǍƽǄǏǒǃǄǏǀ˜ƾƼǍǄǁǍǀǀ˜ǋǍǊƾǇǐƿǀ˜Ƽǉƿ JOHHVN XIJDIDPOUBJOTCBLJOHTPEB
TBMJWBUPSFNJOFSBMJ[FUFFUIBGUFSBDJE ƿǀǉƾǇǐƿǀ̚ 1SP$MVEFJTBEFTFOTJUJ[JOHQSPQIZ
BUUBDLTGSPNDBSJPHFOJDCBDUFSJB*OBE 8JUIUIFFYDFQUJPOPGUXPUPPUI MBYJTQBTUFBOE%FO$MVEFJTBEFTFOTJUJ[
EJUJPO UIFBOUJNJDSPCJBMQSPQFSUJFTPG QBTUFT "SN)BNNFS1. 'SFTI.JOU JOHUPPUIQBTUF#PUIQSPEVDUTDPOUBJO
UIFTBMJWB BMPOHXJUIJUTTUSPOHCVĊFS BOE&OBNFM$BSF
BMMPGUIFUPPUIQBTUFT 4FOTJ4UBUXIJDIDPOUBJOTBSHJOJOF BO
JOHTZTUFNBSFNPSFUIBOBEFRVBUFUP NBOVGBDUVSFECZ"SN)BNNFSDPOUBJO BNJOPBDJEXIJDITUJNVMBUFTUIFBDJE
NBJOUBJOBOFOWJSPONFOUUIBUJTPQUJNBM TPEJVNCJDBSCPOBUFBTUIFQSJNBSZBCSB OFVUSBMJ[JOHQSPQFSUJFTPGDFSUBJOQMBRVF
GPSBIFBMUIZDBSJFTCBMBODF8IFOUIF TJWFJOHSFEJFOUòñ*UTTBGFUZ MPXBCSBTJWJUZ CBDUFSJB*UBMTPDPOUBJOTDBMDJVNDBS
TBMJWBSZnPXJTEFDSFBTFE GPSXIBUFWFS DPNQBUJCJMJUZXJUInVPSJEFBOEMPXDPTU CPOBUFBOECJDBSCPOBUF$BWJ4UBUJOB
SFBTPO UIFDBSJFTCBMBODFJTTIJGUFEBOE UPPUIQBTUFIBTCFFOTIPXO JOBMBSHF
QBUIPMPHJDGBDUPSTDBOIBWFBEFWBTUBU ǏǃǀǋǃǊǁǏǃǀǎƼǇǄǑƼ TUVEZJO7FOF[VFMBXJUINPSFUIBOöïï
JOHFĊFDUPOUIFUFFUIJOBWFSZTIPSU QBSUJDJQBOUT UPEFDSFBTFEFDBZJOTDIPPM
QFSJPEɥFSFGPSF QBUJFOUTXIPFYQFSJ ÓÝÒÓÑÒÏÝÞÓØÞÒÏ DIJMESFOCFUUFSUIBOUIFnVPSJEFDPOUSPMòö
FODFBEFDSFBTFETBMJWBSZnPXBSFXJMMJOH ×ÙÜØÓØÑËØÎÎÏÍÜÏËÝÏÝ
UPHSBTQBOZQSPEVDUUIBUNBZQSPWJEF $PODMVTJPO
UIFNSFMJFGɥFQSPEVDUTUIBUBSFDVS ËÐÞÏÜÏËÞÓØÑáÒÏØ ɥFSFJTBDPOTJEFSBCMFFWJEFODFCBTF
SFOUMZBWBJMBCMFEPOPUIBWFBTUSPOH ÝÞËÜÍÒÏÝËØÎÝßÑËÜÝËÜÏ UPTVQQPSUUIFNBOZQSPQFSUJFTPGCBL
FWJEFODFCBTFCVUUIFZNBZCFBCMFUP JOHTPEBPSPUIFSCVĊFSJOHBHFOUT&WFO
QSPWJEFQBMMJBUJWFSFMJFGUPQBUJFOUT ×ÏÞËÌÙÖÓäÏÎÞÙËÍÓÎÌã UIPVHIBEEJUJPOBMSFTFBSDIJTOFFEFE
ɥFQ)PGUIFTBMJWBJTIJHIFTUJOUIF ÍËÜÓÙÑÏØÓÍÌËÍÞÏÜÓË˛ UPDMJOJDBMMZEFNPOTUSBUFUIFBCJMJUZPG
NPSOJOHBOEEFDSFBTFTBGUFSFBUJOHXIFO CVĊFSJOHBHFOUTUPEFDSFBTFEFOUBMDBSJFT
TUBSDIFTBOETVHBSTBSFNFUBCPMJ[FEUP FYUSBQPMBUJOHUIFVTFPGCBLJOHTPEB
BDJECZDBSJPHFOJDCBDUFSJB1SPUFJOTBOE NBLFJUBOJEFBMEFOUJGSJDFJOHSFEJFOUòò PSPUIFSCVĊFSJOHBHFOUTUPQBUJFOUTJT
MJQJETIBWFMJUUMFFĊFDUPOUIFTBMJWBSZQ)òï 4PEJVNCJDBSCPOBUFEFOUJGSJDFIBTUIF SFBTPOBCMFJOPSEFSUPSFMJFWFUIFQSPC
4UJNVMBUJPOPGUIFTBMJWBCSJOHTUIFQSPUFD BCJMJUZUPSBQJEMZOFVUSBMJ[F JOWJUSP
Q)T MFNTPGBDJEJUZBOEEFDSFBTFETBMJWBUJPO
UJWFGVODUJPOTPGTBMJWBJOUPQMBZɥFNPTU BTMPXBTóôòóɥJTJTBMTPUIFSBUJPOBMF
JNQPSUBOUQSPUFDUJWFGVODUJPOTPGTBMJWBBSF GPSNBLJOHBTPMVUJPOPGXBUFSXJUI "QQMJDBUJPO
MVCSJDBUJPO DIFNJDBMCVĊFSJOH BOEBOUJ CBLJOHTPEB UXPUFBTQPPOTJOBðñPS *OUIFFYUSFNFSJTLQBUJFOU OFVUSBM
NJDSPCJBMBDUJWJUZòðɥFCJDBSCPOBUFTZTUFN ðõPVODFCPUUMFPGXBUFS
GPSIZQPTBMJ J[JOHUIFBDJEJUZUIBUFYJTUTEVFUPUIFMBDL
JTUIFNBKPSCVĊFSJOHTZTUFNGPMMPXFEUPB WBSZQBUJFOUTUPSJOTFBOEFYQFDUPSBUF PGUIFTBMJWBTQSPUFDUJWFQSPQFSUJFTDBOCF
MFTTFSFYUFOUCZQIPTQIBUFBOEQSPUFJOɥF BTOFFEFEUISPVHIPVUUIFEBZUPOFV PĊTFUCZSJOTJOHXJUIBCBLJOHTPEBTPMV
CJDBSCPOBUFTZTUFNDBORVJDLMZFMFWBUFUIF USBMJ[FUIFEFUSJNFOUBMFĊFDUTPGBDJEJUZ UJPOXIFOUIFNPVUIGFFMTESZ"EEJUJPOBM
EFQSFTTFEQ)DBVTFECZBDJEPHFOJDCBDUFSJB GSPNHBTUSJDSFnVY (&3%
CVMJNJB PS SFDPNNFOEBUJPOTJODMVEFSJOTJOHBGUFS
UPTBGFMFWFMT8IFONFEJDBUJPOT TZTUFNJD UIFESZOFTTUIBUPDDVSTXIFOUIFTBMJWB FWFSZTOBDLPSNFBMBOEBUCFEUJNF BT
EJTFBTFT PSJSSBEJBUJPOEJNJOJTIFTUIFnPX JTESBTUJDBMMZEFDSFBTFE#FDBVTFPGJUT XFMMBTVTJOHBCBLJOHTPEBDIFXJOHHVN
PGTBMJWB UIFQSPUFDUJWFFĊFDUTPGTBMJWB BCJMJUZUPJODSFBTFUIFQ) JUIBTTIPXO ɥFTFSFDPNNFOEBUJPOTBMTPBQQMZUPUIF
MFBWFUIFUFFUIWVMOFSBCMFUPEFNJOFSBMJ[B BEFDSFBTF JOWJUSP
JONJOFSBMMPTTPG QBUJFOUXJUIHBTUSJDSFnVYBOECVMJNJB
UJPO BOEPSBMTPGUUJTTVFTNBZCFDPNF FOBNFMòô*UIBTBMTPEFNPOTUSBUFETUSPOH
EFIZESBUFEUPUIFQPJOUPGDSBDLJOHBOE JOIJCJUPSZBDUJWJUZ JOWJUSP
BHBJOTU4 ƼǍǏǄǁǄƾǄƼǇǎƼǇǄǑƼ
PQFOUPNJDSPCJBMJOGFDUJPO)FODF BOZ NVUBOT4FWFSBMTNBMMDMJOJDBMTUVEJFT ̙ǎƼǇǄǑƼǍǏ˜ǊǋǏǄǈǊǄǎǏ̚
QSPEVDUUIBUTJNVMBUFTFWFOTPNFPGUIF TVHHFTUUIBUJUDBOCFFĊFDUJWFJOSFEVD "SUJGJDJBMTBMJWBJTJOUFOEFEUPJNJ
GVODUJPOTPGTBMJWBDPVMEIBWFBQSPGPVOE JOHEFOUBMTUBJOJOH*UTMPXBCSBTJWJUZJT UBUFOBUVSBMTBMJWBCPUIDIFNJDBMMZBOE
FĊFDUPOJNQSPWJOHUIFRVBMJUZPGMJGFGPS IJHIMZEFTJSBCMFCFDBVTFJUXJMMOPUBCSBEF QIZTJDBMMZ*UTQSPQFSUJFTJODMVEFWJTDPT
QBUJFOUTXJUIIZQPTBMJWBSZTZNQUPNT UPPUITUSVDUVSFMJLFUIFIJHIBCSBTJWF JUZ NJOFSBMDPOUFOU QSFTFSWBUJWFTBOE
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͱͯ
ͯ
ÜÙÎßÍÞÝÐÙÜËÜÓÏÝ
ØÞÏÜàÏØÞÓÙØ
ÜÙÎßÍÞ ÒÏÜÏÞÙÓØÎÜÙÎßÍÞ
ÒÖÙÜÒÏâÓÎÓØÏ ÏÜÓÙÑËÜÎ ÙÖÑËÞÏ
̙ÍÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏ͑˛͓͒ϯ˜͒͒˛͗ϯËÖÍÙÒÙÖ̚ ááá˛ÍÙÖÑËÞÏÚÜÙÐÏÝÝÓÙØËÖ˛ÍÙ×
ÏÜÓÎÏâ

ÜÏàÏØÞÓàÏËÜÏ˜Ë͔Ù×ÚËØã
ááá˛Ù×ØÓÚÜÏàÏØÞÓàÏÍËÜÏ˛ÍÙ×
ÒÖÙÜÒÏâÓÎÓØÏ ̋̋ÒÖÙÜÏâÓÎÓØÏÖßÍÙØËÞÏÜËÖÓØÝÏ ßØÝÞËÜ×ÏÜÓÍËÝ˜
ØÍ˛˹ßÞÖÏÜ
̙ÍÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏ͑˛͓͒ϯ˜ËÛßÏÙßÝ ááá˛ÔÌßÞÖÏÜ˛ÍÙ×
ÝÙÖßÞÓÙØ̚

ÙÎÓØÏ ÏÞËÎÓØÏ ÏÎÓÍËÖÝßÚÚÖÓÏÜÝ
̙͒͑ϯÚÙàÓÎÙØÏ̋ÓÙÎÓØÏ̚
ÞÒÏÜËØÞÓ×ÓÍÜÙÌÓËÖÝ ËÜÓÜÏÏÜÏËÞ×ÏØÞÓØÝÏ ÜËÖÓÙÏÍÒ
ááá˛ÍËÜÓÐÜÏÏ˛ÍÙ×
ÖßÙÜÓÎËÞÏÎÎÏØÞÓÐÜÓÍÏÝ ÜÏàÓÎÏØÞ͖͑͑͑ ÙÖÑËÞÏ
̛͒˛͒ϯËÞÙÙÞÒÚËÝÞÏËØÎÑÏÖ̙͖˜͑͑͑ÚÚ×̜̚
ÙØÞÜÙÖ ×ØÓÓ
ÖßÙÜÓÎÏâËÓÖãÏÐÏØÝÏ ÓÝÍßÝÏØÞËÖ
ááá˛ÎÓÝÍßÝÎÏØÞËÖ˛ÍÙ×
ÖßÙÜÓÎÏ×ÙßÞÒÜÓØÝÏÝ ÍÞ ÙÒØÝÙØËØÎÙÒØÝÙØ
̙͑˛͖͑ϯË̚
ÖßÙÜÓÑËÜÎ ÙÖÑËÞÏ
ËÜÓÜÏÏËÓØÞÏØËØÍÏÓØÝÏ ÜËÖÓÙÏÍÒ
ÖßÙÜÓÎÏ×ÙßÞÒÜÓØÝÏÝ ÜÏàÓÎÏØÞ ÙÖÑËÞÏ
̙͑˛͓ϯË̚
ÜËÖ̋ÖßÙÜÓØÝÏ ÜÙÍÞÏÜʶË×ÌÖÏ
ááá˛ÎÏØÞËÖÍËÜÏ˛ÍÙ×
ÖßÙÜÓÎÏàËÜØÓÝÒÏÝ ßÜËÚÒËÞ ÙÖÑËÞÏ
̙͖ϯËàËÜØÓÝÒ̚
ßÜËÐÖÙÜ ÏÎÓÍÙ×
ËàÓÞãÒÓÏÖÎ
ÜÏàÏØÞÓàÏËÜÏ
ÖßÙÜÜÙÞÏÍÞÙÜ
àÙÍÖËÜ
ËØÓÝÒ
ãÖÓÞÙÖ ÚÓÍ ááá˛ÏÚÓÍÎÏØÞËÖ˛ÍÙ×
ÚÜã ááá˛ÝÚÜãÎÏØÞËÖ˛ÍÙ×
ÛßÓÑÖÏÞÙÙÞÒÚËÝÞÏ ááá˛ÝÛßÓÑÖÏ˛ÍÙ×
×ØÓÒÏÜËÑß×

ÍÏÜÏËÕÏÜÝßÌÏÝ ÏÞËÓÖÝÞÙÜÏÝ
ÞËÜÌßÍÕÝÐÞÏÜ̋ÍÙÐÐÏÏÑß×
ÖÞÙÓÎÝÑß×
ËÕÓØÑÝÙÎËÚÜÙÎßÍÞÝ Ü×ʶ Ë××ÏÜÞÙÙÞÒÚËÝÞÏÝËØÎÌËÕÓØÑÝÙÎË ÏÞËÓÖÝÞÙÜÏÝ
ÜÌÓÞÒÓÞÏ ÜÓÑÖÏã
ááá˛áÜÓÑÖÏã˛ÍÙ×˹áÜÓÑÖÏã
ÞÒÏÜËÍÓÎ̋ÌßÐÐÏÜÓØÑÚÜÙÎßÍÞÝ ËÜÓÜÏÏËÓØÞÏØËØÍÏÜÓØÝÏ ÜËÖÓÙÏÍÒ˜
ËÜÓÜÏÏÙÙÝÞÜÏËÞÒÝÚÜËã
ÜÞÏÕÒÏÜËÚÏßÞÓÍÝ˜
ØÍ˛
ÏØÖßÎÏ ááá˛ÙÜÞÏÕÓØÍ˛ÍÙ×
ÜÙÖßÎÏ
͵ͱ Ͱ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α

Ы
ͯ
ÜÙÎßÍÞÝÐÙÜËÜÓÏÝ
ØÞÏÜàÏØÞÓÙØƾǊǉǏǄǉǐǀƿ
ÜÙÎßÍÞ ÒÏÜÏÞÙÓØÎÜÙÎßÍÞ
ËÖÖÓËÞÓàÏÚÜÙÎßÍÞÝÐÙÜâÏÜÙÝÞÙ×ÓË ÚÞÓ×ÙÓÝÞ ÙÖÑËÞÏ
ËÖÓàËÜÞ ÏÌËßÏÜÙ×ÚËØã
ááá˛ÑÏÌËßÏÜ˛ÍÙ×
ËÝÓÝ
ÖËâÙ×ÓÞÒÖÓØÏ
ÞÙÚÚÏÜÝ͕ÜãÙßÞÒÚÜËã ááá˛ÑÝÕ˛ÍÙ×
ÚÜãÜËÖÓØÝÏ ÏÞËÓÖÝÞÙÜÏÝ
ÜËÖÌËÖËØÍÏÑÏÖËØÎÞÙÙÞÒÚËÝÞÏ ÖÏËÜ˜
ØÍ˛
ÓÙÞÏØÏ×ÙßÞÒáËÝÒ ááá˛âÖÏËÜ˛ÍÙ×˹ÝÚÜã˹ÎÎÝ
ÓÙÞÏØÏËÖÍÙÒÙÖ̋ÐÜÏÏ×ÙßÞÒáËÝÒ ËÍÖÏÎÏÜÙÐÏÝÝÓÙØËÖÜÙÎßÍÞÝ
ááá˛ÌÓÙÞÏØÏ˛ÍÙ×
ÓÙÞÏØÏØÞÓÌËÍÞÏÜÓËÖÜãÙßÞÒÞÙÙÞÒÚËÝÞÏ
ÏáÜÙÎßÍÞÝßÜÜÏØÞÖãàËÓÖËÌÖÏ
ÏÍËÖÎÏØÞÚÜÙÎßÍÞÝ̋
ËÝÞÏ̙×ÏÜÓÍË˜
ØÍ˛̚ ×ÏÜÓÍË˜
ØÍ˛ááá˛ÑÍË×ÏÜÓÍË˛ÍÙ×˛
ÜÓÎÏØÞÒÓÞÏÍÒÏáÓØÑÑß× ÏÞËÓÖÝÞÙÜÏÝ
ÜÙÝÚÏÍ
ËÝÞÏÖßÝ
ÙàËÓØ ÙÙÞÒÏâÞÙÙÞÒÝÏØÝÓÞÓàÓÞã
ááá˛ÎÏØÝÒÓÏÖÎ˛ÍÙ×
ÏØÒÓÏÖÎÞÙÙÞÒÝÏØÝÓÞÓàÓÞã
ßÞÖÏÜ
ßËÜÏÙÙÞÙØÎÓÞÓÙØÏÜáÓÞÒÙàË×ÓØ ááá˛ÔÌßÞÖÏÜ˛ÍÙ×
ßËÜÏÜÙÚÒãÖËâÓÝËÝÞÏáÓÞÒÙàËÓØ ßÞÖÏÜ
ÜÙÎßÍÞÝ ÑÏÓÝÚÜÙÎßÍÞÝ ÙÝáÙÜÞÒ
ááá˛ÌÙÝáÙÜÞÒ˛ÍÙ×
ÏËÖËØÞÝ
ÜÏ×ÓÏÜÏØÞËÖ
ÜËÍÕÏÞÍ×Þ ááá˛ÚÜÏ×ßÝË˛ÍÙ×
ÜÙáØËØÎÜÓÎÑÏÍ×Þ
ØË×ÏÖÜÙ̎ÚÜÙÚÒãÚËÝÞÏ
ØË×ÏÖÜÙàËÜØÓÝÒ
ÓËÑØÙÝÞÓÍÝ ËÖÓàËÒÏÍÕ ×ÏÜÓÍË
ËÜÓÜÏÏãÝÞÏ× ËÜÓÍÜÏÏØËØÎËÜÓßÖÞ ÜËÖÓÙÏÍÒ
QBMBUBCJMJUZ)ZESPYZFUIZMDFMMVMPTFPS $PODMVTJPO *UDPOUBJOTBDPNCJOBUJPOPGDBSCPYZNFUIZM

DBSCPYZNFUIZMDFMMVMPTFQSPWJEFTUIF 8JUICPUIQSPEVDUTMBDLJOHBO DFMMVMPTFBOEBQPMZWJOBZIMQZSPMMJEPOF
BUUSJCVUFTPGWJTDPTJUZ1IPTQIBUFTBOE FWJEFODFCBTF UIFZDBOBUCFTUCFPG CBDLCPOFQPMZNFSBOEYBOUIBOHVNóï0OF
DBMDJVNDPOUSJCVUFUPUIFNJOFSBMDPO GFSFEBTQBMMJBUJWFSFMJFGUPQBUJFOUT TUVEZ VTJOHTVCKFDUJWFRVFTUJPOT TIPXFE
UFOU.FUIZMPSQSPQZMQBSBCFOBSFGSF XJUIYFSPTUPNJBPOBOBTOFFEFECBTJT UIBUJOBQPQVMBUJPOPGTVCKFDUTFYQFSJFODJOH
RVFOUMZVTFEBTQSFTFSWBUJWFT'MBWPS ɥFTFQSPEVDUTMBDLUIFNPTUJNQPS ESZNPVUI GPVOEJUCFOFmDJBMJONBOBH
JOHTBOETXFFUFOFST TVDIBTTPSCJUPMPS UBOUGVODUJPOTPGTBMJWB UIFCVĊFS JOHESZNPVUIBOEQSFGFSSFEJUPWFSUIF
YZMJUPM QSPWJEFUIFRVBMJUJFTPGQBMBU JOHBOEBOUJNJDSPCJBMQSPQFSUJFT DPOUSPMSJOTFóð*UJTBEWFSUJTFEBTBNPVUI
BCJMJUZò÷*OBEEJUJPOUPUIFQSFWJPVTMZ NPJTUVSJ[FSBOEOPUBTBTBMJWBTVCTUJUVUF
NFOUJPOFEJOHSFEJFOUT 4BMJWBSUDPO ǈǊǐǏǃǒƼǎǃǁǊǍǏǃǊǎǀǒǄǏǃǓǀǍǊ̋ 4UPQQFSTó%SZ.PVUI4QSBZBOE4QSZ0SBM
UBJOTTPSCJUPM JTQSFTFSWBUJWFGSFFBOE ǎǏǊǈǄƼ̙ǊƼǎǄǎ˜ǎǏǊǋǋǀǍǎήƿǍǔǈǊǐǏǃ 3JOTFCPUIIBWFBOBCVOEBODFPGYZMJUPM
JTQBDLBHFEBTBTUFSJMFQSPQFMMBOUBFSP ǎǋǍƼǔ˜ǎǋǍǔǊǍƼǇǍǄǉǎǀ̚
TPM0QUJNPJTUIBTTJNJMBSJOHSFEJFOUT 0BTJTJTBOBMDPIPMGSFFGPSNVMBUJPOJO $PODMVTJPO
CVUBMTPDPOUBJOTTPEJVNNPOPGMVPSP UFOEFEUPQSPWJEFUIFNPJTUVSJ[JOHCFOFmUT -BDLJOHBOFWJEFODFCBTF UIFTF
QIPTQIBUFBOEJTQBDLBHFEBTBTQSBZòø PGBNPVUIXBTIXJUIPVUESZJOHUIFNVDPTB QSPEVDUTDBOBUCFTUCFPĊFSFEBTQBMMJB
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͱͱ
UJWFSFMJFGUPQBUJFOUTXJUITBMJWBSZHMBOE "QQMJDBUJPO $PODMVTJPO

IZQPGVODUJPOPOBOBTOFFEFECBTJT ɥFZNBZCFPĊFSFEBTQBMMJBUJWF ɥFSFJTTVCTUBOUJBMFWJEFODFGPSUIJT
QSPEVDUTUPQBUJFOUTXJUIESZNPVUI UFDIOPMPHZ$VSSFOUMZUIFSFJTNPSFJO
ƽǄǊǏǀǉǀǋǍǊƿǐƾǏǎ UPTFFJGUIFZPCUBJOBOZSFMJFG WJUSPFWJEFODFUIBOJOWJWPUPTVQQPSU
0SBMCBMBODFHFMBOEUPPUIQBTUF UIFCFOFmUTPG.*1BTUFɥFNBKPSJUZ
QSPEVDUTDPOUBJOUIFFO[ZNFTMBD ÏáÜÙÎßÍÞÝßÜÜÏØÞÖãàËÓÖËÌÖÏ PGTUVEJFTIBWFTVQQPSUFEJUTBCJMJUZUP
UPGFSSJO HMVDPTFPYJEBTF BOEMBD CSJOHBCPVUSFNJOFSBMJ[BUJPOCZDPBUJOH
UPQFSPYJEBTF8IFOUIFTFFO[ZNFT ǋǍǊǎǋǀƾǈǄǋƼǎǏǀ̙ǂƾƼǈǀǍǄƾƼ˜Ǆǉƾ˛̚ UIFUPPUITVSGBDFXJUIUIFDBMDJVNBOE
DPNCJOFXJUIQPUBTTJVNUIJPDZBOBUF .*1BTUFCZ($"NFSJDB *ODJTBXBUFS QIPTQIBUFOFFEFEUPSFQBJSEFNJOFSBM
XIJDIJTQSFTFOUJOTBMJWB UIFZGPSN CBTFEQBTUF'%"BQQSPWFEGPSTFOTJUJWJUZ J[FEFOBNFM0OFTUVEZIBTFWBMVBUFE
UIFIZQPUIJPDZBOBUFJPO XIJDINJMEMZ UIBUVTFT3FDBMEFOU $11"$1
UFDIOPMPHZ JUFĊFDUJWFOFTTJOSFEVDJOHTFOTJUJWJUZ
JOIJCJUTUIFHSPXUIPGBDJEQSPEVDJOH BTTPDJBUFEXJUIUSBZCMFBDIJOH"OFYUFO
NJDSPPSHBOJTNTóñ#JPUFOFNPVUIXBTI ǏǃǀǎǀǋǍǊƿǐƾǏǎ TJPOPGUIJTXPVMECFJOUSFBUJOHTFOTJUJW
DPOUBJOTMZTP[ZNF HMVDPTFPYJEBTF JUZGPMMPXJOHTDBMJOHBOESPPUQMBOJOH
BOEMBDUPGFSSJO*OBEEJUJPOUPUIFTF ÍËØËÞÌÏÝÞÌÏÙÐÐÏÜÏÎ BOESPPUTVSGBDFTFYQPTFECFDBVTFPG
JOHSFEJFOUT #JPUFOFBMDPIPMGSFF ËÝÚËÖÖÓËÞÓàÏÜÏÖÓÏÐ HJOHJWBMSFDFTTJPOBOEPSFSPTJPO
NPVUIXBTIDPOUBJOTMBDUPQFSPYJEBTF
#JPUFOF"OUJCBDUFSJBM%SZ.PVUI ÞÙÚËÞÓÏØÞÝáÓÞÒ "QQMJDBUJPO
5PPUIQBTUFDPOUBJOTMZTP[ZNF HMVDPTF ÝËÖÓàËÜãÑÖËØÎ .*1BTUFJTSFDPNNFOEFEGPSQSP
PYJEBTF BOEMBDUPQFSPYJEBTFòñɥF GFTTJPOBMEJTQFOTJOH BOEDBOCFVTFE
TUVEJFTUIBUIBWFCFFODPOEVDUFEPO ÒãÚÙÐßØÍÞÓÙØÙØ CZUIFQBUJFOUXJUIJOTUSVDUJPOGSPN
#JPUFOFBSFEJċDVMUUPJOUFSQSFUCFDBVTF ËØËÝ̋ØÏÏÎÏÎÌËÝÓÝ˛ UIFEFOUBMTUBĊ#FDBVTFJUDPOUBJOTB
TPNFVTFEEJĊFSFOUDPNCJOBUJPOTPG NJMLQSPUFJOJUTIPVMEOPUCFVTFEPO
UIF#JPUFOFNPVUIXBTI UPPUIQBTUF QBUJFOUTXJUINJMLQSPUFJOBMMFSHJFT*UJT
DIFXJOHHVNBOE0SBMCBMBODFHFMPS UPEFMJWFSDBMDJVNBOEQIPTQIBUFJPOTUP SFDPNNFOEFEGPSQBUJFOUTXJUIEFOUJOBM
POMZPOFPGUIFQSPEVDUTTFQBSBUFMZ FOBNFMTVSGBDFT3FDBMEFOUJTEFSJWFEGSPN TFOTJUJWJUZ FOBNFMFSPTJPOT BOETBMJWBSZ
0VUPGUIFTFWFOTUVEJFTSFWJFXFE mWF UIFNJMLQSPUFJO DBTFJO$BTFJOCFOFmUT HMBOEIZQPGVODUJPO.*1BTUFDBOCF
HBWFGBWPSBCMFSFTVMUTCBTFEPOTVCKFD UFFUICZCSJOHJOHDBMDJVNQIPTQIBUFTUP BQQMJFEVTJOHBQSPQIZDVQ DVTUPNUSBZ
UJWFNFBTVSFTBOEUXPEJEOPUIBWFBOZ EFNJOFSBMJ[FEFOBNFMóò$BTFJOQIPTQIP PSmOHFSUJQ*OUIFFYUSFNFSJTLQBUJFOU
FĊFDUCBTFEPOQIZTJDBMNFBTVSFNFOUT QFQUJEF $11 DSFBUFTBTUBCMFEFMJWFSZWFIJ NVMUJQMFBQQMJDBUJPOTUISPVHIPVUUIFEBZ
ɥFmWFTUVEJFTXJUIQPTJUJWFSFTVMUT DMFGPSBNPSQIPVTDBMDJVNQIPTQIBUF "$1 JTTUSPOHMZSFDPNNFOEFE BOEDPVMECFBO
XFSFDPOEVDUFEJOQPTUSBEJBUJPOQBUJFOUT BOEDBOQSPNPUFSFNJOFSBMJ[BUJPOPGTVC PQUJPOGPSUIFIJHIDBSJFTSJTLQBUJFOUBT
PSTFWFSFMZIZQPTBMJWBSZQBUJFOUT TVSGBDFFOBNFMMFTJPOTóó"UOFVUSBMQ)PS XFMM*UNBZBMTPCFVTFEJOUIFMPXBOE
XJUIBIJHIDPODFOUSBUJPOPGDBMDJVNBOE NPEFSBUFSJTLQBUJFOU XIFOFYDFTTJWF
$PODMVTJPO QIPTQIBUFJPOT UIFDPODFOUSBUJPOHSBEJFOU SPPUFYQPTVSFPSTFOTJUJWJUZJTQSFTFOU
.PTUPGUIFFWJEFODFCBTFDPNFTGSPN GBWPSTUIFEJĊVTJPOPGJPOTCBDLJOUPUIF
TNBMMTUVEJFTBOETVCKFDUJWFNFBTVSF UPPUIDBVTJOHSFNJOFSBMJ[BUJPOóô#FDBVTF ǉǊǑƼǈǄǉ̙ǀ˛ǂ˛˜ǎǊǊǏǃǀǍǓ̚
NFOUTJOXIJDIEJĊFSFOUDPNCJOBUJPOTPG JUNBZQSPWJEFTPNFCVĊFSJOHBMPOHXJUI /PWB.JOJTBOBNPSQIPVT DBMDJVN
UIFQSPEVDUTXFSFVTFEɥF#JPUFOFQSPE BNPSQIPVTDBMDJVNBOEQIPTQIBUF UIJT TPEJVNQIPTQIPTJMJDBUFUIBUXBTEFWFM
VDUTBSFJOUFOEFEUPNJNJDUIFOBUVSBM QSPEVDUBUUFNQUTUPNJNJDIFBMUIZTBMJWB PQFEBTBmOFQBSUJDVMBUFUPQIZTJDBMMZ
FO[ZNFTPGUIFTBMJWBɥFZIBWFOPCVĊ "OFDEPUBMMZ .*1BTUFNBZQSPWJEFDPNGPSU PDDMVEFEFOUJOUVCVMFTBOESFEVDFEFOUJO
FSJOHDBQBCJMJUZPSBOUJDBSJFTFĊFDUTBOE GPSQBUJFOUTXJUIYFSPTUPNJBBOEIZQPTBMJ IZQFSTFOTJUJWJUZóõ óöɥFSFBDUJPOPG/P
UIVTEPOPUTVCTUJUVUFGPSTBMJWBɥFTF WBSZGVODUJPO.*1BTUF1MVT MBVODIFE WB.JOQBSUJDMFTCFHJOTXIFOUIFNBUFSJBM
QSPEVDUTDBOBUCFTUCFPĊFSFEBTQBMMJB JOUIF6OJUFE4UBUFTJOTQSJOHñïïö BMTP JTTVCKFDUFEUPBOBRVFPVTFOWJSPONFOU
UJWFSFMJFGUPQBUJFOUTXJUITBMJWBSZHMBOE DPOUBJOTnVPSJEF.PSFTUVEJFTBSFOFFEFE BOEDBMDJVN TPEJVN BOEQIPTQIBUFJPOT
IZQPGVODUJPOPOBOBTOFFEFECBTJT UPTUVEZUIFFĊFDUTPGBEEJOHUIFnVPSJEF BSFSFMFBTFEɥJTJOJUJBMTFSJFTPGSFBDUJPOT
͵ͱ Ͳ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
PDDVSTXJUIJOTFDPOETPGFYQPTVSF BOE ɥFIPNFDBSFQSPEVDUTVTFUXPEJTUJOD $BSJ'SFF#PPTU

GPSQBUJFOUTXJUISFEVDFE
UIFSFMFBTFPGUIFDBMDJVNBOEQIPTQIBUF UJWFCVUTJNQMFTUSBUFHJFTð
DSFBUFBQ) TBMJWBSZnPXɥFTQSBZDPOUBJOTYZMJUPM
JPOTDPOUJOVFTTPMPOHBTUIFQBSUJDMFT FOWJSPONFOUUIBUCPUIGBWPSTIFBMUIZ NPJTUVSJ[JOHBHFOUT DBMDJVNIZESPYJEF
BSFFYQPTFEUPUIFBRVFPVTFOWJSPO OPSNBMnPSBSBUIFSUIBODBSJFTQBUIP BOUIPDZBOJOT QPMZQIFOPM nBWPSJOH BOE
NFOUó÷ óøɥFDPNCJOBUJPOPGUIFSFTJEVBM HFOTBOEFTUBCMJTIFTBQIZTJPMPHJDQ)JO CVĊFSJOHBHFOUT*UDBOCFDPOWFOJFOUMZ
/PWB.JOQBSUJDMFTBOEBOFXMZGPSNFE IZQPTBMJWBSZQBUJFOUT BOEñ
DPNCJOF VTFEUISPVHIPVUUIFEBZUPSFMJFWFESZ
DBMDJVNQIPTQIBUFMBZFSSFTVMUTJOUIF TZOFSHJTUJDQSPEVDUTXJUIBMSFBEZQSPWFO OFTTBOEOFVUSBMJ[FBDJEBUUBDLTBTOFFEFE
QIZTJDBMPDDMVTJPOPGEFOUJOBMUVCVMFT FċDBDZJOUPUXPTJNQMFSJOTFQSPUP ɥF$BSJ'SFFPSBMDBSFQSPEVDUTBSF
XIJDIXJMMSFMJFWFIZQFSTFOTJUJWJUZóõ óö DPMTUPJODSFBTFQBUJFOUBDDFQUBODF UBSHFUFETQFDJmDBMMZBUUIFLOPXOUSBJUT
*OPOFFYQFSJNFOUBMHJOHJWJUJTTUVEZ .VUBOTTUSFQUPDPDDJIBTUIFBCJMJUZUP PGUIFDBSJPHFOJDCJPmMN UIFQSJNBSZPOF
JUXBTQSPQPTFEUIBUUIFNBUFSJBMBMTP TVSWJWFJOMPXQ)FOWJSPONFOUTSFRVJSJOH CFJOHUIFQ)ESPQGSPNUIFBDJEJDCZ
QPTTFTTFTTPNFMPDBMBOUJJOnBNNBUPSZ QSPEVDUTPGUIFTVHBSNFUBCPMJTNCZUIF
BDUJPOBTEFUFSNJOFECZBSFEVDUJPOJO ǉǐǈǀǍǊǐǎǎǏǐƿǄǀǎ CJPMmMNôóɥF$BSJ'SFFQSPEVDUTXFSFEF
HJOHJWBMJOnBNNBUJPOôï"MUIPVHIJU TJHOFEUPSFWFSTFUIFMPXQ)BOEESJWFUIF
IBTCFFOTIPXOUIBU/PWB.JODBOGPSN ÒËàÏÎÙÍß×ÏØÞÏÎË TFMFDUJPOQSFTTVSFFRVBUJPOCBDLUPXBSE
BQBUJUFMJLFDBMDJVNQIPTQIBUF BOEJUJT ÝÓÑØÓÐÓÍËØÞÜÏÖËÞÓÙØÝÒÓÚ IFBMUIɥF$BSJ'SFF5SFBUNFOU3JOTFJTB
UIFSFGPSFWFSZMJLFMZUIBUUIJTQSPEVDU UXPDPNQPOFOUTIPSUUFSN UXPXFFLT

XJMMFOIBODFSFNJOFSBMJ[BUJPOJOUIF ÌÏÞáÏÏØÖÏàÏÖÝËØÎ SJOTFJOWPMWJOHBPOFNJOVUFPOFUJNF
NPVUI CVUUIFSFJTOPQVCMJTIFEDMJOJDBM ÍÙÖÙØãÐÙÜ×ÓØÑßØÓÞÝ̙Ý̚ QFSEBZQSPUPDPMGPSFBTZQBUJFOUDPNQMJ
FWJEFODFPGUIJTBUUIFUJNFPGXSJUJOH BODFɥFBDUJWFJOHSFEJFOUJTïïôQFSDFOU
/PWB.JOJTBWBJMBCMFJOUIFGPSNPG ÙÐ×ËØãÝÚÏÍÓÏÝÙÐÌËÍÞÏÜÓË˜ TPEJVNnVPSJEFBUBQ)PGðð %FDBMDJmDB
BUPPUIQBTUFDBMMFE4PPUIF3YPS ËØÎÐßØÑÓÓØÞÒÏ×ÙßÞÒ˛ UJPOPDDVSTBUBQQSPYJNBUFMZQ)ôô
0UI
0SBWJWF5. DVSSFOUMZNBSLFUFEGPSEFOUJO FSJOHSFEJFOUTJODMVEFDBMDJVNIZESPYJEF
TFOTJUJWJUZDPOUSPM TPEJVNIZQPDIMPSJUF BOUIPDZBOJOT QPMZ
UIFIJHIQSPEVDUJPOBOEVTFTPGFOFSHZ QIFOPM nBWPSJOH BOECVĊFSJOHBHFOUT
$PODMVTJPO BEFOPTJOFUSJQIPTQIBUF "51
UPTVSWJWF 0ODFUIFQBUJFOUIBTDPNQMFUFEUIF
ɥFSFJTBDPOTJEFSBCMFSFTFBSDICBTF /VNFSPVTTUVEJFTIBWFEPDVNFOUFEB $BSJ'SFF5SFBUNFOU3JOTFDZDMF UIFZBSF
GPSUIJTCJPBDUJWFHMBTTQSPEVDU*UIBT TJHOJmDBOUSFMBUJPOTIJQCFUXFFO"51 QMBDFEPOUIF$BSJ'SFF.BJOUFOBODF3JOTF
CFFOTIPXOUPSFEVDFTFOTJUJWJUZBOEJT MFWFMTBOEDPMPOZGPSNJOHVOJUT $'6T
PG GPSMPOHUFSNTUSBUFHJFTɥF.BJOUFOBODF
MJLFMZUPFOIBODFSFNJOFSBMJ[BUJPO NBOZTQFDJFTPGCBDUFSJB BOEGVOHJJOUIF 3JOTFJTBïïôQFSDFOUTPEJVNnVPSJEF
DMJOJDBMMZ NPVUIôðôòɥF$BSJ4DSFFODBSJFTTVTDFQ SJOTFXJUIBOFMFWBUFEQ)PG÷ɥJTSJOTF
UJCJMJUZTDSFFOJOHUFTUJTBPOFNJOVUF BMTPDPOUBJOTYZMJUPM DBMDJVNIZESPYJEF
"QQMJDBUJPO SFBMUJNFDIBJSTJEFTDSFFOJOHUFTUCBTFE BOUIPDZBOJOT QPMZQIFOPMT nBWPSJOH BOE
ɥFNBOVGBDUVSFSTVHHFTUTUIBU PO"51CJPMVNJOFTDFODFUIBUIBTTIPXO CVĊFSJOHBHFOUTɥFQBUJFOUTDBOVTF
JOJUJBMMZJUCFVTFEEBJMZBOEFWFOUVBMMZ UPIBWFBTUSPOHDPSSFMBUJPOCFUXFFOUIF UIF$BSJ'SFF.BJOUFOBODF3JOTFPOBO
POMZPODFQFSXFFL "51MFWFMTPGUIFEFOUBMCJPmMNBOEUIF POHPJOHCBTJTBTQBSUPGUIFJSSFNJOFSBM
QBUJFOUT$'6TPGNVUBOTTUSFQUPDPDDJ J[BUJPOBOEBOUJDBSJFTTUSBUFHJFTɥFZBSF
ƾƼǍǄǁǍǀǀǎǔǎǏǀǈ ɥF$BSJ'SFF$BSJDVMUJTBSBQJEDVMUVSF SPVUJOFMZUFTUFEBUUIFFOEPGPOFNPOUI
ɥF$BSJ'SFF4ZTUFNJTBOFBSMZDBSJFT GPS.4 GSPNQMBRVFUIBUJTJODVCBUFE PGUIFSJOTFUIFSBQJFTGPSUIFJSDBSJFT
EFUFDUJPOBOEUSFBUNFOUBQQSPBDICBTFE BOESFBEBGUFSPOMZðñUPñóIPVST#BTFE TVTDFQUJCJMJUZXJUIUIF$BSJ4DSFFOUFTU
POUIFJOGFDUJPVTEJTFBTFOBUVSFPGEFOUBM POUIFDPNCJOFESFTVMUTPGUIFTDSFFO
DBSJFTɥFTZTUFNDPOTJTUTPGBTDSFFOJOH JOHUFTUT DBSJFTSJTLBTTFTTNFOUGPSN $PODMVTJPO
DBSJFTTVTDFQUJCJMJUZUFTU BSBQJECBDUF BOECBDUFSJBMDVMUVSFT BEJBHOPTJTJT "MUIPVHIBMMPGUIFBCPWFJOHSFEJ
SJBMUFTU BDBSJFTSJTLBTTFTTNFOUGPSN NBEFGPSUIFQBUJFOUTDBSJFTSJTLMFWFM FOUTIBWFCFFOTUVEJFEJOEJWJEVBMMZ
BOEBVOJRVFBOUJNJDSPCJBMIPNFDBSF ɥF$BSJ'SFFQSPEVDUMJOFBMTPJODMVEFT UIFZIBWFOPUCFFOTUVEJFEDPMMFDUJWFMZ
QSPEVDUMJOFUPSFEVDFUIFDBSJFTSJTL BOPSBMCSFBUITQSBZXJUIBQ)PGø BTUIF$BSJ'SFFTZTUFNɥFDVMUVSJOH
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͱͳ
NFUIPETBOECJPMVNJOFTDFODFOFFEUP NBOJOWFTUJHBUJPOôô*OTVNNBSZ UIF HFUFEBOUJNJDSPCJBMQFQUJEFT 45".1T

õð
CFWBMJEBUFEɥFSFGPSF NPSFSFTFBSDIJT SFBMJUZPGTPNFGPSNPGBDBSJFTWBDDJOF ɥFCBTJDJEFBJTUPEFWFMPQBUBSHFUJOH
XBSSBOUFEPOUIJTQSPNJTJOHBQQSPBDI GBDFTTJHOJmDBOUTDJFOUJmDDIBMMFOHFTBOE NPMFDVMFUIBUXJMMBUUBDITQFDJmDBMMZ
QPMJUJDBMIVSEMFTUIBUNBZUBLFTFWFSBM UP4NVUBOTɥFOBLJMMFSNPMFDVMFJT
"QQMJDBUJPO EFDBEFTCFGPSFCFDPNJOHBSFBMJUZô÷ DIBJOFEUPUIFUBSHFUJOHNPMFDVMFBOE
ɥF$BSJ'SFF5SFBUNFOU3JOTF ïïô JOUSPEVDFEJOUPUIFPSBMDBWJUZXIFSF
QFSDFOU/B'SJOTF Q)ðð
BOE.BJOUF ǋǍǊƽǄǊǏǄƾǎ̙ǍǀǋǇƼƾǀǈǀǉǏǏǃǀǍƼǋǔ̚ JUTFMFDUJWFMZFMJNJOBUFTUIFEJTFBTF
OBODF3JOTF ïïôQFSDFOU/B'SJOTF Q) 1SPCJPUJDTJTBOFXBQQSPBDICFJOHEF DBVTJOH4NVUBOT5JNFXJMMUFMMIPX
÷
DPVMECFVTFEBTTVCTUJUVUFTGPSUIF WFMPQFEUPNBOBHFEFOUBMDBSJFTCZTFMFD TVDDFTTGVMUIJTBQQSPBDINJHIUCF
ïïôQFSDFOU/B'SJOTFTSFDPNNFOEFE UJWFMZSFNPWJOHPOMZUIF PEPOUP
QBUIP
GPSUIFNPEFSBUF IJHIBOEFYUSFNF HFOXIJMFMFBWJOHUIFSFNBJOEFSPGUIF ƾǃǄǉǀǎǀǈǀƿǄƾǄǉƼǇǃǀǍƽǎ
SJTLQBUJFOUɥF$BSJ'SFF#PPTU ïïô "TOFXQBUIPHFOTFNFSHFBOEPME
QFSDFOU/B'TQSBZ Q)ø
XBTEFWFM ǏǃǀǍǀƼǇǄǏǔǊǁ QBUIPHFOTCFDPNFSFTJTUBOUUPDVSSFOU
PQFEGPSUIFFYUSFNFSJTLQBUJFOU BOUJCJPUJDT UIFTFBSDIGPSOFXBOUJCBDUFSJBM
ÝÙ×ÏÐÙÜ×ÙÐËÍËÜÓÏÝ DPNQPVOETJTBDDFMFSBUJOHBOENBOZPME
ÜÙÎßÍÞÝÙÐÞÒÏßÞßÜÏ àËÍÍÓØÏÐËÍÏÝÝÓÑØÓÐÓÍËØÞ TPVSDFTBSFCFJOHSFDPOTJEFSFE0OFMPHJDBM
TPVSDFJT$IJOFTFNFEJDJOBMIFSCTCFDBVTF
ƾƼǍǄǀǎǑƼƾƾǄǉǀ ÝÍÓÏØÞÓÐÓÍÍÒËÖÖÏØÑÏÝËØÎ PGUIFJSQSPWFOBCJMJUZUPUSFBUNJDSPCJBM
ɥFRVFTUUPmOEBDBSJFTWBDDJOFIBT ÚÙÖÓÞÓÍËÖÒßÜÎÖÏÝÞÒËÞ×Ëã JOGFDUJPOT0OFTQFDJmDHSPVQPGIFSCTUIBU
CFFOHPJOHPOGPSNPSFUIBOUISFFEF NBZIBWFUIFSBQFVUJDBQQMJDBUJPOJO
DBEFT CVUUIFGSVJUTPGUIJTFOEFBWPSIBWF ÞËÕÏÝÏàÏÜËÖÎÏÍËÎÏÝÌÏÐÙÜÏ EFOUJTUSZIBTCFFOSFQPSUFEJOTUVEJFTCZ
CFFOVONFSJUPSJPVT8JUIJOUIFIVNPSBM ÌÏÍÙ×ÓØÑËÜÏËÖÓÞã. 2JOH3F+JF%VFUBMõñ)FFUBMDPOEVDUFEB
TZTUFN BOUJCPEJFTQSPEVDFEJOSFTQPOTF TZTUFNBUJDTDSFFOJOHPGUIJTHSPVQPGIFSCT
UPBWBDDJOFIBWFBQBUIXBZUPUSBWFMUP BOEGPVOEUIBU(MZDZSSIJ[BVSBMFOTJT
UIFTJUFPGUIFJOWBEJOHQBUIPHFOɥF PSBMFDPTZTUFNJOUBDUôø0OFPGUIFCFUUFS $IJOFTFOBNFi(BODBPwPS$IJOFTF
QSPCMFNJOUIFPSBMDBWJUZJTUIBUBOUJCPE FYBNQMFTPGUIJTBQQSPBDIJTBHFOFUJD MJDPSJDF
FYIJCJUFEBTUSPOHBOUJNJDSPCJBM
JFTJOUIFCMPPETZTUFNDBOOPUUSBOTWFSTF NBOJQVMBUJPOCFJOHEFWJTFECZ)JMMNBO BDUJWJUZBHBJOTU4NVUBOTõòɥJTFYUSBDUIBT
UIFPSBMNVDPTBUPHFUUPUIFNVUBOT BOEDPXPSLFSTõï)JTHSPVQIBTHFOFUJ CFFOGPSNVMBUFEJOUPBMPMMJQPQBOEIBT
TUSFQUDPDDJPOUIFUFFUIɥFPOFHMJNNFS DBMMZNPEJmFEB4NVUBOTPSHBOJTNUIBU CFFODMJOJDBMMZUFTUFEJOBMJNJUFEIVNBO
PGIPQFXJUIUIJTBQQSPBDIJTUPJNNVOJ[F OPMPOHFSJTDBQBCMFPGQSPEVDJOHMBDUJD TUVEZXJUIQSPNJTJOHSFTVMUT
BDIJMEBSPVOEPOFZFBSPGBHF CFGPSF4 BDJE CVUDBOTUJMMTVSWJWFJOJUTFDPMPHJDBM
NVUBOTJTUSBOTNJUUFEGSPNUIFDIJMET OJDIFXJUIUIFPUIFSXJMEUZQF4NVUBOT ÙØÍÖßÝÓÙØÝ
NPUIFSPSDBSFHJWFS1FEJBUSJDDMJOJDBMUSJ *OUIFPSZ XIFOUIJTNPEJmFEPSHBOJTNJT "TUIFFWJEFODFCBTFGPSUIFQSPEVDUT
BMTBSFOFFEFEUPWBMJEBUFUIJTBQQSPBDIôô JOUSPEVDFEJOUPBIPTU JUXJMMDPNQMFUFMZ EFTDSJCFEBCPWFFWPMWFT TPXJMMPVS
.VDPTBMJNNVOJ[BUJPOXJUIBOBOUJ EJTQMBDFUIFEJTFBTFDBVTJOH4NVUBOT VOEFSTUBOEJOHPGIPXBOEXIFOUIFZ
HFONBEFGSPNBOFO[ZNFUIBUBMMPXT4 XJMEUZQFBOEQSFWFOUJUGSPNSFFNFSH TIPVMECFVTFE8JUIUJNF OFXUFDIOPMP
NVUBOTUPBUUBDIUPUIFUPPUITVSGBDFJT JOHBTBQBUIPHFOJDPSHBOJTN6OGPSUV HJFTXJMMEJSFDUVTJOUPEJĊFSFOUBQQSPBDI
BOPUIFSBQQSPBDI.VDPTBMJNNVOJ[B OBUFMZUIJTFOHJOFFSFETUSBJOTUJMMQSPEVDFT FTBOEJOUFSWFOUJPOT
UJPOJTBENJOJTUFSFECZBUPOTJMBSPSOBTBM BDFUJDBDJEBOE JODPNCJOBUJPOXJUI
UPQJDBMTQSBZôõ ôö"DMJOJDBMUSJBMJTDVS MBDUJDBDJEGSPNPUIFSTQFDJFTTVDIBTUIF Ǎ ǀ ǁ ǀ Ǎ ǀ ǉƾǀ ǎ
͒˛ÏËÞÒÏÜÝÞÙØÏ˜ÎËÓÜ˜ÏÞËÖ˜ËÜÓÏÝ×ËØËÑÏ×ÏØÞÌã
SFOUMZCFJOHQMBOOFEUPUFTUUIJTNPEBMJUZ MBDUPCBDJMMJ NBZMJNJUJUTTVDDFTT4PNF
ÜÓÝÕËÝÝÏÝÝ×ÏØÞ˝ÍÙØÝÏØÝßÝÝÞËÞÏ×ÏØÞ˜ÚÜÓÖ͓͓͑͑˛ËÖÓÐ
-BTUMZ QBTTJWFBENJOJTUSBUJPOPG IVNBOUSJBMTBSFDVSSFOUMZVOEFSXBZXJUI ÏØÞÝÝÙÍ͔̙͔͒̚˝͓͖͚̋͗͘˜ËÜÍÒ͓͔͑͑˛
BOUJCPEZUPFQJUPQFT UISFFEJNFOTJPOBM OPSFTVMUTLOPXOBUUJNFPGXSJUJOH ͓˛ÜÏÏØÝÞÏÓØ˜ÏÜ×ËØ˜ËʩØ˜ÒÖÙÜÒÏâÓÎÓØÏ˛ØËÎÔßØÍÞ
ÞÙÚÏÜÓÙÎÙØÞËÖÞÒÏÜËÚã˛ÏÜÓÙÎÙØÞÙÖ͖̙͗͘̚˝͔͑̋͘͘˜͚͙͒͗˛
DIFNJDBMHSPVQTPOUIFTVSGBDFPGBO "OPUIFSBQQSPBDIUPSFEVDFQBUIPHFO
͔˛ØÎÏÜÝÙØ ˜ÜÏàÓÏáÙÐÞÒÏÏʩÍËÍãÙÐÍÒÖÙÜÒÏâÓÎÓØÏ
BOUJHFO
PG4NVUBOTIBTQSPWJEFETPNF DPOUFOUJTDBMMFEiUBSHFUFEBOUJNJDSPCJ ÙØÎÏØÞËÖÍËÜÓÏÝËØÎÞÒÏÍËÜÓÏÝÓØÐÏÍÞÓÙØ˛ËÖÓÐÏØÞÝÝÙÍ
EFHSFFPGQSPUFDUJPOJOTNBMMTDBMFIV BMTwPSTQFDJmDBMMZ PSTFMFDUJWFMZ
UBS ͔̙͔͒̚˝͓͕͒͒̋˜ËÜÍÒ͓͔͑͑˛
͵ͱ ʹ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
͕˛ÓÍÕÏÜÞ
˜×ÓÖÝÙØ˜ÜËÝÝÏ˜ʥÏÍÞÙÐÍËÜÓÏÝÚÜÏàÏØÞÓàÏ ͓͕˛ÙßØÍÓÖÙØÍÓÏØÞÓʨÍʥËÓÜÝ˛ÜÙÐÏÝÝÓÙØËÖÖãËÚÚÖÓÏÎ ÞÏÜ×ÓØÙÖÙÑãÞÙÞÜÏËÞãÏÝÞÏÜÎËã˪ÝÎÓÝÏËÝÏ˛ËÖÓÐÏØÞÝÝÙÍ
×ÏËÝßÜÏÝÓØÍÒÓÖÎÜÏØÒÓÑÒÖãÓØÐÏÍÞÏÎáÓÞÒÞÒÏÌËÍÞÏÜÓß×ÞÜÏÚ̋ ÞÙÚÓÍËÖʮßÙÜÓÎÏ˛âÏÍßÞÓàÏÝß××ËÜãÙÐÏàÓÎÏØÍÏ̋ÌËÝÏÎÍÖÓØÓÍËÖ ͔͕̙͖̚˝͔͗̋͑͘͘˜Ëã͓͑͑͗˛
ÞÙÍÙÍÍßÝ×ßÞËØÝ˛ÜÍÒÜËÖÓÙÖ͓̙͒͑͘̚˝͙͙͗͒̋˜͚͙͓͒˛ ÜÏÍÙ××ÏØÎËÞÓÙØÝ˛×ÏÜÓÍËØÏØÞËÖÝÝÙÍÓËÞÓÙØ˜Ëã͓͑͑͗˛ ͕͗˛ÏØØÓØÑÝ˜ÍÏØäÓÏ˜ÏÞËÖ˜ßËØÞÓÞËÞÓàÏËØËÖãÝÓÝÙÐ
͖˛ÓÍÕÏÜÞ
˜×ÓÖÝÙØ˜ÜËÝÝÏ˜ÓÍÜÙÌÓËÖÍÙØÎÓÞÓÙØÝËØÎ ááá˛ËÎË˛ÙÜÑ˹ÑÙÞÙ˹ÏÌÎ ÞßÌßÖÏÙÍÍÖßÝÓÙØßÝÓØÑÙàËÓØ̙ÝÙÎÓß×ÍËÖÍÓß×ÚÒÙÝÚÒÙÝÓÖÓ̋
ÍËÜÓÏÝÓØÍÜÏ×ÏØÞÞáÙãÏËÜÝËʰÏÜÎÓÝÍÙØÞÓØßËÞÓÙØÙÐÍÙØÞÜÙÖÖÏÎ ͓͖˛ ãØÍÒ ˜ÓÖÑÜÙ×˜ãÖÓÞÙÖËØÎÎÏØÞËÖÍËÜÓÏÝ˝ËØÙàÏÜàÓÏá ÍËÞÏ̚˛ÏØÞÏÝ͙͔̙ÝÚÏÍÓÝÝßÏ̚˝͓͕͒͗˜͓͕͑͑˛
ËØÞÓ×ÓÍÜÙÌÓËÖ×ÏËÝßÜÏÝÓØáÏÎÓÝÒÞÏÏØËÑÏÜÝ˛Ù××ßØÓÞã ÐÙÜÍÖÓØÓÍÓËØÝ˛ËÖÓÐÏØÞÝÝÙÍ͔̙͔͒̚˝͓͖͙͑̋˜ËÜÍÒ͓͔͑͑˛ ͕͘˛ß˜ËÓ˜ÏÞËÖ˜ʩÍËÍãÙÐÎÏØÞÓÐÜÓÍÏÍÙØÞËÓØÓØÑÌÓÙËÍ̋
ÏØÞÜËÖÚÓÎÏ×ÓÙÖ͖͒˝͓͕͕͒̋˜͚͙͒͘˛ ͓͗˛ÙÙÜÝ˜ÒÏáÓØÑÑß×ËØÎÎÏØÞËÖÒÏËÖÞÒ˛ ÓÞÏÜËÞßÜÏ ÞÓàÏÑÖËÝÝ̙ÙàËÓØ̚ÙØÎÏØÞÓØÏÒãÚÏÜÝÏØÝÓÞÓàÓÞã˛ÏØÞÏÝ͙͔
͗˛ÍÒËÏÕÏØ˜ÎÏÙØÑ ˜ÏÞËÖ˜ʥÏÍÞÙÐÍÒÖÙÜÒÏâÓÎÓØÏËØÎ ÜÏàÓÏá˛ÏàÏÖÑÏÏÎÏØÞ͕̙͔͘̚˝͓͗̋͘˜͚͚͓͒˛ ̙ÝÚÏÍÓÝÝßÏ̚˝͖͕͒͗˜͓͕͑͑˛
ÓÙÎÓØÏÙØÞÒÏÍÙ×ÚÙÝÓÞÓÙØÙÐÞÒÏÒß×ËØÎÏØÞËÖÚÖËÛßÏʮÙÜË˛ ͓͘˛ÙÎÏÜÖÓØÑ˜
ÝÙÕËØÑËÝ˜ÏÞËÖ˜ ÙØÑ̋ÞÏÜ×âãÖÓÞÙÖÍÙØÝß×Ú̋ ͕͙˛ØÎÏÜÝÝÙØ ˜ËØÑËÝØÓÏ×Ó
˜ËÖÍÓß×ÚÒÙÝÚÒËÞÏÐÙÜ×Ë̋
ËÜÓÏÝÏÝ͙͒˝͕͑͒̋͘˜͚͙͕͒˛ ÞÓÙØËØÎ×ßÞËØÝÝÞÜÏÚÞÙÍÙÍÍÓÓØÚÖËÛßÏËØÎÝËÖÓàË˛ËÜÓÏÝÏÝ ÞÓÙØËÞÞÒÏÝßÜÐËÍÏÙÐÌÓÙËÍÞÓàÏÑÖËÝÝÓØàÓÞÜÙ˛ÓÙ×ÏÎËÞÏÜ
͘˛ãËʵ ˜ËÍØÞÏÏ
˜ËÜÓÏÝ×ËØËÑÏ×ÏØÞÐÙÜÓØÝÞÓÞß̋ ͓͖˝͖͔͒̋͘˜͚͚͒͒˛ ÏÝ͓͖˝͚͔͒͑͒̋͑˜͚͚͒͒˛
ÞÓÙØËÖÓäÏÎÏÖÎÏÜÝßÝÓØÑʮßÙÜÓÎÏËØÎÍÒÖÙÜÒÏâÓÎÓØÏ×ÙßÞÒÜÓØÝÏÝ˛ ͓͙˛ËÕÓØÏØ˜ÏØØÏʵ˜ÏÞËÖ˜ãÖÓÞÙÖÍÒÏáÓØÑÑß×ÝËØÎ ͕͚˛ÒÙØÑ˜ÏØÑ˜ÜÏÏØÝÚËØ˜×ÓÍÜÙÝÞÜßÍÞßÜËÖ
Ù××ßØÓÞãÏØÞÜËÖÚÓÎÏ×ÓÙÖ͔͓˝͔͓͓͙̋˜͓͕͑͑˛ ÍËÜÓÏÝÜËÞÏÝ˝Ë͕͑̋×ÙØÞÒÍÙÒÙÜÞÝÞßÎã˛ÏØÞÏÝ͕̙͓͒͘̚˝͚͕͒͑̋ ÏâË×ÓØËÞÓÙØÙÐËÚËÞÓÞÏÓØÎßÍÏÎÌãÓÙÑÖËÝÝÓØàÓÞÜÙ˛ËÞÏÜ
͙˛ÏÜÝÝÙØ˜ÜßÏÖÙàÏ ˜ÏÞËÖ˜ÒÏÜËÚÏßÞÓÍÏʥÏÍÞÝÙÐÎËÓÖã ͔͒˜͚͚͖͒˛ ÍÓ˝ËÞÏÜÓØÏÎ͔͒˝͔͓͒̋͗˜͓͓͑͑˛
ÙÜáÏÏÕÖãÍÒÖÙÜÒÏâÓÎÓØÏÜÓØÝÓØÑÙØÙÜËÖÒÏËÖÞÒÙÐËÑÏÜÓËÞÜÓÍ ͓͚˛ËÕÓØÏØ˜ËÕÓØÏØ ˜ÏÞËÖ˜ÞËÌÓÖÝËÞÓÙØÙÐÜË×ÚËØÞ ͖͑˛ÌÏÜÒËÜÎ˜ÏÓ×ÏÜÝ˜ÏÞËÖ˜ÒÏÏÐÐÏÍÞÙÐÞÒÏÞÙÚÓÍËÖ
ÚÙÚßÖËÞÓÙØÝ˛ÜËÖßÜÑÜËÖÏÎÜËÖËÞÒÙÖ͓̙͓͘̚˝͙͕͚͒̋͒˜͚͚͒͒˛ ÍËÜÓÏÝ˝ÚÙÖãÙÖÑß×ÝËØÎËÜÜÏÝÞÙÐÎÏØÞÓØÏÍËÜÓÏÝÓØÞáÙÖÙØÑ̋ ËÎ×ÓØÓÝÞÜËÞÓÙØÙÐÌÓÙËÍÞÓàÏÑÖËÝÝÙØÓØÐÖË××ËÞÙÜã×ËÜÕÏÜÝ
͚˛ÖÎÜÓÎÑÏ˜ÓØØÓÏ˜ÏÞËÖ˜ʩÍËÍãÙÐËØËÖÍÙÒÙÖ̋ÐÜÏÏ ÞÏÜ×ÍÙÒÙÜÞÝÞßÎÓÏÝÓØãÙßØÑÝßÌÔÏÍÞÝ˛
ØÞÏØÞ͕͖̙͒ßÚÚÖ ÙÐÒß×ËØÏâÚÏÜÓ×ÏØÞËÖÑÓØÑÓàÓÞÓÝ˛ÓÙ×ËÞÏÜÓËÖÝ͓͗˝͖͕͖͖͒̋͒˜
ÍÒÖÙÜÒÏâÓÎÓØÏ×ÙßÞÒÜÓØÝÏËÝËØËØÞÓ×ÓÍÜÙÌÓËÖËÑÏØÞ˛ÜÙÝÞÒÏÞ ͒̚˝͚͔̋͒͑͘˜͚͚͖͒˛ ͓͕͑͑˛
ÏØÞ͙͑˝͙͖͚͗̋͑˜͚͚͙͒˛ ͔͑˛ÖÏÓØÌÏÜÑ
˜ËÖÓàËÜãÍÙØÞÜÙÖÙÐÞÒÏÍÙ×ÚÙÝÓÞÓÙØËØÎ×ÏÞËÌÙ̋ ͖͒˛ÓÕËáË ˜ Ë×ËÎË˜ÏÞËÖ˜ÒÏÏʥÏÍÞÙÐÝËÖÓàËÙÜÝÏÜß×ÙØ
͒͑˛ÙÜÜËÔÙ ˜ËÜÏÖË ˜ÏÞËÖ˜ʩÍËÍãÙÐÍÒÖÙÜÒÏâÓÎÓØÏ ÖÓÝ×ÙÐÎÏØÞËÖÚÖËÛßÏ˛ÒËÚÞÏÜ̙͒͑ÚËÑÏ͓͓͒̚
ÜÏÏÌØã ̙ÏÎ˛̚ ÞÜÏÚÞÙÍÙÍÍßÝ×ßÞËØÝËØÎËØÎÓÎËËÖÌÓÍËØÝÍÙÖÙØÓäËÞÓÙØÙÐ
×ÙßÞÒÜÓØÝÏÝáÓÞÒËØÎáÓÞÒÙßÞËÖÍÙÒÙÖ˝ËÍÖÓØÓÍËÖÝÞßÎã˛ ÒÏËÖÓàËÜããÝÞÏ×˛ÜÏÝÝ˜
ØÍ˛˝ÙÍËËÞÙØ˜ÖË˛˜͚͙͒͘˛ ÒãÎÜÙâãÖËÚËÞÓÞÏÌÏËÎÝ˛ÏØÞ͓̙͗͒̚˝͔͒̋͘˜͚͚͙͒˛
ÏÜÓÙÎÙØÞËÖ͔͘˝͔͓͒̋͒͘˜͓͓͑͑˛ ͔͒˛˩̋ËààÏØ×ËÎÏ˜ËØÎÏÜÝ˜ÖÓØÓÍËÖËÚÚÖÓÍËÞÓÙØÝÙÐ ͖͓˛Ë×ÔÓ˜ÙØÙàËØ̋ÜËØÎ˜ÏÞËÖ˜ÌÓÙÖß×ÓØÏÝÍÏØÍÏ˝Ë
͒͒˛ßÓÜãØÏØ˜ÏßÑÒÏÖÝ˜ÏÙÏÞÏ˜àËØÞÏÏØÌÏÜÑÒÏ˜ ÝËÖÓàËÝßÌÝÞÓÞßÞÏÝ˛ÜÙØÞÜËÖÒãÝÓÙÖ͔˝͖͕͓͒̋͗˜͚͙͒͒˛ ÞÙÙÖÞÙ×ÏËÝßÜÏÍÖÓØÓÍËÖÏʩÍËÍãÙÐÞÙÚÓÍËÖÙÜËÖËØÞÓ×ÓÍÜÙÌÓ̋
ÙÚÓÍËÖËØÞÓÝÏÚÞÓÍÝËØÎËØÞÓÌÓÙÞÓÍÝÓØÞÒÏÓØÓÞÓËÖÞÒÏÜËÚãÙÐ ͔͓˛ãØØ ˜ÏÓÖÖÏÜ˜ÜÙÝÝÖÏã ˜ÜßÑ
ØÐÙÜ×ËÞÓÙØ ËØÎ̋ ËÖÝ˛ÏØÞÏÝ͙̙͒ÝÚÏÍÓÝÝßÏ̚˝ËÌÝÞØÙ˛͕͕͓͑˜͓͓̙͑͑ááá˛
ÍÒÜÙØÓÍËÎßÖÞÚÏÜÓÙÎÙØÞÓÞÓÝ˝×ÓÍÜÙÌÓÙÖÙÑÓÍËÖËÝÚÏÍÞÝ˛ÏÜÓÙÎÙØ̋ ÌÙÙÕÐÙÜÏØÞÓÝÞÜã˜͓͒ÞÒÏÎ˛˜ ÏâÓ̋Ù×Ú˜ÒÓÙ˜ÚÚ͙͒͒͗̋͘˜͓͑͑͗˛ ÎÏØÞËÖÜÏÝÏËÜÍÒ˛ÙÜÑ̚˛
ÞÙÖ͓͓͙͑͑͑˝͓͚̋͑͘˜͓͓͑͑˛ ͔͔˛ÏáÌÜßØ˜ÒÏßÝÏÙÐÝÙÎÓß×ÌÓÍËÜÌÙØËÞÏÓØÙÜËÖÒãÑÓÏØÏ ͖͔˛ÓØ˜Ë×ËÜËØËãËÕÏ˜ÓÚ ˜ÓÙʨÖ×ÐÙÜ×ËÞÓÙØÙÐËØ̋
͓͒˛ÏØÏÝÞÏØ˜ÏÜÕÙáÓÞä˜ËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˝ËØ ÚÜÙÎßÍÞÝËØÎÚÜËÍÞÓÍÏ˛Ù×ÚÏØÎÙØÞÓØßÎßÍÏØÞßÚÚÖ ÎÓÎËËÖÌÓÍËØÝÓÝàËÜÓËÌÖãËʥÏÍÞÏÎÌãÝËÖÓàËËØÎÎÓÏÞËÜãÝßÑËÜÝ˛
ÙàÏÜàÓÏááÓÞÒÜÏÐÏÜÏØÍÏÞÙÙßÜÏâÚÏÜÓÏØÍÏÓØËÖÓÐÙÜØÓË˛ËÖÓÐ ̙͚͒͒͘̚˝͓̋͘˜͚͚͒͗˛ ÜÍÒÜËÖÓÙÖ͕͚̙͒͑̚˝͙͚͚͙̋͘˜ÍÞÙÌÏÜ͓͕͑͑˛
ÏØÞÝÝÙÍ͔̙͓͒̚˝͔͚͕͔͒̋˜ÏÌÜßËÜã͓͔͑͑˛ ͔͕˛ËáÏÝ˜ʥÏÍÞÙÐËÌÓÍËÜÌÙØËÞÏ̋ÍÙØÞËÓØÓØÑÎÏØÞÓÐÜÓÍÏ ͖͕˛ËÜÝÒ˜ÏØÞËÖÚÖËÛßÏËÝËÌÓÙʨÖ×ËØÎ×ÓÍÜÙÌÓËÖÍÙ×̋
͔͒˛ÓÌÌÙØÝ˜ÏËÙÖË˜ÏÞËÖ˜
ØÞÏÜÎÏØÞËÖÖÙÍËÖÓäËÞÓÙØÙÐ ÙØÚ ÍÒËØÑÏÝÓØËÑÏÖ̋ÝÞËÌÓÖÓäÏÎÚÖËÛßÏËʰÏÜÏâÚÙÝßÜÏÞÙ ×ßØÓÞã̎Ó×ÚÖÓÍËÞÓÙØÝÐÙÜÒÏËÖÞÒËØÎÎÓÝÏËÝÏ˛ÜËÖ ÏËÖÞÒ
ÞÜÏÚÞÙÍÙÍÍßÝ×ßÞËØÝËÝÜÏÖËÞÏÎÞÙÎÏØÞËÖÍËÜÓÏÝÏâÚÏÜÓÏØÍÏ˛ ÝßÍÜÙÝÏ˛Ù×ÚÏØÎÙØÞÓØßÎßÍÏØÞßÚÚÖ̙͚͒͒͘̚˝͙̋͒͑˜͚͚͒͗˛ ͗ßÚÚÖ˝͕͒˜͓͑͑͗˛
ØÐÏÍÞ
××ßØ͚˝͕͙͙͒̋˜͚͕͒͘˛ ͔͖˛ËÝÒÕÏÞ˜ËÝÕÏÖÖ˜ʥÏÍÞÝÙÐËÒÓÑÒ̋ÌÓÍËÜÌÙØËÞÏÎÏØ̋ ͖͖˛×ÓÞÒ˜ËÜÓÏÝàËÍÍÓØÏÝÐÙÜÞÒÏ͓͒ÝÞÍÏØÞßÜã˛ÏØÞÎßÍ
͕͒˛ËßʨÏÖÎ˜ÓÌÌÙØÝ˜ßÚÚÜÏÝÝÓÙØÙÐÞÜÏÚÞÙÍÙÍÍßÝ ÞÓÐÜÓÍÏÙØÓØÞÜËÙÜËÖÎÏ×ÓØÏÜËÖÓäËÞÓÙØ˛Ù×ÚÏØÎÙØÞÓØßÎßÍ ̙͗͒͑͘̚˝͔͔͚͒͒͑̋˜͓͔͑͑˛
×ßÞËØÝÓØÞÒÏ×ÙßÞÒÙÐÒß×ËØÝÌãËÎÏØÞËÖÚÜÙÚÒãÖËâÓÝËØÎ ÏØÞßÚÚÖ̙͚͒͒͘̚˝͒͒̋͗˜͚͚͒͗˛ ͖͗˛ÒÓÖÎÏÜÝ˜ÙØÑ˜ÏÞËÖ˜ ß×ËØÝÓ××ßØÓäÏÎáÓÞÒ
ÞÙÚÓÍËÖÖãËÚÚÖÓÏÎÓÙÎÓØÏ˛ÏØÞÏÝ͖͙̙͕̚˝͔͓͒͒̋͗͘˜͚͚͒͘˛ ͔͗˛ÙÏÜÞÑÏ˜ËØËÑÏ×ÏØÞÙÐÎÏØÞËÖÝÞËÓØÓØÑ˝ÍËØÖÙá̋ ÞÜÏÚÞÙÍÙÍÍßÝ×ßÞËØÝËØÞÓÑÏØÝÌã×ßÍÙÝËÖÜÙßÞÏÝ˛ÏØÞÏÝ
͖͒˛ ÙÚÏä ˜ÏÜÕÙáÓÞä˜ÏÞËÖ˜ÙÚÓÍËÖËØÞÓ×ÓÍÜÙÌÓËÖÞÒÏÜËÚãÓØÞÒÏ ËÌÜËÝÓàÏÎÏØÞÓÐÜÓÍÏÝÚÖËãËÜÙÖÏˣÙ×ÚÏØÎÙØÞÓØßÎßÍÏØÞ ͙̙͒͒̚˝͕͙͖͓̋˜͓͓͑͑˛
ÚÜÏàÏØÞÓÙØÙÐÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˛ÏÎÓËÞÜÏØÞ͓̙͒͒̚˝͚̋͒͒˜͚͚͚͒˛ ßÚÚÖ̙͚͒͒͘̚˝͔͔͙̋˜͚͚͒͗˛ ͖͘˛ßÝÝÏÖÖ˜ÒÓÖÎÏÜÝ˜ÏÞËÖ˜ÍËÜÓÏÝàËÍÍÓØÏˣÒÏÝÞËÞÏ
͒͗˛×ÓØ˜ ËÜÜÓÝÙØ ˜ÏÞËÖ˜ʥÏÍÞÙÐÚÙàÓÎÙØÏ̋ÓÙÎÓØÏÙØ ͔͘˛ÍÏàÏÎÙ˜ËÍÒËÎÙ˜ÏÞËÖ˜ÒÏÓØÒÓÌÓÞÙÜãÏʥÏÍÞÙÐËØ ÙÐÞÒÏÝÍÓÏØÍÏÙÐÓ××ßØÓäËÞÓÙØËÑËÓØÝÞÎÏØÞËÖÍËÜÓÏÝ˛ËÜÓÏÝ
ÞÜÏÚÞÙÍÙÍÍßÝ×ßÞËØÝÓØÍÒÓÖÎÜÏØáÓÞÒÏâÞÏØÝÓàÏÎÏØÞËÖÍËÜÓÏÝ˛ ËÜÑÓØÓØÏÌÓÍËÜÌÙØËÞÏ˹ÍËÖÍÓß×ÍËÜÌÙØËÞÏËàÓÞËÞ̋ÍÙØÞËÓØÓØÑ ÏÝ͔͙̙͔̚˝͓͔͖͑̋˜͓͕͑͑˛
ÏÎÓËÞÜÏØÞ͓̙͗͒̚˝͖̋͒͑˜͓͕͑͑˛ ÎÏØÞÓÐÜÓÍÏÙØÞÒÏÎÏàÏÖÙÚ×ÏØÞÙÐÎÏØÞËÖÍËÜÓÏÝÓØÏØÏäßÏÖËØ ͖͙˛ØßÝËàÓÍÏ˜ÜÏÝÏØÞËØÎÐßÞßÜÏËÚÚÜÙËÍÒÏÝÐÙÜÞÒÏ
͒͘˛ÒËØ ˜ÏËÞÒÏÜÝÞÙØÏ˜ÏÞËÖ˜ØÞÓÌËÍÞÏÜÓËÖÞÜÏËÞ×ÏØÞ ÝÍÒÙÙÖÍÒÓÖÎÜÏØ˛ÖÓØÏØÞ̙͔͒͗̚˝͔͗̋͑͘˜͓͖͑͑˛ ÍÙØÞÜÙÖÙÐÍËÜÓÏÝ˛ÏØÞÎßÍ͚̙͖͗̚˝͖͔͙͖͕̋˜͓͖͑͑˛
ØÏÏÎÏÎÐÙÜÝÏàÏÜÏÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˛ßÌÖÓÍ ÏËÖÞÒÏØÞ ͔͙˛Ó×Ý˜ÜËÖÚËÓØËØÎÎÓÝÍÙ×ÐÙÜÞ˛
Ø˜ÏÜËÜÎÓ˜ ͖͚˛ØÎÏÜÝÙØ ˜ÒÓ˜ÚÜÙÌÓÙÞÓÍËÚÚÜÙËÍÒÞÙÍËÜÓÏÝ×ËØ̋
̙͔͗͗̚˝͕͚͒̋͘͘˜͓͑͑͗˛ ÏÓ×ÙØÏ˜ÏÞËÖ˜ÏÎÝ˛ ËØÎÌÙÙÕÙÐÙØÚÜÏÝÍÜÓÚÞÓÙØÜßÑÝ˛ ËÑÏ×ÏØÞ˛ÏÎÓËÞÜÏØÞ͓͙̙͓̚˝͖͔͒͒̋˞ÎÓÝÍßÝÝÓÙØ͚͓͙͒̋˜͓͑͑͗˛
͙͒˛Ö̋ ÙßÝÝÏÏÓØã˜ËÜÝÓ˜ÒÏÏʥÏÍÞÓàÏØÏÝÝÙÐÞáÙ ËÝÒÓØÑÞÙØ˜˛˛˜×ÏÜÓÍËØÒËÜ×ËÍÏßÞÓÍËÖÝÝÙÍÓËÞÓÙØ˜ÚÚ ͗͑˛ ÓÖÖ×ËØ˜ÏØÏÞÓÍËÖÖã×ÙÎÓʨÏÎÞÜÏÚÞÙÍÙÍÍßÝ×ßÞËØÝ
ËØÞÓÌËÍÞÏÜÓËÖÜÏÑÓ×ÏØÝÙØÝËÖÓàËÜã×ßÞËØÝÝÞÜÏÚÞÙÍÙÍÍÓËØÎ ͕͗̋͗͘͘˜͓͓͑͑˛ ÐÙÜÞÒÏÚÜÏàÏØÞÓÙØÙÐÎÏØÞËÖÍËÜÓÏÝ˛ØÞÙØÓÏËØ ÏÏßáÏØÒÙÏÕ
ÖËÍÞÙÌËÍÓÖÖÓÓØÍÒÓÖÎÜÏØ˛ÖÓØÏÎÓËÞÜÏØÞ͔̙͓͑̚˝͕͖͖͓͒̋˜͓͖͑͑˛ ͔͚˛ËÑÓÏÖË˜ÑÏØÞÝËʥÏÍÞÓØÑÝËÖÓàËÞÓÙØ˛
Ø˜˹ßÓÎÏ ͙͓̙͕͒̋̚˝͔͗͒̋͗˜͓͓͑͑˛
͚͒˛ÏØÞÏÜÝÐÙÜÓÝÏËÝÏÙØÞÜÙÖËØÎÜÏàÏØÞÓÙØ˛ÏÍÙ××ÏØÎË̋ ÞÙÏØÞËÖÒÏÜËÚÏßÞÓÍÝ˛ÒÓÍËÑÙ˜˜ÚÚ͓͖͓͒̋͗˜͓͑͑͗˛ ͗͒˛ÍÕÏÜÞ˜ Ï˜ÏÞËÖ˜ËÜÑÏÞÏÎÕÓÖÖÓØÑÙÐÞÜÏÚÞÙÍÙÍÍßÝ
ÞÓÙØÝÐÙÜßÝÓØÑʮßÙÜÓÎÏÞÙÚÜÏàÏØÞËØÎÍÙØÞÜÙÖÎÏØÞËÖÍËÜÓÏÝÓØ ͕͑˛ÙÜÍÙÜËØ˜ÞÙàÏÖÖ˜ÏÞËÖ˜àËÖßËÞÓÙØÙÐËÍÙ×ÌÓØÏÎ ×ßÞËØÝÌãËÚÒÏÜÙ×ÙØÏ̋ÑßÓÎÏÎ˫Ý×ËÜÞˬËØÞÓ×ÓÍÜÙÌÓËÖÚÏÚÞÓÎÏ˛
ÞÒÏØÓÞÏÎÞËÞÏÝ˛͖̙͑Ù˛͕̋͒̚˝͔͓͙͒̋˜͓͑͑͒˛ ÚÙÖã×ÏÜÝãÝÞÏ×ÐÙÜßÝÏÓØÜÏÖÓÏàÓØÑÞÒÏÝã×ÚÞÙ×ÝÙÐâÏÜÙÝÞÙ̋ ØÞÓ×ÓÍÜÙÌÑÏØÞÝÒÏ×ÙÞÒÏÜ͖̙͑͒͒̚˝͔͖͗͒̋͘˜͓͑͑͗˛
͓͑˛ÏØÎÜãÝ˜ÓÝÕÙÐʮßÙÜÙÝÓÝÓØËʮßÙÜÓÎËÞÏÎÚÙÚßÖËÞÓÙØ˛ ×ÓË˛ÖÓØÏØÞ̙͒͘ÝÚÏÍÓÝÝßÏ̚˝͔͕͙̋˜͓͑͑͗˛ ͓͗˛ÒÏØ ˜ÒÏØÑ˜ÏÞËÖ˜ ÏʵÏÜÝÞÙÞÒÏÎÓÞÙÜ˛
ØÒÓÌÓÞÓÙØÙÐ
×ÚÖÓÍËÞÓÙØÝÐÙÜÞÒÏÎÏØÞÓÝÞËØÎÒãÑÓÏØÓÝÞ˛×ÏØÞÝÝÙÍ ͕͒˛ÒÓÜÙÎËÜÓË˜ÓÖÌÙßÜØ˜ÏÞËÖ˜ßÌÔÏÍÞÓàÏËÝÝÏÝÝ×ÏØÞÙÐË ÑÜÙáÞÒÙÐÞÜÏÚÞÙÍÙÍÍßÝ×ßÞËØÝ˜×ÏÞÒÓÍÓÖÖÓØ̋ÜÏÝÓÝÞËØÞÞËÚÒ̋

͓̙͓͒͗͒̚˝͓͕͒͗͒̋͘˜ÏÍÏ×ÌÏÜ͚͚͖͒˛ ØÏá×ÙÓÝÞßÜÓäÓØÑ×ÙßÞÒáËÝÒÐÙÜÞÒÏÝã×ÚÞÙ×ËÞÓÍ×ËØËÑÏ̋ ãÖÙÍÙÍÍßÝËßÜÏßÝ˜ËØÎàËØÍÙ×ãÍÓØ̋ÜÏÝÓÝÞËØÞÏØÞÏÜÙÍÙÍÍÓ
͓͒˛ËãÝËØ˜ ãØÍÒ˜ÏÞËÖ˜ÏàÏÜÝËÖÙÐÚÜÓ×ËÜãÜÙÙÞÍËÜÓÏÝßÝ̋ ×ÏØÞÙÐÎÜã×ÙßÞÒ˛ÖÓØÏØÞ̙͓͒͘̚˝͔͚͕͕̋˜͓͑͑͗˛ ÌãÕßÜËÜÓØÙØÏ˜ËÌÓÙËÍÞÓàÏʮËàÙØÙÓÎÓÝÙÖËÞÏÎÐÜÙ×ÙÚÒÙÜË
ÓØÑÎÏØÞÓÐÜÓÍÏÝÍÙØÞËÓØÓØÑ͖˜͑͑͑ËØÎ͒˜͒͑͑ÚÚ×ʮßÙÜÓÎÏ˛ËÜÓÏÝ ͕͓˛ÜÙÖÖ˜Üã×ÙßÞÒ˛ÒÏÚÒËÜ×ËÍÓÝÞ˪ÝÜÙÖÏÓØ×ËØËÑÓØÑ ʮËàÏÝÍÏØÝ˛ÖÓØÓÍÜÙÌÓÙÖ͕͔̙͘̚˝͔͖͕͖̋͘˜͓͖͑͑˛
ÏÝ͔͖̙͒̚˝͕͒̋͗˜͓͑͑͒˛ ÜËÎÓËÞÓÙØ̋ÓØÎßÍÏÎâÏÜÙÝÞÙ×ÓË˛ÒËÜ×ËÜËÍÞ͕͒˝͓͙͓̋͘˜͚͚͙͒˛ ͔͗˛ Ï˜ÒÏØ ˜ÏÞËÖ˜ØÞÓÌËÍÞÏÜÓËÖÍÙ×ÚÙßØÎÝÐÜÙ×ÑÖãÍãÜ̋
͓͓˛ÏÞÏÜÝÝÙØ ˜áÏÞ×ËØ˜ÏÞËÖ˜ÜÙÐÏÝÝÓÙØËÖʮßÙÜÓÎÏ ͕͔˛ÏÜÜÓʵ˜Ó˜ÒÓ˜ÓÖÕÒÏÖÚÝÌßÓÖÎÝÞÜÙØÑÞÏÏÞÒËØÎÚÜÙ̋ ÜÒÓäËßÜËÖÏØÝÓÝ˛ËÞÜÙÎ͚̙͗͒̚˝͓͕͒͒̋˜͓͑͑͗˛
àËÜØÓÝÒÞÜÏËÞ×ÏØÞÐÙÜÍËÜÓÏÝÍÙØÞÜÙÖ˝ËÝãÝÞÏ×ËÞÓÍÜÏàÓÏáÙÐ ×ÙÞÏÝÙÜËÖÒÏËÖÞÒ˛ËÖÓÐÏØÞÝÝÙÍ͔͕̙͖̚˝͔͗͒̋͗˜Ëã͓͑͑͗˛
ÍÖÓØÓÍËÖÞÜÓËÖÝ˛ÍÞËÎÙØÞÙÖÍËØÎ͓̙͔͗̚˝͒͑̋͗͘˜͓͕͑͑˛ ͕͕˛ÏãØÙÖÎÝ˜Ï×ÓØÏÜËÖÓäËÞÓÙØÙÐÏØË×ÏÖÝßÌÝßÜÐËÍÏÖÏ̋ ǏǊǍǀǌǐǀǎǏƼǋǍǄǉǏǀƿƾǊǋǔǊǁǏǃǄǎƼǍǏǄƾǇǀǋǇǀƼǎǀƾǊǉǏƼƾǏ
͓͔˛ÏÓØÞÜËßÌ˜Ë×ÙÝ̋Ù×Ïä˜ÏÞËÖ˜ÖßÙÜÓÎÏàËÜØÓÝÒ ÝÓÙØÝÌãÍËÝÏÓØÚÒÙÝÚÒÙÚÏÚÞÓÎÏ̋ÝÞËÌÓÖÓäÏÎÍËÖÍÓß×ÚÒÙÝÚÒËÞÏ ÖËÎÓ×ÓÜ˛ÚÙÖÝÕã˜˜ ˜ØÓàÏÜÝÓÞãÙÐËÖÓÐÙÜØÓË˜ ÙÝ
ÏʩÍËÍãÓØÚÜÏàÏØÞÓØÑÏËÜÖãÍÒÓÖÎÒÙÙÎÍËÜÓÏÝ˛ÏØÞÏÝ ÝÙÖßÞÓÙØÝ˛ÏØÞÏÝ͗͘˝͖͙͚͖͒̋͘˜͚͚͒͘˛ ØÑÏÖÏÝ˜ÍÒÙÙÖÙÐÏØÞÓÝÞÜã˜͙͔͔͒͑ ÏÙØÞÏàÏ˛˜͔͕͗̋͑͒
͙͖̙͓̚˝͓͒̋͗͘˜͓͑͑͗˛ ͕͖˛ÙßØÑ˜ËØËÑÓØÑÍËÜÓÏÝÓØÞÒÏ͓͒ÝÞÍÏØÞßÜã˝ÞÙÎËã˪Ý ˜Ùâ͚͖͙͒͗͗˜ ÙÝØÑÏÖÏÝ˜ËÖÓÐ˛˜͚͚͖͙͑͑̋͒͗͗˛
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͱ͵
%S#PC ƾ ƿƼ ǅ Ǌ ǐ Ǎ ǉ Ƽ Ǉ ˜ ǑǊ Ǉ έ ί ˜ ǉ ʇ Ϋ Ϊ
ÏØÞËÖÚË̋ËÒÒÒÒÒ
ÒÏËØÞÓ̋ËÑÓØÑÐËÍÓËÖ #BDLJO.BZPGñïïñXIFOXFmSTU EBZXJUIUIPTFIPWFSJOHPOUIFCSJOLPG

SFQPSUFEUIFFYJTUFODFPGBOFXEFOUBM TZODPQFTPMEJFSJOHPONBOGVMMZ
ËÖÙØÏËÞ΄ΗΘΛ QIFOPNFOPODBMMFEiɥF%FOUBM4QB w *OPVSMJUUMFDPSOFSPGUIFEFOUBMXPSME
JUXBTXJUIBTPVQÎPOPGEJTCFMJFG/P UIFEFOUJTUTUIBUXFLOPXTVSWFZFEUIFJS
×ÓÑÒÞØÙÞÌÏË NPSFUIBOUIBUMJLFGPSFIFBETNJUJOH QSFNJTFTUIFZIBEQBJOTUBLJOHMZVQEBUFE
XJUIPWFSUPOFTPGHVĊBXTBOEDPOmEFOU XJUIFWFSZOFXHBEHFUUIFZDPVMEBĊPSE
ÍÙàÏÜÏÎÌÏØÏʨÞ˜ÌßÞ˜ QSFEJDUJPOTPGEFOUBMTQBTHPJOHUIFXBZ BOETFWFSBMUIFZDPVMEOU.PTUPGVT
PGESJWFJODIVSDIFTXJUIJOTJYNPOUIT DBNFUPUIFDPODMVTJPOUIFEFOUBMTQBXBT
ËÝ ˪ÜĀËÖÝËãÝ˜ ɥJTXBTCBTFEPOPVSDPOWJDUJPOUIBU BDSBDLQPUJEFBXFDPVMEDPOTDJFOUJPVTMZ
˫Ùß˪ÜÏáÙÜÞÒÓÞ˛ˬ UIFBWFSBHFEFOUBMQBUJFOUTPWFSSJEJOH BWPJEBMPOHXJUIBUBOOJOHCFEBOEBO
DPODFSOXJUIIJTPSIFSWJTJUXBTUIBUJU BVYJMJBSZIBJSTUZMJTUBOETIPFTIJOFCPZ
CFTXJGUBOEQBJOMFTTXJUIUIFFBSMJFTU "QQBSFOUMZXFXFSFXSPOHɥFEFOUBM
3PCFSU& FYJUQPTTJCMFɥBUUIFZEJEOUXBOUUPCF TQBDPODFQUIBTOPUTMVOLPĊJOUPUIF
UIFSFXBTBHJWFOBOE JOGBDU XFGSFFMZ TVOTFUBDDPNQBOJFECZIPXMTPGEFSJTJPO
)PSTFNBO
BDLOPXMFEHFEUIFSFXFSFEBZTXIFOXF "UMFBTU UIBUTUIFXPSEDPNJOHPVUPG
%%4 EJEOUXBOUUPCFUIFSFPVSTFMWFT8IFUI )JMUPO)FBE 4$ BTSFQPSUFECZ1FUFS
ǄǇǇǐǎǏǍƼǏǄǊǉ FSEVFUPJOHFTUJPOPGDVSSFOUBOUJBOYJFUZ 'SPTUPG.D$MBUDIZ/FXTQBQFST'SPTU
ƽǔƾǃƼǍǇǄǀǊ˛ NFEJDBUJPOTPSUIFMFTTFċDJFOUBQQMJDB SFMBZTUIFOFXTUIBU%S+BNFT$BOIBN
ǃƼǔǒƼǍƿ UJPOGSPNUIFPQFSBUPSTTUBOEQPJOU PXOFSPG4PVUIFSO4NJMFTPO)JMUPO)FBE
PGBTUJĊVQQFSMJQ XFBOEPVSQBUJFOUT *TMBOE JOTUBMMFEBGVMMTFSWJDFTQBMBTU
TUJMMNBOBHFEUPNVEEMFUISPVHIUIF ƾǊǉǏ Ǆ ǉ ǐǀ ǎ Ǌǉ αίέ
͵ͳ Ͳ Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α
ǊƾǏǊƽǀǍΪα ƿǍ˛ƽǊƽ
ƿ Ǎ ˛ ƽ Ǌ ƽ ˜ƾ Ǌ ǉ ǏǄ ǉ ǐ ǀ ƿ ǁǍ Ǌ ǈ α ί ή
'FCSVBSZ$BOIBNJTRVPUFEBTTBZJOHIJT UIBOôQFSDFOUPGEFOUBMPċDFTPĊFSFE BTJOUPYJDBUJOHBTUIFSFMBYJOHTDFOUTPG

IZHJFOJTU &MJ[BCFUI,JSCZ HPUUIFJEFB BNFOJUJFTBCPWFBOECFZPOEUIFVTVBM MBWFOEFSBOEUBOHFSJOFUIBUXBGUPWFS
XIJMFBUUFOEJOHFTUIFUJDJBOTDIPPMMBTU NVTJD57,MFFOFYBOFTUIFTJBBWBJMBCMF ZPVSNBTTFVSTTPPUIJOHTNBMMUBML8FMM
GBMM#FGPSFZPVTFOEZPVSIZHJFOJTUPĊUP JOUIFPUIFSøôQFSDFOU0VSUIPVHIUJT XBJUGPSZPV
FTUIFUJDJBOTDIPPM BTTVNJOHZPVDBOmOE UBUUPPQBSMPSTBSFEPJOHBMBOEPċDFCVTJ *OUIFNFBOUJNF XFJOTUBMMFEBTNBMM
POF MJTUFOUP4UBDZ%SBHVMFTDV 4PVUIFSO OFTTXJUIBQQMJDBUJPOTUIBUQSFUUZNVDI SFMBYJOHXBUFSGBMMUIJOHXFCPVHIUBU
4NJMFTDIJFGmOBODJBMPċDFS i8FSFSFBMMZ MBTUBMJGFUJNF FWFOJGTPCSJFUZJTOUB $PTUDPGPSçñóøôBTBOJOJUJBMFOUSZJOUP
USZJOHUPUBLFUIFUFOTJPOBXBZGSPNQB GBDUPSBOEEJTDPNGPSUBOENBTTJWFSFHSFUT UIFNBHJDBMXPSMEUIBUMJFTBIFBEɥF
UJFOUTTPUIFZEPOUGFFMMJLFUIFZSFHPJOH BSFGSFRVFOUDPNQBOJPOT POMZSFTQPOTFUPUIFNFSSZUJOLMJOHPG
UPUIFEFOUJTUw *UJTOPUUPPMBUFUPKVNQBCPBSEUIF UIFXBUFSGBMMPUIFSUIBOBQVEEMFPOUIF
"IɥFSFJOMJFTUIFSVC 4UBDZUIFZ GFFMHPPEEFOUBMTQBCBOEXBHPOXIFSF nPPS IBTCFFOBOJODSFBTFJOSFRVFTUT
BSFHPJOHUPUIFEFOUJTUBOEUIFZLOPXJU UIFSFTVMUTPGQBNQFSJOHBSFHPPEGPS GPSUIFSFTUSPPNLFZ8FXJMMTDIFEVMF
ɥFZDBOTFFSJHIUUISPVHIUIPTFDVDVN VQXBSEPGó÷IPVST4JQQJOHBHPPE BEFFQXBMMFUNBTTBHFUPBTDFSUBJOUIF
CFSTMJDFTBOESFDPHOJ[FBEFOUBMBHFOEB WJOUBHFGSPNUIF/BQB7BMMFZJTOFBSMZ OFYUTUFQ
MVSLJOHCFIJOEBMMUIJTGSPVGSPV
/FWFSUIFMFTT UIFGBDUUIBUUIFQSBD
UJDFOFFETBDIJFGmOBODJBMPċDFSTFFNT
UPJOEJDBUFUIFWFOUVSFJTBTVDDFTT*G
TP UIFSFXJMMCFBTDSBNCMFGPS/PSUIFSO
4NJMFT 8FTUFSO4NJMFT .JEXFTU4NJMFT
FUD GSBODIJTFTUIBUXJMMNBLFUIF0LMB
IPNB-BOE3VTIPGð÷÷øMPPLMJLFBTUSPMM
JOUIFQBSL
-PPLJOHCBDL JUJTTNBMMXPOEFSUIBU
)JMUPO)FBEEFOUJTUIBEUPIBWFIJTBU
UFOUJPODBMMFEUPUIFQPUFOUJBMCPOBO[BPG
UIFEFOUBMTQBCZIJTIZHJFOJTUɥFUZQJDBM
NBMF PĊFSFEBNFOVUIBUJODMVEFECPUPY
JOKFDUJPOT GBDJBMT BOEDPMMBHFOUSFBUNFOUT
BMPOHXJUIFZFCSPXXBYJOHBOEIBOEBOE
BSNNBTTBHJOH NJHIUEFDJEFUPSFTDIFE
VMF TIPXJOHBDMFBOQBJSPGIFFMT#VU,JS
CZUIFIZHJFOJTUBOE$BOIBNUIFEFOUJTU
TVTQFDUUIFZBSFPOBSPMMBOEIBWFGPSNFE
BOFXDPNQBOZDBMMFE"CTPMVUF4LJODBSF
PQFSBUJOHJOUIFTBNFPċDF BDDPSEJOH
UP'SPTUUIFSFQPSUFS/PUFMMJOHXIBU
XPVMEIBQQFOJGZPVBSSJWFEBOOPVODJOH
UIBUZPVXBOUFEUPBWBJMZPVSTFMGPGiUIF
XPSLTwɥFBOUJBHJOHGBDJBMBMPOFBUçðñô
NJHIUOPUCFBDPWFSFECFOFmU CVU BT
-0SÏBMTBZT i:PVSFXPSUIJUw
"ñïïóTVSWFZCZUIF"%"BOE$PM
HBUF1BMNPMJWF$PNQBOZGPVOEUIBUMFTT
Ǌ ƾ Ǐ Ǌ ƽ ǀ Ǎ ά Ϊ Ϊ α ͵ ͳͱ

Hi Lo: Caries Risk Assessment

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Hi Lo: Caries Risk Assessment

Uploaded by

Copyright:

Available Formats

Journal

681 C U R I NG TH E SI LENT EP ID EM IC : CA RI E S MA N AGE ME N T I N T H E 21 ST CE N T U RY A N D B E YO N D

687 CA R I E S R IS K AS S ES SM ENT AP PRO P RI AT E F O R T H E AGE 1 V I S I T ( IN FA N T S A N D TO D D L E RS )

703 CA R I E S R IS K AS S ES SM ENT IN P RACT I CE F O R AGE 6 T H RO U GH AD U LT

714 C LI NI CAL P R OTO CO LS FO R CARI E S MA N AGE M E N T BY R I S K AS S E S S M E N T

724 P R O D U CTS : O LD , NE W, A N D EM E RGI N G

ɥFO BOEPOMZUIFO DBOXFTBZUIBUXF

ÙÝÝÓÌÖÏÙØØÏÍÞÓÙØÏÜÓÙÎÙØÞËÖ FZF NBZBDDPVOUGPSCJHFĊFDUTPOHFOFSBM

ØÞÓÞÜßÝÞ ËáÝ˝ JOKPJOUBDUJWJUZ BOEUIBUKPJOUBDUJWJUZ

áËÜÎÞÙ ÙØÙÜÏ×ÌÏÜÏØÞÓÝÞÐÙÜ ■EFNPOTUSBUFE

Ǎǐǂ ƽǔ˜ƾ Ǌ ǉ ǏǄǉǐ ǀƿ ǁǍǊǈ ΰαΫ

JOUFSWJFXiɥFPOMZEJĊFSFODFXBT*WF i*DBOMBVHIBCPVUJUOPX CVUUIF

ǂǐǀǎǏǀƿǄǏǊǍǎ O'FCSVBSZBOE.BSDIñïïò UXPJTTVFTPGUIF+PVSOBM IBWFBEFTJSFUPCFHJOJODPSQPSBUJOHUIF

Ƽ ƽǎǏǍ ƼƾǏ ËÜÓÏÝÓÝÞÒÏ×ÙÝÞÚÜÏàËÖÏØÞÎÓÝÏËÝÏÙÐÍÒÓÖÎÜÏØËØÎÓÝÏÚÓÎÏ×ÓÍÓØÝÙ×Ï

ÙßÑÖËÝ˛ÙßØÑ˜ƿƿǎ˜ ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ ÒÏÓÖÏØÞÚÓÎÏ×ÓÍ EJTFBTFPGDIJMEIPPE XJUIBSBUFmWFUJNFT

BQQSPYJNBUFMZñôQFSDFOUPGDIJMESFOBOE TBNFóɥSPVHIPVUUIJT+PVSOBM UIF UJPOPGGFSNFOUBCMFDBSCPIZESBUFT

BTnVPSJEFSFMFBTJOHEFOUBMNBUFSJBMTøðò ÒãÏʨØÏÏÜ×ÓØÙÖÙÑãˣ DBSJPHFOJDCJPmMNJOUIFQSFTFODFPG

EPOFCZFYBNQMF4JNQMZQVU POFEJBHOP "SJ[POB"EEJUJPOBMMZ SFQSFTFOUBUJWFT OFX$".#3"HSPVQTJOUIF&BTUFSOBOE

BTUIFTDJFODF XXXBEBPSHQSPGSF ͗˛ÏËÞÒÏÜÝÞÙØÏ ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÞÒÏÌËÝÓÝÐÙÜÍËÜÓÏÝ ͕͒˛ÏËÞÒÏÜÝÞÙØÏ ˜ËØÝÕã˜ÏÞËÖ˜ÜËØÎÙ×ÓäÏÎÍÖÓØÓÍËÖ

Ƽ ƽǎǏǍ ƼƾǏ ÒÓÝËÜÞÓÍÖÏÎÓÝÍßÝÝÏÝÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞÐÙÜÍÒÓÖÎÜÏØ

DBSFGPSJOGBOUT DIJMESFO BOEBEPMFTDFOUT FBSMZBTQPTTJCMFBOEQSFGFSBCMZQSJPSUP GBDUPSTɥJTBSUJDMFXJMMQSFTFOUUIFDPO

ÏÝÚÙØÎÞÙÏËÍÒÛßÏÝÞÓÙØÓØÝÏÍÞÓÙØÝ͒˜͓˜͔˜ËØÎ͕áÓÞÒËÍÒÏÍÕ×ËÜÕÓØÞÒÏ˫ÏÝˬÙÜ˫ÙˬÍÙÖß×Ø ÏÝ Ù ÙÞÏÝ

JMZEPFTOPUDBVTFEFOUBMDBSJFTCVU ESZNPVUI BOEUIFQSFTFODFPGEFOUBM UPVTFBNPSFUBSHFUFEBQQSPBDIJOUIF

âÞÜÏ×ÏÜÓÝÕ̩ ÏÛßÓÜÏÎ ÒÖÙÜÒÏâÓÎÓØÏ ÖßÙÜÓÎÏàËÜØÓÝÒ ÐÞÏÜËÑÏ͓˞ àÏÜã͔͒̋×ÙØÞÒÝ ãÖÓÞÙÖÑß×ÙÜ ÏËÖËØÞÝÐÙÜÎÏÏÚ ÙÖÎÓØÑÍËÜÏáÓÞÒ

ǀǓƼǈǄǉƼǏǄǊǉǊǁǏǃǀƾǃǄǇƿ SJTLMFWFM MPX NPEFSBUF PSIJHI

TIPVMEDPOTJEFSQFSGPSNJOHBCBDUFSJBM DPNNVOJDBUJPOCZGPDVTJOHPOB ǎǀǏǏǄǉǂǎǀǇǁ̋ǈƼǉƼǂǀǈǀǉǏǂǊƼǇǎ

ÏÑßÖËÜÎÏØÞËÖàÓÝÓÞÝÐÙÜ Ë×ÓÖãÜÏÍÏÓàÏÝÎÏØÞËÖ ÏËÖÞÒãÝØËÍÕÝ ÜßÝÒáÓÞÒÐÖßÙÜÓÎÏÞÙÙÞÒ̋

ÙÝÙÎË ÏÝÝÙÜØÙÔßÓÍÏ ÏËØÙÐÐÌÙÞÞÖÏ̙ÞÖÏËÝÞØÙ ØÖãáËÞÏÜÙÜ×ÓÖÕÓØÝÓÚÚã

ÒÏáÑß×áÓÞÒâãÖÓÞÙÖ ÜÓØÕÞËÚáËÞÏÜ ÏÝÝÙÜØÙÍËØÎãËØÎÔßØÕ

HPPESVMFJTUISFFNFBMTQFSEBZBOE QSPUFDUBHBJOTUUPPUIEFDBZBOEUP NFOUHPBMT UIFJOGBOUPSBMDBSFBQ

ÜËÖ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋

ÜËÖ ˾ÏÝÍÜÓÌÏÚÜÓ×ËÜãÞÙÙÞÒ ˾ÓÝÍßÝÝÚÜÓ×ËÜãÞÙÙÞÒÏÜßÚ̋ ˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ ˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ

ÜËÖ ˾ØÍÙßÜËÑÏ×ÙÞÒÏÜÞÙÝÞÙÚ ˾ØÍÙßÜËÑÏÌÜÏËÝÞÐÏÏÎÓØÑ˛ ˾Ï×ÓØÎ×ÙÞÒÏÜÞÒËÞÜÏ×Ùà̋ ˾ÓÝÍßÝÝÍÙØÝÏÛßÏØÍÏÝÙÐ

ÓÏÞËØÎ ˾×ÚÒËÝÓäÏÏËÞÓØÑËÒÏËÖÞÒã ˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ ˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ ˾ÏàÓÏáËØÎÏØÍÙßÜËÑÏ

QBSFOUDBSFHJWFSJTOPUDPPQFSBUJOH.BOZ ƾǊǇǇƼƽǊǍƼǏǄǊǉ NFEJDJOF EFOUJTUSZ OVSTJOH BOEPUIFS

*OGBOUT5PEEMFST4FMGNBOBHFNFOU QPOFOUPGDBSJFTNBOBHFNFOU0ODF NFOUBXBSFOFTTBNPOHQVCMJDIFBMUI

UIFDMJOJDJBOIBWFCFFOJODMVEFEUPHVJEF ͓͒˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÝ˜ÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜ ÓØÙÜÞÒËÜÙÖÓØË×ÏÎÓÍËÖÚÜËÍÞÓÍÏÝ˝Ó×ÚÖÓÍËÞÓÙØÝÐÙÜÜÏÝÏËÜÍÒ

˜͚͙͙͚͚͕͒̋͒˛ × ÞÙÍÙÍÍÓÍÙÖÙØÓäËÞÓÙØÙØÍËÜÓÏÝÎÏàÏÖÙÚ×ÏØÞ˛ÜËÖÓÍÜÙÌÓÙÖ

Ƽ ƽǎǏǍ ƼƾǏ ÒÏËÓ×ÙÐÞÒÓÝËÜÞÓÍÖÏÓÝÞÙÚÜÏÝÏØÞËÚÜËÍÞÓÍËÖÍËÜÓÏÝÜÓÝÕËÝÝÏÝÝ×ÏØÞ

ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ ËÜÜã ÏØÝÙØ˜ƿƿǎ˜ǈƼ˜ BSJFTSJTLBTTFTTNFOUJTUIF DPNFTSFTFBSDICBTFEVQPOUIFVTFPGUIF

VUJOHGBDUPSTUPDBSJFTSJTLIBWFCFFO BOUJDJQBUFUIBU XJUIUIFVQEBUFEGPSN UPEFUFSNJOFUIFMFWFMPGSJTLUIBUUIF

ɥFTFDPOEQIBTFPGDBSJFTSJTLBT EJTFBTFɥFTFJOEJDBUPSTTBZOPUIJOH XJUIGSBOLDBWJUJFTIBTIJHIMFWFMTPG

TDIPPMMPDBUFEJOBnVPSJEBUFEDPNNVOJUZ GBDUPSTBOEUIFQSPUFDUJWFGBDUPSTVTJOH UJPOTJOUIFGPSNPGBMFUUFS CBTFE

Ƽǂ ǀΰ Ǐǃ Ǎ Ǌǐ ǂǃƼ ƿ ǐǇǏ˜ ƾǊ ǉ Ǐ Ǆǉ ǐ ǀƿ ǁ ǍǊ ǈ α Ϊ α

̩ÏÝÞÚÜÙÍÏÎßÜÏÝ̐ËÖÓàËÖÙáËÞÏ *UDBOBMTPCFVTFEBTBNPUJWBUJPOBMUPPM UJPOOVNCFS BOEEBUF1MBDFUIFUVCFJO

ƼƽǎǏǍ ƼƾǏ ÒÓÝËÜÞÓÍÖÏÝÏÏÕÝÞÙÚÜÙàÓÎÏËÚÜËÍÞÓÍËÖ˜ÏàÏÜãÎËãÍÖÓØÓÍËÖÑßÓÎÏÐÙÜ

ËÜÜã ÏØÝÙØ˜ƿƿǎ˜ǈƼ˜ ÜËØÍÓÝÍÙ ˛Ë×ÙÝ̋ ËÜÞ͒˝ËÜÓÏÝÓÝÏËÝÏËØËÑÏ×ÏØÞ 3FDFOUSFTFBSDICZ'FBUIFSTUPOFFUBM

BTTFTTNFOU*UJTCBTFEVQPOUIFCFTU FEUPCFUIFmOBMXPSEGPSBOZQBSUJDVMBS UFSNJOFECZUIFDBSJFTSJTLMFWFMGPSB

ÙÎÏÜËÞÏÜÓÝÕ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͕̋͗ ËãÌÏÎÙØÏËÝ ÏÜÝËÖÓàËÞÏÝÞÓÐÎÙØÏ ÐÖßÙÜÓÎÏ̋ÍÙØÞËÓØÓØÑ ÙÞÜÏÛßÓÜÏÎ ÙÞÜÏÛßÓÜÏÎ ÝÚÏÜ

ÓÑÒÜÓÝÕ̩ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͔͕̋ ËÖÓàËÐÖÙáÞÏÝÞ ÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏ ͒˛͒ϯËÞÙÙÞÒÚËÝÞÏ ÙÞÜÏÛßÓÜÏÎ ÚÞÓÙØËÖ˝ ÝÚÏÜ

âÞÜÏ×ÏÜÓÝÕ̩̩ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͔×ÙØÞÒÝ ËÖÓàËÐÖÙáÞÏÝÞ ÒÖÙÜÒÏâÓÎÓØÏ͑˛͓͒ϯ ͒˛͒ϯËÞÙÙÞÒÚËÝÞÏ ÍÓÎ̋ØÏßÞÜËÖÓäÓØÑ ÏÛßÓÜÏÎÚÚÖã ÝÚÏÜ

QMBRVFSFNPWBMBOEEJFUBSZDPVOTFMJOH MJOFTGPS1SFTDSJCJOH%FOUBM3BEJPHSBQITJO NPOUIT EFQFOEFOUVQPOUIFSJTLGBDUPST

 Ͱ  ͱ

POFUSFBUNFOU3FTFBSDIBOEJOEVTUSZ ÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝÓØ͓͕͔̋͗×ÙØÞÒÝ ÙÙÞÒÙ˛͚͒ÚÙÜÍÏÖËÓØÌÙØÎÏÎÞÙ×ÏÞËÖ

˝ËÜÓÏÝ ÏÝÓÙØËØËÑÏ×ÏØÞ ÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØ ͕ÛßËÎÜËØÞÝÙÐÝÍËÖÓØÑËØÎÜÙÙÞÚÖËØÓØÑ

FODFTJONPSQIPMPHZ NJOFSBMDPOUFOU OPUBEFRVBUFGPSEFUFDUJOHFBSMZPDDMVTBM

UIFWJTVBMEFUFDUJPOPGEFOUJOBMDBSJFT CZUIF$%5öDPEFTBOETVNNBSJ[FEBT SBUIFSUIBONJDSPNFDIBOJDBMMZNJHIUCF

TVSFTDMBTTJmFEBTDPEFTóõSFRVJSFNJOJ XJEFOFEIPXFWFS UIJTJTDPOUSBEJDUPSZ *GUIFTVSGBDFPGBTNPPUITVSGBDF

ÏÐÓØÓÞÓÙØÝ ÙßØÎÞÙÙÞÒÝßÜÐËÍÏ˞ ÓÜÝÞàÓÝßËÖÍÒËØÑÏ ÓÝÞÓØÍÞàÓÝßËÖÍÒËØÑÏ ÙÍËÖÓäÏÎÏØË×ÏÖ ØÎÏÜÖãÓØÑÎËÜÕ ÓÝÞÓØÍÞÍËàÓÞãáÓÞÒ âÞÏØÝÓàÏÎÓÝÞÓØÍÞ

ÓÝÞÙÖÙÑÓÍÎÏÚÞÒ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹

ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÙÝÝÓÌÖÏÙØØÏÍÞÓÙØÏÜÓÙÎÙØÞËÖ FZF NBZBDDPVOUGPSCJHFĊFDUTPOHFOFSBM

áËÜÎÞÙ ÙØÙÜÏ×ÌÏÜÏØÞÓÝÞÐÙÜ ■EFNPOTUSBUFE

JOUFSWJFXiɥFPOMZEJĊFSFODFXBTWF iDBOMBVHIBCPVUJUOPX CVUUIF

ÙßÑÖËÝ˛ÙßØÑ˜ƿƿǎ˜ ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ ÒÏÓÖÏØÞÚÓÎÏ×ÓÍ EJTFBTFPGDIJMEIPPE XJUIBSBUFmWFUJNFT

BQQSPYJNBUFMZñôQFSDFOUPGDIJMESFOBOE TBNFóɥSPVHIPVUUIJT+PVSOBM UIF UJPOPGGFSNFOUBCMFDBSCPIZESBUFT

BTnVPSJEFSFMFBTJOHEFOUBMNBUFSJBMTøðò ÒãÏʨØÏÏÜ×ÓØÙÖÙÑãˣ DBSJPHFOJDCJPmMNJOUIFQSFTFODFPG

EPOFCZFYBNQMF4JNQMZQVU POFEJBHOP "SJ[POB"EEJUJPOBMMZ SFQSFTFOUBUJWFT OFX$".#3"HSPVQTJOUIF&BTUFSOBOE

BTUIFTDJFODF XXXBEBPSHQSPGSF ͗˛ÏËÞÒÏÜÝÞÙØÏ˜ÒÏÍËÜÓÏÝÌËÖËØÍÏ˝ÞÒÏÌËÝÓÝÐÙÜÍËÜÓÏÝ ͕͒˛ÏËÞÒÏÜÝÞÙØÏ˜ËØÝÕã˜ÏÞËÖ˜ÜËØÎÙ×ÓäÏÎÍÖÓØÓÍËÖ

Ƽ ƽǎǏǍ ƼƾǏ ÒÓÝËÜÞÓÍÖÏÎÓÝÍßÝÝÏÝÍËÜÓÏÝ×ËØËÑÏ×ÏØÞÌãÜÓÝÕËÝÝÏÝÝ×ÏØÞÐÙÜÍÒÓÖÎÜÏØ

DBSFGPSJOGBOUT DIJMESFO BOEBEPMFTDFOUT FBSMZBTQPTTJCMFBOEQSFGFSBCMZQSJPSUP GBDUPSTɥJTBSUJDMFXJMMQSFTFOUUIFDPO

ÏÝÚÙØÎÞÙÏËÍÒÛßÏÝÞÓÙØÓØÝÏÍÞÓÙØÝ͒˜͓˜͔˜ËØÎ͕áÓÞÒËÍÒÏÍÕ×ËÜÕÓØÞÒÏ˫ÏÝˬÙÜ˫ÙˬÍÙÖß×Ø ÏÝ Ù ÙÞÏÝ

JMZEPFTOPUDBVTFEFOUBMDBSJFTCVU ESZNPVUI BOEUIFQSFTFODFPGEFOUBM UPVTFBNPSFUBSHFUFEBQQSPBDIJOUIF

âÞÜÏ×ÏÜÓÝÕ̩ ÏÛßÓÜÏÎ ÒÖÙÜÒÏâÓÎÓØÏ ÖßÙÜÓÎÏàËÜØÓÝÒ ÐÞÏÜËÑÏ͓˞ àÏÜã͔͒̋×ÙØÞÒÝ ãÖÓÞÙÖÑß×ÙÜ ÏËÖËØÞÝÐÙÜÎÏÏÚ ÙÖÎÓØÑÍËÜÏáÓÞÒ

ÏÑßÖËÜÎÏØÞËÖàÓÝÓÞÝÐÙÜ Ë×ÓÖãÜÏÍÏÓàÏÝÎÏØÞËÖ ÏËÖÞÒãÝØËÍÕÝ ÜßÝÒáÓÞÒÐÖßÙÜÓÎÏÞÙÙÞÒ̋

ÙÝÙÎË ÏÝÝÙÜØÙÔßÓÍÏ ÏËØÙÐÐÌÙÞÞÖÏ̙ÞÖÏËÝÞØÙ ØÖãáËÞÏÜÙÜ×ÓÖÕÓØÝÓÚÚã

ÒÏáÑß×áÓÞÒâãÖÓÞÙÖ ÜÓØÕÞËÚáËÞÏÜ ÏÝÝÙÜØÙÍËØÎãËØÎÔßØÕ

HPPESVMFJTUISFFNFBMTQFSEBZBOE QSPUFDUBHBJOTUUPPUIEFDBZBOEUP NFOUHPBMT UIFJOGBOUPSBMDBSFBQ

ÜËÖ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋ ˾ØÍÙßÜËÑÏÚËÜÏØÞÝ˹ÍËÜÏÑÓà̋

ÜËÖ ˾ÏÝÍÜÓÌÏÚÜÓ×ËÜãÞÙÙÞÒ ˾ÓÝÍßÝÝÚÜÓ×ËÜãÞÙÙÞÒÏÜßÚ̋ ˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ ˾×ÚÒËÝÓäÏÓ×ÚÙÜÞËØÍÏ

ÜËÖ ˾ØÍÙßÜËÑÏ×ÙÞÒÏÜÞÙÝÞÙÚ ˾ØÍÙßÜËÑÏÌÜÏËÝÞÐÏÏÎÓØÑ˛ ˾Ï×ÓØÎ×ÙÞÒÏÜÞÒËÞÜÏ×Ùà̋ ˾ÓÝÍßÝÝÍÙØÝÏÛßÏØÍÏÝÙÐ

ÓÏÞËØÎ ˾×ÚÒËÝÓäÏÏËÞÓØÑËÒÏËÖÞÒã ˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ ˾Ï×ÓØÎÚËÜÏØÞÝ˹ÍËÜÏÑÓàÏÜÝ ˾ÏàÓÏáËØÎÏØÍÙßÜËÑÏ

QBSFOUDBSFHJWFSJTOPUDPPQFSBUJOH.BOZ ƾǊǇǇƼƽǊǍƼǏǄǊǉ NFEJDJOF EFOUJTUSZ OVSTJOH BOEPUIFS

*OGBOUT5PEEMFST4FMGNBOBHFNFOU QPOFOUPGDBSJFTNBOBHFNFOU0ODF NFOUBXBSFOFTTBNPOHQVCMJDIFBMUI

UIFDMJOJDJBOIBWFCFFOJODMVEFEUPHVJEF ͓͒˛×ÏÜÓÍËØÍËÎÏ×ãÙÐÏÎÓËÞÜÓÍÝ˜ÏÍÙ××ÏØÎËÞÓÙØÝÐÙÜ ÓØÙÜÞÒËÜÙÖÓØË×ÏÎÓÍËÖÚÜËÍÞÓÍÏÝ˝Ó×ÚÖÓÍËÞÓÙØÝÐÙÜÜÏÝÏËÜÍÒ

˜͚͙͙͚͚͕͒̋͒˛× ÞÙÍÙÍÍÓÍÙÖÙØÓäËÞÓÙØÙØÍËÜÓÏÝÎÏàÏÖÙÚ×ÏØÞ˛ÜËÖÓÍÜÙÌÓÙÖ

Ƽ ƽǎǏǍ ƼƾǏ ÒÏËÓ×ÙÐÞÒÓÝËÜÞÓÍÖÏÓÝÞÙÚÜÏÝÏØÞËÚÜËÍÞÓÍËÖÍËÜÓÏÝÜÓÝÕËÝÝÏÝÝ×ÏØÞ

ÙÒØ˛˛ÏËÞÒÏÜÝÞÙØÏ˜ ËÜÜãÏØÝÙØ˜ƿƿǎ˜ǈƼ˜ BSJFTSJTLBTTFTTNFOUJTUIF DPNFTSFTFBSDICBTFEVQPOUIFVTFPGUIF

ɥFTFDPOEQIBTFPGDBSJFTSJTLBT EJTFBTFɥFTFJOEJDBUPSTTBZOPUIJOH XJUIGSBOLDBWJUJFTIBTIJHIMFWFMTPG

TDIPPMMPDBUFEJOBnVPSJEBUFEDPNNVOJUZ GBDUPSTBOEUIFQSPUFDUJWFGBDUPSTVTJOH UJPOTJOUIFGPSNPGBMFUUFS CBTFE

̩ÏÝÞÚÜÙÍÏÎßÜÏÝ̐ËÖÓàËÖÙáËÞÏ *UDBOBMTPCFVTFEBTBNPUJWBUJPOBMUPPM UJPOOVNCFS BOEEBUF1MBDFUIFUVCFJO

ƼƽǎǏǍ ƼƾǏ ÒÓÝËÜÞÓÍÖÏÝÏÏÕÝÞÙÚÜÙàÓÎÏËÚÜËÍÞÓÍËÖ˜ÏàÏÜãÎËãÍÖÓØÓÍËÖÑßÓÎÏÐÙÜ

ËÜÜãÏØÝÙØ˜ƿƿǎ˜ǈƼ˜ ÜËØÍÓÝÍÙ˛Ë×ÙÝ̋ ËÜÞ͒˝ËÜÓÏÝÓÝÏËÝÏËØËÑÏ×ÏØÞ 3FDFOUSFTFBSDICZ'FBUIFSTUPOFFUBM

BTTFTTNFOU*UJTCBTFEVQPOUIFCFTU FEUPCFUIFmOBMXPSEGPSBOZQBSUJDVMBS UFSNJOFECZUIFDBSJFTSJTLMFWFMGPSB

ÙÎÏÜËÞÏÜÓÝÕ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͕̋͗ ËãÌÏÎÙØÏËÝ ÏÜÝËÖÓàËÞÏÝÞÓÐÎÙØÏ ÐÖßÙÜÓÎÏ̋ÍÙØÞËÓØÓØÑ ÙÞÜÏÛßÓÜÏÎ ÙÞÜÏÛßÓÜÏÎ ÝÚÏÜ

ÓÑÒÜÓÝÕ̩ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͔͕̋ ËÖÓàËÐÖÙáÞÏÝÞ ÒÖÙÜÒÏâÓÎÓØÏÑÖßÍÙØËÞÏ ͒˛͒ϯËÞÙÙÞÒÚËÝÞÏ ÙÞÜÏÛßÓÜÏÎ ÚÞÓÙØËÖ˝ ÝÚÏÜ

âÞÜÏ×ÏÜÓÝÕ̩̩ ÓÞÏáÓØÑÜËÎÓÙ̋ àÏÜã͔×ÙØÞÒÝ ËÖÓàËÐÖÙáÞÏÝÞ ÒÖÙÜÒÏâÓÎÓØÏ͑˛͓͒ϯ ͒˛͒ϯËÞÙÙÞÒÚËÝÞÏ ÍÓÎ̋ØÏßÞÜËÖÓäÓØÑ ÏÛßÓÜÏÎÚÚÖã ÝÚÏÜ

Ͱ ͱ

POFUSFBUNFOU3FTFBSDIBOEJOEVTUSZ ÓÞÏáÓØÑÜËÎÓÙÑÜËÚÒÝÓØ͓͕͔̋͗×ÙØÞÒÝ ÙÙÞÒÙ˛͚͒ÚÙÜÍÏÖËÓØÌÙØÎÏÎÞÙ×ÏÞËÖ

˝ËÜÓÏÝ ÏÝÓÙØËØËÑÏ×ÏØÞ ÜËÖÒãÑÓÏØÏÓØÝÞÜßÍÞÓÙØ ͕ÛßËÎÜËØÞÝÙÐÝÍËÖÓØÑËØÎÜÙÙÞÚÖËØÓØÑ

UIFWJTVBMEFUFDUJPOPGEFOUJOBMDBSJFT CZUIF$%5öDPEFTBOETVNNBSJ[FEBT SBUIFSUIBONJDSPNFDIBOJDBMMZNJHIUCF

TVSFTDMBTTJmFEBTDPEFTóõSFRVJSFNJOJ XJEFOFEIPXFWFS UIJTJTDPOUSBEJDUPSZ *GUIFTVSGBDFPGBTNPPUITVSGBDF

ÏÐÓØÓÞÓÙØÝ ÙßØÎÞÙÙÞÒÝßÜÐËÍÏ˞ ÓÜÝÞàÓÝßËÖÍÒËØÑÏ ÓÝÞÓØÍÞàÓÝßËÖÍÒËØÑÏ ÙÍËÖÓäÏÎÏØË×ÏÖ ØÎÏÜÖãÓØÑÎËÜÕ ÓÝÞÓØÍÞÍËàÓÞãáÓÞÒ âÞÏØÝÓàÏÎÓÝÞÓØÍÞ

ÓÝÞÙÖÙÑÓÍÎÏÚÞÒ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹ ÏÝÓÙØÎÏÚÞÒÓØ˹

ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÙÚÞÓÙØËÖ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

ÏËÖËØÞ˹ÜÏÝÞÙÜËÞÓÙØ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÜÏÍÙ××ÏØÎ̋ ÏËÖËØÞÙÜ×ÓØÓ×ËÖÖã ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ ÓØÓ×ËÖÖãÓØàËÝÓàÏ

&BSMZBQQSPYJNBMMFTJPOTBSFJEFBMUPSFN 3PPU-FTJPOT )BSEFTUUP3FTUPSF

͓͒˛ÙÍÕ˜ÓÎÎ˜ÒÏÏÖÏÍÞÜÙØÓÍÎÏÞÏÍÞÓÙØÙÐÎÏ×ÓØÏÜËÖÓ̋ Ù××ßØÓÞãÏØÞ ÏËÖÞÒ͓̙͔͒̚˝͚͔͙͒̋˜ÏÚÞÏ×ÌÏÜ͓͕͑͑˛ ͔͖˛ÓʵÝ˜Ó××ÏÜ˜ØÓØàÓàÙÍÙ×ÚËÜÓÝÙØÙÐÜËÎÓÙÑÜËÚÒÓÍ

ƼƽǎǏǍ ƼƾǏ ÒÏÚËÜËÎÓÑ×ÝÒÓʰÓØßØÎÏÜÝÞËØÎÓØÑÞÒÏÏÞÓÙÖÙÑã˜ÚÜÏàÏØÞÓÙØ˜ËØÎ

DBSJFT BTEFTDSJCFEJOEFUBJMJOUIJTJTTVF BOEJPEJOFJOZPVOHBEVMUTBOEGPVOE DMJOJDBMVTF UIFSFJTBTUSPOHCPEZPGFWJ

QBUJFOUUIFOSFUVSOTUPVTJOHUIF$)9 BMDPIPMGSFF$)9XBTBTFĊFDUJWFBTUIF ΫǋǀǍƾǀǉǏǄǊƿǄǉǀ̙ΫΪǋǀǍƾǀǉǏ

UPQJDBMBQQMJDBUJPOPGðïQFSDFOUQSPWJ NFOVTJOHPOMZUIF"1'HFMɥFEJĊFS CFBQQMJFEGPSVQUPUXPNJOVUFT GPMMPXFE

UIFBNPVOUPGQBTUFUPBQFBTJ[FBNPVOU "QQMJDBUJPO SJTLQBUJFOUXJUIMPXTBMJWBSZnPXJTUIF

JOUSFBUJOHUIFNPEFSBUFSJTL IJHI WBSOJTIDBOCFBQQMJFENPSFRVJDLMZUIBO TFBSDIUPFTUBCMJTIBOPQUJNBMJOUFSWBMPG

JTQBJOUFEPOUIFSPPUTVSGBDF POUIFNBS OPUNFUBCPMJ[FECZ.4"OPWFSWJFXPG UIBUJUNBZIBWFBNJMEMBYBUJWFFĊFDU

ÜãÙßÞÒÙØÝÓÎÏÜËÞÓÙØÝ ƽǐǁǁǀǍǄǉǂǋǍǊƿǐƾǏǎ̙ƼǍǈ ʶ ǃƼǈǈǀǍ EFOUJGSJDFTòõ3FNPWJOHUPPUITUBJOTJTUIF

QBMBUBCJMJUZ)ZESPYZFUIZMDFMMVMPTFPS $PODMVTJPO *UDPOUBJOTBDPNCJOBUJPOPGDBSCPYZNFUIZM

PDDVSTXJUIJOTFDPOETPGFYQPTVSF BOE ɥFIPNFDBSFQSPEVDUTVTFUXPEJTUJOD $BSJ'SFF#PPTU

NFUIPETBOECJPMVNJOFTDFODFOFFEUP NBOJOWFTUJHBUJPOôô*OTVNNBSZ UIF HFUFEBOUJNJDSPCJBMQFQUJEFT 45".1T

ÒÏËØÞÓ̋ËÑÓØÑÐËÍÓËÖ #BDLJO.BZPGñïïñXIFOXFmSTU EBZXJUIUIPTFIPWFSJOHPOUIFCSJOLPG

'FCSVBSZ$BOIBNJTRVPUFEBTTBZJOHIJT UIBOôQFSDFOUPGEFOUBMPċDFTPĊFSFE BTJOUPYJDBUJOHBTUIFSFMBYJOHTDFOUTPG