-7  4EVX7IG  

-73   

6IEJJMVQIH 
)HMXMSR 


-RHMER7XERHEVH
8)',2-'%079440='32(-8-327*36
8,6)%()(78))0*%78)2)67
4%68 796*%')(-7'328-29-8-)7
7IGXMSR &SPXW7GVI[WERH7XYHWJSV+IRIVEP%TTPMGEXMSRW

8LMVH6IZMWMSR
-RGSVTSVEXMRK%QIRHQIRX2S

9('

&-7

&96)%9 3* -2(-%2 78%2(%6(7

1%2%/ &,%:%2  &%,%(96 7,%, >%*%6 1%6+
2); ()0,- 

4VMGI+VSYT
&SPXW2YXWERH*EWXIRIVW%GGIWWSVMIW7IGXMSREP'SQQMXXII01

2%8-32%0*36);36(
8LMW -RHMER 7XERHEVH -7  4EVX 7IG   [LMGL MW MHIRXMGEP [MXL -73   
u*EWXIRIVW { 7YVJEGI HMWGSRXMRYMXMIW 4EVX   &SPXW WGVI[W ERH WXYHW JSV KIRIVEP VIUYMVIQIRXWv
MWWYIHF]XLI-RXIVREXMSREP3VKERM^EXMSRJSV7XERHEVHM^EXMSR -73 [EWEHSTXIHF]XLI&YVIEYSJ
-RHMER7XERHEVHWSRXLIVIGSQQIRHEXMSRSJXLI&SPXW2YXWERH*EWXIRIVW%GGIWWSVMIW7IGXMSREP
'SQQMXXII 01 ERHETTVSZEPSJ0MKLX1IGLERMGEP)RKMRIIVMRK(MZMWMSR'SYRGMP 01('
8LIGSRGIVRIHXIGLRMGEPGSQQMXXIILEWVIZMZIHXLIWGSTISJXLMWTEVXMGYPEVWXERHEVHERHHIGMHIH
XLEXETTPMGEXMSRSJXLMW-RHMER7XERHEVHQE]FII\XIRHIHXS4VSHYGX+VEHI'TVSHYGXWEPWS
8LI WIGSRH VIZMWMSR SJ XLI WXERHEVH ? -7  4EVX   A TYFPMWLIH MR  [EW FEWIH SR (VEJX
-RXIVREXMSREP 7XERHEVH -73(-7  u*EWXIRIVW { 7YVJEGI HMWGSRXMRYMXMIW { 4EVX  &SPXW
WGVI[WERHWXYHW[MXLXLVIEHWM^IW1XS1vMWWYIHF]-738LIWXERHEVH[EWGSZIVMRKXLIWYVJEGI
HMWGSRXMRYMXMIWJSVJEWXIRIVWJSVKIRIVEPETTPMGEXMSRWEW[IPPEWWTIGMEPETTPMGEXMSRW8LIVIZMWMSRLEW
FIIRQEHIXSLEVQSRM^I[MXLXLI-RXIVREXMSREP7XERHEVHW-73ERH-73 
XSGSZIVKIRIVEPETTPMGEXMSRWEW[IPPEWWTIGMEPETTPMGEXMSRWWITEVEXIP]MR7IGXMSRERH7IGXMSRSJ
-7 4EVX 8LIJSPPS[MRKQENSVGLERKIWLEZIFIIRQEHIMRXLMWVIZMWMSR
E 8LIHIRXWRMGOWERHKSYKIWPSGEXIHEXXLIJMVWXXLVIIXLVIEHWEGGITXMRKXLIXSVUYIZEPYIWLEW
FIIRMRGVIEWIHXSH 1E\
F 8LIJSVKMRKFYVWXWPMQMXEXMSRLEWFIIRWTIGMJMIHWITEVEXIP]JSV[MHXLERHHITXL
G 8LIJSPHWEXXLIWYVJEGISJFSPXIRHLEWFIIRTIVQMXXIH
-RXLIEHSTXIHWXERHEVHGIVXEMRXIVQMRSPSK]ERHGSRZIRXMSRWEVIRSXMHIRXMGEP[MXLXLSWIYWIHMR
-RHMER7XERHEVHWEXXIRXMSRMWWTIGMEPP]HVE[RXSXLIJSPPS[MRK
E ;LIVIZIVXLI[SVHWu-RXIVREXMSREP7XERHEVHvETTIEVVIJIVVMRKXSXLMWWXERHEVHXLI]WLSYPH
FIVIEHEWu-RHMER7XERHEVHv
F 'SQQE  LEWFIIRYWIHEWEHIGMQEPQEVOIV[LMPIMR-RHMER7XERHEVHWXLIGYVVIRXTVEGXMGI
MWXSYWITSMRX  EWXLIHIGMQEPQEVOIV
-RXLMWEHSTXIHWXERHEVHVIJIVIRGIETTIEVWXS GIVXEMR-RXIVREXMSREP7XERHEVHWJSV[LMGL-RHMER
7XERHEVHWEPWS I\MWX 8LI GSVVIWTSRHMRK -RHMER 7XERHEVHW [LMGL LEZI FIIR WYFWXMXYXIHMR XLIMV
TPEGIEVIPMWXIHFIPS[EPSRK[MXLXLIMVHIKVIISJIUYMZEPIRGIJSVXLIIHMXMSRWMRHMGEXIH
-RXIVREXMSREP7XERHEVH 'SVVIWTSRHMRK-RHMER7XERHEVH (IKVIISJ
)UYMZEPERGI
-73   -7  4EVX    *EWXIRIVW { -HIRXMGEP
8LVIEHIH WXIIP { 8IGLRMGEP WYTTP]
GSRHMXMSRW  4EVX  1IGLERMGEP TVSTIVXMIW
ERH XIWX QIXLSHW JSV FSPXW WGVI[W ERH
WXYHW[MXLJYPPPSEHEFMPMX] XLMVHVIZMWMSR
-73
-73 -7  4EVX    7EQTPMRK MRWTIGXMSR -HIRXMGEP
TVSGIHYVIW  4EVX  %XXVMFYXI WEQTPMRK
TPERW MRHI\ F] EGGITXEFPI UYEPMX] PIZIP
%50  JSV PSX F] PSX MRWTIGXMSR WIGSRH
VIZMWMSR
-73   -7  4EVX   8IGLRMGEP WYTTP] j
GSRHMXMSRW JSV XLVIEHIH WXIIP JEWXIRIVW {
%GGITXERGIGVMXIVME YRHIVTVITEVEXMSR
8LIGSRGIVRIHXIGLRMGEPGSQQMXXIILEWVIZMI[IHXLITVSZMWMSRSJ-73ERH-73VIJIVVIH
MRXLMWEHSTXIHWXERHEVHERHLEWHIGMHIHXLEXXLIWIEVIEGGITXEFPIJSVYWIMRGSRNYRGXMSR[MXLXLMW
WXERHEVH8LIVIPEXIH-RHMER7XERHEVHXS-73MW-7u%WWIWQIRXSJWYVJEGI
VSYKLRIWWvj
8LMWIHMXMSRMRGSVTSVEXIW%QIRHQIRX2S 3GXSFIV  7MHIFEVMRHMGEXIWQSHMJMGEXMSRSJ
XLIXI\XEWXLIVIWYPXSJMRGSVTSVEXMSRSJXLIEQIRHQIRX

-73LEWWMRGIFIIRVIZMWIHMRXSTEVXW,S[IZIVSRP]VIPIZERXTEVXLEWFIIRWLS[RMRXLIVIJIVIRGI
j8LMWWXERHEVHMWPMOIP]XSFIEHSTXIHEW-RHMER7XERHEVH[MXLQMRSVQSHMJMGEXMSRW
&YVIEYSJ-RHMER7XERHEVHW
&-7 MW E WXEXYXSV] MRWXMXYXMSR IWXEFPMWLIH YRHIV XLI &YVIEY SJ -RHMER 7XERHEVHW %GX  XS TVSQSXI
LEVQSRMSYWHIZIPSTQIRXSJXLIEGXMZMXMIWSJWXERHEVHM^EXMSRQEVOMRKERHUYEPMX]GIVXMJMGEXMSRSJKSSHWERH
EXXIRHMRKXSGSRRIGXIHQEXXIVWMRXLIGSYRXV]

'ST]VMKLX
&-7 LEWXLIGST]VMKLX SJEPP MXWTYFPMGEXMSRW2STEVX SJ XLIWITYFPMGEXMSRWQE] FIVITVSHYGIHMRER] JSVQ
[MXLSYX XLI TVMSV TIVQMWWMSR MR [VMXMRK SJ &-7 8LMW HSIW RSX TVIGPYHI XLI JVII YWI MR XLI GSYVWI SJ
MQTPIQIRXMRK XLI WXERHEVH SJ RIGIWWEV] HIXEMPW WYGL EW W]QFSPW ERH WM^IW X]TI SV KVEHI HIWMKREXMSRW
)RUYMVMIWVIPEXMRKXSGST]VMKLXFIEHHVIWWIHXSXLI(MVIGXSV 4YFPMGEXMSRW &-7

6IZMI[SJ-RHMER7XERHEVHW
%QIRHQIRXW EVI MWWYIH XS WXERHEVHW EW XLI RIIH EVMWIW SR XLI FEWMW SJ GSQQIRXW 7XERHEVHW EVI EPWS
VIZMI[IHTIVMSHMGEPP]EWXERHEVHEPSRK[MXLEQIRHQIRXWMWVIEJJMVQIH[LIRWYGLVIZMI[MRHMGEXIWXLEXRS
GLERKIW EVI RIIHIH MJ XLI VIZMI[ MRHMGEXIW XLEX GLERKIW EVI RIIHIH MX MW XEOIR YT JSV VIZMWMSR 9WIVW SJ
-RHMER 7XERHEVHW WLSYPH EWGIVXEMR XLEX XLI] EVI MR TSWWIWWMSR SJ XLI PEXIWX EQIRHQIRXW SV IHMXMSR F]
VIJIVVMRKXSXLIPEXIWXMWWYISJu&-7'EXEPSKYIvERHu7XERHEVHW  1SRXLP]%HHMXMSRWv
8LMW-RHMER7XERHEVHLEWFIIRHIZIPSTIHJVSQ(SG  2S01  ERHEQIRHIHF]&4

%QIRHQIRXW-WWYIH7MRGI4YFPMGEXMSR
%QIRH2S (EXISJ-WWYI
%QH2S 3GXSFIV

&96)%9 3* -2(-%2 78%2(%6(7

,IEHUYEVXIVW
1EREO&LEZER&ELEHYV7LEL>EJEV1EVK2I[(IPLM 8IPIKVEQW 1EREOWERWXLE
8IPITLSRIW  'SQQSRXSEPPSJJMGIW
6IKMSREP3JJMGIW 8IPITLSRI
'IRXVEP  1EREO&LEZER&ELEHYV7LEL>EJEV1EVK 
2);()0,- 
)EWXIVR '-87GLIQI:--1:-46SEH/EROYVKEGLM    
/30/%8%      
2SVXLIVR 7'37IGXSV%',%2(-+%6,   
  
7SYXLIVR '-8'EQTYW-:'VSWW6SEH',)22%-     
    
;IWXIVR  1EREOEPE]E)1-('1EVSP%RHLIVM )EWX     
191&%-     
&VERGLIW  % , 1 ) ( % & % (   & % 2 + % 0 3 6 )   & , 3 4 % 0   & , 9 & % 2 ) 7 , ; % 6   ' 3 - 1 & % 8 3 6 )  
*%6- (%& %(+,%> -%&% (+9; %,%8 -, =( )6%& %(.%- 496 / %2496
09'/23;2%+4962%0%+%6,4%82%492)6%./388,-69:%2%28,%496%1
:-7,%/,%4%82%1