MSE Essentials

'SRXIRXW
)WWIRXMEPW
SJ 1EXIVMEPW
7GMIRGI ERH 4VIJEGI \Z
)RKMRIIVMRK %FSYX XLI %YXLSVW \M\
7IGSRH )HMXMSR 'LETXIV -RXVSHYGXMSR XS 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK

-RXVSHYGXMSR
;LEX MW 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK#
'PEWWMJMGEXMSR SJ 1EXIVMEPW
*YRGXMSREP 'PEWWMJMGEXMSR SJ 1EXIVMEPW
'PEWWMJMGEXMSR SJ 1EXIVMEPW &EWIH SR 7XVYGXYVI
)RZMVSRQIRXEP ERH 3XLIV )JJIGXW
(SREPH 6 %WOIPERH 1EXIVMEPW (IWMKR ERH 7IPIGXMSR
9RMZIVWMX] SJ 1MWWSYVMh6SPPE )QIVMXYW 7911%6= +0377%6= 463&0)17
4VEHIIT 4 *YPE]
9RMZIVWMX] SJ 4MXXWFYVKL
'LETXIV %XSQMG 7XVYGXYVI
-RXVSHYGXMSR
8LI 7XVYGXYVI SJ 1EXIVMEPW 8IGLRSPSKMGEP 6IPIZERGI
8LI 7XVYGXYVI SJ XLI %XSQ
8LI )PIGXVSRMG 7XVYGXYVI SJ XLI %XSQ
8LI 4IVMSHMG 8EFPI
%XSQMG &SRHMRK
&MRHMRK )RIVK] ERH -RXIVEXSQMG 7TEGMRK
7911%6= +0377%6= 463&0)17
'LETXIV %XSQMG ERH -SRMG %VVERKIQIRXW

-RXVSHYGXMSR
7LSVX6ERKI 3VHIV ZIVWYW 0SRK6ERKI 3VHIV
%QSVTLSYW 1EXIVMEPW 4VMRGMTPIW ERH 8IGLRSPSKMGEP %TTPMGEXMSRW
%Y WXVEPME

&VE^MP .ET ER /SVI E 1 I\MGS
7MR KETS VI

7T EMR 9RMXIH / MRKHSQ
9RMXIH 7XEXIW
0EXXMGI 9RMX 'IPPW &EWMW ERH 'V]WXEP 7XVYGXYVIW
ZMM
ZMMM ' 3 28)287 ' 3 28)287 M\
%PPSXVSTMG SV 4SP]QSVTLMG 8VERWJSVQEXMSRW 8IVQMRSPSK] JSV 1IGLERMGEP 4VSTIVXMIW
4SMRXW (MVIGXMSRW ERH 4PERIW MR XLI 9RMX 'IPP 8LI 8IRWMPI 8IWX 9WI SJ XLI 7XVIWW7XVEMR (MEKVEQ
-RXIVWXMXMEP 7MXIW 4VSTIVXMIW 3FXEMRIH JVSQ XLI 8IRWMPI 8IWX
'V]WXEP 7XVYGXYVIW SJ -SRMG 1EXIVMEPW 8VYI 7XVIWW ERH 8VYI 7XVEMR
'SZEPIRX 7XVYGXYVIW 8LI &IRH 8IWX JSV &VMXXPI 1EXIVMEPW
(MJJVEGXMSR 8IGLRMUYIW JSV 'V]WXEP 7XVYGXYVI %REP]WMW ,EVHRIWW SJ 1EXIVMEPW
7911%6= +0377%6= 463&0)17 7XVEMR 6EXI )JJIGXW ERH -QTEGX &ILEZMSV
4VSTIVXMIW 3FXEMRIH JVSQ XLI -QTEGX 8IWX
7911%6= +0377%6= 463&0)17
'LETXIV -QTIVJIGXMSRW MR XLI %XSQMG ERH -SRMG %VVERKIQIRXW
-RXVSHYGXMSR 'LETXIV *VEGXYVI 1IGLERMGW *EXMKYI ERH 'VIIT &ILEZMSV
4SMRX (IJIGXW
3XLIV 4SMRX (IJIGXW -RXVSHYGXMSR
(MWPSGEXMSRW *VEGXYVI 1IGLERMGW
7MKRMJMGERGI SJ (MWPSGEXMSRW 8LI -QTSVXERGI SJ *VEGXYVI 1IGLERMGW
7GLQMHtW 0E[ 1MGVSWXVYGXYVEP *IEXYVIW SJ *VEGXYVI MR 1IXEPPMG 1EXIVMEPW
-RJPYIRGI SJ 'V]WXEP 7XVYGXYVI 1MGVSWXVYGXYVEP *IEXYVIW SJ *VEGXYVI MR 'IVEQMGW +PEWWIW ERH
7YVJEGI (IJIGXW 'SQTSWMXIW
-QTSVXERGI SJ (IJIGXW ;IMFYPP 7XEXMWXMGW JSV *EMPYVI 7XVIRKXL %REP]WMW
7911%6= +0377%6= 463&0)17 *EXMKYI
6IWYPXW SJ XLI *EXMKYI 8IWX
%TTPMGEXMSR SJ *EXMKYI 8IWXMRK
'VIIT 7XVIWW 6YTXYVI ERH 7XVIWW 'SVVSWMSR
'LETXIV %XSQ ERH -SR 1SZIQIRXW MR 1EXIVMEPW )ZEPYEXMSR SJ 'VIIT &ILEZMSV
7911%6= +0377%6= 463&0)17
-RXVSHYGXMSR
%TTPMGEXMSRW SJ (MJJYWMSR
7XEFMPMX] SJ %XSQW ERH -SRW
1IGLERMWQW JSV (MJJYWMSR 'LETXIV 7XVEMR ,EVHIRMRK ERH %RRIEPMRK
%GXMZEXMSR )RIVK] JSV (MJJYWMSR
6EXI SJ (MJJYWMSR *MGOtW *MVWX 0E[ -RXVSHYGXMSR
*EGXSVW %JJIGXMRK (MJJYWMSR 6IPEXMSRWLMT SJ 'SPH ;SVOMRK XS XLI 7XVIWW7XVEMR 'YVZI
4IVQIEFMPMX] SJ 4SP]QIVW 7XVEMR,EVHIRMRK 1IGLERMWQW
'SQTSWMXMSR 4VSJMPI *MGOtW 7IGSRH 0E[ 4VSTIVXMIW ZIVWYW 4IVGIRX 'SPH ;SVO
(MJJYWMSR ERH 1EXIVMEPW 4VSGIWWMRK 1MGVSWXVYGXYVI 8I\XYVI 7XVIRKXLIRMRK ERH 6IWMHYEP 7XVIWWIW
7911%6= +0377%6= 463&0)17 'LEVEGXIVMWXMGW SJ 'SPH ;SVOMRK
8LI 8LVII 7XEKIW SJ %RRIEPMRK
'SRXVSP SJ %RRIEPMRK
%RRIEPMRK ERH 1EXIVMEPW 4VSGIWWMRK
'LETXIV 1IGLERMGEP 4VSTIVXMIW *YRHEQIRXEPW ERH 8IRWMPI ,EVHRIWW ERH ,SX ;SVOMRK
-QTEGX 8IWXMRK 7911%6= +0377%6= 463&0)17
-RXVSHYGXMSR
8IGLRSPSKMGEP 7MKRMJMGERGI
\ ' 3 28)287 ' 3 28)287 \M
'LETXIV 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR 'LETXIV (MWTIVWMSR 7XVIRKXLIRMRK F] 4LEWI 8VERWJSVQEXMSRW ERH
,IEX 8VIEXQIRX
-RXVSHYGXMSR
8IGLRSPSKMGEP 7MKRMJMGERGI -RXVSHYGXMSR
2YGPIEXMSR 2YGPIEXMSR ERH +VS[XL MR 7SPMH7XEXI 6IEGXMSRW
+VS[XL 1IGLERMWQW %PPS]W 7XVIRKXLIRIH F] )\GIIHMRK XLI 7SPYFMPMX] 0MQMX
'SSPMRK 'YVZIW %KI SV 4VIGMTMXEXMSR ,EVHIRMRK
'EWX 7XVYGXYVI %TTPMGEXMSRW SJ %KI,EVHIRIH %PPS]W
7SPMHMJMGEXMSR (IJIGXW 1MGVSWXVYGXYVEP )ZSPYXMSR MR %KI SV 4VIGMTMXEXMSR ,EVHIRMRK
'EWXMRK 4VSGIWWIW JSV 1ERYJEGXYVMRK 'SQTSRIRXW )JJIGXW SJ %KMRK 8IQTIVEXYVI ERH 8MQI
'SRXMRYSYW 'EWXMRK -RKSX 'EWXMRK ERH 7MRKPI 'V]WXEP +VS[XL
6IUYMVIQIRXW JSV %KI ,EVHIRMRK
7SPMHMJMGEXMSR SJ 4SP]QIVW ERH -RSVKERMG +PEWWIW 9WI SJ %KI,EVHIREFPI %PPS]W EX ,MKL 8IQTIVEXYVIW
.SMRMRK SJ 1IXEPPMG 1EXIVMEPW 8LI )YXIGXSMH 6IEGXMSR
&YPO 1IXEPPMG +PEWWIW &1+ 'SRXVSPPMRK XLI )YXIGXSMH 6IEGXMSR
7911%6= +0377%6= 463&0)17 8LI 1EVXIRWMXMG 6IEGXMSR ERH 8IQTIVMRK
7911%6= +0377%6= 463&0)17
'LETXIV 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ

'LETXIV ,IEX 8VIEXQIRX SJ 7XIIPW ERH 'EWX -VSRW
-RXVSHYGXMSR
4LEWIW ERH XLI 4LEWI (MEKVEQ
-RXVSHYGXMSR
7SPYFMPMX] ERH 7SPMH 7SPYXMSRW
(IWMKREXMSRW ERH 'PEWWMJMGEXMSR SJ 7XIIPW
'SRHMXMSRW JSV 9RPMQMXIH 7SPMH 7SPYFMPMX]
7MQTPI ,IEX 8VIEXQIRXW
7SPMH7SPYXMSR 7XVIRKXLIRMRK
-WSXLIVQEP ,IEX 8VIEXQIRXW
-WSQSVTLSYW 4LEWI (MEKVEQW
5YIRGL ERH 8IQTIV ,IEX 8VIEXQIRXW
6IPEXMSRWLMT &IX[IIR 4VSTIVXMIW ERH XLI 4LEWI (MEKVEQ
)JJIGX SJ %PPS]MRK )PIQIRXW
7SPMHMJMGEXMSR SJ E 7SPMH7SPYXMSR %PPS]
%TTPMGEXMSR SJ ,EVHIREFMPMX]
7911%6= +0377%6= 463&0)17 7TIGMEPX] 7XIIPW
7YVJEGI 8VIEXQIRXW
;IPHEFMPMX] SJ 7XIIP
7XEMRPIWW 7XIIPW
'LETXIV (MWTIVWMSR 7XVIRKXLIRMRK ERH )YXIGXMG 4LEWI (MEKVEQW 'EWX -VSRW
-RXVSHYGXMSR
7911%6= +0377%6= 463&0)17
4VMRGMTPIW ERH )\EQTPIW SJ (MWTIVWMSR 7XVIRKXLIRMRK
-RXIVQIXEPPMG 'SQTSYRHW
4LEWI (MEKVEQW 'SRXEMRMRK 8LVII4LEWI 6IEGXMSRW 'LETXIV 2SRJIVVSYW %PPS]W
8LI )YXIGXMG 4LEWI (MEKVEQ
7XVIRKXL SJ )YXIGXMG %PPS]W -RXVSHYGXMSR
)YXIGXMGW ERH 1EXIVMEPW 4VSGIWWMRK %PYQMRYQ %PPS]W
2SRIUYMPMFVMYQ *VII^MRK MR XLI )YXIGXMG 7]WXIQ 1EKRIWMYQ ERH &IV]PPMYQ %PPS]W
7911%6= +0377%6= 463&0)17 'STTIV %PPS]W
2MGOIP ERH 'SFEPX %PPS]W
\MM ' 3 28)287 ' 3 28)287 \MMM
8MXERMYQ %PPS]W 'LEVEGXIVMWXMGW SJ *MFIV6IMRJSVGIH 'SQTSWMXIW

6IJVEGXSV] ERH 4VIGMSYW 1IXEPW 1ERYJEGXYVMRK *MFIVW ERH 'SQTSWMXIW
7911%6= +0377%6= 463&0)17 *MFIV6IMRJSVGIH 7]WXIQW ERH %TTPMGEXMSRW
0EQMREV 'SQTSWMXI 1EXIVMEPW
)\EQTPIW ERH %TTPMGEXMSRW SJ 0EQMREV 'SQTSWMXIW
7ERH[MGL 7XVYGXYVIW
'LETXIV 'IVEQMG 1EXIVMEPW 7911%6= +0377%6= 463&0)17
-RXVSHYGXMSR
%TTPMGEXMSRW SJ 'IVEQMGW %TTIRHM\ % 7IPIGXIH 4L]WMGEP 4VSTIVXMIW SJ 7SQI )PIQIRXW
4VSTIVXMIW SJ 'IVEQMGW %TTIRHM\ & 8LI %XSQMG ERH -SRMG 6EHMM SJ 7IPIGXIH )PIQIRXW
7]RXLIWMW ERH 4VSGIWWMRK SJ 'IVEQMG 4S[HIVW
'LEVEGXIVMWXMGW SJ 7MRXIVIH 'IVEQMGW %RW[IVW XS 7IPIGXIH 4VSFPIQW
-RSVKERMG +PEWWIW
+PEWW'IVEQMGW -RHI\
4VSGIWWMRK ERH %TTPMGEXMSRW SJ 'PE] 4VSHYGXW
6IJVEGXSVMIW
3XLIV 'IVEQMG 1EXIVMEPW
7911%6= +0377%6= 463&0)17
'LETXIV 4SP]QIVW

-RXVSHYGXMSR
'PEWWMJMGEXMSR SJ 4SP]QIVW
%HHMXMSR ERH 'SRHIRWEXMSR 4SP]QIVMÊXMSR
(IKVII SJ 4SP]QIVMÊXMSR
8]TMGEP 8LIVQSTPEWXMGW
7XVYGXYVIi4VSTIVX] 6IPEXMSRWLMTW MR 8LIVQSTPEWXMGW
)JJIGX SJ 8IQTIVEXYVI SR 8LIVQSTPEWXMGW
1IGLERMGEP 4VSTIVXMIW SJ 8LIVQSTPEWXMGW
)PEWXSQIVW 6YFFIVW
8LIVQSWIXXMRK 4SP]QIVW
%HLIWMZIW
4SP]QIV 4VSGIWWMRK ERH 6IG]GPMRK
7911%6= +0377%6= 463&0)17
'LETXIV 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW

-RXVSHYGXMSR
(MWTIVWMSR7XVIRKXLIRIH 'SQTSWMXIW
4EVXMGYPEXI 'SQTSWMXIW
*MFIV6IMRJSVGIH 'SQTSWMXIW
' ,% 4 8)6 -RXVSHYGXMSR XS 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK
WYGL EW WXSRI MVSR ERH FVSRÎ TPE]IH E OI] VSPI VMEPW MPPYWXVEXI [L] ER IRKMRIIV RIIHW XS XLSV
MR QEROMRHtW HIZIPSTQIRX -R XSHE]tW JEWXTEGIH SYKLP] YRHIVWXERH ERH ORS[ LS[ XS ETTP] XLI
[SVPH XLI HMWGSZIV] SJ WMPMGSR WMRKPI GV]WXEPW ERH TVMRGMTPIW SJ QEXIVMEPW WGMIRGI ERH IRKMRIIVMRK
ER YRHIVWXERHMRK SJ XLIMV TVSTIVXMIW LEZI IR -R IEGL GLETXIV [I FIKMR [MXL E WIGXMSR IRXMXPIH
EFPIH XLI MRJSVQEXMSR EKI ,EZI =SY )ZIV ;SRHIVIH# 8LIWI UYIWXMSRW EVI
-R XLMW GLETXIV ERH XLVSYKLSYX XLI FSSO [I HIWMKRIH XS TMUYI ]SYV GYVMSWMX] TYX XLMRKW MR
[MPP TVSZMHI GSQTIPPMRK I\EQTPIW SJ VIEP[SVPH TIVWTIGXMZI ERH JSVQ E JVEQI[SVO JSV [LEX ]SY
ETTPMGEXMSRW SJ IRKMRIIVIH QEXIVMEPW 8LI HMZIV [MPP PIEVR MR XLEX GLETXIV
WMX] SJ ETTPMGEXMSRW ERH XLI YRMUYI YWIW SJ QEXI
-RXVSHYGXMSR XS 1EXIVMEPW
7GMIRGI ERH )RKMRIIVMRK
;LEX MW 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK#
,EZI =SY )ZIV ;SRHIVIH# 1EXIVMEPW WGMIRGI ERH IRKMRIIVMRK 17) MW ER MRXIVHMWGMTPMREV] wIPH GSRGIVRIH [MXL
MRZIRXMRK RI[ QEXIVMEPW ERH MQTVSZMRK TVIZMSYWP] ORS[R QEXIVMEPW F] HIZIPSTMRK E
HIITIV YRHIVWXERHMRK SJ XLI QMGVSWXVYGXYVIGSQTSWMXMSRW]RXLIWMWTVSGIWWMRK VIPEXMSR
WLMTW 8LI XIVQ GSQTSWMXMSR QIERW XLI GLIQMGEP QEOIYT SJ E QEXIVMEP 8LI XIVQ
;L] HS NI[IPPIVW EHH GSTTIV XS KSPH# WXVYGXYVI QIERW E HIWGVMTXMSR SJ XLI EVVERKIQIRX SJ EXSQW EW WIIR EX HMIVIRX PIZIPW SJ
,S[ WLIIX WXIIP GER FI TVSGIWWIH XS TVSHYGI E LMKLWXVIRKXL PMKLX[IMKLX IRIVK] EFWSVFMRK HIXEMP 1EXIVMEPW WGMIRXMWXW ERH IRKMRIIVW RSX SRP] HIEP [MXL XLI HIZIPSTQIRX SJ QEXIVM
QEPPIEFPI QEXIVMEP YWIH MR XLI QERYJEGXYVI SJ GEV GLEWWMW# EPW FYX EPWS [MXL XLI W]RXLIWMW ERH TVSGIWWMRK SJ QEXIVMEPW ERH QERYJEGXYVMRK TVSGIWWIW
VIPEXIH XS XLI TVSHYGXMSR SJ GSQTSRIRXW 8LI XIVQ ssW]RXLIWMWtt VIJIVW XS LS[ QEXIVMEPW
'ER [I QEOI JPI\MFPI ERH PMKLX[IMKLX IPIGXVSRMG GMVGYMXW YWMRK TPEWXMGW# EVI QEHI JVSQ REXYVEPP] SGGYVVMRK SV QERQEHI GLIQMGEPW 8LI XIVQ ssTVSGIWWMRKtt
QIERW LS[ QEXIVMEPW EVI WLETIH MRXS YWIJYP GSQTSRIRXW 3RI SJ XLI QSWX MQTSVXERX
;LEX MW E ssWQEVX QEXIVMEP#tt
JYRGXMSRW SJ QEXIVMEPW WGMIRXMWXW ERH IRKMRIIVW MW XS IWXEFPMWL XLI VIPEXMSRWLMTW FIX[IIR
;LEX MW E WYTIVGSRHYGXSV# XLI TVSTIVXMIW SJ E QEXIVMEP ERH MXW TIVJSVQERGI -R QEXIVMEPW WGMIRGI XLI IQTLEWMW MW SR
XLI YRHIVP]MRK VIPEXMSRWLMTW FIX[IIR XLI W]RXLIWMW ERH TVSGIWWMRK WXVYGXYVI ERH TVST
IVXMIW SJ QEXIVMEPW -R QEXIVMEPW IRKMRIIVMRK XLI JSGYW MW SR LS[ XS XVERWPEXI SV XVERW
JSVQ QEXIVMEPW MRXS E YWIJYP HIZMGI SV WXVYGXYVI
3RI SJ XLI QSWX JEWGMREXMRK EWTIGXW SJ QEXIVMEPW WGMIRGI MRZSPZIW XLI MRZIWXMKEXMSR
MRXS XLI WXVYGXYVI SJ E QEXIVMEP 8LI WXVYGXYVI SJ QEXIVMEPW LEW E TVSJSYRH MRxYIRGI SR
QER] TVSTIVXMIW SJ QEXIVMEPW IZIR MJ XLI SZIVEPP GSQTSWMXMSR HSIW RSX GLERKI *SV I\
EQTPI MJ ]SY XEOI E TYVI GSTTIV [MVI ERH FIRH MX VITIEXIHP] XLI [MVI RSX SRP] FIGSQIW
LEVHIV FYX EPWS FIGSQIW MRGVIEWMRKP] FVMXXPI )ZIRXYEPP] XLI TYVI GSTTIV [MVI FIGSQIW
WS LEVH ERH FVMXXPI XLEX MX [MPP FVIEO VEXLIV IEWMP] 8LI IPIGXVMGEP VIWMWXMZMX] SJ [MVI [MPP
EPWS MRGVIEWI EW [I FIRH MX VITIEXIHP] -R XLMW WMQTPI I\EQTPI RSXI XLEX [I HMH RSX
-R XLMW GLETXIV [I [MPP MRXVSHYGI ]SY XS XLI QEOI ]SY E FIXXIV IRKMRIIV FYX [MPP LIPT ]SY
GLERKI XLI QEXIVMEPtW GSQTSWMXMSR MI MXW GLIQMGEP QEOI YT 8LI GLERKIW MR XLI QE
JMIPH SJ QEXIVMEPW WGMIRGI ERH IRKMRIIVMRK 17) HYVMRK XLI HIWMKR TVSGIWW -R SVHIV XS FI E KSSH
XIVMEPtW TVSTIVXMIW EVI SJXIR HYI XS E GLERKI MR MXW MRXIVREP WXVYGXYVI -J ]SY I\EQMRI XLI
YWMRK HMJJIVIRX VIEP[SVPH I\EQTPIW ;I [MPP XLIR HIWMKRIV ]SY QYWX PIEVR [LEX QEXIVMEPW [MPP FI [MVI EJXIV FIRHMRK YWMRK ER STXMGEP QMGVSWGSTI MX [MPP PSSO XLI WEQI EW FIJSVI SXLIV
TVSZMHI ER MRXVSHYGXMSR XS XLI GPEWWMJMGEXMSR SJ ETTVSTVMEXI XS YWI MR HMJJIVIRX ETTPMGEXMSRW 8LI XLER XLI FIRHW SJ GSYVWI ,S[IZIV MXW WXVYGXYVI LEW FIIR GLERKIH EX E ZIV] WQEPP SV
QEXIVMEPW 1EXIVMEPW WGMIRGI YRHIVPMIW QSWX XIGL QSWX MQTSVXERX EWTIGX SJ QEXIVMEPW MW XLEX XLI] QMGVSWGSTMG WGEPI 8LI WXVYGXYVI EX XLMW QMGVSWGSTMG WGEPI MW ORS[R EW QMGVSWXVYGXYVI -J
RSPSKMGEP EHZERGIW 9RHIVWXERHMRK XLI FEWMGW SJ EVI IREFPMRK QEXIVMEPW QEOI XLMRKW LETTIR *SV [I GER YRHIVWXERH [LEX LEW GLERKIH EX E QMGVSQIXIV PIZIP [I GER FIKMR XS HMWGSZIV
QEXIVMEPW ERH XLIMV ETTPMGEXMSRW [MPP RSX SRP] I\EQTPI MR XLI LMWXSV] SJ GMZMPMÊXMSR QEXIVMEPW [E]W XS GSRXVSP XLI QEXIVMEPtW TVSTIVXMIW

;LEX MW 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK# ' ,% 4 8)6 -RXVSHYGXMSR XS 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK
FILEZMSV 8LI] EPWS [ERX XS ORS[ MJ XLIVI EVI SXLIV GSQTSYRHW XLEX I\LMFMXIH WYTIV
GSRHYGXMZMX] 8LVSYKL I\TIVMQIRXEXMSR XLI WGMIRXMWXW HIZIPSTIH GSRXVSPPIH W]RXLIWMW SJ
YPXVEwRI TS[HIVW SV XLMR wPQW XLEX EVI YWIH XS GVIEXI YWIJYP HIZMGIW
%R I\EQTPI SJ ETTVSEGLMRK XLMW JVSQ E QEXIVMEPW IRKMRIIVMRK TIVWTIGXMZI [MPP FI XS
wRH E [E] XS QEOI PSRK [MVIW JSV TS[IV XVERWQMWWMSR -R ETTPMGEXMSRW [I YPXMQEXIP]
[ERX XS ORS[ MJ [I GER QEOI VIPMEFPI ERH VITVSHYGMFPI PSRK PIRKXLW SJ WYTIVGSRHYGXMRK
[MVIW XLEX EVI WYTIVMSV XS XLI GYVVIRX GSTTIV ERH EPYQMRYQ [MVIW 'ER [I TVSHYGI WYGL
[MVIW MR E GSWXIIGXMZI [E]#
8LI RI\X GLEPPIRKI [EW XS QEOI PSRK PIRKXLW SJ GIVEQMG WYTIVGSRHYGXSV [MVIW
'IVEQMG WYTIVGSRHYGXSVW EVI FVMXXPI WS QEOMRK PSRK PIRKXLW SJ [MVIW [EW HMoGYPX
8LYW QEXIVMEPW TVSGIWWMRK XIGLRMUYIW LEH XS FI HIZIPSTIH XS GVIEXI XLIWI [MVIW 3RI
WYGGIWWJYP [E] SJ GVIEXMRK XLIWI WYTIVGSRHYGXMRK [MVIW [EW XS wPP LSPPS[ WMPZIV XYFIW
[MXL TS[HIVW SJ WYTIVGSRHYGXSV GIVEQMG ERH XLIR HVE[ [MVIW
%PXLSYKL XLI HMWGSZIV] SJ GIVEQMG WYTIVGSRHYGXSVW HMH GEYWI E PSX SJ I\GMXIQIRX
XLI TEXL XS[EVH XVERWPEXMRK XLEX HMWGSZIV] MRXS YWIJYP TVSHYGXW LEW FIIR QIX F] QER]
GLEPPIRKIW VIPEXIH XS XLI W]RXLIWMW ERH TVSGIWWMRK SJ XLIWI QEXIVMEPW
7SQIXMQIW HMWGSZIVMIW SJ RI[ QEXIVMEPW TLIRSQIRE SV HIZMGIW EVI LIVEPHIH EW
VIZSPYXMSREV] 8SHE] EW [I PSSO FEGO XLI HMWGSZIV] SJ XLI WMPMGSRFEWIH XVERWMWXSV
YWIH MR GSQTYXIV GLMTW MW GSRWMHIVIH VIZSPYXMSREV] 3R XLI SXLIV LERH QEXIVMEPW XLEX
LEZI IZSPZIH SZIV E TIVMSH SJ XMQI GER FI NYWX EW MQTSVXERX 8LIWI QEXIVMEPW EVI GSR
WMHIVIH EW IZSPYXMSREV] 1ER] EPPS]W FEWIH SR MVSR GSTTIV ERH XLI PMOI EVI I\EQTPIW SJ
IZSPYXMSREV] QEXIVMEPW 3J GSYVWI MX MW MQTSVXERX XS VIGSKRMÎ XLEX [LEX EVI GSRWMHIVIH
EW IZSPYXMSREV] QEXIVMEPW RS[ HMH GVIEXI VIZSPYXMSREV] EHZERGIW QER] ]IEVW FEGO -X MW
RSX YRGSQQSR JSV QEXIVMEPW SV TLIRSQIRE XS FI HMWGSZIVIH wVWX ERH XLIR JSV QER]
]IEVW XS KS F] FIJSVI GSQQIVGMEP TVSHYGXW SV TVSGIWWIW ETTIEV MR XLI QEVOIXTPEGI 8LI
XVERWMXMSR JVSQ XLI HIZIPSTQIRX SJ RSZIP QEXIVMEPW SV TVSGIWWIW XS YWIJYP GSQQIVGMEP SV
MRHYWXVMEP ETTPMGEXMSRW GER FI WPS[ ERH HMoGYPX
0IXtW I\EQMRI ERSXLIV I\EQTPI YWMRK XLI QEXIVMEPW WGMIRGI ERH IRKMRIIVMRK XIXVE
LIHVSR 0IXtW PSSO EX ssWLIIX WXIIPWtt YWIH MR XLI QERYJEGXYVI SJ GEV GLEWWMW 7XIIPW EW
]SY QE] ORS[ LEZI FIIR YWIH MR QERYJEGXYVMRK JSV QSVI XLER E LYRHVIH ]IEVW
*MKYVI %TTPMGEXMSR SJ XLI XIXVELIHVSR SJ QEXIVMEPW WGMIRGI ERH IRKMRIIVMRK XS GIVEQMG )EVPMIV WXIIPW TVSFEFP] I\MWXIH MR E GVYHI JSVQ HYVMRK XLI -VSR %KI XLSYWERHW SJ ]IEVW
WYTIVGSRHYGXSVW 2SXI XLEX XLI QMGVSWXVYGXYVIW]RXLIWMW ERH TVSGIWWMRKGSQTSWMXMSR EVI EPP
EKS -R XLI QERYJEGXYVI SJ EYXSQSFMPI GLEWWMW E QEXIVMEP MW RIIHIH XLEX TSWWIWWIW I\
MRXIVGSRRIGXIH ERH EJJIGX XLI TIVJSVQERGIXSGSWX VEXMS
XVIQIP] LMKL WXVIRKXL FYX MW IEWMP] JSVQIH MRXS EIVSH]REQMG GSRXSYVW %RSXLIV GSRWMH
IVEXMSR MW JYIPIoGMIRG] WS XLI WLIIX WXIIP QYWX EPWS FI XLMR ERH PMKLX[IMKLX 8LI WLIIX
WXIIPW WLSYPH EPWS FI EFPI XS EFWSVF WMKRMwGERX EQSYRXW SJ IRIVK] MR XLI IZIRX SJ E
0IXtW TYX XLI QEXIVMEPW WGMIRGI ERH IRKMRIIVMRK XIXVELIHVSR MR TIVWTIGXMZI F] I\ GVEWL XLIVIF] MRGVIEWMRK ZILMGPI WEJIX] 8LIWI EVI WSQI[LEX GSRXVEHMGXSV] VIUYMVI
EQMRMRK E WEQTPI TVSHYGXiGIVEQMG WYTIVGSRHYGXSVW MRZIRXIH MR *MKYVI =SY QIRXW
QE] FI E[EVI XLEX GIVEQMG QEXIVMEPW YWYEPP] HS RSX GSRHYGX IPIGXVMGMX] 7GMIRXMWXW 8LYW MR XLMW GEWI QEXIVMEPW WGMIRXMWXW EVI GSRGIVRIH [MXL XLI WLIIX WXIIPtW
JSYRH WIVIRHMTMXSYWP] XLEX GIVXEMR GIVEQMG GSQTSYRHW FEWIH SR ]XXVMYQ FEVMYQ GSTTIV GSQTSWMXMSR
S\MHIW ORS[R EW =&'3 GER EGXYEPP] GEVV] IPIGXVMGEP GYVVIRX [MXLSYX ER] VIWMWXERGI
YRHIV GIVXEMR GSRHMXMSRW &EWIH SR [LEX [EW ORS[R XLIR EFSYX QIXEPPMG WYTIVGSR

WXVIRKXL
HYGXSVW ERH XLI IPIGXVMGEP TVSTIVXMIW SJ GIVEQMGW WYTIVGSRHYGXMRK FILEZMSV MR GIVEQMGW HIRWMX]
[EW RSX GSRWMHIVIH EW E WXVSRK TSWWMFMPMX] 8LYW XLI wVWX WXIT MR XLMW GEWI [EW XLI HMW IRIVK] EFWSVTXMSR TVSTIVXMIW ERH
GSZIV] SJ WYTIVGSRHYGXMRK FILEZMSV MR GIVEQMG QEXIVMEPW 8LIWI QEXIVMEPW [IVI HMW HYGXMPMX] JSVQEFMPMX]
GSZIVIH XLVSYKL WSQI I\TIVMQIRXEP VIWIEVGL % PMQMXEXMSR SJ XLIWI QEXIVMEPW MW XLEX XLI]
GER WYTIVGSRHYGX SRP] EX PS[ XIQTIVEXYVIW / 1EXIVMEPW WGMIRXMWXW [SYPH I\EQMRI WXIIP EX E QMGVSWGSTMG PIZIP XS HIXIVQMRI MJ MXW
8LI RI\X WXIT [EW XS HIXIVQMRI LS[ XS QEOI XLIWI QEXIVMEPW FIXXIV &] ssFIXXIVtt [I TVSTIVXMIW GER FI EPXIVIH XS QIIX EPP SJ XLIWI VIUYMVIQIRXW 8LI] EPWS [SYPH LEZI XS
QIER ,S[ GER [I VIXEMR WYTIVGSRHYGXMRK FILEZMSV MR XLIWI QEXIVMEPW EX LMKLIV XIQ TVSGIWW XLMW QEXIVMEP MRXS E GEV GLEWWMW MR E GSWXIIGXMZI [E] ;MPP XLI WLETMRK TVSGIWW
TIVEXYVIW SV LS[ GER [I XVERWTSVX E PEVKI EQSYRX SJ GYVVIRX SZIV E PSRK HMWXERGI# 8LMW MXWIPJ EIGX XLI QIGLERMGEP TVSTIVXMIW SJ XLI WXIIP# ;LEX OMRH SJ GSEXMRKW GER FI HIZIP
MRZSPZIW QEXIVMEPW TVSGIWWMRK ERH GEVIJYP WXVYGXYVITVSTIVX] WXYHMIW 1EXIVMEPW WGMIRXMWXW STIH XS QEOI XLI WXIIP GSVVSWMSRVIWMWXERX# ;I EPWS RIIH XS ORS[ MJ XLIWI WXIIPW GSYPH FI
[ERXIH XS ORS[ LS[ XLI GSQTSWMXMSR ERH QMGVSWXVYGXYVI EIGX XLI WYTIVGSRHYGXMRK [IPHIH IEWMP] *VSQ XLMW HMWGYWWMSR ]SY GER WII XLEX QER] MWWYIW RIIH XS FI GSRWMHIVIH
HYVMRK XLI HIWMKR ERH QEXIVMEPW WIPIGXMSR JSV ER] TVSHYGX
'PEWWMJMGEXMSR SJ 1EXIVMEPW ' ,% 4 8)6 -RXVSHYGXMSR XS 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK
'PEWWMJMGEXMSR SJ 1EXIVMEPW

8LIVI EVI HMIVIRX [E]W SJ GPEWWMJ]MRK QEXIVMEPW 3RI [E] MW XS HIWGVMFI wZI KVSYTW
8EFPI
QIXEPW ERH EPPS]W
GIVEQMGW KPEWWIW ERH KPEWWGIVEQMGW
TSP]QIVW TPEWXMGW
WIQMGSRHYGXSVW ERH
GSQTSWMXI QEXIVMEPW
1EXIVMEPW MR IEGL SJ XLIWI KVSYTW TSWWIWW HMIVIRX WXVYGXYVIW ERH TVSTIVXMIW 8LI
HMIVIRGIW MR WXVIRKXL [LMGL EVI GSQTEVIH MR *MKYVI MPPYWXVEXI XLI [MHI VERKI SJ
TVSTIVXMIW IRKMRIIVW GER WIPIGX JVSQ 7MRGI QIXEPPMG QEXIVMEPW EVI I\XIRWMZIP] YWIH JSV
8%&0) 6ITVIWIRXEXMZI I\EQTPIW ETTPMGEXMSRW ERH TVSTIVXMIW JSV IEGL GEXIKSV] SJ QEXIVMEPW
)\EQTPIW SJ %TTPMGEXMSRW 4VSTIVXMIW
*MKYVI 6ITVIWIRXEXMZI WXVIRKXLW SJ ZEVMSYW GEXIKSVMIW SJ QEXIVMEPW 8LI WXVIRKXL SJ
GIVEQMGW MW YRHIV E GSQTVIWWMZI WXVIWW
1IXEPW ERH %PPS]W
'STTIV )PIGXVMGEP GSRHYGXSV [MVI ,MKL IPIGXVMGEP GSRHYGXMZMX] KSSH
JSVQEFMPMX] PSEHFIEVMRK ETTPMGEXMSRW XLIMV QIGLERMGEP TVSTIVXMIW EVI SJ KVIEX TVEGXMGEP MRXIVIWX ;I
+VE] GEWX MVSR %YXSQSFMPI IRKMRI FPSGOW 'EWXEFPI QEGLMREFPI ZMFVEXMSR FVMIx] MRXVSHYGI XLIWI LIVI 8LI XIVQ ssWXVIWWtt VIJIVW XS PSEH SV JSVGI TIV YRMX EVIE
HEQTMRK ss7XVEMRtt VIJIVW XS IPSRKEXMSR SV GLERKI MR HMQIRWMSR HMZMHIH F] SVMKMREP HMQIRWMSR
%PPS] WXIIPW ;VIRGLIW EYXSQSFMPI GLEWWMW 7MKRMJMGERXP] WXVIRKXLIRIH F]
%TTPMGEXMSR SJ ssWXVIWWtt GEYWIW ssWXVEMRtt -J XLI WXVEMR KSIW E[E] EJXIV XLI PSEH SV ETTPMIH
LIEX XVIEXQIRX
WXVIWW MW VIQSZIH XLI WXVEMR MW WEMH XS FI ssIPEWXMGtt -J XLI WXVEMR VIQEMRW EJXIV XLI WXVIWW MW
'IVEQMGW ERH +PEWWIW
7M3 2E 3'E3 ;MRHS[ KPEWW SV WSHEPMQI KPEWW 3TXMGEPP] XVERWTEVIRX XLIVQEPP] VIQSZIH XLI WXVEMR MW WEMH XS FI ssTPEWXMGtt ;LIR XLI HIJSVQEXMSR MW IPEWXMG WXVIWW ERH
MRWYPEXMRK WXVEMR EVI PMRIEVP] VIPEXIH XLI WPSTI SJ XLI WXVIWWWXVEMR HMEKVEQ MW ORS[R EW XLI IPEWXMG
%P 3 1K3 7M3 6IJVEGXSVMIW MI LIEXVIWMWXERX PMRMRK 8LIVQEPP] MRWYPEXMRK [MXLWXERH SV =SYRKtW QSHYPYW % PIZIP SJ WXVIWW RIIHIH XS MRMXMEXI TPEWXMG HIJSVQEXMSR MW ORS[R EW
SJ JYVREGIW JSV GSRXEMRMRK QSPXIR LMKL XIQTIVEXYVIW VIPEXMZIP] ss]MIPH WXVIRKXLtt 8LI QE\MQYQ TIVGIRX HIJSVQEXMSR [I GER KIX MW E QIEWYVI SJ XLI
QIXEP MRIVX XS QSPXIR QIXEP HYGXMPMX] SJ E QIXEPPMG QEXIVMEP 8LIWI GSRGITXW EVI HMWGYWWIH JYVXLIV MR 'LETXIV
&EVMYQ XMXEREXI 'ETEGMXSVW JSV QMGVSIPIGXVSRMGW ,MKL EFMPMX] XS WXSVI GLEVKI
7MPMGE 3TXMGEP JMFIVW JSV MRJSVQEXMSR 6IJVEGXMZI MRHI\ PS[ STXMGEP 1IXEPW ERH %PPS]W 8LIWI MRGPYHI WXIIPW EPYQMRYQ QEKRIWMYQ ^MRG GEWX MVSR
XIGLRSPSK] PSWWIW XMXERMYQ GSTTIV ERH RMGOIP -R KIRIVEP QIXEPW LEZI KSSH IPIGXVMGEP ERH XLIVQEP GSR
4SP]QIVW HYGXMZMX] 1IXEPW ERH EPPS]W LEZI VIPEXMZIP] LMKL WXVIRKXL LMKL WXMRIWW HYGXMPMX] SV
4SP]IXL]PIRI *SSH TEGOEKMRK )EWMP] JSVQIH MRXS XLMR JPI\MFPI
JSVQEFMPMX] ERH WLSGO VIWMWXERGI 8LI] EVI TEVXMGYPEVP] YWIJYP JSV WXVYGXYVEP SV PSEH
EMVXMKLX JMPQ
FIEVMRK ETTPMGEXMSRW %PXLSYKL TYVI QIXEPW EVI SGGEWMSREPP] YWIH GSQFMREXMSRW SJ
)TS\] )RGETWYPEXMSR SJ MRXIKVEXIH GMVGYMXW )PIGXVMGEPP] MRWYPEXMRK ERH
QSMWXYVIVIWMWXERX QIXEPW GEPPIH EPPS]W TVSZMHI MQTVSZIQIRX MR E TEVXMGYPEV HIWMVEFPI TVSTIVX] SV TIVQMX
4LIRSPMGW %HLIWMZIW JSV NSMRMRK TPMIW MR TP][SSH 7XVSRK QSMWXYVI VIWMWXERX FIXXIV GSQFMREXMSRW SJ TVSTIVXMIW 8LI GVSWW WIGXMSR SJ E NIX IRKMRI WLS[R MR *MKYVI
7IQMGSRHYGXSVW MPPYWXVEXIW XLI YWI SJ QIXEPPMG QEXIVMEPW JSV E RYQFIV SJ GVMXMGEP ETTPMGEXMSRW
7MPMGSR 7M 8VERWMWXSVW ERH MRXIKVEXIH GMVGYMXW 9RMUYI IPIGXVMGEP FILEZMSV
+E%W 3TXSIPIGXVSRMG W]WXIQW 'SRZIVXW IPIGXVMGEP WMKREPW XS 'IVEQMGW 'IVEQMGW GER FI HIwRIH EW MRSVKERMG GV]WXEPPMRI QEXIVMEPW 'IVEQMGW EVI
PMKLX PEWIVW PEWIV HMSHIW IXG TVSFEFP] XLI QSWX ssREXYVEPtt QEXIVMEPW &IEGL WERH ERH VSGOW EVI I\EQTPIW SJ REXYVEPP]
'SQTSWMXIW SGGYVVMRK GIVEQMGW %HZERGIH GIVEQMGW EVI QEXIVMEPW QEHI F] VIwRMRK REXYVEPP] SGGYV
+VETLMXIITS\] %MVGVEJX GSQTSRIRXW ,MKL WXVIRKXLXS[IMKLX VEXMS VMRK GIVEQMGW ERH SXLIV WTIGMEP TVSGIWWIW %HZERGIH GIVEQMGW EVI YWIH MR WYFWXVEXIW XLEX
8YRKWXIR GEVFMHIGSFEPX 'EVFMHI GYXXMRK XSSPW JSV QEGLMRMRK ,MKL LEVHRIWW ]IX KSSH WLSGO LSYWI GSQTYXIV GLMTW WIRWSVW ERH EGXYEXSVW GETEGMXSVW WTEVO TPYKW MRHYGXSVW ERH
;''S VIWMWXERGI
IPIGXVMGEP MRWYPEXMSR 7SQI GIVEQMGW EVI YWIH EW XLIVQEPFEVVMIV GSEXMRKW XS TVSXIGX
8MXERMYQGPEH WXIIP 6IEGXSV ZIWWIPW 0S[ GSWX ERH LMKL WXVIRKXL SJ
QIXEPPMG WYFWXVEXIW MR XYVFMRI IRKMRIW 'IVEQMGW EVI EPWS YWIH MR WYGL GSRWYQIV TVSHYGXW
WXIIP [MXL XLI GSVVSWMSR
VIWMWXERGI SJ XMXERMYQ EW TEMRXW TPEWXMGW XMVIW ERH JSV MRHYWXVMEP ETTPMGEXMSRW WYGL EW XLI XMPIW JSV XLI WTEGI
'PEWWMJMGEXMSR SJ 1EXIVMEPW ' ,% 4 8)6 -RXVSHYGXMSR XS 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK
WXVIRKXL YRHIV GSQTVIWWMSR *MKYVI 'ER ]SY FIPMIZI XLEX XLI [IMKLX SJ ER IRXMVI
wVI XVYGO GER FI WYTTSVXIH YWMRK JSYV GIVEQMG GSII GYTW#
+PEWWIW ERH +PEWW'IVEQMGW +PEWW MW ER EQSVTLSYW QEXIVMEP SJXIR FYX RSX EP[E]W
HIVMZIH JVSQ QSPXIR WMPMGE 8LI XIVQ ssEQSVTLSYWtt VIJIVW XS QEXIVMEPW XLEX HS RSX LEZI
E VIKYPEV TIVMSHMG EVVERKIQIRX SJ EXSQW %QSVTLSYW QEXIVMEPW [MPP FI HMWGYWWIH MR
HIXEMP MR 'LETXIV 8LI wFIV STXMGW MRHYWXV] MW JSYRHIH SR STXMGEP wFIVW QEHI F] YWMRK
LMKLTYVMX] WMPMGE KPEWW +PEWWIW EVI EPWS YWIH MR LSYWIW GEVW GSQTYXIV ERH XIPIZMWMSR
WGVIIRW ERH LYRHVIHW SJ SXLIV ETTPMGEXMSRW +PEWWIW GER FI XLIVQEPP] XVIEXIH XIQ
*MKYVI % WIGXMSR XLVSYKL E NIX IRKMRI 8LI JSV[EVH GSQTVIWWMSR WIGXMSR STIVEXIW EX PS[ XS TIVIH XS QEOI XLIQ WXVSRKIV *SVQMRK KPEWWIW ERH RYGPIEXMRK GVIEXMRK WQEPP GV]WXEPW
QIHMYQ XIQTIVEXYVIW ERH XMXERMYQ TEVXW EVI SJXIR YWIH 8LI VIEV GSQFYWXMSR WIGXMSR STIVEXIW [MXLMR XLIQ F] E WTIGMEP XLIVQEP TVSGIWW GVIEXIW QEXIVMEPW XLEX EVI ORS[R EW KPEWW
EX LMKL XIQTIVEXYVIW ERH RMGOIPFEWIH WYTIVEPPS]W EVI VIUYMVIH 8LI SYXWMHI WLIPP I\TIVMIRGIW GIVEQMGW >IVSHYV 81 MW ER I\EQTPI SJ E KPEWWGIVEQMG QEXIVMEP XLEX MW YWIH XS QEOI XLI
PS[ XIQTIVEXYVIW ERH EPYQMRYQ ERH GSQTSWMXIW EVI WEXMWJEGXSV] 'SYVXIW] SJ +) %MVGVEJX QMVVSV WYFWXVEXIW JSV PEVKI XIPIWGSTIW IK XLI 'LERHVE ERH ,YFFPI XIPIWGSTIW +PEWWIW
)RKMRIW
ERH KPEWWGIVEQMGW EVI YWYEPP] TVSGIWWIH F] QIPXMRK ERH GEWXMRK
WLYXXPI E GEXEP]WX WYTTSVX ERH S\]KIR WIRWSVW YWIH MR GEVW 8VEHMXMSREP GIVEQMGW EVI 4SP]QIVW 4SP]QIVW EVI X]TMGEPP] SVKERMG QEXIVMEPW TVSHYGIH YWMRK E TVSGIWW ORS[R EW
YWIH XS QEOI FVMGOW XEFPI[EVI WERMXEV][EVI VIJVEGXSVMIW LIEXVIWMWXERX QEXIVMEP ERH TSP]QIVMÊXMSR 4SP]QIVMG QEXIVMEPW MRGPYHI VYFFIV IPEWXSQIVW ERH QER] X]TIW SJ EH
EFVEWMZIW -R KIRIVEP HYI XS XLI TVIWIRGI SJ TSVSWMX] WQEPP LSPIW GIVEQMGW XIRH XS FI LIWMZIW 1ER] TSP]QIVW LEZI ZIV] KSSH IPIGXVMGEP VIWMWXMZMX] 8LI] GER EPWS TVSZMHI
FVMXXPI 'IVEQMGW QYWX EPWS FI LIEXIH XS ZIV] LMKL XIQTIVEXYVIW FIJSVI XLI] GER QIPX KSSH XLIVQEP MRWYPEXMSR %PXLSYKL XLI] LEZI PS[IV WXVIRKXL TSP]QIVW LEZI E ZIV] KSSH
'IVEQMGW EVI WXVSRK ERH LEVH FYX EPWS ZIV] FVMXXPI ;I RSVQEPP] TVITEVI wRI TS[HIVW WXVIRKXLXS[IMKLX VEXMS 8LI] EVI X]TMGEPP] RSX WYMXEFPI JSV YWI EX LMKL XIQTIVEXYVIW
SJ GIVEQMGW ERH GSRZIVX XLIWI MRXS HMIVIRX WLETIW 2I[ TVSGIWWMRK XIGLRMUYIW QEOI 1ER] TSP]QIVW LEZI ZIV] KSSH VIWMWXERGI XS GSVVSWMZI GLIQMGEPW 4SP]QIVW LEZI XLSY
GIVEQMGW WYoGMIRXP] VIWMWXERX XS JVEGXYVI XLEX XLI] GER FI YWIH MR PSEHFIEVMRK ETTPMGE WERHW SJ ETTPMGEXMSRW VERKMRK JVSQ FYPPIXTVSSJ ZIWXW GSQTEGX HMWOW '(W VSTIW ERH
XMSRW WYGL EW MQTIPPIVW MR XYVFMRI IRKMRIW *MKYVI 'IVEQMGW LEZI I\GITXMSREP PMUYMH GV]WXEP HMWTPE]W 0'(W XS GPSXLIW ERH GSII GYTW 8LIVQSTPEWXMG TSP]QIVW MR
[LMGL XLI PSRK QSPIGYPEV GLEMRW EVI RSX VMKMHP] GSRRIGXIH LEZI KSSH HYGXMPMX] ERH
JSVQEFMPMX] XLIVQSWIXXMRK TSP]QIVW EVI WXVSRKIV FYX QSVI FVMXXPI FIGEYWI XLI QSPIGYPEV
GLEMRW EVI XMKLXP] PMROIH *MKYVI 4SP]QIVW EVI YWIH MR QER] ETTPMGEXMSRW MRGPYHMRK
IPIGXVSRMG HIZMGIW 8LIVQSTPEWXMGW EVI QEHI F] WLETMRK XLIMV QSPXIR JSVQ 8LIVQSWIXW
EVI X]TMGEPP] GEWX MRXS QSPHW 8LI XIVQ TPEWXMGW MW YWIH XS HIWGVMFI TSP]QIVMG QEXIVMEPW
GSRXEMRMRK EHHMXMZIW XLEX IRLERGI XLIMV TVSTIVXMIW
7IQMGSRHYGXSVW 7MPMGSR KIVQERMYQ ERH KEPPMYQ EVWIRMHIFEWIH WIQMGSRHYGXSVW EVI

TEVX SJ E FVSEHIV GPEWW SJ QEXIVMEPW ORS[R EW IPIGXVSRMG QEXIVMEPW 8LI IPIGXVMGEP GSR
HYGXMZMX] SJ WIQMGSRHYGXMRK QEXIVMEPW MW FIX[IIR XLEX SJ GIVEQMG MRWYPEXSVW ERH QIXEPPMG
GSRHYGXSVW 7IQMGSRHYGXSVW LEZI IREFPIH XLI MRJSVQEXMSR EKI -R WIQMGSRHYGXSVW XLI
*MKYVI 4SP]QIVMÊXMSR SGGYVW [LIR WQEPP QSPIGYPIW VITVIWIRXIH F] XLI GMVGPIW GSQFMRI
*MKYVI % ZEVMIX] SJ GSQTPI\ GIVEQMG GSQTSRIRXW MRGPYHMRK MQTIPPIVW ERH FPEHIW [LMGL XS TVSHYGI PEVKIV QSPIGYPIW SV TSP]QIVW 8LI TSP]QIV QSPIGYPIW GER LEZI E WXVYGXYVI XLEX
EPPS[ XYVFMRI IRKMRIW XS STIVEXI QSVI IJJMGMIRXP] EX LMKLIV XIQTIVEXYVIW 'SYVXIW] SJ 'IVXIGL GSRWMWXW SJ QER] GLEMRW XLEX EVI IRXERKPIH FYX RSX GSRRIGXIH XLIVQSTPEWXMGW SV GER JSVQ
-RG XLVIIHMQIRWMSREP RIX[SVOW MR [LMGL GLEMRW EVI GVSWWPMROIH XLIVQSWIXW
*YRGXMSREP 'PEWWMJMGEXMSR SJ 1EXIVMEPW ' ,% 4 8)6 -RXVSHYGXMSR XS 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK
PIZIP SJ GSRHYGXMZMX] MW GSRXVSPPIH XS IREFPI XLIMV YWI MR IPIGXVSRMG HIZMGIW WYGL EW XVER
WMWXSVW HMSHIW IXG XLEX EVI YWIH XS FYMPH MRXIKVEXIH GMVGYMXW -R QER] ETTPMGEXMSRW [I
RIIH PEVKI WMRKPI GV]WXEPW SJ WIQMGSRHYGXSVW 8LIWI EVI KVS[R JVSQ QSPXIR QEXIVMEPW
3JXIR XLMR wPQW SJ WIQMGSRHYGXMRK QEXIVMEPW EVI EPWS QEHI YWMRK WTIGMEPMÎH TVSGIWWIW
'SQTSWMXI 1EXIVMEPW 8LI QEMR MHIE MR HIZIPSTMRK GSQTSWMXIW MW XS FPIRH XLI TVSTIVXMIW
SJ HMIVIRX QEXIVMEPW 8LI GSQTSWMXIW EVI JSVQIH JVSQ X[S SV QSVI QEXIVMEPW TVSHYG
MRK TVSTIVXMIW RSX JSYRH MR ER] WMRKPI QEXIVMEP 'SRGVIXI TP][SSH ERH wFIVKPEWW EVI
I\EQTPIW SJ GSQTSWMXI QEXIVMEPW *MFIVKPEWW MW QEHI F] HMWTIVWMRK KPEWW wFIVW MR E
TSP]QIV QEXVM\ 8LI KPEWW wFIVW QEOI XLI TSP]QIV QEXVM\ WXMIV [MXLSYX WMKRMwGERXP]
MRGVIEWMRK MXW HIRWMX] ;MXL GSQTSWMXIW [I GER TVSHYGI PMKLX[IMKLX WXVSRK HYGXMPI LMKL
XIQTIVEXYVIVIWMWXERX QEXIVMEPW SV [I GER TVSHYGI LEVH ]IX WLSGOVIWMWXERX GYXXMRK
XSSPW XLEX [SYPH SXLIV[MWI WLEXXIV %HZERGIH EMVGVEJX ERH EIVSWTEGI ZILMGPIW VIP] LIEZ
MP] SR GSQTSWMXIW WYGL EW GEVFSRwFIVVIMRJSVGIH TSP]QIVW 7TSVXW IUYMTQIRX WYGL
EW FMG]GPIW KSPJ GPYFW XIRRMW VEGOIXW ERH XLI PMOI EPWS QEOI YWI SJ HMIVIRX OMRHW SJ
GSQTSWMXI QEXIVMEPW XLEX EVI PMKLX ERH WXM
*YRGXMSREP 'PEWWMJMGEXMSR SJ 1EXIVMEPW

;I GER GPEWWMJ] QEXIVMEPW FEWIH SR [LIXLIV XLI QSWX MQTSVXERX JYRGXMSR XLI] TIVJSVQ MW
QIGLERMGEP WXVYGXYVEP FMSPSKMGEP IPIGXVMGEP QEKRIXMG SV STXMGEP 8LMW GPEWWMwGEXMSR SJ
QEXIVMEPW MW WLS[R MR *MKYVI 7SQI I\EQTPIW SJ IEGL GEXIKSV] EVI WLS[R 8LIWI
GEXIKSVMIW GER FI FVSOIR HS[R JYVXLIV MRXS WYFGEXIKSVMIW
%IVSWTEGI 0MKLX QEXIVMEPW WYGL EW [SSH ERH ER EPYQMRYQ EPPS] XLEX EGGMHIRXEPP]
WXVIRKXLIRIH XLI EPPS] YWIH JSV QEOMRK XLI IRKMRI IZIR QSVI F] TMGOMRK YT GSTTIV JVSQ
XLI QSPH YWIH JSV GEWXMRK [IVI YWIH MR XLI ;VMKLX FVSXLIVWt LMWXSVMG xMKLX %PYQMRYQ
EPPS]W TPEWXMGW WMPMGE JSV WTEGI WLYXXPI XMPIW GEVFSRGEVFSR GSQTSWMXIW ERH QER] SXLIV
QEXIVMEPW FIPSRK XS XLMW GEXIKSV]
&MSQIHMGEP 3YV FSRIW ERH XIIXL EVI QEHI MR TEVX JVSQ E REXYVEPP] JSVQIH GIVEQMG
ORS[R EW L]HVS\]ETEXMXI % RYQFIV SJ EVXMwGMEP SVKERW FSRI VITPEGIQIRX TEVXW GEV
HMSZEWGYPEV WXIRXW SVXLSHSRXMG FVEGIW ERH SXLIV GSQTSRIRXW EVI QEHI YWMRK HMIVIRX
TPEWXMGW XMXERMYQ EPPS]W ERH RSRQEKRIXMG WXEMRPIWW WXIIPW 9PXVEWSRMG MQEKMRK W]WXIQW
QEOI YWI SJ GIVEQMGW ORS[R EW 4>8 PIEH ^MVGSRMYQ XMXEREXI 1EKRIXW YWIH JSV
QEKRIXMG VIWSRERGI MQEKMRK QEOI YWI SJ QIXEPPMG RMSFMYQ XMRFEWIH WYTIVGSRHYGXSVW *MKYVI *YRGXMSREP GPEWWMJMGEXMSR SJ QEXIVMEPW 2SXMGI XLEX QIXEPW TPEWXMGW ERH GIVEQMGW
SGGYV MR HMJJIVIRX GEXIKSVMIW % PMQMXIH RYQFIV SJ I\EQTPIW MR IEGL GEXIKSV] EVI TVSZMHIH
)PIGXVSRMG 1EXIVMEPW %W QIRXMSRIH FIJSVI WIQMGSRHYGXSVW WYGL EW XLSWI QEHI
JVSQ WMPMGSR EVI YWIH XS QEOI MRXIKVEXIH GMVGYMXW JSV GSQTYXIV GLMTW &EVMYQ XMXEREXI
&E8M3 XERXEPYQ S\MHI 8E 3 ERH QER] SXLIV HMIPIGXVMG QEXIVMEPW EVI YWIH XS KEMRIH WMKRMwGERX MQTSVXERGI S[MRK XS XLI RIIH JSV QER] IPIGXVSRMG HIZMGIW XLEX VIUYMVI
QEOI GIVEQMG GETEGMXSVW ERH SXLIV HIZMGIW 7YTIVGSRHYGXSVW EVI YWIH MR QEOMRK PSRKIV PEWXMRK ERH TSVXEFPI TS[IV *YIP GIPPW EVI EPWS FIMRK YWIH MR WSQI GEVW 8LI SMP
TS[IVJYP QEKRIXW 'STTIV EPYQMRYQ ERH SXLIV QIXEPW EVI YWIH EW GSRHYGXSVW MR ERH TIXVSPIYQ MRHYWXV] [MHIP] YWIW ÎSPMXIW EPYQMRE ERH SXLIV QEXIVMEPW EW GEXEP]WX
TS[IV XVERWQMWWMSR ERH MR QMGVSIPIGXVSRMGW WYFWXVEXIW 8LI] YWI 4X 4X6L ERH QER] SXLIV QIXEPW EW GEXEP]WXW 1ER] QIQFVERI
XIGLRSPSKMIW JSV TYVMwGEXMSR SJ PMUYMHW ERH KEWIW QEOI YWI SJ GIVEQMGW ERH TPEWXMGW
)RIVK] 8IGLRSPSK] ERH )RZMVSRQIRXEP 8IGLRSPSK] 8LI RYGPIEV MRHYWXV] YWIW QEXIVM 7SPEV TS[IV MW KIRIVEXIH YWMRK QEXIVMEPW WYGL EW GV]WXEPPMRI 7M ERH EQSVTLSYW WMPMGSR
EPW WYGL EW YVERMYQ HMS\MHI ERH TPYXSRMYQ EW JYIP 2YQIVSYW SXLIV QEXIVMEPW WYGL EW E7M,
KPEWWIW ERH WXEMRPIWW WXIIPW EVI YWIH MR LERHPMRK RYGPIEV QEXIVMEPW ERH QEREKMRK VEHMS
EGXMZI [EWXI 2I[ XIGLRSPSKMIW VIPEXIH XS FEXXIVMIW ERH JYIP GIPPW QEOI YWI SJ QER] 1EKRIXMG 1EXIVMEPW 'SQTYXIV LEVH HMWOW ERH EYHMS ERH ZMHIS GEWWIXXIW QEOI YWI SJ
GIVEQMG QEXIVMEPW WYGL EW ^MVGSRME >V3 ERH TSP]QIVW 8LI FEXXIV] XIGLRSPSK] LEW QER] GIVEQMG QIXEPPMG ERH TSP]QIVMG QEXIVMEPW *SV I\EQTPI TEVXMGPIW SJ E WTIGMEP
'PEWWMJMGEXMSR SJ 1EXIVMEPW &EWIH SR 7XVYGXYVI ' ,% 4 8)6 -RXVSHYGXMSR XS 1EXIVMEPW 7GMIRGI ERH )RKMRIIVMRK
JSVQ SJ MVSR S\MHI ORS[R EW KEQQE MVSR S\MHI K*I 3 EVI HITSWMXIH SR E TSP]QIV *MKYVI
WYFWXVEXI XS QEOI EYHMS GEWWIXXIW ,MKLTYVMX] MVSR TEVXMGPIW EVI YWIH JSV QEOMRK ZMHIS 1MGVSKVETL SJ WXEMRPIWW WXIIP WLS[MRK
XETIW 'SQTYXIV LEVH HMWOW EVI QEHI YWMRK EPPS]W FEWIH SR GSFEPXTPEXMRYQXERXEPYQ KVEMRW ERH KVEMR FSYRHEVMIW
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GLVSQMYQ 'S4X8E'V EPPS]W 1ER] QEKRIXMG JIVVMXIW EVI YWIH XS QEOI MRHYGXSVW 9RMZIVWMX] SJ 4MXXWFYVKL
ERH GSQTSRIRXW JSV [MVIPIWW GSQQYRMGEXMSRW 7XIIPW FEWIH SR MVSR ERH WMPMGSR EVI YWIH
XS QEOI XVERWJSVQIV GSVIW
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XIR QMPPMSR OMPSQIXIVW SJ STXMGEP wFIV LEZI FIIR MRWXEPPIH EVSYRH XLI [SVPH 3TXMGEP
QEXIVMEPW EVI YWIH JSV QEOMRK WIQMGSRHYGXSV HIXIGXSVW ERH PEWIVW YWIH MR wFIV STXMG
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]XXVMYQ EPYQMRYQ KEVRIXW =%+ EVI YWIH JSV QEOMRK PEWIVW %QSVTLSYW WMPMGSR MW YWIH
XS QEOI WSPEV GIPPW ERH TLSXSZSPXEMG QSHYPIW 4SP]QIVW EVI YWIH XS QEOI PMUYMH GV]WXEP
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7QEVX 1EXIVMEPW % WQEVX QEXIVMEP GER WIRWI ERH VIWTSRH XS ER I\XIVREP WXMQYPYW WYGL
EW E GLERKI MR XIQTIVEXYVI XLI ETTPMGEXMSR SJ E WXVIWW SV E GLERKI MR LYQMHMX] SV
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EGXYEXSVW XLEX VIEH GLERKIW ERH MRMXMEXI ER EGXMSR %R I\EQTPI SJ E TEWWMZIP] WQEVX
QEXIVMEP MW PIEH ^MVGSRMYQ XMXEREXI 4>8 ERH WLETIQIQSV] EPPS]W ;LIR TVSTIVP] 8LI WXVYGXYVITVSTIVX] VIPEXMSRWLMTW MR QEXIVMEPW JEFVMGEXIH MRXS GSQTSRIRXW EVI SJXIR
TVSGIWWIH 4>8 GER FI WYFNIGXIH XS E WXVIWW ERH E ZSPXEKI MW KIRIVEXIH 8LMW IIGX MW MRxYIRGIH F] XLI WYVVSYRHMRKW XS [LMGL XLI QEXIVMEP MW WYFNIGXIH HYVMRK YWI 8LMW GER
YWIH XS QEOI WYGL HIZMGIW EW WTEVO KIRIVEXSVW JSV KEW KVMPPW ERH WIRWSVW XLEX GER HIXIGX MRGPYHI I\TSWYVI XS LMKL SV PS[ XIQTIVEXYVIW G]GPMGEP WXVIWWIW WYHHIR MQTEGX GSVVS
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MRGPYHI QEKRIXSVLISPSKMGEP SV 16 xYMHW 8LIWI EVI QEKRIXMG TEMRXW XLEX VIWTSRH XS RIRXW HS RSX JEMP YRI\TIGXIHP]
QEKRIXMG wIPHW ERH EVI FIMRK YWIH MR WYWTIRWMSR W]WXIQW SJ EYXSQSFMPIW 3XLIV I\EQ
TPIW SJ WQEVX QEXIVMEPW ERH W]WXIQW EVI TLSXSGLVSQMG KPEWWIW ERH EYXSQEXMG HMQQMRK 8IQTIVEXYVI 'LERKIW MR XIQTIVEXYVI HVEQEXMGEPP] EPXIV XLI TVSTIVXMIW SJ QEXIVMEPW
QMVVSVW FEWIH SR IPIGXVSGLVSQMG QEXIVMEPW *MKYVI 1IXEPW ERH EPPS]W XLEX LEZI FIIR WXVIRKXLIRIH F] GIVXEMR LIEX XVIEXQIRXW
SV JSVQMRK XIGLRMUYIW [MPP PSWI XLIMV WXVIRKXL [LIR LIEXIH % XVEKMG VIQMRHIV SJ XLMW MW
7XVYGXYVEP 1EXIVMEPW 8LIWI QEXIVMEPW EVI HIWMKRIH JSV GEVV]MRK WSQI X]TI SJ WXVIWW XLI GSPPETWI SJ XLI WXIIP FIEQW YWIH MR XLI ;SVPH 8VEHI 'IRXIV XS[IVW SR 7ITXIQFIV
7XIIPW GSRGVIXI ERH GSQTSWMXIW EVI YWIH XS QEOI FYMPHMRKW ERH FVMHKIW 7XIIPW KPEWWIW
TPEWXMGW ERH GSQTSWMXIW EVI EPWS YWIH [MHIP] XS QEOI EYXSQSXMZIW 3JXIR MR XLIWI ,MKL XIQTIVEXYVIW GLERKI XLI WXVYGXYVI SJ GIVEQMGW ERH GEYWI TSP]QIVW XS QIPX SV
ETTPMGEXMSRW GSQFMREXMSRW SJ WXVIRKXL WXMRIWW ERH XSYKLRIWW EVI RIIHIH YRHIV HMJ GLEV :IV] PS[ XIQTIVEXYVIW EX XLI SXLIV I\XVIQI QE] GEYWI E QIXEP SV TSP]QIV XS JEMP
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%W QIRXMSRIH FIJSVI XLI XIVQ ssWXVYGXYVItt QIERW XLI EVVERKIQIRX SJ E QEXIVMEPtW XIQTIVEXYVIW 7SQI GSQTSWMXIW
EXSQW XLI WXVYGXYVI EX E QMGVSWGSTMG WGEPI MW ORS[R EW ssQMGVSWXVYGXYVItt ;I GER ZMI[ WYGL EW GEVFSRGEVFSR GSQTSWMXIW
XLIWI EVVERKIQIRXW EX HMIVIRX WGEPIW VERKMRK JVSQ E JI[ ERKWXVSQ YRMXW XS E QMPPMQI WTIGMEP EPPS]W ERH GIVEQMGW LEZI
XIV ;I [MPP PIEVR MR 'LETXIV XLEX WSQI QEXIVMEPW QE] FI GV]WXEPPMRI [LIVI XLI QEXI I\GIPPIRX TVSTIVXMIW EX LMKL
VMEPtW EXSQW EVI EVVERKIH MR E TIVMSHMG JEWLMSR SV XLI] QE] FI EQSVTLSYW [LIVI XIQTIVEXYVIW
XLI QEXIVMEPtW EXSQW HS RSX LEZI E PSRKVERKI SVHIV 7SQI GV]WXEPPMRI QEXIVMEPW QE] FI
MR XLI JSVQ SJ SRI GV]WXEP ERH EVI ORS[R EW WMRKPI GV]WXEPW 3XLIVW GSRWMWX SJ QER]
GV]WXEPW SV KVEMRW ERH EVI ORS[R EW TSP]GV]WXEPPMRI 8LI GLEVEGXIVMWXMGW SJ GV]WXEPW SV
KVEMRW WMÎ WLETI IXG ERH XLEX SJ XLI VIKMSRW FIX[IIR XLIQ ORS[R EW XLI KVEMR
FSYRHEVMIW EPWS EIGX XLI TVSTIVXMIW SJ QEXIVMEPW ;I [MPP JYVXLIV HMWGYWW XLIWI GSRGITXW
MR PEXIV GLETXIVW % QMGVSKVETL SJ E WXEMRPIWW WXIIP WEQTPI WLS[MRK KVEMRW ERH KVEMR
FSYRHEVMIW MW WLS[R MR *MKYVI *SV XLMW WEQTPI IEGL KVEMR VIxIGXW XLI PMKLX HMIV
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*EXMKYI -R QER] ETTPMGEXMSRW GSQTSRIRXW QYWX FI HIWMKRIH WYGL XLEX XLI PSEH SR XLI
QEXIVMEP QE] RSX FI IRSYKL XS GEYWI TIVQERIRX HIJSVQEXMSR ,S[IZIV [LIR [I HS
PSEH ERH YRPSEH XLI QEXIVMEP XLSYWERHW SJ XMQIW WQEPP GVEGOW QE] FIKMR XS HIZIPST
ERH QEXIVMEPW JEMP EW XLIWI GVEGOW KVS[ 8LMW MW ORS[R EW JEXMKYI JEMPYVI -R HIWMKRMRK
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7XVEMR 6EXI =SY QE] FI E[EVI SJ XLI JEGX XLEX 7MPP] 4YXX] E WMPMGSRI RSX WMPMGSR
FEWIH TPEWXMG GER FI WXVIXGLIH WMKRMwGERXP] MJ [I TYPP MX WPS[P] WQEPP VEXI SJ WXVEMR -J
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GSRWMHIVIH 8LI QEXIVMEP QYWX TSWWIWW XLI HIWMVIH TL]WMGEP ERH QIGLERMGEP TVSTIVXMIW
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MR E QERRIV XLEX TVSXIGXW XLI IRZMVSRQIRXh TIVLETW F] IRGSYVEKMRK VIG]GPMRK SJ XLI
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QYWX GSRWMHIV XLI HIRWMX] SJ XLI QEXIVMEP SV MXW [IMKLXTIVYRMX ZSPYQI MR SYV HIWMKR
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XLIWI GSRGITXW MR PEXIV GLETXIVW SJ XLI [IMKLX HMIVIRGI
8LI HIWMKR SJ QEXIVMEPW [MXL MQTVSZIH VIWMWXERGI XS XIQTIVEXYVI I\XVIQIW MW IWWIR
XMEP MR QER] XIGLRSPSKMIW VIPEXIH XS EIVSWTEGI %W JEWXIV WTIIHW EVI EXXEMRIH QSVI
LIEXMRK SJ XLI ZILMGPI WOMR SGGYVW FIGEYWI SJ JVMGXMSR [MXL XLI EMV %X XLI WEQI XMQI
IRKMRIW STIVEXI QSVI IoGMIRXP] EX LMKLIV XIQTIVEXYVIW 7S MR SVHIV XS EGLMIZI LMKLIV
WTIIH ERH FIXXIV JYIP IGSRSQ] RI[ QEXIVMEPW LEZI KVEHYEPP] MRGVIEWIH EPPS[EFPI WOMR
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XIVMEPW SV GSEXMRKW XLEX TVIZIRX XLIWI VIEGXMSRW ERH TIVQMX STIVEXMSR MR I\XVIQI IRZM 'EVFSRITS\] GSQTSWMXI
VSRQIRXW -R WTEGI ETTPMGEXMSRW [I QE] LEZI XS GSRWMHIV XLI IIGXW SJ XLI TVIWIRGI SJ
VEHMEXMSR XLI TVIWIRGI SJ EXSQMG S\]KIR ERH XLI MQTEGX JVSQ HIFVMW
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2SXI 8LI HIRWMXMIW SJ WXIIP EPYQMRYQ EPPS] XMXERMYQ EPPS] ERH GEVFSR
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wFIV GSQTSWMXI GER FI EWWYQIH XS FI ERH KGQ
QEXIVMEPW XLEX EVI PMKLX[IMKLX FYX ZIV] WXVSRK EIVSWTEGI SV EYXSQSFMPI ZILMGPIW GER FI
HIWMKRIH XS MQTVSZI JYIP IoGMIRG] 1ER] EHZERGIH EIVSWTEGI ZILMGPIW YWI GSQTSWMXI
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QEXIVMEPW MRWXIEH SJ EPYQMRYQ EPPS]W 8LIWI GSQTSWMXIW WYGL EW GEVFSRITS\] EVI
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F] XLI LMKLIV WXVIRKXLXS[IMKLX VEXMS SJ XLI GSQTSWMXI 8EFPI QE] SWIX XLI LMKLIV 8LI ZSPYQI SJ XLMW JVEQI [MPP FI
MRMXMEP GSWX SJ XLI EMVGVEJX 8LI FSH] SJ SRI SJ XLI PEXIWX &SIMRK EMVGVEJXW ORS[R EW
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MW RSX E KSSH MHIE JSV ER IRKMRIIV XS WMQTP] VIJIV XS E LERHFSSO ERH WIPIGX E QEXIVMEP HIRWMXMIW WMRGI XLI ZSPYQI MW EWWYQIH GSRWXERX
JSV E KMZIR ETTPMGEXMSR 8LI LERHFSSOW QE] FI E KSSH WXEVXMRK TSMRX % KSSH IRKMRIIV 8LI [IMKLX SJ XLI EPYQMRYQ EPPS] JVEQI
[MPP GSRWMHIV XLI IIGXW SJ LS[ XLI QEXIVMEP MW QEHI [LEX I\EGXP] MW XLI GSQTSWMXMSR SJ
XLI GERHMHEXI QEXIVMEP JSV XLI ETTPMGEXMSR FIMRK GSRWMHIVIH ER] TVSGIWWMRK XLEX QE] ; EPPS] ÔHIRWMX] SJ EPYQMRYQ EPPS]!HIRWMX] SJ WXIIPÂ
LEZI XS FI HSRI JSV WLETMRK XLI QEXIVMEP SV JEFVMGEXMRK E GSQTSRIRX XLI WXVYGXYVI SJ
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XLI WMPMGEXI KPEWW WXVYGXYVI
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MRK ETTPMGEXMSRW EVI TSP]GV]WXEPPMRI IK WXIIPW YWIH MR GSRWXVYGXMSR EPYQMRYQ EPPS]W
JSV EMVGVEJXW IXG ;I [MPP PIEVR MR PEXIV GLETXIVW XLEX QER] TVSTIVXMIW SJ TSP]GV]WXEPPMRI
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KVEMR FSYRHEVMIW 8LI TVSTIVXMIW SJ WMRKPI GV]WXEP QEXIVMEPW HITIRH YTSR XLI GLIQMGEP
GSQTSWMXMSR ERH WTIGMwG HMVIGXMSRW [MXLMR XLI GV]WXEP ORS[R EW XLI GV]WXEPPSKVETLMG
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PSMHEP KIPW SV KIPPMOI QEXIVMEPW EVI EPWS GSRWMHIVIH EQSVTLSYW %QSVTLSYW QEXIVMEPW
0EXXMGI 9RMX 'IPPW &EWMW ERH 'V]WXEP 7XVYGXYVIW ' ,% 4 8)6 %XSQMG ERH -SRMG %VVERKIQIRXW
*MKYVI %XSQMG EVVERKIQIRXW MR EQSVTLSYW WMPMGSR ERH GV]WXEPPMRI WMPMGSR E %QSVTLSYW
WMPMGSR F 'V]WXEPPMRI WMPMGSR 2SXI XLI ZEVMEXMSR MR XLI MRXIVEXSQMG HMWXERGI JSV EQSVTLSYW
WMPMGSR
SJXIR SIV E YRMUYI ERH YRYWYEP FPIRH SJ TVSTIVXMIW WMRGI XLI EXSQW SV MSRW EVI RSX
EWWIQFPIH MRXS XLIMV ssVIKYPEVtt ERH TIVMSHMG EVVERKIQIRXW
7MQMPEV XS MRSVKERMG KPEWWIW QER] TPEWXMGW EVI EPWS EQSVTLSYW 8LI] HS GSRXEMR
WQEPP TSVXMSRW SJ QEXIVMEP XLEX EVI GV]WXEPPMRI (YVMRK TVSGIWWMRK VIPEXMZIP] PEVKI GLEMRW
SJ TSP]QIV QSPIGYPIW KIX IRXERKPIH [MXL IEGL SXLIV PMOI WTEKLIXXM )RXERKPIH TSP]QIV
QSPIGYPIW HS RSX SVKERMÎ XLIQWIPZIW MRXS GV]WXEPPMRI QEXIVMEPW
'SQTEVIH XS TPEWXMGW ERH MRSVKERMG KPEWWIW QIXEPW ERH EPPS]W XIRH XS JSVQ GV]W
XEPPMRI QEXIVMEPW VEXLIV IEWMP] %W E VIWYPX WTIGMEP ISVXW QYWX FI QEHI XS UYIRGL XLI
QIXEPW ERH EPPS]W UYMGOP] E GSSPMRK VEXI SJ " 'W MW VIUYMVIH XS JSVQ QIXEPPMG KPEWWIW
8LMW TVSGIWW SJ GSSPMRK QEXIVMEPW EX E LMKL VEXI MW GEPPIH VETMH WSPMHMwGEXMSR
%QSVTLSYW WMPMGSR HIRSXIH E7M, MW ERSXLIV MQTSVXERX I\EQTPI SJ E QEXIVMEP
XLEX LEW XLI FEWMG WLSVXVERKI SVHIV SJ GV]WXEPPMRI WMPMGSR *MKYVI 8LI , MR XLI
W]QFSP XIPPW YW XLEX XLMW QEXIVMEP EPWS GSRXEMRW WSQI L]HVSKIR -R EQSVTLSYW WMPMGSR
XLI WMPMGSR XIXVELIHVE EVI RSX GSRRIGXIH XS IEGL SXLIV MR XLI TIVMSHMG EVVERKIQIRX WIIR
MR GV]WXEPPMRI WMPMGSR %PWS WSQI FSRHW EVI MRGSQTPIXI SV ssHERKPMRKtt 8LMR wPQW SJ
*MKYVI 8LI JSYVXIIR X]TIW SJ &VEZEMW PEXXMGIW KVSYTIH MR WIZIR GV]WXEP W]WXIQW 8LI EGXYEP
EQSVTLSYW WMPMGSR EVI YWIH XS QEOI XVERWMWXSVW JSV EGXMZI QEXVM\ HMWTPE]W MR GSQTYXIVW
YRMX GIPP JSV E LI\EKSREP W]WXIQ MW WLS[R MR *MKYVIW ERH
%QSVTLSYW WMPMGSR ERH TSP]GV]WXEPPMRI WMPMGSR EVI FSXL [MHIP] YWIH JSV WYGL ETTPMGE
XMSRW EW WSPEV GIPPW ERH WSPEV TERIPW
GV]WXEP W]WXIQW [LMGL GER FI YWIH XS wPP YT E XLVIIHMQIRWMSREP WTEGI 8LIWI EVI GYFMG
XIXVEKSREP SVXLSVLSQFMG VLSQFSLIHVEP EPWS ORS[R EW XVMKSREP LI\EKSREP QSRS
GPMRMG ERH XVMGPMRMG %PXLSYKL XLIVI EVI WIZIR GV]WXEP W]WXIQW [I LEZI E XSXEP SJ HMW
0EXXMGI 9RMX 'IPPW &EWMW ERH 'V]WXEP 7XVYGXYVIW XMRGX EVVERKIQIRXW SJ PEXXMGI TSMRXW 8LIWI YRMUYI EVVERKIQIRXW SJ PEXXMGI TSMRXW EVI
ORS[R EW XLI &VEZEMW PEXXMGIW *MKYVI ERH 8EFPI 0EXXMGI TSMRXW EVI PSGEXIH EX
% PEXXMGI MW E GSPPIGXMSR SJ TSMRXW GEPPIH PEXXMGI TSMRXW XLEX EVI EVVERKIH MR E TIVMSHMG XLI GSVRIVW SJ XLI YRMX GIPPW ERH MR WSQI GEWIW EX IMXLIV JEGIW SV XLI GIRXIV SJ XLI YRMX
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FI SRI X[S SV XLVII HMQIRWMSREP -R QEXIVMEPW WGMIRGI ERH IRKMRIIVMRK [I YWI XLI GYFMG *'' ERH FSH]GIRXIVIH GYFMG &'' &VEZEMW PEXXMGIW 7MQMPEVP] JSV XLI XIXVEK
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73098-32
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E PEXXMGI TEVEQIXIV SJ % 3RI EXSQ MW EWWS ERH G RQ (IXIVQMRI XLI TIVGIRX ZSP
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KGQ ER EXSQMG [IMKLX SJ KQSP ERH E HIRWMX] SJ KGQ F1R LEW E HMIVIRX
8IXVELIHVEP WMXI %R MRXIVWXMXMEP TSWMXMSR XLEX LEW E GSSVHMREXMSR RYQFIV SJ JSYV %R EXSQ SV MSR ERH E PEXXMGI TEVEQIXIV SJ % 3RI EXSQ GYFMG WXVYGXYVI [MXL E RQ ERH E HIR
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9RMX GIPP % WYFHMZMWMSR SJ XLI PEXXMGI XLEX WXMPP VIXEMRW XLI SZIVEPP GLEVEGXIVMWXMGW SJ XLI IRXMVI
-RHMYQ LEW E XIXVEKSREP WXVYGXYVI [MXL E RQ (IXIVQMRI XLI TIVGIRX ZSPYQI GLERKI
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XMSRW YWMRK ER I\EQTPI SJ ER ETTPMGEXMSR )\TPEMR [L] [I GSRWMHIV ERMSRW XS JSVQ XLI
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TPERIW ;LMGL MJ ER] SJ XLIWI TPERIW MW GPSWI MRXS XLI SGXELIHVEP WMXI MR *'' GSTTIV [MXLSYX
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E ?A F ?A G ?A H ?A
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JSVQ LM XLEX PMI MR XLI ÔÂ TPERI SJ E GYFMG ]SYV ERW[IV HIXIVQMRI
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;LEX EVI XLI MRHMGIW SJ XLI JSYV HMVIGXMSRW SJ XLI F XLI HIRWMX] ERH
JSVQ LM XLEX PMI MR XLI ÔÂ TPERI SJ E GYFMG G XLI TEGOMRK JEGXSV
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E XLI PEXXMGI TEVEQIXIV
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F XLI HIRWMX] ERH
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YRMX GIPP WLS[R MR *MKYVI ERH XLI TPERI MR E XIXVEKSREP YRMX GIPP XLIR
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XMGI TEVEQIXIVW EVI E % ERH G %
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E ERH +E ERH 2 EXSQW TIV YRMX GIPP SJ XLMW JSVQ SJ
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F ERH +E2
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G ERH 8LI XLISVIXMGEP HIRWMX] SJ KIVQERMYQ +I MW
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KGQ EX / +IVQERMYQ LEW XLI WEQI
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8LI PEXXMGI GSRWXERX SJ ^MRG WIPIRMHI >R7I MW KVETLMG TPERI HSIW XLMW TIEO GSVVIWTSRH XS MJ XLI
RQ 8LI GV]WXEP WXVYGXYVI MW XLEX SJ ^MRG <6( EREP]WMW [EW HSRI YWMRK 'Y /E \VE]W
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WXVYGXYVI MW % 8LMW QEXIVMEP MW EREP]ÎH YWMRK
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% SJ [LMGL EVI *'' ERH SXLIVW &'' (IWMKR ER
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MW WIIR EX E ZEPYI SJ ] ;LEX GV]WXEPPS EGGSQTPMWLIH
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HSTERXW WYGL EW TLSWTLSVSYW SV FSVSR#
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8LI EVVERKIQIRX SJ XLI EXSQW SV MSRW MR IR WIRX HIJIGXW MR SV HIZMEXMSRW JVSQ XLI TIVJIGX SV
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JIGXW 8LIWI HIJIGXW SJXIR LEZI E TVSJSYRH IJJIGX KMZIR GV]WXEP WXVYGXYVI 8LI QEXIVMEP MW RSX GSR
SR XLI TVSTIVXMIW SJ QEXIVMEPW -R XLMW GLETXIV [I WMHIVIH HIJIGXMZI JVSQ ER ETTPMGEXMSR ZMI[TSMRX
MRXVSHYGI XLI XLVII FEWMG X]TIW SJ MQTIVJIGXMSRW -R QER] ETTPMGEXMSRW XLI TVIWIRGI SJ WYGL HI
TSMRX HIJIGXW PMRI HIJIGXW SV HMWPSGEXMSRW ERH JIGXW EGXYEPP] MW YWIJYP 8LIVI EVI E JI[ ETTPMGE
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4SMRX (IJIGXW ' ,% 4 8)6 -QTIVJIGXMSRW MR XLI %XSQMG ERH -SRMG %VVERKIQIRXW
TEVXMGYPEV X]TI SJ HIJIGX *SV I\EQTPI HIJIGXW KVEMRW SJ E TSP]GV]WXEPPMRI QEXIVMEP VITVIWIRX SRI
ORS[R EW HMWPSGEXMSRW EVI YWIJYP MR MRGVIEWMRK XLI X]TI SJ HIJIGX XLEX GER GSRXVSP TVSTIVXMIW *SV I\
WXVIRKXL SJ QIXEPW ERH EPPS]W ,S[IZIV MR WMRKPI EQTPI XLI RI[ GIVEQMG WYTIVGSRHYGXSVW YRHIV
GV]WXEP WMPMGSR YWIH JSV QERYJEGXYVMRK GSQTYXIV GIVXEMR GSRHMXMSRW GER GSRHYGX IPIGXVMGMX] [MXL
GLMTW XLI TVIWIRGI SJ HMWPSGEXMSRW MW YRHIWMV SYX ER] IPIGXVMGEP VIWMWXERGI 1EXIVMEPW WGMIRXMWXW
EFPI 3JXIR XLI ssHIJIGXWtt EVI GVIEXIH MRXIR ERH IRKMRIIVW LEZI QEHI PSRK [MVIW SV XETIW SJ
XMSREPP] XS TVSHYGI E HIWMVIH WIX SJ IPIGXVSRMG WYGL QEXIVMEPW 8LI] LEZI EPWS HMWGSZIVIH XLEX
QEKRIXMG STXMGEP ERH QIGLERMGEP TVSTIVXMIW EPXLSYKL XLI GYVVIRX JPS[W UYMXI [IPP [MXLMR XLI
*SV I\EQTPI TYVI MVSR MW VIPEXMZIP] WSJX ]IX [LIR KVEMRW SJ E TSP]GV]WXEPPMRI WYTIVGSRHYGXSV XLIVI
[I EHH E WQEPP EQSYRX SJ GEVFSR [I GVIEXI HI MW GSRWMHIVEFPI VIWMWXERGI XS XLI JPS[ SJ GYVVIRX
JIGXW MR XLI GV]WXEPPMRI EVVERKIQIRX SJ MVSR ERH JVSQ SRI KVEMR SRXS ERSXLIVh EGVSWW XLI KVEMR
XYVR MX MRXS E TPEMR GEVFSR WXIIP XLEX I\LMFMXW GSR FSYRHEV] 3R XLI SXLIV LERH XLI TVIWIRGI SJ
WMHIVEFP] LMKLIV WXVIRKXL 7MQMPEVP] E GV]WXEP SJ KVEMR FSYRHEVMIW EGXYEPP] LIPTW WXVIRKXLIR QI
TYVI EPYQMRE %P 3 MW XVERWTEVIRX ERH GSPSV XEPPMG QEXIVMEPW -R PEXIV GLETXIVW [I [MPP WLS[
PIWW FYX [LIR [I EHH E WQEPP EQSYRX SJ GLVS LS[ [I GER GSRXVSP XLI GSRGIRXVEXMSRW SJ XLIWI
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E FIEYXMJYP VIH VYF] GV]WXEP GIWWMRK XIGLRMUYIW -R XLMW GLETXIV [I I\TPSVI XLI
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H PEVKI WYFWXMXYXMSREP EXSQ I *VIROIP HIJIGX ERH J 7GLSXXO] HIJIGX %PP SJ XLIWI HIJIGXW
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EHHIH MR ORS[R GSRGIRXVEXMSRW EX WTIGMwG PSGEXMSRW MR XLI QMGVSWXVYGXYVI [MXL ER
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4LSWTLSVYW 4 ERH FSVSR & EVI I\EQTPIW SJ HSTERXW XLEX EVI EHHIH XS WMPMGSR GV]WXEPW
XS MQTVSZI SV EPXIV XLI IPIGXVMGEP TVSTIVXMIW SJ TYVI WMPMGSR 7M R MW XLI RYQFIV SJ EXSQW TIV GQ
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XLYW MW HMIVIRX JVSQ I\XIRHIH HIJIGXW WYGL EW HMWPSGEXMSRW KVEMR FSYRHEVMIW IXG %R .SYPIWQSP
MQTSVXERX ssTSMRXtt EFSYX TSMRX HIJIGXW MW XLEX EPXLSYKL XLI HIJIGX SGGYVW EX SRI SV X[S GEP .SYPIW
WMXIW XLIMV TVIWIRGI MW ssJIPXtt SZIV QYGL PEVKIV HMWXERGIW MR E GV]WXEPPMRI QEXIVMEP 6 MW XLI KEW GSRWXERX SV ERH
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8 MW XLI XIQTIVEXYVI MR HIKVIIW /IPZMR
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WMXI MR XLI GV]WXEP WXVYGXYVI EW MR *MKYVI E ;LIR EXSQW SV MSRW EVI QMWWMRK MI (YI XS XLI PEVKI XLIVQEP IRIVK] EXSQW LEZI RIEV XLI QIPXMRK XIQTIVEXYVI SJ E QE
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XLI PIRKXL SJ XLI &YVKIVW ZIGXSV 8LYW XLI WPMT HMVIGXMSR WLSYPH LEZI E WQEPP VI GLPSVMHI GV]WXEP WXVYGXYVI ERH E PEXXMGI TEVEQIXIV SJ RQ MW WLS[R MR
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8LI WXVIWW VIUYMVIH XS GEYWI XLI HMWPSGEXMSR XS QSZI HIGVIEWIW I\TSRIRXMEPP] [MXL 73098-32
XLI MRXIVTPEREV WTEGMRK SJ XLI WPMT TPERIW 7PMT SGGYVW QSWX IEWMP] FIX[IIR TPERIW -R *MKYVI [I FIKMR E GPSGO[MWI PSST EVSYRH XLI HMWPSGEXMSR EX TSMRX \ XLIR
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RMWQ JSV TPEWXMG HIJSVQEXMSR [LMGL MW XLI GYQYPEXMZI IIGX SJ WPMT SJ RYQIVSYW HMW
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SGGYVW [LIR XLI JSVGI SV WXVIWW XLEX GEYWIH MX MW VIQSZIH 8LMW MW FIGEYWI XLI ETTPMIH
WXVIWW GEYWIW HMWPSGEXMSR QSXMSR XLEX MR XYVR GEYWIW TIVQERIRX HIJSVQEXMSR ;LIR [I
YWI XLI XIVQ ssTPEWXMG HIJSVQEXMSRtt XLI MQTPMGEXMSR MW XLEX MX MW GEYWIH F] HMWPSGEMXSR
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GYV MR WSQI GIVEQMGW ERH TSP]QIVW ,S[IZIV SXLIV JEGXSVW IK TSVSWMX] MR GIVEQMGW
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73098-32
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TEVXMXMSR MW STIRIH %V EXSQW [MPP HMYWI XS[EVH XLI ,I WMHI ERH ZMGI ZIVWE EGXMZEXMSR IRIVK] VIUYMVIH JSV E
VIEGXMSR
8LMW HMYWMSR [MPP GSRXMRYI YRXMP XLI IRXMVI FS\ LEW E YRMJSVQ GSRGIRXVEXMSR
SJ FSXL KEWIW 8LIVI QE] FI WSQI HIRWMX] KVEHMIRX HVMZIR GSRZIGXMZI xS[W
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WMSR ,S[IZIV FIGEYWI SJ XLI PS[IV XIQTIVEXYVI XLI OMRIXMGW JSV HMYWMSR EVI
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73098-32 (MJJYWMSR SJ GSTTIV EXSQW MRXS
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5 GEP!QSP MRXS XLI GSTTIV ERH GSTTIV EXSQW QMKVEXI MRXS XLI RMGOIP %KEMR XLI RMGOIP ERH GSTTIV

EXSQW IZIRXYEPP] EVI YRMJSVQP] HMWXVMFYXIH 8LIVI EVI X[S MQTSVXERX QIGLERMWQW F]
[LMGL EXSQW SV MSRW GER HMYWI *MKYVI
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SVMKMREP PEXXMGI WMXI %W HMYWMSR GSRXMRYIW [I LEZI GSYRXIVGYVVIRX xS[W SJ EXSQW ERH
1IGLERMWQW JSV (MJJYWMSR ZEGERGMIW GEPPIH ZEGERG] HMYWMSR 8LI RYQFIV SJ ZEGERGMIW [LMGL MRGVIEWIW EW XLI
XIQTIVEXYVI MRGVIEWIW LIPTW HIXIVQMRI XLI I\XIRX SJ FSXL WIPJHMYWMSR ERH HMYWMSR SJ
8LI HMWSVHIV ZEGERGMIW GVIEXI MI MRGVIEWIH IRXVST] LIPTW QMRMQMÎ XLI JVII IRIVK] WYFWXMXYXMSREP EXSQW
ERH XLIVIJSVI IRLERGIW XLI XLIVQSH]REQMG WXEFMPMX] SJ E GV]WXEPPMRI QEXIVMEP 'V]WXEP
PMRI QEXIVMEPW EPWS GSRXEMR SXLIV X]TIW SJ HIJIGXW -R QEXIVMEPW GSRXEMRMRK ZEGERGMIW
EXSQW QSZI SV ssNYQTtt JVSQ SRI PEXXMGI TSWMXMSR XS ERSXLIV 8LMW TVSGIWW ORS[R EW *MKYVI
WIPJHMYWMSR GER FI HIXIGXIH F] YWMRK VEHMSEGXMZI XVEGIVW %W ER I\EQTPI WYTTSWI [I (MJJYWMSR QIGLERMWQW MR
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)ZIRXYEPP] XLI VEHMSEGXMZI EXSQW [SYPH FI YRMJSVQP] HMWXVMFYXIH XLVSYKLSYX XLI IRXMVI
VIKYPEV KSPH WEQTPI %PXLSYKL WIPJHMYWMSR SGGYVW GSRXMRYEPP] MR EPP QEXIVMEPW MXW IIGX
SR XLI QEXIVMEPtW FILEZMSV MW KIRIVEPP] RSX WMKRMwGERX
%GXMZEXMSR )RIVK] JSV (MJJYWMSR ' ,% 4 8)6 %XSQ ERH -SR 1SZIQIRXW MR 1EXIVMEPW
-RXIVWXMXMEP (MJJYWMSR ;LIR E WQEPP MRXIVWXMXMEP EXSQ SV MSR MW TVIWIRX MR XLI GV]WXEP
WXVYGXYVI XLI EXSQ SV MSR QSZIW JVSQ SRI MRXIVWXMXMEP WMXI XS ERSXLIV 2S ZEGERGMIW EVI 8%&0) (MJJYWMSR HEXE JSV WIPIGXIH QEXIVMEPW
VIUYMVIH JSV XLMW QIGLERMWQ 4EVXP] FIGEYWI XLIVI EVI QER] QSVI MRXIVWXMXMEP WMXIW XLER 5 (
ZEGERGMIW MRXIVWXMXMEP HMYWMSR SGGYVW QSVI IEWMP] XLER ZEGERG] HMYWMSR %PWS MRXIV (MJJYWMSR 'SYTPI GEPQSP GQ W
WXMXMEP EXSQW XLEX EVI VIPEXMZIP] WQEPPIV GER HMYWI JEWXIV -R 'LETXIV [I LEZI WIIR
XLEX JSV QER] GIVEQMGW [MXL MSRMG FSRHMRK XLI WXVYGXYVI GER FI GSRWMHIVIH EW GPSWI -RXIVWXMXMEP HMJJYWMSR
TEGOMRK SJ ERMSRW [MXL GEXMSRW MR XLI MRXIVWXMXMEP WMXIW -R XLIWI QEXIVMEPW WQEPPIV GEXMSRW ' MR *'' MVSR
SJXIR HMYWI JEWXIV XLER PEVKIV ERMSRW ' MR &'' MVSR
2 MR *'' MVSR
2 MR &'' MVSR
, MR *'' MVSR
%GXMZEXMSR )RIVK] JSV (MJJYWMSR , MR &'' MVSR

7IPJHMJJYWMSR ZEGERG] HMJJYWMSR

4F MR *'' 4F

% HMYWMRK EXSQ QYWX WUYIIÎ TEWX XLI WYVVSYRHMRK EXSQW XS VIEGL MXW RI[ WMXI -R
%P MR *'' %P
SVHIV JSV XLMW XS LETTIR IRIVK] QYWX FI WYTTPMIH XS JSVGI XLI EXSQ XS MXW RI[ TSWMXMSR
'Y MR *'' 'Y
EW MW WLS[R WGLIQEXMGEPP] JSV ZEGERG] ERH MRXIVWXMXMEP HMYWMSR MR *MKYVI 8LI EXSQ *I MR *'' *I
MW SVMKMREPP] MR E PS[IRIVK] VIPEXMZIP] WXEFPI PSGEXMSR -R SVHIV XS QSZI XS E RI[ PSGE >R MR ,'4 >R
XMSR XLI EXSQ QYWX SZIVGSQI ER IRIVK] FEVVMIV 8LI IRIVK] FEVVMIV MW XLI EGXMZEXMSR 1K MR ,'4 1K
IRIVK] 5 8LI XLIVQEP IRIVK] WYTTPMIW EXSQW SV MSRW [MXL XLI IRIVK] RIIHIH XS I\GIIH *I MR &'' *I
XLMW FEVVMIV 2SXI XLEX XLI W]QFSP 5 MW SJXIR YWIH JSV EGXMZEXMSR IRIVKMIW JSV HMIVIRX ; MR &'' ;
TVSGIWWIW VEXI EX [LMGL EXSQW NYQT E GLIQMGEP VIEGXMSR IRIVK] RIIHIH XS TVSHYGI 7M MR 7M GSZEPIRX
ZEGERGMIW IXG ' MR ' GSZEPIRX
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MRK EXSQW GSRWIUYIRXP] EGXMZEXMSR IRIVKMIW EVI PS[IV JSV MRXIVWXMXMEP HMYWMSR XLER JSV 2M MR 'Y
ZEGERG] HMYWMSR *MKYVI % KSSH EREPSK] JSV XLMW MW EW JSPPS[W -R FEWOIXFEPP VIP 'Y MR 2M
EXMZIP] WQEPPIV ERH WLSVXIV TPE]IVW GER UYMGOP] ssHMYWI F]tt XEPPIV ERH FMKKIV TPE]IVW >R MR 'Y
ERH WGSVI FEWOIXW 8]TMGEP ZEPYIW JSV EGXMZEXMSR IRIVKMIW JSV HMYWMSR SJ HMIVIRX EXSQW 2M MR *'' MVSR
%Y MR %K
MR HMIVIRX LSWX QEXIVMEPW EVI WLS[R MR 8EFPI ;I YWI XLI XIVQ HMYWMSR GSYTPI
%K MR %Y
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%P MR 'Y
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1K MR 1K3
3 MR 1K3
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EXSQ
6EXI SJ (MJJYWMSR *MGOtW *MVWX 0E[

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8LI xY\ MW HIwRIH EW XLI RYQFIV SJ EXSQW TEWWMRK XLVSYKL E TPERI SJ YRMX EVIE TIV YRMX
XMQI *MKYVI *MGOtW wVWX PE[ I\TPEMRW XLI RIX xY\ SJ EXSQW
6EXI SJ (MJJYWMSR *MGOtW *MVWX 0E[ ' ,% 4 8)6 %XSQ ERH -SR 1SZIQIRXW MR 1EXIVMEPW
*MKYVI 8LI xY\ EX E TEVXMGYPEV XIQTIVEXYVI MW GSRWXERX SRP] MJ XLI GSRGIRXVEXMSR KVEHMIRX MW
8LI JPY\ HYVMRK HMJJYWMSR MW HIJMRIH EW XLI RYQFIV SJ EXSQW EPWS GSRWXERXh XLEX MW XLI GSQTSWMXMSRW SR IEGL WMHI SJ XLI TPERI MR *MKYVI VIQEMR
TEWWMRK XLVSYKL E TPERI SJ YRMX EVIE TIV YRMX XMQI YRGLERKIH -R QER] TVEGXMGEP WMXYEXMSRW LS[IZIV XLIWI GSQTSWMXMSRW ZEV] EW EXSQW EVI
VIHMWXVMFYXIH ERH XLYW XLI xY\ EPWS GLERKIW 3JXIR [I wRH XLEX XLI xY\ MW MRMXMEPP] LMKL
ERH XLIR KVEHYEPP] HIGVIEWIW EW XLI GSRGIRXVEXMSR KVEHMIRX MW VIHYGIH F] HMYWMSR 8LI
I\EQTPI XLEX JSPPS[W MPPYWXVEXIW GEPGYPEXMSRW SJ xY\ ERH GSRGIRXVEXMSR KVEHMIRXW JSV HMJ
JYWMSR SJ HSTERXW MR WIQMGSRHYGXSVW FYX SRP] JSV XLI GEWI SJ GSRWXERX GSRGIRXVEXMSR
KVEHMIRX 0EXIV MR XLMW GLETXIV [I [MPP GSRWMHIV RSRWXIEH] WXEXI HMYWMSR [MXL XLI EMH
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[LIVI . MW XLI xY\ ( MW XLI HMYWMZMX] SV HMYWMSR GSIoGMIRX ERH HG!H\ MW XLI
W JYWI MQTYVMX] EXSQW MRXS E WIQMGSRHYGXSV QEXIVMEP WYGL EW WMPMGSR 7M 7YTTSWI
EXSQW
GSRGIRXVEXMSR KVEHMIRX GQ GQ
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FI I\TVIWWIH EW EXSQ TIVGIRX EX [IMKLX TIVGIRX [X QSPI TIVGIRX QSP EXSQ JSV IZIV] QMPPMSR 7M EXSQW MW XVIEXIH WS XLEX XLIVI EVI TLSWTLSVSYW 4
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7IZIVEP JEGXSVW EIGX XLI xY\ SJ EXSQW HYVMRK HMYWMSR -J [I EVI HIEPMRK [MXL HMJ TEVEQIXIV SJ WMPMGSR MW %
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VERHSQ QSZIQIRX SJ EXSQW %X E QMGVSWGSTMG WGEPI XLI XLIVQSH]REQMG HVMZMRK JSVGI
JSV HMYWMSR MW GSRGIRXVEXMSR KVEHMIRX % RIX SV ER SFWIVZEFPI xY\ MW GVIEXIH HITIRHMRK
YTSR XIQTIVEXYVI ERH GSRGIRXVEXMSR KVEHMIRX
73098-32
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EXSQW
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GSIoGMIRX EX !8 SV 8 ] 8]TMGEP ZEPYIW JSV ( EVI KMZIR MR 8EFPI [LMPI XLI
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TIVEXYVI MW LMKL IRSYKL EX PIEWX ' WS XLEX XLI MVSR LEW XLI *'' WXVYGXYVI

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ERH XLI GSRGIRXVEXMSRW SJ XLI HMYWMRK EXSQW EX XLI WYVJEGI G W ERH EX PEVKI HMWXERGI ( ( I\T
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8LI I\EGX GSQFMREXMSR SJ XIQTIVEXYVI ERH XMQI [MPP HITIRH SR XLI QE\MQYQ
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: 8LI EGXMZEXMSR IRIVK] 5 HIWGVMFIW XLI IEWI [MXL [LMGL EXSQW HMYWI [MXL VETMH
HMYWMSR SGGYVVMRK JSV E PS[ EGXMZEXMSR IRIVK] % PS[ EGXMZEXMSR IRIVK] ERH VETMH
HMYWMSR VEXI EVI SFXEMRIH JSV MRXIVWXMXMEP HMYWMSR GSQTEVIH [MXL ZEGERG] HMJ
JYWMSR GV]WXEP WXVYGXYVIW [MXL E WQEPPIV TEGOMRK JEGXSV QEXIVMEPW [MXL E PS[
QIPXMRK XIQTIVEXYVI SV [IEO EXSQMG FSRHMRK ERH HMYWMSR EPSRK KVEMR FSYRH
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F ETTPMGEXMSR SJ TVIWWYVI HIJSVQW XLI WYVJEGI MRGVIEWMRK XLI FSRHIH EVIE G KVEMR FSYRHEV] ERSXLIV
HMJJYWMSR TIVQMXW ZSMHW XS WLVMRO ERH H JMREP IPMQMREXMSR SJ XLI ZSMHW VIUYMVIW ZSPYQI
HMJJYWMSR 'EVFYVMÊXMSR % LIEX XVIEXQIRX JSV WXIIPW XS LEVHIR XLI WYVJEGI YWMRK E KEWISYW SV WSPMH WSYVGI
SJ GEVFSR 8LI GEVFSR HMYWMRK MRXS XLI WYVJEGI QEOIW XLI WYVJEGI LEVHIV ERH QSVI EFVEWMSR
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GQ GQ GQ
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XLI ZSMHWh ZSPYQI HMYWMSR [LMGL MW GSQTEVEXMZIP] WPS[ QYWX SGGYV 8LI HMYWMSR FSRH FIX[IIR XLI WYVJEGIW
FSRHMRK TVSGIWW MW SJXIR YWIH JSV NSMRMRK VIEGXMZI QIXEPW WYGL EW XMXERMYQ JSV NSMRMRK
HMWWMQMPEV QIXEPW ERH QEXIVMEPW ERH JSV NSMRMRK GIVEQMGW (MJJYWMSR GSIJJMGMIRX ( % XIQTIVEXYVIHITIRHIRX GSIoGMIRX VIPEXIH XS XLI VEXI EX [LMGL
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TSWMXMSR ERH QMGVSWXVYGXYVI SJ XLI LSWX QEXIVMEP ERH EPWS GSRGIRXVEXMSR SJ HMYWMRK WTIGMIW
(MJJYWMSR GSYTPI % GSQFMREXMSR SJ IPIQIRXW MRZSPZIH MR HMYWMSR WXYHMIW IK MJ [I EVI GSR
WMHIVMRK HMYWMSR SJ %P MR 7M XLIR %P7M MW E HMYWMSR GSYTPI
7911%6= : 8LI RIX xY\ SJ EXSQW MSRW IXG VIWYPXMRK JVSQ HMYWMSR HITIRHW YTSR XLI MRMXMEP
(MJJYWMSR HMWXERGI 8LI QE\MQYQ SV HIWMVIH HMWXERGI XLEX EXSQW QYWX HMYWI SJXIR XLI HMW
GSRGIRXVEXMSR KVEHMIRX
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: 8LI OMRIXMGW SJ HMYWMSR HITIRH WXVSRKP] SR XIQTIVEXYVI -R KIRIVEP HMYWMSR MW E
(MJJYWMZMX] %RSXLIV XIVQ JSV HMYWMSR GSIoGMIRX (
XLIVQEPP] EGXMZEXIH TVSGIWW ERH XLI HITIRHIRGI SJ XLI HMYWMSR GSIoGMIRX SR XIQ
TIVEXYVI MW KMZIR F] XLI %VVLIRMYW IUYEXMSR (VMJX 1SZIQIRX SJ IPIGXVSRW LSPIW MSRW SV TEVXMGPIW EW E VIWYPX SJ E KVEHMIRX MR XIQTIVEXYVI
: 8LI I\XIRX SJ HMYWMSR HITIRHW SR XIQTIVEXYVI XMQI REXYVI ERH GSRGIRXVEXMSR SJ IPIGXVMG SV QEKRIXMG wIPH
HMYWMRK WTIGMIW GV]WXEP WXVYGXYVI ERH GSQTSWMXMSR SJ XLI QEXVM\ WXSMGLMSQIXV] (VMZMRK JSVGI % GEYWI XLEX MRHYGIW ER IIGX *SV I\EQTPI ER MRGVIEWIH KVEHMIRX MR GLIQMGEP
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XVIEXQIRXW SJ QIXEPPMG QEXIVMEPW WMRXIVMRK SJ GIVEQMGW ERH TS[HIVIH QIXEPW JSV
ERH XLI GSRGIRXVEXMSR KVEHMIRX
QEXMSR SJ EQSVTLSYW QEXIVMEPW WSPMHMwGEXMSR SJ QSPXIR QEXIVMEPW HYVMRK E GEWXMRK
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MW TVSHYGIH 3RI WYVJEGI GSRXEMRW 7F EXSQ FIIR WXYHMIH F] 0IWEKI ERH GS[SVOIVW -R EHHMXMSR
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MRK TMTIW ZEPZIW xSSVMRK ERH XLI PMOI EPWS QYWX LEZI EHIUYEXI QIGLERMGEP WXVIRKXL
;L] 7MPP] 4YXX] GER FI WXVIXGLIH E GSRWMHIVEFPI EQSYRX [LIR TYPPIH WPS[P] FYX WRETW [LIR 1EXIVMEPW WYGL EW T]VSP]XMG KVETLMXI SV GSFEPX GLVSQMYQ XYRKWXIR EPPS]W YWIH JSV
TYPPIH JEWX# TVSWXLIXMG LIEVX ZEPZIW QYWX RSX JEMP 7MQMPEVP] XLI TIVJSVQERGI SJ FEWIFEPPW GVMGOIX
;L] [I GER PSEH XLI [IMKLX SJ E JMVI XVYGO SR JSYV GIVEQMG GSJJII GYTW LS[IZIV GIVEQMG GYTW FEXW XIRRMW VEGOIXW KSPJ GPYFW WOMW ERH SXLIV WTSVX IUYMTQIRX HITIRHW RSX SRP] SR XLI
XIRH XS FVIEO IEWMP] [LIR [I HVST XLIQ SR XLI JPSSV# WXVIRKXL ERH [IMKLX SJ XLI QEXIVMEPW YWIH FYX EPWS SR XLIMV EFMPMX] XS TIVJSVQ YRHIV ER
ssMQTEGXtt PSEHMRK 8LI MQTSVXERGI SJ QIGLERMGEP TVSTIVXMIW MW IEW] XS ETTVIGMEXI MR
;LEX QEXIVMEPW VIPEXIH JEGXSVW TPE]IH ER MQTSVXERX VSPI MR XLI WMROMRK SJ XLI 8MXERMG# QER] SJ XLIWI ssPSEHFIEVMRKtt ETTPMGEXMSRW
-R QER] SXLIV ETTPMGEXMSRW XLI QIGLERMGEP TVSTIVXMIW SJ XLI QEXIVMEP EPWS TPE] ER
;LEX JEGXSVW TPE]IH E QENSV VSPI MR XLI 'LEPPIRKIV ERH XLI 'SPYQFME WTEGI WLYXXPI
MQTSVXERX VSPI *SV I\EQTPI ER STXMGEP wFIV QYWX LEZI E GIVXEMR PIZIP SJ WXVIRKXL XS
EGGMHIRXW#
[MXLWXERH XLI WXVIWWIW IRGSYRXIVIH MR MXW ETTPMGEXMSR % FMSGSQTEXMFPI XMXERMYQ EPPS]
;L] HSIW &SIMRKtW RI[ (VIEQPMRIV EMVTPERI GSRXEMR EPQSWX GSQTSWMXIW# YWIH JSV E FSRI MQTPERX QYWX LEZI IRSYKL WXVIRKXL ERH XSYKLRIWW XS WYVZMZI MR XLI
LYQER FSH] JSV QER] ]IEVW [MXLSYX JEMPYVI 'SEXMRK SR STXMGEP PIRWIW QYWX VIWMWX
QIGLERMGEP EFVEWMSR %R EPYQMRYQ EPPS] SV E KPEWWGIVEQMG WYFWXVEXI YWIH EW E FEWI
JSV FYMPHMRK QEKRIXMG LEVH HVMZIW QYWX LEZI WYoGMIRX QIGLERMGEP WXVIRKXL WS XLEX MX
[MPP RSX FVIEO SV GVEGO HYVMRK STIVEXMSR XLEX VIUYMVIW VSXEXMSR EX LMKL WTIIHW 7MQM
PEVP] IPIGXVSRMG TEGOEKIW YWIH XS LSYWI WIQMGSRHYGXSV GLMTW ERH XLI XLMRwPQ WXVYGXYVIW
GVIEXIH SR XLI WIQMGSRHYGXSV GLMT QYWX FI EFPI XS [MXLWXERH WXVIWWIW IRGSYRXIVIH MR
ZEVMSYW ETTPMGEXMSRW EW [IPP EW XLSWI IRGSYRXIVIH HYVMRK XLI LIEXMRK ERH GSSPMRK SJ
IPIGXVSRMG HIZMGIW 8LI QIGLERMGEP VSFYWXRIWW SJ WQEPP HIZMGIW TVITEVIH YWMRK QMGVS
8LI QIGLERMGEP TVSTIVXMIW SJ QEXIVMEPW HITIRH SR IZEPYEXI SXLIV JEGXSVW XLEX EJJIGX XLI QIGLERMGEP
IPIGXVS QIGLERMGEP W]WXIQW 1)17 ERH RERSXIGLRSPSK] MW EPWS MQTSVXERX *PSEX KPEWW
XLIMV GSQTSWMXMSR ERH QMGVSWXVYGXYVI -R 'LETXIVW TVSTIVXMIW SJ QEXIVMEPW WYGL EW LS[ PS[IV XIQ YWIH MR EYXSQSXMZI ERH FYMPHMRK ETTPMGEXMSRW QYWX LEZI WYoGMIRX WXVIRKXL ERH WLEXXIV
ERH [I PIEVRIH XLEX E QEXIVMEPtW GSQTSWM TIVEXYVIW GER GEYWI QER] QIXEPW ERH TPEWXMGW XS VIWMWXERGI 1ER] GSQTSRIRXW HIWMKRIH JVSQ TPEWXMGW QIXEPW ERH GIVEQMGW QYWX RSX SRP]
XMSR REXYVI SJ FSRHMRK GV]WXEP WXVYGXYVI ERH HI FIGSQI FVMXXPI 0S[IV XIQTIVEXYVIW GSRXVMFYXIH XS LEZI EHIUYEXI XSYKLRIWW ERH WXVIRKXL EX VSSQ XIQTIVEXYVI FYX EPWS EX VIPEXMZIP] LMKL
JIGXW WYGL EW HMWPSGEXMSRW KVEMR WMÎ IXG LEZI E XLI FVMXXPIRIWW SJ XLI TPEWXMG YWIH JSV XLI 3VMRKW ERH PS[ XIQTIVEXYVIW
TVSJSYRH MRJPYIRGI SR XLI WXVIRKXL ERH HYGXMPMX] SJ GEYWMRK XLI 'LEPPIRKIV EGGMHIRX -R *SV PSEHFIEVMRK ETTPMGEXMSRW IRKMRIIVIH QEXIVMEPW EVI WIPIGXIH F] QEXGLMRK XLIMV
QIXEPPMG QEXIVMEPW -R XLMW GLETXIV [I [MPP FIKMR XS XLI WTEGI WLYXXPI 'SPYQFME [EW PSWX FIGEYWI SJ ER QIGLERMGEP TVSTIVXMIW XS XLI HIWMKR WTIGMwGEXMSRW ERH WIVZMGI GSRHMXMSRW VIUYMVIH SJ XLI

8IVQMRSPSK] JSV 1IGLERMGEP 4VSTIVXMIW ' ,% 4 8)6 1IGLERMGEP 4VSTIVXMIW *YRHEQIRXEPW ERH 8IWXMRK
GSQTSRIRX 8LI wVWX WXIT MR XLI WIPIGXMSR TVSGIWW VIUYMVIW ER EREP]WMW SJ XLI QEXIVMEPtW
ETTPMGEXMSR XS HIXIVQMRI MXW QSWX MQTSVXERX GLEVEGXIVMWXMGW 7LSYPH MX FI WXVSRK WXM SV
HYGXMPI# ;MPP MX FI WYFNIGXIH XS ER ETTPMGEXMSR MRZSPZMRK LMKL WXVIWW SV WYHHIR MRXIRWI
JSVGI LMKL WXVIWW EX IPIZEXIH XIQTIVEXYVI G]GPMG WXVIWWIW GSVVSWMZI SV EFVEWMZI GSRHM
XMSRW# 3RGI [I ORS[ XLI VIUYMVIH TVSTIVXMIW [I GER QEOI E TVIPMQMREV] WIPIGXMSR SJ XLI
ETTVSTVMEXI QEXIVMEP YWMRK ZEVMSYW HEXEFEWIW ;I QYWX LS[IZIV ORS[ LS[ XLI TVST
IVXMIW PMWXIH MR XLI LERHFSSO EVI SFXEMRIH ORS[ [LEX XLI TVSTIVXMIW QIER ERH VIEPMÎ
XLEX XLI TVSTIVXMIW PMWXIH EVI SFXEMRIH JVSQ MHIEPMÎH XIWXW XLEX QE] RSX ETTP] I\EGXP]
XS VIEPPMJI IRKMRIIVMRK ETTPMGEXMSRW 1EXIVMEPW [MXL XLI WEQI RSQMREP GLIQMGEP GSQ
TSWMXMSR ERH SXLIV TVSTIVXMIW GER WLS[ WMKRMwGERXP] HMIVIRX QIGLERMGEP TVSTIVXMIW EW
HMGXEXIH F] QMGVSWXVYGXYVI *YVXLIVQSVI GLERKIW MR XIQTIVEXYVI XLI G]GPMGEP REXYVI SJ
WXVIWWIW ETTPMIH XLI GLIQMGEP GLERKIW HYI XS S\MHEXMSR GSVVSWMSR SV IVSWMSR QMGVS
WXVYGXYVEP GLERKIW HYI XS XIQTIVEXYVI XLI IIGX SJ TSWWMFPI HIJIGXW MRXVSHYGIH HYVMRK
QEGLMRMRK STIVEXMSRW IK KVMRHMRK [IPHMRK GYXXMRK IXG SV SXLIV JEGXSVW GER EPWS
LEZI E QENSV IIGX SR XLI QIGLERMGEP FILEZMSV SJ QEXIVMEPW 'LETXIV
8LI QIGLERMGEP TVSTIVXMIW SJ QEXIVMEPW QYWX EPWS FI YRHIVWXSSH WS XLEX [I GER
TVSGIWW QEXIVMEPW MRXS YWIJYP WLETIW YWMRK QEXIVMEPW TVSGIWWMRK XIGLRMUYIW 1EXIVMEPW
TVSGIWWMRK WYGL EW XLI YWI SJ WXIIPW ERH TPEWXMGW XS JEFVMGEXI GEV FSHMIW VIUYMVIW E HI
XEMPIH YRHIVWXERHMRK SJ XLI QIGLERMGEP TVSTIVXMIW SJ QEXIVMEPW EX HMIVIRX XIQTIVEXYVIW
ERH GSRHMXMSRW SJ PSEHMRK JSV I\EQTPI XLI QIGLERMGEP FILEZMSV SJ WXIIPW ERH TPEWXMGW
YWIH XS JEFVMGEXI JYIPIoGMIRX GEVW ERH XVYGOW
-R XLI WIGXMSRW XLEX JSPPS[ [I HMWGYWW QIGLERMGEP TVSTIVXMIW SJ QEXIVMEPW ;I [MPP
HIwRI ERH HMWGYWW HMIVIRX XIVQW XLEX EVI YWIH XS HIWGVMFI XLI QIGLERMGEP TVSTIVXMIW SJ
IRKMRIIVIH QEXIVMEPW (MIVIRX XIWXW YWIH XS HIXIVQMRI QIGLERMGEP TVSTIVXMIW SJ QEXI
VMEPW EVI HMWGYWWIH
*MKYVI E 8IRWMPI GSQTVIWWMZI WLIEV ERH FIRHMRK WXVIWWIW F -PPYWXVEXMSR WLS[MRK LS[
=SYRKtW QSHYPYW MW HIJMRIH JSV ER IPEWXMG QEXIVMEP G *SV RSRPMRIEV QEXIVMEPW [I YWI XLI
WPSTI SJ E XERKIRX EW E ZEVMEFPI UYERXMX] XLEX VITPEGIW XLI =SYRKtW QSHYPYW GSRWXERX
8IVQMRSPSK] JSV 1IGLERMGEP 4VSTIVXMIW

XLI WTVMRK KSIW FEGO UYMGOP] [MXLMR E JI[ QMPPMWIGSRHW SV PIWW XS MXW SVMKMREP HMQIR
8LIVI EVI HMIVIRX X]TIW SJ JSVGIW SV ssWXVIWWIWtt XLEX EVI IRGSYRXIVIH MR HIEPMRK [MXL WMSRW XLI WXVEMR HIZIPSTIH MR XLI WTVMRK [EW IPEWXMG
QIGLERMGEP TVSTIVXMIW SJ QEXIVMEPW -R KIRIVEP [I HIwRI WXVIWW EW JSVGI TIV YRMX EVIE -R QER] QEXIVMEPW IPEWXMG WXVIWW ERH IPEWXMG WXVEMR EVI PMRIEVP] VIPEXIH 8LI WPSTI SJ E
8IRWMPI GSQTVIWWMZI WLIEV ERH FIRHMRK WXVIWWIW EVI MPPYWXVEXIH MR *MKYVI E 7XVEMR XIRWMPI WXVIWWWXVEMR GYVZI MR XLI PMRIEV VIKMQI HIwRIW XLI =SYRKtW QSHYPYW SV QSHYPYW SJ
MW HIwRIH EW XLI GLERKI MR PIRKXL TIV YRMX PIRKXL 7XVIWW MW X]TMGEPP] I\TVIWWIH MR TWM IPEWXMGMX] ) SJ E QEXIVMEP ?*MKYVI F A 8LI YRMXW SJ ) EVI QIEWYVIH MR TSYRHW TIV
TSYRHW TIV WUYEVI MRGL SV 4E 4EWGEPW 7XVEMR LEW RS HMQIRWMSRW ERH MW SJXIR I\ WUYEVI MRGL TWM SV 4EWGEPW 4E WEQI EW XLSWI SJ WXVIWW 0EVKI IPEWXMG HIJSVQEXMSRW EVI
TVIWWIH EW MRMR SV GQGQ SFWIVZIH MR IPEWXSQIVW IK REXYVEP VYFFIV WMPMGSRIW [LIVI XLI VIPEXMSRWLMT FIX[IIR
;LIR HMWGYWWMRK WXVIWW ERH WXVEMR MX QE] FI YWIJYP XS XLMRO EFSYX WXVIWW EW XLI GEYWI IPEWXMG WXVEMR ERH WXVIWW MW RSRPMRIEV -R IPEWXSQIVW XLI PEVKI IPEWXMG WXVEMR MW VIPEXIH XS
ERH WXVEMR EW XLI IIGX 8]TMGEPP] XIRWMPI ERH WLIEV WXVIWWIW EVI HIWMKREXIH F] XLI W]Q XLI GSMPMRK ERH YRGSMPMRK SJ WTVMRKPMOI QSPIGYPIW 'LETXIV -R HIEPMRK [MXL WYGL
FSPW W ERH X VIWTIGXMZIP] 8IRWMPI ERH WLIEV WXVEMRW EVI VITVIWIRXIH F] XLI W]QFSPW I ERH QEXIVMEPW [I YWI XLI WPSTI SJ XLI XERKIRX EX ER] KMZIR ZEPYI SJ WXVIWW SV WXVEMR ERH
K VIWTIGXMZIP] 1ER] PSEHFIEVMRK ETTPMGEXMSRW MRZSPZI XIRWMPI SV GSQTVIWWMZI WXVIWWIW GSRWMHIV XLEX EW E ZEVMEFPI UYERXMX] XLEX VITPEGIW XLI =SYRKtW QSHYPYW ?*MKYVI F A
7LIEV WXVIWWIW EVI SJXIR IRGSYRXIVIH MR XLI TVSGIWWMRK SJ QEXIVMEPW YWMRK WYGL XIGLRMUYIW 8LI MRZIVWI SJ =SYRKtW QSHYPYW MW ORS[R EW XLI GSQTPMERGI SJ XLI QEXIVMEP 7MQMPEVP]
EW TSP]QIV I\XVYWMSR 7LIEV WXVIWWIW EVI EPWS JSYRH MR WXVYGXYVEP ETTPMGEXMSRW 2SXI XLEX [I HIwRI WLIEV QSHYPYW + EW XLI WPSTI SJ XLI PMRIEV TEVX SJ XLI WLIEV WXVIWWWLIEV
IZIR E WMQTPI XIRWMPI WXVIWW ETTPMIH EPSRK SRI HMVIGXMSR [MPP GEYWI E WLIEV WXVIWW XS GSQTS WXVEMR GYVZI
RIRXW MR SXLIV HMVIGXMSRW WMQMPEV XS XLI WMXYEXMSR HMWGYWWIH MR 7GLQMHtW PE[ 'LETXIV 4IVQERIRX SV TPEWXMG HIJSVQEXMSR MR E QEXIVMEP MW ORS[R EW XLI TPEWXMG WXVEMR -R XLMW
)PEWXMG WXVEMR MW HIwRIH EW JYPP] VIGSZIVEFPI WXVEMR VIWYPXMRK JVSQ ER ETTPMIH WXVIWW GEWI [LIR XLI WXVIWW MW VIQSZIH XLI QEXIVMEP HSIW RSX KS FEGO XS MXW SVMKMREP WLETI
8LI WXVEMR MW ssIPEWXMGtt MJ MX HIZIPSTW MRWXERXERISYWP] MI XLI WXVEMR SGGYVW EW WSSR EW XLI % HIRX MR E GEV MW TPEWXMG HIJSVQEXMSR 2SXI XLEX XLI [SVH ssTPEWXMGtt LIVI HSIW RSX VIJIV
JSVGI MW ETTPMIH VIQEMRW EW PSRK EW XLI WXVIWW MW ETTPMIH ERH HMWETTIEVW EW WSSR EW XLI XS WXVEMR MR E TPEWXMG TSP]QIVMG QEXIVMEP FYX VEXLIV XS E X]TI SJ WXVEMR MR ER] QEXIVMEP
JSVGI MW [MXLHVE[R % QEXIVMEP WYFNIGXIH XS ER IPEWXMG WXVEMR HSIW RSX WLS[ ER] TIVQE 8LI VEXI EX [LMGL WXVEMR HIZIPSTW MR E QEXIVMEP MW HIwRIH EW WXVEMR VEXI IC SV KC JSV
RIRX HIJSVQEXMSR MI MX VIXYVRW XS MXW SVMKMREP WLETI EJXIV XLI JSVGI SV WXVIWW MW XIRWMPI ERH WLIEV WXVEMR VEXIW VIWTIGXMZIP] 9RMXW SJ WXVEMR VEXI EVI W =SY [MPP PIEVR
VIQSZIH 'SRWMHIV WXVIXGLMRK E WXM QIXEP WTVMRK F] E WQEPP EQSYRX ERH PIXXMRK KS -J PEXIV MR XLMW GLETXIV XLEX XLI VEXI EX [LMGL E QEXIVMEP MW HIJSVQIH MW MQTSVXERX JVSQ E
8IVQMRSPSK] JSV 1IGLERMGEP 4VSTIVXMIW ', % 4 8)6 1IGLERMGEP 4VSTIVXMIW *YRHEQIRXEPW ERH 8IWXMRK
QIGLERMGEP TVSTIVXMIW TIVWTIGXMZI 1ER] QEXIVMEPW GSRWMHIVIH XS FI HYGXMPI FILEZI EW

FVMXXPI WSPMHW [LIR XLI WXVEMR VEXIW EVI LMKL 7MPP] 4YXX] E WMPMGSRI TSP]QIV MW ER I\
EQTPI SJ WYGL E QEXIVMEP ;LIR WXVIXGLIH WPS[P] WQEPPIV VEXI SJ WXVEMR [I GER WXVIXGL
XLMW QEXIVMEP F] E PEVKI EQSYRX ,S[IZIV [LIR WXVIXGLIH VETMHP] LMKL WXVEMR VEXIW [I
HS RSX EPPS[ XLI YRXERKPMRK ERH I\XIRWMSR SJ XLI PEVKI TSP]QIV QSPIGYPIW ERH LIRGI
XLI QEXIVMEP WRETW ;LIR XLI WXVEMR VEXIW EVI PS[ 7MPP] 4YXX] GER WLS[ WMKRMwGERX
HYGXMPMX] ;LIR QEXIVMEPW EVI WYFNIGXIH XS LMKL WXVEMR VEXIW [I VIJIV XS XLMW X]TI SJ
PSEHMRK EW MQTEGX PSEHMRK
% ZMWGSYW QEXIVMEP MW SRI MR [LMGL XLI WXVEMR HIZIPSTW SZIV E TIVMSH SJ XMQI ERH XLI
QEXIVMEP HSIW RSX KS XS MXW SVMKMREP WLETI EJXIV XLI WXVIWW MW VIQSZIH 8LI HIZIPSTQIRX
SJ WXVEMR XEOIW XMQI ERH MW RSX MR TLEWI [MXL XLI ETTPMIH WXVIWW %PWS XLI QEXIVMEP [MPP
VIQEMR HIJSVQIH [LIR XLI ETTPMIH WXVIWW MW VIQSZIH MI XLI WXVEMR [MPP FI TPEWXMG %
ZMWGSIPEWXMG SV ERIPEWXMG QEXIVMEP GER FI XLSYKLX SJ EW E QEXIVMEP [LSWI VIWTSRWI MW
FIX[IIR XLEX SJ E ZMWGSYW QEXIVMEP ERH ER IPEWXMG QEXIVMEP 8LI XIVQ ssERIPEWXMGtt MW X]T
MGEPP] YWIH JSV QIXEPW [LMPI XLI XIVQ ssZMWGSIPEWXMGtt MW YWYEPP] EWWSGMEXIH [MXL TSP]QIVMG
QEXIVMEPW 1ER] TSP]QIVMG QEXIVMEPW WSPMHW ERH QSPXIR EVI ZMWGSIPEWXMG % GSQQSR
I\EQTPI SJ E ZMWGSIPEWXMG QEXIVMEP MW 7MPP] 4YXX]
-R E ZMWGSIPEWXMG QEXIVMEP XLI HIZIPSTQIRX SJ E TIVQERIRX WXVEMR MW WMQMPEV XS XLEX
MR E ZMWGSYW QEXIVMEP ,S[IZIV YRPMOI E ZMWGSYW QEXIVMEP [LIR XLI ETTPMIH WXVIWW MW
VIQSZIH TEVX SJ XLI WXVEMR [MPP VIGSZIV SZIV E TIVMSH SJ XMQI 6IGSZIV] SJ WXVEMR VIJIVW
XS E GLERKI MR WLETI SJ E QEXIVMEP EJXIV XLI WXVIWW GEYWMRK HIJSVQEXMSR MW VIQSZIH %
UYEPMXEXMZI HIWGVMTXMSR SJ HIZIPSTQIRX SJ WXVEMR EW E JYRGXMSR SJ XMQI MR VIPEXMSR XS ER
ETTPMIH JSVGI MR IPEWXMG ZMWGSYW ERH ZMWGSIPEWXMG QEXIVMEPW MW WLS[R MR *MKYVI -R
ZMWGSIPEWXMG QEXIVMEPW LIPH YRHIV GSRWXERX WXVEMR MJ [I [EMX XLI PIZIP SJ WXVIWW HIGVIEWIW
SZIV E TIVMSH SJ XMQI 8LMW MW ORS[R EW WXVIWW VIPE\EXMSR 6IGSZIV] SJ WXVEMR ERH WXVIWW
VIPE\EXMSR EVI HMIVIRX XIVQW ERH WLSYPH RSX FI GSRJYWIH % GSQQSR I\EQTPI SJ WXVIWW
VIPE\EXMSR MW XLI R]PSR WXVMRKW MR E XIRRMW VEGOIX ;I ORS[ XLEX XLI PIZIP SJ WXVIWW SV XLI
ssXIRWMSRtt EW XLI XIRRMW TPE]IVW GEPP MX HIGVIEWIW [MXL XMQI
;LMPI HIEPMRK [MXL QSPXIR QEXIVMEPW PMUYMHW ERH HMWTIVWMSRW WYGL EW TEMRXW SV KIPW
E HIWGVMTXMSR SJ XLI VIWMWXERGI XS xS[ YRHIV ER ETTPMIH WXVIWW MW VIUYMVIH -J XLI VIPE
XMSRWLMT FIX[IIR XLI ETTPMIH WXVIWW X ERH WLIEV WXVEMR VEXI KC MW PMRIEV [I VIJIV XS XLEX
QEXIVMEP EW 2I[XSRMER 8LI WPSTI SJ XLI WLIEV WXVIWW ZIVWYW XLI WXIEH]WXEXI WLIEV WXVEMR
VEXI GYVZI MW HIwRIH EW XLI ZMWGSWMX] L SJ XLI QEXIVMEP ;EXIV MW ER I\EQTPI SJ E 2I[
XSRMER QEXIVMEP 8LI JSPPS[MRK VIPEXMSRWLMT HIwRIW ZMWGSWMX]
X LKC ÔÂ
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8LI YRMXW SJ L EVI 4EW MR XLI 7- W]WXIQ SV 4SMWI 4 SV MR XLI GKW W]WXIQ
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8LI OMRIQEXMG ZMWGSWMX] R MW HIwRIH EW
R L!V ÔÂ
[LIVI ZMWGSWMX] L MW MR 4SMWI ERH HIRWMX] V MW MR KGQ 8LI OMRIQEXMG ZMWGSWMX] YRMX
MW MR 7XSOIW 7X -R XLMW 7X MW GQ W 7SQIXMQIW XLI YRMX SJ GIRXM7XSOIW G7X MW YWIH
G7X 7X
*SV QER] QEXIVMEPW XLI VIPEXMSRWLMT FIX[IIR WLIEV WXVIWW ERH WLIEV WXVEMR VEXI MW
RSRPMRIEV 8LIWI QEXIVMEPW EVI RSR2I[XSRMER 8LI WXVIWW ZIVWYW WXIEH] WXEXI WLIEV WXVEMR
VEXI VIPEXMSRWLMT MR XLIWI QEXIVMEPW GER FI HIWGVMFIH EW *MKYVI E :EVMSYW X]TIW SJ WXVEMR VIWTSRWI XS ER MQTSWIH WXVIWW 8LMW EVXMGPI [EW
TYFPMWLIH MR 1EXIVMEPW 4VMRGMTPIW ERH 4VEGXMGI ' 2I[I] ERH + ;IEZIV )HW *MKYVI
X LKC Q ÔÂ T 'ST]VMKLX " &YXXIV[SVXL,IMRIQERR F 7XVIWW VIPE\EXMSR MR E ZMWGSIPEWXMG
[LIVI XLI I\TSRIRX Q MW RSX IUYEP XS QEXIVMEP 2SXI XLI ] E\MW MW WXVIWW 7XVEMR MW GSRWXERX
8LI 8IRWMPI 8IWX 9WI SJ XLI 7XVIWW7XVEMR (MEKVEQ ' ,% 4 8)6 1IGLERMGEP 4VSTIVXMIW *YRHEQIRXEPW ERH 8IWXMRK
*MKYVI
7LIEV WXVIWWWLIEV WXVEMR VEXI
VIPEXMSRWLMTW JSV 2I[XSRMER ERH
RSR2I[XSRMER QEXIVMEPW
2SR2I[XSRMER QEXIVMEPW EVI GPEWWMwIH EW WLIEV XLMRRMRK SV TWIYHSTPEWXMG SV WLIEV

XLMGOIRMRK SV HMPEXERX 8LI VIPEXMSRWLMTW FIX[IIR XLI WLIEV WXVIWW ERH WLIEV WXVEMR VEXI *MKYVI 8IRWMPI WXVIWWWXVEMR GYVZIW JSV HMJJIVIRX QEXIVMEPW 2SXI XLEX XLIWI KVETLW EVI
UYEPMXEXMZI
JSV HMIVIRX X]TIW SJ QEXIVMEPW EVI WLS[R MR *MKYVI
-R XLI WIGXMSRW XLEX JSPPS[ [I [MPP HMWGYWW HMIVIRX QIGLERMGEP TVSTIVXMIW SJ WSPMH
KEKI PIRKXL SJ MR 8LI WTIGMQIR MW TPEGIH MR XLI XIWXMRK QEGLMRI ERH E JSVGI * GEPPIH
QEXIVMEPW ERH WSQI SJ XLIMV XIWXMRK QIXLSHW XS IZEPYEXI XLIWI TVSTIVXMIW
XLI PSEH MW ETTPMIH % WXVEMR KEKI SV I\XIRWSQIXIV MW YWIH XS QIEWYVI XLI EQSYRX XLEX
XLI WTIGMQIR WXVIXGLIW FIX[IIR XLI KEKI QEVOW [LIR XLI JSVGI MW ETTPMIH 8LYW [LEX MW
QIEWYVIH MW XLI GLERKI MR PIRKXL SJ XLI WTIGMQIR (P SZIV E TEVXMGYPEV SVMKMREP PIRKXL
8LI 8IRWMPI 8IWX 9WI SJ XLI 7XVIWW7XVEMR (MEKVEQ P -RJSVQEXMSR GSRGIVRMRK XLI WXVIRKXL =SYRKtW QSHYPYW ERH HYGXMPMX] SJ E QEXIVMEP
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ER] QIXLSH SJ RSRHIWXVYGXMZI XIWXMRK MW ZMVXYEPP] ÎVS 8LIVIJSVI EPXLSYKL EQSYRX SJ HIJSVQEXMSRh MRGPYHMRK RIGOMRKh MW SFWIVZIH MR XLI JEMPIH GSQTSRIRX 8LI
)UYEXMSR QE] LIPT MPPYWXVEXI XLI JEGXSVW XLEX MRxYIRGI LS[ E GVEGO TVST HIJSVQEXMSR SGGYVW FIJSVI XLI wREP JVEGXYVI (YGXMPI JVEGXYVIW EVI YWYEPP] GEYWIH F]
EKEXIW MR E FVMXXPI QEXIVMEP MX HSIW RSX LIPT MR TVIHMGXMRK XLI WXVIRKXL SJ EGXYEP WMQTPI SZIVPSEHW SV F] ETTP]MRK XSS LMKL E WXVIWW XS XLI QEXIVMEP
GIVEQMG TEVXW -R E WMQTPI XIRWMPI XIWX HYGXMPI JVEGXYVI FIKMRW [MXL XLI RYGPIEXMSR KVS[XL ERH
GSEPIWGIRGI SJ QMGVSZSMHW EX XLI GIRXIV SJ XLI XIWX FEV 1MGVSZSMHW JSVQ [LIR E LMKL
WXVIWW GEYWIW WITEVEXMSR SJ XLI QIXEP EX KVEMR FSYRHEVMIW SV MRXIVJEGIW FIX[IIR XLI QIXEP
1MGVSWXVYGXYVEP *IEXYVIW SJ *VEGXYVI MR 1IXEPPMG 1EXIVMEPW ' ,% 4 8)6 *VEGXYVI 1IGLERMGW *EXMKYI ERH 'VIIT &ILEZMSV
ERH WQEPP MQTYVMX] TEVXMGPIW MRGPYWMSRW %W XLI PSGEP WXVIWW MRGVIEWIW XLI QMGVSZSMHW
KVS[ ERH GSEPIWGI MRXS PEVKIV GEZMXMIW )ZIRXYEPP] XLI QIXEPXSQIXEP GSRXEGX EVIE MW XSS )<%140) ,SMWX 'LEMR *EMPYVI %REP]WMW
WQEPP XS WYTTSVX XLI PSEH ERH JVEGXYVI SGGYVW % GLEMR YWIH XS LSMWX LIEZ] PSEHW JEMPIH )\EQMREXMSR SJ XLI JEMPIH PMRO MR
(IJSVQEXMSR F] WPMT EPWS GSRXVMFYXIW XS XLI HYGXMPI JVEGXYVI SJ E QIXEP ;I ORS[ HMGEXIW GSRWMHIVEFPI HIJSVQEXMSR ERH RIGOMRK TVMSV XS JEMPYVI 0MWX WSQI SJ XLI
XLEX WPMT SGGYVW [LIR XLI VIWSPZIH WLIEV WXVIWW VIEGLIW XLI GVMXMGEP VIWSPZIH WLIEV WXVIWW TSWWMFPI VIEWSRW JSV JEMPYVI
ERH XLEX XLI VIWSPZIH WLIEV WXVIWWIW EVI LMKLIWX EX E ERKPI XS XLI ETTPMIH XIRWMPI WXVIWW
'LETXIV 7GLQMHtW PE[ 73098-32
8LIWI X[S EWTIGXW SJ HYGXMPI JVEGXYVI KMZI XLI JEMPIH WYVJEGI GLEVEGXIVMWXMG JIEXYVIW 8LMW HIWGVMTXMSR WYKKIWXW XLEX XLI GLEMR JEMPIH MR E HYGXMPI QERRIV F] E WMQTPI
-R XLMGO QIXEP WIGXMSRW [I I\TIGX XS wRH IZMHIRGI SJ RIGOMRK [MXL E WMKRMwGERX TSVXMSR XIRWMPI SZIVPSEH 8[S JEGXSVW GSYPH FI VIWTSRWMFPI JSV XLMW JEMPYVI
SJ XLI JVEGXYVI WYVJEGI LEZMRK E xEX JEGI [LIVI QMGVSZSMHW wVWX RYGPIEXIH ERH GSEPIWGIH
ERH E WQEPP WLIEV PMT [LIVI XLI JVEGXYVI WYVJEGI MW EX E ERKPI XS XLI ETTPMIH WXVIWW 8LI PSEH I\GIIHIH XLI LSMWXMRK GETEGMX] SJ XLI GLEMR 8LYW XLI WXVIWW
8LI WLIEV PMT MRHMGEXMRK XLEX WPMT SGGYVVIH KMZIW XLI JVEGXYVI E GYT ERH GSRI ETTIEV HYI XS XLI PSEH I\GIIHIH XLI ]MIPH WXVIRKXL SJ XLI GLEMR TIVQMXXMRK JEMPYVI
ERGI WII *MKYVI 7MQTPI QEGVSWGSTMG SFWIVZEXMSR SJ XLMW JVEGXYVI QE] FI WYoGMIRX 'SQTEVMWSR SJ XLI PSEH XS XLI QERYJEGXYVIVtW WTIGMwGEXMSRW [MPP MRHMGEXI XLEX
XS MHIRXMJ] XLI HYGXMPI JVEGXYVI QSHI XLI GLEMR [EW RSX MRXIRHIH JSV WYGL E LIEZ] PSEH 8LMW MW XLI JEYPX SJ XLI YWIV
)\EQMREXMSR SJ XLI JVEGXYVI WYVJEGI EX E LMKL QEKRMwGEXMSRh TIVLETW YWMRK E 8LI GLEMR QEXIVMEP [EW SJ XLI [VSRK GSQTSWMXMSR SV [EW MQTVSTIVP]
WGERRMRK IPIGXVSR QMGVSWGSTIh VIZIEPW E HMQTPIH WYVJEGI 8LI HMQTPIW EVI XVEGIW SJ XLI LIEXXVIEXIH 'SRWIUYIRXP] XLI ]MIPH WXVIRKXL [EW PS[IV XLER MRXIRHIH F] XLI
QMGVSZSMHW TVSHYGIH HYVMRK JVEGXYVI 2SVQEPP] XLIWI QMGVSZSMHW EVI VSYRH SV IUYM QERYJEGXYVIV ERH GSYPH RSX WYTTSVX XLI PSEH
E\IH [LIR E RSVQEP XIRWMPI WXVIWW TVSHYGIW XLI JEMPYVI ?*MKYVI E A ,S[IZIV SR XLI
WLIEV PMT XLI HMQTPIW EVI SZEPWLETIH SV IPSRKEXIH [MXL XLI SZEPW TSMRXMRK XS[EVH XLI
SVMKMR SJ XLI JVEGXYVI ?*MKYVI F A
-R E XLMR TPEXI PIWW RIGOMRK MW SFWIVZIH ERH XLI IRXMVI JVEGXYVI WYVJEGI QE] FI E &VMXXPI *VEGXYVI &VMXXPI JVEGXYVI SGGYVW MR QIXEPW ERH EPPS]W SJ LMKL WXVIRKXL SV XLSWI
WLIEV JEGI 1MGVSWGSTMG I\EQMREXMSR SJ XLI JVEGXYVI WYVJEGI WLS[W IPSRKEXIH HMQTPIW [MXL TSSV HYGXMPMX] ERH XSYKLRIWW *YVXLIVQSVI IZIR QIXEPW XLEX EVI RSVQEPP] HYGXMPI
VEXLIV XLER IUYME\IH HMQTPIW MRHMGEXMRK E KVIEXIV TVSTSVXMSR SJ WPMT XLER MR XLMGOIV QE] JEMP MR E FVMXXPI QERRIV EX PS[ XIQTIVEXYVIW MR XLMGO WIGXMSRW EX LMKL WXVEMR VEXIW
QIXEPW WYGL EW MQTEGX SV [LIR xE[W TPE] ER MQTSVXERX VSPI &VMXXPI JVEGXYVIW EVI JVIUYIRXP]
SFWIVZIH [LIR MQTEGX VEXLIV XLER SZIVPSEH GEYWIW JEMPYVI
-R FVMXXPI JVEGXYVI PMXXPI SV RS TPEWXMG HIJSVQEXMSR MW VIUYMVIH -RMXMEXMSR SJ XLI GVEGO
RSVQEPP] SGGYVW EX WQEPP xE[W [LMGL GEYWIW E GSRGIRXVEXMSR SJ WXVIWW 8LI GVEGO QE]
QSZI EX E VEXI ETTVSEGLMRK XLI ZIPSGMX] SJ WSYRH MR XLI QIXEP 2SVQEPP] XLI GVEGO
TVSTEKEXIW QSWX IEWMP] EPSRK WTIGMwG GV]WXEPPSKVETLMG TPERIW SJXIR XLI JK TPERIW
F] GPIEZEKI -R WSQI GEWIW LS[IZIV XLI GVEGO QE] XEOI ER MRXIVKVERYPEV EPSRK XLI
KVEMR FSYRHEVMIW TEXL TEVXMGYPEVP] [LIR WIKVIKEXMSR TVIJIVIRXMEP WITEVEXMSR SJ HMIV
IRX IPIQIRXW SV MRGPYWMSRW [IEOIR XLI KVEMR FSYRHEVMIW
&VMXXPI JVEGXYVI GER FI MHIRXMwIH F] SFWIVZMRK XLI JIEXYVIW SR XLI JEMPIH WYVJEGI
2SVQEPP] XLI JVEGXYVI WYVJEGI MW xEX ERH TIVTIRHMGYPEV XS XLI ETTPMIH WXVIWW MR E XIRWMPI
XIWX -J JEMPYVI SGGYVW F] GPIEZEKI IEGL JVEGXYVIH KVEMR MW xEX ERH HMIVIRXP] SVMIRXIH
KMZMRK E GV]WXEPPMRI SV ssVSGO GERH]tt ETTIEVERGI XS XLI JVEGXYVI WYVJEGI *MKYVI
*MKYVI
7GERRMRK IPIGXVSR QMGVSKVETL SJ E FVMXXPI
JVEGXYVI WYVJEGI SJ E UYIRGLIH WXIIP
'SYVXIW] SJ '; 6EQWE]
*MKYVI 7GERRMRK IPIGXVSR QMGVSKVETLW SJ ER ERRIEPIH WXIIP I\LMFMXMRK HYGXMPI
JVEGXYVI MR E XIRWMPI XIWX E )UYME\IH HMQTPIW EX XLI JPEX GIRXIV SJ XLI GYT ERH GSRI ERH
F IPSRKEXIH HMQTPIW EX XLI WLIEV PMT
1MGVSWXVYGXYVEP *IEXYVIW SJ *VEGXYVI MR 1IXEPPMG 1EXIVMEPW ' ,% 4 8)6 *VEGXYVI 1IGLERMGW *EXMKYI ERH 'VIIT &ILEZMSV
1MGVSWXVYGXYVEP *IEXYVIW SJ *VEGXYVI MR 'IVEQMGW +PEWWIW ERH 'SQTSWMXIW

-R GIVEQMG QEXIVMEPW XLI MSRMG SV GSZEPIRX FSRHW TIVQMX PMXXPI SV RS WPMT 'LETXIV
'SRWIUYIRXP] JEMPYVI MW E VIWYPX SJ FVMXXPI JVEGXYVI 1SWX GV]WXEPPMRI GIVEQMGW JEMP F]
GPIEZEKI EPSRK [MHIP] WTEGIH GPSWIP] TEGOIH TPERIW 8LI JVEGXYVI WYVJEGI X]TMGEPP] MW
WQSSXL ERH JVIUYIRXP] RS GLEVEGXIVMWXMG WYVJEGI JIEXYVIW TSMRX XS XLI SVMKMR SJ XLI
JVEGXYVI ?*MKYVI E A
+PEWWIW EPWS JVEGXYVI MR E FVMXXPI QERRIV *VIUYIRXP] E GSRGLSMHEP JVEGXYVI WYV
JEGI MW SFWIVZIH 8LMW WYVJEGI GSRXEMRW E ZIV] WQSSXL QMVVSV ^SRI RIEV XLI SVMKMR SJ
XLI JVEGXYVI [MXL XIEV PMRIW GSQTVMWMRK XLI VIQEMRHIV SJ XLI WYVJEGI ?*MKYVI F A 8LI
XIEV PMRIW TSMRX FEGO XS XLI QMVVSV ^SRI ERH XLI SVMKMR SJ XLI GVEGO QYGL PMOI XLI
GLIZVSR TEXXIVR MR QIXEPW
*MKYVI *MKYVI 4SP]QIVW GER JEMP F] IMXLIV E HYGXMPI SV E FVMXXPI QIGLERMWQ &IPS[ XLI KPEWW XIQ
8LI 'LIZVSR TEXXIVR MR E MR 8LI 'LIZVSR TEXXIVR JSVQW EW XLI GVEGO
HMEQIXIV UYIRGLIH WXIIP 8LI TVSTEKEXIW JVSQ XLI SVMKMR EX HMJJIVIRX PIZIPW 8LI
TIVEXYVI Ô8 K Â XLIVQSTPEWXMG TSP]QIVW JEMP MR E FVMXXPI QERRIVh QYGL PMOI E KPEWW
WXIIP JEMPIH MR E FVMXXPI QERRIV F] ER TEXXIVR TSMRXW FEGO XS XLI SVMKMR 0MOI[MWI XLI LEVH XLIVQSWIX TSP]QIVW [LSWI WXVYGXYVI GSRWMWXW SJ MRXIVGSRRIGXIH PSRK
MQTEGX FPS[ GLEMRW SJ QSPIGYPIW JEMP F] E FVMXXPI QIGLERMWQ 7SQI TPEWXMGW [LSWI WXVYGXYVI GSRWMWXW
SJ XERKPIH FYX RSX GLIQMGEPP] GVSWWPMROIH GLEMRW LS[IZIV JEMP MR E HYGXMPI QERRIV
EFSZI XLI KPEWW XIQTIVEXYVI KMZMRK IZMHIRGI SJ I\XIRWMZI HIJSVQEXMSR ERH IZIR RIGOMRK
TVMSV XS JEMPYVI 8LI HYGXMPI FILEZMSV MW E VIWYPX SJ WPMHMRK SJ XLI TSP]QIV GLEMRW [LMGL
MW RSX TSWWMFPI MR KPEWW] SV XLIVQSWIXXMRK TSP]QIVW 8LIVQSWIXXMRK TSP]QIVW LEZI E
3JXIR XLI PE]QER GPEMQW XLEX XLI QIXEP JEMPIH FIGEYWI MX GV]WXEPPMÎH 3J GSYVWI [I
ORS[ XLEX XLI QIXEPPMG QEXIVMEP [EW GV]WXEPPMRI XS FIKMR [MXL ERH XLI WYVJEGI ETTIEV VMKMH XLVIIHMQIRWMSREP GVSWWPMROIH WXVYGXYVI 'LETXIV
ERGI MW HYI XS XLI GPIEZEKI JEGIW *VEGXYVI MR wFIVVIMRJSVGIH GSQTSWMXI QEXIVMEPW MW QSVI GSQTPI\ 8]TMGEPP] XLIWI
%RSXLIV GSQQSR JVEGXYVI JIEXYVI MW XLI 'LIZVSR TEXXIVR *MKYVI TVSHYGIH F] GSQTSWMXIW GSRXEMR WXVSRK FVMXXPI wFIVW WYVVSYRHIH F] E WSJX HYGXMPI QEXVM\ EW MR
FSVSRVIMRJSVGIH EPYQMRYQ ;LIR E XIRWMPI WXVIWW MW ETTPMIH EPSRK XLI wFIVW XLI WSJX
WITEVEXI GVEGO JVSRXW TVSTEKEXMRK EX HMIVIRX PIZIPW MR XLI QEXIVMEP % VEHMEXMRK TEXXIVR
SJ WYVJEGI QEVOMRKW SV VMHKIW JERW E[E] JVSQ XLI SVMKMR SJ XLI GVEGO *MKYVI 8LI EPYQMRYQ HIJSVQW MR E HYGXMPI QERRIV [MXL ZSMH JSVQEXMSR ERH GSEPIWGIRGI IZIRXYEPP]
'LIZVSR TEXXIVR MW ZMWMFPI [MXL XLI REOIH I]I SV E QEKRMJ]MRK KPEWW ERH LIPTW YW MHIRXMJ] TVSHYGMRK E HMQTPIH JVEGXYVI WYVJEGI %W XLI EPYQMRYQ HIJSVQW XLI PSEH MW RS PSRKIV
FSXL XLI FVMXXPI REXYVI SJ XLI JEMPYVI TVSGIWW EW [IPP EW XLI SVMKMR SJ XLI JEMPYVI XVERWQMXXIH IIGXMZIP] XS XLI wFIVW XLI wFIVW FVIEO MR E FVMXXPI QERRIV YRXMP XLIVI EVI
XSS JI[ SJ XLIQ PIJX MRXEGX XS WYTTSVX XLI wREP PSEH
*VEGXYVMRK MW QSVI GSQQSR MJ XLI FSRHMRK FIX[IIR XLI wFIVW ERH QEXVM\ MW TSSV
:SMHW GER XLIR JSVQ FIX[IIR XLI wFIVW ERH XLI QEXVM\ GEYWMRK TYPPSYX :SMHW GER EPWS
JSVQ FIX[IIR PE]IVW SJ XLI QEXVM\ MJ GSQTSWMXI XETIW SV WLIIXW EVI RSX TVSTIVP] FSRHIH
)<%140) %YXSQSFMPI %\PI *EMPYVI %REP]WMW GEYWMRK HIPEQMREXMSR *MKYVI (IPEQMREXMSR MR XLMW GSRXI\X QIERW XLI PE]IVW SJ
HMIVIRX QEXIVMEPW MR E GSQTSWMXI FIKMR XS GSQI ETEVX
%R IRKMRIIV MRZIWXMKEXMRK XLI GEYWI SJ ER EYXSQSFMPI EGGMHIRX wRHW XLEX XLI
VMKLX VIEV [LIIP LEW FVSOIR S EX XLI E\PI 8LI E\PI MW FIRX 8LI JVEGXYVI WYV
JEGI VIZIEPW E 'LIZVSR TEXXIVR TSMRXMRK XS[EVH XLI WYVJEGI SJ XLI E\PI 7YKKIWX
E TSWWMFPI GEYWI JSV XLI JVEGXYVI
73098-32
8LI IZMHIRGI WYKKIWXW XLEX XLI E\PI HMH RSX FVIEO TVMSV XS XLI EGGMHIRX 8LI
HIJSVQIH E\PI QIERW XLEX XLI [LIIP [EW WXMPP EXXEGLIH [LIR XLI PSEH [EW
ETTPMIH 8LI 'LIZVSR TEXXIVR MRHMGEXIW XLEX XLI [LIIP [EW WYFNIGXIH XS ER
MRXIRWI MQTEGX FPS[ [LMGL [EW XVERWQMXXIH XS XLI E\PI GEYWMRK JEMPYVI 8LI
TVIPMQMREV] IZMHIRGI WYKKIWXW XLEX XLI HVMZIV PSWX GSRXVSP ERH GVEWLIH ERH XLI
JSVGI SJ XLI GVEWL GEYWIH XLI E\PI XS FVIEO *YVXLIV I\EQMREXMSR SJ XLI JVEGXYVI
WYVJEGI QMGVSWXVYGXYVI GSQTSWMXMSR ERH TVSTIVXMIW QE] ZIVMJ] XLEX XLI E\PI
[EW QERYJEGXYVIH TVSTIVP]
*MKYVI 7GERRMRK IPIGXVSR QMGVSKVETLW SJ JVEGXYVI WYVJEGIW MR GIVEQMGW E 8LI JVEGXYVI
WYVJEGI SJ %P 3 WLS[MRK XLI GPIEZEKI JEGIW ERH F XLI JVEGXYVI WYVJEGI SJ KPEWW
WLS[MRK XLI QMVVSV ^SRI XST ERH XIEV PMRIW GLEVEGXIVMWXMG SJ GSRGLSMHEP JVEGXYVI
1MGVSWXVYGXYVEP *IEXYVIW SJ *VEGXYVI MR 'IVEQMGW +PEWWIW ERH 'SQTSWMXIW ' ,% 4 8)6 *VEGXYVI 1IGLERMGW *EXMKYI ERH 'VIIT &ILEZMSV
*MKYVI 8LIVI EVI WIZIVEP [E]W MR [LMGL E GVEGO [MPP MRXIVEGX [MXL E QEXIVMEPtW QMGVS
*MFIVVIMRJSVGIH GSQTSWMXIW GER JEMP F] WXVYGXYVI 7SQI SJ XLIWI MRXIVEGXMSRW GER FI YWIH XS IRLERGI XLI JVEGXYVI XSYKLRIWW SJ
WIZIVEP QIGLERMWQW E (YI XS [IEO FSRHMRK QEXIVMEPW 8LI MRXIVEGXMSRW SJ ER EHZERGMRK GVEGO MRGPYHI GVEGO FVMHKMRK F] E HYGXMPI
FIX[IIR XLI QEXVM\ ERH JMFIVW JMFIVW GER TYPP TLEWI HIxIGXMSR SJ XLI GVEGO MR E FVMXXPI QEXVM\ F] ERSXLIV TLEWI ERH GVIEXMRK E WXVIWW
SYX SJ XLI QEXVM\ GVIEXMRK ZSMHW F -J XLI
MRHYGIH TLEWI XVERWJSVQEXMSR EX XLI GVEGO XMT ?*MKYVI G A 3XLIV WXVEXIKMIW MRGPYHI
MRHMZMHYEP PE]IVW SJ XLI QEXVM\ EVI TSSVP]
FSRHIH XLI QEXVM\ QE] HIPEQMREXI GVIEXMRK GVIEXMRK GVEGO MRXIVEGXMSRW [MXL KVEMR FSYRHEVMIW ERH GVEGO MRXIVEGXMSRW [MXL FVMXXPI
ZSMHW G -RXIVEGXMSRW SJ ER EHZERGMRK GVEGO WIGSRH TLEWI TEVXMGPIW MR [LMGL XLI WIGSRH TLEWI TEVXMGPIW QE] GVEGO SV HIFSRH SV
[MXL XLI QEXIVMEPW QMGVSWXVYGXYVI 8LMW GVIEXI QMGVSZSMHW
EVXMGPI [EW TYFPMWLIH MR 1EXIVMEPW 8SHE]
:SP 2S 7LEVZER /YQEV ERH ;MPPMEQ
% 'YVXMR ss'VEGO MRXIVEGXMSR [MXL
QMGVSWXVYGXYVItt TT i 'ST]VMKLX )<%140) *VEGXYVI MR 'SQTSWMXIW
)PWIZMIV
(IWGVMFI XLI HMIVIRGI MR JVEGXYVI QIGLERMWQ FIX[IIR E FSVSRVIMRJSVGIH EPY
QMRYQ GSQTSWMXI ERH E KPEWW wFIVVIMRJSVGIH ITS\] GSQTSWMXI
73098-32
-R XLI FSVSREPYQMRYQ GSQTSWMXI XLI EPYQMRYQ QEXVM\ MW WSJX ERH HYGXMPI
XLYW [I I\TIGX XLI QEXVM\ XS JEMP MR E HYGXMPI QERRIV &SVSR wFIVW MR GSRXVEWX
JEMP MR E FVMXXPI QERRIV &SXL KPEWW wFIVW ERH ITS\] EVI FVMXXPI XLYW XLI GSQ
TSWMXI EW E [LSPI WLSYPH HMWTPE] PMXXPI IZMHIRGI SJ HYGXMPI JVEGXYVI
;IMFYPP 7XEXMWXMGW JSV *EMPYVI 7XVIRKXL %REP]WMW

;I RIIH E WXEXMWXMGEP ETTVSEGL [LIR IZEPYEXMRK XLI WXVIRKXL SJ GIVEQMG QEXIVMEPW 8LI
WXVIRKXL SJ GIVEQMGW ERH KPEWWIW HITIRHW YTSR XLI WMÎ ERH HMWXVMFYXMSR SJ WMÎW SJ xE[W
-R XLIWI QEXIVMEPW xE[W SVMKMREXI JVSQ XLI GIVEQMG QERYJEGXYVMRK TVSGIWW 8LI xE[W
EPWS GER VIWYPX HYVMRK QEGLMRMRK KVMRHMRK IXG +PEWWIW GER EPWS HIZIPST QMGVSGVEGOW EW
E VIWYPX SJ MRXIVEGXMSR [MXL [EXIV ZETSV MR EMV -J [I XIWX EPYQMRE SV SXLIV GIVEQMG
GSQTSRIRXW SJ HMIVIRX WMÎW ERH KISQIXV] [I SJXIR wRH E PEVKI WGEXXIV MR XLI QIE
WYVIH ZEPYIWh IZIR MJ XLIMV RSQMREP GSQTSWMXMSR MW XLI WEQI 7MQMPEVP] MJ [I EVI XIWXMRK
XLI WXVIRKXL SJ KPEWW wFIVW SJ E KMZIR GSQTSWMXMSR [I wRH XLEX SR EZIVEKI WLSVXIV
wFIVW EVI WXVSRKIV XLER PSRKIV wFIVW
8LI WXVIRKXL SJ GIVEQMGW ERH KPEWWIW HITIRHW YTSR XLI TVSFEFMPMX] SJ wRHMRK E xE[
XLEX I\GIIHW E GIVXEMR GVMXMGEP WMÎ *SV PEVKIV GSQTSRIRXW SV PEVKIV wFIVW XLMW TVSFEFMP
MX] MRGVIEWIW %W E VIWYPX XLI WXVIRKXL SJ PEVKIV GSQTSRIRXW SV wFIVW MW PMOIP] XS FI PS[IV
XLER XLEX SJ WQEPPIV GSQTSRIRXW SV WLSVXIV wFIVW -R QIXEPPMG SV TSP]QIVMG QEXIVMEPW
[LMGL GER I\LMFMX VIPEXMZIP] PEVKI TPEWXMG HIJSVQEXMSRW XLI IIGX SJ xE[W ERH xE[ WMÎ
HMWXVMFYXMSR MW RSX JIPX XS XLI I\XIRX MX MW MR GIVEQMGW ERH KPEWWIW -R XLIWI QEXIVMEPW
GVEGOW MRMXMEXMRK JVSQ xE[W KIX FPYRXIH F] TPEWXMG HIJSVQEXMSR 8LYW JSV HYGXMPI QEXI
VMEPW XLI HMWXVMFYXMSR SJ WXVIRKXL MW REVVS[ ERH GPSWI XS E +EYWWMER HMWXVMFYXMSR 8LI
WXVIRKXL SJ GIVEQMGW ERH KPEWWIW LS[IZIV ZEVMIW GSRWMHIVEFP] MI MJ [I XIWX E PEVKI
RYQFIV SJ MHIRXMGEP WEQTPIW SJ WMPMGE KPEWW SV EPYQMRE GIVEQMG XLI HEXE [MPP WLS[ E
[MHI WGEXXIV S[MRK XS GLERKIW MR HMWXVMFYXMSR SJ xE[ WMÎW 8LI WXVIRKXL SJ FVMXXPI QE
G XIVMEPW WYGL EW GIVEQMGW ERH KPEWWIW MW RSX +EYWWMER MX MW KMZIR F] XLI ;IMFYPP HMWXVM
FYXMSR 8LI ;IMFYPP HMWXVMFYXMSR MW ER MRHMGEXSV SJ XLI ZEVMEFMPMX] SJ WXVIRKXL SJ QEXIVMEPW
VIWYPXMRK JVSQ E HMWXVMFYXMSR SJ xE[ WMÎW 8LMW FILEZMSV VIWYPXW JVSQ GVMXMGEP WMÎH xE[W MR
QEXIVMEPW [MXL E HMWXVMFYXMSR SJ xE[ WMÎW MI JEMPYVI HYI XS XLI [IEOIWX PMRO SJ E GLEMR
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WXVIWWIW EX XLI XST XLI PSEHGEVV]MRK GLEVEGXIVMWXMGW EVI TSSV F 8LI XST GSRXEMRW GSQTVIWWMZI
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8LIVI QE] FI WIZIVEP I\TPEREXMSRW JSV XLI JEMPYVI SJ XLI FPEHIWh JSV I\EQTPI WYVJEGI [MPP RSX PMOIP] KVS[ 8LMW MW [L] ER] VIWMHYEP WXVIWWIW SVMKMREXMRK JVSQ GSPH
XLI [VSRK X]TI SJ WXIIP QE] LEZI FIIR WIPIGXIH XLI HMIW YWIH XS WXEQT XLI [SVO SV ER] SXLIV WSYVGI EIGX XLI EFMPMX] SJ XLI TEVX XS GEVV] E PSEH *MKYVI -J E
FPEHIW JVSQ XLI WLIIX QE] FI [SVR SV XLI GPIEVERGI FIX[IIR XLI TEVXW SJ XLI XIRWMPI WXVIWW MW ETTPMIH XS E QEXIVMEP XLEX EPVIEH] GSRXEMRW XIRWMPI VIWMHYEP WXVIWWIW XLI
HMIW QE] FI MRGSVVIGX TVSHYGMRK HIJIGXW XLEX MRMXMEXI JEXMKYI JEMPYVI XSXEP WXVIWW EGXMRK SR XLI TEVX MW XLI WYQ SJ XLI ETTPMIH ERH VIWMHYEP WXVIWWIW -J LS[IZIV
8LI JEMPYVIW GSYPH EPWS FI VIPEXIH XS XLI ERMWSXVSTMG FILEZMSV SJ XLI WXIIP GSQTVIWWMZI WXVIWWIW EVI WXSVIH EX XLI WYVJEGI SJ E QIXEP TEVX ER ETTPMIH XIRWMPI WXVIWW
WLIIX GEYWIH F] VSPPMRK 8S EGLMIZI XLI FIWX TIVJSVQERGI JVSQ XLI FPEHI XLI QYWX wVWX FEPERGI XLI GSQTVIWWMZI VIWMHYEP WXVIWWIW 2S[ XLI TEVX QE] FI GETEFPI SJ
E\MW SJ XLI FPEHI WLSYPH FI EPMKRIH [MXL XLI VSPPMRK HMVIGXMSR SJ XLI WXIIP WLIIX [MXLWXERHMRK E PEVKIV PSEH -R 'LETXIVW ERH [I PIEVRIH XLEX JEXMKYI MW E GSQQSR
8LMW TVSGIHYVI TVSHYGIW LMKL WXVIRKXL EPSRK XLI E\MW SJ XLI FPEHI ERH F] QIGLERMWQ SJ JEMPYVI JSV PSEHFIEVMRK GSQTSRIRXW 7SQIXMQIW GSQTSRIRXW XLEX EVI
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SJ KVEMR FSYRHEVMIW EPSRK XLI PIEHMRK IHKI SJ XLI FPEHI XLEX QMKLX LIPT MRMXMEXI [MXL WXIIP WLSX TVSTIPPIH EX E LMKL ZIPSGMX] MRXVSHYGIW GSQTVIWWMZI VIWMHYEP WXVIWWIW EX
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GMEP KYMHIW SV PSGOMRK HIZMGIW SR XLI HMI [MPP EWWYVI XLEX XLI HMI MW TVSTIVP] VSXEXMSR =SYV WEPIW IRKMRIIVW VITSVX XLEX XLI wVWX JI[ WLEJXW TPEGIH MRXS WIVZMGI
EPMKRIH [MXL XLI WLIIX JEMPIH MR E WLSVX TIVMSH SJ XMQI F] JEXMKYI (IWMKR E TVSGIWW F] [LMGL XLI VI
QEMRMRK WLEJXW GER FI WEPZEKIH F] MQTVSZMRK XLIMV JEXMKYI TVSTIVXMIW
6IWMHYEP 7XVIWWIW % WQEPP TSVXMSR SJ XLI ETTPMIH WXVIWWh TIVLETW EFSYX h MW 73098-32
WXSVIH MR XLI JSVQ SJ VIWMHYEP WXVIWWIW [MXLMR XLI WXVYGXYVI EW E XERKPIH RIX[SVO SJ HMW *EXMKYI JEMPYVIW X]TMGEPP] FIKMR EX XLI WYVJEGI SJ E VSXEXMRK TEVX XLYW MRGVIEWMRK
PSGEXMSRW 8LI VIWMHYEP WXVIWWIW MRGVIEWI XLI XSXEP IRIVK] SJ XLI WXVYGXYVI 8LI TVIWIRGI XLI WXVIRKXL EX XLI WYVJEGI MQTVSZIW XLI JEXMKYI PMJI SJ XLI WLEJX % ZEVMIX] SJ
SJ HMWPSGEXMSRW MRGVIEWIW XLI XSXEP MRXIVREP IRIVK] SJ XLI WXVYGXYVI 8LI LMKLIV XLI I\XIRX QIXLSHW QMKLX FI YWIH XS EGGSQTPMWL XLMW
SJ GSPH [SVOMRK XLI LMKLIV [SYPH FI XLI PIZIP SJ XSXEP MRXIVREP IRIVK] SJ XLI QEXIVMEP -J XLI WLEJX MW QEHI SJ WXIIP [I GSYPH GEVFYVMÎ XLI WYVJEGI SJ XLI TEVX
6IWMHYEP WXVIWWIW KIRIVEXIH F] GSPH [SVOMRK QE] RSX EP[E]W FI HIWMVEFPI ERH GER FI 'LETXIV -R GEVFYVM^MRK GEVFSR MW HMYWIH MRXS XLI WYVJEGI SJ XLI WLEJX
VIPMIZIH F] E LIEX XVIEXQIRX ORS[R EW WXVIWWVIPMIJ ERRIEP 7IGXMSR %W [MPP FI HMW %JXIV ER ETTVSTVMEXI LIEX XVIEXQIRX XLI LMKLIV GEVFSR EX XLI WYVJEGI MRGVIEWIW
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[SVOMRK %RRIEPMRK EX E PS[ XIQTIVEXYVI QE] FI YWIH XS IPMQMREXI XLI VIWMHYEP WXVIWWIW
TVSHYGIH HYVMRK GSPH [SVOMRK [MXLSYX EIGXMRK XLI QIGLERMGEP TVSTIVXMIW SJ XLI wR
MWLIH TEVX 3V ERRIEPMRK QE] FI YWIH XS GSQTPIXIP] IPMQMREXI XLI WXVEMR LEVHIRMRK
EGLMIZIH HYVMRK GSPH [SVOMRK -R XLMW GEWI XLI wREP TEVX MW WSJX ERH HYGXMPI FYX WXMPP LEW
E KSSH WYVJEGI wRMWL ERH HMQIRWMSREP EGGYVEG] %JXIV ERRIEPMRK EHHMXMSREP GSPH [SVO
GSYPH FI HSRI WMRGI XLI HYGXMPMX] MW VIWXSVIH F] GSQFMRMRK VITIEXIH G]GPIW SJ GSPH
[SVOMRK ERH ERRIEPMRK PEVKI XSXEP HIJSVQEXMSRW QE] FI EGLMIZIH 8LIVI EVI XLVII TSW
WMFPI WXEKIW MR XLI ERRIEPMRK TVSGIWW XLIMV IIGXW SR XLI TVSTIVXMIW SJ FVEWW EVI WLS[R MR
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2SXI XLEX XLI XIVQ ssERRIEPMRKtt MW EPWS YWIH XS HIWGVMFI SXLIV XLIVQEP XVIEXQIRXW
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RS TVMSV GSPH [SVO [EW HSRI XS XLI QEXIMVEP 8LIWI ERRIEPMRK LIEX XVIEXQIRXW [MPP FI
HMWGYWWIH MR PEXIV GLETXIVW
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SV HIZIPSTQIRX SJ VIWMHYEP WXVIWWIW QE] RSX FI HIWMVEFPI JSV GIVXEMR ETTPMGEXMSRW 7MRGI ZMVXYEPP] YRGLERKIH 8LMW PS[XIQTIVEXYVI XVIEXQIRX VIQSZIW XLI VIWMHYEP WXVIWWIW HYI
GSPH [SVOMRK SV WXVEMR LEVHIRMRK VIWYPXW JVSQ MRGVIEWIH HMWPSGEXMSR HIRWMX] [I GER XS GSPH [SVOMRK [MXLSYX GEYWMRK E GLERKI MR HMWPSGEXMSR HIRWMX] ERH MW GEPPIH VIGSZIV]
8LI 8LVII 7XEKIW SJ %RRIEPMRK ' ,% 4 8)6 7XVEMR ,EVHIRMRK ERH %RRIEPMRK
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E GSPH[SVOIH F EJXIV VIGSZIV] G EJXIV VIGV]WXEPPMÊXMSR ERH H EJXIV KVEMR KVS[XL
8LI QIGLERMGEP TVSTIVXMIW SJ XLI QIXEPPMG QEXIVMEP EVI VIPEXMZIP] YRGLERKIH FIGEYWI
XLI RYQFIV SJ HMWPSGEXMSRW MW RSX VIHYGIH HYVMRK VIGSZIV] ,S[IZIV WMRGI VIWMHYEP
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SJXIR GEPPIH E WXVIWWVIPMIJ ERRIEP -R EHHMXMSR VIGSZIV] VIWXSVIW LMKL IPIGXVMGEP GSRHYG MR FVEWW 8[MR FSYRHEVMIW GER EPWS FI SFWIVZIH MR XLI WXVYGXYVIW E %RRIEPIH EX '
XMZMX] XS XLI QIXEP TIVQMXXMRK YW XS QERYJEGXYVI GSTTIV SV EPYQMRYQ [MVI JSV XVERW F ERRIEPIH EX ' ERH G ERRIEPIH EX ' %HETXIH JVSQ &VMGO 6 ERH
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ER ETTVSTVMEXI ERRIEPMRK LIEX XVIEXQIRX [I RIIH XS ORS[ XLI VIGV]WXEPPMÊXMSR XIQ
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LMKL IRSYKL XLI KVEMRW FIKMR XS KVS[ [MXL JEZSVIH KVEMRW GSRWYQMRK XLI WQEPPIV 6IGV]WXEPPMÊXMSR 8IQTIVEXYVI 8LMW MW XLI XIQTIVEXYVI EX [LMGL KVEMRW MR XLI GSPH
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% WQEPPIV SVMKMREP GSPH[SVOIH KVEMR WMÎ VIHYGIW XLI VIGV]WXEPPMÊXMSR XIQTIVE
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% QEXIVMEP QE] FILEZI QYGL HMIVIRXP] MJ MX MW WPS[P] TVIWWIH MRXS E WLETI VEXLIV XLER XVERW
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% EPYQMRYQ TPEXI TVIZMSYWP] GSPH [SVOIH

MW MR XLMGO -X MW XLIR GSPH [SVOIH JYVXLIV
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% MRHMEQIXIV GSTTIV FEV MW XS FI GSPH 7IGXMSR 'LEVEGXIVMWXMGW SJ 'SPH ;SVOMRK
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%PYQMRYQ GERW QEHI F] HIIT HVE[MRK HIVMZI 8IQTIVEXYVI 'SRHYGXMZMX] 7XVIRKXL 7MÎ
% MRHMEQIXIV GSTTIV VSH MW VIHYGIH XS E MR GSRWMHIVEFPI WXVIRKXL HYVMRK XLIMV JEFVMGEXMSR ' SLQ' GQ' 14E QQ
HMEQIXIV XLIR VIHYGIH EKEMR XS E wREP HMEQIXIV )\TPEMR [L]
SJ MR -R E WIGSRH GEWI XLI MRHMEQIXIV VSH MW
VIHYGIH MR SRI WXIT JVSQ E MR XS E MR HMEQI 7YGL QIXEPW EW QEKRIWMYQ GER RSX FI IIGXMZIP]

XIV 'EPGYPEXI XLI '; JSV FSXL GEWIW WXVIRKXLIRIH YWMRK GSPH [SVOMRK )\TPEMR [L]

% EPYQMRYQ TPEXI MW VIHYGIH JVSQ MR ;I [ERX XS HVE[ E MRHMEQIXIV GSTTIV [MVI
XS MR (IXIVQMRI XLI wREP TVSTIVXMIW SJ XLI LEZMRK ]MIPH WXVIRKXL SJ TWM MRXS E MR
TPEXI 2SXI HIWMKREXIW E WTIGMEP GSQTSWMXMSR HMEQIXIV [MVI
SJ EPYQMRYQ EPPS] 7II *MKYVI E *MRH XLI HVE[ JSVGI EWWYQMRK RS JVMGXMSR
F ;MPP XLI HVE[R [MVI FVIEO HYVMRK XLI HVE[MRK
% 'Y >R FVEWW FEV MW VIHYGIH JVSQ E MR
HMEQIXIV XS E MR HMEQIXIV (IXIVQMRI XLI TVSGIWW# 7LS[ [L] 7II *MKYVI 8LI JSPPS[MRK HEXE [IVI SFXEMRIH [LIR E GSPH
wREP TVSTIVXMIW SJ XLI FEV 7II *MKYVI % EPYQMRYQ [MVI MW XS FI HVE[R XS KMZI E [SVOIH QIXEPPMG QEXIVMEP [EW ERRIEPIH
% EPYQMRYQ FEV MW VIHYGIH JVSQ E MR QQHMEQIXIV [MVI LEZMRK ]MIPH WXVIRKXL SJ E )WXMQEXI XLI VIGSZIV] VIGV]WXEPPMÊXMSR ERH
HMEQIXIV XS E MR HMEQIXIV XS E MR HMEQ TWM 2SXI HIWMKREXIW E WTIGMEP GSQ KVEMR KVS[XL XIQTIVEXYVIW
IXIV XS E wREP MR HMEQIXIV (IXIVQMRI XLI TSWMXMSR SJ EPYQMRYQ EPPS] F 6IGSQQIRH E WYMXEFPI XIQTIVEXYVI JSV
*MKYVI 8LI IJJIGX SJ TIVGIRX GSPH [SVO SR XLI
'; ERH XLI TVSTIVXMIW EJXIV IEGL WXIT SJ XLI TVS TVSTIVXMIW SJ E 'Y >R FVEWW JSV 4VSFPIQW E *MRH XLI SVMKMREP HMEQIXIV SJ XLI [MVI SFXEMRMRK E LMKLWXVIRKXL LMKLIPIGXVMGEP
GIWW 'EPGYPEXI XLI XSXEP TIVGIRX GSPH [SVO 2SXI ERH F 'EPGYPEXI XLI HVE[ JSVGI VIUYMVIH ERH GSRHYGXMZMX] [MVI
4VSFPIQW ' ,% 4 8)6 7XVEMR ,EVHIRMRK ERH %RRIEPMRK
G 6IGSQQIRH E WYMXEFPI XIQTIVEXYVI JSV E LSX TWM ERH E IPSRKEXMSR SJ EX PIEWX 8LI XS E LMKL IRSYKL XIQTIVEXYVI XLEX E wPPIV QEXI ;I [MWL XS TVSHYGI E QQHMEQIXIV GSTTIV
[SVOMRK TVSGIWW ERH SVMKMREP XLMGORIWW SJ XLI TPEXI MW MR 8LI QE\M VMEP QIPXW ERH MW HVE[R MRXS XLI NSMRX 'LETXIV [MVI LEZMRK E QMRMQYQ ]MIPH WXVIRKXL SJ
H )WXMQEXI XLI QIPXMRK XIQTIVEXYVI SJ XLI EPPS] QYQ GSPH [SVO MR IEGL WXIT MW (IWGVMFI (IWMKR E WSPHIVMRK TVSGIWW XLEX [MPP RSX WSJXIR XLI TWM ERH E QMRMQYQ IPSRKEXMSR SJ ;I WXEVX
XLI GSPH [SVOMRK ERH ERRIEPMRK WXITW VIUYMVIH XS GSTTIV )\TPEMR 'SYPH [I YWI LMKLIV WSPHIVMRK [MXL E QQHMEQIXIV VSH (IWMKR XLI TVSGIWW
%RRIEPMRK 6IWMHYEP 8IRWMPI +VEMR QEOI XLMW TVSHYGX 'SQTEVI XLMW TVSGIWW [MXL XIQTIVEXYVIW MJ XLI WLIIX QEXIVMEP [IVI E 'Y F] [LMGL XLI [MVI GER FI HVE[R -RGPYHI EPP
8IQTIVEXYVI 7XVIWWIW 7XVIRKXL 7MÎ
[LEX ]SY [SYPH VIGSQQIRH MJ ]SY GSYPH HS XLI >R EPPS]# )\TPEMR MQTSVXERX HIXEMPW ERH I\TPEMR
' TWM TWM MR
MRMXMEP HIJSVQEXMSR F] LSX [SVOMRK 7II *MKYVI

;I [MWL XS TVSHYGI E MRHMEQIXIV [MVI SJ
GSTTIV LEZMRK E QMRMQYQ ]MIPH WXVIRKXL SJ
TWM ERH E QMRMQYQ IPSRKEXMSR SJ 8LI
SVMKMREP HMEQIXIV SJ XLI VSH MW MR ERH XLI QE\
MQYQ GSPH [SVO MR IEGL WXIT MW (IWGVMFI
XLI GSPH [SVOMRK ERH ERRIEPMRK WXITW VIUYMVIH XS
QEOI XLMW TVSHYGX 'SQTEVI XLMW TVSGIWW [MXL
[LEX ]SY [SYPH VIGSQQIRH MJ ]SY GSYPH HS XLI
7IGXMSR 'SRXVSP SJ %RRIEPMRK MRMXMEP HIJSVQEXMSR F] LSX [SVOMRK 7II *MKYVI
8[S WLIIXW SJ WXIIP LEZI GSPH [SVOW SJ ERH
VIWTIGXMZIP] ;LMGL SRI [SYPH PMOIP] LEZI E ;LEX MW E LIEXEIGXIH ^SRI# ;L] HS WSQI
PS[IV VIGV]WXEPPMÊXMSR XIQTIVEXYVI# ;L]# [IPHMRK TVSGIWWIW VIWYPX MR E NSMRX [LIVI XLI QE
7IGXMSR %RRIEPMRK ERH 1EXIVMEPW 4VSGIWWMRK XIVMEP MR XLI LIEXEIGXIH ^SRI MW [IEOIV XLER XLI
FEWI QIXEP#
9WMRK XLI HEXE MR 8EFPI TPSX XLI VIGV]WXEPPM
ÊXMSR XIQTIVEXYVI ZIVWYW XLI QIPXMRK XIQTIVE ;LEX [IPHMRK XIGLRMUYIW GER FI YWIH XS EZSMH
XYVI SJ IEGL QIXEP YWMRK EFWSPYXI XIQTIVEXYVIW PSWW SJ WXVIRKXL MR XLI QEXIVMEP MR XLI LIEX
/IPZMR 1IEWYVI XLI WPSTI ERH GSQTEVI [MXL EIGXIH ^SRI# )\TPEMR [L] XLIWI XIGLRMUYIW EVI
XLI I\TIGXIH VIPEXMSRWLMT FIX[IIR XLIWI X[S XIQ IIGXMZI
TIVEXYVIW -W SYV ETTVS\MQEXMSR E KSSH SRI# 7IGXMSR ,SX ;SVOMRK
8LI EQSYRX SJ TPEWXMG HIJSVQEXMSR XLEX GER
FI TIVJSVQIH HYVMRK LSX [SVOMRK MW EPQSWX YR
8%&0) 8]TMGEP VIGV]WXEPPMÊXMSR XIQTIVEXYVIW JSV PMQMXIH .YWXMJ] XLMW WXEXIQIRX
WIPIGXIH QIXEPW 6ITIEXIH JSV 4VSFPIQ
'SQTEVI ERH GSRXVEWX LSX [SVOMRK ERH GSPH
1IPXMRK 8IQTIVEXYVI 6IGV]WXEPPMÊXMSR [SVOMRK
1IXEP ' 8IQTIVEXYVI '
7R
4F
>R
%P

K (IWMKR 4VSFPIQW
1K (IWMKR YWMRK SRI SJ XLI TVSGIWWIW HMWGYWWIH MR
%K XLMW GLETXIV E QIXLSH XS TVSHYGI IEGL SJ XLI
'Y JSPPS[MRK TVSHYGXW 7LSYPH XLI TVSGIWW MRGPYHI
*I LSX [SVOMRK GSPH [SVOMRK ERRIEPMRK SV WSQI
2M GSQFMREXMSR SJ XLIWI# )\TPEMR ]SYV HIGMWMSRW
1S E TETIV GPMTW
; F -FIEQW XLEX [MPP FI [IPHIH XS TVSHYGI E
TSVXMSR SJ E FVMHKI
7SYVGI %HETXIH JVSQ 7XVYGXYVI ERH 4VSTIVXMIW SJ )RKMRIIVMRK
G GSTTIV XYFMRK XLEX [MPP GSRRIGX E [EXIV JEYGIX
1EXIVMEPW F] 6 &VMGO % 4IRWI ERH 6 +SVHSR
XS XLI QEMR GSTTIV TPYQFMRK
'ST]VMKLX " 8LI 1G+VE[,MPP 'SQTERMIW %HETXIH F]
TIVQMWWMSR
H XLI WXIIP XETI MR E XETI QIEWYVI ERH
I E LIEH JSV E GEVTIRXIVtW LEQQIV JSVQIH JVSQ
E VSYRH VSH
;I [MWL XS TVSHYGI E MRXLMGO TPEXI SJ ;I TPER XS NSMR X[S WLIIXW SJ GSPH[SVOIH GSTTIV
EPYQMRYQ LEZMRK E XIRWMPI WXVIRKXL SJ EX PIEWX F] WSPHIVMRK 7SPHIVMRK MRZSPZIW LIEXMRK XLI QIXEP
' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
WSPMHMJMGEXMSR SJ QEXIVMEPW XLEX GV]WXEPPMÎ VIUYMVIW 'LETXIV XLEX KVEMR WMÎ TPE]W ER MQTSVXERX VSPI
X[S WXITW -R XLI JMVWX WXIT YPXVEJMRI GV]WXEPPMXIW MR HIXIVQMRMRK XLI WXVIRKXL SJ QIXEPPMG QEXIVMEPW
ORS[R EW XLI RYGPIM SJ E WSPMH TLEWI JSVQ JVSQ -R XLMW GLETXIV [I [MPP WXYH] XLI TVMRGMTPIW SJ
XLI PMUYMH -R XLI WIGSRH WXIT [LMGL GER SZIVPET WSPMHMJMGEXMSR EW XLI] ETTP] XS TYVI QIXEPW ;I
[MXL XLI JMVWX XLI YPXVEJMRI WSPMH GV]WXEPPMXIW FI [MPP HMWGYWW WSPMHMJMGEXMSR SJ EPPS]W ERH QSVI
KMR XS KVS[ EW EXSQW JVSQ XLI PMUYMH EVI EXXEGLIH GSQTPI\ QEXIVMEPW MR WYFWIUYIRX GLETXIVW ;I [MPP
XS XLI RYGPIM YRXMP RS PMUYMH VIQEMRW 7SQI QE JMVWX HMWGYWW XLI XIGLRSPSKMGEP WMKRMJMGERGI SJ WS
XIVMEPW WYGL EW MRSVKERMG WMPMGEXI KPEWWIW [MPP PMHMJMGEXMSR ERH XLIR I\EQMRI XLI QIGLERMWQW F]
XYVR MRXS E WSPMH [MXLSYX HIZIPSTMRK E PSRKVERKI [LMGL WSPMHMJMGEXMSR SGGYVW 8LMW [MPP FI JSPPS[IH
4VMRGMTPIW ERH %TTPMGEXMSRW SJ SVHIV MI XLI] VIQEMR EQSVTLSYW 1ER] TSP]
QIVMG QEXIVMEPW QE] HIZIPST TEVXMEP GV]WXEPPMRMX]
HYVMRK WSPMHMJMGEXMSR SV TVSGIWWMRK
F] ER I\EQMREXMSR SJ XLI QMGVSWXVYGXYVI SJ GEWX
QIXEPPMG QEXIVMEPW ERH MXW IJJIGX SR XLI QEXIVMEPtW
QIGLERMGEP TVSTIVXMIW ;I [MPP EPWS I\EQMRI XLI
7SPMHMwGEXMSR 8LI WSPMHMJMGEXMSR SJ QIXEPPMG TSP]QIVMG ERH

GIVEQMG QEXIVMEPW MW ER MQTSVXERX TVSGIWW XS
WXYH] FIGEYWI SJ MXW IJJIGX SR XLI TVSTIVXMIW SJ
VSPI SJ GEWXMRK EW E QEXIVMEPW WLETMRK TVSGIWW ;I
[MPP I\EQMRI LS[ XIGLRMUYIW WYGL EW [IPHMRK
FVE^MRK ERH WSPHIVMRK EVI YWIH JSV NSMRMRK QIXEPPMG
XLI QEXIVMEPW MRZSPZIH -R 'LETXIV [I I\EQMRIH QEXIVMEPW %TTPMGEXMSRW SJ XLI WSPMHMJMGEXMSR TVS
LS[ WXVEMR LEVHIRMRK GER FI YWIH XS WXVIRKXLIR GIWW MR WMRKPI GV]WXEP KVS[XL ERH XLI WSPMHMJMGEXMSR
ERH WLETI QIXEPPMG QEXIVMEPW ;I PIEVRIH MR SJ KPEWWIW ERH TSP]QIVW EPWS [MPP FI HMWGYWWIH

;LIXLIV [EXIV VIEPP] HSIW ssJVIIÎtt EX ' ERH ssFSMPtt EX '# 8IGLRSPSKMGEP 7MKRMJMGERGI
;LEX MW XLI TVSGIWW YWIH XS TVSHYGI WIZIVEP QMPPMSR TSYRHW SJ WXIIPW ERH SXLIV EPPS]W#
8LI EFMPMX] XS YWI wVI XS TVSHYGI QIPX ERH GEWX QIXEPW WYGL EW GSTTIV FVSRÎ ERH
;LEX JEGXSVW HIXIVQMRI XLI WXVIRKXL SJ E GEWX TVSHYGX# WXIIP MRHIIH MW VIKEVHIH EW ER MQTSVXERX LEPPQEVO MR XLI HIZIPSTQIRX SJ QEROMRH 8LI
YWI SJ wVI JSV VIHYGMRK REXYVEPP] SGGYVVMRK SVIW MRXS QIXEPW ERH EPPS]W PIH XS XLI TVS
;LEX MW E 0MUYMHQIXEP 81 # HYGXMSR SJ YWIJYP XSSPW ERH SXLIV TVSHYGXW 8SHE] XLSYWERHW SJ ]IEVW PEXIV WSPMHMw
GEXMSR MW WXMPP GSRWMHIVIH SRI SJ XLI QSWX MQTSVXERX QERYJEGXYVMRK TVSGIWWIW 7IZIVEP
QMPPMSR TSYRHW SJ WXIIP EPYQMRYQ EPPS]W GSTTIV ERH ^MRG EVI TVSHYGIH XLVSYKL XLI
GEWXMRK TVSGIWW 8LI WSPMHMwGEXMSR TVSGIWW MW EPWS YWIH XS QERYJEGXYVI WTIGMwG GSQTS
RIRXW IK EPYQMRYQ EPPS] JSV EYXSQSXMZI [LIIPW *MKYVI -RHYWXV] EPWS YWIW XLI
WSPMHMwGEXMSR TVSGIWW EW E TVMQEV] TVSGIWWMRK WXIT XS TVSHYGI QIXEPPMG WPEFW SV MRKSXW E
WMQTPI ERH SJXIR PEVKI GEWXMRK XLEX MW TVSGIWWIH PEXIV MRXS YWIJYP WLETIW 8LI MRKSXW SV
WPEFW EVI XLIR LSX ERH GSPH [SVOIH XLVSYKL WIGSRHEV] TVSGIWWMRK WXITW MRXS QSVI YWIJYP
WLETIW MI WLIIXW [MVIW VSHW TPEXIW IXG 7SPMHMwGEXMSR EPWS MW ETTPMIH [LIR NSMRMRK
QIXEPPMG QEXIVMEPW YWMRK XIGLRMUYIW WYGL EW [IPHMRK FVE^MRK ERH WSPHIVMRK
;I EPWS YWI WSPMHMwGEXMSR JSV TVSGIWWMRK MRSVKERMG KPEWWIW WMPMGEXI KPEWW JSV I\EQ
TPI MW TVSGIWWIH YWMRK XLI xSEXKPEWW TVSGIWW ,MKLUYEPMX] STXMGEP wFIVW ERH SXLIV
QEXIVMEPW WYGL EW wFIVKPEWW wFIVW EPWS EVI TVSHYGIH JVSQ XLI WSPMHMwGEXMSR SJ QSPXIR
3J EPP XLI TVSGIWWMRK XIGLRMUYIW YWIH MR XLI XLI] GSSP FIPS[ XLIMV JVII^MRK XIQTIVEXYVI -R
KPEWWIW (YVMRK XLI WSPMHMwGEXMSR SJ MRSVKERMG KPEWWIW EQSVTLSYW VEXLIV XLER GV]WXEP
QERYJEGXYVMRK SJ QEXIVMEPW WSPMHMJMGEXMSR MW 'LETXIV [I PIEVRIH LS[ QEXIVMEPW EVI GPEWWM PMRI QEXIVMEPW EVI TVSHYGIH -R XLI QERYJEGXYVI SJ KPEWWGIVEQMGW [I wVWX WLETI XLI
TVSFEFP] XLI QSWX MQTSVXERX %PP QIXEPPMG QEXI JMIH FEWIH SR XLIMV EXSQMG MSRMG SV QSPIGYPEV QEXIVMEPW F] GEWXMRK EQSVTLSYW KPEWWIW ERH XLIR GV]WXEPPMÎ XLIQ YWMRK E LIEX XVIEX
VMEPW EW [IPP EW QER] GIVEQMGW MRSVKERMG SVHIV (YVMRK XLI WSPMHMJMGEXMSR SJ QEXIVMEPW XLEX QIRX XS IRLERGI XLIMV WXVIRKXL 1ER] XLIVQSTPEWXMG QEXIVMEPW WYGL EW TSP]IXL]PIRI
KPEWWIW ERH XLIVQSTPEWXMG TSP]QIVW EVI PMUYMH GV]WXEPPMÎ XLI EXSQMG EVVERKIQIRX GLERKIW JVSQ TSP]ZMR]P GLPSVMHI 4:' TSP]TVST]PIRI ERH XLI PMOI EVI TVSGIWWIH MRXS YWIJYP WLETIW
SV QSPXIR EX WSQI TSMRX HYVMRK TVSGIWWMRK 0MOI E WLSVXVERKI SVHIV 763 MR E PMUYMH XS E PSRK MI wFIVW XYFIW FSXXPIW XS]W YXIRWMPW IXG YWMRK E TVSGIWW XLEX MRZSPZIW QIPXMRK ERH
[EXIV JVIIÎW XS MGI QSPXIR QEXIVMEPW WSPMHMJ] EW VERKI SVHIV 063 MR XLI GV]WXEPPMRI WSPMH 8LI

2YGPIEXMSR ' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
*MKYVI *MKYVI

%PYQMRYQ EPPS] [LIIPW JSV %R MRXIVJEGI MW GVIEXIH [LIR E WSPMH JSVQW
EYXSQSFMPIW 'SYVXIW] SJ 7MQSR JVSQ XLI PMUYMH
%WOLEQ7XSGOTLSXS
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TV (+ Z â TV WWP ÔÂ
[LIVI TV MW XLI ZSPYQI SJ E WTLIVMGEP WSPMH SJ VEHMYW V TV MW XLI WYVJEGI EVIE SJ E

WSPMHMwGEXMSR 8LIVIJSVI WSPMHMwGEXMSR MW ER I\XVIQIP] MQTSVXERX XIGLRSPSK] YWIH XS
WTLIVMGEP WSPMH WWP MW XLI WYVJEGI JVII IRIVK] SJ XLI WSPMHPMUYMH MRXIVJEGI MR XLMW GEWI
GSRXVSP XLI TVSTIVXMIW SJ QER] QIPXHIVMZIH TVSHYGXW EW [IPP EW E XSSP JSV XLI QERY
ERH (+Z MW XLI JVII IRIVK] GLERKI JSV XLI WSPMHMwGEXMSR TVSGIWW TIV YRMX ZSPYQI [LMGL MW
JEGXYVMRK SJ QSHIVR IRKMRIIVIH QEXIVMEPW -R XLI WIGXMSRW XLEX JSPPS[ [I wVWX HMWGYWW XLI
E RIKEXMZI WMRGI XLI TLEWI XVERWJSVQEXMSR MW EWWYQIH XS FI XLIVQSH]REQMGEPP] JIEWMFPI
RYGPIEXMSR ERH KVS[XL TVSGIWWIW
2SXI XLEX WWP MW RSX E WXVSRK JYRGXMSR SJ V ERH MW EWWYQIH GSRWXERX 8LI (+Z EPWS HSIW
RSX HITIRH SR V
%R IQFV]S MW E XMR] TEVXMGPI SJ WSPMH XLEX JSVQW JVSQ XLI PMUYMH EW EXSQW GPYWXIV XS
KIXLIV 8LI IQFV]S MW YRWXEFPI ERH QE] IMXLIV KVS[ MRXS E WXEFPI RYGPIYW SV VIHMWWSPZI
FEGO MRXS XLI PMUYMH
2YGPIEXMSR -R *MKYVI XLI XST GYVZI WLS[W XLI TEVEFSPMG ZEVMEXMSR SJ XLI XSXEP WYVJEGI IR
IVK] ÔTV W WP Â 8LI FSXXSQ QSWX GYVZI WLS[W XLI XSXEP ZSPYQI JVIIIRIVK] GLERKI
-R XLI GSRXI\X SJ WSPMHMwGEXMSR XLI XIVQ RYGPIEXMSR VIJIVW XS XLI JSVQEXMSR SJ XLI wVWX XIVQ Ô TV (+ Z Â 8LI GYVZI MR XLI QMHHPI WLS[W XLI ZEVMEXMSR SJ (+ %X XLI XIQTIVE
RERSWMÎH GV]WXEPPMXIW JVSQ QSPXIR QEXIVMEP *SV I\EQTPI EW [EXIV FIKMRW XS JVIIÎ XYVI [LIVI XLI WSPMH ERH PMUYMH TLEWIW EVI TVIHMGXIH XS FI MR XLIVQSH]REQMG IUYMPMFVMYQ
RERSWMÎH MGI GV]WXEPW ORS[R EW RYGPIM JSVQ wVWX -R E FVSEHIV WIRWI XLI XIVQ RYGPI MI EX XLI JVII^MRK XIQTIVEXYVI XLI JVII IRIVK] SJ XLI WSPMH TLEWI ERH XLEX SJ XLI
EXMSR VIJIVW XS XLI MRMXMEP WXEKI SJ JSVQEXMSR SJ SRI TLEWI JVSQ ERSXLIV TLEWI ;LIR E
ZETSV GSRHIRWIW MRXS PMUYMH XLI RERSWGEPI WMÎH HVSTW SJ PMUYMH XLEX ETTIEV [LIR XLI
GSRHIRWEXMSR FIKMRW EVI VIJIVVIH XS EW RYGPIM 0EXIV [I [MPP EPWS WII XLEX XLIVI EVI QER] *MKYVI
W]WXIQW MR [LMGL XLI RYGPIM SJ E WSPMH F [MPP JSVQ E WIGSRH WSPMH QEXIVMEP E MI E XS 8LI XSXEP JVII IRIVK] SJ XLI WSPMH
FTLEWI XVERWJSVQEXMSR ;LEX MW MRXIVIWXMRK EFSYX XLIWI XVERWJSVQEXMSRW MW XLEX MR PMUYMH W]WXIQ GLERKIW [MXL XLI WMÎ
QSWX IRKMRIIVIH QEXIVMEPW QER] SJ XLIQ SGGYV [LMPI XLI QEXIVMEP MW MR XLI WSPMH WXEXI SJ XLI WSPMH 8LI WSPMH MW ER IQFV]S
MI XLIVI MW RS QIPXMRK MRZSPZIH 8LIVIJSVI EPXLSYKL [I HMWGYWW RYGPIEXMSR JVSQ E MJ MXW VEHMYW MW PIWW XLER XLI GVMXMGEP
VEHMYW ERH MW E RYGPIYW MJ MXW VEHMYW
WSPMHMwGEXMSR TIVWTIGXMZI MX MW MQTSVXERX XS RSXI XLEX XLI TLIRSQIRSR SJ RYGPIEXMSR MW MW KVIEXIV XLER XLI GVMXMGEP VEHMYW
KIRIVEP ERH MW EWWSGMEXIH [MXL TLEWI XVERWJSVQEXMSRW
;I I\TIGX E QEXIVMEP XS WSPMHMJ] [LIR XLI PMUYMH GSSPW XS NYWX FIPS[ MXW JVII^MRK SV
QIPXMRK XIQTIVEXYVI FIGEYWI XLI IRIVK] EWWSGMEXIH [MXL XLI GV]WXEPPMRI WXVYGXYVI SJ XLI
WSPMH MW XLIR PIWW XLER XLI IRIVK] SJ XLI PMUYMH 8LMW IRIVK] HMIVIRGI FIX[IIR XLI PMUYMH
ERH XLI WSPMH MW XLI JVII IRIVK] TIV YRMX ZSPYQI Ô(+ Z Â ERH MW XLI HVMZMRK JSVGI JSV
WSPMHMwGEXMSR
;LIR XLI WSPMH JSVQW E WSPMHPMUYMH MRXIVJEGI MW GVIEXIH *MKYVI % WYVJEGI JVII
IRIVK] W WP MW EWWSGMEXIH [MXL XLMW MRXIVJEGI XLI PEVKIV XLI WSPMH XLI KVIEXIV XLI MRGVIEWI
MR WYVJEGI IRIVK] 8LYW XLI XSXEP GLERKI MR IRIVK] (+ WLS[R MR *MKYVI MW
PMUYMH TLEWI EVI IUYEP (+ Z WS XLI XSXEP JVII IRIVK] GLERKI (+ [MPP FI TSWMXMZI
;LIR XLI WSPMH MW ZIV] WQEPP [MXL E VEHMYW PIWW XLER XLI GVMXMGEP VEHMYW JSV RYGPIEXMSR V 8%&0) :EPYIW JSV JVII^MRK XIQTIVEXYVI PEXIRX LIEX SJ JYWMSR WYVJEGI IRIVK] ERH QE\MQYQ
YRHIVGSSPMRK JSV WIPIGXIH QEXIVMEPW
*MKYVI JYVXLIV KVS[XL GEYWIW XLI XSXEP JVII IRIVK] XS MRGVIEWI 8LI GVMXMGEP VEHMYW
V MW XLI QMRMQYQ WMÎ SJ E GV]WXEP XLEX QYWX FI JSVQIH F] EXSQW GPYWXIVMRK XSKIXLIV MR 7SPMH0MUYMH 8]TMGEP 9RHIVGSSPMRK
XLI PMUYMH FIJSVI XLI WSPMH TEVXMGPI MW WXEFPI ERH FIKMRW XS KVS[ &YX MRWXIEH SJ KVS[MRK *VII^MRK ,IEX SJ -RXIVJEGMEP JSV ,SQSKIRISYW
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TVSGIWWIW MRGPYHI KVIIR WERH QSPHMRK JSV [LMGL WMPMGE 7M3 WERH KVEMRW FSRHIH [MXL
:G ÔÂÔÂÔÂ GQ [IX GPE] EVI TEGOIH EVSYRH E VIQSZEFPI TEXXIVR 'IVEQMG GEWXMRK TVSGIWWIW YWI E wRI
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;I GER [VMXI IUYEXMSRW JSV XLI ZSPYQI ERH EVIE SJ E G]PMRHVMGEP VMWIV RSXMRK EVSYRH E VIYWEFPI TEXXIVR [LMGL MW VIQSZIH EJXIV XLI GIVEQMG LEVHIRW -R MRZIWXQIRX
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GIVEQMG TEVXMGPIW GSEXW E [E\ TEXXIVR %JXIV XLI GIVEQMG LEVHIRW MI XLI GSPPSMHEP WMP
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%PXLSYKL XLI ZSPYQI SJ XLI VMWIV MW PIWW XLER XLEX SJ XLI GEWXMRK XLI VMWIV WSP JSEQ TVSGIWW TSP]WX]VIRI FIEHW WMQMPEV XS XLSWI YWIH XS QEOI GSII GYTW SV TEGOEKMRK
MHMwIW QSVI WPS[P] FIGEYWI SJ MXW GSQTEGX WLETI QEXIVMEPW EVI YWIH XS TVSHYGI E JSEQ TEXXIVR 0SSWI WERH MW GSQTEGXIH EVSYRH XLI
'EWXMRK 4VSGIWWIW JSV 1ERYJEGXYVMRK 'SQTSRIRXW ' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
TEXXIVR XS TVSHYGI E QSPH ;LIR QSPXIR QIXEP MW TSYVIH MRXS XLI QSPH XLI TSP]QIV
JSEQ TEXXIVR QIPXW ERH HIGSQTSWIW [MXL XLI QIXEP XEOMRK XLI TPEGI SJ XLI TEXXIVR
-R XLI TIVQERIRX QSPH ERH TVIWWYVI HMI GEWXMRK TVSGIWWIW E GEZMX] MW QEGLMRIH
JVSQ QIXEPPMG QEXIVMEP %JXIV XLI PMUYMH TSYVIH MRXS XLI GEZMX] WSPMHMwIW XLI QSPH MW
STIRIH XLI GEWXMRK MW VIQSZIH ERH XLI QSPH MW VIYWIH 8LI TVSGIWWIW YWMRK QIXEPPMG
QSPHW XIRH XS KMZI XLI LMKLIWX WXVIRKXL GEWXMRKW FIGEYWI SJ XLI VETMH WSPMHMwGEXMSR 'I
VEQMG QSPHW MRGPYHMRK XLSWI YWIH MR MRZIWXQIRX GEWXMRK EVI KSSH MRWYPEXSVW ERH KMZI
XLI WPS[IWXGSSPMRK ERH PS[IWXWXVIRKXL GEWXMRKW 1MPPMSRW SJ XVYGO ERH GEV TMWXSRW EVI
QEHI MR JSYRHVMIW YWMRK TIVQERIRX QSPH GEWXMRK +SSH WYVJEGI wRMWL ERH HMQIRWMSREP
EGGYVEG] EVI XLI EHZERXEKIW SJ TIVQERIRX QSPH GEWXMRK XIGLRMUYI ,MKL QSPH GSWXW ERH
PMQMXIH GSQTPI\MX] MR WLETI EVI XLI PMQMXEXMSRW SJ XLMW XIGLRMUYI
-R TVIWWYVI HMI GEWXMRK QSPXIR QIXEPPMG QEXIVMEP MW JSVGIH MRXS XLI QSPH YRHIV LMKL
TVIWWYVIW ERH MW LIPH YRHIV TVIWWYVI HYVMRK WSPMHMwGEXMSR 1ER] ^MRG EPYQMRYQ ERH
QEKRIWMYQFEWIH EPPS]W EVI TVSGIWWIH YWMRK TVIWWYVI HMI GEWXMRK )\XVIQIP] WQSSXL
WYVJEGI wRMWLIW ZIV] KSSH HMQIRWMSREP EGGYVEG] XLI EFMPMX] XS GEWX MRXVMGEXI WLETIW ERH
LMKL TVSHYGXMSR VEXIW EVI XLI EHZERXEKIW SJ XLI TVIWWYVI HMI GEWXMRK TVSGIWW 7MRGI XLI
QSPH MW QIXEPPMG ERH QYWX [MXLWXERH LMKL TVIWWYVIW XLI HMIW YWIH EVI I\TIRWMZI ERH XLI
XIGLRMUYI MW PMQMXIH XS WQEPPIV WMÎH GSQTSRIRXW
'SRXMRYSYW 'EWXMRK -RKSX 'EWXMRK ERH 7MRKPI 'V]WXEP +VS[XL

%W HMWGYWWIH MR XLI TVMSV WIGXMSR GEWXMRK MW E XSSP YWIH JSV XLI QERYJEGXYVMRK SJ GSQ
TSRIRXW -X MW EPWS E TVSGIWW JSV TVSHYGMRK MRKSXW SV WPEFW XLEX GER FI JYVXLIV TVSGIWWIH
MRXS HMIVIRX WLETIW IK VSHW FEVW [MVIW IXG -R XLI WXIIP MRHYWXV] QMPPMSRW SJ
TSYRHW SJ WXIIPW EVI TVSHYGIH YWMRK E FPEWX JYVREGI ER IPIGXVMG EVG JYVREGI ERH SXLIV
TVSGIWWIW %PXLSYKL XLI HIXEMPW GLERKI QSWX QIXEPW ERH EPPS]W IK GSTTIV ERH ^MRG
EVI I\XVEGXIH JVSQ XLIMV SVIW YWMRK WMQMPEV TVSGIWWIW 'IVXEMR QIXEPW WYGL EW EPYQMRYQ
EVI TVSHYGIH YWMRK ER IPIGXVSP]XMG TVSGIWW WMRGI EPYQMRYQ S\MHI MW XSS WXEFPI ERH GER
RSX FI VIEHMP] VIHYGIH XS EPYQMRYQ QIXEP YWMRK GSOI SV SXLIV VIHYGMRK EKIRXW
-R QER] GEWIW [I FIKMR [MXL WGVET QIXEPW ERH VIG]GPEFPI EPPS]W -R XLMW GEWI XLI
WGVET QIXEP MW QIPXIH ERH TVSGIWWIH VIQSZMRK XLI MQTYVMXMIW ERH EHNYWXMRK XLI GSQ
TSWMXMSR 'SRWMHIVEFPI EQSYRXW SJ WXIIPW EPYQMRYQ ^MRG WXEMRPIWW WXIIPW XMXERMYQ ERH
QER] SXLIV QEXIVMEPW EVI VIG]GPIH IZIV] ]IEV
-R MRKSX GEWXMRK QSPXIR WXIIPW SV EPPS]W SFXEMRIH JVSQ E JYVREGI EVI GEWX MRXS PEVKI
QSPHW 8LI VIWYPXERX GEWXMRKW GEPPIH MRKSXW EVI XLIR TVSGIWWIH JSV GSRZIVWMSR MRXS YWI
JYP WLETIW ZME XLIVQSQIGLERMGEP TVSGIWWMRK SJXIR EX ERSXLIV PSGEXMSR -R XLI GSRXMRYSYW
GEWXMRK TVSGIWW XLI MHIE MW XS KS JVSQ QSPXIR QIXEPPMG QEXIVMEP XS WSQI QSVI YWIJYP
ssWIQMwRMWLIHtt WLETI WYGL EW E TPEXI WPEF IXG 8LI PMUYMH QIXEP MW JIH JVSQ E LSPHMRK
ZIWWIP E XYRHMWL MRXS E [EXIVGSSPIH SWGMPPEXMRK GSTTIV QSPH [LMGL VETMHP] GSSPW XLI
WYVJEGI SJ XLI WXIIP 8LI TEVXMEPP] WSPMHMwIH WXIIP MW [MXLHVE[R JVSQ XLI QSPH EX XLI WEQI
*MKYVI *SYV X]TMGEP GEWXMRK TVSGIWWIW E ERH F +VIIR WERH QSPHMRK MR [LMGL GPE] VEXI XLEX EHHMXMSREP PMUYMH WXIIP MW MRXVSHYGIH 8LI GIRXIV SJ XLI WXIIP GEWXMRK wREPP] WSP
FSRHIH WERH MW TEGOIH EVSYRH E TEXXIVR 7ERH GSVIW GER TVSHYGI MRXIVREP GEZMXMIW MR XLI MHMwIW [IPP EJXIV XLI GEWXMRK I\MXW XLI QSPH 8LI GSRXMRYSYWP] GEWX QEXIVMEP MW XLIR GYX
GEWXMRK G 8LI TIVQERIRX QSPH TVSGIWW MR [LMGL QIXEP MW TSYVIH MRXS ER MVSR SV WXIIP QSPH MRXS ETTVSTVMEXI PIRKXLW F] WTIGMEP GYXXMRK QEGLMRIW
H (MI GEWXMRK MR [LMGL QIXEP MW MRNIGXIH EX LMKL TVIWWYVI MRXS E WXIIP HMI I -RZIWXQIRX
8LI WIGSRHEV] TVSGIWWMRK WXITW MR XLI TVSGIWWMRK SJ WXIIPW ERH SXLIV EPPS]W EVI
GEWXMRK MR [LMGL E [E\ TEXXIVR MW WYVVSYRHIH F] E GIVEQMG EJXIV XLI [E\ MW QIPXIH ERH
HVEMRIH QIXEP MW TSYVIH MRXS XLI QSPH WLS[R MR *MKYVI
8LIVI EVI WSQI ETTPMGEXMSRW JSV [LMGL E WQEPP IUYME\IH KVEMR WXVYGXYVI MR XLI GEWX
MRK MW RSX HIWMVIH 'EWXMRKW YWIH JSV FPEHIW ERH ZERIW MR XYVFMRI IRKMRIW EVI ER I\EQTPI
'SRXMRYSYW 'EWXMRK -RKSX 'EWXMRK ERH 7MRKPI 'V]WXEP +VS[XL ' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
XLI SXLIV TVSHYGMRK E GSPYQREV QMGVSWXVYGXYVI [MXL EPP SJ XLI KVEMR FSYRHEVMIW VYR
RMRK MR XLI PSRKMXYHMREP HMVIGXMSR SJ XLI TEVX 2S KVEMR FSYRHEVMIW EVI TVIWIRX MR XLI
XVERWZIVWI HMVIGXMSR ?*MKYVI F A
7XMPP FIXXIV TVSTIVXMIW EVI SFXEMRIH F] YWMRK E WMRKPI GV]WXEP 7' XIGLRMUYI 7SPMHM
wGEXMSR SJ GSPYQREV KVEMRW EKEMR FIKMRW EX E GSPH WYVJEGI LS[IZIV HYI XS XLI LIPMGEP
GSRRIGXMSR SRP] SRI GSPYQREV KVEMR MW EFPI XS KVS[ XS XLI QEMR FSH] SJ XLI GEWXMRK
?*MKYVI G A 8LI WMRKPI GV]WXEP GEWXMRK LEW RS KVEMR FSYRHEVMIW WS MXW GV]WXEPPS
KVETLMG TPERIW ERH HMVIGXMSRW GER FI HMVIGXIH MR ER STXMQYQ SVMIRXEXMSR
7MRKPI 'V]WXEP +VS[XL 3RI SJ XLI QSWX MQTSVXERX ETTPMGEXMSRW SJ WSPMHMwGEXMSR MW XLI
KVS[XL SJ WMRKPI GV]WXEPW 4SP]GV]WXEPPMRI QEXIVMEPW GERRSX FI YWIH IIGXMZIP] MR QER]
IPIGXVSRMG ERH STXMGEP ETTPMGEXMSRW +VEMR FSYRHEVMIW ERH SXLIV HIJIGXW MRXIVJIVI [MXL
XLI QIGLERMWQW XLEX TVSZMHI YWIJYP IPIGXVMGEP SV STXMGEP JYRGXMSRW *SV I\EQTPI MR SVHIV
XS YXMPMÎ XLI WIQMGSRHYGXMRK FILEZMSV SJ HSTIH WMPMGSR LMKLTYVMX] WMRKPI GV]WXEPW QYWX
FI YWIH 8LI GYVVIRX XIGLRSPSK] JSV WMPMGSR QEOIW YWI SJ PEVKI YT XS MR HMEQIXIV
WMRKPI GV]WXEPW
7SPMHMJMGEXMSR SJ 4SP]QIVW ERH -RSVKERMG +PEWWIW

7MQMPEV XS XLI TVSGIWWMRK SJ QIXEPW ERH EPPS]W XLI TVSGIWWMRK SJ XLIVQSTPEWXMGW HITIRHW
*MKYVI 7IGSRHEV] TVSGIWWMRK WXITW MR TVSGIWWMRK SJ WXIIP ERH EPPS]W 7SYVGI GVMXMGEPP] SR SYV EFMPMX] XS QIPX ERH TVSGIWW XLIQ ZME I\XVYWMSR ERH SXLIV TVSGIWWIW ;I
[[[WXIIPSVK 9WIH [MXL TIVQMWWMSR SJ XLI %QIVMGER -VSR ERH 7XIIP -RWXMXYXI [MPP HMWGYWW XLIWI TVSGIWWIW MR PEXIV GLETXIVW
1ER] TSP]QIVW HS RSX GV]WXEPPMÎ FYX WSPMHMJ] [LIR GSSPIH -R XLIWI QEXIVMEPW XLI
XLIVQSH]REQMG HVMZMRK JSVGI QE] I\MWX LS[IZIV XLI VEXI SJ RYGPIEXMSR SJ XLI WSPMH
*MKYVI 8LIWI GEWXMRKW EVI SJXIR QEHI SJ XMXERMYQ GSFEPX SV RMGOIPFEWIH WYTIV QE] FI XSS WPS[ SV XLI GSQTPI\MX] SJ XLI TSP]QIV GLEMRW QE] FI WS KVIEX XLEX E GV]W
EPPS]W YWMRK TVIGMWMSR MRZIWXQIRX GEWXMRK XEPPMRI WSPMH HSIW RSX JSVQ 'V]WXEPPMÊXMSR MR TSP]QIVW MW EPQSWX RIZIV GSQTPIXI ERH MW
-R GSRZIRXMSREPP] GEWX TEVXW ER IUYME\IH KVEMR WXVYGXYVI MW SJXIR TVSHYGIH ,S[ WMKRMwGERXP] HMIVIRX JVSQ XLEX SJ QIXEPPMG QEXIVMEPW VIUYMVMRK PSRK TSP]QIV GLEMRW XS
IZIV FPEHIW ERH ZERIW JSV XYVFMRI ERH NIX IRKMRIW JEMP EPSRK XVERWZIVWI KVEMR FSYRHEVMIW FIGSQI GPSWIP] EPMKRIH SZIV VIPEXMZIP] PEVKI HMWXERGIW &] HSMRK WS XLI TSP]QIV KVS[W
&IXXIV GVIIT ERH JVEGXYVI VIWMWXERGI EVI SFXEMRIH YWMRK XLI HMVIGXMSREP WSPMHMwGEXMSR (7 EW PEQIPPEV SV TPEXIPMOI GV]WXEPW *MKYVI %QSVTLSYW VIKMSRW EVI TVIWIRX FIX[IIR
KVS[XL XIGLRMUYI -R XLI (7 TVSGIWW XLI QSPH MW LIEXIH JVSQ SRI IRH ERH GSSPIH JVSQ
*MKYVI
*MKYVI
% WTLIVYPMXI MR TSP]WX]VIRI
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FPEHIW E GSRZIRXMSREP
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GSPYQREV KVEMRW ERH
G WMRKPI GV]WXEP
.SMRMRK SJ 1IXEPPMG 1EXIVMEPW ' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
XLI MRHMZMHYEP PEQIPPE FYRHPIW SJ PEQIPPEI ERH MRHMZMHYEP WTLIVYPMXIW -R EHHMXMSR *MKYVI
FYRHPIW SJ PEQIPPEI KVS[ JVSQ E GSQQSR RYGPIYW FYX XLI GV]WXEPPSKVETLMG SVMIRXEXMSR % WGLIQEXMG HMEKVEQ SJ XLI JYWMSR ^SRI ERH
SJ XLI PEQIPPEI [MXLMR ER] SRI FYRHPI MW HMIVIRX JVSQ XLEX MR ERSXLIV %W XLI FYRHPIW WSPMHMJMGEXMSR SJ XLI [IPH HYVMRK JYWMSR
[IPHMRK E MRMXMEP TVITEVIH NSMRX F [IPH EX
KVS[ XLI] QE] TVSHYGI E WTLIVSMHEP WLETI GEPPIH E WTLIVYPMXI 8LI WTLIVYPMXI MW GSQ XLI QE\MQYQ XIQTIVEXYVI [MXL NSMRX JMPPIH
TSWIH SJ QER] MRHMZMHYEP FYRHPIW SJ HMIVIRXP] SVMIRXIH PEQIPPEI [MXL JMPPIV QIXEP ERH G [IPH EJXIV
1ER] TSP]QIVW SJ GSQQIVGMEP MRXIVIWX HIZIPST GV]WXEPPMRMX] HYVMRK XLIMV TVSGIWWMRK WSPMHMJMGEXMSR
'V]WXEPPMRMX] GER SVMKMREXI JVSQ GSSPMRK EW HMWGYWWIH TVIZMSYWP] SV JVSQ XLI ETTPMGEXMSR
SJ WXVIWW *SV I\EQTPI 4)8 TPEWXMG FSXXPIW EVI TVITEVIH YWMRK XLI FPS[WXVIXGL TVSGIWW
ERH XLI] GER HIZIPST GSRWMHIVEFPI GV]WXEPPMRMX] HYVMRK JSVQEXMSR 8LMW GV]WXEPPMÊXMSR MW
E VIWYPX SJ XLI ETTPMGEXMSR SJ WXVIWW ERH XLYW MW HMIVIRX JVSQ XLEX IRGSYRXIVIH MR XLI
WSPMHMwGEXMSR SJ QIXEPW ERH EPPS]W -R KIRIVEP WYGL TSP]QIVW EW R]PSR ERH TSP]IXL]PIRI
GV]WXEPPMÎ QSVI IEWMP] [LIR GSQTEVIH XS QER] SXLIV XLIVQSTPEWXMGW -RGVIEWIH GV]W
XEPPMRMX] HYI XS wRI GV]WXEPW EHHW XS XLI WXVIRKXL SJ XLIVQSTPEWXMGW
-RSVKERMG KPEWWIW WYGL EW WMPMGEXI KPEWWIW EPWS HS RSX GV]WXEPPMÎ IEWMP] JSV OMRIXMG
VIEWSRW ;LMPI XLI XLIVQSH]REQMG HVMZMRK JSVGI I\MWXW WMQMPEV XS XLI WSPMHMwGEXMSR SJ
QIXEPW ERH EPPS]W LS[IZIV XLI QIPXW EVI SJXIR XSS ZMWGSYW ERH XLI HMYWMSR MW XSS WPS[
JSV GV]WXEPPMÊXMSR XS TVSGIIH HYVMRK WSPMHMwGEXMSR 8LI xSEXKPEWW TVSGIWW MW YWIH XS
QIPX ERH GEWX PEVKI xEX TMIGIW SJ KPEWWIW -R XLMW TVSGIWW QSPXIR KPEWW MW QEHI XS xSEX SR
QSPXIR XMR %W HMWGYWWIH MR 'LETXIVW ERH WMRGI XLI WXVIRKXL SJ MRSVKERMG KPEWWIW HI
TIRHW GVMXMGEPP] SR WYVJEGI xE[W TVSHYGIH F] XLI QERYJEGXYVMRK TVSGIWW SV XLI VIEGXMSR
[MXL EXQSWTLIVMG QSMWXYVI QSWX KPEWWIW EVI WXVIRKXLIRIH YWMRK XIQTIVMRK ;LIR WEJIX]
MW RSX E TVMQEV] GSRGIVR ERRIEPMRK MW YWIH XS VIHYGI WXVIWWIW 0SRK PIRKXLW SJ KPEWW 8LI WXVYGXYVI ERH TVSTIVXMIW SJ XLI JYWMSR ^SRI HITIRH SR QER] SJ XLI WEQI ZEVM
wFIVW WYGL EW XLSWI YWIH [MXL wFIV STXMGW EVI TVSHYGIH F] QIPXMRK E LMKLTYVMX] KPEWW EFPIW EW MR E QIXEP GEWXMRK %HHMXMSR SJ MRSGYPEXMRK EKIRXW XS XLI JYWMSR ^SRI VIHYGIW
VSH ORS[R EW E TVIJSVQ %W QIRXMSRIH IEVPMIV GEVIJYP GSRXVSP SJ RYGPIEXMSR MR KPEWWIW XLI KVEMR WMÎ *EWX GSSPMRK VEXIW SV WLSVX WSPMHMwGEXMSR XMQIW TVSQSXI E wRIV QMGVS
GER PIEH XS KPEWWGIVEQMGW GSPSVIH KPEWWIW ERH TLSXSGLVSQMG KPEWWIW KPEWWIW XLEX GER WXVYGXYVI ERH MQTVSZIH TVSTIVXMIW *EGXSVW XLEX MRGVIEWI XLI GSSPMRK VEXI MRGPYHI MR
GLERKI XLIMV GSPSV SV XMRX YTSR I\TSWYVI XS WYRPMKLX GVIEWIH XLMGORIWW SJ XLI QIXEP WQEPPIV JYWMSR ^SRIW PS[ SVMKMREP QIXEP XIQTIVEXYVIW
ERH GIVXEMR X]TIW SJ [IPHMRK TVSGIWWIW 3\]EGIX]PIRI [IPHMRK JSV I\EQTPI YWIW E VIPE
XMZIP] PS[MRXIRWMX] LIEX WSYVGI GSRWIUYIRXP] [IPHMRK XMQIW EVI PSRK ERH XLI WYV
VSYRHMRK WSPMH QIXEP [LMGL FIGSQIW ZIV] LSX MW RSX ER IIGXMZI LIEX WMRO %VG[IPHMRK
TVSGIWWIW TVSZMHI E QSVI MRXIRWI LIEX WSYVGI XLYW VIHYGMRK LIEXMRK SJ XLI WYVVSYRHMRK
QIXEP ERH TVSZMHMRK JEWXIV GSSPMRK 0EWIV [IPHMRK ERH IPIGXVSRFIEQ [IPHMRK EVI I\
.SMRMRK SJ 1IXEPPMG 1EXIVMEPW GITXMSREPP] MRXIRWI LIEX WSYVGIW ERH TVSHYGI ZIV] VETMH GSSPMRK VEXIW ERH TSXIRXMEPP]
WXVSRK [IPHW 8LI JVMGXMSR WXMV [IPHMRK TVSGIWW LEW FIIR HIZIPSTIH JSV %P ERH %P0M
-R FVE^MRK ER EPPS] ORS[R EW E wPPIV MW YWIH XS NSMR SRI QIXEP XS MXWIPJ SV XS ERSXLIV EPPS]W JSV EIVSWTEGI ETTPMGEXMSRW
QIXEP 8LI FVE^MRK wPPIV QIXEP LEW E QIPXMRK XIQTIVEXYVI EFSZI EFSYX ' 7SPHIVMRK
MW E FVE^MRK TVSGIWW MR [LMGL XLI wPPIV LEW E QIPXMRK XIQTIVEXYVI FIPS[ ' 0IEHXMR
ERH ERXMQSR]XMR EPPS]W EVI XLI QSWX GSQQSR QEXIVMEPW YWIH JSV WSPHIVMRK 2I[ PIEH
JVII WSPHIVMRK QEXIVMEPW LEZI FIIR HIZIPSTIH WMRGI PIEH MW XS\MG %PPS]W FIMRK HIZIPSTIH
MRGPYHI XLSWI XLEX EVI FEWIH SR 7R'Y%K -R FVE^MRK ERH WSPHIVMRK XLI QIXEPPMG QEXI &YPO 1IXEPPMG +PEWWIW &1+
VMEPW FIMRK NSMRIH HS RSX QIPX SRP] XLI wPPIV QEXIVMEP QIPXW -R FSXL FVE^MRK ERH WSP
HIVMRK XLI GSQTSWMXMSR SJ XLI wPPIV QEXIVMEP MW HMIVIRX JVSQ XLEX SJ XLI FEWI QEXIVMEP 8]TMGEPP] QIXEPW ERH EPPS]W GV]WXEPPMÎ IEWMP] HYVMRK WSPMHMwGEXMSR ,S[IZIV MR GIVXEMR
FIMRK NSMRIH :EVMSYW EPYQMRYQWMPMGSR GSTTIV QEKRIWMYQ ERH TVIGMSYW QIXEPW EVI GSQTPI\ EPPS]W MX MW TSWWMFPI XS GSRHYGX XLI WSPMHMwGEXMSR TVSGIWW MR WYGL E [E] XLEX
YWIH JSV FVE^MRK FYPO QIXEPPMG KPEWWIW &1+ EVI JSVQIH -R GIVEQMG W]WXIQW WYGL EW XLSWI FEWIH SR
7SPMHMwGEXMSR MW EPWS MQTSVXERX MR XLI NSMRMRK SJ QIXEPW XLVSYKL JYWMSR [IPHMRK -R WMPMGE XLI JSVQEXMSR SJ EQSVTLSYW KPEWWIW MW VIPEXMZIP] IEW] FIGEYWI XLI OMRIXMGW SJ
XLI JYWMSR[IPHMRK TVSGIWWIW E TSVXMSR SJ XLI QIXEPW XS FI NSMRIH MW QIPXIH ERH MR QER] GV]WXEPPMÊXMSR MW UYMXI WPS[ 'LETXIV ,S[IZIV MR QIXEPPMG QEXIVMEPW WTIGMEP JSV
MRWXERGIW EHHMXMSREP QSPXIR wPPIV QIXEP MW EHHIH 8LI TSSP SJ PMUYMH QIXEP MW GEPPIH XLI QYPEXMSRW RIIH XS FI HIZIPSTIH WS EW XS JSVQ FYPO QIXEPPMG KPEWWIW *SVQEXMSR SJ QI
JYWMSR ^SRI *MKYVIW ERH ;LIR XLI JYWMSR ^SRI WYFWIUYIRXP] WSPMHMwIW XLI XEPPMG KPEWWIW EW WYGL [EW SFWIVZIH MR XLI W [MXL E %Y7M EPPS] ;LEX MW RI[ [MXL
SVMKMREP TMIGIW SJ QIXEP EVI NSMRIH XSKIXLIV (YVMRK WSPMHMwGEXMSR SJ XLI JYWMSR ^SRI FYPO QIXEPPMG KPEWWIW MW XLEX VIPEXMZIP] PEVKI " QQ TMIGIW SJ QEXIVMEPW GER FI TVI
RYGPIEXMSR MW RSX VIUYMVIH 8LI WSPMH WMQTP] FIKMRW XS KVS[ JVSQ I\MWXMRK KVEMRW JVI TEVIH YWMRK GSRZIRXMSREP GEWXMRK TVSGIWW [MXL GSSPMRK VEXIW SJ EW PS[ EW XS 'W
UYIRXP] MR E GSPYQREV QERRIV +VS[XL SJ XLI WSPMH KVEMRW MR XLI JYWMSR ^SRI JVSQ XLI 8LMW MW ZIV] HMIVIRX JVSQ XLI GSSPMRK VEXIW YWIH MR VETMH WSPMHMwGEXMSR SJ QIXEPPMG EPPS]W
TVII\MWXMRK KVEMRW MW ZME ITMXE\MEP KVS[XL 7IGXMSR
&YPO 1IXEPPMG +PEWWIW &1+ ' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
8%&0) 4VSTIVXMIW SJ : FYPO QIXEPPMG KPEWW EPPS] GSQTEVIH XS SXLIV QEXIVMEPW
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7TIGMJMG 7XVIRKXL +4EK GQ
7SYVGI 8IPJSVH 1 1EXIVMEPW 8SHE] 1EVGL TT i
%R I\EQTPI SJ E FYPO QIXEPPMGKPEWW EPPS] MW E QEXIVMEP ORS[R EW :MXVISP] SV :

-XW GSQTSWMXMSR MW >V 8M 'Y 2M &I 7YGL GSQTSWMXMSRW SJ QEXIVMEPW XLEX
JSVQ &1+ WLS[ ZIV] HIIT IYXIGXMGW 'LETXIV YRYWYEPP] LMKL ZMWGSWMXMIW ERH EPWS
PS[IV XLIVQSH]REQMG HVMZMRK JSVGI JSV GV]WXEPPMÊXMSR
%W GER FI I\TIGXIH XLI QIGLERMGEP TVSTIVXMIW SJ QIXEPPMG KPEWWIW EVI HMIVIRX JVSQ
XLSWI SJ TSP]GV]WXEPPMRI QIXEPW ERH EPPS]W 7MRGI XLIVI EVI RS HMWPSGEXMSRW ERH WPMT W]W
XIQW 'LETXIV WPMT MW RSX TSWWMFPI MR EQSVTLSYW QEXIVMEPW %W E VIWYPX QIXEPPMG
KPEWWIW I\LMFMX QYGL LMKLIV IPEWXMG WXVEMRW $ EW STTSWIH XS $ MR TSP]GV]WXEP
PMRI QIXEPW ERH EPPS]W 'LETXIV 8LMW PEVKI IPEWXMG HIJSVQEXMSR GER FI WIIR MR XLI
WXVIWWWXVEMR GSQTVIWWMSR XIWX GYVZIW JSV 'Y ERH 8MFEWIH QIXEPPMG KPEWWIW ?*MK
YVI F A 9RHIV XIRWMPI PSEHMRK XLI HYGXMPMX] SJ QIXEPPMG KPEWWIW MW PMQMXIH LS[IZIV
MX MW FIXXIV XLER XLEX JSV QER] GIVEQMGW 'LETXIV
8LI GSQFMREXMSR SJ XS HIZIPST LMKL IPEWXMG WXVEMR PMOI TSP]QIVW ERH LMKL ]MIPH
WXVIWW TVSZMHIW JSV LMKL ssWTVMRK FEGOtt JSV XLIWI QEXIVMEPW 8EFPI &YPO QIXEPPMG
KPEWWIW LEZI FIIR YWIH XS QEOI KSPJ GPYF LIEHW 0MUYMHQIXEP 81 XIGLRSPSK] EPWS QEOIW
YWI SJ FYPO QIXEPPMG KPEWWIW JSV WTSVXW IUYMTQIRX ETTPMGEXMSRW MRGPYHMRK XIRRMW VEGOIXW
7SQI VIGIRX VIWIEVGL LEW WLS[R MX QE] FI TSWWMFPI XS IRLERGI XLI ETTEVIRX HYGXMPMX] SJ
FYPO QIXEPPMG KPEWWIW F] YWMRK WLSX TIIRMRK XS MRXVSHYGI GSQTVIWWMZI WXVIWWIW EX XLI
WYVJEGI
7911%6= : 8VERWJSVQEXMSR SJ E PMUYMH XS E WSPMH MW TVSFEFP] XLI QSWX MQTSVXERX TLEWI XVERW
JSVQEXMSR MR ETTPMGEXMSRW SJ QEXIVMEPW WGMIRGI ERH IRKMRIIVMRK
: 2YGPIEXMSR TVSHYGIW E GVMXMGEPWMÎ WSPMH TEVXMGPI JVSQ XLI PMUYMH QIPX *SVQEXMSR SJ
RYGPIM MW HIXIVQMRIH F] XLI XLIVQSH]REQMG HVMZMRK JSVGI JSV WSPMHMwGEXMSR ERH MW
*MKYVI E 7GLIQEXMG HMEKVEQ WLS[MRK MRXIVEGXMSR FIX[IIR XLI LIEX WSYVGI ERH XLI FEWI STTSWIH F] XLI IRIVK] RIIHIH XS GVIEXI E WSPMHPMUYMH MRXIVJEGI
QIXEP 8LVII HMWXMRGX VIKMSRW MR XLI [IPHQIRX EVI XLI JYWMSR ^SRI XLI LIEXEJJIGXIH ^SRI ERH
XLI FEWI QIXEP 7SYVGI *VSQ *MK JVSQ (EZMH (IF6S] 7GMIRGI i : ,SQSKIRISYW RYGPIEXMSR VIUYMVIW PEVKI YRHIVGSSPMRKW SJ XLI PMUYMH ERH MW RSX SF
6ITVMRXIH [MXL TIVQMWWMSR JVSQ %%%7 F 6SSQ XIQTIVEXYVI IRKMRIIVMRK GSQTVIWWMSR WXVIWW WIVZIH MR XLI RSVQEP WSPMHMwGEXMSR TVSGIWWMRK &] MRXVSHYGMRK JSVIMKR TEVXMGPIW SV
WXVEMR GYVZIW JSV XMXERMYQ ERH GSTTIVFEWIH FYPO QIXEPPMG KPEWWIW 8LI MRWIX GYVZIW WLS[ XLI I\XIVREP WYVJEGIW MRXS XLI PMUYMH WMXIW EVI TVSZMHIH JSV LIXIVSKIRISYW RYGPIEXMSR
XVYI WXVIWWXVYI WXVEMR VIPEXMSRWLMTW 7SYVGI 6IJ (EW . /MQ /& <Y ; ;IM &' >LERK
8LMW MW HSRI MR TVEGXMGI F] MRSGYPEXMSR SV KVEMR VIwRMRK 8LMW TVSGIWW TIVQMXW XLI
>* ;ERK ;, ;M 7 ERH )GOIVX . 1EXIV 8VERW :SP T %HETXIH JVSQ
=EZEVM %6 0I[ERHS[WOM .. ERH )GOIVX . MR 167 &YPPIXMR :SP TEKIW i KVEMR WMÎ SJ XLI GEWXMRK XS FI GSRXVSPPIH
%YKYWX : 6ETMH GSSPMRK SJ XLI PMUYMH GER TVIZIRX RYGPIEXMSR ERH KVS[XL KMZMRK EQSVTLSYW
WSPMHW SV KPEWWIW [MXL YRYWYEP QIGLERMGEP ERH TL]WMGEP TVSTIVXMIW 4SP]QIVMG QI
XEPPMG ERH MRSVKERMG QEXIVMEPW GER FI QEHI MR XLI JSVQ SJ EQSVTLSYW KPEWWIW
+PSWWEV] ' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
: -R WSPMHMwGEXMSR JVSQ QIPXW KVS[XL SGGYVW EW XLI RYGPIM KVS[ MRXS XLI PMUYMH QIPX *YWMSR ^SRI 8LI TSVXMSR SJ E [IPH LIEXIH XS TVSHYGI EPP PMUYMH HYVMRK XLI [IPHMRK TVSGIWW 7S
)MXLIV TPEREV SV HIRHVMXMG QSHIW SJ KVS[XL QE] FI SFWIVZIH PMHMwGEXMSR SJ XLI JYWMSR ^SRI TVSZMHIW NSMRMRK
: 'SSPMRK GYVZIW GER FI YWIH XS HIXIVQMRI TSYVMRK XIQTIVEXYVI SFWIVZI ER] YRHIV +EW JPYWLMRK % TVSGIWW MR [LMGL E WXVIEQ SJ KEW MW MRNIGXIH MRXS E QSPXIR QIXEP MR SVHIV XS
GSSPMRK VIGEPIWGIRGI ERH XMQI JSV WSPMHMwGEXMSR IPMQMREXI E HMWWSPZIH KEW XLEX QMKLX TVSHYGI TSVSWMX]
: 4SVSWMX] ERH WLVMROEKI EVI QENSV HIJIGXW XLEX GER FI TVIWIRX MR GEWX TVSHYGXW -J
+EW TSVSWMX] &YFFPIW SJ KEW XVETTIH [MXLMR E GEWXMRK HYVMRK WSPMHMwGEXMSR GEYWIH F] XLI PS[IV
TVIWIRX MX GER GEYWI GEWX TVSHYGXW XS JEMP GEXEWXVSTLMGEPP]
WSPYFMPMX] SJ XLI KEW MR XLI WSPMH GSQTEVIH [MXL XLEX MR XLI PMUYMH
: 7ERH GEWXMRK MRZIWXQIRX GEWXMRK ERH TVIWWYVI HMI GEWXMRK EVI WSQI SJ XLI TVSGIWWIW
JSV GEWXMRK GSQTSRIRXW -RKSX GEWXMRK ERH GSRXMRYSYW GEWXMRK EVI IQTPS]IH MR XLI +PEWWGIVEQMGW 4SP]GV]WXEPPMRI YPXVEwRI KVEMRIH GIVEQMG QEXIVMEPW SFXEMRIH F] GSRXVSPPIH GV]W
TVSHYGXMSR ERH VIG]GPMRK SJ QIXEPW ERH EPPS]W XEPPMÊXMSR SJ EQSVTLSYW KPEWWIW
: 1ER] QIXEP NSMRMRK TVSGIWWIW IK [IPHMRK MRZSPZI WSPMHMwGEXMSR +VEMR VIJMRIQIRX 8LI EHHMXMSR SJ LIXIVSKIRISYW RYGPIM MR E GSRXVSPPIH QERRIV XS MRGVIEWI XLI
RYQFIV SJ KVEMRW MR E GEWXMRK
+VS[XL 8LI TL]WMGEP TVSGIWW F] [LMGL E RI[ TLEWI MRGVIEWIW MR WMÎ -R XLI GEWI SJ WSPMHMwGEXMSR
XLMW VIJIVW XS XLI JSVQEXMSR SJ E WXEFPI WSPMH EW XLI PMUYMH JVIIÎW
+0377%6= &VE^MRK %R EPPS] ORS[R EW E wPPIV MW YWIH XS NSMR X[S QEXIVMEPW XS SRI ERSXLIV 8LI GSQTSWM
,IXIVSKIRISYW RYGPIEXMSR *SVQEXMSR SJ E GVMXMGEPP]WMÎH WSPMH JVSQ XLI PMUYMH SR ER MQTYVMX]
XMSR SJ XLI wPPIV [LMGL LEW E QIPXMRK XIQTIVEXYVI EFSZI EFSYX ' MW UYMXI HMIVIRX JVSQ XLI
SV ER I\XIVREP WYVJEGI
QIXEP FIMRK NSMRIH
&YPO QIXEPPMG KPEWWIW &1+ %QSVTLSYW QIXEPPMG KPEWWIW QEHI JVSQ GSQTSWMXMSRW XLEX WLS[ ,SQSKIRISYW RYGPIEXMSR *SVQEXMSR SJ E GVMXMGEPP] WMÎH WSPMH JVSQ XLI PMUYMH F] XLI GPYWXIVMRK
YRYWYEPP] LMKL PMUYMH ZMWGSWMXMIW ERH VIWMWXERGI XS GV]WXEPPMÊXMSR 8LI] I\LMFMX LMKL $ IPEWXMG XSKIXLIV SJ E PEVKI RYQFIV SJ EXSQW EX E LMKL YRHIVGSSPMRK [MXLSYX ER I\XIVREP MRXIVJEGI
WXVEMR PMQMX ERH WXVIRKXL ERH LEZI JSYRH ETTPMGEXMSRW MR WTSVXMRK KSSHW -RKSX % WMQTPI GEWXMRK XLEX MW YWYEPP] VIQIPXIH SV VITVSGIWWIH F] ERSXLIV YWIV XS TVSHYGI E QSVI
'EZMXMIW 7QEPP LSPIW TVIWIRX MR E GEWXMRK YWIJYP WLETI
'EZMX] WLVMROEKI % PEVKI ZSMH [MXLMR E GEWXMRK GEYWIH F] XLI ZSPYQI GSRXVEGXMSR XLEX SGGYVW -RKSX GEWXMRK 8LI TVSGIWW SJ GEWXMRK MRKSXW 8LMW MW HMIVIRX JVSQ XLI GSRXMRYSYW GEWXMRK VSYXI
HYVMRK WSPMHMwGEXMSR
-RKSX WXVYGXYVI 8LI QEGVSWXVYGXYVI SJ E GEWXMRK MRGPYHMRK XLI GLMPP ^SRI GSPYQREV ^SRI ERH
'LMPP ^SRI % VIKMSR SJ WQEPP VERHSQP] SVMIRXIH KVEMRW XLEX JSVQW EX XLI WYVJEGI SJ E GEWXMRK EW E IUYME\IH ^SRI
VIWYPX SJ LIXIVSKIRISYW RYGPIEXMSR
-RSGYPERXW 1EXIVMEPW XLEX TVSZMHI LIXIVSKIRISYW RYGPIEXMSR WMXIW HYVMRK XLI WSPMHMwGEXMSR SJ E
'LZSVMRSZtW VYPI 8LI WSPMHMwGEXMSR XMQI SJ E GEWXMRK MW HMVIGXP] TVSTSVXMSREP XS XLI WUYEVI SJ XLI QEXIVMEP
ZSPYQIXSWYVJEGI EVIE VEXMS SJ XLI GEWXMRK
-RSGYPEXMSR 8LI EHHMXMSR SJ LIXIVSKIRISYW RYGPIM MR E GSRXVSPPIH QERRIV XS MRGVIEWI XLI RYQFIV
'SPYQREV ^SRI % VIKMSR SJ IPSRKEXIH KVEMRW LEZMRK E TVIJIVVIH SVMIRXEXMSR XLEX JSVQW EW E VI SJ KVEMRW MR E GEWXMRK
WYPX SJ GSQTIXMXMZI KVS[XL HYVMRK XLI WSPMHMwGEXMSR SJ E GEWXMRK
-RXIVHIRHVMXMG WLVMROEKI 7QEPP TSVIW FIX[IIR XLI HIRHVMXI EVQW JSVQIH F] XLI WLVMROEKI XLEX
'SRXMRYSYW GEWXMRK % TVSGIWW XS GSRZIVX QSPXIR QIXEP SV ER EPPS] MRXS E WIQMwRMWLIH TVSHYGX
EGGSQTERMIW WSPMHMwGEXMSR %PWS ORS[R EW QMGVSWLVMROEKI SV WLVMROEKI TSVSWMX]
WYGL EW E WPEF
-RZIWXQIRX GEWXMRK % GEWXMRK TVSGIWW XLEX MW YWIH JSV QEOMRK GSQTPI\ WLETIW WYGL EW XYVFMRI
'VMXMGEP VEHMYW V 8LI QMRMQYQ WMÎ XLEX QYWX FI JSVQIH F] EXSQW GPYWXIVMRK XSKIXLIV MR XLI
FPEHIW EPWS ORS[R EW XLI PSWX [E\ TVSGIWW
PMUYMH FIJSVI XLI WSPMH TEVXMGPI MW WXEFPI ERH FIKMRW XS KVS[
(IRHVMXI 8LI XVIIPMOI WXVYGXYVI SJ XLI WSPMH XLEX KVS[W [LIR ER YRHIVGSSPIH PMUYMH WSPMHMwIW 0EQIPPEV % TPEXIPMOI EVVERKIQIRX SJ GV]WXEPW [MXLMR E QEXIVMEP
(MVIGXMSREP WSPMHMJMGEXMSR (7 % WSPMHMwGEXMSR XIGLRMUYI MR [LMGL GSSPMRK MR E KMZIR HMVIGXMSR 0EXIRX LIEX SJ JYWMSR (,J 8LI LIEX IZSPZIH [LIR E PMUYMH WSPMHMwIW 8LI PEXIRX LIEX SJ JYWMSR
PIEHW XS TVIJIVIRXMEP KVS[XL SJ KVEMRW MR XLI STTSWMXI HMVIGXMSR PIEHMRK XS ER ERMWSXVSTMGSVMIRXIH MW VIPEXIH XS XLI IRIVK] HMIVIRGI FIX[IIR XLI WSPMH ERH XLI PMUYMH
QMGVSWXVYGXYVI 0SGEP WSPMHMJMGEXMSR XMQI 8LI XMQI VIUYMVIH JSV E TEVXMGYPEV PSGEXMSR MR E GEWXMRK XS WSPMHMJ] SRGI
)QFV]S % XMR] TEVXMGPI SJ WSPMH XLEX JSVQW JVSQ XLI PMUYMH EW EXSQW GPYWXIV XSKIXLIV 8LI IQFV]S RYGPIEXMSR LEW FIKYR
QE] KVS[ MRXS E WXEFPI RYGPIYW SV VIHMWWSPZI 0SWX JSEQ TVSGIWW % TVSGIWW MR [LMGL E TSP]QIV JSEQ MW YWIH EW E TEXXIVR XS TVSHYGI E GEWXMRK
)UYME\IH ^SRI % VIKMSR SJ VERHSQP] SVMIRXIH KVEMRW MR XLI GIRXIV SJ E GEWXMRK TVSHYGIH EW E 0SWX [E\ TVSGIWW % GEWXMRK TVSGIWW MR [LMGL E [E\ TEXXIVR MW YWIH XS GEWX E QIXEPhWEQI EW MR
VIWYPX SJ [MHIWTVIEH RYGPIEXMSR ZIWXQIRX GEWXMRK
*YWMSR [IPHMRK .SMRMRK TVSGIWWIW MR [LMGL E TSVXMSR SJ XLI QEXIVMEPW QYWX QIPX MR SVHIV XS 1MGVSWLVMROEKI 7QEPP JVIUYIRXP] MWSPEXIH TSVIW FIX[IIR XLI HIRHVMXI EVQW JSVQIH F] XLI
EGLMIZI KSSH FSRHMRK WLVMROEKI XLEX EGGSQTERMIW WSPMHMwGEXMSR %PWS ORS[R EW QMGVSWLVMROEKI SV WLVMROEKI TSVSWMX]
+PSWWEV] ' ,% 4 8)6 4VMRGMTPIW ERH %TTPMGEXMSRW SJ 7SPMHMJMGEXMSR
1SPH GSRWXERX & % GLEVEGXIVMWXMG GSRWXERX MR 'LZSVMRSZtW VYPI 7TLIVYPMXI 7TLIVMGEPWLETIH GV]WXEPW TVSHYGIH [LIR GIVXEMR TSP]QIVW WSPMHMJ]
2YGPIEXMSR 8LI TL]WMGEP TVSGIWW F] [LMGL E RI[ TLEWI MW TVSHYGIH MR E QEXIVMEP -R XLI GEWI SJ 7YTIVLIEX 8LI TSYVMRK XIQTIVEXYVI QMRYW XLI JVII^MRK XIQTIVEXYVI
WSPMHMwGEXMSR XLMW VIJIVW XS XLI JSVQEXMSR SJ E XMR] WXEFPI WSPMH TEVXMGPIW MR XLI PMUYMH
8LIVQEP EVVIWX % TPEXIEY SR XLI GSSPMRK GYVZI HYVMRK XLI WSPMHMwGEXMSR SJ E QEXIVMEP GEYWIH F]
2YGPIM 8MR] TEVXMGPIW SJ WSPMH XLEX JSVQ JVSQ XLI PMUYMH EW EXSQW GPYWXIV XSKIXLIV &IGEYWI XLIWI XLI IZSPYXMSR SJ XLI PEXIRX LIEX SJ JYWMSR HYVMRK WSPMHMwGEXMSR 8LMW LIEX KIRIVEXMSR FEPERGIW XLI
TEVXMGPIW EVI PEVKI IRSYKL XS FI WXEFPI RYGPIEXMSR LEW SGGYVVIH ERH KVS[XL SJ XLI WSPMH GER FIKMR LIEX FIMRK PSWX EW E VIWYPX SJ GSSPMRK
4IVQERIRX QSPH GEWXMRK % GEWXMRK TVSGIWW MR [LMGL E QSPH GER FI YWIH QER] XMQIW 8SXEP WSPMHMJMGEXMSR XMQI 8LI XMQI VIUYMVIH JSV XLI GEWXMRK XS WSPMHMJ] GSQTPIXIP] EJXIV XLI GEWXMRK
LEW FIIR TSYVIH
4MTI WLVMROEKI % PEVKI GSRMGEPWLETIH ZSMH EX XLI WYVJEGI SJ E GEWXMRK GEYWIH F] XLI ZSPYQI
GSRXVEGXMSR XLEX SGGYVW HYVMRK WSPMHMwGEXMSR 9RHIVGSSPMRK 8LI XIQTIVEXYVI XS [LMGL XLI PMUYMH QIXEP QYWX GSSP FIPS[ XLI IUYMPMFVMYQ
JVII^MRK XIQTIVEXYVI FIJSVI RYGPIEXMSR SGGYVW
4PEREV KVS[XL 8LI KVS[XL SJ E WQSSXL WSPMHPMUYMH MRXIVJEGI HYVMRK WSPMHMwGEXMSR [LIR RS
YRHIVGSSPMRK SJ XLI PMUYMH MW TVIWIRX
4SYVMRK XIQTIVEXYVI 8LI XIQTIVEXYVI SJ E QIXEP SV ER EPPS] [LIR MX MW TSYVIH MRXS E QSPH
HYVMRK XLI GEWXMRK TVSGIWW
4VIWWYVI HMI GEWXMRK % GEWXMRK TVSGIWW MR [LMGL QSPXIR QIXEPEPPS]W MW JSVGIH MRXS E HMI YRHIV
TVIWWYVI 463&0)17
4VMQEV] TVSGIWWMRK 4VSGIWWIW MRZSPZMRK GEWXMRK SJ QSPXIR QIXEPW MRXS MRKSXW SV WIQMwRMWLIH 7IGXMSR 8IGLRSPSKMGEP 7MKRMJMGERGI E EX ' YRHIVGSSPMRK
YWIJYP WLETIW WYGL EW WPEFW F EX ' YRHIVGSSPMRK ERH
7IGXMSR 2YGPIEXMSR G LSQSKIRISYWP]
6ETMH WSPMHMJMGEXMSR TVSGIWWMRK 4VSHYGMRK YRMUYI QEXIVMEP WXVYGXYVIW F] TVSQSXMRK YRYWYEPP] (IwRI XLI JSPPS[MRK XIVQW RYGPIEXMSR IQFV]S
8LI WTIGMwG LIEX SJ MVSR MW .GQ '
LMKL GSSPMRK VEXIW HYVMRK WSPMHMwGEXMSR LIXIVSKIRISYW RYGPIEXMSR ERH LSQSKIRISYW
RYGPIEXMSR
6IGEPIWGIRGI 8LI MRGVIEWI MR XIQTIVEXYVI SJ ER YRHIVGSSPIH PMUYMH QIXEP EW E VIWYPX SJ XLI PMF 7IGXMSR +VS[XL 1IGLERMWQW
7YTTSWI XLEX PMUYMH RMGOIP MW YRHIVGSSPIH YRXMP LS 'EPGYPEXI XLI JVEGXMSR SJ WSPMHMwGEXMSR XLEX SGGYVW
IVEXMSR SJ LIEX HYVMRK RYGPIEXMSR
QSKIRISYW RYGPIEXMSR SGGYVW 'EPGYPEXI HIRHVMXMGEPP] [LIR WMPZIV RYGPIEXIW
6MWIV %R I\XVE VIWIVZSMV SJ PMUYMH QIXEP GSRRIGXIH XS E GEWXMRK -J XLI VMWIV JVIIÎW EJXIV XLI E XLI GVMXMGEP VEHMYW SJ XLI RYGPIYW VIUYMVIH ERH E EX ' YRHIVGSSPMRK
GEWXMRK XLI VMWIV GER TVSZMHI PMUYMH QIXEP XS GSQTIRWEXI JSV WLVMROEKI F XLI RYQFIV SJ RMGOIP EXSQW MR XLI RYGPIYW F EX ' YRHIVGSSPMRK ERH
7ERH GEWXMRK % GEWXMRK TVSGIWW YWMRK WERH QSPHW %WWYQI XLEX XLI PEXXMGI TEVEQIXIV SJ XLI WSPMH *'' G LSQSKIRISYWP]
RMGOIP MW RQ 8LI WTIGMwG LIEX SJ WMPZIV MW .GQ '
7IGSRHEV] HIRHVMXI EVQ WTEGMRK 7(%7 8LI HMWXERGI FIX[IIR XLI GIRXIVW SJ X[S EHNEGIRX WIG
7YTTSWI XLEX PMUYMH MVSR MW YRHIVGSSPIH YRXMP LS %REP]WMW SJ E RMGOIP GEWXMRK WYKKIWXW XLEX SJ
SRHEV] HIRHVMXI EVQW
QSKIRISYW RYGPIEXMSR SGGYVW 'EPGYPEXI XLI WSPMHMwGEXMSR TVSGIWW SGGYVVIH MR E HIRHVMXMG
7IGSRHEV] TVSGIWWMRK 4VSGIWWIW WYGL EW VSPPMRK I\XVYWMSR IXG YWIH XS TVSGIWW MRKSXW SV WPEFW E XLI GVMXMGEP VEHMYW SJ XLI RYGPIYW VIUYMVIH ERH QERRIV 'EPGYPEXI XLI XIQTIVEXYVI EX [LMGL RY
ERH SXLIV WIQMwRMWLIH WLETIW F XLI RYQFIV SJ MVSR EXSQW MR XLI RYGPIYW GPIEXMSR SGGYVVIH 8LI WTIGMwG LIEX SJ RMGOIP MW
.GQ '
7LVMROEKI 'SRXVEGXMSR SJ E GEWXMRK HYVMRK WSPMHMwGEXMSR %WWYQI XLEX XLI PEXXMGI TEVEQIXIV SJ XLI WSPMH &''
MVSR MW % ;VMXI HS[R 'LZSVMRSZtW VYPI ERH I\TPEMR XLI
7LVMROEKI TSVSWMX] 7QEPP TSVIW FIX[IIR XLI HIRHVMXI EVQW JSVQIH F] XLI WLVMROEKI XLEX QIERMRK SJ IEGL XIVQ
7YTTSWI XLEX WSPMH RMGOIP [EW EFPI XS RYGPIEXI LS
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XLI PEXXMGI TEVEQIXIV SJ XLI WSPMH *'' RMGOIP MW MR FEV GEWX YRHIV XLI WEQI GSRHMXMSRW
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PEXXMGI TEVEQIXIV SJ XLI WSPMH &'' MVSR MW %
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HIKVII
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MR QMR
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% GSSPMRK GYVZI MW WLS[R MR *MKYVI (IXIV

QMRI
E XLI TSYVMRK XIQTIVEXYVI
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F XLI WSPMHMwGEXMSR XIQTIVEXYVI
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G XLI WYTIVLIEX
H XLI GSSPMRK VEXI NYWX FIJSVI WSPMHMwGEXMSR
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K XLI TVSFEFPI MHIRXMX] SJ XLI QIXEP

L -J XLI GSSPMRK GYVZI [EW SFXEMRIH EX XLI GIR

XIV SJ XLI GEWXMRK WOIXGLIH MR XLI wKYVI

HIXIVQMRI XLI QSPH GSRWXERX EWWYQMRK XLEX
% MRHMEQIXIV GEWXMRK [EW TVSHYGIH 8LI XMQIW R
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(MWXERGI JVSQ 7YVJEGI 8MQI QMRI XLI QSPH GSRWXERX EWWYQMRK XLEX R
MR W
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XMSR XMQIW ERH XLI 7(%7 EX IEGL PSGEXMSR XLIR
TPSX XLI XIRWMPI WXVIRKXL ZIVWYW HMWXERGI JVSQ
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XLI GEWXMRK FI HIWMKRIH WS XLEX E PEVKI SV WQEPP
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E XLI XMQI EX [LMGL WSPMHMwGEXMSR FIKMRW EX XLI WYVJEGI HYVMRK wRMWLMRK# )\TPEMR
WYVJEGI ERH
F XLI XMQI EX [LMGL XLI IRXMVI GEWXMRK MW I\ *MKYVI 6ITIEXIH JSV 4VSFPIQ 8LI IJJIGX
SJ XLI WIGSRHEV] HIRHVMXI EVQ WTEGMRK SR XLI
TIGXIH XS FI WSPMH
TVSTIVXMIW SJ ER EPYQMRYQ GEWXMRK EPPS]
G 7YTTSWI XLI GIRXIV SJ XLI GEWXMRK EGXYEPP] WSP
MHMwIH MR W )\TPEMR [L] XLMW XMQI QMKLX
HMIV JVSQ XLI XMQI GEPGYPEXIH MR TEVX F *MKYVI 'SSPMRK GYVZI JSV 4VSFPIQ
% MRHMEQIXIV EPYQMRYQ FEV WSPMHMwIW XS E *MRH XLI GSRWXERXW G ERH Q VIPEXMRK XLI WIGSRHEV]
HITXL SJ MR FIRIEXL XLI WYVJEGI MR QMRYXIW HIRHVMXI EVQ WTEGMRK XS XLI PSGEP WSPMHMwGEXMSR
%JXIV QMRYXIW XLI FEV LEW WSPMHMwIH XS E HITXL XMQI F] TPSXXMRK XLI JSPPS[MRK HEXE SR E PSKPSK
% GSSPMRK GYVZI MW WLS[R MR *MKYVI (IXIV
SJ MR ,S[ QYGL XMQI MW VIUYMVIH JSV XLI FEV TPSX
QMRI
XS WSPMHMJ] GSQTPIXIP]#
E XLI TSYVMRK XIQTIVEXYVI
(IWMKR XLI XLMGORIWW SJ ER EPYQMRYQ EPPS] GEWX 7SPMHMJMGEXMSR 8MQI 7(%7 F XLI WSPMHMwGEXMSR XIQTIVEXYVI
MRK [LSWI PIRKXL MW MR ERH [MHXL MW MR MR W GQ *MKYVI 'SSPMRK GYVZIW JSV 4VSFPIQ
G XLI WYTIVLIEX
SVHIV XS TVSHYGI E XIRWMPI WXVIRKXL SJ TWM H XLI GSSPMRK VEXI NYWX FIJSVI WSPMHMwGEXMSR
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%WWYQI XLEX HEXE WLS[R MR *MKYVIW ERH J XLI PSGEP WSPMHMwGEXMSR XMQI G]PMRHVMGEP VMWIV VIUYMVIH XS TVIZIRX WLVMROEKI MR E
GER FI YWIH K XLI YRHIVGSSPMRK ERH MR MR MR GEWXMRK MJ XLI ,( SJ XLI
L XLI TVSFEFPI MHIRXMX] SJ XLI QIXEP VMWIV MW
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TPEMR [L] XLMW QE] FI XLI GEWI WSYVGIW XLI WXVIRKXL SJ XLI QEXIVMEP MR E [IPH VI
% GQ GQ GQ QEKRIWMYQ GEWXMRK MW KMSR GER FI VIHYGIH
;LEX MW E VMWIV# ;L] WLSYPH MX FI HIWMKRIH WS EW TVSHYGIH %JXIV GSSPMRK XS VSSQ XIQTIVEXYVI XLI
XS JVIIÎ EJXIV XLI GEWXMRK# GEWXMRK MW JSYRH XS [IMKL K (IXIVQMRI
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G]PMRHVMGEP VMWIV VIUYMVIH XS TVIZIRX WLVMROEKI MR E
E XLI ZSPYQI SJ XLI WLVMROEKI GEZMX] EX XLI
GIRXIV SJ XLI GEWXMRK ERH
K (IWMKR 4VSFPIQW
MR MR MR GEWXMRK MJ XLI ,( SJ XLI VMWIV F XLI TIVGIRX WLVMROEKI XLEX QYWX LEZI SG ;LIR X[S MRXLMGO GSTTIV TPEXIW EVI NSMRIH
MW GYVVIH HYVMRK WSPMHMwGEXMSR YWMRK ER EVG[IPHMRK TVSGIWW XLI JYWMSR ^SRI
GSRXEMRW HIRHVMXIW LEZMRK E 7(%7 SJ GQ
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,S[IZIV XLMW TVSGIWW TVSHYGIW PEVKI VIWMHYEP
E GEWXMRK 'SQTEVI XLI WSPMHMwGEXMSR XMQIW JSV ERH EJXIV GSSPMRK XS VSSQ XIQTIVEXYVI MW JSYRH
WXVIWWIW MR XLI [IPH ;I LEZI JSYRH XLEX VIWMHYEP
IEGL GEWXMRK WIGXMSR ERH XLI VMWIV ERH HIXIVQMRI XS [IMKL PF (IXIVQMRI
WXVIWWIW EVI PS[ [LIR XLI [IPHMRK GSRHMXMSRW TVS
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GYVVIH HYVMRK WSPMHMwGEXMSR ERH TVSGIWW F] [LMGL [I GER EGGSQTPMWL PS[ VIWMHYEP
F XLI RYQFIV SJ WLVMROEKI TSVIW MR XLI GEWXMRK WXVIWWIW .YWXMJ] ]SYV HIWMKR
MJ EPP SJ XLI WLVMROEKI SGGYVW EW TSVIW [MXL E
(IWMKR ER IoGMIRX VMWIVMRK W]WXIQ JSV XLI GEWXMRK
HMEQIXIV SJ MR
WLS[R MR *MKYVI &I WYVI XS MRGPYHI E WOIXGL
0MUYMH QEKRIWMYQ MW TSYVIH MRXS E GQ GQ SJ XLI W]WXIQ EPSRK [MXL ETTVSTVMEXI HMQIRWMSRW
GQ QSPH ERH EW E VIWYPX SJ HMVIGXMSREP WSPMHM
wGEXMSR EPP SJ XLI WSPMHMwGEXMSR WLVMROEKI SGGYVW *MKYVI 6ITIEXIH JSV 4VSFPIQ 8LI IJJIGX
EPSRK XLI PIRKXL SJ XLI GEWXMRK (IXIVQMRI XLI SJ XLI WIGSRHEV] HIRHVMXI EVQ WTEGMRK SR XLI
PIRKXL SJ XLI GEWXMRK MQQIHMEXIP] EJXIV WSPMHMwGE TVSTIVXMIW SJ ER EPYQMRYQ GEWXMRK EPPS]
XMSR MW GSQTPIXIH
% PMUYMH GEWX MVSR LEW E HIRWMX] SJ KGQ &EWIFEPP &EX 1EXIVMEPW ;LEX WSVX SJ RI[ QEXIVM
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*MKYVI 7XITFPSGO GEWXMRK JSV 4VSFPIQ
WSPMH GEWX MVSR MW JSYRH XS FI KGQ (IXIV 8LMRO EFSYX XLI WTIGMwG WXVIRKXL SJ XLI QEXIVMEPW
QMRI XLI TIVGIRX ZSPYQI GLERKI XLEX SGGYVW HYV XLIMV EFMPMX] XS [MXLWXERH MQTEGX ERH GSVVSWMSR
MRK WSPMHMwGEXMSR (SIW XLI GEWX MVSR I\TERH SV *MKYVI 'EWXMRK XS FI VMWIVIH JSV 4VSFPIQ %PWS EWWYQI XLEX XLI KSEP MW XS FI EFPI XS EPPS[ E
*MKYVI WLS[W E G]PMRHVMGEP VMWIV EXXEGLIH XS
GSRXVEGX HYVMRK WSPMHMwGEXMSR# TPE]IV LMXXMRK XLI FEPP EW JEV EW TSWWMFPI ERH XLMW
E GEWXMRK 'SQTEVI XLI WSPMHMwGEXMSR XMQIW JSV
IEGL GEWXMRK WIGXMSR ERH XLI VMWIV ERH HIXIVQMRI %R EPYQMRYQ GEWXMRK MW XS FI MRNIGXIH MRXS E WXIIP QIERW XLEX WTVMRKFEGO SV XLI XVEQTSPMRI IIGX
7IGXMSR 'EWXMRK 4VSGIWWIW
[LIXLIV XLI VMWIV [MPP FI IIGXMZI QSPH YRHIV TVIWWYVI HMI GEWXMRK 8LI GEWXMRK MW [MPP FI MQTSVXERX
JSV 1ERYJEGXYVMRK 'SQTSRIRXW
%R EPPS] MW GEWX MRXS E WLETI YWMRK E WERH QSPH
ERH E QIXEPPMG QSPH ;LMGL GEWXMRK [MPP FI I\
TIGXIH XS FI WXVSRKIV ERH [L]#
7IGXMSR 'SRXMRYSYW 'EWXMRK -RKSX 'EWXMRK

ERH 7MRKPI 'V]WXEP +VS[XL
7IGXMSR 7SPMHMJMGEXMSR SJ 4SP]QIVW

ERH -RSVKERMG +PEWWIW
*MKYVI 7XITFPSGO GEWXMRK JSV 4VSFPIQ ;L] HS QSWX TPEWXMGW GSRXEMR EQSVTLSYW ERH
GV]WXEPPMRI VIKMSRW#
% MRHMEQIXIV WTLIVI SJ PMUYMH GSTTIV MW EP )\TPEMR [L] WMPMGEXI KPEWWIW XIRH XS JSVQ EQSV
PS[IH XS WSPMHMJ] TVSHYGMRK E WTLIVMGEP WLVMROEKI TLSYW KPEWWIW LS[IZIV QIXEPPMG QIPXW X]TMGEPP]
GEZMX] MR XLI GIRXIV SJ XLI GEWXMRK 'SQTEVI XLI GV]WXEPPMÎ IEWMP]
ZSPYQI ERH HMEQIXIV SJ XLI WLVMROEKI GEZMX] MR
XLI GSTTIV GEWXMRK XS XLEX SFXEMRIH [LIR E MR 7IGXMSR .SMRMRK SJ 1IXEPPMG 1EXIVMEPW
WTLIVI SJ PMUYMH MVSR MW EPPS[IH XS WSPMHMJ] (IwRI XLI XIVQW FVE^MRK ERH WSPHIVMRK
' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
QSZIQIRX SJ HMWPSGEXMSRW SV WPMT 8LI TSMRX HI HMGX [LEX TLEWIW [MPP FI I\TIGXIH XS FI XLIVQS
JIGXW XLIVIJSVI GEYWI E QIXEPPMG QEXIVMEP XS FI H]REQMGEPP] WXEFPI ERH MR [LEX GSRGIRXVEXMSRW
WSPMHWSPYXMSR WXVIRKXLIRIH WYGL TLEWIW WLSYPH FI TVIWIRX
8LI MRXVSHYGXMSR SJ EPPS]MRK IPIQIRXW SV 8LIVIJSVI XLI QENSV SFNIGXMZIW SJ XLMW GLET
MQTYVMXMIW HYVMRK TVSGIWWMRK GLERKIW XLI GSQ XIV EVI XS I\TPSVI
TSWMXMSR SJ XLI QEXIVMEP ERH MRJPYIRGIW MXW WSPMHM
JMGEXMSR FILEZMSV -R XLMW GLETXIV [I I\EQMRI XLI JSVQEXMSR SJ WSPMH WSPYXMSRW
XLMW IJJIGX F] MRXVSHYGMRK XLI GSRGITX SJ ER IUYM XLI IJJIGXW SJ WSPMHWSPYXMSR JSVQEXMSR SR
PMFVMYQ TLEWI HMEKVEQ *SV RS[ [I GSRWMHIV E
7SPMH 7SPYXMSRW ERH 4LEWI ssTLEWItt EW E YRMUYI JSVQ MR [LMGL E QEXIVMEP

I\MWXW ;I [MPP HIJMRI XLI XIVQ ssTLEWItt QSVI
TVIGMWIP] PEXIV MR XLMW GLETXIV % TLEWI HMEKVEQ
XLI QIGLERMGEP TVSTIVXMIW SR QIXEPPMG
QEXIVMEPW
XLI GSRHMXMSRW YRHIV [LMGL WSPMH WSPYXMSRW
)UYMPMFVMYQ
GER JSVQ
HITMGXW XLI WXEFMPMX] SJ HMJJIVIRX TLEWIW JSV E WIX
SJ IPIQIRXW IK %P ERH 7M *VSQ XLI TLEWI HM XLI HIZIPSTQIRX SJ WSQI FEWMG MHIEW
EKVEQ [I GER TVIHMGX LS[ E QEXIVMEP [MPP WSPMHMJ] GSRGIVRMRK TLEWI HMEKVEQW ERH
YRHIV IUYMPMFVMYQ GSRHMXMSRW ;I GER EPWS TVI XLI WSPMHMJMGEXMSR TVSGIWW MR WMQTPI EPPS]W

4LEWIW ERH XLI 4LEWI (MEKVEQ
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XIVMEP ERH MW QEHI JVSQ QYPXMTPI IPIQIRXW % TPEMR GEVFSR WXIIP MW ER EPPS] SJ MVSR *I
;LIR ER EPPS] ORS[R EW FVEWW WSPMHMJMIW [LMGL IPIQIRX WSPMHMJMIW JMVWXh GSTTIV SV ^MRG#
ERH GEVFSR ' 'SVVSWMSRVIWMWXERX WXEMRPIWW WXIIPW EVI EPPS]W XLEX YWYEPP] GSRXEMR MVSR
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EVI EPPS]W FEWIH SR EPYQMRYQ %P GSTTIV 'Y GSFEPX 'S RMGOIP 2M XMXERMYQ 8M
^MRG >R ERH ^MVGSRMYQ >V 8LIVI EVI X[S X]TIW SJ EPPS]W WMRKPITLEWI EPPS]W ERH
QYPXMTPITLEWI EPPS]W -R XLMW GLETXIV [I [MPP I\EQMRI XLI FILEZMSV SJ WMRKPITLEWI
EPPS]W %W E wVWX WXIT PIXtW HIwRI E ssTLEWItt ERH HIXIVQMRI LS[ XLI TLEWI VYPI LIPTW YW
XS HIXIVQMRI XLI WXEXI h WSPMH PMUYMH SV KEWh MR [LMGL E TYVI QEXIVMEP I\MWXW
% TLEWI GER FI HIwRIH EW ER] TSVXMSR MRGPYHMRK XLI [LSPI SJ E W]WXIQ [LMGL MW
TL]WMGEPP] LSQSKIRISYW [MXLMR MXWIPJ ERH FSYRHIH F] E WYVJEGI WS XLEX MX MW QIGLERM
GEPP] WITEVEFPI JVSQ ER] SXLIV TSVXMSRW *SV I\EQTPI [EXIV LEW XLVII TLEWIWh PMUYMH
[EXIV WSPMH MGI ERH WXIEQ % TLEWI LEW XLI JSPPS[MRK GLEVEGXIVMWXMGW
XLI WEQI WXVYGXYVI SV EXSQMG EVVERKIQIRX XLVSYKLSYX
VSYKLP] XLI WEQI GSQTSWMXMSR ERH TVSTIVXMIW XLVSYKLSYX ERH
8LI ]MIPH WXVIRKXL SJ QIXEPPMG QEXIVMEPW GER MR XMRK MX EVI HMWTIVWIH YRMJSVQP] 8LI QIGLERMGEP E HIwRMXI MRXIVJEGI FIX[IIR XLI TLEWI ERH ER] WYVVSYRHMRK SV EHNSMRMRK TLEWIW
GVIEWI MJ QSVI SFWXEGPIW JSV HMWPSGEXMSR QSXMSR ERH SXLIV TVSTIVXMIW SJ QEXIVMEPW GER FI GSRXVSPPIH
*SV I\EQTPI MJ [I IRGPSWI E FPSGO SJ MGI MR E ZEGYYQ GLEQFIV ? *MKYVI E A
EVI GVIEXIH -R XLMW GLETXIV [I FIKMR XS I\TPSVI F] GVIEXMRK TSMRX HIJIGXW WYGL EW WYFWXMXYXMSREP XLI MGI FIKMRW XS QIPX ERH WSQI SJ XLI [EXIV ZETSVMÎW 9RHIV XLIWI GSRHMXMSRW [I LEZI
XLI JSVQEXMSR SJ E WSPMH WSPYXMSR MR QIXEPPMG ERH ERH MRXIVWXMXMEP EXSQW -R QIXEPPMG QEXIVMEPW XLI XLVII TLEWIW GSI\MWXMRK WSPMH , 3 PMUYMH , 3 ERH KEWISYW , 3 )EGL SJ XLIWI JSVQW
GIVEQMG W]WXIQW % WSPMH WSPYXMSR MW E WSPMH QEXI TSMRX HIJIGXW HMWXYVF XLI EXSQMG EVVERKIQIRX MR SJ , 3 MW E HMWXMRGX TLEWI IEGL LEW E YRMUYI EXSQMG EVVERKIQIRX YRMUYI TVSTIVXMIW
VMEP MR [LMGL EXSQW SV MSRW SJ IPIQIRXW GSRWXMXY XLI GV]WXEPPMRI QEXIVMEP ERH MRXIVJIVI [MXL XLI ERH E HIwRMXI FSYRHEV] FIX[IIR IEGL JSVQ %PXLSYKL MR XLMW GEWI XLI TLEWIW LEZI
MHIRXMGEP GSQTSWMXMSRW

4LEWIW ERH XLI 4LEWI (MEKVEQ ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
-X MW MQTSVXERX XS RSXI XLEX XLI +MFFW TLEWI VYPI EWWYQIW XLIVQSH]REQMG IUYMPMF
VMYQ ERH QSVI SJXIR XLER RSX MR QEXIVMEPW TVSGIWWMRK [I IRGSYRXIV GSRHMXMSRW MR
[LMGL IUYMPMFVMYQ MW RSX QEMRXEMRIH 8LIVIJSVI ]SY WLSYPH RSX FI WYVTVMWIH XS WII XLEX
XLI RYQFIV ERH GSQTSWMXMSRW SJ TLEWIW WIIR MR TVEGXMGI EVI HVEQEXMGEPP] HMIVIRX JVSQ
XLSWI TVIHMGXIH F] XLI +MFFW TLEWI VYPI
2SXI XLEX TLEWIW HS RSX EP[E]W LEZI XS FI WSPMH PMUYMH ERH KEWISYW JSVQW SJ E
QEXIVMEP %R IPIQIRX WYGL EW MVSR *I GER I\MWX MR *'' ERH &'' GV]WXEP WXVYGXYVIW
8LIWI X[S WSPMH JSVQW SJ MVSR EVI X[S HMIVIRX TLEWIW SJ MVSR XLEX [MPP FI WXEFPI EX HMJ
JIVIRX XIQTIVEXYVIW ERH TVIWWYVI GSRHMXMSRW 7MQMPEVP] MGI MXWIPJ GER I\MWX MR WIZIVEP
GV]WXEP WXVYGXYVIW 'EVFSR GER I\MWX MR QER] JSVQW IK KVETLMXI SV HMEQSRH 8LIWI
EVI SRP] X[S SJ XLI QER] TSWWMFPI TLEWIW SJ GEVFSR
%W ER I\EQTPI SJ XLI YWI SJ XLI TLEWI VYPI PIXtW GSRWMHIV XLI GEWI SJ TYVI QEKRI
WMYQ 1K *MKYVI WLS[W E YREV] ' TLEWI HMEKVEQ MR [LMGL XLI PMRIW HMZMHI
XLI PMUYMH WSPMH ERH ZETSV TLEWIW 8LMW YREV] TLEWI HMEKVEQ MW EPWS GEPPIH E TVIWWYVI
XIQTIVEXYVI SV 48 HMEKVEQ -R XLI YREV] TLEWI HMEKVEQ XLIVI MW SRP] SRI GSQTSRIRX
MR XLMW GEWI QEKRIWMYQ 1K (ITIRHMRK SR XLI XIQTIVEXYVI ERH TVIWWYVI LS[IZIV
XLIVI QE] FI SRI X[S SV IZIR XLVII TLEWIW TVIWIRX WMQYPXERISYWP] WSPMH QEKRIWMYQ
PMUYMH QEKRIWMYQ ERH QEKRIWMYQ ZETSV 2SXI XLEX EX EXQSWTLIVMG TVIWWYVI SRI EX
QSWTLIVI KMZIR F] XLI HEWLIH PMRI XLI MRXIVWIGXMSR SJ XLI PMRIW MR XLI TLEWI HMEKVEQ
KMZI XLI YWYEP QIPXMRK ERH FSMPMRK XIQTIVEXYVIW JSV QEKRIWMYQ %X ZIV] PS[ TVIWWYVIW
E WSPMH WYGL EW QEKRIWMYQ 1K GER WYFPMQI SV KS HMVIGXP] XS E ZETSV JSVQ [MXLSYX
QIPXMRK [LIR MX MW LIEXIH
7YTTSWI [I LEZI E GSQFMREXMSR SJ TVIWWYVI ERH XIQTIVEXYVI XLEX TYX YW EX TSMRX %
MR XLI TLEWI HMEKVEQ *MKYVI %X XLMW TSMRX EPP QEKRIWMYQ MW PMUYMH 8LI RYQFIV
SJ TLEWIW MW SRI PMUYMH 8LI TLEWI VYPI XIPPW YW XLEX XLIVI EVI X[S HIKVIIW SJ JVIIHSQ
*VSQ )UYEXMSR
*MKYVI -PPYWXVEXMSR SJ TLEWIW ERH WSPYFMPMX] E 8LI XLVII JSVQW SJ [EXIVhKEW PMUYMH ERH â' * â 4 XLIVIJSVI â * â ÔMI * Â
WSPMHhEVI IEGL E TLEWI F ;EXIV ERH EPGSLSP LEZI YRPMQMXIH WSPYFMPMX] G 7EPX ERH [EXIV
LEZI PMQMXIH WSPYFMPMX] H 3MP ERH [EXIV LEZI ZMVXYEPP] RS WSPYFMPMX] MR IEGL SXLIV ;LEX HSIW XLMW QIER# ;MXLMR PMQMXW EW WIIR MR *MKYVI [I GER GLERKI XLI TVIWWYVI
XLI XIQTIVEXYVI SV FSXL ERH WXMPP FI MR ER EPPPMUYMH TSVXMSR SJ XLI HMEKVEQ 4YX ER
SXLIV [E] [I QYWX w\ FSXL XLI XIQTIVEXYVI ERH XLI TVIWWYVI XS ORS[ TVIGMWIP] [LIVI
[I EVI MR XLI PMUYMH TSVXMSR SJ XLI HMEKVEQ
'SRWMHIV TSMRX & XLI FSYRHEV] FIX[IIR XLI WSPMH ERH PMUYMH TSVXMSRW SJ XLI HME
.SWMEL ;MPPEVH +MFFW HIZIPSTIH XLI TLEWI VYPI MR i -X HIWGVMFIW XLI VIPE KVEQ 8LI RYQFIV SJ GSQTSRIRXW ' MW WXMPP SRI FYX EX TSMRX & XLI WSPMH ERH PMUYMH
XMSRWLMT FIX[IIR XLI RYQFIV SJ GSQTSRIRXW ERH XLI RYQFIV SJ TLEWIW JSV E KMZIR W]W GSI\MWX SV XLI RYQFIV SJ TLEWIW 4 MW X[S *VSQ XLI TLEWI VYPI )UYEXMSR
XIQ ERH XLI GSRHMXMSRW XLEX QE] FI EPPS[IH XS GLERKI IK XIQTIVEXYVI TVIWWYVI IXG
-X LEW XLI KIRIVEP JSVQ â' * â 4 XLIVIJSVI â * â ÔMI * Â
â' * â4 Ô[LIR XIQTIVEXYVI ERH TVIWWYVI FSXL GER ZEV]Â ÔÂ SV XLIVI MW SRP] SRI HIKVII SJ JVIIHSQ *SV I\EQTPI MJ [I GLERKI XLI XIQTIVEXYVI XLI
% YWIJYP QRIQSRMG WSQIXLMRK XLEX [MPP EPPS[ ]SY XS VIQIQFIV JSV XLI +MFFW TLEWI TVIWWYVI QYWX EPWS FI EHNYWXIH MJ [I EVI XS WXE] SR XLI FSYRHEV] [LIVI XLI PMUYMH ERH
VYPI MW XS WXEVX [MXL E RYQIVMG ERH JSPPS[ [MXL XLI VIWX SJ XLI XIVQW EPTLEFIXMGEPP] MI WSPMH GSI\MWX 3R XLI SXLIV LERH MJ [I w\ XLI TVIWWYVI XLI TLEWI HMEKVEQ XIPPW YW XLI
' * ERH 4 YWMRK EPP TSWMXMZI WMKRW -R XLI TLEWI VYPI ' MW XLI RYQFIV SJ GLIQMGEPP] XIQTIVEXYVI XLEX [I QYWX LEZI MJ WSPMH ERH PMUYMH EVI XS GSI\MWX
MRHITIRHIRX GSQTSRIRXW YWYEPP] IPIQIRXW SV GSQTSYRHW MR XLI W]WXIQ * MW XLI RYQ *MREPP] EX TSMRX < WSPMH PMUYMH ERH ZETSV GSI\MWX ;LMPI XLI RYQFIV SJ GSQTS
FIV SJ HIKVIIW SJ JVIIHSQ SV XLI RYQFIV SJ ZEVMEFPIW WYGL EW XIQTIVEXYVI TVIWWYVI SV RIRXW MW WXMPP SRI XLIVI EVI XLVII TLEWIW 8LI RYQFIV SJ HIKVIIW SJ JVIIHSQ MW
GSQTSWMXMSR XLEX EVI EPPS[IH XS GLERKI MRHITIRHIRXP] [MXLSYX GLERKMRK XLI RYQFIV â' * â 4 XLIVIJSVI â * â ÔMI * Â
SJ TLEWIW MR IUYMPMFVMYQ ERH 4 MW XLI RYQFIV SJ TLEWIW TVIWIRX TPIEWI HS RSX GSRJYWI
4 [MXL ssTVIWWYVItt 8LI GSRWXERX sstt MR )UYEXMSR MQTPMIW XLEX FSXL XLI XIQTIVE 2S[ [I LEZI RS HIKVIIW SJ JVIIHSQ EPP XLVII TLEWIW GSI\MWX SRP] MJ FSXL XLI XIQTIVE
XYVI ERH TVIWWYVI EVI EPPS[IH XS GLERKI 8LI XIVQ ssGLIQMGEPP] MRHITIRHIRXtt VIJIVW XS XYVI ERH XLI TVIWWYVI EVI w\IH % TSMRX SR XLI TLEWI HMEKVEQ EX [LMGL XLI WSPMH PMUYMH
XLI RYQFIV SJ HMIVIRX IPIQIRXW SV GSQTSYRHW RIIHIH XS WTIGMJ] E W]WXIQ *SV I\EQ ERH KEWISYW TLEWIW GSI\MWX YRHIV IUYMPMFVMYQ GSRHMXMSRW MW XLI XVMTPI TSMRX -R XLI JSP
TPI [EXIV , 3 MW GSRWMHIVIH EW E SRI GSQTSRIRX W]WXIQ WMRGI XLI GSRGIRXVEXMSRW SJ PS[MRK I\EQTPI [I WII LS[ WSQI SJ XLIWI MHIEW YRHIVP]MRK XLI +MFFW TLEWI VYPI GER FI
, ERH 3 MR , 3 GERRSX FI MRHITIRHIRXP] ZEVMIH ETTPMIH
4LEWIW ERH XLI 4LEWI (MEKVEQ ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
*MKYVI
E 7GLIQEXMG YREV] TLEWI HMEKVEQ HEQEKI E WTEGI ZILMGPI -R EHHMXMSR WSPEV VEHMEXMSR GSYPH GEYWI XLI ZILMGPI XS
JSV QEKRIWMYQ WLS[MRK XLI QIPXMRK LIEX MRGVIEWMRK XLI VEXI SJ QEKRIWMYQ PSWW
ERH FSMPMRK XIQTIVEXYVIW EX SRI % PS[HIRWMX] QEXIVMEP [MXL E LMKLIV FSMPMRK TSMRX ERH XLIVIJSVI PS[IV
EXQSWTLIVI TVIWWYVI F 4VIWWYVI ZETSV TVIWWYVI EX ER] KMZIR XIQTIVEXYVI QMKLX FI E FIXXIV GLSMGI %X EXQS
XIQTIVEXYVI TLEWI HMEKVEQ JSV WTLIVMG TVIWWYVI EPYQMRYQ FSMPW EX ' ERH FIV]PPMYQ &I FSMPW EX '
KIVQERMYQ +I GX FSH]
GIRXIVIH XIXVEKSREP PEXXMGI [MXL JSYV GSQTEVIH [MXL XLI FSMPMRK XIQTIVEXYVI SJ ' JSV QEKRIWMYQ %PXLSYKL
EXSQW TIV YRMX GIPP JGG JEGI EPYQMRYQ ERH FIV]PPMYQ EVI WSQI[LEX HIRWIV XLER QEKRIWMYQ IMXLIV QMKLX
GIRXIVIH HMEQSRH GYFMG [MXL IMKLX FI E FIXXIV HIWMKR +MZIR XLI XS\MG IIGXW SJ &I ERH QER] SJ MXW GSQTSYRHW
EXSQW TIV YRMX GIPP MI HMEQSRH [LIR MR TS[HIV JSVQ [I QE] [ERX XS GSRWMHIV EPYQMRYQ wVWX
GYFMG WXVYGXYVI 7SYVGI ( =SYRK 3XLIV JEGXSVW XS GSRWMHIV -R PSEHFIEVMRK ETTPMGEXMSRW [I WLSYPH RSX SRP]
4LEWI (MEKVEQW SJ XLI )PIQIRXW
4YFPMWLIV 9RMZIVWMX] SJ PSSO JSV HIRWMX] FYX EPWS JSV VIPEXMZI WXVIRKXL 8LIVIJSVI XLI VEXMS SJ =SYRKtW
'EPMJSVRME 4VIWW &IVOIPI] T QSHYPYW XS HIRWMX] SV ]MIPH WXVIRKXL XS HIRWMX] GSYPH FI E FIXXIV TEVEQIXIV XS
GSQTEVI HMIVIRX QEXIVMEPW -R XLMW GSQTEVMWSR [I [MPP LEZI XS FI E[EVI XLEX
]MIPH WXVIRKXL JSV I\EQTPI HITIRHW WXVSRKP] SR QMGVSWXVYGXYVI %PWS XLI
WXVIRKXL SJ EPYQMRYQ GER FI IRLERGIH YWMRK EPYQMRYQ EPPS]W [LMPI OIITMRK
XLI HIRWMX] EFSYX XLI WEQI
8LIWI QEXIVMEPW ERH WSQI GSQTSWMXIW QE] QEOI E KSSH GLSMGI 3XLIV
JEGXSVW WYGL EW S\MHEXMSR HYVMRK VIIRXV] MRXS )EVXLtW EXQSWTLIVI QE] FI ET
TPMGEFPI ERH [MPP EPWS LEZI XS FI GSRWMHIVIH
-J ]SY I\EQMRI XLI 48 HMEKVEQ JSV [EXIV ]SY [MPP RSXMGI LS[ XLI QIPXMRK XIQ
TIVEXYVI SJ MGI HIGVIEWIW [MXL MRGVIEWMRK TVIWWYVI 8LMW MW VEXLIV YRYWYEP -X LEW FIIR
WYKKIWXIH XLEX SRI SJ XLI VIEWSRW [L] WOEXIVW GER WOEXI SR MGI MW XLEX XLI TVIWWYVI JVSQ
XLIMV WOEXIW EGXYEPP] QIPXW XLI MGI XLYW QEMRXEMRMRK E PE]IV SJ [EXIV 8LMW LS[IZIV LEW
FIIR WLS[R RSX XS FI ER MQTSVXERX JEGXSV -RWXIEH E TLIRSQIRSR ORS[R EW ssWYVJEGI
QIPXMRKtt SJ MGI LEW FIIR WLS[R XS FI XLI QEMR JEGXSV MR TVSZMHMRK E PYFVMGEXMRK wPQ SJ
[EXIV EPPS[MRK XLI WOEXIV XS QSZI IEWMP] EGVSWW XLI MGI
7SPYFMPMX] ERH 7SPMH 7SPYXMSRW

3JXIR MX MW FIRIwGMEP XS ORS[ LS[ QYGL SJ IEGL QEXIVMEP SV GSQTSRIRX [I GER GSQ
FMRI [MXLSYX TVSHYGMRK ER EHHMXMSREP TLEWI ;LIR [I FIKMR XS GSQFMRI HMIVIRX GSQ
TSRIRXW SV QEXIVMEPW EW [LIR [I EHH EPPS]MRK IPIQIRXW XS E QIXEP WSPMH SV PMUYMH WS
PYXMSRW GER JSVQ *SV I\EQTPI [LIR [I EHH WYKEV XS [EXIV [I JSVQ E WYKEV WSPYXMSR
;LIR [I HMYWI E WQEPP RYQFIV SJ TLSWTLSVYW 4 EXSQW MRXS WMRKPI GV]WXEP WMPMGSR 7M
[I TVSHYGI E WSPMH WSPYXMSR SJ 4 MR 7M -R SXLIV [SVHW [I EVI MRXIVIWXIH MR XLI WSPYFMPMX]
SJ SRI QEXIVMEP MRXS ERSXLIV IK WYKEV MR [EXIV GSTTIV MR RMGOIP TLSWTLSVYW MR
)<%140) (IWMKR SJ ER %IVSWTEGI 'SQTSRIRX WMPMGSR IXG
&IGEYWI QEKRIWMYQ 1K MW E PS[HIRWMX] QEXIVMEP V 1K KGQ MX LEW
FIIR WYKKIWXIH JSV YWI MR ER EIVSWTEGI ZILMGPI MRXIRHIH XS IRXIV XLI SYXIV WTEGI 9RPMQMXIH 7SPYFMPMX] 7YTTSWI [I FIKMR [MXL E KPEWW SJ [EXIV ERH E KPEWW SJ EPGSLSP
IRZMVSRQIRX -W XLMW E KSSH HIWMKR# 8LI [EXIV MW SRI TLEWI ERH XLI EPGSLSP MW E WIGSRH TLEWI -J [I TSYV XLI [EXIV MRXS XLI
EPGSLSP ERH WXMV SRP] SRI TLEWI MW TVSHYGIH ?*MKYVI F A 8LI KPEWW GSRXEMRW E WS
73098-32 PYXMSR SJ [EXIV ERH EPGSLSP XLEX LEW YRMUYI TVSTIVXMIW ERH GSQTSWMXMSR ;EXIV ERH
EPGSLSP EVI WSPYFPI MRXS IEGL SXLIV *YVXLIVQSVI XLI] HMWTPE] YRPMQMXIH WSPYFMPMX]
-R WTEGI XLI TVIWWYVI MW ZIV] PS[ )ZIR EX VIPEXMZIP] PS[ XIQTIVEXYVIW WSPMH
6IKEVHPIWW SJ XLI VEXMS SJ [EXIV ERH EPGSLSP SRP] SRI TLEWI MW TVSHYGIH [LIR XLI] EVI
QEKRIWMYQ GER FIKMR XS GLERKI XS E ZETSV GEYWMRK QIXEP PSWW XLEX GSYPH
QM\IH XSKIXLIV
7SPYFMPMX] ERH 7SPMH 7SPYXMSRW ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
*MKYVI
8LI WSPYFMPMX] SJ ^MRG MR GSTTIV
8LI WSPMH PMRI VITVIWIRXW XLI
WSPYFMPMX] PMQMX [LIR I\GIWW ^MRG
MW EHHIH XLI WSPYFMPMX] PMQMX MW
I\GIIHIH ERH X[S TLEWIW GSI\MWX
MR IUYMPMFVMYQ [MXL SRI ERSXLIVh [EXIV XLEX MW WEXYVEXIH [MXL WEPX TPYW I\GIWW WSPMH WEPX
;I wRH XLEX WEPX SV WYKEV LEZI E PMQMXIH WSPYFMPMX] MR [EXIV
-J [I EHH E WQEPP EQSYRX SJ PMUYMH ^MRG XS PMUYMH GSTTIV E WMRKPI PMUYMH WSPYXMSR MW
*MKYVI E 0MUYMH GSTTIV ERH PMUYMH RMGOIP EVI GSQTPIXIP] WSPYFPI MR IEGL SXLIV F 7SPMH
GSTTIVRMGOIP EPPS]W HMWTPE] GSQTPIXI WSPMH WSPYFMPMX] [MXL GSTTIV ERH RMGOIP EXSQW SGGYT]MRK TVSHYGIH ;LIR XLEX GSTTIV^MRG WSPYXMSR GSSPW ERH WSPMHMwIW E WMRKPI WSPMH WSPYXMSR
VERHSQ PEXXMGI WMXIW G -R GSTTIV^MRG EPPS]W GSRXEMRMRK QSVI XLER >R E WIGSRH TLEWI LEZMRK ER *'' WXVYGXYVI VIWYPXW [MXL GSTTIV ERH ^MRG EXSQW VERHSQP] PSGEXIH EX XLI
JSVQW FIGEYWI SJ XLI PMQMXIH WSPYFMPMX] SJ ^MRG MR GSTTIV RSVQEP PEXXMGI TSMRXW ,S[IZIV MJ XLI PMUYMH WSPYXMSR GSRXEMRW QSVI XLER EFSYX >R
JVIIÎW WSQI SJ XLI I\GIWW ^MRG EXSQW GSQFMRI [MXL WSQI SJ XLI GSTTIV EXSQW XS JSVQ E
'Y>R GSQTSYRH ?*MKYVI G A 8[S WSPMH TLEWIW RS[ GSI\MWX E WSPMH WSPYXMSR SJ
7MQMPEVP] MJ [I [IVI XS QM\ ER] EQSYRXW SJ PMUYMH GSTTIV ERH PMUYMH RMGOIP SRP] GSTTIV WEXYVEXIH [MXL EFSYX >R TPYW E 'Y>R GSQTSYRH 8LI WSPYFMPMX] SJ ^MRG MR
SRI PMUYMH TLEWI [SYPH FI TVSHYGIH 8LMW PMUYMH EPPS] LEW XLI WEQI GSQTSWMXMSR ERH GSTTIV MW PMQMXIH *MKYVI WLS[W E TSVXMSR SJ XLI 'Y>R TLEWI HMEKVEQ MPPYWXVEXMRK
TVSTIVXMIW IZIV][LIVI ?*MKYVI E A FIGEYWI RMGOIP ERH GSTTIV LEZI YRPMQMXIH PMUYMH XLI WSPYFMPMX] SJ ^MRG MR GSTTIV EX PS[ XIQTIVEXYVIW 8LI WSPYFMPMX] MRGVIEWIW [MXL MR
WSPYFMPMX] GVIEWMRK XIQTIVEXYVI 8LMW MW WMQMPEV XS LS[ [I GER HMWWSPZI QSVI WYKEV SV WEPX MR [EXIV
-J XLI PMUYMH GSTTIVRMGOIP EPPS] WSPMHMwIW ERH GSSPW XS VSSQ XIQTIVEXYVI [LMPI F] MRGVIEWMRK XLI XIQTIVEXYVI
QEMRXEMRMRK XLIVQEP IUYMPMFVMYQ SRP] SRI WSPMH TLEWI MW TVSHYGIH %JXIV WSPMHMwGEXMSR -R XLI I\XVIQI GEWI XLIVI QE] FI EPQSWX RS WSPYFMPMX] SJ SRI QEXIVMEP MR ERSXLIV
XLI GSTTIV ERH RMGOIP EXSQW HS RSX WITEVEXI FYX MRWXIEH EVI VERHSQP] PSGEXIH [MXLMR 8LMW MW XVYI JSV SMP ERH [EXIV ?*MKYVI H A SV JSV GSTTIVPIEH 'Y4F EPPS]W 2SXI
XLI *'' GV]WXEP WXVYGXYVI ;MXLMR XLI WSPMH TLEWI XLI WXVYGXYVI TVSTIVXMIW ERH GSQ XLEX IZIR XLSYKL QEXIVMEPW HS RSX HMWWSPZI MRXS SRI ERSXLIV XLI] GER FI HMWTIVWIH MRXS
TSWMXMSR EVI YRMJSVQ ERH RS MRXIVJEGI I\MWXW FIX[IIR XLI GSTTIV ERH RMGOIP EXSQW SRI ERSXLIV *SV I\EQTPI SMPPMOI TLEWIW ERH EUYISYW PMUYMHW GER FI QM\IH SJXIR YWMRK
8LIVIJSVI GSTTIV ERH RMGOIP EPWS LEZI YRPMQMXIH WSPMH WSPYFMPMX] 8LI WSPMH TLEWI MW E WYVJEGXERXW WSETPMOI QSPIGYPIW XS JSVQ IQYPWMSRW -QQMWGMFMPMX] SV PEGO SJ WSPYFMPMX]
WSPMH WSPYXMSR SJ GSTTIV ERH RMGOIP ?*MKYVI F A MW WIIR MR QER] QSPXIR ERH WSPMH GIVEQMG ERH QIXEPPMG QEXIVMEPW
% WSPMH WSPYXMSR MW RSX E QM\XYVI % QM\XYVI GSRXEMRW QSVI XLER SRI X]TI SJ TLEWI
[LSWI GLEVEGXIVMWXMGW EVI VIXEMRIH [LIR XLI QM\XYVI MW JSVQIH -R GSRXVEWX XS XLMW XLI 4SP]QIVMG 7]WXIQW ;I GER TVSGIWW TSP]QIVMG QEXIVMEPW XS IRLERGI XLIMV YWIJYPRIWW
GSQTSRIRXW SJ E WSPMH WSPYXMSR GSQTPIXIP] HMWWSPZI MR SRI ERSXLIV ERH HS RSX VIXEMR YWMRK E GSRGITX WMQMPEV XS XLI JSVQEXMSR SJ WSPMH WSPYXMSRW MR QIXEPPMG ERH GIVEQMG W]W
XLIMV MRHMZMHYEP GLEVEGXIVMWXMGW XIQW ;I GER JSVQ QEXIVMEPW XLEX EVI ORS[R EW GSTSP]QIVW XLEX GSRWMWX SJ HMIVIRX
%R I\EQTPI SJ E GIVEQMG W]WXIQ JSVQMRK E WSPMH WSPYXMSR MW XLEX SJ FEVMYQ XMXEREXI QSRSQIVW *SV I\EQTPI EGV]PSRMXVMPI % FYXEHMIRI & ERH WX]VIRI 7 QSRSQIVW
&E8M3 ERH WXVSRXMYQ XMXEREXI 7V8M3 [LMGL EVI GSQTSYRHW JSYRH MR XLI &E3 GER FI QEHI XS VIEGX XS JSVQ E GSTSP]QIV ORS[R EW %&7 8LMW VIWYPXERX GSTSP]QIV MW
8M3 7V3 XIVREV] W]WXIQ WMQMPEV XS E WSPMH WSPYXMSR MR XLEX MX LEW XLI JYRGXMSREPMXMIW SJ XLI XLVII QSRSQIVW JVSQ
[LMGL MX MW HIVMZIH FPIRHMRK XLIMV TVSTIVXMIW 7MQMPEV XS XLI 'Y2M SV &E8M3 7V8M3
0MQMXIH 7SPYFMPMX] ;LIR [I EHH E WQEPP UYERXMX] SJ WEPX SRI TLEWI XS E KPEWW SJ WSPMH WSPYXMSRW [I [MPP RSX FI EFPI XS WITEVEXI SYX XLI EGV]PSRMXVMPI FYXEHMIRI SV WX]
[EXIV E WIGSRH TLEWI ERH WXMV XLI WEPX HMWWSPZIW GSQTPIXIP] MR XLI [EXIV 3RP] SRI VIRI JVSQ ER %&7 TPEWXMG -RNIGXMSR QSPHMRK MW YWIH XS GSRZIVX %&7 MRXS XIPITLSRIW
TLEWIh WEPX] [EXIV SV FVMRIh MW JSYRH ,S[IZIV MJ [I EHH XSS QYGL WEPX XS XLI [EXIV LIPQIXW WXIIVMRK [LIIPW WQEPP ETTPMERGI GEWIW ERH SXLIV TVSHYGXW *MKYVI MPPYW
XLI I\GIWW WEPX WMROW XS XLI FSXXSQ SJ XLI KPEWW ?*MKYVI G A 2S[ [I LEZI X[S TLEWIW XVEXIW XLI TVSTIVXMIW SJ HMIVIRX GSTSP]QIVW MR XLI %&7 W]WXIQ 2SXI XLEX XLMW MW RSX E
TLEWI HMEKVEQ 8LMW QIERW XLI TLEWIW JSVQIH QE] RSX FI XLIVQSH]REQMGEPP] WXEFPI
'SRHMXMSRW JSV 9RPMQMXIH 7SPMH 7SPYFMPMX] ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
*MKYVI
1K3 ERH 2M3 LEZI WMQMPEV
GV]WXEP WXVYGXYVIW MSRMG VEHMM
ERH ZEPIRGIW XLYW XLI X[S
GIVEQMG QEXIVMEPW GER JSVQ
WSPMH WSPYXMSRW
*MKYVI WLS[W WGLIQEXMGEPP] XLI X[SHMQIRWMSREP WXVYGXYVIW SJ 1K3 ERH 2M3
8LI 1Kâ ERH 2Mâ MSRW EVI WMQMPEV MR WMÎ ERH ZEPIRGI ERH GSRWIUYIRXP] GER VITPEGI
SRI ERSXLIV MR E WSHMYQ GLPSVMHI 2E'P GV]WXEP WXVYGXYVI 'LETXIV JSVQMRK E GSQ
*MKYVI (MEKVEQ WLS[MRK LS[ XLI TVSTIVXMIW SJ GSTSP]QIVW JSVQIH MR XLI %&7 W]WXIQ TPIXI WIVMIW SJ WSPMH WSPYXMSRW SJ XLI JSVQ 1Kâ \ 2M â \ 3 [LIVI \ XLI QSPI JVEG
ZEV] 8LMW MW RSX E TLEWI HMEKVEQ 7SYVGI 7XVSRK % &VIRX 4PEWXMGW 1EXIVMEPW ERH 4VSGIWWMRK XMSR SJ 1Kâ SV 1K3
RH " )PIGXVSRMGEPP] VITVSHYGIH F] TIVQMWWMSR SJ 4IEVWSR )HYGEXMSR -RG 9TTIV 8LI WSPYFMPMX] SJ MRXIVWXMXMEP EXSQW MW EP[E]W PMQMXIH -RXIVWXMXMEP EXSQW EVI QYGL
7EHHPI 6MZIV 2I[ .IVWI] WQEPPIV XLER XLI EXSQW SJ XLI LSWX IPIQIRX XLIVIF] ZMSPEXMRK XLI wVWX SJ ,YQI
6SXLIV]tW GSRHMXMSRW
(]PEVO 81 MW ERSXLIV I\EQTPI SJ E GSTSP]QIV -X MW JSVQIH YWMRK QEPIMG ERL]HVMHI ERH
E WX]VIRI QSRSQIV 8LI (]PEVO 81 GSTSP]QIV [MXL GEVFSR FPEGO JSV 9: TVSXIGXMSR
VIMRJSVGIH [MXL wFIVKPEWW ERH XSYKLIRIH [MXL VYFFIV MW YWIH JSV MRWXVYQIRX TERIPW MR )<%140) 'IVEQMG 7SPMH 7SPYXMSRW SJ 1K3
QER] EYXSQSFMPIW 'LETXIV 2M3 GER FI EHHIH XS 1K3 XS TVSHYGI E WSPMH WSPYXMSR ;LEX SXLIV GIVEQMG
W]WXIQW EVI PMOIP] XS I\LMFMX WSPMH WSPYFMPMX] [MXL 1K3#
73098-32
'SRHMXMSRW JSV 9RPMQMXIH 7SPMH 7SPYFMPMX] -R XLMW GEWI [I QYWX GSRWMHIV S\MHI EHHMXMZIW XLEX LEZI QIXEP GEXMSRW [MXL XLI
-R SVHIV JSV ER EPPS] W]WXIQ IK GSTTIVRMGOIP XS LEZI YRPMQMXIH WSPMH WSPYFMPMX] WEQI ZEPIRGI ERH MSRMG VEHMYW EW XLI QEKRIWMYQ GEXMSRW 8LI ZEPIRGI SJ XLI
GIVXEMR GSRHMXMSRW QYWX FI WEXMWwIH 8LIWI GSRHMXMSRW XLI ,YQI6SXLIV] VYPIW EVI EW QEKRIWMYQ MSR MW â ERH MXW MSRMG VEHMYW MW % *VSQ %TTIRHM\ & WSQI
JSPPS[W SXLIV TSWWMFMPMXMIW MR [LMGL XLI GEXMSR LEW E ZEPIRGI SJ â MRGPYHI XLI JSPPS[MRK

7MÎ JEGXSV 8LI EXSQW SV MSRW QYWX FI SJ WMQMPEV WMÎ [MXL RS QSVI XLER E V MSR 'V 1K &
HMIVIRGI MR EXSQMG VEHMYW MR SVHIV XS QMRMQMÎ XLI PEXXMGI WXVEMR MI XS QMRMQMÎ EX (
V 1K &
V % 'V]WXEP 7XVYGXYVI
ER EXSQMG PIZIP XLI HIZMEXMSRW GEYWIH MR MRXIVEXSQMG WTEGMRK
'V]WXEP WXVYGXYVI 8LI QEXIVMEPW QYWX LEZI XLI WEQI GV]WXEP WXVYGXYVI SXLIV[MWI 'Hâ MR 'H3 V'H â 2E'P
XLIVI MW WSQI TSMRX EX [LMGL E XVERWMXMSR SGGYVW JVSQ SRI TLEWI XS E WIGSRH TLEWI [MXL 'Eâ MR 'E3 V'E â 2E'P
E HMIVIRX WXVYGXYVI 'Sâ MR 'S3 V'S â 2E'P
:EPIRGI 8LI MSRW QYWX LEZI XLI WEQI ZEPIRGI SXLIV[MWI XLI ZEPIRGI IPIGXVSR *Iâ MR *I3 V*I â 2E'P
HMIVIRGI IRGSYVEKIW XLI JSVQEXMSR SJ GSQTSYRHW VEXLIV XLER WSPYXMSRW 7Vâ MR 7V3 V7V â 2E'P
>Râ MR >R3 V>R â 2E'P
)PIGXVSRIKEXMZMX] 8LI EXSQW QYWX LEZI ETTVS\MQEXIP] XLI WEQI IPIGXVSRIKE
XMZMX] )PIGXVSRIKEXMZMX] MW XLI EoRMX] JSV IPIGXVSRW 'LETXIV -J XLI IPIGXVSRIKEXMZMXMIW
8LI TIVGIRX HMIVIRGI MR MSRMG VEHMM ERH XLI GV]WXEP WXVYGXYVIW EVI EPWS
HMIV WMKRMwGERXP] GSQTSYRHW JSVQh EW [LIR WSHMYQ ERH GLPSVMRI EXSQW GSQFMRI XS
WLS[R ERH WYKKIWX XLEX XLI *I31K3 W]WXIQ [MPP TVSFEFP] HMWTPE] YRPMQMXIH
JSVQ WSHMYQ GLPSVMHI
WSPMH WSPYFMPMX] 8LI 'S3 ERH >R3 W]WXIQW EPWS LEZI ETTVSTVMEXI VEHMYW VEXMSW
,YQI6SXLIV]tW GSRHMXMSRW QYWX FI QIX FYX XLI] EVI RSX RIGIWWEVMP] WYoGMIRX JSV ERH GV]WXEP WXVYGXYVIW
X[S QIXEPW IK 'Y ERH 2M SV GSQTSYRHW IK &E8M3 7V8M3 XS LEZI YRPMQMXIH
WSPMH WSPYFMPMX]
7SPMH7SPYXMSR 7XVIRKXLIRMRK ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
IVXMIW 8LI JSPPS[MRK HMWGYWWMSR VIPEXIH XS QIGLERMGEP TVSTIVXMIW XLIVIJSVI ETTPMIW

7SPMH7SPYXMSR 7XVIRKXLIRMRK QEMRP] XS QIXEPPMG QEXIVMEPW
-R QIXEPPMG QEXIVMEPW SRI SJ XLI MQTSVXERX IIGXW SJ WSPMHWSPYXMSR JSVQEXMSR MW XLI VI (IKVII SJ 7SPMH7SPYXMSR 7XVIRKXLIRMRK 8LI HIKVII SJ WSPMHWSPYXMSR WXVIRKXLIRMRK
WYPXERX WSPMHWSPYXMSR WXVIRKXLIRMRK *MKYVI 8LMW WXVIRKXLIRMRK ZME WSPMHWSPYXMSR HITIRHW SR X[S JEGXSVW *MVWX E PEVKI HMIVIRGI MR EXSQMG WMÎ FIX[IIR XLI SVMKMREP
JSVQEXMSR MW GEYWIH F] MRGVIEWIH VIWMWXERGI XS HMWPSGEXMSR QSXMSR 8LMW MW SRI SJ XLI LSWX SV WSPZIRX EXSQ ERH XLI EHHIH KYIWX SV WSPYXI EXSQ MRGVIEWIW XLI WXVIRKXLIRMRK
MQTSVXERX VIEWSRW [L] FVEWW 'Y>R EPPS] MW WXVSRKIV XLER TYVI GSTTIV 7MQMPEVP] WQEPP IIGX % PEVKIV WMÎ HMIVIRGI TVSHYGIW E KVIEXIV HMWVYTXMSR SJ XLI MRMXMEP GV]WXEP WXVYG
PIZIPW SJ GEVFSR WXVIRKXLIR MVSR ;I [MPP PIEVR PEXIV XLEX GEVFSR EPWS TPE]W ERSXLIV VSPI XYVI QEOMRK WPMT QSVI HMoGYPX *MKYVI
MR EHHMXMSREP WXVIRKXLIRMRK SJ WXIIPW F] JSVQMRK MVSR GEVFMHI *I ' ERH SXLIV TLEWIW 7IGSRH XLI KVIEXIV XLI EQSYRX SJ EPPS]MRK IPIQIRX EHHIH XLI KVIEXIV XLI WXVIRKXL
'LETXIV .I[IPV] GSYPH FI QEHI SYX SJ TYVI KSPH SV WMPZIV ,S[IZIV TYVI KSPH ERH IRMRK IIGX *MKYVI % 'Y 2M EPPS] MW WXVSRKIV XLER E 'Y 2M EPPS]
TYVI WMPZIV EVI I\XVIQIP] WSJX ERH QEPPIEFPI ERH XLI NI[IPV] TMIGIW QEHI [MPP RSX VIXEMR 3J GSYVWI MJ XSS QYGL SJ E PEVKI SV WQEPP EXSQ MW EHHIH XLI WSPYFMPMX] PMQMX QE] FI
XLIMV WLETI 8LMW MW EPWS [L] NI[IPIVW EHH GSTTIV XS KSPH SV WMPZIV I\GIIHIH ERH E HMIVIRX WXVIRKXLIRMRK QIGLERMWQ HMWTIVWMSR WXVIRKXLIRMRK QE] GSQI
-R XLI GSTTIVRMGOIP 'Y2M W]WXIQ [I MRXIRXMSREPP] MRXVSHYGI E WSPMH WYFWXMXY MR XS TPE] -R HMWTIVWMSR WXVIRKXLIRMRK XLI MRXIVJEGI FIX[IIR XLI LSWX TLEWI ERH KYIWX
XMSREP EXSQ RMGOIP MRXS XLI SVMKMREP GV]WXEP WXVYGXYVI GSTTIV 8LI GSTTIVRMGOIP EPPS] TLEWI VIWMWXW HMWPSGEXMSR QSXMSR ERH GSRXVMFYXIW XS WXVIRKXLIRMRK 8LMW QIGLERMWQ MW
MW WXVSRKIV XLER TYVI GSTTIV 7MQMPEVP] MJ PIWW XLER >R MW EHHIH XS GSTTIV XLI ^MRG HMWGYWWIH JYVXLIV MR 'LETXIV
FILEZIW EW E WYFWXMXYXMSREP EXSQ XLEX WXVIRKXLIRW XLI GSTTIV^MRG EPPS] EW GSQTEVIH
[MXL TYVI GSTTIV
6IGEPP JVSQ 'LETXIV XLEX XLI WXVIRKXL SJ GIVEQMGW MW QEMRP] HMGXEXIH F] XLI HMW
XVMFYXMSR SJ xE[W WSPMHWSPYXMSR JSVQEXMSR HSIW RSX LEZI E WXVSRK IIGX SR XLI QI )<%140) 7SPMH7SPYXMSR 7XVIRKXLIRMRK
GLERMGEP TVSTIVXMIW 8LMW MW WMQMPEV XS [L] WXVEMR LEVHIRMRK [EW RSX QYGL SJ E JEGXSV *VSQ XLI EXSQMG VEHMM WLS[ [LIXLIV XLI WMÎ HMIVIRGI FIX[IIR GSTTIV EXSQW
MR IRLERGMRK XLI WXVIRKXL SJ GIVEQMGW SV WIQMGSRHYGXSVW WYGL EW WMPMGSR 'LETXIV %W ERH EPPS]MRK EXSQW EGGYVEXIP] TVIHMGXW XLI EQSYRX SJ WXVIRKXLIRMRK JSYRH MR
HMWGYWWIH FIJSVI WSPMHWSPYXMSR JSVQEXMSR MR GIVEQMGW ERH WIQMGSRHYGXSVW WYGL EW 7M *MKYVI
+E%W IXG LEW GSRWMHIVEFPI MRxYIRGI SR XLIMV QEKRIXMG STXMGEP ERH HMIPIGXVMG TVST
73098-32
8LI EXSQMG VEHMM ERH TIVGIRX WMÎ HMIVIRGI EVI WLS[R FIPS[
*MKYVI
8LI IJJIGXW SJ WIZIVEP
EPPS]MRK IPIQIRXW SR XLI V 'V 'Y
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2MGOIP ERH ^MRG EXSQW EVI
EFSYX XLI WEQI WMÎ EW
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EXSQW -RGVIEWMRK FSXL 7R â
EXSQMG WMÎ HMJJIVIRGI ERH 2M
EQSYRX SJ EPPS]MRK IPIQIRX 7M
MRGVIEWIW WSPMHWSPYXMSR &I
WXVIRKXLIRMRK
*SV EXSQW PEVKIV XLER GSTTIVh REQIP] ^MRG EPYQMRYQ ERH XMRh
MRGVIEWMRK XLI WMÎ HMIVIRGI MRGVIEWIW XLI WXVIRKXLIRMRK IIGX 0MOI[MWI JSV
WQEPPIV EXSQW MRGVIEWMRK XLI WMÎ HMIVIRGI MRGVIEWIW WXVIRKXLIRMRK
)JJIGX SJ 7SPMH7SPYXMSR 7XVIRKXLIRMRK SR 4VSTIVXMIW 8LI IIGXW SJ WSPMHWSPYXMSR

WXVIRKXLIRMRK SR XLI TVSTIVXMIW SJ E QIXEPPMG QEXIVMEP MRGPYHI XLI JSPPS[MRK *MKYVI
8LI ]MIPH WXVIRKXL XIRWMPI WXVIRKXL ERH LEVHRIWW SJ EPPS]W EVI KVIEXIV XLER XLSWI
SJ XLI TYVI QIXEPW 8LMW MW SRI VIEWSR [L] [I QSWX SJXIR YWI EPPS]W VEXLIV XLER TYVI
QIXEPW *SV I\EQTPI WQEPP GSRGIRXVEXMSRW SJ 1K EVI EHHIH XS EPYQMRYQ XS TVSZMHI
LMKLIV WXVIRKXL XS XLI EPYQMRYQ EPPS]W YWIH MR QEOMRK EPYQMRYQ FIZIVEKI GERW
-WSQSVTLSYW 4LEWI (MEKVEQW ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
*MKYVI
8LI IJJIGX SJ EHHMXMSRW SJ ^MRG XS
GSTTIV SR XLI TVSTIVXMIW SJ XLI
WSPMHWSPYXMSRWXVIRKXLIRIH EPPS]
8LI MRGVIEWI MR IPSRKEXMSR [MXL
MRGVIEWMRK ^MRG GSRXIRX MW RSX X]TMGEP
SJ WSPMHWSPYXMSR WXVIRKXLIRMRK
%PQSWX EP[E]W XLI HYGXMPMX] SJ XLI EPPS] MW PIWW XLER XLEX SJ XLI TYVI QIXEP 3RP]
VEVIP] EW MR GSTTIV^MRG EPPS]W *MKYVI HSIW WSPMHWSPYXMSR WXVIRKXLIRMRK MRGVIEWI
FSXL WXVIRKXL ERH HYGXMPMX]
)PIGXVMGEP GSRHYGXMZMX] SJ XLI EPPS] MW QYGL PS[IV XLER XLEX SJ XLI TYVI QIXEP
8LMW MW FIGEYWI IPIGXVSRW KIX QSVI WGEXXIVIH S XLI EXSQW SJ XLI EPPS]MRK IPIQIRXW
7SPMHWSPYXMSR WXVIRKXLIRMRK SJ GSTTIV SV EPYQMRYQ [MVIW YWIH JSV XVERWQMWWMSR SJ
IPIGXVMGEP TS[IV MW RSX VIGSQQIRHIH FIGEYWI SJ XLMW TVSRSYRGIH IIGX )PIGXVMGEP GSR
HYGXMZMX] SJ QER] EPPS]W EPXLSYKL PS[IV XLER XLEX SJ TYVI QIXEPW MW SJXIR QSVI WXEFPI
EW E JYRGXMSR SJ XIQTIVEXYVI
8LI VIWMWXERGI XS GVIIT SV PSWW SJ WXVIRKXL EX IPIZEXIH XIQTIVEXYVIW MW MQTVSZIH
F] WSPMHWSPYXMSR WXVIRKXLIRMRK ,MKL XIQTIVEXYVIW HS RSX GEYWI E GEXEWXVSTLMG GLERKI
MR XLI TVSTIVXMIW SJ WSPMHWSPYXMSRWXVIRKXLIRIH EPPS]W 1ER] LMKLXIQTIVEXYVI EPPS]W
WYGL EW XLSWI YWIH JSV NIX IRKMRIW VIP] TEVXP] SR I\XIRWMZI WSPMHWSPYXMSR WXVIRKXLIRMRK
-WSQSVTLSYW 4LEWI (MEKVEQW *MKYVI E 8LI IUYMPMFVMYQ TLEWI HMEKVEQW JSV XLI 'Y2M ERH 2M31K3 W]WXIQW F 8LI
PMUYMHYW ERH WSPMHYW XIQTIVEXYVIW EVI WLS[R JSV E 'Y 2M EPPS] G ERH H 7]WXIQW [MXL
WSPMH WSPYXMSR QE\MQE ERH QMRMQE 7SYVGI %HETXIH JVSQ -RXVSHYGXMSR XS 4LEWI )UYMPMFVME F]
% TLEWI HMEKVEQ WLS[W XLI TLEWIW ERH XLIMV GSQTSWMXMSRW EX ER] GSQFMREXMSR SJ '+ &IVKIVSR ERH 7, 6MWFYH 'ST]VMKLX " %QIVMGER 'IVEQMG 7SGMIX] %HETXIH F]
XIQTIVEXYVI ERH EPPS] GSQTSWMXMSR ;LIR SRP] X[S IPIQIRXW SV X[S GSQTSYRHW EVI TIVQMWWMSR
TVIWIRX MR E QEXIVMEP E FMREV] TLEWI HMEKVEQ GER FI GSRWXVYGXIH -WSQSVTLSYW FMREV]
TLEWI HMEKVEQW EVI JSYRH MR E RYQFIV SJ QIXEPPMG ERH GIVEQMG W]WXIQW -R XLI MWSQSV
TLSYW W]WXIQW [LMGL MRGPYHI XLI GSTTIVRMGOIP ERH 2M31K3 W]WXIQW ?*MKYVI E
ERH F A SRP] SRI WSPMH TLEWI JSVQW XLI X[S GSQTSRIRXW MR XLI W]WXIQ HMWTPE] GSQ TLEWI HMEKVEQ JSV W]WXIQW GSRWMWXMRK SJ XLVII GSQTSRIRXW ,IVI [I VITVIWIRX MX EW E
TPIXI WSPMH WSPYFMPMX] %W WLS[R MR XLI TLEWI HMEKVEQW JSV 'E3 7M3 7V3 7M3 ERH TWIYHSFMREV] HMEKVEQ MI [I EWWYQI XLEX XLMW MW E HMEKVEQ XLEX VITVIWIRXW TLEWI
XLEPPMYQPIEH 8P4F W]WXIQW MX MW TSWWMFPI XS LEZI TLEWI HMEKVEQW WLS[ E QMRMQYQ SV IUYMPMFVME FIX[IIR 'E3 7M3 ERH 7V3 7M3 -R E TWIYHSFMREV] HMEKVEQ [I VITVI
QE\MQYQ TSMRX VIWTIGXMZIP] ?*MKYVI G ERH H A 2SXMGI XLI \E\MW WGEPI GER VIT WIRX IUYMPMFVME FIX[IIR XLVII SV QSVI GSQTSRIRXW YWMRK X[S GSQTSYRHW 8IVREV] TLEWI
VIWIRX IMXLIV QSPI SV [IMKLX SJ SRI SJ XLI GSQTSRIRXW ;I GER EPWS TPSX EXSQMG SV HMEKVEQW EVI SJXIR IRGSYRXIVIH MR GIVEQMG ERH QIXEPPMG W]WXIQW
QSPI JVEGXMSR SJ SRI SJ XLI GSQTSRIRXW %PWS RSXMGI XLEX XLI 'E37M3 ERH 7V37M3 6IGIRXP] GSRWMHIVEFPI HIZIPSTQIRXW EPWS LEZI SGGYVVIH MR XLI HIZIPSTQIRX SJ
HMEKVEQ GSYPH FI TPSXXIH EW E XIVREV] TLEWI HMEKVEQ % XIVREV] TLEWI HMEKVEQ MW E TLEWI HMEKVEQW YWMRK GSQTYXIV HEXEFEWIW GSRXEMRMRK XLIVQSH]REQMG TVSTIVXMIW SJ HMJ
JIVIRX IPIQIRXW ERH GSQTSYRHW
0MUYMHYW ERH 7SPMHYW 8IQTIVEXYVIW ;I HIwRI PMUYMHYW XIQTIVEXYVI EW XLI XIQTIVE

XYVI EFSZI [LMGL E QEXIVMEP MW GSQTPIXIP] PMUYMH 8LI YTTIV GYVZI MR *MKYVI E )<%140) (IWMKR SJ E 'SQTSWMXI 1EXIVMEP
VITVIWIRXW XLI PMUYMHYW XIQTIVEXYVIW JSV GSTTIVRMGOIP EPPS]W SJ HMIVIRX GSQTSWMXMSRW 3RI QIXLSH XS MQTVSZI XLI JVEGXYVI XSYKLRIWW SJ E GIVEQMG QEXIVMEP 'LET
;I QYWX LIEX E GSTTIVRMGOIP EPPS] EFSZI XLI PMUYMHYW XIQTIVEXYVI XS TVSHYGI E GSQ XIV MW XS VIMRJSVGI XLI GIVEQMG QEXVM\ [MXL GIVEQMG wFIVW % QEXIVMEPW HI
TPIXIP] PMUYMH EPPS] XLEX GER XLIR FI GEWX MRXS E YWIJYP WLETI 8LI PMUYMH EPPS] FIKMRW XS WMKRIV LEW WYKKIWXIH XLEX %P 3 GSYPH FI VIMRJSVGIH [MXL 'V 3 wFIVW
WSPMHMJ] [LIR XLI XIQTIVEXYVI HIGVIEWIW XS XLI PMUYMHYW XIQTIVEXYVI *SV XLI 'Y 2M [LMGL [SYPH MRXIVJIVI [MXL XLI TVSTEKEXMSR SJ ER] GVEGOW MR XLI EPYQMRE 8LI
EPPS] MR *MKYVI E XLI PMUYMHYW XIQTIVEXYVI MW ' VIWYPXMRK GSQTSWMXI MW I\TIGXIH XS STIVEXI YRHIV PSEH EX ' JSV WIZIVEP
8LI WSPMHYW XIQTIVEXYVI JSV XLI GSTTIVRMGOIP EPPS]W MW XLI XIQTIVEXYVI FIPS[ [LMGL QSRXLW 'VMXMGMÎ XLI ETTVSTVMEXIRIWW SJ XLMW HIWMKR
XLI EPPS] MW WSPMH 8LI PS[IV GYVZI MR *MKYVI E VITVIWIRXW XLI WSPMHYW XIQ
TIVEXYVIW JSV 'Y2M EPPS]W SJ HMIVIRX GSQTSWMXMSRW % GSTTIVRMGOIP EPPS] MW RSX 73098-32
GSQTPIXIP] WSPMH YRXMP XLI QEXIVMEP GSSPW FIPS[ XLI WSPMHYW XIQTIVEXYVI -J [I YWI 7MRGI XLI GSQTSWMXI [MPP STIVEXI EX LMKL XIQTIVEXYVIW JSV E WYFWXERXMEP TIVMSH
E GSTTIVRMGOIP EPPS] EX LMKL XIQTIVEXYVIW [I QYWX FI WYVI XLEX XLI WIVZMGI XIQTIVE SJ XMQI XLI X[S TLEWIWh XLI 'V 3 wFIVW ERH XLI %P 3 QEXVM\hQYWX RSX
XYVI MW FIPS[ XLI WSPMHYW WS XLEX RS QIPXMRK SGGYVW *SV XLI 'Y 2M EPPS] MR *MKYVI VIEGX [MXL SRI ERSXLIV -R EHHMXMSR XLI GSQTSWMXI QYWX VIQEMR WSPMH XS EX PIEWX
E XLI WSPMHYW XIQTIVEXYVI MW ' ' 8LI TLEWI HMEKVEQ MR *MKYVI TIVQMXW YW XS GSRWMHIV XLMW GLSMGI
'STTIVRMGOIP EPPS]W QIPX ERH JVIIÎ SZIV E VERKI SJ XIQTIVEXYVIW FIX[IIR XLI PMU JSV E GSQTSWMXI
YMHYW ERH XLI WSPMHYW 8LI XIQTIVEXYVI HMIVIRGI FIX[IIR XLI PMUYMHYW ERH XLI WSPMHYW MW
XLI JVII^MRK VERKI SJ XLI EPPS] ;MXLMR XLI JVII^MRK VERKI X[S TLEWIW GSI\MWX E PMUYMH
ERH E WSPMH 8LI WSPMH MW E WSPYXMSR SJ GSTTIV ERH RMGOIP EXSQW ERH MW HIWMKREXIH EW XLI E *MKYVI
TLEWI *SV XLI 'Y 2M EPPS] MR *MKYVI E XLI JVII^MRK VERKI MW 8LI %P 3 'V 3
' 2SXI XLEX TYVI QIXEPW WSPMHMJ] EX E w\IH XIQTIVEXYVI MI XLI JVII^MRK VERKI MW TLEWI HMEKVEQ
JSV )\EQTPI
ÎVS HIKVIIW
4LEWIW 4VIWIRX 3JXIR [I EVI MRXIVIWXIH MR [LMGL TLEWIW EVI TVIWIRX MR ER EPPS] EX E
TEVXMGYPEV XIQTIVEXYVI -J [I TPER XS QEOI E GEWXMRK [I QYWX FI WYVI XLEX XLI QIXEP MW
MRMXMEPP] EPP PMUYMH MJ [I TPER XS LIEX XVIEX ER EPPS] GSQTSRIRX [I QYWX FI WYVI XLEX
RS PMUYMH JSVQW HYVMRK XLI TVSGIWW (MIVIRX WSPMH TLEWIW LEZI HMIVIRX TVSTIVXMIW *SV
I\EQTPI &'' *I MRHMGEXIH EW E TLEWI SR XLI MVSR GEVFSR TLEWI HMEKVEQ MW QEKRIXMG
,S[IZIV *'' MVSR MRHMGEXIH EW K TLEWI SR XLI *I' HMEKVEQ MW RSX
8LI TLEWI HMEKVEQ GER FI XVIEXIH EW E VSEH QET MJ [I ORS[ XLI GSSVHMREXIWh
XIQTIVEXYVI ERH EPPS] GSQTSWMXMSRh [I GER HIXIVQMRI XLI TLEWIW TVIWIRX EWWYQMRK [I
ORS[ XLEX XLIVQSH]REQMG IUYMPMFVMYQ I\MWXW 8LIVI EVI QER] I\EQTPIW SJ XIGLRSPSKM
GEPP] MQTSVXERX WMXYEXMSRW [LIVI [I HS RSX [ERX IUYMPMFVMYQ TLEWIW XS JSVQ
8LI JSPPS[MRK X[S I\EQTPIW MPPYWXVEXI XLI ETTPMGEXMSRW SJ WSQI SJ XLIWI GSRGITXW
4YVI 'V 3 TYVI %P 3 ERH %P 3 'V 3 LEZI WSPMHYW XIQTIVEXYVIW

)<%140) 2M31K3 -WSQSVTLSYW 7]WXIQ EFSZI ' GSRWIUYIRXP] XLIVI MW RS HERKIV SJ QIPXMRK ER] SJ XLI GSR
WXMXYIRXW ,S[IZIV 'V 3 ERH %P 3 HMWTPE] YRPMQMXIH WSPMH WSPYFMPMX] %X
*VSQ XLI TLEWI HMEKVEQ JSV XLI 2M31K3 FMREV] W]WXIQ ?*MKYVI F A HI XLI LMKL WIVZMGI XIQTIVEXYVI ' %P â MSRW [MPP HMYWI JVSQ XLI QEXVM\
WGVMFI E GSQTSWMXMSR XLEX GER QIPX EX ' FYX [MPP RSX QIPX [LIR TPEGIH MRXS XLI wFIV VITPEGMRK 'V â MSRW MR XLI wFIVW 7MQYPXERISYWP] 'V â MSRW [MPP
MRXS WIVZMGI EX ' VITPEGI %P â MSRW MR XLI QEXVM\ 0SRK FIJSVI WIZIVEP QSRXLW LEZI IPETWIH XLIWI
HMYWMSR TVSGIWWIW GEYWI XLI wFIVW XS GSQTPIXIP] HMWWSPZI MRXS XLI QEXVM\ ;MXL
73098-32 RS wFIVW VIQEMRMRK XLI JVEGXYVI XSYKLRIWW [MPP EKEMR FI TSSV
8LI QEXIVMEP QYWX LEZI E PMUYMHYW XIQTIVEXYVI FIPS[ ' FYX E WSPMHYW
XIQTIVEXYVI EFSZI ' 8LI 2M31K3 TLEWI HMEKVEQ ?*MKYVI F A
TIVQMXW YW XS HIWMKR ER ETTVSTVMEXI GSQTSWMXMSR
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8LMW MW E FMREV] W]WXIQ ' [MXL GSQTSRIRXW 'Y ERH 2M ;I [MPP EWWYQI YVI -R ER MWSQSVTLSYW W]WXIQ XLI XMI PMRI GSRRIGXW XLI PMUYMHYW ERH WSPMHYW
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XLEX XLI wVWX WSPMH XS JSVQ LEW E GSQTSWMXMSR SJ 'Y 2M
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8[S GSRHMXMSRW EVI VIUYMVIH JSV KVS[XL SJ XLI WSPMH E *MVWX KVS[XL VIUYMVIW XLEX
)WWIRXMEPP] TYVI ^MVGSRME GIVEQMGW EVI RSX YWIH FIGEYWI XLI TLEWI XVERWJSVQE XLI PEXIRX LIEX SJ JYWMSR (, J [LMGL IZSPZIW EW XLI PMUYMH WSPMHMwIW FI VIQSZIH JVSQ
XMSR MRZSPZIH [MXL XLI GLERKI MR GV]WXEP WXVYGXYVI JVSQ QSRSGPMRMG XS XIXVEKSREP XLI WSPMHiPMUYMH MRXIVJEGI 7IGSRH YRPMOI XLI GEWI SJ TYVI QIXEPW HMYWMSR QYWX SGGYV
GEYWIW WMKRMwGERX WXVIWW HYI XS GLERKIW MR XLI ZSPYQI ERH GSRWIUYIRX JEMPYVI WS XLEX XLI GSQTSWMXMSRW SJ XLI WSPMH ERH PMUYMH TLEWIW JSPPS[ XLI WSPMHYW ERH PMUYMHYW
SJ XLI GIVEQMGW -X MW [IPP ORS[R XLEX WYGL S\MHIW EW ]XXVME = 3 [MPP WXEFMPMÎ GYVZIW HYVMRK GSSPMRK 8LI PEXIRX LIEX SJ JYWMSR (, J MW VIQSZIH SZIV E VERKI SJ XIQ
TIVEXYVIW WS XLEX XLI GSSPMRK GYVZI WLS[W E GLERKI MR WPSTI VEXLIV XLER E xEX TPEXIEY
7SPMHMJMGEXMSR SJ E 7SPMH7SPYXMSR %PPS] ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
*MKYVI 8LI GSSPMRK GYVZI JSV ER MWSQSVTLSYW EPPS] HYVMRK WSPMHMJMGEXMSR ;I EWWYQI XLEX
GSSPMRK VEXIW EVI WQEPP WS EW XS EPPS[ XLIVQEP IUYMPMFVMYQ XS XEOI TPEGI 8LI GLERKIW MR WPSTI
SJ XLI GSSPMRK GYVZI MRHMGEXI XLI PMUYMHYW ERH WSPMHYW XIQTIVEXYVIW MR XLMW GEWI JSV E 'Y
2M EPPS]
XLEX TSVSWMX] MW E HIJIGX XLEX GSYPH FI TVIWIRX MR QER] GEWX TVSHYGXW %RSXLIV WYGL
HIJIGX SJXIR TVIWIRX MR GEWX TVSHYGXW MW GLIQMGEP WIKVIKEXMSR
1MGVSWIKVIKEXMSR 8LI RSRYRMJSVQ GSQTSWMXMSR TVSHYGIH F] RSRIUYMPMFVMYQ WSPMHMw

GEXMSR MW ORS[R EW WIKVIKEXMSR 1MGVSWIKVIKEXMSR EPWS ORS[R EW MRXIVHIRHVMXMG WIKVIKE
XMSR ERH GSVMRK SGGYVW SZIV WLSVX HMWXERGIW SJXIR FIX[IIR WQEPP HIRHVMXI EVQW 8LI
*MKYVI 8LI GLERKI MR WXVYGXYVI SJ E 'Y 2M EPPS] HYVMRK IUYMPMFVMYQ WSPMHMJMGEXMSR GIRXIVW SJ XLI HIRHVMXIW [LMGL VITVIWIRX XLI wVWX WSPMH XS JVIIÎ EVI VMGL MR XLI LMKLIV
8LI RMGOIP ERH GSTTIV EXSQW QYWX HMJJYWI HYVMRK GSSPMRK MR SVHIV XS WEXMWJ] XLI TLEWI HMEKVEQ
QIPXMRK TSMRX IPIQIRX MR XLI EPPS] 8LI VIKMSRW FIX[IIR XLI HIRHVMXIW EVI VMGL MR
ERH TVSHYGI E YRMJSVQ IUYMPMFVMYQ WXVYGXYVI
XLI PS[IV QIPXMRK TSMRX IPIQIRX WMRGI XLIWI VIKMSRW VITVIWIRX XLI PEWX PMUYMH XS JVIIÎ
8LI GSQTSWMXMSR ERH TVSTIVXMIW SJ XLI TLEWI E MR XLI GEWI SJ 'Y2M EPPS]W HMIV JVSQ
SRI VIKMSR XS XLI RI\X ERH [I I\TIGX XLI GEWXMRK XS LEZI TSSVIV TVSTIVXMIW EW E VIWYPX
*MKYVI 8LYW EW [I QIRXMSRIH FIJSVI MR 'LETXIV XLI WSPMHMwGEXMSR SJ EPPS]W MW 1MGVSWIKVIKEXMSR GER GEYWI LSX WLSVXRIWW SV QIPXMRK SJ XLI PS[IV QIPXMRK TSMRX
HMIVIRX JVSQ XLEX SJ TYVI QIXEPW MRXIVHIRHVMXMG QEXIVMEP EX XIQTIVEXYVIW FIPS[ XLI IUYMPMFVMYQ WSPMHYW ;LIR [I LIEX
%X XLI WXEVX SJ JVII^MRK XLI PMUYMH GSRXEMRW 'Y 2M ERH XLI wVWX WSPMH GSRXEMRW XLI 'Y 2M EPPS] XS ' FIPS[ XLI IUYMPMFVMYQ WSPMHYW FYX EFSZI XLI RSR
'Y 2M 2MGOIP EXSQW QYWX LEZI HMYWIH XS ERH GSRGIRXVEXIH EX XLI wVWX WSPMH XS IUYMPMFVMYQ WSPMHYW XLI PS[RMGOIP VIKMSRW FIX[IIR XLI HIRHVMXIW QIPX
JSVQ &YX EJXIV GSSPMRK XS ' WSPMHMwGEXMSR LEW EHZERGIH ERH XLI TLEWI HMEKVEQ
,SQSKIRMÊXMSR ;I GER VIHYGI XLI MRXIVHIRHVMXMG WIKVIKEXMSR ERH TVSFPIQW [MXL LSX
XIPPW YW XLEX RS[ EPP SJ XLI PMUYMH QYWX GSRXEMR 2M ERH EPP SJ XLI WSPMH QYWX GSRXEMR
WLSVXRIWW F] QIERW SJ E LSQSKIRMÊXMSR LIEX XVIEXQIRX -J [I LIEX XLI GEWXMRK XS E
2M 3R GSSPMRK JVSQ XLI PMUYMHYW XS ' WSQI RMGOIP EXSQW QYWX HMYWI JVSQ
XIQTIVEXYVI FIPS[ XLI RSRIUYMPMFVMYQ WSPMHYW XLI RMGOIP EXSQW MR XLI GIRXIVW SJ XLI HIR
XLI wVWX WSPMH XS XLI RI[ WSPMH VIHYGMRK XLI RMGOIP GSRGIRXVEXMSR MR XLI wVWX WSPMH %H
HVMXIW HMYWI XS XLI MRXIVHIRHVMXMG VIKMSRW GSTTIV EXSQW HMYWI MR XLI STTSWMXI HMVIGXMSR
HMXMSREP RMGOIP EXSQW HMYWI JVSQ XLI WSPMHMJ]MRK PMUYMH XS XLI RI[ WSPMH 1IER[LMPI
GSTTIV EXSQW LEZI GSRGIRXVEXIHh F] HMYWMSRhMRXS XLI VIQEMRMRK PMUYMH 8LMW TVSGIWW 1EGVSWIKVIKEXMSR 8LIVI I\MWXW ERSXLIV X]TI SJ WIKVIKEXMSR ORS[R EW QEGVSWIKVIKE
QYWX GSRXMRYI YRXMP [I VIEGL XLI WSPMHYW XIQTIVEXYVI [LIVI XLI PEWX PMUYMH XS JVIIÎ XMSR [LMGL SGGYVW SZIV E PEVKIV HMWXERGI FIX[IIR XLI WYVJEGI ERH XLI GIRXIV SJ XLI
[LMGL GSRXEMRW 'Y 2M WSPMHMwIW ERH JSVQW E WSPMH GSRXEMRMRK 'Y 2M .YWX GEWXMRK [MXL XLI WYVJEGI [LMGL JVIIÎW wVWX GSRXEMRMRK WPMKLXP] QSVI XLER XLI EZIVEKI
FIPS[ XLI WSPMHYW EPP SJ XLI WSPMH QYWX GSRXEMR E YRMJSVQ GSRGIRXVEXMSR SJ 2M EQSYRX SJ XLI LMKLIV QIPXMRK TSMRX QIXEP ;I GERRSX IPMQMREXI QEGVSWIKVIKEXMSR F]
XLVSYKLSYX E LSQSKIRMÊXMSR XVIEXQIRX FIGEYWI XLI HMYWMSR HMWXERGIW EVI XSS KVIEX 1EGVS
-R SVHIV XS EGLMIZI XLMW IUYMPMFVMYQ wREP WXVYGXYVI XLI GSSPMRK VEXI QYWX FI WIKVIKEXMSR GER FI VIHYGIH F] LSX [SVOMRK 8LMW MW FIGEYWI MR LSX [SVOMRK [I FEWMGEPP]
I\XVIQIP] WPS[ 7YoGMIRX XMQI QYWX FI TIVQMXXIH JSV XLI GSTTIV ERH RMGOIP EXSQW XS EVI FVIEOMRK HS[R XLI GEWX QEGVSWXVYGXYVI
HMYWI ERH TVSHYGI XLI GSQTSWMXMSRW KMZIR F] XLI TLEWI HMEKVEQ -R QER] TVEGXMGEP
GEWXMRK WMXYEXMSRW XLI GSSPMRK VEXI MW XSS VETMH XS TIVQMX IUYMPMFVMYQ 8LIVIJSVI MR QSWX 6ETMHP] 7SPMHMJMIH 4S[HIVW -R ETTPMGEXMSRW [LIVI TSVSWMX] QMGVSWIKVIKEXMSR ERH
GEWXMRKW QEHI JVSQ EPPS]W [I I\TIGX GLIQMGEP WIKVIKEXMSR ;I LEH WIIR MR 'LETXIV QEGVSWIKVIKEXMSR QYWX FI QMRMQMÎH TS[HIVW SJ GSQTPI\ EPPS]W EVI TVITEVIH YWMRK
7YQQEV] ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
WTVE] EXSQMÊXMSR -R WTVE] EXSQMÊXMSR LSQSKIRISYW QIPXW SJ GSQTPI\ GSQTSWMXMSRW : 1MGVSWIKVIKEXMSR ERH QEGVSWIKVIKEXMSR GER SGGYV HYVMRK WSPMHMwGEXMSR
EVI TVITEVIH ERH WTVE]IH XLVSYKL E GIVEQMG RS^^PI 7MRGI XLI WSPMHMwGEXMSR MR HVSTPIXW : ,SQSKIRMÊXMSR GER VIHYGI QMGVSWIKVIKEXMSR 1EGVSWIKVIKEXMSR HIWGVMFIW HMIV
SGGYVW ZIV] UYMGOP] XLIVI MW ZIV] PMXXPI XMQI JSV HMYWMSR 8LIVIJSVI GLIQMGEP WIKVIKE IRGIW MR GSQTSWMXMSR SZIV PSRK HMWXERGIW WYGL EW FIX[IIR XLI WYVJEGI ERH GIRXIV SJ
XMSR HSIW RSX SGGYV 1ER] GSQTPI\ RMGOIP ERH GSFEPXFEWIH WYTIVEPPS]W ERH WXEMRPIWW E GEWXMRK ,SX [SVOMRK QE] VIHYGI QEGVSWIKVIKEXMSR
WXIIP TS[HIVW EVI I\EQTPIW SJ QEXIVMEPW TVITEVIH YWMRK XLMW XIGLRMUYI
7911%6= : % TLEWI MW ER] TSVXMSR MRGPYHMRK XLI [LSPI SJ E W]WXIQ XLEX MW TL]WMGEPP] LSQS +0377%6= %PPS] % QEXIVMEP XLEX I\LMFMXW TVSTIVXMIW SJ E QIXEPPMG QEXIVMEP ERH MW QEHI JVSQ QYPXMTPI IPI
KIRISYW [MXLMR MX ERH FSYRHIH F] E WYVJEGI WS XLEX MX MW QIGLERMGEPP] WITEVEFPI QIRXW
JVSQ ER] SXLIV TSVXMSRW
&MREV] TLEWI HMEKVEQ % TLEWI HMEKVEQ JSV E W]WXIQ [MXL X[S GSQTSRIRXW
: % TLEWI HMEKVEQ X]TMGEPP] WLS[W TLEWIW XLEX EVI I\TIGXIH XS FI TVIWIRX MR E W]WXIQ
YRHIV XLIVQSH]REQMG IUYMPMFVMYQ GSRHMXMSRW 7SQIXMQIW QIXEWXEFPI TLEWIW QE] 'STSP]QIV % TSP]QIV XLEX MW JSVQIH F] GSQFMRMRK X[S SV QSVI HMIVIRX X]TIW SJ QSRSQIVW
EPWS FI WLS[R YWYEPP] [MXL XLI MHIE SJ FPIRHMRK XLI TVSTIVXMIW EoPMEXIH [MXL MRHMZMHYEP TSP]QIVW *SV I\EQTPI
(]PEVO 81 MW E GSTSP]QIV SJ QEPIMG ERL]HVMHI ERH WX]VIRI
: 7SPMH WSPYXMSRW MR QIXEPPMG SV GIVEQMG QEXIVMEPW JSVQ [LIR IPIQIRXW SV GSQTSYRHW
[MXL WMQMPEV GV]WXEP WXVYGXYVI GER JSVQ E TLEWI XLEX MW GLIQMGEPP] LSQSKIRISYW 'SVMRK 'LIQMGEP WIKVIKEXMSR MR GEWX TVSHYGXW EPWS ORS[R EW QMGVSWIKVIKEXMSR SV MRXIVHIRHVMXMG
: -R TPEWXMGW [I GER JSVQ GSTSP]QIVW F] VIEGXMRK HMIVIRX X]TI SJ QSRSQIVW WIKVIKEXMSR 8LI GIRXIVW SJ XLI HIRHVMXIW EVI VMGL MR XLI LMKLIV QIPXMRK TSMRX IPIQIRX [LIVIEW MR
*SVQMRK GSTSP]QIVW MW WMQMPEV XS JSVQMRK WSPMH WSPYXMSRW SJ QIXEPPMG SV GIVEQMG XIVHIRHVMXMG VIKMSRW [LMGL WSPMHMJ] PEWX EVI VMGL MR XLI PS[IV QIPXMRK TSMRX IPIQIRX
W]WXIQW *VII^MRK VERKI 8LI XIQTIVEXYVI HMIVIRGI FIX[IIR XLI PMUYMHYW ERH WSPMHYW XIQTIVEXYVIW
: 7SPMHWSPYXMSR WXVIRKXLIRMRK MW EGGSQTPMWLIH MR QIXEPPMG QEXIVMEPW F] JSVQEXMSR SJ +MFFW TLEWI VYPI (IWGVMFIW XLI RYQFIV SJ HIKVIIW SJ JVIIHSQ SV XLI RYQFIV SJ ZEVMEFPIW XLEX
WSPMH WSPYXMSRW 8LI TSMRX HIJIGXW GVIEXIH VIWXVMGX HMWPSGEXMSR QSXMSR ERH GEYWI QYWX FI w\IH XS WTIGMJ] XLI XIQTIVEXYVI ERH GSQTSWMXMSR SJ E TLEWI â ' * â 4 [LIVI
WXVIRKXLIRMRK TVIWWYVI ERH XIQTIVEXYVI GER GLERKI â ' * â 4 [LIVI TVIWWYVI SV XIQTIVEXYVI MW GSRWXERX
: 8LI HIKVII SJ WSPMHWSPYXMSR WXVIRKXLIRMRK MRGVIEWIW [LIR XLI EQSYRX SJ EPPS]
,SQSKIRMÊXMSR LIEX XVIEXQIRX 8LI LIEX XVIEXQIRX YWIH XS VIHYGI XLI QMGVSWIKVIKEXMSR GEYWIH
MRK IPIQIRX MRGVIEWIW ERH XLI EXSQMG WMÎ HMIVIRGI FIX[IIR XLI LSWX QEXIVMEP
HYVMRK RSRIUYMPMFVMYQ WSPMHMwGEXMSR 8LMW LIEX XVIEXQIRX GERRSX IPMQMREXI QEGVSWIKVIKEXMSR
ERH XLI EPPS]MRK IPIQIRX MRGVIEWIW
: 8LI EQSYRX SJ EPPS]MRK IPIQIRX SV GSQTSYRH XLEX [I GER EHH XS TVSHYGI WSPMH ,SX WLSVXRIWW 1IPXMRK SJ XLI PS[IV QIPXMRK TSMRX RSRIUYMPMFVMYQ QEXIVMEP XLEX JSVQW HYI XS
WSPYXMSR WXVIRKXLIRMRK MW PMQMXIH F] XLI WSPYFMPMX] SJ XLI EPPS]MRK IPIQIRX SV GSQ WIKVIKEXMSR IZIR XLSYKL XLI XIQTIVEXYVI MW FIPS[ XLI IUYMPMFVMYQ WSPMHYW XIQTIVEXYVI
TSYRH MR XLI LSWX QEXIVMEP 8LI WSPYFMPMX] MW PMQMXIH [LIR XLI EXSQMG WMÎ HMJ ,YQI6SXLIV] VYPIW 8LI GSRHMXMSRW XLEX ER EPPS] SV GIVEQMG W]WXIQ QYWX QIIX MJ XLI W]WXIQ MW
JIVIRGI MW QSVI XLER EFSYX XLI EPPS]MRK IPIQIRX SV GSQTSYRH LEW E XS HMWTPE] YRPMQMXIH WSPMH WSPYFMPMX] ,YQI6SXLIV]tW VYPIW EVI RIGIWWEV] FYX EVI RSX WYoGMIRX JSV
HMIVIRX GV]WXEP WXVYGXYVI XLER XLI LSWX IPIQIRX SV GSQTSYRH ERH XLI ZEPIRGI QEXIVMEPW XS WLS[ YRPMQMXIH WSPMH WSPYFMPMX]
ERH IPIGXVSRIKEXMZMX] SJ XLI EPPS]MRK IPIQIRX SV GSRWXMXYIRX MSRW EVI HMIVIRX JVSQ
XLSWI SJ XLI LSWX IPIQIRX SV GSQTSYRH -RXIVHIRHVMXMG WIKVIKEXMSR 7II 'SVMRK
: -R EHHMXMSR XS MRGVIEWMRK WXVIRKXL ERH LEVHRIWW WSPMHWSPYXMSR WXVIRKXLIRMRK X]TM -WSQSVTLSYW TLEWI HMEKVEQ % TLEWI HMEKVEQ MR [LMGL GSQTSRIRXW HMWTPE] YRPMQMXIH WSPMH
GEPP] HIGVIEWIW HYGXMPMX] ERH IPIGXVMGEP GSRHYGXMZMX] SJ QIXEPPMG QEXIVMEPW %R MQTSV WSPYFMPMX]
XERX JYRGXMSR SJ WSPMHWSPYXMSR WXVIRKXLIRMRK MW XS TVSZMHI KSSH LMKLXIQTIVEXYVI 0IZIV VYPI % XIGLRMUYI JSV HIXIVQMRMRK XLI EQSYRX SJ IEGL TLEWI MR E X[STLEWI W]WXIQ
TVSTIVXMIW XS XLI EPPS]
0MQMXIH WSPYFMPMX] ;LIR SRP] E QE\MQYQ EQSYRX SJ E WSPYXI QEXIVMEP GER FI HMWWSPZIH MR E
: 8LI EHHMXMSR SJ EPPS]MRK IPIQIRXW XS TVSZMHI WSPMHWSPYXMSR WXVIRKXLIRMRK EPWS
WSPZIRX QEXIVMEP
GLERKIW XLI TL]WMGEP TVSTIVXMIW MRGPYHMRK XLI QIPXMRK XIQTIVEXYVI SJ XLI EPPS]
8LI TLEWI HMEKVEQ LIPTW I\TPEMR XLIWI GLERKIW 0MUYMHYW 'YVZIW SR TLEWI HMEKVEQW XLEX HIWGVMFI XLI PMUYMHYW XIQTIVEXYVIW SJ EPP TSWWMFPI EPPS]W
: % TLEWI HMEKVEQ MR [LMGL GSRWXMXYIRXW I\LMFMX GSQTPIXI WSPMH WSPYFMPMX] MW ORS[R EW 0MUYMHYW XIQTIVEXYVI 8LI XIQTIVEXYVI EX [LMGL XLI wVWX WSPMH FIKMRW XS JSVQ HYVMRK WSPMHMwGE
ER MWSQSVTLSYW TLEWI HMEKVEQ XMSR
: %W E VIWYPX SJ WSPMHWSPYXMSR JSVQEXMSR WSPMHMwGEXMSR FIKMRW EX XLI PMUYMHYW XIQTIV 1EGVSWIKVIKEXMSR 8LI TVIWIRGI SJ GSQTSWMXMSR HMIVIRGIW MR E QEXIVMEP SZIV PEVKI HMWXERGIW
EXYVI ERH MW GSQTPIXIH EX XLI WSPMHYW XIQTIVEXYVI XLI XIQTIVEXYVI HMIVIRGI SZIV GEYWIH F] RSRIUYMPMFVMYQ WSPMHMwGEXMSR 8LI SRP] [E] XS VIQSZI XLMW X]TI SJ WIKVIKEXMSR MW XS
[LMGL WSPMHMwGEXMSR SGGYVW MW XLI JVII^MRK VERKI FVIEO HS[R XLI GEWX WXVYGXYVI F] LSX [SVOMRK
: -R X[STLEWI VIKMSRW SJ XLI TLEWI HMEKVEQ XLI IRHW SJ E XMI PMRI w\ XLI GSQ
1MGVSWIKVIKEXMSR 7II 'SVMRK
TSWMXMSR SJ IEGL TLEWI ERH XLI PIZIV VYPI TIVQMXW XLI EQSYRX SJ IEGL TLEWI XS FI
GEPGYPEXIH 1YPXMTPITLEWI EPPS] %R EPPS] XLEX GSRWMWXW SJ X[S SV QSVI TLEWIW
4VSFPIQW ' ,% 4 8)6 7SPMH 7SPYXMSRW ERH 4LEWI )UYMPMFVMYQ
4LEWI %R] TSVXMSR MRGPYHMRK XLI [LSPI SJ E W]WXIQ [LMGL MW TL]WMGEPP] LSQSKIRISYW [MXLMR ;LEX MW E GSTSP]QIV# ;LEX MW XLI EHZERXEKI XS
MX ERH FSYRHIH F] E WYVJEGI WS XLEX MX MW QIGLERMGEPP] WITEVEFPI JVSQ ER] SXLIV TSVXMSRW JSVQMRK GSTSP]QIVW#
4LEWI HMEKVEQW (MEKVEQW WLS[MRK TLEWIW TVIWIRX YRHIV IUYMPMFVMYQ GSRHMXMSRW ERH XLI TLEWI ;LEX MW XLI %&7 GSTSP]QIV# 7XEXI WSQI SJ XLI
GSQTSWMXMSRW EX IEGL GSQFMREXMSR SJ XIQTIVEXYVI ERH SZIVEPP GSQTSWMXMSR 7SQIXMQIW TLEWI ETTPMGEXMSRW SJ XLMW QEXIVMEP
HMEKVEQW EPWS MRHMGEXI QIXEWXEFPI TLEWIW
7IGXMSR 'SRHMXMSRW JSV 9RPMQMXIH 7SPMH
4LEWI VYPI 7II +MFFW TLEWI VYPI 7SPYFMPMX]
48 HMEKVEQ % HMEKVEQ HIWGVMFMRK XLIVQSH]REQMG WXEFMPMX] SJ TLEWIW YRHIV HMIVIRX XIQTIVE &VMIx] WXEXI XLI ,YQI6SXLIV] VYPIW ERH I\TPEMR
XYVI ERH TVIWWYVI GSRHMXMSRW WEQI EW E YREV] TLEWI HMEKVEQ XLI VEXMSREPI
7IKVIKEXMSR 8LI TVIWIRGI SJ GSQTSWMXMSR HMIVIRGIW MR E QEXIVMEP SJXIR GEYWIH F] MRWYoGMIRX &EWIH SR ,YQI6SXLIV]tW GSRHMXMSRW [LMGL SJ
XMQI JSV HMYWMSR HYVMRK WSPMHMwGEXMSR XLI JSPPS[MRK W]WXIQW [SYPH FI I\TIGXIH XS HMW
TPE] YRPMQMXIH WSPMH WSPYFMPMX]# )\TPEMR E %Y
7MRKPITLEWI EPPS] %R EPPS] GSRWMWXMRK SJ SRI TLEWI %K F %P'Y G %P%Y H 9; I 1S8E
J 2F; K 1K>R ERH L 1K'H
7SPMH WSPYXMSR % WSPMH TLEWI JSVQIH F] GSQFMRMRK QYPXMTPI IPIQIRXW SV GSQTSYRHW WYGL XLEX
XLI SZIVEPP TLEWI LEW YRMJSVQ GSQTSWMXMSR ERH TVSTIVXMIW XLEX EVI HMIVIRX JVSQ XLSWI SJ XLI 7IGXMSR 7SPMH7SPYXMSR 7XVIRKXLIRMRK
IPIQIRXW SV GSQTSYRHW JSVQMRK MX *MKYVI 8LI IUYMPMFVMYQ TLEWI HMEKVEQ JSV XLI
7YTTSWI EX SJ XLI JSPPS[MRK IPIQIRXW MW
7SPMHWSPYXMSR WXVIRKXLIRMRK -RGVIEWMRK XLI WXVIRKXL SJ E QIXEPPMG QEXIVMEP ZME XLI JSVQEXMSR SJ EHHIH XS GSTTIV JSVQMRK E WITEVEXI EPPS] [MXL 1K3*I3 W]WXIQ JSV 4VSFPIQW
IEGL IPIQIRX [MXLSYX I\GIIHMRK XLI WSPYFMPMX] ERH 8LI HEWLIH GYVZI
E WSPMH WSPYXMSR
PMQMX ;LMGL SRI [SYPH FI I\TIGXIH XS KMZI XLI VITVIWIRXW XLI WSPMHYW JSV RSRIUYMPMFVMYQ GSSPMRK
7SPMHYW 'YVZIW SR TLEWI HMEKVEQW XLEX XVEGI XLI WSPMHYW XIQTIVEXYVIW JSV EPP TSWWMFPI EPPS]W LMKLIV WXVIRKXL EPPS]# %VI ER] SJ XLI EPPS]MRK
7SPMHYW XIQTIVEXYVI 8LI XIQTIVEXYVI FIPS[ [LMGL EPP PMUYMH LEW GSQTPIXIP] WSPMHMwIH IPIQIRXW I\TIGXIH XS LEZI YRPMQMXIH WSPMH WSPY
FMPMX] MR GSTTIV# E %Y F 1R G 7V H 7M E (IXIVQMRI XLI TLEWIW TVIWIRX XLI GSQTSWM
7SPYFMPMX] 8LI EQSYRX SJ SRI QEXIVMEP XLEX [MPP GSQTPIXIP] HMWWSPZI MR E WIGSRH QEXIVMEP [MXLSYX ERH I 'S XMSRW SJ IEGL TLEWI ERH XLI EQSYRX SJ IEGL
GVIEXMRK E WIGSRH TLEWI TLEWI MR [X JSV XLI JSPPS[MRK 1K3*I3 GI
7YTTSWI EX SJ XLI JSPPS[MRK IPIQIRXW MW
7TVE] EXSQMÊXMSR % TVSGIWW MR [LMGL QSPXIR EPPS]W SV QIXEPW EVI WTVE]IH YWMRK E GIVEQMG EHHIH XS EPYQMRYQ JSVQMRK E WITEVEXI EPPS] VEQMGW EX ' 7II *MKYVI M 1K3
RS^^PI 8LI QSPXIR QEXIVMEP WXVIEQ MW FVSOIR YWMRK E KEW IK %V 2 SV [EXIV 8LMW PIEHW XS [MXL IEGL IPIQIRX [MXLSYX I\GIIHMRK XLI WSPY [X *I3 MM 1K3 [X *I3 MMM 1K3
wRIV HVSTPIXW XLEX WSPMHMJ] VETMHP] JSVQMRK QIXEP SV EPPS] TS[HIVW [MXL $i QQ TEVXMGPI WMÎ FMPMX] PMQMX ;LMGL SRI [SYPH FI I\TIGXIH XS [X *I3 ERH MZ 1K3 [X *I3 F
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IHKIH FIGEYWI XLI VSYRHIH WLETI MW PIWW PMOIP] XS MRMXMEXI E GVEGO SV XS EGX EW E RSXGL WSQIXMQIW GEPPIH MRXIVQIHMEXI WSPMH WSPYXMSRW -R XLI QSP]FHIRYQVLSHMYQ W]WXIQ XLI K
,MKLIV GSRGIRXVEXMSRW SJ XLI HMWTIVWIH TLEWI MRGVIEWI XLI WXVIRKXL SJ XLI EPPS] TLEWI MW E RSRWXSMGLMSQIXVMG MRXIVQIXEPPMG GSQTSYRH ?*MKYVI F A &IGEYWI XLI
-RXIVQIXEPPMG 'SQTSYRHW ' ,% 4 8)6 (MWTIVWMSR 7XVIRKXLIRMRK ERH )YXIGXMG 4LEWI (MEKVEQW
QSP]FHIRYQVLSHMYQ EXSQ VEXMS MW RSX w\IH XLI K TLEWI GER GSRXEMR JVSQ [X XS
8%&0) 4L]WMGEP ERH QIGLERMGEP TVSTIVXMIW SJ MQTSVXERX MRXIVQIXEPPMG GSQTSYRHW [X 6L EX ' 4VIGMTMXEXMSR SJ XLI RSRWXSMGLMSQIXVMG MRXIVQIXEPPMG GSTTIV EPY
'SIJJMGMIRX QMRMHI 'Y%P GEYWIW WXVIRKXLIRMRK MR E RYQFIV SJ MQTSVXERX EPYQMRYQ EPPS]W
'V]WXEP =SYRKtW SJ XLIVQEP
(IRWMX] 7XVYGXYVI 1SHYPYW I\TERWMSR 8IRWMPI ]MIPH 1IPXMRK 4VSTIVXMIW ERH %TTPMGEXMSRW SJ -RXIVQIXEPPMGW -RXIVQIXEPPMGW WYGL EW 8M %P ERH 2M %P
KGQ SVHIVIH +4E ' WXVIWW 14E QEMRXEMR XLIMV WXVIRKXL ERH IZIR HIZIPST YWEFPI HYGXMPMX] EX IPIZEXIH XIQTIVEXYVIW
*MKYVI 0S[IV HYGXMPMX] XLSYKL LEW MQTIHIH JYVXLIV HIZIPSTQIRX SJ XLIWI
%P 8M i (3 XIXV i i
QEXIVMEPW -X LEW FIIR WLS[R XLEX XLI EHHMXMSR SJ WQEPP PIZIPW SJ FSVSR & YT XS
8M%P i 0P XIXV i i
8M %P i (3 '4, i GER IRLERGI XLI HYGXMPMX] SJ TSP]GV]WXEPPMRI 2M %P )RZMVSRQIRXEP IIGXW EPWS TVSFEFP]
1S7M 8IXVEKSREP i i i TPE] E VSPI MR PMQMXMRK XLI HYGXMPMX] PIZIPW MR MRXIVQIXEPPMGW )RLERGIH HYGXMPMX] PIZIPW
2M %P i 0P *'' i i i GSYPH QEOI MX TSWWMFPI JSV MRXIVQIXEPPMGW XS FI YWIH MR QER] LMKL XIQTIVEXYVI ERH PSEH
2M%P & *'' i i i FIEVMRK ETTPMGEXMSRW 3VHIVIH GSQTSYRHW SJ 2M%P ERH 2M %P EVI EPWS GERHMHEXIW JSV
2M 7M 2% 2% WYTIVWSRMG EMVGVEJX NIX IRKMRIW ERH LMKLWTIIH GSQQIVGMEP EMVGVEJX 2SX EPP ETTPMGEXMSRW
*I %P (3 i i SJ MRXIVQIXEPPMGW EVI WXVYGXYVEP -RXIVQIXEPPMGW FEWIH SR WMPMGSR IK TPEXMRYQ WMPMGMHI
*I%P i & i i 2% TPE] E YWIJYP VSPI MR QMGVSIPIGXVSRMGW ERH GIVXEMR MRXIVQIXEPPMGW WYGL EW 2F 7R EVI YWIJYP
7SYVGI 9WIH [MXL TIVQMWWMSR JVSQ 1% 1I]IVW // 'LE[PE 1IGLERMGEP &ILEZMSV SJ 1EXIVMEPW RH
EW WYTIVGSRHYGXSVW
IH 'EQFVMHKI 9RMZIVWMX] 4VIWW 9/
*MKYVI
8LI WXVIRKXL ERH HYGXMPMX]
*MKYVI SJ XLI MRXIVQIXEPPMG GSQ
E 8LI EPYQMRYQERXMQSR] TLEWI TSYRH 8M %P GSQTEVIH
HMEKVEQ MRGPYHIW E WXSMGLMSQIXVMG [MXL XLEX SJ E GSRZIR
MRXIVQIXEPPMG GSQTSYRH K XMSREP RMGOIP WYTIVEPPS]
F 8LI QSP]FHIRYQVLSHMYQ 8LI 8M %P QEMRXEMRW MXW
TLEWI HMEKVEQ MRGPYHIW E WXVIRKXL XS LMKLIV XIQ
RSRWXSMGLMSQIXVMG MRXIVQIXEPPMG TIVEXYVIW XLER HSIW XLI
GSQTSYRH K RMGOIP WYTIVEPPS]
8LI XMXERMYQ EPYQMRMHIW 8M%P EPWS GEPPIH XLI KEQQE K EPPS] ERH 8M %P XLI
E EPPS] EVI FIMRK GSRWMHIVIH JSV E ZEVMIX] SJ ETTPMGEXMSRW MRGPYHMRK KEW XYVFMRI IRKMRIW
4LEWI (MEKVEQW 'SRXEMRMRK 8LVII4LEWI 6IEGXMSRW

1ER] FMREV] W]WXIQW TVSHYGI TLEWI HMEKVEQW QSVI GSQTPMGEXIH XLER XLI MWSQSVTLSYW
TLEWI HMEKVEQW HMWGYWWIH MR 'LETXIV 8LI W]WXIQW [I [MPP HMWGYWW LIVI GSRXEMR VIEG
XMSRW XLEX MRZSPZI XLVII WITEVEXI TLEWIW *MZI WYGL VIEGXMSRW EVI HIwRIH MR *MKYVI
)EGL SJ XLIWI VIEGXMSRW GER FI MHIRXMwIH MR E TLEWI HMEKVEQ F] XLI JSPPS[MRK TVSGIHYVI
0SGEXI E LSVM^SRXEP PMRI SR XLI TLEWI HMEKVEQ 8LI LSVM^SRXEP PMRI [LMGL MR
HMGEXIW XLI TVIWIRGI SJ E XLVIITLEWI VIEGXMSR VITVIWIRXW XLI XIQTIVEXYVI EX [LMGL XLI
VIEGXMSR SGGYVW YRHIV IUYMPMFVMYQ GSRHMXMSRW
0SGEXI XLVII HMWXMRGX TSMRXW SR XLI LSVM^SRXEP PMRI XLI X[S IRHTSMRXW TPYW E XLMVH
TSMRX MR FIX[IIR XLI X[S IRHTSMRXW SJ XLI LSVM^SRXEP PMRI 8LMW XLMVH TSMRX VITVIWIRXW
XLI GSQTSWMXMSR EX [LMGL XLI XLVIITLEWI VIEGXMSR SGGYVW -R *MKYVI XLI TSMRX MR
4LEWI (MEKVEQW 'SRXEMRMRK 8LVII4LEWI 6IEGXMSRW ' ,% 4 8)6 (MWTIVWMSR 7XVIRKXLIRMRK ERH )YXIGXMG 4LEWI (MEKVEQW
*MKYVI 8LI JMZI QSWX MQTSVXERX XLVIITLEWI VIEGXMSRW MR FMREV] TLEWI HMEKVEQW
FIX[IIR LEW FIIR WLS[R EX XLI GIRXIV ,S[IZIV SR E VIEP TLEWI HMEKVEQ XLMW TSMRX MW
RSX RIGIWWEVMP] EX XLI GIRXIV *MKYVI % L]TSXLIXMGEP TLEWI HMEKVEQ JSV )\EQTPI
0SSO MQQIHMEXIP] EFSZI XLI MRFIX[IIR TSMRX ERH MHIRXMJ] XLI TLEWI SV TLEWIW
TVIWIRX PSSO MQQIHMEXIP] FIPS[ XLI TSMRX MR FIX[IIR XLI IRH TSMRXW ERH MHIRXMJ] XLI ' 8LMW VIEGXMSR SGGYVW EX &
TLEWI SV TLEWIW TVIWIRX 8LIR [VMXI MR XLI VIEGXMSR JSVQ XLI TLEWI W EFSZI XLI TSMRX K E â F E IYXIGXSMH
[LMGL EVI XVERWJSVQMRK XS XLI TLEWI W FIPS[ XLI TSMRX 'SQTEVI XLMW VIEGXMSR [MXL
XLSWI MR *MKYVI XS MHIRXMJ] XLI VIEGXMSR ' 8LMW VIEGXMSR SGGYVW EX &
EâF Q SV E TIVMXIGXSMH
)<%140) -HIRXMJ]MRK 8LVII4LEWI 6IEGXMSRW

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VIEGXMSRW XLEX SGGYV TVSGIWW %PPS]W YWIH JSV GEWXMRK SV WSPHIVMRK SJXIR XEOI EHZERXEKI SJ XLI PS[ QIPXMRK
TSMRX ERH RS JVII^MRK VERKI SJ XLI IYXIGXMG VIEGXMSR 8LI TLEWI HMEKVEQ SJ QSRSXIGXMG
73098-32 EPPS]W GSRXEMRW E HSQI SV E QMWGMFMPMX] KET MR [LMGL X[S PMUYMH TLEWIW GSI\MWX -R XLI
;I wRH LSVM^SRXEP PMRIW EX ' ' ' ' ERH ' GSTTIVPIEH W]WXIQ XLI QSRSXIGXMG VIEGXMSR TVSHYGIW XMR] KPSFYPIW SJ HMWTIVWIH PIEH
[LMGL MQTVSZI XLI QEGLMREFMPMX] SJ XLI GSTTIV EPPS] 4IVMXIGXMG VIEGXMSRW PIEH XS RSR
' 8LI MRFIX[IR TSMRX MW EX & H â 0 EVI TVIWIRX EFSZI XLI TSMRX K
IUYMPMFVMYQ WSPMHMwGEXMSR ERH WIKVIKEXMSR
MW TVIWIRX FIPS[ 8LI VIEGXMSR MW
-R QER] W]WXIQW XLIVI MW QIXEWXEFPI QMWGMFMPMX] KET -R XLMW GEWI XLI MQQMWGMFMPMX]
H â 0 K E TIVMXIGXMG HSQI I\XIRHW MRXS XLI WYFPMUYMHYW VIKMSR -R WSQI GEWIW XLI IRXMVI QMWGMFMPMX] KET MW
QIXEWXEFPI MI XLI MQQMWGMFMPMX] HSQI MW GSQTPIXIP] YRHIV XLI PMUYMHYW 8LIWI W]WXIQW
' 8LMW VIEGXMSR SGGYVW EX &
JSVQ WYGL QEXIVMEPW EW :]GSV 81 ERH 4]VI\ KPEWWIW EPWS ORS[R EW TLEWIWITEVEXIH
0 K â 0 E QSRSXIGXMG KPEWWIW 6 6S] [EW XLI wVWX WGMIRXMWX XS HIWGVMFI XLI YRHIVP]MRK WGMIRGI JSV XLI JSVQE
XMSR SJ XLIWI KPEWWIW YWMRK XLI GSRGITX SJ E QIXEWXEFPI QMWGMFMPMX] KET I\MWXMRK FIPS[ XLI
' 8LMW VIEGXMSR SGGYVW EX &
PMUYMHYW
0 K â F E IYXIGXMG 8LI IYXIGXSMH ERH TIVMXIGXSMH VIEGXMSRW EVI GSQTPIXIP] WSPMHWXEXI VIEGXMSRW 8LI
IYXIGXSMH VIEGXMSR JSVQW XLI FEWMW JSV XLI LIEX XVIEXQIRX SJ WIZIVEP EPPS] W]WXIQW
MRGPYHMRK WXIIP 'LETXIV 8LI TIVMXIGXSMH VIEGXMSR MW I\XVIQIP] WPS[ SJXIR TVSHYGMRK
8LI )YXIGXMG 4LEWI (MEKVEQ ' ,% 4 8)6 (MWTIVWMSR 7XVIRKXLIRMRK ERH )YXIGXMG 4LEWI (MEKVEQW
YRHIWMVEFPI RSRIUYMPMFVMYQ WXVYGXYVIW MR EPPS]W %W RSXIH MR 'LETXIV XLI VEXI SJ HMJ *MKYVI
JYWMSR SJ EXSQW MR WSPMHW MW QYGL WQEPPIV XLER XLEX MR PMUYMHW 7SPMHMJMGEXMSR ERH
)EGL SJ XLIWI XLVIITLEWI VIEGXMSRW SGGYVW EX E w\IH XIQTIVEXYVI ERH GSQTSWMXMSR QMGVSWXVYGXYVI SJ E
4F 7R EPPS] 8LI
8LI +MFFW TLEWI VYPI JSV E XLVIITLEWI VIEGXMSR MW EX E GSRWXERX TVIWWYVI EPPS] MW E WMRKPITLEWI
â' * â4 WSPMH WSPYXMSR
ÔÂ
* â' 4 â
WMRGI XLIVI EVI X[S GSQTSRIRXW ' MR E FMREV] TLEWI HMEKVEQ ERH XLVII TLEWIW 4 EVI
MRZSPZIH MR XLI VIEGXMSR ;LIR XLI XLVII TLEWIW EVI MR IUYMPMFVMYQ HYVMRK XLI VIEGXMSR
XLIVI EVI RS HIKVIIW SJ JVIIHSQ %W E VIWYPX XLIWI XLVII TLEWI VIEGXMSRW EVI ORS[R EW
MRZEVMERX 8LI XIQTIVEXYVI ERH XLI GSQTSWMXMSR SJ IEGL TLEWI MRZSPZIH MR XLI XLVII
TLEWI VIEGXMSR EVI w\IH 2SXI XLEX SJ XLIWI wZI VIEGXMSRW HMWGYWWIH LIVI SRP] IYXIGXMG
ERH IYXIGXSMH VIEGXMSRW GER PIEH XS HMWTIVWMSR WXVIRKXLIRMRK
8LI )YXIGXMG 4LEWI (MEKVEQ

8LI PIEHXMR 4F7R W]WXIQ GSRXEMRW SRP] E WMQTPI IYXIGXMG VIEGXMSR *MKYVI 8LMW
EPPS] W]WXIQ MW XLI FEWMW JSV XLI QSWX GSQQSR EPPS]W YWIH JSV WSPHIVMRK %W QIRXMSRIH
FIJSVI FIGEYWI SJ XLI XS\MGMX] SJ 4F XLIVI MW ER MRXIRWI ISVX YRHIV[E] XS VITPEGI PIEH
MR 4F7R WSPHIVW [MXL SXLIV EPPS]W ;I [MPP GSRXMRYI XS YWI E 4F7R W]WXIQ XLSYKL EW
E GSRZIRMIRX [E] XS HMWGYWW XLI IYXIGXMG TLEWI HMEKVEQ 0IXtW I\EQMRI JSYV GPEWWIW SJ
EPPS]W MR XLMW W]WXIQ
%PPS]W 8LEX )\GIIH XLI 7SPYFMPMX] 0MQMX %PPS]W GSRXEMRMRK FIX[IIR ERH 7R
EPWS WSPMHMJ] XS TVSHYGI E WMRKPI WSPMH WSPYXMSR E ,S[IZIV EW XLI EPPS] GSRXMRYIW XS
GSSP E WSPMHWXEXI VIEGXMSR SGGYVW TIVQMXXMRK E WIGSRH WSPMH TLEWI F XS TVIGMTMXEXI
JVSQ XLI SVMKMREP E TLEWI *MKYVI
*MKYVI 8LI PIEHXMR IUYMPMFVMYQ TLEWI HMEKVEQ
7SPMH 7SPYXMSR %PPS]W %PPS]W XLEX GSRXEMR XS 7R FILEZI I\EGXP] PMOI XLI GSTTIV
RMGOIP EPPS]W E WMRKPITLEWI WSPMH WSPYXMSR E JSVQW HYVMRK WSPMHMwGEXMSR *MKYVI *MKYVI 7SPMHMJMGEXMSR TVIGMTMXEXMSR ERH QMGVSWXVYGXYVI SJ E 4F 7R EPPS] 7SQI
8LIWI EPPS]W EVI WXVIRKXLIRIH F] WSPMHWSPYXMSR WXVIRKXLIRMRK F] WXVEMR LEVHIRMRK ERH HMWTIVWMSR WXVIRKXLIRMRK SGGYVW EW XLI F WSPMH TVIGMTMXEXIW
F] GSRXVSPPMRK XLI WSPMHMwGEXMSR TVSGIWW XS VIwRI XLI KVEMR WXVYGXYVI
3R XLMW TLEWI HMEKVEQ XLI E MW E WSPMH WSPYXMSR SJ XMR MR PIEH ,S[IZIV XLI WSPY
7R ETTIEVW MR FSXL XLI E ERH F TLEWIW XLI QEWW SJ 7R MR XLI F TLEWI [MPP FI
FMPMX] SJ XMR MR XLI E WSPMH WSPYXMSR MW PMQMXIH %X ' SRP] 7R GER HMWWSPZI MR E %W
Ô Â K K 2SXI XLEX MR XLMW GEWI XLI F TLEWI EX ' MW RIEVP]
XLI XIQTIVEXYVI MRGVIEWIW QSVI XMR HMWWSPZIW MRXS XLI PIEH YRXMP EX ' XLI WSPYFMPMX]
TYVI 7R
SJ XMR MR PIEH LEW MRGVIEWIH XS 7R 8LMW MW XLI QE\MQYQ WSPYFMPMX] SJ XMR MR PIEH 8LI
I 0IXtW RS[ GEPGYPEXI XLI QEWW SJ PIEH MR XLI X[S TLEWIW 8LI QEWW SJ 4F
WSPYFMPMX] SJ XMR MR WSPMH PIEH EX ER] XIQTIVEXYVI MW KMZIR F] XLI WSPZYW GYVZI %R] EPPS]
MR XLI E TLEWI [MPP FI IUYEP XS XLI QEWW SJ XLI E TLEWI QMRYW XLI QEWW SJ 7R MR
GSRXEMRMRK FIX[IIR ERH 7R GSSPW TEWX XLI WSPZYW XLI WSPYFMPMX] PMQMX MW I\
XLI E TLEWI K K K ;I GSYPH LEZI EPWS GEPGYPEXIH XLMW
GIIHIH ERH E WQEPP EQSYRX SJ F JSVQW
EW
;I GSRXVSP XLI TVSTIVXMIW SJ XLMW X]TI SJ EPPS] F] WIZIVEP XIGLRMUYIW MRGPYHMRK
WSPMHWSPYXMSR WXVIRKXLIRMRK SJ XLI E TSVXMSR SJ XLI WXVYGXYVI GSRXVSPPMRK XLI QMGVS 1EWW SJ 4F MR XLI E TLEWI 7R K SJ E TLEWI K
WXVYGXYVI TVSHYGIH HYVMRK WSPMHMwGEXMSR ERH GSRXVSPPMRK XLI EQSYRX ERH GLEVEGXIVMWXMGW
K
SJ XLI F TLEWI 8LIWI X]TIW SJ GSQTSWMXMSRW [LMGL JSVQ E WMRKPI WSPMH TLEWI EX LMKL
XIQTIVEXYVIW ERH X[S WSPMH TLEWIW EX PS[IV XIQTIVEXYVIW EVI WYMXEFPI JSV EKI SV TVI ;I ORS[ XLI XSXEP QEWW SJ XLI PIEH K ERH [I EPWS ORS[ XLI QEWW SJ PIEH MR
GMTMXEXI LEVHIRMRK -R 'LETXIV [I [MPP PIEVR LS[ RSRIUYMPMFVMYQ TVSGIWWIW EVI XLI E TLEWI XLIVIJSVI XLI QEWW SJ 4F MR XLI F TLEWI K
RIIHIH XS QEOI TVIGMTMXEXMSR LEVHIRIH EPPS]W % TLEWI HMEKVEQ IK *MKYVI XLEX 8LMW MW GSRWMWXIRX [MXL [LEX [I WEMH IEVPMIV MI XLI F TLEWI MR XLMW GEWI MW
WLS[W E WTIGMwG GSQTSWMXMSR MW ORS[R EW ER MWSTPIXL (IXIVQMREXMSR SJ VIEGXMSRW XLEX EPQSWX TYVI XMR
SGGYV YTSR XLI GSSPMRK SJ E TEVXMGYPEV GSQTSWMXMSR MW ORS[R EW ER MWSTPIXLEP WXYH] 8LI
JSPPS[MRK I\EQTPI MPPYWXVEXIW LS[ GIVXEMR GEPGYPEXMSRW VIPEXIH XS XLI GSQTSWMXMSR SJ
TLEWIW ERH XLIMV VIPEXMZI GSRGIRXVEXMSRW GER FI TIVJSVQIH
)YXIGXMG %PPS]W 8LI EPPS] GSRXEMRMRK 7R LEW XLI IYXIGXMG GSQTSWMXMSR *MKYVI
8LI [SVH IYXIGXMG GSQIW JVSQ XLI +VIIO [SVH IYXIGXSW XLEX QIERW IEWMP] JYWIH
-RHIIH MR E FMREV] W]WXIQ WLS[MRK SRI IYXIGXMG VIEGXMSR ER EPPS] [MXL E IYXIGXMG GSQ
)<%140) 4LEWIW MR XLI 0IEHi8MR 4F7R 4LEWI (MEKVEQ TSWMXMSR LEW XLI PS[IWX QIPXMRK XIQTIVEXYVI 8LMW MW XLI GSQTSWMXMSR JSV [LMGL XLIVI MW
(IXIVQMRI E XLI WSPYFMPMX] SJ XMR MR WSPMH PIEH EX ' F XLI QE\MQYQ RS JVII^MRK VERKI MI WSPMHMwGEXMSR SJ XLMW EPPS] SGGYVW EX SRI XIQTIVEXYVI ' MR
WSPYFMPMX] SJ PIEH MR WSPMH XMR G XLI EQSYRX SJ F XLEX JSVQW MJ E 4F 7R XLI 4F7R W]WXIQ %FSZI ' XLI EPPS] MW EPP PMUYMH ERH XLIVIJSVI QYWX GSRXEMR
EPPS] MW GSSPIH XS ' H XLI QEWWIW SJ XMR GSRXEMRIH MR XLI E ERH F TLEWIW ERH 7R %JXIV XLI PMUYMH GSSPW XS ' XLI IYXIGXMG VIEGXMSR FIKMRW
I XLI QEWW SJ PIEH GSRXEMRIH MR XLI E ERH F TLEWIW %WWYQI XLEX XLI XSXEP QEWW 0 E â F
7R 7R 7R
SJ XLI 4F 7R EPPS] MW KVEQW 8LI TLEWI HMEKVEQ [I RIIH MW WLS[R MR
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XLI XMRVMGL WMHI SJ XLI TLEWI HMEKVEQ SGGYVW EX XLI IYXIGXMG XIQTIVEXYVI SJ
' ERH MW 7R
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F

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8LI 4F ERH 7R EVI HMWXVMFYXIH MR X[S TLEWIW MI E ERH F 8LI QEWW SJ 7R MR *MKYVI 7SPMHMJMGEXMSR ERH QMGVSWXVYGXYVI SJ XLI IYXIGXMG EPPS] 4F 7R
XLI E TLEWI 7R K SJ E TLEWI K K 7MRGI XMR
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8LI GSSPMRK GYVZI JSV ER IYXIGXMG EPPS] MW E WMQTPI WSPMH TLEWIW GEPPIH XLI IYXIGXMG QMGVSGSRWXMXYIRX -R XLI 4F 7R EPPS] SJ XLI
XLIVQEP EVVIWX WMRGI IYXIGXMGW JVIIÎ SV QIPX EX E WMRKPI IYXIGXMG QMGVSGSRWXMXYIRX MW JSVQIH WMRGI EPP SJ XLI PMUYMH KSIW XLVSYKL XLI VIEGXMSR
XIQTIVEXYVI
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E (IXIVQMRI XLI EQSYRX ERH GSQTSWMXMSR SJ IEGL TLEWI MR E PIEHXMR EPPS] SJ
IYXIGXMG GSQTSWMXMSR F 'EPGYPEXI XLI QEWW SJ TLEWIW TVIWIRX G 'EPGYPEXI
XLI EQSYRX SJ PIEH ERH XMR MR IEGL TLEWI EWWYQMRK ]SY LEZI K SJ XLI
EPPS]
8[S WSPMH WSPYXMSRWhE ERH Fh EVI JSVQIH HYVMRK XLI IYXIGXMG VIEGXMSR 8LI GSQTSWM
XMSRW SJ XLI X[S WSPMH WSPYXMSRW EVI KMZIR F] XLI IRHW SJ XLI IYXIGXMG PMRI 73098-32
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' *MKYVI 8LMW PS[ XIQTIVEXYVI [MPP QEOI MX IEWMIV JSV XLI TIVWSR
HSMRK XLI VITEMVW XS ETTP] XLI wPPIV
7IGSRH *MKYVI MRHMGEXIW XLEX XLI XMR GSRXIRX QYWX PMI FIX[IIR
ERH XS EGLMIZI XLI VIUYMVIH TWM XIRWMPI WXVIRKXL -R GSQFMREXMSR [MXL
XLI wVWX VIUYMVIQIRX ER] EPPS] GSRXEMRMRK FIX[IIR ERH 7R [MPP FI WEX
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0 7MRGI XLI TEVX XS FI TVSHYGIH MW G]PMRHVMGEP MR WLETI GIRXVMJYKEP GEWXMRK

*MKYVI QMKLX FI E YRMUYI QIXLSH JSV TVSHYGMRK MX -R GIRXVMJYKEP GEWX
MRK PMUYMH QIXEP MW TSYVIH MRXS E VSXEXMRK QSPH ERH XLI GIRXVMJYKEP JSVGI TVS
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IYXIGXMG QMGVSGSRWXMXYIRX [MXL VIEWSREFPI HYGXMPMX] EX XLI SYXIV [EPP ERH E
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HSYFPI SV XVMTPI XLI EQSYRX SJ F EX XLI MRRIV [EPP SJ XLI GEWXMRK
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7IZIVEP QERYJEGXYVMRK TVSGIWWIW XEOI EHZERXEKI SJ XLI PS[ QIPXMRK XIQTIVEXYVI EWWS
GMEXIH [MXL XLI IYXIGXMG VIEGXMSR 8LI 4F7R EPPS]W EVI XLI FEWMW JSV E WIVMIW SJ EPPS]W
YWIH XS TVSHYGI wPPIV QEXIVMEPW JSV WSPHIVMRK 'LETXIV -J JSV I\EQTPI [I [MWL XS
NSMR GSTTIV TMTI MRHMZMHYEP WIKQIRXW GER FI NSMRIH F] MRXVSHYGMRK XLI PS[QIPXMRK
TSMRX IYXIGXMG 4F7R EPPS] MRXS XLI NSMRX ?*MKYVI E A 8LI GSTTIV MW LIEXIH NYWX
EFSZI XLI IYXIGXMG XIQTIVEXYVI 8LI LIEXIH GSTTIV QIPXW XLI 4F7R EPPS] [LMGL MW XLIR
HVE[R MRXS XLI XLMR KET F] GETMPPEV] EGXMSR ;LIR XLI 4F7R EPPS] GSSPW ERH WSPMHMwIW
XLI GSTTIV MW NSMRIH 8LI TVSWTIGXW SJ GSVVSWMSR SJ WYGL TMTIW ERH XLI MRXVSHYGXMSR SJ
PIEH 4F MRXS [EXIV QYWX EPWS FI JEGXSVIH MR
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WSPMHMwIH MRXS E QSPH EX PS[ ERH EX GSRWXERX XIQTIVEXYVIW VIHYGMRK IRIVK] GSWXW MR
ZSPZIH MR QIPXMRK QMRMQM^MRK GEWXMRK HIJIGXW WYGL EW KEW TSVSWMX] ERH TVIZIRXMRK PMUYMH
QIXEPQSPH VIEGXMSRW 'EWX MVSR ERH QER] EPYQMRYQ EPPS]W EVI FEWIH SR IYXIGXMG GSQ
TSWMXMSRW
%PXLSYKL QSWX SJ XLMW HMWGYWWMSR LEW FIIR GIRXIVIH EVSYRH QIXEPPMG QEXIVMEPW MX MW
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[IPP 'LETXIV *SVQEXMSR SJ IYXIGXMGW TPE]IH E VSPI MR XLI WYGGIWWJYP JSVQEXMSR SJ
KPEWWPMOI QEXIVMEPW ORS[R EW XLI )K]TXMER JEMIRGI 8LI WERHW SJ XLI 2MPI 6MZIV :EPPI]
GSRXEMRIH ETTVIGMEFPI EQSYRXW SJ PMQIWXSRI 'E'3 4PERX EWL GSRXEMRW GSRWMHIVEFPI
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PS[IV XIQTIVEXYVIW F] XLI JSVQEXMSR SJ XLI IYXIGXMGW
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WLS[W E TLEWI HMEKVEQ JSV XLI %P 3 7M3 2SXMGI XLI IYXIGXMG EX $ ' 8LI
HEWLIH PMRIW SR XLMW HMEKVEQ WLS[ QIXEWXEFPI I\XIRWMSRW SJ XLI PMUYMHYW ERH QIXEWXEFPI
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QEOI XIGLRSPSKMGEPP] YWIJYP TVSHYGXW WYGL EW XLI :]GSV 81 ERH XLI 4]VI\ KPEWWIW %
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S\MHI WSHMYQ S\MHI ERH EPYQMRE 8LI KPEWW MW XLIR JSVQIH MRXS HI
WMVIH WLETIW (YVMRK KPEWW JSVQEXMSR XLI KPEWW LEW TLEWI WITEVEXIH FIGEYWI SJ XLI
QIXEWXEFPI QMWGMFMPMX] KET MRXS FSVSR S\MHI VMGL ERH WMPMGE VMGL VIKMSRW 8LI FSVSR
S\MHI VMGL VIKMSRW EVI HMWWSPZIH YWMRK ER EGMH 8LI TSVSYW SFNIGX MW WMRXIVIH XS JSVQ
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XIGLRMUYI HIWGVMFIH EFSZI 4]VI\ GSRXEMRW EFSYX WMPMGE FSVSR S\MHI
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FIEOIVW IXG ERH LSYWILSPH TVSHYGXW
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EX EFSYX ' 8LI KPEWW MW XLIR HVE[R MRXS wFIVW 8LI )KPEWW XLI PIXXIV ss)tt WXERHW
JSV ssIPIGXVMGEPtt EW XLI KPEWW [EW SVMKMREPP] QEHI JSV IPIGXVMGEP MRWYPEXMSR GSRXEMRW ET
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MW HVE[R MRXS XLI NSMRX ERH WSPMHMJMIW F % TLEWI HMEKVEQ JSV %P 3 7M3 %HETXIH JVSQ
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%QIVMGER 'IVEQMG 7SGMIX] -RG TEKI G % TLEWI HMEKVEQ JSV XLI 'E37M3
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6MWFYH TT ERH *MKW ERH 'ST]VMKLX " %QIVMGER 'IVEQMG 7SGMIX]
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XLI EPPS] GSSPW XSS UYMGOP] E RSRIUYMPMFVMYQ WSPMHYW GYVZI MW TVSHYGIH *MKYVI GIVEQMGW ERH TSP]QIVW
8LI TVMQEV] E GSRXMRYIW XS KVS[ YRXMP NYWX EFSZI ' XLI VIQEMRMRK RSRIUYMPMFVMYQ
: *SV STXMQYQ HMWTIVWMSR WXVIRKXLIRMRK TEVXMGYPEVP] MR QIXEPPMG QEXIVMEPW E PEVKI
PMUYMH GSRXEMRW 7R 8LMW PMUYMH XLIR XVERWJSVQW XS XLI IYXIGXMG QMGVSGSRWXMXYIRX
RYQFIV SJ WQEPP LEVH HMWGSRXMRYSYW HMWTIVWIH TLEWI TEVXMGPIW WLSYPH JSVQ MR E
WYVVSYRHMRK XLI TVMQEV] E *SV XLI GSRHMXMSRW WLS[R MR *MKYVI XLI EQSYRX SJ
WSJX HYGXMPI QEXVM\ XS TVSZMHI XLI QSWX IIGXMZI SFWXEGPIW XS HMWPSGEXMSRW 6SYRH
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: -RXIVQIXEPPMG GSQTSYRHW [LMGL RSVQEPP] EVI WXVSRK FYX FVMXXPI EVI JVIUYIRXP] MR
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XVSHYGIH EW HMWTIVWIH TLEWIW MR XLI QMGVSWXVYGXYVI
: 4LEWI HMEKVEQW JSV QEXIVMEPW GSRXEMRMRK QYPXMTPI TLEWIW RSVQEPP] GSRXEMR SRI SV
;LIR LIEX XVIEXMRK ER EPPS] WYGL EW 4F 7R [I QYWX OIIT XLI QE\MQYQ XIQTIVE QSVI XLVIITLEWI VIEGXMSRW
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8LI IYXIGXMG VIEGXMSR TIVQMXW PMUYMH XS WSPMHMJ] EW ER MRXMQEXI QM\XYVI SJ X[S
8LMW GSRGITX MW ZIV] MQTSVXERX MR XLI TVIGMTMXEXMSR SV EKI LEVHIRMRK SJ QIXEPPMG EPPS]W
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8LI IYXIGXSMH VIEGXMSR GEYWIW E WSPMH XS XVERWJSVQ XS E QM\XYVI SJ X[S SXLIV
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MRXS E GSQTSYRH LEZMRK E WXVYGXYVI ERH TVSTIVXMIW HMIVIRX JVSQ IMXLIV GSQTSRIRX 8LI WXSM
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VMEPW XLMW FSYRHEV] VIWMWXW HMWPSGEXMSR QSXMSR ERH TVSZMHIW HMWTIVWMSR WXVIRKXLIRMRK ERH TVIGMTM
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QMGVSWXVYGXYVEP IZSPYXMSR MR XLI WIUYIRGI SJ TLEWI XVERWJSVQEXMSRW XLEX EVI RIGIWWEV]
RYGPIEXMSR WMXIW ERH TVIGMTMXEXIW KVS[ )ZIRXYEPP] MJ [I LSPH XLI EPPS] JSV E WYoGMIRX
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0IXtW YWI %P'Y EW ER EVGLIX]TEP W]WXIQ XS MPPYWXVEXI XLIWI MHIEW 8LI %P 'Y
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EPPS] MW E GPEWWMGEP I\EQTPI SJ ER EKILEVHIREFPI EPPS] 8LIVI EVI XLVII WXITW MR XLI EKI
QSVTLSPSK] SJ XLI TLEWIW MW HMIVIRX JVSQ XLI WXVYGXYVI XLEX [SYPH LEZI FIIR SFXEMRIH
LEVHIRMRK LIEX XVIEXQIRX *MKYVI
F] XLI WPS[ GSSPMRK SJ XLMW EPPS] *MKYVI ;LIR [I KS XLVSYKL XLI XLVII WXITW HI
WGVMFIH TVIZMSYWP] [I TVSHYGI XLI ] TLEWI MR XLI JSVQ SJ YPXVEwRI YRMJSVQP] HMWTIVWIH
WIGSRHTLEWI TVIGMTMXEXI TEVXMGPIW 8LMW MW [LEX [I RIIH JSV IIGXMZI TVIGMTMXEXMSR
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*VSQ *MKYVI E XMI PMRI GER FI HVE[R EX VSSQ XIQTIVEXYVI 8LI GSQTSWM
XMSR SJ XLI E HIXIVQMRIH JVSQ XLI XMI PMRI MW EFSYX 'Y ,S[IZIV XLI
GSQTSWMXMSR SJ XLI E EJXIV UYIRGLMRK MW WXMPP 'Y 7MRGI E GSRXEMRW QSVI XLER
XLI IUYMPMFVMYQ GSTTIV GSRXIRX XLI E MW WYTIVWEXYVEXIH [MXL GSTTIV
*MKYVI 8LI EPYQMRYQVMGL IRH SJ XLI EPYQMRYQGSTTIV TLEWI HMEKVEQ WLS[MRK XLI XLVII
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XLI WSPZYW XIQTIVEXYVI ERH LIPH YRXMP E LSQSKIRISYW WSPMH WSPYXMSR E MW TVSHYGIH 8LMW 7YTTSWI E 1K %P EPPS] MW VIWTSRWMZI XS ER EKILEVHIRMRK LIEX XVIEXQIRX
WXIT HMWWSPZIW XLI ] TLEWI TVIGMTMXEXI ERH VIHYGIW ER] QMGVSGLIQMGEP WIKVIKEXMSR TVIW (IWMKR E LIEX XVIEXQIRX JSV XLI EPPS]
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TSXIRXMEP RYGPIEXMSR WMXIW WS XLI ] HSIW RSX JSVQ %JXIV XLI UYIRGL XLI WXVYGXYVI MW E
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7XIT 7SPYXMSRXVIEX EX E XIQTIVEXYVI FIX[IIR XLI WSPZYW ERH XLI IYXIGXMG XS
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8LI WXVIRKXL SJ XLI EPPS] MRGVIEWIW [MXL EKMRK XMQI EW XLIWI GSLIVIRX TLEWIW KVS[ MR WMÎ %P 'Y EPPS] JVSQ XLI JYVREGI YWIH JSV XLI EKMRK XVIEXQIRX 'SQTEVI XLI
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XVIEXQIRX HYVMRK EKMRK MW ZIV] MQTSVXERX 7MRGI XLI GLERKIW MR XLI WXVYGXYVI SGGYV EX E 73098-32
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HIGVIEWIW 7IGSRH XLI EPPS] QEMRXEMRW MXW QE\MQYQ WXVIRKXL SZIV E PSRKIV TIVMSH SJ XMQI ERH EX E XIQTIVEXYVI XLEX [EW WYoGMIRX XS GEYWI TVIGMTMXEXMSR LEVHIRMRK 7IGSRH
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SJ EKMRK LIEX XVIEXQIRX XMQI SR XLI WXVIRKXL SJ EPYQMRYQ EPPS]W EPYQMRYQ EPPS]W HIWMKREXIH EW 8 YWIH XS QEOI XETIVIH TSPIW SV JEWXIRIVW MX QE] FI
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XEMR WXEMRPIWW WXIIPW ERH EPPS]W FEWIH SR EPYQMRYQ QEKRIWMYQ XMXERMYQ RMGOIP GLVS
*MKYVI 1MGVSWXVYGXYVEP GLERKIW XLEX SGGYV MR EKILEVHIRIH EPPS]W HYVMRK JYWMSR [IPHMRK
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QEXVM\ ERH [I HS RSX IZIR SFXEMR HMWTIVWMSR WXVIRKXLIRMRK -R KIRIVEP XLI EPYQMRYQ -R 'LETXIV [I HIwRIH XLI IYXIGXSMH EW E WSPMHWXEXI VIEGXMSR MR [LMGL SRI WSPMH
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XVERWJSVQEXMSR ''8 HMEKVEQ F] HIXIVQMRMRK XLI QMGVSWXVYGXYVIW TVSHYGIH MR XLI WXIIP GSQTMPEXMSR SJ 888 ERH ''8 HMEKVEQW JSV HMIVIRX KVEHIW SJ WXIIPW
EX ZEVMSYW VEXIW SJ GSSPMRK 8LI ''8 GYVZI JSV E WXIIP MW WLS[R MR *MKYVI
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8LI ''8 HMEKVEQ WSPMH
PMRIW JSV E WXIIP %PPS]MRK IPIQIRXW EVI EHHIH XS WXIIPW XS E TVSZMHI WSPMHWSPYXMSR WXVIRKXLIRMRK SJ
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HMEKVEQ HEWLIH PMRIW
GSVVSWMSR VIWMWXERGI ERH SXLIV WTIGMEP GLEVEGXIVMWXMGW SJ XLI WXIIP ERH H MQTVSZI
LEVHIREFMPMX] 8LI XIVQ LEVHIREFMPMX] HIWGVMFIW XLI IEWI [MXL [LMGL WXIIPW GER JSVQ
QEVXIRWMXI 8LMW VIPEXIW XS LS[ IEWMP] [I GER JSVQ QEVXIRWMXI MR E XLMGO WIGXMSR SJ WXIIP
XLEX MW UYIRGLIH ;MXL E QSVI LEVHIREFPI WXIIP [I GER ssKIX E[E]tt [MXL E VIPEXMZIP]
WPS[ GSSPMRK VEXI ERH WXMPP JSVQ QEVXIRWMXI -QTVSZMRK LEVHIREFMPMX] MW QSWX MQTSVXERX
MR EPPS] ERH XSSP WXIIPW
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ZIV] WLSVX XMQIW LIRGI ZIV] JEWX GSSPMRK VEXIW EVI VIUYMVIH XS TVSHYGI EPP QEVXIRWMXI -R
XLMR WIGXMSRW SJ WXIIP XLI VETMH UYIRGL TVSHYGIW HMWXSVXMSR ERH GVEGOMRK -R XLMGO WXIIPW
[I EVI YREFPI XS TVSHYGI QEVXIRWMXI %PP GSQQSR EPPS]MRK IPIQIRXW MR WXIIP WLMJX XLI
888 ERH ''8 HMEKVEQW XS PSRKIV XMQIW TIVQMXXMRK YW XS SFXEMR EPP QEVXIRWMXI IZIR MR
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8LI IJJIGX SJ QERKERIWI SR XLI
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IPIQIRXW VIHYGI XLI GEVFSR GSRXIRX EX [LMGL XLI IYXIGXSMH VIEGXMSR SGGYVW ERH GLERKI
XLI % % ERH %GQ XIQTIVEXYVIW % TPEMR GEVFSR WXIIP GSRXEMRMRK SRP] ' MW
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7LETI SJ XLI 888 (MEKVEQ %PPS]MRK IPIQIRXW QE] MRXVSHYGI E ssFE]tt VIKMSR MRXS XLI
888 HMEKVEQ EW MR XLI GEWI SJ XLI WXIIP *MKYVI 8LI FE] VIKMSR MW YWIH EW
XLI FEWMW JSV E XLIVQSQIGLERMGEP LIEX XVIEXQIRX ORS[R EW EYWJSVQMRK % WXIIP GER FI
EYWXIRMXMÎH UYIRGLIH XS XLI FE] VIKMSR TPEWXMGEPP] HIJSVQIH ERH wREPP] UYIRGLIH XS
TVSHYGI QEVXIRWMXI *MKYVI 7XIIPW WYFNIGXIH XS XLMW XVIEXQIRX EVI ORS[R EW EYW
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8IQTIVMRK %PPS]MRK IPIQIRXW VIHYGI XLI VEXI SJ XIQTIVMRK GSQTEVIH [MXL XLEX SJ E
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EPP QEVXIRWMXI %PPS] WXIIPW LEZI LMKL LEVHIREFMPMX]h IZIR GSSPMRK MR EMV QE] TVSHYGI
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WYGGIWWJYPP] EX LMKLIV XIQTIVEXYVIW XLER TPEMRGEVFSR WXIIPW WMRGI SZIVEKMRK [MPP RSX PEVKIV .SQMR] HMWXERGIW XLIVI MW E KVIEXIV PMOIPMLSSH XLEX FEMRMXI SV TIEVPMXI [MPP JSVQ
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E VEXLIV xEX LEVHIREFMPMX] GYVZI E TPEMRGEVFSR WXIIP WYGL EW LEW E GYVZI XLEX
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%TTPMGEXMSR SJ ,EVHIREFMPMX] ;I GER YWI LEVHIREFMPMX] GYVZIW MR WIPIGXMRK SV VITPEGMRK WXIIPW MR TVEGXMGEP ETTPM
GEXMSRW 8LI JEGX XLEX X[S HMIVIRX WXIIPW GSSP EX XLI WEQI VEXI MJ UYIRGLIH YRHIV MHIR
% .SQMR] XIWX *MKYVI MW YWIH XS GSQTEVI LEVHIREFMPMXMIW SJ WXIIPW % WXIIP FEV XMGEP GSRHMXMSRW LIPTW MR XLMW WIPIGXMSR TVSGIWW 8LI .SQMR] XIWX HEXE EVI YWIH EW WLS[R
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-R ERSXLIV WMQTPI XIGLRMUYI [I YXMPMÎ XLI WIZIVMX] SJ XLI UYIRGL ERH XLI +VSWWQER
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GIRXIV SJ E WXIIP FEV JSV HMJJIVIRX XLI XSSP WXIIPW 8LI [EXIVLEVHIREFPI WXIIPW WYGL EW QYWX FI UYIRGLIH VETMHP] XS
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WXVIRKXL [MXL KVEHIW YT XS TWM XLI WXIIPW GSRXEMR XLI PIEWX EQSYRX SJ EPPS]MRK
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GER ]SY GLSSWI XLI FIWX TSWWMFPI EPPS]MRK IPIQIRXW JSV XLMW ETTPMGEXMSR# %WWYQI
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MW XLEX XLI] TVSZMHI RSX NYWX WXVIRKXL FYX EPWS ER EHIUYEXI PIZIP SJ HYGXMPMX]
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XS MRGSVTSVEXMSR SJ L]HVSKIR SV WYPJYV ;I GER EPWS GLSSWI WYGL EPPS]MRK
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PS[GEVFSR WXIIPW HS RSX GSRXEMR IRSYKL EPPS]MRK IPIQIRXW XS LEZI KSSH LEVHIREFMPMX] XLI [IPH VIKMSR 7IGXMSR
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2M 1S TVIGMTMXEXI GEVFMHIW [MPP TMR XLI FSYRHEVMIW SJ EYWXIRMXI ERH TVIZIRX MX JVSQ KVEMR
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GIQIRXMXI JSVQIH HYVMRK WSPMHMwGEXMSR MW HIGSQTSWIH ERH KVETLMXI GPYQTW SV RSHYPIW
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KVETLMXI WLETI TIVQMXW E KSSH GSQFMREXMSR SJ WXVIRKXL ERH HYGXMPMX] 8LI TVSHYGXMSR SJ
QEPPIEFPI MVSR VIUYMVIW WIZIVEP WXITW *MKYVI +VETLMXI RSHYPIW RYGPIEXI EW XLI
[LMXI MVSR MW WPS[P] LIEXIH (YVMRK wVWX WXEKI KVETLMXMÊXMSR *7+ GIQIRXMXI HIGSQ
TSWIW XS XLI WXEFPI EYWXIRMXI ERH KVETLMXI TLEWIW EW XLI GEVFSR MR *I ' HMYWIW XS XLI
KVETLMXI RYGPIM *SPPS[MRK *7+ XLI EYWXIRMXI XVERWJSVQW HYVMRK GSSPMRK *MKYVI
WLS[W XLI QMGVSWXVYGXYVIW SJ XLI SVMKMREP [LMXI MVSR E ERH XLI X[S X]TIW SJ QEPPIEFPI *MKYVI E ;LMXI GEWX MVSR TVMSV XS LIEX XVIEXQIRX F *IVVMXMG QEPPIEFPI MVSR
MVSR XLEX GER FI TVSHYGIH F ERH G 8S QEOI JIVVMXMG QEPPIEFPI MVSR XLI GEWXMRK MW [MXL KVETLMXI RSHYPIW ERH WQEPP 1R7 MRGPYWMSRW MR E JIVVMXI QEXVM\ G 4IEVPMXMG
QEPPIEFPI MVSR HVE[R XS TVSHYGI E XIQTIVIH QEVXIRWMXI QEXVM\ -QEKIW F ERH G
EVI JVSQ 1IXEPW ,ERHFSSO :SPW ERH %71 -RXIVREXMSREP 1EXIVMEPW 4EVO
3, H %RRIEPIH HYGXMPI MVSR [MXL E JIVVMXI QEXVM\ I %WGEWX HYGXMPI MVSR [MXL
E QEXVM\ SJ JIVVMXI [LMXI ERH TIEVPMXI J 2SVQEPMÎH HYGXMPI MVSR [MXL E TIEVPMXI QEXVM\

GSSPIH WPS[P] XLVSYKL XLI IYXIGXSMH XIQTIVEXYVI VERKI XS GEYWI WIGSRH WXEKI KVETLMXM
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SXLIV MVSRW FIGEYWI MXW PS[GEVFSR IUYMZEPIRX VIHYGIW XLI XVERWMXMSR XIQTIVEXYVI FIPS[
VSSQ XIQTIVEXYVI 4IEVPMXMG QEPPIEFPI MVSR MW SFXEMRIH [LIR EYWXIRMXI MW GSSPIH MR EMV SV
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VEXLIV XLER HYVMRK E PIRKXL] LIEX XVIEXQIRX 7IZIVEP WXITW EVI VIUYMVIH XS TVSHYGI XLMW
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WYPJYV ERH S\]KIR MR XLI PMUYMH QIXEP MW VIQSZIH F] EHHMRK HIWYPJYVM^MRK EKIRXW WYGL EW
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1K*I7M EPPS] -J TYVI 1K MW EHHIH XLI RSHYPM^MRK VIEGXMSR MW ZIV] ZMSPIRX WMRGI XLI 7911%6= : 8LI TVSTIVXMIW SJ WXIIPW HIXIVQMRIH F] HMWTIVWMSR WXVIRKXLIRMRK HITIRH SR XLI
FSMPMRK TSMRX SJ 1K MW QYGL PS[IV XLER XLI XIQTIVEXYVI SJ XLI PMUYMH MVSR ERH QSWX SJ EQSYRX WMÎ WLETI ERH HMWXVMFYXMSR SJ GIQIRXMXI 8LIWI JEGXSVW EVI GSRXVSPPIH F]
XLI 1K [MPP FI PSWX % VIWMHYEP SJ EFSYX 1K QYWX FI MR XLI PMUYMH MVSR EJXIV EPPS]MRK ERH LIEX XVIEXQIRX
XVIEXQIRX MR SVHIV JSV WTLIVSMHEP KVETLMXI XS KVS[ *MREPP] MRSGYPEXMSR [MXL *I7M GSQ
TSYRHW XS GEYWI LIXIVSKIRISYW RYGPIEXMSR SJ XLI KVETLMXI MW IWWIRXMEP MJ MRSGYPEXMSR MW
: % TVSGIWW ERRIEP VIGV]WXEPPMÎW GSPH[SVOIH WXIIPW ERH VIHYGIW WXVIWWIW
RSX IIGXMZI [LMXI MVSR [MPP JSVQ MRWXIEH SJ HYGXMPI MVSR 8LI RSHYPMÎH ERH MRSGYPEXIH : 7TLIVSMHM^MRK TVSHYGIW PEVKI WTLIVSMHEP *I ' ERH KSSH QEGLMREFMPMX] MR LMKL
MVSR QYWX XLIR FI TSYVIH MRXS QSPHW [MXLMR E JI[ QMRYXIW XS EZSMH JEHMRK *EHMRK SG GEVFSR WXIIPW
GYVW F] XLI KVEHYEP RSRZMSPIRX PSWW SJ 1K HYI XS ZETSVMÊXMSR ERHSV VIEGXMSR [MXL : %RRIEPMRK MRZSPZMRK E WPS[ JYVREGI GSSP EJXIV EYWXIRMXM^MRK KMZIW E GSEVWI TIEVPMXMG
S\]KIR VIWYPXMRK MR xEOI SV GSQTEGXIH KVETLMXI MRWXIEH SJ WTLIVSMHEP KVETLMXI -R EH WXVYGXYVI GSRXEMRMRK PEQIPPEV *I '
HMXMSR XLI MRSGYPERX IIGX [MPP EPWS JEHI VIWYPXMRK MR [LMXI MVSR
'SQTEVIH [MXL KVE] MVSR HYGXMPI GEWX MVSR LEW I\GIPPIRX WXVIRKXL ERH HYGXMPMX]
: 2SVQEPM^MRK MRZSPZMRK ER EMV GSSP EJXIV EYWXIRMXM^MRK KMZIW E wRI TIEVPMXMG WXVYGXYVI
ERH LMKLIV WXVIRKXL GSQTEVIH [MXL ERRIEPMRK
(YI XS XLI LMKLIV WMPMGSR GSRXIRX X]TMGEPP] EVSYRH MR HYGXMPI MVSRW GSQTEVIH [MXL
7M MR QEPPIEFPI MVSRW XLI HYGXMPI MVSRW EVI WXVSRKIV FYX RSX EW XSYKL EW QEPPIEFPI : -R MWSXLIVQEP ERRIEPMRK TIEVPMXI [MXL E YRMJSVQ MRXIVPEQIPPEV WTEGMRK MW SFXEMRIH
MVSRW F] XVERWJSVQMRK XLI EYWXIRMXI EX E GSRWXERX XIQTIVEXYVI
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TVSHYGIH HYVMRK WSPMHMwGEXMSR 8LI KVETLMXI WLETI MR GSQTEGXIHKVETLMXI GEWX MVSR MW QEP XVERWJSVQEXMSR
MRXIVQIHMEXI FIX[IIR xEOIW ERH WTLIVIW [MXL RYQIVSYW VSYRHIH VSHW SJ KVETLMXI XLEX
EVI MRXIVGSRRIGXIH XS XLI RYGPIYW SJ XLI IYXIGXMG GIPP 8LMW GSQTEGXIH KVETLMXI WSQI
: 5YIRGL ERH XIQTIV LIEX XVIEXQIRXW VIUYMVI XLI JSVQEXMSR ERH HIGSQTSWMXMSR SJ
QEVXIRWMXI TVSZMHMRK I\GITXMSREPP] wRI HMWTIVWMSRW SJ VSYRH *I '
XMQIW GEPPIH ZIVQMGYPEV KVETLMXI EPWS JSVQW [LIR HYGXMPI MVSR JEHIW 8LI GSQTEGXIH
KVETLMXI TIVQMXW WXVIRKXLW ERH HYGXMPMXMIW XLEX I\GIIH XLSWI SJ KVE] GEWX MVSR FYX EPPS[W : ;I GER FIXXIV YRHIVWXERH XLI QIGLERMGW SJ XLI LIEX XVIEXQIRXW F] YWI SJ 888 HME
XLI MVSR XS VIXEMR KSSH XLIVQEP GSRHYGXMZMX] ERH ZMFVEXMSR HEQTMRK TVSTIVXMIW 8LI KVEQW ''8 HMEKVEQW ERH LEVHIREFMPMX] GYVZIW
XVIEXQIRX JSV XLI GSQTEGXIHKVETLMXI MVSR MW WMQMPEV XS XLEX JSV HYGXMPI MVSR LS[IZIV : 8LI LEVHIREFMPMX] GYVZIW GSQTEVI XLI IEWI [MXL [LMGL HMIVIRX WXIIPW XVERWJSVQ XS
SRP] EFSYX 1K MW MRXVSHYGIH HYVMRK RSHYPM^MRK % WQEPP EQSYRX SJ XMXERMYQ QEVXIRWMXI
8M MW EHHIH XS EWWYVI XLI JSVQEXMSR SJ XLI GSQTEGXIH KVETLMXI
8]TMGEP TVSTIVXMIW SJ GEWX MVSRW EVI KMZIR MR 8EFPI
: %PPS]MRK IPIQIRXW MRGVIEWI XLI XMQIW VIUYMVIH JSV XVERWJSVQEXMSRW MR XLI 888
HMEKVEQW VIHYGI XLI GSSPMRK VEXIW RIGIWWEV] XS TVSHYGI QEVXIRWMXI MR XLI ''8
HMEKVEQW ERH MQTVSZI XLI LEVHIREFMPMX] SJ XLI WXIIP
8%&0) 8]TMGEP TVSTIVXMIW SJ GEWX MVSRW : 7TIGMEPX] WXIIPW ERH LIEX XVIEXQIRXW TVSZMHI YRMUYI TVSTIVXMIW SV GSQFMREXMSRW
SJ TVSTIVXMIW 3J TEVXMGYPEV MQTSVXERGI EVI WYVJEGILEVHIRMRK XVIEXQIRXW WYGL EW
8IRWMPI =MIPH GEVFYVM^MRK XLEX TVSHYGI ER I\GIPPIRX GSQFMREXMSR SJ JEXMKYI ERH MQTEGX VIWMW
7XVIRKXL 7XVIRKXL
TWM TWM ) 2SXIW XERGI 7XEMRPIWW WXIIPW [LMGL GSRXEMR E QMRMQYQ SJ 'V LEZI I\GIPPIRX GSVVS
WMSR VIWMWXERGI
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'PEWW i h h (ITIRHMRK SR XLI GSQTSWMXMSR ERH XVIEXQIRX IMXLIV K ERH *I ' SV K ERH KVETLMXI
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1EPPIEFPI MVSRW
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8IRWMPI =MIPH 7SYVGI (EXE JVSQ /EMRIV /9 ERH &IR^PIV 89 1EKRIWMYQ %PPS]W ERH
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%PPS] 'SQTSWMXMSR TWM TWM )PSRKEXMSR
%WWYQI XLEX XLIWI HEXE [MPP wX XLI ,EPP4IXGL IUYEXMSR 'LETXIV ERH
4YVI 1K
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73098-32
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;I YWI E WTVIEHWLIIX TVSKVEQ MR XLMW GEWI )\GIP81 XS wX XLIWI HEXE XS E
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>/%8 >R >V
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WUYEVI VSSX SJ XLI KVEMR WMÎ 8LIWI HEXE EVI WLS[R MR XLI JSPPS[MRK XEFPI
'STTIV %PPS]W ' ,% 4 8)6 2SRJIVVSYW %PPS]W
-RZIVWI SJ +VEMR
8%&0) 4VSTIVXMIW SJ X]TMGEP GSTTIV EPPS]W SFXEMRIH F] HMJJIVIRX WXVIRKXLIRMRK QIGLERMWQW
+VEMR 7MÎ H 7MÎ 7UYEVI 6SSX
1MGVSQIXIVW 1MGVSQIXIVW =MIPH 7XVIWW 14E 8IRWMPI =MIPH
7XVIRKXL 7XVIRKXL 7XVIRKXLIRMRK
1EXIVMEP TWM TWM )PSRKEXMSR 1IGLERMWQ

4YVI 'Y ERRIEPIH 2SRI
'SQQIVGMEPP] TYVI 'Y ERRIEPIH 7SPMH WSPYXMSR
XS GSEVWI KVEMR WMÎ
'SQQIVGMEPP] TYVI 'Y ERRIEPIH +VEMR WMÎ
XS JMRI KVEMR WMÎ
'SQQIVGMEPP] TYVI 'Y 7XVEMR LEVHIRMRK
;LIR XLI ]MIPH WXVIWW ÔWÂ ERH H ! ZEPYIW EVI wXXIH XS E WXVEMKLX PMRI GSPH[SVOIH
IUYEXMSR [I KIX XLI WPSTI / EW 14E QQ ! ERH XLI MRXIVGITX ÔW Â %RRIEPIH 'Y >R 7SPMH WSPYXMSR
14E 8LYW MR XLMW GEWI XLI ,EPP4IXGL IUYEXMSR MW %RRIEPIH 'Y 7R 7SPMH WSPYXMSR
'SPH[SVOIH 'Y >R 7SPMH WSPYXMSR â
W 14E â Ô14E QQ ! H !
WXVEMR LEVHIRMRK
%KILEVHIRIH 'Y &I %KI LEVHIRMRK
*VSQ XLMW JSV E KVEMR WMÎ SJ QQ XLI TVIHMGXIH ]MIPH WXVIRKXL JSV XLI 1K
5YIRGLIH ERH XIQTIVIH 'Y%P 1EVXIRWMXMG VIEGXMSR
EPPS] [MPP FI 'EWX QERKERIWI FVSRÎ )YXIGXSMH VIEGXMSR
!
W 14E â Ô14E QQ ! Â
8LIVIJSVI XLI TVIHMGXIH ]MIPH WXVIRKXL SJ ER 1KEPPS] GEWXMRK [MXL E QQ
KVEMR WMÎ [MPP FI 14E 'Y73 'Y 3, 8LMW MW E KVIIR GSQTSYRH XLEX MW MRWSPYFPI MR [EXIV FYX WSPYFPI MR
EGMHW 8LMW KVIIR TEXMRE TVSZMHIW ER EXXVEGXMZI wRMWL JSV QER] ETTPMGEXMSRW 8LI 7XEXYI
SJ 0MFIVX] MW KVIIR FIGEYWI SJ XLI KVIIR TEXMRE SJ XLI S\MHMÎH GSTTIV WOMR XLEX GSZIVW
XLI WXIIP WXVYGXYVI
8LI [MHI ZEVMIX] SJ GSTTIVFEWIH EPPS]W XEOI EHZERXEKI SJ EPP SJ XLI WXVIRKXLIRMRK
QIGLERMWQW XLEX [I LEZI HMWGYWWIH 8LI IIGXW SJ XLIWI WXVIRKXLIRMRK QIGLERMWQW SR
'STTIV %PPS]W XLI QIGLERMGEP TVSTIVXMIW EVI WYQQEVMÎH MR 8EFPI
'STTIV GSRXEMRMRK PIWW XLER MQTYVMXMIW MW YWIH JSV IPIGXVMGEP ERH QMGVS
'STTIV SGGYVW MR REXYVI EW WYPwHIW ERH EPWS EW IPIQIRXEP GSTTIV 'STTIV [EW I\XVEGXIH IPIGXVSRMGW ETTPMGEXMSRW 7QEPP EQSYRXW SJ GEHQMYQ WMPZIV ERH %P 3 MQTVSZI XLIMV
WYGGIWWJYPP] JVSQ VSGO PSRK FIJSVI MVSR WMRGI XLI VIPEXMZIP] PS[IV XIQTIVEXYVIW VIUYMVIH LEVHRIWW [MXLSYX WMKRMwGERXP] MQTEMVMRK GSRHYGXMZMX] 8LI WMRKPITLEWI GSTTIV EPPS]W
JSV GSTTIV I\XVEGXMSR GSYPH FI EGLMIZIH QSVI IEWMP] 'STTIV MW X]TMGEPP] TVSHYGIH F] E EVI WXVIRKXLIRIH F] GSPH [SVOMRK )\EQTPIW SJ XLMW IIGX EVI WLS[R MR 8EFPI 8LI
T]VSQIXEPPYVKMGEP LMKLXIQTIVEXYVI TVSGIWW 8LI GSTTIV SVI GSRXEMRMRK LMKLWYPJYV *'' WXVYGXYVI SJ GSTTIV TVSZMHIW JSV I\GIPPIRX HYGXMPMX] ERH E LMKL WXVEMRLEVHIRMRK
GSRXIRXW MW GSRGIRXVEXIH XLIR GSRZIVXIH MRXS E QSPXIR MQQMWGMFPI PMUYMH GSRXEMRMRK GSIoGMIRX
GSTTIV WYPwHIMVSR WYPwHI ERH MW ORS[R EW E GSTTIV QEXXI 8LMW MW HSRI MR E xEWL
WQIPXIV -R E WITEVEXI VIEGXSV ORS[R EW E GSTTIV GSRZIVXIV S\]KIR MRXVSHYGIH XS XLI 7SPMH7SPYXMSR7XVIRKXLIRIH %PPS]W % RYQFIV SJ GSTTIVFEWIH EPPS]W GSRXEMR PEVKI
QEXXI GSRZIVXW XLI MVSR WYPwHI XS MVSR S\MHI ERH XLI GSTTIV WYPwHI XS ER MQTYVI GSTTIV UYERXMXMIW SJ EPPS]MRK IPIQIRXW ]IX VIQEMR WMRKPI TLEWI -QTSVXERX FMREV] TLEWI HME
GEPPIH FPMWXIV GSTTIV [LMGL MW XLIR TYVMwIH IPIGXVSP]XMGEPP] 3XLIV QIXLSHW JSV GSTTIV KVEQW EVI WLS[R MR *MKYVI 8LI GSTTIV^MRG SV FVEWW EPPS]W [MXL PIWW XLER >R
I\XVEGXMSR MRGPYHI PIEGLMRK GSTTIV JVSQ PS[WYPJYV SVIW [MXL ER EGMH XLIR IPIGXVSP]XM JSVQ WMRKPITLEWI WSPMH WSPYXMSRW SJ ^MRG MR GSTTIV 8LI QIGLERMGEP TVSTIVXMIWh IZIR
GEPP] I\XVEGXMRK XLI GSTTIV JVSQ XLI WSPYXMSR IPSRKEXMSRh MRGVIEWI EW XLI ^MRG GSRXIRX MRGVIEWIW *MKYVI 8LIWI EPPS]W GER FI
'STTIVFEWIH EPPS]W LEZI LMKLIV HIRWMXMIW XLER XLEX JSV WXIIPW %PXLSYKL XLI ]MIPH GSPH JSVQIH MRXS VEXLIV GSQTPMGEXIH ]IX GSVVSWMSRVIWMWXERX GSQTSRIRXW &VSRÎW EVI
WXVIRKXL SJ WSQI EPPS]W MW LMKL XLIMV WTIGMwG WXVIRKXL MW X]TMGEPP] PIWW XLER XLEX SJ EPY EPPS]W SJ GSTTIV GSRXEMRMRK XMR ERH GER GIVXEMRP] GSRXEMR SXLIV IPIQIRXW 1ERKERIWI
QMRYQ SV QEKRIWMYQ EPPS]W 8LIWI EPPS]W LEZI FIXXIV VIWMWXERGI XS JEXMKYI GVIIT ERH FVSRÎ MW E TEVXMGYPEVP] LMKLWXVIRKXL EPPS] GSRXEMRMRK QERKERIWI EW [IPP EW ^MRG JSV
[IEV XLER XLI PMKLX[IMKLX EPYQMRYQ ERH QEKRIWMYQ EPPS]W 1ER] SJ XLIWI EPPS]W LEZI WSPMHWSPYXMSR WXVIRKXLIRMRK
I\GIPPIRX HYGXMPMX] GSVVSWMSR VIWMWXERGI IPIGXVMGEP ERH XLIVQEP GSRHYGXMZMX] ERH QSWX 8MR FVSRÎW SJXIR GEPPIH TLSWTLSV FVSRÎW QE] GSRXEMR YT XS 7R ERH VIQEMR
GER IEWMP] FI NSMRIH SV JEFVMGEXIH MRXS YWIJYP WLETIW %TTPMGEXMSRW JSV GSTTIVFEWIH WMRKPI TLEWI 8LI TLEWI HMEKVEQ TVIHMGXW XLEX XLI EPPS] [MPP GSRXEMR XLI 'Y 7R I GSQ
EPPS]W MRGPYHI IPIGXVMGEP GSQTSRIRXW WYGL EW [MVI TYQTW ZEPZIW ERH TPYQFMRK TEVXW TSYRH ,S[IZIV XLI OMRIXMGW SJ XLI VIEGXMSR EVI WS WPS[ XLEX XLI TVIGMTMXEXI TEVXMGPIW
[LIVI XLIWI TVSTIVXMIW EVI YWIH XS EHZERXEKI SJXIR HS RSX JSVQ
'STTIV EPPS]W EVI EPWS YRYWYEP MR XLEX XLI] QE] FI WIPIGXIH XS TVSHYGI ER ETTVS %PPS]W GSRXEMRMRK PIWW XLER EFSYX %P SV PIWW XLER 7M EVI EPWS WMRKPI TLEWI
TVMEXI HIGSVEXMZI GSPSV 4YVI GSTTIV MW VIH ^MRG EHHMXMSRW TVSHYGI E ]IPPS[ GSPSV ERH 8LIWI EPYQMRYQ FVSRÎW ERH WMPMGSR FVSRÎW LEZI KSSH JSVQMRK GLEVEGXIVMWXMGW ERH EVI
RMGOIP TVSHYGIW E WMPZIV GSPSV 'STTIV GER GSVVSHI IEWMP] JSVQMRK E FEWMG GSTTIV WYPJEXI SJXIR WIPIGXIH JSV XLIMV KSSH WXVIRKXL ERH I\GIPPIRX XSYKLRIWW
'STTIV %PPS]W ' ,% 4 8)6 2SRJIVVSYW %PPS]W
4LEWI 8VERWJSVQEXMSRW %PYQMRYQ FVSRÎW XLEX GSRXEMR SZIV %P GER JSVQ F TLEWI
SR LIEXMRK EFSZI ' XLI IYXIGXSMH XIQTIVEXYVI ?*MKYVI G A 3R WYFWIUYIRX
GSSPMRK XLI IYXIGXSMH VIEGXMSR TVSHYGIW E PEQIPPEV WXVYGXYVI PMOI TIEVPMXI XLEX GSRXEMRW
E FVMXXPI K GSQTSYRH 8LI PS[XIQTIVEXYVI TIVMXIGXSMH VIEGXMSR E â K K RSVQEPP]
HSIW RSX SGGYV 8LI IYXIGXSMH TVSHYGX MW VIPEXMZIP] [IEO ERH FVMXXPI FYX [I GER VETMHP]
UYIRGL XLI F XS TVSHYGI QEVXIRWMXI SV F [LMGL LEW LMKL WXVIRKXL ERH PS[ HYGXMPMX]
;LIR F MW WYFWIUYIRXP] XIQTIVIH E GSQFMREXMSR SJ LMKL WXVIRKXL KSSH HYGXMPMX] ERH
I\GIPPIRX XSYKLRIWW MW SFXEMRIH EW wRI TPEXIPIXW SJ E TVIGMTMXEXI JVSQ XLI F
0IEHIH'STTIV %PPS]W :MVXYEPP] ER] SJ XLI [VSYKLX EPPS]W QE] GSRXEMR YT XS 4F
8LI PIEH JSVQW E QSRSXIGXMG VIEGXMSR [MXL GSTTIV ERH TVSHYGIW XMR] PIEH WTLIVIW EW
XLI PEWX PMUYMH XS WSPMHMJ] 8LI PIEH MQTVSZIW QEGLMRMRK GLEVEGXIVMWXMGW 9WI SJ PIEHIH
GSTTIV EPPS]W LS[IZIV LEW E QENSV IRZMVSRQIRXEP MQTEGX ERH GSRWIUYIRXP] RI[
EPPS]W XLEX EVI PIEH JVII LEZI FIIR HIZIPSTIH 8LI JSPPS[MRK X[S I\EQTPIW MPPYWXVEXI XLI
YWI SJ GSTTIVFEWIH EPPS]W
)<%140) (IWMKR 1EXIVMEPW 7IPIGXMSR JSV ER )PIGXVMGEP 7[MXGL

(IWMKR XLI GSRXEGXW JSV E W[MXGL SV VIPE] XLEX STIRW ERH GPSWIW E LMKLGYVVIRX
IPIGXVMGEP GMVGYMX
73098-32
;LIR XLI W[MXGL SV VIPE] STIRW ERH GPSWIW GSRXEGX FIX[IIR XLI GSRHYGXMZI
WYVJEGIW GER GEYWI [IEV ERH VIWYPX MR TSSV GSRXEGX ERH EVGMRK % LMKL LEVHRIWW
[SYPH QMRMQMÎ [IEV FYX XLI GSRXEGX QEXIVMEPW QYWX EPPS[ XLI LMKL GYVVIRX XS
TEWW XLVSYKL XLI GSRRIGXMSR [MXLSYX SZIVLIEXMRK SV EVGMRK
8LIVIJSVI SYV HIWMKR QYWX TVSZMHI JSV FSXL KSSH IPIGXVMGEP GSRHYGXMZMX]
ERH KSSH [IEV VIWMWXERGI % VIPEXMZIP] TYVI GSTTIV EPPS] HMWTIVWMSR WXVIRKXL
IRIH [MXL E LEVH TLEWI XLEX HSIW RSX HMWXYVF XLI GSTTIV PEXXMGI [SYPH TIVLETW
FI MHIEP -R E 'Y%P 3 EPPS] XLI LEVH GIVEQMGS\MHI TEVXMGPIW TVSZMHI [IEV
VIWMWXERGI FYX HS RSX MRXIVJIVI [MXL XLI IPIGXVMGEP GSRHYGXMZMX] SJ XLI GSTTIV
QEXVM\ -R JEGX EW XLI S\]KIR HMWWSPZIH MR XLI GSTTIV QEXVM\ MW VIQSZIH XLI
GSRHYGXMZMX] EGXYEPP] MRGVIEWIW 8LIVI EVI EPWS SXLIV QEXIVMEPW WYGL EW ;%K
EPPS]W XLEX EVI EPWS YWIH
)<%140) (IWMKR SJ E ,IEX 8VIEXQIRX JSV E 'Y%P %PPS] +IEV

(IWMKR XLI LIEX XVIEXQIRX VIUYMVIH XS TVSHYGI E LMKLWXVIRKXL EPYQMRYQ
*MKYVI &MREV] TLEWI HMEKVEQW JSV XLI E GSTTIV^MRG F GSTTIVXMR G GSTTIV FVSRÎ KIEV GSRXEMRMRK %P
EPYQMRYQ ERH H GSTTIVFIV]PPMYQ W]WXIQW
73098-32
%KI,EVHIREFPI %PPS]W % RYQFIV SJ GSTTIVFEWI EPPS]W HMWTPE] ER EKILEVHIRMRK 8LI EPYQMRYQ FVSRÎ GER FI WXVIRKXLIRIH F] E UYIRGL ERH XIQTIV LIEX XVIEX
VIWTSRWI MRGPYHMRK ^MVGSRMYQGSTTIV GLVSQMYQGSTTIV ERH FIV]PPMYQGSTTIV 8LI QIRX ;I QYWX LIEX EFSZI ' XS SFXEMR F JSV E 'Y %P EPPS]
GSTTIVFIV]PPMYQ EPPS]W EVI YWIH JSV XLIMV LMKL WXVIRKXL XLIMV LMKL WXMRIWW QEOMRK ?*MKYVI G A 8LI IYXIGXSMH XIQTIVEXYVI JSV XLI EPPS] MW ' 8LIVIJSVI
XLIQ YWIJYP EW WTVMRKW ERH wRI [MVIW ERH XLIMV RSRWTEVOMRK UYEPMXMIW QEOMRK XLIQ SYV VIGSQQIRHIH LIEX XVIEXQIRX MW
YWIJYP JSV XSSPW XS FI YWIH RIEV xEQQEFPI KEWIW ERH PMUYMHW
2MGOIP ERH 'SFEPX %PPS]W ' ,% 4 8)6 2SRJIVVSYW %PPS]W
*MKYVI
,IEX XLI EPPS] XS ' ERH LSPH XS TVSHYGI F 8LI IJJIGX SJ XIQTIVEXYVI
5YIRGL XLI EPPS] XS VSSQ XIQTIVEXYVI XS GEYWI F XS XVERWJSVQ XS QEVXIR SR XLI XIRWMPI WXVIRKXL SJ
WMXI F [LMGL MW WYTIVWEXYVEXIH MR GSTTIV WIZIVEP RMGOIPFEWIH
EPPS]W
8IQTIV FIPS[ ' E XIQTIVEXYVI SJ ' QMKLX FI WYMXEFPI (YVMRK
XIQTIVMRK XLI QEVXIRWMXI XVERWJSVQW XS E ERH K 8LI EQSYRX SJ XLI K XLEX
JSVQW EX ' MW

K

'SSP VETMHP] XS VSSQ XIQTIVEXYVI WS XLEX XLI IUYMPMFVMYQ K HSIW RSX JSVQ
2SXI XLEX MJ XIQTIVMRK [IVI GEVVMIH SYX FIPS[ EFSYX ' K [SYPH JSVQ
VEXLIV XLER K
2MGOIP ERH 'SFEPX %PPS]W

2MGOIP ERH GSFEPX EPPS]W EVI YWIH JSV GSVVSWMSR TVSXIGXMSR ERH JSV LMKLXIQTIVEXYVI
VIWMWXERGI XEOMRK EHZERXEKI SJ XLIMV LMKL QIPXMRK TSMRXW ERH LMKL WXVIRKXLW 2MGOIP MW -R 'LETXIV [I WE[ LS[ VETMHP] WSPMHMwIH TS[HIVW SJ RMGOIP ERH GSFEPXFEWIH
*'' ERH LEW KSSH JSVQEFMPMX] GSFEPX MW ER EPPSXVSTMG QIXEP [MXL ER *'' WXVYGXYVI WYTIVEPPS]W GER FI JSVQIH YWMRK WTVE] EXSQMÊXMSR JSPPS[IH F] LSX MWSWXEXMG TVIWWMRK
EFSZI ' ERH ER ,'4 WXVYGXYVI EX PS[IV XIQTIVEXYVIW 7TIGMEP GSFEPX EPPS]W EVI 8LIWI QEXIVMEPW EVI YWIH XS QEOI XLI VMRKW XLEX VIXEMR XYVFMRI FPEHIW EW [IPP EW JSV
YWIH JSV I\GITXMSREP [IEV VIWMWXERGI ERH FIGEYWI SJ FMSGSQTEXMFMPMX] JSV TVSWXLIXMG HI XYVFMRI FPEHIW JSV EMVGVEJX IRKMRIW -R 'LETXIV [I QIRXMSRIH WLETIQIQSV] EPPS]W
ZMGIW 8]TMGEP EPPS]W ERH XLIMV ETTPMGEXMSRW EVI PMWXIH MR 8EFPI FEWIH SR 2M8M -VSR RMGOIP ERH GSFEPX EVI QEKRIXMG 'IVXEMR *I2M ERH *I'SFEWIH
EPPS]W JSVQ ZIV] KSSH QEKRIXMG QEXIVMEPW % 2M *I EPPS] -RZEV HMWTPE]W TVEGXM
GEPP] RS I\TERWMSR HYVMRK LIEXMRK XLMW IIGX MW I\TPSMXIH MR TVSHYGMRK FMQIXEPPMG GSQ
TSWMXI QEXIVMEPW 'SFEPX MW YWIH EW E XSYKL TLEWI XLEX EFWSVFW WLSGOW ERH ZMFVEXMSRW MR
8%&0) 'SQTSWMXMSRW TVSTIVXMIW ERH ETTPMGEXMSRW JSV WIPIGXIH RMGOIP ERH GSFEPX EPPS]W ;''S GYXXMRK XSSPW
8IRWMPI =MIPH
7XVIRKXL 7XVIRKXL 7XVIRKXLIRMRK 2MGOIP ERH 1SRIP 2MGOIP ERH MXW EPPS]W LEZI I\GIPPIRX GSVVSWMSR VIWMWXERGI ERH JSVQ
1EXIVMEP TWM TWM )PSRKEXMSR 1IGLERMWQ %TTPMGEXMSRW MRK GLEVEGXIVMWXMGW ;LIR GSTTIV MW EHHIH XS RMGOIP XLI QE\MQYQ WXVIRKXL MW SFXEMRIH
RIEV 2M % RYQFIV SJ EPPS]W GEPPIH QSRIPW [MXL ETTVS\MQEXIP] XLMW GSQTSWMXMSR
4YVI 2M 2M %RRIEPIH 'SVVSWMSR VIWMWXERGI EVI YWIH JSV XLIMV WXVIRKXL ERH GSVVSWMSR VIWMWXERGI MR WEPX [EXIV ERH EX IPIZEXIH XIQ
'SPH[SVOIH 'SVVSWMSR VIWMWXERGI
TIVEXYVIW 7SQI SJ XLI QSRIPW GSRXEMR WQEPP EQSYRXW SJ EPYQMRYQ ERH XMXERMYQ 8LIWI
2M'Y EPPS]W EPPS]W WLS[ ER EKILEVHIRMRK VIWTSRWI F] XLI TVIGMTMXEXMSR SJ K E GSLIVIRX 2M %P SV
1SRIP 2M 'Y %RRIEPIH :EPZIW TYQTW LIEX I\GLERKIVW 2M 8M TVIGMTMXEXI [LMGL RIEVP] HSYFPIW XLI XIRWMPI TVSTIVXMIW 8LI TVIGMTMXEXIW VIWMWX
1SRIP / 2M %KIH 7LEJXW WTVMRKW MQTIPPIVW
SZIVEKMRK EX XIQTIVEXYVIW YT XS ' *MKYVI
'Y %P 8M
2M WYTIVEPPS]W
7YTIVEPPS]W 2MGOIP MVSRRMGOIP ERH GSFEPX EPPS]W XLEX GSRXEMR PEVKI EQSYRXW SJ
-RGSRIP 2M 'EVFMHIW ,IEXXVIEXQIRX IUYMTQIRX
EPPS]MRK IPIQIRXW MRXIRHIH XS TVSHYGI E GSQFMREXMSR SJ LMKL WXVIRKXL EX IPIZEXIH XIQ
'V *I
TIVEXYVIW VIWMWXERGI XS GVIIT EX XIQTIVEXYVIW YT XS ' ERH VIWMWXERGI XS GSVVSWMSR
,EWXIPPS] & 2M 1S 'EVFMHIW 'SVVSWMSR VIWMWXERGI
(72M 2M 8L3 (MWTIVWMSR +EW XYVFMRIW 8LIWI WYTIVEPPS]W I\GIPPIRX LMKLXIQTIVEXYVI TVSTIVXMIW EVI SFXEMRIH IZIR XLSYKL XLI
QIPXMRK XIQTIVEXYVIW SJ XLI EPPS]W EVI EFSYX XLI WEQI EW XLEX JSV WXIIPW 8]TMGEP
*I2M WYTIVEPPS]W
ETTPMGEXMSRW MRGPYHI ZERIW ERH FPEHIW JSV XYVFMRI ERH NIX IRKMRIW LIEX I\GLERKIVW
-RGSPS] 2M 'EVFMHIW ,IEX I\GLERKIVW
*I 'V GLIQMGEP VIEGXMSR ZIWWIP GSQTSRIRXW ERH LIEXXVIEXMRK IUYMTQIRX
8S SFXEMR LMKL WXVIRKXL ERH GVIIT VIWMWXERGI XLI EPPS]MRK IPIQIRXW QYWX TVSHYGI
'S WYTIVEPPS]W
E WXEFPI QMGVSWXVYGXYVI EX LMKL XIQTIVEXYVIW 7SPMHWSPYXMSR WXVIRKXLIRMRK HMWTIVWMSR
7XIPPMXI & 'S 'EVFMHIW %FVEWMZI [IEV VIWMWXERGI
'V ; WXVIRKXLIRMRK ERH TVIGMTMXEXMSR LEVHIRMRK KIRIVEPP] EVI IQTPS]IH
2MGOIP ERH 'SFEPX %PPS]W ' ,% 4 8)6 2SRJIVVSYW %PPS]W
)<%140) (IWMKR 1EXIVMEPW 7IPIGXMSR JSV E ,MKL4IVJSVQERGI .IX )RKMRI

8YVFMRI &PEHI
(IWMKR E RMGOIPFEWIH WYTIVEPPS] JSV TVSHYGMRK XYVFMRI FPEHIW JSV E KEW XYVFMRI
EMVGVEJX IRKMRI XLEX [MPP LEZI E TEVXMGYPEVP] PSRK GVIITVYTXYVI XMQI EX XIQTIV
EXYVIW ETTVSEGLMRK '
73098-32
*MVWX [I RIIH E XIQTIVEXYVI WXEFPI QMGVSWXVYGXYVI %HHMXMSR SJ EPYQMRYQ SV
XMXERMYQ TIVQMXW XLI TVIGMTMXEXMSR SJ YT XS ZSP SJ XLI K TLEWI HYVMRK LIEX
XVIEXQIRX ERH QE] TIVQMX XLI EPPS] XS STIVEXI EX XIQTIVEXYVIW ETTVSEGLMRK
XMQIW XLI EFWSPYXI QIPXMRK XIQTIVEXYVI %HHMXMSR SJ GEVFSR ERH EPPS]MRK IPI
QIRXW WYGL EW 8E ERH ,J TIVQMXW XLI TVIGMTMXEXMSR SJ EPPS] GEVFMHIW XLEX TVIZIRX
KVEMR FSYRHEVMIW JVSQ WPMHMRK EX LMKL XIQTIVEXYVIW 3XLIV EPPS]MRK IPIQIRXW
*MKYVI E 1MGVSWXVYGXYVI SJ E WYTIVEPPS] [MXL GEVFMHIW EX XLI KVEMR FSYRHEVMIW ERH
K TVIGMTMXEXIW MR XLI QEXVM\ F 1MGVSWXVYGXYVI SJ E WYTIVEPPS] EKIH EX X[S MRGPYHMRK QSP]FHIRYQ ERH XYRKWXIR TVSZMHI WSPMHWSPYXMSR WXVIRKXLIRMRK
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MW LIEXIH XS EFSYX ' [LMGL MW MR XLI EPPF TSVXMSR SJ XLI TLEWI HMEKVEQ
3R UYIRGLMRK E XMXERMYQ QEVXIRWMXI JSVQW WYFWIUYIRX XIQTIVMRK TVSHYGIW E
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FSRI 8LI MQTPERX LEW E QIXEP LIEH ERH wXW HS[R XLI GEZMX] SJ XLI JIQYV ;I VETMHP] GSRXEQMREXIH SV IQFVMXXPIH 'SRWIUYIRXP] WTIGMEP TVIGEYXMSRW EVI VIUYMVIH
RIIH XS GSRWMHIV XLI JSPPS[MRK JEGXSVW FMSGSQTEXMFMPMX] GSVVSWMSR VIWMWXERGI HYVMRK GEWXMRK LSX [SVOMRK [IPHMRK SV TS[HIV QIXEPPYVK] 8LI QIXEPW QYWX EPWS FI
LMKLJVEGXYVI XSYKLRIWW I\GIPPIRX JEXMKYI PMJI WS XLEX MQTPERXW PEWX JSV QER] TVSXIGXIH HYVMRK WIVZMGI EX IPIZEXIH XIQTIVEXYVIW *SV I\EQTPI XLI XYRKWXIR wPEQIRX MR
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GSQTEVIH XS XLI FSRI QSWX SJ XLI WXVIWW [MPP FI GEVVMIH F] XLI MQTPERX 8LMW MRK 8LI GSEXMRK QYWX E LEZI E LMKL QIPXMRK XIQTIVEXYVI F FI GSQTEXMFPI [MXL XLI
PIEHW XS [IEOIRMRK SJ XLI VIQEMRMRK FSRI ERH MR XYVR GER QEOI XLI MQTPERX VIJVEGXSV] QIXEP G TVSZMHI E HMYWMSR FEVVMIV XS TVIZIRX GSRXEQMRERXW JVSQ VIEGLMRK
PSSWI 8LYW [I RIIH E QEXIVMEP XLEX LEW E LMKL XIRWMPI WXVIRKXL GSVVSWMSR VI XLI YRHIVP]MRK QIXEP ERH H LEZI E GSIoGMIRX SJ XLIVQEP I\TERWMSR WMQMPEV XS XLEX SJ
WMWXERGI FMSGSQTEXMFMPMX] ERH JVEGXYVI XSYKLRIWW 8LIWI VIUYMVIQIRXW WYKKIWX XLI VIJVEGXSV] QIXEP 'SEXMRKW EVI EZEMPEFPI XLEX TVSXIGX XLI QIXEP XS EFSYX ' -R
WXEMRPIWW WXIIP SV 8M %P : 2IMXLIV SJ XLIWI QEXIVMEPW EVI QEKRIXMG WSQI ETTPMGEXMSRW WYGL EW GETEGMXSVW JSV GIPPYPEV TLSRIW XLI JSVQEXMSR SJ S\MHIW MW
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RERGI ERH \VE] MQEKMRK 8MXERMYQ EPPS]W EVI RSX ZIV] LEVH ERH GER [IEV SYX
7XEMRPIWW WXIIPW EVI LEVHIV FYX XLI] EVI QYGL WXMIV XLER FSRI 8MXERMYQ MW *SVQMRK 'LEVEGXIVMWXMGW 8LI VIJVEGXSV] QIXEPW [LMGL LEZI XLI &'' GV]WXEP WXVYGXYVI
HMWTPE] E HYGXMPIXSFVMXXPI XVERWMXMSR XIQTIVEXYVI &IGEYWI XLI XVERWMXMSR XIQTIVEXYVIW
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QIXEPW GER VIEHMP] FI JSVQIH ,S[IZIV ERRIEPIH QSP]FHIRYQ ERH XYRKWXIR RSVQEPP]
&VSRÎ +IRIVEPP] GSTTIV EPPS]W GSRXEMRMRK XMR FYX GER GSRXEMR SXLIV IPIQIRXW
LEZI E XVERWMXMSR XIQTIVEXYVI EFSZI VSSQ XIQTIVEXYVI GEYWMRK XLIQ XS FI FVMXXPI EX
VSSQ XIQTIVEXYVI *SVXYREXIP] MJ XLIWI QIXEPW EVI LSX [SVOIH XS TVSHYGI E wFVSYW 'EWXEFMPMX] 8LI IEWI [MXL [LMGL E QIXEP GER FI TSYVIH MRXS E QSPH XS QEOI E GEWXMRK [MXLSYX
QMGVSWXVYGXYVI XLI XVERWMXMSR XIQTIVEXYVI MW PS[IVIH ERH XLI JSVQMRK GLEVEGXIVMWXMGW EVI TVSHYGMRK HIJIGXW SV VIUYMVMRK YRYWYEP SV I\TIRWMZI XIGLRMUYIW XS TVIZIRX GEWXMRK TVSFPIQW
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MR JEGX XYRKWXIR ERH QSP]FHIRYQ JSVQ E GSQTPIXI WIVMIW SJ WSPMH WSPYXMSRW QYGL
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F] S\MHI TEVXMGPIW HYVMRK XLIMV QERYJEGXYVI F] TS[HIV QIXEPPYVK] TVSGIWWIW 'SQ
7TIGMJMG WXVIRKXL 8LI VEXMS SJ WXVIRKXL XS HIRWMX] %PWS GEPPIH XLI WXVIRKXLXS[IMKLX VEXMS
TSWMXI QEXIVMEPW WYGL EW RMSFMYQ VIMRJSVGIH [MXL XYRKWXIR wFIVW QE] EPWS MQTVSZI
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VIWMWXERGI GVIIT VIWMWXERGI ERH GSVVSWMSR VIWMWXERGI
4VIGMSYW 1IXEPW 8LIWI MRGPYHI KSPH %Y WMPZIV %K TEPPEHMYQ 4H TPEXMRYQ 4X
8IQTIV HIWMKREXMSR % WLSVXLERH RSXEXMSR YWMRK PIXXIVW ERH RYQFIVW XS HIWGVMFI XLI TVSGIWWMRK
ERH VLSHMYQ 6L %W XLIMV REQI WYKKIWXW XLIWI EVI TVIGMSYW ERH I\TIRWMZI *VSQ ER
SJ ER EPPS] , XIQTIVW VIJIV XS GSPH[SVOIH EPPS]W 8 XIQTIVW VIJIV XS EKILEVHIRMRK XVIEXQIRXW
IRKMRIIVMRK ZMI[TSMRX XLIWI QEXIVMEPW VIWMWX GSVVSWMSR ERH QEOI GSRHYGXSVW SJ IPIG
XVMGMX] %W E VIWYPX EPPS]W SJ XLIWI QEXIVMEPW EVI SJXIR YWIH EW IPIGXVSHIW JSV HIZMGIW ;VSYKLX EPPS]W %PPS]W XLEX EVI WLETIH F] E HIJSVQEXMSR TVSGIWW
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8LIWI QIXEPW JEGMPMXEXI XLI S\MHEXMSR SJ '3 XS '3 ERH 23\ XS 2 ERH 3 8LI] EVI
EPWS YWIH EW GEXEP]WXW MR TIXVSPIYQ VIwRMRK
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6I[SVO 8EFPI XS WLS[ XLI GSWX MR XIVQW SJ
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ERH EW E VIWYPX wRH QER] EIVSWTEGI ETTPMGEXMSRW )\GIPPIRX GSVVSWMSR VIWMWXERGI
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XMSRW %PYQMRYQ ERH QEKRIWMYQ EVI PMQMXIH XS YWI EX PS[ XIQTIVEXYVIW FIGEYWI SJ %WWYQMRK XLEX XLI HIRWMX] VIQEMRW YRGLERKIH PS[MRK EPPS]W [SYPH FI QSWX WYMXIH JSV XLM\SGEWX
XLI PSWW SJ XLIMV QIGLERMGEP TVSTIVXMIW EW E VIWYPX SJ SZIVEKMRK SV VIGV]WXEPPMÊXMSR GSQTEVI XLI WTIGMwG WXVIRKXL SJ XLI 8 EPY MRK# )\TPEMR ]SYV ERW[IV 7II *MKYVI ERH
'STTIV EPPS]W FVEWWIW ERH FVSRÎW EVI EPWS YWIH MR QER] WXVYGXYVEP ERH SXLIV ET QMRYQ EPPS] XS XLEX SJ E HMIGEWX * EPYQM TLEWI HMEKVEQW JVSQ 'LETXIVW ERH
RYQ EPPS] -J ]SY GSRWMHIVIH XLI EGXYEP HIRWMX] E %P 7M F %P 'Y G %P 1K
TPMGEXMSRW 8MXERMYQ EPPS]W LEZI MRXIVQIHMEXI HIRWMXMIW ERH XIQTIVEXYVI VIWMWXERGI
HS ]SY XLMRO XLI HMIVIRGI FIX[IIR XLI WTIGMwG
EPSRK [MXL I\GIPPIRX GSVVSWMSR VIWMWXERGI PIEHMRK XS ETTPMGEXMSRW MR EIVSWTEGI
WXVIRKXLW [SYPH MRGVIEWI SV FIGSQI WQEPPIV#
GLIQMGEP TVSGIWWMRK ERH FMSQIHMGEP HIZMGIW )\TPEMR
: 2MGOIP ERH GSFEPX EPPS]W MRGPYHMRK WYTIVEPPS]W TVSZMHI KSSH TVSTIVXMIW EX IZIR )\TPEMR [L] EPYQMRYQ EPPS]W GSRXEMRMRK QSVI
LMKLIV XIQTIVEXYVIW 'SQFMRIH [MXL XLIMV KSSH GSVVSWMSR VIWMWXERGI XLIWI EPPS]W XLER EFSYX 1K EVI RSX YWIH
wRH QER] ETTPMGEXMSRW MR EMVGVEJX IRKMRIW ERH GLIQMGEP TVSGIWWMRK IUYMTQIRX
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FI MRGVIEWIH F] EPPS]MRK ERH LIEX XVIEXQIRX ERH 7IGXMSR 2MGOIP ERH 'SFEPX %PPS]W
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E TVIGMSYW QIXEP#
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G ;LEX MW FVEWW# H ;LEX MW FVSRÎ# I ;L] % XMXERMYQ EPPS] TPEXI SJ 78 X]TI [EW
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GER FI WYTTSVXIH SR XLMW TPEXI [MXLSYX GEYWMRK
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QE] FI EW QYGL EW 2 8LI TEVX MW
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% RYQFIV SJ GEWXMRK EPPS]W LEZI ZIV] LMKL PIEH EVI LIEXIH XS E XIQTIVEXYVI EX [LMGL EPP F NYWX
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EPPS]W MW GSQTEVEXMZIP] PS[ ;L] MWRtX QSVI IEWMP] XVERWTSVXIH ERH YWIH 8LI VYRKW SR XLI
XYVI HYVMRK XLI LIEX XVIEXQIRX JSV IEGL EPPS]
PIEH EHHIH XS XLI [VSYKLX EPPS]W# ;LEX TVI PEHHIV WLSYPH FI MR MR ERH EVI MR
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PSRK (IWMKR E QEXIVMEP ERH MXW TVSGIWWMRK JSV
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UYIRGLIH ERH XIQTIVIH EPYQMRYQ FVSRÎ XS FI E A *MKYVI T LEZMRK E HIRWMX] SJ + KGQ XLEX QYWX
4VSFPIQW
FI WXVSRK ]IX WXMPP LEZI WSQI HYGXMPMX] (IWMKR E %R EGXYEXMRK PIZIV MR ER IPIGXVMGEP HIZMGI QYWX
QEXIVMEP ERH MXW TVSGIWWMRK XLEX QMKLX QIIX STIR ERH GPSWI EPQSWX MRWXERXP] ERH GEVV] E LMKL
XLIWI VIUYMVIQIRXW GYVVIRX [LIR GPSWIH ;LEX HIWMKR VIUYMVIQIRXW
;I [MWL XS HIWMKR E QSYRXMRK HIZMGI XLEX [MPP [SYPH FI MQTSVXERX JSV XLMW ETTPMGEXMSR# (IWMKR
TSWMXMSR ERH EMQ E PEWIV JSV TVIGMWMSR GYXXMRK SJ E QEXIVMEP ERH MXW TVSGIWWMRK XS QIIX XLIWI
E GSQTSWMXI QEXIVMEP ;LEX HIWMKR VIUYMVIQIRXW VIUYMVIQIRXW
QMKLX FI MQTSVXERX# (IWMKR E QEXIVMEP ERH MXW % JER FPEHI MR E GLIQMGEP TPERX QYWX STIVEXI
TVSGIWWMRK XLEX QMKLX QIIX XLIWI VIUYMVIQIRXW EX XIQTIVEXYVIW EW LMKL EW ' YRHIV VEXLIV
(IWMKR E RMGOIPXMXERMYQ EPPS] XLEX [MPP TVSHYGI GSVVSWMZI GSRHMXMSRW 3GGEWMSREPP] WSPMH QEXI
VMEP MW MRKIWXIH ERH MQTEGXW XLI JER ;LEX HIWMKR
'IVEQMG 1EXIVMEPW
ZSPYQI TIVGIRX 2M 8M TVIGMTMXEXI MR E TYVI
RMGOIP QEXVM\ VIUYMVIQIRXW [SYPH FI MQTSVXERX# (IWMKR E
QEXIVMEP ERH MXW TVSGIWWMRK JSV XLMW ETTPMGEXMSR

;LEX MW XLI QEKRIXMG WXVMT SR E GVIHMX GEVH QEHI JVSQ#
;LEX QEXIVMEP MW YWIH XS TVSXIGX XLI WTEGI WLYXXPI JVSQ LMKL XIQTIVEXYVIW HYVMRK VIIRXV]#
;LEX GIVEQMG QEXIVMEP MW GSQQSRP] EHHIH XS TEMRXW#
;LEX GIVEQMG QEXIVMEP MW JSYRH MR FSRI ERH XIIXL#

;LEX EVI WTEVO TPYKW QEHI JVSQ#
8LI KSEP SJ XLMW GLETXIV MW XS I\EQMRI QSVI MRGPYHIW TSP]GV]WXEPPMRI ERH WMRKPIGV]WXEP MRSV
GPSWIP] XLI W]RXLIWMW TVSGIWWMRK ERH ETTPMGE KERMG QEXIVMEPW EQSVTLSYW MRSVKERMG KPEWWIW
XMSRW SJ GIVEQMG QEXIVMEPW 'IVEQMGW LEZI FIIR ERH KPEWWGIVEQMGW
YWIH JSV QER] XLSYWERHW SJ ]IEVW 1SWX GIVEQMGW -R 'LETXIVW ERH [I PIEVRIH EFSYX XLI
I\LMFMX KSSH WXVIRKXL YRHIV GSQTVIWWMSR LS[ FSRHMRK MR GIVEQMG QEXIVMEPW XLI GV]WXEP WXVYG
IZIV X]TMGEPP] XLI] I\LMFMX ZMVXYEPP] RS HYGXMPMX] XYVIW SJ XIGLRSPSKMGEPP] YWIJYP GIVEQMGW ERH XLI
YRHIV XIRWMSR 8LI JEQMP] SJ GIVEQMG QEXIVMEPW EVVERKIQIRXW SJ MSRW MR KPEWWIW

%TTPMGEXMSRW SJ 'IVEQMGW ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
8LMW GLETXIV JSGYWIW SR XLI W]RXLIWMW TVS SJ MRSVKERMG KPEWWIW ERH KPEWWGIVEQMGW ;I FI
8%&0) *YRGXMSREP GPEWWMJMGEXMSR SJ GIVEQMGW
GIWWMRK ERH ETTPMGEXMSRW SJ GIVEQMGW ;I [MPP KMR [MXL E HMWGYWWMSR XLEX WYQQEVMÎW XLI GPEWWM
EPWS VIGETMXYPEXI XLI TVSGIWWMRK ERH ETTPMGEXMSRW JMGEXMSR ERH ETTPMGEXMSRW SJ GIVEQMGW *YRGXMSR %TTPMGEXMSR )\EQTPIW SJ 'IVEQMGW
)PIGXVMGEP 'ETEGMXSV HMIPIGXVMGW &E8M3 7V8M3 8E 3

1MGVS[EZI HMIPIGXVMGW &E 1K! 8E! 3 &E >R! 8E! 3
&E8M 3 &E 8M 3 >V\ 7R \ 8M3 %P 3
'SRHYGXMZI S\MHIW -RHSTIH 7R3 -83
7YTIVGSRHYGXSVW =&E 'Y 3 \ =&'3
)PIGXVSRMG TEGOEKMRK %P 3
%TTPMGEXMSRW SJ 'IVEQMGW -RWYPEXSVW
7SPMHS\MHI JYIP GIPPW
4SVGIPEMR
>V3 0E'V3 0E1R3
4MI^SIPIGXVMG 4F >V\ 8M \ 3 4>8 4F 1K! 2F! 3 412
3RI [E] XS GPEWWMJ] GIVEQMGW MW FEWIH SR XLIMV GPEWW SJ GLIQMGEP GSQTSYRHW IK S\MHIW
)PIGXVSSTXMGEP 40>8 0M2F3
GEVFMHIW RMXVMHIW WYPwHIW xYSVMHIW IXG %RSXLIV [E] [LMGL [I [MPP YWI LIVI MW XS
1EKRIXMG 6IGSVHMRK QIHME K*I 3 'V3 ssGLVSQItt GEWWIXXIW
GPEWWMJ] GIVEQMGW F] XLIMV QENSV JYRGXMSR
*IVVSJPYMHW GVIHMX GEVHW *I 3
'IVEQMGW EVI YWIH MR E [MHI VERKI SJ XIGLRSPSKMIW WYGL EW VIJVEGXSVMIW WTEVO TPYKW
'MVGYPEXSVW MWSPEXSVW 2MGOIP ^MRG JIVVMXI
HMIPIGXVMGW MR GETEGMXSVW WIRWSVW EFVEWMZIW QEKRIXMG VIGSVHMRK QIHME IXG 8LI WTEGI -RHYGXSVW QEKRIXW 1ERKERIWI ^MRG JIVVMXI
WLYXXPI QEOIW YWI SJ $ VIYWEFPI PMKLX[IMKLX LMKLP] TSVSYW GIVEQMG XMPIW XLEX
3TXMGEP *MFIV STXMGW (STIH 7M3
TVSXIGX XLI EPYQMRYQ JVEQI JVSQ XLI LIEX KIRIVEXIH HYVMRK VIIRXV] MRXS XLI )EVXLtW
+PEWWIW 7M3 FEWIH
EXQSWTLIVI 8LIWI XMPIW EVI QEHI JVSQ LMKLTYVMX] WMPMGE wFIVW ERH GSPPSMHEP WMPMGE 0EWIVW %P 3 ]XXVMYQ EPYQMRYQ KEVREXI =%+
GSEXIH [MXL E FSVSWMPMGEXI KPEWW 'IVEQMGW EPWS ETTIEV MR REXYVI EW S\MHIW ERH MR REXYVEP 0MKLXMRK %P 3 KPEWWIW
QEXIVMEPW XLI LYQER FSH] LEW XLI EQE^MRK EFMPMX] SJ QEOMRK L]HVS\]ETEXMXI E GIVEQMG %YXSQSXMZI 3\]KIR WIRWSVW JYIP GIPPW >V3
JSYRH MR FSRIW ERH XIIXL 'IVEQMGW EVI EPWS YWIH EW GSEXMRKW +PEÎW EVI GIVEQMG GSEX 'EXEP]WX WYTTSVX 'SVHMIVMXI
MRKW ETTPMIH XS KPEWW SFNIGXW IREQIPW EVI GIVEQMG GSEXMRKW ETTPMIH XS QIXEPPMG SFNIGXW 7TEVO TPYKW %P 3
0IXtW JSPPS[ XLI GPEWWMwGEXMSR WLS[R MR 8EFPI ERH XEOI RSXI SJ HMIVIRX ETTPMGE 8MVIW 7M3
XMSRW %PYQMRE ERH WMPMGE EVI XLI QSWX [MHIP] YWIH GIVEQMG QEXIVMEPW ERH EW ]SY [MPP ;MRHWLMIPHW[MRHS[W 7M3 FEWIH KPEWWIW
RSXMGI XLIVI EVI RYQIVSYW ETTPMGEXMSRW PMWXIH MR 8EFPI XLEX HITIRH YTSR XLI YWI SJ 1IGLERMGEP7XVYGXYVEP 'YXXMRK XSSPW ;''S GIVQIXW
XLIWI X[S GIVEQMGW 7MEPSR
8LI JSPPS[MRK MW E FVMIJ WYQQEV] SJ ETTPMGEXMSRW SJ WSQI SJ XLI QSVI [MHIP] YWIH %P 3
GIVEQMG QEXIVMEPW 'SQTSWMXIW 7M' %P 3 WMPMGE KPEWW JMFIVW
%FVEWMZIW 7M' %P 3 HMEQSRH &2 >V7M3
%PYQMRE %P 3 MW YWIH XS GSRXEMR QSPXIR QIXEP SV MR ETTPMGEXMSRW [LIVI E
&MSQIHMGEP -QTPERXW ,]HVS\]ETEXMXI
QEXIVMEP QYWX STIVEXI EX LMKL XIQTIVEXYVIW FYX [LIVI LMKL WXVIRKXL MW EPWS VIUYMVIH (IRXMWXV] 4SVGIPEMR %P 3
%PYQMRE MW EPWS YWIH EW E PS[ HMIPIGXVMG GSRWXERX WYFWXVEXI JSV IPIGXVSRMG TEGOEKMRK XLEX 9PXVEWSYRH MQEKMRK 4>8
LSYWIW WMPMGSR GLMTW 3RI GPEWWMGEP ETTPMGEXMSR MW JSV MRWYPEXSVW MR WTEVO TPYKW 7SQI 'SRWXVYGXMSR &YMPHMRKW 'SRGVIXI
YRMUYI ETTPMGEXMSRW EVI EPWS FIMRK JSYRH MR HIRXEP ERH QIHMGEP YWI 'LVSQMYQHSTIH +PEWW
EPYQMRE MW YWIH JSV QEOMRK PEWIVW *MRI TEVXMGPIW SJ EPYQMRE EVI YWIH EW GEXEP]WX 7ERMXEV][EVI
WYTTSVXW 3XLIVW (IJIRWI ETTPMGEXMSRW 4>8 & '
(MEQSRH ' MW XLI LEVHIWX REXYVEPP] SGGYVVMRK QEXIVMEP -RHYWXVMEP HMEQSRHW EVI %VQSV QEXIVMEPW
YWIH EW EFVEWMZIW JSV KVMRHMRK ERH TSPMWLMRK (MEQSRH ERH HMEQSRHPMOI GSEXMRKW TVI 7IRWSVW 7R3
TEVIH YWMRK GLIQMGEP ZETSV HITSWMXMSR TVSGIWWIW EVI YWIH XS QEOI EFVEWMSRVIWMWXERX 2YGPIEV 93
GSEXMRKW JSV QER] HMIVIRX ETTPMGEXMSRW IK GYXXMRK XSSPW -X MW SJ GSYVWI EPWS YWIH MR +PEWWIW JSV [EWXI HMWTSWEP
1IXEPW TVSGIWWMRK %PYQMRE ERH WMPMGEFEWIH VIJVEGXSVMIW S\]KIR WIRWSVW
NI[IPV]
GEWXMRK QSPHW IXG
7MPMGE 7M3 MW TVSFEFP] XLI QSWX [MHIP] YWIH GIVEQMG QEXIVMEP 7MPMGE MW ER
'LIQMGEP 'EXEP]WMW :EVMSYW S\MHIW %P 3 >V3 >R3 8M3
IWWIRXMEP MRKVIHMIRX MR KPEWWIW ERH QER] KPEWW GIVEQMGW 7MPMGEFEWIH QEXIVMEPW EVI YWIH %MV PMUYMH JMPXVEXMSR
MR XLIVQEP MRWYPEXMSR VIJVEGXSVMIW EFVEWMZIW wFIVVIMRJSVGIH GSQTSWMXIW PEFSVEXSV] 7IRWSVW
KPEWW[EVI IXG -R XLI JSVQ SJ PSRK GSRXMRYSYW wFIVW WMPMGE MW YWIH XS QEOI STXMGEP wFIVW 4EMRXW VYFFIV
JSV GSQQYRMGEXMSRW 4S[HIVW QEHI YWMRK wRI TEVXMGPIW SJ WMPMGE EVI YWIH MR XMVIW TEMRXW (SQIWXMG 8MPIW WERMXEV][EVI 'PE] EPYQMRE ERH WMPMGEFEWIH GIVEQMGW KPEWWGIVEQMGW
ERH QER] SXLIV ETTPMGEXMSRW ;LMXI[EVI OMXGLIR[EVI HMEQSRH VYF] GYFMG ^MVGSRME ERH SXLIV GV]WXEPW

7MPMGSR GEVFMHI 7M' TVSZMHIW SYXWXERHMRK S\MHEXMSR VIWMWXERGI EX XIQTIVE 4SXXIV] EVX NI[IPV]
XYVIW IZIR EFSZI XLI QIPXMRK TSMRX SJ WXIIP 7M' SJXIR MW YWIH EW E GSEXMRK JSV QIXEPW %GVSR]QW EVI MRHMGEXIH MR MXEPMGW
4VSTIVXMIW SJ 'IVEQMGW ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
GEVFSRGEVFSR GSQTSWMXIW ERH SXLIV GIVEQMGW XS TVSZMHI TVSXIGXMSR EX XLIWI I\XVIQI

XIQTIVEXYVIW 7M' MW EPWS YWIH EW ER EFVEWMZI MR KVMRHMRK [LIIPW ERH EW TEVXMGYPEXI ERH 8%&0) 1IGLERMGEP TVSTIVXMIW SJ WIPIGXIH EHZERGIH GIVEQMGW
wFVSYW VIMRJSVGIQIRX MR FSXL QIXEP QEXVM\ ERH GIVEQMG QEXVM\ GSQTSWMXIW -X MW EPWS 8IRWMPI *PI\YVEP 'SQTVIWWMZI =SYRKtW *VEGXYVI
YWIH XS QEOI LIEXMRK IPIQIRXW JSV JYVREGIW 7M' MW E WIQMGSRHYGXSV ERH MW E ZIV] KSSH (IRWMX] 7XVIRKXL 7XVIRKXL 7XVIRKXL 1SHYPYW 8SYKLRIWW
T
GERHMHEXI JSV LMKLXIQTIVEXYVI IPIGXVSRMGW 1EXIVMEP KGQ TWM TWM TWM TWM TWM MR

7MPMGSR RMXVMHI 7M 2 LEW TVSTIVXMIW WMQMPEV XS XLSWI SJ 7M' EPXLSYKL MXW S\MHE
%P 3
XMSR VIWMWXERGI ERH LMKLXIQTIVEXYVI WXVIRKXL EVI WSQI[LEX PS[IV &SXL WMPMGSR RMXVMHI 7M' WMRXIVIH
ERH WMPMGSR GEVFMHI EVI PMOIP] GERHMHEXIW JSV GSQTSRIRXW JSV EYXSQSXMZI ERH KEW XYVFMRI 7M 2 VIEGXMSR FSRHIH
IRKMRIW TIVQMXXMRK LMKLIV STIVEXMRK XIQTIVEXYVIW ERH FIXXIV JYIP IoGMIRGMIW [MXL PIWW 7M 2 LSX TVIWWIH
[IMKLX XLER XVEHMXMSREP QIXEPW ERH EPPS]W 7MEPSR

8MXERMYQ (MS\MHI 8M3 MW YWIH XS QEOI IPIGXVSRMG GIVEQMGW WYGL EW &E8M3 8LI >V3 TEVXMEPP] WXEFMPMÎH
PEVKIWX YWI XLSYKL MW EW E [LMXI TMKQIRX XS QEOI TEMRXW 8MXERME MW YWIH MR GIVXEMR KPEWW >V3 XVERWJSVQEXMSR
XSYKLIRIH
GIVEQMGW EW E RYGPIEXMRK EKIRX *MRI TEVXMGPIW SJ 8M3 EVI YWIH XS QEOI WYRXER PSXMSRW
XLEX TVSZMHI TVSXIGXMSR EKEMRWX YPXVEZMSPIX VE]W
>MVGSRME >V3 MW YWIH XS QEOI QER] SXLIV GIVEQMGW WYGL EW ^MVGSR >MVGSRME
MW EPWS YWIH XS QEOI S\]KIR KEW WIRWSVW XLEX EVI YWIH MR EYXSQSXMZIW ERH XS QIEWYVI
HMWWSPZIH S\]KIR MR QSPXIR WXIIPW >MVGSRME MW YWIH EW ER EHHMXMZI MR QER] IPIGXVSRMG
GIVEQMGW EW [IPP EW E VIJVEGXSV] QEXIVMEP 8LI GYFMG JSVQ SJ ^MVGSRME WMRKPI GV]WXEPW MW
YWIH XS QEOI NI[IPV] MXIQW *YIP GIPPW FEWIH SR ^MVGSRME [MPP PMOIP] ETTIEV MR GEVW F] XLI
7]RXLIWMW ERH 4VSGIWWMRK SJ 'IVEQMG 4S[HIVW
]IEV 'IVEQMG QEXIVMEPW QIPX EX LMKL XIQTIVEXYVIW ERH XLI] YWYEPP] I\LMFMX E FVMXXPI FILEZMSV
YRHIV XIRWMSR %W E VIWYPX XLI GEWXMRK ERH XLIVQSQIGLERMGEP TVSGIWWMRK YWIH [MHIP]
JSV QIXEPW EPPS]W ERH XLIVQSTPEWXMGW GERRSX FI ETTPMIH [LIR TVSGIWWMRK GIVEQMGW -R
SVKERMG KPEWWIW XLSYKL QEOI YWI SJ PS[IV QIPXMRK XIQTIVEXYVIW HYI XS XLI JSVQEXMSR
4VSTIVXMIW SJ 'IVEQMGW SJ IYXIGXMGW ERH EVI QEHI YWMRK XLI xSEXKPEWW TVSGIWW 7MRGI QIPXMRK GEWXMRK ERH
XLIVQSQIGLERMGEP TVSGIWWMRK MW RSX E ZMEFPI STXMSR JSV TSP]GV]WXEPPMRI GIVEQMGW [I
8LI TVSTIVXMIW SJ WSQI GIVEQMGW EVI WYQQEVMÎH MR 8EFPI 1IGLERMGEP TVSTIVXMIW X]TMGEPP] TVSGIWW GIVEQMGW MRXS YWIJYP WLETIW WXEVXMRK [MXL GIVEQMG TS[HIVW % TS[HIV MW
SJ WSQI WXVYGXYVEP GIVEQMGW EVI WYQQEVMÎH MR 8EFPI E GSPPIGXMSR SJ wRI TEVXMGPIW 8LI WXIT SJ QEOMRK E GIVEQMG TS[HIV MW HIwRIH LIVI EW XLI
8EOI RSXI SJ XLI LMKLQIPXMRK XIQTIVEXYVIW ERH LMKLGSQTVIWWMZI WXVIRKXLW SJ W]RXLIWMW SJ GIVEQMGW ;I FIKMR [MXL E GIVEQMG TS[HIV ERH KIX MX VIEH] JSV WLETMRK F]
GIVEQMGW ;I WLSYPH EPWS VIQIQFIV XLEX XLI XIRWMPI ERH xI\YVEP WXVIRKXL ZEPYIW WLS[ GVYWLMRK KVMRHMRK WITEVEXMRK MQTYVMXMIW FPIRHMRK HMIVIRX TS[HIVW ERH WTVE] HV]MRK
GSRWMHIVEFPI ZEVMEXMSR WMRGI XLI WXVIRKXL SJ GIVEQMGW MW HITIRHIRX SR XLI HMWXVMFYXMSR SJ XS JSVQ WSJX EKKPSQIVEXIW (MIVIRX XIGLRMUYIW WYGL EW GSQTEGXMSR XETI GEWXMRK I\
xE[ WMÎW ERH MW RSX EIGXIH F] HMWPSGEXMSR QSXMSR ;I HMWGYWWIH XLI ;IMFYPP HMWXVMFY XVYWMSR ERH WPMT GEWXMRK EVI XLIR YWIH XS GSRZIVX TVSTIVP] TVSGIWWIH TS[HIVW MRXS E HI
XMSR ERH XLI WXVIRKXL SJ GIVEQMGW ERH KPEWWIW MR 'LETXIV %PWS RSXI XLEX GSRXVEV] XS WMVIH WLETI XS JSVQ [LEX MW ORS[R EW E KVIIR GIVEQMG % KVIIR GIVEQMG MW E GIVEQMG XLEX
GSQQSR FIPMIJ GIVEQMGW EVI RSX EP[E]W FVMXXPI 9RHIV WQEPPIV WXVEMR VEXIW ERH EX LMKL LEW RSX ]IX FIIR WMRXIVIH 8LI WXITW SJ GSRZIVXMRK E GIVEQMG TS[HIV SV QM\XYVI SJ
XIQTIVEXYVIW QER] GIVEQMGW [MXL E ZIV] wRI KVEMR WMÎ MRHIIH WLS[ WYTIVTPEWXMG TS[HIVW MRXS E YWIJYP WLETI EVI ORS[R EW TS[HIV TVSGIWWMRK 8LI KVIIR GIVEQMG MW XLIR
FILEZMSV GSRWSPMHEXIH JYVXLIV YWMRK E LMKLXIQTIVEXYVI XVIEXQIRX ORS[R EW WMRXIVMRK SV wVMRK -R
XLMW TVSGIWW XLI KVIIR GIVEQMG MW LIEXIH XS E LMKL XIQTIVEXYVI YWMRK E GSRXVSPPIH LIEX
XVIEXQIRX ERH EXQSWTLIVI WS XLEX E HIRWI QEXIVMEP MW SFXEMRIH 8LI GIVEQMG QE] FI
8%&0) 4VSTIVXMIW SJ GSQQSRP] IRGSYRXIVIH TSP]GV]WXEPPMRI GIVEQMGW
XLIR WYFNIGXIH XS EHHMXMSREP STIVEXMSRW WYGL EW KVMRHMRK TSPMWLMRK SV QEGLMRMRK EW
RIIHIH JSV XLI wREP ETTPMGEXMSR -R WSQI GEWIW PIEHW [MPP FI EXXEGLIH IPIGXVSHIW [MPP FI
8LIVQEP )\TERWMSR 'SIJJMGMIRX /RSST ,EVHRIWW ,/ HITSWMXIH SV GSEXMRKW QE] LEZI XS FI HITSWMXIH 8LIWI KIRIVEP WXITW IRGSYRXIVIH MR XLI
1EXIVMEP 1IPXMRK 4SMRX ' ( GQGQ ' K W]RXLIWMW ERH TVSGIWWMRK SJ GIVEQMGW EVI WYQQEVMÎH MR *MKYVI
'IVEQMG TS[HIVW TVITEVIH YWMRK GSRZIRXMSREP SV GLIQMGEP XIGLRMUYIW EVI WLETIH
%P 3 $
YWMRK XLI XIGLRMUYIW WLS[R MR *MKYVI ;I IQTLEWMÎ XLEX ZIV] WMQMPEV TVSGIWWIW
&2 E F
7M' $
EVI YWIH JSV TVSGIWWMRK QIXEP ERH EPPS] TS[HIVW E VSYXI ORS[R EW TS[HIV QIXEPPYVK]
(MEQSRH 4S[HIVW GSRWMWX SJ TEVXMGPIW XLEX EVI PSSWIP] FSRHIH ERH TS[HIV TVSGIWWMRK MRZSPZIW
1YPPMXI h XLI GSRWSPMHEXMSR SJ XLIWI TS[HIVW MRXS E HIWMVIH WLETI 3JXIR XLI GIVEQMG TS[HIVW
8M3 h TVITEVIH RIIH XS FI GSRZIVXIH MRXS WSJX EKKPSQIVEXIW F] WTVE]MRK E WPYVV] SJ XLI TS[HIV
'YFMG >V3 h XLVSYKL E RS^^PI MRXS E GLEQFIV WTVE] HV]IV MR XLI TVIWIRGI SJ LSX EMV 8LMW TVSGIWW
E 4IVTIRHMGYPEV
PIEHW XS XLI JSVQEXMSR SJ WSJX EKKPSQIVEXIW XLEX xS[ MRXS XLI HMIW YWIH JSV TS[HIV
XS TVIWWMRK HMVIGXMSR
F 4EVEPPIP GSQTEGXMSR XLMW MW ORS[R EW WTVE] HV]MRK
XS TVIWWMRK HMVIGXMSR
7]RXLIWMW ERH 4VSGIWWMRK SJ 'IVEQMG 4S[HIVW ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
*MKYVI
8]TMGEP WXITW IRGSYRXIVIH MR XLI TVSGIWWMRK SJ
GIVEQMGW
'SQTEGXMSR ERH 7MRXIVMRK 3RI SJ XLI QSWX GSWXIIGXMZI [E]W XS TVSHYGI XLSYWERHW
SJ VIPEXMZIP] WQEPP TMIGIW $ MRGLIW SJ WMQTPI WLETIW MW GSQTEGXMSR ERH WMRXIVMRK
1ER] IPIGXVSRMG ERH QEKRIXMG GIVEQMGW ;''S GIVQIX GYXXMRK XSSP FMXW ERH SXLIV
QEXIVMEPW EVI TVSGIWWIH YWMRK XLMW XIGLRMUYI 8LI HVMZMRK JSVGI JSV WMRXIVMRK MW XLI VI
HYGXMSR MR XLI WYVJEGI EVIE SJ E TS[HIV 'LETXIV *MRI TS[HIVW GER FI WTVE] HVMIH
JSVQMRK WSJX EKKPSQIVEXIW XLEX xS[ ERH GSQTEGX [IPP 8LI HMIVIRX WXITW SJ YRME\MEP
GSQTEGXMSR MR [LMGL XLI GSQTEGXMRK JSVGI MW ETTPMIH MR SRI HMVIGXMSR EVI WLS[R MR *MKYVI (MJJIVIRX XIGLRMUYIW JSV TVSGIWWMRK SJ EHZERGIH GIVEQMGW
*MKYVI E SR TEKI %W ER I\EQTPI XLI QMGVSWXVYGXYVI SJ E FEVMYQ QEKRIWMYQ
XERXEPEXI GIVEQMG TVITEVIH YWMRK GSQTEGXMSR ERH WMRXIVMRK MW WLS[R MR *MKYVI F
7MRXIVMRK MRZSPZIW HMIVIRX QEWW XVERWTSVX QIGLERMWQW ?*MKYVI G A ;MXL WMRXIVMRK EVI XLIR WMRXIVIH [MXL SV [MXLSYX TVIWWYVI 'SPH MWSWXEXMG TVIWWMRK MW YWIH JSV EGLMIZMRK
XLI KVEMR FSYRHEV] ERH FYPO ZSPYQI HMYWMSR GSRXVMFYXI XS HIRWMwGEXMSR MRGVIEWI MR E LMKLIV KVIIR GIVEQMG HIRWMX] SV [LIVI XLI GSQTEGXMSR SJ QSVI GSQTPI\ WLETIW MW
HIRWMX] 7YVJEGI HMYWMSR ERH IZETSVEXMSR GSRHIRWEXMSR GER GEYWI KVEMR KVS[XL FYX VIUYMVIH
XLI] HS RSX GEYWI HIRWMwGEXMSR -R WSQI GEWIW TEVXW QE] FI TVSHYGIH YRHIV GSRHMXMSRW MR [LMGL WMRXIVMRK MW
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QMRI XLI EQSYRX SJ & 3 [I QYWX EHH XS SFXEMR I\EGXP] ER 37M VEXMS SJ
0IX J& FI XLI QSPI JVEGXMSR SJ & 3 EHHIH XS XLI KPEWW ERH Ô J& Â FI XLI
QSPI JVEGXMSR SJ 7M3
*MKYVI 8IGLRMUYIW JSV QERYJEGXYVMRK WLIIX ERH TPEXI KPEWW E VSPPMRK ERH F JPSEXMRK
XLI KPEWW SR QSPXIR XMR
*MKYVI 8IGLRMUYIW JSV JSVQMRK KPEWW TVSHYGXW E TVIWWMRK F TVIWW ERH FPS[ TVSGIWW
XLI QSPXIR KPEWW SZIV E TSSP SJ PMUYMH XMR *MKYVI 8LMW xSEXKPEWW TVSGIWW TVS ERH G HVE[MRK SJ JMFIVW
HYGIW ER I\GITXMSREPP] WQSSXL WYVJEGI SR XLI KPEWW 8LI HIZIPSTQIRX SJ XLI xSEXKPEWW
TVSGIWW [EW E KIRYMRI FVIEOXLVSYKL MR XLI EVIE SJ KPEWW TVSGIWWMRK &EWMG xSEXKPEWW
GSQTSWMXMSR LEW FIIR IWWIRXMEPP] YRGLERKIH JSV QER] ]IEVW 8EFPI +PEWWIW JSV KPEWW QE] FI TVIJSVQIH MRXS E GVYHI WLETI TEVMWSR XLIR TVIWWIH SV FPS[R MRXS E
EYXSQSXMZI ETTPMGEXMSRW GSRXEMR WQEPP EQSYRXW SJ MVSR S\MHI XS GSRXVSP EFWSVTXMSR SJ LIEXIH HMI XS TVSHYGI XLI wREP WLETI 8LI KPEWW MW LIEXIH XS XLI [SVOMRK VERKI WS XLEX
PMKLX ERH MRJVEVIH VEHMEXMSR XLI KPEWW MW JSVQEFPI FYX RSX ssVYRR]tt
7SQI KPEWW WLETIW MRGPYHMRK PEVKI STXMGEP QMVVSVW EVI TVSHYGIH F] GEWXMRK XLI
%RRIEPMRK VERKI 7SQI KPEWW TEVXW QE] FI ERRIEPIH XS VIHYGI VIWMHYEP WXVIWWIW
QSPXIR KPEWW MRXS E QSPH XLIR EWWYVMRK XLEX GSSPMRK MW EW WPS[ EW TSWWMFPI XS QMRMQMÎ
MRXVSHYGIH HYVMRK JSVQMRK 0EVKI KPEWW GEWXMRKW JSV I\EQTPI EVI SJXIR ERRIEPIH ERH
VIWMHYEP WXVIWWIW ERH EZSMH GVEGOMRK SJ XLI KPEWW TEVX +PEWW wFIVW QE] FI TVSHYGIH F]
WPS[P] GSSPIH XS TVIZIRX GVEGOMRK 7SQI KPEWWIW QE] FI LIEX XVIEXIH XS GEYWI HIZMXVMw
HVE[MRK XLI PMUYMH KPEWW XLVSYKL WQEPP STIRMRKW MR E TPEXMRYQ HMI ?*MKYVI G A
GEXMSR SV XLI TVIGMTMXEXMSR SJ E GV]WXEPPMRI TLEWI JVSQ XLI KPEWW
8]TMGEPP] QER] wFIVW EVI TVSHYGIH WMQYPXERISYWP] JSV E WMRKPI HMI
;SVOMRK VERKI 7LETIW WYGL EW XLSWI SJ GSRXEMRIVW SV PMKLX FYPFW GER FI JSVQIH 8IQTIVIH KPEWW MW TVSHYGIH F] UYIRGLMRK XLI WYVJEGI SJ TPEXI KPEWW [MXL EMV GEYWMRK
F] TVIWWMRK HVE[MRK SV FPS[MRK KPEWW MRXS QSPHW *MKYVI % LSX KSF SJ PMUYMH XLI WYVJEGI PE]IVW XS GSSP ERH GSRXVEGX ;LIR XLI GIRXIV GSSPW MXW GSRXVEGXMSR MW VI
WXVEMRIH F] XLI EPVIEH] VMKMH WYVJEGI [LMGL MW TPEGIH MR GSQTVIWWMSR *MKYVI 8IQ
TIVIH KPEWW MW GETEFPI SJ [MXLWXERHMRK QYGL LMKLIV XIRWMPI WXVIWWIW ERH MQTEGX FPS[W
XLER YRXIQTIVIH KPEWW 8IQTIVIH KPEWW MW YWIH MR GEV ERH LSQI [MRHS[W WLIPZMRK JSV
8%&0) 'SQTSWMXMSRW SJ X]TMGEP KPEWWIW MR [IMKLX TIVGIRX VIJVMKIVEXSVW SZIRW JYVRMXYVI ERH QER] SXLIV ETTPMGEXMSRW [LIVI WEJIX] MW MQTSVXERX
+PEWW 7M3 %P 3 'E3 2E 3 & 3 1K3 4F3 3XLIVW 0EQMREXIH KPEWW GSRWMWXMRK SJ X[S ERRIEPIH KPEWW TMIGIW [MXL E TSP]QIV WYGL EW TSP]
ZMR]P FYX]VEP SV 4:& MR FIX[IIR MW WLEXXIVTVSSJ ERH YWIH XS QEOI GEV [MRHWLMIPHW
*YWIH WMPMGE
:]GSV 81
4]VI\ 81 *MKYVI
+PEWW NEVW 8IQTIVIH KPEWW MW GSSPIH
;MRHS[ KPEWW VETMHP] XS TVSHYGI
4PEXI KPEWW*PSEX KPEWW GSQTVIWWMZI VIWMHYEP
0MKLX FYPFW WXVIWWIW EX XLI WYVJEGI
*MFIVW
8LIVQSQIXIV
0IEH KPEWW SV GV]WXEP / 3 +PEWW 'SQTSWMXMSRW 4YVI 7M3 QYWX FI LIEXIH XS ZIV] LMKL XIQTIVEXYVIW XS SFXEMR
3TXMGEP JPMRX &E3 / 3 >R3
ZMWGSWMXMIW XLEX TIVQMX IGSRSQMGEP JSVQMRK 1SWX GSQQIVGMEP KPEWWIW EVI FEWIH SR WMPMGE
3TXMGEP GVS[R &E3 / 3
8EFPI QSHMwIVW WYGL EW WSHE 2E 3 EVI EHHIH XS FVIEO HS[R XLI RIX[SVO
)KPEWW JMFIVW
7KPEWW JMFIVW WXVYGXYVI ERH JSVQ IYXIGXMGW [MXL PS[ QIPXMRK XIQTIVEXYVIW [LIVIEW PMQI 'E3 MW
EHHIH XS VIHYGI XLI WSPYFMPMX] SJ XLI KPEWW MR [EXIV 8LI QSWX GSQQSR GSQQIVGMEP KPEWW
+PEWW'IVEQMGW ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
GSRXEMRW ETTVS\MQEXIP] 7M3 2E 3 ERH 'E3 ERH MW ORS[R EW WSHE

PMQI KPEWW
&SVSWMPMGEXI KPEWWIW [LMGL GSRXEMR EFSYX & 3 LEZI I\GIPPIRX GLIQMGEP ERH
HMQIRWMSREP WXEFMPMX] 8LIMV YWIW MRGPYHI PEFSVEXSV] KPEWW[EVI 4]VI\ 81 ERH GSRXEMRIVW
JSV XLI HMWTSWEP SJ LMKLPIZIP VEHMSEGXMZI RYGPIEV [EWXI 'EPGMYQ EPYQMRSFSVSWMPMGEXI
KPEWWhSV )KPEWWh MW YWIH EW E KIRIVEPTYVTSWI wFIV JSV GSQTSWMXI QEXIVMEPW WYGL EW
wFIVKPEWW %PYQMRSWMPMGEXI KPEWW [MXL %P 3 ERH 1K3 ERH LMKLWMPMGE
KPEWWIW [MXL & 3 EVI I\GIPPIRX JSV LMKLXIQTIVEXYVI VIWMWXERGI ERH JSV TVSXIGXMSR
EKEMRWX LIEX SV XLIVQEP WLSGO 8LI 7KPEWW E QEKRIWMYQ EPYQMRSWMPMGEXI MW YWIH XS
TVSHYGI LMKLWXVIRKXL wFIVW JSV GSQTSWMXI QEXIVMEPW *YWIH WMPMGE SV ZMVXYEPP] TYVI
7M3 LEW XLI FIWX VIWMWXERGI XS LMKL XIQTIVEXYVI XLIVQEP WLSGO ERH GLIQMGEP EXXEGO
EPXLSYKL MX MW EPWS I\TIRWMZI
7TIGMEP STXMGEP UYEPMXMIW GER EPWS FI SFXEMRIH MRGPYHMRK WIRWMXMZMX] XS PMKLX 4LSXS
GLVSQMG KPEWW [LMGL MW HEVOIRIH F] XLI YPXVEZMSPIX TSVXMSR SJ WYRPMKLX MW YWIH JSV WYR
KPEWWIW 4LSXSWIRWMXMZI KPEWW HEVOIRW TIVQERIRXP] [LIR I\TSWIH XS YPXVEZMSPIX PMKLX
MJ SRP] WIPIGXIH TSVXMSRW SJ XLI KPEWW EVI I\TSWIH ERH XLIR MQQIVWIH MR L]HVSxYSVMG
EGMH IXGLMRKW GER FI TVSHYGIH 4SP]GLVSQEXMG KPEWWIW EVI WIRWMXMZI XS EPP PMKLX RSX NYWX
YPXVEZMSPIX VEHMEXMSR 7MQMPEVP] RERSWMÎH GV]WXEPW SJ WIQMGSRHYGXSVW WYGL EW GEHQMYQ
WYPwHI 'H7 EVI RYGPIEXIH MR WMPMGEXI KPEWWIW MR E TVSGIWW ORS[R EW WXVMOMRK 8LIWI
KPEWWIW I\LMFMX PMZIP] GSPSVW ERH EPWS LEZI YWIJYP STXMGEP TVSTIVXMIW
+PEWW'IVEQMGW
+PEWWGIVEQMGW EVI GV]WXEPPMRI QEXIVMEPW XLEX EVI HIVMZIH JVSQ EQSVTLSYW KPEWWIW 9WY
EPP] KPEWWGIVEQMGW LEZI E WYFWXERXMEP PIZIP SJ GV]WXEPPMRMX] $"i 8LI JSVQEXMSR
SJ KPEWWGIVEQMGW [EW HMWGSZIVIH WIVIRHMTMXSYWP] F] (SR 7XSSOI] ;MXL KPEWWGIVEQMGW
[I GER XEOI EHZERXEKI SJ XLI JSVQEFMPMX] SJ KPEWW %PWS E TVSHYGX XLEX GSRXEMRW ZIV]
PS[ TSVSWMX] GER FI SFXEMRIH F] TVSHYGMRK E WLETI [MXL GSRZIRXMSREP KPEWWJSVQMRK
XIGLRMUYIW WYGL EW TVIWWMRK SV FPS[MRK +PEWW LS[IZIV LEW TSSV GVIIT VIWMWXERGI ;I
XLIR GV]WXEPPMÎ XLI KPEWW YWMRK LIXIVSKIRISYW RYGPIEXMSR F] WYGL S\MHIW EW 8M3 ERHSV
>V3 8LIWI S\MHIW VIEGX [MXL XLI KPEWW ERH [MXL IEGL SXLIV ERH TVSZMHI XLI RYGPIM XLEX
YPXMQEXIP] PIEH XS KPEWW GV]WXEPPMÊXMSR 4LEWI WITEVEXMSR SJ KPEWWIW TPE]W ER MQTSVXERX
VSPI MR JSVQEXMSR SJ XLI RYGPIM -R WSQI GSQQIVGMEP KPEWWGIVEQMGW IK :MWMSR[EVI 81
RERSWMÎH GV]WXEPPMXIW EVI JSVQIH ERH XLI VIWYPXERX QEXIVMEP VIQEMRW STXMGEPP] XVERW
TEVIRX
8LI wVWX WXIT MR TVSHYGMRK E KPEWWGIVEQMG MW XS EWWYVI XLEX GV]WXEPPMÊXMSR HSIW RSX
SGGYV HYVMRK GSSPMRK JVSQ XLI JSVQMRK XIQTIVEXYVI % GSRXMRYSYW ERH MWSXLIVQEP
GSSPMRK XVERWJSVQEXMSR HMEKVEQ QYGL PMOI XLI ''8 ERH 888 HMEKVEQW JSV WXIIPW GER
FI WIIR JSV WMPMGEXIFEWIH KPEWWIW *MKYVI E WLS[W E 888 HMEKVEQ JSV E KPEWW -J
KPEWW GSSPW XSS WPS[P] E XVERWJSVQEXMSR PMRI MW GVSWWIH RYGPIEXMSR ERH KVS[XL SJ XLI
GV]WXEPW FIKMR FYX MR ER YRGSRXVSPPIH QERRIV %HHMXMSR SJ QSHMJ]MRK S\MHIW XS KPEWW
QYGL PMOI EHHMXMSR SJ EPPS]MRK IPIQIRXW XS WXIIP WLMJXW XLI XVERWJSVQEXMSR GYVZI XS
PSRKIV XMQIW ERH TVIZIRXW HIZMXVMwGEXMSR IZIR EX WPS[ GSSPMRK VEXIW %W RSXIH MR TVI
ZMSYW GLETXIVW WXVMGXP] WTIEOMRK [I WLSYPH QEOI YWI SJ ''8 ERH RSX 888 HMEKVEQW
JSV XLMW HMWGYWWMSR H
2YGPIEXMSR SJ XLI GV]WXEPPMRI TLEWI MW GSRXVSPPIH MR X[S [E]W *MVWX XLI KPEWW GSR *MKYVI 4VSHYGMRK E KPEWWGIVEQMG E 'SSPMRK QYWX FI VETMH XS EZSMH XLI WXEVX SJ
XEMRW EKIRXW WYGL EW 8M3 XLEX VIEGX [MXL SXLIV S\MHIW ERH JSVQ TLEWIW XLEX TVSZMHI GV]WXEPPMÊXMSR -WSXLIVQEP ERH GSRXMRYSYW GSSPMRK GYVZIW JSV PYREV KPEWW F 8LI VEXI SJ
XLI RYGPIEXMSR WMXIW 7IGSRH E LIEX XVIEXQIRX MW HIWMKRIH XS TVSZMHI XLI ETTVSTVMEXI RYGPIEXMSR SJ TVIGMTMXEXIW MW LMKL EX PS[ XIQTIVEXYVIW [LIVIEW XLI VEXI SJ KVS[XL SJ XLI
RYQFIV SJ RYGPIM XLI XIQTIVEXYVI WLSYPH FI VIPEXMZIP] PS[ MR SVHIV XS QE\MQMÎ XLI VEXI TVIGMTMXEXIW MW LMKL EX LMKLIV XIQTIVEXYVIW G % X]TMGEP LIEXXVIEXQIRX TVSJMPI JSV KPEWW
GIVEQMGW JEFVMGEXMSR MPPYWXVEXIH LIVI JSV 0M 3%P 3 7M3 KPEWWIW H % PEVKI QMVVSV FPERO SJ
XLI >IVSHYV 81 QEHI F] 7GLSXX +PEWW 7SYVGI 4LSXS 'SYVXIW] SJ 7GLSXX +PEWW
4VSGIWWMRK ERH %TTPMGEXMSRW SJ 'PE] 4VSHYGXW ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
SJ RYGPIEXMSR ?*MKYVI F A ,S[IZIV XLI SZIVEPP VEXI SJ GV]WXEPPMÊXMSR HITIRHW SR *MKYVI
XLI KVS[XL VEXI SJ XLI GV]WXEPW SRGI RYGPIEXMSR SGGYVW LMKLIV XIQTIVEXYVIW EVI VIUYMVIH (YVMRK JMVMRK GPE] ERH SXLIV JPY\MRK
XS QE\MQMÎ XLI KVS[XL VEXI 'SRWIUYIRXP] E LIEXXVIEXQIRX WGLIHYPI WMQMPEV XS XLEX QEXIVMEPW VIEGX [MXL GSEVWIV TEVXMGPIW XS
TVSHYGI E KPEWW] FSRH ERH VIHYGI TSVSWMX]
WLS[R MR *MKYVI G JSV XLI 0M 3%P 3 7M3 KPEWWGIVEQMGW 4]VSGIVEQ 81 GER
FI YWIH 8LI PS[XIQTIVEXYVI WXIT TVSZMHIW RYGPIEXMSR WMXIW ERH XLI LMKLXIQTIVEXYVI
WXIT WTIIHW XLI VEXI SJ KVS[XL SJ XLI GV]WXEPW EW QYGL EW SJ XLI TEVX QE] GV]WXEPPMÎ
8LMW WTIGMEP WXVYGXYVI SJ KPEWWGIVEQMGW GER TVSZMHI KSSH QIGLERMGEP WXVIRKXL ERH
XSYKLRIWW SJXIR [MXL E PS[ GSIoGMIRX SJ XLIVQEP I\TERWMSR ERH LMKLXIQTIVEXYVI
GSVVSWMSR VIWMWXERGI 4IVLETW XLI QSWX MQTSVXERX KPEWWGIVEQMG MW FEWIH SR XLI 0M 3
%P 3 7M3 W]WXIQ 8LIWI QEXIVMEPW EVI YWIH JSV GSSOMRK YXIRWMPW 'SVRMRK ;EVI 81
ERH GIVEQMG XSTW JSV WXSZIW 3XLIV KPEWWGIVEQMGW EVI YWIH MR GSQQYRMGEXMSR GSQ
TYXIV ERH STXMGEP ETTPMGEXMSRW *MKYVI H WLS[W XLI TVSGIWWMRK SJ E PEVKI
XIPIWGSTI QMVVSV FIMRK TVITEVIH YWMRK XLI >IVSHYV 81 KPEWWGIVEQMG QEXIVMEP 8LMW
HMQIRWMSREP GLERKI SGGYVW EW XLI VIQEMRMRK [EXIV FIX[IIR XLI TSVIW IZETSVEXIW 8LI
KPEWWGIVEQMG MW IWTIGMEPP] WYMXIH JSV XIPIWGSTI QMVVSV FPEROW FIGEYWI MX LEW E ZIV] WQEPP
XIQTIVEXYVI ERH LYQMHMX] EVI GEVIJYPP] GSRXVSPPIH XS TVSZMHI YRMJSVQ HV]MRK XLVSYKL
GSIoGMIRX SJ XLIVQEP I\TERWMSR 'LETXIV
SYX XLI TEVX XLYW QMRMQM^MRK WXVIWWIW HMWXSVXMSR ERH GVEGOMRK
8LI VMKMHMX] ERH WXVIRKXL SJ E GIVEQMG TEVX EVI SFXEMRIH HYVMRK wVMRK (YVMRK
LIEXMRK XLI GPE] HIL]HVEXIW IPMQMREXMRK XLI L]HVEXIH [EXIV XLEX MW TEVX SJ XLI OESPMRMXI
GV]WXEP WXVYGXYVI ERH ZMXVMwGEXMSR FIKMRW *MKYVI -QTYVMXMIW ERH XLI xY\MRK
4VSGIWWMRK ERH %TTPMGEXMSRW SJ 'PE] 4VSHYGXW EKIRX VIEGX [MXL XLI GIVEQMG TEVXMGPIW 7M3 ERH GPE] TVSHYGMRK E PS[QIPXMRKTSMRX
PMUYMH TLEWI EX XLI KVEMR WYVJEGIW 8LI PMUYMH LIPTW IPMQMREXI TSVSWMX] ERH EJXIV GSSPMRK
'V]WXEPPMRI GIVEQMGW EVI SJXIR QERYJEGXYVIH MRXS YWIJYP EVXMGPIW F] TVITEVMRK E WLETI SV GLERKIW XS E VMKMH KPEWW XLEX FMRHW XLI GIVEQMG TEVXMGPIW 8LMW KPEWW] TLEWI TVSZMHIW E
GSQTEGX GSQTSWIH SJ XLI VE[ QEXIVMEPW MR E wRI TS[HIV JSVQ 8LI TS[HIVW EVI XLIR GIVEQMG FSRH FYX MX EPWS GEYWIW EHHMXMSREP WLVMROEKI SJ XLI IRXMVI GIVEQMG FSH]
FSRHIH F] GLIQMGEP VIEGXMSR TEVXMEP SV GSQTPIXI ZMXVMwGEXMSR QIPXMRK SV WMRXIVMRK 8LI KVEMR WMÎ SJ XLI wREP TEVX MW HIXIVQMRIH TVMQEVMP] F] XLI WMÎ SJ XLI SVMKMREP
'PE] TVSHYGXW JSVQ E KVSYT SJ XVEHMXMSREP GIVEQMGW YWIH JSV TVSHYGMRK TMTI FVMGO TS[HIV TEVXMGPIW *YVXLIVQSVI EW XLI EQSYRX SJ xY\ MRGVIEWIW XLI QIPXMRK XIQTIVEXYVI
GSSOMRK [EVI ERH SXLIV GSQQSR TVSHYGXW 'PE] WYGL EW OESPMRMXI ERH [EXIV WIVZI EW HIGVIEWIW QSVI KPEWW JSVQW ERH XLI TSVIW FIGSQI VSYRHIV ERH WQEPPIV % WQEPPIV MRM
XLI MRMXMEP FMRHIV JSV XLI GIVEQMG TS[HIVW [LMGL EVI X]TMGEPP] WMPMGE 3XLIV QEXIVMEPW XMEP KVEMR WMÎ EGGIPIVEXIW XLMW TVSGIWW F] TVSZMHMRK QSVI WYVJEGI EVIE EX [LMGL ZMXVMwGE
WYGL EW JIPHWTEV ? / 2E 3 %P 3 7M3 A WIVZI EW xY\MRK KPEWWJSVQMRK EKIRXW HYV XMSR GER SGGYV
MRK PEXIV LIEX XVIEXQIRX
%TTPMGEXMSRW SJ 'PE] 4VSHYGXW 1ER] WXVYGXYVEP GPE] TVSHYGXW ERH [LMXI[EVIW EVI TVS
*SVQMRK 8IGLRMUYIW JSV 'PE] 4VSHYGXW 8LI TS[HIVW GPE] xY\ ERH [EXIV EVI QM\IH HYGIH YWMRK XLIWI TVSGIWWIW &VMGO ERH XMPI YWIH JSV GSRWXVYGXMSR EVI TVIWWIH SV I\XVYHIH
ERH JSVQIH MRXS E WLETI *MKYVIW ERH (V] SV WIQMHV] QM\XYVIW EVI QI MRXS WLETI HVMIH ERH wVIH XS TVSHYGI XLI GIVEQMG FSRH ,MKLIV wVMRK XIQTIVEXYVIW SV
GLERMGEPP] TVIWWIH MRXS ssKVIIRtt YRFEOIH WLETIW SJ WYoGMIRX WXVIRKXL XS FI LERHPIH wRIV SVMKMREP TEVXMGPI WMÎW TVSHYGI QSVI ZMXVMwGEXMSR PIWW TSVSWMX] ERH LMKLIV HIRWMX]
*SV QSVI YRMJSVQ GSQTEGXMSR SJ GSQTPI\ WLETIW MWSWXEXMG TVIWWMRK QE] FI HSRI XLI 8LI LMKLIV HIRWMX] MQTVSZIW QIGLERMGEP TVSTIVXMIW FYX VIHYGIW XLI MRWYPEXMRK UYEPMXMIW
TS[HIVW EVI TPEGIH MRXS E VYFFIV QSPH ERH WYFNIGXIH XS LMKL TVIWWYVIW XLVSYKL E KEW SV SJ XLI FVMGO SV XMPI
PMUYMH QIHMYQ ,MKLIV QSMWXYVI GSRXIRXW TIVQMX XLI TS[HIVW XS FI QSVI TPEWXMG SV )EVXLIR[EVI EVI TSVSYW GPE] FSHMIW wVIH EX VIPEXMZIP] PS[ XIQTIVEXYVIW 0MXXPI
JSVQEFPI ,]HVSTPEWXMG JSVQMRK TVSGIWWIW MRGPYHMRK I\XVYWMSR NMKKIVMRK ERH LERH ZMXVMwGEXMSR SGGYVW XLI TSVSWMX] MW ZIV] LMKL ERH MRXIVGSRRIGXIH ERH IEVXLIR[EVI
[SVOMRK GER FI ETTPMIH XS XLIWI TPEWXMG QM\IW 'IVEQMG WPYVVMIW GSRXEMRMRK PEVKI GIVEQMGW QE] PIEO 'SRWIUYIRXP] XLIWI TVSHYGXW QYWX FI GSZIVIH [MXL ER MQTIVQIEFPI
EQSYRXW SJ SVKERMG TPEWXMGMÎVW VEXLIV XLER [EXIV GER FI MRNIGXIH MRXS QSPHW KPEÎ
7XMPP LMKLIV QSMWXYVI GSRXIRXW TIVQMX XLI JSVQEXMSR SJ E WPMT SV TSYVEFPI WPYVV] ,MKLIV wVMRK XIQTIVEXYVIW [LMGL TVSZMHI QSVI ZMXVMwGEXMSR ERH PIWW TSVSWMX] TVS
GSRXEMRMRK wRI GIVEQMG TS[HIV 8LI WPMT MW TSYVIH MRXS E TSVSYW QSPH 8LI [EXIV MR XLI HYGI WXSRI[EVI 8LI WXSRI[EVI [LMGL MW YWIH JSV HVEMREKI ERH WI[IV TMTI GSRXEMRW
WPMT RIEVIWX XS XLI QSPH [EPP MW HVE[R MRXS XLI QSPH PIEZMRK FILMRH E WSJX WSPMH [LMGL SRP] XS TSVSWMX] 'IVEQMGW ORS[R EW GLMRE ERH TSVGIPEMR VIUYMVI IZIR LMKLIV
LEW E PS[QSMWXYVI GSRXIRX ;LIR IRSYKL [EXIV LEW FIIR HVE[R JVSQ XLI WPMT XS TVS wVMRK XIQTIVEXYVIW XS GEYWI GSQTPIXI ZMXVMwGEXMSR ERH ZMVXYEPP] RS TSVSWMX]
HYGI E HIWMVIH XLMGORIWW SJ WSPMH XLI VIQEMRMRK PMUYMH WPMT MW TSYVIH JVSQ XLI QSPH
PIEZMRK FILMRH E LSPPS[ WLIPP *MKYVI 7PMT GEWXMRK MW YWIH MR QERYJEGXYVMRK
[EWLFEWMRW ERH SXLIV GSQQIVGMEP TVSHYGXW %JXIV JSVQMRK XLI GIVEQMG FSHMIWh SV
KVIIR[EVIh EVI WXMPP [IEO GSRXEMR [EXIV SV SXLIV PYFVMGERXW ERH EVI TSVSYW ERH WYF 6IJVEGXSVMIW
WIUYIRX HV]MRK ERH wVMRK EVI VIUYMVIH
6IJVEGXSV] QEXIVMEPW EVI MQTSVXERX GSQTSRIRXW SJ XLI IUYMTQIRX YWIH MR XLI TVSHYG
(V]MRK ERH *MVMRK SJ 'PE] 4VSHYGXW (YVMRK HV]MRK I\GIWW QSMWXYVI MW VIQSZIH ERH XMSR VIwRMRK ERH LERHPMRK SJ QIXEPW ERH KPEWWIW JSV GSRWXVYGXMRK LIEXXVIEXMRK JYVRE
PEVKI HMQIRWMSREP GLERKIW SGGYV -RMXMEPP] XLI [EXIV FIX[IIR XLI GPE] TPEXIPIXWh XLI GIW ERH JSV SXLIV LMKLXIQTIVEXYVI TVSGIWWMRK IUYMTQIRX 8LI VIJVEGXSVMIW QYWX WYVZMZI
MRXIVTEVXMGPI [EXIVh IZETSVEXIW ERH TVSZMHIW QSWX SJ XLI WLVMROEKI 6IPEXMZIP] PMXXPI EX LMKL XIQTIVEXYVIW [MXLSYX FIMRK GSVVSHIH SV [IEOIRIH F] XLI WYVVSYRHMRK IRZMVSR
6IJVEGXSVMIW ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
&EWMG 6IJVEGXSVMIW % RYQFIV SJ VIJVEGXSVMIW EVI FEWIH SR 1K3 QEKRIWME SV TIVM

8%&0) 'SQTSWMXMSRW SJ X]TMGEP VIJVEGXSVMIW [IMKLX TIVGIRXW GPEWI 4YVI 1K3 LEW E LMKL QIPXMRK TSMRX KSSH VIJVEGXSVMRIWW ERH KSSH VIWMWXERGI
6IJVEGXSV] 7M3 %P 3 1K3 *I 3 'V 3 XS EXXEGO F] XLI FEWMG IRZMVSRQIRXW SJXIR JSYRH MR WXIIPQEOMRK TVSGIWWIW 3PMZMRI
VIJVEGXSVMIW GSRXEMR JSVWXIVMXI SV 1K 7M3 ERH EPWS LEZI LMKL QIPXMRK TSMRXW 3XLIV
%GMHMG QEKRIWME VIJVEGXSVMIW QE] MRGPYHI 'E3 SV GEVFSR 8]TMGEPP] XLI FEWMG VIJVEGXSVMIW EVI
7MPMGE i QSVI I\TIRWMZI XLER XLI EGMH VIJVEGXSVMIW
7YTIVHYX] JMVIFVMGO i i
,MKLEPYQMRE JMVIFVMGO i i 2IYXVEP 6IJVEGXSVMIW 8LIWI VIJVEGXSVMIW [LMGL MRGPYHI GLVSQMXI ERH GLVSQMXI
&EWMG QEKRIWMXI QMKLX FI YWIH XS WITEVEXI EGMH ERH FEWMG VIJVEGXSVMIW TVIZIRXMRK XLIQ JVSQ
1EKRIWMXI i i
EXXEGOMRK SRI ERSXLIV
3PMZMRI
2IYXVEP
'LVSQMXI i i i i i 7TIGMEP 6IJVEGXSVMIW 'EVFSR SV KVETLMXI MW YWIH MR QER] VIJVEGXSV] ETTPMGEXMSRW
'LVSQMXIQEKRIWMXI i i i i i TEVXMGYPEVP] [LIR S\]KIR MW RSX TVIWIRX 3XLIV VIJVEGXSV] QEXIVMEPW MRGPYHI ^MVGSRME
>V3 ^MVGSR >V3 7M3 ERH E ZEVMIX] SJ RMXVMHIW GEVFMHIW ERH FSVMHIW 1SWX SJ XLI
*VSQ 'IVEQMG (EXE &SSO 'ELRIVW 4YFPMWLMRK 'S GEVFMHIW WYGL EW 8M' ERH >V' HS RSX VIWMWX S\MHEXMSR [IPP ERH XLIMV LMKLXIQTIVEXYVI
ETTPMGEXMSRW EVI FIWX WYMXIH XS VIHYGMRK GSRHMXMSRW ,S[IZIV WMPMGSR GEVFMHI 7M' MW ER
I\GITXMSR [LIR 7M' MW S\MHMÎH EX LMKL XIQTIVEXYVIW E XLMR PE]IV SJ 7M3 JSVQW EX XLI
QIRX 8]TMGEP VIJVEGXSVMIW EVI GSQTSWIH SJ GSEVWI S\MHI TEVXMGPIW FSRHIH F] E wRIV WYVJEGI TVSXIGXMRK XLI 7M' JVSQ JYVXLIV S\MHEXMSR YT XS EFSYX ' 2MXVMHIW ERH
VIJVEGXSV] QEXIVMEP 8LI wRIV QEXIVMEP QIPXW HYVMRK wVMRK TVSZMHMRK FSRHMRK -R WSQI FSVMHIW EPWS LEZI LMKLQIPXMRK XIQTIVEXYVIW ERH EVI PIWW WYWGITXMFPI XS S\MHEXMSR 7SQI
GEWIW VIJVEGXSV] FVMGOW GSRXEMR EFSYX XS ETTEVIRX TSVSWMX] XS TVSZMHI MQTVSZIH SJ XLI S\MHIW ERH RMXVMHIW EVI GERHMHEXIW JSV YWI MR NIX IRKMRIW
XLIVQEP MRWYPEXMSR
6IJVEGXSVMIW EVI SJXIR HMZMHIH MRXS XLVII KVSYTWh EGMH FEWMG ERH RIYXVEPh FEWIH
SR XLIMV GLIQMGEP FILEZMSV 8EFPI
3XLIV 'IVEQMG 1EXIVMEPW
%GMH 6IJVEGXSVMIW 'SQQSR EGMHMG VIJVEGXSVMIW MRGPYHI WMPMGE EPYQMRE ERH wVIGPE]
ER MQTYVI OESPMRMXI 4YVI WMPMGE MW WSQIXMQIW YWIH XS GSRXEMR QSPXIR QIXEP -R WSQI -R EHHMXMSR XS XLIMV YWI MR TVSHYGMRK GSRWXVYGXMSR QEXIVMEPW ETTPMERGIW WXVYGXYVEP
ETTPMGEXMSRW XLI WMPMGE QE] FI FSRHIH [MXL WQEPP EQSYRXW SJ FSVSR S\MHI [LMGL QIPXW QEXIVMEPW ERH VIJVEGXSVMIW GIVEQMGW wRH E LSWX SJ SXLIV ETTPMGEXMSRW MRGPYHMRK XLI
ERH TVSHYGIW XLI GIVEQMG FSRH ;LIR E WQEPP EQSYRX SJ EPYQMRE MW EHHIH XS WMPMGE XLI JSPPS[MRK
VIJVEGXSV] GSRXEMRW E ZIV] PS[QIPXMRKTSMRX IYXIGXMG QMGVSGSRWXMXYIRX *MKYVI
'IQIRXW 'IVEQMG VE[ QEXIVMEPW EVI NSMRIH YWMRK E FMRHIV XLEX HSIW RSX VIUYMVI wVMRK
ERH MW RSX WYMXIH JSV VIJVEGXSV] ETTPMGEXMSRW EX XIQTIVEXYVIW EFSZI EFSYX ' E
SV WMRXIVMRK MR E TVSGIWW GEPPIH GIQIRXEXMSR % GLIQMGEP VIEGXMSR GSRZIVXW E PMUYMH VIWMR
XIQTIVEXYVI SJXIR VIUYMVIH JSV WXIIP QEOMRK ,S[IZIV [LIR PEVKIV EQSYRXW SJ EPYQMRE
XS E WSPMH XLEX NSMRW XLI TEVXMGPIW -R XLI GEWI SJ WSHMYQ WMPMGEXI XLI MRXVSHYGXMSR SJ '3
EVI EHHIH XLI QMGVSWXVYGXYVI GSRXEMRW MRGVIEWMRK EQSYRXW SJ QYPPMXI %P 3 7M3
KEW EGXW EW E GEXEP]WX XS HIL]HVEXI XLI WSHMYQ WMPMGEXI WSPYXMSR MRXS E KPEWW] QEXIVMEP
[LMGL LEW E LMKL QIPXMRK XIQTIVEXYVI 8LIWI wVIGPE] VIJVEGXSVMIW EVI KIRIVEPP] VIPEXMZIP]
[IEO FYX XLI] EVI MRI\TIRWMZI %PYQMRE GSRGIRXVEXMSRW EFSZI EFSYX GSRWXMXYXI XLI \2E 3 ]7M3 , 3 â '3 KPEWW RSX FEPERGIH
LMKLEPYQMRE VIJVEGXSVMIW
*MKYVI WLS[W WMPMGE WERH KVEMRW YWIH XS TVSHYGI QSPHW JSV QIXEP GEWXMRK 8LI PMU
YMH WSHMYQ WMPMGEXI GSEXW XLI WERH KVEMRW ERH TVSZMHIW FVMHKIW FIX[IIR XLI WERH KVEMRW
*MKYVI -RXVSHYGXMSR SJ XLI '3 GSRZIVXW XLI FVMHKIW XS E WSPMH NSMRMRK XLI WERH KVEMRW
% WMQTPMJMIH 7M3 %P 3 TLEWI
HMEKVEQ XLI FEWMW JSV EPYQMRE
WMPMGEXI VIJVEGXSVMIW *MKYVI
% TLSXSKVETL SJ WMPMGE WERH KVEMRW FSRHIH [MXL
WSHMYQ WMPMGEXI XLVSYKL XLI GIQIRXEXMSR
QIGLERMWQ
3XLIV 'IVEQMG 1EXIVMEPW ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
*MRI EPYQMRETS[HIV WSPYXMSRW GEXEP]ÎH [MXL TLSWTLSVMG EGMH TVSHYGI ER EPYQM *MFIVW *MFIVW EVI TVSHYGIH JVSQ GIVEQMG QEXIVMEPW JSV WIZIVEP YWIW EW E VIMRJSVGIQIRX
RYQ TLSWTLEXI GIQIRX MR GSQTSWMXI QEXIVMEPW JSV [IEZMRK MRXS JEFVMGW SV JSV YWI MR wFIVSTXMG W]WXIQW &SVS
%P 3 â , 43 %P43 â , 3 WMPMGEXI KPEWW wFIVW XLI QSWX GSQQSRP] TVSHYGIH wFIVW TVSZMHI WXVIRKXL ERH WXMRIWW
MR wFIVKPEWW *MFIVW GER FI TVSHYGIH JVSQ E ZEVMIX] SJ SXLIV GIVEQMGW MRGPYHMRK EPY
;LIR EPYQMRE TEVXMGPIW EVI FSRHIH [MXL XLI EPYQMRYQ TLSWTLEXI GIQIRX VIJVEGXSVMIW QMRE WMPMGSR GEVFMHI WMPMGE ERH FSVSR GEVFMHI 8LI WSPKIP TVSGIWW MW EPWS YWIH XS TVS
GETEFPI SJ STIVEXMRK EX XIQTIVEXYVIW EW LMKL EW ' EVI TVSHYGIH HYGI GSQQIVGMEP wFIVW JSV QER] ETTPMGEXMSRW
4PEWXIV SJ TEVMW SV K]TWYQ MW ERSXLIV QEXIVMEP XLEX MW LEVHIRIH F] E GIQIRXEXMSR % WTIGMEP X]TI SJ wFVSYW QEXIVMEP MW XLI WMPMGE XMPI YWIH XS TVSZMHI XLI XLIVQEP TVS
VIEGXMSR XIGXMSR W]WXIQ JSV 2%7%tW WTEGI WLYXXPI 7MPMGE wFIVW EVI FSRHIH [MXL GSPPSMHEP WMPMGE XS
'E73 , 3 â , 3 'E73 , 3
TVSHYGI ER I\GITXMSREPP] PMKLX[IMKLX XMPI [MXL HIRWMXMIW EW PS[ EW KGQ XLI XMPI MW
;LIR XLI PMUYMH WPYVV] VIEGXW MRXIVPSGOMRK WSPMH GV]WXEPW SJ K]TWYQ 'E73 , 3 GSEXIH [MXL WTIGMEP LMKLIQMWWMZMX] KPEÎW XS TIVQMX TVSXIGXMSR YT XS '
KVS[ [MXL ZIV] WQEPP TSVIW FIX[IIR XLI GV]WXEPW 0EVKIV EQSYRXW SJ [EXIV MR XLI
SVMKMREP WPYVV] TVSZMHI QSVI TSVSWMX] FYX XLI] EPWS HIGVIEWI XLI WXVIRKXL SJ XLI wREP .SMRMRK ERH %WWIQFP] SJ 'IVEQMG 'SQTSRIRXW 'IVEQMGW EVI SJXIR QEHI EW QSRS
TPEWXIV 3RI SJ XLI MQTSVXERX YWIW SJ XLMW QEXIVMEP MW JSV GSRWXVYGXMSR SJ [EPPW MR FYMPHMRKW PMXLMG GSQTSRIRXW VEXLIV XLER EWWIQFPMIW SJ RYQIVSYW GSQTSRIRXW ;LIR X[S GIVEQMG
8LI QSWX GSQQSR ERH MQTSVXERX SJ XLI GIQIRXEXMSR VIEGXMSRW SGGYVW MR 4SVXPERH TEVXW EVI TPEGIH MR GSRXEGX YRHIV E PSEH WXVIWW GSRGIRXVEXMSRW EX XLI FVMXXPI WYVJEGI PIEH
GIQIRX [LMGL MW YWIH XS TVSHYGI GSRGVIXI XS ER MRGVIEWIH TVSFEFMPMX] SJ JEMPYVI -R EHHMXMSR QIXLSHW JSV NSMRMRK GIVEQMG TEVXW
MRXS E PEVKIV EWWIQFP] EVI PMQMXIH 8LI FVMXXPI GIVEQMGW GERRSX FI NSMRIH F] JYWMSR
'SEXMRKW 'IVEQMGW EVI SJXIR YWIH XS TVSZMHI TVSXIGXMZI GSEXMRKW XS SXLIV QEXIVMEPW [IPHMRK SV HIJSVQEXMSR FSRHMRK TVSGIWWIW %X PS[ XIQTIVEXYVIW EHLIWMZI FSRHMRK
'SQQSR GSQQIVGMEP GSEXMRKW MRGPYHI KPEÎW ERH IREQIPW +PEÎW EVI ETTPMIH XS XLI YWMRK TSP]QIV QEXIVMEPW QE] FI EGGSQTPMWLIH GIVEQMG GIQIRXW QE] FI YWIH EX LMKLIV
WYVJEGI SJ E GIVEQMG QEXIVMEP XS WIEP E TIVQIEFPI GPE] FSH] XS TVSZMHI TVSXIGXMSR ERH XIQTIVEXYVIW (MYWMSR FSRHMRK ERH FVE^MRK GER FI YWIH XS NSMR GIVEQMGW ERH XS NSMR
HIGSVEXMSR SV JSV WTIGMEP TYVTSWIW )REQIPW EVI ETTPMIH XS QIXEP WYVJEGIW 8LI IREQIPW GIVEQMGW XS QIXEPW
ERH KPEÎW EVI GPE] TVSHYGXW XLEX ZMXVMJ] IEWMP] HYVMRK wVMRK % GSQQSR GSQTSWMXMSR MW
'E3 %P 3 7M3
7TIGMEP GSPSVW GER FI TVSHYGIH MR KPEÎW ERH IREQIPW F] XLI EHHMXMSR SJ SXLIV
QMRIVEPW >MVGSRMYQ WMPMGEXI KMZIW E [LMXI KPEÎ GSFEPX S\MHI QEOIW XLI KPEÎ FPYI
GLVSQMYQ S\MHI TVSHYGIW KVIIR PIEH S\MHI KMZIW E ]IPPS[ GSPSV ERH E VIH KPEÎ QE] FI
TVSHYGIH F] EHHMRK E QM\XYVI SJ WIPIRMYQ ERH GEHQMYQ WYPwHIW
7911%6= : 'IVEQMGW EVI MRSVKERMG QEXIVMEPW XLEX LEZI LMKL LEVHRIWW ERH LMKL QIPXMRK
TSMRXW 8LIWI MRGPYHI WMRKPI GV]WXEP ERH TSP]GV]WXEPPMRI GIVEQMGW KPEWWIW ERH KPEWW
3RI SJ XLI TVSFPIQW IRGSYRXIVIH [MXL E KPEÎ SV IREQIP MW WYVJEGI GVEGOMRK SV GIVEQMGW 8]TMGEP GIVEQMGW EVI IPIGXVMGEP ERH XLIVQEP MRWYPEXSVW [MXL KSSH GLIQMGEP
GVE^MRK [LMGL SGGYVW [LIR XLI KPEÎ LEW E GSIoGMIRX SJ XLIVQEP I\TERWMSR HMIVIRX WXEFMPMX] ERH KSSH WXVIRKXL MR GSQTVIWWMSR
XLER XLEX SJ XLI YRHIVP]MRK QEXIVMEP 8LMW MW JVIUYIRXP] XLI QSWX MQTSVXERX JEGXSV MR
HIXIVQMRMRK XLI GSQTSWMXMSR SJ XLI GSEXMRK : 4SP]GV]WXEPPMRI GIVEQMGW X]TMGEPP] I\LMFMX E FVMXXPI FILEZMSV TEVXP] FIGEYWI SJ
7TIGMEP GSEXMRKW EVI YWIH JSV EHZERGIH GIVEQMGW ERH LMKLWIVZMGI XIQTIVEXYVI TSVSWMX] &IGEYWI QSWX TSP]GV]WXEPPMRI GIVEQMGW GERRSX TPEWXMGEPP] HIJSVQ YRPIWW
QIXEPW 7M' GSEXMRKW EVI ETTPMIH XS GEVFSRGEVFSR GSQTSWMXI QEXIVMEPW XS MQTVSZI XLIMV WTIGMEP GSRHMXMSRW [MXL VIWTIGX XS XIQTIVEXYVI ERH WXVEMR VEXIW EVI GVIEXIH XLI
S\MHEXMSR VIWMWXERGI >MVGSRME GSEXMRKW EVI ETTPMIH XS RMGOIPFEWIH WYTIVEPPS]W XS TVS TSVSWMX] PMQMXW XLI EFMPMX] SJ E GIVEQMG QEXIVMEP XS [MXLWXERH E XIRWMPI PSEH
ZMHI XLIVQEP FEVVMIVW XLEX TVSXIGX XLI QIXEP JVSQ QIPXMRK SV EHZIVWI VIEGXMSRW : 'IVEQMGW TPE] E GVMXMGEP VSPI MR E [MHI EVVE] SJ XIGLRSPSKMIW VIPEXIH XS IPIGXVSRMG
QEKRIXMG STXMGEP ERH IRIVK] 1ER] EHZERGIH GIVEQMGW TPE] E ZIV] MQTSVXERX VSPI
8LMR *MPQW ERH 7MRKPI 'V]WXEPW 8LMR wPQW SJ QER] GSQTPI\ ERH QYPXMGSQTSRIRX GI MR TVSZMHMRK XLIVQEP MRWYPEXMSR ERH LMKLXIQTIVEXYVI TVSTIVXMIW %TTPMGEXMSRW SJ
VEQMGW EVI TVSHYGIH YWMRK HMIVIRX XIGLRMUYIW WYGL EW WTYXXIVMRK WSPKIP ERH GLIQMGEP EHZERGIH GIVEQMGW VERKI JVSQ GVIHMX GEVHW XMPIW JSV XLI WTEGI WLYXXPI QIHMGEP
ZETSV HITSWMXMSR ':( 9WYEPP] XLI XLMGORIWW SJ WYGL wPQW MW PIWW XLER XS QQ MQEKMRK STXMGEP wFIVW XLEX IREFPI GSQQYRMGEXMSR ERH WEJI IRIVK]IoGMIRX
ERH QSVI PMOIP] KVIEXIV XLER QQ 1ER] JYRGXMSREP IPIGXVSRMG GIVEQMG XLMR wPQW EVI KPEWWIW 8VEHMXMSREP GIVEQMGW TPE] E ZIV] MQTSVXERX VSPI EW VIJVEGXSVMIW JSV QIXEPW
TVITEVIH ERH MRXIKVEXIH SRXS WMPMGSR [EJIVW KPEWWIW ERH SXLIV WYFWXVEXIW *SV I\EQTPI TVSGIWWMRK ERH GSRWYQIV ETTPMGEXMSRW
XLI QEKRIXMG WXVMTW SR GVIHMX GEVHW YWI MVSR S\MHI K*I 3 SV *I 3 XLMR wPQW JSV : 'IVEQMGTS[HIV W]RXLIWMW MRZSPZIW XLI XVIEXQIRX SJ SVIW YWMRK TVSGIWWIW WYGL EW
WXSVMRK HEXE -RHMYQ XMR S\MHI -83 E GSRHYGXMZI ERH XVERWTEVIRX QEXIVMEP MW GSEXIH GVYWLMRK ERH KVMRHMRK JSPPS[IH F] FEPP QMPPMRK ERH GEPGMREXMSR 8LIWI TVSGIWWIW
SR KPEWW ERH YWIH MR ETTPMGEXMSRW WYGL EW XSYGLWGVIIR HMWTPE]W 8EFPI 1ER] EVI MRI\TIRWMZI ERH [MHIP] YWIH JSV QEOMRK QER] GIVEQMG TS[HIVW
SXLIV GSEXMRKW EVI YWIH SR KPEWW XS QEOI XLI KPEWW IRIVK] IoGMIRX 6IGIRXP] E WIPJ
GPIERMRK KPEWW YWMRK E 8M3 GSEXMRK LEW FIIR HIZIPSTIH 7MQMPEVP] XLMR wPQW SJ GI : 'IVEQMG TVSGIWWMRK MW GSQQSRP] GSRHYGXIH YWMRK GSQTEGXMSR ERH WMRXIVMRK *SV
VEQMGW WYGL EW 4>8 40>8 ERH &E8M3 7V8M3 WSPMH WSPYXMSRW GER FI TVITEVIH ERH WTIGMEPMÎH ETTPMGEXMSRW MWSWXEXMG GSQTEGXMSR LSX TVIWWMRK ERH LSX MWSWXEXMG TVIWW
YWIH 3JXIR XLI wPQW HIZIPST ER SVMIRXEXMSR SV XI\XYVI [LMGL QE] FI EHZERXEKISYW MRK ,-4 EVI YWIH IWTIGMEPP] XS EGLMIZI LMKLIVHIRWMwGEXMSR PIZIPW
JSV E KMZIR ETTPMGEXMSR 7MRKPI GV]WXEPW SJ GIVEQMGW IK 7M3 SV UYEVX^ PMXLMYQ RMSFEXI : 8ETI GEWXMRK WPMT GEWXMRK I\XVYWMSR ERH MRNIGXMSR QSPHMRK EVI WSQI SJ XLI SXLIV
0M2F3 WETTLMVI SV ]XXVMYQ EPYQMRYQ KEVREXI EVI YWIH MR QER] IPIGXVMGEP ERH XIGLRMUYIW YWIH XS JSVQ KVIIR GIVEQMGW MRXS HMIVIRX WLETIW 8LIWI TVSGIWWIW EVI
IPIGXVSSTXMGEP ETTPMGEXMSRW 8LIWI GV]WXEPW EVI KVS[R JVSQ QIPXW YWMRK XIGLRMUYIW WMQM XLIR JSPPS[IH F] E FYVRSYX WXIT MR [LMGL FMRHIVW ERH TPEWXMGMÎVW EVI FYVRX S ERH
PEV XS XLSWI HIWGVMFIH MR 'LETXIV XLI VIWYPXERX GIVEQMG MW WMRXIVIH
+PSWWEV] ' ,% 4 8)6 'IVEQMG 1EXIVMEPW
: 1ER] WMPMGEXIW ERH SXLIV GIVEQMGW JSVQ KPEWWIW VEXLIV IEWMP] WMRGI XLI OMRIXMGW SJ ,SX MWSWXEXMG TVIWWMRK ,-4 % TS[HIVTVSGIWWMRK XIGLRMUYI MR [LMGL PEVKI TMIGIW SJ QIXEPW
GV]WXEPPMÊXMSR EVI WPYKKMWL +PEWWIW GER FI JSVQIH MR XLI JSVQ SJ WLIIXW YWMRK xSEX EPPS]W ERH GIVEQMGW GER FI TVSHYGIH YWMRK WMRXIVMRK YRHIV E L]HVSWXEXMG TVIWWYVI KIRIVEXIH F] E
KPEWW SV wFIVW ERH SXLIV WLETIW 7MPMGEXI KPEWWIW EVI YWIH MR E WMKRMwGERX RYQFIV SJ KEW
ETTPMGEXMSRW XLEX MRGPYHI [MRHS[ KPEWW [MRHWLMIPHW wFIV STXMGW ERH wFIVKPEWW
,SX TVIWWMRK % TVSGIWWMRK XIGLRMUYI MR [LMGL WMRXIVMRK MW GSRHYGXIH YRHIV YRME\MEP TVIWWYVI
: +PEWWGIVEQMGW EVI JSVQIH YWMRK GSRXVSPPIH GV]WXEPPMÊXMSR SJ MRSVKERMG KPEWWIW
8LIWI QEXIVMEPW EVI YWIH [MHIP] JSV OMXGLIR[EVI ERH QER] SXLIV ETTPMGEXMSRW ,]HVSTPEWXMG JSVQMRK % RYQFIV SJ TVSGIWWIW F] [LMGL E QSMWX GIVEQMG GPE] FSH] MW JSVQIH MRXS
E YWIJYP WLETI
: 'IVEQMGW MR XLI JSVQ SJ wFIVW XLMR wPQW GSEXMRKW ERH WMRKPI GV]WXEPW LEZI QER]
HMIVIRX ETTPMGEXMSRW -RNIGXMSR QSPHMRK % TVSGIWWMRK XIGLRMUYI MR [LMGL E XLIVQSTPEWXMG QEWW PSEHIH [MXL GIVEQMG
TS[HIV MW QM\IH MR ER I\XVYHIVPMOI WIXYT ERH XLIR MRNIGXIH MRXS E HMI XS JSVQ GSQTPI\ TEVXW
-R XLI GEWI SJ GIVEQMGW XLI XLIVQSTPEWXMG MW FYVRX S
-RXIVQIHMEXIW 3\MHIW XLEX [LIR EHHIH XS E KPEWW LIPT XS I\XIRH XLI KPEWW] RIX[SVO EPXLSYKL
+0377%6= %TTEVIRX TSVSWMX] 8LI TIVGIRXEKI SJ E GIVEQMG FSH] XLEX MW GSQTSWIH SJ MRXIVGSRRIGXIH XLI S\MHIW RSVQEPP] HS RSX JSVQ E KPEWW XLIQWIPZIW
TSVSWMX]
0EQMREXIH KPEWW %RRIEPIH KPEWW [MXL E TSP]QIV IK TSP]ZMR]P FYX]VEP 4:& WERH[MGLIH MR
&YPO HIRWMX] 8LI QEWW SJ E GIVEQMG FSH] TIV YRMX ZSPYQI MRGPYHMRK GPSWIH ERH MRXIVGSRRIGXIH FIX[IIR YWIH JSV GEV [MRHWLMIPHW
TSVSWMX]
4EVMWSR % GVYHI KPEWW] WLETI XLEX WIVZIW EW ER MRXIVQIHMEXI WXIT MR XLI TVSHYGXMSR SJ KPEWW[EVI
'IQIRXEXMSR &SRHMRK GIVEQMG VE[ QEXIVMEPW MRXS E YWIJYP TVSHYGX YWMRK FMRHIVW XLEX JSVQ E 8LI TEVMWSR MW PEXIV JSVQIH MRXS E wRMWLIH TVSHYGX
KPEWW SV KIP [MXLSYX wVMRK EX LMKL XIQTIVEXYVIW
4S[HIV QIXEPPYVK] 4S[HIV TVSGIWWMRK VSYXIW YWIH JSV GSRZIVXMRK QIXEP ERH EPPS] TS[HIVW MRXS
'IVEQMG %R MRSVKERMG QEXIVMEP [MXL LMKL QIPXMRK XIQTIVEXYVI 9WYEPP] LEVH ERH FVMXXPI YWIJYP WLETIW
'IVEQMG FSRH &SRHMRK GIVEQMG QEXIVMEPW F] TIVQMXXMRK E KPEWW] TVSHYGX XS JSVQ EX LMKL wVMRK 4S[HIV TVSGIWWMRK 9RMX STIVEXMSRW GSRHYGXIH XS GSRZIVX TS[HIVW MRXS YWIJYP WLETIW IK
XIQTIVEXYVIW TVIWWMRK XETI GEWXMRK IXG
6IEGXMSR FSRHMRK % GIVEQMG TVSGIWWMRK XIGLRMUYI F] [LMGL E WLETI MW QEHI YWMRK SRI QEXIVMEP
'IVQIX % GIVEQMGQIXEP GSQTSWMXI IK ;''S TVSZMHMRK E KSSH GSQFMREXMSR SJ LEVHRIWW
XLEX MW PEXIV GSRZIVXIH MRXS E GIVEQMG QEXIVMEP F] VIEGXMSR [MXL E KEW
[MXL SXLIV TVSTIVXMIW WYGL EW XSYKLRIWW
6IJVEGXSVMIW % KVSYT SJ GIVEQMG QEXIVMEPW GETEFPI SJ [MXLWXERHMRK LMKL XIQTIVEXYVIW JSV TVS
'SPH MWSWXEXMG TVIWWMRK '-4 % TS[HIVWLETMRK XIGLRMUYI MR [LMGL L]HVSWXEXMG TVIWWYVI MW
PSRKIH TIVMSHW SJ XMQI
ETTPMIH HYVMRK GSQTEGXMSR 8LMW MW YWIH JSV EGLMIZMRK E LMKLIV KVIIR GIVEQMG HIRWMX] SV GSQTEG
XMSR SJ QSVI GSQTPI\ WLETIW 7PMT % PMUYMH WPYVV] XLEX MW TSYVIH MRXS E QSPH ;LIR XLI WPYVV] FIKMRW XS LEVHIR EX XLI QSPH
WYVJEGI XLI VIQEMRMRK PMUYMH WPYVV] MW HIGERXIH PIEZMRK FILMRH E LSPPS[ GIVEQMG GEWXMRK
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SJ TSP]IXL]PIRI XLI WMQTPIWX SJ XLI XLIVQSTPEWXMGW 8LI TSP]QIV GLEMR GSRWMWXW SJ E EPP , MR ', KVSYTW [MXL xYSVMRI * [I KIX XLI WXVYGXYVI SJ TSP]XIXVExYSVSIXL]PIRI SV
8IxSR 81 0MOI QER] SXLIV HMWGSZIVMIW 8IxSR 81 [EW EPWS HMWGSZIVIH F] EGGMHIRX
1ER] TSP]QIV WXVYGXYVIW GER XLYW FI HIVMZIH JVSQ XLI WXVYGXYVI SJ TSP]IXL]PIRI 8LI
JSPPS[MRK I\EQTPI WLS[W LS[ HMIVIRX X]TIW SJ TSP]QIVW EVI YWIH
)<%140) (IWMKR 1EXIVMEPW 7IPIGXMSR JSV 4SP]QIV 'SQTSRIRXW

(IWMKR XLI X]TI SJ TSP]QIV QEXIVMEP ]SY QMKLX WIPIGX JSV XLI JSPPS[MRK ETTPM
GEXMSRW E WYVKISRtW KPSZI E FIZIVEKI GSRXEMRIV ERH E TYPPI]
73098-32
8LI KPSZI QYWX FI GETEFPI SJ WXVIXGLMRK E KVIEX HIEP MR SVHIV XS WPMT SRXS XLI
WYVKISRtW LERH ]IX MX QYWX GSRJSVQ XMKLXP] XS XLI LERH XS TIVQMX XLI QE\MQYQ
WIRWEXMSR SJ XSYGL HYVMRK WYVKIV] % QEXIVMEP XLEX YRHIVKSIW E PEVKI EQSYRX
SJ IPEWXMG WXVEMRhTEVXMGYPEVP] [MXL VIPEXMZIP] PMXXPI ETTPMIH WXVIWWh QMKLX FI
ETTVSTVMEXI XLMW VIUYMVIQIRX HIWGVMFIW ER IPEWXSQIV
8LI FIZIVEKI GSRXEMRIV WLSYPH FI IEWMP] ERH IGSRSQMGEPP] TVSHYGIH -X
WLSYPH LEZI WSQI HYGXMPMX] ERH XSYKLRIWW WS XLEX MX HSIW RSX EGGMHIRXEPP] WLEX
XIV ERH PIEO XLI GSRXIRXW -J XLI FIZIVEKI MW GEVFSREXIH HMYWMSR SJ '3 MW E
QENSV GSRGIVR 'LETXIV % XLIVQSTPEWXMG WYGL EW TSP]IXL]PIRI XIVITLXLEPEXI
4)8 [MPP LEZI XLI RIGIWWEV] JSVQEFMPMX] ERH HYGXMPMX] RIIHIH JSV XLMW ETTPM
GEXMSR
8LI TYPPI] [MPP FI WYFNIGXIH XS WSQI WXVIWW ERH [IEV EW E FIPX TEWWIW SZIV MX
% VIPEXMZIP] WXVSRK VMKMH LEVH QEXIVMEP MW VIUYMVIH XS TVIZIRX [IEV WS E XLIV
*MKYVI 8LVII [E]W XS VITVIWIRX XLI WXVYGXYVI SJ TSP]IXL]PIRI E E WSPMH XLVIIHMQIRWMSREP QSWIXXMRK TSP]QIV QMKLX FI QSWX ETTVSTVMEXI -X QE] EPWS FI TSWWMFPI XS YWI E
QSHIP F E XLVIIHMQIRWMSREP ssWTEGItt QSHIP ERH G E WMQTPI X[SHMQIRWMSREP QSHIP QEXIVMEP PMOI R]PSR
%HHMXMSR ERH 'SRHIRWEXMSR 4SP]QIVMÊXMSR ' ,% 4 8)6 4SP]QIVW
%HHMXMSR ERH 'SRHIRWEXMSR 4SP]QIVMÊXMSR QSPIGYPEV [IMKLX SJ IXL]PIRI MW

XLI HIKVII SJ TSP]QIVMÊXMSR MW
' â , KQSP 8LIVIJSVI
%HHMXMSR TSP]QIVMÊXMSR ERH GSRHIRWEXMSR TSP]QIVMÊXMSR EVI XLI X[S QEMR [E]W XS K!QSP
IXL]PIRI QSPIGYPIW TIV EZIVEKI GLEMR
GSRHYGX ssTSP]QIVMÊXMSRtt GVIEXMRK E TSP]QIV 8LI TSP]QIVW HIVMZIH JVSQ XLIWI TVS K!QSP
GIWWIW EVI ORS[R EW EHHMXMSR ERH GSRHIRWEXMSR TSP]QIVW VIWTIGXMZIP] 8LI JSVQEXMSR
Ô K TSP]IXL]PIRIÂÔ QSRSQIVWQSPÂ
SJ XLI QSWX GSQQSR TSP]QIV TSP]IXL]PIRI 4) JVSQ IXL]PIRI QSPIGYPIW MW ER I\EQ QSRSQIVW
TPI SJ EHHMXMSR SV GLEMRKVS[XL TSP]QIVMÊXMSR )XL]PIRI E KEW MW XLI QSRSQIV WMRKPI K!QSP
YRMX ERH LEW XLI JSVQYPE ' , 8LI X[S GEVFSR EXSQW EVI NSMRIH F] E HSYFPI GSZEPIRX 8LI GSQFMREXMSR QIGLERMWQ VIUYMVIW XLI RYQFIV SJ FIR^S]P TIVS\MHI QSPI
FSRH )EGL GEVFSR EXSQ WLEVIW X[S SJ MXW IPIGXVSRW [MXL XLI WIGSRH GEVFSR EXSQ ERH GYPIW XS FI
X[S L]HVSKIR EXSQW EVI FSRHIH XS IEGL SJ XLI GEVFSR EXSQW *MKYVI IXL]PIRI QSPIGYPIW
GLEMRW
IXL]PIRIW!GLEMR
*MKYVI
8LI EHHMXMSR VIEGXMSR JSV TVSHYGMRK 8LI QSPIGYPEV [IMKLX SJ FIR^S]P TIVS\MHI MW ' â , â
TSP]IXL]PIRI JVSQ IXL]PIRI QSPIGYPIW 3 KQSP 8LIVIJSVI XLI EQSYRX SJ MRMXMEXSV RIIHIH XS JSVQ XLI
8LI YRWEXYVEXIH HSYFPI FSRH MR XLI IRHW SJ XLI GLEMRW MW
QSRSQIV MW FVSOIR XS TVSHYGI EGXMZI
WMXIW [LMGL XLIR EXXVEGX EHHMXMSREP Ô ÂÔ K!QSPÂ
VITIEX YRMXW XS IMXLIV IRH XS TVSHYGI K

E GLEMR
,S[IZIV SRP] SJ XLI MRMXMEXSV EGXYEPP] MW IIGXMZI XLI VIWX VIGSQFMRIW SV
GSQFMRIW [MXL SXLIV QSPIGYPIW ERH HSIW RSX GEYWI MRMXMEXMSR SJ E GLEMR 8LYW
[I RIIH wZI XMQIW XLMW EQSYRX SV K SJ FIR^S]P TIVS\MHI TIV OMPSKVEQ SJ
-R TVIWIRGI SJ ER ETTVSTVMEXI GSQFMREXMSR SJ LIEX TVIWWYVI ERH GEXEP]WXW XLI TSP]IXL]PIRI
HSYFPI FSRH FIX[IIR XLI GEVFSR EXSQW MW FVSOIR ERH VITPEGIH [MXL E WMRKPI GSZEPIRX
FSRH 8LI HSYFPI FSRH MW ER YRWEXYVEXIH FSRH %JXIV GLERKMRK XS E WMRKPI FSRH XLI
GEVFSR EXSQW EVI WXMPP NSMRIH FYX XLI] FIGSQI EGXMZI SXLIV VITIEX YRMXW SV QIVW GER FI 'SRHIRWEXMSR 4SP]QIVMÊXMSR 4SP]QIV GLEMRW GER EPWS JSVQ F] GSRHIRWEXMSR VI
EHHIH XS TVSHYGI XLI TSP]QIV GLEMR EGXMSRW SV WXITKVS[XL TSP]QIVMÊXMSR TVSHYGMRK WXVYGXYVIW ERH TVSTIVXMIW XLEX VI
;I RIIH TSP]QIVW XLEX LEZI E HIWMKREXIH EZIVEKI QSPIGYPEV [IMKLX ERH E QSPIGY WIQFPI XLSWI SJ EHHMXMSR TSP]QIVW -R GSRHIRWEXMSR TSP]QIVMÊXMSR E VIPEXMZIP] WQEPP
PEV [IMKLX HMWXVMFYXMSR 8LYW XLI TSP]QIVMÊXMSR VIEGXMSRW QYWX LEZI ER ssS tt W[MXGL EW QSPIGYPI WYGL EW [EXIV IXLERSP QIXLERSP IXG MW JSVQIH EW E VIWYPX SJ XLI TSP]QIV
[IPP 8LI TSP]QIVMÊXMSR SJ GLEMRW QE] FI XIVQMREXIH F] X[S QIGLERMWQW *MVWX XLI MÊXMSR VIEGXMSR 8LMW QIGLERMWQ QE] SJXIR MRZSPZI HMIVIRX QSRSQIVW EW WXEVXMRK SV
IRHW SJ X[S KVS[MRK GLEMRW QE] FI NSMRIH 8LMW TVSGIWW GEPPIH GSQFMREXMSR GVIEXIW E TVIGYVWSV QSPIGYPIW 8LI TSP]QIVMÊXMSR SJ HMQIXL]P XIVITLXLEPEXI ERH IXL]PIRI KP]GSP
WMRKPI PEVKI GLEMR JVSQ X[S WQEPPIV GLEMRW 7IGSRH XLI EGXMZI IRH SJ SRI GLEMR QE] EPWS YWIH EW VEHMEXSV GSSPERX XS TVSHYGI TSP]IWXIV MW ER MQTSVXERX I\EQTPI *MKYVI
VIQSZI E L]HVSKIR EXSQ JVSQ E WIGSRH GLEMR F] E TVSGIWW ORS[R EW HMWTVSTSVXMSREXMSR
8LMW VIEGXMSR XIVQMREXIW X[S GLEMRW VEXLIV XLER GSQFMRMRK X[S GLEMRW MRXS SRI PEVKIV
GLEMR 7SQIXMQIW GSQTSYRHW ORS[R EW XIVQMREXSVW EVI EHHIH XS IRH XLI TSP]QIVMÊ
XMSR VIEGXMSRW -R KIRIVEP JSV XLIVQSTPEWXMGW XLI LMKLIV XLI EZIVEKI QSPIGYPEV [IMKLX
XLI LMKLIV [MPP FI XLI QIPXMRK XIQTIVEXYVI ERH XLI LMKLIV [MPP FI XLI =SYRKtW QSHYPYW
SJ XLI TSP]QIV 7IGXMSR 8LI JSPPS[MRK I\EQTPI MPPYWXVEXIW ER EHHMXMSR TSP]QIV
MÊXMSR VIEGXMSR
)<%140) 'EPGYPEXMSR SJ -RMXMEXSV 6IUYMVIH

'EPGYPEXI XLI EQSYRX SJ FIR^S]P TIVS\MHI &43 MRMXMEXSV VIUYMVIH XS TVSHYGI
OK SJ TSP]IXL]PIRI [MXL ER EZIVEKI QSPIGYPEV [IMKLX SJ KQSP ;LEX
MW XLI HIKVII SJ TSP]QIVMÊXMSR# %WWYQI XLEX SJ XLI MRMXMEXSV MW EGXYEPP]
IIGXMZI ERH XLEX EPP XIVQMREXMSR SGGYVW F] XLI GSQFMREXMSR QIGLERMWQ
73098-32
*SV IoGMIRG] [I RIIH SRI QSPIGYPI SJ FIR^S]P TIVS\MHI JSV IEGL TSP]
IXL]PIRI GLEMR 3RI SJ XLI JVII VEHMGEPW [SYPH MRMXMEXI SRI GLEMR XLI SXLIV JVII *MKYVI 8LI GSRHIRWEXMSR VIEGXMSR JSV TSP]IXL]PIRI XIVITLXLEPEXI 4)8 E GSQQSR
VEHMGEP E WIGSRH GLEMR XLIR XLI X[S GLEMRW GSQFMRI MRXS SRI PEVKIV SRI 8LI TSP]IWXIV 8LI 3', KVSYT ERH E L]HVSKIR EXSQ EVI VIQSZIH JVSQ XLI QSRSQIVW
TIVQMXXMRK XLI X[S QSRSQIVW XS NSMR ERH TVSHYGMRK QIXL]P EPGSLSP EW E F]TVSHYGX
%HHMXMSR ERH 'SRHIRWEXMSR 4SP]QIVMÊXMSR ' ,% 4 8)6 4SP]QIVW
(YVMRK TSP]QIVMÊXMSR E L]HVSKIR EXSQ SR XLI IRH SJ XLI IXL]PIRI KP]GSP QSRSQIV
;I GER HIXIVQMRI XLEX XLI QSPIGYPEV [IMKLX SJ LI\EQIXL]PIRI HMEQMRI
GSQFMRIW [MXL ER 3', QIXLS\] KVSYT JVSQ XLI HMQIXL]P XIVITLXLEPEXI % F]TVSH
,1(% MW KQSP SJ EHMTMG EGMH MW KQSP ERH SJ [EXIV MW KQSP
YGX QIXL]P EPGSLSP ', 3, MW ssGSRHIRWIHtt S ERH XLI X[S QSRSQIVW GSQFMRI XS
8LI RYQFIV SJ QSPIW SJ LI\EQIXL]PIRI HMEQMRI EHHIH GEPGYPEXIH FIPS[ MW
TVSHYGI E PEVKIV QSPIGYPI )EGL SJ XLI QSRSQIVW MR XLMW I\EQTPI EVI FMJYRGXMSREP ERH
IUYEP XS XLI RYQFIV SJ QSPIW SJ EHMTMG EGMH
XLI GSRHIRWEXMSR TSP]QIVMÊXMSR GER GSRXMRYI F] XLI WEQI VIEGXMSR )ZIRXYEPP] E PSRK
TSP]QIV GLEMRh E TSP]IWXIVh MW TVSHYGIH 8LI VITIEX YRMX JSV XLMW TSP]IWXIV GSRWMWXW SJ K \K
QSPIW
X[S SVMKMREP QSRSQIVW IXL]PIRI KP]GSP ERH HMQIXL]P XIVITLXLEPEXI 8LI PIRKXL SJ XLI K!QSP K!QSP
TSP]QIV GLEMR HITIRHW SR XLI IEWI [MXL [LMGL XLI QSRSQIVW GER HMYWI XS XLI IRHW
ERH YRHIVKS XLI GSRHIRWEXMSR VIEGXMSR 'LEMR KVS[XL GIEWIW [LIR RS QSVI QSRSQIVW \ K SJ EHMTMG EGMH VIUYMVIH
VIEGL XLI IRH SJ XLI GLEMR XS GSRXMRYI XLI VIEGXMSR 'SRHIRWEXMSR TSP]QIVMÊXMSR 8LI RYQFIV SJ QSPIW SJ [EXIV PSWX MW EPWS
VIEGXMSRW EPWS SGGYV MR WSPKIP TVSGIWWMRK SJ GIVEQMG QEXIVMEPW
8LI JSPPS[MRK I\EQTPI HIWGVMFIW XLI HMWGSZIV] SJ R]PSR ERH GEPGYPEXMSRW VIPEXIH XS ] Ô QSPIWÂÔ K!QSPÂ K , 3
GSRHIRWEXMSR TSP]QIVMÊXMSR &YX IEGL XMQI SRI QSVI QSRSQIV MW EXXEGLIH ERSXLIV , 3 MW VIPIEWIH 8LIVI
JSVI XLI XSXEP EQSYRX SJ R]PSR TVSHYGIH MW
K â K Ô KÂ K
)<%140) 'SRHIRWEXMSR 4SP]QIVMÊXMSR SJ 2]PSR
2]PSR [EW wVWX VITSVXIH F] ;EPPEGI ,YQI 'EVSXLIVW SJ HY 4SRX MR EFSYX
-R HY 4SRXtW 'LEVPIW 7XMRI VITSVXIH XLI HMWGSZIV] SJ XLMW wVWX W]R
XLIXMG wFIV XS E KVSYT SJ [SQIR KEXLIVIH JSV XLI 2I[ =SVO ;SVPHtW *EMV
8LI wVWX ETTPMGEXMSR [EW R]PSR WXSGOMRKW XLEX [IVI WXVSRK 8SHE] R]PSR MW YWIH
MR LYRHVIHW SJ ETTPMGEXMSRW 4VMSV XS R]PSR 'EVSXLIVW LEH HMWGSZIVIH RISTVIRI
ER IPEWXSQIV
(IKVII SJ 4SP]QIVMÊXMSR
8LI PMRIEV TSP]QIV R]PSR MW XS FI TVSHYGIH F] GSQFMRMRK K SJ 4SP]QIVW YRPMOI SVKERMG SV MRSVKERMG GSQTSYRHW HS RSX LEZI E w\IH QSPIGYPEV
LI\EQIXL]PIRI HMEQMRI ,1(% [MXL EHMTMG EGMH % GSRHIRWEXMSR VIEGXMSR [IMKLX *SV I\EQTPI TSP]IXL]PIRI QE] LEZI E QSPIGYPEV [IMKLX XLEX VERKIW JVSQ
XLIR TVSHYGIW XLI TSP]QIV 7LS[ LS[ XLMW VIEGXMSR SGGYVW ERH HIXIVQMRI XLI $ XS QMPPMSR 8LI EZIVEKI PIRKXL SJ E PMRIEV TSP]QIV MW VITVIWIRXIH F] XLI HIKVII
F]TVSHYGX XLEX JSVQW ,S[ QER] KVEQW SJ EHMTMG EGMH EVI RIIHIH ERH LS[ SJ TSP]QIVMÊXMSR SV XLI RYQFIV SJ VITIEX YRMXW MR XLI GLEMR 8LI HIKVII SJ TSP]QIVM
QYGL R]PSR MW TVSHYGIH EWWYQMRK IoGMIRG]# ÊXMSR GER EPWS FI HIwRIH EW
73098-32 EZIVEKI QSPIGYPEV [IMKLX SJ TSP]QIV

(IKVII SJ TSP]QIVMÊXMSR ÔÂ
8LI QSPIGYPEV WXVYGXYVIW SJ XLI QSRSQIVW EVI WLS[R FIPS[ 8LI PMRIEV R]PSR QSPIGYPEV [IMKLX SJ VITIEX YRMX
GLEMR MW TVSHYGIH [LIR E L]HVSKIR EXSQ JVSQ XLI LI\EQIXL]PIRI HMEQMRI
-J XLI TSP]QIV GSRXEMRW SRP] SRI X]TI SJ QSRSQIV XLI QSPIGYPEV [IMKLX SJ XLI VITIEX
GSQFMRIW [MXL ER 3, KVSYT JVSQ EHMTMG EGMH XS JSVQ E [EXIV QSPIGYPI
YRMX MW XLEX SJ XLI QSRSQIV -J XLI TSP]QIV GSRXEMRW QSVI XLER SRI X]TI SJ QSRSQIV
XLI QSPIGYPEV [IMKLX SJ XLI VITIEX YRMX MW XLI WYQ SJ XLI QSPIGYPEV [IMKLXW SJ XLI
QSRSQIVW PIWW XLI QSPIGYPEV [IMKLX SJ XLI F]TVSHYGX
8LI PIRKXL SJ XLI GLEMRW MR E PMRIEV TSP]QIV ZEVMIW GSRWMHIVEFP] 7SQI QE] FI UYMXI
WLSVX HYI XS IEVP] XIVQMREXMSR SXLIV QE] FI I\GITXMSREPP] PSRK ;I GER HIwRI ER
EZIVEKI QSPIGYPEV [IMKLX MR X[S [E]W
8LI [IMKLX EZIVEKI QSPIGYPEV [IMKLX MW SFXEMRIH F] HMZMHMRK XLI GLEMRW MRXS WMÎ
VERKIW ERH HIXIVQMRMRK XLI JVEGXMSR SJ GLEMRW LEZMRK QSPIGYPEV [IMKLXW [MXLMR XLEX
VERKI 8LI [IMKLX EZIVEKI QSPIGYPEV [IMKLX 1 [ MW
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1[ JM 1 M ÔÂ
[LIVI 1 M MW XLI QIER QSPIGYPEV [IMKLX SJ IEGL VERKI ERH JM MW XLI [IMKLX JVEGXMSR SJ XLI
TSP]QIV LEZMRK GLEMRW [MXLMR XLEX VERKI
8LI RYQFIV EZIVEKI QSPIGYPEV [IMKLX 1 R MW FEWIH SR XLI RYQFIV JVEGXMSR VEXLIV
2SXI XLEX XLI VIEGXMSR GER GSRXMRYI EX FSXL IRHW SJ XLI RI[ QSPIGYPI XLER XLI [IMKLX JVEGXMSR SJ XLI GLEMRW [MXLMR IEGL WMÎ VERKI -X MW EP[E]W WQEPPIV XLER
GSRWIUYIRXP] PSRK GLEMRW QE] JSVQ 8LMW TSP]QIV MW GEPPIH R]PSR FIGEYWI XLI [IMKLX EZIVEKI QSPIGYPEV [IMKLX ERH MW KMZIR F]
FSXL QSRSQIVW GSRXEMR WM\ GEVFSR EXSQW <
1R \M 1 M ÔÂ
(IKVII SJ 4SP]QIVMÊXMSR ' ,% 4 8)6 4SP]QIVW
[LIVI 1 M MW EKEMR XLI QIER QSPIGYPEV [IMKLX SJ IEGL WMÎ VERKI FYX \M MW XLI JVEGXMSR SJ
2YQFIV SJ 1IER 1
XLI XSXEP RYQFIV SJ GLEMRW [MXLMR IEGL VERKI )MXLIV 1 \ SV 1 R GER FI YWIH XS GEPGYPEXI 'LEMRW TIV 'LEMR \M \M 1M ;IMKLX JM JM 1M
XLI HIKVII SJ TSP]QIVMÊXMSR
8LI X[S JSPPS[MRK I\EQTPIW MPPYWXVEXI XLIWI GSRGITXW

)<%140) (IKVII SJ 4SP]QIVMÊXMSR JSV 2]PSR

4 4 4 4 4 4
'EPGYPEXI XLI HIKVII SJ TSP]QIVMÊXMSR MJ R]PSR LEW E QSPIGYPEV [IMKLX SJ
KQSP <
1R \M 1 M K!QSP
73098-32 <
1[ JM 1 M K!QSP
8LI VIEGXMSR F] [LMGL R]PSR MW TVSHYGIH [EW HIWGVMFIH MR )\EQTPI
,I\EQIXL]PIRI HMEQMRI ERH EHMTMG EGMH GSQFMRI ERH VIPIEWI E QSPIGYPI SJ
[EXIV ;LIR E PSRK GLEMR JSVQW XLIVI MW SR ER EZIVEKI SRI [EXIV QSPIGYPI 8LI [IMKLX EZIVEKI QSPIGYPEV [IMKLX MW PEVKIV XLER XLI RYQFIV EZIVEKI
VIPIEWIH JSV IEGL VIEGXMRK QSPIGYPI 8LI QSPIGYPEV [IMKLXW EVI KQSP JSV QSPIGYPEV [IMKLX
LI\EQIXL]PIRI HMEQMRI KQSP JSV EHMTMG EGMH ERH KQSP JSV [EXIV 8LI
VITIEX YRMX JSV R]PSR MW
8]TMGEP 8LIVQSTPEWXMGW

7SQI SJ XLI X]TMGEP QIGLERMGEP TVSTIVXMIW SJ X]TMGEP XLIVQSTPEWXMGW EVI WLS[R MR 8EFPI

8LI QSPIGYPEV [IMKLX SJ XLI VITIEX YRMX MW XLI WYQ SJ XLI QSPIGYPEV [IMKLXW
SJ XLI X[S QSRSQIVW QMRYW XLEX SJ XLI X[S [EXIV QSPIGYPIW XLEX EVI IZSPZIH
8%&0) 4VSTIVXMIW SJ WIPIGXIH XLIVQSTPEWXMGW
1 VITIEX YRMX â ÔÂ K!QSP
8IRWMPI )PEWXMG -^SH
7XVIRKXL 1SHYPYW (IRWMX] -QTEGX
(IKVII SJ TSP]QIVMÊXMSR TWM )PSRKEXMSR TWM KGQ JX PFMR

8LI HIKVII SJ TSP]QIVMÊXMSR VIJIVW XS XLI XSXEP RYQFIV SJ VITIEX YRMXW MR 4SP]IXL]PIRI 4)
XLI GLEMR 8LI GLEMR GSRXEMRW LI\EQIXL]PIRI HMEQMRI ERH EHMTMG EGMH 0S[HIRWMX]
QSPIGYPIW ,MKLHIRWMX]
9PXVELMKL QSPIGYPEV [IMKLX
4SP]ZMR]P GLPSVMHI 4:'
4SP]TVST]PIRI 44
4SP]WX]VIRI 47
)<%140) 2YQFIV ERH ;IMKLX %ZIVEKI 1SPIGYPEV ;IMKLXW
4SP]EGV]PSRMXVMPI 4%2
;I LEZI E TSP]IXL]PIRI WEQTPI GSRXEMRMRK GLEMRW [MXL QSPIGYPEV [IMKLXW 4SP]QIXL]P QIXLEGV]PEXI 411%
FIX[IIR ERH KQSP GLEMRW [MXL QSPIGYPEV [IMKLXW FIX[IIR EGV]PMG 4PI\MKPEW
ERH KQSP GLEMRW [MXL QSPIGYPEV [IMKLXW FIX[IIR ERH 4SP]GLPSVSXVMJPYSVSIXL]PIRI
4SP]XIXVEJPYSVSIXL]PIRI
KQSP ERH GLEMRW [MXL QSPIGYPEV [IMKLXW FIX[IIR ERH
48*) 8IJPSR
KQSP (IXIVQMRI FSXL XLI RYQFIV ERH [IMKLX EZIVEKI QSPIGYPEV
4SP]S\]QIXL]PIRI 431
[IMKLXW EGIXEP
4SP]EQMHI 4%
73098-32 R]PSR
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SJ XLI JSYV VERKIW *SV GEPGYPEXMRK \ M [I WMQTP] HMZMHI XLI RYQFIV MR IEGL VERKI 4SP]GEVFSREXI 4'
F] XLI XSXEP RYQFIV SJ GLEMRW 8S wRH JM [I wVWX QYPXMTP] XLI RYQFIV 4SP]MQMHI 4-
4SP]IXLIVIXLIVOIXSRI 4))/
SJ GLEMRW F] XLI QIER QSPIGYPEV [IMKLX SJ XLI GLEMRW MR IEGL VERKI KMZMRK XLI
4SP]TLIR]PIRI WYPJMHI 447
ss[IMKLXtt SJ IEGL KVSYT XLIR wRH JM F] HMZMHMRK F] XLI XSXEP [IMKLX SJ
4SP]IXLIV WYPJSRI 4)7
;I GER XLIR YWI )UYEXMSRW ERH XS wRH XLI QSPIGYPEV [IMKLXW 4SP]EQMHIMQMHI 4%-
8]TMGEP 8LIVQSTPEWXMGW ' ,% 4 8)6 4SP]QIVW
&IGEYWI FSRHMRK [MXLMR XLI GLEMRW MW WXVSRKIV VSXEXMSR ERH WPMHMRK SJ XLI GLEMRW MW
QSVI HMoGYPX PIEHMRK XS LMKLIV WXVIRKXLW LMKLIV WXMRIWWIW ERH LMKLIV QIPXMRK TSMRXW 8%&0) 6ITIEX YRMXW ERH ETTPMGEXMSRW JSV GSQTPI\ XLIVQSTPEWXMGW
XLER XLI WMQTPIV EHHMXMSR TSP]QIVW 8EFPI -R WSQI GEWIW KSSH MQTEGX TVSTIVXMIW 4SP]QIV 6ITIEX 9RMX %TTPMGEXMSRW
GER FI KEMRIH JVSQ XLIWI GSQTPI\ GLEMRW [MXL TSP]GEVFSREXIW FIMRK TEVXMGYPEVP]
VIQEVOEFPI 4SP]GEVFSREXIW 0I\ER 81 1IVPSR 81 ERH 7TEVPY\81 EVI YWIH XS QEOI 4SP]S\]QIXL]PIRI 4PYQFMRK JM\XYVIW TIRW
FYPPIXTVSSJ [MRHS[W GSQTEGX HMWOW JSV HEXE WXSVEKI ERH MR QER] SXLIV ETTPMGEXMSRW EGIXEP 431 FIEVMRKW KIEVW JER
FPEHIW
8%&0) 6ITIEX YRMXW ERH ETTPMGEXMSRW JSV WIPIGXIH EHHMXMSR XLIVQSTPEWXMGW 4SP]EQMHI R]PSR &IEVMRKW KIEVW JMFIVW
4% VSTI EYXSQSXMZI
4SP]QIV 6ITIEX 9RMX %TTPMGEXMSR 4SP]QIV 6ITIEX 9RMX %TTPMGEXMSR
GSQTSRIRXW IPIGXVMGEP
GSQTSRIRXW
4SP]IXL]PIRI 4EGOMRK JMPQW [MVI 4SP]EGV]PSRMXVMPI 8I\XMPI JMFIVW
4) MRWYPEXMSR WUYIIÎ 4%2 TVIGYVWSV JSV 4SP]IWXIV 4)8 *MFIVW TLSXSKVETLMG JMPQ
FSXXPIW XYFMRK GEVFSR JMFIVW VIGSVHMRK XETI FSMPMR
LSYWILSPH MXIQW JSSH GSRXEMRIV FEK GSRXEMRIVW
FIZIVEKI GSRXEMRIVW
4SP]ZMR]P 4MTI ZEPZIW JMXXMRKW 4SP]QIXL]P ;MRHS[W
GLPSVMHI JPSSV XMPI [MVI QIXLEGV]PEXI [MRHWLMIPHW 4SP]GEVFSREXI 4' )PIGXVMGEP ERH ETTPMERGI
4:' MRWYPEXMSR ZMR]P 411% GSEXMRKW LEVH LSYWMRKW EYXSQSXMZI
EYXSQSFMPI VSSJW EGV]PMG GSRXEGX PIRWIW GSQTSRIRXW JSSXFEPP
4PI\MKPEW PMKLXIH WMKRW LIPQIXW VIXYVREFPI
FSXXPIW
4SP]MQMHI 4- %HLIWMZIW GMVGYMX FSEVHW

JMFIVW JSV WTEGI WLYXXPI
4SP]TVST]PIRI 8EROW GEVTIX JMFIVW
44 VSTI TEGOEKMRK
4SP]IXLIVIXLIVOIXSRI ,MKLXIQTIVEXYVI
4))/ IPIGXVMGEP MRWYPEXMSR
4SP]WX]VIRI 4EGOEKMRK ERH 4SP]GLPSVSXVM :EPZI GSQTSRIRXW
ERH GSEXMRKW
47 MRWYPEXMSR JSEQW JPYSVSIXL]PIRI KEWOIXW XYFMRK
PMKLXMRK TERIPW IPIGXVMGEP 4SP]TLIR]PIRI 'SEXMRKW JPYMHLERHPMRK
ETTPMERGI MRWYPEXMSR WYPJMHI 447 GSQTSRIRXW IPIGXVSRMG
GSQTSRIRXW IKK GSQTSRIRXW LEMV HV]IV
GEVXSRW GSQTSRIRXW
4SP]XIXVEJPYSVS 7IEPW ZEPZIW 4SP]IXLIV WYPJSRI )PIGXVMGEP GSQTSRIRXW
IXL]PIRI RSRWXMGO 4)7 GSJJIIQEOIVW LEMV
8IJPSR GSEXMRKW HV]IVW QMGVS[EZI SZIR
48*) GSQTSRIRXW
4SP]EQMHIMQMHI )PIGXVSRMG GSQTSRIRXW

4%- EIVSWTEGI ERH
EYXSQSXMZI
8LIVQSTPEWXMGW [MXL 'SQTPI\ 7XVYGXYVIW % PEVKI RYQFIV SJ TSP]QIVW XLEX X]TMGEPP]
ETTPMGEXMSRW
EVI YWIH JSV WTIGMEP ETTPMGEXMSRW ERH MR VIPEXMZIP] WQEPP UYERXMXMIW EVI JSVQIH JVSQ
GSQTPI\ QSRSQIVW SJXIR F] XLI GSRHIRWEXMSR QIGLERMWQ 3\]KIR RMXVSKIR WYPJYV
ERH FIRÎRI VMRKW SV EVSQEXMG KVSYTW QE] FI MRGSVTSVEXIH MRXS XLI GLEMR 8EFPI
WLS[W XLI VITIEX YRMXW ERH X]TMGEP ETTPMGEXMSRW JSV E RYQFIV SJ XLIWI GSQTPI\ TSP]
QIVW 4SP]S\]QIXL]PIRI SV EGIXEP MW E WMQTPI I\EQTPI MR [LMGL XLI FEGOFSRI SJ XLI
TSP]QIV GLEMR GSRXEMRW EPXIVREXMRK GEVFSR ERH S\]KIR EXSQW % RYQFIV SJ XLIWI TSP]
QIVW MRGPYHMRK TSP]MQMHIW ERH TSP]IXLIVIXLIVOIXSRI 4))/ EVI MQTSVXERX EIVSWTEGI
QEXIVMEPW
7XVYGXYVIi4VSTIVX] 6IPEXMSRWLMTW MR 8LIVQSTPEWXMGW ' ,% 4 8)6 4SP]QIVW
ORS[R EW TPEWXMGMÎVW ;LIR 4:' GSRXEMRW XLIWI GSQTSYRHW XLI KPEWW XIQTIVEXYVI MW
7XVYGXYVI i 4VSTIVX] 6IPEXMSRWLMTW MR 8LIVQSTPEWXMGW PS[IVIH 8LMW QEOIW 4:' QSVI HYGXMPI ERH [SVOEFPI ERH MW ORS[R EW ZMR]P RSX XS FI
GSRJYWIH [MXL XLI ZMR]P KVSYT QIRXMSRIH LIVI ERH MR SXLIV TPEGIW 4:' MW YWIH XS
(IKVII SJ 4SP]QIVMÊXMSR -R KIRIVEP JSV E KMZIR X]TI SJ XLIVQSTPEWXMG IK TSP] QEOI XLVIIVMRK FMRHIVW TMTIW XMPIW ERH GPIEV 8]KSR 81 XYFMRK
IXL]PIRI XLI XIRWMPI WXVIRKXL GVIIT VIWMWXERGI MQTEGX XSYKLRIWW [IEV VIWMWXERGI ERH -R TSP]XIXVExYSVSIXL]PIRI 48*) SV 8IxSR 81 EPP JSYV L]HVSKIR EXSQW MR XLI
QIPXMRK XIQTIVEXYVI EPP MRGVIEWI [MXL MRGVIEWMRK EZIVEKI QSPIGYPEV [IMKLX SV HIKVII SJ TSP]IXL]PIRI WXVYGXYVI EVI VITPEGIH F] xYSVMRI 8LI QSRSQIV EKEMR MW W]QQIXVMGEP ERH
TSP]QIVMÊXMSR 8LI MRGVIEWIW MR XLIWI TVSTIVXMIW EVI RSX PMRIEV %W XLI EZIVEKI QSPI XLI WXVIRKXL SJ XLI TSP]QIV MW RSX QYGL KVIEXIV XLER XLEX SJ TSP]IXL]PIRI ,S[IZIV XLI
GYPEV [IMKLX MRGVIEWIW XLI QIPXMRK XIQTIVEXYVI MRGVIEWIW ERH XLMW QEOIW XLI TVSGIWWMRK '* FSRH TIVQMXW 48*) XS LEZI E LMKL QIPXMRK TSMRX [MXL XLI EHHIH FIRIwX SJ PS[
QSVI HMoGYPX -R JEGX [I GER QEOI YWI SJ E FMQSHEP QSPIGYPEV [IMKLX HMWXVMFYXMSR MR JVMGXMSR RSRWXMGO GLEVEGXIVMWXMGW XLEX QEOI XLI TSP]QIV YWIJYP JSV FIEVMRKW ERH GSSO
TSP]QIV TVSGIWWMRK 3RI GSQTSRIRX LEW PS[IV QSPIGYPEV [IMKLX ERH LIPTW QIPXMRK -R [EVI 8IxSR 81 [EW MRZIRXIH F] EGGMHIRX F] 6S] 4PYROIXX [LS [EW [SVOMRK [MXL
GIVXEMR ETTPMGEXMSRW IK TSP]WX]VIRI JSV GSII GYTW MX MW MQTSVXERX XS IRWYVI XLEX XLI XIXVExYSVSIXL]PIRI KEW ,I JSYRH E XIXVExYSVSIXL]PIRI KEW G]PMRHIV XLEX LEH RS TVIW
VIWMHYEP QSRSQIV GSRGIRXVEXMSR MW I\XVIQIP] WQEPP TTQ FIGEYWI SJ XLI XS\MGMX] WYVI ERH XLYW WIIQIH IQTX] FYX [EW WXMPP LIEZ] 8LI KEW MRWMHI LEH TSP]QIVMÎH MRXS
GSRGIVRW WSPMH 8IxSR 81
&VERGLMRK TVIZIRXW HIRWI TEGOMRK SJ XLI GLEMRW XLIVIF] VIHYGMRK XLI HIRWMX] WXM
)JJIGX SJ 7MHI +VSYTW -R TSP]IXL]PIRI XLI PMRIEV GLEMRW IEWMP] VSXEXI ERH WPMHI [LIR RIWW ERH WXVIRKXL SJ XLI TSP]QIV 0S[HIRWMX] 0( TSP]IXL]PIRI [LMGL LEW QER]
WXVIWW MW ETTPMIH ERH RS WXVSRK TSPEV FSRHW EVI JSVQIH FIX[IIR XLI GLEMRW XLYW TSP] FVERGLIW MW [IEOIV XLER LMKLHIRWMX] ,( TSP]IXL]PIRI [LMGL LEW ZMVXYEPP] RS
IXL]PIRI LEW E PS[ WXVIRKXL FVERGLMRK 8EFPI
:MR]P GSQTSYRHW LEZI SRI SJ XLI L]HVSKIR EXSQW VITPEGIH [MXL E HMIVIRX EXSQ SV
EXSQ KVSYT ;LIR 6 MR XLI WMHI KVSYT MW GLPSVMRI [I TVSHYGI TSP]ZMR]P GLPSVMHI 'V]WXEPPMÊXMSR ERH (IJSVQEXMSR 'V]WXEPPMRMX] MW MQTSVXERX MR TSP]QIVW WMRGI MX EIGXW
4:' [LIR XLI WMHI KVSYT MW ', [I TVSHYGI TSP]TVST]PIRI 44 EHHMXMSR SJ E QIGLERMGEP ERH STXMGEP TVSTIVXMIW 'V]WXEPPMRMX] IZSPZIW MR XLI TVSGIWWMRK SJ TSP]QIVW
FIRÎRI VMRK EW E WMHI KVSYT KMZIW TSP]WX]VIRI 47 ERH E '2 KVSYT TVSHYGIW TSP] EW E VIWYPX SJ XIQTIVEXYVI GLERKIW ERH ETTPMIH WXVIWW IK JSVQEXMSR SJ 4)8 FSXXPIW -J
EGV]PSRMXVMPI 4%2 +IRIVEPP] E LIEHXSXEMP EVVERKIQIRX SJ XLI VITIEX YRMXW MR XLI GV]WXEPPMRI VIKMSRW FIGSQI XSS PEVKI XLI] FIKMR XS WGEXXIV PMKLX ERH QEOI XLI TPEWXMG
TSP]QIVW MW SFXEMRIH *MKYVI ;LIR X[S SJ XLI L]HVSKIR EXSQW EVI VITPEGIH XLI XVERWPYGIRX 3J GSYVWI MR GIVXEMR WTIGMEP TSP]QIVW PSGEPMÎH VIKMSRW GV]WXEPPMÎ MR VI
QSRSQIV MW E ZMR]PMHIRI GSQTSYRH MQTSVXERX I\EQTPIW SJ [LMGL MRGPYHI TSP] WTSRWI XS ER ETTPMIH IPIGXVMG wIPH ERH XLMW MW XLI TVMRGMTPI F] [LMGL XLI PMUYMH GV]WXEP
ZMR]PMHIRI GLPSVMHI XLI FEWMW JSV 7EVER ;VET 81 ERH TSP]QIXL]P QIXLEGV]PEXI EGV]PMGW HMWTPE]W [SVO %W [I LEZI HMWGYWWIH TVIZMSYWP] IRGSYVEKMRK GV]WXEPPMÊXMSR SJ XLI
WYGL EW 0YGMXI 81 ERH 4PI\MKPEW 81 TSP]QIV EPWS LIPTW XS MRGVIEWI HIRWMX] VIWMWXERGI XS GLIQMGEP EXXEGO ERH QIGLERMGEP
TVSTIVXMIWh IZIR EX LMKLIV XIQTIVEXYVIWh FIGEYWI SJ XLI WXVSRKIV FSRHMRK FIX[IIR XLI
GLEMRW -R EHHMXMSR HIJSVQEXMSR WXVEMKLXIRW ERH EPMKRW XLI GLEMRW TVSHYGMRK E TVI
JIVVIH SVMIRXEXMSR (IJSVQEXMSR SJ E TSP]QIV MW SJXIR YWIH MR TVSHYGMRK wFIVW LEZMRK
QIGLERMGEP TVSTIVXMIW MR XLI HMVIGXMSR SJ XLI wFIV XLEX I\GIIH XLSWI SJ QER] QIXEPW ERH
GIVEQMGW 8LMW XI\XYVI WXVIRKXLIRMRK 'LETXIV MR JEGX TPE]IH E OI] VSPI MR XLI HMW
GSZIV] SJ R]PSR wFIVW (YVMRK XLIMV TVSGIWWMRK 4)8 FSXXPIW HIZIPST E FME\MEP XI\XYVI
ERH WXVIRKXL EPSRK XLI VEHMEP ERH PIRKXL HMVIGXMSR
8LI IIGXW SJ EHHMRK SXLIV EXSQW SV EXSQ KVSYTW XS XLI GEVFSR FEGOFSRI MR TPEGI
8EGXMGMX] ;LIR E TSP]QIV MW JSVQIH JVSQ RSRW]QQIXVMGEP VITIEX YRMXW XLI WXVYGXYVI
SJ L]HVSKIR EXSQW EVI MPPYWXVEXIH F] XLI X]TMGEP TVSTIVXMIW KMZIR MR 8EFPI 0EVKIV
ERH TVSTIVXMIW EVI HIXIVQMRIH F] XLI PSGEXMSR SJ XLI RSRW]QQIXVMGEP EXSQW SV EXSQ
EXSQW WYGL EW GLPSVMRI SV KVSYTW SJ EXSQW WYGL EW QIXL]P ', ERH FIRÎRI QEOI
KVSYTW 8LMW GSRHMXMSR MW GEPPIH XEGXMGMX] SV WXIVISMWSQIVMWQ -R XLI W]RHMSXEGXMG EV
MX QSVI HMoGYPX JSV XLI GLEMRW XS VSXEXI YRGSMP HMWIRXERKPI ERH HIJSVQ F] ZMWGSYW
VERKIQIRX XLI EXSQW SV EXSQ KVSYTW EPXIVREXMZIP] SGGYT] TSWMXMSRW SR STTSWMXI WMHIW
xS[ [LIR E WXVIWW MW ETTPMIH SV [LIR XLI XIQTIVEXYVI MW MRGVIEWIH 8LMW GSRHMXMSR PIEHW
SJ XLI PMRIEV GLEMR 8LI EXSQW EVI EPP SR XLI WEQI WMHI SJ XLI GLEMR MR MWSXEGXMG TSP]QIVW
XS LMKLIV WXVIRKXL WXMRIWW ERH QIPXMRK XIQTIVEXYVI XLER XLSWI JSV TSP]IXL]PIRI 8LI
[LIVIEW XLI EVVERKIQIRX SJ XLI EXSQW MW VERHSQ MR EXEGXMG TSP]QIVW *MKYVI
GLPSVMRI EXSQ MR 4:' ERH XLI GEVFSRRMXVSKIR KVSYT MR 4%2 EVI WXVSRKP] EXXVEGXIH
8LI EXEGXMG WXVYGXYVI [LMGL MW XLI PIEWX VIKYPEV ERH PIEWX TVIHMGXEFPI XIRHW XS KMZI
F] L]HVSKIR FSRHMRK XS L]HVSKIR EXSQW SR EHNEGIRX GLEMRW 8LMW JSV I\EQTPI MW XLI
TSSV TEGOMRK PS[ HIRWMX] PS[ WXVIRKXL ERH WXMRIWW ERH TSSV VIWMWXERGI XS LIEX SV
VIEWSR [L] 4:' MW QSVI VMKMH XLER QER] SXLIV XLIVQSTPEWXMGW 8LI [E] XS KIX EVSYRH
GLIQMGEP EXXEGO %XEGXMG TSP]QIVW EVI QSVI PMOIP] XS LEZI ER EQSVTLSYW WXVYGXYVI [MXL
XLI VMKMHMX] SJ 4:' MW XS EHH PS[ QSPIGYPEV [IMKLX GSQTSYRHW WYGL EW TLXLEPEXI IWXIVW
E VIPEXMZIP] LMKL KPEWW XIQTIVEXYVI %R MQTSVXERX I\EQTPI SJ XLI MQTSVXERGI SJ XEGXMGMX]
SGGYVW MR TSP]TVST]PIRI %XEGXMG TSP]TVST]PIRI MW ER EQSVTLSYW [E\PMOI TSP]QIV [MXL
TSSV QIGLERMGEP TVSTIVXMIW [LIVIEW MWSXEGXMG TSP]TVST]PIRI QE] GV]WXEPPMÎ ERH MW SRI
*MKYVI
SJ XLI QSWX [MHIP] YWIH GSQQIVGMEP TSP]QIVW
,IEHXSXEMP ZIVWYW LIEHXSLIEH
EVVERKIQIRX SJ VITIEX YRMXW 8LI LIEHXS 'STSP]QIVW 7MQMPEV XS XLI GSRGITX SJ WSPMH WSPYXMSRW SV XLI MHIE SJ GSQTSWMXIW PMRIEV
XEMP EVVERKIQIRX MW QSWX X]TMGEP
EHHMXMSR GLEMRW GSQTSWIH SJ X[S SV QSVI X]TIW SJ QSPIGYPIW GER FI EVVERKIH XS JSVQ
GSTSP]QIVW 8LMW MW E ZIV] TS[IVJYP [E] XS FPIRH TVSTIVXMIW SJ HMIVIRX TSP]QIVW 8LI
EVVERKIQIRX SJ XLI QSRSQIVW MR E GSTSP]QIV QE] XEOI WIZIVEP JSVQW *MKYVI
7XVYGXYVIi4VSTIVX] 6IPEXMSRWLMTW MR 8LIVQSTPEWXMGW ' ,% 4 8)6 4SP]QIVW
*MKYVI
8LVII TSWWMFPI EVVERKIQIRXW SJ
RSRW]QQIXVMGEP QSRSQIVW E MWSXEGXMG
F W]RHMSXEGXMG ERH G EXEGXMG
*MKYVI 'STSP]QIVMÊXMSR TVSHYGIW XLI TSP]QIV %&7 [LMGL MW VIEPP] QEHI YT SJ X[S
GSTSP]QIVW 7%2 ERH &7 KVEJXIH XSKIXLIV
8LIWI MRGPYHI EPXIVREXMRK VERHSQ FPSGO ERH KVEJXIH GSTSP]QIVW %&7 GSQTSWIH SJ
EGV]PSRMXVMPI FYXEHMIRI E W]RXLIXMG IPEWXSQIV ERH WX]VIRI MW SRI SJ XLI QSWX GSQQSR
TSP]QIV QEXIVMEPW *MKYVI 7X]VIRI ERH EGV]PSRMXVMPI JSVQ E PMRIEV GSTSP]QIV
7%2 XLEX WIVZIW EW E QEXVM\ 7X]VIRI ERH FYXEHMIRI EPWS JSVQ E PMRIEV GSTSP]QIV &7
VYFFIV [LMGL EGXW EW XLI wPPIV QEXIVMEP 8LI GSQFMREXMSR SJ XLI X[S GSTSP]QIVW KMZIW
%&7 ER I\GIPPIRX GSQFMREXMSR SJ WXVIRKXL VMKMHMX] ERH XSYKLRIWW %RSXLIV GSQQSR
GSTSP]QIV GSRXEMRW VITIEX YRMXW SJ IXL]PIRI ERH TVST]PIRI ;LIVIEW TSP]IXL]PIRI ERH
TSP]TVST]PIRI EVI FSXL IEWMP] GV]WXEPPMÎH XLI GSTSP]QIV VIQEMRW EQSVTLSYW ;LIR
XLMW GSTSP]QIV MW GVSWWPMROIH MX FILEZIW EW ER IPEWXSQIV (]PEVO 81 MW E GSTSP]QIV SJ
QEPIMG ERL]HVMHI ERH WX]VIRI 7X]VIRI TVSZMHIW XSYKLRIWW [LMPI QEPIMG ERL]HVMHI TVS
ZMHIW LMKLXIQTIVEXYVI TVSTIVXMIW 'EVFSR FPEGO JSV TVSXIGXMSR JVSQ YPXVEZMSPIX VE]W
ERH IRLERGMRK WXMRIWW VYFFIV JSV XSYKLRIWW ERH KPEWW wFIVW JSV WXMRIWW EVI EHHIH
XS XLI (]PEVO 81 GSTSP]QIV -X MW YWIH XS QEOI MRWXVYQIRX TERIPW JSV GEV HEWLFSEVHW
8LI (]PEVO 81 TPEWXMG MW XLIR GSEXIH [MXL ZMR]P XLEX TVSZMHIW E WQSSXL ERH WSJX wRMWL
&PIRHMRK ERH %PPS]MRK ;I GER MQTVSZI XLI QIGLERMGEP TVSTIVXMIW SJ QER] SJ XLI
XLIVQSTPEWXMGW F] FPIRHMRK SV EPPS]MRK &] QM\MRK ER MQQMWGMFPI IPEWXSQIV [MXL XLI
XLIVQSTPEWXMG [I TVSHYGI E X[STLEWI TSP]QIV EW [I JSYRH MR %&7 8LI IPEWXSQIV
HSIW RSX IRXIV XLI WXVYGXYVI EW E GSTSP]QIV FYX MRWXIEH LIPTW XS EFWSVF IRIVK] ERH
MQTVSZI XSYKLRIWW 4SP]GEVFSREXIW YWIH XS TVSHYGI XVERWTEVIRX EMVGVEJX GERSTMIW EVI
EPWS XSYKLIRIH F] IPEWXSQIVW MR XLMW QERRIV
0MUYMH 'V]WXEPPMRI 4SP]QIVW 7SQI SJ XLI GSQTPI\ XLIVQSTPEWXMG GLEMRW FIGSQI WS WXM
XLEX XLI] EGX EW VMKMH VSHW IZIR [LIR LIEXIH EFSZI XLI QIPXMRK TSMRX 8LIWI QEXIVMEPW
EVI PMUYMH GV]WXEPPMRI TSP]QIVW 0'4W 7SQI EVSQEXMG TSP]IWXIVW ERH EVSQEXMG TSP]
EQMHIW SV EVEQMHW EVI I\EQTPIW SJ PMUYMH GV]WXEPPMRI TSP]QIVW ERH EVI YWIH EW LMKL
WXVIRKXL wFIVW EW XS FI HMWGYWWIH MR 'LETXIV /IZPEV 81 ER EVSQEXMG TSP]EQMHI MW
XLI QSWX JEQMPMEV SJ XLI 0'4W ERH MW YWIH EW E VIMRJSVGMRK wFIV JSV EIVSWTEGI ETTPMGE
XMSRW ERH JSV FYPPIXTVSSJ ZIWXW 0MUYMH GV]WXEP TSP]QIVW EVI SJ GSYVWI YWIH XS QEOI
IPIGXVSRMG HMWTPE]W
)JJIGX SJ 8IQTIVEXYVI SR 8LIVQSTPEWXMGW

4VSTIVXMIW SJ XLIVQSTPEWXMGW GLERKI HITIRHMRK YTSR XIQTIVEXYVI ;I RIIH XS ORS[
LS[ XLIWI GLERKIW SGGYV FIGEYWI XLMW GER LIPT YW E FIXXIV HIWMKR GSQTSRIRXW ERH F
KYMHI XLI X]TI SJ TVSGIWWMRK XIGLRMUYIW XLEX RIIH XS FI YWIH 7IZIVEP GVMXMGEP XIQTIV
*MKYVI *SYV X]TIW SJ GSTSP]QIVW E EPXIVREXMRK QSRSQIVW F VERHSQ QSRSQIVW
EXYVIW ERH WXVYGXYVIW WYQQEVMÎH MR *MKYVIW ERH QE] FI SFWIVZIH
G FPSGO GSTSP]QIVW ERH H KVEJXIH GSTSP]QIVW 'MVGPIW SJ HMJJIVIRX GSPSVW SV WMÎW VITVIWIRX 8LIVQSTPEWXMGW GER FI EQSVTLSYW SV GV]WXEPPMRI SRGI XLI] GSSP FIPS[ XLI QIPXMRK
HMJJIVIRX QSRSQIVW XIQTIVEXYVI *MKYVI 1SWX SJXIR IRKMRIIVIH XLIVQSTPEWXMGW GSRWMWX SJ VIKMSRW
)JJIGX SJ 8IQTIVEXYVI SR 8LIVQSTPEWXMGW ' ,% 4 8)6 4SP]QIVW
(IKVEHEXMSR 8IQTIVEXYVI %X ZIV] LMKL XIQTIVEXYVIW XLI GSZEPIRX FSRHW FIX[IIR XLI
EXSQW MR XLI PMRIEV GLEMR QE] FI HIWXVS]IH ERH XLI TSP]QIV QE] FYVR SV GLEV -R
XLIVQSTPEWXMGW HIGSQTSWMXMSR SGGYVW MR XLI PMUYMH WXEXI MR XLIVQSWIXW XLI HIGSQTSWM
XMSR SGGYVW MR XLI WSPMH WXEXI 8LMW XIQTIVEXYVI 8H RSX WLS[R MR *MKYVI MW XLI
HIKVEHEXMSR SV HIGSQTSWMXMSR XIQTIVEXYVI ;LIR TPEWXMGW FYVR XLI] GVIEXI WQSOI
ERH XLEX MW HERKIVSYW 7SQI QEXIVMEPW WYGL EW PMQIWXSRI XEPG EPYQMRE IXG EHHIH XS
XLIVQSTPEWXMGW EVI XLIVQEP SV LIEX WXEFMPMÎVW 8LI] EFWSVF LIEX ERH TVSXIGX XLI TSP]
QIV QEXVM\ *MVI VIXEVHERX EHHMXMZIW WYGL EW L]HVEXIH EPYQMRE ERXMQSR] GSQTSYRHW
SV LEPSKIR GSQTSYRHW IK 1K&V 4'P EVI EHHIH XS VIXEVH XLI xEQQEFMPMX] SJ TSP]
QIVW 7SQI EHHMXMZIW VIXEVH wVI F] I\GPYHMRK S\]KIR FYX KIRIVEXI HERKIVSYW KEWIW ERH
EVI RSX ETTVSTVMEXI JSV GIVXEMR ETTPMGEXMSRW
)\TSWYVI XS SXLIV JSVQW SJ GLIQMGEPW SV IRIVK] IK S\]KIR YPXVEZMSPIX VEHMEXMSR
ERH EXXEGO F] FEGXIVME EPWS GEYWI E TSP]QIV XS HIKVEHI SV EKI WPS[P] IZIR EX PS[
XIQTIVEXYVIW 'EVFSR FPEGO YT XS $ MW SRI SJ XLI GSQQSRP] YWIH EHHMXMZIW XLEX
LIPTW MQTVSZI XLI VIWMWXERGI SJ TPEWXMGW XS YPXVEZMSPIX HIKVEHEXMSR
0MUYMH 4SP]QIVW 8LIVQSTPEWXMGW YWYEPP] HS RSX QIPX EX E TVIGMWI XIQTIVEXYVI -RWXIEH

XLIVI MW YWYEPP] E VERKI SJ XIQTIVEXYVIW SZIV [LMGL QIPXMRK SGGYVW 8LI ETTVS\MQEXI
QIPXMRK VERKIW SJ X]TMGEP TSP]QIVW EVI MRGPYHIH MR 8EFPI %X SV EFSZI XLI QIPXMRK
XIQTIVEXYVI 8Q FSRHMRK FIX[IIR XLI X[MWXIH ERH MRXIVX[MRIH GLEMRW MW [IEO -J E JSVGI
*MKYVI 8LI IJJIGX SJ XIQTIVEXYVI SR XLI WXVYGXYVI ERH FILEZMSV SJ XLIVQSTPEWXMGW MW ETTPMIH XLI GLEMRW WPMHI TEWX SRI ERSXLIV ERH XLI TSP]QIV xS[W [MXL ZMVXYEPP] RS
XLEX EVI EQSVTLSYW ERH GV]WXEPPMRI 8LI GV]WXEPPMRMX] MR XLIVQSTPEWXMGW GER FI MR 8%&0) 1IPXMRK KPEWW ERH TVSGIWWMRK XIQTIVEXYVI VERKIW ' JSV WIPIGXIH XLIVQSTPEWXMGW
XVSHYGIH F] XIQTIVEXYVI WPS[ GSSPMRK SV F] WXVIWWMRHYGIH GV]WXEPPMÊXMSR XLI ETTPMGE ERH IPEWXSQIVW
XMSR SJ WXVIWW XLEX GER YRXERKPI GLEMRW 'LETXIV 7MQMPEV XS HMWTIVWMSR WXVIRKXLIRMRK 1IPXMRK +PEWW 4VSGIWWMRK
SJ QIXEPPMG QEXIVMEPW XLI JSVQEXMSR SJ GV]WXEPPMRI VIKMSRW MR ER SXLIV[MWI EQSVTLSYW 8IQTIVEXYVI 8IQTIVEXYVI 8IQTIVEXYVI
QEXVM\ LIPTW MRGVIEWI XLI WXVIRKXL SJ XLIVQSTPEWXMGW -R X]TMGEP XLIVQSTPEWXMGW FSRHMRK 4SP]QIV 6ERKI 6ERKI 8K 6ERKI
[MXLMR XLI GLEMRW MW GSZEPIRX FYX XLI PSRK GSMPIH GLEMRW EVI LIPH XS SRI ERSXLIV F] [IEO
ZER HIV ;EEPW FSRHW ERH F] IRXERKPIQIRX ;LIR E XIRWMPI WXVIWW MW ETTPMIH XS XLI XLIV %HHMXMSR TSP]QIVW
0S[HIRWMX] 0( TSP]IXL]PIRI i XS i
QSTPEWXMG XLI [IEO FSRHMRK FIX[IIR XLI GLEMRW GER FI SZIVGSQI ERH XLI GLEMRW GER
,MKLHIRWMX] ,( TSP]IXL]PIRI i i
VSXEXI ERH WPMHI VIPEXMZI XS SRI ERSXLIV 8LI IEWI [MXL [LMGL XLI GLEMRW WPMHI HITIRHW SR
4SP]ZMR]P GLPSVMHI i
FSXL XIQTIVEXYVI ERH XLI TSP]QIV WXVYGXYVI 4SP]TVST]PIRI i XS i
4SP]WX]VIRI i
4SP]EGV]PSRMXVMPI
*MKYVI 4SP]XIXVEJPYSVSIXL]PIRI 8IJPSR
8LI IJJIGX SJ XIQTIVEXYVI SR XLI 4SP]GLPSVSXVMJPYSVSIXL]PIRI
QSHYPYW SJ IPEWXMGMX] JSV ER 4SP]QIXL]P QIXLEGV]PEXI EGV]PMG i
EQSVTLSYW XLIVQSTPEWXMG 2SXI XLEX
%GV]PSRMXVMPI FYXEHMIRI WX]VIRI %&7 i i
8K ERH 8Q EVI RSX JM\IH
'SRHIRWEXMSR TSP]QIVW
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R]PSR i i
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4SP]GEVFSREXI i
4SP]IWXIV
4SP]IXL]PIRI XIVITLXLEPEXI 4)8 i i i
)PEWXSQIVW
7MPMGSRI
4SP]FYXEHMIRI
4SP]GLPSVSTVIRI
4SP]MWSTVIRI
IPEWXMG WXVEMR 8LI WXVIRKXL ERH QSHYPYW SJ IPEWXMGMX] EVI RIEVP] ÎVS ERH XLI TSP]QIV MW *MKYVI
WYMXEFPI JSV GEWXMRK ERH QER] JSVQMRK TVSGIWWIW 1SWX XLIVQSTPEWXMG QIPXW EVI WLIEV 8LI JSPHIH GLEMR QSHIP JSV
XLMRRMRK MI XLIMV ETTEVIRX ZMWGSWMX] HIGVIEWIW [MXLMR ER MRGVIEWI MR XLI WXIEH]WXEXI GV]WXEPPMRMX] MR TSP]QIVW WLS[R MR
E X[S HMQIRWMSRW ERH F XLVII
WLIEV VEXI HMQIRWMSRW
6YFFIV] ERH 0IEXLIV] 7XEXIW &IPS[ XLI QIPXMRK XIQTIVEXYVI XLI TSP]QIV GLEMRW EVI
WXMPP X[MWXIH ERH MRXIVX[MRIH 8LIWI TSP]QIVW LEZI ER EQSVTLSYW WXVYGXYVI .YWX FIPS[
XLI QIPXMRK XIQTIVEXYVI XLI TSP]QIV FILEZIW MR E VYFFIV] QERRIV ;LIR WXVIWW MW
3FWIVZMRK ERH 1IEWYVMRK 'V]WXEPPMRMX] MR 4SP]QIVW 1ER] XLIVQSTPEWXMGW TEVXMEPP]
ETTPMIH FSXL IPEWXMG ERH TPEWXMG HIJSVQEXMSR SJ XLI TSP]QIV SGGYVW ;LIR XLI WXVIWW MW
GV]WXEPPMÎ [LIR GSSPIH FIPS[ XLI QIPXMRK XIQTIVEXYVI [MXL XLI GLEMRW FIGSQMRK
VIQSZIH XLI IPEWXMG HIJSVQEXMSR MW UYMGOP] VIGSZIVIH FYX XLI TSP]QIV MW TIVQERIRXP]
GPSWIP] EPMKRIH SZIV ETTVIGMEFPI HMWXERGIW % WLEVT MRGVIEWI MR XLI HIRWMX] SGGYVW EW XLI
HIJSVQIH HYI XS XLI QSZIQIRX SJ XLI GLEMRW 7SQI SJ XLMW HIJSVQEXMSR MW VIGSZIVIH
GSMPIH ERH MRXIVX[MRIH GLEMRW MR XLI PMUYMH EVI VIEVVERKIH MRXS E QSVI SVHIVP] GPSWI
SZIV E TIVMSH SJ XMQI 8LYW QER] TSP]QIVW I\LMFMX E ZMWGSIPEWXMG FILEZMSV 'LETXIV
TEGOIH WXVYGXYVI *MKYVI
0EVKI TIVQERIRX IPSRKEXMSRW GER FI EGLMIZIH TIVQMXXMRK XLI TSP]QIV XS FI JSVQIH MRXS
3RI QSHIP HIWGVMFMRK XLI EVVERKIQIRX SJ XLI GLEMRW MR E GV]WXEPPMRI TSP]QIV MW
YWIJYP WLETIW F] QSPHMRK ERH I\XVYWMSR
WLS[R MR *MKYVI -R XLMW JSPHIH GLEMR QSHIP XLI GLEMRW PSST FEGO SR XLIQWIPZIW
%X PS[IV XIQTIVEXYVIW FSRHMRK FIX[IIR XLI GLEMRW MW WXVSRKIV XLI TSP]QIV
[MXL IEGL PSST FIMRK ETTVS\MQEXIP] GEVFSR EXSQW PSRK 8LI JSPHIH GLEMR I\XIRHW
FIGSQIW WXMIV ERH WXVSRKIV ERH E PIEXLIV] FILEZMSV MW SFWIVZIH 1ER] SJ XLI GSQ
MR XLVII HMQIRWMSRW TVSHYGMRK XLMR TPEXIW SV PEQIPPEI 8LI GV]WXEPW GER XEOI ZEVMSYW
QIVGMEP TSP]QIVW MRGPYHMRK TSP]IXL]PIRI LEZI E YWIEFPI WXVIRKXL MR XLMW GSRHMXMSR
JSVQW [MXL XLI WTLIVYPMXMG WLETI WLS[R MR *MKYVI E FIMRK TEVXMGYPEVP] GSQQSR
+PEWW] 7XEXI &IPS[ XLI KPEWW XIQTIVEXYVI 8 K XLI PMRIEV EQSVTLSYW TSP]QIV FIGSQIW 8LI GV]WXEPW LEZI E YRMX GIPP XLEX HIWGVMFIW XLI VIKYPEV TEGOMRK SJ XLI GLEMRW 8LI GV]WXEP
LEVH FVMXXPI ERH KPEWWPMOI 8LMW MW EKEMR RSX E w\IH XIQTIVEXYVI FYX E VERKI SJ XIQ WXVYGXYVI JSV TSP]IXL]PIRI WLS[R MR *MKYVI F HIWGVMFIW SRI WYGL YRMX GIPP
TIVEXYVIW ;LIR XLI TSP]QIV GSSPW FIPS[ XLI KPEWW XIQTIVEXYVI GIVXEMR TVSTIVXMIWh 'V]WXEP WXVYGXYVIW JSV WIZIVEP TSP]QIVW EVI HIWGVMFIH MR 8EFPI 7SQI TSP]QIVW EVI
WYGL EW HIRWMX] SV QSHYPYW SJ IPEWXMGMX]h GLERKI EX E HMIVIRX VEXI *MKYVI TSP]QSVTLMG LEZMRK QSVI XLER SRI GV]WXEP WXVYGXYVI
%PXLSYKL KPEWW] TSP]QIVW LEZI TSSV HYGXMPMX] ERH JSVQEFMPMX] XLI] HS LEZI KSSH )ZIR MR GV]WXEPPMRI TSP]QIVW XLIVI EVI EP[E]W XLMR VIKMSRW FIX[IIR XLI PEQIPPEI EW
WXVIRKXL WXMRIWW ERH GVIIT VIWMWXERGI % RYQFIV SJ MQTSVXERX TSP]QIVW MRGPYHMRK [IPP EW FIX[IIR WTLIVYPMXIW XLEX EVI EQSVTLSYW XVERWMXMSR ^SRIW 8LI [IMKLX TIVGIRXEKI
TSP]WX]VIRI ERH TSP]ZMR]P GLPSVMHI LEZI KPEWW XIQTIVEXYVIW EFSZI VSSQ XIQTIVEXYVI
8EFPI
8LI KPEWW XIQTIVEXYVI MW X]TMGEPP] EFSYX XS XMQIW XLI EFWSPYXI QIPXMRK
XIQTIVEXYVI 8 Q 4SP]QIVW WYGL EW TSP]IXL]PIRI [LMGL LEZI RS GSQTPMGEXIH WMHI KVSYTW
EXXEGLIH XS XLI GEVFSR FEGOFSRI LEZI PS[ KPEWW XIQTIVEXYVIW IZIR FIPS[ VSSQ XIQ
TIVEXYVI GSQTEVIH [MXL TSP]QIVW WYGL EW TSP]WX]VIRI [LMGL LEZI QSVI GSQTPMGEXIH
WMHI KVSYTW
%W TSMRXIH SYX MR 'LETXIV QER] XLIVQSTPEWXMGW FIGSQI FVMXXPI EX PS[IV XIQTIV
EXYVIW 8LI FVMXXPIRIWW SJ XLI TSP]QIV YWIH JSV WSQI SJ XLI 3VMRKW YPXMQEXIP] GEYWIH XLI
'LEPPIRKIV HMWEWXIV 8LI PS[IV XIQTIVEXYVIW XLEX I\MWXIH HYVMRK XLI PEYRGL XMQI
GEYWIH XLI IQFVMXXPIQIRX SJ XLI VYFFIV 3VMRKW YWIH JSV XLI FSSWXIV VSGOIXW
*MKYVI
8LI VIPEXMSRWLMT FIX[IIR XLI HIRWMX]
ERH XLI XIQTIVEXYVI SJ XLI TSP]QIV
WLS[W XLI QIPXMRK ERH KPEWW *MKYVI E 4LSXSKVETL SJ WTLIVYPMXMG GV]WXEPW MR ER EQSVTLSYW QEXVM\ SJ R]PSR
XIQTIVEXYVIW 2SXI XLEX 8K ERH 8Q 7SYVGI *VSQ 6 &VMGO % 4IRWI ERH 6 +SVHSR 7XVYGXYVI ERH 4VSTIVXMIW SJ )RKMRIIVMRK
EVI RSX JM\IH VEXLIV XLI] EVI VERKIW 1EXIVMEPW XL )H 1G+VE[,MPP F 8LI YRMX GIPP SJ GV]WXEPPMRI TSP]IXL]PIRI
SJ XIQTIVEXYVIW
8%&0) 'V]WXEP WXVYGXYVIW SJ WIZIVEP TSP]QIVW

4SP]QIV 'V]WXEP 7XVYGXYVI 0EXXMGI 4EVEQIXIVW RQ
4SP]IXL]PIRI 3VXLSVLSQFMG E F G

4SP]TVST]PIRI 3VXLSVLSQFMG E F G
4SP]ZMR]P GLPSVMHI 3VXLSVLSQFMG E F G
4SP]MWSTVIRI GMW 3VXLSVLSQFMG E F G
SJ XLI WXVYGXYVI XLEX MW GV]WXEPPMRI GER FI GEPGYPEXIH JVSQ XLI HIRWMX] SJ XLI TSP]QIV
73098-32
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V ÔVG VE Â
GV]WXEPPMRMX] SJ XLI TSP]IXL]PIRI ;I GER YWI )UYEXMSR XS HIXIVQMRI XLI
[LIVI V MW XLI QIEWYVIH HIRWMX] SJ XLI TSP]QIV V E MW XLI HIRWMX] SJ EQSVTLSYW TSP]QIV GV]WXEPPMRMX] XLEX GSVVIWTSRHW XS XLI VIUYMVIH HIRWMX] VERKI 8S HS WS LS[IZIV
ERH VG MW XLI HIRWMX] SJ GSQTPIXIP] GV]WXEPPMRI TSP]QIV 7MQMPEVP] \VE] HMVEGXMSR [I QYWX ORS[ XLI HIRWMX] SJ GSQTPIXIP] GV]WXEPPMRI TSP]IXL]PIRI ;I GER YWI
<6( GER FI YWIH XS QIEWYVI XLI PIZIP SJ GV]WXEPPMRMX] ERH HIXIVQMREXMSR SJ PEXXMGI XLI HEXE MR 8EFPI XS GEPGYPEXI XLMW HIRWMX] MJ [I VIGSKRMÎ XLEX XLIVI EVI
GSRWXERXW JSV WMRKPI GV]WXEP TSP]QIVW X[S TSP]IXL]PIRI VITIEX YRMXW MR IEGL YRMX GIPP
%W XLI WMHI KVSYTW KIX QSVI GSQTPI\ MX FIGSQIW LEVHIV XS GV]WXEPPMÎ XLIVQS
TPEWXMGW *SV I\EQTPI TSP]IXL]PIRI , EW WMHI KVSYT GER FI GV]WXEPPMÎH QSVI IEWMP] Ô 'ÂÔÂ â Ô ,ÂÔÂ
VG K!GQ
XLER TSP]WX]VIRI FIRÎRI VMRK EW WMHI KVSYT ,MKLHIRWMX] TSP]IXL]PIRI ,(4) LEW E ÔÂÔÂÔÂÔ ÂÔ Â
LMKLIV PIZIP SJ GV]WXEPPMRX] ERH XLIVIJSVI E LMKLIV HIRWMX] KGG 0S[HIRWMX]
;I ORS[ XLEX VE KGQ ERH XLEX V ZEVMIW JVSQ XS KGQ 8LI
TSP]IXL]PIRI 0(4) LEW E HIRWMX] SJ KGG 8LI GV]WXEPPMRMX] ERH LIRGI XLI HIRWMX]
VIUYMVIH GV]WXEPPMRMX] XLIR ZEVMIW JVSQ
MR 0(4) MW PS[IV WMRGI XLI TSP]QIV MW FVERGLIH 8LYW FVERGLIH TSP]QIVW WLS[ PS[IV
PIZIPW SJ GV]WXEPPMRMX] % GSQTPIXIP] GV]WXEPPMRI TSP]QIV [SYPH RSX HMWTPE] E KPEWW XIQ ÔÂÔ Â
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TIVEXYVI LS[IZIV XLI EQSVTLSYW VIKMSRW MR WIQMGV]WXEPPMRI TSP]QIVW HS GLERKI XS E ÔÂÔ Â
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R]PSR ,(4) ERH TSP]TVST]PIRI EVI VIJIVVIH XS EW GV]WXEPPMRI IZIR XLSYKL XLI PIZIP SJ ÔÂÔ Â
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-X PSSOW XVERWTEVIRX ERH WLMR] XLSYKL ERH LIRGI XLI XVEHI REQI GV]WXEP TSP]WX]VIRI GV]WXEPPMRMX] FIX[IIR ERH
8LI JSPPS[MRK I\EQTPIW WLS[ LS[ TVSTIVXMIW SJ TPEWXMGW GER FI EGGSYRXIH JSV MR HMIV
IRX ETTPMGEXMSRW
)<%140) (IWMKR SJ E 4SP]QIV -RWYPEXMSR 1EXIVMEP

% WXSVEKI XERO JSV PMUYMH L]HVSKIR [MPP FI QEHI SJ QIXEP FYX [I [MWL XS GSEX
1IGLERMGEP 4VSTIVXMIW SJ 8LIVQSTPEWXMGW
XLI QIXEP [MXL E QQ XLMGORIWW SJ E TSP]QIV EW ER MRXIVQIHMEXI PE]IV FIX[IIR 1SWX XLIVQSTPEWXMGW QSPXIR ERH WSPMH I\LMFMX E RSR2I[XSRMER ERH ZMWGSIPEWXMG
XLI QIXEP ERH EHHMXMSREP MRWYPEXMSR PE]IVW 8LI XIQTIVEXYVI SJ XLI MRXIVQIHMEXI FILEZMSV 8LI FILEZMSV MW RSR2I[XSRMER MI XLI WXVIWW ERH WXVEMR EVI RSX PMRIEVP] VI
PE]IV QE] HVST XS ' (IWMKR E QEXIVMEP JSV XLMW PE]IV PEXIH JSV QSWX TEVXW SJ XLI WXVIWWWXVEMR GYVZI 8LI ZMWGSIPEWXMG FILEZMSV QIERW [LIR ER
I\XIVREP JSVGI MW ETTPMIH XS E XLIVQSTPEWXMG TSP]QIV FSXL IPEWXMG ERH TPEWXMG SV ZMWGSYW
73098-32 HIJSVQEXMSR SGGYVW 8LI QIGLERMGEP FILEZMSV MW GPSWIP] XMIH XS XLI QERRIV MR [LMGL XLI
;I [ERX XLI QEXIVMEP XS LEZI VIEWSREFPI HYGXMPMX] %W XLI XIQTIVEXYVI SJ XLI TSP]QIV GLEMRW QSZI VIPEXMZI XS SRI ERSXLIV YRHIV PSEH (IJSVQEXMSR MW QSVI GSQTPM
XERO GLERKIW WXVIWWIW HIZIPST MR XLI GSEXMRK HYI XS HMIVIRGIW MR XLIVQEP GEXIH MR XLIVQSTPEWXMGW 8LI HIJSVQEXMSR TVSGIWW HITIRHW SR FSXL XMQI ERH XLI VEXI EX
I\TERWMSR ERH [I HS RSX [ERX XLI TSP]QIV XS JEMP HYI XS XLIWI WXVIWWIW [LMGL XLI PSEH MW ETTPMIH *MKYVI WLS[W E WXVIWWWXVEMR GYVZI JSV R]PSR
% QEXIVMEP XLEX LEW KSSH HYGXMPMX] ERHSV GER YRHIVKS PEVKI IPEWXMG WXVEMRW MW
RIIHIH ;I XLIVIJSVI [SYPH TVIJIV IMXLIV E XLIVQSTPEWXMG XLEX LEW E KPEWW XIQ
TIVEXYVI FIPS[ ' SV ER IPEWXSQIV EPWS [MXL E KPEWW XIQTIVEXYVI FIPS[ *MKYVI
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FYXEHMIRI
;I QMKLX TVIJIV SRI SJ XLI IPEWXSQIVW JSV XLI] GER EGGSQQSHEXI XLIVQEP
WXVIWW F] IPEWXMG VEXLIV XLER TPEWXMG HIJSVQEXMSR
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% RI[ KVEHI SJ xI\MFPI MQTEGXVIWMWXERX TSP]IXL]PIRI JSV YWI EW E XLMR wPQ
VIUYMVIW E HIRWMX] SJ XS KGQ (IWMKR XLI TSP]IXL]PIRI VIUYMVIH
XS TVSHYGI XLIWI TVSTIVXMIW 8LI HIRWMX] SJ EQSVTLSYW TSP]IXL]PIRI MW EFSYX
KGQ
1IGLERMGEP 4VSTIVXMIW SJ 8LIVQSTPEWXMGW ' ,% 4 8)6 4SP]QIVW
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RMWQW %R ETTPMIH WXVIWW GEYWIW XLI GSZEPIRX FSRHW [MXLMR XLI GLEMR XS WXVIXGL ERH HMW
73098-32
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JVSQ XLMW HMWXSVXMSR MW EPQSWX MRWXERXERISYW 8LMW FILEZMSV MW WMQMPEV XS XLEX MR QIXEPW TSP]QIV
ERH GIVEQMGW [LMGL EPWS HIJSVQ IPEWXMGEPP] F] XLI WXVIXGLMRK SJ QIXEPPMG MSRMG SV GS
ZEPIRX FSRHW &YX MR EHHMXMSR IRXMVI WIKQIRXW SJ XLI TSP]QIV GLEMRW QE] FI HMWXSVXIH 8IRWMPI 1SHYPYW SJ
[LIR XLI WXVIWW MW VIQSZIH XLI WIKQIRXW QSZI FEGO XS XLIMV SVMKMREP TSWMXMSRW SRP] SZIV 7XVIRKXL )PEWXMGMX]
4SP]QIV TWM OWM 7XVYGXYVI
E TIVMSH SJ XMQIh SJXIR LSYVW SV IZIR QSRXLW 8LMW XMQIHITIRHIRX SV ZMWGSIPEWXMG
FILEZMSV QE] GSRXVMFYXI XS WSQI RSRPMRIEV IPEWXMG FILEZMSV 0( TSP]IXL]PIRI ,MKLP] FVERGLIH EQSVTLSYW WXVYGXYVI [MXL
W]QQIXVMGEP QSRSQIVW
4PEWXMG &ILEZMSV SJ %QSVTLSYW 8LIVQSTPEWXMGW 8LIWI TSP]QIVW HIJSVQ TPEWXMGEPP] ,( TSP]IXL]PIRI %QSVTLSYW WXVYGXYVI [MXL W]QQIXVMGEP QSRSQIVW
[LIR XLI WXVIWW I\GIIHW XLI ]MIPH WXVIRKXL 9RPMOI HIJSVQEXMSR MR XLI GEWI SJ QIXEPW FYX PMXXPI FVERGLMRK
LS[IZIV TPEWXMG HIJSVQEXMSR MW RSX E GSRWIUYIRGI SJ HMWPSGEXMSR QSZIQIRX -RWXIEH 4SP]TVST]PIRI %QSVTLSYW WXVYGXYVI [MXL WQEPP QIXL]P WMHI KVSYTW
GLEMRW WXVIXGL VSXEXI WPMHI ERH HMWIRXERKPI YRHIV PSEH XS GEYWI TIVQERIRX HIJSVQE 4SP]WX]VIRI %QSVTLSYW WXVYGXYVI [MXL FIRÎRI WMHI KVSYTW
XMSR 8LI HVST MR XLI WXVIWW FI]SRH XLI ]MIPH TSMRX GER FI I\TPEMRIH F] XLMW TLIRSQI 4SP]ZMR]P GLPSVMHI %QSVTLSYW WXVYGXYVI [MXL PEVKI GLPSVMRI EXSQW EW
RSR -RMXMEPP] XLI GLEMRW QE] FI LMKLP] XERKPIH ERH MRXIVX[MRIH ;LIR XLI WXVIWW MW WMHI KVSYTW
WYoGMIRXP] LMKL XLI GLEMRW FIKMR XS YRXERKPI ERH WXVEMKLXIR 2IGOMRK EPWS SGGYVW TIV
QMXXMRK GSRXMRYIH WPMHMRK SJ XLI GLEMRW EX E PIWWIV WXVIWW )ZIRXYEPP] LS[IZIV XLI GLEMRW ;I GER GSRGPYHI XLEX
FIGSQI EPQSWX TEVEPPIP ERH GPSWI XSKIXLIV WXVSRKIV ZER HIV ;EEPW FSRHMRK FIX[IIR XLI &VERGLMRK [LMGL VIHYGIW XLI HIRWMX] ERH GPSWI TEGOMRK SJ GLEMRW
QSVI GPSWIP] EPMKRIH GLEMRW VIUYMVIW LMKLIV WXVIWWIW XS GSQTPIXI XLI HIJSVQEXMSR ERH VIHYGIW XLI QIGLERMGEP TVSTIVXMIW SJ TSP]IXL]PIRI
JVEGXYVI TVSGIWW *MKYVI 8LMW X]TI SJ GV]WXEPPMÊXMSR HYI XS SVMIRXEXMSR TPE]IH ER
%HHMRK EXSQW SV EXSQ KVSYTW SXLIV XLER L]HVSKIR XS XLI GLEMR
MQTSVXERX VSPI MR XLI HMWGSZIV] SJ R]PSR EW E QEXIVMEP XS QEOI WXVSRK wFIVW
MRGVIEWIW WXVIRKXL ERH WXMRIWW 8LI QIXL]P KVSYT MR TSP]TVST]PIRI TVSZMHIW
WSQI MQTVSZIQIRX XLI FIRÎRI VMRK SJ WX]VIRI TVSZMHIW LMKLIV TVSTIVXMIW ERH
XLI GLPSVMRI EXSQ MR TSP]ZMR]P GLPSVMHI TVSZMHIW E PEVKI MRGVIEWI MR TVSTIVXMIW
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GLEVEGXIVMWXMGW 8LI XLIVQSTPEWXMG IPEWXSQIVW GSRWIUYIRXP] FILEZI EW SVHMREV] XLIVQS
8LIVQSTPEWXMG )PEWXSQIVW 84)W 8LMW MW E WTIGMEP KVSYT SJ TSP]QIVW XLEX HS RSX VIP] TPEWXMGW EX IPIZEXIH XIQTIVEXYVIW ERH EW IPEWXSQIVW EX PS[ XIQTIVEXYVIW 8LMW FILEZMSV
SR GVSWWPMROMRK XS TVSHYGI E PEVKI EQSYRX SJ IPEWXMG HIJSVQEXMSR *MKYVI WLS[W EPWS TIVQMXW XLI XLIVQSTPEWXMG IPEWXSQIVW XS FI QSVI IEWMP] VIG]GPIH XLER GSRZIRXMSREP
XLI WXVYGXYVI SJ E WX]VIRIFYXEHMIRI FPSGO GSTSP]QIV IRKMRIIVIH WS XLEX XLI WX]VIRI IPEWXSQIVW % YWIJYP xYSVSIPEWXSQIV JSV LMKL XIQTIVEXYVI ERH GSVVSWMZI IRZMVSRQIRXW
VITIEX YRMXW EVI PSGEXIH SRP] EX XLI IRHW SJ XLI GLEMRW %TTVS\MQEXIP] SJ XLI GLEMR MW :MXSR 81 -X MW YWIH JSV WIEPW 3VMRKW IXG
MW GSQTSWIH SJ WX]VIRI 8LI WX]VIRI IRHW SJ WIZIVEP GLEMRW JSVQ WTLIVMGEPWLETIH
HSQEMRW 8LI WX]VIRI LEW E LMKL KPEWW XIQTIVEXYVI GSRWIUYIRXP] XLI HSQEMRW EVI
WXVSRK ERH VMKMH ERH XMKLXP] LSPH XLI GLEMRW XSKIXLIV 6YFFIV] EVIEW GSRXEMRMRK FYXE
HMIRI VITIEX YRMXW EVI PSGEXIH FIX[IIR XLI WX]VIRI HSQEMRW XLIWI TSVXMSRW SJ XLI TSP] 8LIVQSWIXXMRK 4SP]QIVW
QIV LEZI E KPEWW XIQTIVEXYVI FIPS[ VSSQ XIQTIVEXYVI ERH XLIVIJSVI FILEZI MR E WSJX
VYFFIV] QERRIV )PEWXMG HIJSVQEXMSR SGGYVW F] VIGSZIVEFPI QSZIQIRX SJ XLI GLEMRW 8LIVQSWIXW EVI LMKLP] GVSWWPMROIH TSP]QIV GLEMRW XLEX JSVQ E XLVIIHMQIRWMSREP
LS[IZIV WPMHMRK SJ XLI GLEMRW EX RSVQEP XIQTIVEXYVIW MW TVIZIRXIH F] XLI WX]VIRI RIX[SVO WXVYGXYVI &IGEYWI XLI GLEMRW GERRSX VSXEXI SV WPMHI XLIWI TSP]QIVW TSWWIWW
HSQEMRW KSSH WXVIRKXL WXMRIWW ERH LEVHRIWW ,S[IZIV XLIVQSWIXW EPWS LEZI TSSV HYGXMPMX]
8LI WX]VIRIFYXEHMIRI FPSGO GSTSP]QIVW HMIV JVSQ XLI &7 VYFFIV HMWGYWWIH IEVPMIV ERH MQTEGX TVSTIVXMIW ERH E LMKL KPEWW XIQTIVEXYVI -R E XIRWMPI XIWX XLIVQSWIXXMRK
MR XLEX GVSWWPMROMRK SJ XLI FYXEHMIRI QSRSQIVW MW RSX RIGIWWEV] ERH MR JEGX MW YRHI TSP]QIVW HMWTPE] XLI WEQI FILEZMSV EW E FVMXXPI QIXEP SV E GIVEQMG
WMVEFPI ;LIR XLI XLIVQSTPEWXMG IPEWXSQIV MW LIEXIH XLI WX]VIRI LIEXW EFSZI XLI 8LIVQSWIXXMRK TSP]QIVW SJXIR FIKMR EW PMRIEV GLEMRW (ITIRHMRK SR XLI X]TI SJ
KPEWW XIQTIVEXYVI XLI HSQEMRW EVI HIWXVS]IH ERH XLI TSP]QIV HIJSVQW MR E ZMWGSYW VITIEX YRMXW ERH XLI HIKVII SJ TSP]QIVMÊXMSR XLI MRMXMEP TSP]QIV QE] FI IMXLIV E WSPMH
QERRIVh XLEX MW MX FILEZIW EW ER] SXLIV XLIVQSTPEWXMG QEOMRK JEFVMGEXMSR ZIV] IEW] SV E PMUYMH VIWMR MR WSQI GEWIW E X[S SV XLVIITEVX PMUYMH VIWMR MW YWIH EW MR XLI GEWI SJ
;LIR XLI TSP]QIV GSSPW XLI HSQEMRW VIJSVQ ERH XLI TSP]QIV VIZIVXW XS MXW IPEWXSQIV
8LIVQSWIXXMRK 4SP]QIVW ' ,% 4 8)6 4SP]QIVW
4LIRSPMGW 4LIRSPMGW XLI QSWX GSQQSRP] YWIH XLIVQSWIXW EVI SJXIR YWIH EW EHLIWMZIW
8%&0) *YRGXMSREP YRMXW ERH ETTPMGEXMSRW JSV WIPIGXIH XLIVQSWIXW GSEXMRKW PEQMREXIW ERH QSPHIH GSQTSRIRXW JSV IPIGXVMGEP SV QSXSV ETTPMGEXMSRW
4SP]QIV *YRGXMSREP 9RMXW 8]TMGEP %TTPMGEXMSRW &EOIPMXI 81 MW SRI SJ XLI GSQQSR TLIRSPMG XLIVQSWIXW % GSRHIRWEXMSR VIEGXMSR
NSMRMRK TLIRSP ERH JSVQEPHIL]HI QSPIGYPIW TVSHYGIW XLI MRMXMEP PMRIEV TLIRSPMG VIWMR
4LIRSPMGW %HLIWMZIW GSEXMRKW PEQMREXIW 8LMW TVSGIWW GSRXMRYIW YRXMP E PMRIEV TLIRSPJSVQEPHIL]HI GLEMR MW JSVQIH ,S[
IZIV TLIRSP MW XVMJYRGXMSREP %JXIV XLI GLEMR LEW JSVQIH XLIVI MW E XLMVH PSGEXMSR SR
IEGL TLIRSP VMRK XLEX TVSZMHIW E WMXI JSV GVSWWPMROMRK [MXL XLI EHNEGIRX GLEMRW
%QMRIW %QMRS VIWMRW TVSHYGIH F] GSQFMRMRK YVIE SV QIPEQMRI QSRSQIVW [MXL

JSVQEPHIL]HI EVI WMQMPEV XS XLI TLIRSPMGW 8LI QSRSQIVW EVI NSMRIH F] E JSVQEPHI
L]HI PMRO XS TVSHYGI PMRIEV GLEMRW )\GIWW JSVQEPHIL]HI TVSZMHIW XLI GVSWWPMROMRK
%QMRIW %HLIWMZIW GSSO[EVI IPIGXVMGEP QSPHMRKW
RIIHIH XS KMZI WXVSRK VMKMH TSP]QIVW WYMXEFPI JSV EHLIWMZIW PEQMREXIW QSPHMRK QEXI
VMEPW JSV GSSO[EVI ERH IPIGXVMGEP LEVH[EVI WYGL EW GMVGYMX FVIEOIVW W[MXGLIW SYXPIXW
ERH [EPP TPEXIW
4SP]IWXIVW )PIGXVMGEP QSPHMRKW HIGSVEXMZI PEQMREXIW 9VIXLERIW (ITIRHMRK SR XLI HIKVII SJ GVSWWPMROMRK XLI YVIXLERIW FILEZI EW XLIV
TSP]QIV QEXVM\ MR JMFIVKPEWW
QSWIXXMRK TSP]QIVW XLIVQSTPEWXMGW SV IPEWXSQIVW 8LIWI TSP]QIVW wRH ETTPMGEXMSR EW
)TS\MIW %HLIWMZIW IPIGXVMGEP QSPHMRKW QEXVM\ JSV
wFIVW GSEXMRKW ERH JSEQW JSV JYVRMXYVI QEXXVIWWIW ERH MRWYPEXMSR
GSQTSWMXIW
4SP]IWXIVW 4SP]IWXIVW JSVQ GLEMRW JVSQ EGMH ERH EPGSLSP QSPIGYPIW F] E GSRHIRWEXMSR
VIEGXMSR KMZMRK [EXIV EW E F]TVSHYGX ;LIR XLIWI GLEMRW GSRXEMR YRWEXYVEXIH FSRHW E
9VIXLERIW *MFIVW GSEXMRKW JSEQW MRWYPEXMSR WX]VIRI QSPIGYPI QE] TVSZMHI GVSWWPMROMRK 4SP]IWXIVW EVI YWIH EW QSPHMRK SV GEWXMRK
QEXIVMEPW JSV E ZEVMIX] SJ IPIGXVMGEP ETTPMGEXMSRW HIGSVEXMZI PEQMREXIW FSEXW ERH SXLIV
QEVMRI IUYMTQIRX ERH EW E QEXVM\ JSV GSQTSWMXIW WYGL EW wFIVKPEWW
7MPMGSRI %HLIWMZIW KEWOIXW WIEPERXW
)TS\MIW )TS\MIW EVI XLIVQSWIXXMRK TSP]QIVW JSVQIH JVSQ QSPIGYPIW GSRXEMRMRK E XMKLX
'EE3EE' VMRK (YVMRK TSP]QIVMÊXMSR XLI 'EE3EE' VMRKW EVI STIRIH ERH XLI FSRHW
EVI VIEVVERKIH XS NSMR XLI QSPIGYPIW 8LI QSWX GSQQSR SJ XLI GSQQIVGMEP ITS\MIW MW
FEWIH SR FMWTLIRSP % XS [LMGL LEZI FIIR EHHIH X[S ITS\MHI YRMXW 8LIWI QSPIGYPIW
EVI TSP]QIVMÎH XS TVSHYGI GLEMRW ERH XLIR GSVIEGXIH [MXL GYVMRK EKIRXW XLEX TVSZMHI
GVSWWPMROMRK )TS\MIW EVI YWIH EW EHLIWMZIW VMKMH QSPHIH TEVXW JSV IPIGXVMGEP ETTPMGE
XMSRW EYXSQSXMZI GSQTSRIRXW GMVGYMX FSEVHW WTSVXMRK KSSHW ERH E QEXVM\ JSV LMKL
TIVJSVQERGI wFIVVIMRJSVGIH GSQTSWMXI QEXIVMEPW JSV EIVSWTEGI
XLI X[S XYFIW SJ ITS\] KPYI XLEX [I SJXIR YWI ,IEX TVIWWYVI QM\MRK SJ XLI ZEVMSYW
VIWMRW SV SXLIV QIXLSHW MRMXMEXI XLI GVSWWPMROMRK TVSGIWW 'VSWWPMROMRK MW RSX VIZIVW 4SP]MQMHIW 4SP]MQMHIW HMWTPE] E VMRK WXVYGXYVI XLEX GSRXEMRW E RMXVSKIR EXSQ 3RI
MFPI SRGI JSVQIH XLI XLIVQSWIXW GERRSX FI VIYWIH SV VIG]GPIH GSRZIRMIRXP] WTIGMEP KVSYT XLI FMWQEPIMQMHIW &1- MW MQTSVXERX MR XLI EMVGVEJX ERH EIVSWTEGI
8LI JYRGXMSREP KVSYTW JSV E RYQFIV SJ GSQQSR XLIVQSWIXXMRK TSP]QIVW EVI WYQ MRHYWXV] 8LI] GER STIVEXI GSRXMRYSYWP] EX XIQTIVEXYVIW SJ ' ERH HS RSX HIGSQ
QEVMÎH MR 8EFPI ERH VITVIWIRXEXMZI TVSTIVXMIW EVI KMZIR MR 8EFPI TSWI YRXMP VIEGLMRK '
-RXIVTIRIXVEXMRK 4SP]QIV 2IX[SVOW 7SQI WTIGMEP TSP]QIV QEXIVMEPW GER FI TVSHYGIH

[LIR PMRIEV XLIVQSTPEWXMG GLEMRW EVI MRXIVX[MRIH XLVSYKL E XLIVQSWIXXMRK JVEQI[SVO
8%&0) 4VSTIVXMIW SJ X]TMGEP XLIVQSWIXXMRK TSP]QIVW JSVQMRK MRXIVTIRIXVEXMRK TSP]QIV RIX[SVOW *SV I\EQTPI R]PSR EGIXEP ERH TSP]
8IRWMPI )PEWXMG TVST]PIRI GLEMRW GER TIRIXVEXI MRXS E GVSWWPMROIH WMPMGSRI XLIVQSWIX -R QSVI EHZERGIH
7XVIRKXL 1SHYPYW (IRWMX] W]WXIQW X[S MRXIVTIRIXVEXMRK XLIVQSWIXXMRK JVEQI[SVO WXVYGXYVIW GER FI TVSHYGIH
TWM )PSRKEXMSR TWM KGQ
4LIRSPMGW

%QMRIW
4SP]IWXIVW

%HLIWMZIW
)TS\MIW
%HLIWMZIW EVI TSP]QIVW YWIH XS NSMR SXLIV TSP]QIVW QIXEPW GIVEQMGW GSQTSWMXIW SV
9VIXLERIW
7MPMGSRI
GSQFMREXMSRW SJ XLIWI QEXIVMEPW 8LI EHLIWMZIW EVI YWIH JSV E ZEVMIX] SJ ETTPMGEXMSRW
8LI QSWX GVMXMGEP SJ XLIWI EVI XLI ssWXVYGXYVEP EHLIWMZIWtt [LMGL wRH YWI MR XLI EYXS
QSXMZI EIVSWTEGI ETTPMERGI IPIGXVSRMGW GSRWXVYGXMSR ERH WTSVXMRK IUYMTQIRX EVIEW
4SP]QIV 4VSGIWWMRK ERH 6IG]GPMRK ' ,% 4 8)6 4SP]QIVW
'LIQMGEPP] 6IEGXMZI %HLIWMZIW 8LIWI EHLIWMZIW MRGPYHI TSP]YVIXLERI ITS\] WMPMGSRI

TLIRSPMGW EREIVSFMGW ERH TSP]MQMHIW 3RIGSQTSRIRX W]WXIQW GSRWMWX SJ E WMRKPI
TSP]QIV VIWMR GYVIH F] I\TSWYVI XS QSMWXYVI LIEX SVh MR XLI GEWI SJ EREIVSFMGWh XLI
EFWIRGI SJ S\]KIR 8[SGSQTSRIRX W]WXIQW WYGL EW ITS\MIW GYVI [LIR X[S VIWMRW EVI
GSQFMRIH
)ZETSVEXMSR SV (MJJYWMSR %HLIWMZIW 8LI EHLIWMZI MW HMWWSPZIH MR IMXLIV ER SVKERMG WSP

ZIRX SV [EXIV ERH MW ETTPMIH XS XLI WYVJEGIW XS FI NSMRIH ;LIR XLI GEVVMIV IZETSVEXIW
XLI VIQEMRMRK TSP]QIV TVSZMHIW XLI FSRH ;EXIVFEWI EHLIWMZIW EVI TVIJIVVIH JVSQ XLI
WXERHTSMRX SJ IRZMVSRQIRXEP ERH WEJIX] GSRWMHIVEXMSRW 8LI TSP]QIV QE] FI GSQTPIXIP]
HMWWSPZIH MR [EXIV SV QE] GSRWMWX SJ PEXI\ SV E WXEFPI HMWTIVWMSR SJ TSP]QIV MR [EXIV %
RYQFIV SJ IPEWXSQIVW ZMR]PW ERH EGV]PMGW EVI YWIH
,SX1IPX %HLIWMZIW 8LIWI XLIVQSTPEWXMGW ERH XLIVQSTPEWXMG IPEWXSQIVW QIPX [LIR

LIEXIH 3R GSSPMRK XLI TSP]QIV WSPMHMwIW ERH NSMRW XLI QEXIVMEPW 8]TMGEP QIPXMRK XIQ
TIVEXYVIW SJ GSQQIVGMEP LSXQIPXW EVI EFSYX ' XS ' [LMGL PMQMXW XLI IPIZEXIH *MKYVI 7GLIQEXMG SJ ER I\XVYHIV YWIH JSV TSP]QIV TVSGIWWMRK 7SYVGI 7XVSRK %
XIQTIVEXYVI YWI SJ XLIWI EHLIWMZIW ,MKLTIVJSVQERGI LSXQIPXW WYGL EW TSP]EQMHIW &VIRX 4PEWXMGW 1EXIVMEPW ERH 4VSGIWWMRK RH " )PIGXVSRMGEPP] VITVSHYGIH F]
ERH TSP]IWXIVW GER FI YWIH YT XS ' TIVQMWWMSR SJ 4IEVWSR )HYGEXMSR -RG 9TTIV 7EHHPI 6MZIV 2I[ .IVWI]
4VIWWYVI7IRWMXMZI %HLIWMZIW 8LIWI EHLIWMZIW EVI TVMQEVMP] IPEWXSQIVW SV IPEWXSQIV

GSTSP]QIVW TVSHYGIH EW wPQW SV GSEXMRKW 4VIWWYVI MW VIUYMVIH XS GEYWI XLI TSP]QIV XS )\XVYWMSR 8LMW MW XLI QSWX [MHIP] YWIH XIGLRMUYI JSV TVSGIWWMRK XLIVQSTPEWXMGW
WXMGO XS XLI WYFWXVEXI 8LI] EVI YWIH XS TVSHYGI IPIGXVMGEP ERH TEGOEKMRK XETIW PEFIPW )\XVYWMSR GER WIVZI X[S TYVTSWIW *MVWX MX TVSZMHIW E [E] XS JSVQ GIVXEMR WMQTPI WLETIW
xSSV XMPIW [EPP GSZIVMRKW ERH [SSHKVEMRIH XI\XYVIH wPQW GSRXMRYSYWP] *MKYVI 7IGSRH I\XVYWMSR TVSZMHIW ER I\GIPPIRX QM\IV JSV EHHMXMZIW
IK GEVFSR FPEGO wPPIVW IXG [LIR TVSGIWWMRK TSP]QIVW *MKYVI XLEX YPXMQEXIP]
'SRHYGXMZI %HLIWMZIW % TSP]QIV EHLIWMZI QE] GSRXEMR E wPPIV QEXIVMEP WYGL EW WMPZIV QE] FI TVSGIWWIH YWMRK WSQI SXLIV TVSGIWW % WGVI[ QIGLERMWQ GSRWMWXMRK SJ SRI SV
GSTTIV SV EPYQMRYQ xEOIW SV TS[HIVW XS TVSZMHI IPIGXVMGEP ERH XLIVQEP GSRHYGXMZMX]
-R WSQI GEWIW XLIVQEP GSRHYGXMZMX] MW HIWMVIH FYX IPIGXVMGEP GSRHYGXMZMX] MW RSX [ERXIH
EPYQMRE FSVSR RMXVMHI ERH WMPMGE QE] FI YWIH EW wPPIVW XS TVSZMHI XLMW GSQFMREXMSR SJ
TVSTIVXMIW
4SP]QIV 4VSGIWWMRK ERH 6IG]GPMRK

8LIVI EVI E RYQFIV SJ QIXLSHW JSV TVSHYGMRK TSP]QIV WLETIW MRGPYHMRK QSPHMRK
I\XVYWMSR ERH QERYJEGXYVI SJ wPQW ERH wFIVW 8LI XIGLRMUYIW YWIH XS JSVQ XLI TSP]
QIVW HITIRH XS E PEVKI I\XIRX SR XLI REXYVI SJ XLI TSP]QIVh MR TEVXMGYPEV [LIXLIV MX MW
XLIVQSTPEWXMG SV XLIVQSWIXXMRK 8LI KVIEXIWX ZEVMIX] SJ XIGLRMUYIW EVI YWIH XS JSVQ XLI
XLIVQSTPEWXMGW 8LI TSP]QIV MW LIEXIH XS RIEV SV EFSZI XLI QIPXMRK XIQTIVEXYVI WS XLEX
MX FIGSQIW VYFFIV] SV PMUYMH 8LI TSP]QIV MW XLIR JSVQIH MR E QSPH SV HMI XS TVSHYGI
XLI VIUYMVIH WLETI 8LIVQSTPEWXMG IPEWXSQIVW GER FI JSVQIH MR XLI WEQI QERRIV -R
XLIWI TVSGIWWIW WGVET GER FI IEWMP] VIG]GPIH ERH [EWXI MW QMRMQMÎH *I[IV JSVQMRK
XIGLRMUYIW EVI YWIH JSV XLI XLIVQSWIXXMRK TSP]QIVW FIGEYWI SRGI GVSWWPMROMRK LEW
SGGYVVIH XLI XLIVQSWIXXMRK TSP]QIVW EVI RS PSRKIV GETEFPI SJ FIMRK JSVQIH )PEW
XSQIVW EVI TVSGIWWIH MR LMKLWLIEV IUYMTQIRX WYGL EW E &ERFYV] QM\IV 'EVFSR FPEGO
ERH SXLIV EHHMXMZIW EVI EHHIH 8LI LIEXMRK JVSQ ZMWGSIPEWXMG HIJSVQEXMSR GER FIKMR XS
GVSWWPMRO XLI QEXIVMEP TVIQEXYVIP] %JXIV XLI QM\MRK WXIT E GYVMRK EKIRX IK ^MRG
S\MHI MW EHHIH 8LI QEXIVMEP HMWGLEVKIH JVSQ XLI QM\IV MW TPMEFPI ERH MW TVSGIWWIH *MKYVI 3RI XIGLRMUYI F] [LMGL TSP]QIV JMPQW YWIH MR XLI QERYJEGXYVI SJ KEVFEKI
FEKW JSV I\EQTPI GER FI TVSHYGIH 8LI JMPQ MW I\XVYHIH MR XLI JSVQ SJ E FEK [LMGL MW
YWMRK E WLSVX I\XVYHIV QSPHIH YWMRK E X[SVSPP QMPP SV ETTPMIH SR TEVXW F] HMT GSEXMRK WITEVEXIH F] EMV TVIWWYVI YRXMP XLI TSP]QIV GSSPW 7SYVGI 7XVSRK % &VIRX 4PEWXMGW 1EXIVMEPW
8LMW TVSGIWWMRK SJ IPEWXSQIVW MW ORS[R EW GSQTSYRHMRK SJ VYFFIV ERH 4VSGIWWMRK RH " )PIGXVSRMGEPP] VITVSHYGIH F] TIVQMWWMSR SJ 4IEVWSR )HYGEXMSR
8LI JSPPS[MRK EVI WSQI SJ XLI XIGLRMUYIW QEMRP] YWIH JSV TVSGIWWMRK SJ TSP]QIVW -RG 9TTIV 7EHHPI 6MZIV 2I[ .IVWI]
QSWX SJ XLIWI ]SY [MPP RSXI ETTP] SRP] XS XLIVQSTPEWXMGW
E TEMV SJ WGVI[W X[MR WGVI[ JSVGIW LIEXIH XLIVQSTPEWXMG IMXLIV WSPMH SV PMUYMH ERH XS JSVGI XLI LSX TSP]QIV MRXS XLI HMI % [MHI ZEVMIX] SJ TVSHYGXW VERKMRK JVSQ GYTW
EHHMXMZIW XLVSYKL E HMI STIRMRK XS TVSHYGI WSPMH WLETIW wPQW WLIIXW XYFIW TMTIW ERH GSQFW ERH KIEVW XS KEVFEKI GERW GER FI TVSHYGIH MR XLMW QERRIV
IZIR TPEWXMG FEKW *MKYVI %R MRHYWXVMEP I\XVYHIV GER FI YT XS XS JIIX PSRK
JIIX MR HMEQIXIV ERH GSRWMWX SJ HMIVIRX LIEXMRK SV GSSPMRK ^SRIW 7MRGI XLIVQSTPEWXMGW 8LIVQSJSVQMRK 8LIVQSTPEWXMG TSP]QIV WLIIXW LIEXIH XS XLI TPEWXMG VIKMSR GER FI
WLS[ WLIEV XLMRRMRK FILEZMSV ERH EVI ZMWGSIPEWXMG XLI GSRXVSP SJ FSXL XIQTIVEXYVI ERH JSVQIH SZIV E HMI XS TVSHYGI WYGL HMZIVWI TVSHYGXW EW IKK GEVXSRW ERH HIGSVEXMZI
ZMWGSWMX] MW GVMXMGEP MR TSP]QIV I\XVYWMSR 3RI WTIGMEP I\XVYWMSR TVSGIWW JSV TVSHYGMRK TERIPW 8LI JSVQMRK GER FI HSRI YWMRK QEXGLMRK HMIW E ZEGYYQ SV EMV TVIWWYVI
wPQW MW MPPYWXVEXIH MR *MKYVI )\XVYWMSR EPWS GER FI YWIH XS GSEX [MVIW ERH GEFPIW
[MXL IMXLIV XLIVQSTPEWXMGW SV IPEWXSQIVW 'EPIRHEVMRK -R E GEPIRHEV QSPXIR TPEWXMG MW TSYVIH MRXS E WIX SJ VSPPW [MXL E WQEPP
STIRMRK 8LI VSPPW [LMGL QE] FI IQFSWWIH [MXL E TEXXIVR WUYIIÎ SYX E XLMR WLIIX SJ
&PS[ 1SPHMRK % LSPPS[ TVIJSVQ SJ E XLIVQSTPEWXMG GEPPIH E TEVMWSR MW MRXVSHYGIH XLI TSP]QIVh SJXIR TSP]ZMR]P GLPSVMHI 8]TMGEP TVSHYGXW MRGPYHI ZMR]P xSSV XMPI ERH
MRXS E HMI F] KEW TVIWWYVI ERH I\TERHIH EKEMRWX XLI [EPPW SJ XLI HMI *MKYVI 8LMW WLS[IV GYVXEMRW
TVSGIWW MW YWIH XS TVSHYGI TPEWXMG FSXXPIW GSRXEMRIVW EYXSQSXMZI JYIP XEROW ERH SXLIV
7TMRRMRK *MPEQIRXW wFIVW ERH ]EVRW QE] FI TVSHYGIH F] WTMRRMRK 8LI QSPXIR
LSPPS[ WLETIW
XLIVQSTPEWXMG TSP]QIV MW JSVGIH XLVSYKL E HMI GSRXEMRMRK QER] XMR] LSPIW 8LI HMI
GEPPIH E WTMRRIVIXXI GER VSXEXI ERH TVSHYGI E ]EVR *SV WSQI QEXIVMEPW MRGPYHMRK
-RNIGXMSR 1SPHMRK 8LIVQSTPEWXMGW LIEXIH EFSZI XLI QIPXMRK XIQTIVEXYVI YWMRK ER
R]PSR XLI wFIV QE] WYFWIUYIRXP] FI WXVIXGLIH XS EPMKR XLI GLEMRW TEVEPPIP XS XLI E\MW SJ
I\XVYHIV EVI JSVGIH MRXS E GPSWIH HMI XS TVSHYGI E QSPHMRK 8LMW TVSGIWW MW WMQMPEV XS
XLI wFIV XLMW TVSGIWW MRGVIEWIW XLI WXVIRKXL SJ XLI wFIVW
HMI GEWXMRK SJ QSPXIR QIXEPW % TPYRKIV SV E WTIGMEP WGVI[ QIGLERMWQ ETTPMIW TVIWWYVI
'EWXMRK 1ER] TSP]QIVW GER FI GEWX MRXS QSPHW ERH TIVQMXXIH XS WSPMHMJ] 8LI QSPHW
QE] FI TPEXI KPEWW JSV TVSHYGMRK MRHMZMHYEP XLMGO TPEWXMG WLIIXW SV QSZMRK WXEMRPIWW WXIIP
FIPXW JSV GSRXMRYSYW GEWXMRK SJ XLMRRIV WLIIXW 6SXEXMSREP QSPHMRK MW E WTIGMEP GEWXMRK
TVSGIWW MR [LMGL QSPXIR TSP]QIV MW TSYVIH MRXS E QSPH VSXEXMRK EFSYX X[S E\IW 'IR
XVMJYKEP EGXMSR JSVGIW XLI TSP]QIV EKEMRWX XLI [EPPW SJ XLI QSPH TVSHYGMRK E XLMR WLETI
WYGL EW E GEQTIV XST
'SQTVIWWMSR 1SPHMRK 8LIVQSWIX QSPHMRKW EVI QSWX SJXIR JSVQIH F] TPEGMRK XLI WSPMH
QEXIVMEP FIJSVI GVSWWPMROMRK MRXS E LIEXIH HMI *MKYVI E %TTPMGEXMSR SJ LMKL
*MKYVI 8]TMGEP JSVQMRK TVSGIWWIW JSV XLIVQSWIXXMRK TSP]QIVW E GSQTVIWWMSR QSPHMRK
*MKYVI 8]TMGEP JSVQMRK TVSGIWWIW JSV XLIVQSTPEWXMG E I\XVYWMSR F FPS[ QSPHMRK ERH F XVERWJIV QSPHMRK
G MRNIGXMSR QSPHMRK H XLIVQSJSVQMRK I GEPIRHEVMRK ERH J WTMRRMRK
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XEMRIVW IXG LEZI RYQFIVW WXEQTIH SR XLIQ *SV 4)8 TVSHYGXW VIG]GPMRK W]QFSP VIZIVWMFPI FILEZMSV SJ FSRHMRK MR XLIVQSWIXXMRK TSP]QIVW PMQMXW XLIMV TVSGIWWMRK XS
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TPEWXMGW EVI QEVOIH RYQFIV
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VSEHW
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%VEQMHW 4SP]EQMHI TSP]QIVW GSRXEMRMRK EVSQEXMG KVSYTW SJ EXSQW MR XLI PMRIEV GLEMR
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7911%6= : 4SP]QIVW EVI QEHI JVSQ PEVKI QEGVSQSPIGYPIW TVSHYGIH F] XLI NSMRMRK SJ WQEPPIV
XLMW PIEHW XS ZSMHW XLEX YPXMQEXIP] GEYWI XLI QEXIVMEP XS JEMP
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EGXMSRW 4PEWXMGW EVI QEXIVMEPW XLEX EVI FEWIH SR TSP]QIVMG GSQTSYRHW ERH XLI] GLEMRW XLEX FVERGL S JVSQ XLI QEMR GLEMR
GSRXEMR QER] SXLIV EHHMXMZIW XLEX MQTVSZI XLIMV TVSTIVXMIW 'SQTEVIH [MXL QSWX
'SQTSYRHMRK 4VSGIWWMRK SJ IPEWXSQIVW MR HIZMGI ORS[R EW E &ERFYV] QM\IV JSPPS[IH F] JSVQ
QIXEPW ERH GIVEQMGW TPEWXMGW LEZI PS[ WXVIRKXL WXMRIWW ERH QIPXMRK XIQTIVEXYVIW
MRK YWMRK I\XVYWMSR QSPHMRK SV HMT GSEXMRK
LS[IZIV XLI] EPWS LEZI E PS[ HIRWMX] ERH KSSH GLIQMGEP VIWMWXERGI 4PEWXMGW EVI
YWIH MR E QSWX HMZIVWI RYQFIV SJ XIGLRSPSKMIW 'SRHIRWEXMSR TSP]QIVMÊXMSR % TSP]QIVMÊXMSR QIGLERMWQ MR [LMGL E WQEPP QSPIGYPI IK
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XMRK XLI QEXIVMEP XS FI IEWMP] JSVQIH MRXS YWIJYP WLETIW XS LEZI KSSH HYGXMPMX] ERH 'STSP]QIV %R EHHMXMSR TSP]QIV TVSHYGIH F] NSMRMRK QSVI XLER SRI X]TI SJ QSRSQIV
XS FI IGSRSQMGEPP] VIG]GPIH 8LIVQSTPEWXMGW GER LEZI ER EQSVTLSYW WXVYGXYVI
[LMGL TVSZMHIW PS[ WXVIRKXL ERH KSSH HYGXMPMX] [LIR XLI EQFMIRX XIQTIVEXYVI MW 'VE^MRK 0SGEPMÎH TPEWXMG HIJSVQEXMSR MR E TSP]QIV % GVEÎ QE] PIEH XS XLI JSVQEXMSR SJ
EFSZI XLI KPEWW XIQTIVEXYVI 8LI TSP]QIVW EVI QSVI VMKMH ERH FVMXXPI [LIR XLI XIQ GVEGOW MR XLI QEXIVMEP
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: 8LI XLIVQSTPEWXMG GLEMRW GER FI QEHI QSVI VMKMH ERH WXVSRKIV F] YWMRK RSRW]Q
(IKVII SJ TSP]QIVMÊXMSR 8LI EZIVEKI QSPIGYPEV [IMKLX SJ XLI TSP]QIV HMZMHIH F] XLI QSPI
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WIGSRH QSPIGYPI SVKERMG QSPIGYPI ;LIR E WMRKPI GSZEPIRX FSRH VITPEGIW XLI YRWEXYVEXIH FSRH TSP]QIVMÊXMSR
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;LEX EVI PMRIEV ERH FVERGLIH TSP]QIVW# 'ER MR E JX PIRKXL SJ VSTI ERH
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XLIVQSTPEWXMGW FI FVERGLIH#
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TPEWXMGW GSQTEVIH XS GIVEQMGW KPEWWIW ERH QI HIKVII SJ TSP]QIVMÊXMSR ERH
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4PEWXMG % TVIHSQMRERXP] TSP]QIVMG QEXIVMEP QEHI [MXL WSQI EHHMXMZIW HIKVII SJ TSP]QIVMÊXMSR
7IGXMSRW %HHMXMSR ERH 'SRHIRWEXMSR
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6IPE\EXMSR XMQI % TVSTIVX] SJ E TSP]QIV XLEX MW VIPEXIH XS XLI VEXI EX [LMGL WXVIWW VIPE\EXMSR QIER#

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6ITIEX YRMX 8LI VITIEXMRK WXVYGXYVEP YRMX JVSQ [LMGL E TSP]QIV MW FYMPX %PWS GEPPIH E QIV
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TSP]XIXVExYSVSIXL]PIRI WII 8EFPI MW TIVEXYVI KPEWW XIQTIVEXYVI ERH QIPXMRK XIQ
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IPEWXSQIVW EX PS[IV XIQTIVEXYVIW PIRKXL GEPGYPEXI LEZI E w\IH QIPXMRK SV KPEWW XIQTIVEXYVI#
M XLI QSPIGYPEV [IMKLX SJ XLI GLEMRW ERH 9WMRK 8EFPI TPSX XLI VIPEXMSRWLMT FIX[IIR
8LIVQSTPEWXMGW 0MRIEV SV FVERGLIH TSP]QIVW MR [LMGL GLEMRW SJ QSPIGYPIW EVI RSX MRXIV
MM XLI XSXEP RYQFIV SJ GLEMRW MR K SJ XLI XLI KPEWW XIQTIVEXYVIW ERH XLI QIPXMRK XIQ
GSRRIGXIH XS SRI ERSXLIV
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SJ XLI HIJSVQEXMSR MW IPEWXMG XLIVIJSVI XLI QSHYPYW
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XIQTIVEXYVI# ,S[ MW XLMW GSRHMXMSR I\TIGXIH TPEWXMGW XLIVQSWIXXMRK QEXIVMEPW ERH IPEWXSQIVW
XS EIGX XLIMV QIGLERMGEP TVSTIVXMIW GSQTEVIH
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WXVIWW GVEGOMRK ERH EKMRK SJ TSP]QIVW EQSYRXW SJ WX]VIRI FYXEHMIRI ERH EGV]PSRMXVMPI
% WXVIWW SJ TWM MW ETTPMIH XS E TSP]QIV QSRSQIVW [LMGL EVI TVIWIRX MR XLI JSVQ SJ X[S
WIVZMRK EW E JEWXIRIV MR E GSQTPI\ EWWIQFP] %X GSTSP]QIVW &7 VYFFIV ERH 7%2
E GSRWXERX WXVEMR XLI WXVIWW HVSTW XS TWM E ,S[ [SYPH ]SY EHNYWX XLI GSQTSWMXMSR SJ
EJXIV L -J XLI WXVIWW SR XLI TEVX QYWX VIQEMR %&7 MJ ]SY [ERXIH XS SFXEMR KSSH MQTEGX
EFSZI TWM MR SVHIV JSV XLI TEVX XS JYRGXMSR TVSTIVXMIW#
TVSTIVP] HIXIVQMRI XLI PMJI SJ XLI EWWIQFP] F ,S[ [SYPH ]SY EHNYWX XLI GSQTSWMXMSR
% WXVIWW SJ TWM MW ETTPMIH XS E TSP]QIV XLEX MJ ]SY [ERXIH XS SFXEMR KSSH HYGXMPMX] EX
STIVEXIW EX E GSRWXERX WXVEMR EJXIV WM\ QSRXLW VSSQ XIQTIVEXYVI#
XLI WXVIWW HVSTW XS TWM *SV E TEVXMGYPEV G ,S[ [SYPH ]SY EHNYWX XLI GSQTSWMXMSR MJ
ETTPMGEXMSR E TEVX QEHI SJ XLI WEQI TSP]QIV ]SY [ERXIH XS SFXEMR KSSH WXVIRKXL EX VSSQ
QYWX QEMRXEMR E WXVIWW SJ TWM EJXIV XIQTIVEXYVI#
QSRXLW ;LEX WLSYPH FI XLI SVMKMREP WXVIWW
*MKYVI SR XLI RI\X TEKI WLS[W XLI WXVIWW
ETTPMIH XS XLI TSP]QIV JSV XLMW ETTPMGEXMSR# WXVEMR GYVZI JSV ER IPEWXSQIV *VSQ XLI GYVZI
(EXE JSV XLI VYTXYVI XMQI SJ TSP]IXL]PIRI EVI GEPGYPEXI ERH TPSX XLI QSHYPYW SJ IPEWXMGMX] ZIV
WLS[R MR *MKYVI %X ER ETTPMIH WXVIWW SJ WYW WXVEMR ERH I\TPEMR XLI VIWYPXW
' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
'SQTSWMXIW 8IEQ[SVO ERH

7]RIVK] MR 1EXIVMEPW
,EZI =SY )ZIV ;SRHIVIH# *MKYVI 7SQI I\EQTPIW SJ GSQTSWMXI QEXIVMEPW E TP][SSH MW E PEQMREV GSQTSWMXI SJ
PE]IVW SJ [SSH ZIRIIV F EFEPSRI WLIPP G JMFIVKPEWW MW E JMFIVVIMRJSVGIH GSQTSWMXI
GSRXEMRMRK WXMJJ WXVSRK KPEWW JMFIVW MR E WSJXIV TSP]QIV QEXVM\ ERH H GSRGVIXI MW E
;LEX EVI WSQI SJ XLI REXYVEPP] SGGYVVMRK GSQTSWMXI QEXIVMEPW# TEVXMGYPEXI GSQTSWMXI GSRXEMRMRK GSEVWI WERH SV KVEZIP MR E GIQIRX QEXVM\ VIHYGIH
;L] MW EFEPSRI WLIPP QEHI TVMQEVMP] SJ GEPGMYQ GEVFSREXI WS QYGL WXVSRKIV XLER GLEPO [LMGL MW
EPWS QEHI SJ GEPGMYQ GEVFSREXI# QMGVSWGEPI MRGPYHI WYGL QEXIVMEPW EW GEVFSR SV KERMG TEVX SV FPSGO ERH ER SVKERMG FPSGO 8LI
KPEWWJMFIV VIMRJSVGIH TPEWXMGW '*64 SV +*64 MHIE MW RSX XSS HMJJIVIRX JVSQ XLI JSVQEXMSR SJ
;LEX WTSVXMRK KIEV ETTPMGEXMSRW QEOI YWI SJ GSQTSWMXIW#
8LIWI GSQTSWMXIW SJJIV WMKRMJMGERX KEMRW MR WTI FPSGO GSTSP]QIVW 'LETXIV 8LIWI EVI SJXIR
;L] HSIW XLI RI[ (VIEQPMRIV TPERI LEZI GSQTSWMXI QEXIVMEPW# GMJMG WXVIRKXLW ERH EVI JMRHMRK MRGVIEWMRK YWIW QEHI YWMRK XLI WSPKIP TVSGIWW 8LIWI ERH SXLIV
MR EMVTPERIW IPIGXVSRMG GSQTSRIRXW EYXSQSXMZIW JYRGXMSREP GSQTSWMXIW GER TVSZMHI YRYWYEP GSQ
ERH WTSVXMRK IUYMTQIRX *SV I\EQTPI XLI PEXIWX FMREXMSRW SJ IPIGXVSRMG QEKRIXMG SV STXMGEP
&SIMRK (VIEQPMRIV TPERI LEW GSQ TVSTIVXMIW *SV I\EQTPI E TSVSYW HMIPIGXVMG QE
TSWMXI QEXIVMEPW 8LI VIWYPXERX PMKLX[IMKLX XIVMEP TVITEVIH YWMRK TLEWIWITEVEXIH MRSVKERMG
WXVYGXYVI [MPP GEYWI MRGVIEWI MR MXW JYIP KPEWWIW I\LMFMXW E HMIPIGXVMG GSRWXERX XLEX MW PS[IV
IJJMGMIRG] XLER XLEX JSV XLI WEQI QEXIVMEP [MXL RS TSVSWMX]
%W QIRXMSRIH MR 'LETXIVW ERH HMW % XVERWTEVIRX TSP]QIV XLEX MW VIWTSRWMZI XS QEK
TIVWMSRWXVIRKXLIRIH PMOI WXIIPW ERH TVIGMTMXE RIXMG JMIPH GER EPWS FI TVITEVIH YWMRK GSQTS
XMSRLEVHIRIH EPPS]W EVI I\EQTPIW SJ XVEHMXMSREP WMXIW 7TEGI WLYXXPI XMPIW QEHI JVSQ WMPMGE JMFIVW
QEXIVMEPW XLEX EVI RERSGSQTSWMXIW -R E RERS EVI PMKLX[IMKLX FIGEYWI XLI] GSRWMWXW SJ EMV ERH
'SQTSWMXIW EVI TVSHYGIH [LIR X[S SV QSVI QE LMKLPMKLX LS[ HMJJIVIRX QEXIVMEPW GER [SVO MR GSQTSWMXI XLI HMWTIVWIH TLEWI GSRWMWXW SJ RERS WMPMGE JMFIVW ERH I\LMFMX E ZIV] WQEPP XLIVQEP GSR
XIVMEPW SV TLEWIW EVI YWIH XSKIXLIV XS KMZI E GSQ W]RIVK] %FEPSRI WLIPP [SSH FSRI ERH XIIXL EVI WGEPI TEVXMGPIW ERH MW HMWXVMFYXIH MR E QEXVM\ HYGXMZMX] 8LI X[S TLEWIW MR XLIWI I\EQTPIW
FMREXMSR SJ TVSTIVXMIW XLEX GERRSX FI EXXEMRIH I\EQTPIW SJ REXYVEPP] SGGYVVMRK GSQTSWMXIW 1M TLEWI )WWIRXMEPP] XLI WEQI GSRGITX LEW FIIR [SYPH FI GIVEQMG ERH EMV 1ER] KPEWWGIVEQMGW
SXLIV[MWI 'SQTSWMXI QEXIVMEPW QE] FI WIPIGXIH XS GVSWXVYGXYVIW SJ WIPIGXIH GSQTSWMXIW EVI WLS[R ETTPMIH MR HIZIPSTMRK [LEX EVI HIWGVMFIH EW EVI RERSWGEPI GSQTSWMXIW SJ HMJJIVIRX GIVEQMG
KMZI YRYWYEP GSQFMREXMSRW SJ WXMJJRIWW WXVIRKXL MR *MKYVI %R I\EQTPI SJ E QEXIVMEP XLEX MW L]FVMH SVKERMGMRSVKERMG RERSGSQTSWMXIW 8LIWI TLEWIW 1ER] TPEWXMGW GER FI GSRWMHIVIH GSQ
[IMKLX LMKLXIQTIVEXYVI TIVJSVQERGI GSVVSWMSR E GSQTSWMXI EX E QEGVSWGEPI [SYPH FI WXIIP EVI QEXIVMEPW MR [LMGL XLI QSPIGYPEV SV QMGVS TSWMXIW EW [IPP *SV I\EQTPI (]PEVO 81 MW E GSQ
VIWMWXERGI LEVHRIWW SV GSRHYGXMZMX] 'SQTSWMXIW VIMRJSVGIH GSRGVIXI 'SQTSWMXIW XLEX EVI EX E WXVYGXYVI SJ XLI GSQTSWMXIW GSRWMWXW SJ ER MRSV TSWMXI SJ QEPIMG ERL]HVMHIWX]VIRI GSTSP]QIV -X

(MWTIVWMSR7XVIRKXLIRIH 'SQTSWMXIW ' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
GSRXEMRW GEVFSR FPEGO JSV WXMJJRIWW ERH TVSXIGXMSR GEXI E QIXEPPMG QEXIVMEP YWIH XS JSVQ XLI GSR *MKYVI
EKEMRWX YPXVEZMSPIX VE]W -X EPWS GSRXEMRW KPEWW XMRYSYW TLEWI 'SQTEVMWSR SJ XLI ]MIPH WXVIRKXL SJ
HMWTIVWMSRWXVIRKXLIRIH WMRXIVIH
JMFIVW JSV MRGVIEWIH =SYRKtW QSHYPYW ERH VYFFIV 'SRRIGXMZMX] HIWGVMFIW LS[ XLI X[S SV EPYQMRYQ TS[HIV 7%4 GSQTSWMXI
JSV XSYKLRIWW 7MPZIVJMPPIH ITS\MIW TVSZMHI XLIV QSVI TLEWIW EVI GSRRIGXIH MR XLI GSQTSWMXI [MXL XLEX SJ X[S GSRZIRXMSREP X[S
QEP GSRHYGXMZMXMIW LMKLIV XLER XLSWI JSV I\TS\MIW 2I[RLEQ LEW HIWGVMFIH E GSRRIGXMZMX] QSHIP JSV TLEWI LMKLWXVIRKXL EPYQMRYQ EPPS]W
8LI GSQTSWMXI LEW FIRIJMXW EFSZI
7SQI HMIPIGXVMG QEXIVMEPW EVI QEHI YWMRK QYPXM HIWGVMFMRK GSRRIGXMZMXMIW JSV JYRGXMSREP GSQTS EFSYX ' % JMFIVVIMRJSVGIH
TPI TLEWIW WYGL XLEX XLI SZIVEPP HMIPIGXVMG TVST WMXIW 'SQTSWMXIW EVI SJXIR GPEWWMJMIH FEWIH SR EPYQMRYQ GSQTSWMXI MW WLS[R JSV
IVXMIW SJ MRXIVIWX IK XLI HMIPIGXVMG GSRWXERX HS XLI WLETI SV REXYVI SJ XLI HMWTIVWIH TLEWI IK GSQTEVMWSR
RSX GLERKI ETTVIGMEFP] [MXL XIQTIVEXYVI [MXLMR TEVXMGPIVIMRJSVGIH [LMWOIVVIMRJSVGIH SV JMFIV
E GIVXEMR VERKI 7MQMPEVP] QER] GSQTSWMXIW EVI VIMRJSVGIH GSQTSWMXIW ;LMWOIVW EVI PMOI JMFIVW
TVITEVIH YWMRK QEKRIXMG ERH STXMGEP QEXIVMEPW FYX XLIMV PIRKXL MW QYGL WQEPPIV 8LI FSRHMRK
7SQI GSQTSWMXI WXVYGXYVIW QE] GSRWMWX SJ HMJJIV FIX[IIR XLI TEVXMGPIW [LMWOIVW SV JMFIVW ERH XLI
IRX QEXIVMEPW EVVERKIH MR HMJJIVIRX PE]IVW 8LMW QEXVM\ MW EPWS ZIV] MQTSVXERX -R WXVYGXYVEP GSQ
PIEHW XS [LEX EVI ORS[R EW JYRGXMSREPP] KVEHIH TSWMXIW TSP]QIVMG QSPIGYPIW ORS[R EW ssGSYTPMRK
QEXIVMEPW ERH WXVYGXYVIW *SV I\EQTPI ]XXVME WXE EKIRXWtt EVI YWIH 8LIWI QSPIGYPIW JSVQ FSRHW
FMPMÎH ^MVGSRME =7> GSEXMRK SR E XYVFMRI FPEHI [MXL XLI HMWTIVWIH TLEWI ERH FIGSQI MRXIKVEXIH
[MPP LEZI SXLIV PE]IVW MR FIX[IIR XLEX TVSZMHI MRXS XLI GSRXMRYSYW QEXVM\ TLEWI EW [IPP
FSRHMRK [MXL XLI XYVFMRI FPEHI QEXIVMEP 8LI =7> -R XLMW GLETXIV [I [MPP TVMQEVMP] JSGYW SR KVS[XL SV GSEVWIRMRK SJ XLI HMWTIVWIH TLEWI XLI WXVIRKXL SJ XLI GSQTSWMXI HIGVIEWIW
GSEXMRK MXWIPJ MW QEHI YWMRK E TPEWQE WTVE] SV GSQTSWMXIW YWIH MR WXVYGXYVEP SV QIGLERMGEP ET SRP] KVEHYEPP] [MXL MRGVIEWMRK XIQTIVEXYVI *MKYVI *YVXLIVQSVI XLIMV GVIIT
SXLIV XIGLRMUYI ERH GSRXEMRW GIVXEMR PIZIPW SJ TPMGEXMSRW 'SQTSWMXIW GER FI TPEGIH MRXS XLVII VIWMWXERGI MW WYTIVMSV XS XLEX SJ QIXEPW ERH EPPS]W
TSVSWMX] [LMGL EVI IWWIRXMEP JSV TVSZMHMRK TVSXIG GEXIKSVMIWh TEVXMGYPEXI JMFIV ERH PEQMREVh 8LI HMWTIVWSMH QYWX LEZI E PS[ WSPYFMPMX] MR XLI QEXVM\ ERH QYWX RSX GLIQMGEPP]
XMSR EKEMRWX LMKL XIQTIVEXYVIW 7MQMPEVP] HMJJIV FEWIH SR XLI WLETIW SJ XLI QEXIVMEPW *MKYVI VIEGX [MXL XLI QEXVM\ FYX E WQEPP EQSYRX SJ WSPYFMPMX] QE] LIPT MQTVSZI XLI FSRHMRK
IRX GSEXMRKW SR KPEWW EVI I\EQTPIW SJ GSQTSWMXI 'SRGVIXI E QM\XYVI SJ GIQIRX ERH KVEZIP FIX[IIR XLI HMWTIVWERX ERH XLI QEXVM\ 'STTIV S\MHI 'Y 3 HMWWSPZIW MR GSTTIV EX
WXVYGXYVIW 8LYW XLI GSRGITX SJ YWMRK GSQTS MW E TEVXMGYPEXI GSQTSWMXI JMFIVKPEWW GSRXEMRMRK LMKL XIQTIVEXYVIW XLYW XLI 'Y 3'Y W]WXIQ [SYPH RSX FI IIGXMZI ,S[IZIV %P 3
WMXIW MW E KIRIVMG SRI ERH GER FI ETTPMIH EX XLI KPEWW JMFIVW IQFIHHIH MR E TSP]QIV MW E JMFIV HSIW RSX HMWWSPZI MR EPYQMRYQ XLI %P 3 %P W]WXIQ HSIW KMZI ER IIGXMZI HMWTIVWMSR
WXVIRKXLIRIH QEXIVMEP
QEGVS QMGVS ERH RERS PIRKXLWGEPIW VIMRJSVGIH GSQTSWMXI ERH TP][SSH LEZMRK EP
-R GSQTSWMXIW XLI TVSTIVXMIW ERH ZSPYQI XIVREXMRK PE]IVW SJ [SSH ZIRIIV MW E PEQMREV
)\EQTPIW SJ (MWTIVWMSR7XVIRKXLIRIH 'SQTSWMXIW 8EFPI PMWXW WSQI QEXIVMEPW
JVEGXMSRW SJ MRHMZMHYEP TLEWIW EVI MQTSVXERX 8LI GSQTSWMXI -J XLI VIMRJSVGMRK TEVXMGPIW EVI YRM SJ MRXIVIWX 4IVLETW XLI GPEWWMG I\EQTPI MW XLI WMRXIVIH EPYQMRYQ TS[HIV 7%4 GSQ
GSRRIGXMZMX] SJ TLEWIW MW EPWS ZIV] MQTSVXERX JSVQP] HMWXVMFYXIH TEVXMGYPEXI GSQTSWMXIW LEZI TSWMXI 7%4 LEW ER EPYQMRYQ QEXVM\ WXVIRKXLIRIH F] YT XS %P 3 8LI GSQTSWMXI
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SJ XLMW X]TI SJ GSQTSWMXI 8LIVQSWIXXMRK EVSQEXMG TSP]MQMHIW EVI YWIH JSV WSQI[LEX
LMKLIV XIQTIVEXYVI ETTPMGEXMSRW
1IXEPQEXVM\ GSQTSWMXIW MRGPYHI EPYQMRYQ QEKRIWMYQ GSTTIV RMGOIP ERH MRXIV
QIXEPPMG GSQTSYRH EPPS]W VIMRJSVGIH [MXL GIVEQMG ERH QIXEP wFIVW % ZEVMIX] SJ EIVS
WTEGI ERH EYXSQSXMZI ETTPMGEXMSRW EVI WEXMWwIH F] XLI 11'W 8LI QIXEP QEXVM\
TIVQMXW XLI GSQTSWMXI XS STIVEXI EX LMKL XIQTIVEXYVIW FYX TVSHYGMRK XLI GSQTSWMXI MW
SJXIR QSVI HMoGYPX ERH I\TIRWMZI XLER TVSHYGMRK XLI TSP]QIVQEXVM\ QEXIVMEPW *MKYVI 7GERRMRK IPIGXVSR QMGVSKVETL SJ XLI JVEGXYVI WYVJEGI SJ E WMPZIVGSTTIV EPPS]
8LI GIVEQMGQEXVM\ GSQTSWMXIW '1'W LEZI KSSH TVSTIVXMIW EX IPIZEXIH XIQTIV VIMRJSVGIH [MXL GEVFSR JMFIVW 4SSV FSRHMRK GEYWIW QYGL SJ XLI JVEGXYVI WYVJEGI XS JSPPS[ XLI
EXYVIW ERH EVI PMKLXIV MR [IMKLX XLER XLI LMKLXIQTIVEXYVI QIXEPQEXVM\ GSQTSWMXIW -R MRXIVJEGI FIX[IIR XLI QIXEP QEXVM\ ERH XLI GEVFSR XS[W *VSQ 1IXEPW ,ERHFSSO
%QIVMGER 7SGMIX] JSV 1IXEPW :SP XL )H
E PEXIV WIGXMSR [I HMWGYWW LS[ XS HIZIPST XSYKLRIWW MR '1'W
&SRHMRK ERH *EMPYVI 4EVXMGYPEVP] MR TSP]QIV ERH QIXEPQEXVM\ GSQTSWMXIW KSSH

FSRHMRK QYWX FI SFXEMRIH FIX[IIR XLI ZEVMSYW GSRWXMXYIRXW 8LI wFIVW QYWX FI wVQP]
FSRHIH XS XLI QEXVM\ QEXIVMEP MJ XLI PSEH MW XS FI TVSTIVP] XVERWQMXXIH JVSQ XLI QEXVM\
XS XLI wFIVW -R EHHMXMSR XLI wFIVW QE] TYPP SYX SJ XLI QEXVM\ HYVMRK PSEHMRK VIHYGMRK
XLI WXVIRKXL ERH JVEGXYVI VIWMWXERGI SJ XLI GSQTSWMXI MJ FSRHMRK MW TSSV *MKYVI SR 1ERYJEGXYVMRK *MFIVW ERH 'SQTSWMXIW
XLI RI\X TEKI MPPYWXVEXIW TSSV FSRHMRK SJ GEVFSR wFIVW MR E GSTTIV QEXVM\ -R WSQI
GEWIW WTIGMEP GSEXMRKW QE] FI YWIH XS MQTVSZI FSRHMRK +PEWW wFIVW EVI GSEXIH [MXL E 4VSHYGMRK E wFIVVIMRJSVGIH GSQTSWMXI MRZSPZIW WIZIVEP WXITW MRGPYHMRK TVSHYGMRK XLI
WMPERI GSYTPMRK SV ssOI]MRKtt EKIRX GEPPIH WM^MRK XS MQTVSZI FSRHMRK ERH QSMWXYVI VI wFIVW EVVERKMRK XLI wFIVW MRXS FYRHPIW SV JEFVMGW ERH MRXVSHYGMRK XLI wFIVW MRXS XLI
WMWXERGI MR wFIVKPEWW GSQTSWMXIW 'EVFSR wFIVW EVI WMQMPEVP] GSEXIH [MXL ER SVKERMG QEXVM\
QEXIVMEP XS MQTVSZI FSRHMRK &SVSR wFIVW LEZI FIIR GSEXIH [MXL WMPMGSR GEVFMHI SV
FSVSR RMXVMHI XS MQTVSZI FSRHMRK [MXL ER EPYQMRYQ QEXVM\ MR JEGX XLIWI wFIVW LEZI 1EOMRK XLI *MFIV 1IXEPPMG wFIVW KPEWW wFIVW ERH QER] TSP]QIV wFIVW MRGPYHMRK
FIIR GEPPIH &SVWMG wFIVW XS VIxIGX XLI TVIWIRGI SJ XLI WMPMGSR GEVFMHI 7M' GSEXMRK R]PSR EVEQMH ERH TSP]EGV]PSRMXVMPI GER FI JSVQIH F] HVE[MRK TVSGIWWIW EW HIWGVMFIH
%RSXLIV TVSTIVX] XLEX QYWX FI GSRWMHIVIH [LIR GSQFMRMRK wFIVW MRXS E QEXVM\ MW MR 'LETXIV [MVI HVE[MRK SJ QIXEP ERH 'LETXIV YWMRK XLI WTMRRIVIXXI JSV TSP]QIV
XLI WMQMPEVMX] FIX[IIR XLI GSIoGMIRXW SJ XLIVQEP I\TERWMSR JSV XLI X[S QEXIVMEPW -J XLI wFIVW
wFIV I\TERHW ERH GSRXVEGXW EX E VEXI QYGL HMIVIRX JVSQ XLEX SJ XLI QEXVM\ wFIVW QE] &SVSR GEVFSR ERH GIVEQMGW EVI XSS FVMXXPI ERH VIEGXMZI XS FI [SVOIH F] GSRZIR
FVIEO SV FSRHMRK GER FI HMWVYTXIH GEYWMRK TVIQEXYVI JEMPYVI XMSREP HVE[MRK TVSGIWWIW &SVSR wFIV MW TVSHYGIH F] GLIQMGEP ZETSV HITSWMXMSR ':(
-R QER] GSQTSWMXIW MRHMZMHYEP TPMIW SV PE]IVW SJ JEFVMG EVI NSMRIH &SRHMRK ?*MKYVI E A % ZIV] wRI LIEXIH XYRKWXIR wPEQIRX MW YWIH EW E WYFWXVEXI TEWWMRK
FIX[IIR XLIWI PE]IVW QYWX EPWS FI KSSH SV ERSXLIV TVSFPIQhHIPEQMREXMSRhQE] SGGYV XLVSYKL E WIEP MRXS E LIEXIH GLEQFIV :ETSVMÎH FSVSR GSQTSYRHW WYGL EW &'P EVI
(IPEQMREXMSR LEW FIIR WYWTIGXIH XS FI E GEYWI MR WSQI EGGMHIRXW MRZSPZMRK EMVTPERIW MRXVSHYGIH MRXS XLI GLEQFIV HIGSQTSWI ERH TIVQMX FSVSR XS TVIGMTMXEXI SRXS XLI
YWMRK GSQTSWMXIFEWIH WXVYGXYVIW 8LI PE]IVW QE] XIEV ETEVX YRHIV PSEH ERH GEYWI JEMP XYRKWXIR [MVI *MKYVI 7M' wFIVW EVI QEHI MR E WMQMPEV QERRIV [MXL GEVFSR
YVI 9WMRK GSQTSWMXIW [MXL E XLVIIHMQIRWMSREP [IEZI [MPP LIPT TVIZIRX HIPEQMREXMSR wFIVW EW XLI WYFWXVEXI JSV XLI ZETSV HITSWMXMSR SJ WMPMGSR GEVFMHI
1ERYJEGXYVMRK *MFIVW ERH 'SQTSWMXIW ' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
*MKYVI
8LI IJJIGX SJ LIEXXVIEXQIRX
XIQTIVEXYVI SR XLI WXVIRKXL ERH
QSHYPYW SJ IPEWXMGMX] SJ GEVFSR
JMFIVW
*MKYVI 1IXLSHW JSV TVSHYGMRK E FSVSR ERH F GEVFSR JMFIVW
'EVFSR wFIVW EVI QEHI F] GEVFSRM^MRK SV T]VSPM^MRK ER SVKERMG wPEQIRX [LMGL MW

QSVI IEWMP] HVE[R SV WTYR MRXS XLMR GSRXMRYSYW PIRKXLW ?*MKYVI F A 8LI SVKERMG
wPEQIRX ORS[R EW E TVIGYVWSV MW SJXIR VE]SR E GIPPYPSWMG TSP]QIV TSP]EGV]PSRMXVMPI %VVERKMRK XLI *MFIVW )\GITXMSREPP] wRI wPEQIRXW EVI FYRHPIH XSKIXLIV EW VSZMRKW
4%2 SV TMXGL ZEVMSYW EVSQEXMG SVKERMG GSQTSYRHW ,MKL XIQTIVEXYVIW HIGSQTSWI ]EVRW SV XS[W -R ]EVRW EW QER] EW wPEQIRXW EVI X[MWXIH XSKIXLIV XS TVSHYGI XLI
XLI SVKERMG TSP]QIV HVMZMRK S EPP SJ XLI IPIQIRXW FYX GEVFSR %W XLI GEVFSRM^MRK wFIV % XS[ GSRXEMRW E JI[ LYRHVIH XS QSVI XLER YRX[MWXIH wPEQIRXW *MKYVI
XIQTIVEXYVI MRGVIEWIW JVSQ ' XS ' XLI XIRWMPI WXVIRKXL HIGVIEWIW [LMPI XLI 6SZMRKW EVI YRX[MWXIH FYRHPIW SJ wPEQIRXW ]EVRW SV XS[W
QSHYPYW SJ IPEWXMGMX] MRGVIEWIW *MKYVI SR XLI RI\X TEKI (VE[MRK XLI GEVFSR 3JXIR wFIVW EVI GLSTTIH MRXS WLSVX PIRKXLW SJ GQ SV PIWW 8LIWI wFIVW EPWS GEPPIH
wPEQIRXW EX GVMXMGEP XMQIW HYVMRK GEVFSRM^MRK QE] TVSHYGI HIWMVEFPI TVIJIVVIH SVM WXETPIW EVI IEWMP] MRGSVTSVEXIH MRXS XLI QEXVM\ ERH EVI X]TMGEP SJ XLI WLIIXQSPHMRK ERH
IRXEXMSRW MR XLI wREP GEVFSR wPEQIRX FYPOQSPHMRK GSQTSYRHW JSV TSP]QIVQEXVM\ GSQTSWMXIW 8LI wFIVW SJXIR EVI TVIWIRX
;LMWOIVW EVI WMRKPI GV]WXEPW [MXL EWTIGX VEXMSW SJ XS &IGEYWI XLI [LMWOIVW MR XLI GSQTSWMXI MR E VERHSQ SVMIRXEXMSR
GSRXEMR RS QSFMPI HMWPSGEXMSRW WPMT GERRSX SGGYV ERH XLI] LEZI I\GITXMSREPP] LMKL 0SRK SV GSRXMRYSYW wFIVW JSV TSP]QIVQEXVM\ GSQTSWMXIW GER FI TVSGIWWIH MRXS
WXVIRKXLW &IGEYWI SJ XLI GSQTPI\ TVSGIWWMRK VIUYMVIH XS TVSHYGI [LMWOIVW XLIMV GSWX QEXW SV JEFVMGW 1EXW GSRXEMR RSR[SZIR VERHSQP] SVMIRXIH wFIVW PSSWIP] LIPH
QE] FI UYMXI LMKL XSKIXLIV F] E TSP]QIV VIWMR 8LI wFIVW GER EPWS FI [SZIR FVEMHIH SV ORMXXIH MRXS X[S
HMQIRWMSREP SV XLVIIHMQIRWMSREP JEFVMGW 8LI JEFVMGW EVI XLIR MQTVIKREXIH [MXL E
TSP]QIV VIWMR 8LI VIWMRW EX XLMW TSMRX MR XLI TVSGIWWMRK LEZI RSX ]IX FIIR GSQTPIXIP]
TSP]QIVMÎH XLIWI QEXW SV JEFVMGW EVI GEPPIH TVITVIKW
;LIR YRMHMVIGXMSREPP] EPMKRIH wFIVW EVI XS FI MRXVSHYGIH MRXS E TSP]QIV QEXVM\
XETIW QE] FI TVSHYGIH -RHMZMHYEP wFIVW GER FI YR[SYRH JVSQ WTSSPW SRXS E QERHVIP
[LMGL HIXIVQMRIW XLI WTEGMRK SJ XLI MRHMZMHYEP wFIVW ERH TVITVIKKIH [MXL E TSP]QIV
VIWMR 8LIWI XETIW SRP] SRI wFIV HMEQIXIV XLMGO QE] FI YT XS MR [MHI *MKYVI
MPPYWXVEXIW XLEX XETIW GER EPWS FI TVSHYGIH F] GSZIVMRK XLI wFIVW [MXL YTTIV ERH PS[IV
PE]IVW SJ QIXEP JSMP XLEX EVI XLIR NSMRIH F] HMYWMSR FSRHMRK
*MKYVI
% WGERRMRK IPIGXVSR QMGVSKVETL SJ E GEVFSR XS[
GSRXEMRMRK QER] MRHMZMHYEP GEVFSR JMPEQIRXW

*MKYVI 4LSXSQMGVSKVETLW SJ X[S JMFIVVIMRJSVGIH GSQTSWMXIW E -R &SVWMG JMFIV

VIMRJSVGIH EPYQMRYQ XLI JMFIVW EVI GSQTSWIH SJ E XLMGO PE]IV SJ FSVSR HITSWMXIH SR E WQEPP
HMEQIXIV XYRKWXIR JMPEQIRX *VSQ 1IXEPW ,ERHFSSO %QIVMGER 7SGMIX] JSV 1IXEPW
:SP XL )H F -R XLMW QMGVSWXVYGXYVI SJ E GIVEQMGJMFIViGIVEQMGQEXVM\ GSQTSWMXI
WMPMGSR GEVFMHI JMFIVW EVI YWIH XS VIMRJSVGI E WMPMGSR RMXVMHI QEXVM\ 8LI 7M' JMFIV MW ZETSV
HITSWMXIH SR E WQEPP GEVFSR TVIGYVWSV JMPEQIRX 'SYVXIW] SJ (V 68 &LEXX 2%7%
0I[MW 6IWIEVGL 'IRXIV
1ERYJEGXYVMRK *MFIVW ERH 'SQTSWMXIW ' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
*MKYVI *MKYVI

4VSHYGXMSR SJ JMFIV XETIW F] 4VSHYGMRK GSQTSWMXI WLETIW F] JMPEQIRX [MRHMRK
IRGEWMRK JMFIVW FIX[IIR QIXEP GSZIV
WLIIXW F] HMJJYWMSR FSRHMRK
QSPHMRK WLSVX wFIVW SV QEXW EVI TPEGIH MRXS E X[STEVX HMI [LIR XLI HMI MW GPSWIH XLI
4VSHYGMRK XLI 'SQTSWMXI % ZEVMIX] SJ QIXLSHW JSV TVSHYGMRK GSQTSWMXI TEVXW EVI GSQTSWMXI WLETI MW JSVQIH
YWIH HITIRHMRK SR XLI ETTPMGEXMSR ERH QEXIVMEPW 7LSVX wFIVVIMRJSVGIH GSQTSWMXIW EVI *MPEQIRX [MRHMRK MW YWIH XS TVSHYGI TVSHYGXW WYGL EW TVIWWYVI XEROW ERH VSGOIX
RSVQEPP] JSVQIH F] QM\MRK XLI wFIVW [MXL E PMUYMH SV TPEWXMG QEXVM\ XLIR YWMRK VIPE QSXSV GEWXMRKW *MKYVI *MFIVW EVI [VETTIH EVSYRH E JSVQ SV QERHVIP XS KVEH
XMZIP] GSRZIRXMSREP XIGLRMUYIW WYGL EW MRNIGXMSR QSPHMRK JSV TSP]QIVFEWI GSQTSWMXIW YEPP] FYMPH YT E LSPPS[ WLETI XLEX QE] FI IZIR WIZIVEP JIIX MR XLMGORIWW 8LI wPEQIRX
SV GEWXMRK JSV QIXEPQEXVM\ GSQTSWMXIW 4SP]QIV QEXVM\ GSQTSWMXIW GER EPWS FI TVS GER FI HMTTIH MR XLI TSP]QIVQEXVM\ VIWMR TVMSV XS [MRHMRK SV XLI VIWMR GER FI MQTVIK
HYGIH F] E WTVE]YT QIXLSH MR [LMGL WLSVX wFIVW QM\IH [MXL E VIWMR EVI WTVE]IH REXIH EVSYRH XLI wFIV HYVMRK SV EJXIV [MRHMRK 'YVMRK GSQTPIXIW XLI TVSHYGXMSR SJ XLI
EKEMRWX E JSVQ ERH GYVIH GSQTSWMXI TEVX
7TIGMEP XIGLRMUYIW LS[IZIV LEZI FIIR HIZMWIH JSV TVSHYGMRK GSQTSWMXIW YWMRK 4YPXVYWMSR MW YWIH XS JSVQ E WMQTPIWLETIH TVSHYGX [MXL E GSRWXERX GVSWW WIGXMSR
GSRXMRYSYW wFIVW IMXLIV MR YRMHMVIGXMSREPP] EPMKRIH QEX SV JEFVMG JSVQ *MKYVI WYGL EW VSYRH VIGXERKYPEV TMTI TPEXI SV WLIIX WLETIW *MKYVI *MFIVW SV QEXW
-R LERH PE]YT XIGLRMUYIW XLI XETIW QEXW SV JEFVMGW EVI TPEGIH EKEMRWX E JSVQ WEXY EVI HVE[R JVSQ WTSSPW TEWWIH XLVSYKL E TSP]QIV VIWMR FEXL JSV MQTVIKREXMSR ERH
VEXIH [MXL E TSP]QIV VIWMR VSPPIH XS EWWYVI KSSH GSRXEGX ERH JVIIHSQ JVSQ TSVSWMX] KEXLIVIH XSKIXLIV XS TVSHYGI E TEVXMGYPEV WLETI FIJSVI IRXIVMRK E LIEXIH HMI JSV GYVMRK
ERH wREPP] GYVIH *MFIVKPEWW GEV ERH XVYGO FSHMIW QMKLX FI QEHI MR XLMW QERRIV [LMGL 'YVMRK SJ XLI VIWMR MW EGGSQTPMWLIH EPQSWX MQQIHMEXIP] WS E GSRXMRYSYW TVSHYGX MW
MW KIRIVEPP] WPS[ ERH PEFSV MRXIRWMZI TVSHYGIH 8LI TYPXVYHIH WXSGO GER WYFWIUYIRXP] FI JSVQIH MRXS WSQI[LEX QSVI GSQ
8ETIW ERH JEFVMGW GER EPWS FI TPEGIH MR E HMI ERH JSVQIH F] FEK QSPHMRK ,MKL TPMGEXIH WLETIW WYGL EW wWLMRK TSPIW KSPJ GPYF WLEJXW ERH WOM TSPIW
TVIWWYVI KEWIW SV E ZEGYYQ EVI MRXVSHYGIH XS JSVGI XLI MRHMZMHYEP TPMIW XSKIXLIV WS XLEX
KSSH FSRHMRK MW EGLMIZIH HYVMRK GYVMRK 0EVKI TSP]QIV QEXVM\ GSQTSRIRXW JSV XLI
WOMRW SJ QMPMXEV] EMVGVEJX LEZI FIIR TVSHYGIH F] XLIWI XIGLRMUYIW -R QEXGLIH HMI
*MKYVI 4VSHYGMRK GSQTSWMXI WLETIW F] TYPXVYWMSR
1IXEPQEXVM\ GSQTSWMXIW [MXL GSRXMRYSYW wFIVW EVI QSVI HMoGYPX XS TVSHYGI XLER
EVI XLI TSP]QIVQEXVM\ GSQTSWMXIW 'EWXMRK TVSGIWWIW XLEX JSVGI PMUYMH EVSYRH XLI wFIVW
YWMRK GETMPPEV] VMWI TVIWWYVI GEWXMRK ZEGYYQ MRwPXVEXMSR SV GSRXMRYSYW GEWXMRK EVI
YWIH :EVMSYW WSPMHWXEXI GSQTEGXMSR TVSGIWWIW GER EPWS FI YWIH
*MFIV6IMRJSVGIH 7]WXIQW ERH %TTPMGEXMSRW

&IJSVI GSQTPIXMRK SYV HMWGYWWMSR SJ wFIVVIMRJSVGIH GSQTSWMXIW PIXtW PSSO EX XLI
*MKYVI 4VSHYGMRK GSQTSWMXI WLETIW MR HMIW F] E LERH PE]YT F TVIWWYVI FEK FILEZMSV ERH ETTPMGEXMSRW SJ WSQI SJ XLI QSWX GSQQSR SJ XLIWI QEXIVMEPW *MKYVI
QSPHMRK ERH G QEXGLIH HMI QSPHMRK GSQTEVIW XLI WTIGMwG QSHYPYW ERH WTIGMwG WXVIRKXL SJ WIZIVEP GSQTSWMXIW [MXL XLSWI SJ
*MFIV6IMRJSVGIH 7]WXIQW ERH %TTPMGEXMSRW ' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
*MKYVI
8LI WTIGMJMG WXVIRKXL ZIVWYW
XIQTIVEXYVI JSV WIZIVEP GSQTSWMXIW
ERH QIXEPW
*MKYVI % GSQTEVMWSR SJ XLI WTIGMJMG QSHYPYW ERH WTIGMJMG WXVIRKXL SJ WIZIVEP GSQTSWMXI
QEXIVMEPW [MXL XLSWI SJ QIXEPW ERH TSP]QIVW
QIXEPW ERH TSP]QIVW 2SXI XLEX XLI ZEPYIW MR XLMW wKYVI EVI PS[IV XLER XLSWI MR *MK
YVI WMRGI [I EVI RS[ PSSOMRK EX XLI GSQTSWMXI RSX NYWX XLI wFIV
%HZERGIH 'SQTSWMXIW 8LI XIVQ EHZERGIH GSQTSWMXIW MW SJXIR YWIH [LIR XLI GSQ
TSWMXI MW MRXIRHIH XS TVSZMHI WIVZMGI MR ZIV] GVMXMGEP ETTPMGEXMSRW EW MR XLI EIVSWTEGI
MRHYWXV] 8EFPI 8LI EHZERGIH GSQTSWMXIW RSVQEPP] EVI TSP]QIViQEXVM\ GSQTS
WMXIW VIMRJSVGIH [MXL LMKLWXVIRKXL TSP]QIV QIXEP SV GIVEQMG wFIVW 'EVFSR wFIVW EVI
,]FVMH GSQTSWMXIW EVI GSQTSWIH SJ X[S SV QSVI X]TIW SJ wFIVW *SV MRWXERGI
YWIH I\XIRWMZIP] [LIVI TEVXMGYPEVP] KSSH WXMRIWW MW VIUYMVIH EVEQMHh ERH XS ER IZIR
/IZPEV 81 wFIVW QE] FI QM\IH [MXL GEVFSR wFIVW XS MQTVSZI XLI XSYKLRIWW SJ E WXM
KVIEXIV I\XIRX TSP]IXL]PIRIh wFIVW EVI FIXXIV WYMXIH XS LMKLWXVIRKXL ETTPMGEXMSRW MR
GSQTSWMXI SV /IZPEV 81 QE] FI QM\IH [MXL KPEWW wFIVW XS MQTVSZI WXMRIWW 4EVXMGY
[LMGL XSYKLRIWW ERH HEQEKI VIWMWXERGI EVI QSVI MQTSVXERX 9RJSVXYREXIP] XLI TSP]
PEVP] KSSH XEMPSVMRK SJ XLI GSQTSWMXI XS QIIX WTIGMwG ETTPMGEXMSRW GER FI EGLMIZIH F]
QIV wFIVW PSWI XLIMV WXVIRKXL EX VIPEXMZIP] PS[ XIQTIVEXYVIW EW HS EPP SJ XLI TSP]QIV
GSRXVSPPMRK XLI EQSYRXW ERH SVMIRXEXMSRW SJ IEGL wFIV
QEXVMGIW *MKYVI SR XLI RI\X TEKI
8SYKL GSQTSWMXIW GER EPWS FI TVSHYGIH MJ GEVIJYP EXXIRXMSR MW TEMH XS XLI GLSMGI SJ
8LI EHZERGIH GSQTSWMXIW EVI EPWS JVIUYIRXP] YWIH JSV WTSVXMRK KSSHW 8IRRMW VEGO
QEXIVMEPW ERH TVSGIWWMRK XIGLRMUYIW &IXXIV JVEGXYVI XSYKLRIWW MR XLI VEXLIV FVMXXPI
IXW KSPJ GPYFW WOMW WOM TSPIW ERH wWLMRK TSPIW SJXIR GSRXEMR GEVFSR SV EVEQMH wFIVW
GSQTSWMXIW GER FI SFXEMRIH F] YWMRK PSRK wFIVW EQSVTLSYW WYGL EW 4))/ ERH 447
FIGEYWI XLI LMKLIV WXMRIWW TVSZMHIW FIXXIV TIVJSVQERGI -R XLI GEWI SJ KSPJ GPYFW GEV
VEXLIV XLER GV]WXEPPMRI SV GVSWWPMROIH QEXVMGIW XLIVQSTPEWXMGIPEWXSQIV QEXVMGIW SV
FSR wFIVW EPPS[ PIWW [IMKLX MR XLI WLEJX ERH XLIVIJSVI QSVI [IMKLX MR XLI LIEH *EFVMG
MRXIVTIRIXVEXMRK RIX[SVO TSP]QIVW
VIMRJSVGIH [MXL TSP]IXL]PIRI wFIVW MW YWIH JSV PMKLX[IMKLX WEMPW JSV VEGMRK ]EGLXW
% YRMUYI ETTPMGEXMSR JSV EVEQMH wFIV GSQTSWMXIW MW EVQSV 8SYKL /IZPEV 81 GSQ
1IXEP1EXVM\ 'SQTSWMXIW 8LIWI QEXIVMEPW WXVIRKXLIRIH F] QIXEP SV GIVEQMG wFIVW
TSWMXIW TVSZMHI FIXXIV FEPPMWXMG TVSXIGXMSR XLER SXLIV QEXIVMEPW QEOMRK XLIQ WYMXEFPI JSV
TVSZMHI LMKLXIQTIVEXYVI VIWMWXERGI %PYQMRYQ VIMRJSVGIH [MXL FSVWMG wFIVW LEW FIIR
PMKLX[IMKLX xI\MFPI FYPPIXTVSSJ GPSXLMRK
YWIH I\XIRWMZIP] MR EIVSWTEGI ETTPMGEXMSRW MRGPYHMRK WXVYXW JSV XLI WTEGI WLYXXPI
'STTIVFEWIH EPPS]W LEZI FIIR VIMRJSVGIH [MXL 7M' wFIVW TVSHYGMRK LMKLWXVIRKXL
TVSTIPPIVW JSV WLMTW
8%&0) )\EQTPIW SJ JMFIVVIMRJSVGIH QEXIVMEPW ERH ETTPMGEXMSRW
%PYQMRYQ MW GSQQSRP] YWIH MR QIXEPQEXVM\ GSQTSWMXIW %P 3 wFIVW VIMRJSVGI
1EXIVMEP %TTPMGEXMSRW XLI TMWXSRW JSV WSQI HMIWIP IRKMRIW 7M' wFIVW ERH [LMWOIVW EVI YWIH MR EIVSWTEGI ET
TPMGEXMSRW MRGPYHMRK WXMIRIVW ERH QMWWMPI wRW ERH GEVFSR wFIVW TVSZMHI VIMRJSVGIQIRX
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1MGVSPEQMREXIW MRGPYHI GSQTSWMXIW GSQTSWIH SJ EPXIVREXMRK PE]IVW SJ EPYQMRYQ &MQIXEPPMGW GER EGX EW GMVGYMX FVIEOIVW EW [IPP EW XLIVQSWXEXW MJ E GYVVIRX TEWWMRK
WLIIX ERH wFIVVIMRJSVGIH TSP]QIV %VEPP EVEQMHEPYQMRYQ PEQMREXI ERH +PEVI KPEWW XLVSYKL XLI WXVMT FIGSQIW XSS LMKL LIEXMRK GEYWIW XLI FMQIXEPPMG XS HIxIGX ERH FVIEO
EPYQMRYQ PEQMREXI LEZI FIIR HIZIPSTIH EW TSWWMFPI WOMR QEXIVMEPW JSV EMVGVEJX -R XLI GMVGYMX
%VEPP ER EVEQMH wFIV WYGL EW /IZPEV 81 MW TVITEVIH EW E JEFVMG SV YRMHMVIGXMSREP XETI
MQTVIKREXIH [MXL ER EHLIWMZI ERH PEQMREXIH FIX[IIR PE]IVW SJ EPYQMRYQ EPPS] *MKYVI 1YPXMPE]IV GETEGMXSVW 7MQMPEV KISQIXV] MW YWIH XS QEOI FMPPMSRW SJ QYPXMPE]IV GETEGM
8LI GSQTSWMXI PEQMREXI LEW ER YRYWYEP GSQFMREXMSR SJ WXVIRKXL WXMRIWW GSV XSVW 8LIMV WXVYGXYVI MW GSQTVMWIWH SJ XLMR WLIIXW SJ &E8M3 FEWIH GIVEQMGW WITEVEXIH F]
VSWMSR VIWMWXERGI ERH PMKLX [IMKLX *EXMKYI VIWMWXERGI MW MQTVSZIH WMRGI XLI MRXIVJEGI %K4H SV 2M IPIGXVSHIW
FIX[IIR XLI PE]IVW QE] FPSGO GVEGOW 'SQTEVIH [MXL TSP]QIVQEXVM\ GSQTSWMXIW XLI
QMGVSPEQMREXIW LEZI KSSH VIWMWXERGI XS PMKLXRMRKWXVMOI HEQEKI [LMGL MW MQTSVXERX MR
EIVSWTEGI ETTPMGEXMSRW EVI JSVQEFPI ERH QEGLMREFPI ERH EVI IEWMP] VITEMVIH
7ERH[MGL 7XVYGXYVIW

7ERH[MGL QEXIVMEPW LEZI XLMR PE]IVW SJ E JEGMRK QEXIVMEP NSMRIH XS E PMKLX[IMKLX wPPIV
QEXIVMEP WYGL EW E TSP]QIV JSEQ 2IMXLIV XLI wPPIV RSV XLI JEGMRK QEXIVMEP MW WXVSRK SV
VMKMH FYX XLI GSQTSWMXI TSWWIWWIW FSXL TVSTIVXMIW % JEQMPMEV I\EQTPI MW GSVVYKEXIH
GEVHFSEVH % GSVVYKEXIH GSVI SJ TETIV MW FSRHIH SR IMXLIV WMHI XS xEX XLMGO TETIV
2IMXLIV XLI GSVVYKEXIH GSVI RSV XLI JEGMRK TETIV MW VMKMH FYX XLI GSQFMREXMSR MW
%RSXLIV MQTSVXERX I\EQTPI MW XLI LSRI]GSQF WXVYGXYVI YWIH MR EMVGVEJX ETTPMGE
XMSRW % LSRI]GSQF MW TVSHYGIH F] KPYMRK XLMR EPYQMRYQ WXVMTW EX WIPIGXIH PSGEXMSRW
8LI LSRI]GSQF QEXIVMEP MW XLIR I\TERHIH XS TVSHYGI E ZIV] PS[HIRWMX] GIPPYPEV TERIP
XLEX F] MXWIPJ MW YRWXEFPI *MKYVI ;LIR ER EPYQMRYQ JEGMRK WLIIX MW EHLIWMZIP]
FSRHIH XS IMXLIV WMHI SJ XLI LSRI]GSQF LS[IZIV E ZIV] WXM VMKMH WXVSRK ERH I\GIT
XMSREPP] PMKLX[IMKLX WERH[MGL [MXL E HIRWMX] EW PS[ EW KGQ MW SFXEMRIH
*MKYVI 7GLIQEXMG HMEKVEQ SJ ER EVEQMHEPYQMRYQ PEQMREXI %VEPP [LMGL LEW TSXIRXMEP 8LI LSRI]GSQF GIPPW GER LEZI E ZEVMIX] SJ WLETIW MRGPYHMRK LI\EKSREP WUYEVI
JSV EIVSWTEGI ETTPMGEXMSRW VIGXERKYPEV ERH WMRYWSMHEP ERH XLI] GER FI QEHI JVSQ EPYQMRYQ wFIVKPEWW TETIV
7YQQEV] ' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
: :MVXYEPP] ER] GSQFMREXMSR SJ QIXEPW TSP]QIVW ERH GIVEQMGW MW TSWWMFPI -R QER]

GEWIW XLI VYPI SJ QM\XYVIW GER FI YWIH XS IWXMQEXI WSQI SJ XLI TVSTIVXMIW SJ
E GSQTSWMXI
: 'SQTSWMXIW LEZI QER] ETTPMGEXMSRW MR GSRWXVYGXMSR EIVSWTEGI EYXSQSXMZI WTSVXW
QMGVSIPIGXVSRMGW ERH SXLIV MRHYWXVMIW
: (MWTIVWMSRWXVIRKXLIRIH QEXIVMEPW GSRXEMR I\GITXMSREPP] WQEPP S\MHI TEVXMGPIW MR
E QIXEP QEXVM\ 8LI WQEPP WXEFPI HMWTIVWSMHW MRXIVJIVI [MXL WPMT TVSZMHMRK KSSH
QIGLERMGEP TVSTIVXMIW EX IPIZEXIH XIQTIVEXYVIW
: 4EVXMGYPEXI GSQTSWMXIW GSRXEMR TEVXMGPIW XLEX MQTEVX GSQFMREXMSRW SJ TVSTIVXMIW XS
XLI GSQTSWMXI 1IXEPQEXVM\ GSQTSWMXIW GSRXEMR GIVEQMG SV QIXEPPMG TEVXMGPIW XLEX
TVSZMHI MQTVSZIH WXVIRKXL ERH [IEV VIWMWXERGI ERH EWWYVI KSSH IPIGXVMGEP GSRHYG
XMZMX] XSYKLRIWW SV GSVVSWMSR VIWMWXERGI 4SP]QIVQEXVM\ GSQTSWMXIW GSRXEMR TEV
XMGPIW XLEX IRLERGI WXMRIWW LIEX VIWMWXERGI SV IPIGXVMGEP GSRHYGXMZMX] [LMPI QEMR
XEMRMRK PMKLX [IMKLX IEWI SJ JEFVMGEXMSR SV PS[ GSWX
: *MFIVVIMRJSVGIH GSQTSWMXIW TVSZMHI MQTVSZIQIRXW MR WXVIRKXL WXMRIWW SV LMKL
*MKYVI E % LI\EKSREP GIPP LSRI]GSQF GSVI F GER FI NSMRIH XS X[S JEGI WLIIXW F] XIQTIVEXYVI TIVJSVQERGI MR QIXEPW ERH TSP]QIVW ERH MQTEVX XSYKLRIWW XS
QIERW SJ EHLIWMZI WLIIXW G TVSHYGMRK ER I\GITXMSREPP] PMKLX[IMKLX ]IX WXMJJ WXVSRK GIVEQMGW *MFIVW X]TMGEPP] LEZI PS[ HIRWMXMIW KMZMRK LMKL WTIGMwG WXVIRKXL ERH
LSRI]GSQF WERH[MGL WXVYGXYVI WTIGMwG QSHYPYW FYX XLI] SJXIR EVI ZIV] FVMXXPI *MFIVW GER FI GSRXMRYSYW SV HMW
GSRXMRYSYW (MWGSRXMRYSYW wFIVW [MXL E LMKL EWTIGX VEXMS P!H TVSHYGI FIXXIV VIMR
EVEQMH TSP]QIVW ERH SXLIV QEXIVMEPW 8LI LSRI]GSQF GIPPW GER FI wPPIH [MXL JSEQ SV JSVGIQIRX
wFIVKPEWW XS TVSZMHI I\GIPPIRX WSYRH ERH ZMFVEXMSR EFWSVTXMSR *MKYVI HIWGVMFIW : *MFIVW EVI MRXVSHYGIH MRXS E QEXVM\ MR E ZEVMIX] SJ SVMIRXEXMSRW 6ERHSQ SVM
SRI QIXLSH F] [LMGL XLI LSRI]GSQF GER FI JEFVMGEXIH IRXEXMSRW ERH MWSXVSTMG FILEZMSV EVI SFXEMRIH YWMRK HMWGSRXMRYSYW wFIVW YRMHMVIG
XMSREPP] EPMKRIH wFIVW TVSHYGI GSQTSWMXIW [MXL ERMWSXVSTMG FILEZMSV [MXL PEVKI
MQTVSZIQIRXW MR WXVIRKXL ERH WXMRIWW TEVEPPIP XS XLI wFIV HMVIGXMSR 4VSTIVXMIW GER
FI XEMPSVIH XS QIIX XLI MQTSWIH PSEHW F] SVMIRXMRK XLI wFIVW MR QYPXMTPI HMVIGXMSRW
: 0EQMREV GSQTSWMXIW EVI FYMPX SJ PE]IVW SJ HMIVIRX QEXIVMEPW 8LIWI PE]IVW QE]
FI WLIIXW SJ HMIVIRX QIXEPW [MXL SRI QIXEP TVSZMHMRK WXVIRKXL ERH XLI SXLIV TVS
ZMHMRK LEVHRIWW SV GSVVSWMSR VIWMWXERGI 0E]IVW QE] EPWS MRGPYHI WLIIXW SJ wFIV
VIMRJSVGIH QEXIVMEP FSRHIH XS QIXEP SV TSP]QIV WLIIXW SV IZIR XS wFIVVIMRJSVGIH
WLIIXW LEZMRK HMIVIRX wFIV SVMIRXEXMSRW 8LI PEQMREV GSQTSWMXIW EVI EP[E]W ERM
WSXVSTMG
: 7ERH[MGL QEXIVMEPW MRGPYHMRK LSRI]GSQFW EVI I\GITXMSREPP] PMKLX[IMKLX PEQMREV
GSQTSWMXIW [MXL WSPMH JEGMRKW NSMRIH XS ER EPQSWX LSPPS[ GSVI
+0377%6= %VEQMH JMFIVW 4SP]QIV wFIVW WYGL EW /IZPEV 81 JSVQIH JVSQ TSP]EQMHIW [LMGL GSRXEMR XLI
FIRÎRI VMRK MR XLI FEGOFSRI SJ XLI TSP]QIV
*MKYVI -R XLI GSVVYKEXMSR QIXLSH JSV TVSHYGMRK E LSRI]GSQF GSVI XLI QEXIVMEP WYGL %WTIGX VEXMS 8LI PIRKXL SJ E wFIV HMZMHIH F] MXW HMEQIXIV
EW EPYQMRYQ MW GSVVYKEXIH FIX[IIR X[S VSPPW 8LI GSVVYKEXIH WLIIXW EVI NSMRIH XSKIXLIV [MXL
EHLIWMZI ERH XLIR GYX XS XLI HIWMVIH XLMGORIWW &MQIXEPPMG % PEQMREV GSQTSWMXI QEXIVMEP TVSHYGIH F] NSMRMRK X[S WXVMTW SJ QIXEP [MXL HMIVIRX
XLIVQEP I\TERWMSR GSIoGMIRXW QEOMRK XLI QEXIVMEP WIRWMXMZI XS XIQTIVEXYVI GLERKIW
&VE^MRK % TVSGIWW MR [LMGL E PMUYMH wPPIV QIXEP MW MRXVSHYGIH F] GETMPPEV] EGXMSR FIX[IIR X[S
WSPMHFEWIH QEXIVMEPW XLEX EVI XS FI NSMRIH 7SPMHMwGEXMSR SJ XLI FVE^MRK EPPS] TVSZMHIW XLI FSRH
7911%6= : 'SQTSWMXIW EVI GSQTSWIH SJ X[S SV QSVI QEXIVMEPW SV TLEWIW NSMRIH SV GSRRIGXIH
'EVFSRM^MRK (VMZMRK S XLI RSRGEVFSR EXSQW JVSQ E TSP]QIV wFIV PIEZMRK FILMRH E GEVFSR
MR WYGL E [E] WS EW XS KMZI E GSQFMREXMSR SJ TVSTIVXMIW XLEX GERRSX FI EXXEMRIH
wFIV SJ LMKL WXVIRKXL %PWS ORS[R EW T]VSPM^MRK
SXLIV[MWI 8LI ZSPYQI JVEGXMSR ERH XLI GSRRIGXMZMX] SJ XLI TLEWIW SV QEXIVMEPW MR E
GSQTSWMXI ERH XLI REXYVI SJ XLI MRXIVJEGI FIX[IIR XLI HMWTIVWIH TLEWI ERH QEXVM\ 'IQIRXIH GEVFMHIW SV GIVQIXW 4EVXMGYPEXI GSQTSWMXIW GSRXEMRMRK LEVH GIVEQMG TEVXMGPIW FSRHIH
EVI ZIV] MQTSVXERX MR HIXIVQMRMRK XLI TVSTIVXMIW [MXL E WSJX QIXEPPMG QEXVM\ 8LI GSQTSWMXI GSQFMRIW LMKL LEVHRIWW ERH GYXXMRK EFMPMX] ]IX WXMPP LEW
KSSH WLSGO VIWMWXERGI
+PSWWEV] ' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
'LIQMGEP ZETSV HITSWMXMSR ':( 1IXLSH JSV QERYJEGXYVMRK QEXIVMEPW F] GSRHIRWMRK XLI
QEXIVMEP JVSQ E ZETSV SRXS E WSPMH WYFWXVEXI 463&0)17
'PEHHMRK % PEQMREV GSQTSWMXI TVSHYGIH [LIR E GSVVSWMSRVIWMWXERX SV LMKLLEVHRIWW PE]IV SJ E 7IGXMSR (MWTIVWMSR7XVIRKXLIRIH 7IGXMSR 4EVXMGYPEXI 'SQTSWMXIW
PEQMREV GSQTSWMXI MW JSVQIH SRXS E PIWW I\TIRWMZI SV LMKLIVWXVIRKXL FEGOMRK 'SQTSWMXIW ;LEX MW E TEVXMGYPEXI GSQTSWMXI#
(IPEQMREXMSR 7ITEVEXMSR SJ MRHMZMHYEP TPMIW SJ E wFIVVIMRJSVGIH GSQTSWMXI ;LEX MW E GIVQIX# ;LEX MW XLI VSPI SJ ;' ERH
;LEX MW E GSQTSWMXI# 'S MR E GIVQIX#
(MWTIVWIH TLEWI 8LI TLEWI SV TLEWIW XLEX EVI HMWTIVWIH MR E GSRXMRYSYW QEXVM\ SJ XLI GSQ
;LEX HS XLI TVSTIVXMIW SJ GSQTSWMXI QEXIVMEPW 'EPGYPEXI XLI HIRWMX] SJ E GIQIRXIH GEVFMHI SV
TSWMXI HITIRH YTSR# GIVQIX FEWIH SR E XMXERMYQ QEXVM\ MJ XLI GSQ
(MWTIVWSMHW 8MR] S\MHI TEVXMGPIW JSVQIH MR E QIXEP QEXVM\ XLEX MRXIVJIVI [MXL HMWPSGEXMSR QSZI +MZI I\EQTPIW SJ ETTPMGEXMSRW [LIVI GSQTSWMXIW TSWMXI GSRXEMRW [X ;' [X 8E' ERH
QIRX ERH TVSZMHI WXVIRKXLIRMRK IZIR EX IPIZEXIH XIQTIVEXYVIW EVI YWIH JSV PSEH FIEVMRK ETTPMGEXMSRW [X 8M' 7II )\EQTPI JSV HIRWMXMIW SJ
+MZI X[S I\EQTPIW SJ ETTPMGEXMSRW [LIVI GSQ XLI GEVFMHIW
*MPEQIRX [MRHMRK 4VSGIWW JSV TVSHYGMRK wFIVVIMRJSVGIH GSQTSWMXIW MR [LMGL GSRXMRYSYW wFIVW
EVI [VETTIH EVSYRH E JSVQ SV QERHVIP 8LI wFIVW QE] FI TVITVIKKIH SV XLI wPEQIRX[SYRH TSWMXIW EVI YWIH JSV RSRWXVYGXYVEP ETTPMGE % X]TMGEP KVMRHMRK [LIIP MW MR MR HMEQIXIV
XMSRW MR XLMGO ERH [IMKLW PF 8LI [LIIP GSRXEMRW
WXVYGXYVI QE] FI MQTVIKREXIH XS GSQTPIXI XLI TVSHYGXMSR SJ XLI GSQTSWMXI
;LEX MW E HMWTIVWMSRWXVIRKXLIRIH GSQTSWMXI# 7M' HIRWMX] SJ KGQ FSRHIH F] WMPMGE KPEWW
,SRI]GSQF % PMKLX[IMKLX FYX WXM EWWIQFP] SJ EPYQMRYQ WXVMT NSMRIH ERH I\TERHIH XS JSVQ XLI ,S[ MW MX HMIVIRX JVSQ E TEVXMGPIVIMRJSVGIH HIRWMX] SJ KGQ ZSP SJ XLI [LIIP MW
GSVI SJ E WERH[MGL WXVYGXYVI GSQTSWMXI# TSVSYW 2SXI 8LI 7M' MW MR XLI JSVQ SJ GQ
GYFIW 'EPGYPEXI
,]FVMH SVKERMGMRSVKERMG GSQTSWMXIW 2ERSGSQTSWMXIW GSRWMWXMRK SJ WXVYGXYVIW XLEX EVI TEVXP] ;LEX MW E RERSGSQTSWMXI# ,S[ GER WXIIPW GSR
XEMRMRK JIVVMXI ERH QEVXIRWMXI FI HIWGVMFIH EW E XLI ZSPYQI JVEGXMSR SJ 7M' TEVXMGPIW MR XLI
SVKERMG ERH TEVXP] MRSVKERMG SJXIR QEHI YWMRK WSPKIP TVSGIWWMRK [LIIP ERH
GSQTSWMXIW# )\TPEMR
1EXVM\ TLEWI 8LI GSRXMRYSYW TLEWI MR E GSQTSWMXI 8LI GSQTSWMXIW EVI REQIH EJXIV XLI GSR F XLI RYQFIV SJ 7M' TEVXMGPIW PSWX JVSQ XLI
2MGOIP GSRXEMRMRK [X XLSVMYQ MW TVSHYGIH [LIIP EJXIV MX MW [SVR XS E HMEQIXIV SJ MR
XMRYSYW TLEWI IK TSP]QIVQEXVM\ GSQTSWMXIW MR TS[HIV JSVQ GSRWSPMHEXIH MRXS E TEVX ERH
WMRXIVIH MR XLI TVIWIRGI SJ S\]KIR GEYWMRK EPP SJ %R IPIGXVMGEP GSRXEGX QEXIVMEP MW TVSHYGIH F]
2ERSGSQTSWMXI % QEXIVMEP MR [LMGL XLI HMWTIVWIH TLEWI MW RERSWMÎH ERH MW HMWXVMFYXIH MR XLI MRwPXVEXMRK GSTTIV MRXS E TSVSYW XYRKWXIR GEV
GSRXMRYSYW QEXVM\ XLI XLSVMYQ XS TVSHYGI 8L3 WTLIVIW RQ MR
HMEQIXIV 'EPGYPEXI XLI RYQFIV SJ WTLIVIW TIV FMHI ;' GSQTEGX 8LI HIRWMX] SJ XLI wREP
GQ 2SXI 8LI HIRWMX] SJ 8L3 MW KGQ GSQTSWMXI MW KGQ %WWYQMRK XLEX EPP SJ
4VIGYVWSV % WXEVXMRK GLIQMGEP IK E TSP]QIV wFIV XLEX MW GEVFSRMÎH XS TVSHYGI GEVFSR wFIVW
XLI TSVIW EVI wPPIH [MXL GSTTIV GEPGYPEXI
4VITVIKW 0E]IVW SJ wFIVW MR YRTSP]QIVMÎH VIWMRW %JXIV XLI TVITVIKW EVI WXEGOIH XS JSVQ E 7TLIVMGEP EPYQMRYQ TS[HIV 7%4 QQ MR
HMEQIXIV MW XVIEXIH XS GVIEXI E XLMR S\MHI PE]IV E XLI ZSPYQI JVEGXMSR SJ GSTTIV MR XLI GSQ
HIWMVIH WXVYGXYVI TSP]QIVMÊXMSR NSMRW XLI PE]IVW XSKIXLIV TSWMXI
ERH MW XLIR YWIH XS TVSHYGI E 7%4 HMWTIVWMSR
WXVIRKXLIRIH QEXIVMEP GSRXEMRMRK ZSP F XLI ZSPYQI JVEGXMSR SJ TSVIW MR XLI ;'
4YPXVYWMSR % QIXLSH JSV TVSHYGMRK GSQTSWMXIW GSRXEMRMRK QEXW SV GSRXMRYSYW wFIVW
%P 3 'EPGYPEXI XLI EZIVEKI XLMGORIWW SJ XLI GSQTEGX TVMSV XS MRwPXVEXMSR ERH
6SZMRKW &YRHPIW SJ PIWW XLER wPEQIRXW S\MHI wPQ TVMSV XS GSQTEGXMSR ERH WMRXIVMRK SJ G XLI SVMKMREP HIRWMX] SJ XLI ;' GSQTEGX
XLI TS[HIVW MRXS XLI TEVX FIJSVI MRwPXVEXMSR
6YPI SJ QM\XYVIW 8LI WXEXIQIRX XLEX XLI TVSTIVXMIW SJ E GSQTSWMXI QEXIVMEP EVI E JYRGXMSR SJ XLI
=XXVME = 3 TEVXMGPIW % MR HMEQIXIV EVI %R IPIGXVMGEP GSRXEGX QEXIVMEP MW TVSHYGIH F]
ZSPYQI JVEGXMSR SJ IEGL QEXIVMEP MR XLI GSQTSWMXI
MRXVSHYGIH MRXS XYRKWXIR F] MRXIVREP S\MHEXMSR wVWX QEOMRK E TSVSYW XYRKWXIR GSQTEGX XLEX
7ERH[MGL % GSQTSWMXI QEXIVMEP GSRWXVYGXIH SJ E PMKLX[IMKLX PS[HIRWMX] QEXIVMEP WYVVSYRHIH 1IEWYVIQIRXW YWMRK ER IPIGXVSR QMGVSWGSTI [IMKLW K 0MUYMH WMPZIV MW MRXVSHYGIH MRXS
F] HIRWI WSPMH PE]IVW 8LI WERH[MGL GSQFMRIW SZIVEPP PMKLX [IMKLX [MXL I\GIPPIRX WXMRIWW WLS[ XLEX XLIVI EVI S\MHI TEVXMGPIW TIV XLI GSQTEGX GEVIJYP QIEWYVIQIRX MRHMGEXIW XLEX
GQ 'EPGYPEXI XLI [X = SVMKMREPP] MR XLI EPPS] K SJ WMPZIV MW MRwPXVEXIH 8LI wREP HIRWMX]
7M^MRK 'SEXMRK KPEWW wFIVW [MXL ER SVKERMG QEXIVMEP XS MQTVSZI FSRHMRK ERH QSMWXYVI VIWMWXERGI
2SXI 8LI HIRWMX] SJ = 3 MW KGQ SJ XLI GSQTSWMXI MW KGQ 'EPGYPEXI XLI
MR wFIVKPEWW ZSPYQI JVEGXMSR SJ XLI SVMKMREP GSQTEGX XLEX MW
;MXL RS WTIGMEP XVIEXQIRX EPYQMRYQ MW X]TM MRXIVGSRRIGXIH TSVSWMX] ERH XLI ZSPYQI JVEGXMSR
7TIGMJMG QSHYPYW 8LI QSHYPYW SJ IPEWXMGMX] HMZMHIH F] XLI HIRWMX] GEPP] JSYRH XS LEZI ER %P 3 PE]IV XLEX MW RQ XLEX MW GPSWIH TSVSWMX] RS WMPZIV MRwPXVEXMSR
XLMGO -J WTLIVMGEP EPYQMRYQ TS[HIV TVITEVIH
7TIGMJMG WXVIRKXL 8LI XIRWMPI SV ]MIPH WXVIRKXL SJ E QEXIVMEP HMZMHIH F] XLI HIRWMX] [MXL E XSXEP HMEQIXIV SJ QQ MW YWIH XS ,S[ QYGL GPE] QYWX FI EHHIH XS OK SJ TSP]
TVSHYGI XLI 7%4 HMWTIVWMSRWXVIRKXLIRIH QEXI IXL]PIRI XS TVSHYGI E PS[GSWX GSQTSWMXI LEZ
7XETPIW *MFIVW GLSTTIH MRXS WLSVX PIRKXLW MRK E QSHYPYW SJ IPEWXMGMX] KVIEXIV XLER
VMEP GEPGYPEXI XLI ZSPYQI TIVGIRX %P 3 MR XLI
8ETIW 7MRKPIwPEQIRXXLMGO WXVMTW SJ TVITVIKW [MXL XLI wPEQIRXW IMXLIV YRMHMVIGXMSREP SV [SZIR QEXIVMEP ERH XLI RYQFIV SJ S\MHI TEVXMGPIW TIV TWM ERH E XIRWMPI WXVIRKXL KVIEXIV XLER TWM#
wFIVW 7IZIVEP PE]IVW SJ XETIW GER FI NSMRIH XS TVSHYGI GSQTSWMXI WXVYGXYVIW GQ %WWYQI XLEX XLI S\MHI FVIEOW MRXS HMWO 2SXI 8LI HIRWMX] SJ XLI GPE] MW KGQ ERH
WLETIH xEOIW RQ XLMGO ERH QQ MR XLEX SJ TSP]IXL]PIRI MW KGQ
8S[ % FYRHPI SJ QSVI XLER wPEQIRXW HMEQIXIV 'SQTEVI XLI RYQFIV SJ S\MHI TEV ;I [SYPH PMOI XS TVSHYGI E PMKLX[IMKLX ITS\]
;LMWOIVW :IV] wRI wFIVW KVS[R MR E QERRIV XLEX TVSHYGIW WMRKPI GV]WXEPW [MXL RS QSFMPI HMW XMGPIW TIV GQ [MXL XLI RYQFIV SJ WSPMH WSPYXMSR TEVX XS TVSZMHI XLIVQEP MRWYPEXMSR ;I LEZI
EXSQW TIV GQ [LIR EX SJ ER EPPS]MRK IPI EZEMPEFPI LSPPS[ KPEWW FIEHW JSV [LMGL XLI SYX
PSGEXMSRW XLYW KMZMRK RIEVP] XLISVIXMGEP WXVIRKXLW
QIRX MW EHHIH XS EPYQMRYQ WMHI HMEQIXIV MW MR ERH XLI [EPP XLMGORIWW MW
=EVRW 'SRXMRYSYW wFIVW TVSHYGIH JVSQ E KVSYT SJ X[MWXIH wPEQIRXW
4VSFPIQW ' ,% 4 8)6 'SQTSWMXIW 8IEQ[SVO ERH 7]RIVK] MR 1EXIVMEPW
MR (IXIVQMRI XLI [IMKLX ERH RYQFIV SJ SJ E TEVX LEZMRK XLI WEQI QSHYPYW SJ IPEWXMGMX] QSHYPYW SJ IPEWXMGMX] SJ TWM 6IGSQ [MXL E QSHYPYW SJ IPEWXMGMX] SJ TWM
FIEHW XLEX QYWX FI EHHIH XS XLI ITS\] XS TVS TEVEPPIP XS XLI wFIVW MJ XLI TEVX MW QEHI SJ QIRH E TVSGIWW JSV TVSHYGMRK XLI GEVFSR wFIVW 'EPGYPEXI XLI QSHYPYW SJ IPEWXMGMX] SJ XLI GSQ
HYGI E SRITSYRH GSQTSWMXI [MXL E HIRWMX] SJ E EPYQMRYQ VIMRJSVGIH [MXL FSVSR wFIVW ERH VIUYMVIH )WXMQEXI XLI XIRWMPI WXVIRKXL SJ XLI TSWMXI TEVEPPIP ERH TIVTIRHMGYPEV XS XLI WLIIXW
KGQ 2SXI 8LI HIRWMX] SJ XLI KPEWW MW F TSP]IWXIV VIMRJSVGIH [MXL LMKLQSHYPYW GEV wFIVW XLEX EVI TVSHYGIH
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7IGXMSR *MFIV6IMRJSVGIH 'SQTSWMXIW QEXIVMEPW TSYRH 'SQTEVI XLI QEXIVMEP GSWX MR E GSQ
7LSVX FYX EPMKRIH %P 3 wFIVW [MXL E HMEQIXIV 7IGXMSR 0EQMREV 'SQTSWMXI 1EXIVMEPW TSWMXI UYEVXIV ZIVWYW E UYEVXIV QEHI IRXMVIP] SJ
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8LI WXVIRKXL SJ XLI FSRH FIX[IIR XLI wFIVW ERH 'EPGYPEXI XLI HIRWMX] SJ E LSRI]GSQF WXVYGXYVI
;LEX MW E wFIVVIMRJSVGIH GSQTSWMXI# SJ 0EQMREV 'SQTSWMXIW
XLI QEXVM\ MW IWXMQEXIH XS FI TWM 'EPGYPEXI GSQTSWIH SJ XLI JSPPS[MRK IPIQIRXW 8LI X[S
;LEX wFIVVIMRJSVGMRK QEXIVMEPW EVI GSQQSRP] XLI GVMXMGEP wFIV PIRKXL ERH GSQTEVI [MXL XLI 7IGXMSR 7ERH[MGL 7XVYGXYVIW QQXLMGO GSZIV WLIIXW EVI TVSHYGIH YWMRK
YWIH# GEWI [LIR QQ EPYQMRE [LMWOIVW EVI YWIH MR ER ITS\] QEXVM\ TVITVIK GSRXEMRMRK ZSP
WXIEH SJ XLI GSEVWIV wFIVW ;LEX MW XLI QMRMQYQ ;LEX MW E PEQMREV GSQTSWMXI#
-R E wFIVVIMRJSVGIH GSQTSWMXI [LEX MW XLI VSPI )KPEWW wFIVW 8LI EPYQMRYQ LSRI]GSQF MW
EWTIGX VEXMS MR IEGL GEWI# GQ XLMGO XLI GIPPW EVI MR XLI WLETI SJ GQ
SJ XLI QEXVM\# % QMGVSPEQMREXI %VEPP MW TVSHYGIH YWMRK
;I TVITEVI WIZIVEP ITS\]QEXVM\ GSQTSWMXIW WLIIXW SJ QQXLMGO EPYQMRYQ ERH WLIIXW WUYEVIW ERH XLI [EPPW SJ XLI GIPPW EVI QQ
;LEX HS XLI XIVQW '*64 ERH +*64 QIER#
YWMRK HMIVIRX PIRKXLW SJ QQHMEQIXIV >V3 SJ QQXLMGO ITS\] VIMRJSVGIH [MXL YRMHM XLMGO )WXMQEXI XLI HIRWMX] SJ XLI WXVYGXYVI
)\TPEMR FVMIx] LS[ XLI ZSPYQI SJ wFIV wFIV wFIVW ERH wRH XLEX XLI WXVIRKXL SJ XLI GSQTSWMXI VIGXMSREPP] EPMKRIH /IZPEV 81 wFIVW 8LI ZSPYQI 'SQTEVI XLI [IMKLX SJ E Q Q TERIP SJ XLI
SVMIRXEXMSR ERH wFIV WXVIRKXL ERH QSHYPYW MRGVIEWIW [MXL MRGVIEWMRK wFIV PIRKXL YT XS QQ JVEGXMSR SJ /IZPEV 81 wFIVW MR XLIWI MRXIVQIHMEXI LSRI]GSQF GSQTEVIH [MXL E WSPMH EPYQMRYQ
EIGX XLI TVSTIVXMIW SJ wFIVVIMRJSVGIH GSQTS *SV PSRKIV wFIVW XLI WXVIRKXL MW ZMVXYEPP] YR WLIIXW MW 'EPGYPEXI XLI QSHYPYW SJ IPEWXMG TERIP SJ XLI WEQI HMQIRWMSRW
WMXIW GLERKIH )WXMQEXI XLI WXVIRKXL SJ XLI FSRH FI MX] SJ XLI QMGVSPEQMREXI TEVEPPIP ERH TIVTIRHMG
*MZI OK SJ GSRXMRYSYW FSVSR wFIVW EVI MRXVS X[IIR XLI wFIVW ERH XLI QEXVM\ YPEV XS XLI YRMHMVIGXMSREPP] EPMKRIH /IZPEV 81
HYGIH MR E YRMHMVIGXMSREP SVMIRXEXMSR MRXS OK
SJ ER EPYQMRYQ QEXVM\ 'EPGYPEXI
7IGXMSR 1ERYJEGXYVMRK *MFIVW ERH
wFIVW ;LEX EVI XLI TVMRGMTPI EHZERXEKIW SJ
XLI %VEPP QEXIVMEP GSQTEVIH [MXL XLSWI SJ YR
K (IWMKR 4VSFPIQW
'SQTSWMXIW VIMRJSVGIH EPYQMRYQ#
E XLI HIRWMX] SJ XLI GSQTSWMXI (IWMKR XLI QEXIVMEPW ERH TVSGIWWMRK VIUYMVIH
)\TPEMR FVMIx] LS[ FSVSR ERH GEVFSR wFIVW EVI XS TVSHYGI E HMWGSRXMRYSYW FYX EPMKRIH wFIV
F XLI QSHYPYW SJ IPEWXMGMX] TEVEPPIP XS XLI QEHI % PEQMREXI GSQTSWIH SJ QQXLMGO EPYQM
wFIVW ERH RYQ WERH[MGLIH EVSYRH E GQXLMGO PE]IV SJ VIMRJSVGIH wFIVKPEWW GSQTSWMXI XLEX [MPP JSVQ
G XLI QSHYPYW SJ IPEWXMGMX] TIVTIRHMGYPEV XS )\TPEMR FVMIx] LS[ GSRXMRYSYWKPEWW wFIVW EVI TSP]WX]VIRI JSEQ MW TVSHYGIH EW ER MRWYPEXMSR XLI LSSH SJ E WTSVXW GEV 8LI GSQTSWMXI WLSYPH
XLI wFIVW QEHI QEXIVMEP 'EPGYPEXI XLI XLIVQEP GSRHYGXMZMX] SJ TVSZMHI E HIRWMX] SJ PIWW XLER KGQ ERH E
XLI PEQMREXI TEVEPPIP ERH TIVTIRHMGYPEV XS XLI WXVIRKXL SJ TWM &I WYVI XS PMWX EPP SJ XLI
;I [ERX XS TVSHYGI PFW SJ E GSRXMRYSYW ;LEX MW E GSYTPMRK EKIRX# ;LEX MW ssWM^MRKtt EW MX
PE]IVW 8LI XLIVQEP GSRHYGXMZMX] SJ EPYQMRYQ MW EWWYQTXMSRW ]SY QEOI MR GVIEXMRK ]SYV HIWMKR
YRMHMVIGXMSREP wFIVVIMRJSVGIH GSQTSWMXI SJ ,7 VIPEXIW XS XLI TVSHYGXMSR SJ KPEWW wFIVW#
GEVFSR MR E TSP]MQMHI QEXVM\ XLEX LEW E QSH ;LEX MW XLI HMIVIRGI FIX[IIR E wFIV ERH E GEP (IWMKR ER IPIGXVMGEPGSRXEGX QEXIVMEP ERH E
QIXLSH JSV TVSHYGMRK XLI QEXIVMEP XLEX [MPP
YPYW SJ IPEWXMGMX] SJ EX PIEWX TWM TEVEPPIP [LMWOIV# GQ W /
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-R SRI TSP]QIVQEXVM\ GSQTSWMXI EW TVSHYGIH ERH XLEX SJ XLI JSEQ MW EX PIEWX ZSP SJ XLI QEXIVMEP [MPP FI GSRHYG
VIUYMVIH# 7II 'LETXIV JSV TVSTIVXMIW SJ
HMWGSRXMRYSYW KPEWW wFIVW EVI MRXVSHYGIH HMVIGXP] GEP XMZI
TSP]MQMHI
MRXS XLI QEXVM\ MR E WIGSRH GEWI XLI wFIVW EVI
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;I TVSHYGI E GSRXMRYSYW YRMHMVIGXMSREPP] VI wVWX ssWMÎHtt (MWGYWW XLI IIGX XLMW HMIVIRGI
MRJSVGIH GSQTSWMXI GSRXEMRMRK ZSP ,1 QMKLX LEZI SR XLI GVMXMGEP wFIV PIRKXL ERH XLI % GQXLMGO WLIIX SJ E TSP]QIV [MXL E HIWMKRMRK E FMG]GPI JVEQI YWMRK ER EPYQMRYQ
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E XIRWMPI WXVIRKXL SJ TWM ;LEX JVEGXMSR SJ [MGLIH FIX[IIR X[S QQXLMGO WLIIXW SJ KPEWW MXI#
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XLI ETTPMIH JSVGI MW GEVVMIH F] XLI wFIVW#
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% TSP]IWXIV QEXVM\ [MXL E XIRWMPI WXVIRKXL SJ FSRHMRK FIX[IIR WMPMGSR RMXVMHI wFIVW ERH E WMPM
TWM MW VIMRJSVGIH [MXL %P 3 wFIVW ;LEX GSR GEVFMHI QEXVM\ WLSYPH FI TSSV
ZSP wFIVW QYWX FI EHHIH XS MRWYVI XLEX XLI
wFIVW GEVV] SJ XLI ETTPMIH PSEH# 7IGXMSR *MFIV6IMRJSVGIH 7]WXIQW ERH
%R ITS\] QEXVM\ MW VIMRJSVGIH [MXL ZSP %TTPMGEXMSRW
)KPEWW wFIVW XS TVSHYGI E GQHMEQIXIV GSQ )\TPEMR FVMIx] MR [LEX WTSVXMRK IUYMTQIRX
TSWMXI XLEX MW XS [MXLWXERH E PSEH SJ 2 GSQTSWMXI QEXIVMEPW EVI YWIH ;LEX MW XLI QEMR
'EPGYPEXI XLI WXVIWW EGXMRK SR IEGL wFIV VIEWSR [L] GSQTSWMXIW EVI YWIH MR XLIWI ETTPM
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% TTIRHM\ %
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% 27 ; )6 7 83 7 )0)' 8)( 46 3 &0)1 7
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',%48)6
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T FIPS[ ' G 2SX KSSH GERHMHEXI I 2SX KSSH
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2S XIWX [MPP RSX FI WIRWMXMZI IRSYKL WLSYPH KMZI YRPMQMXIH WSPMH WSPYFMPMX]
E ¡ ¡ ¡ F ¡ ¡ ¡ E ' F 4VMQEV] JIVVMXI G JIVVMXI GSR
F EX 'Y EX %P XEMRMRK ' ERH EYWXIRMXI GSRXEMRMRK
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YWYEPP] WTLIVSMHMÎH ',%48)6
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ERH ' XS TWM XIRWMPI XS
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XS TWM ]MIPH G TWM XIRWMPI
]MIPH IPSRKEXMSR ',%48)6
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wRI TIEVPMXI QEVXIRWMXI KGQ
1 E] FIGSQI L]TIVIYXIGXSMH [MXL KVEMR FSYRHEV] E F G KGQ
GIQIRXMXI
XS OK
2SX ETTPMGEFPI G XS 'W I XS 'W
E K GQ F TWM G TWM
E 'W F 4IEVPMXI [MXL ,6'

E 4IEVPMXI [MXL ,6' G 4IEVPMXI ERH QEVXIRWMXI
1 4E
[MXL ,6'
*SV H QQ P G GQ P G !H
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7M^MRK MQTVSZIW WXVIRKXL
L
4]VSPMÎ EX ' TWM
QQ TIEVPMXI ERH QEVXIRWMXI [MXL ,6'
QQ QIHMYQ TIEVPMXI [MXL ,6' ) TEVEPPIP TWM ) TIVTIRHMGYPEV TWM
HJIVVMXI RSRIUYMPMFVMYQ JVII^MRK UYIRGL ERRIEP ) TEVEPPIP TWM ) TIVTIRHMGYPEV TWM
7M KGQ OK ZIVWYW OK

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