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1EWW GSRGVIXIMWER]ZSPYQI SJ GSRGVIXI [MXL HMQIRWMSRW PEVKI IRSYKL XS {'IQIRXW


VIUYMVI XLEX QIEWYVIW FI XEOIR XS GSTI [MXL XLI KIRIVEXMSR SJ LIEX JVSQ {4S^^SPERWERHKVSYRHWPEK
L]HVEXMSRSJXLIGIQIRXERHEXXIRHERXZSPYQIGLERKIXSQMRMQM^IGVEGOMRK
8LI HIWMKR SJ QEWW GSRGVIXI WXVYGXYVIW MW KIRIVEPP] FEWIH SR HYVEFMPMX]
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ERHGSRWSPMHEXIHQEWWGSRGVIXIERHHSIWRSXGSZIVVSPPIVGSQTEGXIHGSRGVIXI

/I][SVHW EHQM\XYVIEKKVIKEXI EMV IRXVEMRQIRX FEXGL GIQIRXGSQTVIWWMZI


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LIEXSJL]HVEXMSRQEWWGSRGVIXIQM\MRKQM\XYVITVSTSVXMSRQSHYPYW {7XVIRKXL
SJIPEWXMGMX]TPEGMRK4SMWWSRvWVEXMSTS^^SPERWLVMROEKIWXVEMRWXVIWW {)PEWXMGTVSTIVXMIW
XIQTIVEXYVIVMWIXLIVQEPI\TERWMSRZMFVEXMSRZSPYQIGLERKI {'VIIT
{:SPYQIGLERKI
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MRXIRHIHJSVKYMHERGIMRTPERRMRKHIWMKRMRKI\IGYXMRKERH {'SSPMRKERHXIQTIVEXYVIGSRXVSP
MRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWI {-RWXVYQIRXEXMSR
SJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLIWMKRMJMGERGI
ERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS {+VSYXMRKGSRXVEGXMSRNSMRXW
[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLIQEXIVMEPMX
GSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQWER]ERH
EPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPP
RSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FIQEHI MR GSRXVEGX %'-6WYTIVWIHIW%'-6ERHFIGEQIIJJIGXMZI(IGIQFIV
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
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XLI%VGLMXIGX)RKMRIIV SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW


KVEZIPERHTVSTSVXMSRMRK[EWF]XLIWLSZIPJYP (EZMW 
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VIEGLIHELMKLP]EHZERGIHWXEXI4VIWIRXP]XLIWIPIGXMSRERH
TVSTSVXMSRMRK SJ GSRGVIXI QEXIVMEPW XS TVSHYGI WYMXEFPI
WXVIRKXL HYVEFMPMX] ERH MQTIVQIEFMPMX] SJ XLI JMRMWLIH
1EWWGSRGVIXIMWHIJMRIHMR%'-6EWwER]ZSPYQISJ TVSHYGXGERRS[FITVIHMGXIHERHGSRXVSPPIH[MXLEGGYVEG]
GSRGVIXI [MXL HMQIRWMSRW PEVKI IRSYKL XS VIUYMVI XLEX 'SZIVIH LIVIMR EVI XLI TVMRGMTEP WXITW JVSQ XLSWI ZIV]
QIEWYVIW FI XEOIR XS GSTI [MXL KIRIVEXMSR SJ LIEX JVSQ WQEPPFIKMRRMRKWXSXLITVIWIRX-RPEVKIHEQGSRWXVYGXMSR
L]HVEXMSR SJ XLI GIQIRX ERH EXXIRHERX ZSPYQI GLERKI XS XLIVIMWRS[I\EGXERHEYXSQEXMGTVSTSVXMSRMRKERHQM\MRK
QMRMQM^IGVEGOMRKx8LIHIWMKRSJQEWWGSRGVIXIWXVYGXYVIW SJQEXIVMEPW'SRGVIXIMR]H Q FYGOIXWGERFITPEGIH
MW KIRIVEPP] FEWIH SR HYVEFMPMX] IGSRSQ] ERH XLIVQEP F] GSRZIRXMSREP QIXLSHW EX XLI VEXI SJ  ]HHE]
EGXMSR[MXLWXVIRKXLSJXIRFIMRKEWIGSRHEV]VEXLIVXLERE QHE] EXEXIQTIVEXYVISJPIWWXLER* ' EW
TVMQEV]GSRGIVR8LISRI GLEVEGXIVMWXMGXLEX HMWXMRKYMWLIW TPEGIH IZIR HYVMRK I\XVIQIP] LSX [IEXLIV +VERH 'SYPII
QEWWGSRGVIXIJVSQSXLIVGSRGVIXI[SVOMWXLIVQEPFILEZMSV (EQWXMPPLSPHWXLIEPPXMQIVIGSVHQSRXLP]TPEGMRKVEXISJ
&IGEYWIXLIGIQIRX[EXIVVIEGXMSRMWI\SXLIVQMGF]REXYVI  ]H  Q  JSPPS[IH F] XLI QSVI VIGIRX
XLIXIQTIVEXYVIVMWI[MXLMREPEVKIGSRGVIXIQEWW[LIVIXLI EGLMIZIQIRXEX-XEMTY(EQSRXLI&VE^MP4EVEKYE]FSVHIVSJ
LIEXMWRSXUYMGOP]HMWWMTEXIHGERFIUYMXILMKL7MKRMJMGERX  ]H  Q  -XEMTY &MREGMSREP   8LI
XIRWMPI WXVIWWIW ERH WXVEMRW QE] VIWYPX JVSQ XLI VIWXVEMRIH VIGSVHQSRXLP]TPEGMRKVEXISJ]H Q  JSV
ZSPYQIGLERKIEWWSGMEXIH[MXLEHIGPMRIMRXIQTIVEXYVIEW VSPPIVGSQTEGXIHGSRGVIXI[EWEGLMIZIHEX8EVFIPE(EQMR
LIEX SJ L]HVEXMSR MW HMWWMTEXIH 1IEWYVIW WLSYPH FI XEOIR 4EOMWXER0IERQM\XYVIWEVIRS[QEHI[SVOEFPIF]QIERW
[LIVIGVEGOMRKHYIXSXLIVQEPFILEZMSVQE]GEYWIEPSWWSJ SJEMVIRXVEMRQIRXERHSXLIVGLIQMGEPEHQM\XYVIWERHXLIYWI
WXVYGXYVEPMRXIKVMX]ERHQSRSPMXLMGEGXMSRI\GIWWMZIWIITEKI SJ JMRIP] HMZMHIH TS^^SPERMG QEXIVMEPW ;EXIVVIHYGMRK
ERH WLSVXIRMRK SJ XLI WIVZMGI PMJI SJ XLI WXVYGXYVI SV FI WXVIRKXLIRLERGMRKERHWIXGSRXVSPPMRKGLIQMGEPEHQM\XYVIW
EIWXLIXMGEPP]SFNIGXMSREFPI1ER]SJXLITVMRGMTPIWMRQEWW EVI IJJIGXMZI MR VIHYGMRK XLI VIUYMVIH GIQIRX GSRXIRX XS E
GSRGVIXI TVEGXMGI GER EPWS FI ETTPMIH XS KIRIVEP GSRGVIXI QMRMQYQERHMRGSRXVSPPMRKXLIXMQISJWIXXMRK4PEGMRKVEXIW
[SVO[LIVIF]IGSRSQMGERHSXLIVFIRIJMXWQE]FIVIEPM^IH JSVRSWPYQTGSRGVIXIF]YWMRKPEVKIIEVXLQSZMRKIUYMTQIRXJSV
8LMWHSGYQIRXGSRXEMRWELMWXSV]SJXLIHIZIPSTQIRXSJ XVERWTSVXEXMSR ERH PEVKI ZMFVEXMRK VSPPIVW JSV GSRWSPMHEXMSR
QEWW GSRGVIXI TVEGXMGI ERH E HMWGYWWMSR SJ QEXIVMEPW ERH ETTIEVXSFIPMQMXIHSRP]F]XLIWM^ISJXLITVSNIGXERHMXW
GSRGVIXI QM\XYVI TVSTSVXMSRMRK TVSTIVXMIW GSRWXVYGXMSR TPERXvWEFMPMX]XSTVSHYGIGSRGVIXI
QIXLSHWERHIUYMTQIRX8LMWHSGYQIRXGSZIVWXVEHMXMSREPP]  &IJSVI{&IJSVIXSXLIFIKMRRMRKSJXLIX[IRXMIXL
TPEGIHERHGSRWSPMHEXIHQEWWGSRGVIXIERHHSIWRSXGSZIV GIRXYV] QYGL SJ XLI TSVXPERH GIQIRX YWIH MR XLI 9RMXIH
VSPPIVGSQTEGXIH GSRGVIXI 6SPPIVGSQTEGXIH GSRGVIXI MW 7XEXIW [EW MQTSVXIH JVSQ )YVSTI %PP GIQIRXW [IVI ZIV]
HIWGVMFIHMRHIXEMPMR%'-6 GSEVWIF]TVIWIRXWXERHEVHWERHUYMXIGSQQSRP]XLI][IVI
1EWW GSRGVIXMRK TVEGXMGIW [IVI HIZIPSTIH PEVKIP] JVSQ YRHIVFYVRIHERHLEHELMKLJVIIPMQIGSRXIRX*SVHEQWSJ
GSRGVIXI HEQ GSRWXVYGXMSR [LIVI XIQTIVEXYVIVIPEXIH XLEXTIVMSHFEROVYRWERHERHKVEZIP[IVIYWIH[MXLSYXXLI
GVEGOMRK[EWJMVWXMHIRXMJMIH8IQTIVEXYVIVIPEXIHGVEGOMRK FIRIJMX SJ[EWLMRK XS VIQSZI SFNIGXMSREFPIHMVX ERH JMRIW
LEW EPWS FIIR I\TIVMIRGIH MR SXLIV XLMGOWIGXMSR GSRGVIXI 'SRGVIXIQM\XYVIW ZEVMIH[MHIP]MR GIQIRXGSRXIRXERHMR
WXVYGXYVIWMRGPYHMRKQEXJSYRHEXMSRWTMPIGETWFVMHKITMIVW WERHGSEVWI EKKVIKEXI VEXMS 1M\MRK [EW YWYEPP] HSRI F]
XLMGO[EPPWERHXYRRIPPMRMRKW LERHERHTVSTSVXMSRMRKF]WLSZIP[LIIPFEVVS[FS\SVGEVX
,MKLGSQTVIWWMZIWXVIRKXLWEVIYWYEPP]RSXVIUYMVIHMRQEWW 8LIIJJIGXSJXLI[EXIVGIQIRXVEXMS [G [EWYRORS[RERH
GSRGVIXIWXVYGXYVIWLS[IZIVXLMREVGLHEQWEVII\GITXMSRW KIRIVEPP] RS EXXIQTX [EW QEHI XS GSRXVSP XLI ZSPYQI SJ
1EWWMZIWXVYGXYVIWWYGLEWKVEZMX]HEQWVIWMWXPSEHWTVMQEVMP] QM\MRK[EXIV8LIVI[EWRSQIEWYVISJGSRWMWXIRG]I\GITXF]
F]XLIMVWLETIERHQEWWERHSRP]WIGSRHEVMP]F]XLIMVWXVIRKXL ZMWYEPSFWIVZEXMSRSJXLIRI[P]QM\IHGSRGVIXI
3JQSVIMQTSVXERGIEVIHYVEFMPMX]ERHTVSTIVXMIWGSRRIGXIH
7SQISJXLIHEQW[IVI SJG]GPSTIERQEWSRV] MR [LMGL
[MXLXIQTIVEXYVIFILEZMSVERHXLIXIRHIRG]JSVGVEGOMRK
8LI IJJIGXW SJ LIEX KIRIVEXMSR VIWXVEMRX ERH ZSPYQI wTPYQWx PEVKI WXSRIW  [IVI TEVXMEPP] IQFIHHIH MR E ZIV]
GLERKIW SRXLI HIWMKR ERH FILEZMSVSJ QEWWMZIVIMRJSVGIH [IX GSRGVIXI 8LI WTEGIW FIX[IIR TPYQW [IVI XLIR JMPPIH
IPIQIRXW ERH WXVYGXYVIW EVI HMWGYWWIH MR %'- 6 [MXLGSRGVIXIEPWSZIV][IX7SQISJXLIIEVP]HEQW[IVI
'SSPMRK ERH MRWYPEXMRK W]WXIQW JSV QEWW GSRGVIXI EVI FYMPX [MXLSYX GSRXVEGXMSR NSMRXW ERH [MXLSYX VIKYPEV PMJXW
EHHVIWWIHMR %'- 6 1M\XYVI TVSTSVXMSRMRK JSV QEWW 8LIVI [IVI LS[IZIV RSXEFPI I\GITXMSRW [LIVI GSRGVIXI
GSRGVIXIMWHMWGYWWIHMR%'- [EW GEWX MR FPSGOW XLI LIMKLX SJ PMJX [EW VIKYPEXIH ERH
GSRGVIXISJZIV]HV]GSRWMWXIRG][EWTPEGIHMRXLMRPE]IVW
ERHGSRWSPMHEXIHF]VMKSVSYWLERHXEQTMRK
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VIPEXMZIP]WQEPPERHXLIGSRGVIXI[EWQM\IHF]LERH8LI [LIIPFEVVS[ ;LIVI TPYQW [IVI IQTPS]IH MR G]GPSTIER
TSVXPERH GIQIRX YWYEPP] LEH XS FI EKIH XS GSQTP] [MXL E QEWSRV] WXMJJPIK HIVVMGOW STIVEXMRK MRWMHI XLI [SVO EVIE
FSMPMRKWSYRHRIWWXIWXXLIEKKVIKEXI[EWFEROVYRWERHERH QSZIHXLI[IXGSRGVIXIERHTPYQW8LIVEXISJTPEGIQIRX
[EWEXQSWXEJI[LYRHVIHGYFMG]EVHW GYFMGQIXIVW EHE] PEXI W 4YQMGMXI E TS^^SPER  JVSQ *VMERX 'EPMJSVRME
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%R I\GITXMSR XS XLIWI KIRIVEP TVEGXMGIW [EW XLI 0S[IV (YVMRKXLMWTIVMSHG]GPSTIERGSRGVIXI[IRXSYXSJWX]PI
'V]WXEP 7TVMRKW (EQ GSQTPIXIH MR  8LMW HEQ MW *SVHEQWSJXLMGOWIGXMSRXLIQE\MQYQWM^ISJEKKVIKEXIJSV
PSGEXIHRIEV7ER1EXIS'EPMJSVRMEEFSYXQMPIW OQ QEWWGSRGVIXI[EWMRGVIEWIHXSEWPEVKIEWMR QQ 
WSYXLSJ7ER*VERGMWGS%GGSVHMRKXSEZEMPEFPIMRJSVQEXMSR 8LIWPYQTXIWXLEHGSQIMRXSYWIEWEQIERWSJQIEWYVMRK
MX [EW XLI JMVWX HEQ MR XLI 9RMXIH 7XEXIW MR [LMGL XLI GSRWMWXIRG]8LIXIWXMRKSJ\MR \QQ ERH
QE\MQYQ TIVQMWWMFPI UYERXMX] SJ QM\MRK [EXIV [EW \MR \QQ NSFG]PMRHIVWFIGEQIGSQQSRTVEG
WTIGMJMIH8LIGSRGVIXIJSVXLMWJX Q LMKLWXVYGXYVI XMGI MR XLI 9RMXIH 7XEXIW )YVSTIER GSYRXVMIW KIRIVEPP]
[EWGEWXMREW]WXIQSJMRXIVPSGOMRKFPSGOWSJWTIGMJMIHWLETI EHSTXIHXLI\MR \QQ GYFIJSVXIWXMRKXLI
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XEQTIVW [IVI IQTPS]IH XS GSRWSPMHEXI XLI HV] GSRGVIXI [IVIGSQQSRP]YWIHRIEVXLIIRHSJXLMWTIVMSHERHXLIVI
GSRGVIXI[MXLEPS[[EXIVGSRXIRXERHTVIWYQEFP]ZIV]PS[ [IVI WSQI SJ  ]H  Q GETEGMX] 3RP] 8]TI - GIQIRX
[SVOEFMPMX] *VIWL GSRGVIXI [EW GSZIVIH [MXLTPEROWEWE RSVQEPTSVXPERHGIQIRX [EWEZEMPEFPIHYVMRKXLMWTIVMSH
TVSXIGXMSRJVSQXLIWYRERHXLIGSRGVIXI[EWOITX[IXYRXMP -REVIEW[LIVIJVII^MRKERHXLE[MRKGSRHMXMSRW[IVIWIZIVI
LEVHIRMRKSGGYVVIH MX[EWGSQQSRTVEGXMGIXSYWIEGSRGVIXIQM\XYVIGSRXEMRMRK
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IVEXIH 1SVI ERH LMKLIV HEQW JSV MVVMKEXMSR TS[IV ERH
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[EXIV WYTTP] [IVI FYMPX 'SRGVIXI TPEGIQIRX F] QIERW SJ
HYVMRK XLMW TIVMSH XS QEOI XLI HEQvW JEGI VIWMWXERX XS XLI
XS[IVWERHGLYXIWFIGEQIGSQQSR-RXLI9RMXIH7XEXIWXLI
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WXVYGXYVIXLIEZIVEKIGIQIRXGSRXIRXLEWFIIRGEPGYPEXIHXS
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 OKQ  SJ GIQIRX MRXS [LMGL VSGO JVEKQIRXW [IVI
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LEHFIIRIWXEFPMWLIH EZIVEKI GIQIRX GSRXIRX 'SRWXVYGXMSR [EW WPS[ ERH
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EHQM\XYVIW8LIVI[IVII\GITXMSRWWYGLEWXLIWERHGIQIRXW FYMPXMRXLI9RMXIH7XEXIWF]XLMWQIXLSHSJGSRWXVYGXMSR
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SJ6IGPEQEXMSR?97&6A MRXLIGSRWXVYGXMSRSJXLI)PITLERX MRQEWWGSRGVIXIGSRWXVYGXMSRJSVHEQW8LIYWISJXLIXS[IV
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KVEZMX]EVGLHEQ[EWXLILMKLIWXHEQMRXLI[SVPHEXJX PEVKIFYGOIXW[MXLGVERIWGEFPI[E]WVEMPVSEHW]WXIQWSVE
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XIQTIVEXYVITVSFPIQWFIGEYWISJXLIMVWYFWXERXMEPP]LMKLIV HMZMHIHQEXIVMEPGSRWMWXMRKSJEYRMJSVQFPIRHSJKVERYPEXIH
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8]TI-- QSHIVEXILIEX ERH1,GIQIRXWEVIWYMXEFPIJSV GSRWXMXYIRXMWEXPIEWX SJXLI[IMKLXSJXLIWPEKGIQIRX
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LIEX SJ L]HVEXMSR [LMGL MW MQTSVXERX XS XLI GSRXVSP SJ GIQIRXJSVQEOMRKGSRGVIXI
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STXMSR EW QSWX 8]TI -- ERH 17 GIQIRXW EVI HIWMKRIH JSV XLER WPEKERHMXWTVSTIVXMIWEVIGPSWIXSXLSWISJ8]TI-
QSHIVEXIWYPJEXIVIWMWXERGIERHHSRSXLEZIQSHIVEXILIEX GIQIRX 3TXMSREP LIEXSJL]HVEXMSR VIUYMVIQIRXW GER FI
TVSTIVXMIW 7TIGMJMGEXMSRW JSV 8]TI -- TSVXPERH GIQIRX ETTPMIHXS8]TIW-7ERH- 71 WMQMPEVXSXLSWIETTPMIHXS
VIUYMVIXLEXMXGSRXEMRRSQSVIXLER XVMGEPGMYQEPYQMREXI 8]TIW-4- 41 ERH4
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8]TI--GIQIRXTPEGIEPMQMXSJ SVPIWWSRXLIWYQSJ XLITIVGIRXEKISJ2E3TPYWXMQIWXLITIVGIRXEKISJ
'%ERH'7 SVEPMQMXSRXLILIEXSJL]HVEXMSRXSGEPK /38LIWIGIQIRXWGERFIWTIGMJMIH[LIRXLIGIQIRXMWXS
O.OK EXHE]W;LIRSRISJXLISTXMSREPVIUYMVIQIRXW FIYWIHMRGSRGVIXI[MXLEKKVIKEXIXLEXQE]FIHIPIXIVMSYWP]
MW WTIGMJMIH XLI HE] WXVIRKXL VIUYMVIQIRX JSV GIQIRX VIEGXMZI 8LI YWI SJ PS[EPOEPM GIQIRX QE] RSX EP[E]W
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8]TI :ERH ,7 WYPJEXIVIWMWXERX GIQIRXW EVI EZEMPEFPI MR XLEXGSRXEMRWMKRMJMGERXEQSYRXWSJGSQTSYRHWPMOIXLSWISJ
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LIEX GLEVEGXIVMWXMGW 8LI] EVI YWYEPP] EZEMPEFPI EX E TVMGI GIQIRXMXMSYW TVSTIVXMIW F] XLIQWIPZIW XLEX QE]
LMKLIVXLER8]TI-8LI]EVIYWYEPP]FSXLPS[EPOEPM PIWWXLER GSRXVMFYXIWMKRMJMGERXP]XSXLIWXVIRKXLSJGSRGVIXI
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GSQTSYRH *SV FIWX EGXMZMX] XLI WMPMGISYW MRKVIHMIRX SJ E YWIH [LMPI I\TIHMXIH WXVIRKXL MRGVIEWI MW EGLMIZIH F]
TS^^SPERWLSYPHFIMR EREQSVTLSYWWXEXIWYGLEWKPEWW SV EHHMXMSREPGIQIRXGSRXIRX
STEP 'V]WXEPPMRI WMPMGISYW QEXIVMEPW WYGL EW UYEVX^ HS RSX 4S^^SPERW TEVXMGYPEVP] REXYVEP X]TIW LEZI FIIR JSYRH
GSQFMRIVIEHMP][MXLPMQIEXERSVQEPXIQTIVEXYVIYRPIWWXLI] IJJIGXMZI MR VIHYGMRK XLI I\TERWMSR SJGSRGVIXI GSRXEMRMRK
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GSRGVIXIMWHMWGYWWIHMR%'-6ERHXLIYWISJKVSYRH XLIGLIQMGEPQEOIYTXLIJMRIRIWWSJXLITS^^SPERERHXLI
KVERYPEXIHFPEWXJYVREGIWPEKMWHMWGYWWIHMR%'-6 EQSYRX IQTPS]IH *SV WSQI TS^^SPERW XLI VIHYGXMSR MR
2EXYVEP TS^^SPERMG QEXIVMEPW SGGYV MR PEVKI HITSWMXW I\TERWMSRQE]I\GIIH 4S^^SPERWVIHYGII\TERWMSRF]
XLVSYKLSYXXLI[IWXIVR9RMXIH7XEXIWMRXLIJSVQSJSFWMHMER GSRWYQMRKEPOEPMIWJVSQ XLI GIQIRXFIJSVI XLI] GERIRXIV
TYQMGMXIZSPGERMGEWLIWXYJJWGPE]WWLEPIWERHHMEXSQEGISYW MRXSHIPIXIVMSYWVIEGXMSRW[MXLXLIEKKVIKEXIW;LIVIEPOEPM
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7SQI SJ XLI ZSPGERMG QEXIVMEPW EVI SJ WYMXEFPI JMRIRIWW MR YWI FSXL E PS[EPOEPM GIQIRX ERH E TS^^SPER SJ TVSZIR
XLIMV REXYVEP WXEXI 8LI GPE]W ERH WLEPIW MR EHHMXMSR XS GSVVIGXMZI EFMPMX] %POEPMEKKVIKEXI VIEGXMSRW EVI HMWGYWWIH
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PS[ GEVFSR GSRXIRX E JMRIRIWW ETTVS\MQEXIP] XLI WEQI EW HIWMVIHWXVIRKXLMWSFXEMRIHEXPEXIVEKIW*SVI\EQTPIXLI
XLEXSJTSVXPERHGIQIRXERHSGGYVWMRXLIJSVQSJZIV]JMRI VIWYPXWSJPEFSVEXSV]XIWXWMRHMGEXIXLEXEREMVIRXVEMRIHQEWW
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VIUYMVIQIRX MW YWYEPP] VIHYGIH [LIR JP] EWL MW YWIH MR EWLMREREQSYRXIUYMZEPIRXMRZSPYQIXSPF OK SJ
GSRGVIXI 8LIVI EVI MRHMGEXMSRW XLEX MR QER] GEWIW XLI GIQIRXLEWTVSHYGIHEZIV][SVOEFPIQM\XYVIJSV[LMGLXLI
TS^^SPERMG EGXMZMX] SJ XLI JP] EWL GER FI MRGVIEWIH F] [EXIVGSRXIRX[EWPIWWXLERPF]H OKQ 8LI]IEV
GVEGOMRKXLIKPEWWWTLIVIWF]QIERWSJKVMRHMRK8LMWQE] GSQTVIWWMZIWXVIRKXLSJ[IXWGVIIRIH\MR \QQ
LS[IZIV VIHYGI MXW PYFVMGEXMRK UYEPMXMIW ERH MRGVIEWI XLI G]PMRHIVWSJXLMWGSRGVIXI[EWETTVS\MQEXIP]TWM 14E 
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EWLIW EVI KIRIVEPP] I\GIPPIRX TS^^SPERW LS[IZIV WSQI I\GIIHMRKP] WQEPP *SV KVEZMX] HEQW SJ QSHIVEXI LIMKLX
'PEWW'JP]EWLIWQE]GSRXEMRWYGLELMKL'E3GSRXIRXXLEX [LIVIXLIQEXIVMEP[SYPHFITVIGSSPIHWSXLEXXLIGSRGVIXI
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YRWYMXEFPI JSV GSRXVSPPMRK EPOEPMEKKVIKEXI VIEGXMSR SV JSV FIPS[ XLI QIER ERRYEP SV VSGO XIQTIVEXYVI XLIVI MW XLI
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'PEWW'JP]EWLMWPIWWLIPTJYPMRPS[IVMRKLIEXKIRIVEXMSRMR NSMRXW[SYPHFIVIUYMVIH8LIQE\MQYQXIQTIVEXYVISJXLI
XLIGSRGVIXI MRXIVMSV SJXLIQEWWHYIXSGIQIRXL]HVEXMSR QMKLXRSXFI
4S^^SPERWMRQEWWGSRGVIXIQE]FIYWIHXSVIHYGITSVX ETTVIGMEFP]KVIEXIVXLERXLIQIERERRYEPXIQTIVEXYVI
PERHGIQIRXJEGXSVWJSVFIXXIVIGSRSQ]PS[IVMRXIVREPLIEX 8LITEVXMGPIWLETIWSJGSRGVIXIEKKVIKEXIWERHXLIMVIJJIGX
KIRIVEXMSRMQTVSZI[SVOEFMPMX]ERHPIWWIRXLITSXIRXMEPJSV SR[SVOEFMPMX]LEZIFIGSQIPIWWMQTSVXERXFIGEYWISJXLI
HEQEKIJVSQEPOEPMEKKVIKEXIVIEGXMZMX]ERHWYPJEXIEXXEGO-X MQTVSZIH[SVOEFMPMX]XLEXMWSFXEMREFPIXLVSYKLXLIYWISJ
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EKKVIKEXIW XS IWXEFPMWL XLEX XLI TS^^SPER [MPP FIRIJMGMEPP] QEWWGSRGVIXI[SVO
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ELMKLIVPIZIPJSVEPSRKIVXMQI)EVP]WXVIRKXLSJETSVXPERH QEXIVMEP MR QEWW GSRGVIXI 6IUYMVIQIRXW SR JMRIP] KVSYRH
GIQIRXTS^^SPER GSRGVIXI [SYPH FI I\TIGXIH XS FI PS[IV WPEKJSVYWIMRGSRGVIXIEVIWTIGMJMIHMR%781'-JYWIH
XLERXLEXSJETSVXPERHGIQIRXGSRGVIXIHIWMKRIHJSVIUYMZEPIRX [MXL 8]TI - TSVXPERH GIQIRX TVSTSVXMSRW SJ EX PIEWX 
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MWVIUYMVIHXSEXXEMRWXVIRKXLEXERIEVPMIVEKIXLERMWEXXEMREFPI RIIHIH [MXL ER EGXMZI WPEK XS TVSHYGI E GIQIRXWPEK
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MRXIVREP LIEX KIRIVEXIH F] E WYFWXMXYXI IEVPMIVWXVIRKXL  GEPK  O.OK  EX  HE]W 8LI EHHMXMSR SJ WPEK [MPP
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TS^^SPERMWFIMRKYWIHMXQE]FIRIGIWWEV]XSXIQTSVEVMP] WPS[IVVEXISJL]HVEXMSR*MRIP]KVSYRHWPEKEPWSTVSHYGIW
JSVIKSXLIYWISJXLITS^^SPERERHSXLIV[MWIEGGSQQSHEXI QER] SJ XLI FIRIJMGMEP TVSTIVXMIW MR GSRGVIXI XLEX EVI
XLIMRGVIEWIHMRXIVREPLIEXKIRIVEXIHF]XLIYWISJWXVEMKLX EGLMIZIH[MXLWYMXEFPITS^^SPERWWYGLEWVIHYGIHTIVQIEFMPMX]
TSVXPERH GIQIRX -J XLIVI MW E HERKIVSYW TSXIRXMEP JVSQ GSRXVSPSJI\TERWMSRJVSQVIEGXMZIEKKVIKEXIWYPJEXIVIWMWXERGI
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EGLMIZIWMQMPEVTVSTIVXMIW %GGIPIVEXMRK EHQM\XYVIW EVI RSX YWIH MR QEWW GSRGVIXI
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GERFIYWIHJSVVIXEVHMRKMRMXMEPWIXXMRKQSHMJ]MRKXLIVEXI GSRGVIXIMRGVIEWIXLI[SVOEFMPMX]SJXLIGSRGVIXISVTVSHYGI
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VIHYGMRK VEXI SJ WPYQT PSWW 'LIQMGEP EHQM\XYVIW GER GERFIYWIHXSOIITXLIGSRGVIXITPEWXMGPSRKIVMRQEWWMZI
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%MVIRXVEMRMRK EHQM\XYVIW EVI QEXIVMEPW XLEX TVSHYGI GSRGVIXIGSQTSWMXMSRSJXLIGIQIRXXIQTIVEXYVIERHSXLIV
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GSRXEMRMRK HMWXMPPIH [EXIV XLI [EXIV VITVIWIRXIH F] XLI
VIPEXMZI TVSTSVXMSRW SJ JMRI ERH GSEVWI EKKVIKEXI 8LI
WEQTPIWLSYPHRSXFIYWIHJSVQM\MRKGSRGVIXI-JETSXIRXMEP
STXMQYQ TVSTSVXMSRW HITIRH SR EKKVIKEXI KVEHMRK ERH
[EXIV WSYVGI PEGOMRK EWIVZMGI VIGSVH GSRXEMRW EQSYRXW SJ
TEVXMGPIWLETIERHXLI]GERFIJMREPP]HIXIVQMRIHSRP]MRXLI
MQTYVMXMIW SJ  TTQ SV QSVI XIWXW JSV WXVIRKXL ERH
JMIPH *SV  MR  QQ  EKKVIKEXI GSRGVIXI GSRXEMRMRK
ZSPYQI WXEFMPMX] PIRKXL GLERKI  QE] EPWS FI EHZMWEFPI XS
REXYVEPWERHERHKVEZIPXLITIVGIRXEKISJJMRIEKKVIKEXIXS
IRWYVIHYVEFPIGSRGVIXI
XSXEP EKKVIKEXIF] EFWSPYXI ZSPYQI QE] FIEW PS[EW 
;EXIVWGSRXEMRMRKYTXSWIZIVEPTEVXWTIVQMPPMSRSJSVHMREV] ;MXLGVYWLIHEKKVIKEXIWXLITIVGIRXEKIQE]FIMRXLIVERKI
QMRIVEPEGMHWWYGLEWL]HVSGLPSVMGEGMHSVWYPJYVMGEGMHGER SJXS 
FI XSPIVEXIH EW JEV EW WXVIRKXL HIZIPSTQIRX MW GSRGIVRIH
;LIRETS^^SPERMWMRGPYHIHMRXLIGSRGVIXIEWETEVXSJ
;EXIVWGSRXEMRMRKIZIRWQEPPEQSYRXWSJZEVMSYWWYKEVWSV
XLI GIQIRXMXMSYW QEXIVMEP XLI QM\XYVI TVSTSVXMSRMRK
WYKEVHIVMZEXMZIWWLSYPHRSXFIYWIHEWWIXXMRKXMQIWQE]FI
TVSGIHYVIHSIW RSX GLERKI%XXIRXMSR WLSYPH FI KMZIR XS
YRTVIHMGXEFPI 8LI LEVQJYPRIWW SJ WYGL [EXIVW QE] FI
XLIJSPPS[MRKQEXXIVW
VIZIEPIHMRXLIGSQTEVEXMZIWXVIRKXLXIWXW
c 8LI[EXIVVIUYMVIQIRXQE]GLERKI
c )EVP]EKIWXVIRKXLQE]FIGSQIGVMXMGEPERH
8LITVMQEV] SFNIGXMZISJTVSTSVXMSRMRKWXYHMIWJSVQEWW c *SV QE\MQYQ IGSRSQ] XLI EKI EX [LMGL HIWMKR
GSRGVIXI MW XS IWXEFPMWL IGSRSQMGEP QM\XYVIW SJ TVSTIV WXVIRKXLMWEXXEMRIHWLSYPHFIKVIEXIV
'SRGVIXIGSRXEMRMRKQSWXTS^^SPERWKEMRWWXVIRKXLWSQI c 8LIMRWYPEXMSRSJWYVJEGIWXSQMRMQM^IXLIVQEPHMJJIVIRXMEPW
[LEX QSVI WPS[P] XLER GSRGVIXI QEHI [MXL SRP] TSVXPERH FIX[IIRXLIMRXIVMSVERHXLII\XIVMSVSJXLIGSRGVIXI
GIQIRXLS[IZIVXLIPSEHSRQEWWGSRGVIXIMWKIRIVEPP]RSX -X MW TVEGXMGEP XS GSSP GSEVWI EKKVIKEXI WSQI[LEX QSVI
ETTPMIH YRXMP XLI GSRGVIXI MW QER] QSRXLW SV ]IEVW SPH HMJJMGYPX XS GSSP JMRI EKKVIKEXI ERH TVEGXMGEP XS FEXGL E
8LIVIJSVI QEWW GSRGVIXI GSRXEMRMRK TS^^SPER MW YWYEPP] TSVXMSRSVEPPSJXLIEHHIHQM\MRK[EXIVMRXLIJSVQSJMGI
HIWMKRIHSRXLIFEWMWSJHE]XS]IEVWXVIRKXLW;LMPI %WEVIWYPXTPEGMRKXIQTIVEXYVIWSJ* ' ERHPS[IV
QEWW GSRGVIXI HSIW RSX VIUYMVI WXVIRKXL EX IEVP] EKIW XS EVI TVEGXMGEFPI ERH WSQIXMQIW WTIGMJMIH 0S[IV XIQTIVEXYVIW
TIVJSVQ MXW HIWMKR JYRGXMSR QSWX W]WXIQW SJ GSRWXVYGXMSR EVI SFXEMREFPI [MXL QSVI HMJJMGYPX] -RNIGXMSR SJ PMUYMH
VIUYMVIXLEXXLIJSVQWJSVIEGLPMJXFIERGLSVIHXSXLIRI\X RMXVSKIRMRXSQM\XYVI[EXIVLEWEPWSFIIRIJJIGXMZIP]YWIHXS
PS[IV PMJX 8LIVIJSVI XLI IEVP] WXVIRKXL WLSYPH FI KVIEX PS[IVGSRGVIXIXIQTIVEXYVIJSVQEWWGSRGVIXI[SVO-RQSWX
IRSYKL XS TVIZIRX TYPPSYX SJ XLI JSVQ ERGLSVW 7TIGMEPP] GEWIWETPEGMRKXIQTIVEXYVISJPIWWXLER* ' GERFI
HIWMKRIHJSVQERGLSVWQE]FIVIUYMVIHXSEPPS[WEJIVETMH EGLMIZIH[MXLPMUYMHRMXVSKIRMRNIGXMSR'SSPIHGSRGVIXIMW
XYVREVSYRH XMQIW JSV XLI JSVQW IWTIGMEPP] [LIR PEVKI EHZERXEKISYW MR QM\XYVI TVSTSVXMSRMRK FIGEYWI XLI [EXIV
EQSYRXWSJTS^^SPEREVIYWIHSV[LIRXLIGSRGVIXIMWPIER VIUYMVIQIRX HIGVIEWIW EW XLI XIQTIVEXYVI HVSTW 7TIGMJMIH
ERHTVIGSSPIH TPEGMRKXIQTIVEXYVIWWLSYPHFIIWXEFPMWLIHF]XIQTIVEXYVI
WXYHMIWXSHIXIVQMRI[LEXMWVIUYMVIHXSWEXMWJ]XLIHIWMKR%
HIXEMPIH HMWGYWWMSR SJ XLIVQEP MWWYIW MW GSRXEMRIH MR %'-
8LI JSYV IPIQIRXW SJ ER IJJIGXMZI XIQTIVEXYVI GSRXVSP 6+YMHERGIMRGSSPMRKW]WXIQWJSVQEWWGSRGVIXIGER
TVSKVEQER]SV EPP SJ[LMGL QE] FI YWIHJSV ETEVXMGYPEV FIJSYRHMR%'-6
QEWWGSRGVIXITVSNIGXEVI 8LIGLMIJQIERWJSVPMQMXMRKXIQTIVEXYVIVMWIMWGSRXVSPPMRK
c 'IQIRXMXMSYW QEXIVMEP GSRXIRX GSRXVSP [LIVI XLI XLIX]TIERHEQSYRXSJGIQIRXMXMSYWQEXIVMEPW8LIKSEPSJ
GLSMGI SJ X]TI ERH EQSYRX SJ GIQIRXMXMSYW QEXIVMEPW GSRGVIXI TVSTSVXMSRMRK WXYHMIW MW XS VIEGL E GIQIRXMXMSYW
GERPIWWIRXLILIEXKIRIVEXMRKTSXIRXMEPSJXLIGSRGVIXI QEXIVMEPGSRXIRXRSKVIEXIVXLERMWRIGIWWEV]JSVXLIHIWMKR
c 4VIGSSPMRK [LIVI GSSPMRK SJ MRKVIHMIRXW EGLMIZIW E WXVIRKXL8LIPMQMXMRKJEGXSVMRVIEGLMRKXLMWPS[GIQIRXMXMSYW
PS[IVGSRGVIXIXIQTIVEXYVIEWTPEGIHMRXLIWXVYGXYVI QEXIVMEP PIZIP MW YWYEPP] XLI RIIH XS YWI WSQI QMRMQYQ
c 4SWXGSSPMRK [LIVI VIQSZMRK LIEX JVSQ XLI GSRGVIXI EQSYRXSJGIQIRXWM^IHTEVXMGPIWWSPIP]XSTVSZMHI[SVOEFMPMX]
[MXLIQFIHHIHGSSPMRKGSMPWPMQMXWXLIXIQTIVEXYVIVMWI MRXLIGSRGVIXI;MXLSYXXLIYWISJWYTTPIQIRXEP[SVOEFMPMX]
MRXLIWXVYGXYVIERH EKIRXWWYGLEWTS^^SPERWEMVIRXVEMRMRKSVSXLIVGLIQMGEP
c 'SRWXVYGXMSR QEREKIQIRX [LIVI IJJSVXW EVI QEHI XS EHQM\XYVIW E QEWW GSRGVIXI TVSNIGX GER I\TIVMIRGI E
TVSXIGXXLIWXVYGXYVIJVSQI\GIWWMZIXIQTIVEXYVIHMJJIV GSRXMRYMRKWXVYKKPIXSQEMRXEMR[SVOEFMPMX][LMPILSPHMRKXS
IRXMEPW F] ORS[PIHKI SJ GSRGVIXI LERHPMRK GSRWXVYGXMSR XLI PS[ GIQIRXMXMSYWQEXIVMEP GSRXIRX XLEX FIWX TVSXIGXW
WGLIHYPMRKERHGSRWXVYGXMSRTVSGIHYVIW EKEMRWX GVEGOMRK 8LI %781 WTIGMJMGEXMSR JSV 8]TI --
8LIXIQTIVEXYVIGSRXVSPJSVEWQEPPWXVYGXYVIQE]FIRS TSVXPERHGIQIRXGSRXEMRWERSTXMSRXLEXQEOIWMXTSWWMFPIXS
QSVI XLER E WMRKPI QIEWYVI WYGL EW VIWXVMGXMRK TPEGMRK PMQMXXLILIEXSJL]HVEXMSRXSGEPK O.OK EXHE]W
STIVEXMSRWXSGSSPTIVMSHWEXRMKLXSVHYVMRKGSSP[IEXLIV 8LIYWISJETS^^SPEREWEVITPEGIQIRXJYVXLIVHIPE]WERH
3RXLISXLIVI\XVIQIWSQITVSNIGXWGERFIPEVKIIRSYKLXS VIHYGIWLIEXKIRIVEXMSR8LMWHIPE]MWEREHZERXEKI{I\GITX
NYWXMJ] E [MHI ZEVMIX] SJ WITEVEXI FYX GSQTPIQIRXEV] XLEX[LIRGSSPMRKGSMPWEVIYWIHXLITIVMSHSJTSWXGSSPMRK
GSRXVSPQIEWYVIWXLEXGERMRGPYHIXLITVYHIRXWIPIGXMSRSJE QE]FII\XIRHIH-JXLIQM\XYVIMWTVSTSVXMSRIHWSXLEXXLI
PS[LIEXKIRIVEXMRKGIQIRXW]WXIQMRGPYHMRK GIQIRXMXMSYW QEXIVMEPW GSRXIRX MW PMQMXIHXS RSX QSVI XLER
c 8LIYWISJTS^^SPERW  PF]H  OKQ  XLI XIQTIVEXYVI VMWI JSV QSWX
c 8LI GEVIJYP TVSHYGXMSR GSRXVSP SJ EKKVIKEXI KVEHMRKW GSRGVIXI[MPPRSXI\GIIH* ' 
ERHXLI YWISJPEVKIWM^I EKKVIKEXIW MR IJJMGMIRXQM\XYVIW
[MXLPS[GIQIRXGSRXIRXW
c 8LITVIGSSPMRKSJEKKVIKEXIWERHQM\MRK[EXIV SVXLI
FEXGLMRKSJMGIMRTPEGISJQM\MRK[EXIV XSQEOITSWWMFPI 8LIHIWMKRERHGSRWXVYGXMSRSJQEWWMZIGSRGVIXIWXVYGXYVIW
EPS[GSRGVIXIXIQTIVEXYVIEWTPEGIH IWTIGMEPP] HEQW MW MRJPYIRGIH F] WMXI XSTSKVETL] JSYRHEXMSR
c 8LIYWISJEMVIRXVEMRMRKERHSXLIVGLIQMGEPEHQM\XYVIWXS GLEVEGXIVMWXMGW ERH XLI EZEMPEFMPMX] SJ WYMXEFPI QEXIVMEPW SJ
MQTVSZI FSXL XLI JVIWL ERH LEVHIRIH TVSTIVXMIW SJ GSRWXVYGXMSR)GSRSQ]WIGSRHSRP]XSWEJIX]VIUYMVIQIRXWMW
XLIGSRGVIXI XLIQSWXMQTSVXERXTEVEQIXIVXSGSRWMHIV)GSRSQ]QE]HMGXEXI
c 8LIYWISJETTVSTVMEXIFPSGOHMQIRWMSRWJSVTPEGIQIRX XLIGLSMGISJX]TISJWXVYGXYVIJSVEKMZIRWMXI4VSTSVXMSRMRKSJ
c 8LIGSSVHMREXMSRSJGSRWXVYGXMSRWGLIHYPIW[MXLWIEWSREP XLIGSRGVIXIMWMRXYVRKSZIVRIHF]XLIVIUYMVIQIRXWSJXLIX]TI
GLERKIWXSIWXEFPMWLPMJXLIMKLXWERHTPEGMRKJVIUYIRGMIW SJWXVYGXYVIWYGLEWXLIWXVIRKXLHYVEFMPMX]ERHXLIVQEP
c 8LI YWI SJ WTIGMEP QM\MRK ERH TPEGMRK IUYMTQIRX XS TVSTIVXMIW*SVPEVKIWXVYGXYVIWI\XIRWMZIMRZIWXMKEXMSRWSJ
UYMGOP] TPEGI GSSPIH GSRGVIXI [MXL QMRMQYQ EFWSVTXMSR EKKVIKEXIW EHQM\XYVIW ERH TS^^SPERW EVI NYWXMJMIH
SJEQFMIRXLIEX 'SRGVIXIQM\XYVIMRZIWXMKEXMSRWEVIRIGIWWEV]XSHIXIVQMRI
c 8LIIZETSVEXMZIGSSPMRKSJWYVJEGIWXLVSYKL[EXIVGYVMRK XLIQSWXIGSRSQMGEPTVSTSVXMSRWSJWIPIGXIHMRKVIHMIRXWXS
c 8LIHMWWMTEXMSRSJLIEXJVSQXLILEVHIRIHGSRGVIXIF] TVSHYGI XLI HIWMVIH TVSTIVXMIW SJ XLI GSRGVIXI -RGVIEWMRK
GMVGYPEXMRKGSPH[EXIVXLVSYKLIQFIHHIHTMTMRKERH YXMPM^EXMSR LEW FIIR QEHI SJ JMRMXIIPIQIRX GSQTYXIV
'IQIRX 4S^^SPER 7ERH 'SEVWIEKKVIKEXI 1E\MQYQ ;EXIV (IRWMX]
=IEV WM^I
2EQISJHEQ GSQ PF]H PF]H PF]H PF]H 
EKKVIKEXI PF ]H

)RXVEMRIH PF]H ;6%
2S GSYRXV] TPIXIH 8]TI 8]TI OKQ 8]TI OKQ  OKQ OKQ 8]TI MR QQ OKQ [GQ EMV OKQ YWIH
%VGL 0MQIWXSRI
 ,SSZIV 97  -:   {              2S
KVEZMX] ERHKVERMXI
7XVEMKLX
 2SVVMW 97  --   {      (SPSQMXI         2S
KVEZMX]
&SRRIZMPPI 4SVXPERH
  +VEZMX]   {      &EWEPX         2S
97 TS^^SPER
1YPXM
 &EVXPIXX 97  TPIEVGL -:   {      5YEVX^MXI         2S
ERHKVERMXI
+VERH 7XVEMKLX
 'SYPII 97  KVEZMX] --ERH-:   {      &EWEPX         2S

 /IRXYGO]  7XVEMKLX --   {      0MQIWXSRI         2S
97 KVEZMX]
'YVZIH %RHIWMXI
 7LEWXE 97  KVEZMX] -:   {      ERHWPEXI         2S
,YRKV],SVWI %VGL
  --   *P]EWL       7ERHWXSRI         2S
97 KVEZMX]
 (IXVSMX 97  7XVEMKLX --ERH-:   {      (MSVMXI         2S
KVEZMX]

1SRXMGIPPS 'EPGMREXIH +VE][EGOI


  %VGL --0%   HMEXSQE       WERHWXSRI         2S
97
GISYWGPE] UYEVX^MXI
 *PEQMRK  %VGL --   'EPGWLEPI       0MQIWXSRI         2S
+SVKI 97 KVEZMX] ERHWERHWXSRI
%VGL 0MQIWXSRI
 KVEZMX] --   4YQMGMXI               2S
+PIR'ER]SR GLEPIHSRMG
 97 GLIVXERH
%VGL
 KVEZMX] --   4YQMGMXI       WERHWXSRI         =IW

 =IPPS[XEMP  %VGL --   *P]EWL       0MQIWXSRIERH         2S
97 KVEZMX] ERHIWMXI
1SVVS[4SMRX 8LMR %RHIWMXIXYJJ
 97  EVGL --   {      ERHFEWEPX         =IW

 ([SVWLEO  +VEZMX] --   *P]EWL 'VYWLIH


      KVERMXIKRIMWW         2S
97
2EXYVEP
 0MFF] 97  +VEZMX] --   *P]EWL       UYEVX^MXI         2S
KVEZIP
1MPPIH
0S[IV
 +VERMXI 97  +VEZMX] --   2EXYVEP
ZSPGERMG       FEWEPXMGKVEZIP         =IW
GMRHIVW
+VERMXIWLMWX
 4YIFPS 97  &YXXVIWW --0%   {       PMQIWXSRI         =IW
HSPSQMXI
8LMR 7LMWXEPXIVIH
 'V]WXEP 97  EVGL --0%   {      ZSPGERMGW         =IW

6MGLEVH&  +VEZMX] --   *P]EWL       'VYWLIH         =IW

6YWWIPP 97 --   *P]EWL       KVERMXI         =IW

 6SWWIRW  %VGL -   {  { { 0MQIWXSRI       { 2S
7[MX^IVPERH
4MIZIHM %VGL *IVVMG  
  2EXYVEP       0MQIWXSRI         =IW
'EHSVI -XEP] KVEZMX] TS^^SPERMG
*VERGMWGS 6SYRH
 1EHIVS  LIEH -:   {      6L]SPMXIERH      { { {
FEWEPX
1I\MGS FYXXVIWW
'LEWXERK %VGL
     {      +VERMXI      {   {
*VERGI KVEZMX]
7EPQSRHI 8LMR
  --   {      +VERMXI         {
4SVXYKEP EVGL
;EVVEKEQFE 7XVEMKLX
  --   {      4SVTL]V]ERH         2S
%YWXVEPME KVEZMX] KVERMXI
-:ERH
/VEWRSMEVWO %FSYX 7XVEMKLX TSVXPERH
   {  { { +VERMXI      { { =IW
9776  KVEZMX] FPEWX
JYVREGI
5YEVX^MXI
-PLE7SPXIMVE 'EPGMREXIH
  +VEZMX] --         KVEZIPGVYWLIH         2S
&VE^MP GPE] FEWEPX
,SPPS[
 -XEMTY &VE^MP
  
4EVEKYE]  KVEZMX] --   *P]EWL       'VYWLIHFEWEPX        2S
FYXXVIWW
5YEVX^MXI
 4IEGI7MXI  +VEZMX] -   *P]EWL      PMQIWXSRI         =IW
'EREHE  WERHWXSRI
8LISHSVI
6SSWIZIPX  %VGL
 QSHMJMGEXMSR --0%   *P]EWL       +VERMXI         =IW
KVEZMX]
97
4SYRHWQEWW
'IQIRXSV 1E\MQYQWM^I 'IQIRXIJJMGMIRG]EX
GIQIRXTS^^SPER ;EXIV 4VIHSQMRERX EKKVIKEXIMR HE]WXVIRKXL HE]WTWMPF]H
(EQ 'SYRXV] PF]H OKQ PF]H OKQ EKKVIKEXIX]TI QQ [GQ TWM 14E 14EOKQ
0E4EPMWWI *VERGI     +VERMXI       
'LEWXERK *VERGI     +VERMXI       
0v%MKPI *VERGI     +VERMXI       
4MIZIHM'EHSVI -XEP]     (SPSQMXI       
*SVXI&EWS -XEP]     4STL]V]       
'EFVMPS 4SVXYKEP     +VERMXI        
7EPEQSRHI 4SVXYKEP     +VERMXI       
'EWXIPS&SHI 4SVXYKEP     5YEVX^MXI       
6SWWIRW 7[MX^IVPERH     +PEGMEPQM\XYVI       
1EYZSMWMR 7[MX^IVPERH     +RIMWW       
>IVZVIMPE 7[MX^IVPERH     +RIMWW       
,YRKV],SVWI 97     7ERHWXSRI       
+PIR'ER]SR 97     0MQIWXSRI       
0S[IV+VERMXI 97     &EWEPX       
0MFF] 97     5YEVX^MXI       
([SVWLEO 97     +VERMXI       
([SVWLEO 97     +RIMWW       
([SVWLEO 97     +RIMWW       
([SVWLEO 97     +RIMWW       
+VERMXIPMQIWXSRI
4YIFPS 97     HSPSQMXI       
7LMWXERHEPXIVIH
'V]WXEP 97    
ZSPGERMGW    j   

*PEQMRK+SVKI 97     0MQIWXSRIERH       
WERHWXSRI
/VEWRSMEVWO 9776     +VERMXI       
-PLE7SPXIMVE &VE^MP     5YEVX^MXIKVEZIP       
GVYWLIHFEWEPX
-XEMTY &VE^MP     'VYWLIHFEWEPX       
8LISHSVI
6SSWIZIPX 97     +VERMXI       
QSHMJMGEXMSR

7XVIRKXLEXHE]W
j
7XVIRKXLEX]IEV

TVSKVEQW JSV XLIVQEP EREP]WMW 4SPMZOE ERH ;MPWSR  GSRGVIXITVSTIVXMIW7TIGMQIRWM^IERHSVMIRXEXMSRIJJIGXWSR


97%')E (IXIVQMREXMSRSJXIRWMPIWXVEMRGETEGMX]LEW QEWWGSRGVIXIXIWXTVSTIVXMIWGEREPWSFIWMKRMJMGERX
EPWSPIHXSEFIXXIVYRHIVWXERHMRKSJXLITSXIRXMEPJSVGVEGOMRK {% GSQTMPEXMSR SJ GSRGVIXI TVSTSVXMSR HEXE SR
YRHIVVETMHERHWPS[PSEHMRKGSRHMXMSRW ,SYKLXSR  VITVIWIRXEXMZI HEQW MW KMZIR MR 8EFPI  4VMGI ERH
8LIWTIGMJMGTVSTIVXMIWSJGSRGVIXIXLEXWLSYPHFIORS[REVI ,MKKMRWSR+MR^FYVKIXEP-'30(,EVFSI
GSQTVIWWMZI WXVIRKXL XIRWMPI WXVIRKXL QSHYPYW SJ IPEWXMGMX]  97&6  ,SYKLXSR ERH ,EPP  ,SYKLXSR
4SMWWSRvWVEXMSXIRWMPIWXVEMRGETEGMX]GVIITZSPYQIGLERKI ,SYKLXSR 6IJIVIRGI[MPPFIQEHIXSGSRGVIXI
HYVMRKHV]MRKEHMEFEXMGXIQTIVEXYVIVMWIXLIVQEPGSIJJMGMIRX QM\XYVIW HIWGVMFIH MR 8EFPI  ERH MR HMWGYWWMSRW SJ
SJI\TERWMSRWTIGMJMGLIEXXLIVQEPGSRHYGXMZMX]ERHHMJJY TVSTIVXMIWVITSVXIHMR8EFPIWXLVSYKL
WMZMX]TIVQIEFMPMX]ERHHYVEFMPMX]%TTVS\MQEXIZEPYIWSJ
XLIWI TVSTIVXMIW FEWIH SR GSQTYXEXMSRWSVTEWX I\TIVMIRGI 8LI [GQ XS E PEVKI I\XIRX KSZIVRW XLI UYEPMX] SJ XLI
EVI SJXIR YWIH MR TVIPMQMREV] IZEPYEXMSRW 9WIJYP EW WYGL LEVHIRIH TSVXPERHGIQIRX FMRHIV 7XVIRKXL TIVQIEFMPMX]
ETTVS\MQEXMSRWQE]FIXLIGSQTPI\LIXIVSKIRISYWREXYVI ERHQSWXSXLIVHIWMVEFPITVSTIVXMIWSJGSRGVIXIEVIMQTVSZIH
SJ GSRGVIXI ERH XLI TL]WMGEP ERH GLIQMGEP MRXIVEGXMSRW SJ F]PS[IVMRKXLI[GQ%WXYH]SJGSQTVIWWMZIWXVIRKXLHEXE
EKKVIKEXIERHTEWXIEVIWXMPPRSXWYJJMGMIRXP]ORS[RXSTIVQMX KMZIRMR8EFPIWLS[WEGSRWMHIVEFPIZEVMEXMSRJVSQXLI
IWXMQEXMSR SJ VIPMEFPI ZEPYIW *SV XLMW VIEWSR MX MW EKEMR HMVIGX VIPEXMSRWLMT FIX[IIR XLI [GQ ERH WXVIRKXL *EGXSVW
IQTLEWM^IH XLEX I\XIRWMZI PEFSVEXSV] ERH JMIPH MRZIWXMKE XSXEPP] SV TEVXMEPP] MRHITIRHIRX SJ XLI [GQ XLEX EJJIGX XLI
XMSRWWLSYPHFIGSRHYGXIHXSIRWYVIEWEJIWXVYGXYVIEXPS[IWX WXVIRKXLEVIGSQTSWMXMSRERHJMRIRIWWSJGIQIRXEQSYRXERH
GSWX -R EHHMXMSR XLI QSMWXYVI GSRHMXMSR SJ XLI WTIGMQIRW X]TISJTS^^SPERWYVJEGIXI\XYVIERHWLETISJXLIEKKVIKEXI
ERH WXVYGXYVI ERH XLI PSEHMRK VEXI VIUYMVIH WLSYPH FI XLI QMRIVEPSKMGEP QEOIYT ERH WXVIRKXL SJ XLI EKKVIKEXI
ORS[R EW XLIWI JEGXSVW QE] HVEQEXMGEPP] EJJIGX WSQI EKKVIKEXIKVEHMRKERHXLIMQTVSZIQIRXSJWXVIRKXLF]XLI
)PEWXMGMX]TVSTIVXMIW
'SQTVIWWMZIWXVIRKXLTWM 14E 1SHYPYWSJIPEWXMGMX]) TWM ) 14E 4SMWWSRvWVEXMS
%KIHE]W %KIHE]W %KIHE]W
2S (EQ            
 ,SSZIV     {       {     { 
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 +PIR'ER]SR       {   {   {  {  {
 +PIR'ER]SR               {    {
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 1SVVS[4SMRX                    

 0S[IV+VERMXI                   { {
 0MFF]     {       {     { {
      {   {   {   { { { {
([SVWLEO
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 -XEMTY                    
 4IEGIWMXI         { { { { { { { {
8LISHSVI
 6SSWIZIPX             {     { 
QSHMJMGEXMSR
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XLI [GQ SJXLIWITVSGIHYVIWLS[IZIVWLSYPHFIPMQMXIHXSHIXIGXMRK
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YWYEPP] RSX VIUYMVIH MR QEWW GSRGVIXI I\GITX MR XLMR EVGL SJNSFGSRXVSPQIEWYVIW8LIEGGIPIVEXIHWXVIRKXLMRHMGEXSVMW
HEQW 'SRGVIXI TVSTSVXMSRMRK WLSYPH HIXIVQMRI XLI LIPTJYP [LIVI WEXMWJEGXSV]GSVVIPEXMSR LEWFIIRIWXEFPMWLIH
QMRMQYQ GIQIRX GSRXIRX VIUYMVIH XS QIIX XLI EZIVEKI [MXLPSRKIVXIVQZEPYIWYWMRKGSQTERMSRWTIGMQIRWSJXLI
GSQTVIWWMZI WXVIRKXL EW HIJMRIH F] %'- 6 XS KMZI WEQIGSRGVIXI%PXLSYKLXLIMRHMGEXSVQE]LEZIEHYFMSYW
KVIEXIWX IGSRSQ] ERH QMRMQYQ XIQTIVEXYVI VMWI 'IQIRX VIPEXMSRWLMT XS XLI EGXYEP JYXYVI WXVIRKXL MR XLI GSRGVIXI
VIUYMVIQIRXWJSVEHIUYEXI[SVOEFMPMX]ERHHYVEFMPMX]VEXLIV WXVYGXYVIMXGERFILIPTJYPHYVMRKGSRWXVYGXMSR
XLERWXVIRKXLJVIUYIRXP]KSZIVRXLITSVXPERHGIQIRXGSRXIRX 8LIVI EVI WIZIVEP GSQTPI\ JEGXSVW MRZSPZIH MR VIPEXMRK
1EWWGSRGVIXIMWWIPHSQVIUYMVIHXS[MXLWXERHWYFWXERXMEP VIWYPXW SJ WXVIRKXL XIWXW SR WQEPP WEQTPIW XS XLI TVSFEFPI
WXVIWWEXIEVP]EKI8LIVIJSVIXSXEOIJYPPEHZERXEKISJXLI WXVIRKXLSJQEWWGSRGVIXIWXVYGXYVIWXLEXEVIWXMPPIWWIRXMEPP]
WXVIRKXL TVSTIVXMIW SJ XLI GIQIRXMRK QEXIVMEPW XLI HIWMKR YRVIWSPZIH&IGEYWISJXLIWIGSQTPI\MXMIWGSRGVIXIWXVIRKXL
WXVIRKXLMWYWYEPP]FEWIHSRXLIWXVIRKXLEXEKIWJVSQHE]W VIUYMVIQIRXW EVI YWYEPP] WIZIVEP XMQIW XLI GEPGYPEXIH
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WLSYPHFIXIWXIHEXERIEVPMIVEKIXSFIYWIJYPMRI\IVGMWMRK I\EQTPIHIWMKRGVMXIVMEJSVKVEZMX]HEQWGSQQSRP]YWIHF]
GSRXVSPERHQEMRXEMRMRKGSRWMWXIRG]HYVMRKGSRWXVYGXMSR.SF XLI 97&6 ERH XLI 97%') WIX XLI QE\MQYQ EPPS[EFPI
GSRXVSPXIWXWTIGMQIRWEVIYWYEPP]\MR \QQ GSQTVIWWMZIWXVIWWJSVYWYEPPSEHMRKGSQFMREXMSRWEXSJ
G]PMRHIVWGSRXEMRMRKGSRGVIXIXLEXLEWFIIR[IXWGVIIRIHXS XLIWTIGMJMIH GSRGVIXI WXVIRKXL 8LIWIPIGXMSR SJEPPS[EFPI
VIQSZIEKKVIKEXIPEVKIVXLERMR QQ QE\MQYQ WXVIWWIWERHJEGXSVWSJWEJIX]HITIRHSRXLIWXVYGXYVIX]TI
WM^I 'SVVIPEXMSR XIWXW WLSYPH FI QEHI [IPP MR EHZERGI SJ PSEHMRKGSRHMXMSRWFIMRKEREP]^IHERHXLIWXVYGXYVIPSGEXMSR
GSRWXVYGXMSR XS GSQTEVI XLI WXVIRKXL SJ [IXWGVIIRIH 97&697%') 
GSRGVIXIXIWXIHEXXLIGSRXVSPEKI[MXLETTVSTVMEXIWM^IXIWX 'SRGVIXI XLEX MW WXVSRK MR GSQTVIWWMSR MW EPWS WXVSRK MR
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HIWMKRXIWXEKI8LIWXVIRKXLSJPEVKIXIWXWTIGMQIRWYTXS WXVIRKXLGERFIQIEWYVIHF]WIZIVEPXIWXWTVMQEVMP]HMVIGX
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WXVIRKXLSJ\MR \QQ G]PMRHIVWXIWXIHEXXLI XIWXW )EGL SJ XLIWI XIWXW LEW E HMJJIVIRX VIPEXMSRWLMT [MXL
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WXVIRKXL HIZIPSTQIRX FI]SRH  HE]W TEVXMGYPEVP] [LIVI WXVIRKXL JX XSGSQTVIWWMZIWXVIRKXLJG MWTVSZMHIHMR%'-
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MRWXERXERISYWQSHYPYWSJIPEWXMGMX]VIJIVWXSXLIwWXEXMGxSVRSVQEPPSEHVEXI XSQMRYXIHYVEXMSR QSHYPYWRSXEXVYP]MRWXERXERISYWQSHYPYWQIEWYVIHJVSQwH]REQMGxSVVETMH
PSEHVEXIXIWXMRK

JSV JX ERH JG MR14E JVSQGSRGVIXIQSHYPYWSJIPEWXMGMX]XIWXWWLS[IHVIPEXMZIP]


LMKL GSIJJMGMIRXW SJ ZEVMEXMSR VIWYPXMRK JVSQ EXXIQTXW XS
JX !JG F QIEWYVIWQEPPWXVEMRWSRELIXIVSKIRISYWQM\XYVIGSRXEMRMRK
PEVKIWM^IEKKVIKEXI1SHIVRIPIGXVSRMGHIZMGIWWYGLEWXLI
6ETLEIP   HMWGYWWIW XIRWMPIGSQTVIWWMZI WXVIRKXL PMRIEVZEVMEFPIHMJJIVIRXMEPXVERWJSVQIV 0:(8 GERQIEWYVI
VIPEXMSRWLMTWERHXLIMVYWIMRHIWMKR6IPEXMSRWLMTWSJXLIWI WQEPP PIRKXL GLERKIW [MXL KVIEX EGGYVEG] 8LI XIRWMPI
X]TIWJSVWTIGMJMGQEXIVMEPWGERZEV]WMKRMJMGERXP]JVSQXLI QSHYPYWSJIPEWXMGMX]MWKIRIVEPP]EWWYQIHXSFIMHIRXMGEPXS
EJSVIQIRXMSRIH JSVQYPEW FEWIH SR EKKVIKEXI UYEPMX] ERH XLIGSQTVIWWMZIQSHYPYWSJIPEWXMGMX]
SXLIVJEGXSVW;LIVIJIEWMFPI ERHRIGIWWEV]XIWXMRKWLSYPH 8LI4SMWWSRvWVEXMSHEXEKMZIRMR8EFPIXIRHXSVERKI
FIGSRHYGXIHXSGSRJMVQXLIWIVIPEXMSRWLMTW FIX[IIR XLI ZEPYIW SJ  ERH  [MXL WQEPP MRGVIEWIW
8LIWXVIRKXLSJGSRGVIXIMWEPWSMRJPYIRGIHF]XLIWTIIHSJ [MXLMRGVIEWMRKXMQISJGYVI )\XVIQIZEPYIWQE]ZEV]JVSQ
PSEHMRK:EPYIWYWYEPP]VITSVXIHEVIJSVWXEXMGPSEHWXLEXXEOI  XS  4SMWWSRvW VEXMS PMOI QSHYPYW SJ IPEWXMGMX] MW
ETTVIGMEFPIXMQIXSHIZIPSTWYGL EWHIEHPSEHSV[EXIVPSEH MRJPYIRGIH F] XLI EKKVIKEXI GIQIRX TEWXI ERH VIPEXMZI
(YVMRKIEVXLUYEOIWLS[IZIVWXVIWWIWQE]FIJYPP]HIZIPSTIH TVSTSVXMSRWSJXLIX[S
MR E WQEPP JVEGXMSR SJ E WIGSRH ;LIR PSEHIH EX XLMW WTIIH 8LIKVS[XLSJMRXIVREPQMGVSGVEGOWMRGSRGVIXIYRHIVPSEH
GSQTVIWWMZIWXVIRKXLSJEGSRGVIXIJSVQSMWXWTIGMQIRW QE] FI WXEVXWEXGSQTVIWWMZIWXVIWWIWIUYEPXSETTVS\MQEXIP]XS
MRGVIEWIHYTXS ERHXIRWMPIWXVIRKXLQE]FIMRGVIEWIH  SJXLIRSQMREPGSQTVIWWMZIWXVIRKXLYRHIVWLSVXXIVQ
YTXS [LIRGSQTEVIH[MXL ZEPYIWSFXEMRIHEXWXERHEVH PSEHMRK %FSZI XLMW WXVIWW XLI SZIVEPP ZSPYQIXVMG WXVEMR
VEXIWSJPSEHMRK 7EYGMIV+VELEQ6ETLEIP VIJPIGXWXLIZSPYQIXEOIRYTF]XLIWIMRXIVREPJMWWYVIWERH
,EVVMWIXEP  XLI4SMWWSRvWVEXMSERHIPEWXMG QSHYPMEVIRSPSRKIVGSRWXERX
8LI VIWYPXW SJ WIZIVEP MRZIWXMKEXMSRW MRHMGEXI XLEX XLI
'SRGVIXIMWRSXEXVYP]IPEWXMGQEXIVMEPERHXLIKVETLMGWXVIWW QSHYPYW SJ IPEWXMGMX] ETTIEVW XS FI VIPEXMZIP] YRGLERKIH
WXVEMRVIPEXMSRWLMTJSVGSRXMRYSYWP]MRGVIEWMRKPSEHMWKIRIVEPP] [LIXLIVXIWXIHEXRSVQEPSVH]REQMGVEXIWSJPSEHMRK ,IWW
MRXLIJSVQSJEGYVZIHPMRI 8LIQSHYPYWSJIPEWXMGMX]LS[IZIV  4SMWWSRvWVEXMSGERFIGSRWMHIVIHXLIWEQIJSVRSVQEP
MWJSVTVEGXMGEPTYVTSWIWGSRWMHIVIHEGSRWXERX[MXLMRXLIVERKI SVH]REQMGVEXIWSJPSEHMRK ,IWW 
SJWXVIWWIWXS[LMGLQEWWGSRGVIXIMWYWYEPP]WYFNIGXIH
8LI QSHYPM SJ IPEWXMGMX] SJ GSRGVIXI VITVIWIRXEXMZI SJ
ZEVMSYW HEQW EVI KMZIR MR 8EFPI  8LIWI ZEPYIW VERKI 'VIITSJGSRGVIXIMWXMQIHITIRHIRXHIJSVQEXMSRHYIXSE
JVSQXS TWM XS14E EXHE]W WYWXEMRIH PSEH 'VIIT ETTIEVW XS FI QEMRP] VIPEXIH XS XLI
ERHJVSQXS TWM XS14E EX]IEV QSHYPYW SJ IPEWXMGMX] SJ XLI GSRGVIXI 'SRGVIXI [MXL LMKL
9WYEPP]GSRGVIXI[MXLLMKLIVWXVIRKXLWLEWLMKLIVZEPYIWSJ ZEPYIWSJQSHYPYWSJIPEWXMGMX]KIRIVEPP]LEZIPS[ZEPYIWSJ
IPEWXMGQSHYPYWERHWLS[WEKIRIVEPGSVVIPEXMSRSJMRGVIEWI GVIITHIJSVQEXMSR 8LI GIQIRX TEWXIMWTVMQEVMP]VIWTSRWMFPI
MR QSHYPYW [MXL WXVIRKXL 1SHYPYW SJ IPEWXMGMX] MW RSX JSVGSRGVIXIGVIIT;MXLGSRGVIXIGSRXEMRMRKXLIWEQIX]TI
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XLIQSHYPYWSJIPEWXMGMX]SJXLIEKKVIKEXI-RXLITEWXHEXE TEWXI GSRXIRX 4SPMZOE IX EP   ERH XLI [GQ SJ XLI
GSRGVIXI %'- 6 HMWGYWWIW XLI TVIHMGXMSR SJ GVIIT
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GLERKI WLVMROEKI /JXWJX
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HE]W ]IEV ]IEV ,]HVEYPMG
WXVIWWMWHMZMHIHF]XLIXSXEPHIJSVQEXMSRJSVXLIXMQIYRHIV 7XVYGXYVI QMPPMSRXLW QMPPMSRXLW QMPPMSRXLW LIEH QWQ
XLIPSEH8LIMRWXERXERISYWERH WYWXEMRIHQSHYPYWSJIPEWXMGMX] ,SSZIV { { z  z  z
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MRWXERXERISYW QSHYPYW MW QIEWYVIH MQQIHMEXIP] EJXIV XLI 'ER]SR*IVV]  z z  z  z
GSRGVIXI MW WYFNIGXIH XS PSEHMRK 8LI WYWXEMRIH QSHYPYW 1SRXMGIPPS z z z  z  z
VITVIWIRXW ZEPYIW EJXIV  ERH  HE]W YRHIV PSEHMRK +PIR'ER]SR z z z  z  z
8EFPIWLS[WXLEXXLIWYWXEMRIHZEPYIWJSVXLIQSHYPYWSJ *PEQMRK
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LMKLIVTIVGIRXEKISJXLIMRWXERXERISYWQSHYPYWSJIPEWXMGMX] ([SVWLEO  z z  z  z
[LIRXLIPSEHMRKEKIMWHE]W SVKVIEXIV'VIITSJGSRGVIXI 0MFF]   z  z  z
ETTIEVW XS FI ETTVS\MQEXIP] HMVIGXP] TVSTSVXMSREP XS XLI 0S[IV
ETTPMIHWXVIWWWXVIRKXLVEXMSYTXSETTVS\MQEXIP] SJXLI +VERMXI   { { {
JXWJX!JX JXzWJXSJL]HVEYPMGLIEHQWQ!Q  Q  zWQSJL]HVEYPMGLIEH
YPXMQEXIWXVIRKXLSJXLIGSRGVIXI
QMPPMSRXLW!MRzMR QQzQQ QIEWYVIHMRPMRIEVPIRKXLGLERKI
2SXIW:SPYQIGLERKIWTIGMQIRWJSV,SSZIVERH+VERH'SYPII(EQW[IVI\\
MR \\QQ TVMWQWJSV([SVWLEO0MFF]ERH0S[IV+VERMXI(EQW
ZSPYQI GLERKI [EWHIXIVQMRIHSR\MR \ QQ WIEPIH G]PMRHIVW
:SPYQI GLERKI MW GEYWIH F] GLERKIW MR XLI QSMWXYVI 7TIGMQIRW JSV SXLIV HEQW [IVI  \  \  MR  \  \  QQ  TVMWQW
7TIGMQIRWJSVTIVQIEFMPMX]JSV([SVWLEO0MFF]ERH0S[IV+VERMXIHEQW[IVI
GSRXIRX SJ XLI GSRGVIXI GLERKIW MR XIQTIVEXYVI GLIQMGEP  \ MR \QQ G]PMRHIVW7TIGMQIRWJSVTIVQIEFMPMX]JSVXLISXLIVHEQW
XEFYPEXIH[IVI\MR \QQ 
VIEGXMSRWERHWXVIWWIWJVSQETTPMIHPSEHW)\GIWWMZIZSPYQI
GLERKI MW HIXVMQIRXEP XS GSRGVIXI 'VEGOW EVI JSVQIH MR
VIWXVEMRIH GSRGVIXI EW E VIWYPX SJ WLVMROEKI SV GSRXVEGXMSR XLIEQSYRXSJ[EXIVMRXLIQM\XYVI8LIRIXEYXSKIRSYWZSPYQI
ERHMRWYJJMGMIRXXIRWMPIWXVIRKXLSVWXVEMRGETEGMX]'VEGOMRK GLERKI SJ QSWX GSRGVIXI MW E WLVMROEKI SJ  XS  QMPPMSRXLW
MW E [IEOIRMRK JEGXSV XLEX QE] EJJIGX XLI EFMPMX] SJ XLI ;LIREYXSKIRSYW I\TERWMSRSGGYVW MX YWYEPP] XEOIWTPEGI
GSRGVIXIXS[MXLWXERHMXWHIWMKRPSEHWERHQE]EPWSHIXVEGX [MXLMRXLIJMVWXHE]WEJXIVTPEGMRK'SRGVIXIGSRXEMRMRK
JVSQ HYVEFMPMX] ERH ETTIEVERGI :SPYQI GLERKI HEXE JSV TS^^SPERW QE] WSQIXMQIW LEZI KVIEXIV EYXSKIRSYW
WSQIQEWWGSRGVIXIEVIKMZIRMR8EFPI:EVMSYWJEGXSVW WLVMROEKI XLER TSVXPERHGIQIRX GSRGVIXI [MXLSYX
MRJPYIRGMRK GVEGOMRK SJ QEWW GSRGVIXI EVI HMWGYWWIH MR TS^^SPERW ,SYOIXEP 
%'- 6ERH97%')   8LIXLIVQEPGSIJJMGMIRXSJI\TERWMSRSJEGSRGVIXIHITIRHW
(V]MRK WLVMROEKI VERKIW JVSQ PIWW XLER   SV  QEMRP] SR XLI X]TI ERH EQSYRX SJ GSEVWI EKKVIKEXI MR XLI
QMPPMSRXLW  JSV PS[WPYQT PIER GSRGVIXI [MXL KSSHUYEPMX] GSRGVIXI:EVMSYWQMRIVEPEKKVIKEXIWQE]VERKIMRXLIVQEP
EKKVIKEXIW XS SZIV   SV  QMPPMSRXLW  JSV VMGL GSIJJMGMIRXWJVSQPIWWXLERXS QSVIXLERQMPPMSRXLWTIV* 
QSVXEVWSVGSRGVIXIGSRXEMRMRK TSSVUYEPMX]EKKVIKEXIWERH XSQMPPMSRXLWTIV' 2IEX GIQIRXTEWXIW[MPPZEV]JVSQEFSYX
ER I\GIWWMZI EQSYRX SJ [EXIV 2IZMPPI   (V]MRK XSQMPPMSRXLWTIV* QMPPMSRXLWXSQMPPMSRXLWTIV' 
WLVMROEKIMWGEYWIHF]XLIPSWW SJQSMWXYVIJVSQXLIGIQIRX HITIRHMRKSRXLIGLIQMGEPGSQTSWMXMSRERHXLIHIKVIISJ
TEWXIGSRWXMXYIRX[LMGLGERWLVMROEWQYGLEW *SVXY L]HVEXMSR8LIXLIVQEPGSIJJMGMIRXSJXLIGSRGVIXIYWYEPP]
REXIP]EKKVIKEXITVSZMHIWMRXIVREPVIWXVEMRXXLEXVIHYGIWXLI VIJPIGXWXLI[IMKLXIHEZIVEKI SJXLIZEVMSYWGSRWXMXYIRXW
QEKRMXYHI SJ XLMW ZSPYQI GLERKI XS EFSYX   %'- 7SQIXMQIW GSIJJMGMIRX SJ I\TERWMSR XIWXW EVI GSRHYGXIH SR
6  8LI EQSYRX SJ HV]MRK WLVMROEKI MW MRJPYIRGIH GSRGVIXI XLEX LEW FIIR [IXWGVIIRIH XS  MR  QQ
QEMRP]F]XLIZSPYQIERHX]TI SJEKKVIKEXIERHXLI[EXIV QE\MQYQ WM^I XS [SVO [MXL WQEPPIVWM^I WTIGMQIRW 8LI
GSRXIRX SJ XLI QM\XYVI 3XLIV JEGXSVW MRJPYIRGI HV]MRK HMWTVSTSVXMSREXIP]PEVKIVEQSYRXSJGIQIRXTEWXI[LMGLLEW
WLVMROEKITVMRGMTEPP]EWXLI] MRJPYIRGIXLIXSXEPEQSYRXSJ ELMKLIVGSIJJMGMIRXVIWYPXWMRZEPYIWLMKLIVXLERXLEXSJXLI
[EXIV MR QM\XYVIW 8LI EHHMXMSR SJ TS^^SPERW KIRIVEPP] QEWWGSRGVIXI'SRGVIXI GSIJJMGMIRXW SJ XLIVQEPI\TERWMSR
MRGVIEWIWHV]MRKWLVMROEKII\GITX[LIVIXLI[EXIVVIUYMVI EVIFIWXHIXIVQMRIHSRWTIGMQIRWGSRXEMRMRKXLIJYPP GSRGVIXI
QIRX MW WMKRMJMGERXP] VIHYGIH WYGL EW [MXL JP] EWL 7SQI QM\XYVI 6IJIV XS %'- 6 JSV XLIVQEP TVSTIVXMIW SJ
EKKVIKEXIW RSXEFP] KVE][EGOI ERH WERHWXSRI LEZI FIIR GSRGVIXI 8LI TSVXPERH GIQIRX MR GSRGVIXI PMFIVEXIW LIEX
ORS[R XS GSRXVMFYXI XS I\XVIQIP] LMKL HV]MRK WLVMROEKI [LIRMXL]HVEXIWERHXLIMRXIVREPXIQTIVEXYVISJXLIGSRGVIXI
%'-6ERH,SYKLXSR  HMWGYWWXLIJEGXSVWMRZSPZIH VMWIW HYVMRK XLMW TIVMSH (YWMRFIVVI  ;MPWSR  
MRHV]MRKGLEVEGXIVMWXMGWSJGSRGVIXI 8LIGSRGVIXIMWVIPEXMZIP]IPEWXMGHYVMRKXLMWIEVP]WXEKIERH
%YXSKIRSYW ZSPYQI GLERKI MW E GLERKI MR ZSPYQI MX GER FI EWWYQIH XS FI EX SV RIEV ^IVS WXVIWW [LIR XLI
TVSHYGIH F] GSRXMRYIH L]HVEXMSR SJ GIQIRX I\GPYWMZI SJ QE\MQYQXIQTIVEXYVIMWEXXEMRIH;LIRGSSPMRKFIKMRWXLI
IJJIGXWSJETTPMIHPSEHERHGLERKIMRIMXLIVXLIVQEPGSRHMXMSR SV GSRGVIXIMWKEMRMRKWXVIRKXLERHWXMJJRIWWVETMHP]-JXLIVIMW
QSMWXYVIGSRXIRX9RPMOIHV]MRKWLVMROEKIMXMWYRVIPEXIHXS ER]VIWXVEMRXEKEMRWXJVIIGSRXVEGXMSRHYVMRKGSSPMRKXIRWMPI
HIWMKRWXEKIWSJXLITVSNIGX8LIVQEPXIRWMPIWXVEMRHIZIPSTIH
MRQEWWGSRGVIXIMRGVIEWIW[MXL XLIQEKRMXYHISJXLIXLIVQEP
'SQTVIWWMZI GSIJJMGMIRX SJ I\TERWMSR XLIVQEP HMJJIVIRXMEP ERH VEXI SJ
WXVIRKXL 'SLIWMSR XIQTIVEXYVIGLERKIERHHIKVIISJVIWXVEMRX %'-6 
%KI
(EQ HE]W [GQ TWM 14E TWM 14E XER WW WG
:SPYQIGLERKIWGEREPWSVIWYPXJVSQGLIQMGEPVIEGXMSRW
       
[LMGLGERFITSXIRXMEPP]HMWVYTXMZI
       
+VERH        
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'SRGVIXI LEW ER MRLIVIRXP] PS[ TIVQIEFMPMX] XS [EXIV
       
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,YRKV] EFMPMX] SJ GSRGVIXI MRGVIEWIW [MXL MRGVIEWMRK [GQ 8LIVI
       
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QSWX MQTSVXERX JEGXSVW MR TVSHYGMRK GSRGVIXI [MXL PS[
       
1SRXMGIPPS TIVQIEFMPMX]%MVIRXVEMRMRKERHSXLIVGLIQMGEPEHQM\XYVIW
       
TIVQMXXLIWEQI[SVOEFMPMX][MXLVIHYGIH[EXIVGSRXIRXERH
       
XLIVIJSVI GSRXVMFYXI XS VIHYGIH TIVQIEFMPMX] 4S^^SPERW
       
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MQIRWWIEPIHXSTVIZIRXHV]MRKERHwkxHIWMKREXIW\MR \QQ XIWX HMJJIVIRXMEPWEPSRK[MXLVIWXVEMRXVIWYPXMRXIRWMPIWXVEMRWERH
WTIGMQIRWWIEPIHXSTVIZIRXHV]MRK[MXLMR QQ QE\MQYQWM^IEKKVIKEXI WXVIWWIW XLEX QE] GEYWI GVEGOMRK XLEX MW HIXVMQIRXEP XS XLI
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8LI TVMQEV] JEGXSV EJJIGXMRK XLI XLIVQEP TVSTIVXMIW SJ E
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XIRWMPIWXVEMR GETEGMX] SJ XLI GSRGVIXI GVEGOMRK [MPP SGGYV GSQTYXEXMSRWEVITVSZMHIHMR%'-6
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GVEGOMRKGERFIIUYEXIHXSXIRWMPIWXVEMRGETEGMX]VEXLIVXLER EKKVIKEXIWEVIPMWXIHMR8EFPI8LIWIMRGPYHIGSQTVIWWMZI
XS WXVIRKXL ;LIR XLMW MW HSRI XLI EZIVEKI QSHYPYW SJ WXVIRKXLGSLIWMSRERHGSIJJMGMIRXSJMRXIVREPJVMGXMSR[LMGL
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EREP]^IHYWMRKXLI1SLVIRZIPSTIIUYEXMSR = ! '  < XER ERH[EXIVGSQFMRIMRGSRGVIXI8LMWPMQIMWVIEHMP]HMWWSPZIH
MR[LMGL' YRMXGSLIWMZIWXVIRKXLSVGSLIWMSR MWHIJMRIHEW MRTYVISVWPMKLXP]EGMHMG[EXIVXLEXQE]SGGYVMRLMKLQSYRXEMR
XLIWLIEVWXVIRKXLEX^IVSRSVQEPWXVIWWXER [LMGLMWXLI WXVIEQW4S^^SPERWXLEXVIEGX[MXLPMQIPMFIVEXIHF]GIQIRX
WPSTISJXLIPMRIVITVIWIRXWXLIGSIJJMGMIRXSJMRXIVREPJVMGXMSR < L]HVEXMSR GER TVIZIRX XLI XIRHIRG] SJ PMQI XS PIEGL JVSQ
ERH = EVIRSVQEPERHWLIEVWXVIWWIWVIWTIGXMZIP]-RQER] GSRGVIXI 7YVJEGIW SJ XYRRIP PMRMRKWVIXEMRMRK [EPPW TMIVW
GEWIWXLIWLIEVWXVIRKXLWMR 8EFPI[IVILMKLIVJSVSPHIV ERH SXLIV WXVYGXYVIW EVI SJXIR HMWJMKYVIH F] PMQI HITSWMXW
WTIGMQIRW LS[IZIV RS HIJMRMXI XVIRH MW IZMHIRX ,EVFSI JVSQ[EXIVWIITMRKXLVSYKLGVEGOWNSMRXWERHMRXIVGSRRIGXIH
  8LI VEXMS SJ XVME\MEP WLIEV WXVIRKXL XS GSQTVIWWMZI ZSMHW ;MXL HIRWI PS[TIVQIEFMPMX] GSRGVIXI PIEGLMRK
WXVIRKXLZEVMIWJVSQXSJSVXLIZEVMSYWGSRGVIXIW MW WIPHSQ WIZIVI IRSYKL XS MQTEMV XLI WIVZMGIEFMPMX] SJ
WLS[R ;LIR WLIEV WXVIRKXL MW YWIH JSV HIWMKR XLI XIWX XLIWXVYGXYVI
GSRJMRMRK TVIWWYVIW YWIH WLSYPH VIJPIGX ERXMGMTEXIH %POEPMEKKVIKEXI VIEGXMSR MW XLI GLIQMGEP VIEGXMSR
GSRHMXMSRWMRXLIWXVYGXYVI;LIRIZIVTSWWMFPIHMVIGXWLIEV FIX[IIR EPOEPMIW WSHMYQ ERH TSXEWWMYQ  JVSQ TSVXPERH
XIWXWSRFSXLTEVIRXGSRGVIXIERHSRNSMRXIHGSRGVIXIWLSYPH GIQIRX SV SXLIV WSYVGIW ERH GIVXEMR GSRWXMXYIRXW SJ WSQI
FIGSRHYGXIHXSHIXIVQMRIZEPMHGSLIWMSRERHGSIJJMGMIRXSJ EKKVIKEXIWXLEXYRHIVGIVXEMRGSRHMXMSRWTVSHYGIWHIPIXIVMSYW
MRXIVREPJVMGXMSRZEPYIWJSVHIWMKR I\TERWMSR SJ XLI GSRGVIXI 8LIWI VIEGXMSRW MRGPYHI EPOEPM
&SRHIH LSVM^SRXEP GSRWXVYGXMSR NSMRXW QE] LEZI WLIEV WMPMGE VIEGXMSR ERH EPOEPMGEVFSREXI VSGO VIEGXMSR %'-
WXVIRKXLGSQTEVEFPIXSXLEXSJXLITEVIRXGSRGVIXI9RFSRHIH 6  97%') F *EVR] ERH /SWQEXOE  
NSMRXWX]TMGEPP]LEZIPS[IVGSLIWMSRFYXXLIWEQIGSIJJMGMIRX ;LIVIMXMWRIGIWWEV]XSYWIEREKKVIKEXIGSRXEMRMRKVIEGXMZI
SJMRXIVREPJVMGXMSR[LIRGSQTEVIH[MXLXLITEVIRXGSRGVIXI GSRWXMXYIRXWPS[EPOEPMGIQIRXWLSYPHFIWTIGMJMIH%PWSEW
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GERFIXEOIREXERHXLIGSLIWMSREWJSVYRFSRHIHNSMRXW TS^^SPERWLSYPHFIWTIGMJMIHMRWYJJMGMIRXUYERXMX]XSGSRXVSP
*SVFSRHIHNSMRXWXLIGSIJJMGMIRXSJMRXIVREPJVMGXMSRGERFI HIPIXIVMSYW VIEGXMSR *P] EWL MW KIRIVEPP] GSRWMHIVIH PIWW
XEOIR EW  [LMPI XLI GSLIWMSR QE] ETTVSEGL XLEX SJ XLI IJJIGXMZIMRGSRXVSPPMRKEPOEPMWMPMGEVIEGXMSRERHI\TERWMSR
TEVIRXGSRGVIXI 1G0IERERH4MIVGI  XLEREVI'PEWW2TS^^SPERW
8LI TVMRGMTEP GEYWIW SJ IVSWMSR SJ GSRGVIXIWYVJEGIW EVI
% HYVEFPI GSRGVIXI MW SRI XLEX LEW XLI EFMPMX] XS VIWMWX GEZMXEXMSRERHXLIQSZIQIRXSJEFVEWMZIQEXIVMEPF]JPS[MRK
[IEXLIVMRK EGXMSR GLIQMGEP EXXEGO EFVEWMSR ERH SXLIV [EXIV9WISJMRGVIEWIHWXVIRKXLERH[IEVVIWMWXERXGSRGVIXI
GSRHMXMSRWSJWIVZMGI %'-6 0EFSVEXSV]XIWXWGERMRHMGEXI SJJIVWWSQIVIPMIJFYXXLIFIWXWSPYXMSRPMIWMRXLITVIZIRXMSR
VIPEXMZIHYVEFMPMXMIWSJGSRGVIXIFYXMXMWYWYEPP]RSXTSWWMFPI IPMQMREXMSR SV VIHYGXMSR SJ XLI GEYWIW F] TVSTIV HIWMKR
XSHMVIGXP]TVIHMGXHYVEFMPMX]MRJMIPHWIVZMGIJVSQPEFSVEXSV] GSRWXVYGXMSR ERH STIVEXMSR SJ XLI GSRGVIXI WXVYGXYVI %'-
HYVEFMPMX]WXYHMIW 6 8LIYWISJEIVEXMSRMRLMKLZIPSGMX]JPS[WMWERIJJIGXMZI
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F] XLI HMWVYTXMZI EGXMSR SJ JVII^MRK ERH XLE[MRK ERH F]
I\TERWMSR ERH GSRXVEGXMSR YRHIV VIWXVEMRX VIWYPXMRK JVSQ
XIQTIVEXYVI ZEVMEXMSRW ERH EPXIVREXI [IXXMRK ERH HV]MRK
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JVSQ JVSWX EGXMSR ERH WLSYPH FI WTIGMJMIH JSV EPP GSRGVIXI HMJJIVIRXJVSQXLIEGGYVEXIGSRWMWXIRXVIPMEFPIFEXGLMRKXLEX
WYFNIGX XS G]GPIW SJ JVII^MRKERHXLE[MRK [LMPI GVMXMGEPP] MWIWWIRXMEPJSVSXLIVGPEWWIWSJGSRGVIXI%'-6TVIWIRXW
WEXYVEXIH 7IPIGXMSR SJ LMKLUYEPMX] QEXIVMEPW YWI SJ MRJSVQEXMSRSRWIPIGXMSRERHYWISJEKKVIKEXIWMRGSRGVIXI
IRXVEMRIH EMV PS[ [GQ TVSTIV QM\XYVI TVSTSVXMSRMRK %'-6TVIWIRXWMRJSVQEXMSRSRXLILERHPMRKQIEWYVMRK
TVSTIVTPEGIQIRXXIGLRMUYIWXSTVSZMHIE[EXIVXMKLXWXVYGXYVI ERHFEXGLMRKSJEPPXLIQEXIVMEPWYWIHMRQEOMRKGSRGVIXI
ERHKSSH [EXIVGYVMRKYWYEPP] TVSZMHI EGSRGVIXIXLEX LEW 8LIHIWMVEFMPMX]SJVIWXVMGXMRKXLIXIQTIVEXYVIVMWISJQEWW
I\GIPPIRXVIWMWXERGIXS[IEXLIVMRKEGXMSR GSRGVIXIF]PMQMXMRKXLIGIQIRXGSRXIRXSJXLIQM\XYVIGVIEXIW
'LIQMGEP EXXEGO SGGYVW JVSQ I\TSWYVI XS EGMH [EXIVW EGSRXMRYMRKGSRWXVYGXMSRTVSFPIQXSQEMRXEMR[SVOEFMPMX]MR
I\TSWYVIXSWYPJEXIFIEVMRK[EXIVWERHPIEGLMRKF]QMRIVEP XLI TPEWXMG GSRGVIXI )JJMGMIRX QM\XYVIW JSV QEWW GSRGVIXI
JVII[EXIVWEWI\TPEMRIHMR%'-6 GSRXEMRYRYWYEPP]PS[TSVXMSRWSJGIQIRXMXMSYWQEXIVMEPWWERH
2SX]TISJ TSVXPERH GIQIRX GSRGVIXIMWZIV]VIWMWXERX XS ERH [EXIV 8LYW XLI [SVOEFMPMX] SJ XLIWI QM\XYVIW JSV
EXXEGO F] EGMHW 7LSYPH XLMW X]TI SJ I\TSWYVI SGGYV XLI GSRZIRXMSREP TPEGIQIRX MW QSVI XLER RSVQEPP] WIRWMXMZI XS
GSRGVIXIMWFIWXTVSXIGXIHF]WYVJEGIGSEXMRKW ZEVMEXMSRWMRFEXGLMRK8LMWTVSFPIQGERFIPIWWIRIHF]XLI
7YPJEXI EXXEGOGER FI VETMHERH WIZIVI 8LIWYPJEXIW VIEGX YWI SJ IJJMGMIRXGSRWXVYGXMSR QIXLSHW ERHQSHIVR IUYMTQIRX
GLIQMGEPP] [MXL XLI L]HVEXIH PMQI ERH L]HVEXIH XVMGEPGMYQ 9WYEPP]XLITVSHYGXMSRSJPEVKIUYERXMXMIWSJQEWWGSRGVIXIMW
EPYQMREXIMRGIQIRXTEWXIXSJSVQGEPGMYQWYPJEXIERHGEPGMYQ PMOI ER EWWIQFP]PMRI STIVEXMSR TEVXMGYPEVP] MR HEQ
WYPJSEPYQMREXIW8LIWIVIEGXMSRWEVIEGGSQTERMIHF]GSRWMH GSRWXVYGXMSR [LIVI XLI TIVJSVQERGI SJ VITIXMXMZI JYRGXMSRW
IVEFPII\TERWMSRERHHMWVYTXMSRSJXLIGSRGVIXI'SRGVIXI QEOIWMXIGSRSQMGEPP]TVYHIRXXSYWIWTIGMEPX]IUYMTQIRXERH
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;EXIV F]ZSPYQISV[IMKLX   2SXVIGSQQIRHIH  2SXVIGSQQIRHIH
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%KKVIKEXIW     SJVIUYMVIHGYQYPEXMZI
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3VJPS^ Q0 [LMGLIZIVMWKVIEXIV

IJJMGMIRXGSRWXVYGXMSRQIXLSHW'SRWMWXIRG]MRXLIFEXGLMRK WLSYPHRSXFIYWIH%PWSMXMWMQTSVXERXXSTVSZMHI[MRXIV
GERFIMQTVSZIHF]XLIJSPPS[MRKQIEWYVIW TVSXIGXMSRJSVWXSVEKIXEROWERHVIPEXIHHIPMZIV]PMRIW[LIVI
c *MRMWL WGVIIRMRK SJ GSEVWI EKKVIKEXI EX XLI FEXGLMRK RIGIWWEV]8EFPIWLS[WFEXGLMRKXSPIVERGIWJVIUYIRXP]YWIH
TPERX TVIJIVEFP] SR LSVM^SRXEP ZMFVEXMRK WGVIIRW [MXLSYX
MRXIVQIHMEXIWXSVEKI
c 'EPMFVEXMSRSJXLIWGEPIVERKIXLEXMWETTVSTVMEXIJSVXLI 1M\IVWJSVQEWWGSRGVIXIWLSYPHFIGETEFPISJHMWGLEVKMRK
VERKISJFEXGL[IMKLXWXSFIYWIH PS[WPYQTGSRGVIXIUYMGOP]ERH[MXLGSRWMWXIRXHMWXVMFYXMSR
c %YXSQEXMG[IMKLMRKERHQEXIVMEPJPS[GYXSJJJIEXYVIW SJ PEVKI EKKVIKEXI XLVSYKLSYX XLI FEXGL 8LMW MW FIWX
c -RXIVPSGOW XS TVIZIRX VIGLEVKMRK [LIR WSQI QEXIVMEP EGGSQTPMWLIH[MXLPEVKIXMPXMRKQM\IVWMRWXEXMSREV]GIRXVEP
VIQEMRWMREWGEPILSTTIV TPERXW8LIQSWXGSQQSRGETEGMX]SJXLIQM\IVHVYQMW]H
c % HIZMGI JSV MRWXERX VIEHMRK SJ ETTVS\MQEXI QSMWXYVI Q FYXKSSHVIWYPXWLEZIFIIREGLMIZIH[MXLQM\IVWEW
GSRXIRXSJWERHERH WQEPPEW]H Q ERHEWPEVKIEW]H Q 8VYGO
c )UYMTQIRX GETEFPI SJ MRWXERX EYXSQEXMG WIPIGXMSR ERH QM\IVW EVI RSX WYMXIH XS XLI QM\MRK ERH HMWGLEVKMRK SJ
WIXXMRKSJRYQIVSYWFEXGLMRKVIHMIRXWMRQER]HMJJIVIRX PS[WPYQT PEVKIEKKVIKEXI GSRGVIXI 8YVFMRIX]TI
QM\XYVI TVSTSVXMSRW-R PEVKI GIRXVEPTPERX QM\IVW XLI QM\IVW QE] FI YWIH JSV QEWW GSRGVIXI GSRXEMRMRK  MR
PEVKI FEXGLIW GSQQSRP] YWIH JSV QEWW GSRGVIXI EPWS QQ EKKVIKEXI
XIRHXSQMRMQM^IXLIIJJIGXSJZEVMEXMSRW 7TIGMJMGEXMSRWJSVQM\MRKXMQIVERKIJVSQEQMRMQYQSJ
&IGEYWI KVIEXIV YWI MW QEHI MR QEWW GSRGVIXI SJ WYGL QMRJSVXLIJMVWXGYFMG]EVHTPYWWJSVIEGLEHHMXMSREP
WTIGMEPTYVTSWI MRKVIHMIRXW EW MGI EMVIRXVEMRMRK [EXIV GYFMG]EVH WJSVJMVWXGYFMGQIXIVTPYWWJSVIEGLEHHMXMSREP
VIHYGMRK ERH WIXGSRXVSPPMRK EHQM\XYVIW ERH JP] EWL SV GYFMGQIXIV SJQM\IVGETEGMX] %'-6%781' XS
SXLIV TS^^SPERW XLI HITIRHEFPI EGGYVEXI FEXGLMRK SJ XLIWI  QMR JSV XLI JMVWX  ]HTPYW WJSV IEGL EHHMXMSREP
QEXIVMEPWLEWFIGSQIEZIV]MQTSVXERXEWTIGXSJXLIGSRGVIXI GYFMG]EVH QMRJSVXLIJMVWXQTPYWWJSVIEGL
TPERX*SVXLIQSWXIJJMGMIRXYWISJMGIMXWLSYPHFIPIWWXLER EHHMXMSREPGYFMGQIXIV SJGETEGMX] 97&6 &PIRHMRK
* ' ERHFIFVMXXPILEVHHV]ERHJMRIP]FVSOIR*SV XLI QEXIVMEPW F] VMFFSR JIIHMRK HYVMRK FEXGLMRK QEOIW MX
QE\MQYQIJJMGMIRG]MGIWLSYPHFIFEXGLIHF][IMKLMRK TSWWMFPI XS VIHYGI XLI QM\MRK TIVMSH 7SQI SJ XLI QM\MRK
JVSQE[IPPMRWYPEXIHWXSVEKIFMR[MXLUYMGOHMWGLEVKIMRXSXLI [EXIVERHGSEVWIVEKKVIKEXIWLSYPHPIEHSXLIVQEXIVMEPWMRXSXLI
QM\IVEPSRK[MXLXLISXLIVMRKVIHMIRXW4S^^SPERERHKVSYRH QM\IVXSTVIZIRXWXMGOMRKERHGPSKKMRK1M\MRKXMQIWWLSYPH
MVSRFPEWXJYVREGIWPEKEVIFEXGLIHXLIWEQIEWGIQIRX FIPIRKXLIRIHSVWLSVXIRIHHITIRHMRKSRXLIVIWYPXWSJQM\IV
0MUYMH EHQM\XYVIW EVI KIRIVEPP] FEXGLIH F] ZSPYQI TIVJSVQERGIXIWXW'VMXIVMEJSVXLIWIXIWXWEVIJSYRHMR%781
EPXLSYKL [IMKLMRK IUYMTQIRX LEW EPWS FIIR YWIH '1M\MRKXMQIMWFIWXGSRXVSPPIHF]EXMQMRKHIZMGIXLEX
WYGGIWWJYPP] 6IPMEFPI EHQM\XYVI FEXGLMRK IUYMTQIRX MW TVIZIRXWVIPIEWISJXLIHMWGLEVKIQIGLERMWQYRXMPXLIQM\MRK
EZEMPEFPI JVSQ EHQM\XYVI SV FEXGL TPERX QERYJEGXYVIVW XMQILEWIPETWIH
1IERW WLSYPH FI TVSZMHIH JSV QEOMRK E ZMWYEP EGGYVEG] (YVMRK QM\MRK XLI FEXGL WLSYPHFI GPSWIP] SFWIVZIH XS
GLIGO4VSZMWMSRWWLSYPHFIQEHIJSVTVIZIRXMRKFEXGLMRKSJ IRWYVIXLIHIWMVIHWPYQT%QTIVEKIQIXIVWGEREPWSFIYWIH
EHQM\XYVI [LMPI XLI HMWGLEVKI ZEPZI MW STIR -RXIVPSGOW XS EWWMWX ZMWYEP SFWIVZEXMSRW 8LI STIVEXSV ERH MRWTIGXSV
WLSYPHEPWSFITVSZMHIHXLEX[MPPTVIZIRXMREHZIVXIRXSZIV WLSYPH FI EPIVX ERH EXXIRXMZI %'- 6 TVSZMHIW
FEXGLMRK SJ XLI EHQM\XYVI 4EVXMGYPEVP] [MXL EMVIRXVEMRMRK VIGSQQIRHEXMSRW JSV TPERX MRWTIGXMSR ERH TVSGIWW UYEPMX]
ERH [EXIVVIHYGMRK EHQM\XYVIW ER] MVVIKYPEVMXMIW MR GSRXVSPXIWXMRK8YXLMPP  HMWGYWWIHIJJIGXMZIMRWTIGXMSR
FEXGLMRK GER GEYWI XVSYFPIWSQI ZEVMEXMSRW MR WPYQT EMV TVSGIHYVIWERHJEGMPMXMIW4VIJIVEFP]XLISTIVEXSVWLSYPHFI
GSRXIRXSVFSXL;LIRWIZIVEPPMUYMHEHQM\XYVIWEVIXSFI WXEXMSRIHMRXLITPERX[LIVILISVWLIGERWIIXLIFEXGLMRXLI
YWIHXLI]WLSYPHFIFEXGLIHWITEVEXIP]MRXSXLIQM\IV8LI QM\IVERHFIEFPIXSNYHKI[LIXLIVMXWWPYQTMWGSVVIGX-JXLI
YWI SJ GSQTEVEXMZIP] HMPYXI WSPYXMSRW VIHYGIWKYQQMRKMR WPYQTMWPS[TIVLETWHYIXSWYHHIRP]HVMIVEKKVIKEXIXLI
XLI IUYMTQIRX *SV GSRXMRYMRK KSSH STIVEXMSR IUYMTQIRX STIVEXSV GER MQQIHMEXIP] GSQTIRWEXI [MXL E PMXXPI QSVI
WLSYPH FIQEMRXEMRIHERH OITXGPIER 8MQIHJPS[W]WXIQW [EXIVERHQEMRXEMRXLIHIWMVIHWPYQT0EGOMRKXLMWEVVERKIQIRX
XSWIIMRXSXLIQM\IVXLISTIVEXSVWLSYPHFIEFPIXSWIIXLI
FEXGL EW MX MW HMWGLEVKIH RSXI ER] GLERKI JVSQ JSVQIV
FEXGLIWERHQEOIWYFWIUYIRX [EXIVEHNYWXQIRXWEGGSVHMRKP]
%WERHQSMWXYVIQIXIVTVSZMHIWEUYMGOQIXLSHXSGSQTEVI
XLIQSMWXYVIGSRXIRXSJWERHIRXIVMRKXLIQM\IV[MXLXLIWERH
XIWXIH MR WXSGOTMPI % WMKRMJMGERX HMJJIVIRGI MR QSMWXYVI
GSRXIRX[MPPEPIVXXLISTIVEXSVXLEXZEVMEXMSRWMRWERHQSMWXYVI
QE]FISGGYVVMRKERHMRMXMEXIEHHMXMSREPXIWXMRKSVEGLERKI
MRFEXGLMRKTVSGIHYVI
'SRXMRYSYWFEXGLMRKERHQM\MRK TYKQMPP LEWFIIRYWIH
WYGGIWWJYPP]MRVSPPIVGSQTEGXIHGSRGVIXIJSV]IEVWERHLEW
EPWSFIIRYWIHJSVXVEHMXMSREPQEWWGSRGVIXI[MXLWEXMWJEGXSV]
TIVJSVQERGI +IRIVEPP] XLI QE\MQYQ EKKVIKEXI WM^I JSV
XLMWQIXLSHMWPMQMXIHXSMR QQ SVTSWWMFP]MR
 QQ %'-6ERH%'-6HMWGYWWGSRXMRYSYW E 7ERHFPEWXXVIEXQIRX
FEXGLMRKERHQM\MRKMRQSVIHIXEMP

4PEGMRK MRGPYHIW TVITEVEXMSR SJ LSVM^SRXEP GSRWXVYGXMSR


NSMRXWXVERWTSVXEXMSRLERHPMRKTPEGIQIRXERHGSRWSPMHEXMSR SJ
XLIGSRGVIXI %'-697&6 
)JJMGMIRXERHFIWXTVITEVEXMSRSJLSVM^SRXEPNSMRXWYVJEGIW
FIKMRW[MXLXLIEGXMZMXMIWSJXSTTMRKSYXXLIPMJX8LIWYVJEGI
WLSYPH FI PIJX JVII JVSQ TVSXVYHMRK VSGO HIIT JSSXTVMRXW
ZMFVEXSV LSPIW ERH SXLIV WYVJEGI MVVIKYPEVMXMIW -R KIRIVEP
XLIWYVJEGIWLSYPHFIVIPEXMZIP]IZIR[MXLEKIRXPIWPSTIJSV
HVEMREKI8LMWWPSTIQEOIWXLIGPIERYTIEWMIV%WPEXIEWMW
JIEWMFPIFYXFIJSVITPEGIQIRXSJXLIRI\XPMJXWYVJEGIJMPQ
ERH GSRXEQMREXMSR WLSYPH FI VIQSZIH XS I\TSWI E JVIWL
GPIER QSVXEV ERH EKKVIKEXI WYVJEGI 3ZIVGYXXMRKXS HIITP]
I\TSWIEKKVIKEXIMWYRRIGIWWEV]ERH[EWXIJYPSJKSSHQEXIVMEP
7XVIRKXLSJFSRHMWEGGSQTPMWLIHF]GIQIRXKVEMRWRSXF]
TVSXVYHMRKGSEVWIEKKVIKEXI.SMRXWLIEVWXVIRKXLMWHIXIVQMRIH
FSXL F] XLMW FSRH ERH F] MRXIVJEGI JVMGXMSR 8LI JVMGXMSR F ,MKLTVIWWYVI[EXIVFPEWXXVIEXQIRX
GSRXVMFYXMSRMWEJJIGXIHF] GSRJMRMRKTVIWWYVIERHGSEVWI
EKKVIKEXI MRXIVPSGO 9WYEPP] VIQSZEP SJ ETTVS\MQEXIP] *MK {&IJSVI ERH EJXIV LSVM^SRXEP GSRWXVYGXMSR NSMRX
MR EJI[QMPPMQIXIVW SJMRJIVMSVQEXIVMEP[MPPVIZIEP GPIERYT
EWEXMWJEGXSV]WYVJEGI
8LIFIWXQIXLSHWSJSFXEMRMRKWYGLEGPIERWYVJEGIEVIF]
QIERWSJWERHFPEWXMRK TVIJIVEFP][IXWERHFPEWXMRKXSEZSMH QE] FIGSQI HYPP [MXL PMQI GSEXMRKW SV GER FIGSQI
HYWXLE^EVH SVLMKLTVIWWYVI[EXIVNIXSJEXPIEWXTWM GSRXEQMREXIHXSWYGLERI\XIRXXLEXMXQE]FIRIGIWWEV]XS
14E 3TIVEXSVWWLSYPHFI SRKYEVHXSEZSMHLEVQXS YWIWERHFPEWXMRKSVLMKLTVIWWYVI[EXIVNIXWXSVIGPIERMX
SXLIVTIVWSRRIPERHXS[SSHIRWYVJEGIWJVSQ[EXIVFPEWXIH 8LIGPIERGSRGVIXIWYVJEGIWLSYPHFIETTVSEGLMRKHV]RIWW
TMIGIWSJWYVJEGIQEXIVMEPXLEXQE]FILYVPIHJSV[EVH[MXL ERHFIJVIIJVSQWYVJEGIQSMWXYVIEXXLIXMQIRI[GSRGVIXIMW
KVIEXJSVGIERHZIPSGMX]7ERHFPEWXMRKLEWXLIEHZERXEKISJ TPEGIH SR MX 97%')  E 8]RIW ERH 1G'PIEWI
FIMRK EFPI XS GPIER GSRGVIXI SJ ER] EKI FYX MX VIUYMVIW 2IIPI]ERH4SSPI2IIPI]IXEP 8IWXMRKLEW
LERHPMRK SJWERHFPEWXWERHERHIUYMTQIRX ERHMXWVIQSZEP WLS[RWYTIVMSVWXVIRKXLERH[EXIVXMKLXRIWWSJNSMRXWXLEXEVI
EJXIVYWI8LI[EXIVNIXQIXLSHPIEZIWVIPEXMZIP]PMXXPIHIFVMW HV]ERHGPIER[LIRXLISZIVP]MRKGSRGVIXIMWTPEGIH-RXLMW
JSVGPIERYTERHVIQSZEPFYXMXQE]RSX[SVOEWIJJMGMIRXP] GSRHMXMSRRS[EXIVMWTVIWIRXXSHMPYXIERH[IEOIRXLIGIQIRX
EJXIVXLIGSRGVIXIMWQSVIXLER[IIOSPH&IJSVIERHEJXIV TEWXI SJ XLI TPEWXMG GSRGVIXI EX XLI GSRWXVYGXMSR NSMRX 8IWXW
LSVM^SRXEPGSRWXVYGXMSRNSMRXGPIERYT[MXLWERHFPEWXMRKERH LEZIEPWSWLS[RXLEXXLITVEGXMGISJTPEGMRKQSVXEVSRXLINSMRX
LMKLTVIWWYVI[EXIVFPEWXMRKEVIMPPYWXVEXIHMR*MK E ERH ELIEHSJXLIGSRGVIXIMWRSXRIGIWWEV]JSVIMXLIVWXVIRKXLSV
F VIWTIGXMZIP]'PIERNSMRXWEVIIWWIRXMEPXSKSSHFSRHERH TIVQIEFMPMX] SJ XLI NSMRX ,SYKLXSR ERH ,EPP   8LI
[EXIVXMKLXRIWW+VIIRGYXXMRK[LMGLMWXLIIEVP]VIQSZEPSJ QSVXEV GSEX EPXLSYKL [MHIP] YWIH MR XLI TEWX MW RS PSRKIV
XLIWYVJEGIQSVXEV[MXLEREMV[EXIVNIXEXEFSYXXLIXMQIXLI GSQQSRP]YWIHMRQEWWGSRGVIXI[SVO)UYMZEPIRXVIWYPXWGER
GSRGVIXI ETTVSEGLIW JMREP WIX MW EPWS YWIH -X QE] RSX FISFXEMRIH[MXLSYXXLIQSVXEVMJXLIJMVWXPE]IVSJXLITPEWXMG
LS[IZIVFITSWWMFPIXSTVIWIVZIXLIMRMXMEPP]GPIERWYVJEGI GSRGVIXIMWXLSVSYKLP]ZMFVEXIHSZIVXLINSMRXEVIEERHEPPVSGO
YRXMPGSRGVIXIMWTPEGIHSRMX8LIMRMXMEPP]EGGITXEFPIWYVJEGI GPYWXIVWEXFEXGLHYQTTIVMQIXIVWEVIGEVIJYPP]WGEXXIVIH
*MK{4PEGIQIRXSJQEWWGSRGVIXIF]GSRZI]SVFIPX

7IPIGXMSRSJIUYMTQIRXJSVXVERWTSVXMRKERHTPEGMRKQEWW JVSQ GSRZI]SVW WLSYPH FI QEREKIH WS XLEX GSRGVIXI MW


GSRGVIXIMWWXVSRKP]MRJPYIRGIHF]XLIQE\MQYQWM^ISJXLI HMWGLEVKIHSRXSJVIWLGSRGVIXIERHMQQIHMEXIP]ZMFVEXIHXS
EKKVIKEXI'SRGVIXIJSVQEWWTPEGIQIRXWWYGLEWMRHEQW TVIZIRXWXEGOMRK4PEGIQIRXSJQEWWGSRGVIXIF]GSRZI]SVMW
SJXIRGSRXEMRWGSFFPIW[LMGLEVIHIJMRIHEWGSEVWIEKKVIKEXI WLS[R MR *MK  %HHMXMSREP MRJSVQEXMSR SR TPEGMRK
TEVXMGPIWPEVKIVXLERMR QQ ERHWQEPPIVXLERMR GSRGVIXI[MXLGSRZI]SVWMWGSRXEMRIHMR%'-6
 QQ  8LIXIRHIRG] SJ GSFFPIW XS WIKVIKEXI JVSQ XLI 0EVKI FYMPHMRK JSYRHEXMSRW ERH SXLIV ZIV] PEVKI QSRSPMXLMG
QM\XYVI EWE VIWYPX SJ XLIMV KVIEXIV MRIVXME [LIR MR QSXMSR GSRGVIXI WXVYGXYVIW EVI GSRWMHIVIH QEWW GSRGVIXI %ZEMPEFMPMX]
QE]HMGXEXIXLIYWISJPEVKIXS]H XSQ GETEGMX] ERHNSFGSRHMXMSRWQE]TVIGPYHIXLIYWISJTVIJIVEFPIEKKVIKEXIW
FYGOIXW6EMPGEVWXVYGOWGEFPI[E]WGVERIWSVWSQIGSQFM PEVKIVXLERMR  QQ SVWTIGMEPM^IHTPEGIQIRX
REXMSR SJ XLIWI QE] FI YWIH XS HIPMZIV XLI FYGOIXW XS XLI IUYMTQIRX 'SRGVIXI MR WYGL WXVYGXYVIWQE]FITPEGIH[MXL
TSMRXSJTPEGIQIRX*SVGSRGVIXIGSRXEMRMRKGSEVWIEKKVIKEXI QSVI GSRZIRXMSREP IUYMTQIRX WYGL EW WQEPPIV GVERI
MR QQ ERHPEVKIVEFYGOIXWM^ISJXS]H XSQ FYGOIXW GSRGVIXI TYQTW SV GSRZI]SVW 8LI WIPIGXMSR SJ
MW TVIJIVEFPI FIGEYWI WQEPPIV FYGOIXW HS RSX HMWGLEVKI EW TPEGMRK IUYMTQIRX WLSYPH FI TVIHMGEXIH SR MXW EFMPMX] XS
VIEHMP]ERHIEGLHIPMZIV]MWXSSWQEPPXS[SVO[IPP[MXLE WYGGIWWJYPP] TPEGI GSRGVIXI XLEX LEW FIIR TVSTSVXMSRIH JSV
LMKLTVSHYGXMSRTPEGIQIRXWGLIQI3RXLISXLIVLERHXLI QEWW GSRGVIXI GSRWMHIVEXMSRW EW HIJMRIH MR 7IGXMSR 
]H  Q FYGOIXTYXWWYGLEPEVKITMPIMRSRITPEGIXLEX [LMGLIQTLEWM^IWXLIVIHYGXMSRSJLIEXIZSPYXMSR4PEGMRK
QYGLSJXLIGVI[vWXMQIMWHIZSXIHXSZMFVEXMRKJSVWTVIEHMRK GETEGMX] WLSYPH FI KVIEX IRSYKL XS EZSMH GSPH NSMRXW ERH
MRWXIEHSJJSV GSRWSPMHEXMSR8STVIGPYHIXLIWI TMPIWFIMRK YRHIWMVEFPI I\TSWYVI XS I\XVIQIW SJ LIEX ERH GSPH EX PMJX
PEVKIV XLER]H Q SRI EKIRG]VIUYMVIWGSRXVSPPEFPI WYVJEGIW8LMWMWYWYEPP]EGGSQTPMWLIHF]YWMRKQER]TMIGIW
HMWGLEVKIKEXIWMRFYGOIXWGEVV]MRKQSVIXLER]H Q  SJTPEGMRKIUYMTQIRX%HHMXMSREPMRJSVQEXMSRSRTYQTMRKSJ
)\XVEGEVIWLSYPHFIXEOIRXSIRWYVIEQTPIZMFVEXMSRHIITMR GSRGVIXIMWGSRXEMRIHMR%'-6
XLIGIRXIVSJXLIWITMPIWERHEX TSMRXWSJGSRXEGX[MXLGSRGVIXI 1EWW GSRGVIXI MW FIWX TPEGIH MR WYGGIWWMZI PE]IVW 8LI
TVIZMSYWP]TPEGIH1EWWGSRGVIXISJTVSTIVQM\XYVITVSTSVXMSRW QE\MQYQXLMGORIWWSJXLIPE]IVHITIRHWSRXLIEFMPMX]SJXLI
ERHPS[WPYQTHSIWRSXWITEVEXIF]WIXXPIQIRXHYVMRKWYGL ZMFVEXSVW XS TVSTIVP] GSRWSPMHEXI XLI GSRGVIXI 7M\ MR
XVERWTSVXEXMSR SZIV XLI WLSVX HMWXERGIW YWYEPP] MRZSPZIH  QQ  HMEQIXIV ZMFVEXSVW TVSHYGI WEXMWJEGXSV] VIWYPXW
'EVI WLSYPH FI XEOIR LS[IZIV XS TVIZIRX WIKVIKEXMSR EX [MXL  XS  MR  XS  QQ  RSQMREP QE\MQYQWM^I
IEGLXVERWJIVTSMRX EKKVIKEXIERHPIWWXLERMR QQ WPYQTMRPE]IVW
1EWW GSRGVIXI QE] EPWS FI XVERWTSVXIH MR HYQTMRK VEMP XSMR XSQQ XLMGOTPEGIH[MXLXS]H XS
GEVW ERH XVYGOW ERH TPEGIH F] YWI SJ GSRZI]SVW 'VERIW  Q  FYGOIXW 7QEPPIVHMEQIXIV ZMFVEXSVW [MPP TVSHYGI
IUYMTTIH [MXL XIPIWGSTMRK GSRZI]SVW XIVQIH wGVIXIV WEXMWJEGXSV]VIWYPXW[MXLXSMR XSQQ RSQMREP
GVERIWxEVI[MHIP]YWIHJSVXLITPEGIQIRXSJQSHIVRQEWW QE\MQYQWM^IEKKVIKEXIERHPIWWXLERMR QQ WPYQT
GSRGVIXI *MK   4PEGMRK QEWW GSRGVIXI [MXL GSRZI]SVW TPEGIHMRXSMR XSQQ PE]IVW[MXLWQEPPIV
LEWFIIRQSWXWYGGIWWJYPERHIGSRSQMGEP[LIRXLIEKKVI FYGOIXW 7LEPPS[IV PE]IVW VEXLIV XLER HIITIV PE]IVW KMZI
KEXIWM^IMWMR QQ SVPIWW8LITSMRXSJHMWGLEVKI FIXXIV EWWYVERGI SJ WEXMWJEGXSV] GSRWSPMHEXMSR ERH JVIIHSQ
JVSQ VSGO TSGOIXW EX NSMRX PMRIW GSVRIVW ERH SXLIV JSVQ
JEGIWEW[IPPEW[MXLMRXLIFPSGOMXWIPJ
8LIPE]IVXLMGORIWWWLSYPHFIERIZIRJVEGXMSRSJXLIPMJX
LIMKLX SVSJXLI HITXL SJ XLI FPSGO 8LI PE]IVW EVIGEVVMIH
JSV[EVH MR E WXEMVWXIT JEWLMSR MR XLI FPSGO F] QIERW SJ
WYGGIWWMZIHMWGLEVKIWWSXLIVI[MPPFIEWIXFEGOSJETTVS\
MQEXIP]JX Q FIX[IIRXLIJSV[EVHIHKIWSJWYGGIWWMZI
PE]IVW 4PEGIQIRX SJ XLI WXITW MW SVKERM^IH XS I\TSWI E
QMRMQYQ SJ WYVJEGI XS PIWWIR [EVQMRK SJ XLI GSRGVIXI MR
[EVQ[IEXLIV ERH VIHYGI XLI EVIEEJJIGXIH F]VEMR MR[IX
[IEXLIV%WIXFEGOKVIEXIVXLERJX Q YRRIGIWWEVMP]
I\TSWIWGSPHGSRGVIXIXSLIEXKEMRMR[EVQ[IEXLIVERHMR
VEMR] [IEXLIV MRGVIEWIW XLI HERKIV SJ [EXIV HEQEKI %
REVVS[IVWIXFEGO[MPPGEYWIGSRGVIXIEFSZIMXXSWEK[LIR
XLIWXITMWZMFVEXIHXSQEOIMXQSRSPMXLMG[MXLXLIGSRGVIXI
TPEGIHPEXIVEKEMRWXXLEXWXIT8LMWWXITTIHJVSRXTVSKVIWWIW
JSV[EVHJVSQSRIIRHSJXLIFPSGOXSXLISXLIVYRXMPXLIJSVQ
MWJMPPIHERHXLIPMJXTPEGIQIRXMWGSQTPIXIH *MK{'SRWSPMHEXMSRSJPS[WPYQTQEWWGSRGVIXITPEGIH
:MFVEXMSRMWXLIOI]XSXLIWYGGIWWJYPTPEGIQIRXSJQEWW F]FYGOIX
GSRGVIXI TEVXMGYPEVP][LIR XLI GSRGVIXI MW PS[ WPYQT ERH
GSRXEMRWPEVKIEKKVIKEXI 8YXLMPP -RIJJIGXMZIIUYMTQIRXMW VIPEXMZIP] LMKL GIQIRXMXMSYW QEXIVMEPW GSRXIRX ERH E
QSVIGSWXP]XSXLIFYMPHIVFIGEYWISJEWPS[IVTPEGMRKVEXI VIHYGIHEKKVIKEXIWM^IXSTVSQSXIXLIVIUYMVIHPEXIVEPJPS[SJ
ERH XLI LE^EVH SJ TSSV GSRWSPMHEXMSR :MFVEXMSR WLSYPH FI XLIQM\XYVIEJXIVXLIQM\XYVIMWMRXVSHYGIHMRXSXLITPEGIQIRX
W]WXIQEXMGERH WLSYPHXLSVSYKLP]GSZIVERHHIITP]TIRIXVEXI EVIEF]XVIQMITMTISVTYQTPMRI-X MW QSVIGSQQSRXS
IEGLPE]IV4EVXMGYPEVEXXIRXMSRWLSYPHFITEMHXSIRWYVIJYPP MRGSVTSVEXI ER ERXM[EWLSYX EHQM\XYVI ERH [EXIVVIHYGMRK
ZMFVEXMSR [LIVI XLI TIVMQIXIVW SJ X[S HMWGLEVKIW NSMR EHQM\XYVIWMRXSXLIQM\XYVIXSMRGVIEWIXLIJPS[SJXLIQM\XYVI
FIGEYWIXLISYXIVIHKISJXLIJMVWXFEXGLMWRSXZMFVEXIHYRXMP HIGVIEWIHMWEWWSGMEXMSRSJXLITEWXIERHMRGVIEWIGSRWSPMHEXMSR
XLIRI\XFEXGLMWTPEGIHEKEMRWXMX8LIX[SHMWGLEVKIWGER SJXLIQM\XYVI8]TMGEPETTPMGEXMSRWMRGPYHIFVMHKITMIVXVIQMI
XLIR FI ZMFVEXIH QSRSPMXLMGEPP] XSKIXLIV [MXLSYX GEYWMRK WIEPWVITEMVSJWXMPPMRKFEWMRWERHSXLIVMR[EXIVWXVYGXYVIWERH
IMXLIV IHKI XS JPS[ HS[R[EVH 4VSTIV ZMFVEXMSR SJ PEVKI TPEGIQIRXSJJPSEXMRWXVYGXYVIW
EKKVIKEXI QEWW GSRGVIXI MW WLS[R MR *MK  8S IRWYVI
TVSTIV GSRWSPMHEXMSR XLI ZMFVEXSVW WLSYPH TIRIXVEXI XLI
PS[IVPE]IVJSVXSMR XSQQ ERHFIQEMRXEMRIH 1EWW GSRGVIXI MW FIWX GYVIH [MXL [EXIV [LMGL TVSZMHIW
MREZIVXMGEPTSWMXMSREXIEGLTIRIXVEXMSRHYVMRKZMFVEXMSR8S EHHMXMSREPGSSPMRKFIRIJMXMR[EVQ[IEXLIV-RGSPH[IEXLIV
TVIZIRXMQTIVJIGXMSRWEPSRKPMJXPMRIWERHPE]IVPMRIWEXJSVQ PMXXPI GYVMRK MW RIIHIH FI]SRH XLI QSMWXYVI TVSZMHIH XS
JEGIWXLIWIEVIEWWLSYPHFIW]WXIQEXMGEPP]HIITP]VIZMFVEXIH TVIZIRXXLIGSRGVIXIJVSQHV]MRKHYVMRKMXWMRMXMEPTVSXIGXMSR
EWIEGLPE]IVEHZERGIWJVSQXLIWXEVXMRKJSVQEPSRKIEGLSJ JVSQJVII^MRKLS[IZIVXLIGSRGVIXIWLSYPHRSXFIWEXYVEXIH
XLIWMHIJSVQWXSXLISXLIVIRHJSVQ%R]ZMWMFPIGPYWXIVWSJ [LIR MXMWI\TSWIHXSJVII^MRK-REFSZIJVII^MRK[IEXLIV
WITEVEXIH GSEVWI EKKVIKEXI WLSYPH FI WGEXXIVIHSRXLIRI[ [LIRQSMWXYVIMWPMOIP]XSFIPSWXJVSQXLIGSRGVIXIWYVJEGIW
GSRGVIXIFIJSVIGSZIVMRK[MXLEHHMXMSREPGSRGVIXI:MFVEXMSRMW QEWWGSRGVIXIWLSYPHFI[EXIVGYVIHJSVEXPIEWXHE]WSV
YRPMOIP] XS JMPP ERH WSPMHMJ] YRWITEVEXIH EKKVIKEXI GPYWXIVW YT XS X[MGI XLMW XMQI MJ TS^^SPER MW YWIH EW SRI SJ XLI
[MXL QSVXEV (YVMRK GSRWSPMHEXMSR XLI ZMFVEXSVW WLSYPH GIQIRXMXMSYWQEXIVMEPW)\GITX[LIRMRWYPEXMSRMWVIUYMVIH
VIQEMREXIEGLTIRIXVEXMSRTSMRXYRXMPPEVKIEMVFYFFPIWLEZI MR GSPH [IEXLIV WYVJEGIW SJ LSVM^SRXEP GSRWXVYGXMSR NSMRXW
GIEWIH XS VMWI ERH IWGETI JVSQ XLI GSRGVIXI 8LI EZIVEKI WLSYPHFIOITXQSMWXYRXMPXLI[IXXMRK[MPPRSPSRKIVTVSZMHI
XMQIJSVSRIZMFVEXSVXSJYPP]GSRWSPMHEXIE]H Q SJ FIRIJMGMEPGSSPMRK'YVMRKWLSYPHFIWXSTTIHPSRKIRSYKLXS
GSRGVIXIQE]FIEWQYGLEWQMR WJSVQ  3ZIV IRWYVIXLEXXLINSMRXWYVJEGIMWJVIISJ[EXIVFYXWXMPPHEQT
ZMFVEXMSR SJ PS[WPYQT QEWW GSRGVIXI MW YRPMOIP] 8S ERH GPIER FIJSVI RI[ GSRGVIXI MW TPEGIH 8LI YWI SJ E
WMQTPMJ]GPIERYTSTIVEXMSRWXLIXSTSJXLIYTTIVQSWXPE]IV PMUYMHQIQFVERIGYVMRKGSQTSYRHMWRSXXLIFIWXQIXLSHSJ
WLSYPH FI PIZIPIH ERH QEHI VIEWSREFP] IZIR F]QIERW SJ GYVMRKQEWWGSRGVIXIFYXMWETTPMGEFPI[LIVIQSMWXGYVMRKMW
ZMFVEXMSR,SPIWJVSQTVIZMSYWZMFVEXSVMRWIVXMSRWWLSYPHFI RSXTVEGXMGEPWYGLEWMRFIPS[JVII^MRKGSRHMXMSRWSV[LIVI
GPSWIH 0EVKI EKKVIKEXI WLSYPH FI EPQSWX GSQTPIXIP] XLIETTPMGEXMSRSJ[EXIVQE]HEQEKITVITEVIHJSYRHEXMSRW
IQFIHHIHERHFSEVHWWLSYPHFIPEMHSRXLIWYVJEGIMRWYJJMGMIRX SVMQTIHI[SVO-JYWIHSRGSRWXVYGXMSRNSMRXWMXWLSYPHFI
RYQFIV XS TVIZIRX HIIT JSSXTVMRXW %QTPI ERH IJJIGXMZI GSQTPIXIP] VIQSZIH F] WERHFPEWXMRK SV [EXIVFPEWXMRK XS
ZMFVEXMSRIUYMTQIRXWLSYPHFIEZEMPEFPIERHMRYWIHYVMRK TVIZIRXVIHYGXMSRSVPSWWSJFSRH
XLITPEGIQIRXSJQEWWGSRGVIXI7TIGMJMGVIGSQQIRHEXMSRW
JSVQEWWGSRGVIXIZMFVEXMSREVIGSRXEMRIHMR%'-6
1EWWGSRGVIXIJSVYRHIV[EXIVTPEGIQIRXWMWHSRI[MXLSYX *SVQWJSVQEWWGSRGVIXILEZIXLIWEQIFEWMGVIUYMVIQIRXW
ZMFVEXMSR +IRIVEPP] XLI QM\XYVI MW TVSTSVXMSRIH [MXL E JSV WXVIRKXL QSVXEVXMKLXRIWW EGGYVEG] SJ TSWMXMSR ERH
KIRIVEPP]KSSHWYVJEGIGSRHMXMSREWXLSWIHIWGVMFIHMR,YVH XLER YWMRK WGVIIH KYMHIW ERH WXVMOISJJ ;MXL RS WXVMOISJJ
 *SVQ[SVOJSVQEWWGSRGVIXIQE]HMJJIVWSQI[LEX MRZSPZIHXLIVIKYPEVQEWWGSRGVIXIJEGIQM\XYVIMWEWVIEHMP]
JVSQ SXLIV JSVQ[SVO FIGEYWI SJ XLI GSQTEVEXMZIP] PS[ YWIHEWSRI[MXLWQEPPEKKVIKEXIYRPIWWEHMJJIVIRXGSRGVIXI
LIMKLXRSVQEPP]VIUYMVIHJSVIEGLPMJX8LIVIQE]FIWSQI QM\XYVI MW VIUYMVIH SR XLI WTMPP[E] JEGI JSV HYVEFMPMX]
MRGVIEWISJJSVQTVIWWYVIWHYIXSXLIYWISJPS[XIQTIVEXYVI VIEWSRW8LIHIWMVIHWLETIMWEGLMIZIH[MXLWXVSRKWSPMHP]
GSRGVIXI ERH XLI MQTEGX SJ HYQTMRK PEVKI FYGOIXW SJ ERGLSVIHVMFWFIX[IIR[LMGLVS[WSJJSVQTERIPWEVITPEGIH
GSRGVIXI RIEV XLI JSVQW HIWTMXI XLI VIPMIZMRK IJJIGX SJ XLI VS[SRVS[YT[EVHEWXLIPMJXWTEGIMWJMPPIH8LIVS[WSJ
KIRIVEPP]PS[WPYQTSJQEWWGSRGVIXI*SVQTVIWWYVIWHITIRH JSVQTERIPWEVIVIQSZIHWXEVXMRKVS[SRVS[EXXLIFSXXSQ
SRXLIQIXLSHWYWIHERHXLIGEVII\IVGMWIHMRTPEGMRKGSRGVIXI [LIRXLIGSRGVIXI[MPPRSPSRKIVFYPKISYXSJWLETIFYXMW
EHNEGIRXXSXLIJSVQ*SVXLMWVIEWSRMXMWVIGSQQIRHIHXLEX WXMPP VIWTSRWMZI XS JMRMWLMRK STIVEXMSRW 8YXLMPP  
 SJIUYMZEPIRXL]HVSWXEXMGTVIWWYVITPYW JSVMQTEGX 'SRWMHIVEFPIXMQIERHPEFSVEVIWEZIHF]XLMWQIXLSHERHMX
FIYWIHJSVHIWMKRSJQEWWGSRGVIXIJSVQW IREFPIWXLIGSRGVIXIXSFI[IPPGSRWSPMHEXIHF]ZMFVEXMSRERH
*SVQ XMIWGSRRIGXIHXSWXERHEVHERGLSVWMRXLITVIZMSYW ZIV]EGGYVEXIP]WLETIHERHJMRMWLIH
PMJXERHFVEGIWLEZIPSRKFIIRYWIH1ER]PEVKINSFWEVIRS[
IUYMTTIH[MXLJSVQWWYTTSVXIHF]GERXMPIZIVIHWXVSRKFEGOW
ERGLSVIH JMVQP] MRXS XLI PMJX FIPS[ %HHMXMSREP WYTTSVX SJ *VSQXLIWXERHTSMRXSJGSRWXVYGXMSRXLILMKLIVXLIPMJXXLI
GERXMPIZIVIHJSVQWQE]FITVSZMHIHF]JSVQXMIWTEVXMGYPEVP] JI[IVXLIGSRWXVYGXMSRNSMRXW[MXLJX Q PMJXWXLIVI
[LIR XLI GSRGVIXI MW PS[ MR IEVP] WXVIRKXL 'ERXMPIZIVIH EVISRP]X[SXLMVHWEWQER]NSMRXWEW[LIRJX Q PMJXW
JSVQW EVI VEMWIH F] L]HVEYPMG EMV SV IPIGXVMG NEGOMRK EVI YWIH ;MXL VIKEVH XS TEWX I\TIVMIRGI SJ LEVHIRIH
W]WXIQW 'EVI WLSYPH FI XEOIR XS EZSMH WTEPPMRK GSRGVIXI GSRGVIXIXIQTIVEXYVIMRGSPH[IEXLIVXLIWLEPPS[IVXLIPMJX
EVSYRHXLIERGLSVFSPXWMRXLIPS[IEVP]WXVIRKXLGSRGVIXISJ XLILMKLIVXLITIVGIRXEKISJXLIXSXEPLIEXSJL]HVEXMSRXLEX
XLIPMJXFIMRKWXVMTTIHSJJSVQWFIGEYWIXLIWIFSPXW[MPPFI [MPPIWGETIFIJSVIXLIRI\XPMJXMWTPEGIH-RLSX[IEXLIV[MXL
YWIHXSTVSZMHILSVM^SRXEPVIWXVEMRXMRXLIRI\XJSVQWIXYT PIER QM\XYVIW ERH TVIGSSPMRK XLI STTSWMXI QE] FI XVYI
,MKLPMJX QEWW GSRGVIXI JSVQ[SVO MW GSQTEVEFPI XS XLEX ;LIRPMJXXLMGORIWWMWMRGVIEWIHEFSZIJX Q LIEXPSWWIW
YWIH JSVWXERHEVH WXVYGXYVEP GSRGVIXI [SVO I\GITX XLEX XMIW JVSQXLIYTTIVWYVJEGIFIGSQIEHIGVIEWMRKTIVGIRXEKISJXLI
QE]FIXSJX XSQ PSRKEGVSWWXLIPMJXVEXLIVXLER XSXEPLIEXKIRIVEXIH[MXLMRXLIJYPPHITXLSJXLIPMJX,IRGI
XSMR XSQ 8SJEGMPMXEXITPEGIQIRXF]FYGOIX [MXLZIV]HIITPMJXWXLIMRXIVREPXIQTIVEXYVIVIEGLIHF]XLI
[MHIP] WTEGIH PEVKIHMEQIXIV LMKLXIRWMPIWXVIRKXL XMIW GSRGVIXIMWRSXWMKRMJMGERXP]MRJPYIRGIHF]XLIPIRKXLSJXLI
WLSYPHFIYWIHXSTIVQMXTEWWEKISJXLIGSRGVIXIFYGOIXW XMQI MRXIVZEP FIX[IIR PMJXW -R WYGL I\XVIQI GEWIW GSRXMR
&IZIPIHKVEHIWXVMTWERHMR QQ SVPEVKIVXVMERKYPEV YSYWTPEGMRKMRLMKLPMJXWQE]FITVIJIVEFPIIWTIGMEPP]EWE
XSIJMPPIXWGERFIYWIHXSQEWOSJJWIXWXLEXWSQIXMQIWSGGYV QIERWSJQMRMQM^MRKNSMRXGPIERYTTVIZIRXMRKGVEGOMRKSV
EX LSVM^SRXEP NSMRX PMRIW 8LMW [MPPKIRIVEPP] MQTVSZI XLI TIVQMXXMRKXLIYWISJWPMTJSVQWWYGLEWJSVQEWWMZITMIVW-R
ETTIEVERGISJJSVQIHWYVJEGIW;LIRYWIHEXXLIXSTERH PEVKIFPSGOWWYGLEWMRHEQ GSRWXVYGXMSRXLIPSWWSJ LIEX
FSXXSQ SJ XLI JSVQW XLMW GER GVIEXI ER IJJIGXMZI ERH JVSQEPMJXWYVJEGIMRGSPH[IEXLIVHSIWRSXNYWXMJ]I\XIRHIH
EIWXLIXMGEPP] TPIEWMRK KVSSZI %  MR  QQ  SV PEVKIV I\TSWYVI % PSRK I\TSWYVI SJ PMJX WYVJEGIW XS GLERKIW MR
GLEQJIVWLSYPHEPWSFIYWIHMRXLIGSVRIVWSJXLIJSVQWEXXLI EQFMIRXXIQTIVEXYVIQE]MRMXMEXIGVEGOMRK8LMWGERHIJIEX
YTWXVIEQERHHS[RWXVIEQIRHWSJGSRWXVYGXMSRNSMRXWJSVXLI ER SXLIV[MWI WYGGIWWJYP GVEGOTVIZIRXMSR TVSKVEQ ;LIVI
WEOI SJ ETTIEVERGI ERH XS TVIZIRX GLMTTMRK SJ XLI IHKIW XLIVQEPGSRXVSPGVEGOTVIZIRXMSRTVSGIHYVIWEVIFIMRKYWIH
SXLIV[MWIWLEVTGSVRIVWSJXLIFPSGOEVISJXIRHEQEKIH XLIFIWXGSRWXVYGXMSRWGLIHYPIGSRWMWXWSJVIKYPEVTPEGIQIRX
ERH GERRSX FI IJJIGXMZIP] VITEMVIH 7YGL GLEQJIVW EPWS SR IEGL FPSGO EX XLI WLSVXIWX XMQI MRXIVZEP [MXL XLI PIEWX
TVIZIRX TMRGLMRK ERH WTEPPMRK SJ NSMRX IHKIW GEYWIH F] TVEGXMGEPLIMKLXHMJJIVIRXMEPFIX[IIREHNEGIRXFPSGOW
LMKLWYVJEGIXIQTIVEXYVIW 'SRXVSPSJXIQTIVEXYVIVMWIMWEHIWMKRJYRGXMSRXLIVIJSVIPMJX
7PSTMRKJSVQW[LIRYWIHSJXIRI\XIRHSZIVXLIGSRWXVYGXMSR LIMKLXW ERHTPEGMRKJVIUYIRG]WLSYPH FI WLS[RSR HVE[MRKW
NSMRXXSXLII\XIRXXLEXMXMWHMJJMGYPXXSTSWMXMSRFYGOIXWGPSWI ERHMRWTIGMJMGEXMSRW-RJPYIRGMRKJEGXSVWEVIWM^IERHX]TISJ
IRSYKL XS TPEGI ERH EHIUYEXIP] GSRWSPMHEXI XLI GSRGVIXI QEWWMZI WXVYGXYVI GSRGVIXI TVSTIVXMIW ERH GIQIRX GSRXIRX
7YGLJSVQWQE]FILMRKIHWSXLIXSTLEPJGERFILIPHMRE TVIZEMPMRK GPMQEXI HYVMRK GSRWXVYGXMSR ERH MR WIVZMGI
ZIVXMGEP TSWMXMSR YRXMP GSRGVIXI MW TPEGIH YT XS XLI LMRKIH GSRWXVYGXMSR WGLIHYPI ERH SXLIV WTIGMJMIH XIQTIVEXYVI
IPIZEXMSR 8LI XST LEPJ MW XLIR PS[IVIH MRXS TSWMXMSR ERH GSRXVSPW0MJXLIMKLXWVERKIJVSQJX Q JSVQYPXMTPI
GSRGVIXITPEGIQIRXMWGSRXMRYIH7PSTMRKJSVQWEVIWYFNIGX PMJXWNYWXEFSZIJSYRHEXMSRWXSERHJX ERHQ MR
XSPIWWSYX[EVHTVIWWYVIFYXYTPMJXWLSYPHFIGSRWMHIVIHMR QER]KVEZMX]HEQWERHXSJX Q SVQSVIMRXLMREVGL
XLIMVERGLSVEKI HEQWTMIVWERHEFYXQIRXW
% GSQQSR JSVQMRK TVSFPIQ JSV WTMPP[E] WIGXMSRW SJ ,MKLPMJXQEWWGSRGVIXIGSRWXVYGXMSR[EWEHSTXIHF]WSQI
KVEZMX] HEQW MW IRGSYRXIVIH MR XLI WPSTMRK ERH GYVZIH EYXLSVMXMIW TEVXMGYPEVP] MR 'EREHE HYVMRK XLI W ERH
TSVXMSRW SJ XLI GVIWX ERH FYGOIX 8LIWI WPSTIW VERKI JVSQ WMREREXXIQTXXSVIHYGITSXIRXMEPPIEOTEXLWERHQMRMQM^I
LSVM^SRXEPXSETTVS\MQEXIP]XSZIVXMGEPEXXLIXVERWMXMSR GVEGOMRKMRHEQWFYMPXMRGSPHERHIZIRWYF^IVS[IEXLIV
[LIVIVIKYPEVJM\IHJSVQWGERFIYWIH8LIGYVZIHSVWPSTIH 8LITVSGIHYVIMWRSPSRKIVMRGSQQSRYWEKI-RMXWI\XVIQI
WYVJEGIWEVIIJJIGXMZIP]WLETIHERHXLIGSRGVIXIMWXLSVSYKLP] JSVQXLIQIXLSHTVSZMHIWJSVGSRXMRYSYWTPEGMRKSJPMJXWYT
GSRWSPMHEXIH F] QIERW SJ XIQTSVEV] LSPHMRK JSVQW VEXLIV XS  JX  Q  LMKL YWMRK [SSH SV MRWYPEXIH JSVQW [MXL
LSYWMRKWERHWXIEQLIEX9RHIVXLIWITPEGMRKGSRHMXMSRWXLI
EHMEFEXMGXIQTIVEXYVIVMWISJXLIGSRGVIXIERHXLIQE\MQYQ
XIQTIVEXYVIHVSTXSPS[WXEFPIXIQTIVEXYVIWEVIETTVS\MQEXIP]
IUYEP *SV GSRXVSP SJ GVEGOMRK QSWX HIWMKR GVMXIVME VIWXVMGX
XLMW QE\MQYQ HVST XS  XS  *  XS  '  (IWMKR
VIUYMVIQIRXWGERFIQIXYRHIVXLIWIGSRHMXMSRWF]GSRXVSPPMRK
XLVSYKL QM\XYVI TVSTSVXMSRMRK XLI EHMEFEXMG VMWI XS XLIWI
PIZIPW /PIMRIXEP ;MXLTVIGSSPIH* ' QEWW
GSRGVIXISJPS[GIQIRXGSRXIRXMRE[EVQGPMQEXIEQFMIRX
LIEX VIQSZIW XLI EHZERXEKI SJ WLEPPS[IV PMJXW ERH MW XLI
VIEWSRJX Q SVIZIRJX Q PMJXWLEZIFIIR
TIVQMXXIH F] WTIGMJMGEXMSRW SR WIZIVEP HEQ TVSNIGXW MR
VIGIRX]IEVW

*MK{1IXEPGSZIV SZIVHVEMRIH JMRIEKKVIKEXIWXSGOTMPI


'YVVIRXP]MXMWGSQQSRTVEGXMGIXSTVIGSSPQEWWGSRGVIXI XS VIHYGILIEXEFWSVTXMSR
FIJSVI TPEGIQIRX )JJMGMIRX IUYMTQIRX MW RS[ EZEMPEFPI XS
TVSHYGIWYGLGSRGVIXIEXXIQTIVEXYVIWPIWWXLER* '
MRTVEGXMGEPP]ER]WYQQIV[IEXLIV8LIWMQTPII\TIHMIRXSJ
YWMRKJMRIP]GLMTTIHMGIMRWXIEHSJQM\MRK[EXIVERHWLEHMRK
HEQT FYX RSX [IX  EKKVIKEXI [MPP VIHYGI XLI GSRGVIXI
TPEGMRKXIQTIVEXYVIXSEZEPYIETTVSEGLMRK* ' MR
QSHIVEXIP][EVQ[IEXLIV8STIVQMXQE\MQYQYWISJMGIMR
TPEGISJQM\MRK[EXIVJMRIEKKVIKEXIWLSYPHFIHVEMRIHXSE
[EXIVGSRXIRXSJRSXQSVIXLER 7XIIPEKKVIKEXIWXSVEKI
FMRWERHEKKVIKEXITMPIWWLSYPHFIWLEHIHEWMPPYWXVEXIHMR
*MK%KKVIKEXIWGERFIGSSPIHF]IZETSVEXMSRXLVSYKL
ZEGYYQMRYRHEXMSRMRGSPH[EXIVGSPHEMVGMVGYPEXMSR %'-
6%'-6 SVPMUYMH RMXVSKIR*MKYVIWLS[WXLI
GSSPMRKSJGSEVWIEKKVIKEXI F]WTVE]MRKERHMRYRHEXMSR[MXL
GLMPPIH[EXIVMQQIHMEXIP]FIJSVITPEGMRKMRXLIFEXGLTPERX
FMRW8SSFXEMRJYPPEHZERXEKISJXLIPS[TPEGMRKXIQTIVEXYVI
XLI GSRGVIXI WLSYPH FI TVSXIGXIH JVSQ LMKLIV EQFMIRX *MK{'SSPMRKGSEVWI EKKVIKEXIF]GLMPPIH[EXIVWTVE]
XIQTIVEXYVI GSRHMXMSRW HYVMRK XLI JMVWX JI[ [IIOW EJXIV ERHMRYRHEXMSR
TPEGIQIRXXSVIHYGIXIQTIVEXYVIVMWIMRXLIGSRGVIXIERHXS
VIHYGIXLIXLIVQEPHMJJIVIRXMEP XIRHMRKXSGVEGOXLIWYVJEGI WEJIX] SJ E WXVYGXYVI *SV GVIHMFMPMX] IRSYKL MRWXVYQIRXW
PEXIV [LIR QYGL GSPHIV EQFMIRX GSRHMXMSRW QE] SGGYV WLSYPHFI MRWXEPPIHXSTVSZMHIGSRJMVQEXMSRSJEPPMQTSVXERX
(YVMRK TPEGIQIRXMR [EVQ [IEXLIV EFWSVTXMSR SJ LIEX F] HEXE-XMWSJXIRHIWMVEFPIXSYWI QSVIXLERSRIX]TISJMRWXVYQIRX
GSPH GSRGVIXI GER FI QMRMQM^IH F] TPEGMRK EX RMKLX XS JEGMPMXEXI XLIEREP]WMW -RWXVYQIRXEXMSR MWEPWS VIUYMVIH MR
QEREKMRK TPEGIQIRX WS XLEX QMRMQYQ EVIEW EVI I\TSWIH GEWIW [LIVI MX MW RIGIWWEV] XS GSVVIPEXI [MXL SV GSRJMVQ ER
ERHMJTPEGIQIRX[MPPFIMRXLIWYRF]JSKWTVE]MRKXLI[SVO YRYWYEP HIWMKRGSRGITXVIPEXIHXSIMXLIVXLIWXVYGXYVISVXLI
EVIE1YGLGERFIHSRIHYVMRKXLIGYVMRKTIVMSHXSTVIZIRX WIVZMGI GSRHMXMSR SV [LIVI XLI MRWXVYQIRXEXMSR VIWYPXW QE]
LIEXMRK ERH XS VIQSZI LIEX JVSQ XLI LEVHIRMRK GSRGVIXI PIEHXSKVIEXIVVIJMRIQIRXWJSVJYXYVIHIWMKR
MRGPYHMRK YWI SJ WXIIP JSVQW WLEHMRK ERH [EXIV GYVMRK -RWXVYQIRXEXMSRWLSYPHFITEVX SJXLIHIWMKRERHGSRWXVYGXMSR
)QFIHHIH TMTI GSSPMRK GER FI YWIH XS GSRXVSP XLI VMWI MR SJER]QEWWGSRGVIXIWXVYGXYVI[LIVIZIVEJYXYVIUYIWXMSRQE]
GSRGVIXIXIQTIVEXYVIMRVIWXVEMRIH^SRIWRIEVJSYRHEXMSRW[LIR EVMWIGSRGIVRMRKXLIWEJIX]SJXLIWXVYGXYVI%PWSTVITEVEXMSRW
QE\MQYQXIQTIVEXYVIWGERRSXFIPMQMXIHF]SXLIVPIWWI\TIR IWWIRXMEP JSV ER EGGYVEXI IZEPYEXMSR SJ XLI MRWXVYQIRXEXMSR
WMZIGSSPMRKQIEWYVIW)QFIHHIHTMTIGSSPMRKMWEPWSRSVQEPP] VIWYPXWWLSYPHFIQEHIXLVSYKLPSRKXIVQPEFSVEXSV]WEQTPI
VIUYMVIHXSIRWYVIEXPIEWXXLIQMRMQYQSTIRMRKSJGSRXVEGXMSR WXYHMIW XS HIXIVQMRI TVSKVIWWMZI EKI VIPEXMSRWLMTW JSV
NSMRXWRIIHIH[LIRKVSYXMRKNSMRXWMRHEQWMWRIGIWWEV]%KKVI TVSTIVXMIWSJXLIEGXYEPTVSNIGXGSRGVIXI VIJIVXS'LETXIV 
KEXIERHGSRGVIXITVIGSSPMRKMRWYPEXMSRTVSXIGXMSRJVSQLMKL *EGXSVW SV UYERXMXMIW XLEX EVI SJXIR QSRMXSVIH MR QEWW
EQFMIRX XIQTIVEXYVI ERH TSWXGSSPMRK GSRWMHIVEXMSRW ERH GSRGVIXIHEQWERHSXLIVQEWWMZIWXVYGXYVIWMRGPYHIWXVYGXYVEP
VIGSQQIRHEXMSRWEVITVSZMHIHMR%'-6 HMWTPEGIQIRXWHIJSVQEXMSRWWIXXPIQIRXWIITEKITMI^SQIXVMG
PIZIPWMRXLIJSYRHEXMSRERHYTPMJXTVIWWYVIW[MXLMRXLIWXVYGXYVI
%[MHIZEVMIX]SJMRWXVYQIRXWGERFIYWIHMREGSQTVILIRWMZI
8LIWTIGMJMGKSEPWSJHEXEGSPPIGXMSRXVERWQMXXEPTVSGIWWMRK QSRMXSVMRK TVSKVEQ -RWXVYQIRXWMRWXEPPIHMRQEWWGSRGVIXI
VIZMI[ERHEGXMSRTVSGIHYVIWEVIXSTVSZMHIEGGYVEXI ERH XMQIP] MR XLI 9RMXIH 7XEXIW LEZI FIIR TVMQEVMP] SJ XLI YRFSRHIH
IZEPYEXMSRSJHEXEJSVTSXIRXMEPVIQIHMEPEGXMSRVIPEXMRKXSXLI VIWMWXERGI[MVI SV 'EVPWSRX]TI QIXIV ERH ZMFVEXMRK [MVI
EPXLSYKLE[MHIZEVMIX]SJMRWXVYQIRXW MWFIMRKMRGSVTS VSXEXMSREP QSZIQIRXW SJ XLI HEQ EVI SJ MRXIVIWX 7YVJEGI
VEXIHMRGYVVIRXTVSNIGXW7SQISJXLIMRWXVYQIRXWEZEMPEFPI QSZIQIRXW EVI YWYEPP] SFWIVZIH YWMRK GSRZIRXMSREP PIZIP
JSVYWIEVIL]HVSWXEXMGTVIWWYVIQIEWYVMRKHIZMGIWTVIWWYVI ERH TSWMXMSR WYVZI]W 8LI TSWMXMSR WYVZI]W QE] FI
SVWXVIWWQIEWYVMRKHIZMGIWWIITEKIQIEWYVIQIRXHIZMGIW GSRHYGXIH YWMRK XVMERKYPEXMSR XVMPEXIVEXMSR SV GSPPMQEXMSR
MRXIVREP QSZIQIRX QIEWYVMRK HIZMGIW WYVJEGI QSZIQIRX XIGLRMUYIW-RHMZMHYEPQIEWYVIQIRXHIZMGIWMRGPYHIPIZIPW
QIEWYVMRKHIZMGIWERHZMFVEXMSRQIEWYVMRKHIZMGIW-RWXVY XLISHSPMXIW GEPMFVEXIH WYVZI] XETIW IPIGXVSRMG HMWXERGI
QIRXEXMSRW]WXIQWWLSYPHMRGPYHITVSZMWMSRWJSVEYXSQEXIH QIEWYVMRK )(1 HIZMGIWERHEWWSGMEXIHVSHWSVXEVKIXW
GSPPIGXMSR SJ MRWXVYQIRXEXMSR HEXE VIQSXI EGGIWW XS HEXE :MFVEXMSR QIEWYVMRK HIZMGIW{:EVMSYW GSQQIVGMEPP]
ERH [LIVI ETTPMGEFPI VIEPXMQI QSRMXSVMRK SJ WXVYGXYVEP EZEMPEFPI MRWXVYQIRXW MRGPYHI XLI WXVSRK QSXMSR EGGIP
TIVJSVQERGI 7IZIVEP QERYEPW SR MRWXVYQIRXEXMSR SJ IVSKVETLERHXLITIEOVIGSVHMRKEGGIPIVSKVETL
GSRGVIXI HEQW EVI EZEMPEFPI 97%')   977( 9RFSRHIHVIWMWXERGI[MVISV'EVPWSRX]TIQIXIVWMRGPYHI
97&YVIEYSJ6IGPEQEXMSR  WXVEMR QIXIVW WXVIWW QIXIVW NSMRX QIXIVW HIJSVQEXMSR
,]HVSWXEXMG TVIWWYVI QIEWYVMRK HIZMGIW{8LIWI EVI QIXIVW TSVI TVIWWYVI GIPPW ERH VIMRJSVGIQIRX QIXIVW -R
KIRIVEPP] TMI^SQIXIVW STIVEXMRK IMXLIV EW GPSWIH SV STIR IEGLSJXLIWIHIZMGIWX[SWIXWSJYRFSRHIHWXIIP[MVIWEVI
W]WXIQWSVGPSWIHW]WXIQ&SYVHSRX]TITVIWWYVIQSRMXSVMRK EVVERKIHWSXLEX[LIRWYFNIGXIHXSXLIEGXMSRXSFIQIEWYVIH
W]WXIQW 'PSWIHW]WXIQ TMI^SQIXIVW GSRWMWX SJ ZMFVEXMRK SRIWIXMRGVIEWIWMRXIRWMSR[LMPIXLISXLIVHIGVIEWIW%XIWX
[MVI YRMXW SV 'EVPWSRX]TI HIZMGIW [LIVIEW STIRW]WXIQ WIX FEWIH SR XLI ;LIEXWXSRI &VMHKI QIEWYVIW VIWMWXERGI
HIZMGIW YWIH EVI GSQQSRP] GEPPIH SFWIVZEXMSR [IPPW % ERH VIWMWXERGI VEXMSW JVSQ [LMGL XLI XIQTIVEXYVI ERH XLI
ZEVMEXMSRSJXLIGPSWIHW]WXIQYRMXMWXLI[IPPSVTMTIW]WXIQ WXVEMR ERH WXVIWW GER FI HIXIVQMRIH 8LIWI MRWXVYQIRXW
[LMGLMWGETTIHWSXLEXE&SYVHSRX]TIKEYKIQE]FIYWIH IQFIHHIHMRJVIWLGSRGVIXIEVIVIPEXMZIP]HYVEFPIMRWIVZMGI
JSV HMVIGXP] VIEHMRK [EXIV TVIWWYVI 7SQI WMQMPEV W]WXIQW TVSZMHIEWXEFPI^IVSVIEHMRKQEMRXEMRXLIMVGEPMFVEXMSRERH
YWI TVIWWYVI XVERWHYGIVW VEXLIV XLER &SYVHSR KEYKIW XS EVIGSRWXVYGXIHWSEWXSFIHITIRHEFPIJSVEPSRKXMQI
QIEWYVI XLI TVIWWYVI 3XLIV X]TIW SJ TMI^SQIXIVW EVI 8STVSTIVP]QSRMXSVXLITIVJSVQERGISJEQEWWGSRGVIXI
EZEMPEFPIFYXLEZIRSXFIIRYWIHMRGSRGVIXIHEQW8LIWI WXVYGXYVIMXMWSJXIRRIGIWWEV]XSGSPPIGXMRWXVYQIRXEXMSRHEXE
SXLIVX]TIWMRGPYHIL]HVSWXEXMGTVIWWYVIMRHMGEXSVWL]HVEYPMG SZIVI\XIRHIHTIVMSHW8LIQSRMXSVMRKIUYMTQIRXWLSYPHFI
X[MRXYFITMI^SQIXIVWTRIYQEXMGTMI^SQIXIVWTSVSYWXYFI EWWMQTPIVYKKIHERHHYVEFPIEWTSWWMFPIERHFIQEMRXEMRIH
TMI^SQIXIVWERHWPSXXIHTMTITMI^SQIXIVW MRWEXMWJEGXSV]STIVEXMRKGSRHMXMSR8LIMRWXVYQIRXWWLSYPH
4VIWWYVI SV WXVIWW QIEWYVMRK HIZMGIW{*SYV X]TIW LEZI FIVYKKIHIRSYKLXSFIIQFIHHIHMRJVIWLGSRGVIXI;LIR
FIIR YWIH +PSIX^P GIPP 'EVPWSR PSEH GIPP ZMFVEXMRK[MVI QIEWYVMRK WXVEMR XLI MRWXVYQIRXW WLSYPH FI EX PIEWX XLVII
KEYKIW ERH JPEX NEGOW 8LI +PSIX^P GIPP STIVEXIW L]HVEYPM XMQIWXLIPIRKXLSJXLIPEVKIWXTEVXMGPIMRXLIJVIWLGSRGVIXI
GEPP]XSFEPERGI RYPP E KMZIR TVIWWYVI [LMPI XLI 'EVPWSR &IGEYWI XLI] GSRXEMR IPIGXVMGEPWIRWMRK IPIQIRXW XLI]
PSEH GIPP YWIW GLERKMRK IPIGXVMGEP VIWMWXERGI HYI XS [MVI WLSYPH RSX SRP] FI [EXIVTVSSJ FYX EPP QEXIVMEP WLSYPH FI
PIRKXLGLERKIWGEYWIHF]ETTPMIHTVIWWYVI8LIZMFVEXMRK[MVI VIWMWXERXXSXLIEPOEPMIWMRGSRGVIXI8LIRIGIWWMX]SJQEMRXEMRMRK
KEYKIEZEVMEXMSRSJXLI'EVPWSRGIPPQIEWYVIWXLIGLERKIMR TVSTIVSTIVEXMSREPGLEVEGXIVMWXMGWGVIEXIWQER]TVSFPIQW)ZIR
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'VIIT MR 1EWW 'SRGVIXIx 7]QTSWMYQ SR 1EWW 'SRGVIXI )\TIVMQIRX7XEXMSR:MGOWFYVK1MWWTT
74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL 97%') F ,ERHFSSO JSV 'SRGVIXI ERH 'IQIRX
TT [[[GGFSVK
4SPMZOE61ERH;MPWSR)0w*MRMXI)PIQIRX 97%')w-RWXVYQIRXEXMSRJSV'SRGVIXI7XVYGXYVIWx
%REP]WMW SJ 2SRPMRIEV ,IEX 8VERWJIV 4VSFPIQWx 7)71 )1 7ITX
6ITSVX 2S9RMZIVWMX]SJ'EPMJSVRME&IVOIPI]TT 97%')w+VEZMX](EQ(IWMKRx)1 
4SVXPERH 'IQIRX %WWSGMEXMSR  w'SRGVIXI JSV 7ITX
1EWWMZI7XVYGXYVIWx4YFPMGEXMSR 2S-78TT 97%')Ew2SRPMRIEV-RGVIQIRXEP7XVYGXYVEP%REP]WMW
4VMGI ; , ERH ,MKKMRWSR ) '  w&YVIEY SJ SJ1EWWMZI'SRGVIXI7XVYGXYVIWx)80 %YK
6IGPEQEXMSR 4VEGXMGIW MR 1EWW 'SRGVIXIx 7]QTSWMYQ SR 97%')Fw7XERHEVH4VEGXMGIJSV'SRGVIXIJSV'MZMP
1EWW 'SRGVIXI 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQ ;SVOW7XVYGXYVIWx)1 *IF
MRKXSR,MPPW1MGLTT 97%')  w-RWXVYQIRXEXMSR SJ )QFEROQIRX (EQW
6ETLEIP.1w8IRWMPI7XVIRKXLSJ'SRGVIXIx%'- ERH0IZIIWx)1
.3962%0 4VSGIIHMRKW :2S1EV%TVTT 97%')  w)RKMRIIVMRK ERH (IWMKR{8LIVQEP
7XYHMIW SJ 1EWW 'SRGVIXI 7XVYGXYVIWx )80 
6LSHIW.%w8LIVQEP4VSTIVXMIWx7MKRMJMGERGISJ
1E]
8IWXW ERH 4VSTIVXMIW SJ 'SRGVIXI ERH 'SRGVIXI 1EOMRK
97&YVIEYSJ6IGPEQEXMSR 97&6 w'SSPMRKSJ
1EXIVMEPW 784& %781 -RXIVREXMSREP ;IWX 'SRWLS
'SRGVIXI(EQW*MREP6ITSVXW&SYPHIV'ER]SR4VSNIGX4EVX
LSGOIR4ETT
:--{'IQIRXERH'SRGVIXI-RZIWXMKEXMSRWx&YPPIXMR 2S
7EYGMIV / 0  w(]REQMG 4VSTIVXMIW SJ 1EWW (IRZIV'SPSTT
'SRGVIXIx 1MWGIPPERISYW 4ETIV 2S ' 97 %VQ] 97&6  w4VSTIVXMIW SJ 1EWW 'SRGVIXI MR 9RMXIH
)RKMRIIV;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK1MWW 7XEXIW ERH *SVIMKR (EQWx 6ITSVX 2S ' 'SRGVIXI
.YRITT 0EFSVEXSV](IRZIV'SPS.YP]TT
7MPZIMVE.'EVZEPLS64EXIVRS2ERH/YTIVQER7 97&6w(IWMKRSJ+VEZMX](EQWx(IRZIV'SPS
w+VSYXMRKSJ'SRXVEGXMSR.SMRXWMR'SRGVIXI7XVYGXYVIW TT
EX %UYE :IVQIPLE (EQ{-RWXVYQIRXEXMSR ERH &ILEZMSVx 97&6w'SRXVSPSJ'VEGOMRKMR1EWW'SRGVIXI7XVYG
8VERWEGXMSRW XL -RXIVREXMSREP 'SRKVIWW SR 0EVKI (EQW XYVIWx )RKMRIIVMRK1SRSKVETL2S(IRZIV'SPSTT
6MSHI.ERIMVS -RXIVREXMSREP'SQQMWWMSRSR0EVKI 97&6  'SRGVIXI (EQ -RWXVYQIRXEXMSR 1ERYEP
(EQW4EVMW (IRZIV'SPS3GXTT
7XIMRSYV , ,  w'SRGVIXI 1M\ ;EXIV{,S[ 97&6w(MVIGX7LIEVSJ']PMRHVMGEP'SRGVIXI7TIGM
-QTYVI'ER-X&I#x.SYVREP4'%6IWIEVGLERH(IZIPST QIRWx 97&6 4VSGIHYVI2S97&6'SRGVIXI1ERYEP
QIRX0EFSVEXSVMIW:2S7ITXTT 4EVXXL)HMXMSR97(ITEVXQIRXSJXLI-RXIVMSV&YVIEYSJ
8IRRIWWII:EPPI]%YXLSVMX]w8LI2SVVMW4VSNIGXx 6IGPEQEXMSR1EXIVMEPW)RKMRIIVMRK&VERGL(IRZIV'SPS
8IGLRMGEP6ITSVX2S/RS\ZMPPI8IRR 97&6'SRGVIXI1ERYEP(IRZIV'SPS1E]TT
;EPPEGI+&ERH3VI)0w7XVYGXYVEPERH0IER ;EVRIV.4VEGXMGEP,ERHFSSOSJ+VSYXMRK7SMP
1EWW'SRGVIXIEW%JJIGXIHF];EXIV6IHYGMRK7IX6IXEVHMRK 6SGO ERH 7XVYGXYVIW .SLR ;MPI] ERH 7SRW -RG 2I[
%KIRXWx 7]QTSWMYQSR)JJIGXSJ;EXIV6IHYGMRK%HQM\XYVIW =SVOTT
ERH7IX6IXEVHMRK%HQM\XYVIWSR4VSTIVXMIWSJ'SRGVIXI784 ;MPWSR)0w8LI(IXIVQMREXMSRSJ8IQTIVEXYVIW
%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4ETT [MXLMR1EWW'SRGVIXI7XVYGXYVIWx7)716ITSVX2S
977(w+IRIVEP+YMHIPMRIWJSV%YXSQEXIH4IVJSV 7XVYGXYVIW ERH 1EXIVMEPW 6IWIEVGL (ITEVXQIRX SJ 'MZMP
QERGI 1SRMXSVMRK SJ (EQWx 9RMXIH 7XEXIW 7SGMIX] SR )RKMRIIVMRK 9RMZIVWMX] SJ 'EPMJSVRME &IVOIPI] 'EPMJ
(EQW(IRZIV'SPS (IGTT

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