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%'-6

6IETTVSZIH

'SSPMRKERH-RWYPEXMRK7]WXIQW
JSV1EWW'SRGVIXI

6ITSVXIHF]%'-'SQQMXXII
*MVWXTVMRXMRK
3GXSFIV

'SSPMRKERH-RWYPEXMRK7]WXIQW
JSV1EWW'SRGVIXI

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QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-

8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGE
WMSREPP]JMRHMRJSVQEXMSRSVVIUYMVIQIRXWXLEXQE]FIWYFNIGXXSQSVIXLERSRIMRXIVTVIXEXMSRSVQE]FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
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WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR

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RSRMRJVMRKIQIRX

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JVSQXLIYWISJXLMWTYFPMGEXMSR

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LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPE
XMSRWMRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,%
LIEPXLERHWEJIX]WXERHEVHW

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97%
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%'-6
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GLERKI MR QEWW GSRGVIXI SJXIR VIUYMVIW GSSPMRK ERH MRWYPEXMRK W]WXIQW {&EXGL[EXIV
8LMWVITSVXVIZMI[WTVIGSSPMRKTSWXGSSPMRKERHMRWYPEXMRKW]WXIQW%WMQ
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TS^^SPER VIWXVEMRX WTIGMJMG LIEX WXVEMR WXVIWW XIQTIVEXYVI VMWI XIRWMPI
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%'-'SQQMXXII6ITSVXW+YMHIW1ERYEPWERH'SQQIRXEVMIW {+ISKVETLMGEPVIUYMVIQIRXW
EVIMRXIRHIH JSVKYMHERGI MR TPERRMRK HIWMKRMRKI\IGYXMRK
ERHMRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLI
YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI 'LETXIV{6IJIVIRGIWT
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRW {6IJIVIRGIHWXERHEVHWERHVITSVXW
ERH[LS[MPPEGGITXVIWTSRWMFMPMX] JSVXLI ETTPMGEXMSRSJXLI {'MXIHVIJIVIRGIW
QEXIVMEPMXGSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQW
ER]ERHEPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXI
WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
%'- 6 WYTIVWIHIW 6 6IETTVSZIH   ERH FIGEQI IJJIGXMZI
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHIMR GSRXVEGX %YKYWX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
XLI%VGLMXIGX)RKMRIIV SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW


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',%48)6{-2863(9'8-32 'SSPMRK[EWEPWSWXEVXIHMRXLMWPEXXIV^SRIGSMRGMHIRXP][MXL
{7GSTIERHSFNIGXMZI XLITPEGMRKSJGSRGVIXIMRIEGLRI[PMJX
8LIRIIHXSGSRXVSPZSPYQIGLERKIMRHYGIHTVMQEVMP]F] -RXLIWXLI'SVTWSJ)RKMRIIVWFIKERXLITVEGXMGISJ
XIQTIVEXYVIGLERKIMRQEWWGSRGVIXISJXIRVIUYMVIWGSSPMRK WXEVXMRKWXSTTMRKERHVIWXEVXMRKXLIGSSPMRKTVSGIWWFEWIH
ERHMRWYPEXMRKW]WXIQW8LMWVITSVXHMWGYWWIWXLVIIGSRWXVYGXMSR SR XIQTIVEXYVIW QIEWYVIH [MXL IQFIHHIH VIWMWXERGI
TVSGIHYVIWYWIHXSGSRXVSPXIQTIVEXYVIGLERKIWMRGSRGVIXI XLIVQSQIXIVW %X ([SVWLEO (EQ ERH EX XLI -GI ,EVFSV
WXVYGXYVIWTVIGSSPMRKSJQEXIVMEPWTSWXGSSPMRKSJMRTPEGI %HHMXMSREP 4S[IV ,SYWI 9RMXW XLI GSSPMRK [EXIV [EW
GSRGVIXIF]IQFIHHIHTMTIWERHWYVJEGIMRWYPEXMSR3XLIV WXSTTIH[LIRXLIXIQTIVEXYVISJXLIGSRGVIXIRIEVXLITMTIW
HIWMKR ERH GSRWXVYGXMSR TVEGXMGIW WYGL EW WIPIGXMSR SJ FIKERXSHVSTVETMHP]EJXIVVIEGLMRKETIEO;MXLMRXSHE]W
GIQIRXMRK QEXIVMEPW EKKVIKEXIW GLIQMGEP EHQM\XYVIW PEXIV[LIRXLIXIQTIVEXYVI[SYPHVMWIEKEMRXSXLITVIZMSYW
GIQIRXGSRXIRXSVWXVIRKXLVIUYMVIQIRXWEVIRSX[MXLMRXLI TIEOXIQTIVEXYVIGSSPMRK[SYPHFIWXEVXIHEKEMRXSTVSHYGI
WGSTISJXLMWVITSVX GSRXVSPPIHWEJIGSSPMRK
8LI SFNIGXMZI SJ XLMW VITSVX MW XS SJJIV KYMHERGI SR XLI +IRIVEPP]EVGLHEQW[IVI GSRWXVYGXIH[MXLTSWXGSSPMRK
WIPIGXMSR ERH ETTPMGEXMSR SJ XLIWI TVSGIHYVIW JSV VIHYGMRK W]WXIQWXSI\TIHMXIXLIZSPYQIGLERKISJXLIQEWWGSRGVIXI
XLIVQEPGVEGOMRKMREPPX]TIWSJGSRGVIXIWXVYGXYVIW JSVNSMRXKVSYXMRK8LIJMVWXVSPPIVGSQTEGXIHGSRGVIXI 6''
EVGLHEQ[EW/RIPPTSSVX(EQMR7SYXL%JVMGEGSQTPIXIHMR
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1ENSVHIZIPSTQIRXWMRGSSPMRKERHMRWYPEXMRKW]WXIQWJSV HEQWHIWMKRIRKMRIIVWTEMHGPSWIEXXIRXMSRXSXLILIEXSJ
GSRGVIXI FIKER [MXL TSWXGSSPMRK W]WXIQW JSV HEQW 0EXIV L]HVEXMSRMWWYIWHYIXSXLIMVIJJIGXSRXLIJMREPWXVIWWWXEXISJ
KEMRW[IVIQEHIMRHIZIPSTMRKTVIGSSPMRKQIXLSHW8LIYWI XLIHEQ-R'LMREWIZIVEPEVGLHEQWLEZIFIIRGSQTPIXIH
MRGPYHMRK7LETEM(EQRIEV'LIRKHY'LMRE[LMGL[EWXLI
SJ REXYVEP GSSPMRK QIXLSHW LEW MRGVIEWIH [MXL XLI YWI SJ
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FIXXIVEREP]XMGEPQIXLSHWXSGSQTYXIXLIVQEPTIVJSVQERGI
GSSPMRKTMTIW[IVIIQFIHHIHFIX[IIRWSQISJXLI6''PMJXW
7MQMPEVP] MRWYPEXMRK W]WXIQW I\TERHIH FI]SRH NYWX GSPH
XS GMVGYPEXI GSSP PMUYMH XS GSRXVSP XLI QE\MQYQ MRXIVREP
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XIQTIVEXYVI SJ XLI 6'' 8IWXMRK WLS[IH XLEX LMKLHIRWMX]
HYVMRKSXLIV[IEXLIVGSRHMXMSRW
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8LI JMVWX QENSV YWI SJ TSWXGSSPMRK SJ MRTPEGI QEWW GSRXVSPW ERH STIVEXMSR TVSGIHYVIW JSV XLI 6'' EVGL HEQW
GSRGVIXI[EWMRXLIGSRWXVYGXMSRSJXLI&YVIEYSJ6IGPEQE [IVIXLIWEQIEWYWIHMRGSRZIRXMSREPGSRGVIXIHEQWMRXLI
XMSRvW,SSZIV(EQMRXLIIEVP]W8LITVMQEV]SFNIGXMZI TEWX&]PEXI6''EVGLHEQWLEHFIIRGSQTPIXIHSV
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PMXLW[MXLMRXLIHEQWSXLEXXLIGSRXVEGXMSRNSMRXWGSYPHFI 8LI JMVWXVITSVXIH YWI SJTVIGSSPMRKGSRGVIXIQEXIVMEPWXS
JMPPIH [MXL KVSYX XS IRWYVI QSRSPMXLMG EGXMSR SJ XLI HEQ VIHYGIXLIQE\MQYQXIQTIVEXYVISJQEWWGSRGVIXI[EWF]XLI
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WXEVXIH WIZIVEP [IIOW SV QSVI EJXIV XLI GSRGVIXI LEH FIIR HYGIHMRXSXLIQM\XYVIEWGVYWLIHMGI4PEGIQIRXXIQTIVEXYVI
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W]WXIQ SJ TSWXGSSPMRK LEW FIIR YWIH MR XLI GSRWXVYGXMSR SJ 8LIGSRGVIXI[EWGSSPIHEWEVIWYPXSJXLIXLIVQEPIRIVK] LIEX
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GSYPHFIMRHYGIHF]XLIVIWXVEMRMRKIJJIGXSJXLIJSYRHEXMSR XSTVIGSSPGSRGVIXIMRVIGIRX]IEVW4VEGXMGEPERHIGSRSQMGEP
ERHXSEGGIPIVEXIXLIVQEPGSRXVEGXMSRSJXLIGSPYQRWWSXLEX GSRWMHIVEXMSRWWLSYPHFIIZEPYEXIHFYXMXGERFIIJJIGXMZI
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GSEGL(EQWMX[EWRSXYRYWYEPXSJMRHJVSWXMRXLIWXSGOTMPIW e 7LEHMRKEKKVIKEXIWMRWXSVEKI
HYVMRK TVSHYGXMSR SJ 6'' MR XLI WYQQIV EX EQFMIRX e 7LEHMRKEKKVIKEXIGSRZI]SVW
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e -QQIVWMSRMRGSSP[EXIVSVWEXYVEXMSRSJGSEVWIEKKVIKEXIW
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e 2MXVSKIR MRNIGXMSR MRXS XLI QM\XYVI ERH EX XVERWJIV
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(EQ &SQFMGL2SVQER MRWYPEXMSR
ERH.SRIW 1G%PTMRI0SGO6ITPEGIQIRXERH:MGXSVME e %ZSMHMRK XLIVQEP WLSGO HYVMRK JSVQ ERH MRWYPEXMSR
6'' HEQ MR RSVXLIVR 1MGLMKER GSRWXVYGXIH MR  VIQSZEP
-RWYPEXMSRSJI\TSWIHWYVJEGIWJSVXLITYVTSWISJEZSMHMRK e 4VSXIGXMRK I\TSWIH IHKIW ERH GSVRIVW JVSQ I\GIWWMZI
GVEGO HIZIPSTQIRX WYTTPIQIRXW SXLIV GSRXVSP QIEWYVIW LIEXPSWW
HYVMRKGSRWXVYGXMSRWYGLEWTVIGSSPMRKQEXIVMEPWERHTSWX e 'SSPMRK EKKVIKEXIW [MXL REXYVEP SV QERYJEGXYVIH
GSSPMRKSJMRTPEGI GSRGVIXI% YWIJYPTVEGXMGI MW XSETTP] GLMPPIHEMVERH
WYVJEGIMRWYPEXMSRMRPE]IVWWYGLEW[MXLQYPXMTPIFPEROIXWWS e &IXXIVQSRMXSVMRKSJEQFMIRXERHQEXIVMEPXIQTIVEXYVIW
XLEX XLI MRWYPEXMSR GER FI VIQSZIH KVEHYEPP] MR [EVQIV
[IEXLIV 6IQSZMRK EPP XLI MRWYPEXMSR EX SRGI GER GEYWI {-RWXVYQIRXEXMSR
GVEGOMRK MJ XLI EMV XIQTIVEXYVI MW QYGL PS[IV XLER XLI 8LI QSRMXSVMRK SJXIQTIVEXYVIW MRGSRGVIXI GSQTSRIRXW
GSRGVIXIXIQTIVEXYVIYRHIVXLIMRWYPEXMSR ERHMRJVIWLGSRGVIXIGERFIEHIUYEXIP]EGGSQTPMWLIH[MXLSVHM
-R EHHMXMSR XS VIHYGMRK XLIVQEP WXVIWWIW SXLIV FIRIJMXW REV]TSVXEFPIXLIVQSQIXIVWGETEFPISJ* ' VIWSPYXMSR
VIWYPX JVSQ QM\MRK ERHTPEGMRK GSRGVIXI EX PS[IV XIQTIVE 6IGIRX TVEGXMGI LEW YWIH XLIVQSGSYTPIW TPEGIH EX ZEVMSYW
XYVIW WYGL EW IRLERGIH PSRKXIVQ HYVEFMPMX] ERH WXVIRKXL PSGEXMSRW [MXLMR PEVKI EKKVIKEXI WXSGOTMPIW XS QSRMXSV
MQTVSZIH GSRWMWXIRG] ERH PSRKIV TPEGIQIRX XMQI 8LI XIQTIVEXYVIWMRXLITMPIWIWTIGMEPP][LIRXLIEKKVIKEXIMW
MQTVSZIH [SVOEFMPMX] GER EX XMQIW FI YWIH XS VIHYGI XLI TVSGIWWIHERHWXSGOTMPIH[IPPMREHZERGISJ[LIRMXMWYWIH
[EXIVVIUYMVIQIRX'SSPIVGSRGVIXIMWEPWSQSVIVIWTSRWMZIXS 4SWXGSSPMRKW]WXIQWVIUYMVIIQFIHHIHXIQTIVEXYVIWIRWMRK
ZMFVEXMSRHYVMRKGSRWSPMHEXMSR HIZMGIW XLIVQSGSYTPIW SV VIWMWXERGI XLIVQSQIXIVW  XS
TVSZMHI WTIGMEP MRJSVQEXMSR JSV XLI GSRXVSP SJ GSRGVIXI
{8]TIWSJWXVYGXYVIWERHXIQTIVEXYVIGSRXVSPW GSSPMRK VEXIW 7MQMPEV MRWXVYQIRXW [MPP TVSZMHI XLI HEXE XS
'SSPMRKERHMRWYPEXMRKW]WXIQWLEZIIZSPZIHXSQIIX IZEPYEXI XLI HIKVII SJ TVSXIGXMSR EJJSVHIH F] MRWYPEXMSR
IRKMRIIVMRK ERH GSRWXVYGXMSR VIUYMVIQIRXW JSV QEWWMZI 3XLIVMRWXVYQIRXWYWIHXSQIEWYVIMRXIVREPZSPYQIGLERKI
GSRGVIXI WXVYGXYVIW WYGL EW GSRGVIXI KVEZMX] HEQW EVGL WXVIWW WXVEMR ERH NSMRX QSZIQIRX LEZI FIIR HIWGVMFIH
HEQWREZMKEXMSRPSGOWRYGPIEVVIEGXSVWTS[IVLSYWIWPEVKI 'EVPWSR97%') 
JSSXMRKW QEX JSYRHEXMSRW ERH FVMHKITMIVW 8LI] EVI EPWS
ETTPMGEFPIXSWQEPPIVWXVYGXYVIW[LIVILMKLPIZIPWSJMRXIVREPP] ',%48)6{46)'330-2+7=78)17
HIZIPSTIH XLIVQEP WXVIWWIW ERH TSXIRXMEP GVEGOW VIWYPXMRK {+IRIVEP
JVSQZSPYQIGLERKIWGERRSXFIXSPIVEXIHSV[SYPHFILMKLP] 1MRMQM^MRKXLIXIQTIVEXYVISJXLIJVIWLGSRGVIXIEXTPEGIQIRX
SFNIGXMSREFPI 8YXLMPPERH%HEQW7GLVEHIV  MW SRI SJXLIQSWX MQTSVXERX ERH IJJIGXMZI[E]W XSQMRMQM^I
XLIVQEP WXVIWWIW ERH GVEGOMRK +IRIVEPP] XLI PS[IV XLI
{'SRWXVYGXMSRTVEGXMGIWJSVXIQTIVEXYVIGSRXVSP XIQTIVEXYVISJXLIGSRGVIXI[LIRMXTEWWIWJVSQETPEWXMGSV
4VEGXMGIW XLEX LEZI IZSPZIH XS GSRXVSP XIQTIVEXYVIW ERH EWTPEGIH GSRHMXMSR XS ER IPEWXMG WXEXI YTSR LEVHIRMRK XLI
GSRWIUYIRXP]QMRMQM^IXLIVQEPWXVIWWERHGVEGOMRKEVIPMWXIH PS[IVXLIXIRHIRG]XS[EVHGVEGOMRK-RQEWWMZIWXVYGXYVIW
FIPS[ 7SQI SJ XLIWI VIUYMVI QMRMQEPIJJSVX[LMPI SXLIVW IEGL* ' VIHYGXMSRSJXLITPEGMRKXIQTIVEXYVIFIPS[
VIUYMVIWYFWXERXMEPMRMXMEPI\TIRWI EZIVEKIEMVXIQTIVEXYVI[MPPPS[IVXLITIEOXIQTIVEXYVI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 '330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6

8EFPI E {;EXIVIUYMZEPIRXSJ]H 8M ! TPEGMRKXIQTIVEXYVISJGSRGVIXI


QEWWGSRGVIXI 8J ! JMREPWXEFPIXIQTIVEXYVISJGSRGVIXI
7TIGMJMGLIEX &EXGLLIEX
' ! WXVEMRGETEGMX] MRQMPPMSRXLW 
&EXGL GETEGMX] GSRXIRX ;EXIV IX ! GSIJJMGMIRX SJ XLIVQEP I\TERWMSR TIV HIKVII SJ
-RKVIHMIRX [IMKLXPF &XYPF * &XY* IUYMZEPIRXPF XIQTIVEXYVI MRQMPPMSRXLW 
'SEVWIEKKVIKEXI     6 ! HIKVIISJVIWXVEMRX MRTIVGIRX  VIJIVXS%'-6 
 QSMWXYVI     ERH
*MRIEKKVIKEXI     X ! MRMXMEPXIQTIVEXYVIVMWISJGSRGVIXI
 QSMWXYVI     8LISFNIGXSJXLITVIGSSPMRKTVSKVEQMWXSOIITXIQTIVEXYVI
'IQIRX     8M PS[ 8LI HIWMKRIV WLSYPH ORS[ XLI X]TI ERH I\XIRX SJ
   
GVEGOMRKXLEXGERFIXSPIVEXIHMRXLIWXVYGXYVI4VSTIVHIWMKR
*P]EWL
GER EGGSQQSHEXI ERXMGMTEXIH GVEGOMRK ;LIR GMVGYQWXERGIW
&EXGLIH[EXIV    
JEZSV XLI TSXIRXMEP JSV GVEGOMRK TVSZMWMSRW WLSYPH FI
8SXEPW  {  
MQTPIQIRXIHXSHIEP[MXLGVEGOMRK-RWSQIGEWIWMXQE]FI
QSVIETTVSTVMEXIXSEPPS[XLIVQEPGVEGOMRKXSHIZIPSTERH
8EFPI F {;EXIVIUYMZEPIRXSJQ  XLIRKVSYXSVWIEPXLIGVEGOW8LMWQMKLXSGGYVJSVI\EQTPI
QEWWGSRGVIXI [LIREPEVKIQEWWSJGSRGVIXIMWTPEGIHEXXLIFEWISJEHIIT
&EXGLLIEX ;EXIV I\GEZEXMSRXSEGXEWEHIEHPSEHXSSJJWIXYTPMJXTVIWWYVIW8LI
&EXGL 7TIGMJMGLIEX GSRXIRX IUYMZEPIRX QEWW QE] EPWS FIGSQI E FEWI JSV JSSXMRKW ERH WXVYGXYVEP
-RKVIHMIRX [IMKLXOK GETEGMX]O.OK/ O./ OK
GSRGVIXI XLEX MW WYJJMGMIRXP] VIMRJSVGIH XS VIWMWX TSXIRXMEP
'SEVWIEKKVIKEXI    
TVSFPIQWHYIXSXLIWIGVEGOW
 QSMWXYVI    
*MRIEKKVIKEXI     {,IEXI\GLERKI
 QSMWXYVI      ,IEX GETEGMXMIW{8LI LIEX GETEGMX] SJ GSRGVIXI MW
'IQIRX     HIJMRIHEWXLIUYERXMX]SJLIEXVIUYMVIHXSVEMWIEYRMXQEWW
*P]EWL     SJGSRGVIXISRIHIKVIIMRXIQTIVEXYVI-RXLSWIW]WXIQWSJ
&EXGLIH[EXIV     YRMXW[LIVIXLILIEXGETEGMX]SJ[EXIVMWIWXEFPMWLIHEWYRMX]
8SXEPW  {   LIEXGETEGMX]ERHWTIGMJMGLIEXEVIRYQIVMGEPP]XLIWEQI8LI
WTIGMJMG LIEX SJ GSRGVIXI MW ETTVS\MQEXIP]  &XYPF *
O.OK/ ZEPYIWJSVGSQTSRIRXWSJXLIQM\XYVIVERKI
SJXLILEVHIRIHGSRGVIXIF]ETTVS\MQEXIP]XS* XS JVSQEPS[SJETTVS\MQEXIP]  JSVWSQIGIQIRXW
'  %'-6  ERHEKKVIKEXIWXS  JSV[EXIV8LIXIQTIVEXYVISJ
% WMQTPI I\EQTPI HIQSRWXVEXIW LS[ TVIGSSPMRK GER XLIQM\IHGSRGVIXIMWMRJPYIRGIHF]IEGLGSQTSRIRXSJXLI
QMRMQM^IXLIVQEPWXVIWWIWERHGVEGOMRK9RHIVQSWXGSRHMXMSRW QM\XYVIERHXLIHIKVIISJMRJPYIRGIHITIRHWSRXLIMRHM
SJVIWXVEMRXMRQEWWGSRGVIXIWXVYGXYVIWPS[PIZIPWSJWXVIWW ZMHYEPGSQTSRIRXvWXIQTIVEXYVIWTIGMJMGLIEXERHTVSTSV
SVWXVEMR [MPPFIHIZIPSTIHHYVMRKERHJSVEWLSVXXMQIEJXIV XMSR SJ XLI QM\XYVI &IGEYWI EKKVIKEXIW GSQTVMWI XLI
XLIWIXXMRKSJXLIGSRGVIXI8LIGSQTVIWWMZIWXVIWWIWGEYWIH KVIEXIWXTEVXSJEGSRGVIXIQM\XYVIEGLERKIMRXLIXIQTIVE
F]XLIVQEPI\TERWMSRHYIXSXLIMRMXMEPLMKLXIQTIVEXYVIVMWI XYVISJXLIEKKVIKEXIW[MPPEJJIGXXLIKVIEXIWXGLERKI I\GITX
EVIVIHYGIHXSRIEV^IVSEWEVIWYPXSJEPS[QSHYPYWSJIPEWXMGMX] [LIVI MGI MW YWIH  MR XLI XIQTIVEXYVI SJ XLI GSRGVIXI
ERH LMKL GVIIT VEXIW SJ XLI IEVP]EKI GSRGVIXI %WWYQMRK &IGEYWI XLI EQSYRX SJ GIQIRX MR E X]TMGEPP] PIER QEWW
WYFWXERXMEP VIPE\EXMSR GSRXMRYIW JSV WSQI XMQI EJXIV JMREP GSRGVIXIQM\XYVIMW VIPEXMZIP]WQEPPGSSPMRKMXQE]RSX FI
WIXXMRKHYVMRKXLIXIQTIVEXYVIVMWIERMHIEPM^IHGSRHMXMSRSJ WMKRMJMGERXMREXIQTIVEXYVIGSRXVSPTVSKVEQ
^IVSGSQTVIWWMZIWXVIWWQE]VIWYPX[LIRTIEOXIQTIVEXYVIMW *SVGSRZIRMIRGIXLIGSRGVIXIFEXGLERHXLIGSQTSRIRXW
JMREPP] VIEGLIH 3J GSYVWI YRHIV VIEPMWXMG GSRHMXMSRW XLI SJXLIGSRGVIXIFEXGLGERFIGSRWMHIVIHMRXIVQWSJE[EXIV
EGXYEP WXVIWWIH WXEXI SJ XLI WXVYGXYVI EX TIEO XIQTIVEXYVI IUYMZEPIRXSVXLI[IMKLXSJ[EXIVLEZMRKERIUYMZEPIRXLIEX
WLSYPHFIXEOIRMRXSEGGSYRXLS[IZIVEWWYQMRKEWXEXISJ GETEGMX]%RI\EQTPISJ]HSJQEWWGSRGVIXIERHMXW[EXIV
^IVSGSQTVIWWMZIWXVIWWEXTIEOXIQTIVEXYVI[MPPMQQIHMEXIP] IUYMZEPIRXMWWLS[RMR8EFPI E %RI\EQTPISJEQ
WYFNIGX XLI GSRGVIXI XS XIRWMSR [LIR GSSPMRK FIKMRW % QEWW GSRGVIXI QM\XYVI ERH MXW [EXIV IUYMZEPIRX WLS[R MR
GSRGVIXI TPEGMRK XIQTIVEXYVI QE] FI WIPIGXIH XS PMQMX 8EFPI F 
VIWYPXMRKXIRWMPIWXVEMRJVSQI\GIIHMRKXLIWXVEMRGETEGMX]SJ
-RSXLIV[SVHW]HSJXLMWGSRGVIXI[SYPHVIUYMVIXLI
XLIGSRGVIXIHYVMRKWYFWIUYIRXGSSPMRKJVSQTIEOXIQTIVEXYVI
WEQI EQSYRX SJ GSSPMRKXSVIHYGI SV LIEXMRK XS VEMWI MXW
XSXLIJMREPWXEFPIXIQTIVEXYVI8LITVSGIHYVIMWHIWGVMFIHF]
XIQTIVEXYVI * EW [SYPH FI VIUYMVIHF]  PF SJ[EXIV
XLIJSPPS[MRKVIPEXMSRWLMT
7MQMPEVP]  Q SJ XLMW GSRGVIXI [SYPH VIUYMVI XLI WEQI
EQSYRXSJGSSPMRK SVLIEXMRK XSGLERKIMXWXIQTIVEXYVI'EW
 ' [SYPHFIVIUYMVIHF]OKSJ[EXIV
8 M ! 8J   z X 
IX 6  'SQTYXMRKXLIGSSPMRKVIUYMVIQIRX{%WWYQIXLEXE
* '  TPEGMRK XIQTIVEXYVI [MPP WEXMWJ] XLI HIWMKR
[LIVI GVMXIVMEXLEXLEZIFIIRIWXEFPMWLIH*VSQXLIXIQTIVEXYVIWSJ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6 

XLIGSRGVIXIMRKVIHMIRXWEWXLI][SYPHFIVIGIMZIHYRHIVXLI 8EFPI E {6IJVMKIVEXMSRVIUYMVIQIRX


QSWXWIZIVIGSRHMXMSRWEGSQTYXEXMSRGERFIQEHISJXLI TIVGYFMG]EVH
VIJVMKIVEXMSRGETEGMX]XLEX[SYPHFIVIUYMVIHXSVIHYGIXLI -RMXMEP (IKVIIWXS ;EXIV &XYWXSKIX
XIQTIVEXYVISJXLIQM\XYVIXS* ' 9WMRKXLIWEQI XIQTIVEXYVI * IUYMZEPIRX XS*
-RKVIHMIRX * * PF &XY
QEWW GSRGVIXI QM\XYVI XLI VIJVMKIVEXMSR VIUYMVIQIRX TIV 1SMWXGSEVWIEKKVIKEXI    
GYFMG]EVHGERFIGSQTYXIHEWWLS[RMR8EFPI E ERH F  1SMWXJMRIEKKVIKEXI    
8LI VIJVMKIVEXMSR VIUYMVIH JSV E  Q QM\XYVI MW WLS[R MR 'IQIRX    
8EFPI F  *P]EWL    
-JXLIGSRGVIXIMWQM\IHYRHIVMRMXMEPXIQTIVEXYVIGSRHMXMSRWMR &EXGLIH[EXIV    
XLII\EQTPIXLIQM\IHXIQTIVEXYVISJXLIGSRGVIXI[MPPFI ,IEXSJQM\MRKIWXMQEXIH 
8SXEPW  
MRGLTSYRHYRMXW
8EFPI F {6IJVMKIVEXMSRVIUYMVIQIRX
&XY TIVGYFMGQIXIV
 *   !**!*
&XY k *
-RMXMEP (IKVIIW ;EXIV O.XSKIX
XIQTIVEXYVI XS' IUYMZEPIRX XS'
-RKVIHMIRX ' ' OK O.
7-YRMXW
1SMWXGSEVWIEKKVIKEXI    
1SMWXJMRIEKKVIKEXI    
O.
 '   !''!' 'IQIRX    
O./ *P]EWL    
&EXGLIH[EXIV    
8SPS[IVXLIXIQTIVEXYVISJXLIGSRGVIXIXS* '  ,IEXSJQM\MRKIWXMQEXIH 
MX[SYPHFIRIGIWWEV]XSVIQSZI&XY O. JVSQ 8SXEPW  
XLI W]WXIQ 8LI XIQTIVEXYVI SJ QM\IH GSRGVIXI GER FI 
4VSHYGXSJHIKVIIWXS' [EXIVIUYMZEPIRX 
PS[IVIHF]VITPEGMRKEPPSVETSVXMSRSJXLIFEXGL[EXIV
[MXLMGISVF]TVIGSSPMRKXLIGSQTSRIRXWSJXLIGSRGVIXI QM\XYVI GER MRGPYHI WTVMROPMRK WXSGOTMPIW [MXL [EXIV XS
3JXIR SRI GSSPMRK QIXLSH HSIW RSX TVSZMHI IRSYKL TVSZMHI JSVIZETSVEXMZI GSSPMRKWTVE]MRK GLMPPIH[EXIV SR
GSSPMRK GETEGMX] XS QIIX VIUYMVIH XIQTIVEXYVIW )\EQ EKKVIKEXIWSRWPS[QSZMRKXVERWJIVFIPXWMQQIVWMRKGSEVWI
TPIWSJPMQMXEXMSRWXLEXPIEHXSQYPXMTPIGSSPMRKQIXLSHW EKKVIKEXIW MR XEROW SJ GLMPPIH [EXIV FPS[MRK GLMPPIH EMV
MRGPYHITVEGXMGEPPMQMXEXMSRWXSXLIEQSYRXSJ[EXIVGERFI XLVSYKL XLI FEXGLMRK FMRW SV WXSVEKI WMPSW ERH JSVGMRK
VIEWSREFP]VITPEGIH[MXLMGIERHEKKVIKEXI WXSGOTMPIW XLEX IZETSVEXMZIGLMPPMRKSJGSEVWIEKKVIKEXIF]ZEGYYQ;LMPI
LEZI I\GIWWMZIJVII[EXIVXLEXIRXIVWXLIQM\XYVIEXXLI XLIQSWXGSQQSRERHIJJMGMIRXYWISJRMXVSKIRMWXSGSSPXLI
EKKVIKEXIXIQTIVEXYVI GSRGVIXIMRXLIQM\IVWYGGIWWJYPGSSPMRKSJXLIQM\XYVIGER
 1IXLSHW SJ TVIGSSPMRK GSRGVIXI GSQTSRIRXW{8LI VIWYPX JVSQ GSSPMRK EKKVIKEXIW [MXL RMXVSKIR ERH GSSPMRK EX
GSRWXVYGXMSR SJ QEWW GSRGVIXI WXVYGXYVIW TVMQEVMP] HEQW GSRGVIXI XVERWJIV TSMRXW -RXVSHYGXMSR SJ PMUYMH RMXVSKIR MRXS
LEW PIH XS MQTVSZIH TVSGIHYVIW JSV VIHYGMRK XLI MRMXMEP GIQIRXERHJP]EWLHYVMRKXVERWJIVSJXLIQEXIVMEPWJVSQXLI
XIQTIVEXYVISJXLIGSRGVIXI XEROIVWXSXLIWXSVEKIWMPSWLEWEPWSFIIRIJJIGXMZI *SVFIWIXEP
'SRGVIXI GSQTSRIRXW GER FI TVIGSSPIHMRWIZIVEP [E]W  FYXXLISZIVEPPFIRIJMX[MPPFIQMRMQEPMJXLIEQSYRXWSJ
8LIFEXGL[EXIVGERFIGLMPPIHMGIEHHIHMGIGERFIWYFWXMXYXIH GIQIRXERHEWLYWIHMRXLIQM\XYVIEVIWQEPP'SQFMREXMSRWSJ
JSVTEVXSJXLIFEXGL[EXIVSVEGSQFMREXMSRSJFSXL7YJJMGMIRX WIZIVEPSJXLIWITVEGXMGIWEVIJVIUYIRXP]RIGIWWEV]
[EXIVRIIHWXSFIEHHIHEW[EXIVVEXLIVXLERMGIEPPS[MRK
TVSTIV MRXVSHYGXMSR SJ EHQM\XYVIW ERH VIEWSREFPI QM\MRK {&EXGL[EXIV
IJJMGMIRG]ERHXMQIW%PWSMXMWMQTSVXERXXSVIEPM^IXLEXMGI 8LI QSMWXYVI GSRHMXMSR SJ XLI EKKVIKEXIW WLSYPH FI
EHHIH XS FEXGL [EXIV XLIVIF] GLMPPMRK XLI FEXGL [EXIV GSRWMHIVIH RSX SRP] JSV FEXGLMRK XLI HIWMKRIH GSRGVIXI
GERRSXEPWSFIGSRWMHIVIHMRXLIGEPGYPEXMSRSJVITPEGIQIRX QM\XYVIFYXEPWSMRXLILIEXFEPERGIGEPGYPEXMSRWJSVGSRXVSP
MGIMRXLIQM\XYVI8LIIRIVK]WTIRXQIPXMRKHSIWRSXGSSP SJ XLI TPEGMRK XIQTIVEXYVI 8LI PMQMXIH EQSYRX SJ [EXIV
XLI[EXIVERHXLIQM\XYVI-JXLIMGIMWJYPP]QIPXIHMXWIJJIGX RSVQEPP]VIUYMVIHJSVEQEWWGSRGVIXIQM\XYVIHSIWRSXSJXIR
SR GSSPMRK LEW JYPP] FIIR VIEPM^IH MR EGLMIZMRK XLI FEXGL TVSZMHI XLI GETEGMX] F] MXWIPJ XS EHIUYEXIP] PS[IV XLI
[EXIV XIQTIVEXYVI %KKVIKEXI WXSGOTMPIW GER FI WLEHIH XIQTIVEXYVISJXLIGSRGVIXIIZIRMJMGIMWYWIHJSVRIEVP]EPP
%KKVIKEXIW GER FI TVSGIWWIH ERH WXSGOTMPIH HYVMRK GSPH SJXLIFEXGL[EXIV
[IEXLIV -J XLI TMPIW EVI PEVKI SRP] XLI SYXWMHI I\TSWIH  'LMPPIHFEXGL[EXIV{3RIPFSJ[EXIVEFWSVFW&XY
TSVXMSR [MPP LIEX YT E WMKRMJMGERX EQSYRX [LIR [EVQ [LIRMXWXIQTIVEXYVIMWVEMWIH*7MQMPEVP]OKSJ[EXIV
[IEXLIV SGGYVW TVIWIVZMRK XLI GSPHIV MRXIVMSV JSV MRMXMEP EFWSVFWO.[LIRMXWXIQTIVEXYVIMWVEMWIH'%YRMX
TPEGIQIRXW*MRIEKKVIKEXIWGERFITVSGIWWIH[MXLGLMPPIH GLERKIMRXLIXIQTIVEXYVISJXLIFEXGL[EXIVLEWETTVS\MQEXIP]
[EXIV YWMRK E GPEWWMJMIV WERH WGVI[ SV HI[EXIVMRK TPEXI JMZIXMQIWXLIIJJIGXSRXLIXIQTIVEXYVISJXLIGSRGVIXIEWE
ZMFVEXSV1IXLSHWJSVGSSPMRKGSEVWIEKKVIKEXIW[LMGLSJXIR YRMXGLERKIMRXLIXIQTIVEXYVISJXLIGIQIRXSVEKKVIKEXIW
TVSZMHI XLI KVIEXIWX TSXIRXMEP JSV VIQSZMRK LIEX JVSQ XLI 8LMWMWHYIXSXLILMKLIVWTIGMJMGLIEXSJ[EXIV[MXLVIWTIGX
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 '330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6

XSXLISXLIVQEXIVMEPW)UYMTQIRXJSVGLMPPMRK[EXIVMWPIWW IJJIGXSJXLIQIPXMRKSJXLIMGI[SYPHPS[IVXLIXIQTIVEXYVI
GSQTPMGEXIHXLERMGIQEOMRKIUYMTQIRXERHMXEZSMHWTVSFPIQW SJXLIGSRGVIXIF]* '
XLEXGERFIIRGSYRXIVIH[MXLLERHPMRKERHJIIHMRKMGIXSXLI
QM\IV-XWGSRWMHIVEXMSRMWEP[E]WMRHMGEXIH[LIXLIVWSPIP] MRGLTSYRHYRMXW
JSVGLMPPMRKFEXGL[EXIVSVMRGSQFMREXMSR[MXLSXLIVEWTIGXW
SJ E GSQTVILIRWMZI XIQTIVEXYVI GSRXVSP TVSKVEQ XLEX MW  PF  &XY k PF
MRYRHEXMSRGSSPMRKSJGSEVWIEKKVIKEXIWGSPHGPEWWMJ]MRKSJJMRI  !*
 [EXIVIUYMZEPIRX PF  &XYPF *
EKKVIKEXI SV TSWXGSSPMRK SJ LEVHIRIH GSRGVIXI [MXL
IQFIHHIHGSSPMRKGSMPW
7-YRMXW
-XMWTVEGXMGEPXSTVSHYGIFEXGL[EXIVGSRWMWXIRXP]EX*
'  SV WPMKLXP] PS[IV 9WMRK XLI QEWW GSRGVIXI QM\XYVI
 OK  O. k OK
HMWGYWWIH TVIZMSYWP] GLMPPMRK XLI  PF  OK  SJ FEXGL  !'
 [EXIVIUYMZEPIRX OK   O. k OK /
[EXIVJVSQXS* XS' [MPPVIHYGIXLIGSRGVIXI
XIQTIVEXYVIF]ETTVS\MQEXIP]* ' 
8LMWGERFIVIEHMP]GSQTYXIHF]QYPXMTP]MRKXLIQEWWSJ {%KKVIKEXIGSSPMRK
FEXGL[EXIVMRTSYRHWF]XLIRYQFIVSJHIKVIIWXLI[EXIV %PXLSYKL QSWX VSGO QMRIVEPW LEZI E GSQTEVEXMZIP] PS[
XIQTIVEXYVIMWVIHYGIHERHHMZMHMRKXLI[LSPIF]XLI[EXIV YRMXLIEXGETEGMX]EKKVIKEXIWGSQTVMWIXLIKVIEXIWXTVSTSVXMSR
IUYMZEPIRXSJXLIGSRGVIXI*SVXLIMPPYWXVEXMSRQM\XYVIXLMW SJ GSRGVIXI QM\XYVIW 8LIVIJSVI XLI XIQTIVEXYVIW SJ XLI
[SYPHFI EKKVIKEXIWLEZIXLIKVIEXIWXMRJPYIRGISRXLIXIQTIVEXYVISJ
XLIGSRGVIXI9RHIVXLIQSWXWIZIVIXIQTIVEXYVIGSRHMXMSRW
SJGSRWXVYGXMSRXLISFNIGXMZIWSJEGSQTVILIRWMZIXIQTIVEXYVI
MRGLTSYRHYRMXW
GSRXVSPTVSKVEQGERRSXFIEGLMIZIH[MXLSYXWSQIGSSPMRKSJ
XLIGSRGVIXIEKKVIKEXIW
 PF  z *
 !*  7GLIHYPIGSRWMHIVEXMSRW{-JRSXIQTIVEXYVIGSRXVSP
XIVIUYMZEPIRX PF
QIEWYVIW EVI MQTPIQIRXIH XLI EZIVEKI GSRGVIXI TPEGMRK
XIQTIVEXYVI [MPP PEK FILMRH XLI EZIVEKI HEMP] EQFMIRX
7-YRMXW XIQTIVEXYVI 'SRGVIXI TPEGIH HYVMRK XLI WTVMRK ERH IEVP]
WYQQIV[MPPFIGSSPIVXLERXLIEZIVEKIHEMP]XIQTIVEXYVI
 OK  z ' 'SRGVIXI TPEGIH HYVMRK XLI JEPP ERH IEVP] [MRXIV [MPP FI
 !'
[EXIVIUYMZEPIRX OK [EVQIV XLER XLI EZIVEKI HEMP] XIQTIVEXYVI 7GLIHYPMRK
TPEGIQIRXWHYVMRKXLIRMKLXXMQIMRXLIWYQQIVERHHYVMRK
 9WMRK MGI EW FEXGL [EXIV{3RIPF SJ MGI EFWSVFW XLIHE]XMQIMRXLI[MRXIVGERXEOIEHZERXEKISJGSSPIVERH
 &XY [LIR MX GLERKIW JVSQ MGI XS [EXIV EX XLI WEQI [EVQIV XIQTIVEXYVIW ERH WYTTPIQIRX SXLIV QIXLSHW SJ
XIQTIVEXYVI ETTVS\MQEXIP] * 7MQMPEVP]  OK SJ MGI VIHYGMRKGSRGVIXIXIQTIVEXYVI
EFWSVFWO.[LIRMXGLERKIWJVSQMGIXS[EXIV'SRWI 'SPH[IEXLIVEKKVIKEXITVSGIWWMRK{+IRIVEPP]
UYIRXP]XLIYWISJMGIMWSRISJXLIFEWMGERHQSWXIJJMGMIRX SRPEVKIGSRZIRXMSREPQEWWGSRGVIXITVSNIGXWEKKVIKEXI
QIXLSHWXSPS[IVGSRGVIXITPEGMRKXIQTIVEXYVIW TVSGIWWMRKSGGYVWGSRGYVVIRXP][MXLGSRGVIXITVSHYGXMSR
8LIIEVPMIWXQIXLSHMRZSPZIHXLIYWISJFPSGOMGIXLEX[EW ERH TPEGIQIRX4VSNIGXW GSRWXVYGXIH SJ6''LEZI PEVKI
GVYWLIHSVGLMTTIHMQQIHMEXIP]FIJSVIMX[EWFEXGLIH0EXIV TVSTSVXMSRW SJ XLI GSRGVIXI EKKVIKEXI VIUYMVIH XS FI
QIXLSHW YWIH IMXLIV MGI JPEOMRK IUYMTQIRX [LIVI MGI MW TVSGIWWIH ERH WXSGOTMPIH FIJSVI XLI GSQQIRGIQIRX SJ
JSVQIH SR ERH WGVETIH JVSQ E VIJVMKIVEXIH HVYQ XLEX TPEGIQIRX STIVEXMSRW 8LI 6'' TPEGIQIRX EPQSWX
VIZSPZIWXLVSYKLEWSYVGISJ[EXIVSVIUYMTQIRX[LIVIMGI EP[E]WSGGYVWEXEQYGLJEWXIVVEXIXLERHSIWEKKVIKEXI
MWJSVQIHERHI\XVYHIHJVSQVIJVMKIVEXIHXYFIWERHMWGPMTTIH TVSHYGXMSR7MKRMJMGERXEKKVIKEXIXIQTIVEXYVIVIHYGXMSRW
MRXS WQEPP FMWGYMXWLETIH TMIGIW EW MX MW I\XVYHIH 7QEPPIV GER FI VIEPM^IH F] TVSGIWWMRK XLI EKKVIKEXI HYVMRK XLI
TVSNIGXW XLEX LEZI RSX NYWXMJMIH XLI GSWX SJ MRWXEPPMRK MGI GSPH [MRXIV WIEWSR EX PSGEXMSRW [LIVI E QEVOIH [MRXIV
QEOMRK IUYMTQIRX LEZI YWIH GSQQIVGMEPP] TYVGLEWIH MGI WIEWSRSGGYVW8LIYWISJPEVKIWXSGOTMPIWERHWIPIGXMZI
XLEX[EWXLIRWLEZIHSVGVYWLIH7LEZIHMGILEWXLIFIRIJMX [MXLHVE[EPSJEKKVIKEXIWJVSQXLIWXSGOTMPIWGERVIHYGI
SJQIPXMRKJEWXIVXLERGVYWLIHMGI XLIMRTPEGIXIQTIVEXYVIWSJXLIGSRGVIXIWMKRMJMGERXP] %HHM
-XMWMQTSVXERXXLEXEPPSJXLIMGIQIPXWFIJSVIXLIGSRGPYWMSRSJ XMSREPXLIVQEP GSRWMHIVEXMSRW JSV 6'' EVI HMWGYWWIHF]
QM\MRK ERH XLEX WYJJMGMIRX QM\MRK XMQI MW EPPS[IH XS 8EXVSERH7GLVEHIV  
EHIUYEXIP]FPIRHXLIPEWXSJXLIQIPXIHMGIMRXSXLIQM\XYVI 8LMW IJJIGX LS[IZIV QE] FI VIHYGIH [LIR EKKVIKEXI
;LIVIEKKVIKEXIWEVITVSGIWWIHHV]XLMWQE]VIUYMVIEHHMRK TVSHYGXMSR WTERW E RYQFIV SJ WIEWSRW %KKVIKEXI YWEKI
RSQSVIXLERXLVIIJSYVXLWSJXLIFEXGL[EXIVEWMGI;LIVI WLSYPHFIQSRMXSVIHFIGEYWIMXMWTSWWMFPIXSIPIZEXITPEGI
EKKVIKEXIWEVITVSGIWWIH[IXXLIVI[MPPRSVQEPP]FIWYJJMGMIRX QIRXXIQTIVEXYVIWEFSZIEZIVEKIEQFMIRXXIQTIVEXYVIWF]
QSMWXYVISRXLIEKKVIKEXIWXSTIVQMXEPQSWXEPPSJXLIFEXGL YWMRK EKKVIKEXIW TVSHYGIH HYVMRK XLI LSX [IEXLIV -J XLI
[EXIVXSFIEHHIHEWMGI[MXLNYWXIRSYKL[EXIVXSIJJIGXMZIP] EZIVEKI [MRXIV XIQTIVEXYVI MW LMKLIV XLER RSVQEP SV MJ
MRXVSHYGI ER] EHQM\XYVIW -J XLI IRXMVI  PF  OK  SJ IEVP]WIEWSRTVSHYGXMSRMWHIPE]IHXLIIJJIGXSJTVIGSSPMRK
FEXGL [EXIV MR XLI MPPYWXVEXMSR QM\XYVI MW EHHIH EW MGI XLI MWHIGVIEWIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6 

 4VSGIWWMRK JMRI EKKVIKEXI MR GLMPPIH [EXIV{-J XLI GSEVWI EKKVIKEXI MRXS XLI XERO GMVGYPEXMRK XLI GLMPPIH
WIUYIRGMRKERHRIIHIHTVSHYGXMSRVEXIWTIVQMXERHMJWXSGO [EXIVXLVSYKLXLIEKKVIKEXIHVEMRMRK[EXIVJVSQXLIXERO
TMPMRK MW RSX RIGIWWEV] YWMRK GLMPPIH [EXIV MR XLI JMREP ERH HMWGLEVKMRK XLI EKKVIKEXI JVSQ XLI FSXXSQ KEXI 8LI
[EWLMRK SV GPEWWMJMGEXMSR SJ XLI JMRI EKKVIKEXI GER FI ER EKKVIKEXIMWHMWGLEVKIHSRXSEGSRZI]SVFIPXERHJIHSZIVE
IJJIGXMZIGSSPMRKQIXLSH8LIIJJPYIRX[EXIVJVSQXLIGPEWWMJMIV ZMFVEXMRK WGVIIR XS VIQSZI I\GIWWMZI QSMWXYVI ;MXL XLMW
MWHMVIGXIHXSEWIXXPMRKXEROXSHVSTSYXI\GIWWJMRIWERHXLI QIXLSHYWMRK* ' [EXIVIZIRXLIPEVKIVMR QQ
[EXIVMWVIXYVRIHXSXLIGSSPIVERHXLIRFEGOXSXLIGPEWWMJMIV XST WM^I GSFFPIW JSV QEWW GSRGVIXI GER FI GSSPIH XS
*MRIEKKVIKEXIMWVIEHMP]GSSPIHF]XLMWQIXLSHMXKEMRWLIEX ETTVS\MQEXIP] * '  [MXL E GMVGYPEXMRK XMQI SJ 
UYMXI WPS[P] JSPPS[MRK [IX GPEWWMJMGEXMSR FIGEYWI SJ XLI QMRYXIW8LIGSQTPIXIG]GPILS[IZIVMRGPYHMRKJMPPMRKERH
QSMWXYVIMXGEVVMIWERHXLITSWWMFMPMX]JSVIZETSVEXMSR&]XLMW HMWGLEVKMRK [SYPH FI ETTVS\MQEXIP]  LSYVW 7ITEVEXI
QIXLSH JMRI EKKVIKEXI GER FI GSRWMWXIRXP] TVSHYGIH EX XEROWYTXSXSRW 1K GETEGMX]LEZIFIIRYWIHJSV
XIQTIVEXYVIWFIX[IIRERH* ERH'  IEGLWM^ISJGSEVWIEKKVIKEXI
-J XLI IRXMVI  PF]H  OKQ  SJ JMRI EKKVIKEXI -J XLI IRXMVI  PF  OK  SJ GSEVWI EKKVIKEXI
MRGPYHMRKQSMWXYVI SJXLIMPPYWXVEXMSRQM\XYVIWMWVIHYGIHXS MRGPYHMRKQSMWXYVI SJXLIMPPYWXVEXMSRQM\XYVIMWVIHYGIHXS
* '  JVSQ MXW * '  XIQTIVEXYVI XLI VIWYPX * ' JVSQMXW* ' XIQTIVEXYVIMX[SYPHVIWYPX
[SYPH FI E PS[IVMRK SJ XLI GSRGVIXI XIQTIVEXYVI F] MR E PS[IVMRK SJ XLI GSRGVIXI XIQTIVEXYVI F] ETTVS\M
ETTVS\MQEXIP]* ' GSQTYXIHEWJSPPS[W QEXIP]* '

MRGLTSYRHYRMXW MRGLTSYRHYRMXW

 QSMWX*%[EXIVIUYMZEPIRX PF   z * QSMWX'%[EXIVIUYMZEPIRX PF   z *


 !*  !*
 GSRGVIXI[EXIVIUYMZEPIRX PF  GSRGVIXI[EXIVIUYMZEPIRX PF

7-YRMXW 7-YRMXW

 QSMWX*%[EXIVIUYMZEPIRX OK   z '  QSMWX'%[EXIVIUYMZEPIRX OK   z '


 !'  !'
 GSRGVIXI[EXIVIUYMZEPIRX OK  GSRGVIXI[EXIVIUYMZEPIRX OK

7TVMROPMRKSJGSEVWIEKKVIKEXIWXSGOTMPIW{1MWXMRKSV  'LMPPIH[EXIVWTVE]{'SSPMRKXLIGSEVWIEKKVIKEXI


WTVMROPMRK[EXIVSRXSGSEVWIEKKVIKEXIWXSGOTMPIWMWERMRI\ [LMPI SR XLI FIPX GSRZI]SV IRVSYXI XS XLI FEXGL FMRW F]
TIRWMZI FYX PMQMXIH QIERW SJ VIHYGMRK GSEVWI EKKVIKEXI WTVE]MRK[MXLGSPH[EXIVMWSGGEWMSREPP]YWIHXSWYTTPIQIRX
XIQTIVEXYVIW 8LI EQSYRX SJ GSSPMRK XLEX GER FI SFXEMRIH XLI YWI SJ MGI MR XLI FEXGL [EXIV 8LMW X]TMGEPP] VIUYMVIW
HITIRHWSRXLIGSSPMRKIJJIGXSJREXYVEPIZETSVEXMSR[LMGLMR WPS[MRKXLIWTIIHSVMRGVIEWMRKXLIPIRKXLSJXLIJIIHFIPX
XYVRHITIRHWSRXLIEQFMIRXGSRHMXMSRWSJXIQTIVEXYVI[MRH ERHMRGSVTSVEXMRKEQIERWXSLERHPIXLII\GIWW[EXIV*SV
ERHVIPEXMZILYQMHMX]%HIUYEXIHVEMREKIWLSYPHFITVSZMHIH TVEGXMGEPVIEWSRWXLIHYVEXMSRSJXLIWTVE]ETTPMGEXMSRMWYWYEPP]
FIRIEXLXLIWXSGOTMPIW3RP]IRSYKL[EXIVXSQIIXIZETSVE EJI[XSWIZIVEPQMRYXIWVIWYPXMRKMRVIQSZEPSJLIEXSRP]JVSQ
XMSRVEXIWMWRIGIWWEV]-RZIV]PEVKIWXSGOTMPIWSRP]XLIEVIEW RIEVXLIWYVJEGIWSJXLIMRHMZMHYEPTMIGIWSJEKKVIKEXI(EXESR
JVSQ[LMGLQEXIVMEPMWFIMRK[MXLHVE[RRIIHXSFIWTVMROPIH XLII\EGXEQSYRXSJLIEXVIQSZIHYRHIVWTIGMJMGGSRHMXMSRWSJ
-JXLI[EXIVWTVMROPIHSRXSXLIEKKVIKEXIMWGSSPIVXLERXLI FIPX WTIIH XIQTIVEXYVI ERH VEXI SJ [EXIV ETTPMGEXMSR EVI RSX
EKKVIKEXIMXWIPJXLMW[MPPTVSZMHIEHHMXMSREPGSSPMRK-JXLI VIEHMP]EZEMPEFPI3RSRIPEVKIQEWWGSRGVIXITVSNIGXKEP
[EXIVMW[EVQIVXLERXLIEKKVIKEXILS[IZIVXLIFIRIJMXSJ 0 SJGLMPPIH[EXIVTIVXSRSJGSEVWIEKKVIKEXI[EWVIUYMVIH
IZETSVEXMZIGSSPMRKQE]FIPIWWXLERXLIMRGVIEWIHXIQTIVEXYVI MREHHMXMSRXSSXLIVTVIGSSPMRKXIGLRMUYIW XSTVSHYGI*
GEYWIH F] WTVMROPMRK [MXL [EVQ [EXIV 8LI MRXIRX MW XS ' GSRGVIXI;EHHIPP  KMZIWHEXESRGSSPMRKVEXIWSJ
EGLMIZIGSSPMRKXLVSYKLIZETSVEXMSRJVSQXLIWYVJEGISJXLI PEVKIWM^IEKKVIKEXI
EKKVIKEXI TEVXMGPIW WS XLI TVEGXMGI SJ JPSSHMRK EKKVIKEXI %W]WXIQJSVVIQSZMRKI\GIWW[EXIVFIJSVIXLIHMWGLEVKI
TMPIW[MXLI\GIWWMZI[EXIVMWRSXRIGIWWEV]ERHQE]VIHYGI MRXSXLIFEXGLFMRWMWIWWIRXMEP&PS[MRKGLMPPIHEMVXLVSYKL
XLI FIRIJMXW SJ IZETSVEXMZI GSSPMRK -J SZIV[EXIVMRK MW XLIGSSPERHHEQTEKKVIKEXIMRXLIFMRW[MPPJYVXLIVPS[IVMXW
TIVJSVQIH[MXL[EXIVXLEXMWLIEXIHF]XLIWYRERHWSEOWMRXSXLI XIQTIVEXYVIFYXGEVIJYPGSRXVSPMWVIUYMVIHXSEZSMHJVII^MRK
TMPIWEXEXIQTIVEXYVIKVIEXIVXLERXLIMRXIVREPXIQTIVEXYVISJXLI XLIJVII[EXIV
EKKVIKEXITMPIWTVMROPMRK[MPPFILEVQJYPVEXLIVXLERFIRIJMGMEP  :EGYYQGSSPMRKSJEKKVIKEXIW{:EGYYQGSSPMRKSJ
 -QQIVWMSRGSSPMRKSJGSEVWIEKKVIKEXI{3RISJXLI EKKVIKEXIWYWIWXLIPS[IVFSMPMRKTSMRXSJ[EXIV[LIRYRHIV
QSWXIJJIGXMZI[E]WXSGSSPGSEVWIEKKVIKEXIMWMQQIVWMSRMR PIWWXLEREXQSWTLIVMGTVIWWYVIERHXLIPEVKILIEXEFWSVTXMZI
LSPHMRKXEROWXLVSYKL[LMGLGLMPPIH[EXIVMWGMVGYPEXIH8LI GETEGMX]SJ[EXIV[LIRMXGLERKIWJVSQPMUYMHXSZETSV*MRI
XEROWEVISTIREXXLIXST[MXLEGSRMGEPFSXXSQPIEHMRKXSE EKKVIKEXIWERHEPPWM^IWSJGSEVWIEKKVIKEXIWGERFIIJJIG
[EXIVXMKLXEKKVIKEXIHMWGLEVKIKEXI8LI[EXIVMWTMTIHMRXS XMZIP] GSSPIH F] XLMW QIXLSH 8LI EKKVIKEXIW WLSYPH FI
ERHSYXSJXLIXEROWJSVJMPPMRKERHGMVGYPEXMSR8LIGSSPMRK TVSGIWWIH QSMWX SV GSRXEMR WYJJMGMIRX [EXIV XS EFWSVF XLI
G]GPIGSRWMWXWSJJMPPMRKXLIXERO[MXLGLMPPIH[EXIVHYQTMRK EQSYRXSJLIEXHIWMVIHXSI\XVEGXJVSQXLIEKKVIKEXIW7XIIP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 '330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6

WMPSWSVFMRW[MXLGETEGMXMIWJVSQXSXSRWIEGL XS HE]W 8LMW GER FI EHZERXEKISYW EW E WYTTPIQIRX XS SXLIV
1K SJEKKVIKEXII\TSWIHXSEZEGYYQSJMR QQ GSSPMRK QIXLSHW XS EGLMIZI XLI VIHYGXMSR MR GSRGVIXI
SJ QIVGYV] [MPP YWYEPP] TVSZMHI JSV E VIHYGXMSR SJ MRMXMEP XIQTIVEXYVISRP][LIRRIGIWWEV]
XIQTIVEXYVIWSJ* ' XSEJMREPEZIVEKIXIQTIVEXYVI 0MUYMH RMXVSKIR W]WXIQW LEZI TVSZIR WYGGIWWJYP SR E
SJ* ' SZIVEQMRYXISTIVEXMSREPG]GPI RYQFIVSJGSRWXVYGXMSRTVSNIGXWTEVXMGYPEVP][LIVIEYXSQEXMGSV
8LMWQIXLSHYWIWXLIJVIIQSMWXYVISRXLIEKKVIKEXIWJSV JPI\MFPISTIVEXMSRGSRXVSPMWFIRIJMGMEP &IEZIV 0SGEP
XLIIZETSVEXMZIGSSPMRK8LIQSMWXEKKVIKEXIWEVIJIHMRXSE EZEMPEFMPMX]WLSYPHFIGSRWMHIVIHERHGSSPMRKQSVIXLER*
TVIWWYVIZIWWIPXLEXGERFIWIEPIHEXFSXLXLIXSTMRPIXERHXLI ' GERFIHMJJMGYPXERHMRIJJMGMIRX[MXLRMXVSKIREPSRIF]
FSXXSQ SYXPIX :EGYYQ MWETTPMIHJVSQ EWMHI GLEQFIVF] HVEQEXMGEPP] MRGVIEWMRK QM\MRK XMQIW ERH QIGLERMGEP
WXIEQJIHHMJJYWMSRTYQTW TVSFPIQW 0MUYMH RMXVSKIR LEW EPWS FIIR MRNIGXIH HMVIGXP]
%KEMRYWMRKXLIMPPYWXVEXMSRQM\XYVIMJXLI WYVJEGI MRXSQM\IVW8LMWETTVSEGLX]TMGEPP]VIUYMVIWXLEXXLIQM\MRK
QSMWXYVI GEVVMIH F] XLI GSEVWI EKKVIKEXIW MW IZETSVEXIH XLI XMQIFITVSPSRKIHERHTVIJIVEFP]XLEXXLIQM\IVMWEXPIEWX
XIQTIVEXYVISJXLIGSEVWIEKKVIKEXIW[MPPFIPS[IVIHF]ETTVS\ TEVXMEPP]WIEPIHXSQMRMQM^IXLIPSWWSJKEWXSXLIEXQSWTLIVI
MQEXIP]* ' SVHS[RXSETTVS\MQEXIP]* z' 8LI I\XVIQIP] GSPH XIQTIVEXYVIW XLEX HIZIPST ERH X]TMGEP
PSRKIV QM\MRK XMQIW GVIEXI TSXIRXMEP JSV XLIVQEP WLSGO
MRGLTSYRHYRMXW GVEGOMRKERHSJXIRMRGVIEWIQM\IVQEMRXIRERGIERHVITEMV
7MKRMJMGERXWEJIX]GSRGIVRWFI]SRHI\XVIQIP]PS[XIQTIVEXYVIW
 PF   &XY k PF
 !*
MRGPYHI XLI UYMGO FYVWX SJ IZETSVEXMRK RMXVSKIR XLEX
QSMWX'%[EXIVIUYMZEPIRX PF   &XY k PF * HMWTPEGIWEZEMPEFPIS\]KIR
8LISVIXMGEPP]SXLIVKEWIWGEREPWSFIYWIH(V]MGI{XLI
7-YRMXW WSPMH TLEWI SJ GEVFSR HMS\MHI{LEW EPWS FIIR YWIH SR E
PMQMXIHFEWMWF]TPEGMRKFPSGOWMREKKVIKEXITMPIW8LIFPSGO
 OK   O. k OK
 !'
GLERKIWJVSQWSPMHXSKEW[MXLSYXEPMUYMHTLEWIHMJJYWMRK
QSMWX'%[EXIVIUYMZEPIRX OK   O. k OK / XLVSYKLSYXXLIEKKVIKEXIEWGSPHGEVFSRHMS\MHI

-RXLMWMPPYWXVEXMSRXLILIEXSJZETSVM^EXMSRSJ[EXIVEX {'IQIRXMXMSYWQEXIVMEPW
MR QQ SJQIVGYV]MWETTVS\MQEXIP]&XYPF 'IQIRXMXMSYWQEXIVMEPWYWIHMRGSRGVIXIWLSYPHFILERHPIH
O.OK  HV]-JXLIXIQTIVEXYVISJXLIGIQIRXMWFIPS[XLIHI[TSMRX
%W E VIWYPX SJ XLMW GSSPMRK SJ XLI GSEVWI EKKVIKEXI XLI SJXLIWYVVSYRHMRKEXQSWTLIVIQSMWXYVIGERGSRHIRWIERH
XIQTIVEXYVISJXLIGSRGVIXI[SYPHFIPS[IVIHF]EFSYX* EHZIVWIP] EJJIGX XLI YPXMQEXI UYEPMX] SJ XLI GIQIRX %W E
' GSQTYXIHEWJSPPS[W KIRIVEP VYPI XLI GSRGVIXI QM\XYVI LIEX FEPERGI HSIW RSX
VIUYMVIGSSPMRKSJXLIGIQIRXXSQIIXXLITPEGIQIRXXIQTIVEXYVI
MRGLTSYRHYRMXW VIUYMVIQIRXW2SVQEPP]GIQIRXMWHIPMZIVIHEXEXIQTIVEXYVISJ
ETTVS\MQEXIP]  XS *  XS '  8LI GIQIRX
 PF   &XY k PF XIQTIVEXYVI GER FI MRGVIEWIH SV HIGVIEWIH E JI[ HIKVIIW
 ! *
GSRGVIXI[EXIVIUYMZEPIRX PF   &XY k PF * HITIRHMRK SR XLI GIQIRX LERHPMRK IUYMTQIRX ERH TVSGI
HYVIWYWIH)ZIRMJGIQIRXMWHIPMZIVIHGSSPIVXLIRSVQEP
7-YRMXW TVSGIHYVIJSVXVERWTSVXMRKMXJVSQXEROXVYGOWXSWMPSWEXXLI
NSFWMXIMW[MXLEMV8LIX]TMGEPXVYGOGSQTVIWWSVLIEXWEMVXS
 OK   O. k OK ETTVS\MQEXIP] * '  WS TVIGSSPIH GIQIRX [MPP FI
 !'
 GSRGVIXI[EXIVIUYMZEPIRX OK   O. k OK / VILIEXIHXSWSQII\XIRXMJMXMWFPS[RMRXSWMPSWF]XLMWQIXLSH
&IGEYWI GIQIRX MW WYGL E VIPEXMZIP] WQEPP TSVXMSR SJ QEWW
 0MUYMH RMXVSKIR{%R EPXIVREXI QIXLSH JSV GSSPMRK GSRGVIXIQM\XYVIWMXWMRMXMEPXIQTIVEXYVILEWPMXXPIIJJIGXSRXLI
FEXGL[EXIVERHGVIEXMRKERMGI[EXIVQM\XYVIIQTPS]WPMUYMH GSRGVIXI XIQTIVEXYVI %PWS GSSPMRK XLI GIQIRX MW RSX ZIV]
RMXVSKIRERMRIVXGV]SKIRMGJPYMH[MXLEXIQTIVEXYVISJz* TVEGXMGEPSVIGSRSQMGEP
z'  ''1   *VSQ E GV]SKIRMG WXSVEKI XERO
PSGEXIHEXXLIFEXGLTPERXXLIPMUYMHKEWMWMRNIGXIHXLVSYKL {,IEXKEMRWHYVMRKGSRGVIXMRKSTIVEXMSRW
PERGIWHMVIGXP]MRXSXLIFEXGL[EXIVWXSVEKIXEROEKKVIKEXI 'SRWMHIVEXMSRW JSV XIQTIVEXYVIGSRXVSP WLSYPH VIGSKRM^I
SVQM\IVXSPS[IVXLIXIQTIVEXYVIEWQYGLEWTVEGXMGEPFYX XLILIEXKEMR SVPSWW SJXLIGSRGVIXISVXLIGSRGVIXIMRKVIHMIRXW
EFSZIJVII^MRK8STVSQSXIKVIEXIVGSSPMRKSJXLIGSRGVIXI HYVMRKFEXGLTPERXWXSVEKIGSRGVIXIQM\MRKERHXVERWTSVXEXMSR
LS[IZIVPMUYMHRMXVSKIRGERFIMRNIGXIHMRXSXLI[EXIVMRE ERH TPEGIQIRX SJ XLI GSRGVIXI 8LI TPEGIQIRX SJ E PEVKI
WTIGMEPP] HIWMKRIH QM\IV NYWX FIJSVI XLI [EXIV IRXIVW XLI QEWWGSRGVIXIWXVYGXYVIGERFIZMWYEPM^IHEWEVETMHWIUYIRGI
GSRGVIXIQM\IV[LIVIF]XLIPMUYMHRMXVSKIRGEYWIWETSVXMSR SJ TVSGIHYVIW EPP SJ [LMGL EVI KYMHIH F] WIZIVEP SZIVEPP
SJXLI[EXIVXSJVII^I8LIEQSYRXSJMGITVSHYGIHGERFI SFNIGXMZIWRSXXLIPIEWXSJ[LMGLMWXSTVSXIGXXLIGSRGVIXI
ZEVMIHXSQIIXHMJJIVIRXXIQTIVEXYVIVIUYMVIQIRXW JVSQER]EZSMHEFPILIEXKEMR
%HZERXEKIWSJPMUYMHRMXVSKIRGSSPMRKMRGPYHIVIPEXMZIPS[ -RKVIHMIRXW GERFI TVSXIGXIH EKEMRWX LIEXKEMR EXXLI FEXGL
GSWXXSVIRXSVTYVGLEWIXLIIUYMTQIRXW]WXIQERHXLIEFMPMX] TPERXF]QIERWWYGLEWMRWYPEXMSRVIJPIGXMZIWMHMRKEMVGSRHM
XS TVITEVI XLI TPERX JSV RMXVSKIR GSSPMRK [MXLMR NYWX EJI[ XMSRMRKERHGMVGYPEXMSRSJGLMPPIHEMVXLVSYKLGSEVWIEKKVIKEXIW
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'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6 

8LIIRIVK]VIUYMVIHJSVXLIQM\MRKSJGSRGVIXIMQTEVXWEFSYX 8EFPI E {8VMEPLIEXFEPERGI MRPFYRMXW


&XYSJLIEXTIV]H O.Q SJGSRGVIXI;LIVIE 8IQTIVEXYVI ;EXIV ,IEX
TVSNIGXTPERXMWGSRZIRMIRXP]WIXYTXSTIVQMXVETMHFYGOIXXVERW EWFEXGLIH 8IQTIVEXYVI IUYMZEPIRX I\GLERKIH
-RKVIHMIRX * EJXIVQM\MRK* PF &XY
TSVXERHTPEGIQIRXXLIVI[MPPFIERMRWMKRMJMGERXXIQTIVEXYVI
'SEVWIEKKVIKEXI    
KEMRFIX[IIRQM\MRKERHTPEGIQIRXSJXLIGSRGVIXI8SEGGSYRX QSMWX
JSV HIPE]W ERH MRGSRZIRMIRX TPEGIQIRXW LS[IZIV MX QE] FI *MRIEKKVIKEXI
QSMWX    
NYHMGMSYW XS MRGPYHI MR XLI LIEXFEPERGI GSQTYXEXMSR E WQEPP
GSRXMRKIRG]JSVLIEXKEMRFIX[IIRQM\MRKERHTPEGIQIRX 'IQIRX    
'SRZI]SVWLEZIFIGSQIZIV]GSQQSRJSVHIPMZIVMRKQEWW *P]EWL    
GSRGVIXI JVSQ XLIQM\IVXS XLITPEGIQIRX &IGEYWIXLIVIMW ,IEXSJQM\MRK 
MRGVIEWIH WYVJEGI EVIE SJ I\TSWIH GSRGVIXI TIV YRMX QEWW %TTVS\MQEXIP] 
GSQTEVIHXSFYGOIXTPEGIQIRXGSRZI]SVHIPMZIV]LEWQYGL &EXGLIH[EXIV
QSVITSXIRXMEPJSVPSWMRKSVKEMRMRKLIEXXSXLIEXQSWTLIVI -GI    z
'SZIVMRKGSRZI]SVWERHYWMRKJEWXFIPXWTIIHW[MPPQMRMQM^I -GI QIPXIH    z
XLMW TVSFPIQ 9WMRK [LMXI GSZIVW [MPP QMRMQM^I EFWSVFIH ;EXIV GLMPPIH    z
WSPEVIRIVK]EW[MPPYWMRKMRWYPEXIHGSZIVW3RXLISXLIVLERH %TTVS\MQEXIP] z
MRXVSHYGMRKGSPHEMVSVKEWWYGLEWRMXVSKIREXGSRZI]SVXVERW 
9RMXWSJLIEXVIUYMVIHXSGLERKIPFSJMGIEX*XS[EXIVEXWEQIXIQTIVEXYVI
JIVWERHSRXSGSZIVIHFIPXWGERSJJWIXTSXIRXMEPLIEXKEMRERH
EGXYEPP]FIYWIHXSTVSZMHIQMRSVWYTTPIQIRXEPGSSPMRK
8EFPI F {8VMEPLIEXFEPERGI 7-YRMXW
8IQTIVEXYVI ;EXIV ,IEX
{6IJVMKIVEXMSRTPERXGETEGMX] EWFEXGLIH 8IQTIVEXYVI IUYMZEPIRX I\GLERKIH
8LIWM^ISJXLIGSSPMRKTPERXVIUYMVIHI\TVIWWIHMRXSRWSJ -RKVIHMIRX ' EJXIVQM\MRK' OK O.
VIJVMKIVEXMSRMWKMZIRF] 'SEVWIEKKVIKEXI
   
QSMWX
  *MRIEKKVIKEXI    
1E\MQYQGSRGVIXITPEGMRKVEXI ]H L LIEXXSFIVIQSZIH &XY]H QSMWX

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%TTVS\MQEXIP] 
 
1E\MQYQGSRGVIXITPEGMRKVEXI Q L LIEXXSFIVIQSZIH O.Q &EXGLIH[EXIV

O.L
-GI    z
-GI QIPXIH    z
9RPIWWEKKVIKEXIWEVIWXSGOTMPIHGSPHERHVIQSZIHVETMHP]
;EXIV GLMPPIH    z
[MXLQMRMQEPI\TSWYVIXSXLIEXQSWTLIVIXLIEZIVEKIEKKVI
%TTVS\MQEXIP] z
KEXIXIQTIVEXYVI[MPPXIRHXSJSPPS[XLIERRYEPHEMP]G]GPISJ 
9RMXWSJLIEXVIUYMVIHXSGLERKIOKSJMGIEX'XS[EXIVEXWEQIXIQTIVEXYVI
EQFMIRXEMVXIQTIVEXYVIW8LIVIJSVIXLIVIJVMKIVEXMSRTPERX
GETEGMX]WLSYPHFIHIXIVQMRIHJSVWTIGMJMGWIKQIRXWSJXMQI
WYGLEWE[IIOSVEQSRXLERHJSVEVEXISJGSSPIHQEXIVMEP WYVJEGIW GER EPWS FI ER IJJIGXMZI QIERW XS QMRMQM^I LIEX
GSRWYQTXMSR 8LI VIJVMKIVEXMSR TPERX QE] FI HIWMKRIH JSV KEMRJSVTPEGIQIRXWMRLSX[IEXLIV7XEMVWXITTPEGIQIRXMW
XLIGSSPMRKSJSRP]SRIQEXIVMEPWYGLEWTVSHYGXMSRSJMGI XLITVSGIWWHYVMRKTPEGIQIRX[LIVISRITPEGIWERHGSRWSPMHEXIW
SVQE]FIHMZMHIHMRXSZEVMSYWGSSPMRKW]WXIQWJSVTVSHYG EPIWWXLERJYPPXLMGORIWWSVLIMKLXPMJXERHMQQIHMEXIP]VIXYVRXS
XMSR SJ MGI GLMPPIH [EXIV GSSPIH EMV EGGSVHMRK XS LIEX TPEGI SR XLI JVIWLP] GSRWSPMHEXIH GSRGVIXI FIJSVI MRMXMEP WIX
FEPERGIRIIHW%XVMEPTVSGIHYVIJSVHIVMZMRKXLIEQSYRXSJ IWWIRXMEPP]GSRWXVYGXMRKXLITPEGIQIRXMREWXITTIHJEWLMSR
MGIVIUYMVIHXSWEXMWJ]EKMZIRMRMXMEPXIQTIVEXYVISJ*
'  MW WLS[R MR 8EFPI  E  ERH F  JSV XLI QM\XYVI ',%48)6{4378'330-2+7=78)17
TVSTSVXMSRWGMXIHMR7IGXMSR[MXLPF OK SJMGI {+IRIVEP
ERHPF OK SJGLMPPIH[EXIV 6IHYGMRK GSRGVIXI XIQTIVEXYVIW QE] FI IJJIGXMZIP]
EGGSQTPMWLIHF]GMVGYPEXMRKEGSSPPMUYMH YWYEPP][EXIVE
{4PEGIQIRXEVIE QM\XYVISJERXMJVII^IERH[EXIVSVEFVMRIWSPYXMSR[MXLE
(YVMRK LSX [IEXLIV TVIGSSPIH GSRGVIXI GER EFWSVF PS[IVJVII^MRKTSMRXXLER[EXIV XLVSYKLXLMR[EPPIHTMTIW
EQFMIRX LIEX QIGLERMGEP LIEX ERH WSPEV VEHMEXMSR HYVMRK IQFIHHIHMRXLIGSRGVIXI(ITIRHMRKSRXLIWM^ISJXLITMTI
TPEGIQIRX[LMGL[MPPMRGVIEWIXLIIJJIGXMZITPEGMRKXIQTIVEXYVI ZSPYQISJJPYMHGMVGYPEXIHERHXLIXIQTIVEXYVISJXLIJPYMH
ERHXLIVIWYPXMRKTIEOXIQTIVEXYVI8LMWMRGVIEWIMRXIQTIVEXYVI XLI LIEX VIQSZIH HYVMRK XLI JMVWX WIZIVEP HE]W JSPPS[MRK
GERFIQMRMQM^IHSVIPMQMREXIHF]VIHYGMRKXLIXIQTIVEXYVI TPEGIQIRXGERVIHYGIXLITIEOXIQTIVEXYVISJXLIGSRGVIXI
MR XLI MQQIHMEXI TPEGMRK EVIE [MXL JSK WTVE] WLEHMRK SV F]EWMKRMJMGERXEQSYRX8LITSWXGSSPMRKW]WXIQEPWSEGGIPIVEXIW
FSXL 4PEGMRK EX RMKLX GER EPWS VIHYGI XLI IJJIGXW SJ LSX XLIWYFWIUYIRXLIEXVIQSZEP ERHEGGSQTER]MRKZSPYQI
[IEXLIV ERH VEHMERX LIEX 8LI WXEMVWXITTIH TVSGIWW SJ HIGVIEWI HYVMRKIEVP]EKIW[LIRXLIIPEWXMGQSHYPYWMW
TPEGMRKQEWWGSRGVIXIXSQMRMQM^IXLII\TSWYVISJFSRHMRK VIPEXMZIP]PS[
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 '330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6

8LIVEHMEPXIQTIVEXYVIMWSXLIVQWHIZIPSTIHEVSYRHIEGL XLITMTISZIVXLIPMJISJXLIWXVYGXYVIMWMQTIVEXMZIERHTSWWMFPI
GSSPMRK TMTI GVIEXI E GSQTPI\ RSRYRMJSVQ ERH GLERKMRK PIEOEKIGSYPHFIGVMXMGEP
XLIVQEP TEXXIVR 7QEPPIV TMTIW [MXL GSPHIV JPYMH GVIEXI E  7TEGMRK{*SV TVEGXMGEP VIEWSRW TMTI GSMPW EVI
QSVIWIZIVIPSGEPGSRHMXMSRXLERPEVKIVTMTIW[MXLEPIWWGSPH YWYEPP]TPEGIHHMVIGXP]SRERHXMIHXSXLIXSTSJXLITVIZMSYW
JPYMH9RHIVGSRHMXMSRWSJVETMHERHMRXIRWIGSSPMRKPSGEPM^IH LEVHIRIHGSRGVIXIPMJX8LYWXLIZIVXMGEPTMTIWTEGMRKX]TMGEPP]
VEHMEP SV GMVGYQJIVIRXMEP GVEGOW GSYPH HIZIPST ;LMPI XLI GSVVIWTSRHWXSXLIPMJXLIMKLX%LSVM^SRXEPWTEGMRKXLIWEQI
GSRGVIXIMWJPYMHXSWPMKLXP]TPEWXMGERHFIJSVIHIZIPSTMRKE EWXLIZIVXMGEPWTEGMRK[MPPVIWYPXMRXLIQSWXYRMJSVQGSSPMRK
VIEWSREFPIQSHYPYWSJIPEWXMGMX] YWYEPP]FIJSVISVRIEVXLI TEXXIVRFYXZEVMEXMSRWQE]FIYWIH*SVZIVXMGEPGSRWXVYGXMSR
XMQISJXLIJMVWXTIEOXIQTIVEXYVI RSVIWXVMGXMSRSRGSSPMRK GSSPMRKTMTIWGERFIWIGYVIHXSXLIVIMRJSVGMRKWXIIP
VEXIMWYWYEPP]RIIHIH%JXIVERMRMXMEPTIEOGSRGVIXIXIQTIVEXYVI *MKYVIWXLVSYKLSJ%'-6GERFIYWIHEW
LEWFIIRI\TIVMIRGIHGSSPMRKMWYWYEPP]GSRXMRYIHYRXMPXLI EKYMHIXSIWXEFPMWLTMTIWTEGMRKWERHXLIEQSYRXSJGSSPMRK
JMVWXSJXLIWIGSRHMXMSRWSGGYV RIGIWWEV]JSVXLIXIQTIVEXYVIGSRXVSPHIWMVIH
E 8LIGSRGVIXIGSSPMRKVEXIVIEGLIWXLIQE\MQYQXLEXGER  4MTI PSST PE]SYX{-RHMZMHYEP TMTI VYRW QE]VERKI
FIXSPIVEXIH[MXLSYXGVEGOMRK 7IGXMSR  JVSQJXXSETTVS\MQEXIP]JXMRPIRKXL XSQ 
F 8LIXIQTIVEXYVISJXLIGSRGVIXIHIGVIEWIWXSEFSYX* [MXLJX  Q  FIMRK EXEVKIXZEPYI JSV HIWMKR TYVTSWIW
' FIPS[XLIMRMXMEPTIEOZEPYI8LMWMWERIQTMVMGEPP] ;EHHIP 0SRKIVTMPIVYRWEVIPIWWIJJIGXMZIFIGEYWIXLI
HIVMZIHZEPYI 7IGXMSR KIRIVEPP]WYFWXERXMEXIHF]WPS[ [EXIV[EVQWYTMRXLITMTIEWLIEXMWXVERWJIVVIHERHMRGVIEWMRKP]
WXVEMRGETEGMX]XIWXWSV PIWWLIEXMWXVERWJIVVIHEPSRKXLIPIRKXLSJTMTI7TPMGIW[MXLMR
XLITMTIVYRWWLSYPHFIQMRMQM^IHEWQYGLEWTVEGXMGEP
G 8LIGSRGVIXILEWFIIRGSSPIHXSMXWJMREPWXEFPIXIQTIVEXYVI
4MTIPSSTWWIVZIHF]XLIWEQIGSSPERXHMWXVMFYXMSRQERMJSPH
SVERMRXIVQIHMEXIXIQTIVEXYVITVIWGVMFIHF]XLIHIWMKRIV
WLSYPHFIETTVS\MQEXIP]XLIWEQIPIRKXLWSEWXSIUYEPM^I
8LIHYVEXMSRSJXLMWMRMXMEPGSSPMRKTIVMSHQE]FIEWWLSVXEW XLIJPS[ERHGSSPMRKIJJIGX
WIZIVEPHE]WSVEWPSRKEWQSRXL7YFWIUYIRXP]XLIGSRGVIXI
'SSPMRKTMTIXMIHS[RQIXLSHWRIIHXSFITSWMXMSRIHXS
XIQTIVEXYVI YWYEPP] [MPP MRGVIEWI EKEMR -J XLI MRGVIEWI MW
WIGYVIXLITMTIW7TIGMEPEXXIRXMSRWLSYPHFIKMZIRXSWTPMGIH
WMKRMJMGERX SRI SV QSVI EHHMXMSREP GSSPMRK TIVMSHW [MPP FI
EVIEW XS WIGYVI GSYTPMRKW JVSQ [SVOMRK PSSWI 8MIHS[R
RIGIWWEV])\TIVMIRGILEWWLS[RXLEXWYTTPIQIRXEV]GSSPMRK [MVIWSVIQFIHHIHERGLSVWGERFITSWMXMSRIHMRXLIJMREPPMJX
STIVEXMSRW GER WEJIP] VIHYGI XLI GSRGVIXI XIQTIVEXYVIW XS WYVJEGI FIJSVI JMREP WIX 4MTI GPEQTW [MXL QIGLERMGEPP]
FIPS[EJMREPWXEFPIZEPYISVXSETSMRXXLEXGVIEXIWNSMRXSTIRMRKW MRWXEPPIHERGLSVWLEZIFIIRYWIHFYXXLMWQIXLSHVIUYMVIWXLI
SJEQTPI[MHXLXSTIVQMXKVSYXMRKMJVIUYMVIH'SSPMRKVEXIWMR GSRGVIXIXSQEXYVIXSEWYJJMGMIRXWXVIRKXLJSVXLIERGLSVWXS
HIKVIIWTIVHE]JSVXLIWIPEXIVTIVMSHWWLSYPHFIPS[IVXLERXLEX [SVOTVSTIVP])EGLTMTIPSSTWLSYPHFIPIEOXIWXIHFIJSVI
TIVQMXXIHHYVMRKXLIMRMXMEPTIVMSHFIGEYWISJXLILMKLIVQSHYPYW XLIGSZIVMRKGSRGVIXIMWTPEGIH)EGLTMTIVYRWLSYPHMRGPYHI
SJIPEWXMGMX]EXPEXIVEKIW E ZMWYEP JPS[ MRHMGEXSV SR XLI PSST WMHI SJ XLI WYTTP] SV
VIXYVR QERMJSPH 8S IRWYVI XLI MRMXMEXMSR SJ GSSPMRK EX XLI
{)QFIHHIHTMTI IEVPMIWXEKIXSQMRMQM^IHEQEKIXSXLIIQTPEGIHTMTIERH
 1EXIVMEPW{%PYQMRYQSVXLMR[EPPWXIIPXYFMRKMR LIPTOIITXLITMTIJVSQJPSEXMRKMRXLIJVIWLGSRGVIXI[EXIV
 QQ  RSQMREP SYXWMHI HMEQIXIV ERH  MR  QQ GMVGYPEXMSRWLSYPHFIMRTVSKVIWWEXXLIXMQIGSRGVIXITPEGI
[EPP XLMGORIWW LEW FIIR YWIH WYGGIWWJYPP] JSV IQFIHHIH QIRXFIKMRWMRXLIGSZIVMRKPMJX
GSSPMRKGSMPW%PXLSYKLXLMWTMTIWM^ILEWFIIRYWIHSRQER]  6ITEMVW HYVMRK TPEGIQIRX{8LI TMTIW GER FI
TVSNIGXWEREP]WMWGPIEVP]WLS[WXLEXPEVKIVHMEQIXIVTMTMRK HEQEKIHHYVMRKGSRGVIXITPEGIQIRXF]XLIGSRGVIXIMXWIPJ
[SYPHFIQSVIIJJIGXMZIIZIR[MXLEGSSPMRKPMUYMH[MXLE F]GSRGVIXIFYGOIXWFIMRKHVSTTIHSRMXF]ZMFVEXSVWERHWS
LMKLIV XIQTIVEXYVI 4PEWXMG ERH TSP]ZMR]P GLPSVMHI 4:' SR)\XVEWIGXMSRWSJTMTIERHGSYTPMRKWWLSYPHFIVIEHMP]
TMTIQE]EPWSFIYWIHFYXXLI]WLSYPHFILIEZ]HYX]ERH EZEMPEFPIMRXLIIZIRXXLEXETMTIMWHEQEKIHHYVMRKTPEGIQIRX
WYMXIHJSV XLI GPMQEXMGERH TPEGMRKGSRHMXMSRWSJXLITVSNIGX 8LIJVIWLP]TPEGIHGSRGVIXIEVSYRHXLIHEQEKIHTMTIWLSYPH
'SYTPMRKWSJXLIGSQTVIWWMSR X]TI YWIH XS NSMR WIGXMSRW SJ FIVIQSZIHXLIHEQEKIHWIGXMSRGYXSYXERHERI[WIGXMSR
EPYQMRYQSVWXIIPXYFMRKWLSYPHFISJXLIWEQIQEXIVMEPSV WTPMGIHSRXSXLII\MWXMRKYRHEQEKIHTMTI%PPSJXLIHEQEKIH
RSRGSRHYGXSV WPIIZIW ERH KEWOIXW WLSYPH FI TVSZMHIH XS TMTI WLSYPH FI VIQSZIH WS XLEX MX [MPP RSX VIWXVMGX JPS[
EZSMH XLI KEPZERMG IJJIGX SJ HMWWMQMPEV QIXEPW %PYQMRYQ XLVSYKLXLITMTI
XYFMRKLEWXLIEHZERXEKIWSJPMKLX[IMKLXERHIEW]MRWXEPPEXMSR
FYX MW WYFNIGX XS HIXIVMSVEXMSR ERH PIEOEKI HYI XS VIEGXMSR {6IJVMKIVEXMSRERHTYQTMRKJEGMPMXMIW
[MXLEPOEPMIWMRXLIGIQIRX-XYWYEPP]MWWEXMWJEGXSV]JSVXLI  4YQTMRK TPERX{4YQTMRK TPERX VIUYMVIQIRXW EVI
X]TMGEPP]WLSVXGSSPMRKTIVMSHLS[IZIVHIXIVMSVEXMSRSJXLI HIXIVQMRIHJVSQXLIRYQFIVSJTMTIGSMPWSVPSSTWMRSTIVEXMSR
TMTMRKGERFIETVSFPIQMJXLIGSSPMRKPMRIMWXSFIKVSYXIHEX [LMGL MR XYVR QE] FI IWXEFPMWLIH JVSQ XLI PMJXF]PMJX
E PEXIV HEXI ;LIR XLI I\TIGXIH EGXMZI GSSPMRK TIVMSH GSRWXVYGXMSRWGLIHYPI8LIJPS[VEXIJSVIEGLGSMPX]TMGEPP]
I\GIIHW  QSRXLW EPYQMRYQ WLSYPH RSX FI YWIH -R QEWW MWJVSQXSKEP XS0 TIVQMRYXIJSVEMR QQ
GSRGVIXIHEQGSRWXVYGXMSRXLIVILEZIFIIRRS[IPPHSGY HMEQIXIV TMTI 97&6   8LMW [MPP VIWYPX MR E JPYMH
QIRXIH MRWXERGIW VITSVXIH [LIVI XLI PSRKXIVQ IJJIGXW SJ ZIPSGMX]EFSYXJSYVXMQIWXLIQMRMQYQRIGIWWEV]XSIRWYVI
EPYQMRYQ XYFMRK HIXIVMSVEXMSR LEW GEYWIH HMWXVIWW MR XLI XYVFYPIRX JPS[ GSRHMXMSRW 8YVFYPIRX JPS[ [MXLMR XLI GSMP
GSRGVIXIFYXMXWLSYPHRSXFIYWIH[LIVIEFWSPYXIMRXIKVMX]SJ MRGVIEWIWXLIVEXISJIRIVK]XVERWJIVFIX[IIRXLIJPYMHTEVXMGPIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6 

XLIVIJSVI MRGVIEWMRK XLI VEXI SJ LIEX JPS[ F] GSRZIGXMSR MRMXMEP TIEO XIQTIVEXYVI ERH MW TVIHMGXIH XS GSRXMRYI XS
'SSPMRK[EXIVYWIHMRXLIW]WXIQTEVXMGYPEVP]MJJVSQEVMZIV MRGVIEWIXSYREGGITXEFPIPIZIPW
SV WMQMPEV YRXVIEXIH WSYVGI WLSYPH FI JMPXIVIH XS VIQSZI )\TIVMIRGI LEW WLS[R XLEX QSWX QEWW GSRGVIXI LEZMRK
WIHMQIRXWSEWXSVIHYGIXLITSWWMFMPMX]SJW]WXIQWXSTTEKIW EZIVEKI IPEWXMG ERH XLIVQEP I\TERWMSR TVSTIVXMIW GER VIWMWX
EXFIRHWGSRWXVMGXMSRWSVGSRXVSPZEPZIW9RPIWWXLIPIRKXL GVEGOMRKMJXLIXIQTIVEXYVIHVSTMWVIWXVMGXIHXSXS*
SJXLIGSSPMRKVYRMWWLSVXJPS[WXLVSYKLXLIGSMPWWLSYPHFI XS' SZIVETTVS\MQEXIP]EHE]TIVMSHMQQIHMEXIP]
VIZIVWIHEXPIEWXHEMP]EYXSQEXMGEPP]SVQERYEPP]F]ZEPZIH JSPPS[MRKMXWMRMXMEPTIEO 97&6 
GVSWWGSRRIGXMSRW EX XLI TYQTMRK TPERX SV EX XLI WYTTP]  8IQTIVEXYVIQSRMXSVMRK{'SRGVIXIGSSPMRKWLSYPH
VIXYVRQERMJSPHWWIVZMRKIEGLFEROSJMRHMZMHYEPTMTIGSMPW FI QSRMXSVIH YWMRK MRWXVYQIRXW MRWXEPPIH EX VITVIWIRXEXMZI
-RWYPEXMRKXLII\TSWIHWYTTP]ERHVIXYVRTMTIVYRW[MPPLIPT PSGEXMSRW [MXLMR XLI GSRGVIXI MRGPYHMRK PSGEXMSRW GPSWI XS
IRWYVIXLIHIWMVIH[EXIVXIQTIVEXYVIWEXXLIQERMJSPHPSGEXMSRW IEGLTMTIERHQMH[E]FIX[IIRXLITMTIW8LIVQSGSYTPIW
7M^MRK SJ XLI HMWXVMFYXMSR W]WXIQ WIKQIRXW ERH LIEH PSWW VIWMWXERGIXLIVQSQIXIVWERHJMFIVSTXMGGEFPIWLEZIEPPFIIR
EPPS[ERGIWWLSYPHJSPPS[GYWXSQEV]HIWMKRTVSGIHYVIW YWIH :IVXMGEP WXERHTMTIW IQFIHHIH MR XLI GSRGVIXI ERH
 6IJVMKIVEXMSR TPERX{8LI WM^I ERH RYQFIV SJ JMPPIH[MXL[EXIVGEREPWSFIYWIHXSQIEWYVIXLIGSRGVIXI
VIJVMKIVEXMSR TPERX GSQTSRIRXW WLSYPH FI FEWIH SR XLI XIQTIVEXYVI [MXLMR WIPIGXIH ^SRIW % XLIVQSQIXIV MW
QE\MQYQVIUYMVIQIRXW RYQFIVSJGSMPWMRSTIVEXMSREXXLI PS[IVIHMRXSXLIWXERHTMTIXSXLIHIWMVIHIPIZEXMSRERHLIPH
WEQI XMQI ERH E GSMP MRPIX XIQTIVEXYVI IWXEFPMWLIH F] XLI XLIVI YRXMP XLI VIEHMRK WXEFMPM^IW ;EXIV XIQTIVEXYVIW EX
HIWMKRGVMXIVME ERHXLIRIIHJSVJPI\MFMPMX]SZIVXLII\TIGXIH WYTTP]ERHVIXYVRQERMJSPHW[MPPEPWSWIVZIEWEGLIGOSRXLI
HYVEXMSRSJXLIGSRGVIXIGSSPMRKSTIVEXMSRW'LMPPIH[EXIVEW EQSYRXSJLIEXFIMRKVIQSZIHJVSQXLIGSRGVIXI
PS[ EW * '  LEW FIIR YWIH JSV TSWXGSSPMRK ;LIVI
PS[IVGSSPERXXIQTIVEXYVIWEVIVIUYMVIHEGLMPPIHQM\XYVISJ {7YVJEGIGSSPMRK
 [EXIVERH ERXMJVII^I TVST]PIRIKP]GSP LEWFIIR 'SRXVSPPIHGSSPMRKSJXLI WYVJEGIWSJEXLMGO SVQEWWMZI
IJJIGXMZIP] YWIH EX * '  (IXEMPW SJ GSQTVIWWSVW GSRGVIXI WXVYGXYVI GER FI E YWIJYP GVEGOVIHYGMRK TVEGXMGI
GSRHIRWIVW WYVKIXEROWZEPZIW QIXIVW ERHSXLIVTVSHYGXMSR 'EVPWSRERH8LE]IV 8LISFNIGXMZISJWYVJEGIGSSPMRK
ERHGSRXVSPMXIQWJSVIMXLIVTSVXEFPISVWXEXMSREV]TPERXEVI MWXSGVIEXIEWXIITFYXXSPIVEFPIXLIVQEPKVEHMIRXEHNEGIRXXS
QIGLERMGEPIRKMRIIVMRKJYRGXMSRWRSXGSZIVIHMRXLMWVITSVX XLII\TSWIHZIVXMGEPWYVJEGIWGSRGYVVIRXP][MXLXLITPEGMRK
 %PXIVREXMZI [EXIV GSSPMRK TVEGXMGIW{'SSP [EXIV SJXLIGSRGVIXIERHXSQEMRXEMRXLIGSSPMRKJSVEQMRMQYQ
JVSQREXYVEPWSYVGIWWYGLEW[IPPWSVJPS[MRKWXVIEQWQE] SJ[IIOW8LISTXMQYQTIVMSHHIXIVQMRIHXLISVIXMGEPP]JSV
FIYWIHEWXLIGSSPERXTVSZMHIHXLIWYTTP]MWEHIUYEXIXLI E X]TMGEP QEWW GSRGVIXI TPEGIQIRX MW EFSYX  [IIOW &]
XIQTIVEXYVIMWVIEWSREFP]GSRWXERXERHXLI[EXIVGSRXEMRW HIZIPSTMRKERMRMXMEP^IVSWXVIWWGSRHMXMSREXEPS[XIQTIVEXYVI
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ZEPZIWKEYKIWERHPSSTFIRHWEVITEVXMGYPEVP]ZYPRIVEFPIXS EQFMIRXXIQTIVEXYVIHVSTWEVIVIHYGIH
WXSTTEKIW MJ HMVX] [EXIV MW YWIH 7SQI TVSNIGXW LEZI YWIH 8LVII GSRWXVYGXMSR QIXLSHW EVI   GMVGYPEXMRK VIJVMKIVEXIH
4:'TMTIJSVXLIIQFIHHIHTMTIERHGMVGYPEXIH[EXIVJVSQ [EXIV[MXLMRHSYFPI[EPPIHWXIIPJSVQWPIJXMRTPEGIJSVXLI
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RSXFI GSSPIH EX E VEXI GEYWMRK WYVJEGI GVEGOW XLEX QE]
IRZMVSRQIRXEP GSHIW -R JEZSVEFPI GPMQEXIW GSRZIRXMSREP
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WLS[MRK XLI I\TIGXIH JMREP WXEFPI XIQTIVEXYVI HMWXVMFYXMSR
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JSVWGLIHYPMRKGSMPJPS[STIVEXMSRW+YMHIPMRIWJSVGSSPMRK {+IRIVEP
VEXIWLEZIFIIRHMWGYWWIHTVIZMSYWP] 3RGI GIQIRX ERH [EXIV MRXIVEGX HYVMRK QM\MRK XLI
;LIR XLI HIWMVIH VEXI SJ XIQTIVEXYVI HVST MW I\GIIHIH QM\XYVIXIQTIVEXYVIFIKMRWXSVMWIEWEVIWYPXSJXLIL]HVEXMSR
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MRXIVVYTXIHYRXMPXLIXIQTIVEXYVIVMWIWEKEMR'SSPMRKWLSYPH LMKLIVERHPEXIVEPJSVQHMQIRWMSRWSJETTVS\MQEXIP]XSJX
FI VIWYQIH [LIR XLI GSRGVIXI XIQTIVEXYVI I\GIIHW XLI XSQ XLIXIQTIVEXYVIVMWIMWIWWIRXMEPP]EHMEFEXMGMR
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XLIGIRXVEPTEVXSJXLIQEWWSJJVIWLGSRGVIXI%XXLII\TSWIH  8IQTIVEXYVIKVEHMIRXW{8LIHIZIPSTQIRXSJWXIIT


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MRXSXLIWYVVSYRHMRKEMVEXEVEXIHITIRHIRXSRXLIXIQTIVEXYVI [LMPIXLIQSHYPYWSJIPEWXMGMX]MWZIV]PS[MWYWYEPP]RSXE
HMJJIVIRXMEP XLIVIJSVI XLI RIX XIQTIVEXYVI VMWI MR XLI WIVMSYWGSRHMXMSR0S[EQFMIRXXIQTIVEXYVIWHYVMRKWIXXMRK
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MRXIVMSV;LMPIXLMWVIWYPXWMREKVEHYEPP]MRGVIEWMRKXIQTIVEXYVI IWXEFPMWLMRK E WXIIT KVEHMIRX EX ER IEVP] EKI [LMPI XLI
KVEHMIRXJVSQ XLI WYVJEGI XS XLI MRXIVMSV PMXXPI SVRS WXVIWW GSRGVIXI MW MR E TPEWXMG GSRHMXMSR FIJSVI XLI GSRGVIXI
ERHWXVEMR MWHIZIPSTIHFIGEYWIXLIGSRGVIXIMWMRETPEWXMG VIWTSRHW XS WXVIWWWXVEMR VIPEXMSRWLMTW %JXIV XLI GSRGVIXI
WXEXI+IRIVEPP]PIERSVQEWWGSRGVIXI[MXLEPS[IVGIQIRXMXMSYW LEVHIRWERHEGUYMVIWIPEWXMGMX]HIGVIEWMRKEQFMIRXXIQTIVEXYVIW
GSRXIRXI\LMFMXWSRP]EWPMKLXHIKVIISJVMKMHMX]JVSQXSLSYVW ERHVMWMRK MRXIVREP XIQTIVEXYVIW [SVO XSKIXLIVXSMRGVIEWIXLI
EJXIVTPEGMRKHITIRHMRKSRXLITPEGMRKXIQTIVEXYVIMRMXMEP XIQTIVEXYVIKVEHMIRXERH[MHIRXLIWXVIWWHMJJIVIRGI FIX[IIR
LIEXGSRXVSPERHGIQIRXGLEVEGXIVMWXMGW(YVMRKXLIRI\X XLI MRXIVMSV ERH XLI WYVJEGI 3R ER] WIGXMSREP TPERI XLI
XS  LSYVW XLI GIQIRX L]HVEXMSR VEXI RSVQEPP] MRGVIEWIW WYQQEXMSRSJMRXIVREPJSVGIWWLSYPHFI^IVS8LMWVIWYPXWMR
WYFWXERXMEPP][MXLXLIGSRGVIXITEWWMRKJVSQETPEWXMGWXEXIXS ELMKLYRMXXIRWMPIWXVIWWMRXLIVIKMSRSJXLII\TSWIHWYVJEGIWERH
TPEWXMGIPEWXMGWXEXIYRXMPEXEREKISJETTVS\MQEXIP]LSYVW EGSQTEVEXMZIP]PS[YRMXGSQTVIWWMZIWXVIWWSZIVXLII\XIRWMZI
XLIGSRGVIXIFIKMRWXSEGXMRERIPEWXMGQERRIV(YVMRKXLMW MRXIVMSVEVIEW,IRGIEWQEPPXIQTIVEXYVIMRGVIEWIMRXLIMRXIVMSV
JMVWXHE]XLIQSHYPYWSJIPEWXMGMX]SJXLIGSRGVIXIMWPS[ERH [MPPGEYWIEWPMKLXMRGVIEWIMRGSQTVIWWMSRSZIVEPEVKIEVIEFYX
MXW GVIIT MW LMKL [MXL XLI RIX VIWYPX XLEX XLI WXVIWWIW ERH [MPPEPWSGEYWIEGSVVIWTSRHMRKPEVKIMRGVIEWIMRXIRWMPIWXVIWW
WXVEMRW EVIIWWIRXMEPP]^IVS*SVQEWWGSRGVIXILEZMRKLMKLIV RIEVXLIWYVJEGIXSQEMRXEMREW]WXIQSJ^IVSXSXEPRIXJSVGI
GIQIRXGSRXIRXWERH LMKLIVWXVIRKXLVIUYMVIQIRXWZSPYQI %WXLIVEXISJL]HVEXMSRWPS[WEQFMIRXXIQTIVEXYVIEPSRI
GLERKIWERHGSRWIUYIRXWXVIWWIWHIZIPSTQYGLIEVPMIV8LI FIGSQIWXLIWMKRMJMGERXPSEHMRHYGMRKTEVEQIXIVERHFIGSQIW
VIWYPXMRK WXVIWW VIHYGXMSR MW PIWW XLER XLEX JSV XLI PIERIV QSWXWIVMSYWEXXLIHS[R[EVHWPSTMRK TEVXSJXLIERRYEP
QM\XYVIW XIQTIVEXYVI G]GPI 8LI IJJIGX MW JYVXLIV MRXIRWMJMIH F] WLSVX
 7XVIWWHIZIPSTQIRX{&IJSVIMRMXMEPWIXSJGSRGVIXI EFVYTXHVSTWMREQFMIRXXIQTIVEXYVIW[LMGLXIRHXSFIQSVI
XLIXIQTIVEXYVIKVEHMIRXSVXLIVQEPGLERKIGEYWIWPMXXPISVRS TVIZEPIRXEXRMKLXERHHYVMRKXLIJEPPWIEWSR
WXVIWWSV WXVEMR %W XLIGSRGVIXI FIKMRW XS EGUYMVIWXVIRKXL
ERHIPEWXMGMX]GLERKIWMRXLIXIQTIVEXYVIKVEHMIRXVIWYPXMR {1EXIVMEPW
PIRKXL ERH ZSPYQI GLERKIW XLEX EVI TEVXMEPP] VIWXVEMRIH 8LIHIKVIISJTVSXIGXMSRVIUYMVIHXSEZSMHSVWMKRMJMGERXP]
[MXLMR XLI WXVYGXYVI MXWIPJ 7XEXMGEPP] FEPERGIH XIRWMPI ERH VIHYGI XLI XLIVQEP XIRWMPI WXVIWWIW EX GSRGVIXI WYVJEGIW
GSQTVIWWMZIWXVIWWIWEVIHIZIPSTIH6IJIVXSXLI'SVTWSJ)RKM GERFIHIXIVQMRIHXLISVIXMGEPP]ERHLEWFIIRHIQSRWXVEXIHMR
RIIVW KYMHERGI SR XLIVQEP EREP]WMW SJ QEWW GSRGVIXI TVEGXMGI%XLIVQEPVIWMWXERGI 6ZEPYI SJLJX *&XY
WXVYGXYVIW 97%')   ERH %'- 6 JSV E GSQTPIXI Q  /; LEWFIIRJSYRHXSFIIJJIGXMZISRQER]TVSN
HMWGYWWMSRSJXLIHIZIPSTQIRXSJWXVIWWIWJVSQXLIVQEPKVEHMIRXW IGXWMRQSHIVEXIGPMQEXIW8LMWMWTVSZMHIHF]EMR 
FIX[IIRMRXIVREPQEWWGSRGVIXIERHWYVJEGIGSRGVIXI QQ  XLMGORIWW SJ I\TERHIH W]RXLIXMG QEXIVMEP WYGL EW
 7XVIRKXLHIZIPSTQIRX{8LIVEXISJWXVIRKXLKEMRMW TSP]WX]VIRISVYVIXLERI[LSWIXLIVQEPGSRHYGXMZMX]MWETTVS\
GPSWIP]VIPEXIHXSXLIXMQIERHXLIXIQTIVEXYVIEX[LMGLXLI MQEXIP]ERH&XYMRLJX * XS;
L]HVEXMSRMWXEOMRKTPEGIw1EXYVMX]xMWXLIWXVIRKXLZIVWYW Q/ 8LIGPSWIHGIPPWXVYGXYVISJXLMWX]TISJQEXIVMEPMWEHZER
XMQI ERH XIQTIVEXYVI VIPEXMSRWLMT JSV E KMZIR QM\XYVI XEKISYWMRQMRMQM^MRK[EXIVEFWSVTXMSRERHGETMPPEVMX]1MRIVEP
%'-6 1IEWYVIHF]GSQTVIWWMSRXIRWMPIWTPMXXMRK [SSPFPEROIXWEVIRSXEWIJJIGXMZIYWYEPP]VIUYMVMRKEHHMXMSREP
ERHTIRIXVEXMSRXIWXWQSWXGSRZIRXMSREPQEWWGSRGVIXI[MPP XLMGORIWWXSEGLMIZIXLIWEQIEQSYRXSJTVSXIGXMSR7MRKPITP]
I\LMFMXEWPMKLXHIKVIISJVMKMHMX]ERHLSYVWEJXIVTPEGMRK TSP]IXL]PIRIIRGPSWYVIWXLEXVIQEMRWIEPIHERHTVSZMHIE
[LIRQIERL]HVEXMSRXIQTIVEXYVIGSRHMXMSRWSJERH* WXEXMG EMV WTEGI FIX[IIR XLI SYXWMHI IRZMVSRQIRX ERH XLI
 ERH '  VIWTIGXMZIP] I\MWX 1M\XYVIW [MXL LMKL GSRGVIXI WYVJEGI EVI YWYEPP] PIWW IJJIGXMZI FYX QSVI
TS^^SPERERHPS[GIQIRXGSRXIRXWXLEXEVILMKLP]VIXEVHIH IGSRSQMGEP
ZIV]GSPHQM\XYVIWSVFSXLQE]RSXHIZIPSTER]VMKMHMX]SV  )JJIGX SJ WYHHIR EMV XIQTIVEXYVI HVST{8LI
WMKRMJMGERXLIEXJVSQL]HVEXMSRJSVERI\XIRHIHXMQIKIRIV GEPGYPEXIH IJJIGXW SR GSRGVIXI XIQTIVEXYVIW EHNEGIRX XS
EPP]SRXLISVHIVSJXSLSYVW-RI\XVIQIP]GSPHGSRHM I\TSWIHWYVJEGIWERHXSMRWYPEXMSRTVSXIGXIHWYVJEGIW[LIR
XMSRW LS[IZIV WYGL EW EX 6IZIPWXSOI HEQ QM\XYVIW [MXL WYFNIGXIH XS VETMH EMV XIQTIVEXYVI HVSTW EVI GSQTEVIH MR
TS^^SPERWERHVIXEVHIVHMHRSXHIZIPSTWMKRMJMGERXWXVIRKXLJSV 8EFPIERH'SRGVIXIXLIVQEPTVSTIVXMIWYWIHMRXLI
WIZIVEP HE]W %JXIV EGUYMVMRK MRMXMEP IPEWXMGMX] XLI VEXI SJ GEPGYPEXMSRW[IVI
GLERKIMRWXVIRKXLHIZIPSTQIRXMRGVIEWIWWYFWXERXMEPP]SZIV
XLIRI\XXSLSYVWFYXXLMWGEREPWSZEV]GSRWMHIVEFP] (IRWMX] PF]H OKQ
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F]XIQTIVEXYVIKVEHMIRXWFIX[IIRXLIMRXIVMSVERHI\XIVMSVSJ 7TIGMJMGLIEX &XYPF* .OK/
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8EFPI{)JJIGXSJMRWYPEXMSRTVSXIGXMSRSJ 8EFPI{)JJIGXSJMRWYPEXMSRTVSXIGXMSRSJ
GSRGVIXII\TSWIHXS* ' VETMHEMV GSRGVIXII\TSWIHXS* ' VETMHEMV
XIQTIVEXYVIHVST XIQTIVEXYVIHVST
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XMQIL GLERKI* '          XMQIL GLERKI* '         
2SMRWYPEXMSR 2SMRWYPEXMSR
 z z z z z z     z z z z z z   
 z z z z z z z z    z z z z z z z z  
 z z z z z z z z z z   z z z z z z z z z z 
 z z z z z z z z z z   z z z z z z z z z z 
 z z z z z z z z z z z z  z z z z z z z z z z z z
6JEGXSV 6JEGXSV
 z z z z      z z z z    
 z z z z z z     z z z z z z   
 z z z z z z z z    z z z z z z z z  
 z z z z z z z z z z   z z z z z z z z z z 
 z z z z z z z z z z   z z z z z z z z z z 
6JEGXSV 6JEGXSV
 z z       z z     
 z z z z      z z z z    
 z z z z z z     z z z z z z   
 z z z z z z z z    z z z z z z z z  
 z z z z z z z z z z   z z z z z z z z z z 
6JEGXSV 6JEGXSV
 z z       z z     
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6ZEPYIMWXLIVQEPVIWMWXERGISJMRWYPEXMSRMRL JX *&XY 6ZEPYIMWXLIVQEPVIWMWXERGISJMRWYPEXMSRMRL JX *&XY

{,SVM^SRXEPWYVJEGIW GSRGVIXIQE]FIHIPE]IHGSRWMHIVTPEGMRKEPE]IVSJTPEWXMG
9RJSVQIHWYVJEGIWSJGSRGVIXIPMJXWEVIHMJJMGYPXXSMRWYPEXI SR XLI GSRGVIXI FIJSVI TPEGMRK XLI LE] SV WXVE[ 8LI LIEX
IJJIGXMZIP] FIGEYWI SJ HEQEKI JVSQ ERH MRXIVJIVIRGI [MXL GETEGMX] SJ [IX WERH WLSYPH FI XEOIR MRXS EGGSYRX [LIR
GSRWXVYGXMSR EGXMZMXMIW 1E\MQYQ IJJMGMIRG] SJ XLI MRWYPEXMSR MRMXMEPP]TPEGIHFIGEYWIMXGERHVEMRLIEXJVSQXLIYRHIVP]MRK
VIUYMVIW GPSWI GSRXEGX [MXL XLI GSRGVIXI{E GSRHMXMSR RSX WYVJEGIHYVMRKXLEXXMQIERHEGXYEPP]MRGVIEWIXLIGSRGVIXI
YWYEPP]EXXEMREFPISRVSYKLPMJXWYVJEGIW2IMXLIVTSRHMRKSJ XLIVQEPKVEHMIRX8LYWMXWXIQTIVEXYVIEXTPEGIQIRXWLSYPH
[EXIVRSVPE]IVWSJWERHLEZITVSZIRXSFITVEGXMGEPW]WXIQW FIXEOIRMRXSEGGSYRX
JSVMRXIVQIHMEXIPMJXWMRQYPXMTPIPMJXGSRWXVYGXMSR1MRIVEPSV (YVMRKXLI[MRXIVWLYXHS[RSJ6''TPEGIQIRX
KPEWW[SSPFPEROIXWSVFEXXMRKXSMR XSQQ MR EX4IRR*SVIWX(EQXLI6''PMJXWYVJEGI[EWGSZIVIH[MXL
XLMGORIWWERHERYQFIVSJVSPPSRJPI\MFPIVYFFIVX]TIQEXIVMEPW JX Q SJWSMPXLEX[EWWTVIEHSZIVXLIPMJXWYVJEGI8LI
RS[ GSQQIVGMEPP] EZEMPEFPI TVSZMHI GSRWMHIVEFPI TVSXIGXMSR WSMP GSZIV [EW MR TPEGI JVSQ IEVP] (IGIQFIV XLSYKL PEXI
ERHLEZIFIIR[MHIP]YWIH 1EVGL8LIVQSGSYTPIW[IVITPEGIHMRXLIGIRXIVSJXLIXST
9RXMPXLIRI\XPE]IVSJGSRGVIXIMWTPEGIHXLIRIIHJSV 6''PMJXERHEXXLIFSXXSQSJXLIWSMPGSZIV2MKLXXMQIEMV
MRWYPEXMSRTVSXIGXMSRSJLSVM^SRXEPWYVJEGIWMWEWKVIEXEWJSV XIQTIVEXYVIW SGGEWMSREPP] HVSTTIH XS ETTVS\MQEXIP]*
JSVQIHWYVJEGIWERHXLIMRWYPEXMSRWLSYPHFIETTPMIHEWWSSR z' 8LIPS[IWXXIQTIVEXYVIVIGSVHIHMRXLIXST6''
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F][SVOIVW EXXLIFSXXSQSJXLIWSMPGSZIV[EWETTVS\MQEXIP]* ' 
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EGGSQTPMWLIHFIJSVI[LIRX]TMGEP[SVOIVEGGIWWMWEXXEMRIH PMJXWYVJEGI[EW[EWLIHXLVIIXMQIW8LIVI[EWIRSYKLWMPXMR
8LI MRWYPEXMSR WLSYPH FI VIQSZIH XS TIVQMX PMJX WYVJEGI XLIWSMPXSQEOIGPIERYTWSQI[LEXHMJJMGYPX+ISXI\XMPISV
GPIERYT FYX WLSYPH FI VITPEGIH TVSQTXP] YRPIWW XLI TPEWXMG TPEGIH SR XLI 6'' FIJSVI TPEGMRK XLI WSMP GSZIV
GSZIVMRKPMJXMWXSFITPEGIH[MXLMREJI[LSYVW QMKLXLEZIVIHYGIHGPIERYTIJJSVXW
&EPIWSJLE]SVWXVE[ERHXLMGOPE]IVWSJ[IXWERHGERFI  -RWYPEXMSRVEXMRKz%GGITXEFPIXIQTIVEXYVIKVEHMIRXW
IJJIGXMZIERHIGSRSQMGEP[E]WXSTVSZMHIPSRKIVXIVQERH GER FI QEMRXEMRIH HYVMRK XLI [MRXIV WIEWSR MR QSHIVEXI
QSVIXLSVSYKLPMJXWYVJEGITVSXIGXMSR;LIVIWIXXMRKSJXLI GPMQEXIWF]XLIETTPMGEXMSRSJMRWYPEXMSR[MXLER6ZEPYISJ
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 '330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6

LJX  *&XY Q /; -RWIZIVIGPMQEXIW WYVJEGIXIQTIVEXYVIHVSTI\GIIHXLIZEPYIWVIGSQQIRHIHMR


MRWYPEXMSR [MXL E 6ZEPYI SJ    MW VIGSQQIRHIH %'-6[LIRTVSXIGXMSRMWVIQSZIH
%TTP]MRK WIZIVEP PE]IVW SJ FPEROIXW [MXL PS[IV MRWYPEXMSR
ZEPYIMWVIGSQQIRHIHSZIVEWMRKPIPE]IVSJLMKLIVMRWYPEXMSR {)HKIWERHGSVRIVW
QEXIVMEP 8LMW EPWS LEW XLI EHZERXEKI SJ SZIVPETTMRK XLI ;LIVILIEXGERJPS[GSRGYVVIRXP]MRX[SSVQSVIHMVIGXMSRW
FPEROIXW EX NSMRXW XS MQTVSZI XLI YRMJSVQMX] SJ MRWYPEXMSR VETMHXIQTIVEXYVIHVSTWGERSGGYV8LMWVIWYPXWMRXLIHIZIPST
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8LI TVSZMWMSRW SJ %'- 6 [LMGL GEYXMSRW EKEMRWX -RGVIEWIH MRWYPEXMSR EPSRK XLI IHKIW ERH EX GSVRIVW SJ
TPEGMRK GSRGVIXI SR JVS^IR JSYRHEXMSRW ETTP] IUYEPP] XS QEWWMZIGSRGVIXIWXVYGXYVIWLEWIJJIGXMZIP]VIHYGIHXLIVEXI
LSVM^SRXEP PMJX WYVJEGIW XLEX EVI EX SV FIPS[ * '  ERHQEKRMXYHISJXLIXIQTIVEXYVIHIGPMRIHYVMRKXLIGSPH
&IJSVI TPEGMRK RI[ GSRGVIXI WYGL WYVJEGIW WLSYPH FI [IEXLIVWIEWSR(SYFPMRKXLIMRWYPEXMSRXLMGORIWW VIHYGMRK
EPPS[IH XS [EVQ XS * '  SV LMKLIV WS XLEX XLI GSRHYGXERGIF]LEPJSZIVEHMWXERGISJJVSQXSJX XS
QE\MQYQHMJJIVIRXMEPXIQTIVEXYVIFIX[IIRXLISPHGSRGVIXI Q JVSQXLIGSRGVIXIIHKIWERHGSVRIVWMWEVIEWSREFPI
ERHXLIQE\MQYQXIQTIVEXYVISJXLIJVIWLGSRGVIXIHYIXS TVSZMWMSRJSVEWXVYGXYVISJQSHIVEXIWM^I
LIEXSJL]HVEXMSR[MPPRSXI\GIIH* ' 9RHIVVMKMHP]
GSRXVSPPIH GSRHMXMSRW IQFIHHIH TMTI QE] FI YWIH XS {,IEXEFWSVTXMSRJVSQPMKLXIRIVK]TIRIXVEXMSR
GMVGYPEXI [EVQ [EXIV XS TVIZIRX ER EFVYTX GLERKI MR XLI (YVMRK GSRWXVYGXMSR SJ XLI 0MFF] (EQ F] XLI 'SVTW SJ
GSRGVIXI XIQTIVEXYVI KVEHMIRX ERH XS IRWYVI EHIUYEXI )RKMRIIVWWMKRMJMGERXP]LMKLIVXIQTIVEXYVIW[IVIQIEWYVIH
L]HVEXMSRSJXLIGIQIRXMRXLIJVIWLP]TPEGIHGSRGVIXI8LI EX XLI XST WYVJEGIW SJ PMJXW TVSXIGXIH F] E YVIXLERI JSEQ
EQSYRX SJ LIEX MRXVSHYGIH MRXS XLI GSRGVIXIWLSYPH FI XLI MRWYPEXMSR [LIR I\TSWIH XS HMVIGX WYRPMKLX XLER [LIR
QMRMQYQRIGIWWEV]XSHIZIPSTEXIQTIVEXYVIKVEHMIRXWYGL WLEHIH 8LMW TLIRSQIRE HMH RSX SGGYV EX ([SVWLEO (EQ
XLEXWXVEMRW[MPPRSXI\GIIHXLIWXVEMRGETEGMX]SJXLIGSRGVIXI [LIRWYGLWYVJEGIW[IVITVSXIGXIHF]PE]IVWSJFPEGOWTSRKI
VYFFIV % PMQMXIH WIVMIW SJ I\TIVMQIRXW GSRJMVQIH XLI
{*SVQIHWYVJEGIW GSRGPYWMSRXLEXYVIXLERIJSEQMRWYPEXMSRTIVQMXXIHPMKLXSJ
6MKMHW]RXLIXMGGIPPYPEVQEXIVMEPMRWTVE]IHFSEVHSVWLIIX WSQI[EZIPIRKXLTVSFEFP]YPXVEZMSPIXXSTEWWXLVSYKLXSXLI
JSVQEW[IPPEWFPEROIXWGSRXEMRMRKGPSWIHGIPPQEXIVMEPGERFI GSRGVIXIWYVJEGI[LIVIMX[EWGSRZIVXIHXSLIEXIRIVK]8LI
TVEGXMGEPQIXLSHWSJMRWYPEXMRK8LIGPSWIHGIPPWXVYGXYVISJXLI XIWXWMRHMGEXIHXLEXEFEVVMIVSJWSQIX]TI FPEGOTSP]IXL]PIRISV
QEXIVMEPVIWYPXWMRZIV]PS[EFWSVTXMSRGLEVEGXIVMWXMGWERHMXW EPYQMRYQ JSMP  [EW VIUYMVIH XS FPSGO SYX XLI TSXIRXMEP PMKLX
WXVIRKXL ERH IPEWXMG TVSTIVXMIW TVSZMHI EHIUYEXI VMKMHMX] WSYVGIIRIVK]ERHEZSMHEYKQIRXMRKXLILIEXFIMRKKIRIVEXIH
+IRIVEPP]JSEQIHQEXIVMEPWSJXLMWX]TIEVIWSQI[LEXWIRWMXMZI [MXLMRXLIGSRGVIXI
XSLIEXEXETTVS\MQEXIP]* ' FYXXIQTIVEXYVIWSJ
XLMW PIZIP EVI RSX RSVQEPP] IRGSYRXIVIH EJXIV MRWXEPPEXMSR {+ISKVETLMGEPVIUYMVIQIRXW
1SWX W]RXLIXMG QEXIVMEPW [MPP FYVR [LIR I\TSWIH XS STIR 8LI TIVMSH [LIR MRWYPEXMSR MW VIUYMVIH JSV TVSXIGXMSR
JPEQIERHXLMWMWELE^EVHXLEXWLSYPHRSXFISZIVPSSOIH EKEMRWX XLIVQEP GVEGOMRK GER HITIRH SR XLI GSRGVIXI
 -RXIKVEP JSVQ MRWYPEXMSR{% QMRMQYQ [SSH JSVQ QM\XYVI WXVYGXYVI SV TPEGIQIRX KISQIXV] MRXIVREP ERH
XLMGORIWWSJMR QQ MWRIGIWWEV]XSTVSZMHIXLIHIWMVIH I\XIVREPVIWXVEMRXWVEXISJWXVIRKXLKEMRERHGPMQEXIERH
PIZIP SJ TVSXIGXMSR [LMPI XLI JSVQW VIQEMR MR TPEGI 7XIIP KISKVETL] 8LI PEXXIV JEGXSVW SJ GPMQEXI ERH KISKVETL]
JSVQWSJJIVZMVXYEPP]RSMRWYPEXMSRTVSXIGXMSRERHWLSYPHFI WLSYPHFIGEVIJYPP]GSRWMHIVIH[LIRIWXEFPMWLMRKVIUYMVI
WYTTPIQIRXIH [MXL WYMXEFPI MRWYPEXMSR QEXIVMEPW FIJSVI QIRXWJSVETTP]MRKMRWYPEXMSR*SVPSGEXMSRWGSRWMHIVIHE
TPEGMRKGSRGVIXI%TVEGXMGEPWSPYXMSRMWXSGSEXXLII\XIVMSV WIZIVIGPMQEXIWYGLEWLMKLIPIZEXMSRPSGEXMSRWSVPSGE
SJVIYWEFPIWXIIPJSVQW[MXLEWTVE]SRW]RXLIXMGJSEQSJXLI XMSRW[LIVIQMRMQYQXIQTIVEXYVIWJVIUYIRXP]HVSTFIPS[
RIGIWWEV]XLMGORIWW JVII^MRKMRWYPEXMSRWLSYPHFIETTPMIHXSGSRGVIXITPEGIH
 *SVQ VIQSZEP{9TSR VIQSZMRK XLI JSVQW IMXLIV MR XLI IEVP] EYXYQR XLVSYKL PEXI WTVMRK 8LMW GER FI
[SSH SV WXIIP MRWYPEXMSR WLSYPH FI TVSQTXP] MRWXEPPIH VIPE\IHJSVQSVIQSHIVEXIGPMQEXIW-RWYPEXMSRWLSYPHFI
EKEMRWXXLII\TSWIHGSRGVIXIWYVJEGI;LIRTVEGXMGEPJSVQ YWIHMRPSGEXMSRWXLEXI\TIVMIRGIEWLEVTMRGVIEWIMRXLI
VIQSZEPERH MRWYPEXMRKWLSYPHFITPERRIHJSVXLI[EVQIWX HEMP]XIQTIVEXYVIJPYGXYEXMSRFIX[IIRWYQQIVERHJEPP
XMQISJXLIHE]*SVYRI\TSWIHJSVQIHWYVJEGIWEREPXIVREXMZI
TVSGIHYVIMWXSMRWXEPPMRWYPEXMSRSRXLIMRWMHISJXLIJSVQW ',%48)6{6)*)6)2')7
FIJSVI GSRGVIXI TPEGIQIRX [MXL [MVI ERGLSVW XLEX [MPP {6IJIVIRGIHWXERHEVHWERHVITSVXW
TVSNIGXMRXSXLIGSRGVIXI[LIRTPEGIH8LIMRWYPEXMSRXLIRMW 8LI WXERHEVHW ERH VITSVXW PMWXIH FIPS[ [IVI XLI PEXIWX
LIPHMRTPEGIEKEMRWXXLIGSRGVIXIWYVJEGI[LIRXLIJSVQWEVI IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI
VIQSZIH8LMWQIXLSHLEWRSXFIIRWYGGIWWJYPSRI\TSWIH XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH
GSRGVIXI FIGEYWI SJ WYVJEGI MQTIVJIGXMSRW GEYWIH F] XLI XSGSRXEGXXLITVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIV
VIPEXMZIP]JPI\MFPIMRWYPEXMSR-RRSIZIRXWLSYPHXLIKVEHYEP XSXLIPEXIWXZIVWMSR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8) %'-6 

%QIVMGER'SRGVIXI-RWXMXYXI :MGXSVME (EQ %YWXVEPMEx 4VSGIIHMRKW -RXIVREXMSREP


6 1EWW'SRGVIXI 7]QTSWMYQSR6SPPIV'SQTEGXIH'SRGVIXI(EQW&IMNMRK
6 )JJIGXSJ6IWXVEMRX:SPYQI'LERKIERH6IMRJSVGI TT
QIRXSR'VEGOMRKSJ1EWW'SRGVIXI 6SYWL/ERH3v0IEV].w'SSPMRK'SRGVIXI[MXL
6 -R4PEGI1IXLSHWXS)WXMQEXI'SRGVIXI7XVIRKXL )QFIHHIH 4MTIWx 'SRGVIXI -RXIVREXMSREP :  2S 
6 'SPH;IEXLIV'SRGVIXMRK 1E]TT
7GLVEHIV ) /  w'SRXVSP ,IEX JSV &IXXIV
8LI EFSZI TYFPMGEXMSRW QE] FI SFXEMRIH JVSQ XLI 'SRGVIXIx 'SRGVIXI 'SRWXVYGXMSR :  2S  7ITX
JSPPS[MRKSVKERM^EXMSR TT
8EXVS7&ERH7GLVEHIV)/w8LIVQEP'SRWMH
%QIVMGER'SRGVIXI-RWXMXYXI IVEXMSRW JSV 6SPPIV'SQTEGXIH 'SRGVIXIx %'- .3962%0
43&S\ 4VSGIIHMRKW:2S1EV%TVTT
*EVQMRKXSR,MPPW1MGL 8EXVS7&ERH7GLVEHIV)/w8LIVQEP%REP]WMW
[[[GSRGVIXISVK SJ 6''{% 4VEGXMGEP %TTVSEGLx 6SPPIV 'SQTEGXIH
'SRGVIXI{---%7')2I[=SVO
{'MXIHVIJIVIRGIW
&IEZIV;w0MUYMH2MXVSKIRJSV'SRGVIXI'SSPMRKx 8YXLMPP0ERH%HEQW6*w'VEGOMRK'SRXVSPPIH
'SRGVIXI-RXIVREXMSREP:2S7ITXTT MR1EWWMZI6IMRJSVGIH7XVYGXYVEP'SRGVIXIF]%TTPMGEXMSRSJ
&SQFMGL%%2SVQER'(ERH.SRIW,; 1EWW'SRGVIXI4VEGXMGIWx%'-.3962%0 4VSGIIHMRKW:
w8IGLRMGEP 6ITSVX 70 8LIVQEP 7XVIWW %REP]WMW SJ 2S%YKTT
1MWWMWWMTTM6MZIV0SGOERH(EQx97%VQ]'SVTWSJ 97%') [MXL'LERKI w-RWXVYQIRXEXMSRJSV
)RKMRIIVWTT 'SRGVIXI 7XVYGXYVIWx )1  (ITEVXQIRX SJ XLI
'EVPWSR 6 ; ERH 8LE]IV ( 4  w7YVJEGI %VQ]'SVTWSJ)RKMRIIVW;EWLMRKXSR('
'SSPMRK SJ 1EWW 'SRGVIXI XS 4VIZIRX 'VEGOMRKx %'- 97%')  w)RKMRIIVMRK ERH (IWMKR{8LIVQEP
.3962%0 4VSGIIHMRKW :2S%YKTT 7XYHMIW SJ 1EWW 'SRGVIXI 7XVYGXYVIWx )80 
'EVPWSR 6 ;  w1ERYEP JSV XLI 9WI SJ 7XVEMR (ITEVXQIRXSJXLI%VQ]'SVTWSJ)RKMRIIVW;EWLMRKXSR
1IXIVWERH3XLIV-RWXVYQIRXWJSV)QFIHQIRXMR'SRGVIXI ('1E]
7XVYGXYVIWx'EVPWSR-RWXVYQIRXW'EQTFIPP'EPMJTT 97&6  w(IWMKR SJ +VEZMX] (EQWx &YVIEY SJ
''1w'SSPMRK'SRGVIXI1M\IW[MXL0MUYMH2MXVSKIRx 6IGPEQEXMSR 97 +SZIVRQIRX 4VMRXMRK 3JJMGI ;EWL
'SRGVIXI'SRWXVYGXMSR:2S1E]TT MRKXSR('TT
*SVFIW&%+MPPSR&6ERH(YRWXYR8+ ;EHHIPP . .  'SRGVIXI 'SRWXVYGXMSR ,ERHFSSO
w'SSPMRK SJ 6'' ERH 'SRWXVYGXMSR 8IGLRMUYIW JSV 2I[ WIGSRHIHMXMSR1G+VE[,MPP&SSO'S2I[=SVO'LETXIV

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW

8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW

7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW

)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI

'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]

7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW

7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME

*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW

4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP

%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP

&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'-
QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI 
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'SSPMRKERH-RWYPEXMRK7]WXIQW
JSV1EWW'SRGVIXI

8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW

8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR

-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW

1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

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