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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

{(IWGVMTXMSR {-RWXEPPIVGIVXMJMGEXMSR
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

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e 7LSXGVIXIERH SFWIVZIHF]XLITYFPMGHYVMRKRSVQEPYWI
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1


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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

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XLIXLMGORIWWSJWPEFWSVXSTTMRKW
 %MVGSRXIRX{9RPIWWSXLIV[MWIWTIGMJMIHGSRGVIXI
WLEPP FI EMV IRXVEMRIH MR EGGSVHERGI [MXL F 9RPIWW
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EGGSVHERGI[MXL%781''1SV%781'
 %HQM\XYVIW{;LIREHQM\XYVIW EVI WTIGMJMIH MR
'SRXVEGX(SGYQIRXWJSVTEVXMGYPEVTEVXWSJXLI;SVOYWIXLI
X]TIW WTIGMJMIH 8LI YWI SJ GEPGMYQ GLPSVMHI SV SXLIV
EHQM\XYVIWGSRXEMRMRKGLPSVMHIMSRWWLEPPFIWYFNIGXXSXLI
PMQMXEXMSRWMR;LIREGGITXIHEHHGEPGMYQGLPSVMHI
MRXSXLIGSRGVIXIQM\XYVIMRWSPYXMSRJSVQSRP]
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

8EFPIE{*SV)\TSWYVI'EXIKSV]7WYPJEXII\TSWYVI
6IUYMVIHGIQIRXMXMSYWQEXIVMEPW{X]TIW
)\TSWYVI 1E\MQYQ %HHMXMSREP
GPEWW [GQ 1MRMQYQ JG  14E %781' %781' %781' VIUYMVIQIRXW
7 2% 2% 2% 2% 2% 2%
7   --jk -417 -7  17 17 2%
2SGEPGMYQGLPSVMHI
7   :k -4,7 -7  ,7 ,7
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SVWPEK

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j*SVWIE[EXIVI\TSWYVISXLIVX]TIWSJTSVXPERHGIQIRXW[MXLXVMGEPGMYQEPYQMREXI'
% GSRXIRXWYTXS EVITIVQMXXIHMJXLI[GQHSIWRSXI\GIIH
k
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8LIEQSYRXSJXLIWTIGMJMGWSYVGISJXLITS^^SPERSVWPEKYWIHWLEPPRSXFIPIWWXLERXLIEQSYRXHIXIVQMRIHF]XIWXSVWIVZMGIVIGSVHXSMQTVSZIWYPJEXIVIWMWXERGI[LIRYWIHMR
GSRGVIXIGSRXEMRMRK8]TI:GIQIRX%PXIVREXMZIP]XLIEQSYRXSJXLIWTIGMJMGWSYVGISJXLITS^^SPERSVWPEKYWIHWLEPPRSXFIPIWWXLERXLIEQSYRXXIWXIHMREGGSVHERGI[MXL%781
'ERHQIIXMRKXLIVIUYMVIQIRXWSJ8EFPIE

8EFPIE{6IUYMVIQIRXWJSVIWXEFPMWLMRKWYMXEFMPMX]SJGIQIRXMXMSYWQEXIVMEPWGSQFMREXMSRW
I\TSWIHXS[EXIVWSPYFPIWYPJEXI
1E\MQYQI\TERWMSR[LIRXIWXIHYWMRK%781'
)\TSWYVIGPEWW %XQSRXLW %XQSRXLW %XQSRXLW
7  2% 2%
7    2%
7 2% 2% 
8LIQSRXLI\TERWMSRPMQMXETTPMIWSRP][LIRXLIQIEWYVIHI\TERWMSRI\GIIHWXLIQSRXLQE\MQYQI\TERWMSRPMQMX

 'SRGVIXIXIQTIVEXYVI{;LIRXLIEZIVEKISJXLI H 'SVVSWMSR TVSXIGXMSR SJ VIMRJSVGIQIRX{

LMKLIWX ERH PS[IWX EQFMIRX XIQTIVEXYVI JVSQ QMHRMKLX XS 9RPIWW SXLIV[MWI WTIGMJMIH TVSZMHI GSRGVIXI QIIXMRK XLI
QMHRMKLXMWI\TIGXIHXSFIPIWWXLER'JSVQSVIXLERXLVII VIUYMVIQIRXW SJ 8EFPI H JSV GSRHMXMSRW VIUYMVMRK
WYGGIWWMZI HE]W HIPMZIV GSRGVIXI XS QIIX XLI JSPPS[MRK GSVVSWMSR TVSXIGXMSR SJ VIMRJSVGIQIRX HIJMRIH MR 'SRXVEGX
QMRMQYQXIQTIVEXYVIWMQQIHMEXIP]EJXIVTPEGIQIRX (SGYQIRXW 7YFQMX HSGYQIRXEXMSR ZIVMJ]MRK GSQTPMERGI
e 'JSVWIGXMSRWPIWWXLERQQMRXLIPIEWXHMQIRWMSR [MXLWTIGMJMIHVIUYMVIQIRXW
e 'JSVWIGXMSRWXSQQMRXLIPIEWXHMQIRWMSR ;EXIVWSPYFPI GLPSVMHI MSR GSRXIRX GSRXVMFYXIH JVSQ
e 'JSVWIGXMSRWQQXSQMRXLIPIEWXHMQIRWMSRERH GSRWXMXYIRXW MRGPYHMRK [EXIV EKKVIKEXIW GIQIRXMXMSYW
e 'JSVWIGXMSRWKVIEXIVXLERQMRXLIPIEWXHMQIRWMSR QEXIVMEPW ERH EHQM\XYVIW WLEPP FI HIXIVQMRIH JSV XLI
8LI XIQTIVEXYVI SJ GSRGVIXI EW TPEGIH WLEPP RSX I\GIIH GSRGVIXI QM\XYVI F] %781 ''1 EX EKI
XLIWI ZEPYIW F] QSVI XLER '8LIWI QMRMQYQVIUYMVI FIX[IIRERHHE]W
QIRXW QE] FI XIVQMREXIH [LIR XIQTIVEXYVIW EFSZI '  7XVIRKXL ERH [EXIVGIQIRXMXMSYW QEXIVMEP VEXMS{
SGGYVHYVMRKQSVIXLERLEPJSJER]LSYVHYVEXMSR 8LIGSQTVIWWMZIWXVIRKXLERH[LIRVIUYMVIH[EXIVGIQIRXM
9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIHXLIXIQTIVEXYVI
SJXLIGSRGVIXIJSVIEGLTSVXMSRSJXLI
SJGSRGVIXIEWHIPMZIVIHWLEPPRSXI\GIIH'
 (YVEFMPMX]
E 7YPJEXIVIWMWXERGI{9RPIWWSXLIV[MWIWTIGMJMIH
TVSZMHIGSRGVIXIQIIXMRKXLIVIUYMVIQIRXWSJ8EFPIE
FEWIHSRI\TSWYVIGPEWWJSVI\TSWYVIXS[EXIVWSPYFPIWYPJEXIW
HIJMRIH MR 'SRXVEGX (SGYQIRXW 7YFQMX HSGYQIRXEXMSR
ZIVMJ]MRKGSQTPMERGI[MXLWTIGMJMIHVIUYMVIQIRXW
F *VII^MRK ERH XLE[MRK VIWMWXERGI{9RPIWW
SXLIV[MWIWTIGMJMIHTVSZMHIGSRGVIXIQIIXMRKXLIVIUYMVIQIRXWSJ
8EFPIFFEWIHSRI\TSWYVIGPEWWJSVJVII^MRKERHXLE[MRK
I\TSWYVIHIJMRIHMR'SRXVEGX(SGYQIRXW7YFQMXHSGYQIRXEXMSR
ZIVMJ]MRKGSQTPMERGI[MXLWTIGMJMIHVIUYMVIQIRXW
G 0S[TIVQIEFMPMX]{9RPIWWSXLIV[MWIWTIGMJMIH
TVSZMHIGSRGVIXIQIIXMRKXLIVIUYMVIQIRXWSJ8EFPIG
FEWIH SR I\TSWYVI GPEWW JSV WXVYGXYVEP QIQFIVW MR GSRXEGX
[MXL [EXIV VIUYMVMRK PS[TIVQIEFMPMX] HIJMRIH MR 'SRXVEGX
(SGYQIRXW 7YFQMX HSGYQIRXEXMSR ZIVMJ]MRK GSQTPMERGI
[MXLWTIGMJMIHVIUYMVIQIRXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
XMSYWQEXIVMEPVEXMS[GQ
;SVOWLEPPFIEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
E 9RPIWW SXLIV[MWI WTIGMJMIH WXVIRKXL
VIUYMVIQIRXW WLEPP FI FEWIH SR E HE] GSQTVIWWMZI
WXVIRKXLHIXIVQMRIHSR\QQSV\QQ
G]PMRHVMGEPWTIGMQIRWQEHIERHXIWXIHMREGGSVHERGI[MXL
%781 ''1 ERH ''1 VIWTIGXMZIP] %
WXVIRKXLXIWXEXHIWMKREXIHEKIMWXLIEZIVEKISJEXPIEWXX[S
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 \  QQ G]PMRHIVW QEHI JVSQ XLI WEQI GSRGVIXI
WEQTPI
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TVSZMHI WXIIP JMFIVVIMRJSVGIH GSRGVIXI MR EGGSVHERGI [MXL
'SRXVEGX(SGYQIRXW
 4VSTSVXMSRMRK
 4VSTSVXMSR GSRGVIXI XS GSQTP] [MXL  XS
TVSZMHI [SVOEFMPMX] ERH GSRWMWXIRG] WS GSRGVIXI GER FI
[SVOIHVIEHMP]MRXSJSVQWERHEVSYRHVIMRJSVGIQIRX[MXLSYX
WIKVIKEXMSRERHXSTVSZMHIEREZIVEKIGSQTVIWWMZIWXVIRKXL
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1


8EFPIF{*SV)\TSWYVI'EXIKSV]* 8EFPIG{*SV)\TSWYVI'EXIKSV]4
*VII^MRKERHXLE[MRKI\TSWYVI -RGSRXEGX[MXL[EXIVVIUYMVMRKPS[TIVQIEFMPMX]
GSRGVIXI
)\TSWYVI 1E\MQYQ 1MRMQYQ %HHMXMSREP
GPEWW [GQ JG 14E %MVGSRXIRX VIUYMVIQIRXW )\TSWYVI 1E\MQYQ 1MRMQYQ %HHMXMSREPQMRMQYQ
* 2% 2% 2% GPEWW [GQ JG 14E VIUYMVIQIRXW
*   8EFPIF 2% 4 2% 2% 2%
*   8EFPIF 2% 4   2%
*   8EFPIF 8EFPIF

8EFPIH{*SV)\TSWYVI'EXIKSV]'
8EFPIF{8SXEPEMVGSRXIRXJSVGSRGVIXI 'SRHMXMSRWVIUYMVMRKGSVVSWMSRTVSXIGXMSRSJ
I\TSWIHXSG]GPIWSJJVII^MRKERHXLE[MRK VIMRJSVGIQIRX
%MVGSRXIRX j 1E\MQYQ[EXIVWSPYFPIGLPSVMHI
2SQMREPQE\MQYQ )\TSWYVI'PEWWIW*ERH )\TSWYVI 1E\MQYQ 1MRMQYQ MSR'Pz GSRXIRXMRGSRGVIXI
GPEWW [GQ JG 14E TIVGIRXF][IMKLXSJGIQIRX
EKKVIKEXIWM^IQQk * )\TSWYVI'PEWW*
   6IMRJSVGIHGSRGVIXI
   ' 2% 2% 
   ' 2% 2% 
   '   
   4VIWXVIWWIHGSRGVIXI
' 2% 2% 
  
' 2% 2% 
  
'   

8SPIVERGISREMVGSRXIRXEWHIPMZIVIHWLEPPFI 
j
*SV JG "14EVIHYGMRKEMVGSRXIRXF] MWTIVQMXXIH
k
6IJIVXS%781'JSVXSPIVERGISRSZIVWM^IJSVZEVMSYWRSQMREPQE\MQYQWM^I
 7EQTPI WXERHEVHHIZMEXMSR
HIWMKREXMSRW
8LIWI EMVGSRXIRXWETTP]XS XSXEPQM\XYVI;LIRXIWXMRKXLIWIGSRGVIXIWLS[IZIV
E *MIPH XIWX HEXE{*MIPH XIWX VIGSVHW YWIH XS
EKKVIKEXITEVXMGPIWPEVKIVXLERQQEVIVIQSZIHF]WMIZMRKERHEMVGSRXIRXMW GEPGYPEXIWEQTPIWXERHEVHHIZMEXMSRWLEPPVITVIWIRXQEXIVMEPW
QIEWYVIHSRXLIWMIZIHJVEGXMSRXSPIVERGISREMVGSRXIRXEWHIPMZIVIHETTPMIWXSXLMW UYEPMX]GSRXVSP TVSGIHYVIW ERH GPMQEXMG GSRHMXMSRW WMQMPEV
ZEPYI %MVGSRXIRXSJXSXEPQM\XYVIMWGEPGYPEXIHJVSQZEPYIQIEWYVIHSRXLIWMIZIH
JVEGXMSRTEWWMRKXLIQQWMIZIMREGGSVHERGI[MXL%781' XS XLSWI I\TIGXIH MR XLI ;SVO 'LERKIW MR QEXIVMEPW ERH
GSRGVIXI TVSTSVXMSRW VITVIWIRXIH F] XIWX VIGSVHW WLEPP RSX
8EFPIF{1E\MQYQGIQIRXMXMSYW LEZIFIIRQSVIVIWXVMGXIHXLERXLSWIMRXLITVSTSWIH;SVO
QEXIVMEPWVIUYMVIQIRXWJSVGSRGVIXII\TSWIH 8IWXVIGSVHWWLEPPGSQTP][MXLSRISJXLIJSPPS[MRK
XSHIMGMRKGLIQMGEPW e (EXE JVSQ E WMRKPI KVSYT SJ EX PIEWX  GSRWIGYXMZI
1E\MQYQTIVGIRXSJXSXEP GSQTVIWWMZIWXVIRKXL XIWXW [MXL XLI WEQI QM\XYVI
'IQIRXMXMSYWQEXIVMEP GIQIRXMXMSYWQEXIVMEPF][IMKLX TVSTSVXMSRWSV
*P]EWLSVSXLIVTS^^SPERWGSRJSVQMRK e (EXE JVSQ X[S KVSYTW SJ GSRWIGYXMZI GSQTVIWWMZI

XS%781'
7PEKGIQIRXGSRJSVQMRKXS%781
WXVIRKXLXIWXWXSXEPMRKEXPIEWX GSQTVIWWMZIWXVIRKXL
 XIWXW 2IMXLIV SJ XLI X[S KVSYTW WLEPP GSRWMWX SJ PIWW
'
7MPMGEJYQIGSRJSVQMRKXS%781

XLERXIWXW
' F 'EPGYPEXI WEQTPI WXERHEVH HIZMEXMSR{
8SXEPSJJP]EWLSVSXLIVTS^^SPERW 'EPGYPEXIXLIWEQTPIWXERHEVHHIZMEXMSRWW SJXLIWXVIRKXL
WPEKERHWMPMGEJYQI j
8SXEPSJJP]EWLSVSXLIVTS^^SPERWERH
XIWXVIGSVHWEWJSPPS[W
WMPMGEJYQI j e *SVEWMRKPIKVSYTSJGSRWIGYXMZIXIWXVIWYPXW
8SXEP GIQIRXMXMSYW QEXIVMEP EPWS MRGPYHIW %781 ' ' ' ERH '
GIQIRX8LIQE\MQYQTIVGIRXEKIWEFSZIWLEPPMRGPYHI
E *P]EWLSVSXLIVTS^^SPERWTVIWIRXMR'SV'8]TI-4FPIRHIHGIQIRX R
F 7PEKGIQIRXTVIWIRXMR'SV'8]TI-7FPIRHIHGIQIRXERH 
G  7MPMGE JYQI GSRJSVQMRK XS %781 ' TVIWIRXMR ' SV ' 8]TI-4
 <M z <
FPIRHIHGIQIRX M!
j*P]EWL SVSXLIVTS^^SPERWERHWMPMGEJYQIWLEPPGSRWXMXYXIRSQSVIXLER ERH WW !  
 VIWTIGXMZIP]SJXLIXSXEP[IMKLXSJXLIGIQIRXMXMSYWQEXIVMEPW R z 

[LIVI
WW ! WEQTPIWXERHEVHHIZMEXMSR
EHIUYEXI XS QIIX EGGITXERGI VIUYMVIQIRXW SJ  -J XLI R ! RYQFIVSJXIWXVIWYPXWGSRWMHIVIH
TVSHYGXMSRJEGMPMX]LEWVIGSVHWSJJMIPHXIWXWTIVJSVQIH[MXLMRXLI < ! EZIVEKISJR XIWXVIWYPXWGSRWMHIVIHERH
TEWXQSRXLWERHWTERRMRKRSPIWWXLERGEPIRHEVHE]WJSVE <M ! MRHMZMHYEPXIWXVIWYPX
GPEWWSJGSRGVIXI[MXLMR14ESJXLEXWTIGMJMIHJSVXLI;SVO e *SVX[SKVSYTWSJGSRWIGYXMZIXIWXVIWYPXW
GEPGYPEXIEWEQTPIWXERHEVHHIZMEXMSRERHIWXEFPMWLXLIVIUYMVIH
EZIVEKIGSQTVIWWMZIWXVIRKXLJGV MREGGSVHERGI[MXLERH  
E -J JMIPH XIWX VIGSVHW EVI RSX EZEMPEFPI WIPIGX JGV  JVSQ  R  z  W    R  z  W 
WW !  
8EFPIF  R  R  z 

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

[LIVI 8EFPIE{6IUYMVIHEZIVEKIGSQTVIWWMZI
WW ! WXERHEVHHIZMEXMSRJSVXLIX[SKVSYTWGSQFMRIH WXVIRKXL JGV [LIRHEXEEVIEZEMPEFPIXSIWXEFPMWLE
W W ! WXERHEVH HIZMEXMSRW JSV +VSYTW  ERH  VIWTIG WEQTPIWXERHEVHHIZMEXMSR14E
XMZIP] GEPGYPEXIH MR EGGSVHERGI [MXL )U 
 JGV 14E
ERH JG 14E 9WIXLIPEVKIVSJ )UYEXMSR
R R ! RYQFIVSJXIWXVIWYPXWMR+VSYTWERHVIWTIGXMZIP] JGV !JG'OWW 

 6IUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL{'EPGYPEXI SVPIWW
JGV ! JG OWWz 

JGV  JSV XLI WTIGMJMIH GPEWW SJ GSRGVIXI MR EGGSVHERGI [MXL JGV ! JG OWW 

ESVF 3ZIV
E 9WIXLIWEQTPIWXERHEVHHIZMEXMSRGEPGYPEXIHMR
EGGSVHERGI[MXLXSIWXEFPMWLJGV MREGGSVHERGI[MXL
8EFPI E 9WI XLI PEVKIV SJ XLI X[S ZEPYIW SJ JGV
JGV !JG OWW 
2SXIWJGV !VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLJG !WTIGMJMIHGSRGVIXIWXVIRKXL
O!JEGXSVJVSQ8EFPIEXSEHNYWXWXERHEVHHIZMEXMSRMJXSXEPRYQFIVSJXIWXW
MWPIWWXLERERHWW!WXERHEVHHIZMEXMSRGEPGYPEXIHMREGGSVHERGI[MXL

GEPGYPEXIH
F;LIRJMIPHXIWXVIGSVHWEVIRSXEZEMPEFPIXS 8EFPIE{OJEGXSVJSVMRGVIEWMRKWEQTPI
IWXEFPMWL E WEQTPI WXERHEVH HIZMEXMSR WIPIGX XLI VIUYMVIH WXERHEVHHIZMEXMSRJSVRYQFIVSJXIWXWGSRWMHIVIH
EZIVEKIGSQTVIWWMZIWXVIRKXLJGV JVSQ8EFPIF OJEGXSVJSVMRGVIEWMRKWEQTPI
 (SGYQIRXEXMSRSJEZIVEKIGSQTVIWWMZIWXVIRKXL{ 8SXEPRYQFIVSJXIWXWGSRWMHIVIH WXERHEVHHIZMEXMSR
(SGYQIRXEXMSRMRHMGEXMRKXLITVSTSWIHGSRGVIXITVSTSVXMSRW  
[MPP TVSHYGI ER EZIVEKI GSQTVIWWMZI WXVIRKXL IUYEP XS SV  
KVIEXIVXLERXLIVIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLERH  
WLEPP GSRWMWX SJ JMIPH WXVIRKXL VIGSVHW SV XVMEP QM\XYVIW MR SVQSVI 
EGGSVHERGI[MXLESVFVIWTIGXMZIP] 2SXI0MRIEVMRXIVTSPEXMSRJSVMRXIVQIHMEXIRYQFIVSJXIWXWMWEGGITXEFPI

E *MIPHXIWXHEXE{-JJMIPHXIWXHEXEEVIEZEMPEFPI
ERH VITVIWIRX E WMRKPI KVSYT SJ EX PIEWX  GSRWIGYXMZI 8EFPIF{6IUYMVIHEZIVEKIGSQTVIWWMZI
WXVIRKXL XIWXW JSV SRI QM\XYVI YWMRK XLI WEQI QEXIVMEPW WXVIRKXL JGV 
YRHIVXLIWEQIGSRHMXMSRWERHIRGSQTEWWMRKETIVMSHSJRSX JG 14E JGV 14E
PIWW XLER  HE]W ZIVMJ] XLEX XLI EZIVEKI SJ XLI JMIPH XIWX 0IWWXLER JG 
VIWYPXW IUYEPW SV I\GIIHW JGV  7YFQMX JSV EGGITXERGI XLI JG 
XS
QM\XYVITVSTSVXMSRWEPSRK[MXLXLIJMIPHXIWXHEXE
3ZIV JG 
-JXLIJMIPHXIWXHEXEVITVIWIRXX[SKVSYTWSJGSQTVIWWMZI
;LIRHEXEEVIRSXIEZEMPEFPIXSIWXEFPMWLWXERHEVHHIZMEXMSR
WXVIRKXLXIWXWJSVX[SQM\XYVIWTPSXXLIEZIVEKIWXVIRKXL<
ERH <SJIEGLKVSYTZIVWYWXLI[GQSJXLIGSVVIWTSRHMRK
QM\XYVITVSTSVXMSRWERHMRXIVTSPEXIFIX[IIRXLIQXSIWXEFPMWL e *SVIEGLXVMEPQM\XYVIQEOIERHGYVIXLVIIGSQTVIWWMZI
XLI VIUYMVIH [GQ )WXEFPMWL QM\XYVI TVSTSVXMSRW JSV JGV WXVIRKXLG]PMRHIVWJSVIEGLXIWXEKIMREGGSVHERGI[MXL
FEWIHSRXLIVIUYMVIH[GQ %781''18IWXJSVGSQTVIWWMZIWXVIRKXLMR
F 8VMEPQM\XYVIW{)WXEFPMWLQM\XYVITVSTSVXMSRW EGGSVHERGI[MXL%781''1EXHE]WSVEXXLI
FEWIH SR XVMEP QM\XYVIW MR EGGSVHERGI [MXL XLI JSPPS[MRK XIWXEKIJSV JG HIWMKREXIH MRXLI 'SRXVEGX(SGYQIRXW
VIUYMVIQIRXW ERH
e 9WI QEXIVMEPW ERH QEXIVMEP GSQFMREXMSRW PMWXIH MR e )WXEFPMWLQM\XYVI TVSTSVXMSRW FEWIH SR XLI XVMEP FEXGL
XLVSYKLTVSTSWIHJSVXLI;SVO HEXE XS EGLMIZI ER EZIVEKI GSQTVIWWMZI WXVIRKXL MR
e (IXIVQMRI JGV  EGGSVHMRK XS E MJ WYMXEFPI JMIPH EGGSVHERGI[MXLJGV EWHIXIVQMRIHMRERHXSRSX
XIWXHEXEEVIEZEMPEFPISVYWI8EFPIF I\GIIH XLI QE\MQYQ [GQERH SXLIVVIUYMVIQIRXW SJ
e 1EOI EX PIEWX XLVII XVMEP QM\XYVIW JSV IEGL GSRGVIXI [LIRETTPMGEFPI
GPEWW [MXL E VERKI SJ TVSTSVXMSRW XLEX [MPP TVSHYGI E  *MIPHZIVMJMGEXMSRSJWIPIGXIHQM\XYVITVSTSVXMSRW{
VERKISJGSQTVIWWMZIWXVIRKXLWXLEX[MPPIRGSQTEWWJGV  ;LIRVIUYMVIH GSRHYGX JMIPH ZIVMJMGEXMSR SJXLI IJJIGXW SJ
*SVGSRGVIXIQEHI[MXLQSVIXLERSRIX]TISJGIQIRXM TPEGIQIRX QIXLSHW SR GSRGVIXI QM\XYVI GLEVEGXIVMWXMGW
XMSYWQEXIVMEPXLIGSRGVIXIWYTTPMIVQYWXIWXEFPMWLXLI 9WMRKQEXIVMEPWERHQM\XYVITVSTSVXMSRWEGGITXIHJSVYWIMR
[GQ ERH XLI VIPEXMZI TVSTSVXMSRW SJ XLI GIQIRXMXMSYW XLI;SVOZIVMJ]XLIGSRGVIXIGERFITPEGIHYWMRKXLIMRXIRHIH
QEXIVMEPWERHEHQM\XYVIWMJER]XLEX[MPPTVSHYGIXLI TPEGMRKQIXLSH4PEGIXLIGSRGVIXIQM\XYVIYWMRKTVSNIGXIUYMT
VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL QIRX ERH TIVWSRRIP :IVMJ] XLEX XLI WPYQT ERH EMV GSRXIRX
e 4VSTSVXMSRXVMEPQM\XYVIWXSTVSHYGIEWPYQT[MXLMRQQ SFXEMRIHEXXLITSMRXSJTPEGIQIRXEVIEGGITXEFPI1EOIWYMXEFPI
SJ XLI QE\MQYQ WTIGMJMIH ERH JSV EMVIRXVEMRIH GSVVIGXMSRW XS XLI TPEGMRK QIXLSHW SV XS XLI QM\XYVI
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

EGGSVHERGI[MXLE:IVMJ]XLEXFSXLSJXLIVIUYMVIQIRXW
SJ EVIQIX
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1


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e 6IQSZITVSNIGXMSRWPEVKIVXLERQQ
e 4EXGLXMILSPIW
e 7YVJEGIXSPIVERGI'PEWW&EWWTIGMJMIHMR%'-1ERH
e 9RPIWW SXLIV[MWI WTIGMJMIH TVSZMHI QSGOYT SJ
GSRGVIXIWYVJEGIETTIEVERGIERHXI\XYVI
EVSYRHVIMRJSVGIQIRXIQFIHHIHMXIQWERHMRXSGSVRIVWSJ G 7YVJEGIJMRMWL7*

JSVQWXSIPMQMREXILSRI]GSQFMRKSVTPERIWSJ[IEORIWWHYI e 4EXGLZSMHWPEVKIVXLERQQ[MHISVQQHIIT
XSEMVZSMHWERHWXSRITSGOIXW9RPIWWSXLIV[MWIWTIGMJMIH e 6IQSZITVSNIGXMSRWPEVKIVXLERQQ
YWI XLI PEVKIWX ERH QSWX TS[IVJYP MRXIVREP ZMFVEXSVW XS e 4EXGLXMILSPIW
GSRWSPMHEXIXLIGSRGVIXI9WIMQQIVWMSRX]TIZMFVEXSVW[MXL e 7YVJEGIXSPIVERGI'PEWW%EWWTIGMJMIHMR%'-1ERH
RSRQIXEPPMG LIEHW [LIR GSRWSPMHEXMRK GSRGVIXI EVSYRH e 4VSZMHI QSGOYT SJ GSRGVIXI WYVJEGI ETTIEVERGI ERH
ITS\]GSEXIHVIMRJSVGIQIRX;SVOIVWWLEPPFII\TIVMIRGIH XI\XYVI
MRXLIYWISJZMFVEXSVW(SRSXYWIZMFVEXSVWXSQSZIGSRGVIXI  6YFFIH JMRMWLIW{6IQSZI JSVQW EW IEVP] EW
[MXLMRXLIJSVQW7TEGMRKSJMQQIVWMSRZMFVEXSVMRWIVXMSRW TIVQMXXIHF]ERHTIVJSVQRIGIWWEV]VITEMVWERHTEXGLMRK
WLEPPRSXI\GIIHXMQIWXLIZMFVEXSVvWVEHMYWSJEGXMSRMR 4VSHYGISRISJXLIJMRMWLIWKMZIRMREXLVSYKLG
XLIGSRGVIXIFIMRKGSRWSPMHEXIH SRGSRGVIXIWTIGMJMIHXSLEZI7*
 'SRWXVYGXMSRNSMRXW{0SGEXIGSRWXVYGXMSRNSMRXW E 7QSSXLVYFFIH JMRMWL{;LIR WTIGMJMIH
EWMRHMGEXIHMR'SRXVEGX(SGYQIRXWSVEWEGGITXIHMREGGSV TVSHYGIGSRGVIXIJMRMWLRSPEXIVXLERXLIHE]JSPPS[MRKJSVQ
HERGI[MXLE*SVQIHGSRWXVYGXMSRNSMRXWWLEPPQIIX [SVOVIQSZEP;IXXLIWYVJEGIERHVYFMX[MXLEREFVEWMZI
VIUYMVIQIRXW SJ  6IQSZI PEMXERGI ERH XLSVSYKLP] WYGLEWGEVFSVYRHYQFVMGOYRXMPYRMJSVQGSPSVERHXI\XYVI
GPIER ERH HEQTIR GSRWXVYGXMSR NSMRXW FIJSVI TPEGIQIRX SJ EVITVSHYGIH;LIRMRWYJJMGMIRXGIQIRXTEWXIGERFIHVE[R
JVIWL GSRGVIXI ;LIR FSRH MW VIUYMVIH YWI SRI SJ XLI JVSQXLIGSRGVIXIMXWIPJF]XLIVYFFMRKTVSGIWWYWIEKVSYX
JSPPS[MRKQIXLSHW QEHI[MXLGIQIRXMXMSYWQEXIVMEPWJVSQXLIWEQIWSYVGIWEW
e 9WIEREGGITXEFPIFSRHMRKEKIRX ETTPMIHMREGGSVHERGI YWIHJSVMRTPEGIGSRGVIXI
[MXLXLIQERYJEGXYVIVvWVIGSQQIRHEXMSRW F +VSYXGPIERIHVYFFIHJMRMWL{;LIRWTIGMJMIH
e 9WIER EGGITXEFPIWYVJEGIVIXEVHIVMREGGSVHERGI[MXL FIKMR GPIERMRK STIVEXMSRW EJXIV GSRXMKYSYW WYVJEGIW EVI
QERYJEGXYVIVvWVIGSQQIRHEXMSRW GSQTPIXIH ERH EGGIWWMFPI (S RSX GPIER WYVJEGIW EW ;SVO
e 6SYKLIR XLI WYVJEGI MR ER EGGITXEFPI QERRIV XLEX TVSKVIWWIW;IXXLIWYVJEGIERHYRPIWWSXLIV[MWIWTIGMJMIH
I\TSWIW XLI EKKVIKEXI YRMJSVQP] ERH HSIW RSX PIEZI ETTP]KVSYXGSRWMWXMRKSJTEVXF]ZSPYQITSVXPERHGIQIRX
PEMXERGI PSSWIRIH EKKVIKEXI TEVXMGPIW SV HEQEKIH ERHTEVXWSJWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781
GSRGVIXIEXXLIWYVJEGIERH 'SV %781 '[MXLWYJJMGMIRX [EXIV XS TVSHYGI XLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
GSRWMWXIRG] SJ XLMGO TEMRX 7GVYF KVSYX MRXS ZSMHW ERH
VIQSZII\GIWWKVSYX
G 'SVOJPSEXIHJMRMWL{;LIRWTIGMJMIHVIQSZI
XMIW FYVVW ERH JMRW ;IX XLI WYVJEGI ERH YRPIWW SXLIV[MWI
WTIGMJMIHETTP]WXMJJKVSYXSJSRITEVXTSVXPERHGIQIRXERHSRI
TEVXWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781'SV%781
' XS JMPP ZSMHW 9WI WYJJMGMIRX [EXIV XS TVSHYGI E WXMJJ
GSRWMWXIRG] 'SQTVIWW KVSYX MRXS ZSMHW 4VSHYGI XLI JMREP
JMRMWL[MXLGSVOJPSEXYWMRKEW[MVPMRKQSXMSR
 9RWTIGMJMIHEWGEWXJMRMWLIW{z9RPIWWSXLIV[MWI
WTIGMJMIHETTP]XLIJSPPS[MRKJMRMWLIWXSEGSRGVIXIWYVJEGI GSQTPIXI STIVEXMSR [MXL E FVSSQIH JPSEXIH SV XVS[IPIH
e 7*SRGSRGVIXIWYVJEGIWRSXI\TSWIHXSZMI[ERH
e 7*SRGSRGVIXIWYVJEGIWI\TSWIHXSZMI[
 %VGLMXIGXYVEP JMRMWLIW{4VSHYGI EVGLMXIGXYVEP
JMRMWLIWMRGPYHMRKWTIGMEPXI\XYVIHJMRMWLIWI\TSWIHEKKVIKEXI
JMRMWL ERH EKKVIKEXI XVERWJIV JMRMWL MR EGGSVHERGI [MXL
7IGXMSR
 *MRMWLMRKYRJSVQIHWYVJEGIW
 4PEGIQIRX{9WI UYEPMJMIH JPEX[SVO JMRMWLIVW
EGGITXEFPIXS%VGLMXIGX)RKMRIIV 9RPIWWSXLIV[MWIWTIGMJMIH
SVTIVQMXXIHEQMRMQYQSJSRIJMRMWLIVSVJMRMWLMRKWYTIVZMWSV
WLEPPFIEGIVXMJMIH%'-*PEX[SVO'SRGVIXI*MRMWLIV8IGLRMGMER
SVEGIVXMJMIH%'-*PEX[SVO8IGLRMGMERSVIUYMZEPIRX
 *MRMWLIWERHXSPIVERGIW
E 7GVEXGLJMRMWL{4PEGIGSRWSPMHEXIWXVMOISJJ
ERH PIZIP GSRGVIXI IPMQMREXMRK LMKL WTSXW ERH PS[ WTSXW
6SYKLIRXLIWYVJEGI[MXLWXMJJFVYWLIWSVVEOIWFIJSVIJMREP
WIXXMRK4VSHYGIEJMRMWLXLEXQIIXW%'-1XSPIVERGIWJSV
GSRZIRXMSREPWYVJEGIW
F *PSEX JMRMWL{4PEGI GSRWSPMHEXI WXVMOISJJ
ERHPIZIPGSRGVIXIGYXLMKLWTSXWERHJMPPPS[WTSXW(SRSX
[SVO GSRGVIXI JYVXLIV YRXMP MX MW VIEH] JSV JPSEXMRK &IKMR
JPSEXMRK [MXL E LERH JPSEX E FPEHIH TS[IV JPSEX IUYMTTIH
[MXL JPSEX WLSIW SV E TS[IVIH HMWO JPSEX [LIR XLI FPIIH
[EXIV WLIIR LEW HMWETTIEVIH ERH XLI WYVJEGI LEW WXMJJIRIH
WYJJMGMIRXP]XSTIVQMXSTIVEXMSRSJXLIWTIGMJMGJPSEXETTEVEXYW
9RPIWWSXLIV[MWIWTIGMJMIHTVSHYGIEJMRMWLXLEX[MPPQIIX
XSPIVERGI VIUYMVIQIRXW SJ %'- 1 JSV E GSRZIRXMSREP
WYVJEGI6IJPSEXXLIWPEFMQQIHMEXIP]XSEYRMJSVQXI\XYVI
G 8VS[IP JMRMWL{*PSEX GSRGVIXI WYVJEGI XLIR
XVS[IPXLIWYVJEGI9RPIWWSXLIV[MWIWTIGMJMIHXSPIVERGIWJSV
GSRGVIXIJPSSVWWLEPPFIJSVEGSRZIRXMSREPWYVJEGIMREGGSV
HERGI[MXL%'-1%HHMXMSRSJ[EXIVXSWYVJEGIHYVMRK
JMRMWLMRKMWTVSLMFMXIH
H &VSSQ SV FIPX JMRMWL{-QQIHMEXIP] EJXIV
GSRGVIXI LEW VIGIMZIH E JPSEXIH JMRMWL KMZI XLI GSRGVIXI
WYVJEGI E GSEVWI XVERWZIVWI WGSVIH XI\XYVI F] HVE[MRK E
FVSSQSVFYVPETFIPXEGVSWWXLIWYVJEGI
I (V]WLEOIJMRMWL{&PIRHQIXEPPMGSVQMRIVEP
EKKVIKEXI[LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW[MXLTSVXPERH
GIQIRX MR XLI TVSTSVXMSRW VIGSQQIRHIH F] XLI EKKVIKEXI
QERYJEGXYVIV SV YWI FEKKIH TVIQM\IH QEXIVMEP [LIVI
WTIGMJMIH MR 'SRXVEGX (SGYQIRXW EW VIGSQQIRHIH F] XLI
QERYJEGXYVIV*MRMWLMRKSTIVEXMSRWWLEPPRSXWIEPXLIWYVJEGI
FIJSVIXLIIRHSJFPIIHMRKXSQMRMQM^ITSXIRXMEPSJHIPEQMRE
XMSRSVFPMWXIVMRK*PSEXJMRMWLXLIGSRGVIXIWYVJEGIERHQEOI
MRMXMEP ETTPMGEXMSR SJ HV] QEXIVMEP EX ETTVS\MQEXIP]  SJ
QERYJEGXYVIVvWVIGSQQIRHIHETTPMGEXMSRVEXIF]EQIXLSH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
XLEX IRWYVIW IZIR GSZIVEKI [MXLSYX WIKVIKEXMSR %JXIV XLI
JMVWXETTPMGEXMSRMWJPSEXIHMREHHMXMSREPFPIIHMRKMWVIUYMVIH
FIJSVIXLIVIQEMRMRKETTPMGEXMSR8SEZSMHWYVJEGIHIPEQM
REXMSRHYIXSXLIMREFMPMX]XSMRXIKVEXIXLIQEXIVMEPMRXSXLI
WPEFWYVJEGIHSRSXETTP]EHHMXMSREPHV]QEXIVMEPYRXMPFPIIH
[EXIV ETTIEVW %TTP] XLI VIQEMRMRK HV]WLEOI QEXIVMEP EX
VMKLXERKPIWXSXLIJMVWXETTPMGEXMSRERH[LIVIRIGIWWEV]XS
TVSZMHI XLI WTIGMJMIH QMRMQYQ XLMGORIWW &IKMR JMREP
JPSEXMRKERHJMRMWLMRKMQQIHMEXIP]EJXIVHV]WLEOIETTPMGEXMSR
%JXIV WIPIGXIH QEXIVMEP MW IQFIHHIH F] XLI X[S JPSEXMRKW
JMRMWLEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
J ,IEZ]HYX] XSTTMRK JSV X[SGSYVWI WPEFW{
*SV LIEZ]HYX] XSTTMRK QM\XYVI YWI XLI QEXIVMEPW ERH
QIXLSHW WTIGMJMIH MR 'SRXVEGX (SGYQIRXW 4PEGI ERH
GSRWSPMHEXIGSRGVIXIJSVXLIFEWIWPEFERHWGVIIHGSRGVIXIXS
XLIWTIGMJMIHHITXLFIPS[XLIXSTSJXLIJMRMWLIHWYVJEGI
8STTMRKTPEGIHXLIWEQIHE]EWXLIFEWIWPEFWLEPPFITPEGIH
EW WSSR EW FPIIH [EXIV MR XLI FEWI WPEF HMWETTIEVW ERH XLI
WYVJEGI[MPPWYTTSVXETIVWSR[MXLSYXETTVIGMEFPIMRHIRXEXMSR
;LIR XSTTMRK TPEGIQIRX MW XS FI HIJIVVIH TVITEVI XLI
WYVJEGIXSIRWYVIFSRHFIX[IIRXLIFEWIWPEFERHXSTTMRK
;IXGYVI XLI FEWI WPEF GSRXMRYSYWP] JSV EX PIEWX  HE]W
&IJSVI TPEGMRK XLI XSTTMRK GPIER XLI FEWI WPEF WYVJEGI
XLSVSYKLP] SJ GSRXEQMRERXW PSSWI QSVXEV SV EKKVIKEXI
(EQTIRXLIWYVJEGIPIEZMRKMXJVIISJWXERHMRK[EXIV9RPIWW
SXLIV[MWI WTIGMJMIH SV TIVQMXXIH MQQIHMEXIP] FIJSVI
TPEGMRKXSTTMRKWGVYFMRXSXLIWPEFWYVJEGIEGSEXSJFSRHMRK
KVSYXGSRWMWXMRKSJIUYEPFYPOZSPYQIWSJGIQIRXERHWERH
QIIXMRKXLIVIUYMVIQIRXWSJ%781'SV%781'
[MXL WYJJMGMIRX [EXIV XS QEOI E GVIEQ] QM\XYVI (S RSX
EPPS[KVSYXXSWIXSVHV]FIJSVIXSTTMRKMWTPEGIH&SRHMRK
EKIRXW SXLIV XLER GIQIRX KVSYX QE] FI YWIH [MXL TVMSV
EGGITXERGI 7TVIEH GSRWSPMHEXI GSQTEGX ERH JPSEX XLI
XSTTMRKQM\XYVI'LIGOJSVJPEXRIWWSJWYVJEGIERHGSQTPIXI
STIVEXMSR[MXLEJPSEXIHXVS[IPIHSVFVSSQJMRMWLEWWTIGMJMIH
MR'SRXVEGX(SGYQIRXW
K 8STTMRK JSV X[SGSYVWI WPEF RSX MRXIRHIH JSV
LIEZ]HYX] WIVZMGI{4VITEVEXMSR SJ FEWI WPEF WIPIGXMSR SJ
XSTTMRKQEXIVMEPQM\MRKTPEGMRKGSRWSPMHEXMRKERHJMRMWLMRK
STIVEXMSRW WLEPP FI EW WTIGMJMIH MR J I\GITX XLEX XLI
EKKVIKEXIRIIHRSXFIWIPIGXIHJSVWTIGMEP[IEVVIWMWXERGI
L 2SRWPMT JMRMWL{;LIVI E RSRWPMT JMRMWL MW
VIUYMVIH KMZIXLI WYVJEGI E FVSSQ SV FIPX JMRMWL SV EHV]
WLEOI ETTPMGEXMSR SJ GVYWLIH EPYQMRYQ S\MHI SV SXLIV
EFVEWMZITEVXMGPIWEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW6EXI
SJETTPMGEXMSRWLEPPFIRSXPIWWXLEROKQ 
M )\TSWIHEKKVIKEXIJMRMWL{-QQIHMEXIP]EJXIV
GSRGVIXI WYVJEGI LEW FIIR PIZIPIH XS QIIX XLI %'- 1
XSPIVERGIJSVEGSRZIRXMSREPWYVJEGIERHXLIFPIIH[EXIVWLIIR
LEWHMWETTIEVIHWTVIEHEKKVIKEXISJXLIGSPSVERHWM^IWTIGMJMIH
MR'SRXVEGX(SGYQIRXWYRMJSVQP] SZIVXLIWYVJEGIXSTVSZMHI
GSQTPIXI GSZIVEKI XS E HITXL SJ SRI WXSRI 0MKLXP] XEQT XLI
EKKVIKEXIXSIQFIHMXMRXSXLIWYVJEGI*PSEXXLIWYVJEGIYRXMPXLI
IQFIHHIHWXSRIMWJYPP]GSEXIH[MXLQSVXEVERHXLIWYVJEGILEW
FIIRJMRMWLIHXSQIIXXLI%'-1XSPIVERGIJSVEGSRZIRXMSREP
WYVJEGI %JXIV XLI QEXVM\ LEW LEVHIRIH WYJJMGMIRXP] XS TVIZIRX
HMWPSHKQIRXSJGSEVWIEKKVIKEXITEVXMGPIWETTP]XLIQMRMQYQ
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1


[EXIVRIGIWWEV]XSTIVQMXI\TSWYVIFYXRSXHMWPSHKQIRXSJ G 'SRGVIXIWXVIRKXLVIEGLIWJG EWHIXIVQMRIHF]EGGITXIH

GSEVWIEKKVIKEXITEVXMGPIW[MXLEJMRIFVMWXPIHFVYWL;LIR MRTPEGIXIWXQIXLSHWQIIXMRKXLIVIUYMVIQIRXWSJ
WTIGMJMIH SV TIVQMXXIH YWI E WYVJEGI VIXEVHIV WTVE]IH SR ;LIR SRI SJ XLI GYVMRK TVSGIHYVIW MR  MW YWIH
JVIWLP]JPSEXIHGSRGVIXIWYVJEGIXSI\XIRHXLI[SVOMRKXMQI MRMXMEPP]XLIGYVMRKTVSGIHYVIQE]FIVITPEGIHF]SRISJXLI
JSVXLII\TSWYVISJEKKVIKEXI SXLIV TVSGIHYVIW EJXIV GSRGVIXI MW  HE] SPH TVSZMHIH XLI
N 2SRWTIGMJMIHJMRMWL{;LIRXLIJMRMWLX]TIMW GSRGVIXIMWRSXTIVQMXXIHXSFIGSQIWYVJEGIHV]EXER]XMQI
RSX WTIGMJMIH MR 'SRXVEGX (SGYQIRXW YWI SRI SJ XLI 9WI E GYVMRK TVSGIHYVI SJ  XLEX WYTTPMIW EHHMXMSREP
JSPPS[MRKJMRMWLIWERHEGGSQTER]MRKXSPIVERGIW [EXIVHYVMRKXLIIRXMVIGYVMRKTIVMSHJSVGSRGVIXIGSRXEMRMRK
e 7GVEXGL JMRMWL{*SV WYVJEGIW MRXIRHIH XS VIGIMZI WMPMGEJYQIERH[LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW
FSRHIHGIQIRXMXMSYWQM\XYVIW  9RJSVQIHGSRGVIXIWYVJEGIW{%TTP]SRISJXLI
e *PSEX JMRMWL{*SV [EPOW HVMZIW WXITW VEQTW ERH JSV TVSGIHYVIW MR  EJXIV TPEGIQIRX ERH JMRMWLMRK SJ
WYVJEGIW MRXIRHIH XS VIGIMZI [EXIVTVSSJMRK VSSJMRK GSRGVIXIWYVJEGIWXLEXEVIRSXMRGSRXEGX[MXLJSVQW
MRWYPEXMSRSVWERHFIHXIVVE^^SERH  *SVQIH GSRGVIXI WYVJEGIW{/IIT EFWSVFIRX
e 8VS[IP JMRMWL{*SV JPSSVW MRXIRHIH EW [EPOMRK WYVJEGIW [SSH JSVQW [IX YRXMP XLI] EVI VIQSZIH %JXIV JSVQ[SVO
JPSSVWMRQERYJEGXYVMRKWXSVEKIERH[EVILSYWMRKEVIEW VIQSZEPGYVIGSRGVIXIF]SRISJXLIQIXLSHWMR
SVJSVJPSSVWXLEX[MPPVIGIMZIJPSSVGSZIVMRKW  'YVMRK QIXLSHW{%JXIV TPEGMRK ERH JMRMWLMRK
 1IEWYVMRKXSPIVERGIWJSVWPEFW TVSZMHISVTVIWIVZIQSMWXYVIMRGSRGVIXI9RPIWWSXLIV[MWI
E 1IEWYVI WPEFW JSV WYWTIRHIH JPSSVW ERH WTIGMJMIHYWISRISVQSVISJXLIJSPPS[MRKQIXLSHW
WPEFWSRKVSYRH XS ZIVMJ] GSQTPMERGI [MXL XLI XSPIVERGI E
4SRHMRKGSRXMRYSYWJSKKMRKSVGSRXMRYSYWWTVMROPMRK
VIUYMVIQIRXWSJ%'-1EWWTIGMJMIHMREXLVSYKL F
%TTPMGEXMSRSJQEXWSVJEFVMGOITXGSRXMRYSYWP][IX
G 1IEWYVI JPSSV JMRMWL XSPIVERGIW [MXLMR  LSYVW G
'SRXMRYSYWETTPMGEXMSRSJWXIEQYRHIV'

EJXIV WPEF JMRMWLMRK ERH FIJSVI VIQSZMRK WYTTSVXMRK JSVQ H
%TTPMGEXMSRSJWLIIXQEXIVMEPWGSRJSVQMRKXS%781'
[SVOSVWLSVMRK
 %TTPMGEXMSR SJ E GYVMRK GSQTSYRH GSRJSVQMRK XS
F9RPIWWSXLIV[MWIWTIGMJMIHJSVJPSSVMRWXEPPEXMSRW
 Q SV PIWW MR XSXEP TVSNIGX EVIE QIEWYVI JPSSV JMRMWL
XSPIVERGIW MR EGGSVHERGI [MXL XLI wQ WXVEMKLXIHKI
QIXLSHx MR %'- 1 1IEWYVI JPSSV JMRMWL XSPIVERGIW
[MXLMR  LSYVW EJXIV WPEF JMRMWLMRK ERH FIJSVI VIQSZMRK
WYTTSVXMRKJSVQ[SVOERHWLSVMRK
G9RPIWWSXLIV[MWIWTIGMJMIHJSVJPSSVMRWXEPPEXMSRW
I\GIIHMRKQMRXSXEPTVSNIGXEVIEQIEWYVIJPSSVJMRMWL
XSPIVERGIW MR EGGSVHERGI [MXL %781 ) ERH XLI *
RYQFIVW]WXIQMR%'-1
 7E[IHNSMRXW{;LIVIWE[GYXNSMRXWEVIVIUYMVIHSV
I
%781'SV'%TTP]XLIGSQTSYRHMREGGSVHERGI[MXL
QERYJEGXYVIVvWVIGSQQIRHEXMSREWWSSREW[EXIVWLIIRLEW
HMWETTIEVIHJVSQXLIGSRGVIXIWYVJEGIERHEJXIVJMRMWLMRK
STIVEXMSRW8LIETTPMGEXMSRVEXIWLEPPRSXFIPIWWXLER0QJSV
IEGLGSEX*SVVSYKLWYVJEGIWWYGLEWXLSWIWTIGMJMIHMRE
ERH HETTP]GYVMRKGSQTSYRHMRX[SETTPMGEXMSRWEXVMKLX
ERKPIW XS IEGL SXLIV (S RSX YWI GYVMRK GSQTSYRH SR WYVJEGI
[LIVIGSRGVIXISVSXLIVQEXIVMEP[MPPFIFSRHIHYRPIWWXLIGYVMRK
GSQTSYRH [MPP RSX TVIZIRX FSRH SV YRPIWW QIEWYVIW EVI XS FI
XEOIRXSGSQTPIXIP]VIQSZIXLIGYVMRKGSQTSYRHJVSQEVIEWXS
VIGIMZIFSRHIHETTPMGEXMSRWERH
TIVQMXXIHWXEVXGYXXMRKEWWSSREWGSRGVIXILEWKEMRIHWYJJMGMIRX
%TTPMGEXMSRSJSXLIVEGGITXIHGYVMRKQIXLSHW
WXVIRKXLXSTVIZIRXHMWPSHKQIRXSJGSEVWIEKKVIKEXITEVXMGPIW
7E[EGSRXMRYSYWWPSXXSEHITXLSRIJSYVXLXLIXLMGORIWWSJ
XLIWPEFFYXRSXPIWWXLERQQ'SQTPIXIWE[MRK[MXLMR
LSYVWEJXIVTPEGIQIRX-JEREPXIVREXMZIQIXLSHXMQMRKSV
HITXLMWTVSTSWIHJSVWE[GYXXMRKWYFQMXHIXEMPIHTVSGIHYVI
TPERWJSVEGGITXERGI
 'YVMRKERHTVSXIGXMSR
 'YVMRK{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
GYVIGSRGVIXIMREGGSVHERGI[MXLSVJSVEXPIEWX
HE]WEJXIVTPEGIQIRX9RPIWWSXLIV[MWIWTIGMJMIHGYVILMKL
IEVP]WXVIRKXL GSRGVIXI JSV EX PIEWX  HE]W EJXIV TPEGIQIRX
;LIRTIVQMXXIHERH[LIRXLIHYVEXMSRSJGYVMRKMWXSEGLMIZI
E WTIGMJMIH PIZIP SJ MRTPEGI WXVIRKXL QSMWXYVI VIXIRXMSR
QIEWYVIWQE]FIXIVQMREXIH[LIRER]SRISJXLIJSPPS[MRK
GSRHMXMSRWLEWFIIRQIXYRPIWWSXLIV[MWIWTIGMJMIH 1IEWYVIGSRGVIXIXIQTIVEXYVIYWMRKEQIXLSHEGGITXEFPI
J
 4VSXIGXMSR{-QQIHMEXIP] EJXIV TPEGIQIRX
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1EMRXEMR GSRGVIXI TVSXIGXMSR XS TVIZIRX JVII^MRK SJ XLI
GSRGVIXIERHXSIRWYVIRIGIWWEV]WXVIRKXLHIZIPSTQIRXJSV
WXVYGXYVEP WEJIX] 6IQSZI TVSXIGXMSR WS XLEX XLI QE\MQYQ
HIGVIEWIMRXIQTIVEXYVIQIEWYVIHEXXLIGSRGVIXIWYVJEGIMR
ELSYVTIVMSHWLEPPRSXI\GIIHXLIJSPPS[MRK
e 'JSVWIGXMSRWPIWWXLERQQMRXLIPIEWXHMQIRWMSR
e ' JSV WIGXMSRW JVSQ  XS QQ MR XLI PIEWX
HMQIRWMSR
e 'JSVWIGXMSRWQQXSQMRXLIPIEWXHMQIRWMSR
ERH
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
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JSV EMVIRXVEMRIH GSRGVIXI XS TVSZMHI WTIGMJMIH EMV GSRXIRX
ERHWTIGMJMIHGSQTVIWWMZIWXVIRKXLJG 
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e 8LIQE\MQYQXIQTIVEXYVIMRGSRGVIXIEJXIVTPEGIQIRX
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e 8LI QE\MQYQ XIQTIVEXYVI HMJJIVIRGI FIX[IIR GIRXIV
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FI YWIH XS IRWYVI QE\MQYQ XIQTIVEXYVI MR TPEGIQIRX
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e 'EPGYPEXIH QE\MQYQ XIQTIVEXYVI MR TPEGIQIRX FEWIH
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TVSTSWIHQIEWYVIWXSGSRXVSPXIQTIVEXYVIW
e (IWGVMTXMSR SJ WTIGMJMG QIEWYVIW ERH IUYMTQIRX XLEX
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e 'EPGYPEXIHQE\MQYQXIQTIVEXYVIHMJJIVIRGIMRTPEGIQIRX
FEWIHSRI\TIGXIHGSRHMXMSRWEXXMQISJTPEGIQIRXERHYWI
SJTVSTSWIHQIEWYVIWXSGSRXVSPXIQTIVEXYVIHMJJIVIRGIW
e (IWGVMTXMSR SJ IUYMTQIRX ERH TVSGIHYVIW XLEX [MPP FI
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HMJJIVIRGIW
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TPEGIQIRX
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XIQTIVEXYVIHEXEXS3[RIVvW6ITVIWIRXEXMZI
e (IWGVMTXMSRSJQIEWYVIWXSEHHVIWWERHVIHYGII\GIWWMZI
XIQTIVEXYVIWERHXIQTIVEXYVIHMJJIVIRGIWMJXLI]SGGYV
e (IWGVMTXMSR SJ GYVMRK TVSGIHYVIW MRGPYHMRK QEXIVMEPW
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XIQTIVEXYVI HMJJIVIRGI EX XIQTSVEVMP] I\TSWIH WYVJEGI
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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GSQTP][MXL%781'8]TI)/
F ;LIRTIVQMXXIHWMPMGEJYQIWLEPPGSQTP]
[MXL%781'
G 9RPIWW SXLIV[MWI WTIGMJMIH HS RSX YWI JP]
EWLSVKVSYRHKVERYPEXIHFPEWXJYVREGIWPEK
 %HQM\XYVIW
E 9RPIWWWTIGMJMIHSXLIV[MWISVTIVQMXXIHHS
RSX YWI EGGIPIVEXMRK EHQM\XYVIW SV EHQM\XYVIW GSRXEMRMRK
GEPGMYQGLPSVMHI
F 9RPIWWSXLIV[MWITIVQMXXIHHSRSXGLERKI
X]TIFVERHSVHSWEKIVEXISJEHQM\XYVIW[MXLSYXIZEPYEXMRK
XLIVIZMWIHGSRGVIXIQM\XYVIJSVI\TERWMSREWQIEWYVIHMR
EGGSVHERGI[MXL%781'
 4IVJSVQERGI ERH HIWMKR VIUYMVIQIRXW{'SQTP]
[MXLERHXLVSYKL
 1MRMQYQ GIQIRX GSRXIRX{'IQIRX GSRXIRX
WLEPPRSXFIPIWWXLEROKQ
 )\TERWMSR{9RPIWW SXLIV[MWI WTIGMJMIH XLI
GSRGVIXI I\TERWMSR WLEPP FI E QMRMQYQ SJ   ERH E
QE\MQYQ SJ   QIEWYVIH MR EGGSVHERGI [MXL %781
'
 7PYQT{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
XLIWPYQTWLEPPRSXI\GIIHQQEXXLITSMRXSJTPEGIQIRX
 4VSTSVXMSRMRK{'SQTP] [MXL  ERH 
XLVSYKL 
 ;LIRPEFSVEXSV] XVMEP QM\XYVIW EVIYWIH WXST
XLIQM\IVEJXIVXLIMRMXMEPQM\MRKG]GPIERHGSZIVXLIPEFSVEXSV]
GSRGVIXI QM\IVJSV QMRYXIWYRPIWWSXLIV[MWIWTIGMJMIH
%JXIVXLMWXMQITIVMSHEHH[EXIVEWRIGIWWEV]XSTVSHYGIXLI
QE\MQYQWTIGMJMIHWPYQT[MXLMRQQ8LIGSRGVIXIWLEPP
XLIRFIQM\IHJSVEREHHMXMSREPQMRYXIW
 *SV XLI TVSTSWIH GSRGVIXI QM\XYVI TVSZMHI
PEFSVEXSV]XIWXVIWYPXWJSVXLVIII\TERWMSRFEVWGEWXERHXIWXIH
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1


MREGGSVHERGI [MXL %781 ' 6IGSVH XLI I\TERWMSR XIWX
VIWYPXWERHWYFQMXJSVEGGITXERGI
 6IZMWMSRWXSGSRGVIXIQM\XYVIW{;LIRGSRGVIXI
QM\XYVITVSTSVXMSRWEVIVIZMWIHMREGGSVHERGI[MXL
IZEPYEXIXLI IJJIGX SR I\TERWMSR F] TIVJSVQMRK PEFSVEXSV]
XIWXWSRXLVIII\TERWMSRFEVWGEWX[MXLXLIVIZMWIHGSRGVIXI
E (V]MRK WLVMROEKI XIWX VIWYPXW MJ WTIGMJMIH
JSVXLITVSTSWIHGSRGVIXIQM\XYVIHIXIVQMRIHMREGGSVHERGI
[MXL%781''1I\GITXXLEXMRWXIEHSJWXSVEKIJSV
HE]WMRPMQIWEXYVEXIH[EXIVWTIGMQIRWEVIWYFNIGXIHXS
HE]WSJQSMWX GYVMRKJSPPS[IH F] EXPIEWXHE]WSJEMV
HV]MRK8LIMRMXMEPPIRKXLSJWTIGMQIRWYWIHEWXLIFEWMWJSV
QM\XYVIMREGGSVHERGI[MXL%781'7YFQMXXIWXVIWYPXW
 YTSR
EPSRK[MXLXLIVIZMWIHQM\XYVITVSTSVXMSRW
 6IMRJSVGIQIRX{9WIHIJSVQIHVIMRJSVGMRKFEVWSV
HIJSVQIH[IPHIH[MVIVIMRJSVGIQIRXQIIXMRKXLIVIUYMVIQIRXW
SJ EWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
 -WSPEXMSRNSMRX JMPPIV QEXIVMEPW{9RPIWW SXLIV[MWI
WTIGMJMIHYWIGSQTVIWWMFPIMWSPEXMSRNSMRXJMPPIVQEXIVMEPXLEX
HSIWRSXHIZIPSTEWXVIWWKVIEXIVXLERO4EEX WXVEMR
[LIRXIWXIHMREGGSVHERGI[MXL%781(SV(
{)\IGYXMSR
 6IMRJSVGIQIRX
 4PEGIVIMRJSVGIQIRXSRVMKMHWYTTSVXWWTEGIH
XS IRWYVI TVSTIV TSWMXMSRMRK SJ XLI VIMRJSVGIQIRX HYVMRK
TPEGIQIRX
 9RPIWWSXLIV[MWIWTIGMJMIHTSWMXMSRVIMRJSVGIQIRX
QQJVSQXLIXSTWYVJEGIJSVVIMRJSVGIHWPEFWSRKVSYRH
 4PEGMRK
 4PEGMRK WIUYIRGI{7IUYIRGI SJ GSRGVIXI
TPEGIQIRXWWLEPPTIVQMXXLITVIZMSYWTPEGIQIRXWXSLEZIX[S
EHNEGIRXIHKIWJVIIXSI\TERH
 9RPIWW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH XLI
QMRMQYQXMQIFIX[IIRGEWXMRKEHNSMRMRKWIGXMSRWWLEPPFI
LSYVW
 -WSPEXMSRNSMRXW{4VSZMHIMWSPEXMSRNSMRXWEXNYRGXMSRW
[MXLGSPYQRW[EPPWHVEMRWSVSXLIVVMKMHSFWXVYGXMSRMRXLI
WXVYGXYVIMREGGSVHERGI[MXL'SRXVEGX(SGYQIRXW
 'YVMRK{9RPIWW SXLIV[MWI WTIGMJMIH [IXGYVI
WLVMROEKIGSQTIRWEXMRKGSRGVIXIJSVEQMRMQYQSJHE]W
MREGGSVHERGI[MXLESVF
7)'8-32{-2(9786-%0*033670%&7
{+IRIVEP
 (IWGVMTXMSR{8LMW WIGXMSR ETTPMIW XS KVSYRH
WYTTSVXIH MRHYWXVMEP JPSSV WPEFW *SV GSRGVIXI WPEFWSR
KVSYRHXLEXEVIHIWMKREXIHEWMRHYWXVMEPJPSSVWPEFWTVSZMHI
QEXIVMEPW ERH GSRWXVYGX WPEFW EX PSGEXMSRW MRHMGEXIH ERH MR
EGGSVHERGI[MXL'SRXVEGX(SGYQIRXW
 +IRIVEP VIUYMVIQIRXW{'SRGVIXI JSV MRHYWXVMEP
JPSSVWPEFWWLEPPGSQTP][MXLXLIVIUYMVIQIRXWSJ7IGXMSRW
XLVSYKL  YRPIWW SXLIV[MWI WTIGMJMIH MR XLMW WIGXMSR SV MR
'SRXVEGX(SGYQIRXW
 9RPIWW SXLIV[MWI WTIGMJMIH MRHYWXVMEP JPSSV
WPEFWWLEPPFIEXPIEWXQQXLMGO9RPIWWSXLIV[MWI
WTIGMJMIHMRHYWXVMEPJPSSVWWLEPPFIWYTTSVXIHF]EXPIEWX
QQSJWTIGMJMIHKVEHIHEKKVIKEXIFEWI
 7YFQMXXEPW
3FXEMREGGITXERGISJVIUYMVIHWYFQMXXEPWJVSQ
%VGLMXIGX)RKMRIIVFIJSVITPEGMRKGSRGVIXI
 -R EHHMXMSR XS XLI WYFQMXXEP VIUYMVIQIRXW SJ
7IGXMSRWXLVSYKLTVSZMHIXLIJSPPS[MRKEWWTIGMJMIHMR
EXLVSYKLP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
PIRKXL GLERKI WLEPP FI EX  LSYVW  LSYV
HIQSPHMRK WTIGMQIRW ERH HV]MRKWLVMROEKI QIEWYVIQIRXW
WLEPPFIKMREXXLIGSQTPIXMSRSJXLIHE]QSMWXGYVMRKTIVMSH
F1ERYJEGXYVIVvWHEXEWLIIXJSVPSEHXVERWJIV
HIZMGIW EX NSMRXW MJ PSEHXVERWJIV HIZMGIW EVI VIUYMVIH F]
'SRXVEGX(SGYQIRXW
G 1ERYJEGXYVIVvW HEXE WLIIX JSV ZETSV
VIXEVHMRK WLIIX MJ E ZETSV VIXEVHIV MW VIUYMVIH F] 'SRXVEGX
(SGYQIRXW
H1ERYJEGXYVIVvWHEXEWLIIXSRIUYMTQIRXXS
MRWXEPPGSRXVEGXMSRNSMRXWMJVIUYMVIHF]'SRXVEGX(SGYQIRXW
I1ERYJEGXYVIVvWHEXEWLIIXJSVGYVMRKGSZIV
PMUYMHETTPMIH QIQFVERIJSVQMRK GYVMRK GSQTSYRHW SV
SXLIVGYVMRKQIXLSH
J4PERJSVTVSZMHMRKTVSXIGXMSRSJXLIGSRGVIXI
HYIXSERXMGMTEXIHEQFMIRXGSRHMXMSRWHYVMRKXVERWTSVXEXMSR
TPEGIQIRXJMRMWLMRKERHWTIGMJMIHGYVMRKTIVMSH
K1ERYJEGXYVIVvWHEXEWLIIXJSVNSMRXJMPPIV
L;LIRWTIGMJMIHQERYJEGXYVIVvWHEXEWLIIX
JSVPMUYMHETTPMIHWYVJEGIHIRWMJMIVW
M ;LIR WTIGMJMIH QERYJEGXYVIVvW HEXE WLIIX
JSVQMRIVEPSVQIXEPPMGWLEOILEVHIRIVW
N .SMRXPE]SYX{4PER JSVNSMRX PE]SYX 9RPIWW
SXLIV[MWI WTIGMJMIH SV TIVQMXXIH QE\MQYQ NSMRX WTEGMRK
WLEPPFIQ
O 7YFQMX TPEGMRK WIUYIRGI{4PER WLS[MRK
I\XIRXSJIEGLTPEGIQIRXXLITPEGMRKWIUYIRGIERHWGLIHYPI
JSVIEGLTPEGIQIRX
P-JWTIGMJMIHHIWMKRSJGSRWXVYGXMSRNSMRXJSVQW
{4VSHYGXW
 1EXIVMEPW{1EXIVMEPW YWIH JSV MRHYWXVMEP WPEF
GSRWXVYGXMSR WLEPP GSRJSVQ XS 7IGXMSRW  ERH  I\GITX EW
QSHMJMIHMRXLMWWIGXMSR
 'IQIRXMXMSYWQEXIVMEPW{'SQTP][MXL
9RPIWW SXLIV[MWI WTIGMJMIH %781 ' 8]TI --- LMKL
IEVP]WXVIRKXLGIQIRXWLEPPRSXFIYWIH
 %KKVIKEXIW
E 9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIHYWI
EKKVIKEXIW [MXL E RSQMREP QE\MQYQ WM^I SJ  QQ
GSRJSVQMRKXSVIUYMVIQIRXWSJ
F 9RPIWWSXLIV[MWIWTIGMJMIHEKKVIKEXIYWIH
JSVFEWIGSYVWIWLEPPGSRJSVQXS%781(
 %HQM\XYVIW
E 9RPIWWSXLIV[MWIWTIGMJMIH GEPGMYQGLPSVMHI
SV EHQM\XYVIW GSRXEMRMRK GLPSVMHI JVSQ WSYVGIW SXLIV XLER
MQTYVMXMIWMREHQM\XYVIMRKVIHMIRXWWLEPPRSXFIYWIH
F %MVIRXVEMRMRKEHQM\XYVIWEVITVSLMFMXIHMR
GSRGVIXIQM\XYVIWJSVYWIMRWPEFWXSVIGIMZIELEVHXVS[IPIH
JMRMWL
 'SRGVIXI QM\XYVI{9RPIWW SXLIV[MWI WTIGMJMIH SV
TIVQMXXIHTVSTSVXMSRGSRGVIXIQM\XYVIXSWEXMWJ]XLIJSPPS[MRK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
e 'SQTVIWWMZIWXVIRKXLSJ14EEXHE]W VIUYMVIHMRWXEPPEGGITXEFPIZETSVVIXEVHIVMREGGSVHERGI[MXL
e 1E\MQYQQQWPYQT %781 ) HMVIGXP] FIRIEXL WPEF MR EVIEW MRHMGEXIH MR
e 'ETEFPISJFIMRKJMRMWLIHXSEGLMIZIEHIRWMJMIHLEVH
XVS[IPIHJMRMWLERH
e 7LVMROEKI[LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW
 %MV GSRXIRX{'SRGVIXI JSV WPEFW XS VIGIMZI E
LEVHXVS[IPJMRMWLWLEPPRSXGSRXEMREREMVIRXVEMRMRKEHQM\XYVI
SVLEZIEXSXEPEMVGSRXIRXKVIEXIVXLER 
 'SRGVIXI XIQTIVEXYVI{9RPIWW SXLIV[MWI
WTIGMJMIH SV TIVQMXXIH XLI QE\MQYQ XIQTIVEXYVI SJ
GSRGVIXIEXHMWGLEVKIWLEPPFI'
 4VSTSVXMSRMRK{'SQTP][MXL7IGXMSRERH 
 :ETSVVIXEVHIV{9RPIWWSXLIV[MWIWTIGMJMIHZETSV
VIXEVHIVWLEPPGSRJSVQXS%781)'PEWW%ERHWLEPPFI
EXPIEWXSJQQXLMGO
 6IMRJSVGIQIRX{;LIR WTIGMJMIH YWI HIJSVQIH
VIMRJSVGMRKFEVWXIRHSRWSVHIJSVQIHSVTPEMR[IPHIH[MVI
VIMRJSVGIQIRX QIIXMRK XLI VIUYMVIQIRXW SJ  EX XLI
EQSYRXWWTIGMJMIHMR'SRXVEGX(SGYQIRXW7YTTSVXWWLEPPFI
YWIH EX E WTEGMRK XS VIWYPX MR VIMRJSVGIQIRX TPEGIQIRX
EGGSVHMRKXS'SRXVEGX(SGYQIRXW
 0SEHXVERWJIV HIZMGIW{;LIR VIUYMVIH TVSZMHI
PSEHXVERWJIV HIZMGIW EX NSMRXW [LIVI MRHMGEXIH MR 'SRXVEGX
(SGYQIRXW7YFQMXWLSTHVE[MRKWSJPSEHXVERWJIVHIZMGIW
 .SMRXJMPPIVQEXIVMEPW{9RPIWWSXLIV[MWIWTIGMJMIH
YWI E X[SGSQTSRIRX WIQMVMKMH NSMRX JMPPIV QEXIVMEP 8LI
JMPPIVWLEPPLEZI WSPMHWEQMRMQYQ7LSVI%LEVHRIWW
SJ[LIRQIEWYVIHMREGGSVHERGI[MXL%781(ERH
ERIPSRKEXMSRFIPS[ [LIRQIEWYVIHMREGGSVHERGI[MXL
%781(
 -WSPEXMSRNSMRX JMPPIV QEXIVMEPW{9RPIWW SXLIV[MWI
WTIGMJMIHYWINSMRXQEXIVMEPXLEXTVIZIRXWFSRHERHEPPS[W
JSVLSVM^SRXEPERHZIVXMGEPQSZIQIRXSJXLIWPEFVIPEXMZIXS
JM\IHEFYXXMRKIPIQIRXWERHTIRIXVEXMSRW
 'YVMRKQEXIVMEPW
 'YVMRK GSQTSYRHW{1IQFVERIJSVQMRK GYVMRK
GSQTSYRHWWLEPPQIIX%781'SV%781'ERHFI
ETTPMIHEXXLIQERYJEGXYVIVvWWXMTYPEXIHGSZIVEKIVEXIW(S
RSX YWI WMPMGEXIFEWIH PMUYMH WYVJEGI HIRWMJMIVW EW GYVMRK
GSQTSYRHW
 'YVMRK GSZIVMRKW{1SMWXYVIVIXEMRMRK GSZIVW
WLEPPQIIXVIUYMVIQIRXWSJ%781'8LIQEXIVMEPWLEPP
FIRSRWXEMRMRKERHEFWSVFIRX
 0MUYMHWYVJEGIHIRWMJMIV{;LIRVIUYMVIH YWIER
EGGITXEFPIPMUYMHWYVJEGIHIRWMJMIVMREVIEW[LIVIWTIGMJMIH
 1MRIVEP SV QIXEPPMG WLEOI WYVJEGI LEVHIRIVW{
;LIR VIUYMVIH YWI ER EGGITXEFPI HV]WLEOI LEVHIRIV MR
EVIEWWTIGMJMIH
{)\IGYXMSR
 4VITEVEXMSR{4VSSJVSPP XLI TVITEVIH FEWI MR
EGGSVHERGI [MXL 'SRXVEGX (SGYQIRXW 9RPIWW SXLIV[MWI
WTIGMJMIHGSQTEGXEKKVIKEXIFEWIGSYVWIXSEXPIEWX SJ
QE\MQYQHIRWMX]EWXIWXIHMREGGSVHERGI[MXL%781(
'SQTP][MXLXLIVIUYMVIQIRXWSJERHZIVMJ]XLEXFEWI
WYVJEGIIPIZEXMSRMW[MXLMREXSPIVERGISJQQERHzQQ
SJXLITPERRIHIPIZEXMSR8LMWFEWIWYVJEGIIPIZEXMSRXSPIVERGI
WLEPP FI QEMRXEMRIH HYVMRK TPEGIQIRX SJ GSRGVIXI ;LIR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'SRXVEGX(SGYQIRXW0ETWIEQWEXPIEWXQQERHXETI
GSRXMRYSYWP]
 1IEWYVMRKFEXGLMRKERHQM\MRK{'SQTP][MXL
 (IPMZIV]{'SQTP][MXL
 'SRGVIXITPEGIQIRX{'SQTP][MXL
 *MRMWLMRKWPEFWYVJEGI{9RPIWWSXLIV[MWIWTIGMJMIH
GSQTP] [MXL  *MRMWLMRK WLEPP FI TVSTIVP] XMQIH XS
TVSNIGXGSRHMXMSRW;EXIVWLEPPRSXFIEHHIHXSWPEFWYVJEGI
HYVMRK JMRMWLMRK ;LIR VIUYMVIH ETTP] WYVJEGI LEVHIRIV
EGGSVHMRKXSQERYJEGXYVIVvWVIGSQQIRHEXMSR
 7YVJEGIXSPIVERGIW{9RPIWWEPXIVREXMZIXSPIVERGIW
EVIWTIGMJMIHXLIQMRMQYQSZIVEPPWYVJEGIJPEXRIWWWLEPPFI
**PIZIPRIWWWLEPPFI*0ERHPSGEPEVIEQMRMQYQWWLEPP
FI***0EWHIXIVQMRIHF]%781)
7YVJEGIXSPIVERGIWWLEPPFIQIEWYVIH[MXLMR
 LSYVW EJXIV JMRMWLMRK ERH XIWX VIWYPXW WYFQMXXIH XS
%VGLMXIGX)RKMRIIV[MXLMRHE]WSJQIEWYVIQIRX
 .SMRXW
 -WSPEXMSRNSMRXW{-RWXEPPMWSPEXMSRNSMRXQEXIVMEP
XSJYPPHITXLSJWPEF
 'SRWXVYGXMSR NSMRXW{'SQTP] [MXL 
ERH'SRWXVYGXMSRNSMRXWWLEPPFITIVTIRHMGYPEV
XSWPEFWYVJEGIERHWLEPPRSXFIGSRWXVYGXIHYWMRKOI][E]W
9RPIWW SXLIV[MWI WTIGMJMIH HS[IPIH GSRWXVYGXMSR NSMRXW
HIWMKRIHXSEPPS[[MHIRMRKWLEPPFIWE[GYXXSWPEFXLMGO
RIWWSVQQ[LMGLIZIVMWWQEPPIV%PMKRWE[GYX[MXLNSMRX
 'SRXVEGXMSR NSMRXW{9RPIWW SXLIV[MWI WTIGMJMIH
GSQTP][MXL-JIEVP]IRXV]HV]GYXXMRKWE[WEVIYWIH
VITPEGIWOMHTPEXIERHFPEHIEWVIGSQQIRHIHF]XLIIUYMTQIRX
QERYJEGXYVIVXSQMRMQM^IWE[GYXVEZIPMRK-RWXEPPWE[GYXW
TIVTIRHMGYPEV XS WPEF WYVJEGI 4VSXIGX NSMRXW JVSQ HEQEKI
HYIXSGSRWXVYGXMSREGXMZMXMIW
 0SEHXVERWJIV HIZMGIW{'SQTP] [MXL 
-RWXEPP HIZMGIW EX WPEF QMHHITXL ERH WIGYVI XS EZSMH
HMWTPEGIQIRX 'SRWSPMHEXI GSRGVIXI EVSYRH PSEHXVERWJIV
HIZMGIWF]ZMFVEXMSRMQQIHMEXIP]EHNEGIRXXSXLIHIZMGIWXS
IRWYVIGSQTPIXIGSRXEGXFIX[IIRGSRGVIXIERHWXIIP
 'YVMRKERHTVSXIGXMSR{9RPIWWSXLIV[MWIWTIGMJMIH
GSQTP] [MXL  ERH TVSZMHI GYVMRK JSV EX PIEWX  HE]W
%TTP]GYVMRKGSZIVWEWWSSREWTVEGXMGEFPI[MXLSYXQEVVMRK
XLIJMRMWLIHWYVJEGI4PEGIQSMWXYVIVIXEMRMRKGSZIVMRKWMRE
QERRIV XS TVIZIRX WYVJEGI HMWGSPSVEXMSR SV QEVOMRK /IIT
XLIWPEFGSRXMRYSYWP][IXEJXIVJMREPJMRMWLMRKMWGSQTPIXIH
ERHHYVMRKXLIGYVMRKTIVMSH8IQTIVEXYVISJETTPMIH[EXIV
WLEPPRSXFIQSVIXLER'GSPHIVXLERXLIGSRGVIXIWYVJEGI
XIQTIVEXYVI 9RPIWW SXLIV[MWI TIVQMXXIH HS RSX ETTP]
GYVMRK GSQTSYRH [LIVI WYFWIUYIRX JMRMWL JPSSVMRK SV
WYVJEGIHIRWMJMIVMWXSFIMRWXEPPIH;LIRTIVQMXXIHGYVMRK
GSQTSYRHW MRGPYHMRK XLSWI GSRWMHIVIH WIPJHMWWMTEXMRK
WLEPP FI QIGLERMGEPP] VIQSZIH F] QIXLSH EGGITXEFPI XS
JMRMWLJPSSVMRKSVWYVJEGIHIRWMJMIVQERYJEGXYVIV
 0MUYMH WYVJEGI HIRWMJMIV{;LIR VIUYMVIH ETTP]
PMUYMH WYVJEGI HIRWMJMIV MR EGGSVHERGI [MXL QERYJEGXYVIVvW
VIGSQQIRHEXMSRW %JXIV XLI GYVMRK TIVMSH VIQSZI GYVMRK
GSQTSYRHEPPS[XLIWPEFWYVJEGIXSEMVHV]JSVHE]WERH
ETTP]TVSHYGX
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1


 .SMRXJMPPMRK{9RPIWWSXLIV[MWIWTIGMJMIHJMPPNSMRXW 7XVYGXYVEPEKKVIKEXIW{4VSZMHIJMRIERHGSEVWI

[MXLEWIQMVMKMHNSMRXJMPPIV-RWXEPPNSMRXJMPPIVJYPPHITXLSJ EKKVIKEXIJVSQEWMRKPIWSYVGITMXSVUYEVV]
WE[GYXW9RPIWWSXLIV[MWIWTIGMJMIHHSRSXMRWXEPPNSMRXJMPPIV  &IEVMRK WLMQW{9RPIWW SXLIV[MWI WTIGMJMIH SV
IEVPMIVXLERVIGSQQIRHIHF]JMPPIVQERYJEGXYVIV.SMRXWWLEPP TIVQMXXIHYWITPEWXMGFIEVMRKWLMQW4PEWXMGFIEVMRKWLMQW
FI WPMKLXP] SZIVJMPPIH ERH WLEZIH JPYWL (YVMRK XLI TVSNIGX WLEPPFIHIWMKRIHXSWYTTSVXXLIETTPMIHGSRWXVYGXMSRPSEHW
[EVVERX]TIVMSHQSRMXSVNSMRXJMPPIVJSVWITEVEXMSRIMXLIVEHLI
WMZIP]SVGSLIWMZIP]
ERHQSRMXSVGSRGVIXIHIXIVMSVEXMSREPSRK [MXLXLIGYVMRKQEXIVMEPERH[MXLGSEXMRKETTPMIHXSXLIMRXIVMSV
XLINSMRXEWNSMRXW[MHIR9RPIWWSXLIV[MWIWTIGMJMIHWITEVEXMSRW
WLEPPFIGSVVIGXIH[MXLMRXLITVSNIGX[EVVERX]TIVMSH
7)'8-32{8-0894'327869'8-32
{+IRIVEP
 (IWGVMTXMSR{8LMWWIGXMSRGSZIVWVIUYMVIQIRXWJSV
TVITEVEXMSRGEWXMRKERHIVIGXMSRSJXMPXYTGSRGVIXITERIPW
EWHIWMKREXIHMR'SRXVEGX(SGYQIRXW
 'SSVHMREXMSR{'SSVHMREXI;SVOWTIGMJMIHMRXLMW
WIGXMSR[MXL[SVOSJSXLIVXVEHIWERHSXLIVGSRGVIXI[SVOSR
XLI4VSNIGX
 +IRIVEP VIUYMVIQIRXW{8MPXYT GSRGVIXI WLEPP
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SXLIV[MWIWTIGMJMIHMRXLMWWIGXMSRERHMRHMGEXIHMR'SRXVEGX
(SGYQIRXW
 7YFQMXXEPW{9RPIWW SXLIV[MWI WTIGMJMIH WYFQMX
MXIQWWTIGMJMIHMRXLVSYKL
 &IEVMRKWLMQW{(EXESRX]TISJFIEVMRKWLMQW
 'SPSVMRKEKIRXW{(EXESRGSPSVMRKEKIRXW
 &SRHFVIEOIV{(EXESR FSRHFVIEOIV
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TERIPW EX PIEWX  Q \  Q GSRWXVYGXIH ERH IVIGXIH YWMRK
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TVIGEWX EVGLMXIGXYVEP GSRGVIXI YRMXW 1SGOYT WLEPP FI
VITVIWIRXEXMZI SJ XLI JMRMWLIH ;SVO MRGPYHMRK KPEWW
EPYQMRYQ JVEQMRK WIEPERXW ERH TVIGEWX GSRGVIXI GSQTPIXI
[MXL ERGLSVW GSRRIGXMSRW JPEWLMRKW ERH NSMRX JMPPIVW EW
EGGITXIH SR XLI JMREP WLST HVE[MRKW &YMPH QSGOYTW XS
GSQTP][MXLXLIJSPPS[MRKVIUYMVIQIRXWYWMRKQEXIVMEPWMRHM
GEXIHJSVGSQTPIXIH;SVO
E &YMPH QSGOYTW MR XLI PSGEXMSR ERH SJ XLI
WM^IMRHMGEXIHMR'SRXVEGX(SGYQIRXW
F 2SXMJ] %VGLMXIGX)RKMRIIV MR EHZERGI SJ
HEXIWERHXMQIW[LIRQSGOYTW[MPPFIGSRWXVYGXIH
G 3FXEMR%VGLMXIGX)RKMRIIVvW EGGITXERGI SJ
QSGOYTWFIJSVIJEFVMGEXMSR
H 1EMRXEMR QSGOYTW HYVMRK GSRWXVYGXMSR MR
ERYRHMWXYVFIHGSRHMXMSREWEWXERHEVHJSVNYHKMRKGSQTPIXIH
;SVO
I (IQSPMWL ERH VIQSZI QSGOYTW [LIR
RSXFSRH[MXLWXEMRSVEHZIVWIP]EJJIGXLEVHIRMRKSJTVIGEWX
GSRGVIXIWYVJEGIWERH[MPPRSXMQTEMVWYFWIUYIRXWYVJEGISV
NSMRXXVIEXQIRXWSJTVIGEWXGSRGVIXI
 7YVJEGI VIXEVHIV{;LIR WTIGMJMIH SV TIVQMXXIH
YWIGLIQMGEPWIXVIXEVHIVXSHIPE]WIXXMRKSJJVIWLP]TPEGIH
GSRGVIXIXSWTIGMJMIHHITXLSJVIZIEP
 8LMRERHLEPJFVMGOYRMXWERHEGGIWWSVMIW
;LIRWTIGMJMIH LEPJFVMGO YRMXWWLEPPGSQTP]
[MXL%781'SV%781'ERHQIIXXLIX]TIKVEHI
JEGIWM^IERHHMQIRWMSREPXSPIVERGIWWTIGMJMIHMR'SRXVEGX
(SGYQIRXW
 9RPIWW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH
TVSZMHIXLMRFVMGOYRMXWQIIXMRKXLIVIUYMVIQIRXWKMZIRMR
EXSQ
E 8LMGORIWW ERH XSPIVERGIW{8LMGORIWW RSX
PIWWXLERQQRSVQSVIXLERQQ[MXLERSZIVEPPXSPIVERGISJ
QQzQQJSVER]YRMXHMQIRWMSRQQSVPIWWERHER
SZIVEPP XSPIVERGI SJ  QQ z QQ JSV ER] YRMX HMQIRWMSR
KVIEXIVXLERQQQIEWYVIHEGGSVHMRKXS%781'
F 'SPH [EXIV EFWSVTXMSR EX  LSYVW{
1E\MQYQ [LIRXIWXIHMREGGSVHERGI[MXL%781'
G )JJPSVIWGIRGI{4VSZMHIFVMGOXLEXLEWFIIR
XIWXIHEGGSVHMRKXS%781'ERHVEXIHwRSXIJJPSVIWGIHx
H 3YX SJ WUYEVI{4PYW SV QMRYW  QQ
QIEWYVIHEGGSVHMRKXS%781'
I ;EVTEKI{4PYW  QMRYW  QQ [LIR
XIWXIHMREGGSVHERGI[MXL%781'
J :EVMEXMSRSJWLETIJVSQWTIGMJMIHERKPI{
4PYWSVQMRYWHIKVII
K 8IRWMPI FSRH WXVIRKXL ERH VIWMWXERGI XS
JVII^MRK ERH XLE[MRK{8IRWMPI FSRH WXVIRKXL EGGSVHMRK XS
%781)EWQSHMJMIHFIPS[WLEPPRSXFIPIWWXLER14E
FIJSVIERHEJXIVJVII^MRKERHXLE[MRKXIWXMRK*VII^MRKERH
XLE[MRK XIWXMRK MR EGGSVHERGI [MXL 1IXLSH & SJ %781
''1 WLEPP FI VYR JSV  G]GPIW ERH WTIGMQIRW
WLEPPWLS[RSHIXIGXEFPIHIXIVMSVEXMSR
4VITEVIXIWXWTIGMQIRWQIEWYVMRKQQ\QQ
HMVIGXIH (S RSX YWI QSGOYT MR TEVX SJ GSQTPIXIH ;SVO
YRPIWWTIVQMXXIHF]%VGLMXIGX)RKMRIIV
JSVXIRWMPIFSRHWXVIRKXLERHVIWMWXERGIXSJVII^MRK
J 8IWXMRK QSGOYT{;LIR VIUYMVIH F]
'SRXVEGX(SGYQIRXWTVSZMHIEWMRKPIJYPPWM^IHQSGOYTJSV
XIWXMRKF]SXLIVWXSXLII\XIRXMRHMGEXIHMR'SRXVEGX(SGYQIRXW
XSWMQYPEXITVIGEWXGSRGVIXIERH[MRHS[[EPPEWWIQFP]
{4VSHYGXW
 ;MRHS[ [EWLMRK W]WXIQ{;LIR WYTTSVX SJ
[MRHS[[EWLMRKW]WXIQMWWTIGMJMIHHIWMKRTVIGEWXGSRGVIXI
YRMXWWYTTSVXMRK[MRHS[[EWLMRKW]WXIQXSVIWMWXWTIGMJMIH
PSEHWXVERWQMXXIHJVSQ[MRHS[[EWLMRKIUYMTQIRX
 7XSRI XS TVIGEWX GSRGVIXI ERGLSVEKIW{-J WXSRI
ZIRIIVTVIGEWXGSRGVIXIYRMXWEVIWTIGMJMIHTVSZMHIRYQFIV
ERHX]TIWSJERGLSVWEWVIUYMVIH
 *SVQPMRIVW{;LIRJSVQPMRIVWEVIWTIGMJMIHXLI
HIWMKRXI\XYVIEVVERKIQIRXERHGSRJMKYVEXMSRWLEPPQEXGL
XLSWIYWIHJSVXLITVIGEWXGSRGVIXIHIWMKRVIJIVIRGIWEQTPI
4VSZMHIWSPMHFEGOMRKERHJSVQWYTTSVXWXSIRWYVIXLEXJSVQ
PMRIVWVIQEMRMRTPEGIHYVMRKGSRGVIXITPEGIQIRX9WI[MXL
QERYJEGXYVIVvW VIGSQQIRHIH JSVQVIPIEWI EKIRX XLEX [MPP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
[MXL FVMGO IQFIHHIH MRXS E GSRGVIXI WYFWXVEXI EWWIQFPIH
W]WXIQ
ERHXLE[MRKXIWXMRK(MZMHIXIWXWTIGMQIRW[MXLJMZIHIWMKREXIH
EW 7EQTPI % EWWIQFPMIW ERH JMZI HIWMKREXIH EW 7EQTPI &
EWWIQFPMIW7TIGMQIRWLEPPLEZIEXLMGORIWWSJEXPIEWXQQ
TPYW FVMGO XLMGORIWW 'SRGVIXI WLEPP LEZI E GSQTVIWWMZI
WXVIRKXL SJ EX PIEWX  14E ERH  XS   IRXVEMRIH EMV
)QFIHHIHFVMGOGSYVWMRKTEXXIVRJSVXIWXWTIGMQIRWWLEPPFI
QSHYPEVWM^IFVMGOQQ\QQSRELEPJVYRRMRKFSRH
TEXXIVR [MXL E JSVQIH VEOIH NSMRX KISQIXV] SJ RS PIWW
XLERQQ[MHIERHEHITXLRSKVIEXIVXLERQQJVSQXLI
I\XIVMSVJEGISJXLIFVMGO
3RI FVMGO JVSQ XLI GIRXIV SJ IEGL 7EQTPI % EWWIQFP]
WLEPPFIXIWXIHJSVXIRWMPIFSRHWXVIRKXL-RTPEGISJERGLSV
WTIGMJMIHMR%781)YWIQQQMRMQYQXLMGORIWWWXIIP
TPEXISJWEQIWM^IEWWMRKPIFVMGOJEGIFSRHIH[MXLITS\]XSE
WMRKPIFVMGOJEGIJSVIEGLXIRWMPIFSRHWXVIRKXLXIWX8LIWXIIP
TPEXI WLEPP LEZI E GIRXVEPP] PSGEXIH TYPPVSH [IPHIH XS XLI
TPEXI )EGL 7EQTPI & EWWIQFP] WLEPP JMVWX FI XIWXIH JSV
JVII^MRKERHXLE[MRK VIWMWXERGI MR EGGSVHERGI [MXL %781
''1 1IXLSH & 7YFWIUYIRX XS XLI JVII^MRKERH
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

XLE[MRKVIWMWXERGIXIWXMRKSRIFVMGOJVSQXLIGIRXIVSJIEGL *SVJYPPFVMGOYRMXWYWIKEPZERM^IHSVWXEMRPIWW
7EQTPI&EWWIQFP]WLEPPFIXIWXIHJSVXIRWMPIFSRHWXVIRKXL WXIIPHSZIXEMPWPSXWMRTVIGEWXGSRGVIXIRSXPIWWXLERQQ
M1SHYPYWSJVYTXYVI{2SXPIWWXLER14E XLMGO JIPX SV JMFIVJMPPIH HSZIXEMP WPSXW SV GSZIV JEGI
[LIRXIWXIHMREGGSVHERGI[MXL%781' STIRMRKSJWPSXWEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
N 'LIQMGEPVIWMWXERGI{6EXIHwRSXEJJIGXIHx  7XSRI JEGMRK{;LIR WTIGMJMIH TVSZMHI WXSRI
[LIRXIWXIHEGGSVHMRKXS%781' JEGMRK JSV TVIGEWX GSRGVIXI QIIXMRK XLI JSPPS[MRK VIUYMVI
O 7YVJEGI GSPSVMRK{&VMGO WTIGMJMIH [MXL QIRXWERH'SRXVEGX(SGYQIRXW
WYVJEGIGSPSVMRKSXLIVXLERJPEWLIHSVWERHJMRMWLIHFVMGO 8SPIVERGISJPIRKXLERH[MHXLSJzQQ
WLEPP[MXLWXERHG]GPIWSJJVII^MRKERHXLE[MRKEGGSVHMRK %RGLSVWWLEPPFIWXEMRPIWWWXIIP%781%
XS %781 ' [MXL RS SFWIVZEFPI HMJJIVIRGI MR ETTPMIH 8]TISJXIQTIVHMEQIXIVERHIQFIHQIRXVIUYMVIHXS
JMRMWL[LIRZMI[IHMRHE]PMKLXJVSQQ WYTTSVXPSEHW[MXLSYXI\GIIHMRKEPPS[EFPIHIWMKRWXVIWWIW
P ;LIR WTIGMJMIH JEGI GSPSV ERH XI\XYVI WLEPP ;LIREJPI\MFPIWIEPERXQEXIVMEPMWWTIGMJMIH
QEXGLHIWMKRVIJIVIRGIWEQTPIEGGITXIHF]%VGLMXIGX)RKMRIIV JSV JMPPMRK ERGLSV LSPIW YWI E PS[QSHYPYW WIEPERX XLEX MW
Q ;LIR WTIGMJMIH TVSZMHI FEGO WYVJEGI RSRWXEMRMRKXSWXSRIWYFWXVEXIERHXLEXGSQTPMIW[MXL%781
XI\XYVIMREGGSVHERGI[MXL'SRXVEGX(SGYQIRXW '
 +PE^IH ERH YRKPE^IH GIVEQMG XMPI YRMXW{9RPIWW  ;LIR VMKMH JMPPIV MW WTIGMJMIH XS VIWMWX [EXIV
SXLIV[MWI WTIGMJMIH YRMX TVSTIVXMIW WLEPP GSQTP] [MXL XLI TIRIXVEXMSRMRERGLSVLSPIWYWIITS\]GSRJSVQMRKXS%781
JSPPS[MRK ''1 WSPMHWWERHJMPPIH[MXLEQE\MQYQWERH
e 8LMGORIWWSJYRMXWWLEPPRSXFIPIWWXLERQQ XSFMRHIVVEXMSFIX[IIRERHRSRWLVMROMRKRSRWXEMRMRKSJE
e &SH]SJKPE^IHXMPIWLEPPLEZI[EXIVEFWSVTXMSRSJPIWW X]TIGPEWWERHKVEHIXSWYMXETTPMGEXMSR
XLER YWMRK%781'  -J JMPPMRK ERGLSV LSPIW [MXL VMKMH ITS\] JMX
e 1ERYJEGXYVIVWLEPP[EVVERXQEXIVMEPWEWJVSWXVIWMWXERX IEGL ERGLSV PIK [MXL  (YVSQIXIV RISTVIRI KVSQQIX
ERH GSPPEVLEZMRKE[MHXLEXPIEWXX[MGIXLIHMEQIXIVERHPIRKXL
e +PE^IHYRMXWWLEPPGSRJSVQXS%781' EXPIEWXJMZIXMQIWXLIERGLSVHMEQIXIV
 %VGLMXIGXYVEP XIVVE GSXXE YRMXW{;LIR XIVVE  &SRH FVIEOIV{9RPIWW SXLIV[MWI WTIGMJMIH
GSXXEMWWTIGMJMIHYRMXWWLEPPGSQTP][MXLVIUYMVIQIRXWSJ FSRH FVIEOIV FIX[IIR WXSRI ERH TVIGEWX GSRGVIXI WLEPP FI
EVGLMXIGXYVEPXIVVEGSXXEQERYJEGXYVIVvWWXERHEVHWJSVXLI TSP]IXL]PIRIWLIIX%781(XSQQXLMGO
ETTPMGEXMSRMRHMGEXIH  *SVQJEFVMGEXMSR
 7IXXMRK QSVXEV{9RPIWW SXLIV[MWI WTIGMJMIH  +IRIVEP{'SRWXVYGX QSVXEVXMKLX JSVQW SJ
QSVXEVJSVWIXXMRKXLMRSVLEPJFVMGOGIVEQMGXMPISVXIVVEGSXXE WYJJMGMIRX WXVIRKXL XS [MXLWXERH TVIWWYVIW HYI XS GSRGVIXI
YRMXNSMRXWFIJSVITPEGMRKTVIGEWXGSRGVIXIWLEPPYWIFEGOYT TPEGIQIRX ZMFVEXMSR STIVEXMSRW ERH XIQTIVEXYVI GLERKIW
GSRGVIXI SV TSVXPERH GIQIRX %781 ' 8]TI - ERH 'SEX GSRXEGX WYVJEGIW SJ QSPHW [MXL VIPIEWI EKIRX FIJSVI
GPIERREXYVEPWERH%781'1M\EXEVEXMSSJSRITEVX VIMRJSVGIQIRXMWTPEGIH
TSVXPERH GIQIRX XS JSYV TEVXW WERH F] FYPO ZSPYQI [MXL 1EMRXEMR JSVQW XS TVSZMHI GSQTPIXIH TVIGEWX GSRGVIXI
QMRMQYQ[EXIVVIUYMVIHJSVTPEGIQIRX YRMXWSJWLETIWPMRIWERHHMQIRWMSRW[MXLMR%'--8+1
 0EXI\ TSVXPERH GIQIRX TSMRXMRK KVSYX{;LIR JEFVMGEXMSR XSPIVERGIW *SVQ NSMRXW EVI TVSLMFMXIH SR JEGIW
'SRXVEGX (SGYQIRXW WTIGMJ] JMPPMRK FVMGO YRMX NSMRXW EJXIV I\TSWIHXSZMI[MRXLIJMRMWLIH;SVO
TVIGEWXGSRGVIXITERIPTVSHYGXMSRYRPIWWSXLIV[MWIWTIGMJMIH E8LMRERHLEPJFVMGOJEGMRK{;LIRXLMRSV
YWITSMRXMRK KVSYX GSRJSVQMRK XS %27- % MRGPYHIH MR
%27-%
ERHQIIXMRKSVSVFSXL EGGYVEXIP] XS TVSZMHI KVMH JSV FVMGO JEGMRKW 4VSZMHI WSPMH
(V]KVSYXQM\XYVIJEGXSV]TVITEVIHSJTSVXPERH
GIQIRXKVEHIHEKKVIKEXIERHHV]VIHMWTIVWMFPIIXL]PIRI
ZMR]PEGIXEXIEHHMXMZIJSVQM\MRK[MXL[EXIV
 'SQQIVGMEP TSVXPERH GIQIRX KVSYX JEGXSV]
TVITEVIH [MXL PMUYMH WX]VIRIFYXEHMIRI VYFFIV SV EGV]PMG
VIWMRPEXI\EHHMXMZI
 'SPSVW{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
GSPSVSJTSMRXMRKKVSYXWLEPPQEXGLHIWMKRVIJIVIRGIWEQTPI
 7IXXMRKW]WXIQWJSVFVMGOERHGIVEQMGXMPI{;LIR
XLMRERHJYPPFVMGOSVGIVEQMGXMPIMWPEMHEJXIVGEWXMRKYRMX
GSQTP][MXLXLIVIUYMVIQIRXWMR'SRXVEGX(SGYQIRXW
9RPIWWSXLIV[MWIWTIGMJMIHWIXXMRKW]WXIQW[MXLXLMRERH
JYPPFVMGOSVGIVEQMGXMPIPEMHEJXIVGEWXMRKTVIGEWXGSRGVIXI
YRMXWWLEPPGSRJSVQXS SV
8LMRFVMGOERHGIVEQMGXMPIYRMXWWLEPPFIWIX
LEPJFVMGOJEGMRKWEVIWTIGMJMIHTPEGIJSVQPMRIVXIQTPEXIW
FEGOMRKERHWYTTSVXWXSQEMRXEMRPMRIVWXEFMPMX][LMPITPEGMRK
FVMGOWERHHYVMRKGSRGVIXITPEGIQIRX7IGYVIP]TPEGIFVMGO
YRMXW JEGIHS[R MRXS JSVQ PMRIV TSGOIXW ERH TPEGI TVIGEWX
GSRGVIXIFEGOMRKQM\XYVIW'PIERJEGIWERHNSMRXWSJFVMGO
JEGMRK
F*SVQPMRIVW{4PEGIJSVQPMRIVWXSTVSZMHI
JMRMWLIHWYVJEGIETTIEVERGIMRHMGEXIHMR'SRXVEGX(SGYQIRXW
4VSZMHIWSPMHFEGOMRKERHWYTTSVXWXSQEMRXEMRPMRIVWXEFMPMX]
HYVMRK GSRGVIXI TPEGIQIRX 'SEX JSVQ PMRIV [MXL JSVQ
VIPIEWIEKIRXXLEX[MPPRSXEJJIGXJSVQPMRIVQEXIVMEP
 7XSRIJEGMRKMRWXEPPEXMSR{;LIRWXSRIJEGMRKWEVI
WTIGMJMIH EGGYVEXIP] TSWMXMSR WXSRI JEGMRKW MR PSGEXMSRW
MRHMGEXIHMR'SRXVEGX(SGYQIRXW
-RWXEPPWTVMRKGPMTWERGLSVWWYTTSVXWERHSXLIVEXXEGLQIRXW
MRHMGEXIH SV RIGIWWEV] XS WIGYVI WXSRI MR TPEGI 1EMRXEMR
YWMRKHV]WIXQSVXEVGSRJSVQMRKXS%27-%MRGPYHIH QMRMQYQIQFIHQIRXHITXLVIUYMVIQIRXWSJWXSRIERGLSVW
MR %27- %
 SV PEXI\TSVXPERH GIQIRX QSVXEV MRXS GSRGVIXI WYFWXVEXIW 3VMIRX WXSRI ZIMRMRK MR HMVIGXMSR
GSRJSVQMRKXS%27-%MRGPYHIHMR%27-%
 MRHMGEXIHMR 'SRXVEGX(SGYQIRXW7TEGIERGLSVWEXPIEWXQQ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

JVSQERIHKIERHTVSZMHIRSPIWWXLERX[SERGLSVWTIVWXSRI
YRMXSJPIWWXLERQMREVIEERHJSYVERGLSVWTIVYRMXSJ
PIWWXLERQMREVIE*SVYRMXWPEVKIVXLERQMREVIE
TVSZMHI ERGLSVW WTEGIH RS QSVI XLER  XS  QQ SR
GIRXIV HITIRHMRK SR XLI PSGEP FYMPHMRK GSHI ERH [MRH
PSEHMRK9WIGSRXMRYSYWWTEGIVWXSSFXEMRYRMJSVQNSMRXWSJ
[MHXLWMRHMGEXIHMR'SRXVEGX (SGYQIRXWERH[MXLIHKIWERH
JEGIWEPMKRIHEGGSVHMRKXSWTIGMJMIHTEXXIVRERHXSPIVERGIW
)RWYVI RS TEWWEKI SJ GSRGVIXI QEXVM\ XS WXSRI WYVJEGI SV
NSMRXWFIX[IIRWXSRIW
 *YVRMWL ERH MRWXEPP WIEPERX FEGOMRKW ERH
WIEPERXMRXSWXSRIXSWXSRINSMRXWERHWXSRIXSGSRGVIXINSMRXW
SR IEGL YRMX %TTP] E GSRXMRYSYW WIEPERX FIEH EPSRK FSXL
WMHIWERHXSTSJTVIGEWXGSRGVIXIYRMXWEXXLIWXSRITVIGEWX
GSRGVIXIMRXIVJEGI(SRSXWIEPFSXXSQIHKISJYRMX
 7XSRI ERGLSV WLIEV ERH XIRWMPI XIWXMRK{
)RKEKI EGGVIHMXIH XIWXMRK EKIRG] EGGITXEFPI XS %VGLMXIGX
)RKMRIIVXSIZEPYEXIERHXIWXXLITVSTSWIHWXSRIERGLSVEKI
W]WXIQ 7YFQMX UYEPMJMGEXMSRW SJ WIPIGXIH XIWXMRK EKIRG]
4VSZMHIX[SWIXWSJWM\WXSRIWEQTPIW\QQ[MXL
WXSRI SJ TVSTSWIH XLMGORIWW 8IWX JSV WLIEV ERH XIRWMPI
WXVIRKXLSJTVSTSWIHWXSRIERGLSVEKIW]WXIQMREGGSVHERGI
[MXL %781 ) SV %781 ''1 QSHMJMIH EW
JSPPS[W
e &IJSVIXIWXMRK WYFQMX JSV EGGITXERGI E HIWGVMTXMSR SJ
E %WGEWX WYVJEGI JMRMWL{4VSZMHI WYVJEGIW
XS QEXGL EGGITXIH WEQTPI SV QSGOYT YRMXW JSV EGGITXEFPI
WYVJEGIEMVZSMHWERHWERHWXVIEOWSJEWGEWXWYVJEGIJMRMWLIW
F 8I\XYVIHWYVJEGIJMRMWL{4VSZMHIWYVJEGIW
XS QEXGL EGGITXIH WEQTPI SV QSGOYT YRMXW JSV EGGITXEFPI
WYVJEGIEMVZSMHWWERHWXVIEOWERHYRMJSVQMX]SJGSPSVJSV
XI\XYVIHWYVJEGIJMRMWLIW
G&YWLLEQQIVJMRMWL{9WITS[IVSVLERH
XSSPW XS VIQSZI QEXVM\ ERH JVEGXYVI GSEVWI EKKVIKEXIW XS
QEXGLEGGITXIHWEQTPISVQSGOYTYRMXW
H)\TSWIHEKKVIKEXIJMRMWL{9WIGLIQMGEP
VIXEVHMRKEKIRXWETTPMIHXSQSPHWERH[EWLMRKERHFVYWLMRK
TVSGIHYVIW XS I\TSWI EKKVIKEXI ERH WYVVSYRHMRK QEXVM\
WYVJEGIW EJXIV JSVQ VIQSZEP XS QEXGL EGGITXIH WEQTPI SV
QSGOYTYRMXW
I %FVEWMZIFPEWX JMRMWL{9WI EFVEWMZI KVMX
IUYMTQIRXETTPMGEXMSRXIGLRMUYIWERHGPIERMRKTVSGIHYVIW
XS I\TSWI EKKVIKEXI ERH WYVVSYRHMRK QEXVM\ WYVJEGIW XS
QEXGLEGGITXIHWEQTPISVQSGOYTYRMXW6IQSZIQEXVM\XS
E QE\MQYQ HITXL SJ  XLI EZIVEKI HMEQIXIV SJ XLI
QE\MQYQWM^ISJGSEVWIEKKVIKEXIFYXRSXQSVIXLERXLI
HMEQIXIVSJWQEPPIWXWM^IHGSEVWIEKKVIKEXI
J %GMHIXGLIH JMRMWL{9WI EGMHLSX[EXIV
WSPYXMSR ETTPMGEXMSR IUYMTQIRX ERH XIGLRMUYIW ERH
GPIERMRKTVSGIHYVIWXSI\TSWIEKKVIKEXIERHWYVVSYRHMRK
XLIXIWXEWWIQFP]MRGPYHMRKTIVXMRIRXHEXESRQEXIVMEPW

XIWXETTEVEXYWERHTVSGIHYVIW
e 8IWXWXSRIERGLSVWSJXLIWM^IWERHWLETIWTVSTSWIHJSV
XLIMRWXEPPEXMSRERH
e 8IWXXLIEWWIQFP]XSJEMPYVIERHVIGSVHXLIXIWXPSEHEX
JEMPYVI6IGSVHXLIX]TISJJEMPYVIERGLSVTYPPSYXWXSRI
FVIEOEKI ERH SXLIV TIVXMRIRX MRJSVQEXMSR MR EGGSVHERGI
[MXL XLI VIUYMVIQIRXW SJ %781 ) -R EHHMXMSR
WYFQMXPSEHHIJPIGXMSRGYVZIWSJIEGLXIWXEWWIQFP]
 *EGIERHFEGOYTGSRGVIXIQM\XYVIW{;LIRSRP]
SRIJEGISJYRMXMWI\TSWIHYRPIWWSXLIV[MWIWTIGMJMIHYWI
IMXLIVSJXLIXIGLRMUYIWMRSV
 8LI WEQI GSRGVIXI QM\XYVI XLVSYKLSYX XLI
XLMGORIWWSJTERIPSV
(MJJIVIRXGSRGVIXIQM\XYVIWJSVJEGIERHFEGOYT
E 4PEGI JEGI GSRGVIXI XS E XLMGORIWW EJXIV
GSRWSPMHEXMSR XLEX IUYEPW SV I\GIIHW XLI PEVKIWX SJ XLI
JSPPS[MRK XVS[IPJMRMWL
e QQ  (IJIGXMZI ;SVO{4VIGEWX GSRGVIXI YRMXW XLEX
e 3RIERHELEPJXMQIWXLIRSQMREPQE\MQYQEKKVIKEXIERH
e 7TIGMJMIHGSRGVIXIGSZIVMRHMGEXIHMR'SRXVEGX(SGYQIRXW
F 9RPIWW SXLIV[MWI TIVQMXXIH YWI GIQIRX
ERH EKKVIKEXI JSV JEGI GSRGVIXI QM\XYVI EW WTIGMJMIH MR
'SRXVEGX(SGYQIRXW
 4VIGEWXEVGLMXIGXYVEPGSRGVIXIYRMXJMRMWLIW
 +IRIVEP{)\TSWIHJEGIWWLEPPFIJVIISJNSMRX
QEVOWKVEMRSVHIJIGXWRSXEGGITXIHMRXLIEGGITXIHWEQTPISV
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 7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMREXLVSYKLKEVIRSXVIUYMVIHXSFIWYFQMXXIH
 7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMRE ERH FEVIRSXVIUYMVIHXSFIWYFQMXXIH
 7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMREERHFEVIRSXVIUYMVIHXSFIWYFQMXXIH
 7TIGMJ]MJGSEXIHVIMRJSVGMRKFEVWEVIVIUYMVIHERHMJWS[LIXLIVGSEXMRKMWXSFI^MRGSVITS\]
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 7TIGMJ]MJWXIIPJMFIVVIMRJSVGIQIRXMWVIUYMVIHJSVYWIMREGGSVHERGI[MXL%'-1
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 7TIGMJ]MJFIRHMRKSVWXVEMKLXIRMRKVIMRJSVGMRKFEVWTEVXMEPP]IQFIHHIHMRGSRGVIXIMWTIVQMXXIH
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4'%4YFPMGEXMSR)&JSVEHHMXMSREPKYMHERGI
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EWQEPPIVTIVGIRXEKISJJP]EWLMWTVSTSWIHXLITVSTSWIHTVSNIGXQM\XYVISJJP]EWLERHTSVXPERHGIQIRXJVSQXLI
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TVSNIGXQM\XYVIHSIWRSXI\GIIHXLEXSJXLIGSRXVSPQM\XYVI*SVTVSNIGXW[LIVII\TERWMSRWHYIXS%76GERFIGVMXMGEP
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YWIHEWHIWGVMFIHMRXLI3TXMSREP6IUYMVIQIRXW'LIGOPMWXJSV
H 7TIGMJ][LIRXLIQMRMQYQEQSYRXSJJP]EWLQE]FIHMJJIVIRXXLER 
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HSRSXGSRXEMRQEXIVMEPWHIPIXIVMSYWP]VIEGXMZI[MXLEPOEPMIWMRXLIGIQIRXLS[IZIVWYGLEKKVIKEXIWQE]FIYWIH
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 7TIGMJ]MJRSRTSXEFPI[EXIVGSQTP]MRK[MXL%781'1MWTIVQMXXIH
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TSMRXSJHIPMZIV]*SVI\EQTPITYQTIHGSRGVIXIMWSJXIRWTIGMJMIHXSLEZIWPYQTQIEWYVIHEXXLIIRHSJXLITYQTPMRIXS
TVIGPYHITVSFPIQWIRGSYRXIVIH[MXLZEV]MRKWPYQTPSWWHYVMRKTYQTMRK8LMW[SYPHTVSZMHIJSVEWPYQTLMKLIVXLERQQ
EXXLITSMRXSJHIPMZIV]XSSFXEMRQQWPYQTEXXLIIRHSJXLITYQTPMRI3RGIWPYQTPSWWHYVMRKTYQTMRKGER
FIHIXIVQMRIHEGGITXERGISVVINIGXMSRSJGSRGVIXIFEWIHSRWPYQTGERXLIRFIHIXIVQMRIHEXXLIHIPMZIV]TSMRX
*SVI\EQTPIMJEQQWPYQTPSWWHYVMRKTYQTMRKMWIWXEFPMWLIHERHGSRJMVQIHF]GSQTEVEXMZIXIWXMRKE
WPYQTSJQQQIEWYVIHEXXLITSMRXSJHIPMZIV][MPPQIIXXLIQQWPYQTVIUYMVIQIRXEXXLIIRHSJXLITYQTPMRI
7TIGMJ]MJETPEWXMGM^MRKSVLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIMWVIUYMVIHSVTIVQMXXIHXSTVSHYGIGSRGVIXI[MXL
LMKLWPYQTW-JWSWTIGMJ]XLIVIUYMVIHWPYQTMJHMJJIVIRXJVSQXLSWIMRHMGEXIHMR
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PSGEXIHXSHIXIVQMRIXLIMVI\TIVMIRGIERHMRTYXJSVWYGLLMKLTIVJSVQERGIGSRGVIXI
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 7TIGMJ]MJGSRGVIXIWLSYPHFIRSREMVIRXVEMRIHSVEREPXIVREXMZIEMVGSRXIRXMWVIUYMVIH%MVIRXVEMRQIRXWLSYPHRSX
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HMWGLEVKIGERFIHIXIVQMRIH
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

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E 7TIGMJ]EPXIVREXMZIQM\XYVIVIUYMVIQIRXWJSVWYPJEXIVIWMWXERGI
F 7TIGMJ]EPXIVREXMZIQM\XYVIVIUYMVIQIRXWJSVJVII^MRKERHXLE[MRKVIWMWXERGI
G 7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVPS[TIVQIEFMPMX]
H 7TIGMJ]EPXIVREXMZIQM\XYVIVIUYMVIQIRXWJSVGSVVSWMSRTVSXIGXMSRSJVIMRJSVGIQIRX
 'SRGVIXI I\TSWIH XS EPXIVREXMRK G]GPIW SJ JVII^MRK ERH XLE[MRK MR E WEXYVEXIH GSRHMXMSR HIMGIV WEPXW JVIWL
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PS[TIVQIEFMPMX]XS[EXIVWLSYPHFIWTIGMJMIHXSLEZIE[GQRSXI\GIIHMRKXLIZEPYIMR%'-18EFPI
E -JXLIXIWXWTIGMQIRMWSXLIVXLERE\QQSV\QQG]PMRHVMGEPWTIGMQIRWTIGMJ]XLIWTIGMQIRWM^I-JEKIEX
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F 7TIGMJ]XLIXIWXEKIWMJSXLIVXLERHE]WJSVXVMEPQM\XYVITVSTSVXMSRMRK
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TVSTIVXMIWMWRSXVIUYMVIH
 7TIGMJ][LIRJMIPHZIVMJMGEXMSRSJGSRGVIXIQM\XYVIWMWVIUYMVIH7TIGMJ]QIXLSHJSVWEQTPMRKEXTSMRXSJTPEGIQIRX
 -J GSRGVIXI QEXIVMEPW EVI XS FI QIEWYVIH FEXGLIH SV QM\IH SXLIV XLER MR GSRJSVQERGI XS %781 ''1
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SJ6IEH]1M\IH'SRGVIXI4VSHYGXMSR*EGMPMXMIWSVERIUYMZEPIRXTVSKVEQ261'%vW'IVXMJMGEXMSR4VSKVEQMWMR
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G 7TIGMJ]MJEVIUYIWXJSVEGGITXERGISJ[IX[IEXLIVTVSXIGXMSRWLSYPHFIWYFQMXXIH
H 7TIGMJ]MJEVIUYIWXJSVEGGITXERGISJLSX[IEXLIVTVIGEYXMSRWWLSYPHFIWYFQMXXIH
I 7TIGMJ]MJEVIUYIWXJSVEGGITXERGISJGSPH[IEXLIVTVIGEYXMSRWWLSYPHFIWYFQMXXIH
J 7TIGMJ]MJWEQTPIWJMRMWLIHMREGGSVHERGI[MXLQYWXFIWYFQMXXIH
K 7TIGMJ]MJERI\TSWIHEKKVIKEXIWYVJEGIMWVIUYMVIH
 ;LIVIETTIEVERGIMWEJEGXSVWTIGMJ]GYVMRK[EXIVXLEXMWJVIISJWYFWXERGIWXLEX[MPPWXEMRSVHMWGSPSVGSRGVIXI
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 7TIGMJ]EPXIVREXMZIVITEMVQEXIVMEPW8LIQEXIVMEPWLSYPHFIETTVSTVMEXIJSVI\TSWYVIGSRHMXMSRWERHFSRHXSXLI
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 7TIGMJ][LIRGSRWSPMHEXMRKSJGSRGVIXIF]QIXLSHWSXLIVXLERZMFVEXMSR[MPPFITIVQMXXIH7TIGMJ][LIRSXLIV
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 7TIGMJ]MJFSRHMWVIUYMVIHEXGSRWXVYGXMSRNSMRXW
 7TIGMJ]MJXLIVIUYMVIHJMRMWLMWXSQEXGLXLEXSJEWEQTPITERIPJYVRMWLIHJSVGSQTEVMWSRTYVTSWIW7TIGMJ]XLI
WEQTPIJMRMWLPSGEXMSRERHXLIMRTPEGIJMRMWLPSGEXMSR
 7TIGMJ]QSVIVIWXVMGXMZIXSPIVERGIWJSVEWGEWXJSVQJMRMWLIWEWRIIHIHFEWIHSRMQTSVXERGISJWYVJEGIETTIEVERGI
6IJIVXS3TXMSREP6IUYMVIQIRXW'LIGOPMWXJSVJSVEHHMXMSREPKYMHERGI
F 7TIGMJ]MJQSGOYTMWRSXVIUYMVIH
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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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KVSYXPMKLXIRWHYIXSHV]MRKVYFXLIWYVJEGIERHOIITXLIWYVJEGIHEQTJSVLSYVWEJXIV[EVH
G (IWMKREXIXLSWITSVXMSRWSJXLIWXVYGXYVIXSVIGIMZIEGSVOJPSEXIHJMRMWL
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 7TIGMJ]PSGEXMSRERHX]TISJEPXIVREXMZIEWGEWXJSVQIHJMRMWL
 7TIGMJ][LIRQSVISVPIWWGIVXMJMIHJPEX[SVOGSRGVIXIJMRMWLIVWQE]FIVIUYMVIHSVTIVQMXXIH
1SVIWXVMRKIRXUYEPMJMGEXMSRWJSVJMRMWLMRKGSRXVEGXSVERHJMRMWLIVWQE]FIETTVSTVMEXI[LIVIJPSSVWIVZMGIEFMPMX]MW
WMKRMJMGERXXS3[RIVERHJSVPEVKIJPSSVTVSNIGXW[MXLWTIGMJMGVIUYMVIQIRXWJSVJPEXRIWWLIEZ]PSEHMRKJVIUYIRXPMJX
XVYGOXVEJJMGSVEYXSQEXIH[EVILSYWIXVYGOXVEJJMG*SVWYGLTVSNIGXWWTIGMJ]XLEXXLIJMRMWLMRKGSRXVEGXSVWYWIUYEPMJMIH
JPEX[SVOJMRMWLIVWWOMPPIHMRXLIWTIGMJMG;SVOVIUYMVIH *PEX[SVOJMRMWLIVWWLSYPHFIGIVXMJMIHSRXLIFEWMWSJ
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G ;LIRETTPMGEFPIWTIGMJ]XSPIVERGIWXLEXEVIQSVIVIWXVMGXMZI8LIGSRZIRXMSREPXSPIVERGIJVSQ%'-1ETTPMIW
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QSRMXSVMRKIUYMTQIRXWTIGMJ]IMXLIVwJPEXxSVwZIV]JPEXxJPSSVXSPIVERGIWJVSQ%'-16IJIVXS%'-6
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I *SVHV]WLEOIJMRMWLIWWTIGMJ]XLIQIXEPPMGSVQMRIVEPEKKVIKEXIXLIJMREPJMRMWLMRKQIXLSHERHXLIPSGEXMSR
J *SVLIEZ]HYX]XSTTMRKJSVX[SGSYVWIWPEFWWTIGMJ]XLIQEXIVMEPWXLIJMREPJMRMWLMRKQIXLSHERHXLIPSGEXMSR
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L 7TIGMJ]XLIPSGEXMSRSJRSRWPMTJMRMWLIW;LIVIEFVEWMZITEVXMGPIWSXLIVXLERGVYWLIHEPYQMRYQS\MHIWEVIXSFI
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M *SVI\TSWIHEKKVIKEXIJMRMWLIWWTIGMJ]XLIPSGEXMSRGSPSVWYVJEGIVIXEVHIVERHWM^ISJEKKVIKEXIYWYEPP]XSQQ 
E 7TIGMJ]MJEREPXIVREXMZIXMQIJSVQIEWYVMRKXSPIVERGIWMWVIUYMVIH
F %PXIVREXMZIJPSSVJMRMWLXSPIVERGIWJPSSVX]TIWERHJPSSVEVIEWQE]FIWTIGMJMIH[LIVIETTPMGEFPI8LIwQWXVEMKLXIHKI
QIXLSHxSJQIEWYVMRKXSPIVERGIWWTIGMJMIHMR%'-1ETTPMIWXSQER]WQEPPKIRIVEPJPSSVGSRWXVYGXMSRETTPMGEXMSRW8LI
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JSVOPMJXWSVLSYWMRKWIRWMXMZIXIWXERHQSRMXSVMRKIUYMTQIRXWTIGMJ]IMXLIVwJPEXxSVwZIV]JPEXxJPSSVXSPIVERGIWJVSQ%'-
1 YWMRK XLI *RYQFIV QIEWYVMRK W]WXIQ ;LIR WTIGMJ]MRK XLI *RYQFIV QIEWYVMRK W]WXIQ JSV YRWLSVIH JPSSVW
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WPSTIYRPIWWEWTIGMJMGGSRWXERXWPSTILEWFIIRWTIGMJMIHWSXLEXXLI**ZEPYIMWETTVSTVMEXI6IJIVXS%'-6ERHXLI
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 7TIGMJ]MJWE[GYXNSMRXWEVIVIUYMVIH
 8LIQIEWYVIWWTIGMJMIHMREVIJSVJMREPGYVMRKSJXLIGSRGVIXI7TIGMJ]MRMXMEPGYVMRKMREGGSVHERGI[MXL%'-
 JSV EHHMXMSREP TVSXIGXMSR EKEMRWX QSMWXYVI PSWW JVSQ XLI XMQI SJ TPEGIQIRX XS MRMXMEXMSR SJ JMREP GYVMRK
QIEWYVIW-RMXMEPGYVMRKQIEWYVIWEVIFIRIJMGMEP[LIRFPIIHVEXIMWI\TIGXIHXSFIPS[HYIXSYWISJWYTTPIQIRXEV]
GIQIRXMXMSYWQEXIVMEPWWYGLEWJP]EWLWPEKSVWMPMGEJYQILMKLEMVGSRXIRXPS[[GQSV[LIRIZETSVEXMZIGSRHMXMSRWEVI
PMOIP]XSFIWIZIVIHYVMRKTPEGMRKERHJMRMWLMRK6IJIVXS%'-6JSVEHHMXMSREPKYMHERGI
*SVGSRGVIXIWYVJEGIWXLEXVIUYMVIIRLERGIHHYVEFMPMX]WYGLEWLMKL[IEVVIWMWXERGIPS[TIVQIEFMPMX]SVQMRMQEP
GVEGOMRK E PSRKIV GYVMRK HYVEXMSR GSYPH FI RIIHIH XLERMW VIUYMVIH XS QIIX GSQTVIWWMZI WXVIRKXL GVMXIVME EPSRI
;LIRWYGLIRLERGIHTVSTIVXMIWEVIVIUYMVIHQMRMQYQGYVMRKTIVMSHWSJHE]WJSVLMKLIEVP]WXVIRKXLGSRGVIXI
HE]WJSVGSRGVIXIMRGSVTSVEXMRK8]TI-SV8]TI--GIQIRXWERHXSHE]WJSVGSRGVIXIMRGSVTSVEXMRKTS^^SPER
EW SRI SJ XLI GIQIRXMXMSYW QEXIVMEPW EVI VIGSQQIRHIH 7TIGMJ] E PSRKIV GYVMRK HYVEXMSR EW ETTVSTVMEXI XS XLI
TIVJSVQERGIVIUYMVIQIRXWSJXLIGSRGVIXI6IJIVXS%'-6JSVEHHMXMSREPKYMHERGI
7TIGMJ]MJEGYVMRKTVSGIHYVISJ XLEXWYTTPMIWEHHMXMSREP[EXIVMWVIUYMVIH
7TIGMJ]MJSRISJXLIXLVIIGVMXIVMEJSVXIVQMREXMRKGYVMRKSVSJWSQISXLIVGVMXIVMSRJSVXIVQMREXMRKGYVMRKMWVIUYMVIH
7TIGMJ]MJWYTTP]MRKEHHMXMSREP[EXIVMWVIUYMVIHJSVIRXMVIGYVMRKTIVMSH
 7TIGMJ]PSGEXMSRWVIUYMVMRKWTIGMJMGGYVMRKQIXLSHW6IJIVXS%'-6JSVWTIGMJMGGYVMRKQIXLSHVIGSQQIRHEXMSRW
 6IUYMVIQIRXW JSV VEXI SJ XIQTIVEXYVI GLERKI LEZI FIIR I\GIVTXIH JVSQ %'-  *SV STXMSREP GSPH[IEXLIV
GSRGVIXMRK VIUYMVIQIRXW VIJIV XS XLI 3TXMSREP 6IUYMVIQIRXW 'LIGOPMWX JSV  ERH WTIGMJ] %'-  MR MXW
IRXMVIX]MJETTVSTVMEXI
 7TIGMJ]EPXIVREXMZIVITEMVQIXLSH
 7TIGMJ][LIVIWXEMRWVYWXIJJPSVIWGIRGIERHWYVJEGIHITSWMXWEVIXSFIPMQMXIHERHHIWGVMFIXLIHIKVIIXS[LMGL
XLI]EVIYREGGITXEFPI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
%VGLMXIGXYVEPGSRGVIXI
 6IZMI[7IGXMSRWXLVSYKLERHWTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVEVGLMXIGXYVEPGSRGVIXI
 7TIGMJ][LIR'SRXVEGXSVMWVIUYMVIHXSWYFQMXEHMWTSWEPTPERJSV[EWXI[EXIVVIWYPXMRKJVSQWYVJEGI[EWLMRKSTIVEXMSRW
 7TIGMJ][LMGLW]WXIQWSVTVSHYGXWVIUYMVIQERYJEGXYVIVvWSRWMXIXIGLRMGEPWTIGMEPMWX7TIGMJ][LIRERHJSVLS[PSRK
EXIGLRMGEPWTIGMEPMWXETTVSZIHF]XLIWTIGMEPX]MXIQQERYJEGXYVIVWLSYPHFISRWMXIXSTVSZMHIXIGLRMGEPEWWMWXERGI
 7TIGMJ]MR'SRXVEGX(SGYQIRXWMJTVIGSRWXVYGXMSRGSRJIVIRGIMWVIUYMVIH
 7TIGMJ][LIREVGLMXIGXYVEPGSRGVIXIWLEPPQEXGLER%VGLMXIGXYVEP'SRGVIXI6IJIVIRGI7XERHEVH-RHMGEXIPSGEXMSRW
SJ%VGLMXIGXYVEP'SRGVIXI6IJIVIRGI7XERHEVHWMR&MH(SGYQIRXWERH'SRXVEGX(SGYQIRXW
E 7TIGMJ][LIRJMIPHQSGOYTWEVIVIUYMVIHERHMRHMGEXIWTIGMJMGVIUYMVIQIRXWJSVQSGOYTW
 7TIGMJ][LIREWTIGMJMGGIQIRX[MPPFIVIUYMVIHJSVEVGLMXIGXYVEPGSRGVIXI
E 7TIGMJ]MJ[EXIVSXLIVXLERTSXEFPI[EXIVMWEGGITXEFPI
 7TIGMJ][LIRWTIGMEPEKKVIKEXIMWVIUYMVIHJSVEVGLMXIGXYVEPGSRGVIXI7TIGMEPEKKVIKEXIVIUYMVIQIRXWQE] MRGPYHI E
WTIGMJMGGSPSVWLETISVWM^I
E 7TIGMJ]EKKVIKEXIVIUYMVIQIRXW
E 7TIGMJ]X]TISJJSVQ[SVOMJSXLIVXLERLMKLHIRWMX]RSRZETSVXVERWQMXXMRKJSVQJEGIMWTIVQMXXIH
 7TIGMJ][LIRPSGEXMSRWM^IERHWTEGMRKSJVYWXMGEXMSRWERHVIZIEPWXVMTWEVIVIUYMVIHXSFIMRHMGEXIH
I 7TIGMJ][LIVIEGMHMWXSFIYWIH
F 7TIGMJ]MJXSPIVERGIWSXLIVXLER%'-1'PEWW%JMRMWLIWEVIVIUYMVIH
H 7TIGMJ]MJMXMWTIVQMWWMFPIJSVXMIWXSFIPSGEXIH[MXLMRI\TSWIHEVIEWSJEVGLMXIGXYVEPGSRGVIXI
 7TIGMJ]EVIEW[LIVIEWQSSXLVYFFIHSVWMQMPEVJMRMWLMWVIUYMVIH
 7TIGMJ]GSRHMXMSRWJSVJSVQVIQSZEPMJSXLIVXLERWTIGMJMIHMR7IGXMSR
 7TIGMJ]EVIEW[LIVIEWGEWXJMRMWLIWEVITIVQMXXIHSVVIUYMVIH7TIGMJ]MJXMIWEVITIVQMXXIH[MXLMREWGEWXEVIEW
E 7TIGMJ]HIKVIISJEFVEWMZIFPEWXMRKYWMRKXLIHIWGVMTXMSRwFVYWLxwPMKLXxwQIHMYQxSVwLIEZ]x
0MKLX[IMKLXGSRGVIXI
 6IZMI[7IGXMSRWXLVSYKLERHWTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVPMKLX[IMKLXGSRGVIXI
 7TIGMJ]MJEMVGSRXIRX[MPPFIQIEWYVIHEXEPXIVREXMZIPSGEXMSRW%MVQIEWYVIQIRXMWEPPS[IHEXXLITSMRXSJHIPMZIV]
[LIRXLIVIMWRSGSRGIVRSZIVEMVPSWWMRPMKLX[IMKLXGSRGVIXIHYVMRKGSRZI]MRKERHTPEGIQIRXTVSGIHYVIW
;LIRGSRGVIXIMWWEQTPIHMRER]QIXLSHSXLIVXLEREWWTIGMJMIHF]%781'WTIGMJ][LIVIXLIGSRGVIXIMWXS
FIWEQTPIHERHHIWGVMFIXLIQIXLSHXSSFXEMRWEQTPIW
 7TIGMJ]XLEXMJWPYQTPSWWHYVMRKTYQTMRKMWHIXIVQMRIHEGGITXERGISVVINIGXMSRSJGSRGVIXIFEWIHSRWPYQTQE]
FIHIXIVQMRIHEXHIPMZIV]TSMRX
7TIGMJ]MJETPEWXMGM^MRKSVLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIMWVIUYMVIHSVTIVQMXXIHXSTVSHYGIGSRGVIXI[MXL
LMKLJPS[EFMPMX]-JWSWTIGMJ]VIUYMVIHWPYQTMJHMJJIVIRXJVSQXLSWIMRHMGEXIHMR
 7TIGMJ]QIXLSHSJHIXIVQMRMRKIUYMPMFVMYQHIRWMX]MJSXLIVXLERGEPGYPEXIHQIXLSHMR%781'3XLIVQIXLSHW
PMWXIHMR%781'MRGPYHISZIRHV]QIXLSHERHQIEWYVIHIUYMPMFVMYQHIRWMX]QIXLSH
1EWWGSRGVIXI
 7TIGMJ]MJQE\MQYQXIQTIVEXYVIPMQMXMRGSRGVIXIEJXIVTPEGIQIRXGERFISXLIVXLER'1E\MQYQXIQTIVEXYVIMW
PMQMXIHXSQMRMQM^IJYXYVIHYVEFMPMX]GSRGIVRWHYIXSHIPE]IHIXXVMRKMXIJSVQEXMSR()* ERHTSXIRXMEPVIHYGXMSRWMR
YPXMQEXIWXVIRKXL'SRGVIXIXLEXGSRXEMRWWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWQE]LEZIEVIHYGIHVMWOSJ()*ERH
QE]NYWXMJ]MRXIVREPXIQTIVEXYVIWEFSZI'+ENHE 
7TIGMJ]MJQE\MQYQXIQTIVEXYVIHMJJIVIRGIPMQMXMRGSRGVIXIEJXIVTPEGIQIRXGERFISXLIVXLER'8LIXIQTIVEXYVI
HMJJIVIRGIQYWXFIPMQMXIHXSQMRMQM^IXLIVQEPGVEGOMRK%LMKLIVXIQTIVEXYVIHMJJIVIRGIPMQMXQE]FIEGGITXEFPI
HITIRHMRK SR GSRGVIXI TVSTIVXMIW TPEGIQIRX HMQIRWMSRW ERH VIMRJSVGIQIRX GSRJMKYVEXMSR 8LI XIQTIVEXYVI HMJJIVIRGI
PMQMXJSVEWTIGMJMGGSRGVIXIQM\XYVIERHTPEGIQIRXGSRHMXMSRWGERFIHIXIVQMRIHXLVSYKLRYQIVMGEPWMQYPEXMSRWERH
GSQTEVMRK GEPGYPEXIH XLIVQEPP]MRHYGIH WXVEMRW [MXL XIRWMPI WXVEMR SJ GSRGVIXI 6IJIV XS %'- 6 JSV EHHMXMSREP
KYMHERGI
 7TIGMJ]MJXLIVQEPGSRXVSPTPERMWRSXVIUYMVIH
7TIGMJ]MJXLIVQEPGSRXVSPTPERWLEPPLEZIVIUYMVIQIRXWSXLIVXLERPMWXIH%XLIVQEPGSRXVSPTPERQE]EHHVIWWE
WMRKPITPEGIQIRXSVEWIVMIWSJWMQMPEVTPEGIQIRXWXLEXYWIWEQIGSRGVIXIQM\XYVI
E 7TIGMJ]MJSXLIVX]TIWSJGIQIRXMXMSYWQEXIVMEPWEVIEPPS[IH
7TIGMJ]QE\MQYQEPPS[EFPIUYERXMXMIWSJWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPW-RQER]QEWWGSRGVIXITPEGIQIRXW
'PEWW*JP]EWLQEOIWYTXS SJGIQIRXMXMSYWQEXIVMEPWSVWPEKGIQIRXQEOIWYTXS SJGIQIRXMXMSYW
QEXIVMEPW8IVREV]QM\XYVIWEVIEPWSWSQIXMQIWYWIH6IHYGIHVITPEGIQIRXPIZIPWEVIWSQIXMQIWVIUYMVIHHYI
XS HYVEFMPMX]GSRGIVRWVIPEXIHXSI\TSWYVIEWEHHVIWWIHMR 7IGXMSR&IGEYWIGSRGVIXIW[MXLPS[LIEXSJL]HVEXMSR
GIQIRXWLMKLVITPEGIQIRXPIZIPWSJWPEKGIQIRXSV'PEWW*JP]EWLKIRIVEPP]LEZIHIPE]IHWIXXMQIWERHPS[IVIEVP]
WXVIRKXLWGSRWMHIVIEVP]EKIMQTPMGEXMSRWSRWIXXMRKXMQIWJSVQTVIWWYVIWJSVQ[SVOVIQSZEPG]PMRHIVLERHPMRK
GYVMRK HYVEXMSR ERH TSWXXIRWMSRMRK ;LIR WPEK GIQIRX MW PIWW XLER   SJ GIQIRXMXMSYW QEXIVMEPW EHMEFEXMG
XIQTIVEXYVIVMWIQE]FILMKLIVXLERMJWPEKGIQIRXMWRSXMRGPYHIHMRGIQIRXMXMSYWQEXIVMEPW

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
F 7TIGMJ] MJ LMKLIEVP]WXVIRKXL GIQIRX MW TIVQMXXIH [LIR XLIVQEP GSRXVSP TPER HIQSRWXVEXIW XLEX WTIGMJMIH
QE\MQYQXIQTIVEXYVIERHXIQTIVEXYVIHMJJIVIRGIPMQMXW[MPPRSXFII\GIIHIH
E 7TIGMJ]MJEGYVMRKHYVEXMSRPSRKIVXLERKMZIRMRMWVIUYMVIH%GYVMRKTIVMSHSJHE]WMWWYJJMGMIRXJSVQEWW
GSRGVIXITVSTSVXMSRIHJSVEHE]WTIGMJMIHWXVIRKXL;LIRGSRGVIXIWXVIRKXLMWFEWIHSRSVHE]GSQTVIW
WMZIWXVIRKXLI\XIRHGYVMRKTIVMSHEXPIEWXHE]W-JEQIEWYVIQIRXSVHIXIVQMREXMSRSJIEVP]EKIMRTPEGIWXVIRKXL
MW YWIH XS VIHYGI GYVMRK XMQI WXVIRKXLQIEWYVIQIRX WLSYPH FI EX [IEOIWX PSGEXMSRSJ TPEGIQIRX [LMGL MW EX MXW
WYVJEGI
F *SVJSVQIHWYVJEGIWWTIGMJ]EGGITXEFPIQIXLSHWSJTVIWIVZMRKQSMWXYVISXLIVXLERQEMRXEMRMRKJSVQWMRTPEGI
7TIGMJ]MJ[EXIVGYVMRKMWTIVQMWWMFPI[LIRXLIVQEPGSRXVSPTPERHIQSRWXVEXIWWTIGMJMIHQE\MQYQXIQTIVEXYVI
ERHXIQTIVEXYVIHMJJIVIRGIPMQMXW[MPPRSXFII\GIIHIH
 7TIGMJ]MJEWTIGMJMGHYVEXMSRSJXLIVQEPGSRXVSPMWVIUYMVIH%XPIEWXHE]WSJXLIVQEPGSRXVSPMWX]TMGEPP]VIUYMVIH
XSEZSMHI\GIIHMRKXIQTIVEXYVIHMJJIVIRGIPMQMXW%PSRKIVTIVMSHQE]FIVIUYMVIHJSVGIVXEMRTPEGIQIRXW
E 7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVXLIQMRMQYQRYQFIVSJXIQTIVEXYVIWIRWSVWERH[LIVIXLI]WLSYPHFIPSGEXIH
7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVLS[JVIUYIRXP]XIQTIVEXYVIWIRWSVWWLSYPHFIQSRMXSVIH
7TIGMJ]JVIUYIRGMIWSJHEXEWYFQMXXEPMJSXLIVXLERHEMP]XVERWQMXXEPWEVIVIUYMVIH
F 7TIGMJ]MJXIQTIVEXYVIGSQTEVMWSRWEVIRSXVIUYMVIHSVEVITIVQMXXIHEXEHMJJIVIRXJVIUYIRG]'SQTEVMWSRWEVI
VIGSQQIRHIHEXPIEWXSRGITIV[SVOMRKHE]
4SWXXIRWMSRIHGSRGVIXI
 6IZMI[7IGXMSRWXLVSYKL ERHWTIGMJ]EHHMXMSREPVIUYMVIQIRXWSVVIUYMVIQIRXWXSFISQMXXIHJSVTSWXXIRWMSRIH
GSRGVIXI
E 7TIGMJ]MJWLSTHVE[MRKWEVIXSFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
7TIGMJ][LIRHYGXWXMJJRIWWXIWXHEXEEVIXSFIWYFQMXXIH
F 7TIGMJ][LIRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
7TIGMJ]MJGEPGYPEXMSRWEVIXSFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
G 7TIGMJ]MJHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
H 7TIGMJ]EHHMXMSREPXIWXWYFQMXXEPW
 7TIGMJ]VIUYMVIHWYFQMXXEPW
F 7TIGMJ][LIREKKVIWWMZIIRZMVSRQIRXWI\MWXERHETTVSTVMEXIXIWXMRKMWVIUYMVIH
 -RHMGEXIEVIEWGSRWMHIVIHEKKVIWWMZIIRZMVSRQIRXW[LIVIIRGETWYPEXMSRSJTVIWXVIWWMRKWXIIPEXWXVIWWMRKMRXIVQIHMEXI
ERHJM\IHERGLSVEKIWMWVIUYMVIH
7TIGMJ]MJXIWXHEXEMWXSFIWYFQMXXIHXSHIQSRWXVEXIGSQTPMERGISJIRGETWYPEXIHERGLSVW[MXLXLI[EXIVXMKLXRIWW
VIUYMVIQIRXWSJ%'-
G 7TIGMJ]QMRMQYQHYGXWXIIPEVIEVEXMS-RXLIGEWISJWTEGIPMQMXEXMSRWXLIQMRMQYQHYGXEVIEQE]FIVIHYGIHXS
XMQIWXLIRIXEVIESJTVIWXVIWWMRKWXIIPERHWLSYPHFIGSRWMHIVIHEGGITXEFPIJSVWLSVXXIRHSRWETTVS\MQEXIP]
Q 
H -JVIUYMVIHWTIGMJ]SXLIVPSGEXMSRWSJSYXPIXWERHMRPIXW
I 7TIGMJ][LIRHYGXXIWXMRKMWVIUYMVIH
7TIGMJ]QMRMQYQHYGXVEHMYWERHFIRHMRKWXMJJRIWWMJQSVIJPI\MFPIHYGXMWVIUYMVIHXSEGGSQQSHEXIWQEPPVEHMYW
FIRHW
 -RHMGEXIGSYTPIVPSGEXMSRW[LIRVIUYMVIH
 7TIGMJ]MJIMXLIVEXLM\SXVSTMGSVRSRXLM\SXVSTMGKVSYXMWVIUYMVIH
7TIGMJ][LIRZIVMJMGEXMSRSJKVSYXGSRWMWXIRG]MWHIWMVIH
 7TIGMJ][LIXLIVWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWEVITIVQMXXIH-JHIWMVIHWTIGMJ]KVSYXQM\XYVITVSTSVXMSRW
 7TIGMJ]MJEPXIVREXMZIEHQM\XYVIWGERFIYWIH
G -RHMGEXI[LIRGSVVSWMSRMRLMFMXSVWEVIVIUYMVIH
H -RHMGEXI[LIRWLVMROEKIGSQTIRWEXMRKSVI\TERHMRKEHQM\XYVIWEVIVIUYMVIH
7TIGMJ]MJ%781'XIWXVIWYPXWEVIVIUYMVIH
 7TIGMJ][LMGLXIWXWEVIRSXVIUYMVIH
F 7TIGMJ]XIWXW JSVFPIIHMRKMJXLIKVSYXMWMRXIRHIHJSVEREKKVIWWMZIIRZMVSRQIRX
7TIGMJ]XIWXTVIWWYVIERHQE\MQYQFPIIHJSVXLIFPIIHWXEFMPMX]XIWXMJHIJEYPXZEPYIWEVIYREGGITXEFPI
7TIGMJ][LIRVITPMGEXIXIWXWEVIVIUYMVIHERHXLIRYQFIVSJXIWXWVIUYMVIH
H 7TIGMJ]QMRMQYQGSQTVIWWMZIWXVIRKXL
E 7TIGMJ]JMIPHXVMEPXIWXW
;LIRVIUYMVIHWTIGMJ]JMIPHQSGOYTXIWXWSJKVSYX
 7TIGMJ]EPXIVREXMZIUYEPMJMGEXMSRWJSVMRWXEPPIVW
 7TIGMJ]EHHMXMSREPTEVEQIXIVWSJMRWTIGXMSR
7TIGMJ]GIVXMJMGEXMSRVIUYMVIQIRXWJSVMRWTIGXSVW

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
F 7TIGMJ]EMVTVIWWYVIERHEGGITXERGIGVMXIVMEJSVTVIWWYVIXIWXMRKHYGX
 7TIGMJ]I\TIVMIRGIVIUYMVIQIRXWJSVKVSYXMRKWYTIVZMWSVERHVIUYMVIHTVSSJSJI\TIVMIRGI
 -R EKKVIWWMZI IRZMVSRQIRXW WTIGMJ] XLEX XLI XIRHSR IRHW EVI TVSXIGXIH F] GSZIVMRKW YRXMP XLI EGGITXERGI JSV
GYXXMRKSJXLIXIRHSRWXEMPWLEWFIIRKMZIRF]%VGLMXIGX)RKMRIIV
G J 7TIGMJ]EPXIVREXMZIGSZIVVIUYMVIQIRXW
E 7TIGMJ][EXIVXMKLXNSMRXW[LIRVIUYMVIH-REKKVIWWMZIIRZMVSRQIRXWXLINSMRXWLSYPHFI[EXIVXMKLX
F 7TIGMJ]MJVITEMVWEVIRSXVIUYMVIH
 7TIGMJ]SXLIVXSPIVERGIW[LIRVIUYMVIH
 7TIGMJ]SXLIVEHHMXMSREPLEMVTMRVIMRJSVGIQIRX[LIVIVEHMYWSJGYVZEXYVIMWPIWWXLERWXVERHHMEQIXIVW
 7TIGMJ]EPXIVREXMZIQIXLSHWSJVIQSZMRKWYVTPYWPIRKXLWSJXIRHSRWFI]SRHERGLSVEKIW
7LVMROEKIGSQTIRWEXMRKGSRGVIXI
 7TIGMJ]VIUYMVIQIRXWSJ7IGXMSRWXSXLEXHSRSXETTP]
E -JI\TERWMZIGIQIRXSXLIVXLER%781'8]TI)/ MWEGGITXEFPISVVIUYMVIHWTIGMJ]XLIGIQIRXX]TI
G *P]EWLSVKVSYRHKVERYPEXIHFPEWXJYVREGIWPEK[MPPEJJIGXXLII\TERWMSRERHWLSYPHRSXFIYWIH[MXLSYXWYJJMGMIRX
XIWXMRK
E %GGIPIVEXMRKEHQM\XYVIWWTIGMJMGEPP]SRIWXLEXGSRXEMRGEPGMYQGLPSVMHIQE]VIHYGIGSRGVIXII\TERWMSRERHWLSYPH
RSXFITIVQMXXIHJSVYWIMRWLVMROEKIGSQTIRWEXMRKGSRGVIXI
 -JHMJJIVIRXQMRMQYQERHQE\MQYQI\TERWMSRPMQMXWEVIHIWMVIHWTIGMJ]XLIVIUYMVIQIRXW1MRMQYQI\TERWMSR
RIIHIH MWFEWIH SR XLI TVSNIGXIH WLVMROEKI JSV XLI TEVXMGYPEV GSRGVIXI QM\XYVI ERH XLI EQSYRX SJ VIMRJSVGIQIRX
YWIH'SRWYPX%'-JSVKYMHERGI
 -JWPYQTMWXSFIHMJJIVIRXXLERQQQE\MQYQEXXLITSMRXSJTPEGIQIRXWTIGMJ]XLIVIUYMVIQIRX6IJIVXS3TXMSREP
6IUYMVIQIRXW'LIGOPMWXJSVKYMHERGISRWPYQTPSWWFIX[IIRHIPMZIV]ERHTPEGIQIRXWTSMRXW
 (YIXSXLIMRMXMEPWPYQTPSWWSJWLVMROEKIGSQTIRWEXMRKGSRGVIXIMXMWRIGIWWEV]XSTVSTSVXMSRXLIGSRGVIXIQM\XYVI
XSGSRWMHIVMRMXMEPWPYQTPSWW-JXLIGSRGVIXIQM\XYVIYWIHMRXLI;SVOLEWEHIPMZIV]XMQIPSRKIVXLERQMRYXIWWTIGMJ]
EPSRKIVLSPHXMQIXSFIYWIHMRXLIXVMEPQM\XYVITVSTSVXMSRMRKTVSGIHYVI'SRWYPX%'-JSVKYMHERGI
 7TIGMJ]XLIKVEHISJVIMRJSVGMRKFEVERHXLIUYERXMX]SJVIMRJSVGIQIRXVIUYMVIH
7LVMROEKIGSQTIRWEXMRKGSRGVIXIQYWXEP[E]WFIVIMRJSVGIH(IXIVQMRIXLIVIUYMVIHEQSYRXSJVIMRJSVGIQIRXMR
EGGSVHERGI[MXL%'-16IJIVXS%'-JSVEHHMXMSREPKYMHERGI
 7TIGMJ]EPXIVREXMZIGSQTVIWWMFPIMWSPEXMSRNSMRXJMPPIVQEXIVMEPMJHIWMVIH
 7TIGMJ]FEVTSWMXMSRMRVIMRJSVGIHWPEFWSRKVSYRHMJHMJJIVIRXJVSQQQJVSQXSTWYVJEGI
 -JEPSRKIVXMQIFIX[IIRGEWXMRKEHNSMRMRKWIGXMSRWMWRIIHIHWTIGMJ]XLIXMQIVIUYMVIH6IJIVXS%'-JSVKYMHERGI
 -JGYVMRKMWXSFIGSRXMRYIHJSVPSRKIVXLERHE]WSVMJEQIXLSHSXLIVXLER[EXIVGYVMRKMWEGGITXEFPIWTIGMJ]XLI
VIUYMVIQIRXWMR'SRXVEGX(SGYQIRXW
-RHYWXVMEPJPSSVWPEFW
 7TIGMJ]VIUYMVIQIRXWSJ7IGXMSRWXS XLEXHSRSXETTP]
 7TIGMJ]MJPIWWXLERQQXLMGOWPEFMWEPPS[IH
7TIGMJ]EPXIVREXMZIFEWIVIUYMVIQIRXW
E 7TIGMJ]MJWLVMROEKIXIWXVIWYPXWEVIXSFIWYFQMXXIHERHXLIWLVMROEKIPMQMXVIUYMVIH9PXMQEXIGSRGVIXIWLVMROEKI
QE]FITVIHMGXIHJVSQIEVP]EKIXIWXVIWYPXWMREGGSVHERGI[MXL%'-6
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H 7TIGMJ]MJQERYJEGXYVIVvWHEXEWLIIXSRIUYMTQIRXXSMRWXEPPGSRXVEGXMSRNSMRXWMWEVIUYMVIHWYFQMXXEP
I 7TIGMJ]MJGYVMRKGSQTSYRHGERFIYWIH[LIVIWYFWIUYIRXJMRMWLJPSSVMRKMWXSFIMRWXEPPIH7TIGMJ]EGGITXEFPI
GYVMRKGSQTSYRHSVVIUYMVIGYVMRKGSQTSYRHVIQSZEPF]EGGITXEFPIQIXLSHFIJSVIMRWXEPPMRKJPSSVJMRMWL
N 7TIGMJ]MJQE\MQYQNSMRXWTEGMRKKVIEXIVXLERQMWEGGITXEFPI.SMRXPE]SYXWLSYPHEHLIVIXSXLIQE\MQYQ
NSMRX WTEGMRK VIGSQQIRHIH F] %'- 6 FEWIH SR XLI WLVMROEKI GLEVEGXIVMWXMGW SJ XLI GSRGVIXI QM\XYVI .SMRXW
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P 7TIGMJ]MJHIWMKRSJGSRWXVYGXMSRNSMRXJSVQWMWXSFIWYFQMXXIH
 7TIGMJ][LIXLIV%781 '8]TI---LMKLIEVP]WXVIRKXLGIQIRXMWEGGITXEFPI8]TI---GIQIRXQE] WMKRMJM
GERXP]MRGVIEWIXLITSXIRXMEPJSVGSRGVIXIWLVMROEKIERHXLIVQEPGVEGOMRK
E 7TIGMJ]EKKVIKEXIVIUYMVIQIRXW MJ%781'VIUYMVIQIRXWEVIMRWYJJMGMIRXSVMJ EPXIVREXMZIRSQMREPQE\MQYQ
WM^I MW HIWMVIH 1SVI VIWXVMGXMZI KVEHEXMSR SV PMQMXEXMSRW SJ PMKRMXI GSEP SV SXLIV HIPIXIVMSYW WYFWXERGIW QE] FI
VIUYMVIH6IJIVXS%'-6JSVJYVXLIVKYMHERGI
F 7TIGMJ]MJEPXIVREXMZIEKKVIKEXIMWEGGITXEFPIJSVYWIEWEFEWIGSYVWIQEXIVMEP

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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E 7TIGMJ]MJEHQM\XYVIWGSRXEMRMRKGLPSVMHIMSRWEVIEGGITXEFPIERHQE\MQYQHSWEKIFEWIHSRYPXMQEXIWLVMROEKI
WYFQMXXEP
 7TIGMJ]EPXIVREXMZISVEHHMXMSREPQM\XYVIVIUYMVIQIRXWMJHIWMVIH
 7TIGMJ] ER EPXIVREXMZI QE\MQYQ XIQTIVEXYVI MJ HIWMVIH 6IJIV XS %'- 6 ERH %'- 6 JSV KYMHERGI ERH
GSRWMHIV E PS[IV EPXIVREXMZI XIQTIVEXYVI PMQMX XS HIGVIEWI VMWO SJ GVEGOMRK HYI XS XLIVQEP GSRXVEGXMSR 'SRWMHIV
VIUYMVMRKXLEXIZEPYEXMSRSJGSRGVIXIQM\XYVIMRFITIVJSVQIHEXXLIERXMGMTEXIHTPEGIQIRXXIQTIVEXYVI
 7TIGMJ]EPXIVREXMZIZETSVVIXEVHIVQEXIVMEPERHVIUYMVIHXLMGORIWWMJPIWWXLERQ
 ;LIRVIUYMVIHWTIGMJ]XLIX]TIW SJWPEFVIMRJSVGIQIRXERHMRHMGEXIXLIEQSYRXWERHPSGEXMSRWSJWPEFVIMRJSVGI
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PSEHXVERWJIVHIZMGIWQE]FIWQSSXLHS[IPFEVWVSYRHSVWUYEVI SVHS[IPTPEXIWEZEMPEFPIMREZEVMIX]SJWLETIW
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 7TIGMJ]EPXIVREXMZINSMRXJMPPIVQEXIVMEP
 7TIGMJ]EHHMXMSREPQEXIVMEPVIUYMVIQIRXWMJVIUYMVIH-JXLINSMRXQEXIVMEPMWERXMGMTEXIHXSFIMRGSQTVIWWMSRWYGL
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 7TIGMJ]MJEPXIVREXMZIJMRMWLMWHIWMVIH 6IJIVXS%'-6JSVKYMHERGI 'SRWMHIVVIUYMVMRKXLIYWISJELMKL[E]
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 7TIGMJ]EPXIVREXMZIWYVJEGIXSPIVERGIWMJVIUYMVIH
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WE[GYXERHJMPPIH[MXLEWIQMVMKMHNSMRXJMPPIV
 7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVGSRXVEGXMSRNSMRXW[LIRVIUYMVIH
 7TIGMJ]MJEGYVMRKTIVMSHSJPIWWXLERHE]WMWEGGITXEFPI
 7TIGMJ][LIREPMUYMHWYVJEGIHIRWMJMIVMWVIUYMVIH
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7TIGMJ]MJNSMRXJMPPMRKWLSYPHFITIVJSVQIHEXEXMQISXLIVXLERXLEXVIGSQQIRHIHF]XLIQERYJEGXYVIV %GGSVHMRK
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7TIGMJ]MJNSMRXJMPPIVQSRMXSVMRKGSVVIGXMSRWLSYPHFII\XIRHIHJSVPSRKIVXLERXLI[EVVERX]TIVMSH
8MPXYTGSRWXVYGXMSR
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 7TIGMJ]MJEKKVIKEXIVIZIEPSXLIVXLERQQMWVIUYMVIH
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 7TIGMJ]MJ7IGXMSRPMKLX[IMKLXGSRGVIXIVIUYMVIQIRXWETTP]
E 7TIGMJ]MJWYFQMXXEPSJGSRGVIXIQM\XYVITVSTSVXMSRWERHGLEVEGXIVMWXMGWEVIRSXVIUYMVIH
F 7TIGMJ]MJWLSTHVE[MRKWJSVXIQTSVEV]FVEGMRKERHWLSVMRKWLSYPHFIWYFQMXXIH
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H 7TIGMJ]MJWXVYGXYVEPHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

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 7TIGMJ]MJHMJJIVIRXJEFVMGEXSVUYEPMJMGEXMSRWEVIEPPS[IH4'-120ERH120QERHEXIWWSYVGIXIWXMRK
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E 7TIGMJ] VIUYMVIQIRXW HMJJIVMRK JVSQ 7IGXMSR  SV XLSWI WTIGMJMIH MR XLMW WIGXMSR +YMHERGI JSV IZEPYEXMRK XLI
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 7TIGMJ]X]TIKVEHIERHGPEWWMJITS\]KVSYXMWVIUYMVIH
 7TIGMJ] MJ MRWYPEXIH QIQFIVW EVI VIUYMVIH 7TIGMJ] MRWYPEXMSR X]TI XLMGORIWW 6ZEPYI ERH PSGEXMSR JSV IEGL
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F 7TIGMJ]HMJJIVIRXIHKISVGSVRIVXVIEXQIRX[LIRVIUYMVIH
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 7TIGMJ]XSPIVERGIWHMJJIVIRXXLERXLSWIWTIGMJMIHMR%'--8+1
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F 7TIGMJ]EPXIVREXMZI[IPHVIUYMVIQIRXW
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F ;LIRVIUYMVIHVIWYPXWSJXIWXWVIUYMVIHMR
G ;LIRVIUYMVIHNEGOGPIEVERGIW
H ;LIRVIUYMVIH[VMXXIRKVSYXMRKTVSGIHYVIW
I 6IWYPXWSJJMIPHXVMEPERHJMIPHQSGOYTXIWXW
E 'IVXMJMIHQMPPXIWXVITSVXW
F 7XVIWWMRKNEGOGEPMFVEXMSRGIVXMJMGEXIW
G 7XVIWWMRKVIGSVHW

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

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E 6IUYIWXEGGITXERGISJEPXIVREXMZIQIXLSHSJETTPMGEXMSRSJJM\IHIRHERGLSVEKI
G 8ETIVITEMVTVSGIHYVIW
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 6IGSVHWSJIPSRKEXMSRERHKEYKITVIWWYVIVIEHMRKWJSVXLITVIWXVIWWMRKJSVGI
 6IUYIWXXSEGGITXKVIEXIVXLER PSWWSJTVIWXVIWWMRKJSVGIHYIXSFVSOIRXIRHSRW
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F 6IUYIWXXSYWIWMPMGEJYQI
E 6IUYIWXXSYWIEGGIPIVEXMRKEHQM\XYVIWSVEHQM\XYVIWGSRXEMRMRKGEPGMYQGLPSVMHI
F 6IUYIWXXSGLERKIX]TIFVERHSVHSWEKIVEXISJEHQM\XYVIW
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F 1ERYJEGXYVIVvWHEXEWLIIXJSVPSEHXVERWJIVHIZMGIW[LIRYWIH
G 1ERYJEGXYVIVvWHEXEWLIIXJSVZETSVVIXEVHIVWLIIX[LIRYWIH
H 1ERYJEGXYVIVvWHEXEWLIIXSRIUYMTQIRXXSMRWXEPPGSRXVEGXMSRNSMRXW[LIRVIUYMVIH
I 1ERYJEGXYVIVvWHEXEWLIIXJSVGYVMRKGSZIVGYVMRKGSQTSYRHSVSXLIVGYVMRKQIXLSH
J 4VSGIHYVI JSV IRWYVMRK TVSXIGXMSR SJ XLI GSRGVIXI HYVMRK XVERWTSVXEXMSR TPEGIQIRX JMRMWLMRK ERH WTIGMJMIH
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K 1ERYJEGXYVIVvWHEXEWLIIXJSVNSMRXJMPPIV
L 1ERYJEGXYVIVvWHEXEWLIIXJSVPMUYMHETTPMIHWYVJEGIHIRWMJMIVW[LIRYWIH
M 1ERYJEGXYVIVvWHEXEWLIIXJSVQMRIVEPSVQIXEPPMGWLEOILEVHIRIVW[LIRYWIH
N .SMRXPE]SYX
6IUYIWXXSI\GIIHQNSMRXWTEGMRK
O 4PEGMRKWIUYIRGIWLS[MRKI\XIRXERHWGLIHYPISJIEGLTPEGIQIRX

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1

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E 6IUYIWXXSYWIEHMJJIVIRXRSQMREPQE\MQYQWM^IEKKVIKEXI
 6IUYIWXEPXIVREXMZIQM\XYVIVIUYMVIQIRXW
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 7LSTHVE[MRKWSJHIXEMPWSJPSEHXVERWJIVHIZMGIW
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 6IUYIWXXSETTP]GYVMRKGSQTSYRHMREVIEW[LIVIWYFWIUYIRXJMRMWLJPSSVMRKSVWYVJEGIHIRWMJMIVMWXSFIMRWXEPPIH
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 6IUYIWXXSYWIEPXIVREXMZIFIEVMRKWLMQW
 6IUYIWXXSYWIWEQIQEXIVMEPJSVGYVMRKGSQTSYRHERHFSRHFVIEOIV
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E 1M\XYVITVSTSVXMSRWERHGLEVEGXIVMWXMGW
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F 7LSTHVE[MRKWJSVIVIGXMSR
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I (IWMKRGEPGYPEXMSRW[LIRVIUYMVIHERHHVE[MRKWJSVQSHMJMGEXMSRW
J )VIGXSVUYEPMJMGEXMSRW
K *EFVMGEXSVUYEPMJMGEXMSRW
L )ZMHIRGISJTPERXGIVXMJMGEXMSRSVHSGYQIRXEXMSRSJQERYJEGXYVMRKTVSGIHYVIERHUYEPMX]GSRXVSP
E ;LIRVIUYMVIHQEXIVMEPXIWXVITSVXWSVGIVXMJMGEXMSRW
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 6IUYIWXXSYWIEPXIVREXMZIQEXIVMEPW
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 6IUYIWXXSYWIEPXIVREXMZIEMVGSRXIRX
 6IUYIWXTIVQMWWMSRXSVIPSGEXIFIEVMRKTPEXIWMRYRMXW
 7IXXMRKHMEKVEQWXIQTPEXIWMRWXVYGXMSRWERHMRWXEPPEXMSRHMVIGXMSRW
 6IUYIWXHIZMEXMSRWSJWM^IERHWLETISJTVIGEWXGSRGVIXIQIQFIVW
 6IUYIWXXSHVMPPSVGYXSTIRMRKWSVTVIWXVIWWMRKWXVERHEPSRK[MXLPSGEXMSR
 6IUYIWXXSMRGVIEWIQE\MQYQXIQTIVEXYVIXS'[MXLHSGYQIRXEXMSRSJQM\XYVITVSTSVXMSR
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 6ITEMVTVSGIHYVIW
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 7LSTHVE[MRKWJSVPSGEXMSRWWIXXMRKHMEKVEQWERHXIQTPEXIWJSVMRWXEPPEXMSRSJIEGLERGLSVEKIHIZMGI

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 74)'-*-'%8-327*367869'896%0'32'6)8)%'-1 

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F 6IUYIWXPIWWXLER FSPXXIWXMRKMRXLIIZIRXMRWYJJMGMIRXXSVUYIMWJSYRH[MXLMRXLIJMVWX 
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 6IUYIWXXSYWIHVMPPIHSVTS[HIVEGXYEXIHJEWXIRIVW
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 6IUYIWXXSYWITSMRXMRKKVSYXXLEXMWHMJJIVIRXJVSQHIWMKRVIJIVIRGIWEQTPI
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 %QIVMGER'SRGVIXI-RWXMXYXI
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