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HIWMKRGVMXIVMEJSVFVMGOERHWXIIPPMRIVWVIWTIGXMZIP]8LI e 8LI ZIVXMGEP PSEH JEGXSV JSV EPSRK[MRH JSVGIW [EW
4S[IV(MZMWMSRSJ%7')XSSOYTXLIVIGSQQIRHEXMSRERH VIHYGIHJVSQXS
ETTSMRXIHEXEWOGSQQMXXIIXLEXHIZIPSTIHERHTYFPMWLIHE e 8LIZIVXMGEPPSEHJEGXSVJSVWIMWQMGJSVGIW[EWVIHYGIH
HIWMKRKYMHIMRXMXPIHw(IWMKRERH'SRWXVYGXMSRSJ7XIIP JVSQXS
'LMQRI] 0MRIVWx %7') 8EWO 'SQQMXXII SR 7XIIP 'LMQRI] e 8LI PSEH JEGXSV JSV EGVSWW[MRH JSVGIW [EW VIHYGIH
0MRIVW %781IWXEFPMWLIHX[SXEWOJSVGIWJSVGLMQRI] JVSQXSERH
PMRIVWSRIJSVFVMGOERHSRIJSVJMFIVKPEWWVIMRJSVGIHTPEWXMG e 8LI ZIVXMGEP WXVIRKXL VIHYGXMSR JEGXSV  [EW VIHYGIH
8LIGSQQMXXIILEHI\XIRWMZIHMWGYWWMSRSRXLIUYIWXMSRSJ JVSQXS
MRGPYHMRK WXVIRKXL HIWMKR MR XLI  WTIGMJMGEXMSR 8LI 8LIVIHYGIHPSEHJEGXSVWWLSYPHFIYWIHMRGSRGIVX[MXL
HIGMWMSRXSI\GPYHIMX[EWFEWIHSRXLIPEGOSJI\TIVMQIRXEP XLI VIZMWIH WXVIRKXL VIHYGXMSR JEGXSV ERH XLI [MRH ERH
HEXESRLSPPS[GSRGVIXIG]PMRHIVWXSWYFWXERXMEXIXLMWJSVQ WIMWQMGPSEHWWTIGMJMIHMR%7')
SJEREP]WMWJSVGSRGVIXIGLMQRI]W8LIGSQQMXXIIGSRXMRYIH 6IZMWMSRW XS %7')  EKEMR GEYWIH 'SQQMXXII  XS
LS[IZIV XS GSRWMHIV WXVIRKXL HIWMKR ERH IRGSYVEKIH VIZMWMX ERH VIZMWI %'-  8LI GLERKIW MRGSVTSVEXI
I\TIVMQIRXWMRXLMWEVIE ETTPMGEFPI %7')  [MRH ERH WIMWQMG PSEH JEGXSVW ERH
7LSVXP] EJXIV %'-  [EW MWWYIH XLI GSQQMXXII QIXLSHW8LIGLERKIWXSXLI%'-[IVI
HIGMHIH XS MRGSVTSVEXI WXVIRKXL HIWMKR TVSZMWMSRW ERH e -RGPYHIH TVSGIHYVI MR 7IGXMSR  )EVXLUYEOI PSEH
YTHEXIXLI[MRHERHIEVXLUYEOIHIWMKRVIUYMVIQIRXW GSQTEXMFPI [MXL %7')  ERH XLI %7')  WIMWQMG
%'-  %'- 'SQQMXXII    MRGSVTSVEXIH VMWOQETW
WMKRMJMGERXGLERKIWMRXLITVSGIHYVIWJSVGEPGYPEXMRK[MRH e 9THEXIHXLIPSEHJEGXSVWERHPSEHGSQFMREXMSRWXSFI
JSVGIW EW [IPP EW VIUYMVMRK WXVIRKXL HIWMKR VEXLIV XLER QSVIMRPMRI[MXL%7')ZEPYIWERHTVIWIRXEXMSRERH
[SVOMRK WXVIWW 8LI IJJIGXW SJ XLIWI ERH SXLIV VIZMWMSRW e 'LERKIHXLI ZIVXMGEP WXVIRKXL VIHYGXMSR JEGXSV FEGO
VIWYPXIHMRHIWMKRW[MXLVIPEXMZIP]XLMR[EPPWKSZIVRIHQEMRP] XS
F]WXIIPEVIEERHMRQER]MRWXERGIWEGVSWW[MRHJSVGIW %WWXEXIHTVIZMSYWP]XLIGYVVIRXQIXLSHWMRXLMWHSGYQIRX
8LIWYFNIGXSJEGVSWW[MRHPSEHWHSQMREXIHXLIEXXIRXMSR GERSRP]FIYWIHMRGSRNYRGXMSR[MXLXLI%7')
SJXLIGSQQMXXIIFIX[IIRERHERH%'-
%'-'SQQMXXII MRXVSHYGIHQSHMJMIHTVSGIHYVIW ',%48)6{+)2)6%0
XSVIJPIGXQSVIVIGIRXMRJSVQEXMSRERHXLMROMRK {7GSTI
4VIGEWXGLMQRI]HIWMKRERHGSRWXVYGXMSRXIGLRMUYIW[IVI 8LMW GSHI GSZIVW XLI QMRMQYQ HIWMKR ERH GSRWXVYGXMSR
MRXVSHYGIHEWXLMWX]TISJHIWMKRFIGEQIQSVITVIZEPIRXJSV VIUYMVIQIRXWSJGMVGYPEVGEWXMRTPEGISVTVIGEWXVIMRJSVGIH
GLMQRI]WEWXEPPEWJX GSRGVIXI GLMQRI] WLIPPW -J SXLIV WLETIW EVI YWIH XLIMV
8LIWYFNIGXSJRSRGMVGYPEVWLETIW[EWEPWSMRXVSHYGIH HIWMKRWLEPPFIWYFWXERXMEXIHMREGGSVHERGI[MXLXLITVMRGMTPIW
MR %'-  (YI XS XLI MRJMRMXI EVVE] SJ TSWWMFPI YWIHLIVIMR8LMWGSHIHSIWRSXMRGPYHIXLIHIWMKRSJPMRMRKW
GSRJMKYVEXMSRW LS[IZIV SRP] FVSEHP] HIJMRIH TVSGIHYVIW FYXHSIWMRGPYHIXLIIJJIGXWSJPMRMRKWSRXLIGSRGVIXIWLIPP
[IVITVIWIRXIH %TVIGEWXGLMQRI]WLIPPMWHIJMRIHEWEWLIPPGSRWXVYGXIH
&IGEYWI SJ HMWWMQMPEVMXMIW FIX[IIR XLI PSEH JEGXSVW [LSPP]JVSQTVIGEWXVIMRJSVGIHGSRGVIXIWIGXMSRWEWWIQFPIH
VIUYMVIHF]%'-ERHXLIGSQQMXXIIEHHIHKYMHIPMRIW SRISRXSTSJERSXLIVXSJSVQEJVIIWXERHMRKWIPJWYTTSVXMRK
JSV HIXIVQMRMRK FIEVMRK TVIWWYVIW ERH PSEHW XS WM^I ERH GERXMPIZIV :IVXMGEP VIMRJSVGIQIRX ERH KVSYX EVI TPEGIH MR
HIWMKRGLMQRI]JSYRHEXMSRW GSVIWEWXLITVIGEWXWIGXMSRWEVIIVIGXIHXSTVSZMHIWXVYGXYVEP
 %'-78%2(%6(

GSRXMRYMX]ERHWXEFMPMX]8LIYWISJTVIGEWXTERIPWEWWXE]MR ( ! HIEHPSEH 'LETXIV


TPEGIJSVQWMWGSRWMHIVIHGEWXMRTPEGIGSRWXVYGXMSR H ! HMEQIXIVSJGLMQRI]JX 'LETXIV
6*SVXLMWVIZMWMSR%'-[EWYTHEXIHXSER%'- HF ! QIERHMEQIXIVSJYRMRWYPEXIHPMRMRKSVMRWYPEXMSR
GSHI %'-  w'SHI 6IUYMVIQIRXW JSV 6IMRJSVGIH EVSYRHPMRIVJX 'LETXIV
'SRGVIXI 'LMQRI]Wx MW [VMXXIR JSV RI[ GSRWXVYGXMSR 8LI HFM ! MRWMHIHMEQIXIVSJYRMRWYPEXIHPMRMRKSVMRWYPEXMSR
GSQQMXXII EGORS[PIHKIW XLEX XLI KIRIVEP EREP]XMGEP EVSYRHPMRIVJX 'LETXIV
TVSGIHYVIW ERH VIUYMVIQIRXW GSRXEMRIH MR %'-  EVI HG ! QIER HMEQIXIV SJ GSRGVIXI GLMQRI] WLIPP JX
ETTVSTVMEXIJSVXLIMRZIWXMKEXMSRERHVIXVSJMXXMRKSJI\MWXMRK 'LETXIV
GLMQRI]W8LIGSQQMXXIIVIGSKRM^IWLS[IZIVXLEXRSXEPP HGM ! MRWMHI HMEQIXIV SJ GSRGVIXI GLMQRI] WLIPP JX
GSHIVIUYMVIQIRXWWYGLEW7IGXMSR[MPPFIJIEWMFPISV 'LETXIV
ETTVSTVMEXI[LIRVIXVSJMXXMRKI\MWXMRKGLMQRI]W HGS ! SYXWMHI HMEQIXIV SJ GSRGVIXI GLMQRI] WLIPP JX
8LIWGSTISJ%'-[EWI\TERHIHXSMRGPYHITVIGEWX 'LETXIV
GLMQRI]WLIPPW%HHMXMSREPMRJSVQEXMSRGERFIJSYRHMR4'- HW ! QIERHMEQIXIVSJWTEGIFIX[IIRPMRMRKERHWLIPP
QERYEPW 4'- ;EVRIW  TVSZMHIWJYVXLIV JX 'LETXIV
KYMHIPMRIW SR GSRRIGXMSR HIXEMPW JSV TVIGEWX WXVYGXYVIW H F ! FSXXSQSYXWMHIHMEQIXIVSJGLMQRI]JX 'LETXIV
%HHMXMSREPMRJSVQEXMSRMWKMZIRMR%'-6 H F ! QIERHMEQIXIVEXFSXXSQSJGLMQRI]JX 'LETXIV
H L ! XSTSYXWMHIHMEQIXIVSJGLMQRI]JX 'LETXIV
{(VE[MRKW H L ! QIERHMEQIXIVEXXSTSJGLMQRI]JX 'LETXIV
(VE[MRKWSJXLIGLMQRI]WLEPPFITVITEVIHWLS[MRKWXVIRKXL H Y ! QIERSYXWMHIHMEQIXIVSJYTTIVXLMVHSJGLMQRI]
SJXLIGSRGVIXIXLIXLMGORIWWSJXLIGSRGVIXIGLMQRI]WLIPPXLI JX 'LETXIV
WM^IERHTSWMXMSRSJVIMRJSVGMRKWXIIPHIXEMPWERHHMQIRWMSRWSJ H ^ ! SYXWMHI HMEQIXIV SJ GLMQRI] EX LIMKLX ^ JX
XLIGLMQRI]PMRMRKERHMRJSVQEXMSRSRGLMQRI]EGGIWWSVMIW 'LETXIV
H ^GV ! SYXWMHIHMEQIXIVSJGLMQRI]EXGVMXMGEPLIMKLX^GV
{6IKYPEXMSRW JX 'LETXIV
 8LMW GSHI WYTTPIQIRXW PSGEP FYMPHMRK VIKYPEXMSRW ) ! IEVXLUYEOIPSEHWSVJSVGIW 'LETXIV
ERH WLEPP KSZIVR MR EPP QEXXIVW TIVXEMRMRK XS VIMRJSVGIH )G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXITWM 'LETXIV
GSRGVIXIGLMQRI]HIWMKRERHGSRWXVYGXMSR )GO ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXIOMTJX 'LETXIV
'SRWMHIVEXMSRWLEPPFIKMZIRXSXLIVIKYPEXMSRWSJXLI )W ! QSHYPYW SJ IPEWXMGMX] SJ VIMRJSVGIQIRX TWM
*IHIVEP %ZMEXMSR %HQMRMWXVEXMSR [MXL VIWTIGX XS GLMQRI] 'LETXIVWERH
LIMKLXWERHEZMEXMSRSFWXVYGXMSRPMKLXMRKERHQEVOMRK %' *E ! EGGIPIVEXMSRFEWIH WMXI GSIJJMGMIRX EX WIGSRH
/ ERHXLIWXERHEVHWSJXLI9RHIV[VMXIVW0EFSVEXSVMIW TIVMSH 7IGXMSR
90% VIKEVHMRKPMKLXRMRKTVSXIGXMSRERHKVSYRHMRK *: ! ZIPSGMX]FEWIH WMXI GSIJJMGMIRX EX WIGSRH
TIVMSH 7IGXMSR
{2SXEXMSR *% ! WXVSYLEPRYQFIVTEVEQIXIV 'LETXIV
%W ! EVIE SJ VIMRJSVGMRK WXIIP EX XST ERH FSXXSQ SJ *& ! PMJXGSIJJMGMIRXTEVEQIXIV 'LETXIV
STIRMRKMR 'LETXIV J ! JVIUYIRG],^ 'LETXIV
& ! FERH[MHXLTEVEQIXIV 'LETXIV JG ! WTIGMJMIH GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI TWM
'F ! GSIJJMGMIRXSJ XLIVQEP GSRHYGXMZMX]SJ GLMQRI]vW 'LETXIV
YRMRWYPEXIHPMRMRKSVMRWYPEXMSREVSYRHWXIIPPMRIV JG G ! JG QSHMJMIHJSVXIQTIVEXYVIIJJIGXWGMVGYQJIVIRXMEP
&XY MR L JX *  SJ XLMGORIWWL* HMJJIVIRGI MR TWM 'LETXIV
XIQTIVEXYVI 'LETXIV JG Z ! JG QSHMJMIHJSVXIQTIVEXYVIIJJIGXWZIVXMGEPTWM
'G ! GSIJJMGMIRXSJXLIVQEPGSRHYGXMZMX]SJGSRGVIXISJ 'LETXIV
GLMQRI]WLIPP&XY MR L JX * SJXLMGORIWWL* J '8' ! QE\MQYQ GMVGYQJIVIRXMEP WXVIWW MR GSRGVIXI HYI
HMJJIVIRGI MR XIQTIVEXYVI  JSV RSVQEP[IMKLX XSXIQTIVEXYVIMRWMHIGLMQRI]WLIPPTWM 'LETXIVW
GSRGVIXI  'LETXIV ERH 
'HV ! HVEKGSIJJMGMIRXJSVEPSRK[MRHPSEH 'LETXIV J '8: ! QE\MQYQ ZIVXMGEP WXVIWW MR GSRGVIXI MRWMHI
') ! IRHIJJIGXJEGXSV 'LETXIV GLMQRI]WLIPPHYIXSXIQTIVEXYVITWM 'LETXIVW
'0 ! VQWPMJXGSIJJMGMIRX 'LETXIV ERH 
'0S ! VQWPMJXGSIJJMGMIRXQSHMJMIHJSVPSGEPXYVFYPIRGI J78' ! QE\MQYQ WXVIWW MR SYXWMHI GMVGYQJIVIRXMEP
'LETXIV VIMRJSVGIQIRXHYIXSXIQTIVEXYVITWM 'LETXIVW
'W ! GSIJJMGMIRXSJXLIVQEPGSRHYGXMZMX]SJMRWYPEXMSR ERH 
JMPPMRKMRWTEGIFIX[IIRPMRMRKERHWLIPP&XY MR J78: ! QE\MQYQWXVIWWMRSYXWMHIZIVXMGEPVIMRJSVGIQIRX
L JX *  SJ XLMGORIWWL* HMJJIVIRGI MR HYIXSXIQTIVEXYVITWM 'LETXIVWERH
XIQTIVEXYVI JSVPMKLX[IMKLXGSRGVIXI  'LETXIV J 78: ! QE\MQYQ WXVIWWMRMRWMHIZIVXMGEPVIMRJSVGIQIRX
G ! VEXMSSJHMWXERGIJVSQI\XVIQIGSQTVIWWMSRJMFIV HYIXSXIQTIVEXYVITWM 'LETXIVWERH
XS RIYXVEP E\MW JSV ZIVXMGEP WXVIWWIW XS XSXEP J] ! WTIGMJMIH ]MIPH WXVIRKXL SJ VIMRJSVGMRK WXIIP TWM
XLMGORIWWX 'LETXIV 'LETXIVWERH
G ! GJSVGMVGYQJIVIRXMEPWXVIWWIW 'LETXIV J] G ! J]QSHMJMIHJSVXIQTIVEXYVIIJJIGXWGMVGYQJIVIRXMEP
6)-2*36')('32'6)8)',-12)=7 

TWM 'LETXIV SYXWMHIJX PFJX 'LETXIV


J] Z ! J] QSHMJMIH JSV XIQTIVEXYVI IJJIGXW ZIVXMGEP TWM 1Y ! JEGXSVIHQSQIRXEXWIGXMSRJXPF 'LETXIVERH
'LETXIV %TTIRHM\%
+ ! EGVSWW[MRHTIEOMRKJEGXSV 'LETXIV 1[ F ! FIRHMRKQSQIRXEXFEWIHYIXSQIEREPSRK[MRH
+V ^ ! KYWX JEGXSV JSV VEHMEP [MRH TVIWWYVI EX LIMKLX ^ PSEHJX PF 'LETXIV
'LETXIV 1[ ^ ! GSQFMRIHHIWMKRQSQIRXEXLIMKLX^ JSVEGVSWW
+[ ! KYWX JEGXSV JSV EPSRK[MRH JPYGXYEXMRK PSEH [MRHERHEPSRK[MRHPSEHWJXPF 'LETXIV
'LETXIV R ! QSHYPEVVEXMSSJIPEWXMGMX])W )G 'LETXIV
K ! EGGIPIVEXMSRHYIXSKVEZMX]JXW 'LETXIV R ! RYQFIVSJSTIRMRKWIRXMVIP]MRGSQTVIWWMSR^SRI
L ! GLMQRI]LIMKLXEFSZIKVSYRHPIZIPJX 'LETXIV 'LETXIVERH%TTIRHM\%
- ! MQTSVXERGIJEGXSVJSV[MRHHIWMKR 'LETXIV 4GV ! TVIWWYVI HYI XS [MRH EX GVMXMGEP WTIIH PFJX
-) ! SGGYTERG] MQTSVXERGI JEGXSV JVSQ 7IGXMSR 'LETXIV
'LETXIV 4Y ! JEGXSVIH ZIVXMGEP PSEH PF 'LETXIV  ERH
M ! PSGEPXYVFYPIRGITEVEQIXIV 'LETXIV %TTIRHM\%
/ ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV T ^ ! TVIWWYVIHYIXSQIERLSYVP]HIWMKR[MRHWTIIHEX
/ ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV LIMKLX ^PFJX 'LETXIV
/ ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV TV ^ ! VEHMEP[MRHTVIWWYVIEXLIMKLX^PFJX 'LETXIV
/ ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV 5 ! WXVIWWPIZIPGSVVIGXMSRTEVEQIXIV 'LETXIV
/H ! [MRHHMVIGXMSREPMX]JEGXSV 'LETXIV 5 ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV
/I ! )W J] 'LETXIVERH%TTIRHM\% 5 ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV
/M ! GSIJJMGMIRXSJLIEXXVERWQMWWMSRJVSQKEWXSMRRIV 5 ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV
WYVJEGISJGLMQRI]PMRMRK[LIRGLMQRI]MWPMRIH 5 ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV
SV XS MRRIV WYVJEGI SJ GLMQRI] WLIPP [LIR 6 ! VIWTSRWI QSHMJMGEXMSR JEGXSV JSV GSRGVIXI
GLMQRI] MW YRPMRIH &XYJXL* HMJJIVIRGI MR GLMQRI]JVSQ7IGXMSR 'LETXIV
XIQTIVEXYVI 'LETXIV 6 ! TEVEQIXIVJSVRSQMREPQSQIRXWXVIRKXL 'LETXIV
/S ! GSIJJMGMIRX SJ LIEX XVERWQMWWMSR JVSQ SYXWMHI 60 ! VIWTSRWIQSHMJMGEXMSRJEGXSVJSVPMRIV 'LETXIV
WYVJEGISJGLMQRI]WLIPPXSWYVVSYRHMRKEMV&XY V ! EZIVEKIVEHMYWSJWIGXMSRJX 'LETXIV
JXL*HMJJIVIRGIMRXIQTIVEXYVI 'LETXIV VU ! VEXMSSJLIEXXVERWQMWWMSRXLVSYKLGLMQRI]WLIPP
/V ! GSIJJMGMIRX SJLIEX XVERWJIV F] VEHMEXMSR FIX[IIR XSLIEXXVERWQMWWMSRXLVSYKLPMRMRKJSVGLMQRI]W
SYXWMHI WYVJEGI SJ PMRMRK ERH MRWMHI WYVJEGI SJ [MXLZIRXMPEXIHEMVWTEGIW 'LETXIV
GSRGVIXIGLMQRI]WLIPP&XYJXL*HMJJIVIRGIMR V ^ ! QIERVEHMYWEXLIMKLX^JX 'LETXIV
XIQTIVEXYVI 'LETXIV 7 ! QETTIH QE\MQYQ GSRWMHIVIH IEVXLUYEOI 
/W ! GSIJJMGMIRX SJ LIEX XVERWJIV FIX[IIR SYXWMHI HEQTIH WTIGXVEP VIWTSRWI EGGIPIVEXMSR EX E
WYVJEGI SJ PMRMRK ERH MRWMHI WYVJEGI SJ WLIPP JSV TIVMSHSJWIGSRH 7IGXMSR
GLMQRI]W[MXLZIRXMPEXIHEMVWTEGIW&XYJXL* 7E ! HIWMKRWTIGXVEPVIWTSRWIEGGIPIVEXMSR 7IGXMSR
HMJJIVIRGIMRXIQTIVEXYVI 'LETXIV 7E1 ! XLI QE\MQYQ WTIGXVEP VIWTSRWI EGGIPIVEXMSR JSV
O ! VEXMSSJ[MRHWTIIH :XSGVMXMGEP[MRHWTIIH :GV WMXIWTIGMJMGTVSGIHYVIW 7IGXMSR
'LETXIV 7( ! XLI HIWMKR WTIGXVEP VIWTSRWI EGGIPIVEXMSR EX E
OE ! EIVSH]REQMGHEQTMRKTEVEQIXIV 'LETXIV TIVMSHSJWIGSRH 7IGXMSR
OES ! QEWW HEQTMRK TEVEQIXIV SJ WQEPP EQTPMXYHIW 7(7 ! XLIHIWMKRWTIGXVEPVIWTSRWIEGGIPIVEXMSREXWLSVX
'LETXIV TIVMSHW 7IGXMSR
OW ! IUYMZEPIRXWERHKVEMRIHWYVJEGIVSYKLRIWWJEGXSV 71 ! XLI QE\MQYQ GSRWMHIVIH IEVXLUYEOI 
'LETXIV HEQTIH WTIGXVEP VIWTSRWI EGGIPIVEXMSR EX E
0 ! GSVVIPEXMSRPIRKXLGSIJJMGMIRX 'LETXIV TIVMSHSJWIGSRHEHNYWXIHJSVWMXIGPEWWIJJIGXW
P ! [MHXL SJ STIRMRK MR GSRGVIXI GLMQRI] WLIPP MR 7IGXMSR
'LETXIV 717 ! XLIQE\MQYQGSRWMHIVIHIEVXLUYEOI HEQTIH
1E ! TIEOFEWIQSQIRXJX PF 'LETXIV WTIGXVEP VIWTSRWI EGGIPIVEXMSR EX WLSVX TIVMSHW
1E ^ ! QSQIRXMRHYGIHEXLIMKLX^ F]EGVSWW[MRHPSEHW EHNYWXIHJSVWMXIGPEWWIJJIGXW 7IGXMSR
JX PF 'LETXIV 7T ! WTIGXVEPTEVEQIXIV 'LETXIV
1M ^ ! QE\MQYQ GMVGYQJIVIRXMEP FIRHMRK QSQIRX HYI 7WZ ! QSHIWLETIJEGXSV 7IGXMSR
XS VEHMEP [MRH TVIWWYVI EX LIMKLX ^ XIRWMSR SR 7W ! QETTIH QE\MQYQ GSRWMHIVIH IEVXLUYEOI 
MRWMHIJXPFJX 'LETXIV HEQTIH WTIGXVEP VIWTSRWI EGGIPIVEXMSR EX WLSVX
1P ^ ! QSQIRXMRHYGIHEXLIMKLX^ F]QIEREPSRK[MRH TIVMSHW 7IGXMSR
PSEHJXPF 'LETXIV 7X ! WXVSYLEPRYQFIV 'LETXIV
1R ! RSQMREP QSQIRX WXVIRKXL EX WIGXMSR JXPF W ! GIRXIVXSGIRXIVWTEGMRKSJGLMQRI]WJX 'LETXIV
'LETXIVERH%TTIRHM\% 8 ! RSVQEPXIQTIVEXYVIIJJIGX* 'LETXIV
1S ^ ! QE\MQYQ GMVGYQJIVIRXMEP FIRHMRK QSQIRX HYI 8 ! TIVMSHSJWXVYGXYVI 7IGXMSR
XS VEHMEP [MRH TVIWWYVI EX LIMKLX ^ XIRWMSR SR 8 ! JYRHEQIRXEPTIVMSHSJZMFVEXMSRJSVYRPMRIHWLIPP
 %'-78%2(%6(

WIGSRHWTIVG]GPI 'LETXIV PMRIVJX 'LETXIV


8 ! WIGSRH QSHI TIVMSH SJ ZMFVEXMSR JSV YRPMRIH >G ! I\TSWYVIPIRKXLJX 'LETXIV
WLIPPWIGSRHWTIVG]GPI 'LETXIV ^ ! LIMKLXEFSZIKVSYRHJX 'LETXIV
8M ! QE\MQYQ WTIGMJMIH HIWMKR XIQTIVEXYVI SJ KEW ^GV ! LIMKLXGSVVIWTSRHMRKXS:GV JX 'LETXIV
MRWMHIGLMQRI]* 'LETXIV ! SR GLMQRI] GVSWW WIGXMSR SRILEPJ SJ XLI GIRXVEP
8S ! QMRMQYQXIQTIVEXYVISJSYXWMHIEMVWYVVSYRHMRK ERKPIWYFXIRHIHF]RIYXVEPE\MWVEHMERW 'LETXIV
GLMQRI]* 'LETXIV ! XLIVQEPGSIJJMGMIRXSJI\TERWMSRSJGSRGVIXIERH
XI
8S ! WIMWQMGTEVEQIXIV 7IGXMSR SJVIMRJSVGMRKWXIIPTIV* 'LETXIV
8\ ! XIQTIVEXYVI HVST EGVSWW GSRGVIXI WLIPP * ! SRILEPJ SJ XLI GIRXVEP ERKPI WYFXIRHIH F] ER
'LETXIV STIRMRK SR XLI GLMQRI] GVSWW WIGXMSR VEHMERW
X ! XLMGORIWWSJGSRGVIXIWLIPPMR 'LETXIVWERH 'LETXIVERH%TTIRHM\%
X ! GSRGVIXIXLMGORIWWEXSTIRMRKMR 'LETXIV
XF ! XLMGORIWW SJ YRMRWYPEXIH PMRMRK SV MRWYPEXMSR  ! JEGXSVMR7IGXMSRSJ%'- 'LETXIVW
ERH 
EVSYRHWXIIPPMRIVMR 'LETXIV
E ! EIVSH]REQMGHEQTMRKJEGXSV 'LETXIV
XW ! XLMGORIWW SJ EMV WTEGI SV MRWYPEXMSR JMPPMRK XLI
WTEGIFIX[IIRPMRMRKERHWLIPPMR 'LETXIV W ! JVEGXMSRSJGVMXMGEPHEQTMRKJSVEGVSWW[MRHPSEH
X F ! XLMGORIWWSJGSRGVIXIWLIPPEXFSXXSQJX 'LETXIV 'LETXIV
X L ! XLMGORIWWSJGSRGVIXIWLIPPEXXSTJX 'LETXIV ! SRILEPJ SJ XLI GIRXVEP ERKPI WYFXIRHIH F] XLI
9G ! VIUYMVIHGMVGYQJIVIRXMEPWXVIRKXL 'LETXIV GIRXIVPMRIW SJ X[S STIRMRKW SR GLMQRI] GVSWW
9Z ! VIUYMVIHZIVXMGEPWXVIRKXL 'LETXIV WIGXMSRVEHMERW 'LETXIVERH%TTIRHM\%
: ! FEWMG[MRHWTIIHQTL 'LETXIV  ! VEXMS SJ MRWMHI JEGI ZIVXMGEP VIMRJSVGIQIRX EVIE
:GV ! GVMXMGEP[MRHWTIIHJSVEGVSWW[MRHPSEHWGSVVI 'LETXIV
WTSRHMRKXSJYRHEQIRXEPQSHIJXW 'LETXIV  ! VEXMS SJ HMWXERGI FIX[IIR MRRIV WYVJEGI SJ
:GV ! GVMXMGEP [MRH WTIIH JSV EGVSWW[MRH PSEHW GSVVI GLMQRI]WLIPPERHSYXWMHIJEGIZIVXMGEPVIMRJSVGI
WTSRHMRKXSWIGSRHQSHIJXW 'LETXIV QIRXXSXSXEPWLIPPXLMGORIWW 'LETXIV
:V ! : -  QTL 'LETXIV  ! VEXMSSJMRWMHIJEGIGMVGYQJIVIRXMEPVIMRJSVGIQIRX
: ! QIER LSYVP] [MRH WTIIH EX  L ZEV]MRK SZIV EVIE XS SYXWMHI JEGI GMVGYQJIVIRXMEP VIMRJSVGIQIRX
VERKISJERH: ^GV JXW 'LETXIV EVIE 'LETXIV
:  ! QIER LSYVP] [MRH WTIIH EX LIMKLX SJ  JX JXW  ! VEXMS SJ HMWXERGI FIX[IIR MRRIV WYVJEGI SJ
'LETXIV GLMQRI] WLIPP ERH SYXWMHI JEGI GMVGYQJIVIRXMEP
: L ! QIER LSYVP] [MRH WTIIH EX XST SJ GLMQRI] JXW VIMRJSVGIQIRXXSXSXEPWLIPPXLMGORIWW 'LETXIV
'LETXIV H ! H L H F  'LETXIV
: ^ ! QIER LSYVP] HIWMKR [MRH WTIIH EX LIMKLX ^ JXW !  z JSV X[S W]QQIXVMG STIRMRKW TEVXP] MR
'LETXIV GSQTVIWWMSR^SRIVEHMERW 'LETXIV
: ^GV ! QIER LSYVP] HIWMKR [MRH WTIIH EX  L JXW Q ! QE\MQYQGSRGVIXIGSQTVIWWMZIWXVEMR 'LETXIV
'LETXIV ERH %TTIRHM\%
; ! [MRHPSEH 'LETXIV ! zR VEHMERW 'LETXIV
[ ^ ! XSXEPEPSRK[MRHPSEHTIVYRMXPIRKXLEXLIMKLX^ !  z VEHMERW 'LETXIV

PFJX 'LETXIV ! ERKPI WLS[R SR *MK  E  VEHMERW 'LETXIV 
[ ^ ! QIEREPSRK[MRHPSEHTIVYRMXPIRKXLEXLIMKLX^ ERH %TTIRHM\%
PFJX 'LETXIV ! ERKPI WLS[R SR *MK  E  VEHMERW 'LETXIV 
[ L ! JPYGXYEXMRKEPSRK[MRHPSEHTIVYRMXPIRKXLEXXST ERH %TTIRHM\%
SJGLMQRI]PFJX 'LETXIV
! ERKPI WLS[R SR *MK  E  VEHMERW 'LETXIV 
[ ^ ! JPYGXYEXMRK EPSRK[MRH PSEH TIV YRMX PIRKXL EX
ERH %TTIRHM\%
LIMKLX ^PFJX 'LETXIV
!  'LETXIV
[ ^ ! QIEREPSRK[MRHPSEHTIVYRMXPIRKXLEWKMZIRF]
)U  PFJX 'LETXIV ! VEXMS SJ EVIE SJ ZIVXMGEP SYXWMHI JEGI VIMRJSVGI
[E L ! EGVSWW[MRH PSEH TIV YRMX PIRKXL EX XST SJ QIRXXSXSXEPEVIESJGSRGVIXIWLIPP 'LETXIV
GLMQRI]PFJX 'LETXIV ! VEXMS SJ EVIE SJ GMVGYQJIVIRXMEP SYXWMHI JEGI
[E ^ ! EGVSWW[MRHPSEHTIVYRMXPIRKXLEXLIMKLX^PFJX VIMRJSVGIQIRX TIVYRMX SJ LIMKLX XS XSXEP EVIE SJ
'LETXIV GSRGVIXIWLIPPTIVYRMXSJLIMKLX 'LETXIV
[X Y ! EZIVEKI [IMKLX TIV YRMX PIRKXL JSV XST XLMVH SJ E ! WTIGMJMG[IMKLXSJEMVPFJX 'LETXIV
GLMQRI]PFJX 'LETXIV GO ! QEWWHIRWMX]SJGSRGVIXIOMTWJX 'LETXIV
=QE\ ! QE\MQYQPEXIVEPHIJPIGXMSRSJXSTSJGLMQRI]JX X ! VEXMSSJXSXEPEVIESJZIVXMGEPVIMRJSVGIQIRXXSXSXEP
'LETXIV EVIESJGSRGVIXIWLIPPGVSWWWIGXMSR 'LETXIV
] ! XSXEP 7677 SV '5'  PEXIVEP HMWTPEGIQIRX SJ ! WXVIRKXL VIHYGXMSR JEGXSV 'LETXIV  ERH
GSRGVIXIGLMQRI]JX 'LETXIV %TTIRHM\%
]0 ! XSXEP 7677 SV '5'  PEXIVEP HMWTPEGIQIRX SJ X ! X J] JG  'LETXIV
6)-2*36')('32'6)8)',-12)=7 

',%48)6{1%8)6-%07 EVIYWIHXLI]WLEPPFISJWIPIGXIHQEXIVMEP[MXLXSRKYIERH
{+IRIVEP KVSSZINSMRXWERHWLEPPFIOITXGSRXMRYSYWP][IXXSTVIZIRX
%PPQEXIVMEPWERHQEXIVMEPXIWXWWLEPPGSRJSVQXS%'- WLVMROMRKERH[EVTMRKHYIXSI\TSWYVIXSXLIIPIQIRXW*SVQ
I\GITXEWSXLIV[MWIWTIGMJMIHLIVIMR SMPWLEPPRSXFIYWIHYRPIWWMXMWERSRWXEMRMRKX]TIERHMXLEW
FIIRIWXEFPMWLIHXLEXWTIGMJMIHTVSXIGXMZIGSEXMRKWSVTEMRX
{'IQIRX GERFIETTPMIHXSGSRGVIXII\TSWIHXSJSVQSMP
8LI WEQI FVERH ERH X]TI SJ GIQIRX WLEPP FI YWIH
XLVSYKLSYX XLI GSRWXVYGXMSR SJ XLI GLMQRI] 8LI GIQIRX *SVQWWLEPPFIWYJJMGMIRXP]XMKLXXSTVIZIRXPIEOEKI
YWIHWLEPPGSRJSVQXSXLIVIUYMVIQIRXWJSV8]TIW------SV SJQSVXEV
:SJ%781'SV8]TI-7SV-4SJ%781' 0SEHWLEPPRSXFITPEGIHSRXLIGSRGVIXIWXVYGXYVIYRXMP
XLEXTSVXMSRSJXLIWXVYGXYVILEWEXXEMRIHWYJJMGMIRXWXVIRKXLXS
{%KKVIKEXIW WEJIP]WYTTSVXMXW[IMKLXERHXLIPSEHWTPEGIHXLIVISR
'SRGVIXIEKKVIKEXIWWLEPPGSRJSVQXS%781' *SVQWWLEPPFIVIQSZIHMRWYGLQERRIVEWXSIRWYVI
8LIQE\MQYQWM^ISJGSEVWIEKKVIKEXIWLEPPFIRSX XLI WEJIX] SJ XLI WXVYGXYVI *SVQW WLEPP FI TIVQMXXIH XS FI
PEVKIVXLERSJXLIREVVS[IWXHMQIRWMSRFIX[IIRMRWMHI VIQSZIHEJXIVXLIGSRGVIXILEWLEVHIRIHXSEWYJJMGMIRXWXVIRKXL
ERH SYXWMHI JSVQW RSV PEVKIV XLER  XLI QMRMQYQ GPIEV XSQEMRXEMRMXWWLETI[MXLSYXHEQEKIERHXSWEJIP]WYTTSVX
HMWXERGIFIX[IIRVIMRJSVGMRKFEVW EPPPSEHWSRMXMRGPYHMRKXIQTSVEV]GSRWXVYGXMSRPSEHW
6 8LMWVIUYMVIQIRXHMJJIVWJVSQXLI%'-FIGEYWI 8MIW FIX[IIR MRRIV ERHSYXIVGLMQRI]WLIPP JSVQW
QSWX[EPPWEVIMRXLMGOERHSVMREKKVIKEXI[SVOW WLEPPRSXFITIVQMXXIH
FIWX[MXLJXJSVQW
 'SRWXVYGXMSR NSMRXW WLEPP FI TVSTIVP] TVITEVIH XS
JEGMPMXEXIFSRHMRK%WEQMRMQYQVIUYMVIQIRXEPPPEMXERGI
{6IMRJSVGIQIRX
6IMRJSVGIQIRX WLEPP GSRJSVQ XS %781 %%1 ERHPSSWIQEXIVMEPWLEPPFIVIQSZIH
%%1SV%%13XLIVHIJSVQIHVIMRJSVGI
QIRX[MXLEWTIGMJMIHQMRMQYQ]MIPHWXVIRKXLJ]I\GIIHMRK {6IMRJSVGIQIRXTPEGIQIRX
 TWM WLEPP FI TIVQMXXIH TVSZMHIH XLEX XLI YPXMQEXI 6 8LI WM^I WTEGMRK ERH PSGEXMSR SJ ZIVXMGEP GSVIW
XIRWMPIWXVEMRWLEPPIUYEPSVI\GIIH [MXLMRTVIGEWXGSRGVIXIGLMQRI]WLIPPW[MPPFIHIXIVQMRIHF]
6 6IJIV XS 6 JSV I\TPEREXMSR SJ YPXMQEXI XIRWMPI KISQIXV]ERHWXIIPEVIEVIUYMVIQIRXW -XMWMQTSVXERXXLEX
WXVEMRPMQMXW XLIHIWMKRSJTVIGEWXGLMQRI]WGSQTPMIW[MXLXLIQMRMQYQ
WTEGMRKVIUYMVIQIRXWSJ%'-[LIREVVERKMRKVIMRJSVGIQIRX
',%48)6{'327869'8-326)59-6)1)287 [MXLMRXLIGSVIWXSTIVQMXTVSTIVFEVWTPMGMRKERHGSRGVIXI
{+IRIVEP TPEGIQIRX
'SRGVIXI UYEPMX] QIXLSHW SJ HIXIVQMRMRK WXVIRKXL SJ
 'MVGYQJIVIRXMEP VIMRJSVGIQIRX WLEPP FI TPEGIH
GSRGVIXI JMIPH XIWXW GSRGVIXI TVSTSVXMSRW ERH GSRWMWXIRG]
EVSYRHXLII\XIVMSVSJERHWIGYVIHXSXLIZIVXMGEPVIMRJSVGIQIRX
QM\MRKERHTPEGMRKERHJSVQ[SVOERHHIXEMPWSJVIMRJSVGI
FEVW %PP VIMRJSVGMRK FEVW WLEPP FI XMIH EX MRXIVZEPW SJ RSX
QIRXWLEPPFIMREGGSVHERGI[MXL%'-I\GITXEWWXEXIH
QSVIXLERJX&EVWWLEPPFIWIGYVIHEKEMRWXHMWTPEGIQIRX
SXLIV[MWI
[MXLMRXLIXSPIVERGIWSJXLI%'-
{'SRGVIXIWXVIRKXL 64EVXMGYPEVEXXIRXMSRWLEPPFITEMHXSTPEGMRKERH
8LIWTIGMJMIHGSRGVIXIGSQTVIWWMZIWXVIRKXLWLEPPRSXFI WIGYVMRKXLIGMVGYQJIVIRXMEPVIMRJSVGIQIRXWSXLEXMXGERRSX
PIWWXLERTWMEXHE]W FYPKISVFIHMWTPEGIHHYVMRKXLITPEGMRKERH[SVOMRKSJXLI
GSRGVIXI WSEW XS VIWYPXMR PIWW XLER XLI VIUYMVIH GSRGVIXI
{7XVIRKXLXIWXW GSZIVSZIVXLMWGMVGYQJIVIRXMEPVIMRJSVGIQIRX
8LIHE]GSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXIWLEPPFI  :IVXMGEP VIMRJSVGIQIRX TVSNIGXMRK EFSZI XLI JSVQW
HIXIVQMRIHJVSQEQMRMQYQSJX[SWXVIRKXLXIWXW GSRWMWXMRK JSV XLI GLMQRI]WLIPP SV GSVIW SJ TVIGEWX WIGXMSRW WLEPP FI
SJXLIEZIVEKISJX[SG]PMRHIVWTIVIEGLXIWX TIVLSYVWLMJX XIQTSVEVMP]WYTTSVXIHWSEWXSTVIZIRXXLIFVIEOMRKSJXLI
WPMTJSVQ  SV TIV PMJX NYQT JSVQ  *SV TVIGEWX WIGXMSRW E FSRH[MXLXLIJVIWLP]TPEGIHGSRGVIXI
QMRMQYQ SJ X[S WIXW WLEPP FI XEOIR JVSQ IEGL GPEWW SJ
6 -X MW MQTSVXERX XS TVSXIGX XLI IEVP] FSRH WIX
GSRGVIXIGEWXIEGLHE]ERHJVSQIEGL]HSJGSRGVIXI
:IVXMGEPFEVWEVIWYFNIGXIHXSQSZIQIRXHYIXS[MRHJSVGIW
TPEGIHIEGLHE]
:IVXMGEPFEVWWLSYPHFIXMIHXSKIXLIVSVFVEGIHXSTVIZIRX
6 6IUYMVIQIRXWJSVXIWXMRKTVIGEWXGSRGVIXIYRMXW[IVI
HEQEKMRKXLIFSRH
EHHIHMR%'-
2SXQSVIXLER SJFEVWWLEPPFIWTPMGIHEPSRKER]
{*SVQW LSVM^SRXEPSVZIVXMGEPTPERIYRPIWWWTIGMJMGEPP]TIVQMXXIHERH
67LIEVXVERWJIV[MXLMRTVIGEWXGSRGVIXIWLIPPWWLSYPH ETTVSZIHF]XLIPMGIRWIHHIWMKRTVSJIWWMSREP
FI GSRWMHIVIH MR HIWMKR IWTIGMEPP] MJ XLI WXVYGXYVI LEW  *SV VIMRJSVGIQIRX MR GEWXMRTPEGI GLMQRI]W XLI
ZIVXMGEPEW[IPPEWLSVM^SRXEPGSRWXVYGXMSRNSMRXW QMRMQYQGSRGVIXIGSZIVWLEPPFIMR*SVVIMRJSVGIQIRXMR
*SVQWJSVXLIGLMQRI]WLIPPWLEPPFIQEHISJQIXEP TVIGEWXYRMXWQERYJEGXYVIHYRHIVTPERXGSRXVSPPIHGSRHMXMSRW
[SSHSVSXLIVWYMXEFPIQEXIVMEPW-JYRPMRIH[SSHIRJSVQW XLIQMRMQYQGSRGVIXIGSZIVWLEPPFIMR
 %'-78%2(%6(

{'SRGVIXITPEGIQIRX {4VIGEWXIVIGXMSR
'EWXMRTPEGI GSRGVIXI TPEGIQIRX WLEPP GSRJSVQ XS %'- 4VIGEWXWIGXMSRWWLEPPFIIVIGXIHMREQERRIVERHEXE
 ERH WLEPP FI TPEGIH MR PE]IVW RS KVIEXIV XLER  MR VEXIXLEXIRWYVIWXLEXWYJJMGMIRXWXVIRKXLLEWFIIREXXEMRIHMR
:IVXMGEPGSRWXVYGXMSRNSMRXWJSVGEWXMRTPEGIGLMQRI]WLIPPW KVSYX GSVI GSRGVIXI ERH EPP GSRRIGXMRK GSQTSRIRXW XS
WLEPPRSXFIYWIH;LIVIYWIHLSVM^SRXEPGSRWXVYGXMSRNSMRXW WEJIP]WYTTSVXGSRWXVYGXMSRERHETTPMGEFPIHIWMKRPSEHW
JSVGEWXMRTPEGIERHTVIGEWXGSRGVIXIWLEPPFIETTVS\MQEXIP] 4VIGEWXWIGXMSRWWLEPPFIKVSYXIHXSPIZIPERHNSMRXW
IZIRP] WTEGIH XLVSYKLSYX XLI LIMKLX SJ XLI GLMQRI] WLIPP WLEPPFIWIEPIH7LIEVOI]WWLEPPFIMRWXEPPIHMJVIUYMVIHF]
+VSYX JSV WIXXMRK TVIGEWX WIGXMSRW WLEPP LEZI E WTIGMJMIH XLIPMGIRWIHHIWMKRTVSJIWWMSREP
GSQTVIWWMZIWXVIRKXLIUYEPXSSVKVIEXIVXLERXLIWTIGMJMIH
GSQTVIWWMZIWXVIRKXLSJXLIWIXTVIGEWXWIGXMSRW ',%48)6{03%(7%2(+)2)6%0()7-+2
'6-8)6-%
{'SRGVIXIGYVMRK {+IRIVEP
-QQIHMEXIP]EJXIVXLIJSVQWLEZIFIIRVIQSZIHEPP 6*SVXLIIHMXMSRXLI'SQQMXXIIVIIZEPYEXIHXLI
RIGIWWEV]JMRMWLMRKSJGSRGVIXIWLEPPGSQQIRGI TVIZMSYWI\IQTXMSRWVIKEVHMRKX[SJEGIVIMRJSVGIQIRXERH
%WWSSREWJMRMWLMRKLEWFIIRGSQTPIXIHFSXLJEGIW QMRMQYQ[EPPXLMGORIWWJSVGLMQRI]WJXSVPIWWMRLIMKLX
SJ GSRGVIXI WLEPP FI GYVIH F] GSEXMRK [MXL E QIQFVERI ERH PIWW XLER  JX MR HMEQIXIV 6IGIRX MRJSVQEXMSR LEW
GYVMRKGSQTSYRHSVSXLIVQIXLSHETTVSZIHF]XLIPMGIRWIH MRHMGEXIH XLEX X[SJEGI GMVGYQJIVIRXMEP VIMRJSVGIQIRX MW
HIWMKR TVSJIWWMSREP 8LI GYVMRK GSQTSYRH WLEPP GSQTP] RIGIWWEV]XSQMRMQM^IZIVXMGEPGVEGOMRKHYIXSVEHMEP[MRH
[MXL%781'ERHWLEPPFIETTPMIHMRWXVMGXEGGSVHERGI TVIWWYVIWERHVIZIVWIXLIVQEPKVEHMIRXWHYIXSXLIIJJIGXWSJ
[MXLXLIQERYJEGXYVIVvWVIGSQQIRHEXMSRW-JGSEXMRKWEVIXS WSPEV LIEXMRK 6IZIVWI XLIVQEP KVEHMIRXW HYI XS WSPEV
FIETTPMIHXSXLIGSRGVIXIXLIGYVMRKGSQTSYRHWLEPPFISJ LIEXMRK QE] FI QSVI TVSRSYRGIH [LIR XLI EMV WTEGI
EX]TIGSQTEXMFPI[MXLXLIWIGSEXMRKW FIX[IIRXLIGSPYQRERHPMRMRKMWTYVKIHF]TVIWWYVM^EXMSR
JERW ERH KEW XIQTIVEXYVIW EVI PS[ *YVXLIV XLI GYVVIRX
{'SRWXVYGXMSRXSPIVERGIW GSQQMXXII FIPMIZIW XLEX X[SJEGI VIMRJSVGIQIRX WLSYPH FI
6%UYEPMX]GSRXVSPTVSKVEQWLSYPHFIIWXEFPMWLIHXS VIUYMVIHMREPPGLMQRI]GSPYQRWVIKEVHPIWWSJWM^IGSRWMHIVMRK
QIEWYVI HSGYQIRX ERH ZIVMJ] GSQTPMERGI [MXL XLI XLIEKKVIWWMZIIRZMVSRQIRXWYVVSYRHMRKGLMQRI]W
GSRWXVYGXMSR XSPIVERGI VIUYMVIQIRXW SJ XLMW GSHI 8LI 8LIGLMQRI]WLIPPWLEPPFIHIWMKRIHJSVXLIIJJIGXW
TVSKVEQWLSYPHMHIRXMJ]XLIX]TIRYQFIVERHJVIUYIRG]SJ SJKVEZMX]XIQTIVEXYVI[MRHERHIEVXLUYEOIMREGGSVHERGI
XLI QIEWYVIQIRXW VIUYMVIHXS HSGYQIRXIEGLSJ XLIEVIEW [MXL%'-I\GITXEWWXEXIHSXLIV[MWI
WTIGMJMIHMRXLMWGSHI  8LI GLMQRI] WLIPP WLEPP FI HIWMKRIH JSV PSEH
 8LI GLMQRI] WLIPP WLEPP FI GSRWXVYGXIH [MXLMR XLI GSQFMREXMSRWMREGGSVHERGI[MXLXLITVSZMWMSRWSJ'LETXIV
XSPIVERGIPMQMXWWIXJSVXLLIVIMR  1MRMQYQWLIPPXLMGORIWW
 :IVXMGEP EPMKRQIRX SJ GIRXIVTSMRX{8LI EGXYEP  8LI GLMQRI] WLIPP WLEPP RSX FI PIWW XLER  MR
GIRXIVTSMRXSJXLIWLIPPWLEPPRSXZEV]JVSQMXWXLISVIXMGEPE\MW XLMGO [LIR GEWX MR TPEGI SV PIWW XLER  MR XLMGO [LIR
F] QSVIXLER XMQIW XLI LIMKLX SJXLIWLIPPSV MR GSQTSWIHSJTVIGEWXWIGXMSRW
[LMGLIZIVMWKVIEXIV0SGEPP]XLIEGXYEPGIRXIVTSMRXSJXLI 6 % QMRMQYQ [EPP XLMGORIWW SJ  MR  MR MJ
WLIPPWLEPPRSXGLERKILSVM^SRXEPP]F]QSVIXLERMRJSVER] TVIGEWX MWVIUYMVIHXSTVSZMHIJSVTVSTIVGSRGVIXITPEGIQIRX
JXSJZIVXMGEPVMWI [MXLMRERHEVSYRHX[SGYVXEMRWSJVIMRJSVGIQIRX
 (MEQIXIV{8LIQIEWYVIHSYXWMHIWLIPPHMEQIXIV 8LIGLMQRI]WLIPPXLMGORIWWXLVSYKLSTIRMRKW
EXER]WIGXMSRWLEPPRSXZEV]JVSQXLIWTIGMJMIHHMEQIXIVF] WLEPPRSXFIPIWWXLERXMQIWXLILIMKLXSJXLISTIRMRK
QSVIXLERMRTPYWXMQIWXLIWTIGMJMIHSVXLISVIXMGEP SZIVEZIVXMGEPHMWXERGII\XIRHMRKJVSQXLILIMKLXSJXLI
HMEQIXIV STIRMRKFIPS[XLIWMPPSJXLISTIRMRKXSXLILIMKLXSJXLI
 ;EPP XLMGORIWW{8LI QIEWYVIH [EPP XLMGORIWW STIRMRK EFSZI XLI XST SJ XLI STIRMRK 4VSTIVP] HIWMKRIH
WLEPPRSXZEV]JVSQXLIWTIGMJMIH[EPPXLMGORIWWF]QSVIXLER FYXXVIWWIW SV SXLIV QIERW SJ PEXIVEP VIWXVEMRX QE] FI
zMRMRJSV[EPPWMRXLMGOSVPIWWSVF]QSVI TIVQMXXIH MR TPEGI SJ XLMW VIUYMVIQIRX ,S[IZIV XLI
XLER zMR  MR JSV [EPPW KVIEXIV XLER MR XLMGO % FYXXVIWWIW SV SXLIV QIERW SJ PEXIVEP VIWXVEMRX WLEPP RSX FI
WMRKPI[EPPXLMGORIWWQIEWYVIQIRXMWHIJMRIHEWXLIEZIVEKI MRGPYHIH[LIRGEPGYPEXMRKZIVXMGEPWXVIRKXL
SJ EX PIEWX JSYV QIEWYVIQIRXW XEOIR EX E YRMJSVQ WTEGMRK 6 8LI GSQQMXXII I\TVIWWIH GSRGIVR VIKEVHMRK
SZIV E HIKVII EVG % RIKEXMZI XSPIVERGI HIGVIEWIW XLI IHKIFYGOPMRKSJVIPEXMZIP]XLMR[EPPWXLVSYKLVIKMSRW[LIVI
SZIVEPP XLMGORIWW ERH E TSWMXMZI XSPIVERGI MRGVIEWIW XLI XEPPSTIRMRKWEVITVIWIRX8LIWMQTPMJMIHTVSGIHYVIKMZIRMR
SZIVEPPXLMGORIWW XLMWWIGXMSR[MPPKMZIETTVS\MQEXIP]XLIWEQIVIWYPXWEWXLI
 3TIRMRKWERHIQFIHQIRXW{8SPIVERGIWSRXLIWM^I TVSGIHYVIWSJ7IGXMSRSJ%'- %'-'SQQMXXII
ERHPSGEXMSRSJSTIRMRKWERHIQFIHQIRXWMRXLIWLIPPGERRSX  
FIYRMJSVQP]IWXEFPMWLIHHYIXSXLIZEV]MRKHIKVIIWSJEGGYVEG] 8LI GSQQMXXII HIJMRIW E FYXXVIWW XS FI VIGXERKYPEV SV
VIUYMVIHHITIRHMRKSRXLIREXYVISJXLIMVYWI%TTVSTVMEXI WUYEVIMRWLETIERHGERTVSNIGXIMXLIVMRWMHISVSYXWMHI SV
XSPIVERGIWJSVSTIRMRKERHIQFIHQIRXWM^IWERH PSGEXMSRW FSXL  XLI GLMQRI] [EPP % FYXXVIWW TVSZMHIW EHHMXMSREP
WLEPPFIIWXEFPMWLIHJSVIEGLGLMQRI] WXEFMPMX]XSXLIXLMR[EPPHIWMKR
6)-2*36')('32'6)8)',-12)=7 

-J NEQF FYXXVIWWIW EVI YWIH XLI] WLSYPH FI TPEGIH 68LIFEWMG[MRHWTIIH:MRXLI%'-WXERHEVH
LSQSKIRISYWP][MXLXLIWIGXMSRSVEHIUYEXIP]XMIHXSIRWYVI [EWVIZMWIHJVSQJEWXIWXQMPIXSEWIGSRHKYWXWTIIHXSVIJPIGX
GSQTSWMXIEGXMSR XLI GLERKIW TYFPMWLIH MR %7')  )UYEXMSR   [EW
;LIRXLIMRWMHIHMEQIXIVSJXLIWLIPPI\GIIHWJX QSHMJMIHEGGSVHMRKP]-R)U  GSRZIVXW[MRHWTIIH
XLIQMRMQYQXLMGORIWWWLEPPFIMRGVIEWIHMRJSVIEGLJX JVSQQTLXSJXWERHGSRZIVXWXLIWIGSRHKYWXWTIIH
MRGVIEWIMRMRWMHIHMEQIXIV XSEQIERLSYVP]WTIIH8LIVIZMWIHTS[IVPE[GSIJJMGMIRX
 7LIPP ERH PMRIV MRXIVEGXMSR{% GLMQRI] WLIPP XLEX  EWERETTVS\MQEXMSRSJ GEQIJVSQ8EFPISJ
WYTTSVXWPMRMRKPSEHWWLEPPGSQTP][MXLXLIVIUYMVIQIRXWSJ %7')  JSV )\TSWYVI ' ERH JSV JPI\MFPI SV H]REQMGEPP]
XLMW WXERHEVH [MXL XLI PMRMRK MR TPEGI 8LI PSEHW SR XLI WIRWMXMZIWXVYGXYVIWXLIMRGVIEWIMRXLII\TSRIRXMRGVIEWIW
GSRGVIXIWLIPPWLEPPMRGPYHIER]PMRMRKPSEHWVIWYPXMRKJVSQ XLI GEPGYPEXIH TVIWWYVIW SZIV XLI GLMQRI] LIMKLX JSV XLI
HIEHPSEHXLIVQEP[MRHSVWIMWQMGPSEHW WEQIWTIIH
 (IWMKR JSV XIQTSVEV] GSRWXVYGXMSR PSEHW{;LIR 8LIWIGSRHKYWXWTIIHMWEP[E]WLMKLIVXLERXLITVIZMSYWP]
XIQTSVEV] EGGIWW STIRMRKW EVI YWIH HYVMRK GSRWXVYGXMSR WTIGMJMIHJEWXIWXQMPIWTIIH%JEWXIWXQMPI[MRHWTIIHQE]
XLI]WLEPPFIHIWMKRIHEWTIVQERIRXSTIRMRKW FIGSRZIVXIHXSEWIGSRHKYWXWTIIHJSVRSVQEPWTIIHWSJ
 *SYRHEXMSRGSRWMHIVEXMSRW MRXIVIWXMRGLMQRI]HIWMKRYWMRK
8LIQE\MQYQJSYRHEXMSRFIEVMRKTVIWWYVIWLEPP
FIIWXEFPMWLIHYWMRKWIVZMGIGLMQRI]PSEHW WIGSRHKYWX:! JEWXIWXQMPI:
6 7IVZMGI PSEHW EVI HIJMRIH MR 7IGXMSR  SJ
%7') 8LIVIPEXMSRWLMTFIX[IIREWIGSRHKYWXWTIIHERHER]
8LIJSYRHEXMSRWLEPPFIHIWMKRIHF]XLIWXVIRKXL SXLIV EZIVEKMRK XMQI GER FI JSYRH MR XI\XW WYGL EW ;MRH
QIXLSHMREGGSVHERGI[MXLXLITVSGIHYVIWSJ%'-8LI )JJIGXWSR7XVYGXYVIW 7MQMYERH7GERPSR 
JSYRHEXMSRHIWMKRWLEPPFIFEWIHSRETWIYHSFIEVMRKTVIW 8LI TVSGIHYVI [EW HIXIVQMRIHJVSQ WMQTPMJMIH H]REQMG
WYVIHMWXVMFYXMSRSVTMPIPSEHWYWMRKXLIPSEHMRKGSQFMRE EREP]WIWXLEXVIWYPXIHMRIUYMZEPIRXWXEXMGPSEHHMWXVMFYXMSRW
XMSRWKMZIRMR7IGXMSR 8LMWETTVSEGLVIUYMVIWXLEXE[MRHWTIIHEZIVEKIHSZIVE
6*SYRHEXMSRHIWMKR{8LITWIYHSFIEVMRKTVIW TIVMSHETTVS\MQEXIP]QMRYXIWXSLSYVFIYWIHEWEFEWMW
WYVITMPIPSEHWWLSYPHFIGSQTYXIHF]QYPXMTP]MRKXLIYRJEG JSVHIWMKR)UYEXMSR  TIVQMXWXLIQIERLSYVP]WTIIHEX
XSVIH HIEH ERH E\MEP FIRHMRK PSEHW F] XLIMV ETTVSTVMEXI LIMKLX ^XSFIHIXIVQMRIHJVSQXLIFEWMGHIWMKRWTIIHXLEXMW
PSEHJEGXSVJVSQ7IGXMSRW XLI WIGSRH KYWX WTIIH EX  JX SZIV STIR GSYRXV] 8LI
GSRZIVWMSR MW FEWIH SR XLI VIPEXMSRWLMT VIGSQQIRHIH F]
8LIQMRMQYQJEGXSVSJWEJIX]EKEMRWXSZIVXYVRMRK
,SPPMWXIV  8LIWTIGMJMIH[MRHPSEHWTVIWYQIXLEXXLI
WLEPPFIYWMRKWIVZMGIPSEHW
GLMQRI]MWPSGEXIHMRSTIRGSYRXV]-RVSYKLIVXIVVEMRWXLI
(IWMKRWLEPPMRGPYHIXLIIJJIGXWSJVEHMERXLIEXSJ
SZIVEPPPSEHW[MPPFIVIHYGIHFYXJSVEXEPPGLMQRI] [MXLE
KEWIWSRER]TEVXSJXLIJSYRHEXMSRMRGPYHMRKXLIJSYRHEXMSR
LIMKLXSJETTVS\MQEXIP]JX XLIVIHYGXMSRMWRSXPMOIP]XS
JPSSVEVIEXLEXMWI\TSWIH[MXLMRXLIPMRIVERHGSRGVIXIJPSSVW
I\GIIH 
WYTTSVXIHJVSQXLIGSRGVIXIWLIPP
-R )U   :V MW XLI TVSHYGX SJXLI WUYEVIVSSX SJ XLI
MQTSVXERGIJEGXSV- ERH:XLIFEWMG[MRHWTIIHEWGLEVXIH
{;MRHPSEHW
 +IRIVEP{6IMRJSVGIH GSRGVIXI GLMQRI]W WLEPP FI ERHHIJMRIHMR%7')-GERFIYWIHXSZEV]TVSFEFMPMX]EW
HIWMKRIHXSVIWMWXXLI[MRHJSVGIWMRFSXLXLIEPSRK[MRHERH [IPPEWXSGPEWWMJ]XLIMQTSVXERGISJXLIWXVYGXYVI%PPGLMQ
EGVSWW[MRHHMVIGXMSRW-REHHMXMSRXLILSPPS[GMVGYPEVGVSWW RI]W WLSYPH FI HIWMKRIH XS FI TEVX SJ ER IWWIRXMEP JEGMPMX]
WIGXMSR WLEPP FI HIWMKRIH XS VIWMWX XLI PSEHW GEYWIH F] XLI GPEWWMJMIHEWE'EXIKSV]-:WXVYGXYVI8LIMQTSVXERGIJEGXSVSJ
GMVGYQJIVIRXMEPTVIWWYVIHMWXVMFYXMSR JSV'EXIKSV]-:FYMPHMRKWERHWXVYGXYVIWGSVVIWTSRHW
XSEQIERVIGYVVIRGIMRXIVZEPSJ]IEVW%HHMXMSREPMRJSV
8LIVIJIVIRGIHIWMKR[MRHWTIIHMRQTL[LMGLWLEPPFI
QEXMSRGERFIJSYRHMR%7')
HIRSXIHEW:V WLEPPFIXLIWIGSRHKYWX[MRHWTIIHEXJX
8LIWMQTPMJMIHTVSZMWMSRWSJXLMWWXERHEVHHSRSXTVIGPYHI
SZIVSTIRXIVVEMR[LIVI:V! - :8LMWWTIIH:WLEPPFI
XLIYWISJQSVIHIXEMPIHQIXLSHWERHXLIVIWYPXWSJEJYPP
EWWTIGMJMIHF]%7')8LIMQTSVXERGIJEGXSV-JSVEPP
H]REQMG EREP]WMW IQTPS]MRK EGGITXIH ETTVSEGLIW ERH
GLMQRI]W WLEPP FI 8STSKVETLMG IJJIGXW VIJIVIRGIH MR
VIGSKRM^MRK XLI JPS[ TVSJMPI ERH XYVFYPIRGI PIZIPW EX E
7IGXMSRSJ%7')EVISQMXXIH
WTIGMJMGWMXIQE]FIYWIHMRTPEGISJXLIWXERHEVHTVSZMWMSRW
%X E LIMKLX ^ JX EFSZI KVSYRH XLI QIER LSYVP] HIWMKR
8LI ETTVS\MQEXI QIXLSHW LEZI LS[IZIV FIIR XIWXIH
WTIIH : ^ MRJXWWLEPPFIGSQTYXIHJVSQ)U 
EKEMRWXQSVIHIXEMPIHEREP]WIWYWMRKTVSFEFMPMWXMG :MGOIV]
:MGOIV]ERH&EWY ERHHIXIVQMRMWXMG 6YQQER

^  ETTVSEGLIW8LIWIQIXLSHWKEZIEGGITXEFPIVIWYPXW
: ^ !  :V   
  %PSRK[MRHPSEHGMVGYPEVWLETIW{8LIEPSRK[MRH
PSEH [ ^ TIVYRMXPIRKXLEXER]LIMKLX^JXWLEPPFIXLIWYQ
8LITVSZMWMSRW[MXLVIWTIGXXS[MRHPSEHXEOIMRXSEGGSYRX SJXLIQIERPSEH[ ^ ERHXLIJPYGXYEXMRKPSEH[ ^ 
H]REQMGEGXMSRFYXEVIWMQTPMJMIHERHVIWYPXMRIUYMZEPIRX 8LIQIERPSEH[ ^ MRPFJXWLEPPFIGSQTYXIHJVSQ)U 
WXEXMGPSEHW%TVSTIVP]WYFWXERXMEXIHH]REQMGEREP]WMWWLEPP
FITIVQMXXIHMRTPEGISJXLIWITVSZMWMSRW [ ^ !'HV ^ H ^ T ^ 
 %'-78%2(%6(

[LIVI *SV XLI  VIZMWMSR XLI HMVIGXMSREPMX] JEGXSV /H [EW
EHHIHXS)U  8LIH L MWRS[PMQMXIHXSJXERH
'HV ^ !JSV^ LzH L  XLIJEGXSVSJMRMWVIQSZIH%PWSXLIRYQIVMGGSIJJMGMIRX
[EWVIZMWIHXSGSVVIGXJSVETVIZMSYWIVVSV
'HV ^ !JSV^ LzH L  8LIREXYVEPTIVMSHSJXLIGLMQRI]QE]MRGPYHIXLIIJJIGX
SJJSYRHEXMSRERHWSMPMRXIVEGXMSR
ERHH L WLEPPRSXI\GIIHJX  %GVSWW[MRHPSEHGMVGYPEVWLETIW
6 2S VIZMWMSRW [IVI QEHI XS XLI TVSGIHYVIW JSV
T ^ !/H?: ^ A  GEPGYPEXMRKEGVSWW[MRHJSVGIWMRXLIZIVWMSR
-RXLIGSQQMXXIILEHRYQIVSYWYWIVGSQQIRXWERH
[LIVI /H!JSVGMVGYPEVGLMQRI]W HMWGYWWMSRWVIKEVHMRKXLITVSGIHYVIWMRGPYHIHMRXLI
8LIJPYGXYEXMRKPSEH[ ^ PFJXWLEPPFIXEOIRIUYEPXS WXERHEVH JSV EGVSWW[MRH JSVGIW :MVXYEPP] EPP SJ XLI
GSQQIRXEXSVW JIPX XLEX XLI  TVSGIHYVIW [IVI YRHYP]
^ + [ 1 [ F GSRWIVZEXMZI IWTIGMEPP] MR XLI EFWIRGI SJ ER] VIGSVH SJ
[ ^ !   WXVYGXYVEPJEMPYVI%WEVIWYPXSJXLIWIHMWGYWWMSRWERH[MXL

L XLIEZEMPEFMPMX]SJRI[HEXEERHJYPPWGEPISFWIVZEXMSRWXLI
TVSGIHYVIWJSVGEPGYPEXMRKEGVSWW[MRHPSEHW[IVII\XIRWMZIP]
[LIVI 1[ F MWXLIFEWIFIRHMRKQSQIRXPFJXHYIXS[ ^  VIZMWIH
ERH % KIRIVEP WSPYXMSR JSV XLI EGVSWW[MRH VIWTSRWI SJ
GMVGYPEV GLMQRI]W [MXL ER] KISQIXV] [EW HIZIPSTIH F]
 :MGOIV]   8LIWI TVSGIHYVIW FEWIH SR :MGOIV]vW
 ? 8 :  A
+[ !   
  KIRIVEP WSPYXMSR [IVI WMQTPMJMIH XS WSQI I\XIRX [LMGL

L   VIUYMVIW XLEX XLIMV ETTPMGEXMSR FI VIWXVMGXIH XS GIVXEMR
KISQIXVMIW 7MQMPEV QSHIPW LEZI TVSZMHIH XLI FEWMW JSV
[LIVI :  MWHIXIVQMRIHJVSQ)U  JSV ^!JX ZSVXI\MRHYGIHJSVGIWMRGSVTSVEXIHF]XLI2EXMSREP&YMPHMRK
*SVTVIPMQMREV]HIWMKRERHIZEPYEXMSRSJXLIGVMXMGEP[MRH 'SHI SJ 'EREHE 'EREHMER 'SQQMWWMSR SR &YMPHMRK ERH
WTIIH :GV EWHIWGVMFIHMR7IGXMSRXLIREXYVEPTIVMSH *MVI'SHIW ERHXLI%71)%27-787
SJ ER YRPMRIH GLMQRI] 8 MR WIGSRHW TIV G]GPI WLEPP FI 'MVGYPEVGLMQRI]WSYXWMHIXLIFSYRHWSJXLIWITVSGIHYVIW
TIVQMXXIHXSFIETTVS\MQEXIHYWMRK)U  *SVJMREPHIWMKR SV[LIVIEJPEVISVWXVSRKXETIV RS^^PI I\MWXWJSVQSVIXLER
LS[IZIVXLITIVMSHWLEPPFIGSQTYXIHF]H]REQMGEREP]WMW SRIHMEQIXIVRIEVXLIXSTQE]FIGSRWIVZEXMZIP]EREP]^IH
YWMRKXLITVSGIHYVIWSJ7IGXMSRSJ%'-SVF]
 
XLIKIRIVEPETTVSEGLTYXJSVXLF]:MGOIV]  
L GO X L 8LITVSGIHYVIWJSVHIXIVQMRMRKWLIHHMRKJSVGIWLS[IZIV
8  !     
H F GO X F
) EVIRSXQEXIVMEPP]EJJIGXIHF]XLIGSRJMKYVEXMSRSJXLIPS[IV
XLMVHSJXLIWLIPP[LMGLQE]VERKIJVSQTPYQFXSER]HIKVII
8LIQEWWERHWXVYGXYVITVSTIVXMIWSJXLIGLMQRI]PMRMRK SJXETIV
WLEPPFIMRGPYHIHMRXLIGEPGYPEXMSRSJXLITIVMSH 2SRGMVGYPEV WLETIW QE] FI QSVI WIRWMXMZI XS EGVSWW
68LIVIGSQQIRHIHHVEKGSIJJMGMIRXWEVIGSRWMWXIRX [MRHJSVGIWERHQE]VIUYMVIEREP]WIWFI]SRHXLIWGSTISJ
[MXLWPIRHIVGLMQRI]W?LH L "A[MXLEVIPEXMZIWYVJEGI XLMWWXERHEVH
VSYKLRIWWSRXLISVHIVSJzXSz7SQIVIHYGXMSRMR )UYEXMSR  IWXEFPMWLIWEFEWMWJSVMRGVIEWMRKWXVYGXYVEP
XLI HVEK GSIJJMGMIRX 'HV [MXL HIGVIEWMRK LH L  GER FI HEQTMRK JVSQ E QMRMQYQ SJ   XS E QE\MQYQ SJ 
I\TIGXIHFYXYRYWYEPP]VSYKL JSVI\EQTPIVMFFIH GLMQRI]W [LIRXLI[MRHWTIIH:I\GIIHW: ^GV 7XVYGXYVEPHEQTMRKSJ
[SYPHLEZILMKLIVZEPYIWSJ'HV 8LIZEVMEXMSRWSJ'HV[MXL   SJ GVMXMGEP MW GSRWMWXIRX [MXL QIEWYVIH ZEPYIW ERH
VSYKLRIWW ERH EWTIGX VEXMS EVI HMWGYWWIH F] &EWY  QSHIVEXIWXVIWWPIZIPW[MXLPMXXPIGVEGOMRK(EQTMRKSJ 
ERH:MGOIV]ERH&EWY   [LMGL [SYPH FI TIVQMXXIH [LIR : ! : ^GV  MW QSVI
8LIXSXEPPSEHTIVYRMXPIRKXLMWGSQTYXIHEWXLIWYQSJXLI GSRWMWXIRX[MXLHEQTMRKZEPYIWTIVQMXXIHMRWIMWQMGHIWMKR
QIERGSQTSRIRX[ ^ ERHXLIJPYGXYEXMRKGSQTSRIRX[ ^  )MKLXWEQTPIGLMQRI]W[IVIWXYHMIHYWMRKXLIERH
8LI H]REQMG GSQTSRIRX [EW IZEPYEXIH YWMRK E WPMKLXP] TVSGIHYVIW8LIKISQIXV]MWMR8EFPI6ERHEQSVI
QSHMJMIH JSVQ SJ XLI KYWX JEGXSV ETTVSEGLIW HIWGVMFIH F] HIXEMPIHHIWGVMTXMSRMWMR*EXMKYIHEQEKI[EWEPWS
(EZIRTSVX  :MGOIV]  ERH7MQMYIXEP   GSRWMHIVIHYWMRKXLITVSGIHYVIWTYXJSVXLF]:MGOIV]  
8LI FEWI QSQIRX MW IZEPYEXIH YWMRK XLI KYWX JEGXSV 8LI GSQQMXXII GSRGPYHIH XLEX E GEWIF]GEWI EREP]WMW SJ
ETTVSEGLFYXXLIPSEHWTVSHYGMRKXLMWQSQIRXEVIETTVS\ JEXMKYIMRGMVGYPEVGLMQRI]WXLEX[SYPHVIUYMVIEWYTTPIQIRXEP
MQEXIHF]EXVMERKYPEVHMWXVMFYXMSRVEXLIVXLEREHMWXVMFYXMSR [SVOMRKWXVIWWEREP]WMW[EWRSXRIGIWWEV]EWJEXMKYIWXVIWWIW
QEXGLMRKXLIQIER)UYEXMSR  MWEWMQTPIIQTMVMGEPJMX MRXLIWEQTPIGLMQRI]W[IVI[MXLMREGGITXEFPIPMQMXW
XS ZEPYIW SJ +[ GSQTYXIH EW FIJSVI JSV E WXVYGXYVEP 6IWYPXW YWMRK XLI  ERH  TVSGIHYVIW EVI
HEQTMRKSJ SJGVMXMGEP)\GITXJSVVIJIVIRGMRK:EWXLI GSQTEVIH MR 8EFPI 6 8LIWI GLMQRI]W [IVI WIPIGXIH
WIGSRH KYWX WTIIH RS VIZMWMSRW LEZI FIIR QEHI XS XLI JVSQEKVSYTSJTVSNIGXW[LIVIXLIEWTIGXVEXMSLHMWEXSV
TVSGIHYVIWJSVGEPGYPEXMRKEPSRK[MRHPSEHW RIEV[LIVITIEOI\GMXEXMSRMWRSVQEPP]JSYRH2SXIXLEX
6)-2*36')('32'6)8)',-12)=7 

8EFPI6{'SQTEVMWSRSJVIWYPXWEPSRK[MRHTPYWEGVSWW[MRHQSQIRXWZIVWYWTVSGIHYVIW
(IWGVMTXMSRSJGLMQRI]W
'LMQRI] ,IMKLXJX 8STSYXWMHIHMEQIXIVJX &SXXSQSYXWMHIHMEQIXIVJX 8ETIVW :-QTL LHEX  L *VIUYIRG]L^
       
       
       
       
       
       
       
       
'EPGYPEXIH[MRHWTIIHW
4IV%'- 4IV%'-
'LMQRI] :GV QTL : ^GV QTL : ^GV QTL :QTL :GV QTL O
      
      
      
      
      
      
      
      
*EGXSVIHFEWI[MRHQSQIRXWMRJXXSRW
4IV%'-617GSQFMRIHEPSRKERH 4IV%'-617GSQFMRIH
EGVSWW[MRH &W! EPSRKERHEGVSWW[MRH&W! 4IV%'-ERH%'-
'LMQRI] 0*! 0*! EPSRK[MRHSRP]0*!
   
   
   
   
   
   
   
   

JSV'LMQRI]WERHXLIGVMXMGEP[MRHWTIIHI\GIIHWXLI )UYEXMSR   HIJMRIW XLI TIEO FEWI QSQIRX 1E JSV
HIWMKR [MRH WTIIH TIVQMXXMRK QSHMJMGEXMSR SJ FSXL ZEPYIW SJ : [LIVI : MW IZEPYEXIH FIX[IIR  ERH
HEQTMRK )U  ERH 1E )U  [LMGLWMKRMJM : ^GV ;LIR: : ^GV  1EWLEPPFIQYPXMTPMIHF]
GERXP]VIHYGIWXLIFEWIQSQIRXW
 +IRIVEP{%GVSWW[MRH PSEHW HYI XS ZSVXI\ : z : ^ GV
WLIHHMRKMRXLIJMVWXERHWIGSRHQSHIWWLEPPFIGSRWMHIVIH  z   
MR XLI HIWMKR SJEPP GLMQRI] WLIPPW [LIR XLI GVMXMGEP [MRH : ^ GV
WTIIH :GVMWFIX[IIRERH: ^GV %GVSWW[MRHPSEHW
RIIHRSXFIGSRWMHIVIHSYXWMHIXLMWVERKI [LIVI + !ERH7WZ ! JMVWXQSHI ERH WIGSRH
 %REP]WMW{;LIRXLISYXWMHIWLIPPHMEQIXIVEXLMW QSHI 
PIWW XLER  XMQIW XLI XST SYXWMHI HMEQIXIV EGVSWW[MRH
'0!'0S*& 
PSEHWWLEPPFIGEPGYPEXIHYWMRK)U  [LMGLHIJMRIWXLI
TIEOFEWIQSQIRX1E [LIVI


1E ! +
 
 7 WZ ' 0 E : GV H Y L   '0S!zMzM 
K   W  E
[LIVI


0 
7 T  M !  
L '
  L
) PSK I 
H Y >G
 %'-78%2(%6(

>G !JX GSQTYXIH F] )U   MW FIX[IIR  ERH : ^GV 
[LIVI : ^GV MWXLIQIERLSYVP][MRHWTIIHEX  L
L
 * & ! z   PSK I  
H Y H Y
: GV !  
8
FYXRSX"SV 

E !PFJX 8LI TIVMSH 8 MR WIGSRHW TIV G]GPI JSV ER YRPMRIH WLIPP
QE]FIIWXMQEXIHF])U  *SVJMREPHIWMKR8WLEPPFI
: GV ! JH Y 
  GEPGYPEXIHF]H]REQMGEREP]WMW
7X
  z
L GO X L H L
7X!*%  8  !      
H F ) GO X F H F
[LIVI
[LIVI X L ERHX F EVIXLIXLMGORIWWIWEXXLIXSTERHFSXXSQ
VIWTIGXMZIP]ERHH L ERHH F EVIXLIQIERHMEQIXIVWEXXLI
L
*%!PSKI   XSTERHFSXXSQVIWTIGXMZIP]
H Y
8LIIJJIGXSJEWLIPPWYTTSVXIHPMRIVSRXLITIVMSHSJXLI
WIGSRHQSHIWLEPPEPWSFIMRGPYHIHMRXLIHIWMKR
FYXRSX"SV 
%R] QIXLSH FEWIH SR XLI QSHEP GLEVEGXIVMWXMGW SJ XLI
GLMQRI]WLEPPFIYWIHXSIWXMQEXIXLIEGVSWW[MRHVIWTSRWI
 ? : z : ^ GV A MRXLIWIGSRHQSHI
W !   
 
: ^GV  +VSYTIHGLMQRI]W{;LIRX[SMHIRXMGEPGLMQRI]W
EVIMRGPSWITVS\MQMX]XLIEGVSWW[MRHPSEHWLEPPFIMRGVIEWIH
FYXRSX SV" XS EGGSYRX JSV XLI TSXIRXMEP MRGVIEWI MR ZSVXI\MRHYGIH
QSXMSRW-RWYGLGEWIWXLIPMJXGSIJJMGMIRX'0MR)U 

WLEPPFIQSHMJMIHEWJSPPS[W
OE EH Y E-JWH ^GV "'0MWYREPXIVIHERH
E !  
[X Y F-J WH ^GV  '0 WLEPPFIQYPXMTPMIHF]?
zWH ^GV A?zWH ^GV A
OE ! OES*&  *SV GLMQRI]W XLEX EVI RSX MHIRXMGEP ERH JSV MHIRXMGEP
GLMQRI]W [LIVI WH ^GV    XLI ZEPYI SJ '0 WLEPP FI
[LIVI IWXEFPMWLIH F] VIJIVIRGI XS QSHIP XIWXW SV SFWIVZEXMSRW SV
XIWXVITSVXWSJWMQMPEVEVVERKIQIRXW
z  6-RXIVEGXMSRWFIX[IIRGPSWIP]WTEGIHG]PMRHVMGEP
OE S !  
Oz SFNIGXWLEZIFIIRWXYHMIHMRGSRWMHIVEFPIHIXEMPFYXZMVXYEPP]
  M    EPPSJXLIXIWXVIWYPXWEVIJSVWYFGVMXMGEPZEPYIWSJ6I]RSPHW
M  
RYQFIVW ERH XLIMV ETTPMGEFMPMX] XS GLMQRI]W MW LMKLP]
UYIWXMSREFPI)ZIR[MXLXLIWGEPIIJJIGXWMRXVSHYGIHF]XLI
[LIVI
MRIUYEPMX]SJXLI6I]RSPHWRYQFIVLS[IZIVXLI[MRHXYRRIP
MWTVIWIRXP]XLISRP]XSSPXLEX[MPPTVSZMHIKYMHERGIEWXSXLI
:
O !   PMOIP]QEKRMXYHISJMRXIVJIVIRGIIJJIGXW%VIZMI[SJMRXIVJIVIRGI
: GV IJJIGXW [EW KMZIR F] >HVEZOSOZMGL   :MGOIV] 
EXXVMFYXIHXLIEQTPMJMGEXMSRSJWLIHHMRKJSVGIWXSMRGVIEWIH
 z  XYVFYPIRGIERHEHHMXMSREPFYJJIXMRKIJJIGXWXLEXJSVQIHXLIFEWMW
O  zO
7 T ! 
 
 I\T z    JSVVIZMWMSRWQEHIXSXLMWWIGXMSR
&  &
%XGIRXIVXSGIRXIVWTEGMRKWWMRI\GIWWSJX[SXSXLVII
HMEQIXIVW XLI TVMQI MRXIVJIVIRGI IJJIGX MW VIPEXIH XS
[LIVI EGVSWW[MRHI\GMXEXMSRHYIXSWLIHHMRK8LIVIGSQQIRHEXMSRW
& !M  MR 7IGXMSR EVIFEWIH SR XLI VIWYPXW SJ :MGOIV] ERH
0 ! (EP]  ERH[IVISFXEMRIHEXWYFGVMXMGEPZEPYIWSJXLI
') ! 6I]RSPHW RYQFIV 8LI JMVWX XIVQ MR XLI QSHMJMIV G  MW ER
%JXIVWSPZMRKJSV1EEGVSWW[MRHQSQIRXWEXER]LIMKLX IRLERGIQIRXJEGXSVXSEGGSYRXJSVFYJJIXMRKHYIXSZSVXI\IW
1E ^ WLEPPFIGEPGYPEXIHFEWIHSRXLIGSVVIWTSRHMRKQSHI WLIHF]XLIYTWXVIEQWXVYGXYVIXLIWIGSRHXIVQEGGSYRXWJSV
WLETISJXLIGLMQRI]GSPYQR WQEPPWGEPI XYVFYPIRGI 8LI WEQI VIJIVIRGI EPWS GSRXEMRW
 7IGSRHQSHI{%GVSWW[MRHVIWTSRWIMRXLIWIGSRH VIWYPXWJSVX[SG]PMRHIVWSJHMJJIVIRXWM^IW[MXLXLIYTWXVIEQ
QSHI WLEPP FI GSRWMHIVIH MJ XLI GVMXMGEP [MRH WTIIH :GV EW WXVYGXYVILEZMRKEHMEQIXIV KVIEXIVXLERXLIHMEQIXIVHSJ
6)-2*36')('32'6)8)',-12)=7 

XLISXLIV-RXLMWGEWIXLIEQTPMJMGEXMSRSJXLIVIWTSRWISJ {)EVXLUYEOIPSEHW
XLIHS[R[MRHGLMQRI]MWVSYKLP]zWHJSV WH 68LIIEVXLUYEOIPSEHTVSGIHYVILEWFIIRGSQTPIXIP]
8LIEQTPMJMGEXMSRSJWLIHHMRKJSVKVSYTIHG]PMRHIVWLEW GLERKIH JSV XLI  IHMXMSR XS FI GSRWMWXIRX [MXL XLI
EPWS FIIR RSXIH EX JYPP WGEPI 6YWGLI[I]L   FYX XLI %7')  TVSGIHYVIW ERH WIMWQMG VMWO QETW 8LIWI
EZEMPEFPI HEXE EVI RSX WYJJMGMIRX XS UYERXMXEXMZIP] ZEPMHEXI TVSGIHYVIW ERH QETW EVI FEWIH SR XLI w2),64 6IGSQ
QSHIPXIWXVIWYPXW QIRHIH4VSZMWMSRWJSV7IMWQMG6IKYPEXMSRWJSV2I[&YMPHMRKW
 'SQFMREXMSR SJ EGVSWW[MRH ERH EPSRK[MRH ERH3XLIV7XVYGXYVIWx *)1%E 
PSEHW{%GVSWW[MRH PSEHW WLEPP FI GSQFMRIH [MXL XLI *SV XLI  2),64 TVSZMWMSRW RI[ WIMWQMG LE^EVH
GSI\MWXMRKEPSRK[MRHPSEHW8LIGSQFMRIHHIWMKRQSQIRX QETWERH TVSGIHYVIW[IVI HIZIPSTIH 4VIZMSYW QETWLEH
1[ ^ EXER]WIGXMSRWLEPPFIXEOIREW FIIR FEWIH SR E YRMJSVQ PMOIPMLSSH SJ XLI KVSYRH QSXMSR
FIMRK I\GIIHIH 8LI RI[ QETW EVI MRXIRHIH XS TVSZMHI E
YRMJSVQQEVKMREKEMRWXGSPPETWIEXXLIHIWMKRKVSYRHQSXMSR
1[ ^ !_?1E ^ A?1P ^ Aa 
F]XEOMRKMRXSEGGSYRXFSXLTVSFEFMPMWXMGERHHIXIVQMRMWXMG
HEXE HMJJIVIRX KVSYRH QSXMSR EXXIRYEXMSR GLEVEGXIVMWXMGW
[LIVI ERH HMJJIVIRX VIGYVVIRGI XMQIW 8LI QETW HIJMRI XLI
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