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X ! EGXMZIWXIIPVEXMSXLEXMWXLIEVIESJWXIIP%WTIVJX XYVI[SYPHI\GIIHXLIWIZEPYIWF]EWMKRMJMGERXEQSYRX-XMW
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A [LIVI G MW GPIEV GSRGVIXI EPWS RSXIH XLEX XMQI IJJIGXW WYGL EW GVIIT [MPP GEYWI ER
GSZIVQIEWYVIHJVSQXLIXIRWMPIJEGISJGSRGVIXIXS MRGVIEWIMRGVEGO[MHXLWXLEXWLSYPHFIXEOIRMRXSEGGSYRXF]
XLIRIEVIWXIHKISJXLIVIMRJSVGMRKFEVMR(MVIGXMSR XLIHIWMKRIV
ERH %RSXLIVSTMRMSRVIKEVHMRKGVEGOGSRXVSPWYKKIWXWXLEXMR
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(MVIGXMSRVIJIVWXSXLIHMVIGXMSRSJVIMRJSVGIQIRXGPSWIWXXS GVEGOMRK ERH GSVVSWMSR &IIF]
8LMW WYKKIWXW XLEX
XLI SYXIV GSRGVIXI JMFIVW XLMW MW XLI HMVIGXMSR JSV [LMGL MRHITIRHIRXSJI\TSWYVIGSRHMXMSRWXLIEGGITXEFPIPIZIPSJ
GVEGOGSRXVSP GLIGO WLSYPH FI QEHI 7YFWGVMTXW ERH GVEGOMRKMWTVMQEVMP]EREIWXLIXMGMWWYI8LIVIJSVIMRGEWIW
TIVXEMRXSXLIHMVIGXMSRWSJVIMRJSVGIQIRX WYGLEW PMUYMHGSRXEMRMRK WXVYGXYVIW [LIVI XLI TVIWIRGI SJ
*SVWMQTP]WYTTSVXIHWPEFWXLIZEPYISJOWLSYPHFIQYPXM QSMWXYVIMWGSRWXERXSVPIEOEKIMWSJGSRGIVRWLSYPHQSVI
TPMIHF]-RXIVTSPEXIHOZEPYIWETTP]JSVTEVXMEPVIWXVEMRX VIWXVMGXMZI WQEPPIV
GVEGO [MHXLW FI VIUYMVIH &EWIH SR
EXXLIFSYRHEVMIW*SV^SRIWSJJPEXTPEXIW[LIVIXVERWZIVWI MRJSVQEXMSRMR,EPZSVWIR
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PMWXIH2E[]
ERH%'-6GSRXEMRHIWMKREMHWJSV XLIWIQIQFIVW[LIRXLIXIRWMPIWXVIWWI\GIIHWXLIQSHYPYW
ETTP]MRKXLIWIVIGSQQIRHEXMSRW SJVYTXYVISJXLIGSRGVIXIXS JG TWMYRHIVWLSVXXIVQ
8EQERH7GERPSR
TVIWIRXEQSHIPJSVHIXIVQMRMRK GSRHMXMSRW
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HIJPIGXMSR SJ X[S[E] WPEFW WYFNIGXIH XS XVERWZIVWI PSEHW JSV EIWXLIXMG VIEWSRW EW XLI] EVIZMWMFPIXSXLI REOIH I]I
8LIMVQSHIPEGGSYRXWJSVXLIRIXIJJIGXSRHIJPIGXMSRSJFSXL LIRGIKIRIVEXMRKEWIRWISJWXVYGXYVEPMRWIGYVMX]8LIVIWMHYEP
VIWXVEMRXGVEGOMRKERHJPI\YVEPGVEGOMRK GVEGO[MHXLEJXIVVIQSZEPSJXLIQENSVTSVXMSRSJXLIPMZI
PSEHMWWQEPPEFSYXXSQQ?MRXSMRA
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8EFPI TVIWIRXW E KIRIVEP KYMHI JSV [LEX GSYPH FI 8LIVI LEZI FIIR WXYHMIW GSRGIVRMRK XLI GEPGYPEXMSR SJ
GSRWMHIVIH VIEWSREFPI GVEGO [MHXLW EX XLI XIRWMPI JEGI SJ GVEGO [MHXLW MR TVIWXVIWWIH GSRGVIXI QIQFIVW 1IMIV ERH
VIMRJSVGIHGSRGVIXIWXVYGXYVIWJSVX]TMGEPGSRHMXMSRW8LIWI +IVKIP]7Y^YOMERH=SWLMXIVY7YVMERH(MPKIV
VIEWSREFPIGVEGO[MHXLZEPYIWEVIMRXIRHIHXSWIVZISRP]EW 2E[] E
8LI GSQTPI\MX] SJ XLI GVEGO [MHXL
EKYMHIJSVTVSTSVXMSRMRKVIMRJSVGIQIRXHYVMRKHIWMKR8LI] GEPGYPEXMSRWMWMRGVIEWIHSZIVVIMRJSVGIHGSRGVIXIQIQFIVW
EVI XS FI YWIH EW E KIRIVEP KYMHIPMRI EPSRK [MXL WSYRH F]XLIRYQFIVSJZEVMEFPIWXLEXWLSYPHFIGSRWMHIVIH
IRKMRIIVMRKNYHKQIRX 'VEGOTVIHMGXMSR IUYEXMSRW{3RI ETTVSEGL XS
8LI XEFPI MW FEWIH TVMQEVMP] SR 2E[]
[LS GVEGO TVIHMGXMSR JSV FSRHIH TVIWXVIWWIH FIEQW LEW X[S
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MRHMGEXMSRSJXLIGSVVSWMSRERHHIXIVMSVEXMSRXSFII\TIGXIH MW^IVS8LIRXLIQIQFIVMWXVIEXIHEWEVIMRJSVGIHGSRGVIXI
-RTEVXMGYPEVEPEVKIVGSZIVIZIRMJMXPIEHWXSEPEVKIVWYVJEGI QIQFIVERHXLIMRGVIEWIMRWXVIWWMRXLIWXIIPMWGEPGYPEXIH
6 1%29%03*'32'6)8)46%'8-')
JSVXLIEHHMXMSREPPSEHMRK8LII\TVIWWMSRWKMZIRJSVGVEGO 8LI QE\MQYQ GVEGO [MHXL EX XLI XIRWMPI JEGI SJ XLI
TVIHMGXMSRMRRSRTVIWXVIWWIHFIEQWGERFIYWIHXSIWXMQEXI GSRGVIXIGERFISFXEMRIHF]QYPXMTP]MRKXLIZEPYIWSFXEMRIH
XLI GVEGOW JSV XLI PSEH MRGVIEWI EFSZI XLI HIGSQTVIWWMSR JVSQ)U
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XLIFIEQWYVJEGIMRXLITVIWXVIWWIHQIQFIVXSEGGSYRXJSV VIMRJSVGIQIRXMR
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z % XLIPIZIPSJVIMRJSVGIQIRXHYIXSTIRIXVEXMSRSJGLPSVMHIWJVSQ
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TVIWXVIWWMRK WXVERH [EW KIRIVEPP] FVMKLX SR IMXLIV WMHI SJ MXW &YVKIWW&VIIRERH4SWXSR
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WLSYPHFIWXVSRKP]XMIHXSTVSZMWMSRWJSVLMKLUYEPMX]GSRGVIXI JEMPYVIIWTIGMEPP][LIRXLIJSVGIEGXWRIEVERHTEVEPPIPXSE
ERHTPIRX]SJGSZIV8LIMQTSVXERGISJLEZMRKLMKLUYEPMX] JVIIIHKI&IGEYWIEREP]WIWWLS[XLEXXLIWTEPPMRKWXVIWWIWMR
PS[ [GQ
GSRGVIXI [MXL WYJJMGMIRX GSZIV XS TVSZMHI PSRK ERYRGVEGOIHQIQFIVSGGYVTVMQEVMP]RIEVXLIIRHJEGIMXMW
XIVQ TVSXIGXMSR SJ WXIIP IPIQIRXW FSXL TVIWXVIWWIH ERH MQTSVXERXXSTPEGIXLIJMVWXWXMVVYTRIEVXLIIRHWYVJEGIERHXS
RSRTVIWXVIWWIHGERRSXFISZIVIQTLEWM^IH8LIHIWMKRWLSYPH HMWXVMFYXI XLI WXMVVYTW SZIV E HMWXERGI IUYEP XS EX PIEWX XLI
TVSZMHI QSVI WXVMRKIRX GVEGO GSRXVSP XLER VIMRJSVGIQIRX HITXLSJXLIQIQFIVXSJYPP]EGGSYRXJSVFSXLWTEPPMRKERH
WTEGMRK WXMTYPEXIH MR %'- JSV TVIWXVIWWIHGSRGVIXI FYVWXMRKWXVIWWIW-RPMIYSJRSVQEPSVXLSKSREPVIMRJSVGIQIRX
QIQFIVWERHTEVXMGYPEVP]XLSWIWYFNIGXIHXSEKKVIWWMZIIRZM XSGSRXVSPGVEGOMRK7XSRIERH&VIIREF
WLS[IHXLI
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VIHYGMRK XLI EPPS[EFPI I\XVIQI JMFIV XIRWMSR WXVIWWIWYRHIV VIMRJSVGIQIRX MR XLI JSVQ SJ XVERWZIVWI TVIWXVIWWMRK XS
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XIRWMPI WXVIWWIW WIX YT F] XLI GSRGIRXVEXIH JSVGIW +IVKIP] VITSVXIH*VERX^ERH&VIIREF
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VIMRJSVGIQIRXERHXLIRIYXVEPE\MW%PXLSYKLXLIQIEWYVIH
XLIJEMPYVISJXLIQIQFIV8VERWZIVWIVIMRJSVGIQIRXWXMVVYTW
GVEGO [MHXLW EX XLI QEMR VIMRJSVGIQIRX PIZIP [IVI [MXLMR
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8[SX]TIWSJGVEGOWGERHIZIPSTWTEPPMRKGVEGOWXLEXFIKMR &EWIHSRERI\TIVMQIRXEPERHEREP]XMGEPMRZIWXMKEXMSRSJ
EXXSTERHFSXXSQFIEQIRHWSYXWMHIXLIIRHERGLSVEKI^SRIW GVEGOMRKMRHIITFIEQWMRXLIWIRWISJWITEVEXMSRSJXIRWMSR
ERHTVSTEKEXITEVEPPIPXSXLITVIWXVIWWMRKJSVGIERHFYVWXMRK ERH GSQTVIWWMSR JSVGI VIWYPXERXW RSX WTERHITXL VEXMS
GVEGOWXLEXHIZIPSTEPSRKXLIPMRISJXLIJSVGISVJSVGIWFYX *VERX^ERH&VIIRHIZIPSTIHVIGSQQIRHEXMSRWJSVWMHIJEGI
E[E]JVSQXLIIRHJEGI GVEGOGSRXVSPMRFIEQWMR[LMGLXLIHITXLHI\GIIHWQQ
MR
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WIGXMSR 'PEWWMGEP ERH JMRMXIIPIQIRX EREP]WIW 7XSRI ERH
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JPI\YVEPXIRWMSRVIMRJSVGIQIRX
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ERHFIGEYWIXLIGSRWIUYIRGIWSJYRHIVVIMRJSVGIQIRXGERFI FIVWMRE\MEPXIRWMSRMWWMQMPEVXSXLEXSJJPI\YVEPQIQ
WIVMSYWMXMWEHZMWEFPIXSTVSZMHIQSVIWXIIPXLERVIUYMVIH FIVWI\GITXXLEXXLIQE\MQYQGVEGO[MHXLMWPEVKIVXLERXLEX
F]XLMWX]TISJEREP]WMW1SVIVIGIRXP]HIWMKRWLEZIFIIR TVIHMGXIHF]XLII\TVIWWMSRWJSV JPI\YVEPQIQFIVW&VSQW
FEWIHSRGVEGOIHWIGXMSREREP]WIW%HIWMKRTVSGIHYVIJSV EF
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7XSRI ERH &VIIR F
TVIWIRX E HIWMKR TVSGIHYVI JSV XSXLEXYWIHJSVJPI\YVEPGVEGO[MHXL
TSWXXIRWMSRIHFIEQERGLSVEKI^SRIW%KIRIVEPIUYEXMSRMW
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(IWMKR VIGSQQIRHEXMSRW JSV GSRXVSPPMRK GVEGOMRK MR %QSVIGSQTPMGEXIHTVSGIHYVIJSVTVIHMGXMRKGVEGO[MHXL
ERGLSVEKI ^SRIW SJ JPI\YVEP QIQFIVW [MXL GPSWIP] WTEGIH MR XIRWMSR QIQFIVW LEW FIIR HIZIPSTIH XLEX MRGSVTSVEXIW
ERGLSVWWYGLEWMRWPEFWERHFVMHKIHIGOWEVITVSZMHIHF] FSXLWPMTERHFSRHWXVIWW=ERKERH'LIR
%PXLSYKL
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XLI GVEGO [MHXL TVIHMGXMSR IUYEXMSR ETTIEVW XS WLS[ KSSH (EZI,SPQFIVK6ILQERH)PMKILEYWIR
EKVIIQIRX [MXL EZEMPEFPI XIWX HEXE XLI TVSGIHYVI MW XSS 7XIZIRW
GSQTPMGEXIH JSV HIWMKR TYVTSWIW % WMQMPEV ETTVSEGL [EW %W HMWGYWWIH MR 'LETXIV GVEGO [MHXL MW E JYRGXMSR SJ
EPWS HIZIPSTIH JSV TVIHMGXMRK GVEGO [MHXLW MR GSRGVIXI GSZIV *SV WLSVXXIVQ WXEXMG ERH JEXMKYI PSEHMRK WYVJEGI
XIRWMSRQIQFIVWVIMRJSVGIH[MXL[IPHIH[MVIJEFVMG0IIIX GVEGO[MHXLMWETTVS\MQEXIP]TVSTSVXMSREPXSXLIWXIIPWXVEMR
EP
%QSVIGSQTPIXIHMWGYWWMSRSJGSRGVIXIGVEGOMRKMR -PPWXSRERH7XIZIRW,SPQFIVK7XIZIRW
HMVIGXXIRWMSRMWTVSZMHIHMR%'-6 'VEGO[MHXLWMRGVIEWIYRHIVWYWXEMRIHPSEHMRKEXEHIGVIEW
MRKVEXI8LIVEXISJKVS[XLMRGVEGO[MHXLLS[IZIVMWJEWXIV
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32'6%'/-2+ WXIIP*SVPSRKXIVQPSEHMRKGVEGO[MHXLMWTVSTSVXMSREP
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TPYWXLI
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XS [LMGL XLI GSRGVIXI IPIQIRX MW WYFNIGXIH -R QSWX GEWIW ERH7XIZIRW
PSRKXIVQI\TSWYVIERHPSRKXIVQPSEHMRKI\XIRHXLIQEKRM 9RHIVMRMXMEPPSEHWGVEGOWMRXIVGITXMRKVIMRJSVGIQIRXEVI
XYHISJGVEGOWTVMRGMTEPP]XLIMV[MHXLMRFSXLVIMRJSVGIHERH VIWXVMGXIH F] XLI FSRH FIX[IIR XLI WXIIP ERH XLI GSRGVIXI
TPEMRGSRGVIXI8LIHMWGYWWMSRMRXLMWGLETXIVWYQQEVM^IWXLI -PPWXSRERH7XIZIRW&VSQWF
ERHXLI[MHXLSJ
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QERGISJVIMRJSVGIHERHTVIWXVIWWIHGSRGVIXI I\TSWYVI SJ XLI VIMRJSVGMRK WXIIP XS GSVVSWMZI GSRHMXMSRW
3ZIVETIVMSHSJXMQILS[IZIVXLIEHLIWMSRFSRHFIX[IIR
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PSEHMRKMRGVIEWIXLIEQSYRXSJQMGVSGVEGOMRK1MGVSGVEGOMRK QEXIP]IUYEP XSXLIGVEGO [MHXLEXXLIWYVJEGI-PPWXSRERH
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MRHITIRHIRXSJXLIQIXLSHF][LMGLXLIWXVEMRMWMRHYGIH XVMERKYPEVMRWLETIMRGVIEWMRKMR[MHXLJVSQXLIRIYXVEPE\MW
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LEZI E KVIEX IJJIGX SR XLI WXVIRKXL SV WIVZMGIEFMPMX] SJ SJXLIFIEQ
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WGSTMGGVEGOMRKLS[IZIVGERFIERMQTSVXERXGSRWMHIVEXMSR 8LIPSRKXIVQIJJIGXWSJEREHZIVWIIRZMVSRQIRXMRFSXL
MRXLIWIVZMGIEFMPMX]SJVIMRJSVGIHGSRGVIXIQIQFIVWIWTIGMEPP] TVSHYGMRK ERH MR IRPEVKMRK GSRGVIXI GVEGOW 1EXLIV
MR XIVQW SJ GSVVSWMSR SJ VIMRJSVGMRK WXIIP ERH ETTIEVERGI
GERFIHEQEKMRKXSFSXLGSRGVIXIERHVIMRJSVGIQIRX
8LIMRGVIEWIMR GVEGO [MHXL HYI XS PSRKXIVQ SV VITIXMXMZI -JGSRGVIXIMWRSXVIWMWXERXXSJVII^MRKERHXLE[MRK[LIRGVMX
PSEHMRKGERZEV]FIX[IIRERH SZIVWIZIVEP]IEVW MGEPP]WEXYVEXIHGVEGOW[MPPHIZIPSTHYIXSFYVWXMRKIJJIGXW
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+IVKIP]%FIPIW&VS[RERH1SVVS[&IRRIXX XSXLIJSPPS[MRKVIEWSRWXLIYWISJVIWMWXERXVIWMWXERXGSEVWI
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7XIZIRW,SPQFIVK
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MR XLI HEXE MRJSVQEXMSR SFXEMRIH JVSQ WYWXEMRIH PSEHMRK MRRSRJVSWXVIWMWXERXGSRGVIXIGERSGGYVF]XLITVIWIRGISJ
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MRHMGEXIXLEXE I\EQTPI -R QSVI I\XVIQI GEWIW MX MW RSX YRGSQQSR JSV
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GSRHMXMSRWXLIWTEGMRKSJGVEGOWHSIWRSXGLERKI[MXLXMQIEX VMGLIV XSTTMRK QM\XYVI MR XLI VSEH[E] HIGO SJ HEQW ERH
GSRWXERXPIZIPWSJWXVIWW%FIPIW&VS[RERH1SVVS[ REZMKEXMSR PSGOW XS GEYWI WTEPPMRK HYI XS XLI JVII^MRK SJ
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XLMWSGGYVWEXPS[PSEHWSVMRFIEQW[MXLLMKLTIVGIRXEKIWSJ XERGISJXLIGSRGVIXI3RXLISXLIVLERHTVII\MWXMRKGVEGOW
VIMRJSVGIQIRXMR[LMGLGEWIXLIXSXEPRYQFIVERH[MHXLSJ GEREPWSJYRGXMSRXSEPPS[GSRGVIXIXSHV]FIPS[GVMXMGEP
GVEGOW MRGVIEWI WYFWXERXMEPP] EJXIV XLI PSEHMRK LEW FIKYR WEXYVEXMSRFIJSVIJVII^MRK[LIRXLMWQMKLXRSXSGGYVMRXLI
&VIRHIP ERH 6YLPI %FIPIW &VS[R ERH 1SVVS[ EFWIRGISJWYGLGVEGOW8LIVSPISJGVEGOWEWXLI]EJJIGXJVSWX
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8LIPEVKIWXTIVGIRXEKIMRGVIEWIMR VIWMWXERGI[MPPZEV][MXLXLIIRZMVSRQIRXEPGSRHMXMSRWWYGL
GVEGO [MHXL MW XLIR I\TIGXIH MR JPI\YVEP QIQFIVW EWX]TMGEPXMQISJHV]MRKEJXIV[IXXMRKFIJSVIJVII^MRKGVEGO
WYFNIGXIH XS PS[ PIZIPW SJ PSEH FIGEYWI XLI GVEGOW XEOI [MHXLERHEFMPMX]SJGVEGOWXSHVEMR
QSVIXMQIXSHIZIPST 'SRGVIXI HYVEFMPMX] MW FIXXIV[LIR XLI EKKVIKEXI YWIH MW
*SV FSXL TVIWXVIWWIH ERH VIMRJSVGIH GSRGVIXI JPI\YVEP HYVEFPI YRHIV JVII^MRK ERH XLE[MRK GSRHMXMSRW ERH XLI
QIQFIVW PSRKXIVQ PSEHMRK ERH VITIXMXMZI PSEHMRK KMZI WXVIRKXLSJXLIGSRGVIXIMWETTVSTVMEXI%'-6
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EFSYXXLIWEQIGVEGO[MHXLWERHWTEGMRK6ILQERH)PMKI I\TSWYVIXIWXWSJVIMRJSVGIHGSRGVIXIFIEQW6SWLSVI
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8LIVEXISJGVEGO[MHXLHIZIPSTQIRXLS[IZIV WYFNIGXIHXSJVII^MRKERHXLE[MRKMRERSGIERWMHIIRZMVSR
MW GSRWMHIVEFP] JEWXIV YRHIV VITIXMXMZI PSEHMRK &IRRIXX ERH QIRXMRHMGEXIXLEXXLIYWISJEMVIRXVEMRIHGSRGVIXIQEHIXLI
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SZIVPE]WXLMRSZIVPE]W[MXLPS[IPEWXMGQSHYPYWTSP]QIVW e 'EWXWQEPPGSRGVIXIWIKQIRXWSVFPSGOW
WLSYPHFIYWIH e 0S[TPEGIQIRXXIQTIVEXYVI
4SP]QIVERHITS\]GSRGVIXISZIVPE]WGEREGLMIZII\GIP e 7PS[VEXISJGSRWXVYGXMSR[LIRRSEVXMJMGMEPGSSPMRKMW
PIRXFSRHXSHV]WYVJEGIW7YFWYVJEGITVITEVEXMSRXIGLRMUYIW YWIH
XLEXYWI[EXIVWLSYPHFIEZSMHIH8LIWISZIVPE]WEVIZETSV e %VXMJMGMEPGSSPMRKF]ERMRXIVREPRIX[SVOSJGSPH[EXIV
XMKLXERHWLSYPH FI GEVIJYPP]IZEPYEXIH FIJSVIETTP]MRKMJ TMTIW
XVERWQMWWMSRSJ[EXIVZETSVXLVSYKLXLISZIVPE]MWHIWMVEFPI e -RWYPEXIGSRGVIXIWYVJEGIW
-XMWMQTSVXERXXSIZEPYEXIXLIQSMWXYVIGSRXIRXSJGSRGVIXI e 0S[HIKVIISJVIWXVEMRXEW[MXL]MIPHMRKJSYRHEXMSRSV
XSFISZIVPEMH8LMWMWHSRIF]XETMRKETMIGISJTSP]IXL]PIRI MRTSVXMSRWSJXLIWXVYGXYVI[IPPVIQSZIHJVSQVIWXVEMR
QEXXIWX
XSXLIGSRGVIXI-JQSMWXYVIGSPPIGXWSRXLIYRHIVWMHI MRKJSYRHEXMSRERH
[MXLMRXLIXMQIJVEQIXLEXTSP]QIVSVITS\]RIIHWXSGYVIXLIR e %FWIRGISJWXVIWWVEMWIVWWYGLEWKEPPIVMIW
XLIGSRGVIXIWLSYPHFIEPPS[IHXSGSRXMRYIXSHV] 8LIVI EVI X[S QIEWYVIW XLEX GER QMRMQM^I GVEGOMRK 8LI
JMVWX MW XS QSHMJ] XLI QEXIVMEPW ERH QM\XYVI TVSTSVXMSRW XS
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{-RXVSHYGXMSR KEXI WIPIGXMSR YWMRK QMRMQYQ GIQIRX GSRXIRX JSV MRXIVMSV
(IJMRMXMSR SJ QEWW GSRGVIXI{1EWW GSRGVIXI MW GSRGVIXIVIWXVMGXMRKXLIQE\MQYQEKKVIKEXIWM^I8LIEXXIQTX
HIJMRIH F] %'- 6 EW wER] ZSPYQI SJ GSRGVIXI [MXL QEHIXSTVSHYGIEGSRGVIXI[MXLEPEVKIXIRWMPIWXVEMRGETEGMX]
HMQIRWMSRWPEVKIIRSYKLXSVIUYMVIXLEXQIEWYVIWFIXEOIRXS GERPMQMXXLIQE\MQYQEKKVIKEXIWM^IXSEZEPYIWSQI[LEX
GSTI[MXLKIRIVEXMSRSJLIEXJVSQL]HVEXMSRSJXLIGIQIRX FIPS[ XLEX [LMGL QMKLX FI XLI QSWX IGSRSQMGEP ;LIVI
ERHEXXIRHERXZSPYQIGLERKIXSQMRMQM^IGVEGOMRKx1EWW WIZIVEP WSYVGIW SJ EKKVIKEXI EVI IGSRSQMGEP TVIJIVIRGI
GSRGVIXI WXVYGXYVIW GSRWMWX SJ GSRGVIXI HEQW TS[IVTPERXW WLSYPHFIKMZIRXSXLEX[LMGLTVSZMHIWXLIFIWXVIWMWXERGIXS
FVMHKITMIVWERHSXLIVPEVKIWXVYGXYVEPIPIQIRXW'SQQSRXS GVEGOMRK 9WYEPP] XLMW [MPP FI E GVYWLIH QEXIVMEP SJ PS[
QER]QEWWGSRGVIXIWXVYGXYVIW[EXIVMWHMVIGXP]MRGSRXEGX[MXL XLIVQEPI\TERWMSRERHPS[QSHYPYWSJIPEWXMGMX]
XLIGSRGVIXIGVIEXMRKELMKLLYQMHMX]SVQSMWXIRZMVSRQIRX 8LIWIGSRHQIEWYVIXSTVIZIRXGVEGOMRKMWXSGSRXVSPXLI
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VIMRJSVGMRKWXIIP8LI]WLSYPHVIWMWXXLIPSEHWXLVSYKLWLETI TSWXGSSPMRK MRWYPEXMRK SV TSWWMFP] LIEXMRK XLI I\TSWIH
WM^I ERH WXVIRKXL 'SRWIUYIRXP] GSRXVSP SJ GVEGOMRK MW WYVJEGIWSJXLI GSRGVIXIERHHIWMKRMRKXSQMRMQM^IWXVEMRW
IWWIRXMEP'VEGOMRKGERSGGYVEXER]XMQIHYVMRKXLIPMJISJ EVSYRHKEPPIVMIWERHSXLIVSTIRMRKW
XLI WXVYGXYVI ERH IRKMRIIVW WLSYPH HIWMKR XLI WXVYGXYVIvW *VSQXLIWIGSRWMHIVEXMSRWMXMWETTEVIRXXLEXXLIHIKVIISJ
WLETIERHQEXIVMEPWXSEHNYWXXSGLERKMRKGSRHMXMSRW %'- GVEGO GSRXVSPRIGIWWEV]GER ZEV] JVSQ RSXLMRK EX EPPJSV E
6%'-6%'-6%'-6
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GERVIWYPXJVSQQEXIVMEPWXVYGXYVEPGEYWIWSVFSXL1EXIVMEP EVI KVIEX ERH [LIVI XLI SRP] IGSRSQMGEP EKKVIKEXIW LEZI
MRHYGIH GVEGOW VIWYPX JVSQ HV]MRK WLVMROEKI E WIZIVI LMKLIPEWXMGQSHYPMERHLMKLXLIVQEPI\TERWMSR
RSRPMRIEVXLIVQEPKVEHMIRXMRMXMEXIHF]LIEXSJL]HVEXMSRERH -RXLIGEWISJEHEQXLILIMKLXEJJIGXWXLIRIIHJSVGVEGO
EPOEPMEKKVIKEXI VIEGXMSR 7YVJEGI GVEGOMRK GER ETTIEV EW GSRXVSP-JXLIHEQMWZIV]LMKLXLIHIWMKRWXVIWWIWGERFI
TEXXIVRGVEGOMRKERHVIWYPXJVSQEHIGVIEWIMRZSPYQISJXLI LMKL ERH E LMKLIV GIQIRX GSRXIRX MW RIIHIH XS EXXEMR XLI
QEXIVMEP RIEV XLI WYVJEGI SV MRGVIEWI MR ZSPYQI FIPS[ XLI WXVIRKXLRIIHIHJSVXLIVIUYMVIHWEJIX]QEVKMR8LMWVIWYPXW
WYVJEGI6ERHSQGVEGOMRKJVSQQEXIVMEPVIPEXIHGEYWIWGER MRQSVILIEXKIRIVEXMSRERHEGSRWIUYIRXXIRHIRG]XS[EVH
TEWW XLVSYKL E QEWWMZI GSRGVIXI IPIQIRX ERH XLI GVEGO LMKLIVMRXIVREPXIQTIVEXYVIW%PWSXLILMKLIVHEQ[MPPLEZI
[MHXLW GER ZEV]JVSQLEMVPMRI XS[MHI7XVYGXYVEPGVEGOMRK KVIEXIVLSVM^SRXEPHMQIRWMSRWXLEXGEYWIKVIEXIVVIWXVEMRXERH
GERVIWYPXJVSQMRHMZMHYEPPSEHWSVPSEHGSQFMREXMSRWWYGL WPS[ XLI VEXI SJ LIEX HMWWMTEXMSR VIWYPXMRK MR XLI RIIH JSV
EW KVEZMX] PMUYMH TVIWWYVI ERH WIZIVI MQTEGX 7XVYGXYVEP GPSWIVXIQTIVEXYVIGSRXVSP
GVEGOWEVISJER][MHXLFYXKIRIVEPP]EPMKRMREWXVYGXYVEPP] 6IGSQQIRHIHTVEGXMGIGEPPWJSVFSXLTVIGSSPMRKERHTSWX
TPEYWMFPI HMVIGXMSR 8LI JSVQEXMSR SJ E WMRKPI [MHI GVEGO GSSPMRK ERH JSV XLI ETTPMGEXMSR SJ XLIVQEP MRWYPEXMSR XS
YWYEPP]MRHMGEXIWXLII\MWXIRGIFIJSVIXLIGVEGOvWJSVQEXMSR I\TSWIHWYVJEGIWHYVMRKGSPH[IEXLIV8LIMRWYPEXMSRMWPIJX
SJTVMRGMTEPXIRWMPIWXVIWWTIVTIRHMGYPEVXSXLIGVEGO7XVYGXYVEP MRTPEGIPSRKIRSYKLXSTIVQMXXLIGSRGVIXIXIQTIVEXYVIWEX
HMWXVIWWMWEPWSRSXMGIEFPIRIEVGLERKIWMRKISQIXV] XLI WYVJEGI XS WPS[P] ETTVSEGL EQFMIRX SV YRXMP EHHMXMSREP
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WLSYPH HIXIVQMRI [LEX QIEWYVIW EVI QSWX TVEGXMGEP XS 8LMW GER FI EGGSQTPMWLIH YWMRK JMRMXIIPIQIRX GSQTYXIV
TVIZIRXGVEGOMRK7SQISJXLIGSRHMXMSRWXLEXJEGMPMXEXIGVEGO TVSKVEQW ;MPWSR 4SPMZOE ERH ;MPWSR 0MY
TVIZIRXMSREVI 'EQTFIPP ERH &SQFMIL
XLEX EVI JSVQYPEXIH JVSQ E
e 'SRGVIXI[MXLPEVKIXIRWMPIWXVEMRGETEGMX] LIEXXVERWJIV ZMI[TSMRX )ZIR [MXL XLI JMRMXIIPIQIRX
e 0S[GIQIRXGSRXIRXTIVQMXXIHF]PS[HIWMKRWXVIWWIW
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e 'IQIRXSJPS[LIEXKIRIVEXMSRSVYWISJTS^^SPERW ZEVMEFPIW4VSFPIQWMRGPYHIXLEXXLIHEXEQYWXFIKIRIVEXIH
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XS IWXEFPMWL XLIWI XMQIHITIRHIRX TVSTIVXMIW JSV XLI 7EJIX] EKEMRWX WPMHMRK{9RGVEGOIH GSRGVIXI
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WXITWXSEGGSYRXTVSTIVP]JSVGVIITSVVIPE\EXMSR
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3RXLISXLIVLERHWXVIWWIWRIEVEFSYRHEV]HYIXSFVMIJ WYVJEGIWERHMRXLITPEGIQIRXERHGSQTEGXMSRSJGSRGVIXISRXS
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XLIQ-RXLIGEWISJEHEQXLIPMJXWYVJEGIWWLSYPHWPSTI
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WXVEMR XLEX [SYPH LEZI SGGYVVIH MJ XLIVI [IVI RS VIWXVEMRX XS YWI E QSVXEV PE]IVSR PMJX WYVJEGIW FIJSVI TPEGMRK XLI
8LIWXVEMRMWXLIXIQTIVEXYVIHVSTQYPXMTPMIHF]XLIGSIJJM RI\XPMJX8LIWIGSRHMXMSRWEVIETTVSTVMEXIJSVGSRZIRXMSREPP]
GMIRX SJ XLIVQEP I\TERWMSR 8LMW WMXYEXMSR MW MQTSVXERX TPEGIHGSRGVIXI-RVSPPIVGSQTEGXIHGSRGVIXIGSRWXVYGXMSRE
FIGEYWIXLIGSRXVSPSJFSYRHEV]WXVEMRMWWYJJMGMIRXXSGSRXVSP PE]IVSJQSVXEVMWTPEGIHFIX[IIRPMJXWRIEVXLIYTWXVIEQJEGI
GVEGOMRK MR QER] GEWIW -RXIVREP WXVEMRW HIZIPST WPS[P] EWETVSXIGXMSREKEMRWXWIITEKI
IRSYKLXSFIXSPIVEFPIIZIRMJXLI]EVIPEVKI )GSRSQ]{1ER]JEGXSVWXLEXEJJIGXIGSRSQ]EJJIGX
GVEGOVIWMWXERGI*SVI\EQTPIXLIPIEWXI\TIRWMZIEKKVIKEXI
{(IWMKR GERLEZIYRHIWMVEFPIXLIVQEPTVSTIVXMIWERHVIUYMVII\TIRWMZI
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ETTVSTVMEXIPSEHWERHPSEHGSQFMREXMSRWXSKIXLIV[MXLE MQTEVXWGSRGVIXI[MXLXLILMKLIWXXIRWMPIWXVEMRGETEGMX]GER
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XYVI % 0MRIEV )PEWXMG *VEGXYVI %TTVSEGLx (ITEVXQIRX SJ +LSWL67ERH1EPLSXVE:w9WISJ7YTIVTPEW
7XVYGXYVEP)RKMRIIVMRK6ITSVX7GLSSPSJ'MZMPERH)RZMVSR XMGM^IVWEW;EXIV6IHYGIVWx'IQIRX 'SRGVIXIERH%KKVI
QIRXEP)RKMRIIVMRK'SVRIPP9RMZIVWMX]-XLEGE2=TT KEXIW%781:2STT
'PIEV / ' w8MQI XS 'SVVSWMSR SJ 6IMRJSVGMRK +NÜVZ 3 ) 7SVIRWSR 7 - ERH %VRIWIR %
7XIIPMR'SRGVIXI 7PEFWx8VERWTSVXEXMSR6IWIEVGL6IGSVH w2SXGL7IRWMXMZMX]ERH*VEGXYVI8SYKLRIWWSJ'SRGVIXIx
2S8VERWTSVXEXMSR6IWIEVGL&SEVHTT 'IQIRXERH'SRGVIXI6IWIEVGL:TT
'SSO ( . ERH 'LMRHETVEWMVX 4 w-RJPYIRGI SJ +STEPEVEXREQ : 7 ERH 7LEL 7 4 w7SJXIRMRK
0SEHMRK ,MWXSV] 9TSR XLI 'SQTVIWWMZI 4VSTIVXMIW SJ 6IWTSRWI SJ 4PEMR 'SRGVIXI MR (MVIGX 8IRWMSRx %'-
'SRGVIXIx 1EKE^MRI SJ 'SRGVIXI 6IWIEVGL 0SRHSR : .3962%0 4VSGIIHMRKW:2S1E].YRITT
2S.YRITT +VMJJMXL % % w8LI 4LIRSQIRE SJ 6YTXYVI ERH
(EV[MR ( (MWGYWWMSR SJ w&SRH *EMPYVI ERH *PS[ SJ 7SPMHWx 8VERWEGXMSRW 6S]EP 7SGMIX] SJ 0SRHSR
-RIPEWXMG 6IWTSRWI SJ 'SRGVIXIx F] 8IWXE ERH 7XYFFW 2S%TT
.SYVREPSJXLI)RKMRIIVMRK1IGLERMGW(MZMWMSR%7'): ,EPZSVWIR + 8 w'SHI 6IUYMVIQIRXW JSV 'VEGO
2S)1%TVTT 'SRXVSPx 'SRGVIXI ERH 'SRGVIXI 'SRWXVYGXMSR 74
6 1%29%03*'32'6)8)46%'8-')
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL -PPWXSR . 1 ERH 7XIZIRW 6 * w0SRK8IVQ
TT 'VEGOMRK MR 6IMRJSVGIH 'SRGVIXI &IEQWx 4VSGIIHMRKW
,ERWIR ; ERH %PQYHEMLIIQ . % w9PXMQEXI -RWXMXYXMSR SJ 'MZMP )RKMRIIVW 0SRHSR 4EVX :
(V]MRK7LVMROEKISJ'SRGVIXI{-RJPYIRGISJ1ENSV4EVEQI (IGTT
XIVWx %'- 1EXIVMEPW .SYVREP : 2S 1E].YRI .IRU=7ERH7LEL74w1M\IH1SHI*VEGXYVI
TT 4EVEQIXIVWSJ'SRGVIXIx4VSGIIHMRKW7)16-0)1-RXIV
,EVENPM1,ERH2EEQER%)w'VEGOMRKMR REXMSREP'SRJIVIRGISR*VEGXYVISJ'SRGVIXIERH6SGO74
4EVXMEPP] 4VIWXVIWWIH &IEQW 9RHIV 7XEXMG ERH *EXMKYI 7LELERH7)7[EVX^IHW,SYWXSR8I\TT
0SEHMRKx 'VEGOMRK MR 4VIWXVIWWIH'SRGVIXI 7XVYGXYVIW .SLR6ERH7LEL74w*VEGXYVISJ'SRGVIXI
74+8,EPZSVWIRERH2,&YVRWIHW%QIVMGER 7YFNIGXXS-QTEGX0SEHMRKx.SYVREPSJ'IQIRX'SRGVIXI
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT ERH%KKVIKEXIW%781:2STT
,MKKMRW ( ( ERH &EMPI] . ) w*VEGXYVI /ETPER*1w'VEGO4VSTEKEXMSRERHXLI*VEGXYVI
1IEWYVIQIRXW SR 'IQIRX 4EWXIx .SYVREP SJ 1EXIVMEPW SJ 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW : 2S
7GMIRGI:TT 2SZTT
,MPPIQIMIV & ERH ,MPWHSVJ , / w*VEGXYVI /EVWER-(ERH.MVWE.3w&ILEZMSVSJ'SRGVIXI
1IGLERMGW7XYHMIWSJ'SRGVIXI'SQTSYRHWx'IQIRXERH YRHIV'SQTVIWWMZI0SEHMRKWx.SYVREPSJXLI7XVYGXYVEP(MZM
'SRGVIXI6IWIEVGL:2S7ITXTT WMSR%7'):78(IGTT
,MPPIVFSVK % 1SHIIV 1 ERH 4IXIVWWSR 4 ) /IWPIV')2EYW(.ERH0SXX.0w*VEGXYVI
w%REP]WMWSJ'VEGO*SVQEXMSRERH'VEGO+VS[XLF]1IERW 1IGLERMGW -XW %TTPMGEFMPMX] XS 'SRGVIXIx 4VSGIIHMRKW
SJ *VEGXYVI 1IGLERMGW ERH *MRMXI )PIQIRXWx 'IQIRX ERH -RXIVREXMSREP'SRJIVIRGISR1IGLERMGEP&ILEZMSVSJ1EXI
'SRGVIXI6IWIEVGL:TT VMEPW /]SXS %YK 8LI 7SGMIX] SJ 1EXIVMEPW
,SJJ+'w(YVEFMPMX]SJ*MFIV6IMRJSVGIH'SRGVIXI 7GMIRGI.ETER:-:TT
MR E 7IZIVI 1EVMRI )RZMVSRQIRXx 'SRGVIXI (YVEFMPMX] /VMWLRE62&EWEZEVENYMEL&7ERH%LEQIH/9'
74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW w*PI\YVEP&ILEZMSVSJ4VIXIRWMSRIH'SRGVIXI&IEQW[MXL
1MGLTT 0MQMXIH4VIWXVIWWx&YMPHMRK 7GMIRGI: 2S .YRI
,SPQFIVK%w'VEGO;MHXL4VIHMGXMSRERH1MRMQYQ TT
6IMRJSVGIQIRX JSV 'VEGO 'SRXVSPx (ERWO 7IPWOEF JSV 0II701ERWYV178ER/,ERH/EWMVENY/
&]ERMRKWWXEXMO'STIRLEKIR:2S.YRITT w'VEGOMRK &ILEZMSV SJ 'SRGVIXI 8IRWMSR 1IQFIVW
,SPQFIVK % ERH 0MRHKVIR 7 w'VEGO 7TEGMRK 6IMRJSVGIH [MXL ;IPHIH ;MVI *EFVMGx %'- 7XVYGXYVEP
ERH'VEGO;MHXL(YIXS2SVQEP*SVGISV&IRHMRK1SQIRXx .SYVREP:2S2SZ(IGTT
(SGYQIRX ( 2EXMSREP 7[IHMWL 'SYRGMP JSV &YMPHMRK 0IMFIRKSSH0((EV[MR(ERH(SHHW6,
6IWIEVGL7XSGOLSPQTT w4EVEQIXIVW%JJIGXMRK*)%REP]WMWSJ'SRGVIXI7XVYGXYVIWx
,SYO-).V&SVKI3)ERH,SYKLXSR(0 .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR %7') : 2S
w7XYHMIW SJ %YXSKIRSYW :SPYQI 'LERKI MR 'SRGVIXI JSV *IFTT
([SVWLEO(EQx%'-.3962%0 4VSGIIHMRKW:2S 0ISRLEVHX * w'VEGO 'SRXVSP MR 'SRGVIXI 7XVYG
TT XYVIWx -%&7)7YVZI]W 2S7-RXIVREXMSREP%WWSGMEXMSR
,SYO-).V4E\XSR.%ERH,SYKLXSR(0 JSV&VMHKIERH7XVYGXYVEP)RKMRIIVMRK>YVMGLTT
w4VIHMGXMSR SJ 8LIVQEP 7XVIWW ERH 7XVEMR 'ETEGMX] SJ 0ISRLEVHX*w'VEGOERH'VEGO'SRXVSPMR'SRGVIXI
'SRGVIXI F] 8IWXW SR 7QEPP &IEQWx %'- .3962%0 7XVYGXYVIWx 4'-.SYVREP:2STT
4VSGIIHMRKW:2S1EVTT 0MRWFEYIV,2-RKVEJJIE%66SWWQERMXL,4ERH
,SYKLXSR ( 0 w'SRGVIXI :SPYQI 'LERKI JSV ;E[V^]RIO4%Ew7MQYPEXMSRSJ'VEGOMRKMR0EVKI
([SVWLEO(EQx4VSGIIHMRKW%7'): 2S3GX %VGL (EQ 4EVX -x .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR
TT %7'):2S*IFTT
,SYKLXSR ( 0 w(IXIVQMRMRK 8IRWMPI 7XVEMR 0MRWFEYIV,2-RKVEJJIE%66SWWQERMXL,4ERH
'ETEGMX]SJ1EWW'SRGVIXIx%'-.3962%0 4VSGIIHMRKW ;E[V^]RIO4%Fw7MQYPEXMSRSJ'VEGOMRKMR0EVKI
:2S(IGTT %VGL (EQ 4EVX --x .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR
,WY88'w1EXLIQEXMGEP%REP]WMWSJ7LVMROEKI %7'):2S*IFTT
7XVIWWIWMRE1SHIPSJ,EVHIRIH'SRGVIXIx%'-.3962%0 0MY8''EQTFIPP60ERH&SQFMGL%%
4VSGIIHMRKW:2S1EVTT w:IVMJMGEXMSR SJ 8IQTIVEXYVI ERH 8LIVQEP 7XVIWW %REP
,WY88'7PEXI*37XYVQER+1ERH;MRXIV+ ]WMW'SQTYXIV4VSKVEQWJSV1EWW'SRGVIXI7XVYGXYVIWx
w1MGVSGVEGOMRKSJ4PEMR'SRGVIXIERHXLI7LETISJXLI 1MWGIPPERISYW 4ETIV 2S 70 97 %VQ] )RKMRIIV
7XVIWW7XVEMR'YVZIx%'-.3962%0 4VSGIIHMRKW:2S ;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK1MWW%TV
*IFTT 0MY 8 ' ERH1G(SREPH .) w4VIHMGXMSR SJ
,YXXSR7+ERH0SSZ6)w*PI\YVEP&ILEZMSV 8IRWMPI 7XVEMR 'ETEGMX] SJ 1EWW 'SRGVIXIx %'- .3962%0
SJ 4VIWXVIWWIH 4EVXMEPP] 4VIWXVIWWIH ERH 6IMRJSVGIH 4VSGIIHMRKW:2S1E]TT
'SRGVIXI &IEQWx %'- .3962%0 4VSGIIHMRKW : 2S 0SVQER;6w8LI8LISV]SJ'SRGVIXI'VIITx
(IGTT 4VSGIIHMRKW%781:TT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6
0YX^0%7LEVQE2/ERH+IVKIP]4w-RGVIEWI 2EYW(.ERH0SXX.0w*VEGXYVI8SYKLRIWWSJ
MR'VEGO;MHXLMR6IMRJSVGIH'SRGVIXI&IEQWYRHIV7YWXEMRIH 4SVXPERH'IQIRX'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:
0SEHMRKx%'-.3962%0 4VSGIIHMRKW:2S7ITX 2S.YRITT
TT 2E[] ) + w'VEGO 'SRXVSP MR 6IMRJSVGIH
1ELIV%ERH(EV[MR(w%*MRMXI)PIQIRX1SHIP 'SRGVIXI 7XVYGXYVIWx %'- .3962%0 4VSGIIHMRKW :
XS7XYH]XLI1MGVSWGSTMG&ILEZMSVSJ4PEMR'SRGVIXIx'6-2' 2S3GXTT
6ITSVX 709RMZIVWMX]SJ/ERWEW'IRXIVJSV6IWIEVGL 2E[])+w'VEGO'SRXVSPXLVSYKL6IMRJSVGIQIRX
-RG0E[VIRGI/ERW2SZTT (MWXVMFYXMSRMR8[S;E]%GXMRK7PEFWERH4PEXIWx%'-
1ELIV%ERH(EV[MR(w1MGVSWGSTMG*MRMXI .3962%0 4VSGIIHMRKW:2S%TVTT
)PIQIRX1SHIPSJ'SRGVIXIx4VSGIIHMRKW*MVWX-RXIVRE 2E[])+ERH&PEMV/;w*YVXLIV7XYHMIWSR
XMSREP'SRJIVIRGISR1EXLIQEXMGEP1SHIPMRK7X0SYMW *PI\YVEP'VEGO'SRXVSPMR7XVYGXYVEP7PEF7]WXIQWx'VEGOMRK
%YK7ITX
9RMZIVWMX]SJ1MWWSYVM6SPPE:--- (IJPIGXMSRERH9PXMQEXI0SEHSJ'SRGVIXI7PEF7]WXIQW
TT 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW
1ELIV%ERH(EV[MR(w1SVXEV'SRWXMXYIRXSJ 1MGLTT
'SRGVIXIMR'SQTVIWWMSRx%'-.3962%0 4VSGIIHMRKW: 2E[])+ERH,YERK48w'VEGOERH(IJPIG
2S1EV%TVTT XMSR 'SRXVSP SJ 4VIXIRWMSRIH 4VIWXVIWWIH &IEQWx 4'-
1ENM % / ERH 7LEL 7 4 w4VSGIWW >SRI ERH .SYVREP:2S1E].YRITT
%GSYWXMG)QMWWMSR1IEWYVIQIRXWMR'SRGVIXIx)\TIVMQIRXEP 2E[] ) + ERH 2IY[IVXL + ) w&ILEZMSV SJ
1IGLERMGW7)14ETIV2S 'SRGVIXI7PEFW4PEXIWERH&IEQW[MXL*MFIV+PEWWEW1EMR
1EVWLEPP ; 8 ERH 1EXXSGO % , w'SRXVSPSJ 6IMRJSVGIQIRXx 4VSGIIHMRKW%7'):78*IF
,SVM^SRXEP 'VEGOMRKMR XLI)RHW SJ4VIXIRWMSRIH'SRGVIXI TT
+MVHIVWx .SYVREP4VIWXVIWWIH'SRGVIXI-RWXMXYXI:2S 2E[])+9OEHMOI11ERH7EYIV.%w,MKL
%YK3GXTT 7XVIRKXL *MIPH 4SP]QIV 1SHMJMIH 'SRGVIXIWx 4VSGIIHMRKW
1EVXMR.0(EV[MR(ERH8IVV]6)w'IQIRX %7'):78(IGTT
4EWXI1SVXEVERH'SRGVIXIMR'SQTVIWWMSRx716ITSVX 2E[])+Ew*PI\YVEP'VEGOMRK&ILEZMSVSJ4EVXMEPP]
2S 9RMZIVWMX] SJ /ERWEW 'IRXIV JSV 6IWIEVGL 4VIWXVIWWIH4VIXIRWMSRIHERH4SWX8IRWMSRIH&IEQW{7XEXISJ
0E[VIRGI/ERWTT XLI%VXx'VEGOMRKMR4VIWXVIWWIH'SRGVIXI7XVYGXYVIW74
1EXLIV&w*EGXSVW%JJIGXMRK(YVEFMPMX]SJ'SRGVIXI + 8 ,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER 'SRGVIXI
MR'SEWXEP7XVYGXYVIWx8IGLRMGEP1IQSVERHYQ2S&IEGL -RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
)VSWMSR&SEVH;EWLMRKXSR('.YRI 2E[] ) + F w7XVIWWIW 7XVEMRW ERH &YVWXMRK
1EXLIV & w'VEGOMRK -RHYGIH F] )RZMVSRQIRXEP 'VEGOW MR %RGLSVEKI >SRIW SJ 4SWX8IRWMSRIH &IEQWx
)JJIGXWx 'EYWIW 1IGLERMWQ ERH 'SRXVSP SJ 'VEGOMRK MR 'VEGOMRKMR4VIWXVIWWIH'SRGVIXI7XVYGXYVIW74+8
'SRGVIXI74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR ,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER 'SRGVIXI
,MPPW1MGLTT -RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
1G'S] ) ) .V 8LSVXSR , 8 ERH %PPKSSH . / 2E[])+ *YRHEQIRXEPWSJ,MKL4IVJSVQERGI
w'SRGVIXI 0EFSVEXSV] 7XYHMIW ([SVWLEO &VYGIvW 'SRGVIXI.SLR;MPI]ERH7SRW2I[=SVOTT
)HH]
(EQ 2SVXL *SVO 'PIEV[EXIV 6MZIV RIEV 3VSJMRS 2ITTIV'LVMWXIRWIR 4 ERH 2MIPWIR 8 4 ,
-HELS 'VIIO 8IWXWx 1MWGIPPERISYW 4ETIV 2S w1SHEP(IXIVQMREXMSRSJXLI)JJIGXSJ&SRHFIX[IIR'SEVWI
6ITSVX 97 %VQ] )RKMRIIV ;EXIV[E]W )\TIVMQIRX %KKVIKEXI ERH 1SVXEV SR XLI 'SQTVIWWMZI 7XVIRKXL SJ
7XEXMSR:MGOWFYVK1MWW(IG 'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S.ER
1G(SREPH . ) &SQFMGL % % ERH 7YPPMZER & 6 TT
w9PXMQEXI7XVEMR'ETEGMX]ERH8IQTIVEXYVI6MWI7XYHMIW 2IZMPPI%1ERH,MVWX+%w1IGLERMWQSJ
8VYQFYPP 4SRH (EQx 1MWGIPPERISYW 4ETIV ' 97 ']GPMG'VIITSJ'SRGVIXIx(SYKPEW1G,IRV]7]QTSWMYQ
%VQ])RKMRIIV;EXIV[E]W)\TIVMQIRX7XEXMSR:MGOWFYVK SR'SRGVIXIERH'SRGVIXI7XVYGXYVIW74&&VIWPIVIH
1MWW%YK %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
1IMIV 7 ; ERH +IVKIP] 4 w*PI\YVEP 'VEGO TT
;MHXL MR 4VIWXVIWWIH 'SRGVIXI &IEQWx .SYVREP SJ XLI 2IZMPPI % 1 ERH &VSSOW . . 'SRGVIXI 8IGL
7XVYGXYVEP(MZMWMSR%7'):2S78TT RSPSK].SLR;MPI]
7SRW-RG2I[=SVO
1I]IVW&07PEXI*3ERH;MRXIV+w6IPEXMSRWLMT 2KEF%77PEXI*3ERH2MPWSR%,w1MGVS
FIX[IIR 8MQI (ITIRHIRX (IJSVQEXMSR ERH 1MGVSGVEGOMRK GVEGOMRK ERH 8MQI(ITIRHIRX 7XVEMRW MR ,MKL7XVIRKXL
SJ4PEMR'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S 'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S.YP]
.ERTT %YKTT
2EPPEXLEQFM4ERH/EVMLEPSS&0w-RJPYIRGISJ 2MPWSR%,(IWMKRSJ4VIWXVIWWIH'SRGVIXIRH
7PS['VEGO+VS[XLSRXLI *VEGXYVI 8SYKLRIWWSJ4PEMR )HMXMSR.SLR;MPI]ERH7SRW2I[=SVOTT
'SRGVIXIx *VEGXYVI8SYKLRIWWERH*VEGXYVI)RIVK]* 3HQER78%w)JJIGXWSJ:EVMEXMSRWMR:SPYQI
,;MXXQERRIH)PWIZMIV7GMIRGI4YFPMWLIVW8LI2IXLIV 7YVJEGI %VIE )\TSWIH XS (V]MRK ERH 'SQTSWMXMSR SJ
PERHWTT 'SRGVIXI SR 7LVMROEKIx 6-0)1')1&96)%9 -RXIV
6 1%29%03*'32'6)8)46%'8-')
REXMSREP'SPPSUYMYQSRXLI7LVMROEKISJ,]HVEYPMG'SRGVIXIW ERH%7OEVIRHELPIHW)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW
1EHVMHTT 0SRHSRTT
3L&,ERH/ERK=.w2I[*SVQYPEWJSV 7LEL74ERH&EXWSR+&IHW*MFIV6IMRJSVGIH
1E\MQYQ'VEGO;MHXLERH'VEGO7TEGMRKMR6IMRJSVGIH 'SRGVIXI 4VSTIVXMIW ERH %TTPMGEXMSRW 74 %QIVMGER
'SRGVIXI*PI\YVEP1IQFVERIWx%'-7XVYGXYVEP.SYVREP 'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
:2S1EV%TVTT 7LEL74ERH'LERHVE7w*VEGXYVISJ'SRGVIXI
4IVV]'ERH+MPPSXX.)w8LI-RJPYIRGISJ1SVXEV 7YFNIGXIHXS']GPMGERH7YWXEMRIH0SEHMRKx%'-.3962%0
%KKVIKEXI &SRH 7XVIRKXL SR XLI &ILEZMSV SJ 'SRGVIXI MR 4VSGIIHMRKW:2S3GX
9RME\MEP'SQTVIWWMSRx'IQIRXERH'SRGVIXI6IWIEVGL 7LEL740YHMVNE(ERH(ERMIP.-w8SYKLRIWW
:2S7ITXTT SJ +PEWW *MFIV 6IMRJSVGIH'SRGVIXI 4ERIPW 7YFNIGXIHXS
4MGOIXX+w)JJIGXSJ%KKVIKEXISR7LVMROEKISJ %GGIPIVEXIH%KMRKx 4'-.SYVREP:2S 7ITX3GX
'SRGVIXI ERH ,]TSXLIWMW 'SRGIVRMRK 7LVMROEKIx %'- TT
.3962%0 4VSGIIHMRKW:2S.ERTT 7LEL74ERH1G+EVV]*.w+VMJJMXL*VEGXYVI
4SPMZOE61ERH;MPWSR)0w*MRMXI)PIQIRX 'VMXIVMEERH'SRGVIXIx.SYVREPSJXLI)RKMRIIVMRK1IGLERMGW
%REP]WMWSJ2SRPMRIEV,IEX8VERWJIV4VSFPIQWx6ITSVX2S (MZMWMSR 4VSGIIHMRKW %7') : 2S )1 (IG
9'7)71(ITEVXQIRXSJ'MZMP)RKMRIIVMRK9RMZIVWMX] TT
SJ'EPMJSVRME&IVOIPI]'EPMJ.YRI 7LEL74ERH2EEQER%)w1IGLERMGEP4VST
4SWXSR6;'EVVEWUYMPPS60ERH&VIIR.) IVXMIW SJ +PEWW ERH 7XIIP *MFIV 6IMRJSVGIH 1SVXEVx %'-
w(YVEFMPMX] SJ 4SWX8IRWMSRIH &VMHKI (IGOWx %'- 1EXI .3962%0 4VSGIIHMRKW.ERTT
VMEPW.SYVREP:2S.YP]%YKTT 7LEL74ERH7OEVIRHELP%7XIIP*MFIV'SRGVIXI
4SWXSR6;ERH7GLYTEGO1w(YVEFMPMX]SJE )PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW0SRHSRTT
4VIGEWX4VIWXVIWWIH'SRGVIXI'SRZI]SV&VMHKI7XVYGXYVIEXE
7LEL 7 4 ERH 7PEXI * 3 w-RXIVREP 1MGVSG
7EPX1MRIEJXIV=IEVWSJ7IVZMGIx4EYP/PMIKIV7]QTSWMYQ
VEGOMRK 1SVXEV%KKVIKEXI &SRH ERH XLI 7XVIWW7XVEMR
SR 4IVJSVQERGI SJ 'SRGVIXI 74 ( ;LMXMRK IH
'YVZISJ'SRGVIXIx4VSGIIHMRKW-RXIVREXMSREP'SRJIVIRGI
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
SRXLI7XVYGXYVISJ'SRGVIXI0SRHSR7ITX
'IQIRX
TT
ERH'SRGVIXI%WWSGMEXMSR0SRHSRTT
6ES % +ERHSXVE / ERH 6EQEW[EQ] + 7
7LEL74ERH;MRXIV+w-RIPEWXMG&ILEZMSVERH
w*PI\YVEP8IWXWSR&IEQW4VIWXVIWWIHXS(MJJIVIRX(IKVIIW
*VEGXYVI SJ 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW :
SJ4VIWXVIWWx.SYVREP-RWXMXYXMSRSJ)RKMRIIVW'EPGYXXE
2S7ITXTT
:1E]
7PEXI*3ERH1EXLIYW6)w:SPYQI'LERKIW
6IJEM81)ERH7[EVX^7)w-RJPYIRGISJ7M^I
SR7IXXMRKERH'YVMRKSJ'IQIRX4EWXIERH'SRGVIXIJVSQ
)JJIGXWSR3TIRMRK1SHI*VEGXYVI4EVEQIXIVWJSV4VIGVEGOIH
>IVSXS7IZIR(E]Wx%'-.3962%0 4VSGIIHMRKW:2S
'SRGVIXI&IEQWMR&IRHMRKx4VSGIIHMRKW7)16-0)1
.ERTT
-RXIVREXMSREP 'SRJIVIRGI SR *VEGXYVI SJ 'SRGVIXI ERH
6SGO747LELERH7)7[EVX^IHW,SYWXSR8I\ 7TSSRIV('w8LI7XVIWW7XVEMR6IPEXMSRWLMTJSV
6ILQ+ERH)PMKILEYWIR6w0ETTIH7TPMGIWSJ ,EVHIRIH 'IQIRX 4EWXIW MR 'SQTVIWWMSRx 1EKE^MRI SJ
(IJSVQIH&EVW9RHIV6ITIEXIH0SEHMRKW9FIVKVIMJYRKWW 'SRGVIXI6IWIEVGL0SRHSR:2S.YRITT
XS&I ZSR 6MTTIRWXELPIR YRXIV RMGLX VYLIRHIV &IPEWXYRK
x 7TSSRIV('ERH(SYKMPP.;w%5YERXMXEXMZI
&IXSR9RH7XELPFIXSRFEY&IVPMR
2STT %WWIWWQIRX SJ (EQEKI 7YWXEMRIH MR 'SRGVIXI HYVMRK
6SWLSVI)'w*MIPH)\TSWYVI8IWXWSJ6IMRJSVGIH 'SQTVIWWMZI0SEHMRKx1EKE^MRISJ'SRGVIXI6IWIEVGL
'SRGVIXI&IEQWx%'-.3962%0 4VSGIIHMRKW:2S 0SRHSR:2S7ITXTT
1E]TT 7TSSRIV('4SQIVS]'(ERH(SYKMPP.;
7ERHIVW(,&VIIR.)ERH(YRGER---66 w(EQEKI ERH )RIVK] (MWWMTEXMSR MR 'IQIRX 4EWXIW MR
w7XVIRKXLERH&ILEZMSVSJ'PSWIP]7TEGIH4SWX8IRWMSRIH 'SQTVIWWMSRx 1EKE^MRISJ'SRGVIXI6IWIEVGL0SRHSR:
1SRSWXVERH%RGLSVEKIWx48-6ITSVX3GXTT 2S1EVTT
7GLPEMGL . 7GLEJIV / ERH .IRRI[IMR 1 7XIZIRW6*w8IWXWSR4VIWXVIWWIH6IMRJSVGIH
w8S[EVH E 'SRWMWXIRX (IWMKR SJ 7XVYGXYVEP 'SRGVIXIx 'SRGVIXI&IEQWx'SRGVIXI0SRHSR:2S2SZ
4'-.SYVREP:2S1E].YRITT TT
7GLVEHIV ) / ERH 1YRGL % : w(IGO 7PEF 7XSRI;'ERH&VIIR.)Ew&ILEZMSVSJ4SWX
6ITEMVIH F] *MFVSYW 'SRGVIXI 3ZIVPE]x 4VSGIIHMRKW 8IRWMSRIH+MVHIV%RGLSVEKI>SRIWx4'-.SYVREP:
%7'):2S'31EVTT 2S.ER*IFTT
7GLVEHIV)/*S[PIV(;/EHIR6%ERH7XIF 7XSRI;'ERH&VIIR.)Fw(IWMKRSJ4SWX
FMRW6.w4SP]QIV-QTVIKREXMSR9WIHMR'SRGVIXI 8IRWMSRIH+MVHIV %RGLSVEKI >SRIWx 4'- .SYVREP :
6ITEMVW SR 'EZMXEXMSR)VSWMSR (EQEKIx 4SP]QIVW MR 2S1EV%TVTT
'SRGVIXI 74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR 7XYVQER+17LEL74ERH;MRXIV+w)JJIGXW
,MPPW1MGLTT SJ *PI\YVEP 7XVEMR +VEHMIRXW SR 1MGVS'VEGOMRK ERH 7XVIWW
7GLYTEGO1w(YVEFMPMX]SJ7*6')\TSWIHXS 7XVEMR&ILEZMSVSJ'SRGVIXIx %'-.3962%0 4VSGIIHMRKW
7IZIVI)RZMVSRQIRXWx7XIIP*MFIV'SRGVIXI747LEL :2S.YP]TT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6
7YEVMW ; ERH *IVRERHS : w9PXVEWSRMG 4YPWI =SWLMQSXS % 3KMRS 7 ERH /E[EOEQM 1
%XXIRYEXMSREWE1IEWYVISJ(EQEKI+VS[XLHYVMRK']GPMG w1MGVSGVEGOMRK)JJIGXSR*PI\YVEP7XVIRKXLSJ'SRGVIXI
0SEHMRKSJ'SRGVIXIx%'-1EXIVMEPW.SYVREP:2S EJXIV 6ITIEXIH 0SEHMRKx %'- .3962%0 4VSGIIHMRKW:
1E].YRITT 2S%TVTT
7YVM/1ERH(MPKIV;,w'VEGO;MHXLSJ =SWLMQSXS % 3KMRS 7 ERH /E[EOEQM 1
4EVXMEPP]4VIWXVIWWIH'SRGVIXI1IQFIVWx%'- .3962%0 w1MGVSWGSTMG'VEGOWMR'IQIRX1EXVM\ERH(IJSVQEXMSR
4VSGIIHMRKW:2S7ITX3GXTT &ILEZMSVSJ'SRGVIXIx 4VSGIIHMRKWXL.ETER'SRKVIWW
7Y^YOM / ERH =SWLMXIVY 3 w'EPGYPEXMSR SJ SR1EXIVMEPW6IWIEVGLTT
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2%83%HZERGIH6IWIEVGL;SVOWLSTSR4EVXMEP4VIWXVIWWMRK +VEHIx 'SRGVIXI-RXIVREXMSREP (IWMKR ERH 'SRWXVYGXMSR
4EVMWTT :2S%TVTT
7[EVX^7)ERH+S'+w:EPMHMX]SJ'SQTPMERGI
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SJXLI7XVIWW(MWXVMFYXMSRMRXLI%RGLSVEKI>SRIWSJ4SWX
MQIRXEP1IGLERMGW7)1:2STT
8IRWMSRIH'SRGVIXI1IQFIVWx8IGLRMGEP6ITSVX2S
8EQ/7ERH7GERPSR%w(IJPIGXMSRSJ8[S
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;E]7PEFWERH8VERWZIVWI0SEHWx%'-.3962%0 4VSGIIHMRKW
:2S7ITX3GXTT
{3XLIVVIJIVIRGIW
8IWXE6&ERH7XYFFW2w&SRH*EMPYVIERH
%'- 'SQQMXXII w6IGSQQIRHIH 4VEGXMGI JSV
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)ZEPYEXMSR SJ 7XVIRKXL 8IWX 6IWYPXW SJ 'SRGVIXI
x
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TT
8VS\IPP+)6ETLEIP.1ERH(EZMW6)w0SRK %'- 'SQQMXXII w'SRXVSP SJ 'VEGOMRK MR
8MQI 'VIIT ERH 7LVMROEKI 8IWXW SJ 4PEMR ERH 6IMRJSVGIH 'SRGVIXI7XVYGXYVIW6
x%QIVMGER'SRGVIXI-RWXMXYXI
'SRGVIXIx4VSGIIHMRKW%781:TT *EVQMRKXSR,MPPW1MGLTT
97&6'SRGVIXI1ERYEPXL)HMXMSR97&YVIEY %'-'SQQMXXIIw'VEGOMRKSJ'SRGVIXI1IQFIVW
SJ6IGPEQEXMSRTT MR(MVIGX8IRWMSR6
x%QIVMGER'SRGVIXI-RWXMXYXI
:IVFIGO+.w'EVFSREXMSRSJ,]HVEXIH4SVXPERH *EVQMRKXSR,MPPW1MGLTT
'IQIRXx 'IQIRX ERH 'SRGVIXI 784 %QIVMGER %'- 'SQQMXXII w'EYWIW )ZEPYEXMSR ERH
7SGMIX] JSV 8IWXMRK ERH 1EXIVMEPW ;IWX 'SRWLSLSGOIR 6ITEMV SJ 'VEGOW MR 'SRGVIXI 7XVYGXYVIW 6
x
4IRRTT %QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
;EPOIV%.ERH0EROEVH(6w&VMHKI(IGO %'-'SQQMXXIIw4VIGEWX'SRGVIXI9RMXW9WIH
6ILEFMPMXEXMSR[MXL7XIIP*MFVSYW'SRGVIXIx4VIWIRXIHEX EW*SVQWJSV'EWXMR4PEGI'SRGVIXI6
x%QIVMGER
XLI8LMVH-RXIVREXMSREP)\TSWMXMSRSR'SRGVIXI'SRWXVYGXMSR 'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL
2I[3VPIERW0%.ER
&EXXIPPI'SPYQFYW0EFSVEXSVMIW %'-'SQQMXXIIw6ITSVXSR*MFIV6IMRJSVGIH
;MXXQERR*,*VEGXYVI8SYKLRIWWERH*VEGXYVI 'SRGVIXI 6
x %QIVMGER 'SRGVIXI -RWXMXYXI
)RIVK] SJ 'SRGVIXI )PWIZMIV 7GMIRGI 4YFPMWLIVW 8LI *EVQMRKXSR,MPPW1MGLTT
2IXLIVPERHW
%781 ' w8IWX 1IXLSH JSV 'VIIT SJ 'SRGVIXI MR
;MPWSR)0w8LI(IXIVQMREXMSRSJ8IQTIVEXYVIW 'SQTVIWWMSRx%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4E
[MXLMR1EWW'SRGVIXI7XVYGXYVIWx6ITSVX2S7XVYGXYVEP
%781 ' w7TIGMJMGEXMSRW JSV &PIRHIH ,]HVEYPMG
)RKMRIIVMRK 0EFSVEXSV] 9RMZIVWMX] SJ 'EPMJSVRME &IVOIPI]
'IQIRXx%781-RXIVREXMSREP;IWX'SRWLSLSGOIR4E
'EPMJ(IG
;SSHW , (YVEFMPMX] SJ 'SRGVIXI 'SRWXVYGXMSR +S]EP & & IH (IWMKRMRK JSV 'VIIT ERH
1SRSKVETL2S%QIVMGER'SRGVIXI-RWXMXYXI-S[E7XEXI 7LVMROEKI MR 'SRGVIXI 7XVYGXYVIW 74 %QIVMGER
9RMZIVWMX]*EVQMRKXSR,MPPW1MGLTT 'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
=ERK7ERH'LIR.w&SRH7PMTERH'VEGO;MHXL (IWMKRMRKJSV)JJIGXWSJ'VIIT7LVMROEKIERH8IQTIVEXYVI
'EPGYPEXMSRWSJ8IRWMSR1IQFIVWx%'-7XVYGXYVEP.SYVREP MR'SRGVIXI7XVYGXYVIW74%QIVMGER'SRGVIXI
:2S.YP]%YKTT -RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
=IVPMGM:%w1MRMQYQ;EPP8LMGORIWWSJ'MVGYPEV 2IZMPPI % 1 IH 7]QTSWMYQ SR 'VIIT SJ
'SRGVIXI8EROWx4YFPMGEXMSR 2S---RXIVREXMSREP%WWSGME 'SRGVIXI 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
XMSRJSV&VMHKIERH7XVYGXYVEP)RKMRIIVMRK>YVMGLT ,MPPW1MGLTT
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI
%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
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7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
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4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'-
QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
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'SRXVSPSJ'VEGOMRKSJ'SRGVIXI7XVYGXYVIW
8LI%1)6-'%2'32'6)8)-278-898)
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WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
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8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-
[[[GSRGVIXISVK
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI