You are on page 1of 49

%'-6

'SRXVSPSJ'VEGOMRK
SJ'SRGVIXI7XVYGXYVIW

6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
3GXSFIV
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI

'SRXVSPSJ'VEGOMRKSJ'SRGVIXI7XVYGXYVIW

'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-

8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW

%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR

%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX

%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR

-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXL
ERHWEJIX]WXERHEVHW

3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-

1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI 1'4 

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI 
*E\ 
[[[GSRGVIXISVK

-7&2
%'-6
6IETTVSZIH

'SRXVSPSJ'VEGOMRKMR'SRGVIXI7XVYGXYVIW
6ITSVXIHF]%'-'SQQMXXII

*PSVMER&EVXL 6SFIVX.*VSWGL
'LEMVQER 7IGVIXEV]

1SLEQIH%FSY>IMH (EZMH;*S[PIV )H[EVH+2E[]


.SLR,%PPIR +VERX8,EPZSVWIR 6ERHEPP;4SWXSR

.EQIW4&EVPS[ ;MPP,ERWIR 6S]GI.6LSEHW

1IVPI)&VERHIV 12EHMQ,EWWSYR %RHVI[7GERPSR
/EXL]'EVPWSR ,EVZI],E]RIW )VRIWX/7GLVEHIV
(EZMH(EV[MR 4EYP,IHPM ;MQEP7YEVMW
*SYEH,*SYEH 8SR]'0MY >IRSR%>MIPMRWOM
1IQFIVWSJ%'-[LSEWWMWXIHMRVIZMWMSRWXSXLMWVITSVX

8LI TVMRGMTEP GEYWIW SJ GVEGOMRK ERH VIGSQQIRHIH GVEGOGSRXVSP TVSGI 'LETXIV{'VEGOQIGLERMWQWMRGSRGVIXI
HYVIWEVITVIWIRXIH8LIGYVVIRXWXEXISJORS[PIHKIMRQMGVSGVEGOMRKERH T6
JVEGXYVI SJ GSRGVIXI MW VIZMI[IH 8LI GSRXVSP SJ GVEGOMRK HYI XS HV]MRK {-RXVSHYGXMSR
WLVMROEKI ERH GVEGO GSRXVSP MR JPI\YVEP QIQFIVW SZIVPE]W ERH QEWW {'SQTVIWWMZIQMGVSGVEGOMRK
GSRGVIXIGSRWXVYGXMSREVIGSZIVIHMRHIXEMP0SRKXIVQIJJIGXWSRGVEGOMRK
EVI GSRWMHIVIH ERH GVEGOGSRXVSP TVSGIHYVIW YWIH MR GSRWXVYGXMSR EVI
{*VEGXYVI
TVIWIRXIH -RJSVQEXMSR MW TVIWIRXIH XS EWWMWX MR XLI HIZIPSTQIRX SJ
TVEGXMGEP ERH IJJIGXMZI GVEGOGSRXVSP TVSKVEQW JSV GSRGVIXI WXVYGXYVIW 'LETXIV{'SRXVSPSJGVEGOMRKHYIXSHV]MRK
)\XIRWMZIVIJIVIRGIWEVITVSZMHIH WLVMROEKIT6
{-RXVSHYGXMSR
/I][SVHW EKKVIKEXIW ERGLSVEKI WXVYGXYVEP  FVMHKI HIGOW GIQIRX {'EYWISJGVEGOMRKHYIXSHV]MRKWLVMROEKI
EKKVIKEXI VIEGXMSRW GSRGVIXI GSRWXVYGXMSR GSRGVIXI TEZIQIRXW GSRGVIXI {(V]MRKWLVMROEKI
WPEFW GSSPMRK GSVVSWMSR GVEGO TVSTEKEXMSR GVEGO [MHXL ERH WTEGMRK {*EGXSVWGSRXVSPPMRKHV]MRKWLVMROEKISJGSRGVIXI
GVEGOMRK JVEGXYVMRK  HV]MRK WLVMROEKI LIEX SJ L]HVEXMSR QEWW GSRGVIXI
QMGVSGVEGOMRK TSP]QIVQSHMJMIH GSRGVIXI TVIWXVIWWIH GSRGVIXI VIMRJSVGIH
{'SRXVSPSJWLVMROEKIGVEGOMRK
GSRGVIXI VIWXVEMRX WLVMROEKI WLVMROEKIGSQTIRWEXMRK GSRGVIXI XIQTIVE {7LVMROEKIGSQTIRWEXMRKGSRGVIXI
XYVIXIRWMPIWXVIWWIWXLIVQEPI\TERWMSRZSPYQIGLERKI
'LETXIV{'SRXVSPSJGVEGOMRKMRJPI\YVEP
'328)287 QIQFIVWT6
'LETXIV{-RXVSHYGXMSRT6 {-RXVSHYGXMSR
{'VEGOGSRXVSPIUYEXMSRWJSVVIMRJSVGIHGSRGVIXIFIEQW
{'VEGOGSRXVSPMRX[S[E]WPEFWERHTPEXIW
{8SPIVEFPI GVEGO [MHXLW ZIVWYW I\TSWYVI GSRHMXMSRW
%'- 'SQQMXXII 6ITSVXW +YMHIW ERH 'SQQIRXEVMIW EVI MRVIMRJSVGIHGSRGVIXI
MRXIRHIHJSVKYMHERGIMRTPERRMRKHIWMKRMRKI\IGYXMRKERH
MRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWI {*PI\YVEPGVEGOMRKMRTVIWXVIWWIHGSRGVIXI
SJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLIWMKRMJMGERGI {%RGLSVEKI^SRIGVEGOMRKMRTVIWXVIWWIHGSRGVIXI
ERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS {'VEGOGSRXVSPMRHIITFIEQW
[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLIQEXIVMEPMX
GSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQWER]ERH {8IRWMSRGVEGOMRK
EPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPP
RSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX %'-6WYTIVWIHIW%'-6ERHFIGEQIIJJIGXMZI1E]
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XLI%VGLMXIGX)RKMRIIV XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGI YRPIWW TIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW

6
6 1%29%03*'32'6)8)46%'8-')

'LETXIV{0SRKXIVQIJJIGXWSRGVEGOMRK SR GVEGO[MHXL TVIHMGXMZI IUYEXMSRW GVEGOMRK MR TEVXMEPP]


T6 TVIWXVIWWIHQIQFIVWERGLSVEKI^SRIGVEGOMRKERHJPI\YVEP
{-RXVSHYGXMSR GVEGOMRKMRHIITJPI\YVEP QIQFIVW'LETXIV SR GSRGVIXI
{)JJIGXWSJPSRKXIVQPSEHMRK SZIVPE]WLEWFIIRVISVKERM^IHERHVIZMWIHMRQSHIWXHIXEMP
{)RZMVSRQIRXEPIJJIGXW XS EGGSYRX JSV YTHEXIH MRJSVQEXMSR SR JMFIV VIMRJSVGIQIRX
{%KKVIKEXIERHSXLIVIJJIGXW ERH SR TSP]QIVQSHMJMIH GSRGVIXI 'LETXIV  SR QEWW
{9WISJTSP]QIVWMRMQTVSZMRKGVEGOMRKGLEVEGXIVMWXMGW GSRGVIXILEWFIIRVIZMWIHXSGSRWMHIVWXVYGXYVEPGSRWIUYIRGIW
QSVII\XIRWMZIP]
'LETXIV{'SRXVSPSJGVEGOMRKMRSZIVPE]W
T6
',%48)6{'6%'/1)',%2-717
{-RXVSHYGXMSR -2'32'6)8)
{*MFIVVIMRJSVGIHGSRGVIXI *6' SZIVPE]W {-RXVSHYGXMSR
{0EXI\ERHITS\]QSHMJMIHGSRGVIXISZIVPE]W 'VEGOMRKTPE]WERMQTSVXERXVSPIMRGSRGVIXIvWVIWTSRWIXS
{4SP]QIVMQTVIKREXIHGSRGVIXI 4-' W]WXIQW PSEHMRFSXLXIRWMSRERHGSQTVIWWMSR8LIIEVPMIWXWXYHMIWSJ
{)TS\]ERHSXLIVTSP]QIVGSRGVIXISZIVPE]W XLIQMGVSWGSTMGFILEZMSVSJGSRGVIXIMRZSPZIHXLIVIWTSRWI
SJGSRGVIXIXSGSQTVIWWMZIWXVIWW8LEXIEVP][SVOWLS[IH
'LETXIV{'SRXVSPSJGVEGOMRKMRQEWWGSRGVIXI XLEXXLIWXVIWWWXVEMRVIWTSRWISJGSRGVIXIMWGPSWIP]EWWSGMEXIH
T6 [MXLXLIJSVQEXMSRSJQMGVSGVEGOWXLEXMWGVEGOWXLEXJSVQEX
{-RXVSHYGXMSR
GSEVWIEKKVIKEXI FSYRHEVMIW FSRH GVEGOW  ERH TVSTEKEXI
{1IXLSHWSJGVEGOGSRXVSP
XLVSYKLXLIWYVVSYRHMRKQSVXEV QSVXEVGVEGOW  ,WY7PEXI
{(IWMKR
7XYVQERERH;MRXIV7LELERH;MRXIV7PEXIERH
{'SRWXVYGXMSR 1EXLIYW  7LEL ERH 'LERHVE  7LEL ERH 7PEXI
{3TIVEXMSR  1I]IVW 7PEXI ERH ;MRXIV  (EV[MR ERH 7PEXI
 EWWLS[RMR*MK
'LETXIV{'SRXVSPSJGVEGOMRKF]TVSTIV
GSRWXVYGXMSRTVEGXMGIWT6 (YVMRKIEVP]QMGVSGVEGOMRKWXYHMIWGSRGVIXI[EWGSRWMHIVIH
{-RXVSHYGXMSR XSFIQEHIYTSJX[SPMRIEVIPEWXMGFVMXXPIQEXIVMEPWGIQIRX
{6IWXVEMRX TEWXIERHEKKVIKEXIERHQMGVSGVEGOW[IVIGSRWMHIVIHXSFI
{7LVMROEKI XLIQENSVGEYWISJGSRGVIXIvWRSRPMRIEVWXVIWWWXVEMRFILEZMSV
{7IXXPIQIRX MRGSQTVIWWMSR ,WY7PEXI7XYVQERERH;MRXIV7LEL
{'SRWXVYGXMSR ERH ;MRXIV   8LMW TMGXYVI FIKER XS GLERKI MR XLI
{7TIGMJMGEXMSRWXSQMRMQM^IHV]MRKWLVMROEKI W'IQIRXTEWXIMWERSRPMRIEVWSJXIRMRKQEXIVMEPEW
{'SRGPYWMSR MW XLI QSVXEV GSRWXMXYIRX SJ GSRGVIXI 8LI GSQTVIWWMZI
RSRPMRIEVMX] SJ GSRGVIXI MW LMKLP] HITIRHIRX YTSR XLI
'LETXIV{6IJIVIRGIWT6 VIWTSRWISJXLIWIX[SQEXIVMEPW 7TSSRIV7TSSRIVERH
{6IJIVIRGIHWXERHEVHWERHVITSVXW (SYKMPP7TSSRIV4SQIVS]ERH(SYKMPP1ELIV
{'MXIHVIJIVIRGIW ERH(EV[MR'SSOERH'LMRHETVEWMVX1ELIVERH
{3XLIVVIJIVIRGIW (EV[MR ERHPIWWHITIRHIRXYTSRFSRHERHQSVXEVQMGVS
GVEGOMRKXLERSVMKMREPP]XLSYKLX6IWIEVGLMRHMGEXIWLS[IZIV
',%48)6{-2863(9'8-32 XLEXEWMKRMJMGERXTSVXMSRSJXLIRSRPMRIEVHIJSVQEXMSRSJGIQIRX
'VEGOWMRGSRGVIXIWXVYGXYVIWGERMRHMGEXIQENSVWXVYGXYVEP TEWXIERHQSVXEVVIWYPXWJVSQXLIJSVQEXMSRSJQMGVSGVEGOW
TVSFPIQWERHHIXVEGXJVSQXLIETTIEVERGISJQSRSPMXLMG XLEX EVI WIZIVEP SVHIVW SJ QEKRMXYHI WQEPPIV XLER XLSWI
GSRWXVYGXMSR8LIVIEVIQER]WTIGMJMGGEYWIWSJGVEGOMRK SFWIVZIHMRXLISVMKMREPWXYHMIW %XXMSKFIERH(EV[MR
8LMWVITSVXTVIWIRXWXLITVMRGMTEPGEYWIWSJGVEGOMRKERHE  8LIWIWQEPPIVQMGVSGVEGOWLEZIEWYVJEGIHIRWMX]XLEX
HIXEMPIHHMWGYWWMSRSJGVEGOGSRXVSPTVSGIHYVIW8LIVITSVX MWX[SXSXLVIISVHIVWSJQEKRMXYHILMKLIVXLERXLIHIRWMX]
GSRWMWXWSJIMKLXGLETXIVWHIWMKRIHXSLIPTXLIIRKMRIIVERH SJ FSRH ERH QSVXEV QMGVSGVEGOW MR GSRGVIXI EX XLI WEQI
XLIGSRXVEGXSVMRHIZIPSTMRKGVEGOGSRXVSPQIEWYVIW GSQTVIWWMZIWXVEMRERHXLIMVHMWGSZIV]VITVIWIRXWEWMKRMJ
8LMW VITSVX MW ER YTHEXI SJ TVIZMSYW GSQQMXXII VITSVXW MGERXWXITXS[EVHWYRHIVWXERHMRKXLIFILEZMSVSJGSRGVIXI
%'- 'SQQMXXII      %'- &MFPMSKVETL] ERHMXWGSRWXMXYIRXQEXIVMEPWMRGSQTVIWWMSR
2S  WYTTPIQIRXIH XLI SVMKMREP %'- 6   8LI 8LIIJJIGXSJQEGVSWGSTMGGVEGOWSRXLITIVJSVQERGIERH
'SQQMXXIILEWEPWSTVITEVIHVITSVXWSRXLIGEYWIWIZEPYEXMSR JEMPYVIGLEVEGXIVMWXMGWSJGSRGVIXILEWEPWSVIGIMZIHGSRWMHIVEFPI
ERHVITEMVSJGVEGOMRK%'-6GVEGOMRKSJGSRGVIXIMR EXXIRXMSR*SVQER]]IEVWGSRGVIXILEWFIIRGSRWMHIVIHEFVMXXPI
HMVIGXXIRWMSR%'-6ERHNSMRXWMRGSRGVIXIGSRWXVYGXMSR QEXIVMEPMRXIRWMSR1ER]EXXIQTXWLEZIFIIRQEHIXSYWI
%'-6 TVMRGMTPIWSJJVEGXYVIQIGLERMGWXSQSHIPXLIJVEGXYVISJ
-RXLMWVIZMWMSRSJXLIVITSVX'LETXIVSRGVEGOQIGLERMWQW GSRGVIXIGSRXEMRMRKQEGVSWGSTMGGVEGOW
LEWFIIRVIZMWIHI\XIRWMZIP]XSVIJPIGXXLIMRXIVIWXERHEXXIRXMSR 8LIJMIPHSJJVEGXYVIQIGLERMGW[EWHIZIPSTIHF]+VMJJMXL
KMZIRXSEWTIGXWSJJVEGXYVIQIGLERMGWSJGSRGVIXIHYVMRKXLI  XSI\TPEMRXLIJEMPYVISJFVMXXPIQEXIVMEPW0MRIEVIPEWXMG
W'LETXIVSRHV]MRKWLVMROEKILEWFIIRVI[VMXXIR JVEGXYVIQIGLERMGW 0)*1 TVIHMGXWXLIVETMHTVSTEKEXMSRSJE
'LETXIVLEWFIIRVIZMWIHXSMRGPYHIYTHEXIHMRJSVQEXMSR QMGVSGVEGOXLVSYKLELSQSKIRISYWMWSXVSTMGPMRIEVIPEWXMG
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

*MK{'VEGOMRKQETWERHWXVIWWWXVEMRGYVZIWJSVGSRGVIXIPSEHIHMRYRME\MEPGSQTVIWWMSR
7LELERH7PEXI 

QEXIVMEP 8LI XLISV] YWIW XLIWXVIWWMRXIRWMX] JEGXSV / XLEX ^SRIERHLEWPIHXSXLIHIZIPSTQIRXSJQSVIVEXMSREPJVEGXYVI


VITVIWIRXWXLIWXVIWWJMIPHELIEHSJEWLEVTGVEGOMREWXVYG GVMXIVMEJSVGSRGVIXI
XYVEPQIQFIV[LMGLMWEJYRGXMSRSJXLIGVEGOKISQIXV]ERH 8LMWGLETXIVMWHMZMHIHMRXSX[SWIGXMSRW8LIJMVWXWIGXMSR
WXVIWW /MWJYVXLIVHIWMKREXIH[MXLWYFWGVMTXW---ERH--- SRGSQTVIWWMZIQMGVSGVEGOMRKTVIWIRXWXLIGYVVIRXORS[PIHKI
HITIRHMRKYTSRXLIREXYVISJXLIHIJSVQEXMSREXXLIGVEGO SJXLIVIWTSRWISJGSRGVIXIERHMXWGSRWXMXYIRXQEXIVMEPWYRHIV
XMT*SVEGVEGOEX[LMGLXLIHIJSVQEXMSRMWTIVTIRHMGYPEVXS GSQTVIWWMZIPSEHMRKERHXLIVSPITPE]IHF]XLIZEVMSYWX]TIW
XLIGVEGOTPERI/MWHIWMKREXIHEW/-ERHJEMPYVISGGYVW SJQMGVSGVEGOWMRXLMWTVSGIWW8LIWIGSRHWIGXMSRHMWGYWWIW
[LIR /-VIEGLIWEGVMXMGEPZEPYI/-GORS[REWXLIGVMXMGEP XLIETTPMGEFMPMX]SJFSXLPMRIEVERHRSRPMRIEVJVEGXYVIQIGLERMGW
WXVIWWMRXIRWMX]JEGXSV/-GMWEQIEWYVISJXLIJVEGXYVIXSYKL QSHIPW XS GSRGVIXI % QSVI GSQTVILIRWMZI XVIEXQIRX SJ XLI
RIWWSJXLIQEXIVMEP[LMGLMWWMQTP]EQIEWYVISJXLIVIWMW JVEGXYVISJGSRGVIXIGERFIJSYRHMR%'-6
XERGIXSGVEGOTVSTEKEXMSR3JXIRXLIVIKMSREVSYRHXLIGVEGO
XMT YRHIVKSIW RSRPMRIEV HIJSVQEXMSR WYGL EW ]MIPHMRK MR {'SQTVIWWMZIQMGVSGVEGOMRK
(YVMRK IEVP] QMGVSGVEGOMRK VIWIEVGL E TMGXYVI HIZIPSTIH
QIXEPWEWXLIGVEGOKVS[W8LMWVIKMSRMWVIJIVVIHXSEWXLI
XLEX GPSWIP] PMROIH XLI JSVQEXMSR ERH TVSTEKEXMSR SJQMGVSG
TPEWXMG^SRIMRQIXEPWSVQSVIKIRIVEPP]EWXLIJVEGXYVITVSGIWW
VEGOWXSXLIPSEHHIJSVQEXMSRFILEZMSVSJGSRGVIXI&IJSVI
^SRI8STVSTIVP]QIEWYVI/-GJSVEQEXIVMEPXLIXIWXWTIGMQIR
PSEHMRK ZSPYQI GLERKIW MR GIQIRX TEWXI GEYWI MRXIVJEGMEP
WLSYPHFIPEVKIIRSYKLWSXLEXXLIJVEGXYVITVSGIWW^SRIMW
GVEGOWXSJSVQEXXLIQSVXEVGSEVWIEKKVIKEXIFSYRHEV] ,WY
WQEPPGSQTEVIH[MXLXLIWTIGMQIRHMQIRWMSRW*SV0)*1
7PEXIERH1EXLIYW 9RHIVWLSVXXIVQGSQTVIWWMZI
XSFIETTPMGEFPIXLIZEPYISJ/-GQYWXFIEQEXIVMEPTVSTIVX]
PSEHWRSEHHMXMSREPGVEGOWJSVQYRXMPXLIPSEHVIEGLIWEFSYX
MRHITIRHIRXSJXLIWTIGMQIRKISQIXV] EWEVISXLIVQEXIVMEP
 SJXLIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI ,WY7PEXI
TVSTIVXMIWWYGLEW]MIPHWXVIRKXLSVGSQTVIWWMZIWXVIRKXL  7XYVQER ERH ;MRXIV   %FSZI XLMW ZEPYI EHHMXMSREP
-RMXMEPEXXIQTXWXSQIEWYVI/-GMRGSRGVIXI[IVIYRWYGGIWWJYP FSRH GVEGOW EVI MRMXMEXIH XLVSYKLSYX XLI QEXVM\ &SRH
FIGEYWI / -GHITIRHIHSRXLIWM^IERHKISQIXV]SJXLIXIWX GVEGOMRKMRGVIEWIW YRXMP XLI PSEHVIEGLIW EFSYX  SJXLI
WTIGMQIRW ;MXXQERR %WEVIWYPXSJXLILIXIVSKIRIMX] GSQTVIWWMZIWXVIRKXLEX[LMGLXMQIXLIQMGVSGVEGOWFIKMRXS
MRLIVIRXMRGIQIRXTEWXIQSVXEVERHGSRGVIXIXLIWIQEXIVMEPW TVSTEKEXIXLVSYKLXLIQSVXEV1SVXEVGVEGOMRKGSRXMRYIWEX
I\LMFMX E WMKRMJMGERX JVEGXYVITVSGIWW ^SRI ERH XLI GVMXMGEP EREGGIPIVEXIHVEXIJSVQMRKGSRXMRYSYWGVEGOWTEVEPPIPXSXLI
PSEHMWTVIGIHIHF]EWYFWXERXMEPEQSYRXSJWPS[GVEGOKVS[XL HMVIGXMSRSJGSQTVIWWMZIPSEHYRXMPXLIGSRGVIXIMWRSPSRKIV
8LMWTVIGVMXMGEPGVEGOKVS[XLLEWFIIRWXYHMIHI\TIVMQIRXEPP] EFPI XS WYWXEMR XLI PSEH 8LI SRWIX SJ QSVXEV GVEGOMRK MW
F]WIZIVEPVIWIEVGLIVW .SLRERH7LEL 7[EVX^ ERH +S VIPEXIHXSXLIWYWXEMRIHSVPSRKXIVQGSQTVIWWMZIWXVIRKXL
 &EWGSYP /LEVGLM ERH 1EWS  1ENM ERH 7LEL (IVYGLIV   SFXEMRIH E WSQI[LEX HMJJIVIRX TMGXYVI SJ
'EWXVS1SRXIVS7LELERH1MPPIV 8LMWVIWIEVGL XLI QMGVSWGSTMG FILEZMSV SJ GSRGVIXI YWMRK XLI WGERRMRK
LEWTVSZMHIHERMQTVSZIHYRHIVWXERHMRKSJXLIJVEGXYVITVSGIWW IPIGXVSR QMGVSWGSTI 7)1  ,I WYFNIGXIH HVMIH GSRGVIXI
6 1%29%03*'32'6)8)46%'8-')

*MK{7XVIWWWXVEMRGYVZIWJSVGIQIRXTEWXIQSVXEVERHGSRGVIXI[G! 1EVXMR
(EV[MRERH8IVV] 

WTIGMQIRW XS IGGIRXVMG GSQTVIWWMZI PSEHMRK [MXLMR XLI MWHIGVIEWIHERHXLIXSXEPWXVEMRGETEGMX]MRGSQTVIWWMSRMW


7)1 ,I SFWIVZIH XLEX QMGVSGVEGOW XLEX I\MWX FIJSVI MRGVIEWIH[LIRGSRGVIXIMWWYFNIGXIHXSEWXVEMRKVEHMIRX
PSEHMRKEVIMRXLIJSVQSJFSRHGVEGOW[MXLI\XIRWMSRWMRXSXLI 7MRGIXLIIEVP][SVOIWXEFPMWLIHXLII\MWXIRGISJFSRHERH
WYVVSYRHMRKQSVXEVTIVTIRHMGYPEVXSXLIFSRHGVEGOW9RHIV QSVXEVQMGVSGVEGOWMXLEWFIIRTSTYPEVXSEXXVMFYXIQSWXMJ
MRGVIEWMRKGSQTVIWWMSRXLIWIFSRHGVEGOW[MHIRFYXHSRSX RSX EPP SJ XLI RSRPMRIEVMX] SJ GSRGVIXIXSXLI JSVQEXMSR SJ
TVSTEKEXIEXPSEHWEWPS[EW SJXLIWXVIRKXL%XEFSYX XLIWIQMGVSWGSTMGGVEGOW ,WY7PEXI7XYVQERERH;MRXIV
 SJYPXMQEXIXLIFSRHGVEGOWFIKMRXSTVSTEKEXIERHEX  7LEL ERH ;MRXIV  8IWXE ERH 7XYFFW 
EFSYX XLI]FIKMRXSFVMHKIFIX[IIRSRIERSXLIV8LI 'EVVEWUYMPPS 7PEXI ERH 2M\SR   % GEYWI ERH IJJIGX
FVMHKMRK MW EPQSWX GSQTPIXI EX   SJ XLI GSQTVIWWMZI VIPEXMSRWLMT LS[IZIV LEW RIZIVFIIR IWXEFPMWLIH (EV[MR
WXVIRKXL%X SJYPXMQEXIQSVXEVGVEGOWWXEVXXSNSMRSRI   7XYHMIW F] 7TSSRIV   7TSSRIV ERH (SYKMPP
ERSXLIVERHGSRXMRYIXSHSWSYRXMPJEMPYVI  7TSSRIV4SQIVS]ERH(SYKMPP  ERH1ELIV
-RKIRIVEPQMGVSGVEGOMRKXLEXSGGYVWFIJSVIPSEHMRKLEWPMXXPI ERH(EV[MR  MRHMGEXIXLEXXLIHIKVIISJQMGVSGVEGOMRK
IJJIGXSRXLIWXVIRKXLSJGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI GERFIXEOIREWERMRHMGEXMSRSJXLIPIZIPSJHEQEKIVEXLIV
XLEREWXLIGSRXVSPPMRKJEGXSVMRXLIGSRGVIXIvWFILEZMSV
-R WXYHMIW SJ LMKLWXVIRKXL GSRGVIXI 'EVVEWUYMPPS 7PEXI
)\TIVMQIRXEP[SVOF]7TSSRIV  7TSSRIVERH(SYKMPP
ERH2MPWSR  GSRGPYHIHXLEXMX[EWQSVIETTVSTVMEXIXS
  7TSSRIV 4SQIVS] ERH (SYKMPP   ERH 1EVXMR
GPEWWMJ] GVEGOW EW WMQTPI FSRH SV QSVXEV  ERH GSQFMRIH
(EV[MRERH8IVV]  MRHMGEXIWXLEXXLIRSRPMRIEVGSQTVIW
FSRH ERH QSVXEV  ERH XLEX XLI JSVQEXMSR SJ GSQFMRIH
WMZIFILEZMSVSJGSRGVIXIMWWXVSRKP]MRJPYIRGIHF]XLIRSRPMRIEV
GVEGOWGSRWMWXMRKSJQSVIXLERSRIQSVXEVGVEGOWMKREPIH FILEZMSV SJ GIQIRX TEWXI %W MPPYWXVEXIH MR *MK  GIQIRX
YRWXEFPIGVEGOKVS[XL8LI]SFWIVZIHXLEXXLILMKLIVXLI TEWXIYRHIVGSQTVIWWMSRMWRSXERIPEWXMGFVMXXPIQEXIVMEPEW
GSRGVIXIWXVIRKXLXLILMKLIVXLIWXVEMR VIPEXMZIXSXLIWXVEMREX WXEXIHMRXLITEWXFYXERSRPMRIEVQEXIVMEP[MXLEVIPEXMZIP]LMKL
TIEOWXVIWW EX[LMGLXLMWYRWXEFPIGVEGOKVS[XLMWSFWIVZIH WXVEMRGETEGMX]8LIRSRPMRIEVFILEZMSVSJGIQIRXTEWXIGERFI
8LI]SFWIVZIHPIWWXSXEPGVEGOMRKMRLMKLWXVIRKXLGSRGVIXI XMIHXSHEQEKIWYWXEMRIHF]XLITEWXIIZIREXZIV]PS[WXVIWWIW
XLERRSVQEPWXVIRKXLGSRGVIXIEXEPPWXEKIWSJPSEHMRK 9WMRK E G]GPMG PSEHMRK TVSGIHYVI 7TSSRIV  
;SVO F] 1I]IVW 7PEXI ERH ;MRXIV   7LEL ERH 7TSSRIV ERH (SYKMPP   ERH 7TSSRIV 4SQIVS] ERH
'LERHVE  ERH2KEF7PEXIERH2MPWSR  HIQSR (SYKMPP   HIQSRWXVEXIH XLEX FSXL TEWXI ERH GSRGVIXI
WXVEXIHXLEXQMGVSGVEGOWMRGVIEWIYRHIVWYWXEMRIHERHG]GPMG YRHIVKS QIEWYVEFPI HEQEKI EX WXVEMRW   EX [LMGL ER
PSEHMRK8LIMV[SVOMRHMGEXIHXLEXXLIXSXEPEQSYRXSJQMGVS MRGVIEWIMRFSRHERHQSVXEVQMGVSGVEGOMRKGERRSXFIHIXIGXIH
GVEGOMRKMWEJYRGXMSRSJXLIXSXEPGSQTVIWWMZIWXVEMRMRXLI 8LIPIZIPSJHEQEKIGERFIHIXIGXIHEXPS[PSEHWF]YWMRKER
GSRGVIXIERHMWMRHITIRHIRXSJXLIQIXLSHMR[LMGLXLIWXVEMR IRIVK]QIXLSHERHF]EGLERKIMRXLIMRMXMEPQSHYPYWSJ
MWETTPMIH7YEVMWERH*IVRERHS  EPWSWLS[IHXLEXXLI IPEWXMGMX] JSV IEGL PSEH G]GPI 8LI TVSGIWW SJ HEQEKI MW
JEMPYVISJGSRGVIXIYRHIVGSRWXERXEQTPMXYHIG]GPMGPSEHMRK GSRXMRYSYWYTXSJEMPYVI
MWGPSWIP]GSRRIGXIH[MXLQMGVSGVEGOKVS[XL7XYVQER7LEL 8LITL]WMGEPREXYVISJHEQEKIXLEXSGGYVWMRGIQIRXTEWXI
ERH;MRXIV  JSYRHXLEXXLIXSXEPHIKVIISJQMGVSGVEGOMRK PMOIXLEXMRGSRGVIXIETTIEVWXSFIVIPEXIHXSGVEGOMRK8LMW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

*MK {7XVIWWWXVEMR GYVZIW EW MRJPYIRGIH F] GSEXMRK EKKVIKEXIW (EV[MR ERH 7PEXI
 

TSMRX [EW JMVWX QEHI F] 7TSSRIV 4SQIVS] ERH (SYKMPP PEVKIVIHYGXMSRMRMRXIVJEGMEPFSRHWXVIRKXLGEYWIWRSGLERKI
 FEWIHSRZSPYQIXVMGWXVEMRQIEWYVIQIRXWERHXLIRF] MRXLIMRMXMEPWXMJJRIWWSJGSRGVIXIYRHIVWLSVXXIVQGSQTVIWWMZI
=SWLMQSXS IX EP   ERH =SWLMQSXS 3KMRS ERH PSEHWERHVIWYPXWMREFSYXE VIHYGXMSRMRXLIGSQTVIWWMZI
/E[EOEQM  [LSVITSVXIHXLIJSVQEXMSRSJwLEMVWLETIHx WXVIRKXLGSQTEVIH[MXLWMQMPEVGSRGVIXIQEHI[MXLEKKVIKEXI
ERH wZSMHWLETIHx GVEGOW MR TEWXI YRHIV JPI\YVI ERH [MXL RSVQEP MRXIVJEGMEP WXVIRKXL *MK   (EV[MR ERH 7PEXI
GSQTVIWWMZI PSEHMRK 8LI VIPEXMSRWLMT FIX[IIR RSRPMRIEV EPWSQSRMXSVIHQMGVSGVEGOMRK-RIZIV]GEWILS[IZIVXLI
HIJSVQEXMSRERHGVEGOMRKMRGIQIRXTEWXIMWRS[JMVQP]IWXEF EZIVEKIEQSYRXSJQSVXEVGVEGOMRK[EWWPMKLXP]KVIEXIVJSV
PMWLIHF]XLI[SVOSJ%XXMSKFIERH(EV[MR   WTIGMQIRW QEHI [MXL GSEXIH EKKVIKEXI 8LMW WQEPP ]IX
7XYHMIWSJXLIWXVIWWWXVEMRFILEZMSVSJGSRGVIXIYRHIVG]GPMG GSRWMWXIRX HMJJIVIRGI QE] I\TPEMR XLI HMJJIVIRGIW MR XLI
GSQTVIWWMZIPSEH /EVWERERH.MVWE7LELERH'LERHVE WXVIWWWXVEMR GYVZIW 4IVV] ERH +MPPSXX   YWIH KPEWW
  MRHMGEXIH XLIGSRGVIXI YRHIVKSIW VETMH HIXIVMSVEXMSR WTLIVIW[MXLHMJJIVIRXHIKVIIWSJWYVJEGIVSYKLRIWWEWGSEVWI
SRGIXLITIEOWXVIWWI\GIIHW SJXLIWLSVXXIVQGSQTVIW EKKVIKEXI8LIMVVIWYPXWEPWSMRHMGEXIXLEXVIHYGMRKXLIMRXIV
WMZIWXVIRKXLSJXLIGSRGVIXI-RXLIMVWXYH]SJG]GPMGGVIIT JEGMEP WXVIRKXL SJ XLI EKKVIKEXI HIGVIEWIW XLI GSQTVIWWMZI
2IZMPPIERH,MVWX  JSYRHXLEXLIEXMWKIRIVEXIHIZIR WXVIRKXLF]EFSYX 
[LIRWTIGMQIRWEVIG]GPIHFIPS[XLMWPIZIP8LI]EXXVMFYXIH
;SVO F] 'EVMRS   YWMRK TSP]QIVMQTVIKREXIH
XLILIEXXSWPMHMRKEXXLIMRXIVJEGMEPFSYRHEV]8LI[SVOSJ
GSRGVIXI GSVVSFSVEXIH XLIWI PEWX X[S WXYHMIW 'EVMRS
2IZMPPIERH,MVWXEPSRK[MXLXLI[SVOSJ7TSSRIVWYKKIWXW
JSYRHXLEXTSP]QIVMQTVIKREXMSRHMHRSXMRGVIEWIXLIMRXIV
XLEXMXGERFITSWWMFPIXLEXXLILIEXQIEWYVIHMWHYIXSWSQI
JEGMEP FSRH WXVIRKXL FYX HMH MRGVIEWI XLI GSQTVIWWMZI
QMGVSWGSTMGWPMHMRK[MXLMRXLITEWXI
WXVIRKXLSJGSRGVIXI,IEXXVMFYXIHXLIMRGVIEWIMRWXVIRKXLXS
7IZIVEPWXYHMIWLEZIEXXIQTXIHXSIWXEFPMWLXLIMQTSVXERGI
XLITSP]QIVvWIJJIGXSRQSVXEVWXVIRKXLXLIVIJSVIHS[RKVEHMRK
SJ MRXIVJEGMEPFSRHWXVIRKXLSRXLI FILEZMSVSJGSRGVIXI MR
XLIMQTSVXERGISJMRXIVJEGMEPFSRH
GSQTVIWWMSR8[SWXYHMIWWIIQIHXSMRHMGEXIEZIV]PEVKI
IJJIGX XLYW IQTLEWM^MRK XLI MQTSVXERGI SJ MRXIVJEGMEP 8LIMQTSVXERGISJQSVXEVMRGSRXVSPPMRKXLIWXVIWWWXVEMR
WXVIRKXL SR GSRGVIXI FILEZMSV MR GSQTVIWWMSR 7LEL ERH FILEZMSVSJGSRGVIXIMWMPPYWXVEXIHF]XLIJMRMXIIPIQIRX[SVO
'LERHVE  2ITTIV'LVMWXIRWIR ERH 2MIPWIR   SJ&Y]YOS^XYVO  ERH1ELIVERH(EV[MR  
8LIWIWXYHMIWYWIHVIPEXMZIP]XLMGOWSJXGSEXMRKWSRGSEVWI &Y]YOS^XYVO  YWIHEJMRMXIIPIQIRXVITVIWIRXEXMSRSJ
EKKVIKEXI XS VIHYGI XLI FSRH WXVIRKXL &IGEYWI XLIWI WSJX ETL]WMGEPQSHIPSJGSRGVIXI8LIQSHIPXVIEXIHQSVXEV MR
GSEXMRKWMWSPEXIHXLIEKKVIKEXIJVSQXLIWYVVSYRHMRKQSVXEV GSQTVIWWMSR ERHEKKVIKEXI MRGSQTVIWWMSRERHXIRWMSR EW
XLIIJJIGX[EWQSVIPMOIMRHYGMRKEPEVKIRYQFIVSJZSMHWMR PMRIEVIPEWXMGQEXIVMEPW[LMPIEPPS[MRKGVEGOWXSJSVQMRXLI
XLIGSRGVIXIQEXVM\ QSVXEV ERH EX QSVXEV EKKVIKEXI FSYRHEVMIW &Y]YOS^XYVO
8[S SXLIV WXYHMIW (EV[MR ERH 7PEXI  4IVV] ERH WMQYPEXIHXLISZIVEPPGVEGOTEXXIVRWYRHIVYRME\MEPPSEHMRK
+MPPSXX XLEXHMHRSXMWSPEXIXLIGSEVWIEKKVIKEXIJVSQ ,MWJMRMXIIPIQIRXQSHIPLS[IZIVGSYPHRSXHYTPMGEXIXLI
XLIQSVXEVMRHMGEXIHXLEXMRXIVJEGMEPWXVIRKXLTPE]WSRP]EQMRSV JYPPRSRPMRIEVFILEZMSVSJXLITL]WMGEPQSHIPYWMRKXLIJSV
VSPI MR GSRXVSPPMRK XLI GSQTVIWWMZI WXVIWWWXVEMR FILEZMSV SJ QEXMSRSJMRXIVJEGMEPFSRHGVEGOWERHQSVXEVGVEGOWEWXLI
GSRGVIXI (EV[MR ERH 7PEXI   YWIH E XLMR GSEXMRK SJ SRP]RSRPMRIEVIJJIGXW1ELIVERH(EV[MR  LEZI
TSP]WX]VIRISRREXYVEPGSEVWIEKKVIKEXI8LI]JSYRHXLEXE WLS[RXLEXEZIV]GPSWIVITVIWIRXEXMSRSJXLIEGXYEPWXVIWW
6 1%29%03*'32'6)8)46%'8-')

»zMR ERHMRPIRKXLJVSQXSSZIV™Q XSSZIV»


z MR  8IWXW SR QSVXEVWLS[IH XLEX RSRPSEHIH WTIGMQIRW
LEHEFSYX SJXLIGVEGOHIRWMX]SJXLIGSVVIWTSRHMRK
GIQIRX TEWXI WTIGMQIRW %W XLI ETTPMIH WXVEMR [EW
MRGVIEWIH LS[IZIV XLI GVEGO HIRWMX] MRGVIEWIH QSVI
VETMHP]MRXLIQSVXEVIZIRXYEPP]WYVTEWWMRKXLIZEPYISFXEMRIH
MRXLIGIQIRXTEWXI;LMPIWERHTEVXMGPIWGERVIHYGIGVEGO
HIRWMX] HYI XS ZSPYQI GLERKIW MR GIQIRX TEWXI XLIWI
VIWYPXWMRHMGEXIXLEXXLI]EGXEWWXVIWWVEMWIVW[LIRPSEH
MW ETTPMIH 8LMW MRGVIEWI MR GVEGO HIRWMX] YRHIV ETTPMIH
PSEHMRKQE]I\TPEMRXLIVIHYGXMSRMRYPXMQEXIWXVEMRGETEGMX]
I\LMFMXIHMR*MK 1EVXMR(EV[MRERH8IVV] JSV
QSVXEVGSQTEVIH[MXLGIQIRXTEWXIEXXLIWEQI[G
9WMRKEREP]XMGEPTVSGIHYVIW%XXMSKFIERH(EV[MR 
IWXEFPMWLIHXLEXEWMKRMJMGERXTSVXMSRSJXLIRSRPMRIEVWXVEMR
MRGIQIRXTEWXIERHQSVXEVGERFIEXXVMFYXIHXSXLIQMGVSGVEGOW
*MK{'VEGOXLVSYKLGEPGMYQWMPMGEXIL]HVEXIERHGEPGMYQ [MXLMRXLIGIQIRXTEWXI
L]HVS\MHIMRGIQIRXTEWXI %XXMSKFIERH(EV[MR  3ZIVEPPXLIHEQEKIXSGIQIRXTEWXIMRGSQTVIWWMSRWIIQW
XS TPE] E HSQMRERX VSPI MR GSRXVSPPMRK XLI TVMQEV] WXVIWW
WXVEMRFILEZMSVGERFISFXEMRIHYWMRKERSRPMRIEVVITVIWIRXEXMSR WXVEMR FILEZMSV SJGSRGVIXI YRHIVGSQTVIWWMSR -R RSVQEP
JSVXLIQSVXEVGSRWXMXYIRXSJXLITL]WMGEPQSHIP [IMKLX GSRGVIXI EKKVIKEXI TEVXMGPIW EGX EW WXVIWW VMWIVW
1ELIVERH(EV[MREPWSWXYHMIHXLIFILEZMSVSJXLIQSVXEV MRGVIEWMRKXLIMRMXMEPWXMJJRIWWERHHIGVIEWMRKXLIWXVIRKXL
GSRWXMXYIRX SJ GSRGVIXI YRHIV QSRSXSRMG ERH G]GPMG SJXLITEWXIERHGSRXVSPPMRKXLIGSQTVIWWMZIWXVIRKXLSJXLI
GSQTVIWWMSR  (IKVEHEXMSRMRQSVXEV[EWWLS[RXSFI GSRGVIXI%RYRHIVWXERHMRKSJGSRGVIXIFILEZMSVMRGSQTVIW
EGSRXMRYSYWTVSGIWWERHEJYRGXMSRSJFSXLXSXEPWXVEMRERH WMSR XLYWVIUYMVIWERYRHIVWXERHMRK SJ FSXLXLIFILEZMSVSJ
PSEHLMWXSV]8LIWXYH]MRHMGEXIHXLEXVIWMHYEPWXVEMREW[IPP GIQIRXTEWXIMRGSQTVIWWMSRERHXLIMRXIVEGXMSRSJGIQIRX
EW XLI GLERKI MR XLIMRMXMEP QSHYPYW SJ IPEWXMGMX] EVI KSSH TEWXI[MXLEKKVIKEXITEVXMGPIW
QIEWYVIWSJWXVYGXYVEPGLERKI[MXLMRXLIQEXIVMEP%GGYQY
PEXMSRW SJ VIWMHYEP WXVEMR [IVI SFXEMRIH JSV ZEPYIW SJ {*VEGXYVI
QE\MQYQWXVEMREWPS[EW8LI[SVOWLS[IHXLEX  %TTPMGEFMPMX]SJPMRIEVIPEWXMGJVEGXYVIQIGLERMGW{
XLIQE\MQYQWXVEMREPSRIHSIWRSXGSRXVSPXLIHIKVEHEXMSR 8LIJVEGXYVIXSYKLRIWWSJEFVMXXPIQEXIVMEP[LMGLMWGLEVEG
SJQSVXEVMRGSQTVIWWMSRERHXLEXXLIXSXEPWXVEMRVERKI FSXL XIVM^IH F] E GVMXMGEP WXVIWWMRXIRWMX] JEGXSV /-G GER FI
PSEHMRKERHYRPSEHMRK EHHWXSXLIHIKVEHEXMSRMRWXMJJRIWW QIEWYVIHF]YWMRKEWMRKPIIHKIRSXGLIHFIEQWYFNIGXIHXS
ERHEGGYQYPEXMSRSJVIWMHYEPWXVEMR8LIMV[SVOGSRGPYHIWEW EQSRSXSRMGEPP]MRGVIEWMRKPSEH8LIPSEHMWETTPMIHWSXLEX
[EWTVIZMSYWP]SFWIVZIH 1I]IVW7PEXIERH;MRXIV EGSRWXERXVEXISJGVEGOQSYXLSTIRMRKHMWTPEGIQIRX '13(
7LELERH'LERHVE2KEF7PEXIERH2MPWSR XLEX MWQEMRXEMRIH-JXLIPSEH'13(GYVZIMWPMRIEV0)*1GER
FSRHERHQSVXEVQMGVSGVEGOMRKMRGSRGVIXIMWEJYRGXMSRSJ FIYWIHXSGEPGYPEXI/-GFEWIHSRXLIQIEWYVIHQE\MQYQPSEH
XLIGSQTVIWWMZIWXVEMRMRXLIGSRGVIXIERHMWMRHITIRHIRXSJ ERHXLIPIRKXLSJXLIGVEGONYWXFIJSVIJEMPYVI %781) 
XLI QIXLSH MR [LMGL XLI WXVEMR MW ETTPMIH &IGEYWI XLI /-GMWYWIHMRXLIHIWMKRSJQIXEPWXVYGXYVIWXSTVIZIRXFVMXXPI
QE\MQYQ WXVEMR HSIW RSX ETTIEV XS GSQTPIXIP] GSRXVSP JEMPYVI[LIVIJEXMKYIGVEGOKVS[XLMWI\TIGXIHXSSGGYV*SV
HIKVEHEXMSRJEGXSVWSXLIVXLERFSRHERHQSVXEVGVEGOWGER 0)*1XSFIETTPMGEFPILS[IZIVXLIZEPYISJ/-GWLSYPH
HSQMREXIXLIHIKVEHEXMSRSJGSRGVIXIHYVMRKG]GPMGPSEHMRK FIEQEXIVMEPTVSTIVX]MRHITIRHIRXSJXLIWTIGMQIRKISQIXV]
1EVXMR(EV[MRERH8IVV]  WXYHMIHXLIFILEZMSVSJ ;LIR /-G[EWGEPGYPEXIHJSVGSRGVIXIEWHIWGVMFIHTVIZM
TEWXI QSVXEV ERH GSRGVIXI YRHIV G]GPMG ERH WLSVXXIVQ SYWP]WMKRMJMGERXIJJIGXWSJXLIWM^IERHKISQIXV]SJXLIXIWX
WYWXEMRIHGSQTVIWWMSR8LI]JSYRHEKVIEXWMQMPEVMX]MRXLI WTIGMQIR [IVI SFWIVZIH F] QER] MRZIWXMKEXSVW /ETPER
FILEZMSVSJGSRGVIXIERHMXWQSVXEVGSRWXMXYIRXEPXLSYKLXLI 2EYWERH0SXX,MKKMRWERH&EMPI] 8LI
FSRHERHQSVXEVQMGVSGVEGOMRKJSYRHMRGSRGVIXI[IVIRSX HEXETVIWIRXIHMR*MK ,MKKMRWERH&EMPI] WLS[W
SFWIVZIH MR XLI QSVXEV WTIGMQIRW 3J XLI XLVII QEXIVMEPW XLEX /-GMRGVIEWIW[MXLXLIWTIGMQIRHITXL7YGLVIWYPXWPIH
WXYHMIH GIQIRX TEWXI LEW XLI KVIEXIWX WXVEMR GETEGMX] ERH QER]XSUYIWXMSRXLIETTPMGEFMPMX]SJ0)*1XSGSRGVIXI
WXVIRKXLJSPPS[IHF]QSVXEVERHGSRGVIXI *MK  6IWYPXW SFXEMRIHJVSQWMRKPIIHKIRSXGLIHFIEQW[IVIEPWS
8S YRHIVWXERH XLI GSQTVIWWMZI VIWTSRWI SJ XLI GIQIRX EREP]^IH F] WIZIVEP MRZIWXMKEXSVW XS HIXIVQMRI MJ GSRGVIXI
TEWXI ERH QSVXEV GSRWXMXYIRXW SJ GSRGVIXI %XXMSKFI ERH HMWTPE]W ER] RSXGL WIRWMXMZMX] 2SXGL WIRWMXMZMX] GER FI
(EV[MR    YWIH XLI 7)1 XS WXYH] WYFQMGVS I\TVIWWIH EW XLI VEXMS SJ RIX WXVIWW EX XLI GVEGO XMT XS XLI
WGSTMG GVEGOMRK YRHIV YRME\MEP GSQTVIWWMSR *MK   QSHYPYWSJVYTXYVISJERYRRSXGLIHWTIGMQIR(EXESRXLI
1EXIVMEPW[MXL[EXIVGIQIRXVEXMSW [G SJERH RSXGL WIRWMXMZMX] SJ LEVHIRIH GIQIRX TEWXI QSVXEV ERH
[IVIWYFNIGXIHXSQSRSXSRMGG]GPMGERHWLSVXXIVQWYWXEMRIH GSRGVIXI EVI WLS[R MR *MK  ,MKKMRW ERH &EMPI] 
PSEHMRK 8LIMV SFWIVZEXMSRW WLS[IH XLEX QSWX GVEGOW MR /IWPIV2EYWERH0SXX7LELERH1G+EVV]+NÜVZ
GIQIRXTEWXIVERKIMR[MHXLJVSQXS™Q XS 7SVIRWSRERH%VRIWSR,MPPIQIMIVERH,MPWHSVJ 
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

*MK{7M^IIJJIGXSRWXVIWWMRXIRWMX]JEGXSV FEWIHSRHEXEJVSQ,MKKMRWERH&EMPI]
 

*MK{)JJIGXSJVIPEXMZIRSXGLHITXLSRRSXGLWIRWMXMZMX] FEWIHSRHEXEJVSQ
,MKKMRW ERH &EMPI]  /IWPIV 2EYW ERH 0SXX  7LEL ERH 1G+EVV]
+NÜVZ7SVIRWSRERH%VRIWSR,MPPIQIMIVERH,MPWHSVJ 

8LIWTIGMQIRWWLS[MRKRSRSXGLWIRWMXMZMX]EVIPMOIP]XLIVIWYPX XLI LIXIVSKIRIMXMIW ERH XLI JVEGXYVI TVSGIWW ^SRI EVI WQEPP
SJHIJMGMIRGMIWMRXLIXIWXQIXLSHWEWI\TPEMRIHF]+NÜVZIX GSQTEVIH[MXLXLIWXVYGXYVIHMQIRWMSRW
EP   8LI VIWYPXW MRHMGEXI LS[IZIV XLEX FSXL QSVXEV  2SRPMRIEV JVEGXYVI QSHIPW JSV GSRGVIXI{8LI
ERHGSRGVIXIHMWTPE]PIWWRSXGL WIRWMXMZMX] XLER LEVHIRIH MRETTPMGEFMPMX]SJ0)*1XSPEFSVEXSV]WM^IGSRGVIXIWTIGM
GIQIRX TEWXI -X MW [MHIP] EGGITXIH XSHE] XLEX XLMW PS[IV QIRW MW XLI VIWYPX SJ XLI LIXIVSKIRIMX] MRLIVIRX MR XLI
GSRGVIXI8LMWLIXIVSKIRIMX]VIWYPXWMREVIPEXMZIP]PEVKIJVEGXYVI
RSXGLWIRWMXMZMX]JSV XLIVIPEXMZIP] QSVI LIXIVSKIRISYW QEXI
TVSGIWW ^SRI XLEX VIWYPXW MR E WYFWXERXMEP EQSYRX SJ GVEGO
VMEPW TEVXMGYPEVP] GSRGVIXI MW HYI XS XLI JEGX XLEX 0)*1 MW KVS[XL GVEGOI\XIRWMSR TVIGIHMRKXLIGVMXMGEP QE\MQYQ
MRETTPMGEFPIJSVPEFSVEXSV]WM^IWTIGMQIRWSJXLIWIQEXIVMEPW PSEHERHMWVIWTSRWMFPIJSVXLIWXVSRKHITIRHIRGISJ/-GSR
+NÜVZIXEP;MXXQERR -XMWEPWS[MHIP]EGGITXIH XLI WM^I ERH KISQIXV] SJ XIWX WTIGMQIRW 4VIGVMXMGEP GVEGO
0MRWFEYIVIXEPEF LS[IZIVXLEX0)*1MWEZEPMHXSSP KVS[XL GVEGOI\XIRWMSR JSVERSXGLIHFIEQXIWXMWWLS[RMR
JSVEREP]^MRKPEVKIGSRGVIXIWXVYGXYVIWWYGLEWHEQW[LIVI *MK[LIVIXLIGVEGOKVS[XLELIEHSJXLIRSXGL[EWGSRXMR
6 1%29%03*'32'6)8)46%'8-')

*MK{4VIGVMXMGEPGVEGOKVS[XL .SLRERH7LEL 

*MK{2SVQEPM^IHTIEOWXVIWWZIVWYWGVEGO[MHXLMRYRE\MEPXIRWMSR +STEPVEXREQERH
7LEL 

YSYWP] QSRMXSVIH YWMRK E WTIGMEPP] HIZIPSTIH FVMXXPI GVEGO HMQIRWMSRWSJEQIQFIVMWEXPIEWXXMQIWXLIQE\MQYQ


KEKI .SLRERH7LEL  EKKVIKEXI WM^I [LMGL [SYPH PIEH XS TVSLMFMXMZI WM^I
8LI JVEGXYVI TVSGIWW ^SRI MR GSRGVIXI MW WYFWXERXMEPP] VIUYMVIQIRXW *SV MRWXERGI GSRGVIXI [MXL  QQ  MR
HMJJIVIRXJVSQXLITPEWXMG^SRIMRQIXEPW*SVQIXEPWXLITPEWXMG EKKVIKEXIW[SYPHVIUYMVIEFIEQ[MXLEHITXLSJEXPIEWXSJQ
^SRIMWHIJMRIHEWE^SRI[LIVIXLIQEXIVMEPLEW]MIPHIHELIEH
JX -RZMI[SJXLIWIWTIGMQIRWM^IVIUYMVIQIRXW[LIR0)*1
SJXLIGVEGO0)*1MWFEWIHSRXLIEWWYQTXMSRXLEXXLITPEWXMG
^SRI MW WYFWXERXMEPP] WQEPPIV XLER XLI HMQIRWMSRW SJ XLI XIWX MWRSXETTPMGEFPIJSVQER]SJXLIJVEGXYVIXIWXWXLEXLEZIFIIR
WTIGMQIR0EFSVEXSV]WM^IWTIGMQIRWWEXMWJ]XLMWGVMXIVMSRJSV GSRHYGXIHSRGSRGVIXI8LIVIJSVIMJPEFSVEXSV]WM^IWTIGMQIRW
QIXEPW *SV GSRGVIXI &E‚ERX   WXEXIH XLEX XLI JVEGXYVI EVIYWIHXSIZEPYEXIXLI JVEGXYVIXSYKLRIWWSJGSRGVIXI MX MW
TVSGIWW^SRILEWERIKPMKMFPIIJJIGXMJXLIGVSWWWIGXMSREP MQTIVEXMZIXLEXXLIIJJIGXSJXLITVSGIWW^SRIMWGSRWMHIVIH
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

E
E

*MK { E  *MGXMXMSYW GVEGO QSHIP ERH F  GVEGO FERH


QSHIP
F
*MKYVI  WLS[W XLI VIWYPXW SJ E YRME\MEP XIRWMPI XIWX
GSRHYGXIH F] +STEPEVEXREQ ERH 7LEL   8LI EZIVEKI
WYVJEGI  GVEGO STIRMRK HMWTPEGIQIRXW HYVMRK XLMW XIWX [IVI *MK{ E )JJIGXMZI+VMJJMXLGVEGOERH F X]TMGEPTPSX
QIEWYVIHQMGVSWGSTMGEPP]8LITIEOSJXLIGYVZIWLS[R SJPSEHZIVWYW'13( .IRUERH7LEL 
MR*MKEX^IVSHMWTPEGIQIRXMWEWWYQIHXSFIIUYEPXSXLI
XIRWMPIWXVIRKXLSJXLIGSRGVIXIERHXLIEVIEYRHIVXLIGYVZIMW TVSTIVXMIW[MXLMRERIPIQIRX-R*MK F XLIJMKYVISRXLI
GSRWMHIVIHXSFIXLIJVEGXYVIIRIVK]SJXLIGSRGVIXI+J  PIJXLERHWMHIMWEREPSKSYWXSXLIJMKYVISRXLIPIJXLERHWMHISJ
,MPPIVFSVK1SHIIVERH4IXIVWWSR  HIZIPSTIHXLI *MK E WLS[MRKEZEVMEXMSRMRWXVIWWEPSRKXLIGVEGOJVSRXEW
JMGXMXMSYWGVEGOQSHIP[LMGLLEWFIIRYWIHJSVJMRMXIIPIQIRX EJYRGXMSRSJPSGEXMSR8LIVMKLXLERHTSVXMSRSJ*MK F
EREP]WMWSJGSRGVIXIJVEGXYVI*MKYVI E MPPYWXVEXIWXLIFEWMG WLS[WXLIWXVIWWWXVEMRGYVZIXLEXHIJMRIWXLIFILEZMSVSJER
GSRGITXSJXLIETTVSEGL*SVEFIEQMRJPI\YVIXLIPIJXLERH IPIQIRXEWXLIGVEGOKVS[W8LIVMWMRKTSVXMSRSJXLIWXVIWW
TSVXMSRSJ*MK E WLS[WXLIZEVMEXMSRMRWXVIWWEPSRKXLI WXVEMRGYVZIMWYWIHXSWMQYPEXIEWPS[P]STIRMRKGVEGO8LI
GVEGOTEXLVIEGLMRKETIEOEXXLIJMGXMXMSYWGVEGOXMT[LIVI TVSHYGXSJXLIWXVEMR JWLS[RMR*MK F ERHXLI[MHXLSJ
XLIWXVIWWMWIUYEPXSJX  XLIXIRWMPIWXVIRKXLSJXLIGSRGVIXI  XLIJMRMXIIPIQIRX;GMWIUYEPXLIGVEGOSTIRMRKHMWTPEGIQIRX
ERHXLI'83(MW^IVS1SZMRKXSXLIPIJXSJXLITIEOXLI GWLS[RMR*MK E ;LIRYWIHMRGSRNYRGXMSR[MXLXLI
WXVIWWHVSTWEWXLIGVEGOSTIRW[MXLXLIVIEPGVEGOIRHMRKEX X[SQEXIVMEPTVSTIVXMIWYWIHJSVXLIJMGXMXMSYWGVEGOQSHIP+J
XLI TSMRX [LIVI XLI WXVIWW EGVSWW XLIGVEGOLEWHVSTTIH XS ERH JX  XLI X[S TVSGIHYVIW TVSHYGI RIEVP] MHIRXMGEP VIWYPXW
^IVS8SXLIVMKLXXLIWXVIWWHVSTWMREHZERGISJXLIGVEGO 0IMFIRKSSH(EV[MRERH(SHHW 
8LIQEXIVMEPFIX[IIRXLIVIEPERHJMGXMXMSYWGVEGOXMTXVERW  2SRPMRIEV JVEGXYVI QSHIPW FEWIH SR EHETXEXMSR SJ
QMXW XIRWMPI WXVIWW EW HIJMRIH F] E WSJXIRMRK  WXVIWWGVEGO 0)*1{7IZIVEPMRZIWXMKEXSVWLEZITVSTSWIHXLIYWISJER
STIRMRKHMWTPEGIQIRXGYVZIWYGLEW*MKERHXLIVMKLX IJJIGXMZIGVEGOPIRKXLEIXSEGGSYRXJSVXLIJVEGXYVITVSGIWW
LERH TSVXMSR SJ *MK  E  -J XLI WLETI SJ XLMW WSJXIRMRK ^SRI 'EXEPERSERH-RKVEJJIE2EPPEXLEQFMERH/EVML
GYVZIMWEWWYQIHXSFIJM\IHXLIRXLIJVEGXYVISJXLIGSRGVIXI EPSS  6IJEM ERH 7[EVX^   8LI IJJIGXMZI GVEGO
MWGSQTPIXIP]GLEVEGXIVM^IHF]JX ERH+J  PIRKXLMWSFXEMRIHJVSQXLIVIHYGXMSRMRWXMJJRIWWEXXLITIEO
&E‚ERXERH3L  HIZIPSTIHEGVEGOFERHQSHIPXS PSEHMREXLVIITSMRXFIRHXIWX8LIIJJIGXMZIGVEGOHITIRHWSR
EGGSYRX JSV XLI JVEGXYVI TVSGIWW ^SRI MR GSRGVIXI MR E XLIQE\MQYQKVEMRWM^ISJXLIEKKVIKEXIERHSRXLIKISQIXV]
WQIEVIHQERRIVXLVSYKLXLIMRXVSHYGXMSRSJEWXVEMRWSJXIRMRK SJXLIWTIGMQIR8LIXIVQEIMWSFXEMRIHF]GSQTEVMRKXLI
GSRWXMXYXMZIVIPEXMSR-RXLMWQSHIPXLIGVEGOJVSRXLEWE[MHXL GSQTPMERGISJXLIXIWXWTIGMQIR[MXLGSQTPMERGIWSFXEMRIH
SJ ;GXLEXMWIUYEPXSXLI[MHXLSJEWMRKPIJMRMXIIPIQIRX JVSQEWIVMIWSJTVIRSXGLIHFIEQW;LIR/-GMWGEPGYPEXIH
*MK F 8LIGVEGOFERHQSHIPMWHIWMKRIHXSTVSHYGIE YWMRKXLIIJJIGXMZIGVEGOPIRKXLEWM^IMRHITIRHIRXZEPYIMW
VIWTSRWIMREJMRMXIIPIQIRXQSHIPXLEXIWWIRXMEPP]QEXGLIWXLI SFXEMRIH 6IJEM ERH 7[EVX^   HIZIPSTIH IQTMVMGEP
VIWYPXWSJXLIJMGXMXMSYWGVEGOQSHIP-RXLIGVEGOFERHQSHIP IUYEXMSRW XLEX VIPEXI IJJIGXMZI GVEGO PIRKXL [MXL WTIGMQIR
XLIGVEGOMWVITVIWIRXIHF]ERIUYMZEPIRXGLERKIMRQEXIVMEP KISQIXV]ERHQEXIVMEPTVSTIVXMIW
6 1%29%03*'32'6)8)46%'8-')

&HS ! IQTMVMGEPGSRWXERXWHSFIMRKEGIVXEMRQYPXMTPISJXLI
QE\MQYQWM^ISJMRLSQSKIRIMXMIWMRXLIQEXIVMEPHE 
8LIZEPYISJ&ERHXLIVEXMSSJHS HEHITIRHWSRP]SRXLI
WLETISJXLIWXVYGXYVIRSXSRMXWWM^I*MKYVIWLS[W
XLIVIPEXMSRWLMTFIX[IIRRSQMREPWXVIWWEXJEMPYVIERHWM^I
-JXLIWXVYGXYVIMWZIV]WQEPPXLIWIGSRHXIVQMRTEVIRXLIWIW
HHSSJ)U  MWRIKPMKMFPIGSQTEVIH[MXLERH 2!&JX
MWXLIJEMPYVIGSRHMXMSRXLEXVITVIWIRXWXLIWXVIRKXLGVMXIVMSR
ERH GSVVIWTSRHW XS XLI LSVM^SRXEP PMRI MR *MK  -J XLI
WXVYGXYVIMWZIV]PEVKIMWRIKPMKMFPIGSQTEVIH[MXLH HSERH
2!GSRWXERX H  8LMWMWXLIX]TMGEPWM^IIJJIGXMR0)*1MX
GSVVIWTSRHW XS XLI MRGPMRIH WXVEMKLX PMRI MR *MK 
%GGSVHMRK XS )U   XLI WM^I IJJIGX MR FPYRX JVEGXYVI
VITVIWIRXWEKVEHYEPXVERWMXMSRJVSQXLIWXVIRKXLGVMXIVMSRXS
XLIIRIVK]GVMXIVMSRSJ0)*1
8LI WM^IIJJIGX PE[ LEW FIIR YWIH F] &E‚ERX ERH 7YR
*MK{7M^IIJJIGXPE[ &E‚ERX/MQERH4JIMJJIV    &E‚ERX ERH 7IRIV   ERH &E‚ERX 7IRIV ERH
4VEXX  XSTVIHMGXXLIWM^IIJJIGXWJSVWLIEVXSVWMSRERH
FSRHTYPPSYXXIWXMRKSJGSRGVIXI
.IRUERH7LEL  TVSTSWIHEQIXLSHXSHIXIVQMRIXLI
 )JJIGX SJ QEXIVMEP TVSTIVXMIW SR JVEGXYVI{'IVXEMR
IJJIGXMZIGVEGOPIRKXL[LMGLMWXLIRYWIHXSGEPGYPEXIEGVMXMGEP
W QEXIVMEPTVSTIVXMIWIWTIGMEPP][GQTPE]ERMQTSVXERXVSPI
WXVIWWMRXIRWMX] JEGXSV /-G ERH E GVMXMGEP GVEGO XMT STIRMRK
MR GSRXVSPPMRK XLI GSQTVIWWMZI WXVIRKXL ERH HYVEFMPMX] SJ
HMWTPEGIQIRX '83(  *MKYVI MPPYWXVEXIWXLI IJJIGXMZI
GSRGVIXI 8LI IJJIGX SJ XLIWI QEXIVMEP TVSTIVXMIW SR XLI
GVEGOPIRKXL GSRGITX 8LI IJJIGXMZI GVEGO PIRKXL GSRGITX
JVEGXYVISJGSRGVIXIEVIRSXGIVXEMRLS[IZIVWSQIWXYHMIW
MXWIPJMWXLIWYQSJEQIEWYVEFPIGVEGOZMWMFPISRXLIWMHISJ
LEZI WTIGMJMGEPP] EHHVIWWIH XLMW UYIWXMSR )EVP] [SVO F]
EWTIGMQIRTPYWXLIEHHMXMSREPGVEGOPIRKXLVITVIWIRXIHF]
2EYWERH0SXX  MRHMGEXIHXLEXXLIJVEGXYVIXSYKLRIWWSJ
XLIJVEGXYVITVSGIWW^SRI8LIIJJIGXMZIGVEGOPIRKXLMWIZEP
GIQIRXTEWXIERHQSVXEVMRGVIEWIW[MXLHIGVIEWMRK[GQFYX
YEXIHYWMRKXLIYRPSEHMRKGSQTPMERGIQIEWYVIQIRX 'YSJ
[GQLEWPMXXPIIJJIGXSRXLIJVEGXYVIXSYKLRIWWSJGSRGVIXI
XLI PSEH'13( GYVZI EX XLI TSMRX SJ QE\MQYQ PSEH EW
2EYWERH0SXXJSYRHXLEX/-GMRGVIEWIW[MXLEKIERHHIGVIEWIW
WLS[RMR*MK F .IRKERH7LELJSYRHXLEXXLIIJJIGXMZI
[MXLMRGVIEWMRKEMVGSRXIRXJSVTEWXIQSVXEVERHGSRGVIXI8LI
GVEGO PIRKXL GEPGYPEXIH JVSQ GSQTPMERGI QIEWYVIQIRXW MW
JVEGXYVIXSYKLRIWWSJQSVXEVMRGVIEWIW[MXLMRGVIEWMRKWERH
XLI WEQI EW XLEX SFXEMRIH YWMRK 0)*1 ERH EWWYQMRK XLEX
GSRXIRX ERH XLI JVEGXYVI XSYKLRIWW SJ GSRGVIXI MRGVIEWIW
'83(LEWEGVMXMGEPZEPYI[LMGL[EWJSYRHXSFIMRHITIRHIRX
[MXLERMRGVIEWIMRXLIQE\MQYQWM^ISJXLIGSEVWIEKKVI
SJ XLI WM^I ERH KISQIXV] SJ XLI FIEQW XIWXIH ERH QE] FI
GSRWMHIVIHXSFIEZEPMHJVEGXYVITEVEQIXIV KEXI+IXXY&E‚ERXERH/EVV  MREWXYH]SJXLIJVEG
 7M^IIJJIGXSJJVEGXYVI{8LIIJJIGXSJWXVYGXYVEPWM^I XYVITVSTIVXMIWSJLMKLWXVIRKXLGSRGVIXIQEHIERYQFIVSJ
SRXLIJVEGXYVISJGSRGVIXIMWTIVLETWXLIQSWXGSQTIPPMRK SFWIVZEXMSRWXLEXQEXGLXLSWISFXEMRIHMRXLIIEVPMIV[SVO
VIEWSRJSVYWMRKJVEGXYVIQIGLERMGW %'-6  8LI]SFWIVZIHXLEXXLIJVEGXYVIXSYKLRIWWERHJVEGXYVIIRIVK]
*SVFPYRXJVEGXYVI EWSGGYVWMREGVEGO[MXLEHMJJYWIJVEGXYVI SFXEMRIH[MXLLMKLWXVIRKXLGSRGVIXIMWRSXQYGLLMKLIVXLER
TVSGIWW^SRIMRQEXIVMEPWWYGLEWGSRGVIXI XLIXSXEPTSXIRXMEP XLEXJSVPS[IVWXVIRKXLGSRGVIXIERHER]MRGVIEWIXLEXSGGYVW
IRIVK]VIPIEWIGEYWIHF]JVEGXYVIMREKMZIRWXVYGXYVIHITIRHW MW EX E VEXI PIWW XLER MR TVSTSVXMSR XS XLI WUYEVI VSSX SJ
SRXLIPIRKXLSJXLIJVEGXYVIERHXLIEVIEXVEZIVWIHF]XLIJVEG GSQTVIWWMZI WXVIRKXL 8LI [SVO F] +IXXY &E‚ERX ERH
XYVITVSGIWW^SRIWSXLEXXLIWM^ISJXLIJVEGXYVITVSGIWW^SRIMW /EVV  [EWGEVVMIHSYX[MXLQM\XYVIWXLEXQEMRXEMRIH
GSRWXERXERHMRHITIRHIRXSJXLIWM^ISJXLIWXVYGXYVI(MQIR E GSRWXERX QE\MQYQWM^I EKKVIKEXI ;LIR XLI VIWYPXW SJ
WMSREP EREP]WMWXLIRWLS[WXLEX XLIWXVYGXYVEPWM^IIJJIGX XLIMV[SVOEVIGSQFMRIH[MXLXLIX]TMGEPTVSGIHYVISJYWMRK
JSVKISQIXVMGEPP]WMQMPEVWTIGMQIRWSVWXVYGXYVIWMWKSZIVRIH WQEPPIVQE\MQYQWM^IEKKVIKEXIJSVLMKLWXVIRKXLGSRGVIXI
F]XLIWMQTPIVIPEXMSR &E‚ERX/MQERH4JIMJJIV MXFIGSQIWGPIEVXLEXMQTVSZIQIRXWMRGSQTVIWWMZIWXVIRKXL
SFXEMRIH[MXLXLIYWISJMRGVIEWIHGIQIRXGSRXIRXWQMRIVEP
EHQM\XYVIW LMKLVERKI [EXIVVIHYGIVW ERH [MXL XLI EG
&J X
2 ! 
  GSQTER]MRKVIHYGXMSRMRXSXEPEKKVIKEXIZSPYQI[MPPRSX
  H k HS MRGVIEWI JVEGXYVI XSYKLRIWW 8LI VIWYPX MW XLEX WXVYGXYVEP
QIQFIVW QEHI [MXL LMKLWXVIRKXL GSRGVIXI [MPP I\LMFMX E
[LIVI PS[IVXLERI\TIGXIHGETEGMX][LIRXLIQIQFIVWXVIRKXL
2 ! 4FH!RSQMREPWXVIWWEXJEMPYVI HITIRHWSRXLIGSRGVIXIXIRWMPIWXVIRKXLERHXLIHIWMKRMW
4 ! QE\MQYQPSEH XLEXMWJEMPYVIPSEH  FEWIH SR J G   7TIGMJMG I\EQTPIW EVI JPI\YVEP GVEGOMRK
F ! XLMGORIWW WLIEV WXVIRKXL ERH FSRH WXVIRKXL FIX[IIR GSRGVIXI ERH
H ! GLEVEGXIVMWXMGHMQIRWMSRSJXLIWTIGMQIRSVWXVYGXYVI VIMRJSVGMRKWXIIP8LIMQTEGXSJYWMRKLMKLWXVIRKXLGSRGVIXISR
JX ! HMVIGXXIRWMPIWXVIRKXLERH XLIWIPSEHGEVV]MRKQIGLERMWQWRIIHWEHHMXMSREPWXYH]
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

',%48)6{'3286303*'6%'/-2+(9)
83(6=-2+7,6-2/%+)
{-RXVSHYGXMSR
(V]MRKWLVMROEKISJGSRGVIXIMWXLIVIHYGXMSRMRZSPYQI
GEYWIHF]XLIPSWWSJ[EXIV(V]MRKWLVMROEKIGERFIHIJMRIH
EWXLIXMQIHITIRHIRXPMRIEVWXVEMREXGSRWXERXXIQTIVEXYVI
QIEWYVIHSRERYRPSEHIHWTIGMQIRXLEXMWEPPS[IHXSHV]
*VSQEWXVYGXYVEPTSMRXSJZMI[XLIVIMWRSRIIHXSWITEVEXI
HV]MRK WLVMROEKI JVSQ SXLIV OMRHW SJ TLIRSQIRE WYGL EW
GEVFSREXMSRWLVMROEKIERHEYXSKIRSYWWLVMROEKI%X]TMGEP
ZEPYIJSVXLIJMREPWLVMROEKIWXVEMRSJGSRGVIXIMRWXVYGXYVIW
MW»z&IGEYWIXLIGSRGVIXIXIRWMPIWXVEMRGETEGMX]
GERFI»zSVPIWWGVEGOMRK[MPPVIWYPXMJXLIWLVMROEKI
MWVIWXVEMRIHMREGSRGVIXIQIQFIV8LIVIMWELMKLHIKVIISJ
YRGIVXEMRX] MR TVIHMGXMRK WLVMROEKI SJ GSRGVIXI WXVYGXYVIW
LS[IZIV FIGEYWI XLMW TVSTIVX] ZEVMIW GSRWMHIVEFP] [MXL
QER]TEVEQIXIVWMRGPYHMRKGSRGVIXIGSQTSWMXMSRWSYVGISJ
EKKVIKEXI EQFMIRX VIPEXMZI LYQMHMX] WTIGMQIR KISQIXV]
ERHQSVIWTIGMJMGEPP]XLIVEXMSSJXLII\TSWIHWYVJEGIXSXLI
ZSPYQISJXLIWXVYGXYVEPIPIQIRX*YVXLIVXLIWPS[HIZIPSTQIRX
SJWLVMROEKISZIVXMQIQEOIWMXHMJJMGYPXXSSFXEMREREGGYVEXI
TVIHMGXMSRJSVEKMZIRGSRGVIXIJVSQWLSVXXIVQPEFSVEXSV]
QIEWYVIQIRXW%WEVIWYPXEGSIJJMGMIRXZEVMEXMSRSJ SV
QSVIGERFII\TIGXIHMRTVIHMGXMRKPSRKXIVQWLVMROEKI
&IJSVIXVYIQSMWXYVIIUYMPMFVMYQLEWFIIRVIEGLIH[MXLMR
EQIQFIVGVSWWWIGXMSRMRXIVREPWLVMROEKIVIWXVEMRXSGGYVW
FIGEYWISJQSMWXYVIKVEHMIRXW'SRWIUYIRXP]WIPJIUYMPMFVEXMRK *MK{'VEGOMRKSJGSRGVIXIHYIXSHV]MRKWLVMROEKI
MRXIVREP WXVIWWIW EVI TVIWIRX [MXL XIRWMSR SR XLI WYVJEGI ERH
GSQTVIWWMSRMRXLIMRXIVMSV8LMWWXVIWWGSRHMXMSRGERGEYWI %HHMXMSREP VIWXVEMRX EVMWIW JVSQ RSRYRMJSVQ WLVMROEKI
GVEGOMRKMJRSXVIPMIZIHF]GVIIT &IGEYWI HV]MRK SGGYVW RSRYRMJSVQP] JVSQ XLI WYVJEGI
7LVMROEKI ERH GVIIT EVI SJXIR VIWTSRWMFPI JSV I\GIWWMZI XS[EVHW XLI GSRGVIXI GSVI WLVMROEKI [MPP GVIEXI MRXIVREP
HIJPIGXMSRWERHGYVZEXYVIPSWWIWMRTVIWXVIWWERHVIHMWXVMFY XIRWMPIWXVIWWIWRIEVXLIWYVJEGIERHGSQTVIWWMSRMRXLIGSVI
XMSRSJMRXIVREPWXVIWWIWERHVIEGXMSRWMRWXEXMGEPP]MRHIXIVQM (MJJIVIRXMEP WLVMROEKI GER VIWYPX MR [EVTMRK ERH WYVJEGI
REXIQIQFIVW-JRSXGSRXVSPPIHHV]MRKWLVMROEKIGERPIEHXS GVEGOW8LIWYVJEGIGVEGOWGER[MXLXMQITIRIXVEXIHIITIV
WIVZMGIEFMPMX]TVSFPIQWWYGLEWI\GIWWMZIHIJPIGXMSRWERH MRXSXLIGSRGVIXIQIQFIVEWXLIMRXIVMSVTSVXMSRMWWYFNIGXXS
HYVEFMPMX] TVSFPIQW WYGL EW JVII^IXLE[ HIXIVMSVEXMSR ERH EHHMXMSREPWLVMROEKI
GSVVSWMSREXGVEGOW %W MPPYWXVEXIH MR *MK  XLI XIRWMPI WXVIWW MRHYGIH F]
VIWXVEMRMRK HV]MRK WLVMROEKI MW VIHYGIH [MXL XMQI HYI XS
+SSH HIWMKR ERH GSRWXVYGXMSR TVEGXMGIW GER QMRMQM^I
GVIITSVWXVIWWVIPE\EXMSR'VEGOWHIZIPSTSRP][LIRXLIRIX
XLIEQSYRXSJGVEGOMRKERHIPMQMREXISVGSRXVSPXLIZMWMFPI
XIRWMPI WXVIWW VIEGLIW XLI XIRWMPI WXVIRKXL SJ GSRGVIXI 8LI
PEVKI GVEGOW F] QMRMQM^MRK XLI VIWXVEMRX YWMRK EHIUYEXI
GVIITVIPMIJHIGVIEWIW[MXLEKILS[IZIVWSXLEXXLIGVEGOMRK
VIMRJSVGIQIRXERHGSRXVEGXMSRNSMRXW*YVXLIVMRJSVQEXMSR
XIRHIRG]FIGSQIWKVIEXIV[MXLMRGVIEWIHXMQI
GERFIJSYRHMR%'-6'VEGOMRKHYIXSHV]MRKWLVMROEKI
GER RIZIV FI IPMQMREXIH MR QSWX WXVYGXYVIW 8LMW GLETXIV
{(V]MRKWLVMROEKI
GSZIVW GVEGOMRK SJ LEVHIRIH GSRGVIXI HYI XS HV]MRK ;LIR GSRGVIXI HVMIW MX GSRXVEGXW SV WLVMROW ;LIR MX MW
WLVMROEKI JEGXSVW MRJPYIRGMRK WLVMROEKI GSRXVSP SJ [IXXIHMXI\TERHW8LII\TERWMSRHSIWRSXSGGYVXSXLIWEQI
GVEGOMRK ERH XLI YWI SJ I\TERWMZI GIQIRXW XS QMRMQM^I I\XIRX EW WLVMROEKI 8LIWI ZSPYQI GLERKIW EPSRK [MXL
GVEGOMRK'SRWXVYGXMSRTVEGXMGIWERHWTIGMJMGEXMSRWXSQMRM GLERKIWMRQSMWXYVIGSRXIRXEVIERMRLIVIRXGLEVEGXIVMWXMGSJ
QM^IHV]MRKWLVMROEKIEVIGSZIVIHMR'LETXIV L]HVEYPMGGIQIRXGSRGVIXI8LIGLERKIMRQSMWXYVIGSRXIRX
SJGIQIRXTEWXIGEYWIWGSRGVIXIXSWLVMROSVW[IPP%KKVI
{'EYWISJGVEGOMRKHYIXSHV]MRKWLVMROEKI KEXIVIHYGIWXLIYRMXZSPYQISJGIQIRXTEWXIERHTVSZMHIWER
8LI GSRXVEGXMSR HYI XS HV]MRK WLVMROEKI  SJ E GSRGVIXI MRXIVREPVIWXVEMRXXLEXWMKRMJMGERXP]VIHYGIWXLIQEKRMXYHISJ
GSQTSRIRX [MXLMR E WXVYGXYVI MW EP[E]W WYFNIGX XS WSQI XLIWIZSPYQIGLERKIWMRGSRGVIXI
HIKVII SJ VIWXVEMRX JVSQ IMXLIV XLI JSYRHEXMSR ERSXLIV -REHHMXMSRXSHV]MRKWLVMROEKIXLIGIQIRXTEWXIMWEPWS
TEVXSJXLIWXVYGXYVISVXLIVIMRJSVGMRKWXIIPIQFIHHIHMRXLI WYFNIGXXSGEVFSREXMSRWLVMROEKI7LVMROEKIVIWYPXWJVSQXLI
GSRGVIXI8LIGSQFMREXMSRSJWLVMROEKIERHVIWXVEMRXHIZIP IJJIGXWSJGEVFSRHMS\MHISRXLIGLIQMGEPGLERKIWSJGEPGMYQ
STWXIRWMPIWXVIWWIW[MXLMRXLIGSRGVIXI(YIXSXLIMRLIVIRXPS[ WMPMGEXI L]HVEXI ERH GV]WXEPPMRIL]HVEXMSR TVSHYGXW ERH XLI
XIRWMPIWXVIRKXLSJGSRGVIXIGVEGOMRK[MPPSJXIRSGGYV *MK  HV]MRKSJXLITSVIWF]VIQSZMRKEFWSVFIH[EXIV'EPGMYQ
6 1%29%03*'32'6)8)46%'8-')

*MK{)JJIGXSJGVIITSRXIRWMPIWXVIWW

*MK{6IPEXMSRWFIX[IIRWLVMROEKIERHXMQIJSVGSRGVIXIWWXSVIHEXHMJJIVIRXVIPEXMZI
LYQMHMXMIW 8MQI VIGOSRIH WMRGI IRH SJ [IX GYVMRK EX  HE]W 8VS\IPP 6ETLEIP ERH
(EZMW 

L]HVS\MHI[MPP JSVQ GEPGMYQ GEVFSREXI F] VIEGXMRK[MXL {*EGXSVWGSRXVSPPMRKHV]MRKWLVMROEKI


EXQSWTLIVMG GEVFSR HMS\MHI &IGEYWI GEVFSR HMS\MHI HSIW SJGSRGVIXI
RSXTIRIXVEXIQSVIXLEREFSYXQQ MR MRXSXLIWYVJEGI 8LIQENSVJEGXSVWGSRXVSPPMRKYPXMQEXIHV]MRKWLVMROEKISJ
SJ LMKLUYEPMX] GSRGVIXI [MXL PS[ TSVSWMX] GEVFSREXMSR GSRGVIXIMRGPYHIVIPEXMZILYQMHMX]EKKVIKEXIX]TIERHGSR
WLVMROEKIMWSJQMRSVMQTSVXERGIMRXLISZIVEPPWLVMROEKI XIRX SVTEWXIGSRXIRX [EXIVGSRXIRXERH[GQ8LIVEXISJ
SJQSWXGSRGVIXIWXVYGXYVIW'EVFSREXMSRHSIWLS[IZIVTPE] QSMWXYVIPSWWERHWLVMROEKISJEKMZIRGSRGVIXIMWMRJPYIRGIH
ER MQTSVXERXVSPI MR XLIWLVMROEKI SJ WQEPPPEFSVEXSV] XIWX F] XLIWM^ISJ XLIGSRGVIXI QIQFIVXLIVIPEXMZILYQMHMX]
WTIGMQIRW ERH WXVYGXYVIW GSRWXVYGXIH [MXL PS[UYEPMX] HMWXERGIJVSQXLII\TSWIHWYVJEGIERHHV]MRKXMQI
TSVSYWGSRGVIXITEVXMGYPEVP][LIRWYFNIGXIHXSPSRKXIVQ  6IPEXMZILYQMHMX]ERHHV]MRKXMQI{6IPEXMZILYQMHMX]
I\TSWYVIXSHV]MRK8LIEQSYRXSJGEVFSREXMSRWLVMROEKI LEW E QENSV MRJPYIRGI SR YPXMQEXI WLVMROEKI ERH XLI VEXI SJ
SFWIVZIHSREWQEPPPEFSVEXSV]WTIGMQIRGERFIKVIEXIVXLER WLVMROEKI 6IWYPXW F] 8VS\IPP 6ETLEIP ERH (EZMW 
XLIWLVMROEKISJXLIGSRGVIXIMRXLIWXVYGXYVI8LMWIJJIGX WLS[IHXLEXXLIPS[IVXLIVIPEXMZILYQMHMX]XLIKVIEXIVXLI
VIWYPXW JVSQ XLI KVIEXIV WYVJEGI EVIE XS ZSPYQI VEXMS MR YPXMQEXIWLVMROEKIERHVEXISJWLVMROEKI *MK *MKYVI
WQEPPIVWTIGMQIRW7LVMROEKIHYIXSGEVFSREXMSRMWHMWGYWWIHMR EPWSMPPYWXVEXIWXLEXI\TERWMSRSGGYVWMJGSRGVIXIMWI\TSWIHXSE
HIXEMPF]:IVFIGO   GSRXMRYSYW WYTTP] SJ [EXIV XLMW TVSGIWW MW ORS[R EW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

*MK{)JJIGXSJVIPEXMZIEKKVIKEXIGSRXIRXERHQSHYPYWVEXMSSRHV]MRKWLVMROEKISJ
GSRGVIXI ,ERWIRERH%PQYHEMLIIQ 

8EFPI{)JJIGXSJEKKVIKEXIX]TISRGSRGVIXI
WLVMROEKI EJXIV'EVPWSR?A
%KKVIKEXI 7TIGMJMGKVEZMX] %FWSVTXMSR ]IEVWLVMROEKI
7ERHWXSRI   
7PEXI   
+VERMXI   
0MQIWXSRI   
5YEVX^   

W[IPPMRK 7[IPPMRK MW WQEPP GSQTEVIH [MXL WLVMROEKI MR


SVHMREV]GSRGVIXIERHSGGYVWSRP][LIRXLIVIPEXMZILYQMHMX]
MW QEMRXEMRIH EFSZI   0SVQER   7[IPPMRK GER
LS[IZIVFIWMKRMJMGERXMRPMKLX[IMKLXGSRGVIXI 2IZMPPIERH
&VSSOW  *MKYVIEPWSWLS[WXLEXHV]MRKMWEWPS[
*MK{8]TMGEPIJJIGXSJ[EXIVGSRXIRXSJGSRGVIXISRHV]MRK
TVSGIWW-XGERXEOIQER]]IEVWFIJSVIYPXMQEXIWLVMROEKI
WLVMROEKI 97&6 
MWVIEGLIHFIGEYWIXLIPSWWSJ[EXIVJVSQLEVHIRIHGSRGVIXIMW
HMJJYWMSRGSRXVSPPIH QSHYPYWVEXMSSRYPXMQEXIGSRGVIXIWLVMROEKILEZIFIIRHIZIP
 -RJPYIRGI SJ UYERXMX] ERH X]TI SJ EKKVIKEXI SR STIHF]4MGOIXX  ERH,ERWIRERH%PQYHEMLIIR  
WLVMROEKI{'SRGVIXIWLVMROEKIMWHYITVMQEVMP]XSWLVMROEKISJ 8LIMRJPYIRGISJEKKVIKEXIEFWSVTXMSRGETEGMX]SRGSRGVIXI
XLI LEVHIRIH GIQIRX TEWXI 8LI TVIWIRGI SJ EKKVIKEXI MR WLVMROEKI[EWMRZIWXMKEXIHF]'EVPWSR  ERHMWMPPYWXVEXIH
GSRGVIXI VIHYGIW XLI XSXEP WLVMROEKI F] TVSZMHMRK IPEWXMG MR8EFPIXLIGSRGVIXILEHMHIRXMGEPGIQIRXWERH[GQ8LI
VIWXVEMRXXSTEWXIWLVMROEKI'SRGVIXIWLVMROEKILS[IZIVMW EFWSVTXMSRSJEREKKVIKEXI[LMGLMWE QIEWYVI SJ TSVSWMX]
RSXWSPIP]VIPEXIHXSXLIVIPEXMZIEKKVIKEXIGSRXIRXXLIVIMW MRJPYIRGIW MXW QSHYPYW SV GSQTVIWWMFMPMX] % PS[ IPEWXMG
ERSXLIVIJJIGXHYIXSXLIVEXMSSJIPEWXMGQSHYPYWSJEKKVIKEXI QSHYPYWMWYWYEPP]EWWSGMEXIH[MXLLMKLEFWSVTXMSR
XSXLEXSJXLIL]HVEXIHTEWXI;LIRYWMRKLMKLUYEPMX]EKKVI 5YEVX^PMQIWXSRI HSPSQMXI KVERMXI JIPHWTEV ERH WSQI
KEXIW[LMGLEVIGLEVEGXIVM^IHQEMRP]F]PS[EFWSVTXMSR FEWEPXW GER FI GPEWWMJMIH EW LMKLIVQSHYPYW EKKVIKEXIW
GETEGMX] XLMW VEXMS MW X]TMGEPP] FIX[IIR JSYV ERH WIZIR [LMGLVIWYPXMRPS[IVWLVMROEKITVSTIVXMIWSJGSRGVIXI,MKL
,ERWIRERH%PQYHEMLIIQ 8LMWMWEPWSMPPYWXVEXIHMR WLVMROEKI GSRGVIXI SJXIR GSRXEMRW WERHWXSRI WPEXI LSVR
*MK[LIVIERIPEWXMGQSHYPYWVEXMSFIX[IIRERH FPIRHI ERH WSQI X]TIW SJ FEWEPXW &IGEYWI XLI VMKMHMX] SJ
MRHMGEXIWEREKKVIKEXIWXMJJRIWWXLEXMWQYGLWQEPPIVXLER GIVXEMREKKVIKEXIWWYGLEWKVERMXIPMQIWXSRISVHSPSQMXI
XLEX SJ RSVQEP[IMKLX EKKVIKEXI 'SRWXMXYXMZI QSHIPW JSV GERZEV]SZIVE[MHIVERKIXLIMVIJJIGXMZIRIWWMRVIWXVEMRMRK
TVIHMGMRK XLI MRJPYIRGI SJ VIPEXMZI EKKVIKEXI GSRXIRX ERH HV]MRKWLVMROEKIZEVMIW
6 1%29%03*'32'6)8)46%'8-')

XMSRWLMTFIX[IIR[EXIVGSRXIRX TEWXIGSRXIRXEW[IPP ERH


GSRGVIXIWLVMROEKI[MXLMRXLIVERKISJ[EXIVGSRXIRXWPMWXIH
8IQTIVEXYVIEPWSLEWERMRJPYIRGISRXLI[EXIVVIUYMVIQIRXW
SJXLIJVIWLGSRGVIXIJSVWEQIWPYQT *MK %VIHYGXMSR
MR[EXIVGSRXIRX[LMGLVIHYGIWXLITEWXIGSRXIRX[MPP VI
HYGIXLIYPXMQEXIHV]MRKWLVMROEKISJGSRGVIXI8LIVIJSVI
XLI[EXIVGSRXIRX ERHTEWXIGSRXIRX SJEGSRGVIXIQM\
XYVIWLSYPHFIOITXXSEQMRMQYQXSQMRMQM^ITSXIRXMEPHV]
MRKWLVMROEKIERHXLIGVEGOMRKXIRHIRG]SJXLIGSRGVIXI
*MKYVI  MPPYWXVEXIW XLEX GSRGVIXI WLVMROEKI MRGVIEWIW
[MXL [GQJSVEKMZIREKKVIKEXIGSRXIRX8LMWIJJIGXMWQSVI
TVSRSYRGIH[MXLPS[IVEKKVIKEXIGSRXIRXW 3HQER 
 -RJPYIRGISJQIQFIVWM^I{8LIWM^IERHWLETISJE
GSRGVIXIQIQFIVERHXLITSVSWMX]SJXLIGIQIRXTEWXIMRJPY
IRGIWXLIHV]MRKVEXISJGSRGVIXIERHXLIVIJSVIMRJPYIRGIW
XLIWLVMROEKIVEXI8LIWLETIEJJIGXWXLIVEXMSSJXLIWYVJEGI
*MK {)JJIGX SJ XIQTIVEXYVI SJ JVIWL GSRGVIXI SR MXW EVIEXSZSPYQISJXLIQIQFIVERHELMKLIVVEXMSVIWYPXWMRE
[EXIVVIUYMVIQIRX 97&6 
LMKLIVHV]MRKVEXI*SVEKMZIRGSRGVIXIXLISFWIVZIHWLVMROEKI
EXE KMZIR XMQI HIGVIEWIW [MXL ERMRGVIEWI MR XLI WM^I SJ XLI
WTIGMQIR 8LMWIJJIGXMWMPPYWXVEXIHMR *MK &V]ERXERH
:EHLEREZMOOMX  MR[LMGLPSRKXIVQ WLVMROEKIVIWYPXW
[IVISFXEMRIHSRGSRGVIXITVMWQWYTXSQQ MR XLMGO
9PXMQEXIWLVMROEKIQE]RSXFIVIEGLIHJSVWXVYGXYVEPQIQFIVW
HYVMRKXLIMRXIRHIHWIVZMGIPMJI
%RSXLIVGSRWIUYIRGISJQSMWXYVIHMJJYWMSRMWXLEXEQSMW
XYVIKVEHMIRXHIZIPSTWJVSQXLIWYVJEGIXSXLIMRXIVMSV*SVE
WTIGMQIR XLEX LEW QSMWXYVI IZETSVEXMSR JVSQ EPP WYVJEGIW
WLVMROEKI WXVEMR MW KVIEXIWX EX XLI WYVJEGI [LIVI QSMWXYVI
GSRXIRXMWPS[IWXERHWLVMROEKIWXVEMRHIGVIEWIWXS[EVHXLI
GIRXIV[LIVIQSMWXYVIGSRXIRXMWLMKLIWX2SRYRMJSVQWIPJ
IUYMPMFVEXMRKMRXIVREPWXVIWWIWHIZIPST8IRWMPIWXVIWWIWSGGYV
EXERHRIEVXLIWYVJEGIWERHGSQTVIWWMZIWXVIWWIWHIZIPSTEX
ERHRIEVGSVIEWWLS[RMR*MK
;EVTMRKSGGYVWMJHV]MRKXEOIWTPEGIMRERYRW]QQIXVMGEP
QERRIVIMXLIVHYIXSHV]MRKJVSQSRIWMHISVHYIXSERSR
*MK{-RJPYIRGISJ[GERHEKKVIKEXIGSRXIRXSRWLVMROEKI W]QQIXVMGEPWXVYGXYVI-RWPEFWSRKVEHIXLI[EVTMRKQIGL
3HQER  ERMWQMWETVMQEV]GEYWISJGVEGOMRK1SMWXYVIIZETSVEXIW
JVSQXLIXSTWYVJEGISRP][LMGLGEYWIWLMKLIVWLVMROEKIEX
%PXLSYKLGSQTVIWWMFMPMX]MWXLIQSWXMQTSVXERXTVSTIVX] XLI XST 8LI GSRGVIXI RIEV XLI XST WYVJEGI MW TEVXMEPP] VI
SJEKKVIKEXIKSZIVRMRKGSRGVIXIWLVMROEKIXLIEKKVIKEXI WXVEMRIH JVSQ WLVMROMRK FIGEYWI MX MW EXXEGLIH XS GSRGVIXI
MXWIPJGERWLVMROHYVMRKHV]MRK8LMWMWXVYIJSVWERHWXSRI PS[IVMRXLIWPEFXLEXMWQSVIQSMWXERHHSIWRSXWLVMROEW
ERHSXLIVEKKVIKEXIWSJLMKLEFWSVTXMSRGETEGMX]-RKIRIVEP QYGL EW XLI XST WYVJEGI 8LMW VIWXVEMRX TVSHYGIW XIRWMPI
EKKVIKEXI[MXLELMKLQSHYPYWSJIPEWXMGMX]ERHPS[EFWSVTXMSR WXVIWWIWEXERHRIEVXLIXSTWYVJEGI[LMGLVIWYPXWMRXLIWPEF
[MPPTVSHYGIEGSRGVIXI[MXLPS[YPXMQEXIWLVMROEKI [EVTMRKSVGYVPMRKERHXLIJVIIIHKIWSJXLIWPEFGERPMJXSJJ
4EWXIGSRXIRXERH[GQ{'SRWMWXIRG]EWQIEWYVIH XLIKVSYRH-JXLIIHKIWSJXLIWPEFEVIVIWXVEMRIHJVSQQSZI
F]XLIWPYQTXIWXMWERMQTSVXERXTEVEQIXIVMRTVSTSVXMSRMRK QIRXWYGLEWJSSXMRKWERHXLIWPEFMWRSXEPPS[IHXS[EVT
GSRGVIXI8LIEQSYRXSJQM\MRK[EXIVRIIHIHXSEGLMIZIE XLIRXLIXSTWYVJEGILEWLMKLIVXIRWMPIWXVIWWIW'VEGOMRKGER
KMZIR WPYQTMWHITIRHIRX SR XLI QE\MQYQ EKKVIKEXIWM^I VIWYPXMJXLIXIRWMPIWXVIWWIWJVSQVIWXVEMRIHWLVMROEKII\GIIH
YWIHFIGEYWIXLIQE\MQYQWM^IMRJPYIRGIWXLIXSXEPEKKVIKEXI XLIXIRWMPIWXVIRKXLSJXLIGSRGVIXI'VEGOMRKQE]EPWSVIWYPX
WYVJEGIEVIEXLEXRIIHWXSFIGSZIVIH[MXLGIQIRXTEWXI RIEVXLIIHKISJXLIWPEF[LIREZIVXMGEPPSEHMWETTPMIHSR
(IGVIEWMRK QE\MQYQ EKKVIKEXI WM^I MRGVIEWIW XLI XSXEP XLI[EVTIHGERXMPIZIV
WYVJEGIEVIEXSFIGSZIVIH[MXLTEWXI8LIVIJSVIQSVI[EXIV  )JJIGXSJGYVMRKSRWLVMROEKI{'EVPWSR  VITSVXIH
ERH GIQIRX EVI RIIHIH XS EGLMIZI E KMZIR WPYQT *SV XLI XLEX XLI HYVEXMSR SJ QSMWX GYVMRK SJ GSRGVIXI HSIW RSX LEZI
WEQI [GQ GSRGVIXI WLVMROEKI MRGVIEWIW [MXL MRGVIEWMRK QYGLIJJIGXSRYPXMQEXIHV]MRKWLVMROEKI8IWXVIWYPXWJVSQ
[EXIV GSRXIRX FIGEYWI XLI TEWXI ZSPYQI MRGVIEWIW XLMW XLI 'EPMJSVRME (ITEVXQIRX SJ 8VERWTSVXEXMSR   WLS[
EKVIIW[MXLXLITVIHMGXMSRWMR*MKERHVIWYPXWSFXEMRIHF] XLEX WYFWXERXMEPP] XLI WEQI WLVMROEKI SGGYVVIH MR GSRGVIXI
XLI97&YVIEYSJ6IGPEQEXMSR  WLS[RMR*MK XLEX [EWQSMWXGYVIH JSV   ERH HE]W FIJSVIHV]MRK
*SVEGSRWXERX[GQXLIVIMWERETTVS\MQEXIP]PMRIEVVIPE WXEVXIH %W JEV EW XLI GVEGOMRKXIRHIRG] SJ XLI GSRGVIXI MW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

*MK{-RJPYIRGISJWTIGMQIRWM^ISRWLVMROEKI &V]ERXERH:EHLEREZMOOMX 

*MK{-RXIVREPVIWXVEMRXSJWLVMROEKI

GSRGIVRIHTVSPSRKIHQSMWXGYVMRKQE]RSXFIFIRIJMGMEP%  )JJIGX SJEHQM\XYVIW{8LIIJJIGXSJEHQM\XYVIW SR


KIRIVEPVIGSQQIRHEXMSRMWXSGSRXMRYIQSMWXGYVMRKJSVEX GSRGVIXI WLVMROEKI MW YRGPIEV %W ER I\EQTPI IEVP]EKI
PIEWXHE]W *SVJYVXLIVMRJSVQEXMSRVIJIVXS%'-6 WLVMROEKIETTIEVWXSMRGVIEWIF]EFSYX MRXLITVIWIRGI
7IEPIHGYVMRKMWGYVMRK[MXLSYXPSWWSVEHHMXMSRSJ[EXIV SJGEPGMYQGLPSVMHI[LIVIEWPEXIVEKIWLVMROEKIMWMRGVIEWIH
-XIPMQMREXIWSXLIVOMRHWSJWLVMROEKIWSXLEXEPPXLIVIWYPXMRK F]EFSYX GSQTEVIH[MXLGSRXVSPWTIGMQIRW %'-6 
WLVMROEKI[MPPFIEYXSKIRSYW%YXSKIRSYWWLVMROEKIMWE %MVIRXVEMRQIRX HSIW RSX WIIQ XS MRGVIEWI WLVMROEKI F]
VIWYPXSJXLIJEGXXLEXXLITVSHYGXWSJL]HVEXMSRSGGYT]E QSVIXLER JSVEMVGSRXIRXWYTXSEFSYX  'EVPWSR 
WQEPPIVZSPYQIXLERXLISVMKMREPZSPYQISJGIQIRXERH[EXIV 6IWYPXW F] +LSWL ERH 1EPLSXVE   &VSSOW ;EMR
7IPJHIWWMGEXMSRMWETVSFPIQMRPS[[GGSRGVIXIWYRHIVWIEPIH [VMKLX ERH 2IZMPPI   ERH *IPHQER ERH 7[IRWSR
GSRHMXMSRW MR [LMGL XLI TSVIW HV] SYX ERH L]HVEXMSR WPS[W  MRHMGEXIHXLEXXLIYWISJLMKLVERKI[EXIVVIHYGMRK
HS[R%YXSKIRSYWWLVMROEKIWXVEMRMWX]TMGEPP]EFSYXXS EHQM\XYVIWMRGVIEWIWWLVMROEKI%GGSVHMRKXS=XXIVFIVK  
 »z (EZMW ,SYO4E\XSRERH,SYKLXSR  LMKLVERKI [EXIVVIHYGMRK EHQM\XYVIW HS RSX RIGIWWEVMP]
JSYRH XLEX EYXSKIRSYW WLVMROEKI MRGVIEWIW [MXL MRGVIEWMRK VIHYGI WLVMROEKI MR TVSTSVXMSR XS XLIMV EFMPMX] XS VIHYGI
XIQTIVEXYVIGIQIRXGSRXIRXERHGIQIRXJMRIRIWW [EXIVGSRXIRX
6 1%29%03*'32'6)8)46%'8-')

*MK {0IRKXLGLERKI GLEVEGXIVMWXMGW JSV WLVMROEKI


GSQTIRWEXMRK ERH TSVXPERH GIQIRX GSRGVIXI VIPEXMZI
LYQMHMX]! 

*MK{&EWMGGSRGITXSJWLVMROEKIGSQTIRWEXMRKGSRGVIXI MRQEWWMZIWXVYGXYVIWWYGLEWHEQWHYIXSXLIPS[HV]MRK
WLVMROEKISJXLIWIQEWWGSRGVIXIWXVYGXYVIW8LIQMRMQYQ
EQSYRXERHWTEGMRKSJVIMRJSVGIQIRXXSFIYWIHMRWXVYGXYVEP
{'SRXVSPSJWLVMROEKIGVEGOMRK JPSSVWVSSJWPEFWERH[EPPWJSVGSRXVSPSJXIQTIVEXYVIERH
'SRGVIXI XIRHW XS WLVMRO HYI XS HV]MRK [LIRIZIV MXW WLVMROEKIGVEGOMRKMWKMZIRMR%'-SVMR%'-8LI
WYVJEGIWEVII\TSWIHXSEMVSJPS[VIPEXMZILYQMHMX]SVLMKL QMRMQYQVIMRJSVGIQIRXTIVGIRXEKI[LMGLMWFIX[IIR
[MRHW &IGEYWI ZEVMSYW OMRHW SJ VIWXVEMRX TVIZIRX XLI ERH   HSIW RSX RSVQEPP] GSRXVSP GVEGOW XS [MXLMR
GSRGVIXI JVSQ GSRXVEGXMRK JVIIP] GVEGOMRK WLSYPH FI KIRIVEPP] EGGITXEFPI HIWMKR PMQMXW 8S GSRXVSP GVEGOW XS E
I\TIGXIH YRPIWW XLI EQFMIRX VIPEXMZI LYQMHMX] MW OITX RIEV QSVIEGGITXEFPIPIZIPXLITIVGIRXEKIVIUYMVIQIRXRIIHWXS
 8LIGSRXVSPSJGVEGOMRKGSRWMWXWSJVIHYGMRKXLIGVEGOMRK I\GIIHEFSYX 
XIRHIRG]XSEQMRMQYQYWMRKEHIUYEXIERHTVSTIVP]TSWMXMSRIH  .SMRXW{8LIYWISJNSMRXWMWXLIERIJJIGXMZIQIXLSH
VIMRJSVGIQIRXERHYWMRKGSRXVEGXMSRNSMRXW8LI')&*-4 SJ TVIZIRXMRK XLI JSVQEXMSR SJ YRWMKLXP] GVEGOMRK -J E
1SHIP'SHI  KMZIWUYERXMXEXMZIVIGSQQIRHEXMSRWSR WM^IEFPI PIRKXL SV I\TERWI SJ GSRGVIXI WYGL EW [EPPW
XLIGSRXVSPSJGVEGOMRKHYIXSWLVMROEKIF]PMWXMRKZEVMSYW WPEFWSVTEZIQIRXWMWRSXTVSZMHIH[MXLEHIUYEXINSMRXWXS
GSIJJMGMIRXW XS HIXIVQMRI XLI WLVMROEKI PIZIPW XLEX GER FI EGGSQQSHEXI WLVMROEKI XLI GSRGVIXI [MPP QEOI MXW S[R
I\TIGXIH'SRXVSPSJGVEGOMRKF]GSVVIGXGSRWXVYGXMSRTVEG NSMRXWF]GVEGOMRK
XMGIWMWGSZIVIHMR'LETXIV 'SRXVEGXMSR NSMRXW MR [EPPW EVI QEHI JSV I\EQTPI F]
'VEGOMRKGEREPWSFIQMRMQM^IHF]YWMRKI\TERWMZIGIQIRXW JEWXIRMRK [SSH SV VYFFIV WXVMTW XS XLI JSVQ [LMGL PIEZI
XSTVSHYGIWLVMROEKIGSQTIRWEXMRKGSRGVIXI8LMWMWHMWGYWWIH REVVS[ZIVXMGEPKVSSZIWMRXLIGSRGVIXISRFSXLJEGIWSJXLI
MR7IGXMSR [EPP'VEGOMRKSJXLI[EPPHYIXSWLVMROEKIWLSYPHSGGYVEX
 6IHYGXMSR SJ GVEGOMRK XIRHIRG]{1SWX QIEWYVIW XLIKVSSZIWVIPMIZMRKXLIWXVIWWMRXLI[EPPERHTVIZIRXMRK
XLEXGERFIXEOIRXSVIHYGIGSRGVIXIWLVMROEKI[MPPEPWSVIHYGI XLIJSVQEXMSRSJYRWMKLXP]GVEGOWFIX[IIRXLINSMRXW8LIWI
XLIGVEGOMRKXIRHIRG](V]MRKWLVMROEKIGERFIVIHYGIHF] KVSSZIW WLSYPH FI WIEPIH XS TVIZIRX QSMWXYVI TIRIXVEXMSR
YWMRK PIWW [EXIV MR XLI QM\XYVI ERH XLI PEVKIWX TVEGXMGEP 7E[IHNSMRXWEVIGSQQSRP]YWIHMRTEZIQIRXWERHWPEFWSR
QE\MQYQWM^I EKKVIKEXI%PS[IV [EXIV GSRXIRXGER FI KVEHI.SMRXPSGEXMSRHITIRHWSRXLITEVXMGYPEVWSJTPEGIQIRX
EGLMIZIHF]YWMRKE[IPPKVEHIHEKKVIKEXIWXMJJIVGSRWMWXIRG] )EGL IPIQIRX WLSYPH FI WXYHMIH MRHMZMHYEPP] XS HIXIVQMRI
ERHPS[IVMRMXMEPXIQTIVEXYVISJXLIGSRGVIXI [LIVIXLINSMRXWWLSYPHFITPEGIH%'-6HMWGYWWIWXLI
'SRGVIXIGER[MXLWXERHLMKLIVXIRWMPIWXVEMRWMJXLIWXVIWW YWISJNSMRXWMRGSRGVIXIGSRWXVYGXMSR+YMHERGISRNSMRX
MWWPS[P]ETTPMIHXLIVIJSVIMXMWHIWMVEFPIXSTVIZIRXVETMH WIEPERXWERHGSRXVEGXMSRNSMRXPSGEXMSRMRWPEFWMWEZEMPEFPIMR
HV]MRKSJGSRGVIXI4VIZIRXMSRSJVETMHHV]MRKGERFIEXXEMRIH %'-6ERH%'-6
F]YWMRKGYVMRKGSQTSYRHWIZIREJXIV[EXIVGYVMRK
 6IMRJSVGIQIRX{4VSTIVP] TPEGIH VIMRJSVGIQIRX {7LVMROEKIGSQTIRWEXMRKGSRGVIXI
YWIHMREHIUYEXIEQSYRXW[MPPVIHYGIXLIRYQFIVERH[MHXLW 7LVMROEKIGSQTIRWEXMRK GSRGVIXI QEHI [MXL I\TERWMZI
SJ GVEGOW VIHYGMRK YRWMKLXP] GVEGOMRK &] HMWXVMFYXMRK XLI GIQIRXW GER FI YWIH XS QMRMQM^I SV IPMQMREXI WLVMROEKI
WLVMROEKI WXVEMRW EPSRK XLI VIMRJSVGIQIRX XLVSYKL FSRH GVEGOMRK 8LI TVSTIVXMIW ERH YWI SJ I\TERWMZI GIQIRX
WXVIWWIWXLIGVEGOWEVIHMWXVMFYXIHWSXLEXEPEVKIVRYQFIVSJ GSRGVIXIEVIWYQQEVM^IHMR%'-%'-  %'-
REVVS[ GVEGOW SGGYV MRWXIEH SJ E JI[ [MHI GVEGOW 74 ERH %'- 74 3J XLI WIZIVEP I\TERWMZI GIQIRXW
%PXLSYKLXLIYWISJVIMRJSVGIQIRXXSGSRXVSPGVEGOMRKMR TVSHYGIH MR XLI TEWX 8]TI / WLVMROEKIGSQTIRWEXMRK
EVIPEXMZIP]XLMRGSRGVIXIWIGXMSRMWTVEGXMGEPMXMWRSXRIIHIH GIQIRX %781' MWGYVVIRXP]XLISRP]SRIEZEMPEFPIMR
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

XLI9RMXIH7XEXIW7IZIVEPGSQTSRIRXQEXIVMEPWEVIEZEMPEFPI WLIEVERHXSVWMSRGEREPWSPIEHXSGVEGOMRK'VEGOMRKMRGIVXEMR
XSTVSHYGIWLVMROEKIGSQTIRWEXMRKGSRGVIXI WTIGMEPM^IHWXVYGXYVIWWYGLEWVIMRJSVGIHGSRGVIXIXEROWFMRW
-R VIMRJSVGIH WLVMROEKIGSQTIRWEXMRK GSRGVIXI XLI WMPSW ERH IRZMVSRQIRXEP WXVYGXYVIW MW RSX GSZIVIH MR XLMW
I\TERWMSR SJ XLI GIQIRX TEWXI HYVMRK XLI JMVWX JI[ HE]W SJ VITSVX'VEGOMRKSJGSRGVIXIMRXLIWIWXVYGXYVIWMWHIWGVMFIHF]
L]HVEXMSR[MPPHIZIPSTEPS[PIZIPSJTVIWXVIWWMRHYGMRKXIRWMPI =IVPMGM  ERHMR%'-ERH%'-
WXVIWWIWMRXLIWXIIPERHGSQTVIWWMZIWXVIWWIWMRXLIGSRGVIXI )\XIRWMZI VIWIEVGL WXYHMIW SR XLI GVEGOMRK FILEZMSV SJ
8LIPIZIPSJGSQTVIWWMZIWXVIWWIWHIZIPSTIHMRXLIWLVMROEKI FIEQWLEZIFIIRGSRHYGXIHSZIVXLIPEWX]IEVW1SWXSJ
GSQTIRWEXMRKGSRGVIXIVERKIWJVSQXS14E XS XLI [SVO GSRHYGXIH FIJSVI  [EW VIZMI[IH F] %'-
TWM 2SVQEPWLVMROEKISGGYVW[LIR[EXIVWXEVXWXSIZET 'SQQMXXII  MR%'-&MFPMSKVETL]2S%HHMXMSREP
SVEXI JVSQ XLIGSRGVIXI 8LI GSRXVEGXMSR SJ XLI GSRGVIXI [SVOMWVIJIVIRGIHMRXLMWGLETXIV0ISRLEVHX ERH
[MPPVIWYPXMREVIHYGXMSRSVIPMQMREXMSRSJMXWTVIGSQTVIWWMSR TVIWIRXWERI\XIRWMZIVIZMI[SJGVEGOMRKMRVIMRJSVGIHERH
8LIMRMXMEPI\TERWMSRSJXLIGSRGVIXIVIHYGIWXLIQEKRMXYHI TVIWXVIWWIHGSRGVIXIWXVYGXYVIW8LI')&*-41SHIP'SHIJSV
SJ ER] XIRWMPI WXVIWW XLEX HIZIPSTW HYI XS VIWXVEMRIH 'SRGVIXI 7XVYGXYVIW   KMZIW XLI )YVSTIER ETTVSEGL XS
WLVMROEKI8LMWFEWMGGSRGITXSJYWMRKI\TERWMZIGIQIRXXS GVEGO[MHXLIZEPYEXMSRERHTIVQMWWMFPIGVEGO[MHXLW
TVSHYGIEWLVMROEKIGSQTIRWEXMRKGSRGVIXIMWMPPYWXVEXIHMR 8LIFEWMWJSVGSHIWSJTVEGXMGIFSXLMRXLI97ERH)YVSTI
*MK8SEPPS[JSVEHIUYEXII\TERWMSRWTIGMEPHIXEMPW XSPMQMXWIVZMGIPSEHGVEGOMRKMWVSSXIHMRIUYEXMSRWXSTVIHMGX
QE]FIRIIHIHEXNSMRXW GVEGO[MHXLW7IZIVEPSJXLIQSWXMQTSVXERXGVEGOTVIHMGXMSR
%X]TMGEPPIRKXLGLERKILMWXSV]SJEWLVMROEKIGSQTIRWEXMRK IUYEXMSRWEVIVIZMI[IHMRXLMWVITSVX8LIXVIRHMRVIMRJSVGIH
GSRGVIXIMWGSQTEVIHXSXLEXSJETSVXPERHGIQIRXGSRGVIXIMR ERHTVIWXVIWWIHGSRGVIXIHIWMKRXSIRWYVIEGGITXEFPIGVEGOMRK
*MK8LIEQSYRXSJVIMRJSVGMRKWXIIPRSVQEPP]YWIHMR EXWIVZMGIPSEHWMWXSTVSZMHITVSTIVHIXEMPMRKWYGLEWTVSZM
VIMRJSVGIHGSRGVIXIQEHI[MXLTSVXPERHGIQIRXWMWYWYEPP]QSVI WMSRSJQMRMQYQVIMRJSVGIQIRXERHTVSTIVWIPIGXMSRSJFEV
XLER EHIUYEXI XS TVSZMHI XLIIPEWXMGVIWXVEMRXRIIHIHJSV HMEQIXIVWFEVWTEGMRKERHVIHYGXMSRSJVIWXVEMRXVEXLIVXLER
WLVMROEKIGSQTIRWEXMRKGSRGVIXI8SXEOIJYPPEHZERXEKI XV]MRK XS QEOI YWI SJ E WSTLMWXMGEXIH GVEGO GEPGYPEXMSR
SJXLII\TERWMZITSXIRXMEPSJWLVMROEKIGSQTIRWEXMRKGSRGVIXI 7GLPEMGL7GLEJIVERH.IRRI[MIR,EPZSVWIR 
MRQMRMQM^MRKSVTVIZIRXMRKWLVMROEKIGVEGOMRKSJI\TSWIH *MFIVVIMRJSVGIH TSP]QIV *64  FEVW LEZI FIIR YWIH EW E
GSRGVIXIWYVJEGIWMXMWMQTSVXERXXLEXTSWMXMZIERHYRMRXIVVYTXIH VIMRJSVGMRKQEXIVMEP 2E[]ERH2IY[IVXL(SPER 
[EXIVGYVMRK [IXGSZIVMRKSVTSRHMRK FIWXEVXIHMQQIHMEXIP] )\TIVMIRGIMWPMQMXIHLS[IZIVERHGVEGOGSRXVSPMRWXVYGXYVIW
EJXIVJMREPJMRMWLMRK*SVWPEFWSR[IPPWEXYVEXIHWYFKVEHIW VIMRJSVGIH[MXLXLIWIQEXIVMEPWMWRSXEHHVIWWIHMRXLMWVITSVX
GYVMRKF]WTVE]IHSRQIQFVERIWSVQSMWXYVITVSSJGSZIVW
LEWFIIRWYGGIWWJYPP]YWIH-REHIUYEXIGYVMRKSJWLVMROEKI {'VEGOGSRXVSPIUYEXMSRWJSVVIMRJSVGIH
GSQTIRWEXMRKGSRGVIXIGERVIWYPXMRERMRWYJJMGMIRXI\TERWMSR GSRGVIXIFIEQW
XSIPSRKEXIXLIWXIIPERHWYFWIUYIRXGVEGOMRKJVSQHV]MRK %RYQFIVSJIUYEXMSRWLEZIFIIRTVSTSWIHJSVTVIHMGXMRK
WLVMROEKI7TIGMJMGVIGSQQIRHEXMSRWERHMRJSVQEXMSRSR GVEGO [MHXLW MR JPI\YVEP QIQFIVW QSWX SJ XLIQ [IVI VI
XLIYWISJWLVMROEKIGSQTIRWEXMRKGSRGVIXIEVIGSRXEMRIH ZMI[IHMRXLISVMKMREPZIVWMSRSJXLMWGSQQMXXIIVITSVX %'-
MR%'- 'SQQMXXII ERHMROI]TYFPMGEXMSRWPMWXIHMRXLI
VIJIVIRGIW 'VEGO GSRXVSP MW TVSZMHIH F] GEPGYPEXMRK XLI
',%48)6{'3286303*'6%'/-2+-2 TVSFEFPIGVEGO[MHXLERHTVSTSVXMSRMRKWXVYGXYVEPIPIQIRXW
*0)<96%01)1&)67 WSXLEXXLIGSQTYXIH[MHXLMWPIWWXLERWSQITVIHIJMRIHZEPYI
{-RXVSHYGXMSR 1SWX IUYEXMSRW TVIHMGX XLI TVSFEFPI QE\MQYQ GVEGO [MHXL
8LIGSRXVSPSJGVEGOMRKGERFIEWMQTSVXERXEWXLIGSRXVSP [LMGLYWYEPP]QIERWXLEXEFSYX SJXLIGVEGO[MHXLWMR
SJ HIJPIGXMSR MR JPI\YVEPQIQFIVW'VEGOMRKMRXLIXIRWMSR XLI QIQFIV EVI FIPS[ XLI GEPGYPEXIH ZEPYI 6IWIEVGL
^SRISJEVIMRJSVGIHFIEQWXEVXWEXWXVIWWPIZIPWEWPS[EW LS[IZIVLEWWLS[RXLEXMWSPEXIHGVEGOWMRFIEQWMRI\GIWW
14E TWM MRXLIVIMRJSVGIQIRX'VEGOGSRXVSPMW SJX[MGIXLIGSQTYXIHQE\MQYQGERSGGYV ,SPQFIVKERH
EPWSMQTSVXERXXSEIWXLIXMGWSJI\TSWIHGSRGVIXIWYVJEGIW 0MRHKVIR EPXLSYKLKIRIVEPP]XLIGSIJJMGMIRXSJZEVME
8LIVSPISJGVEGOWMRXLIGSVVSWMSRSJVIMRJSVGMRKWXIIPMW XMSRSJGVEGO[MHXLMWEFSYX  0ISRLEVHX 8LIVIMW
GSRXVSZIVWMEP %'- 6  3RI ZMI[TSMRX MW XLEX GVEGOW IZMHIRGIXLEXXLMWVERKIMRGVEGO[MHXLZEVMEFMPMX]GERMRGVIEWI
VIHYGIXLIWIVZMGIPMJISJWXVYGXYVIWF]TIVQMXXMRKQSVIVETMH [MXLXLIWM^ISJXLIQIQFIV %'-'SQQMXXII 
TIRIXVEXMSRSJGEVFSREXMSRERHEPPS[GLPSVMHIMSRWQSMWXYVI 'VEGOGSRXVSPIUYEXMSRWEVITVIWIRXIHMRXLIWIGXMSRWXLEX
ERHS\]KIRXSVIEGLXLIVIMRJSVGMRKWXIIP%RSXLIVTSMRXSJ JSPPS[
ZMI[MWXLEX[LMPIGVEGOWEGGIPIVEXIXLISRWIXSJGSVVSWMSR  %'-ETTVSEGLXLVSYKL%'-{6IUYMVIQIRXW
XLI GSVVSWMSR MW PSGEPM^IH ;MXL XMQI GLPSVMHIW ERH [EXIV JSVJPI\YVEPGVEGOGSRXVSPMRFIEQWERHXLMGOSRI[E]WPEFW
TIRIXVEXIYRGVEGOIHGSRGVIXIERHMRMXMEXIQSVI[MHIWTVIEH WTERHITXLVEXMSMRXLIVERKISJXS EVIFEWIHSRXLI
GSVVSWMSR'SRWIUYIRXP]EJXIVEJI[]IEVWSJWIVZMGIXLIVI WXEXMWXMGEP EREP]WMW +IVKIP] ERH 0YX^   SJ QE\MQYQ
MW PMXXPI HMJJIVIRGI FIX[IIR XLI EQSYRX SJ GSVVSWMSR MR GVEGO[MHXL HEXE JVSQ E RYQFIV SJ WSYVGIW &EWIH SR XLI
GVEGOIH ERH YRGVEGOIH GSRGVIXI 1SVI MQTSVXERX TEVEQIXIVW EREP]WMWXLIJSPPS[MRKKIRIVEPGSRGPYWMSRW[IVIVIEGLIH
JSVGSVVSWMSRTVSXIGXMSREVIGSRGVIXIGSZIVERHGSRGVIXIUYEPMX] e 8LIVIMRJSVGMRKWXIIPWXVIWWMWXLIQSWXMQTSVXERXZEVMEFPI
8LMWGLETXIVMWGSRGIVRIHTVMQEVMP][MXLGVEGOWGEYWIHF] e 8LI XLMGORIWW SJ XLI GSRGVIXI GSZIV MW ER MQTSVXERX
JPI\YVEP ERH XIRWMPI WXVIWWIW FYX XIQTIVEXYVI WLVMROEKI ZEVMEFPIFYXRSXXLISRP]KISQIXVMGGSRWMHIVEXMSR
6 1%29%03*'32'6)8)46%'8-')

e 8LIEVIESJGSRGVIXIWYVVSYRHMRKIEGLVIMRJSVGMRKFEV -R %'-  ERH IEVPMIV GSHI ZIVWMSRW XLI QE\MQYQ
MWEPWSERMQTSVXERXKISQIXVMGZEVMEFPI EPPS[EFPI ^! OMTW TIV MRJSV MRXIVMSV I\TSWYVIGSVVI
e 8LIFEVHMEQIXIVMWRSXEQENSVZEVMEFPIERH WTSRHW XS E TVSFEFPI GVEGO [MHXL SJ  QQ  MR 
e 8LIVEXMSSJGVEGO[MHXLEXXLIWYVJEGIXSXLEXEXXLIVIMR 8LMWPIZIPSJGVEGO[MHXLQE]FII\GIWWMZIJSVEIWXLIXMG
JSVGIQIRXPIZIPMWTVSTSVXMSREPXSXLIVEXMSSJXLIRSQMREP GSRGIVRW
WXVEMREXXLIWYVJEGIERHXLIVIMRJSVGIQIRXWXVEMR %'-LEWEPPS[IHEZEPYISJ^ !OMTWTIVMRJSV
8LI IUYEXMSRW XLEX [IVI GSRWMHIVIH XS FIWX TVIHMGX XLI I\XIVMSVI\TSWYVIFEWIHSREGVEGO[MHXLZEPYISJQQ
TVSFEFPIQE\MQYQFSXXSQERHWMHIGVEGO[MHXLWEVI  MR  ;LMPI ETTPMGEXMSR SJ )U E  )U   SJ
%'- XSFIEQWKMZIWEHIUYEXIGVEGOGSRXVSPZEPYIW
z MXWETTPMGEXMSRXSSRI[E]WPEFW[MXLWXERHEVHQQ MR
[ F !   X F % J W z  »  E
GSZIVERHVIMRJSVGIH[MXLWXIIPSJOWM 14E SVPS[IV
]MIPHWXVIRKXLVIWYPXWMR PEVKI VIMRJSVGIQIRXWTEGMRKW 8LI
  X F % z
TVSZMWMSRWSJ7IGXMSRSJ%'-LS[IZIVHMVIGXP]
[ W ! 
 J W z  »  F PMQMXXLIWTEGMRKSJWYGLVIMRJSVGIQIRXMRSRI[E]WPEFW
  XW k L
%'- 6 GSRXEMRW HIWMKR EMHW JSV XLI ETTPMGEXMSR SJ
)U  
[LIVI
 %'-  ETTVSEGL{%'- 'SQQMXXII  RS[
[F ! QSWXTVSFEFPIQE\MQYQGVEGO[MHXLEXFSXXSQSJ
FIPMIZIWXLEXMX GERFIQMWPIEHMRK XSTYVTSVX XS IJJIGXMZIP]
FIEQMR
GEPGYPEXI GVEGO [MHXLW KMZIR XLI MRLIVIRX ZEVMEFMPMX] MR
[W ! QSWXTVSFEFPIQE\MQYQGVEGO[MHXLEXPIZIPSJ
GVEGOMRK 8LI XLVII MQTSVXERX TEVEQIXIVW MR JPI\YVEP
VIMRJSVGIQIRXMR
GVEGOMRKEVIWXIIPWXVIWWGSZIVERHFEVWTEGMRK7XIIPWXVIWW
JW ! VIMRJSVGMRKWXIIPWXVIWWOWM
MWXLIQSWXMQTSVXERXTEVEQIXIV
% ! EVIE SJ GSRGVIXI W]QQIXVMG [MXL VIMRJSVGMRK WXIIP
%VIIZEPYEXMSRSJGVEGOMRKHEXE *VSWGL TVSZMHIHE
HMZMHIHF]RYQFIVSJFEVWMR
RI[IUYEXMSRFEWIHSRXLITL]WMGEPTLIRSQIRSRJSVXLI
XF ! FSXXSQGSZIVXSGIRXIVSJFEVMR
HIXIVQMREXMSR SJ XLI JPI\YVEP GVEGO [MHXLW SJ VIMRJSVGIH
XW ! WMHIGSZIVXSGIRXIVSJFEVMR
GSRGVIXIQIQFIVW8LMW WXYH] WLS[IH XLEX TVIZMSYW GVEGO
! VEXMSSJHMWXERGIFIX[IIRRIYXVEPE\MWERHXIRWMSR
[MHXL IUYEXMSRW EVI ZEPMH JSV E VIPEXMZIP] REVVS[ VERKI SJ
JEGIXSHMWXERGIFIX[IIRRIYXVEPE\MWERHVIMRJSVG
GSZIVW YTXSQQ?MRA 
MRKWXIIPEFSYXMRFIEQWERH
%'-7IGXMSRHSIWRSXQEOIEHMWXMRGXMSR
L ! HMWXERGIJVSQRIYXVEPE\MWXSXLIVIMRJSVGMRKWXIIPMR
FIX[IIRMRXIVMSVERHI\XIVMSVI\TSWYVI-XVIUYMVIWXLEXJSV
7MQTPMJMGEXMSRSJ)U E ]MIPHIHXLIJSPPS[MRKIUYEXMSR
GVEGOGSRXVSPMRFIEQWERHSRI[E]WPEFWXLIWTEGMRKSJ
VIMRJSVGIQIRXGPSWIWXXSEWYVJEGIMRXIRWMSRWLEPPRSXI\GIIH
z
[ !  J W  H G % »  E XLEXKMZIRF]

[LIVI W MR !? JW zGGA E


[ ! QSWXTVSFEFPIQE\MQYQGVEGO[MHXLMRERH
HG ! XLMGORIWWSJGSZIVJVSQXLII\XVIQIXIRWMSRJMFIVXS FYXRSXKVIEXIVXLER JW SVMR[LIVI
XLIGPSWIWXFEVMR JW ! GEPGYPEXIH WXVIWW MR VIMRJSVGIQIRX EX WIVZMGI PSEH
;LIRXLIWXVEMR WMRXLIWXIIPVIMRJSVGIQIRXMWYWIHMRWXIEH OWM !YRJEGXSVIHQSQIRXHMZMHIHF]XLITVSHYGX
SJWXVIWWJW)U  FIGSQIW SJWXIIPEVIEERHMRXIVREPQSQIRXEVQ%PXIVREXMZIP]
JW GERFIXEOIREW
 ! GPIEVGSZIVJVSQXLIRIEVIWXWYVJEGIMRXIRWMSRXSXLI
[ !  W HG% F
JPI\YVEPXIRWMSRVIMRJSVGIQIRXMRERH
W ! GIRXIVXSGIRXIVWTEGMRKSJJPI\YVEPXIRWMSRVIMRJSVGI
)U  MWZEPMHMRER]W]WXIQSJYRMXW QIRX RIEVIWX XS XLI WYVJEGI SJ XLI I\XVIQI XIRWMSR
8LIGVEGOMRKFILEZMSVMRXLMGOSRI[E]WPEFW WTERHITXL JEGIMR
VEXMSXS MWWMQMPEVXSXLEXMRWLEPPS[FIEQW*SVSRI
8LI7-I\TVIWWMSRJSVXLIVIMRJSVGIQIRXWTEGMRKMR)U E
[E]WPEFW[MXLEGPIEVGSRGVIXIGSZIVMRI\GIWWSJQQ
JWMR14E MW
MR )U  GERFITVSTIVP]ETTPMIHMJ !XS
MWYWIH
W QQ !? JW zGGA F
%'-7IGXMSRYWIW)U  [MXL ! MRXLI
JSPPS[MRKJSVQ
FYXRSXXSI\GIIH JW QQ
 ')&*-4 ERH )YVSGSHI )' VIGSQQIRHEXMSRW{
^ ! JW  H G %  3XLIVSVKERM^EXMSRWEVSYRHXLI[SVPHLEZIHIZIPSTIHTVSGI
HYVIW JSV TVIHMGXMRK GVEGO [MHXLW MR WXVYGXYVEP GSRGVIXI
ERHTIVQMXWXLIGEPGYPEXMSRSJ^[MXLJWIUYEPXS SJXLI VERKMRK JVSQ GSRZIRXMSREPP] VIMRJSVGIH XLVSYKL TEVXMEPP]
WTIGMJMIH]MIPHWXVIRKXLJ]MRPMIYSJI\EGXGEPGYPEXMSR ERH JYPP] TVIWXVIWWIH %'-  TVSGIHYVIW SRP] HIEP [MXL
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI 'VEGOGSRXVSP VIGSQ 8EFPI{+YMHIXSVIEWSREFPIGVEGO[MHXLW


QIRHEXMSRW TVSTSWIH MR XLI )YVSTIER 1SHIP 'SHI JSV VIMRJSVGIHGSRGVIXIYRHIVWIVZMGIPSEHW
'SRGVIXI7XVYGXYVIW ')&*-4)YVS)' ETTP] 'VEGO[MHXL
XSTVIWXVIWWIHEW[IPPEWVIMRJSVGIHGSRGVIXI[MXLQSHMJMGE )\TSWYVIGSRHMXMSR MR QQ
XMSRWERHGERFIWYQQEVM^IHMRXLIJSPPS[MRKWIGXMSRW (V]EMVSVTVSXIGXMZIQIQFVERI  
 ')&*-4  TVSZMWMSRW{8LI GLEVEGXIVMWXMG ,YQMHMX]QSMWXEMVWSMP  
GVEGO[MHXL[OMRFIEQWMWI\TVIWWIHEWJSPPS[WMRXIVQWSJ (IMGMRKGLIQMGEPW  
XLIPIRKXLPWQE\SZIV[LMGLWPMTSGGYVWFIX[IIRXLIWXIIP 7IE[EXIVERHWIE[EXIVWTVE][IXXMRKERHHV]MRK  
VIMRJSVGIQIRX ERH XLI GSRGVIXI ETTVS\MQEXMRK GVEGO ;EXIVVIXEMRMRKWXVYGXYVIWj  
WTEGMRKMRWXEFMPM^IHGVEGOMRK 
-XWLSYPHFII\TIGXIHXLEXETSVXMSRSJXLIGVEGOWMRXLIWXVYGXYVI[MPPI\GIIHXLIWI
ZEPYIW ;MXL XMQI E WMKRMJMGERX TSVXMSR GER I\GIIHXLIWI ZEPYIW8LIWIEVI KIRIVEP
KYMHIPMRIWJSVHIWMKRXSFIYWIHMRGSRNYRGXMSR[MXLWSYRHIRKMRIIVMRKNYHKIQIRX
[O!PWQE\ WQz GQz GW  j
)\GPYWMRKRSRTVIWWYVITMTIW

[LIVI
8LIXIVQGERFIEWWYQIHIUYEPXSJSVWMQTPIGEPGYPEXMSR
WQ ! EZIVEKIVIMRJSVGIQIRXWXVEMR[MXLMRWIKQIRXPIRKXL RFIMRKXLIQSHYPEVVEXMS)W )G[LIVI
PWQE\
! EZIVEKIGSRGVIXIWXVEMR[MXLMRWIKQIRXPIRKXLPWQE\ WIJ ! IJJIGXMZIVIMRJSVGIQIRXVEXMS%W %GIJ 
GQ %W ! EVIESJXIRWMSRVIMRJSVGIQIRXQQERH
ERH
%GIJ ! IJJIGXMZIGSRGVIXIEVIEMRXIRWMSRQQ
GW ! WXVEMRSJGSRGVIXIHYIXSWLVMROEKI
8LIIJJIGXMZIEVIESJGSRGVIXIMRXIRWMSRGERFIGEPGYPEXIH
8LIGLEVEGXIVMWXMGGVEGO[MHXL[OGERRSXI\GIIHXLIPMQMX
EW
MRKGVEGO[MXL[PMQ REQIP]
%GIJ!F? LzH A 
[O [PMQ 

[LIVI
[LIVI [PMQ!RSQMREPPMQMXZEPYISJXLIGVEGO[MHXLWTIGM
F ! FIEQ[MHXLEXXLIXIRWMSRWMHI
JMIH JSV GEWIW [MXL I\TIGXIH JYRGXMSREP GSRWIUYIRGIW SJ
L ! XSXEPWIGXMSRHITXLERH
GVEGOMRK WYGLEWGSRHMXMSRWWXMTYPEXIHMR8EFPI -RXLI
H ! IJJIGXMZIHITXLXSXLIGIRXVSMHSJXLIXIRWMPIVIMRJSVGI
EFWIRGISJWTIGMJMGVIUYMVIQIRXWWYGLEW[EXIVXMKLXRIWWSV
QIRX
WTIGMJMG I\TSWYVI GPEWWIW EW XEFYPEXIH MR XLI ')& 'SHI E
PMQMXMRKZEPYISJ[PMQIUYEPXSQQ MR MWWEXMW *SVWXEFMPM^IHGVEGOMRKXLIEZIVEKI[MHXLSJXLIGVEGOGERFI
JEGXSV][MXLVIWTIGXXSETTIEVERGIERHHYGXMPMX] IWXMQEXIHSRXLIFEWMWSJXLIEZIVEKIGVEGOWTEGMRKWYGLXLEX
8LIPIRKXLPWQE\MR)U  GERFIHIJMRIHEW
7 VQ ! 
 P WQE\ 

W z W
P W QE \ !  
 W E
 F O
[LIVI 7VQ MWXLIQIERGVEGOWTEGMRKZEPYI QQ MRXLIFIEQ
 )YVSGSHI )' TVSZMWMSRW{8LI )YVSGSHI
[LIVI )' VIUYMVIW XLEX GVEGOMRK WLSYPH FI PMQMXIH XS E PIZIP
W ! VIMRJSVGIQIRXWXVIWWEXXLIGVEGOPSGEXMSR14E XLEXHSIWRSXMQTEMVXLITVSTIVJYRGXMSRMRKSJXLIWXVYGXYVI
W ! VIMRJSVGIQIRXWXVIWWEXTSMRXSJ^IVSWPMT14E SVGEYWIMXWETTIEVERGIXSFIYREGGITXEFPI )YVS)'
W ! VIMRJSVGMRKFEVHMEQIXIVSVIUYMZEPIRXHMEQIXIVSJ &IGOIXX ERH %PI\ERHVSY  2E[]   -X PMQMXW XLI
FYRHPIHFEVWQQ QE\MQYQ HIWMKR GVEGO [MHXL XS  QQ  MR  JSV
FO ! PS[IVJVEGXMPIZEPYISJXLIEZIVEKIFSRHWXVIWW14E WYWXEMRIH PSEH YRHIV RSVQEP IRZMVSRQIRXEP GSRHMXMSRW
!JGXQ X ERH 8LMWGIMPMRKMWI\TIGXIHXSFIWEXMWJEGXSV][MXLVIWTIGXXS
JGXQ X ! XLIQIER ZEPYISJ XLI GSRGVIXI XIRWMPI WXVIRKXLEX ETTIEVERGIERHHYVEFMPMX]7XVMGXIVVIUYMVIQIRXWEVIWXMTYPEXIH
XLIXMQIXLEXXLIGVEGOJSVQW JSVQSVIWIZIVIIRZMVSRQIRXEPGSRHMXMSRW
*SVWXEFMPM^IHGVEGOMRKXLII\TVIWWMSRGERFIWMQTPMJMIH 8LIGSHIWXMTYPEXIWXLEXXLIHIWMKRGVEGO[MHXLFIIZEPYEXIH
EWJSPPS[W JVSQXLIJSPPS[MRKI\TVIWWMSR

W
[O! WVQ WQ 
P W QE \ ! 
 F
 W  IJ
[LIVI
[O ! HIWMKRGVEGO[MHXL
*SVWMRKPIGVEGOJSVQEXMSR)U  MWI\TVIWWIHEW
WVQ ! EZIVEKIWXEFMPM^IHGVEGOWTEGMRK
WQ ! QIER WXVEMR YRHIV VIPIZERX GSQFMREXMSR SJ PSEHW
W ERHEPPS[MRKJSVXLIIJJIGXWYGLEWXIRWMSRWXMJJIRMRK
PW QE \ ! W  
 FO   R W IJ SVWLVMROEKIERH
6 1%29%03*'32'6)8)46%'8-')

8EFPI{1E\MQYQFEVHMEQIXIVJSVLMKLFSRHFEVW -RXLIEFWIRGISJVMKSVSYWGSQTYXEXMSRWEWHIWGVMFIHXLYW
7XIIPWXVIWW14E 1E\MQYQFEVWM^IQQ JEVGLSMGISJQMRMQYQEVIESJVIMRJSVGIQIRX%WJSVGVEGO
  GSRXVSPMWWXMTYPEXIHWYGLXLEX
 
  %W!OG OJGXIJJ %GX  W 
 
 
[LIVI
 
%W ! VIMRJSVGIQIRXEVIE[MXLMRXLIXIRWMPI^SRIQQ
 
  %GX ! IJJIGXMZIEVIESJGSRGVIXIMRXIRWMSRQQ
W ! QE\MQYQ WXVIWW TIVQMXXIH MR XLI VIMRJSVGIQIRX
EJXIVXLIJSVQEXMSRSJXLIGVEGO8LI]MIPHWXVIRKXL
QE]FIXEOIRMRPMIYSJ WEPXLSYKLPS[IVZEPYIW
! GSIJJMGMIRXVIPEXMRKXLIEZIVEKIGVEGO[MHXLXSXLI
QE]FIRIIHIHXSWEXMWJ]GVEGO[MHXLPMQMXW
HIWMKRZEPYI
!  JSV PSEHMRHYGIH GVEGOMRK ERH JSV VIWXVEMRX JGXIJJ ! XIRWMPI WXVIRKXL SJ XLI GSRGVIXI IJJIGXMZI EX XLI
GVEGOMRK MR WIGXMSRW [MXL QMRMQYQ HMQIRWMSR MR JSVQEXMSR SJ XLI JMVWX GVEGO % ZEPYI SJ  14E
I\GIWWSJQQ MR  TWM GERFIYWIH
8LIWXVEMR WQMRXLIWIGXMSRMWSFXEMRIHJVSQXLIJSPPS[MRK OG ! GSIJJMGMIRXVITVIWIRXMRKXLIREXYVISJWXVIWWHMWXVM
I\TVIWWMSR FYXMSR
! JSVHMVIGXXIRWMSRERHJSVFIRHMRKERH
 O ! GSIJJMGMIRXEGGSYRXMRKJSVRSRYRMJSVQWXVIWWIWHYI
WQ! W )W?z   WV  W A 
XS VIWXVEMRX VIWYPXMRK JVSQ MRXVMRWMG SV I\XVMRWMG
[LIVI HIJSVQEXMSR-XZEVMIWFIX[IIRERH 2QQ!
14E 
W ! WXVIWWMRXLIXIRWMSRVIMRJSVGIQIRXGSQTYXIHSRXLI
FEWMWSJEGVEGOIHWIGXMSR14E 8LI)''SHIEPWSWXMTYPEXIWXLEXJSVGVEGOWHSQMRERXP]
GEYWIH TVMRGMTEPP] F] JPI\YVI XLIMV [MHXLW [MPP RSX YWYEPP]
WV ! WXVIWWMRXLIXIRWMSRVIMRJSVGIQIRXGSQTYXIHSRXLI
FEWMWSJEGVEGOIHWIGXMSRYRHIVPSEHMRKGSRHMXMSRW I\GIIH XLI WXERHEVH  QQ  MR  MJ XLI WM^I ERH
XLEXGEYWIXLIJMVWXGVEGO14E WTEGMRKSJXLIVIMRJSVGMRKFEVWEVI[MXLMRXLIVERKISJZEPYIW
 ! GSIJJMGMIRXEGGSYRXMRKJSVFEVFSRHGLEVEGXIVMWXMGW MR 8EFPIW  ERH  JSV FEV WM^I ERH WTEGMRK )YVS )'

! JSVHIJSVQIHFEVWERHJSVTPEMRFEVW &IGOIXXERH%PI\ERHVSY2E[] *SVWIZIVI
 ! GSIJJMGMIRXEGGSYRXMRKJSVPSEHHYVEXMSR I\TSWYVIGSRHMXMSRW WYGL EW XLSWI PMWXIH MR 8EFPI GVEGO

[MHXLGSQTYXEXMSRWFIGSQIQERHEXSV]
 !  JSV WMRKPI WLSVXXIVQ PSEHMRK ERH  JSV
WYWXEMRIHSVG]GPMGPSEHMRKERH
)W ! 1SHYPYWSJIPEWXMGMX]SJXLIVIMRJSVGIQIRX14E {'VEGOGSRXVSPMRX[S[E]WPEFWERHTPEXIW
8LIEZIVEKIWXEFMPM^IHQIERGVEGOWTEGMRK WVQMWIZEPY 'VEGOGSRXVSP IUYEXMSRW JSV FIEQW YRHIVIWXMQEXI XLI
EXIHJVSQXLIJSPPS[MRKI\TVIWWMSR GVEGO[MHXLWHIZIPSTIHMRX[S[E]WPEFWERHTPEXIW 2E[]
ERH&PEMV ERHHSRSXMRHMGEXIXSXLIHIWMKRIVLS[XS
WTEGI XLI VIMRJSVGIQIRX 8LI GVEGOMRK [MHXLW MR X[S[E]
WVQ!OOHF  X QQ 
WPEFWERHTPEXIWEVIGSRXVSPPIHTVMQEVMP]F]XLIWXIIPWXVIWW
PIZIPERHXLIWTEGMRKSJXLIVIMRJSVGIQIRXMRXLIX[STIVTIR
[LIVI HMGYPEV HMVIGXMSRW -R EHHMXMSR XLI GPIEV GSRGVIXI GSZIV MR
HF ! FEVHMEQIXIVQQ X[S[E]WPEFWERHTPEXIWMWRIEVP]GSRWXERX QQ?MRA
X ! IJJIGXMZIVIMRJSVGIQIRXVEXMS!%W %GX XLIIJJIGXMZI JSVQSWXMRXIVMSVWXVYGXYVEPWPEFW [LIVIEWMXMWEQENSVZEVM
GSRGVIXIEVIEMRXIRWMSR%GXMWKIRIVEPP]XLIGSRGVIXI EFPIMRXLIGVEGOGSRXVSPIUYEXMSRWJSVFIEQW
EVIEWYVVSYRHMRKXLIXIRWMSRVIMRJSVGIQIRXSJHITXL
%REP]WMWSJHEXESRGVEGOMRKMRX[S[E]WPEFWERHTPEXIW
IUYEPXSXMQIWXLIHMWXERGIJVSQXLIXIRWMPIJEGI
2E[]ERH&PEMV LEWTVSZMHIHXLIJSPPS[MRKIUYEXMSR
SJXLIGSRGVIXIWIGXMSRXSXLIGIRXVSMHSJXLIVIMRJSVGI
JSVTVIHMGXMRKXLIQE\MQYQGVEGO[MHXL
QIRX*SVWPEFW[LIVIXLIHITXLSJXLIXIRWMSR^SRI
QE]FIWQEPPXLILIMKLXSJXLIIJJIGXMZIEVIEWLSYPH
RSXFIXEOIRKVIEXIVXLER? GzHF A[LIVIG!GPIEV [ ! O JW - 
GSZIVXSXLIVIMRJSVGIQIRXQQ
O ! JSVHIJSVQIHFEVWERHJSVTPEMRFEVWERH [LIVIXLIXIVQWMRWMHIXLIVEHMGEPEVIGSPPIGXMZIP]XIVQIHXLI
O ! JSVFIRHMRKERHJSVTYVIXIRWMSR KVMHMRHI\
-RGEWIWSJIGGIRXVMGXIRWMSRSVJSVPSGEPEVIEWEREZIVEKI
ZEPYISJO!    GERFIYWIH[LIVI MWXLIKVIEXIV
ERH  XLI PIWWIV XIRWMPI WXVEMR EX XLI WIGXMSR FSYRHEVMIW H F W  W W  HG 
- ! 
 !  
HIXIVQMRIHSRXLIFEWMWSJGVEGOIHWIGXMSR X H F
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

O ! JVEGXYVIGSIJJMGMIRX[MXLEZEPYIO!»zJSV 8EFPI{1E\MQYQFEVWTEGMRKJSVLMKLFSRHFEVW
YRMJSVQP]PSEHIHVIWXVEMRIHX[S[E]EGXMSRWUYEVI 1E\MQYQFEVWTEGMRKQQ
WPEFWERHTPEXIW*SVGSRGIRXVEXIHPSEHWSVVIEGXMSRW 7XIIPWXVIWW14E 4YVIJPI\YVI 4YVIXIRWMSR
SV[LIRXLIVEXMSSJWLSVXXSPSRKWTERMWPIWWXLER   
FYXPEVKIVXLEREZEPYISJO!»zMW   
ETTPMGEFPI*SVWTEREWTIGXVEXMSWPIWWXLERO!   
 »z   
!  GLSWIR XS WMQTPMJ] GEPGYPEXMSRW EPXLSYKL MX   {
ZEVMIWFIX[IIRERH    {
JW ! EGXYEPEZIVEKIWIVZMGIPSEHWXVIWWPIZIPSV SJ
XLIWTIGMJMIH]MIPHWXVIRKXLJ]OWM GVEGO [MHXL QE] FI TVIJIVEFPI JSV GSVVSWMSR GSRXVSP MR
HF ! HMEQIXIVSJXLIVIMRJSVGIQIRXMR(MVIGXMSRGPSWIWX GIVXEMRIRZMVSRQIRXWXLIVIJSVIXLIHIWMKRIVWLSYPHI\IVGMWI
XSXLIGSRGVIXISYXIVJMFIVWMR IRKMRIIVMRK NYHKQIRX SR XLII\XIRX SJGVEGO GSRXVSP XS FI
W ! WTEGMRKSJXLIVIMRJSVGIQIRXMR(MVIGXMSRMR YWIH;LIRYWIHMRGSRNYRGXMSR[MXLXLIVIGSQQIRHEXMSRW
W ! WTEGMRK SJ XLI VIMRJSVGIQIRX MR TIVTIRHMGYPEV TVIWIRXIHMR7IGXMSRWERH  XSPMQMXGVEGO[MHXLMX
(MVIGXMSRMR WLSYPHFII\TIGXIHXLEXETSVXMSRSJXLIGVEGOWMRXLIWXVYG
X ! EGXMZIWXIIPVEXMSXLEXMWXLIEVIESJWXIIP%WTIVJX XYVI[SYPHI\GIIHXLIWIZEPYIWF]EWMKRMJMGERXEQSYRX-XMW
[MHXL? HF  G 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
[ ! GVEGO[MHXLEXJEGISJGSRGVIXIGEYWIHF]JPI\YVIMR XLIPSRKXIVQXLIVIMWRSPMROFIX[IIRXLIPIZIPSJJPI\YVEP
(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  EGEWIGSYPHFIQEHIXLEX
WXIIPMWRSXYWIHSV[LIRMXWWTEGMRKWI\GIIHWQQ MR  GVEGO[MHXLWVERKMRKJVSQXSQQ XSMR
YWI W!QQ MR MRXLIIUYEXMSR GSYPHFIGSRWMHIVIHYREGGITXEFPIJSVEIWXLIXMGVIEWSRWEWXLI]
-JWXVEMRMWYWIHMRWXIEHSJWXVIWW)U  FIGSQIW EVIZMWMFPIXSXLIREOIHI]ILIRGIKIRIVEXMRKEWIRWISJ
MRWIGYVMX]SVWXVYGXYVEPJEMPYVI

[ ! O -  {*PI\YVEPGVEGOMRKMRTVIWXVIWWIHGSRGVIXI
4EVXMEPP]TVIWXVIWWIHQIQFIVWMR[LMGLGVEGOWGERETTIEV
[LIVIZEPYIWSJO!»XMQIWXLIOZEPYIWTVIZMSYWP] YRHIV[SVOMRKPSEHWEVIYWIHI\XIRWMZIP]'VEGOWJSVQMR
PMWXIH2E[]  ERH%'-6GSRXEMRHIWMKREMHWJSV XLIWIQIQFIVW[LIRXLIXIRWMPIWXVIWWI\GIIHWXLIQSHYPYW
ETTP]MRKXLIWIVIGSQQIRHEXMSRW SJVYTXYVISJXLIGSRGVIXI XS JG TWMYRHIVWLSVXXIVQ
8EQERH7GERPSR  TVIWIRXEQSHIPJSVHIXIVQMRMRK GSRHMXMSRW 8LIGSRXVSPSJXLIWIGVEGOWMWRIGIWWEV]TVMQEVMP]
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
PSEHMWWQEPP EFSYXXSQQ?MRXSMRA
{8SPIVEFPIGVEGO[MHXLWZIVWYWI\TSWYVI ERHXLIVIJSVIGVEGOGSRXVSPMWYWYEPP]RSXRIGIWWEV]MJXLI
GSRHMXMSRWMRVIMRJSVGIHGSRGVIXI PMZIPSEHMWXVERWMIRX
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
GSQTMPIHMRJSVQEXMSRJVSQWIZIVEPWSYVGIW-XMWMQTSVXERXXS WXITW *MVWX XLI HIGSQTVIWWMSR QSQIRX MW GEPGYPEXIH EX
RSXIXLEXXLIWIGVEGO[MHXLZEPYIWEVIRSXEP[E]WEVIPMEFPI [LMGLXLIWXVIWWMRXLIGSRGVIXIEXXLITVIWXVIWWMRKWXIIPPIZIP
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  ERH  F]EJEGXSV6M[LIVI
QSQIRX % QYPXMTPMGEXMSR JEGXSV SJ EFSYX  MW RIIHIH 6M ! VEXMSL L
[LIRWXVERHWVEXLIVXLERHIJSVQIHFEVWEVIYWIHRIEVIWXXS L ! HMWXERGIJVSQXLIRIYXVEPE\MWXSXLIGIRXVSMHSJXLI
XLIFIEQWYVJEGIMRXLITVIWXVIWWIHQIQFIVXSEGGSYRXJSV VIMRJSVGIQIRXMR
XLIHMJJIVIRGIWMRFSRHTVSTIVXMIW8LMWETTVSEGLMWGSQTPM L ! HMWXERGIJVSQXLIRIYXVEPE\MWXSXLIGSRGVIXIXIRWMPI
GEXIH MJ QSWX SJ XLI TEVEQIXIVW EJJIGXMRK GVEGOMRK EVI JEGI
GSRWMHIVIH 2MPWSR   %R ETTVS\MQEXI QIXLSH YWMRK JW ! XLIRIXWXVIWWMRXLITVIWXVIWWIHXIRHSRSVXLIQEKRM
XYHISJXLIXIRWMPIWXVIWWMRXLIGSRZIRXMSREPVIMR
XLI RSQMREPGSRGVIXIWXVIWW ETTVSEGL [EW TVIWIRXIH F]
JSVGIQIRX EX ER] PSEH PIZIP MR [LMGL XLI
1IMIV ERH +IVKIP]   8LI] TVSTSWIH XLI JSPPS[MRK
HIGSQTVIWWMSRPSEH HIGSQTVIWWMSRLIVIQIERWJG!
IUYEXMSRWJSVTVIHMGXMSRSJQE\MQYQJPI\YVEPGVEGO[MHXL
EXXLIPIZIPSJXLIVIMRJSVGMRKWXIIP MWXEOIREWXLI
VIJIVIRGITSMRXOWM! JRX z JH
J JRX ! WXVIWWMRXLITVIWXVIWWMRKWXIIPEXER]PSEHFI]SRH
[ QE\ ! '  GXH G 
)G XLIHIGSQTVIWWMSRPSEHOWM
JH ! WXVIWWMRXLITVIWXVIWWMRKWXIIPGSVVIWTSRHMRKXSXLI
HIGSQTVIWWMSRPSEHOWM
J
[ QE\ ! '  GXH G  %  3  ! WYQ SJ VIMRJSVGMRK IPIQIRXWv GMVGYQJIVIRGIW MR
)G ERH
%X ! XLIIJJIGXMZIGSRGVIXIEVIEMRYRMJSVQXIRWMSRMR
[LIVI EWHIJMRIHF]%'-
'' ! FSRHGSIJJMGMIRXWXLEXHITIRHSRXLIX]TISJWXIIP 6IGIRX [SVO F] 2E[] SR GVEGOMRK MR LMKL WXVIRKXL TVI
RIEVIWXXLIXIRWMSRJEGI WXVIWWIHFIEQWSJGSQTVIWWMZIWXVIRKXLJG MRI\GIWWSJ14E
TWM WLS[IHXLEXXLIJEGXSVMR)U   
JGX ! RSQMREPXIRWMPIWXVIWWEXXLIXIRWMPIJEGI
FIGSQIW» z MR97GYWXSQEV]YRMXWERH» z
)G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXI MR7-YRMXW 2E[] 
HG ! QMRMQYQGSRGVIXIGSZIVXSGIRXVSMHSJWXIIPEXXLI 8LI')&1SHIP'SHILEWXLIWEQIIUYEXMSRJSVTVIHMGXMRK
XIRWMPIJEGIERH XLIGVEGO[MHXLMRTVIWXVIWWIHQIQFIVWEWMRRSRTVIWXVIWWIH
% ! IJJIGXMZI GSRGVIXI EVIE TIV FEV EW HIJMRIH MR %'- QIQFIVW 7IGXMSR 8LIMRGVIEWIMRWXIIPWXVEMRMWGEPGY
 PEXIH JVSQ XLI HIGSQTVIWWMSR WXEKI 3XLIV IUYEXMSRW LEZI
)UYEXMSR  MW HMQIRWMSREPP] GSVVIGX ERHXLI GSIJJM FIIRTVSTSWIH %FIPIW&IRRIXXERH(EZI,SPQ
GMIRX 'MWHMQIRWMSRPIWW-RMRPFYRMXW'!ERH'! FIVK ERH 0MRHKVIR  6ES +ERHSXVE ERH 6EQE^[EQ]
JSVVIMRJSVGMRKFEVWERH'!ERH'!JSVWXVERHW-R7- &EXI&IRRIXXERH'LERHVEWIOLEV,YXXSR
YRMXWMJ%MWWTIGMJMIHMRQQ '!ERH'!JSV ERH0SSZ/VMWLRE&EWEZEVENYMELERH%LEQIH
7XIZIRW7YVMERH(MPKIV7Y^YOMERH=SWLMXIVY
VIMRJSVGMRKFEVWERH'!ERH'!JSVWXVERHW
,EVENPMERH2EEQER 
)UYEXMSR  LEHFIXXIVETTPMGEXMSRJSVQSWXHEXEI\EQ %EPEQMERH&EVXL  HMWGYWWXLIQMXMKEXMSRSJVIWXVEMRX
MRIH LS[IZIV )U   WLS[W FIXXIV EGGYVEG] JSV [MHI GVEGOMRK MR FYMPHMRKW GSRWXVYGXIH [MXL YRFSRHIH XIRHSRW
FIEQW[MXLPEVKIWTEGMRK8LIWIIUYEXMSRWTVIHMGXXLIEZIVEKI 2SRTVIWXVIWWIH HIJSVQIH FEVW GER FI YWIH XS VIHYGI XLI
SJXLIQE\MQYQGVEGO[MHXLW8LIWGEXXIVMWGSRWMHIVEFPI [MHXLSJXLIGVEGOWXSEGGITXEFPIPIZIPW
8LIQE\MQYQGVEGO[MHXL MRMRGLIW EXXLIWXIIPVIMRJSVGI  'VEGO[MHXLW{7SQIEYXLSVWWXEXIXLEXGSVVSWMSRMWE
QIRXPIZIPGPSWIWXXSXLIXIRWMPIJEGISJXLIGSRGVIXIEGGSYRXMRK KVIEXIV TVSFPIQ MR TVIWXVIWWIHGSRGVIXI QIQFIVW FIGEYWI SJ
JSVXLIWXVIWWMRXLIVIMRJSVGIQIRXMRTVIXIRWMSRIHERHTSWX XLIWQEPPIVEVIESJWXIIPYWIHERHFIGEYWISJXLITSWWMFPIGSRWI
XIRWMSRIHJYPP]ERHTEVXMEPP]TVIWXVIWWIHQIQFIVWGERFI UYIRGIWSJGSVVSWMSRSRLMKLP]WXVIWWIHWXIIP6IWIEVGL &IIF]
IZEPYEXIHJVSQXLIJSPPS[MRKWMQTPMJMIHI\TVIWWMSRW 2E[] EF MRHMGEXIWXLEXXLIVIMWRSKIRIVEPVIPEXMSRWLMT
ERH,YERK2E[]E  FIX[IIRGVEGOMRKERHGSVVSWMSRMRQSWXGMVGYQWXERGIW4SWXSR
4VIXIRWMSRIHFIEQW 'EVVEWUYMPPS ERH &VIIR   LS[IZIV GMXIW GSRXVEHMGXSV]
PEFSVEXSV] XIWX VIWYPXW SR TVIWXVIWWIH ERH RSRTVIWXVIWWIH
I\TSWYVIWTIGMQIRWMR[LMGLGLPSVMHIMSRGSRGIRXVEXMSREX
z % XLIPIZIPSJVIMRJSVGIQIRXHYIXSTIRIXVEXMSRSJGLPSVMHIWJVSQ
[ QE\ !  »  X J W 
3 I\XIVREPWSYVGIW[EWTVSTSVXMSREPXSGVEGO[MHXL4SWXSRERH
7GLYTEGO  TVIWIRXVIWYPXWJVSQEJMIPHMRZIWXMKEXMSRSJ
4SWXXIRWMSRIHYRFSRHIHFIEQW TVIXIRWMSRIHFIEQWMREREKKVIWWMZIGLPSVMHIIRZMVSRQIRXMR
[LMGLFVMXXPI[MVIJEMPYVISJEWIZIR[MVIWXVERHSGGYVVIHEXE
JPI\YVEPGVEGOETTEVIRXP]HYIXSGSVVSWMSR[MXLWMKRMJMGERX
z %
[ QE\ !  »  X J W  TMXXMRKSFWIVZIHSRXLISXLIV[MVIWEXXLIGVEGOPSGEXMSR8LI
3 WYVJEGIGVEGO[MHXLW[IVIQQ MR SVPIWW8LI
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

TVIWXVIWWMRK WXVERH [EW KIRIVEPP] FVMKLX SR IMXLIV WMHI SJ MXW &YVKIWW&VIIRERH4SWXSR  ERH7ERHIVW&VIIRERH
GVEGO[MXLRSWMKRMJMGERXWMKRSJGSVVSWMSRHMWXVIWW (YRGER  
%WHMWGYWWIHF],EPZSVWIR  TVSZMWMSRWJSVWYVJEGI 7TEPPMRKGVEGOWJSVQFIX[IIRERGLSVEKIWERHTVSTEKEXI
GVEGO[MHXLGSRXVSPEWEQIERWSJTVSXIGXMRKEKEMRWXGSVVSWMSR TEVEPPIP XS XLI TVIWXVIWWMRK JSVGIW ERH GER GEYWI KVEHYEP
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&VIIR EF WLS[IHXLI
VSRQIRXW F]TVSZMHMRK EHHMXMSREP QMPH WXIIPVIMRJSVGIQIRX ZIV]FIRIJMGMEPIJJIGXSJYWMRKWTMVEPVIMRJSVGIQIRXSVEGXMZI
VIHYGMRK XLI EPPS[EFPI I\XVIQI JMFIV XIRWMSR WXVIWWIWYRHIV VIMRJSVGIQIRX MR XLI JSVQ SJ XVERWZIVWI TVIWXVIWWMRK XS
WIVZMGIPSEHWXSEZEPYIFIPS[  J G TWMTIVLETWEWPS[EW GSRXVSPGVEGOMRKMRERGLSVEKI^SRIW[LIVIXLITVIWXVIWWMRK
 J G TWMSVFSXLERHXSQMRMQM^IXLITSXIRXMEPJSVJPI\YVEP JSVGIWEVIPEVKI
GVEGOMRK
{'VEGOGSRXVSPMRHIITFIEQW
{%RGLSVEKI^SRIGVEGOMRKMRTVIWXVIWWIH 1ENSV GLERKIWMR VIMRJSVGIH GSRGVIXI HIWMKR MR XLI TEWX
GSRGVIXI X[S HIGEHIW REQIP] XLI [MHIWTVIEH EHSTXMSR SJ WXVIRKXL
0SRKMXYHMREP GVEGOW JVIUYIRXP] SGGYV MR XLI ERGLSVEKI HIWMKRLEZIVIWYPXIHMRWSQIWXVYGXYVIW[MXLLMKLWIVZMGI
^SRIW SJ TVIWXVIWWIH GSRGVIXI QIQFIVW HYI XS XVERWZIVWI PSEHVIMRJSVGIQIRX WXVIWWIW 7IZIVEP GEWIW LEZI FIIR
XIRWMPI WXVIWWIW WIX YT F] XLI GSRGIRXVEXIH JSVGIW +IVKIP] VITSVXIH *VERX^ERH&VIIREF [LIVI[MHIGVEGOWLEZI
 >MIPMRWOM ERH 6S[I  7XSRI ERH &VIIR E  HIZIPSTIHSRXLIWMHIJEGIWSJFIEQWFIX[IIRQEMRJPI\YVEP
7YGLGVEGOWGERPIEHXS SVMRGIVXEMRGEWIWEVIIUYMZEPIRXXS VIMRJSVGIQIRXERHXLIRIYXVEPE\MW%PXLSYKLXLIQIEWYVIH
XLIJEMPYVISJXLIQIQFIV8VERWZIVWIVIMRJSVGIQIRX WXMVVYTW  GVEGO [MHXLW EX XLI QEMR VIMRJSVGIQIRX PIZIP [IVI [MXLMR
EGXMZI VIMRJSVGIQIRX MR XLI JSVQ SJ PEXIVEP TVIWXVIWWMRK SV EGGITXEFPIGSHIPMQMXWXLIWMHIJEGIGVEGO[MHXLWRIEVQMH
FSXLWLSYPHFIHIWMKRIHXSVIWXVMGXXLIWIGVEGOW HITXL[IVIEWQYGLEWXLVIIXMQIWEW[MHI
8[SX]TIWSJGVEGOWGERHIZIPSTWTEPPMRKGVEGOWXLEXFIKMR &EWIHSRERI\TIVMQIRXEPERHEREP]XMGEPMRZIWXMKEXMSRSJ
EXXSTERHFSXXSQFIEQIRHWSYXWMHIXLIIRHERGLSVEKI^SRIW GVEGOMRKMRHIITFIEQW MRXLIWIRWISJWITEVEXMSRSJXIRWMSR
ERHTVSTEKEXITEVEPPIPXSXLITVIWXVIWWMRKJSVGIERHFYVWXMRK ERH GSQTVIWWMSR JSVGI VIWYPXERXW RSX WTERHITXL VEXMS 
GVEGOWXLEXHIZIPSTEPSRKXLIPMRISJXLIJSVGISVJSVGIWFYX *VERX^ERH&VIIRHIZIPSTIHVIGSQQIRHEXMSRWJSVWMHIJEGI
E[E]JVSQXLIIRHJEGI GVEGOGSRXVSPMRFIEQWMR[LMGLXLIHITXLHI\GIIHWQQ
MR 1SHMJMGEXMSRWSJXLIWIVIGSQQIRHEXMSRWLEZIFIIR
*SVQER]]IEVWWXMVVYTW[IVIHIWMKRIHXSXEOIXLIIRXMVI
MRGPYHIHMR%'-WMRGI7IGXMSRSJ%'-
GEPGYPEXIHXIRWMPIJSVGIFEWIHSRXLIEREP]WMWSJXLIYRGVEGOIH
VIUYMVIW WOMR VIMRJSVGIQIRX XS FI YRMJSVQP] HMWXVMFYXIH
WIGXMSR 'PEWWMGEP ERH JMRMXIIPIQIRX EREP]WIW 7XSRI ERH
EPSRKFSXLJEGIWSJXLIQIQFIVJSVEHMWXERGIHRIEVIWXXLI
&VIIRE2E[]F WLS[WMQMPEVWXVIWWHMWXVMFYXMSRW
JPI\YVEPXIRWMSRVIMRJSVGIQIRX
JSV[LMGLXLIWXMVVYTWEVIXSFITVSZMHIH&IGEYWII\TIVM
QIRXEPIZMHIRGIWLS[WXLEXLMKLIVWXVIWWIWGER VIWYPXXLER
{8IRWMSRGVEGOMRK
XLSWIMRHMGEXIHF]XLIWIEREP]WIW >MIPMRWOMERH6S[I  8LI GVEGOMRK FILEZMSV SJ VIMRJSVGIH GSRGVIXI QIQ
ERHFIGEYWIXLIGSRWIUYIRGIWSJYRHIVVIMRJSVGIQIRXGERFI FIVWMRE\MEPXIRWMSRMWWMQMPEVXSXLEXSJJPI\YVEPQIQ
WIVMSYWMXMWEHZMWEFPIXSTVSZMHIQSVIWXIIPXLERVIUYMVIH FIVWI\GITXXLEXXLIQE\MQYQGVEGO[MHXLMWPEVKIVXLERXLEX
F]XLMWX]TISJEREP]WMW1SVIVIGIRXP]HIWMKRWLEZIFIIR TVIHMGXIHF]XLII\TVIWWMSRWJSV JPI\YVEPQIQFIVW &VSQW
FEWIHSRGVEGOIHWIGXMSREREP]WIW%HIWMKRTVSGIHYVIJSV EF 8LIPEGOSJWXVEMRKVEHMIRXERHVIWYPXERXVIWXVEMRX
TSWXXIRWMSRIHQIQFIVWYWMRKEGVEGOIHWIGXMSREREP]WMW MQTSWIH F] XLI GSQTVIWWMSR ^SRI SJ JPI\YVEP QIQFIVW MW
+IVKIP]ERH7S^IR LEWJSYRHEGGITXERGI[MXLQER] TVSFEFP]XLIVIEWSRJSVXLIPEVKIVXIRWMPIGVEGO[MHXL
HIWMKRIVW*SVTVIXIRWMSRIHQIQFIVWERIQTMVMGEPIUYEXMSR (EXEEVIPMQMXIHFYXMXETTIEVWXLEXXLIQE\MQYQXIR
LEWTVSZIRXSFIUYMXIYWIJYP 1EVWLEPPERH1EXXSGO  WMPIGVEGO[MHXLGERFIEFSYXI\TVIWWIHMREJSVQWMQMPEV
7XSRI ERH &VIIR F  TVIWIRX E HIWMKR TVSGIHYVI JSV XSXLEXYWIHJSVJPI\YVEPGVEGO[MHXL
TSWXXIRWMSRIHFIEQERGLSVEKI^SRIW%KIRIVEPIUYEXMSRMW
KMZIR JSV TVIHMGXMRK XLI GVEGOMRK PSEH MR FIEQW [MXLSYX z
WYTTPIQIRXEPERGLSVEKI^SRIVIMRJSVGIQIRXEPSRK[MXLTVSZM [ ! JW  H G % »  
WMSRWJSVHIWMKRMRKWYTTPIQIRXEV]VIMRJSVGIQIRXERHGEPGY
PEXMRKXLIIJJIGXMX[MPPLEZISRGVEGOMRKERHYPXMQEXIPSEH [LIVIGVEGO[MHXLMWQIEWYVIHMRMRGLIW
(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
6 1%29%03*'32'6)8)46%'8-')

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[MVIJEFVMG 0IIIX GVEGO[MHXLMWETTVS\MQEXIP]TVSTSVXMSREPXSXLIWXIIPWXVEMR
EP %QSVIGSQTPIXIHMWGYWWMSRSJGSRGVIXIGVEGOMRKMR -PPWXSRERH7XIZIRW,SPQFIVK7XIZIRW 
HMVIGXXIRWMSRMWTVSZMHIHMR%'-6 'VEGO[MHXLWMRGVIEWIYRHIVWYWXEMRIHPSEHMRKEXEHIGVIEW
MRKVEXI8LIVEXISJKVS[XLMRGVEGO[MHXLLS[IZIVMWJEWXIV
',%48)6{032+8)61)**)'87 XLERXLIEZIVEKISFWIVZIHWYVJEGIWXVEMREXXLIPIZIPSJXLI
32'6%'/-2+ WXIIP*SVPSRKXIVQPSEHMRKGVEGO[MHXLMWTVSTSVXMSREP
{-RXVSHYGXMSR XSXLIWXIIPWXVEMR MRGPYHMRKXLIIJJIGXWSJGVIIT TPYWXLI
'VEGOMRKMRGSRGVIXIMWEJJIGXIHF]XLIPSRKXIVQGSRHMXMSRW WXVEMR MRHYGIH MR XLI GSRGVIXI HYI XS WLVMROEKI -PPWXSR
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
QENSVPSRKXIVQJEGXSVWXLEXEJJIGXXLIGVEGOGSRXVSP TIVJSV WYVJEGI GVEGOW HSIW RSX TVSZMHI E KSSH MRHMGEXMSR SJ XLI
QERGISJVIMRJSVGIHERHTVIWXVIWWIHGSRGVIXI I\TSWYVI SJ XLI VIMRJSVGMRK WXIIP XS GSVVSWMZI GSRHMXMSRW
3ZIVETIVMSHSJXMQILS[IZIVXLIEHLIWMSRFSRHFIX[IIR
{)JJIGXWSJPSRKXIVQPSEHMRK XLIWXIIPERHXLIGSRGVIXIYRHIVKSIWFVIEOHS[R%JXIVEFSYX
%W HMWGYWWIH MR 'LETXIV  FSXL WYWXEMRIH ERH G]GPMG  ]IEVW XLI GVEGO [MHXL EX XLI VIMRJSVGIQIRX MW ETTVS\M
PSEHMRKMRGVIEWIXLIEQSYRXSJQMGVSGVEGOMRK1MGVSGVEGOMRK QEXIP]IUYEP XSXLIGVEGO [MHXLEXXLIWYVJEGI -PPWXSRERH
ETTIEVWXSFIEJYRGXMSRSJXLIXSXEPWXVEMRERHMWPEVKIP] 7XIZIRW %XXLMWWXEKIGVEGOWMRJPI\YVEPQIQFIVWEVI
MRHITIRHIRXSJXLIQIXLSHF][LMGLXLIWXVEMRMWMRHYGIH XVMERKYPEVMRWLETIMRGVIEWMRKMR[MHXLJVSQXLIRIYXVEPE\MW
1MGVSGVEGOWJSVQIHEXWIVZMGIPSEHPIZIPWHSRSXWIIQXS XSXLIWSJJMXERHEVIETTVS\MQEXIP]YRMJSVQEGVSWWXLI[MHXL
LEZI E KVIEX IJJIGX SR XLI WXVIRKXL SV WIVZMGIEFMPMX] SJ SJXLIFIEQ
VIMRJSVGIHERHTVIWXVIWWIHGSRGVIXI
8LI IJJIGX SJ WYWXEMRIH SV VITIXMXMZI PSEHMRK SR QEGVS {)RZMVSRQIRXEPIJJIGXW
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
&EXI  &VIRHIP ERH 6YLPI  0YX^ 7LEVQE ERH SJXLIJVII^MRK[EXIV8LIPEGOSJWYGLVIWMWXERGIGERFIHYI
+IVKIP]%FIPIW&VS[RERH1SVVS[&IRRIXX XSXLIJSPPS[MRKVIEWSRWXLIYWISJVIWMWXERXVIWMWXERXGSEVWI
ERH(EZI,SPQFIVKERH0MRHKVIR-PPWXSRERH EKKVIKEXIMREHIUYEXIEMVZSMHW]WXIQSVJEMPYVIXSTVSXIGX
7XIZIRW,SPQFIVK ;LMPIXLIVIMWEPEVKIWGEXXIV XLIGSRGVIXIJVSQJVII^MRKFIJSVIGYVMRK'VMXMGEPWEXYVEXMSR
MR XLI HEXE MRJSVQEXMSR SFXEMRIH JVSQ WYWXEMRIH PSEHMRK MRRSRJVSWXVIWMWXERXGSRGVIXIGERSGGYVF]XLITVIWIRGISJ
XIWXWSJYTXS]IEVW -PPWXSRERH7XIZIRW ERHJEXMKYI TVII\MWXMRKGVEGOWXLEXEPPS[IRXV]SJ[EXIV8LIMRMXMEXMSRSJ
XIWXW[MXLYTXSQMPPMSR G]GPIW &IRRIXXERH(EZI (GVEGOMRKRIEVNSMRXWSVSXLIVGVEGOWMRTEZIQIRXWMWEKSSH
,SPQFIVK6ILQERH)PMKILEYWIR MRHMGEXIXLEXE I\EQTPI -R QSVI I\XVIQI GEWIW MX MW RSX YRGSQQSR JSV
HSYFPMRKSJGVEGO[MHXL[MXLXMQIGERFII\TIGXIH9RHIVQSWX GVEGOW GEYWIH IMXLIV F] XLIVQEP WXVIWW SV WLVMROEKI SJ XLI
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
-PPWXSRERH7XIZIRW,SPQFIVK %RI\GITXMSRXS [EXIVMRXLIGVEGOWXLIQWIPZIWMRHITIRHIRXSJXLIJVSWXVIWMW
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
,SPQFIVK 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 *MIPH
EFSYXXLIWEQIGVEGO[MHXLWERHWTEGMRK 6ILQERH)PMKI I\TSWYVIXIWXWSJVIMRJSVGIHGSRGVIXIFIEQW 6SWLSVI
LEYWIR 8LIVEXISJGVEGO[MHXLHIZIPSTQIRXLS[IZIV WYFNIGXIHXSJVII^MRKERHXLE[MRKMRERSGIERWMHIIRZMVSR
MW GSRWMHIVEFP] JEWXIV YRHIV VITIXMXMZI PSEHMRK &IRRIXX ERH QIRXMRHMGEXIXLEXXLIYWISJEMVIRXVEMRIHGSRGVIXIQEHIXLI
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

FIEQWQSVIVIWMWXERXXS[IEXLIVMRKXLERXLIYWISJRSREMV GSQQSRP] YWIH JSV VILEFMPMXEXMSR SJ HIXIVMSVEXIH FVMHKI


IRXVEMRIHGSRGVIXI&IEQW[MXLQSHIVRHIJSVQIHFEVW[IVI HIGOW WXVIRKXLIRMRK SV VIRSZEXMRK TEZIQIRXW [EVILSYWI
QSVIHYVEFPIXLERXLSWIYWMRKFEVW[MXLSPHWX]PIHIJSVQEXMSRW JPSSVW [EPO[E]W ERH SXLIV GSRGVIXI JPEX[SVO ERH MR RI[
1E\MQYQGVEGO[MHXLWHMHRSXMRGVIEWI[MXLXMQI[LIRXLI X[SGSYVWIGSRWXVYGXMSR
WXIIPWXVIWW[EWPIWWXLEROWM 14E FYXHMHMRGVIEWI 3ZIVPE]W GER FI HMZMHIH MRXS XLVII KVSYTW 8LI JMVWX
WYFWXERXMEPP]  XS   SZIV E ]IEV TIVMSH [LIR XLI KVSYT MW [LIR TSVXPERH GIQIRX MW YWIH 8LIWI SZIVPE]W
WXIIPWXVIWW[EWOWM 14E SVQSVI GERFIPS[WPYQTHIRWIGSRGVIXI 07(' TSP]QIVQSHM
JMIHGSRGVIXI EPWSGEPPIHPEXI\QSHMJMIHGSRGVIXI?01'A 
{%KKVIKEXIERHSXLIVIJJIGXW ERHJMFIVVIMRJSVGIHGSRGVIXI *6' 8LIWISZIVPE]WQE]EPWS
'SRGVIXI GER GVEGO EW XLI VIWYPX SJ I\TERWMZI VIEGXMSRW GSRXEMRWMPMGEJYQIJP]EWLSVKVERYPEXIHFPEWXJYVREGIWPEK
FIX[IIREKKVIKEXIERHEPOEPMWTVIWIRXMRXLIGIQIRXL]HVE 8LI WIGSRH KVSYT MRGPYHIW TSP]QIV ERH ITS\] QSVXEVW SV
XMSREHQM\XYVIWSVI\XIVREPWSYVGIWWYGLEWGYVMRK[EXIV GSRGVIXIW 8LI XLMVH KVSYT MRGPYHIW TSP]QIVMQTVIKREXIH
KVSYRH[EXIV ERH EPOEPMRI WSPYXMSRW WXSVIH SV YWIH MR XLI GSRGVIXI 4-' [LMGL LEW RSX FIGSQI KIRIVEPP] IJJIGXMZI
JMRMWLIHWXVYGXYVI IGSRSQMGEPSVTVEGXMGEP-RE4-'W]WXIQLEVHIRIHGSRGVIXI
4SWWMFPIWSPYXMSRWXSXLIWITVSFPIQWMRGPYHIPMQMXEXMSRWSR MWMQTVIKREXIH[MXLEPS[QSPIGYPEV[IMKLXQSRSQIVXLEX
VIEGXMZI GSRWXMXYIRXW MR XLI EKKVIKEXI PMQMXEXMSRW SR XLI JMPPWWQEPPGVEGOWERHZSMHWXSEWLEPPS[HITXL EFSYXQQ
EPOEPMGSRXIRXSJGIQIRXERHXLIEHHMXMSRSJEWEXMWJEGXSV] ?MRA FIRIEXLXLIWYVJEGI8LIQSRSQIVMWXLIRTSP]QIV
TS^^SPERMGQEXIVMEPSVEGSQFMREXMSRSJXLIWI8LITSXIRXMEP M^IHERHEVIPEXMZIP]MQTIVZMSYWWYVJEGIPE]IVVIWYPXW
JSVWSQII\TERWMZIVIEGXMSRWWYGLEWEPOEPMGEVFSREXIMWRSX -JXLIFEWIWPEFMWVIPEXMZIP]GVEGOJVIISVMJXLISZIVPE]MW
VIHYGIHF]TS^^SPERMGEHQM\XYVIW%'-6ERH;SSHW WYJJMGMIRXP]XLMGOERHWXVSRKXSVIWMWXXLII\XIRWMSRSJGVEGOW
 KMZIHIXEMPWSRMHIRXMJMGEXMSRERHIZEPYEXMSRSJEKKVI MRXLISVMKMREPWPEFE[IPPFSRHIHPE]IV[MXLQEXGLIHNSMRXW
KEXIVIEGXMZMX]%'-6KMZIWKYMHIPMRIWSRXLIEPOEPM MWKIRIVEPP]XLIFIWXETTVSEGL-JXLISZIVPE]LEWWYJJMGMIRX
EKKVIKEXI VIEGXMSR ERH WIPIGXMZMX] TVSGIWW JSV QM\XYVI XLMGORIWWEXSXEPP]YRFSRHIHSZIVPE]MWKIRIVEPP]FIWX[LIVI
TVSTSVXMSRMRKERHHYVEFMPMX] WIZIVIGVEGOMRKMWTVIWIRXSV[LIVIMXGERPEXIVHIZIPSTMRXLI
&EWIH SR %'- 6 %'- 6 %'- 6 ERH FEWIWPEF7]WXIQWXLEXEVIIWWIRXMEPP]YRFSRHIHLEZIFIIR
1EXLIV  XLILE^EVHSJYWMRKGEPGMYQGLPSVMHI GSRWXVYGXIHWEXMWJEGXSVMP][LIVIXLISZIVPE]MWTPEGIHSZIVER
[LMGL QE] MRMXMEXI GSVVSWMSR [EVVERXW E VIGSQQIRHEXMSR EWTLEPXPE]IV8LIEWTLEPXMXWIPJEGXWEWEHIFSRHMRKPE]IVMJ
EKEMRWXMXWYWI[LIRGVEGOGSRXVSPMWEQENSVJEGXSVEJJIGXMRK MXLEWEVIEWSREFP]WQSSXLWYVJEGI[MXLSYXTSXLSPIW8LMWX]TI
PSRKXIVQTIVJSVQERGIERHHYVEFMPMX]SJEWXVYGXYVEPW]WXIQ SJGSRWXVYGXMSRPIRHWTEVXMGYPEVP][IPPXSHIXIVMSVEXIHEMVJMIPH
%PWS XLI YWI SJ GEPGMYQ GLPSVMHI MR VIMRJSVGIH WXVYGXYVIW WPEFW XLEX LEZI FIIR VIWYVJEGIH [MXL EWTLEPXMG GSRGVIXI FYX
I\TSWIHXSQSMWXIRZMVSRQIRXWWLSYPHFIEZSMHIHVIKEVHPIWW VIUYMVIEHHMXMSREPVMKMHTEZIQIRXXSXEOIXLIMRGVIEWIHPSEHW
SJXLITVIWIRGISVEFWIRGISJ[EXIVWSPYFPIWEPXWMREHNEGIRX SJLIEZ]EMVGVEJX%RSXLIVXIGLRMUYIXLEXLEWFIIRYWIH[LIR
[EXIVWERHWSMP XLIQEXIVMEPXSFISZIVPEMHMWVIEWSREFP]WQSSXLGSRWMWXWSJ
(IXVMQIRXEPGSRHMXMSRWGEREPWSVIWYPXJVSQXLIETTPMGEXMSR TPEGMRKXLISZIVPE]SZIVETSP]IXL]PIRIWLIIX3RMVVIKYPEV
SJHIMGMRKWEPXWXSXLIWYVJEGISJLEVHIRIHGSRGVIXI'SRGVIXI WTEPPIHSVTSXLSPIHWYVJEGIWEXLMRPIZIPMRKERHHIFSRHMRK
XSFIWYFNIGXIHXSHIMGIVWSVWMQMPEVGLIQMGEPWWLSYPHFIEMV PE]IVSJEWTLEPXMWHIWMVEFPIYRHIVXLITSP]IXL]PIRIWLIIX
IRXVEMRIH ERH TVSTIVP] TVSTSVXMSRIH ERH GYVIH XS TVSHYGI
8LIQEMRGEYWIWSJGVEGOMRKMRSZIVPE]WEVI
PS[TIVQIEFMPMX]
e 4PEWXMGWLVMROEKIGEYWIHF]I\GIWWMZIIZETSVEXMSRHYI
XSIRZMVSRQIRXEPGSRHMXMSRW[LMPIXLIGSRGVIXIMWMRMXW
{9WISJTSP]QIVWMRMQTVSZMRKGVEGOMRK
GLEVEGXIVMWXMGW JVIWLSVTPEWXMGWXEXI
)\XIRWMZI [SVO MW EZEMPEFPI SR XLI YWI SJ TSP]QIVW MR e (MJJIVIRXMEP HV]MRK WLVMROEKI FIX[IIR QEXIVMEP MR XLI
QSHMJ]MRK XLI GLEVEGXIVMWXMGW SJ GSRGVIXI &VSSOLEZIR PE]IVERHXLIWYFWXVEXIGSRGVIXI
2EXMSREP 0EFSVEXSV]  %'- 74 %'- 74 %'- e (MJJIVIRXMEP XLIVQEP WXVIWWIW FIX[IIR XLI SZIVPE] ERH
6  4SP]QIVTSVXPERH GIQIRX GSRGVIXIW LEZI E PEVKI XLIWYFWXVEXIGSRGVIXI8LMWGERFIGEYWIHF]EHMJJIVIRX
HIJSVQEXMSR GETEGMX] LMKL XIRWMPI ERH GSQTVIWWMZI XIQTIVEXYVI MR XLI PE]IV EW GSQTEVIH XS XLI WYFWXVEXI
WXVIRKXLWERHRIKPMKMFPITIVQIEFMPMX]8LIXIRWMPIWTPMXXMRK ERHGEREPWSFIGEYWIHSVEKKVEZEXIHF]HMJJIVIRXGSIJ
WXVIRKXL GER FI EW LMKL EW  14E  TWM  2E[] JMGMIRXWSJXLIVQEPI\TERWMSRERHIPEWXMGTVSTIVXMIW
9OEHMOI ERH 7EYIV   4SP]QIV MQTVIKREXMSR XLSYKL e 6IJPIGXMZIGVEGOMRKJVSQGVEGOWMRXLIWYFWXVEXI
VEVIP]YWIHXSHE]MWERSXLIVQIXLSHSJMRXVSHYGMRKFIRIJM e )HKIERHGSVRIVGYVPMRKWXVIWWIWXLEXGERPIEHXSHIPEQ
GMEP TSP]QIV W]WXIQW MRXS GSRGVIXI 8LIWI QEXIVMEPW EVI MREXMSRWERHSXLIVGVEGOMRKERH
HMWGYWWIHMRKVIEXIVHIXEMPMR'LETXIV
e 4SSVGSRWXVYGXMSRTVEGXMGIW
0SRKXIVQSFWIVZEXMSRW 7GLVEHIVERH1YRGL&MWL
',%48)6{'3286303*'6%'/-2+
-23:)60%=7 EVE7LELERH7OEVIRHELP SJQER]SZIVPE]WLEZI
{-RXVSHYGXMSR WLS[RXLEXGVEGOMRKHYIXSHMJJIVIRXMEPWLVMROEKIMWXLIQSWX
%R SZIVPE] GER FI GSRWXVYGXIH F] TPEGMRK QSVXEV SV GSQQSRTVSFPIQ8LIWIGVEGOWEVIEPWSQSVIPMOIP]XSMR
GSRGVIXI SZIV E GSRGVIXI WYVJEGI 8LI YWI SJ SZIVPE]W LEW GVIEWISV[MHIR[MXLXMQI%RSXLIVTVSFPIQHIPEQMREXMSRSJ
VETMHP] MRGVIEWIH WMRGI XLI IEVP] W 8LI] EVI RS[ XLI SZIVPE] LEW FIIR JSYRH XS SGGYV SRP]EX GVEGOW MRXLI
6 1%29%03*'32'6)8)46%'8-')

SZIVPE]SVEXFSYRHEVMIWRSVQEPP]EXZIV]IEVP]EKIW8LIWI QSRMXSVIH XS HIXIVQMRI [LIRQSVIWXVMRKIRX GYVMRK


HIPEQMREXMSRW[MPPWTVIEH[MXLXMQI TVSGIHYVIWWLSYPHFIYWIHERH
8SVIHYGIXLIMRGMHIRGISJGVEGOMRKMRVMKMHGSRGVIXISZIV e 1IGLERMGEPWLIEVVIMRJSVGIQIRXMWIJJIGXMZIMRVIHYGMRK
PE]WXLIJSPPS[MRKTVSGIHYVIWEVIVIGSQQIRHIH GVEGOMRK MR SZIVPE]W TPEGIH HYVMRK TIVMSHW SJ LMKL
e 8LIWYVJEGISJXLIYRHIVP]MRKGSRGVIXIWLSYPHFIXLSV IZETSVEXMSRVEXIW
SYKLP] TVITEVIH XS IRWYVI EHIUYEXI FSRHMRK SJ XLI
SZIVPE] 8LMW GER FI EGGSQTPMWLIH F] QIGLERMGEP {*MFIVVIMRJSVGIHGSRGVIXI *6' SZIVPE]W
QIXLSHWWYGLEWWLSXFPEWXMRKWGEFFPMRKLERHGLMT ;LIRTVSTIVP]TVSTSVXMSRIHQM\IHERHTPEGIHEGVEGO
TMRK SVWERHFPEWXMRKERHL]HVEYPMGEPP]F]LMKLTVIW VIWMWXERXXSTTMRKPE]IVSJ*6'GERFIXLIWSPYXMSRXSGIVXEMR
WYVI [EXIVFPEWXMRK L]HVSHIQSPMXMSR  7GEVMJ]MRK JMIPH TVSFPIQW *MFVSYW GSRGVIXI SZIVPE]W SJ LMKL[E]W
QIXLSHWXLEXMQTEGXXLIWYVJEGIGERGEYWIGVEGOMRKMR EMVJMIPHW [EVILSYWIJPSSVW ERH [EPO[E]W LEZI FIIR YWIH
XLIWYFWXVEXIXLEXGERVIWYPXMRHIPEQMREXMSR4VSGIHYVIW WMRGIXLIQMHW*MFIVWEVIYWYEPP]WXIIPSVTSP]TVST]
JSV IEGL TVSNIGX WLSYPH FI WIPIGXIH GSRWMHIVMRK XLI PIRI[MXLPIRKXLWFIX[IIRERHQQ ERHMR 
GSRHMXMSRSJXLIGSRGVIXIXLIEZEMPEFMPMX]SJIUYMTQIRX 8LI IJJIGXW SJ JMFVSYW GSRGVIXI SR GVEGOMRK MR ER SZIVPE]
ERH XLI IRZMVSRQIRXEP GSRHMXMSRW 8LI IRH VIWYPX HITIRH PEVKIP] SR XLI JMIPH GSRHMXMSRW MR IEGL WMXYEXMSR
WLSYPHFIEGPIERWSYRHGSRGVIXIWYVJEGI 7GLVEHIVERH1YRGL7LELERH7OEVIRHELP7LEL
e %PPIUYMTQIRX YWIH JSVQM\MRKTPEGMRKERHJMRMWLMRK ERH&EXWSR%'-6%'-6%'-6 
WLSYPHFIHIWMKRIHJSVXLIX]TISJSZIVPE]FIMRKYWIH
8LIFEWMGGSRGITXSJ*6'{XLEXJMFIVWEVVIWXXLIKVS[XLSJ
ERHWLSYPHFIEGGYVEXIP]GEPMFVEXIHERHMRKSSH[SVO
QMGVSGVEGOW MR GSRGVIXI{MW ETTPMGEFPI XS WXIIP W]RXLIXMG
MRKSVHIV&SXLXLIGSRXVEGXSVERHMRWTIGXMRKTIVWSRRIP
WYGLEWTSP]TVST]PIRI ERHQMRIVEP WYGLEWKPEWW JMFIVW
WLSYPHFIXVEMRIHMRXLITVSTIVGSRWXVYGXMSRXIGLRMUYIW
7XIIPJMFIVWLEZIEWMKRMJMGERXIJJIGXSRXLIXSYKLRIWWSJXLI
SJXLITEVXMGYPEVSZIVPE]W]WXIQ
GSRGVIXI 7]RXLIXMG VIWMR JMFIVW LEZI E PS[IV QSHYPYW SJ
e 1EXIVMEPUYERXMXMIWMRGPYHMRKXSXEP[EXIVGSRXIRX[GQ
IPEWXMGMX]ERHETSSVIVFSRHGSQTEVIH[MXLWXIIPJMFIVWXLI]
ERH EQSYRX SJ TSP]QIV WLSYPH FI GPSWIP] QSRMXSVIH
HSRSXGSVVSHIFYXGERVIHYGIFPIIHMRKERHTPEWXMGWLVMROEKI
ERHVIGSVHIH
GVEGOMRK+PEWWJMFIVWEVIYWIHTVMQEVMP]MRGPEHHMRKTERIPW
e 8VEJJMGGSRXVSPWLSYPHFIIZEPYEXIHJSVLMKL[E]ETTPM
ERH SXLIV TVIGEWX TVSHYGXW XLEX EVI JSVQIH F] WTVE]MRK
GEXMSRW 8LI QEMRXIRERGI SJ XVEJJMG HYVMRK VIGSRWXVYG
GLSTTIHKPEWWJMFIVWERHQSVXEVWPYVV]MRXSJSVQWEXETVIGEWX
XMSR GEYWIW HIJPIGXMSRW ZMFVEXMSRW SV FSXL MR FVMHKI
TPERX+PEWWJMFIVWHSRSXQM\[IPPMRGSRZIRXMSREPGSRGVIXI
HIGOW'SRWMHIVEXMSRWLSYPHFIKMZIRXSTPEGMRKSZIV
QM\IVW8LIVIEVIWMKRMJMGERXPSRKXIVQHYVEFMPMX]TVSFPIQW
PE]W [LIR XVEJJMG MW PS[ [LIR ZILMGPI WTIIH MW
EWWSGMEXIH[MXLKPEWWJMFIVW ,SJJ7LEL0YHMVNEERH
VIWXVMGXIHSVFSXL
(ERMIP 
e 'SRXVEGXMSR NSMRXW MR XLI HIGO WLSYPH RSX FI SZIVPEMH
YRPIWW E NSMRX SV WE[ GYX MW MQQIHMEXIP] TVSZMHIH  7XIIPJMFIVGSRGVIXIFSRHXSYRHIVP]MRKGSRGVIXI{-R
(IPE]IHWE[GYXXMRK[MPPYWYEPP]VIWYPXMREGVEGOMRXLI MRMXMEPWXYHMIWSJ*6'MX[EWFIPMIZIHXLEXETEVXMEPP]FSRHIH
SZIVPE]SZIVXLINSMRXERHUYMXITSWWMFP]WSQIHIFSRHMRK PE]IV[EWXLIMHIEPW]WXIQ8LIXIVQTEVXMEPP]FSRHIHQIERW
EHNEGIRXXSXLI NSMRX 8LITVIJIVVIH QIXLSHMWXSJSVQ XLEXRSHIPMFIVEXIEXXIQTXMWQEHIXSMQTVSZIXLIFSRHMRK
XLI NSMRX [MXL E GSQTVIWWMFPI QEXIVMEP ERH TPEGI XLI FIX[IIR XLI XSTTMRK PE]IV ERH XLI YRHIVP]MRK QEXIVMEP
SZIVPE]EKEMRWXMX%JXIVGYVMRKXLIGSQTVIWWMFPIQEXI XLVSYKLFSRHMRKEKIRXWJEWXIRIVWERHTSP]IXL]PIRIWLIIXW
VMEP GER FI VIQSZIH ERH VITPEGIH [MXL XLI JMREP NSMRX 8LIWYVJEGIXSFISZIVPEMHMWGPIERIHSJEPPPSSWIQEXIVMEP
QEXIVMEP YWYEPP]F]LSWMRKERHPIJXMREHEQTGSRHMXMSR)ZEPYEXMSRW
e -R RI[ X[SGSYVWI GSRWXVYGXMSR SJ FVMHKI HIGOW XLI SJ TEVXMEPP] FSRHIH TVSNIGXW LEZI MRHMGEXIH XLEX XLMW MW XLI
SZIVPE]WLSYPHFITPEGIHEJXIVVIQSZMRKXLIHIGOJSVQW PIEWXHIWMVEFPI XIGLRMUYI XS YWI 3ZIV E TIVMSH SJ ]IEVW
ERH WLSVMRK JVSQ XLI FEWI GSRGVIXI WS XLEX WXVIWWIW QER]TEVXMEPP]FSRHIH*6'SZIVPE]WLEZIWLS[RRSXMGIEFPI
GEYWIHF]XLI[IMKLXSJXLISZIVPE]EVIGEVVMIHF]XLI EQSYRXWSJVIJPIGXMZIGVEGOMRKERHIHKIGYVPMRK'YVPIHIHKIW
YRHIVP]MRK GSRGVIXI -J TPEGIH FIJSVI XLI JSVQW EVI EVIX]TMGEPMRXLMRSZIVPE]W PIWWXLEREFSYXQQ?MRA ERH
VIQSZIHXLISZIVPE][MPPLEZIXSGEVV]ETSVXMSRSJMXW XLI]GERVIWYPXMRGVEGOW
S[R[IMKLXERHGERGVEGOMRRIKEXMZIQSQIRXVIKMSRW  *MFIV WM^I ERH ZSPYQI{8LI XLISV] SJ *6' MW
e 3ZIVPE]W WLSYPH FI TPEGIH SRP] [LIR XLI EQFMIRX FEWIH SR E GVEGOEVVIWXMRK QIGLERMWQ XLEX HITIRHW SR
[IEXLIVGSRHMXMSRWEVIJEZSVEFPIEWHIJMRIHMR%'- QER]TEVEQIXIVW 7LELERH2EEQER7LELERH&EXWSR
SV [LIR ETTVSTVMEXI EGXMSRW EVI XEOIR JSV LSX[IEXLIV  7SQISJXLITEVEQIXIVWXLEXMRJPYIRGIXLIVIMRJSVGMRK
%'- 6  SV GSPH[IEXLIV GSRGVIXMRK %'-6  IJJIGX SJ JMFIVW MRGPYHI XLI JMFIVvW QIGLERMGEP TVSTIVXMIW
)ZETSVEXMSR VEXIW SJ EFSYX  OKQ L  ?PFJXAL  EWTIGXVEXMS VEXMSSJJMFIVPIRKXLXSJMFIVHMEQIXIV ERHXLI
EWQIEWYVIHJVSQEJVII[EXIVWYVJEGIGERGEYWITPEWXMG ZSPYQIJVEGXMSRSJJMFIVW VEXMSSJZSPYQISJJMFIVWXSZSPYQI
WLVMROEKIGVEGOMRKXLEXGERMRGVIEWIXLII\XIRXSJGVEGOMRK SJGSRGVIXI -RGVIEWMRKXLIEWTIGXVEXMSSVXLIZSPYQIJVEG
ERH MRGVIEWI XLI TVSFEFMPMX] SJ HIPEQMREXMSR 'YVMRK XMSR SJ JMFIVW GER IRLERGI XLI GVEGOEVVIWXMRK QIGLERMWQ
TVSGIHYVIWWYGLEW[IXQEXWERHJSKWTVE]MRKGERFI TVSZMHIHXLEXJMFIVWEVIYRMJSVQP]HMWXVMFYXIH-JXLIRYQFIV
VIUYMVIH *SV PEVKI GSRWXVYGXMSR TVSNIGXW WYGL EW SJ JMFIVW GVSWWMRK E GVEGO MW VIPEXMZIP] WQEPP XLIR XLI
TEZIQIRX SZIVPE]W XLI IZETSVEXMSR VEXI WLSYPH FI GVEGOEVVIWXMRKQIGLERMWQMWPMQMXIH
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

 *MFIVX]TIERHWLETI{&IGEYWIXLIMVVIWMWXERGIXS 3RSGGEWMSRVERHSQTEXXIVRGVEGOWLEZIETTIEVIHIZIR


TYPPSYXMWKVIEXIVHIJSVQIHWXIIPJMFIVWLEZIEWMKRMJMGERX [LIR XLI QM\XYVI TVSTSVXMSRW ERH GSRWXVYGXMSR QIXLSHW
EHZERXEKISZIVWQSSXLSRIW[MXLVIKEVHXSFSXLTVIGVEGO JSPPS[IHKSSHTVEGXMGI8VERWZIVWIGVEGOWWTEGIHXSJX
MRKERHTSWXGVEGOMRKFILEZMSV XSQ ETEVXLEZIEPWSFIIRRSXMGIHMRWSQIFVMHKI
*MFIVWMRSTIRGVEGOW{8LIVILEWFIIRGSRWMHIVEFPI HIGOW 8LI GVEGOMRK GER FI HYI XS YRMUYI GSRHMXMSRW XLEX
HMWGYWWMSR EFSYX XLI GSRHMXMSR ERH IJJIGXMZIRIWW SJ WXIIP GEYWIXLIVQEPGSRXVEGXMSRSJXLIWYVJEGI[LMPIXLIWYFWXVEXI
JMFIVWXLEXGVSWWEGVEGO%XXLIXMQISJGVEGOMRKJMFIVWPSWI ERHFSXXSQTSVXMSR SJXLI 01' PE]IVHSIW RSX I\TIVMIRGI
XLIMV EHLIWMSR XS XLI GSRGVIXI FYX GSRXMRYI XS TVSZMHI E WMQMPEV XLIVQEP GSRXVEGXMSR 8LMW WLSGO YWYEPP] SGGYVW
QIGLERMGEPVIWMWXERGIXSTYPPSYX8LMWTSWXGVEGOMRKWXVIRKXL HYVMRKXLIJMVWXRMKLXEJXIVTPEGIQIRX[LIRXLISZIVPE]LEW
MWSRISJXLIQSWXMQTSVXERXGLEVEGXIVMWXMGWSJ*6'ERHMX VMKMHMX] FYX LEW RSX ]IX HIZIPSTIH ER ETTVIGMEFPI XIRWMPI
GERFIWMKRMJMGERXJSVHIJSVQIHJMFIVW8LIGSRGIVRMWXLEX WXVIRKXL8MKLXVERHSQTEXXIVRERHXVERWZIVWIGVEGOWLEZI
EJXIVGVEGOMRKWXIIPJMFIVW[MPPS\MHM^IERHTVSZMHIRSPSRK GEYWIHGSRGIVRJVSQXLIWXERHTSMRXSJ EIWXLIXMGW FYX XLI]
XIVQFIRIJMX-RZIWXMKEXMSRW 7GLVEHIVERH1YRGL%'- LEZI RSX FIIR E GEYWI SJ SZIVPE] JEMPYVI 8]TMGEPP] WYGL
6%'-6 LS[IZIVLEZIWLS[RXLEXMJXLIGVEGO GVEGOMRKMWWLEPPS[ XSQQ?XSMRA ERHWXEFPI
[MHXLWEVIWQEPP XSQQ?XSMRA XLI %WEJIGSRWIVZEXMZIERHVIGSQQIRHIHETTVSEGLMWXSXVIEX
JMFIVW [MPP RSX GSVVSHI IZIR EJXIV ]IEVW SJ I\TSWYVI XLIWIGVEGOW[MXLETIRIXVEXMRKLMKLQSPIGYPEV[IMKLXQIXL
7GLVEHIVERH1YRGL7GLYTEGO  EGV]PEXI SV PS[ZMWGSWMX] ITS\] SV YVIXLERI [LMGL GER FI
 1M\XYVITVSTSVXMSRMRKGSRWMHIVEXMSRW{)ZIR[MXLE FVSSQIHSRXLIWYVJEGIEJXIVXLIGYVMRKERHHV]MRKTIVMSH
LMKLVERKI[EXIVVIHYGIV XLI[EXIVVIUYMVIQIRX JSVJMFVSYW FYX FIJSVI XVEJJMGMWEPPS[IHSR XLI SZIVPE]8LITIRIXVERX
GSRGVIXIMWLMKLIVXLERXLEXSJXLIWEQIQM\XYVI[MXLSYXJMFIVW [MPPKIRIVEPP]JMPPERHWIEPXLIWYVJEGIGVEGOW
HYIXSVIHYGIHWPYQTXLEXEGGSQTERMIWXLITVIWIRGISJJMFIVW *MRMWLMRKERHXI\XYVMRKWLSYPHFIHSRIVETMHP]FILMRHXLI
8LI LMKLIV [EXIVHIQERH SJ*6' XIRHWXS GEYWI WLVMROEKI TPEGIQIRX STIVEXMSR ERH FIJSVI XLI TSP]QIV MR XLI PEXI\
GVEGOW 8LVSYKL XLI YWI SJ RSVQEP SV LMKLVERKI [EXIV FIKMRWXSHV]SVGSEPIWGIEXXLIWYVJEGI3XLIV[MWIXIEVMRK
VIHYGMRKEHQM\XYVIWXLIQM\XYVI[EXIVGERFILIPHXSVIEWSR WGEVVMRKERHTSWWMFPIGVEGOMRKGERVIWYPX-JJSVI\EQTPIE
EFPIPIZIPW ;EPOIVERH0EROEVH %HQM\XYVIWWLSYPHFI VEOIMWYWIHXSKVSSZIEWYVJEGIEJXIVMXLEWFIKYRXSHV]XIEVW
YWIHXSEHNYWXQM\XYVITVSTSVXMSRMRKJSVFSRHIHSZIVPE]WWS EFSYX  QQ  MR  PSRK ERH  QQ  MR  HIIT GER
XLEXXLI[GQERHGIQIRXGSRXIRXETTVSEGLXLIWEQIZEPYIWEW SGGYV8LIWI[MPPFISVMIRXIHEXVMKLXERKPIWXSXLIHMVIGXMSR
YWIHMRXLIYRHIVP]MRKQEXIVMEP-JTSWWMFPIXLISZIVPE]WLSYPH SJVEOMRK8I\XYVMRKGERFITVSZMHIHEJXIVXLIGSRGVIXILEW
LEZI EKKVIKEXIW SJ WMQMPEV TL]WMGEP TVSTIVXMIW YRPIWW XLI LEVHIRIHYWMRKGYXXMRK[LIIPW
SVMKMREPEKKVIKEXIWEVIYRWYMXEFPI
 3ZIVPE]WSZIVNSMRXW{(MJJIVIRXQIXLSHWSJTPEGMRK
{4SP]QIVMQTVIKREXIHGSRGVIXI 4-' W]WXIQW
YRNSMRXIH SZIVPE]W SZIV NSMRXW MR XLI YRHIVP]MRK GSRGVIXI
7YVJEGI MQTVIKREXMSR ERH TSP]QIVM^EXMSR SJ GSRGVIXI MR
LEZIFIIRXVMIHQSWXLEZIFIIRYRWYGGIWWJYP %'-6 
TPEGILEWFIIRYWIHMRERYQFIVSJJMIPHTVSNIGXW 7GLVEHIV
%W[MXLGSRZIRXMSREPGSRGVIXISZIVPE]WMJNSMRXWI\MWXMRE
IXEP 4VEGXMGEPHMJJMGYPXMIW[IVII\TIVMIRGIHMRIEVP]
FEWIWPEFXLI]WLSYPHFIQEMRXEMRIHXLVSYKLXLISZIVPE]
TVSNIGXWERHMXLEWRSXFIGSQIETSTYPEVTVSGIHYVIJSVXVIEX
QIRXSJWPEFW
{0EXI\ERHITS\]QSHMJMIHGSRGVIXISZIVPE]W
&SRHIH SZIVPE]W SJ WX]VIRIFYXEHMIRI PEXI\QSHMJMIH
QSVXEVERHGSRGVIXI[MXLEQMRMQYQXLMGORIWWSJXSQQ {)TS\]ERHSXLIVTSP]QIVGSRGVIXISZIVPE]W
XSMR VIWTIGXMZIP]LEZIFIIRYWIHMRXLIVIRSZEXMSR )TS\] ERH SXLIV TSP]QIV GSRGVIXIW ERH QSVXEVW EVI
SJFVMHKIHIGOWERHMRRI[X[SGSYVWIGSRWXVYGXMSRXSIJJIG HMWGYWWIHMR%'-6ERH%'-68LIWIQEXIVMEPWYWI
XMZIP] VIWMWX XLI TIRIXVEXMSR SJ GLPSVMHI MSRW JVSQ HIMGMRK EQSRSQIVSVERITS\]EWXLIFMRHIVEKKVIKEXIEWXLIJMPPIV
WEPXWERHTVIZIRXXLIWYFWIUYIRXGSVVSWMSRSJXLIVIMRJSVGMRK ERH RS [EXIV 3GGEWMSREPP] TSVXPERH GIQIRX SV JP] EWL MW
WXIIPERHWTEPPMRKSJXLIGSRGVIXIHIGO &MWLEVEERH8ERXE] EHHIHEWEQMRIVEPJMPPIV3ZIVPE]WQEHI[MXLXLIWIQEXIVMEPW
ERSRHOYP'PIEV 3ZIVPE]WGSRXEMRMRK[EXIV EVIRSVQEPP]XLMRERHHSRSXYWIGSEVWIEKKVIKEXI8]TMGEP
HMWTIRWEFPIITS\]QSHMJMIVWLEZIEPWSFIIRYWIHWYGGIWWJYPP] ETTPMGEXMSRW YWMRK WQSSXL WYVJEGIW EVI MR JSSH TVSGIWWMRK
FYXSREQYGLQSVIPMQMXIHFEWMW0EXI\ERHITS\]QSHMJMIH ERHWERMXEV]SVGPIERVSSQWSV[LIVIEJPSSVVIUYMVIWGLIQMGEP
SZIVPE]WEVIHMWGYWWIHMR%'-6ERH%'-6 VIWMWXERGI [MXLSYX E WMKRMJMGERX MRGVIEWI MR XLMGORIWW
-RWTIGXMSRSJEPEVKIRYQFIVSJFVMHKIHIGOWSZIVPEMH[MXL 8I\XYVIHWYVJEGIETTPMGEXMSRWMRGPYHIFVMHKIHIGOWTEVOMRK
PEXI\QSHMJMIH GSRGVIXI &MWLEVE   VIZIEPIH JMRI KEVEKIWERHWXEHMYQ[EPO[E]W&IGEYWIXLIVIEGXMSRWXLEX
VERHSQ WLVMROEKI GVEGOW MR WSQI TVSNIGXW 8LMW X]TI SJ LEVHIRXLIWIQEXIVMEPWEVIRSVQEPP]LMKLP]I\SXLIVQMGXLI]
GVEGOMRKMWRSXEWI\XIRWMZIMRRI[X[SGSYVWIGSRWXVYGXMSR GERRSXFIYWIHMRXLMGOTPEGIQIRXWSVMRLSX[IEXLIV[MXLSYX
8LIVERHSQWLVMROEKIGVEGOWHIWIVZIWTIGMEPGSQQIRX%X XLIVQEPWXVIWWTVSFPIQW
XMQIW XLI] GERFI EXXVMFYXIHXS TSSV GSRXVSPSVGSRWXVYGXMSR 4SP]QIVWLEZIWMKRMJMGERXP]LMKLIVGSIJJMGMIRXWSJXLIVQEP
TVEGXMGIW WYGL EW XLI YWI SJ GSRGVIXI [MXL E LMKL [EXIV I\TERWMSR XLER GSRGVIXI IZIR [LIR EKKVIKEXI JMPPIVW EVI
GSRXIRX4PEGIQIRXSJERSZIVPE]MRLSX[IEXLIV[MXLSYX YWIH'LERKIWMRXIQTIVEXYVIGVIEXIRSVQEPERHWLIEVWXVIWW
EHIUYEXITVSXIGXMSREKEMRWXIEVP]HV]MRKMWEPWSEGEYWISJ IWEXXLIMRXIVJEGISJXLISZIVPE]ERHFEWIWPEF[LMGLQE]
TPEWXMGWLVMROEKIGVEGOMRK VIWYPXMRGVEGOMRKSVHIPEQMREXMSR8SVIHYGIGVEGOMRKMR4'
6 1%29%03*'32'6)8)46%'8-')

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
',%48)6{'3286303*'6%'/-2+ TVSHYGI GSRGVIXI [MXL XLI FIWX GVEGOMRK VIWMWXERGI SV XLI
-21%77'32'6)8) KVIEXIWXXIRWMPIWXVEMRGETEGMX]8LMWGERVIUYMVIGEVIJYPEKKVI
{-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
&]HIWMKRQEWWGSRGVIXI[EXIVWXVYGXYVIWLEZIPMXXPISVRS JEGXSVWXLEXTVSHYGIXIRWMPIWXVEMR8LMWQE]QIERTVIGSSPMRK
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  HEQRIEVXLIIUYEXSVSV[MXLJEZSVEFPIEKKVIKEXIWXSZIV]
 8]TIWSJGVEGOW{'VEGOMRKMRQEWWGSRGVIXIWXVYGXYVIW GSWXP]QIEWYVIWMREPSGEXMSR[LIVIXIQTIVEXYVIZEVMEXMSRW
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
GSRGVIXIMWTPEGIHSRSVEKEMRWXXLIWYVJEGIFIMRKTVSXIGXIH
{1IXLSHWSJGVEGOGSRXVSP %JXIV XLI ERXMGMTEXIH XIQTIVEXYVI LMWXSV] MW IWXEFPMWLIH
+MZIRXLITVSFEFPIXIQTIVEXYVIWERHWXVEMRWXLIHIWMKRIV XLIHIXIVQMREXMSRSJTVSFEFPIXIRWMPIWXVIWWMWXLIRI\XWXIT
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[GIQIRXGSRXIRX TIVQMXXIHF]PS[HIWMKRWXVIWWIW  ETTVSEGLEREP]WMWMWPEFSVMSYWFIGEYWISJXLIXMQIHITIRHIRX
e 'IQIRXSJPS[LIEXKIRIVEXMSRSVYWISJTS^^SPERW ZEVMEFPIW4VSFPIQWMRGPYHIXLEXXLIHEXEQYWXFIKIRIVEXIH
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

XS IWXEFPMWL XLIWI XMQIHITIRHIRX TVSTIVXMIW JSV XLI  7EJIX] EKEMRWX WPMHMRK{9RGVEGOIH GSRGVIXI
GSRGVIXIWXSFIYWIH8LIEREP]WMWWLSYPHMRGPYHIQER]XMQI TVSZMHIWEPEVKIJEGXSVSJWEJIX]EKEMRWXWPMHMRK;IEOLSVM
WXITWXSEGGSYRXTVSTIVP]JSVGVIIT SVVIPE\EXMSR ERHJSVXLI ^SRXEPPMJXNSMRXWLS[IZIVGERMQTEMVWEJIX]8LIVIJSVIXLI
HMJJIVIRXSVGLERKMRKTVSTIVXMIWSJIEGLPMJXSJGSRGVIXI WTIGMJMGEXMSRW WLSYPH VIUYMVI GEVI MR XLI TVITEVEXMSR SJ PMJX
3RXLISXLIVLERHWXVIWWIWRIEVEFSYRHEV]HYIXSFVMIJ WYVJEGIWERHMRXLITPEGIQIRXERHGSQTEGXMSRSJGSRGVIXISRXS
XLIVQEPWLSGOWGERFIGSQTYXIHUYMXIVIEHMP] %'-6 XLIQ-RXLIGEWISJEHEQXLIPMJXWYVJEGIWWLSYPHWPSTI
FIGEYWIXLIGSRGVIXIGERFIEWWYQIHXSFIJYPP]VIWXVEMRIHMR WPMKLXP]YT[EVHXS[EVHXLIHS[RWXVIEQIHKIXSMQTVSZI
WYGLGEWIW-JXLIVIMWJYPPVIWXVEMRXXLIWXVEMRMW^IVSERHXLI HVEMREKI HYVMRK PMJX WYVJEGI TVITEVEXMSR EW [IPP EW WLIEV
WXVIWWMWSFXEMRIHF]QYPXMTP]MRKXLIIPEWXMGQSHYPYWF]XLI VIWMWXERGIHYVMRKSTIVEXMSRSJXLIHEQ-XMWRSXRIGIWWEV]
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
(IWMKRSJQEWWGSRGVIXIWXVYGXYVIWQIERWHIXIVQMRMRKXLI XIQTIVEXYVIGSRXVSPXSTVIZIRXGVEGOMRK8LIEKKVIKEXIXLEX
ETTVSTVMEXIPSEHWERHPSEHGSQFMREXMSRWXSKIXLIV[MXLE MQTEVXWGSRGVIXI[MXLXLILMKLIWXXIRWMPIWXVEMRGETEGMX]GER
VIPMEFPIQIXLSHSJWXVYGXYVEPEREP]WMWXSEVVMZIEXERIGSRSQ MRGVIEWIXLI[EXIVVIUYMVIQIRXERHXLIGIQIRXVIUYMVIQIRX
MGEP KISQIXVMG WLETI QIIXMRK WEJIX] GVMXIVME 0SEHW ERH SJJWIXXMRK XLI FIRIJMXW SJ LMKL WXVEMR GETEGMX] 7MQMPEVP]
GSQFMREXMSRW[MPPZEV]JSVXLIHMJJIVIRXWXVYGXYVIWWYGLEW PIWWIVUYEPMX]EKKVIKEXIWGERLEZIEPS[IVWXMJJRIWWXLERXLI
L]HVSWXEXMG TVIWWYVI KVEZMX] MGI WMPX XIQTIVEXYVI IEVXL WYVVSYRHMRKQEXVM\ERHRSXGEVV]XLIMVTVSTSVXMSREXIWLEVISJ
UYEOI WYTIVWXVYGXYVI [IMKLX HMJJIVIRXMEP JSYRHEXMSR XLIPSEH
GSRHMXMSRWERHMQTEGX  7IPIGXMSRSJEKKVIKEXIW{8LIEKKVIKEXIWGLSWIR
1EXIVMEPXIWXWEVIGSRHYGXIHSRG]PMRHVMGEPWTIGMQIRWXLEX WLSYPH FI XLSWI XLEX QEOI KSSH GSRGVIXI [MXL XLI PS[IWX
EVI RSX GSQTPIXIP] VITVIWIRXEXMZI SJ XLI WXVYGXYVI FIGEYWI SZIVEPPGSWX-JREXYVEPEKKVIKEXIRIEVXLIWMXILEWYRJEZSV
EKKVIKEXIPEVKIVXLERQQ MR MWVIQSZIHJVSQXLI EFPI TVSTIVXMIW JSV GVEGO TVIZIRXMSR GVYWLMRK XS MRGVIEWI
QM\XYVI F] [IX WGVIIRMRK FIJSVI  QQ  MR  HMEQIXIV GVEGOVIWMWXERGIGERFIERIGSRSQMGEPI\TIHMIRXFIGEYWISJ
G]PMRHIVWEVITVITEVIH 97&6 8LIQE\MQYQWXVIWWMW XLI GSRWIUYIRX WEZMRK MR XIQTIVEXYVI GSRXVSP ;LIR
XLIHIWMKRWXVIWWXLEXMWFEWIHYTSRWXVYGXYVEPVIUYMVIQIRXW GVYWLMRKMWIMXLIVEHZERXEKISYWSVRIGIWWEV]VSGOXLEXLEW
-XMWGSRWMHIVIHKSSHTVEGXMGIXSYWIEWEJIX]JEGXSVEWLMKLEW XLI QSWX JEZSVEFPI TVSTIVXMIW WLSYPH FI GLSWIR 8LI VSGO
XLVIISVJSYVQIERMRKXLEXXLIWXVIRKXLWLSYPHFIXLVIISV WLSYPHLEZIEPS[GSIJJMGMIRXSJXLIVQEPI\TERWMSRERHEPS[
JSYVXMQIWXLII\TIGXIHQE\MQYQWXVIWW7XVIRKXLXIWXWEX QSHYPYWSJIPEWXMGMX]ERHMX WLSYPHTVSHYGITEVXMGPIW[MXL
HE]WSV]IEVEVISJXIRYWIH8LIWIPIGXIH KSSHWLETIERHWYVJEGIXI\XYVI6SGOIPEWXMGQSHYPMLMKLIV
XMQITIVMSHMWVIPEXIHXSXLII\TIGXIHXMQIYRXMPPSEHMRK*SV XLERXLIQEXVM\[MPPGSRGIRXVEXIPSEHSRXLIVSGOTVSHYGMRK
I\EQTPI MJ JYPP PSEHMRK MW RSX YRXMP  ]IEV E PS[IV IEVP] ERYRIUYEPWXVIWWHMWXVMFYXMSRMRGSQTVIWWMSR7XVSRKIVVSGO
WXVIRKXL GSRGVIXI GER FI TVIWGVMFIH GSRWMWXIRX [MXL XLI [MPP EPWS EGX EW E GVEGO EVVIWXSV XSGVEGOMRK SJ XLIQEXVM\
GSRWXVYGXMSR WIUYIRGI ERXMGMTEXIH &IGEYWI XLI G]PMRHIVW 8LIWIJEGXSVWEVIMQTSVXERXGSRWMHIVEXMSRWMRMRGVIEWMRKXLI
QEHIEXXLIWMXIEVIQEHIJVSQ[IXWGVIIRIHGSRGVIXIXLI VIWMWXERGISJXLIGSRGVIXIXSGVEGOMRK
QIEWYVIH WXVIRKXL MW GSVVIGXIH XS ER IUYMZEPIRX QEWW  %KKVIKEXI WM^I{8LI QE\MQYQWM^I EKKVIKEXI
GSRGVIXI F] ETTP]MRK E VIHYGXMSR JEGXSV SJ EFSYX  JSV WLSYPHFIHIXIVQMRIHF]XLIEFMPMX]XSTPEGIGSRGVIXITVSTIV
X]TMGEPGSRHMXMSRWSVIPWIHIZIPSTMRKEJEGXSVF]GSQTEVMRK P]MRXLIWXVYGXYVI9TXSEQQ MR HMEQIXIVEKKVIKEXI
[IXWGVIIRIHG]PMRHIVWXVIRKXLWXSXLSWISFXEMRIHJVSQ GERFIYWIHI\GITX[LIRGSRGVIXIWLSYPHVIWMWXLMKLZIPSGMX]
SV MR SVQQ G]PMRHIVW7TIGMJMGHEXESRETTVS [EXIVJPS[ERH[LIRWXVYGXYVEPGSRGVIXIMWRIIHIH0EVKIV
TVMEXI VIHYGXMSR JEGXSVW [MXL ZEV]MRK TEVEQIXIVW GER FI EKKVIKEXIWTIVQMXXLIYWISJPIWW[EXIVERHGIQIRXJSVEKMZIR
JSYRHMR97&6   ZSPYQI[MXLEVIHYGXMSRMRXLIEQSYRXSJXIQTIVEXYVIGSRXVSP
*SVMRXIVMSVGSRGVIXIXLIPS[IWXTVEGXMGEPWXVIRKXLWLSYPH VIUYMVIHXSEGLMIZIETEVXMGYPEVPIZIPSJGVEGOVIWMWXERGI8LI
FIWTIGMJMIHXSVIHYGIXLIGIQIRXGSRXIRX8LMW[MPPVIHYGI EHZERXEKIWSJPEVKIVEKKVIKEXIWWLSYPHFI[IMKLIHEKEMRWX
XLILIEXSJL]HVEXMSRERHXLIGSRWIUYIRXXLIVQEPKVEHMIRX XLIRIIHJSVPEVKIVIUYMTQIRXERHXLITSXIRXMEPJSV[SVOEFMPMX]
HIGVIEWMRKXLIPMOIPMLSSHSJGVEGOMRK1SVIXLERXLIRIGIW ERHWIKVIKEXMSRTVSFPIQW8LIXVIRHMRVIGIRX]IEVWMWXSPMQMX
WEV] EQSYRX SJ GIQIRX MW HIXVMQIRXEP VEXLIVXLER EHZERXE QE\MQYQWM^IEKKVIKEXIXSQQ MR JSVGSRZIRXMSREP
KISYW % GSQTVSQMWI FIX[IIR IEVP] WXVIRKXL ERH LIEX SJ QEWWGSRGVIXIERHQQ MR JSVVSPPIVGSQTEGXIHGSRGVIXI
L]HVEXMSR GER SJXIR FI SFXEMRIH F] VITPEGMRK E WMKRMJMGERX  ;EXIVGSRXIRX{%VIHYGXMSRMRXLI[EXIVGSRXIRX
TEVXSJXLIGIQIRX[MXLTS^^SPER%SRIJSVSRIVITPEGIQIRX SJGSRGVIXITIVQMXWEGSVVIWTSRHMRKVIHYGXMSRMRXLIGIQIRX
SJTSVXPERHGIQIRX[MXLTS^^SPERGERVIHYGIXLILIEXSJ GSRXIRX 'SRGVIXI [MXL PIWW [EXIV ERH GIQIRX MW WYTIVMSV
L]HVEXMSR F] SRILEPJ SJ XLEX KIRIVEXIH F] XLI WEQI FIGEYWIMXYRHIVKSIWPIWWXIQTIVEXYVIGLERKIHYIXSL]HVEXMSR
EQSYRXSJGIQIRX IJJIGXWPIWWHV]MRKWLVMROEKIERHMWQSVIHYVEFPIERHGVEGO
6 1%29%03*'32'6)8)46%'8-')

VIWMWXERX 1MRMQYQ [EXIV GSRXIRX GER FI EGLMIZIH F] LMKLIVUYEPMX]GSRGVIXISRXLIVQEPP]MRHYGIHGVEGOMRK[MPP


WTIGMJ]MRKEHIUYEXIP]TS[IVIHZMFVEXSVWXLEXTIVQMXXLIYWI FI QMRMQM^IH F] OIITMRK XLI XLMGORIWW SJ XLI FSYRHEV]
SJPS[WPYQTGSRGVIXIF]YWMRKE[EXIVVIHYGMRKEHQM\XYVI FIX[IIRPE]IVWXSEQMRMQYQTVSFEFP]Q JX SVPIWW
[LIRETTVSTVMEXIERHF]TVSHYGMRKERHTPEGMRKXLIGSRGVIXI  1EXIVMEP TVSTIVXMIW{8LI GSRGVIXIvW TVSTIVXMIW
EXPS[IVXIQTIVEXYVIW EJJIGXGVEGOGSRXVSP'SRGVIXIWHMJJIV[MHIP]MRXLIEQSYRXSJ
 4S^^SPER{-RQSWXGEWIWKSSHTS^^SPERWWYGL XIRWMPIWXVEMRXLI]GER[MXLWXERHFIJSVIGVEGOMRK*SVWXVEMR
EWJP]EWLEVIEZEMPEFPIERHGERFIYWIHXSVITPEGIETSVXMSR XLEXMWETTPMIHVETMHP]XLIX[SJEGXSVWXLEXKSZIVRXLIWXVEMR
SJXLIGIQIRX8LMWGERVIWYPXMREGSRWMHIVEFPIGSWXWEZMRK GETEGMX]EVIXLIQSHYPYW SJ IPEWXMGMX]ERH XIRWMPI WXVIRKXL
ERHQSVIMQTSVXERXP]JSVQEWWGSRWXVYGXMSRGERVIHYGIXLI *SVWXVEMRXLEXMWETTPMIHWPS[P]XLIGVIIT SVVIPE\EXMSR SJ
LIEXKIRIVEXMSRERHMQTVSZIXLIVIWMWXERGIEKEMRWXGVEGOMRK XLIGSRGVIXIMWMQTSVXERX
%RSXLIVEHZERXEKISJYWMRKTS^^SPERMWXLEX[LIRYWIHMR ;LIR PSEHMRK MW ETTPMIH VETMHP] QER] XIWXW SR PIER
EHIUYEXIEQSYRXWMXGERVIHYGIXLII\TERWMSRHYIXSVIEGXMZI GSRGVIXIWWYGLEWXLSWIYWIHJSVXLIMRXIVMSVSJPEVKIHEQW
EKKVIKEXIW 8LI ETTVSTVMEXI EQSYRX SJ TS^^SPER JSV E LEZIWLS[RXLEXXIRWMPIJEMPYVISGGYVW[MXLSYXQYGLTPEWXMG
VIEGXMZIEKKVIKEXIWLSYPHFIFEWIHSRXIWXHEXESFXEMRIH[MXL WXVEMR *SV XLIWI PIER GSRGVIXIW XLI XIRWMPI WXVEMR XLEX XLI
XLIWTIGMJMGEKKVIKEXITS^^SPERERHGIQIRXMXGERFIMRXLI GSRGVIXIGER[MXLWXERHMWETTVS\MQEXIP]IUYEPXSXLIXIRWMPI
VERKISJXS 4S^^SPERWXIRHXSVIHYGIIEVP]WXVIRKXL WXVIRKXLHMZMHIHF]XLIQSHYPYWSJIPEWXMGMX]SJXLIGSRGVIXI
KEMRXLEXGSYPHHIPE]JSVQWXVMTTMRK %'-6  MR XIRWMSR -X MW EGGYVEXI XS EWWYQI XLEX XLI XIRWMPIWXVEMR
 (YVEFMPMX]{(YVEFMPMX] SJ TSVXPERH GIQIRX GETEGMX]MWMRZIVWIP]TVSTSVXMSREPXSXLIQSHYPYWSJIPEWXMGMX]
GSRGVIXIMWHIJMRIHEWMXWEFMPMX]XSVIWMWX[IEXLIVMRKEGXMSR SJ XLIGSRGVIXI8LIQSHYPYWSJIPEWXMGMX]SJXLIEKKVIKEXIMW
GLIQMGEPEXXEGOEFVEWMSRSVER]SXLIVTVSGIWWSJHIXIVMS MQTSVXERXFIGEYWISJMXWPEVKIIJJIGXSRXLIHIJSVQEFMPMX]SJXLI
VEXMSR %'-6 8LIQSWXGSQQSR[IEXLIVMRKEGXMSR GSRGVIXI 8IRWMPI WXVIRKXL MW EPWS MQTSVXERX ERH JSV XLMW
MWQYPXMTPIG]GPIWSJJVII^MRKERHXLE[MRKSJ[EXIVRIEVXLI VIEWSR GVYWLIH EKKVIKEXIW EVI ETX XS FI WYTIVMSV XS REXYVEP
WYVJEGIXLEXJVEGXYVIERHHIXIVMSVEXIXLIGSRGVIXISZIVXMQI EKKVIKEXIWJSVGVEGOTVIZIRXMSR
8LIVIEVIGLIQMGEPWMRXLIIRZMVSRQIRXXLEXPIWWIRXLIPMJI  1SHYPYWSJIPEWXMGMX]{8LMWWYFNIGXMWHMWGYWWIHMR
SJ XLI GSRGVIXI 2EXYVEPP] SGGYVVMRK WYPJEXI GER GSQFMRI HIXEMPMR%'-68EFPIWLS[WZEPYIWSJXLIQSHYPYWSJ
[MXL GEPGMYQ ERH EPYQMRE MR LEVHIRIH GSRGVIXI XS JSVQ IPEWXMGMX]SJETEVXMGYPEVGSRGVIXIEJXIVZEVMSYWEKIWSJGYVMRK
TVSHYGXWXLEXGERGEYWIERMRGVIEWIMRWSPMHZSPYQIEGGSQ  'VEGO VIWMWXERGI{8LI XIRWMPI WXVEMR XLEX GSR
TERMIHF]GVEGOMRKERHHIXIVMSVEXMSRSVEWYFWXERXMEPVIHYG GVIXIGER[MXLWXERHZEVMIWKVIEXP][MXLXLIGSQTSWMXMSRSJ
XMSRMRWXVIRKXLSJXLITEWXIQEXVM\%FVEWMSRSRHEQWERH XLI GSRGVIXI ERH XLI WXVEMR VEXI ;LIR WXVEMR MW ETTPMIH
FVMHKI EFYXQIRXW JVSQ EFVEWMZI QEXIVMEPW GEVVMIH F] WPS[P]XLIWXVEMRGETEGMX]MWJEVKVIEXIVXLER[LIRXLIWXVEMRMW
JPS[MRK[EXIVSVJVSQLMKLZIPSGMX]JPS[ GEYWMRKGEZMXE ETTPMIH8LIVIJSVIGSRGVIXIMRXLIMRXIVMSVSJEPEVKIQEWWXLEX
XMSR GER FI QMXMKEXIH [MXL XLI TVSTIV QM\XYVI L]HVEYPMG QYWXGSSPWPS[P]GERYRHIVKSEPEVKIWXVEMRFIJSVIGVEGOMRK
HIWMKRSVFSXL -J GSRGVIXI GSRXEMRW VSYKLXI\XYVIH EKKVIKEXI [MXL WQEPP
1EWWGSRGVIXIWXVYGXYVIWRSVQEPP]YRVIMRJSVGIHGERLEZIER QE\MQYQWM^IXLIWXVEMRGETEGMX][MPPFILMKL8LIVIMWER
SYXIVPE]IVSJXIQTIVEXYVIVIMRJSVGIQIRXXLEXVIUYMVIWGSVVSWMSR STXMQYQLS[IZIV[MXLVIWTIGXXSEKKVIKEXIWM^I'SRGVIXI
TVSXIGXMSRWMQMPEVXSXLEXSJVIMRJSVGIHWXVYGXYVEPGSRGVIXI [MXL WQEPPIV EKKVIKEXIW VIUYMVIW QSVI GIQIRX JSV E KMZIR
%REPOEPMWMPMGEVIEGXMSRGERVIWYPX[LIREPOEPMMRGIQIRX WXVIRKXL8LMWVIWYPXWMRQSVILIEXELMKLIVQE\MQYQXIQ
SVJVSQSXLIVWSYVGIW VIEGXW[MXLGIVXEMREKKVIKEXIWWYGL TIVEXYVI ERH KVIEXIV WYFWIUYIRX WXVEMR HYI XS GSSPMRK
EW EVKMPPMXIW KVE][EOIW TL]PPMXIW UYEVX^MXIW WGLMWXW 8LIVIJSVIXLIWIIJJIGXWGERSJJWIXXLIWXVEMRMRGVIEWIHIZIP
WXVEMRIHUYEVX^STEPGLEPGIHSR]ERHVL]SPMXIW %'-6  STIHJVSQXLIYWISJWQEPPIVEKKVIKEXIW
'VEGOMRK YWYEPP] ETTIEVW JMVWX SR XLI WYVJEGI EW TEXXIVR  8IRWMPIWXVEMRGETEGMX]{8IRWMPIWXVEMRGETEGMX]
GVEGOMRK %'-6 [MXLMREJI[]IEVWEJXIVGSRWXVYGXMSR XIWXW EVI TIVJSVQIH SR TPEMR GSRGVIXI FIEQW YRHIV XLMVH
'SRGVIXIHYVEFMPMX]MWGPSWIP]VIPEXIHXSI\TSWYVIGSRHMXMSRW TSMRXJPI\YVEPPSEHMRK6IPEXMZIP]PEVKIFIEQWVERKMRKJVSQ
-RXVSTMGEPGPMQEXIWJSVI\EQTPIXLIVIQE]FIRSHIXIVMS \QQ \MR XS\QQ \MR MR
VEXMRKMRJPYIRGIWEGXMRKSRXLIGSRGVIXII\GITXGEZMXEXMSRMR GVSWWWIGXMSRERHXSQQ XSMR PSRKEVI
EVIEW WYFNIGXIH XS LMKLZIPSGMX] [EXIV JPS[ *SV XLI QEMR SJXIRYWIH ,SYKLXSR 7XVEMRGETEGMX]MWHIXIVQMRIH
WXVYGXYVI EVIEW RSX WYFNIGX XS LMKLZIPSGMX] [EXIV JPS[ JVSQXLIWIXIWXWYRHIVFSXLVETMHERHWPS[PSEHMRKXSWMQYPEXI
GSRGVIXIXLEXLEWXLIVIUYMVIHWXVIRKXLGERFII\TIGXIHXSPEWX FSXLVETMHERHWPS[XIQTIVEXYVIGLERKIWMRXLIGSRGVIXI
[IPPFI]SRHXLIHIWMKRPMJISJXLIWXVYGXYVI-RXLSWIGEWIW )\TVIWWIHEWI\XVIQIJMFIVWXVIWWIWXLIPSEHMRKVEXIWEVI
GIQIRXGSRXIRXWLSYPHFIOITXPS[XSQMRMQM^ILIEXKIRIVEXMSR KIRIVEPP]14EQMR TWMQMR JSVVETMHPSEHMRKERH
ERHGVEGOMRK 14E[IIO TWM[IIO JSVWPS[PSEHMRK
-REWIZIVIGPMQEXI[MXLVITIEXIHJVII^MRKERHXLE[MRKMR *SVVETMHPSEHMRKXLIWXVEMRGERFIQIEWYVIHYWMRKIMXLIV
[MRXIVXLI[GQSJWYVJEGIGSRGVIXIWLSYPHFIOITXPS[IV WYVJEGISVIQFIHHIHWXVEMRKEKIWSVQIXIVW ,SYO&SVKI
XLER XLEX RIGIWWEV] JSV WXVIRKXL EPSRI ,MKLIVWXVIRKXL ERH,SYKLXSR,SYKLXSR )QFIHHIHQIXIVWEVI
GSRGVIXIW 14E?TWMAEX]IEV EVISJXIRWTIGMJMIH FIWXJSVPSRKXIVQXIWXW8LIWXVEMRGEREPWSFIHIXIVQMRIH
JSVHYVEFMPMX]%MVIRXVEMRQIRXWLSYPHFIQERHEXSV]*SVER] JVSQHIJPIGXMSRQIEWYVIQIRXW8LIGSRGVIXIXIWXFIEQYWIH
GSRGVIXIXLEXQMKLXFIWYFNIGXIHXSFSXLJVII^MRKERH[EXIV JSV HIXIVQMRMRK XLI WXVEMR GETEGMX] WLSYPH FI TVSXIGXIH F]
TVIWWYVI XLI [GQ WLSYPH FI EFSYX  8LI IJJIGX SJ XLI [VETTMRK [MXL ER MQTIVQIEFPI QEXIVMEP HYVMRK XLI XIWX XS
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

TVIZIRXPSWWSJQSMWXYVI8IWXMRKWLSYPHFIGSRHYGXIHEXE 8EFPI{)PEWXMGERHXLIVQEPTVSTIVXMIWSJ
GSRWXERX XIQTIVEXYVI JSV QE\MQYQ EGGYVEG] MR QIEWYVI QEWWGSRGVIXI
QIRX(IXEMPIHXIWXTVSGIHYVIWGERFIJSYRHMR,SYO&SVKI )PEWXMGTVSTIVXMIW
ERH,SYKLXSR  ERH1G(SREPH&SQFMILERH7YPPM 7XEXMGQSHYPYWSJIPEWXMGMX])EXMRHMGEXIHEKISJXIWXHE]W 4SMWWSRvW
ZER   -R XLI TVIPMQMREV] WXYHMIW SJ XIQTIVEXYVI ERH      VEXMS
GSRWXVYGXMSRGSRXVSPTPERWJSVQEWWGSRGVIXITVSNIGXWETTVS\M +4E +4E +4E +4E +4E
XS
QEXIQIXLSHW JSVIWXMQEXMRKXIRWMPIWXVEMRGETEGMX]YRHIV           
TWM TWM TWM TWM TWM
VETMHERHWPS[PSEHMRKWKMZIRF],SYKLXSR  ERH0MY
8LIVQEPTVSTIVXMIW
ERH1G(SREPH  GERFIYWIH
'SIJJMGMIRXSJ
 8LIVQEP TVSTIVXMIW{8LIVQEP HMJJYWMXMZMX] ERH PMRIEVI\TERWMSR 'SRHYGXMZMX] (MJJYWMZMX] 7TIGMJMGLIEX
XLIVQEPI\TERWMSREVIMQTSVXERXMRXLIGSRXVSPSJGVEGOMRK XS XS
XS z' OK›GEPQ›L›' GEPK›'
HYIXSXIQTIVEXYVIGLERKIXLIMVHIXIVQMREXMSRMWHIXEMPIHMR QL
%'-68LIETTVS\MQEXIVERKISJXLIVQEPTVSTIVXMIWMW XS
WLS[RMR8EFPI XS z* &89JX›L›* XSJXL &89PF›*
8LIGSIJJMGMIRXSJXLIVQEPI\TERWMSRMWERMQTSVXERXTVST
IVX] SJ GSRGVIXI 8LI EQSYRX SJ WXVEMR XLEX E XIQTIVEXYVI
GLERKI[MPPTVSHYGIMWHMVIGXP]TVSTSVXMSREPXSXLIGSIJJMGMIRX YWIHMRQEWWMZIGSRGVIXIMRGPYHIGEPGMRIHGPE]WHMEXSQEGISYW
SJXLIVQEPI\TERWMSRSJXLIGSRGVIXI8LIEZIVEKIGSIJJMGMIRX IEVXL ZSPGERMG XYJJW ERH TYQMGMXIW ERH JP] EWL 8LI EGXYEP
SJXLIVQEPI\TERWMSRSJQEWWGSRGVIXIMWEFSYX» z * X]TISJTS^^SPERXSFIYWIHERHMXWETTVSTVMEXIVITPEGIQIRX
 » z' FYXXLIGSIJJMGMIRXGERVERKIJVSQXS» z* TIVGIRXEKIEVIHIXIVQMRIHF]XIWXGSWXERHEZEMPEFMPMX]
XS» z' 8LIVIJSVIMRXLII\XVIQIGEWI[LIVIE  %HMEFEXMGXIQTIVEXYVIVMWI{%'-6HIWGVMFIW
GSRGVIXI LEW E PS[ XIRWMPI WXVIRKXL E LMKL QSHYPYW SJ XIWXQIXLSHWERHTVSZMHIWHEXESREHMEFEXMGXIQTIVEXYVIVMWI
IPEWXMGMX]ELMKLGSIJJMGMIRXSJXLIVQEPI\TERWMSRERHMX SJGSRGVIXIW[MXLEWMRKPIGIQIRXGSRXIRXFYX[MXLHMJJIVIRX
MW JYPP] VIWXVEMRIH XLI GSRGVIXI GERGVEGO [LIR XLIVI MWE X]TIWSJTSVXPERHGIQIRX*MKYVIKMZIWX]TMGEPEHMEFEXMG
VETMH HVST MR XIQTIVEXYVI SJSRP]  * '  3R XLI SXLIV GYVZIWJSV8]TI--GIQIRXERHZEVMSYWUYERXMXMIWSJGIQIRX
LERHWSQIGSRGVIXIWGER[MXLWXERHEUYMGOHVSTMRXIQTIVEXYVI ERHTS^^SPER8LIHEXEWLS[XLIIJJIGXSJTS^^SPERVITPEGI
SJEWQYGLEW* ' IZIR[LIRJYPP]VIWXVEMRIH1SVI QIRXSJGIQIRXSRXIQTIVEXYVIVIHYGXMSR
HEXESRXLIXLIVQEPI\TERWMSRSJGSRGVIXIGERFIJSYRHMR
%'-6ERH%'-6 {'SRWXVYGXMSR
8IRWMPI WXVIWW MR QEWW GSRGVIXI VIWYPXW QEMRP] JVSQ XLI  &EWMG GSRWMHIVEXMSRW JSV GSRWXVYGXMSR{1EWW GSR
VIWXVEMRXSJXLIVQEPGSRXVEGXMSRERHXSEJEVPIWWIVHIKVII GVIXIWXVYGXYVIWEVIVIUYMVIHXSFIWEJIIGSRSQMGEPHYVEFPI
JVSQEYXSKIRSYWWLVMROEKI(V]MRKWLVMROEKIMWMQTSVXERX ERHEIWXLIXMGEPP]TPIEWMRK)EGLSJXLIWIVIUYMVIQIRXWMRJPY
FIGEYWIMXGERGEYWIWLEPPS[GVEGOWXSSGGYVEXXLIWYVJEGIW IRGIWXLIGVEGOVIWMWXERGI8LIGSWX[MPPHITIRHSRJIEXYVIW
8IQTIVEXYVI GLERKI MW E TVMRGMTEP GSRXVMFYXSV XS XIRWMPI WYGLEWXLIFIWXGLSMGISJEKKVIKEXIWEHIUYEXIFYXRSXI\GIW
WXVEMRMRQEWWGSRGVIXI4VIHMGXMRKTVSFEFPIWXVEMRVIUYMVIW WMZIXIQTIVEXYVIGSRXVSPERHPS[GIQIRXGSRXIRX(YVEFMPMX]
XLI I\TIGXIH XIQTIVEXYVI [LMGL GER FI HIXIVQMRIH MJ XLI [MPPHITIRHSRXLIUYEPMX]SJXLIGSRGVIXIXLII\TSWYVI
EHMEFEXMG XIQTIVEXYVI GYVZI JSV XLI GSRGVIXI MW ORS[R EW GSRHMXMSRWERHXLIJVIIHSQJVSQHIXIVMSVEXMRKGLIQMGEP
[IPPEWXLIXLIVQEPHMJJYWMXMZMX]FSYRHEV]XIQTIVEXYVIWERH VIEGXMSRW %IWXLIXMGW [MPP GSQI JVSQ KSSH [SVOQERWLMT
HMQIRWMSRW8LIXIQTIVEXYVIVMWIXLEX[SYPHSGGYVMJXLIVI JVIIHSQJVSQGVEGOWERHWXVEMRWERHEFWIRGISJPIEOEKIERH
[IVI RS LIEX PSWW MW HIJMRIH EWEHMEFEXMG XIQTIVEXYVI VMWI PIEGLMRK-XMWMQTSVXERXXSLEZIEGSQTVILIRWMZIQEXIVMEPW
8LI JMRMXIIPIQIRX QIXLSH GER FI YWIH JSV TVIHMGXMRK XLI XIWXTVSKVEQXSIWXEFPMWLRIGIWWEV]GSRXVSPFIJSVITVITEVMRK
XIQTIVEXYVIHMWXVMFYXMSR8LIQEMRTVSFPIQMWGLSSWMRKXLI GSRWXVYGXMSRGSRXVSPWERHWTIGMJMGEXMSRW
GSVVIGXFSYRHEV]XIQTIVEXYVIW[LMGLSJXIRHITIRHYTSRXLI  8LIVQEPIJJIGXW{8IQTIVEXYVIMRHYGIHGVEGOMRKMR
EQFMIRXEMVSV[EXIVXIQTIVEXYVIW-XMWWEXMWJEGXSV]XSYWIEMV E PEVKI QEWW SJ GSRGVIXI GER FI QMRMQM^IH MJ TVSTIV
XIQTIVEXYVIWTVSZMHIHF]XLI2EXMSREP;IEXLIV7IVZMGI*SV QIEWYVIWEVIXEOIRXSVIHYGIXLIEQSYRXERHVEXISJXIQTIV
HEQW QIEWYVIH VIWIVZSMV XIQTIVEXYVIW EVI YWIH 6IJIV XS EXYVIGLERKI1IEWYVIWGSQQSRP]YWIHMRGPYHITVIGSSPMRK
%'-6JSVMRJSVQEXMSRSRSXLIVQIXLSHWJSVTVIHMGXMRK TSWXGSSPMRKSVEGSQFMREXMSRSJXLIX[SERHXLIVQEPMRWY
XIQTIVEXYVIWMRQEWWMZIGSRGVIXI PEXMSRXSTVSXIGXI\TSWIHWYVJEGIW8LIHIKVIISJXIQTIVEXYVI
8LI LIEXTVSHYGMRK GLEVEGXIVMWXMGW SJ GIQIRX TPE] ER GSRXVSPRIGIWWEV]XSGSRXVSPGVEGOMRKZEVMIW[MXLJEGXSVWWYGL
MQTSVXERXVSPIMRXLIXIQTIVEXYVIVMWI%781'8]TI-: EWPSGEXMSRLIMKLXERHXLMGORIWWSJXLIWXVYGXYVIGLEVEGXIV
PS[LIEXGIQIRXMWVIGSQQIRHIHLS[IZIVMXYWYEPP]MWRSX SJXLIEKKVIKEXITVSTIVXMIWSJXLIGSRGVIXIERHXLII\XIVREP
EZEMPEFPI 8]TI -- QSHIVEXILIEX GIQIRX MW EPWS VIGSQ VIWXVEMRXW %PXLSYKL E PEVKI EQSYRX SJ XLI HEXE JSV XLMW
QIRHIHERHMXYWYEPP]MWEZEMPEFPI4S^^SPERWGERFIYWIHXS GLETXIV LEW FIIR SFXEMRIH F] I\TIVMIRGI JVSQ YWMRK QEWW
VITPEGIETSVXMSRSJXLIGIQIRXXSVIHYGIXLITIEOXIQTIVEXYVI GSRGVIXI MR HEQW MX ETTPMIW IUYEPP] [IPP MR QEWW GSRGVIXI
HYIXSXLILIEXSJL]HVEXMSR %'-6 -RWSQIGEWIW YWIHMRSXLIVWXVYGXYVIWWYGLEWWXIEQTS[IVTPERXWTS[IV
XS SJXLIGIQIRXGERFIVITPEGIHF]ERIUYEPZSPYQISJE LSYWIW FVMHKI ERH FYMPHMRK JSYRHEXMSRW ERH REZMKEXMSR
WYMXEFPITS^^SPERERHWXMPPTVSHYGIXLIWTIGMJMIHWXVIRKXL PSGOW 8VIQMI GSRGVIXI MW GSZIVIH MR %'- 6 6SPPIV
EX HE]WSV]IEV7SQISJXLIQSVIGSQQSRTS^^SPERW GSQTEGXIHGSRGVIXIMWHMWGYWWIHMR%'-6
6 1%29%03*'32'6)8)46%'8-')

*MK{8]TMGEPEHMEFEXMGXIQTIVEXYVIGYVZIWJSVQEWWGSRGVIXI ,SYKLXSR 

4VIGSSPMRK XLI GSRGVIXI HYVMRK MXW TVSHYGXMSR ERH TSWX VEXIEGGITXEFPIVEXISJXIQTIVEXYVIHVST JSVFSXLVETMHERH
GSSPMRKMX[MXLIQFIHHIHTMTIW]WXIQWEJXIVMXMWTPEGIHEVI WPS[HVSTW ERHETTVS\MQEXIHYVEXMSRSJGSSPMRK
IJJIGXMZI QIEWYVIW(IXEMPW SRTMTI GSSPMRKEVIKMZIRMR 7XIITGSSPMRKKVEHMIRXW[LMGLGERVIWYPXMRGVEGOMRKXLI
7IGXMSR QEWWWLSYPHFIEZSMHIH8LMWMWTEVXMGYPEVP]XVYIMRWQEPPIV
%RSXLIV TVSQMWMRK QIXLSH SJ GVEGO GSRXVSP MW TPEGMRK QEWWIW[LIVIGMVGYPEXMSRSJGSSPMRK[EXIVWLSYPHFIWXSTTIH
GVEGOVIWMWXERXGSRGVIXIEXFSYRHEVMIW WMHIWERHXSTSJPMJXW  [LIR XLI QE\MQYQ XIQTIVEXYVI LEW FIIR VIEGLIH ERH
)ZIR XLSYKL XLI QSVI GVEGOVIWMWXERX GSRGVIXI GER FI XSS FIKMRWXSHVST%ZYPRIVEFPIPSGEXMSRMRTMTIGSSPMRKW]WXIQW
GSWXP]XSFIYWIHXLVSYKLSYXXLIWXVYGXYVIMXGERFIYWIHXS MW GIRXIVIH EX XLI GSSPMRK GSMPW [LIVI WLEVT KVEHMIRXW ERH
PMQMXIH I\XIRX [MXLSYX WIVMSYW IJJIGX SR GSWX 'EWXMRK XLMR GVEGOMRK GER FI MRHYGIH MJXIVQMREXMSRSJ GSSPMRK [EXIV
PE]IVWSJGSRGVIXIRI\XXSXLIJSVQWMWHMJJMGYPXFYXXLIYWISJ GMVGYPEXMSRMWRSXXMQIP]%TVMQEV]EHZERXEKIMREVXMJMGMEP
TVIGEWXTERIPWMWTVEGXMGEPXLIWIEVIPIJXMRTPEGIEWETIVQE GSSPMRKMWXLIYRMJSVQVIQSZEPSJXLILIEXSJL]HVEXMSRERH
RIRXTEVXSJXLIWXVYGXYVI8LITERIPWWLSYPHFISJKSSHUYEPMX] XLITVIGMWIGSRXVSPSJXLIVEXI-RQEWWGSRGVIXIEQE\MQYQ
JSV HYVEFMPMX] ERH PMKLX[IMKLX XS TVSZMHI XLIVQEP MRWYPEXMSR VEXISJGSSPMRKSJ' * TIVHE]SVPIWWMWVIGSQQIRHIH
&IGEYWI QSWX GVEGOW SVMKMREXI EX FSYRHEVMIW XLMW QIXLSH FYXWLSYPHFIQSRMXSVIHJSVWYMXEFMPMX]HYVMRKGSRWXVYGXMSR
MQTVSZIWGVEGOGSRXVSP1SVIMRJSVQEXMSRSRXLIYWISJTVIGEWX 8LIVQEPGSYTPIWWLSYPHFIYWIHMRWYJJMGMIRXRYQFIVWXS
TERIPWJSVTVSXIGXMRKQEWWGSRGVIXIGERFIJSYRHMR%'-6 TIVQMX EHIUYEXI QSRMXSVMRK ERH GSRXVSP SJ XLI MRXIVREP
 %VXMJMGMEP GSSPMRK{8LI SZIVEPP TVSKVEQ JSV GSRGVIXI XIQTIVEXYVIW 8LI] WLSYPH FI PSGEXIH XS VIGSVH
GSSPMRKGSRGVIXIMRGPYHMRKMQTSVXERXJMIPHGSRXVSPGVMXIVME VITVIWIRXEXMZIXIQTIVEXYVIW*SVI\EQTPIEKVMHXLEXVIGSVHW
WLSYPH FI HIXIVQMRIH HYVMRK XLI HIWMKR WXEKI 4VIGSSPMRK XLIVQEPKVEHMIRXWMREGSRGVIXIHEQ[SYPHGSRWMWXSJXLVIIXS
GSRGVIXIFIJSVITPEGIQIRXMWEGGSQTPMWLIHF]EZEVMIX]SJ JMZI HITIRHMRK SR WXVYGXYVI WM^I  XVERWZIVWI TPERIW IEGL
QIXLSHW MRGPYHMRK IZETSVEXMZI GSSPMRK SJ XLI WXSGOTMPIH GSRXEMRMRKJMZIXSXLIVQEPGSYTPIW7TEGMRKSJXLIXLIVQEP
EKKVIKEXIW YWMRK WTVMROPIVW GSSPMRK EPP MRKVIHMIRXW SJ XLI GSYTPIWWLSYPHFIGPSWIVRIEVXLIHEQJEGIW
QM\XYVIF]PMUYMHRMXVSKIRSVYWMRKWQEPPMGITEVXMGPIWEWE 'SRWXVYGXMSR HVE[MRKW WLSYPH WLS[ FEWMG TMTI PE]SYX
VITPEGIQIRXSJTEVXSJXLIQM\MRK[EXIV;LIRXLIWITVIGEY MRGPYHMRKQMRMQYQWTEGMRKXLIPE]SYXEXJEGIWXVERWZIVWI
XMSRW ERH REXYVEP GSSPMRK EVI MRIJJIGXMZI MR VIHYGMRK GSRWXVYGXMSRNSMRXWMRXIVMSVSTIRMRKWERHMRWPSTMRKTEVXMEP
GVEGOMRK TSWXGSSPMRK MW TVIWGVMFIH IWTIGMEPP] JSV PEVKI ERH MWSPEXIH GSRGVIXI PMJXW TMTI HMEQIXIV VMWIVW ERH TMTI
GSRGVIXI HEQW 4SWXGSSPMRK GSRGVIXI MW EGGSQTPMWLIH F] GSRRIGXMSRW ,SYKLXSR -RQSWXSJXLIHEQEYRMJSVQ
GMVGYPEXMRK GSSP PMUYMHW YWYEPP] [EXIV  XLVSYKL TMTIW WTEGMRKGERFIQEMRXEMRIHJSVXLIGSSPMRKTMTIFYXMWSPEXIH
IQFIHHIHMRXLIGSRGVIXI8LI[EXIVWSYVGIJVSQERIEVF] EVIEWI\MWXMREPPHEQWXLEXXIRHXSLEZIEGSRGIRXVEXMSRSJ
PEOI SV VMZIV GER FI HMVIGXP] GMVGYPEXIH SV VIJVMKIVEXIH EW TMTIW8LIWIGSRGIRXVEXMSRWXIRHXSSGGYVEXXLIHS[RWXVIEQ
RIIHIH JEGISJXLIHEQ[LIVIMRPIXWERHSYXPIXWXSGSSPMRKTMTIWEVI
7XYHMIWQEHIHYVMRKXLIHIWMKRWXEKI[MPPIWXEFPMWLMXIQW PSGEXIHEHNEGIRXXSSTIRMRKWMRXLIHEQERHEXMWSPEXIHERH
WYGL EW PMJX LIMKLX TMTI WTEGMRK [EXIV XIQTIVEXYVI JPS[ WPSTMRKPMJXWSJGSRGVIXI4VSTIVTPERRMRK[MPPEPPIZMEXIQER]
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

SJ XLI YRHIWMVEFPI GSRHMXMSRW XLEX GER VIWYPX JVSQ XLIWI XS HIZIPST YRXMP WXEFPI XIQTIVEXYVIW EVI VIEGLIH -J XLI
GSRGIRXVEXMSRW*SVI\EQTPIMXWLSYPHFIHIXIVQMRIHXS[LEX GSRGVIXI LEW E ZIV] WPS[ VIPE\EXMSR VEXI SV GVIIT VEXI 
I\XIRX XLI GSWXWEZMRK TVSGIHYVI SJ GSRGIRXVEXMRK GSSPMRK LS[IZIVXLIEQSYRXSJMRWYPEXMSRERHXLIPSRK TVSXIGXMSR
TMTIMRPIXWERHSYXPIXWRIEVGSRXVEGXMSRNSMRXWGERFITIVQMXXIH XMQIVIUYMVIHGERQEOIXLMWQIEWYVIHMJJMGYPX
EXXLIJEGI SJ XLI HEQ %PWSMX WLSYPH FI HIGMHIHMJGSSPMRK -RI\XVIQIIRZMVSRQIRXW[LIVIPEVKIEQSYRXWSJMRWYPE
TMTIW XS MWSPEXIH EVIEW MR XLI JSYRHEXMSR ERH EX STIRMRKW XMSR[MPPFIVIUYMVIHHYVMRKWIZIVIP]GSPHQSRXLWMXQE]FI
WYGLEWKEPPIVMIWGERI\XIRHJVSQXLIHS[RWXVIEQJEGISJXLI RIGIWWEV]XSVIQSZIXLIMRWYPEXMSRMRWXEKIWEWXLI[EVQIV
HEQSVMJEZIVXMGEPVMWIVWLSYPHFIYWIH QSRXLW ETTVSEGL 8IQTIVEXYVIW [MXLMR XLI GSRGVIXI NYWX
*SV IEWI SJ MRWXEPPEXMSR XLI TMTI YWIH JSV TSWXGSSPMRK FIPS[XLIMRWYPEXMSRWLSYPHFIEPPS[IHXSWPS[P]ETTVSEGL
WLSYPHFIXLMR[EPPXYFMRK%PYQMRYQXYFMRKMWPMKLX[IMKLX XLI IRZMVSRQIRXEP XIQTIVEXYVI XS TVIZIRX XLIVQEP WLSGO
ERHIEW]XSLERHPILS[IZIVFVIEOHS[RJVSQGSVVSWMSRMWE [LMGL GSYPH MRHYGI GVEGOMRK EX SV FIPS[ XLI WYVJEGI [MXL
TSXIRXMEPTVSFPIQMJGSSPMRKEGXMZMXMIWEVIGEVVMIHSRSZIVE TSWWMFPI WYFWIUYIRX HIITIV TIRIXVEXMSRW MRXS XLI QEWW
TIVMSH SJ WIZIVEP QSRXLW -R XLMW GEWI WXIIP XYFMRK MW %ZSMHYWMRKXSSQYGLMRWYPEXMSRSVPIEZMRKMXMRTPEGIXSS
TVIJIVVIH7YVJEGIGSRRIGXMSRWXSXLIGSSPMRKTMTIWLSYPHFI PSRK[LMGLGSYPHVIWYPXMRWXSTTMRKXLIHIWMVIHGSSPMRKSJ
VIQSZEFPIXSEHITXLSJXSQQ XSMR WSXLEX XLIMRXIVMSVQEWWERHTSWWMFP]GEYWIXLIMRXIVMSVXIQTIVEXYVI
LSPIWGERFIVIEQIHERHHV]TEGOIH[LIRGSRRIGXMSRWEVI XSFIKMRXSMRGVIEWIEKEMR
VIQSZIH -RWYPEXMSRGERFISFXEMRIHMREZEVMIX]SJJSVQWERHQEXIVMEPW
'SMPWWLSYPHFITVIWWYVIXIWXIHJSVPIEOWEXXLIQE\MQYQ -XGERFIIMXLIVWIQMVMKMHTERIPX]TIQEXIVMEPSVJSEQIHWTVE]
TVIWWYVI XLI] [MPP VIGIMZI JVSQ XLI GSSPMRK W]WXIQ FIJSVI SRQEXIVMEPXLEXFIGSQIWWIQMVMKMHMRTPEGI8LIWIQMVMKMH
TPEGMRKGSRGVIXI4VIWWYVIWLSYPHEPWSFIQEMRXEMRIHHYVMRK TERIPWEVIYWYEPP]MRWXEPPIHSRXLIMRWMHIJEGISJXLIJSVQW
GSRGVIXI TPEGIQIRX XS TVIZIRX GVYWLMRK ERH TIVQMX IEVP] 8IQTSVEV] ERGLSVW IQFIHHIH MR XLI RI[P] TPEGIH PMJX SJ
HIXIGXMSRSJHEQEKIWLSYPHMXSGGYV GSRGVIXIVIXEMRXLIMRWYPEXMSRSRXLIGSRGVIXIWYVJEGI[LIR
7MKLXJPS[MRHMGEXSVWWLSYPHFIMRWXEPPIHEXXLIIRHSJIEGL XLIJSVQWEVIPMJXIH8LIMRWYPEXMSRGERFIIEWMP]VIQSZIHJVSQ
IQFIHHIHTMTIGSMPXSTIVQMXVIEH]SFWIVZERGISJGSSPMRK XLIWYVJEGI6SPPSYXETTPMGEXMSRMWTEVXMGYPEVP]ETTPMGEFPIJSV
[EXIVJPS[-REHHMXMSRXSVIKYPEVSFWIVZERGISJJPS[W[EXIV YWISRLSVM^SRXEPPMJXNSMRXW-XMWIEW]XSMRWXEPPERHVIQSZI
XIQTIVEXYVIW ERH TVIWWYVIW GSRGVIXI XIQTIVEXYVIW WLSYPH ERHGERFIVIYWIHQER]XMQIW7TVE]SRMRWYPEXMSRGERFI
FISFWIVZIHERHVIGSVHIHEXPIEWXSRGIHEMP][LMPIXLIPMJXMW YWIHSRIMXLIVLSVM^SRXEPSVZIVXMGEPWYVJEGIW8LMWX]TISJ
FIMRKGSSPIH8LIVQSQIXIVWEVITPEGIHEXXLIMRPIXERHSYXPIX MRWYPEXMSRMWTEVXMGYPEVP]YWIJYPJSVMRGVIEWMRKXLIXLMGORIWW
SJ XLIGSSPMRK [EXIVW]WXIQ XS VIGSVHXLIXIQTIVEXYVIERH ERHIJJIGXMZIRIWWSJMRWYPEXMSREPVIEH]MRTPEGIERHJSVMRWY
GLERKIXLVSYKLSYXXLITPEGIQIRX PEXMRK JSVQW -RWYPEXMSR XLEX TIVQMXW XVERWQMWWMSR SJ PMKLX
8LIVIJVMKIVEXMSR TPERX JSV GSSPMRK [EXIV GER FI PSGEXIH VE]W WLSYPH RSX FI YWIH FIGEYWI E XIQTIVEXYVI VMWI SGGYVW
GIRXVEPP]SVWIZIVEPGSQTPIXIWQEPPIVTSVXEFPITPERXWGERFI FIX[IIRXLIMRWYPEXMSRERHXLIGSRGVIXI[LIRXLIMRWYPEXMSRMW
YWIHXSTIVQMXQSZMRKXLIVIJVMKIVEXMSRW]WXIQEWXLIHEQ WYFNIGXIH XS HMVIGX WYRPMKLX 4VIGEWX TERIPW QEHI SJ PS[
TVSKVIWWIWYT[EVH7YJJMGMIRXWXERHF]GSQTSRIRXWIUYEPMR GSRHYGXERGI PMKLX[IMKLX GSRGVIXI SV VIKYPEV[IMKLX GSRGVIXI
GETEGMX]XSXLIPEVKIWXMRHMZMHYEPVIJVMKIVEXMSRYRMXWWLSYPH GEWX[MXLPEQMREXIHSVWERH[MGLPE]IVWSJPS[GSRHYGXERGI
FI TVSZMHIH -RWYJJMGMIRX TPERX WM^I GER GEYWI TVIQEXYVI GIPPYPEVGSRGVIXIEVIEPWSEGGITXEFPIJSVMRWYPEXMSR8LIWITERIPW
WLYXHS[RSJGSSPMRKFIJSVIXLILIEXSJL]HVEXMSRLEWFIIR [SYPHXLIRWIVZIEWFSXLJSVQWERHJEGIGSRGVIXI
WYJJMGMIRXP]HMWWMTEXIHSVWPS[GSRGVIXITPEGIQIRXXSEVEXI 'SSPMRKQEWWGSRGVIXIWXVYGXYVIWGERFITIVQMXXIH[MXLSYX
XLEXMRXIVJIVIW[MXLXLISZIVEPPGSRWXVYGXMSRWGLIHYPI MRWYPEXMSRMRVIPEXMZIP]XLMRWIGXMSRWSJEFSYXQ JX MR
'SSPMRKWLSYPHGSRXMRYIYRXMPXLITVIWGVMFIHXIQTIVEXYVI QSHIVEXI GPMQEXIW [LIVI XLI REXYVEP HMWWMTEXMSR SJ LIEX MW
MW VIEGLIH 8LMW XIQTIVEXYVI MW HITIRHIRX SR XLI X]TI SJ KVEHYEPERHXLIXLIVQEPKVEHMIRXMWRSXWXIIT
WXVYGXYVIERHPSEHMRK8LITVIWGVMFIHXIQTIVEXYVIGERFIXLI  %YXSKIRSYW ZSPYQI GLERKI{%YXSKIRSYW ZSPYQI
QIERERRYEPXIQTIVEXYVISVSXLIVXIQTIVEXYVIEWEGSQTVSQMWI GLERKIMWXLII\TERWMSRSVGSRXVEGXMSRSJXLIGSRGVIXIHYIXS
JSVXLIWIEWSREPZEVMEXMSRW GEYWIWSXLIVXLERGLERKIWMRXIQTIVEXYVIQSMWXYVISVWXVIWW
7SQIQEWWGSRGVIXIWXVYGXYVIWGERLEZIZIVXMGEPGSRXVEGXMSR XLIVIJSVI MX MW E WIPJMRHYGIH I\TERWMSR SV GSRXVEGXMSR
NSMRXWXSJEGMPMXEXIGSRWXVYGXMSRXLIWINSMRXW[MPPSTIREWXLI )\TERWMSRGERFILIPTJYPMRTVIZIRXMRKGVEGOWFYXGSRXVEG
GSRGVIXI GSSPW-RWSQI HEQW IWTIGMEPP] EVGL X]TI XLIWI XMSRMRGVIEWIWXLIXIRHIRG]XSGVEGO %YXSKIRSYWZSPYQI
GSRXVEGXMSR NSMRXW EVI PEXIV KVSYXIH XS VIWXSVI QSRSPMXLMG GLERKIMWYWYEPP]QIEWYVIHF]WXVEMRQIXIVWIQFIHHIHMR
FILEZMSV GSRGVIXIG]PMRHIVWXLEXEVIGEVIJYPP]WIEPIHXSIRWYVIXLEX
%JXIVGSSPMRKMWGSQTPIXIHERHXLITMTIMWRSPSRKIVRIIHIH XLIVI MW RS PSWW SJ QSMWXYVI ERH XLI GSRGVIXI OITX EX
MX WLSYPH FI KVSYXIH JYPP [MXL E GIQIRXMXMSYW QM\XYVI +VSYX GSRWXERXXIQTIVEXYVI1IEWYVIQIRXWFIKMREWWSSREWXLI
XIGLRMUYIWYWIHJSVTSWXXIRWMSRIHGSRGVIXIWLSYPHFIYWIH WTIGMQIRWEVILEVHIRIHERHWIEPIHERHEVIGSRXMRYIHTIVM
 2EXYVEP GSSPMRK{8LIVQEP MRWYPEXMSR SR SHMGEPP]JSVQSRXLW
I\TSWIHWYVJEGIWHYVMRKGSPH[IEXLIVGERTVSXIGXGSRGVIXI
JVSQGVEGOMRKMJIRSYKLMRWYPEXMSRMWYWIHJSVETVSTIVPIRKXL {3TIVEXMSR
SJXMQI-JXLIMRWYPEXMSRMWWYJJMGMIRXXSEPPS[WPS[GSSPMRK %JXIV GSRWXVYGXMSR XLI WXVYGXYVI MW I\TSWIH XS XLI ERRYEP
XLIXIRWMPIWXVEMRRIIHRIZIVI\GIIHXLIGVEGOMRKPMQMX8LI G]GPISJPSEHGSQFMREXMSRWJSV[LMGLMXMWHIWMKRIH(YVMRKXLI
GSRGVIXIGERVIPE\EXXLIWEQIVEXIEWXLIXIRWMPIWXVIWWXIRHW MRMXMEPSTIVEXMSR TIVMSH [LMGL QE] PEWX JSV E JI[ QSRXLW SV
6 1%29%03*'32'6)8)46%'8-')

8EFPI E {7YWXEMRIHQSHYPYW
7YWXEMRIHQSHYPYW)WEXXMQISJPSEHMRKMRHE]WH+4E TWM
8MQIEJXIVPSEHMRK    
   
    
   
    
    
   
    
   

8EFPI F {7XVIWWGSIJJMGMIRXW
8IRWMPIWXVIWWGSIJJMGMIRXJSVGSRHMXMSRSJJYPPVIWXVEMRXERHHIGVIEWMRK
XIQTIVEXYVIJSVEKISJGSRGVIXIEXXMQISJPSEHMRKMRHE]WH14E' TWM*
8MQIEJXIVPSEHMRK    
        
        
        
        

IZIR ]IEVW XLI WXVYGXYVI ERH XLI MQQIHMEXI JSYRHEXMSR [MPP


YRHIVKSWSQIIPEWXMGQSZIQIRXWYTIVMQTSWIHSRETIVQERIRX
WIX(YVMRKXLIWYGGIIHMRK]IEVWWQEPPTIVQERIRXHIJSVQEXMSRW
SGGYVMRXLIWXVYGXYVIJSYRHEXMSRSVFSXLXLEXEVIGEXIKSVM^IH
EWGVIIT'VIITGERMRMXMEXIYRERXMGMTEXIHGVEGOMRKF]GEYWMRKE
PSEH WLMJX XS WXVYGXYVEP EVIEW RSXMRXIRHIH XS HIJSVQ SV GEVV]
*MK{8]TMGEPGSRGVIXIGVIITGYVZIWJSVQEWWGSRGVIXI
QSVISJXLIPSEHW8LIWIGSRHMXMSRWGERFIWSQI[LEXERXMGM
TEXIH[MXLEREP]WIWXLEXMRGPYHIGSRGVIXIGVIITERHHIWMKRMRK
XLIWXVYGXYVIXSEGGSQQSHEXIXLIWIQSZIQIRXW [LIR XLI XIRWMPI WXVEMR MW ETTPMIH KVEHYEPP] &IGEYWI XLI
 'SRGVIXI GVIIT{'VIIT MW XLI GSRXMRYIH HIJSVQE XIRWMPI WXVIRKXL SJ GSRGVIXI MW RIEVP] MRHITIRHIRX SJ TVMSV
XMSRSJGSRGVIXIHYVMRKWYWXEMRIHWXVIWW%781'HIXEMPW PSEHMRKGVIITXIRHWXSMRGVIEWIXLIWXVEMRGETEGMX]-RXLIGEWI
EWXERHEVHXIWXJSVHIXIVQMRMRKGSRGVIXIGVIITMRGSQTVIW SJ ([SVWLEO (EQ JSV I\EQTPI XLI WXVEMR XS JEMPYVI [EW
WMSR'SRGVIXIGVIITMRXIRWMSRMWHMJJMGYPXXSQIEWYVIXLIVIJSVI EPQSWXXLVIIXMQIWEWKVIEXJSVWXVEMRETTPMIHSZIVQSRXLW
GVIITTVSTIVXMIWMRXIRWMSRERHGSQTVIWWMSREVIEWWYQIHXS GSQTEVIH [MXL UYMGOP] ETTPMIH WXVEMR ,SYO 4E\XSR ERH
FIXLIWEQI ,SYKLXSR 
'SRGVIXIGVIITMWQIEWYVIHSRGEVIJYPP]WIEPIHWTIGMQIRW 8LI GSRGVIXIGVIIT YRHIV WYWXEMRIH WXVIWW MW EJJIGXIH F]
WXSVIH EX GSRWXERX XIQTIVEXYVI ERH PSEHIH F] E GSRWXERX XLIWXMJJRIWWSJXLIEKKVIKEXI;LIRXLIQSHYPYWMWLMKLXLI
WXVIWW1IEWYVIQIRXMWYWYEPP]QEHIF]QIERWSJIQFIHHIH GVIIT MW PS[ ERH ZMGI ZIVWE 8LI MQTSVXERGI SJ EKKVIKEXI
WXVEMR QIXIVW EPXLSYKL ER] VIPMEFPI QIXLSH SJ QIEWYVMRK VMKMHMX]SRGSRGVIXIGVIITGERFIMPPYWXVEXIHF]X[SI\EQTPIW
WXVEMR GER FI IQTPS]IH &YX]P VYFFIV MW WEXMWJEGXSV] JSV *MVWXEWWYQIXLEXXLIEKKVIKEXIERHXLIGIQIRXTEWXILEZI
WIEPMRK XLI WTIGMQIRW FYX RISTVIRI WLSYPH FI EZSMHIH XLIWEQIQSHYPYWSJIPEWXMGMX];LIRGSQTVIWWMZIWXVIWWMW
FIGEYWI MX EPPS[W WSQI QSMWXYVI XS IWGETI 7TIGMQIRW ETTPMIHXLIWXVIWWERHGSVVIWTSRHMRKWXVEMR[MPPFIXLIWEQI
WLSYPH FI PSEHIH EX XLI WEQI EKIW EW WTIGMJMIH JSV XLI MRXLIEKKVIKEXIEWMRXLIGIQIRXTEWXI8LIEKKVIKEXIHSIW
QSHYPYWSJIPEWXMGMX]XIWXWFYXPSEHMRKEXXLIIEVP]EKISJHE] RSXGVIITYRHIVQSHIVEXIWXVIWWFYXXLITEWXIHSIWERHXLI
MWRSXEP[E]WTVEGXMGEP%KEMRXLIWTIGMQIRWWLSYPHFIPEVKI TEWXIXLEXMWFIX[IIREKKVIKEXITEVXMGPIWVIPE\IWERHXVERWJIVW
IRSYKL XS TIVQMX GSRGVIXI PMOI XLEX YWIH MR XLI WXVYGXYVI PSEHXSXLIEKKVIKEXIXSQEMRXEMRIUYMPMFVMYQ8LMWMQTSWIW
*VIUYIRXP]\QQ \MR G]PMRHIVW[MXLQQ ERIPEWXMG WXVEMRSRXLI EKKVIKEXI XLEX EGGSYRXW JSV E PEVKI
MR QE\MQYQWM^IHEKKVIKEXISV\QQ \MR TEVX SJ XLI GSRGVIXI GVIIT 8LI EQSYRX SJ IPEWXMG WXVEMR MW
G]PMRHIVW[MXLQQ MR EKKVIKEXIEVIYWIH9WIJYP HMVIGXP]VIPEXIHXSXLIQSHYPYWSJIPEWXMGMX]SJXLIEKKVIKEXI
GSIJJMGMIRXWJSVGSRZIVXMRKGSRGVIXIGVIIT[MXLWQEPPIVWM^I XLI QSVI VMKMH XLIEKKVIKEXIXLI PS[IV XLI GVIIT 2I\X
EKKVIKEXIW XS GSRGVIXI GVIIT JSVPEVKIV EKKVIKEXIWM^IW EVI EWWYQI XLEX XLI EKKVIKEXI LEW E QYGL LMKLIV QSHYPYW
JSYRHMR %'-74*MKYVIWLS[WX]TMGEPGVIITHEXE XLERXLIGIQIRXTEWXI;LIRGSQTVIWWMZIWXVIWWMWETTPMIH
SFXEMRIHJVSQPEFSVEXSV]MRZIWXMKEXMSRW 1G'S]8LSVXSRERH XLIEZIVEKIWXVIWWMRXLIEKKVIKEXI[MPPFILMKLIVXLERXLEXMR
%PPKSSH   8EFPI  MRHMGEXIW XLI ZEPYIW JSV XLI XLITEWXIERHXLITEWXI[MPPGVIITPIWWXLERMXHMH[LIRXLI
WYWXEMRIHQSHYPYWSJIPEWXMGMX][LMGLEVIYWIHXSHIZIPST QSHYPM[IVIIUYEP8LIIPEWXMGWXVEMRMRXLIEKKVIKEXIHYIXS
XIRWMPIWXVIWWGSIJJMGMIRXWJSVEXIQTIVEXYVI HVST[MXLJYPP XLIGVIITSJXLITEWXI[MPPXLIRFIPIWWXLERMX[EW[LIRXLI
VIWXVEMRX %'- 6 TVIWIRXW E HMWGYWWMSR SJ XLI WYWXEMRIH QSHYPM[IVIIUYEP8LIVIJSVIERMRGVIEWIMRXLIVMKMHMX]SJXLI
IPEWXMGQSHYPYW%LMKLVEXISJGVIITJSVGSRGVIXIMWLIPTJYP EKKVIKEXIEGXWMRX[S[E]WXSVIHYGIXLIGVIITSJXLIGSRGVIXI
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

',%48)6{'3286303*'6%'/-2+&= 6IWXVEMRX GER SGGYV EX GLERKIW MR WIGXMSRW FIGEYWI SJ


4634)6'327869'8-3246%'8-')7 HMJJIVIRGIW MR XIQTIVEXYVI SV HV]MRK WLVMROEKI MR XLI X[S
{-RXVSHYGXMSR WIGXMSRW-JJIEWMFPIEGSRXVEGXMSRNSMRXGERFIYWIHXSVIPMIZI
'SRWXVYGXMSR TVEGXMGIW HMWGYWWIH MR XLMW GLETXIV MRGPYHI XLI VIWXVEMRX 6IWXVEMRX SJ JPEX[SVO VIWYPXW JVSQ ERGLSVMRK
WTIGMJMGEXMSRW QEXIVMEPW HIWMKRW QM\XYVI GSRWMHIVEXMSRW WPEFVIMRJSVGIQIRXWMRTIVMQIXIVGSRGVIXIJSSXMRKW;LIRE
ERHSRXLINSFGSRWXVYGXMSRTIVJSVQERGI&IJSVIHMWGYWWMRK WPEFMWJVIIXSWLVMROJVSQEPPWMHIWXS[EVHMXWGIRXIVXLIVIMW
XLIGSRXVSPSJGVEGOMRKF]TVSTIVGSRWXVYGXMSRTVEGXMGIWMXMW QMRMQEPGVEGOMRK'SRXVEGXMSRNSMRXWERHTIVMQIXIVWYTTSVXW
[SVXL[LMPIXSQIRXMSRXLIFEWMGGEYWISJGVEGOMRKVIPEXIHXS WLSYPHFIHIWMKRIHEGGSVHMRKP]
ZSPYQI GLERKI SJ GSRGVIXI{VIWXVEMRX -J EPP TEVXW SJ XLI ;EPPWWPEFWERHXYRRIPPMRMRKWTPEGIHEKEMRWXXLIMVVIKYPEV
GSRGVIXI MR E GSRGVIXI WXVYGXYVI EVI JVII XS QSZI EW XLI WYVJEGI SJ E VSGO I\GEZEXMSR EVI VIWXVEMRIH JVSQ QSZMRK
GSRGVIXII\TERHWSVGSRXVEGXWHYIXSZSPYQIGLERKIXLIVI [LIRXLIWYVJEGII\TERHWSVGSRXVEGXWMRVIWTSRWIXSGLERKIW
[MPPFIRSGVEGOMRK MRXIQTIVEXYVISVQSMWXYVIGSRXIRX'PSWIP]WTEGIHGSRXVEGXMSR
3FZMSYWP] LS[IZIV EPP TEVXW SJ GSRGVIXI WXVYGXYVIW EVI NSMRXWSVHIITKVSSZIWWLSYPHFITVSZMHIHXSLMHIXLIGVEGOW
RSX JVII ERH MRLIVIRXP] GERRSX FI JVII XS VIWTSRH MR XLI XLEX [SYPH HMWJMKYVI WYGL WYVJEGIW -R XYRRIP PMRMRKW XLI
WEQIHIKVIIXSZSPYQIGLERKIW'SRWIUYIRXP]HMJJIVIRXMEP GSRXVEGXMSRMRXLIJMVWXJI[[IIOWMWTVMQEVMP]XLIVQEPERHXLI
WXVEMRWHIZIPSTERHXIRWMPIWXVIWWIWEVIMRHYGIH;LIRXLIWI YWISJGSPHGSRGVIXI' * GERVIHYGIGVEGOMRKQEXIVM
HMJJIVIRXMEPWXVIWWIWI\GIIHXLIGETEFMPMX]SJXLIGSRGVIXIXS EPP]&]XLIXMQIHV]MRKMWWMKRMJMGERXXLIGSRGVIXIPMRMRKLEW
[MXLWXERH XLIQ GVEGOMRK SGGYVW 2I[ GSRGVIXI WLSYPH FI EKVIEXIVXIRWMPIWXVEMRGETEGMX]ERHXLIVIJSVIMWEFPIXSVIWMWX
TVSXIGXIHJSVEWPSRKEWTSWWMFPIJVSQXLIPSWWSJQSMWXYVISV WLVMROEKIGVEGOMRK'MVGYQJIVIRXMEPGVEGOW MRXYRRIPPMRMRKW
HVST MR XIQTIVEXYVI 8LIWI GSRWMHIVEXMSRW GER VIWYPX MR ERH SXLIV GEWXMRTPEGI GSRGVIXI GSRHYMXW ERH TMTI PMRIW
WXVIWWIWGETEFPI SJ GEYWMRK GVEGOW EX ERIEVP] EKI FYX XLEX LS[IZIV GER FI KVIEXP] VIHYGIH MR RYQFIV ERH [MHXL MJ E
QMKLXFIWYWXEMRIHEXKVIEXIVQEXYVMX]'SRGVIXIWLSYPHLEZI FYPOLIEHMWYWIHXSTVIZIRXEMVQSZIQIRXXLVSYKLXLIXYRRIP
E LMKL XIRWMPIWXVEMR GETEGMX] [LMGL MW MRJPYIRGIH F] XLI ERHWLEPPS[TSRHWSJ[EXIVEVITPEGIHMRXLIMRZIVXEWWSSREW
EKKVIKEXI8LIVIJSVIEPS[QSHYPYWSJIPEWXMGMX]MRXIRWMSR TSWWMFPI EJXIV TPEGMRK XLI PMRMRK 8LI] WLSYPH VIQEMR XLIVI
MWHIWMVEFPI YRXMPXLIXYRRIPMWTYXMRXSWIVZMGI 97&6 8LIGSRGVIXI
GERFIGSQIQYGLWXVSRKIVMRXLILYQMHIRZMVSRQIRXERH[MPP
{6IWXVEMRX FI FIXXIV EFPI XS VIWMWX WLVMROEKIMRHYGIH XIRWMPI WXVIWWIW MJ
6IWXVEMRX I\MWXW MR QER] GMVGYQWXERGIW YRHIV [LMGL XLI EPPS[IHXSHV]MRWIVZMGI-JXLIXYRRIPGEVVMIW[EXIVXLIVI[MPP
WXVYGXYVIERHMXWGSRGVIXIIPIQIRXWWLSYPHTIVJSVQ8]TMGEP FIRSJYVXLIVHV]MRKWLVMROEKI
I\EQTPIWMPPYWXVEXI LS[ VIWXVEMRXGER GEYWIGVEGOMRKMJ XLI 8LITVIZMSYWI\EQTPIWMRHMGEXI XLEXQER] GVEGOGSRXVSP
GSRGVIXIMWRSXWXVSRKIRSYKLXS[MXLWXERHXLIXIRWMPIWXVIWWIW TVSGIHYVIW WLSYPH FI GSRWMHIVIH HYVMRK HIWMKR ;LMPI
HIZIPSTIH TVSTIVGSRWXVYGXMSRTIVJSVQERGIGERGSRXVMFYXIEKVIEXHIEP
%[EPPSVTEVETIXERGLSVIHEPSRKMXWFEWIXSXLIJSYRHE EW[MPPFIHMWGYWWIH XLIGSRXVEGXSVGERRSXFII\TIGXIHXS
XMSR SV XS PS[IV WXVYGXYVEP IPIQIRXW PIWW VIWTSRWMZI XS YWIXLIFIWXTVSGIHYVIWYRPIWWXLIWITVSGIHYVIWEVIMRGPYHIH
ZSPYQIGLERKIWGERFIVIWXVEMRIHJVSQWLVMROMRK[LIRMXW MRXLIGSRXVEGXHSGYQIRXW
YTTIV TSVXMSRW WLSVXIR HYI XS HV]MRK SV GSSPMRK %'-
6 'VEGOMRKMWYWYEPP]MRIZMXEFPI(YIGSRWMHIVEXMSR {7LVMROEKI
WLSYPHEPWSFIKMZIRJSVXIQTIVEXYVIHVSTWMR[EPPGSRWXVYG  )JJIGXSJ[EXIVGSRXIRX{%WWLS[RMR*MKGSRGVIXI
XMSR'SRXVEGXMSRNSMRXW SVEXPIEWXKVSSZIWSJEHITXLRSXPIWW HV]MRKWLVMROEKIMWTVSTSVXMSREPXSQM\XYVI[EXIVGSRXIRX8LI
XLEX SJXLI[EPPXLMGORIWWSRFSXLWMHIW MR[LMGLXLI YWI SJ XLI PS[IWX TVEGXMGEP WPYQT EHHW MR XLI GSRXVSP SJ
GVEGOWGERSGGYVERHFILMHHIRWLSYPHFITVSZMHIHEXMRXIV GVEGOMRK 3J QENSV MQTSVXERGI MW XLI WIPIGXMSR SJ QM\XYVI
ZEPW VERKMRK JVSQ SRI JSV LMKL [EPPW  XS XLVII JSV PS[ TVSTSVXMSRW XLEX VIUYMVI XLI PIEWX EQSYRX SJ [EXIV JSV XLI
[EPPW XMQIWXLILIMKLXSJXLI[EPP HIWMVIH GSRGVIXI WXVIRKXL ERH HYVEFMPMX] 8LMW QIERW
8LI MRXIVMSVERH I\XIVMSVGSRGVIXITEVXMGYPEVP]MRPEVKIV EZSMHMRKSZIVWERHIHQM\XYVIWYWMRKXLIPEVKIWXQE\MQYQ
XLMGOIVWIGXMSRWGERFIWYFNIGXIHXSGLERKIWMRXIQTIVEXYVI EKKVIKEXIWM^ITVEGXMGEPERHYWMRKEKKVIKEXI[MXLXLIQSWX
SVQSMWXYVIGSRXIRXEXHMJJIVIRXVEXIWERHHMJJIVIRXHIKVIIW JEZSVEFPIWLETIERHKVEHMRKGSRHYGMZIXS[SVOEFMPMX]%PWS
;LIRXLMWLETTIRWXLIMRXIVMSVGSRGVIXIVIWXVEMRWXLII\XI YWIE[IPPKVEHIHWERH[MXLEQMRMQYQSJJMRIWTEWWMRKXLI
VMSV GSRGVIXI JVSQ WLVMROMRK ERH XIRWMPI WXVIWWIW HIZIPST QIWLERHJVIISJGPE]WYGLXLEXMXWWERHIUYMZEPIRXZEPYI
XLEX GER GEYWI XLI WYVJEGI XS GVEGO 8LMW SGGYVW [LIR XLI MWRSXPIWWXLER  %%7,838 7LVMROEKIXIRHWXS
WYVJEGIGSSPW[LMPIXLIMRXIVMSVMWWXMPP[EVQJVSQXLILIEXSJ FITVSTSVXMSREPXSXLIXSXEPTEWXIZSPYQIMRXLIQM\XYVI
L]HVEXMSRSV[LIRXLIWYVJEGIGSRGVIXIHVMIWJEWXIVXLERXLI  7YVJEGI HV]MRK{7YVJEGI HV]MRK [MPP SGGYV I\GITX
MRXIVMSVGSRGVIXI-XMWSJXIRJIEWMFPIXSTVSXIGXXLIWYVJEGIEX [LIR XLI WYVJEGI MW WYFQIVKIH SV FIPS[ KVEHI (V]MRK
IEVP] EKIW WS XLEX WXVIWWMRHYGMRK HMJJIVIRXMEP WXVEMRW GERRSX WLVMROEKIWXVEMRWSJYTXS»zSVQSVIEVIPMOIP]8LI
HIZIPSTFIJSVIXLIGSRGVIXIMWWXVSRKIRSYKLXS[MXLWXERHXLI EQSYRX SJ WLVMROEKI GVEGOMRK HITIRHW SR JEGXSVW WYGL EW
WXVEMR [MXLSYX GVEGOMRK 6IMRJSVGIQIRX TVSZMHIH JSV FSXL WYVJEGI HV]RIWW QM\XYVI TVSTSVXMSRW IWTIGMEPP] QM\MRK
XLIVQEPGSRXVEGXMSRERHHV]MRKWLVMROEKIGERSRP]TEVXMEPP] [EXIVXLIGLEVEGXIVERHHIKVIISJVIWXVEMRXERHXLII\XIRWMFMPMX]
VIWXVEMR XLI GSRXVEGXMSR SJ WYVJEGI GSRGVIXI FYX QSVI ERH XIRWMPIWXVEMR GETEGMX]  SJ XLI GSRGVIXI 8LI I\XIRWMFMPMX]
REVVS[IVGVEGOWGERVIWYPX VITVIWIRXWLS[ QYGLXLI GSRGVIXI GERFIWXVEMRIH [MXLSYX
6 1%29%03*'32'6)8)46%'8-')

I\GIIHMRKMXWXIRWMPIWXVIRKXLERHMWXLIWYQ SJGVIITTPYW [MXLE[EVQGSRGVIXIWYVJEGIXIQTIVEXYVI4VSNIGXWTIGMJMGE


IPEWXMGWXVEMR GETEGMX] 8LI PEXXIV MW PEVKIP] VIPEXIH XS XLI XMSRWWLSYPHWXMTYPEXIXLEXIJJIGXMZIQSMWXYVIGSRXVSPTVIGEY
GSQTSWMXMSR SJ XLI EKKVIKEXI ERH GER ZEV] [MHIP] 8]TM XMSRW WLSYPH FI XEOIR XS TVIZIRX E WIVMSYW PSWW SJ WYVJEGI
GEPP]WSQIGSRGVIXIWSJLMKLP]UYEVX^MXMGKVEZIPWLEZIEPS[ QSMWXYVI YRHIV WYGL GSRHMXMSRW 4VMRGMTEP EQSRK XLIWI
WXVEMRGETEGMX]ERHELMKLQSHYPYWSJIPEWXMGMX]'SRGVIXIW TVIGEYXMSRWEVIXLIYWISJJSK RSXWTVE] RS^^PIWXSQEMRXEMR
[MXL E PS[ WXVEMR GETEGMX] EVI QYGL QSVI WIRWMXMZI XS E WLIIR SJ QSMWXYVI SR XLI WYVJEGI FIX[IIR XLI JMRMWLMRK
WLVMROEKIHYIXSHV]MRK ERHXSEHIGVIEWIMRXIQTIVEXYVI STIVEXMSRW4PEWXMGWLIIXMRKGERFIVSPPIHSRERHSJJFIJSVI
ERH[MPPFIWYFNIGXIHXSEKVIEXIVEQSYRXSJGVEGOMRK ERHEJXIVJPSEXMRKTVIJIVEFP]I\TSWMRKSRP]XLIEVIEFIMRK
%TVMQISFNIGXMZISJGVEGOGSRXVSPTVSGIHYVIWMWXSOIIT [SVOIHSREXXLEXXMQI0IWWIJJIGXMZIFYXLIPTJYPTVIGEYXMSRW
XLIGSRGVIXI[IXEWPSRKEWTSWWMFPIWSXLEXXLIGSRGVIXI[MPP MRGPYHIWTVE]IHQSRSQSPIGYPEVJMPQWXLEXMRLMFMXIZETSVE
LEZIXMQIXSHIZIPSTQSVIWXVIRKXLXSVIWMWXGVEGOMRKJSVGIW XMSR ;MRHFVIEOW EVI LIPTJYP XLIVIJSVI MX MW HIWMVEFPI XS
%W HIWGVMFIH MR 'LETXIV  ERH 'EVPWSR   XLIVI EVI WGLIHYPI JPEX[SVO EJXIV XLI [EPPW EVI IVIGXIH %'- 6
WSQIGEWIW[LIVITVSPSRKIHQSMWXGYVMRKMWRSXFIRIJMGMEP %'-6 
8LIMQTSVXERGISJQSMWXGYVMRK[MPPZEV][MXLXLI[IEXLIV 4PEWXMGWLVMROEKIGVEGOMRKMWEWWSGMEXIH[MXLXLIVEXIPSWW
ERHXLIXMQISJ]IEV'SPHGSRGVIXI FIPS['?*A HVMIW SJ WYVJEGI QSMWXYVI VIPEXMZI XS XLI VITPIRMWLQIRX VEXI SJ
ZIV]WPS[P]TVSZMHIHXLIVIPEXMZILYQMHMX]MWEFSZI %X QSMWXYVIF]FPIIHMRK%WEVIWYPXXLIXSPIVEFPIVEXISJQSMW
WSQIHITXLGSRGVIXIPSWIWQSMWXYVIWPS[P];LIVIWYVJEGI XYVI PSWW MW WMKRMJMGERXP] EJJIGXIH F] XLI VEXI SJ FPIIHMRK
HV]MRKGERFIVETMHQSVIGEVIWLSYPHFIHIZSXIHXSYRMRXIV *YVXLIVXLIVEXISJQSMWXYVIPSWWJVSQXLIWYVJEGISJGSRGVIXI
VYTXIHGYVMRKXSMQTVSZIWYVJEGIWXVIRKXL'VEGOMRK[MPPFI MWHVMZIRF]EGSQFMREXMSRSJJEGXSVWXLEXMRGPYHIEMVXIQTIV
JYVXLIVVIHYGIHF]GVIITMJXLIWYVJEGIMWTVIZIRXIHJVSQHV]MRK EXYVI GSRGVIXI XIQTIVEXYVI VIPEXMZI LYQMHMX] SJ XLI EMV
UYMGOP] EXXLI IRH SJ XLI GYVMRK TIVMSH8SEGGSQTPMWL WPS[ EFSZIXLIGSRGVIXIHIKVIISJWEXYVEXMSRSJXLIWYVJEGISJXLI
HV]MRK [IX GYVMRK WLSYPHVIQEMRJSV WIZIVEPHE]W[MXLSYX GSRGVIXI EQSYRX SJ FPIIH[EXIV  ERH XLI [MRH ZIPSGMX] EX
[IXXMRKEJXIVXLIWTIGMJMIHGYVMRKTIVMSH TVIJIVEFP]XS XLIGSRGVIXIWYVJEGI
HE]W YRXMPXLIGSZIVERHXLIGSRGVIXIYRHIVMXETTIEV 8LIVEXISJIZETSVEXMSRGERFIKVIEXIVHYVMRKGSPH[IEXLIV
XSFIHV]-JXLIWITVSGIHYVIWEVIVIUYMVIHXSFIYWIHXLI] GSRGVIXMRK GSRHMXMSRW XLER HYVMRK LSX [IEXLIV TEVXMGYPEVP]
WLSYPHFIMRGPYHIHMRTVSNIGXGSRXVEGXHSGYQIRXW [LIRXLIGSRGVIXILEWFIIRLIEXIHXLIEMVMWGSPHERHHV]
 4PEWXMGWLVMROEKI{3FNIGXMSREFPITPEWXMGWLVMROEKI ERHXLI [MRHWTIIHMWLMKL8LIVIEWSR JSVXLMWMWXLEXXLI
GVEGOWGSQQSRP]SGGYVMRXLIWYVJEGIWSJJPSSVWERHWPEFW XLIVQEPHVMZMRKJSVGIJSVWYVJEGIIZETSVEXMSRMWXLIHMJJIVIRGI
[LIR NSF GSRHMXMSRW EVI WS HV] XLEX QSMWXYVI MW VIQSZIH FIX[IIREMVERHGSRGVIXIXIQTIVEXYVI;LIRXLIGSRGVIXIMW
JVSQXLIGSRGVIXIWYVJEGIJEWXIVXLERMXMWVITPEGIHF]FPIIH [EVQIVXLERXLIEMVIZETSVEXMSRMWJEZSVIHXLMWMWHITIRHIRX
[EXIV8LIWIGVEGOWSGGYVFIJSVIXLIWXEVXSJGYVMRKERHGER SRLYQMHMX]ERH[MRHWTIIHEW[IPP
SGGYVIMXLIVFIJSVISVEJXIVJMREPJMRMWLMRK%WXLIQSMWXYVIMW 3XLIVLIPTJYPTVEGXMGIWXLEXGERGSYRXIVEGXXLII\GIWWMZI
VIQSZIHXLIWYVJEGIGSRGVIXIGSRXVEGXWVIWYPXMRKMRXIRWMPI PSWW SJ WYVJEGI QSMWXYVI EVI YWMRK E [IPPHEQTIRIH
WXVIWWIWMR XLI[IEOWXMJJIRMRKTPEWXMGGSRGVIXIXLEXGEYWI WYFKVEHIGSSPMRKXLIEKKVIKEXIWF]HEQTIRMRKERHWLEHMRK
WLSVXVERHSQGVEGOWMRXLIWYVJEGI8LIWIGVEGOWEVIYWYEPP] XLIQERHYWMRKGSPHQM\MRK[EXIVSVGLMTTIHMGIEWQM\MRK
[MHI EX XLI WYVJEGI FYX SRP] E JI[ QMPPMQIXIVW MRGLIW MR [EXIVXSPS[IVXLIJVIWLGSRGVIXIXIQTIVEXYVI
HITXL EPXLSYKL JYPPHITXL GVEGOW GER SGGYV MR TEZIQIRXW  7YVJEGI GSSPMRK{7YVJEGI GSSPMRK [MPP X]TMGEPP]
8LIGVEGOWVERKIJVSQEJI[QMPPMQIXIVW MRGLIW XSEJI[ WLVMROXLIWYVJEGISJYRVIWXVEMRIHGSRGVIXIEFSYX»z'
QIXIVW JIIX MRPIRKXLERHEVIEJI[QMPPMQIXIVW MRGLIW XS  »z* EWXIQTIVEXYVIHIGVIEWIW8LMWEQSYRXWXSQQ
Q JX ETEVX MREQPIRKXL[MXLEHVSTSJ' MRMRJXPIRKXL
7SQIXMQIWTPEWXMGWLVMROEKIGVEGOWETTIEVIEVP]IRSYKL [MXLEHVSTSJ* 8LIEQSYRXSJWLVMROEKIHIJSVQEXMSR
XS FI VIQSZIH MR PEXIV JPSEXMRK SV XVS[IPMRK STIVEXMSRW MWVIHYGIHF]VIWXVEMRXERHGVIITFYXXIRWMPIWXVIWWIWVIWYPX
;LIRXLMWSGGYVWMXMWEHZMWEFPIXSTSWXTSRIXLIWISTIVEXMSRW 8LIIEVPMIVXLIEKIERHXLIWPS[IVXLIVEXIEX[LMGLGSSPMRK
EWPSRKEWTSWWMFPIXSKIXXLIMVQE\MQYQFIRIJMX[MXLSYXXLI SVHV]MRKSGGYVXLIPS[IVXLIXIRWMPIWXVIWWIW[MPPFI8LI
VIGYVVIRGISJGVEGOMRK MRJPYIRGI SJ GVIIT HIGVIEWIW XLI IJJIGXMZI QSHYPYW SJ
-R SXLIV GEWIW IEVP] JPSEXMRK GER HIWXVS] XLI KVS[MRK GSRGVIXIPSEHIHEXIEVP]EKIWERHEPPS[WQSVII\XIRWMFMPMX]
XIRWMSRF]VI[SVOMRKXLIWYVJEGIQSVXEVERHTVIZIRXTPEWXMG -RSVHMREV]GSRGVIXI[SVO[MRXIVTVSXIGXMSRVIUYMVIHJSV
GVEGOMRK %X XLI JMVWX ETTIEVERGI SJ GVEGOMRK [LMPI XLI XLIHIZIPSTQIRXSJEHIUYEXIWXVIRKXL[MPPTVIZIRXXLIQSWX
GSRGVIXI MW WXMPP VIWTSRWMZI E ZMKSVSYW IJJSVX WLSYPH FI GVMXMGEPIJJIGXWSJGSSPMRK'SRXVEGXMSRNSMRXWJSVGSRXVSPSJ
QEHIXSGPSWIXLIGVEGOWF]XEQTMRKSVFIEXMRK[MXLEJPSEX WLVMROEKIGVEGOMRK[MPPEPWSGSRXVSPGVEGOMRKHYIXSHVSTWMR
-J JMVQP] GPSWIH XLI] EVI YRPMOIP] XS VIETTIEV 8LI] GER WYVJEGIXIQTIVEXYVI-REHHMXMSRXS'LETXIVSJXLMWVITSVX
LS[IZIVVIETTIEVMJXLI]EVIQIVIP]XVS[IPIHSZIV-RER] 'LETXIVWERHSJ%'-6HMWGYWWXIQTIVEXYVIGSR
IZIRXGYVMRKWLSYPHFIWXEVXIHEWWSSREWTSWWMFPI XVSPW JSV QEWW GSRGVIXI XS QMRMQM^I XLI IEVP] XIQTIVEXYVI
4PEWXMG WLVMROEKI GVEGOMRK MW QSWX PMOIP] [LIR IRZMVSR HMJJIVIRGIW FIX[IIR XLI MRXIVMSV ERH XLI I\XIVMSV GSRGVIXI
QIRXEPGSRHMXMSRWGSRGVIXIXIQTIVEXYVIERHQM\XYVITVSTSV 4VMQEVMP]XLIWIGSRXVSPWPS[IVXLIMRXIVMSVXIQTIVEXYVIVMWI
XMSRW GSQFMRI XS GEYWI E VETMH PSWW SJ EZEMPEFPI WYVJEGI GEYWIHF]XLILIEXSJL]HVEXMSRF]YWMRKQMRMQYQGIQIRX
QSMWXYVI8LIWIGSRHMXMSRWGERHIZIPSTMRIMXLIVLSXSVGSPH GSRXIRXTS^^SPERWXSVITPEGIETSVXMSRSJXLIGIQIRX[EXIV
[IEXLIV[LIRPS[LYQMHMX]ERHLMKL[MRHWTIIHGSQFMRI VIHYGMRKEHQM\XYVIWEMVIRXVEMRQIRXPEVKIEKKVIKEXIWM^IW
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

PS[WPYQTERHGLMTTIHMGIJSVQM\MRK[EXIVXSQEMRXEMRXLI  ,ERHPMRK ERH FEXGLMRK{%KKVIKEXIW WLSYPH FI


XIQTIVEXYVISJXLIJVIWLGSRGVIXIEWGPSWIXS' * EW LERHPIH WS EW XS EZSMH GSRXEQMREXMSR WIKVIKEXMSR ERH
TSWWMFPI %X RS XMQI WLSYPH JSVQW FI VIQSZIH XS I\TSWI FVIEOEKI ,ERHPMRK ERH FEXGLMRK MW FIWX HSRI F] JMRMWL
[EVQWYVJEGIWXSPS[XIQTIVEXYVIW%WQIRXMSRIHMR7IGXMSR WGVIIRMRK ERH VMRWMRK GSEVWI EKKVIKEXI MRXS XLIMV ZEVMSYW
XLII\XIRWMFMPMX]SVWXVEMRXLIGSRGVIXI[MPP[MXLWXERH WM^IWERHTPEGMRKXLIQMRXLIETTVSTVMEXIFMRWEXXLIFEXGL
FIJSVI XIRWMPI JEMPYVI MW E JYRGXMSR SJ XLI EKKVIKEXI ERH TPERX)ZIV]IJJSVXWLSYPHFIQEHIXSYRMJSVQP]FEXGLERH
WLSYPHFIIZEPYEXIHIWTIGMEPP]SRPEVKIVTVSNIGXW;LEXETTPMIW QM\XLIGSRGVIXIWSXLEXXLIVI[MPPFIEQMRMQYQSJZEVMEXMSR
XSSRITVSNIGX[MPPRSXRIGIWWEVMP]ETTP]XSERSXLIV MRWPYQTERH[SVOEFMPMX][LMGLMRZEVMEFP]PIEHXSHIQERHW
JSVEKVIEXIVQEVKMRSJ[SVOEFMPMX]
{7IXXPIQIRX  'SPHGSRGVIXI{-RQEWWGSRGVIXIWXVYGXYVIWVIHYGMRK
7IXXPIQIRXSVWYFWMHIRGIGVEGOWHIZIPST[LMPIGSRGVIXIMW [EXIVERHGIQIRXGSRXIRXWXSETVEGXMGEPQMRMQYQERHYWMRK
MRXLITPEWXMGWXEKIEJXIVXLIMRMXMEPGSRWSPMHEXMSR7IXXPIQIRX GSPHGSRGVIXI[MPPVIHYGIXIQTIVEXYVIHMJJIVIRXMEPWXLEXGEYWI
GVEGOW EVI XLI REXYVEP VIWYPX SJ LIEZ] WSPMHW WIXXPMRK MR E GVEGOMRK 0IWW QM\MRK [EXIV VIHYGIW HV]MRK WLVMROEKI -R
PMUYMH QIHMYQ 7IXXPIQIRX GVEGOW SGGYV EPSRK VMKMHP] [EVQ [IEXLIV GSPH GSRGVIXI VIHYGIW WPYQT PSWW MRGVIEWIW
WYTTSVXIHIPIQIRXWWYGLEWLSVM^SRXEPVIMRJSVGIQIRXJSVQ TYQTEFMPMX]ERHMQTVSZIWXLIVIWTSRWIXSZMFVEXMSR'LMTTIH
XMIWSVIQFIHQIRXW7SQIXMQIWGSRGVIXI[MPPEHLIVIXSXLI MGIGERFIWYFWXMXYXIHJSVEPPSVETEVXSJXLIFEXGLIHQM\MRK
JSVQW%GVEGO[MPPETTIEVEXXLIWIPSGEXMSRWMJXLIJSVQWEVI [EXIV-RGSPH[IEXLIVGSRGVIXIMWREXYVEPP]GSPHERHIZIV]
LSXEXXLIXSTSVEVITEVXMEPP]EFWSVFIRX'VEGOWSJXIRETTIEV IJJSVXWLSYPHFIQEHIXSYWIMXEWGSPHEWTSWWMFPI[MXLSYX
MR LSVM^SRXEP GSRWXVYGXMSR NSMRXW ERH MR FVMHKI HIGO WPEFW MRZMXMRK HEQEKI JVSQ JVII^MRK -X MW TSMRXPIWW XS XV]
SZIVVIMRJSVGMRKSVJSVQXMIW[MXLSRP]EJI[MRGLIWSJGSZIV TVSXIGXMRKWYVJEGIWIHKIWERHGSVRIVWF]TPEGMRKRIIHPIWWP]
EFSYXXSQQ?XSMRA 7IXXPIQIRXGVEGOWMRFVMHKI [EVQGSRGVIXIMRGSPH[IEXLIV8LIWIZYPRIVEFPITEVXWVIUYMVI
HIGOWGERFIVIHYGIHF]MRGVIEWMRKXLIGSRGVIXIGSZIVEPSRK TVSXIGXMSRF]MRWYPEXMSRSVTVSXIGXMZIIRGPSWYVIW %'-6 
[MXL QM\XYVI TVSTSVXMSRMRK XLEX QMRMQM^IW FPIIHMRK ERH  6IZMFVEXMSR{;LIR HSRI EW PEXI EW XLI JSVQIH
WIXXPIQIRX4VSTIVP]I\IGYXIHPEXIVIZMFVEXMSRGERFIYWIHXS GSRGVIXI[MPPVIWTSRHXSXLIZMFVEXSVVIZMFVEXMSRGERIPMQMREXI
GPSWIWIXXPIQIRXGVEGOWERHMQTVSZIXLIUYEPMX]ERHETTIEV GVEGOWERHGLIGOW[LIVIWSQIXLMRKVMKMHP]JM\IHMRXLITPEGI
ERGISJXLIGSRGVIXIMRXLIYTTIVTSVXMSRSJWYGLTPEGIQIRXW QIRXTVIZIRXWETEVXSJXLIGSRGVIXIJVSQWIXXPMRK[MXLXLIVIWX
IZIRXLSYKLWIXXPIQIRXLEWXEOIRTPEGIERHWPYQTLEWFIIR SJMX7IXXPIQIRXGVEGOWEVIQSWXETTEVIRXMRXLIYTTIVTEVXSJ
PSWX %'-6 9WISJEPS[WPYQTGSRGVIXIMWEPWSVIGSQ [EPPERHGSPYQRTPEGIQIRXW[LIVIVIZMFVEXMSRGERFIVIEHMP]
QIRHIH XS LIPT TVIZIRX WIXXPIQIRX GVEGOW MR FVMHKI HIGOW YWIH(IITVIZMFVEXMSRGSVVIGXWGVEGOWGEYWIHF]HMJJIVIRXMEP
ERHWPEFW WIXXPIQIRX EVSYRH FPSGOSYX ERH [MRHS[ JSVQW ERH [LIVI
WPEFWERH[EPPWEVITPEGIHQSRSPMXLMGEPP] %'-6 
 *MRMWLMRK{4VSTIV JPEX[SVO JMRMWLMRK GER QEOI E
{'SRWXVYGXMSR
HMJJIVIRGIMRQER] X]TIWSJGVEGOMRK %'- 6  0S[
%KVIEXHIEPGERFIHSRIHYVMRKGSRWXVYGXMSRXSQMRMQM^I
WPYQTGSRGVIXIWLSYPHFIYWIH1SVIXLEREQQ MR
GVEGOMRK 8LI MRHMZMHYEP TVSNIGX WTIGMJMGEXMSRW WLSYPH FI
WPYQTMWVEVIP]RIGIWWEV]I\GITXMRLSX[IEXLIV[LIVIFSXL
WTIGMJMG[MXLVIKEVHXSEGXMSRWXLEXWLSYPHFIXEOIRXSGSTI
WPYQTERHQSMWXYVIEVIPSWXUYMXIVETMHP]*MRMWLMRKWLSYPH
[MXLI\XVIQIWSJREXYVIERHXSQEOIIRJSVGIEFPIVIUYMVIQIRXW
RSX FI HSRI MR XLI TVIWIRGI SJ WYVJEGI [EXIV 4VIGEYXMSRW
 'SRGVIXI EKKVIKEXIW{8LI EKKVIKEXIW WLSYPH FI 7IGXMSR WLSYPHFIXEOIRXSTVIZIRXTPEWXMGWLVMROEKI
WIPIGXIHXSQEOIGSRGVIXISJLMKLWXVEMRGETEGMX]MJVIEWSR %R]VIUYMVIHQEVOMRKERHKVSSZMRKWLSYPHFIGEVIJYPP]GYX
EFP]EZEMPEFPI-XMWMQTSVXERXXLEXJMRIERHGSEVWIEKKVIKEXIW XSXLIWTIGMJMIHHITXL'YVMRKWLSYPHFITVSQTXP]GSRHYGXIH
FIGPIERERHJVIISJYRRIGIWWEV]JMRIQEXIVMEPTEVXMGYPEVP]  'YVMRKERHTVSXIGXMSR{'SRGVIXIWLSYPHFIFVSYKLX
GPE]W 8LI JMRI EKKVIKEXI WLSYPH LEZI E WERH IUYMZEPIRX XS E PIZIP SJ EHIUYEXI WXVIRKXL ERH TVSXIGXIH JVSQ PS[
ZEPYI KVIEXIV XLER   ERH WLSYPH FI ZIVMJMIH JVIUYIRXP] XIQTIVEXYVIW ERH HV]MRK GSRHMXMSRW XLEX [SYPH SXLIV[MWI
%%7,838 8LIWERHWLSYPHLEZIWYJJMGMIRXXMQIMR GEYWI GVEGOMRK 8LI GYVMRK ERH TVSXIGXMSR WLSYPH RSX FI
WXSVEKIJSVXLIQSMWXYVIGSRXIRXXSWXEFMPM^IEXEPIZIPSJPIWW HMWGSRXMRYIH EFVYTXP] -J XLI RI[ GSRGVIXI MW KMZIR E JI[
XLER SRERSZIRHV]FEWMW HE]WXSKVEHYEPP]HV]SVGSSPGVIITGERVIHYGIXLITSWWMFMPMX]
 7LVMROEKIGSQTIRWEXMRKGIQIRX{7LVMROEKIGSQTIR SJ GVEGOMRK [LIR XLI GYVMRK ERH TVSXIGXMSR EVI JYPP]
WEXMRKGIQIRXGERFIYWIHXSGSQTIRWEXIJSVWLVMROEKIMR HMWGSRXMRYIH 7YFWIUYIRX ETTPMGEXMSR SJ E GYVMRK
VIWXVEMRIH IPIQIRXW SV IPIQIRXW [MXL XLI QMRMQYQ GSQTSYRHEJXIVMRMXMEPGYVMRK[MPPWPS[HV]MRKSYX
WLVMROEKIVIMRJSVGIQIRXVIUYMVIHF]%'-8LITVMRGMTEP  1MWGIPPERISYW{7SQI MXIQW RSVQEPP] GSZIVIH MR
TVSTIVX]SJXLIWIGIQIRXWMWXLEXXLII\TERWMSRMRHYGIHMR TVSNIGXWTIGMJMGEXMSRW SV[LMGLWLSYPHFIGSZIVIH[LIVI
XLIGSRGVIXI[LMPIWIXXMRKERHLEVHIRMRKMWHIWMKRIHXSSJJWIX ETTVSTVMEXI VIUYMVIWTIGMEPEXXIRXMSRHYVMRKGSRWXVYGXMSR
XLIRSVQEPHV]MRKWLVMROEKI;MXLGSVVIGXYWEKI TEVXMGYPEVP] FIGEYWISJXLIMVTSXIRXMEPIJJIGXWSRGVEGOMRK
[MXLIEVP]ERHEQTPI[EXIVGYVMRKVIUYMVIHJSVQE\MQYQ e 6IMRJSVGIQIRXERHIQFIHQIRXWWLSYPHFIJMVQP]TSWM
I\TERWMSR XLIHMWXERGIFIX[IIRNSMRXWGERWSQIXMQIWFI XMSRIH[MXLXLIHIWMKREXIHXLMGORIWWSJGSZIVXSTVIZIRX
XVMTPIH [MXLSYX MRGVIEWMRK XLI PIZIP SJ WLVMROEKI GVEGOMRK GSVVSWMSRI\TERWMSRERHGVEGOMRK
(IXEMPW SR XLI X]TIW ERH XLI GSVVIGX YWEKI SJ WLVMROEKI e 'SRGVIXI WLSYPH RSX FI TPEGIH EKEMRWX LSX VIMRJSVGI
GSQTIRWEXMRKGIQIRXWEVIKMZIRMR7IGXMSRERH%'- QIRXSVJSVQW
6 1%29%03*'32'6)8)46%'8-')

e *SVQ[SVO WYTTSVX WLSYPH FI FSXL WXVSRK ERH WXMJJ XLEXGSRXVMFYXIXSXLIPS[IWXTEWXIGSRXIRX9WIXLIPEVKIWX


IRSYKL XS FI JVII SJ IEVP] JEMPYVIW ERH HMWXSVXMSR TVEGXMGEP QE\MQYQ WM^I SJ EKKVIKEXI 17%  8LI PS[IWX
GEYWMRKGVEGOMRK TVEGXMGEPWERHGSRXIRXWPYQT [EXIV GSRXIRX  ERHQM\XYVI
e 7YFKVEHIERHSXLIVWYTTSVXWWLSYPHRSXWIXXPIYRIZIRP] XIQTIVEXYVIWLSYPHEPWSFIYWIH;LIVITSWWMFPIPMQMXXLI
[LMGL QE] PIEH XS GVEGOMRK HYI XS SZIVWXVIWW MR XLI WQEPPIVWM^IJVEGXMSRWXLEXMWQQXSSVQQ 2S
WXVYGXYVI XSSVMR SJGSEVWIEKKVIKEXIXSLEPJSJXLIXSXEP
e 'EPGMYQGLPSVMHIWLSYPHRSXFIYWIHMJWXIIPVIMRJSVGIQIRX IWTIGMEPP]MJXLIEKKVIKEXIMWGVYWLIH
MW TVIWIRX -J EGGIPIVEXMSR MR WIXXMRK SV WXVIRKXL KEMR MW  'SRGVIXI LERHPMRK ERH TPEGMRK{)UYMTQIRX
RIIHIHEHHMXMSREPGIQIRXLSX[EXIVSVERSRGLPSVMHI GLYXIW FIPXW GSRZI]SVW TYQTW LSTTIVW ERH FYGOIX
EGGIPIVEXSVWLSYPHFIYWIH STIRMRKW  WLSYPH FI GETEFPI SJ [SVOMRK IJJIGXMZIP] [MXL
e 7TIGMEP GEVI MW RIIHIH MR LERHPMRK TVIGEWX YRMXW XS PS[IVWPYQTPEVKIV17%GSRGVIXI[LIVIZIVMXMWETTVSTVMEXI
TVIZIRX SZIVWXVIWW HYI XS LERHPMRK 4MGOYT TSMRXW ERH ERHJIEWMFPIXSYWIMX8LIEGXMSRWXLEXXIRHXSQEOIEQM\XYVI
VMKKMRKWLSYPHFIGSRWMHIVIH QSVI TYQTEFPI EPWS XIRH XS QEOI XLI VIWYPXMRK GSRGVIXI
e %ZSMHXLIYWISJYRZIRXIHWEPEQERHIVWMRGSPH[IEXLIV QSVITVSRIXSWLVMROEKIERHGVEGOMRK8LIYWISJTYQTMRK
%'- 6  SV KEWSPMRISTIVEXIH IUYMTQIRX [LIVI IUYMTQIRX GETEFPI SJ LERHPMRK QM\XYVIW JEZSVEFPI XS
ZIRXMPEXMSR MW RSX EHIUYEXI 8LIWI [MPP MRGVIEWI XLI QMRMQM^IGVEGOMRKWLSYPHFIVIUYMVIH
HERKIV SJ GEVFSREXMSR GEYWMRK WLVMROEKI ERH WYVJEGI :MFVEXSVWWLSYPHFIXLIPEVKIWXERHQSWXTS[IVJYPXLEXGER
GVEGOMRK FISTIVEXIHMRXLITPEGIQIRX9TTIVPMJXWSJJSVQIHGSRGVIXI
e 'SRXVEGXMSR NSMRXW WLSYPH RSX FI SQMXXIH ERH KVSSZIW GSYPHFIVIZMFVEXIHEWPEXIEWXLIVYRRMRKZMFVEXSV[MPPTIRI
WLSYPH FI SJ WYJJMGMIRX HITXL ERH [IPP [MXLMR XLI XVEXIYRHIVMXWS[R[IMKLX
QE\MQYQTIVQMXXIHWTEGMRK-RLSX[IEXLIVSVEVMHIRZM  *MRMWLMRK{*MRMWLMRKWLSYPHJSPPS[XLIVIGSQQIR
VSRQIRXW GSRXVEGXMSR NSMRXW WLSYPH FI MRWXEPPIH MR XLI HEXMSRW SJ %'- 6 XS QMRMQM^I SV EZSMH WYVJEGI
JVIWLGSRGVIXIEWMRWIVXWSVWE[GYX[LIRXLIGSRGVIXIMW GVEGOMRK -X MW TEVXMGYPEVP] MQTSVXERX XLEX JPEX[SVO NSMRX
LEVHIRSYKLRSXXSFIXSVRSVHEQEKIHF]XLIFPEHI KVSSZIWLEZIEHITXLSJEXPIEWXSRIUYEVXIVSJWPEFXLMGORIWW
e  6IEGXMZI IPIQIRXW SJ GSEVWI EKKVIKEXI WLSYPH FI  *SVQW{*SVQW WLSYPH LEZI EQTPI WXVIRKXL XS
RIYXVEPM^IHXLVSYKLXLIYWISJPS[EPOEPMGIQIRXWYMX WYWXEMR WXVSRK ZMFVEXMSR SJ PS[WPYQT GSRGVIXIW )\TSWMRK
EFPITS^^SPERWSVFSXL'IVXEMRGLIVXWERHSXLIVI\TER [EVQGSRGVIXIWYVJEGIWXSJEWXHV]MRKGSRHMXMSRWSVXSPS[
WMZI EKKVIKEXIW GER GEYWI GVEGOW ERH TSTSYXW 4VSNIGX XIQTIVEXYVIWFIJSVIGYVMRKWLSYPHFIEZSMHIHHYVMRKJSVQ
WTIGMJMGEXMSRW WLSYPH GSZIV XLIWI EKKVIKEXI TVSTIVXMIW VIQSZEP MJ HV]MRK ERH XLIVQEP WLVMROEKI GVEGOMRK MWXS FI
ERHXLIGPIERPMRIWWSJXLIWIEKKVIKEXIWERH TVIZIRXIH %'-6 
e 'SVVIGX EQSYRXW SJ IRXVEMRIH EMV WLSYPH FI YWIH ERH  'SRXVEGXMSRNSMRXW{4VSNIGXHVE[MRKWWLSYPHMRGPYHI
QSRMXSVIH XS TVIZIRX GVEGOMRK HYI XS JVII^MRK ERH ER EHIUYEXI W]WXIQ SJ GSRXVEGXMSR NSMRXW XS TVSZMHI JSV
XLE[MRKERHI\TSWYVIXSHIMGMRKWEPXW WLVMROEKI *SVQIH KVSSZIW WLSYPH FI GSRWXVYGXIH MR FSXL
WMHIWSJTEVETIXVIXEMRMRKERHSXLIV[EPPWEXXLIETTVSTVMEXI
{7TIGMJMGEXMSRWXSQMRMQM^IHV]MRKWLVMROEKI HITXLERHWTEGMRK%'-6TVSZMHIWYWIJYPMRJSVQEXMSR
%GXMSRW HYVMRK GSRWXVYGXMSR XS SFXEMR XLI PS[IWX TSWWMFPI SRGSRXVEGXMSRNSMRXW
GLERKIMRZSPYQISJXLIGSRGVIXIWLSYPHFIWYTTSVXIHF]XLI  'YVMRK ERH TVSXIGXMSR{8LIWI TVSGIHYVIW WLSYPH
WTIGMJMGEXMSRW9RPIWWFMHWEVIXEOIRSRXLMWFEWMWXLIGSRXVEG IRWYVIXLITVIWIRGISJEHIUYEXIQSMWXYVIXSWYWXEMRL]HVE
XSVWGERRSXFII\TIGXIHXSTVSZMHISXLIVXLERSVHMREV]QEXI XMSRMRXLIWYVJEGIGSRGVIXIHYVMRKXLIIEVP]EKIWSJWXVIRKXL
VMEPWQM\XYVIWERHTVSGIHYVIW8LIJSPPS[MRKMXIQWWLSYPHFI HIZIPSTQIRX6ETMHHV]MRKSJXLIWYVJEGIWEXXLIGSRGPYWMSR
GEVIJYPP]WTIPPIHSYXMRXLITVSNIGXWTIGMJMGEXMSRW SJXLIWTIGMJMIHGYVMRKTIVMSHWLSYPHFIEZSMHIH4VSZMHMRK
 'SRGVIXI QEXIVMEPW{'IQIRX WLSYPH FI %781 ' XMQI JSV EHNYWXQIRX ERH VIPE\EXMSR SJ VIWXVEMRXMRHYGIH
8]TIW---:%781'8]TI-7SV%781' WXVIWWIWQMRMQM^IWGVEGOMRK
JSVI\TERWMZIL]HVEYPMGGIQIRX9WIWTIGMEPGEVIMJ8]TI--- 8LIFIWXGYVMRKIRZMVSRQIRXMWXSOIITXLIGSRGVIXIGSR
GIQIRXMWYWIHFIGEYWISJMXWLMKLVEXISJLIEXKIRIVEXMSRERH XMRYSYWP][IXHYVMRKXLIGYVMRKTIVMSH;EXIVGYVMRKWLSYPH
WXVIRKXL ERHWXMJJRIWW HIZIPSTQIRX6IGSQQIRHEXMSRSJ%'- YWIE[IXGSZIVMRGSRXEGX[MXLXLIGSRGVIXIWYVJEGIW%XXLI
WLSYPHFIJSPPS[IH[LIRYWMRKWLVMROEKIGSQTIRWEXMRK IRHSJXLI[IXGYVMRKTIVMSHEXPIEWXHE]WXLIGSZIVWLSYPH
GIQIRX%781'8]TI-4GEREPWSFIYWIH%KKVI FIPIJXMRTPEGIYRXMPMXERHXLIGSRGVIXIWYVJEGIETTIEVXSFI
KEXIWJEZSVEFPIXSPS[QM\MRK[EXIVGSRXIRXEVI[IPPKVEHIH HV]IWTIGMEPP]MREVMH[IEXLIV
[IPPWLETIH RSXIPSRKEXIHJPEXSVWTPMRXIV] [MXLQMRMQYQ -R PIWWEVMH EVIEW ERH JSV MRXIVMSVW XLI JSVQW [MPP
EQSYRXWSJGPE]HMVXERHI\GIWWMZIJMRIW%KKVIKEXIWLSYPH TVSZMHIEHIUYEXIGYVMRKMJI\TSWIHWYVJEGIWEVITVSXIGXIH
GSRWMWX SJ VSGO X]TIW XLEX [MPP TVSHYGI PS[WLVMROEKI JVSQ HV]MRK ERH PIJX MR GSRXEGX [MXL XLI GSRGVIXI JSV EX
GSRGVIXI9XMPM^EXMSRSJTS^^SPERWERHGLIQMGEPEHQM\XYVIW PIEWXHE]W8LIVIEJXIVXLIJSVQWWLSYPHFIPIJXSR[MXL
WLSYPHFIGSRWMHIVIHEWETTVSTVMEXI'EPGMYQGLPSVMHIERH PSSWIRIHFSPXWPSRKIRSYKLXSEPPS[XLIGSRGVIXIWYVJEGIW
SXLIVEHQM\XYVIWGSRXEMRMRKEWMKRMJMGERXEQSYRXSJGLPSVMHI XSHV]KVEHYEPP]
WLSYPHFITVSLMFMXIH -JTSRHMRKMWYWIHJSVGYVMRKMREREVMHGPMQEXITVIGEY
 'SRGVIXIQM\XYVIW{*SVXLIPIEWXEQSYRXSJWLVMRO XMSRWWYGLEWETVSTIVP]ETTPMIHGYVMRKGSQTSYRHWLSYPH
EKIXLIQM\XYVITVSTSVXMSRWWLSYPHMRGSVTSVEXIXLSWIJEGXSVW FIYWIH[LIRTSRHMRKMWHMWGSRXMRYIHXSEZSMHUYMGOHV]MRK
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

&IGEYWIHV]MRKMWWPS[ERHTVSPSRKIHETVSTIVP]ETTPMIH  7XERHEVH 4VEGXMGI JSV XLI 9WI SJ 7LVMROEKI


GYVMRK GSQTSYRH TVSZMHIW KSSH GYVMRK JSV JPEX[SVO 'SQTIRWEXMRK'SRGVIXI
TPEGIH SR E [IPP[IXXIH WYFKVEHI ERH MX TVSZMHIW EHI 6 .SMRXWMR'SRGVIXI'SRWXVYGXMSR
UYEXIGYVMRKJSVJSVQIHWYVJEGIW-REREVMHGPMQEXIGYV 6 +YMHIJSV'SRGVIXI*PSSVERH7PEF'SRWXVYGXMSR
MRK GSQTSYRHW EVI RSX EHIUYEXI JSV XLMRRIV WXVYGXYVEP 6 +YMHI JSV 1IEWYVMRK 1M\MRK8VERWTSVXMRK ERH
WIGXMSRW;LIRYWIHSRJSVQIHWYVJEGIWXLI]WLSYPHFIETTPMIH 4PEGMRK'SRGVIXI
[LIRXLIWYVJEGIMWWXMPPHEQTFYXRSPSRKIV[IX %'-  6 ,SX;IEXLIV'SRGVIXMRK
6 'SPH;IEXLIV'SRGVIXMRK
{'SRGPYWMSR  7XERHEVH4VEGXMGIJSV'YVMRK'SRGVIXI
-XMWXLIVIWTSRWMFMPMX]SJXLIIRKMRIIVXSHIZIPSTIJJIGXMZI 6 +YMHIJSV'SRWSPMHEXMSRSJ'SRGVIXI
HIWMKRW ERH GPIEV WTIGMJMG TVSZMWMSRW MR TVSNIGX WTIGMJMGE  7XERHEVH4VEGXMGIJSV(IWMKRERH'SRWXVYGXMSRSJ
XMSRW8SIRWYVIFSXLXLIS[RIVvWERHXLIIRKMRIIVvWWEXMWJEG 'SRGVIXI 7MPSW ERH 7XEGOMRK 8YFIW JSV 7XSVMRK
XMSR [MXL XLI VIWYPXW XLI IRKMRIIV WLSYPH LEZI XLI S[RIV +VERYPEV1EXIVMEPW
EVVERKIJSVMRWTIGXMSRF]IMXLIVXLIS[RIVvWTIVWSRRIPXLI 6 &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
IRKMRIIV SV E VIPMEFPI TVSJIWWMSREP MRWTIGXMSR WIVZMGI XLEX 'SRGVIXIERH'SQQIRXEV]
[MPPIRWYVIXLEXXLIGSRWXVYGXMSRMWTIVJSVQIHSRXLIWEQI 6 %'-(IWMKR,ERHFSSO 74 
FEWMWEWMX[EWFMH;MXLSYXXLIJYPPERHJMVQMRXIRXXSGSRJMVQ 6 +YMHIXS*SVQ[SVOJSV'SRGVIXI
XLIWTIGMJMIHGLEVEGXIVERHHIKVIISJTIVJSVQERGIXLIVIMWE  'SHI 6IUYMVIQIRXW JSV )RZMVSRQIRXEP
PMOIPMLSSHXLEXYRHIWMVEFPIVIWYPXW[MPPFISFXEMRIH;MXLSYX )RKMRIIVMRK'SRGVIXI7XVYGXYVIW
JMVQMRWTIGXMSREUYEPMX]GSRXVSPEWWYVERGITVSKVEQERHE 6 *VEGXYVI 1IGLERMGW SJ 'SRGVIXI 'SRGITXW
GPIEV YRHIVWXERHMRK SJ XLI TVSNIGX VIUYMVIQIRXW F] XLI 1SHIPWERH(IXIVQMREXMSRSJ1EXIVMEP4VSTIVXMIW
GSRXVEGXSVMXMWPMOIP]XLEXGSRGVIXI[MPPGSRXEMRQSVI[EXIV 6 +YMHIXS7IEPMRK.SMRXWJSV'SRGVIXI7XVYGXYVIW
XLERMXWLSYPH;MXLPIWW[EXIVGSRXIRXMRXLIGSRGVIXIXLI 6 1IEWYVIQIRXSJ4VSTIVXMIWSJ*MFIV6IMRJSVGIH
JMRMWLMRKSTIVEXMSRWGERFII\TIHMXIHERHXLIGYVMRKTVSGIWW 'SRGVIXI
GERWXEVXIEVPMIV-JTVSTIVP]ETTPMIHXLITVSGIHYVIWHMWGYWWIHMR 6 +YMHI JSV 7TIGMJ]MRK 4VSTSVXMSRMRK 1M\MRK
XLMWGLETXIVGERLEZIERIJJIGXMZIMRJPYIRGISRTVSHYGMRKLMKL 4PEGMRK ERH *MRMWLMRK 7XIIP *MFIV 6IMRJSVGIH
UYEPMX]GSRGVIXI[MXLQMRMQEPGVEGOMRK 'SRGVIXI
6 (IWMKR'SRWMHIVEXMSRWJSV7XIIP*MFIV6IMRJSVGIH
',%48)6{6)*)6)2')7 'SRGVIXI
{6IJIVIRGIHWXERHEVHWERHVITSVXW 6 4SP]QIVWMR'SRGVIXI
8LIWXERHEVHWERHVITSVXWPMWXIHEWJSPPS[W[IVIXLIPEXIWX 6 +YMHIJSVXLI9WISJ4SP]QIVWMR'SRGVIXI
IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI 74 /PIMR 7]QTSWMYQ SR )\TERWMZI 'IQIRX 'SR
XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH GVIXIW
XSGSRXEGXXLITVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIV
74 4SP]QIVWMR'SRGVIXI
XSXLIPEXIWXZIVWMSR
74 4SP]QIVWMR'SRGVIXI
74 'IHVMG;MPWSR7]QTSWMYQSR)\TERWMZI'IQIRX
%QIVMGER%WWSGMEXMSRSJ7XEXI,MKL[E]ERH8VERWTSVXEXMSR
3JJMGMEPW %%7,83 %781-RXIVREXMSREP
8 4PEWXMG*MRIW-R+VEHIH%KKVIKEXIERH7SMPWF] ' 7TIGMJMGEXMSRJSV4SVXPERH'IQIRX
9WISJXLI7ERH)UYMZEPIRX8IWX ' 7TIGMJMGEXMSRJSV)\TERWMZI,]HVEYPMG'IQIRX
) 8IWX1IXLSHJSV4PEMR7XVEMR*VEGXYVI8SYKLRIWW
%QIVMGER'SRGVIXI-RWXMXYXI %'- SJ1IXEPPMG1EXIVMEPW
6 'IQIRXERH'SRGVIXI8IVQMRSPSK]
6 +YMHIJSV1EOMRKE'SRHMXMSR7YVZI]SJ'SRGVIXI )YVSTIER'SQQMXXIIJSV'SRGVIXI-RXIVREXMSREP*IHIVEXMSR
MR7IVZMGI SJ4VIWXVIWWIH'SRGVIXI ')&*-4
6 +YMHIXS(YVEFPI'SRGVIXI ')&*-4 )YVSTIER1SHIP'SHIJSV'SRGVIXI7XVYGXYVIW
6 1EWW'SRGVIXI
6 )JJIGXSJ6IWXVEMRX:SPYQI'LERKIERH6IMR 8LIEFSZITYFPMGEXMSRWQE]FISFXEMRIHJVSQXLIJSPPS[MRK
JSVGIQIRXSR'VEGOMRKSJ1EWW'SRGVIXI SVKERM^EXMSRW
6 'SSPMRKERH-RWYPEXMRK7]WXIQWJSV1EWW'SRGVIXI
%QIVMGER%WWSGMEXMSRSJ7XEXI,MKL[E]ERH8VERWTSVXEXMSR
6 6SPPIV'SQTEGXIH1EWW'SRGVIXI
3JJMGMEPW
6 4VIHMGXMSRSJ'VIIT7LVMROEKIERH8IQTIVEXYVI
2'ETMXSP7XVIIX2;
)JJIGXWMR'SRGVIXI7XVYGXYVIW
7YMXI
6 'LIQMGEP%HQM\XYVIWJSV'SRGVIXI ;EWLMRKXSR('
6 +YMHIJSV9WISJ2SVQEP;IMKLXERH,IEZ][IMKLX
%KKVIKEXIWMR'SRGVIXI %QIVMGER'SRGVIXI-RWXMXYXI
6 6ITSVXSR%POEPM%KKVIKEXI6IEGXMZMX] 43&S\
6 'SVVSWMSRSJ1IXEPWMR'SRGVIXI *EVQMRKXSR,MPPW1-
6 1%29%03*'32'6)8)46%'8-')

%781-RXIVREXMSREP &EXI 7 ' '  w6IPEXMZI 1IVMXW SJ 4PEMR ERH
&EVV,EVFSV(VMZI (IJSVQIH;MVIWMR4VIWXVIWWIH'SRGVIXI&IEQWYRHIV7XEXMG
;IWX'SRWLSLSGOIR4% ERH 6ITIEXIH 0SEHMRKx 4VSGIIHMRKW -RWXMXYXMSR SJ 'MZMP
)RKMRIIVW 0SRHSR :%YKTT
')&*-4 &EXI7''w%'SQTEVMWSR&IX[IIR4VIWXVIWWIH
GS&VMXMWL'IQIRX%WWSGMEXMSR 'SRGVIXIERH6IMRJSVGIH'SRGVIXI&IEQWYRHIV6ITIEXIH
'IRXYV],SYWI 0SEHMRKx 4VSGIIHMRKW -RWXMXYXMSR SJ 'MZMP )RKMRIIVW
8IPJSVH%ZIRYI 0SRHSR :1EVTT
&E‚ERX > 4  w1EXIVMEP &ILEZMSV YRHIV :EVMSYW
'VS[XLSVRI&IVOWLMVI6+=7
8]TIWSJ0SEHMRKx,MKL7XVIRKXL'SRGVIXI747LELIH
9RMXIH/MRKHSQ
9RMZIVWMX]SJ-PPMRSMWEX'LMGEKSTT
&E‚ERX>4/MQ./ERH4JIMJJIV4w(IXIVQM
{'MXIHVIJIVIRGIW
REXMSR SJ2SRPMRIEV *VEGXYVI4EVEQIXIVW JVSQ 7M^I )JJIGX
%EPEQM&3ERH&EVXL*+w6IWXVEMRX'VEGOW
8IWXWx .SYVREP SJ 7XVYGXYVEP )RKMRIIVMRK %7') : 
ERHXLIMV1MXMKEXMSRMR9RFSRHIH4SWX8IRWMSRIH&YMPHMRK
2S*IFTT
7XVYGXYVIWx 'VEGOMRK MR 4VIWXVIWWIH 'SRGVIXI 7XVYGXYVIW
&E‚ERX>4ERH3L&,w'VEGO&ERH8LISV]
74 + 8 ,EPZSVWIR ERH 2 , &YVRW IHW %QIVMGER
JSV *VEGXYVI SJ 'SRGVIXIx 1EXIVMEPW ERH 7XVYGXYVIW
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
6-0)1:2STT
%FIPIW 4 ;  w'VEGOW MR 4VIWXVIWWIH 'SRGVIXI
&E‚ERX>4ERH7IRIV7w7M^I)JJIGXMR4YPPSYX
&IEQWx 4VSGIIHMRKW XL -%&7) 'SRKVIWW -RXIVREXMSREP
8IWXWx %'-1EXIVMEPW.SYVREP:2S1E]TT
%WWSGMEXMSRJSV&VMHKIERH7XVYGXYVEP)RKMRIIVMRK>YVMGL
&E‚ERX>47IRIV7ERH4VEXX4'w7M^I)JJIGX
TT
8IWXWSJ8SVWMSREP*EMPYVISJ4PEMRERH6IMRJSVGIH'SRGVIXI
%FIPIW4;&VS[R)0--ERH1SVVS[.;
&IEQWx 1EXIVMEPWERH7XVYGXYVIW:TT
w(IZIPSTQIRX ERH (MWXVMFYXMSR SJ 'VEGOW MR 6IGXERKYPEV
&E‚ERX>4ERH7YR,,w7M^I)JJIGXMR(MEK
4VIWXVIWWIH &IEQW HYVMRK 7XEXMG ERH *EXMKYI 0SEHMRKx
SREP7LIEV*EMPYVI-RJPYIRGISJ%KKVIKEXI7M^IERH7XMVVYTWx
.SYVREP4VIWXVIWWIH'SRGVIXI-RWXMXYXI:2S3GX
%'-1EXIVMEPW.SYVREP:2S%TVTT
TT
&IGOIXX(ERH%PI\ERHVSY%-RXVSHYGXMSRXS)YVS
%'- 'SQQMXXII   w)\TERWMZI 'IQIRX GSHI{(IWMKRSJ'SRGVIXI7XVYGXYVIW)
*27TSRTT
'SRGVIXIW 4VIWIRX 7XEXI SJ /RS[PIHKIx %'- .3962%0 &IIF]%;Ew'SRGVIXIMRXLI3GIERW{'VEGOMRK
4VSGIIHMRKW:2S%YKTT ERH'SVVSWMSRx8IGLRMGEP6ITSVX2S'IQIRXERH'SRGVIXI
%'- 'SQQMXXII   w'EYWIW 1IGLERMWQ ERH %WWSGMEXMSR0SRHSR
'SRXVSPSJ'VEGOMRKMR'SRGVIXIx%'-&MFPMSKVETL]2S &IIF]%;Fw'SVVSWMSRSJ6IMRJSVGMRK7XIIPMR
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT 'SRGVIXIERH-XW6IPEXMSRXS'VEGOMRKx8LI7XVYGXYVEP)RKM
%'- 'SQQMXXII   w'SRXVSP SJ 'VEGOMRK MR RIIV0SRHSR:%2S1EVTT
'SRGVIXI 7XVYGXYVIWx %'- .3962%0 4VSGIIHMRKW :  &IIF]%;w'VEGOMRK'SZIVEX'SVVSWMSRSJ
2S(IGTT 6IMRJSVGIQIRXx 'SRGVIXI -RXIVREXMSREP (IWMKR ERH
%'- 'SQQMXXII   w'SRXVSP SJ 'VEGOMRK MR 'SRWXVYGXMSR:2S*IFTT
'SRGVIXI 7XVYGXYVIWx 'SRGVIXI -RXIVREXMSREP (IWMKR ERH &IRRIXX);ERH'LERHVEWIOLEV'7w'EPGYPE
'SRWXVYGXMSR:2S3GXTT XMSRSJXLI;MHXLSJ'VEGOWMR'PEWW4VIWXVIWWIH&IEQWx
%'- 'SQQMXXII   w(MWGYWWMSR SJ E 6ITSVX 4VSGIIHMRKW-RWXMXYXMSRSJ'MZMP)RKMRIIVW0SRHSR:
4YFPMWLIHMRXLI2SZIQFIV-WWYISJ'SRGVIXI-RXIVRE .YP]TT
XMSREPTT77x'SRGVIXI-RXIVREXMSREP:2S &IRRIXX);ERH(EZI2.w8IWX4IVJSVQERGIW
1E]TT ERH(IWMKRSJ 'SRGVIXI &IEQW [MXL0MQMXIH 4VIWXVIWWx 8LI
%XMQXE])ERH*IVKYWSR41w)EVP]'LPSVMHI 7XVYGXYVEP)RKMRIIV0SRHSR:2S(IGTT
'SVVSWMSR SJ 6IMRJSVGIH 'SRGVIXI{% 8IWX 6ITSVXx %'- &MWLEVE % +  w0EXI\ 1SHMJMIH 'SRGVIXI &VMHKI
.3962%0 4VSGIIHMRKW:2S7ITXTT (IGO 3ZIVPE]W{*MIPH 4IVJSVQERGI %REP]WMWx 6ITSVX
%XXMSKFI)/ERH(EV[MR(w7YFQMGVSGVEGOMRK 2S *,;%3, *IHIVEP ,MKL[E] %HQMRMWXVEXMSR
MR'IQIRX4EWXIERH1SVXEVx%'-1EXIVMEPW.SYVREP: ;EWLMRKXSR('3GXTT
2S2SZ(IGTT &MWLEVE % + ERH 8ERXE]ERSRHOYP 4  w9WI SJ
%XXMSKFI)/ERH(EV[MR(w7XVEMR(YIXS7YFQM 0EXI\ MR 'SRGVIXI &VMHKI (IGOWx 6ITSVX 2S ))7 
GVSGVEGOMRK MR 'IQIRX 4EWXI ERH 1SVXEVx %'- 1EXIVMEPW 3(38  3LMS (ITEVXQIRX SJ 8VERWTSVXEXMSR 3LMS
.SYVREP:2S.ER*IFTT 7XEXI9RMZIVWMX]'SPYQFYW3LMS
&EWGSYP % /LEVGLM * ERH 1EWS . '  &VIRHIP + ERH 6YLPI ,  w8IWXW SR 6IMRJSVGIH
w'SRGIVRMRKXLI1IEWYVIQIRXSJXLI*VEGXYVI)RIVK]SJE 'SRGVIXI &IEQW 9RHIV 0SRK8IVQ 0SEHW (EYIVWXERHZV
1MGVS'SRGVIXI%GGSVHMRKXS'VEGO+VS[XLMR8LVII4SMRX WYGLIQMX7XELPFIXSRFEPOIR x4VSGIIHMRKW7IZIRXL-%&7)
&IRHMRK 8IWXW SJ 2SXGLIH &IEQWx 4VSGIIHMRKW 7)1 'SRKVIWW 6MSHI.ERIMVS -RXIVREXMSREP%WWSGMEXMSR
6-0)1 -RXIVREXMSREP 'SRJIVIRGI SR *VEGXYVI SJ 'SRGVIXI SJ &VMHKI ERH 7XVYGXYVEP )RKMRIIVMRK >YVMGL 7[MX^IV
ERH6SGO747LELERH7)7[EVX^IHW,SYWXSR8I\ PERHTT
'3286303*'6%'/-2+-2'32'6)8)7869'896)7 6

&VSQW & & E w8IGLRMUYI JSV -RZIWXMKEXMSR SJ (EV[MR (ERH7PEXI *3 w)JJIGXSJ4EWXI
-RXIVREP 'VEGOW MR 6IMRJSVGIH 'SRGVIXI 1IQFIVWx %'- %KKVIKEXI &SRH 7XVIRKXL SR &ILEZMSV SJ 'SRGVIXIx
.3962%0 4VSGIIHMRKW:2S.ERTT .SYVREPSJ1EXIVMEPW:2S1EVTT
&VSQW&&Fw'VEGO;MHXLERH'VEGO7TEGMRKMR (EZMW , )  w%YXSKIRSYW :SPYQI 'LERKIW SJ
6IMRJSVGIH 'SRGVIXI 1IQFIVWx %'- . 3962%0 4VSGIIH 'SRGVIXIx 4VSGIIHMRKW%781:TT
MRKW:2S3GXTT (IVYGLIV/2w%TTPMGEXMSRSJXLI7GERRMRK)PIG
&VSSOLEZIR 2EXMSREP 0EFSVEXSV]  w'SRGVIXI XVSR1MGVSWGSTIXS*VEGXYVI7XYHMIWSJ'SRGVIXIx&YMPHMRK
4SP]QIV1EXIVMEPWx&206ITSVX 8  ERH)RZMVSRQIRX:2STT
&VSSOW..ERH2IZMPPI%1w%'SQTEVMWSRSJ (SPER ' ;  w(IZIPSTQIRXW MR 2SR1IXEPPMG
'VIIT)PEWXMGMX]ERH7XVIRKXLSJ'SRGVIXIMR8IRWMSRERHMR 4VIWXVIWWMRK8IRHSRWx4'-.SYVREP:2S7ITX3GX
'SQTVIWWMSRx 1EKE^MRISJ'SRGVIXI6IWIEVGL0SRHSR TT
:2S7ITXTT )YVS )' 'SHI  (IWMKR SJ 'SRGVIXI 7XVYGXYVIW
&V]ERX % , ERH :EHLEREZMOOMX '  w'VIIT 4EVMW
7LVMROEKI{7M^IERH%KIEX0SEHMRK)JJIGXWx%'-1EXI *IPHQER 6 * ERH 7[IRWSR ) +  w:SPYQI
VMEPW.SYVREP:2S1EV%TVTT 'LERKI SR *MVWX (V]MRK SJ ,]HVEXI 4SVXPERH 'IQIRX [MXL
&YVKIWW.%&VIIR.) ERH4SWXSR6; ERH[MXLSYX%HQM\XYVIx'IQIRXERH'SRGVIXI6IWIEVGL:
w%RGLSVEKI >SRI 'VEGOMRK SJ 4SWX8IRWMSRIH &VMHKI 2STT
(IGOW[MXL'PSWIP]7TEGIH%RGLSVWx'VEGOMRKMR4VIWXVIWWIH *VERX^+'ERH&VIIR.)Ew'VEGOMRKSR7MHI
'SRGVIXI7XVYGXYVIW74+8,EPZSVWIRERH2,&YVRW *EGIWSJ0EVKI6IMRJSVGIH'SRGVIXI&IEQWx%'- .3962%0
IHW%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL 4VSGIIHMRKW:2S7ITX3GXTT
TT *VERX^+'ERH&VIIR.)Fw(IWMKR4VSTSWEP
&Y]YOS^XYVO3w7XVIWW7XVEMR6IWTSRWIERH*VEG JSV7MHI*EGI'VEGO'SRXVSP6IMRJSVGIQIRXJSV0EVKI6IMR
XYVISJE1SHIPSJ'SRGVIXIMR&ME\MEP0SEHMRKx4L(XLIWMW JSVGIH 'SRGVIXI &IEQWx 'SRGVIXI -RXIVREXMSREP (IWMKR
'SVRIPP9RMZIVWMX]-XLEGE2=.YRI ERH'SRWXVYGXMSR:2S3GXTT
*VSWGL6.w%RSXLIV0SSOEX'VEGOMRKERH'VEGO
'EPMJSVRME (ITEVXQIRX SJ 8VERWTSVXEXMSR  6ITSVX
'SRXVSPMR6IMRJSVGIH'SRGVIXIx%'-7XVYGXYVEP.SYVREP
)JJIGXSJ'YVMRKSR7LVMROEKISJ'SRGVIXI
:2S1E].YRITT
'EVMRS2.w)JJIGXWSJ4SP]QIV-QTVIKREXMSRSR
+IVKIP] 4  w%RGLSVEKI 7]WXIQW MR 4VIWXVIWWIH
1SVXEV%KKVIKEXI &SRH 7XVIRKXLx 'IQIRX ERH 'SRGVIXI
'SRGVIXI4VIWWYVI:IWWIPWv%RGLSVEKI>SRI4VSFPIQWx6ITSVX
6IWIEVGL:2S.YP]TT
2S 362081 3EO 6MHKI 2EXMSREP 0EFSVEXSV] 97
'EVPWSR6;w(V]MRK7LVMROEKISJ'SRGVIXIEW %XSQMG)RIVK]'SQQMWWMSR3EO6MHKI8IRRTT
%JJIGXIH F] 1ER] *EGXSVWx 4VSGIIHMRKW %781 :  +IVKIP] 4 ERH 0YX^ 0 %  w1E\MQYQ 'VEGO
4EVX--TT ;MHXLMR6IMRJSVGIH'SRGVIXI*PI\YVEP1IQFIVWx'EYWIW
'EVVEWUYMPPS607PEXI*3ERH2MPWSR%, 1IGLERMWQ ERH 'SRXVSP SJ 'VEGOMRK MR 'SRGVIXI 74
w1MGVSGVEGOMRKERH&ILEZMSVSJ,MKL7XVIRKXL'SRGVIXI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
7YFNIGXXS7LSVX8IVQ0SEHMRKx%'-.3962%0 4VSGIIHMRKW TT
:2S1E].YRITT +IVKIP] 4 ERH 7S^IR 1 %  w(IWMKR SJ
'EWXVS1SRXIVS77LEL74ERH1MPPIV6% %RGLSVEKI >SRI 6IMRJSVGIQIRX MR 4VIWXVIWWIH 'SRGVIXI
w7XYH]SJ*VEGXYVI4VSGIWWMR1SVXEV[MXL0EWIV,SPSKVETLMG &IEQWx 4'-.SYVREP:2S1EV%TVTT
1IEWYVIQIRXWx 4VSGIIHMRKWSJXLI2%83%HZERGIH6IWIEVGL +IXXY6&E‚ERX>4ERH/EVV1)w&VMXXPIRIWW
;SVOWLST SR 8SYKLIRMRK 1IGLERMWQW MR 5YEWM&VMXXPI SJ,MKL7XVIRKXL'SRGVIXIx 7IVZMGIEFMPMX]ERH(YVEFMPMX] SJ
1EXIVMEPW)ZERWXSR-PP 'SRWXVYGXMSR1EXIVMEPW&%7YTVIRERXIH%7')2I[
'EXEPERS(ERH-RKVEJJIE%6w'SRGVIXI*VEG =SVO:TT
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'SRJIVIRGISR1EXLIQEXMGEP1SHIPMRK 7X0SYMW *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'SRGVIXI 0SRHSR7ITX '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&EVW9RHIV6ITIEXIH0SEHMRKW 9FIVKVIMJYRKWW '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
'VEGO;MHXLERH'VEGO'SRXVSP(IWMKRSJ44'1IQFIVWx =XXIVFIVK6*w7LVMROEKIERH'YVPMRKSJ7PEFWSR
2%83%HZERGIH6IWIEVGL;SVOWLSTSR4EVXMEP4VIWXVIWWMRK +VEHIx 'SRGVIXI-RXIVREXMSREP (IWMKR ERH 'SRWXVYGXMSR
4EVMWTT :2S%TVTT
7[EVX^7)ERH+S'+w:EPMHMX]SJ'SQTPMERGI
>MIPMRWOM.0ERH6S[I6)w%R-RZIWXMKEXMSR
'EPMFVEXMSRXS'VEGOIH'SRGVIXI&IEQWMR&IRHMRKx)\TIV
SJXLI7XVIWW(MWXVMFYXMSRMRXLI%RGLSVEKI>SRIWSJ4SWX
MQIRXEP1IGLERMGW7)1:2STT
8IRWMSRIH'SRGVIXI1IQFIVWx8IGLRMGEP6ITSVX2S
8EQ/7ERH7GERPSR%w(IJPIGXMSRSJ8[S
'IQIRXERH'SRGVIXI%WWSGMEXMSR0SRHSR7ITXTT
;E]7PEFWERH8VERWZIVWI0SEHWx%'-.3962%0 4VSGIIHMRKW
:2S7ITX3GXTT
{3XLIVVIJIVIRGIW
8IWXE6&ERH7XYFFW2w&SRH*EMPYVIERH
%'- 'SQQMXXII   w6IGSQQIRHIH 4VEGXMGI JSV
-RIPEWXMG 6IWTSRWISJ 'SRGVIXIx .SYVREP SJ XLI )RKMRIIVMRK
)ZEPYEXMSR SJ 7XVIRKXL 8IWX 6IWYPXW SJ 'SRGVIXI  x
1IGLERMGW(MZMWMSR%7'):2S)1%TV
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
TT
8VS\IPP+)6ETLEIP.1ERH(EZMW6)w0SRK %'- 'SQQMXXII   w'SRXVSP SJ 'VEGOMRK MR
8MQI 'VIIT ERH 7LVMROEKI 8IWXW SJ 4PEMR ERH 6IMRJSVGIH 'SRGVIXI7XVYGXYVIW 6 x%QIVMGER'SRGVIXI-RWXMXYXI
'SRGVIXIx4VSGIIHMRKW%781:TT *EVQMRKXSR,MPPW1MGLTT
97&6'SRGVIXI1ERYEPXL)HMXMSR97&YVIEY %'-'SQQMXXIIw'VEGOMRKSJ'SRGVIXI1IQFIVW
SJ6IGPEQEXMSRTT MR(MVIGX8IRWMSR 6 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'SRGVIXI 6 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

›'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]

›7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW

›7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME

›*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW

›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\ 
[[[GSRGVIXISVK
'SRXVSPSJ'VEGOMRKSJ'SRGVIXI7XVYGXYVIW

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

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

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

1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI

You might also like