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TYFPMGEXMSR

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8LMWVITSVXTVIWIRXWVIGSQQIRHEXMSRWXSEWWMWXXLIHIWMKREVGLMXIGX Chapter 2—Notation and definitions, p. 5


IRKMRIIVQERYJEGXYVIVGSRWXVYGXMSRIRKMRIIVERHGSRXVEGXSVMR {2SXEXMSR
XLIHIWMKRQERYJEGXYVIERHMRWXEPPEXMSRSJQSWXX]TIWSJGSRGVIXI
TMPIW

/I][SVHW EYKIVIH TMPIW FIEVMRK GETEGMX] GSQTSWMXI GSRWXVYGXMSR


'LETXIV{+ISXIGLRMGEPHIWMKRGSRWMHIVEXMSRW
GSRGVIXI TMPIW GSVVSWMSR HVMPPIH TMPIW JSYRHEXMSRW LEVFSV WXVYGXYVIW T
PSEHW TVIWXVIWWIH GSRGVIXI UYEPMX] GSRXVSP WXIIP VIMRJSVGIQIRX WSMP {+IRIVEP
QIGLERMGWWXSVEKIXSPIVERGIW {7YFWYVJEGIGSRHMXMSRW
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{(IWMKRGSRWMHIVEXMSRW {%\MEPPSEHHMWXVMFYXMSR
{0SRKXIVQTIVJSVQERGI
{0EXIVEPGETEGMX]
{9TPMJXGETEGMX]
%'- 'SQQMXXII 6ITSVXW +YMHIW ERH 'SQQIRXEVMIW EVI
MRXIRHIHJSVKYMHERGIMRTPERRMRKHIWMKRMRKI\IGYXMRKERH
MRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWI 'LETXIV{7XVYGXYVEPHIWMKRGSRWMHIVEXMSRWT
{+IRIVEP
ERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS {0SEHWERHWXVIWWIWXSFIVIWMWXIH
[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLIQEXIVMEPMX
GSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQWER]ERH
EPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPP
RSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ %'-6WYTIVWIHIW%'-6ERH[EWEHSTXIHERHTYFPMWLIH1EVGL
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
6IJIVIRGI XS XLMW HSGYQIRX WLEPPRSX FIQEHI MR GSRXVEGX
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
HSGYQIRXW -J MXIQW JSYRH MR XLMW HSGYQIRX EVI HIWMVIH F] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
XLI%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXW QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XLI]WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSR XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
F]XLI%VGLMXIGX)RKMRIIV [VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW


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{7XVYGXYVEP WXVIRKXL HIWMKR ERH EPPS[EFPI WIVZMGI


GETEGMXMIW GSHIWXIGLRMGEPKVSYTWERHMRZEVMSYWKISKVETLMGEPVIKMSRW
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REQIWYWIH[MXLEKMZIRTMPIX]TI
4MPIWGERFIHIWGVMFIHF]XLITVIHSQMRERXQEXIVMEPJVSQ
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GSRWMHIVEXMSRWT QEXIVMEPW SVXMQFIV'SQTSWMXITMPIWLEZIERYTTIVWIGXMSR
{-RXVSHYGXMSR SJSRIQEXIVMEPERHEPS[IVWIGXMSRSJERSXLIV4MPIWQEHI
{+IRIVEPWIMWQMGMQTEGXWSRTMPIFILEZMSV
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{:IVXMGEPEGGIPIVEXMSRW YRXVIEXIHTMPIWGERFIYWIH[LIRTSWMXMSRIHIRXMVIP]FIPS[
XLI TIVQERIRX [EXIV XEFPI 8LIHIWMKR SJ WXIIP ERH XMQFIV
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{'SRGVIXI XMSR[MXLGSRGVIXI1SWXSJXLIVIQEMRMRKX]TIWSJI\MWXMRK
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{7XIIPGEWMRK EGXMZEXIH F] EMV WXIEQ L]HVEYPMG SV HMIWIP QIGLERMWQW
{7XVYGXYVEPWXIIPGSVIWERHWXYFW EPXLSYKLZMFVEXSV]HVMZIVWEVISGGEWMSREPP]YWIH7SQITMPIW
{7TPMGIW WYGLEWWXIIPGSVVYKEXIHWLIPPWERHXLMR[EPPTMTITMPIW[SYPHFI
HIWXVS]IHMJXSTHVMZIR*SVWYGLTMPIWERMRXIVREPWXIIPQERHVIP
'LETXIV{1ERYJEGXYVISJTVIGEWXGSRGVIXITMPIW MWMRWIVXIHMRXSXLITMPIXSVIGIMZIXLIFPS[WSJXLILEQQIVERH
T WYTTSVXXLIWLIPPHYVMRKMRWXEPPEXMSR8LITMPIMWHVMZIRMRXSXLI
{+IRIVEP KVSYRH [MXL XLI QERHVIP [LMGL MW XLIR [MXLHVE[R (VMZIR
{*SVQW TMPIWXIRHXSGSQTEGXXLIWSMPFIRIEXLXLITMPIXMT
{4PEGIQIRXSJWXIIPVIMRJSVGIQIRX 7IZIVEPX]TIWSJTMPIWEVIMRWXEPPIHF]HVMPPMRKSVVSXEXMRK
{)QFIHHIHMXIQW [MXL HS[R[EVH TVIWWYVI MRWXIEH SJ HVMZMRK (VMPPIH TMPIW
{1M\MRKXVERWTSVXMRKTPEGMRKERHGYVMRKGSRGVIXI YWYEPP]MRZSPZIGSRGVIXISVKVSYXTPEGIQIRXMRHMVIGXGSRXEGX
{4MPIQERYJEGXYVMRK [MXL XLI WSMP [LMGL GER TVSHYGI WMHIJVMGXMSR VIWMWXERGI
{,ERHPMRKERHWXSVEKI KVIEXIV XLER XLEX SFWIVZIH JSV HVMZIR TMPIW 3R XLI SXLIV
LERH FIGEYWI XLI] EVI HVMPPIH VEXLIV XLER HVMZIR HVMPPIH
'LETXIV{-RWXEPPEXMSRSJGSRGVIXITMPIWT TMPIWHSRSXGSQTEGXXLIWSMPFIRIEXLXLITMPIXMTERHMRJEGX
{4YVTSWIERHWGSTI GERPSSWIRXLIWSMPEXXLIXMT4SWXKVSYXMRKQE]FIYWIHEJXIV
{-RWXEPPEXMSRIUYMTQIRXXIGLRMUYIWERHQIXLSHW MRWXEPPEXMSRXSHIRWMJ]XLIWSMPYRHIVXLITMPIXMT
{4VIZIRXMSRSJHEQEKIXSTMPMRKHYVMRKMRWXEPPEXMSR 
{,ERHPMRKERHTSWMXMSRMRKHYVMRKMRWXEPPEXMSR XMSRYRHIV[LMGLXLIGSRGVIXIMWGEWX7SQIGSRGVIXITMPIW
{6IMRJSVGMRKWXIIPERHWXIIPGSVITPEGIQIRX TVIGEWX TMPIW  EVI GEWX MR E TPERX FIJSVI HVMZMRK [LMGL
{'SRGVIXITPEGIQIRXJSV'-4ERH'-7TMPIW EPPS[W GSRXVSPPIH MRWTIGXMSR SJ EPP TLEWIW SJ QERYJEGXYVI
{4MPIHIXEMPW 3XLIVTMPIWEVIGEWXMRTPEGI '-4 EXIVQYWIHMRXLMWVITSVX
{)\XVEGXMSRSJGSRGVIXITMPIW XSHIWMKREXITMPIWQEHISJGSRGVIXITPEGIHMRXSETVIZMSYWP]
{'SRGVIXIWLIIXTMPIW
ERHGPSWIHIRHTMTIEVII\EQTPIWSJ'-4TMPIW3XLIVTMPIW
'LETXIV{6IJIVIRGIWT EVIGEWXMRWMXY '-7 EXIVQYWIHMRXLMWVITSVXXSHIWMKREXI
{6IJIVIRGIHWXERHEVHWERHVITSVXW GSRGVIXI GEWX HMVIGXP] EKEMRWX XLI IEVXL (VMPPIH TMIVW ERH
{'MXIHVIJIVIRGIW EYKIVKVSYXTMPIWEVII\EQTPIWSJ'-7TMPIW

',%48)6{-2863(9'8-32 {8]TIWSJTMPIW
{+IRIVEP  4VIGEWXGSRGVIXI TMPIW
4MPIW EVI WPIRHIV WXVYGXYVEP IPIQIRXW MRWXEPPIH MR XLI GSZIVW FSXL GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI TMPIW ERH
KVSYRH XS WYTTSVX E PSEH SV GSQTEGX XLI WSMP 8LI] EVI TVIWXVIWWIH GSRGVIXI TMPIW &SXL X]TIW GER FI JSVQIH F]
QEHISJWIZIVEPQEXIVMEPWSVGSQFMREXMSRWSJQEXIVMEPWERH GEWXMRK WTMRRMRK GIRXVMJYKEP GEWXMRK  WPMTJSVQMRK SV
EVI MRWXEPPIH F] MQTEGX HVMZMRK NEGOMRK ZMFVEXMRK NIXXMRK I\XVYWMSR ERH EVI QEHI MR ZEVMSYW GVSWWWIGXMSREP WLETIW
HVMPPMRKKVSYXMRKSVGSQFMREXMSRWSJXLIWIXIGLRMUYIW4MPIW WYGL EW XVMERKYPEV WUYEVI SGXEKSREP ERH VSYRH 7SQI
TMPIWEVIGEWX[MXLELSPPS[GSVI4VIGEWXTMPIWYWYEPP]LEZI
QER]X]TIWERHRI[X]TIWEVIWXMPPFIMRKHIZIPSTIH8LMW EYRMJSVQGVSWWWIGXMSRFYXGERLEZIEXETIVIHXMT4VIGEWX
VITSVXGSZIVWSRP]XLIX]TIWSJTMPIWGYVVIRXP]YWIHMR2SVXL GSRGVIXITMPIWEVIHIWMKRIHERHQERYJEGXYVIHXS[MXLWXERH
%QIVMGERGSRWXVYGXMSRTVSNIGXW%TMPIX]TIGERFIEWWMKRIH LERHPMRKERHHVMZMRKWXVIWWIWMREHHMXMSRXSWIVZMGIPSEHW

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

 6IMRJSVGIH GSRGVIXI TMPIW{8LIWI TMPIW EVI XMTFEWIFIMRKQERHVIPHVMZIRXSFIEVMRKIRIVEPP]KVERYPEV


GSRWXVYGXIH SJ GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI [MXL WYFWSMPW 8LIVI [MPP FI ER ERRYPEV WTEGI FIX[IIR XLI TMPI
MRXIVREP VIMRJSVGIQIRX GSRWMWXMRK SJ E GEKI QEHI YT SJ ERH WSMP EW RSXIH TVIZMSYWP] 8LI TMPI WLEJX MW GSQTPIXIH
WIZIVEPPSRKMXYHMREPWXIIPFEVWERHPEXIVEPWXIIPMRXLIJSVQSJ EWE'-4TMPIERHVIMRJSVGIQIRXMWEHHIHEWHMGXEXIHF]XLI
MRHMZMHYEPXMIWSVEWTMVEP HIWMKR4VIGEWXIRPEVKIHXMTFEWIWLEZIEPWSFIIRYWIH[MXL
 4VIWXVIWWIH GSRGVIXI TMPIW{8LIWI TMPIW EVI WSPMHWLEJXWWYGLEWXMQFIVTMPIW4VIGEWXIRPEVKIHXMTFEWIW
GSRWXVYGXIHYWMRKWXIIPVSHWWXVERHWSV[MVIWYRHIVXIRWMSR GERFIGSRWXVYGXIHMRE[MHIVERKISJWM^IW
8LI TVIWXVIWWMRK WXIIP MW X]TMGEPP] IRGPSWIH MR [MVI WTMVEPW  (VMPPIHMRGEMWWSRW{%HVMPPIHMRGEMWWSRMWEWTIGMEP
SVXMIW2SRQIXEPPMGWXVERHWLEZIEPWSFIIRWXYHMIHJSVYWI X]TISJ'-4GSRGVIXITMPIXLEXMWMRWXEPPIHEWELMKLGETEGMX]
MR TMPIW 7IR IX EP EF EF  FYX XLIMV YWI MW RSX YRMXGEVVMIHHS[RXSERHWSGOIXIHMRXSFIHVSGO8LIWIJSYR
GSZIVIHMRXLMWVITSVX HEXMSR YRMXW EVI JSVQIH F] HVMZMRK ER STIRIRHIH LIEZ]
4VIWXVIWWIH TMPIW GER IMXLIV FI TVI SV TSWXXIRWMSRIH [EPPIHTMTIXSFIHVSGOGPIERMRKSYXXLITMTIERHHVMPPMRK
4VIXIRWMSRIHTMPIWEVIYWYEPP]GEWXJYPPPIRKXLMRTIVQERIRX EWSGOIXMRXSXLIFIHVSGO%WXVYGXYVEPWXIIPWIGXMSR GEMWWSR
GEWXMRKFIHW4SWXXIRWMSRIHTMPIWEVIYWYEPP]QERYJEGXYVIH GSVI  MW MRWIVXIH I\XIRHMRK JVSQ XLI FSXXSQ SJ XLI VSGO
MR WIGXMSRW XLEX EVI XLIR EWWIQFPIH ERH TVIWXVIWWIH XS XLI WSGOIXXSIMXLIVXLIXSTSVTEVX[E]YTXLITMTI8LIIRXMVI
VIUYMVIHTMPIPIRKXLWMRXLIQERYJEGXYVMRKTPERXSVEXXLINSF
WMXI SJXLIWSGOIXHITIRHWSRXLIHIWMKRGETEGMX]XLITMTIHMEQIXIV
 7IGXMSREPTVIGEWXGSRGVIXITMPIW{8LIWIX]TIWSJ ERHXLIREXYVISJXLIVSGO
TMPIWEVIIMXLIVGSRZIRXMSREPP]VIMRJSVGIHSVTVIWXVIWWIHTMPI  1ERHVIPHVMZIR XMT{% QERHVIPHVMZIR XMT TMPI
WIGXMSRW[MXLWTPMGIWSVQIGLERMWQWXLEXI\XIRHXLIQXSXLI GSRWMWXWSJ ERSZIVWM^IHWXIIPXMTTPEXIHVMZIRF]EWPSXXIH
VIUYMVIHPIRKXL7TPMGIWX]TMGEPP]TVSZMHIXLIJYPPGSQTVIWWMZI WXIIPTMTI QERHVIP 8LMW TMPI MW HVMZIR XLVSYKL E LSTTIV
WXVIRKXL SJ XLI TMPI ERH WSQI WTPMGIW GER TVSZMHI XLIJYPP GSRXEMRMRKIRSYKLKVSYXXSJSVQETMPIXLIWM^ISJXLIXMTTPEXI
XIRWMSRFIRHMRKERHWLIEVWXVIRKXL'SRZIRXMSREPP]VIMRJSVGIH 8LIKVSYXIRXIVWXLIMRWMHISJXLIQERHVIPXLVSYKLXLIWPSXW
ERHTVIWXVIWWIHTMPIWIGXMSRWGERFIGSQFMRIHMRXLIWEQI EWXLITMPIMWHVMZIRERHMWGEVVMIHHS[RXLIERRYPYWGEYWIH
TMPIJSVHIWMKRTYVTSWIWMJHIWMVIH F]XLIXMTTPEXI;LIRXLIVIUYMVIHFIEVMRKMWVIEGLIHXLI
 'EWXMRTPEGIGSRGVIXITMPIW{+IRIVEPP]'-4TMPIW QERHVIPMW[MXLHVE[RVIWYPXMRKMRE'-7WLEJX6IMRJSVGI
QE]FIEGSVVYKEXIHQERHVIPHVMZIRWXIIPWLIPPSVEXST QIRXGERFIPS[IVIHMRXSXLIKVSYXWLEJXFIJSVIMRMXMEPWIXSJ
HVMZIRSVQERHVIPHVMZIRWXIIPTMTIEPPLEZIEGPSWIHIRH XLIKVSYX8LMWTMPIHMJJIVWJVSQQSWX'-7TMPIWMRXLEXXLI
'SRGVIXI MW GEWX MRXS XLI WLIPP SV TMTI EJXIV HVMZMRK 8LYW QERHVIPMWHVMZIRRSXHVMPPIHERHXLIHVMZMRKVIWMWXERGIGER
YRPIWWMXFIGSQIWRIGIWWEV]XSVIHVMZIXLITMPIEJXIVGSRGVIXI FIYWIHEWERMRHI\SJXLIFIEVMRKGETEGMX]
TPEGIQIRXXLIGSRGVIXIMWRSXWYFNIGXIHXSHVMZMRKWXVIWWIW  'SQTSWMXI GSRGVIXI TMPIW{'SQTSWMXI GSRGVIXI
8LIGSVVYKEXIHWLIPPWGERFISJYRMJSVQWIGXMSRXETIVIH TMPIW GSRWMWX SJ X[S HMJJIVIRX TMPI WIGXMSRW EX PIEWX SRI SJ
SV WXITTIH G]PMRHIVW EPWS ORS[R EW WXITXETIV 4MTI MW XLIQ FIMRK GSRGVIXI 8LIWI TMPIW LEZI WSQI[LEX PMQMXIH
ETTPMGEXMSRWERHEVIYWYEPP]YWIHYRHIVWTIGMEPGSRHMXMSRW
YRMJSVQ WIGXMSRSVEYRMJSVQYTTIVWIGXMSR[MXLEXETIVIH 8LIWXVYGXYVEPGETEGMX]SJXLITMPIMWKSZIVRIHF]XLI[IEOIV
PS[IVWIGXMSR SJXLITMPIWIGXMSRW
'-4 TMPI GEWMRKW GER FI MRWTIGXIH MRXIVREPP] FIJSVI %GSQQSRGSQTSWMXITMPIMWEQERHVIPHVMZIRGSVVYKEXIH
GSRGVIXI TPEGIQIRX 6IMRJSVGMRK WXIIP GER FI EHHIH JYPP WLIPPSRXSTSJERYRXVIEXIHXMQFIVTMPI7TIGMEPGSRHMXMSRWXLEX
PIRKXLSVTEVXMEPPIRKXLEWHMGXEXIHF]XLIHIWMKR GERQEOIWYGLETMPIIGSRSQMGEPP]EXXVEGXMZIEVIEVIUYMVIH
 )RPEVKIHXMT TMPIW{-R KVERYPEV WSMPW TMPIXMT PSRK PIRKXL ER EZEMPEFPI MRI\TIRWMZI WSYVGI SJ XMQFIV E
IRPEVKIQIRXKIRIVEPP]MRGVIEWIWTMPIFIEVMRKGETEGMX]3RI XMQFIVWIGXMSRXLEXMWTSWMXMSRIHFIPS[XLITIVQERIRX[EXIV
X]TISJIRPEVKIHXMTTMPIEPWSGEPPIHEGSQTEGXIHGSRGVIXI XEFPIERHEVIPEXMZIP]PS[VIUYMVIHGETEGMX]
TMPI MW JSVQIH F] FSXXSQHVMZMRK E XYFI [MXL E GSRGVIXI %RSXLIVGSQQSRGSQTSWMXITMPIMWETVIGEWXWIGXMSRSRXST
TPYKXSXLIHIWMVIHHITXL8LIGSRGVIXITPYKMWXLIRJSVGIH SJEWXIIP,SVTMTIWIGXMSR[MXLEVIMRJSVGIHTSMRX[LIVI
SYXMRXSXLIWSMPEWGSRGVIXIMWEHHIH9TSRGSQTPIXMSRSJ RIGIWWEV] % '-4 GSRGVIXI TMPI GSRWXVYGXIH [MXL E WXIIP
XLI FEWI XLI XYFI MW [MXLHVE[R [LMPI I\TERHMRK GSRGVIXI TMTI PS[IV WIGXMSR ERH E QERHVIPHVMZIR XLMR GSVVYKEXIH
SYXSJXLIXMTSJXLIXYFIXLMWJSVQWE'-7GSRGVIXIWLEJX WXIIPWLIPPYTTIVWIGXMSRMWERSXLIV[MHIP]YWIHGSQTSWMXI
%PXIVREXIP]ETMTISVGSVVYKEXIHWLIPPGEWMRKGERFIFSXXSQ
HVMZIRMRXSXLIFEWIERHXLIXYFI[MXLHVE[R8LIVIWYPXMRK GSRGVIXIERHVIMRJSVGMRKWXIIPGERFIEHHIHEWHMGXEXIHF]
ERRYPEVWTEGI FIX[IIRWSMPERHTMPI IMXLIVGPSWIWSRXSXLI XLIHIWMKR
 (VMPPIH TMPIW{(VMPPIH TMPIW EVI MRWXEPPIH WSPIP] F]
8LITMPIMWXLIRGSQTPIXIHEWE'-4GSRGVIXITMPI-RIMXLIV
STIVEXMSRSJXLIMVMRWXEPPEXMSRMWHVMZMRK
XSXLIWLEJXEWHMGXEXIHF]XLIHIWMKR  'EWXMRHVMPPIHLSPI TMPIW{8LIWI TMPIW EPWS
%RSXLIVIRPEVKIHXMTTMPIGSRWMWXWSJETVIGEWXVIMRJSVGIH ORS[REWHVMPPIHTMIVWEVIMRWXEPPIHF]QIGLERMGEPP]HVMPPMRK
GSRGVIXI FEWI MR XLI WLETI SJ E JVYWXYQ SJ E GSRI XLEX MW
EXXEGLIHXSETMPIWLEJX1SWXJVIUYIRXP]XLIWLEJXMWEGSVVY SV TPEMR GSRGVIXI 7SQIXMQIW ER IRPEVKIH FEWI GER FI
KEXIHWLIPPSVXLMR[EPPIHTMTI[MXLXLIWLEJXERHIRPEVKIH JSVQIH QIGLERMGEPP] XS MRGVIEWI XLI FIEVMRK EVIE % WXIIP

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

PMRIVMWMRWIVXIHMRXLILSPI[LIVIXLIWMHIWSJXLILSPIEVI -QTVSTIVP] HIWMKRIH TMPI JSYRHEXMSRW GER TIVJSVQ


YRWXEFPI8LIPMRIVQE]FIPIJXMRTPEGISV[MXLHVE[REWXLI YRWEXMWJEGXSVMP] HYI XS   FIEVMRK GETEGMX] JEMPYVI SJ XLI
GSRGVIXIMWTPEGIH-RXLIPEXXIVGEWITVIGEYXMSRWEVIVIUYMVIH TMPIWSMP W]WXIQ   I\GIWWMZI WIXXPIQIRX HYI XS GSQTVIWWMSR
XSFIWYVIXLEXXLIGSRGVIXIWLEJXHSIWRSXGSRXEMRWITEVEXMSRW ERH GSRWSPMHEXMSR SJ XLI YRHIVP]MRKWSMP SV   SV WXVYGXYVEP
GEYWIHF]XLIJVMGXMSREPIJJIGXWSJ[MXLHVE[MRKXLIPMRIV*SV JEMPYVI SJ XLI TMPI WLEJX SV MXW GSRRIGXMSR XS XLI TMPI GET
GEWXMRHVMPPIHLSPITMPIWMR QQ ERHPEVKIVMRHMEQIXIV -R EHHMXMSR MQTVSTIVP] HIWMKRIH TMPI JSYRHEXMSRW GSYPH
VIJIVXS%'- TIVJSVQ YRWEXMWJEGXSVMP] HYI XS   I\GIWWMZI WIXXPIQIRX SV
 *SYRHEXMSRHVMPPIHTMIVWSVGEMWWSRW{8LIWI EVI FIEVMRKGETEGMX] JEMPYVI GEYWIH F] MQTVSTIV MRWXEPPEXMSR
HIIT JSYRHEXMSR YRMXW XLEX SJXIR JYRGXMSR PMOI TMPIW 8LI] QIXLSHW   WXVYGXYVEP JEMPYVI VIWYPXMRK JVSQ HIXVMQIRXEP
EVIIWWIRXMEPP]IRHFIEVMRK YRMXW ERHEVIHIWMKRIH EW HIIT TMPIMRWXEPPEXMSRTVSGIHYVIWSV WXVYGXYVEPJEMPYVIVIPEXIHXS
JSSXMRKWGSQFMRIH[MXLGSRGVIXIWLEJXWXSGEVV]XLIWXVYGXYVI IRZMVSRQIRXEPGSRHMXMSRW
PSEHWXSXLIFIEVMRKWXVEXYQ8LMWX]TISJHIITJSYRHEXMSRMW *EGXSVWXLVSYKLEVIGPIEVP]HIWMKRVIPEXIH*EGXSVW
RSXGSZIVIHMRXLMWVITSVXJSVQSVIMRJSVQEXMSRVIJIVXS%'- ERHEVIEPWSHIWMKRVIPEXIHMRXLEXXLIHIWMKRIVGERPIWWIR
ERH%'-6 
 %YKIVKVSYX SV GSRGVIXIMRNIGXIH TMPIW{%YKIV XMSRWERHSYXPMRMRKTVSTIVMRWTIGXMSRTVSGIHYVIWXSFIYWIH
KVSYX TMPIW EVI YWYEPP] MRWXEPPIH F] XYVRMRK E GSRXMRYSYW HYVMRK XLI MRWXEPPEXMSR TVSGIWW *EGXSV  VIJIVW XS IRZMVSR
QIRXEPJEGXSVWXLEXGERVIHYGIXLIWXVIRKXLSJXLITMPIWLEJX
HITXL %W XLI EYKIV MW [MXLHVE[R KVSYX SV GSRGVIXI MW HYVMRKMRWXEPPEXMSRSVHYVMRKWIVZMGIPMJI8LIHIWMKRIVGER
GSRWMHIV IRZMVSRQIRXEP IJJIGXW F] GEVIJYP WIPIGXMSR SJ
FSXXSQ YT 8LMW'-7 TMPIGERFIVIMRJSVGIHF]EGIRXIVIH GSRGVIXI QEXIVMEPWF]WIPIGXMRKETMPIWIGXMSRXSGSQTIR
JYPPPIRKXLFEVTPEGIHXLVSYKLXLILSPPS[WXIQSJXLIEYKIV WEXIJSVJYXYVIHIXIVMSVEXMSRYWMRKGSEXMRKWSVSXLIVQIXLSHW
F] VIMRJSVGMRK WXIIP XS XLI I\XIRX MX GER FI TPEGIH MRXS XLI XSMQTIHISVIPMQMREXIXLIIRZMVSRQIRXEPIJJIGXWERHMQTPI
KVSYXWLEJXEJXIVGSQTPIXMSRSVFSXL QIRXMRKETIVMSHMGMRWTIGXMSRERHVITEMVTVSKVEQXSHIXIGX
 (VMPPIHHMWTPEGIQIRXTMPIW{(VMPPIHHMWTPEGIQIRX ERH GSVVIGX WXVYGXYVEP HIXIVMSVEXMSR ,MHHIR TMPI HIJIGXW
TMPIWEVIWMQMPEVXSEYKIVKVSYXTMPIWI\GITXXLEXXLIEYKIVW TVSHYGIH HYVMRK MRWXEPPEXMSR GER SGGYV IZIR MJ XLI TMPI
EVIHIWMKRIHXSHMWTPEGITSVXMSRWSJXLITIRIXVEXIHWSMPW HIWMKR QERYJEGXYVI MRWXEPPEXMSR ERHMRWTIGXMSRETTIEV XS
PEXIVEPP] ERH XS IPMQMREXI SV QMRMQM^I WSMP VIQSZIH F]
QERYJEGXYVIERHMRWXEPPEXMSRLS[IZIVGERVIHYGIXLIMRGM
HVMPPIHHMWTPEGIQIRX TMPI EYKIVW X]TMGEPP] LEZI E PEVKIV HIRGI SJYRJSVIWIIRHIJIGXW8LIHIWMKRSJ XLI JSYRHEXMSR

HMWTPEGIQIRX IPIQIRX SV FYPKI XS MRHYGI PEXIVEPWSMP TMPIMRWXEPPEXMSRWLSYPHFIEGSSTIVEXMZIIJJSVXFIX[IIRXLI


WXVYGXYVEPERHKISXIGLRMGEPIRKMRIIVW
ERHXLIWIGXMSRFIPS[XLIHMWTPEGIQIRXFYPKIXLITMPIWQE] % HIXEMPIH HMWGYWWMSR SJ XLI TVSGIHYVIW JSV QSRMXSVMRK
FIVIJIVVIHXSEWIMXLIVJYPPSVTEVXMEPHMWTPEGIQIRXTMPIW%W TMPIMRWXEPPEXMSRMWFI]SRHXLIWGSTISJXLMWVITSVXEPXLSYKL
XLIEYKIVMW[MXLHVE[RIMXLIVKVSYXSVGSRGVIXIMWTPEGIHF] WSQI MXIQW XLEX XLI IRKMRIIV QMKLX [ERX XS GSRWMHIV MR
KVEZMX]SVTVIWWYVIMRNIGXMSRXLVSYKLXLIEYKIVWXIQ HIXIVQMRMRKXLIMRWXEPPEXMSRMRWTIGXMSRTVSGIHYVIWEVIRSXIH
 (VMPPIH ERH KVSYXIH TMPIW{8LIWI TMPIW EVI XLVSYKLSYXXLIXI\X*SVQSVIHIXEMPIHMRJSVQEXMSRSRQSRM
MRWXEPPIHF]VSXEXMRKEGEWMRKLEZMRKEGYXXMRKIHKIMRXSXLI XSVMRKTMPIMRWXEPPEXMSRXLIVIEHIVMWVIJIVVIHXSKIRIVEPVIJIV
IRGIWSRTMPIMRWTIGXMSR (EZMWWSRF*YPPIV 
MRWIVXMRK VIMRJSVGMRK WXIIP TYQTMRK E WERHGIQIRX KVSYX -R XLI HIWMKR SJ ER] TMPI JSYRHEXMSR XLI REXYVI SJ XLI
WYFWSMP ERH XLI MRXIVEGXMSR SJ XLI TMPIWSMP W]WXIQ YRHIV
[MXLHVE[MRKXLIGEWMRK7YGL'-7TMPIWEVIYWIHTVMRGMTEPP] WIVZMGIPSEHW *EGXSVWXLVSYKL YWYEPP]GSRXVSPXLIHIWMKR
JSV YRHIVTMRRMRK [SVO SV [LIVI PS[LIEHVSSQ GSRHMXMSRW ERHEVIHMWGYWWIHMR'LETXIVWERH'SRWMHIVEXMSRWVIPEXMRK
I\MWXWYGLEWMRFEWIQIRXWSVYRHIVFVMHKIW8LIWITMPIWEVI XS*EGXSVWERHEVIGSZIVIHMR'LETXIVEPXLSYKLWSQI
SJXIRMRWXEPPIHXLVSYKLERI\MWXMRKJSYRHEXMSR KYMHERGISRXLIWIJEGXSVWEW[IPPEW*EGXSVMWSJJIVIHMR
 4SWXKVSYXIHTMPIW{'SRGVIXITMPIWGERLEZIKVSYX 'LETXIVW ERHMRGSRRIGXMSR[MXLXLITVITEVEXMSRSJ
XYFIWIQFIHHIH[MXLMRXLIQWSXLEXEJXIVMRWXEPPEXMSRKVSYX
GERFIMRNIGXIHYRHIVTVIWWYVIXSIRLERGIXLIGSRXEGX[MXL 'LETXIVSRTVSZMHMRK
XLIWSMPXSGSRWSPMHEXIXLIWSMPYRHIVXLIXMTSVFSXL ETMPIJSYRHEXMSRSJEHIUYEXIWXVYGXYVEPGETEGMX]8LIHIWMKR
TVSGIHYVIWVIGSQQIRHIHEVIFEWIHSRGSRWIVZEXMZIZEPYIW
{(IWMKRGSRWMHIVEXMSRW SFXEMRIHJVSQXLISVIXMGEPGSRWMHIVEXMSRWVIWIEVGLHEXEERH
8LI WYGGIWWJYP HIWMKR SJ E GSRGVIXI TMPI JSYRHEXMSR I\TIVMIRGI[MXLMRWIVZMGITIVJSVQERGI'LETXIVTVIWIRXW
MRZSPZIW MRXMQEXI ORS[PIHKI SJ XLI VIPIZERX KISXIGLRMGEP E KIRIVEP HMWGYWWMSR SJ WSQI KISXIGLRMGEP ERH WXVYGXYVEP
ERH WXVYGXYVEP HIWMKR VIUYMVIQIRXW TMPI QERYJEGXYVI ERH HIWMKRGSRWMHIVEXMSRWXLEXGERFIMQTSVXERX[LIRTMPIWEVI
XVERWTSVXEXMSR HIXEMPW ERH TMPI MRWXEPPEXMSR TVSGIHYVIW YWIHMRVIKMSRWSJLMKLWIMWQMGMX]
7YMXEFPITMPIWGERFIHEQEKIHF]MQTVSTIVMRWXEPPEXMSRWS % TMPI GER FI WXVYGXYVEPP] HIWMKRIH ERH GSRWXVYGXIH XS
MRWTIGXMSRERHGSRXVSPSJXLITMPIMRWXEPPEXMSREVIIWWIRXMEPXS WEJIP]GEVV]XLIHIWMKRPSEHWFYXXLITMPIGERRSXFIGSRWMH
TVSHYGMRKEWEXMWJEGXSV]JSYRHEXMSR IVIHXSLEZIEGLMIZIHMXWVIUYMVIHFIEVMRKGETEGMX]YRXMPMXMW

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

TVSTIVP]MRWXEPPIHERHJYRGXMSRMRKEWETEVXSJEREHIUYEXI J]W !
]MIPHWXVIWWSJWXIIPWLIPPTWM 14E
TMPIWSMP W]WXIQ 8LYW MR EHHMXMSR XS MXW VIUYMVIH HIWMKR J]X !
]MIPHWXVIWWSJXVERWZIVWIVIMRJSVGIQIRXTWM 14E
PSEHWXVYGXYVEPGETEGMX]HVMZIRTMPIWLEZIXSFIWXVYGXYVEPP] K EGGIPIVEXMSRSJKVEZMX]MRW QW
!
GETEFPISJFIMRKMRWXEPPIHXSXLIMVVIUYMVIHFIEVMRKGETEGMX] LG !
GVSWWWIGXMSREP HMQIRWMSR SJ TMPI GSVI GIRXIVXS
8LMWRIGIWWMXEXIWLEZMRKSRIWIXSJWXVYGXYVEPGSRWMHIVEXMSRW GIRXIVSJLSSTVIMRJSVGIQIRXMR QQ
JSVHVMZMRKERHERSXLIVJSVRSVQEPWIVZMGI9WYEPP]YRHIV - ! QSQIRXSJMRIVXMESJXLITMPIWIGXMSRMR QQ
XLIQSWXWIZIVI WXVIWWGSRHMXMSRW ETMPI[MPPIRHYVI SGGYV -K ! QSQIRXSJMRIVXMESJXLIKVSWWTMPIWIGXMSRMR QQ
HYVMRKHVMZMRK / ! LSVM^SRXEPWYFKVEHIQSHYPYWJSVGSLIWMZIWSMPWTWM
8LVIIPMQMXWXSXLIPSEHFIEVMRKGETEGMX]SJETMPIGERFI 2QQ
/ !
XLMVH HITIRHW SR XLI EFMPMX] SJ XLI WYFWSMP XS WYTTSVX XLI 0 ! TMPIPIRKXLMR QQ
TMPI*MVWXXLITMPIHVMZMRKWXVIWWIWGERRSXI\GIIHXLSWIXLEX 0W !
[MPPHEQEKIXLITMPI8LMWMRXYVRPMQMXWXLIHVMZMRKJSVGI 0Y ! PIRKXLSJTMPIEFSZIKVSYRHWYVJEGIMR QQ
SJXLITMPIEKEMRWXXLIWSMPERHXLIVIJSVIXLIHIZIPSTQIRX I ! IJJIGXMZITMPIPIRKXL!/ YMR QQ
SJXLIWSMPvWGETEGMX]XSWYTTSVXXLITMPI7IGSRHTMPIWEVI Y ! YRWYTTSVXIHWXVYGXYVEPTMPIPIRKXLMR QQ
HIWMKRIH XS QIIX WXVYGXYVEP VIUYMVIQIRXW YRHIV ETTPMGEFPI 1 ! TMPIQSQIRXMRPF 2QQ
PSEHMRK GSRHMXMSRW ERH GSHIW [MXL GSRWMHIVEXMSR KMZIR XS 2  ! WXERHEVHTIRIXVEXMSRXIWX2ZEPYIWGEPIHXSEWXERHEVH
XLIPEXIVEPWYTTSVXGSRHMXMSRWTVSZMHIHF]XLIWSMP8LMVHXLI
WSMPWLSYPHFIEFPIXSWYTTSVXXLITMPIPSEHW[MXLEREHIUYEXI IJJIGXMZISZIVFYVHIRTVIWWYVISJXSRJX O4E

JEGXSV SJ WEJIX] EKEMRWX E WSMPFIEVMRK GETEGMX] JEMPYVI ERH RL !

[MXLXSPIVEFPIHMWTPEGIQIRXW-RWXEXMGTMPIPSEHXIWXWGEVVMIH 2QQ
XSJEMPYVIMXMWYWYEPP]XLIWSMPXLEXKMZIW[E]ERHEPPS[WXLI 4 ! E\MEPXIWXPSEHSRTMPIPF 2
TMPIXSTIRIXVEXIMRXSXLIKVSYRHTMPIWLEJXJEMPYVIWLS[IZIV 4E ! EPPS[EFPI E\MEP GSQTVIWWMSR WIVZMGI GETEGMX] PF
2
ETVSTIVTMPIHIWMKR 4EX ! EPPS[EFPIE\MEPXIRWMSRWIVZMGIGETEGMX]PF 2
4Y ! JEGXSVIHE\MEPPSEHSRTMPIPF 2
',%48)6{238%8-32%2(()*-2-8-327 6 ! VEHMYWSJK]VEXMSRSJKVSWWEVIESJTMPIMR QQ
{2SXEXMSR 6 ! VIPEXMZIWXMJJRIWWJEGXSVJSVTVIPSEHIHGPE]MR QQ
% ! TMPIGVSWWWIGXMSREPEVIEMR QQ W ! WTEGMRKSJXMIWIXWEPSRKPIRKXLSJQIQFIVMR QQ
%G ! EVIESJGSRGVIXI MRGPYHMRKTVIWXVIWWMRKWXIIP MR WY ! YRHVEMRIHWLIEVWXVIRKXLSJWSMPPFJX O4E!O2Q
QQ WWT ! WTEGMRKSJLSSTWSVTMXGLSJWTMVEPEPSRKPIRKXLSJ
! %Kz%WXJSVVIMRJSVGIHGSRGVIXITMPIWMR QQ QIQFIVMR QQ
%GSVI ! EVIESJGSVISJWIGXMSRXSSYXWMHIHMEQIXIVSJXLI 8 ! VIPEXMZI WXMJJRIWW JEGXSV JSV RSVQEPP] PSEHIH GPE]
WTMVEPWXIIPMR QQ KVERYPEVWSMPWWMPXERHTIEXMR QQ
%K ! KVSWWEVIESJTMPIMR QQ XWLIPP ! [EPPXLMGORIWWSJWXIIPWLIPPMR QQ
%GL ! EVIESJGSVI[MXLMRXVERWZIVWIVIMRJSVGIQIRXQIEWYVIH W ! VEXMS SJ ZSPYQI SJ WTMVEP VIMRJSVGIQIRX XS XSXEP
SYXXSSYXSJXLIVIMRJSVGIQIRXMR QQ ZSPYQISJGSVI SYXXSSYXSJWTMVEP
%T ! EVIESJWXIIPTMTISVXYFIMR QQ ! WXVIRKXLVIHYGXMSRJEGXSV
%TW ! EVIESJTVIWXVIWWMRKWXIIPMR QQ G ! WXVIRKXLVIHYGXMSRJEGXSVMRGSQTVIWWMSR
%WL ! XSXEPEVIE SJ XVERWZIVWIVIMRJSVGIQIRXMR HMVIGXMSR X !
GSRWMHIVIHMR QQ GSQFMRIH[MXLXIRWMSRSVTYVIXIRWMSR
%WT ! EVIESJWTMVEPSVXMIFEVMR QQ
%WX ! XSXEPEVIESJPSRKMXYHMREPVIMRJSVGIQIRXMR QQ  2.2—Definitions
FG ! [MHXLSJWIGXMSRMRHMVIGXMSRGSRWMHIVIHMR QQ
( ! WXIIPWLIPPHMEQIXIVMR QQ ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x LXXT
HGSVI ! HMEQIXIVSJGSVIWIGXMSRXSSYXWMHISJWTMVEPMR QQ XIVQMRSPSK]GSRGVIXISVK 
) ! QSHYPYWSJIPEWXMGMX]JSVTMPIQEXIVMEPTWM 14E!
2QQ ',%48)6{+)38)',2-'%0()7-+2

)- !  2QQ '327-()6%8-327
JG ! {+IRIVEP
JTG ! IJJIGXMZITVIWXVIWWMRGSRGVIXIEJXIVPSWWIWTWM 14E -R XLI HIWMKR SJ ER] TMPI JSYRHEXMSR XLI REXYVI SJ XLI
JTW ! WXVIWW MR TVIWXVIWWIH VIMRJSVGIQIRX EX RSQMREP WYFWSMPXLIMRWXEPPEXMSRQIERWERHQIXLSHWERHXLIMRXIV
WXVIRKXLSJQIQFIVTWM 14E EGXMSR SJ XLI TMPIWSMP W]WXIQ YRHIV WIVZMGI PSEHW YWYEPP]
J] ! ]MIPH WXVIWW SJ RSRTVIWXVIWWIH VIMRJSVGIQIRX TWM GSRXVSPXLIEPPS[EFPITMPIPSEHGETEGMX]8LMWVITSVXHSIWRSX
14E GSZIVMRHIXEMPXLITVMRGMTPIWSJWSMPQIGLERMGWERHFILEZMSV
J]L ! ]MIPH WXVIWW SJ XVERWZIVWI WTMVEP SV XMI VIMRJSVGI EWXLI]GEREJJIGXTMPIJSYRHEXMSRTIVJSVQERGI8LMWGLETXIV
QIRXTWM 14E HSIW MRGPYHI LS[IZIV E KIRIVEP HMWGYWWMSR SJ XLI QSVI
J]T ! ]MIPHWXVIWWSJWXIIPTMTISVXYFITWM 14E MQTSVXERXKISXIGLRMGEPGSRWMHIVEXMSRWVIPEXIHXSXLITVSTIV

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

HIWMKRSJTMPIJSYRHEXMSRW*SVQSVIHIXEMPIHMRJSVQEXMSRSR ERHIZEPYEXMRKXLIX]TISJVIEGXMSRW]WXIQQSWXIGSRSQMGEP
KISXIGLRMGEP GSRWMHIVEXMSRW VIJIV XS KIRIVEP VIJIVIRGIW SR JSVTIVJSVQMRKWXEXMGPSEHXIWXW
WSMPQIGLERMGWERHTMPIHIWMKR %7')7)-2%:*%' 8IWXFSVMRKWWLSYPHFIQEHIEXIRSYKLPSGEXMSRWERHXS
4IGOIXEP4VEOEWLERH7LEVQE8IV^EKLM
IXEP  TMPIWXSTVSZMHIEHIUYEXIMRJSVQEXMSRSR EPP QEXIVMEPW XLEX
[MPP EJJIGX XLI JSYRHEXMSR GSRWXVYGXMSR ERH TIVJSVQERGI
{7YFWYVJEGIGSRHMXMSRW 8LIVIWYPXWSJXLIFSVMRKWERHWSMPWXIWXWXEOIRMRXSGSRWMH
/RS[PIHKI SJ WYFWYVJEGI GSRHMXMSRW ERH XLIMV IJJIGX SR IVEXMSR[MXLXLIJYRGXMSRSJXLITMPIWMRWIVZMGI[MPPEWWMWXMR
XLITMPIJSYRHEXMSRHIWMKRERHMRWXEPPEXMSRMWIWWIRXMEP8LMW HIXIVQMRMRKXLIX]TIWTEGMRKERHPIRKXLSJTMPIWXLEXWLSYPH
ORS[PIHKIGERFISFXEMRIHJVSQZEVMSYWWSYVGIWMRGPYHMRK
TVMSV I\TIVMIRGI MR XLI KISKVETLMGEP EVIE TIVJSVQERGI SJ IRHFIEVMRK TMPIW JVMGXMSR TMPIW SV E GSQFMREXMSR SJ FSXL
I\MWXMRK JSYRHEXMSRW YRHIV WMQMPEV GSRHMXMSRW ORS[PIHKI X]TIW 
 )RHFIEVMRK TMPIW{% TMPI GER FI GSRWMHIVIH IRH
I\TSWIH MR STIR GYXW ERH I\TPSVEXSV] FSVMRKW [MXL SV FIEVMRK [LIR MX TEWWIW XLVSYKL WSMP LEZMRK PS[ JVMGXMSREP
[MXLSYX HIXEMPIH WSMP XIWXW *VSQ WYGL MRJSVQEXMSR EPSRK VIWMWXERGI ERH MXW XMT VIWXW SR VSGO SV MW IQFIHHIH MR E
[MXL ORS[PIHKI SJ XLI WXVYGXYVI XS FI WYTTSVXIH ERH XLI QEXIVMEP SJ LMKL VIWMWXERGI XS JYVXLIV TIRIXVEXMSR WS XLEX
GLEVEGXIV ERH QEKRMXYHI SJ PSEHMRK JSV I\EQTPI GSPYQR XLI PSEH MW TVMQEVMP] XVERWQMXXIH XS XLI WSMP EX SV GPSWI XS
PSEHERHWTEGMRK MXMWSJXIRTSWWMFPIXSQEOIETVIPMQMREV] XLI TMPI XMT 8LI GETEGMX] SJ IRHFIEVMRK TMPIW HITIRHW SR
GLSMGISJTMPIX]TI W PIRKXL W ERHTMPIHIWMKRPSEH W  XLIFIEVMRKGETEGMX]SJXLIWSMPSVVSGOYRHIVP]MRKXLITMPIW
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ETTPMIH JSVI\EQTPIPSEHIHEVIEW MRHIXIVQMRMRKXLI PSGEXMSRW ERH SXLIVEVIEW [LIVI TMPIW EVI XS FI HVMZIR 8LI
WXVYGXYVEPPSEHWETTPMIHXSXLIJSYRHEXMSRWSVSZIVPSEH VIWYPXWSJEPSEHXIWXSRERMRHMZMHYEPTMPIGERFIETTPMIHXS
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8LIQERRIVMR[LMGLWSMPMQTSWIHPSEHWWYGLEWRIKEXMZI WMQMPEVWYFWSMPGSRHMXMSRWSVMRXLIPIEWXJEZSVEFPIPSGEXMSRW
WOMR JVMGXMSR EVI MRXVSHYGIH MRXS XLI JEGXSV SJ WEJIX] MJXLIIRKMRIIVGERQEOIXLMWHMWXMRGXMSR
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GETEGMX] JEMPYVI WLSYPH RSX FI PIWW XLER  'SRWMHIVEXMSR JVSQXLEXSFWIVZIHHYVMRKEPSEHXIWXSRERMRHMZMHYEPTMPI
SJXLITVIZMSYWP]WXEXIHZEVMEFPIWGSYPHPIEHXSXLIYWISJE 7SQISJXLIWIGSRWMHIVEXMSRWEVIHMWGYWWIHMR7IGXMSRW
LMKLIVJEGXSVSJWEJIX];LIRXLITMPIGETEGMX]MWFEWIHSR XLVSYKL  XLVSYKLERH3RWSQITVSNIGXW
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SJWEJIX]WLSYPHFILMKLIVXLERYWIH[LIRTMPIWEVIWYFNIGXIH
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GETEGMX]FIX[IIRJVMGXMSRERHIRHFIEVMRK LS[IZIV MX MW VIGSQQIRHIH XLEX XLI QIXLSH TVSTSWIH F]
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XS TIVQMX IEGL TMPI XS WIIO MXW S[R PIRKXL XS HIZIPST XLI
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WM^ISJTMPIERHXLITMPIHVMZMRKIUYMTQIRXVIP]MRKSRSXLIV 3PWSR3PWSRERH0SRK WYKKIWXXLEXXLI
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RMGEP IRKMRIIVvW VIWSYVGIW [LIR TVSTIVP] YWIH 8LIVI EVI PIRKXLMWWIPIGXIHSRXLIFEWMWSJI\TIVMIRGISVWXEXMGVIWMW
LS[IZIVPMQMXEXMSRWXSXLIYWISJXLMWQIXLSHMRHIXIVQMRMRK XERGIEREP]WMWWXEXMGPSEHXIWXWWLSYPHFITIVJSVQIHXSZIVMJ]
WXEXMGTMPIPSEHGETEGMX]ERHXLIWIQIXLSHWEVIRSXEVIPMEFPI WYGLTVIHMGXMSRW
WYFWXMXYXIJSVTMPIPSEHXIWXW 7IPF]IXEP8IV^EKLMIX  6SGOWSGOIXWJSVHVMPPIHMRGEMWWSRW{8LIHIWMKRSJ
EP  HVMPPIHMR GEMWWSRW  VIUYMVIW XLIHIXIVQMREXMSR SJER
7TIGMEPM^IH IUYMTQIRX ERH XIWX TVSGIHYVIW LEZI FIIR EHIUYEXI VSGO WSGOIX JSV XLI [SVOMRK PSEHW MRZSPZIH 8LI
HIZIPSTIH XLEX GER WYFNIGX HIITJSYRHEXMSR QIQFIVW XS E HIWMKR SJ XLI VSGO WSGOIX MW YWYEPP] FEWIH SR XLI TIVMTL

XLIWLSVXMQTEGXJSVGIHYVEXMSRWETMPII\TIVMIRGIWHYVMRKTMPI WSGOIX GER FI XLSVSYKLP] GPIERIH SYX ERH MRWTIGXIH ERH
HVMZMRK 4MPILIEH JSVGIW ERH HMWTPEGIQIRXW EVI QIEWYVIH XLIGSRGVIXIGERFITPEGIHMRXLIHV]MXQE]FITSWWMFPIXS
ERHVIGSVHIHHYVMRKXLIXIWX4MPILIEHEGGIPIVEXMSRWEVIEPWS YWIEGSQFMREXMSRSJFSXLIRHFIEVMRKERHFSRHXSHIZIPST
KIRIVEPP]VIGSVHIHEWEFEGOYTJSVXLIHMWTPEGIQIRXQIEWYVI XLI VIUYMVIH PSEH 8LI GSQFMRIH YWI SJ FSXL IRH FIEVMRK
QIRX8LIWTIGMEPM^IHIUYMTQIRXJSVXLIJSVGITYPWIXIWXQE] ERHFSRHLS[IZIVQE]RSXFITIVQMXXIHF]XLIETTPMGEFPI
GSRWMWX SJ E HVST LEQQIV [MXL E WTIGMEP GYWLMSR IPIQIRX FYMPHMRKGSHI
FIX[IIRXLIVEQERHXLITMPILIEHXLEXQSHIVEXIWXLIFPS[  6IPE\EXMSR ERH WSMP JVII^I{-R WSQI WSMPW TMPI
ERHPIRKXLIRWXLIHYVEXMSRSJXLIMQTEGXIZIRXSVXLITYPWI FIEVMRK GETEGMX] GER HIGVIEWI EJXIV MRMXMEP TMPI MRWXEPPEXMSR
QE]FIMRHYGIHF]ERI\TPSWMZIJSVGIYWIHXSEGGIPIVEXIE EWEVIWYPXSJETLIRSQIRSRGSQQSRP]VIJIVVIHXSEWVIPE\
VIEGXMSRQEWW8LILEQQIVQEWWHVSTERHGYWLMSRMRKSV EXMSR6IPE\EXMSRMWIZMHIRGIHF]EVIHYGXMSRMRTIRIXVEXMSR
XLII\TPSWMZIWERHVIEGXMSRQEWWEVIWTIGMEPP]HIWMKRIHXS VIWMWXERGIEJXIVMRMXMEPHVMZMRKERHGSYPHFIEGGSQTERMIHF]
EGLMIZIXLIHIWMVIHTIEOJSVGIPIZIPERHTYPWIHYVEXMSR-R
EHHMXMSREPXSXLITVSGIHYVIWJSVTIVJSVQMRKXLIXIWXTVSZMHIH MRGVIEWIW EJXIV MRMXMEP MRWXEPPEXMSR 8LMW TLIRSQIRSR MW
MR%781(MRJSVQEXMSRSRXLIQIXLSHERHWSQI GSQQSRP]VIJIVVIHXSEWJVII^IERHMWEWWSGMEXIH[MXLVIKEMR
SJXLITVSGIHYVIWTVSTSWIHJSVIZEPYEXMRKXLIXIWXVIWYPXWEVI SJWXVIRKXLSJWSMPWEJXIVFIMRKHMWXYVFIHHYVMRKXLIHVMZMRK
TVSZMHIHF]1MHHIRHSVTIXEP  1YPPMRWIXEP   TVSGIWW %PXLSYKL WSMP JVII^I ERH VIPE\EXMSR EVI KIRIVEPP]
ERH/YWEOEFIIXEP  %PXLSYKLXLIJSVGITYPWIHYVE EWWSGMEXIH [MXL HVMZIR TMPIW XLIWI TLIRSQIRE GER EPWS
XMSR SJ XLMW XIWX QIXLSH X]TMGEPP]  XS  WIGSRHW  MW SGGYVMRTMPIWMRWXEPPIHF]NEGOMRK-JWSMPVIPE\EXMSRSVJVII^I
GSRWMHIVEFP] PSRKIV XLER XLI X]TMGEP JSVGITYPWI HYVEXMSR
ETTVS\MQEXIP]WIGSRHW HYVMRKTMPIMQTEGXHVMZMRKMX SJ XLITMPI MW KIRIVEPP]RSXER MRHMGEXMSRSJXLI EGXYEPTMPI
MWWXMPPEH]REQMGXIWXERHQSFMPM^IWFSXLHEQTMRKJSVGIWERH WXEXMGGETEGMX]-RWYGLGEWIWH]REQMGQIXLSHWSJGETEGMX]
WSMPVIWMWXERGIJSVGIW,IRGIYWISJXLIXIWXXSIWXMQEXIWXEXMG TVIHMGXMSR   [MPP RSX TVSHYGI ZEPMH VIWYPXW [MXLSYX

HMWGYWWIHTVIZMSYWP]JSVQIXLSHWYWMRKH]REQMGWXVEMRERH 8LITSWWMFMPMX]SJXLIWITLIRSQIREWLSYPHFIVIGSKRM^IH
EGGIPIVEXMSRHEXEQIEWYVIHHYVMRKTMPIHVMZMRKERHMXMWRSX F]XLIHIWMKRIV[LIRIWXEFPMWLMRKWYGLVIUYMVIQIRXWEWX]TI
EVIPMEFPIWYFWXMXYXIJSVWXEXMGTMPIPSEHXIWXW VIJIVXS  SJTMPITMPIPIRKXLERHHVMZMRKVIWMWXERGI6IPE\EXMSRGERFI
 7XEXMGVIWMWXERGIEREP]WMW{8LIETTPMGEXMSRSJWXEXMG GLIGOIHF]VIHVMZMRKWSQITMPIWWIZIVEPLSYVWEJXIVMRMXMEP
EREP]WMWYWIWZEVMSYWWSMPTVSTIVXMIWHIXIVQMRIHJVSQPEFS MRWXEPPEXMSR XS HIXIVQMRI MJ XLI HVMZMRK VIWMWXERGILEW FIIR
QEMRXEMRIH7SMPJVII^IGEREPWSFIGLIGOIHF]VIHVMZMRK
8LITMPIGETEGMX]MWIWXMQEXIHF]ETTP]MRKXLIWLIEVMRKVIWMW
XERGI JVMGXMSRSVEHLIWMSR EPSRKXLIIQFIHHIHTSVXMSRSJ FIEPPS[IH FIJSVI XIWXMRK XS TIVQMX XLI WSMP WXVIRKXL XS FI
XLITMPIERHEHHMRKXLIFIEVMRKGETEGMX]SJXLIWSMPEXXLITMPI VIKEMRIH8LMWVIUYMVIHXMQIGSYPHVERKIJVSQEJI[LSYVWXS
EWPSRKEWHE]W6IXETTMRKSJTMPIWTVSHYGIWQSVIZEPMH
GVSWWWIGXMSREPWLETI WUYEVISVVSYRH ERHWYVJEGIXI\XYVI MRJSVQEXMSRMJXLILEQQIVGYWLMSRTMPIW]WXIQMWXLIWEQI
XLIGSQTEGXMSRSJPSSWIKVERYPEVWSMPWF]HVMZMRKHMWTPEGI EWJSVMRMXMEPHVMZMRK

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

 'SQTEGXMSR{1ER] WSMPW EVI GSQTEGXIH ERH PIRKXLVIMRJSVGIQIRXGERFIWYFNIGXIHXSEPMQMXIHEQSYRX


HIRWMJMIH XLVSYKL XLI TVSGIWW SJ TMPI HVMZMRK IWTIGMEPP] SJ VIHVMZMRK XSVIWIEXXLI TMPI '-7GSRGVIXI TMPIW [MXLSYX
[LIR HMWTPEGIQIRXX]TI TMPIW EVI MRWXEPPIH [MXLSYX TVI MRXIVREP VIMRJSVGIQIRX WLSYPH FI EFERHSRIH MJ LIEZIH
I\GEZEXMSR WYGL EW NIXXMRKSV TVIHVMPPMRK 8LI WSMP WXVIRKXL 7IGXMSREPTVIGEWXGSRGVIXITMPIWLEZMRKWPMTX]TINSMRXWGER
TVSTIVXMIW EVI YWYEPP] MRGVIEWIH EPXLSYKL XLI I\XIRX ERH FIVIHVMZIRXSZIVMJ]XLEXXLI]EVIWSYRHERHXLEXXLINSMRXW
HIKVIIXS[LMGLXLI][MPPMRGVIEWIEVIRSXIEW]XSTVIHMGX EVIGPSWIH-RXLIGEWISJWIGXMSREPTMPIWLS[IZIVEPPSJXLI
'SQTEGXMSRMWYWYEPP]TVSKVIWWMZIEWQSVITMPIWEVIHVMZIR LIEZIWLSYPHFIGSRWMHIVIHXSLEZISGGYVVIHEXEWMRKPINSMRX
[MXLMREKVSYT-RWXEPPEXMSRWIUYIRGISVQIXLSHWWLSYPHFI ERHXLINSMRXWLSYPHRSXLEZIFIIRSTIRIHGSQTPIXIP]EWE
GSRXVSPPIHXSTVIZIRXI\XVIQIZEVMEXMSRWMRTMPIPIRKXLWHYI VIWYPXSJTMPILIEZI-JRIGIWWEV]'-4TMPIWGERFIVIHVMZIRXS
XSKVSYRHGSQTEGXMSR ERH 
 0MUYIJEGXMSR{0MUYIJEGXMSR MW YWYEPP] EWWSGMEXIH MJTVSTIVXIGLRMUYIWEVIYWIH%[EZIIUYEXMSREREP]WMWGER
[MXL IEVXLUYEOI SV PEVKI ZMFVEXSV] JSVGIW GSQFMRIH [MXL FIYWIHXSEMHMRXLIHIWMKRSJXLILEQQIVGYWLMSRGSQFMRE
XMSRVIUYMVIHJSVWYGLVIHVMZMRK
GETEGMX]PEXIVEPWYTTSVXSVFSXL%PXLSYKLMXMWRSXKIRIVEPP] *PSXEXMSRGERSGGYV[LIRTMPIWLIPPWSVGEWMRKWEVIHVMZIR
RIGIWWEV]XSGSRWMHIVXLMWMRRSVQEPTMPIJSYRHEXMSRHIWMKR
MXMWRIGIWWEV]XSGSRWMHIVPMUYIJEGXMSRMRWIMWQMGEPP]EGXMZI 'LIGOIPIZEXMSRWWLSYPHFIQEHIEWJSVLIEZIERHXLITMPIW
VIKMSRW 0MUYIJEGXMSR HYVMRK WIMWQMG IZIRXW MW HMWGYWWIH VIHVMZIRMJVIUYMVIH-XQE]FIRIGIWWEV]XSGVIEXIRIKEXMZI
JYVXLIVMR'LETXIV FYS]ERG]SVYWIWSQIQIERWXSLSPHXLITMPIWHS[RYRXMPXLI
7SQI WSMPW I\LMFMX XIQTSVEV] PMUYIJEGXMSR HYVMRK TMPI
HVMZMRK [MXL GSVVIWTSRHMRK VIHYGXMSR MR TIRIXVEXMSR VIWMW
XERGI 8LI VIIWXEFPMWLQIRX SJ XLI WSMP VIWMWXERGI GER FI {7IXXPIQIRX
HIXIGXIH F] VIHVMZMRK XLI TMPI FYX YRHIV WIZIVI GSRHM 8LI MRZIWXMKEXMSR SJ XLI SZIVEPP TMPI JSYRHEXMSR HIWMKR
XMSRW[LIVIVIHVMZMRKMQQIHMEXIP]GVIEXIWPMUYIJEGXMSRXLI JSV SFNIGXMSREFPI WIXXPIQIRX MRZSPZIW XLI WSMP TVSTIVXMIW
GETEGMX]SJXLITMPIQE]LEZIXSFIHIXIVQMRIHF]WXEXMGPSEH ERH XLI EFMPMX] SJ XLI WSMP XS GEVV] XLI PSEH XVERWJIVVIH XS
XIWXMRK MX [MXLSYX I\GIWWMZI GSRWSPMHEXMSR SV HMWTPEGIQIRX [LMGL
 {4MPI LIEZI MW XLI YT[EVH MR XMQI GSYPH GEYWI WIXXPIQIRXWFI]SRH XLEXJSV[LMGL XLI
QSZIQIRXSJETVIZMSYWP]HVMZIRTMPIGEYWIHF]XLIHVMZMRK WXVYGXYVIMWHIWMKRIH8LIWSMPW[IPPFIPS[XLITMPIXMTWGER
SJ EHNEGIRX TMPIW 8LI HIWMKRIV WLSYPH FI EPIVX XS TSWWMFPI FIEJJIGXIHF]PSEHMRKERHWYGLIJJIGXWZEV][MXLXLIQEKRM
XYHISJPSEHETTPMIHERHXLIHYVEXMSRSJPSEHMRK1ER]SJXLI
JSV XLMW TLIRSQIRSR ERH XEOI TVIGEYXMSREV] QIEWYVIW HIWMKRGSRWMHIVEXMSRWHMWGYWWIHMRXLMWGLETXIVVIPEXIXSXLI
,IEZI SJ JVMGXMSR TMPIW QE] LEZI RS HIXVMQIRXEP IJJIGX SR IZEPYEXMSR SJ WIXXPIQIRX 8LI WSMP QIGLERMGW MRZSPZIH EVI
TMPIWSMPGETEGMX]FYXGEREJJIGXXLIWXVYGXYVEPGETEGMX]SJXLI FI]SRHXLIWGSTISJXLMWKYMHI8LIPSRKXIVQWIXXPIQIRXSJ
TMPIMJMXMW[IEOMRXIRWMSR E TMPIJSYRHEXMSR YRHIVWIVZMGI PSEHMRKMWRSX XLI WEQI EW
,IEZI GER XEOI TPEGI [LIR HVMZMRK TMPIW XLVSYKL YTTIV XLIWIXXPIQIRXSFWIVZIHMREWLSVXXIVQWXEXMGPSEHXIWXSRER
GSLIWMZI WSMPW XLEX HS RSX VIEHMP] GSQTVIWW SVGSRWSPMHEXI MRHMZMHYEPTMPI  
HYVMRK HVMZMRK 9RHIV WIZIVI GSRHMXMSRW LIEZI MW UYMXI
IZMHIRXJVSQXLIYT[EVHQSZIQIRXSJXLIKVSYRHWYVJEGI {+VSYTEGXMSRMRGSQTVIWWMSR
;LIR LIEZI GSRHMXMSRW I\MWX IPIZEXMSR GLIGOW WLSYPH FI 8LI FIEVMRK GETEGMX] SJ E TMPI KVSYT GSRWMWXMRK SJ IRH
XEOIR SR XLI XSTW SJ XLI HVMZIR TMPIW 7YGL PIZIP VIEHMRKW FIEVMRK TMPIW SV TMPIWHVMZIR MRXS KVERYPEV WXVEXEEX RSVQEP
GER FI XEOIR SR XLI XSTW SJ TMPI GEWMRKW XLEX GERRSX IPSR WTEGMRK   GER FI GSRWMHIVIH XS FI IUYEP XS XLI WYQ SJ
XLI FIEVMRK GETEGMXMIW SJ XLI MRHMZMHYEP TMPIW 8LI FIEVMRK
WLIPPW [MXL GSVVYKEXMSRW EPMKRIH WMQMPEVP] XS E WTMVEP VIMR GETEGMX] SJ E JVMGXMSR TMPI KVSYT MR GSLIWMZI WSMP WLSYPH
JSVGMRKLSST GLIGOPIZIPWWLSYPHFIQEHISRTMTIXIPPXEPIW FI GLIGOIH F] IZEPYEXMRK XLI WLIEV WXVIRKXL ERH FIEVMRK
FIEVMRKSRXLITMPIXMTWFIGEYWILIEZIXLEXGEYWIWSRP]WLIPP GETEGMX]SJXLIWSMPEWWYQMRKXLEXXLITMPIKVSYTMWWYTTSVXIH
WXVIXGLWLSYPHRSXEJJIGXXLITMPIGETEGMX] F] WLIEV VIWMWXERGI SR XLI TIVMTLIV] SJ XLI KVSYT ERH F]
,IEZI GER SJXIR FI PMQMXIH SV IZIR IPMQMREXIH F] TMPI IRHFIEVMRKSRXLIFEWIEVIESJXLIKVSYT8LIYWISJKVSYT
TVII\GEZEXMSR SV MRGVIEWMRK XLI TMPI WTEGMRK ;IX VSXEV] VIHYGXMSRJSVQYPEWFEWIHSRWTEGMRKERHRYQFIVSJTMPIWMW
TVII\GEZEXMSRQIXLSHWGEREPWSGEYWIKVSYRHLIEZIMJXLI RSXVIGSQQIRHIH
VIGMVGYPEXMSRTVIWWYVIWI\GIIHXLISZIVFYVHIRTVIWWYVI 6E]
IX EP   8LI WLIPPW JSV '-4 GSRGVIXI TMPIW WLSYPH FI {4MPIWTEGMRK
4MPI WTEGMRK MW QIEWYVIH JVSQ GIRXIV XS GIRXIV 8LI
FI]SRH XLI LIEZI VERKI '-7 GSRGVIXI TMPIW ERH WIGXMSREP QMRMQYQVIGSQQIRHIHWTEGMRKMWXLVIIXMQIWXLITMPIHMEQ
GSRGVIXITMPIWLEZMRKNSMRXWXLEXGERRSXXEOIXIRWMSRWLSYPH IXIVSV[MHXLEXXLIGYXSJJIPIZEXMSR7IZIVEPJEGXSVWWLSYPH
RSXFIYWIHYRHIVLIEZIGSRHMXMSRWYRPIWWTSWMXMZIQIEWYVIW FIGSRWMHIVIHMRIWXEFPMWLMRKTMPIWTEGMRK*SVI\EQTPIXLI
EVIXEOIRXSTVIZIRXLIEZI JSPPS[MRKGSRWMHIVEXMSRWQMKLXRIGIWWMXEXIERMRGVIEWIMRXLI
RSVQEPTMPIWTEGMRK
GSRGVIXITMPIWERHQSWXTVIGEWXGSRGVIXITMPIWGERFIVIHVMZIR E *SVTMPIWHIVMZMRKXLIMVTVMRGMTEPWYTTSVXJVSQJVMGXMSR
XSGSQTIRWEXIJSVLIEZI'-7GSRGVIXITMPIWGSRXEMRMRKJYPP

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

{%\MEPPSEHHMWXVMFYXMSR
XSVIHYGIMRXIVJIVIRGI[MXLEHNEGIRXTMPIW %\MEP PSEH HMWXVMFYXMSR MRGPYHIW FSXL VEXI SJ XVERWJIV SJ
G  *SV '-7 GSRGVIXI TMPIW [LIVI TMPI MRWXEPPEXMSR GSYPH PSEHJVSQXLITMPIXSXLIWSMPERHHMWXVMFYXMSRSJPSEHFIX[IIR
HEQEKIEHNEGIRXYRWIXGSRGVIXIWLEJXW JVMGXMSR ERH IRH FIEVMRK WSMPVIWMWXERGI HMWXVMFYXMSR  8LI
H *SVTMPIWGEVV]MRKZIV]LMKLPSEHW HMWXVMFYXMSR SJ PSEH GER FI ETTVS\MQEXIH F] XLISVIXMGEP
I *SVTMPIWXLEXEVIHVMZIRMRSFWXVYGXIHKVSYRH EREP]WMWF]WTIGMEPPSEHXIWXQIXLSHWSVF]TVSTIVP]MRWXVY
J ;LIVIKVSYTGETEGMX]KSZIVRW QIRXIHPSEHXIWXTMPIW%R]XLISVIXMGEPEREP]WMWSJHMWXVMFY
K  ;LIVI TEWWMZI WSMP TVIWWYVIW EVI GSRWMHIVIH E QENSV XMSRSJPSEHFIX[IIRTMPIERHWSMPWLSYPHXEOIMRXSEGGSYRXEPP
JEGXSVMRHIZIPSTMRKTMPIPEXIVEPPSEHGETEGMX] XLIJEGXSVWWYGLEWX]TISJWSMPERHWSMPTVSTIVXMIWZIVXMGEP
L ;LIVII\GIWWMZIKVSYRHLIEZIQE]SGGYV EVVERKIQIRX ERH XLMGORIWW SJ WSMP WXVEXE KVSYT FILEZMSV
M ;LIVIXLIVIMWEQM\XYVISJZIVXMGEPERHFEXXIVTMPIW X]TI SJ TMPI MRGPYHMRK TMPI QEXIVMEP WYVJEGI XI\XYVI ERH
WLETI ERHIJJIGXWSJXMQI
7TIGMEPMRWXEPPEXMSRQIXLSHWGERFIYWIHEWEREPXIVREXMZI 8LIJYPPHIWMKRPSEHGERFIGSRWMHIVIHXSEGXSRXLITMPI
XSMRGVIEWMRKTMPIWTEGMRK*SVI\EQTPITVIHVMPPMRKMR'EWIW HS[RXSXLIWYVJEGISJXLIWSMPPE]IVXLEXTVSZMHIWTIVQERIRX
F I ERH L SV E WXEKKIVIH MRWXEPPEXMSR WIUYIRGI MR 'EWI G WYTTSVX&IPS[XLEXPIZIPXLIPSEHWETTPMIHXSXLITMPI[MPP
QMKLXFIYWIH'PSWIVWTEGMRKQMKLXFITIVQMXXIHJSVIRH FI HMWXVMFYXIH MRXS XLI WSMP EX VEXIW XLEX [MPP ZEV] [MXL XLI
FIEVMRK TMPIW MRWXEPPIH MR TVIHVMPPIH LSPIW 9RHIV WTIGMEP X]TISJWSMPX]TIERHWLETISJTMPIERHSXLIVJEGXSVW
GSRHMXMSRW XLI TMPI WTEGMRK QMKLX FI HIXIVQMRIH F] XLI
EZEMPEFPIGSRWXVYGXMSREVIE PSEHQE]FIXVERWJIVVIHJVSQXLITMPIXSXLIWSMPEPSRKXLEX
TSVXMSRSJXLITMPIIQFIHHIHMRWSMPXLEXTVSZMHIWTIVQERIRX
{0EXIVEPWYTTSVX PEXIVEPWYTTSVX;LIVIRIKEXMZIWOMRJVMGXMSRGSRHMXMSRWI\MWX
%PPWSMPWI\GITXI\XVIQIP]WSJXWSMPW WYPIWWXLERPF   XLI JYPP TMPI PSEH MRGPYHMRK XLI RIKEXMZI JVMGXMSR
JX PSEHWLSYPHFIGSRWMHIVIHXSEGXEXXLIXSTSJ XLIFIEVMRK
TVIZIRXXLIIQFIHHIHPIRKXLSJQSWXGSQQSRGSRGVIXITMPI WXVEXYQ(EZMWWSR  TVSZMHIWEREP]WIWERHGEWILMWXS
GVSWWWIGXMSRWJVSQFYGOPMRKYRHIVE\MEPPSEH-RI\XVIQIP] VMIWSJRIKEXMZIWOMRJVMGXMSRIJJIGXW
WSJXWSMPLS[IZIVZIV]WPIRHIVTMPIWIGXMSRWGERFYGOPI%PP
PEXIVEPP] YRWYTTSVXIH TSVXMSRW SJ TMPIW WLSYPH FI HIWMKRIH {0SRKXIVQTIVJSVQERGI
XS VIWMWX FYGOPMRK YRHIV EPP PSEHMRK GSRHMXMSRW ERH WLSYPH )ZIV] TMPI JSYRHEXMSR VITVIWIRXW ER MRXIVEGXMSR FIX[IIR
FIXVIEXIHEWGSPYQRWMRHIXIVQMRMRKIJJIGXMZIPIRKXLWERH XLI TMPIW ERH XLI WYFWYVJEGI QEXIVMEPW XLEX WYVVSYRH ERH
FYGOPMRKPSEHW YRHIVPMIXLIJSYRHEXMSR-RXLIHIWMKRSJTMPIJSYRHEXMSRWMX
MWMQTIVEXMZIXSGSRWMHIVXLIGLERKIWMRWYFWSMPGSRHMXMSRW
{&EXXIVTMPIW XLEX GER SGGYV SZIV XMQI ERH EHZIVWIP] EJJIGX XLI TIVJSV
&EXXIVTMPIWEVIGSQQSRP]YWIHXSVIWMWXPEVKILSVM^SRXEP QERGISJXLIJSYRHEXMSR8]TMGEPGSRWIUYIRGIWSJTSWWMFPI
JSVGIW SV XS MRGVIEWI XLI PEXIVEP VMKMHMX] SJ XLI JSYRHEXMSR GLERKIWEVIPSRKXIVQGSRWSPMHEXMSRSJXLIWSMPXLEXWYVVSYRHW
YRHIV WYGL PSEHMRK ;LIR YWIH FEXXIV TMPIW XIRH XS VIWMWX SV YRHIVPMIW XLI TMPIW PEXIVEP HMWTPEGIQIRXW HYI XS YRFEP
QSWXMJRSXEPPSJXLILSVM^SRXEPPSEHMRK8LIHIWMKRWLSYPH ERGIHZIVXMGEPPSEHWSVI\GEZEXMSRWEHNEGIRXXSXLIJSYRHE

WIMWQMG JSVGIW VIUYMVIW I\XVIQI GEVI FIGEYWI XLIWI TMPIW KVSYRH[EXIVERHWGSYV-XMWWSQIXMQIWRIMXLIVTSWWMFPIRSV


VIWXVEMR PEXIVEP HMWTPEGIQIRX ERH QE] VIUYMVI YREXXEMREFPI TVEGXMGEPXSIZEPYEXIXLIIJJIGXWSJWYGLGLERKIWF]QIERWSJ
E\MEP HIJSVQEXMSR HYGXMPMX] ;LIR FEXXIV TMPIW EVI YWIH E TMPIPSEHXIWXW-RQER]MRWXERGIWNYHKQIRXHIGMWMSRWWLSYPH
GSQTPIXIWXVYGXYVEPEREP]WMWXLEXMRGPYHIWXLITMPIWTMPIGETW FIQEHIFEWIHSREGSQFMREXMSRSJXLISV]ERHI\TIVMIRGI
WXVYGXYVI ERH XLI WSMP MW RIGIWWEV] MJ XLI JSVGIW EVI XS FI 7SQI SJ XLIWI TSWWMFPI GLERKIW MR WYFWYVJEGI GSRHMXMSRW
TVSTIVP]EGGSYRXIHJSVMRGPYHMRKXLITSWWMFMPMX]SJXIRWMSR LS[IZIVEVIRSX TVIHMGXEFPIERHXLYWGERRSXFIIZEPYEXIH
HIZIPSTMRK MRWSQI TMPIW,VIRRMOSJJ  7EYP   EGGYVEXIP]F]XLIHIWMKRMRKIRKMRIIV
ERH6IIWIIXEP  LEZIVITSVXIHWYMXEFPIEREP]WIW  0SRKXIVQ GSRWSPMHEXMSR ERH RIKEXMZI WOMR JVMG
;LIR FEXXIV TMPIW EVI YWIH XSKIXLIV [MXL ZIVXMGEP TMPIW XMSR{-J TMPIW I\XIRH XLVSYKL WSJX GSQTVIWWMFPI GPE]W ERH
XLIHIWMKRSJXLIJSYRHEXMSRWXVYGXYVIWLSYPHGSRWMHIVXLEX
XLI FEXXIV TMPIW [MPP EGGITX E TSVXMSR SJ XLI ZIVXMGEP PSEH XLI YTTIV WXVEXE GER GEVV] WSQI TSVXMSR SJ E XIWX PSEH SV
8LIMRGPMREXMSR ERH TSWMXMSRSJ XLIFEXXIV TMPMRK WLSYPH FI [SVOMRK PSEH F] JVMGXMSR 8LI JVMGXMSREP GETEGMX] SJ XLIWI
WIPIGXIHWSXLEX[LIREPEXIVEPPSEHMWETTPMIHXLIVIWYPXERX GSQTVIWWMFPIYTTIVWXVEXEGSYPHFIXIQTSVEV]LS[IZIVERH
SJXLIPEXIVEPERHZIVXMGEPPSEHMRKWMWE\MEPERHXLIIJJIGXWSJ TVSPSRKIH PSEHMRK GER GEYWI GSRWSPMHEXMSR SJ XLIWI WSMPW
FIRHMRKQSQIRXWEVIOITXXSEQMRMQYQ&IRHMRKWXVIWWIW [MXLERMRGVIEWMRKTEVXSJXLIHIWMKRHIEHPSEHFIMRKGEVVMIH
HYIXSXLI[IMKLXSJXLITMPIMXWIPJWYGLEWXLSWIXLEXSGGYVJSV F]XLIYRHIVP]MRKFIEVMRKQEXIVMEP9RHIVWYGLGSRHMXMSRW
EPSRKJVIIWXERHMRKTSVXMSRSJEFEXXIVTMPIMRQEVMRIWXVYG XIQTSVEV] PMZI PSEHW QE] RSX LEZI E QENSV IJJIGX SR XLI
XYVIW WLSYPH FI XEOIR MRXS GSRWMHIVEXMSR ;LIVI RIKEXMZI PSEH HMWXVMFYXMSR %REP]WIW SJ PSRKXIVQ IJJIGXW WLSYPH FI
WOMRJVMGXMSRGERHIZIPST  XLI[IMKLXSJXLIWIXXPMRK
WSMPERHHVEKJSVGIWSRXLITMPIGERMRHYGIFSXLFIRHMRKERH MRJSVQEXMSREFSYXXLITVSNIGX
E\MEPPSEHWMRFEXXIVTMPIW

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

4SWWMFPI PSRKXIVQ WIXXPIQIRXW HYI XS XLI GSRWSPMHEXMSR XLITMPIW8LIHIWMKRSJTMPIJSYRHEXMSRWYRHIVWYGLGSRHM


SJGSQTVIWWMFPIWXVEXEPSGEXIHFIRIEXLSVIZIREXEGSRWMH XMSRWGEPPWJSVNYHKQIRXERHI\TIVMIRGIMREHHMXMSRXSXLIS
IVEFPIHITXLFIPS[XLITMPI XMTWLSYPHFI IZEPYEXIH7YGL VIXMGEP EREP]WMW FEWIH SR EHIUYEXI WYFWSMP HEXE -X QE] FI
WIXXPIQIRXWSJTMPIKVSYTWERHIRXMVIJSYRHEXMSRWGERRSXFI RIGIWWEV] XS HIZIPST XLI TMPI GETEGMX] [MXLMR WXVEXE FIPS[
IZEPYEXIHF]QIERWSJPSEHXIWXWEPSRI8LI]GERLS[IZIV XLSWIEJJIGXIHF]XLIZMFVEXMSRW
FIIWXMQEXIH[MXLEVIEWSREFPIHIKVIISJEGGYVEG]F]QIERW  +VSYRH[EXIV{8LI HIWMKR WLSYPH GSRWMHIV XLI
SJ ETTVSTVMEXI WSMP FSVMRKW WSMP WEQTPIW PEFSVEXSV] XIWXW
ERHWSMPQIGLERMGWXLISV] XIVQ TIVJSVQERGI SJ TMPI JSYRHEXMSRW 0S[IVMRK SJ XLI
(S[R[EVHQSZIQIRXSJXLIWSMP[MXLVIWTIGXXSXLITMPI KVSYRH[EXIVPIZIPGERGEYWIGSRWSPMHEXMSRSJWSJXGPE]ERH
VIWYPXMRK JVSQ GSRWSPMHEXMSR SJ WSJX YTTIV PE]IVW XLVSYKL TPEWXMGWMPX-JWYGLGSQTVIWWMFPIWXVEXEWYVVSYRHSVYRHIVPMI
[LMGLXLITMPII\XIRHWSVXLIWLVMROEKISJGIVXEMRX]TIWSJ XLITMPIWXLIRGSRWSPMHEXMSRGERVIWYPXMRRIKEXMZIWOMRJVMG
GPE] WSMPW [LIR XLI QSMWXYVI GSRXIRX HIGVIEWIW TVSHYGIW XMSR PSEHW   ERH WIXXPIQIRX SJ XLI JSYRHEXMSRW 3R
RIKEXMZI WOMR JVMGXMSR PSEHMRK SR XLI TMPI 'SRWSPMHEXMSR XLI SXLIV LERH E VMWI MR XLI KVSYRH[EXIV XEFPI MR PSIWWMEP
MW KIRIVEPP] GEYWIH F] ER EHHMXMSREP PSEH FIMRK ETTPMIH EX WSMPGERGEYWIWIXXPIQIRXSJJVMGXMSRTMPIJSYRHEXMSRWMJXLI]
EVIWYFNIGXIHXSZMFVEXMSRWSVWLSGOPSEHMRKW%PWSGIVXEMR
PS[IVMRK SJ XLI [EXIV XEFPI ERH GSRXMRYIW YRXMP E WXEXI SJ X]TIWSJGPE]WSMPWEVIWYFNIGXXSWLVMROMRKSVW[IPPMRKEWXLI
IUYMPMFVMYQMWVIEGLIHEKEMR9RHIVRIKEXMZIJVMGXMSRGSRHM QSMWXYVIGSRXIRXGLERKIW[LMGLGSYPHEHZIVWIP]EJJIGXXLI
XMSRWXLITSWMXMZIWOMRJVMGXMSRSZIVXLIYTTIVTSVXMSRSJXLI TMPIJSYRHEXMSRTIVJSVQERGI 9RHIVWYGLGSRHMXMSRW WXITW
TMPIWGERFIVIZIVWIHGSQTPIXIP]GEYWMRKRIKEXMZIWOMRJVMG WLSYPH FI XEOIR XS MWSPEXI XLI TMPI JVSQ XLI ^SRI SJ ZEVM
XMSR HS[RHVEK ERHERMRGVIEWIMRXLIXSXEPPSEHXLEX[MPPFI EFPI QSMWXYVI GSRXIRXERHHIZIPST XLI TMPI GETEGMX] MR XLI
GEVVMIHF]XLITMPIW8LIGVMXMGEPWIGXMSRSJXLITMPIGERFI WSMPWSJGSRWXERXQSMWXYVIGSRXIRXSVEWEREPXIVREXMZI[LEX
PSGEXIHEXXLIWYVJEGISJXLITIVQERIRXFIEVMRKWXVEXE8LI IZIVTVIGEYXMSRWEVIRIGIWWEV]WLSYPHFIXEOIRXSQEMRXEMR
QEKRMXYHI SJ XLMW PSEH MW PMQMXIH F] GIVXEMR JEGXSVW WYGL E JEMVP] GSRWXERX QSMWXYVI GSRXIRX MR XLI WSMPW -J W[IPPMRK
EWXLIWLIEVMRKVIWMWXERGIFIX[IIRXLITMPIWYVJEGIERHXLI SJXLIWSMPSGGYVWFIJSVIXLIJYPPPSEHMWSRXLITMPI SVJSV
WSMP XLI MRXIVREP WLIEV WXVIRKXL SJ XLI WSMP XLI TMPI WLETI PMKLXP]PSEHIHTMPIW MXQE]FIRIGIWWEV]XSTVSZMHIXIRWMSR
ERHXLIZSPYQISJWSMPEJJIGXMRKIEGLTMPI (EZMWWSR  VIMRJSVGIQIRXMRXLITMPI
-J WYFWSMP GSRHMXMSRW EVI SJ XLMW X]TI HEXE JVSQ PSEH XIWXW *SV TMPI JSYRHEXMSRW FIEVMRK MR WERH VEMWMRK XLI [EXIV
GSRHYGXIHSRTMPIWSJHMJJIVIRXPIRKXLTMPIWMRWXVYQIRXIHXS XEFPI VIWYPXW MR ER IJJIGXMZI WXVIWW HIGVIEWI ERH E GSVVI
VIZIEPEGXYEPPSEHHMWXVMFYXMSRSVTMPIWGEWIHSJJXLVSYKLXLI WTSRHMRKVIHYGXMSRMRTMPIFIEVMRKGETEGMX]8LMWTLIRSQ
GSRWSPMHEXMSR ^SRI XSKIXLIV [MXL XLI VIWYPXW SJ PEFSVEXSV] IRSR GSQQSRP] SGGYVW [LIVI TMPIW EVI HVMZIR MR E HIIT
XIWXWXLEXIZEPYEXIXLIWXVIWWWXVEMRTVSTIVXMIWSJXLIWYFWSMP I\GEZEXMSR[LIVIXIQTSVEV]HI[EXIVMRKLEWXEOIRTPEGI
GERFIYWIHXSHIXIVQMRIETTVSTVMEXIHIWMKRGVMXIVME  7GSYV{*SV TMPI JSYRHEXMSRW SJ FVMHKIW SV SXLIV
2IKEXMZI WOMR JVMGXMSR PSEHW WLSYPH FI GSRWMHIVIH [LIR WXVYGXYVIW SZIV [EXIV SV JSV WXVYGXYVIW EHNEGIRX XS [EXIV
IZEPYEXMRKFSXLXLIWSMPFIEVMRKGETEGMX]ERHXLITMPIWLEJX WYFNIGXXS[EZIEGXMSRXLEXQMKLXYRHIVQMRIXLIJSYRHEXMSR
WXVIRKXLVIUYMVIQIRXW  )ZEPYEXMSRSJTMPIPSEHXIWXW XLITSWWMFMPMX]SJWGSYVWLSYPHFIGSRWMHIVIHMRXLIHIWMKR
WLSYPH EGGSYRX JSV XLI TSWMXMZI JVMGXMSR HIZIPSTMRK HYVMRK ;LIVI YTTIV WSMP QEXIVMEPW GER FI VIQSZIH F] WGSYV XLI
XLI WLSVXXIVQ PSEHXIWX HYVEXMSR EW STTSWIH XS XLI RIKE TMPIW WLSYPH LEZI EHIUYEXI E\MEP ERH PEXIVEP GETEGMXMIW
XMZI JVMGXMSR XLEX HIZIPSTW EX PSRKXIVQ WIVZMGI GSRHMXMSRW
(EZMWWSR -REHHMXMSRXSE\MEPRIKEXMZIWOMRJVMGXMSR JSVXLIZEVMSYWPSEHMRKGSRHMXMSRW*YVXLIVQSVIXLEXTSVXMSR
PSEHWXLI[IMKLXSJXLIWIXXPMRKWSMPERHHVEKJSVGIWSRXLI SJ XLI TMPI I\XIRHMRK XLVSYKL XLI ^SRI SJ TSWWMFPI WGSYV
TMPIWMHIWGERMRHYGIFIRHMRKPSEHWMRFEXXIVTMPIW WLSYPHFIHIWMKRIHJSVPEXIVEPPSEHWERHFYGOPMRK  
 0EXIVEP HMWTPEGIQIRX{4MPI JSYRHEXMSRW JSV
VIXEMRMRK[EPPWERHEFYXQIRXWEW[IPPEWQER]SXLIVX]TIW {0EXIVEPGETEGMX]
SJWXVYGXYVIWGERFIEGXIHYTSRF]PEXIVEPJSVGIWHIZIPSTIH ,SVM^SRXEPERHIGGIRXVMGPSEHWGEYWIFIRHMRKWXVIWWIWMR
MR XLI WYFWSMP FIRIEXL XLI WXVYGXYVIW 7YGL HIITWIEXIH XLI TMPIW ERH EJJIGX XLI HMWXVMFYXMSR SJ XLI XSXEP E\MEP PSEH
PEXIVEP JSVGIW EKEMRWX TMPI JSYRHEXMSRW EVI GSQQSRP] HYI XSMRHMZMHYEPTMPIWMRXLIKVSYT0EXIVEPJSVGIWSRTMPIW[MPP
XSYRFEPERGIHZIVXMGEPPSEHWTVSHYGIHF]WYGLXLMRKWEWXLI HITIRH SR XLI IRZMVSRQIRX ERH JYRGXMSR SJ XLI WYTTSVXIH
 WXVYGXYVI ERH GER FI TVSHYGIH F] [MRH [EZIW FIVXLMRK
WYVIWGEYWIHF]EHNEGIRXI\GEZEXMSR-JXLIWYFWSMPGSRWMWXW ERHSVQSSVMRKSJWLMTWMGIEGXMSRIEVXLTVIWWYVIWWIMWQMG
SJ QEXIVMEP WYWGITXMFPI XS PSRKXIVQ PEXIVEP QSZIQIRXW EGXMSR SV QIGLERMGEP GEYWIW &EXXIV TMPIW EVI JVIUYIRXP]
HMWTPEGIQIRXW SJ TMPI JSYRHEXMSRW GER FI TVSKVIWWMZI ERH YWIHXSVIWMWXPEXIVEPPSEHW  
FIGSQIZIV]PEVKI1SVISZIVYRHIVWYGLGSRHMXMSRWTMPIW 8LIEFMPMX]SJZIVXMGEPTMPIWXSVIWMWXPEXIVEPPSEHWHITIRHW
SR
WLSYPHFIHIWMKRIHEGGSVHMRKP] 4MPIX]TIQEXIVMEPERHWXMJJRIWW
 :MFVEXMSRGSRWSPMHEXMSR{-JEJVMGXMSRTMPIJSYRHE 7YFWSMPGSRHMXMSRW
XMSR MR PSSWI KVERYPEV WSMP MW WYFNIGXIH XS I\GIWWMZI ZMFVE )QFIHQIRXSJTMPITMPIGETERHJSYRHEXMSR[EPPMRXLI
XMSRWYREGGITXEFPIWIXXPIQIRXWGERSGGYVEWEVIWYPXSJXLI WSMP

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

4MPIWTEGMRK ETTVS\MQEXI IZEPYEXMSR SJ WPIRHIVRIWW IJJIGXW  YRPIWW E


)\MWXIRGIERHQEKRMXYHISJE\MEPPSEHW
0EXIVEP PSEHMRK MW SJXIR VITIXMXMZI ERH MR WSQI GEWIW
VIZIVWMFPIMRHMVIGXMSR[LMGLGERPIEHXSERMRGVIEWIMRXLI WXIT MR XLI HIWMKR SJ E PEXIVEPP] PSEHIH TMPI EW MX TIVQMXW
NYHKMRK [LEX MJ ER] YRJEZSVEFPI GSRHMXMSRW I\MWX ERH MJ
WMRKPI G]GPI SJ PSEHMRK +VSYTIJJIGX PMQMXEXMSRW EVI QSVI
WIZIVI JSV PEXIVEPP] PSEHIH TMPIW XLER JSV XLSWI [MXL E\MEP 2SRHMQIRWMSREPWSPYXMSRWEVIEPWSZEPYEFPIXSSPWJSVIZEPY
PSEHWSRP] (EZMWWSRF 
0EXIVEPP] PSEHIH WLSVX ZIV] WXMJJ TMPIW GER JEMP MR E QSVIHIXEMPIHEREP]WIWEVIVIUYMVIHXSEGGSYRXJSVGSQTPI\
PEXIVEP WSMP FIEVMRK GETEGMX] QSHI F] VSXEXMRK XLVSYKL XLI ZEVMEXMSRW SJ XLI WYFKVEHI QSHYPYW [MXL HITXL ZEVMEXMSRW
WSMP (EZMWWSR ERH 4VEOEWL   1SWX JSYRHEXMSR TMPIW )-SJXLITMPIWLEJXEPSRKXLIPIRKXLSV
XLIRSRPMRIEVFILEZMSVSJXLILSVM^SRXEPWSMPVIEGXMSRW[MXL
XLEX XLI TMPI FIRHMRK QSQIRXW ERH WLIEVW MRHYGIH F] XLI
PEXIVEP PSEHW [MPP I\GIIH XLI WXVYGXYVEP WXVIRKXLSJ XLI TMPI
WLEJXFIJSVIVIEGLMRKEWSMPFIEVMRKGETEGMX]QSHI%PXLSYKL
PEXIVEPFIEVMRKGETEGMX]WLSYPHFIGLIGOIHXLIPEXIVEPHIWMKR
SJ JSYRHEXMSR TMPIW EVI QSWX X]TMGEPP] GSRXVSPPIH F] IMXLIV HIXIVQMRIH YWMRK RSRHMQIRWMSREP WSPYXMSRW MR ER MXIVEXMZI
XLIXSPIVEFPIPEXIVEPHMWTPEGIQIRXWSVXLIWXVYGXYVEPWXVIRKXL TVSGIHYVI 4VEOEWLERH7LEVQE 
SJXLITMPIWLEJX 'SRWMHIVEXMSRSJRSRPMRIEVWSMPFILEZMSVPIEHWXSRSRPMRIEV
-R IZEPYEXMRK XLI PEXIVEP GETEGMX] SJ ZIVXMGEP TMPIW XLI VIPEXMSRWLMTW FIX[IIR XLI ETTPMIH PSEHW ERH XLI VIWYPXMRK
WSMP VIWMWXERGI EKEMRWX XLI TMPI TMPI GET ERH JSYRHEXMSR QSQIRX ERH WLIEV HMWXVMFYXMSR EPSRK XLI TMPI 8LIVIJSVI
[EPPWWLSYPHFIGSRWMHIVIH7SMPVIWMWXERGIGERGSRXVMFYXI 
WYFWXERXMEPP]XSXLIPEXIVEPGETEGMX]SJETMPIKVSYTSVTMPIJSYR 
HEXMSRTVSZMHMRKXLEXXLIWSMPMWTVIWIRXJSVXLIPSEHMRKGSRHM XMSRWLMTW T] GYVZIW  ERH XLI GSRHMXMSRW [EVVERX XLI YWI
XMSRWYRHIVGSRWMHIVEXMSR8LITVIWIRGISJE\MEPGSQTVIWWMZI SJ RSRPMRIEVWSMP VIEGXMSRW XLI HMWXVMFYXMSR SJ XLI JEGXSVIH
PSEHW GER GSRXVMFYXI XS XLI TMPIvW PEXIVEP FIRHMRK  GETEGMX] QSQIRX ERH JEGXSVIH WLIEV EPSRK XLI TMPI E\MW WLSYPH FI
F]VIHYGMRKXIRWMSRWXVIWWIWGEYWIHF]FIRHMRKHYIXSPEXIVEP HIXIVQMRIH F] TIVJSVQMRK XLI EREP]WMW YWMRK XLI ETTPMIH
PSEHW (IWMKR QIXLSHW JSV PEXIVEP PSEHMRK SJ GSRGVIXI TMPIW JEGXSVIHLSVM^SRXEPPSEHWERHQSQIRXW
WLSYPHGSRWMHIVE\MEPPSEHW[LIXLIVGSQTVIWWMSRSVXIRWMSR 8LI QSWX JVIUYIRXP] VIGSQQIRHIH TVSGIHYVIW JSV IWXM
ERHPEXIVEPWSMPVIWMWXERGI-JPEXIVEPPSEHGETEGMX]MWGVMXMGEPMX QEXMRK XLI T] GYVZIW 6IIWI  3v2IMPP ERH 6IIWI
 [IVIHIZIPSTIHSRXLIFEWMWSJEJI[LIEZMP]MRWXVY
MRWIVZMGI PSEHMRK GSRHMXMSRW MRGPYHMRK XLI ZIVXMGEP HIEH QIRXIH PEXIVEPPSEH XIWXW SR WMRKPI ZIVXMGEP TMPIW 1EXPSGO
PSEHXLEXGSYPHFIGSRWMHIVIHTIVQERIRX%781( 'S\IXEP6IIWIIXEP6IIWIERH;IPGL
HMWGYWWIWTVSGIHYVIWJSVXIWXMRKTMPIWYRHIVPEXIVEPPSEHW  'SQTEVMWSRWSJTVIHMGXIHFILEZMSV[MXLPEXIVEPPSEH
*SVIZEPYEXMRKFIRHMRKERHWLIEVWXVIWWIWMRTMPIWHYIXS XIWXVIWYPXWEXSXLIVWMXIW 1YVGLMWSRERH3v2IMPP MPPYW
LSVM^SRXEPPSEHWQSQIRXWSVFSXLETTPMIHEXSVEFSZIXLI XVEXIXLIIQTMVMGEPREXYVISJXLIT]GYVZIETTVSEGLERHXLI
KVSYRHWYVJEGIXLIHMWXVMFYXMSRSJQSQIRXERHWLIEVJSVGIW YRGIVXEMRX]MRI\XVETSPEXMRKXLITVSGIHYVIWXSSXLIVWMXIWERH
WSMP X]TIW %TTPMGEXMSR SJ XLI TVSGIHYVIW VIUYMVIW GSRWMH
MRGPYHMRK XLI LSVM^SRXEP WYFKVEHI VIEGXMSR SJ XLI WSMP IVEFPI NYHKQIRX ERH E XLSVSYKL ORS[PIHKI SJ XLI WXVIWW
2SRHMQIRWMSREPWSPYXMSRWFEWIHSRXLIXLISV]SJEFIEQSR HIJSVQEXMSRXMQITVSTIVXMIWSJWSMPW 8IV^EKLMIXEP 
IPEWXMGJSYRHEXMSRW ,IXIR]M EVIEZEMPEFPIJSVEZEVMIX] 1IXLSHWSJQSHMJ]MRKXLIT]TVSGIHYVIWJSVKVSYTIJJIGXW
SJHMWXVMFYXMSRWSJLSVM^SRXEPWYFKVEHIQSHYPYW[MXLHITXL EVIMRIEVP]WXEKIWSJHIZIPSTQIRX[MXLXLIVIPEXMZIP]JI[
6IIWIERH1EXPSGO1EXPSGOERH6IIWI&VSQW XIWXWFIMRKVIWXVMGXIHXSWQEPPKVSYTW KIRIVEPP]RMRITMPIWSV
EF  (EZMWWSR F 2%:*%'  4VEOEWL PIWW ERHXSEWQEPPRYQFIVSJWMXIW
ERH 7LEVQE   8LI ZEPYI SJ XLI LSVM^SRXEP WYFKVEHI
QSHYPYWYWIHMRXLIEREP]WMWWLSYPHGSRWMHIVKVSYTIJJIGXW {9TPMJXGETEGMX]
)RKMRIIVWWLSYPHI\IVGMWIGEYXMSR[LIRETTP]MRKXIRWMSR
(EZMWWSRF0SRKERH:ERRIWXI  TMPI PSEH XIWX VIWYPXW XS XLI HIWMKR SJ XLI XIRWMSRVIWMWXMRK
TSVXMSRSJEWXVYGXYVI&IGEYWISJXLIREXYVISJXIRWMSRXIWX
)-GERFIXEOIREWXLIGEPGYPEXIH)-KJSVXLIKVSWWWIGXMSR
YRPIWW XLI LSVM^SRXEP PSEHW ERH QSQIRXW [LIR EGXMRK SJETMPIXSEHLIVIXSXLIWSMP-RWIVZMGILS[IZIVXLIXIRWMSR
GETEGMX]MWPMQMXIHXSLS[QYGLWSMP[IMKLX FYS]ERX[IMKLX 
XLITMPIGERTMGOYT[MXLSYXI\GIIHMRKXLIEHLIWMSRXSXLI
XLIQEKRMXYHISJXLIETTPMIHLSVM^SRXEPPSEHWERHQSQIRXW TMPI 8LIVIJSVI XLI KISQIXVMG GLEVEGXIVMWXMGW TMPI PIRKXL
WLETIERHWTEGMRK SJXLITMPIWSMPW]WXIQEPWSGSQIMRXSTPE]
 *SVERMRXIVMSVTMPIMREKVSYTSJTMPIWXLIYPXMQEXITMPI
HERGI[MXLXLIVIGSQQIRHEXMSRWSJ%'-7IGXMSR XIRWMSRGETEGMX]MWPMQMXIHXSXLIFYS]ERX[IMKLXSJXLIWSMP
IJJIGXMZI QSQIRX SJ MRIVXME  SV 7IGXMSRW  ERH 

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

TMPIPIRKXL)\XIVMSVTMPIWMREKVSYTSJTMPIWGEREXXEGLXS GPIEVP]QEVOIHWSXLEXEPPWXVIWWIWEVI[MXLMRXLIEPPS[EFPI
QSVI WSMP FYX RS KIRIVEP EKVIIQIRX I\MWXW EX XLMW XMQI SR PMQMXWERHGVEGOMRKHSIWRSXSGGYV VIJIVXS  ERH
XLIEQSYRX  
-R WYQQEV] XLI XIRWMSR GETEGMX] JSV E JSYRHEXMSR MW  (VMZMRK WXVIWWIW{(VMZMRK WXVIWWIW EVI GSQTPI\
PMQMXIH F]FSXL XLI EHLIWMSR XS XLI TMPIHIZIPSTIH JVSQ E
PSEH XIWX ERH XLI EQSYRX SJ WSMP FYS]ERX [IMKLX EZEMPEFPI XLI VIUYMVIH HVMZMRK VIWMWXERGI XLI X]TI ERH STIVEXMSR SJ
XSVIWMWXXIRWMSR8LIPS[IVGETEGMX]MRHMGEXIHJSVXLIWIX[S XLIHVMZMRKIUYMTQIRXYWIHERHXLIQIXLSHSJMRWXEPPEXMSR
PMQMXWMWYWIH &SXLGSQTVIWWMZIERHXIRWMPIWXVIWWIWSGGYVHYVMRKHVMZMRK
ERHGERI\GIIHXLI]MIPHSVXIRWMPIGVEGOMRKWXVIRKXLWSJXLI
',%48)6{7869'896%0()7-+2 TMPIQEXIVMEP(]REQMGGSQTVIWWMZIWXVIWWIWHYVMRKHVMZMRK
'327-()6%8-327 EVIYWYEPP]GSRWMHIVEFP]LMKLIVXLERXLIWXEXMGGSQTVIWWMZI
WXVIWWIWVIWYPXMRKJVSQXLIWIVZMGIPSEH
{+IRIVEP 8LI HIWMKR SJ XLI TMPI ERH XLI HVMZMRK W]WXIQ WLSYPH
8LMW GLETXIV HIEPW TVMQEVMP] [MXL MWWYIW XLEX WLSYPH FI TVSZMHI EHIUYEXI WXVYGXYVEP WXVIRKXL XS VIWMWX XLI I\TIGXIH
GSRWMHIVIH [LIR EHHVIWWMRK XLI WXVYGXYVEP HIWMKR VIUYMVI HVMZMRKWXVIWWIW[MXLSYXHEQEKMRKXLITMPI+IRIVEPP]XLIWI
QIRXWJSVTMPIWEPXLSYKLXLIHMWGYWWMSRSJPSEHWMRMWEPWS MRWXEPPEXMSRWXVIWWIWGERFIIZEPYEXIHHYVMRKHIWMKRF][EZI
SJMRXIVIWX[LIRIZEPYEXMRKXLIKISXIGLRMGEPGETEGMX]SJXLI IUYEXMSR EREP]WMW   (YVMRK GSRWXVYGXMSR H]REQMG
TMPIW 8LI VIGSQQIRHEXMSRW MR XLMW GLETXIV HIEP TVMQEVMP] QIEWYVIQIRXWGEREPWSTVSZMHIYWIJYPMRJSVQEXMSRJSVIZEP
[MXLRSRWIMWQMGPSEHMRK7IMWQMGHIWMKRGSRWMHIVEXMSRWEVI YEXMRKHVMZMRKWXVIWWIW  
TVIWIRXIHMR'LETXIV  8IRWMPI ERH WLIEV WXVIWWIW{4MPIW EVI WSQIXMQIW
WYFNIGXIHXSXIQTSVEV]E\MEPXIRWMPIWXVIWWIWVIWYPXMRKJVSQ
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4VIWXVIWWIHTMPIWEVIWYFNIGXXSWIVZMGIEFMPMX]GLIGOWETTPMIH ERHTIEX
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6 O F
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0W !8 [LIVI RL G
4VEOEWL ERH 7LEVQE   WLSYPH FI GSRWMHIVIH YRWYT
TSVXIHERHFIHIWMKRIHEWEGSPYQRXSVIWMWXFYGOPMRKYRHIV
XLIMQTSWIHPSEHW VIJIVXS 8LIIJJIGXWSJPIRKXLSRXLI 8LI XSXEP PIRKXL SJ XLI TSVXMSR SJ XLI TMPI IQFIHHIH MR
WXVIRKXLSJTMPIWWLSYPHFIXEOIRMRXSEGGSYRXMREGGSVHERGI XLIWSMPWLSYPHFIPSRKIVXLER6 6 SV8JSVXLMWEREP]WMWXS
8
[MXL%'-7IGXMSRWERH;LIVIEW FI ZEPMH SXLIV[MWI E QSVI HIXEMPIH EREP]WMW MW VIUYMVIH
ERHSJ%'-KMZIERETTVS\MQEXIQIXLSHWYMX *YVXLIVQSVI XLIYRWYTTSVXIH PIRKXL EFSZIKVSYRH WLSYPH
EFPIJSV// YVV HIWGVMFIWXLIVIUYMVIQIRXWJSV FIKVIEXIVXLER6 XLEXMW
6 0Y"6 SV
6 8
8 XLEXMW 0Y " 8 JSV
8
EVEXMSREPEREP]WMWSJXLIIJJIGXWSJPIRKXL )U F ERH G XSFIZEPMH-RQSWXTVEGXMGEPGEWIW
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XLIYRWYTTSVXIHWXVYGXYVEPTMPIPIRKXL YF]XLIETTVSTVMEXI XLER6SV
6 8*SVGEWIW[LIVIXLI
8 0YZEPYIHSIWRSXWEXMWJ]
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O WY -XMW
8LIYRWYTTSVXIHTSVXMSRSJEJSYRHEXMSRTMPIMWERI\XIR EWWYQIHXSFIGSRWXERX[MXLHITXLJSVTVIPSEHIHGPE]ERHXS
WMSRSJXLIPEXIVEPP]WYTTSVXIHTSVXMSR[LMGLGERFIWIZIVEP ZEV][MXLHITXLJSVRSVQEPP]PSEHIHGPE]8LIZEPYISJXLI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

RLJSVRSVQEPP] 8EFPIF{:EPYIWSJRL
PSEHIH GPE] MW IUYEP XS O HMZMHIH F] XLI HITXL ERH GER FI RL
7SMPX]TI PFMR O2Q
XLISVMKMR JSVXLIXSTXSJX XSQ SRXLIOZIVWYW 
7ERH ERHMRSVKERMGWMPX
HITXL TPSX (EZMWWSRF  6ITVIWIRXEXMZI ZEPYIW SJ XLI 0SSWI  
RL JSV SXLIV 1IHMYQ  
WSMPWEVIWLS[RMR8EFPIF8LIWIZEPYIWEPWSETTP]XS (IRWI  
WYFQIVKIHWSMPW 3VKERMGWMPX XS XS
 4MPIW MR XVIWXPIW{*SV TMPIW WYTTSVXMRK XVIWXPIW SV 4IEX  
QEVMRIWXVYGXYVIWXLEXGSYPHSGGEWMSREPP]VIGIMZIPEVKISZIV
PSEHW XLI GETEGMXMIW HIXIVQMRIH SR XLI FEWMW SJ WXVIRKXL F]PEXIVEPPSEHXIWX (EZMWWSRF 
HIWMKR  SVXLIEPPS[EFPIWIVZMGIGETEGMXMIWHIXIVQMRIH
MR  WLSYPH FI VIHYGIH F]  TIVGIRX 8LI GETEGMX] MW
VIHYGIHJYVXLIVF]EVIHYGXMSRJEGXSVHITIRHMRKSRFSXLXLI WYFWXERXMEPP]YRHIVXLEXSJXLIPSEH
YVVEXMSERHXLILIEHERHIRHGSRHMXMSRW   7SQIXMQIW TMPIW HVMZIR SJJ SJ PSGEXMSR GER FI TYPPIH SV
TYWLIHFEGOMRXSTPERPSGEXMSRFYXXLMWTVEGXMGIMWRSXVIGSQ
{-RWXEPPEXMSRERHWIVZMGIGSRHMXMSRWEJJIGXMRK QIRHIH-JXLMWTVEGXMGIMWTIVQMXXIHXLIJSVGIYWIHXSQSZI
HIWMKR XLITMPIMRXSTVSTIVTSWMXMSRWLSYPHFIPMQMXIHERHGEVIJYPP]
7IZIVEPMRWXEPPEXMSRGSRHMXMSRWGEREJJIGXXLISZIVEPPTMPI GSRXVSPPIHEGGSVHMRKXSEPEXIVEPPSEHEREP]WMWGSRWMHIVMRKXLI
JSYRHEXMSR HIWMKR ERH XLI HIXIVQMREXMSR SJ TMPI GETEGMX] X]TIERHWM^ISJTMPIERHXLIWSMPGSRHMXMSRW8LMWMWIWTIGMEPP]
7SQISJXLIWIVIPEXIXSMRWXEPPEXMSRQIXLSHWIUYMTQIRXERH GVMXMGEP JSV TVIGEWX TMPIW YWIH JSV XVIWXPI WXVYGXYVIW [LIVI E
XIGLRMUYIW 'LETXIV 3XLIVWVIPEXIXSXLI WYFWSMP GSRHM PSRKQSQIRXEVQGERVIWYPXMRWXVYGXYVEPHEQEKIXSXLITMPI
IZIR[MXLVIPEXMZIP]PS[JSVGIW VIJIVXS 
XLIIRKMRIIVGERRSXEPPS[JSVEPPGSRXMRKIRGMIWMREHIWMKR  %\MEP EPMKRQIRX XSPIVERGIW{(IZMEXMSRW JVSQ
FYXQER]GERFITVSZMHIHJSVF]TVSTIVEREP]WMWSJWYFWSMP VIUYMVIHE\MEPEPMKRQIRXGERVIWYPXJVSQXLITMPIHVMZIRSJJ
 VIUYMVIHEPMKRQIRXFYX[MXLMXWE\MWVIQEMRMRKWXVEMKLXXLI
TMPIHVMZIR[MXLMXWE\MWRSXSREWXVEMKLXPMRIJVSQTMPILIEH
8LIIJJIGXW SJ ZEVMEXMSRW SJ TMPI LIEH TSWMXMSRW ERH TMPI XSXMTSVEGSQFMREXMSRSJXLIWIX[S[MXLXLITMPIFIRXERH
EPMKRQIRXSRTMPIPSEHWERHTMPIWXVIRKXLWLSYPHFIMRGSVTS XLIXMTSJJMXWTPERPSGEXMSR(IZMEXMSRWJVSQEWXVEMKLXPMRI
VEXIHMRXLITMPIHIWMKR8LIWIPIGXMSRSJXSPIVERGIWJSVMRGSV E\MWGERXEOIXLIJSVQSJEPSRKW[IITMRKFIRHSVEWLEVT
FIRHGEPPIHEHSKPIK
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QIRX [LIXLIV ZIVXMGEP SV FEXXIVIH WLSYPH FI [MXLMR XLI
WYFWYVJEGIGSRHMXMSRWERHXLIMVTSXIRXMEPIGSRSQMGEPMQTEGX JSPPS[MRKXSPIVERGIW
EW[IPPEWXLIMVIJJIGXWSRXLITMPIHIWMKR 8[S TIVGIRX SJ XLI TMPI PIRKXL JSV IQFIHHIH TMPIW
 4MPILIEH PSGEXMSR XSPIVERGIW{7SQI XSPIVERGI HVMZIRXLVSYKLWERH]WSMPWSVWSJXGPE]W
WLSYPH FI EPPS[IHFIX[IIRXLI EWMRWXEPPIH TSWMXMSR SJ XLI *SYV TIVGIRX SJ XLI TMPI PIRKXL JSV IQFIHHIH TMPIW
TMPILIEHERHXLIHIWMKRPSGEXMSR(IZMEXMSRWJVSQXLITPER 
TMPILIEHPSGEXMSRWGERFIGEYWIHF]WYVZI]IVVSVWMREGGY XIRG] FSYPHIVVMHHIR WSMPW SV FEXXIV TMPIW HVMZIR MRXS
VEXITSWMXMSRMRKSJXLITMPISZIVMXWPSGEXMSRWXEOIIUYMTQIRX KVEZIP
MREHIUYEXIXSLSPHXLITMPISRPSGEXMSRXLITMPIHVMJXMRKSJJ % QE\MQYQ SJ  TIVGIRX SJ XLI XSXEP TMPI PIRKXL MR
PSGEXMSR HYI XS YRHIVKVSYRH SFWXVYGXMSRW SV WPSTMRK LEVH QEVMRIWXVYGXYVIW
WSMPWXVEXEQMWEPMKRQIRXSJTMPIWHVMZIRXLVSYKLSZIVFYVHIR 4MPIWHVMZIRSYXWMHISJXLIWIXSPIVERGIWWLSYPHFIVIZMI[IH
SVF]KIRIVEPKVSYRHQSZIQIRXWEJXIVXLITMPIWLEZIFIIR F]XLIIRKMRIIV8LIVIZMI[WLSYPHMRGPYHIGSRWMHIVEXMSRSJ
HVMZIRGEYWIHF]IQFEROQIRXTVIWWYVIWGSRWXVYGXMSRSTIV LSVM^SRXEPJSVGIWERHMRXIVJIVIRGI[MXLSXLIVTMPIWERHQE]
EXMSRWSVSXLIVWYVGLEVKIPSEHW VIUYMVIVIZMI[SJXLITMPIGET
8LIHIZMEXMSRXLEXWLSYPHFIEPPS[IHZEVMIW[MXLXLITMPI *SVE\MEPHIZMEXMSRWJVSQEWXVEMKLXPMRI FIRXTMPIW XLI
PSEH ERH KVSYT WM^I % WQEPPIV XSPIVERGI MW VIUYMVIH JSV E EPPS[EFPIXSPIVERGIGSYPHVERKIJVSQXSTIVGIRXSJXLI
WMRKPITMPIGEVV]MRKEZIV]LMKLPSEH%PEVKIVXSPIVERGIGER TMPI PIRKXL HITIRHMRK SR WYFWSMP GSRHMXMSRW ERH X]TI SJ
FIEPPS[IHJSVEPEVKIKVSYTSJTMPIWYRHIVEWXVYGXYVEPQEX FIRH [LMGL GSYPH FI WLEVT I\GPYHMRK FVIEOW MR XLI TMPI
%XSPIVERGISJMR QQ MRER]HMVIGXMSRMWVIEWSREFPI SV W[IITMRK FIRHW SJ ZEV]MRK VEHMM )\TIVMIRGI ERH PSEH
JSV RSVQEP TMPI YWEKI 1EVMRI [SVO ERH PEVKI TMPIW QE] XIWXW LEZI HIQSRWXVEXIH XLEX MR QSWX GEWIW XLI TEWWMZI
VIUYMVIPEVKIVXSPIVERGIW
+IRIVEPP] ER SZIVPSEH SJ  TIVGIRX SR E TMPI HYI XS FIRHMRKWXVIWWIWXLEX GERHIZIPST*SV WIZIVIP] FIRX TMPIW
HIZMEXMSRSJXLITMPIPSGEXMSRHSIWRSXVIUYMVIQSHMJ]MRKXLI XLI GETEGMX] GER FI EREP]^IH F] WSMP QIGLERMGW TVMRGMTPIW
TMPI GET SV KVSYT -J XLMW SZIVPSEH MW I\GIIHIH EHHMXMSREP SV GLIGOIH F] PSEH XIWX ;LIR E\MEP EPMKRQIRX GERRSX FI
TMPIWWLSYPHFIMRWXEPPIHERH[LIVIRIGIWWEV]XLITMPIGET EHIUYEXIP]QIEWYVIHJSVHVMZIRTMPIWXLIXSPIVERGIWWLSYPH
FIQSVIGSRWIVZEXMZI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

 'SVVSWMSR{8LI TMPI IRZMVSRQIRX WLSYPH FI GEVI WTPMGI WXVIRKXL SV FSRH GETEGMXMIW SJ IMXLIV XLI HS[IPW SV
JYPP] GLIGOIH JSV TSWWMFPI GSVVSWMSR SJ IMXLIV XLIGSRGVIXI XLITMPIVIMRJSVGIQIRX8LIFSRHTVSFPIQ[MPPFIIWTIGMEPP]
SVXLIPSEHFIEVMRKWXIIP'SVVSWMSRGERFIGEYWIHF]HMVIGX WIZIVIJSVTVIXIRWMSRIHTMPIWERHXLIHS[IPWWLSYPHI\XIRH
GLIQMGEP EXXEGO JVSQ WSMP MRHYWXVMEP [EWXIW SV SVKERMG XLIJYPPHIZIPSTQIRXPIRKXLSJXLIWXVERH

SVS\MHEXMSR WTPMGIWMRGPYHMRK
;LIR XLI TMPI MW IQFIHHIH MR REXYVEP WSMP HITSWMXW EW )RHWSJWIKQIRXWWLSYPHFITPERIERHTIVTIRHMGYPEVXS
XLITMPIE\MW
S\MHEXMSR MW KIRIVEPP] RSX TVSKVIWWMZI ERH JVIUYIRXP] ZIV] 7TPMGIWWLSYPHLEZIEGIRXIVMRKHIZMGI
QMRSV 8LI TVIWIRGI SJ GSVVSWMZI GLIQMGEPW SV HIWXVYG 7TPMGIWWLSYPHFIW]QQIXVMGEPEFSYXE\MWSJXLIQIQFIV
XMZI IPIGXVMG GYVVIRXW WLSYPH FI HIXIVQMRIH ERH XLI TVSTIV 0SGOMRKERHGSRRIGXMSRHIZMGIWWLSYPHFIHIWMKRIHERH
TVIGEYXMSRWXEOIR7SMPWERH[EXIV[MXLLMKLWYPJEXIGSRXIRXW MRWXEPPIHXSTVIZIRXHMWPSHKIQIRXHYVMRKHVMZMRK
VIUYMVI WTIGMEP TVIGEYXMSRW XS EHHVIWW HYVEFMPMX] VIJIV XS
'LETXIV  MR XLI WTPMGI VIKMSR (S[IP FEVW XLEX EVI IQFIHHIH MR XLI
9RHIVHIXVMQIRXEPGSVVSWMZIIRZMVSRQIRXWI\TSWIHPSEH TMPIEWTEVXSJXLIWTPMGIQIGLERMWQQE]RIIHXSLEZIWXEK
FIEVMRK WXIIP WLSYPH FI TVSXIGXIH F] GSEXMRKW GSRGVIXI KIVIHGYXSJJTSMRXWVEXLIVXLEREPPIRHMRKEXXLIWEQIWIGXMSR
IRGEWIQIRX SV GEXLSHMG TVSXIGXMSR 'SRGVIXI GER FI (S[IPWTPMGIWWLSYPHLEZISZIVWM^IHKVSYXLSPIWXSTIVQMX
TVSXIGXIH JVSQ GLIQMGEP EXXEGO F] YWMRK WTIGMEP GIQIRXW
ZIV] VMGL ERH HIRWI QM\XYVIW WTIGMEP GSEXMRKW ERH WSQI IMXLIVHVMPPIHSVGEWX
XMQIW F] YWMRK WXIIP IRGEWIQIRX *MFIVKPEWW NEGOIXW LEZI  7YFWSMP FILEZMSV EJJIGXMRK TMPI HIWMKR GETEGMX]{
EPWSFIIRYWIH4MPIWTPMGIWQE]VIUYMVIWTIGMEPXVIEXQIRXXS 8LIVIEVIWIZIVEPGSRHMXMSRWSJWSMPFILEZMSVXLEXGERHIZIPST
TVSZMHIEHIUYEXIGSVVSWMSRVIWMWXERGI HYVMRKSVWYFWIUYIRXXSTMPIMRWXEPPEXMSRXLEXGEREJJIGXXLI
 7TPMGIW{4VIGEWX TMPIW EVI YWYEPP] HIWMKRIH ERH WXVYGXYVEP TMPI GETEGMX] XLI KISXIGLRMGEP TMPI GETEGMX] SV
FSXL8LITSWWMFMPMX]SJXLIWITLIRSQIREWLSYPHFIVIGSK
RIIHIH MJ XLI PIRKXLW EVI QMWNYHKIH -R XLI GEWIW SJ ZIV] RM^IHF]XLIHIWMKRIV[LIRIWXEFPMWLMRKWYGLVIUYMVIQIRXW
PSRKTMPIWXLSWIPSRKIRSYKLXSQEOIQERYJEGXYVMRKXVERW EW X]TISJ TMPI TMPIPIRKXL VIMRJSVGMRKHIXEMPW MRWXEPPEXMSR
TVSGIHYVIWERHMRWTIGXMSRTVSGIHYVIW7SQISJXLIWIGSRHM
TEVXSJXLISVMKMREPHIWMKR7SQIWIGXMSREPTVIGEWXTMPIWLEZI XMSRWEVI
WXERHEVHWXSGOPIRKXLWERHWTPMGMRKMWETEVXSJXLIMVRSVQEP 7SMPVIPE\EXMSRERHJVII^I  
QERYJEGXYVIERHYWEKI7IGXMSREPTMPIWGEREPWSFIQERHEXIH
F]LIEHVSSQPMQMXEXMSRWEXXLITMPIPSGEXMSRWSVF]XLIPMQMXW TVSKVIWWIWXLEXPIEHWXSZEVMEXMSRWMRTMPIPIRKXLW 
SJXLIGSRXVEGXSVvWIUYMTQIRX8LIIRKMRIIVWLSYPHI\IVGMWI ERH 
GSRXVSPSZIVXLIYWISJSVRIIHJSVTMPIWTPMGIWXLVSYKLXLIMV 8IQTSVEV]PMUYIJEGXMSRSJWSMPWHYVMRKTMPIMRWXEPPEXMSR
 SVHYVMRKWIMWQMGIZIRXW  
VIUYMVIQIRXW  
7TPMGIW HVMZIR FIPS[ XLI KVSYRH WYVJEGI WLSYPH FI  )JJIGX SJ ZMFVEXMSR SR GSRGVIXI{8LMW MW YWYEPP] E
HIWMKRIHXSVIWMWXXLIHVMZMRKJSVGIWERHXLIWIVZMGIPSEHW[MXL GSRWMHIVEXMSR MR MRWXEPPMRK'-4 GSRGVIXI TMPIWYWMRK EWXIIP
XLIWEQIJEGXSVSJWEJIX]EWXLIFEWMGTMPIQEXIVMEP%FSZI GEWMRK SV WLIPP 4MPI MRWXEPPEXMSR MW HSRI MR X[S WITEVEXI
KVSYRHWTPMGIWERHFYMPXYTTMPIWIGXMSRWWLSYPHFIHIWMKRIH
XSHIZIPSTXLIVIUYMVIHTMPIWXVIRKXLJSVXLIMQTSWIHPSEHW 9WYEPP] XLI GSRGVIXMRK STIVEXMSR JSPPS[W GPSWIP] FILMRH
ERHEPWSHVMZMRKJSVGIWMJXLI]EVIXSFIHVMZIREJXIVWTPMGMRK XLIHVMZMRKTVSZMHIHXLEXXLIZMFVEXMSRWGEYWIHF]HVMZMRK
7TPMGIWQE]RIIHXSFIHIWMKRIHXSVIWMWXXLIJYPPGSQTVIW HS RSX HEQEKI XLI JVIWL GSRGVIXI 8IWXW LEZI MRHMGEXIH
WMSRFIRHMRKERHXIRWMSRWXVIRKXLSJXLIFSH]SJXLITMPI XLEX TMPIHVMZMRK ZMFVEXMSR HYVMRK XLI MRMXMEP WIXXMRK TIVMSH
8SVWMSREPWXVIRKXLGERFIEGSRWMHIVEXMSRMRWSQIGEWIW8LI SJGSRGVIXILEWRSHIXVMQIRXEPIJJIGXSRXLIWXVIRKXLSJXLI
TSXIRXMEPJSVGSVVSWMSRWLSYPHFIGSRWMHIVIH[LIRWIPIGXMRK TMPI &EWXMER 8LIQMRMQYQHMWXERGIFIX[IIRHVMZMRK

SV SXLIV TVSXIGXMZI QIERW QE] LEZI XS FI TVSZMHIH [LIR XSJX XSQ  (EZMWWSRF*YPPIV ;LIRE
XLITMPIWTPMGI[MPPFII\TSWIHXSWIE[EXIVSVSXLIVWIZIVI 
GSVVSWMSRLE^EVHW&VYGIERH,IFIVX EF +EQFPIERH XSV]MJSRISTIRTMPIVIQEMRWFIX[IIRXLIHVMZMRKSTIVEXMSR
&VYGI  ERH:IRYXM  VITSVXSRXLIFILEZMSVSJ ERHEGSRGVIXIHTMPISVMJXLIQMRMQYQHMWXERGIMWJX 
WIZIVEPHMJJIVIRXWTPMGIWERHHMWGYWWQER]SXLIVWTPMGIWXLEX Q [LMGLIZIVMWPIWW;LIRKVSYRHLIEZISVVIPE\EXMSRMW
QE]FIEZEMPEFPI SGGYVVMRK LS[IZIV XLI GSRGVIXMRK STIVEXMSR WLSYPH RSX
*SVXLIHIXEMPIHHIWMKRSJXLIWTPMGIWIZIVEPHMJJIVIRXGVMX FIGPSWIVXSTMPIHVMZMRKXLERXLILIEZIVERKISVXLIVERKI
MGEPWIGXMSRWERHHMJJIVIRXJEMPYVIQSHIWWLSYPHFIGSRWMH [MXLMR[LMGLVIHVMZMRKMWVIUYMVIH
IVIH *SV MRWXERGI MJ XLI WTPMGI MRZSPZIW HS[IPW MR ER] 8LIWIUYIRGISJMRWXEPPEXMSRSJ'-7GSRGVIXITMPIWWLSYPH
JSVQ XLIQSWXGVMXMGEPWIGXMSRGSYPHFIIMXLIVEXXLIIRHW FIGSRXVSPPIHXSTVIZIRXHEQEKIXSJVIWLP]TPEGIHGSRGVIXI
SJXLIWIGXMSRWFIMRKNSMRIHSVEXXLIIRHWSJXLIHS[IPFEVW F]XLIHVMZMRKSVHVMPPMRKSJEHNEGIRXTMPIW8LMWJVIUYIRXP]
8LIGETEGMX]GSYPHFIKSZIVRIHF]IMXLIVXLITMPIWXVIRKXL TVIGPYHIWXLIMRWXEPPEXMSRSJEHNEGIRXTMPMRKSRXLIWEQIHE]

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

EW E QIERWSJTVIZIRXMRKKVSYRH HMWTPEGIQIRXW XLEXGSYPH  6IMRJSVGIQIRX JSV TVIGEWX GSRGVIXI TMPIW{4MPI
LEVQXLIMQQEXYVIGSRGVIXI FIEQGSPYQRFILEZMSVMWHIXIVQMRIHXSEKVIEXI\XIRXF]
 &YVWXMRKSJLSPPS[GSVITVIWXVIWWIHTMPIW{-RXIVREP XLI VIMRJSVGIQIRX VEXMS % PMKLXP] VIMRJSVGIH WIGXMSR [MXL
VEHMEPTVIWWYVIWMRFSXLSTIRIRHIHERHGPSWIIRHIHLSPPS[ ETTVS\MQEXIP]TIVGIRXWXIIP[MPPLEZIETTVS\MQEXIP]XLI
TVIGEWXTMPIWPIEHXSXIRWMSRMRXLITMPI[EPPWERHGERGEYWI WEQI GVEGOMRK ERH ]MIPH QSQIRXW MQTP]MRK ER I\XVIQIP]
FYVWXMRKSJWYGLTMPIW8LIWIVEHMEPTVIWWYVIWGERVIWYPXJVSQ PEVKIVIHYGXMSRMRWXMJJRIWWEJXIVGVEGOMRKPIEHMRKXSMQQM
HVMZMRKSVMRWXEPPEXMSRGSRHMXMSRWWYGLEWYWISJMRXIVREPNIXW RIRXGSPPETWI%XTIVGIRXWXIIPXLI]MIPHQSQIRX[SYPH
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MRWXMJJRIWWEJXIVGVEGOMRKMWWXMPPMQTSVXERX%XTIVGIRX
YRHIVWIVZMGIGSRHMXMSRWWYGLEWKEWTVIWWYVIFYMPHYTJVSQ PSRKMXYHMREPWXIIPGSRXIRXXLI]MIPHQSQIRX[MPPFIXS
HIGSQTSWMXMSRSJGSVIJSVQQEXIVMEPWSVMGITVIWWYVIJVSQ  XMQIW XLI GVEGOMRK QSQIRX ERH XLI PSWW SJ WXMJJRIWW EX
JVII^MRK SJ JVII[EXIV MR XLI GSVI 8LI TSXIRXMEPIJJIGXW SJ GVEGOMRKMWPIWWMQTSVXERX4MPIW[MXLPIWW XLERTIVGIRX
WYGL MRXIVREP TVIWWYVIW WLSYPH FI IZEPYEXIH HYVMRK XLI WXIIP LEZI FIIR YWIH WYGGIWWJYPP] MR WSQI WSMP GSRHMXMSRW
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HVMZMRKXSEZSMHHEQEKIHYIXSI\GIWWMZIFIRHMRKWXVIWWIW
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GSRWMHIVEXMSRW XERX JSV E TMPI MR [LMGL GSPYQR PIRKXL IJJIGXW FIGSQI
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&IGEYWISJXLMWFILEZMSVXLIGSQQMXXIIVIGSQQIRHWVIMR
JSVGIHGSRGVIXITMPIWXLEXEVIHVMZIRXSXLIMVVIUYMVIHFIEVMRK
TMPIW EVI MRWXEPPIH MR EGGSVHERGI [MXL XLI SZIVEPP HIWMKR ZEPYIWLEZIEPSRKMXYHMREPWXIIPGVSWWWIGXMSREPEVIERSXPIWW
7SQI SJ XLIWI GSRWMHIVEXMSRW EVI GPSWIP] VIPEXIH XS MXIQW XLERTIVGIRXRSVQSVIXLERTIVGIRXSJXLIKVSWWGVSWW
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 4MPIHMQIRWMSRW{9WYEPP]XLIQMRMQYQEGGITXEFPI LERHPMRKHVMZMRKERHWIVZMGIPSEHGSRHMXMSRWXLIHIWMKRIV
HMEQIXIV SV WMHI HMQIRWMSR JSV HVMZIR TMPIW MW  MR  IPIGXW XS YWI PIWW XLER  TIVGIRX SJ KVSWW EVIE  PSRKMXY
QQ )\GITXJSVEYKIVMRNIGXIHTMPIWERHHVMPPIHERHKVSYXIH HMREPWXIIPWYGLYWIWLSYPHFIPMQMXIHXSRSRWIMWQMGEVIEW
TMPIWHVMPPIHTMPIWEVIYWYEPP]EQMRMQYQSJMR QQ  %X PIEWX WM\ PSRKMXYHMREP FEVW WLSYPH FI YWIH JSV VSYRH SV
HMEQIXIV FYX  MR  QQ  HMEQIXIV GEWIW LEZI FIIR SGXEKSREPTMPIWERHEXPIEWXJSYVFEVWJSVWUYEVITMPIW
VITSVXIH-JGSRWXVYGXMSRSVMRWTIGXMSRTIVWSRRIPEVIVIUYMVIH 0SRKMXYHMREP WXIIP WLSYPH FI IRGPSWIH [MXL WTMVEP VIMR
XSIRXIVXLIWLEJXLS[IZIVXLIHMEQIXIVWLSYPHFIEXPIEWX JSVGIQIRXSVIUYMZEPIRXLSSTW0EXIVEPWXIIPWLSYPHRSXFI
MR QQ  WQEPPIV XLER ; SV ( [MVI %781 %%1 
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E QERHVIP WLSYPH FI SJ EHIUYEXI WXVIRKXL ERH XLMGORIWW WTEGMRKWLSYPHFIGPSWIVEXIEGLIRHSJXLITMPI
XS [MXLWXERH XLI HVMZMRK WXVIWWIW ERH XVERWQMX XLI HVMZMRK  6IMRJSVGIQIRX JSV TVIGEWX TVIWXVIWWIH TMPIW{
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E[EZIIUYEXMSREREP]WMW4MPIWLIPPWHVMZIR[MXLEQERHVIP
WLSYPH FI SJ EHIUYEXI WXVIRKXL ERH XLMGORIWW XS QEMRXEMR TVIWXVIWWMRKWXIIPMRXLIJSVQSJLMKLXIRWMPI[MVIWXVERHSV
XLIGVSWWWIGXMSREPWLETIERHEPMKRQIRXSJXLITMPIEJXIVXLI FEVWLSYPHFIYWIHWSXLEXXLIIJJIGXMZITVIWXVIWWEJXIVPSWWIW
QERHVIPMW[MXLHVE[R
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GMIRX QMPH WXIIP VIMRJSVGIQIRX XS VIWMWX LERHPMRK WXVIWWIW
GEWMRKWWLSYPHFIEQMRMQYQSJMR QQ XLMGOERH FIJSVIWXVIWWMRK
LEZIEGVSWWWIGXMSREPEVIEIUYEPXSEXPIEWXTIVGIRXSJXLI *SVTVIXIRWMSRIHTMPIWXLIPSRKMXYHMREPTVIWXVIWWMRKWXIIP
KVSWWTMPIWIGXMSR WLSYPHFIIRGPSWIHMREWXIIPWTMVEP[MXLXLIQMRMQYQ[MVI
 6IMRJSVGIQIRX{6IMRJSVGIQIRX [MPP FI VIUYMVIH MR WM^IVERKMRKJVSQ;XS; (XS(  %781%
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FYXGERFIYWIHXSGEVV]ETSVXMSRSJXLIGSQTVIWWMZIPSEH WLSYPH LEZIEQE\MQYQ MR QQ  TMXGL[MXL GPSWIV
*SV FIRHMRK VIMRJSVGIQIRX GSRWMWXW SJ PSRKMXYHMREP FEVW WTEGMRKEXIEGLIRHSJXLITMPIERHWIZIVEPGPSWIXYVRWEXXLI
[MXLPEXIVEPXMIWSJLSSTWSVWTMVEPW;LIRVIUYMVIHJSVPSEH XMTERHTMPILIEH8LIGPSWIWTEGMRKWLSYPHI\XIRHSZIVEX
XVERWJIVXLIQEMRPSRKMXYHMREPFEVWEVII\XIRHIHMRXSXLITMPI PIEWXX[MGIXLIHMEQIXIVSVXLMGORIWWSJXLITMPIERHXLIJI[
GETSVHS[IPWEVIYWIHJSVXLITMPIXSGETGSRRIGXMSR XYVRWRIEVXLIIRHWEVISJXIREXMR QQ WTEGMRK
8LI I\XIRX SJ VIMRJSVGIQIRX VIUYMVIH EX ER] WIGXMSR SJ 3GGEWMSREPP] TVIWXVIWWIH TMPIW EVI HIWMKRIH ERH
XLI TMPI [MPP HITIRH SR XLI PSEHW ERH WXVIWWIW ETTPMIH XS GSRWXVYGXIH[MXLGSRZIRXMSREPVIMRJSVGIQIRXMREHHMXMSRXS
XLEXWIGXMSR ERH 0SRKMXYHMREPFEVWYWIHXSGEVV]E XLITVIWXVIWWMRKWXIIPXSMRGVIEWIXLIWXVYGXYVEPGETEGMX]ERH
TSVXMSRSJXLIE\MEPPSEHGERFIHMWGSRXMRYIHEPSRKXLITMPI HYGXMPMX]SJXLITMPI8LMWVIMRJSVGIQIRXVIHYGIWXLIWXVIWWIW
WLEJX[LIRRSPSRKIVVIUYMVIHFIGEYWISJPSEHXVERWJIVMRXS MRXLIGSRGVIXIERHWLSYPHFIXEOIRMRXSEGGSYRX
XLIWSMPFYXRSXQSVIXLERX[SFEVWWLSYPHFIWXSTTIHEXER]  )JJIGXMZI TVIWXVIWW{*SV TVIWXVIWWIH GSRGVIXI
SRITSMRXEPSRKXLITMPI TMPIW XLI IJJIGXMZI TVIWXVIWW EJXIV EPP PSWWIW WLSYPH RSX FI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

8EFPI{6IGSQQIRHIHGPIEVGSZIVJSV
TVIWXVIWW ZEPYIW  XS  TWM ? XS  14EA  EVI VIMRJSVGIQIRX
GSQQSRP] YWIH ERH QE] FI RIGIWWEV] XS GSRXVSP HVMZMRK 8]TIERHI\TSWYVI 1MRMQYQGSZIVMR QQ
WXVIWWIWMRWSQIWMXYEXMSRW6IJIVXS-XIQNJSVEHHM '-7TMPIW  
XMSREP GSQQIRXW SR XLI YWI SJ LMKLIV IJJIGXMZI TVIWXVIWW '-4TMPIW  
ZEPYIW 4VIGEWXVIMRJSVGIHTMPIW{RSVQEP
 
 6IMRJSVGIQIRXJSV'-4ERH'-7GSRGVIXITMPIW{ I\TSWYVI
)\GITX JSV TMTI ERH XYFI TMPIW SJ EHIUYEXI [EPP XLMGORIWW 4VIGEWXVIMRJSVGIHTMPIW{RSVQEPI\TSWYVI
 
XLEXEVIRSXWYFNIGXXSHIXVMQIRXEPGSVVSWMSRVIMRJSVGIQIRX FEVW2S 2S ERHWQEPPIV
MWVIUYMVIHMR'-4ERH'-7GSRGVIXITMPIWJSVER]YRWYTTSVXIH 4VIGEWXVIMRJSVGIHTMPIW{QEVMRII\TSWYVIj  
WIGXMSR SJ XLI TMPI ERH [LIR YTPMJX PSEHW EVI TVIWIRX 4VIGEWXTVIWXVIWWIHTMPIW{RSVQEPI\TSWYVI  
6IMRJSVGIQIRX[MPPEPWSFIVIUYMVIHJSVPEXIVEPPSEHMRKI\GITX 4VIGEWXTVIWXVIWWIHTMPIW{QEVMRI
 
JSV ZIV] WQEPP PEXIVEP PSEHW [LIVI XLI GSRGYVVIRX QMRMQYQ I\TSWYVIjk

%GSZIVSRXLIWTMVEPSJMR QQ JSVMR QQ HMEQIXIVTMPIWERH
MR QQ JSVMR QQ TMPIWLEZIFIIRWYGGIWWJYPP]YWIHJSVTVIGEWXTMPIWXLEX
EVIGEWXZIVXMGEPP]ERHMRXIVREPP]ZMFVEXIHJVSQXLIFSXXSQYTEWXLIGSRGVIXIMWTPEGIH
9RWYTTSVXIH WIGXMSRW WLSYPH FI HIWMKRIH MR EGGSVHERGI SVYWMRKWIPJGSRWSPMHEXMRKGSRGVIXI
[MXL  j
*SVQEVMRII\TSWYVIWVIJIVXS%'-7IGXMSR6 [LIRWIPIGXMRKGSRGVIXI
YWIHJSVXLIPSEHWERHWXVIWWIWXSFIVIWMWXIH QEXIVMEPWERHGSZIVZEPYIW
k
9TPMJX PSEHW GER FI TVSZMHIH JSV F] SRI SV QSVI PSRKM *SVTVIWXVIWWIHTMPIWYRHIVQEVMRII\TSWYVIXLIVIUYMVIHGSZIVGERVERKIJVSQXS
MR XSQQ *SVGIVXEMRX]TIWSJGIRXVMJYKEPP]GEWXTVIWXVIWWIHTSWXXIRWMSRIH
XYHMREP FEVW I\XIRHMRK XLVSYKL XLEX TSVXMSR SJ XLI TMPI TMPIWEGSZIVSJMR QQ LEWKMZIRWEXMWJEGXSV]WIVZMGIYRHIV]IEVWSJQEVMRI
WYFNIGXIHXSXIRWMPIWXVIWWIW*SVTMTISVXYFITMPIWHS[IPW I\TSWYVIMRXLI+YPJSJ1I\MGS 7RS[ %MR QQ GSZIVMWVIGSQQIRHIH
[IPHIH XS XLI WLIPP SV IQFIHHIH MR XLI GSRGVIXI XSKIXLIV SRP]MJWYGLTMPIWEVIQERYJEGXYVIHF]ETVSGIWWYWMRKRSWPYQTGSRGVIXIGSRXEMRMRKE
QMRMQYQSJPFSJGIQIRXTIV]H OKQ SJGSRGVIXI
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YTPMJXPSEHWJVSQXLIWXVYGXYVIXSXLITMPI  'SZIV JSV VIMRJSVGIQIRX{8LI QMRMQYQ VIGSQ
*SVPEXIVEPPSEHWXLITMPIWLSYPHFIHIWMKRIHERHVIMRJSVGIH QIRHIH GPIEV GSZIV JSV ER] TMPI VIMRJSVGIQIRX MW WYQQE
XS XEOI XLI PSEHW ERH WXVIWWIW MRZSPZIH [MXL GSRWMHIVEXMSR VM^IH MR 8EFPI  JSV ZEVMSYW TMPI X]TIW ERH I\TSWYVI
KMZIRXSXLIVIWMWXERGISJJIVIHF]XLIWSMPEKEMRWXXLITMPI GSRHMXMSRW
XLITMPIGETERHXLIJSYRHEXMSR[EPPWEW[IPPEWXLIIJJIGXSJ  'SRGVIXI JSV '-4 ERH '-7 GSRGVIXI TMPIW{8LI
GSQTVIWWMZIE\MEPPSEHW HIWMKRIVWLSYPHGSRWMHIVXLIJEGXSVWEJJIGXMRKGSRGVIXITPEGI
-RKIRIVEPXLIEQSYRXSJVIMRJSVGIQIRXVIUYMVIH[MPPFI
KSZIVRIH F] XLI PSEHW MRZSPZIH ERH XLI HIWMKR EREP]WMW XLMWOMRHSJ[SVO8LMWMRGPYHIWXLMRKWWYGLEWTVSTSVXMSRMRK
)\GITXJSVYTPMJXPSEHWRSXPIWWXLERJSYVPSRKMXYHMREPFEVW SJXLIGSRGVIXIXSKMZIEWPYQTMRXLIXSMR XS
WLSYPH FI YWIH 8LI I\XIRX SJ VIMRJSVGIQIRX FIPS[ XLI
ERHTPEGIQIRXQIXLSHW VIJIVXS ERH 
EREP]WIW  4MPIXSTMPIGETGSRRIGXMSRW{4MPIGETWEVIHIWMKRIH
*SVEYKIVKVSYXTMPIWXLIEHHMXMSRSJEGIRXVEPVIMRJSVGMRK XSVIWMWXXLIJEGXSVIHJSVGIW 
FEVI\XIRHMRKEXPIEWXJX Q MRXSXLITMPIMWVIGSQQIRHIH ERHHIZIPSTQIRXSJVIMRJSVGIQIRX'LETXIVSJ%'-
8LMWEHHWXSYKLRIWWXSVIWMWXEGGMHIRXEPFIRHMRKERHXIRWMSR
JSVGIWVIWYPXMRKJVSQSXLIVGSRWXVYGXMSREGXMZMXMIW VIJIVWXSSXLIVTEVXWSJ%'-JSVHIXEMPW*SVRSRWIMWQMG
 7XYFWMR TVIWXVIWWIH TMPIW{7XVYGXYVEP WXIIP WXYFW GEWIW [LIR XLI TMPI JSVGIW EVI TVMQEVMP] GSQTVIWWMZI XLI
SVWXMRKIVW EVIWSQIXMQIWYWIHEWI\XIRWMSRWJVSQXLIXMTW TMPIWEVIGSQQSRP]IQFIHHIHXSMR XSQQ MRXS
SJ TVIWXVIWWIH TMPIW 7XVYGXYVEP WXIIP WXYFW QSWX JVIUYIRXP] XLIFSXXSQSJXLIGETERHXLIVIMRJSVGMRKWXIIPQEXMWTPEGIH
GSRWMWXSJLIEZ],TMPIWIGXMSRWFYXSXLIVWXVYGXYVEPWLETIW MR QQ EFSZIXLIXSTWSJXLITMPIW8LITMPIGETMWQEHI
JEFVMGEXIHGVSWWIWWXIIPVEMPWERHPEVKIHMEQIXIVHS[IPWEVI
EPWSYWIH TIVLETW  MR  QQ  QMRMQYQ [MXL GSRWMHIVEXMSR SJ
7XYFW GER FI [IPHIH XS WXIIP TPEXIW [LMGL EVI MR XYVR XLITVSFEFPIXSPIVERGIWSRTMPIPSGEXMSRW8IWXHEXEGMXIHF]
ERGLSVIH XS XLI TMPI 8LI] EVI LS[IZIV QSWX JVIUYIRXP] 7SY^EIXEP  WYKKIWXXLEXXLIQMRMQYQPEXIVEPGSZIV
ERGLSVIH F] HMVIGX IQFIHQIRX SJ XLI WXYF MRXS XLI FSH] WLSYPHFIEXPIEWXXLITMPIHMEQIXIVSV[MHXL;LIRXLIGET
SJ XLITVIGEWX TMPI(IWMKRSJ XLIWXYF EXXEGLQIRXVIUYMVIW 
WTIGMEPEXXIRXMSRXSTVSZMHIJSVTVSTIVXVERWJIVSJXLIJSVGIW [LEXHIITIVTMPIIQFIHQIRXMRXLIGETQE]FIVIUYMVIHXS
FIX[IIRXLITVIWXVIWWIHTMPIERHXLIWXYF,IEZ]XVERWZIVWI EGGSQQSHEXIXLIXVERWJIVSJTMPILIEHQSQIRXWERHWLIEVW
XMIWSVWTMVEPVIMRJSVGIQIRXEVIRIIHIHEVSYRHXLIIQFIHHIH 4PEGIQIRXSJXLIPS[IVQEXVIMRJSVGIQIRXFIPS[XLITMPIXST

EVIWSQIXMQIWYWIHXSEMHMRFSRHHIZIPSTQIRX:IRXLSPIW 8LI '67- ,ERHFSSO   LEW FSXL HIWMKR XEFPIW ERH
MPPYWXVEXMSRW SJ X]TMGEP HIXEMPW 8LI %'- (IWMKR ,ERHFSSO
TIVQMXXLIIWGETISJEMVERH[EXIVERHXLIVIF]TIVQMXTVSTIV 74?7EEXGMSKPYA EPWSGSRWMHIVWTMPIGETW
GSRGVIXITPEGIQIRX VIJIVXS   ERH  )EVPMIV %'- 'SHIW SJXIR PIH XLI HIWMKRIV XS GSRWMHIV
HIITFIEQ FILEZMSV JSV XLI WLIEV HIWMKR FYX %'- 

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 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

PIEHWSRIXSWXVYXERHXMIQIXLSHWSJEREP]WMWERHHIWMKREW 2(8 QIXLSHWYWIWXLIMRXIVTVIXEXMSRSJIPIGXVSRMGWMKREPW


HIWGVMFIHMR%'-%TTIRHM\%%HIFEVIXEP   MRHYGIHF]PS[IRIVK]ERHPS[WXVEMRI\GMXEXMSRW
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GETWYWMRKWXVYXERHXMIGSRGITXW QIXLSHWERHERI\XIRWMZIFMFPMSKVETL]XS[LMGLXLIVIEHIV
7IGXMSRTVIWIRXWQSVIHMWGYWWMSRSJXLIHIWMKRERH MW VIJIVVIH JSV EHHMXMSREP XIGLRMGEP FEGOKVSYRH SR 2(8

XIRWMSR JSVGIW SV FSXL XLEX WLSYPH FIXVERWQMXXIH FIX[IIR QIXLSHWJSVHIITJSYRHEXMSRWERH%'-68EFPI


XLI TMPIW ERH TMPI GETW 8LEX WIGXMSR MW GSRGIVRIH [MXL WYQQEVM^IWXLIKIRIVEPEHZERXEKIWERHPMQMXEXMSRWSJWXVIWW
WIMWQMGIJJIGXWFYXXLIWEQIKIRIVEPQIXLSHWETTP]XSGEWIW [EZIQIXLSHWJSVHIITJSYRHEXMSRW8LIHIITJSYRHEXMSRW
[LIVI XLI QSQIRXW SV XIRWMSRW EVI KIRIVEXIH F] [MRH SV WYFGSQQMXXIISJ%781'SQQMXXII(LEWTVITEVIHWXER
SXLIVPEXIVEPJSVGIWSVF]PEVKIETTPMIHQSQIRXWJVSQHIEH HEVHXIWXQIXLSHWJSVXLITYPWIIGLSERHXVERWMIRXVIWTSRWI
ERHPMZIPSEHIJJIGXW QIXLSHW %781( ERHJSVXLIYPXVEWSRMGGVSWWLSPI
 4MPI MRXIKVMX] MRZIWXMKEXMSRW{%FRSVQEPMXMIW QIXLSH %781 (  6IJIV XS 'LIVREYWOEW  
HIJIGXW ERH HEQEKI XS GSRGVIXITMPI GVSWW WIGXMSRW GER JSVQSVIMRJSVQEXMSRSR2(8ERHIZEPYEXMSR
HIZIPST HYVMRKTMPI GSRWXVYGXMSR HYI XS MRWXEPPEXMSR TVSGI %PXLSYKLQYGLSJXLIGYVVIRXORS[PIHKISRYWMRK2(8
HYVIWKVSYRHGSRHMXMSRWSVFSXL4VIZMSYWP]MRWXEPPIHTMPIW JSVXLIMRZIWXMKEXMSRSJHIITJSYRHEXMSRWLEWFIIRHIVMZIH
GERFIHEQEKIHF]PEXIVEPSVYTPMJXJSVGIWMRHYGIHF]WYFWI JVSQXIWXTVSKVEQWSRHVMPPIHTMIVW[LMGLEVIKIRIVEPP]SJ
UYIRXRIEVF]GSRWXVYGXMSREGXMZMXMIW )RZMVSRQIRXEPGSRHM PEVKIV HMEQIXIV XLER XLI QIQFIVW GSZIVIH F] XLMW VITSVX
XMSRW GER EPWS PIEH XS GLERKIW MR TMPI WXVYGXYVEP TVSTIVXMIW VIJIVXS XLIKIRIVEPTVMRGMTPIWEVIWXMPPETTPMGEFPI
HYVMRKXLIMVWIVZMGIPMJIWYGLEW[LIRXLITMPIWEVII\TSWIH XS MRZIWXMKEXMSRW SJ MQTIVJIGXMSRW SV HEQEKI MR GSRGVIXI
XSWEPX[EXIVSVEKKVIWWMZIKVSYRH[EXIVGSRHMXMSRW8LITVIW TMPIW;MXLXLIMVPSRKPIRKXLWGSRGVIXITMPIWTVIWIRXWTIGMEP
IRGISJHIJIGXWERHHEQEKIMRGSRGVIXITMPIWGERMQTEGXFSXL TVSFPIQW JSV 2(8 QIXLSHW FEWIH SR IRIVK] XVERWQMWWMSR
XLIWXVYGXYVEPERHKISXIGLRMGEPEFMPMX]SJXLITMPIXSWYTTSVX
PSEH ;LIR HIJIGXW SV HEQEKI EVI WYWTIGXIH MX MW SJXIR I\GMXEXMSRW-RXIVJIVIRGISVRSMWIMRXLIWIIPIGXVSRMGWMKREPW
RIGIWWEV]XSMRZIWXMKEXIXLIREXYVISJXLIHIJIGXWSVHEQEKI [LMGLGSQTPMGEXI2(8MRXIVTVIXEXMSRGERVIWYPXJVSQTMPI
ERH EWWIWW XLIMV MQTEGX SR XLI WXVYGXYVEP ERH KISXIGLRMGEP WTPMGIWGEWMRKGSVVYKEXMSRWWXITWERHXETIVWERHTMPIVIMR
TIVJSVQERGISJXLIEJJIGXIHTMPIWWSXLEXETTVSTVMEXIVIQI JSVGIQIRX 1MRSV REXYVEP GVSWWWIGXMSREP EFRSVQEPMXMIW MR
HMEPQIEWYVIWMJRIGIWWEV]GERFIHIZIPSTIH '-7 TMPIW GER EPWS GSQTPMGEXI MRXIVTVIXEXMSR -R EHHMXMSR
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HIZIPSTQIRX SJ EFRSVQEPMXMIW SV HIJIGXW HYVMRK GSRWXVYG PIRKXLWXLEXGERFII\EQMRIHF]XLIZEVMSYWQIXLSHW
XMSRFIGEYWIGSRGVIXIMWTPEGIHMRHMVIGXGSRXEGX[MXLXLIWSMP 8LIOI]WXSQMRMQM^MRKXLIHIZIPSTQIRXSJMQTIVJIGXMSRW
ERHI\TSWYVIXSXLIKVSYRH[EXIVGSRHMXMSRW1SWX'-7TMPIW MRGSRGVIXITMPIWEVIXLIWIPIGXMSRSJTMPIX]TIWETTVSTVMEXIJSV
[MPP LEZI WSQI REXYVEP ZEVMEXMSRW MR GVSWWWIGXMSREP EVIE XLITEVXMGYPEVKVSYRHGSRHMXMSRWYWISJETTVSTVMEXIMRWXEPPE
EPSRKXLITMPIEWEVIWYPXSJXLIMRXIVEGXMSRSJXLIHVMPPMRKERH XMSRTVSGIHYVIWJSVXLITEVXMGYPEVTMPIX]TI 'LETXIV ERH
GSRGVIXITPEGIQIRXQIXLSHW[MXLXLIZEV]MRKKVSYRHGSRHM MQTPIQIRXMRK ER ETTVSTVMEXI TVSKVEQ JSV MRWTIGXMSR ERH
XMSRW'SRWXVYGXMSRHIJIGXWGEREPWSHIZIPSTMR'-4GSRGVIXI QSRMXSVMRKSJXLIQERYJEGXYVIERHMRWXEPPEXMSRSJGSRGVIXI
TMPIW [LIR XLI GEWMRKW EVI HEQEKIH HYVMRK MRWXEPPEXMSR SV TMPIW % TVSTIVP] QEMRXEMRIH PSK SJ GSRGVIXI TMPI MRWXEPPE
EWEVIWYPXSJMQTVSTIVGSRGVIXMRKTVSGIHYVIW8LITSXIRXMEP XMSR TVSZMHIW RSX SRP] MRJSVQEXMSR EFSYX XLI KISXIGLRMGEP
JSVHIZIPSTQIRXSJHIJIGXWMWMRGVIEWIHMRFSXL'-7ERH'-4
TMPIW[LIRXLIGSRGVIXIMWTPEGIHXLVSYKL[EXIVSVHVMPPMRK SJHVMZIRSVHVMPPIHTMPIW
 8IWXTVSKVEQWYWMRKZEVMSYW2(8QIXLSHWERHLMKLWXVEMR
QIRX'SRWXVYGXMSRHIJIGXWGEREPWSHIZIPSTMRTVIGEWXTMPIW QIXLSHWLEZIHIQSRWXVEXIHXLEXMRXIVTVIXEXMSRWSJMRXIKVMX]
 [LIRXLITMPIMRWXEPPEXMSRWXVIWWIWEVII\GIWWMZI XIWXMRK QIXLSHW GER VIWYPX MR JEPWI VIWYPXW ,SPI]QER IX
2YQIVSYWQIXLSHWLEZIFIIRHIZIPSTIHSZIVXLIPEWX EP7EQQERERH3v2IMPP1EGREFIXEP 
SVQSVI]IEVWXSEWWMWXMRMRZIWXMKEXMRKXLIREXYVIERHPSGE %PXLSYKL MRXIKVMX] XIWXW GER VIWYPX MR YWIJYP MRJSVQEXMSR
XMSRWSJHIJIGXWSVHEQEKIMRGSRGVIXITMPIW1SWXSJXLIWI XSEWWMWXMRERIZEPYEXMSRSJTMPIMRXIKVMX]XLIYWISJ2(8
QIXLSHWEVIFEWIHSRERMRXIVTVIXEXMSRSJIPIGXVSRMGWMKREPW HEXEEWXLIWSPIFEWMWSJIZEPYEXMSRMWRSXVIGSQQIRHIH-R
EHHMXMSR XS MRJSVQEXMSR TVSZMHIH F] TVSTIVP] HSGYQIRXIH
XS I\GMXEXMSRW %W RSXIH MR  XLI VIGSVHIH H]REQMG TMPI MRWXEPPEXMSR VIGSVHW ERH VIGSVHW SJ WYFWYVJEGI GSRHM
QIEWYVIQIRXWSJWXEMRERHEGGIPIVEXMSRHYVMRKTMPIHVMZMRK XMSRWSXLIVXIWXMRKWYGLEWGSVMRKLMKLWXVEMRXIWXMRKSVTMPI
SV HYVMRK VIWXVMOMRK SJ TVIZMSYWP] MRWXEPPIH TMPIW GER FI I\XVEGXMSRQE]EPWSFIVIUYMVIHXSIZEPYEXIXLI2(8VIWYPXW
I\EQMRIH JSVIZMHIRGISJGLERKIW MR TMPITVSTIVXMIW EPSRK ERHVIEGLER ETTVSTVMEXI GSRGPYWMSR SR TMPI MRXIKVMX] 8LI
XLITMPIPIRKXL4MPIHVMZMRKMRHYGIWLMKLWXVIWWIWERHWXVEMRW %7') HIIT JSYRHEXMSR GSQQMXXII 1EGREF IX EP  
MR TMPIW ERH MW KIRIVEPP] VIJIVVIH XS EW LMKLWXVEMR XIWXMRK XLI%781HIITJSYRHEXMSRGSQQMXXII %781( 
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EZEMPEFPI GSPPIGXMZIP] VIJIVVIH XS EW RSRHIWXVYGXMZI XIWXMRK VIEGLIHWMQMPEVGSRGPYWMSRW

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GER VIWYPX MR PEVKI 4+( 0EVKI 4+( GER EPWS VIWYPX JVSQ
{-RXVSHYGXMSR IEVXLUYEOIMRHYGIH KVSYRH WIXXPIQIRX PEXIVEP KVSYRH
8LMW GLETXIV JSGYWIW SRP] SR IEVXLUYEOIMRHYGIH PSEHMRKW 
SRTMPIW,S[IZIVH]REQMGPSEHWSRTMPIWGEREPWSFIMRMXMEXIH XMSRERHJVSQIEVXLUYEOIMRHYGIHPERHWPMHIW8+7QSXMSRW
F]WYTTSVXIHQEGLMRIV]F]STIVEXMSREPPSEHMRKWWYGLEWWLMT SGGYVEWIEVXLUYEOIMRHYGIHKVSYRHWXVIWW[EZIWTVSTEKEXI
MQTEGXW F] QERQEHI H]REQMG IZIRXW WYGL EW EGGMHIRXEP SV XLSYKLXLIIEVXLvWGVYWX
MRXIRXMSREPP]TPERRIHFPEWXWF]GSRWXVYGXMSREGXMZMXMIWERHF] (YVMRKERIEVXLUYEOITMPIWXIRHXSQSZI[MXLXLIIEVXLvW
SXLIVREXYVEPIZIRXWWYGLEW[MRHERH[EZIPSEHMRKW[LMGLEVI GVYWXERHEVIHMWXSVXIHMREQERRIVWMQMPEVXSXLIWYVVSYRHMRK
RSXGSZIVIHMRXLMWGLETXIV VIJIVXS  KVSYRH&SXLXLIWSMPQEWWTVSTIVXMIWERHXLITMPIQEXIVMEP
8LI FILEZMSV SJ TMPI JSYRHEXMSRW ERH XLIMV WYTTSVXIH
WXVYGXYVIWHYVMRKERIEVXLUYEOIMWEGSQTPI\WSMPTMPIWXVYG WXVYGXYVEP FILEZMSV SJ E TMPI YRHIV XLI IEVXLUYEOIMRHYGIH
KVSYRHHMWTPEGIQIRXWERHQSXMSRW-RXLIGEWISJXLIIEVXL
ERHHIJSVQEXMSRW XLITMPIWWLSYPHWYWXEMRERHFSXLKISXIGL UYEOIMRHYGIH4+(XLITMPIW[MPPIMXLIVI\TIVMIRGITIVQE
RMGEPERHWXVYGXYVEP EWTIGXW SJTMPIJSYRHEXMSRHIWMKR 8LI RIRX HMWXSVXMSRW PSGOIHMR TMPI PSEHW SV WXVEMRW  [LIR XLI
JSPPS[MRK WIGXMSRW TVIWIRX ER SZIVZMI[SJ WSQI IJJIGXW SJ TMPIQEXIVMEPWGEREGGSQQSHEXIXLIMRHYGIH4+(SVWXVYG
WIMWQMG EGXMZMX] SR TMPI JSYRHEXMSRW   SFWIVZEXMSRW SR XYVEP HEQEKI [LIR XLI MRHYGIH HMWTPEGIQIRXW EVI PEVKIV
WIMWQMGTMPI FILEZMSV   KISXIGLRMGEP ERH WXVYGXYVEP XLERXLI TMPIQEXIVMEPWGERWYWXEMR8SIZEPYEXIXLIIJJIGXW
HIWMKRGSRWMHIVEXMSRW  ERHWSQIGSQQIRXWSRWIMWQMG SJIEVXLUYEOIMRHYGIH4+(SRTMPIWMX[SYPHFIRIGIWWEV]
WXVYGXYVEPHIXEMPMRKVIUYMVIQIRXWJSVTMPIWMQTSWIHF]QSHIP XSMHIRXMJ]XLI4+(X]TI W PMOIP]XSHIZIPSTXLITSXIRXMEP
GSHIWJSVWIMWQMG^SRIW   QEKRMXYHISJXLIKVSYRHHMWTPEGIQIRXWERHXLITMPIWXVEMRW
7IMWQMGVMWOERHWIMWQMGHIWMKRVIUYMVIQIRXWLEZIFIIR ERH PSEHW XLEX [SYPH HIZIPST [LIR XLI IWXMQEXIH KVSYRH
HIWGVMFIH MR ZEVMSYW [E]W 8LI TVIZMSYW ZIVWMSR SJ XLMW HMWTPEGIQIRXWEVIMQTSWIHSRXLITMPIW8LIIJJIGXWSJXLIWI
VITSVX ERH %'- XLVSYKL XLI  ZIVWMSR VIJIVVIH XS 4+( EGXMSRW EVI WYTIVMQTSWIH SR XLI TMPI PSEHW JSV XLI
GEWIWSJQSHIVEXIERHLMKLWIMWQMGVMWO8LI9RMJSVQ WYTTSVXIH WXVYGXYVI ERH XLI IEVXLUYEOIMRHYGIH WXVYGXYVEP
&YMPHMRK 'SHI 9&'  WIMWQMG TVSZMWMSRW JSV JSYRHE PSEHMRKW
8LITVIJIVVIHHIWMKRETTVSEGLMWXSEZSMHZYPRIVEFPIEVIEW
 XLVSYKL   JSV XLI WMXI PSGEXMSR 8LI 9&' GSRXEMRIH RS [LIVI XLI PEVKI 4+(W EVI PMOIP] XS HIZIPST FIGEYWI IWXM
WTIGMEP WIMWQMG VIUYMVIQIRXW JSV TMPIW MR 7IMWQMG >SRIW  QEXMRKXLIQEKRMXYHISJIEVXLUYEOIMRHYGIH4+(MRZSPZIW
ERH  EPWS GEPPIH VIKMSRW SJ PS[ WIMWQMG VMWO  SV >SRI  GSRWMHIVEFPIYRGIVXEMRX]7SQIXMQIWMXMWTSWWMFPIXSQMRM
EPWSGEPPIHVIKMSRWSJQSHIVEXIWIMWQMGVMWO *SV>SRIW QM^I TMPI HEQEKI F] QSHMJ]MRK XLI KVSYRH GSRHMXMSRW F]
ERH EPWSGEPPIHVIKMSRWSJLMKLVMWO XLI9&'VIUYMVIH XEOMRK PMUYIJEGXMSR SV PERHWPMHI VIQIHMEP QIEWYVIW [LIR
WTIGMEP XVIEXQIRX SJ TMPIW EW [MPP FI HMWGYWWIH MR XLI EZSMHMRKWYGLEVIEWMWRSXTSWWMFPI
JSPPS[MRK %'-  HIJMRMXMSRW SJ WIMWQMG VMWO EVI MR 8+7 QSXMSRW HYVMRK IEVXLUYEOIW EPWS MRHYGI WXVEMRW MR
XIVQWSJ7IMWQMG(IWMKR'EXIKSVMIW 7(' %XLVSYKL*XS
FIGSRWMWXIRX[MXLXIVQMRSPSK]MR2),64 *)1%EF  
VITSVXWERHXLI-RXIVREXMSREP&YMPHMRK'SHI -&' YEXMSRSJXVERWMIRXKVSYRH[EZIIJJIGXWSRTMPIWVIUYMVIWER

FEWIH SR MXW WIMWQMG YWI KVSYT ERH WIZIVMX] SJ XLI HIWMKR JSVQSJXLIGVMXMGEP[EZIW WLIEVGSQTVIWWMSRERHWYVJEGI 
IEVXLUYEOIKVSYRHQSXMSRWJSVXLIWMXI7(' %ERH&EVI XLI ZIPSGMX] SJ XLI TVSTEKEXMRK [EZIW MR XLI WYVVSYRHMRK
PS[ WIMWQMG VMWO GEWIW VIUYMVMRK RS SV QMRMQEP WTIGMEP KVSYRHXLIKVSYRHWXVIRKXLERHXLIQEKRMXYHISJXLITIEO
GSRWMHIVEXMSRWJSVWIMWQMGTMPIHIWMKR7(''GSVVIWTSRHW KVSYRH QSXMSRW EGGIPIVEXMSRW ZIPSGMXMIW ERH HMWTPEGI
XSXLIJSVQIVQSHIVEXIWIMWQMGVMWOGEWI[LIVIEW7('() QIRXW ERHXLIMVEXXIRYEXMSR[MXLHMWXERGIJVSQXLIWSYVGI
ERH*GSVVIWTSRHXSXLIJSVQIVLMKLWIMWQMGVMWOGEWI7(' 8+7MRHYGIHTMPIWXVEMRWGERXLIRFIIWXMQEXIHF]MQTSWMRK
)ERH*EVIJSVWMXIW[MXLZIV]LMKLEGGIPIVEXMSRW QETTIH 
QE\MQYQ GSRWMHIVIH IEVXLUYEOI WTIGXVEP VIWTSRWI EGGIP QEXMSRSVF]YWMRKH]REQMGWSMPTMPIMRXIVEGXMSRTVSKVEQW
IVEXMSRWEXWIGSRHTIVMSHIUYEPXSSVKVIEXIVXLERK 
[MXL 7IMWQMG 9WI +VSYTW - ERH -- FIMRK EWWMKRIH XS 7(' WSMPTMPI MRXIVEGXMSRW [MXL XLI KVSYRH QSXMSRW 7IMWQMG
)ERH7IMWQMG9WI+VSYT---FIMRKEWWMKRIHXS7('*-R MRHYGIH TMPI QSXMSRW ERH KVSYRH QSXMSRW [LIVI XLI TMPI
GETW SV SXLIV JSYRHEXMSR IPIQIRXW EVI IQFIHHIH FIPS[
7('EVIYWIHFIGEYWIXLITMPIHIXEMPMRKTVSZMWMSRWSJWSQI XLI WYVJEGI I\GMXI XLI WYTTSVXIH WYTIVWXVYGXYVIW -RIVXMEP
QSHIP GSHIWSVKERM^EXMSRWERHVIWIEVGL TVIHEXIXLI7(' JSVGIW KIRIVEXIH F] XLI SWGMPPEXMRK WYTIVWXVYGXYVI TVSHYGI
H]REQMGJSVGIW E\MEPWLIEVERHQSQIRXW EXMXWFEWIXLEX
EVI XVERWQMXXIH XS XLI WYFWXVYGXYVI 8LI WYFWXVYGXYVI ERH
{+IRIVEPWIMWQMGMQTEGXWSRTMPIFILEZMSV MXW TMPMRK [MPP YRHIVKS EHHMXMSREP H]REQMG QSZIQIRXW EW
8LIHMWXSVXMSRWSJXLIIEVXLvWGVYWXHYVMRKERIEVXLUYEOI XLIWIMRIVXMEPJSVGIWEVIXVERWJIVVIHXSXLIWYTTSVXMRKWSMPW
GER KIRIVEPP] FI GEXIKSVM^IH EW IMXLIV TIVQERIRX KVSYRH 8LIWIX[SX]TIWSJVIWTSRWIEVIVIJIVVIHXSMRXLIPMXIVEXYVI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

EWOMRIQEXMGERHMRIVXMEPTMPIVIWTSRWIFILEZMSVSVPSEHW TVIWIRX E WMQTPI GSVVIGXMSR JEGXSV XS EHNYWX XLI QIEWYVIH


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EREP]WMW QIXLSHW ERH XLI OMRIQEXMG ERH MRIVXMEP VIWTSRWI XSRJX  /4E  XLEX LEW FIIR JSYRH XS QSHIPXLI ZEVMSYW
SJTMPIWYTTSVXIHWXVYGXYVIWERHEHIXEMPIHVIJIVIRGIPMWXEVI VIPEXMSRWLMTWTVSTSWIH 7IIHIXEP  7IIHERH,EVHIV
TVIWIRXIHF]+E^IXEWERH1]PSREOMW  8LIEREP]WIW 8IV^EKLMIXEP 8LI7IIHIXEP  ERH7IIH
EVI GSQTPI\ ERH XLI OMRIQEXMG ERH MRIVXMEP JSVGIW EVI RSX ERH,EVHIV  GSVVIPEXMSRWEVIFIX[IIRXLIG]GPMGWLIEV
KIRIVEPP]MRTLEWI VIWMWXERGIVEXMSXLIEHNYWXIHWXERHEVHTIRIXVEXMSRXIWXZEPYI
4MPIW LEZI XS FI GETEFPI SJ VIWMWXMRK XLI MQTSWIH 8+7 2  
OMRIQEXMG ERH MRIVXMEP JSVGIW ERH XVERWJIVVMRK XLIQ XS XLI XYHI 1SJJSVKIRIVEPP]PIZIPKVSYRHGSRHMXMSRW[LIVI
WYTTSVXMRKWSMP[MXLSYXHIZIPSTMRKHMWTPEGIQIRXWXLEX[SYPH XLIVIEVIRSMRMXMEPWXEXMGWLIEVWXVIWWIWMRXLIWSMP7IIHIX
FI MRXSPIVEFPI JSV XLI TEVXMGYPEV WXVYGXYVI %PP IPIQIRXW SJ EP  ERH7IIHERH,EVHIV  EPWSTVIWIRXTVIPMQM
XLI JSYRHEXMSR MRGPYHMRK XLI TMPI GETW SV SXLIV IPIQIRXW REV]GSVVIGXMSRJEGXSVWJSVEHNYWXMRKXLIGSVVIPEXMSRWXSSXLIV
GSRRIGXMRKXLITMPIWERHWXVYGXYVIEVIHIWMKRIHXSVIWMWXXLI IEVXLUYEOIQEKRMXYHIWERHXSGSRHMXMSRW[LIVIMRMXMEPWLIEV
OMRIQEXMG ERH MRIVXMEP JSVGIW TPYW ER] IJJIGXW SJ4+( XLEX WXVIWWIWEVITVIWIRX 8SOMQEXWY ERH 7IIH   TVIWIRX E
QMKLXHIZIPST QIXLSHSJIWXMQEXMRKWIXXPIQIRXWSJWERHWYRHIVIEVXLUYEOI
3FWIVZIH FILEZMSV SJ TMPIW HYVMRK IEVXLUYEOIW EW WLEOMRKJSVPIZIPKVSYRH
HMWGYWWIHMRXLIJSPPS[MRKWYKKIWXXLEXXLILMKLIWXHEQEKI 0MUYIJEGXMSR KIRIVEPP] HSIW RSX SGGYV FIPS[ E HITXL SJ
VEXIW EVI EWWSGMEXIH [MXL EVIEW [LIVI 4+( HIZIPST ETTVS\MQEXIP]JX Q SVEFSZIXSJX XSQ 
%PXLSYKLHEQEKIEWWSGMEXIH[MXLIEVXLUYEOIMRHYGIH8+7 0MUYIJEGXMSRSJWSMPWXVEXEGERPIEHXSEPSWWSJWSMPWXVIRKXL
GER FI PIWW MRXIRWI XLER 4+( 8+7 GER SGGYV SZIV PEVKI
EVIEW VIQSZIH JVSQ XLI JEYPX ^SRIW %FWIRX PEVKI 4+( WIXXPIQIRX SR PIZIP KVSYRH ERH WIXXPIQIRX TPYW PEXIVEP
XLI WXVYGXYVIMRHYGIH MRIVXME JSVGIW [MPP KIRIVEPP] GSRXVSP
WIMWQMGTMPIHIWMKRVEXLIVXLERXLI8+7MRHYGIHTMPIWXVEMRW PEXIVEPJVIIJEGIMWTVIWIRXWYGLEWRIEVGSEWXPMRIWEHNEGIRX
VMZIVFEROWSV EHNEGIRX WYROIR VSEH[E]W 0SWWSJ WXVIRKXL
{7IMWQMGTMPIFILEZMSV
 0MUYIJEGXMSR{+VSYRH QSXMSRW HYVMRK IEVXLUYEOIW GETEGMX]VIHYGIXLIPEXIVEPGSRWXVEMRXEKEMRWXTMPIFYGOPMRK
 YRHIVXLIMQTSWIHE\MEPTMPIPSEHWERHVIHYGIPEXIVEPVIWMW
XERGI SJ SXLIV WYFWXVYGXYVI IPIQIRXW 0MUYIJEGXMSR MW PIWW
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GSQTEGXMSRVIWYPXMRKJVSQXLITMPIHVMZMRK0MUYIJEGXMSRGER
EGXMZMX] /VM^RMXWO]IXEP3LWEOM4SYPSWIXEP SGGYVEVSYRHXLITIVMQIXIVSJETMPIKVSYTXLIVIJSVIYRHIV
 7IIH  7IIH ERH ,EVHIV  7IIH ERH -HVMWW XLIWIGSRHMXMSRWXLIWXEFMPMX]SJXLIKVSYTWLSYPHFIIZEPY
  7IIH IX EP   8IV^EKLM IX EP  EXIH+VSYRHWIXXPIQIRXW GER MRHYGI RIKEXMZIWOMR JVMGXMSR
8SOMQEXWYERH7IIH=SYHIXEP%781( 27* SVHS[RHVEK  PSEHW SR TMPIW ERH SXLIV WYFWXVYGXYVI
   -J PMUYIJEGXMSR GER HIZIPST MXW IJJIGXW SR XLI
WYTIVWXVYGXYVIERHJSYRHEXMSRHIWMKRWLSYPHFIIZEPYEXIH
8LIIZEPYEXMSRSJPMUYIJEGXMSRTSXIRXMEPHITIRHWSRFSXL MRHYGIPEVKIPEXIVEPTMPIHMWTPEGIQIRXWPEXIVEPHVEKJSVGIWSR
XLI IEVXLUYEOI QEKRMXYHI ERH XLI TIEO KVSYRH EGGIPIVE TMPIWERHSXLIVFYVMIHWYFWXVYGXYVIIPIQIRXWERH4 IJJIGXW
XMSRXLEXGERFII\TIVMIRGIHEW[IPPEWSRXLIREXYVISJXLI SR TMPIW 8LIWI PMUYIJEGXMSR IJJIGXW GER MQTSWI EHHMXMSREP
WYFWSMPWEXXLITEVXMGYPEVWMXIYRHIVWXYH]-RKIRIVEPEREP
]WIWSJXLIPMUYIJEGXMSRTSXIRXMEPSJWSMPHITSWMXWEVIQEHI SJ TMPIW XS VIWMWX XLI RSVQEP WXVYGXYVEP ERH WIMWQMG MRIVXMEP
F] GSQTEVMRK XLI WSMP G]GPMGWLIEV VIWMWXERGI XS XLI WSMP PSEHW -J PMUYIJEGXMSR LEW XS FI TVSZMHIH JSV XLI TMPIWSMP
G]GPMGWLIEVWXVIWWIWMRHYGIHF]IEVXLUYEOIKVSYRHQSXMSRW GETEGMX] WLSYPH FI HIZIPSTIH FIPS[ XLI ^SRI SJ TSWWMFPI
0MUYIJEGXMSRMWPMOIP]XSFIXVMKKIVIHYRHIVXLIIEVXLUYEOI WSMPPMUYIJEGXMSR
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G]GPMGWLIEV WXVIWW 8LI WIMWQMGMRHYGIH WLIEV WXVIWW EX E IEVXLUYEOI MW XLI 6SWW IX EP   HIWGVMTXMSR SJ LMKL[E]
FVMHKIHEQEKIHYVMRKXLI%PEWOEIEVXLUYEOI8LILIEZMIWX
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GEWIW [LIVI PMUYIJEGXMSR HMH SV HMH RSX SGGYV 7IIH IX EP 'SSTIVEXMZI97.ETERKISXIGLRMGEP[SVOWLSTW ,EQEHE
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SREREHNYWXIHWXERHEVHTIRIXVEXMSRXIWX2ZEPYIWGEPIHXSE &EVHIXIXEP'IPIFVMIXEP&SYPERKIVERH8SOM
QEXWY VITSVXSFWIVZEXMSRWSJKVSYRHHVMPPIHTMIVERH
IJJIGXMZISZIVFYVHIRTVIWWYVISJXSRJX /4E [LMGL TMPIFILEZMSVHYVMRKIEVXLUYEOIWERHHMWGYWWVIWIEVGLRIIHW
MWHIRSXIHF]XLIW]QFSP 2 0MESERH;LMXQER   SRTMPIFILEZMSVHYVMRKIEVXLUYEOIW8LIWIHSGYQIRXWEPWS

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
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TVSZMHII\XIRWMZIFMFPMSKVETLMIWJSVJYVXLIVMRJSVQEXMSR% TMPIMRWXEPPEXMSRERHHIQSPMXMSRMWRSXORS[R7SQIVITSVXW
HIXEMPIHWYQQEV]SJXLIWIHSGYQIRXWMWFI]SRHXLIWGSTI LEZIHIWGVMFIHXLMWEWETMPIJEMPYVI[LIVIEWSXLIVWGEPPMXTMPI
SJ XLMW VITSVX 7YQQEVMIW SJ GEWI LMWXSVMIW SR TMPI TIVJSV HEQEKI 7SQI VITSVXW EXXVMFYXI XLI TMPI WXVYGXYVEP HEQEKI
QERGIHYVMRKIEVXLUYEOIWGERFIJSYRHMRWIZIVEPVIWIEVGL XSFIRHMRKQSQIRXWVIWYPXMRKJVSQXLIPEXIVEPWTVIEHJSVGIW
VITSVXW &EVHIX IX EP  1I]QERH  &SFIX IX EP ERHMQTSWIHTMPIHMWTPEGIQIRXW[LIVIEWSXLIVWWYKKIWXXLEX
&LEXXEGLEV]E&SYPERKIVIXEP 8LIREXYVI 4 IJJIGXWLEHEQENSVVSPI 3v6SYVOIIXEP(SFV]IX
SJ XLI VITSVXIHWIMWQMGTMPI HEQEKI KIRIVEPP] GSRWMWX SJ EP&LEXXEGLEV]E&LEXXEGLEV]EERH&SPXSR
 GVEGOMRKXSGVYWLMRKSVLMRKIJSVQEXMSREXXLITMPIGET  &LEXXEGLEV]E IX EP  &VERHIRFIVK IX EP  

GETMRXIVJEGIGSVVIWTSRHMRKXSQE\MQYQQSQIRXTSMRXWXS XLEXTMPIWWLSYPHFIVIUYMVIHXSWYWXEMRERH[LEXGSRWXMXYXIW
FSYRHEVMIWSJPEVKIWSMPWXMJJRIWWGLERKIWSVXSGLERKIWMR WIMWQMGTMPIJEMPYVI
VIMRJSVGIQIRX
&EXXIV TMPIW WYTTSVXMRK FYPOLIEHW SJ [LEVZIW SV FVMHKI {+ISXIGLRMGEPERHWXVYGXYVEPHIWMKR
EFYXQIRXWLEZIWYJJIVIHHMWXVIWWFIGEYWIXLI]XIRHXSVIWMWX GSRWMHIVEXMSRW
EPPSJXLILSVM^SRXEPJSVGIMRXLIWXVYGXYVIPIEHMRKXSJEMPYVI )EVXLUYEOIW GER MRHYGI E\MEP QSQIRX ERH WLIEV PSEHW
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MRXIRX SJ VITPEGMRK XLI XLVII QSHIP GSHIW 8LI -&' TMPMRK  VIJIVXS
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GSRWMWXMRKSJGPSWIHXMIWSVWTMVEPWSJMR QQ SV HMREP VIMRJSVGIQIRX MR XLI TMPI VIKMSR VIWMWXMRK XLI HIWMKR
PEVKIVHMEQIXIVWTEGIHEXXLIPIWWIVSJIMKLXPSRKMXYHMREPFEV XIRWMSR JSVGIW ERH HIXEMPMRK SJ XLI VIMRJSVGIQIRX MRXS XLI
HMEQIXIVWSVMR QQ -RXLIVIQEMRHIVSJ XLITMPI TMPIMRXSXLITMPIGETMXHSIWRSXTVIWGVMFIEQMRMQYQPSRKM
XLIXMISVWTMVEPWTEGMRKGERFIMRGVIEWIHXSXLIPIWWIVSJ XYHMREPWXIIPVEXMS,IRGI%'-TVSZMHIWRSWTIGMEP
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EHHMXMSREPTVIWXVIWWMRWIMWQMGVIKMSRW8LI-&'LS[IZIV
XLIGETXSFITVSZMHIHF]GPSWIHXMIWSVWTMVEPWMREGGSVHERGI MQTSWIW EHHMXMSREP QMRMQYQ PSRKMXYHMREP WXIIP VEXMSW JSV
[MXL%'-7IGXMSRWXLVSYKL[LMGL WSQITMPIX]TIWMR7(''XLVSYKL*WXVYGXYVIWEWJSPPS[W
[SYPH VIUYMVI XLEX XLI VIMRJSVGIQIRX MR XLMW VIKMSR WEXMWJ] *SV VIMRJSVGIH TVIGEWX TMPIW -&' TVSZMWMSRW VIUYMVI E
)U E ERH F XLVSYKL I JSVGSPYQRW*SV QMRMQYQPSRKMXYHMREPVIMRJSVGIQIRXIUYEPXSTIVGIRX
7MXI 'PEWWIW % XLVSYKL ( XLEX EVI RSX WYFNIGX XS PMUYIJEG SJXLIGSRGVIXIWIGXMSRJSVXLIJYPPTMPIPIRKXLMRWIMWQMG
XMSRXLIWTMVEPWXIIPVEXMSGERFIPMQMXIHXSSRILEPJSJXLEX 7(' ' XLVSYKL * WXVYGXYVIW EW STTSWIH XS XLI 
VIUYMVIHF])U E ERH F 8LIQE\MQYQXMISV TIVGIRX -&' VIUYMVIW JSV RSRWIMWQMG GEWIW &SXL SJ
WTMVEPWTEGMRKMRXLMW^SRI[SYPHFIXLIPIWWIVSJSRIJSYVXL XLIWIZEPYIWEVIPIWWXLERXLITIVGIRXVIGSQQIRHIH
SJXLITMPI[MHXLWM\PSRKMXYHMREPFEVHMEQIXIVWSVXSMR MRXLMWVITSVXXSGSZIVLERHPMRKERHMRWXEPPEXMSRGSRHM
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FEVWTEGMRK %'-7IGXMSR %XHITXLWFIPS[ *SV TVIWXVIWWIH GSRGVIXI TMPIW -&' VIUYMVIW RS EHHM
XLI XLVII TMPI HMEQIXIVW XLI -&' XVERWZIVWI VIMRJSVGIQIRX XMSREPWXVERHVIUYMVIQIRXWSXLIVXLERXLIPIRKXLHITIR
VIUYMVIQIRXWJSV7('(XLVSYKL*WXVYGXYVIWEVIXLIWEQIEW HIRX QMRMQYQIJJIGXMZITVIWXVIWWPMQMXW -&'MQTSWIW
7(''WXVYGXYVIW MR?QQASVPEVKIVXMIWSVWTMVEPW SR RSRWIMWQMG GEWIW WSQI SJ [LMGL EVI PIWW XLER
WTEGIHEXXLIPIWWIVSJPSRKMXYHMREPFEVHMEQIXIVWSVMR

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 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

VIGSQQIRHIH MR XLMW VITSVX JSV RSRWIMWQMG PSEHMRK GSRGVIXI[EWGEWX8LIWIX[S XIWXWKEZIXLIFIWXFILEZMSV


VIJIVXS  ERHXLIGSRRIGXMSR[EWIEWMIWXXSFYMPH8LVIISJXLIXIWXW
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PSRKMXYHMREP WXIIP VEXMSW SJ  TIVGIRX JSV 7(' ' QQ MRXSXLIGETJSVEXSXEPIQFIHQIRXSJMR QQ 
WXVYGXYVIWERHTIVGIRXJSV7('(XLVSYKL*WXVYG %WTMVEPIUYEPXSXLEXMRXLITVIGEWXTMPI[EWTPEGIHEVSYRH
XYVIW 8LMW PSRKMXYHMREP WXIIP [LMGL MW XS GSRWMWX SJ E XLI I\TSWIH ERGLSVEKI WXVERH PIRKXL -R XLI XLMVH GEWI E
WXVERHPIRKXLSJMR QQ [EWI\TSWIHERHMREHHM
HIQERH^SRIEWMRHMGEXIHMR XMSRLEHEFSRHIRLERGIQIRXGEPPIHERSPMZI8LMWMRZSPZIH
YR[MRHMRK XLI SYXIV WM\ [MVIW SJ XLI WXVERH JSV ETTVS\M
XLIQMRMQYQPSRKMXYHMREPWXIIPVEXMSVIUYMVIHMR7('' QEXIP]MR QQ WPMTTMRKEMR QQ -(LI\
XLVSYKL * WXVYGXYVIW F] MRGVIEWMRK XLI QMRMQYQ [EPP RYXSZIVXLIGIRXVEP[MVIERHXLIRX[MWXMRKXLIWM\SYXIV[MVIW
XLMGORIWWXSMR QQ JVSQXLIRSRWIMWQMGZEPYI FEGO MRXS TPEGI 8LIWI XLVII TMPIW EPP FILEZIH EHIUYEXIP]
SJMR QQ  [MXLHYGXMPMX]JEGXSVWSJEXPIEWX8LIXLMVHGEWI[MXLXLI
 4MPIXSGET GSRRIGXMSRW{8LI TMPI GSRRIGXMSRW PSRKIV I\TSWIH PIRKXL ERH XLI SPMZI [EW WXVSRKIWXFYX EPP
XS TMPI GETW SV SXLIV WXVYGXYVI IPIQIRXW EVI HIWMKRIH ERH VIEGLIHSVI\GIIHIHXLIXLISVIXMGEPQSQIRXGETEGMXMIW8LI
HIXEMPIHXSVIWMWXGSQFMREXMSRWSJTMPILIEHE\MEPWLIEVERH EYXLSVWJIPXXLEXXLIVEXLIVLIEZ]WTMVEPWIRLERGIHXLIFSRH
QSQIRXJSVGIWXLEXGERHIZIPSTYRHIVXLIETTVSTVMEXIPSEH GETEGMX] SJ XLI I\TSWIH WXVERHW EW [IPP EW XLI GETEGMX] SJ
GSQFMREXMSRW -R EHHMXMSR XS XLI YWYEP GSQTVIWWMSR JSVGI XLITMPIWXLEX[IVIQIVIP]I\XIRHIHMRXSXLIGET8LIWM\XL
XIWXLEHJSYVMR QQ HMEQIXIVVIMRJSVGMRKFEVWWIX
MRXS  MR  QQ  HMEQIXIV LSPIW HVMPPIH  MR 
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LEZI FIIR QEHI F] I\XIRHMRK TMPI VIMRJSVGIQIRX MRXS XLI GET LEH HIKVII WXERHEVH LSSOW 8LI WXVIRKXL I\GIIHIH
GETF]EHHMRKHS[IPWXLEXI\XIRHMRXSXLITMPIGETERHEVI XLIGSQTYXIHWXVIRKXLERHXLIHYGXMPMX]JEGXSV[EWETTVS\M
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GSRGVIXI EJXIV HVMZMRK SV F] I\XIRHMRK XLI VIMRJSVGIQIRX GETGSRRIGXMSRW*SV7('()SV*%'-VIUYMVIWXLEX
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KSZIVRIHF]XLIHIZIPSTQIRXPIRKXLMRXIRWMSRSJXLIFEVW KVSYXMRKW]WXIQWLEPPFIHIQSRWXVEXIHF]XIWXXSFIGETEFPI
SVWXVERHWFIMRKYWIH&EVWEVISJXIRLSSOIHXSVIHYGIXLI
VIUYMVIH IQFIHQIRX PIRKXLW )\TSWIH WXVERHW LEZI FIIR 8IWXWSJGSRRIGXMSRWSJTMPIWXS[LEVJWPEFWYRHIVWMQY
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HSRIXSIRLERGIFSRH SJ;EWLMRKXSR 9; 8LI9'7(XIWXWMRGPYHIHSRIMR
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XSXLITMPIGET4'-  VIGSQQIRHWXLEXXLIXSXEPEVIE SREPTVIWXVIWWIHTMPIW /VMIVIXEP %RGLSVEKIXSXLI
SJXLIHS[IPXYFIWFIPIWWXLERTIVGIRXSJXLIKVSWWTMPI [LEVJWPEFMRIEGLXIWXMRZSPZIHFYPFIRHIHFEVW8LIFYPF
WIGXMSRERHXLEXXLIXIVQMREXMSRTSMRXWSJXLIHS[IPXYFIW [EWELSXJSVKIHYTWIXETTVS\MQEXIP]XMQIWXLIHMEQIXIV
WLSYPHFIWXEKKIVIHF]EXPIEWXJX QQ  SJXLIFEV
8IWXW SJ WM\ TMPIXSGET GSRRIGXMSRW [IVI GSRHYGXIH -R SRI TVIWXVIWWIH TMPI HIWMKRIH JSV RSQMREP WIMWQMG
MR 2I[ >IEPERH 4EQ  .SIR ERH 4EVO F  YWMRK JSVGIW JSYV 2S  2S   FEVW [IVI KVSYXIH MRXS  MR
MR QQ TVIWXVIWWIHGSRGVIXITMPIWSJSGXEKSREP  Q  TVIJSVQIH LSPIW [MXLXLIFYPFIRHI\XIRHMRKMR
GVSWW WIGXMSR [MXL  MR  QQ  WIZIR[MVI PSRKM QQ MRXSEMR QQ XLMGOWPEF8LITMPIIRH
XYHMREP WXVERHW ERH EHHIH VIMRJSVGMRK FEVW MR WSQI GEWIW I\XIRHIHMR QQ MRXSXLIWPEF8LIWIGSRHTVIWXVIWWIH
TMPIERHXLIVIMRJSVGIHGSRGVIXITMPIFSXLHIWMKRIHJSVQENSV
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X[MGI XLEX WYKKIWXIH F] )U F  JSV E HMWXERGI SJ 2S   FYPFIRHIH FEVW XLEX I\XIRHIH ETTVS\MQEXIP]
MR QQ FIPS[XLIGETERHETTVS\MQEXIP]SRILEPJ MR QQ MRXSMR QQ XLMGOWPEFW-REHHM
XLEXEQSYRXSZIVXLIVIQEMRMRKXIWXPIRKXL*SVX[SXIWXWXLI XMSRIEGLWTIGMQIRLEHIMKLX2S 2S FSRHFEVW8LI
TMPIW[IVII\XIRHIHMR QQ MRXSXLITMPIGET[MXL FSRHFEVW[IVIMR QQ PSRKFEVW[MXLEFYPFIRH
XLIIQFIHHIHTMPIWYVJEGIFIMRKVSYKLIRIH%REHHMXMSREP EXXLIPS[IVIRHERHEFEVLIEH %781%%1 EX
PMKLXWTMVEP[EWTPEGIHEVSYRHXLITMPIWXYFFIJSVIXLIGET XLIXST[MXLXLILIEHTPEGIH[MXLMR QQ GPIEVGSZIV

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
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JVSQ XLI XST SJ XLI WPEF 8LI SZIVPET SJ XLI X[S FEV WIXW GSRWMHIVIH-REHHMXMSRXSWXYHMIWSJXLIVSXEXMSRGETEGMXMIW
[EWETTVS\MQEXIP]MR QQ 8LITMPIWLEHWYFWXER XLEXEVITSWWMFPIJVSQZEVMSYWQIQFIVWWXYHMIWSJXLIVSXE
XMEPWTMVEPWERHXLIFEVIQFIHQIRXWMRXSXLIWPEFW[IVIEPWS XMSREPHIQERHWSVVIUYMVIQIRXWXLEXGERFIMQTSWIHF]XLI
IRGPSWIH MR WTMVEPW %PP XLVII XIWXW VIEGLIH PEVKI HYGXMPMX]
ZEPYIWMRXLIWMQYPEXIHWIMWQMGXIWXW
8LI9;XIWXW 6SIHIVIXEP MRGPYHIHIMKLX {:IVXMGEPEGGIPIVEXMSRW
TMPI[LEVJWPEFGSRRIGXMSRWYWMRKMR QQ SGXEKSREP )\TIVMIRGIJVSQXLI2SVXLVMHKIIEVXLUYEOIMR'EPM
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SJ HIXIVQMRMRK [LIR GYVMRK GER FI XIVQMREXIH ERH [LIR
WEQTPIWEVISFXEMRIHSV[LIRERMRETTVSTVMEXIEMVGSRXIRXMW
WYWTIGXIH)RXVEMRIHEMVXIWXWWLSYPHFIQEHIMREGGSVHERGI F]XIWXWSJG]PMRHIVWMREGGSVHERGI[MXL%'-7IGXMSR
[MXL %781 ''1 SV %781 ''1 &VIXXQERRIXEP  LEZIWYKKIWXIHXLEXXLIQEXY
EW ETTPMGEFPI -RHMGEXSVW WYGL EW XLI 'LEWI QIXIV WLSYPH VMX] QIXLSH GER FI E YWIJYP XSSP JSV IZEPYEXMRK XLI IEVP]
WXVIRKXLKEMRMREYKIVKVSYXTMPIW

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

 'YVMRK XIQTIVEXYVIW{4VSTIV TVIGEYXMSRW ERH HMWGLEVKIXYFI HMEQIXIV MHIRXMGEP XS XLI %781 '
QSRMXSVMRKWLSYPHFITIVJSVQIHXSGSRXVSPXLIXIQTIVEXYVI GSRI,S[IZIVXLIMR QQ HMWGLEVKIXYFISRXLI
VMWIMRXLIJVIWLP]TPEGIHGSRGVIXIEW[IPPEWXLIQE\MQYQ
XIQTIVEXYVI XLI GSRGVIXI [MPP EGLMIZI HYVMRK XLI MRMXMEP
GYVMRK -RJSVQEXMSR SR LIEXMRK VEXIW QE\MQYQ XIQTIVE
XYVIWERHGSSPMRKVEXIWEVIKMZIRMR

{+VSYX EYKIVKVSYXTMPIWMWFEWIHSRSFWIVZEXMSRWYWMRKXLIMR
+VSYXJSVEYKIVMRNIGXIHTMPIWTVITPEGIHEKKVIKEXITMPIW
ERHHVMPPIHTMPIW XLVSYKL WLSYPHGSRWMWXSJ
GSRIMWWXMPPEZEMPEFPIJVSQWSQIXIWXMRKIUYMTQIRXWYTTPMIVW
ERH [EXIV 8LI KVSYX WLSYPH FI QM\IH XS TVSZMHI E KVSYX ERHMWYWIHXSQSRMXSVEYKIVKVSYXTMPIQM\XYVIW 1SWOS[MX^
GETEFPISJQEMRXEMRMRKXLIWSPMHWMRWYWTIRWMSR8LMWQM\XYVI  *VM^^M   8LI GSRXMRYIH YWI SJ XLI  MR 
QQ  STIRMRK MW HIWMVEFPI FIGEYWI FSXL GSRXVEGXSVW ERH
8LI QM\XYVI WLSYPH FI GETEFPI SJ PEXIVEPP] TIRIXVEXMRK
TEVXMGYPEVGSRIHIWMKRERHGERVIPEXIMXXSTEWXI\TIVMIRGI-J
 MXFIGSQIWYREZEMPEFPIMRXLIJYXYVIMXQE]FIRIGIWWEV]XS
GYWXSQJEFVMGEXIEGSRI[MXLEMR QQ STIRMRKSV
SJ XLI QM\XYVI MQTVSZI GIQIRX HMWTIVWMSR ERH RIYXVEPM^I 
WIXXMRKWLVMROEKISJXLIGIQIRXQSVXEV-JKVSYXI\TERWMSR QIRXWXERHEVHJSV'6('MWHIZIPSTIH
MWGSRWMHIVIHETTVSTVMEXIJSVXLIETTPMGEXMSRXLII\TERWMSR
{6IMRJSVGIQIRXERHTVIWXVIWWMRKQEXIVMEPW
HYGXW SJ TSWXXIRWMSRIH TVIWXVIWWIH TMPIW YWYEPP] GSRWMWXW  6IMRJSVGIQIRX{6IMRJSVGIQIRX WXIIP WLSYPH
SJTSVXPERHGIQIRXEHQM\XYVIWERH[EXIVTVSTSVXMSRIHXS GSRJSVQ XSXLIPEXIWX VIZMWMSRSJ%781%%1
TVSHYGIETYQTEFPIQM\XYVI %781 %%1 %781 %%1 %
*SV EYKIVKVSYX SV GIQIRXMRNIGXIH TMPIW  ERH %1SV%%1EWETTVSTVMEXI
  4VIWXVIWWMRK WXVERH{7XVERH YWIH JSV TVIWXVIWWMRK
WLSYPH GSRJSVQ XS %781 %%1 +VEHI 
 SV+VEHI  
 4VIWXVIWWMRK [MVI{;MVI YWIH JSV TVIWXVIWWMRK
WLSYPHGSRJSVQXS%781%%1
MR Q ERHEHMWGLEVKIXYFIHMEQIXIVSJMR  4VIWXVIWWMRKFEVW{,MKLWXVIRKXLWXIIPFEVWYWIHJSV
QQ 8LIHMWGLEVKIHMEQIXIVSJXLIWXERHEVH%781 TVIWXVIWWMRKWLSYPHGSRJSVQXS%781%%1
 )TS\]GSEXIH VIMRJSVGIQIRX{)TS\]GSEXIH WXIIP
LEW FIIR YWIH EW PEXIVEP VIMRJSVGIQIRX WTMVEP SV XMIW  MR
'6(' MWIWWIRXMEPP]XLIWEQIEW%781' GSRGVIXI TMPIW 8LI YWI SJ ITS\]GSEXIH PSRKMXYHMREP VIMR
JSVGMRKFEVWSVTVIWXVIWWMRKWXVERHMRGSRGVIXITMPIWMWPMQMXIH
-RXLIWIPMQMXIHMRWXERGIWQERYJEGXYVIVWLEZIVITSVXIHXLEX
WSQI EHNYWXQIRXW EVI VIUYMVIH WYGL EW WTIGMEP GLYGOW XS
MRXLIGSRXMRYMX]SJHMWGLEVKITVMSVXSIWWIRXMEPP]IQTX]MRK KVMT XLI WXVERH ERH WTIGMEP XVIEXQIRXW EX XLI JSVQ IRHW SV
 FYPOLIEHW[LIRTVSHYGMRKTVIGEWXTMPIW[MXLITS\]GSEXIH
IVP]IZEPYEXIHF]%781'*SVWYGLKVSYXW%781
SJGSRGVIXITMPIW[MXLITS\]GSEXIHWXVERHWYRHIVLERHPMRK
HVMZMRK SV MRWIVZMGI GSRHMXMSRW -R XLI EFWIRGI SJ MRJSV
QEXMSR SR MRWXEPPEXMSR ERH PSRKXIVQ WIVZMGI FILEZMSV XLI
'1MWHIWGVMFIHMR%781''1 GSQQMXXIIRIMXLIVIRHSVWIWRSVGSRHIQRWXLIYWISJITS\]
8LIKVSYXWYWIH[MXLEYKIVKVSYXTMPIWEVIKIRIVEPP]XSS GSEXIH VIMRJSVGIQIRX SV WXVERH MR TVIWXVIWWIH TMPIW %PXIV
REXMZIW EVI EZEMPEFPI XLEX EHHVIWW XLI GSRXVSP SJ TSXIRXMEP
GSVVSWMSR %'- 6  ,MKLIVUYEPMX] GSRGVIXI [MXL
 PS[IV [GQERHEMVIRXVEMRQIRXXSVIHYGITIVQIEFMPMX]LEW
XMGEPXS%781'MXMWEPWSRSXETTPMGEFPIXSEYKIV FIIRYWIH%HIUYEXIGSZIV[MXLMRXLIPMQMXWVIGSQQIRHIH
KVSYX TMPIW 8LIVIJSVI MJ XLI IRKMRIIV YWIW SRP] GYVVIRX MRXLMWVITSVXMWERSXLIVTVSXIGXMZIQIEWYVIXLEXGERFIYWIH
%HQM\XYVIW WYGL EW WMPMGE JYQI %781 '  ERH
GSVVSWMSRMRLMFMXSVWEVIKEMRMRKYWIJSVHYVEFPIGSRGVIXIMR
 ;MXLSYXETYFPMWLIHERHEGGITXIHWXERHEVHXLIVIMWER QEVMRIIRZMVSRQIRXW-JEJXIVGSRWMHIVEXMSRSJXLIWIEPXIV
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WYGL WXIIP WLSYPH GSRJSVQ XS %781 %%1

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

%781 %%1   SV %781 %%1 1MRMQYQ VIUYMVIQIRXW ERH FEWMG GSRWXVYGXMSR TVSGI
EWETTPMGEFPI HYVIWWLSYPHFIIWXEFPMWLIHWSXLEXXLIHIWMKRVIUYMVIQIRXW
JSVUYEPMX]WXVIRKXL ERHHYVEFMPMX][MPPFIVIEPM^IHJSVEPP
{7XIIPGEWMRK GSRHMXMSRW[LIXLIVXLITMPIWEVITVSHYGIHMRERIWXEFPMWLIH
 0SEHFIEVMRK GEWMRK{7XIIP GEWMRK MRXIRHIH JSV TVIGEWXMRK TPERX SV F] NSFWMXI GEWXMRK )RKMRIIVW WLSYPH
TIVQERIRX PSEH FIEVMRK MR GSQTSWMXI EGXMSR [MXL '-4 GSRWMHIVWTIGMJ]MRKXLEXEXEQMRMQYQTVIGEWXTVIWXVIWWIH
GSRGVIXIWLSYPHLEZIEXLMGORIWWSJRSXPIWWXLERMR  GSRGVIXI QERYJEGXYVMRK TPERXW LEZI E UYEPMX]GSRXVSP
QQ 8LIWXIIPYWIHMRXLIGEWMRKWLSYPHQIIXXLIVIUYMVI TVSKVEQXLEXMWIUYMZEPIRXXSXLEXIWXEFPMWLIHF]4'-120
QIRXWSJ%781%%781%%1    )RKMRIIVW WLSYPH GSRWMHIV VIUYMVMRK MRWTIGXMSR
SV%781%%1 VIJIVEPWSXS  SJ XLITVIWXVIWWMRK TPERX HYVMRK JEFVMGEXMSR SJ XLI TMPIW F]
8LI WYMXEFMPMX] SJ XLI MRXIRHIH QEXIVMEPW JSV [IPHMRK TIVWSRRIPORS[PIHKIEFPIMRTMPIJEFVMGEXMSR

{*SVQW
GERFIYWIHTVSZMHIHXLEXXLI]MIPHIPSRKEXMSRERHSXLIV  +IRIVEP VIUYMVIQIRXW{*SVQ[SVO WLSYPH FI MR
MXIQWEVIWEXMWJEGXSV] EGGSVHERGI [MXL %'-  ERH %'-  I\GITX EW
 2SRPSEHFIEVMRKGEWMRK{7XIIPGEWMRKRSXMRXIRHIH
JSV TIVQERIRX PSEH FIEVMRK MR GSQTSWMXI EGXMSR [MXL '-4  8]TI{7YMXEFPITIVQERIRXJSVQW YWYEPP]SJQIXEP
GSRGVIXI WLSYPH QIIX XLI VIUYMVIQIRXW SJ %781 % TPEWXMG SV GSRGVIXI  EVI GSRWXVYGXIH WS XLEX XLI XSPIVERGIW
%1SV%781%%1 KMZIRMRGERFIQEMRXEMRIH;SSHSV[SSHJSVQW[MXL

{7XVYGXYVEPWXIIPGSVIWERHWXYFW ERHWLSYPHFIGSRWXVYGXIHXSTVSHYGI[SVOSJEUYEPMX]IUYEP
7XIIP YWIH EW TIVQERIRX PSEHFIEVMRK WXVYGXYVEP GSVIW XS XLEX TVSHYGIH F] TIVQERIRXX]TI JSVQW -R EPP GEWIW E
SVEWI\XIRWMSRW WXYFW JSVGSRGVIXITMPIWWLSYPHQIIXXLI GSRGVIXIJSYRHEXMSRJSVXLIGEWXMRKFIHMWVIGSQQIRHIH%PP
VIUYMVIQIRXW SJ %781 %%1 %781 % JSVQW JSV TVIWXVIWWIH GSRGVIXI TMPIW WLSYPH FI GSRWXVYGXIH
%1   SV %781 %%1 8LI XLMGO XS TIVQMX QSZIQIRX SJ XLI QIQFIV HYVMRK XVERWJIV SJ XLI
RIWWSJWXIIPMRER]TEVXSJXLIWXVYGXYVEPWXIIPGSVIWLSYPHRSX TVIWXVIWWMRK JSVGI [MXLSYX HEQEKI 3JJWIXW EX JSVQ NSMRXW
FIPIWWXLERMR QQ  HYIXSQMWEPMKRQIRXSVSTIRNSMRXWWLSYPHFIEZSMHIH*MRW
SVSJJWIXWMRXLIGEWXTMPIGERGEYWIWXVIWWGSRGIRXVEXMSRWERH
{7TPMGIW GERGEYWIWLEPPS[GVEGOWXSJSVQMRXLIGSRGVIXI+VMRHMRK
1EXIVMEPWYWIHJSVWTPMGMRKGSRGVIXITMPIWWLSYPHGSRJSVQ XLIJSVQWYVJEGIWQE]FIVIUYMVIHXSGSVVIGXSJJWIXW0IEO]
NSMRXWWLSYPHFIWIEPIH
7XVYGXYVEP HIWMKR EWTIGXW SJ TMPI WTPMGIW EVI HMWGYWWIH MR 4ERWSVXVSYKLX]TIJSVQWGERLEZIEWPMKLXXETIVSVHVEJX
 XSXLIZIVXMGEPWMHIWXSJEGMPMXEXIWXVMTTMRK%QE\MQYQHVEJX
(S[IPIH WTPMGIW MRZSPZI MRWIVXMRK WTPMGI FEVW HS[IPW  SV XETIVSJMRJX QQQ SRIEGLZIVXMGEP WMHI[MPP
MRXSLSPIWHVMPPIHSVTVIJSVQIHMRSRISVFSXLTMPIWIKQIRXW KIRIVEPP] FI EGGITXEFPI TVSZMHIH XLEX XLI GVSWWWIGXMSREP

QEXIVMEP 8LIWI QEXIVMEPW LEZI MRGPYHIH ITS\MIW UYMGO


WIXXMRKGIQIRXFEWIHQEXIVMEPWERHQIPXIHQEXIVMEPWXLEXEVI [LIRXETIVIHJSVQWEVIYWIH
SJXIRWYPJYVFEWIH[MXLZEVMSYWEHHMXMZIW8LMWQEXIVMEPEPWS 7PMTJSVQMRK GER FI YWIH JSV XLI QERYJEGXYVI SJ TVIGEWX
TMPIWJSVFSXLWSPMHERHLSPPS[GVSWWWIGXMSRW,SPPS[TMPIW
WIKQIRXW[LMGLIREFPIWXLINSMRXXSXVERWQMXGSQTVIWWMSR GERFIJSVQIHF]EXVEZIPMRKQERHVIPERHXSTJSVQSVWGVIIH
)TS\] SV SXLIV UYMGOWIXXMRK GSQTSYRHW WLSYPH LEZI 7SPMHWIGXMSRWVIUYMVIEXVEZIPMRKXSTJSVQSRP]-RFSXLGEWIW
WXVIRKXLERHHYVEFMPMX]EXPIEWXIUYEPXSXLIGSRGVIXIQEXIVMEPW
MRXLITMPI8IWXQIXLSHWJSVIZEPYEXMRKITS\]GSQTSYRHW SJ GSRZIRXMSREP HIWMKR 8LI XVEZIPMRK QERHVIP ERH WGVIIH
WLSYPHGSRJSVQXSXLIVIGSQQIRHEXMSRWSJ%'-6 WLSYPHFIQIXEPERHLEZIWQSSXLWYVJEGIW8LIQIXLSHSJ
GSRXVSPPMRKXLIGSRGIRXVMGMX]SJXLIQERHVIPWXVERHWTMVEP
',%48)6{1%29*%'896)3*46)'%78 ERHVIMRJSVGIQIRXPSGEXMSRWWLSYPHWEXMWJ]XLINSFVIUYMVI
'32'6)8)4-0)7 QIRXW VIJIVXS ERHJSVSXLIVHMWGYWWMSR 
{+IRIVEP  )RHJSVQW{)RHJSVQWSVFYPOLIEHWWLSYPHFIWXMJJ
)WXEFPMWLIHTPERXWSVGEWXMRK]EVHWGYVVIRXP]QERYJEGXYVI IRSYKLXSTVIZIRXHMWXSVXMSRHYVMRKTPEGIQIRXERHGSQTEG
QSWXTVIGEWXGSRGVIXITMPIWEPXLSYKLNSFWMXIGEWXMRK]EVHW XMSRSJXLIGSRGVIXIERHWLSYPHFIJEWXIRIHWIGYVIP]XSXLI
GERFIYWIHJSVPEVKITVSNIGXW1SHIVRTVSHYGXMSRQIXLSHW TMPI JSVQWSXLEX XLI TMPILIEH[MPP VIQEMRMREXVYI TPERI
ERHUYEPMX]GSRXVSPWHIZIPSTIHF]XLIQERYJEGXYVIVWKIRIV TIVTIRHMGYPEV XS XLI TMPI E\MW *SVQ NSMRXW ERH IRH JSVQW
EPP] PIEH XS LMKLUYEPMX] TVSHYGXW ERH YWYEPP] VIUYMVI PIWW
 GIQIRXTEWXIHYVMRKGSRGVIXITPEGIQIRXERHZMFVEXMSR,SPIW
PMWLIHTVIWXVIWWIHSVTVIGEWXGSRGVIXIQERYJEGXYVMRKTPERXW SVWPSXWJSVPSRKMXYHMREPVIMRJSVGIQIRXWLSYPHFITPYKKIHSV
WIEPIHXSTVIZIRXKVSYXPIEOEKI
TVSZMHMRKVIGSKRM^IHUYEPMX]GSRXVSP

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

 'LEQJIVW ERH VSYRHIH GSVRIVW{%PP GSVRIVW SJ WYTTSVX QE] FI VIUYMVIH XS QEMRXEMR XSPIVERGIW JSV TMPIW
WUYEVI TMPIW WLSYPH FI GLEQJIVIH SV VSYRHIH 'LEQJIVW GSRXEMRMRKLIEZ]WTMVEPWSVEHHMXMSREPVIMRJSVGIQIRX
SV VEHMM SJ ETTVS\MQEXIP]  XS  MR  XS  QQ  EVI  4PEGIQIRX SJ YRWXVIWWIH WXIIP VIMRJSVGIQIRX{
GSQQSRP]YWIH'LEQJIVWEXXLITMPILIEHERHXMTEVIVIGSQ 9RWXVIWWIH VIMRJSVGIQIRX WLSYPH FI TPEGIH MR EGGSVHERGI
QIRHIH XS TVIZIRX GSRGVIXI WTEPPMRK HYVMRK TMPI HVMZMRK [MXLVIUYMVIQIRXWSJ%'-'LETXIV(IXEMPWSJVIMR
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 ,SPPS[GSVIW{,SPPS[GSVIWSVZSMHWMRTMPIWWLSYPH  4PEGIQIRX SJ TVIWXVIWWIH VIMRJSVGIQIRX{4PEGI
FIGSRGIRXVMG[MXLXLITMPIGIRXIVPMRISVE\MWERHTEVEPPIPXS QIRX SJ TVIWXVIWWIH VIMRJSVGIQIRX ERH XLI ETTPMGEXMSR
XLIIHKIWSJXLIGVSWW WIGXMSRXLVSYKLSYXXLIIRXMVIPIRKXL ERH QIEWYVIQIRX SJ TVIWXVIWWMRK JSVGI WLSYPH GSRJSVQ XS
SJXLILSPPS[WIGXMSR7XE]MRTPEGIJSVQWWLSYPHFISJER MRHYWXV]WXERHEVHWWYGLEW%'-'LETXIVERH4'-
ETTVSZIH [EXIVVIWMWXERX QEXIVMEP WYGL EW TPEWXMG XVIEXIH 120
 (S[IP TPEGIQIRX{'YXSJJ TSMRXW JSV HS[IP LSPIW
HYVMRK TPEGMRK SJ XLI GSRGVIXI 'SVIW GER EPWS FI JSVQIH GERFIWXEKKIVIHXSEZSMHWXVIWWVMWIVW8LIWEQIETTPMIWXS
EHHIHYRWXVIWWIHWXIIPGEWXMRXSXLITMPI
HS[RWERHTSWMXMSRMRKHIZMGIWWLSYPHFIEHIUYEXIXSQEMR  (IXIRWMSRMRK TVIWXVIWWIH WXVERHW{4VIWXVIWWMRK
XEMRTSWMXMSRSJXLIGSVI[MXLMRXLIXSPIVERGIWKMZIRMR WXVERHW WLSYPH FI HIXIRWMSRIH MR EGGSVHERGI [MXL 4'-
7XE]MRTPEGI GSVI JSVQW WLSYPH FI ZIRXIH XS TVIZIRX E 120  8LI HIXIRWMSRMRK QIXLSH WLSYPH QMRMQM^I
TSXIRXMEPPSRKXIVQFYMPHYTSJMRXIVREPKEWTVIWWYVIWGEYWIH ER]PSRKMXYHMREPQSZIQIRXSJXLITMPIMRXLITVIWXVIWWFIH
F]HIXIVMSVEXMSRSJXLIGSVIJSVQQEXIVMEP*VII^MRKSJJVII 7XVERHHIXIRWMSRMRK TVSGIHYVIW WLSYPH QMRMQM^I YRW]Q
[EXIV MRWMHI LSPPS[ TMPIW GER GEYWI TMPI FVIEOEKI ;LIVI QIXVMGEPWXVIWWIWMRXLIGVSWWWIGXMSRERHEZSMHWLSGOJVSQ
WIZIVI JVII^MRK GSRHMXMSRW I\MWX ZIRXW SV LSPIW WLSYPH FI WYHHIRP]HIXIRWMSRIHWXVERHW
TVSZMHIHXSTIVQMXGMVGYPEXMSRSVHVEMREKISJXLI[EXIV:IRX  4MPIIRHGSRHMXMSRW{*SVTVIWXVIWWIHTMPIWWXVERHW
LSPIWQE]EPWSFIVIUYMVIHXSEMHMRGSRXVSPSJ[EXIVLEQQIV
IJJIGXW VIJIVXSERH  XLI TMPI IRHW XS IPMQMREXI TVSXVYHMRK WXIIP XLEX GER GEYWI
IRH WTEPPMRK 9RHIV LEVH HVMZMRK SV TSSV TMPIGYWLMSRMRK
{4PEGIQIRXSJWXIIPVIMRJSVGIQIRX GSRHMXMSRWLS[IZIVWTEPPMRKSJXLITMPILIEHLEWEPWSFIIR
 +IRIVEP VIUYMVIQIRXW{%PP VIMRJSVGMRK WXIIP ERH
TVIWXVIWWMRKWXIIPWLSYPHFIEGGYVEXIP]TSWMXMSRIHERHWEXMW RIGIWWEV]XSVIGIWWXLIWXVERHETTVS\MQEXIP]MR QQ 
JEGXSVMP] TVSXIGXIH EKEMRWX XLI JSVQEXMSR SJ VYWX SV SXLIV EXXLITMPILIEH*SVVIMRJSVGIHTVIGEWXTMPIWLSPHXLIIRHWSJ
GSVVSWMSRFIJSVITPEGIQIRXMRXLIGSRGVIXI XLIPSRKMXYHMREPVIMRJSVGIQIRXMR QQ FIPS[XLIIRH
%PP TVIWXVIWWMRK WXIIP ERH YRWXVIWWIH VIMRJSVGMRK WXIIP JEGISJXLIGSRGVIXI
WLSYPH FI JVII JVSQ PSSWI VYWX HMVX KVIEWI SMP SV SXLIV
PYFVMGERXW SV WYFWXERGIW XLEX GER MQTEMV MXW FSRH [MXL XLI {)QFIHHIHMXIQW
 )QFIHHIH MXIQW{7PIIZIW MRWIVXW TMTI SV SXLIV
TMXWZMWMFPIXSXLIYREMHIHI]IWLSYPHRSXFIGEYWIJSVVINIG IQFIHHIHMXIQWWLSYPHFIEGGYVEXIP]WIXMRXLIJSVQWERH
XMSRSJYRWXVIWWIHVIMRJSVGIQIRX4VIWXVIWWMRKWXVERHWLSYPH WIGYVIH XS TVIZIRX QSZIQIRX HYVMRK GSRGVIXI TPEGIQIRX
FIJVIISJTMXXMRKERHI\GIWWMZIVYWX%PMKLXS\MHIMWTIVQMXXIH ERHGSQTEGXMSR
%'-7IGXMSR %PPXMI[MVIQIXEPGLEMVWERH  )QFIHHIH NIX TMTIW{-RXIVREP NIXTMTI EWWIQFPMIW
SXLIV WYTTSVXW JSV VIMRJSVGIQIRX WLSYPH LEZI E QMRMQYQ IQFIHHIHMRXLITMPIWLSYPHLEZIXLVIEHIHSVKPYIHNSMRXWEW
GSZIVEWKMZIRMR 'LETXIVSVWLSYPHFI SJ RSRGSVVSWMZI MRXLIGEWISJTPEWXMGTMTIXSTVIZIRXXLIQMKVEXMSRSJTVIW
QEXIVMEPSVTVSXIGXIHF]EPE]IVSJRSRGSVVSWMZIQEXIVMEP
7XVERHWERHWTMVEPVIMRJSVGIQIRXMRGPYHMRKWUYEVIWTMVEPW FIYWIH[LIVIXLINIXTMTII\MXWXLIWMHISJXLITMPIERH[LIVI
QE] VIUYMVI WTEGIV VMRKW ERH LSPHYT WYTTSVXW HYVMRK MXXYVRWHIKVIIWXSVYRHS[RXLIE\MWSJXLITMPITPEWXMG
GSRGVIXITPEGIQIRXXSQEMRXEMRXLIWXVERHTEXXIVRXSTVIZIRX TMTIGERFIYWIHJSVXLIZIVXMGEPVYR
RIGOMRKHS[RSJXLIWXVERHF]XLIWTMVEPXYVRWERHXSSZIV
GSQI XLI REXYVEP WEK HYI XS XLI [IMKLX SJ XLI WXVERH ERH {1M\MRKXVERWTSVXMRKTPEGMRKERHGYVMRK
WTMVEP VIMRJSVGIQIRX 7TEGIV LSSTW JEFVMGEXIH JVSQ X[S SV GSRGVIXI
XLVIIXYVRWSJWTMVEP[MVI[MXLERSYXWMHIHMEQIXIVIUYEPXS  1M\MRK{1M\MRK WLSYPH GSRJSVQ XS XLI KIRIVEP
XLIMRWMHIHMEQIXIVSJXLIWXVERHKVSYTGERFIMRWXEPPIHMRWMHI VIUYMVIQIRXW MR %'-  'LETXIV  (IXEMPIH VIGSQ
XLI WXVERH KVSYT GMVGPI XS QEMRXEMR XLI WXVERH TEXXIVR SV QIRHEXMSRWEVIKMZIRMR%'-68LI[GQ F]QEWW 
VIMRJSVGMRKFEVGEKI GSRGIRXVMG[MXLXLITMPIGVSWWWIGXMSR 
[MXLMR•MR QQ ERHXSTVIZIRXRIGOMRK7XVERHERH XMSRWERHRSXKVIEXIVXLERJSVGSRGVIXITMPIWI\TSWIHXS
WTMVEPGEKILSPHYTWYTTSVXWEXXLIWTEGIVVMRKPSGEXMSRWEVI WEPX[EXIVSVTSXIRXMEPP]GSVVSWMZIKVSYRH[EXIV%HHMXMSREP
VIUYMVIHXSQEMRXEMRJYPPPIRKXLGSRGIRXVMGMX]MRXLIWIGXMSR MRJSVQEXMSRSRQM\XYVIHIWMKRMWKMZIRMR'LETXIVSJXLMW
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XLIQIEWYVIHWPYQT7PYQTWSJXSMR XSQQ  [MPPRSXIPMQMREXIXLIQ1MRSV[EXIVERHEMVFYFFPIWEVI
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SRXLIMRWXEPPEXMSRSJHVMPPIHTMPIWGERFIJSYRHMRTYFPMGE VIUYMVIH TMPI GETEGMX] ERH TIRIXVEXMSR ERH HSIW RSX GEYWI
XMSRWF]2IIP]  8LI(IIT*SYRHEXMSR-RWXMXYXI (*- HEQEKMRKXIRWMPISVGSQTVIWWMZIWXVIWWIW
1SWOS[MX^*VM^^M 8LI*IHIVEP,MKL[E]  (VSTLEQQIVW{(VSTLEQQIVWEVI[IMKLXWXLEX
%HQMRMWXVEXMSR &VS[R IX EP   ERH MR %'-  EVIVEMWIHERHEPPS[IHXSJEPPJVIIP]SRXLILIEHSJXLITMPI
ERH%'-6 8LIZIPSGMX]SJXLI[IMKLXEXMQTEGXMWTVSTSVXMSREPXSXLI
8LIMRWXEPPEXMSRQIXLSHWLSYPHRSXTIVQERIRXP]MQTEMVXLI WUYEVIVSSXSJXLIJEPPLIMKLXERHXLITMPIWXVIWWIWKIRIVEXIH
EFMPMX]SJXLIWSMPXSWYTTSVXXLITMPI7SQIXIGLRMUYIWEGXY F] XLI LEQQIV MQTEGX MRGVIEWI [MXL XLI MQTEGX ZIPSGMX]
EPP] WXVIRKXLIR GIVXEMRWSMPW 3R XLI SXLIV LERH XLI HIWMVI 8LIQERRIVMR[LMGLXLISTIVEXSVVIPIEWIWSVVIWXVEMRWXLI
XSQEMRXEMRSVMQTVSZIWSMPTVSTIVXMIWWLSYPHRSXHMGXEXIE HVSTLEQQIVHYVMRKMXWJEPPLEWERMQTSVXERXIJJIGXSRXLI
QIXLSHWYGLEWSZIVHVMZMRK[LMGLIRHERKIVWXLIWXVYGXYVEP EGXYEP ZIPSGMX] EX MQTEGX ERH XLYW SR XLI IJJIGXMZI IRIVK]
MRXIKVMX]SJGSRGVIXITMPIW'SRGVIXITMPIWWLSYPHFIMRWXEPPIH HIPMZIVIHF]XLIFPS[%HVSTLEQQIVWLSYPHFIGSRXVSPPIH
WSXLEXXLIHIWMVIHTMPIMRXIVEGXMSR[MXLXLIWSMP[MPPFIHIZIP HYVMRKXLIJEPPF]KYMHIWWSXLEXXLITMPIMWWXVYGOWUYEVIP]
STIH[MXLSYXMQTEMVMRKXLIWXVYGXYVEPMRXIKVMX]SJXLITMPI ERHGSRGIRXVMGEPP]
8LI MRWXEPPEXMSR QIXLSH WLSYPH FI MRXIKVEXIH [MXL XLI
[IMKLXSJXLIHVSTLEQQIVWLSYPHFIWYFWXERXMEPMRVIPEXMSR
FI MRWXEPPIH YRHIV TEVXMGYPEV WMXI GSRHMXMSRW MR E QERRIV XSXLI[IMKLXSJXLITMPISRXLISVHIVSJSRISVX[SXMQIWXLI
GSQTEXMFPI [MXL XLIMV MRXIRHIH JYRGXMSR 8LI GSRWXVYGXMSR TMPI[IMKLXERHXLIJEPPWLSYPHFIOITXPS[SRXLISVHIVSJ
HSGYQIRXWWLSYPHPMQMXSVI\GPYHIXLIYWISJXLSWIMRWXEPPE  JX  Q  7SQI EYXLSVMXMIW VIGSQQIRH IZIR PS[IV JEPPW
XMSRQIXLSHWXLEX[SYPHFILEVQJYP8LIGSRXVEGXSVWLSYPH TEVXMGYPEVP] [LIR HVMZMRK SRXS VSGO   ,MKLIV JEPPW
MRWXEPPXLITMPIWMRE[E]XLEX[MPPGSQTP][MXLXLIIWWIRXMEP EVIWSQIXMQIWYWIHFYXXLIWIJVIUYIRXP]VIWYPXMRHEQEKIXS
HIWMKRVIUYMVIQIRXW;MXLMRXLIWIRIGIWWEV]PMQMXEXMSRWXLI XLITMPI;LIVIEKMZIRHVSTLEQQIVTVSZIWMREHIUYEXIMX
HIWMKRIVWLSYPHEPPS[JVIIHSQ MRXLIWIPIGXMSRSJMRWXEPPE MWYWYEPP]FIXXIVXSMRGVIEWIXLI[IMKLXSJXLILEQQIVVEXLIV
XMSR QIXLSHW WTIGMJ]MRK VIWYPXW MRWXIEH SJ QIXLSHW [LIVI XLERXLILIMKLXSJJEPP
TVEGXMGEP WS XLEX IGSRSQ] MW SFXEMRIH ERH ER ETTVSTVMEXI %WTIGMEPX]TISJHVSTLEQQIVMWYWIHXSMRWXEPPGSQTEGXIH
HMZMWMSRSJVIWTSRWMFMPMX]MWQEMRXEMRIH GSRGVIXITMPIW  8LMWMWEPSRKG]PMRHVMGEPWXIIP[IMKLX
8LIMRXIVVIPEXMSRWLMTSJHIWMKR QERYJEGXYVIERHMRWXEP XLEX JEPPW JVIIP] MRWMHI E LIEZ] WXIIP HVMZI GEWMRK SV TMTI
PEXMSRMWZMXEPXSWYMXEFPIJSYRHEXMSRTIVJSVQERGI'SRWXVYG MQTEGXMRKSRETPYKSJ^IVSWPYQTGSRGVIXI*EPPLIMKLXWJSV
XLMWX]TISJHVSTLEQQIVGERVERKIYTXSSVJX SVQ 

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

HYVMRKXLIJSVQEXMSRSJXLIGSQTEGXIHFEWI8LITVIHIWMK 8LIVIJSVIXLIVEQZIPSGMX]EXMQTEGXERHLEQQIVIRIVK]
REXIHQMRMQYQJEPPMWQSRMXSVIHF]EQEVOSRXLILEQQIV MWEJYRGXMSRSJXLITVIWWYVISRXLIXSTSJXLITMWXSRHYVMRK
PMRI%W[MXLSXLIVHVSTLEQQIVWLS[IZIVXLIIRHVIWYPXMW XLIHS[RWXVSOIEW[IPPEWXLILEQQIVWXVSOI8LIHSYFPI
WIRWMXMZIXSSTIVEXSVGSRXVSP EGXMRKLEQQIVI\LEYWXWXLIWXIEQSVEMVEXFSXLYTWXVSOIERH
 )\XIVREPP]TS[IVIHLEQQIVW{,EQQIVWTS[IVIH HS[RWXVSOI(SYFPIEGXMRKLEQQIVWXIRHXSLEZIPMKLXVEQW
ERHLMKLWTIIHW
WYGL EW FSMPIVW GSQTVIWWSVW SV L]HVEYPMG TS[IV YRMXW XS (MJJIVIRXMEPEGXMRK LEQQIVW YWI WXIEQ EMV SV L]HVEYPMG
STIVEXIXLILEQQIV*SVWXIEQSVEMVSTIVEXIHLEQQIVWXLI TVIWWYVIXSTS[IVFSXLXLIYTWXVSOIERHHS[RWXVSOI 8LMW
TVIWWYVIMWVIPIEWIHXSXLIEXQSWTLIVI8LITVIWWYVIVIPIEWI X]TISJLEQQIVHMJJIVWJVSQEHSYFPIEGXMRKLEQQIVMRXLEX
MRL]HVEYPMGEPP]TS[IVIHLEQQIVWLS[IZIVMRZSPZIWVIGMV HYVMRKXLIHS[RWXVSOIXLIG]PMRHIVMWYRHIVIUYEPTVIWWYVI
FSXLEFSZIERHFIPS[XLITMWXSRERHXLILEQQIVI\LEYWXW
SJ XLI QSWX VIGIRX EHZERGIW MR LEQQIV XIGLRSPSK] LEZI SRP]HYVMRKXLIYTWXVSOI;LIRXLIXVMTZEPZIMWIRKEKIHSR
FIIRMRL]HVEYPMGLEQQIVW-REHHMXMSRXSXLIEHZERXEKIXLEX XLI YTWXVSOI XLII\LEYWX ZEPZI EFSZI XLI TMWXSR[LMGL MW
XLI]GERSJXIRFISTIVEXIHSJJXLIL]HVEYPMGTS[IVW]WXIQ STIRHYVMRKYTPMJXMWGPSWIHERHTVIWWYVIMWWYTTPMIHXSXLI
SR XLI TMPIHVMZMRK VMK QER] SJ XLIWI L]HVEYPMG LEQQIVW XSTSJXLITMWXSR8LITVIWWYVIFIPS[XLITMWXSRLS[IZIVMW
EPWSEPPS[XLILEQQIVWXVSOIXSFIGEVIJYPP]GSRXVSPPIHERH RSXVIPIEWIHEW[MXLXLIHSYFPIEGXMRKLEQQIV8LIEVIESJ
ZEVMIHERHGSRXEMRMRXIVREPVEQZIPSGMX]QSRMXSVMRKHIZMGIW XLITMWXSRXSTMWPEVKIVXLERXLITMWXSRFSXXSQEVIE HMJJIV
IRGI IUYEPW XLI EVIE SJ XLI TMWXSR VSH  VIWYPXMRK MR E RIX
HSYFPISVHMJJIVIRXMEPEGXMRKHITIRHMRKSRLS[XLIQSXMZI HS[R[EVHJSVGIJVSQXLIWSYVGITVIWWYVIHYVMRKXLIHS[R
WXVSOI(YVMRKXLIHS[RWXVSOIXLIVEQMWEGGIPIVEXIHF]XLI
JSPPS[MRKTEVEKVETLW HMJJIVIRXMEPHS[R[EVHJSVGISRXLITMWXSRMREHHMXMSRXSXLI
7MRKPIEGXMRKLEQQIVWYWIWXIEQEMVSVL]HVEYPMGTVIW JSVGISJKVEZMX]8LIVIJSVIXLIVEQZIPSGMX]EXMQTEGXMWE
WYVISRP] XS VEMWI XLI VEQ 8LI VEQ MW EGGIPIVEXIH YT[EVH JYRGXMSRSJXLITVIWWYVISRXLITMWXSRHYVMRKXLIHS[RWXVSOI
YRHIVXLIJSVGIVIWYPXMRKJVSQXLISTIVEXMRKTVIWWYVIEGXMRK EW[IPPEWXLILEQQIVWXVSOI'SRXVSPSJXLIIRIVK]ERHVEQ
SR XLI FSXXSQ SJ XLI PMJXMRK TMWXSR %JXIV VMWMRK E GIVXEMR ZIPSGMX]GERXLYWFIEJJIGXIHF]XLIXLVSXXPI
HMWXERGI KIRIVEPP] GEPPIH XLI WXVSOIXSGYXSJJ E XVMT ZEPZI 8LI QE\MQYQ IRIVK] XLEX E HMJJIVIRXMEP LEQQIV GER
MW IRKEKIH XLEX WLYXW SJJ XLI TVIWWYVI WSYVGI ERH VIPIEWIW HIPMZIVMWIUYEPXSXLIXSXEP[IMKLXSJXLILEQQIVI\GPYHMRK
I\LEYWXW XLITVIWWYVIFIRIEXLXLIPMJXMRKTMWXSR;LIRXLI XLIHVMZILIEHQYPXMTPMIHF]XLIWXVSOISJXLILEQQIVVEQ
VEQ IRKEKIW XLI XVMT ZEPZI MX LEW ER YT[EVH ZIPSGMX] ERH 'SVVIGX STIVEXMRK TVIWWYVI MW MRHMGEXIH F] E WPMKLX VEMWMRK
GSRXMRYIWXSXVEZIPYT[EVHYRXMPXLIHS[R[EVHEGGIPIVEXMSR SJ XLILEQQIVFEWI EX XLI WXEVX SJ IEGL HS[R[EVH WXVSOI
SJKVEZMX]VIHYGIWXLIYT[EVHVEQZIPSGMX]XS^IVS8LIXSXEP (MJJIVIRXMEP LEQQIVW KIRIVEPP] LEZI WLSVXIV WXVSOIW XLER
LIMKLXSJXLIVEQVMWIEX^IVSYT[EVHZIPSGMX]MWXLILEQQIV GSQTEVEFPI WMRKPIEGXMRK LEQQIVW VIWYPXMRK MR JEWXIV
WXVSOI 8LI VEQ XLIR WXEVXW MXW JEPP YRHIV XLI EGGIPIVEXMSR LEQQIVWTIIHWXLEXMWQSVIFPS[WTIVQMRYXI1SVIVETMH
EGXMSRSJXLIWILEQQIVWETTVS\MQEXIP]X[MGIXLEXSJWMRKPI
ZSPYQIWLSYPHFIWYTTPMIHEXXLILEQQIVTMWXSRXSVIWYPXMR EGXMRKLEQQIVWGERVIWYPXMREPS[IVXSXEPHVMZMRKXMQI
ERYT[EVHVEQZIPSGMX]EXXLIWXVSOIXSGYXSJJXLEX[MPPVEMWI  (MIWIP LEQQIVW{(MIWIP LEQQIVW EVI TS[IVIH
XLIVEQXSXLIHIWMVIHLEQQIVWXVSOI F]MRXIVREPGSQFYWXMSRMR[LMGLXLII\TPSWMSRXEOIWTPEGI
)\XIVREP ZEPZI WPMHI FEVW [LMGL IRKEKI XLI XVMT ZEPZI YRHIVXLIVEQRIEVXLIIRHSJMXWJEPP8LIVIJSVIXLIMQTEGX
SVTYWLMWEGSQFMREXMSRSJXLIVEQ JEPPERHXLII\TPSWMZI
XLI WXVSOIXSGYXSJJ HMWXERGI ERH XLYW XLI LEQQIV WXVSOI VIEGXMSR8LMWI\TPSWMZIJSVGIEPWSWIVZIWXSTVSTIPXLIVEQ
LIMKLX SJ JEPP  7SQI LEQQIVWEVI IUYMTTIH[MXL QIGLE FEGOYTXSXLIXSTSJXLIWXVSOIERHVIWXEVXXLIG]GPI(MIWIP
RMWQWXLEXQEOIMXTSWWMFPIXSVIQSXIP]WLMJXXLIWXVSOIXS LEQQIVW HIZIPST QE\MQYQ IRIVK] MR LEVH HVMZMRK 8LI
GYXSJJHMWXERGIMRWIGSRHW8LYWXLIHIPMZIVIHIRIVK]GERFI XLVYWXJVSQGSQFYWXMSRMRHMIWIPLEQQIVWMWQEMRXEMRIHSZIV
EHNYWXIHXSQIIXWTIGMEPHVMZMRKGSRHMXMSRW;LIRSTIVEXMRK E VIPEXMZIP] PSRKIV TIVMSH XLER XLI EGXYEP MQTEGX ERH XLYW
EWMRKPIEGXMRKLEQQIVMREWLSVXWXVSOIHQSHIXLIQSHM IRLERGIW TMPI TIRIXVEXMSR %PXLSYKL HMIWIP LEQQIVW LEZI
VIPEXMZIP]PMKLXIVVEQWERHPSRKIVWXVSOIWXLERWMRKPIEGXMRK
XLILEQQIVWXVSOI8LIEGXYEPWXVSOIHIZIPSTIH[MPPHITIRH SV HMJJIVIRXMEP LEQQIVW XLIVEQZIPSGMX]EXMQTEGX MW PIWW
SRXLIWSYVGITVIWWYVIERHERSZIVWYTTP]SJEMVSVWXIEQGER XLERXLIZIPSGMX]VIWYPXMRKJVSQXLILIMKLXSJJEPPFIGEYWISJ
PIEHXSSZIVWXVSOMRK XLIGYWLMSRMRKIJJIGXSJEMVGSQTVIWWMSRMRXLIGSQFYWXMSR
(SYFPIEGXMRK LEQQIVW YWI WXIEQ SV EMV TVIWWYVI XS GLEQFIV1SWXHMIWIPLEQQIVWLEZIEJYIPXLVSXXPIEHNYWX
TS[IV FSXL XLI YTWXVSOI ERH XLI HS[RWXVSOI SJ XLI VEQ QIRXJSVGSRXVSPPMRKXLIVEQWXVSOIERHXLYWXLITMPIWXVIWWIW
HYVMRK XLI LEQQIV G]GPI ;LIR XLI XVMT ZEPZI MW IRKEKIH HYVMRKIEW]HVMZMRK8LITVSTIVW]WXIQ LEQQIVGYWLMSR
SR XLI YTWXVSOI XS VIPIEWI I\LEYWX  XLI TVIWWYVI FIRIEXL ERH TMPI  JSV TEVXMGYPEV HVMZMRK GSRHMXMSRW GER FI WIPIGXIH
XLIPMJXMRKTMWXSRERI\LEYWXZEPZIEFSZIXLITMWXSR[LMGL YWMRK E [EZIIUYEXMSR EREP]WMW TVSKVEQ XLEX TVSTIVP]
[EWSTIRHYVMRKYTPMJXMWGPSWIHERHXLIWSYVGITVIWWYVIMW QSHIPWFSXLXLIGSQFYWXMSRG]GPIERHXLIMQTEGXJSVGIWSJ
HMZIVXIHXSXLIXSTSJXLITMWXSR(YVMRKXLIHS[RWXVSOIXLI HMIWIPLEQQIVW8LIZEVMEFPIIRIVK]SJXLIHMIWIPLEQQIV
VEQ MW EGGIPIVEXIH HS[R[EVH F] XLI JSVGI SJ XLI TVIWWYVI RIIHWXSFIGSRWMHIVIH[LIRIWXEFPMWLMRKXLITVSHYGXMSRTMPI
EGXMRKSRXSTSJXLITMWXSRMREHHMXMSRXSXLIJSVGISJKVEZMX]

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

MRWXEPPEXMSRGVMXIVMEMJEPPTVSHYGXMSRTMPIWEVIXSFIHVMZIRXS  'ETFPSGOW ERH GYWLMSRW{'ETFPSGOW EPWS GEPPIH


LEQQIV GYWLMSRW EVI YWIH FIX[IIR XLI HVMZI LIEH ERH
 :MFVEXSV] LEQQIVW{:MFVEXSV] HVMZMRK SV VETMH XLILEQQIVVEQXSTVSXIGXFSXLXLITMPIERHLEQQIVJVSQ
ZMFVEXMSRSJETMPI[MPPEMHTIRIXVEXMSRMRGIVXEMRWSMPWIWTI HEQEKIXLEXGERFIGEYWIHF]HMVIGXMQTEGX8LIGETFPSGO
GMEPP]MRKVERYPEVQEXIVMEPWWYGLEWWERHWERHKVEZIPW&MEW LS[IZIV WLSYPH IJJIGXMZIP] XVERWQMX XLI LEQQIV IRIVK]
[IMKLX XLI EHHMXMSR SJ I\XVE [IMKLX XS XLI TMPILEQQIV XSXLITMPI[MXLSYXI\GIWWMZIPSWWSJIRIVK]8LIMQTSVXERX
W]WXIQ SVHS[RGVS[H XLIETTPMGEXMSRSJHS[R[EVHJSVGI TVSTIVXMIWSJGETFPSGOQEXIVMEPWEVIXLIMVIPEWXMGERHIRIVK]
F] XLITMPIHVMZMRK VMK  QE] FI VIUYMVIHMREHHMXMSR XSXLI
[IMKLXSJXLITMPIERHXLIZMFVEXSV]HVMZIVXSEGLMIZITIRI VIWXMXYXMSRERHHMQIRWMSRW ERHXLIWXEFMPMX]SJXLSWITVST
XVEXMSRHYVMRKZMFVEXMSR IVXMIW YRHIV XLI LMKL WXVIWWIW ERH LIEX FYMPHYT XLEX SGGYV
:MFVEXSV]LEQQIVWEVIIMXLIVSJXLIPS[SVLMKLJVIUYIRG] [MXLVITIEXIHLEQQIVFPS[W
X]TI 0S[JVIUYIRG] ZMFVEXSVW STIVEXI EX PIWW XLER  ,^ 1ER] HMJJIVIRX QEXIVMEPW EVI YWIH JSV GETFPSGOW %
X]TMGEPP]XS,^ ERHLMKLJVIUYIRG]ZMFVEXSVWSTIVEXI GSQQSRX]TISJ GETFPSGO MW ELEVH[SSH FPSGO[MXL KVEMR
YTXSETTVS\MQEXIP],^,MKLJVIUYIRG]ZMFVEXSVWEVI 
GETEFPISJSTIVEXMRKEXXLIVIWSRERXPSRKMXYHMREPJVIUYIRG] WYVI,EVH[SSHFPSGOWLEZIXLIEHZERXEKISJEPS[QSHYPYW
SJXLITMPI[LMGLGEREMHTIRIXVEXMSRMRWSQIGEWIW
8LI IJJIGXMZIRIWW SJ ZMFVEXSV] QIXLSHW SJ MRWXEPPEXMSR QSHYPEXIW XLI LEQQIV FPS[ VIHYGMRK XLI TMPI WXVIWWIW
MW KIRIVEPP] TVSTSVXMSREP XS XLI IRIVK] XVERWQMXXIH 7SQI ERHPIRKXLIRMRKXLIJSVGIHYVEXMSR,EVH[SSHFPSGOWLEZI
ZMFVEXSV]LEQQIVWEVIEWWIQFPIHMRYRMXWWSXLEXEYRMXGER XLI HMWEHZERXEKIW SJ FIGSQMRK GVYWLIH ERH FYVRIH SYX
FIEHHIH XS MRGVIEWI IJJIGXMZIRIWW ,]HVEYPMGEPP] TS[IVIH VIUYMVMRKJVIUYIRXVITPEGIQIRXERHLEZMRKZEVMEFPIIPEWXMG
ZMFVEXSV] LEQQIVW GER [SVO JYPP] WYFQIVKIH JSV HVMZMRK TVSTIVXMIWHYVMRKHVMZMRK;LIVIEWSJXGETFPSGOMWRIIHIH
ERHI\XVEGXMRKTMPIWFIPS[XLI[EXIVWYVJEGI XSGSRXVSPTMPIWXVIWWIWHYVMRKHVMZMRKERHMXWHMWEHZERXEKIW
8LIGSRRIGXMSRSJEZMFVEXSV]LEQQIVXSXLITMPIYWYEPP] EVIRSXGVMXMGEPE[SSHGETFPSGOGERFIIJJIGXMZI
[MXLEGPEQTMWTEVXMGYPEVP]GVMXMGEPERHWLSYPHFIEHIUYEXI 'ETFPSGOWSJEPXIVREXMRKEPYQMRYQERHQMGEVXE XLIXVEHI
ERH WIGYVI XS TVIZIRX HMWWMTEXMSR SJ IRIVK] :MFVEXSV] QEVOJSVEQEXIVMEPKIRIVMGEPP]HIWGVMFIHEWETLIRSPMGVIWMR
LEQQIVW GER FI YWIH IJJIGXMZIP] SR WLIIX TMPIW ,TMPIW GERZEW PEQMREXI  PE]IVW EVI EPWS GSQQSR 8LIWI XVERWQMX
TMTITMPIWERHSRQERHVIPWJSV'-4GSRGVIXITMPIW IRIVK] FIXXIV XLER LEVH[SSH QEMRXEMR RIEVP] GSRWXERX
 ;IMKLXERHXLVYWX{'SRGVIXITMPIWGERFIMRWXEPPIH IPEWXMGTVSTIVXMIWERHLEZIEVIPEXMZIP]PSRKPMJI'ETFPSGOW
F]WYTIVMQTSWMRKHIEH[IMKLXW8LMWQIXLSHMWTVEGXMGEPMR SJRYQIVSYWSXLIVQEXIVMEPWWYGLEWZEVMSYWVIWMRWERHTPEW
ZIV] WSJX WSMPW [LIVI PEVKI TMPIW EVI WIX ERH XLIR WYRO F] XMGWVYFFIVTP][SSH[MVIVSTIGSMPWGSQTVIWWIH[MVIERH
TPEGMRKE[IMKLXSRXST8LMWXIGLRMUYIMWYWYEPP]EYKQIRXIH GSQTVIWWIHTETIVEVIEZEMPEFPIXSWYMXEZEVMIX]SJTMPIX]TIW
F]I\GEZEXMSRJVSQ[MXLMRSVFIRIEXLXLIXMTERHF]NIXXMRK ERH HVMZMRK GSRHMXMSRW 'ETFPSGOW EVI SJXIR GSQTSWIH SJ
4MPIW GER FI NEGOIH HS[R F] L]HVEYPMG VEQW VIEGXMRK PE]IVWSJXLIWIZEVMSYWQEXIVMEPWEPXIVREXMRK[MXLEPYQMRYQ
EKEMRWX [IMKLXW SV ERGLSVW SV EKEMRWX TVIZMSYWP] MRWXEPPIH HMWOWXLEXMRGVIEWIXLIVEHMEPWXVIRKXLSJXLIGSQTSWMXIFPSGO
TMPIW3RIQEGLMRIYWIWPSRKWXVSOIL]HVEYPMGVEQWVIEGXMRK ERHLIPTHMWWMTEXIXLILIEXKIRIVEXIHMRXLIGYWLMSR
EKEMRWXXLILIEZMP]PSEHIHGEVVMEKISJXLIQEGLMRI%RSXLIV 4MPI GYWLMSRW EVI YWIH FIX[IIR E GSRGVIXI TMPI ERH XLI
QEGLMRI EXXEGLIW MXWIPJ L]HVEYPMGEPP] XS WIZIVEP EHNSMRMRK HVMZMRK LIEH ERH EVI KIRIVEPP] VIUYMVIH JSV EPP X]TIW SJ
TMPIWERHXLIRTYWLIWSRSRITMPI[LMPILSPHMRKSRXSWIZIVEP TVIGEWX TMPIW XS HMWXVMFYXI XLI LEQQIV FPS[ TVSXIGX XLI
SXLIVW XLMW FIMRK HSRI TVSKVIWWMZIP] XS QSZI XLI IRXMVI TMPILIEHERHGSRXVSPHVMZMRKWXVIWWIWMRXLITMPI8LI]EVI
KVSYTSJTMPIWHS[R8LMWX]TISJQEGLMRIMWYWIHTVMQEVMP] YWYEPP] PEQMREXIH GSRWMWXMRK SJ WSJX[SSH SV LEVH[SSH
XSMRWXEPPWXIIPWLIIXTMPIW FSEVHW SV TP][SSH EPXLSYKL SXLIV QEXIVMEPW LEZI FIIR
 (VMZILIEHW{4MPIWFIMRKHVMZIRF]MQTEGXVIUYMVI YWIH8LIVIUYMVIHXLMGORIWWSJGYWLMSRMRKQEXIVMEPZEVMIW
EREHIUYEXIHVMZILIEHEPWSVIJIVVIHXSEWLIPQIXWSVHVMZI [MXLXLINSFGSRHMXMSRW8LIIJJIGXSJGYWLMSRTVSTIVXMIWERH
GETWXSHMWXVMFYXIXLIFPS[SJXLILEQQIVXSXLILIEHSJXLI GYWLMSRXLMGORIWWSRTMPIWXVIWWIWERHIRIVK]XVERWQMWWMSR
TMPI8LIHVMZILIEHEPWSJVIUYIRXP]LSPHWSVVIXEMRWTVSXIG GERFIIZEPYEXIHF]E[EZIIUYEXMSREREP]WMWJSVXLIHVMZMRK
XMZI QEXIVMEP   XS VIHYGI XLI WLSGO SJ XLI FPS[ ERH GSRHMXMSRWMRZSPZIH  
WTVIEHMXQSVIIZIRP]SZIVXLILIEHSJXLITMPI8LIHVMZMRK  1ERHVIPW{8LMR WXIIP TMPI WLIPPW EVI JVIUYIRXP]
LIEHWLSYPHFIE\MEPP]EPMKRIH[MXLXLILEQQIVERHXLITMPI HVMZIR F] WXIIP QERHVIPW XLEX XVERWQMX XLI LEQQIV FPS[
YRMJSVQP]XSXLIWSMPERHTVIZIRXXLIWLIPPJVSQGSPPETWMRK
FYPKMRKERHHMWXSVXMSRXSXLILIEHSJXLITMPI1EGLMRIHWXIIP EWMXMWHVMZIRXLVSYKLXLIWSMP1ER]X]TIWSJQERHVIPWEVI
YWIH3RIX]TIIRKEKIWGPSWIP]WTEGIHHVMZIVMRKWSVWXITW
MR XLI WLIPP 3XLIVW I\TERH TRIYQEXMGEPP] QIGLERMGEPP]
XLI XST SJ XLI TMTI GER IJJIGXMZIP] VIHYGI TMTI HMWXSVXMSR SVL]HVEYPMGEPP]XSKVMTXLIWLIPPEXRYQIVSYWTSMRXWEPSRK
VIWYPXMRKJVSQHVMZMRK XLITMPI1ERHVIPWEVIKIRIVEPP]HIWMKRIHJSVVITIEXIHYWI
[LMGLVIWYPXWMRLIEZ][EPPXLMGORIWWIW8LIVIWYPXMRKLMKL
XMKLXP]EWXLMWGSYPHGEYWIXLIXVERWJIVSJQSQIRXSVXSVWMSR E\MEPWXMJJRIWWSJXLIQERHVIPTIVQMXWXLIWLIPPWXSFIHVMZIR
LS[IZIV XLI LIPQIX WLSYPH RSX FI WS PSSWI EW XS TVIZIRX XS LMKLIV GETEGMXMIW XLER [SYPH FI TIVQMXXIH F] XLI E\MEP
TVSTIVE\MEPEPMKRQIRXSJLEQQIVERHTMPI WXMJJRIWWSJXLIWLIPPWEPSRI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

4VSTIVP] HIWMKRIH QERHVIPW LEZI TVSZIR ZIV] IJJIGXMZI SJ XLITMPI [MXL ELEQQIV EYKQIRXW XLMW GSRWSPMHEXMSR %
MR SFXEMRMRK TIRIXVEXMSR SJ XLI TMPI XMT XLVSYKL LEVH WSMP
PE]IVW ERHSFWXVYGXMSRW;LIR LEVHQEXIVMEPWERHSFWXVYG EW[IPPEWEQMRMQYQHMWXERGIJSVXLITMPIXSFIHVMZIREJXIV
NIXXMRK WXSTW XS EGLMIZI XLI HIWMVIH GSRWSPMHEXMSR ERH XLI
WERHWERHTVIZIRXTVSTIVGSRGVIXMRKSJXLIWLIPPSVI\XVEG EZSMHERGI SJ ER] HIPIXIVMSYW IJJIGX SR TVIZMSYWP] HVMZIR
XMSRSJXLI QERHVIPLS[IZIV XLIYWI SJXLI QERHVIPQE] TMPIW.IXXMRKWLSYPHRSXFIHSRIFIPS[XLIXMTWSJTVIZMSYWP]
FIYRIGSRSQMGEP1ERHVIPWWLSYPHTVIZIRXHMWXSVXMSRSJXLI HVMZIRTMPIW8LIIJJIGXSJNIXXMRKSREHNEGIRXTMPIWERHWXVYG
WLIPPERHVIWMWXFIRHMRKERHHSKPIKKMRK[MXLMRPMQMXWWIXF] XYVIWWLSYPHFIGSRWMHIVIH
XLIHIWMKRIRKMRIIV -RKIRIVEPWMQYPXERISYWNIXXMRKERHHVMZMRKSJTVIGEWXSV
'IVXEMR X]TIW SJ '-7 GSRGVIXI TMPIW EVI GSRWXVYGXIH F] TVIWXVIWWIHGSRGVIXITMPIWMWYRHIWMVEFPI8LMWMWTEVXMGYPEVP]
HVMZMRKQERHVIPW[MXLSYXWLIPPWERHXLIRTPEGMRKGSRGVIXI XVYI[LIRXLINIXXMRKMWXEOMRKTPEGIFIPS[XLITMPIXMT[LMGL
XLSYKLXLIQERHVIPGSVIEWXLIQERHVIPMW[MXLHVE[R7LSIW MWPMOIP]XSVIWYPXMRPS[XMTVIWMWXERGIERHLMKLXIRWMSRWXVIWW
SVXMTWSJWYGLQERHVIPWQE]FII\TIRHEFPIERHVIQEMRMR
TPEGIEWXLIXMTSJXLITMPI;LIRXLIWLSIMWHIWMKRIHJSV HITXLXS[LMGL XLI NIXW GER FI STIVEXIH [LMPIHVMZMRK ERH
VIQSZEPMXWLSYPHFIHIWMKRIHWSEWRSXXSYRHYP]HMWXYVFSV LEQQIVIRIVK] VIWXVMGXMSRW WLSYPH FI XEOIR MJ GSRGVIXI
HMWVYTXXLIGSRGVIXIHYVMRK[MXLHVE[EP TMPIWEVIXSFIHVMZIR[LMPINIXXMRKMWXEOMRKTPEGIWSXLEXXLI
1ERHVIPWLEZIFIIRYWIHXSHVMZITMTITMPIWF]IRKEKMRK HVMZMRKWXVIWWIWEVIRSXI\GIWWMZI;LIRHVMZMRKSJTVIGEWX
SRP]XLIFSXXSQSJXLITMTIXLYWTYPPMRKXLITMTIHS[R[EVH SVTVIWXVIWWIHGSRGVIXITMPIWGSQQIRGIWEJXIVXLIGSQTPI
%WTIGMEPXMTHIXEMPMWVIUYMVIHEXXLIFSXXSQHVMZITSMRXXS XMSRSJNIXXMRKXLITMPIWLSYPHFIWIEXIHYWMRKEPS[LEQQIV
XEOIXLIGSRGIRXVEXIHQERHVIPJSVGIERHHMWXVMFYXIMXXSXLI IRIVK]XSHIZIPSTEVIEWSREFPIXMTVIWMWXERGIFIJSVIXLIJYPP
TMTI [EPP 8LI GYWXSQEV] XMTGPSWYVI TPEXI JSV XSTHVMZIR HVMZMRKIRIVK]MWYWIH
TMTITMPIWMWKIRIVEPP]MREHIUYEXIJSVXLMWTYVTSWI4MTITMPIW 8LI YWI SJ LMKLTVIWWYVI MRXIVREP NIXW MR LSPPS[GSVI
LEZI EPWS FIIR HVMZIR [MXL QERHVIPW XLEX WMQYPXERISYWP] GSRGVIXITMPIWGERFYVWXXLITMPIMJXLINIXTMTIFVIEOWHYVMRK
IRKEKIXLIGPSWYVITPEXISVETPYKEXXLITMPIXMTERHXLIXST MRWXEPPEXMSR IMXLIVJVSQ XLILMKL NIX TVIWWYVI SV JVSQ LMKL
SJXLITMTI-RXLMWGEWIXLITMTIERHQERHVIPPIRKXLWWLSYPH TVIWWYVIW KIRIVEXIH F] [EXIVLEQQIV IJJIGXW 
FIGEVIJYPP]QEXGLIHWSXLEXXLIHVMZMRKJSVGIMWRSXXVERW HYVMRKWYFWIUYIRXHVMZMRK)\XIVREPNIXXMRKMWTVIJIVVIHJSV
QMXXIHTVMQEVMP]XLVSYKLXLITMTIXST LSPPS[GSVI GSRGVIXI TMPIW -J MRXIVREP NIXXMRKMW RIGIWWEV]
 .IXXMRK{% HMWXMRGXMSR MW QEHI FIX[IIR TVINIXXMRK MXQE]FIHIWMVEFPIXSW[MXGLXSETMPISJWSPMHGVSWWWIGXMSR
ERHNIXXMRK4VINIXXMRKXEOIWTPEGIFIJSVIXLITMPIMWMRWIVXIH  4VIHVMPPMRK{4VIHVMPPMRK MW ER IJJIGXMZI XIGLRMUYI
MRXSXLIKVSYRH[LIVIEWNIXXMRKXEOIWTPEGIHYVMRKXLIMRWIV XS JEGMPMXEXI TMPI MRWXEPPEXMSR MR QER] WSMPW WYGL EW XLSWI
XMSRSJXLITMPIMRXSXLIKVSYRH.IXWTYHHMRKSVTVINIXXMRK GSRXEMRMRK LEVHTER GIQIRXIH WXVEXE LEVH GPE] SV HIRWI
MWXLIXIGLRMUYISJMRWXEPPMRKE[IMKLXIH[EXIVNIXEXXLITMPI GSQTEGXIHWERH(V]TVIHVMPPMRKGERFIHSRI[MXLIMXLIVE
PSGEXMSR XS FVIEO YT LEVH PE]IVW ERH GIQIRXIH WXVEXE 8LI
NIXMWXLIR[MXLHVE[RERHXLITMPIMRWXEPPIHMRXLIWEQIPSGE EYKIV ;LIR HVMPPMRK XLVSYKL GPE] XLI GPE] WSMPW QE]
XMSR8LMWTVINIXXMRKGEREPWSXIQTSVEVMP]WYWTIRHSVPMUYIJ]
XLIWSMPW[LMGLVIHYGIWXLIVIWMWXERGIXSTMPITIRIXVEXMSR-R
WSMPWGSRXEMRMRKFSYPHIVWGSFFPIWSVPEVKIKVEZIPTVINIXXMRK FIJEGMPMXEXIHF]EHHMRK[EXIVSVEMVXLVSYKLXLIHVMPPWXIQXS
SVNIXXMRKGERWIKVIKEXIXLIWIGSEVWIQEXIVMEPWXSXLIFSXXSQ FVIEOYTXLIWSMPERHGEVV]MXXSXLIWYVJEGI
;IXVSXEV]HVMPPMRKLEWFIIRYWIHXSI\GEZEXIHIITLSPIW
XLIQ [LIVIXLITS[IVVIUYMVIHJSVEYKIVMRK[SYPHFII\GIWWMZI
8LIYWISJI\XIVREPSVMRXIVREPNIXWHYVMRKTMPIMRWXEPPEXMSR -XMWTEVXMGYPEVP]WYMXIHXSTPEWXMGWSMPWXLEX[SYPHWXMGOXSXLI
GEREPWSEWWMWXTMPITIRIXVEXMSR.IXXMRK[MXLIMXLIVI\XIVREP
SV MRXIVREP NIXW VIHYGIW WOMR JVMGXMSR MR WERHW ERH WERH]

JVMGXMSRSRXLITMPIWMHIW;LIRWMROMRKETMPI[MXLEWMRKPI XLIEYKIV;EXIVSVHVMPPMRKQYHYWYEPP]EFIRXSRMXIWPYVV]
I\XIVREP NIX XLI TMPI XIRHW XS QSZI XS[EVH XLI NIX 8LIVI MWGMVGYPEXIH XLVSYKLXLIHVMPPWXIQ XS GEVV]XLIGYXXMRKWXS
JSVINIXWEVISJXIRKVSYTIHMRTEMVWSVEWEVMRKXSTVSZMHI XLIWYVJEGIERHXSOIITXLILSPISTIR8LIPEVKIUYERXMX]SJ
YRMJSVQHMWXVMFYXMSRSJ[EXIVEVSYRHXLITMPI-RXIVREPNIXWMR WPYVV]TVSHYGIHGERFIEWIVMSYWTVSFPIQERHMXWHMWTSWEP
WSQIMRWXERGIWLEZIQYPXMTPIRS^^PIWXSHMWXVMFYXIXLI[EXIV WLSYPHFITPERRIHJSVMREHZERGI
EVSYRH XLI TMPI 8LI IJJIGX SJ NIXXMRK SR TMPI EPMKRQIRX MW 4VIHVMPPMRKMWKIRIVEPP]EQSVIGSRXVSPPEFPIJSVQSJTVI
TEVXMGYPEVP]ETVSFPIQ[MXLFEXXIVTMPIWERHVIUYMVIWWTIGMEP I\GEZEXMSR XLER NIXXMRK [MXL PIWW TSXIRXMEP JSV HIXVMQIRXEP
EXXIRXMSR IJJIGXW SR EHNEGIRX TMPIW SV WXVYGXYVIW ERH XLI JVMGXMSREP

ERHXLIGSRWIUYIRXMRXIVEGXMSRSJWSMPERHTMPIEJXIVMRWXEPPE WYVIERHHVMPPXMQIEVIEQSRKXLIZEVMEFPIWXLEXWLSYPHFI
XMSRWLSYPHFIGSRWMHIVIH.IXXMRKMWYWYEPP]WXSTTIHFIJSVI GSRXVSPPIHXSPMQMXXLIIJJIGXWSJTVIHVMPPMRKSRTMPIGETEGMX]
8LITSWWMFPIIJJIGXSJTVIHVMPPMRKSREHNEGIRXTMPIWERHWXVYG
XLI PEWX JI[ JIIX MRXS YRHMWXYVFIH QEXIVMEP 1SWX KVERYPEV XYVIWWLSYPHFIGSRWMHIVIH
WSMPW[MPPFIVIGSRWSPMHEXIHEJXIVNIXXMRKWXSTWERHXLIHVMZMRK

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

 (VMPPMRK STIRIRHIH TMTI TMPIW{-R EXXIQTXMRK XS EXMSRWLSYPHFIKMZIRXSXLIIJJIGXSJXLMWLEVHHVMZMRKSRER]


MRWXEPP TMPIW XLVSYKL GIVXEMR X]TIW SJ WSMPW WYGL EW XLSWI GSRXMKYSYWWXVYGXYVIWWXVIIXWSVYXMPMXMIW
GSRXEMRMRK FSYPHIVW E GSQFMREXMSR SJHVMZMRK ERH HVMPPMRK  *SPPS[IVW{*VIUYIRXP] E TMPI [MPP RIIH XS FI
MWSJXIRXLIQSWXTVEGXMGEPQIXLSH%PXIVREXMRKHVMZMRK[MXL HVMZIRMRELSPISVXLVSYKLSZIVFYVHIRXSEGYXSJJIPIZEXMSR
HVMPPMRKMRWMHIXLITMTIMWYWIHXSEHZERGIXLITMPI(IJSVQE FIPS[ XLI PIZIP SR [LMGL XLI HVMZMRK VMK MW STIVEXMRK ERH
XMSRSJXLITMPIXMTWLSYPHFITVIZIRXIH8LIXMTGERFIVIMR FI]SRHXLIPIZIPXLEXXLILEQQIVGERVIEGL;LIRXLIYWI
JSVGIHSVEWTIGMEPWXIIPWLSI GER FI YWIH (VMZMRKWLSYPH SJLEQQIVPIEHI\XIRWMSRWMWRSXJIEWMFPIEGSQQSRXIGL
TVIJIVEFP] FI TIVJSVQIH [MXL ELMKLFPS[VEXI LEQQIVSV RMUYIXSGSQTPIXIXLIHVMZMRKFIPS[XLILEQQIVVIEGLMWXS
ZMFVEXSV YWIETMPIJSPPS[IVFIX[IIRXLIHVMZILIEHERHXLITMPILIEH
;LIRMRWXEPPMRKSTIRIRHIHTMTIXSVSGOEWSGOIXGERFI %JSPPS[IVMWEWXVYGXYVEPQIQFIVKIRIVEPP]QEHISJWXIIP
HVMPPIHMRXLIVSGOEJXIVXLITMTIMWWIEXIH6IWIEXMRKXLITMTI
EJXIVHVMPPMRKXLIWSGOIXMWEPQSWXEP[E]WRIGIWWEV] LEQQIVIRIVK]XSXLITMPI&IGEYWIJSPPS[IVWEVIKIRIVEPP]
)\GEZEXMRK JVSQ [MXLMR TMTI TMPIW IWTIGMEPP] XLSWI SJ E WYFNIGXIHXSVITIEXIHYWIWMQMPEVXSQERHVIPWXLIEPPS[EFPI
PEVKIVHMEQIXIVGERFITIVJSVQIH[MXLEMVPMJXTYQTW%PXIV HVMZMRKWXVIWWIWMRJSPPS[IVWEVIYWYEPP]WIPIGXIHGSRWIVZE
REXMZIP]XLIQEXIVMEPGERFIFPS[RSYX[MXLLMKLTVIWWYVI XMZIP]*SPPS[IVWWLSYPHLEZIKYMHIWSVSXLIVQIERWEHETXIH
EMVSVEGSQFMREXMSRSJWXIEQERH[EXIVWYHHIRP]MRNIGXIH XSXLIPIEHWWSXLEXXLILEQQIVJSPPS[IVLIPQIXERHTMPI
EVIQEMRXEMRIHMRKSSHEPMKRQIRX
XLILIEHSJXLITMPI[MPPSJXIRFIYWIJYPJSVGSRXVSPPMRKXLI 'SRWMHIVEXMSRWLSYPHFIKMZIRXSXLIIJJIGXSJXLIJSPPS[IV
KI]WIVSJ[EXIVERHWSMPINIGXIHHYVMRKXLIFPS[SYXSTIVE SR XLI HVMZMRK GVMXIVME SJ TMPMRK MRWXEPPIH [MXL E JSPPS[IV
XMSR(VMPPMRK[MXLMRXLIHVMZIRTMTITMPIMWERIJJIGXMZI[E]
SJVIQSZMRKXLIWSMP
4YQTMRK JVSQ [MXLMR XLI MRXIVMSV SJ LSPPS[ TMPIW [LIR W]WXIQ 4VSTIV YWI SJ E JSPPS[IV LS[IZIV MW E QEXXIV SJ
MRWXEPPMRK XLIQ MR WERHW SV WMPXW GER GEYWI WSMP QEXIVMEP XS HIWMKR8LIJSPPS[IVWLSYPHFIHIWMKRIHERHGSRWXVYGXIHWS
XLEXMX[MPPFIEFPIXS[MXLWXERHH]REQMGHVMZMRKWXVIWWIWERH
WMROMRK %PXIVREXMZIP]XLI [EXIV PIZIPGERFI FVSYKLX XS E EPPS[EHIUYEXIXVERWQMWWMSRSJLEQQIVIRIVK]XSXLITMPI
QYGLLMKLIVPIZIPMRWMHIXLITMPIXLERSYXWMHIERHWYHHIR 8LI[EZIIUYEXMSREREP]WMW  GERFIYWIHXSEWWIWW
VIPIEWI [SYPH [EWL SYX QEXIVMEP YRHIV XLI XMT 8LMW PEWX XLIIJJIGXSJXLIJSPPS[IVSRXLITMPIHVMZMRKGLEVEGXIVMWXMGW
 ERHEPWSXLITMPIERHJSPPS[IVWXVIWWIW
GIRXWSMP
 7TYHHMRKERHHVMZMRKXLVSYKLSFWXVYGXMSRW{7TYH {4VIZIRXMSRSJHEQEKIXSTMPMRKHYVMRK
HMRKMWXLIYWISJEWLEJXSVQERHVIPXSJSVGIELSPIXLVSYKL MRWXEPPEXMSR
 (EQEKI XS TVIGEWX SV TVIWXVIWWIH TMPMRK HYVMRK
MRWXEPPETMPI%TVIGEWXGSRGVIXITMPISJXIRQEOIWERI\GIP HVMZMRK{'VEGOMRKSVWTEPPMRKHYVMRKHVMZMRKSJVIMRJSVGIH
PIRX WTYH MR MXWIPJ ERH RIIH RSX FI [MXLHVE[R 4VIWXVIWWIH
GSRGVIXITMPIWLEZIFIIRWYGGIWWJYPP]HVMZIRXLVSYKLVMTVET  7TEPPMRK SJ GSRGVIXI EX XLI TMPI LIEH HYI XS LMKL
GSQTVIWWMZIWXVIWW
HIJSVQ FYX HYVMRK WYGL HVMZMRK XLI TMPI WLSYPH RSX FI 7TEPPMRKSJGSRGVIXIEXXLITMPIXMTHYIXSLEVHHVMZMRK
VIWXVEMRIHSVI\GIWWMZIFIRHMRK[MPPVIWYPX8LIREXYVIERH VIWMWXERGIEXXLIXMT
I\XIRX SJ XLI SFWXVYGXMSRW [MPP HMGXEXI XLI FIWX QIXLSH XS  8VERWZIVWI GVEGOMRK SV FVIEOMRK SJ XLI TMPI HYI XS
MRWXEPPXLI TMPIW;LIVI WLEPPS[ SFWXVYGXMSRW EVITIVZEWMZI
ERH SRIVSYW WYGL EW E FSYPHIVPEHIR WXVEXYQ MX MW SJXIR 7TMVEPSVXVERWZIVWIGVEGOMRKHYIXSEGSQFMREXMSRSJ
QSWXEHZERXEKISYWXSTVII\GEZEXIXLISFWXVYGXMSRW4MPIXMT
TVSXIGXMSRQE]FIRIGIWWEV]MRWSQIGEWIW ERH  WSQIXMQIWEGGSQTERMIHF]WTEPPMRKEXXLIGVEGO
8LIREXYVIERHI\XIRXSJXLISFWXVYGXMSRW[MPPHMGXEXIXLIFIWX 7TEPPMRKERHGVEGOMRKHYIXSEGSQFMREXMSRSJGSQTVIW
QIXLSH
;LIRHVMZMRKGPSWIHIRHTMTITMPIWMXMWSJXIRTSWWMFPIXS TMPIGYVZEXYVI
0SRKMXYHMREPWTPMXWSJLSPPS[TMPIWHYIXSMRXIVREPVEHMEP
JSVWSQISVEPPSJXLITMPIPIRKXLERHXLIRVIHVMZIXLITMPI TVIWWYVIW
EJXIV XLI GSRGVIXI LEW EGLMIZIH E WYMXEFPI WXVIRKXL 8LMW  4MPILIEH WTEPPMRK{7TEPPMRK SJ GSRGVIXI EX XLI
 TMPILIEHMWGEYWIHF]LMKLSVMVVIKYPEVGSQTVIWWMZIWXVIWW
WMSRERHQMRMQM^IWXLITSXIRXMEPJSVTMPIHEQEKI6IHVMZMRK GSRGIRXVEXMSRW8LMWX]TISJHEQEKIGERFIGEYWIHF]XLI
WLSYPHSRP]FIHSRIEJXIVMXLEWFIIRHIXIVQMRIHF][EZI JSPPS[MRK
IUYEXMSR EREP]WMW JSV I\EQTPI XLEX XLI GSRGVIXI WXVIWWIW
HYVMRK HVMZMRK EVI XSPIVEFPI 6IHVMZMRK GER FI HSRI F] LIEHERHXLIGSRGVIXITMPIVIWYPXMRKMREZIV]LMKLGSQTVIW
HMVIGXP]HVMZMRKSRXLIXSTSJXLIGSRGVIXISVF]XLIYWISJE WMZIWXVIWWSRMQTEGXSJXLILEQQIVVEQ
QERHVIPI\XIRHMRKXSXLIXSTSJXLIGSRGVIXI%TMPIGYWLMSR  8LI XST SJ XLI TMPI MW RSX WUYEVI SV TIVTIRHMGYPEV XS
SRXSTSJXLIGSRGVIXI[MPPKIRIVEPP]FIVIUYMVIHXSHMWXVMFYXI XLI PSRKMXYHMREP E\MW SJ XLI TMPI VIWYPXMRK MR ER IGGIRXVMG
XLIMQTEGXIZIRP]XSXLIGSRGVIXI-RIMXLIVGEWIGSRWMHIV LEQQIVFPS[ERHLMKLWXVIWWGSRGIRXVEXMSRW

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

-QTVSTIVEPMKRQIRXSJXLILEQQIVERHTMPIVIWYPXMRK MWTVIWIRXEXXLITMPITSMRXXLIGSQTVIWWMZIWXVIWW[EZI[MPP
MR ER IGGIRXVMG LEQQIV FPS[ XLEX GEYWIW LMKL WXVIWW
GSRGIRXVEXMSRW KMZIRXMQIXLIRIXWXVIWWEXETSMRXMRXLITMPIMWXLIEPKIFVEMG
 -QTEGX SR PSRKMXYHMREP VIMRJSVGMRK WXIIP TVSXVYHMRK WYQSJXLIGSQTVIWWMZIWXVIWW[EZIXVEZIPMRKHS[RXLITMPI
EFSZIXLITMPILIEHVIWYPXMRKMRLMKLWXVIWWGSRGIRXVEXMSRW
MRXLIGSRGVIXIEHNEGIRXXSXLIVIMRJSVGIQIRX
 0EGO SJ EHIUYEXI XVERWZIVWI VIMRJSVGIQIRX WTMVEP HITIRHWSRXLIQEKRMXYHISJXLIMRMXMEPGSQTVIWWMZIWXVIWW
XLIPIRKXLSJXLIWXVIWW[EZIVIPEXMZIXSXLITMPIPIRKXLERH
8LIXSTIHKIWERHGSVRIVWSJXLIGSRGVIXITMPIEVIRSX
GLEQJIVIHGEYWMRKXLIIHKIWSVGSVRIVWXSWTEPP PSRKWXVIWW[EZIMWHIWMVEFPIXSQMRMQM^IXLITSWWMFMPMX]SJ
*EXMKYIJEMPYVISJXLIGSRGVIXIYRHIVEPEVKIRYQFIVSJ HEQEKMRKXLITMPI
LEQQIVFPS[WEXELMKLWXVIWWPIZIP
 4MPIXMTWTEPPMRK{7TEPPMRKSJGSRGVIXIEXXLITSMRX GSQTVIWWMZI WXVIWW [EZI XVEZIPMRK HS[R XLI TMPI [MPP FI
SJ XLI TMPI GER FI GEYWIH F] LMKL HVMZMRK VIWMWXERGI 8LMW
X]TISJVIWMWXERGIGERFIIRGSYRXIVIH[LIRJSYRHMRKXLITMPI 8IRWMPIWXVIWWIW[MPPRSXSGGYVYRHIVXLIWIGSRHMXMSRWYRXMP
TSMRXSRFIHVSGOSVSXLIVLMKLP]VIWMWXERXWXVEXE%PWSTMPIW
WIPHSQ MRXIVJEGI IZIRP] [MXL XLI VSGO VIWYPXMRK MR IGGIR
XVMGPSEHMRKERHLMKLIVXLEREZIVEKIWXVIWWIW'SQTVIWWMZI XIRWMPIWXVIWW[EZI-XMWTSWWMFPIJSVGVMXMGEPXIRWMPIWXVIWWIW
WXVIWW EX XLI TMPI XMT [LIR HVMZMRK SR FEVI VSGO GER XLIS XSSGGYVRIEVXLITMPILIEHMRXLMWGEWIWYGLEW[LIRHVMZMRK
VIXMGEPP]FI X[MGI XLI QEKRMXYHI SJXLI GSQTVIWWMZIWXVIWW SRXSVSGO[MXLEZIV]PMKLXLEQQIVVEQ[IMKLX
TVSHYGIHEXXLITMPILIEHF]XLILEQQIVMQTEGX9RHIVWYGL -R WYQQEV] XIRWMPI GVEGOMRK SJ TVIGEWX TMPIW GER FI
GSRHMXMSRW SZIVHVMZMRK SJ XLI TMPI ERH TEVXMGYPEVP] LMKL GEYWIHF]XLIJSPPS[MRK
VEQZIPSGMXMIWWLSYPHFIEZSMHIH-RXLIQSVIRSVQEPGEWIW
[LIVIXLIVIMWWSMPSZIVP]MRKXLIVSGOXMTWXVIWWIW[MPPKIRIV LIEH ERH XLI GSRGVIXI TMPI VIWYPXMRK MR E WXVIWW [EZI SJ
EPP]FISJXLIWEQISVHIVSJQEKRMXYHIEWXLILIEHWXVIWWIW LMKL QEKRMXYHI ERH WLSVX PIRKXL 8LI YWI SJ ER EHIUYEXI
4VSPSRKIH HVMZMRK EX LMKL FPS[ GSYRXW ERH LMKL XMTWXVIWW WSJX[SSH GYWLMSR MW JVIUYIRXP] XLI QSWX IJJIGXMZI [E] SJ
PIZIPWGEREPWSPIEHXSGSRGVIXIJEXMKYIJEMPYVIEXXLIXMT0MOI VIHYGMRKHVMZMRKWXVIWWIW7XVIWWVIHYGXMSRWSRXLISVHIVSJ
XLITMPILIEHXLITMPIXMTWLSYPHFITVSZMHIH[MXLEHIUYEXI TIVGIRXGERFISFXEMRIH[MXLRI[YRGVYWLIHGYWLMSRW
%WXLIGYWLMSRMWGSQTVIWWIHF]LEVHHVMZMRKXLIMRXIRWMX]
 8VERWZIVWI GVEGOW{8VERWZIVWIXIRWMSR GVEGOMRK SJ XLI WXVIWW [EZI MRGVIEWIW 8LIVIJSVI XLI YWI SJ E RI[
 GYWLMSRJSVIEGLTMPIMWVIGSQQIRHIH
IRSR-XGERSGGYVMRXLIYTTIVIRHQMHPIRKXLSVPS[IVIRH  ,MKL VEQ ZIPSGMX] [LMGL TVSHYGIW E WXVIWW [EZI SJ
SJXLITMPI-XYWYEPP]SGGYVWMRTMPIWJX Q SVQSVI LMKLQEKRMXYHI
MRPIRKXL-XGERSGGYV[LIRXLIXMTVIWMWXERGIMWPS[HYVMRK
HVMZMRKWYGLEWHVMZMRKMRZIV]WSJXWSMPWSV[LIRNIXXMRKSV SVRSXMTVIWMWXERGI8LMWGSRHMXMSRMWQSWXGVMXMGEPMRPSRK
TVIHVMPPMRKLEWVIHYGIHXLIWSMPVIWMWXERGIEXXLITMPIXMT-X TMPIWJX Q SVQSVIMRPIRKXL8LMWMWTSWWMFPI[LIR
EPWS GER SGGYV EPXLSYKL VEVIP] [MXL PMKLX LEQQIVW [LIR HVMZMRKMRWSJXWSMPWXLVSYKLELEVHPE]IVMRXSERYRHIVP]MRK
VIWMWXERGIMWI\XVIQIP]LEVHEXXLITSMRXWYGLEWHVMZMRKSR WSJXIVPE]IVSV[LIRXLIWSMPEXXLIXMTLEWFIIR[IEOIRIH
WSPMHVSGO F]NIXXMRKSVHVMPPMRK1SWXGSQQSRP]XLIWIGVMXMGEPXIRWMPI
% GSQTVIWWMZI WXVIWW MW TVSHYGIH [LIR E LEQQIV VEQ WXVIWWIWSGGYVRIEVXLIYTTIVXLMVHTSMRXFYXXLI]GERSGGYV
WXVMOIWXLITMPILIEHSVGYWLMSR8LMWGSQTVIWWMZIWXVIWWMR EXQMHPIRKXLSVPS[IV
GSRGVIXITMPIWXVEZIPWEWE[EZIHS[RXLITMPIEXEZIPSGMX]SJ  'VMXMGEP XIRWMPI WXVIWWIW VIWYPXMRK JVSQ XLI WLSVX [EZI
ETTVS\MQEXIP]XSJXW XSQW 8LI TVSHYGIH[LIRHVMZMRKEKEMRWXZIV]LMKLXMTVIWMWXERGI[MXL
TIEOQEKRMXYHISJXLIWXVIWW[EZIHITIRHWSRXLIVEQTVST EVIPEXMZIP]PMKLXLEQQIVVEQ[IMKLX
IVXMIW [IMKLXWLETIQEXIVMEP MQTEGXZIPSGMX]GYWLMSRMRK  (MEKSREPGVEGOW{(MEKSREPXIRWMPIWXVIWWVIWYPXMRK
TMPI QEXIVMEP QSHYPYW SJ IPEWXMGMX] [EZI ZIPSGMX]  ERH JVSQ EX[MWXMRK QSQIRXETTPMIHXSXLITMPI GERGEYWITMPI
WSMPVIWMWXERGI&IGEYWIXLIWXVIWW[EZIXVEZIPWEXEGSRWXERX JEMPYVIKIRIVEPP]ETTIEVMRKEWWTMVEPSVXVERWZIVWIGVEGOMRK
ZIPSGMX]MREKMZIRTMPIXLIPIRKXLSJXLIWXVIWW[EZIHITIRHW
SRXLIHYVEXMSRXLEXXLILEQQIVVEQMWMRGSRXEGX[MXLXLI [MXLHMEKSREPXIRWMPIWXVIWWHYIXSXSVUYIXLIWMXYEXMSRGER
GYWLMSRSVTMPILIEH%LIEZ]VEQ[MPPWXE]MRGSRXEGX[MXL FIGSQIIZIRQSVIGVMXMGEP8SVWMSRSRXLITMPIGERFIGEYWIH
XLIGYWLMSRSVTMPILIEHJSVEPSRKIVXMQIXLEREPMKLXVEQ
XLYWTVSHYGMRKEPSRKIVWXVIWW[EZI-JEVEQWXVMOIWEXLMGO MXJVSQVSXEXMRKWPMKLXP]HYIXSWSMPEGXMSRSRXLIIQFIHHIH
SVWSJXGYWLMSRMX[MPPEPWSWXE]MRGSRXEGXJSVEPSRKIVTIVMSH TSVXMSRSJXLITMPIERHI\GIWWMZIVIWXVEMRXSJXLITMPIMRXLI
SJXMQIVIWYPXMRKMREPSRKIVWXVIWW[EZI PIEHWERHVSXEXMSRSJXLIPIEHW
8LIGSQTVIWWMZIWXVIWW[EZIXVEZIPMRKHS[RXLITMPIGER  -RXIVREPFYVWXMRK GVEGOW{-RXIVREP VEHMEP TVIWWYVIW
MRFSXLSTIRERHGPSWIIRHIHLSPPS[TVIGEWXTMPIWPIEHXS
GSQTVIWWMZIWXVIWW[EZIHITIRHMRKSRXLIWSMPVIWMWXERGIEX XIRWMSR MR XLI TMPI [EPPW ERH GER GEYWI FYVWXMRK 0SRKMXY
XLITSMRXSVGERTEWWMRXSXLIWSMP-JPMXXPISVRSWSMPVIWMWXERGI HMREP WTPMXW HYI XS MRXIVREP FYVWXMRK TVIWWYVIW GER SGGYV

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

[MXL STIRIRHIH LSPPS[ TVIGEWX TMPIW ;LIR HVMZMRK MR E  9WI EHIUYEXI GYWLMSRMRK QEXIVMEP FIX[IIR XLI
LEQQIV HVMZI LIEH ERH XLI GSRGVIXI TMPI 8LVII SV  MR
ERH E L]HVEYPMGVEQ IJJIGX SGGYVW 8LMW GER FI TVIZIRXIH  SV  QQ  SJ WSJX[SSH GYWLMSRMRK QEXIVMEP QE]
F] TVSZMHMRK ZIRXW MR XLI [EPPW SJ XLI G]PMRHIV TMPI SV F] FIEHIUYEXI JSV TMPIW  JX  Q  SV WLSVXIV [MXL VIEWSR
GPIERMRKSVTYQTMRKTIVMSHMGEPP]8LMWGEREPWSSGGYV[LIR EFP] LMKL XMT VIWMWXERGI 7SJX[SSH GYWLMSR XLMGORIWWIW SJ
XLITMPILIEHMWHVMZIRFIPS[[EXIVMR[LMGLGEWIWYFWXERXMEP  XS  MR  XS  QQ  SV IZIR XLMGOIV EVI PMOIP] XS
ZIRXMRKWLSYPHFITVSZMHIHMRXLIHVMZMRKLIEH FI VIUYMVIH [LIR HVMZMRK PSRK TMPIW EKEMRWX PS[ XMT VIWMW
7SMP TPYKW GER JSVQ MRWMHI XLI TMPI ERH I\IVX E WTPMXXMRK XERGI%RI[GYWLMSRWLSYPHFITVSZMHIHJSVIEGLTMPI8LI
EGXMSR[LIRHVMZMRKSTIRIRHIHTVIGEWXTMPIW8LITPYKGER [SSHGYWLMSRMRKWLSYPHFIVITPEGIH[LIRMXFIGSQIWLMKLP]
FIFVSOIRYTHYVMRKHVMZMRKF]GEVIJYPYWISJEPS[TVIWWYVI GSQTVIWWIHGLEVVIHSVFYVRIHHYVMRKHVMZMRKSJETMPI-J
NIXMRWMHIFYXXLIQSWXTVEGXMGEFPIVIQIH]ETTIEVWXSFIXLI MX MW RIGIWWEV]XS GLERKI [SSH GYWLMSRMRKXS[EVH XLIIRH
TVSZMWMSRSJEHIUYEXIXVERWZIVWIVIMRJSVGIQIRXMRXLIJSVQ SJHVMZMRKXLIRHVMZMRKWLSYPHGSRXMRYIYRXMPXLIRI[GYWL
SJ WTMVEPW SV XMIW MR XLI TPYKJSVQMRK ^SRI 7SPMH XMTW [MPP MSRMRKLEWFIIREHIUYEXIP]GSQTVIWWIHFIJSVISFWIVZMRKXLI

FYX QE] RSXFI GSQTEXMFPI [MXL SXLIV MRWXEPPEXMSRVIUYMVI IGSRSQMGEPQIERWSJGSRXVSPPMRKHVMZMRKWXVIWWIW


QIRXWWYGLEWVIUYMVMRKTMPIWXSFISTIRIRHIHXSJEGMPMXEXI F  6IHYGI HVMZMRK WXVIWWIW [LIR TSWWMFPI F] YWMRK E
EGGIWWFIPS[XLIXMT LIEZ]VEQ[MXLPS[MQTEGXZIPSGMX] WLSVXWXVSOI XSSFXEMR
-RXIVREPNIXWGERWSQIXMQIWGEYWIFYVWXMRKTEVXMGYPEVP]MR XLIHIWMVIHHVMZMRKIRIVK]VEXLIVXLEREPMKLXVEQ[MXLELMKL
LSPPS[GSVITMPIW[MXLEGPSWIHXMTERHLIEH-JXLINIXFVIEOW MQTEGXZIPSGMX] PSRKWXVSOI (VMZMRKWXVIWWIWGEREPWSFI
HYVMRKHVMZMRK[EXIVTVIWWYVIMRXLIGSVIGLEQFIVGERVIWYPX VIHYGIH F] YWMRK TVSTIV LEQQIV GYWLMSRMRK GETFPSGO 
MRXERKIRXMEPWXVIWWIWMRXLITMPI[EPPXLEXI\GIIHXLIGSRGVIXI QEXIVMEPW
XIRWMPIWXVIRKXL:IRXW[MPPTVIZIRXXLMWMJXLI]EVIPSGEXIHWS G 6IHYGIXLIVEQZIPSGMX] WXVSOI HYVMRKIEVP]HVMZMRK
EWRSXXSTPYKHYVMRKHVMZMRK*YVXLIVQSVIZIRXMRKEXXLIXST ERH[LIRPMKLXWSMPVIWMWXERGIMWIRGSYRXIVIHXSEZSMHGVMX
SJ ELSPPS[TVIGEWXTMPI [MPP TVIZIRX ETSXIRXMEPPSRKXIVQ MGEPXIRWMPIWXVIWWIW8LMWMWZIV]IJJIGXMZI[LIRHVMZMRKPSRK
FYMPHYTSJMRXIVREPKEWTVIWWYVI TMPIWXLVSYKLZIV]WSJXWSMP
*VII^MRKSJJVII[EXIVMRWMHIXLITMPIGEZMX]GEREPWSGEYWI H -JTVIHVMPPMRKSVNIXXMRKMWTIVQMXXIHMRTPEGMRKXLITMPIW
TMPIFVIEOEKI(VEMRLSPIWXLVSYKLXLITMPI[EPPWLSYPHFI XLI TMPI TSMRX WLSYPH FI [IPP WIEXIH [MXL VIEWSREFPI WSMP
VIWMWXERGIEXXLITSMRXFIJSVIJYPPHVMZMRKIRIVK]MWYWIH
JVIIHVEMRMRK QEXIVMEP *SV TMPIW WXERHMRK MR STIR [EXIV E I %ZSMHNIXXMRKRIEVSVFIPS[XLIXMTSJXLITMPI[LIVIXLMW
GSRGVIXITPYKWLSYPHFITPEGIHJVSQXLIPS[IWXJVII^IHITXL GER[EWLSYXELSPIELIEHSJXLITMPISVTVSHYGIPS[VIWMW
XSEFSZIXLILMKL[EXIVPIZIP(VEMRLSPIWWLSYPHFIPSGEXIH XERGIEXXLIXMT-RQER]WERHWMXMWTVIJIVEFPIXSHVMZI[MXL
NYWXEFSZIXLIWYVJEGISJXLITPYK%PXIVREXMZIP]XLIIRXMVI PEVKIVLEQQIVWSVXSKVIEXIVHVMZMRKVIWMWXERGIVEXLIVXLERXS
NIXERHHVMZIWMQYPXERISYWP]
8LIPEXIVEPTVIWWYVIWHYVMRKTPEGIQIRXSJGSRGVIXIMRWMHI
SJLSPPS[G]PMRHIVTMPIWGEREPWSPIEHXSPSRKMXYHMREPWTPMX WSXLEXXLITMPIGERVSXEXI[MXLMRXLIHVMZILIEH8LIHVMZI
XMRK JSVGIW JSV HIIT TPYKW 8LIVIJSVI [LIR GEWXMRK TPYKW LIEHWLSYPHRSXLS[IZIVFIWSPSSWIEWXSTIVQMXMQTVSTIV
MRWMHIWYGLTMPIWXLIGMVGYQJIVIRXMEPWXVIWWMRXLITMPI[EPPW EPMKRQIRXSJLEQQIVERHTMPI
VIWYPXMRK JVSQ XLI PEXIVEP TVIWWYVIW SJ XLI JVIWL GSRGVIXI K 8LITMPIWLSYPHFIWXVEMKLXERHRSXGEQFIVIHFIGEYWI
WLSYPH FI GSRWMHIVIH -R WSQI MRWXERGIW TVIGEWX TPYKW SJYRIZIRTVIWXVIWWTSSVQERYJEGXYVMRKSVWXSVEKIQIXLSHW
XLEX EVIKVSYXIH MRTPEGI LEZIFIIR YWIHXS SZIVGSQIXLMW
TVSFPIQ GVSSOIHTMPI
 L 8LIXSTSJXLITMPIWLSYPHFITIVTIRHMGYPEVXSXLIPSRKM
MFPI QIXEP GSRHYMX MR XLI TMPI LIEH JSV KVSYXMRK HS[IPW XYHMREPE\MWSJXLITMPIERHWXVERHWSVVIMRJSVGIQIRXWLSYPH
RSXTVSXVYHIJVSQXLILIEH
TVIZIRXIHMREVIEW[LIVIJVII^MRKGERSGGYV M 9WIEHIUYEXIWTMVEPVIMRJSVGIQIRXXLVSYKLSYXXLITMPI
 %PPS[EFPIGVEGOW{4VIGEWXSVTVIWXVIWWIHGSRGVIXI TEVXMGYPEVP]RIEVXLILIEHERHXMT
TMPIW [MXL QMRSV GVEGOW QE] FI EGGITXEFPI MR WSQI GEWIW N  9WI E PIZIP SJ TVIWXVIWW EHIUYEXI XS TVIZIRX GVEGOMRK
-R XLI IZIRX SJ QSVI WIVMSYW HEQEKI MX QE] FI TSWWMFPI
XS MQTPIQIRX WYMXEFPI TMPI VITEMVW 8LI REXYVI ERH I\XIRX WXVIWWIW HYVMRK HVMZMRK 8LI QMRMQYQ IJJIGXMZI TVIWXVIWW
SJ XLIWI GVEGOW RYQFIV PSGEXMSR ERH EPMKRQIRX  XLI PIZIP EJXIV PSWWIW MW RSVQEPP]  XS  TWM  XS 
TMPI IRZMVSRQIRX WEPX[EXIV ERH GSVVSWMZI WSMPW  ERH XLI 14E  EPXLSYKL ZIV] WLSVX TMPIW LEZI FIIR MRWXEPPIH [MXL
QSHIWSJPSEHMRKXSFIVIWMWXIHF]XLITMPIWLSYPHFIIZEPY PS[IVTVIWXVIWWPIZIPW0SRKTMPIWFEXXIVTMPIWERHTMPIWXLEX
EXIH XSKIXLIV XS HIXIVQMRI [LIXLIV E VITPEGIQIRX TMPI MW EVII\TIGXIHXSIRGSYRXIVEPXIVREXMRKHIRWIERHWSJXPIRWIW
RIGIWWEV] SV WXVEXE QE] VIUYMVI LMKLIV TVIWXVIWW ZEPYIW [MXL IJJIG
 +SSH HVMZMRK TVEGXMGI JSV TVIWXVIWWIH SV TVIGEWX XMZI TVIWXVIWW PIZIPW SJ  XS TWM  XS  14E 
GSRGVIXITMPIW{7SQIVYPIWSJXLYQFJSVKSSHHVMZMRKTVEG JVIUYIRXP]FIMRKYWIH;LIVIFIRHMRKVIWMWXERGIMWEWIVZMGI
XMGIJSVTVIGEWXGSRGVIXITMPIWGERFIWYQQEVM^IHEWJSPPS[W VIUYMVIQIRXLMKLIVZEPYIWSJTVIWXVIWWYTXSJG SVQSVI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

XS EGGSQQSHEXI HVMZMRK WXVIWW GSRHMXMSRW WLSYPH FI 8LILEQQIVWLSYPHFIKYMHIHMRXLIPIEHWWSXLEXXLITMPIMW


HIXIVQMRIHF][EZIIUYEXMSREREP]WMW  SVSXLIV WXVYGOWUYEVIP]ERHGSRGIRXVMGEPP]4VSTIVEPMKRQIRXSJXLI
EGGITXEFPIQIERW TMPIHVMZIVPIEHWERHWXEFPIWYTTSVXJSVXLITMPIHVMZMRKVMK
O  8LITMPI WLSYPH FI TVSTIVP] GYVIH JSVXLI ERXMGMTEXIH EVIIWWIRXMEP
HVMZMRK GSRHMXMSRW &VIEOEKI GER SGGYV EX TMPI LIEHW ERH 4VIHVMPPMRK SV WTYHHMRK E WXEVXMRK LSPI GER FI LIPTJYP MJ
SXLIVPSGEXMSRWHYVMRKLEVHHVMZMRKSJETMPIGEWXSRP]EJI[ 
HE]W TVIZMSYWP] %PXLSYKL EHIUYEXI GSQTVIWWMZI WXVIRKXL REXIP] MX QE] FI RIGIWWEV] XS I\GEZEXI ERH VIQSZI XLMW
GERFIHIZIPSTIHMREJI[HE]WF]WXIEQGYVMRKXLIXIRWMPI QEXIVMEP FIJSVI WXEVXMRK TMPI MRWXEPPEXMSR -R FSYPHIVPEHIR
WXVIRKXL ERH QSHYPYW SJ IPEWXMGMX] QE] MRGVIEWI QSVI WSMPW E FSYPHIV GER JEPP MRXS XLI LSPI EW XLI WTYH MW [MXL
WPS[P];LIRIZIVTSWWMFPITMPIWWLSYPHFIEXPIEWX[IIOW HVE[R QEOMRK XLI WTYHHMRK MRIJJIGXMZI SV HIXVMQIRXEP MR
SPHEXXLIXMQISJHVMZMRKYRPIWWHVMZMRKGSRHMXMSRWEVIRSX [LMGLGEWIMXQE]FIFIXXIVXSHVMZIXLITMPIHMVIGXP]

P  9WI ETTVSTVMEXI XIGLRMUYIW XS TVIZIRX XLI HIZIPST F]XLIIRKMRIIVJSVRIXLSVM^SRXEPJSVGIWMRXIVJIVIRGI[MXL


QIRXSJMRXIVREPTVIWWYVIWMRLSPPS[GSVIERHG]PMRHIVTMPIW EHNEGIRXTMPIW ERH XLI VIWXVEMRMRK IJJIGX SJXLITMPIGETEW
  [IPP EW SXLIV KVSYTW WXVYGXYVEPP] GSRRIGXIH XS XLI KVSYT
 &YPKMRK ERH HMWXSVXMSR SJ LIEHW SJ WXIIP TMTI{ LEZMRKXLIQMWEPMKRIHTMPIW
8LMWGERFIQMRMQM^IHF]LEZMRKXLILIEHSJXLITMTIXVYI  (MWXSVXMSRSJTMPIW{4MPIHMWXSVXMSRGERFITVSHYGIH
WUYEVIERHIZIR TVIJIVEFP]WE[GYX ERHF]YWMRKEXMKLXP] HYVMRKMRWXEPPEXMSR[LIRHVMZMRKTEWXSVXLVSYKLSFWXVYGXMSRW
SVFSYPHIVW*SVGEWMRKWHVMZIR[MXLSYXEQERHVIPXLIYWI
SJELIEZMIV[EPPERHEVIMRJSVGIHWLSI[MPPLIPT*SVWLIPPW
MRTVIZIRXMRKFYPKMRK HVMZIR[MXLEQERHVIPXLIYWISJELIEZMIVWLIPPXLMGORIWW
 (SKPIK ERH FIRX TMPIW{%\MEP EPMKRQIRX SJ E TMPI GER LIPT 8LI X]TI SJ QERHVIP MW MQTSVXERX [LMPI HMWXSV
XMSR[MPPFIQMRMQM^IHHYVMRKHVMZMRKMJXLIQERHVIPKVMTW

SJPSRKFIRHWWLEVTFIRHWSVIZIRFVIEOW8LIYWISJETMPI TIVQMXMXW[MXLHVE[EP
SV TMPIQERHVIP GSQFMREXMSR SJ ETTVSTVMEXI WXMJJRIWW [MPP 7LIPPERHXLMR[EPPIHTMTITMPIWEVIWYFNIGXXSPSGEPFYGOPMRK
ERHGSPPETWI HYVMRKHVMZMRK ERH EJXIV XLIQERHVIP MW[MXL
HVE[REWEVIWYPXSJWSMPSVL]HVSWXEXMGTVIWWYVIWSVFSXLSV
ERHNSMRXWWLSYPHFIWXVSRKIRSYKLXSVIWMWXFIRHMRKHYVMRK EWXLIWITVIWWYVIWMRGVIEWI[LMPIHVMZMRKEHNEGIRXTMPIW8LI
HVMZMRK ERH EHNSMRMRK TMPI WIGXMSRW WLSYPH FI EGGYVEXIP] YWISJXLMGOIVQEXIVMEPW[MPPTVIZIRXHEQEKIHYVMRKHVMZMRK
EPMKRIH 'SPPETWI [LMPI HVMZMRK EHNEGIRX TMPIW GER FI TVIZIRXIH F]
YWMRK XLMGOIV TMTI SV WLIPP MRGVIEWMRK XLI GMVGYQJIVIRXMEP
MR '-4 TMPI WLIPPW ERH TMTIW EJXIV XLI] EVI HVMZIR 8LMW MW WXVIRKXL[MXLGSVVYKEXMSRWXIQTSVEVMP]TPEGMRKTMTIWLEZMRK
EPWSXVYISJWSQILSPPS[GSVIGSRGVIXITMPIWERHWSPMHTMPIW EQEVKMREPP]WQEPPIVHMEQIXIVMRXSXLIHVMZIRTMPIWSVXIQTS
IUYMTTIH [MXL ER MRWTIGXMSR HYGX 8LMW MRWTIGXMSR WLSYPH
EPWS ZIVMJ] XLI TMPIvW MRXIVREP GVSWWWIGXMSREP EVIE ERH XLEX WIUYIRGISJHVMZMRKGERFIEHNYWXIHF]TPEGMRKERHGYVMRKXLI
XLIJYPPPIRKXLSJXLITMPIGERFITVSTIVP]GSRGVIXIH%TMTI GSRGVIXIMRXLI WYWGITXMFPITMPIWFIJSVIHVMZMRKXLIEHNEGIRX
TMPI [MXL E PSRK FIRH SV HSKPIK MW KIRIVEPP] EGGITXEFPI MJ TMPIW
ER]TEVXSJXLITMPIXMTMWZMWMFPIJVSQXLIXST-JXLMWMWRSX %WMQMPEVTLIRSQIRSRGERXEOITPEGI[MXL'-7TMPIW8LI
XLI GEWI IPIGXVSRMG MRGPMRSQIXIV QIEWYVIQIRXW SV SXLIV MRWXEPPEXMSRSJEREHNEGIRXTMPIGERHMWTPEGIQEXIVMEPMRXSXLI
QIXLSHWGERFIYWIHXSHIXIVQMRIXLIKISQIXV]SJXLITMPI
-JXLIVIEVIQER]WYGLTMPIWMXQE]FIHIWMVEFPIXSWIPIGXXLI HERKIVMWQSVIJVIUYIRXP]EWWSGMEXIH[MXLVIPEXMZIP]MRGSQ
[SVWXGEWIJSVPSEHXIWXMRKXSIWXEFPMWLXLIQE\MQYQW[IIT TVIWWMFPI GSLIWMZI WSMPW 8LI WTEGMRK SJ XLI TMPIW MW SJ
XLEXGERFIXSPIVEXIHJSVXLIVIUYMVIHGETEGMX]0SEHXIWXWSR GSYVWI MQTSVXERX9WMRKEREGGIPIVEXMRKEHQM\XYVI WLSYPH
TMPIW[MXLPSRKW[IITMRKFIRHWERHHSKPIKWLEZIMRHMGEXIH LIPTXSVIHYGIXLIXMQISJI\TSWYVIXLMWGERXLIRFIGSYTPIH
WYFWXERXMEPGETEGMX]VIWYPXMRKJVSQ XLIWXMJJRIWW SJXLI TMPI [MXL E GSRXVSPPIH WIUYIRGI SJ HVMZMRK 9RGEWIH TMPIW EVI
ERHPEXIVEPVIWXVEMRXJVSQTEWWMZIWSMPTVIWWYVIW QYGLQSVIZYPRIVEFPIXSHMWXSVXMSRXLERGEWIHTMPIW
 1MWEPMKRQIRX SJ TMPIW{7TIGMJ]MRK ER E\MEPEPMKR  (MWXSVXMSR SJ TMPI XMTW{(MWXSVXMSR SJ TMPI XMTW GER
QIRXXSPIVERGIEWETIVGIRXEKISJEGXYEPPIRKXLMWGSQQSR SGGYVEWXLIXMTIRGSYRXIVWLEVHSVMVVIKYPEVQEXIVMEPWYGLEW
FSYPHIVW6IMRJSVGIQIRXSJXLIXMTF]EXLMGOIVFSXXSQTPEXI
FI QIX MR VIPEXMZIP] YRMJSVQ WSMPW [MXL KSSH IUYMTQIRX
ERHKSSHGSRWXVYGXMSRTVEGXMGI-RRSRYRMJSVQSVFSYPHIV
VMHHIRWSMPWLS[IZIVMXMWSJXIRMQTSWWMFPIXSTVIZIRXWSQI SJXLIXMTWIGXMSR[MXLGSRGVIXIGERQMRMQM^IHMWXSVXMSR-J
TMPIW JVSQ I\GIIHMRK XLMW XSPIVERGI ERH PEVKIV XSPIVERGIW XLIHMWXSVXMSRMWGEYWIHF]WYVJEGIVYFFPITVII\GEZEXMSRSJ
QE] FI ETTVSTVMEXI   )\GIWWMZI VIWXVMGXMSR SR E\MEP XLISFWXVYGXMSRWQE]FIQSVIETTVSTVMEXI
EPMKRQIRXSJXIRPIEHWXSEREXXIQTXXSVIWXVEMRXLITMPIWXSS  )RPEVKIHXMT TMPIW{;LIR IRPEVKIHXMT TMPIW EVI
QYGL XLYW MRXVSHYGMRK FIRHMRK WXVIWWIW XLEX GER FI QSVI HVMZIR XLVSYKL GIVXEMR WSMPW MX QE] FI RIGIWWEV] XS XEOI
HIXVMQIRXEP4VSTIVMRMXMEPEPMKRQIRXSJXLITMPIMWMQTSVXERX WTIGMEPQIEWYVIWXSVIIWXEFPMWLXLIPEXIVEPWYTTSVXSJXLIWSMP

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

EVSYRHXLITMPIWLEJXSVXSVIMRJSVGIXLITMPIWLEJXJSVGSPYQR 3RGIXLIHVMZMRKWXEVXWXLILEQQIVFPS[WLSYPHFIHIPMZ
EGXMSR8LIERRYPEVWTEGIGVIEXIHF]XLIIRPEVKIHXMTQMKLX IVIH IWWIRXMEPP] E\MEPP] ERH I\GIWWMZI W[E] SJ XLI PIEHIVW
TVIZIRXIH
WYGLTMPIWEVIYWIH[MXLVIPEXMZIP]LMKLGETEGMXMIWVIWYPXMRKMR  4MPI WYTTSVX MR XLI PIEHIVW WLSYPH FI TVSZMHIH
XLI YWI SJ WMRKPI TMPIW SV X[STMPI KVSYTW JSV IEGL GSPYQR [LIVI RIGIWWEV] JSV PSRK TMPIW &EXXIV TMPIW WLSYPH FI
WYTTSVXIH XS VIHYGI KVEZMX] FIRHMRK XS EGGITXEFPI PMQMXW
NIXXMRKSVTVIHVMPPMRKMWRIGIWWEV]XSEGLMIZITIRIXVEXMSRSJ XLIYWISJVSPPIVWMRXLIPIEHIVWMWSRIWYGLQIXLSH7PIRHIV
XLIIRPEVKIHXMTXLITSWWMFPIPSWWSJPEXIVEPWYTTSVXHIWIVZIW ZIVXMGEP TMPIW QE] VIUYMVI KYMHIW EX MRXIVZEPW XS TVIZIRX
WTIGMEPEXXIRXMSR FYGOPMRKYRHIVXLILEQQIVFPS[
 {6IJIVXSJSVEHMWGYW 9WISJEXIPIWGSTMRKI\XIRWMSRMRXLIPIEHIVWQE]
FIVIUYMVIHXSTVIZIRXI\GIWWMZIFIRHMRKERHFYGOPMRKSJXLI
MRWXEPPEXMSRQIXLSHW TMPI PIRKXL FIPS[ XLI PIEHIVW [LIR HVMZMRK E PSRK YRWYT
TSVXIHPIRKXLSJTMPIFIPS[XLIFSXXSQSJXLIPIEHIVWIWTI
{,ERHPMRKERHTSWMXMSRMRKHYVMRKMRWXEPPEXMSR GMEPP][MXLFEXXIVTMPIW
4MPIWWLSYPHFILERHPIHERHTSWMXMSRIHXSSFXEMRXLITVSTIV  4VSXIGXMSR EKEMRWX FIRHMRK{%JXIV MRWXEPPEXMSR MR
TMPI PSGEXMSR ERH EPMKRQIRX ZIVXMGEP SV FEXXIV  [MXLSYX [EXIVXLITMPIWLSYPHFITVSXIGXIHEKEMRWXI\GIWWMZIFIRHMRK
MQTEMVMRKXLITMPIvWWXVYGXYVEPMRXIKVMX] JVSQ[EZIWGYVVIRXHIEH[IMKLX MRGEWISJFEXXIVTMPI ERH
 ,ERHPMRK{4MPIW WLSYPH FI TMGOIH YT WS EW XS RSX EGGMHIRXEPMQTEGX7XE]MRKERHKMVXMRKWLSYPHFIYWIHYRXMP
GEYWI PSGEP FYPKMRK SV HIJSVQEXMSR SV MRHYGI I\GIWWMZI
FIRHMRK4VIGEWXTMPIWWLSYPHFITMGOIHYTERHLERHPIHWS WXE]IHXSIPMQMREXIFIRHMRKXLMWMWTEVXMGYPEVP]VIPIZERXXS
EW XSEZSMH XIRWMPI GVEGOWERH ER] MQTEGXHEQEKI  FEXXIVTMPIW[LIVIXLILIEHWLSYPHFIWYTTSVXIHXSSZIVGSQI
ERH   XLI HIEH [IMKLX *VIUYIRXP] [LIR HVMZMRK MR HIIT [EXIV
 4SWMXMSRMRK{'SVVIGX TSWMXMSRMRK VIUYMVIWEGGYVEXI EFEXXIVTMPIWLSYPHFIWXE]IHFIJSVIMXMWVIPIEWIHJVSQXLI
MRMXMEPWIXXMRKSJXLITMPI6IQSZEPSJRIEVWYVJEGISFWXVYG LEQQIV
XMSRW [MPP JEGMPMXEXI EGGYVEXI TSWMXMSRMRK ;LIVI EGGYVEG]  4YPPMRK MRXS TSWMXMSR{8LI LIEHW SJ TMPIW IZIR
SJ TSWMXMSR MW GVMXMGEP E XIQTPEXI E TVIHVMPPIH WXEVXIV LSPI MR [EXIV GERRSX FI TYPPIH MRXS TSWMXMSR [MXLSYX MRHYGMRK
SV FSXL GER FI YWIJYP -J XIGLRMUYIW WYGL EW TVINIXXMRK SV FIRHMRK1ER]TMPIWLEZIFIIRWIZIVIP]HEQEKIHWXVYGXYV
TVIHVMPPMRKEVIYWIHTVSTIVTSWMXMSRGSRXVSPWLSYPHEPWSFI EPP]IZIR[MXLVIPEXMZIP]PS[TYPPMRKJSVGIWFIGEYWISJXLI
I\IVGMWIHMRQEOMRKWYGLTVII\GEZEXMSRW PSRKPIZIV EVQ EZEMPEFPIMR QER] YRHIV[EXIVMRWXEPPEXMSRW
4MPI TSWMXMSR MW PEVKIP] IWXEFPMWLIH [LIR XLI TMPI MW 8LI HIWMKRIV WLSYPH GSRXVSP XLI TYPPMRK JSVGI F] WTIGM
MRMXMEPP] WIX %XXIQTXW XS GSVVIGX TSWMXMSR EJXIV HVMZMRK LEW J]MRKXLIQE\MQYQTYPPEPPS[IHEXXLIXSTSJXLITMPISVXLI
GSQQIRGIHSJXIRVIWYPXMRI\GIWWMZIFIRHMRKERHHEQEKIXS  
XLITMPI'SVVIGXMSRSJTSWMXMSRSJTMPIWHYVMRKSVEJXIVMRWXEP
PEXMSR[MXLSYXVMWOMRKHEQEKIYWYEPP]VIUYMVIWI\XIRWMZINIXXMRK {6IMRJSVGMRKWXIIPERHWXIIPGSVITPEGIQIRX
EPSRKXLITMPIPIRKXL8LMWGERGEYWIYRHIWMVEFPI[IEOIRMRK  +IRIVEP{6IUYMVIH VIMRJSVGMRK WXIIP WLSYPH FI
SJXLIWSMPSVSXLIVTVSFPIQW TPEGIH MR EGGSVHERGI [MXL HIWMKR HVE[MRKW ERH FI JVII SJ
6IJIVIRGIWXEOIWSJJWIXJVSQXLITVSTIVTMPIPSGEXMSRFIJSVI JSVIMKRQEXIVMEPXLEX[MPPMQTEMVMXWFSRH4VIEWWIQFP]MRXS
GEKIW [MXL EHIUYEXI WTEGIV FEVW [MPP JEGMPMXEXI EGGYVEXI
QSZIQIRXMWSFWIVZIHFIJSVIXLITMPILEWTIRIXVEXIHXSSJEV
8LIWIWXEOIWGEREPWSFIYWIHXSHIXIVQMRITMPIHVMJXJVSQ FI TVSZMHIH XS KMZI E JVEQI SV XVYWW EGXMSR MJ XLI GEKI MW
HIWMKR PSGEXMSR EJXIV XLI GSQTPIXMSR SJ HVMZMRK XLIVIF] XSFILERHPIH0EXIVEPXMIWGERMQTIHIGSRGVIXITPEGIQIRX
QEOMRKMXTSWWMFPIXSSJJWIXXLITPEGIQIRXSJSXLIVTMPIWMR  XLIVIJSVIXLI]WLSYPHFISJEWM^IERHWTEGMRKXLEX
XLIKVSYTERHPMQMXKVSYTIGGIRXVMGMX]MRXLITMPIGET8LI QMRMQM^IWTPEGIQIRXTVSFPIQW
YWISJ WYGL VIJIVIRGI WXEOIWXS GIVXMJ] EWHVMZIR TMPIPSGE -R'-4SV'-7TMPIWWXSTTMRKEPPVIMRJSVGMRKFEVWEXSRI
XMSRWMWRSXVIGSQQIRHIHXLMWWLSYPHFIHSRIF]EWITEVEXI IPIZEXMSR GER GVIEXI E TPERI SJ [IEORIWW   7SQI
ERHMRHITIRHIRXWYVZI]EJXIVEPPTMPIWMREKVSYTEVIHVMZIR HIWMKRIVWTVIJIVXSI\XIRHSRISVQSVIFEVWXS[EVHXLIXMT
 'SRXVSP SJ EPMKRQIRX{%W [MXL TSWMXMSRMRK TVSTIVP] MRXLI'-7SV'-4TMPIW[MXLZIV]XLMRWLIPPWXSTVSZMHITMPI
ETTPMIH GSRXVSP SJ EPMKRQIRX WLSYPH FI I\IVGMWIH FIJSVI GSRXMRYMX]
HVMZMRKFIKMRW8LIHVMZMRKVMKWLSYPHLEZIWXEFPIWYTTSVXWS  (S[IPW{(S[IPW GER FI YWIH XS GSRRIGX XLI TMPI
XLEXEPMKRQIRXSJXLIPIEHIVWERHTMPIHSIWRSXWLMJXHYVMRK LIEHXSXLITMPIGETSVWXVYGXYVIEFSZIERHXSVIWMWXJSVGIWSV
MRWXEPPEXMSR -J XIGLRMUYIW WYGL EW TVINIXXMRK SV TVIHVMPPMRK QSZIQIRXWEXXLILIEHSJXLITMPI*SV'-4TMPIWHS[IPWGER
EVIYWIHTVSTIVEPMKRQIRXGSRXVSPWLSYPHEPWSFII\IVGMWIH FI LIPH MR TSWMXMSR EW RSVQEP VIMRJSVGIQIRX HYVMRK TPEGI
MRQEOMRKWYGLTVII\GEZEXMSRW QIRXSJXLIGSRGVIXISVTPEGIHF]MRWIVXMRK ZMFVEXMRK MRXS
 &SXL XLI HVMZIV PIEHIVW ERH XLI TMPI WLSYPH FI XLIJVIWLP]TPEGIHGSRGVIXI
TVSTIVP] EPMKRIH XS XLI VIUYMVIH TMPI SVMIRXEXMSR ZIVXMGEP (S[IPWMRTVIGEWXTMPIWGERFITEVXMEPP]IQFIHHIHMRXLI
SV FEXXIV  FIJSVI HVMZMRK WXEVXW :IVXMGEP TMPI EPMKRQIRX TMPILIEHERHPIJXTVSXVYHMRK-RXLMWGEWIXLIHVMZMRKLIEH
WLSYPH FIGLIGOIH F] QIERW SJEGEVTIRXIVvW PIZIP &EXXIV [MPPFIGSRWXVYGXIHXSLEZIGSVVIWTSRHMRKLSPIW[MXLIRSYKL
TMPIWWLSYPHFIWIX[MXLERETTVSTVMEXIXIQTPEXIERHPIZIP TPE]XSTVIZIRXXSVWMSRSVFIRHMRKMRXLITMPI(S[IPWGER

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

EPWSFIJYPP]IQFIHHIH[MXLXLIXSTTSVXMSRFIMRKI\TSWIH )\GIWWMZI ZEVMEXMSRFIX[IIRXLIXLISVIXMGEPTPEGIQIRX


EJXIV XLI TMPI MW HVMZIR (S[IPW GER EPWS FI MRWIVXIH MRXS ZSPYQIWERHHIPMZIVIHGSRGVIXIZSPYQIW
TVIJSVQIHLSPIWGEWXMRXLITMPISVMRLSPIWHVMPPIHEJXIVXLI 4MPIPSEHXIWXJEMPYVIWSVI\GIWWMZIWIXXPIQIRX
3FWIVZEXMSRW SJ SFZMSYW MQTVSTIV GSRGVIXMRK TVSGI
SJXIRYWIHERHGERFIPIJXMRTPEGI-JVIQSZEFPIGSVIWEVI HYVIWJSVXLITEVXMGYPEVGSRHMXMSRW
YWIHXSJSVQXLILSPIWXLITEVXMRKGSQTSYRHYWIHWLSYPH
SJGSRHMXMSRWGSRHYGMZIXSXLIMVHIZIPSTQIRXMR'-4ERH'-7
XLIFSRH(S[IPWMRWIVXIHMRTVIJSVQIHSVHVMPPIHLSPIWEVI TMPIW VIUYMVI TVSTIV TMPI MRWTIGXMSR FIJSVI GSRGVIXI TPEGI
KVSYXIH[MXLIMXLIVGIQIRXSVITS\]KVSYX(V]TEGOMRKMW QIRX TVSTIV GSRGVIXI QEXIVMEPW TVSTIV TPEGIQIRX TVSGI
RSX VIGSQQIRHIH %HQM\XYVIW XLEX VIHYGI XLI WLVMROEKI HYVIW ERH I\TIVMIRGIH TMPI GSRGVIXMRK TIVWSRRIP 'PSWI
GSSVHMREXMSR ERH GSSTIVEXMSR FIX[IIR TMPI MRWTIGXMSR ERH
TVIWXVIWWIH TMPIW GER TVSZMHI EHIUYEXI HS[IPMRK MR QER] GSRGVIXITPEGIQIRXTIVWSRRIPMWVIUYMVIH
 *EGXSVW EJJIGXMRK TPEGIQIRX{8LI TPEGIQIRX SJ
 7XIIP GSVIW GSRGVIXIMR'-4ERH'-7TMPIWMWEJJIGXIHF]WIZIVEPJEGXSVW
GSRWMWX SJ VIMRJSVGMRK WXIIP FYRHPIW ,TMPI GSVIW SV WXIIP WYGLEW
VEMP WIGXMSRW 7TEGIVWSV KYMHIW WLSYPHFI YWIHWS XLEX XLI 7SMP ERH TMPIMRWXEPPEXMSR GSRHMXMSRW{4MPI WTEGMRK
GSVIMWGIRXIVIHJSVXLIJYPPPIRKXLSJIQFIHQIRX MRWXEPPEXMSR WIUYIRGI TVII\GEZEXMSR QIXLSHW ERH
WSMPGSRHMXMSRWGEREJJIGXXLIGSRGVIXITPEGIQIRXXIGL
{'SRGVIXITPEGIQIRXJSV'-4ERH'-7TMPIW 
%'-4SV'-7TMPIMWRSXGSQTPIXIYRXMPXLIGSRGVIXILEW WYVIW PIEHMRK XS GEWMRK GSPPETWI [MXL '-4 TMPIW ERH
FIIR TVSTIVP] TPEGIH 'SRGVIXI TPEGIQIRX STIVEXMSRW JSV WSMP MRXVYWMSR [MXL '-7 TMPIW8LI WSMP GSRHMXMSRWEPWS
WYGLTMPIWEVINYWXEWMQTSVXERXXSXLIWYGGIWWJYPGSQTPIXMSR
SJ XLI TMPI EW XLI HVMZMRK SV HVMPPMRK SJ XLI TMPI 'SRGVIXI W[IITWSVHSKPIKWXLEXEJJIGXTPEGIQIRX
{8LI TSXIRXMEP JSV GSRGVIXI WIKVI
GSRHMXMSRW ERH WLSYPH FI WIPIGXIH XS TVIZIRX XLI HIZIPST
QIRX SJ ZSMHW ERH WIKVIKEXMSR SJ XLI GSEVWI EKKVIKEXIW EVIEJJIGXIHF]XLIKISQIXVMGEPTVSTIVXMIWSJXLIGEWMRK
HYVMRK GSRGVIXI TPEGIQIRX 'SRGVIXI TPEGIQIRX QIXLSHW HMEQIXIV [EPP XLMGORIWW TMPI WLETI WXVEMKLXWMHIH
WLSYPH VIWYPX MR E YRMJSVQ UYEPMX] SJ GSRGVIXI JSV XLI JYPP XETIVIH WXITTIH  MRXIVMSV VSYKLRIWW WQSSXL GSVVY
HIWMKR GVSWW WIGXMSR XLVSYKLSYX XLI PIRKXL SJ XLI TMPI %W
TPEGIHXLIGSRGVIXIWLSYPHHIZIPSTXLIVIUYMVIHWXVIRKXL PIRKXLWTMPIMRGPMREXMSR ZIVXMGEPZIVWYWFEXXIVIH ERH
-J XLI GSRGVIXI MW RSX TVSTIVP] TPEGIH TMPI HIJIGXW GER TMPIWXVEMKLXRIWW WXVEMKLXKIRXPIW[IITWWLEVTW[IITW
HIZIPST XLEX GSYPH GEYWI XLI TVSTSWIH WXVYGXYVI XS WIXXPI ERH HSKPIKW  8LIVIJSVI XLIWI KISQIXVMGEP TVSTIVXMIW
I\GIWWMZIP]7SQIGSRGVIXIHIJIGXWXLEXGERHIZIPSTMR'-4
ERH'-7TMPIWEVI QEXIVMEPW
:SMHWVIWYPXMRKJVSQIRXVETTIH[EXIV[EXIVQMKVEXMSR 6IMRJSVGIQIRX 
SVMRGSQTPIXIGSRGVIXMRKGEYWIHF]EVGLMRKFPSGOEKIW IRGIWXLITPEGIQIRXXIGLRMUYIWFIGEYWIXLIPIRKXLPSGE
SVWLIPPGSPPETWI XMSRGPIEVERGIERHWTEGMRKSJPSRKMXYHMREPWXIIPPEXIVEP
;IEO ^SRIW VIWYPXMRK JVSQ WSMP MRGPYWMSRW JSVIMKR WTMVEPSVXMIWERHWTEGIVWLSPHMRKXLIVIMRJSVGIQIRXMR
SFNIGXMRGPYWMSRWSVEVIHYGIHTMPIGVSWWWIGXMSR
%KKVIKEXI TSGOIXW VIWYPXMRK JVSQ GSEVWI EKKVIKEXI WIKVIKEXMSR ERH EVGLMRK HYVMRK GSRGVIXI TPEGIQIRX
WIKVIKEXMSR HYVMRK TPEGIQIRX SV IVSWMSR SJ GIQIRX 8LIFEVWTEGMRKERHGPIEVERGIWLSYPHFIGSRWMHIVIHMR
HIXIVQMRMRKXLIQE\MQYQEKKVIKEXIWM^IERHXLIZMFVE
;IEOGSRGVIXI^SRIWVIWYPXMRKJVSQFPIIHMRKQM\XYVIW
I\GIWWMZI[EXIVTVIWIRXHYVMRKGSRGVIXITPEGIQIRXERH XLVSYKLERHEVSYRHXLIVIMRJSVGIQIRX
WIKVIKEXMSR 'SRHMXMSRSJTMPI{8LIGSRHMXMSRWSJXLITMPIWYGLEW
7ITEVEXMSRW FVIEOW SV HMWTPEGIQIRXW GEYWIH F] TVIWIRGISJ[EXIVWSMPSVSXLIVHIFVMWERHVYTXYVIWERH
WYVVSYRHMRKGSRWXVYGXMSREGXMZMXMIWWYGLEWTMPILIEZISV PIEOW EJJIGX XLI XIGLRMUYIW XLEX EVI VIUYMVIH XS GPIER
PEXIVEPHMWTPEGIQIRXGEYWIHF]EHNEGIRXHVMZMRKPEXIVEP
TVIWWYVIWERHHMWTPEGIQIRXWJVSQEHNEGIRXGSRWXVYGXMSR KVSYRH[EXIVMRXSXLITMPIGERRSXFIGSRXVSPPIHMXQE]
HMGXEXI XLI YWI SJ WTIGMEP YRHIV[EXIV TPEGIQIRX XIGL
RMUYIWWYGLEWXVIQMISVTYQTTPEGIQIRX
7SQIXMQIWXLITVIWIRGISJTSXIRXMEPHIJIGXWMWMRHMGEXIH 'SRGVIXI QM\XYVI TVSTSVXMSRMRK{8LI HIWMKR QM\XYVI
HYVMRKGSRWXVYGXMSRF] 
% HVST MR XLI GSRGVIXI PIZIP EX XLI TMPI LIEH EJXIV KEXI QE\MQYQ GSEVWI EKKVIKEXI WM^I [GQ GIQIRX
GSRGVIXITPEGIQIRX JEGXSVERHEHQM\XYVIWEJJIGXXLI[SVOEFMPMX]ERHGSLI
;EXIVWIITEKIXSXLITMPILIEHJVSQWSQI[LIVIFIPS[ WMZIRIWW SJ XLI QM\XYVI ERH XLI UYEPMX] SJ XLI TPEGIH
)\GIWWMZIEGGYQYPEXMSRWSJPEMXERGIEXXLITMPILIEH QEXIVMEP ;LIR WIPIGXMRK SV IWXEFPMWLMRK XLI HIWMKR
QM\XYVI XLI TPEGIQIRX XIGLRMUYIW ERH HIWMVEFPI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

QM\XYVITVSTIVXMIWXSGSQFEXXLISFWXEGPIWPMWXIHMRXLI XLI HIWMVIH [SVOEFMPMX] ERH RSRFPIIHMRK GLEVEGXIVMWXMGW


TVIGIHMRKJSYVMXIQWWLSYPHFIGSRWMHIVIH 'LETXIV 
 -RWTIGXMSR FIJSVI GSRGVIXMRK{%JXIV E '-4 TMPI MW 'SRGVIXIQM\XYVIWGSRXEMRMRKETTVS\MQEXIP]PF]H 
HVMZIR MX WLSYPH FI MRWTIGXIH XS FI GIVXEMR XLEX MX LEW RSX OKQ  SJ GSEVWI EKKVIKEXI PIWW XLER LEPJ XLEX SJ GSRZIR
FIIR GPSWIH MR SV TEVXMEPP] JMPPIH F] WSMP QSZIQIRXW SV XMSREPWXVYGXYVEPGSRGVIXI ERH[MXLEGSVVIWTSRHMRKMRGVIEWI
TVIWWYVI 7YGL MRWTIGXMSRW [SYPH EPWS VIZIEP XLI TVIWIRGI MR WERH ERHGIQIRX GSRXIRX LEZI FIIR JSYRH XS TVSHYGI E
SJ ER] JSVIMKR QEXIVMEP SV I\GIWWMZI EQSYRXW SJ [EXIV EW ZIV] [SVOEFPI ERH LMKLP] GSLIWMZI QM\XYVI [MXL E WPYQT
[IPP EW ER] HIXVMQIRXEP HEQEKI XS ER] GEWMRK YWIH 7YGL SJ ETTVS\MQEXIP]  MR  QQ  6E]QSRH -RXIVREXMSREP
MRWTIGXMSRW WLSYPH MRGPYHI RSX SRP] ZMWYEP SFWIVZEXMSRW  7RS[  *YPPIV   8LIWI QM\XYVIW EVI IWTI
[MXL E QMVVSV SV LMKLMRXIRWMX] PMKLX FYX EPWS UYERXMXEXMZI
WYGLEWVIMRJSVGIHTMPIW[LIVIXLIGSRGVIXILEWXSFITPEGIH
SJER][EXIVWSMPHIFVMWSVSXLIVSFWXVYGXMSRWXSGSRGVIXI XLVSYKLXLIVIMRJSVGIQIRXGEKIFEXXIVTMPIWERHZIV]PSRK
TPEGIQIRX XLEX EVI TVIWIRX 0IEO] HEQEKIH SV SXLIV[MWI TMPIW[MXLI\XIRWMZIGSVVYKEXMSRWSVWXITW7YGLQM\XYVIWGER
SFWXVYGXIH TMPIW XLEX GERRSX FI HI[EXIVIH ERH GPIERIH FI TYQTIH XVIQMIH SV TPEGIH F] GSRZIRXMSREP QIXLSHW
EHIUYEXIP] XS TIVQMX TVSTIV GSRGVIXI TPEGIQIRX WLSYPHFI ;LMPI XLIWI QM\XYVIW VIUYMVI  XS  PF  XS  OK 
QSVI GIQIRX TIV ]H  Q JSVGSQTEVEFPI WXVIRKXLW
HVMZIR[LMPIXLIHVMZMRKVMKMWWXMPPRIEVF] XLITVIGLEVKISJKVSYXVIUYMVIH[MXLGSRZIRXMSREPQM\XYVIW
-JXLIVI[MPPFIEHIPE]FIJSVIXLITMPIMWGSRGVIXIHEWMW MW RSX KIRIVEPP] VIUYMVIH [MXL VIHYGIHGSEVWIEKKVIKEXI
JVIUYIRXP]XLIGEWIXLITMPIWWLSYPHFIGSZIVIHJSVTVSXIG QM\XYVIW  1SWXTVSTIVP]HIWMKRIHTYQTQM\XYVIW
YWIH[MXLTMPIWLEZIEVIHYGIHGSEVWIEKKVIKEXIGSRXIRXERH
ERH SXLIV HIFVMW YRXMP XLIGSRGVIXMRK XEOIW TPEGI 8LI TMPI QE\MQYQEKKVIKEXIWM^IVIWYPXMRKMRLMKLWERHERHGIQIRX
WLSYPH XLIR FI VIMRWTIGXIH MQQIHMEXIP] FIJSVI GSRGVIXI GSRXIRXW ERH FILEZMSV WMQMPEV XS XLEX SJ XLI QM\XYVIW [MXL
TPEGIQIRX ;LIR GSRGVIXI TPEGIQIRX MW SGGYVVMRK EX XLI VIHYGIHGSEVWIEKKVIKEXIHIWGVMFIHTVIZMSYWP]
WEQIXMQIEWTMPIMRWXEPPEXMSRMXMWKIRIVEPP]MQTSWWMFPIJSV  'SRGVIXI TPEGIQIRX QIXLSHW ERH XIGLRMUYIW{
EWMRKPIMRWTIGXSVXSTVSTIVP]MRWTIGXFSXLSTIVEXMSRW-XMW 'SRGVIXIWLSYPHRSXFIHYQTIHHMVIGXP]SRXSXLIXSTSJXLI
IWWIRXMEPMRWYGLGEWIWXLEXXLIMRWTIGXMSRERHGSRWXVYGXMSR TMPI-JTPEGIHJVSQXLIXSTMXWLSYPHFIHITSWMXIHXLVSYKL
EWXIITWMHIHJYRRIPLSTTIV'SRGVIXIJSV'-4TMPIWGERFI
TIVWSRRIP WEXMWJEGXSVMP] TPEGIH F] XVIQMI FSXXSQHYQT FYGOIX SV
 0IEOMRK SJ TMPIW{0IEOMRK SJ TMTI SV WLIPPW MW ER TYQTMRK MR EHHMXMSR XS GSRZIRXMSREP TPEGIQIRX XLVSYKL E
MRHMGEXMSR SJ E VYTXYVI SV YRWIEPIH NSMRX W  0IEO] TMPIW JYRRIPEXXLIXSTSJXLITMPI8LIWIPIGXMSRSJTVSTIVTPEGMRK
WLSYPH EP[E]WFI GLIGOIH JSV HMWXSVXMSR GSPPETWI SV WITE
VEXMSRERHXLITVIWIRGISJWSMPSVHIFVMW-J[EXIVWSMPSV EZEMPEFPIIUYMTQIRX
HIFVMW MW TVIWIRX MR XLI TMPI XLI WSMP ERH HIFVMW WLSYPH FI  (V]TPEGIQIRX{'SRZIRXMSREPGSRGVIXITPEGIQIRX
XLSVSYKLP]GPIERIHSYXXLI[EXIVWLSYPHFIHVE[RHS[RXS JSVHV]TMPIWGSRWMWXWSJHITSWMXMRKXLIGSRGVIXIJVSQXLIXST
EREGGITXEFPIPIZIPRSVQEPP]MR QQ QE\MQYQHITXL XLVSYKLEWXIITWMHIH JYRRIP[MXLE HMWGLEVKIWTSYX HMEQ
ERHXLITMPIWLSYPHFIVIMRWTIGXIHFIJSVIMXGERFIEGGITXIH IXIVEXPIEWXMR QQ WQEPPIVXLERXLITMPIXSTHMEQ
JSV GSRGVIXMRK :EVMSYW QIXLSHW EVI EZEMPEFPI XS VIQSZI IXIVERHRSXPEVKIVXLERXLIWQEPPIWXHMEQIXIVSJXLITMPI%
XLMWQEXIVMEPWYGLEWF]MRXIVREPNIXEMVPMJXGSQTVIWWIHEMV WTSYXHMEQIXIVSJETTVS\MQEXIP]XSMR XSQQ 
KIRIVEPP][SVOW[IPPEPXLSYKLEHMEQIXIVEWWQEPPEWMR
QQ QE]FIVIUYMVIH[LIRTPEGMRKGSRGVIXIXLVSYKL
XLITMPIF]XVIQMIQIXLSHW8LIWIVIUYMVIGEVIWOMPPGSRXVSP EVIMRJSVGIQIRXGEKI8LIJYRRIPWLSYPHFIGIRXIVIHSRXLI
ERHI\TIVMIRGIERHWLSYPHFITIVQMXXIHSRP]YRHIVUYEPM TMPIERHWLSYPHFIWYTTSVXIHYTSJJSJXLITMPIXSTWSXLEXXLI
HMWTPEGIHEMVJVSQXLITMPI GER JVIIP]IWGETI-QQIHMEXIP]
 'SRGVIXI QM\XYVI TVSTSVXMSRW{'SRGVIXI QM\XYVI FIJSVI GSRGVIXI TPEGIQIRX XLI TMPI WLSYPH FI MRWTIGXIH
TVSTSVXMSRW JSV '-4 TMPIW WLSYPH FI HIWMKRIH XS LEZI SV VIMRWTIGXIH XS FI WYVI XLEX MX MW JVII SJ JSVIMKR QEXXIV
MRGPYHMRKETTVIGMEFPI[EXIV MR?QQAQE\MQYQHITXL 
GSRGVIXIGERFITPEGIHYRHIVXLITEVXMGYPEVGSRHMXMSRWERH ;LIR YWMRK GSRZIRXMSREP WXVYGXYVEP GSRGVIXI MX MW
HIZIPST XLI VIUYMVIH WXVIRKXL *SVGSRZIRXMSREPWXVYGXYVEP 
KVEHIGSRGVIXITPEGIHMRXLIHV]WPYQTWSJXSMR XS EPP]SRITEVXGIQIRXERHX[STEVXWGSRGVIXIWERHERH[EXIV 
QQ EVIYWYEPP]HIWMVEFPI8LIGSRGVIXIQM\XYVIWLSYPH FITPEGIHMRXLITMPIMQQIHMEXIP]FIJSVIXLIGSRGVIXITPEGI
GSRXEMREGIQIRXGSRXIRXSJEXPIEWXPF]H OKQ QIRX 8LI TYVTSWI SJ XLI KVSYX MW XS TEVXMEPP] TVIGSEX XLI
ERHXLIQE\MQYQEKKVIKEXIWM^IWLSYPHYWYEPP]FIPMQMXIH TMPI WMHIW ERH VIMRJSVGIQIRX [MXL E QSVXEV QM\XYVI ERH
XS  MR  QQ  8LI QM\XYVI WLSYPH RSX FPIIH I\GIW WYTTP]EGLEVKISJVMGLGIQIRXKVSYXXSXLIXMTSJXLITMPIXS
WMZIP] &PIIHMRK MW EJJIGXIH TVMQEVMP] F] XLI TVSTIVXMIW SJ GSYRXIVEGXXLIWIKVIKEXMSRSJGSEVWIEKKVIKEXIEXXLITMPIXMT
HYVMRKXLIMRMXMEPGLEVKISJGSRGVIXI8LIHIGMWMSRXSVIUYMVI
'IQIRXVMGL QM\XYVIW EVI PIWWTVSRI XS FPIIHMRK XLER PIER XLIYWISJETVIGLEVKISJKVSYXMWHITIRHIRXSRRSXSRP]XLI

WYGLEWXLIQE\MQYQGSEVWIEKKVIKEXIWM^ITIVGIRXEKISJ

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

GSEVWIEKKVIKEXIMRXLIQM\XYVIERHXLIGSLIWMZIRIWWSJXLI
GSRGVIXIQM\XYVI;LIRYWMRKQM\XYVIW[MXLVIHYGIHGSEVWI SXLIVQIERWEWHIWGVMFIHMR*MRIKVEMRIHQEXIVMEPXLEX
EKKVIKEXISVSXLIVGSLIWMZIQM\XYVIWXLEXLEZILMKLGIQIRX VIQEMRWMRWYWTIRWMSRMWHMWTPEGIHF]XLIXVIQMIGSRGVIXI
ERHWERHGSRXIRXWETVIGLEVKISJVMGLKVSYXMWRSXX]TMGEPP] *SV XVIQMI TPEGIQIRX E WQEPPIVHMEQIXIV TMTI [MXL E
VIUYMVIH TPYKKIHIRHMWPS[IVIHXSXLIFSXXSQSJXLITMPI8LITMTIMW
4VSZMHIHXLIGSRGVIXIMWTPEGIHMRHV]GSRHMXMSRWYWMRKE
WXIITWMHIHJYRRIPGIRXIVIHSRXLITMPIEWHIWGVMFIHLIVIMR SR XLI FSXXSQ 8LI TMTI MW XLIR KVEHYEPP] VEMWIH OIITMRK
E KVSYX TVIGLEVKI FIJSVI GSRGVIXI TPEGIQIRX MW KIRIVEPP] XLIXMT[IPPIQFIHHIHMRXLIGSRGVIXIERHEZSMHMRKWYHHIR
RSXVIUYMVIHJSVTMPIW[MXLPIRKXLWWLSVXIVXLERJX Q  WLSGOSVHMWXYVFERGI;LIRXVIQMITPEGIQIRXMWYWIHMXMW
ZIVXMGEPWMHIW HMEQIXIVW KVIEXIV XLER ETTVS\MQEXIP]  MR TVIJIVEFPIXSGEWXXLIIRXMVITMPIMRSRITPEGIQIRXJSVXLIJYPP
 QQ  ERH [MXLSYX VIMRJSVGMRK GEKIW SV [MXL GEKIW LIMKLXEZSMHMRKEGSPHNSMRX
WIXEJXIVXLIGSRGVIXILEWFIIRTPEGIHXSXLIFSXXSQSJXLI *SV TYQT TPEGIQIRX E WQEPPIVHMEQIXIV TMTI [MXL E
TPYKKIH IRH MW PS[IVIH XS XLI FSXXSQ SJ XLI TMPI ;LIR
XLIGSRGVIXIQM\XYVIHYIXSGSRXEGXSJXLIGSRGVIXI[MXLXLI
WMHIWSJXLITMPIWXITWSVVIMRJSVGIQIRXHYVMRKMXWJEPP7YGL TYQTIH GSRGVIXI %W XLI TYQTIH GSRGVIXI IRXIVW XLI TMPI
GSRHMXMSRW EVI JSYRH MR FEXXIVIH TMPIW XETIVIH SV WXITTIH WLEJX XLI TMTI WLSYPH FI VEMWIH KVEHYEPP] OIITMRK XLI
TMPIWLIEZMP]VIMRJSVGIHTMPIWERHPSRKTMPIW[MXLI\XIRWMZI HMWGLEVKIRS^^PI[IPPIQFIHHIHMRXLIGSRGVIXI
W[IITW SV HSKPIKW JSV XLIWI E TVIGLEVKI SJ KVSYX FIJSVI ;LIRTYQTTPEGIQIRXMWYWIHMXMWTVIJIVEFPIXSGEWXXLI
GSRGVIXMRKMWVIGSQQIRHIH IRXMVITMPIMRSRITPEGIQIRXJSVXLIJYPPLIMKLXEZSMHMRKE
8LI EQSYRX SJ KVSYX VIUYMVIH ZEVMIW [MXL XLI TPEGMRK
GSRHMXMSRW *SVTMPIW YT XS  JX  Q  PSRK[MXLPMXXPISV XLIGSRGVIXIIQIVKMRKJVSQXLIXSTSJXLITMPILEWXLIWEQI
RSVIMRJSVGIQIRXETTVS\MQEXIP]JX Q  SJKVSYX UYEPMX] EW EX XLI QM\IV [MXL RS I\GIWW [EXIV -J PEMXERGI
MWX]TMGEPP]YWIH*SVTMPIWXLEXEVIPSRKIVFEXXIVIHXETIVIH HIZIPSTW EJXIV XLI GSQTPIXMSR SJ GSRGVIXI TPEGIQIRX MX
SVWXITTIHLIEZMP]VIMRJSVGIHSV[MXLI\XIRWMZIW[IITWSV WLSYPHFIXLSVSYKLP]GPIERIHERHVITPEGIH
HSKPIKWETTVS\MQEXIP]XSJX XSQ SJKVSYX -JXLIXVIQMISVTYQTMRKQIXLSHWEVIYWIHSRP]XSTPEGI
WLSYPHFIYWIH E WIEP MR XLI PS[IV TSVXMSR SJ XLI TMPI XLIR XLI WYVJEGI
'SRGVIXIWLSYPHFIHMWGLEVKIHMRXSXLIJYRRIPEWVETMHP] WLSYPHFIGEVIJYPP]GPIERIHERHPEMXERGIVIQSZIHFIJSVIXLI
EWTSWWMFPI[MXLSYXWTMPPMRKJVSQXLIXVYGOGLYXISVJYRRIP VIQEMRMRKGSRGVIXIMWTPEGIH6IQSZEPSJPEMXERGIMWQSVI

 MWTVIWIRXEXXLINSMRX
QIRX [LIR XLI MRMXMEP WIZIVEP JIIX SJ XLI TMPI MW TPEGIH %  'SRGVIXIGSRWSPMHEXMSRERHZMFVEXMSR{1IGLERMGEP
VETMHHMWGLEVKITVSZMHIWEPEVKIVGSRGVIXIZSPYQIXLVSYKL ZMFVEXMSRMWKIRIVEPP]RSXVIUYMVIHMRSVHMREV]'-4TMPIWXLEX
[LMGLER][EXIVTVIWIRXEXXLIXMT[MPPFIHMWXVMFYXIHXLYW HSRSXGSRXEMRVIMRJSVGIQIRXTVSZMHIHXLEXTVSTIVGSRGVIXI
QM\XYVIW[MXLLMKLWPYQTWERHKSSH[SVOEFMPMX]EVIYWIH
;LIR TPEGMRK GSRZIRXMSREP WXVYGXYVEP GSRGVIXI QM\XYVIW 
RSX VIHYGIHGSEVWIEKKVIKEXI SV TYQTEFPI QM\XYVIW  XLI XIVMWXMGWSJXLILMKLWPYQTMR QQ QMRYWEKKVIKEXI
YWI SJ FSXXSQHYQT XYFIW MW VIGSQQIRHIH JSV GSRGVIXI QM\XYVI GSRWMWXIRX [MXL RSVQEP TMPI GSRGVIXMRK TVEGXMGI
TPEGIQIRX MR XLI PS[IV TSVXMSRW SJ PSRK GSVVYKEXIHWLIPP [MPPPIEHXSEHIUYEXIGSRWSPMHEXMSRI\GITXMRETTVS\MQEXIP]
TMPIW 8LIWI HYQT XYFIW EVI KIRIVEPP]  XS  MR  XLIYTTIVJX Q SJXLITMPI[LIVIXLIGSRGVIXIWLSYPH
XS  QQ  MR HMEQIXIV  XS  JX  XS  Q  PSRK LEZI FIVSHHIH8LIYTTIVXSJX XSQ SJTMPIW[MXL
VIMRJSVGIQIRXQE]VIUYMVIQIGLERMGEPZMFVEXMSRHITIRHMRK
EWXIITWMHIHJYRRIPSRXLIXSTSJXLIXYFI;MXLXLMWXIGL SRXLIVIMRJSVGIQIRXWTEGMRKQE\MQYQEKKVIKEXIWM^IERH

HSSV MW XVMTTIH WIRHMRK XLI  XS  JX  XS  Q MJ RIGIWWEV] GER FI EGGSQTPMWLIH F] VSHHMRK SV [MXL ER
GLEVKIXSXLITMPIFSXXSQ8LIFSXXSQHSSVMWVIPEXGLIHERH MRXIVREPZMFVEXSV3ZIVZMFVEXMSRWLSYPHFIEZSMHIHFIGEYWI
 MXGERMRHYGII\GIWWMZIFPIIHMRK
QEXIP]  JX  Q  SJ GYXSJJ IPIZEXMSR [LIVI TPEGIQIRX  3FWXVYGXMSRXSGSRGVIXITPEGIQIRX{7XITWMRWLIPPW
ERHVIMRJSVGMRKXMIWGERGEYWIWIKVIKEXMSRERHZSMHWYRPIWW
SV XLVSYKL XLI WXERHEVH WXIITWMHIH JYRRIP ;LIR YWMRK
XLMWXIGLRMUYIXLIXSJX XSQ FEXGLSJ EVGLMRK:MFVEXMSRMREGGSVHERGI[MXL QE]FIHIWMVEFPI
VMGL KVSYX RSVQEPP] TPEGIH MR XLI TMPI MQQIHMEXIP] FIJSVI YRHIVXLIWIGMVGYQWXERGIW
GSRZIRXMSREP GSRGVIXI TPEGIQIRX WLSYPH FI TPEGIH MR XLI  'SQTEGXMSR SJ YRGEWIH TMPI{7SQI '-7 TMPIW YWI
FSXXSQSJXLIHYQTXYFISRXLIMRMXMEPGLEVKI VEQQMRKHYVMRKGSRGVIXITPEGIQIRXXSGSQTEGXERHGSRWSPM
 9RHIV[EXIVTPEGIQIRX HEXIXLIGSRGVIXI  -RXLSWITMPIX]TIW[LIVIXLIGEWMRK
MWTVIWIRXMRXLITMPIEWMRSTIRIRHIHTMTITMPIWSV[LIVI MW WMQYPXERISYWP] [MXLHVE[R GEVI WLSYPH FI I\IVGMWIH XS
PIEOEKIMWI\GIWWMZIEWGERSGGYVMRWLIPPWYRHIV[EXIVTPEGI SZIVGSQI TYPPYT IJJIGX SR GSRGVIXI EVGLMRK [MXLMR XLI
QIRXMWYWIH9RHIV[EXIVTPEGIQIRXGERYWIIMXLIVXVIQMISV GEWMRK  HYVMRK[MXLHVE[EP SJ GEWMRK ERH TVSZMHI EHIUYEXI
TYQTQIXLSHW*SVIMXLIVSJXLIWIQIXLSHWXLITMPIGEWMRK GSRGVIXI WS XLEX MJ E [IEO WXVEXYQ MW IRGSYRXIVIH ERH XLI

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

 8LI ZSPYQI SJ KVSYX SV GSRGVIXI TPEGIH WLSYPH FI


XYVEPGSPYQRMWRSXMQTEMVIH QIEWYVIHERHFIKVIEXIVXLERXLIXLISVIXMGEPZSPYQISJXLI
)RSYKL GSRGVIXI WLSYPH FI TVSZMHIH XS QEOI YT JSV LSPIGVIEXIHF]XLIEYKIV8LIXSTSJIEGLTMPIWLSYPHFIGEWX
GSRGVIXIJSVGIHPEXIVEPP]MRXSXLIWSMP8LIXIGLRMUYIWYWIH LMKLIV XLER XLI VIUYMVIH TMPI GYXSJJ IPIZEXMSR XS TIVQMX
JSV GSQTEGXMSR ERH GEWMRK [MXLHVE[EP WLSYPH TVIZIRX XVMQQMRKXLITMPIFEGOXSWSYRHKVSYXSVGSRGVIXI9RPIWW
WITEVEXMSRSJXLIGSPYQR
 'EWXMRHVMPPIHLSPI TMPIW{'EWXMRHVMPPIHLSPI KVSYX SV GSRGVIXI WLEJX [MXLSYX PEXIVEP QSZIQIRX [LMPI
TMPIWMR QQ ERHPEVKIVEVIGSZIVIHMR%'- EHNEGIRXTMPIWEVIMRWXEPPIHXLIEHNEGIRXTMPIWWLSYPHRSXFI
ERH%'-68LIHMWGYWWMSRSJGSRWXVYGXMSRQIXLSHW MRWXEPPIHYRXMPXLIKVSYXSVGSRGVIXILEWWIX
ERHTVIGEYXMSRWMRXLIWITYFPMGEXMSRWEVIMRKIRIVEPIUYEPP] -JVIMRJSVGIQIRXMWVIUYMVIHXLIVIMRJSVGMRKFEVWSVGEKIW
ETTPMGEFPI XS XLI GEWXMRHVMPPIHLSPI TMPIW GSZIVIH LIVIMR WLSYPH FI EGGYVEXIP] TSWMXMSRIH EPMKRIH ERH MRWIVXIH MRXS
8LI TPEGMRK SJ GSRGVIXI MR GEWXMRHVMPPIHLSPI TMPIW EW
GSZIVIHF]XLMWVITSVXWLSYPHJSPPS[XLIWEQIFEWMGTVSGI WMRKPI VIMRJSVGMRK FEV GER FI MRWXEPPIH XLVSYKL XLI LSPPS[
HYVIW EW XLEX JSV '-7 GSRGVIXI TMPIW *SV YRWXEFPI WSMPW E WXIQFIJSVIKVSYXMRK
XIQTSVEV]PMRIVWLSYPHFIMRWXEPPIHXSTVIZIRXGSPPETWISJXLI  (VMPPIH ERH KVSYXIH TMPIW{(VMPPIH ERH KVSYXIH
LSPISVWPSYKLMRKSJJSJXLIWSMPHYVMRKGSRGVIXITPEGIQIRX TMPIW  EVIEHZERGIHF]VSXEXMRKELIEZ][EPPGEWMRK
8IQTSVEV]PMRIVWWLSYPHEPWSFIYWIHJSVHIITHVMPPIHLSPIW MRXS XLI KVSYRH [MXL [EWL [EXIV VIXYVRMRK YT XLI SYXWMHI
[LIRXLIIJJIGXWSJGSRGVIXITPEGIQIRXSRXLIWMHIWSJXLI SJ XLI GEWMRK ;LIR FSYPHIVW EVI TVIWIRX E WE[XSSXLIH
LSPIGERRSXFISFWIVZIH;LIRTPEGMRKGSRGVIXIMRXIQTS FMXSVEHMWTSWEFPIXVMGSVIFMXMWWSQIXMQIWYWIHXSEHZERGI
VEVMP]PMRIHLSPIWXLIXSTSJXLIGSRGVIXIWLSYPHFIOITX[IPP XLI GEWMRK -R WSQI GEWIW MRXIVREP VSXEV] HVMPPW EVI YWIH
EFSZIXLIFSXXSQSJXLIWXIIPPMRIVEWMXMW[MXLHVE[R0S[ XS EHZERGI XLI GEWMRK ERH XLI VIXYVR QE] FI XLVSYKL XLI
WPYQTGSRGVIXIWLSYPHRSXFIYWIHXSEZSMHXLITSWWMFMPMX]SJ ERRYPYWFIX[IIRXLIHVMPPWLEJXERHXLIGEWMRK%WXLIGEWMRK
EVGLMRKSJXLIGSRGVIXIMRXLIPMRIVERHTSWWMFPIHMWGSRXMRYMXMIW VIEGLIWXLI TPERRIHTMPI HITXLVIMRJSVGMRKWXIIPMWTPEGIH
MRXLITMPIWLEJXEWXLIPMRIVMW[MXLHVE[R
 %YKIVKVSYX SV GSRGVIXIMRNIGXIH TMPIW{%YKIV
KVSYX TMPIW  ERH   EVI MRWXEPPIH F] HVMPPMRK E GEWMRK MW [MXLHVE[R [LMPI KVSYX GSRXMRYIW XS FI TYQTIH
-R SXLIV MRWXERGIW XLI GEWMRK QE] FI SRP] TEVXMEPP] [MXL
LSPPS[WXIQ EYKIV TPYKKIH EX XLI XMT 8LI EYKIV MW XLIR HVE[R XLVSYKL E TPERRIH TMPI FSRH ^SRI ERH XLIR VSXEXIH
HS[R[EVHMRXSXLIFSRH^SRIERHPIJXMRTPEGI;LIRPIJXMR
TPEGIXLIWXIIPGEWMRKTVSZMHIWEPEVKITEVXSJXLIWXVYGXYVEP
TVIWWYVI XS INIGX XLI TPYK ERH FIKMR JSVGMRK KVSYX YT[EVH GETEGMX][LMPIXLIGIQIRXFSRHFIX[IIRXLISYXWMHISJXLI
GEWMRK ERH XLI WSMP TVSZMHIW LMKL WMHI VIWMWXERGI ERH PSEH
[LMPIGSRXMRYSYWP]TYQTMRKKVSYXYRHIVTVIWWYVIXSTVIZIRX XVERWJIVXSWYVVSYRHMRKWSMP6IKVSYXMRKMWWSQIXMQIWYWIH
GSPPETWISJXLILSPI8LIGSQTPIXIHKVSYXGSPYQRJSVQWE XSMRGVIEWITMPIGETEGMX][MXLMRXLIFSRH^SRIYWMRKETMTI
'-7TMPI [MXLKVSYXMRKTSVXWXSMRNIGXKVSYXEXHMWGVIXIPIZIPW
%YKIVKVSYX TMPIW EVI JVIUYIRXP] YWIH MRWXIEH SJ HVMZIR ;LIRMRWXEPPMRKHVMPPIHERHKVSYXIHTMPIWGEVIWLSYPHFI
TMPIWXSPMQMXHEQEKIXSEHNEGIRXWXVYGXYVIWSVEZSMHZMFVE XEOIRWS XLEX EJYPPWM^IH ERH GSRXMRYSYW TMPI MW TVSHYGIH
XMSRWERHRSMWI;LIRYWIHMQTVSTIVP]LS[IZIVXLI]GER %PPWSMPGYXXMRKWWLSYPHFIVIQSZIHJVSQXLIGEWMRKI\GITX
GEYWIHEQEKIXSEHNEGIRXWXVYGXYVIW 0EG]ERH1SWOS[MX^ XLSWIXLEX[MPPVIQEMRMRWYWTIRWMSRERHFIHMWTPEGIH[MXL
 %HHMXMSREPMRJSVQEXMSRSRXLIMRWXEPPEXMSRSJEYKIV
KVSYXTMPIWMWTVSZMHIHF]2IIP]  1SWOS[MX^   WTEGIVW XS LSPH MX MR TSWMXMSR 8LMW MW IWTIGMEPP] MQTSVXERX
*VM^^M  ERH&VS[RIXEP   [LIRMRWXEPPMRKFEXXIVTMPIW+VSYXWLSYPHGSRJSVQXSERH
+VSYXWLSYPHGSRJSVQXSXLIVIGSQQIRHEXMSRWSJ-J XLIGEWMRKWLSYPH RSXFI[MXLHVE[R JEWXIVXLER XLI LSPIMW

WM^IHEKKVIKEXIWERHVIUYMVIHEHQM\XYVIWXSTVSHYGIEVMGL
TYQTEFPI QM\XYVI 3MP ERH SXLIV VYWX MRLMFMXSVW WLSYPH FI {4MPIHIXEMPW
VIQSZIHJVSQQM\MRKHVYQWERHKVSYXSVGSRGVIXITYQTW  8MTW{8LI XMTWSJ TMPIW WLSYPH FI WXVSRK ERH VMKMH
IRSYKL XS VIWMWX HMWXSVXMSR %HIUYEXI [EPP XLMGORIWW VIMR
GEVIJYPGSRXVSPMWIWWIRXMEPXSTVIZIRXWITEVEXMSRSVRIGOMRK JSVGIHEWRIGIWWEV]WLSYPHFIYWIHJSV'-4TMPIWLIPPW7XIIP
SJXLIKVSYXSVGSRGVIXIWLEJXERHXSTVSZMHIEWLEJXSJJYPP
GVSWWWIGXMSREP EVIE )EGL TMPI WLSYPH FI MRWXEPPIH MR SRI
GSRXMRYSYWSTIVEXMSR'SRGVIXISVKVSYXWLSYPHFITYQTIH FIX[IIRXLIXMTTPEXIERHWLIPPWLSYPHFI[EXIVXMKLXERHEFPI
GSRXMRYSYWP]ERHXLIVEXISJ[MXLHVE[EPSJXLIEYKIVWLSYPH XS[MXLWXERHVITIEXIHMQTEGX
4SMRXIHSV[IHKIWLETIHXMTWGEREMHTIRIXVEXMSRXLVSYKL
MW [MXLHVE[R -J XLIVI MW IZMHIRGI XLEX XLI EYKIV LEW FIIR
[MXLHVE[RXSSVETMHP]MXWLSYPHFIVIHVMPPIHXSXLISVMKMREP EPWSFIYWIHXSLIPTTIRIXVEXMSRMRXSHIGSQTSWIHVSGO7YGL
XMTIPIZEXMSRERHXLITMPIVIGEWXJVSQXLIXMTYT[EVH XMTWLS[IZIVGERKYMHIXLITMPISJJE\MEPEPMKRQIRX&PYRX
VSYRHIH XMTW[MPPSJXIREGGSQTPMWLXLITIRIXVEXMSRXLVSYKL

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

VSGO SV WYVJEGI VYFFPI [MXL E QMRMQYQ SJ QMWEPMKRQIRX YWIH [MXL TVIGEWX TMPIW XLI IJJIGX SJ LIEX ERH GSRWIUYIRX
ERHTSMRXFVIEOEKI*PEXXMTWHVMZIWXVEMKLXIVERHXVYIVXLER WTPMXXMRKERHWTEPPMRKRIEVXLIWTPMGIRIIHWXSFISZIVGSQI
TSMRXIHXMTW &EGOYTTPEXIWSVSXLIVWYMXEFPIXIGLRMUYIWWLSYPH
 7LSIWJSVTVIGEWXTMPIW{;LIRXLIXMTWSJTVIGEWXERH FIYWIHXSHIZIPSTJYPP[IPHTIRIXVEXMSR[LIRWTPMGMRKPSEH
TVIWXVIWWIHGSRGVIXITMPIWEVITVSZMHIH[MXLEHIUYEXIXVERW FIEVMRKWXIIPWLIPPWIWTIGMEPP]JSVWLIPPWMR QQ SV
XLMGOIV
WUYEVITMPIWEVIGLEQJIVIHXSTVIZIRXWXVIWWGSRGIRXVEXMSRW ;LIRWTPMGMRKTVIGEWXSVTVIWXVIWWIHTMPIWWTIGMEP
ERH WTEPPMRK ERH   WTIGMEP TMPI WLSIW EVI RSX GEVI WLSYPH FI XEOIR XS EZSMH E HMWGSRXMRYMX] EX XLI TSMRX
KIRIVEPP]VIUYMVIHRSVYWIH'EWXSVJEFVMGEXIHWXIIPTSMRXW SJ WTPMGI [LMGL [MPP VIWYPX MR XIRWMPI JEMPYVI SJ XLI TMPI
(S[IPIH WTPMGIW YWMRK GIQIRX SV ITS\] KVSYX LEZI FIIR
RIIHXSTIRIXVEXIFYVMIHXMQFIVVMTVETSV[IEOVSGO7LSIW YWIH WYGGIWWJYPP] [MXL TVIGEWX TMPIW YRHIV [MHIP] ZEV]MRK
[MXLWLSVXHS[IPWLEZIEPWSFIIRVITSVXIHXSFILIPTJYPMR GSRHMXMSRW ERH EGGSQTPMWLGSRXMRYMX] MJ TVSTIVP] MRWXEPPIH
WIEXMRKTVIGEWXTMPIWSRWPSTMRKVSGOWYVJEGIW;LIRWLSIW &VYGIERH,IFIVXF %HIUYEXIGYVMRKFIJSVIHVMZMRK
EVIYWIH[MXLTVIGEWXGSRGVIXITMPIWXLITSXIRXMEPIJJIGXWSJ MWIWWIRXMEP
WLETISRTIRIXVEXMSRERHTMPIEPMKRQIRXEVIXLIWEQIEW[MXL %RYQFIVSJQERYJEGXYVIHWTPMGIWEVIEZEMPEFPIXSUYMGOP]
SXLIVTMPIX]TIW ERH  ERH IJJIGXMZIP] WTPMGI TVIGEWX SV TVIWXVIWWIH GSRGVIXI TMPIW
7LSIW WLSYPH FI WIGYVIP] EXXEGLIH XS XLI QEMR FSH] SJ &VYGIERH,IFIVXE:IRYXM+EQFPIERH&VYGI
  8LI TMPI JEFVMGEXMSR QIXLSHW ERH JSVQW WLSYPH
IQFIHQIRX PIRKXL XS HIZIPST ERGLSVEKI F] FSRH YRHIV
XLI VITIEXIH LMKLWXVIWW PSEHMRK XLEX GER SGGYVYRHIV LEVH WLSYPHFIXEOIRMRWTPMGMRKXSTVSZMHIGSRGIRXVMGEPMKRQIRX
HVMZMRK EX XLI XMT ERH XLI ERGLSV VSHW WLSYPH FI WIGYVIP] JYPPFIEVMRKEXXLIMRXIVJEGIERHXLIXIRWMPIEHIUYEG]SJXLI
EXXEGLIHXSXLITPEXISVWLSI4EVXMGYPEVGEVIWLSYPHFIXEOIR GSRRIGXMSR 8LI HIWMKRIV WLSYPH I\IVGMWI GSRXVSP SZIV XLI
XSTVSTIVP]TPEGIERHGSRWSPMHEXIGSRGVIXIMRXLIWLSIHYVMRK YWISJWTPMGIWMRTVIGEWXTMPIWERHXLIWTPMGIHIWMKRVIUYMVI
QIRXW  
LSPIWMRXLIWLSIQE]FIVIUYMVIH   3YXWMHIHVMZIWPIIZIWLEZIFIIRYWIHWYGGIWWJYPP]
 7XYFW JSV TVIWXVIWWIH TMPIW{7XVYGXYVEP WXIIP WXYFW XS WTPMGI FSXL TVIGEWX GSRGVIXI ERH WXIIP TMTI TMPIW -RWMHI
WXMRKIVW  EVI WSQIXMQIW YWIH EW I\XIRWMSRW JVSQ XLI XMTW WPIIZIWGERFIYWIHJSVWXIIPTMTIFYXXLIWIWPIIZIWEVIRSX
SJ TVIWXVIWWIH TMPIW 7XVYGXYVEP WXIIP WXYFW QSWX JVIUYIRXP]
GSRWMWXSJLIEZ],TMPIWIGXMSRWFYXSXLIVWXVYGXYVEPWLETIW JEFVMGEXIHJSVFSXLTMPIHMEQIXIVERH[EPPXLMGORIWW
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XMSRSJ2I[>IEPERH;IPPMRKXSR2> 4EQ , .  w7IMWQMG 4IVJSVQERGI SJ 4VIWXVIWWIH
2SVHPYRH 6 0  w&IEVMRK 'ETEGMX] SJ 4MPIW MR 'SRGVIXI 4MPIW ERH 4MPI4MPI 'ET 'SRRIGXMSRWx 6IWIEVGL
'SLIWMSRPIWW7SMPWx.SYVREPSJ7SMP1IGLERMGWERH*SYR 6ITSVX4L(XLIWMW(ITEVXQIRXSJ'MZMP)RKMRIIVMRK
HEXMSRW(MZMWMSR%7'):711E]TT 9RMZIVWMX]SJ'ERXIVFYV]'LVMWXGLYVGL2>1EVTT
3v2IMPP1;w7MHI6IWMWXERGIMR4MPIWERH(VMPPIH 4EVO 6 ERH *EPGSRIV 8 .  w(YGXMPMX] SJ
7LEJXWXLI8LMVX]*SYVXL/EVP8IV^EKLM0IGXYVIx.SYVREPSJ 4VIWXVIWWIH'SRGVIXI4MPIW7YFNIGXIHXS7MQYPEXIH7IMWQMG
+ISXIGLRMGEP ERH +ISIRZMVSRQIRXEP)RKMRIIVMRK :  0SEHMRKx 4'-.SYVREP:2STT
2STT 4'%  w6ITSVX SR %PPS[EFPI 7XVIWWIW MR 'SRGVIXI
3v2IMPP1;ERH6IIWI0' (VMPPIH7LEJXW 4MPIWx4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-0TT
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*,;%-**IHIVEP,MKL[E]%HQMRMWXVEXMSR;EWL w6IGSQQIRHIH 4VEGXMGI JSV (IWMKR 1ERYJEGXYVI ERH
MRKXSR('TT -RWXEPPEXMSRSJ4VIWXVIWWIH'SRGVIXI4MPMRKx4'-.SYVREP
3v6SYVOI 8 ( ERH ,EQEHE 1 IHW  'EWI :2STT
7XYHMIW SJ 0MUYIJEGXMSR ERH 0MJIPMRIW 4IVJSVQERGI (YVMRK 4'-  4'- &VMHKI (IWMKR 1ERYEP 'LETXIV 
4EWX)EVXLUYEOIW8IGLRMGEP6ITSVX2'))6: 4VIGEWX 4VIWXVIWWIH 'SRGVIXI 4MPIW 120 4VIGEWX
97'EWI7XYHMIW2EXMSREP'IRXVIJSV)EVXLUYEOI)RKMRIIVMRK 4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKS-0
6IWIEVGL&YJJEPS2=TT 4'-  4'- (IWMKR ,ERHFSSO{4VIGEWX ERH
3v6SYVOI8(ERH,EQEHE1IHW4VSGIIHMRKW 4VIWXVIWWIH 'SRGVIXI WM\XL IHMXMSR 4VIGEWX4VIWXVIWWIH
JVSQXLI*MJXL97.ETER;SVOWLSTSR)EVXLUYEOI6IWMWXERGI 'SRGVIXI-RWXMXYXI'LMGEKS-0
SJ 0MJIPMRI *EGMPMXMIW ERH 'SYRXIVQIEWYVIW %KEMRWX 7SMP 4IGO6&,ERWSR;)ERH8LSVRFYVR8,
0MUYIJEGXMSR8IGLRMGEP6ITSVX2'))62EXMSREP *SYRHEXMSR )RKMRIIVMRK WIGSRH IHMXMSR .SLR ;MPI]

'IRXVIJSV)EVXLUYEOI)RKMRIIVMRK6IWIEVGL&YJJEPS2= 7SRW-RG2I[=SVOTT
TT 4SYPSW7.'EWXVS+ERH*VERGIW.;w0MUYI
3v6SYVOI 8 ( 1I]IVWSLR ; ( 7LMFE = ERH JEGXMSR )ZEPYEXMSR 4VSGIHYVIx .SYVREP SJ +ISXIGLRMGEP
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*EGMPMXMIWERH'SYRXIVQIEWYVIW%KEMRWX7SMP0MUYIJEGXMSR =SVOTT
8 ( 3v6SYVOI ERH 1 ,EQEHE IHW 8IGLRMGEP 6ITSVX

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6 

6EYWGLI*w7SMP6IWTSRWIJVSQ(]REQMG%REP 4VSGIIHMRKWx .SYVREP SJXLI7SMP 1IGLERMGWERH *SYRHE


]WMWERH1IEWYVIQIRXWSR4MPIWx4L(XLIWMW'EWI;IWXIVR XMSRW(MZMWMSR:TT
6IWIVZI9RMZIVWMX]'PIZIPERH3,TT 6SXL;,*SRK,ERHHI6YFIVXMW'w&EXXIV
6EYWGLI * +SFPI + + ERH 0MOMRW .V + )  4MPIWERH7IMWQMG4IVJSVQERGISJ4MPI7YTTSVXIH;LEVZIWx
w(]REQMG (IXIVQMREXMSR SJ 4MPI 'ETEGMX]x .SYVREP SJ 'SRJIVIRGI4SVXWu%7')TT
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6EYWGLI * 1SWIW * ERH +SFPI + +  w7SMP 74  %QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
6IWMWXERGI4VIHMGXMSRWJVSQ4MPI(]REQMGWx.SYVREPSJ7SMP 1-TT
1IGLERMGW ERH *SYRHEXMSR )RKMRIIVMRK (MZMWMSR %7') 7EQQER 1 1 ERH 3v2IMPP1; w8LI 6IPM
:TT EFMPMX]SJ7SRMG8IWXMRKSJ(VMPPIH7LEJXWx'SRGVIXI-RXIV
6E]641EPMREO.ERH9PVMGL).w4VIHVMPPMRK REXMSREP:2S.ERTT
1MRMQM^IW XLI 9RHIWMVEFPI )JJIGXW SJ 4MPI -RWXEPPEXMSR#x 7EQWSR ' , .V ,MVWGL 8 . ERH 0S[IV] 0 0 .V
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*YPPIVIH%XPERXE+%%7')3GXTT .SYVREP SJ 7SMP 1IGLERMGW ERH *SYRHEXMSRW (MZMWMSRW
6E]QSRH -RXIVREXMSREP  w6E]QSRH -RXVSHYGIW %7'):78%YKTT
6E]GVIXIx *SYRHEXMSR*EGXW6E]QSRH'SRGVIXI4MPI(MZM 7EYP;)w7XEXMGERH(]REQMG%REP]WMWSJ4MPI
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TT TT
6IIWI 0 '  w0EXIVEPP] 0SEHIH 4MPIW 4VSKVEQ 7GLPIGLXIV71(MGOIRWSR7)1G'YPPSYKL2.
(SGYQIRXEXMSRx .SYVREP SJ XLI +ISXIGLRMGEP)RKMRIIVMRK
(MZMWMSR:TT (]REQMG &ILEZMSV SJ 4MPI7YTTSVXIH ;LEVJ 7XVYGXYVIWx
6IIWI 0 '  ,ERHFSSO SR (IWMKR SJ 4MPIW ERH 4SVX(IZIPSTQIRXMRXLI'LERKMRK;SVPH4SVXW'SRJIVIRGI
(VMPPIH7LEJXW9RHIV0EXIVEP0SEH6ITSVX2S*,;%-4 7%'YVXMWIH%7')
*IHIVEP,MKL[E]%HQMRMWXVEXMSR;EWLMRKXSR(' 7GLQIVXQERR . , ERH 'VETTW ( /  w4EWX
T 4VIWIRX ERH *YXYVI 4VEGXMGI MR (IIT *SYRHEXMSRW [MXL
6IIWI0'ERH1EXPSGO,w2SR(MQIRWMSREP *PSVMHE)QTLEWMWx 4VSGIIHMRKW-RXIVREXMSREP'SRJIVIRGI
7SPYXMSRW JSV 0EXIVEPP] 0SEHIH 4MPIW [MXL 7SMP 1SHYPYW SR (IWMKR ERH 'SRWXVYGXMSR SJ (IIT *SYRHEXMSRW 97
%WWYQIH 4VSTSVXMSREP XS (ITXLx 4VSGIIHMRKW XL 8I\EW *IHIVEP,MKL[E]%HQMRMWXVEXMSR:TT
'SRJIVIRGISR7SMP1IGLERMGW%YWXMR8< 7IIH , &  w(IWMKR 4VSFPIQW MR 7SMP 0MUYIJEG
6IIWI0 'ERH;IPGL6'  w0EXIVEP0SEHMRK XMSRx .SYVREPSJ+ISXIGLRMGEP)RKMRIIVMRK:2S
SJ(IIT*SYRHEXMSRWMR7XMJJ'PE]x.SYVREPSJXLI+ISXIGL TT
RMGEP)RKMRIIVMRK(MZMWMSR:TT 7IIH,&ERH,EVHIV0*w748&EWIH%REP
6IIWI0''S\;6ERH/SST*(w%REP ]WMW SJ ']GPMG 4SVI 4VIWWYVI +IRIVEXMSR ERH 9RHVEMRIH
]WMWSJ0EXIVEPP]0SEHIH4MPIWMR7ERHx38'4ETIV 6IWMHYEP 7XVIRKXLx 4VSGIIHMRKW SJ XLI , &SPXSR 7IIH
4VSGIIHMRKW SJ XLI XL 3JJWLSVI 8IGLRSPSK] 'SRJIVIRGI 1IQSVMEP 7]QTSWMYQ &M8IGL 4YFPMWLIVW 0XH :ERGSYZIV
,SYWXSR8<TT &''EREHE:TT
6IIWI 0 ' 3v2IMPP 1 ; ERH 7QMXL 6 )  
w+IRIVEPM^IH %REP]WMW SJ 4MPI *SYRHEXMSRWx .SYVREP SJ HYVI JSV )ZEPYEXMRK 7SMP 0MUYIJEGXMSR 4SXIRXMEPx .SYVREP
XLI 7SMP 1IGLERMGW ERH *SYRHEXMSRW (MZMWMSR :  TT SJXLI7SMP1IGLERMGWERH*SYRHEXMSRW(MZMWMSR:TT
 
6IQTI(1w1IGLERMGWSJ(MIWIP4MPI(VMZMRKx 7IIH,&ERH-HVMWW-1+VSYRH1SXMSRWERH
4L(XLIWMW9RMZIVWMX]SJ-PPMRSMW9VFERE-0TT 7SMP0MUYIJEGXMSR(YVMRK)EVXLUYEOIW:SPYQISJ)RKM
6IQTI(1ERH(EZMWWSR18w4IVJSVQERGI RIIVMRK 1SRSKVETLW SR )EVXLUYEOI 'VMXIVME 7XVYGXYVEP
SJ (MIWIP 4MPI ,EQQIVWx 4VSGIIHMRKW XL -RXIVREXMSREP (IWMKR ERH 7XVSRK 1SXMSR 6IGSVHW )EVXLUYEOI )RKM
'SRJIVIRGISR7SMP1IGLERMGWERH*SYRHEXMSR)RKMRIIVMRK RIIVMRK6IWIEVGL-RWXMXYXI&IVOIPI]'%TT
8SO]S:TT 7IIH,&-HVMWW-1ERH%VERKS-w)ZEPY
6SIHIV';+VEJJ67SHIVWXVSQ.0ERH=SS. EXMSR SJ 0MUYIJEGXMSR 4SXIRXMEP 9WMRK *MIPH 4IVJSVQERGI
,7IMWQMG4IVJSVQERGISJ4MPI;LEVJ'SRRIGXMSRW (EXEx .SYVREPSJ+ISXIGLRMGEP)RKMRIIVMRK%7'):
+81EVTT
6IWIEVGL 'IRXIV 'SPPIKI SJ )RKMRIIVMRK 9RMZIVWMX] SJ 7IIH,&8SOMQEXWY/,EVHIV0*ERH'LYRK6
'EPMJSVRME&IVOIPI]&IVOIPI]'%TT 
6SIHIV';+VEJJ67SHIVWXVSQ.0ERH=SS. JEGXMSR 6IWMWXERGI )ZEPYEXMSRWx .SYVREP SJ +ISXIGLRMGEP
,  w7IMWQMG 4IVJSVQERGI SJ 4MPI;LEVJ 'SRRIG )RKMRIIVMRK:2STT
XMSRWx .SYVREPSJ7XVYGXYVEP)RKMRIIVMRK:2STT 7IPF]/+(IZEXE174E]IV4ERH(YRHEW(
  w9PXMQEXI 'ETEGMXMIW (IXIVQMRIH F] 0SEH 8IWX ERH
6SWW + % 7IIH , & ERH 1MKPMEGIO 6 6  4VIHMGXIHF]XLI4MPI%REP]^IVx4VSGIIHMRKWXL-RXIVRE
w&VMHKI *SYRHEXMSR &ILEZMSV MR ER %PEWOE )EVXLUYEOIx XMSREP'SRJIVIRGISR7SMP1IGLERMGWERH*SYRHEXMSR)RKM
RIIVMRK6MSHI.ERIMVS:TT

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6

7IR67LELE[]16SWEW.ERH7YOYQEV7E 7SY^E6/YGLQE(4EVO.;ERH&MXXIRGSYVX8
w(YVEFMPMX] SJ %VEQMH 4VIXIRWMSRIH )PIQIRXW MR E 1EVMRI w%HETXEFPI7XVYXERH8MI1SHIPJSV(IWMKRERH:IVM
)RZMVSRQIRXx %'-7XVYGXYVEP.SYVREP:2S7ITX %'-7XVYGXYVEP.SYVREP:
3GXTT 2S1EV%TVTT
7IR67LELE[]17YOYQEV7ERH6SWEW.F 7VMXLEVER 7 ERH 4VMIWXIPI] 1 . 2  7IMWQMG
w(YVEFMPMX] SJ 'EVFSR 4VIXIRWMSRIH )PIQIRXW MR E 1EVMRI 8IWXMRK SJ E *YPP7GEPI 4MPI(IGO 'SRRIGXMSR 9XMPM^MRK
)RZMVSRQIRXx %'-7XVYGXYVEP.SYVREP:2S2SZ ,IEHIH6IMRJSVGIQIRX6ITSVX2S869RMZIVWMX]SJ
(IGTT 'EPMJSVRMEEX7ER(MIKS'%TT
7IR67LELE[]16SWEW.ERH7YOYQEV7E 8IV^EKLM / 4IGO 6 & ERH 1IWVM +  7SMP
w(YVEFMPMX] SJ %VEQMH *MFIV 6IMRJSVGIH 4PEWXMG 4VIXIR 1IGLERMGW MR )RKMRIIVMRK 4VEGXMGI XLMVH IHMXMSR .SLR
WMSRIH)PIQIRXWYRHIV 8MHEP8LIVQEP ']GPIWx %'-7XVYG ;MPI]ERH7SRW2I[=SVOTT
XYVEP.SYVREP:2S.ER*IFTT 8SOMQEXWY / ERH 7IIH , &  w)ZEPYEXMSR SJ
7IR67LELE[]17YOYQEV7ERH6SWEW.F 7IXXPIQIRXWMR7ERHW(YIXS)EVXLUYEOI7LEOMRKx.SYVREP
w(YVEFMPMX] SJ 'EVFSR *MFIV 6IMRJSVGIH 4SP]QIV '*64  SJ +ISXIGLRMGEP )RKMRIIVMRK :  2S  %YK TT
4VIXIRWMSRIH )PIQIRXW YRHIV 8MHEP8LIVQEP ']GPIWx %'- 
7XVYGXYVEP.SYVREP:2S1E].YRITT 9RMJSVQ &YMPHMRK 'SHI  w:  7XVYGXYVEP )RKM
7LITTEVH ( %  w7IMWQMG (IWMKR SJ 4VIWXVIWWIH RIIVMRK (IWMKR 4VSZMWMSRWx -RXIVREXMSREP 'SRJIVIRGI SJ
'SRGVIXI 4MPMRKx .SYVREP SJ XLI 4VIGEWX4VIWXVIWWIH
'SRGVIXI-RWXMXYXI:2S2SZ(IGTT
7MES ; &  w7XVYXERH8MI 1SHIP JSV 7LIEV 4VIGEWX4VIWXVIWWIH'SRGVIXI4MPIWx4'-.SYVREP:2S
&ILEZMSVMR(IIT&IEQWERH4MPI'ETW*EMPMRKMR(MEKSREP 7ITX3GXTT
7TPMXXMRKx %'-7XVYGXYVEP.SYVREP:2S.YP]%YK ;MPWSR ( ;  w7SMP4MPI7YTIVWXVYGXYVI -RXIVEG
TT XMSRWMR0MUYIJ]MRK7ERHERH7SJX'PE]x4L(HMWWIVXEXMSR
7QMXL ) % 0  w4MPI (VMZMRK -QTEGXx 4VSGIIH 9RMZIVWMX]SJ'EPMJSVRME(EZMW'%TT
MRKW -RHYWXVMEP 'SQTYXEXMSRW 7IQMREV 7ITX   -&1 =SYH 8 0 -HVMWW - 1 %RHVYW 6 ( %VERKS -
'SVT2I[=SVOTT 'EWXVS + 'LVMWXMER . 8 (SFV] 6 *MRR ; ( 0
7QMXL ) % 0  w-QTEGX ERH 0SRKMXYHMREP ;EZI ,EVHIV0*.V,]RIW1)-WLMLEVE//SIWXIV.4
8VERWQMWWMSRx 8VERWEGXMSRW%71)%YKTT 0MES77'1EVGYWSR;*---1EVXMR+61MXGLIPP
7QMXL)%0w4MPI(VMZMRK%REP]WMWF]XLI;EZI ./1SVM[EOM=4S[IV176SFIVXWSR4/7IIH
)UYEXMSRx 8VERWEGXMSRW %7') :  2S 4EVX  TT 6&ERH7XSOSI/,--w0MUYIJEGXMSR6IWMWXERGI
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7RS[ 6 /  w6E]GVIXI {% 4VSZIR 1M\x 2'))627* ;SVOWLSTW SR )ZEPYEXMSR SJ 0MUYIJEGXMSR
*SYRHEXMSR *EGXW 6E]QSRH -RXIVREXMSREP -RG ,SYWXSR SJ 7SMPWx .SYVREP SJ +ISXIGLRMGEP ERH +ISIRZMVSRQIRXEP
8<:<-2STT )RKMRIIVMRK:2S3GXTT
7RS[ 6 /  w4IVJSVQERGI SJ XLI 6E]QSRH
']PMRHIV 4MPIx *SYRHEXMSR *EGXW 6E]QSRH -RXIVREXMSREP
-RG,SYWXSR8<:<---2STT

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
%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

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'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI 
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WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW

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

-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
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1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

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