[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

z -278%00%8-32 3* 746-2/0)6 7=78)17

 %PP WTVMROPIVW WLEPP FI UYMGO VIWTSRWI WXERHEVH WTVMROPIVW ERH SXLIV JM\IH [EXIVFEWIH JMVI WYTTVIWWMSR W]WXIQW
WTVE] SV I\XIRHIH GSZIVEKI TIRHIRX SV YTVMKLX WTVMROPIVW WLEPP FI WYTIVZMWIH F] SRI SJ XLI JSPPS[MRK QIXLSHW
 ;LIVI I\XIRHIH GSZIVEKI WTVMROPIVW EVI YWIH  'IRXVEP WXEXMSR TVSTVMIXEV] SV VIQSXI WXEXMSR WMKREPMRK
XLI QE\MQYQ HMWXERGI FIX[IIR WTVMROPIVW WLEPP RSX I\GIIH WIVZMGI
 JX  Q   0SGEP WMKREPMRK WIVZMGI XLEX [MPP GEYWI XLI WSYRHMRK SJ ER
 1E\MQYQ GPSYH GIMPMRK LIMKLX WLEPP RSX I\GIIH EYHMFPI WMKREP EX E GSRWXERXP] EXXIRHIH TSMRX
 JX  Q   :EPZIW PSGOIH MR XLI GSVVIGX TSWMXMSR
 :EPZIW PSGEXIH [MXLMR JIRGIH IRGPSWYVIW YRHIV XLI GSRXVSP
 1E\MQYQ WTEGMRK WLEPP RSX I\GIIH XLI QE\M
QYQ VIUYMVIQIRXW SJ 8EFPI E JSV PMKLX LE^EVH ERH SJ XLI S[RIV WIEPIH MR XLI STIR TSWMXMSR ERH MRWTIGXIH
8EFPI F JSV SVHMREV] LE^EVH [IIOP] EW TEVX SJ ER ETTVSZIH TVSGIHYVI

 'PSYH GIMPMRKW WLEPP FI SJ WQSSXL GIMPMRK GSR  *PSSV GSRXVSP ZEPZIW MR LMKLVMWI FYMPHMRKW ERH
WXVYGXMSR ZEPZIW GSRXVSPPMRK JPS[ XS WTVMROPIVW MR GMVGYPEXMRK GPSWIH PSST
W]WXIQW WLEPP GSQTP] [MXL 
SV 

 *SV MVVIKYPEV WLETIH GIMPMRK GPSYHW RSX VIGXER
KYPEV
XLI QMRMQYQ [MHXL HMQIRWMSR WLEPP FI XLI WQEPPIWX  8LI VIUYMVIQIRXW SJ  WLEPP RSX ETTP]
[MHXL HMQIRWMSR SJ XLI GPSYH ERH JSV XLI KET WLEPP FI XLI XS YRHIVKVSYRH KEXI ZEPZIW [MXL VSEH[E] FS\IW
KVIEXIWX HMQIRWMSR FIX[IIR GPSYHW SV EHNEGIRX [EPPW EW ETTPM
GEFPI  ;LIVI GSRXVSP ZEPZIW EVI MRWXEPPIH SZIVLIEH XLI]
WLEPP FI TSWMXMSRIH WS XLEX XLI MRHMGEXMRK JIEXYVI MW ZMWMFPI JVSQ
 6IZSPZMRK (SSVW )RGPSWYVIW 7TVMROPIV TVSXIGXMSR XLI JPSSV FIPS[
WLEPP RSX FI VIUYMVIH [MXLMR VIZSPZMRK HSSV IRGPSWYVIW
 % PMWXIH FEGOJPS[ TVIZIRXMSR EWWIQFP] WLEPP FI
 7TVMROPIV4VSXIGXIH +PE^MRK ;LIVI WTVMROPIVW EVI
YWIH MR GSQFMREXMSR [MXL KPE^MRK EW ER EPXIVREXMZI XS E VI TIVQMXXIH XS FI GSRWMHIVIH E GSRXVSP ZEPZI TVSZMHIH FSXL
UYMVIH JMVIVEXIH [EPP SV [MRHS[ EWWIQFP] XLI WTVMROPIV GSRXVSP ZEPZIW EVI PMWXIH JSV JMVI TVSXIGXMSR W]WXIQ YWI ERH ER
TVSXIGXIH EWWIQFP] WLEPP GSQTP] [MXL XLI JSPPS[MRK EHHMXMSREP GSRXVSP ZEPZI WLEPP RSX FI VIUYMVIH

7TVMROPIVW WLEPP FI PMWXIH EW WTIGMJMG ETTPMGEXMSR [MRHS[  'LIGO :EPZIW
WTVMROPIVW YRPIWW XLI WXERHEVH WTVE] WTVMROPIVW EVI WTIGMJM
 ;LIVI XLIVI MW QSVI XLER SRI WSYVGI SJ [EXIV
GEPP] TIVQMXXIH F] XLI FYMPHMRK GSHI
WYTTP] E GLIGO ZEPZI WLEPP FI MRWXEPPIH MR IEGL GSRRIGXMSR

7TVMROPIVW WLEPP FI WYTTPMIH F] E [IXTMTI W]WXIQ

+PE^MRK WLEPP FI LIEXWXVIRKXLIRIH XIQTIVIH SV KPEWW GI  % PMWXIH FEGOJPS[ TVIZIRXMSR HIZMGI WLEPP FI GSR
VEQMG ERH WLEPP FI JM\IH WMHIVIH E GLIGO ZEPZI ERH ER EHHMXMSREP GLIGO ZEPZI WLEPP RSX

;LIVI XLI EWWIQFP] MW VIUYMVIH XS FI TVSXIGXIH JVSQ FSXL FI VIUYMVIH
WMHIW WTVMROPIVW WLEPP FI MRWXEPPIH SR FSXL WMHIW SJ XLI
KPE^MRK  ;LIVI GYWLMSR XEROW EVI YWIH [MXL EYXSQEXMG

8LI YWI SJ WTVMROPIVTVSXIGXIH KPE^MRK WLEPP FI PMQMXIH XS JMVI TYQTW RS GLIGO ZEPZI MW VIUYMVIH MR XLI GYWLMSR XERO
RSRPSEHFIEVMRK [EPPW GSRRIGXMSR

8LI KPE^IH EWWIQFP] WLEPP RSX LEZI ER] LSVM^SRXEP QIQ
FIVW XLEX [SYPH MRXIVJIVI [MXL YRMJSVQ HMWXVMFYXMSR SJ [E
XIV SZIV XLI WYVJEGI SJ XLI KPE^MRK ERH XLIVI WLEPP FI RS
SV LSVM^SRXEP TSWMXMSR MR EGGSVHERGI [MXL XLIMV PMWXMRK
SFWXVYGXMSRW FIX[IIR WTVMROPIVW ERH KPE^MRK XLEX [SYPH
SFWXVYGX [EXIV HMWXVMFYXMSR
 'LIGO ZEPZIW WLEPP FI MRWXEPPIH MR E ZIVXMGEP JPS[
YT[EVHW
 ;LIVI E WMRKPI [IX TMTI WTVMROPIV W]WXIQ MW
IUYMTTIH [MXL E JMVI HITEVXQIRX GSRRIGXMSR XLI EPEVQ ZEPZI

8LI [EXIV WYTTP] HYVEXMSR JSV XLI HIWMKR EVIE XLEX MR
MW GSRWMHIVIH E GLIGO ZEPZI ERH ER EHHMXMSREP GLIGO ZEPZI WLEPP
GPYHIW XLI [MRHS[ WTVMROPIVW WLEPP RSX FI PIWW XLER XLI
RSX FI VIUYMVIH
VIUYMVIH VEXMRK SJ XLI EWWIQFP]
 4MTMRK -RWXEPPEXMSR  'SRXVSP :EPZIW [MXL 'LIGO :EPZIW

 :EPZIW  -R E GSRRIGXMSR WIVZMRK EW SRI WSYVGI SJ WYTTP]

PMWXIH MRHMGEXMRK ZEPZIW SV TSWXMRHMGEXSV ZEPZIW WLEPP FI MR
 'SRXVSP :EPZIW
WXEPPIH SR FSXL WMHIW SJ EPP GLIGO ZEPZIW VIUYMVIH MR 
 +IRIVEP
 )EGL WTVMROPIV W]WXIQ WLEPP FI TVSZMHIH [MXL E
WLEPP FI TIVQMXXIH XS WIVZI EW XLI WYTTP] WMHI
PMWXIH MRHMGEXMRK ZEPZI MR ER EGGIWWMFPI PSGEXMSR WS PSGEXIH EW XS
GSRXVSP EPP EYXSQEXMG WSYVGIW SJ [EXIV WYTTP]
 %X PIEWX SRI PMWXIH MRHMGEXMRK ZEPZI WLEPP FI MR
WXEPPIH MR IEGL WSYVGI SJ [EXIV WYTTP]
 8LI VIUYMVIQIRXW SJ  WLEPP RSX ETTP]
XS XLI JMVI HITEVXQIRX GSRRIGXMSR ERH XLIVI WLEPP FI RS WLYX
SJJ ZEPZI MR XLI JMVI HITEVXQIRX GSRRIGXMSR
 7YTIVZMWMSR
 :EPZIW SR GSRRIGXMSRW XS [EXIV WYTTPMIW WIGXMSREP
GSRXVSP ERH MWSPEXMSR ZEPZIW ERH SXLIV ZEPZIW MR WYTTP] TMTIW XS
 )HMXMSR
 8LI GMX] WIVZMGIW GSRXVSP ZEPZI RSRMRHMGEXMRK
GSRXVSP ZEPZI
GSRXVSP ZEPZI
 8LI VIUYMVIQIRXW SJ  WLEPP RSX ETTP]
XS XLI GLIGO ZEPZI PSGEXIH MR XLI JMVI HITEVXQIRX GSRRIGXMSR
TMTMRK ERH XLIVI WLEPP FI RS GSRXVSP ZEPZIW MR XLI JMVI HITEVX
QIRX GSRRIGXMSR TMTMRK
 8LI VIUYMVIQIRXW SJ  WLEPP RSX ETTP]
[LIVI XLI GMX] GSRRIGXMSR WIVZIW EW XLI SRP] EYXSQEXMG WSYVGI
SJ WYTTP] XS E [IX TMTI WTVMROPIV W]WXIQ E GSRXVSP ZEPZI MW RSX
VIUYMVIH SR XLI W]WXIQ WMHI SJ XLI GLIGO ZEPZI SV XLI EPEVQ
GLIGO ZEPZI