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

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VIWMWXERGI T
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YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI {(IGOXLMGORIWW
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ERH[LS[MPPEGGITXVIWTSRWMFMPMX] JSVXLI ETTPMGEXMSRSJXLI {.SMRXJSVQMRKQEXIVMEPWERHPSGEXMSRW
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WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHIMR GSRXVEGX %'-6WYTIVWIHIW6ERH[EWEHSTXIHERHTYFPMWLIH7ITXIQFIV
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
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XLI%VGLMXIGX)RKMRIIV XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW


 +9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6

'LETXIV{'SRGVIXIQEXIVMEPWT 6SYKLRIWW GVEGOMRK WTEPPMRK WGEPMRK ERH TSSV WOMH


{+IRIVEP VIWMWXERGIEVIHIJIGXWXLEXVIWYPX[LIRXLIQER]HIXEMPWXLEX
{'SRGVIXIQEOMRKQEXIVMEPW MRJPYIRGIXLIMVSGGYVVIRGIEVIRSXKMZIRWYJJMGMIRXEXXIRXMSR
{'LIQMGEPEHQM\XYVIW 6IGSKRMXMSR SJ XLI MRXIVEGXMSR SJ HIWMKR QEXIVMEPW ERH
{)JJIGXWSRGSRGVIXITVSTIVXMIW GSRWXVYGXMSRTVEGXMGIWEW[IPPEWIRZMVSRQIRXEPJEGXSVWMWXLI
{;SVOEFMPMX]ERHGSRWMWXIRG] MQTSVXERXJMVWXWXITMREGLMIZMRKWQSSXLERHHYVEFPIHIGOW
{&PIIHMRK 1ER]HIGOWVIQEMRWQSSXLERHJVIIJVSQWYVJEGIHIXIVMS
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{7IXXMRKXMQI HIJMGMIRGMIW SGGYV XLI] YWYEPP] XEOI SRI SJ XLI JSVQW
{7LVMROEKI HIWGVMFIHMRXLMWKYMHI8LIGSRXVMFYXMSRSJZEVMSYWEWTIGXW
{(YVEFMPMX] SJHIGOGSRWXVYGXMSRXSHIJIGXWMWHMWGYWWIHERHKYMHIPMRIW
{7XVIRKXL FEWIHSRXLISV]ERHI\TIVMIRGITVIWIRXIHXLEXWLSYPHVIHYGI
{7OMHVIWMWXERGI XLITVSFEFMPMXMIWSJSGGYVVIRGIXSEGGITXEFPIPIZIPW

'LETXIV{6IMRJSVGIQIRXT {7GSTI
{+IRIVEPGSRWMHIVEXMSRW 8LMW KYMHI TVIWIRXW GSRWMHIVEXMSRW XS XEOI MR XLI HIWMKR
{6IMRJSVGIQIRXTPEGIQIRX ERHEWYQQEV]SJGSRWXVYGXMSRTVEGXMGIWJSVGSRZIRXMSREPP]
{6IMRJSVGIQIRXWYTTSVXWERHXMIW VIMRJSVGIH GSRGVIXILMKL[E] FVMHKI HIGOW7YGL HIGOW EVI
{'SRGVIXIGSZIVSZIVVIMRJSVGIQIRX X]TMGEPP]WYTTSVXIHF]QYPXMTPIWMQTPISVGSRXMRYSYWWTER
{'PIERPMRIWW WXIIPSV TVIWXVIWWIHGSRGVIXI KMVHIVW SVMRXIKVEPVIMRJSVGIH
{6IMRJSVGIQIRXX]TI GSRGVIXIQIQFIVW8LIWIVZMGIPMJITIVJSVQERGISJGSRGVIXI
FVMHKIHIGOWMRGPYHMRKQEMRXIRERGIVITEMVERHVILEFMPMXEXMSR
'LETXIV{4PEGMRKJMRMWLMRKERHGYVMRKT RIIHW MW HMVIGXP] VIPEXIH XS XLI GEVI I\IVGMWIH JVSQ
{4PEGMRK TVIGSRWXVYGXMSR XLVSYKL XLI TSWXGSRWXVYGXMSR TIVMSH
{*MRMWLMRK 6IGSQQIRHEXMSRW EVI TVIWIRXIH JSV HIWMKR ERH HYVEFMPMX]
{'YVMRK GSRWMHIVEXMSRW GSRGVIXI QEXIVMEPW VIMRJSVGIQIRX TPEGMRK
JMRMWLMRKERHGYVMRKERHXLIYWISJSZIVPE]W
'LETXIV{3ZIVPE]WT %PXLSYKL WSQI TIVJSVQERGI ERH HYVEFMPMX] JEGXSVW
{7GSTI HMWGYWWIH QE] FI ETTPMGEFPI HIWMKR ERH GSRWXVYGXMSR SJ
{2IIHJSVSZIVPE]W TVIWXVIWWIHFVMHKIHIGOWEVITVIWIRXP]FI]SRHXLIWGSTISJ
{6IUYMVIHTVSTIVXMIWSJSZIVPE]W XLMW KYMHI 8LYW TVIWXVIWWMRK WXIIP MW RSX MRGPYHIH MR XLI
{8]TIWSJSZIVPE]W VIMRJSVGIQIRX WIGXMSR +YMHERGI JSV XLI HIWMKR SJ
{(IWMKRGSRWMHIVEXMSRW TVIWXVIWWIH FVMHKI HIGOW MW FIMRK HIZIPSTIH IPWI[LIVI
{'SRWXVYGXMSRGSRWMHIVEXMSRW 7[EVX^ERH7GLSOOIV 
{3XLIVGSRWMHIVEXMSRW
',%48)6{()*-2-8-327
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{6IJIVIRGIHWXERHEVHWERHVITSVXW %'-TVSZMHIWEGSQTVILIRWMZIPMWXSJHIJMRMXMSRWXLVSYKL
{'MXIHVIJIVIRGIW ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x EX
LXXTXIVQMRSPSK]GSRGVIXISVK(IJMRMXMSRWTVSZMHIHLIVIMR
',%48)6{-2863(9'8-32%2(7'34) GSQTPIQIRXXLEXVIWSYVGI
{-RXVSHYGXMSR GVEGOVIJPIGXMZI{EGVEGOXLEXJSVQWMREFSRHIHSZIVPE]
8LIHIGOSJELMKL[E]FVMHKIWIVZIWFSXLWXVYGXYVEPERH
SV [IEVMRK GSYVWI GEYWIH F] YT[EVH I\XIRWMSR SJQSZMRK
JYRGXMSREP TYVTSWIW JSV XLI WXVYGXYVI %W E WXVYGXYVEP
GVEGOSVNSMRXMRXLIWYFWXVEXI
GSQTSRIRXMXTVSZMHIWXLIPSEHTEXLXSWEJIP]XVERWJIVJSVGIW
[EWLFSEVHMRK{YRHYPEXMSRWMRXLIJMRMWLIHWYVJEGISJE
JVSQ [LIIP PSEHW XS XLI WYTTSVXMRK WYTIVWXVYGXYVI ERH
HIGO XLEX GEYWI ZMFVEXMSRW SJ YRHIWMVEFPI JVIUYIRG] ERH
WYFWXVYGXYVI IPIQIRXW -X QE] EPWS GSRXVMFYXI XLVSYKL
EQTPMXYHIMRTEWWMRKZILMGPIW
GSQTSWMXIEGXMSRXSXLITIVJSVQERGISJTVMQEV]WYTIVWXVYGXYVI
GSQTSRIRXW )UYEPP] XLI GSRWXVYGXMSR ERH GSRHMXMSR SJ E
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HIGO HMVIGXP] MQTEGXW WIVZMGIEFMPMX] SV XLI EFMPMX] SJ XLI '327-()6%8-327
WXVYGXYVIXSWEJIP]ERH IJJMGMIRXP]GEVV] LMKL[E]XVEJJMGF] {+IRIVEP
TVSZMHMRK WQSSXLRIWW WOMH VIWMWXERGI ERH VIWMWXERGI XS 'LETXIVIQTLEWM^IWHIWMKRJEGXSVWXLEXQE]EJJIGXXLI
HIJPIGXMSRW YRHIV [LIIP PSEHW 8LI VMHMRK WYVJEGI SJ E VIWMWXERGISJEFVMHKIHIGOXSGLIQMGEPERHIRZMVSRQIRXEP
LMKL[E]FVMHKI HIGOWLSYPH TVSZMHI E GSRXMRYEXMSR SJ XLI I\TSWYVI MRGPYHMRK TSXIRXMEP JSV JVII^MRK ERH XLE[MRK
TEZIQIRXWIKQIRXWXLEXMXGSRRIGXW8LIWYVJEGIWLSYPHFI HIPIXIVMSYWGLIQMGEPVIEGXMSRW[MXLGSRGVIXIGSRWXMXYIRXWSV
JVII JVSQ GLEVEGXIVMWXMGW SV TVSJMPI HIZMEXMSRW XLEX MQTEVX GLPSVMHIMRHYGIHGSVVSWMSRHEQEKI8LIHIWMKRGSRWMHIVEXMSRW
SFNIGXMSREFPISVYRWEJIVMHMRKUYEPMXMIW8LIHIWMVEFPIUYEPMXMIW SJXLMWGLETXIVEVIRSXGSRGIVRIH[MXLXLIWXVYGXYVEPEREP]WMW
WLSYPH TIVWMWX [MXL QMRMQYQ QEMRXIRERGI XLVSYKLSYX XLI SJXLIFVMHKIHIGO7XVYGXYVEPEWTIGXWSJXLIHIWMKRLS[IZIV
TVSNIGXIHWIVZMGIPMJISJXLIWXVYGXYVI GERLEZIMQTPMGEXMSRWMRXLIHIZIPSTQIRXSJMRXIVREPWXVIWWIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6 

ERHWYFWIUYIRXGVEGOMRKMRFVMHKIHIGOW[LMGLQE]RIKEXMZIP] WYFNIGXIHXSXLIQSWXWIZIVII\TSWYVIERHWIVZMGIGSRHMXMSRW
MQTEGX HYVEFMPMX] 8LI MXIQW HMWGYWWIH MR XLMW GLETXIV EVI XLIXSTTSVXMSRSJXLIHIGOWPEFWLSYPHLEZIXLIFIWXTSWWMFPI
KIRIVEPP] [MXLMR XLI TYVZMI[ SJ XLI FVMHKI HIWMKRIV ERH GSRGVIXIUYEPMX]'SRWMHIVEXMSRWLSYPHFIKMZIRXSTPEGMRKER
WLSYPHVIGIMZIHYIGSRWMHIVEXMSR SZIVPE] SR XLI FVMHKI HIGO [LIR MX MW GSRWXVYGXIH 1ER]
HMJJIVIRX X]TIW SJ SZIVPE]W LEZI FIIR YWIH WYGGIWWJYPP]
{'SRGVIXIERHVIMRJSVGIQIRXQEXIVMEPW 'LETXIVHMWGYWWIWWIZIVEPX]TIWSJSZIVPE]WMRHIXEMP
%PXLSYKL XLI WTIGMJMG XSTMGW SJ QEXIVMEP WIPIGXMSR JSV  3XLIV TSWMXMZI TVSXIGXMZI W]WXIQW{&IGEYWI SJ XLI
GSRGVIXI QM\XYVI TVSTSVXMSRMRK ERH FVMHKI HIGO VIMRJSVGI LMKL GSWX SJ VITEMVMRK GSVVSWMSRMRHYGIH HEQEKI WIZIVEP
QIRX EVI GSZIVIH MR KVIEXIV HIXEMP MR 'LETXIVW  ERH  HMJJIVIRXTVSXIGXMZIW]WXIQWEVIFIMRKYWIHJSVFVMHKIHIGOW
VIWTIGXMZIP] MX MW MQTSVXERX XS IQTLEWM^I XLI MRJPYIRGI SJ MR WIZIVI HIMGMRK WEPXEVIEW ERH JSV WXVYGXYVIWMR QEVMRI
QEXIVMEPWIPIGXMSRHYVMRKXLIHIWMKRTVSGIWWSRXLIPSRKXIVQ IRZMVSRQIRXW3XLIVW]WXIQWYWIHXSIRLERGIHYVEFMPMX]SV
HYVEFMPMX]SJEFVMHKIHIGO1SWXQSHIVRFVMHKIHIGOHIWMKRW TVSXIGXHIGOWWSQISJ[LMGLLEZIFIIRQIRXMSRIHEPVIEH]
KIRIVEPP] IQTPS] WSQI WXVEXIK] JSV HIXIVVMRK GSVVSWMSR ERH QE]MRGPYHI
IRLERGMRKI\TSWYVIVIPEXIHHYVEFMPMX]8LIWIQE]MRGPYHIXLI  ,MKLTIVJSVQERGIGSRGVIXIWXLEXIQTPS]JP]EWLWMPMGE
YWI SJ ITS\]GSEXIH KEPZERM^IH SV QIXEPPMGGPEH VIMRJSVGI JYQIERHWPEKGIQIRXEWQMRIVEPEHHMXMZIWJSVVIHYGIH
QIRX EPXIVREXMZI VIMRJSVGIQIRX QEXIVMEPW WYGL EW ZEVMSYW TIVQIEFMPMX]ERHTVSXIGXMSREKEMRWXWYPJEXIEXXEGOERH
KVEHIWSJWXEMRPIWWWXIIPWTIGMEPM^IHWXIIPEPPS]JSVQYPEXMSRWSV EPOEPMWMPMGEVIEGXMSR %76 
JMFIVVIMRJSVGIHTSP]QIV *64 VIMRJSVGIQIRX  7LVMROEKIGSQTIRWEXMRK GIQIRXW SV WLVMROEKI
8LI YWI SJ FIXXIVUYEPMX] GSRGVIXI QM\XYVIW LEW KEMRIH VIHYGMRK EHQM\XYVIW 76%  MR GSRGVIXI JSV GVEGO
JEZSV IMXLIV WITEVEXIP] JVSQ SV MR GSRNYRGXMSR [MXL VIHYGXMSR
EPXIVREXMZI VIMRJSVGIQIRX WXVEXIKMIW 7YGL WXVEXIKMIW QE]  'EPGMYQRMXVMXISVSXLIV ERSHMG GSVVSWMSRMRLMFMXMRK
MRGPYHI QMRMQM^MRK XLI [EXIVGIQIRXMXMSYW QEXIVMEP VEXMS EHQM\XYVIW JSV MRGVIEWMRK XLI XLVIWLSPH ZEPYI SJ
[GQ SJEGSRGVIXIQM\XYVISVXLIYWISJQMRIVEPEHQM\XYVIW GLPSVMHIGSRGIRXVEXMSRVIUYMVIHJSVGSVVSWMSR
WYGLEWJP]EWLWMPMGEJYQIWPEKGIQIRXSVQIXEOESPMRXS  ;EXIVTVSSJMRKQIQFVERIW[MXLSV[MXLSYXEFMXYQMRSYW
VIHYGI TIVQIEFMPMX] GLEVEGXIVMWXMGW SJ XLI GSRGVIXI 1ER] GSRGVIXI[IEVMRKWYVJEGIJSVTVSXIGXMSREKEMRWXGLPSVMHI
SXLIV EHQM\XYVIW EVI GSQQIVGMEPP] EZEMPEFPI XS EHHVIWW MSRTIRIXVEXMSR
[SVOEFMPMX] ERH TPEGIQIRX GLEVEGXIVMWXMGW VIWMWXERGI XS  4EWWMZIGYVVIRXSVMQTVIWWIHGYVVIRXGEXLSHMGTVSXIGXMSR
JVII^MRK ERH XLE[MRK ERH MRGVIEWIH GSVVSWMSR VIWMWXERGI JSVTVIZIRXMRKGSVVSWMSRERHWXSTTMRKXLIGSVVSWMSRSJ
3XLIV TVSHYGXW EVI EZEMPEFPI XS VIHYGI WYWGITXMFMPMX] XS EGXMZIW]WXIQW
TPEWXMGERHHV]MRKWLVMROEKI  6IMRJSVGMRKWXIIPGSEXMRKWSVGPEHHMRKWYGLEWKEPZE
'EVIJYP GSRWMHIVEXMSR WLSYPH FI KMZIR XS XLI WIPIGXMSR SJ RM^MRK JYWMSRFSRHIH ITS\] ERH WXEMRPIWW WXIIP JSV
HIGO QEXIVMEPW 3RI GSQQSR Q]XL MW XLEX GSQTVIWWMZI I\XIRHMRKXLIXMQIXSGSVVSWMSRHEQEKIERH
WXVIRKXL MW XLI WMRKPI QSWX MQTSVXERX JEGXSV MR WTIGMJ]MRK  %PXIVREXMZIVIMRJSVGMRKQEXIVMEPWWYGLEWWSPMHWXEMRPIWW
UYEPMX] HIGO GSRGVIXI -R JEGX GSRGVIXI FVMHKI HIGOW WXIIPERHRSRQIXEPPMG*64WJSVI\XIRHMRKXLIGSVVSWMSR
GSQTSWIH SJ GSRGVIXI [MXL I\GIWWMZIP] LMKL GSQTVIWWMZI VIWMWXERXWIVZMGIPMJI
WXVIRKXL XIRH XS FI PIWW JPI\MFPI LEZI KVIEXIV WLVMROEKI 8LI TIVJSVQERGI SJ WIZIVEP HMJJIVIRX TVSXIGXMSR W]WXIQW
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SJ QENSV JEGXSVW XLEX MRJPYIRGI XVERWZIVWI GVEGOMRK WXVSRKGSVVIPEXMSRFIX[IIRXLIMRGVIEWIMRXVERWZIVWIFIEQ
GSRGPYHIHXLEXQYPXMWTERGSRXMRYSYWGSQTSWMXIWXIIPKMVHIV WTEGMRKERHERMRGVIEWIMRXLIWIZIVMX]SJPSRKMXYHMREPHIGO
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EHQM\XYVIW 76%W  LEZI WLS[R VIHYGIH WLVMROEKI [LIR ' 8
GSQTEVIH[MXLWXERHEVHGSRGVIXIFYXRSXXSXLIWEQII\XIRX %KKVIKEXIKVEHMRK ' 8
EWXLI8]TI/GIQIRXGSRGVIXI%PWSXLIEHHMXMSRSJ76% *MRIEKKVIKEXIHIKVEHEXMSR
'
ETTIEVIHXSMRGVIEWIWIXXMQIERHGEYWIERMRGVIEWIMRHSWEKI HYIXSEXXVMXMSR
SJ XLI EMVIRXVEMRMRK EHQM\XYVI 7GEPMRK ERH VIWMWXERGI XS %KKVIKEXITEVXMGPIWLETIERH '
WYVJEGIXI\XYVI ( 
JVII^MRK ERH XLE[MRK SJ XLI 76% GSRGVIXI [IVI VITSVXIH '
[SVWIXLERJSVXLIWXERHEVHQM\XYVI %KKVIKEXIEFVEWMSRVIWMWXERGI '  8
+VYRIVERH4PEMR  ERH4LMPPMTWIXEP  %KKVIKEXIFYPOHIRWMX]ERHZSMHW ''1 818
VITSVXIH SR XLI TIVJSVQERGI SJ WLVMROEKIGSQTIRWEXMRK 6IPEXMZIHIRWMX]ERHEFWSVTXMSR
' 8
GSRGVIXIMRFVMHKIHIGOWGSRWXVYGXIHF]XLI3LMS8YVRTMOI 'E 8
'SQQMWWMSR-X[EWJSYRHXLEXRSHIXIVMSVEXMSRSGGYVVIHSR 7YPJEXIVIWMWXERGI ' 8
XLI3LMS8YVRTMOIFVMHKIHIGOWJSVSZIV]IEVWSJYWISR '
'
QSVIXLERFVMHKIHIGOW-REREVXMGPIHIWGVMFMRKYWISJ %76
'
8
WLVMROEKIGSQTIRWEXMRK GSRGVIXI F] XLI 2I[ =SVO '
'
8LVY[E]%YXLSVMX] 2=8% XLIEYXLSVWHIWGVMFIGSRGVIXI 'F
GLEVEGXIVMWXMGWERHMXWTIVJSVQERGIEWSYXWXERHMRKLS[IZIV *VII^MRKERHXLE[MRK ''1
8
WMKRMJMGERX WGEPMRK TVSFPIQW MR XLI 2=8% HIGOW [IVI VIWMWXERGI  
VITSVXIH 6EQI] IX EP   )ZIRXYEPP] 2=8% HMWGSR
XMRYIH HIGO GSRWXVYGXMSR [MXL WLVMROEKIGSQTIRWEXMRK 8LIEKKVIKEXIMWEPWSXSFIEWWIWWIHJSVEPOEPMVIEGXMZMX]
GSRGVIXI +YP]EW IX EP   VITSVXIH I\GIPPIRX TIVJSV IWTIGMEPP][MXLMRGVIEWMRKEPOEPMWJSYRHMRTVIWIRXTSVXPERH
QERGISJPMKLX[IMKLXGSRGVIXIFVMHKIHIGOWGSRWXVYGXIH[MXL GIQIRXW %RSXLIV MQTSVXERX EKKVIKEXI TVSTIVX] JSV FVMHKI
8]TI/GIQIRXMR'PIZIPERHEJXIV]IEVWSJI\TSWYVI HIGOGSRWXVYGXMSRMWXLEXXLIEKKVIKEXIMWXSFIERSRTSPMWLMRK
 %KKVIKEXI{%KKVIKEXI JSV FVMHKI HIGO GSRGVIXI EKKVIKEXIXSQEMRXEMREHIUYEXIWOMHVIWMWXERGI%781ERH
QE]FI IMXLIVSVMR SV QQ  QE\MQYQ WM^IH %%7,83 HIWMKREXMSRW JSV XIWXMRK JSV XLI HIPIXIVMSYW
RSVQEP[IMKLXEKKVIKEXIGSRJSVQMRKXS%781''1 QEXIVMEPW MR EKKVIKEXIEW [IPPEW XLIMVTSWWMFPI IJJIGXWSR
SVPMKLX[IMKLXEKKVIKEXIGSRJSVQMRKXS%781''1 GSRGVIXITVSTIVXMIWLEZIFIIRGSQTMPIHERHEVITVIWIRXIHMR
 8LI MRJPYIRGI SJ EKKVIKEXI TVSTIVXMIW SR JVIWL ERH 8EFPI  E  3XLIV XIWXW TIVJSVQIH SR EKKVIKEXI LEZI
LEVHIRIHGSRGVIXITVSTIVXMIWMWTVIWIRXIHMR%'-6 FIIRGSQTMPIHERHEVITVIWIRXIHMR8EFPI F 
8LI LMKL YRMXGSWX SJ FVMHKIHIGOW ERH PSRKWIVZMGIPMJI 4EWXTIVJSVQERGIMWSJXIRXLIFEWMWJSVEKKVIKEXIEGGITXERGI
I\TIGXERG]VIUYMVIWTIGMEPEXXIRXMSRXSEKKVIKEXIWIPIGXMSR ;LIR WYGL HEXE EVI YREZEMPEFPI ER IZEPYEXMSR WLSYPH FI
2EXYVEP GSEVWI EKKVIKEXI MW YWYEPP] MREHIUYEXI JSV HIGO QEHIF]PEFSVEXSV]XIWXMRK
GSRGVIXIHYIXSMXWTSSVWOMHVIWMWXERGIGLEVEGXIVMWXMGW%R]  ;EXIV{4VEGXMGEPP]ER][EXIVXLEXMWHVMROEFPIERH
EKKVIKEXI YWIH JSV QEOMRK GSRGVIXI MW XS FI IZEPYEXIH JSV LEWRSTVSRSYRGIHXEWXISVSHSVMWWEXMWJEGXSV]QM\MRK[EXIV
HIPIXIVMSYW QEXIVMEPW MRGPYHMRK SVKERMG MQTYVMXMIW WSJX JSV GSRGVIXI 2S XIWXMRK MW VIUYMVIH MJ WYGL [EXIV MW YWIH
TEVXMGPIWQEXIVMEPWJMRIVXLER2S Q WMIZIPMKLX %%7,83 8 ERH %781 ''1 GSRXEMR
[IMKLXQEXIVMEPWMRGPYHMRKGSEPERHPMKRMXIGPE]PYQTWERH VIUYMVIQIRXW JSV GSRGVIXI QM\MRK [EXIV (YI XS KVIEXIV
JVMEFPITEVXMGPIWERHGLIVX[MXLWTIGMJMGKVEZMX]PIWWXLER HIQERHJSVYWISJRSRTSXEFPI[EXIVX[S%781WXERHEVHW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6

8EFPI{8IWXJSV[EXIVEWWTIGMJMIHMR%781 FIGEYWIERMRGVIEWIMRWLVMROEKIGERMRJPYIRGIXLIEQSYRXSJ
''1 GVEGOMRKERHWYFWIUYIRXTIVJSVQERGISJXLIHIGO
'SRGVIXITVSTIVX] 0MQMXW 8IWXQIXLSH 6IXEVHIVWEVIYWIH XS HIPE]WIXXMRKXMQISJXLIGSRGVIXI
'SQTVIWWMZIWXVIRKXLQMRMQYQ %781''1 EPPS[MRK QSVI XMQI JSV TPEGMRK ERH JMRMWLMRK TEVXMGYPEVP]
 SV
TIVGIRXEKISJGSRXVSPEXHE]W %%7,83818 [LIR GEWXMRK PEVKI HIGO EVIEW MR E GSRXMRYSYW WXVYGXYVI
JVSQ %781' [LIVI WIXXMRK FIJSVI GSQTPIXMSR SJ TPEGMRK ERH JMRMWLMRK
8MQISJWIXHIZMEXMSRJVSQ
GSRXVSP LSYVQMRYXI IEVPMIVXS SV STIVEXMSRW GSYPH VIWYPX MR GVEGOMRK HYI XS HIJPIGXMSRW
PEXIV %%7,838
VIWYPXMRK JVSQ PSEHW MR EHNEGIRX WTERW 6IXEVHIVW SJ XLI
L]HVS\]PEXIHGEVFS\]PMGEGMH X]TIW EPWSKIRIVEPP] MRGVIEWI
%781 ''1 ERH %781 ' [IVI XLI VEXI ERH GETEGMX] SJ FPIIHMRK 'LERKIW MR FPIIHMRK
HIZIPSTIH8LIWIWXERHEVHWEVIETTPMGEFPIXS[EXIVXLEXMWRSX GLEVEGXIVMWXMGW[MPPVIUYMVI GSQTIRWEXMRKGLERKIWMRXLI
MRXIRHIHJSVLYQERGSRWYQTXMSR8LIVIUYMVIQIRXWGSZIVIH XMQMRK SJ JMRMWLMRK STIVEXMSRW ERH XLI TVSZMWMSR SJ WYR
MR%781''1EVIWYQQEVM^IHMR8EFPI WLEHIW[MRHFVIEOWSVJSKKMRK
%781'VIUYMVIQIRXWEVISTXMSREP 'EPGMYQ GLPSVMHI 'E'P  XLI QSWX GSQQSRP] YWIH
7IE[EXIV ERH FVEGOMWL [EXIV IZIR [LIR QIIXMRK XLI EGGIPIVEXSV KIRIVEPP] MRGVIEWIW HV]MRK WLVMROEKI ERHQE]
EJSVIQIRXMSRIHVIUYMVIQIRXWWLSYPHRSXFIYWIHMRGSRGVIXI EGGIPIVEXIGSVVSWMSRSJXLIVIMRJSVGMRKWXIIP*SVXLMWVIEWSR
JSV FVMHKI HIGOW FIGEYWI SJ XLI MRGVIEWIH TSWWMFMPMX] SJ GEPGMYQGLPSVMHIWLSYPHRSXFIYWIHMRFVMHKIHIGOGSRGVIXI
VIMRJSVGMRKWXIIPGSVVSWMSR 'SRGVIXI JSV FVMHKI HIGOW I\TSWIH XS JVII^MRKERH
XLE[MRKG]GPIWWLSYPHLEZIEREHIUYEXIEMVZSMHW]WXIQXS
{'LIQMGEPEHQM\XYVIW TVSZMHI IWGETI TEXL JSV JVII^MRK [EXIV 8LI YWI SJ EMV
%ZEVMIX]SJGLIQMGEPEHQM\XYVIWEVIYWIHMRFVMHKIHIGOW IRXVEMRMRKEKIRXWMWLMKLP]VIGSQQIRHIH-XMW[IPPORS[R
*SVEHIXEMPIHI\TSWMXMSRVIKEVHMRKX]TIWERHYWIWSJEHQM\ XLEX XLI LMKLIV XLI EMV GSRXIRX XLI PS[IV XLI GSRGVIXI
XYVIWVIJIVXS%'-6ERH%'-63JXLSWI WXVIRKXLIWTIGMEPP]MRLMKLWXVIRKXLGSRGVIXI8LIEQSYRXSJ
HMWGYWWIH YWIJYP EHQM\XYVIW JSV GSRGVIXI FVMHKI HIGO EMV IRXVEMRQIRX MR LMKLWXVIRKXL GSRGVIXI XLEX TVSZMHIW ER
GSRWXVYGXMSR MRGPYHI EMVIRXVEMRMRK EHQM\XYVIW QIIXMRK EHIUYEXI PIZIP SJ HYVEFMPMX] MW GSRXVEHMGXSV] -R SRI WXYH]
%781 ''1E ERH [EXIVVIHYGMRK VIXEVHMRK 7EYGMIV IX EP   EMV IRXVEMRQIRX MW VIGSQQIRHIH
ERHEGGIPIVEXMRKEHQM\XYVIWQIIXMRK%781''1 HIWTMXIXLIPSWWSJWXVIRKXL-RERSXLIVWXYH] 4IVIRGLMSERH
E 8]TIW % & ERH ' 'SQFMREXMSR [EXIVVIHYGMRK ERH /PMIKIV LMKLWXVIRKXLGSRGVIXIFSXL[MXLERH[MXLSYX
VIXEVHMRK ERH [EXIVVIHYGMRK ERH EGGIPIVEXMRK EHQM\XYVIW EMVIRXVEMRQIRX[EWWXYHMIH-RFSXLGEWIWI\GIPPIRXJVII^MRK
EVIEPWSMRGPYHIH MR %781 ''1E EW 8]TIW ( ERHXLE[MRKVIWMWXERGI[EWEGLMIZIH*VII^MRKERHXLE[MRK
ERH)VIWTIGXMZIP],MKLVERKI[EXIVVIHYGIVERHVIXEVHMRK VIWMWXERGI %781 ''1   ERH WEPX WGEPI
EHQM\XYVI VIUYMVIQIRXW EVI EPWS EHHVIWWIH MR %781 VIWMWXERGI %781''1 JSVPS[[GQGSRGVIXI
''1EEW8]TIW*ERH+VIWTIGXMZIP] MW HITIRHIRX SR XLI [GQ EW [IPP EW EMV ZSMH TEVEQIXIVW
8LI IJJIGXMZIRIWW SJ ER EHQM\XYVI MW MRJPYIRGIH F] 7IZIVEPVIWIEVGLIVWVIGIRXP]VITSVXIHVIWYPXW[MXLVIWTIGXXS
RYQIVSYW JEGXSVW MRGPYHMRK X]TI ERH EQSYRX SJ GIQIRX TVSTIVEMVZSMHTEVEQIXIVW VIUYMVIHJSVGSRGVIXI[MXLSYXE
[EXIV GSRXIRX EKKVIKEXI KVEHEXMSR ERH WLETI PIRKXL SJ LMKLVERKI [EXIVVIHYGMRK EKIRX MR LMKLWXVIRKXL GSRGVIXI
QM\MRKTIVMSHXMQISJEHHMXMSRXSXLIQM\XYVIGSRWMWXIRG] 'SLIR IX EP  %XXMSKFI IX EP  4MRXS ERH ,SZIV
ERHXIQTIVEXYVISJXLIGSRGVIXI%HQM\XYVIWWLSYPHFIIZEP   ;LIR E LMKLVERKI [EXIVVIHYGMRK EHQM\XYVI
YEXIH MR XVMEP QM\XYVIW YWMRK XLI NSF QEXIVMEPW YRHIV XLI ,6;6% MWYWIHWTEGMRKJEGXSVWGERFIKVIEXIVSVEXXEMRIH
XIQTIVEXYVIERHLYQMHMX]GSRHMXMSRWERXMGMTEXIHJSVXLINSF XLVSYKLPS[IVGSRGVIXIEMVGSRXIRX %XXMSKFIIXEP 
-RGSQTEXMFMPMX]FIX[IIREHQM\XYVIWERHSXLIVGSQTSRIRXW 8LIVI MW E HMJJIVIRGI MR XLI VIUYMVIQIRX JSV EMV GSRXIRX
TEVXMGYPEVP] XLI GIQIRX ERH GIVXEMR JP] EWLIW QE] XLYW FI VIKEVHPIWW SJ [GQ JSV WEPX WGEPI VIWMWXERGI %781
VIZIEPIHEPPS[MRKJSVGLERKIWXSVIQIH]XLIWMXYEXMSR8LI ''1 YWMRKXLIWXERHEVHEGGITXERGIGVMXIVME%MV
EQSYRXSJXLIEHQM\XYVIYWIHMRWYGLXVMEPWSVMRXLIEGXYEP IRXVEMRQIRX MW MRHIIH VIUYMVIH JSV FSXL LMKLWXVIRKXL
NSF [LIR XLIVI MW RS TVSZMWMSR JSV WYGL XVMEPW WLSYPH FI GSRGVIXIW[GQERHGSRGVIXI[MXL[GQSJXS
FEWIHSRVIGSQQIRHEXMSRWSJXLIQERYJEGXYVIV [LMGLGERFIWEPXWGEPIVIWMWXERX 4MRXSERH,SZIV 
3GGEWMSREPP] XLI YWI SJ EHQM\XYVIW [MPP TVSHYGI WMHI
IJJIGXW MR GSRGVIXI MR EHHMXMSR XS HIWMVIH IJJIGXW *SV {)JJIGXWSRGSRGVIXITVSTIVXMIW
MRWXERGI EPXLSYKL LMKLVERKI [EXIV VIHYGIVW MRGVIEWI XLI 8LSWI GLEVEGXIVMWXMGW SJ XLI GSRGVIXI XLEX MRJPYIRGI MXW
WPYQTSJGSRGVIXIJSVEKMZIR[EXIVGSRXIRXXLIVEXISJWPYQT [EXIV XMKLXRIWW VIWMWXERGI XS JVII^MRK ERH XLE[MRK ERH
PSWWQE]FIKVIEXIVXLERJSVGSRGVIXI[MXLSYXXLILMKLVERKI EFVEWMSREVITEVXMGYPEVP]MQTSVXERXGSQTEVIHXSXLSWIRIGIWWEV]
[EXIVVIHYGIV%XXIRXMSRWLSYPHFIHMVIGXIHXSXLMWTSWWMFMPMX] JSV SXLIV ETTPMGEXMSRW SJ WXVYGXYVEP GSRGVIXI )ZIR [LIR XLI
FIGEYWIWSQIGLERKIWQE]FIVIUYMVIHMRXLIWGLIHYPMRKSJ GSRGVIXI MW QEHI [MXL WEXMWJEGXSV] QEXIVMEPW GSRWXVYGXMSR
QM\MRKTPEGMRKGSQTEGXMRKERHJMRMWLMRKSTIVEXMSRW7SQI STIVEXMSRWWYGLEWTVSTSVXMSRMRKXVERWTSVXMRKTPEGMRKERH
[EXIVVIHYGIVWQE]EPWSGEYWIWMKRMJMGERXMRGVIEWIWMRHV]MRK JMRMWLMRKGERHIXVMQIRXEPP]MRJPYIRGIXLIHIGOTIVJSVQERGI
WLVMROEKISJXLIGSRGVIXIIZIRXLSYKLXLIMVYWIQE]TIVQMX YRPIWWXLIHIWMVIHTVSTIVXMIWEVISFXEMRIHF]HMPMKIRXEXXIRXMSR
PIWWXSXEP[EXIVXSFIYWIH8LMWIJJIGXWLSYPHFIIZEPYEXIH XSXLIHIXEMPWSJKSSHGSRGVIXMRKTVEGXMGI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6 

{;SVOEFMPMX]ERHGSRWMWXIRG] [IEORIWW[LMGLMWQSVITVSRIXSGVEGOSZIVXLIXSTVIMRJSVGMRK
8LI [SVOEFMPMX]SJJVIWLP] QM\IHGSRGVIXIEWMX MW FIMRK FEV [LIR YRHIV XLI MRJPYIRGI SJ VIWXVEMRX XS WIXXPIQIRX
TPEGIH MR XLI FVMHKI HIGO JSVQ WLSYPH FI WYGL XLEX XLI JSVGIW 4PEWXMG WLVMROEKI GVEGOMRK QE] EPWS HIZIPST
GSRGVIXIGERFIVIEHMP]GSQTEGXIHWXVYGOSJJERHJMRMWLIH 7LEHMRKJVSQXLIHMVIGXVE]WSJXLIWYRERHXLIYWISJJMRI
'SRWMWXIRG] QIEWYVIQIRXW EVI LIPTJYP MR GSRXVSP FYX XLI [EXIVWTVE]F]QIERWSJJSKRS^^PIWSVQSRSQSPIGYPEVJMPQW
EJSVIQIRXMSRIH EGXYEP STIVEXMSRW [MPP VIZIEP XLI RIIH JSV QE] FI VIUYMVIH XS EZSMH SV QMRMQM^I WYGL HIZIPSTQIRXW
TSWWMFPIGLERKIWMRQM\XYVITVSTSVXMSRWEKKVIKEXIKVEHMRK %'-6 
SVWSQISXLIVEWTIGXXSIRLERGI[SVOEFMPMX]4PEGIQIRXSJ
XLIGSRGVIXIHYVMRKRMKLXLSYVWQMKLXEPWSFIFIRIJMGMEP {%MVGSRXIRX
;SVOEFMPMX] YWYEPP] MQTVSZIW [LIR JP] EWL WPEK SV *MIPHI\TIVMIRGIERHPEFSVEXSV]WXYHMIWLEZIWLS[RXLEX
GEPGMRIH GPE] ERH WLEPI EVI EHQM\IH [MXL GSRGVIXI 7MPMGE XLI EQSYRX SJ IRXVEMRIH EMV VIUYMVIH MW E JYRGXMSR SJ XLI
JYQI LS[IZIV [LMGL LEW XLI STTSWMXI IJJIGX GSYPH QE\MQYQ WM^I SJ GSEVWI EKKVIKEXI YWIH %MVIRXVEMRMRK
GSRXVMFYXIXSGSRGVIXIWXMGOMRIWWPIEHMRKXSKVIEXIVHMJJMGYPXMIW EHQM\XYVIW XLEX QIIX XLI VIUYMVIQIRXW SJ %781
MRJMRMWLMRK-RWYGLGEWIWELMKLVERKI[EXIVVIHYGIVQE] ''1ETVSZMHIXLITVSTIVWM^IERHHMWXVMFYXMSRSJ
FIYWIHXSQEMRXEMRXLIVIUYMVIH[SVOEFMPMX]*SVGSRGVIXI EMVZSMHW*MIPHGSRXVSPTVEGXMGILS[IZIVMRZSPZIWSRP]XLI
TPEGIH F] TYQTMRKQIXLSHWXLI YWISJ7'1TEVXMGYPEVP] QIEWYVIQIRX SJ XLI ZSPYQI SJ EMV MR XLI JVIWLP] QM\IH
WMPMGEJYQIMWFIRIJMGMEP GSRGVIXI8LIZSPYQISJEMVIRXVEMRIHMWTVMQEVMP]EJYRGXMSR
'SRGVIXIWPYQTWLSYPHFIOITXXSXLIQMRMQYQVIUYMVIH SJXLIEQSYRXSJEMVIRXVEMRMRKEHQM\XYVIYWIH7MKRMJMGERX
JSVEHIUYEXIGSQTEGXMSRERHJMRMWLMRKSTIVEXMSRW)UYEPP] GLERKIWMREMVGSRXIRXLS[IZIVGERVIWYPXJVSQGLERKIWMR
MQTSVXERX MW XLEX XLI WPYQT FI YRMJSVQ FEXGLXSFEXGL JSV EKKVIKEXI KVEHEXMSR ERH JMRI EKKVIKEXI GSRXIRX WPYQT
IJJMGMIRX ERH IJJIGXMZI STIVEXMSRW ;LIR WXVYGXYVEP PMKLX GSRGVIXIXIQTIVEXYVISXLIVEHQM\XYVIWERHQM\MRKXMQI
[IMKLXEKKVIKEXIGSRGVIXIMWYWIHXLIWPYQTGERFIVIHYGIH 2EXYVEPTS^^SPERWERHKVSYRHWPEKLEZIEPQSWXRSIJJIGX
WSQI[LEX[MXLPMXXPISVRSWEGVMJMGIMR[SVOEFMPMX] SRXLIEMVIRXVEMRMRKHSWEKIVEXIW*P]EWLIWERHWMPMGEJYQI
LS[IZIV VIUYMVI LMKLIV HSWEKIW SJ EMVIRXVEMRMRK EKIRXW
{&PIIHMRK 'PEWW*EWLIWVIUYMVIQSVIEMVIRXVEMRMRKEKIRXXLER'PEWW'
8LI FPIIHMRK SJ GSRGVIXI MW E QEXXIV SJ MQTSVXERGI MR JP]EWLIW'PEWW*JP]EWLIWEVIEPWSORS[RXSPSWIQSVIEMV
FVMHKI HIGO GSRWXVYGXMSR TEVXMGYPEVP] HYVMRK LSX [IEXLIV HYVMRKQM\MRK
[MRH]GSRHMXMSRWSVMRGSRHMXMSRWSJPS[VIPEXMZILYQMHMX]
&PIIHMRKMWGSRXVSPPIHF]XLITVSZMWMSRSJEHIUYEXIJMRIWMR {7IXXMRKXMQI
XLI GSRGVIXI E VIPEXMZIP] LMKL GIQIRX GSRXIRX JMRI EKKVI 8LIWIXXMRKXMQISJGSRGVIXIGERIEWMP]FIGSRXVSPPIH[MXL
KEXIW GSRXEMRMRK XLI VIUYMVIH EQSYRX SJ QEXIVMEPW TEWWMRK XLIYWISJGLIQMGEPEHQM\XYVIWEGGIPIVEXSVWERHVIXEVHIVW
XLI2S Q WMIZIMRXIRXMSREPP]IRXVEMRIHEMVERH 7IGXMSR 6IXEVHEXMSREPWSSGGYVW[LIRJP]EWLSVWPEK
XLI QMRMQYQ EQSYRX SJ [EXIV TIV YRMX ZSPYQI XLEX [MPP GIQIRX MW YWIH MR XLI GSRGVIXI QM\XYVI 7MPMGE JYQI ERH
TVSZMHIXLIHIWMVIHGSRWMWXIRG]'SRGVIXIQEHI[MXLEKKVI REXYVEPTS^^SPERWWYGLEWGEPGMRIHWLEPIERHGEPGMRIHGPE]
KEXIHIJMGMIRXMRJMRIW[MPPFIRIJMXJVSQXLIYWISJJP]EWL YWYEPP]LEZIPMXXPIIJJIGXSRXLIWIXXMQI6IKEVHPIWWSJXLI
[LMGL VIHYGIW [EXIV HIQERH % VIPEXMSRWLMT FIX[IIR QIXLSH YWIH HIPE]IH WIXXMRK EPPS[W QSVI XMQI JSV TPEGI
VIHYGIH FPIIHMRK VEXI ERH VIHYGIH [EXIV HIQERH MR QIRX ERH JMRMWLMRK [LMGL QE] FI FIRIJMGMEP HYVMRK LSX
GSRGVIXIW QEHI [MXL JP] EWL MW TVIWIRXIH F] +IFPIV ERH [IEXLIVGSRHMXMSRW
/PMIKIV   7PEK QE] MRGVIEWI SV VIHYGI FPIIHMRK MR
GSRGVIXIHITIRHMRKSRXLIWPEKvWJMRIRIWW6IHYGIHFPIIHMRK {7LVMROEKI
GERFII\TIGXIH[MXLJMRIP]KVSYRHWPEK[LMGLMWJMRIVXLER  4PEWXMG WLVMROEKI{8LI TVSFEFMPMX] SJ TPEWXMG
GIQIRX 8LI IJJIGX SJ GEPGMRIH GPE]W GEPGMRIH WLEPI ERH WLVMROEKI GVEGOMRK MRGVIEWIW [MXL MRGVIEWMRK IZETSVEXMSR
QIXEOESPMRSR FPIIHMRKMWRIKPMKMFPI7MKRMJMGERXVIHYGXMSR VEXIJVSQJVIWLGSRGVIXI8LMWGSRHMXMSRMWMRHITIRHIRXJVSQ
SJFPIIHMRKERHWIKVIKEXMSRGERFIEGGSQTPMWLIH[LIRWMPMGE GSRGVIXI GSRWXMXYIRXW [MXL XLI I\GITXMSR SJ WMPMGE JYQI
JYQIMWYWIH'EVIWLSYPHFII\IVGMWIHMRXLIYWISJGIVXEMR [LMGL MW ORS[R XS TVSHYGI PS[ SV RSRFPIIHMRK GSRGVIXI
EHQM\XYVIWXLEXQE]EWEWMHIIJJIGXMRGVIEWIXLIVEXIERH ;MXLSYXFPIIHMRK[EXIV[LMGLVITPIRMWLIWRIEVWYVJEGI[EXIV
GETEGMX]SJFPIIHMRK PSWXF]IZETSVEXMSRTPEWXMGWLVMROEKIGVEGOMRKMWQSVIPMOIP]
%W[EXIVMWVIQSZIHJVSQGSRGVIXIF]FPIIHMRKWYFWMHIRGI XSSGGYV%HQM\XYVIWXLEXHIPE]XLIWIXXMQISJGSRGVIXIGER
SJXLIWSPMHQEXIVMEPXEOIWTPEGI9RHIVGIVXEMRGSRHMXMSRW EPWSMRGVIEWITVSFEFMPMX]SJTPEWXMGWLVMROEKIGVEGOMRK
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JVSQXLIMRXIVEGXMSRSJXLIWYFWMHIRGISJXLITPEWXMGGSRGVIXI GLERKIW MR QSMWXYVI GSRXIRX F] I\TERHMRK EW QSMWXYVI
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GSRWXVYGXMSR PSEHW FIJSVI ERH HYVMRK TPEGIQIRX RSX WXEMR  MR  QQ  SJXLIVIMRJSVGMRKFEVMREFVMHKI
GSRGVIXIWYVJEGIWHMWTPEGII\GIWWMZIUYERXMXMIWSJGSRGVIXI HIGOLEWEGPIEVGSZIVHITXLSJPIWWXLERMR QQ 8LI
SVEPPS[VIMRJSVGMRKFEVWXSQSZIJVSQXLIMVTVSTIVTSWMXMSRW WXERHEVHHIZMEXMSRSJMRHMZMHYEPFVMHKIHIGOWVERKIWJVSQ
7IZIVEPWYKKIWXIHW]WXIQWJSVWYTTSVXSJHIGOVIMRJSVGIQIRX XSMR  XS  QQ 4]G IX EP   8LYW JMREP
EVI WLS[R MR 'LETXIV  SJ XLI '67- 1ERYEP SJ 7XERHEVH GSZIV HITXL EGGITXERGI WLSYPH FI FEWIH SR E GPIEV GSZIV
4VEGXMGI '67-  XLMGORIWWWYVZI]7YVZI]TVSGIHYVIWERHEGGITXERGIPMQMXW
;LMPIHIGOWXVIRKXLMWRSXEJJIGXIHF]XLIRYQFIVSJMRXIV LEZI FIIR HIZIPSTIH 1MRMWXV] SJ 8VERWTSVXEXMSR 3RXEVMS
WIGXMSRW XMIH MX MW IWWIRXMEP XLEX WYJJMGMIRX XMIW ERH [MVI SJ 183    4E]QIRX KYMHIPMRIW GER FI FEWIH SR XLI
EHIUYEXI WM^I EVI YWIH XS IRWYVI XLEX FEVW [MPP FI LIPH MR TIVGIRX[MXLMRPMQMXW 4;0 GEPGYPEXIHJVSQXLIQIEWYVIH
TVSTIVTSWMXMSRHYVMRKXLIGSRGVIXITPEGIQIRXERHGSRWSPM QIERERHWXERHEVHHIZMEXMSREWJSPPS[W 183 
HEXMSRSTIVEXMSRW%WEJIVYPI[SYPHVIUYMVIXLEXIZIV]SXLIV w%PP PSXW EVI KVIEXIV XLER   E TE]QIRX FSRYW MW
VIMRJSVGMRKFEVMRXIVWIGXMSRFIXMIHERHXLEX[MVIRSXWQEPPIV E[EVHIHJSVPSXWKVIEXIVXLER *SVPSXWPIWWXLER
XLERKEYKI QQ FIYWIH   ERH KVIEXIV XLER SV IUYEP XS   E TE]QIRX
VIHYGXMSR MW MRWXMXYXIH *SV PSXW PIWW XLER   ERH
{'SRGVIXIGSZIVSZIVVIMRJSVGIQIRX KVIEXIV XLER SV IUYEP XS   EHHMXMSREP TE]QIRX
 %WXLIJMVWXPMRISJHIJIRWIMRHIPE]MRKXLISRWIXSJ
VIHYGXMSRMWEWWIWWIHSVPSXWEVIWYFNIGXIHXSVITEMVXS
VIMRJSVGMRKWXIIPGSVVSWMSRMXMWIWWIRXMEPXLEXXLIWTIGMJMIH
TVSZMHI EHIUYEXI GETEGMX] ERH HYVEFMPMX] 4;0 PSXW
GPIEV GSRGVIXI GSZIV XLMGORIWW SZIV XLI VIMRJSVGMRK FEV FI
PIWWXLER EVIRSXEGGITXIHx
QEMRXEMRIH 'SRGVIXI GSZIV SJ XLI FSXXSQ QEX MW IEWMP]
GSRXVSPPIHF]FEVWYTTSVXWSJXLIVIUYMVIHLIMKLX'SZIVSZIV 'SZIVHITXLWIPIGXMSRWLSYPHGSRWMHIVXLIMRJPYIRGI
XLIXSTQEXMWLS[IZIVQYGLQSVIHMJJMGYPXXSGSRXVSPHYI SJWYFWMHIRGIGVEGOMRKSZIVXLIVIMRJSVGMRKFEV7YFWMHIRGI
XSXLIMRLIVIRXJPI\MFMPMX]SJXLIWXVMOISJJWGVIIHW]WXIQERH GVEGOMRKSGGYVW[LMPIXLIGSRGVIXIMWMRXLIJVIWLWXEXIERHMW
TSWWMFPIHMJJIVIRXMEPHIJPIGXMSRWSJEHNEGIRXKMVHIVW WMKRMJMGERXP]MRJPYIRGIHF]GSZIVHITXLERHWPYQT (EOLMPIX
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6 

EP 3XLIVJEGXSVWXLEXMRJPYIRGIWYFWMHIRGIGVEGOMRK 8EFPI{4VSFEFMPMX] SJWYFWMHIRGI


EVI FEV WM^IERH WTEGMRK ;I]IVW IX EP   *SV 2S  GVEGOMRKJSVKMZIRWPYQTERHGSZIV
2S   FEVW XLI TVSFEFMPMX] MR TIVGIRXEKI SJ WYFWMHIRGI 7PYQTMR QQ
GVEGOMRKMWWLS[RMR8EFPI (EOLMPIXEP  'SZIVMR QQ      
0MQMXMRKXLIQMRMQYQGSZIVHITXLXSMR QQ ERH     
XLIWPYQTXSMR QQ WMKRMJMGERXP]VIHYGIWXLITVSFE     
FMPMX]SJWYFWMHIRGIGVEGOWHMVIGXP]SZIVXLIVIMRJSVGMRKFEV     
XLEX SZIV XMQI [MPP TVSZMHI HMVIGX EGGIWW XS GLPSVMHI ERH     
GEVFSRHMS\MHI
[EXIVMWEFSZIERHXLIGLPSVMHIGSRXIRXVIQEMRWFIPS[XLI
{'PIERPMRIWW GVMXMGEPGSVVSWMSRXLVIWLSPHGSRGIRXVEXMSR%RSJXIRUYSXIH
&IJSVITPEGMRKXLIGSRGVIXIVIMRJSVGIQIRXWLSYPHFIJVII EGMHWSPYFPI GLPSVMHI GSVVSWMSR XLVIWLSPH GSRGIRXVEXMSR MW
JVSQQYHSMP SVSXLIVGSEXMRKW XLEX QE] EHZIVWIP]EJJIGX  F]QEWWSJGIQIRX PF]H?OKQA JSVX]TMGEP
FSRHMRKGETEGMX]1SWXFEVIVIMRJSVGMRKWXIIPMWGSEXIH[MXL FVMHKIHIGOGSRGVIXI 'PIEV 3XLIVWLEZIWXEXIH
IMXLIVQMPPWGEPISVXSWSQIHIKVIIVYWX&EVIWXIIP[MXLVYWX XLEXEKSSHGVMXIVMSRJSVQMRMQM^MRKXLIHERKIVSJGSVVSWMSR
QMPPWGEPISVEGSQFMREXMSRSJFSXLMWEGGITXEFPITVSZMHIH MW E QE\MQYQ SJ   GLPSVMHI F] QEWW SJ XLI GIQIRX
XLIQMRMQYQHMQIRWMSRWMRGPYHMRKLIMKLXSJHIJSVQEXMSRW 7GLMIWWP &IGEYWISJXLIRYQFIVSJMRJPYIRGMRKJEGXSVW
ERH[IMKLXSJELERH[MVIFVYWLIHXIWXWTIGMQIREVIRSXPIWW WYGL EW GSRGVIXI QSMWXYVI GSRXIRX S\]KIR GSRGIRXVEXMSR
XLERXLIETTPMGEFPI%781WTIGMJMGEXMSRVIUYMVIQIRXW XIQTIVEXYVIERHXLMGORIWWERHMRXIKVMX]SJXLITEWWMZIPE]IV
XLIVIMWRSWMRKPIXLVIWLSPHZEPYIETTPMGEFPIXSEPPJMIPHWXVYG
{6IMRJSVGIQIRXX]TI XYVIW 6ERKIW SJ GLPSVMHI GSVVSWMSR XLVIWLSPH PIZIPW JVSQ
8LI WIGSRH PMRI SJ HIJIRWI MR HIPE]MRK VIMRJSVGMRK WXIIP JMIPHWXYHMIWVERKIHXS PF]H XS  OKQ
GSVVSWMSRMWXSGLERKIXLIFYPOSVWYVJEGIGSVVSWMSRVIWMWXERGI 7XVEXJYPPIXEP:EWWMI&VS[RERH;I]IVW
TVSTIVXMIWSJXLIVIMRJSVGMRKWXIIP6IMRJSVGIQIRXJSVFVMHKI ERHEPS[VMWOSJGSVVSWMSREXPF]H OKQ ERHE
HIGOWGERFIGLEVEGXIVM^IHEWFPEGOFEV^MRGGSEXIHITS\] LMKLVMWOEXGSRGIRXVEXMSRWSJPF]H OKQ  %R
GSEXIH WXEMRPIWW WXIIP WSPMH ERH GPEH  SVKERMGEPP] GSEXIH EREP]WMWSJJMIPHWXYH]HEXEWYKKIWXWXLEXXLIWXERHEVHHIZMEXMSR
WSPMH*64FEVWERHSXLIVQIXEPPMGEPPS]IHWXIIP(YVEFMPMX]ERH MWPF]H OKQ ERHXLIQIERMWPF]H OKQ 
WXVYGXYVEP TIVJSVQERGI EWTIGXW WLSYPH FI GSRWMHIVIH MR XLI *SV E RSVQEP HMWXVMFYXMSR XLIVI [SYPH FI E TVSFEFMPMX] SJ
WIPIGXMSR SJ VIMRJSVGIQIRX X]TI 'EVFSREXMSR ERH GLPSVMHI GSVVSWMSR SJ   ERH   JSV JMIPH WXVYGXYVIW EX GLPSVMHI
MRHYGIHGSVVSWMSRWLSYPHFIGSRWMHIVIHMRWTIGMJMGETTPMGEXMSRW GSRGIRXVEXMSRW SJ   ERHPF]H   ERH
8LI QIVMXW SJ ZEVMSYW QIXEPPMG VIMRJSVGIQIRXW MR VIWMWXMRK  OKQ VIWTIGXMZIP] :EWWMI&VS[RERH;I]IVW
GLPSVMHIGSVVSWMSRGERFIEWWIWWIH[MXLEWIVZMGIPMJIQSHIP  6IWYPXWSJEWXYH]SJFVMHKIHIGOWWYKKIWXXLEXEZEPYI
+YMHIPMRIWERHI\EQTPIWSRXLIYWISJWIVZMGIPMJIQSHIPWJSV SJPF]H OKQ  SJGLPSVMHIFIYWIH 7XVEXJYPPIXEP
FVMHKI HIGOW EVI TVIWIRX MR %'- 6 ERH IPWI[LIVI   8LYW WIVZMGIPMJI IWXMQEXIW WLSYPH GSRWMHIV ER
'EH] ERH ;I]IVW    *MXGL IX EP  EGGITXEFPIVMWOSJGSVVSWMSRMRMXMEXMSRJSVXLIWXVYGXYVIYRHIV
;I]IVW  0MY ERH ;I]IVW  >IQENXMW IX EP  GSRWMHIVEXMSR'SVVSWMSRMRMXMEXMSRSJFPEGOFEVVIMRJSVGIQIRX
;I]IVW IX EP  /MVOTEXVMGO IX EP EF  8LI JMREP HITIRHMRK SR XLI WIZIVMX] SJ IRZMVSRQIRXEP I\TSWYVI
WIPIGXMSRSJVIMRJSVGIQIRXX]TIWLSYPHFIFEWIHSRQMRMQYQ GSRHMXMSRWGERFIIWXMQEXIHEXXS]IEVW
PMJIG]GPI GSWX % PMJIG]GPI GSWX QSHIP ERH I\EQTPIW EVI  +EPZERM^IH WXIIP{&VMKLX KEPZERM^IH PE]IV SR
TVSZMHIHIPWI[LIVI ;I]IVWIXEP  WMPMGSRJVIIWXIIP VETMHP] GSSPIHEJXIV LSXHMTTMRK X]TMGEPP]
0MJIG]GPIGSWXEREP]WMWVIUYMVIWIWXMQEXIHWIVZMGIPMZIWSJ GSRWMWXW SJ XLVII HMWXMRGX PE]IVW ER  SV TYVI ^MRG WYVJEGI
MRMXMEPGSRWXVYGXMSRERHQEMRXIRERGIVITEMVERHVILEFMPMXEXMSR PE]IV JSPPS[IH F] MRGVIEWMRK ^MRGMVSR PE]IVW   XS 
EGXMZMXMIW SZIV XLI EREP]WMW XMQI TIVMSH ERH XLI MRMXMEP MVSR ERH PE]IVW XS MVSR 8LIQYPXMPE]IVGSEXMRKMW
GSRWXVYGXMSRQEMRXIRERGIVITEMVERHVILEFMPMXEXMSRGSWXWERH EQIXEPPYVKMGEPP]FSRHIHGSEXMRKXLEXMWXSYKLERHEFVEWMSR
ER MRXIVIWX VEXI 8LI GLPSVMHI GSVVSWMSR WIVZMGIPMJI QSHIP VIWMWXERX 4EWWMZEXMSR SJ XLI ^MRG PE]IV SGGYVW MR XLI LMKL
VIUYMVIWXLIGSRGVIXIGLPSVMHIHMJJYWMSRGSIJJMGMIRXGLPSVMHI EPOEPMRI IRZMVSRQIRX SJ [IX GSRGVIXI [LIR XLI TYVI ^MRG
GSVVSWMSR XLVIWLSPH GSRGIRXVEXMSR IRZMVSRQIRXEP GLPSVMHI VIEGXWXSJSVQGEPGMYQL]HVS\]^MRGEXI%F]TVSHYGXSJXLI
I\TSWYVI GSRGIRXVEXMSR XMQIXSGVEGOMRK XMQI TIVMSH JVSQ VIEGXMSRMWXLIIZSPYXMSRSJL]HVSKIRKEW'LVSQEXIXVIEXQIRX
GSVVSWMSR MRMXMEXMSR XS GVEGOMRK ERH WTEPPMRK SJ XLI GSZIV SJ KEPZERM^IH VIMRJSVGMRK WXIIP TVIZIRXW XLI IZSPYXMSR SJ
GSRGVIXI ERH XLI GPIEV GSZIV HITXL SJ XLI VIMRJSVGIQIRX L]HVSKIR +EPZERM^IH VIMRJSVGMRK WXIIP VIQEMRW TEWWMZI EX E
HIJMRIHEWXLIXMQIXSJMVWXQEMRXIRERGIERHIRHSJJYRGXMSREP PS[IVT,XLERGEVFSRWXIIPERHXLYWTVSZMHIWTVSXIGXMSREKEMRWX
WIVZMGI PMJI 8LI GEVFSREXMSRMRHYGIH GSVVSWMSR WIVZMGIPMJI GEVFSREXMSRMRHYGIHGSVVSWMSR 1EEFRERH7SVIRWIR 
QSHIPVIUYMVIWXLIWEQITEVEQIXIVWEWXLIGLPSVMHIGSVVSWMSR +EPZERM^IHVIMRJSVGMRKWXIIPI\XIRHWXLIGLPSVMHIMRHYGIH
QSHIPI\GITXXLEXXLIGLPSVMHITEVEQIXIVMWVITPEGIHF]XLI GSVVSWMSR TVSXIGXMSR WIVZMGI PMJI F] I\XIRHMRK XLI XMQIXS
GEVFSREXMSRHITXLSJTIRIXVEXMSRVEXIERHXLIGEVFSRHMS\MHI MRMXMEXIGSVVSWMSRERHXLIGSVVSWMSRTIVMSHJVSQMRMXMEXMSRXS
GSRGIRXVEXMSRMRXLIEMVEXXLIFVMHKIHIGOPSGEXMSR GVEGOMRKERHWTEPPMRKSJXLIGSZIVGSRGVIXI8LIGSVVSWMSR
 &EVIVIMRJSVGIQIRX{&EVIVIMRJSVGIQIRXSVGEVFSR MRMXMEXMSRXMQITIVMSHMWMRGVIEWIHF]MRGVIEWMRKXLIGLPSVMHI
WXIIPMWTEWWMZIMRGSRGVIXI[LIRXLIT,SJXLIGSRGVIXITSVI GSVVSWMSR MRMXMEXMSR GSRGIRXVEXMSR 8LI GLPSVMHI GSVVSWMSR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6

MRMXMEXMSRGSRGIRXVEXMSRJSVKEPZERM^IHVIMRJSVGMRKWXIIPMWEX [EW]IEVWERHMX[EWEWWYQIHXLEXVITEMVERHVILEFMPMXEXMSR
PIEWXXMQIW =ISQERWEF ERHQE]FIJSYVXSJMZI QIXLSHWYWIHJSV)'6HIGOWMWXLIWEQIEWJSVGEVFSRWXIIP
XMQIW >IQENXMWIXEP XLEXSJFEVIWXIIP8LIGSVVSWMSR VIMRJSVGIQIRX 2S IJJIGXMZI VITEMV SV VILEFMPMXEXMSR QIXLSHW
TIVMSHJSVKEPZERM^IHVIMRJSVGIQIRXMWI\XIRHIHFIGEYWIXLI LEZI]IXFIIRMHIRXMJMIHJSVFVMHKIHIGOWFYMPX[MXL)'6
GSVVSWMSRTVSHYGXWEVIRSXEWZSPYQMRSYWEWMVSRGSVVSWMSR % VIWIEVGL TVSNIGX XLEX GSRWMWXIH SJ  JMIPH GSVIW
TVSHYGXW ERH XLI GSVVSWMSR TVSHYGXW QE] QMKVEXI JEVXLIV MRGPYHMRK)'6ERHFPEGOFEVWTIGMQIRWHIQSRWXVEXIH
JVSQXLIVIMRJSVGIQIRXWYVJEGIXLERGEVFSRWXIIPGSVVSWMSR XLEXGLPSVMHIGSVVSWMSRMRMXMEXMSRERHXMQIXSGVEGOMRKVEXIW
TVSHYGXW 8SRMRM ERH (IER  ,SOI IX EP   8LI EVITVSFEFMPMX]JYRGXMSRWJSVFPEGOFEVERH)'6 &VS[RERH
GSVVSWMSRTIVMSHJSVKEPZERM^IHVIMRJSVGMRKWXIIPMW JSYVXS ;I]IVW   'SVVSWMSR TVSXIGXMSR WIVZMGIPMJI I\XIRWMSR
JMZIXMQIWXLIIUYMZEPIRXTIVMSHJSVGEVFSRWXIIP =ISQERW TVSZMHIHF])'6MRFVMHKIHIGOW[EWIWXMQEXIHEXXS]IEVW
E  *SV FVMHKI HIGOW XLI GSVVSWMSR TIVMSH JSV FPEGO FEWIHSRHEQEKISJ SJXLIHIGOWYVJEGI ;I]IVWIXEP
FEV{JVSQ GSVVSWMSR MRMXMEXMSR XS GVEGOMRK SJ XLI GSZIV   8LMW HIGO HEQEKI PIZIP MW MR I\GIWW SJ XLEX [LMGL
GSRGVIXI{MWX]TMGEPP]]IEVW 0MYERH;I]IVW 8LYW VIUYMVIWERSZIVPE]XSVIWXSVIWEJIHVMZMRKGSRHMXMSRW8LIWI
XLIGSVVSWMSRTIVMSHJSVKEPZERM^IHVIMRJSVGIQIRXGERFI GSRGPYWMSRW ZEPMHEXIH IEVP] GSRGPYWMSRW XLEX )'6 MW RSX E
XS]IEVW*SVPMJIG]GPIGSWXEREP]WIWVITEMVERHVILEFMPM GSWXIJJIGXMZI GSVVSWMSR TVSXIGXMSR JSV FVMHKI HIGOW
XEXMSRQIXLSHWYWIHJSVFVMHKIHIGOWGSRWXVYGXIH[MXLFEVI %HHMXMSREPP]XLIVITSVXWLS[IHXLEXXLIGLPSVMHIGSRGIRXVEXMSR
WXIIPEVIEPWSETTPMGEFPIXSKEPZERM^IHWXIIPWXVYGXYVIW EX GSVVSWMSR MRMXMEXMSR ERH GVEGOMRK SJ XLI GSZIV GSRGVIXI MW
 )TS\]GSEXIH VIMRJSVGIQIRX{)TS\]GSEXIH KVIEXIVJSV)'6XLERFPEGOFEVXLIITS\]GSEXMRKSRXLIJEMPIH
VIMRJSVGMRK WXIIP )'6  [EW HIZIPSTIH YRHIV E *IHIVEP WTIGMQIRW[EWRSXJYPP]GYVIHMRQSWXGEWIWERHXLIPEGOSJ
,MKL[E]%HQMRMWXVEXMSR *,;% VIWIEVGLTVSNIGX 'PMJXSR GYVMRKGSVVIPEXIH[MXLXLIQSMWXYVIGSRXIRXSJXLIGSEXMRKERH
IX EP   4VIWGVMTXMSRFEWIH )'6 WTIGMJMGEXMSRW [IVI XLIHIKVIISJGVEGOMRKZMWYEPP]SFWIVZIHMRXLIWGERRMRK
HIZIPSTIHFEWIHSRTVSNIGXVIGSQQIRHEXMSRW 'PMJXSRIXEP IPIGXVSRQMGVSWGSTI
 4VMQEV]GLERKIWMRXLI)'6TVIWGVMTXMSRWTIGMJMGEXMSRW
*SVPIWWIVHIKVIIWSJGSEXMRKGYVIKVIEXIVGSEXMRKQSMWXYVI
LEZIFIIRERMRGVIEWIMRGSEXMRKXLMGORIWWERHEVIHYGXMSRMR
GSRXIRXERHJVIUYIRG]ERHHIRWMX]SJGVEGOMRKMRXLIGSEXMRK
EPPS[EFPI GSEXMRK HMWGSRXMRYMXMIW LSPMHE]W ERH WYVJEGI
[IVISFWIVZIH8LIGVEGOWMRXLIGSEXMRKSGGYVVIHJSV
HEQEKI ;I]IVW %PPHEQEKIZMWMFPIXSXLII]IXLEX
SJ XIWXIH FEVW ERH XLI GVEGOW [IVI EX PIEWX JSYV SVHIVW SJ
SGGYVWHYVMRKJEFVMGEXMSRWLMTTMRKERHLERHPMRKEXXLINSF
QEKRMXYHI[MHIVXLERE[EXIVSVGLPSVMHIQSPIGYPI
WMXI WLSYPH FIVITEMVIH [MXL TEXGLMRK QEXIVMEP0EFSVEXSV]
XIWXMRK SJ )'6 LEW HIQSRWXVEXIH MQTVSZIH GSVVSWMSR %W WXEXIH TVIZMSYWP] XLI GSVVSWMSR QIGLERMWQ SJ RI[
TVSXIGXMSR JSV XLMGOIV ERH GSRXMRYSYW ITS\] GSEXMRKW )'6MRPEFSVEXSV]WXYHMIWMWWMKRMJMGERXP]HMJJIVIRXXLERXLI
;I]IVW4]GIXEP %HHMXMSREPGSEXMRKHEQEKI SFWIVZIHGSVVSWMSR QIGLERMWQJSV )'6MRJMIPHWXVYGXYVIW
LS[IZIV XEOIW TPEGI HYVMRK GSRGVIXMRK STIVEXMSRW (EZMW ERH JMIPH I\XVEGXIH WTIGMQIRW YWIH MR PEFSVEXSV] WXYHMIW
'PIEV;I]IVWIXEP4]GIXEP  8LYWXLIJMIPHVIPEXIHWXYHMIWSJ)'6GSVVSWMSRTVSXIGXMSR
&VMHKI HIGO JMIPH WXYHMIW HIQSRWXVEXIH XLEX XLI )'6 TIVJSVQERGIEVIWMKRMJMGERXP]QSVIVIPMEFPIXLERWXYHMIWXLEX
TVIWGVMTXMSRFEWIHWTIGMJMGEXMSRWHSRSXEHHVIWWXLIGSVVSWMSR YWIRI[)'6WTIGMQIRW2SXEPPJMIPHVIPEXIHWXYHMIWEVIMR
TVSXIGXMSRJEMPYVIQSHISJ)'6 ;I]IVWIXEP4]GIX EKVIIQIRX [MXL XLSWI TVIZMSYWP] TVIWIRXIH *MIPH WXYHMIW
EP   8LI ITS\] GSEXMRK SR XLI WXIIP VIMRJSVGIQIRX HYVMRK XLI W VITSVXIH I\GIPPIRX GSVVSWMSR TVSXIGXMSR
HIFSRHWJVSQXLIWXIIPWYVJEGIMREWPMXXPIEW]IEVW'LPSVMHI TIVJSVQERGIJSV)'6JSVWXVYGXYVIWMRWIVZMGIJSVPIWWXLER
TIRIXVEXIW XLI GSZIV GSRGVIXI ERH MRMXMEXIW GSVVSWMSR EX  ]IEVW +MPPMW ERH ,EKIR  ,EWER IX EP 
GSEXMRK HEQEKI EVIEW 'SVVSWMSR SJ XLI VIMRJSVGMRK WXIIP 4IVVIKEY\ ERH &VI[WXIV  ;IWX :MVKMRME (38 
XEOIWTPEGIMREREGMHMGIRZMVSRQIRXYRHIVXLIITS\]GSEXMRK *ERSYWIXEP 3XLIVI\EQTPIWSJGSVVSWMSRHEQEKISJ
;I]IVWIXEP4]GIXEP 8LIGLPSVMHIGSVVSWMSR WXVYGXYVIW FYMPX [MXL )'6 [IVI VITSVXIH [MXL WIVZMGIPMJI
MRMXMEXMSRGSRGIRXVEXMSRMWXLIWEQIJSVFEVIWXIIPERH)'6 GSVVSWMSRTVSXIGXMSRTIVMSHWSJPIWWXLERFEVIVIMRJSVGIQIRX
1G(SREPH IX EP  &VS[R ERH ;I]IVW   8LYW XSEREHHMXMSREP]IEVWQSVIXLERFEVIVIMRJSVGIQIRX 7QMXL
)'6 GSVVSWMSR TVSXIGXMSR WIVZMGIPMJI I\XIRWMSR MW MR IXEP'PIEV 8LYWXLIHIWMKRIVvWHIGMWMSRSR
I\XIRHMRK XLI GSVVSWMSR TIVMSH JVSQ MRMXMEXMSR XS GVEGOMRK [LIXLIVXSYWI)'6RIIHWXSFIFEWIHSREVMWOFIRIJMXW
ERHWTEPPMRKSJXLIGSZIVGSRGVIXI*MIPHWXYHMIWLEZIIWXMQEXIH EWWIWWQIRXSJXLIGYVVIRXWXEXISJJMIPHTIVJSVQERGIORS[PIHKI
XLI MRGVIEWI MR GSVVSWMSR TIVMSH SJ )'6 GSQTEVIH [MXL 8LIVMWOFIRIJMXWEWWIWWQIRXXLIHIWMKRIVLEWXSQEOIMWXLI
GEVFSRWXIIPEXXS]IEVW ;I]IVWIXEP'SZMRSIXEP MQTEGXSJEHIGOvWTIVJSVQERGISZIVXLIPMJISJXLIWXVYGXYVI
'PIEV %PEFSVEXSV]WXYH]YWMRKRI[)'6[MXL [LMGLQE]FI]IEVWSVPIWW4IVJSVQERGIMWXSFIQIEWYVIH
E [IPPFSRHIH ITS\] GSEXMRK IWXMQEXIH XLI GSVVSWMSR PMJI MRFSXLPMJIG]GPIGSWXWERHYWIVMQTEGX0MJIG]GPIGSWXWMRGPYHI
I\XIRWMSRJSV)'6EXEFSYX]IEVW 1G(SREPHIXEP  MRMXMEP QEMRXIRERGI VITEMV ERH VILEFMPMXEXMSR GSWXW 9WIV
% PMJIG]GPI GSWX EREP]WMW JSV QSHIVEXI GLPSVMHI HIMGMRK MQTEGXW MRGPYHI GSWXW EWWSGMEXIH [MXL ZILMGPI HIPE] ERH
WEPX I\TSWYVI GSRHMXMSRW HIQSRWXVEXIH XLEX )'6 RIIHW XS STIVEXMRKGSWXWERHEGGMHIRXMRGVIEWIGSWXHYVMRKGSRWXVYGXMSR
I\XIRHXLIGSVVSWMSRTVSXIGXMSRWIVZMGIF]]IEVWXSFIGSWX EGXMZMXMIW -X LEW FIIR WLS[R JSV QSHIVEXI GLPSVMHI I\TSWYVI
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ERHXVEZIPWMRXLIHMVIGXMSRSJXVEJJMGJPS[8LMWX]TISJJMRMWL XLEXGEYWIWIKVIKEXMSR
MWEGGSQTPMWLIHF]XLIXVERWZIVWIEGXMSRSJXLITS[IVHVMZIR  6EMPWERHKYMHIW
ZMFVEXMRK SV SWGMPPEXMRK WGVIIH SV FSXL 7XVMOISJJ SJ JVIWL  )UYMTQIRX XVEZIPMRK PSRKMXYHMREPP]{
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SJXLIJMRMWLMRKWGVIIHQSZMRKTPEGIHGSRGVIXIPSRKMXYHMREPP] GSRXVSPERHWIXWXLIJMREPPSRKMXYHMREPTVSJMPI8LIVIJSVIMX
%RI\EQTPIMWWLS[RMR*MK E [MXLEGPSWIVZMI[ WLSYPHFIWIXXSTVSTIVIPIZEXMSR[MXLEPPS[ERGIJSVERXMGM
SJEWMQMPEVETTEVEXYWWLS[RMR*MK F  TEXIHWIXXPIQIRXGEQFIVERHHIJPIGXMSRSJJEPWI[SVO8LI
 0SRKMXYHMREP JMRMWL XVERWZIVWI XVEZIP{8LI IPIZEXMSRMWVIUYMVIHXSJSVQEFVMHKIVSEH[E]HIGOXVYIXS
JVEQI WYTTSVXMRK XLI WXVMOISJJ ERH JMRMWLMRK QEGLMRIV] MW XLIVIUYMVIHKVEHIERHGVSWWWIGXMSRW8LIWGVIIHWYTTSVXW
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+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6 

*MK{-HIEPM^IHEVVERKIQIRXSJPSRKMXYHMREPXVEZIP
XVERWZIVWIJMRMWLIUYMTQIRX

*MK{8VERWZIVWIXVEZIPPSRKMXYHMREPJMRMWLWGVIIH

WLSYPH FI ZIVXMGEPP] EHNYWXEFPI ERH WIX F] MRWXVYQIRX


8IQTSVEV] WYTTSVXW WLSYPH FI VIQSZEFPI [MXL QMRMQYQ
HMWXYVFERGI SJ XLI GSRGVIXI 8LI VEMPW WLSYPH FI WIX EFSZI
JMRMWLIHKVEHIERHI\XIRHFI]SRHFSXLIRHWSJXLIWGLIHYPIH
PIRKXLJSVGSRGVIXITPEGIQIRX8LMWHMWXERGIWLSYPHFIWYJJM
GMIRX XS TIVQMX XLI JPSEX SJ XLI JMRMWLMRK QEGLMRI XS JYPP] *MK{8]TMGEPHIJPIGXMSRGLEVEGXIVMWXMGWSJFIEQEX
GPIEVXLIJVIWLP]TPEGIHGSRGVIXI ZEVMSYWWXEKIWSJPSEHMRKF]EWGVIIHXVEZIPMRKPSRKMXYHMREPP]
*MKYVI  WLS[W ER MHIEPM^IH EVVERKIQIRX JSV E FPSGOMRKMRHMGEXIWETTPMIHPSEH GSRGVIXITPEGIH 
FVMHKI HIGO WXVMOISJJ QEGLMRI HIWMKRIH XS XVEZIP PSRKMXYHM
REPP]ERHMRGSVTSVEXMRKWIZIVEPMQTSVXERXJIEXYVIWMRGPYHMRK
e 7GVIIH VEMP WYTTSVXW XLEX EVI TPEGIH MR ER YRJMRMWLIH XS YWI XLI GVSWWWPSTIH GSRJMKYVEXMSR SJ XLI WTER IRHW XS
EVIEVIUYMVMRKPEXIVGSRGVIXIGSZIV IRWYVIEHIUYEXIHIGOXLMGORIWWERHWYJJMGMIRXGSZIVSZIVXLI
e %HNYWXEFPI WYTTSVXW XS EPPS[ JSV TVSKVIWWMZI HIJPIG VIMRJSVGIQIRXFEV
XMSRWERH 3R WLEVTP] WOI[IH FVMHKIW XLI TVSFPIQ FIGSQIW
e 7GVIIHVEMPWPSGEXIHEFSZIXLIJMRMWLIHWYVJEGIXSEZSMH GSRWMHIVEFP] QSVI GSQTPI\ ERH GSRWYPXEXMSR [MXL XLI
WMKRMJMGERXP] HMWXYVFMRK XLI GSRGVIXI [LIR XLI VEMP MW HIWMKRIVMWEHZMWIHFIJSVIGSRGVIXMRKFIKMRW8LIJMRMWLMRK
VIQSZIH QEGLMRI[LIRTSWWMFPIWLSYPHFIWIXTEVEPPIPMRXLIWOI[SJ
 (IEH PSEH HIJPIGXMSRW{8LI MWWYI SJ FIEQ XLI FVMHKI XS EZSMH HMJJIVIRXMEP HIJPIGXMSR SR QYPXMKMVHIV
HIJPIGXMSRWHYVMRKGSRGVIXMRKTSWIWEHMJJMGYPXTVSFPIQJSV FVMHKIW 3R WLSVX WTERW SV ER] VIPEXMZIP] VMKMH WTERW [MXL
KSSHFVMHKIHIGOJMRMWLMRK%PPFIEQHIJPIGXMSRWWLSYPHFI QMRSVHIJPIGXMSRWXLITVSFPIQGERFIMKRSVIH
GEVIJYPP]GEPGYPEXIHERHGSQTEVIHEXXLIHIJPIGXMSRGSRXVSP 7TIGMEP GSRWMHIVEXMSR WLSYPH FI KMZIR XS FVMHKIW
TSMRXW4VSKVIWWMZIPSRKMXYHMREPHIJPIGXMSRWWLSYPHFIGEVIJYPP] GSRWXVYGXIH MR WXEKIW 'PSWYVI TSYVW WLSYPH RSX FI TPEGIH
GSRWMHIVIHEWGSRGVIXMRKTVSGIIHWHS[RXLIPIRKXLSJXLIWTER YRXMP EPP JSVQ[SVO LEW FIIR VIQSZIH JVSQ XLI TVIZMSYWP]
8LITVSFPIQSJTVSKVIWWMZIHIJPIGXMSRWSREX]TMGEPFIEQ TPEGIH HIGOW SV XLI XLISVIXMGEP EHNYWXIH HIGO IPIZEXMSRW
MWMPPYWXVEXIHF]XLIHIJPIGXMSRPMRIWMR*MK[LMGL QSHMJMIHEGGSVHMRKP](IJPIGXMSRWERHVSXEXMSRWJVSQYRFEP
EVIKVSWWP]I\EKKIVEXIHJSVGPEVMX]JSVZEVMSYWGSRHMXMSRWSJ ERGIH PSEHW HYVMRK WXEKIH GSRWXVYGXMSR WLSYPH EPWS FI
PSEHMRK7GVIIHVEMPWWLSYPHMRMXMEPP]FIWIXGSMRGMHIRX[MXL EGGSYRXIHJSV
0MRI-JXLIVEMPWFIGSQIHMWXYVFIHXLI][MPPVIUYMVIEHNYWX  )UYMTQIRXXVEZIPMRKXVERWZIVWIP]{8LMWX]TI
QIRXEWXLI[SVOTVSKVIWWIW)\EQTPIWSJZEVMEXMSRWWMQMPEV SJQEGLMRIMWQSWXSJXIRYWIHSRWMQTPIWTERWSJJX Q
XSXLSWIWLS[RMR0MRIWSVWLSYPHFIGSRWMHIVIHMR SVPIWWXLSYKLMXLEWFIIRYWIHSRWTERWSJKVIEXIVPIRKXL
IWXEFPMWLMRKXLIJMREPKVEHIPMRIW2SXIXLEXI\GITXJSV0MRIW 8LI XVERWZIVWI WGVIIH VEMPW WYTTSVXMRK XLI QEGLMRI EVI
ERHERHTSMRXHIJPIGXMSRWEVIRSXIUYEP RSVQEPP]WIXXSXLIJMRMWLIHKVEHIEXIEGLIRHSJXLIWTER
8LI TVSFPIQ SJ XVERWZIVWI HMJJIVIRXMEP HIJPIGXMSRW MW JEV 8LIJMRMWLIHIPIZEXMSRSJMRXIVQIHMEXITSMRXWSRXLIHIGOMW
QSVIHMJJMGYPXXSGSVVIGXERHGERRSXFITVIGMWIP]VIWSPZIHMR WIX SR XLI PSRKMXYHMREP WXVMOISJJ IHKI SJ XLI WGVIIHMRK
GSRXIQTSVEV]TVEGXMGI1SWXJEWGMEFIEQWHIJPIGXPIWWXLER QEGLMRI%WWYQMRKWXVYGXYVEPWXEFMPMX]SJXLIQEGLMRIXLIWI
MRXIVMSVFIEQWLS[IZIVMXMWSRXLIWIFIEQWXLEXWGVIIHVEMPW IPIZEXMSRW VIQEMR JM\IH ERH EVI MRHITIRHIRX SJ XLI KMVHIV
EVIYWYEPP]WYTTSVXIH'SRWIUYIRXP]GVSWWWPSTIWEVIEPXIVIH HIJPIGXMSRWSGGYVVMRKHYVMRKGSRGVIXITPEGIQIRX'SRWIUYIRXP]
EW XLI FIEQW EVI PSEHIH 8LIWI HMJJIVIRXMEPW EVI YWYEPP] XLI XLMGORIWW SJ XLI GSRGVIXI HIGO MW HITIRHIRX SR X[S
KVIEXIWXEXQMHWTERERHRSRI\MWXIRXEXWTERIRHW8LIVIJSVI QENSVJEGXSVWXLEXWLSYPHFIVIGSKRM^IHHYVMRKGSRWXVYGXMSR
MJGSQTPIXIHIJPIGXMSRGEPGYPEXMSRWEVIRSXEZEMPEFPIMXMWFIWX 8LI]EVI
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 +9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6

*MK  F {'SQTEVMWSR SJ GSRZIRXMSREPP] GEPGYPEXIH


*MK E {)JJIGXSJHMJJIVIRXMEPXIQTIVEXYVIWSRHIGO HIJPIGXMSRW [MXL XLEX QIEWYVIH MR XLI JMIPH SR E FVMHKI
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 8LIHMJJIVIRXMEPXIQTIVEXYVIWI\MWXMRKFIX[IIRXLIXST GYVZIW-REHHMXMSRXLIJMRMWLIHKVEHIEXXLMWTSMRX[MPPFI
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 8LIXVERWZIVWITSWMXMSRSJXLIGSRGVIXIHIEHPSEHMRKEX I\EGXP]GSQTIRWEXIHJSVHYVMRKGSRWXVYGXMSR,S[IZIVXLIMV
XLI XMQI E JMREP WGVIIHMRK TEWW MW QEHI SZIV E KMZIR IJJIGXWGERFIQMRMQM^IHF]SFWIVZMRKX[STVEGXMGIW
TSMRXSRXLIWTER )WXEFPMWLJSVQMRKIPIZEXMSRW[LIRXLIXLIVQEPGSRHMXMSRW
8LI TSWWMFPI MRJPYIRGI SJ HMJJIVIRXMEP XIQTIVEXYVIW MW SRXLIKMVHIVWETTVS\MQEXIWXLSWIERXMGMTEXIHEXXLIXMQISJ
MPPYWXVEXIHMR*MK E -JRSXIQTIVEXYVIHMJJIVIRXMEP GSRGVIXITPEGIQIRXSVEHNYWXXLIHIGOJSVQWZIVXMGEPP]EXE
FIX[IIRXLIXSTERHFSXXSQJPERKIWI\MWXWMX[SYPHFIMRE XMQI[LIRXLIXLIVQEPGSRHMXMSRSJXLIKMVHIVWETTVS\MQEXIW
XLIVQEPP]RIYXVEPTSWMXMSR *MK E % (YIXSWSPEV XLI GSRHMXMSR I\TIGXIH XS TVIZEMP EX XLI XMQI SJ GSRGVIXI
VEHMEXMSRHMJJIVIRXMEPXIQTIVEXYVIW[MPPKIRIVEXII\TERWMZI TPEGIQIRXSVFSXL8LITVIGEYXMSRJSVZIVXMGEPEHNYWXQIRXMW
JSVGIWMRXLIYTTIVJPERKI[LMGLEVIVIWMWXIHF]STTSWMRK QSWXMQTSVXERXFIGEYWIXLIMRTPEGIJSVQMRK[MPPWLMIPHXLI
JSVGIW MR XLI PS[IV JPERKI 8LIWI HIJPIGXMSRW EVI QSVI PS[IVTSVXMSRSJXLIKMVHIVWJVSQWSPEVVEHMEXMSR(MJJIVIRXMEP
TVSRSYRGIH[MXLPSRKIVWTERPIRKXLWX]TISVMIRXEXMSRERH XLIVQEP IJJIGXW GER FI ZMVXYEPP] RIKEXIH SJ GSYVWI F]
GSPSV SJ KMVHIVW [IEXLIV GSRHMXMSRWERH XLI XMQI SJ ]IEV GSRGVIXMRKZIV]IEVP]SVPEXIMRXLIHE]ERH
8LI VIWYPXMRK IJJIGX MW ER YT[EVH HIJPIGXMSR SJ XLI KMVHIV (IPE]XLIJMREPWXVMOISJJTEWWSJXLIWGVIIHMRKQEGLMRI
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KVEHIWGSQTP]MRK[MXLXLIRIYXVEPTSWMXMSRSJXLIKMVHIVFYX QSVI FILMRH GSRGVIXI TPEGIQIRX *SV I\GITXMSREPP] [MHI
XLIGSRGVIXIHIGO[EWWGVIIHIHXSKVEHIYRHIVHMJJIVIRXMEP VSEH[E][MHXLWSJQSVIXLERXLIIUYMZEPIRXSJXLVIIJX
XLIVQEP GSRHMXMSRW XLI XLMGORIWW SJ XLI HIGO [SYPH FI Q XVEJJMGPERIWXLIFVMHKIHIWMKRIVWLSYPHFIGSRWYPXIH
HIGVIEWIH *MK E '  ;SVOTPEXJSVQWEVIGSQQSRP]IQTPS]IHXSEMH
8LIMRJPYIRGISJGSRGVIXIHIEHPSEHMRKMWMPPYWXVEXIHMR MRJMRMWLMRKSTIVEXMSRW8LI]X]TMGEPP]WTERXLIHIGOMRXLI
*MK F 'SRZIRXMSREPHIWMKRTVSGIHYVIWJSVGEPGY HMVIGXMSR TEVEPPIPXS XLIJMRMWLMRKQEGLMRI ERH IQTPS] XLI
PEXMRK HIEHPSEH HIJPIGXMSRW RSVQEPP] EWWYQI XLEX IEGL WEQIVEMPWXSJEGMPMXEXIQSZIQIRX8LI]WLSYPHFIVIUYMVIH
KMVHIVMWJVIIXSHIJPIGXMRHITIRHIRXP]SJSXLIVKMVHIVWMRE [LIRQERYEPJMRMWLMRKQIXLSHWEVIYWIH
FVMHKI WTER ,S[IZIV YRHIV TEVXMEP XVERWZIVWI PSEHMRK  8I\XYVMRK
GSRHMXMSRW WYGL EW XLI I\EQTPI WLS[R XLI GSRZIRXMSREP  (IGOW[MXLHIITWYVJEGIXI\XYVIW[MPPVIXEMRWOMH
GEPGYPEXMSR QIXLSH ]MIPHW E QMHWTER XVERWZIVWI HIJPIGXMSR VIWMWXERGI PSRKIV XLER XLSWI [MXL WLEPPS[IV XI\XYVIW
TEXXIVR QEVOIHP] HMJJIVIRX JVSQ XLI EGXYEP JMIPH HIJPIGXMSR 7EXMWJEGXSV] XI\XYVIW GER FI TVSHYGIH F] VEOI [MVI
TEXXIVR8LYWMJXLIGSRGVIXI[EWWXVYGOSJJXSKVEHISZIVXLI FVSSQMRKXMRMRKERHWE[GYXXMRKEJXIVGYVMRK %'-6 
JMVWXKMVHIVXLIQMHWTERHIGOXLMGORIWWEXXLMWTSMRX[SYPHFI  %JXIV XLI GSRGVIXI LEW FIIR FVSYKLX XS XLI
HIGVIEWIH F] XLI HMJJIVIRGI FIX[IIR XLI X[S HIJPIGXMSR VIUYMVIHKVEHIGSRXSYVERHWQSSXLRIWWXLIXI\XYVIWLSYPH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6 

FIETTPMIH%XXLIGYVVIRXWXEXISJXIGLRSPSK]EFVSSQJMRMWL 8LI *2 SJ XLI FVMHKI HIGO WYVJEGI WLSYPH RSX HMJJIV
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XI\XYVI;MVIFVSSQW[MXLFVMWXPIWWTEGIHXSKMZIEGSEVWI ERHWLSYPHLEZIERHVIXEMRXLIQMRMQYQZEPYIIWXEFPMWLIH
XI\XYVI EVI TVIJIVEFPI (YI XS XLI MQTSVXERGI SJ WIGYVMRK JSVTEZIQIRXWYVJEGIW4YFPMWLIHHEXEJSVFVMHKIHIGOWEVI
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QMRMQM^EXMSRSJRSMWIMWMQTSVXERX WOMHVIWMWXERGIGERFIMRJPYIRGIHF]QEXIVMEPWERHGSRWXVYGXMSR
8LIFVSSQWXVSOIWWLSYPHFIWUYEVIEGVSWWXLIWPEFJVSQ TVEGXMGIWERHF]WYFWIUYIRXP]ETTPMIHGSEXMRKW%RI\EQTPI
IHKI XS IHKI [MXL EHNEGIRX WXVSOIW WPMKLXP] SZIVPETTIH SJEWYVJEGITSPMWLIHF]LIEZ]XVEJJMGMWWLS[RMR*MK
&VSSQMRK QE] FI SFXEMRIH IMXLIV QERYEPP] F] WOMPPIH %HIXEMPIHXVIEXQIRXSJWOMHVIWMWXERGIERHTEZIQIRXVSYKL
[SVOIVW[LSTYPPMXEGVSWWXLIWYVJEGIJVSQE[SVOTPEXJSVQ RIWW[EWVITSVXIHF],IRV]  1SVIVIGIRXVIWIEVGLLEW
SV QIGLERMGEPP] F] WIPJTS[IVIH QEGLMRIV] XVEZIPMRK GSVVIPEXIH QMGVSXI\XYVI ERH QEGVSXI\XYVI SJ TEZIQIRX
PSRKMXYHMREPP] [MXL XLI TS[IVHVMZIR FVSSQ QSZMRK WYVJEGIW YWMRK TVSJMPSQIXV] XS HIXIVQMRI ER -RXIVREXMSREP
XVERWZIVWIP] 6EOMRK MW HSRI MR E WMQMPEV JEWLMSR EW *VMGXMSR-RHI\ -*- ERHIJJSVXWLEZIFIIRQEHIXSGSVVIPEXI
FVSSQMRK[MXLVEOIXMRIWXLEXEVIWXMJJIVXLERXLI[MVIXMRIW XLIWIHEXEXSWOMHRYQFIVWSVJVMGXMSRRYQFIVW /S[EPWOMIX
1EGLMRI XMRMRK MW HSRI [MXL WXMJJ [MVIW %JXIV LEVHIRMRK EP 
XI\XYVMRK MW HSRI F] WE[GYXXMRK 7E[GYXXMRK LEW X]TMGEPP]
VITPEGIHXMRMRKHYIXSWYVJEGIVEZIPMRKXLEXSGGYVWHYVMRKXMRMRK {'YVMRK
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WXVIRKXLERHHYVEFMPMX]EVI GSRGIVRIH%VETMH MRGVIEWI MR
 8I\XYVMRKWXIIPJMFIV{(IGOWYVJEGIW[MXLWXIIP UYEPMX] HYVMRK XLMW TIVMSH GSQQSRP] VIJIVVIH XS EW XLI
JMFIVWQE]FIXI\XYVIHF]FVSSQMRKXSTVSZMHIEWOMHVIWMWXERX GYVMRKTIVMSHVIUYMVIWXIQTIVEXYVIWXSFIKVIEXIVXLER*
WYVJEGI%PXLSYKLERSXLIVQIXLSHMWVEOMRKGEYXMSRWLSYPH ' ERH[MXLPMXXPISVRSPSWWSJQM\MRK[EXIV
FIXEOIRHYVMRKXLITVSGIWWEWJMFIVWGERFIHVE[RSYXSJXLI 8SIRWYVIGSRXMRYIHL]HVEXMSREXXLISTXMQYQVEXIJSVE
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 'SVVIGXMSR SJ HIJIGXW{%JXIV XLI JMVWX TEWW SJ XLI WEXYVEXIHEWTSWWMFPI;EXIVWLSYPHFIEZEMPEFPIXSGSQTIRWEXI
JMRMWLMRK QEGLMRI EHHMXMSREP GSRGVIXI WLSYPH FI EHHIH XS JSV IZETSVEXMSR JVSQ XLI WYVJEGI ERH XS VITPIRMWL [EXIV
LSRI]GSQFIHERHPS[WTSXWXLIRWXVYGOSJJEKEMR,SRI] VIQSZIHJVSQXLITSVIWF]XLIGLIQMGEPTVSGIWWGEPPIHWIPJ
GSQFIHERHPS[EVIEWWLSYPHRSXFIIPMQMREXIHF]XEQTMRK HIWMGGEXMSR *SV E X]TMGEP QM\XYVI XLI EQSYRX SJ [EXIV
SVKVSYXMRK8LIWYVJEGISJJMRMWLIHGSRGVIXIEJXIVJPSEXMRK RIIHIH HYVMRK XLI JMVWX [IIO XS VITPIRMWL HITPIXMSR HYI XS
WLSYPH FI GLIGOIH [MXL E  JX  Q  WXVEMKLXIHKI XLEX MW WIPJHIWMGGEXMSRMWEFSYXSRITEVX[EXIVXSTEVXWGIQIRXF]
TPEGIH TEVEPPIP XS XLI VSEH[E] GIRXIVPMRI ERH EX WIZIVEP [IMKLX)ZETSVEXMSRSJGYVMRK[EXIVLS[IZIVVIHYGIWXLI
TSWMXMSRW JVSQ SRI IHKI SJ XLI HIGO XS XLI SXLIV FIJSVI HIGO WYVJEGI XIQTIVEXYVI %'-  WXEXIW XLEX XLI
QSZMRKXSXLIRI\XPSGEXMSR7YGGIWWMZIPSGEXMSRWWLSYPHRSX GSRGVIXIXIQTIVEXYVIWLSYPHRSXFITIVQMXXIHXSHIGVIEWIEX
I\GIIHSRILEPJXLIPIRKXLSJXLIWXVEMKLXIHKI(ITVIWWMSRW EVEXIKVIEXIVXLER* ' TIVLSYVHYVMRKXLIMRMXMEPLSYV
JSYRH WLSYPH MQQIHMEXIP] FI JMPPIH [MXL JVIWL GSRGVIXI TIVMSHEJXIVGEWXMRK
VIZMFVEXIH WXVYGO SJJ ERH VIJMRMWLIH %R] EVIEW RSX 4EVXMGYPEVEXXIRXMSRWLSYPHFIKMZIRXSXLIIUYMTQIRXXLEX
GSVVIGXIHMRXLIQERRIVHIWGVMFIHTVIZMSYWP]QE]LEZIXSFI [MPPFIYWIHXSEGGSQTPMWLXLIGYVI%PPIUYMTQIRXERHJEGMPMXMIW
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 4SSV WOMH VIWMWXERGI{7YVJEGI JVMGXMSR QIEWYVI 8IQTIVEXYVIERH[IEXLIVWLSYPHEPWSFIGSRWMHIVIH[LIR
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VIUYMVIQIRXW SJ %781 ))1 8LMW TVSGIHYVI EVI GSRHYGMZI XS LMKLIV IZETSVEXMSR %'- 6 VIGSK
QIEWYVIWXLIJVMGXMSREPJSVGISREPSGOIHXIWX[LIIPEWMXMW RM^IWXLEXw(V]MRKGSRHMXMSRWGEREPWSSGGYVEXPS[EQFMIRX
HVEKKIH SZIV E [IX TEZIQIRX WYVJEGI YRHIV GSRWXERX PSEH XIQTIVEXYVI[MXLWPS[IVWIXXMQIWPS[IVVIPEXMZILYQMHMX]
ERHEXEGSRWXERXWTIIH[MXLMXWQENSVTPERITEVEPPIPXSXLI ERH[MRHEPPSJ[LMGLEVIGSRHYGMZIXSLMKLIVIZETSVEXMSRx
HMVIGXMSRSJQSXMSRERHTIVTIRHMGYPEVXSXLITEZIQIRX8LI 8LI GSRGVIXI WLSYPH FI OITX MR E YRMJSVQP] QSHIVEXI
WXERHEVHVIJIVIRGIWTIIHMWYWYEPP]QTL OQL ERH XIQTIVEXYVI GSRHMXMSR 0EGO SJ EHIUYEXI TVIGEYXMSREV]
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VIWMWXERGI SV XS EGX EW WYVJEGI QIQFVERIW XS QMRMQM^I 7XIIP JMFIVW YWIH MR E [LMXIXSTTMRK TVSNIGX [LMGL MW E
TIRIXVEXMSRSJ[EXIVERHGLPSVMHIMSRW8LI]WLSYPHKIRIVEPP] GSRGVIXISZIVPE]SREWTLEPXTEZIQIRXJEMPIHXSLSPHGVEGOIH
FI ETTPMIH XS HV] GSRGVIXI WYVJEGIW 8LI] YWYEPP] MRZSPZI WIGXMSRW XSKIXLIV FIGEYWI SJ GSVVSWMSR SJ XLI JMFIVW MR XLI
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ZEVMSYW FMRHIVW MRGPYHMRK EWTLEPXMG IQYPWMSRW TSP]QIV XSTTMRK TVSNIGX 7TVMROIP   ,]HVEYPMG GIQIRX GSRGVIXI
VIWMRW ERH TSP]QIVQSHMJMIH GIQIRXW 8LMR SZIVPE]W EVI SZIVPE]WGERTIVJSVQ[IPPJSV]IEVW 7TVMROIPE 
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PS[TIVQIEFMPMX]QEXIVMEP[MXLSYXWMKRMJMGERXP]MRGVIEWMRKXLI ;IEVMRKGSYVWIWEVIKIRIVEPP]EWTLEPXMGGSRGVIXIW
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ERSXLIVHITIRHMRKSRPSGEPIGSRSQMGGPMQEXMGERHHIWMKR SRETSVXPERHGIQIRXGSRGVIXIHIGO[MXLSYXE[EXIVTVSSJMRK
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SJ XLIEGXYEP TVSFPIQW 7LVMROEKI ERH WYVJEGI GVEGOMRK SJ TSVSYWERHVIEHMP]GSRHYGX[EXIVERHGLPSVMHIWXSXLITSVX
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QMPHIV GPMQEXIW [MXL PMXXPI YWI SJ HIMGMRK WEPXW 7LVMROEKI HIXIVMSVEXMSR[LMGLMWXLIRHMJJMGYPXXSSFWIVZISVQIEWYVI
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SZIVPE]WXLIHIWMKRIVWLSYPHGEVIJYPP]GSRWMHIVWIZIVEPHIXEMPW L]HVSFPEWXMRK EVI KIRIVEPP] TVIJIVVIH EPXLSYKL L]HVS
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VIZMI[IHTEVXMGYPEVP]SRPSRKWTERWXVYGXYVIW WERHFPEWXMRKERHMWSJXIRTVIJIVVIH7YVJEGITVITEVEXMSRJSV
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VIUYMVIVEMWMRKXLIFVMHKIHIGONSMRXWERHWYVJEGIHVEMREKI WIPIGXIH 6IWMRSYW QIQFVERIW JSV 8]TI --- SZIVPE]W QE]
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SV FI WYVVSYRHIH F] E HVMT KVSSZI 8LI] WLSYPH EPWS FI WLSYPHFIGSRWYPXIH
PSGEXIHWSEWXSQMWWHVMTTMRKSRXLIWYTTSVXMRKKMVHIVWSV 8]TI--SZIVPE]WKIRIVEPP]FSRHFIWXXSWYVJEGIWXLEXEVI
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7LIIXQIQFVERIWKIRIVEPP]FSRHFIXXIVXSWQSSXLGSRGVIXI PE]W :MVXYEPP] EPP GSQQSR QEXIVMEPW VIUYMVI XIQTIVEXYVIW
[LMPIXLMRSZIVPE]WQE]FSRHFIXXIVXSXLIPMKLXVSYKLRIWW EFSZIJVII^MRKERHQSWXEFSZI* ' XSEJJIGXTVSTIV
GVIEXIHF]PMKLXFVSSQMRK%PMKLXKVMXFPEWXWLSXFPEWXSV GYVI3RII\GITXMSRMWXLITVIJEFVMGEXIHWLIIXW
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E LIEZMP] XI\XYVIH WYVJEGI MW HMJJMGYPX WS KVSYX WLSYPH FI SZIVXLIWYVJEGI%RSXLIVQIXLSHMWXSTVIQM\XLIEKKVIKEXIW
EZSMHIH[LIRXLIXI\XYVIMWLIEZ],]HVSFPEWXMRKERSPHIV ERH FMRHIV ERH WGVIIH XLI SZIVPE] WSQIXMQIW MR REVVS[
HIGOMWSRII\EQTPISJXLMW PSRKMXYHMREPWXVMTW7SQIXMQIWXLITVIQM\W]WXIQMWTVIGIHIH
1ERYJEGXYVIVvW VIGSQQIRHEXMSRW WLSYPH FI GSRWYPXIH F]ETVMQIVGSEX%KKVIKEXIWEVIX]TMGEPP]FVSEHGEWXSZIVXLI
*SV8]TI--ERH8]TI---SZIVPE]WHIGOWYVJEGIXSPIVERGIW WGVIIHIHWYVJEGI
JSVWGVIIHMRKERHJPEXRIWWRIIHFIPIWWWXVMRKIRXXLER[LIVI  8]TI--SZIVPE]WEVIYWYEPP]ETTPMIHF]WGVIIHMRK
8]TI-SVRSSZIVPE]WEVIERXMGMTEXIH1MRSVMVVIKYPEVMXMIWMR MR TPEGI 0S[WPYQT SZIVPE]W VIUYMVI QSFMPI GSRGVIXI
TVSJMPIERHGVSWWWPSTIGERFIGSVVIGXIHF]XLIWYFWIUYIRX QM\IVWERHWTIGMEPWGVIIHW3XLIVSZIVPE]WTPEGIHEXXSMR
GSRGVIXISVEWTLEPXMGGSRGVIXISZIVPE] XSQQ WPYQTMRZSPZIGSRZIRXMSREPWGVIIHW,MKL
7SQI GYVMRK GSQTSYRHW QE] MRLMFMX XLI FSRH WXVIRKXL EQTPMXYHIEMVWGVIIHWSVXLIYWISJEMVWGVIIHW[MXLQM\XYVI
FIX[IIR8]TI-ERH8]TI--SZIVPE]WERHXLIHIGOWYVJEGI WPYQTWLMKLIVXLERMR QQ EVIRSXVIGSQQIRHIHHYI
;LIVI WYGL QEXIVMEPW EVI YWIH WERHFPEWXMRK SV WLSX XSXLIMVIJJIGXSRXLIGSRGVIXIEMVZSMHW]WXIQERHVIWYPXMRK
FPEWXMRKWLSYPHFIVIUYMVIHFIJSVIETTP]MRKXLISZIVPE] JVII^MRKERHXLE[MRK VIWMWXERGI SJ XLI SZIVPE] 'SRGVIXI
3RPEVKIVSZIVPE]TVSNIGXWMRTEVXMGYPEVMXMWVIGSQQIRHIH SZIVPE]W [MXL ,6;6%W WLSYPH RSX FI SZIVZMFVEXIH SV
XLEX XLI TVITEVIH WYVJEGI FI IZEPYEXIH JSV FSRH WXVIRKXL SZIVJMRMWLIHXSEZSMHHYVEFMPMX]TVSFPIQW
YWMRK XLI TVSGIHYVI MR %'- 6 %PXIVREXIP] XIWX  8]TI --- SZIVPE]W EVI GSRWXVYGXIH EGGSVHMRK XS
TEXGLIWSJSZIVPE]GERFITPEGIHSRXLITVITEVIHWYVJEGIERH XLIOMRHSJ QIQFVERIYWIH 1IQFVERIW WMQMPEV XS8]TI -
XIWXIHJSVFSRHWXVIRKXLYWMRK%'-68LIXIWXMRKSJ SZIVPE]W EVI ETTPMIH EW MR 7IGXMSR  &MXYQIR
XLI XIWX TEXGLIW GER MHIRXMJ] TVSFPIQW [MXL XLI HIGO QIQFVERIWEVIWMQMPEVP]ETTPMIHI\GITXXLEXQIWLYWYEPP]
GSRGVIXI WYVJEGI TVITEVEXMSR KVSYX ERHSZIVPE] QEXIVMEPW SJJMFIVKPEWWQE]FIIQFIHHIHVEXLIVXLEREKKVIKEXI7SQI
ERH GSRWXVYGXMSR 4VSFPIQW WLSYPH FI EHHVIWWIH WS XLEX E X]TIW SJ TVIJEFVMGEXIH WLIIXW EVI VSPPIH MR TPEGI EJXIV
WYGGIWWJYPSZIVPE]MWGSRWXVYGXIH 7TVMROIPF  ETTP]MRKEWYMXEFPIXEGOGSEX)QYPWMSRFEWIHXEGOGSEXWEVI
 'SRWXVYGXMRK XLI SZIVPE]{2IEVP] EPP 8]TI - ERH TVIJIVVIH FIGEYWI ZSPEXMPIW JVSQ EWTLEPXW QE] GEYWI
8]TI -- SZIVPE]W VIUYMVI WGVYTYPSYW GPIERMRK SJ XLI HIGO FPMWXIVMRKMRXLIWLIIXW;EXIVZETSVJVIIHJVSQIQYPWMSRW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6 

QE]EPWSGEYWIFPMWXIVMRKMJEHIUYEXIXMQIMWRSXTIVQMXXIH 7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH


JSV XLI IQYPWMSR XS GYVI TVSTIVP] 7SQI X]TIW SJ WLIIX 'SVVSWMSR6IWMWXERX (IJSVQIH ERH 4PEMR
QIQFVERIWEVIETTPMIHF]YWMRKXSVGLIWXSQIPXXLIFSXXSQ %PPS] &MPPIX7XIIP &EVW JSV 'SRGVIXI
PE]IVEWXLIWLIIXMWVSPPIHMRXSTPEGI 6IMRJSVGIQIRXERH(S[IPW
;IEVMRK GSYVWIW EVI X]TMGEPP] TPEGIH [MXL GSRZIRXMSREP 8 7XERHEVH 1IXLSH SJ 8IWX JSV 1EXIVMEPW
VYFFIVXMVIH IUYMTQIRX ERH GEVI WS EW RSX XS HEQEKI XLI *MRIV XLER Q 2S   7MIZI MR
QIQFVERI1ER]X]TIWSJFMXYQIRYWIHMRFYMPXYTQIWL 1MRIVEP%KKVIKEXIWF];EWLMRK
VIMRJSVGIHPE]IVWEVIZYPRIVEFPIXSHEQEKIERHQE]VIUYMVI 818 7XERHEVH1IXLSHSJ8IWXJSV&YPO(IRWMX]
LERHETTPMGEXMSRSJEFMRHIVGSYVWIJSPPS[IHF]XLIWYVJEGI w9RMX;IMKLXx ERH:SMHWMR%KKVIKEXI
[IEVMRKGSYVWI 8 7XERHEVH 1IXLSH SJ 8IWX JSV 3VKERMG
-QTYVMXMIWMR*MRI%KKVIKEXIWJSV'SRGVIXI
{3XLIVGSRWMHIVEXMSRW 8 7XERHEVH 1IXLSH SJ 8IWX JSV 5YEPMX] SJ
2SXEPPFVMHKIWLEZIXLIWEQIHIWMKRERHI\TSWYVIGSRHMXMSRW ;EXIVXS&I9WIHMR'SRGVIXI
WSXLIVIWYPXMRKFVMHKIHIGOTVSFPIQWEVIRSXEP[E]WWMQMPEV 8 7XERHEVH1IXLSHSJ8IWXJSV7MIZI%REP]WMW
ERH RIMXLIV EVI XLI WSPYXMSRW 7IZIVEP JEGXSVW WLSYPH FI SJ*MRIERH'SEVWI%KKVIKEXIW
GSRWMHIVIH[LIRGLSSWMRKERSZIVPE] 8 7XERHEVH 1IXLSH SJ 8IWX JSV )JJIGX SJ
 +ISKVETLMGERHGPMQEXMGJEGXSVW{%RRYEPVEMRJEPP 3VKERMG -QTYVMXMIW MR *MRI %KKVIKEXI SR
QE\MQYQ ERH QMRMQYQ I\TIGXIH XIQTIVEXYVIW ERRYEP 7XVIRKXLSJ1SVXEV
VERKIW SJ LYQMHMX] ERH ERRYEP RYQFIV SJ JVII^MRKERH 8 7XERHEVH 1IXLSH SJ 8IWX JSV 7TIGMJMG
XLE[MRKG]GPIWEVIEPPWMKRMJMGERXJEGXSVWVIPEXMRKXSI\TIGXIH +VEZMX]ERH%FWSVTXMSRSJ*MRI%KKVIKEXI
WIVZMGI PMJI XLEX ZEV] JVSQ VIKMSR XS VIKMSR (V] GPMQEXIW 8 7XERHEVH1IXLSHSJ8IWXJSV7TIGMJMG+VEZMX]
KIRIVEPP]VIWYPXMRKVIEXIVWLVMROEKIERHGVEGOMRKSJ8]TI-- ERH%FWSVTXMSRSJ'SEVWI%KKVIKEXI
SZIVPE]W;EVQ[IXGPMQEXIWEVIGSRHYGMZIXSVETMHVEXIWSJ 8 7XERHEVH1IXLSHSJ8IWXJSV6IWMWXERGIXS
WXIIP GSVVSWMSR 'SPH GPMQEXIW GVIEXI XIRWMPI WXVIWWIW JVSQ (IKVEHEXMSR SJ 7QEPP7M^I 'SEVWI
XIQTIVEXYVI GLERKI ERH GEYWI QER] QEXIVMEPW XS FIGSQI %KKVIKEXIF]%FVEWMSRERH-QTEGXMRXLI
FVMXXPIERHJEMP[LIRWYFNIGXIHXSPMZIPSEHWXVIWWIW7EPXQE] 0SWX%RKIPIW1EGLMRI
FITVIWIRXMRXLIEKKVIKEXIWSJWSQIVIKMSRWSVQE]GSQI 8 7XERHEVH1IXLSHSJ8IWXJSV7SYRHRIWWSJ
JVSQFSHMIWSJWEPX[EXIVSVJVSQHIMGMRKGLIQMGEPWYWIHMR %KKVIKEXI F] 9WI SJ 7SHMYQ 7YPJEXI SV
RSVXLIVR VIKMSRW %FVEWMZI WYVJEGI [IEV QE] FI KVIEXP] 1EKRIWMYQ7YPJEXI
MRGVIEWIH F] XLI TVIWIRGI SJ WXYHHIH XMVIW SV XMVI GLEMRW 818 7XERHEVH1IXLSHSJ8IWXJSV'SQTVIWWMZI
7SQIVIKMSRWEVIFIKMRRMRKXSI\TIVMIRGIEGMHVEMR6EXIWSJ 7XVIRKXL SJ ,]HVEYPMG 'IQIRX 1SVXEV
GEVFSREXMSREPWSZEV]VIKMSREPP]&SXLEGMHVEMRERHGEVFSR 9WMRKQQSVMR'YFI7TIGMQIRW
EXMSRPS[IVXLIT,PIZIPSJXLIGSRGVIXI[LMGLQE]VIWYPXMR 8 7XERHEVH 1IXLSH SJ 8IWX JSV 0MKLX[IMKLX
MRGVIEWIHVIMRJSVGMRKWXIIPGSVVSWMSR 4MIGIWMR%KKVIKEXI
8 7XERHEVH1IXLSHSJ8IWXJSV8MQISJ7IXXMRK
',%48)6{6)*)6)2')7 SJ,]HVEYPMG'IQIRXF]:MGEX2IIHPI
{6IJIVIRGIHVITSVXWERHWXERHEVHW 8 7XERHEVH1IXLSHSJ8IWXJSV6IWMWXERGISJ
%QIVMGER%WWSGMEXMSRSJ7XEXI,MKL[E]ERH8VERWTSVXEXMSR 'SRGVIXIXS6ETMH*VII^MRKERH8LE[MRK
3JJMGMEPW %%7,83 8 7XERHEVH 1IXLSH SJ 8IWX JSV %GGIPIVEXIH
111 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH ERH (IXIGXMSR SJ 4SXIRXMEPP] (IPIXIVMSYW
4PEMR 'EVFSR7XIIP &EVW JSV 'SRGVIXI )\TERWMSR SJ 1SVXEV &EVW (YI XS %POEPM
6IMRJSVGIQIRX 7MPMGE6IEGXMSR
1 7XERHEVH 7TIGMJMGEXMSR JSV 4SVXPERH
'IQIRX %QIVMGER'SRGVIXI-RWXMXYXI %'-
 7TIGMJMGEXMSRW JSV 8SPIVERGIW JSV
1 7XERHEVH 7TIGMJMGEXMSR JSV &PIRHIH
'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPWERH
,]HVEYPMG'IQIRX
'SQQIRXEV]
1117XERHEVH 7TIGMJMGEXMSR JSV )TS\] 'SEXIH
6 +YMHIJSV'SRHYGXMRKE:MWYEP-RWTIGXMSR
6IMRJSVGMRK&EVW
SJ'SRGVIXIMR7IVZMGI
1 7XERHEVH 7TIGMJMGEXMSR JSV 'SEP *P] %WL 6 +YMHIXS(YVEFPI'SRGVIXI
ERH6E[SV'EPGMRIH2EXYVEP4S^^SPERJSV  7XERHEVH4VEGXMGIJSV7IPIGXMRK4VSTSVXMSRW
9WIMR'SRGVIXI JSV 2SVQEP ,IEZ][IMKLX ERH 1EWW
1 7XERHEVH 7TIGMJMGEXMSR JSV +VSYRH 'SRGVIXI
+VERYPEXIH&PEWX*YVREGI7PEKJSV9WIMR  7XERHEVH4VEGXMGIJSV7IPIGXMRK4VSTSVXMSRW
'SRGVIXIERH1SVXEVW JSV7XVYGXYVEP0MKLX[IMKLX'SRGVIXI
1 7XERHEVH 7TIGMJMGEXMSR JSV 7MPMGE *YQI 6 +YMHIJSV7IPIGXMRK4VSTSVXMSRWJSV,MKL
9WIHMR'IQIRXMXMSYW1M\XYVIW 7XVIRKXL'SRGVIXI9WMRK4SVXPERH'IQIRX
14114 ERH3XLIV'IQIRXMXMSYW1EXIVMEPW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6

6 6ITSVX SR 'LIQMGEP %HQM\XYVIW JSV  7TIGMJMGEXMSRJSV8]TI)1 )TS\]1YPXM


'SRGVIXI 0E]IV  4SP]QIV 3ZIVPE] JSV &VMHKI ERH
6 +YMHI JSV XLI 9WI SJ ,MKL6ERKI ;EXIV 4EVOMRK+EVEKI(IGOW
6IHYGMRK %HQM\XYVIW 7YTIVTPEWXMGM^IVW  7TIGMJMGEXMSRJSV8]TI)7 )TS\]7PYVV]
MR'SRGVIXI 4SP]QIV 3ZIVPE] JSV &VMHKI ERH 4EVOMRK
6 +YMHI XS )ZEPYEXMSR SJ 7XVIRKXL 8IWX +EVEKI(IGOW
6IWYPXWSJ'SRGVIXI
6 +YMHI JSV 9WI SJ 2SVQEP ;IMKLX ERH %781-RXIVREXMSREP
,IEZ][IMKLX%KKVIKEXIWMR'SRGVIXI % 7XERHEVH 7TIGMJMGEXMSR JSV 7XEMRPIWW
6 6ITSVXSR%POEPM%KKVIKEXI6IEGXMZMX] 7XIIP&EVWERH7LETIW
6 +YMHI JSVXLI 9WI SJ 7LVMROEKI'SQTIR %%1F 7XERHEVH 7TIGMJMGEXMSR JSV 0S[%PPS]
WEXMRK'SRGVIXI 7XIIP (IJSVQIH ERH 4PEMR &EVW JSV
6 9WISJ6E[SV4VSGIWWIH2EXYVEP4S^^SPERW 'SRGVIXI6IMRJSVGIQIRX
MR'SRGVIXI %%1 7XERHEVH7TIGMJMGEXMSRJSV>MRG'SEXIH
6 9WISJ*P]%WLMR'SRGVIXI +EPZERM^IH  7XIIP &EVW JSV 'SRGVIXI
6 7PEK'IQIRXMR'SRGVIXIERH1SVXEV 6IMRJSVGIQIRX
6 +YMHI JSV XLI 9WI SJ 7MPMGE *YQI MR %'1F 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH
'SRGVIXI ERH 4PEMR 'EVFSR7XIIP &EVW JSV
6 +YMHIJSV1IEWYVMRK1M\MRK8VERWTSVXMRK 'SRGVIXI6IMRJSVGIQIRX
ERH4PEGMRK'SRGVIXI %%1F 7XERHEVH 7TIGMJMGEXMSR JSV )TS\]
6 4PEGMRK'SRGVIXIF]4YQTMRK1IXLSHW 'SEXIH6IMRJSVGMRK7XIIP&EVW
6 &EXGLMRK 1M\MRK ERH .SF 'SRXVSP SJ %%1 7XERHEVH7TIGMJMGEXMSRJSV7XIIP*MFIVW
0MKLX[IMKLX'SRGVIXI JSV*MFIV6IMRJSVGIH'SRGVIXI
6 +YMHIXS,SX;IEXLIV'SRGVIXMRK %%1 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH
6 +YMHIXS'SPH;IEXLIV'SRGVIXMRK ERH 4PEMR 7XEMRPIWW7XIIP &EVW JSV
6 +YMHIXS'YVMRK'SRGVIXI 'SRGVIXI6IMRJSVGIQIRX
 7XERHEVH7TIGMJMGEXMSRJSV'YVMRK'SRGVIXI %%1 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH
6 +YMHIJSV'SRWSPMHEXMSRSJ'SRGVIXI ERH 4PEMR 0S[GEVFSR 'LVSQMYQ
6 8I\XYVMRK'SRGVIXI4EZIQIRXW [MXLHVE[R 7XIIP&EVWJSV'SRGVIXI6IMRJSVGIQIRX
6 +YMHIJSV1EMRXIRERGISJ'SRGVIXI&VMHKI ''1 7XERHEVH8IWX1IXLSHJSV&YPO(IRWMX]
1IQFIVW w9RMX;IMKLXx ERH:SMHWMR%KKVIKEXI
6 6ITSVXSR,MKL7XVIRKXL'SRGVIXI ''1 7XERHEVH 7TIGMJMGEXMSR JSV 'SRGVIXI
6 7IVZMGI0MJI4VIHMGXMSR %KKVIKEXIW
6 6ITSVXSR*MFIV6IMRJSVGIH4SP]QIV *64 ' 7XERHEVH 8IWX 1IXLSH JSV 3VKERMG
6IMRJSVGIQIRXJSV'SRGVIXI7XVYGXYVIW -QTYVMXMIW MR *MRI %KKVIKEXIW JSV
6 +YMHIJSVXLI(IWMKRERH'SRWXVYGXMSRSJ 'SRGVIXI
7XVYGXYVEP 'SRGVIXI 6IMRJSVGIH [MXL *64 ''1 7XERHEVH 8IWX 1IXLSH JSV )JJIGX SJ
&EVW 3VKERMG -QTYVMXMIW MR *MRI %KKVIKEXI
6 +YMHI8IWX 1IXLSHW JSV *MFIV6IMRJSVGIH SR7XVIRKXLSJ1SVXEV
4SP]QIVW *64  JSV 6IMRJSVGMRK SV ' 7XERHEVH8IWX1IXLSHJSV7SYRHRIWWSJ
7XVIRKXLIRMRK'SRGVIXI7XVYGXYVIW %KKVIKEXIWF]9WISJ7SHMYQ7YPJEXI
 7TIGMJMGEXMSRJSV'SRWXVYGXMSR[MXL*MFIV SV1EKRIWMYQ7YPJEXI
6IMRJSVGIH4SP]QIV6IMRJSVGMRK&EVW ''1 7XERHEVH 7TIGMJMGEXMSR JSV 6IEH]
 7TIGMJMGEXMSRJSV'EVFSRERH+PEWW*MFIV 1M\IH'SRGVIXI
6IMRJSVGIH 4SP]QIV &EV 1EXIVMEPW JSV ''1 7XERHEVH8IWX1IXLSHJSV'SQTVIWWMZI
'SRGVIXI6IMRJSVGIQIRX 7XVIRKXL SJ ,]HVEYPMG 'IQIRX
6 9WISJ)TS\]'SQTSYRHW[MXL'SRGVIXI 1SVXEVW 9WMRK MR SV ?QQA
6 +YMHI XS 7IEPMRK .SMRXW MR 'SRGVIXI 'YFI7TIGMQIRW
7XVYGXYVIW [MXLHVE[R ' 7XERHEVH 8IWX 1IXLSH JSV 1EXIVMEPW
6 +YMHI JSV 7TIGMJ]MRK 4VSTSVXMSRMRK ERH *MRIV XLER Q 2S   7MIZI MR
4VSHYGXMSRSJ*MFIV6IMRJSVGIH'SRGVIXI 1MRIVEP%KKVIKEXIWF];EWLMRK
6 +YMHIJSVXLI9WISJ4SP]QIVWMR'SRGVIXI ' 7XERHEVH8IWX1IXLSHJSV0MKLX[IMKLX
6 6ITSVXSR4SP]QIV1SHMJMIH'SRGVIXI 4EVXMGPIWMR%KKVIKEXI
 7XERHEVH7TIGMJMGEXMSRJSV0EXI\1SHMJMIH ' 7XERHEVH 8IWX 1IXLSH JSV (IRWMX]
'SRGVIXI 01' 3ZIVPE]W 6IPEXMZI (IRWMX] 7TIGMJMG +VEZMX] 
6 +YMHIJSV4SP]QIV'SRGVIXI3ZIVPE]W ERH%FWSVTXMSRSJ'SEVWI%KKVIKEXI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32 %'-6 

'E 7XERHEVH 8IWX 1IXLSH JSV (IRWMX] ''1 7XERHEVH 8IWX 1IXLSH JSV 7GEPMRK
6IPEXMZI (IRWMX] 7TIGMJMG +VEZMX]  6IWMWXERGI SJ 'SRGVIXI 7YVJEGIW
ERH%FWSVTXMSRSJ*MRI%KKVIKEXI )\TSWIHXS(IMGMRK'LIQMGEPW
' 7XERHEVH8IWX1IXLSHJSV6IWMWXERGIXS ' 7XERHEVH 7TIGMJMGEXMSR JSV )\TERWMZI
(IKVEHEXMSR SJ 7QEPP7M^I 'SEVWI ,]HVEYPMG'IQIRX
%KKVIKEXIF]%FVEWMSR ERH -QTEGXMR ' 7XERHEVH 7TIGMJMGEXMSR JSV +VSYRH
XLI0SW%RKIPIW1EGLMRI +VERYPEXIH&PEWX*YVREGI7PEKJSV9WI
' 7XERHEVH8IWX1IXLSHJSV7MIZI%REP]WMW MR'SRGVIXIERH1SVXEVW
SJ*MRIERH'SEVWI%KKVIKEXIW ' 7XERHEVH8IWX1IXLSHJSV(IKVEHEXMSR
''1 7XERHEVH 7TIGMJMGEXMSR JSV 4SVXPERH SJ *MRI %KKVIKEXI (YI XS %XXVMXMSR
'IQIRX WYTIVWIHIH  LMWXSVMGEPWXERHEVH
' 7XERHEVH 7TIGMJMGEXMSR JSV 7LIIX ''1 7XERHEVH4IVJSVQERGI7TIGMJMGEXMSRSJ
1EXIVMEPWJSV'YVMRK'SRGVIXI ,]HVEYPMG'IQIRX
' 7XERHEVH 8IWX 1IXLSHW JSV 8MQI SJ ' 7XERHEVH 8IWX 1IXLSH JSV )PIGXVMGEP
7IXXMRKSJ,]HVEYPMG'IQIRXF]:MGEX -RHMGEXMSR SJ 'SRGVIXIvW %FMPMX] XS
2IIHPI 6IWMWX'LPSVMHI-SR4IRIXVEXMSR
' 7XERHEVH 8IWX 1IXLSH JSV 4SXIRXMEP 'E 7XERHEVH7TIGMJMGEXMSRJSV7MPMGE*YQI
%POEPM6IEGXMZMX]SJ'IQIRX%KKVIKEXI 9WIHMR'IQIRXMXMSYW1M\XYVIW
'SQFMREXMSRW 1SVXEV&EV1IXLSH ' 7XERHEVH 8IWX 1IXLSH JSV 4SXIRXMEP
''1E 7XERHEVH 7TIGMJMGEXMSR JSV %MV %POEPM 6IEGXMZMX] SJ %KKVIKEXIW
)RXVEMRMRK%HQM\XYVIWJSV'SRGVIXI 1SVXEV&EV1IXLSH
' 7XERHEVH 8IWX 1IXLSH JSV 4SXIRXMEP 'F 7XERHEVH 8IWX 1IXLSH JSV (IXIVQMRE
%POEPM7MPMGE6IEGXMZMX]SJ%KKVIKEXIW XMSRSJ0IRKXL'LERKISJ'SRGVIXI(YI
'LIQMGEP1IXLSH XS%POEPM7MPMGE6IEGXMSR
' 7XERHEVH +YMHI JSV 4IXVSKVETLMG ''1 7XERHEVH 7TIGMJMGEXMSR JSV 1M\MRK
)\EQMREXMSR SJ %KKVIKEXIW JSV ;EXIV 9WIH MR XLI 4VSHYGXMSR SJ
'SRGVIXI ,]HVEYPMG'IQIRX'SRGVIXI
' 7XERHEVH 7TIGMJMGEXMSR JSV 0MUYMH ' 7XERHEVH8IWX1IXLSHJSV1IEWYVIQIRX
1IQFVERI *SVQMRK 'SQTSYRHW JSV SJ7SPMHWMR;EXIV
'YVMRK'SRGVIXI (  7XERHEVH 8IWX 1IXLSH JSV -RHI\ SJ
%KKVIKEXI4EVXMGPI7LETIERH8I\XYVI
' 7XERHEVH 8IWX 1IXLSHW JSV 7EQTPMRK
((1 7XERHEVH 8IWX 1IXLSHW JSV 8IRWMPI
ERH 8IWXMRK *P] %WL SV 2EXYVEP
4VSTIVXMIW SJ *MFIV 6IMRJSVGIH
4S^^SPERWJSV9WIMR4SVXPERH'IQIRX
4SP]QIV1EXVM\'SQTSWMXI&EVW
'SRGVIXI
))1 7XERHEVH8IWX1IXLSHJSV7OMH6IWMW
''1 7XERHEVH7TIGMJMGEXMSRJSV0MKLX[IMKLX
XERGISJ4EZIH7YVJEGIW9WMRKE*YPP
%KKVIKEXIWJSV7XVYGXYVEP'SRGVIXI
7GEPI8MVI
''1E 7XERHEVH 8IWX 1IXLSH JSV 1MGVSWGST
MGEP(IXIVQMREXMSRSJ4EVEQIXIVWSJXLI
{'MXIHVIJIVIRGIW
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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
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW

1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK


%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

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