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+YMHIJSV'SRGVIXI,MKL[E]
&VMHKI(IGO'SRWXVYGXMSR
6ITSVXIHF]%'-'SQQMXXII
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7ITXIQFIV
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'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIHXSGSRXEGX%'-ZMEXLIIVVEXE[IFWMXIEX[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWT4VSTIV
YWISJXLMWHSGYQIRXMRGPYHIWTIVMSHMGEPP]GLIGOMRKJSVIVVEXEJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
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LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR37,%
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JVSQ XLI TVIGSRWXVYGXMSR XLVSYKL TSWXGSRWXVYGXMSR TIVMSH 8LMW KYMHI {-RXVSHYGXMSR
TVSZMHIW VIGSQQIRHEXMSRW JSV FVMHKI HIGO GSRWXVYGXMSR FEWIH SR
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HYVEFMPMX] TSP]QIV GSRGVIXI VIMRJSVGMRK FEVW WGEPMRK WLVMROEKI WOMH 'LETXIV{(IWMKRERHHYVEFMPMX]GSRWMHIVEXMSRW
VIWMWXERGI T
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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
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XLI%VGLMXIGX)RKMRIIV XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
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'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
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',%48)6{()*-2-8-327
'LETXIV{6IJIVIRGIWT {(IJMRMXMSRW
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{'MXIHVIJIVIRGIW ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x EX
LXXTXIVQMRSPSK]GSRGVIXISVK(IJMRMXMSRWTVSZMHIHLIVIMR
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{-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] 'EPGMYQRMXVMXISVSXLIVERSHMG
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
TSXIRXMEP ERH LEZI PIWW EFMPMX] XS VIHMWXVMFYXI PSEH ERH [EW IZEPYEXIH EW TEVX SJ 7XVEXIKMG ,MKL[E] 6IWIEVGL
XLIVQEPSVWLVMROEKIMRHYGIHWXVEMRW8LIVIWYPXMWEKVIEXIV 4VSKVEQ 7,64
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SJTIVQIEFMPMX]XLERWXVIRKXLEWGVMXIVMEJSVEGGITXERGI VIWMWXGSVVSWMSRMWHMWGYWWIHMR'LETXIV
%PXIVREXMZIP] VIMRJSVGMRK QEXIVMEPW WYGL EW *64 FEVW
[LMGLEVIRSXEJJIGXIHF]GLPSVMHIWGERFIGSRWMHIVIHZMEFPI {%VVERKIQIRXERHGSZIVSJVIMRJSVGIQIRX
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SVEXMSRWYGLEWWGEPMRKWSQIX]TIWSJGVEGOMRKERHWYVJEGI EREP]WMWSJFVMHKIHIGOFILEZMSV8LITVMQEV]VIMRJSVGIQIRX
WTEPPMRK KIRIVEPP] SGGYV [MXLMR XLI XST MR QQ
SJ E MW WIPIGXIH SR XLI FEWMW SJ SRI[E] WPEF EGXMSR ERH TYVI
HIGO-QTVSTIVGSRGVIXITPEGMRKERHJMRMWLMRKTVEGXMGIWSJXIR JPI\YVI7LIEVFSRHERHJEXMKYIEVIRSXGSRWMHIVIHMRXLI
VIWYPXMR E PS[IVUYEPMX] GSRGVIXIMR XLMW EVIE &IGEYWIMX MW TVSGIHYVI2SRISJXLIFVMHKIHIGOHYVEFMPMX]WXYHMIWLEZI
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+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32%'-6
8LI YWI SJ WXE]MRTPEGI 7-4
JSVQW EJJIGXW XLI TSMRXWEPSRKXLIKMVHIVPIRKXL7QEPPGSRGVIXILEYRGLIWEVI
XLMGORIWWSJXLIHIGOERHWLSYPHFIXEOIRMRXSGSRWMHIVEXMSR JSVQIHMRXLEXTSVXMSRSJXLIHIGO[LIVIXLIXSTWYVJEGISJ
7XE]MRTPEGI JSVQMRK QIXLSHW JSV HIGOW TVSZMHI E WMXI XLI KMVHIV MW PS[IV XLER XLI FSXXSQ SJ XLI WPEF (IWMKRIVW
GSRWXVYGXMSREHZERXEKI[LIVIJSVQWXVMTTMRKMWHMJJMGYPX WLSYPHMRGPYHITVSZMWMSRWJSVHIGOLEYRGLIWWYGLXLEXWPEF
-J GSVVYKEXIH QIXEP 7-4 JSVQW EVI YWIH WPMKLXP] KVIEXIV XLMGORIWWMWRSXVIHYGIHERHXLITPEGIQIRXSJVIMRJSVGIQIRX
WPEFXLMGORIWWIWEVIVIUYMVIHEWXLITVSJMPITSWMXMSRWSJXLI MWRSXEJJIGXIH[LIVIXLIKMVHIVQMKLXTVSNIGXMRXSXLIWPEF
PE]IVWSJVIMRJSVGMRKFEVWERHXLIQMRMQYQGSZIVSZIVXLI
VIMRJSVGIQIRXWLSYPHFIQEMRXEMRIH*MKYVIWLS[WSRI {(IGOHVEMREKI
X]TISJHIGOHIWMKR[LIVIXLIYWISJGSVVYKEXIHJSVQWVIWYPXW -XMWZMXEPXSIWXEFPMWLKVEHIWXLEX[MPPIRWYVITVSTIV
MR ER EHHMXMSREP MR QQ
SJ GSRGVIXI 8LMW HIWMKR HVEMREKISJXLIHIGO8]TMGEPGVSWWWPSTIWEVI SVMRJX
WMQTPMJMIWJSVQTPEGIQIRXTEVXMGYPEVP]SRVEHMEPWXVYGXYVIW QQQ
-R EHHMXMSR XS TVSZMWMSRW JSV WXSVQ [EXIV
-JTVIGEWXGSRGVIXIHIGOTERIPWEVIYWIHSRP]EWMRKPIQEX VIQSZEPEXXIRXMSRWLSYPHFIKMZIRXSXLITVSFPIQSJHVEMRMRK
SJXSTVIMRJSVGMRKFEVMWVIUYMVIHMRXLIHIGOGSRGVIXI8LI XLIWQEPPUYERXMXMIWSJ[EXIVJVSQQIPXMRKWRS[ERHFVMRI
HIWMKRIV WLSYPH TVSZMHI ETTVSTVMEXI WIEXMRK HIXEMPWJSVXLI JVSQ HIMGMRK GLIQMGEPW 8LI WLEPPS[ WPSTIW ERH GVS[RW
TVIGEWX TERIPW XLEX WTER FIX[IIR KMVHIV JPERKIW (IXEMPW WSQIXMQIW JSYRH SR FVMHKI HIGOW XLI WQEPP MREGGYVEGMIW MR
WLSYPHMRGPYHIWYJJMGMIRXFIEVMRK[MHXLJSVXLITERIPWEXXLI JMRMWLSJXLI[IEVMRKWYVJEGIXLIGSRJMRMRKIJJIGXSJXLIGYVF
KMVHIVWERHWYJJMGMIRXGPIEVERGIEFSZIXLIKMVHIVJPERKIWXS SVFEVVMIVERHXLIEGGYQYPEXMSRSJHMVXERHHIFVMWMRKYXXIVW
TIVQMXTPEGIQIRXSJGEWXMRTPEGIGSRGVIXIXSTTMRK[MXLSYX SJXIR VIWYPX MR MREHIUYEXI HIGO HVEMREKI *MK E
PIEZMRK ZSMHW SV LSRI]GSQFIH GSRGVIXI &VMHKI HIGOW 4SRHMRKSJ[EXIVERHFVMRISRERMREHIUYEXIP]HVEMRIHHIGO
GSRWXVYGXIH[MXL7-4TVIGEWXGSRGVIXIHIGOTERIPWJVIUYIRXP] MWEFEWMGGEYWISJFVMHKIHIGOHIXIVMSVEXMSR8LMWHIXIVMSVEXMSR
HIZIPST VIJPIGXMZI GVEGOMRK SJ XLI GEWXMRTPEGI GSRGVIXI QE]XEOIXLIJSVQSJTSTSYXWERHWTEPPWHYIXSI\TERHMRK
GSZIVSZIVXLIIHKIWSJXLITERIPWMRXLIXVERWZIVWIHMVIGXMSR EKKVIKEXISVGSVVSWMSRSJVIMRJSVGIQIRXHYIXSTIRIXVEXMSRSJ
ERHWSQIXMQIWXLIPSRKMXYHMREPHMVIGXMSR4SWXXIRWMSRMRKSJ GLPSVMHIW 4SSV HVEMREKI QE] PIEH XS TVIQEXYVI JEMPYVI SJ
XLITERIPWQMKLXFIIQTPS]IHXSTVIZIRXWYGLGVEGOWJVSQ NSMRXW ERH VIWYPX MR HIXIVMSVEXMSR SJ WYTIVWXVYGXYVI ERH
HIZIPSTMRK WYFWXVYGXYVIGSQTSRIRXW*MKF
%HIUYEXITVSZMWMSRJSVHIGOLEYRGLIWSVJMPPIXWSV (VEMRW WLSYPH FI WM^IH ERH PSGEXIH WS XLEX HVEMR
FSPWXIVWMWEHIWMKRJIEXYVIEWWSGMEXIH[MXLHIGOXLMGORIWW [EXIVQE]FIVIQSZIHUYMGOP]ERH[MPPRSXFIIQTXMIHSRXS
8LI HIWMKRIV WLSYPH WIPIGX FIEVMRK IPIZEXMSRW WS XLEX XLI SVFPS[REKEMRWXXLIGSRGVIXISVWXIIPFIPS[%REHIUYEXI
WXIIPSV TVIGEWXGSRGVIXI KMVHIVHSIWRSXTIRIXVEXI MRXSXLI RYQFIV SJ WQEPP HIGO HVEMRW WLSYPH FI TVSZMHIH MR JPEX
HIGO WPEF XLMGORIWW EX ER] TSMRX EPSRK MXW PIRKXL 8LI WYVJEGIEVIEW1EXIVMEPWYWIHMRHVEMRWERHGSRHYMXWWLSYPH
HIWMKRIV WLSYPH GSRWMHIV XLI HMJJIVIRGIW FIX[IIR XLI FI VIWMWXERX XS XLI GSVVSWMZI IJJIGX SJ HIMGMRK GLIQMGEPW
VSEH[E] TVSJMPI ERH XLI KMVHIV TVSJMPI{MRGPYHMRK XLI 'SRWMHIVEXMSR WLSYPH FI KMZIR XS HMVIGXMRK HVEMR [EXIV XS
TSWWMFPIHIZMEXMSRWJVSQI\TIGXIHKMVHIVGEQFIV{EXZEVMSYW EZSMHIVSWMSRSJLIEHWPSTIW7SQIVIKYPEXMSRWQE]VIUYMVI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32%'-6
*MKE
{4SSVHIGO HVEMREKIGEYWIW[EXIV XS GSPPIGX *MK {4SSV HIWMKR ERH PEGO SJ QEMRXIRERGI TIVQMX
EXNSMRX HIFVMWXSEGGYQYPEXIERHFPSGOHIGOHVEMRW
*MK{)\EQTPISJQSHYPEVNSMRXW]WXIQ
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
GSRXVSPLSYVQMRYXI
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 [LMGLGERFIWEPXWGEPIVIWMWXERX4MRXSERH,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
XLI2SQ
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
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F]XLITVIWIRGISJQSMWXYVIERHGLPSVMHIW'VEGOWSZIVXLI
VIMRJSVGIQIRXSVTSVSYWGSRGVIXIGEREGGIPIVEXIXLIVEXISJ
HIXIVMSVEXMSR 8LYW [LIVI GVEGOW SV TSVSYW GSRGVIXI EVI
IZMHIRXERHHIMGIVWEVIYWIHWSQIX]TISJ[EXIVTVSSJFEVVMIV
WLSYPHFITVSZMHIHSVWTEPPMRKGERFIERXMGMTEXIH
%KEMRMXMWVIMXIVEXIHXLEXGEVIJYPEXXIRXMSRXSKSSHHIWMKR
ERHGSRWXVYGXMSRTVEGXMGIWEWWIXJSVXLIPWI[LIVIMRXLMWWXERHEVH
TVEGXMGI WLSYPH WMKRMJMGERXP] VIHYGI XLI TVSTEKEXMSR SJ
*MK{8]TIWSJFVMHKIHIGOSZIVPE]W
GVEGOWERHTVIZIRXXLIEGGITXERGISJPS[UYEPMX]GSRGVIXI
;LIVIVITEMVGSWXWLEZIFIGSQII\GIWWMZISVKSSHTVEGXMGI
MWORS[RXSLEZIFIIRGSQTVSQMWIHLS[IZIVERSZIVPE] ERHFIGSQIWYFNIGXXSVYXXMRK7YGLVYXXMRKQE]FIMQTIV
QE]FIEGSWXIJJIGXMZIQIERWSJI\XIRHMRKWIVZMGIPMJI GITXMFPIMRXLIVSEH[E]FYXGVIEXIWERYRHIWMVEFPIFYQTEX
7OMH VIWMWXERGI{&VMHKI HIGOW PMOI EPP VSEH[E] FVMHKINSMRXW4SP]QIVSZIVPE]WQE]FIGSQIFVMXXPI[MXLEKI
WYVJEGIW WLSYPH FI EHIUYEXIP] WOMHVIWMWXERX 3GGEWMSREPP] SV[LIRS\MHM^IHERHXLYWQE]RSXVIXEMRXLITVSTIVXMIWJSV
VETMHWYVJEGI[IEVHYIXSGSRWXVYGXMSRHIJMGMIRGMIWERHYWISJ [LMGLXLI][IVIMRXIRHIH)\XIRHIHWIVZMGILMWXSVMIWWLSYPH
MREHIUYEXI WOMHVIWMWXERX EKKVIKEXIW VIHYGIW WOMH VIWMWXERGI FIMRZIWXMKEXIHJSVER]TVSTSWIHSZIVPE]
3ZIVPE]WTVSZMHIEQIERWJSVGSVVIGXMRKXLMWHIJMGMIRG] 4VSTIVXMIW VIUYMVIH SJ [EXIVTVSSJ FEVVMIVW{-R
;IEVMRKGSYVWI{8LIYWISJWXYHHIHXMVIWLEWQEVO EHHMXMSR XS XLI TVSTIVXMIW PMWXIH TVIZMSYWP] [EXIVTVSSJ
IHP]MRGVIEWIH XLI EFVEWMZI [IEV SR WSQI FVMHKIW 'SRWI FEVVMIVW WLSYPH FI HIWMKRIH XLEX EVI ETTVSTVMEXI JSV XLI
UYIRXP]SZIVPE]WQE]FIGSRWMHIVIHEWEWEGVMJMGMEP[IEVMRK GSRHMXMSRWXLEXGSYPHPIEHXSXLIMRXVYWMSRSJQSMWXYVIERH
GSYVWI FIGEYWI XLI PSWW XLVSYKL EFVEWMSR SJ ER SZIVPE] GLPSVMHIMSRW1ERRMRK
[SYPH RSX VIHYGI XLI WIGXMSR QSHYPYW SV XLI GVMXMGEP GPIEV -QTIVQIEFMPMX] MW ER MQTSVXERX TVSTIVX] SJ
GSZIVSZIVVIMRJSVGMRKFEVWMRXLIWXVYGXYVEPWPEF3ZIVPE]W [EXIVTVSSJ FEVVMIVW 1EXIVMEPW QE] FI MQTIVQIEFPI MR PEF
GERFIVITPEGIH[MXLVIPEXMZIIEWIERHGSWX XIWXGSRHMXMSRWFYXQE]FIEJJIGXIHF]YPXVEZMSPIXVEHMEXMSR
6IHYGXMSRSJ[LIIPPSEHIJJIGX{%WTLEPXMGGSRGVIXI SVF]XLILIEXJVSQEWTLEPXTEZMRK-RXVSHYGMRKEKKVIKEXIW
SZIVPE]WEVIGSQQSRP]YWIHXSTVSZMHI[LIIPPSEHHMWXVMFY JSVWOMHVIWMWXERGISVEWFYPOJMPPIVWQE]EPWSGVIEXIMRXIVGSR
XMSRERHEWQSSXLVMHMRKWYVJEGIXLEXLIPTWVIHYGIMQTEGX RIGXIHZSMHWXLEX EHQMX [EXIV 7SQI GSRWXVYGXMSR XIGLRMUYIW
&IGEYWI[EXIVERHGLIQMGEPWGERTIRIXVEXIEWTLEPXSZIVPE]W MRHYGIJSEQMRKERHTSVSWMX]XLEXQE]MRGVIEWI[EXIVMRXVYWMSR
E [EXIVTVSSJMRK QIQFVERI MW TPEGIH SR XLI HIGO WYVJEGI 'VEGOVIWMWXERGIMWERSXLIVMQTSVXERXVIUYMVIQIRX
FIJSVITPEGMRKXLIEWTLEPX SJE[EXIVTVSSJFEVVMIV(IZIPSTQIRXSJGVEGOWMRGSRGVIXIMW
SRI SJ XLI GSRHMXMSRW PIEHMRK XS XLI YWI SJ E [EXIVTVSSJ
{6IUYMVIHTVSTIVXMIWSJSZIVPE]W FEVVMIV ,IRGI FEVVMIV QEXIVMEPW WLSYPH FI GETEFPI SJ
8LI VIUYMVIH TVSTIVXMIW SJ SZIVPE]W HITIRH SR XLIMV FVMHKMRK WYGL GVEGOW MR XLI YRHIVP]MRK HIGO ERH VIQEMR
MRXIRHIHTYVTSWIEWHMWGYWWIHTVIZMSYWP] [EXIVTVSSJ 6IJPIGXMZI GVEGOMRKMR FVMHKIHIGOW MW E QYGL
4VSTIVXMIWVIUYMVIHSJEPPSZIVPE]W{7IZIVEPTVSTIVXMIW KVIEXIVTVSFPIQSRPSRKWTERGEWXMRTPEGIHIGOW8LIQSWX
EVI KIRIVEPP] VIUYMVIH SJ EPP SZIVPE]W VIKEVHPIWW SJ XLI TVIZEPIRX PSRKMXYHMREP GVEGOMRK SGGYVVIH EW VIJPIGXMZI
VIEWSRWPIEHMRKXSXLIMVYWI GVEGOW MR XLMR GSRGVIXI [IEVMRK GSYVWIW SZIV PSRKMXYHMREP
%HLIWMSRXSGSRGVIXISVFSRHMWEJYRHEQIRXEP NSMRXWSJEHNEGIRXTVIGEWXTVIWXVIWWIHFS\KMVHIVWTERWSVMR
VIUYMVIQIRXJSVQSWXSZIVPE]W;MXLSYXEHLIWMSRSZIVPE]W EVIEW [LIVI VIWMWXERGI XS WYFWMHIRGI [EW SJJIVIH F]
WSSR HIPEQMREXI [LMGL EX FIWX TVIWIRXW ER YRWMKLXP] PSRKMXYHMREPVIMRJSVGIQIRXZSMHXYFIWSVSXLIVSFWXVYGXMSRW
ETTIEVERGI ERH EX [SVWX VIUYMVIW I\XIRWMZI VITEMV XS &VMHKIHIGOWI\TERHERHGSRXVEGX[MXLXIQTIVEXYVI
TVSZMHIEREGGITXEFPI[IEVMRKERHTVSXIGXMZIWYVJEGI GLERKI ERH SZIVPE]W TPEGIH SR XLIQ WLSYPH HS PMOI[MWI
'SLIWMSR SV VIWMWXERGI XS WLIEV [MXLMR XLI [MXLSYXPSWWSJFSRH;LIVIXLIVQEPMRGSQTEXMFMPMXMIWI\MWX
SZIVPE]MXWIPJMWRIGIWWEV]XSVIWMWXXLIWXVIWWIWMRHYGIHF]XLI FIX[IIR XLI HIGO GSRGVIXI ERH XLI SZIVPE] SV QIQFVERI
XYVRMRK ERH FVEOMRKSJ XLILIEZMIWX XVYGOW 8LMW VIWMWXERGI WLIEVWXVIWWIW[MPPFIGVIEXIHF]XIQTIVEXYVIGLERKI8LIWI
QE]FIVIPIZERX[LIRGSRWMHIVMRKXLI YWISJYRVIMRJSVGIH WXVIWWIWEVITVSTSVXMSREPXSXLISZIVPE]SVQIQFVERIXLMGORIWW
XLIVQSTPEWXMGQEXIVMEPWWYGLEWEWTLEPX 7YGLWXVIWWIWQE]I\GIIHXLIFSRHWXVIRKXLSJXLISZIVPE]SV
7OMHVIWMWXERGIMWEJYRHEQIRXEPVIUYMVIQIRXSJ QIQFVERI SV XLI WLIEV WXVIRKXL SJ XLI HIGO GSRGVIXI
ERSZIVPE][LIXLIVSVRSXXLEXMWXLITYVTSWIJSV[LMGLMX VIWYPXMRK MR XLI JEMPYVI SJ XLI SZIVPE] SV QIQFVERIvW
[EWMRXIRHIHFIGEYWIXLISZIVPE]FIGSQIWXLIVSEHWYVJEGI IJJIGXMZIRIWW 8LYW XLI GSIJJMGMIRX SJ I\TERWMSR SJ ER]
8LMW TVSTIVX] VIUYMVIW XLI YWI SJ EFVEWMSRVIWMWXERX EKKVI SZIVPE]SVQIQFVERIQEXIVMEPMWEWMKRMJMGERXTVSTIVX][LIVI
KEXIW MR TSP]QIV GSRGVIXI SZIVPE]W +VSSZMRK [MXL E WYFWXERXMEPXIQTIVEXYVIGLERKIWSGGYV
HMEQSRHFPEHIWE[GYXSJLEVHIRIHGSRGVIXISVXI\XYVMRKSJ
TPEWXMGGSRGVIXIMWYWYEPP]VIUYMVIH[LIRTPEGMRKL]HVEYPMG {8]TIWSJSZIVPE]W
GIQIRXGSRGVIXISZIVPE]W 3ZIVPE]WGERFIKVSYTIHMRXSXLVIIGEXIKSVMIW*MK
(YVEFMPMX]YWIHLIVIMREWVIWMWXERGIXSEFVEWMSR e 8]TI-8LMRTSP]QIVSZIVPE]W
HIJSVQEXMSRERHHIGE]MWERSXLIVMQTSVXERXTVSTIVX]1ER] e 8]TI--,]HVEYPMGGIQIRXGSRGVIXISZIVPE]WERH
QEXIVMEPWWYGLEWFMXYQIRWWSJXIRYRHIVLMKLXIQTIVEXYVIW e 8]TI---1IQFVERIERHEWTLEPXGSRGVIXISZIVPE]W
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*36'32'6)8),-+,;%=&6-(+)()'/'327869'8-32%'-6
HIGO3RXLISXLIVLERHJSVWSQI8]TI--ERHEPP8]TI--- WYVJEGITVMSVXSETTPMGEXMSR7ERHFPEWXMRKWLSXFPEWXMRKSV
SZIVPE]WXLIHIWMKRIVWLSYPHGEVIJYPP]GSRWMHIVWIZIVEPHIXEMPW L]HVSFPEWXMRK EVI KIRIVEPP] TVIJIVVIH EPXLSYKL L]HVS
8LMGO GSRGVIXI SZIVPE]W EW [IPP EW QIQFVERI ERH FPEWXMRKMWRSXVIGSQQIRHIHFIJSVIETTP]MRKQSWXTSP]QIV
EWTLEPXMGGSRGVIXIW]WXIQWQE]MRGVIEWIXLIHIEHPSEHSRER QEXIVMEPW 1ERYJEGXYVIVvW VIGSQQIRHEXMSRW WLSYPH FI
I\MWXMRKHIGO-JWSWXVYGXYVEPHIWMKRGEPGYPEXMSRWWLSYPHFI GLIGOIH7LSXFPEWXMRKMRZSPZIWPIWWVMWOSVLYQERIVVSVXLER
VIZMI[IHTEVXMGYPEVP]SRPSRKWTERWXVYGXYVIW WERHFPEWXMRKERHMWSJXIRTVIJIVVIH7YVJEGITVITEVEXMSRJSV
-R EHHMXMSR E XLMGO GSRGVIXI SV ER EWTLEPX SZIVPE] QE] 8]TI---SZIVPE]WMWEPWSHITIRHIRXSRXLIOMRHSJQIQFVERI
VIUYMVIVEMWMRKXLIFVMHKIHIGONSMRXWERHWYVJEGIHVEMREKI WIPIGXIH 6IWMRSYW QIQFVERIW JSV 8]TI --- SZIVPE]W QE]
JEGMPMXMIW XS QIIX XLI RI[ KVEHI 8LI VEMWIH IRH NSMRXW VIUYMVIXLIWEQIHIKVIISJWYVJEGITVITEVEXMSREW8]TI-ERH
XSKIXLIV[MXLXLIIJJIGXSJXLIFVMHKIGYVFWQE]GVIEXIEZSMH 8]TI -- SZIVPE]W &MXYQIR QIQFVERIW QE] VIUYMVI SRP]
MRXS[LMGLXLISZIVPE]MWTPEGIH;LMPI[EXIVXLEXTIVQIEXIW GEVIJYPW[IITMRK
XLMW[IEVMRKGSYVWIWLSYPHRSXEJJIGXETVSTIVP]GSRWXVYGXIH 8]TI - SZIVPE]W WLSYPH FI TPEGIH SR E HV] WYVJEGI 8LI
MRXIVPE]IV QIQFVERI MX GSYPH SR JVII^MRK HMWVYTX XLI HIKVIISJWYVJEGIHV]RIWWVIUYMVIHJSV8]TI---SZIVPE]WMW
[IEVMRKGSYVWIMXWIPJ*SVXLMWVIEWSRWSQIHIWMKRIVWTVIJIV HITIRHIRXSRXLIX]TISJQIQFVERIQEXIVMEP1SWXTSP]QIVW
XS MRWXEPP WQEPPHMEQIXIV WYFWYVJEGI HVEMRW XS GSRHYGX XLI [MPPRSXFSRH[IPPXSEQSMWXWYVJEGI%WTLEPX[MPPRSXFSRH
[EXIVXLEXTSRHWFIPS[XLIEWTLEPXXLVSYKLXLIHIGOWPEF8S [IPPXSE[IXWYVJEGI-RGSRXVEWXXLIIQYPWMSRWSJXIRYWIH
TVIZIRXXLIPIEOEKIJVSQGEYWMRKHIXIVMSVEXMSRSJXLIHIGO [MXL VIMRJSVGIH QIQFVERI W]WXIQW QE] FSRH FIXXIV XS E
YRHIVWMHIXLIHVEMRWWLSYPHI\XIRHWPMKLXP]FIPS[XLIHIGO QSMWXWYVJEGIXLERXSEHV]SRI1ERYJEGXYVIVvWMRWXVYGXMSRW
SV FI WYVVSYRHIH F] E HVMT KVSSZI 8LI] WLSYPH EPWS FI WLSYPHFIGSRWYPXIH
PSGEXIHWSEWXSQMWWHVMTTMRKSRXLIWYTTSVXMRKKMVHIVWSV 8]TI--SZIVPE]WKIRIVEPP]FSRHFIWXXSWYVJEGIWXLEXEVI
XLI]QE]FII\XIRHIHXSHVMTFIPS[XLIPIZIPSJXLIKMVHIVW WEXYVEXIH WYVJEGIHV] *SV PS[WPYQT HIRWI GSRGVIXI ERH
PEXI\QSHMJMIH GSRGVIXI E FSRHMRK WPYVV] MW X]TMGEPP]
{'SRWXVYGXMSRGSRWMHIVEXMSRW FVSSQIH SR NYWX ELIEH SJ XLI GSRGVIXI TPEGIQIRX 8LI
(IGO GSRWXVYGXMSR XS EGGSQQSHEXI SZIVPE]W{ IJJIGXMZIRIWW SJ FSRHMRK WPYVVMIW LEW FIIR UYIWXMSRIH
;LIVI XLI YWI SJ SZIVPE]W MW ERXMGMTEXIH XI\XYVMRK SJ XLI LS[IZIV7MPJ[IVFVERHERH4EYPWWSR
TPEWXMGL]HVEYPMGGIQIRXGSRGVIXIWYVJEGIWLSYPHFIEZSMHIH 8LIEQFMIRXXIQTIVEXYVIMWWMKRMJMGERXJSVRIEVP]EPPSZIV
7LIIXQIQFVERIWKIRIVEPP]FSRHFIXXIVXSWQSSXLGSRGVIXI PE]W :MVXYEPP] EPP GSQQSR QEXIVMEPW VIUYMVI XIQTIVEXYVIW
[LMPIXLMRSZIVPE]WQE]FSRHFIXXIVXSXLIPMKLXVSYKLRIWW EFSZIJVII^MRKERHQSWXEFSZI*'
XSEJJIGXTVSTIV
GVIEXIHF]PMKLXFVSSQMRK%PMKLXKVMXFPEWXWLSXFPEWXSV GYVI3RII\GITXMSRMWXLITVIJEFVMGEXIHWLIIXW
L]HVSFPEWXSJXLIHIGOWYVJEGI[MXLMRLSYVWSJTPEGMRK -R XLI EFWIRGI SJ WTIGMJMG MRJSVQEXMSR E KSSH VYPI SJ
XLI SZIVPE] MW VIGSQQIRHIH XS GPIER XLI WYVJEGI VIQSZI XLYQFMWXLEXEPP8]TI-SZIVPE]WFSRHFIWXXSEGPIERHV]
GEVFSREXIH GSRGVIXI ERH XS PMKLXP] XI\XYVI XLI WYVJEGI % I\GITXIQYPWMSRW
ERH[EVQHIGO
KVSYXMWSJXIRYWIHXSIRLERGIXLIFSRHFIX[IIRXLISZIVPE] 8]TI-SZIVPE]WQE]FIETTPMIHF]WTVE]MRKSV
ERHHIGOGSRGVIXI%TTP]MRKEXLMRYRMJSVQPE]IVSJKVSYXXS TSYVMRK XLI PMUYMH FMRHIV %KKVIKEXIW EVI XLIR FVSEHGEWX
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 WPYQTWLMKLIVXLERMRQQ
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]MWGSRWXVYGXIH7TVMROIPF
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
'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
'SQFMREXMSRW1SVXEV&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
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' 7XERHEVH 7TIGMJMGEXMSR JSV 0MUYMH ' 7XERHEVH8IWX1IXLSHJSV1IEWYVIQIRX
1IQFVERI *SVQMRK 'SQTSYRHW JSV SJ7SPMHWMR;EXIV
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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
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