Vous êtes sur la page 1sur 83

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4%

0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR

NFPA® 10

Standard for
Portable Fire Extinguishers

2013 Edition

NFPA, 1 Batterymarch Park, Quincy, MA 02169-7471


An International Codes and Standards Organization
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z

'ST]VMKLX   2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR  %PP 6MKLXW 6IWIVZIH

2*4% 

7XERHEVH JSV

4SVXEFPI *MVI )\XMRKYMWLIVW

 )HMXMSR
8LMW IHMXMSR SJ 2*4%  7XERHEVH JSV 4SVXEFPI *MVI )\XMRKYMWLIVW [EW TVITEVIH F] XLI 8IGL
RMGEP 'SQQMXXII SR 4SVXEFPI *MVI )\XMRKYMWLIVW -X [EW MWWYIH F] XLI 7XERHEVHW 'SYRGMP SR
2SZIQFIV   [MXL ER IJJIGXMZI HEXI SJ (IGIQFIV   ERH WYTIVWIHIW EPP TVIZMSYW
IHMXMSRW
8LMW IHMXMSR SJ 2*4%  [EW ETTVSZIH EW ER %QIVMGER 2EXMSREP 7XERHEVH SR (IGIQFIV 


3VMKMR ERH (IZIPSTQIRX SJ 2*4% 


-R  ERH  XLI 2*4% 'SQQMXXII SR *MIPH 4VEGXMGI TVIHIGIWWSV SJ XLI TVIWIRX
GSQQMXXII [EW EGXMZI MR HIZIPSTMRK E WXERHEVH SR JMVWX EMH TVSXIGXMSR 8LI IEVPMIWX SJJMGMEP
2*4% WXERHEVH SR XLMW WYFNIGX [EW EHSTXIH MR  6IZMWIH IHMXMSRW [IVI EHSTXIH F] XLI
EWWSGMEXMSR MR             
              
   ERH  -R  XLI TVIZMSYW IHMXMSRW [IVI HMZMHIH MRXS X[S WITEVEXI
XI\XW SRI GSZIVMRK MRWXEPPEXMSR ERH XLI WIGSRH GSZIVMRK QEMRXIRERGI ERH YWI 8LI 
IHMXMSR VIGSQFMRIH EPP XLI MRJSVQEXMSR TVIZMSYWP] GSRXEMRIH MR 2*4%  ERH 2*4% % %
RI[ ETTIRHM\ [EW EHHIH XS XLI  IHMXMSR XS MRGPYHI MRJSVQEXMSR EFSYX XLI WIPIGXMSR SJ
JMVI I\XMRKYMWLIVW JSV LSQI LE^EVHW -RJSVQEXMSR SR WIPIGXMSR ERH HMWXVMFYXMSR SJ JMVI I\XMR
KYMWLIVW [EW EHHIH XS XLI ETTIRHM\ SJ XLI  IHMXMSR 1ENSV VIZMWMSRW XS TVSZMHI WMQTPMJM
GEXMSR ERH YRMJSVQMX] [IVI QEHI MR XLI  IHMXMSR 8LI WXERHEVH [EW VIZMWIH MR  
ERH 
-R  2*4% 6 6IGSQQIRHIH 4VEGXMGI JSV 4SVXEFPI *MVI )\XMRKYMWLMRK )UYMTQIRX MR *EQMP]
([IPPMRK 9RMXW ERH 0MZMRK 9RMXW [EW [MXLHVE[R -RJSVQEXMSR SR XLMW XSTMG [EW MRGSVTSVEXIH EW
ER ERRI\ SJ 2*4% 
8LMW WXERHEVH [EW VIZMWIH MR 
8LI  IHMXMSR SJ XLMW WXERHEVH [EW E GSQTPIXI VIZMWMSR
8LI  IHMXMSR SJ XLMW WXERHEVH MRGPYHIH GLERKIW XS GSQTP] [MXL XLI 1ERYEP SJ 7X]PI JSV
2*4% 8IGLRMGEP 'SQQMXXII (SGYQIRXW F] VIQSZMRK YRIRJSVGIEFPI XIVQW %RRI\ QEXIVMEP [EW
EPWS EHHIH XS GPEVMJ] XLI RIIH JSV VIQSZMRK SFWSPIXI I\XMRKYMWLIVW
8LI  IHMXMSR SJ XLMW WXERHEVH LEW FIIR VIZMWIH XS FIXXIV EHHVIWW 'PEWW ( I\XMRKYMWLMRK
EKIRXW ERH XLI TLEWISYX SJ PMWXIH LEPSR I\XMRKYMWLIVW 8LI HIJMRMXMSR SJ LEPSGEVFSRW LEW
FIIR I\TERHIH XS TIVQMX XLI YWI SJ ER] LEPSGEVFSR EKIRX EGGITXEFPI YRHIV XLI 97 )4%
7MKRMJMGERX 2I[ %PXIVREXMZIW 4SPMG] TVSKVEQ 8LI PMWX SJ 2*4% HSGYQIRXW XLEX GSRXEMR EHHM
XMSREP VIUYMVIQIRXW XLEX WYTIVWIHI XLSWI JSYRH MR XLMW WXERHEVH [EW WMKRMJMGERXP] I\TERHIH
JSV IEW] VIJIVIRGI 2I[ XVEZIP HMWXERGIW JSV SFWXEGPI KVEZMX]XLVIIHMQIRWMSREP ERH TVIWWYVI
JMVI LE^EVHW LEZI FIIR EHHIH 'LETXIV  -RWTIGXMSR 1EMRXIRERGI ERH 6IGLEVKMRK ERH
%RRI\ ) (MWXVMFYXMSR LEZI FIIR WMKRMJMGERXP] VIZMWIH ERH VIWXVYGXYVIH -RWXVYGXMSRW JSV MR
WTIGXMSR ERH QEMRXIRERGI SJ VIWMHIRXMEP I\XMRKYMWLIVW LEZI FIIR EHHIH XS %RRI\ * 7IPIGXMSR
SJ 6IWMHIRXMEP *MVI)\XMRKYMWLMRK )UYMTQIRX

2*4% ERH 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR EVI VIKMWXIVIH XVEHIQEVOW SJ XLI 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR 5YMRG] 1EWWEGLYWIXXW 
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

8IGLRMGEP 'SQQMXXII SR 4SVXEFPI *MVI )\XMRKYMWLIVW

2EXLERMIP . %HHPIQER 'LEMV


,YKLIW %WWSGMEXIW -RG 8< ?7)A

6S] ' /MQFEPP 2SRZSXMRK 7IGVIXEV]


&VSSOW )UYMTQIRX 'SQTER] -RG 2' ?1A
%PX XS 1 8 'SRVS]

%RHVI[ . &VEH] 2YGPIEV 7IVZMGI 3VKERM^EXMSR () ?-A 8LSQEW 0 1G:IVV] --- (YRR;IPP 00' 2' ?-1A
(IRRMW ( &VSLQIV 8]GS *MVI 4VSXIGMSR 4VSHYGXW ;- ?1A 0SYMW 2EWL 97 'SEWX +YEVH 'SQQERHERX '+ 
(EZMH . &YVOLEVX 'SHI 'SRWYPXERXW -RG 13 ?7)A (' ?)A
.SREXLER ) 'EVTIRXIV *1 +PSFEP *1 %TTVSZEPW  1% ?-A . 6 2IVEX 98'&EHKIV *MVI 4VSXIGXMSR 1- ?1A
1EVO 8 'SRVS] &VSSOW )UYMTQIRX 'SQTER] 1% ?1A 6IT 2*4% -RHYWXVMEP *MVI 4VSXIGXMSR 7IGXMSR
8LSQEW + *EVVYKKME -PPMRSMW *MVI
7EJIX] 'SQTER] 6MGLEVH 6 3WQER %SR *MVI 4VSXIGXMSR )RKMRIIVMRK
-0 ?-1A -0 ?-A
*VIH & +SSHRMKLX %QIVI\ 'SVTSVEXMSR %0 ?1A (EZMH 8 4LIPER &IVKIRJMIPH *MVI (ITEVXQIRX 2. ?)A
6IT 'SQTVIWWIH +EW %WWSGMEXMSR .SLR ) 6IMXIV %)7 'SVTSVEXMSR :% ?9A
6MGLEVH 6 ,EVVMRKXSR *V]I 'SRWYPXMRK 0XH '% ?7)A
2EXLER 0 6SGLIPIEY 7XEXI SJ %PEWOE (ITEVXQIRX SJ
'EVP ,SVWX 7IGYVMX] *MVI )UYMTQIRX 'SQTER] -RG
+% ?-1A 4YFPMG 7EJIX] (MZMWMSR SJ *MVI
0MJI 7EJIX] %/ ?)A
6IT +ISVKME %WWSGMEXMSR SJ *MVI 7EJIX] )UYMTQIRX &]VSR . 7EVEKS (8) )RIVK] 1- ?9A
(IEPIVW -RG 6IT )HMWSR )PIGXVMG -RWXMXYXI
;MPPMEQ . 0E7EPPI 9RMXIH 7XEXIW 4SWXEP 7IVZMGI %6 ?9A %YWXMR 0 7QMXL &EFGSGO
;MPGS\ = 00' 82 ?9A
+ISVKI ) 0EZIVMGO 9RHIV[VMXIVW 0EFSVEXSVMIW -RG 1EVO 7 7QMXL *SVGIH +EW 8IGLRSPSKMIW 00' 7' ?1A
-0 ?68A .SLR 6 7[ERWSR 1MRRIWSXE 7XEXI *MVI 1EVWLEP (MZMWMSR
8MRKKYERK 1E 3OPELSQE 7XEXI 9RMZIVWMX] (ITEVXQIRX 12 ?)A
SJ *MVI 4VSXIGXMSR
7EJIX] 8IGLRSPSK] 3/ ?7)A . 0 .MQ 8MH[IPP 8MH[IPP 'SHI 'SRWYPXMRK 8< ?1A
2SVFIVX ; 1EOS[OE 2EXMSREP %WWSGMEXMSR SJ *MVI 6IT *MVI )UYMTQIRX 1ERYJEGXYVIVWv %WWSGMEXMSR
)UYMTQIRX (MWXVMFYXSVW -0 ?-1A

%PXIVREXIW
.IJJVI] % &VIMKLRIV 8]GS7MQTPI\+VMRRIPP 1( ?1A (EZMH 7 1S[VIV &EFGSGO
;MPGS\ 8IGLRMGEP 7IVZMGIW
%PX XS ( ( &VSLQIV 00' 82 ?9A
6ERHEPP )FIVP] 97 'SEWX +YEVH 'SQQERHERX %PX XS % 0 7QMXL
'+  (' ?)A 6]ER 3v(SRRIPP &YPP)\ -RG 2= ?1A
%PX XS 0 2EWL %PX XS . 0 .MQ 8MH[IPP
6SH +IX^ +IX^ *MVI )UYMTQIRX -0 ?-1A 4IXIV 1 7LERO 2YGPIEV 7IVZMGI 3VKERM^EXMSR () ?-A
%PX XS 2 ; 1EOS[OE %PX XS % . &VEH]
+Y] 0 .SRIW .V %QIVI\ 'SVTSVEXMSR %0 ?1A &PEOI 1 7LYKEVQER 9RHIV[VMXIVW 0EFSVEXSVMIW -RG
%PX XS * & +SSHRMKLX -0 ?68A
6SFIVX /EWMWOM *1 +PSFEP 1% ?-A %PX XS + ) 0EZIVMGO
%PX XS . ) 'EVTIRXIV 6SFIVX ( 8E]PSV %QIVMGER )PIGXVMG 4S[IV -2 ?9A
1MGLEIP 8 0EVEFIP %Q[E] -RG 1- ?1A %PX XS & . 7EVEKS
%PX XS . 6 2IVEX

&EVV] ( 'LEWI 2*4% 7XEJJ 0MEMWSR

8LMW PMWX VITVIWIRXW XLI QIQFIVWLMT EX XLI XMQI XLI 'SQQMXXII [EW FEPPSXIH SR XLI JMREP XI\X SJ XLMW IHMXMSR 7MRGI XLEX XMQI
GLERKIW MR XLI QIQFIVWLMT QE] LEZI SGGYVVIH % OI] XS GPEWWMJMGEXMSRW MW JSYRH EX XLI FEGO SJ XLI HSGYQIRX
238) 1IQFIVWLMT SR E GSQQMXXII WLEPP RSX MR ERH SJ MXWIPJ GSRWXMXYXI ER IRHSVWIQIRX SJ XLI %WWSGMEXMSR SV
ER] HSGYQIRX HIZIPSTIH F] XLI GSQQMXXII SR [LMGL XLI QIQFIV WIVZIW
'SQQMXXII 7GSTI 8LMW 'SQQMXXII WLEPP LEZI TVMQEV] VIWTSRWMFMPMX] JSV HSGYQIRXW SR XLI MRWXEPPEXMSR
QEMRXIRERGI ERH YWI SJ TSVXEFPI JMVI I\XMRKYMWLIVW ERH IUYMTQIRX (SIW RSX ETTP] XS TIVQERIRXP] MRWXEPPIH
JMVI I\XMRKYMWLMRK W]WXIQW IZIR XLSYKL TSVXMSRW SJ XLSWI W]WXIQW EVI TSVXEFPI WYGL EW LSWI ERH RS^^PIW
[LMGL QE] FI EXXEGLIH XS E JM\IH WYTTP] SJ I\XMRKYMWLMRK EKIRX

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
'328)287 z

'SRXIRXW

'LETXIV  %HQMRMWXVEXMSR  z   )PIGXVSRMG 1SRMXSVMRK 7]WXIQ


 7GSTI  z  1EMRXIRERGI  z
 4YVTSWI  z   1EMRXIRERGI SJ ;LIIPIH )\XMRKYMWLIV
 9RMXW  z  ,SWIW ERH 6IKYPEXSVW  z
 )\XMRKYMWLIV 6IGLEVKMRK ERH
'LETXIV  6IJIVIRGIH 4YFPMGEXMSRW  z  )\XMRKYMWLMRK %KIRXW  z
 +IRIVEP  z   4VIWWYVI +EYKIW  z
 2*4% 4YFPMGEXMSRW  z   4VSLMFMXMSR SR 9WIW SJ )\XMRKYMWLIVW
 3XLIV 4YFPMGEXMSRW  z  ERH 'SRZIVWMSR SJ *MVI )\XMRKYMWLIV
 6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 8]TIW  z
7IGXMSRW  z   1EMRXIRERGI ERH 6IGLEVKI 7IVZMGI
'SPPEV  z
'LETXIV  (IJMRMXMSRW  z   ;IMKLX 7GEPIW  z
 +IRIVEP  z 
 2*4% 3JJMGMEP (IJMRMXMSRW  z  'LETXIV  ,]HVSWXEXMG 8IWXMRK  z
 +IRIVEP (IJMRMXMSRW  z   +IRIVEP  z
 *MVI )\XMRKYMWLIV (IJMRMXMSRW  z   8IWX )UYMTQIRX  z
 *VIUYIRG]  z
'LETXIV  +IRIVEP 6IUYMVIQIRXW  z   )\XMRKYMWLIV )\EQMREXMSR  z
 0MWXMRK ERH 0EFIPMRK  z   8IWXMRK 4VSGIHYVIW  z
 -HIRXMJMGEXMSR SJ 'SRXIRXW  z   8IWX 4VIWWYVIW  z
 -RWXVYGXMSR 1ERYEP  z   6IGSVHMRK SJ ,]HVSWXEXMG 8IWXW  z
 3FWSPIXI *MVI )\XMRKYMWLIVW  z   'SRHIQRMRK )\XMRKYMWLIVW  z

'LETXIV  7IPIGXMSR SJ 4SVXEFPI *MVI %RRI\ % )\TPEREXSV] 1EXIVMEP  z


)\XMRKYMWLIVW  z 
%RRI\ & 6IGSQQIRHIH 1EVOMRKW XS -RHMGEXI
 +IRIVEP 6IUYMVIQIRXW  z 
)\XMRKYMWLIV 7YMXEFMPMX] %GGSVHMRK
 'PEWWMJMGEXMSRW SJ *MVIW  z 
XS 'PEWW SJ *MVI  z
 )\XMRKYMWLIV 'PEWWMJMGEXMSR 7]WXIQ  z 
 'PEWWMJMGEXMSR SJ ,E^EVHW  z  %RRI\ ' *MVI )\XMRKYMWLIV 7IPIGXMSR  z
 7IPIGXMSR JSV 7TIGMJMG ,E^EVHW  z
 7IPIGXMSR JSV 7TIGMJMG 0SGEXMSRW  z %RRI\ ( 3TIVEXMSR ERH 9WI  z

'LETXIV  -RWXEPPEXMSR SJ 4SVXEFPI *MVI %RRI\ ) (MWXVMFYXMSR  z


)\XMRKYMWLIVW  z
%RRI\ * 7IPIGXMSR SJ 6IWMHIRXMEP
 +IRIVEP  z
*MVI)\XMRKYMWLMRK )UYMTQIRX  z
 -RWXEPPEXMSRW JSV 'PEWW % ,E^EVHW  z
 -RWXEPPEXMSRW JSV 'PEWW & ,E^EVHW  z %RRI\ + )\XMRKYMWLIV 'PEWWMJMGEXMSR ERH 6EXMRK
 -RWXEPPEXMSRW JSV 'PEWW ' ,E^EVHW  z 7]WXIQ  z
 -RWXEPPEXMSRW JSV 'PEWW ( ,E^EVHW  z
 -RWXEPPEXMSRW JSV 'PEWW / ,E^EVHW  z %RRI\ , 'SRHMXMSRW SJ 7IPIGXMSR  z

'LETXIV  -RWTIGXMSR 1EMRXIRERGI ERH %RRI\ - 1EMRXIRERGI 4VSGIHYVIW  z


6IGLEVKMRK  z
%RRI\ . 8]TMGEP 7TIGMJMGEXMSR SJ )UYMTQIRX
 +IRIVEP  z
'ETEFPI SJ 4VSHYGMRK (V] %MV  z
 -RWTIGXMSR  z
 )\XMRKYMWLIV 1EMRXIRERGI  z %RRI\ / -RJSVQEXMSREP 6IJIVIRGIW  z
 'EVFSR (MS\MHI ,SWI %WWIQFP]
'SRHYGXMZMX] 8IWX  z -RHI\  z

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

2*4%  ZMHIH XLEX XLI PIZIP SJ TVSXIGXMSR EW LIVIMR HIWGVMFIH MW RSX


PS[IVIH ERH MW EGGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
7XERHEVH JSV  9RMXW
4SVXEFPI *MVI )\XMRKYMWLIVW  1IXVMG YRMXW SJ QIEWYVIQIRX MR XLMW WXERHEVH EVI MR
EGGSVHERGI [MXL XLI QSHIVRM^IH QIXVMG W]WXIQ ORS[R EW XLI
-RXIVREXMSREP 7]WXIQ SJ 9RMXW 7- 
 )HMXMSR
 8LI YRMXW EVI PMWXIH MR 8EFPI  [MXL GSRZIVWMSR
-14368%28 238) 8LMW 2*4% HSGYQIRX MW QEHI EZEMPEFPI JSV JEGXSVW
YWI WYFNIGX XS MQTSVXERX RSXMGIW ERH PIKEP HMWGPEMQIVW 8LIWI RSXMGIW
ERH HMWGPEMQIVW ETTIEV MR EPP TYFPMGEXMSRW GSRXEMRMRK XLMW HSGYQIRX
8EFPI  1IXVMG 9RMXW SJ 1IEWYVIQIRX
ERH QE] FI JSYRH YRHIV XLI LIEHMRK w-QTSVXERX 2SXMGIW ERH (MW
GPEMQIVW 'SRGIVRMRK 2*4% (SGYQIRXWx 8LI] GER EPWS FI SFXEMRIH
SR VIUYIWX JVSQ 2*4% SV ZMI[IH EX [[[RJTESVKHMWGPEMQIVW 2EQI SJ 9RMX %FFVIZMEXMSR 'SRZIVWMSR *EGXSV
238-') %R EWXIVMWO  JSPPS[MRK XLI RYQFIV SV PIXXIV 0MXIV 0  KEP !  0
HIWMKREXMRK E TEVEKVETL MRHMGEXIW XLEX I\TPEREXSV] QEXIVMEP 1MPPMQIXIV QQ  MR !  QQ
SR XLI TEVEKVETL GER FI JSYRH MR %RRI\ % 1IXIV Q  JX !  Q
'LERKIW SXLIV XLER IHMXSVMEP EVI MRHMGEXIH F] E ZIVXMGEP /MPSKVEQ OK  PF QEWW !  OK
VYPI FIWMHI XLI TEVEKVETL XEFPI SV JMKYVI MR [LMGL XLI (IKVII 'IPWMYW ”' ”* n  ! ”'
GLERKI SGGYVVIH 8LIWI VYPIW EVI MRGPYHIH EW ER EMH XS XLI &EV FEV  TWM !  FEV
YWIV MR MHIRXMJ]MRK GLERKIW JVSQ XLI TVIZMSYW IHMXMSR ;LIVI
SRI SV QSVI GSQTPIXI TEVEKVETLW LEZI FIIR HIPIXIH XLI HI
PIXMSR MW MRHMGEXIH F] E FYPPIX c FIX[IIR XLI TEVEKVETLW XLEX  -J E ZEPYI JSV QIEWYVIQIRX EW KMZIR MR XLMW WXERHEVH MW
VIQEMR JSPPS[IH F] ER IUYMZEPIRX ZEPYI MR SXLIV YRMXW XLI JMVWX WXEXIH MW
% VIJIVIRGI MR FVEGOIXW ? A JSPPS[MRK E WIGXMSR SV TEVEKVETL XS FI VIKEVHIH EW XLI VIUYMVIQIRX
MRHMGEXIW QEXIVMEP XLEX LEW FIIR I\XVEGXIH JVSQ ERSXLIV 2*4%
HSGYQIRX %W ER EMH XS XLI YWIV XLI GSQTPIXI XMXPI ERH IHMXMSR  % KMZIR IUYMZEPIRX ZEPYI WLEPP FI TIVQMXXIH XS FI GSR
SJ XLI WSYVGI HSGYQIRXW JSV I\XVEGXW MR QERHEXSV] WIGXMSRW SJ WMHIVIH ETTVS\MQEXI
XLI HSGYQIRX EVI KMZIR MR 'LETXIV  ERH XLSWI JSV I\XVEGXW MR  8LI GSRZIVWMSR TVSGIHYVI JSV XLI 7- YRMXW MW XS QYPXMTP]
MRJSVQEXMSREP WIGXMSRW EVI KMZIR MR %RRI\ / )\XVEGXIH XI\X XLI UYERXMX] F] XLI GSRZIVWMSR JEGXSV ERH XLIR VSYRH XLI VI
QE] FI IHMXIH JSV GSRWMWXIRG] ERH WX]PI ERH QE] MRGPYHI XLI WYPX XS XLI ETTVSTVMEXI RYQFIV SJ WMKRMJMGERX HMKMXW
VIZMWMSR SJ MRXIVREP TEVEKVETL VIJIVIRGIW ERH SXLIV VIJIV
IRGIW EW ETTVSTVMEXI 6IUYIWXW JSV MRXIVTVIXEXMSRW SV VIZMWMSRW
SJ I\XVEGXIH XI\X WLEPP FI WIRX XS XLI XIGLRMGEP GSQQMXXII VI 'LETXIV  6IJIVIRGIH 4YFPMGEXMSRW
WTSRWMFPI JSV XLI WSYVGI HSGYQIRX
-RJSVQEXMSR SR VIJIVIRGIH TYFPMGEXMSRW GER FI JSYRH MR  +IRIVEP 8LI HSGYQIRXW SV TSVXMSRW XLIVISJ PMWXIH MR XLMW
'LETXIV  ERH %RRI\ / GLETXIV EVI VIJIVIRGIH [MXLMR XLMW WXERHEVH ERH WLEPP FI GSR
WMHIVIH TEVX SJ XLI VIUYMVIQIRXW SJ XLMW HSGYQIRX
 2*4% 4YFPMGEXMSRW 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR
'LETXIV  %HQMRMWXVEXMSR  &EXXIV]QEVGL 4EVO 5YMRG] 1% 
2*4%  *MVI 'SHI  IHMXMSR
 7GSTI 8LI TVSZMWMSRW SJ XLMW WXERHEVH ETTP] XS XLI WIPIG 2*4%  ,]HVSKIR 8IGLRSPSKMIW 'SHI  IHMXMSR
XMSR MRWXEPPEXMSR MRWTIGXMSR QEMRXIRERGI VIGLEVKMRK ERH 2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI
XIWXMRK SJ TSVXEFPI JMVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWL 7]WXIQW  IHMXMSR
MRK EKIRXW 2*4%  7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
c  IHMXMSR
 8LI VIUYMVIQIRXW KMZIR LIVIMR EVI QMRMQYQ 2*4%  *PEQQEFPI ERH 'SQFYWXMFPI 0MUYMHW 'SHI  IHM
 8LI VIUYMVIQIRXW WLEPP RSX ETTP] XS TIVQERIRXP] MR XMSR
WXEPPIH W]WXIQW JSV JMVI I\XMRKYMWLQIRX IZIR [LIVI TSVXMSRW SJ 2*4% % 'SHI JSV 1SXSV *YIP (MWTIRWMRK *EGMPMXMIW ERH 6ITEMV
WYGL W]WXIQW EVI TSVXEFPI WYGL EW LSWI ERH RS^^PIW EXXEGLIH +EVEKIW  IHMXMSR
XS E JM\IH WYTTP] SJ I\XMRKYMWLMRK EKIRX  2*4%  7XERHEVH JSV 7TVE] %TTPMGEXMSR 9WMRK *PEQQEFPI SV
'SQFYWXMFPI 1EXIVMEPW  IHMXMSR
 4YVTSWI 8LMW WXERHEVH MW TVITEVIH JSV YWI F] ERH KYMH 2*4%  7XERHEVH JSV XLI 7XSVEKI ERH ,ERHPMRK SJ 'IPPYPSWI
ERGI SJ TIVWSRW GLEVKIH [MXL WIPIGXMRK TYVGLEWMRK MRWXEPPMRK 2MXVEXI *MPQ  IHMXMSR
ETTVSZMRK PMWXMRK HIWMKRMRK ERH QEMRXEMRMRK TSVXEFPI JMVI 2*4%  7XERHEVH SR *MVI 4VSXIGXMSR JSV 0EFSVEXSVMIW 9WMRK
I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW 'LIQMGEPW  IHMXMSR
 8LI JMVI TVSXIGXMSR VIUYMVIQIRXW SJ XLMW WXERHEVH EVI 2*4%  7XERHEVH JSV XLI (IWMKR ERH -RWXEPPEXMSR SJ 3\]KIRz
KIRIVEP MR REXYVI ERH EVI RSX MRXIRHIH XS EFVSKEXI XLI WTI *YIP +EW 7]WXIQW JSV ;IPHMRK 'YXXMRK ERH %PPMIH 4VSGIWWIW 
GMJMG VIUYMVIQIRXW SJ SXLIV 2*4% WXERHEVHW JSV WTIGMJMG SGGY IHMXMSR
TERGMIW 2*4% & 7XERHEVH JSV *MVI 4VIZIRXMSR (YVMRK ;IPHMRK 'YX
XMRK ERH 3XLIV ,SX ;SVO  IHMXMSR
 2SXLMRK MR XLMW WXERHEVH WLEPP FI GSRWXVYIH EW E VIWXVMG 2*4%  :ILMGYPEV +EWISYW *YIP 7]WXIQW 'SHI  IHMXMSR
XMSR SR RI[ XIGLRSPSKMIW SV EPXIVREXMZI EVVERKIQIRXW TVS 2*4%  0MUYIJMIH 4IXVSPIYQ +EW 'SHI  IHMXMSR

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
6)*)6)2')( 49&0-'%8-327 z

2*4%  9XMPMX] 04+EW 4PERX 'SHI  IHMXMSR 2*4%  *MVI 7EJIX] 7XERHEVH JSV 4S[IVIH -RHYWXVMEP 8VYGOW
2*4% % 7XERHEVH JSV XLI 4VSHYGXMSR 7XSVEKI ERH ,ERHPMRK -RGPYHMRK 8]TI (IWMKREXMSRW %VIEW SJ 9WI 'SRZIVWMSRW 1EMRXI
SJ 0MUYIJMIH 2EXYVEP +EW 02+   IHMXMSR RERGI ERH 3TIVEXMSRW  IHMXMSR
2*4%   2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI  IHM 2*4%  7XERHEVH JSV 4VIZIRXMSR SJ 7YPJYV *MVIW ERH )\TPS
XMSR WMSRW  IHMXMSR
2*4%  7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ -RJSVQEXMSR 8IGLRSP 2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ )PIGXVSRMG 4VIQMWIW
SK] )UYMTQIRX  IHMXMSR 7IGYVMX] 7]WXIQW  IHMXMSR
2*4%  7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ 8IPIGSQQYRMGEXMSRW 2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR JSV *EGMPMXMIW ,ERHPMRK
*EGMPMXMIW  IHMXMSR 6EHMSEGXMZI 1EXIVMEPW  IHMXMSR
2*4%  7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR SJ 2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR JSV %HZERGIH 0MKLX ;EXIV
'SQQIVGMEP 'SSOMRK 3TIVEXMSRW  IHMXMSR 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW  IHMXMSR
2*4%  ,IEPXL 'EVI *EGMPMXMIW 'SHI  IHMXMSR 2*4%  4IVJSVQERGI&EWIH 7XERHEVH JSV *MVI 4VSXIGXMSR JSV
2*4% & 7XERHEVH JSV ,]TSFEVMG *EGMPMXMIW  IHMXMSR 0MKLX ;EXIV 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW  IHMXMSR
2*4%   0MJI 7EJIX] 'SHI   IHMXMSR 2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR MR ;EWXI[EXIV 8VIEXQIRX
2*4%  7XERHEVH JSV +VERHWXERHW *SPHMRK ERH 8IPIWGSTMG ERH 'SPPIGXMSR *EGMPMXMIW  IHMXMSR
7IEXMRK 8IRXW ERH 1IQFVERI 7XVYGXYVIW  IHMXMSR 2*4%  'SHI JSV XLI 4VSXIGXMSR SJ 'YPXYVEP 6IWSYVGI 4VSTIVXMIW
2*4%  7XERHEVH JSV 0EWIV *MVI 4VSXIGXMSR  IHMXMSR { 1YWIYQW 0MFVEVMIW ERH 4PEGIW SJ ;SVWLMT  IHMXMSR
2*4%  7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 'SEP 2*4%  'SHI JSV *MVI 4VSXIGXMSR SJ ,MWXSVMG 7XVYGXYVIW 
1MRIW  IHMXMSR
IHMXMSR
2*4%  7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 1IXEP
2*4%  'SHI JSV *MVI[SVOW (MWTPE]  IHMXMSR
2SRQIXEP 1MRMRK ERH 1IXEP 1MRIVEP 4VSGIWWMRK *EGMPMXMIW  IHM
2*4%  'SHI JSV XLI 1ERYJEGXYVI 8VERWTSVXEXMSR 7XSVEKI
XMSR
ERH 6IXEMP 7EPIW SJ *MVI[SVOW ERH 4]VSXIGLRMG %VXMGPIW  IHMXMSR
2*4%  7XERHEVH JSV *M\IH +YMHI[E] 8VERWMX ERH 4EWWIRKIV
6EMP 7]WXIQW  IHMXMSR 2*4%  'SHI JSV XLI 1ERYJEGXYVI SJ 1SHIP 6SGOIX ERH ,MKL
2*4%  7XERHEVH SR 1SXMSR 4MGXYVI ERH 8IPIZMWMSR 4VSHYG 4S[IV 6SGOIX 1SXSVW  IHMXMSR
XMSR 7XYHMS 7SYRHWXEKIW %TTVSZIH 4VSHYGXMSR *EGMPMXMIW ERH 4VSHYG 2*4%  7XERHEVH JSV XLI 9WI SJ 4]VSXIGLRMGW &IJSVI E 4VS\M
XMSR 0SGEXMSRW  IHMXMSR QEXI %YHMIRGI  IHMXMSR
2*4%  7XERHEVH SR *MVI ERH 0MJI 7EJIX] MR %RMQEP ,SYWMRK 2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR -RJVEWXVYGXYVI JSV 0ERH
*EGMPMXMIW  IHMXMSR (IZIPSTQIRX MR ;MPHPERH 6YVEP ERH 7YFYVFER %VIEW  IHM
2*4%  7XERHEVH JSV XLI 9WI SJ *PEQI )JJIGXW &IJSVI ER %YHM XMSR
IRGI  IHMXMSR 2*4%  7XERHEVH SR 6IGVIEXMSREP :ILMGPIW  IHMXMSR
2*4%  7XERHEVH JSV XLI 4VSXIGXMSR SJ 6IGSVHW  IHMXMSR 2*4%  7XERHEVH JSV 6IGVIEXMSREP :ILMGPI 4EVOW ERH 'EQT
2*4%  7XERHEVH JSV 7EJIKYEVHMRK 'SRWXVYGXMSR %PXIVEXMSR KVSYRHW  IHMXMSR
ERH (IQSPMXMSR 3TIVEXMSRW  IHMXMSR 2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR 1EMRXIRERGI ERH 9WI
2*4%  'SHI JSV 7EJIX] XS 0MJI JVSQ *MVI SR 1IVGLERX :IWWIPW SJ )QIVKIRG] 7IVZMGIW 'SQQYRMGEXMSRW 7]WXIQW  IHMXMSR
 IHMXMSR 2*4%  7XERHEVH JSV %YXSQSXMZI *MVI %TTEVEXYW  IHM
2*4%  *MVI 4VSXIGXMSR 7XERHEVH JSV 4PIEWYVI ERH 'SQQIVGMEP XMSR
1SXSV 'VEJX  IHMXMSR 2*4%  7XERHEVH JSV ;MPHPERH *MVI %TTEVEXYW  IHM
2*4%  *MVI 4VSXIGXMSR 7XERHEVH JSV 1EVMREW ERH &SEX]EVHW XMSR
 IHMXMSR 2*4%  7XERHEVH SR 1EVMRI *MVI*MKLXMRK :IWWIPW  IHM
2*4%  7XERHEVH JSV XLI 'SRWXVYGXMSR ERH *MVI 4VSXIGXMSR SJ XMSR
1EVMRI 8IVQMREPW 4MIVW ERH ;LEVZIW  IHMXMSR 2*4%   &YMPHMRK 'SRWXVYGXMSR ERH 7EJIX] 'SHI  
2*4%  7XERHEVH JSV XLI 7EJIKYEVHMRK SJ 8EROW ERH 'SRXEMR IHMXMSR
IVW JSV )RXV] 'PIERMRK SV 6ITEMV  IHMXMSR
2*4%  7XERHEVH JSV 8ERO :ILMGPIW JSV *PEQQEFPI ERH 'SQ  3XLIV 4YFPMGEXMSRW
FYWXMFPI 0MUYMHW  IHMXMSR  %781 4YFPMGEXMSRW %781 -RXIVREXMSREP  &EVV ,EV
2*4%  ,E^EVHSYW 1EXIVMEPW 'SHI  IHMXMSR FSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% 
2*4%  7XERHEVH JSV %MVGVEJX 6IWGYI ERH *MVI*MKLXMRK 7IV
ZMGIW EX %MVTSVXW  IHMXMSR %781 (  7XERHEVH 8IWX JSV )PIGXVMGEP 'SRHYGXMZMX] ERH
2*4%  7XERHEVH JSV %MVGVEJX *YIP 7IVZMGMRK  IHMXMSR 6IWMWXMZMX] SJ E *PS[MRK ,MKL 4YVMX] ;EXIV 7EQTPI 
2*4%  7XERHEVH JSV %MVGVEJX ,ERH 4SVXEFPI *MVI )\XMRKYMWL  '+% 4YFPMGEXMSRW 'SQTVIWWIH +EW %WWSGMEXMSR 
IVW  IHMXMSR ;EPRI] 6SEH XL *PSSV 'LERXMPP] :% 
2*4%  7XERHEVH SR %MVGVEJX ,ERKEVW  IHMXMSR
2*4%  7XERHEVH SR %MVGVEJX 1EMRXIRERGI  IHMXMSR '+% ' 1IXLSHW SJ ,]HVSWXEXMG 8IWXMRK SJ 'SQTVIWWIH +EW ']P
2*4%  7XERHEVH JSV ,IPMTSVXW  IHMXMSR MRHIVW 
2*4%  7XERHEVH JSV 'SRWXVYGXMSR ERH 4VSXIGXMSR SJ %MVGVEJX '+% + 'SQQSHMX] 7TIGMJMGEXMSR JSV 2MXVSKIR 
)RKMRI 8IWX *EGMPMXMIW  IHMXMSR
2*4%  7XERHEVH JSV 'SQFYWXMFPI 1IXEPW  IHMXMSR  24'% 4YFPMGEXMSRW 2EXMSREP 4EMRX ERH 'SEXMRKW %WWS
2*4%  )\TPSWMZI 1EXIVMEPW 'SHI  IHMXMSR GMEXMSR  6LSHI -WPERH %ZIRYI 2; ;EWLMRKXSR ('
2*4%  7XERHEVH JSV 7EJI ,EZIRW ERH -RXIVGLERKI 0SXW JSV 
:ILMGPIW 8VERWTSVXMRK )\TPSWMZIW  IHMXMSR ,E^EVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ,1-7  -QTPIQIRXE
2*4% % 7XERHEVH JSV *MVI 7EJIX] 'VMXIVME JSV 1ERYJEGXYVIH
XMSREP 1ERYEP 
,SQI -RWXEPPEXMSRW 7MXIW ERH 'SQQYRMXMIW  IHMXMSR
2*4%  7XERHEVH JSV 6SEH 8YRRIPW &VMHKIW ERH 3XLIV 0MQ ;SVOTPEGI ,E^EVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ;,1-7
MXIH %GGIWW ,MKL[E]W  IHMXMSR 6IJIVIRGI 1ERYEP  6IZMWIH ;IF )HMXMSR 

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 90 4YFPMGEXMSRW 9RHIV[VMXIVW 0EFSVEXSVMIW -RG   2*4% 3JJMGMEP (IJMRMXMSRW
4JMRKWXIR 6SEH 2SVXLFVSSO -0 
c  %TTVSZIH %GGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMG
90  7XERHEVH JSV ,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW XMSR
 6IZMWIH 
 %YXLSVMX] ,EZMRK .YVMWHMGXMSR %,.  %R SVKERM^EXMSR
90  7XERHEVH JSV *EGXSV] *SPPS[9T SR 8LMVH 4EVX] 'IVXMJMIH SJJMGI SV MRHMZMHYEP VIWTSRWMFPI JSV IRJSVGMRK XLI VIUYMVI
4SVXEFPI *MVI )\XMRKYMWLIVW  6IZMWIH  QIRXW SJ E GSHI SV WXERHEVH SV JSV ETTVSZMRK IUYMTQIRX
c QEXIVMEPW ER MRWXEPPEXMSR SV E TVSGIHYVI
 90' 4YFPMGEXMSRW 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ
'EREHE  9RHIV[VMXIVW 6SEH 8SVSRXS 3RXEVMS 16 %  0EFIPIH )UYMTQIRX SV QEXIVMEPW XS [LMGL LEW FIIR
'EREHE EXXEGLIH E PEFIP W]QFSP SV SXLIV MHIRXMJ]MRK QEVO SJ ER SVKE
c RM^EXMSR XLEX MW EGGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
'%290'7 7XERHEVH JSV ,EPSKIREXIH %KIRX ,ERH ERH
;LIIPIH *MVI )\XMRKYMWLIVW  6IEJJMVQIH  ERH GSRGIVRIH [MXL TVSHYGX IZEPYEXMSR XLEX QEMRXEMRW TIVM
c SHMG MRWTIGXMSR SJ TVSHYGXMSR SJ PEFIPIH IUYMTQIRX SV QEXI
 9090' 4YFPMGEXMSRW 8LI JSPPS[MRK TYFPMGEXMSRW EVI VMEPW ERH F] [LSWI PEFIPMRK XLI QERYJEGXYVIV MRHMGEXIW GSQ
FMREXMSREPP] LEVQSRM^IH WXERHEVHW JSV 9RHIV[VMXIVW 0EFSVE TPMERGI [MXL ETTVSTVMEXI WXERHEVHW SV TIVJSVQERGI MR E
XSVMIW -RG  4JMRKWXIR 6SEH 2SVXLFVSSO -0  WTIGMJMIH QERRIV
ERH 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ 'EREHE  9RHIV[VMXIVW
6SEH 8SVSRXS 3RXEVMS 16 % 'EREHE  0MWXIH )UYMTQIRX QEXIVMEPW SV WIVZMGIW MRGPYHIH MR E
PMWX TYFPMWLIH F] ER SVKERM^EXMSR XLEX MW EGGITXEFPI XS XLI EY
%27-90  '%290'7 ;EXIV &EWIH %KIRX *MVI )\XMR
XLSVMX] LEZMRK NYVMWHMGXMSR ERH GSRGIVRIH [MXL IZEPYEXMSR SJ
KYMWLIVW  6IZMWIH 
TVSHYGXW SV WIVZMGIW XLEX QEMRXEMRW TIVMSHMG MRWTIGXMSR SJ
%27-90  '%290'7 7XERHEVH JSV 'EVFSR(MS\MHI TVSHYGXMSR SJ PMWXIH IUYMTQIRX SV QEXIVMEPW SV TIVMSHMG IZEPY
*MVI )\XMRKYMWLIVW  6IZMWIH  EXMSR SJ WIVZMGIW ERH [LSWI PMWXMRK WXEXIW XLEX IMXLIV XLI IUYMT
%27-90  '%290'7 7XERHEVH JSV (V] 'LIQMGEP QIRX QEXIVMEP SV WIVZMGI QIIXW ETTVSTVMEXI HIWMKREXIH WXER
*MVI )\XMRKYMWLIVW  6IZMWIH  HEVHW SV LEW FIIR XIWXIH ERH JSYRH WYMXEFPI JSV E WTIGMJMIH
TYVTSWI
%27-90  '%290'7 7XERHEVH JSV ;EXIV *MVI )\
XMRKYMWLIVW  6IZMWIH   7LEPP -RHMGEXIW E QERHEXSV] VIUYMVIQIRX

%27-90  '%290'7 7XERHEVH JSV 6EXMRK ERH *MVI  7LSYPH -RHMGEXIW E VIGSQQIRHEXMSR SV XLEX [LMGL MW
8IWXMRK SJ *MVI )\XMRKYMWLIVW  6IZMWIH  EHZMWIH FYX RSX VIUYMVIH
%27-90  '%290'7 7XERHEVH JSV ,EPSGEVFSR  7XERHEVH % HSGYQIRX XLI QEMR XI\X SJ [LMGL GSRXEMRW
'PIER %KIRX *MVI )\XMRKYMWLIVW  6IZMWIH  SRP] QERHEXSV] TVSZMWMSRW YWMRK XLI [SVH wWLEPPx XS MRHMGEXI
VIUYMVIQIRXW ERH [LMGL MW MR E JSVQ KIRIVEPP] WYMXEFPI JSV
 97 +SZIVRQIRX 4YFPMGEXMSRW 97 +SZIVRQIRX 4VMRX QERHEXSV] VIJIVIRGI F] ERSXLIV WXERHEVH SV GSHI SV JSV EHST
MRK 3JJMGI ;EWLMRKXSR ('  XMSR MRXS PE[ 2SRQERHEXSV] TVSZMWMSRW EVI RSX XS FI GSRWMH
8MXPI  'SHI SJ *IHIVEP 6IKYPEXMSRW 4EVX  F  IVIH E TEVX SJ XLI VIUYMVIQIRXW SJ E WXERHEVH ERH WLEPP FI
 PSGEXIH MR ER ETTIRHM\ ERRI\ JSSXRSXI MRJSVQEXMSREP RSXI
SV SXLIV QIERW EW TIVQMXXIH MR XLI 1ERYEP SJ 7X]PI JSV 2*4%
8MXPI  'SHI SJ *IHIVEP 6IKYPEXMSRW 4EVX  G  
8IGLRMGEP 'SQQMXXII (SGYQIRXW

 3XLIV 4YFPMGEXMSRW  +IRIVEP (IJMRMXMSRW

1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ  %27- %QIVMGER 2EXMSREP 7XERHEVHW -RWXMXYXI ? A
;IFWXIV -RG 7TVMRKJMIPH 1%   %RXMJVII^I 'LEVKI 7II  0SEHIH 7XVIEQ 'LEVKI
 6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW  'EVFSR (MS\MHI % GSPSVPIWW SHSVPIWW IPIGXVMGEPP] RSR
2*4%  7XERHEVH JSV (V] 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW GSRHYGXMZI MRIVX KEW XLEX MW E WYMXEFPI QIHMYQ JSV I\XMRKYMWL
 IHMXMSR MRK 'PEWW & ERH 'PEWW ' JMVIW
2*4% % 7XERHEVH JSV ;IX 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW
 IHMXMSR  'LIQMGEP
2*4%  7XERHEVH SR ;IXXMRK %KIRXW  IHMXMSR  (V] 'LIQMGEP % TS[HIV GSQTSWIH SJ ZIV] WQEPP TEV
2*4%  :ILMGYPEV +EWISYW *YIP 7]WXIQW 'SHI  IHMXMSR XMGPIW YWYEPP] WSHMYQ FMGEVFSREXI TSXEWWMYQ FMGEVFSREXI
SV EQQSRMYQ TLSWTLEXIFEWIH [MXL EHHIH TEVXMGYPEXI QEXI
VMEP WYTTPIQIRXIH F] WTIGMEP XVIEXQIRX XS TVSZMHI VIWMWXERGI
'LETXIV  (IJMRMXMSRW XS TEGOMRK VIWMWXERGI XS QSMWXYVI EFWSVTXMSR GEOMRK  ERH
XLI TVSTIV JPS[ GETEFMPMXMIW ? A
 +IRIVEP 8LI HIJMRMXMSRW GSRXEMRIH MR XLMW GLETXIV WLEPP  ;IX 'LIQMGEP 2SVQEPP] ER EUYISYW WSPYXMSR SJ
ETTP] XS XLI XIVQW YWIH MR XLMW WXERHEVH ;LIVI XIVQW EVI RSX SVKERMG SV MRSVKERMG WEPXW SV E GSQFMREXMSR XLIVISJ XLEX
HIJMRIH MR XLMW GLETXIV SV [MXLMR ERSXLIV GLETXIV XLI] WLEPP JSVQW ER I\XMRKYMWLMRK EKIRX ?% A
FI HIJMRIH YWMRK XLIMV SVHMREVMP] EGGITXIH QIERMRKW [MXLMR
XLI GSRXI\X MR [LMGL XLI] EVI YWIH 1IVVMEQ;IFWXIVvW 'SPPIKMEXI  'PIER %KIRX )PIGXVMGEPP] RSRGSRHYGXMRK ZSPEXMPI SV
(MGXMSREV] XL IHMXMSR WLEPP FI XLI WSYVGI JSV XLI SVHMREVMP] KEWISYW JMVI I\XMRKYMWLERX XLEX HSIW RSX PIEZI E VIWMHYI YTSR
EGGITXIH QIERMRK IZETSVEXMSR

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
()*-2-8-327 z

 'PSWIH 6IGSZIV] 7]WXIQ  ,EPSKIREXIH %KIRXW ,EPSKIREXIH GPIER EKIRXW VIJ
IVIRGIH MR XLMW WXERHEVH EVI SJ XLI JSPPS[MRK X]TIW
 (V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ % W]WXIQ XLEX
MW GSRWXVYGXIH MR E QERRIV XLEX HSIW RSX MRXVSHYGI JSVIMKR  ,EPSGEVFSRW ,EPSGEVFSR EKIRXW MRGPYHI L]HVS
QEXIVMEP MRXS XLI EKIRX FIMRK VIGSZIVIH ERH LEW E QIERW SJ GLPSVSJPYSVSGEVFSR ,'*'  L]HVSJPYSVSGEVFSR ,*' 
ZMWYEPP] MRWTIGXMRK XLI VIGSZIVIH EKIRX JSV GSRXEQMRERXW TIVJPYSVSGEVFSR 4*'  JPYSVSMSHSGEVFSR *-' X]TIW SJ
EKIRXW ERH SXLIV LEPSGEVFSRW XLEX EVI JSYRH EGGITXEFPI
 ,EPSKIREXIH 'PSWIH 6IGSZIV] 7]WXIQ % W]WXIQ XLEX YRHIV XLI )RZMVSRQIRXEP 4VSXIGXMSR %KIRG] 7MKRMJMGERX
TVSZMHIW JSV XLI XVERWJIV SJ LEPSKIREXIH EKIRXW FIX[IIR 2I[ %PXIVREXMZIW 4SPMG] TVSKVEQ
JMVI I\XMRKYMWLIVW WYTTP] GSRXEMRIVW ERH VIGLEVKI ERH VI
GSZIV] GSRXEMRIVW WS XLEX RSRI SJ XLI LEPSKIREXIH EKIRX  ,EPSRW ,EPSRW MRGPYHI FVSQSGLPSVSHMJPYS
IWGETIW XS XLI EXQSWTLIVI 'PSWIH VIGSZIV] W]WXIQW JSV LE VSQIXLERI ,EPSR   FVSQSXVMJPYSVSQIXLERI ,E
PSKIREXIH EKIRXW [MXL ER S^SRI HITPIXMRK TSXIRXMEP 3(4 PSR   ERH QM\XYVIW SJ ,EPSR  ERH ,EPSR 
SJ  SV KVIEXIV WLSYPH FI PMWXIH JSV YWI [MXL XLEX EKIRX ,EPSR  
8LI W]WXIQvW WYTTP] SV VIGLEVKI ERH VIGSZIV] GSRXEMRIV MW  ,]HVSWXEXMG 8IWXMRK 4VIWWYVI XIWXMRK SJ XLI I\XMRKYMWLIV
GETEFPI SJ QEMRXEMRMRK XLI EKIRX MR E WIEPIH IRZMVSRQIRX XS ZIVMJ] MXW WXVIRKXL EKEMRWX YR[ERXIH VYTXYVI
YRXMP MX MW VIYWIH SV VIXYVRIH XS XLI EKIRX QERYJEGXYVIV
 0SEHIH 7XVIEQ 'LEVKI % [EXIVFEWIH I\XMRKYMWLMRK
 ']PMRHIV EKIRX XLEX YWIW ER EPOEPM QIXEP WEPX EW E JVII^MRK TSMRX HITVIWWERX
 ,MKL4VIWWYVI ']PMRHIV ']PMRHIVW ERH GEVXVMHKIW  1MPH 7XIIP 7LIPP %PP WXIIP WLIPPW SXLIV XLER WXEMRPIWW
GSRXEMRMRK RMXVSKIR GSQTVIWWIH EMV GEVFSR HMS\MHI SV WXIIP ERH WXIIP WLIPPW YWIH JSV LMKLTVIWWYVI G]PMRHIVW
SXLIV KEWIW EX E TVIWWYVI LMKLIV XLER  TWM  O4E EX
”* ”'   4VIWWYVI

 0S[4VIWWYVI ']PMRHIV ']PMRHIVW GSRXEMRMRK JMVI  )\XMRKYMWLIV 7IVZMGI 4VIWWYVI 8LI RSVQEP STIVEX
I\XMRKYMWLMRK EKIRX QIHMYQ  RMXVSKIR GSQTVIWWIH EMV MRK TVIWWYVI EW MRHMGEXIH SR XLI REQITPEXI SV G]PMRHIV SJ E
SV SXLIV GSQTVIWWIH KEWIW EX E WIVZMGI TVIWWYVI SJ  TWM JMVI I\XMRKYMWLIV
 O4E SV PS[IV EX ”* ”'   *EGXSV] 8IWX 4VIWWYVI 8LI TVIWWYVI WLS[R SR XLI
 (38 97 (ITEVXQIRX SJ 8VERWTSVXEXMSR ? A REQITPEXI EX [LMGL E WLIPP [EW XIWXIH EX XMQI SJ QERYJEGXYVI

 (V] 4S[HIV 7SPMH QEXIVMEPW MR TS[HIV SV KVERYPEV  4VIWWYVM^IH *PEQQEFPI 0MUYMH *MVIW *MVIW VIWYPXMRK
JVSQ PMUYMHW XLEX EVI JSVGIH TYQTIH SV WTVE]IH
JSVQ HIWMKRIH XS I\XMRKYMWL 'PEWW ( GSQFYWXMFPI QIXEP JMVIW
F] GVYWXMRK WQSXLIVMRK SV LIEXXVERWJIVVMRK QIERW  6IGLEVKMRK 8LI VITPEGIQIRX SJ XLI I\XMRKYMWLMRK
EKIRX EPWS MRGPYHIW XLI I\TIPPERX JSV GIVXEMR X]TIW SJ JMVI
 )PIGXVSRMG 1SRMXSVMRK % QIXLSH SJ IPIGXVSRMG GSQ
I\XMRKYMWLIVW 
QYRMGEXMSR HEXE XVERWQMWWMSR FIX[IIR ER MRTPEGI JMVI I\XMR
KYMWLIV ERH ER IPIGXVSRMG QSRMXSVMRK HIZMGIW]WXIQ  7IVZMGMRK 4IVJSVQMRK QEMRXIRERGI VIGLEVKMRK SV L]
HVSWXEXMG XIWXMRK SR E JMVI I\XMRKYMWLIV
 )\XMRKYMWLIV &VEGOIX )\XMRKYMWLIV VIXIRXMSR HIZMGI
HIWMKRIH XS QSYRX ERH WIGYVI E WTIGMJMG I\XMRKYMWLIV QSHIP  8' 8VERWTSVX 'EREHE JSVQIVP] 'EREHE 8VERWTSVX
SRXS ZEVMSYW WYVJEGIW F] MRGSVTSVEXMRK VIPIEWEFPI WXVETW SV 'SQQMWWMSR '8'  [LMGL LEW NYVMWHMGXMSR SZIV LMKL ERH PS[
FERHW XS WIGYVI XLI JMVI I\XMRKYMWLIV TVIWWYVI G]PMRHIVW ERH GEVXVMHKIW MR 'EREHE
 )\XMRKYMWLIV 'EFMRIX %R MHIRXMJMEFPI ERH VIEHMP] EG  8VEZIP (MWXERGI 8LI EGXYEP [EPOMRK HMWXERGI JVSQ
GIWWMFPI JMVI I\XMRKYMWLIV LSYWMRK HIZMGI HIWMKRIH XS WXSVI ERH ER] TSMRX XS XLI RIEVIWX JMVI I\XMRKYMWLIV JYPJMPPMRK LE^EVH
TVSXIGX JMVI IUYMTQIRX VIUYMVIQIRXW
 )\XMRKYMWLIV ,ERKIV )\XMRKYMWLIV QSYRXMRK HIZMGI  ;IXXMRK %KIRX % GSRGIRXVEXI [LMGL [LIR EHHIH XS
HIWMKRIH JSV QSYRXMRK E WTIGMJMG I\XMRKYMWLIV QSHIP SRXS WXE [EXIV VIHYGIW XLI WYVJEGI XIRWMSR ERH MRGVIEWIW MXW EFMPMX] XS
XMSREV] ZIVXMGEP WYVJEGIW TIRIXVEXI ERH WTVIEH ? A
 )\XMRKYMWLIV -RWTIGXMSR % UYMGO GLIGO XLEX E JMVI I\  *MVI )\XMRKYMWLIV (IJMRMXMSRW
XMRKYMWLIV MW MR MXW HIWMKREXIH TPEGI XLEX MX LEW RSX FIIR EGXY  'EVXVMHKI']PMRHIV3TIVEXIH *MVI )\XMRKYMWLIV % JMVI
EXIH SV XEQTIVIH [MXL ERH XLEX XLIVI MW RS SFZMSYW TL]WMGEP I\XMRKYMWLIV MR [LMGL XLI I\TIPPERX KEW MW MR E WITEVEXI GSR
HEQEKI SV GSRHMXMSR XS TVIZIRX MXW STIVEXMSR XEMRIV JVSQ XLI EKIRX WXSVEKI GSRXEMRIV
 )\XMRKYMWLIV 1EMRXIRERGI % XLSVSYKL I\EQMREXMSR  2SRVIGLEVKIEFPI 2SRVIJMPPEFPI *MVI )\XMRKYMWLIV %
SJ XLI JMVI I\XMRKYMWLIV XLEX MW MRXIRHIH XS KMZI QE\MQYQ EW JMVI I\XMRKYMWLIV XLEX MW MRXIRHIH XS FI YWIH SRI XMQI ERH RSX
WYVERGI XLEX E JMVI I\XMRKYMWLIV [MPP STIVEXI IJJIGXMZIP] ERH GETEFPI SJ SV MRXIRHIH XS FI VIGLEVKIH ERH VIXYVRIH XS WIVZMGI
WEJIP] ERH XS HIXIVQMRI MJ TL]WMGEP HEQEKI SV GSRHMXMSR [MPP
TVIZIRX MXW STIVEXMSR MJ ER] VITEMV SV VITPEGIQIRX MW RIGIWWEV]  4SVXEFPI *MVI )\XMRKYMWLIV % TSVXEFPI HIZMGI GEVVMIH SV
ERH MJ L]HVSWXEXMG XIWXMRK SV MRXIVREP QEMRXIRERGI MW VIUYMVIH SR [LIIPW ERH STIVEXIH F] LERH GSRXEMRMRK ER I\XMRKYMWLMRK
EKIRX XLEX GER FI I\TIPPIH YRHIV TVIWWYVI JSV XLI TYVTSWI SJ
 *MPQ*SVQMRK *SEQ %KIRXW %UYISYW JMPQJSVQMRK WYTTVIWWMRK SV I\XMRKYMWLMRK JMVI
JSEQ %*** ERH JMPQJSVQMRK JPYSVSTVSXIMR JSEQ ***4 
 6IGLEVKIEFPI 6IJMPPEFPI *MVI )\XMRKYMWLIV % JMVI I\XMR
 *PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL *PEQQEFPI KYMWLIV GETEFPI SJ YRHIVKSMRK GSQTPIXI QEMRXIRERGI MRGPYH
PMUYMHW SJ ETTVIGMEFPI HITXL EVI XLSWI [MXL E HITXL KVIEXIV MRK MRXIVREP MRWTIGXMSR SJ XLI TVIWWYVI ZIWWIP VITPEGIQIRX SJ EPP
XLER MR  QQ  WYFWXERHEVH TEVXW ERH WIEPW ERH L]HVSWXEXMG XIWXMRK

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 7IPJ)\TIPPMRK *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV MR QIIXW SV I\GIIHW 90  7XERHEVH JSV *EGXSV] *SPPS[9T SR
[LMGL XLI EKIRX LEW WYJJMGMIRX ZETSV TVIWWYVI EX RSVQEP STIV 8LMVH 4EVX] 'IVXMJMIH 4SVXEFPI *MVI )\XMRKYMWLIVW
EXMRK XIQTIVEXYVIW XS I\TIP MXWIPJ
 *MVI I\XMRKYMWLIVW QERYJEGXYVIH TVMSV XS .ERYEV] 
 7XSVIH4VIWWYVI *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV MR  WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL 
[LMGL FSXL XLI I\XMRKYMWLMRK EKIRX ERH I\TIPPERX KEW EVI OITX
 'IVXMJMGEXMSR SVKERM^EXMSRW EGGVIHMXIH F] XLI 7XERHEVHW
MR E WMRKPI GSRXEMRIV ERH XLEX MRGPYHIW E TVIWWYVI MRHMGEXSV SV
'SYRGMP SJ 'EREHE WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL 
KEYKI
 0MWXIH ERH PEFIPIH 'PEWW ( I\XMRKYMWLMRK EKIRXW MR
 ;EXIV 1MWX *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV GSR
XIRHIH XS FI QERYEPP] ETTPMIH XS GSQFYWXMFPI QIXEP JMVIW WLEPP
XEMRMRK HMWXMPPIH SV HIMSRM^IH [EXIV ERH IQTPS]MRK E RS^^PI
GSQTP] [MXL XLI JMVI XIWX VIUYMVIQIRXW WTIGMJMIH MR %27-90
XLEX HMWGLEVKIW XLI EKIRX MR E JMRI WTVE]
 '%290'7
 ;EXIV8]TI *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV GSR
 )PIGXVMGEP 'SRHYGXMZMX] )\XMRKYMWLIVW PMWXIH JSV XLI 'PEWW '
XEMRMRK [EXIVFEWIH EKIRXW WYGL EW [EXIV JMPQJSVQMRK JSEQ
VEXMRK WLEPP RSX GSRXEMR ER EKIRX XLEX MW E GSRHYGXSV SJ IPIGXVMGMX]
EKIRXW %*** ***4  ERXMJVII^I PSEHIH WXVIEQ ERH [IX
GLIQMGEP  -R EHHMXMSR XS WYGGIWWJYPP] QIIXMRK XLI VIUYMVIQIRXW SJ
%27-90  '%290'7 [EXIVFEWIH EKIRXW WLEPP FI
 ;LIIPIH *MVI )\XMRKYMWLIV % TSVXEFPI JMVI I\XMRKYMWLIV
XIWXIH MR EGGSVHERGI [MXL %781 (  7XERHEVH 8IWX JSV )PIGXVMGEP
IUYMTTIH [MXL E GEVVMEKI ERH [LIIPW MRXIRHIH XS FI XVERW
'SRHYGXMZMX] ERH 6IWMWXMZMX] SJ E *PS[MRK ,MKL 4YVMX] ;EXIV 7EQTPI
TSVXIH XS XLI JMVI F] SRI TIVWSR 7II %
 *MVI I\XMRKYMWLIVW GSRXEMRMRK [EXIVFEWIH EKIRXW XLEX
LEZI E GSRHYGXMZMX] LMKLIV XLER  ™7GQ EX ”' ”*
WLEPP FI GSRWMHIVIH E GSRHYGXSV SJ IPIGXVMGMX] ERH XLIVIJSVI
'LETXIV  +IRIVEP 6IUYMVIQIRXW WLEPP RSX FI VEXIH 'PEWW '
 0MWXMRK ERH 0EFIPMRK  4EVEKVETLW  ERH  WLEPP ETTP] SRP] XS [EXIV
FEWIH I\XMRKYMWLIVW QERYJEGXYVIH EJXIV %YKYWX  
 4SVXEFPI JMVI I\XMRKYMWLIVW YWIH XS GSQTP] [MXL XLMW
WXERHEVH WLEPP FI PMWXIH ERH PEFIPIH ERH WLEPP QIIX SV I\GIIH  -HIRXMJMGEXMSR SJ 'SRXIRXW % JMVI I\XMRKYMWLIV WLEPP LEZI
EPP XLI VIUYMVIQIRXW SJ SRI SJ XLI JSPPS[MRK JMVI XIWX WXERHEVHW E PEFIP XEK SV WXIRGMP EXXEGLIH XS MX TVSZMHMRK XLI JSPPS[MRK
ERH SRI SJ XLI JSPPS[MRK ETTPMGEFPI TIVJSVQERGI WXERHEVHW MRJSVQEXMSR

 *MVI XIWX WXERHEVHW  8LI GSRXIRXvW TVSHYGX REQI EW MX ETTIEVW SR XLI QERY
%27-90  '%290'7 7XERHEVH JSV 6EXMRK ERH JEGXYVIVvW 1EXIVMEP 7EJIX] (EXE 7LIIX 17(7
*MVI 8IWXMRK SJ *MVI )\XMRKYMWLIVW  0MWXMRK SJ XLI LE^EVHSYW QEXIVMEP MHIRXMJMGEXMSR MR EGGSV
 4IVJSVQERGI WXERHEVHW HERGI [MXL ,E^EVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ,1-7 
-QTPIQIRXEXMSREP 1ERYEP ?MR 'EREHE ;SVOTPEGI ,E^EVHSYW
E 'EVFSR HMS\MHI X]TIW %27-90  '%290'7 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ;,1-7 6IJIVIRGI 1ERYEPA HI
7XERHEVH JSV 'EVFSR(MS\MHI *MVI )\XMRKYMWLIVW ZIPSTIH F] XLI 2EXMSREP 4EMRX ERH 'SEXMRKW %WWSGMEXMSR
F (V] GLIQMGEP X]TIW %27-90  '%290'7  0MWX SJ ER] LE^EVHSYW QEXIVMEPW XLEX EVI MR I\GIWW SJ
7XERHEVH JSV (V] 'LIQMGEP *MVI )\XMRKYMWLIVW  TIVGIRX SJ XLI GSRXIRXW
G ;EXIV X]TIW %27-90  '%290'7 7XER  0MWX SJ IEGL GLIQMGEP MR I\GIWW SJ  TIVGIRX SJ XLI GSR
HEVH JSV ;EXIV *MVI )\XMRKYMWLIVW XIRXW
H ,EPSR X]TIW '%290'7 7XERHEVH JSV ,EPSKI  -RJSVQEXMSR EW XS [LEX MW LE^EVHSYW EFSYX XLI EKIRX MR
REXIH %KIRX ,ERH ERH ;LIIPIH *MVI )\XMRKYMWLIVW EGGSVHERGI [MXL XLI 17(7
I *MPQJSVQMRK JSEQ X]TIW %27-90  '%290'  1ERYJEGXYVIVvW SV WIVZMGI EKIRG]vW REQI QEMPMRK EH
7 ;EXIV &EWIH %KIRX *MVI )\XMRKYMWLIVW HVIWW ERH TLSRI RYQFIV
J ,EPSGEVFSR X]TIW %27-90  '%290'7
7XERHEVH JSV ,EPSGEVFSR 'PIER %KIRX *MVI )\XMRKYMWLIVW  -RWXVYGXMSR 1ERYEP
 )EGL JMVI I\XMRKYMWLIV WLEPP FI QEVOIH [MXL XLI JSPPS[MRK  8LI S[RIV SV XLI S[RIVvW EKIRX WLEPP FI TVSZMHIH [MXL E
JMVI I\XMRKYMWLIV MRWXVYGXMSR QERYEP XLEX HIXEMPW GSRHIRWIH
 -HIRXMJMGEXMSR SJ XLI PMWXMRK ERH PEFIPMRK SVKERM^EXMSR MRWXVYGXMSRW ERH GEYXMSRW RIGIWWEV] XS XLI MRWXEPPEXMSR STIVE
 4VSHYGX GEXIKSV] MRHMGEXMRK XLI X]TI SJ I\XMRKYMWLIV XMSR MRWTIGXMSR ERH QEMRXIRERGI SJ XLI JMVI I\XMRKYMWLIV W 
 )\XMRKYMWLIV GPEWWMJMGEXMSR EW MRHMGEXIH MR 7IGXMSR 
 4IVJSVQERGI ERH JMVI XIWX WXERHEVHW XLEX XLI I\XMRKYMWLIV  8LI QERYEP WLEPP VIJIV XS XLMW WXERHEVH EW E WSYVGI SJ
QIIXW SV I\GIIHW HIXEMPIH MRWXVYGXMSR

 *MVI I\XMRKYMWLIVW QERYJEGXYVIH TVMSV XS .ERYEV]   3FWSPIXI *MVI )\XMRKYMWLIVW 8LI JSPPS[MRK X]TIW SJ JMVI
 WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL  I\XMRKYMWLIVW EVI GSRWMHIVIH SFWSPIXI ERH WLEPP FI VIQSZIH
JVSQ WIVZMGI
 ,EPSR I\XMRKYMWLIVW PMWXIH ERH PEFIPIH XS 90 
7XERHEVH JSV ,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW WLEPP FI TIVQMX  7SHE EGMH
XIH XS FI YWIH XS GSQTP] [MXL XLI VIUYMVIQIRXW SJ XLMW WXER  'LIQMGEP JSEQ I\GPYHMRK JMPQJSVQMRK EKIRXW
HEVH [LIR MRWXEPPIH MRWTIGXIH ERH QEMRXEMRIH MR EGGSVHERGI  :ETSVM^MRK PMUYMH IK GEVFSR XIXVEGLPSVMHI
[MXL XLMW WXERHEVH  'EVXVMHKISTIVEXIH [EXIV
 'EVXVMHKISTIVEXIH PSEHIH WXVIEQ
 %R SVKERM^EXMSR PMWXMRK JMVI I\XMRKYMWLIVW YWIH XS GSQ  'STTIV SV FVEWW WLIPP I\GPYHMRK TYQT XEROW NSMRIH F]
TP] [MXL XLI VIUYMVIQIRXW SJ XLMW WXERHEVH WLEPP YXMPM^I E XLMVH WSJX WSPHIV SV VMZIXW
TEVX] GIVXMJMGEXMSR TVSKVEQ JSV TSVXEFPI JMVI I\XMRKYMWLIVW XLEX  'EVFSR HMS\MHI I\XMRKYMWLIVW [MXL QIXEP LSVRW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
7)0)'8-32 3* 4368%&0) *-6) )<8-2+9-7,)67 z

 7SPMH GLEVKIzX]TI %*** I\XMRKYMWLIVW TETIV GEVXVMHKI  *MVI I\XMRKYMWLIVW GPEWWMJMIH JSV YWI SR 'PEWW % SV 'PEWW
 4VIWWYVM^IH [EXIV JMVI I\XMRKYMWLIVW QERYJEGXYVIH TVMSV & LE^EVHW WLEPP FI VIUYMVIH XS LEZI E VEXMRK RYQFIV TVIGIHMRK
XS  XLI GPEWWMJMGEXMSR PIXXIV XLEX MRHMGEXIW XLI VIPEXMZI I\XMRKYMWL
 %R] I\XMRKYMWLIV XLEX RIIHW XS FI MRZIVXIH XS STIVEXI MRK IJJIGXMZIRIWW
 %R] WXSVIH TVIWWYVI I\XMRKYMWLIV QERYJEGXYVIH TVMSV XS
  *MVI I\XMRKYMWLIVW GPEWWMJMIH JSV YWI SR 'PEWW ' 'PEWW
 %R] I\XMRKYMWLIVW [MXL & & & & ERH & JMVI ( SV 'PEWW / LE^EVHW WLEPP RSX FI VIUYMVIH XS LEZI E RYQFIV
VEXMRKW TVIGIHMRK XLI GPEWWMJMGEXMSR PIXXIV
 7XSVIHTVIWWYVI [EXIV I\XMRKYMWLIVW [MXL JMFIVKPEWW WLIPPW  *MVI I\XMRKYMWLIVW WLEPP FI WIPIGXIH JSV XLI GPEWW IW SJ
TVI LE^EVHW XS FI TVSXIGXIH MR EGGSVHERGI [MXL  XLVSYKL
 (V] GLIQMGEP WXSVIHTVIWWYVI I\XMRKYMWLIVW QERYJEG  *SV WTIGMJMG LE^EVHW WII 7IGXMSR 
XYVIH TVMSV XS 3GXSFIV  WLEPP FI VIQSZIH JVSQ WIVZMGI EX  *MVI I\XMRKYMWLIVW JSV XLI TVSXIGXMSR SJ 'PEWW % LE^
XLI RI\X ]IEV QEMRXIRERGI MRXIVZEP SV XLI RI\X L]HVSXIWX EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
[LMGLIZIV GSQIW JMVWX PEFIPIH JSV YWI SR 'PEWW % JMVIW *SV LEPSR EKIRXzX]TI I\XMRKYMWL
 7YFWIGXMSR  WLEPP RSX ETTP] XS [LIIPIHX]TI HV] IVW WII 
GLIQMGEP WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW
 *MVI I\XMRKYMWLIVW JSV XLI TVSXIGXMSR SJ 'PEWW & LE^
 %R] JMVI I\XMRKYMWLIV XLEX GER RS PSRKIV FI WIVZMGIH MR EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
EGGSVHERGI [MXL XLI QERYJEGXYVIVvW QEMRXIRERGI QERYEP MW PEFIPIH JSV YWI SR 'PEWW & JMVIW *SV LEPSR EKIRXzX]TI I\XMRKYMWL
GSRWMHIVIH SFWSPIXI ERH WLEPP FI VIQSZIH JVSQ WIVZMGI IVW WII 
 *MVI I\XMRKYMWLIVW JSV XLI TVSXIGXMSR SJ 'PEWW ' LE^
'LETXIV  7IPIGXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
PEFIPIH JSV YWI SR 'PEWW ' LE^EVHW *SV LEPSR EKIRXzX]TI JMVI
 +IRIVEP 6IUYMVIQIRXW 8LI WIPIGXMSR SJ JMVI I\XMRKYMWLIVW I\XMRKYMWLIVW WII 
JSV E KMZIR WMXYEXMSR WLEPP FI HIXIVQMRIH F] XLI ETTPMGEFPI
VIUYMVIQIRXW SJ 7IGXMSRW  XLVSYKL  ERH XLI JSPPS[MRK  *MVI I\XMRKYMWLIVW ERH I\XMRKYMWLMRK EKIRXW JSV XLI
JEGXSVW TVSXIGXMSR SJ 'PEWW ( LE^EVHW WLEPP FI SJ XLI X]TIW WTIGMJMGEPP]
PMWXIH ERH PEFIPIH JSV YWI SR XLI WTIGMJMG GSQFYWXMFPI QIXEP
 8]TI SJ JMVI QSWX PMOIP] XS SGGYV
LE^EVH
 7M^I SJ JMVI QSWX PMOIP] XS SGGYV
 ,E^EVHW MR XLI EVIE [LIVI XLI JMVI MW QSWX PMOIP] XS SGGYV  *MVI I\XMRKYMWLIVW JSV XLI TVSXIGXMSR SJ 'PEWW / LE^
 )RIVKM^IH IPIGXVMGEP IUYMTQIRX MR XLI ZMGMRMX] SJ XLI JMVI EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
 %QFMIRX XIQTIVEXYVI GSRHMXMSRW PEFIPIH JSV YWI SR 'PEWW / JMVIW
 3XLIV JEGXSVW 7II 7IGXMSR ,
 9WI SJ LEPSR EKIRX JMVI I\XMRKYMWLIVW WLEPP FI PMQMXIH
 4SVXEFPI JMVI I\XMRKYMWLIVW WLEPP FI MRWXEPPIH EW E JMVWX XS ETTPMGEXMSRW [LIVI E GPIER EKIRX MW RIGIWWEV] XS I\XMRKYMWL
PMRI SJ HIJIRWI XS GSTI [MXL JMVIW SJ PMQMXIH WM^I I\GITX EW JMVI IJJMGMIRXP] [MXLSYX HEQEKMRK XLI IUYMTQIRX SV EVIE FIMRK
VIUYMVIH F]  TVSXIGXIH SV [LIVI XLI YWI SJ EPXIVREXMZI EKIRXW LEW XLI TSXIR
 8LI WIPIGXMSR SJ I\XMRKYMWLIVW WLEPP FI MRHITIRHIRX SJ XMEP XS GEYWI E LE^EVH XS TIVWSRRIP MR XLI EVIE
[LIXLIV XLI FYMPHMRK MW IUYMTTIH [MXL EYXSQEXMG WTVMROPIVW  4PEGIQIRX SJ TSVXEFPI JMVI I\XMRKYMWLIVW GSRXEMRMRK
WXERHTMTI ERH LSWI SV SXLIV JM\IH TVSXIGXMSR IUYMTQIRX LEPSKIREXIH EKIRXW WLEPP GSRJSVQ XS QMRMQYQ GSRJMRIH
 'PEWWMJMGEXMSRW SJ *MVIW *MVIW WLEPP FI GPEWWMJMIH MR EGGSV WTEGI ZSPYQI VIUYMVIQIRX [EVRMRKW GSRXEMRIH SR XLI JMVI I\
HERGI [MXL XLI KYMHIPMRIW WTIGMJMIH MR  XLVSYKL  XMRKYMWLIV REQITPEXIW
 'PEWW % *MVIW 'PEWW % JMVIW EVI JMVIW MR SVHMREV] GSQFYW  ;LIIPIH JMVI I\XMRKYMWLIVW WLEPP FI GSRWMHIVIH JSV
XMFPI QEXIVMEPW WYGL EW [SSH GPSXL TETIV VYFFIV ERH QER] LE^EVH TVSXIGXMSR MR EVIEW MR [LMGL E JMVI VMWO EWWIWWQIRX LEW
TPEWXMGW WLS[R XLI JSPPS[MRK
 'PEWW & *MVIW 'PEWW & JMVIW EVI JMVIW MR JPEQQEFPI PMUYMHW  ,MKL LE^EVH EVIEW EVI TVIWIRX
GSQFYWXMFPI PMUYMHW TIXVSPIYQ KVIEWIW XEVW SMPW SMPFEWIH  0MQMXIH EZEMPEFPI TIVWSRRIP EVI TVIWIRX XLIVIF] VIUYMV
TEMRXW WSPZIRXW PEGUYIVW EPGSLSPW ERH JPEQQEFPI KEWIW MRK ER I\XMRKYMWLIV XLEX LEW XLI JSPPS[MRK JIEXYVIW
 'PEWW ' *MVIW 'PEWW ' JMVIW EVI JMVIW XLEX MRZSPZI IRIV E ,MKL EKIRX JPS[ VEXI
KM^IH IPIGXVMGEP IUYMTQIRX F -RGVIEWIH EKIRX WXVIEQ VERKI
G -RGVIEWIH EKIRX GETEGMX]
 'PEWW ( *MVIW 'PEWW ( JMVIW EVI JMVIW MR GSQFYWXMFPI QIX
EPW WYGL EW QEKRIWMYQ XMXERMYQ ^MVGSRMYQ WSHMYQ PMXLMYQ  'PEWWMJMGEXMSR SJ ,E^EVHW
ERH TSXEWWMYQ
 'PEWWMJ]MRK 3GGYTERG] ,E^EVH 6SSQW SV EVIEW WLEPP FI
 'PEWW / *MVIW 'PEWW / JMVIW EVI JMVIW MR GSSOMRK ETTPM GPEWWMJMIH EW FIMRK PMKLX LE^EVH SVHMREV] LE^EVH SV I\XVE LE^EVH
ERGIW XLEX MRZSPZI GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV
ERMQEP SMPW ERH JEXW   0MKLX ,E^EVH 0MKLX LE^EVH SGGYTERGMIW WLEPP FI GPEW
WMJMIH EW PSGEXMSRW [LIVI XLI UYERXMX] ERH GSQFYWXMFMPMX] SJ
 )\XMRKYMWLIV 'PEWWMJMGEXMSR 7]WXIQ
'PEWW % GSQFYWXMFPIW ERH 'PEWW & JPEQQEFPIW EVI PS[ ERH JMVIW
 8LI GPEWWMJMGEXMSR SJ JMVI I\XMRKYMWLIVW WLEPP GSRWMWX SJ E [MXL VIPEXMZIP] PS[ VEXIW SJ LIEX VIPIEWI EVI I\TIGXIH 8LIWI
PIXXIV XLEX MRHMGEXIW XLI GPEWW SJ JMVI SR [LMGL E JMVI I\XMR SGGYTERGMIW GSRWMWX SJ JMVI LE^EVHW LEZMRK RSVQEPP] I\TIGXIH
KYMWLIV LEW FIIR JSYRH XS FI IJJIGXMZI UYERXMXMIW SJ 'PEWW % GSQFYWXMFPI JYVRMWLMRKW ERHSV XLI XSXEP

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

UYERXMX] SJ 'PEWW & JPEQQEFPIW X]TMGEPP] I\TIGXIH XS FI TVIWIRX  ;EXIV7SPYFPI *PEQQEFPI 0MUYMH *MVIW 4SPEV 7SPZIRXW 
MW PIWW XLER  KEP  0 MR ER] VSSQ SV EVIE %UYISYW JMPQJSVQMRK JSEQ %*** ERH JMPQJSVQMRK JPYSVS
TVSXIMR JSEQ ***4 X]TIW SJ JMVI I\XMRKYMWLIVW WLEPP RSX FI
 3VHMREV] ,E^EVH 3VHMREV] LE^EVH SGGYTERGMIW WLEPP YWIH JSV XLI TVSXIGXMSR SJ [EXIVWSPYFPI JPEQQEFPI PMUYMHW
FI GPEWWMJMIH EW PSGEXMSRW [LIVI XLI UYERXMX] ERH GSQFYWXMFMPMX] WYGL EW EPGSLSPW EGIXSRI IWXIVW OIXSRIW ERH WS JSVXL YRPIWW
SJ 'PEWW % GSQFYWXMFPI QEXIVMEPW ERH 'PEWW & JPEQQEFPIW EVI WTIGMJMGEPP] VIJIVIRGIH SR XLI JMVI I\XMRKYMWLIV REQITPEXI
QSHIVEXI ERH JMVIW [MXL QSHIVEXI VEXIW SJ LIEX VIPIEWI EVI
I\TIGXIH 8LIWI SGGYTERGMIW GSRWMWX SJ JMVI LE^EVHW XLEX SRP]  3FWXEGPI *MVIW 7IPIGXMSR SJ E JMVI I\XMRKYMWLIV JSV XLMW
SGGEWMSREPP] GSRXEMR 'PEWW % GSQFYWXMFPI QEXIVMEPW FI]SRH X]TI SJ LE^EVH WLEPP FI FEWIH SR SRI SJ XLI JSPPS[MRK
RSVQEP ERXMGMTEXIH JYVRMWLMRKW ERHSV XLI XSXEP UYERXMX] SJ  )\XMRKYMWLIV GSRXEMRMRK E ZETSVWYTTVIWWMRK JSEQ EKIRX
'PEWW & JPEQQEFPIW X]TMGEPP] I\TIGXIH XS FI TVIWIRX MW JVSQ  1YPXMTPI I\XMRKYMWLIVW GSRXEMRMRK RSRZETSVWYTTVIWWMRK
 KEP XS  KEP  0 XS  0 MR ER] VSSQ SV EVIE 'PEWW & EKIRXW MRXIRHIH JSV WMQYPXERISYW ETTPMGEXMSR
 0EVKIV GETEGMX] I\XMRKYMWLIVW SJ  PF  OK SV KVIEXIV
 )\XVE ,E^EVH )\XVE LE^EVH SGGYTERGMIW WLEPP FI GPEW
ERH E QMRMQYQ HMWGLEVKI VEXI SJ  PFWIG  OKWIG
WMJMIH EW PSGEXMSRW [LIVI XLI UYERXMX] ERH GSQFYWXMFMPMX] SJ
'PEWW % GSQFYWXMFPI QEXIVMEP EVI LMKL SV [LIVI LMKL EQSYRXW  'PEWW / 'SSOMRK 1IHME *MVIW *MVI I\XMRKYMWLIVW TVS
SJ 'PEWW & JPEQQEFPIW EVI TVIWIRX ERH VETMHP] HIZIPSTMRK JMVIW ZMHIH JSV XLI TVSXIGXMSR SJ GSSOMRK ETTPMERGIW XLEX YWI GSQ
[MXL LMKL VEXIW SJ LIEX VIPIEWI EVI I\TIGXIH 8LIWI SGGYTERGMIW FYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP SMPW ERH JEXW
GSRWMWX SJ JMVI LE^EVHW MRZSPZIH [MXL XLI WXSVEKI TEGOEKMRK LER WLEPP FI PMWXIH ERH PEFIPIH JSV 'PEWW / JMVIW
HPMRK SV QERYJEGXYVI SJ 'PEWW % GSQFYWXMFPIW ERHSV XLI XSXEP  'PEWW / JMVI I\XMRKYMWLIVW QERYJEGXYVIH EJXIV .ERYEV]
UYERXMX] SJ 'PEWW & JPEQQEFPIW I\TIGXIH XS FI TVIWIRX MW QSVI   WLEPP RSX FI IUYMTTIH [MXL I\XIRHIH [ERHzX]TI HMW
XLER  KEP  0 MR ER] VSSQ SV EVIE GLEVKI HIZMGIW
 0MQMXIH EVIEW SJ KVIEXIV SV PIWWIV LE^EVH WLEPP FI TVS  *MVI I\XMRKYMWLIVW MRWXEPPIH WTIGMJMGEPP] JSV XLI TVSXIG
XIGXIH EW VIUYMVIH XMSR SJ GSSOMRK ETTPMERGIW XLEX YWI GSQFYWXMFPI GSSOMRK QI
HME ERMQEP SV ZIKIXEFPI SMPW ERH JEXW [MXLSYX E 'PEWW / VEXMRK
 7IPIGXMSR F] 3GGYTERG] *MVI I\XMRKYMWLIVW WLEPP FI TVS
WLEPP FI VIQSZIH JVSQ WIVZMGI
ZMHIH JSV XLI TVSXIGXMSR SJ FSXL XLI FYMPHMRK WXVYGXYVI ERH XLI
SGGYTERG] LE^EVHW GSRXEMRIH XLIVIMR VIKEVHPIWW SJ XLI TVIW  ;LIVI E LE^EVH MW TVSXIGXIH F] ER EYXSQEXMG JMVI TVS
IRGI SJ ER] JM\IH JMVI WYTTVIWWMSR W]WXIQW XIGXMSR W]WXIQ E TPEGEVH WLEPP FI GSRWTMGYSYWP] TPEGIH RIEV
XLI I\XMRKYMWLIV XLEX WXEXIW XLEX XLI JMVI TVSXIGXMSR W]WXIQ
 6IUYMVIH FYMPHMRK TVSXIGXMSR WLEPP FI TVSZMHIH F] WLEPP FI EGXYEXIH TVMSV XS YWMRK XLI JMVI I\XMRKYMWLIV
JMVI I\XMRKYMWLIVW JSV 'PEWW % JMVIW
 )PIGXVSRMG )UYMTQIRX *MVIW *MVI I\XMRKYMWLIVW JSV XLI
 3GGYTERG] LE^EVH TVSXIGXMSR WLEPP FI TVSZMHIH F] TVSXIGXMSR SJ HIPMGEXI IPIGXVSRMG IUYMTQIRX WLEPP FI WIPIGXIH
JMVI I\XMRKYMWLIVW JSV WYGL 'PEWW % & ' ( SV / JMVI TSXIRXMEPW JVSQ X]TIW WTIGMJMGEPP] PMWXIH ERH PEFIPIH JSV 'PEWW ' LE^EVHW
EW QMKLX FI TVIWIRX 7II 
 *MVI I\XMRKYMWLIVW TVSZMHIH JSV FYMPHMRK TVSXIGXMSR  (V] GLIQMGEP JMVI I\XMRKYMWLIVW WLEPP RSX FI MRWXEPPIH
WLEPP FI TIVQMXXIH XS EPWS FI GSRWMHIVIH JSV XLI TVSXIGXMSR SJ JSV XLI TVSXIGXMSR SJ HIPMGEXI IPIGXVSRMG IUYMTQIRX
SGGYTERGMIW LEZMRK E 'PEWW % JMVI TSXIRXMEP  %VIEW 'SRXEMRMRK 3\MHM^IVW
 &YMPHMRKW LEZMRK ER SGGYTERG] LE^EVH WYFNIGX XS  3RP] [EXIVX]TI I\XMRKYMWLIVW WLEPP FI MRWXEPPIH MR EV
'PEWW & SV 'PEWW ' JMVIW SV FSXL WLEPP LEZI E WXERHEVH GSQTPI IEW GSRXEMRMRK S\MHM^IVW WYGL EW TSSP GLIQMGEPW
QIRX SJ 'PEWW % JMVI I\XMRKYMWLIVW JSV FYMPHMRK TVSXIGXMSR TPYW
 1YPXMTYVTSWI HV] GLIQMGEP JMVI I\XMRKYMWLIVW WLEPP
EHHMXMSREP 'PEWW & SV 'PEWW ' JMVI I\XMRKYMWLIVW SV FSXL
RSX FI MRWXEPPIH MR EVIEW GSRXEMRMRK S\MHM^IVW WYGL EW TSSP
 ;LIVI JMVI I\XMRKYMWLIVW LEZI QSVI XLER SRI PIXXIV GLIQMGEPW
GPEWWMJMGEXMSR WYGL EW %&'  XLI] WLEPP FI TIVQMXXIH XS  'PEWW ( 'SQFYWXMFPI 1IXEP *MVIW *MVI I\XMRKYMWLIVW SV
WEXMWJ] XLI VIUYMVIQIRXW SJ IEGL PIXXIV GPEWW GSRXEMRIVW SJ 'PEWW ( I\XMRKYMWLMRK EKIRXW TVSZMHIH JSV XLI
 7IPIGXMSR JSV 7TIGMJMG ,E^EVHW TVSXIGXMSR SJ 'PEWW ( JMVIW WLEPP FI PMWXIH ERH PEFIPIH JSV 'PEWW
( JMVIW
 'PEWW & *MVIW  'PEWW ( JMVI I\XMRKYMWLIVW ERH EKIRXW WLEPP FI GSQTEX
 )\XMRKYMWLIVW JSV 4VIWWYVM^IH *PEQQEFPI 0MUYMHW ERH MFPI [MXL XLI WTIGMJMG QIXEP JSV [LMGL TVSXIGXMSR MW TVSZMHIH
4VIWWYVM^IH +EW *MVIW  7IPIGXMSR JSV 7TIGMJMG 0SGEXMSRW
 7IPIGXMSR SJ JMVI I\XMRKYMWLIVW JSV XLMW X]TI SJ LE^  ;LIVI TSVXEFPI JMVI I\XMRKYMWLIVW EVI VIUYMVIH XS FI
EVH WLEPP FI QEHI SR XLI FEWMW SJ VIGSQQIRHEXMSRW F] QERY MRWXEPPIH XLI JSPPS[MRK HSGYQIRXW WLEPP FI VIZMI[IH JSV XLI
JEGXYVIVW SJ XLMW WTIGMEPM^IH IUYMTQIRX SGGYTERGMIW SYXPMRIH MR XLIMV VIWTIGXMZI WGSTIW
 0EVKIGETEGMX] HV] GLIQMGEP I\XMRKYMWLIVW SJ  PF  2*4%  *MVI 'SHI
 OK SV KVIEXIV ERH E HMWGLEVKI VEXI SJ  PFWIG  2*4%  ,]HVSKIR 8IGLRSPSKMIW 'SHI
 OKWIG SV QSVI WLEPP FI YWIH XS TVSXIGX XLIWI LE^EVHW  2*4%  7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
 2*4%  *PEQQEFPI ERH 'SQFYWXMFPI 0MUYMHW 'SHI
 8LVII(MQIRWMSREP *MVIW 0EVKIGETEGMX] HV] GLIQMGEP  2*4% % 'SHI JSV 1SXSV *YIP (MWTIRWMRK *EGMPMXMIW ERH 6I
I\XMRKYMWLIVW SJ  PF  OK SV KVIEXIV ERH LEZMRK E HMW TEMV +EVEKIW
GLEVKI VEXI SJ  PFWIG  OKWIG SV QSVI WLEPP FI YWIH XS  2*4%  7XERHEVH JSV 7TVE] %TTPMGEXMSR 9WMRK *PEQQEFPI SV
TVSXIGX XLIWI LE^EVHW 'SQFYWXMFPI 1EXIVMEPW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
-278%00%8-32 3* 4368%&0) *-6) )<8-2+9-7,)67 z

 2*4%  7XERHEVH JSV XLI 7XSVEKI ERH ,ERHPMRK SJ 'IPPYPSWI  2*4%  7XERHEVH JSV 7EJI ,EZIRW ERH -RXIVGLERKI 0SXW JSV
2MXVEXI *MPQ :ILMGPIW 8VERWTSVXMRK )\TPSWMZIW
 2*4%  7XERHEVH SR *MVI 4VSXIGXMSR JSV 0EFSVEXSVMIW 9WMRK  2*4% % 7XERHEVH JSV *MVI 7EJIX] 'VMXIVME JSV 1ERYJEG
'LIQMGEPW XYVIH ,SQI -RWXEPPEXMSRW 7MXIW ERH 'SQQYRMXMIW
 2*4%  7XERHEVH JSV XLI (IWMKR ERH -RWXEPPEXMSR SJ 3\]KIRz  2*4%  7XERHEVH JSV 6SEH 8YRRIPW &VMHKIW ERH 3XLIV
*YIP +EW 7]WXIQW JSV ;IPHMRK 'YXXMRK ERH %PPMIH 4VSGIWWIW 0MQMXIH %GGIWW ,MKL[E]W
 2*4% & 7XERHEVH JSV *MVI 4VIZIRXMSR (YVMRK ;IPHMRK 'YX  2*4%  *MVI 7EJIX] 7XERHEVH JSV 4S[IVIH -RHYWXVMEP 8VYGOW
XMRK ERH 3XLIV ,SX ;SVO -RGPYHMRK 8]TI (IWMKREXMSRW %VIEW SJ 9WI 'SRZIVWMSRW 1EMR
 2*4%  :ILMGYPEV +EWISYW *YIP 7]WXIQW 'SHI XIRERGI ERH 3TIVEXMSRW
 2*4%  0MUYIJMIH 4IXVSPIYQ +EW 'SHI  2*4%  7XERHEVH JSV 4VIZIRXMSR SJ 7YPJYV *MVIW ERH )\TPSWMSRW
 2*4%  9XMPMX] 04+EW 4PERX 'SHI  2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ )PIGXVSRMG 4VIQMWIW
 2*4% % 7XERHEVH JSV XLI 4VSHYGXMSR 7XSVEKI ERH ,ER 7IGYVMX] 7]WXIQW
HPMRK SJ 0MUYIJMIH 2EXYVEP +EW 02+  2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR JSV *EGMPMXMIW ,ERHPMRK
 2*4%  2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI 6EHMSEGXMZI 1EXIVMEPW
 2*4%  7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ -RJSVQEXMSR 8IGL  2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR JSV %HZERGIH 0MKLX
RSPSK] )UYMTQIRX ;EXIV 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW
 2*4%  7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ 8IPIGSQQYRMGE  2*4%  4IVJSVQERGI&EWIH 7XERHEVH JSV *MVI 4VSXIGXMSR JSV
XMSRW *EGMPMXMIW 0MKLX ;EXIV 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW
 2*4%  7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR  2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR MR ;EWXI[EXIV 8VIEX
SJ 'SQQIVGMEP 'SSOMRK 3TIVEXMSRW QIRX ERH 'SPPIGXMSR *EGMPMXMIW
 2*4%  ,IEPXL 'EVI *EGMPMXMIW 'SHI  2*4%  'SHI JSV XLI 4VSXIGXMSR SJ 'YPXYVEP 6IWSYVGI 4VSTIV
 2*4% & 7XERHEVH JSV ,]TSFEVMG *EGMPMXMIW XMIW { 1YWIYQW 0MFVEVMIW ERH 4PEGIW SJ ;SVWLMT
 2*4%  0MJI 7EJIX] 'SHI  2*4%  'SHI JSV *MVI 4VSXIGXMSR SJ ,MWXSVMG 7XVYGXYVIW
 2*4%  7XERHEVH JSV +VERHWXERHW *SPHMRK ERH 8IPIWGSTMG  2*4%  'SHI JSV *MVI[SVOW (MWTPE]
7IEXMRK 8IRXW ERH 1IQFVERI 7XVYGXYVIW  2*4%  'SHI JSV XLI 1ERYJEGXYVI 8VERWTSVXEXMSR 7XSV
 2*4%  7XERHEVH JSV 0EWIV *MVI 4VSXIGXMSR EKI ERH 6IXEMP 7EPIW SJ *MVI[SVOW ERH 4]VSXIGLRMG %VXMGPIW
 2*4%  7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 'SEP  2*4%  'SHI JSV XLI 1ERYJEGXYVI SJ 1SHIP 6SGOIX ERH
1MRIW ,MKL 4S[IV 6SGOIX 1SXSVW
 2*4%  7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 1IXEP  2*4%  7XERHEVH JSV XLI 9WI SJ 4]VSXIGLRMGW &IJSVI E
2SRQIXEP 1MRMRK ERH 1IXEP 1MRIVEP 4VSGIWWMRK *EGMPMXMIW 4VS\MQEXI %YHMIRGI
 2*4%  7XERHEVH JSV *M\IH +YMHI[E] 8VERWMX ERH 4EWWIR  2*4%  7XERHEVH JSV *MVI 4VSXIGXMSR -RJVEWXVYGXYVI JSV
KIV 6EMP 7]WXIQW 0ERH (IZIPSTQIRX MR ;MPHPERH 6YVEP ERH 7YFYVFER %VIEW
 2*4%  7XERHEVH SR 1SXMSR 4MGXYVI ERH 8IPIZMWMSR 4VS  2*4%  7XERHEVH SR 6IGVIEXMSREP :ILMGPIW
HYGXMSR 7XYHMS 7SYRHWXEKIW %TTVSZIH 4VSHYGXMSR *EGMPMXMIW  2*4%  7XERHEVH JSV 6IGVIEXMSREP :ILMGPI 4EVOW ERH
ERH 4VSHYGXMSR 0SGEXMSRW 'EQTKVSYRHW
 2*4%  7XERHEVH SR *MVI ERH 0MJI 7EJIX] MR %RMQEP ,SYW  2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR 1EMRXIRERGI ERH
MRK *EGMPMXMIW 9WI SJ )QIVKIRG] 7IVZMGIW 'SQQYRMGEXMSRW 7]WXIQW
 2*4%  7XERHEVH JSV XLI 9WI SJ *PEQI )JJIGXW &IJSVI ER  2*4%  7XERHEVH JSV %YXSQSXMZI *MVI %TTEVEXYW
%YHMIRGI  2*4%  7XERHEVH JSV ;MPHPERH *MVI %TTEVEXYW
 2*4%  7XERHEVH JSV XLI 4VSXIGXMSR SJ 6IGSVHW  2*4%  7XERHEVH SR 1EVMRI *MVI*MKLXMRK :IWWIPW
 2*4%  7XERHEVH JSV 7EJIKYEVHMRK 'SRWXVYGXMSR %PXIV  2*4%  &YMPHMRK 'SRWXVYGXMSR ERH 7EJIX] 'SHI
EXMSR ERH (IQSPMXMSR 3TIVEXMSRW
 2*4%  'SHI JSV 7EJIX] XS 0MJI JVSQ *MVI SR 1IVGLERX :IWWIPW  -R RS GEWI WLEPP XLI VIUYMVIQIRXW SJ XLI HSGYQIRXW MR
 2*4%  *MVI 4VSXIGXMSR 7XERHEVH JSV 4PIEWYVI ERH 'SQQIV  FI PIWW XLER XLSWI WTIGMJMIH MR XLMW WXERHEVH
GMEP 1SXSV 'VEJX
 2*4%  *MVI 4VSXIGXMSR 7XERHEVH JSV 1EVMREW ERH &SEX]EVHW
 2*4%  7XERHEVH JSV XLI 'SRWXVYGXMSR ERH *MVI 4VSXIGXMSR 'LETXIV  -RWXEPPEXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW
SJ 1EVMRI 8IVQMREPW 4MIVW ERH ;LEVZIW
 2*4%  7XERHEVH JSV XLI 7EJIKYEVHMRK SJ 8EROW ERH 'SR
 +IRIVEP
XEMRIVW JSV )RXV] 'PIERMRK SV 6ITEMV
 2*4%  7XERHEVH JSV 8ERO :ILMGPIW JSV *PEQQEFPI ERH  2YQFIV SJ )\XMRKYMWLIVW 8LI QMRMQYQ RYQFIV SJ
'SQFYWXMFPI 0MUYMHW JMVI I\XMRKYMWLIVW RIIHIH XS TVSXIGX E TVSTIVX] WLEPP FI HIXIV
 2*4%  ,E^EVHSYW 1EXIVMEPW 'SHI QMRIH EW SYXPMRIH MR XLMW GLETXIV
 2*4%  7XERHEVH JSV %MVGVEJX 6IWGYI ERH *MVI*MKLXMRK 7IV
ZMGIW EX %MVTSVXW  8LI MRWXEPPEXMSR SJ I\XMRKYMWLIVW WLEPP FI MRHITIRHIRX
 2*4%  7XERHEVH JSV %MVGVEJX *YIP 7IVZMGMRK SJ [LIXLIV XLI FYMPHMRK MW IUYMTTIH [MXL EYXSQEXMG WTVMROPIVW
 2*4%  7XERHEVH JSV %MVGVEJX ,ERH 4SVXEFPI *MVI )\XMR WXERHTMTI ERH LSWI SV SXLIV JM\IH TVSXIGXMSR IUYMTQIRX
KYMWLIVW  %HHMXMSREP I\XMRKYMWLIVW WLEPP FI TIVQMXXIH XS FI MR
 2*4%  7XERHEVH SR %MVGVEJX ,ERKEVW WXEPPIH XS TVSZMHI QSVI TVSXIGXMSR EW RIGIWWEV]
 2*4%  7XERHEVH SR %MVGVEJX 1EMRXIRERGI
 2*4%  7XERHEVH JSV ,IPMTSVXW  *MVI I\XMRKYMWLIVW LEZMRK VEXMRKW PIWW XLER XLSWI WTIGM
 2*4%  7XERHEVH JSV 'SRWXVYGXMSR ERH 4VSXIGXMSR SJ %MV JMIH MR 8EFPI  ERH 8EFPI  WLEPP FI TIVQMXXIH XS FI
GVEJX )RKMRI 8IWX *EGMPMXMIW MRWXEPPIH TVSZMHIH XLI] EVI RSX YWIH MR JYPJMPPMRK XLI QMRM
 2*4%  7XERHEVH JSV 'SQFYWXMFPI 1IXEPW QYQ TVSXIGXMZI VIUYMVIQIRXW SJ XLMW GLETXIV I\GITX EW QSHM
 2*4%  )\TPSWMZI 1EXIVMEPW 'SHI JMIH MR   ERH 

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 )\XMRKYMWLIV 6IEHMRIWW 4SVXEFPI JMVI I\XMRKYMWLIVW WLEPP  8LI VIWXVMGXMSRW SJ  WLEPP RSX ETTP] XS XLI
FI QEMRXEMRIH MR E JYPP] GLEVKIH ERH STIVEFPI GSRHMXMSR ERH SVMKMREP QERYJEGXYVIVvW PEFIPW PEFIPW XLEX WTIGMJMGEPP] VIPEXI XS
WLEPP FI OITX MR XLIMV HIWMKREXIH TPEGIW EX EPP XMQIW [LIR XLI] EVI XLI I\XMRKYMWLIVvW STIVEXMSR SV JMVI GPEWWMJMGEXMSR SV MRZIRXSV]
RSX FIMRK YWIH GSRXVSP PEFIPW WTIGMJMG XS XLEX I\XMRKYMWLIV
 4PEGIQIRX  'EFMRIXW
 *MVI I\XMRKYMWLIVW WLEPP FI GSRWTMGYSYWP] PSGEXIH  'EFMRIXW LSYWMRK JMVI I\XMRKYMWLIVW WLEPP RSX FI
[LIVI XLI] EVI VIEHMP] EGGIWWMFPI ERH MQQIHMEXIP] EZEMPEFPI MR PSGOIH I\GITX [LIVI JMVI I\XMRKYMWLIVW EVI WYFNIGX XS QEPM
XLI IZIRX SJ JMVI GMSYW YWI ERH GEFMRIXW MRGPYHI E QIERW SJ IQIVKIRG] EGGIWW
 *MVI I\XMRKYMWLIVW WLEPP FI PSGEXIH EPSRK RSVQEP  8LI PSGEXMSR SJ JMVI I\XMRKYMWLIVW EW HIWGVMFIH MR
TEXLW SJ XVEZIP MRGPYHMRK I\MXW JVSQ EVIEW  WLEPP FI QEVOIH GSRWTMGYSYWP]
 :MWYEP 3FWXVYGXMSRW  *MVI I\XMRKYMWLIVW QSYRXIH MR GEFMRIXW SV [EPP VI
 *MVI I\XMRKYMWLIVW WLEPP RSX FI SFWXVYGXIH SV SF GIWWIW WLEPP FI TPEGIH WS XLEX XLI JMVI I\XMRKYMWLIVvW STIVEXMRK
WGYVIH JVSQ ZMI[ MRWXVYGXMSRW JEGI SYX[EVH
 -R PEVKI VSSQW ERH MR GIVXEMR PSGEXMSRW [LIVI ZMWYEP  ;LIVI JMVI I\XMRKYMWLIVW EVI MRWXEPPIH MR GPSWIH
SFWXVYGXMSRW GERRSX FI GSQTPIXIP] EZSMHIH QIERW WLEPP FI GEFMRIXW XLEX EVI I\TSWIH XS IPIZEXIH XIQTIVEXYVIW XLI GEFM
TVSZMHIH XS MRHMGEXI XLI I\XMRKYMWLIV PSGEXMSR RIXW WLEPP FI TVSZMHIH [MXL WGVIIRIH STIRMRKW ERH HVEMRW
 ;LIVI WMKRW EVI YWIH XS MRHMGEXI JMVI I\XMRKYMWLIV  'EFMRIXW SV [EPP VIGIWWIW JSV JMVI I\XMRKYMWLIVW WLEPP
PSGEXMSR XLI WMKRW WLEPP GSQTP] [MXL XLI JSPPS[MRK FI MRWXEPPIH WYGL XLEX XLI I\XMRKYMWLIV QSYRXMRK LIMKLXW WTIGM
 8LI] WLEPP FI PSGEXIH MR GPSWI TVS\MQMX] XS XLI I\XMR JMIH MR  ERH  EVI QIX
KYMWLIV  *MVI I\XMRKYMWLIVW WLEPP RSX FI I\TSWIH XS XIQTIVE
 8LI] WLEPP FI ZMWMFPI JVSQ XLI RSVQEP TEXL SJ XVEZIP XYVIW SYXWMHI XLI PMWXIH XIQTIVEXYVI VERKI WLS[R SR XLI JMVI
 4SVXEFPI JMVI I\XMRKYMWLIVW SXLIV XLER [LIIPIH I\XMR I\XMRKYMWLIV PEFIP
KYMWLIVW WLEPP FI MRWXEPPIH YWMRK ER] SJ XLI JSPPS[MRK QIERW  %RXMJVII^I
 7IGYVIP] SR E LERKIV MRXIRHIH JSV XLI I\XMRKYMWLIV  *MVI I\XMRKYMWLIVW GSRXEMRMRK SRP] TPEMR [EXIV WLEPP
 -R XLI FVEGOIX WYTTPMIH F] XLI I\XMRKYMWLIV QERYJEGXYVIV FI TVSXIGXIH XS XIQTIVEXYVIW EW PS[ EW n”* n”' F] XLI
 -R E PMWXIH FVEGOIX ETTVSZIH JSV WYGL TYVTSWI EHHMXMSR SJ ER ERXMJVII^I XLEX MW WXMTYPEXIH SR XLI JMVI I\XMR
 -R GEFMRIXW SV [EPP VIGIWWIW KYMWLIV REQITPEXI
 ;LIIPIH JMVI I\XMRKYMWLIVW WLEPP FI PSGEXIH MR HIWMK
 'EPGMYQ GLPSVMHI WSPYXMSRW WLEPP RSX FI YWIH MR WXEMR
REXIH PSGEXMSRW
PIWW WXIIP JMVI I\XMRKYMWLIVW
 *MVI I\XMRKYMWLIVW MRWXEPPIH MR ZILMGPIW SV YRHIV SXLIV
GSRHMXMSRW [LIVI XLI] EVI WYFNIGX XS HMWPSHKIQIRX WLEPP FI  )PIGXVSRMG 1SRMXSVMRK ERH %PEVQ 7]WXIQ
MRWXEPPIH MR ETTVSZIH WXVETX]TI FVEGOIXW WTIGMJMGEPP] HIWMKRIH  8LI GSRRIGXMSR XS XLI IPIGXVSRMG QSRMXSVMRK HIZMGI
JSV XLMW ETTPMGEXMSR WLEPP FI GSRXMRYSYWP] WYTIVZMWIH JSV MRXIKVMX]
 *MVI I\XMRKYMWLIVW MRWXEPPIH YRHIV GSRHMXMSRW [LIVI  8LI TS[IV WSYVGI JSV XLI IPIGXVSRMG QSRMXSVMRK HI
XLI] EVI WYFNIGX XS TL]WMGEP HEQEKI IK JVSQ MQTEGX ZMFVE ZMGI WLEPP FI WYTIVZMWIH JSV GSRXMRYMX] SJ TS[IV
XMSR XLI IRZMVSRQIRX WLEPP FI TVSXIGXIH EKEMRWX HEQEKI
 -RWXEPPEXMSRW JSV 'PEWW % ,E^EVHW
 -RWXEPPEXMSR ,IMKLX
 *MVI )\XMRKYMWLIV 7M^I ERH 4PEGIQIRX JSV 'PEWW % ,E^EVHW
 *MVI I\XMRKYMWLIVW LEZMRK E KVSWW [IMKLX RSX I\GIIH
MRK  PF  OK WLEPP FI MRWXEPPIH WS XLEX XLI XST SJ XLI JMVI  1MRMQEP WM^IW SJ JMVI I\XMRKYMWLIVW JSV XLI PMWXIH KVEHIW
I\XMRKYMWLIV MW RSX QSVI XLER  JX  Q EFSZI XLI JPSSV SJ LE^EVHW WLEPP FI TVSZMHIH SR XLI FEWMW SJ 8EFPI  I\GITX
 *MVI I\XMRKYMWLIVW LEZMRK E KVSWW [IMKLX KVIEXIV EW QSHMJMIH F]  ERH 
XLER  PF  OK I\GITX [LIIPIH X]TIW WLEPP FI MRWXEPPIH  8LI QMRMQYQ RYQFIV SJ I\XMRKYMWLIVW JSV 'PEWW %
WS XLEX XLI XST SJ XLI JMVI I\XMRKYMWLIV MW RSX QSVI XLER  JX LE^EVHW WLEPP FI WYJJMGMIRX XS QIIX XLI VIUYMVIQIRXW SJ
 Q EFSZI XLI JPSSV  XLVSYKL 
 -R RS GEWI WLEPP XLI GPIEVERGI FIX[IIR XLI FSXXSQ  8LI QMRMQYQ RYQFIV SJ JMVI I\XMRKYMWLIVW JSV
SJ XLI LERH TSVXEFPI JMVI I\XMRKYMWLIV ERH XLI JPSSV FI PIWW 'PEWW % LE^EVHW JSV IEGL JPSSV SJ E FYMPHMRK WLEPP FI HIXIV
XLER  MR  QQ  QMRIH F] HMZMHMRK XLI XSXEP JPSSV EVIE F] XLI QE\MQYQ EVIE XS
 0EFIP :MWMFMPMX] FI TVSXIGXIH TIV I\XMRKYMWLIV EW HIXIVQMRIH F] 8EFPI 
7II %RRI\ )
 8LI I\XMRKYMWLIV STIVEXMRK MRWXVYGXMSRW WLEPP FI PS
GEXIH SR XLI JVSRX SJ XLI I\XMRKYMWLIV ERH WLEPP FI GPIEVP]  *MVI I\XMRKYMWLIVW WLEPP FI PSGEXIH WS XLEX XLI QE\M
ZMWMFPI QYQ XVEZIP HMWXERGIW WLEPP RSX I\GIIH  JX  Q  I\GITX EW
QSHMJMIH F] 
 ,E^EVHSYW QEXIVMEPW MHIRXMJMGEXMSR W]WXIQW ,1-7
PEFIPW ]IEV QEMRXIRERGI PEFIPW L]HVSWXEXMG XIWX PEFIPW SV  ;LIVI XLI UYERXMX] SJ I\XMRKYMWLIVW VIUYMVIH XS WEX
SXLIV PEFIPW WLEPP RSX FI PSGEXIH SV TPEGIH SR XLI JVSRX SJ XLI MWJ]  I\GIIHW XLI RYQFIV GEPGYPEXIH MR  EHHM
I\XMRKYMWLIV XMSREP I\XMRKYMWLIVW WLEPP FI MRWXEPPIH

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
-278%00%8-32 3* 4368%&0) *-6) )<8-2+9-7,)67 z

8EFPI  *MVI )\XMRKYMWLIV 7M^I ERH 4PEGIQIRX JSV 'PEWW 8EFPI  *MVI )\XMRKYMWLIV 7M^I ERH 4PEGIQIRX JSV 'PEWW
% ,E^EVHW & ,E^EVHW

0MKLX 3VHMREV] )\XVE &EWMG 1E\MQYQ 8VEZIP (MWXERGI XS


,E^EVH ,E^EVH ,E^EVH 1MRMQYQ )\XMRKYMWLIVW
'VMXIVME 3GGYTERG] 3GGYTERG] 3GGYTERG] 8]TI SJ )\XMRKYMWLIV
,E^EVH 6EXMRK JX Q
1MRMQYQ VEXIH % % %
WMRKPI I\XMRKYMWLIV 0MKLX &  
1E\MQYQ JPSSV EVIE  JX  JX  JX &  
TIV YRMX SJ %
1E\MQYQ JPSSV EVIE  JX  JX  JX 3VHMREV] &  
JSV I\XMRKYMWLIV &  
1E\MQYQ XVEZIP  JX  JX  JX
HMWXERGI XS )\XVE &  
I\XMRKYMWLIV &  

*SV 7- YRMXW  JX !  Q  JX !  Q  2SXI 8LI WTIGMJMIH VEXMRKW HS RSX MQTP] XLEX JMVIW SJ XLI QEKRMXYHIW
2SXI *SV QE\MQYQ JPSSV EVIE I\TPEREXMSRW WII ) MRHMGEXIH F] XLIWI VEXMRKW [MPP SGGYV FYX VEXLIV XLI] EVI TVSZMHIH XS
KMZI XLI STIVEXSVW QSVI XMQI ERH EKIRX XS LERHPI HMJJMGYPX WTMPP JMVIW
XLEX LEZI XLI TSXIRXMEP XS SGGYV

 7QEPPIV JMVI I\XMRKYMWLIVW XLEX EVI VEXIH SR 'PEWW &  9T XS XLVII %*** SV ***4 JMVI I\XMRKYMWLIVW SJ EX
ERH 'PEWW ' JMVIW FYX HS RSX LEZI E QMRMQYQ % VEXMRK WLEPP PIEWX  KEP  0 GETEGMX] WLEPP FI TIVQMXXIH XS FI YWIH XS
RSX FI YWIH XS QIIX XLI VIUYMVIQIRXW SJ  JYPJMPP I\XVE LE^EVH VIUYMVIQIRXW
 *MVI I\XMRKYMWLIVW SJ PIWWIV VEXMRK WLEPP FI TIVQMXXIH  8[S %*** SV ***4 JMVI I\XMRKYMWLIVW SJ EX PIEWX  KEP
XS FI MRWXEPPIH FYX WLEPP RSX FI GSRWMHIVIH EW JYPJMPPMRK ER] TEVX  0 GETEGMX] WLEPP FI TIVQMXXIH XS FI YWIH XS JYPJMPP SVHMREV]
SJ XLI VIUYMVIQIRXW SJ 8EFPI  I\GITX EW TIVQMXXIH MR LE^EVH VIUYMVIQIRXW
 ERH  c
 *MVI I\XMRKYMWLIVW SJ PIWWIV VEXMRK HIWMKRIH JSV WQEPP
 9T XS X[S [EXIVX]TI I\XMRKYMWLIVW IEGL [MXL % WTIGMJMG LE^EVHW [MXLMR XLI KIRIVEP LE^EVH EVIE WLEPP FI TIV
VEXMRK WLEPP FI TIVQMXXIH XS FI YWIH XS JYPJMPP XLI VIUYMVIQIRXW QMXXIH XS FI MRWXEPPIH FYX WLEPP RSX FI GSRWMHIVIH EW JYPJMPPMRK
SJ SRI % VEXIH I\XMRKYMWLIV ER] TEVX SJ XLI VIUYMVIQIRXW SJ 8EFPI  YRPIWW TIVQMXXIH
F]  SV 
 8[S  KEP  0 [EXIVX]TI I\XMRKYMWLIVW WLEPP
FI TIVQMXXIH XS FI YWIH XS JYPJMPP XLI VIUYMVIQIRXW SJ SRI %  *MVI I\XMRKYMWLIVW WLEPP FI PSGEXIH WS XLEX XLI QE\M
VEXIH I\XMRKYMWLIV QYQ XVEZIP HMWXERGIW HS RSX I\GIIH XLSWI WTIGMJMIH MR 8EFPI

 9T XS SRILEPJ SJ XLI GSQTPIQIRX SJ JMVI I\XMRKYMWL c
IVW WTIGMJMIH MR 8EFPI  WLEPP FI TIVQMXXIH XS FI VITPEGIH  8LI TVSXIGXMSR VIUYMVIQIRXW WLEPP FI TIVQMXXIH XS FI
F] YRMJSVQP] WTEGIH  MR  QQ LSWI WXEXMSRW JSV YWI F] JYPJMPPIH [MXL JMVI I\XMRKYMWLIVW SJ LMKLIV VEXMRKW TVSZMHIH XLI
XLI SGGYTERXW SJ XLI FYMPHMRK XVEZIP HMWXERGI XS WYGL PEVKIV JMVI I\XMRKYMWLIVW HSIW RSX I\
GIIH  JX  Q 
 ;LIVI LSWI WXEXMSRW EVI WS TVSZMHIH XLI] WLEPP GSR
JSVQ XS 2*4%   *PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL
 8LI PSGEXMSR SJ LSWI WXEXMSRW ERH XLI TPEGIQIRX SJ  4SVXEFPI JMVI I\XMRKYMWLIVW WLEPP RSX FI MRWXEPPIH EW XLI
JMVI I\XMRKYMWLIVW WLEPP FI WYGL XLEX XLI LSWI WXEXMSRW HS RSX WSPI TVSXIGXMSR JSV JPEQQEFPI PMUYMH LE^EVHW SJ ETTVIGMEFPI
VITPEGI QSVI XLER IZIV] SXLIV JMVI I\XMRKYMWLIV HITXL [LIVI XLI WYVJEGI EVIE I\GIIHW  JX  Q 
 ;LIVI XLI EVIE SJ XLI JPSSV SJ E FYMPHMRK MW PIWW XLER  ;LIVI TIVWSRRIP [LS EVI XVEMRIH MR I\XMRKYMWLMRK
XLEX WTIGMJMIH MR 8EFPI  EX PIEWX SRI JMVI I\XMRKYMWLIV SJ JMVIW MR XLI TVSXIGXIH LE^EVHW EVI PSGEXIH SR XLI TVIQMWIW ERH
XLI QMRMQYQ WM^I VIUYMVIH WLEPP FI TVSZMHIH GETEFPI SJ VIWTSRHMRK MQQIHMEXIP] XLI QE\MQYQ WYVJEGI
EVIE WLEPP RSX I\GIIH  JX  Q 
 8LI TVSXIGXMSR VIUYMVIQIRXW WLEPP FI TIVQMXXIH XS FI
JYPJMPPIH [MXL JMVI I\XMRKYMWLIVW SJ LMKLIV VEXMRK TVSZMHIH XLI  *SV JPEQQEFPI PMUYMH LE^EVHW SJ ETTVIGMEFPI HITXL E
XVEZIP HMWXERGI XS WYGL PEVKIV JMVI I\XMRKYMWLIVW HSIW RSX I\ 'PEWW & JMVI I\XMRKYMWLIV WLEPP FI TVSZMHIH SR XLI FEWMW SJ EX
GIIH  JX  Q  PIEWX  RYQIVMGEP YRMXW SJ 'PEWW & I\XMRKYMWLMRK TSXIRXMEP TIV
 JX  Q SJ JPEQQEFPI PMUYMH WYVJEGI SJ XLI PEVKIWX LE^
 -RWXEPPEXMSRW JSV 'PEWW & ,E^EVHW
EVH EVIE
 7TMPP *MVIW
 %*** SV ***4X]TI JMVI I\XMRKYMWLIVW WLEPP FI TIVQMX
 1MRMQYQ VEXMRKW SJ JMVI I\XMRKYMWLIVW JSV XLI PMWXIH XIH XS FI TVSZMHIH SR XLI FEWMW SJ & SJ TVSXIGXMSR TIV  JX
KVEHIW SJ LE^EVH WLEPP FI TVSZMHIH MR EGGSVHERGI [MXL 8EFPI  Q SJ LE^EVH *SV JMVIW MRZSPZMRK [EXIVWSPYFPI JPEQQEFPI
 PMUYMHW WII 
c
 8[S SV QSVI JMVI I\XMRKYMWLIVW SJ PS[IV VEXMRK  8[S SV QSVI JMVI I\XMRKYMWLIVW SJ PS[IV VEXMRKW SXLIV
WLEPP RSX FI YWIH XS JYPJMPP XLI TVSXIGXMSR VIUYMVIQIRXW SJ XLER %*** SV ***4X]TI JMVI I\XMRKYMWLIVW WLEPP RSX FI YWIH MR
8EFPI  I\GITX EW TIVQMXXIH F]  ERH  PMIY SJ XLI JMVI I\XMRKYMWLIV VIUYMVIH JSV XLI PEVKIWX LE^EVH EVIE

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 9T XS XLVII %*** SV ***4X]TI JMVI I\XMRKYMWLIVW 'LETXIV  -RWTIGXMSR 1EMRXIRERGI ERH 6IGLEVKMRK
WLEPP FI TIVQMXXIH XS JYPJMPP XLI VIUYMVIQIRXW TVSZMHIH XLI
WYQ SJ XLI 'PEWW & VEXMRKW QIIXW SV I\GIIHW XLI ZEPYI VIUYMVIH  +IRIVEP
JSV XLI PEVKIWX LE^EVH EVIE
 6IWTSRWMFMPMX] 8LI S[RIV SV HIWMKREXIH EKIRX SV SGGY
 8VEZIP HMWXERGIW JSV TSVXEFPI JMVI I\XMRKYMWLIVW WLEPP TERX SJ E TVSTIVX] MR [LMGL JMVI I\XMRKYMWLIVW EVI PSGEXIH WLEPP
RSX I\GIIH  JX  Q  7II %RRI\ ) FI VIWTSRWMFPI JSV MRWTIGXMSR QEMRXIRERGI ERH VIGLEVKMRK
 7GEXXIVIH SV [MHIP] WITEVEXIH LE^EVHW WLEPP FI MRHM 7II 
ZMHYEPP] TVSXIGXIH
 4IVWSRRIP
 % JMVI I\XMRKYMWLIV MR XLI TVS\MQMX] SJ E LE^EVH WLEPP
FI PSGEXIH XS FI EGGIWWMFPI MR XLI TVIWIRGI SJ E JMVI [MXLSYX  4IVWSRW TIVJSVQMRK QEMRXIRERGI ERH VIGLEVKMRK SJ
YRHYI HERKIV XS XLI STIVEXSV I\XMRKYMWLIVW WLEPP FI GIVXMJMIH

 3FWXEGPI +VEZMX]8LVII(MQIRWMSREP ERH 4VIWWYVI  4IVWSRW XVEMRMRK XS FIGSQI GIVXMJMIH WLEPP FI TIV
*MVI ,E^EVHW QMXXIH XS TIVJSVQ QEMRXIRERGI ERH VIGLEVKMRK SJ I\XMRKYMWL
IVW YRHIV XLI HMVIGX WYTIVZMWMSR ERH MR XLI MQQIHMEXI TVIW
 ;LIVI LERH TSVXEFPI JMVI I\XMRKYMWLIVW EVI MRWXEPPIH IRGI SJ E GIVXMJMIH TIVWSR
SV TSWMXMSRIH JSV SFWXEGPI KVEZMX]XLVIIHMQIRWMSREP SV TVIW
WYVI JMVI LE^EVHW XLI EGXYEP XVEZIP HMWXERGI XS LE^EVH WLEPP RSX  'IVXMJMGEXMSR VIUYMVIW XLEX E TIVWSR TEWW E XIWX EH
I\GIIH  JX  Q YRPIWW SXLIV[MWI WTIGMJMIH 7II  QMRMWXIVIH F] ER SVKERM^EXMSR EGGITXEFPI XS XLI %,.
 ;LIVI [LIIPIH JMVI I\XMRKYMWLIVW SJ  PF  OK  8LI XIWX WLEPP EX E QMRMQYQ FI FEWIH YTSR ORS[P
EKIRX GETEGMX] SV PEVKIV EVI MRWXEPPIH SV TSWMXMSRIH JSV SFWXEGPI IHKI SJ XLI GLETXIVW ERH ERRI\IW SJ XLMW WXERHEVH
KVEZMX]XLVIIHMQIRWMSREP SV TVIWWYVI JMVI LE^EVHW XLI EGXYEP
 8LI XIWXMRK TVSGIWW WLEPP TIVQMX TIVWSRW XS YWI XLI
XVEZIP HMWXERGI XS LE^EVH WLEPP RSX I\GIIH  JX  Q YRPIWW
WXERHEVH HYVMRK XLI XIWX
SXLIV[MWI WTIGMJMIH 7II 
 -RWXEPPEXMSRW JSV 'PEWW ' ,E^EVHW  4IVWSRW TEWWMRK XLI XIWX VIUYMVIH MR  WLEPP
FI MWWYIH E HSGYQIRX SV E GIVXMJMGEXI
 *MVI I\XMRKYMWLIVW [MXL 'PEWW ' VEXMRKW WLEPP FI VIUYMVIH
[LIVI IRIVKM^IH IPIGXVMGEP IUYMTQIRX GER FI IRGSYRXIVIH  8LI HSGYQIRX SV GIVXMJMGEXI WLEPP FI QEHI EZEMPEFPI
[LIR VIUYIWXIH F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
 8LI VIUYMVIQIRX MR  WLEPP MRGPYHI WMXYEXMSRW [LIVI
JMVI IMXLIV HMVIGXP] MRZSPZIW SV WYVVSYRHW IPIGXVMGEP IUYMTQIRX  4IVWSRW TIVJSVQMRK QEMRXIRERGI ERH VIGLEVKMRK SJ I\
XMRKYMWLIVW WLEPP FI XVEMRIH ERH WLEPP LEZI EZEMPEFPI XLI ETTVSTVM
 &IGEYWI JMVI MW E 'PEWW % SV 'PEWW & LE^EVH XLI JMVI I\XMR EXI QERYJEGXYVIVvW WIVZMGMRK QERYEP W  XLI GSVVIGX XSSPW VI
KYMWLIVW WLEPP FI WM^IH ERH PSGEXIH SR XLI FEWMW SJ XLI ERXMGM GLEVKI QEXIVMEPW PYFVMGERXW ERH QERYJEGXYVIVvW VITPEGIQIRX
TEXIH 'PEWW % SV 'PEWW & LE^EVH TEVXW SV TEVXW WTIGMJMGEPP] PMWXIH JSV YWI MR XLI JMVI I\XMRKYMWLIV
 -RWXEPPEXMSRW JSV 'PEWW ( ,E^EVHW
 4IVWSRW TIVJSVQMRK MRWTIGXMSRW WLEPP RSX FI VIUYMVIH
 *MVI I\XMRKYMWLIVW SV I\XMRKYMWLMRK EKIRXW [MXL 'PEWW ( XS FI GIVXMJMIH
VEXMRKW WLEPP FI TVSZMHIH JSV JMVIW MRZSPZMRK GSQFYWXMFPI QIXEPW
 6ITPEGIQIRX ;LMPI 7IVZMGMRK *MVI I\XMRKYMWLIVW VIQSZIH
 *MVI I\XMRKYMWLIVW SV I\XMRKYMWLMRK EKIRXW QIHME JVSQ WIVZMGI JSV QEMRXIRERGI SV VIGLEVKMRK WLEPP FI VITPEGIH F]
WLEPP FI PSGEXIH RSX QSVI XLER  JX  Q SJ XVEZIP HMWXERGI E JMVI I\XMRKYMWLIV WYMXEFPI JSV XLI X]TI SJ LE^EVH FIMRK TVSXIGXIH
JVSQ XLI 'PEWW ( LE^EVH 7II 7IGXMSR ) ERH WLEPP FI SJ EX PIEWX IUYEP VEXMRK
 4SVXEFPI JMVI I\XMRKYMWLIVW SV I\XMRKYMWLMRK EKIRXW  8EKW SV 0EFIPW
QIHME JSV 'PEWW ( LE^EVHW WLEPP FI TVSZMHIH MR XLSWI [SVO
EVIEW [LIVI GSQFYWXMFPI QIXEP TS[HIVW JPEOIW WLEZMRKW  8EKW SV PEFIPW MRXIRHIH JSV VIGSVHMRK MRWTIGXMSRW
GLMTW SV WMQMPEVP] WM^IH TVSHYGXW EVI KIRIVEXIH QEMRXIRERGI SV VIGLEVKMRK WLEPP FI EJJM\IH WS EW RSX XS SF
WXVYGX XLI JMVI I\XMRKYMWLIV YWI JMVI I\XMRKYMWLIV GPEWWMJMGEXMSR
 7M^I HIXIVQMREXMSR WLEPP FI SR XLI FEWMW SJ XLI WTIGMJMG SV QERYJEGXYVIVvW PEFIPW
GSQFYWXMFPI QIXEP MXW TL]WMGEP TEVXMGPI WM^I EVIE XS FI GSZ
IVIH ERH VIGSQQIRHEXMSRW F] XLI JMVI I\XMRKYMWLIV QERYJEG  0EFIPW MRHMGEXMRK JMVI I\XMRKYMWLIV YWI SV GPEWWMJMGE
XYVIV FEWIH SR HEXE JVSQ GSRXVSP XIWXW XMSR SV FSXL WLEPP FI TIVQMXXIH XS FI TPEGIH SR XLI JVSRX SJ
XLI JMVI I\XMRKYMWLIV
 -RWXEPPEXMSRW JSV 'PEWW / ,E^EVHW c
 -RWTIGXMSR
 'PEWW / JMVI I\XMRKYMWLIVW WLEPP FI TVSZMHIH JSV LE^EVHW
[LIVI XLIVI MW E TSXIRXMEP JSV JMVIW MRZSPZMRK GSQFYWXMFPI GSSO  -RWTIGXMSR *VIUYIRG]
MRK QIHME ZIKIXEFPI SV ERMQEP SMPW ERH JEXW 
 *MVI I\XMRKYMWLIVW WLEPP FI QERYEPP] MRWTIGXIH [LIR
 1E\MQYQ XVEZIP HMWXERGI WLEPP RSX I\GIIH  JX  Q MRMXMEPP] TPEGIH MR WIVZMGI
JVSQ XLI LE^EVH XS XLI I\XMRKYMWLIVW
 *MVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW
 %PP WSPMH JYIP GSSOMRK ETTPMERGIW [LIXLIV SV RSX YRHIV WLEPP FI MRWTIGXIH IMXLIV QERYEPP] SV F] QIERW SJ ER IPIGXVSRMG
E LSSH [MXL JMVI FS\IW SJ  JX  Q ZSPYQI SV PIWW WLEPP QSRMXSVMRK HIZMGIW]WXIQ EX MRXIVZEPW RSX I\GIIHMRK  HE]W
LEZI EX PIEWX E PMWXIH % VEXIH [EXIVX]TI JMVI I\XMRKYMWLIV SV E
 KEP  0 [IX GLIQMGEP JMVI I\XMRKYMWLIV XLEX MW PMWXIH JSV  *MVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW
'PEWW / JMVIW WLEPP FI MRWTIGXIH EX PIEWX SRGI TIV GEPIRHEV QSRXL

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
-274)'8-32 1%-28)2%2') %2( 6)',%6+-2+ z

 *MVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW GLEVKIH ERH HIWXVS]IH EX XLI HMVIGXMSR SJ XLI S[RIV SV VI
WLEPP FI QERYEPP] MRWTIGXIH HEMP] SV [IIOP] [LIR GSRHMXMSRW XYVRIH XS XLI QERYJEGXYVIV
I\MWX XLEX MRHMGEXI XLI RIIH JSV QSVI JVIUYIRX MRWTIGXMSRW
 2SRVIGLEVKIEFPI ,EPSR %KIRX *MVI )\XMRKYMWLIV ;LIR
 )\XMRKYMWLIVW XLEX EVI IPIGXVSRMGEPP] QSRMXSVIH JSV ER MRWTIGXMSR SJ ER] RSRVIGLEVKIEFPI JMVI I\XMRKYMWLIV GSR
PSGEXMSR SRP] WYGL EW XLSWI QSRMXSVIH F] QIERW SJ E W[MXGL XS XEMRMRK E LEPSR EKIRX VIZIEPW E HIJMGMIRG] MR ER] SJ XLI GSRHM
MRHMGEXI [LIR XLI I\XMRKYMWLIV MW VIQSZIH JVSQ MXW FVEGOIX SV XMSRW PMWXIH MR          SV  
GEFMRIX WLEPP FI QERYEPP] MRWTIGXIH MR EGGSVHERGI [MXL  XLVSYKL    XLI I\XMRKYMWLIV WLEPP FI VIQSZIH JVSQ
WIVZMGI WLEPP RSX FI HMWGLEVKIH ERH WLEPP FI VIXYVRIH XS XLI
 -RWTIGXMSR 4VSGIHYVIW 4IVMSHMG MRWTIGXMSR SV IPIGXVSRMG
QERYJEGXYVIV E JMVI IUYMTQIRX HIEPIV SV E HMWXVMFYXSV XS TIV
QSRMXSVMRK SJ JMVI I\XMRKYMWLIVW WLEPP MRGPYHI E GLIGO SJ EX PIEWX QMX VIGSZIV] SJ XLI LEPSR
XLI JSPPS[MRK MXIQW
 -RWTIGXMSR 6IGSVH /IITMRK
 0SGEXMSR MR HIWMKREXIH TPEGI
 2S SFWXVYGXMSR XS EGGIWW SV ZMWMFMPMX]  1ERYEP -RWTIGXMSR 6IGSVHW
 4VIWWYVI KEYKI VIEHMRK SV MRHMGEXSV MR XLI STIVEFPI VERKI
SV TSWMXMSR  ;LIVI QERYEP MRWTIGXMSRW EVI GSRHYGXIH VIGSVHW
 *YPPRIWW HIXIVQMRIH F] [IMKLMRK SV LIJXMRK JSV QERYEP MRWTIGXMSRW WLEPP FI OITX SR E XEK SV PEFIP EXXEGLIH
 'SRHMXMSR SJ XMVIW [LIIPW GEVVMEKI LSWI ERH RS^^PI JSV XS XLI JMVI I\XMRKYMWLIV SR ER MRWTIGXMSR GLIGOPMWX QEMRXEMRIH
[LIIPIH I\XMRKYMWLIVW SR JMPI SV F] ER IPIGXVSRMG QIXLSH
 -RHMGEXSV JSV RSRVIGLEVKIEFPI I\XMRKYMWLIVW YWMRK TYWL  ;LIVI QERYEP MRWTIGXMSRW EVI GSRHYGXIH XLI QSRXL
XSXIWX TVIWWYVI MRHMGEXSVW ERH ]IEV XLI QERYEP MRWTIGXMSR [EW TIVJSVQIH ERH XLI MRMXMEPW SJ
 -R EHHMXMSR XS  JMVI I\XMRKYMWLIVW WLEPP FI ZMWYEPP] XLI TIVWSR TIVJSVQMRK XLI MRWTIGXMSR WLEPP FI VIGSVHIH
MRWTIGXIH MR EGGSVHERGI [MXL  MJ XLI] EVI PSGEXIH [LIVI  4IVWSRRIP QEOMRK QERYEP MRWTIGXMSRW WLEPP OIIT
ER] SJ XLI JSPPS[MRK GSRHMXMSRW I\MWXW VIGSVHW SJ EPP JMVI I\XMRKYMWLIVW MRWTIGXIH MRGPYHMRK XLSWI
 ,MKL JVIUYIRG] SJ JMVIW MR XLI TEWX JSYRH XS VIUYMVI GSVVIGXMZI EGXMSR
 7IZIVI LE^EVHW
 6IGSVHW JSV QERYEP MRWTIGXMSR WLEPP FI OITX XS HIQ
 0SGEXMSRW XLEX QEOI JMVI I\XMRKYMWLIVW WYWGITXMFPI XS QI
SRWXVEXI XLEX EX PIEWX XLI PEWX  QSRXLP] MRWTIGXMSRW LEZI FIIR
GLERMGEP MRNYV] SV TL]WMGEP HEQEKI
TIVJSVQIH
 )\TSWYVI XS EFRSVQEP XIQTIVEXYVIW SV GSVVSWMZI
EXQSWTLIVIW  )PIGXVSRMG -RWTIGXMSR 6IGSVHW
 ;LIVI VIUYMVIH F]  XLI JSPPS[MRK MRWTIGXMSR  ;LIVI IPIGXVSRMGEPP] QSRMXSVIH W]WXIQW EVI IQTPS]IH
TVSGIHYVIW WLEPP FI MR EHHMXMSR XS XLSWI EHHVIWWIH MR  JSV MRWTIGXMSRW VIGSVHW WLEPP FI OITX JSV JMVI I\XMRKYMWLIVW JSYRH
XS VIUYMVI GSVVIGXMZI EGXMSR
 :IVMJ] XLEX STIVEXMRK MRWXVYGXMSRW SR REQITPEXIW EVI PIK
MFPI ERH JEGI SYX[EVH  6IGSVHW JSV IPIGXVSRMG QSRMXSVMRK WLEPP FI OITX XS
 'LIGO JSV FVSOIR SV QMWWMRK WEJIX] WIEPW ERH XEQTIV MRHM HIQSRWXVEXI XLEX EX PIEWX XLI PEWX  QSRXLP] MRWTIGXMSRW LEZI
GEXSVW FIIR TIVJSVQIH
 )\EQMRI JSV SFZMSYW TL]WMGEP HEQEKI GSVVSWMSR PIEOEKI
SV GPSKKIH RS^^PI  *SV IPIGXVSRMGEPP] QSRMXSVIH JMVI I\XMRKYMWLIVW [LIVI
XLI I\XMRKYMWLIV GEYWIW E WMKREP EX E GSRXVSP YRMX [LIR E HIJM
 -RWTIGXMSR 4VSGIHYVI JSV 'SRXEMRIVW SJ 'PEWW ( )\XMR GMIRG] MR ER] SJ XLI GSRHMXMSRW PMWXIH MR  SGGYVW VIGSVH OIIT
KYMWLMRK %KIRX 4IVMSHMG MRWTIGXMSR SJ GSRXEMRIVW SJ 'PEWW ( MRK WLEPP FI TVSZMHIH MR XLI JSVQ SJ ER IPIGXVSRMG IZIRX PSK EX XLI
I\XMRKYMWLMRK EKIRX YWIH XS TVSXIGX 'PEWW ( LE^EVHW WLEPP MR GSRXVSP TERIP
GPYHI ZIVMJMGEXMSR SJ EX PIEWX XLI JSPPS[MRK
 )\XMRKYMWLIV 1EMRXIRERGI
 0SGEXIH MR HIWMKREXIH TPEGI c  1EMRXIRERGI 4VSGIHYVIW ;LIVI VIUYMVIH F] ERSXLIV
 2S SFWXVYGXMSR XS EGGIWW SV ZMWMFMPMX]
 0MH MW WIEPIH WIGXMSR SJ XLMW WXERHEVH QEMRXIRERGI TVSGIHYVIW WLEPP MR
 *YPPRIWW F] LIJXMRK SV [IMKLMRK GPYHI XLI TVSGIHYVIW HIXEMPIH MR XLI QERYJEGXYVIVvW WIVZMGI
 2S SFZMSYW TL]WMGEP HEQEKI XS GSRXEMRIV QERYEP ERH E XLSVSYKL I\EQMREXMSR SJ XLI FEWMG IPIQIRXW SJ
XLI JMVI I\XMRKYMWLIV MRGPYHMRK XLI JSPPS[MRK
 'SVVIGXMZI %GXMSR ;LIR ER MRWTIGXMSR SJ ER] JMVI I\XMR
KYMWLIV VIZIEPW E HIJMGMIRG] MR ER] SJ XLI GSRHMXMSRW MR  SV  1IGLERMGEP TEVXW SJ EPP JMVI I\XMRKYMWLIVW
 MQQIHMEXI GSVVIGXMZI EGXMSR WLEPP FI XEOIR  )\XMRKYMWLMRK EKIRX
 )\TIPPMRK QIERW
 6IGLEVKIEFPI *MVI )\XMRKYMWLIVW ;LIR ER MRWTIGXMSR  4L]WMGEP GSRHMXMSR
SJ ER] VIGLEVKIEFPI JMVI I\XMRKYMWLIV VIZIEPW E HIJMGMIRG] MR
ER] SJ XLI GSRHMXMSRW MR          SV  %RRYEP )\XIVREP )\EQMREXMSR SJ %PP )\XMRKYMWLIVW
  XLVSYKL    XLI I\XMRKYMWLIV WLEPP FI WYF
NIGXIH XS ETTPMGEFPI QEMRXIRERGI TVSGIHYVIW  4L]WMGEP 'SRHMXMSR %R ERRYEP I\XIVREP ZMWYEP I\EQM
REXMSR SJ EPP JMVI I\XMRKYMWLIVW WLEPP FI QEHI XS HIXIGX SFZMSYW
 2SRVIGLEVKIEFPI (V] 'LIQMGEP *MVI )\XMRKYMWLIV ;LIR TL]WMGEP HEQEKI GSVVSWMSR SV RS^^PI FPSGOEKI XS ZIVMJ] XLEX
ER MRWTIGXMSR SJ ER] RSRVIGLEVKIEFPI HV] GLIQMGEP JMVI I\XMR XLI STIVEXMRK MRWXVYGXMSRW EVI TVIWIRX PIKMFPI ERH JEGMRK JSV
KYMWLIV VIZIEPW E HIJMGMIRG] MR ER] SJ XLI GSRHMXMSRW PMWXIH MR [EVH ERH XLEX XLI ,1-7 MRJSVQEXMSR MW TVIWIRX ERH PIKMFPI
         SV   XLVSYKL    ERH XS HIXIVQMRI MJ E ]IEV MRXIVZEP I\EQMREXMSR SV L]HVS
XLI I\XMRKYMWLIV WLEPP FI VIQSZIH JVSQ JYVXLIV YWI HMW WXEXMG XIWX MW HYI

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 7IEPW SV 8EQTIV -RHMGEXSVW %X XLI XMQI SJ XLI QEMR  0SEHIH 7XVIEQ 'LEVKI 7XSVIHTVIWWYVI X]TIW SJ JMVI
XIRERGI XLI XEQTIV WIEP SJ E VIGLEVKIEFPI JMVI I\XMRKYMWLIV I\XMRKYMWLIVW GSRXEMRMRK E PSEHIH WXVIEQ EKIRX WLEPP FI HMW
WLEPP FI VIQSZIH F] STIVEXMRK XLI TYPP TMR SV PSGOMRK HIZMGI EWWIQFPIH SR ER ERRYEP FEWMW ERH WYFNIGXIH XS GSQTPIXI
QEMRXIRERGI
 %JXIV XLI ETTPMGEFPI QEMRXIRERGI TVSGIHYVIW EVI
GSQTPIXIH E RI[ PMWXIH XEQTIV WIEP WLEPP FI MRWXEPPIH  8LI PSEHIH WXVIEQ GLEVKI WLEPP FI TIVQMXXIH XS FI
 7IEPW SV XEQTIV MRHMGEXSVW SR RSRVIGLEVKIEFPIX]TI VIGSZIVIH ERH VIYWIH TVSZMHIH MX MW WYFNIGXIH XS EKIRX EREP]WMW
I\XMRKYMWLIVW WLEPP RSX FI VIQSZIH MR EGGSVHERGI [MXL XLI I\XMRKYMWLIV QERYJEGXYVIVvW MRWXVYGXMSRW

 &SSXW *SSX 6MRKW ERH %XXEGLQIRXW %PP VIQSZEFPI I\  ;LIR XLI MRXIVREP QEMRXIRERGI TVSGIHYVIW EVI
XMRKYMWLIV FSSXW JSSX VMRKW ERH EXXEGLQIRXW WLEPP FI VIQSZIH XS TIVJSVQIH HYVMRK TIVMSHMG VIGLEVKMRK SV L]HVSWXEXMG XIWXMRK
EGGSQQSHEXI XLSVSYKL ERRYEP G]PMRHIV I\EQMREXMSRW XLI ]IEV VIUYMVIQIRX WLEPP FIKMR JVSQ XLEX HEXI

 ;LIR WYFNIGXIH XS XIQTIVEXYVIW EX SV EFSZI XLIMV  'EVXVMHKI SV ']PMRHIV3TIVEXIH )\XMRKYMWLIVW 8LI
PMWXIH VEXMRK WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW XLEX VIUYMVI E I\XMRKYMWLMRK EKIRX SJ GEVXVMHKI SV G]PMRHIVSTIVEXIH I\XMR
]IEV L]HVSWXEXMG XIWX WLEPP FI IQTXMIH ERH WYFNIGXIH XS XLI KYMWLIVW WLEPP FI MRXIVREPP] I\EQMRIH ERRYEPP]
ETTPMGEFPI QEMRXIRERGI ERH VIGLEVKI TVSGIHYVIW SR ER ER  ;IXXMRK %KIRX )\XMRKYMWLIVW ;IXXMRK EKIRX I\XMRKYMWL
RYEP FEWMW IVW WLEPP FI HMWEWWIQFPIH SR ER ERRYEP FEWMW ERH WYFNIGXIH XS
 'SVVIGXMZI %GXMSR ;LIR ER I\XIVREP I\EQMREXMSR SJ GSQTPIXI QEMRXIRERGI
ER] JMVI I\XMRKYMWLIV VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIG  4YQT 8ERO )\XMRKYMWLIVW 4YQT XERO I\XMRKYMWLIVW
XMZI EGXMSR WLEPP FI XEOIR WLEPP FI MRXIVREPP] I\EQMRIH ERRYEPP]
 %RRYEP -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ )\XMR
 %RRYEP MRXIVREP I\EQMREXMSR WLEPP RSX FI VIUYMVIH
KYMWLIVW
JSV RSRVIGLEVKIEFPI JMVI I\XMRKYMWLIVW GEVFSR HMS\MHI JMVI
 1EMRXIRERGI -RXIVZEPW *MVI I\XMRKYMWLIVW WLEPP FI MR I\XMRKYMWLIVW SV WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW I\GITX JSV
XIVREPP] I\EQMRIH EX MRXIVZEPW RSX I\GIIHMRK XLSWI WTIGMJMIH MR XLSWI X]TIW WTIGMJMIH MR 
8EFPI 
 %RRYEP 1EMRXIRERGI 6IGSVH /IITMRK

8EFPI  1EMRXIRERGI -RZSPZMRK -RXIVREP )\EQMREXMSR  )EGL JMVI I\XMRKYMWLIV WLEPP LEZI E XEK SV PEFIP WIGYVIP]
EXXEGLIH XLEX MRHMGEXIW XLEX QEMRXIRERGI [EW TIVJSVQIH
-RXIVREP )\EQMREXMSR  8LI XEK SV PEFIP EW E QMRMQYQ WLEPP MHIRXMJ] XLI
)\XMRKYMWLIV 8]TI -RXIVZEP ]IEVW JSPPS[MRK

7XSVIHTVIWWYVI PSEHIH WXVIEQ   1SRXL ERH ]IEV QEMRXIRERGI [EW TIVJSVQIH


ERH ERXMJVII^I  4IVWSR TIVJSVQMRK XLI [SVO
4YQT XERO [EXIV ERH TYQT XERO   2EQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO
GEPGMYQ GLPSVMHI FEWIH  )EGL I\XMRKYMWLIV XLEX LEW YRHIVKSRI QEMRXIRERGI
(V] GLIQMGEP GEVXVMHKI ERH  XLEX MRGPYHIW MRXIVREP I\EQMREXMSR I\GITX I\XMRKYMWLIVW MHIR
G]PMRHIVSTIVEXIH [MXL QMPH XMJMIH MR  ERH  WLEPP LEZI E ZIVMJMGEXMSRSJWIVZMGI
WXIIP WLIPPW GSPPEV PSGEXIH EVSYRH XLI RIGO SJ XLI GSRXEMRIV
(V] TS[HIV GEVXVMHKI ERH 
G]PMRHIVSTIVEXIH [MXL QMPH  :IVMJMGEXMSRSJ7IVZMGI 'SPPEV 1EMRXIRERGI SV 6IGLEVK
WXIIP WLIPPW MRK 
;IXXMRK EKIRX   'SVVIGXMZI %GXMSR ;LIR QEMRXIRERGI SJ ER] JMVI I\XMR
7XSVIHTVIWWYVI [EXIV  KYMWLIV VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIGXMZI EGXMSR WLEPP
%*** EUYISYW JMPQJSVQMRK j FI XEOIR
JSEQ
***4 JMPQJSVQMRK JPYSVSTVSXIMR j  7M\=IEV -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ )\
JSEQ XMRKYMWLIVW )ZIV]  ]IEVW WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW
7XSVIHTVIWWYVI HV] GLIQMGEP [MXL  XLEX VIUYMVI E ]IEV L]HVSWXEXMG XIWX WLEPP FI IQTXMIH ERH
WXEMRPIWW WXIIP WLIPPW WYFNIGXIH XS XLI ETTPMGEFPI MRXIVREP ERH I\XIVREP I\EQMREXMSR
'EVFSR HMS\MHI  TVSGIHYVIW EW HIXEMPIH MR XLI QERYJEGXYVIVvW WIVZMGI QERYEP
;IX GLIQMGEP  ERH XLMW WXERHEVH
(V] GLIQMGEP WXSVIHTVIWWYVI [MXL 
QMPH WXIIP WLIPPW FVE^IH FVEWW  ;LIR XLI ETTPMGEFPI QEMRXIRERGI TVSGIHYVIW EVI
WLIPPW ERH EPYQMRYQ WLIPPW TIVJSVQIH HYVMRK TIVMSHMG VIGLEVKMRK SV L]HVSWXEXMG XIWXMRK
,EPSKIREXIH EKIRXW  XLI ]IEV VIUYMVIQIRX WLEPP FIKMR JVSQ XLEX HEXI
(V] TS[HIV WXSVIHTVIWWYVI [MXL   8LI VIQSZEP SJ EKIRX JVSQ LEPSR EKIRX JMVI I\XMR
QMPH WXIIP WLIPPW KYMWLIVW WLEPP SRP] FI HSRI YWMRK E PMWXIH LEPSR GPSWIH VIGSZ
IV] W]WXIQ
(V] GLIQMGEP ERH HV] TS[HIV MR GEVXVMHKI SV G]PMRHIVSTIVEXIH I\
XMRKYMWLIVW EVI I\EQMRIH ERRYEPP]  2SRVIGLEVKIEFPI JMVI I\XMRKYMWLIVW WLEPP RSX FI VI
j8LI I\XMRKYMWLMRK EKIRX MR PMUYMH GLEVKIX]TI %*** ERH ***4 I\XMR UYMVIH XS LEZI E ]IEV MRXIVREP I\EQMREXMSR ERH WLEPP RSX FI
KYMWLIVW MW VITPEGIH IZIV]  ]IEVW ERH ER MRXIVREP I\EQMREXMSR XIEV L]HVSWXEXMGEPP] XIWXIH FYX WLEPP FI VIQSZIH JVSQ WIVZMGI EX E
HS[R MW RSVQEPP] GSRHYGXIH EX XLEX XMQI QE\MQYQ MRXIVZEP SJ  ]IEVW JVSQ XLI HEXI SJ QERYJEGXYVI

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
-274)'8-32 1%-28)2%2') %2( 6)',%6+-2+ z

 2SRVIGLEVKIEFPI LEPSR EKIRX JMVI I\XMRKYMWLIVW  ;LIR YWIH MR GSRNYRGXMSR [MXL JMVI EPEVQ W]WXIQW JMVI
WLEPP FI HMWTSWIH SJ MR EGGSVHERGI [MXL  I\XMRKYMWLIV IPIGXVSRMG QSRMXSVMRK HIZMGIW WLEPP FI MRWTIGXIH
ERH QEMRXEMRIH MR EGGSVHERGI [MXL 2*4%  ERH 
 'SVVIGXMZI %GXMSR ;LIR ER MRXIVREP I\EQMREXMSR SJ
ER] JMVI I\XMRKYMWLIV VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIG  'SVVIGXMZI %GXMSR ;LIR QEMRXIRERGI SJ ER] QSRMXSV
XMZI EGXMSR WLEPP FI XEOIR MRK W]WXIQ VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIGXMZI EGXMSR
WLEPP FI XEOIR
 7M\=IEV -RXIVREP )\EQMREXMSR 0EFIP *MVI I\XMRKYMWL
IVW XLEX TEWW XLI ETTPMGEFPI ]IEV VIUYMVIQIRX SJ  WLEPP  1EMRXIRERGI SJ ;LIIPIH )\XMRKYMWLIV ,SWIW ERH 6IKY
LEZI XLI QEMRXIRERGI MRJSVQEXMSR VIGSVHIH SR E HYVEFPI PEXSVW
[IEXLIVTVSSJ PEFIP XLEX MW E QMRMQYQ SJ  MR »  MR  QQ  (MWGLEVKI LSWIW SR [LIIPIHX]TI JMVI I\XMRKYMWLIVW WLEPP
»  QQ  FI GSQTPIXIP] YRGSMPIH ERH I\EQMRIH JSV HEQEKI ERRYEPP]
 8LI RI[ PEFIP WLEPP FI EJJM\IH XS XLI WLIPP F] E LIEX  ;LIIPIH 9RMX ,SWIW (MWGLEVKI LSWIW SR [LIIPIH I\
PIWW TVSGIWW ERH ER] TVIZMSYW ]IEV MRXIVREP I\EQMREXMSR PE XMRKYMWLIVW WLEPP FI GSMPIH MR E QERRIV XS TVIZIRX OMROW ERH XS
FIPW WLEPP FI VIQSZIH EPPS[ VETMH HITPS]QIRX MR EGGSVHERGI [MXL XLI QERYJEGXYV
 8LIWI PEFIPW WLEPP FI SJ XLI WIPJHIWXVYGXMZI X]TI IVvW MRWXVYGXMSRW
[LIR XLIMV VIQSZEP JVSQ E JMVI I\XMRKYMWLIV MW EXXIQTXIH  4VIWWYVI 6IKYPEXSVW 4VIWWYVI VIKYPEXSVW TVSZMHIH [MXL
 8LI ]IEV MRXIVREP I\EQMREXMSR PEFIP WLEPP EW E [LIIPIHX]TI JMVI I\XMRKYMWLIVW WLEPP FI XIWXIH ERRYEPP] JSV
QMRMQYQ MHIRXMJ] XLI JSPPS[MRK SYXPIX WXEXMG TVIWWYVI ERH JPS[ VEXI MR EGGSVHERGI [MXL XLI
QERYJEGXYVIVvW MRWXVYGXMSRW
 1SRXL ERH ]IEV XLI ]IEV MRXIVREP I\EQMREXMSR [EW TIV
JSVQIH  'SVVIGXMZI %GXMSR ;LIR QEMRXIRERGI SJ ER] JMVI I\XMR
 4IVWSR TIVJSVQMRK XLI [SVO KYMWLIV LSWI SV TVIWWYVI VIKYPEXSV VIZIEPW E HIJMGMIRG] MQQI
 2EQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO HMEXI GSVVIGXMZI EGXMSR WLEPP FI XEOIR

 'EVFSR (MS\MHI ,SWI %WWIQFP] 'SRHYGXMZMX] 8IWX % GSR  )\XMRKYMWLIV 6IGLEVKMRK ERH )\XMRKYMWLMRK %KIRXW
HYGXMZMX] XIWX WLEPP FI GSRHYGXIH ERRYEPP] SR EPP GEVFSR HMS\  +IRIVEP
MHI LSWI EWWIQFPMIW
 %PP VIGLEVKIEFPIX]TI JMVI I\XMRKYMWLIVW WLEPP FI VI
 'EVFSR HMS\MHI LSWI EWWIQFPMIW XLEX JEMP XLI GSRHYGXMZ GLEVKIH EJXIV ER] YWI SV [LIR XLI RIIH MW MRHMGEXIH F] ER
MX] XIWX WLEPP FI VITPEGIH MRWTIGXMSR SV WIVZMGMRK
 6IGSVH /IITMRK JSV 'SRHYGXMZMX] 8IWXMRK SJ 'EVFSR (M  ;LIR VIGLEVKMRK MW TIVJSVQIH XLI QERYJEGXYVIVvW
S\MHI ,SWI %WWIQFPMIW WIVZMGI QERYEP WLEPP FI JSPPS[IH *SV VIGLEVKI EKIRXW WII 
 'EVFSR HMS\MHI LSWI EWWIQFPMIW XLEX TEWW E GSRHYGXMZ  8LI EQSYRX SJ VIGLEVKI EKIRX WLEPP FI ZIVMJMIH F]
MX] XIWX WLEPP LEZI XLI XIWX MRJSVQEXMSR VIGSVHIH SR E HYVEFPI [IMKLMRK
[IEXLIVTVSSJ PEFIP XLEX MW E QMRMQYQ SJ MR »  MR  QQ
 *SV XLSWI JMVI I\XMRKYMWLIVW XLEX HS RSX LEZI XLI
»  QQ 
KVSWW [IMKLX QEVOIH SR XLI REQITPEXI SV ZEPZI E TIVQERIRX
 8LI PEFIP WLEPP FI EJJM\IH XS XLI LSWI F] QIERW SJ E PEFIP XLEX MRHMGEXIW XLI KVSWW [IMKLX WLEPP FI EJJM\IH XS XLI
LIEXPIWW TVSGIWW G]PMRHIV
 8LI PEFIP WLEPP MRGPYHI XLI JSPPS[MRK MRJSVQEXMSR  8LI EHHIH PEFIP GSRXEMRMRK XLI KVSWW [IMKLX WLEPP
FI E HYVEFPI QEXIVMEP SJ E TVIWWYVIWIRWMXMZI WIPJHIWXVYGX X]TI
 1SRXL ERH ]IEV XLI XIWX [EW TIVJSVQIH MRHMGEXIH F] TIV *SV WXSVIHTVIWWYVI [EXIVX]TI I\XMRKYMWLIVW WII 
JSVEXMSR WYGL EW MW HSRI F] E LERH TYRGL
 2EQI SV MRMXMEPW SJ TIVWSR TIVJSVQMRK XLI XIWX ERH XLI  4YQT XERO [EXIV ERH TYQT XERO GEPGMYQ GLPSVMHIz
REQI SJ XLI EKIRG] TIVJSVQMRK XLI XIWX FEWIH ERXMJVII^I X]TIW WLEPP RSX FI VIUYMVIH XS LEZI [IMKLX
QEVOIH
 )PIGXVSRMG 1SRMXSVMRK 7]WXIQ 1EMRXIRERGI
 %JXIV VIGLEVKMRK E PIEO XIWX WLEPP FI TIVJSVQIH SR
 )PIGXVSRMG 1SRMXSVMRK 8LI GSQTSRIRXW SJ XLI QSRMXSV WXSVIHTVIWWYVI ERH WIPJI\TIPPMRK X]TIW SJ JMVI I\XMRKYMWLIVW
MRK HIZMGIW]WXIQ WLEPP FI XIWXIH ERH QEMRXEMRIH ERRYEPP] MR EG
GSVHERGI [MXL XLI QERYJEGXYVIVvW PMWXIH QEMRXIRERGI QERYEP  -R RS GEWI WLEPP ER I\XMRKYMWLIV FI VIGLEVKIH MJ MX MW
[MXL XLI JSPPS[MRK MXIQW MRGPYHIH EW E QMRMQYQ FI]SRH MXW WTIGMJMIH L]HVSWXEXMG XIWX HEXI

 4S[IV WYTTP] MRWTIGXMSRFEXXIV] GLERKI  )\XMRKYMWLIV 6IGLEVKMRK *VIUYIRG] JSV 'IVXEMR 8]TIW
 3FWXVYGXMSR WIRWSV MRWTIGXMSR SJ )\XMRKYMWLIVW
 0SGEXMSR WIRWSV MRWTIGXMSR  4YQT 8ERO )ZIV]  QSRXLW TYQT XERO [EXIV ERH
 4VIWWYVI MRHMGEXMSR MRWTIGXMSR TYQT XERO GEPGMYQ GLPSVMHIzFEWIH ERXMJVII^I X]TIW SJ JMVI I\
 'SRRIGXMSR GSRXMRYMX] MRWTIGXMSR 7II  ERH  XMRKYMWLIVW WLEPP FI VIGLEVKIH [MXL RI[ GLIQMGEPW SV [EXIV EW
ETTPMGEFPI
 3RI LYRHVIH TIVGIRX SJ EPP YRMXW WLEPP FI XIWXIH YTSR
MRMXMEP MRWXEPPEXMSR SV VIEGGITXERGI [MXL ZIVMJMGEXMSR SJ VIGIMTX  ;IXXMRK %KIRX 8LI EKIRX MR WXSVIHTVIWWYVI [IXXMRK
SJ WMKREP EX XLI GSRXVSP TERIP SV E PSGEP EPEVQ EKIRX JMVI I\XMRKYMWLIVW WLEPP FI VITPEGIH ERRYEPP]
 8[IRX] TIVGIRX SJ YRMXW WLEPP FI XIWXIH ERRYEPP] SR E  3RP] XLI EKIRX WTIGMJMIH SR XLI REQITPEXI WLEPP FI
VSXEXMRK FEWMW WS XLEX EPP YRMXW EVI XIWXIH [MXLMR E ]IEV TIVMSH YWIH JSV VIGLEVKMRK

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 8LI YWI SJ [EXIV SV ER] SXLIV EHHMXMZIW WLEPP FI  ,EPSKIREXIH %KIRX ,EPSKIREXIH EKIRX JMVI I\XMR
TVSLMFMXIH KYMWLIVW WLEPP FI GLEVKIH [MXL SRP] XLI X]TI ERH [IMKLX SJ
EKIRX WTIGMJMIH SR XLI REQITPEXI
 %*** ERH ***4
 ,EPSKIREXIH %KIRX 6I9WI
 8LI TVIQM\IH EKIRX MR PMUYMH GLEVKIzX]TI %***
ERH ***4 JMVI I\XMRKYMWLIVW WLEPP FI VITPEGIH EX PIEWX SRGI  8LI VIQSZEP SJ ,EPSR  JVSQ JMVI I\XMRKYMWLIVW
IZIV]  ]IEVW WLEPP FI HSRI YWMRK SRP] E PMWXIH LEPSR GPSWIH VIGSZIV] W]WXIQ
 3RP] XLI JSEQ EKIRX WTIGMJMIH SR XLI I\XMRKYMWLIV  8LI VIQSZEP SJ EKIRX JVSQ SXLIV LEPSKIREXIH EKIRX
REQITPEXI WLEPP FI YWIH JSV VIGLEVKI JMVI I\XMRKYMWLIVW WLEPP FI HSRI YWMRK SRP] E GPSWIH VIGSZIV]
W]WXIQ
 8LI EKIRX MR RSRTVIWWYVM^IH %*** ERH ***4 JMVI
I\XMRKYMWLIVW XLEX MW WYFNIGXIH XS EKIRX EREP]WMW MR EGGSVHERGI  8LI JMVI I\XMRKYMWLIV WLEPP FI I\EQMRIH MRXIVREPP]
[MXL QERYJEGXYVIVvW MRWXVYGXMSRW WLEPP RSX FI VIUYMVIH XS GSQ JSV GSRXEQMREXMSR SV GSVVSWMSR SV FSXL
TP] [MXL 
 8LI LEPSKIREXIH EKIRX VIXEMRIH MR XLI W]WXIQ VI
 6IGLEVKI %KIRXW GSZIV] G]PMRHIV WLEPP FI VIYWIH SRP] MJ RS IZMHIRGI SJ MRXIVREP
GSRXEQMREXMSR MW SFWIVZIH MR XLI JMVI I\XMRKYMWLIV G]PMRHIV
 3RP] XLSWI EKIRXW WTIGMJMIH SR XLI REQITPEXI SV EKIRXW
TVSZIR XS LEZI IUYEP GLIQMGEP GSQTSWMXMSR TL]WMGEP GLEVEGXIVMW  ,EPSKIREXIH EKIRX VIQSZIH JVSQ JMVI I\XMRKYMWL
XMGW ERH JMVII\XMRKYMWLMRK GETEFMPMXMIW WLEPP FI YWIH IVW XLEX I\LMFMXW IZMHIRGI SJ MRXIVREP GSRXEQMREXMSR SV GSV
VSWMSR WLEPP FI TVSGIWWIH MR EGGSVHERGI [MXL XLI JMVI I\XMR
 %KIRXW PMWXIH WTIGMJMGEPP] JSV YWI [MXL XLEX JMVI I\XMR KYMWLIV QERYJEGXYVIVvW MRWXVYGXMSRW
KYMWLIV WLEPP FI GSRWMHIVIH XS QIIX XLIWI VIUYMVIQIRXW
 'EVFSR (MS\MHI
 1M\MRK SJ (V] 'LIQMGEPW 1YPXMTYVTSWI HV] GLIQM
GEPW WLEPP RSX FI QM\IH [MXL EPOEPMRIFEWIH HV] GLIQMGEPW  8LI ZETSV TLEWI SJ GEVFSR HMS\MHI WLEPP FI RSX PIWW
XLER  TIVGIRX GEVFSR HMS\MHI
 8STTMRK 3JJ
 8LI [EXIV GSRXIRX WLEPP FI RSX QSVI XLER  TEVXW
 8LI VIQEMRMRK HV] GLIQMGEP MR E HMWGLEVKIH JMVI TIV QMPPMSR TTQ F] [IMKLX EX n”* n”' HI[ TSMRX
I\XMRKYMWLIV WLEPP FI TIVQMXXIH XS FI VIYWIH TVSZMHIH XLEX MX
MW XLSVSYKLP] GLIGOIH JSV XLI TVSTIV X]TI GSRXEQMREXMSR  3MP GSRXIRX WLEPP RSX I\GIIH  TTQ F] [IMKLX
ERH GSRHMXMSR
 ;EXIV 8]TIW 8LI EQSYRX SJ PMUYMH EKIRX WLEPP FI
 (V] GLIQMGEP JSYRH XS FI SJ XLI [VSRK X]TI SV GSR HIXIVQMRIH F] YWMRK SRI SJ XLI JSPPS[MRK
XEQMREXIH WLEPP RSX FI VIYWIH
 )\EGX QIEWYVIQIRX F] [IMKLX
 (V] 'LIQMGEP %KIRX 6I9WI  )\EGX QIEWYVIQIRX F] ZSPYQI
 %RXMSZIVJMPP XYFI MJ TVSZMHIH
 8LI HV] GLIQMGEP EKIRX WLEPP FI TIVQMXXIH XS FI  *MPP QEVO SR JMVI I\XMRKYMWLIV WLIPP MJ TVSZMHIH
VIYWIH TVSZMHIH E GPSWIH VIGSZIV] W]WXIQ MW YWIH ERH XLI
EKIRX MW WXSVIH MR E WIEPIH GSRXEMRIV XS TVIZIRX GSRXEQMREXMSR  3RP] XLI EKIRX WTIGMJMIH SR XLI I\XMRKYMWLIV REQI
TPEXI WLEPP FI YWIH JSV VIGLEVKI
 4VMSV XS VIYWI XLI HV] GLIQMGEP WLEPP FI XLSVSYKLP]
GLIGOIH JSV XLI TVSTIV X]TI GSRXEQMREXMSR ERH GSRHMXMSR  3RP] EHHMXMZIW MHIRXMJMIH SR XLI SVMKMREP REQITPEXI
WLEPP FI TIVQMXXIH XS FI EHHIH XS [EXIVX]TI I\XMRKYMWLIVW
 ;LIVI HSYFX I\MWXW [MXL VIWTIGX XS XLI X]TI GSR
XEQMREXMSR SV GSRHMXMSR SJ XLI HV] GLIQMGEP XLI HV] GLIQMGEP  ;IX 'LIQMGEP ERH ;EXIV 1MWX %KIRX 6I9WI
WLEPP FI HMWGEVHIH  ;IX GLIQMGEP ERH [EXIV QMWX EKIRXW WLEPP RSX FI
 (V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ VIYWIH

 8LI W]WXIQ WLEPP FI GSRWXVYGXIH MR E QERRIV XLEX  -J E [IX GLIQMGEP SV [EXIV QMWX I\XMRKYMWLIV MW TEV
HSIW RSX MRXVSHYGI JSVIMKR QEXIVMEP MRXS XLI EKIRX FIMRK VI XMEPP] HMWGLEVKIH EPP VIQEMRMRK [IX GLIQMGEP SV [EXIV QMWX
GSZIVIH WLEPP FI HMWGEVHIH

 8LI W]WXIQ WLEPP LEZI E QIERW JSV ZMWYEP MRWTIG  ;IX GLIQMGEP SV [EXIV QMWX EKIRX WLEPP FI HMWGEVHIH
XMSR SJ XLI VIGSZIVIH EKIRX JSV GSRXEQMRERXW ERH VITPEGIH EX XLI L]HVSWXEXMG XIWX MRXIVZEP

 (V] 4S[HIV  3RP] XLI EKIRX WTIGMJMIH SR XLI I\XMRKYMWLIV
REQITPEXI WLEPP FI YWIH JSV VIGLEVKI
 4EMPW SV HVYQW GSRXEMRMRK HV] TS[HIV EKIRXW JSV WGSST
SV WLSZIP ETTPMGEXMSR JSV YWI SR QIXEP JMVIW WLEPP FI OITX JYPP ERH  6IGLEVKMRK )\TIPPERX +EW JSV 7XSVIH4VIWWYVI *MVI
WIEPIH [MXL XLI PMH TVSZMHIH [MXL XLI GSRXEMRIV )\XMRKYMWLIVW

 8LI HV] TS[HIV WLEPP FI VITPEGIH MJ JSYRH HEQT  3RP] WXERHEVH MRHYWXVMEPKVEHI RMXVSKIR [MXL E QE\M
7II % QYQ HI[ TSMRX SJ n”* n”'  MR EGGSVHERGI [MXL '+%
+ 'SQQSHMX] 7TIGMJMGEXMSR JSV 2MXVSKIR WLEPP FI YWIH XS
 6IQSZEP SJ 1SMWXYVI *SV EPP RSR[EXIV X]TIW SJ JMVI TVIWWYVM^I WXSVIHTVIWWYVI HV] GLIQMGEP ERH LEPSKIREXIHX]TI
I\XMRKYMWLIVW ER] QSMWXYVI WLEPP FI VIQSZIH FIJSVI VIGLEVKMRK JMVI I\XMRKYMWLIVW XLEX YWI RMXVSKIR EW E TVSTIPPERX

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
,=(6378%8-' 8)78-2+ z

 ,EPSKIREXIHX]TI JMVI I\XMRKYMWLIVW XLEX VIUYMVI EV  *MVI I\XMRKYMWLIVW WLEPP RSX FI GSRZIVXIH JVSQ SRI X]TI
KSR WLEPP FI TVIWWYVM^IH [MXL EVKSR [MXL E HI[ TSMRX SJ n”* XS ERSXLIV QSHMJMIH SV EPXIVIH
n”' SV PS[IV
 *MVI I\XMRKYMWLIVW WLEPP RSX FI GSRZIVXIH JSV XLI YWI SJ
 'SQTVIWWIH EMV WLEPP FI TIVQMXXIH XS FI YWIH JVSQ E HMJJIVIRX X]TI SJ I\XMRKYMWLMRK EKIRX
WTIGMEP GSQTVIWWSV W]WXIQW GETEFPI SJ HIPMZIVMRK EMV [MXL E
HI[ TSMRX SJ n”* n”' SV PS[IV 7II %RRI\ .  1EMRXIRERGI ERH 6IGLEVKI 7IVZMGI 'SPPEV )EGL I\XMR
KYMWLIV XLEX LEW YRHIVKSRI QEMRXIRERGI XLEX MRGPYHIH MRXIV
 8LI WTIGMEP GSQTVIWWSV W]WXIQ WLEPP FI IUYMTTIH REP I\EQMREXMSR SV XLEX LEW FIIR VIGLEVKIH VIUYMVMRK XLI VI
[MXL ER EYXSQEXMG QSRMXSVMRK ERH EPEVQ W]WXIQ XS IRWYVI XLEX QSZEP SJ XLI ZEPZI EWWIQFP] WLEPP LEZI E ZIVMJMGEXMSRSJWIVZMGI
XLI HI[ TSMRX VIQEMRW EX SV FIPS[ n”* n”' EX EPP XMQIW GSPPEV PSGEXIH EVSYRH XLI RIGO SJ XLI GSRXEMRIV
 'SQTVIWWIH EMV XLVSYKL QSMWXYVI XVETW WLEPP RSX FI  8LI GSPPEV WLEPP FI E WMRKPI GMVGYPEV TMIGI SJ YRMRXIV
YWIH JSV TVIWWYVM^MRK IZIR XLSYKL WS WXEXIH MR XLI MRWXVYGXMSRW VYTXIH QEXIVMEP JSVQMRK E LSPI SJ E WM^I XLEX HSIW RSX TIVQMX
SR SPHIV JMVI I\XMRKYMWLIVW XLI GSPPEV EWWIQFP] XS QSZI SZIV XLI RIGO SJ XLI GSRXEMRIV
YRPIWW XLI ZEPZI MW GSQTPIXIP] VIQSZIH
 'SQTVIWWIH EMV [MXLSYX QSMWXYVI VIQSZEP HIZMGIW
WLEPP FI TIVQMXXIH JSV TVIWWYVM^MRK [EXIV I\XMRKYMWLIVW ERH  8LI GSPPEV WLEPP RSX MRXIVJIVI [MXL XLI STIVEXMSR SJ XLI
JSEQ LERH I\XMRKYMWLIVW SRP] JMVI I\XMRKYMWLIV
 'PEWW ( [IX GLIQMGEP [EXIV QMWX ERH LEPSKIREXIH EKIRX  8LI ZIVMJMGEXMSR SJ WIVZMGI GSPPEV WLEPP EW E QMRMQYQ
JMVI I\XMRKYMWLIVW WLEPP FI VITVIWWYVM^IH SRP] [MXL XLI X]TI SJ I\ MHIRXMJ] XLI JSPPS[MRK
TIPPERX KEW VIJIVVIH XS SR XLI JMVI I\XMRKYMWLIV PEFIP
 1SRXL ERH ]IEV XLI VIGLEVKMRK SV MRXIVREP I\EQMREXMSR
 % VIGLEVKIEFPI WXSVIHTVIWWYVIX]TI JMVI I\XMRKYMWLIV [EW TIVJSVQIH
WLEPP FI TVIWWYVM^IH SRP] XS XLI GLEVKMRK TVIWWYVI WTIGMJMIH SR  2EQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO
XLI JMVI I\XMRKYMWLIV REQITPEXI
 7IVZMGI 'SPPEV )\IQTXMSRW
 8LI QERYJEGXYVIVvW TVIWWYVM^MRK EHETXIV WLEPP FI
GSRRIGXIH XS XLI ZEPZI EWWIQFP] FIJSVI XLI JMVI I\XMRKYMWLIV MW  2I[ I\XMRKYMWLIVW VIUYMVMRK ER MRMXMEP GLEVKI MR XLI
TVIWWYVM^IH JMIPH WYGL EW TVIWWYVM^IH [EXIV %*** ***4 SV [IX GLIQMGEP
I\XMRKYMWLIVW WLEPP RSX FI VIUYMVIH XS LEZI E ZIVMJMGEXMSRSJ
 % VIKYPEXIH WSYVGI SJ TVIWWYVI WIX RS LMKLIV XLER WIVZMGI GSPPEV MRWXEPPIH
 TWM  O4E EFSZI XLI STIVEXMRK WIVZMGI TVIWWYVI WLEPP
FI YWIH XS TVIWWYVM^I JMVI I\XMRKYMWLIVW  0MUYIJMIH KEW LEPSKIREXIH EKIRX ERH GEVFSR HMS\
MHI I\XMRKYMWLIVW XLEX LEZI FIIR VIGLEVKIH [MXLSYX ZEPZI VI
 8LI KEYKI YWIH XS WIX XLI VIKYPEXIH WSYVGI SJ TVIW QSZEP WLEPP RSX FI VIUYMVIH XS LEZI E ZIVMJMGEXMSRSJWIVZMGI
WYVI WLEPP FI GEPMFVEXIH EX PIEWX ERRYEPP] GSPPEV MRWXEPPIH JSPPS[MRK VIGLEVKI
 %R YRVIKYPEXIH WSYVGI SJ TVIWWYVI WYGL EW E RMXVSKIR  'EVXVMHKI ERH G]PMRHIVSTIVEXIH I\XMRKYMWLIVW WLEPP
G]PMRHIV [MXLSYX E TVIWWYVI VIKYPEXSV WLEPP RSX FI YWIH RSX FI VIUYMVIH XS LEZI E ZIVMJMGEXMSRSJWIVZMGI GSPPEV MRWXEPPIH
 % JMVI I\XMRKYMWLIV WLEPP RSX FI PIJX GSRRIGXIH XS XLI  ;IMKLX 7GEPIW ;IMKLX WGEPIW YWIH JSV XLI QEMRXIRERGI
VIKYPEXSV SJ E LMKLTVIWWYVI WSYVGI JSV ER I\XIRHIH TIVMSH SJ ERH VIGLEVKI SJ JMVI I\XMRKYMWLIVW WLEPP LEZI XLI VIEHMRK MRGVI
XMQI QIRXW ERH XLI EGGYVEG] RIGIWWEV] XS ZIVMJ] XLI GLEVKI [IMKLXW
 6IGLEVKI 6IGSVH /IITMRK VIUYMVIH MR XLI WIVZMGI QERYEPW ERH SR XLI REQITPEXIW

 )EGL JMVI I\XMRKYMWLIV WLEPP LEZI E XEK SV PEFIP EX


XEGLIH XLEX MRHMGEXIW XLI QSRXL ERH ]IEV VIGLEVKMRK [EW TIV
JSVQIH MHIRXMJMIW XLI TIVWSR TIVJSVQMRK XLI WIVZMGI ERH 'LETXIV  ,]HVSWXEXMG 8IWXMRK
MHIRXMJMIW XLI REQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO
 +IRIVEP
 )EGL I\XMRKYMWLIV XLEX LEW FIIR VIGLEVKIH WLEPP
LEZI E ZIVMJMGEXMSRSJWIVZMGI GSPPEV PSGEXIH EVSYRH XLI RIGO SJ  4VIWWYVI ZIWWIPW YWIH EW JMVI I\XMRKYMWLIVW ERH WTIGMJMIH
XLI GSRXEMRIV I\GITX EW MHIRXMJMIH MR  GSQTSRIRXW SJ JMVI I\XMRKYMWLIVW WLEPP FI L]HVSWXEXMGEPP]
XIWXIH MR EGGSVHERGI [MXL XLMW GLETXIV
 4VIWWYVI +EYKIW
 ']PMRHIVW ERH GEVXVMHKIW FIEVMRK 97 (ITEVXQIRX SJ
 6ITPEGIQIRX TVIWWYVI KEYKIW WLEPP LEZI XLI GSVVIGX MR 8VERWTSVXEXMSR (38 SV 8VERWTSVX 'EREHE 8' QEVOMRKW
HMGEXIH GLEVKMRK WIVZMGI TVIWWYVI WLEPP FI VIXIWXIH MR EGGSVHERGI [MXL XLI ETTPMGEFPI (38 SV 8'
 6ITPEGIQIRX TVIWWYVI KEYKIW WLEPP FI QEVOIH JSV YWI VIKYPEXMSRW
[MXL XLI EKIRX MR XLI JMVI I\XMRKYMWLIV  ,]HVSWXEXMG XIWXMRK WLEPP FI TIVJSVQIH F] TIVWSRW
 6ITPEGIQIRX TVIWWYVI KEYKIW WLEPP FI GSQTEXMFPI [MXL [LS EVI XVEMRIH MR TVIWWYVI XIWXMRK TVSGIHYVIW ERH WEJIKYEVHW
XLI JMVI I\XMRKYMWLIV ZEPZI FSH] QEXIVMEP GSQTP]MRK [MXL  ERH [LS LEZI XIWXMRK IUYMTQIRX JEGMPM
XMIW ERH ER ETTVSTVMEXI QERYJEGXYVIVvW WIVZMGI QERYEP W
 4VSLMFMXMSR SR 9WIW SJ )\XMRKYMWLIVW ERH 'SRZIVWMSR SJ EZEMPEFPI
*MVI )\XMRKYMWLIV 8]TIW
 4IVWSRRIP TIVJSVQMRK L]HVSWXEXMG XIWXMRK WLEPP FI
 *MVI I\XMRKYMWLIVW WLEPP RSX FI YWIH JSV ER] TYVTSWI GIVXMJMIH F] ER SVKERM^EXMSR [MXL E GIVXMJMGEXMSR TVSKVEQ EG
SXLIV XLER XLEX SJ E JMVI I\XMRKYMWLIV GITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 ,]HVSWXEXMG XIWXMRK JEGMPMXMIW [MXL E (38 GIVXMJMGE  % JPI\MFPI GSRRIGXMSR FIX[IIR XLI XIWX TYQT ERH XLI
XMSR ?VIUYEPMJMGEXMSR MHIRXMJMGEXMSR RYQFIV 6-2 A SV E 8' XIWX G]PMRHIV WLEPP FI TVSZMHIH WS XLEX MX MW TSWWMFPI XS XIWX
GIVXMJMGEXMSR WLEPP FI TIVQMXXIH XS TIVJSVQ XLI XEWO SJ L]HVS XLVSYKL XLI G]PMRHIV STIRMRK XIWX FSRRIX LSWI SYXPIX SV
WXEXMG XIWXMRK [MXLSYX LEZMRK EHHMXMSREP GIVXMJMGEXMSR EW E JMVI RS^^PI EW ETTPMGEFPI
I\XMRKYMWLIV XIGLRMGMER EW SYXPMRIH MR 
 *VIUYIRG]
 ;LIVI L]HVSWXEXMG XIWXMRK MW WYFGSRXVEGXIH XS E JEGMP
MX] HIWGVMFIH MR  ER I\XMRKYMWLIV XIGLRMGMER GSQTP]  +IRIVEP %X MRXIVZEPW RSX I\GIIHMRK XLSWI WTIGMJMIH MR
MRK [MXL  WLEPP TIVJSVQ EWWIQFP] ERH HMWEWWIQFP] SJ ZEPZIW 8EFPI  JMVI I\XMRKYMWLIVW WLEPP FI L]HVSWXEXMGEPP] VIXIWXIH
ERH G]PMRHIVW VITPEGIQIRX SJ ER] TEVXW SV GSQTSRIRXW ERH
EPP SXLIV I\XMRKYMWLIV WIVZMGI [SVO
 % L]HVSWXEXMG XIWX WLEPP EP[E]W MRGPYHI FSXL ER MRXIVREP 8EFPI  ,]HVSWXEXMG 8IWX -RXIVZEPW JSV )\XMRKYMWLIVW
ERH ER I\XIVREP ZMWYEP I\EQMREXMSR SJ XLI G]PMRHIV
8IWX -RXIVZEP
 ,]HVSWXEXMG XIWXMRK WLEPP FI GSRHYGXIH YWMRK [EXIV SV ER )\XMRKYMWLIV 8]TI ]IEVW
SXLIV GSQTEXMFPI RSRGSQTVIWWMFPI JPYMH EW XLI XIWX QIHMYQ
 %MV SV SXLIV KEWIW WLEPP RSX FI YWIH EW XLI WSPI QI 7XSVIHTVIWWYVI [EXIV [EXIV QMWX PSEHIH 
HMYQ JSV TVIWWYVI XIWXMRK WXVIEQ ERHSV ERXMJVII^I
;IXXMRK EKIRX 
 %PP EMV WLEPP FI ZIRXIH TVMSV XS L]HVSWXEXMG XIWXMRK XS %*** EUYISYW JMPQJSVQMRK JSEQ 
TVIZIRX ZMSPIRX ERH HERKIVSYW JEMPYVI SJ XLI G]PMRHIV ***4 JMPQJSVQMRK JPYSVSTVSXIMR JSEQ 
 *MVI I\XMRKYMWLIVW LEZMRK EPYQMRYQ G]PMRHIVW SV WLIPPW (V] GLIQMGEP [MXL WXEMRPIWW WXIIP WLIPPW 
WYWTIGXIH SJ FIMRK I\TSWIH XS XIQTIVEXYVIW MR I\GIWW SJ ”* 'EVFSR HMS\MHI 
”' WLEPP FI VIQSZIH JVSQ WIVZMGI ERH WYFNIGXIH XS E L] ;IX GLIQMGEP 
HVSWXEXMG XIWX (V] GLIQMGEP WXSVIHTVIWWYVI [MXL QMPH 
WXIIP WLIPPW FVE^IH FVEWW WLIPPW SV
 8IWX )UYMTQIRX EPYQMRYQ WLIPPW
 4VIWWYVI +EYKIW (V] GLIQMGEP GEVXVMHKI SV 
G]PMRHIVSTIVEXIH [MXL QMPH WXIIP
 8IWX TVIWWYVI KEYKIW WLEPP FI GIVXMJMIH EGGYVEXI XS WLIPPW
• TIVGIRX SV FIXXIV SJ XLI JYPP VERKI SJ XLI KEYKI ,EPSKIREXIH EKIRXW 
 8IWX TVIWWYVI KEYKIW WLEPP FI GETEFPI SJ FIMRK VIEH XS (V] TS[HIV WXSVIHTVIWWYVI GEVXVMHKI 
[MXLMR  TIVGIRX SJ XLI XIWX TVIWWYVI -RXIVTSPEXMSR SJ QMH SV G]PMRHIVSTIVEXIH [MXL QMPH WXIIP
TSMRX FIX[IIR WQEPPIWX KVEHYEXMSRW WLEPP FI TIVQMXXIH WLIPPW
 8IWX TVIWWYVI KEYKIW WLEPP FI GETEFPI SJ MRHMGEXMRK
 TIVGIRX XS  TIVGIRX SJ XLI XIWX TVIWWYVI  8LI L]HVSWXEXMG VIXIWX WLEPP FI GSRHYGXIH [MXLMR XLI
 4VIWWYVI KEYKIW YWIH SR XIWX IUYMTQIRX WLEPP FI GEPM GEPIRHEV ]IEV SJ XLI WTIGMJMIH XIWX MRXIVZEP
FVEXIH EX PIEWX WIQMERRYEPP] c
 ']PMRHIVW ERH 'EVXVMHKIW
 1EWXIV KEYKIW SV HIEH [IMKLX XIWXIVW WLEPP FI GEPM
 2MXVSKIR G]PMRHIVW EVKSR G]PMRHIVW GEVFSR HMS\MHI
FVEXIH EX PIEWX ERRYEPP]
G]PMRHIVW SV GEVXVMHKIW YWIH JSV MRIVX KEW WXSVEKI XLEX EVI YWIH
 (V]MRK )UYMTQIRX EW I\TIPPERXW JSV [LIIPIH JMVI I\XMRKYMWLIVW ERH GEVFSR HMS\
 %PP L]HVSWXEXMGEPP] XIWXIH G]PMRHIVW ERH ETTEVEXYW I\ MHI I\XMRKYMWLIVW WLEPP FI L]HVSWXEXMGEPP] XIWXIH IZIV]  ]IEVW
GITX [EXIVX]TI I\XMRKYMWLIVW WLEPP FI XLSVSYKLP] HVMIH EJXIV  ']PMRHIVW I\GITX XLSWI GLEVKIH [MXL GEVFSR HMS\
XIWXMRK MHI GSQTP]MRK [MXL  '*6  F WLEPP FI TIVQMXXIH XS
 8LI XIQTIVEXYVI YWIH JSV HV]MRK WLEPP RSX I\GIIH FI L]HVSWXEXMGEPP] XIWXIH IZIV]  ]IEVW MR PMIY SJ XLI VIUYMVI
”* ”' MRWMHI XLI WLIPP QIRX MR 
 8IWX )UYMTQIRX JSV ,MKL4VIWWYVI ']PMRHIVW 8LI IUYMT  2MXVSKIR GEVXVMHKIW EVKSR GEVXVMHKIW ERH GEVFSR HMS\
QIRX JSV L]HVSWXEXMG XIWXMRK SJ LMKLTVIWWYVI G]PMRHIVW ERH MHI GEVXVMHKIW YWIH EW I\TIPPERXW JSV LERH TSVXEFPI JMVI I\XMR
GEVXVMHKIW (38  WIVMIW WLEPP QIIX XLI WTIGMJMGEXMSRW SJ '+% KYMWLIVW XLEX LEZI (38 SV 8' QEVOMRKW WLEPP FI L]HVSWXEXMGEPP]
' 1IXLSHW SJ ,]HVSWXEXMG 8IWXMRK SJ 'SQTVIWWIH +EW ']PMRHIVW XIWXIH SV VITPEGIH EGGSVHMRK XS XLI VIUYMVIQIRXW SJ (38 SV 8'
 8IWX )UYMTQIRX JSV 0S[4VIWWYVI ']PMRHIVW ERH ,SWI  (38 ) GEVXVMHKIW SV 8' )1 GEVXVMHKIW WLEPP FI
%WWIQFPMIW 4VSSJ 4VIWWYVI 8IWX  I\IQTX JVSQ TIVMSHMG L]HVSWXEXMG VIXIWX
 ']PMRHIVW ERH LSWI EWWIQFPMIW WLEPP FI XIWXIH [MXLMR E  ,SWI %WWIQFPMIW
TVSXIGXMZI GEKI HIZMGI SV TPEGIH FILMRH E TVSXIGXMZI WLMIPH
XLEX TIVQMXW ZMWYEP SFWIVZEXMSR [LMPI YRHIV TVIWWYVI JSV PIEOW  % L]HVSWXEXMG XIWX WLEPP FI TIVJSVQIH SR JMVI I\XMR
FYPKIW ERH SXLIV LEVQJYP HIJIGXW KYMWLIV LSWI EWWIQFPMIW IUYMTTIH [MXL E WLYXSJJ RS^^PI EX XLI
IRH SJ XLI LSWI
 % L]HVSWXEXMG XIWX TYQT LERH SV TS[IVSTIVEXIH
WLEPP FI GETEFPI SJ TVSHYGMRK RSX PIWW XLER  TIVGIRX SJ XLI  ,MKLTVIWWYVI ERH PS[TVIWWYVI EGGIWWSV] LSWI SXLIV
XIWX TVIWWYVI ERH WLEPP MRGPYHI ETTVSTVMEXI GLIGO ZEPZIW ERH XLER EKIRX HMWGLEVKI LSWI YWIH SR [LIIPIH I\XMRKYMWLIVW
JMXXMRKW WLEPP FI L]HVSWXEXMGEPP] XIWXIH

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
,=(6378%8-' 8)78-2+ z

 8LI XIWX MRXIVZEP JSV  ERH  WLEPP FI XLI  %PP X]TIW SJ I\XMRKYMWLIVW I\GITX XLI [EXIV X]TI WLEPP
WEQI EW XLEX WTIGMJMIH JSV XLI JMVI I\XMRKYMWLIV SV JMVI I\XMR LEZI EPP XVEGIW SJ I\XMRKYMWLMRK EKIRXW VIQSZIH JVSQ XLI MR
KYMWLIV EKIRX G]PMRHIV SR [LMGL XLI LSWI MW MRWXEPPIH WMHI SJ XLI I\XMRKYMWLIV FIJSVI XLI] EVI JMPPIH [MXL [EXIV
 )\XMRKYMWLIV )\EQMREXMSR  % GSQTPIXI MRXIVREP ERH I\XIVREP ZMWYEP I\EQMREXMSR
WLEPP FI GSRHYGXIH FIJSVI ER] L]HVSWXEXMG XIWX
 +IRIVEP -J EX ER] XMQI E JMVI I\XMRKYMWLIV WLS[W IZM
HIRGI SJ HIRXW QIGLERMGEP MRNYV] SV GSVVSWMSR XS XLI I\XIRX  8LI TVSGIHYVIW JSV XLI ZMWYEP I\EQMREXMSR WLEPP FI
EW XS MRHMGEXI [IEORIWW MX WLEPP FI GSRHIQRIH SV L]HVSWXEXM MR EGGSVHERGI [MXL 
GEPP] VIXIWXIH WYFNIGX XS XLI TVSZMWMSRW SJ  ERH 7IGXMSR 
 %PP XIWXW WLEPP FI GSRHYGXIH YWMRK XIWX JMXXMRKW ERH
 4YQT XEROW WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL EHETXIVW

 0S[4VIWWYVI ']PMRHIVW
 2SRVIGLEVKIEFPI JMVI I\XMRKYMWLIVW SXLIV XLER LEPS
 8LI L]HVSWXEXMG XIWXMRK SJ HV] GLIQMGEP ERH HV] TS[
KIREXIH EKIRX X]TIW WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL 
HIV JMVI I\XMRKYMWLIVW LEZMRK ER I\XIVREPP] QSYRXIH KEW GEV
FYX WLEPP FI HMWGLEVKIH ERH HMWGEVHIH [LIVI XLI JMVI I\XMR
XVMHKI WLEPP LEZI XLI GEVXVMHKI ERH GEVXVMHKI VIGIMZIV VIQSZIH
KYMWLIV WLS[W IZMHIRGI SJ HIRXW QIGLERMGEP MRNYV] SV GSVVS
ERH E TPYK MRWIVXIH MRXS XLI STIRMRK
WMSR XS XLI I\XIRX SJ MRHMGEXMRK [IEORIWW
 %PP LSWI WLEPP FI VIQSZIH JVSQ G]PMRHIVW TVMSV XS L]
 2SRVIGLEVKIEFPI LEPSR EKIRXzX]TI JMVI I\XMRKYMWLIVW
HVSWXEXMG XIWXMRK
XLEX WLS[ IZMHIRGI SJ HIRXW QIGLERMGEP MRNYV] SV GSVVSWMSR
XS XLI I\XIRX MRHMGEXMRK [IEORIWW WLEPP FI VIQSZIH JVSQ WIV  %PP WXSVIHTVIWWYVI I\XMRKYMWLIVW WLEPP LEZI XLI ZEPZI
ZMGI WLEPP RSX FI HMWGLEVKIH ERH WLEPP FI VIXYVRIH XS XLI VIQSZIH JVSQ XLI G]PMRHIV ERH VITPEGIH [MXL E XIWX FSRRIX SV
QERYJEGXYVIV E JMVI IUYMTQIRX HIEPIV SV E HMWXVMFYXSV XS TIV EHETXIV
QMX VIGSZIV] SJ XLI LEPSR
 %PP GEVXVMHKI SV G]PMRHIVSTIVEXIH [LIIPIH I\XMRKYMWL
 )\EQMREXMSR SJ ']PMRHIV 'SRHMXMSR ;LIVI E JMVI I\XMR IVW WLEPP LEZI TVIWWYVI VIPMIJ HIZMGIW VIQSZIH ERH VITPEGIH [MXL E
KYMWLIV G]PMRHIV SV WLIPP I\LMFMXW SRI SV QSVI SJ XLI JSPPS[MRK TPYK TVMSV XS XLI XIWX
GSRHMXMSRW MX WLEPP RSX FI L]HVSWXEXMGEPP] XIWXIH FYX WLEPP FI GSR c
HIQRIH SV HIWXVS]IH F] XLI S[RIV SV EX XLI S[RIVvW HMVIGXMSR  8LI QERYJEGXYVIVvW VIGSQQIRHEXMSRW WLEPP FI JSP
PS[IH
 ;LIVI VITEMVW F] WSPHIVMRK [IPHMRK FVE^MRK SV YWI SJ
TEXGLMRK GSQTSYRHW I\MWX  %R] HMWXSVXMSR SJ XLI G]PMRHIV WLEPP FI GEYWI JSV
 ;LIVI XLI G]PMRHIV XLVIEHW EVI [SVR GSVVSHIH FVSOIR VINIGXMSR
GVEGOIH SV RMGOIH  % HVST MR TVIWWYVI SJ XLI XIWX KEYKI [LMGL MW ER MRHM
 ;LIVI GSVVSWMSR LEW GEYWIH TMXXMRK MRGPYHMRK TMXXMRK YR GEXMSR SJ E PIEO WLEPP FI GEYWI JSV VINIGXMSR SV VIXIWX
HIV E VIQSZEFPI REQITPEXI SV REQIFERH EWWIQFP]
 ;LIVI XLI JMVI I\XMRKYMWLIV LEW FIIR I\TSWIH XS I\GIW  ']PMRHIVW TEWWMRK XLI L]HVSWXEXMG XIWX WLEPP FI XLSV
WMZI LIEX JPEQI SV JMVI SYKLP] HVMIH MRXIVREPP] FIJSVI FIMRK VIXYVRIH XS WIVZMGI
 ;LIVI E GEPGMYQ GLPSVMHIzX]TI I\XMRKYMWLMRK EKIRX LEW  -J LIEXIH EMV MW YWIH XS HV] XLI G]PMRHIVW XLI XIQTIVE
FIIR YWIH MR E WXEMRPIWW WXIIP JMVI I\XMRKYMWLIV XYVI WLEPP RSX I\GIIH ”* ”' MRWMHI XLI WLIPP
 ;LIVI XLI WLIPP MW SJ GSTTIV SV FVEWW GSRWXVYGXMSR NSMRIH
F] WSJX WSPHIV SV VMZIXW  ,MKL4VIWWYVI ']PMRHIVW
 ;LIVI XLI HITXL SJ E HIRX I\GIIHW SJ XLI KVIEXIWX  8LI L]HVSWXEXMG XIWXMRK SJ LMKLTVIWWYVI G]PMRHIVW ERH
HMQIRWMSR SJ XLI HIRX MJ RSX MR E [IPH SV I\GIIHW MR GEVXVMHKIW WLEPP FI MR EGGSVHERGI [MXL XLI TVSGIHYVIW SJ 8'
 QQ MJ XLI HIRX MRGPYHIW E [IPH (38 ERH '+% '
 ;LIVI ER] PSGEP SV KIRIVEP GSVVSWMSR GYXW KSYKIW SV
HMRKW LEZI VIQSZIH QSVI XLER  TIVGIRX SJ XLI QMRM  ']PMRHIVW TEWWMRK XLI L]HVSWXEXMG XIWX WLEPP FI XLSV
QYQ G]PMRHIV [EPP XLMGORIWW SYKLP] HVMIH MRXIVREPP] FIJSVI FIMRK VIXYVRIH XS WIVZMGI
 ;LIVI E JMVI I\XMRKYMWLIV LEW FIIR YWIH JSV ER] TYVTSWI
 -J LIEXIH EMV MW YWIH XS HV] XLI G]PMRHIVW XLI XIQTIVE
SXLIV XLER XLEX SJ E JMVI I\XMRKYMWLIV
XYVI WLEPP RSX I\GIIH ”* ”' MRWMHI XLI WLIPP
 8IWXMRK 4VSGIHYVIW
 ,SWI %WWIQFPMIW
 +IRIVEP
 8LI HMWGLEVKI ZEPZI WLEPP FI VIQSZIH JVSQ XLI LSWI
 8LI TVIWWYVI MR E L]HVSWXEXMG XIWX SJ E G]PMRHIV WLEPP FI EWWIQFP] [MXLSYX VIQSZEP SJ ER] LSWI GSYTPMRKW
QEMRXEMRIH JSV E QMRMQYQ SJ  WIGSRHW FYX JSV E XMQI RSX
 8LI PSGEXMSR SJ EPP GSYTPMRKW WLEPP FI QEVOIH TVMSV XS
PIWW XLER MW VIUYMVIH JSV GSQTPIXI I\TERWMSR SJ XLI G]PMRHIV
XLI L]HVSWXEXMG XIWX
ERH XS GSQTPIXI XLI ZMWYEP I\EQMREXMSR SJ XLI G]PMRHIV
 8LI LSWI WLEPP FI GSQTPIXIP] JMPPIH [MXL [EXIV FIJSVI
 %PP ZEPZIW MRXIVREP TEVXW ERH LSWI EWWIQFPMIW WLEPP FI
XIWXMRK
VIQSZIH ERH XLI JMVI I\XMRKYMWLIV WLEPP FI IQTXMIH FIJSVI
XIWXMRK  *SV HV] GLIQMGEP ERH HV] TS[HIV X]TIW EPP XVEGIW SJ
HV] GLIQMGEP SV HV] TS[HIV WLEPP FI VIQSZIH TVMSV XS XIWXMRK
 3R GIVXEMR HV] GLIQMGEP ERH HV] TS[HIV JMVI I\XMR
KYMWLIVW GEVXVMHKISTIVEXIH  [LIVI XLI QERYJEGXYVIV VIG  8LI LSWI EWWIQFP] WLEPP FI TPEGIH [MXLMR E TVSXIGXMZI
SQQIRHW XLEX GIVXEMR MRXIVREP TEVXW RSX FI VIQSZIH XLSWI GEKI SV HIZMGI [LSWI HIWMKR TIVQMXW ZMWYEP SFWIVZEXMSR HYVMRK
TEVXW WLEPP RSX FI VIQSZIH XLI XIWX

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 4VIWWYVI WLEPP FI ETTPMIH EX E VEXI SJ VMWI WYGL XLEX XLI  0S[4VIWWYVI ']PMRHIVW
XIWX TVIWWYVI MW VIEGLIH MR  QMRYXI
 *MVI I\XMRKYMWLIV G]PMRHIVW SJ XLI PS[TVIWWYVI RSR
 8IWX TVIWWYVI JSV LSWI EWWIQFPMIW WLEPP FI QEMRXEMRIH (38 X]TI XLEX TEWW E L]HVSWXEXMG XIWX WLEPP LEZI XLI JSPPS[MRK
JSV E QMRMQYQ SJ  QMRYXI MRJSVQEXMSR VIGSVHIH SR E PEFIP
 3FWIVZEXMSRW WLEPP FI QEHI XS HIXIGX ER] HMWXSVXMSR  1SRXL ERH ]IEV XLI XIWX [EW TIVJSVQIH MRHMGEXIH F] E
SV PIEOEKI [LMPI XLI LSWI MW TVIWWYVM^IH TIVJSVEXMSR WYGL EW MW HSRI F] E LERH TYRGL
 8IWX TVIWWYVI YWIH
 0IEOEKI HMWXSVXMSR SV TIVQERIRX QSZIQIRX SJ  2EQI SV MRMXMEPW SJ XLI TIVWSR TIVJSVQMRK XLI XIWX ERH
GSYTPMRKW WLEPP GSRWXMXYXI E JEMPYVI SJ XLI L]HVSWXEXMG XIWX REQI SJ XLI EKIRG] TIVJSVQMRK XLI XIWX
 ,SWI TEWWMRK XLI L]HVSWXEXMG XIWX WLEPP FI XLSVSYKLP]  8LI PEFIP WLEPP QIIX XLI JSPPS[MRK GVMXIVME
HVMIH MRXIVREPP]
 7M^IH EX E QMRMQYQ SJ  MR »  MR  QQ »  QQ
 -J LIEX MW YWIH XLI XIQTIVEXYVI WLEPP RSX I\GIIH  %JJM\IH F] E LIEXPIWW TVSGIWW
”* ”'   7IPJHIWXVYGXW [LIR VIQSZIH JVSQ E JMVI I\XMRKYMWLIV G]P
MRHIV WLIPP
 8IWX 4VIWWYVIW  1EHI SJ E HYVEFPI [IEXLIVTVSSJ QEXIVMEP [MXL E TVIWWYVI
 0S[4VIWWYVI ']PMRHIVW WIRWMXMZI EHLIWMZI

 7XSVIH4VIWWYVI 8]TIW 7XSVIHTVIWWYVI JMVI I\XMRKYMWL  -R EHHMXMSR XS XLI MRJSVQEXMSR MR  (38 WTIGM
IVW WLEPP FI L]HVSWXEXMGEPP] XIWXIH XS XLI TVIWWYVI WTIGMJMIH SR XLI JMGEXMSR G]PMRHIVW WLEPP FI PEFIPIH MR EGGSVHERGI [MXL  '*6
I\XMRKYMWLIV REQITPEXI  G  

 ;LIVI TVIWWYVI MW RSX WTIGMJMIH SR XLI I\XMRKYMWLIV  ,MKL4VIWWYVI ']PMRHIVW ERH 'EVXVMHKIW
REQITPEXI XLI I\XMRKYMWLIV WLEPP FI XIWXIH EX XLI JEGXSV] XIWX  ']PMRHIVW SV GEVXVMHKIW XLEX TEWW XLI L]HVSWXEXMG XIWX
TVIWWYVI RSX XS I\GIIH XLVII XMQIW XLI I\XMRKYMWLIV WIVZMGI WLEPP FI WXEQTIH [MXL XLI VIXIWXIVvW MHIRXMJMGEXMSR RYQFIV ERH
TVIWWYVI XLI QSRXL ERH ]IEV SJ XLI VIXIWX TIV (388' VIUYMVIQIRXW
 *MVI I\XMRKYMWLIVW XLEX EVI VIUYMVIH XS FI VIXYVRIH  7XEQTMRK WLEPP FI TPEGIH SRP] SR XLI WLSYPHIV XST
XS XLI QERYJEGXYVIV JSV VIGLEVKMRK WLEPP FI L]HVSWXEXMGEPP] LIEH RIGO SV JSSX VMRK [LIVI TVSZMHIH SJ XLI G]PMRHIV SV MR
XIWXIH SRP] F] XLI QERYJEGXYVIV EGGSVHERGI [MXL  '*6  G  
 'EVXVMHKI3TIVEXIH 8]TIW 'EVXVMHKI SV G]PMRHIV  ,SWI %WWIQFPMIW ,SWI EWWIQFPMIW XLEX TEWW E L]HVS
STIVEXIH HV] GLIQMGEP ERH HV] TS[HIV X]TIW SJ I\XMRKYMWL WXEXMG XIWX WLEPP RSX VIUYMVI VIGSVHMRK PEFIPMRK SV QEVOMRK
IVW WLEPP FI L]HVSWXEXMGEPP] XIWXIH EX XLIMV SVMKMREP JEGXSV]  'SRHIQRMRK )\XMRKYMWLIVW
XIWX TVIWWYVI EW WLS[R SR XLI REQITPEXI SV WLIPP
 *EMPW 8IWX SV )\EQMREXMSR ;LIR E JMVI I\XMRKYMWLIV G]P
 ,MKL4VIWWYVI ']PMRHIVW MRHIV WLIPP SV GEVXVMHKI JEMPW E L]HVSWXEXMG TVIWWYVI XIWX SV JEMPW
 (38 % %% SV %0 G]PMRHIVW YWIH EW GEVFSR HMS\ XS TEWW E ZMWYEP I\EQMREXMSR EW WTIGMJMIH MR  MX WLEPP FI
MHI I\XMRKYMWLIVW SV RMXVSKIR G]PMRHIVW EVKSR G]PMRHIVW SV GSRHIQRIH SV HIWXVS]IH F] XLI S[RIV SV XLI S[RIVvW EKIRX
GEVFSR HMS\MHI G]PMRHIVW XLEX EVI YWIH [MXL [LIIPIH I\XMR  ;LIR E G]PMRHIV MW VIUYMVIH XS FI GSRHIQRIH XLI
KYMWLIVW WLEPP FI XIWXIH EX XLI WIVZMGI TVIWWYVI EW WXEQTIH VIXIWXIV WLEPP RSXMJ] XLI S[RIV MR [VMXMRK XLEX XLI G]PMRHIV MW
MRXS XLI G]PMRHIV GSRHIQRIH ERH XLEX MX GERRSX FI VIYWIH
 'EVFSR HMS\MHI JMVI I\XMRKYMWLIVW LEZMRK G]PMRHIV  % GSRHIQRIH G]PMRHIV WLEPP RSX FI VITEMVIH
WTIGMJMGEXMSR -'' WLEPP FI XIWXIH EX  TWM  14E 
 1EVOMRK 'SRHIQRIH )\XMRKYMWLIVW
 ,SWI %WWIQFPMIW
 'SRHIQRIH G]PMRHIVW WLEPP FI WXEQTIH w'32
 'EVFSR HMS\MHI LSWI EWWIQFPMIW VIUYMVMRK E L]HVS ()12)(x SR XLI XST LIEH WLSYPHIV SV RIGO [MXL E WXIIP
WXEXMG TVIWWYVI XIWX WLEPP FI XIWXIH EX  TWM  O4E  WXEQT
 (V] GLIQMGEP HV] TS[HIV [EXIV JSEQ ERH LEPSKI  2S TIVWSR WLEPP VIQSZI SV SFPMXIVEXI XLI w'32
REXIH EKIRX HMWGLEVKI LSWI EWWIQFPMIW VIUYMVMRK E L]HVSWXEXMG ()12)(x QEVOMRK
TVIWWYVI XIWX WLEPP FI XIWXIH EX  TWM  O4E SV EX WIVZMGI  1MRMQYQ PIXXIV LIMKLX WLEPP FI MR  QQ 
TVIWWYVI [LMGLIZIV MW LMKLIV
 0S[TVIWWYVI EGGIWWSV] LSWI YWIH SR [LIIPIH I\XMR
KYMWLIVW WLEPP FI XIWXIH EX  TWM  O4E  %RRI\ % )\TPEREXSV] 1EXIVMEP
 ,MKLTVIWWYVI EGGIWWSV] LSWI YWIH SR [LIIPIH I\XMR
KYMWLIVW WLEPP FI XIWXIH EX  TWM  14E  %RRI\ % MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP] 8LMW ERRI\ GSRXEMRW
 6IGSVHMRK SJ ,]HVSWXEXMG 8IWXW I\TPEREXSV] QEXIVMEP RYQFIVIH XS GSVVIWTSRH [MXL XLI ETTPMGEFPI XI\X
TEVEKVETLW
 6IGSVHW 8LI VIGSVH SJ E L]HVSWXEXMG XIWX WLEPP FI QEMR
XEMRIH F] XLI SVKERM^EXMSR XLEX TIVJSVQIH XLI XIWX YRXMP IMXLIV % 1ER] JMVIW EVI WQEPP EX SVMKMR ERH GER FI I\XMRKYMWLIH
XLI I\TMVEXMSR SJ XLI XIWX TIVMSH SV YRXMP XLI G]PMRHIV MW EKEMR F] XLI YWI SJ TSVXEFPI JMVI I\XMRKYMWLIVW 2SXMJMGEXMSR SJ XLI
XIWXIH [LMGLIZIV SGGYVW JMVWX JMVI HITEVXQIRX EW WSSR EW E JMVI MW HMWGSZIVIH MW WXVSRKP] VIG

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< % z

SQQIRHIH 8LMW EPEVQ WLSYPH RSX FI HIPE]IH F] E[EMXMRK VI *MVI I\XMRKYMWLIVW EVI QIGLERMGEP HIZMGIW 8LI] RIIH GEVI
WYPXW SJ XLI ETTPMGEXMSR SJ TSVXEFPI JMVI I\XMRKYMWLIVW ERH QEMRXIRERGI EX TIVMSHMG MRXIVZEPW XS IRWYVI XLEX XLI] EVI
*MVI I\XMRKYMWLIVW GER VITVIWIRX ER MQTSVXERX WIKQIRX SJ VIEH] XS STIVEXI TVSTIVP] ERH WEJIP] 4EVXW ERH MRXIVREP GLIQM
ER] SZIVEPP JMVI TVSXIGXMSR TVSKVEQ ,S[IZIV XLIMV WYGGIWWJYP GEPW GER HIXIVMSVEXI [MXL XMQI ERH RIIH VITPEGIQIRX 8LI] EVI
JYRGXMSRMRK HITIRHW YTSR XLI JSPPS[MRK GSRHMXMSRW LEZMRK TVIWWYVI ZIWWIPW MR QSWX GEWIW ERH WS RIIH XS FI XVIEXIH [MXL
FIIR QIX VIWTIGX ERH LERHPIH [MXL GEVI
 8LI JMVI I\XMRKYMWLIV MW PSGEXIH MR EGGSVHERGI [MXL XLI % %TTVSZIH 8LI 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR
VIUYMVIQIRXW SJ 'LETXIV  ERH MW MR [SVOMRK SVHIV HSIW RSX ETTVSZI MRWTIGX SV GIVXMJ] ER] MRWXEPPEXMSRW TVSGI
 8LI JMVI I\XMRKYMWLIV MW SJ XLI GSVVIGX X]TI JSV E JMVI XLEX HYVIW IUYMTQIRX SV QEXIVMEPW RSV HSIW MX ETTVSZI SV IZEPY
GER SGGYV EXI XIWXMRK PEFSVEXSVMIW -R HIXIVQMRMRK XLI EGGITXEFMPMX] SJ
 8LI JMVI MW HMWGSZIVIH [LMPI WXMPP WQEPP IRSYKL JSV XLI JMVI MRWXEPPEXMSRW TVSGIHYVIW IUYMTQIRX SV QEXIVMEPW XLI EYXLSV
I\XMRKYMWLIV XS FI IJJIGXMZI MX] LEZMRK NYVMWHMGXMSR QE] FEWI EGGITXERGI SR GSQTPMERGI
 8LI JMVI MW HMWGSZIVIH F] E TIVWSR VIEH] [MPPMRK ERH EFPI [MXL 2*4% SV SXLIV ETTVSTVMEXI WXERHEVHW -R XLI EFWIRGI SJ
XS YWI XLI JMVI I\XMRKYMWLIV WYGL WXERHEVHW WEMH EYXLSVMX] QE] VIUYMVI IZMHIRGI SJ TVSTIV
*M\IH W]WXIQW EVI GSZIVIH F] XLI JSPPS[MRK 2*4% WXERHEVHW MRWXEPPEXMSR TVSGIHYVI SV YWI 8LI EYXLSVMX] LEZMRK NYVMWHMG
XMSR QE] EPWS VIJIV XS XLI PMWXMRKW SV PEFIPMRK TVEGXMGIW SJ ER
 2*4%  7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR
SVKERM^EXMSR XLEX MW GSRGIVRIH [MXL TVSHYGX IZEPYEXMSRW ERH MW
*SEQ
XLYW MR E TSWMXMSR XS HIXIVQMRI GSQTPMERGI [MXL ETTVSTVMEXI
 2*4%  7XERHEVH SR 'EVFSR (MS\MHI )\XMRKYMWLMRK 7]WXIQW
WXERHEVHW JSV XLI GYVVIRX TVSHYGXMSR SJ PMWXIH MXIQW
 2*4% % 7XERHEVH SR ,EPSR  *MVI )\XMRKYMWLMRK 7]W
XIQW % %YXLSVMX] ,EZMRK .YVMWHMGXMSR %,.  8LI TLVEWI wEY
 2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW XLSVMX] LEZMRK NYVMWHMGXMSRx SV MXW EGVSR]Q %,. MW YWIH MR
 2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI 2*4% HSGYQIRXW MR E FVSEH QERRIV WMRGI NYVMWHMGXMSRW ERH
7]WXIQW ETTVSZEP EKIRGMIW ZEV] EW HS XLIMV VIWTSRWMFMPMXMIW ;LIVI TYF
 2*4%  7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VS PMG WEJIX] MW TVMQEV] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR QE] FI E
XIGXMSR JIHIVEP WXEXI PSGEP SV SXLIV VIKMSREP HITEVXQIRX SV MRHM
 2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMR ZMHYEP WYGL EW E JMVI GLMIJ JMVI QEVWLEP GLMIJ SJ E JMVI TVIZIR
OPIV ERH *SEQ;EXIV 7TVE] 7]WXIQW XMSR FYVIEY PEFSV HITEVXQIRX SV LIEPXL HITEVXQIRX FYMPH
 2*4%  7XERHEVH JSV (V] 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW MRK SJJMGMEP IPIGXVMGEP MRWTIGXSV SV SXLIVW LEZMRK WXEXYXSV]
 2*4% % 7XERHEVH JSV ;IX 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW EYXLSVMX] *SV MRWYVERGI TYVTSWIW ER MRWYVERGI MRWTIGXMSR HI
 2*4%  7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR TEVXQIRX VEXMRK FYVIEY SV SXLIV MRWYVERGI GSQTER] VITVI
SJ 'SQQIVGMEP 'SSOMRK 3TIVEXMSRW WIRXEXMZI QE] FI XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR -R QER]
 2*4%  7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW GMVGYQWXERGIW XLI TVSTIVX] S[RIV SV LMW SV LIV HIWMKREXIH
 2*4%  7XERHEVH SR 'PIER %KIRX *MVI )\XMRKYMWLMRK EKIRX EWWYQIW XLI VSPI SJ XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR EX
7]WXIQW KSZIVRQIRX MRWXEPPEXMSRW XLI GSQQERHMRK SJJMGIV SV HITEVX
% 8LI S[RIV SV SGGYTERX SJ E TVSTIVX] MR [LMGL JMVI I\ QIRXEP SJJMGMEP QE] FI XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
XMRKYMWLIVW EVI PSGEXIH LEW ER SFPMKEXMSR JSV XLI GEVI ERH YWI % 0MWXIH 8LI QIERW JSV MHIRXMJ]MRK PMWXIH IUYMTQIRX
SJ XLIWI I\XMRKYMWLIVW EX EPP XMQIW 8LI REQITPEXI W ERH MR QE] ZEV] JSV IEGL SVKERM^EXMSR GSRGIVRIH [MXL TVSHYGX IZEPY
WXVYGXMSR QERYEP WLSYPH FI VIEH ERH XLSVSYKLP] YRHIVWXSSH F] EXMSR WSQI SVKERM^EXMSRW HS RSX VIGSKRM^I IUYMTQIRX EW
EPP TIVWSRW [LS GSYPH FI I\TIGXIH XS YWI XLI JMVI I\XMRKYMWLIVW PMWXIH YRPIWW MX MW EPWS PEFIPIH 8LI EYXLSVMX] LEZMRK NYVMWHMG
8S HMWGLEVKI XLMW SFPMKEXMSR XLI S[RIV SV SGGYTERX WLSYPH XMSR WLSYPH YXMPM^I XLI W]WXIQ IQTPS]IH F] XLI PMWXMRK SVKERM
KMZI EXXIRXMSR XS XLI MRWTIGXMSR QEMRXIRERGI ERH VIGLEVKMRK ^EXMSR XS MHIRXMJ] E PMWXIH TVSHYGX
SJ XLMW JMVITVSXIGXMZI IUYMTQIRX ERH WLSYPH EPWS XVEMR TIVWSR
RIP MR XLI GSVVIGX YWI SJ JMVI I\XMRKYMWLIVW SR XLI HMJJIVIRX % 'EVFSR (MS\MHI 0MUYMH GEVFSR HMS\MHI JSVQW HV] MGI
X]TIW SJ JMVIW XLEX GSYPH SGGYV SR XLI TVSTIVX] wWRS[x [LIR VIPIEWIH HMVIGXP] MRXS XLI EXQSWTLIVI 'EVFSR
8LI S[RIV SV SGGYTERX WLSYPH VIGSKRM^I JMVI LE^EVHW SR HMS\MHI KEW MW  XMQIW LIEZMIV XLER EMV 'EVFSR HMS\MHI I\XMR
XLI TVSTIVX] ERH TPER MR EHZERGI XLI I\EGX QIERW ERH IUYMT KYMWLIW JMVI F] VIHYGMRK XLI GSRGIRXVEXMSRW SJ S\]KIR XLI ZE
QIRX [MXL [LMGL E JMVI [MPP FI JSYKLX 8LI S[RIVSGGYTERX TSV TLEWI SJ XLI JYIP SV FSXL MR XLI EMV XS XLI TSMRX [LIVI
WLSYPH IRWYVI XLEX IZIV]SRI ORS[W LS[ XS GEPP XLI JMVI HITEVX GSQFYWXMSR WXSTW
QIRX ERH WLSYPH WXVIWW XLEX XLI] HS WS JSV IZIV] JMVI RS QEXXIV % (V] 'LIQMGEP )YVSTIER ERH -73 WXERHEVHW HS RSX
LS[ WQEPP HMWXMRKYMWL FIX[IIR HV] GLIQMGEP EKIRXW ERH HV] TS[HIV
3R PEVKIV TVSTIVXMIW E TVMZEXI JMVI FVMKEHI WLSYPH FI IWXEF EKIRXW 8LIMV YWI SJ XLI XIVQ HV] TS[HIV MRGPYHIW FSXL HV]
PMWLIH ERH XVEMRIH 4IVWSRRIP RIIH XS FI EWWMKRIH XS MRWTIGX GLIQMGEP ERH HV] TS[HIV EW HIJMRIH MR XLMW WXERHEVH
IEGL JMVI I\XMRKYMWLIV TIVMSHMGEPP] 3XLIV TIVWSRRIP GER LEZI
XLI HYX] SJ QEMRXEMRMRK ERH VIGLEVKMRK WYGL IUYMTQIRX EX % ;IX 'LIQMGEP ;LMPI PSEHIH WXVIEQ ERH [IX GLIQM
WGLIHYPIH MRXIVZEPW GEP EKIRX GLEVKIW GER GSQTVMWI WMQMPEV QEXIVMEPW XLIMV JSVQY
4SVXEFPI JMVI I\XMRKYMWLIVW EVI ETTPMERGIW XS FI YWIH TVMR PEXMSRW GSYPH HMGXEXI HMJJIVMRK QEMRXIRERGI TVSGIHYVIW
GMTEPP] F] XLI SGGYTERXW SJ E JMVIIRHERKIVIH FYMPHMRK SV EVIE % (V] 4S[HIV 7II %
[LS EVI JEQMPMEV [MXL XLI PSGEXMSR ERH STIVEXMSR SJ XLI I\XMR
KYMWLIV XLVSYKL IHYGEXMSR SV XVEMRMRK 4SVXEFPI JMVI I\XMR % )PIGXVSRMG 1SRMXSVMRK )PIGXVSRMG QSRMXSVMRK GER FI
KYMWLIVW EVI TVMQEVMP] SJ ZEPYI JSV MQQIHMEXI YWI SR WQEPP EGGSQTPMWLIH YXMPM^MRK PS[ZSPXEKI [MVMRK SV E [MVIPIWW GSQQYRM
JMVIW 8LI] LEZI E PMQMXIH UYERXMX] SJ I\XMRKYMWLMRK QEXIVMEP GEXMSR QIXLSH -X GER GSRZI] MRJSVQEXMSR EFSYX ER MRTPEGI JMVI
ERH XLIVIJSVI RIIH XS FI YWIH TVSTIVP] WS XLEX XLMW QEXIVMEP I\XMRKYMWLIV XLEX MRGPYHIW WXEXYW TVIWWYVI PIZIP TVIWIRGI GSRHM
MW RSX [EWXIH XMSR ERH [LIXLIV XLIVI MW ER SFWXVYGXMSR XS XLI I\XMRKYMWLIV

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

)PIGXVSRMG QSRMXSVMRK GER WEXMWJ] QER] SJ XLI QSRXLP] MR % %YXLSVMXMIW LEZMRK NYVMWHMGXMSR WLSYPH HIXIVQMRI XLI
WTIGXMSR VIUYMVIQIRXW GYVVIRXP] [MXLMR XLI WXERHEVH QSRMXSV EGGITXEFMPMX] ERH GVIHMFMPMX] SJ XLI SVKERM^EXMSR PMWXMRK SV PE
XLI I\XMRKYMWLIV EX QSVI JVIUYIRX MRXIVZEPW MJ HIWMVIH SV [LIR FIPMRK JMVI I\XMRKYMWLIVW %YXLSVMXMIW WLSYPH HIXIVQMRI MJ XLI
QSVI JVIUYIRX MRWTIGXMSRW EVI VIUYMVIH ERH GVIEXI ER IPIG SVKERM^EXMSR XIWXW XS EPP XLI VIUYMVIQIRXW SJ XLI WXERHEVH *EG
XVSRMGEPP] QEMRXEMRIH VIGSVH SJ XLI JMVI I\XMRKYMWLIV XSVW WYGL EW XLI WXVYGXYVI SJ XLI SVKERM^EXMSR MXW TVMRGMTEP
JMIPHW SJ IRHIEZSV MXW VITYXEXMSR ERH IWXEFPMWLIH I\TIVXMWI MXW
% )\XMRKYMWLIV -RWTIGXMSR -X MW MRXIRHIH XS KMZI VIE MRZSPZIQIRX MR XLI WXERHEVHW[VMXMRK TVSGIWW ERH XLI I\XIRX
WSREFPI EWWYVERGI XLEX XLI JMVI I\XMRKYMWLIV MW JYPP] GLEVKIH SJ MXW JSPPS[YT WIVZMGI TVSKVEQW WLSYPH EPP FI EWWIWWIH FIJSVI
% )\XMRKYMWLIV 1EMRXIRERGI 7II % VIGSKRMXMSR MW KMZIR
8LI PMWXMRK ERH PEFIPMRK SVKERM^EXMSR MHIRXMJMGEXMSR QEVOMRK
% *MPQ*SVQMRK *SEQ %KIRXW %*** ERH ***4 MRGPYHI QMKLX FI MR XLI JSVQ SJ E W]QFSP SJ XLI SVKERM^EXMSR 8LI TVSH
FSXL KVEHIW [LMGL EVI XLSWI XLEX EVI RSX ETTVSZIH JSV TSPEV YGX GEXIKSV] QEVOMRK WLSYPH MHIRXMJ] XLI I\XMRKYMWLIV JSV I\
WSPZIRXW [EXIVWSPYFPI JPEQQEFPI PMUYMHW ERH XLSWI XLEX EVI EQTPI w'EVFSR (MS\MHI *MVI )\XMRKYMWLIVx w(V] 'LIQMGEP *MVI
ETTVSZIH JSV TSPEV WSPZIRXW )\XMRKYMWLIVx SV w'PIER %KIRX *MVI )\XMRKYMWLIVx )\XMRKYMWLIV
VEXMRKW WLSYPH MRHMGEXI XLI GPEWWMJMGEXMSR SJ JMVI X]TI WYGL EW % &
% ,EPSKIREXIH %KIRXW ,EPSR  ERH ,EPSR 
SV ' ERH XLI EWWSGMEXIH JMVI WM^I %R I\EQTPI SJ ER I\XMRKYMWLIV
EVI MRGPYHIH MR XLI w1SRXVIEP 4VSXSGSP SR 7YFWXERGIW XLEX
VEXMRK MW % &' [LMGL HIWMKREXIW E 'PEWW % JMVI [SSH VEXMRK
(ITPIXI XLI 3^SRI 0E]IVx WMKRIH 7ITXIQFIV   -R
[MXL ER EWWSGMEXIH JMVI WM^I SJ  EW HIWGVMFIH MR %27-90
GSQTPMERGI [MXL REXMSREP VIKYPEXMSRW TVSHYGXMSR SJ LEPSRW
'%290'7 7XERHEVH JSV 6EXMRK ERH 8IWXMRK SJ *MVI )\XMRKYMWL
GIEWIH SR .ERYEV]  
IVW E 'PEWW & JMVI JPEQQEFPI PMUYMH VEXMRK [MXL ER EWWSGMEXIH JMVI
7II 2*4%  JSV QSVI MRJSVQEXMSR SR LEPSGEVFSR EKIRXW WM^I SJ  EW HIWGVMFIH MR %27-90 '%290'7 ERH E
% 0SEHIH 7XVIEQ 'LEVKI ;LMPI PSEHIH WXVIEQ ERH [IX 'PEWW ' GSQTEXMFPI VEXMRK EW HIWGVMFIH MR %27-90 '%2
GLIQMGEP EKIRX GLEVKIW GER GSQTVMWI WMQMPEV QEXIVMEPW XLIMV JSV 90'7
QYPEXMSRW GSYPH HMGXEXI HMJJIVIRX QEMRXIRERGI TVSGIHYVIW % %YXLSVMXMIW LEZMRK NYVMWHMGXMSR WLSYPH HIXIVQMRI XLI
XLSVSYKLRIWW SJ XLI JEGXSV] JSPPS[YT UYEPMX] EWWYVERGI TVS
% 2SRVIGLEVKIEFPI 2SRVIJMPPEFPI *MVI )\XMRKYMWLIV
KVEQ I\IVGMWIH F] XLMVHTEVX] GIVXMJMGEXMSR SVKERM^EXMSRW PMWX
2SRVIGLEVKIEFPI RSRVIJMPPEFPI JMVI I\XMRKYMWLIVW EVI QEVOIH
MRK ERH PEFIPMRK TSVXEFPI JMVI I\XMRKYMWLIVW 8LI WTIGMJMIH JEG
w(MWGLEVKI ERH (MWTSWI SJ %JXIV %R] 9WIx w(MWGLEVKI ERH 6I XSV] JSPPS[YT WXERHEVH TVSZMHIW E QMRMQYQ FEWMW JSV XLEX
XYVR XS XLI 1ERYJEGXYVIV %JXIV %R] 9WIx SV [MXL E WMQMPEV HIXIVQMREXMSR %TTPMGEXMSR SJ XLI JEGXSV] JSPPS[YT WXERHEVH
QEVOMRK 7SQI JMVI I\XMRKYMWLIVW XLEX EVI TL]WMGEPP] VI TVSZMHIW VIEWSREFPI EWWYVERGI XLEX TSVXEFPI JMVI I\XMRKYMWLIVW
GLEVKIEFPI EVI QEVOIH wRSRVIGLEVKIEFPIx ERH EVI XLIVI WSPH XS XLI TYFPMG GSRXMRYI XS LEZI XLI WEQI WXVYGXYVEP VIPMEFMP
JSVI GSRWMHIVIH F] XLMW WXERHEVH XS FI RSRVIGLEVKIEFPI MX] ERH TIVJSVQERGI EW XLI JMVI I\XMRKYMWLIVW XLI QERYJEG
RSRVIJMPPEFPI JMVI I\XMRKYMWLIVW XYVIV SVMKMREPP] WYFQMXXIH XS XLI PMWXMRK ERH PEFIPMRK SVKERM^E
% 6IGLEVKIEFPI 6IJMPPEFPI *MVI )\XMRKYMWLIV 8LI JMVI XMSR JSV IZEPYEXMSR
I\XMRKYMWLIV MW GETEFPI SJ FIMRK VIGLEVKIH [MXL EKIRX ERH VI % *IHIVEP 37,% VIKYPEXMSRW VIUYMVI XLEX QERYJEGXYVIVW
WXSVIH XS MXW JYPP STIVEXMRK GETEFMPMX] F] XLI WXERHEVH TVEGXMGIW GSQQYRMGEXI MRJSVQEXMSR EW XS XLI X]TI SJ GLIQMGEPW MR E
YWIH F] JMVI IUYMTQIRX HIEPIVW ERH HMWXVMFYXSVW 6IGLEVKIEFPI TVSHYGX XLEX GER FI LE^EVHSYW ERH XLI PIZIP SJ LE^EVH 8LMW
VIJMPPEFPI JMVI I\XMRKYMWLIVW EVI QEVOIH w6IGLEVKI -QQIHM MRJSVQEXMSR MW GSRXEMRIH MR XLI 17(7 GVIEXIH JSV IEGL GLIQM
EXIP] %JXIV %R] 9WIx SV [MXL E WMQMPEV QEVOMRK GEP SV QM\XYVI SJ GLIQMGEPW ERH MW WYQQEVM^IH SR PEFIPW SV
XEKW EXXEGLIH XS XLI TVSHYGX %HHMXMSREPP] WXEXI ERH PSGEP EY
% 0MWXIH ERH PEFIPIH LEPSR TSVXEFPI JMVI I\XMRKYMWLIVW
XLSVMXMIW LEZI IREGXIH WMQMPEV EGXW ERH VIKYPEXMSRW VIUYMVMRK
GYVVIRXP] GSQTP] [MXL XLMW WXERHEVH ERH LEZI HIQSRWXVEXIH
MHIRXMJMGEXMSR SJ GLIQMGEPW ERH LE^EVHSYW MRKVIHMIRXW MR
GSQTPMERGI [MXL XLI VIUYMVIQIRXW SJ 90  7XERHEVH JSV TVSHYGXW 17(7W JSV JMVI I\XMRKYMWLIV EKIRXW EVI EZEMPEFPI SR
,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW [LMGL EPWS MRGPYHIW JMVI VIUYIWX JVSQ JMVI IUYMTQIRX HIEPIVW SV HMWXVMFYXSVW SV XLI JMVI
XIWXMRK ERH VEXMRK GVMXIVME %W E VIWYPX SJ XLI 1SRXVIEP 4VSXSGSP IUYMTQIRX QERYJEGXYVIV
SR 7YFWXERGIW XLEX (ITPIXI XLI 3^SRI 0E]IV 90 LEW [MXL
8LI MHIRXMJMGEXMSR SJ GSRXIRXW MRJSVQEXMSR IREFPIW HIXIV
HVE[R 90  8LMW HSIW RSX MQTP] XLEX I\XMRKYMWLIVW XLEX
QMREXMSR SJ XLI X]TI SJ GLIQMGEPW GSRXEMRIH MR XLI JMVI I\XMR
EVI PMWXIH ERH PEFIPIH XS XLI VIUYMVIQIRXW SJ 90  EVI KYMWLIV ERH LIPTW XS VIWSPZI GSQTPMGEXMSRW EVMWMRK JVSQ ER
YRWEJI JSV YWI EW JMVI I\XMRKYMWLIVW RSV HSIW MX QIER XLEX 90 YRYWYEP YWI SJ XLI EKIRX 8LI ,1-7 MR 'EREHE XLI ;,1-7
SV XLI )4% MW VIUYMVMRK XLEX LEPSR I\XMRKYMWLIVW FI VIQSZIH HIZIPSTIH F] XLI 2EXMSREP 4EMRX ERH 'SEXMRKW %WWSGMEXMSR YWIW
JVSQ WIVZMGI -X HSIW QIER XLEX 90 [MPP RSX EGGITX RI[ HIWMKRW E XLVIITPEGI JSVQEX [MXL RYQIVMGEP MRHI\IW JVSQ  XS  8LI
SJ LEPSR I\XMRKYMWLIVW JSV XIWXMRK SV 90 PMWXMRK -X EPWS QIERW JMVWX TPEGI MW JSV wXS\MG TVSTIVXMIWx XLI WIGSRH TPEGI MW JSV
XLEX RS GLERKIW SV YTHEXIW EVI EPPS[IH XS QSHIPW XLEX EVI wJPEQQEFMPMX]x ERH XLI XLMVH TPEGI MW JSV wVIEGXMZMX]x [MXL SXLIV
GYVVIRXP] PMWXIH ERH XLEX LEH TVIZMSYWP] HIQSRWXVEXIH GSQTPM GLIQMGEPW 1SWX JMVI I\XMRKYMWLIVW LEZI E  RYQIVMGEP MRHI\ MR
ERGI [MXL 90  XLI WIGSRH ERH XLMVH TPEGIW FIGEYWI XLI] EVI RSRJPEQQEFPI
)\XMRKYMWLIV QERYJEGXYVIVW EVI EPPS[IH XS QERYJEGXYVI ERH VIPEXMZIP] MRIVX
XLIMV GYVVIRX HIWMKR SJ 90PMWXIH LEPSR I\XMRKYMWLIVW [MXL XLI -RJSVQEXMSR SR XLI ,1-7 GER FI SFXEMRIH JVSQ 0EFIP 1EW
90 PMWXMRK QEVO YRXMP 3GXSFIV  ,EPSR I\XMRKYMWLIVW GYV XIV -RG MR 'LMGEKS -0 SV JVSQ XLI 2EXMSREP 4EMRX ERH 'SEXMRKW
VIRXP] MR YWI [MPP GSRXMRYI XS FI PMWXIH FI]SRH XLI  HEXI %WWSGMEXMSR MR ;EWLMRKXSR (' )\XMRKYMWLIV GSRXIRXW MRJSVQE
ERH WLSYPH FI TIVQMXXIH XS FI YWIH XS GSQTP] [MXL XLI VI XMSR GER FI MRXIKVEXIH MRXS XLI WXERHEVH JMVI I\XMRKYMWLIV PEFIP MR
UYMVIQIRXW SJ XLMW WXERHEVH [LIR MRWXEPPIH MRWTIGXIH ERH WSQI JSVQ SV MX GER FI SR E WITEVEXI PEFIP SV XEK 8LI JSPPS[MRK
QEMRXEMRIH MR EGGSVHERGI [MXL XLMW WXERHEVH I\EQTPI MW E X]TMGEP GLIQMGEP GSRXIRXW MHIRXMJMGEXMSR QEVOMRK

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< % z

'328)287  4YPP 4MRW % VIZMWMSR XS XLI I\XMRKYMWLIV WXERHEVHW MRGPYH


%&' (6= ',)1-'%0,1-7  197'3:-8) MRK 90  VIUYMVIH E QE\MQYQ  PF  2 SJ JSVGI XS
1-'% 1323%1132-91 4,374,%8) VIQSZI E WEJIX] TMR SV TYPP TMR JVSQ ER I\XMRKYMWLIV 8LMW
%1132-91 790*%8)29-7%2') (978 EKEMR GEQI JVSQ XLI RSZMGI XIWXMRK MR [LMGL WSQI MRHM
-66-8%28'328)287 92()6 46)7796) ZMHYEPW GSYPH RSX TL]WMGEPP] VIQSZI XLI TMR ERH EGXYEXI
?1ERYJEGXYVIVvW 2EQI 1EMPMRK %HHVIWW XLI I\XMRKYMWLIV 8LI 90 I\XMRKYMWLIV WXERHEVHW EPWS MR
4LSRI 2YQFIVA GPYHIH E HIWMKR VIUYMVIQIRX XLEX XLI TMR FI ZMWMFPI JVSQ
% 8LI QERYEP GER FI WTIGMJMG XS XLI JMVI I\XMRKYMWLIV XLI JVSRX SJ XLI I\XMRKYMWLIV YRPIWW RSXIH F] XLI STIVEX
MRZSPZIH SV MX GER GSZIV QER] X]TIW MRK MRWXVYGXMSRW
 3TIVEXMRK -RWXVYGXMSRW1EVOMRK 8LI I\XMRKYMWLIV WXERHEVHW
% 8LI VIUYMVIQIRX MR  FVMRKW XLI WXERHEVH MRXS PMRI MRGPYHMRK XLI  VIZMWMSR SJ 90  QERHEXIH XLI YWI SJ
[MXL XLI  GLERKIW XS %27-90  '%290'7 7XER TMGXSKVETLMG STIVEXMRK MRWXVYGXMSRW ERH GSHI W]QFSPW SR EPP
HEVH JSV (V] 'LIQMGEP *MVI )\XMRKYMWLIVW ERH XS %27-90  FYX 'PEWW ( I\XMRKYMWLIVW ERH [LIIPIH I\XMRKYMWLIVW 8LIWI
 ,SWI 8LI  IHMXMSR SJ 90  VIUYMVIW I\XMRKYMWLIVW VEXIH VIUYMVIQIRXW EPWS GEQI SYX SJ XLI RSZMGI JMVI XIWXW [LMGL
% SV LMKLIV SV & SV LMKLIV XS FI IUYMTTIH [MXL E HMWGLEVKI WLS[IH QER] MRHMZMHYEPW XEOMRK XSS PSRK XS VIEH ERH YRHIV
LSWI &IJSVI XLMW GLERKI EPQSWX EPP  PF  OK I\XMRKYMWLIVW WXERH XLI [VMXXIR STIVEXMRK MRWXVYGXMSRW 8LI RSZMGI XIWXW EG
ERH QER]  PF  OK I\XMRKYMWLIVW [IVI IUYMTTIH [MXL E JM\IH XYEPP] HIZIPSTIH XLI TMGXSKVETLMG STIVEXMRK MRWXVYGXMSRW
RS^^PI SR XLI SYXPIX SJ XLI I\XMRKYMWLIV ZEPZI ERH [MXLSYX LSWIW ERH XIWXIH XLIQ SR RSZMGI STIVEXSVW JSV IJJIGXMZIRIWW 8LI
8LIWI I\XMRKYMWLIVW VEXIH % XS % ERH & XS & EVI YWIH HIXEMPW SJ XLI RYQFIV SJ MRWXVYGXMSRW TIV TMGXSKVEQ GEQI
XS GSQTP] [MXL XLI MRWXEPPEXMSR VIUYMVIQIRXW RS[ GSRXEMRIH MR JVSQ XLI XIWX TVSKVEQ 8LI RSZMGI JMVI XIWXW [IVI EPWS XLI
'LETXIV  8S TVSTIVP] YWI SRI SJ XLIWI I\XMRKYMWLIVW XLI YWIV MQTIXYW JSV QEOMRK XLI YWI GSHI W]QFSPW JSV XLI ZEVMSYW
QYWX OIIT MX MR XLI YTVMKLX TSWMXMSR ETTP] XLI HV] GLIQMGEP XS XLI GPEWWIW SJ JMVIW QSVI YRHIVWXERHEFPI 8LI RI[ TMGXSKVETLMG
FEWI SJ XLI JMVI ERH W[IIT XLI HMWGLEVKI FEGO ERH JSVXL 8LI YWI GSHI W]QFSPW [IVI EPWS QERHEXIH MR  EW [IPP EW E
VIUYMVIQIRX JSV XLI EHHMXMSR SJ E LSWI XS XLIWI I\XMRKYMWLIVW GEQI YRMJSVQ QIXLSH SJ ETTP]MRK % & ERH ' W]QFSPW XS I\XMR
SYX SJ XLI RSZMGI JMVI XIWXW WTSRWSVIH F] 9RHIV[VMXIVW 0EFSVEXSVMIW KYMWLIVW [MXL %&' SV &' SRP] VEXMRKW 8LI VIWYPX [EW E YRM
90 ERH XLI *MVI )UYMTQIRX 1ERYJEGXYVIVW %WWSGMEXMSR 8LI JSVQ GSRWMWXIRX WIX SJ IEWMP] YRHIVWXSSH W]QFSPW XLEX QEHI
JMPQ JSSXEKI SJ XLIWI XIWXW WLS[W XLEX XLSWI [LS LEH RIZIV YWIH E XLI I\XMRKYMWLIV QSVI YWIV JVMIRHP]
JMVI I\XMRKYMWLIV FIJSVI SJXIR YWIH FSXL LERHW XS STIVEXI XLIWI  7IVZMGI 1ERYEPW 8LI I\XMRKYMWLIV WXERHEVHW MRGPYHMRK
I\XMRKYMWLIVW XYVRMRK XLI I\XMRKYMWLIV G]PMRHIV MR E LSVM^SRXEP 90  JSV XLI JMVWX XMQI QERHEXIH XLEX I\XMRKYMWLIV
TSWMXMSR [LMPI WUYII^MRK XLI LERHPI ERH PIZIV XS STIR XLI ZEPZI QERYJEGXYVIVW LEZI E WIVZMGI QERYEP JSV XLIMV TVSH
7SQIXMQIW XLI] IZIR MRZIVXIH XLI I\XMRKYMWLIV 8LI VIWYPX SJ WYGL YGXW -R EHHMXMSR XLI  IHMXMSR SJ 90  VIUYMVIH E
EGXMSRW MW E TEVXMEP HMWGLEVKI SJ XLI I\XMRKYMWLIV GSRXIRXW SV TSW VIJIVIRGI XS XLI WIVZMGIQEMRXIRERGI QERYEP SR XLI
WMFP] SRP] XLI I\TIPPERX KEW ERH XLIVIJSVI RS I\XMRKYMWLQIRX SJ I\XMRKYMWLIV REQITPEXI 4VMSV XS  WIVZMGI QERYEPW
XLI JMVI GER FI EGLMIZIH 8LI EHHMXMSR SJ E LSWI EPWS QEOIW MX [IVI RSX VIUYMVIH
QYGL IEWMIV XS HMVIGX XLI HMWGLEVKI EX XLI FEWI SJ XLI JPEQIW ERH XS % *MVI I\XMRKYMWLIVW QERYJEGXYVIH F] GSQTERMIW XLEX
W[IIT XLI HMWGLEVKI JVSQ WMHI XS WMHI 8LI VIUYMVIQIRX XS EHH E EVI RS PSRKIV MR FYWMRIWW GER VIQEMR MR YWI MJ XLI] QIIX XLI
LSWI QEOIW MX QSVI PMOIP] XLEX XLI I\XMRKYMWLIV [MPP FI YWIH MR ER VIUYMVIQIRXW SJ XLMW WXERHEVH ERH EVI QEMRXEMRIH MR EGGSV
YTVMKLX TSWMXMSR -R JEGX MX MW EPQSWX MQTSWWMFPI XS HS SXLIV[MWI HERGI [MXL XLI QERYJEGXYVIVvW WIVZMGI QERYEP ;LIR XLIWI
WMRGI SRI LERH STIRW XLI ZEPZI ERH XLI SXLIV LERH [LMGL LSPHW I\XMRKYMWLIVW VIUYMVI VIGLEVKMRK SV QEMRXIRERGI ERH XLI VI
XLI LSWI HMVIGXW XLI HMWGLEVKI WXVIEQ XS XLI JMVI -X MW MQTSVXERX XS UYMVIH I\XMRKYMWLMRK EKIRX SV RIGIWWEV] VITEMV TEVXW EVI RSX
RSXI XLEX JMIPH QSHMJMGEXMSR SJ ER I\XMRKYMWLIV MW KIRIVEPP] RSX EZEMPEFPI XLI I\XMRKYMWLIVW WLSYPH FI VIQSZIH JVSQ WIVZMGI
EPPS[IH WMRGI XLI QSHMJMGEXMSR QMKLX RSX LEZI FIIR IZEPYEXIH XS
GSQTP] [MXL XLI XIWX VIUYMVIQIRXW MR XLI ETTPMGEFPI 90 I\XMR % )\EQTPIW SJ I\XMRKYMWLIVW JSV TVSXIGXMRK 'PEWW %
KYMWLIV WXERHEVHW ERH XLI I\XMRKYMWLIV QMKLX RSX STIVEXI EW LE^EVHW EVI EW JSPPS[W
MRXIRHIH 8LYW E JM\IH RS^^PI GERRSX WMQTP] FI VIQSZIH JVSQ ER  ;EXIV X]TI
I\XMRKYMWLIV ERH VITPEGIH [MXL E LSWI ERH RS^^PI  ,EPSKIREXIH EKIRX X]TI *SV LEPSKIREXIH EKIRXzX]TI JMVI I\
 1MRMQYQ (MWGLEVKI 8MQI 8LMW VIUYMVIQIRX JSYRH MR XLI XMRKYMWLIVW WII 
 IHMXMSR SJ 90  VIUYMVIW E QMRMQYQ WIGSRH HMW  1YPXMTYVTSWI HV] GLIQMGEP X]TI
GLEVKI HYVEXMSR JSV ER I\XMRKYMWLIV VEXIH % SV LMKLIV 8LI  ;IX GLIQMGEP X]TI
WIGSRH QMRMQYQ VIUYMVIQIRX [EW XLI VIWYPX SJ VIGSQ
QIRHEXMSRW JVSQ XLI RSZMGI JMVI XIWXW QIRXMSRIH MR % )\EQTPIW SJ I\XMRKYMWLIVW JSV TVSXIGXMRK 'PEWW &
%   &IJSVI  EPQSWX EPP %VEXIH HV] GLIQMGEP LE^EVHW EVI EW JSPPS[W
I\XMRKYMWLIVW LEH HMWGLEVKI HYVEXMSRW SJ SRP]  WIGSRHW XS  %UYISYW JMPQJSVQMRK JSEQ %***
 WIGSRHW 8LI RSZMGI JMVI XIWXW GPIEVP] WLS[IH XLEX PSRKIV
 *MPQJSVQMRK JPYSVSTVSXIMR JSEQ ***4
HMWGLEVKI HYVEXMSR VIWYPXIH MR ER MRGVIEWIH PMOIPMLSSH SJ I\
 'EVFSR HMS\MHI
XMRKYMWLQIRX 8LI VIZMWMSR XS 90  QERHEXIH E  TIV
 (V] GLIQMGEP X]TI
GIRX XS  TIVGIRX MRGVIEWI MR XLI QMRMQYQ HMWGLEVKI HYVE
 ,EPSKIREXIH EKIRX X]TI *SV LEPSKIREXIH EKIRXzX]TI JMVI I\
XMSR JSV E %VEXIH HV] GLIQMGEP I\XMRKYMWLIV 1SHMJMGEXMSR
XMRKYMWLIVW WII 
SJ I\XMRKYMWLIVW [MXL E RS^^PILSWI XLEX KMZIW HMJJIVIRX SV
PSRKIV HMWGLEVKI HYVEXMSR MW RSX EPPS[IH 7YGL QSHMJMGEXMSR % 8LI YWI SJ HV] GLIQMGEP JMVI I\XMRKYMWLIVW SR [IX IR
[SYPH RSX LEZI FIIR IZEPYEXIH XS GSQTP] [MXL XLI XIWX VI IVKM^IH IPIGXVMGEP IUYMTQIRX WYGL EW VEMRWSEOIH YXMPMX] TSPIW
UYMVIQIRXW MR XLI ETTPMGEFPI 90 I\XMRKYMWLIV WXERHEVHW LMKLZSPXEKI W[MXGL KIEV ERH XVERWJSVQIVW GSYPH EKKVEZEXI IPIG
ERH XLI I\XMRKYMWLIV QMKLX RSX STIVEXI EW MRXIRHIH XVMGEP PIEOEKI TVSFPIQW 8LI HV] GLIQMGEP MR GSQFMREXMSR [MXL

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

QSMWXYVI TVSZMHIW ER IPIGXVMGEP TEXL XLEX GER VIHYGI XLI IJJIG ZETSVW [LIR XLI EKIRXW EVI HMWGLEVKIH MRXS GSRJMRIH WTEGIW
XMZIRIWW SJ MRWYPEXMSR TVSXIGXMSR 8LI VIQSZEP SJ EPP XVEGIW SJ 8LI 90 QMRMQYQ ZSPYQI VIUYMVIQIRX JSV GSRJMRIH WTEGIW MW
HV] GLIQMGEP JVSQ WYGL IUYMTQIRX EJXIV I\XMRKYMWLQIRX MW FEWIH SR I\TSWYVI XS XLI EKIRX MR XLI EFWIRGI SJ E JMVI ERH
VIGSQQIRHIH HSIW RSX MRGPYHI GSRWMHIVEXMSRW SJ JMVI SV EKIRX HIGSQTSWM
XMSR TVSHYGXW
% 8LI JSPPS[MRK MRJSVQEXMSR TIVXEMRW XS 'PEWW (
LE^EVHW % ;LIIPIH JMVI I\XMRKYMWLIVW EVI EZEMPEFPI MR GETEGM
XMIW SJ  KEP  0 JSV JSEQ YRMXW ERH VERKI JVSQ  PF XS
 'LIQMGEP VIEGXMSR FIX[IIR FYVRMRK QIXEPW ERH QER] I\  PF  OK XS  OK JSV SXLIV X]TIW SJ I\XMRKYMWLIVW
XMRKYMWLMRK EKIRXW MRGPYHMRK [EXIV GER VERKI JVSQ I\ 8LIWI JMVI I\XMRKYMWLIVW EVI GETEFPI SJ HIPMZIVMRK LMKLIV
TPSWMZI XS MRGSRWIUYIRXMEP HITIRHMRK MR TEVX SR XLI X]TI EKIRX JPS[ VEXIW ERH KVIEXIV EKIRX WXVIEQ VERKI XLER RSVQEP
JSVQ ERH UYERXMX] SJ QIXEP MRZSPZIH -R KIRIVEP XLI LE^ TSVXEFPIX]TI JMVI I\XMRKYMWLIVW ;LIIPIH JMVI I\XMRKYMWLIVW
EVHW JVSQ E QIXEP JMVI EVI WMKRMJMGERXP] MRGVIEWIH [LIR EVI GETEFPI SJ JYVRMWLMRK MRGVIEWIH JMVII\XMRKYMWLMRK IJJIG
WYGL I\XMRKYMWLMRK EKIRXW EVI ETTPMIH 8LI EHZERXEKIW XMZIRIWW JSV LMKL LE^EVH EVIEW ERH LEZI EHHIH MQTSVXERGI
ERH PMQMXEXMSRW SJ E [MHI ZEVMIX] SJ GSQQIVGMEPP] EZEMPEFPI [LIVI E PMQMXIH RYQFIV SJ TISTPI EVI EZEMPEFPI
QIXEP JMVI I\XMRKYMWLMRK EKIRXW EVI HMWGYWWIH MR 2*4% 
% 0MKLX LE^EVH SGGYTERGMIW GER MRGPYHI WSQI FYMPH
7XERHEVH JSV 'SQFYWXMFPI 1IXEPW ERH MR 7IGXMSR  'LETXIV
MRKW SV VSSQW SGGYTMIH EW SJJMGIW GPEWWVSSQW GLYVGLIW EW
 SJ XLI 2*4% *MVI 4VSXIGXMSR ,ERHFSSO 8LI 17(7 SJ XLI
WIQFP] LEPPW KYIWX VSSQ EVIEW SJ LSXIPW SV QSXIPW ERH WS
'PEWW ( LE^EVH FIMRK TVSXIGXIH SV XLI I\XMRKYMWLIV QERY
JSVXL 8LMW GPEWWMJMGEXMSR ERXMGMTEXIW XLEX XLI QENSVMX] SJ GSR
JEGXYVIV WLSYPH FI GSRWYPXIH
XIRX MXIQW EVI IMXLIV RSRGSQFYWXMFPI SV WS EVVERKIH XLEX E JMVI
 8LI EKIRXW ERH JMVI I\XMRKYMWLIVW HMWGYWWIH MR XLMW WIGXMSR MW RSX PMOIP] XS WTVIEH VETMHP] 7QEPP EQSYRXW SJ 'PEWW & JPEQ
EVI SJ WTIGMEPM^IH X]TIW ERH XLIMV YWI SJXIR MRZSPZIW WTI QEFPIW YWIH JSV HYTPMGEXMRK QEGLMRIW EVX HITEVXQIRXW ERH
GMEP XIGLRMUYIW TIGYPMEV XS E TEVXMGYPEV GSQFYWXMFPI WS JSVXL EVI MRGPYHIH TVSZMHIH XLEX XLI] EVI OITX MR GPSWIH
QIXEP % KMZIR EKIRX [MPP RSX RIGIWWEVMP] GSRXVSP SV I\XMR GSRXEMRIVW ERH WEJIP] WXSVIH
KYMWL EPP QIXEP JMVIW 7SQI EKIRXW EVI ZEPYEFPI MR [SVOMRK
[MXL WIZIVEP QIXEPW SXLIVW EVI YWIJYP MR GSQFEXMRK SRP] % 3VHMREV] LE^EVH SGGYTERGMIW GSYPH GSRWMWX SJ HMRMRK
SRI X]TI SJ QIXEP JMVI 8LI EYXLSVMXMIW LEZMRK NYVMWHMGXMSR EVIEW QIVGERXMPI WLSTW ERH EPPMIH WXSVEKI PMKLX QERYJEGXYVMRK
WLSYPH FI GSRWYPXIH MR IEGL GEWI XS HIXIVQMRI XLI HI VIWIEVGL STIVEXMSRW EYXS WLS[VSSQW TEVOMRK KEVEKIW [SVO
WMVIH TVSXIGXMSR JSV XLI TEVXMGYPEV LE^EVH MRZSPZIH WLST SV WYTTSVX WIVZMGI EVIEW SJ PMKLX LE^EVH SGGYTERGMIW ERH
 'IVXEMR GSQFYWXMFPI QIXEPW VIUYMVI WTIGMEP I\XMRKYMWLMRK [EVILSYWIW GSRXEMRMRK 'PEWW - SV 'PEWW -- GSQQSHMXMIW EW HIJMRIH
EKIRXW SV XIGLRMUYIW 7II 2*4%  JSV EHHMXMSREP MRJSV F] 2*4% 
QEXMSR -J XLIVI MW HSYFX 2*4%  SV XLI 2*4% *MVI 4VS % 'PEWW - GSQQSHMX] MW HIJMRIH F] 2*4%  EW E RSRGSQFYW
XIGXMSR +YMHI XS ,E^EVHSYW 1EXIVMEPW WLSYPH FI GSRWYPXIH XMFPI TVSHYGX XLEX QIIXW SRI SJ XLI JSPPS[MRK GVMXIVME
2*4%  ,E^EVHSYW 'LIQMGEPW (EXE ERH 2*4%  +YMHI  -X MW TPEGIH HMVIGXP] SR [SSHIR TEPPIXW
XS *MVI ,E^EVH 4VSTIVXMIW SJ *PEQQEFPI 0MUYMHW +EWIW ERH :SPE  -X MW TPEGIH MR WMRKPIPE]IV GSVVYKEXIH GEVXSRW [MXL SV
XMPI 7SPMHW LEZI FIIR SJJMGMEPP] [MXLHVE[R JVSQ XLI 2EXMSREP [MXLSYX WMRKPIXLMGORIWW GEVHFSEVH HMZMHIVW [MXL SV [MXL
*MVI 'SHIW FYX XLI MRJSVQEXMSR MW GSRXEMRIH MR XLI 2*4% SYX TEPPIXW
*MVI 4VSXIGXMSR +YMHI XS ,E^EVHSYW 1EXIVMEPW  -X MW WLVMRO[VETTIH SV TETIV[VETTIH EW E YRMX PSEH [MXL
 6IJIVIRGI WLSYPH FI QEHI XS XLI QERYJEGXYVIVvW VIGSQ SV [MXLSYX TEPPIXW
QIRHEXMSRW JSV YWI ERH WTIGMEP XIGLRMUYIW JSV I\XMRKYMWL
MRK JMVIW MR ZEVMSYW GSQFYWXMFPI QIXEPW % 'PEWW -- GSQQSHMX] MW HIJMRIH F] 2*4%  EW E RSRGSQ
 *MVI SJ LMKL MRXIRWMX] GER SGGYV MR GIVXEMR QIXEPW -KRMXMSR FYWXMFPI TVSHYGX XLEX MW MR WPEXXIH [SSHIR GVEXIW WSPMH [SSH
FS\IW QYPXMTPIPE]IVIH GSVVYKEXIH GEVXSRW SV IUYMZEPIRX
MW KIRIVEPP] XLI VIWYPX SJ JVMGXMSREP LIEXMRK I\TSWYVI XS
GSQFYWXMFPI TEGOEKMRK QEXIVMEP [MXL SV [MXLSYX TEPPIXW
QSMWXYVI SV I\TSWYVI JVSQ E JMVI MR SXLIV GSQFYWXMFPI
QEXIVMEPW 8LI KVIEXIWX LE^EVH I\MWXW [LIR XLIWI QIXEPW % )\XVE LE^EVH SGGYTERGMIW GSYPH GSRWMWX SJ [SSH
EVI MR XLI QSPXIR WXEXI SV MR JMRIP] HMZMHIH JSVQW SJ HYWX [SVOMRK ZILMGPI VITEMV EMVGVEJX ERH FSEX WIVZMGMRK GSSOMRK
XYVRMRKW SV WLEZMRKW EVIEW MRHMZMHYEP TVSHYGX HMWTPE] WLS[VSSQW TVSHYGX GSRZIR
XMSR GIRXIV HMWTPE]W ERH WXSVEKI ERH QERYJEGXYVMRK TVSGIWWIW
8LI TVSTIVXMIW SJ E [MHI ZEVMIX] SJ GSQFYWXMFPI QIXEPW ERH
WYGL EW TEMRXMRK HMTTMRK ERH GSEXMRK MRGPYHMRK JPEQQEFPI
XLI EKIRXW EZEMPEFPI JSV I\XMRKYMWLMRK JMVIW MR XLIWI QIXEPW EVI PMUYMH LERHPMRK %PWS MRGPYHIH MW [EVILSYWMRK SV MRTVSGIWW
HMWGYWWIH MR 2*4%  ERH XLI 2*4% *MVI 4VSXIGXMSR ,ERHFSSO WXSVEKI SJ SXLIV XLER 'PEWW - ERH 'PEWW -- GSQQSHMXMIW
% ,EPSR EKIRX MW LMKLP] IJJIGXMZI JSV I\XMRKYMWLMRK JMVI % 1SWX FYMPHMRKW LEZI 'PEWW % JMVI LE^EVHW -R ER] SGGY
ERH IZETSVEXIW EJXIV YWI PIEZMRK RS VIWMHYI ,EPSR EKIRX MW LS[ TERG] XLIVI GSYPH FI E TVIHSQMRERX LE^EVH EW [IPP EW WTIGMEP
IZIV MRGPYHIH MR XLI 1SRXVIEP 4VSXSGSP PMWX SJ GSRXVSPPIH WYF LE^EVH EVIEW VIUYMVMRK WYTTPIQIRXEP TVSXIGXMSR *SV I\
WXERGIW HIZIPSTIH YRHIV XLI 9RMXIH 2EXMSRW )RZMVSRQIRX 4VS EQTPI E LSWTMXEP [MPP KIRIVEPP] LEZI RIIH JSV 'PEWW % JMVI I\
KVEQ ;LIVI EKIRXW SXLIV XLER LEPSR GER WEXMWJEGXSVMP] TVSXIGX XMRKYMWLIVW GSZIVMRK TEXMIRX VSSQW GSVVMHSVW SJJMGIW ERH WS
XLI LE^EVH XLI] WLSYPH FI YWIH MRWXIEH SJ LEPSR ,EPSR YWI JSVXL FYX [MPP RIIH 'PEWW & JMVI I\XMRKYMWLIVW MR PEFSVEXSVMIW
WLSYPH FI PMQMXIH XS I\XMRKYMWLQIRX SJ YR[ERXIH JMVI MX WLSYPH ERH [LIVI JPEQQEFPI ERIWXLIXMGW EVI WXSVIH SV LERHPIH 'PEWW
RSX FI YWIH JSV VSYXMRI XVEMRMRK SJ TIVWSRRIP ' JMVI I\XMRKYMWLIVW MR IPIGXVMGEP W[MXGL KIEV SV KIRIVEXSV
% %27-90  '%290'7 7XERHEVH JSV ,E VSSQW ERH 'PEWW / I\XMRKYMWLIVW MR OMXGLIRW
PSGEVFSR 'PIER %KIRX *MVI )\XMRKYMWLIVW ERH '%290'7 % -J JMVI I\XMRKYMWLIVW MRXIRHIH JSV HMJJIVIRX GPEWWIW SJ
7XERHEVH JSV ,EPSKIREXIH %KIRX ,ERH ERH ;LIIPIH *MVI )\XMRKYMWL JMVIW EVI KVSYTIH XLIMV MRXIRHIH YWI WLSYPH FI QEVOIH GSR
IVW VIUYMVI LEPSGEVFSR ERH LEPSKIREXIH EKIRX REQITPEXIW XS WTMGYSYWP] XS EMH MR XLI GLSMGI SJ XLI TVSTIV JMVI I\XMRKYMWLIV
TVSZMHI WEJIX] KYMHIPMRIW JSV EZSMHMRK SZIVI\TSWYVI XS EKIRX EX XLI XMQI SJ E JMVI -R ER IQIVKIRG] XLI XIRHIRG] MW XS VIEGL

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< % z

JSV XLI GPSWIWX JMVI I\XMRKYMWLIV -J XLMW JMVI I\XMRKYMWLIV MW SJ XLI % % HV] GLIQMGEP JMVI I\XMRKYMWLIV GSRXEMRMRK EQQS
[VSRK X]TI YWIVW GSYPH IRHERKIV XLIQWIPZIW ERH XLI TVSTIVX] RMYQ GSQTSYRHW WLSYPH RSX FI YWIH SR S\MHM^IVW XLEX GSR
XLI] EVI IRHIEZSVMRK XS TVSXIGX ;LIVIZIV TSWWMFPI MX MW TVIJIV XEMR GLPSVMRI 8LI VIEGXMSR FIX[IIR XLI S\MHM^IV ERH XLI EQ
EFPI XS LEZI SRP] XLSWI JMVI I\XMRKYMWLIVW EZEMPEFPI XLEX GER FI QSRMYQ WEPXW GER TVSHYGI XLI I\TPSWMZI GSQTSYRH RMXVSKIR
WEJIP] YWIH SR ER] X]TI SJ JMVI MR XLI MQQIHMEXI ZMGMRMX] XVMGLPSVMHI 2'P 
% 4VIWWYVM^IH JPEQQEFPI PMUYMHW ERH TVIWWYVM^IH KEW % 3XLIV RSRPMWXIH EKIRXW GER FI YWIH MJ EGGITXEFPI XS
JMVIW EVI GSRWMHIVIH XS FI E WTIGMEP LE^EVH 'PEWW & JMVI I\XMR XLI %,. 3XLIV RSRPMWXIH EKIRXW MRGPYHI WTIGMEPP] HVMIH WERH
KYMWLIVW GSRXEMRMRK EKIRXW SXLIV XLER HV] GLIQMGEP EVI VIPE HSPSQMXI WSHE EWL PMXLMYQ GLPSVMHI XEPG JSYRHV] JPY\ ERH
XMZIP] MRIJJIGXMZI SR XLMW X]TI SJ LE^EVH HYI XS WXVIEQ ERH ^MVGSRMYQ WMPMGEXI SV SXLIV EKIRXW WLS[R XS FI IJJIGXMZI 'SR
EKIRX GLEVEGXIVMWXMGW 8LI W]WXIQ YWIH XS VEXI XLI IJJIGXMZIRIWW WYPX 2*4%  JSV YWI ERH PMQMXEXMSRW SJ XLIWI EKIRXW ERH SXLIV
SJ JMVI I\XMRKYMWLIVW SR 'PEWW & JMVIW JPEQQEFPI PMUYMHW MR RSRPMWXIH EPXIVREXMZIW
HITXL MW RSX ETTPMGEFPI XS XLIWI X]TIW SJ LE^EVHW -X LEW FIIR % ;LIVI TSVXEFPI JMVI I\XMRKYMWLIVW EVI VIUYMVIH XS FI
HIXIVQMRIH XLEX WTIGMEP RS^^PI HIWMKR ERH VEXIW SJ EKIRX ETTPM MRWXEPPIH XLI JSPPS[MRK HSGYQIRXW WLSYPH FI VIZMI[IH JSV XLI
GEXMSR EVI VIUYMVIH XS GSTI [MXL WYGL LE^EVHW SGGYTERGMIW SYXPMRIH MR XLIMV VIWTIGXMZI WGSTIW
% % XLVIIHMQIRWMSREP 'PEWW & JMVI MRZSPZIW 'PEWW &  2*4%  6IGSQQIRHIH 4VEGXMGI SR 7XEXMG )PIGXVMGMX]
QEXIVMEPW MR QSXMSR WYGL EW TSYVMRK VYRRMRK SV HVMTTMRK  2*4%  +YMHI JSV %MVGVEJX 6IWGYI ERH *MVI*MKLXMRK 3TIVE
JPEQQEFPI PMUYMHW ERH KIRIVEPP] MRGPYHIW ZIVXMGEP EW [IPP EW XMSRW
SRI SV QSVI LSVM^SRXEP WYVJEGIW *MVIW SJ XLMW REXYVI EVI GSR  2*4%  +YMHI JSV )QIVKIRG] ERH 7EJIX] 3TIVEXMSRW EX 1S
WMHIVIH XS FI E WTIGMEP LE^EVH 8LI W]WXIQ YWIH XS VEXI JMVI XSVWTSVXW :IRYIW
I\XMRKYMWLIVW SR 'PEWW & JMVIW JPEQQEFPI PMUYMHW MR HITXL MW  2*4%  6IGSQQIRHIH 4VEGXMGI JSV *MVI 4VSXIGXMSR JSV )PIGXVMG
RSX HMVIGXP] ETTPMGEFPI XS XLMW X]TI SJ LE^EVH 8LI MRWXEPPEXMSR +IRIVEXMRK 4PERXW ERH ,MKL :SPXEKI (MVIGX 'YVVIRX 'SRZIVXIV
SJ JM\IH W]WXIQW WLSYPH FI GSRWMHIVIH [LIVI ETTPMGEFPI 7XEXMSRW
 2*4%  6IGSQQIRHIH 4VEGXMGI JSV *MVI 4VSXIGXMSR JSV ,]HVS
%  ;LIVI QYPXMTPI I\XMRKYMWLIVW EVI YXMPM^IH WMQYPXE
IPIGXVMG +IRIVEXMRK 4PERXW
RISYW HMWGLEVKI JVSQ QYPXMTPI PSGEXMSRW XS IPMQMREXI ER]
 2*4%  +YMHI JSV *MVI ERH )\TPSWMSR -RZIWXMKEXMSRW
FPMRH WTSXW GVIEXIH F] ER SFWXEGPI WLSYPH FI IQTPS]IH
 2*4%  +YMHI JSV 8VEMRMRK *MVI 7IVZMGI 4IVWSRRIP XS 'SR
% *MVI I\XMRKYMWLIVW JSV GSSOMRK QIHME ZIKIXEFPI SV ERM HYGX ([IPPMRK *MVI 7EJIX] 7YVZI]W
QEP SMPW ERH JEXW XVEHMXMSREPP] JSPPS[IH 8EFPI  JSV I\XVE % 8LI JSPPS[MRK MXIQW EJJIGX HMWXVMFYXMSR SJ TSVXEFPI
LE^EVH VIUYMVMRK E QMRMQYQ &VEXIH WSHMYQ FMGEVFSREXI SV JMVI I\XMRKYMWLIVW
TSXEWWMYQ FMGEVFSREXI HV] GLIQMGEP I\XMRKYMWLIV 8LI IZSPYXMSR
SJ LMKLIJJMGMIRG] GSSOMRK ETTPMERGIW ERH XLI GLERKI XS LSXXIV  %VIE ERH EVVERKIQIRX SJ XLI FYMPHMRK SGGYTERG] GSRHM
FYVRMRK ZIKIXEFPI WLSVXIRMRK LEW GVIEXIH E QSVI WIZIVI JMVI LE^ XMSRW
EVH 8IWXMRK LEW WLS[R XLEX [IX GLIQMGEP I\XMRKYMWLIVW LEZI WIZ  7IZIVMX] SJ XLI LE^EVH
IVEP XMQIW XLI GSSOMRK JMVIzI\XMRKYMWLMRK GETEFMPMX] SJ E  %RXMGMTEXIH GPEWWIW SJ JMVI
QMRMQYQ &VEXIH WSHMYQ FMGEVFSREXI SV TSXEWWMYQ FMGEV  3XLIV TVSXIGXMZI W]WXIQW SV HIZMGIW
FSREXI HV] GLIQMGEP I\XMRKYMWLIV [LMGL LEW TVSQTXIH XLI GVI  (MWXERGIW XS FI XVEZIPIH XS VIEGL JMVI I\XMRKYMWLIVW
EXMSR SJ E RI[ GPEWWMJMGEXMSR ERH E RI[ PMWXMRK XIWX TVSXSGSP 8LI -R EHHMXMSR XLI JSPPS[MRK JEGXSVW WLSYPH FI GSRWMHIVIH
XIWX TVSXSGSP MW JSYRH MR %27-90  '%290'7  %RXMGMTEXIH VEXI SJ JMVI WTVIEH
7II 2*4%  JSV JYVXLIV MRJSVQEXMSR 4IVWSRW MR GSSOMRK  -RXIRWMX] ERH VEXI SJ LIEX HIZIPSTQIRX
EVIEW RIIH WTIGMJMG XVEMRMRK SR XLI YWI SJ I\XMRKYMWLIVW EW ER  7QSOI GSRXVMFYXIH F] XLI FYVRMRK QEXIVMEPW
IWWIRXMEP WXIT JSV TIVWSREP WEJIX] 'PEWW / JMVI I\XMRKYMWLIVW  %GGIWWMFMPMX] SJ E JMVI XS GPSWI ETTVSEGL [MXL TSVXEFPI JMVI
IUYMTTIH [MXL I\XIRHIH [ERHzX]TI HMWGLEVKI HIZMGIW WLSYPH I\XMRKYMWLIVW
RSX FI YWIH MR E QERRIV XLEX VIWYPXW MR WYFWYVJEGI MRNIGXMSR SJ
;LIIPIH JMVI I\XMRKYMWLIVW LEZI EHHMXMSREP EKIRX ERH
[IX GLIQMGEP I\XMRKYMWLMRK EKIRXW MRXS LSX GSSOMRK QIHME
VERKI ERH WLSYPH FI GSRWMHIVIH JSV EVIEW [LIVI XLI EHHM
7YFWYVJEGI MRNIGXMSR GEYWIW E XLIVQSH]REQMG VIEGXMSR GSQTE
XMSREP TVSXIGXMSR MW RIIHIH 4SVXEFPI JMVI I\XMRKYMWLIVW SJJIV
VEFPI XS ER I\TPSWMSR 'PEWW / JMVI I\XMRKYMWLIVW EVI RS PSRKIV
XLI SGGYTERX E QIERW XS EWWMWX MR IZEGYEXMSR SJ E FYMPHMRK SV
QERYJEGXYVIH [MXL I\XIRHIH [ERHzX]TI HMWGLEVKI HIZMGIW
SGGYTERG] 8LI] EVI YWIJYP XS ORSGO HS[R XLI JMVI MJ MX SGGYVW
% *MKYVI % E ERH *MKYVI % F WLS[ EPSRK XLI IZEGYEXMSR VSYXI -J TSWWMFPI XLI MRHMZMHYEP TVST
XLI VIGSQQIRHIH [SVHMRK JSV XLI 'PEWW / TPEGEVH 6IGSQ IVX] WLSYPH FI WYVZI]IH JSV EGXYEP TVSXIGXMSR VIUYMVIQIRXW
QIRHIH WM^I MW  MR »  MR  QQ »  QQ  % %GGITXEFPI QIERW SJ MHIRXMJ]MRK XLI JMVI I\XMR
% (IPMGEXI IPIGXVSRMG IUYMTQIRX MRGPYHIW FYX MW RSX KYMWLIV PSGEXMSRW MRGPYHI EVVS[W PMKLXW WMKRW SV GSHMRK SJ
PMQMXIH XS HEXE TVSGIWWMRK GSQTYXIVW '%( '%1 VSFSXMGW XLI [EPP SV GSPYQR
ERH VITVSHYGXMSR IUYMTQIRX 9WI SJ JMVI I\XMRKYMWLIVW GSR % -R WMXYEXMSRW [LIVI MX MW RIGIWWEV] XLEX JMVI I\XMR
XEMRMRK SXLIV I\XMRKYMWLMRK EKIRXW GER HEQEKI FI]SRH VITEMV KYMWLIVW FI TVSZMHIH XIQTSVEVMP] E KSSH TVEGXMGI MW XS TVSZMHI
FSXL XLI IUYMTQIRX EX XLI WSYVGI SJ XLI JMVI ERH VIPEXIH TSVXEFPI WXERHW GSRWMWXMRK SJ E LSVM^SRXEP FEV SR YTVMKLXW [MXL
IUYMTQIRX MR XLI MQQIHMEXI ZMGMRMX] SJ XLI JMVI JIIX SR [LMGL XLI JMVI I\XMRKYMWLIVW GER FI LYRK
% (V] GLIQMGEP VIWMHYI [MPP TVSFEFP] RSX FI EFPI XS FI % :IRXIH JMVI I\XMRKYMWLIV GEFMRIXW WLSYPH YXMPM^I
GSQTPIXIP] ERH MQQIHMEXIP] VIQSZIH ERH MR EHHMXMSR QYP XMRXIH KPEWW ERH WLSYPH FI GSRWXVYGXIH XS TVIZIRX XLI IRXVERGI
XMTYVTSWI HV] GLIQMGEP I\TSWIH XS XIQTIVEXYVIW MR I\GIWW SJ SJ MRWIGXW ERH XLI EGGYQYPEXMSR SJ [EXIV :IRXIH JMVI I\XMR
”* ”' SV VIPEXMZI LYQMHMX] MR I\GIWW SJ  TIVGIRX GER KYMWLIV GEFMRIXW GSRWXVYGXIH MR XLMW QERRIV PS[IV XLI QE\M
GEYWI GSVVSWMSR QYQ MRXIVREP XIQTIVEXYVI F] ”* XS ”* ”' XS ”' 

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

MR QQ
MR QQ X]T

MR QQ HMELSPIW


MR TPEGIW
QQ
X]T
-2'%7)3*%440-%2')*-6)97)
8,-7)<8-2+9-7,)6%*8)6*-<)(
79446)77-327=78)1,%7&))2
%'89%8)(
MR
QQ

2SXIW
1EXIVMEPMR QQ 
)2'%73()-2')2(-3()%0+¾2 [LMXIWX]VIRI
4VMRX6IZIVWITVMRXMRK{
%4%6%8398-0-'))78))<8-2836  417VIHFEGOKVSYRH
()749­7()59))07-78)1%*-.3()  ;LMXITVMRX
MR QQ PIXXIVWJSV
7946)7-·2%9831¥8-'3,%=%7-(3
w[EVRMRKx
%'8-:%(3 MR QQ PIXXIVWJSV
[EVRMRKRSXI
6EHMYWGSVRIVW

*-+96) % E 8]TMGEP 'PEWW / 4PEGEVH MR )RKPMWL ERH 7TERMWL

MR QQ
MR QQ X]T

MR QQ HMELSPIW


MR TPEGIW
QQ
X]T
-2'%7)3*%440-%2')*-6)97)
8,-7)<8-2+9-7,)6%*8)6*-<)(
79446)77-327=78)1,%7&))2
%'89%8)(
MR
QQ

2SXIW
1EXIVMEPMR QQ [LMXI
)2'%7( -2')2(-)-140-59%28 WX]VIRI
92­59-41)28()'9-773298-0-7)> 4VMRX6IZIVWITVMRXMRK{
 417VIHFEGOKVSYRH
')8)<8-2'8)96%46¬7%:3-6%'8-:­  ;LMXITVMRX
0)7=78¬1)( )<8-2'8-32*-<) MR QQ PIXXIVWJSV
w[EVRMRKx
MR QQ PIXXIVWJSV
[EVRMRKRSXI
6EHMYWGSVRIVW

*-+96) % F 8]TMGEP 'PEWW / 4PEGEVH MR )RKPMWL ERH *VIRGL

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< % z

% 8LI JSPPS[MRK TVIGEYXMSRW WLSYPH FI RSXIH [LIVI XYVFIH TVMSV XS GSQTPIXI I\XMRKYMWLQIRX SJ XLI GSQFYWXMFPI
JMVI I\XMRKYMWLIVW EVI PSGEXIH MR EVIEW XLEX LEZI XIQTIVEXYVIW QIXEP QEXIVMEPW 7II %
SYXWMHI XLI VERKI SJ ”* XS ”* ”' XS ”' 
% 7II 2*4%  JSV EHHMXMSREP MRJSVQEXMSR
 %*** ERH ***4 JMVI I\XMRKYMWLIVW GERRSX FI TVSXIGXIH
% 7II 2*4%  JSV EHHMXMSREP MRJSVQEXMSR
EKEMRWX XIQTIVEXYVIW FIPS[ ”* ”' F] EHHMRK ER ERXM
JVII^I GLEVKI FIGEYWI MX XIRHW XS HIWXVS] XLI IJJIGXMZIRIWW % 8LMW GLETXIV MW GSRGIVRIH [MXL XLI VYPIW KSZIVRMRK MR
SJ XLI I\XMRKYMWLMRK EKIRX WTIGXMSR QEMRXIRERGI ERH VIGLEVKMRK SJ JMVI I\XMRKYMWLIVW
 4PEMR [EXIV JMVI I\XMRKYMWLIVW WLSYPH RSX FI TVSXIGXIH 8LIWI JEGXSVW EVI SJ TVMQI MQTSVXERGI MR IRWYVMRK STIVEXMSR
EKEMRWX XIQTIVEXYVIW FIPS[ ”* ”' [MXL IXL]PIRI KP] EX XLI XMQI SJ E JMVI 8LI TVSGIHYVI JSV MRWTIGXMSR ERH QEMR
GSP ERXMJVII^I 'EPGMYQ GLPSVMHI WSPYXMSRW WLSYPH RSX FI XIRERGI SJ JMVI I\XMRKYMWLIVW ZEVMIW GSRWMHIVEFP] 1MRMQEP
YWIH MR WXEMRPIWW WXIIP JMVI I\XMRKYMWLIVW ORS[PIHKI MW RIGIWWEV] XS TIVJSVQ E QSRXLP] wUYMGO GLIGOx SV
 *MVI I\XMRKYMWLIVW MRWXEPPIH MR QEGLMRIV] GSQTEVXQIRXW MRWTIGXMSR MR SVHIV XS JSPPS[ XLI MRWTIGXMSR TVSGIHYVI EW SYX
HMIWIP PSGSQSXMZIW EYXSQSXMZI IUYMTQIRX QEVMRI IRKMRI PMRIH MR 7IGXMSR 
GSQTEVXQIRXW ERH LSX TVSGIWWMRK JEGMPMXMIW GER IEWMP] FI
WYFNIGXIH XS XIQTIVEXYVIW EFSZI ”* ”'  7IPIGXMSR SJ % 4IVWSRW TIVJSVQMRK QEMRXIRERGI ERH VIGLEVKMRK
JMVI I\XMRKYMWLIVW JSV LE^EVH EVIEW [MXL XIQTIVEXYVIW EFSZI SJ I\XMRKYMWLIVW WLSYPH QIIX SRI SJ XLI JSPPS[MRK GVMXIVME
XLI PMWXIH PMQMXW WLSYPH FI QEHI SR XLI FEWMW SJ VIGSQQIR  *EGXSV] XVEMRMRK ERH GIVXMJMGEXMSR JSV XLI WTIGMJMG X]TI ERH
HEXMSRW F] QERYJEGXYVIVW SJ XLMW IUYMTQIRX FVERH SJ TSVXEFPI JMVI I\XMRKYMWLIV FIMRK WIVZMGIH
% ;LIVI WYGL TIVWSRRIP EVI RSX EZEMPEFPI XLI LE^EVH  'IVXMJMGEXMSR F] ER SVKERM^EXMSR EGGITXEFPI XS XLI EYXLSV
WLSYPH FI TVSXIGXIH F] JM\IH W]WXIQW MX] LEZMRK NYVMWHMGXMSR
 6IKMWXVEXMSR PMGIRWYVI SV GIVXMJMGEXMSR F] E WXEXI SV E PSGEP
% )PIGXVMGEP IUYMTQIRX WLSYPH FI HIIRIVKM^IH EW WSSR EW EYXLSVMX] LEZMRK NYVMWHMGXMSR
TSWWMFPI XS TVIZIRX VIMKRMXMSR 'IVXMJMGEXMSR GSRJMVQW XLEX E TIVWSR LEW JYPJMPPIH WTIGMJMG VI
% ;LIVI 'PEWW ( JMVI LE^EVHW I\MWX MX MW GSQQSR TVEG UYMVIQIRXW EW E JMVI I\XMRKYMWLIV WIVZMGI XIGLRMGMER ERH LEW
XMGI XS TPEGI FYPO UYERXMXMIW SJ I\XMRKYMWLMRK EKIRX RIEV XLI IEVRIH XLI GIVXMJMGEXMSR *SV XLI TYVTSWI SJ XLMW WXERHEVH GIVXMJM
TSXIRXMEP 'PEWW ( LE^EVH (ITIRHMRK SR XLI X]TI SJ QIXEP GEXMSR MW XLI TVSGIWW SJ ER SVKERM^EXMSR MWWYMRK E HSGYQIRX GSR
TVIWIRX XLI 'PEWW ( EKIRX WIPIGXIH JSV XLI TVSXIGXMSR SJ XLI JMVQMRK XLEX ER ETTPMGERX LEW TEWWIH E XIWX FEWIH SR XLI GLETXIVW
LE^EVH QMKLX RSX FI E PMWXIH JMVII\XMRKYMWLMRK EKIRX -R XLI ERH ERRI\IW SJ XLMW WXERHEVH 8LI SVKERM^EXMSR EHQMRMWXIVMRK
GEWI SJ XLI TVSHYGXMSR SJ PMXLMYQ QIXEP XLI EKIRX SJ GLSMGI MW XLI XIWX MWWYIW ER SJJMGMEP HSGYQIRX XLEX MW VIPMIH YTSR EW TVSSJ SJ
PMXLMYQ GLPSVMHI [LMGL MW JIIH WXSGO XS XLI IPIGXVSP]XMG GIPP TEWWMRK XLI XIWX 9PXMQEXIP] XLI HSGYQIRX MWWYIH F] XLI SVKERM^E
[LIVI XLI PMXLMYQ QIXEP MW QERYJEGXYVIH 8LI YWI SJ PMXLMYQ XMSR EHQMRMWXIVMRK XLI XIWX QYWX FI EGGITXEFPI XS XLI EYXLSVMX]
GLPSVMHI SR E PMXLMYQ JMVI [MPP RSX TSMWSR XLI IPIGXVSP]XMG GIPP LEZMRK NYVMWHMGXMSR 7SQI EYXLSVMXMIW LEZMRK NYVMWHMGXMSR HS RSX
WS XLI GIPP [SYPH RSX LEZI XS FI HVEMRIH ERH VIPMRIH [MXL JMVI VIP] SR SYXWMHI SVKERM^EXMSRW ERH IWXEFPMWL XLIMV S[R PSGEP PMGIRW
FVMGO 8LIVI EVI WIZIVEP 'PEWW ( EKIRXW XLEX LEZI FIIR WLS[R MRK TVSKVEQW XLEX MRGPYHI E XIWX
XS FI IJJIGXMZI SR WTIGMJMG 'PEWW ( JMVIW %HHMXMSREP MRJSVQEXMSR % -RHYWXVMEP JEGMPMXMIW XLEX IWXEFPMWL XLIMV S[R QEMR
SR 'PEWW ( EKIRXW MW TVSZMHIH MR 2*4%  XIRERGI ERH VIGLEVKI JEGMPMXMIW ERH XLEX TVSZMHI XVEMRMRK XS
8LI STIVEXMSR SJ 'PEWW ( JMVI I\XMRKYMWLIVW MW QYGL HMJJIV TIVWSRRIP [LS TIVJSVQ XLIWI JYRGXMSRW EVI GSRWMHIVIH XS FI
IRX JVSQ XLEX SJ HV] GLIQMGEP I\XMRKYMWLIVW VEXIH JSV 'PEWW % MR GSQTPMERGI [MXL XLMW VIUYMVIQIRX )\EQTPIW MRGPYHI TS[IV
& SV ' 8LI I\XMRKYMWLMRK EKIRX JVSQ E 'PEWW ( I\XMRKYMWLIV KIRIVEXMSR TIXVSGLIQMGEP ERH XIPIGSQQYRMGEXMSRW JEGMPM
WLSYPH FI ETTPMIH XS EZSMH WTVIEHMRK XLI GSQFYWXMFPI QIXEP XMIW % PIXXIV JVSQ XLI JEGMPMX] QEREKIQIRX GER FI YWIH EW XLI
QEXIVMEP ERHSV WYWTIRHMRK XLI QIXEP TVSHYGX MR XLI EMV GIVXMJMGEXMSR HSGYQIRX
[LMGL GER VIWYPX MR ER I\TPSWMSR F] WPS[P] ETTP]MRK XLI EKIRX
8LI ETTPMGEXMSR SJ E 'PEWW ( EKIRX SR FYVRMRK QIXEPW MW MR % 8LMW VIUYMVIQIRX MW RSX MRXIRHIH XS TVIZIRX WIVZMGI
XIRHIH XS GSRXVSP XLI JMVI ERH EWWMWX MR XLI JSVQEXMSR SJ S\MHI XIGLRMGMERW JVSQ TIVJSVQMRK XLI MRWTIGXMSRW
GVYWX XLEX PMQMXW GSQFYWXMSR 8LMW MW EGGSQTPMWLIH F] JMVWX IR % *VIUYIRG] SJ JMVI I\XMRKYMWLIV MRWTIGXMSRW WLSYPH
GMVGPMRK XLI GSQFYWXMFPI QIXEP QEXIVMEP [MXL XLI EKIRX ERH FI FEWIH SR XLI RIIH SJ XLI EVIE MR [LMGL JMVI I\XMRKYMWLIVW
XLIR GSZIVMRK XLI FYVRMRK QIXEP MR E WQSXLIVMRK EGXMSR -X MW EVI PSGEXIH 8LI VIUYMVIH QSRXLP] MRWTIGXMSR MW E QMRMQYQ
MQTSVXERX XS RSXI XLEX QIXEP JMVIW MRZSPZMRK PEVKI UYERXMXMIW SJ
QIXEP FI]SRH XLI MRGMTMIRX WXEKI EVI RIEVP] MQTSWWMFPI XS GSR % -RWTIGXMSRW WLSYPH FI TIVJSVQIH SR I\XMRKYMWLIVW
XVSP SV I\XMRKYMWL [MXL E 'PEWW ( EKIRX -R QSWX GEWIW XLI QIXEP  XMQIW TIV ]IEV EX PIEWX SRGI TIV QSRXL
[MPP GSRXMRYI XS FYVR MR E GSRXVSPPIH JEWLMSR EJXIV ETTPMGEXMSR % -RWTIGXMSRW WLSYPH FI QSVI JVIUYIRX MJ ER] SJ XLI
SJ XLI EKIRX YRXMP MX MW GSQTPIXIP] S\MHM^IH (MWXYVFMRK XLI JSPPS[MRK GSRHMXMSRW I\MWXW
S\MHI GVYWX GER VIWYPX MR VIMKRMXMSR ERH STIR FYVRMRK MJ GSQ
TPIXI I\XMRKYMWLQIRX S\MHEXMSR SJ XLI QIXEP SV I\GPYWMSR SJ  ,MKL JVIUYIRG] SJ JMVIW MR XLI TEWX
S\]KIR LEW RSX SGGYVVIH *MVIW MRZSPZMRK EPOEPM IEVXL QIXEP ERH  7IZIVI LE^EVHW
XVERWMXMSREP QIXEPW [MPP FIKMR XS JSVQ ER S\MHI GVYWX EW XLI] FYVR  7YWGITXMFMPMX] XS XEQTIVMRK ZERHEPMWQ SV QEPMGMSYW QMW
[LMGL [MPP PMQMX STIR FYVRMRK [MXLSYX XLI ETTPMGEXMSR SJ ER I\XMR GLMIJ
KYMWLMRK EKIRX %TTPMGEXMSR SJ [EXIV SV SXLIV I\XMRKYMWLMRK  4SWWMFMPMX] SJ SV LMWXSV] SJ XLIJX SJ JMVI I\XMRKYMWLIVW
EKIRXW GER VIWYPX MR ER EHZIVWI VIEGXMSR MRGPYHMRK XLI TSXIRXMEP  0SGEXMSRW XLEX QEOI JMVI I\XMRKYMWLIVW WYWGITXMFPI XS QI
JSV ER I\TPSWMSR &YVRMRK QIXEPW GER EPWS HVE[ QSMWXYVI JVSQ GLERMGEP MRNYV]
GSRGVIXI SV EWTLEPX [LMGL EPWS QEMRXEMRW XLI TSXIRXMEP JSV I\TPS  4SWWMFMPMX] SJ ZMWMFPI SV TL]WMGEP SFWXVYGXMSRW
WMSR 0EVKI EQSYRXW SJ GSQFYWXMFPI QIXEP QEXIVMEPW MRZSPZIH MR E  )\TSWYVI XS EFRSVQEP XIQTIVEXYVIW SV GSVVSWMZI EXQS
JMVI GER VIQEMR LSX JSV WSQI XMQI ERH ZMKSVSYWP] VIMKRMXI MJ HMW WTLIVIW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

 'LEVEGXIVMWXMGW SJ JMVI I\XMRKYMWLIVW WYGL EW WYWGITXMFMPMX] EWWIQFP] ERH VIMRWXEPPMRK XLI RS^^PI ERH LSWI EWWIQFP] WI
XS PIEOEKI GYVIP] EJXIV I\EQMREXMSR
c  :IVMJ] XLEX XLI LSWI VIXIRXMSR FERH MW WIGYVI ERH TVST
1SVI JVIUYIRX MRWTIGXMSRW GSYPH FI IRLERGIH XLVSYKL
IPIGXVSRMG QSRMXSVMRK SJ XLI JMVI I\XMRKYMWLIV IVP] EHNYWXIH
 ;IMKL XLI I\XMRKYMWLIV ERH ZIVMJ] XLEX MX GSVVIWTSRHW XS
% *MVI I\XMRKYMWLIVW MR ZILMGPIW WLSYPH FI MRWTIGXIH XLI [IMKLX PMWXIH SR XLI REQITPEXI
EX XLI FIKMRRMRK SJ E WLMJX SV [LIRIZIV XLI ZILMGPI MW YWIH 8LI  6IMRWXEPP XLI VMRK TMR ERH MRWXEPP E RI[ XEQTIV WIEP
MRWTIGXMSR WLSYPH IRWYVI XLEX XLI I\XMRKYMWLIV MW GLEVKIH ERH  'PIER I\TSWIH I\XMRKYMWLIV WYVJEGIW XS VIQSZI ER] JSV
VIEH] JSV YWI )\XMRKYMWLIVW MR GSQTEVXQIRXW SV XVYROW GER IMKR QEXIVMEP
FIGSQI HEQEKIH SV SXLIV[MWI GSQTVSQMWIH FIGEYWI SJ  6IGSVH XLI QEMRXIRERGI SR XLI I\XMRKYMWLIV XEK SV PEFIP
[IEXLIV I\TSWYVI SXLIV MXIQW MR XLI GSQTEVXQIRX XLEX EVI  6IXYVR XLI I\XMRKYMWLIV XS XLI LERKIV FVEGOIX SV
RSX WIGYVIH SV SXLIV JEGXSVW
GEFMRIX
% 8LI ERRYEP QEMRXIRERGI SJ E JMVI I\XMRKYMWLIV VI 8LI JSPPS[MRK PMWX MW E WEQTPI SJ QEMRXIRERGI TVSGIHYVIW XLEX
UYMVIW XLI WIVZMGIW SJ E XVEMRIH ERH GIVXMJMIH XIGLRMGMER [LS WLSYPH FI JSPPS[IH XS HIXIVQMRI HIJMGMIRGMIW XLEX VIUYMVI EHHM
LEW XLI TVSTIV XSSPW PMWXIH TEVXW ERH ETTVSTVMEXI QERYJEGXYV
XMSREP EXXIRXMSR XS VIQIHMEXI XLI GSRHMXMSR SJ XLI I\XMRKYMWLIV EW
IVvW WIVZMGI QERYEP 1EMRXIRERGI SJ JMVI I\XMRKYMWLIVW WLSYPH
ETTVSTVMEXI JSV GEVFSR HMS\MHI LERH TSVXEFPI JMVI I\XMRKYMWLIVW
RSX FI GSRJYWIH [MXL MRWTIGXMSR [LMGL MW E UYMGO GLIGO SJ XLI
I\XMRKYMWLIVW XLEX MW TIVJSVQIH EX PIEWX IZIV]  HE]W &IGEYWI  :MWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI F] VIQSZ
XLI HIXEMPIH QEMRXIRERGI TVSGIHYVIW JSV ZEVMSYW I\XMRKYMWLIV MRK XLI I\XMRKYMWLIV JVSQ XLI LERKIV SV GEFMRIX ERH
X]TIW ERH QSHIPW HMJJIV XLI TVSGIHYVIW WTIGMJMIH [MXLMR WIV ZMWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI MRGPYHMRK
ZMGI QERYEPW RIIH XS FI JSPPS[IH G]PMRHIV HIRXW VITEMVW KIRIVEP GSVVSWMSR LSWI SV RS^^PI
8LI JSPPS[MRK PMWX MW E WEQTPI SJ QEMRXIRERGI TVSGIHYVIW XLEX XLVIEHW LERHPIW ERH PIZIVW
WLSYPH FI JSPPS[IH XS HIXIVQMRI HIJMGMIRGMIW XLEX VIUYMVI EHHM  :IVMJ] XLEX XLI FVEGOIX SV GEFMRIX MW XLI TVSTIV SRI JSV
XMSREP EXXIRXMSR XS VIQIHMEXI XLI GSRHMXMSR SJ XLI I\XMRKYMWLIV EW XLI I\XMRKYMWLIV
ETTVSTVMEXI JSV VIGLEVKIEFPI WXSVIHTVIWWYVI HV] GLIQMGEP ERH  :IVMJ] XLEX XLI FVEGOIX SV GEFMRIX MW WIGYVI YRHEQEKIH
LEPSKIREXIH EKIRX LERH TSVXEFPI JMVI I\XMRKYMWLIVW ERH TVSTIVP] QSYRXIH
 :MWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI F] VIQSZMRK  :IVMJ] XLEX XLI REQITPEXI STIVEXMRK MRWXVYGXMSRW EVI PIK
XLI I\XMRKYMWLIV JVSQ XLI LERKIV FVEGOIX SV GEFMRIX ERH MFPI ERH JEGMRK SYX[EVH
ZMWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI MRGPYHMRK  'SRJMVQ XLEX XLI I\XMRKYMWLIV QSHIP MW RSX WYFNIGX XS
TVIWWYVI KEYKI G]PMRHIV HIRXW VITEMVW KIRIVEP GSVVSWMSR VIGEPP ERH MW RSX SFWSPIXI
LSWI SV RS^^PI XLVIEHW LERHPIW ERH PIZIVW  :IVMJ] XLI I\XMRKYMWLIV VIGSVHW XS HIXIVQMRI L]HVSWXEXMG
 :IVMJ] XLEX XLI LERKIV FVEGOIX SV GEFMRIX MW XLI TVSTIV XIWX MRXIVZEPW
SRI JSV XLI I\XMRKYMWLIV  :IVMJ] XLI TYPP TMR JYRGXMSRW TVSTIVP] ERH I\EQMRI JSV
 :IVMJ] XLEX XLI LERKIV FVEGOIX SV GEFMRIX MW WIGYVI YR HEQEKI SV GSVVSWMSR F] VIQSZMRK XLI TYPP TMR
HEQEKIH ERH TVSTIVP] QSYRXIH  )\EQMRI XLI LERHPI ERH PIZIVW XS IRWYVI XLEX XLI] EVI
 :IVMJ] XLEX XLI REQITPEXI STIVEXMRK MRWXVYGXMSRW EVI PIK YRHEQEKIH ERH STIVEFPI
MFPI ERH JEGMRK SYX[EVH  :IVMJ] XLEX XLI ZEPZI WXIQ MW GSVVIGXP] I\XIRHIH ERH RSX
 'SRJMVQ XLEX XLI I\XMRKYMWLIV QSHIP MW RSX WYFNIGX XS GSVVSHIH SV HEQEKIH
VIGEPP ERH MW RSX SFWSPIXI  :IVMJ] XLEX XLI RS^^PI SV LSWI EWWIQFP] SV FSXL MW YRSF
 :IVMJ] XLI I\XMRKYMWLIV VIGSVHW XS HIXIVQMRI MRXIVREP I\ WXVYGXIH F] VIQSZMRK ERH I\EQMRMRK XLI RS^^PI
EQMREXMSR ERH L]HVSWXEXMG XIWX MRXIVZEPW 8LSVSYKLP] I\EQ  'SRJMVQ XLEX XLI RS^^PI ERH LSWI EWWIQFP] EVI GSVVIGX
MRI XLI G]PMRHIV JSV HIRXW HEQEKI VITEMVW SV GSVVSWMSR JSV XLI QSHIP SJ I\XMRKYMWLIV
c  :IVMJ] XLI TYPP TMR JYRGXMSRW TVSTIVP] ERH I\EQMRI JSV  :IVMJ] XLEX XLI LSWI ERH GSYTPMRKW EVI RSX GYX GVEGOIH
HEQEKI SV GSVVSWMSR F] VIQSZMRK XLI TYPP TMR HEQEKIH SV HIJSVQIH
 :IVMJ] XLEX XLI LERHPI ERH PIZIVW EVI YRHEQEKIH ERH  )\EQMRI XLI HMWGLEVKI TSVX JSV WMKRW SJ PIEOEKI SV GSV
STIVEFPI VSWMSR F] VIQSZMRK XLI RS^^PI SV LSWI EWWIQFP] ERH VI
 :IVMJ] XLEX XLI ZEPZI WXIQ MW GSVVIGXP] I\XIRHIH ERH RSX
MRWXEPPMRK XLI RS^^PI ERH LSWI EWWIQFP] WIGYVIP] EJXIV
GSVVSHIH SV HEQEKIH
I\EQMREXMSR
 :IVMJ] XLEX XLI TVIWWYVI KEYKI SV MRHMGEXSV MW MR XLI STIV
 'SRHYGX E GSRHYGXMZMX] XIWX SR XLI LSWI EWWIQFP]
EFPI VERKI
c  :IVMJ] XLEX XLI KEYKI STIVEXMRK TVIWWYVI GSVVIWTSRHW  %JJM\ XLI GSRHYGXMZMX] XIWX PEFIP XS LSWI EWWIQFPMIW XLEX
[MXL XLI REQITPEXI MRWXVYGXMSRW TEWW XLI GSRHYGXMZMX] XIWX ERH VITPEGI LSWIW XLEX JEMP XLI
 :IVMJ] XLEX XLI KEYKI JEGI GSVVIWTSRHW [MXL XLI TVSTIV GSRHYGXMZMX] XIWX
EKIRX X]TI  :IVMJ] XLEX XLI WEJIX] EWWIQFP] MW RSX HEQEKIH SV
 :IVMJ] XLEX XLI KEYKI XLVIEHW EVI GSQTEXMFPI [MXL XLI FPSGOIH
ZEPZI FSH] QEXIVMEP  :IVMJ] XLEX XLI LSWI VIXIRXMSR FERH MW WIGYVI ERH TVST
 :IVMJ] XLEX XLI RS^^PI SV LSWI EWWIQFP] SV FSXL MW YRSF IVP] EHNYWXIH
WXVYGXIH F] VIQSZMRK ERH I\EQMRMRK XLI RS^^PI  ;IMKL XLI I\XMRKYMWLIV XS ZIVMJ] XLEX MX GSVVIWTSRHW XS
 'SRJMVQ XLEX XLI RS^^PI ERH LSWI EWWIQFP] EVI GSVVIGX XLI [IMKLX PMWXIH SR XLI REQITPEXI
JSV XLI QSHIP SJ I\XMRKYMWLIV  6IMRWXEPP XLI VMRK TMR ERH MRWXEPP E RI[ XEQTIV WIEP
c  :IVMJ] XLEX XLI LSWI ERH GSYTPMRKW EVI RSX GYX GVEGOIH  'PIER I\TSWIH I\XMRKYMWLIV WYVJEGIW XS VIQSZI ER] JSV
HEQEKIH SV HIJSVQIH IMKR QEXIVMEP
 )\EQMRI MRXIVREP ZEPZI TSVX WYVJEGIW ERH XLVIEHW JSV WMKRW  6IGSVH XLI QEMRXIRERGI SR XLI I\XMRKYMWLIV XEK SV PEFIP
SJ PIEOEKI SV GSVVSWMSR F] VIQSZMRK XLI RS^^PI SV LSWI  6IXYVR XLI I\XMRKYMWLIV XS XLI LERKIV FVEGOIX SV GEFMRIX

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< % z

8LI JSPPS[MRK PMWX MW E WEQTPI SJ QEMRXIRERGI TVSGIHYVIW  :IVMJ] XLEX XLI REQITPEXI STIVEXMRK MRWXVYGXMSRW EVI PIK
ERH GLIGOW XLEX EVI GSQQSRP] EWWSGMEXIH [MXL TVIWWYVM^IH MFPI ERH JEGMRK SYX[EVH
[EXIVX]TI LERH TSVXEFPI JMVI I\XMRKYMWLIVW  'SRJMVQ XLEX XLI I\XMRKYMWLIV QSHIP MW RSX WYFNIGX XS
 :MWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI F] VIQSZMRK VIGEPP ERH MW RSX SFWSPIXI
XLI I\XMRKYMWLIV JVSQ XLI LERKIV FVEGOIX SV GEFMRIX ERH  :IVMJ] XLI I\XMRKYMWLIV L]HVSWXEXMG XIWX VIGSVHW XS HIXIV
ZMWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI MRGPYHMRK QMRI XLI L]HVSWXEXMG XIWX MRXIVZEP
TVIWWYVI KEYKI G]PMRHIV HIRXW VITEMVW KIRIVEP GSVVSWMSR  -RZIVX XLI I\XMRKYMWLIV ERH STIR XLI RS^^PI XS IRWYVI
LSWI SV RS^^PI XLVIEHW LERHPIW ERH PIZIVW ER] TVIWWYVI MW VIPMIZIH JVSQ XLI WLIPP
 :IVMJ] XLEX XLI LERKIV FVEGOIX SV GEFMRIX MW XLI TVSTIV  6IQSZI XLI GEVXVMHKI KYEVH ERH GLIGO XLI MRXIKVEP GSQ
SRI JSV XLI I\XMRKYMWLIV TSRIRXW JSV HEQEKI SV GSVVSWMSR
 :IVMJ] XLEX XLI LERKIV FVEGOIX SV GEFMRIX MW WIGYVI YR  9RWGVI[ XLI GEVXVMHKI XS I\EQMRI XLI WIEP 6ITPEGI XLI
HEQEKIH ERH TVSTIVP] QSYRXIH GEVXVMHKI MJ XLI WIEP MW TYRGXYVIH HEQEKIH SV GSV
 :IVMJ] XLEX XLI REQITPEXI STIVEXMRK MRWXVYGXMSRW EVI PIK VSHIH :IVMJ] XLEX XLI WIEP MW RSX TYRGXYVIH XLEX MX MW XLI
MFPI ERH JEGMRK SYX[EVH TVSTIV GEVXVMHKI JSV XLEX I\XMRKYMWLIV ERH XLEX MX LEW XLI
 'SRJMVQ XLEX XLI I\XMRKYMWLIV QSHIP MW RSX WYFNIGX XS TVSTIV QERYJEGXYVIVvW WIEP
VIGEPP ERH MW RSX SFWSPIXI  -RWXEPP XLI WLMTTMRK GET SR XLI GEVXVMHKI
 'LIGO XLI I\XMRKYMWLIV VIGSVHW XS HIXIVQMRI L]HVS  ;IMKL XLI GEVXVMHKI SR E WGEPI ERH ZIVMJ] XLI [IMKLX MW
WXEXMG XIWX MRXIVZEPW [MXLMR XLI XSPIVERGI WTIGMJMIH MR XLI QERYJEGXYVIVvW WIV
 :IVMJ] XLEX XLI TYPP TMR JYRGXMSRW TVSTIVP] ERH I\EQMRI ZMGI QERYEP
JSV HEQEKI SV GSVVSWMSR F] VIQSZMRK XLI TYPP TMR  6IQSZI XLI HMWGLEVKI RS^^PI JVSQ MXW LSPHIV ERH PMJX XLI
 )\EQMRI XLI LERHPI ERH PIZIVW XS IRWYVI XLEX XLI] EVI LSWI FVIEOMRK XLI XEQTIV WIEP
YRHEQEKIH ERH STIVEFPI  3TIVEXI XLI TYRGXYVI PIZIV XS ZIVMJ] TVSTIV STIVEXMSR
 :IVMJ] XLEX XLI ZEPZI WXIQ MW GSVVIGXP] I\XIRHIH ERH RSX  'LIGO ERH GPIER XLI TVIWWYVI VIPMIJ ZIRX MR XLI GEV
GSVVSHIH SV HEQEKIH XVMHKI VIGIMZIV MR EGGSVHERGI [MXL QERYJEGXYVIVvW WIV
 :IVMJ] XLEX XLI TVIWWYVI KEYKI MW MR XLI STIVEFPI VERKI ZMGI QERYEP
 :IVMJ] XLEX XLI KEYKI STIVEXMRK TVIWWYVI GSVVIWTSRHW  6IQSZI ERH I\EQMRI XLI GEVXVMHKI VIGIMZIV KEWOIX 6I
[MXL XLI REQITPEXI MRWXVYGXMSRW TPEGI XLI KEWOIX MJ FVMXXPI GSQTVIWWMSR WIX GVEGOIH GYX
 :IVMJ] XLEX XLI KEYKI JEGI GSVVIWTSRHW [MXL XLI TVSTIV SV QMWWMRK
EKIRX X]TI  0YFVMGEXI XLI KEWOIX MR EGGSVHERGI [MXL XLI QERYJEGXYV
 :IVMJ] XLEX XLI KEYKI XLVIEHW EVI GSQTEXMFPI [MXL XLI IVvW QERYEP ERH MRWXEPP
ZEPZI FSH] QEXIVMEP  7PS[P] PSSWIR XLI JMPP GET XS VIPMIZI ER] XVETTIH TVIWWYVI
 :IVMJ] XLEX XLI RS^^PI SV LSWI EWWIQFP] SV FSXL MW YRSF ERH VIMRWXEPP LERHXMKLX
WXVYGXIH F] VIQSZMRK ERH I\EQMRMRK XLI RS^^PI  )\EQMRI XLI LSWI RS^^PI ERH GSYTPMRKW JSV ER] HEQEKI
 'SRJMVQ XLEX XLI RS^^PI ERH LSWI EWWIQFP] EVI GSVVIGX  3TIVEXI XLI HMWGLEVKI RS^^PI XS ZIVMJ] TVSTIV STIVEXMSR
JSV XLI QSHIP SJ I\XMRKYMWLIV  6IQSZI XLI RS^^PI XMT MR EGGSVHERGI [MXL XLI QERYJEG
 :IVMJ] XLEX XLI LSWI ERH GSYTPMRKW EVI RSX GYX GVEGOIH XYVIVvW WIVZMGI QERYEP ERH ZIVMJ] XLI TVSTIV XMT MW MR
HEQEKIH SV HIJSVQIH WXEPPIH ERH XLEX MX MW RSX HEQEKIH -RWXEPP XLI RS^^PI XMT MR
 )\EQMRI XLI MRXIVREP ZEPZI TSVX WYVJEGIW ERH XLVIEHW JSV EGGSVHERGI [MXL QERYJEGXYVIVvW QERYEP
WMKRW SJ PIEOEKI SV GSVVSWMSR F] VIQSZMRK XLI RS^^PI SV
 6IQSZI XLI HMWGLEVKI LSWI JVSQ XLI I\XMRKYMWLIV ERH
LSWI EWWIQFP] ERH VIMRWXEPPMRK XLI RS^^PI ERH LSWI EW
IRWYVI XLEX XLI LSWI MW RSX SFWXVYGXIH
WIQFP] WIGYVIP] EJXIV I\EQMREXMSR
 )\EQMRI XLI LSWI SVMRK ERH VITPEGI MJ RIGIWWEV]
 :IVMJ] XLEX XLI LSWI VIXIRXMSR FERH MW WIGYVI ERH TVST
 :IVMJ] XLEX XLI LSWI GSRRIGXMSR MW GPIER ERH RSX HEQEKIH
IVP] EHNYWXIH
 ;IMKL XLI I\XMRKYMWLIV XS ZIVMJ] XLEX MX GSVVIWTSRHW XS  -RWXEPP XLI LSWI SR XLI I\XMRKYMWLIV
XLI [IMKLX PMWXIH SR XLI REQITPEXI  6IQSZI XLI JMPP GET ERH I\EQMRI XLI XLVIEHW ERH WIEXMRK
 6IMRWXEPP XLI VMRK TMR ERH MRWXEPP E RI[ XEQTIV WIEP WYVJEGIW JSV ER] HEQEKI SV GSVVSWMSR
 'PIER I\TSWIH I\XMRKYMWLIV WYVJEGIW XS VIQSZI ER] JSV  :IVMJ] XLEX XLI TVIWWYVI VIPMIJ ZIRX MW RSX SFWXVYGXIH
IMKR QEXIVMEP  :IVMJ] XLEX XLI HV] GLIQMGEP EKIRX MW XLI GSVVIGX X]TI ERH
 6IGSVH XLI QEMRXIRERGI SR XLI I\XMRKYMWLIV XEK SV PEFIP XLEX XLIVI EVI RS JSVIMKR QEXIVMEPW SV GEOMRK
 6IXYVR XLI I\XMRKYMWLIV XS XLI LERKIV FVEGOIX SV  )\EQMRI ERH GPIER XLI JMPP GET KEWOIX ERH MRHMGEXSV MR
GEFMRIX EGGSVHERGI [MXL QERYJEGXYVIVvW QERYEP
8LI JSPPS[MRK PMWX MW E WEQTPI SJ QEMRXIRERGI TVSGIHYVIW  0YFVMGEXI ERH MRWXEPP XLI JMPP GET ERH KEWOIX MR EGGSV
ERH GLIGOW XLEX EVI GSQQSRP] EWWSGMEXIH [MXL GEVXVMHKI HERGI [MXL QERYJEGXYVIVvW QERYEP
STIVEXIH HV] GLIQMGEP ERH HV] TS[HIV LERH TSVXEFPI JMVI I\  7IGYVI XLI HMWGLEVKI LSWI MR TPEGI ERH MRWXEPP XLI TVSTIV
XMRKYMWLIVW GEVXVMHKI
 6ITPEGI XLI GEVXVMHKI KYEVH ERH MRWXEPP RI[ XEQTIV
 :MWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI F] VIQSZMRK WIEPW
XLI I\XMRKYMWLIV JVSQ XLI LERKIV FVEGOIX SV GEFMRIX ERH  6IGSVH XLI QEMRXIRERGI SR XLI I\XMRKYMWLIV XEK SV PEFIP
ZMWYEPP] I\EQMRI XLI I\XMRKYMWLIV JSV HEQEKI MRGPYHMRK  6IXYVR XLI I\XMRKYMWLIV XS XLI LERKIV FVEGOIX SV GEFMRIX
TVIWWYVI KEYKI G]PMRHIV HIRXW VITEMVW KIRIVEP GSVVSWMSR
LSWI SV RS^^PI XLVIEHW LERHPIW ERH PIZIVW % ;LIVI E WEJIX] WIEP SV XEQTIV MRHMGEXSV MW QMWWMRK MX
 :IVMJ] XLEX XLI LERKIV FVEGOIX SV GEFMRIX MW XLI TVSTIV GER FI IZMHIRGI XLEX XLI JMVI I\XMRKYMWLIV LEW FIIR YWIH ERH
SRI JSV XLI I\XMRKYMWLIV XLIVIJSVI WLSYPH FI VIQSZIH JVSQ WIVZMGI )\XVIQI GEYXMSR
 :IVMJ] XLEX XLI LERKIV FVEGOIX SV GEFMRIX MW WIGYVI YR WLSYPH FI I\IVGMWIH FIJSVI VITPEGMRK E XEQTIV WIEP SR E RSR
HEQEKIH ERH TVSTIVP] QSYRXIH VIGLEVKIEFPI JMVI I\XMRKYMWLIV

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

% 6IQSZEFPI I\XMRKYMWLIV FSSXW ERH JSSX VMRKW EVI VIGSZIV]VIGLEVKI W]WXIQW EPWS MRGPYHI XLI TPYQFMRK ZEPZIW
XLSWI XLEX EVI RSX TYX SR F] XLI I\XMRKYMWLIV QERYJEGXYVIV VIKYPEXSVW ERH WEJIX] VIPMIJ HIZMGIW XS TIVQMX GSRZIRMIRX
[MXL KPYI SV [IPHIH UYMGO XVERWJIV SJ XLI ,EPSR 
c
% 4IVWSRW TIVJSVQMRK QEMRXIRERGI STIVEXMSRW YWY % 0EFIPW WLSYPH FI TVMRXIH MR FPEGO [MXL E PMKLX FPYI
EPP] GSQI JVSQ X[S QENSV KVSYTW FEGOKVSYRH
 *MVI I\XMRKYMWLIV WIVZMGI EKIRGMIW % 'EVFSR HMS\MHI LSWI EWWIQFPMIW LEZI E GSRXMRYSYW
 8VEMRIH MRHYWXVMEP WEJIX] SV QEMRXIRERGI TIVWSRRIP QIXEP FVEMH XLEX GSRRIGXW XS FSXL GSYTPMRKW XS QMRMQM^I XLI
*MVI I\XMRKYMWLIVW S[RIH F] MRHMZMHYEPW EVI SJXIR RI WXEXMG WLSGO LE^EVH 8LI VIEWSR JSV XLI GSRHYGXMZMX] XIWX MW XS
KPIGXIH FIGEYWI E TIVMSHMG JSPPS[YT TVSKVEQ MW RSX TPERRIH HIXIVQMRI XLEX XLI LSWI MW GSRHYGXMZI JVSQ XLI MRPIX GSYTPMRK
-X MW VIGSQQIRHIH XLEX WYGL S[RIVW FIGSQI JEQMPMEV [MXL XS XLI SYXPIX SVMJMGI % FEWMG GSRHYGXMZMX] XIWXIV GSRWMWXW SJ E
XLIMV JMVI I\XMRKYMWLIVW WS XLI] GER HIXIGX XIPPXEPI [EVRMRKW JPEWLPMKLX LEZMRK ER STIR GMVGYMX ERH E WIX SJ X[S [MVIW [MXL E
HYVMRK MRWTIGXMSR XLEX WYKKIWX XLI RIIH JSV QEMRXIRERGI GSRHYGXSV GPEQTW SV TVSFI EX IEGL IRH
;LIR QEMRXIRERGI MW MRHMGEXIH MX WLSYPH FI TIVJSVQIH F] *MKYVI % TVSZMHIW E KYMHI XS XLI HIWMKR SJ E GSRHYGXMZMX]
XVEMRIH TIVWSRW LEZMRK TVSTIV IUYMTQIRX 7II  XIWX PEFIP
8LI TYVTSWI SJ E [IPPTPERRIH ERH [IPPI\IGYXIH QEMRXI
RERGI TVSKVEQ JSV E JMVI I\XMRKYMWLIV MW XS QE\MQM^I XLI JSP
PS[MRK TVSFEFMPMXMIW '32(9'8-:-8=8)78)(
 (-786-&98-322%1) 
 8LEX XLI I\XMRKYMWLIV [MPP STIVEXI TVSTIVP] FIX[IIR XLI
XMQI MRXIVZEPW IWXEFPMWLIH JSV QEMRXIRERGI I\EQMREXMSRW (MWXPMGIRWIRS
MR XLI IRZMVSRQIRX XS [LMGL MX MW I\TSWIH  )QTPS]IIREQI 
 8LEX XLI I\XMRKYMWLIV [MPP RSX GSRWXMXYXI E TSXIRXMEP LE^ )QTPS]IIPMGRS
EVH XS TIVWSRW MR MXW ZMGMRMX] SV XS STIVEXSVW SV VIGLEVKIVW .ER*IF1EVGL%TVMP1E].YRI.YP]%YK7ITX3GX2SZ(IG
SJ JMVI I\XMRKYMWLIVW
%R] VITPEGIQIRX TEVXW RIIHIH WLSYPH FI SFXEMRIH JVSQ *-+96) % 'SRHYGXMZMX] 8IWX 0EFIP
XLI QERYJEGXYVIV SV E VITVIWIRXEXMZI
% -R EHHMXMSR XS XLI VIUYMVIH XEK SV PEFIP E TIVQERIRX
JMPI VIGSVH WLSYPH FI OITX JSV IEGL JMVI I\XMRKYMWLIV 8LMW JMPI % 8LI JSPPS[MRK TVSGIHYVI TIVQMXW VETMH VIQSZEP SJ
VIGSVH WLSYPH MRGPYHI XLI JSPPS[MRK MRJSVQEXMSR EW ETTPMGEFPI XLI LSWI F] SRI TIVWSR [MXLSYX OMROMRK SJ XLI LSWI ERH [MXL
SYX SFWXVYGXMSR SJ JPS[ SJ XLI I\XMRKYMWLMRK EKIRX
 1EMRXIRERGI HEXI ERH XLI REQI SJ XLI TIVWSR ERH XLI
EKIRG] TIVJSVQMRK XLI QEMRXIRERGI  *SVQ E PSST SZIV XLI LSWI WYTTSVXW ?WII *MKYVI % E A
 (EXI SJ XLI PEWX VIGLEVKI ERH XLI REQI SJ XLI TIVWSR ERH  *SPPS[ [MXL E VIZIVWI PSST WS XLEX XLI LSWI TEWWIW FILMRH
XLI EKIRG] TIVJSVQMRK XLI VIGLEVKI XLI PSST ?WII *MKYVI % F A
 ,]HVSWXEXMG VIXIWX HEXI ERH XLI REQI SJ XLI TIVWSR ERH  6ITIEX WXITW  ERH  YRXMP EPP LSWI MW GSMPIH SR XLI
XLI EKIRG] TIVJSVQMRK XLI L]HVSWXEXMG XIWX WYTTSVX ?WII *MKYVI % G A
 (IWGVMTXMSR SJ HIRXW VIQEMRMRK EJXIV TEWWMRK SJ XLI L]HVS  %HNYWX XLI GSMP WS XLEX XLI RS^^PI MW MR XLI HS[R[EVH TSWM
WXEXMG XIWX XMSR ?WII *MKYVI % H A ,SWI GSMPIH MR XLMW QERRIV
 (EXI SJ XLI ]IEV QEMRXIRERGI JSV WXSVIHTVIWWYVI HV] TYPPW SJJ JVII SJ X[MWXW
GLIQMGEP ERH LEPSKIREXIH EKIRX X]TIW 7II   4PEGI XLI RS^^PI MR XLI LSPHIV [MXL XLI LERHPI JSV[EVH MR
XLI GPSWIH TSWMXMSR ?WII *MKYVI % I A
-X MW VIGSKRM^IH XLEX ER IPIGXVSRMG FEV GSHMRK W]WXIQ MW SJ
XIR EGGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR MR PMIY SJ E
XEK SV PEFIP JSV QEMRXIRERGI VIGSVH OIITMRK
9RHIV WTIGMEP GMVGYQWXERGIW SV [LIR PSGEP VIUYMVIQIRXW EVI
MR IJJIGX EHHMXMSREP MRJSVQEXMSR GER FI HIWMVEFPI SV VIUYMVIH
% ,EPSR VIQSZIH JVSQ E JMVI I\XMRKYMWLIV MW OITX MR E
GPSWIH VIGSZIV]VIGLEVKI W]WXIQ YRXMP HMWTSWMXMSR GER FI
QEHI EW XS [LIXLIV XS VIGLEVKI XLI LEPSR FEGO MRXS E JMVI
I\XMRKYMWLIV SV VIXYVR YRWEXMWJEGXSV] LEPSR XS E QERYJEGXYVIV
JSV TVSTIV HMWTSWEP % PMWXIH ,EPSR  GPSWIH VIGSZIV]
VIGLEVKI W]WXIQ LEW XLI JSPPS[MRK
 'PIEV WMKLX KPEWW JSV QSRMXSVMRK XLI GPIERPMRIWW SJ XLI ,E
PSR 
 % QIERW SJ HIXIVQMRMRK MJ XLI EGGITXEFPI [EXIV GSRXIRX SJ
XLI LEPSR LEW FIIR I\GIIHIH
 % QIERW SJ QIGLERMGEPP] JMPXIVMRK XLI ,EPSR  ERH
VIQSZMRK I\GIWW [EXIV
7YGL E VIGSZIV] W]WXIQ EPWS LEW E QSXSVHVMZIR TYQT W]WXIQ
XLEX TIVQMXW XLI XVERWJIV SJ LEPSR MRXS E JMVI I\XMRKYMWLIV SV
WYTTP] GSRXEMRIV [MXLSYX XLI RIIH XS ZIRX XLI VIGIMZMRK GSR
XEMRIV XS VIHYGI MXW TVIWWYVI FIJSVI LEPSR XVERWJIV 'PSWIH *-+96) % E 'SYRXIVGPSGO[MWI 0SST

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< % z

*-+96) % I 2S^^PI MR ,SPHIV

*-+96) % F 6IZIVWI 0SST


MRHMGEXMRK HIZMGIW XS XIPP MJ XLI GSRXEMRIV MW YRHIV TVIW
WYVI FIGEYWI XLI HIZMGIW GSYPH QEPJYRGXMSR
 9WI TVSTIV VIGLEVKI QEXIVMEPW [LIR VIJMPPMRK E JMVI I\XMR
KYMWLIV 1M\MRK SJ WSQI I\XMRKYMWLMRK EKIRXW GER GEYWI
E GLIQMGEP VIEGXMSR VIWYPXMRK MR E HERKIVSYW TVIWWYVI
FYMPHYT MR XLI GSRXEMRIV
 8LI [IMKLX SJ EKIRX EW WTIGMJMIH SR XLI REQITPEXI MW
GVMXMGEP 3ZIVJMPPMRK GSYPH VIRHIV XLI JMVI I\XMRKYMWLIV
HERKIVSYW SV MRIJJIGXMZI
 'PIER ERH TVSTIVP] PYFVMGEXI EPP WIEPMRK GSQTSRIRXW XS
TVIZIRX PIEOEKI EJXIV VIGLEVKI
 'LIGO XLI TVIWWYVIMRHMGEXMRK HIZMGI XS EWGIVXEMR XLEX MX
MW VIEHMRK TVSTIVP]
 1SWX QERYJEGXYVIVW VIGSQQIRH XLI YWI SJ HV] RMXVSKIR
EW ER I\TIPPERX KEW JSV WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW
0MQMXMRK XLI GLEVKMRK TVIWWYVI VIKYPEXSV WIXXMRK XS  TWM
 O4E EFSZI WIVZMGI TVIWWYVI EW WTIGMJMIH MR 
TVIZIRXW KEYKI HEQEKI ERH PSWW SJ GEPMFVEXMSR ;EVRMRK
*-+96) % G 4VSGIHYVIW MR *MKYVI % E ERH *MK 2IZIV GSRRIGX XLI JMVI I\XMRKYMWLIV XS FI GLEVKIH HMVIGXP]
YVI % F 'SRXMRYIH XS XLI LMKLTVIWWYVI WSYVGI 'SRRIGXMRK HMVIGXP] XS XLI
LMKLTVIWWYVI WSYVGI GSYPH GEYWI XLI GSRXEMRIV XS VYTXYVI
VIWYPXMRK MR MRNYV] 2IZIV PIEZI E JMVI I\XMRKYMWLIV GSR
RIGXIH XS XLI VIKYPEXSV SJ E LMKLTVIWWYVI WSYVGI JSV ER
I\XIRHIH TIVMSH SJ XMQI % HIJIGXMZI VIKYPEXSV GSYPH GEYWI
XLI GSRXEMRIV XS VYTXYVI HYI XS I\GIWW TVIWWYVI
 9WI XLI QERYJEGXYVIVvW VIGSQQIRHIH GLEVKMRK EHETXIV
XS TVIZIRX HEQEKI XS E ZEPZI ERH MXW GSQTSRIRXW
 ;LIR VIGLEVKMRK WITEVEXI I\TIPPERX WSYVGI JMVI I\XMR
KYMWLIVW QEOI WYVI XLI JMPPIH IRGPSWYVI MW MR TPEGI ERH
XMKLXIRIH HS[R 6ITPEGI EPP WEJIX] HIZMGIW TVMSV XS MR
WXEPPMRK VITPEGIQIRX GEVXVMHKIW
 9WI SRP] KEW GEVXVMHKIW VIGSQQIRHIH F] XLI QERYJEG
XYVIV 'EVXVMHKI JIEXYVIW WYGL EW TVIWWYVI VIPMIJ TYRGXYVMRK
GETEFMPMXMIW JMPP HIRWMX] ERH XLVIEH GSQTEXMFMPMX] EVI HI
WMKRIH ERH ETTVSZIH XS WTIGMJMG JYRGXMSREP VIUYMVIQIRXW
 9WI TVSTIV WEJIX] WIEPW SXLIV X]TIW WYGL EW QIXIV WIEPW
GSYPH JEMP XS FVIEO EX XLI TVIWGVMFIH VIUYMVIQIRXW
*-+96) % H 2S^^PI MR (S[R[EVH 4SWMXMSR  6IKYPEXSVW YXMPM^IH SR [LIIPIH JMVI I\XMRKYMWLIVW EVI JEG
XSV] TMRRIH EX XLI STIVEXMRK TVIWWYVI ERH WLSYPH RSX FI
JMIPH EHNYWXIH
% +IRIVEP WEJIX] KYMHIPMRIW JSV VIGLEVKMRK MRGPYHI XLI % 7SQI QERYJEGXYVIVW VIUYMVI XLEX XLIMV JMVI I\XMR
JSPPS[MRK KYMWLIVW FI VIXYVRIH XS XLI JEGXSV] JSV VIGLEVKMRK
 1EOI WYVI EPP TVIWWYVI MW ZIRXIH JVSQ XLI JMVI I\XMR % 8S HIXIVQMRI XLI KVSWW [IMKLX XLI IRXMVI JMVI I\XMR
KYMWLIV FIJSVI EXXIQTXMRK XS VIQSZI XLI ZEPZI FSH] SV XS KYMWLIV WLSYPH FI [IMKLIH IQTX] 8LI [IMKLX SJ XLI WTIGMJMIH
JMPP XLI GPSWYVI ;EVRMRK (S RSX HITIRH SR TVIWWYVI VIGLEVKI EKIRX WLSYPH FI EHHIH XS XLEX EQSYRX

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

% 8LI PIEO XIWX VIUYMVIH JSV WXSVIHTVIWWYVI ERH WIPJ ”*  O4E EX n”' A WYTTP] WYTTPMIH IMXLIV HMVIGXP] SV
I\TIPPMRK X]TIW WLSYPH FI WYJJMGMIRXP] WIRWMXMZI XS IRWYVI XLEX XLI ZME HV] G]PMRHIVW YWIH EW ER MRXIVQIHMEV] QIERW (V] MGI GSR
JMVI I\XMRKYMWLIV VIQEMRW STIVEFPI JSV EX PIEWX  ]IEV %R] XEQTIV ZIVXIVW WLSYPH RSX FI YWIH XS VIGLEVKI GEVFSR HMS\MHI TSV
MRHMGEXSVW SV WIEPW RIIH XS FI VITPEGIH EJXIV VIGLEVKMRK XEFPI JMVI I\XMRKYMWLIVW
% 3R TVSTIVXMIW [LIVI JMVI I\XMRKYMWLIVW EVI QEMR % ;LIR WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW EVI VI
XEMRIH F] XLI SGGYTERX E WYTTP] SJ VIGLEVKMRK EKIRXW WLSYPH GLEVKIH SZIVJMPPMRK VIWYPXW MR MQTVSTIV HMWGLEVKI
FI OITX SR LERH 8LIWI EKIRXW WLSYPH QIIX XLI VIUYMVIQIRXW % 7SQI 'PEWW ( JMVI I\XMRKYMWLIVW EVI VIUYMVIH XS FI
SJ  TVIWWYVM^IH [MXL EVKSR
8LI MRXIRX SJ XLMW TVSZMWMSR MW XS QEMRXEMR XLI IJJMGMIRG] SJ
IEGL JMVI I\XMRKYMWLIV EW TVSHYGIH F] XLI QERYJEGXYVIV ERH % 8LI VIEWSR ER YRVIKYPEXIH WSYVGI SJ TVIWWYVI MW
EW PEFIPIH F] SRI SV QSVI SJ XLI JMVI XIWXMRK PEFSVEXSVMIW *SV RSX XS FI YWIH MW FIGEYWI XLI JMVI I\XMRKYMWLIV LEW XLI TSXIR
I\EQTPI XLI I\XMRKYMWLMRK EKIRX ERH XLI EHHMXMZIW YWIH MR XMEP XS FI SZIVTVIWWYVM^IH ERH TSWWMFP] VYTXYVI
XLI ZEVMSYW X]TIW SJ HV] GLIQMGEP JMVI I\XMRKYMWLIVW ZEV] MR % % HIJIGXMZI VIKYPEXSV GSYPH GEYWI XLI GSRXEMRIV XS
GLIQMGEP GSQTSWMXMSR ERH MR TEVXMGPI WM^I ERH XLYW MR JPS[ VYTXYVI HYI XS I\GIWW TVIWWYVI
GLEVEGXIVMWXMGW )EGL JMVI I\XMRKYMWLIV MW HIWMKRIH XS WIGYVI
QE\MQYQ IJJMGMIRG] [MXL XLI TEVXMGYPEV JSVQYPEXMSR YWIH % -J MX FIGSQIW RIGIWWEV] XS VITPEGI E TVIWWYVI KEYKI SR E
'LERKMRK XLI EKIRX JVSQ XLEX WTIGMJMIH SR XLI JMVI I\XMRKYMWLIV JMVI I\XMRKYMWLIV MR EHHMXMSR XS ORS[MRK XLI GLEVKMRK TVIW
REQITPEXI GSYPH EJJIGX JPS[ VEXIW RS^^PI HMWGLEVKI GLEVEGXIVMW WYVI MX MW MQTSVXERX XS ORS[ XLI X]TI SJ I\XMRKYMWLMRK EKIRX
XMGW ERH XLI UYERXMX] SJ EZEMPEFPI EKIRX EW MRJPYIRGIH F] HIRWMX] JSV [LMGL XLI KEYKI MW WYMXEFPI EW [IPP EW XLI ZEPZI FSH] [MXL
[LMGL XLI KEYKI MW GSQTEXMFPI 8LMW MRJSVQEXMSR SJXIR MW EZEMP
ERH [SYPH ZSMH XLI PEFIP SJ XLI XIWXMRK PEFSVEXSV]
EFPI MR XLI JSVQ SJ QEVOMRKW SR XLI HMEP JEGI ;LIVI XLI QEVO
'IVXEMR VIGLEVKMRK QEXIVMEPW HIXIVMSVEXI [MXL EKI I\TSWYVI MRK MW TVSZMHIH XLI I\XMRKYMWLMRK EKIRX MW MRHMGEXIH F] MR
XS I\GIWWMZI XIQTIVEXYVI ERH I\TSWYVI XS QSMWXYVI 7XSVEKI SJ WXVYGXMSRW WYGL EW w9WI (V] 'LIQMGEPW 3RP]x [LMPI XLI ZEPZI
VIGLEVKI EKIRXW JSV PSRK TIVMSHW SJ XMQI WLSYPH FI EZSMHIH FSH] GSQTEXMFMPMX] MW MRHMGEXIH EW JSPPS[W
(V] TS[HIV YWIH JSV GSQFYWXMFPI QIXEP JMVIW 'PEWW (
WLSYPH RSX FIGSQI HEQT FIGEYWI XLI TS[HIV [MPP RSX FI JVII  +EYKIW MRXIRHIH JSV YWI [MXL EPYQMRYQ SV TPEWXMG ZEPZI
FSHMIW EVI QEVOIH [MXL E PMRI EFSZI XLI KEYKI QERYJEG
JPS[MRK -R EHHMXMSR [LIR HV] TS[HIV GSRXEMRW WYJJMGMIRX
XYVIVvW GSHI PIXXIV
QSMWXYVI E LE^EVHSYW VIEGXMSR GSYPH VIWYPX [LIR ETTPMIH XS E
 +EYKIW MRXIRHIH JSV YWI [MXL FVEWW SV TPEWXMG ZEPZI FSHMIW EVI
QIXEP JMVI QEVOIH [MXL E PMRI FIPS[ XLI QERYJEGXYVIVvW GSHI PIXXIV
% 1M\MRK QYPXMTYVTSWI HV] GLIQMGEPW [MXL EPOEPMRI  9RMZIVWEP KEYKIW XLEX GER FI YWIH [MXL EPYQMRYQ FVEWW
FEWIH HV] GLIQMGEPW GSYPH VIWYPX MR E GLIQMGEP VIEGXMSR GE SV TPEWXMG ZEPZI FSHMIW EVI QEVOIH [MXL PMRIW EFSZI ERH
TEFPI SJ HIZIPSTMRK WYJJMGMIRX TVIWWYVIW XS VYTXYVI E JMVI I\XMR FIPS[ XLI QERYJEGXYVIVvW GSHI PIXXIV SV F] XLI EFWIRGI SJ
KYMWLIV 7YFWXMXYXMRK E HMJJIVIRX JSVQYPEXMSR JSV XLI SRI ER] PMRI EFSZI SV FIPS[ XLI QERYJEGXYVIVvW GSHI PIXXIV
SVMKMREPP] IQTPS]IH GSYPH GEYWI QEPJYRGXMSRMRK SJ XLI JMVI 9WMRK XLI TVSTIV VITPEGIQIRX KEYKI EW XS TVIWWYVI VERKI
I\XMRKYMWLIV SV VIWYPX MR WYFWXERHEVH TIVJSVQERGI I\XMRKYMWLMRK EKIRX ERH ZEPZI FSH] GSQTEXMFMPMX] MW VIGSQ
QIRHIH XS EZSMH SV XS VIHYGI KEYKIVIPEXIH TVSFPIQW
% 1SMWXYVI [MXLMR E RSR[EXIVX]TI JMVI I\XMRKYMWLIV
GVIEXIW E WIVMSYW GSVVSWMSR LE^EVH XS XLI JMVI I\XMRKYMWLIV % % RYQFIV SJ WXEXIW LEZI VIKYPEXMSRW VIUYMVMRK ER MR
WLIPP ERH EPWS MRHMGEXIW XLEX XLI I\XMRKYMWLIV MW TVSFEFP] MRST XIVREP QEVOMRK SJ ER I\XMRKYMWLIV XLEX MW YWIH XS ZIVMJ] MJ XLI
IVEXMZI 1SMWXYVI GSYPH TSWWMFP] IRXIV EX YRHIV XLI JSPPS[MRK I\XMRKYMWLIV LEW FIIR HITVIWWYVM^IH MJ XLI ZEPZI LEW FIIR VI
GSRHMXMSRW QSZIH ERH MJ E GSQTPIXI QEMRXIRERGI LEW FIIR TIVJSVQIH
8LI ZIVMJMGEXMSRSJWIVZMGI GSPPEV HIWMKR EPWS VIUYMVIW XLEX XLI
 %JXIV E L]HVSWXEXMG XIWX ZEPZI FI VIQSZIH FIJSVI XLI GSPPEV GER FI EXXEGLIH XS XLI
 ;LIR VIGLEVKMRK MW FIMRK TIVJSVQIH I\XMRKYMWLIV 8LI GSPPEV TVSZMHIW XLI EYXLSVMXMIW LEZMRK NYVMW
 ;LIR XLI ZEPZI LEW FIIR VIQSZIH JVSQ XLI G]PMRHIV HMGXMSR [MXL E QSVI GSRZIRMIRX ZMWYEP TVSSJ XLEX XLI I\XMR
 ;LIVI GSQTVIWWIH EMV ERH E QSMWXYVI XVET EVI YWIH JSV KYMWLIV LEW FIIR HMWEWWIQFPIH ERH XLEX QEMRXIRERGI QSWX
TVIWWYVM^MRK RSR[EXIV X]TIW PMOIP] LEW FIIR TIVJSVQIH
-X MW I\XVIQIP] MQTSVXERX XS VIQSZI ER] [EXIV SV QSMWXYVI %PP I\XMRKYMWLIVW EVI XS LEZI XLI ZEPZI VIQSZIH JSV L]HVSWXEXMG
JVSQ ER] JMVI I\XMRKYMWLIV FIJSVI VIGLEVKMRK )\GIWW QSMWXYVI MR XIWXMRK ERH EVI XS FI WYFWIUYIRXP] VIGLEVKIH FIJSVI XLI] EVI VI
E HV] GLIQMGEP JMVI I\XMRKYMWLIV GEYWIW XLI EKIRX XS GEOI ERH XYVRIH XS WIVZMGI 8S FI ZEPMH XLI HEXI SR XLI ZIVMJMGEXMSRSJ
PYQT ERH FIGSQI YRYWEFPI -X EPWS GEYWIW GSVVSWMSR XS XLI JMVI WIVZMGI GSPPEV WLSYPH EP[E]W FI XLI WEQI EW SV QSVI VIGIRX XLER
I\XMRKYMWLIV WLIPP ERH ZEPZI -R GEVFSR HMS\MHI ERH LEPSKIREXIH XLI HEXI SR XLI L]HVSWXEXMG XIWX PEFIP
JMVI I\XMRKYMWLIVW I\GIWW QSMWXYVI GSQFMRIH [MXL XLI I\XMR *MKYVI % TVSZMHIW E KYMHI XS XLI HIWMKR SJ E ZIVMJMGEXMSR
KYMWLMRK EKIRX GEYWIW I\XVIQIP] GSVVSWMZI EGMHW XS JSVQ 8LIWI SJWIVZMGI GSPPEV
EGMHW GER GSVVSHI XLI JMVI I\XMRKYMWLIV WLIPP ERH ZEPZI % ;IMKLX WGEPIW YWIH JSV [IMKLMRK E JMVI I\XMRKYMWLIV
% -J XLI JMVI I\XMRKYMWLIV ZEPZI MW VIQSZIH JSV WIVZMG [MXL E KVSWW [IMKLX SJ  PF  OK SV PIWW WLSYPH TIVQMX
MRK MX MW VIGSQQIRHIH XLEX XLI JMVI I\XMRKYMWLIV FI TYVKIH VIEHMRKW XS  PF  OK  ;IMKLX WGEPIW YWIH JSV [IMKLMRK
[MXL RMXVSKIR SV EVKSR EW ETTVSTVMEXI SV XLEX E ZEGYYQ FI I\XMRKYMWLIVW ERH GEVXVMHKIW WLSYPH TIVQMX VIEHMRKW GSRWMW
HVE[R SR XLI JMVI I\XMRKYMWLIV G]PMRHIV TVMSV XS VIGLEVKMRK XIRX [MXL XLI XSPIVERGIW MHIRXMJMIH SR XLI REQITPEXI SJ XLI
I\XMRKYMWLIV SV GEVXVMHKI %PP WGEPIW WLSYPH FI GEPMFVEXIH
% 8LI TVIJIVVIH WSYVGI SJ GEVFSR HMS\MHI JSV VI XIWXIH JSV EGGYVEG] %GGYVEG] SJ [IMKLX WGEPIW WLSYPH FI HIQ
GLEVKMRK JMVI I\XMRKYMWLIVW MW JVSQ E PS[TVIWWYVI ? TWM EX SRWXVEXIH EX PIEWX HEMP] F] XLI YWI SJ E XIWX [IMKLX W LEZMRK E

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< & z

(MEQIXIVXSJMXG]PMRHIVRIGO WXVSRKP] VIGSQQIRHIH XLEX E VIGSVH FI OITX SJ G]PMRHIVW SV


JMVI I\XMRKYMWLIVW XLEX EVI VIGSQQIRHIH XS FI HIWXVS]IH
%  *SV [IPHMRK SV FVE^MRK SR QMPH WXIIP WLIPPW GSRWYPX
XLI QERYJEGXYVIV SJ XLI JMVI I\XMRKYMWLIV
% % VIGSVH SJ XIWXMRK WLSYPH MRGPYHI EW E QMRMQYQ XLI
HEXI SJ XLI XIWX G]PMRHIV WIVMEP RYQFIV SV I\XMRKYMWLIV WIVMEP
RYQFIV QSHIP RYQFIV G]PMRHIV WM^I XIWX TVIWWYVI ZMWYEP MR
WTIGXMSR VIWYPX G]PMRHIV HMWTSWMXMSR ERH MRMXMEPW SJ XLI TIVWSR
 
TIVJSVQMRK XLI XIWX 6IJIV XS '+% ' 1IXLSHW SJ ,]HVSWXEXMG
8IWXMRK SJ 'SQTVIWWIH +EW ']PMRHIVW JSV E WEQTPI JSVQ JSV VIGSVH
MRK XIWX VIWYPXW
1SPHIQFSWWSVWXEQT
TYRGLQSRXLERH]IEVEWVIUYMVIH % *MKYVI % TVSZMHIW E KYMHI XS XLI HIWMKR SJ E L]HVS
1EXIVMEPEPYQMRYQSVTSP]IXL]PIRI WXEXMG XIWX PEFIP %PP TVMRX WLSYPH FI FPEGO SR E WMPZIV FEGOKVSYRH

*-+96) % (IWMKR SJ E :IVMJMGEXMSRSJ7IVZMGI 'SPPEV

ZIVMJMIH [IMKLX 8LI XIWX QIXLSH MRZSPZIW TPEGMRK E XIWX [IMKLX .%2 *)& 1%6 %46 1%= .92)
SR XLI WGEPI ERH VIEHMRK XLI VIWYPXW 8LI JSPPS[MRK QIXLSH
WLSYPH FI YWIH XS GEPMFVEXI [IMKLX WGEPIW HEMP] SV QSVI JVI
UYIRXP] EW RIIHIH 4)6*361)(&=
 ;MXL RSXLMRK SR XLI WGEPI w^IVS SYXx XLI [IMKLX WGEPI F] (-786-&98362%1)
(-786-&98364,32)23
EHNYWXMRK XLI [IMKLX WGEPI GEPMFVEXMSR ORSF SV [LIIP SV
(-786-&98360-')27)23
XEVI^IVS FYXXSR WS XLEX MX VIEHW ^IVS % HMKMXEP WGEPI
WLSYPH FI TS[IVIH ERH EPPS[IH XS WXEFMPM^I FIJSVI EHNYWX 8)78 
MRK XS VIEH ^IVS 46)7796) 
47- 
 4PEGI XLI XIWX [IMKLX W SR XLI WGEPI
 6IEH XLI [IMKLX XLEX MW VIKMWXIVIH SR XLI WGEPI ERH MJ .90= %9+ 7)48 3'8 23: ()'
RIIHIH EHNYWX XLI WGEPI F] XYVRMRK XLI GEPMFVEXMSR ORSF
SV [LIIP XS WLS[ XLI [IMKLX SJ XLI XIWX [IMKLX XLEX MW FIMRK *-+96) % (IWMKR SJ E ,]HVSWXEXMG 8IWX 0EFIP
XIWXIH 7SQI HMKMXEP WGEPIW LEZI ER IPIGXVSRMG TYWLFYXXSR
GEPMFVEXMSR JIEXYVI XS GEPMFVEXI XLI [IMKLX HYVMRK E XIWX
 6ITIEX XLI XIWXMRK TVSGIHYVI X[MGI EJXIV ER] EHNYWXQIRX
8LI [IMKLX XLEX MW VIKMWXIVIH WLSYPH FI I\EGXP] XLI WEQI %RRI\ & 6IGSQQIRHIH 1EVOMRKW XS -RHMGEXI
;IMKLX WGEPIW XLEX HS RSX TVSZMHI VITIEXEFPI VIWYPXW [MXLMR )\XMRKYMWLIV 7YMXEFMPMX] %GGSVHMRK XS 'PEWW SJ *MVI
XLI XSPIVERGIW WTIGMJMIH MR XLI QERYJEGXYVIVvW PMXIVEXYVI
8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
WLSYPH FI VITEMVIH SV VITPEGIH
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]
% -X MW EGGITXEFPI JSV L]HVSWXEXMG XIWXMRK XS FI WYF
& +IRIVEP
GSRXVEGXIH XS TIVWSRW SV JEGMPMXMIW XLEX EVI UYEPMJMIH XS TIVJSVQ
WYGL [SVO ERH XLEX LEZI XLI VIUYMVIH IUYMTQIRX ERH TIVWSR & 1EVOMRKW WLSYPH FI ETTPMIH F] HIGEPW XLEX EVI HYVEFPI
RIP XVEMRIH MR L]HVSWXEXMG XIWXMRK TVSGIHYVIW ERH WEJIKYEVHW ERH VIWMWXERX XS GSPSV JEHMRK WII *MKYVI &  8LI GSPSV WITE
8LI XEWO SJ L]HVSWXEXMG XIWXMRK MW SRP] TEVX SJ XLI [SVO MR VEXMSR MHIRXMJMGEXMSR JSV XLI QEVOMRKW MW EW JSPPS[W
ZSPZIH 8LI I\XMRKYMWLIV QYWX FI HITVIWWYVM^IH IQTXMIH ERH
 4MGXYVI W]QFSP SFNIGXW EVI [LMXI
HMWEWWIQFPIH ERH LEZI XLI ZEPZI HMWEWWIQFPIH GPIERIH ERH
 &EGOKVSYRH FSVHIVW EVI [LMXI
VIJYVFMWLIH EW RIGIWWEV] 1EXIVMEPW WYGL EW I\XMRKYMWLIV QERY
 &EGOKVSYRH JSV w=)7x W]QFSPW MW FPYI
JEGXYVIVWv WIVZMGI QERYEPW WIVZMGI FYPPIXMRW TEVXW ERH PYFVM
 &EGOKVSYRH JSV W]QFSPW [MXL WPEWL QEVO w23x MW FPEGO
GERXW WLSYPH FI EZEMPEFPI %JXIV XLI L]HVSWXEXMG XIWXMRK XLI I\
 'PEWW SJ JMVI PIXXIVW ERH [SVHMRK MW FPEGO
XMRKYMWLIV QYWX FI VIJMPPIH VIEWWIQFPIH TVIWWYVM^IH ERH
 7PEWL QEVO JSV FPEGO FEGOKVSYRH W]QFSPW MW VIH
PIEO XIWXIH 8LIWI EVI EPP XEWOW MRZSPZIH MR wSXLIVx I\XMRKYMWLIV
WIVZMGMRK ERH QYWX FI EGGSQTPMWLIH F] WSQISRI [LS MW UYEPM & 1EVOMRKW WLSYPH FI PSGEXIH SR XLI JVSRX SJ XLI JMVI
JMIH EW ER I\XMRKYMWLIV WIVZMGI XIGLRMGMER I\XMRKYMWLIV WLIPP 7M^I ERH JSVQ WLSYPH TIVQMX IEW] PIKMFMPMX]
EX E HMWXERGI SJ  JX  Q  8LI PEFIPW WLS[R MR *MKYVI & EVI
% 8LI WXVYGXYVEP MRXIKVMX] SJ EPYQMRYQ WLIPPW ERH G]PMR
GSRWMWXIRX [MXL JMVI I\XMRKYMWLIVW XLEX LEZI FIIR XIWXIH ERH
HIVW MW VIHYGIH [LIR XLI] EVI I\TSWIH XS XIQTIVEXYVIW MR
PMWXIH MR EGGSVHERGI [MXL JMVI XIWX WXERHEVHW 7II 
I\GIWW SJ ”* ”'  8LIWI XIQTIVEXYVIW GER SGGYV YRHIV
JMVI I\TSWYVI [MXLSYX ER] ZMWYEP IZMHIRGI SV HYVMRK VITEMRXMRK & ;LIVI QEVOMRKW EVI ETTPMIH XS [EPP TERIPW ERH WS
STIVEXMSRW MR [LMGL SZIR HV]MRK MW YXMPM^IH JSVXL MR XLI ZMGMRMX] SJ JMVI I\XMRKYMWLIVW XLI] WLSYPH TIVQMX
IEW] PIKMFMPMX] EX E HMWXERGI SJ  JX  Q 
% 8LMW WXERHEVH TIVQMXW L]HVSWXEXMG XIWXMRK SRP] SJ TVIW
WYVI ZIWWIPW YWIH EW JMVI I\XMRKYMWLIVW ERH WTIGMJMIH GSQTS & 6IGSQQIRHIH 1EVOMRK 7]WXIQ
RIRXW SJ JMVI I\XMRKYMWLIVW
& 8LI VIGSQQIRHIH QEVOMRK W]WXIQ MW E TMGXSVMEP GSR
% % GSRHIQRIH G]PMRHIV SV JMVI I\XMRKYMWLIV GER FI GITX XLEX GSQFMRIW XLI YWIW ERH RSRYWIW SJ JMVI I\XMRKYMWLIVW
HIWXVS]IH SRP] F] MXW S[RIV SV EX XLI S[RIVvW HMVIGXMSR -X MW SR E WMRKPI PEFIP 7II *MKYVI &

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

%8VEWL ;SSH 4ETIV &0MUYMHW ')PIGXVMGEP)UYMT


3VHMREV]
*SV'PEWW%X]TIW
)\XMRKYMWLIVWWYMXEFPIJSV'PEWW%
JMVIWWLSYPHFIMHIRXMJMIHF]EXVMERKPI
GSRXEMRMRKXLIPIXXIVw%x-JGSPSVIHXLI
XVMERKPIMWGSPSVIHKVIIR

'SQFYWXMFPIW
%8VEWL ;SSH 4ETIV &0MUYMHW ')PIGXVMGEP)UYMT
*SV'PEWW%&X]TIW *PEQQEFPI
)\XMRKYMWLIVWWYMXEFPIJSV'PEWW&
JMVIWWLSYPHFIMHIRXMJMIHF]EWUYEVI
GSRXEMRMRKXLIPIXXIVw&x-JGSPSVIH
XLIWUYEVIMWGSPSVIHVIH

&0MUYMHW ')PIGXVMGEP)UYMT 0MUYMHW


*SV'PEWW&'X]TIW
)PIGXVMGEP
)\XMRKYMWLIVWWYMXEFPIJSV'PEWW'
JMVIWWLSYPHFIMHIRXMJMIHF]EGMVGPI
GSRXEMRMRKXLIPIXXIVw'x-JGSPSVIH
XLIGMVGPIMWGSPSVIHFPYI
%8VEWL ;SSH 4ETIV &0MUYMHW ')PIGXVMGEP)UYMT
*SV'PEWW%&'
X]TIW )UYMTQIRX

'SQFYWXMFPI
)\XMRKYMWLIVWWYMXEFPIJSVJMVIW
MRZSPZMRKQIXEPWWLSYPHFIMHIRXMJMIH
F]EJMZITSMRXIHWXEVGSRXEMRMRKXLI
/'SSOMRK1IHME
PIXXIVw(x-JGSPSVIHXLIWXEVMWGSPSVIH
*SV'PEWW/X]TIW
]IPPS[
1IXEPW

 6IGSQQIRHIHGSPSVWTIV417 4ERXSRI1EXGLMRK7]WXIQ 
 MRGPYHIXLIJSPPS[MRK
(1IXEPW +6))2{&EWMG+VIIR
*SV'PEWW(X]TIW 6)({6IH
&09){4VSGIWW&PYI
=)003;{&EWMG=IPPS[

*-+96) & 0IXXIV7LETIH 7]QFSP 1EVOMRKW

2SXI6IGSQQIRHIHGSPSVWTIV417 4ERXSRI1EXGLMRK7]WXIQ 
MRGPYHIXLIJSPPS[MRK
 )JJIGXMZIRIWW SJ XLI JMVI I\XMRKYMWLIV SR XLEX LE^EVH
&09){  )EWI SJ YWI SJ XLI JMVI I\XMRKYMWLIV
6)({;EVQ6IH
 4IVWSRRIP EZEMPEFPI XS STIVEXI XLI JMVI I\XMRKYMWLIV ERH
XLIMV TL]WMGEP EFMPMXMIW ERH IQSXMSREP VIEGXMSRW EW MRJPY
*-+96) & 6IGSQQIRHIH 1EVOMRK 7]WXIQ IRGIH F] XLIMV XVEMRMRK
 %QFMIRX XIQTIVEXYVI GSRHMXMSRW ERH SXLIV WTIGMEP EXQS
WTLIVMG GSRWMHIVEXMSRW [MRH HVEJX TVIWIRGI SJ JYQIW
& 0IXXIVWLETIH W]QFSP QEVOMRKW EW TVIZMSYWP] VIGSQ  7YMXEFMPMX] SJ XLI JMVI I\XMRKYMWLIV JSV MXW IRZMVSRQIRX
QIRHIH EVI WLS[R MR *MKYVI & 2SXI XLEX JMVI I\XMRKYMWL  %R] ERXMGMTEXIH EHZIVWI GLIQMGEP VIEGXMSRW FIX[IIR XLI
IVW WYMXEFPI JSV QSVI XLER SRI GPEWW SJ JMVI WLSYPH FI MHIRXMJMIH I\XMRKYMWLMRK EKIRX ERH XLI FYVRMRK QEXIVMEPW
F] QYPXMTPI W]QFSPW TPEGIH MR E LSVM^SRXEP WIUYIRGI  %R] LIEPXL ERH STIVEXMSREP WEJIX] GSRGIVRW I\TSWYVI SJ
STIVEXSVW HYVMRK XLI JMVI GSRXVSP IJJSVXW
 9TOIIT ERH QEMRXIRERGI VIUYMVIQIRXW JSV XLI JMVI
%RRI\ ' *MVI )\XMRKYMWLIV 7IPIGXMSR I\XMRKYMWLIV
8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX ' 4SVXEFPI JMVI I\XMRKYMWLIVW EVI HIWMKRIH XS GSTI [MXL
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP] JMVIW SJ PMQMXIH WM^I ERH EVI RIGIWWEV] ERH HIWMVEFPI IZIR MJ XLI
TVSTIVX] MW IUYMTTIH [MXL EYXSQEXMG WTVMROPIV TVSXIGXMSR
' 4VMRGMTPIW SJ 7IPIGXMRK *MVI )\XMRKYMWLIVW
WXERHTMTI ERH LSWI W]WXIQW SV SXLIV JM\IH JMVITVSXIGXMZI
' 7IPIGXMSR SJ XLI FIWX TSVXEFPI JMVI I\XMRKYMWLIV JSV E IUYMTQIRX
KMZIR WMXYEXMSR HITIRHW SR XLI JSPPS[MRK JEGXSVW
' % JMVI GVIEXIW GSRHMXMSRW SJ WXVIWW ERH MRXIRWI I\GMXI
 2EXYVI SJ XLI GSQFYWXMFPIW SV JPEQQEFPIW XLEX GSYPH FI QIRX 9RHIV XLIWI GSRHMXMSRW XLI GLSMGI SJ E GSVVIGX JMVI
MKRMXIH I\XMRKYMWLIV RIIHW XS FI QEHI UYMGOP] 8LI TVSXIGXMSR TPER
 4SXIRXMEP WIZIVMX] WM^I MRXIRWMX] ERH WTIIH SJ XVEZIP SJ RIV GER LIPT XS IRWYVI WIPIGXMSR SJ XLI GSVVIGX JMVI I\XMR
ER] VIWYPXMRK JMVI KYMWLIV F] YWMRK XLI JSPPS[MRK TVSGIHYVIW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ' z

 0SGEXMRK XLI JMVI I\XMRKYMWLIVW RIEV JMVI LE^EVHW JSV  +VEZMX]XLVIIHMQIRWMSREP JMVIW [LMGL EVI TSYVMRK VYR
[LMGL XLI] EVI WYMXEFPI RMRK SV HVMTTMRK JYIP WMXYEXMSRW
 9WMRK JMVI I\XMRKYMWLIVW WYMXEFPI JSV QSVI XLER SRI GPEWW  4VIWWYVI JMVIW [LMGL EVI JSVGIH TYQTIH SV WTVE]IH JYIP
SJ JMVI WMXYEXMSRW
 1EVOMRK GPIEVP] XLI MRXIRHIH YWI 7II %RRI\ & )EGL SJ XLI JMZI 'PEWW & JMVI FYVRMRK GSRJMKYVEXMSRW GER
 8VEMRMRK IQTPS]IIW MR XLI YWI SJ TVSTIV JMVI I\XMRKYMWLIVW TVIWIRX WMKRMJMGERXP] HMJJIVIRX I\XMRKYMWLQIRX VIUYMVIQIRXW XLEX
8LI YWI SJ GSRWTMGYSYW QEVOMRKW XS VIEHMP] MHIRXMJ] E JMVI GER EJJIGX XLI WIPIGXMSR SJ I\XMRKYMWLMRK EKIRX ERH LEVH[EVI EW
I\XMRKYMWLIVvW WYMXEFMPMX] MW TEVXMGYPEVP] MQTSVXERX [LIVI JMVI [IPP EW XLI RIGIWWEV] ETTPMGEXMSR XIGLRMUYI YXMPM^IH :EVMEXMSRW
I\XMRKYMWLIVW EVI KVSYTIH SV [LIVI QYPXMTPI JMVI LE^EVHW EVI FIX[IIR MRHSSV ERH SYXHSSV GSRHMXMSRW GER TVIWIRX EHHMXMSREP
TVIWIRX MR ER EVIE GSQTPMGEXMSRW EJJIGXMRK XLI RIGIWWEV] HMWGLEVKI VERKI
' 1EXGLMRK *MVI )\XMRKYMWLIVW XS XLI ,E^EVH ' 'PEWW & WTMPP JMVI WMXYEXMSRW EVI X]TMGEPP] GETEFPI SJ FIMRK
LERHPIH F] QSWX 'PEWW &zVEXIH JMVI I\XMRKYMWLIVW MJ XLI TVSTIV
' 8LI JMVWX WXIT MR IZEPYEXMRK XLI WIPIGXMSR SJ E JMVI I\XMR HMWGLEVKI VERKI MW GSRWMHIVIH ERH XLI RIGIWWEV] YRMX WM^I MW TVST
KYMWLIV JSV XLI TVSXIGXMSR SJ E TVSTIVX] MW XS HIXIVQMRI XLI IVP] QEXGLIH XS XLI JMVI LE^EVH )\XMRKYMWLQIRX GER FI EJJIGXIH
REXYVI SJ XLI QEXIVMEPW XLEX QMKLX FI MKRMXIH 7SQI JMVI I\XMR F] ZEVMEXMSRW MR JYIP TVSTIVXMIW ERH ZIRXMPEXMSR SV [MRH GSRHM
KYMWLIVW EVI WYMXEFPI JSV SRP] SRI GPEWW SJ JMVI SXLIVW JSV X[S XMSRW 8EFPI  TVSZMHIW WSQI WTIGMJMG QMRMQYQ 'PEWW & JMVI
ERH WXMPP SXLIVW JSV XLVII *SV I\EQTPI E TPEMR [EXIV JMVI I\XMR I\XMRKYMWLIV VIGSQQIRHEXMSRW JSV SGGYTERGMIW
KYMWLIV MW WYMXEFPI JSV 'PEWW % JMVIW SRP]
' 'PEWW & JYIPMRHITXL SV ETTVIGMEFPI HITXL JMVI WMXYE
' 8LI WYGGIWWJYP YWI SJ E 'PEWW % JMVI I\XMRKYMWLIV SR ER XMSRW EVI XLSWI LEZMRK PMUYMH JYIP HITXLW KVIEXIV XLER MR
MRGMTMIRX JMVI MW HMVIGXP] VIPEXIH XS XLI UYERXMX] SJ GSQFYWXMFPI  QQ  [LMGL RSVQEPP] SGGYV [MXLMR GSRXEMRIH EVIEW WYGL
QEXIVMEP GSRXIRXW MRXIVMSV JMRMWL SV FSXL MRZSPZIH 8LI EW GSPPIGXMSR TERW WSPZIRX HMTTMRK STIVEXMSRW ERH MRHYWXVMEP
EQSYRX SJ GSQFYWXMFPIW MW WSQIXMQIW VIJIVVIH XS EW XLI JMVI UYIRGL XEROW 8LI WIPIGXMSR SJ ER I\XMRKYMWLMRK EKIRX ERH
PSEHMRK SJ E FYMPHMRK JMKYVIH EW XLI EZIVEKI TSYRHW SJ GSQ LEVH[EVI WLSYPH FI QEHI SR XLI FEWMW SJ XLI JYIP TVSTIVXMIW
FYWXMFPIW TIV WUYEVI JSSX SJ EVIE 8LI PEVKIV XLI EQSYRX SJ ERH XSXEP WYVJEGI EVIE MRZSPZIH 7YFWIGXMSR  TVSZMHIW
GSQFYWXMFPIW XLI KVIEXIV XLI JMVI PSEHMRK ERH XLI KVIEXIV XLI KYMHERGI JSV SGGYTERGMIW &IGEYWI XLI QIXLSH YWIH XS VEXI
TSXIRXMEP JMVI LE^EVH XLEX XLI JMVI I\XMRKYMWLIV GSYPH FI GEPPIH 'PEWW & JMVI I\XMRKYMWLIVW MW FEWIH SR XLI WUYEVI JSSX WYVJEGI
YTSR XS GSQFEX &EWIH SR XLMW GSRGITX 'PEWW % JMVI I\XMR EVIE SJ XIWX TERW GSRXEMRMRK E QMRMQYQ SJ  MR  QQ SJ
KYMWLIVW EVI EPPSGEXIH EGGSVHMRK XS XLI EZIVEKI JMVI PSEHMRK LITXERI JYIP XLI I\XMRKYMWLIV VEXMRK GER FI E YWIJYP VIJIVIRGI
XLEX GSYPH FI IRGSYRXIVIH MR XLI SGGYTERG] XS FI TVSXIGXIH MR XLI WIPIGXMSR SJ ER ETTVSTVMEXI I\XMRKYMWLIV JSV E PMUYMHMR
HITXL JMVI 8LIWI JMVI WMXYEXMSRW GER FI GSQTPMGEXIH SV MRXIR
' :MVXYEPP] IZIV] WXVYGXYVI IZIR MJ SJ JMVIVIWMWXMZI SV RSR WMJMIH MJ XLI JYIP MW WTPEWLIH F] XLI MQTVSTIV ETTPMGEXMSR SJ XLI
GSQFYWXMFPI GSRWXVYGXMSR LEW WSQI GSQFYWXMFPI FYMPHMRK I\XMRKYMWLMRK EKIRX
GSQTSRIRXW MR XLI JSVQ SJ MRXIVMSV JMRMWL TEVXMXMSRW ERH WS
JSVXL 8LYW JSV FYMPHMRK TVSXIGXMSR JMVI I\XMRKYMWLIVW WYMX ' 'PEWW & SFWXEGPI JMVI WMXYEXMSRW TVIWIRX WSQI EHHM
EFPI JSV 'PEWW % JMVIW EVI WXERHEVH 0MOI[MWI MR ZMVXYEPP] IZIV] XMSREP I\XMRKYMWLIV EKIRX LEVH[EVI ERH ETTPMGEXMSR GSRWMH
WMXYEXMSR [LIXLIV MX FI E FYMPHMRK E ZILMGPI SV ER SYXHSSV IVEXMSRW %*** ERH ***4 JSEQ TSVXEFPI I\XMRKYMWLIVW EVI GE
I\TSWYVI SVHMREV] GSQFYWXMFPI QEXIVMEPW EVI JSYRH TEFPI SJ I\XMRKYMWLMRK ERH WIGYVMRK LSVM^SRXEP JPEQQEFPI
PMUYMH WMXYEXMSRW F] WYTTVIWWMRK GSQFYWXMFPI ZETSVW ERH EVI
' -X MW EPWS XVYI XLEX [LIVI SVHMREV] GSQFYWXMFPIW EVI SJXIR XLI FIWX GLSMGI JSV SFWXEGPI JMVI LE^EVH WMXYEXMSRW [LIR
TVIWIRX XLIVI GSYPH FI XLI RIIH JSV JMVI I\XMRKYMWLIVW WYMX SRP] SRI ETTPMGEXMSR TSMRX QMKLX FI ERXMGMTEXIH EX XLI XMQI SJ
EFPI JSV YWI SR 'PEWW & ERH 'PEWW ' JMVIW IK MR XLI HMRMRK E JMVI 2SRWIGYVMRK SV RSRZETSV WYTTVIWWMRK X]TIW SJ 'PEWW &
EVIEW SJ E VIWXEYVERX XLI TVMRGMTEP GSQFYWXMFPIW TVIWIRX EVI I\XMRKYMWLMRK EKIRXW GER SJXIR SRP] FI WYGGIWWJYPP] YXMPM^IH
[SSH TETIV ERH JEFVMGW [LMGL EVI 'PEWW % QEXIVMEPW LS[IZIV MR [LIR XLI] EVI ETTPMIH WMQYPXERISYWP] JVSQ QYPXMTPI PSGEXMSRW
XLI OMXGLIR EVIE XLI IWWIRXMEP LE^EVH MRZSPZIW GSQFYWXMFPI GSSO XS IPMQMREXI ER] FPMRH WTSX TVIWIRXIH F] ER SFWXEGPI 7TIGMEP
MRK SMPW ERH E 'PEWW / JMVI I\XMRKYMWLIV WLSYPH FI MRWXEPPIH  RSRWIGYVMRK EKIRX X]TIW SJ JMVI I\XMRKYMWLIVW XLEX LEZI LMKLIV
' %W ERSXLIV I\EQTPI EPXLSYKL MR LSWTMXEPW XLIVI MW E EKIRX HMWGLEVKI JPS[ VEXIW WYJJMGMIRX XS IJJIGXMZIP] [VET EVSYRH
KIRIVEP RIIH JSV 'PEWW % JMVI I\XMRKYMWLIVW XS GSZIV WTEGIW ER SFWXEGPI GER EPWS WYGGIWWJYPP] EGGSQTPMWL I\XMRKYMWLQIRX
WYGL EW XLI TEXMIRXWv VSSQW GSVVMHSVW SJJMGIW ERH WS JSVXL 8LI W]WXIQ YWIH XS VEXI 'PEWW & JMVI I\XMRKYMWLIVW MW RSX ETTPM
'PEWW &' JMVI I\XMRKYMWLIVW WLSYPH FI EZEMPEFPI MR XLI PEFSVE GEFPI XS XLIWI X]TIW SJ JMVI LE^EVH WMXYEXMSRW 8LI WIPIGXMSR SJ
XSVMIW MR EVIEW [LIVI JPEQQEFPI ERIWXLIXMGW EVI WXSVIH SV I\XMRKYMWLIVW JSV XLIWI LE^EVHW WLSYPH FI QEHI SR XLI FEWMW SJ
LERHPIH ERH MR IPIGXVMGEP W[MXGLKIEV SV KIRIVEXSV VSSQW XLI IUYMTQIRX QERYJEGXYVIVvW VIGSQQIRHEXMSRW
)EGL EVIE WLSYPH FI WYVZI]IH JSV MXW EGXYEP JMVI I\XMRKYMWLIV VI ' 'PEWW & KVEZMX]XLVIIHMQIRWMSREP JMVI WMXYEXMSRW
UYMVIQIRXW OIITMRK MR QMRH XLI ZEVMIX] SJ GSRHMXMSRW XLEX I\MWX TVIWIRX WTIGMEP I\XMRKYMWLIV EKIRX LEVH[EVI ERH ETTPMGEXMSR
MR XLEX TEVXMGYPEV EVIE 'PEWW / JMVI I\XMRKYMWLIVW WLSYPH FI MR GSRWMHIVEXMSRW &IGEYWI XLI FYVRMRK JYIP MW QSZMRK 'PEWW &
WXEPPIH MR OMXGLIR EVIEW [LIVI GSSOMRK SMPW ERH JEXW EVI YWIH JSEQ EKIRXW GERRSX WYGGIWWJYPP] I\XMRKYMWL XLIWI WMXYEXMSRW
' 'PEWW & JPEQQEFPI PMUYMHW ERH KEWIW X]TMGEPP] FYVR MR 8LI TSXIRXMEP WM^I SJ XLIWI JMVIW SJXIR HMGXEXIW XLI FIWX EKIRX
SRI SV QSVI SJ XLI JSPPS[MRK JMZI FEWMG GSRJMKYVEXMSRW ERH IJJIGXMZI HMWGLEVKI GLEVEGXIVMWXMGW RIGIWWEV] 8LI ETTPMGE
XMSR SJ ER I\XMRKYMWLMRK EKIRX SRXS KVEZMX]JIH X]TIW SJ JMVIW MW
 7TMPP JMVIW [LMGL EVI YRGSRXEMRIH LSVM^SRXEP PMUYMH JYIP YWYEPP] FIWX EGGSQTPMWLIH [LIR I\XMRKYMWLQIRX MW WXEVXIH EX
WMXYEXMSRW XLI FSXXSQ SV PS[IWX PIZIP ERH XLIR [SVOIH YT[EVH 8LI W]W
 *YIPMRHITXL JMVIW [LMGL EVI PMUYMH JYIPW LEZMRK HITXLW XIQ YWIH XS VEXI 'PEWW & JMVI I\XMRKYMWLIVW MW RSX ETTPMGEFPI XS
KVIEXIV XLER MR  QQ XLIWI X]TIW SJ JMVI LE^EVH WMXYEXMSRW 8LI WIPIGXMSR SJ I\XMR
 3FWXEGPI JMVIW [LMGL EVI JYIP WMXYEXMSRW GSQTPIXIP] WYV KYMWLIVW JSV XLIWI LE^EVHW WLSYPH FI QEHI SR XLI FEWMW SJ XLI
VSYRHMRK E WM^EFPI SFNIGX IUYMTQIRX QERYJEGXYVIVvW VIGSQQIRHEXMSRW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

' 'PEWW & TVIWWYVI JMVI WMXYEXMSRW TVIWIRX WTIGMEP I\XMR WLSYPH FI QEHI SR XLI FEWMW SJ IUYMTQIRX QERYJEGXYVIVWv
KYMWLMRK EKIRX LEVH[EVI ERH ETTPMGEXMSR GSRWMHIVEXMSRW VIGSQQIRHEXMSRW
'PEWW & JMVI I\XMRKYMWLIVW GSRXEMRMRK EKIRXW SXLIV XLER WQEPP
' 'PEWW / GSQFYWXMFPI GSSOMRK QIHME JMVIW X]TMGEPP] MR
WSPMH HV] GLIQMGEP TEVXMGPIW EVI VIPEXMZIP] MRIJJIGXMZI SR ER]
ZSPZI OMXGLIR ETTPMERGIW GSRXEMRMRK UYERXMXMIW SJ GSSOMRK
WM^EFPI X]TI SJ TVIWWYVI JMVI 7TIGMEP I\XMRKYMWLIV RS^^PI HI KVIEWIW SV SMPW XLEX TVIWIRX WTIGMEP LE^EVH I\XMRKYMWLQIRX ERH
WMKRW ERH EKIRX HMWGLEVKI JPS[ VEXIW XLEX QIIX SV I\GIIH XLI VIJPEWL GSRGIVRW 3RP] I\XMRKYMWLMRK EKIRXW LEZMRK XLI EFMPMX]
QMRMQYQ GVMXMGEP ETTPMGEXMSR XLVIWLSPHW SJ E TEVXMGYPEV JYIP XS WETSRMJ] ERH GVIEXI E XLMGO LIEZ] PSRKPEWXMRK X]TI SJ JSEQ
EVI RIGIWWEV] 8LI ETTPMGEXMSR SJ ER I\XMRKYMWLMRK EKIRX SRXS FPEROIX YTSR XLI LSX GSSOMRK QIHME WYVJEGI WIEP SYX XLI S\]
TVIWWYVI JMVI WMXYEXMSRW MW YWYEPP] FIWX EGGSQTPMWLIH [LIR XLI KIR GSSP XLI GSSOMRK QIHME ERH OIIT XLIWI JMVIW I\XMR
HMWGLEVKI SJ EKIRX MW MRNIGXIH EX ER ETTVS\MQEXI ERKPI FIX[IIR KYMWLIH 'PEWW / PMWXIH JMVI I\XMRKYMWLIVW LEZI IJJIGXMZIP] HIQ
 HIKVIIW ERH  HIKVIIW XLVSYKL XLI WSYVGI SJ XLI JYIP ERH SRWXVEXIH XLI EFMPMX] XS EHHVIWW XLIWI GSQQIVGMEP OMXGLIR
[SVOMRK XLI JPEQI SYX[EVH IJJIGXMZIP] [MTMRK XLI JPEQI SJJ XLI LE^EVHW
JYIP 8LI W]WXIQ YWIH XS VEXI 'PEWW & JMVI I\XMRKYMWLIVW MW RSX
ETTPMGEFPI XS XLIWI X]TIW SJ JMVI LE^EVH WMXYEXMSRW 8LI WIPIGXMSR ' 7IPIGXMRK XLI 6MKLX *MVI )\XMRKYMWLIV
SJ I\XMRKYMWLIVW JSV XLIWI LE^EVHW WLSYPH FI QEHI SR XLI FEWMW SJ ' 7IPIGXMRK XLI VMKLX JMVI I\XMRKYMWLIV JSV XLI GPEWW SJ
XLI IUYMTQIRX QERYJEGXYVIVvW VIGSQQIRHEXMSRW LE^EVH HITIRHW SR E GEVIJYP EREP]WMW SJ XLI EHZERXEKIW ERH
'%98-32 -X MW YRHIWMVEFPI XS EXXIQTX XS I\XMRKYMWL XLMW X]TI HMWEHZERXEKIW YRHIV ZEVMSYW GSRHMXMSRW SJ XLI ZEVMSYW X]TIW
SJ JMVI YRPIWW XLIVI MW VIEWSREFPI EWWYVERGI XLEX XLI WSYVGI SJ EZEMPEFPI 8LI JSPPS[MRK TEVEKVETLW VIZMI[ WSQI SJ XLI TSMRXW
JYIP GER FI WLYX SJJ TVSQTXP] XLEX WLSYPH FI GSRWMHIVIH
' 8LI 'PEWW & VEXMRKW KMZIR F] XIWXMRK PEFSVEXSVMIW EVI ' ;EXIV8]TI *MVI )\XMRKYMWLIVW
FEWIH SR JPEQQEFPI PMUYMH JMVIW SJ ETTVIGMEFPI HITXL 8LI
' 8LI QSWX TSTYPEV X]TI MW XLI  KEP  0 WXSVIH
RYQFIV XLYW HIVMZIH MW ER ETTVS\MQEXI MRHMGEXMSR SJ XLI VIPE
TVIWWYVI [EXIV JMVI I\XMRKYMWLIV 8LIWI JMVI I\XMRKYMWLIVW EVI
XMZI JMVII\XMRKYMWLMRK TSXIRXMEP SJ XLI JMVI I\XMRKYMWLIV FIMRK YWIH XS VITPEGI MRZIVXMRK X]TIW SJ [EXIV JMVI I\XMRKYMWL
' 8LI WIPIGXMSR SJ 'PEWW & JMVI I\XMRKYMWLIVW XS FI YWIH IVW WSHE EGMH ERH GEVXVMHKISTIVEXIH [EXIV  [LMGL EVI RS
SR TVIWWYVM^IH JPEQQEFPI PMUYMHW ERH TVIWWYVM^IH KEW JMVIW VI PSRKIV QERYJEGXYVIH %R MQTSVXERX EHZERXEKI SJ XLI WXSVIH
UYMVIW WTIGMEP GSRWMHIVEXMSR *MVIW SJ XLMW REXYVI EVI GSRWMH TVIWWYVI [EXIV X]TI EW STTSWIH XS XLI MRZIVXMRK X]TI MW MXW
IVIH XS FI E WTIGMEP LE^EVH ERH SRP] HV] GLIQMGEP X]TIW SJ JMVI EFMPMX] XS FI HMWGLEVKIH MRXIVQMXXIRXP] 7SQI QSHIPW EVI WYMX
I\XMRKYMWLIVW WLSYPH FI IQTPS]IH 3XLIV X]TIW SJ 'PEWW EFPI JSV YWI EX JVII^MRK GSRHMXMSRW [LIR GLEVKIH EW WTIGMJMIH
&zVEXIH JMVI I\XMRKYMWLIVW EVI VIPEXMZIP] MRIJJIGXMZI SR XLIWI SR XLI REQITPEXI
LE^EVHW -X LEW FIIR HIXIVQMRIH XLEX WTIGMEP HV] GLIQMGEP ' 7MRGI XLI TYQT XERO JMVI I\XMRKYMWLIV LERHGEVV]
RS^^PI HIWMKRW ERH VEXIW SJ ETTPMGEXMSR EVI VIUYMVIH XS GSTI X]TI GERRSX FI STIVEXIH [LMPI FIMRK GEVVMIH MX MW GSRWMHIVIH
[MXL WYGL LE^EVHW WSQI[LEX QSVI HMJJMGYPX XS YWI ,S[IZIV MX HSIW TSWWIWW WSQI
'%98-32 -X MW YRHIWMVEFPI XS EXXIQTX XS I\XMRKYMWL XLMW X]TI EHZERXEKIW SZIV WXSVIHTVIWWYVI X]TIW YRHIV GIVXEMR ETTPMGE
SJ JMVI YRPIWW XLIVI MW VIEWSREFPI EWWYVERGI XLEX XLI WSYVGI SJ XMSRW -X MW ER I\GIPPIRX GLSMGI JSV YWI EW E WXERHF] JMVI I\XMR
JYIP GER FI WLYX SJJ TVSQTXP] KYMWLIV SR [IPHMRK SV GYXXMRK STIVEXMSRW TVSXIGXMRK FYMPH
MRKW MR VIQSXI PSGEXMSRW ERH JSV YWI F] XLI GSRWXVYGXMSR
' 8LI WM^I ERH X]TI SJ XLI 'PEWW ' JMVI I\XMRKYMWLIV WI MRHYWXV] -X GER IEWMP] FI JMPPIH JVSQ ER] GSRZIRMIRX VIPEXMZIP]
PIGXIH WLSYPH FI FEWIH SR XLI JSPPS[MRK GPIER [EXIV WYTTP] GER FI YWIH [MXLSYX XLI RIIH JSV TVIWWYV
 'SRWXVYGXMSR JIEXYVIW SJ XLI IPIGXVMGEP IUYMTQIRX M^EXMSR ERH GER FI IEWMP] QEMRXEMRIH *SV JVII^MRK GSRHMXMSRW
 (IKVII SJ EKIRX GSRXEQMREXMSR XLEX GER FI XSPIVEXIH GLIQMGEP EHHMXMZIW GSRXEMRMRK GSVVSWMSR MRLMFMXSVW GER FI
 7M^I ERH I\XIRX SJ 'PEWW % ERH 'PEWW & GSQTSRIRXW SV YWIH LS[IZIV GSTTIV ERH RSRQIXEPPMG XERO QSHIPW EVI VIG
SQQIRHIH FIGEYWI XLI] HS RSX GSVVSHI IEWMP] 8LI FEGOTEGO
FSXL XLEX EVI E TEVX SJ XLI IUYMTQIRX
WX]PI SJ TYQT XERO [LMGL GER FI GEVVMIH ERH STIVEXIH EX XLI
 2EXYVI ERH EQSYRX SJ GSQFYWXMFPI QEXIVMEPW MR XLI MQQIHM
WEQI XMQI MW MHIEPP] WYMXIH JSV YWI MR GSQFEXMRK FVYWL JMVIW
EXI ZMGMRMX] IK PEVKI QSXSVW ERH TS[IV TERIPW GSRXEMR E
GSRWMHIVEFPI EQSYRX SJ 'PEWW % MRWYPEXMRK QEXIVMEPW EW GSQ ' %*** ERH ***4 *MVI )\XMRKYMWLIVW %*** EUYISYW JMPQ
TEVIH XS XLI 'PEWW & QEXIVMEP MR ER SMPJMPPIH XVERWJSVQIV JSVQMRK JSEQ ERH ***4 JMPQJSVQMRK JPYSVSTVSXIMR JMVI I\
XMRKYMWLIVW EVI VEXIH JSV YWI SR FSXL 'PEWW % ERH 'PEWW & JMVIW
' 3RGI ER EREP]WMW MW QEHI SJ XLI REXYVI SJ XLI GSQFYW
8LI] EVI RSX WYMXEFPI JSV YWI MR JVII^MRK XIQTIVEXYVIW %R
XMFPIW TVIWIRX ERH XLIMV TSXIRXMEP JMVI WIZIVMX] E WXYH] MW QEHI EHZERXEKI SJ XLMW X]TI SJ I\XMRKYMWLIV [LIR YWIH SR 'PEWW &
SJ XLI ZEVMSYW GERHMHEXI JMVI I\XMRKYMWLIVW XLEX GSYPH FI TVS JPEQQEFPI PMUYMH JMVIW SJ ETTVIGMEFPI HITXL MW XLI EFMPMX] SJ XLI
ZMHIH XS QIIX JMVI TVSXIGXMSR RIIHW EKIRX XS JPSEX SR ERH WIGYVI XLI PMUYMH WYVJEGI [LMGL LIPTW XS
' 'PEWW ( GSQFYWXMFPI QIXEP JMVIW X]TMGEPP] MRZSPZI ZEVM TVIZIRX VIMKRMXMSR
SYW JSVQW SJ GSQFYWXMFPI QIXEP TS[HIVW JPEOIW WLEZMRKW ' 'EVFSR (MS\MHI '3 *MVI )\XMRKYMWLIVW 8LI TVMRGM
GLMTW SV PMUYMH WXEXIW XLEX FYVR EX I\XVIQIP] LMKL XIQTIVE TEP EHZERXEKI SJ '3 JMVI I\XMRKYMWLIVW MW XLEX XLI EKIRX HSIW
XYVIW GETEFPI SJ FVIEOMRK HS[R RSVQEP I\XMRKYMWLMRK EKIRXW RSX PIEZI E VIWMHYI EJXIV YWI 8LMW GER FI E WMKRMJMGERX JEGXSV
XS GEYWI ER YRHIWMVEFPI VIEGXMSR 3RP] I\XMRKYMWLMRK EKIRXW [LIVI TVSXIGXMSR MW RIIHIH JSV HIPMGEXI ERH GSWXP] IPIGXVSRMG
WTIGMJMGEPP] XIWXIH ERH PMWXIH JSV YWI SR TEVXMGYPEV GSQFYWXMFPI IUYMTQIRX 3XLIV X]TMGEP ETTPMGEXMSRW EVI JSSH TVITEVEXMSR
'PEWW ( QIXEP JMVI LE^EVHW WLSYPH FI WIPIGXIH ERH TVSZMHIH EVIEW PEFSVEXSVMIW ERH TVMRXMRK SV HYTPMGEXMRK EVIEW 'EVFSR
%TTVSTVMEXI TVSXIGXMSR MW X]TMGEPP] IWXEFPMWLIH YXMPM^MRK E HMS\MHI I\XMRKYMWLIVW EVI PMWXIH JSV YWI SR 'PEWW & ERH 'PEWW '
LE^EVHXSEKIRX VEXMS VIGSQQIRHEXMSR IWXEFPMWLIH XLVSYKL JMVIW &IGEYWI XLI EKIRX MW HMWGLEVKIH MR XLI JSVQ SJ E KEW
XIWXMRK 8LI WIPIGXMSR SJ JMVI I\XMRKYMWLIVW JSV XLIWI LE^EVHW WRS[ GPSYH MX LEW E VIPEXMZIP] WLSVX VERKI SJ  JX XS  JX  Q XS

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ' z

 Q  8LMW X]TI SJ JMVI I\XMRKYMWLIV MW RSX VIGSQQIRHIH  Q XS  Q  HITIRHMRK SR JMVI I\XMRKYMWLIV WM^I 'SQTEVIH
JSV SYXHSSV YWI [LIVI [MRH] GSRHMXMSRW TVIZEMP SV JSV MR [MXL GEVFSR HMS\MHI SV LEPSKIREXIH EKIRX JMVI I\XMRKYMWLIVW
HSSV YWI MR PSGEXMSRW XLEX EVI WYFNIGX XS WXVSRK EMV GYVVIRXW XLI] EPWS TIVJSVQ FIXXIV YRHIV [MRH] GSRHMXMSRW
FIGEYWI XLI EKIRX GER VETMHP] HMWWMTEXI ERH TVIZIRX I\XMR
KYMWLQIRX 8LI GSRGIRXVEXMSR RIIHIH JSV JMVI I\XMRKYMWL ' (V] GLIQMGEP JMVI I\XMRKYMWLIVW EVI EZEMPEFPI MR X[S
QIRX VIHYGIW XLI EQSYRX SJ S\]KIR EMV RIIHIH JSV PMJI FEWMG WX]PIW WXSVIHTVIWWYVI ERH GEVXVMHKISTIVEXIH 8LI
WEJIX] [LIR XLI HMWGLEVKI MW MR E GSRJMRIH EVIE WTEGI  WXSVIHTVIWWYVI VIGLEVKIEFPI X]TI MW XLI QSWX [MHIP] YWIH
ERH MW FIWX WYMXIH [LIVI MRJVIUYIRX YWI MW ERXMGMTEXIH ERH
' ,EPSKIREXIH %KIRX )\XMRKYMWLIVW [LIVI WOMPPIH TIVWSRRIP [MXL TVSJIWWMSREP VIGLEVKI IUYMT
' 8LI FVSQSGLPSVSHMJPYSVSQIXLERI ,EPSR  QIRX EVI EZEMPEFPI 8LI GEVXVMHKISTIVEXIH X]TI LEW XLI EHZER
JMVI I\XMRKYMWLIV LEW ER EKIRX XLEX MW WMQMPEV XS GEVFSR HMS\MHI XEKI SJ FIMRK UYMGOP] VIJMPPIH MR VIQSXI PSGEXMSRW [MXLSYX XLI
MR XLEX MX MW WYMXEFPI JSV GSPH [IEXLIV MRWXEPPEXMSR ERH PIEZIW RS RIIH JSV WTIGMEP IUYMTQIRX 7SQI HV] GLIQMGEP QSHIPW GER
VIWMHYI 7SQI PEVKIV QSHIPW SJ ,EPSR  JMVI I\XMRKYMWLIVW FI IUYMTTIH [MXL PSRKVERKI LMKLZIPSGMX] RS^^PIW SV ETTPM
EVI PMWXIH JSV YWI SR 'PEWW % EW [IPP EW 'PEWW & ERH 'PEWW ' JMVIW GEXSVW XLEX EVI FIRIJMGMEP MR ETTP]MRK XLI EKIRX YRHIV GIVXEMR
'SQTEVIH XS GEVFSR HMS\MHI SR E [IMKLXSJEKIRX FEWMW FVS WTIGMEP JMVIJMKLXMRK GSRHMXMSRW
QSGLPSVSHMJPYSVSQIXLERI ,EPSR  MW EX PIEWX X[MGI EW ' 8LIVI EVI JMZI EZEMPEFPI X]TIW SJ HV] GLIQMGEP EKIRX
IJJIGXMZI ;LIR HMWGLEVKIH XLI EKIRX MW MR XLI GSQFMRIH JSVQ ERH IEGL LEW GIVXEMR EHZERXEKIW ERH HMWEHZERXEKIW 8LIWI EH
SJ E KEWQMWX [MXL EFSYX X[MGI XLI VERKI SJ GEVFSR HMS\MHI 8S ZERXEKIW ERH HMWEHZERXEKIW WLSYPH FI VIZMI[IH F] TSXIRXMEP
WSQI I\XIRX [MRH] GSRHMXMSRW SV WXVSRK EMV GYVVIRXW GSYPH YWIVW
QEOI I\XMRKYMWLQIRX HMJJMGYPX F] GEYWMRK XLI VETMH HMWTIVWEP
SJ XLI EKIRX ' 8LI TSXEWWMYQ ERH YVIETSXEWWMYQ FEWI FMGEVFSR
EXI EKIRXW EVI TVIJIVVIH XS WSHMYQ FMGEVFSREXI TVMRGMTEPP]
' -R KIRIVEP FVSQSXVMJPYSVSQIXLERI ,EPSR 
FIGEYWI SJ XLIMV KVIEXIV JMVII\XMRKYMWLMRK GETEFMPMXMIW -J
JMVI I\XMRKYMWLIVW LEZI JIEXYVIW ERH GLEVEGXIVMWXMGW WMQMPEV XS
XLSWI SJ GEVFSR HMS\MHI JMVI I\XMRKYMWLIVW MR XLEX XLI] EVI WYMX GSVVSWMSR MW RSX E JEGXSV TSXEWWMYQ GLPSVMHI GER EPWS FI
EFPI JSV GSPH [IEXLIV MRWXEPPEXMSR ERH PIEZI RS VIWMHYI ,EPSR MRGPYHIH MR XLMW KVSYT ,S[IZIV XLI TSXEWWMYQ GLPSVMHI
 JMVI I\XMRKYMWLIVW EVI PMWXIH JSV 'PEWW & ERH 'PEWW ' JMVIW FEWI EKIRX MW GSVVSWMZI ERH HSIW RSX LEZI ER] WTIGMJMG I\XMR
'SQTEVIH XS GEVFSR HMS\MHI SR E [IMKLXSJEKIRX FEWMW FVS KYMWLMRK GLEVEGXIVMWXMGW XLEX EVI WYTIVMSV XS XLI TSXEWWMYQ
QSXVMJPYSVSQIXLERI ,EPSR  MW EX PIEWX EW IJJIGXMZI FMGEVFSREXI FEWI EKIRXW
;LIR HMWGLEVKIH XLI EKIRX MW MR XLI GSQFMRIH JSVQ SJ E KEW ' 8LI EQQSRMYQ TLSWTLEXI FEWI EKIRX QYPXMTYV
QMWX 8S WSQI I\XIRX [MRH] GSRHMXMSRW SV WXVSRK EMV GYVVIRXW TSWI MW XLI SRP] HV] GLIQMGEP EKIRX XLEX MW WYMXEFPI JSV 'PEWW %
GSYPH QEOI I\XMRKYMWLQIRX HMJJMGYPX F] GEYWMRK XLI VETMH HMW TVSXIGXMSR -R EHHMXMSR XS 'PEWW & ERH 'PEWW ' TVSXIGXMSR XLI
TIVWEP SJ XLI EKIRX VIWMHYIW SJ QYPXMTYVTSWI HV] GLIQMGEP [LIR PIJX MR GSRXEGX
' *MVI I\XMRKYMWLIVW GSRXEMRMRK E QM\XYVI SJ ,EPSR [MXL QIXEP WYVJEGIW GER GEYWI GSVVSWMSR
 ERH ,EPSR  WLEVI TVSTIVXMIW SJ XLI SXLIV LEPSKI ' ;LIVI HV] GLIQMGEP JMVI I\XMRKYMWLIVW EVI YXMPM^IH
REXIH EKIRXzX]TI JMVI I\XMRKYMWLIVW WYGL EW PIEZMRK RS VIWMHYI JSV 'PEWW ' TVSXIGXMSR MX MW MQTSVXERX XS GSRWMHIV XLEX XLI
EJXIV YWI ERH QMRMQM^MRK XLIVQEP WLSGO 8LI QM\XYVI SJ LEPS VIWMHYI SJ TSXEWWMYQ GLPSVMHI MW QSVI GSVVSWMZI XLER SXLIV
KIREXIH EKIRXW HMWGLEVKIW MR XLI JSVQ SJ E KEWQMWX [MXL XLI HV] GLIQMGEPW ERH XLEX E QYPXMTYVTSWI FEWI EKIRX MW QSVI
VEXMS SJ KEW XS QMWX MRGVIEWMRK [MXL LMKLIV VEXMSW SJ ,EPSR 
HMJJMGYPX XS VIQSZI FIGEYWI MX JMVWX WSJXIRW [LIR MR GSRXEGX
XS ,EPSR  8LI HMWGLEVKI VERKI PMOI[MWI MW EJJIGXIH F] XLI
[MXL LSX WYVJEGIW ERH XLIR LEVHIRW [LIR MX GSSPW %R] SJ XLI
VEXMS SJ ,EPSR  XS ,EPSR  [MXL XLI VERKI HIGVIEWMRK
SXLIV HV] GLIQMGEP EKIRXW HITIRHMRK SR TVSXIGXMSR VI
EW XLI TVSTSVXMSR SJ ,EPSR  MRGVIEWIW 8S WSQI I\XIRX
UYMVIQIRXW GSYPH TVSZI XS FI E QSVI TVEGXMGEP GLSMGI JSV
[MRH] GSRHMXMSRW SV WXVSRK EMV GYVVIRXW GSYPH QEOI I\XMR
'PEWW ' TVSXIGXMSR
KYMWLQIRX HMJJMGYPX F] GEYWMRK XLI VETMH HMWTIVWEP SJ XLI EKIRX
' ,EPSGEVFSR EKIRXW EVI WMQMPEV XS LEPSR EKIRXW MR XLEX ' ;LIIPIH *MVI )\XMRKYMWLIVW
XLI] EVI RSRGSRHYGXMZI RSRGSVVSWMZI ERH IZETSVEXI EJXIV ' 8LI WIPIGXMSR SJ ER] X]TI SJ [LIIPIH JMVI I\XMRKYMWLIV
YWI PIEZMRK RS VIWMHYI 0EVKIV QSHIPW SJ LEPSGEVFSR JMVI I\ MW KIRIVEPP] EWWSGMEXIH [MXL E VIGSKRM^IH RIIH XS TVSZMHI EHHM
XMRKYMWLIVW EVI PMWXIH JSV 'PEWW % EW [IPP EW 'PEWW & ERH 'PEWW ' XMSREP TVSXIGXMSR JSV WTIGMEP LE^EVHW SV PEVKI I\XVE LE^EVH EV
JMVIW [LMGL QEOIW XLIQ UYMXI WYMXEFPI JSV YWI SR JMVIW MR IPIG IEW ;LIVI [LIIPIH JMVI I\XMRKYMWLIVW EVI XS FI MRWXEPPIH GSR
XVSRMG IUYMTQIRX 'SQTEVIH XS GEVFSR HMS\MHI SR E [IMKLX WMHIVEXMSR WLSYPH FI KMZIR XS QSFMPMX] [MXLMR XLI EVIE MR [LMGL
SJEKIRX FEWMW LEPSGEVFSR EKIRXW EVI EX PIEWX X[MGI EW IJJIGXMZI XLI] [MPP FI YWIH
;LIR HMWGLEVKIH XLIWI EKIRXW EVI MR XLI GSQFMRIH JSVQ SJ E
KEWQMWX SV E PMUYMH [LMGL VETMHP] IZETSVEXIW UYMGOP] EJXIV HMW ' *SV SYXHSSV PSGEXMSRW QSHIPW [MXL VYFFIV XMVIW SV
GLEVKI [MXL EFSYX X[MGI XLI VERKI SJ GEVFSR HMS\MHI 8S WSQI [MHIVMQ [LIIPW EVI IEWMIV XS XVERWTSVX *SV MRHSSV PSGEXMSRW
I\XIRX [MRH] GSRHMXMSRW SV WXVSRK EMV GYVVIRXW GSYPH QEOI I\XMR HSSV[E]W EMWPIW ERH GSVVMHSVW RIIH XS FI [MHI IRSYKL XS
KYMWLMRK HMJJMGYPX F] GEYWMRK E VETMH HMWTIVWEP SJ EKIRX TIVQMX XLI VIEH] TEWWEKI SJ XLI JMVI I\XMRKYMWLIV &IGEYWI SJ
XLI QEKRMXYHI SJ XLI JMVI MX [MPP KIRIVEPP] FI YWIH SR XLMW X]TI
' (V] 'LIQMGEP )\XMRKYMWLIVW
SJ JMVI I\XMRKYMWLIV WLSYPH FI VIWIVZIH JSV YWI F] STIVEXSVW
' (YI XS XLI HMJJIVIRX HIWMKRW ERH XLI ZEVMSYW X]TIW SJ [LS LEZI EGXYEPP] YWIH XLI IUYMTQIRX [LS LEZI VIGIMZIH WTI
HV] GLIQMGEP EKIRXW GLSSWMRK XLI QSWX WYMXEFPI HV] GLIQMGEP GMEP MRWXVYGXMSRW SR XLI YWI SJ XLI IUYMTQIRX SV [LS LEZI
JMVI I\XMRKYMWLIV VIUYMVIW GEVIJYP IZEPYEXMSR ,ERH TSVXEFPI YWIH XLI IUYMTQIRX MR PMZI JMVI XVEMRMRK ?7II *MKYVI ' E
QSHIPW LEZI E HMWGLEVKI WXVIEQ XLEX VERKIW JVSQ  JX XS  JX ERH *MKYVI ' F A

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

'EVVMEKI 2MXVSKIRG]PMRHIV TVSXIGXMSR TPERRIV GER MRJPYIRGI WMKRMJMGERXP] XLI IEWI ERH PMOI
EWWIQFP] PMLSSH SJ XLIWI WXITW FIMRK EGGSQTPMWLIH TVSTIVP]
( *MVI I\XMRKYMWLIVW [MPP FI YWIH F] SRI SV QSVI SJ XLI
%KIRXXERO JSPPS[MRK KVSYTW SJ TISTPI PMWXIH MR HIWGIRHMRK SVHIV SJ XLIMV
,SWI TVSFEFPI WOMPP
 8VEMRIH JMVI HITEVXQIRXW QYRMGMTEP SV MRHYWXVMEP
2S^^PI  8VEMRIH SV YRXVEMRIH IQTPS]IIW FYWMRIWW SV MRHYWXVMEP
 9RXVEMRIH TVMZEXI S[RIVW LSQI GEV FSEX IXG
 9RXVEMRIH KIRIVEP TYFPMG
( ;LIVI IQTPS]IIW LEZI RSX FIIR XVEMRIH STIVEXMSR
SJ JMVI I\XMRKYMWLIVW GSYPH FI WIVMSYWP] HIPE]IH XLI I\XMR
KYMWLMRK QEXIVMEP GSYPH FI [EWXIH HYI XS TSSV ETTPMGEXMSR
XIGLRMUYIW ERH QSVI JMVI I\XMRKYMWLIVW GSYPH LEZI XS FI
YWIH SV XLI JMVI GSYPH TSWWMFP] RSX FI I\XMRKYMWLIH
( -X MW RSX IRSYKL JSV XLI TVSXIGXMSR TPERRIV XS HIXIV
*-+96) ' E ']PMRHIV3TIVEXIH (V] 'LIQMGEP 8]TI QMRI XLI LE^EVH SJ E PSGEXMSR SV EVIE [MXLMR E FYMPHMRK ERH
XLIR WIPIGX E TVSTIV X]TI ERH WM^I SJ JMVI I\XMRKYMWLIV XS JMX XLI
LE^EVH 8LI TPERRIV RIIHW XS XEOI MRXS EGGSYRX ER] TVSFPIQW
SJ KIXXMRK XLI JMVI I\XMRKYMWLIV MRXS EGXMSR ERH XLI HMJJMGYPX] SJ
%KIRXPIZIPKEYKI STXMSREP TVSTIVP] ETTP]MRK XLI I\XMRKYMWLMRK EKIRX 8LI TPERRIV
WLSYPH EPWS GSRWMHIV [LS MW XLI QSWX PMOIP] XS YWI XLI JMVI I\
4VIWWYVIKEYKI
XMRKYMWLIV ERH WLSYPH IWXMQEXI XLI HIKVII SJ WOMPP SV XVEMRMRK
(MWGLEVKIZEPZI XLEX TIVWSR WLSYPH LEZI
,SWIEWWIQFP]
( 1IXLSHW SJ *MVI )\XMRKYMWLIV 3TIVEXMSR
( 8LI QIXLSHW SJ STIVEXMSR SJ JMVI I\XMRKYMWLIVW EVI
QSWX GSRZIRMIRXP] EVVERKIH F] KVSYTMRK JMVI I\XMRKYMWLIVW EG
GSVHMRK XS XLIMV I\TIPPMRK QIERW *MZI QIXLSHW MR GSQQSR
YWI EVI EW JSPPS[W
'EVVMEKI  7IPJI\TIPPMRK [LIVI XLI EKIRXW LEZI WYJJMGMIRX ZETSV TVIW
EWWIQFP] WYVI EX RSVQEP STIVEXMRK XIQTIVEXYVIW XS I\TIP XLIQ
,SWIWYTTSVX
WIPZIW
 +EW GEVXVMHKI SV G]PMRHIV [LIVI I\TIPPERX KEW MW GSRJMRIH MR E
%KIRXG]PMRHIV WITEVEXI TVIWWYVI ZIWWIP YRXMP ER STIVEXSV VIPIEWIW MX XS
2S^^PIZEPZI TVIWWYVM^I XLI JMVI I\XMRKYMWLIV WLIPP
 7XSVIHTVIWWYVI [LIVI XLI I\XMRKYMWLMRK QEXIVMEP ERH I\
TIPPERX EVI OITX MR E WMRKPI GSRXEMRIV
 1IGLERMGEPP] TYQTIH [LIVI XLI STIVEXSV TVSZMHIW I\TIP
PMRK IRIVK] F] QIERW SJ E TYQT ERH XLI ZIWWIP GSRXEMRMRK
XLI EKIRX MW RSX TVIWWYVM^IH
 ,ERHTVSTIPPIH [LIVI XLI QEXIVMEP MW ETTPMIH [MXL E WGSST
TEMP SV FYGOIX
( 7IZIVEP HMJJIVIRX I\XMRKYMWLMRK QEXIVMEPW EVI LERHPIH
F] IEGL SJ XLIWI I\TIPPMRK QIERW 8EFPI ( PMWXW XLI EKIRX
ERH I\TIPPMRK QIERW GSQFMREXMSRW XLEX EVI SV LEZI FIIR MR
YWI
*-+96) ' F 7XSVIH4VIWWYVI ,EPSKIREXIH %KIRX
8]TI ( &EWMG 7XITW XS 3TIVEXI )\XMRKYMWLIVW
( 8LI JSPPS[MRK EVI XLI FEWMG WXITW RIGIWWEV] XS TYX E JMVI
%RRI\ ( 3TIVEXMSR ERH 9WI I\XMRKYMWLIV MRXS STIVEXMSR

8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX  6IGSKRMXMSR SJ E HIZMGI EW E JMVI I\XMRKYMWLIV
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]  7IPIGXMSR ERH WYMXEFMPMX] SJ E JMVI I\XMRKYMWLIV
 8VERWTSVX SJ E JMVI I\XMRKYMWLIV XS XLI JMVI
( +IRIVEP  %GXYEXMSR SJ XLI JMVI I\XMRKYMWLIV
( 4IVWSRW [LS EVI I\TIGXIH XS YWI E JMVI I\XMRKYMWLIV  %TTPMGEXMSR SJ XLI I\XMRKYMWLMRK EKIRX XS XLI JMVI
WLSYPH FI QEHI JEQMPMEV [MXL EPP MRJSVQEXMSR GSRXEMRIH MR XLI ( 6IGSKRMXMSR SJ E (IZMGI EW ER )\XMRKYMWLIV
QERYJEGXYVIVvW REQITPEXI W ERH XLI MRWXVYGXMSR QERYEP
4VSTIV STIVEXMSR SJ E JMVI I\XMRKYMWLIV VIUYMVIW XLI STIVEXSV XS ( %TTVSZEP EKIRGMIW VIUYMVI TIVQERIRX QEVOMRK SR
I\IGYXI WIZIVEP FEWMG WXITW MR E GIVXEMR WIUYIRGI 8LI JMVI I\XMR XLI JVSRX SJ JMVI I\XMRKYMWLIVW MRHMGEXMRK XLIMV TYVTSWI GSR
KYMWLIV HIWMKRIV XLI ETTVSZEP EKIRGMIW XLI MRWXEPPIV ERH XLI XIRX ERH YWEKI

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ( z

8EFPI ( )\XMRKYMWLIV 3TIVEXMSR ERH 1IXLSHW SJ )\TIPPMRK

)\TIPPMRK 1IXLSHW

)\XMRKYMWLMRK 7IPJ +EW 'EVXVMHKI 7XSVIH 1IGLERMGEPP] ,ERH


1EXIVMEPW )\TIPPMRK SV ']PMRHIV 4VIWWYVI 4YQTIH 4VSTIPPIH

;EXIV ERH \ \ \
ERXMJVII^I
;IXXMRK EKIRX \
%*** ERH ***4 \ \
0SEHIH WXVIEQ \ \
1YPXMTYVTSWI \ \
HV] GLIQMGEP
'EVFSR HMS\MHI \
(V] GLIQMGEP \ \
,EPSKIREXIH \ \
EKIRXW
(V] TS[HIV \ \ \
QIXEP JMVIW
;IX GLIQMGEP \

( %HHMXMSREP QEVOMRKW XLEX EVI RSX TEVX SJ HIZMGI GSYPH  4SWMXMSR JSV 3TIVEXMSR 8LI MRXIRHIH TSWMXMSR JSV STIVEXMSR
FI RIIHIH XS MRHMGEXI XLI PSGEXMSR SJ E JMVI I\XMRKYMWLIV MW YWYEPP] QEVOIH SR XLI JMVI I\XMRKYMWLIV ;LIR XLI TSWM
8LIWI TVIJIVEFP] WLSYPH FI WXERHEVHM^IH XLVSYKLSYX XLI XMSR SJ STIVEXMSR MW SFZMSYW WYGL EW [LIR SRI LERH LSPHW
TVSTIVX] WS XLEX EPP JMVI I\XMRKYMWLIVW EVI IEWMP] wWTSXXIHx XLI JMVI I\XMRKYMWLIV ERH XLI SXLIV LERH LSPHW XLI
8LIWI QEVOMRKW GSYPH FI MR XLI JSVQ SJ IPIGXVMG PMKLXW TPEG RS^^PI  XLMW MRJSVQEXMSR GER FI SQMXXIH
EVHW QSYRXMRK FSEVHW SZIVLIEH WMKRW GSPSV TERIPW SV WXVMTIW  6IQSZEP SJ 6IWXVEMRMRK SV 0SGOMRK (IZMGIW 1ER] JMVI I\XMR
SV GEFMRIXW 8LI] GSYPH FI HMWXMRGXMZIP] GSPSVIH F] TEMRXMRK SV KYMWLIVW LEZI ER STIVEXMSR WEJIKYEVH SV PSGOMRK HIZMGI
VIJPIGXMZI XETMRK XLEX TVIZIRXW EGGMHIRXEP EGXYEXMSR 8LI QSWX GSQQSR HI
ZMGI MW E PSGO TMR SV VMRK TMR XLEX RIIHW XS FI [MXLHVE[R
( -J JMVI I\XMRKYMWLIVW EVI PSGEXIH EPSRK XLI RSVQEP I\MX
FIJSVI STIVEXMSR 3XLIV JSVQW SJ WYGL HIZMGIW EVI GPMTW
TEXLW JVSQ ER EVIE TIVWSRRIP EVI QSVI MRGPMRIH XS XEOI XLIQ
GEQW PIZIVW SV LSWI SV RS^^PI VIWXVEMRIVW 1SWX XEQTIV
ERH VIXYVR XS XLI WMXI SJ E JMVI
MRHMGEXSVW WYGL EW [MVI ERH PIEH WIEPW FVIEO [MXL VI
( 8VERWTSVX SJ E *MVI )\XMRKYMWLIV XS XLI *MVI QSZEP SJ XLI VIWXVEMRMRK HIZMGI 3R WSQI JMVI I\XMRKYMWL
IVW XLI VIWXVEMRMRK HIZMGI MW EVVERKIH XS HMWIRKEKI [LIR
( % JMVI I\XMRKYMWLIV WLSYPH FI QSYRXIH ERH PSGEXIH
XLI YRMX MW RSVQEPP] LERHPIH 2S WITEVEXI QSXMSR MW VI
WS MX GER FI IEWMP] VIQSZIH MR E JMVI IQIVKIRG] ERH FVSYKLX XS
UYMVIH 8LMW X]TI SJ VIWXVEMRMRK HIZMGI MW IWTIGMEPP] WYMXIH
XLI WMXI SJ XLI JMVI EW UYMGOP] EW TSWWMFPI -X WLSYPH FI VIEHMP]
JSV YWI F] TVMZEXI S[RIVW ERH XLI KIRIVEP TYFPMG WMRGI
EGGIWWMFPI [MXLSYX RIIH JSV QSZMRK SV GPMQFMRK SZIV WXSGO
TVMSV MRWXVYGXMSR MW WIPHSQ TSWWMFPI
QEXIVMEPW SV IUYMTQIRX
 7XEVX SJ (MWGLEVKI 8LMW VIUYMVIW SRI SV QSVI SJ WIZIVEP EG
( 4SVXEFMPMX] MW EJJIGXIH F] XLI JSPPS[MRK JEGXSVW XMSRW WYGL EW XYVRMRK SV WUYII^MRK E ZEPZI LERHPI SV PIZIV
TYWLMRK E PIZIV SV TYQTMRK 8LIWI EGXMSRW GER GEYWI E
 ;IMKLX SJ XLI JMVI I\XMRKYMWLIV
KEW XS FI KIRIVEXIH VIPIEWI E KEW JVSQ E WITEVEXI GSR
 8VEZIP HMWXERGI XS E TSWWMFPI JMVI
XEMRIV STIR E RSVQEPP] GPSWIH ZEPZI SV GVIEXI E TVIWWYVI
 2IIH JSV GEVV]MRK XLI YRMX YT SV HS[R WXEMVW SV PEHHIVW
[MXLMR XLI GSRXEMRIV
 2IIH JSV YWMRK KPSZIW
 %KIRX %TTPMGEXMSR 8LMW EGX MRZSPZIW HMVIGXMRK XLI WXVIEQ SJ
 3ZIVEPP GSRKIWXMSR SJ XLI TVIQMWIW
I\XMRKYMWLMRK EKIRX SRXS XLI JMVI 2EQITPEXI MRJSVQE
 4L]WMGEP EFMPMX] SJ XLI STIVEXSVW
XMSR LEW EHZMWSV] RSXIW VIKEVHMRK XLI ETTPMGEXMSR SJ XLI
( -R XLI GEWI SJ [LIIPIH JMVI I\XMRKYMWLIVW XLI [MHXL SJ EKIRX XS HMJJIVIRX X]TIW SJ JMVIW 7TIGMJMG ETTPMGEXMSR XIGL
EMWPIW ERH HSSV[E]W ERH XLI REXYVI SJ XLI JPSSVMRK ERH SYXWMHI RMUYIW EVI HIWGVMFIH MR 7IGXMSR (
KVSYRHW SZIV [LMGL XLI JMVI I\XMRKYMWLIV RIIHW XS FI QSZIH ( )\TIPPERX +EW4VIWWYVI
WLSYPH FI XEOIR MRXS EGGSYRX
( 1ER] SJ XLI JMVI I\XMRKYMWLIVW HIWGVMFIH MR XLMW ER
( %GXYEXMSR SJ XLI *MVI )\XMRKYMWLIV RI\ EVI SJ XLI WXSVIHTVIWWYVI SV GEVXVMHKISTIVEXIH X]TI
( 3RGI XLI JMVI I\XMRKYMWLIV LEW FIIR XVERWTSVXIH XS 7MRGI XLI STIVEXMRK GLEVEGXIVMWXMGW SJ XLIWI X[S X]TIW EVI WMQM
XLI JMVI WMXI MX WLSYPH FI TPEGIH MRXS STIVEXMSR [MXLSYX HIPE] PEV VIKEVHPIWW SJ EKIRX YWIH XLI] EVI HIWGVMFIH KIRIVEPP] MR
)QTPS]IIW WLSYPH FI JEQMPMEV [MXL ER] WXITW RIIHIH XS EGXYEXI XLI JSPPS[MRK TEVEKVETLW
ER] JMVI I\XMRKYMWLIV ,IVI MW [LIVI TVIZMSYW XVEMRMRK MW QSWX ( -R WXSVIHTVIWWYVI QSHIPW XLI I\TIPPERX KEW ERH I\
ZEPYEFPI WMRGI XLIVI MW PMXXPI XMQI XS WXST ERH VIEH STIVEXMRK XMRKYMWLMRK EKIRX EVI WXSVIH MR E WMRKPI GLEQFIV ERH XLI HMW
MRWXVYGXMSRW SR XLI REQITPEXI GLEVKI MW GSRXVSPPIH F] E WLYXSJJ ZEPZI SV RS^^PI
( 8S EGXYEXI E JMVI I\XMRKYMWLIV SRI SV QSVI SJ XLI ( -R GEVXVMHKISTIVEXIH QSHIPW XLI I\TIPPERX KEW MW
JSPPS[MRK WXITW EVI VIUYMVIH WXSVIH MR E WITEVEXI GEVXVMHKI SV GSYPH FI WXSVIH MR ER

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

I\TIPPERXKEW G]PMRHIV [LIIPIH QSHIPW PSGEXIH [MXLMR SV EH (MWGLEVKIPIZIV


4VIWWYVI
NEGIRX XS XLI WLIPP GSRXEMRMRK XLI I\XMRKYMWLMRK EKIRX 8LIWI KEYKI
JMVI I\XMRKYMWLIVW EVI EGXYEXIH F] VIPIEWMRK XLI I\TIPPERX KEW 'EVV]MRK
XLEX I\TIPW XLI EKIRX -R QSWX QSHIPW XLI HMWGLEVKI GER WYF LERHPI
WIUYIRXP] FI GSRXVSPPIH F] E WLYXSJJ ZEPZI SV RS^^PI
( %TTPMGEXMSR 8IGLRMUYIW %RXMSZIVJMPP
XYFI
( +IRIVEP
( 1ER] JMVI I\XMRKYMWLIVW HIPMZIV XLIMV IRXMVI UYERXMX]
;EXIVSV
SJ I\XMRKYMWLMRK QEXIVMEP MR  WIGSRHW XS  WIGSRHW EP ERXMJVII^I
XLSYKL WSQI XEOI  WIGSRHW SV PSRKIV XS HMWGLEVKI  8LI WSPYXMSR
EKIRX RIIHW XS FI ETTPMIH GSVVIGXP] EX XLI SYXWIX WMRGI XLIVI MW
WIPHSQ XMQI JSV I\TIVMQIRXEXMSR -R QER] JMVI I\XMRKYMWLIVW
XLI HMWGLEVKI GER FI WXEVXIH SV WXSTTIH F] E ZEPZI ;LIR WSQI
JMVI I\XMRKYMWLIVW EVI YWIH SR JPEQQEFPI PMUYMH JMVIW XLI JMVI (MWGLEVKI
GSYPH JPEVI YT QSQIRXEVMP] [LIR XLI EKIRX MW MRMXMEPP] ETTPMIH LSWIERH 7MTLSRXYFI
RS^^PI
( 8LI FIWX XIGLRMUYI SJ ETTP]MRK XLI JMVI I\XMRKYMWLIV EWWIQFP]
HMWGLEVKI SR E JMVI ZEVMIW [MXL XLI X]TI SJ I\XMRKYMWLMRK QEXIVMEP
( *MVI )\XMRKYMWLIV 'LEVEGXIVMWXMGW *-+96) ( 7XSVIH4VIWWYVI ;EXIV )\XMRKYMWLIV
( ;EXIV 8]TIW 8LIWI X]TIW SJ I\XMRKYMWLIVW MRGPYHI [E
XIV ERXMJVII^I [IXXMRK EKIRX ERH PSEHIH WXVIEQ JMVI I\XMR
KYMWLIVW ;EXIVX]TI JMVI I\XMRKYMWLIVW EVI MRXIRHIH TVMQEVMP] ( 4YQT 8ERO *MVI I\XMRKYMWLIVW SJ XLMW X]TI LEZI FIIR
JSV YWI SR 'PEWW % JMVIW 8LI WXVIEQ MRMXMEPP] WLSYPH FI HMVIGXIH QEHI MR  KEP XS  KEP  0 XS  0 GETEGMXMIW [MXL JMVI
EX XLI FEWI SJ XLI JPEQIW %JXIV I\XMRKYMWLQIRX SJ JPEQIW XLI I\XMRKYMWLQIRX VEXMRKW SJ % XS % 8LI QSWX GSQQSR X]TI
WXVIEQ WLSYPH FI HMVIGXIH KIRIVEPP] EX WQSPHIVMRK SV KPS[MRK MW  KEP  0  VEXIH EX % 8LIWI JMVI I\XMRKYMWLIVW LEZI
WYVJEGIW %TTPMGEXMSR WLSYPH FIKMR EW GPSWI EW TSWWMFPI XS XLI G]PMRHVMGEP QIXEP GSRXEMRIVW ERH GEVV]MRK LERHPIW -R WSQI
JMVI (IITWIEXIH JMVIW WLSYPH FI XLSVSYKLP] WSEOIH ERH QMKLX QSHIPW XLI GEVV]MRK LERHPI MW GSQFMRIH [MXL XLI TYQT
RIIH XS FI wFVSOIR ETEVXx XS IJJIGX GSQTPIXI I\XMRKYMWLQIRX LERHPI ERH MR SXLIVW MX MW EXXEGLIH XS XLI GSRXEMRIV % FYMPXMR
LERHSTIVEXIH ZIVXMGEP TMWXSR TYQT XS [LMGL E WLSVX VYFFIV
( 7XSVIH4VIWWYVI ;EXIV ,ERH JMVI I\XMRKYMWLIVW SJ XLMW LSWI ERH RS^^PI EVI EXXEGLIH TVSZMHIW XLI QIERW JSV HMW
X]TI EVI YWYEPP] EZEMPEFPI MR  KEP  0 GETEGMX] [MXL E JMVI GLEVKMRK XLI [EXIV SRXS XLI JMVI 8LI TYQT MW SJ XLI HSYFPI
I\XMRKYMWLQIRX VEXMRK SJ % 7MRGI XLI EKIRX YWIH MW JVIWL EGXMRK X]TI [LMGL HMWGLEVKIW E WXVIEQ SJ [EXIV SR FSXL XLI YT
[EXIV XLMW JMVI I\XMRKYMWLIV GERRSX FI MRWXEPPIH MR EVIEW WYF ERH XLI HS[R WXVSOIW ;LIR FVSYKLX XS E JMVI XLI TYQT XERO
NIGXIH XS XIQTIVEXYVIW FIPS[ ”* ”'  8LMW WEQI X]TI SJ MW TPEGIH SR XLI KVSYRH ERH XS WXIEH] XLI YRMX XLI STIVEXSV
JMVI I\XMRKYMWLIV MW EPWS QERYJEGXYVIH MR ER ERXMJVII^I QSHIP TYXW SRI JSSX SR E WQEPP I\XIRWMSR FVEGOIX EXXEGLIH XS XLI
GLEVKIH [MXL ER ETTVSZIH WSPYXMSR XLEX EJJSVHW TVSXIGXMSR XS FEWI 8S JSVGI XLI [EXIV XLVSYKL XLI LSWI XLI STIVEXSV XLIR
XIQTIVEXYVIW EW PS[ EW n”* n”'  8LI JMVI I\XMRKYMWLIV TYQTW XLI LERHPI YT ERH HS[R 8S [SVO EVSYRH XLI JMVI SV XS
[IMKLW EFSYX  PF  OK ERH LEW E WSPMH WXVIEQ VERKI SJ QSZI GPSWIV XS XLI JMVI EW XLI JPEQIW WYFWMHI XLI STIVEXSV
ETTVS\MQEXIP]  JX XS  JX  Q XS  Q LSVM^SRXEPP] RIIHW XS WXST TYQTMRK ERH GEVV] XLI JMVI I\XMRKYMWLIV XS E
8LMW JMVI I\XMRKYMWLIV GER FI STIVEXIH MRXIVQMXXIRXP] FYX YR RI[ PSGEXMSR 8LI JSVGI VERKI ERH HYVEXMSR SJ XLI WXVIEQ EVI
HIV GSRXMRYSYW YWI MX LEW E HMWGLEVKI XMQI SJ EFSYX  WIGSRHW HITIRHIRX XS E HIKVII SR XLI STIVEXSV
8LI STIVEXMRK PIZIV MW LIPH MR E PSGOIH TSWMXMSR XS TVIZIRX EGGM 4YQT XERO JMVI I\XMRKYMWLIVW GER FI JMPPIH [MXL IMXLIV TPEMR
HIRXEP HMWGLEVKI [LMPI FIMRK GEVVMIH 1SWX QERYJEGXYVIVW YWI E [EXIV SV ERXMJVII^I GLEVKIW VIGSQQIRHIH F] XLI JMVI I\XMR
VMRK TMR XLEX RIIHW XS FI TYPPIH SYX FIJSVI XLI STIVEXMRK PIZIV KYMWLIV QERYJEGXYVIV 'SQQSR WEPX SV SXLIV JVII^MRK HITVIW
WERXW GSYPH GSVVSHI XLI JMVI I\XMRKYMWLIV HEQEKI XLI TYQT
GER FI HITVIWWIH 8S HS XLMW MX MW FIWX JSV XLI STIVEXSV XS WIX XLI
EWWIQFP] SV EJJIGX XLI JMVII\XMRKYMWLMRK GETEFMPMX] 'STTIV
JMVI I\XMRKYMWLIV SR XLI KVSYRH ERH [LMPI PSSWIP] LSPHMRK XLI
WLIPP ERH RSRQIXEPPMG QSHIPW HS RSX GSVVSHI EW IEWMP] EW WXIIP
GSQFMREXMSR LERHPI MR SRI LERH TYPP SYX XLI VMRK TMR SV VI
ERH EVI VIGSQQIRHIH JSV YWI MR GSRNYRGXMSR [MXL ERXMJVII^I
PIEWI E WQEPP PEXGL [MXL XLI SXLIV LERH 8LI STIVEXSV XLIR EKIRXW 7II *MKYVI (
[SYPH KVEWT XLI LSWI ERH RS^^PI MR SRI LERH ERH WUYII^I XLI
HMWGLEVKI PIZIV [MXL XLI SXLIV 7II *MKYVI ( ( &EGOTEGO 8LMW X]TI SJ TYQT JMVI I\XMRKYMWLIV MW YWIH
TVMQEVMP] JSV JMKLXMRK SYXHSSV JMVIW MR FVYWL ERH [MPHPERHW
( 0SEHIH 7XVIEQ ,ERH JMVI I\XMRKYMWLIVW SJ XLMW X]TI 8LI XERO LEW E GETEGMX] SJ  KEP  0 ERH [IMKLW ETTVS\M
LEZI FIIR QEHI [MXL PMUYMH GETEGMXMIW JVSQ  KEP XS  KEP QEXIP]  PF  OK [LIR JYPP %PXLSYKL MX MW PMWXIH F] 90 MX
 0 XS  0 LEZMRK JMVII\XMRKYMWLMRK VEXMRKW SJ %& XS HSIW RSX LEZI E HIWMKREXIH VEXMRK +IRIVEPP] TPEMR [EXIV MW
%& (YI XS PMQMXIH IJJIGXMZIRIWW XLIWI JMVI I\XMRKYMWLIVW YWIH EW XLI I\XMRKYMWLERX ,S[IZIV ERXMJVII^I EKIRXW [IXXMRK
EVI RS PSRKIV VIGSKRM^IH PMWXIH JSV YWI SR 'PEWW & JMVIW EKIRXW SV SXLIV WTIGMEP [EXIVFEWI EKIRXW GER FI YWIH 8LI
;LIIPIH JMVI I\XMRKYMWLIVW XLEX LEZI PMUYMH GETEGMXMIW SJ  KEP XERO GER FI GSRWXVYGXIH SJ JMFIVKPEWW WXEMRPIWW WXIIP KEPZE
ERH  KEP  0 ERH  0 ?XVEHI HIWMKREXMSRW  KEP ERH  KEP RM^IH WXIIP SV FVEWW %W MXW REQI MQTPMIW MX MW HIWMKRIH XS FI
 0 ERH  0 A ERH JMVI I\XMRKYMWLQIRX VEXMRKW SJ % XS % GEVVMIH SR XLI STIVEXSVvW FEGO 8LI FEGOTEGO JMVI I\XMR
LEZI FIIR QEHI 8LI GLIQMGEP YWIH MW E WSPYXMSR SJ ER EPOEPM KYMWLIV LEW E PEVKI STIRMRK JSV JEWX VIJMPPMRK EW [IPP EW E XMKLX
QIXEP WEPX XLEX HSIW RSX JVII^I EX XIQTIVEXYVIW EW PS[ EW n”* JMXXMRK JMPXIV XS TVIZIRX JSVIMKR QEXIVMEP JVSQ IRXIVMRK ERH
n”'  GPSKKMRK XLI TYQT 8LMW HIWMKR TIVQMXW GSRZIRMIRX VIJMPPMRK

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ( z

WXSVIHTVIWWYVI X]TIW ;LIIPIH I\XMRKYMWLIVW EVI STIVEXIH F] E


WITEVEXI GEVFSR HMS\MHI GEVXVMHKI GSRXEMRMRK XLI I\TIPPERX KEW
'EVV]MRK [LMGL [LIR VIPIEWIH I\TIPW XLI EKIRX XLVSYKL XLI LSWI RS^^PI
LERHPI 8LIWI I\XMRKYMWLIVW RIIH XS FI TVSXIGXIH JVSQ I\TSWYVI XS XIQ
TIVEXYVIW FIPS[ ”* ”' 
( *MVI 4EMPW (VYQW [MXL 4EMPW ERH &YGOIX 8EROW
( 7QEPP [EXIV WYTTPMIW ETTPMIH [MXL JMVI TEMPW EVI SJ
,SWI
PMQMXIH JMVII\XMRKYMWLMRK ZEPYI 8LI JSPPS[MRK GSQFMREXMSRW
GSRRIGXMSR EVI GSRWMHIVIH EW TSWWIWWMRK X[S YRMXW SJ I\XMRKYMWLMRK TSXIR
XMEP % JSV 'PEWW % JMVIW
;EXIVSV
ERXMJVII^I  *MZI  UX  0 [EXIVJMPPIH WXERHEVH JMVI TEMPW
WSPYXMSR  7M\  UX  0 [EXIVJMPPIH WXERHEVH JMVI TEMPW
 (VYQ GEWO SV FEVVIP SJ ETTVS\MQEXIP]  KEP  0
4PYRKIV GETEGMX] [MXL EX PIEWX XLVII WXERHEVH JMVI TEMPW EXXEGLIH
 &YGOIX XEROW SJ  KEP XS  KEP  0 XS  0 GETEGMX]
[MXL JMZI  UX  0 SV WM\  UX  0 JMVI TEMPW MQQIVWIH
XLIVIMR
*-+96) ( 4YQT 8ERO *MVI )\XMRKYMWLIV ( 7XERHEVH JMVI TEMPW EVI QEHI SJ KEPZERM^IH WXIIP SJ
EX PIEWX 2S  977 KEYKI [MXL VSYRHIH FSXXSQW [IPHIH MR
TPEGI SV SXLIV[MWI WYMXEFP] VIMRJSVGIH JYVRMWLIH [MXL WXEQTIH
JVSQ RIEVF] [EXIV WSYVGIW WYGL EW TSRHW PEOIW SV WXVIEQW 8LI IEVW [IPHIH MR TPEGI ERH [MXL WXVSRK [MVI FEMP ERH PSSWI
QSWX GSQQSRP] YWIH QSHIP LEW E XVSQFSRIX]TI HSYFPIEGXMRK JMXXMRK QIXEP GSZIVW XS I\GPYHI HIFVMW ERH VIXEVH IZETSVEXMSR
TMWXSR TYQT GSRRIGXIH XS XLI XERO F] E WLSVX PIRKXL SJ VYFFIV ( 'EWOW HVYQW SV FEVVIPW WLSYPH TVIJIVEFP] FI SJ
LSWI (MWGLEVKI SGGYVW [LIR XLI STIVEXSV LSPHMRK XLI TYQT MR QIXEP SJ 2S  977 KEYKI XLMGORIWW SV FIXXIV ERH WLSYPH
FSXL LERHW QSZIW XLI TMWXSR WIGXMSR FEGO ERH JSVXL 3XLIV QSH LEZI GSZIVW *MVI TEMPW GER FI LYRK SR WMHIW SJ XLI GSRXEMRIVW
IPW LEZI GSQTVIWWMSR TYQTW QSYRXIH SR XLI VMKLX WMHI SJ XLI SV MQQIVWIH XLIVIMR 4EMPW GEWOW HVYQW SV FYGOIX XEROW
XERO )\TIPPERX TVIWWYVI MW FYMPX YT [MXL EFSYX  WXVSOIW SJ XLI WLSYPH FI TEMRXIH FVMKLX VIH [MXL XLI [SVH w*-6)x WXIRGMPIH MR
LERHPI ERH XLIR QEMRXEMRIH F] GSRXMRYEP WPS[ IEW] TYQTMRK PEVKI PIXXIVW SR XLIMV SYXWMHI [MXL FPEGO SV SXLIV GSRXVEWXMRK
WXVSOIW (MWGLEVKI MW GSRXVSPPIH [MXL XLI PIJX LERH F] QIERW SJ E GSPSVIH TEMRX -J ERXMJVII^MRK WSPYXMSR MW YWIH XLI WYVJEGIW SJ
PIZIVSTIVEXIH WLYXSJJ RS^^PI EXXEGLIH XS XLI IRH SJ XLI LSWI 7II TEMPW HVYQW SV FYGOIX XEROW WLSYPH FI GSEXIH [MXL VIH PIEH SV
*MKYVI ( SMP JSPPS[IH F] E GSEX SJ EWTLEPXFEWI TEMRX 'EWOW WLSYPH FI
LIEZMP] GSEXIH [MXL TMXGL
( ;LIR PSGEXIH [LIVI GSRXMRYIH XIQTIVEXYVIW FI
PS[ ”* ”' GSYPH FI IRGSYRXIVIH GSRXEMRIVW WLSYPH FI
4YQTERHRS^^PIW JMPPIH [MXL ER ERXMJVII^I WSPYXMSR GSRWMWXMRK SJ  TIVGIRX XS
'EVV]MRK
LERHPI  TIVGIRX GEPGMYQ GLPSVMHI JVII JVSQ QEKRIWMYQ GLPSVMHI
HMWWSPZIH MR [EXIV 8EFPI ( WLS[W XLI ETTVS\MQEXI XIQ
TIVEXYVI EX [LMGL ZEVMSYW WSPYXMSRW [MPP JVII^I
*MPPMRK
JMPXIV

8EFPI ( %RXMJVII^I 7SPYXMSRW ? KEP  0 A


;EXIVSV
ERXMJVII^IWSPYXMSR
%TTVS\
,SWIGSRRIGXMSR *VII^MRK 'EPGMYQ
8IQT ;EXIV 'LPSVMHI
*-+96) ( 4YQT 8ERO &EGOTEGO *MVI )\XMRKYMWLIV 7TIGMJMG (IKVIIW
”* ”' KEP 0 PF OK +VEZMX] &EYQI

 z      


( ;IXXMRK %KIRX )\XMRKYMWLIVW SJ XLMW X]TI EVI YWYEPP]  z      
EZEMPEFPI MR LERH TSVXEFPI QSHIPW SJ  KEP  0 GETEGMX] z z      
ERH MR [LIIPIH QSHIPW LEZMRK PMUYMH GETEGMXMIW SJ  KEP ERH z z      
 KEP  0 ERH  0  8LIWI I\XMRKYMWLIVW LEZI VEXMRKW SJ % z z      
% ERH % VIWTIGXMZIP] 8LI I\XMRKYMWLMRK EKIRX YWIH MW E z z      
WYVJEGIEGXMZI QEXIVMEP EHHIH XS [EXIV MR TVSTIV UYERXMXMIW XS QE
XIVMEPP] VIHYGI XLI WYVJEGI XIRWMSR SJ XLI [EXIV ERH XLYW MRGVIEWI 2SXI 8LMW WSPYXMSR WLSYPH RSX FI YWIH MR I\XMRKYMWLIVW 3RP] WSPY
TIRIXVEXMRK ERH WTVIEHMRK GLEVEGXIVMWXMGW WII 2*4%  7XERHEVH XMSRW WYTTPMIH F] XLI QERYJEGXYVIVW WLSYPH FI YWIH MR WXSVIHTVIWWYVI
SR ;IXXMRK %KIRXW  ,ERH TSVXEFPI QSHIPW EVI SJ XLI WXSVIH ERH GEVXVMHKISTIVEXIH [EXIV I\XMRKYMWLIVW ERH MR TYQT XERO I\XMR
TVIWWYVI HIWMKR ERH EVI STIVEXIH IWWIRXMEPP] XLI WEQI EW SXLIV KYMWLIVW [LIVI ER ERXMJVII^I WSPYXMSR MW HIWMVIH

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

( *MPQ*SVQMRK *SEQ %KIRXW 8LIWI JMVI I\XMRKYMWLIVW (MWGLEVKIPIZIV


4VIWWYVI
EVI MRXIRHIH JSV YWI SR 'PEWW % ERH 'PEWW & JMVIW 3R JPEQ KEYKI
QEFPI PMUYMH JMVIW SJ ETTVIGMEFPI HITXL FIWX VIWYPXW EVI SF 'EVV]MRK
XEMRIH [LIR XLI HMWGLEVKI JVSQ XLI JMVI I\XMRKYMWLIV MW TPE]IH LERHPI
EKEMRWX XLI MRWMHI SJ XLI FEGO [EPP SJ XLI ZEX SV XERO NYWX EFSZI
XLI FYVRMRK WYVJEGI XS TIVQMX XLI REXYVEP WTVIEH SJ XLI EKIRX
%RXMSZIVJMPP
FEGO SZIV XLI FYVRMRK PMUYMH -J XLMW GERRSX FI HSRI XLI ST XYFI
IVEXSV WLSYPH WXERH JEV IRSYKL E[E] JVSQ XLI JMVI XS EPPS[ XLI
EKIRX XS JEPP PMKLXP] SR XLI FYVRMRK WYVJEGI { XLI WXVIEQ
WLSYPH RSX FI HMVIGXIH MRXS XLI FYVRMRK PMUYMH ;LIVI TSW 4VIQM\IH
WMFPI XLI STIVEXSV WLSYPH [EPO EVSYRH XLI JMVI [LMPI HMVIGXMRK WSPYXMSR
XLI WXVIEQ XS KIX QE\MQYQ GSZIVEKI HYVMRK XLI HMWGLEVKI
TIVMSH *SV JMVIW MR SVHMREV] GSQFYWXMFPI QEXIVMEPW XLI EKIRX
GER FI YWIH XS GSEX XLI FYVRMRK WYVJEGI HMVIGXP] *SV JPEQ
QEFPI PMUYMH WTMPP JMVIW XLI EKIRX GSYPH FI JPS[IH SZIV E FYVR
MRK WYVJEGI F] FSYRGMRK MX SJJ XLI JPSSV NYWX MR JVSRX SJ XLI %MVEWTMVEXMRK
FYVRMRK EVIE *MPQJSVQMRK JSEQ EKIRXW EVI RSX IJJIGXMZI SR JSEQRS^^PI 7MTLSRXYFI
JPEQQEFPI PMUYMHW ERH KEWIW IWGETMRK YRHIV TVIWWYVI SV SR
GSSOMRK KVIEWI JMVIW
( %*** ERH ***4 *MVI I\XMRKYMWLIVW SJ XLIWI X]TIW EVI
YWYEPP] EZEMPEFPI MR LERH TSVXEFPI QSHIPW SJ  KEP  0 ERH *-+96) ( 7XSVIH4VIWWYVI %*** SV ***4 0MUYMH )\XMR
 KEP  0 ERH MR [LIIPIH QSHIPW LEZMRK E PMUYMH GETEG KYMWLIV
MX] SJ  KEP  0  8LIWI JMVI I\XMRKYMWLIVW LEZI VEXMRKW SJ
%& %& ERH %& VIWTIGXMZIP] 8LI I\XMR
KYMWLMRK EKIRX MW E WSPYXMSR SJ JMPQJSVQMRK WYVJEGXERX MR [EXIV FYVRMRK EVIE +IRIVEPP] XLI LSVR MW RSX QSZIH EW MR XLI SXLIV
XLEX JSVQW QIGLERMGEP JSEQ [LIR HMWGLEVKIH XLVSYKL ER EW QIXLSH FIGEYWI XLI HMWGLEVKI WXVIEQ IRXIVW XLI JMVI JVSQ
TMVEXMRK RS^^PI 3R 'PEWW % JMVIW XLI EKIRX EGXW EW FSXL E GSSP EFSZI ERH WTVIEHW SYX MR EPP HMVIGXMSRW SZIV XLI FYVRMRK WYV
ERX ERH E TIRIXVERX XS VIHYGI XIQTIVEXYVIW XS FIPS[ XLI MKRM JEGI *SV WTMPP JMVIW XLI WMHIXSWMHI W[IITMRK QSXMSR GSYPH
XMSR PIZIP 3R 'PEWW & JMVIW XLI EKIRX EGXW EW E FEVVMIV XS KMZI FIXXIV VIWYPXW
I\GPYHI EMV SV S\]KIR JVSQ XLI JYIP WYVJEGI 3R JMVIW MRZSPZMRK IPIGXVMGEP IUYMTQIRX HMWGLEVKI WLSYPH
+VEHIW SJ XLIWI EKIRXW EVI EPWS WYMXEFPI JSV XLI TVSXIGXMSR FI HMVIGXIH EX XLI WSYVGI SJ XLI JPEQIW -X MW MQTSVXERX XS HI
SJ [EXIVWSPYFPI JPEQQEFPI PMUYMHW TSPEV WSPZIRXW WYGL EW EP IRIVKM^I XLI IUYMTQIRX EW WSSR EW TSWWMFPI XS IPMQMREXI XLI
GSLSPW EGIXSRI IWXIVW OIXSRIW ERH WS JSVXL 8LI WYMXEFMPMX] SJ TSXIRXMEP SJ VIMKRMXMSR 'EVFSR HMS\MHI EKIRXW EVI RSX WYMXEFPI
XLIWI JMVI I\XMRKYMWLIVW JSV TSPEV WSPZIRX JMVIW WLSYPH FI VIJIV JSV YWI SR TVIWWYVM^IH JYIP JMVIW SV GSSOMRK KVIEWI JMVIW
IRGIH WTIGMJMGEPP] SR XLI REQITPEXI 8LIWI EKIRXW EVI RSX WYMX 8LI GEVFSR HMS\MHI EKIRX I\XMRKYMWLIW F] HMPYXMRK XLI WYV
EFPI JSV YWI SR TVIWWYVM^IH JYIP JMVIW SV GSSOMRK KVIEWI JMVIW VSYRHMRK EXQSWTLIVI [MXL ER MRIVX KEW WS XLEX S\]KIR PIZIPW
7TIGMJMG MRJSVQEXMSR SR XLI TVSTIVXMIW ERH PMQMXEXMSRW SJ EVI OITX FIPS[ XLI TIVGIRXEKI VIUYMVIH JSV GSQFYWXMSR
%*** ERH ***4 EVI GSRXEMRIH MR 2*4%  ;LIR XLMW X]TI SJ JMVI I\XMRKYMWLIV MW YWIH MR ER YRZIRXMPEXIH
8LI LERH TSVXEFPI QSHIPW GPSWIP] VIWIQFPI WXSVIHTVIWWYVI WTEGI WYGL EW E WQEPP VSSQ GPSWIX SV SXLIV GSRJMRIH EVIE
[EXIV JMVI I\XMRKYMWLIVW I\GITX JSV XLI WTIGMEP X]TIW SJ RS^^PIW WII TVSPSRKIH SGGYTERG] SJ XLEX WTEGI GER VIWYPX MR XLI PSWW SJ
*MKYVI (  ;LIIPIH X]TIW EVI STIVEXIH F] E WITEVEXI RMXVS GSRWGMSYWRIWW HYI XS S\]KIR HIJMGMIRG]
KIR G]PMRHIV GSRXEMRMRK XLI I\TIPPERX KEW [LMGL [LIR VIPIEWIH ,ERH JMVI I\XMRKYMWLIVW SJ XLMW X]TI EVI YWYEPP] EZEMPEFPI EX
TVIWWYVM^IW XLI EKIRX GSRXEMRIV 8LI HMWGLEVKI MW GSRXVSPPIH F] E GETEGMXMIW JVSQ  PF XS  PF  OK XS  OK  LEZMRK JMVI I\XMR
WTIGMEP EWTMVEXMRK WLYXSJJ X]TI SJ RS^^PI EX XLI IRH SJ XLI LSWI KYMWLQIRX VEXMRKW JVSQ &' XS &' 'EVFSR HMS\MHI JMVI I\
EWWIQFP] 8LIWI X]TIW SJ JMVI I\XMRKYMWLIVW GER FI YWIH SRP] MR XMRKYMWLIVW QMKLX LEZI E PMQMXIH IJJIGX SR HIITWIEXIH JMVIW MR
PSGEXMSRW RSX WYFNIGX XS JVII^MRK GSRHMXMSRW YRPIWW WTIGMEP QIE IPIGXVMGEP IRGPSWYVIW ;LIIPIH GEVFSR HMS\MHI JMVI I\XMRKYMWLIVW
WYVIW VIGSQQIRHIH F] XLI QERYJEGXYVIV EVI TVSZMHIH XS TVI EVI YWYEPP] EZEMPEFPI MR GETEGMXMIW JVSQ  PF XS  PF  OK XS
ZIRX XLI EKIRX JVSQ JVII^MRK  OK  LEZMRK JMVI I\XMRKYMWLQIRX VEXMRKW JVSQ &' XS &'
8LI GEVFSR HMS\MHI MW VIXEMRIH YRHIV MXW S[R TVIWWYVI MR E JPYMH
( 'EVFSR (MS\MHI 8]TI 8LMW X]TI SJ JMVI I\XMRKYMWLIV MW GSRHMXMSR EX VSSQ XIQTIVEXYVI 8LI EKIRX MW WIPJI\TIPPMRK ERH MW
TVMQEVMP] MRXIRHIH JSV YWI SR 'PEWW & ERH 'PEWW ' JMVIW 'EVFSR HMWGLEVKIH F] STIVEXMSR SJ E ZEPZI XLEX GEYWIW XLI GEVFSR HMS\MHI
HMS\MHI JMVI I\XMRKYMWLIVW LEZI E PMQMXIH VERKI ERH EVI EJ XS FI I\TIPPIH XLVSYKL E LSVR MR MXW ZETSV ERH WSPMH TLEWI 8S FI
JIGXIH F] HVEJX ERH [MRH XLYW MRMXMEP ETTPMGEXMSR RIIHW XS WXEVX STIVEXIH XLI JMVI I\XMRKYMWLIV MW LIPH MR ER YTVMKLX TSWMXMSR XLI
VIEWSREFP] GPSWI XS XLI JMVI 3R EPP JMVIW XLI HMWGLEVKI WLSYPH PSGOMRK VMRK TMR MW TYPPIH ERH XLI STIVEXMRK PIZIV MW WUYII^IH
FI HMVIGXIH EX XLI FEWI SJ XLI JPEQIW 8LI HMWGLEVKI WLSYPH FI 3R XLI WQEPPIV  PF XS  PF  OK XS  OK QSHIPW XLI HMW
ETTPMIH XS XLI FYVRMRK WYVJEGI IZIR EJXIV XLI JPEQIW EVI I\XMR GLEVKI LSVR MW EXXEGLIH XS XLI ZEPZI EWWIQFP] F] E QIXEP XYFI
KYMWLIH XS EPPS[ EHHIH XMQI JSV GSSPMRK ERH XS TVIZIRX TSW W[MRK NSMRX GSRRIGXSV 8LI WQEPPIV QSHIPW EVI HIWMKRIH XS FI
WMFPI VIJPEWL 8LI QSWX GSQQSRP] YWIH QIXLSH SJ EKIRX ETTPM STIVEXIH [MXL SRI LERH 3R XLI PEVKIV LERH TSVXEFPIW XLI HMW
GEXMSR SR GSRXEMRIH JPEQQEFPI PMUYMH JMVIW MW XS WXEVX EX XLI GLEVKI LSVR MW EXXEGLIH XS WIZIVEP JIIX SJ JPI\MFPI LSWI 8LIWI JMVI
RIEV IHKI ERH HMVIGX XLI HMWGLEVKI MR E WPS[ WMHIXSWMHI I\XMRKYMWLIVW VIUYMVI E wX[SLERHx STIVEXMSR 8LI QMRMQYQ HMW
W[IITMRK QSXMSR KVEHYEPP] TVSKVIWWMRK XS[EVH XLI FEGO SJ GLEVKI XMQI JSV LERH TSVXEFPIW ZEVMIW JVSQ  WIGSRHW XS  WIG
XLI JMVI 8LI SXLIV QIXLSH MW GEPPIH SZIVLIEH ETTPMGEXMSR 8LI SRHW HITIRHMRK YTSR WM^I 8LI QE\MQYQ VERKI SJ XLI HMW
HMWGLEVKI LSVR MW HMVIGXIH MR E HEKKIV SV HS[R[EVH TSWMXMSR GLEVKI WXVIEQ MW JVSQ  JX XS  JX  Q XS  Q  ?7II *MKYVI ( E
EX ER ERKPI SJ EFSYX  HIKVIIW XS[EVH XLI GIRXIV SJ XLI ERH *MKYVI ( F A

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ( z

(MWGLEVKI SJ RMXVSKIR MW EHHIH XS IRWYVI TVSTIV STIVEXMSR 9TSR EGXYE


PIZIV XMSR XLI ZETSV TVIWWYVI GEYWIW XLI EKIRX XS I\TERH WS XLEX XLI
HMWGLEVKI WXVIEQ GSRWMWXW SJ E QM\XYVI SJ PMUYMH HVSTPIXW ERH
'EVV]MRK ZETSV 8LI WQEPPIV WM^IW LEZI E LSVM^SRXEP WXVIEQ VERKI SJ  JX
LERHPI XS  JX  Q XS  Q XLEX MW RSX EJJIGXIH F] [MRH EW QYGL EW
GEVFSR HMS\MHI ERH ,EPSR  EVI (IITWIEXIH 'PEWW % JMVIW
'EVFSRHMS\MHI GSYPH RIIH XS FI FVSOIR ETEVX XS IJJIGX GSQTPIXI I\XMRKYMWL
MREJPYMHWXEXI QIRX 3R 'PEWW & JMVIW XLI HMWGLEVKI MW ETTPMIH MR E WMHIXS
WMHI QSXMSR KVEHYEPP] TVSKVIWWMRK XS[EVH XLI FEGO SJ XLI JMVI
8LI JMVI I\XMRKYMWLIV WLSYPH FI HMWGLEVKIH MRMXMEPP] JVSQ RSX
(MWGLEVKI GPSWIV XLER  JX  Q XS TVIZIRX WTPEWLMRK [LIR YWIH SR
LSVR HITXLW SJ JPEQQEFPI PMUYMH 7II *MKYVI (

(MWGLEVKIPIZIV
4VIWWYVI
KEYKI
7MTLSRXYFI 'EVV]MRK
LERHPI
*-+96) ( E 0EVKI 'EVFSR (MS\MHI )\XMRKYMWLIV

(MWGLEVKIPIZIV
,EPSKIREXIH
EKIRX

(MWGLEVKILSWI
'EVV]MRK ERHRS^^PI
LERHPI

*-+96) ( ,EPSKIREXIH %KIRXz8]TI 7XSVIH4VIWWYVI


*MVI )\XMRKYMWLIV

( &VSQSGLPSVSHMJPYSVSQIXLERI  &VSQSXVMJPYSVSQIXLERI


,EPSR  1M\XYVIW *MVI I\XMRKYMWLIVW SJ XLMW X]TI EVI
EZEMPEFPI MR GETEGMXMIW JVSQ  PF XS  PF  OK XS  OK  LEZMRK
JMVI I\XMRKYMWLQIRX VEXMRKW JVSQ &' XS %&' 8LI LEPS
*-+96) ( F 7QEPP 'EVFSR (MS\MHI )\XMRKYMWLIV
KIREXIH EKIRX QM\XYVI MW VIXEMRIH YRHIV TVIWWYVI MR E PMUYMH WXEXI
ERH MW WIPJI\TIPPMRK 7SQI SJ XLIWI JMVI I\XMRKYMWLIVW EVI WYTIV
TVIWWYVM^IH [MXL RMXVSKIR 9TSR EGXYEXMSR XLI ZETSV TVIWWYVI
( ,EPSKIREXIH %KIRX 8]TIW ,EPSKIREXIH EKIRX JMVI I\ GEYWIW XLI EKIRX XS I\TERH WS XLEX XLI HMWGLEVKI WXVIEQ MW MR XLI
XMRKYMWLIVW [LMGL MRGPYHI FSXL LEPSR ERH LEPSGEVFSR X]TIW JSVQ SJ E KEWQMWX 8LIWI I\XMRKYMWLIVW LEZI E LSVM^SRXEP WXVIEQ
EVI VEXIH JSV YWI SR 'PEWW & ERH 'PEWW ' JMVIW 0EVKIV QSHIPW VERKI SJ  JX XS  JX  Q XS  Q XLEX MW RSX EJJIGXIH F] [MRH EW
EVI EPWS VEXIH JSV 'PEWW % JMVIW 3R JPEQQEFPI PMUYMH JMVIW FIWX QYGL EW GEVFSR HMS\MHI ERH ,EPSR  EVI (IITWIEXIH 'PEWW
VIWYPXW EVI SFXEMRIH [LIR XLI STIVEXSV YWIW XLI HMWGLEVKI % JMVIW GSYPH RIIH XS FI FVSOIR ETEVX XS IJJIGX GSQTPIXI I\XMR
JVSQ XLI JMVI I\XMRKYMWLIV XS W[IIT XLI JPEQI SJJ XLI FYVRMRK KYMWLQIRX 3R 'PEWW & JMVIW XLI HMWGLEVKI MW ETTPMIH MR E WMHIXS
WYVJEGI ETTP]MRK XLI HMWGLEVKI JMVWX EX XLI RIEV IHKI SJ XLI JMVI WMHI QSXMSR TVSKVIWWMRK XS[EVH XLI FEGO SJ XLI JMVI 7II *MKYVI
ERH KVEHYEPP] TVSKVIWWMRK XS[EVH XLI FEGO SJ XLI JMVI F] QSZ (
MRK XLI HMWGLEVKI RS^^PI WPS[P] JVSQ WMHI XS WMHI -R YWMRK JMVI
( (V] 'LIQMGEP 8]TIW (V] GLIQMGEP JMVI I\XMRKYMWLIVW
I\XMRKYMWLIVW SJ XLMW X]TI MR YRZIRXMPEXIH TPEGIW WYGL EW WQEPP
WSHMYQ FMGEVFSREXI TSXEWWMYQ FMGEVFSREXI TSXEWWMYQ FM
VSSQW GPSWIXW SV GSRJMRIH WTEGIW STIVEXSVW ERH SXLIV TIVWSRW
GEVFSREXI YVIE FEWI FMGEVFSREXI YVIE FEWI SV TSXEWWMYQ
WLSYPH EZSMH FVIEXLMRK XLI I\XMRKYMWLMRK EKIRX SV XLI KEWIW TVS
GLPSVMHI FEWI EVI MRXIRHIH TVMQEVMP] JSV YWI SR 'PEWW & ERH
HYGIH F] XLIVQEP HIGSQTSWMXMSR 8LIWI EKIRXW EVI RSX WYMXEFPI
'PEWW ' JMVIW (V] GLIQMGEP JMVI I\XMRKYMWLIVW QYPXMTYVTSWI
JSV YWI SR TVIWWYVM^IH JYIP JMVIW SV GSSOMRK KVIEWI JMVIW
EQQSRMYQ TLSWTLEXI FEWI EVI MRXIRHIH JSV YWI SR 'PEWW %
( &VSQSGLPSVSHMJPYSVSQIXLERI ,EPSR   7XSVIH 'PEWW & ERH 'PEWW ' JMVIW 8LIVI EVI X[S QIXLSHW [LIVIF] E
TVIWWYVI JMVI I\XMRKYMWLIVW SJ XLMW X]TI EVI EZEMPEFPI MR GETEGM HV] GLIQMGEP EKIRX GER FI HMWGLEVKIH JVSQ E JMVI I\XMRKYMWLIV
XMIW JVSQ  PF XS  PF  OK XS  OK  LEZMRK JMVI I\XMRKYMWL WLIPP HITIRHMRK SR XLI FEWMG HIWMKR SJ XLI JMVI I\XMRKYMWLIV
QIRX VEXMRKW JVSQ &' XS %&' ERH EW [LIIPIH QSHIPW 8LI] EVI XLI GEVXVMHKIG]PMRHIVSTIVEXIH QIXLSH ERH XLI
[MXL E GETEGMX] SJ  PF  OK ERH E JMVI I\XMRKYMWLQIRX WXSVIHTVIWWYVI QIXLSH 6IKEVHPIWW SJ JMVI I\XMRKYMWLIV HI
VEXMRK SJ %&' %PXLSYKL XLI EKIRX MW VIXEMRIH YRHIV WMKR XLI QIXLSH SJ EKIRX ETTPMGEXMSR MW FEWMGEPP] XLI WEQI
TVIWWYVI MR E PMUYMH WXEXI ERH MW WIPJI\TIPPMRK E FSSWXIV GLEVKI 7XSVIHTVIWWYVI JMVI I\XMRKYMWLIVW EVI EZEMPEFPI MR GETEGMXMIW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

(MWGLEVKI (MWGLEVKI
PIZIV PIZIV 'ET
4VIWWYVI 4YRGXYVMRK
KEYKI 'EVV]MRK PIZIV
LERHPI

2S^^PI 2S^^PI
'EVV]MRK +EW
LERHPI GEVXVMHKI

'EVV]MRK (V]GLIQMGEP
LERHPI
+EWXYFI

E 7XSVIHTVIWWYVI F 7IPJI\TIPPMRK *-+96) ( F 'EVXVMHKI3TIVEXIH (V] 'LIQMGEP )\XMR


X]TI[MXLKEYKI X]TI KYMWLIV

*-+96) ( ,EPSR  )\XMRKYMWLIVW 7TIGMEP PSRKVERKI RS^^PIW EVI EZEMPEFPI [LIVI TSXIRXMEP
JMVIJMKLXMRK GSRHMXMSRW GSYPH VIUYMVI KVIEXIV HMWXERGI 8LIWI
JVSQ  PF XS  PF  OK XS  OK JSV LERH JMVI I\XMRKYMWLIVW ERH RS^^PIW EVI EPWS YWIJYP SR TVIWWYVM^IH KEW SV PMUYMH JMVIW SV
 OK XS  PF  OK XS  OK JSV [LIIPIH JMVI I\XMRKYMWL [LIVI WXVSRK [MRHW TVIZEMP %PP HV] GLIQMGEP EKIRXW GER FI
IVW 'EVXVMHKIG]PMRHIVSTIVEXIH JMVI I\XMRKYMWLIVW EVI EZEMPEFPI YWIH EX XLI WEQI XMQI XLEX [EXIV WXVEMKLX WXVIEQ SV JSK MW
MR GETEGMXMIW JVSQ  PF XS  PF  OK XS  OK JSV LERH JMVI FIMRK ETTPMIH 8LI YWI SJ HV] GLIQMGEP JMVI I\XMRKYMWLIVW SR
I\XMRKYMWLIVW ERH  PF XS  PF  OK XS  OK JSV [LIIPIH [IX IRIVKM^IH IPIGXVMGEP IUYMTQIRX WYGL EW VEMRWSEOIH YXMPMX]
JMVI I\XMRKYMWLIVW TSPIW LMKLZSPXEKI W[MXGL KIEV ERH XVERWJSVQIVW GER EKKVE
(V] GLIQMGEP JMVI I\XMRKYMWLIVW EVI EPWS EZEMPEFPI MR RSRVI ZEXI IPIGXVMGEP PIEOEKI TVSFPIQW 8LI HV] GLIQMGEP MR GSQFM
GLEVKIEFPI RSRVIJMPPEFPI X]TIW XLEX GSRXEMR XLI EKIRX ERH I\TIP REXMSR [MXL QSMWXYVI TVSZMHIW ER IPIGXVMGEP TEXL XLEX GER VI
PERX KEW MR E WMRKPI RSRVIYWEFPI JEGXSV]JMPPIH GSRXEMRIV 1SWX HYGI XLI IJJIGXMZIRIWW SJ MRWYPEXMSR TVSXIGXMSR 8LI VIQSZEP
HV] GLIQMGEP JMVI I\XMRKYMWLIVW LEZMRK VEXMRKW SJ & ERH PIWW [MPP SJ EPP XVEGIW SJ HV] GLIQMGEP JVSQ WYGL IUYMTQIRX EJXIV I\XMR
HMWGLEVKI XLIMV GSRXIRXW MR  WIGSRHW XS  WIGSRHW *MVI I\XMR KYMWLQIRX MW VIGSQQIRHIH ?7II *MKYVI ( G A
KYMWLIVW [MXL LMKLIV VEXMRKW GSYPH XEOI EW PSRK EW  WIGSRHW
8LIVIJSVI WMRGI XLIVI MW PMXXPI XMQI JSV I\TIVMQIRXEXMSR MX MW MQ (MWGLEVKIPIZIV
TSVXERX XLEX XLI STIVEXSV FI TVITEVIH XS ETTP] XLI EKIRX GSV 4VIWWYVI
VIGXP] EX XLI SYXWIX %PP HV] GLIQMGEP JMVI I\XMRKYMWLIVW GER FI KEYKI
GEVVMIH ERH STIVEXIH WMQYPXERISYWP] ERH GER FI HMWGLEVKIH MR 'EVV]MRK
LERHPI
XIVQMXXIRXP] 8LI HMWGLEVKI WXVIEQ LEW E LSVM^SRXEP VERKI SJ  JX
2S^^PI
XS  JX  Q XS  Q  HITIRHMRK SR JMVI I\XMRKYMWLIV WM^I
;LIR YWIH SR SYXHSSV JMVIW QE\MQYQ IJJIGXMZIRIWW GER FI
EGLMIZIH [LIR XLI HMVIGXMSR SJ XLI [MRH MW SR XLI FEGO SJ XLI
STIVEXSV ?7II *MKYVI ( E ERH *MKYVI ( F A (V]GLIQMGEP

(MWGLEVKIPIZIV
4VIWWYVI
KEYKI
'EVV]MRK 7MTLSRXYFI
LERHPI

*-+96) ( G 7XSVIH4VIWWYVI (V] 'LIQMGEP )\XMRKYMWLIV


[MXL *M\IH 2S^^PI

(V]GLIQMGEP *MVI I\XMRKYMWLIVW [MXL E 'PEWW & VEXMRK GER I\XMRKYMWL E JMVI
MRZSPZMRK GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP
SMPW ERH JEXW  3RP] JMVI I\XMRKYMWLIVW LEZMRK E 'PEWW / VEXMRK
(MWGLEVKILSWI EVI VIGSQQIRHIH JSV YWI SR GSSOMRK KVIEWI JMVIW
ERHRS^^PI
( 3VHMREV] (V] 'LIQMGEP )\XMRKYMWLIVW 'PEWW & ERH
'PEWW ' *MVIW  ,ERH JMVI I\XMRKYMWLIVW SJ XLMW X]TI EVI EZEMP
EFPI [MXL JMVII\XMRKYMWLMRK VEXMRKW SJ &' XS &' ERH EW
[LIIPIH QSHIPW LEZMRK JMVI I\XMRKYMWLQIRX VEXMRKW JVSQ 
&' XS &' 8LI JMVI I\XMRKYMWLMRK EKIRX YWIH MW E WTIGMEPP]
*-+96) ( E 7XSVIH4VIWWYVI (V] 'LIQMGEP )\XMRKYMWLIV XVIEXIH QEXIVMEP MR E JMRIP] HMZMHIH JSVQ 8]TIW SJ EKIRXW EZEMP

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ( z

EFPI MRGPYHI WSHMYQ FMGEVFSREXI FEWI TSXEWWMYQ FMGEVFSREXI GSQFYWXMFPI QIXEP SV GSQFYWXMFPI QIXEPEPPS] WGVET XLEX MW
FEWI TSXEWWMYQ GLPSVMHI FEWI ERH TSXEWWMYQ FMGEVFSREXI QSMWX [IX [MXL [EXIV SV [EXIVWSPYFPI QEGLMRI PYFVMGERXW SV
YVIE FEWI 7SQI JSVQYPEXMSRW SJ XLIWI EKIRXW EVI WTIGMEPP] SR [EXIV[IXXIH WYVJEGIW EVI PMOIP] XS FYVR VETMHP] ERH ZMS
XVIEXIH XS FI VIPEXMZIP] GSQTEXMFPI JSV YWI [MXL EMV JSEQ QI PIRXP] 8LI] GER IZIR FI SJ ER I\TPSWMZI REXYVI 8LI] GER HI
GLERMGEP JSEQ  *SV YWI SR JPEQQEFPI PMUYMH JMVIW XLI WXVIEQ ZIPST WS QYGL LIEX XLEX XLI] GERRSX FI ETTVSEGLIH GPSWIP]
WLSYPH FI HMVIGXIH EX XLI FEWI SJ XLI JPEQI &IWX VIWYPXW EVI IRSYKL XS TIVQMX TVSTIV ETTPMGEXMSR SJ XLI I\XMRKYMWLMRK QI
KIRIVEPP] SFXEMRIH F] EXXEGOMRK XLI RIEV IHKI SJ XLI JMVI ERH HMYQ ;LIVI XLI FYVRMRK QIXEP MW SR E GSQFYWXMFPI WYVJEGI
TVSKVIWWMRK XS[EVH XLI FEGO SJ XLI JMVI F] QSZMRK XLI RS^^PI XLI JMVI WLSYPH FI GSZIVIH [MXL HV] TS[HIV XLIR E  MR SV  MR
VETMHP] [MXL E WMHIXSWMHI W[IITMRK QSXMSR 'EVI WLSYPH EPWS FI  QQ SV  QQ PE]IV SJ TS[HIV WLSYPH FI WTVIEH SYX
XEOIR RSX XS HMVIGX XLI MRMXMEP HMWGLEVKI HMVIGXP] EX XLI FYVRMRK RIEVF] ERH XLI FYVRMRK QIXEP WLSZIPIH MRXS XLMW PE]IV [MXL
WYVJEGI EX GPSWI VERKI ?PIWW XLER  JX XS  JX  Q XS  Q A QSVI HV] TS[HIV EHHIH EW RIIHIH
FIGEYWI XLI LMKL ZIPSGMX] SJ XLI WXVIEQ GER GEYWI WTPEWLMRK SV
( (V] 4S[HIV )\XMRKYMWLIV (V] TS[HIV JMVI I\XMRKYMWL
WGEXXIVMRK SJ XLI FYVRMRK QEXIVMEP SV FSXL %PXLSYKL RSX PMWXIH
IVW EVI EZEMPEFPI MR E LERH TSVXEFPI  PF  OK GEVXVMHKI
JSV YWI SR 'PEWW % JMVIW SVHMREV] HV] GLIQMGEP GER FI YWIH XS
STIVEXIH QSHIP ERH  PF ERH  PF  OK ERH  OK
VETMHP] ORSGO HS[R XLI JPEQIW 3RGI XLI JPEQIW EVI I\XMR
G]PMRHIVSTIVEXIH [LIIPIH QSHIPW 7XSVIHTVIWWYVI HV] TS[HIV
KYMWLIH XLI STIVEXSV GER OMGO SV TSOI ETEVX XLI JMVI HIFVMW XS
JMVI I\XMRKYMWLIVW [MXL ER I\XIRWMSR [ERH ETTPMGEXSV EVI EZEMPEFPI
EWWMWX ERH LEWXIR XLI REXYVEP GSSPMRK SJ XLI FYVRMRK IQFIVW ,SX
MR E  PF  OK QSHIP 8LI I\XMRKYMWLMRK EKIRX MW GSQTSWIH SJ
WTSXW SV WQEPP EVIEW XLEX VIMKRMXI GER FI GSRXVSPPIH [MXL WLSVX
WSHMYQ GLPSVMHI [MXL EHHMXMZIW XS VIRHIV MX JVII JPS[MRK MR SVHIV
MRXIVQMXXIRX FYVWXW SJ EKIRX ;EXIV WLSYPH XLIR FI ETTPMIH XS
XS GEYWI MX XS JSVQ E GVYWX SZIV XLI JMVI %XLIVQSTPEWXMG QEXIVMEP MW
I\XMRKYMWL FYVRMRK IQFIVW SV HIITWIEXIH LSX WTSXW -X MW VIGSQ
EHHIH XS FMRH XLI WSHMYQ GLPSVMHI TEVXMGPIW MRXS E WSPMH QEWW
QIRHIH XLEX XLMW QIXLSH SJ I\XMRKYMWLQIRX FI EXXIQTXIH SRP] MJ
[LIR ETTPMIH SR FYVRMRK QIXEPW 3XLIV WTIGMEPM^IH HV] TS[HIV
XLI STIVEXSV LEW LEH XVEMRMRK ERH I\TIVMIRGI MR XLMW XIGLRMUYI
EKIRXW EVI EZEMPEFPI JSV YWI MR JMKLXMRK WTIGMJMG X]TIW SJ QIXEP JMVIW
*MVI I\XMRKYMWLIVW [MXL E 'PEWW & VEXMRK GER I\XMRKYMWL E JMVI ;MXL XLI RS^^PI JYPP] STIRIH XLI LERH TSVXEFPI QSHIPW LEZI E
MRZSPZMRK GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP VERKI SJ  JX XS  JX  Q XS  Q  8LI QIXLSH SJ EKIRX ETTPM
SMPW ERH JEXW  3RP] JMVI I\XMRKYMWLIVW LEZMRK E 'PEWW / VEXMRK GEXMSR HITIRHW SR XLI X]TI SJ QIXEP XLI UYERXMX] XLEX MW FYVRMRK
EVI VIGSQQIRHIH JSV YWI SR GSSOMRK KVIEWI JMVIW ERH MXW TL]WMGEP JSVQ -R XLI GEWI SJ E ZIV] LSX JMVI MRMXMEP HMW
GLEVKI WLSYPH FI WXEVXIH EX QE\MQYQ VERKI [MXL XLI RS^^PI JYPP]
( 1YPXMTYVTSWI (V] 'LIQMGEP )\XMRKYMWLIVW 'PEWW %
STIRIH 3RGI GSRXVSP MW IWXEFPMWLIH XLI RS^^PI ZEPZI WLSYPH FI
'PEWW & ERH 'PEWW ' *MVIW  *MVI I\XMRKYMWLIVW SJ XLMW X]TI
TEVXMEPP] GPSWIH XS TVSHYGI E WSJX LIEZ] JPS[ WS XLEX GSQTPIXI
GSRXEMR ER EQQSRMYQ TLSWTLEXI FEWI EKIRX ,ERH JMVI I\XMR
GSZIVEKI GER FI EGGSQTPMWLIH WEJIP] EX GPSWI VERKI 8LI RS^^PI MW
KYMWLIVW EVI EZEMPEFPI [MXL JMVI I\XMRKYMWLQIRX VEXMRKW SJ %
HIWMKRIH WS XLEX XLI STIVEXSV GER XLVSXXPI SV VIHYGI XLI VEXI ERH
XS % ERH &' XS &' ERH [LIIPIH QSHIPW LEZI JMVI
JSVGI SJ XLI EKIRX HMWGLEVKI 7MRGI GSQFYWXMFPI QIXEP JMVIW GER
I\XMRKYMWLQIRX VEXMRKW SJ % XS % ERH &' XS &'
TVSHYGI GSQTPI\ ERH HMJJMGYPX JMVIJMKLXMRK GSRHMXMSRW MX MW EHZMW
1YPXMTYVTSWI EKIRXW EVI YWIH MR I\EGXP] XLI WEQI QERRIV EW
EFPI XS KIX WTIGMJMG HIXEMPW SR IUYMTQIRX YWI JVSQ XLI QERYJEG
SVHMREV] HV] GLIQMGEP EKIRXW SR 'PEWW & JMVIW *SV YWI SR 'PEWW
XYVIV ?7II *MKYVI ( E ERH *MKYVI ( F A
% JMVIW XLI QYPXMTYVTSWI EKIRX LEW XLI EHHMXMSREP GLEVEGXIVMW
XMG SJ WSJXIRMRK ERH WXMGOMRK [LIR MR GSRXEGX [MXL LSX WYVJEGIW
-R XLMW [E] MX EHLIVIW XS FYVRMRK QEXIVMEPW ERH JSVQW E GSEXMRK
XLEX WQSXLIVW ERH MWSPEXIW XLI JYIP JVSQ EMV ;LIR ETTP]MRK 'ET
XLI EKIRX MX MW MQTSVXERX XS XV] XS GSEX EPP FYVRMRK EVIEW MR 4YRGXYVMRK
SVHIV XS IPMQMREXI SV QMRMQM^I XLI RYQFIV SJ WQEPP IQFIVW PIZIV
XLEX GSYPH FI E TSXIRXMEP WSYVGI SJ VIMKRMXMSR 8LI EKIRX MXWIPJ
LEW PMXXPI GSSPMRK IJJIGX ERH FIGEYWI SJ MXW WYVJEGI GSEXMRK
GLEVEGXIVMWXMG MX GERRSX TIRIXVEXI FIPS[ XLI FYVRMRK WYVJEGI 'EVV]MRK +EW
*SV XLMW VIEWSR I\XMRKYMWLQIRX SJ HIITWIEXIH JMVIW QMKLX RSX LERHPI GEVXVMHKI
FI EGGSQTPMWLIH YRPIWW XLI EKIRX MW HMWGLEVKIH FIPS[ XLI WYV
JEGI SV XLI QEXIVMEP MW FVSOIR ETEVX ERH WTVIEH SYX
(V]TS[HIV
*MVI I\XMRKYMWLIVW [MXL E 'PEWW & VEXMRK GER I\XMRKYMWL E JMVI
MRZSPZMRK GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP
+EWXYFI
SMPW ERH JEXW  3RP] JMVI I\XMRKYMWLIVW LEZMRK E 'PEWW / VEXMRK
EVI VIGSQQIRHIH JSV YWI SR GSSOMRK KVIEWI JMVIW
( (V] 4S[HIV 8]TIW 8LIWI JMVI I\XMRKYMWLIVW ERH EKIRXW
EVI MRXIRHIH JSV YWI SR 'PEWW ( JMVIW ERH WTIGMJMG QIXEPW JSP
PS[MRK WTIGMEP XIGLRMUYIW ERH QERYJEGXYVIVvW VIGSQQIRHE *-+96) ( E 'EVXVMHKI3TIVEXIH (V] 4S[HIV )\XMR
XMSRW JSV YWI 8LI I\XMRKYMWLMRK EKIRX GER FI ETTPMIH JVSQ E KYMWLIV
JMVI I\XMRKYMWLIV SV F] WGSST ERH WLSZIP 8LI XIGLRMUYI SJ
ETTP]MRK XLI EKIRX XS XLI JMVI ZEVMIW [MXL XLI X]TI ERH JSVQ SJ ( &YPO (V] 4S[HIV %KIRX -R FYPO JSVQ HV] TS[HIV I\
XLI EKIRX ERH GSQFYWXMFPI QIXEP 8LI ETTPMGEXMSR SJ XLI EKIRX XMRKYMWLMRK EKIRXW EVI EZEMPEFPI MR  PF ERH  PF  OK ERH
WLSYPH FI SJ WYJJMGMIRX HITXL XS GSZIV XLI JMVI EVIE EHIUYEXIP]  OK TEMPW ERH  PF  OK HVYQW -R EHHMXMSR XS XLI WSHMYQ
ERH TVSZMHI E WQSXLIVMRK FPEROIX %HHMXMSREP ETTPMGEXMSRW GLPSVMHI FEWI EKIRX E HV] TS[HIV QEXIVMEP GEPPIH + MW EPWS EZEMP
GER FI RIGIWWEV] XS GSZIV ER] LSX WTSXW XLEX GSYPH HIZIPST EFPI 8LMW QEXIVMEP GSRWMWXW SJ KVEHIH KVERYPEV KVETLMXI XS [LMGL
8LI QEXIVMEP WLSYPH FI PIJX YRHMWXYVFIH YRXMP XLI QEWW LEW GSQTSYRHW GSRXEMRMRK TLSWTLSVYW EVI EHHIH MQTVSZMRK MXW
GSSPIH FIJSVI HMWTSWEP MW EXXIQTXIH 'EVI WLSYPH FI XEOIR XS JMVII\XMRKYMWLMRK IJJIGXMZIRIWW ;LIVIEW XLI WSHMYQ GLPSVMHI
EZSMH WGEXXIVMRK XLI FYVRMRK QIXEP *MVIW MR JMRIP] HMZMHIH GER FI YWIH MR E HV] TS[HIV JMVI I\XMRKYMWLIV SV ETTPMIH F] WLSZIP

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

4VIWWYVI (MWGLEVKIPIZIV (MWGLEVKIPIZIV


4VIWWYVI
KEYKI KEYKI
'EVV]MRKLERHPI
'EVV]MRK
LERHPI

%RXMSZIVJMPP
XYFI

7SPYXMSR

;ERH 2S^^PI
ETTPMGEXSV
(V]TS[HIV

2S^^PI
7MTLSRXYFI
7MTLSRXYFI

*-+96) ( F 7XSVIH4VIWWYVI (V] 4S[HIV )\XMR *-+96) ( ;IX 'LIQMGEP )\XMRKYMWLIV
KYMWLIV [MXL ;ERH %TTPMGEXSV
[LMGL MW HMWGLEVKIH EW E JMRI WTVE] -R EHHMXMSR XS FIMRK YWIH EW
SV LERH WGSST XLI + EKIRX RIIHW XS FI ETTPMIH XS XLI JMVI F] E VIKYPEV [EXIV I\XMRKYMWLIV [EXIV QMWX I\XMRKYMWLIVW EVI YWIH
LERH ;LIR + MW ETTPMIH XS E QIXEP JMVI XLI LIEX SJ XLI JMVI [LIVI GSRXEQMRERXW MR YRVIKYPEXIH [EXIV WSYVGIW GER GEYWI
GEYWIW XLI TLSWTLSVYW GSQTSYRHW XS KIRIVEXI ZETSVW XLEX FPER I\GIWWMZI HEQEKI XS TIVWSRRIP SV IUYMTQIRX 8]TMGEP ETTPMGE
OIX XLI JMVI ERH TVIZIRX EMV JVSQ VIEGLMRK XLI FYVRMRK QIXEP XMSRW MRGPYHI STIVEXMRK VSSQW QYWIYQW ERH FSSO GSPPIG
8LI KVETLMXI FIMRK E KSSH GSRHYGXSV SJ LIEX GSSPW XLI QIXEP XS XMSRW 7II *MKYVI (
FIPS[ XLI MKRMXMSR TSMRX )EGL I\XMRKYMWLMRK EKIRX MW PMWXIH JSV
YWI SR XLI WTIGMJMG GSQFYWXMFPI QIXEP JMVIW JSV [LMGL MX LEW FIIR
4VIWWYVIKEYKI
JSYRH EGGITXEFPI EW HIXIVQMRIH F] MRHMZMHYEP MRZIWXMKEXMSRW
7YGL MRJSVQEXMSR XSKIXLIV [MXL XLI VIGSQQIRHIH QIXLSH SJ (MWGLEVKIPIZIV
ETTPMGEXMSR PMQMXEXMSRW MW KMZIR SR XLI EKIRX GSRXEMRIV -X MW MQ 'EVV]MRKLERHPI
TSVXERX XS RSXI XLEX HV] TS[HIV I\XMRKYMWLMRK EKIRXW WLSYPH RSX
FI GSRJYWIH [MXL HV] GLIQMGEP I\XMRKYMWLMRK EKIRXW 7II (
( ;IX 'LIQMGEP )\XMRKYMWLIV *MVI I\XMRKYMWLIVW SJ XLMW
X]TI EVI EZEMPEFPI MR LERH TSVXEFPI QSHIPW SJ  KEP  0 ERH %RXMSZIVJMPPXYFI
 KEP  0  8LI I\XMRKYMWLMRK EKIRX GER FI GSQTVMWIH SJ
FYX MW RSX PMQMXIH XS WSPYXMSRW SJ [EXIV ERH TSXEWWMYQ EGIXEXI (MWXMPPIH[EXIV
TSXEWWMYQ GEVFSREXI TSXEWWMYQ GMXVEXI SV E GSQFMREXMSR SJ
XLIWI GLIQMGEPW [LMGL EVI GSRHYGXSVW SJ IPIGXVMGMX]  8LI PMU
YMH EKIRX X]TMGEPP] LEW E T, SJ  SV PIWW 3R 'PEWW % JMVIW XLI %TTPMGEXSV[ERH
EKIRX [SVOW EW E GSSPERX 3R 'PEWW / JMVIW GSSOMRK SMP JMVIW 
XLI EKIRX JSVQW E JSEQ FPEROIX XS TVIZIRX VIMKRMXMSR 8LI
[EXIV GSRXIRX SJ XLI EKIRX EMHW MR GSSPMRK ERH VIHYGMRK XLI 7MTLSRXYFI
XIQTIVEXYVI SJ XLI LSX SMPW ERH JEXW FIPS[ XLIMV EYXSMKRMXMSR
TSMRX 8LI EKIRX [LIR HMWGLEVKIH EW E JMRI WTVE] HMVIGXP] EX
GSSOMRK ETTPMERGIW VIHYGIW XLI TSWWMFMPMX] SJ WTPEWLMRK LSX 1MWXMRKRS^^PI
KVIEWI ERH HSIW RSX TVIWIRX E WLSGO LE^EVH XS XLI STIVEXSV
-R VIGIRX ]IEVW XLI HIZIPSTQIRX SJ LMKLIJJMGMIRG] GSSOMRK *-+96) ( ;EXIV 1MWX )\XMRKYMWLIV
IUYMTQIRX [MXL LMKLIRIVK] MRTYX VEXIW ERH XLI [MHIWTVIEH YWI
SJ ZIKIXEFPI SMPW [MXL LMKL EYXSMKRMXMSR XIQTIVEXYVIW LEW LMKL
PMKLXIH XLI RIIH JSV E RI[ 'PEWW / JMVI I\XMRKYMWLIV 8LI [IX %RRI\ ) (MWXVMFYXMSR
GLIQMGEP I\XMRKYMWLIV [EW XLI JMVWX I\XMRKYMWLIV XS UYEPMJ] XS XLI 8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
RI[ 'PEWW / VIUYMVIQIRXW FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]
-R EHHMXMSR XS SJJIVMRK VETMH JMVI I\XMRKYMWLQIRX E XLMGO
) (MWXVMFYXMSR SJ *MVI )\XMRKYMWLIVW
JSEQ FPEROIX MW JSVQIH XS TVIZIRX VIMKRMXMSR [LMPI GSSPMRK
FSXL XLI ETTPMERGI ERH XLI LSX GSSOMRK SMP ;IX GLIQMGEP I\ ) 4SVXEFPI JMVI I\XMRKYMWLIVW EVI QSWX IJJIGXMZIP] YXMPM^IH
XMRKYMWLIVW EPWS SJJIV MQTVSZIH ZMWMFMPMX] HYVMRK JMVI JMKLXMRK EW [LIR XLI] EVI VIEHMP] EZEMPEFPI MR WYJJMGMIRX RYQFIV ERH [MXL
[IPP EW QMRMQM^MRK GPIERYT EJXIV[EVH 7II *MKYVI ( EHIUYEXI I\XMRKYMWLMRK GETEGMX] JSV YWI F] TIVWSRW JEQMPMEV
[MXL XLIMV STIVEXMSR
( ;EXIV 1MWX )\XMRKYMWLIV *MVI I\XMRKYMWLIVW SJ XLMW X]TI
EVI EZEMPEFPI MR  KEP  0 ERH  KEP  0 WM^IW 8LI] ) -R JMVI IQIVKIRGMIW [LIVI JMVI I\XMRKYMWLIVW EVI VIPMIH
LEZI VEXMRKW SJ %' 8LI EKIRX MW PMQMXIH XS HMWXMPPIH [EXIV YTSR WSQISRI YWYEPP] LEW XS XVEZIP JVSQ XLI JMVI MR SVHIV XS

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ) z

SFXEMR XLI HIZMGI ERH XLIR VIXYVR XS XLI JMVI FIJSVI FIKMRRMRK  JX  Q JVSQ XLI GIRXIV MW  JX  Q  [LMGL MW
I\XMRKYMWLMRK STIVEXMSRW 8LMW XEOIW XMQI [MXL XLI RYQFIV SJ XLI EVIE SJ E WUYEVI ? JX »  JX  Q »  Q A MRWGVMFIH
WIGSRHW KSZIVRIH QEMRP] F] XLI XVEZIP HMWXERGI MRZSPZIH MR [MXLMR E  JX  Q VEHMYW GMVGPI 7II *MKYVI )
WIGYVMRK XLI JMVI I\XMRKYMWLIV ERH TPEGMRK MX MR STIVEXMSR
) 7SQIXMQIW JMVI I\XMRKYMWLIVW EVI TYVTSWIP] OITX
RIEVF] EW MR [IPHMRK STIVEXMSRW  LS[IZIV WMRGI E JMVI SYX JX Q
FVIEO YWYEPP] GERRSX FI TVINYHKIH EW XS PSGEXMSR JMVI I\XMR
KYMWLIVW EVI QSVI SJXIR WXVEXIKMGEPP] TSWMXMSRIH XLVSYKLSYX
EVIEW
) 8VEZIP HMWXERGI MW XLI EGXYEP HMWXERGI XLI YWIV SJ XLI JMVI JX
I\XMRKYMWLIV [MPP RIIH XS [EPO 'SRWIUYIRXP] XVEZIP HMWXERGI Q
[MPP FI EJJIGXIH F] TEVXMXMSRW PSGEXMSR SJ HSSV[E]W EMWPIW TMPIW
SJ WXSVIH QEXIVMEPW QEGLMRIV] ERH WS JSVXL JX
)<8+ )<8+ Q
) %VVERKIQIRX MR E &YMPHMRK 8LI EGXYEP TPEGIQIRX SJ JMVI
I\XMRKYMWLIVW GER FIWX FI EGGSQTPMWLIH XLVSYKL E TL]WMGEP
WYVZI] SJ XLI EVIE XS FI TVSXIGXIH -R KIRIVEP WIPIGXIH PSGE
XMSRW WLSYPH LEZI XLI JSPPS[MRK GLEVEGXIVMWXMGW
 4VSZMHI YRMJSVQ HMWXVMFYXMSR
 4VSZMHI IEW] EGGIWWMFMPMX]
JX Q
 &I VIPEXMZIP] JVII JVSQ FPSGOMRK F] WXSVEKI ERH IUYMT
QIRX SV FSXL
 &I RIEV RSVQEP TEXLW SJ XVEZIP *-+96) ) )\XMRKYMWLIVW 4PEGIH  JX  Q %TEVX XS
 &I RIEV IRXVERGI ERH I\MX HSSVW 'SQTP] [MXL  JX  Q 8VEZIP (MWXERGI ERH  JX
 &I JVII JVSQ XLI TSXIRXMEP SJ TL]WMGEP HEQEKI  Q 1E\MQYQ *PSSV %VIE TIV )\XMRKYMWLIV
 &I VIEHMP] ZMWMFPI
 &I HIXIVQMRIH SR E JPSSVF]JPSSV FEWMW
) 'PEWW % *MVI )\XMRKYMWLIV (MWXVMFYXMSR ) 8LI EVIE XLEX GER FI TVSXIGXIH F] SRI JMVI I\XMRKYMWLIV
[MXL E KMZIR % VEXMRK MW WLS[R MR 8EFPI ) 8LIWI ZEPYIW EVI
) 8EFPI  TVSZMHIW XLI GVMXIVME JSV HIXIVQMRMRK XLI HIXIVQMRIH F] QYPXMTP]MRK XLI QE\MQYQ JPSSV EVIE TIV YRMX
QMRMQYQ RYQFIV ERH VEXMRK SJ JMVI I\XMRKYMWLIVW JSV 'PEWW % SJ % WLS[R MR 8EFPI  F] XLI ZEVMSYW % VEXMRKW YRXMP E
JMVI TVSXIGXMSR MR EGGSVHERGI [MXL XLI SGGYTERG] LE^EVH -R ZEPYI SJ  JX  Q MW I\GIIHIH
GIVXEMR MRWXERGIW XLVSYKL E JMVI TVSXIGXMSR EREP]WMW SJ WTIGMJMG
EVIEW TVSGIWW LE^EVHW SV FYMPHMRK GSRJMKYVEXMSRW JMVI I\XMR
KYMWLIVW [MXL LMKLIV VEXMRKW GER FI VIUYMVIH 8LMW HSIW RSX
QIER LS[IZIV XLEX XLI VIGSQQIRHIH QE\MQYQ XVEZIP HMW 8EFPI ) 1E\MQYQ %VIE MR 7UYEVI *IIX XS &I 4VSXIGXIH
XERGIW GER FI I\GIIHIH TIV )\XMRKYMWLIV
) ;LIVI XLI JPSSV EVIE SJ E FYMPHMRK MW PIWW XLER  JX
 Q  EX PIEWX SRI JMVI I\XMRKYMWLIV SJ XLI QMRMQYQ WM^I 'PEWW %
VIGSQQIRHIH WLSYPH FI TVSZMHIH 6EXMRK 3VHMREV]
7LS[R SR 0MKLX ,E^EVH ,E^EVH )\XVE ,E^EVH
) 8LI JMVWX WXIT MR GEPGYPEXMRK 'PEWW % JMVI I\XMRKYMWLIV )\XMRKYMWLIV 3GGYTERG] 3GGYTERG] 3GGYTERG]
RIIHW MW XS HIXIVQMRI XLI TVSTIV GPEWW SJ SGGYTERG] PMKLX
SVHMREV] SV I\XVE LE^EVH  (ITIRHMRK SR XLI 'PEWW % RYQIVM % { { {
GEP VEXMRK SJ XLI JMVI I\XMRKYMWLIV XLI QE\MQYQ EVIE XLEX MX %   {
[MPP TVSXIGX GER FI HIXIVQMRIH *SV I\EQTPI IEGL %VEXIH %   {
JMVI I\XMRKYMWLIV [MPP TVSXIGX ER EVIE SJ  JX  Q MR ER %   
SVHMREV] LE^EVH SGGYTERG] ERH  JX  Q MR E PMKLX %   
LE^EVH SGGYTERG] 8LI VIUYMVIQIRXW MR 8EFPI  EPWS %   
WTIGMJ] XLEX XLI XVEZIP HMWXERGI EGXYEP [EPOMRK HMWXERGI JVSQ %   
ER] TSMRX XS XLI RIEVIWX JMVI I\XMRKYMWLIV WLEPP RSX I\GIIH  JX %   
 Q  -X MW RIGIWWEV] XS WIPIGX JMVI I\XMRKYMWLIVW XLEX JYPJMPP %   
FSXL XLI GEPGYPEXMSR VIUYMVIQIRX ERH XVEZIP HMWXERGI VIUYMVI
QIRXW JSV E TEVXMGYPEV GPEWW SJ SGGYTERG] *SV 7- YRMXW  JX !  Q 
2SXI  JX MW GSRWMHIVIH E TVEGXMGEP PMQMX
) -J E FYMPHMRK JPSSV EVIE MW YRSFWXVYGXIH ERH GMVGYPEV MR
WLETI [MXL E VEHMYW SJ  JX  Q  MX [SYPH FI TSWWMFPI XS
TPEGI SRI JMVI I\XMRKYMWLIV EX XLI GIRXIV [MXLSYX I\GIIHMRK
XLI  JX  Q XVEZIP HMWXERGI -R XLEX GEWI ER EVIE SJ ) 8LI UYERXMX] SJ I\XMRKYMWLIVW JSV FYMPHMRKW SJ  JX
 JX  Q GSYPH FI EWWMKRIH XS SRI JMVI I\XMRKYMWLIV SJ XS  JX  Q XS  Q MW WLS[R MR 8EFPI )
EHIUYEXI % VEXMRK JSV I\EQTPI E PMKLX LE^EVH SGGYTERG] GSYPH 8LI XEFPI [EW HIZIPSTIH FEWIH SR XLI GEPGYPEXMSRW VIUYMVIH F]
FI TVSXIGXIH [MXL E %VEXIH JMVI I\XMRKYMWLIV  »  JX   )\EGX UYERXMXMIW GER FI HIXIVQMRIH F] MRXIVTSPEXMRK
,S[IZIV FIGEYWI FYMPHMRKW EVI YWYEPP] VIGXERKYPEV MR WLETI XLI FIX[IIR JPSSV WM^IW WLS[R MR XLI XEFPI SV F] YWMRK XLI GEPGYPE
PEVKIWX WUYEVI EVIE XLEX GER FI JSVQIH [MXL RS TSMRX QSVI XLER XMSR QIXLSH MR 

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

8EFPI ) 5YERXMX] SJ )\XMRKYMWLIVW JSV 'PEWW % ,E^EVHW

0MKLX ,E^EVH 3VHMREV] ,E^EVH )\XVE ,E^EVH

% % %


% % ERH YT % % % % ERH YT % % % ERH YT
%VIE
JX            

            
            
            
            
            

            
            
            
            
            

            
            
            
            
            

            
            
            
            
            

            
            
            
            
            

            
            
            
            
            

            
            
            
            
            

            
            
            
            
            

            


            
            
            
            

            


            
            
            
            

*SV 7- YRMXW  JX !  Q 

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< ) z

) 8EFPI ) TVSZMHIW E FVIEOHS[R SJ I\XMRKYMWLIV UYER XMRKYMWLIVW XS EPWS WEXMWJ] XLI XVEZIP HMWXERGI VIUYMVIQIRX 4IV
XMXMIW F] JPSSV )\XMRKYMWLIV UYERXMXMIW QYWX FI HIXIVQMRIH SR JSVQMRK EHHMXMSREP GEPGYPEXMSRW YWMRK I\XMRKYMWLIVW [MXL PS[IV
E JPSSVF]JPSSV FEWMW ERH 8EFPI ) WLSYPH RSX FI YWIH JSV VEXMRKW [MPP VIWYPX MR QSVI I\XMRKYMWLIVW 8LI KSEP SJ TIVJSVQ
HIXIVQMRMRK I\XMRKYMWLIV UYERXMXMIW FEWIH SR XLI XSXEP WUYEVI MRK EHHMXMSREP GEPGYPEXMSRW MW XS HIZIPST ER IGSRSQMG WSPYXMSR
JSSXEKI SJ EPP JPSSVW MR QYPXMWXSV] FYMPHMRKW 8EFPI ) TVS XLEX WEXMWJMIW XLI GEPGYPEXIH UYERXMX] SJ I\XMRKYMWLIVW VIUYMVIH
ZMHIW E GSQTEVMWSR SJ XLI UYERXMXMIW SJ I\XMRKYMWLIVW JSV X[S [LMPI QIIXMRK XLI XVEZIP HMWXERGI VIUYMVIQIRX
 JX  Q FYMPHMRKW
) )\EQTPI  MW JSV I\XMRKYMWLIVW LEZMRK XLI QMRMQYQ VEX
MRKW TIVQMXXIH F] 8EFPI  [MXL GSVVIWTSRHMRK QMRMQYQ
8EFPI ) 'SQTEVMWSR SJ )\XMRKYMWLIVW JSV 3RI7XSV] ZW TVSXIGXMSR EVIEW %W XLI RYQFIV SJ PS[IVVEXIH I\XMRKYMWLIVW MR
1YPXMWXSV] &YMPHMRKW GVIEWIW QIIXMRK XLI XVEZIP HMWXERGI VIUYMVIQIRX KIRIVEPP] FI
GSQIW PIWW SJ E TVSFPIQ %W WLS[R MR *MKYVI ) TVSZMHMRK
&YMPHMRK %VIE SJ  I\XMRKYMWLIVW QSYRXIH SR FYMPHMRK GSPYQRW [SYPH FSXL WEX
8]TI 'SZIVEKI % 0MKLX % 0MKLX % 0MKLX MWJ] XLI GEPGYPEXIH UYERXMX] SJ I\XMRKYMWLIVW JSV PMKLX LE^EVH SGGY
TERG] ERH QIIX XLI QE\MQYQ XVEZIP HMWXERGI VIUYMVIQIRX
7MRKPI  JX   
)\EQTPI 
WXSV]
8LVII  JX   »    »    »    JX 
WXSVMIW »  JPSSVW !  %I\XMRKYMWLIVWJSVPMKLXLE^EVHSGGYTERG]
 JX 

  JX
!  %I\XMRKYMWLIVWJSVSVHMREV]LE^EVHSGGYTERG]
 JX 
) 8LI JSPPS[MRK I\EQTPIW SJ HMWXVMFYXMSR MPPYWXVEXI XLI RYQ 
  JX
FIV ERH TPEGIQIRX SJ JMVI I\XMRKYMWLIVW EGGSVHMRK XS SGGYTERG] !  %I\XMRKYMWLIVWJSVI\XVELE^EVHSGGYTERG]
X]TI ERH VEXMRK 8LI WEQTPI FYMPHMRK MW  JX »  JX  Q  JX 
»  Q ERH LEW E JPSSV EVIE SJ  JX  Q  %PXLSYKL
SRI QIXLSH SJ TPEGMRK JMVI I\XMRKYMWLIVW MW KMZIR E RYQFIV SJ
JX Q
SXLIV PSGEXMSRW GSYPH LEZI FIIR YWIH [MXL GSQTEVEFPI VIWYPXW
c
) )\EQTPI  HIQSRWXVEXIW TPEGIQIRX EX XLI QE\MQYQ
TVSXIGXMSR EVIE PMQMXW ? JX  Q A EPPS[IH MR 8EFPI
 JSV IEGL GPEWW SJ SGGYTERG] -RWXEPPMRK JMVI I\XMRKYMWL
IVW [MXL LMKLIV VEXMRKW [MPP RSX GLERKI XLI GEPGYPEXIH UYERXMX]
SJ I\XMRKYMWLIVW FIGEYWI XLI GEPGYPEXMSRW EVI FEWIH SR XLI
QE\MQYQ TVSXIGXMSR EVIE PMQMX SJ  JX  Q JSV XLI
LMKLIVVEXIH I\XMRKYMWLIVW
)\EQTPI  *-+96) ) 'SRJMKYVEXMSR 6ITVIWIRXMRK  *MVI )\XMR
 %I\XMRKYMWLIVWJSVPMKLXLE^EVHSGGYTERG] KYMWLIVW 1SYRXIH SR &YMPHMRK 'SPYQRW MR ;LMGL 6IUYMVI
  JX  QIRXW JSV &SXL 8VEZIP (MWXERGI ERH *MVI )\XMRKYMWLIV (MWXVM

!   %I\XMRKYMWLIVWJSVSVHMREV]LE^EVHSGGYTERG] FYXMSR %VI 1IX
  JX

 %I\XMRKYMWLIVWJSVI\XVELE^EVHSGGYTERG]
) 4PEGIQIRX SJ XLI GEPGYPEXIH UYERXMX] SJ WM\ I\XMRKYMWL
c ) )\EQTPI  VIWYPXW MR ER I\GIWWMZI RYQFIV SJ I\XMR
IVW EPSRK SYXWMHI [EPPW EW WLS[R MR *MKYVI ) [SYPH RSX KYMWLIVW JSV WEXMWJ]MRK XLI  JX  Q XVEZIP HMWXERGI VYPI JSV
FI EGGITXEFPI FIGEYWI XLI XVEZIP HMWXERGI VYPI MW GPIEVP] ZMS SVHMREV] ERH I\XVE LE^EVH SGGYTERGMIW 8LIVIJSVI E RI[ WIX
PEXIH 8LI WLEHIH EVIEW MRHMGEXI wZSMHWx XLEX EVI JEVXLIV XLER SJ GEPGYPEXMSRW EVI HIZIPSTIH JSV I\XMRKYMWLIVW LEZMRK VEXMRKW
 JX  Q XS XLI RIEVIWX I\XMRKYMWLIV 8LI HSXW VITVIWIRX XLEX GSVVIWTSRH XS XLI TVSXIGXMSR EVIEW SJ  JX  Q MR
I\XMRKYMWLIVW SVHIV XS VIWYPX MR E GEPGYPEXIH UYERXMX] SJ  I\XMRKYMWLIVW
[LMGL WEXMWJMIW XLI  JX  Q XVEZIP HMWXERGI VYPI EW WLS[R
MR *MKYVI )
JX Q
) )\EQTPI  MW JSV JMVI I\XMRKYMWLIVW LEZMRK VEXMRKW XLEX
JX QQ GSVVIWTSRH XS TVSXIGXMSR EVIEW SJ  JX  Q  8LI GEP
GYPEXIH UYERXMX] SJ  JMVI I\XMRKYMWLIVW [MXL XLI VEXMRKW
WLS[R MR )\EQTPI  GSYPH FI QSYRXIH EW WLS[R MR *MKYVI
) [LMGL GSRJSVQW XS FSXL XLI GEPGYPEXMSR VIUYMVIQIRX
ERH XLI XVEZIP HMWXERGI VIUYMVIQIRX

  JX


 %I\XMRKYMWLIVWJSVPMKLXLE^EVHS
SGGYTERG]
*-+96) ) % (MEKVEQQEXMG 6ITVIWIRXEXMSR SJ )\XMR ! %I\XMRKYMWLIVWJSVSVHMREV]LE^EVHSGGYTERG]
KYMWLIVW 0SGEXIH %PSRK XLI 3YXWMHI ;EPPW SJ E  JX »  JX JX

%I\XMRKYMWLIVWJSVI\XVELE^EVHSGGYTERG]
 Q »  Q &YMPHMRK
) 7EQTPI 4VSFPIQ % PMKLX LE^EVH SGGYTERG] SJJMGI
) )\EQTPI  WLS[W XLEX GEPGYPEXMSRW YWMRK XLI QE\MQYQ FYMPHMRK MW XS FI TVSXIGXIH F] TSVXEFPI JMVI I\XMRKYMWLIVW 8LI
TVSXIGXMSR EVIE PMQMXW ? JX  Q A EPPS[IH MR 8EFPI JPSSV EVIE MW  JX  Q ERH SJ YRYWYEP HIWMKR 7II
 JSV XLI WEQTPI FYMPHMRK [MPP RSX TVSZMHI WYJJMGMIRX I\ *MKYVI )

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

JX Q 2SXI 8LMW TVSZMHIW XLI QMRMQYQ RYQFIV SJ I\XMRKYMWLIVW


ERH XLI VEXMRK SJ XLSWI I\XMRKYMWLIVW JSV XLEX JPSSV SJ XLI
FYMPHMRK
JX  %HNYWX XLI UYERXMX] ERHSV VEXMRK XS WYMX E WXVEXIKMG EV
 Q VERKIQIRX MR XLI FYMPHMRK
E 8LI JMREP PSGEXMSRW SJ I\XMRKYMWLIVW GER FI WIPIGXIH

FEWIH SR XLI WXVEXIKMG EVVERKIQIRX HIXIVQMRIH MR
JX EGGSVHERGI [MXL 7IGXMSR ) ERH XLI XSXEP RYQFIV
Q
ERH VEXMRK HIXIVQMRIH F] )  
F ;LIVI XLI RYQFIV SJ I\XMRKYMWLIVW XLEX EVI RIGIW
 %VIE& %VIE
 %
WEV] XS WEXMWJ] XLI WXVEXIKMG EVVERKIQIRX MR 7IGXMSR )
JX
Q QEXGLIW E LMKLIV UYERXMX] HIXIVQMRIH MR )  
EHNYWXQIRXW GER FI QEHI XS XLI I\XMRKYMWLIV VEXMRK
XS QEXGL XLEX UYERXMX]
c
*-+96) ) *PSSV 4PER JSV 7EQTPI 4VSFPIQ ) 'PEWW & *MVI )\XMRKYMWLIV (MWXVMFYXMSR
) 2SVQEP 'PEWW & JMVI LE^EVHW JEPP MRXS X[S UYMXI HMJJIVIRX
8LI QSWX GSQQSR JMVI I\XMRKYMWLIV WIPIGXMSRW [SYPH FI KIRIVEP GEXIKSVMIW VIKEVHMRK VIUYMVIQIRXW JSV JMVI I\XMRKYMWL
 KEP  0 WXSVIHTVIWWYVI [EXIV QSHIPW VEXIH % %G IVW 3RI GSRHMXMSR MW [LIVI XLI JMVI HSIW RSX MRZSPZI JPEQ
GSVHMRK XS 8EFPI  ERH 8EFPI ) X[S JMVI I\XMRKYMWLIVW QEFPI PMUYMHW MR ETTVIGMEFPI HITXL WYGL EW WTMPPIH JYIP SR ER
EVI RIIHIH  Û  !   8LI XVEZIP HMWXERGI VIUYMVI STIR WYVJEGI E JMVI MRZSPZMRK ZETSVW MWWYMRK JVSQ E GSRXEMRIV
QIRX MW  JX  Q QE\MQYQ SV TMTMRK W]WXIQ SV E VYRRMRK JMVI JVSQ E FVSOIR GSRXEMRIV
8LI X[S YRMXW EVI TPEGIH EX TSMRXW  ERH  ERH E GLIGO MW ) 8LI SXLIV GSRHMXMSR MW [LIVI XLI JMVI MRZSPZIW JPEQ
QEHI SR XLI XVEZIP HMWXERGI VIUYMVIQIRX &IGEYWI SJ XLI EV QEFPI PMUYMHW MR ETTVIGMEFPI HITXL ?HIJMRIH EW E HITXL SJ PMU
IEvW YRYWYEP WLETI MX MW JSYRH XLEX XLI WLEHIH EVIEW I\GIIH YMH KVIEXIV XLER MR  QQ A WYGL EW JMVIW MRZSPZMRK STIR
XLI  JX  Q HMWXERGI 8[S EHHMXMSREP JMVI I\XMRKYMWLIVW XEROW SJ JPEQQEFPI PMUYMHW GSQQSRP] JSYRH MR MRHYWXVMEP
EX TSMRXW  ERH  EVI RIIHIH 8LI EHHMXMSREP JMVI I\XMRKYMWL TPERXW IK HMT XEROW YWIH JSV GSEXMRK JMRMWLMRK XVIEXMRK SV
IVW EJJSVH QSVI JPI\MFMPMX] MR TPEGIQIRX ERH EPXIVREXI PSGE WMQMPEV TVSGIWWIW 
XMSRW EVI MRHMGEXIH -X MW MQTSVXERX XS GSRWMHIV ER] TEVXMXMSRW
[EPPW SV SXLIV SFWXVYGXMSRW MR HIXIVQMRMRK XLI XVEZIP HMWXERGI ) -R WMXYEXMSRW [LIVI JPEQQEFPI PMUYMHW EVI RSX MR ETTVI
GMEFPI HITXL JMVI I\XMRKYMWLIVW WLSYPH FI TVSZMHIH EGGSVHMRK
%W ER EHHMXMSREP MXIQ GSRWMHIV XLEX %VIE % GSRXEMRW E WQEPP XS 8EFPI  3RGI XLI X]TI SJ LE^EVH MW HIXIVQMRIH XLI
TVMRXMRK ERH HYTPMGEXMRK HITEVXQIRX XLEX YWIW JPEQQEFPI PMU WIPIGXIH 'PEWW & JMVI I\XMRKYMWLIV WLSYPH LEZI E VEXMRK IUYEP XS
YMHW 8LMW EVIE MW NYHKIH XS FI ER SVHMREV] 'PEWW & LE^EVH % SV KVIEXIV XLER XLEX WTIGMJMIH ERH FI WS PSGEXIH XLEX XLI QE\M
&' SV &' JMVI I\XMRKYMWLIV WLSYPH FI WTIGMJMIH XS TVS
QYQ XVEZIP HMWXERGI MW RSX I\GIIHIH
XIGX XLMW EVIE
8LIVI EVI RS[ X[S EPXIVREXMZIW XS FI GSRWMHIVIH *MVWX E ) 8LI VIEWSR XLI FEWMG QE\MQYQ XVEZIP HMWXERGI XS 'PEWW &
JMJXL JMVI I\XMRKYMWLIV IMXLIV GEVFSR HMS\MHI SV SVHMREV] HV] JMVI I\XMRKYMWLIVW MW  JX  Q  EW STTSWIH XS  JX  Q
GLIQMGEP [MXL E VEXMRK SJ &' SV &' GSYPH FI WTIGMJMIH JSV 'PEWW % JMVI I\XMRKYMWLIVW MW XLEX JPEQQEFPI PMUYMH JMVIW VIEGL
7IGSRH XLI [EXIV JMVI I\XMRKYMWLIV EX TSMRX  GSYPH FI VI XLIMV QE\MQYQ MRXIRWMX] EPQSWX MQQIHMEXIP] -X MW MQTIVE
TPEGIH [MXL E QYPXMTYVTSWI HV] GLIQMGEP JMVI I\XMRKYMWLIV XLEX XMZI XLEX XLI JMVI I\XMRKYMWLIV FI FVSYKLX XS XLI JMVI MR E
LEW E VEXMRK SJ EX PIEWX %&' -X WLSYPH FI PSGEXIH OIITMRK QYGL WLSVXIV TIVMSH SJ XMQI XLER XLEX EPPS[IH JSV E WPS[IV
MR QMRH XLI  JX  Q XVEZIP HMWXERGI JSV XLI % TVSXIG HIZIPSTMRK 'PEWW % JMVI
XMSR ERH XLI  JX SV  JX  Q SV  Q XVEZIP HMWXERGI ) )ZIR XLSYKL 8EFPI  WTIGMJMIW QE\MQYQ XVEZIP
VIUYMVIH JSV XLI 'PEWW & TVSXIGXMSR XLEX XLMW JMVI I\XMRKYMWLIV HMWXERGIW JSV 'PEWW & JMVI I\XMRKYMWLIV TPEGIQIRX NYHKQIRX
TVSZMHIW WLSYPH FI I\IVGMWIH MR EGXYEPP] IWXEFPMWLMRK XLIQ 8LI JMVI
) )\XMRKYMWLIV 7IPIGXMSR ERH 4PEGIQIRX JSV 'PEWW % ,E^ I\XMRKYMWLIV GER FI TPEGIH GPSWIV XS XLI LE^EVH MX MW TVSXIGX
EVHW 3RI QIXLSH SJ WIPIGXMRK ETTVSTVMEXI I\XMRKYMWLIV WM^IW MRK YT XS E TSMRX [LIVI XLI JMVI I\XMRKYMWLIV MXWIPJ QMKLX FI
ERH PSGEXMSRW MW SYXPMRIH EW JSPPS[W MRZSPZIH MR XLI JMVI SV EGGIWW XS MX MW QEHI HMJJMGYPX FIGEYWI SJ
JPEQI LIEX SV WQSOI
 'PEWWMJ] XLI EVIE XS FI TVSXIGXIH EW PMKLX SVHMREV] SV I\XVE
LE^EVH MR EGGSVHERGI [MXL  ) ;LIVI ER IRXMVI VSSQ SV EVIE MW NYHKIH XS FI E 'PEWW &
 (IXIVQMRI XLI XSXEP WUYEVI JSSXEKI SJ XLI JPSSV SJ XLI LE^EVH WYGL EW ER EYXSQSFMPI VITEMV KEVEKI  JMVI I\XMRKYMWL
FYMPHMRK [LIVI XLI I\XMRKYMWLIVW [MPP FI MRWXEPPIH JPSSV IVW WLSYPH FI TPEGIH EX VIKYPEV MRXIVZEPW WS XLEX XLI QE\MQYQ
EVIE  [EPOMRK HMWXERGI JVSQ ER] TSMRX XS XLI RIEVIWX JMVI I\XMR
 (MZMHI XLI JPSSV EVIE F] XLI QE\MQYQ EVIE XS FI TVS KYMWLIV HSIW RSX I\GIIH XLI XVEZIP HMWXERGIW WTIGMJMIH MR 8EFPI
XIGXIH TIV I\XMRKYMWLIV MR EGGSVHERGI [MXL 8EFPI )  3RI JMVI I\XMRKYMWLIV GER FI MRWXEPPIH XS TVSZMHI TVS
8LMW MW X]TMGEPP] HSRI JSV IEGL QE\MQYQ EVIE TIV I\XMR XIGXMSR EKEMRWX WIZIVEP LE^EVHW TVSZMHIH XVEZIP HMWXERGIW EVI
KYMWLIV JSV XLI LE^EVH GPEWWMJMGEXMSR WIPIGXIH RSX I\GIIHIH
 9WMRK E WOIXGL SJ XLI JPSSV WLS[MRK [EPPW TEVXMXMSRW ERH *SV JMVIW MR JPEQQEFPI PMUYMHW SJ ETTVIGMEFPI HITXL E 'PEWW
JYVRMWLMRKW HIXIVQMRI XLI JI[IWX RYQFIV SJ I\XMRKYMWL & JMVI I\XMRKYMWLIV MW TVSZMHIH SR XLI FEWMW SJ X[S RYQIVMGEP
IVW XLEX [MPP WEXMWJ] XLI  JX  Q XVEZIP HMWXERGI VYPI YRMXW SJ 'PEWW & I\XMRKYMWLMRK TSXIRXMEP TIV  JX  Q
 7IPIGX XLI RYQFIV SJ I\XMRKYMWLIVW HIXIVQMRIH MR EGGSV SJ JPEQQEFPI PMUYMH WYVJEGI JSV XLI PEVKIWX XERO [MXLMR XLI
HERGI [MXL )  XLEX MW XLI GPSWIWX XS FYX RSX JI[IV EVIE 8LI XVEZIP HMWXERGI VIUYMVIQIRXW MR 8EFPI  WLSYPH
XLER XLI RYQFIV HIXIVQMRIH MR EGGSVHERGI [MXL )   EPWS FI YWIH XS PSGEXI JMVI I\XMRKYMWLIVW JSV WTSX LE^EVH TVSXIG

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< * z

XMSR LS[IZIV XLI X]TI SJ LE^EVH ERH XLI EZEMPEFMPMX] SJ XLI JMVI ) 9WI SJ XLI [VSRK JMVI I\XMRKYMWLIV GER MRWXERXP] MR
I\XMRKYMWLIV WLSYPH FI GEVIJYPP] IZEPYEXIH GVIEWI SV WTVIEH XLI JMVI 5YERXMXEXMZIP] XLI EQSYRX SJ EKIRX
c RIIHIH MW RSVQEPP] QIEWYVIH F] XLI WYVJEGI EVIE SJ GSQFYW
) ;LIVI JM\IH 'PEWW & I\XMRKYMWLMRK W]WXIQW EVI MRWXEPPIH XMFPI QIXEPW XLEX QMKLX FIGSQI MRZSPZIH TPYW XLI TSXIRXMEP
XLI TVSZMWMSR SJ TSVXEFPI JMVI I\XMRKYMWLIVW GER FI [EMZIH JSV XLEX
WIZIVMX] SJ XLI JMVI EW MRJPYIRGIH F] XLI WLETI ERH JSVQ SJ XLI
SRI LE^EVH FYX RSX JSV XLI WXVYGXYVI SXLIV WTIGMEP LE^EVHW SV XLI
VIWX SJ XLI GSRXIRXW 7SQIXMQIW E FYVRMRK XERO GER VIWYPX MR QIXEP &IGEYWI JMVIW MR QEKRIWMYQ JMRIW EVI QSVI HMJJMGYPX XS
FYVRMRK PMUYMH WTMPPW SYXWMHI XLI VERKI SJ XLI JM\IH IUYMTQIRX SV I\XMRKYMWL XLER JMVIW MRZSPZMRK QEKRIWMYQ WGVET XLI EQSYRX
XLI JMVI GSYPH SVMKMREXI EHNEGIRX XS XLI XERO VEXLIV XLER MR MXW SJ EKIRX RIIHIH XS LERHPI JMVIW MR QEKRIWMYQ JMRIW MW GSVVI
PMUYMH GSRXIRX 8LIVIJSVI LEZMRK TSVXEFPI JMVI I\XMRKYMWLIVW WTSRHMRKP] KVIEXIV *MVI I\XMRKYMWLIVW PEFIPIH JSV 'PEWW ( JMVIW
EZEMPEFPI MW HIWMVEFPI IZIR XLSYKL LE^EVHW SJ XLMW X]TI EVI TVS EVI RSX RIGIWWEVMP] IUYEPP] IJJIGXMZI SR EPP GSQFYWXMFPI QIXEP
XIGXIH [MXL JM\IH I\XMRKYMWLMRK W]WXIQW JMVIW 3JXIR JMVI I\XMRKYMWLIVW WS PEFIPIH QMKLX FI LE^EVHSYW
c [LIR YWIH SR WSQI QIXEP JMVIW 9RPIWW XLI IJJIGX SJ XLI I\XMR
) 'PEWW ' *MVI )\XMRKYMWLIV (MWXVMFYXMSR KYMWLMRK EKIRX MW ORS[R JSV XLI QIXEP FIMRK GSRWMHIVIH XIWXW
WLSYPH FI QEHI [MXL VITVIWIRXEXMZI QEXIVMEP
) 8S TVSXIGX JMVI I\XMRKYMWLIV STIVEXSVW MR WMXYEXMSRW
[LIVI PMZI IPIGXVMGEP IUYMTQIRX GSYPH FI IRGSYRXIVIH JMVI c
) 'PEWW / *MVI )\XMRKYMWLIV (MWXVMFYXMSR 3RP] 'PEWW / JMVI
I\XMRKYMWLIVW [MXL 'PEWW ' VEXMRKW EVI VIUYMVIH I\XMRKYMWLIVW EVI VIGSQQIRHIH JSV GSSOMRK KVIEWI JMVIW
) ;LIR XLI TS[IV XS E TMIGI SJ IPIGXVMGEP IUYMTQIRX MW 1E\MQYQ XVEZIP HMWXERGI MW  JX  Q EW HIJMRIH MR 
GYX SJJ XLI JMVI GLERKIW GLEVEGXIV XS XLEX SJ E 'PEWW % E 'PEWW &
SV E GSQFMRIH 'PEWW % ERH & JMVI HITIRHMRK SR XLI REXYVI SJ
XLI FYVRMRK IPIGXVMGEP GSQTSRIRXW ERH ER] QEXIVMEP FYVRMRK %RRI\ * 7IPIGXMSR SJ 6IWMHIRXMEP *MVI)\XMRKYMWLMRK
MR XLI MQQIHMEXI ZMGMRMX] )UYMTQIRX
) (IIRIVKM^MRK IPIGXVMGEP IUYMTQIRX IPMQMREXIW XLI TSW 8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
WMFMPMX] SJ WLSGO LE^EVHW XS XLI JMVI I\XMRKYMWLIV STIVEXSV MJ XLI FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]
STIVEXSV EGGMHIRXEPP] GSQIW MRXS TL]WMGEP GSRXEGX [MXL XLI
IUYMTQIRX SV MJ XLI STIVEXSV FVMRKW ER] GSRHYGXMZI TEVX SJ E * (IJMRMXMSRW
JMVI I\XMRKYMWLIV [MXLMR EVGMRK HMWXERGI (IIRIVKM^MRK EPWS
IPMQMREXIW JEYPX GYVVIRXW JVSQ TVSPSRKMRK XLI JMVI SV JVSQ FI * +IRIVEP 9WI 6IWMHIRXMEP *MVI )\XMRKYMWLIV % JMVI I\XMR
MRK E WSYVGI SJ VIMKRMXMSR 7[MXGLIW SV GMVGYMX FVIEOIVW XLEX GYX KYMWLIV XLEX LEW FIIR WTIGMJMGEPP] MRZIWXMKEXIH XIWXIH ERH
IPIGXVMG TS[IV XS WTIGMJMG IUYMTQIRX GER TVIZIRX LE^EVHSYW PMWXIH JSV YWI SRP] MR ERH EVSYRH XLI LSQI SRI ERH X[S
WMHI IJJIGXW IK TPYRKMRK ER IRXMVI QYPXMWXSV] FYMPHMRK MRXS JEQMP] H[IPPMRKW ERH PMZMRK YRMXW [MXLMR QYPXMJEQMP] WXVYGXYVIW
HEVORIWW SV WLYXXMRK HS[R XLI IWWIRXMEP IPIGXVMG TS[IV XLEX JSV XLI TYVTSWI SJ WYTTVIWWMRK SV I\XMRKYMWLMRK E JMVI
WYTTPMIW PMJIWYTTSVX IUYMTQIRX  3JXIR JMVIW MRZSPZMRK ER
IPIGXVMGEP GSQTSRIRX EVI VIPEXMZIP] QMRSV ERH F] YWMRK E * 7TIGMEP 4YVTSWI 6IWMHIRXMEP *MVI )\XMRKYMWLIV % JMVI I\
WLSVX ETTPMGEXMSR SJ E 'PEWW ' I\XMRKYMWLERX GER FI IJJIGXMZIP] XMRKYMWLIV HIWMKRIH XIWXIH ERH PMWXIH JSV E TEVXMGYPEV X]TI SJ
I\XMRKYMWLIH [MXLSYX HMWXYVFMRK IPIGXVMGEP GSRXMRYMX] LE^EVH EW WTIGMJMIH SR MXW PEFIP

) 8LI GETEGMX] SJ XLI JMVI I\XMRKYMWLIVW WYTTPMIH JSV IEGL * 1YPXMJEQMP] 7XVYGXYVI +YMHIPMRIW 8LI TVSZMWMSRW SJ XLMW
QENSV 'PEWW ' LE^EVH WMXYEXMSR WLSYPH FI MRHMZMHYEPP] NYHKIH ERRI\ WIGXMSR ETTP] XS XLI WIPIGXMSR MRWXEPPEXMSR ERH QEMRXI
EGGSVHMRK XS XLI JSPPS[MRK JEGXSVW RERGI SJ JMVII\XMRKYMWLMRK IUYMTQIRX JSV SRI ERH X[SJEQMP]
H[IPPMRKW ERH PMZMRK YRMXW [MXLMR QYPXMJEQMP] WXVYGXYVIW 8LI
 7M^I SJ XLI IPIGXVMGEP IUYMTQIRX JMVII\XMRKYMWLMRK IUYMTQIRX MW MRXIRHIH EW E JMVWX PMRI SJ HI
 'SRJMKYVEXMSR SJ XLI IPIGXVMGEP IUYMTQIRX TEVXMGYPEVP] JIRWI XS GSTI [MXL JMVIW SJ PMQMXIH WM^I 8LMW IUYMTQIRX MW
XLI IRGPSWYVIW SJ YRMXW XLEX MRJPYIRGIW EKIRX HMWXVMFYXMSR RIIHIH IZIR XLSYKL XLI H[IPPMRK SV PMZMRK YRMX MW TVSXIGXIH F]
 )JJIGXMZI VERKI SJ XLI JMVI I\XMRKYMWLIV WXVIEQ
ER EYXSQEXMG WTVMROPIV W]WXIQ JMVI SV WQSOI EPEVQ W]WXIQ SV
 %QSYRX SJ 'PEWW % ERH & QEXIVMEP MRZSPZIH
FSXL WMRKPIWXEXMSR WQSOI HIXIGXSVW SV SXLIV JM\IH JMVI WYT
)EGL SJ XLIWI JEGXSVW MRJPYIRGIW XLI EQSYRX ERH X]TI SJ EKIRX TVIWWMSR SV HIXIGXMSR W]WXIQ 8LI VIGSQQIRHEXMSRW KMZIR
RIIHIH XLI HIWMVIH VEXI SJ EKIRX HMWGLEVKI XLI EWWSGMEXIH HYVE LIVIMR EVI QMRMQYQ (ITIRHMRK YTSR XLI GSRHMXMSRW I\MWX
XMSR SJ ETTPMGEXMSR ERH XLI TSXIRXMEP [EWXEKI JEGXSVW MRK MR IEGL PMZMRK YRMX EHHMXMSREP I\XMRKYMWLIVW SV I\XMRKYMWL
IVW SJ PEVKIV GETEGMX] QMKLX FI EHZMWEFPI
) *SV PEVKI MRWXEPPEXMSRW SJ IPIGXVMGEP ETTEVEXYW [LIVI XLI *SV QSVI MRJSVQEXMSR SR EYXSQEXMG WTVMROPIV W]WXIQW JSV XLI
TS[IV GSRXMRYMX] MW GVMXMGEP JM\IH JMVI TVSXIGXMSR MW HIWMVEFPI VIWMHIRGI WII 2*4% ( 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV
%X PSGEXMSRW [LIVI WYGL JM\IH W]WXIQW EVI MRWXEPPIH MX MW TVEGXM
7]WXIQW MR 3RI ERH 8[S*EQMP] ([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW
GEP XS EPWS TVSZMHI 'PEWW ' TSVXEFPI JMVI I\XMRKYMWLIV YRMXW XS
ERH 2*4% 6 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR
LERHPI UYMGOP] HMWGSZIVIH JMVIW SFZMSYWP] XLI RYQFIV ERH
WM^I SJ XLIWI YRMXW GER FI VIHYGIH YRHIV WYGL GSRHMXMSRW 0S[6MWI 6IWMHIRXMEP 3GGYTERGMIW *SV QSVI MRJSVQEXMSR EFSYX JMVI
SV WQSOI EPEVQ W]WXIQW SV FSXL ERH WMRKPIWXEXMSR WQSOI HIXIG
) 'PEWW ( *MVI )\XMRKYMWLIV (MWXVMFYXMSR XSVW WII 2*4%  2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI
) *SV 'PEWW ( LE^EVHW XLI EZEMPEFMPMX] SJ WTIGMEP TSVXEFPI JMVI 8LI TYVTSWI SJ XLMW ERRI\ MW XS TVSZMHI KYMHERGI JSV XLI S[R
I\XMRKYMWLIVW SV IUYMZEPIRX IUYMTQIRX XS GSRXEMR SV I\XMRKYMWL IVW ERH SGGYTERXW SJ SRI ERH X[SJEQMP] H[IPPMRKW ERH PMZMRK
ER] JMVI HIZIPSTMRK MR E GSQFYWXMFPI QIXEP MW TEVXMGYPEVP] MQTSV YRMXW [MXLMR QYPXMJEQMP] WXVYGXYVIW MR XLI WIPIGXMSR YWI MRWXEPPE
XERX )\XMRKYMWLMRK IUYMTQIRX JSV WYGL JMVIW WLSYPH FI PSGEXIH XMSR ERH QEMRXIRERGI SJ JMVII\XMRKYMWLMRK IUYMTQIRX
RS QSVI XLER  JX  Q JVSQ XLI LE^EVH

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

* +IRIVEP 6IGSQQIRHEXMSRW 7IPIGXMSR SJ E JMVI I\XMRKYMWLIV ;EXIV %*** ERH ***4 GER GEYWI HERKIVSYW WTPEWLMRK SJ FYVRMRK
JSV VIWMHIRX YWI WLSYPH FI QEHI [MXL XLI YRHIVWXERHMRK SJ ER KVIEWI ERH GER GEYWI JMVI XS WTVIEH
I\XMRKYMWLIVvW GETEGMX] SV MXW VEXMRK EPSRK [MXL XLI TSXIRXMEP JMVI ;%62-2+ (S RSX EXXIQTX XS TMGO YT E TSX SV TER GSRXEMR
LE^EVHW MR XLI VIWMHIRGI (ITIRHMRK SR XLI GSRHMXMSRW I\MWXMRK MRK FYVRMRK KVIEWI 8S EZSMH TIVWSREP MRNYV] ERH XS EZSMH
MR IEGL PMZMRK YRMX EHHMXMSREP I\XMRKYMWLIVW SV I\XMRKYMWLIVW SJ WTVIEHMRK XLI JMVI JMKLX XLI JMVI MR TPEGI 7LYX SJJ XLI LIEX
PEVKIV GETEGMX] QMKLX FI EHZMWEFPI WSYVGI EW WSSR EW MX MW WEJI XS HS WS XS EZSMH JMVI VIJPEWL
8LI JSPPS[MRK EVI QMRMQYQ VIGSQQIRHEXMSRW TIV JPSSV
* )PIGXVSRMG )UYMTQIRX *MVIW ;LIVI TVSZMHIH I\XMRKYMWL
PIZIP
IVW JSV XLI TVSXIGXMSR SJ HIPMGEXI IPIGXVSRMG IUYMTQIRX WYGL EW
 % WMRKPI I\XMRKYMWLIV VEXIH %&' SV LMKLIV 8:W GSQTYXIVW ERH WXIVISW WLSYPH LEZI E &' VEXMRK SV
 3RI I\XMRKYMWLIV VEXIH % SV LMKLIV ERH E WIGSRH I\XMR LMKLIV ERH WLSYPH FI SJ XLI GEVFSR HMS\MHI SV LEPSKIREXIH
KYMWLIV VEXIH &' SV LMKLIV EKIRX X]TIW
* 6IWMHIRGI )\XMRKYMWLIVW MRWXEPPIH MR XLI VIWMHIRGI * %R EYXSQEXMG VIWMHIRXMEP JMVI I\XMRKYMWLIV YRMX MW HIWMKRIH
WLSYPH QIIX XLI VIUYMVIQIRXW SJ 7IGXMSR  SV XLI VIGSQ ERH PMWXIH JSV XLI TVSXIGXMSR SJ E WTIGMJMG LE^EVH -X WLSYPH SRP]
QIRHEXMSRW SJ * FI YXMPM^IH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW WTIGMJMGEXMSRW
* %XXEGLIH +EVEKIW 3RI I\XMRKYMWLIV VEXIH %&' SV * (YI XS XLI ZSPYQI SJ JPEQQEFPI PMUYMHW RSVQEPP] TVIWIRX
LMKLIV WLSYPH FI TVSZMHIH XS TVSXIGX ER EXXEGLIH KEVEKI XLEX MR KEVEKIW XLSWI PMUYMHW EWWSGMEXIH [MXL EYXSQSFMPIW PE[R QS[
MW YRHIV XLI VIWMHIRGI SV GSRRIGXIH XS XLI VIWMHIRGI F] E IVW WRS[ FPS[IVW [SVOWLSTW IXG  E PEVKIV I\XMRKYMWLIV XLER
GSQQSR [EPP XLSWI QIIXMRK XLI QMRMQYQ VIGSQQIRHEXMSRW WLSYPH FI WTI
GMJMGEPP] MRWXEPPIH JSV TVSXIGXMSR
* (IXEGLIH +EVEKIW
* )\XMRKYMWLMRK )UYMTQIRX +YMHIPMRIW
* ;LIVI TVSZMHIH I\XMRKYMWLIVW JSV HIXEGLIH KEVEKIW
WLSYPH LEZI E VEXMRK SJ %&' SV LMKLIV * 1MRMQYQ 4PEGIQIRX % QMRMQYQ SJ SRI TSVXEFPI JMVI
I\XMRKYMWLIV [MXL E QMRMQYQ VEXMRK SJ %&' ERH QIIX
* (YI XS XLI ZSPYQI SJ JPEQQEFPI PMUYMHW RSVQEPP]
MRK XLI KIRIVEP VIGSQQIRHEXMSRW SJ 7IGXMSR * WLSYPH FI
TVIWIRX MR KEVEKIW XLSWI PMUYMHW EWWSGMEXIH [MXL EYXSQSFMPIW
TVSZMHIH TIV JPSSV PIZIP SJ E PMZMRK YRMX [MXL E QE\MQYQ SJ
PE[R QS[IVW WRS[ FPS[IVW [SVOWLSTW IXG  E PEVKIV I\XMR
 JX  Q SJ XVEZIP HMWXERGI XS XLI IUYMTQIRX
KYMWLIV XLER XLEX QIIXMRK XLI QMRMQYQ VIGSQQIRHEXMSRW
WLSYPH FI WTIGMJMGEPP] MRWXEPPIH JSV TVSXIGXMSR * -RWXEPPEXMSR
* *MVI )\XMRKYMWLIV 8]TIW * &IJSVI MRWXEPPMRK ER] JMVII\XMRKYMWLMRK IUYMTQIRX XLI
S[RIVVIWMHIRX WLSYPH VIEH ERH YRHIVWXERH XLI MRWXEPPEXMSR ERH
* 8LI JSPPS[MRK X]TIW SJ JMVI I\XMRKYMWLIVW EVI VIGSQ
YWI MRWXVYGXMSRW MRGPYHMRK XLI PMQMXEXMSRW GEYXMSRW ERH [EVR
QIRHIH JSV MRWXEPPEXMSR ERH YWI MR JEQMP] H[IPPMRKW ERH PMZMRK
MRKW GSRXEMRIH SR XLI IUYMTQIRX ERH MR XLI S[RIVvW QERYEP
YRMXW
* 4SVXEFPI JMVI I\XMRKYMWLIVW WLSYPH FI MRWXEPPIH EW JSPPS[W
 (V] GLIQMGEP
 ;EXIV %*** ***4 ERXMJVII^I [IXXMRK EKIRX  -R ER EGGIWWMFPI WTSX JVII JVSQ FPSGOMRK F] WXSVEKI ERH
 ,EPSKIREXIH EKIRX IUYMTQIRX ERH RIEV VSSQ I\MXW XLEX TVSZMHI ER IWGETI
 'EVFSR HMS\MHI VSYXI
 +IRIVEP YWI VIWMHIRXMEP JMVI I\XMRKYMWLIV  7S XLEX XLI XST SJ XLI I\XMRKYMWLIV MW RSX QSVI XLER  JX
 7TIGMEP TYVTSWI VIWMHIRXMEP JMVI I\XMRKYMWLIV  Q EFSZI XLI JPSSV ERH RSX PIWW XLER  MR  QQ
EFSZI XLI JPSSV WLSYPH FI IEW] XS VIEGL ERH VIQSZI ERH
* 8LI JSPPS[MRK X]TIW SJ I\XMRKYMWLIVW EVI GSRWMHIVIH SF
WLSYPH FI TPEGIH [LIVI MX [MPP RSX FI HEQEKIH
WSPIXI ERH WLSYPH FI VIQSZIH JVSQ WIVZMGI ERH VITPEGIH
 3R LERKIVW SV MR XLI FVEGOIXW WYTTPMIH F] XLI QERYJEG
 7SHE EGMH X]TIW XYVIV QSYRXIH MR GEFMRIXW SV TPEGIH SR WLIPZIW
 'LIQMGEP JSEQ I\GPYHMRK JMPQJSVQMRK EKIRXW  4PEGIH WS XLEX XLI STIVEXMRK MRWXVYGXMSRW SR XLI I\XMR
 :ETSVM^MRK PMUYMH KYMWLIV JEGI SYX[EVH
 'EVXVMHKISTIVEXIH [EXIV
* 7EJIX] 4VIGEYXMSRW *SV TIVWSREP WEJIX] XLI JSPPS[MRK
 'EVXVMHKISTIVEXIH PSEHIH WXVIEQ
TVIGEYXMSRW WLSYPH FI SFWIVZIH JSV PSGEXMRK ERH YWMRK E JMVI
 'STTIV SV FVEWW WLIPP JMVI I\XMRKYMWLIVW I\GPYHMRK TYQT
I\XMRKYMWLIV
XEROW NSMRIH F] WSJX WSPHIV SV VMZIXW
 )\XMRKYMWLIVW VEXIH TVMSV XS  ERH QEVOIH & ' SR  1SWX JMVIW TVSHYGI XS\MG HIGSQTSWMXMSR TVSHYGXW SJ GSQ
XLI REQITPEXI FYWXMSR ERH WSQI QEXIVMEPW GER TVSHYGI LMKLP] XS\MG
 *MVI I\XMRKYMWLIVW RSX PMWXIH SV PEFIPIH KEWIW *MVIW GER EPWS GSRWYQI EZEMPEFPI S\]KIR SV TVSHYGI
HERKIVSYWP] LMKL I\TSWYVI XS GSRZIGXIH SV VEHMEXIH LIEX
* %TTPMGEXMSR JSV 7TIGMJMG ,E^EVHW
%PP SJ XLIWI JEGXSVW GER EJJIGX XLI HIKVII XS [LMGL E JMVI
* 'SQFYWXMFPI 'SSOMRK 1IHME *MVIW 'SQFYWXMFPI GSSOMRK GER FI WEJIP] ETTVSEGLIH [MXL I\XMRKYMWLMRK IUYMTQIRX
QIHME JMVIW VIUYMVI XLI YWI SJ I\XMRKYMWLIVW XLEX [MPP I\XMRKYMWL  (MWGLEVKMRK TSVXEFPI JMVI I\XMRKYMWLIVW JVSQ XSS GPSWI E
XLI JMVI JVSQ E WEJI HMWXERGI [MXLSYX GEYWMRK WTPEWLMRK SJ XLI HMWXERGI SR GSSOMRK KVIEWI JMVIW GER GEYWI WTPEWLMRK SJ
FYVRMRK KVIEWI SV TIVQMXXMRK VIMKRMXMSR SJ XLI JMVI 8LMW GER FI XLI FYVRMRK KVIEWI SV SMP ERH WTVIEH XLI JMVI 8LI VIGSQ
EGLMIZIH F] E WTIGMEP TYVTSWI VIWMHIRXMEP JMVI I\XMRKYMWLIV PMWXIH QIRHIH HMWXERGI JSV STIVEXMRK TSVXEFPI JMVI I\XMRKYMWL
JSV VIWMHIRXMEP KVIEWI JMVIW SV ER EYXSQEXMG JMVI I\XMRKYMWLIV YRMX IVW MW WLS[R SR XLI PEFIP 7II *
PMWXIH JSV VIWMHIRXMEP VERKI XST TVSXIGXMSR %R %&' HV] GLIQMGEP  4SVXEFPI JMVI I\XMRKYMWLIVW WLSYPH RSX FI MRWXEPPIH EHNE
I\XMRKYMWLIV MW RSX XLI I\XMRKYMWLIV SJ GLSMGI FIGEYWI SJ XLI TSW GIRX XS XLI PSGEXMSR SJ E TSXIRXMEP JMVI LE^EVH FYX WLSYPH
WMFMPMX] SJ VIMKRMXMSR 3XLIV EKIRXW GER LEZI PMQMXIH IJJIGXMZIRIWW FI EGGIWWMFPI XS XLI LE^EVH

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< * z

 ,EPSKIREXIH EKIRX I\XMRKYMWLIV PEFIPW GSRXEMR MRJSVQEXMSR MPPIKMFPI STIVEXMRK MRWXVYGXMSRW TVMSV YWI SV FVSOIR XEQTIV
WYGL EW XLI QMRMQYQ ZSPYQI SJ VSSQ XLEX GER FI TVSTIVP] WIEPW WYGL HIJMGMIRGMIW MRHMGEXI XLI RIIH JSV MQQIHMEXI QEMR
ERH WEJIP] TVSXIGXIH ;LIR YWMRK XLIWI I\XMRKYMWLIVW EZSMH XIRERGI ERH WIVZMGMRK SJ XLI JMVI I\XMRKYMWLIV
FVIEXLMRK XLI HMWGLEVKIH EKIRX SV XLI KEWIW TVSHYGIH F] XLI
* -J XLI MRWTIGXMSR SJ E HMWTSWEFPI SV RSRVIGLEVKIEFPI
XLIVQEP HIGSQTSWMXMSR SJ XLI EKIRX )ZEGYEXI ERH ZIRXMPEXI
JMVI I\XMRKYMWLIV QSHIP VIZIEPW ER] TL]WMGEP HIJMGMIRGMIW WYGL
XLI EVIE MQQIHMEXIP] EJXIV YWI
EW HEQEKI GSVVSWMSR PS[TVIWWYVI VIEHMRK QMWWMRK TEVXW SF
 8LI YWI SJ E GEVFSR HMS\MHI I\XMRKYMWLIV W MR ER YRZIR
WXVYGXIH RS^^PI MPPIKMFPI STIVEXMRK MRWXVYGXMSRW TVMSV YWI SV
XMPEXIH WTEGI GER HMPYXI XLI S\]KIR WYTTP] 4VSPSRKIH SG
FVSOIR XEQTIV WIEPW XLI JMVI I\XMRKYMWLIV WLSYPH FI VITPEGIH
GYTERG] SJ WYGL WTEGIW GER VIWYPX MR PSWW SJ GSRWGMSYWRIWW
HYI XS S\]KIR HIJMGMIRG] * (MWTSWEFPI ERH RSRVIGLEVKIEFPI JMVI I\XMRKYMWLIV
 )\XMRKYMWLIVW RSX GPEWWMJMIH JSV 'PEWW ' LE^EVHW TVIWIRX E QSHIPW LEZI WTIGMJMIH QE\MQYQ YWIJYP PMJI G]GPIW ERH WLSYPH
WLSGO LE^EVH MJ YWIH SR JMVIW MRZSPZMRK IRIVKM^IH IPIGXVM FI VITPEGIH EX XLI MRXIVZEP MHIRXMJMIH SR XLI REQITPEXI
GEP IUYMTQIRX
* 1EMRXIRERGI ERH 7IVZMGMRK
 (V] GLIQMGEP I\XMRKYMWLIVW [LIR YWIH MR E WQEPP YRZIR
XMPEXIH EVIE GER VIHYGI ZMWMFMPMX] JSV E TIVMSH SJ YT XS * 1EMRXIRERGI ERH WIVZMGMRK SJ JMVI I\XMRKYMWLIVW WLSYPH
WIZIVEP QMRYXIW FI TIVJSVQIH F] JMVI I\XMRKYMWLIV WIVZMGMRK GSQTERMIW XLEX LEZI
XLI TVSTIV XSSPW VIGLEVKI QEXIVMEPW PYFVMGERXW QERYJEGXYVIVvW
-J WMQMPEV JPEQQEFPI PMUYMHW EVI OITX MR TEVXMEPP] STIR GEV WIVZMGMRK MRWXVYGXMSRW ERH VITPEGIQIRX TEVXW
TSVXW ER I\XMRKYMWLIV SJ XLMW X]TI WLSYPH EPWS FI TVSZMHIH
* 1ERYJEGXYVIVvW MRWXVYGXMSRW WTIGMJ] WIVZMGMRK SJ VI
* 4VSGIHYVIW *SPPS[MRK XLI 9WI SJ *MVI )\XMRKYMWLIVW *SV GLEVKIEFPI JMVI I\XMRKYMWLIVW EJXIV ER] YWI 8LI JVIUYIRG] SJ
TIVWSREP WEJIX] ERH TVSTIV STIVEXMSR MX MW IWWIRXMEP XLEX XLI MRXIVREP QEMRXIRERGI ERH L]HVSWXEXMG XIWXMRK MW WTIGMJMIH MR
MRWXVYGXMSRW SR XLI I\XMRKYMWLIV PEFIP ERH GSRXEMRIH MR XLI XLI S[RIVvW QERYEP ERH MR 8EFPI *
QERYEP FI JSPPS[IH -X MW EPWS IWWIRXMEP XLEX SRGI XLI I\XMR
KYMWLIV MW YWIH MX FI VIJMPPIH SV VITPEGIH TVSQTXP] )ZIR MJ SRP]
E WLSVX FYVWX SJ EKIRX MW VIPIEWIH XLI I\XMRKYMWLIV GER PSWI XLI
VIWX SJ MXW TVIWWYVI 8EFPI * *VIUYIRG] SJ -RXIVREP 1EMRXIRERGI ERH
* -RWTIGXMSR 1EMRXIRERGI ERH 7IVZMGMRK SJ 6IWMHIRXMEP ,]HVSWXEXMG 8IWXMRK SJ *MVI )\XMRKYMWLIVW
*MVI)\XMRKYMWLMRK )UYMTQIRX
-RXIVREP ,]HVSWXEXMG
* +IRIVEP 1EMRXIRERGI 8IWXMRK -RXIVZEP
* 8LMW WIGXMSR MW GSRGIVRIH [MXL XLI MRWTIGXMSR QEMRXI 8]TI SJ )\XMRKYMWLIV -RXIVZEP ]IEVW ]IEVW
RERGI ERH WIVZMGMRK SJ JMVI I\XMRKYMWLIVW
(V] GLIQMGEP  
* 8LI LSQIS[RIV SV SGGYTERX MW VIWTSRWMFPI JSV IRWYVMRK ;EXIV %*** ***4  
XLEX MRWTIGXMSR QEMRXIRERGI ERH WIVZMGMRK SJ JMVI I\XMRKYMWLIVW ERXMJVII^I
MW TIVJSVQIH MR E XMQIP] QERRIV F] GSQTIXIRX MRHMZMHYEPW ,EPSKIREXIH EKIRX  
'EVFSR HMS\MHI  
* -RWTIGXMSRW
* -RWTIGXMSRW WLSYPH FI TIVJSVQIH [LIR XLI JMVI I\XMR 2SRVIGLEVKIEFPI HV] GLIQMGEP I\XMRKYMWLIVW HS RSX VIUYMVI E ]IEV
KYMWLIV MW MRMXMEPP] TPEGIH MR WIVZMGI ERH XLIVIEJXIV EX ETTVS\M MRXIVREP MRWTIGXMSR FYX WLSYPH FI VIQSZIH JVSQ WIVZMGI  ]IEVW EJXIV
XLI HEXI SJ QERYJEGXYVI
QEXIP] HE] MRXIVZEPW -RWTIGXMSRW WLSYPH FI TIVJSVQIH MR
2SRVIGLEVKIEFPI LEPSKIREXIH EKIRX I\XMRKYMWLIVW HS RSX VIUYMVI ER
EGGSVHERGI [MXL XLI S[RIVvW QERYEP WYTTPMIH [MXL XLI JMVI MRXIVREP MRWTIGXMSR FYX WLSYPH FI VIQSZIH JVSQ WIVZMGI  ]IEVW JVSQ
I\XMRKYMWLIV XLI HEXI SJ QERYJEGXYVI 8LI I\XMRKYMWLIVW WLSYPH FI VIXYVRIH XS XLI
* -RWTIGXMSR TVSGIHYVIW WLSYPH MRGPYHI E GLIGO SJ EX QERYJEGXYVIV SV XLI QERYJEGXYVIVvW HIWMKREXIH EKIRX JSV VIGPEMQMRK
SJ XLI LEPSKIREXIH EKIRX
PIEWX XLI JSPPS[MRK
 8LI IUYMTQIRX MW MR MXW HIWMKREXIH TPEGI ERH MXW STIVEX
MRK MRWXVYGXMSRW JEGI SYX[EVH
 %GGIWW XS XLI JMVI I\XMRKYMWLIV MW RSX SFWXVYGXIH * +IRIVEP 6IGSQQIRHEXMSRW
 3TIVEXMRK MRWXVYGXMSRW EVI PIKMFPI
 %R] WIEPW SV XEQTIV MRHMGEXSVW EVI RSX FVSOIR QMWWMRK SV * *MVI )\XMRKYMWLIVW
MR RIIH SJ VITPEGIQIRX * *MVI I\XMRKYMWLIVW WLSYPH FI QEMRXEMRIH MR E JYPP]
 4VIWWYVI KEYKI SV MRHMGEXMRK HIZMGIW MJ TVSZMHIH EVI MR GLEVKIH ERH STIVEFPI GSRHMXMSR ERH OITX MR XLIMV HIWMKREXIH
XLI STIVEFPI VERKI SV TSWMXMSR TPEGIW EX EPP XMQIW [LIR XLI] EVI RSX FIMRK YWIH
 8LIVI MW RS IZMHIRGI SJ GSVVSWMSR SV TL]WMGEP HEQEKI
* -RZIVXMRKX]TI JMVI I\XMRKYMWLIVW EVI RSX VIGSQQIRHIH
* -J XLI MRWTIGXMSR SJ XLI JMVI I\XMRKYMWLIV VIZIEPW ER] ERH WLSYPH FI VIQSZIH JVSQ WIVZMGI
HIJMGMIRG] YRHIV *  ERH *   MQQIHMEXI GSVVIG
XMZI EGXMSR WLSYPH FI XEOIR F] XLI LSQIS[RIV SV SGGYTERX * 3[RIVvW 1ERYEP %R S[RIVvW QERYEP MW TVSZMHIH F] XLI
(IJMGMIRGMIW VIPEXIH XS *  XLVSYKL *  MRHMGEXI QERYJEGXYVIV SJ PMWXIH IUYMTQIRX KMZMRK MRWXVYGXMSRW ERH GEY
XLI RIIH JSV MQQIHMEXI QEMRXIRERGI ERH WIVZMGMRK XMSRW RIGIWWEV] XS XLI MRWXEPPEXMSR STIVEXMSR MRWTIGXMSR QEMRXI
RERGI ERH HMWTSWEP SV VIGLEVKMRK SJ XLI JMVI I\XMRKYMWLIV W 
* -J XLI MRWTIGXMSR SJ E VIGLEVKIEFPI JMVI I\XMRKYMWLIV 8LI QERYEP VIJIVW XS XLMW WXERHEVH EW ETTVSTVMEXI EW E WSYVGI SJ
QSHIP VIZIEPW ER] TL]WMGEP HIJMGMIRGMIW WYGL EW HEQEKI GSV HIXEMPIH MRWXVYGXMSRW 8LI QERYEP WLSYPH FI VIEH GEVIJYPP] ERH
VSWMSR PS[TVIWWYVI VIEHMRK QMWWMRK TEVXW SFWXVYGXIH RS^^PI OITX MR E GSRZIRMIRX TPEGI JSV JYXYVI VIJIVIRGI

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

* 4VMRGMTPIW SJ *MVI )\XMRKYMWLQIRX 1ER] JMVIW EVI WQEPP  'PEWW % 6EXMRK ;SSH
EX SVMKMR ERH GER FI I\XMRKYMWLIH F] XLI YWI SJ JMVI I\XMRKYMWL  'PEWW & 6EXMRK 8[S MR  QQ HITXL LITXERI JMVIW MR
IVW SV WQEPP LSWI WXVIEQW 8LI JMVI HITEVXQIRX WLSYPH FI RS WUYEVI TERW
XMJMIH EW WSSR EW E JMVI MW HMWGSZIVIH 8LMW EPEVQ WLSYPH RSX FI  'PEWW ' 6EXMRK 2S JMVI XIWX WTIGMEP XIWXW VIUYMVIH XS IRWYVI
HIPE]IH F] E[EMXMRK XLI VIWYPXW SJ ETTPMGEXMSR SJ VIWMHIRXMEP XLI WEJIX] SJ XLI I\XMRKYMWLIV STIVEXSV
JMVII\XMRKYMWLMRK IUYMTQIRX  'PEWW ( 6EXMRK 7TIGMEP XIWXW SR WTIGMJMG GSQFYWXMFPI QIXEP
4SVXEFPI JMVII\XMRKYMWLMRK IUYMTQIRX GER VITVIWIRX ER JMVIW
MQTSVXERX WIKQIRX SJ E VIWMHIRXMEP JMVI TVSXIGXMSR TVSKVEQ -J  'PEWW / 6EXMRK 7TIGMEP XIWXW SR GSSOMRK ETTPMERGIW YWMRK
E JMVI WXEVXW MR XLI VIWMHIRGI TISTPI WLSYPH KIX SYX SJ XLI GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP SMPW ERH
LSYWI ERH XLI JMVI HITEVXQIRX GEPPIH SRP] XLIR WLSYPH E JMVI JEXW
I\XMRKYMWLIV FI YWIH 8LIWI VYPIW WLSYPH FI JSPPS[IH [LIR
JMKLXMRK E VIWMHIRXMEP JMVI [MXL E JMVI I\XMRKYMWLIV + 8LI GPEWWMJMGEXMSR ERH VEXMRK EVI JSYRH SR XLI PEFIP
EJJM\IH XS XLI JMVI I\XMRKYMWLIV
 /IIT RIEV E HSSV XLEX GER FI YWIH EW ER IWGETI VSYXI
 7XE] PS[ %ZSMH FVIEXLMRK XLI LIEXIH WQSOI ZETSVW SV + )\EQTPI % JMVI I\XMRKYMWLIV MW VEXIH ERH GPEWWMJMIH
JYQIW EW QYGL EW TSWWMFPI EW [IPP EW XLI I\XMRKYMWLMRK %&' [LMGL MQTEVXW XLI JSPPS[MRK MRJSVQEXMSR
EKIRXW
 9WI XLI ETTVSTVMEXI JMVIJMKLXMRK IUYMTQIRX -J XLI JMVI MW  -X WLSYPH I\XMRKYMWL ETTVS\MQEXIP] X[MGI EW QYGL 'PEWW %
RSX I\XMRKYMWLIH UYMGOP] KIX SYX SJ XLI FYMPHMRK GPSWMRK JMVI EW E %VEXIH JMVI I\XMRKYMWLIV ? KEP  0 [EXIVA
HSSV W FILMRH ]SY (S RSX VIIRXIV XLI FYMPHMRK  -X WLSYPH I\XMRKYMWL ETTVS\MQEXIP]  XMQIW EW QYGL
'PEWW & JMVI EW E &VEXIH JMVI I\XMRKYMWLIV
* 6IWTSRWMFMPMX] 8LI LSQIS[RIVSGGYTERX LEW ER SFPM  -X MW WYMXEFPI JSV YWI SR IRIVKM^IH IPIGXVMGEP IUYMTQIRX
KEXMSR JSV XLI GEVI ERH YWI SJ XLI JMVII\XMRKYMWLMRK IUYMT
QIRX EX EPP XMQIW 8LI REQITPEXI W ERH MRWXVYGXMSR QERYEP 'YVVIRXP] PEFSVEXSVMIW GPEWWMJ] JMVI I\XMRKYMWLIVW JSV YWI SR
WLSYPH FI VIEH ERH XLSVSYKLP] YRHIVWXSSH F] EPP TIVWSRW [LS 'PEWW % JMVIW [MXL XLI JSPPS[MRK VEXMRKW % % % % %
EVI I\TIGXIH XS YWI XLI IUYMTQIRX 8LI MRWXVYGXMSR QERYEP % % % ERH % )JJIGXMZI .YRI   JMVI I\XMR
WLSYPH FI OITX MR E WEJI TPEGI ERH TIVMSHMGEPP] VIZMI[IH KYMWLIVW GPEWWMJMIH JSV YWI SR 'PEWW & JMVIW LEZI XLI JSPPS[MRK
8LI TVIWIRGI SJ ER I\XMRKYMWLIV MR E VIWMHIRGI MW RSX [SVXL VEXMRKW & & & & & & & & &
[LMPI YRPIWW XLI LSQIS[RIV MW [MPPMRK XS HS XLI JSPPS[MRK & & & & & ERH & 6EXMRKW JVSQ
% XS % ERH & XS & MRGPYWMZI EVI FEWIH SR MRHSSV
 9RHIVWXERH LS[ XS YWI XLI HIZMGI TVSTIVP]
JMVI XIWXW VEXMRKW EX SV EFSZI % ERH & EVI FEWIH SR
 -RWXVYGX JEQMP] QIQFIVW [LS QMKLX LEZI XS YWI MX SYXHSSV JMVI XIWXW
 1EMRXEMR ERH VIGLEVKI XLI I\XMRKYMWLIV EGGSVHMRK XS XLI
QERYJEGXYVIVvW MRWXVYGXMSRW 8LI S[RIVSGGYTERX WLSYPH *SV 'PEWW & JMVIW MX WLSYPH FI VIGSKRM^IH XLEX XLI EQSYRX
QEOI WYVI XLEX IZIV]SRI ORS[W LS[ XS GEPP XLI JMVI HITEVX SJ JMVI XLEX GER FI I\XMRKYMWLIH F] E TEVXMGYPEV JMVI I\XMR
QIRX ERH WLSYPH HS WS JSV IZIV] JMVI RS QEXXIV LS[ WQEPP KYMWLIV MW VIPEXIH XS XLI HIKVII SJ XVEMRMRK ERH I\TIVMIRGI SJ
XLI STIVEXSV *SV JMVI I\XMRKYMWLIVW GPEWWMJMIH JSV YWI SR 'PEWW
,SQIS[RIVWSGGYTERXW WLSYPH VIGSKRM^I JMVI LE^EVHW SR ' JMVIW RS RYQFIV MW YWIH WMRGI 'PEWW ' JMVIW EVI IWWIRXMEPP]
XLIMV TVSTIVXMIW ERH TPER MR EHZERGI I\EGXP] LS[ ERH [MXL IMXLIV 'PEWW % SV 'PEWW & JMVIW MRZSPZMRK IRIVKM^IH IPIGXVMGEP
[LEX E JMVI [MPP FI JSYKLX -X MW MQTSVXERX JSV LSQIS[RIVW XS [MVMRK ERH IUYMTQIRX 3XLIV XLER [LIR FIMRK HMWGLEVKIH
YRHIVWXERH XLEX I\XMRKYMWLIVW SJ XLI WM^IW HMWGYWWIH LEZI E JVSQ ER I\XMRKYMWLIV [EXIVFEWIH EKIRXW EVI GSRHYGXMZI ERH
HMWGLEVKI XMQI SJ SRP]  WIGSRHW XS  WIGSRHW MR EGXYEP YWI EKIRX TSSPMRK EJXIV HMWGLEVKI QMKLX TVIWIRX EHHMXMSREP LE^EVH
RS XMQI GER FI [EWXIH HIXIVQMRMRK XLI FIWX [E] XS YWI XLI GSRGIVRW 8LI WM^I SJ XLI HMJJIVIRX WYMXEFPI JMVI I\XMRKYMWLIVW
HIZMGI -RWXVYGXMSR SR JMVI I\XMRKYMWLIV YWI GER EPWS FI SF MRWXEPPIH WLSYPH FI GSQQIRWYVEXI [MXL XLI WM^I ERH I\XIRX SJ
XEMRIH JVSQ PSGEP JMVI HITEVXQIRX TIVWSRRIP XLI 'PEWW % SV 'PEWW & GSQTSRIRXW SV FSXL SJ XLI IPIGXVMGEP
LE^EVH FIMRK TVSXIGXIH
*SV JMVI I\XMRKYMWLIVW GPEWWMJMIH JSV YWI SR 'PEWW ( JMVIW RS
%RRI\ + )\XMRKYMWLIV 'PEWWMJMGEXMSR ERH RYQFIV MW YWIH 8LI VIPEXMZI IJJIGXMZIRIWW SJ XLIWI JMVI I\XMR
6EXMRK 7]WXIQ KYMWLIVW JSV YWI SR WTIGMJMG GSQFYWXMFPI QIXEP JMVIW MW HIXEMPIH
SR XLI JMVI I\XMRKYMWLIV REQITPEXI
8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
*MVI I\XMRKYMWLIVW XLEX EVI IJJIGXMZI SR QSVI XLER SRI GPEWW
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]
SJ JMVI LEZI QYPXMTPI PIXXIV ERH RYQFIVPIXXIV GPEWWMJMGEXMSRW
+ +IRIVEP 4SVXEFPI JMVI I\XMRKYMWLIVW EVI GPEWWMJMIH JSV YWI ERH VEXMRKW
SR GIVXEMR GPEWWIW SJ JMVIW ERH VEXIH JSV VIPEXMZI I\XMRKYMWLMRK 8LI IUYMZEPIRG] JSV 'PEWW & I\XMRKYMWLIVW VEXIH YRHIV
IJJIGXMZIRIWW EX E XIQTIVEXYVI SJ ”* ”' F] XIWXMRK PEFS XLI VEXMRK GPEWWMJMGEXMSR W]WXIQ YWIH TVMSV XS  MW KMZIR MR
VEXSVMIW 8LMW MW FEWIH SR XLI GPEWWMJMGEXMSR SJ JMVIW ERH XLI 8EFPI +
JMVII\XMRKYMWLQIRX TSXIRXMEPW EW HIXIVQMRIH F] JMVI XIWXW *SV I\XMRKYMWLIVW GPEWWMJMIH YRHIV XLI W]WXIQ YWIH TVMSV XS
+ 8LI GPEWWMJMGEXMSR ERH VEXMRK W]WXIQ HIWGVMFIH MR XLMW WXER  XLI TVI GPEWWMJMGEXMSRW SJ ' ' ERH ' EVI IUYMZE
HEVH MW XLEX SJ 9RHIV[VMXIVW 0EFSVEXSVMIW -RG ERH 9RHIV[VMXIVW PIRX XS XLI GYVVIRX ' GPEWWMJMGEXMSR
0EFSVEXSVMIW SJ 'EREHE ERH MW FEWIH SR XLI I\XMRKYMWLQIRX SJ 'EVFSR HMS\MHI I\XMRKYMWLIVW [MXL QIXEP LSVRW HS RSX
TPERRIH JMVIW SJ HIXIVQMRIH WM^I ERH HIWGVMTXMSR EW JSPPS[W GEVV] ER] ' GPEWWMJMGEXMSR

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< , z

8EFPI + 'PEWW & 6EXMRK )UYMZEPIRGMIW WLSYPH FI PEVKI IRSYKL XS TIVQMX VIEH] TEWWEKI SJ XLI JMVI
I\XMRKYMWLIV
)\XMRKYMWLIV 8]TI ERH 4VI  ;MRH ERH (VEJX -J XLI LE^EVH MW WYFNIGX XS [MRHW SV HVEJX XLI
'ETEGMX] 6EXMRK )UYMZEPIRG] YWI SJ JMVI I\XMRKYMWLIVW ERH EKIRXW LEZMRK WYJJMGMIRX VERKI
XS SZIVGSQI XLIWI GSRHMXMSRW WLSYPH FI GSRWMHIVIH
*SEQ KEP  %ZEMPEFMPMX] SJ 4IVWSRRIP 'SRWMHIVEXMSR WLSYPH FI KMZIR XS
 & & XLI RYQFIV SJ TIVWSRW EZEMPEFPI XS STIVEXI XLI JMVI I\XMR
 & & KYMWLIVW XLI HIKVII SJ XVEMRMRK TVSZMHIH ERH XLI TL]WM
 & & GEP GETEFMPMX] SJ XLI STIVEXSVW
 & & , ,IEPXL ERH 7EJIX] 'SRHMXMSRW 8LEX %JJIGX 7IPIGXMSR
;LIR E JMVI I\XMRKYMWLIV MW FIMRK WIPIGXIH GSRWMHIVEXMSR
'EVFSR (MS\MHI PF WLSYPH FI KMZIR XS XLI LIEPXL ERH WEJIX] LE^EVHW MRZSPZIH MR MXW
9RHIV  & & QEMRXIRERGI ERH YWI EW HIWGVMFIH MR XLI JSPPS[MRK MXIQW
 & &
 XS  & &  *SV GSRJMRIH WTEGIW TVSQMRIRX GEYXMSR PEFIPW SR XLI JMVI
 XS  & & I\XMRKYMWLIV [EVRMRK WMKRW EX IRXV] TSMRXW TVSZMWMSR JSV
 XS  & & VIQSXI ETTPMGEXMSR I\XVEPSRKVERKI JMVI I\XMRKYMWLIV
 & & RS^^PIW WTIGMEP ZIRXMPEXMSR TVSZMWMSR SJ FVIEXLMRK ETTE
 & & VEXYW ERH SXLIV TIVWSREP TVSXIGXMZI IUYMTQIRX ERH EH
 & & IUYEXI XVEMRMRK SJ TIVWSRRIP EVI EQSRK XLI QIEWYVIW
XLEX WLSYPH FI GSRWMHIVIH
(V] 'LIQMGEP PF  %PXLSYKL LEPSKIREXIH EKIRXzX]TI JMVI I\XMRKYMWLIVW GSR
 XS  & & XEMR EKIRXW [LSWI ZETSV LEW E PS[ XS\MGMX] XLIMV HIGSQTS
 & & WMXMSR TVSHYGXW GER FI LE^EVHSYW ;LIR YWMRK XLIWI JMVI
 XS  & & I\XMRKYMWLIVW MR YRZIRXMPEXIH TPEGIW WYGL EW WQEPP VSSQW
 & & GPSWIXW QSXSV ZILMGPIW SV SXLIV GSRJMRIH WTEGIW STIVE
 & & XSVW ERH SXLIVW WLSYPH EZSMH FVIEXLMRK XLI KEWIW TVS
 ERH YT & & HYGIH F] XLIVQEP HIGSQTSWMXMSR SJ XLI EKIRX
 'EVFSR HMS\MHI JMVI I\XMRKYMWLIVW GSRXEMR ER I\XMRKYMWL
*SV 7- YRMXW  KEP !  0  PF !  OK MRK EKIRX XLEX [MPP RSX WYTTSVX PMJI [LIR YWIH MR WYJJMGMIRX
GSRGIRXVEXMSR XS I\XMRKYMWL E JMVI 8LI YWI SJ XLMW X]TI SJ
JMVI I\XMRKYMWLIV MR ER YRZIRXMPEXIH WTEGI GER HMPYXI XLI
%RRI\ , 'SRHMXMSRW SJ 7IPIGXMSR S\]KIR WYTTP] 4VSPSRKIH SGGYTERG] SJ WYGL WTEGIW GER
VIWYPX MR PSWW SJ GSRWGMSYWRIWW HYI XS S\]KIR HIJMGMIRG]
8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
 *MVI I\XMRKYMWLIVW RSX VEXIH JSV 'PEWW ' LE^EVHW IK [E
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]
XIV ERXMJVII^I PSEHIH WXVIEQ %*** ***4 [IXXMRK EKIRX
, 4L]WMGEP 'SRHMXMSRW 8LEX %JJIGX 7IPIGXMSR ;LIR E JMVI ERH JSEQ TVIWIRX E WLSGO LE^EVH MJ YWIH SR JMVIW MRZSPZ
I\XMRKYMWLIV MW FIMRK WIPIGXIH XLI JSPPS[MRK TL]WMGEP GSRHM MRK IRIVKM^IH IPIGXVMGEP IUYMTQIRX
XMSRW WLSYPH FI GSRWMHIVIH  ;LIR YWIH MR E WQEPP YRZIRXMPEXIH EVIE HV] GLIQMGEP JMVI
I\XMRKYMWLIVW GER VIHYGI ZMWMFMPMX] JSV E TIVMSH SJ YT XS
 +VSWW ;IMKLX -R XLI WIPIGXMSR SJ E JMVI I\XMRKYMWLIV XLI
WIZIVEP QMRYXIW (V] GLIQMGEP HMWGLEVKIH MR ER EVIE GER
TL]WMGEP EFMPMX] SJ XLI YWIV WLSYPH FI XEOIR MRXS EGGSYRX
EPWS GPSK JMPXIVW MR EMVGPIERMRK W]WXIQW
;LIR XLI LE^EVH I\GIIHW XLI GETEFMPMX] SJ E LERH TSV
 % HV] GLIQMGEP JMVI I\XMRKYMWLIV GSRXEMRMRK EQQSRMYQ
XEFPI JMVI I\XMRKYMWLIV [LIIPIH JMVI I\XMRKYMWLIVW SV JM\IH
GSQTSYRHW WLSYPH RSX FI YWIH SR S\MHM^IVW XLEX GSRXEMR
W]WXIQW WII 7IGXMSR  WLSYPH FI GSRWMHIVIH
GLPSVMRI 8LI VIEGXMSR FIX[IIR XLI S\MHM^IV ERH XLI EQ
 'SVVSWMSR -R WSQI JMVI I\XMRKYMWLIV MRWXEPPEXMSRW XLIVI I\
QSRMYQ WEPXW GER TVSHYGI XLI I\TPSWMZI GSQTSYRH RMXVS
MWXW E TSWWMFMPMX] SJ XLI JMVI I\XMRKYMWLIV FIMRK I\TSWIH XS E
KIR XVMGLPSVMHI 2'P 
GSVVSWMZI EXQSWTLIVI ;LIVI XLMW MW XLI GEWI GSRWMHIV
 ,EPSKIREXIH I\XMRKYMWLIVW WLSYPH RSX FI YWIH SR JMVIW
EXMSR WLSYPH FI KMZIR XS TVSZMHMRK XLI JMVI I\XMRKYMWLIVW
MRZSPZMRK S\MHM^IVW WMRGI XLI] GER VIEGX [MXL XLI S\MHM^IV
WS I\TSWIH [MXL TVSTIV TVSXIGXMSR SV XS TVSZMHMRK JMVI
 1SWX JMVIW TVSHYGI XS\MG HIGSQTSWMXMSR TVSHYGXW SJ GSQ
I\XMRKYMWLIVW XLEX EVI WYMXEFPI JSV YWI MR XLIWI GSRHMXMSRW
FYWXMSR ERH WSQI QEXIVMEPW YTSR FYVRMRK GER TVSHYGI
 %KIRX 6IEGXMSR 8LI TSWWMFMPMX] SJ EHZIVWI VIEGXMSRW GSR
LMKLP] XS\MG KEWIW *MVIW GER EPWS GSRWYQI EZEMPEFPI S\]KIR
XEQMREXMSR SV SXLIV IJJIGXW SJ ER I\XMRKYMWLMRK EKIRX SR
SV TVSHYGI HERKIVSYWP] LMKL I\TSWYVI XS GSRZIGXIH SV VEHM
QERYJEGXYVMRK TVSGIWWIW SR IUYMTQIRX SV FSXL WLSYPH
EXIH LIEX %PP SJ XLIWI GER EJJIGX XLI HIKVII XS [LMGL E JMVI
FI GSRWMHIVIH MR XLI WIPIGXMSR SJ E JMVI I\XMRKYMWLIV
GER FI WEJIP] ETTVSEGLIH [MXL JMVI I\XMRKYMWLIVW
 ;LIIPIH 9RMXW ;LIVI [LIIPIH JMVI I\XMRKYMWLIVW EVI YWIH
GSRWMHIVEXMSR WLSYPH FI KMZIR XS XLI QSFMPMX] SJ XLI JMVI 8EFPI , WYQQEVM^IW XLI GLEVEGXIVMWXMGW SJ JMVI I\XMRKYMWL
I\XMRKYMWLIV [MXLMR XLI EVIE MR [LMGL MX [MPP FI YWIH *SV IVW ERH GER FI YWIH EW ER EMH MR WIPIGXMRK JMVI I\XMRKYMWLIVW MR
SYXHSSV PSGEXMSRW XLI YWI SJ TVSTIV VYFFIVXMVI SV [MHI EGGSVHERGI [MXL 'LETXIV  8LI VEXMRKW KMZIR EVI XLSWI XLEX
VMQQIH [LIIP HIWMKRW WLSYPH FI GSRWMHIVIH EGGSVHMRK XS [IVI MR IJJIGX EX XLI XMQI XLMW WXERHEVH [EW TVITEVIH 'YVVIRX
XIVVEMR *SV MRHSSV PSGEXMSRW HSSV[E]W ERH TEWWEKIW PMWXMRKW WLSYPH FI GSRWYPXIH JSV YTXSHEXI VEXMRKW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

8EFPI , 'LEVEGXIVMWXMGW SJ )\XMRKYMWLIVW

4VSXIGXMSR
,SVM^SRXEP %TTVS\MQEXI 6IUYMVIH
1IXLSH SJ 6ERKI SJ 8MQI SJ &IPS[ ”* 90 SV 90'
)\XMRKYMWLMRK %KIRX 3TIVEXMSR 'ETEGMX] 7XVIEQ (MWGLEVKI ”' 'PEWWMJMGEXMSRW
;EXIV 7XSVIHTVIWWYVI 0  XS  JX  WIG =IW %
7XSVIHTVIWWYVI SV  KEP  XS  JX  QMR =IW %
TYQT
4YQT  KEP  XS  JX  QMR =IW %
4YQT  KEP  XS  JX  XS  QMR =IW %
;EXIV [IXXMRK EKIRX 7XSVIHTVIWWYVI  KEP  JX  WIG =IW %
7XSVIHTVIWWYVI  KEP [LIIPIH  JX  QMR =IW %
7XSVIHTVIWWYVI  KEP [LIIPIH  JX  QMR =IW %
7XSVIHTVIWWYVI  KEP [LIIPIH  JX  QMR =IW %
0SEHIH WXVIEQ 7XSVIHTVIWWYVI  KEP  XS  JX  QMR 2S %
7XSVIHTVIWWYVI  KEP [LIIPIH  JX  QMR 2S %
%*** ***4 7XSVIHTVIWWYVI  KEP  XS  JX  WIG =IW % XS &
7XSVIHTVIWWYVI 0  XS  JX  WIG =IW %&
2MXVSKIR G]PMRHIV  KEP  JX  QMR =IW %&
'EVFSR HMS\MHI 7IPJI\TIPPMRK  XS  PF  XS  JX  XS  WIG 2S  XS &'
7IPJI\TIPPMRK  XS  PF  XS  JX  XS  WIG 2S  XS &'
7IPJI\TIPPMRK  PF  XS  JX  XS  WIG 2S &'
7IPJI\TIPPMRK  XS  PF  XS  JX  XS  WIG 2S  XS &'
[LIIPIH
6IKYPEV HV] GLIQMGEP WSHMYQ 7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S  XS &'
FMGEVFSREXI 'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
7XSVIHTVIWWYVI  PF [LIIPIH  JX  WIG 2S &'
2MXVSKIR G]PMRHIV SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI [LIIPIH
4YVTPI / HV] GLIQMGEP 'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
TSXEWWMYQ FMGEVFSREXI WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI [LIIPIH
2MXVSKIR G]PMRHIV SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI [LIIPIH
7YTIV / HV] GLIQMGEP 'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
TSXEWWMYQ GLPSVMHI WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S &'
WXSVIHTVIWWYVI [LIIPIH
1YPXMTYVTSWI%&' HV] 7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S  XS % ERH 
GLIQMGEP EQQSRMYQ XS &'
TLSWTLEXI 7XSVIHTVIWWYVI SV  XS  PF  XS  JX  XS  WIG 2S  XS % ERH 
GEVXVMHKI XS &'
7XSVIHTVIWWYVI SV  XS  PF  XS  JX  XS  WIG 2S  XS % ERH
GEVXVMHKI  XS &'
7XSVIHTVIWWYVI SV  XS  PF  XS  JX  XS  WIG 2S  XS % ERH
GEVXVMHKI  XS &'
7XSVIHTVIWWYVI SV  XS  PF  JX  XS  WIG 2S  XS % ERH
GEVXVMHKI [LIIPIH  XS &'

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< , z

8EFPI , 'SRXMRYIH

4VSXIGXMSR
,SVM^SRXEP %TTVS\MQEXI 6IUYMVIH
1IXLSH SJ 6ERKI SJ 8MQI SJ &IPS[ ”* 90 SV 90'
)\XMRKYMWLMRK %KIRX 3TIVEXMSR 'ETEGMX] 7XVIEQ (MWGLEVKI ”' 'PEWWMJMGEXMSRW

2MXVSKIR G]PMRHIV SV  XS  PF  XS  JX  XS  WIG 2S  XS % ERH


WXSVIHTVIWWYVI [LIIPIH  XS &'
(V] GLIQMGEP JSEQ 'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
GSQTEXMFPI WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI
2MXVSKIR G]PMRHIV SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
WXSVIHTVIWWYVI [LIIPIH
(V] GLIQMGEP TSXEWWMYQ 7XSVIHTVIWWYVI  XS  PF  XS  JX  WIG 2S  XS &'
FMGEVFSREXI YVIE FEWIH 7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S  XS &'
 PF [LIIPIH  JX  WIG 2S &'
;IX GLIQMGEP 7XSVIHTVIWWYVI 0  XS  JX  WIG 2S /
7XSVIHTVIWWYVI 0  XS  JX  XS  WIG 2S /
7XSVIHTVIWWYVI  KEP  XS  JX  XS  WIG 2S /
,EPSR  FVSQSGLPSVS 7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S  XS &'
HMJPYSVSQIXLERI 7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S &'
7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S %&'
7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S  XS % ERH 
XS &'
7XSVIHTVIWWYVI  PF  JX  WIG 2S %&'
7XSVIHTVIWWYVI  PF [LIIPIH  XS  JX  XS  WIG 2S % XS
&'
,EPSR  7XSVIHTVIWWYVI SV  XS  PF  XS  JX  XS  WIG 2S  XS &'
FVSQSGLPSVSHMJPYSVS WIPJI\TIPPMRK
QIXLERI FVSQSXVMJPYSVS
QIXLERI QM\XYVIW 7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S %&' XS
%&'
,EPSGEVFSR X]TI 7XSVIHTVIWWYVI  XS  PF  XS  JX  XS  WIG 2S &' XS
%&'

*SV 7- YRMXW  KEP !  0  PF !  OK  JX !  Q


2SXI ,EPSR WLSYPH FI YWIH SRP] [LIVI MXW YRMUYI TVSTIVXMIW EVI HIIQIH RIGIWWEV]
90 ERH 90' VEXMRKW EW SJ .YP]   6IEHIVW GSRGIVRIH [MXL WYFWIUYIRX VEXMRKW WLSYPH VIZMI[ XLI
TIVXMRIRX PMWXW ERH WYTTPIQIRXW MWWYIH F] XLIWI PEFSVEXSVMIW 9RHIV[VMXIVW 0EFSVEXSVMIW -RG  4JMRKWXIR
6SEH 2SVXLFVSSO -0  SV 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ 'EREHE  9RHIV[VMXIVW 6SEH 8SVSRXS
32 16 & 'EREHE
'EVFSR HMS\MHI I\XMRKYMWLIVW [MXL QIXEP LSVRW HS RSX GEVV] E ' GPEWWMJMGEXMSR
7SQI WQEPP I\XMRKYMWLIVW GSRXEMRMRK EQQSRMYQ TLSWTLEXIzFEWIH HV] GLIQMGEP HS RSX GEVV] ER %
GPEWWMJMGEXMSR

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

%RRI\ - 1EMRXIRERGI 4VSGIHYVIW EVVERKIH F] QIGLERMGEP TEVXW GSQTSRIRXW ERH GSRXEMRIVW


GSQQSR XS QSWX JMVI I\XMRKYMWLIVW 8LI WIGSRH 8EFPI - F  MW
8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
EVVERKIH F] I\XMRKYMWLMRK QEXIVMEP ERH I\TIPPMRK QIERW ERH MR
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]
ZSPZIW E HIWGVMTXMSR SJ XLI TVSFPIQW TIGYPMEV XS IEGL EKIRX
- 1EMRXIRERGI 'LIGOPMWXW *SV GSRZIRMIRGI XLI JSPPS[MRK
GLIGOPMWXW EVI SVKERM^IH MRXS X[S TEVXW 8LI JMVWX 8EFPI - E  MW

8EFPI - E 1IGLERMGEP 4EVXW 1EMRXIRERGI 'LIGOPMWX

']PMRHIV7LIPP 'SVVIGXMZI %GXMSR


 ,]HVSWXEXMG XIWX HEXI SV HEXI SJ QERYJEGXYVI  6IXIWX MJ RIIHIH
 'SVVSWMSR  'SRHYGX L]HVSWXEXMG XIWX ERH VIJMRMWL SV GSRHIQR
 1IGLERMGEP HEQEKI HIRXMRK SV EFVEWMSR  'SRHYGX L]HVSWXEXMG XIWX ERH VIJMRMWL SV GSRHIQR
 4EMRX GSRHMXMSR  6IJMRMWL
 4VIWIRGI SJ VITEMVW [IPHMRK WSPHIVMRK FVE^MRK  'SRHIQR
IXG
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  'SRHIQR
[SVR
 &VSOIR LERKIV EXXEGLQIRX GEVV]MRK LERHPI PYK  'SRHIQR
 7IEPMRK WYVJEGI HEQEKI RMGOW SV GSVVSWMSR  'SRHIQR

2EQITPEXI 'SVVIGXMZI %GXMSR


 -PPIKMFPI [SVHMRK  'PIER SV VITPEGI 2SXI 3RP] PEFIPW [MXLSYX E PMWXMRK QEVO GER FI
VITPEGIH
 'SVVSWMSR SV PSSWI TPEXI  -RWTIGX WLIPP YRHIV TPEXI WII G]PMRHIVWLIPP GLIGO TSMRXW ERH
VIEXXEGL TPEXI

2S^^PI SV ,SVR 'SVVIGXMZI %GXMSR


 (IJSVQIH HEQEKIH SV GVEGOIH  6ITPEGI
 &PSGOIH STIRMRKW  'PIER
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  6ITPEGI
[SVR
 %KIH FVMXXPI  6ITPEGI

,SWI %WWIQFP] 'SVVIGXMZI %GXMSR


 (EQEKIH GYX GVEGOIH SV [SVR  6ITPEGI
 (EQEKIH GSYTPMRKW SV W[MZIP NSMRX GVEGOIH SV  6ITPEGI
GSVVSHIH
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  6ITPEGI
[SVR
 -RRIV XYFI GYX EX GSYTPMRKW  6ITPEGI SV GSRWYPX QERYJEGXYVIV
 )PIGXVMGEPP] RSRGSRHYGXMZI FIX[IIR GSYTPMRKW '3  6ITPEGI
LSWI SRP]
 ,SWI SFWXVYGXMSR  6IQSZI SFWXVYGXMSR SV VITPEGI
 ,]HVSWXEXMG XIWX HEXI  6IXIWX MJ RIIHIH

4YPP6MRK 4MR 'SVVIGXMZI %GXMSR


 (EQEKIH FIRX GSVVSHIH SV FMRHMRK  6ITPEGI
 1MWWMRK  6ITPEGI

+EYKI SV 4VIWWYVI-RHMGEXMRK (IZMGI 'SVVIGXMZI %GXMSR


 -QQSZEFPI NEQQIH SV QMWWMRK TSMRXIV TVIWWYVI  (ITVIWWYVM^I ERH VITPEGI KEYKI
XIWX
 1MWWMRK HIJSVQIH SV FVSOIR GV]WXEP  (ITVIWWYVM^I ERH VITPEGI KEYKI
 -PPIKMFPI SV JEHIH HMEP  (ITVIWWYVM^I ERH VITPEGI KEYKI
 'SVVSWMSR  (ITVIWWYVM^I ERH GLIGO GEPMFVEXMSR GPIER ERH VIJMRMWL SV VITPEGI
KEYKI
 (IRXIH GEWI SV GV]WXEP VIXEMRIV  (ITVIWWYVM^I ERH GLIGO GEPMFVEXMSR SV VITPEGI KEYKI
 -QQSZEFPI SV GSVVSHIH TVIWWYVIMRHMGEXMRK WXIQ  (ITVIWWYVM^I ERH HMWGEVH WLIPP
RSRKEYKI X]TI
 :IVMJ] KEYKI GSQTEXMFMPMX]  (ITVIWWYVM^I ERH VITPEGI

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< - z

8EFPI - E 'SRXMRYIH

7LIPP SV ']PMRHIV :EPZI 'SVVIGXMZI %GXMSR


 'SVVSHIH HEQEKIH SV NEQQIH PIZIV LERHPI  (ITVIWWYVM^I GLIGO JVIIHSQ SJ QSZIQIRX ERH VITEMV SV VITPEGI
WTVMRK WXIQ SV JEWXIRIV NSMRX
 (EQEKIH SYXPIX XLVIEHW GSVVSHIH GVSWWXLVIEHIH  (ITVIWWYVM^I ERH VITPEGI
SV [SVR

2S^^PI 7LYXSJJ :EPZI 'SVVIGXMZI %GXMSR


 'SVVSHIH HEQEKIH NEQQIH SV FMRHMRK PIZIV  6ITEMV ERH PYFVMGEXI SV VITPEGI
WTVMRK WXIQ SV JEWXIRIV NSMRX
 4PYKKIH HIJSVQIH SV GSVVSHIH RS^^PI XMT SV  'PIER SV VITPEGI
HMWGLEVKI TEWWEKI

4YRGXYVI 1IGLERMWQ 'SVVIGXMZI %GXMSR


 (EQEKIH NEQQIH SV FMRHMRK TYRGXYVI PIZIV WXIQ  6ITPEGI
SV JEWXIRIV NSMRX
 (YPP SV HEQEKIH GYXXMRK SV TYRGXYVI TMR  6ITPEGI
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  6ITPEGI
[SVR

)\TIPPERX+EW 'EVXVMHKI 'SVVIGXMZI %GXMSR


 'SVVSWMSR  6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
 (EQEKIH WIEP HMWG MRNYVIH GYX SV GSVVSHIH  6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
[SVR
 -PPIKMFPI [IMKLX QEVOMRKW  6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
 -QTVSTIV KEW GEVXVMHKI  6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
 -QTVSTIV GEVXVMHKI WIEP  6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI

+EW ']PMRHIVW 'SVVIGXMZI %GXMSR


 ,]HVSWXEXMG XIWX HEXI SV HEXI SJ QERYJEGXYVI  6IXIWX MJ RIIHIH
 'SVVSWMSR  'SRHYGX L]HVSWXEXMG XIWX ERH VIJMRMWL SV HMWGEVH
 4EMRX GSRHMXMSR  6IJMRMWL
 4VIWIRGI SJ VITEMVW [IPHMRK WSPHIVMRK FVE^MRK  'SRHIQR
IXG
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  'SRHIQR
[SVR

*MPP 'ET 'SVVIGXMZI %GXMSR


 'SVVSHIH GVEGOIH SV FVSOIR  6ITPEGI
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  6ITPEGI
[SVR
 7IEPMRK WYVJEGI HEQEKI RMGOIH HIJSVQIH SV  'PIER VITEMV ERH PIEO XIWX SV VITPEGI
GSVVSHIH
 3FWXVYGXIH ZIRX LSPI SV WPSX  'PIER

2SRVIGLEVKIEFPI 7LIPP']PMRHIV 'SVVIGXMZI %GXMSR


 'SVVSWMSR  (ITVIWWYVM^I ERH HMWGEVH
 (EQEKIH WIEP HMWG MRNYVIH GYX SV GSVVSHIH  (ITVIWWYVM^I ERH HMWGEVH
 (EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV  (ITVIWWYVM^I ERH HMWGEVH
[SVR
 -PPIKMFPI [IMKLX SV HEXI QEVOMRKW  (ITVIWWYVM^I ERH HMWGEVH

'EVVMEKI ERH ;LIIPW 'SVVIGXMZI %GXMSR


 'SVVSHIH FIRX SV FVSOIR GEVVMEKI  6ITEMV SV VITPEGI
 (EQEKIH [LIIP FYGOPIH SV FVSOIR WTSOI FIRX VMQ  'PIER VITEMV ERH PYFVMGEXI SV VITPEGI
SV E\PI PSSWI XMVI PS[ TVIWWYVI NEQQIH FIEVMRK

'EVV]MRK ,ERHPI 'SVVIGXMZI %GXMSR


 &VSOIR LERHPI PYK  'SRHIQR G]PMRHIV SV GSRWYPX QERYJEGXYVIV VIKEVHMRK VITEMV
 &VSOIR LERHPI  6ITPEGI
 'SVVSHIH NEQQIH SV [SVR JEWXIRIV  'PIER SV VITPEGI
GSRXMRYIW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

8EFPI - E 'SRXMRYIH

8EQTIV 7IEPW SV -RHMGEXSVW 'SVVIGXMZI %GXMSR


 &VSOIR SV QMWWMRK  'LIGO 8EFPI - F JSV WTIGMJMG EGXMSR
 *MPP GET MRHMGEXSV GSVVSHIH SV MRSTIVEXMZI  6ITEMV GPIER SV VITPEGI
 *MPP GET MRHMGEXSV STIVEXIH  (ITVIWWYVM^I YRMX GLIGO GSRXIRX VIJMPP

,ERH 4YQT 'SVVIGXMZI %GXMSR


 'SVVSHIH NEQQIH SV HEQEKIH TYQT  6ITEMV ERH PYFVMGEXI SV VITPEGI
 -QTVSTIV EHNYWXQIRX SJ TEGOMRK RYX  %HNYWX

4VIWWYVM^MRK :EPZI 'SVVIGXMZI %GXMSR


 0IEOMRK WIEPW  (ITVIWWYVM^I ERH VITPEGI ZEPZI SV GSVI

+EWOIX ERH w3x 6MRK 7IEPW 'SVVIGXMZI %GXMSR


 (EQEKIH GYX GVEGOIH SV [SVR  6ITPEGI ERH PYFVMGEXI
 1MWWMRK  6ITPEGI ERH PYFVMGEXI
 %KIH SV [IEXLIVIH GSQTVIWWMSR WIX FVMXXPI  6ITPEGI ERH PYFVMGEXI
GVEGOIH

&VEGOIXW ERH ,ERKIVW 'SVVIGXMZI %GXMSR


 'SVVSHIH [SVR SV FIRX  6ITEMV ERH VIJMRMWL SV VITPEGI
 0SSWI SV FMRHMRK JMX  %HNYWX JMX SV VITPEGI
 ;SVR PSSWI GSVVSHIH SV QMWWMRK WGVI[ SV FSPX  8MKLXIR SV VITPEGI
 ;SVR FYQTIV [IFFMRK SV KVSQQIX  6ITPEGI
 -QTVSTIV X]TI  6ITPEGI

+EW 8YFI ERH 7MTLSR SV 4MGOYT 8YFI 'SVVIGXMZI %GXMSR


 'SVVSHIH HIRXIH GVEGOIH SV FVSOIR  6ITPEGI
 &PSGOIH XYFI SV STIRMRKW MR XYFI  'PIER SV VITPEGI

7EJIX] 6IPMIJ (IZMGI 'SVVIGXMZI %GXMSR


 'SVVSHIH SV HEQEKIH  (ITVIWWYVM^I ERH VITPEGI
 &VSOIR STIVEXIH SV TPYKKIH  (ITVIWWYVM^I ERH VITPEGI

4VIWWYVI 6IKYPEXSVW 'SVVIGXMZI %GXMSR


 )\XIVREP GSRHMXMSR HEQEKIH SV GSVVSHIH  -J HEQEKIH VITPEGI VIKYPEXSV MJ GSVVSHIH GPIER VIKYPEXSV SV
VITPEGI
 4VIWWYVI VIPMIJ GSVVSHIH TPYKKIH HIRXIH PIEOMRK  (MWGSRRIGX VIKYPEXSV JVSQ TVIWWYVI WSYVGI VITPEGI TVIWWYVI
FVSOIR SV QMWWMRK VIPMIJ SV VITPEGI VIKYPEXSV
 4VSXIGXMZI FSRRIX VIPMIJ LSPI XETI QMWWMRK SV WIEP  6ITPEGI VIKYPEXSV
[MVI FVSOIR SV QMWWMRK
 %HNYWXMRK WGVI[ PSGO TMR QMWWMRK  6ITPEGI VIKYPEXSV

8EFPI - F %KIRX ERH )\TIPPMRK 1IERW 1EMRXIRERGI 'LIGOPMWX

%*** ERH **4 'SVVIGXMZI %GXMSR

 6IGLEVKMRK HEXI HYI  )QTX] GPIER ERH VIGLEVKI


 -QTVSTIV JMPP PIZIPW  )QTX] GPIER ERH VIGLEVKI
 %KIRX GSRHMXMSR GLIGO JSV WIHMQIRX  )QTX] GPIER ERH VIGLEVKI
 -QTVSTIV JMPP PIZIP F] [IMKLX SV SFWIVZEXMSR  )QTX] ERH VIGLEVKI [MXL RI[ WSPYXMSR
 %KIRX GSRHMXMSR TVIWIRGI SJ TVIGMTMXEXI SV SXLIV  )QTX] ERH VIGLEVKI [MXL RI[ WSPYXMSR
JSVIMKR QEXXIV
 -QTVSTIV KEYKI TVIWWYVI  6ITVIWWYVM^I ERH PIEO XIWX
 &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV  0IEO XIWX VITPEGI MRHMGEXSV

7IPJ)\TIPPMRK

'EVFSR (MS\MHI 'SVVIGXMZI %GXMSR


 -QTVSTIV [IMKLX  6IGLEVKI XS TVSTIV [IMKLX
 &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV  0IEO XIWX ERH [IMKL EPWS VIGLEVKI SV VITPEGI WIEP

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< - z

8EFPI - F 'SRXMRYIH

,EPSR  &VSQSXVMJPYSVSQIXLERI 'SVVIGXMZI %GXMSR


 4YRGXYVIH G]PMRHIV WIEP HMWG  6ITPEGI WLIPP
 -QTVSTIV [IMKLX  6ITPEGI WLIPP SV VIXYVR XS QERYJEGXYVIV JSV VIJMPPMRK
 &VSOIR SV QMWWMRK XEQTIV WIEP  )\EQMRI G]PMRHIV WIEP HMWG VITPEGI WIEP

'SQFMREXMSR ,EPSR  'SVVIGXMZI %GXMSR


 -QTVSTIV [IMKLX  6IXYVR XS QERYJEGXYVIV 7II 
 &VSOIR SV QMWWMRK XEQTIV WIEP  6IXYVR XS QERYJEGXYVIV 7II 

1ERYEPP] 3TIVEXIH

1IGLERMGEP 4YQT ;EXIV ERH 0SEHIH 7XVIEQ 'SVVIGXMZI %GXMSR


 -QTVSTIV JMPP PIZIP  6IJMPP XS TVSTIV PIZIP
 (IJIGXMZI TYQT  'PIER VITEMV ERH PYFVMGEXI SV VITPEGI

(V] 4S[HIV 4EMP 'SVVIGXMZI %GXMSR


 -QTVSTIV JMPP PIZIP  6IJMPP
 %KIRX GSRHMXMSR GSRXEQMREXMSR SV GEOMRK  (MWGEVH ERH VITPEGI
 1MWWMRK WGSST  6ITPEGI

+EW 'EVXVMHKI SV ']PMRHIV

(V] 'LIQMGEP ERH (V] 4S[HIV 8]TIW 'SVVIGXMZI %GXMSR


 -QTVSTIV [IMKLX SV GLEVKI PIZIP  6IJMPP XS GSVVIGX [IMKLX SV GLEVKI PIZIP
 %KIRX GSRHMXMSR GSRXEQMREXMSR GEOMRK SV [VSRK  )QTX] ERH VIGLEVKI [MXL RI[ EKIRX
EKIRX
 'EVXVMHKI 
E 4YRGXYVIH WIEP HMWG E 6ITPEGI GEVXVMHKI
F -QTVSTIV [IMKLX F 6ITPEGI GEVXVMHKI
G &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV G )\EQMRI WIEP HMWG VITPEGI
H -QTVSTIV GEVXVMHKI WIEP H 6ITPEGI GEVXVMHKI WIEP
 +EW G]PMRHIV [MXL KEYKI 
E 0S[ TVIWWYVI E 6ITPEGI SV VIGLEVKI G]PMRHIV
F &VSOIR SV QMWWMRK XEQTIV WIEP F 0IEO XIWX VITPEGI
 +EW G]PMRHIV [MXLSYX KEYKI 
E 0S[ TVIWWYVI EXXEGL KEYKI ERH QIEWYVI E 0IEO XIWX MJ PS[ VITPEGI SV VIGLEVKI G]PMRHIV
TVIWWYVI
F &VSOIR SV QMWWMRK XEQTIV WIEP F 1IEWYVI TVIWWYVI PIEO XIWX VITPEGI WIEP

7XSVIH4VIWWYVI

'SQFMREXMSR ,EPSR  'SVVIGXMZI %GXMSR


 6IJMPPEFPI 
E -QTVSTIV I\XMRKYMWLIV EKIRX E 6IXYVR XS QERYJEGXYVIV 7II 
F -QTVSTIV KEYKI TVIWWYVI F 6IXYVR XS QERYJEGXYVIV 7II 
G &VSOIR SV QMWWMRK XEQTIV WIEP G )\EQMRI I\XMRKYMWLIV PIEO XIWX VITPEGI XEQTIV WIEP
 2SRVIGLEVKIEFPI I\XMRKYMWLIV [MXL TVIWWYVI 
MRHMGEXSV
E 0S[ TVIWWYVI E 6IXYVR XS QERYJEGXYVIV 7II 
F &VSOIR SV QMWWMRK XEQTIV WIEP F 6IXYVR XS QERYJEGXYVIV 7II 

(V] 'LIQMGEP ERH (V] 4S[HIV 8]TIW 'SVVIGXMZI %GXMSR


 6IGLEVKIEFPI 
E -QTVSTIV I\XMRKYMWLIV [IMKLX E 0IEO XIWX ERH VIJMPP XS GSVVIGX [IMKLX
F -QTVSTIV KEYKI TVIWWYVI F 6ITVIWWYVM^I ERH PIEO XIWX
G &VSOIR SV QMWWMRK XEQTIV WIEP G 0IEO XIWX GLIGO [IMKLX ERH VITPEGI WIEP
 (MWTSWEFPI WLIPP [MXL TVIWWYVI MRHMGEXSV 
E 4YRGXYVIH WIEP HMWG E (ITVIWWYVM^I ERH HMWGEVH
F 0S[ TVIWWYVI F (ITVIWWYVM^I ERH HMWGEVH
G &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV G (ITVIWWYVM^I ERH HMWGEVH

GSRXMRYIW

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

8EFPI - F 'SRXMRYIH

 (MWTSWEFPI WLIPP [MXLSYX TVIWWYVI MRHMGEXSV 


E 4YRGXYVIH WIEP HMWG E (ITVIWWYVM^I ERH HMWGEVH
F 0S[ [IMKLX F (ITVIWWYVM^I ERH HMWGEVH
G &VSOIR SV QMWWMRK XEQTIV WIEP G (ITVIWWYVM^I ERH HMWGEVH
 2SRVIGLEVKIEFPI I\XMRKYMWLIV [MXL TVIWWYVI 
MRHMGEXSV
E 0S[ TVIWWYVI E (ITVIWWYVM^I ERH HMWGEVH
F &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV F (ITVIWWYVM^I ERH HMWGEVH

;IX 'LIQMGEP 8]TI 'SVVIGXMZI %GXMSR


 -QTVSTIV JMPP PIZIP F] [IMKLX SV SFWIVZEXMSR  )QTX] ERH VIGLEVKI [MXL RI[ EKIRX XS GSVVIGX [IMKLX JMPP PMRI
 -QTVSTIV KEYKI TVIWWYVI  6ITVIWWYVM^I ERH PIEO XIWX SV GSRWYPX QERYJEGXYVIV
 &VSOIR SV QMWWMRK XEQTIV WIEP  :IVMJ] JMPP PIZIP VIGLEVKI MJ VIUYMVIH VITPEGI XEQTIV WIEP

,EPSKIREXIH8]TI %KIRXW 'SVVIGXMZI %GXMSR


 &VSOIR SV QMWWMRK XEQTIV WIEP  :IVMJ] PIZIP ERH TVIWWYVI VIGLEVKI MJ VIUYMVIH VITPEGI XEQTIV
WIEP
 -QTVSTIV KEYKI TVIWWYVI  ;IMKL VITVIWWYVM^I ERH PIEO XIWX SV GSRWYPX QERYJEGXYVIV
 -QTVSTIV [IMKLX  0IEO XIWX ERH VIGLEVKI XS GSVVIGX [IMKLX

;EXIV ERH 0SEHIH 7XVIEQ 'SVVIGXMZI %GXMSR


 -QTVSTIV JMPP PIZIP F] [IMKLX SV SFWIVZEXMSR  6IGLEVKI XS GSVVIGX PIZIP MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW
QERYEP
 %KIRX GSRHMXMSR MJ ERXMJVII^I SV PSEHIH WXVIEQ  )QTX] ERH VIGLEVKI [MXL RI[ EKIRX
 -QTVSTIV KEYKI TVIWWYVI  6ITVIWWYVM^I ERH PIEO XIWX SV GSRWYPX QERYJEGXYVIV
 &VSOIR SV QMWWMRK XEQTIV WIEP  0IEO XIWX VITPEGI WIEP

- 1ER] SJ XLI VIGSQQIRHEXMSRW MR 8EFPI - E ERH GSQTVIWWMSR 8LI EJXIVGSSPIV WLEPP FI HIWMKRIH XS HIPMZIV
8EFPI - F EVI RSX ETTPMGEFPI XS HMWTSWEFPI JMVI I\XMRKYMWLIV JMREP EMV EX E XIQTIVEXYVI RSX XS I\GIIH ”* ”' EFSZI
QSHIPW %R] HMWGVITERG] SR XLI QEMRXIRERGI SJ HMWTSWEFPI EQFMIRX 8LI GSQTVIWWSV JP][LIIP WLEPP MRGSVTSVEXI E LMKL
QSHIPW [MPP SJXIR HMGXEXI XLI RIIH JSV I\XMRKYMWLIV VITPEGI ZIPSGMX] GSSPMRK JER JSV QE\MQYQ LIEX HMWWMTEXMSR %R EYXS
QIRX 7IVZMGI TIVWSRRIP WLSYPH VIJIV XS XLI REQITPEXI MR QEXMG GSRHIRWEXI HVEMR W]WXIQ WLEPP FI WYTTPMIH EW WXERHEVH
WXVYGXMSRW ERH XLI S[RIVvW QERYEP JSV KYMHERGI IUYMTQIRX SR EPP W]WXIQW
 (V]IV 7]WXIQ 8LI W]WXIQ WLEPP FI SJ E QYPXMGLEQFIV EV
- (MWTSWEFPI LEPSR EKIRX JMVI I\XMRKYMWLIV QSHIPW VIUYMV VERKIQIRX IEGL GSRWXVYGXIH SJ EPYQMRYQ EPPS] [MXL E
MRK VITPEGIQIRX EVI RSX XS FI HITVIWWYVM^IH FYX VIXYVRIH XS XIRWMPI WXVIRKXL SJ  TWM  O4E ERH HIWMKRIH
XLI QERYJEGXYVIV SV WIVZMGI EKIRG] JSV TVSTIV HMWTSWEP ERH JSV  TWM  O4E [SVOMRK TVIWWYVI [MXL E  XS 
VIGPEMQMRK SJ XLI I\XMRKYMWLMRK EKIRX WEJIX] JEGXSV 8LI JMVWX GLEQFIV WLEPP FI E QIGLERMGEP
%PP GSVVIGXMZI EGXMSRW QYWX FI TIVJSVQIH MR EGGSVHERGI WITEVEXSV XS IPMQMREXI SMP ERH [EXIV 7YFWIUYIRX GLEQ
[MXL XLI QERYJEGXYVIVvW WIVZMGI QERYEP FIVW WLEPP YXMPM^I VITPEGIQIRX GEVXVMHKIW XS JYVXLIV VI
QSZI QSMWXYVI ERH SMP ZETSV 8LI HV]IV W]WXIQ WLEPP TVS
GIWW ?CCCCCC GJA FIJSVI GEVXVMHKI VITPEGIQIRX 8LI EMV
%RRI\ . 8]TMGEP 7TIGMJMGEXMSR SJ )UYMTQIRX 'ETEFPI HIPMZIVIH WLEPP LEZI E n”* n”' HI[ TSMRX SV PS[IV
SJ 4VSHYGMRK (V] %MV  'SRXVSPW-RWXVYQIRXEXMSR 8LI GSQTVIWWSV QSHYPI WLEPP MR
8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX GSVTSVEXI E KEYKI TERIP XS MRGPYHI XLI JSPPS[MRK MRXIV
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP] WXEKI ERH JMREP HMWGLEVKI TVIWWYVI KEYKIW PYFI SMP TVIW
WYVI KEYKI [LIVI ETTPMGEFPI  LSYV QIXIV ERH TS[IVSR
. -RXVSHYGXMSR 7IGXMSR . MW ER I\EQTPI SJ E WTIGMJMGEXMSR PMKLX %PP TVIWWYVI KEYKIW WLEPP FI PMUYMH JMPPIH 8LI GSR
SJ IUYMTQIRX GETEFPI SJ TVSHYGMRK HV] EMV XVSP W]WXIQ WLEPP GSRWMWX SJ EPP HIZMGIW XS QSRMXSV XLI ST
. )\EQTPI 8LI GSQTVIWWSVHV]IV QSHYPI WLEPP FI E JYPP] IR IVEXMSR SJ XLI GSQTVIWWSV MRGPYHMRK QSXSV WXEVXIV [MXL
GPSWIH JEGXSV]EWWIQFPIH ERH JEGXSV]XIWXIH TEGOEKI SJ E ZIVXMGEP SZIVPSEH HIXIGXSVW ERH W[MXGLIW XS WLYX XLI GSQTVIWWSV
HIWMKR GSQTVIWWSV EFSZI QSXSV  -X WLEPP MRGSVTSVEXI XLI GSQ HS[R MR XLI IZIRX XLEX LMKL XIQTIVEXYVI SV PS[ SMP TVIW
TVIWWSV HVMZIV TYVMJMGEXMSR W]WXIQ GSRXVSPW MRXIVGSRRIGXMRK TMT WYVI SR TVIWWYVIPYFVMGEXIH GSQTVIWWSVW SGGYVW %R EMV
MRK ERH [MVMRK 8LI WGSTI SJ WYTTP] WLEPP MRGPYHI XLI JSPPS[MRK TVIWWYVI W[MXGL WLEPP FI WYTTPMIH XS EYXSQEXMGEPP] WXEVX
ERH WXST XLI GSQTVIWWSV XS QEMRXEMR EHIUYEXI W]WXIQ
 'SQTVIWWSV 8LI GSQTVIWWSV FPSGO WLEPP FI QYPXMWXEKI EMV TVIWWYVI ?8LI YRMX WLEPP GSQI GSQTPIXI [MXL E GEVXVMHKI
GSSPIH SMP PYFVMGEXIH ERH VEXIH JSV GSRXMRYSYW HYX] EX QSRMXSVMRK W]WXIQ XLEX GSQFMRIW FSXL QSMWXYVI QSRMXSV
 TWM  O4E [MXL E GLEVKMRK VEXI SJ ?CCCCCCCC MRK ERH XMQIH WLYXHS[R 8LI QSMWXYVI QSRMXSV GLIGOW
GJQA 8LI GVEROGEWI WLEPP FI JYPP] IRGPSWIH [MXL SZIVWM^IH EMV UYEPMX] GSRXMRYSYWP] ERH MW GEPMFVEXIH XS MRHMGEXI [LIR
FEPP FIEVMRKW SR IEGL IRH 8LI GSRRIGXMRK VSHW WLEPP YXMPM^I E HI[ TSMRX SJ n”* n”' LEW FIIR VIEGLIH ;LIR
RIIHPI FIEVMRKW SR FSXL IRHW 4MWXSRW WLEPP FI EPYQMRYQ SV QSMWXYVI MW HIXIGXIH E ]IPPS[ PMKLX GSQIW SR ERH XLI HMKM
GEWX MVSR ERH WLEPP MRGSVTSVEXI TMWXSR VMRKW SR EPP WXEKIW ']P XEP XMQIV GSQIW MRXS STIVEXMSR %X XLI GSRGPYWMSR SJ E
MRHIVW WLEPP FI SJ GEWX MVSR 6IPMIJ ZEPZIW ERH MRHMZMHYEPP] LSYV XS LSYV XMQMRK TIVMSH WLYXHS[R SGGYVW ERH E
QSYRXIH MRXIVGSSPIVW WLEPP FI YXMPM^IH EJXIV IEGL WXEKI SJ VIH PMKLX GSQIW SRA

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
%22)< / z

%RRI\ / -RJSVQEXMSREP 6IJIVIRGIW 2*4%  6IGSQQIRHIH 4VEGXMGI JSV *MVI 4VSXIGXMSR JSV )PIGXVMG
+IRIVEXMRK 4PERXW ERH ,MKL :SPXEKI (MVIGX 'YVVIRX 'SRZIVXIV 7XE
/ 6IJIVIRGIH 4YFPMGEXMSRW 8LI HSGYQIRXW SV TSVXMSRW XMSRW  IHMXMSR
XLIVISJ PMWXIH MR XLMW ERRI\ EVI VIJIVIRGIH [MXLMR XLI MRJSVQE 2*4%  6IGSQQIRHIH 4VEGXMGI JSV *MVI 4VSXIGXMSR JSV ,]HVS
XMSREP WIGXMSRW SJ XLMW WXERHEVH ERH EVI RSX TEVX SJ XLI VIUYMVI IPIGXVMG +IRIVEXMRK 4PERXW  IHMXMSR
QIRXW SJ XLMW HSGYQIRX YRPIWW EPWS PMWXIH MR 'LETXIV  JSV 2*4%  +YMHI JSV *MVI ERH )\TPSWMSR -RZIWXMKEXMSRW 
SXLIV VIEWSRW IHMXMSR
/ 2*4% 4YFPMGEXMSRW 2EXMSREP *MVI 4VSXIGXMSR %WWSGME 2*4%  +YMHI JSV 8VEMRMRK *MVI 7IVZMGI 4IVWSRRIP XS 'SRHYGX
XMSR  &EXXIV]QEVGL 4EVO 5YMRG] 1%  ([IPPMRK *MVI 7EJIX] 7YVZI]W  IHMXMSR
2*4%  7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR 2*4%  7XERHEVH SR 'PIER %KIRX *MVI )\XMRKYMWLMRK 7]W
*SEQ  IHMXMSR XIQW  IHMXMSR
*MVI 4VSXIGXMSR +YMHI XS ,E^EVHSYW 1EXIVMEPW XL IHMXMSR
2*4%  7XERHEVH SR 'EVFSR (MS\MHI )\XMRKYMWLMRK 7]WXIQW

 IHMXMSR
*MVI 4VSXIGXMSR ,ERHFSSO XL IHMXMSR 
2*4% % 7XERHEVH SR ,EPSR  *MVI )\XMRKYMWLMRK 7]WXIQW
 IHMXMSR / 3XLIV 4YFPMGEXMSRW
2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW  / '+% 4YFPMGEXMSRW 'SQTVIWWIH +EW %WWSGMEXMSR 
IHMXMSR ;EPRI] 6SEH XL *PSSV 'LERXMPP] :% 
2*4% ( 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR '+% ' 1IXLSHW SJ ,]HVSWXEXMG 8IWXMRK SJ 'SQTVIWWIH +EW ']P
3RI ERH 8[S*EQMP] ([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW  MRHIVW 
IHMXMSR / 24'% 4YFPMGEXMSRW 2EXMSREP 4EMRX ERH 'SEXMRKW %W
2*4% 6 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR WSGMEXMSR  6LSHI -WPERH %ZIRYI 2; ;EWLMRKXSR ('
0S[6MWI 6IWMHIRXMEP 3GGYTERGMIW  IHMXMSR 
2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI ,E^EVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ,1-7  -QTPIQIRXE
7]WXIQW  IHMXMSR XMSREP 1ERYEP 
2*4%  7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG / 90 4YFPMGEXMSRW 9RHIV[VMXIVW 0EFSVEXSVMIW -RG 
XMSR  IHMXMSR 4JMRKWXIR 6SEH 2SVXLFVSSO -0 
2*4%  7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMROPIV c 90  7XERHEVH JSV ,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW
ERH *SEQ;EXIV 7TVE] 7]WXIQW  IHMXMSR  6IZMWIH 
2*4%  7XERHEVH JSV (V] 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW
c
/ 90' 4YFPMGEXMSRW 9RHIV[VMXIVWv 0EFSVEXSVMIW  9R
 IHMXMSR HIV[VMXIVW 6SEH 8SVSRXS 3RXEVMS 16 % 'EREHE
2*4% % 7XERHEVH JSV ;IX 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW '%290'7 7XERHEVH JSV ,EPSKIREXIH %KIRX ,ERH ERH
 IHMXMSR ;LIIPIH *MVI )\XMRKYMWLIVW  6IEJJMVQIH 
2*4%  7XERHEVH SR ;IXXMRK %KIRXW  IHMXMSR / 9090' 4YFPMGEXMSRW 8LI JSPPS[MRK TYFPMGEXMSRW
2*4%   2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI  IHM EVI FMREXMSREPP] LEVQSRM^IH WXERHEVHW JSV 9RHIV[VMXIVW
XMSR 0EFSVEXSVMIW -RG  4JMRKWXIR 6SEH 2SVXLFVSSO -0 
2*4%  6IGSQQIRHIH 4VEGXMGI SR 7XEXMG )PIGXVMGMX]  IHM  ERH 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ 'EREHE  9RHIV[VMX
XMSR IVW 6SEH 8SVSRXS 3RXEVMS 16 % 'EREHE
2*4%  7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR SJ %27-90  '%290'7 7XERHEVH JSV (V] 'LIQMGEP
'SQQIVGMEP 'SSOMRK 3TIVEXMSRW  IHMXMSR *MVI )\XMRKYMWLIVW  6IZMWIH 
2*4%  +YMHI JSV %MVGVEJX 6IWGYI ERH *MVI*MKLXMRK 3TIVE %27-90  '%290'7 7XERHEVH JSV 6EXMRK ERH *MVI
XMSRW  IHMXMSR 8IWXMRK SJ *MVI )\XMRKYMWLIVW  6IZMWIH 
2*4%  7XERHEVH JSV 'SQFYWXMFPI 1IXEPW  IHMXMSR %27-90  '%290'7 7XERHEVH JSV ,EPSGEVFSR
'PIER %KIRX *MVI )\XMRKYMWLIVW  6IZMWIH 
2*4%  +YMHI JSV )QIVKIRG] ERH 7EJIX] 3TIVEXMSRW EX 1SXSV
WTSVXW :IRYIW  IHMXMSR / -RJSVQEXMSREP 6IJIVIRGIW 6IWIVZIH
2*4%  7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW  / 6IJIVIRGIW JSV )\XVEGXW MR -RJSVQEXMSREP 7IGXMSRW 6I
IHMXMSR WIVZIH

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

-RHI\

'ST]VMKLX   2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR %PP 6MKLXW 6IWIVZIH


8LI GST]VMKLX MR XLMW MRHI\ MW WITEVEXI ERH HMWXMRGX JVSQ XLI GST]VMKLX MR XLI HSGYQIRX XLEX MX MRHI\IW 8LI PMGIRWMRK TVSZMWMSRW WIX JSVXL JSV XLI
HSGYQIRX EVI RSX ETTPMGEFPI XS XLMW MRHI\ 8LMW MRHI\ QE] RSX FI VITVSHYGIH MR [LSPI SV MR TEVX F] ER] QIERW [MXLSYX XLI I\TVIWW [VMXXIR
TIVQMWWMSR SJ 2*4%

% )\XMRKYMWLIV -RWTIGXMSR


%HQMRMWXVEXMSR                                                   'LET  (IJMRMXMSR                                              %
4YVTSWI                                                       % )\XMRKYMWLIV 1EMRXIRERGI
7GSTI                                                          % (IJMRMXMSR                                              %
9RMXW                                                                
%27-
(IJMRMXMSR                                                          *
%RXMJVII^I 'LEVKI *MPQ*SVQMRK *SEQ %KIRXW
(IJMRMXMSR                                                          (IJMRMXMSR                                              %
%TTVSZIH *MVI )\XMRKYMWLIV 7IPIGXMSR                                     %RRI\ '
(IJMRMXMSR                                                  % *PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL
%YXLSVMX] ,EZMRK .YVMWHMGXMSR %,. (IJMRMXMSR                                                        
(IJMRMXMSR                                                  %
+
' +IRIVEP 6IUYMVIQIRXW                                            'LET 
'EVFSR (MS\MHI -HIRXMJMGEXMSR SJ 'SRXIRXW                                   %
(IJMRMXMSR                                                  % -RWXVYGXMSR 1ERYEP                                           %
'EVXVMHKI']PMRHIV3TIVEXIH *MVI )\XMRKYMWLIV 0MWXMRK ERH 0EFIPMRK                                                
(IJMRMXMSR                                                          )PIGXVMGEP 'SRHYGXMZMX]                                        
'LIQMGEP 3FWSPIXI *MVI )\XMRKYMWLIVW                                        
(IJMRMXMSR                                                         
(V] 'LIQMGEP
(IJMRMXMSR                                           % ,
;IX 'LIQMGEP ,EPSKIREXIH %KIRXW
(IJMRMXMSR                                           % (IJMRMXMSR                                              %
'PIER %KIRX ,EPSGEVFSRW
(IJMRMXMSR                                                          (IJMRMXMSR                                                    
'PSWIH 6IGSZIV] 7]WXIQ ,EPSRW
(IJMRMXMSR                                                          (IJMRMXMSR                                                    
(V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ ,]HVSWXEXMG 8IWXMRK
(IJMRMXMSR                                                    (IJMRMXMSR                                                        
,EPSKIREXIH 'PSWIH 6IGSZIV] 7]WXIQ ,]HVSWXEXMG 8IWXMRK                                               'LET 
(IJMRMXMSR                                                    'SRHIQRMRK )\XMRKYMWLIVW                                       
'SRHMXMSRW SJ 7IPIGXMSR                                         %RRI\ , *EMPW 8IWX SV )\EQMREXMSR                                     
']PMRHIV 1EVOMRK 'SRHIQRIH )\XMRKYMWLIVW                           
(IJMRMXMSR                                                          )\XMRKYMWLIV )\EQMREXMSR                                          
,MKL4VIWWYVI ']PMRHIV )\EQMREXMSR SJ ']PMRHIV 'SRHMXMSR                  %
(IJMRMXMSR                                                    +IRIVEP                                                         
0S[4VIWWYVI ']PMRHIV *VIUYIRG]                                                          
(IJMRMXMSR                                                    ']PMRHIVW ERH 'EVXVMHKIW                                      
+IRIVEP                                                         
,SWI %WWIQFPMIW                                                
( +IRIVEP                                                              
(IJMRMXMSRW                                                        'LET  6IGSVHMRK SJ ,]HVSWXEXMG 8IWXW                                    
(MWXVMFYXMSR                                                      %RRI\ ) ,MKL4VIWWYVI ']PMRHIVW ERH 'EVXVMHKIW                     
(38 ,SWI %WWIQFPMIW                                                
(IJMRMXMSR                                                          0S[4VIWWYVI ']PMRHIVW                                %
(V] 4S[HIV 6IGSVHW                                                  %
(IJMRMXMSR                                                  % 8IWX )UYMTQIRX                                                %
(V]MRK )UYMTQIRX                                             
4VIWWYVI +EYKIW                                               
) 8IWX )UYMTQIRX JSV ,MKL4VIWWYVI ']PMRHIVW                
)PIGXVSRMG 1SRMXSVMRK 8IWX )UYMTQIRX JSV 0S[4VIWWYVI ']PMRHIVW ERH ,SWI
(IJMRMXMSR                                              % %WWIQFPMIW 4VSSJ 4VIWWYVI 8IWX                     
)\TPEREXSV] 1EXIVMEP                                             %RRI\ % 8IWX 4VIWWYVIW                                                       
)\XMRKYMWLIV &VEGOIX ,MKL4VIWWYVI ']PMRHIVW                                       
(IJMRMXMSR                                                        ,SWI %WWIQFPMIW                                                
)\XMRKYMWLIV 'EFMRIX 0S[4VIWWYVI ']PMRHIVW                                        
(IJMRMXMSR                                                         'EVXVMHKI3TIVEXIH 8]TIW                                
)\XMRKYMWLIV 'PEWWMJMGEXMSR ERH 6EXMRK 7]WXIQ               %RRI\ + 7XSVIH4VIWWYVI 8]TIW                                    
)\XMRKYMWLIV ,ERKIV 8IWXMRK 4VSGIHYVIW                                                  
(IJMRMXMSR                                                         +IRIVEP                                                         

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
-2()< z

,MKL4VIWWYVI ']PMRHIVW                                        -RWTIGXMSR 6IGSVH /IITMRK                                   


,SWI %WWIQFPMIW                                                )PIGXVSRMG -RWTIGXMSR 6IGSVHW                           
0S[4VIWWYVI ']PMRHIVW                                         1ERYEP -RWTIGXMSR 6IGSVHW                              
1EMRXIRERGI ERH 6IGLEVKI 7IVZMGI 'SPPEV               %
7IVZMGI 'SPPEV )\IQTXMSRW                                  
-
1EMRXIRERGI SJ ;LIIPIH )\XMRKYMWLIV ,SWIW ERH 6IKYPEXSVW      
-RJSVQEXMSREP 6IJIVIRGIW                                       %RRI\ / 'SVVIGXMZI %GXMSR                                              
-RWTIGXMSR 1EMRXIRERGI ERH 6IGLEVKMRK                      'LET  4VIWWYVI 6IKYPEXSVW                                           
'EVFSR (MS\MHI ,SWI %WWIQFP] 'SRHYGXMZMX] 8IWX          % ;LIIPIH 9RMX ,SWIW                                   %
6IGSVH /IITMRK JSV 'SRHYGXMZMX] 8IWXMRK SJ 'EVFSR 4VIWWYVI +EYKIW                                              %
(MS\MHI ,SWI %WWIQFPMIW                              4VSLMFMXMSR SR 9WIW SJ )\XMRKYMWLIVW ERH 'SRZIVWMSR
)PIGXVSRMG 1SRMXSVMRK 7]WXIQ 1EMRXIRERGI                       SJ *MVI )\XMRKYMWLIV 8]TIW                              
'SVVIGXMZI %GXMSR                                               ;IMKLX 7GEPIW                                               %
)PIGXVSRMG 1SRMXSVMRK                                         -RWXEPPEXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW                     'LET 
)\XMRKYMWLIV 1EMRXIRERGI                                          +IRIVEP                                                             
%RRYEP )\XIVREP )\EQMREXMSR SJ %PP )\XMRKYMWLIVW           %RXMJVII^I                                                     
&SSXW *SSX 6MRKW ERH %XXEGLQIRXW            % )PIGXVSRMG 1SRMXSVMRK ERH %PEVQ 7]WXIQ                    
'SVVIGXMZI %GXMSR                                          )\XMRKYMWLIV 6IEHMRIWW                                        
4L]WMGEP 'SRHMXMSR                                        2YQFIV SJ )\XMRKYMWLIVW                              %
7IEPW SV 8EQTIV -RHMGEXSVW                     % 4PEGIQIRX                                                     
%RRYEP -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ 'EFMRIXW                                                  
)\XMRKYMWLIVW                                          -RWXEPPEXMSR ,IMKLX                                        
'EVXVMHKI SV ']PMRHIV3TIVEXIH )\XMRKYMWLIVW          0EFIP :MWMFMPMX]                                            
0SEHIH 7XVIEQ 'LEVKI                                    :MWYEP 3FWXVYGXMSRW                                       
1EMRXIRERGI -RXIVZEPW                           % -RWXEPPEXMSRW JSV 'PEWW % ,E^EVHW                                   
4YQT 8ERO )\XMRKYMWLIVW                                *MVI )\XMRKYMWLIV 7M^I ERH 4PEGIQIRX JSV 'PEWW %
;IXXMRK %KIRX )\XMRKYMWLIVW                              ,E^EVHW                                                
%RRYEP 1EMRXIRERGI 6IGSVH /IITMRK               % -RWXEPPEXMSRW JSV 'PEWW & ,E^EVHW                                  
:IVMJMGEXMSRSJ7IVZMGI 'SPPEV 1EMRXIRERGI *PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL                   
SV 6IGLEVKMRK                                        3FWXEGPI +VEZMX]8LVII(MQIRWMSREP ERH 4VIWWYVI
'SVVIGXMZI %GXMSR                                               *MVI ,E^EVHW                                           
1EMRXIRERGI 4VSGIHYVIW                               % 7TMPP *MVIW                                                      
7M\=IEV -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ -RWXEPPEXMSRW JSV 'PEWW ' ,E^EVHW                             %
)\XMRKYMWLIVW                                          -RWXEPPEXMSRW JSV 'PEWW ( ,E^EVHW                                  
'SVVIGXMZI %GXMSR                                          -RWXEPPEXMSRW JSV 'PEWW / ,E^EVHW                                  
7M\=IEV -RXIVREP )\EQMREXMSR 0EFIP           %
)\XMRKYMWLIV 6IGLEVKMRK ERH )\XMRKYMWLMRK %KIRXW             
)\XMRKYMWLIV 6IGLEVKMRK *VIUYIRG] JSV 'IVXEMR 8]TIW 0
SJ )\XMRKYMWLIVW                                       0EFIPIH
%*** ERH ***4                                             (IJMRMXMSR                                                        
4YQT 8ERO                                                  0MWXIH
;IXXMRK %KIRX                                              (IJMRMXMSR                                                  %
+IRIVEP                                                 % 0SEHIH 7XVIEQ 'LEVKI
6IGLEVKI %KIRXW                                        % (IJMRMXMSR                                              %
'EVFSR (MS\MHI                                 %
(V] 'LIQMGEP %KIRX 6I9WI                              
(V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ              1
(V] 4S[HIV                                                 1EMRXIRERGI 4VSGIHYVIW                                         %RRI\ -
,EPSKIREXIH %KIRX                             % 1MPH 7XIIP 7LIPP
,EPSKIREXIH %KIRX 6I9WI                                (IJMRMXMSR                                                       
1M\MRK SJ (V] 'LIQMGEPW                       %
6IQSZEP SJ 1SMWXYVI                            %
8STTMRK 3JJ                                                 2
;EXIV 8]TIW                                   % 2SRVIGLEVKIEFPI 2SRVIJMPPEFPI *MVI )\XMRKYMWLIV
;IX 'LIQMGEP ERH ;EXIV 1MWX %KIRX 6I9WI            (IJMRMXMSR                                                  %
6IGLEVKMRK )\TIPPERX +EW JSV 7XSVIH4VIWWYVI *MVI
)\XMRKYMWLIVW                                         
6IGLEVKI 6IGSVH /IITMRK                                 3
+IRIVEP                                                       % 3TIVEXMSR ERH 9WI                                              %RRI\ (
4IVWSRRIP                                                       
6ITPEGIQIRX ;LMPI 7IVZMGMRK                                
6IWTSRWMFMPMX]                                                   4
8EKW SV 0EFIPW                                                    4SVXEFPI *MVI )\XMRKYMWLIV
-RWTIGXMSR                                                           (IJMRMXMSR                                                        
'SVVIGXMZI %GXMSR                                               4VIWWYVI
2SRVIGLEVKIEFPI (V] 'LIQMGEP *MVI )\XMRKYMWLIV       (IJMRMXMSR                                                       
2SRVIGLEVKIEFPI ,EPSR %KIRX *MVI )\XMRKYMWLIV        )\XMRKYMWLIV 7IVZMGI 4VIWWYVI
6IGLEVKIEFPI *MVI )\XMRKYMWLIVW                           (IJMRMXMSR                                                   
-RWTIGXMSR *VIUYIRG]                                          *EGXSV] 8IWX 4VIWWYVI
-RWTIGXMSR 4VSGIHYVIW                                          (IJMRMXMSR                                                   
-RWTIGXMSR 4VSGIHYVI JSV 'SRXEMRIVW SJ 'PEWW ( 4VIWWYVM^IH *PEQQEFPI 0MUYMH *MVIW
)\XMRKYMWLMRK %KIRX                                 (IJMRMXMSR                                                       

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
z 4368%&0) *-6) )<8-2+9-7,)67

6 )PIGXVSRMG )UYMTQIRX *MVIW                           %


6IGLEVKIEFPI 6IJMPPEFPI *MVI )\XMRKYMWLIV 3FWXEGPI *MVIW                                                   
(IJMRMXMSR                                                  % 8LVII(MQIRWMSREP *MVIW                                      
6IGLEVKMRK ;EXIV7SPYFPI *PEQQEFPI 0MUYMH *MVIW 4SPEV 7SPZIRXW     
(IJMRMXMSR                                                         7IPIGXMSR JSV 7TIGMJMG 0SGEXMSRW                                   
6IGSQQIRHIH 1EVOMRKW XS -RHMGEXI )\XMRKYMWLIV 7YMXEFMPMX] 7IPIGXMSR SJ 6IWMHIRXMEP *MVI)\XMRKYMWLMRK )UYMTQIRX       %RRI\ *
%GGSVHMRK XS 'PEWW SJ *MVI                        %RRI\ & 7IPJ)\TIPPMRK *MVI )\XMRKYMWLIV
6IJIVIRGIH 4YFPMGEXMSRW                                         'LET  (IJMRMXMSR                                                        
+IRIVEP                                                               7IVZMGMRK
2*4% 4YFPMGEXMSRW                                                   (IJMRMXMSR                                                        
3XLIV 4YFPMGEXMSRW                                                  7LEPP
6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW                    (IJMRMXMSR                                                        
7LSYPH
(IJMRMXMSR                                                        
7 7XERHEVH
7IPIGXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW                        'LET  (IJMRMXMSR                                                        
'PEWWMJMGEXMSR SJ ,E^EVHW                                            7XSVIH4VIWWYVI *MVI )\XMRKYMWLIV
'PEWWMJ]MRK 3GGYTERG] ,E^EVH                                (IJMRMXMSR                                                        
)\XVE ,E^EVH                                     %
0MKLX ,E^EVH                                    % 8
3VHMREV] ,E^EVH                                % 8'
7IPIGXMSR F] 3GGYTERG]                               % (IJMRMXMSR                                                        
'PEWWMJMGEXMSRW SJ *MVIW                                               8VEZIP (MWXERGI
'PEWW % *MVIW                                                    (IJMRMXMSR                                                        
'PEWW & *MVIW                                                    
8]TMGEP 7TIGMJMGEXMSR SJ )UYMTQIRX 'ETEFPI SJ
'PEWW ' *MVIW                                                    
4VSHYGMRK (V] %MV                                  %RRI\ .
'PEWW ( *MVIW                                                    
'PEWW / *MVIW                                                   
)\XMRKYMWLIV 'PEWWMJMGEXMSR 7]WXIQ                                 ;
+IRIVEP 6IUYMVIQIRXW                                               ;EXIV 1MWX *MVI )\XMRKYMWLIV
7IPIGXMSR JSV 7TIGMJMG ,E^EVHW                                      (IJMRMXMSR                                                        
%VIEW 'SRXEMRMRK 3\MHM^IVW                                   ;EXIV8]TI *MVI )\XMRKYMWLIV
'PEWW & *MVIW                                                     (IJMRMXMSR                                                        
)\XMRKYMWLIVW JSV 4VIWWYVM^IH *PEQQEFPI 0MUYMHW ERH ;IXXMRK %KIRX
4VIWWYVM^IH +EW *MVIW                      % (IJMRMXMSR                                                        
'PEWW ( 'SQFYWXMFPI 1IXEP *MVIW                               ;LIIPIH *MVI )\XMRKYMWLIV
'PEWW / 'SSOMRK 1IHME *MVIW                          % (IJMRMXMSR                                                        

 )HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIH
YWIV1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW
2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR

n
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR


'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR

Submitting Public Input / Public Comment through the Electronic Submission System (e-Submission):
As soon as the current edition is published, a Standard is open for Public Input.

Before accessing the e-Submission System, you must first sign-in at www.NFPA.org. Note: You will be asked to sign-in or
create a free online account with NFPA before using this system:

a. Click in the gray Sign In box on the upper left side of the page. Once signed-in, you will see a red “Welcome”
message in the top right corner.
b. Under the Codes and Standards heading, Click on the Document Information pages (List of Codes & Standards),
and then select your document from the list or use one of the search features in the upper right gray box.

OR

a. Go directly to your specific document page by typing the convenient short link of www.nfpa.org/document#,
(Example: NFPA 921 would be www.nfpa.org/921) Click in the gray Sign In box on the upper left side of the page.
Once signed in, you will see a red “Welcome” message in the top right corner.

To begin your Public Input, select the link The next edition of this standard is now open for Public Input (formally
“proposals”) located on the Document Information tab, the Next Edition tab, or the right-hand Navigation bar. Alternatively,
the Next Edition tab includes a link to Submit Public Input online

At this point, the NFPA Standards Development Site will open showing details for the document you have selected. This
“Document Home” page site includes an explanatory introduction, information on the current document phase and closing
date, a left-hand navigation panel that includes useful links, a document Table of Contents, and icons at the top you can click
for Help when using the site. The Help icons and navigation panel will be visible except when you are actually in the process
of creating a Public Input.

Once the First Draft Report becomes available there is a Public comment period during which anyone may submit a Public
Comment on the First Draft. Any objections or further related changes to the content of the First Draft must be submitted at
the Comment stage.

To submit a Public Comment you may access the e-Submission System utilizing the same steps as previous explained for the
submission of Public Input.

For further information on submitting public input and public comments, go to: http://www.nfpa.org/publicinput

Other Resources available on the Doc Info Pages

Document information tab: Research current and previous edition information on a Standard

Next edition tab: Follow the committee’s progress in the processing of a Standard in its next revision cycle.

Technical committee tab: View current committee member rosters or apply to a committee

Technical questions tab: For members and Public Sector Officials/AHJs to submit questions about codes and standards to
NFPA staff. Our Technical Questions Service provides a convenient way to receive timely and consistent technical assistance
when you need to know more about NFPA codes and standards relevant to your work. Responses are provided by NFPA staff
on an informal basis.

Products/training tab: List of NFPA’s publications and training available for purchase.

Community tab: Information and discussions about a Standard

12/12
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR

Information on the NFPA Standards Development Process


I. Applicable Regulations. The primary rules governing the processing of NFPA standards (codes, standards, recommended practices, and
guides) are the NFPA Regulations Governing the Development of NFPA Standards (Regs). Other applicable rules include NFPA Bylaws,
NFPA Technical Meeting Convention Rules, NFPA Guide for the Conduct of Participants in the NFPA Standards Development Process,
and the NFPA Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council. Most of these rules and
regulations are contained in the NFPA Standards Directory. For copies of the Directory, contact Codes and Standards Administration at
NFPA Headquarters; all these documents are also available on the NFPA website at “www.nfpa.org.”

The following is general information on the NFPA process. All participants, however, should refer to the actual rules and regulations for a
full understanding of this process and for the criteria that govern participation.

II. Technical Committee Report. The Technical Committee Report is defined as “the Report of the responsible Committee(s), in
accordance with the Regulations, in preparation of a new or revised NFPA Standard.” The Technical Committee Report is in two parts and
consists of the First Draft Report and the Second Draft Report. (See Regs at 1.4)

III. Step 1: First Draft Report. The First Draft Report is defined as “Part one of the Technical Committee Report, which documents the
Input Stage.” The First Draft Report consists of the First Draft, Public Input, Committee Input, Committee and Correlating Committee
Statements, Correlating Input, Correlating Notes, and Ballot Statements. (See Regs at 4.2.5.2 and Section 4.3) Any objection to an action
in the First Draft Report must be raised through the filing of an appropriate Comment for consideration in the Second Draft Report or the
objection will be considered resolved. [See Regs at 4.3.1(b)]

IV. Step 2: Second Draft Report. The Second Draft Report is defined as “Part two of the Technical Committee Report, which documents
the Comment Stage." The Second Draft Report consists of the Second Draft, Public Comments with corresponding Committee Actions
and Committee Statements, Correlating Notes and their respective Committee Statements, Committee Comments, Correlating Revisions,
and Ballot Statements. (See Regs at Section 4.2.5.2 and 4.4) The First Draft Report and the Second Draft Report together constitute the
Technical Committee Report. Any outstanding objection following the Second Draft Report must be raised through an appropriate
Amending Motion at the Association Technical Meeting or the objection will be considered resolved. [See Regs at 4.4.1(b)]

V. Step 3a: Action at Association Technical Meeting. Following the publication of the Second Draft Report, there is a period during
which those wishing to make proper Amending Motions on the Technical Committee Reports must signal their intention by submitting a
Notice of Intent to Make a Motion. (See Regs at 4.5.2) Standards that receive notice of proper Amending Motions (Certified Amending
Motions) will be presented for action at the annual June Association Technical Meeting. At the meeting, the NFPA membership can
consider and act on these Certified Amending Motions as well as Follow-up Amending Motions, that is, motions that become necessary as
a result of a previous successful Amending Motion. (See 4.5.3.2 through 4.5.3.6 and Table1, Columns 1-3 of Regs for a summary of the
available Amending Motions and who may make them.) Any outstanding objection following action at an Association Technical Meeting
(and any further Technical Committee consideration following successful Amending Motions, see Regs at 4.5.3.7 through 4.6.5.3) must be
raised through an appeal to the Standards Council or it will be considered to be resolved.

VI. Step 3b: Documents Forwarded Directly to the Council. Where no Notice of Intent to Make a Motion (NITMAM) is received and
certified in accordance with the Technical Meeting Convention Rules, the standard is forwarded directly to the Standards Council for action
on issuance. Objections are deemed to be resolved for these documents. (See Regs at 4.5.2.5)

VII. Step 4a: Council Appeals. Anyone can appeal to the Standards Council concerning procedural or substantive matters related to the
development, content, or issuance of any document of the Association or on matters within the purview of the authority of the Council, as
established by the Bylaws and as determined by the Board of Directors. Such appeals must be in written form and filed with the Secretary
of the Standards Council (See Regs at 1.6). Time constraints for filing an appeal must be in accordance with 1.6.2 of the Regs. Objections
are deemed to be resolved if not pursued at this level.

VIII. Step 4b: Document Issuance. The Standards Council is the issuer of all documents (see Article 8 of Bylaws). The Council acts on
the issuance of a document presented for action at an Association Technical Meeting within 75 days from the date of the recommendation
from the Association Technical Meeting, unless this period is extended by the Council (See Regs at 4.7.2). For documents forwarded
directly to the Standards Council, the Council acts on the issuance of the document at its next scheduled meeting, or at such other meeting
as the Council may determine (See Regs at 4.5.2.5 and 4.7.4).

IX. Petitions to the Board of Directors. The Standards Council has been delegated the responsibility for the administration of the codes
and standards development process and the issuance of documents. However, where extraordinary circumstances requiring the intervention
of the Board of Directors exist, the Board of Directors may take any action necessary to fulfill its obligations to preserve the integrity of the
codes and standards development process and to protect the interests of the Association. The rules for petitioning the Board of Directors
can be found in the Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council and in 1.7 of the
Regs.

X. For More Information. The program for the Association Technical Meeting (as well as the NFPA website as information becomes
available) should be consulted for the date on which each report scheduled for consideration at the meeting will be presented. For copies of
the First Draft Report and Second Draft Report as well as more information on NFPA rules and for up-to-date information on schedules
and deadlines for processing NFPA documents, check the NFPA website (www.nfpa.org/aboutthecodes) or contact NFPA Codes &
Standards Administration at (617) 984-7246.
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR

Q]1IQFIV/MXMRGPYHMRKXLI ERHSXLIVVIWSYVGIWXSLIPTQIQEOIXLIQSWXSJQ]24*%QIQFIVWLMT
4PIEWIEPPS[XLVIIXSJSYV[IIOWJSVXLIOMXXSEVVMZI

4VMSVMX]'SHI.1-7>

.SF8MXPI GLIGOSRI
]IEV 
]IEVW  7%:)
]IEVW  7%:)

8]TISJ3VKERM^EXMSR GLIGOSRI
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%GGIWWWYFWGVMTXMSRI\TMVIWSR

/IITW=SY9T8S(EXI
*6))8IGLRMGEP7YTTSVX{8IGLRMGEP7YTTSVXF]4LSRI)QEMP+IXJEWXVIPMEFPIERW[IVWXSEPP
GSHIVIPEXIHUYIWXMSRW{JVSQIPIGXVMGEPWEJIX]JSVIQTPS]II[SVOTPEGIWXSGEVFSRHMS\MHII\XMRKYMWLMRK

2*4%.SYVREP’

2*4%9THEXI {8LMWIEW]XSVIEHQSRXLP]IRI[WPIXXIV[MPPOIIT]SYYTXSHEXISRMQTSVXERX
EWWSGMEXMSRTVSKVEQWWYGLEWXLIERRYEPQIIXMRKFVMRK]SYXMQIWSJMRXIVIWXJVSQ2*4%vWVIKMSREP

2*4%2I[W {*VSQRI[WXERHEVHWJSVHV]GPIERMRKTPERXWXS[EVRMRKIUYMTQIRXJSVLSYWILSPH
GEVFSRQSRS\MHIXLMWQSRXLP]SRPMRIYTHEXIOIITW]SYEFVIEWXSJEHHMXMSRWSJGLERKIWXLEXGSYPH
MQTEGXLS[]SYHS]SY[SVO

2*4%7XERHEVHW(MVIGXSV]{8LI2*4%7XERHEVHW(MVIGXSV]MW]SYVGSQTPIXIKYMHIXS2*4%vW

XLIVIZMWMSRG]GPIWGLIHYPIERHJSVQWJSVWYFQMXXMRK4VSTSWEPWERH'SQQIRXW=SYVSRPMRI2*4%

2*4%

*6))7IGXMSR1IQFIVWLMT

1IQFIV/MX
(MWTPE]XLI2*4%QIQFIVPSKSTVSYHP]SR]SYVFYWMRIWWGSVVIWTSRHIRGIPMXIVEXYVI[IFWMXIERH
ZILMGPIW

 (MWGSYRXW{7EZILYRHVIHWSJHSPPEVWIEGL]IEVSRXLIQER]TVSHYGXWERHWIVZMGIWPMWXIHMRXLI
2*4%'EXEPSKMRGPYHMRKGSHIWERHWXERHEVHWTYFPMGEXMSRWLERHFSSOWXVEMRMRKZMHISWERHSXLIV
IHYGEXMSRQEXIVMEPWXSMRGVIEWI]SYVORS[PIHKIERHWOMPPW

'SRJIVIRGI-RZMXEXMSR{-RZMXEXMSRXSXLI2*4%'SRJIVIRGIERH)\TS%XXIRHXLMWMQTSVXERX
QIIXMRKEXHMWGSYRXIHVEXIWEWEQIQFIVSJ2*4%

.SMR2*4%XSHE]
[[[RJTESVK
2*4%’ERH2*4%.SYVREP’EVIVIKMWXIVIHXVEHIQEVOWSJXLI2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR5YMRG]1%