
M
'LETXIV
-RXVSHYGXMSRXS
8EFPI:MI[W
RSYVRI\XGLETXIV[IvVIKSMRKXSFYMPHELMIVEVGLMGEPREZMKEXMSRFEWIHETTPM
GEXMSRWMQMPEVXSXLI1EMPETTPMGEXMSRXLEXWLMTWSRXLIM4LSRI3YVETTPMGEXMSR
[MPPEPPS[XLIYWIVXSHVMPPHS[RMRXSRIWXIHPMWXWSJHEXEERHIHMXXLEXHEXE&YX
FIJSVI[IGERHSXLEX]SYRIIHXSQEWXIVXLIGSRGITXSJXEFPIZMI[W%RH
XLEXvWXLIKSEPSJXLMWGLETXIV
8EFPIZMI[WEVIXLIQSWXGSQQSRQIGLERMWQYWIHXSHMWTPE]PMWXWSJHEXE
XSXLIYWIV8LI]EVILMKLP]GSRJMKYVEFPISFNIGXWXLEXGERFIQEHIXSPSSO
TVEGXMGEPP]ER][E]]SY[ERXXLIQXS1EMPYWIWXEFPIZMI[WXSWLS[PMWXWSJ
EGGSYRXWJSPHIVWERHQIWWEKIWFYXXEFPIZMI[WEVIRSXNYWXPMQMXIHXSXLI
HMWTPE]SJXI\XYEPHEXE8EFPIZMI[WEVIEPWSYWIHMRXLI=SY8YFI7IXXMRKW
ERHM4SHETTPMGEXMSRWIZIRXLSYKLXLIWIETTPMGEXMSRWEPPLEZIZIV]HMJJIVIRX
ETTIEVERGIWWII*MKYVI
*MKYVI8LSYKLXLI]EPPPSSOHMJJIVIRXXLI7IXXMRKWM4SHERH=SY8YFI
ETTPMGEXMSRWEPPYWIXEFPIZMI[WXSHMWTPE]XLIMVHEXE
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

8EFPI:MI[&EWMGW
8EFPIWHMWTPE]PMWXWSJHEXE)EGLMXIQMREXEFPIvWPMWXMWEVS[M4LSRIXEFPIWGERLEZIER
YRPMQMXIHRYQFIVSJVS[WGSRWXVEMRIHSRP]F]XLIEQSYRXSJEZEMPEFPIQIQSV]M4LSRI
XEFPIWGERFISRP]SRIGSPYQR[MHI
%XEFPIZMI[MWXLIZMI[SFNIGXXLEXHMWTPE]WEXEFPIvWHEXEERHMWERMRWXERGISJXLIGPEWW
9-8EFPI:MI[
)EGLZMWMFPIVS[SJXLIXEFPIMWMQTPIQIRXIHF]XLIGPEWW
9-8EFPI:MI['IPP

7SEXEFPIZMI[MWXLISFNIGXXLEXHMWTPE]WXLIZMWMFPITEVXSJEXEFPIERHEXEFPIZMI[GIPPMW

VIWTSRWMFPIJSVHMWTPE]MRKEWMRKPIVS[SJXLIXEFPIWII*MKYVI
*MKYVI)EGLXEFPIZMI[MWERMRWXERGISJ9-8EFPI:MI[ERHIEGLZMWMFPIVS[MWERMRWXERGISJ
9-8EFPI:MI['IPP
8EFPIZMI[WEVIRSXVIWTSRWMFPIJSVWXSVMRK]SYVXEFPIvWHEXE8LI]SRP]WXSVIIRSYKLHEXEXS
HVE[XLIVS[WXLEXEVIGYVVIRXP]ZMWMFPI8EFPIZMI[WKIXXLIMVGSRJMKYVEXMSRHEXEJVSQERSFNIGX
XLEXGSRJSVQWXSXLI
9-8EFPI:MI[(IPIKEXI
TVSXSGSPERHXLIMVVS[HEXEJVSQERSFNIGXXLEX
GSRJSVQWXSXLI
9-8EFPI:MI[(EXE7SYVGI
TVSXSGSP=SYvPPWIILS[EPPXLMW[SVOW[LIR[IKIX
MRXSSYVWEQTPITVSKVEQWPEXIVMRXLIGLETXIV
%WQIRXMSRIHEPPXEFPIWEVIMQTPIQIRXIHEWEWMRKPIGSPYQR&YXXLI=SY8YFIETTPMGEXMSR
WLS[RSRXLIVMKLXWMHISJ*MKYVIHSIWLEZIXLIETTIEVERGISJLEZMRKEXPIEWXX[SGSP
YQRWTIVLETWIZIRXLVIIMJ]SYGSYRXXLIMGSRW&YXRSIEGLVS[MRXLIXEFPIMWVITVIWIRXIH
F]EWMRKPI
9-8EFPI:MI['IPP
)EGL
9-8EFPI:MI['IPP
SFNIGXGERFIGSRJMKYVIH[MXLER
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

MQEKIWSQIXI\XERHERSTXMSREPEGGIWWSV]MGSR[LMGLMWEWQEPPMGSRSRXLIVMKLXWMHIXLEX
[IvPPGSZIVMRHIXEMPMRXLIRI\XGLETXIV
=SYGERTYXIZIRQSVIHEXEMREGIPPMJ]SYRIIHXS8LIVIEVIX[SFEWMG[E]WXSHSXLMW3RI
MWXSEHHWYFZMI[WXS
9-8EFPI:MI['IPP
XLISXLIVMWF]WYFGPEWWMRK
9-8EFPI:MI['IPP
=SY

GERPE]XLIXEFPIZMI[GIPPSYXMRER][E]]SYPMOIERHMRGPYHIER]WYFZMI[WXLEX]SY[ERX
7SXLIWMRKPIGSPYQRPMQMXEXMSRMWJEVPIWWPMQMXMRKXLERMXTVSFEFP]WSYRHWEXJMVWX-JXLMWMW
GSRJYWMRKHSRvX[SVV][IvPPWLS[]SYFSXLSJXLIWIXIGLRMUYIWPEXIVMRXLMWGLETXIV
+VSYTIHERH-RHI\IH8EFPIW
8EFPIZMI[WGSQIMRX[SFEWMGWX]PIW3RIWX]PIMWGEPPIHKVSYTIH)EGLKVSYTMREKVSYTIH
XEFPIMWEWIXSJVS[WIQFIHHIHMREVSYRHIHVIGXERKPIEWWLS[RMRXLIPIJXQSWXTMGXYVIMR
*MKYVI2SXIXLEXEKVSYTIHXEFPIGERGSRWMWXSJEWMRKPIKVSYT
8LISXLIVWX]PIMWGEPPIHMRHI\IHMREJI[TPEGIWMXvWVIJIVVIHXSEWTPEMR-RHI\IHMWXLI
HIJEYPXWX]PI%R]XEFPIXLEXHSIWRvXJIEXYVIVSYRHIHVIGXERKPIWMWERMRHI\IHXEFPIZMI[
-J]SYVHEXEWSYVGITVSZMHIWXLIRIGIWWEV]MRJSVQEXMSRXLIXEFPIZMI[[MPPPIXXLIYWIVREZM
KEXI]SYVPMWXYWMRKERMRHI\XLEXMWHMWTPE]IHHS[RXLIVMKLXLERHWMHI*MKYVIWLS[W
EKVSYTIHXEFPIERMRHI\IHXEFPI[MXLSYXERMRHI\ETPEMRXEFPIERHERMRHI\IHXEFPI
[MXLERMRHI\
*MKYVI8LIWEQIXEFPIZMI[HMWTPE]IHEWEKVSYTIHXEFPIPIJXERMRHI\IHXEFPI[MXLSYX
ERMRHI\YWYEPP]VIJIVVIHXSEWETPEMRXEFPIQMHHPIERHERMRHI\IHXEFPI[MXLERMRHI\VMKLX
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

)EGLHMZMWMSRSJ]SYVXEFPIMWORS[RXS]SYVHEXEWSYVGIEWEWIGXMSR-REKVSYTIHXEFPI
IEGLKVSYTMWEWIGXMSRWII*MKYVI-RERMRHI\IHXEFPIIEGLMRHI\IHKVSYTMRKSJHEXE
MWEWIGXMSR*SVI\EQTPIMRXLIMRHI\IHXEFPIWWLS[RMR*MKYVIEPPXLIREQIWFIKMRRMRK
[MXLw%x[SYPHFISRIWIGXMSRXLSWIFIKMRRMRK[MXLw&xERSXLIVERHWSSR
*MKYVI7IGXMSRWERHVS[WMREKVSYTIHXEFPIEVISFZMSYWFYXEPPXEFPIW
WYTTSVXXLIQ
7IGXMSRWLEZIX[STVMQEV]TYVTSWIW-REKVSYTIHXEFPIIEGLWIGXMSRVITVIWIRXWSRIKVSYT
-RERMRHI\IHXEFPIIEGLWIGXMSRGSVVIWTSRHWXSSRIMRHI\IRXV]7SMJ]SY[ERXIHXSHMW
TPE]EPMWXMRHI\IHEPTLEFIXMGEPP][MXLERMRHI\IRXV]JSVIZIV]PIXXIVJSVI\EQTPI]SY[SYPH
LEZIWIGXMSRWIEGLGSRXEMRMRKEPPXLIZEPYIWXLEXFIKMR[MXLETEVXMGYPEVPIXXIV
'%98-32
-XMWXIGLRMGEPP]TSWWMFPIXSGVIEXIEKVSYTIHXEFPI[MXLERMRHI\)ZIRXLSYKLMXvWTSWWMFPI]SYWLSYPHRSX
TVSZMHIERMRHI\JSVEKVSYTIHXEFPIZMI[8LIM4LSRI,YQER-RXIVJEGI+YMHIPMRIWWTIGMJMGEPP]WXEXIXLEX

KVSYTIHXEFPIWWLSYPHRSXTVSZMHIMRHI\IW
;IvPPGVIEXIFSXLX]TIWSJXEFPIWMRXLMWGLETXIV
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

-QTPIQIRXMRKE7MQTPI8EFPI
0IXvWPSSOEXXLIWMQTPIWXTSWWMFPII\EQTPISJEXEFPIZMI[XSKIXEJIIPJSVLS[MX[SVOW-R
XLMWI\EQTPI[IvVINYWXKSMRKXSHMWTPE]EPMWXSJXI\XZEPYIW
'VIEXIERI[TVSNIGXMR<GSHI*SVXLMWGLETXIV[IvVIKSMRKFEGOXSXLIZMI[FEWIHETTPMGE
XMSRXIQTPEXIWSWIPIGXXLEXSRIERHGEPP]SYVTVSNIGX7MQTPI8EFPI
(IWMKRMRKXLI:MI[
)\TERHXLI6IWSYVGIWJSPHIVERHXLI'PEWWIWJSPHIV8LMWMWWYGLEWMQTPIETTPMGEXMSR
XLEX[IvVIRSXIZIRKSMRKXSRIIHER]SYXPIXWSVEGXMSRWWSHSYFPIGPMGO7MQTPIC
8EFPI:MI['SRXVSPPIV\MFXSSTIRXLIJMPIMR
-RXIVJEGI&YMPHIV8LI:MI[[MRHS[WLSYPH
EPVIEH]FISTIRWSNYWXPSSOMRXLIPMFVEV]JSV
E8EFPI:MI[WII*MKYVIERHHVEKXLEX
SZIVXSXLI:MI[[MRHS[
8LIXEFPIZMI[WLSYPHEYXSQEXMGEPP]WM^I
MXWIPJXSXLILIMKLXERH[MHXLSJXLIZMI[
WII*MKYVI8LMWMWI\EGXP][LEX[I[ERX
8EFPIZMI[WEVIHIWMKRIHXSXEOIYTXLI
IRXMVI[MHXLSJXLIWGVIIRERHEWQYGLSJXLI
LIMKLXEWMWRvXXEOIRYTF]]SYVETTPMGEXMSRvW
REZMKEXMSRFEVWXSSPFEVWSVXEFFEVW
%JXIVHVSTTMRKXLIXEFPIZMI[SRXSXLI:MI[[MRHS[MX
WLSYPHWXMPPFIWIPIGXIH-JMXvWRSXWMRKPIGPMGOMXXSWIPIGXMX
ERHTVIWW XSFVMRKYTXLIGSRRIGXMSRWMRWTIGXSV=SYvPP
RSXMGIXLEXXLIJMVWXX[SEZEMPEFPIGSRRIGXMSRWJSVXLIXEFPI
ZMI[EVIXLIWEQIEWXLIJMVWXX[SJSVXLITMGOIVZMI[HEXE
7SYVGIERHHIPIKEXI(VEKJVSQXLIGMVGPIRI\XXSIEGLSJ

XLSWIGSRRIGXMSRWSZIVXSXLI*MPIvW3[RIVMGSR&]HSMRKXLMW
[IEVIQEOMRKSYVGSRXVSPPIVGPEWWFSXLXLIHEXEWSYVGIERH
HIPIKEXIJSVXLMWXEFPI%JXIVHSMRKXLEXWEZIGPSWIERHKS
FEGOXS<GSHI
*MKYVI8LI8EFPI:MI[MRXLIPMFVEV]
*MKYVI8LI:MI[[MRHS[
EJXIVXLIXEFPIZMI[MWTPEGIH
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W
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;VMXMRKXLI'SRXVSPPIV
2I\XWXSTMWSYVGSRXVSPPIVGPEWWvWLIEHIVJMPI7MRKPIGPMGO7MQTPIC8EFPI:MI['SRXVSPPIVLERH
EHHXLIJSPPS[MRKGSHI
MQTSVX 9-/MX9-/MXL"
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 9-8EFPI:MI[(IPIKEXI9-8EFPI:MI[(EXE7SYVGI"_
27%VVE]PMWX(EXE
a
$TVSTIVX]RSREXSQMGVIXEMR27%VVE]PMWX(EXE
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%PP[IvVIHSMRKLIVIMWGSRJSVQMRKSYVGPEWWXSXLIX[STVSXSGSPWXLEXEVIRIIHIHJSVMXXSEGX
EWXLIHIPIKEXIERHHEXEWSYVGIJSVXLIXEFPIZMI[ERHXLIRHIGPEVMRKEREVVE]XLEX[MPPLSPH
XLIHEXEXSFIHMWTPE]IH
7[MXGLSZIVXS7MQTPIC8EFPI:MI['SRXVSPPIVQERH[IvPPEHHWSQIQSVIGSHI
MQTSVX7MQTPIC8EFPI:MI['SRXVSPPIVL
$MQTPIQIRXEXMSR7MQTPIC8EFPI:MI['SRXVSPPIV
$W]RXLIWM^IPMWX(EXE
TVEKQEQEVO8EFPI:MI['SRXVSPPIV1IXLSHW
ZSMHZMI[(MH0SEH_
27%VVE]EVVE]!??27%VVE]EPPSGAMRMX;MXL3FNIGXW$7PIIT]$7RII^]
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?EVVE]VIPIEWIA
?WYTIVZMI[(MH0SEHA
a
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9 RXIVJEGI3VMIRXEXMSRMRXIVJEGI3VMIRXEXMSR_
6IXYVR=)7JSVWYTTSVXIHSVMIRXEXMSRW
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a
ZSMHHMH6IGIMZI1IQSV];EVRMRK_
?WYTIVHMH6IGIMZI1IQSV];EVRMRKA
6IPIEWIWXLIZMI[MJMXHSIWRXLEZIEWYTIVZMI[
6IPIEWIER]XLMRKXLEXWRSXIWWIRXMEPWYGLEWGEGLIHHEXE
a
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W
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?PMWX(EXEVIPIEWIA
?WYTIVHIEPPSGA
a
TVEKQEQEVO
TVEKQEQEVO8EFPI:MI[(EXE7SYVGI1IXLSHW
27-RXIKIVXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
RYQFIV3J6S[W-R7IGXMSR27-RXIKIVWIGXMSR
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VIXYVR?WIPJPMWX(EXEGSYRXA
a
9-8EFPI:MI['IPPXEFPI:MI[9-8EFPI:MI[XEFPI:MI[

GIPP*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
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9-8EFPI:MI['IPPGIPP!?XEFPI:MI[HIUYIYI6IYWEFPI'IPP;MXL-HIRXMJMIV
7MQTPI8EFPI-HIRXMJMIVA
MJGIPP!!RMP_
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a
279-RXIKIVVS[!?MRHI\4EXLVS[A
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a
$IRH
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SRI
ZMI[(MH0SEH
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SJHEXEXSTEWWXSXLIXEFPI-REVIEPETTPMGEXMSRXLMWEVVE][SYPHPMOIP]GSQIJVSQERSXLIV
WSYVGIWYGLEWEXI\XJMPITVSTIVX]PMWXSV960
-J]SYWGVSPPHS[RXSXLIIRH]SYGERWII[IEHHIHX[SHEXEWSYVGIQIXLSHW8LIJMVWXSRI
XEFPI:MI[RYQFIV3J6S[W-R7IGXMSR
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ETEVXMGYPEVWIGXMSR%W]SYQMKLXI\TIGXXLIHIJEYPXRYQFIVSJWIGXMSRWMWSRIERHXLMW
QIXLSH[MPPFIGEPPIHXSKIXXLIRYQFIVSJVS[WMRXLISRIWIGXMSRXLEXQEOIWYTXLIPMWX
;INYWXVIXYVRXLIRYQFIVSJMXIQWMRSYVEVVE]
8LIRI\XQIXLSHTVSFEFP]VIUYMVIWEPMXXPII\TPEREXMSRWSPIXvWPSSOEXMXQSVIGPSWIP]
9-8EFPI:MI['IPPXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
GIPP*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_

',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W
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8LMWQIXLSHMWGEPPIHF]XLIXEFPIZMI[[LIRMXRIIHWXSHVE[SRISJMXWVS[W=SYvPPRSXMGI
XLEXXLIWIGSRHEVKYQIRXXSXLMWQIXLSHMWER
27-RHI\4EXL
MRWXERGI8LMWMWXLIQIGLERMWQ
XLEXXEFPIZMI[WYWIXS[VETXLIWIGXMSRERHVS[MRXSEWMRKPISFNIGX8SKIXXLIVS[SVXLI
WIGXMSRSYXSJER
27-RHI\4EXL
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VS[
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WIGXMSR
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FSXLSJ[LMGLVIXYVRER
MRX
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8LIJMVWXTEVEQIXIV
XEFPI:MI[
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GVIEXIGPEWWIWXLEXEGXEWEHEXEWSYVGIJSVQYPXMTPIXEFPIW
2I\X[IHIGPEVIEWXEXMGWXVMRKMRWXERGI
WXEXMG277XVMRK7MQTPI8EFPI-HIRXMJMIV!$7MQTPI8EFPI-HIRXMJMIV
8LMWWXVMRK[MPPFIYWIHEWEOI]XSVITVIWIRXEWMRKPIOMRHSJXEFPIGIPP;IvPPSRP]FIYWMRK
SRIOMRHSJGIPPMRXLMWXEFPIWS[IHIJMRIEWMRKPIMHIRXMJMIV%XEFPIZMI[GERSRP]HMWTPE]
EJI[VS[WEXEXMQISRM4LSRIvWWQEPPWGVIIRFYXXLIXEFPIMXWIPJGERGSRGIMZEFP]LSPH
GSRWMHIVEFP]QSVI6IQIQFIVXLEXIEGLVS[MRXLIXEFPIMWVITVIWIRXIHF]ERMRWXERGISJ
9-8EFPI:MI['IPP
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9-:MI[

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;MXLEPEVKIXEFPIXLMWGSYPHVITVIWIRXELYKIEQSYRXSJSZIVLIEHMJXLIXEFPI[IVIXSXV]
ERHOIITSRIXEFPIZMI[GIPPMRWXERGIJSVIZIV]VS[MRXLIXEFPIVIKEVHPIWWSJ[LIXLIVXLEX
VS[[EWGYVVIRXP]FIMRKHMWTPE]IH*SVXYREXIP]XEFPIWHSRvX[SVOXLEX[E]
-RWXIEHEWXEFPIZMI[GIPPWWGVSPPSJJXLIWGVIIRXLI]EVITPEGIHMRXSEUYIYISJGIPPWEZEMPEFPI
XSFIVIYWIH-JXLIW]WXIQVYRWPS[SRQIQSV]XLIXEFPIZMI[[MPPKIXVMHSJXLIGIPPWMRXLI
UYIYIFYXEWPSRKEWMXvWKSXWSQIEZEMPEFPIQIQSV]JSVXLIQMX[MPPLSPHSRXSXLIQMRGEWI
]SY[ERXXSYWIXLIQEKEMR
)ZIV]XMQIEXEFPIZMI[GIPPVSPPWSJJXLIWGVIIRXLIVIvWETVIXX]KSSHGLERGIXLEXERSXLIV
SRINYWXVSPPIHSRXSXLIWGVIIRSRXLISXLIVWMHI-JXLEXRI[VS[GERNYWXVIYWISRISJXLI
GIPPWXLEXEPVIEH]VSPPIHSJJXLIWGVIIRXLIW]WXIQGEREZSMHXLISZIVLIEHEWWSGMEXIH[MXL
GSRWXERXP]GVIEXMRKERHVIPIEWMRKXLSWIZMI[W8SXEOIEHZERXEKISJXLMWQIGLERMWQ[IvPP
EWOXLIXEFPIZMI[XSKMZIYWSRISJMXWHIUYIYIHGIPPWSJXLIX]TI[I[ERX2SXIXLEX[IvVI
QEOMRKYWISJXLI
277XVMRK
MHIRXMJMIV[IHIGPEVIHIEVPMIV-RIJJIGX[IvVIEWOMRKJSVEVIYW
EFPIGIPPSJX]TI
7MQTPI8EFPI-HIRXMJMIV
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9-8EFPI:MI['IPPGIPP!?XEFPI:MI[HIUYIYI6IYWEFPI'IPP;MXL-HIRXMJMIV
7MQTPI8EFPI-HIRXMJMIVA
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W
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2S[MXvWGSQTPIXIP]TSWWMFPIXLEXXLIXEFPIZMI[[SRvXLEZIER]WTEVIGIPPWWS[IGLIGO
GIPP
XSWIIMJMXvW
RMP
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WXVMRK%XWSQITSMRX[IvPPMRIZMXEFP]VIYWISRISJXLIGIPPW[IGVIEXILIVIWS[IRIIHXS
QEOIWYVIMXLEWXLIWEQIX]TI

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VIYWI-HIRXMJMIV7MQTPI8EFPI-HIRXMJMIVAEYXSVIPIEWIA
a
;IRS[LEZIEXEFPIZMI[GIPPXLEX[IGERVIXYVRXSXLIXEFPIZMI[%PP[IRIIHXSHSRS[
MWTPEGI[LEXIZIVMRJSVQEXMSR[I[ERXHMWTPE]IHMRXSXLIGIPP(MWTPE]MRKXI\XMREVS[SJ
EXEFPIMWEZIV]GSQQSRXEWOWSXLIXEFPIZMI[GIPPTVSZMHIWETVSTIVX]GEPPIH
XI\X
XLEX[I
GERWIXMRSVHIVXSHMWTPE]WXVMRKW-RXLEXGEWIEPP[ILEZIXSHSMWKIXXLIVMKLXWXVMRKSYXSJ
SYV
PMWX(EXE
EVVE]ERHYWIMXXSWIXXLIGIPPvW
XI\X
TVSTIVX]
8SHSXLEX[IRIIHXSORS[[LMGLVS[XLIXEFPIZMI[MWEWOMRKJSV;IKIXXLEXMRJSVQEXMSR
JVSQXLI
MRHI\4EXL
ZEVMEFPIPMOIWS
279-RXIKIVVS[!?MRHI\4EXLVS[A
;IYWIXLEXZEPYIXSKIXXLIVMKLXWXVMRKJVSQXLIEVVE]EWWMKRMXXSXLIGIPPvW
XI\X
TVSTIVX]
ERHXLIRVIXYVRXLIGIPP
GIPPXI\X!?PMWX(EXESFNIGX%X-RHI\VS[A
VIXYVRGIPP
a
8LEX[EWRvXWSFEH[EWMX#'SQTMPIERHVYR]SYVETTPMGEXMSR
;EMXHMHWSQIXLMRKKS[VSRK#%PMROIVVSV]SYWE]#,QQ
[LEXHS]SYXLMRO[IWLSYPHHS#

-J]SYvVIWXYQTIH[IvPPKMZI]SYELMRX[IYWIHEGSRWXERX
GEPPIH
'+6IGX>IVS
[LMGLMWTEVXSJXLI'SVI+VETLMGW
JVEQI[SVO8LEXJVEQI[SVOMWRSXPMROIHMRXS]SYVTVSNIGX
F]HIJEYPX-J]SYGERvXVIQIQFIVLS[XSPMROMXMR]SYGER
VIJIVXS'LETXIV[LIVI[IXSSO]SYWXITF]WXITXLVSYKL
XLITVSGIWW3RGI]SYKIXXLEXEPPWUYEVIHE[E]]SYWLSYPH
FIEFPIXSGSQTMPINYWXJMRI-J]SYVYR]SYVETTPMGEXMSR]SY
WLSYPHWIISYVEVVE]ZEPYIWHMWTPE]IHSREXEFPIZMI[WII
*MKYVI
*MKYVI8LI7MQTPI8EFPI
ETTPMGEXMSRMREPPMXWH[EVZIR
KPSV]
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

%HHMRKER-QEKI
-XvHFIRMGIMJ[IGSYPHEHHERMQEKIXSIEGLVS[+YIWW[IvHLEZIXSGVIEXIEWYFGPEWWSJ
9-8EFPI:MI['IPP
XSHSXLEXLYL#%GXYEPP]RSRSXMJ]SYGERPMZI[MXLXLIMQEKIFIMRKSR
XLIPIJXLERHWMHISJIEGLVS[8LIHIJEYPXXEFPIZMI[GIPPGERLERHPIXLEXWMXYEXMSRNYWXJMRI
0IXvWGLIGOMXSYX
-RXLI7MQTPI8EFPIJSPHIVMRXLITVSNIGXEVGLMZIKVEFXLIJMPIGEPPIHWXEVTRKERHEHHMXXS
]SYVTVSNIGXvW6IWSYVGIWJSPHIVWXEVTRKMWEWQEPPMGSR[ITVITEVIHNYWXJSVXLMWTVSNIGX
2I\XPIXvWKIXXSXLIGSHI-RXLIJMPI7MQTPIC8EFPI:MI['SRXVSPPIVQEHHXLIJSPPS[MRKGSHIXS
XLI
XEFPI:MI[GIPP*SV6S[%X-RHI\4EXL
QIXLSH
9-8EFPI:MI['IPPXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
GIPP*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL

_
WXEXMG277XVMRK7MQTPI8EFPI-HIRXMJMIV!$7MQTPI8EFPI-HIRXMJMIV
9-8EFPI:MI['IPPGIPP!?XEFPI:MI[HIUYIYI6IYWEFPI'IPP;MXL-HIRXMJMIV
7MQTPI8EFPI-HIRXMJMIVA
MJGIPP!!RMP_
GIPP!???9-8EFPI:MI['IPPEPPSGAMRMX;MXL*VEQI'+6IGX>IVS
VIYWI-HIRXMJMIV7MQTPI8EFPI-HIRXMJMIVAEYXSVIPIEWIA
a
279-RXIKIVVS[!?MRHI\4EXLVS[A
GIPPXI\X!?PMWX(EXESFNIGX%X-RHI\VS[A
9 QEKIMQEKI!?9 QEKIMQEKI2EQIH$WXEVTRKA
GIPPMQEKI!MQEKI
VIXYVRGIPP
a
$IRH
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

=ITXLEXvWMX;INYWXWIXXLIGIPPvW
MQEKI
TVSTIVX]XS[LEXIZIV
MQEKI[I[ERXXSHMWTPE]-J]SYGSQTMPIERHVYR]SYVETTPM
GEXMSRRS[]SYWLSYPHKIXEPMWX[MXLEFYRGLSJRMGIPMXXPIWXEV
MGSRWXSXLIPIJXSJIEGLVS[WII*MKYVI3JGSYVWIMJ[I
[ERXIHXS[IGSYPHLEZIMRGPYHIHEHMJJIVIRXMQEKIJSVIEGL
VS[MRXLIXEFPI3V[MXLZIV]PMXXPIIJJSVX[IGSYPHLEZIYWIH
SRIMGSRJSVEPPSJ1V(MWRI]vWH[EVZIWERHEHMJJIVIRXSRIJSV
1V8SPOIMRvW
%HHMXMSREP'SRJMKYVEXMSRW
=SYQE]LEZIRSXMGIHXLEX[IQEHISYVGSRXVSPPIVFSXLXLI
HEXEWSYVGIERHHIPIKEXIJSVXLMWXEFPIZMI[FYXYTXSRS[

[ILEZIRvXEGXYEPP]MQTPIQIRXIHER]SJXLIQIXLSHWJVSQ
9-8EFPI:MI[(IPIKEXI
9RPMOITMGOIVZMI[WWMQTPIVXEFPI
ZMI[WHSRvXVIUYMVIEHIPIKEXIXSHSXLIMVXLMRK8LIHEXE
WSYVGITVSZMHIWEPPXLIHEXERIIHIHXSHVE[XLIXEFPI8LI
TYVTSWISJXLIHIPIKEXIMWXSGSRJMKYVIXLIETTIEVERGISJXLI
XEFPIZMI[ERHXSLERHPIGIVXEMRYWIVMRXIVEGXMSRW0IXvWXEOI
EPSSOEXEJI[SJXLIGSRJMKYVEXMSRSTXMSRWRS[;IvPPPSSOEX
QSVIMRXLIRI\XGLETXIV
7IXXMRKXLI-RHIRX0IZIP
8LIHIPIKEXIGERFIYWIHXSWTIGMJ]XLEXWSQIVS[WWLSYPHFIMRHIRXIH-RXLIJMPI
7MQTPIC8EFPI:MI['SRXVSPPIVQEHHXLIJSPPS[MRKQIXLSHXS]SYVGSHINYWXEFSZIXLI
$IRH
HIGPEVEXMSR
TVEKQEQEVO
TVEKQEQEVO8EFPI(IPIKEXI1IXLSHW
27-RXIKIVXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
MRHIRXEXMSR0IZIP*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
279-RXIKIVVS[!?MRHI\4EXLVS[A
VIXYVRVS[
a
*MKYVI;IYWIHXLIGIPPvW
MQEKITVSTIVX]XSEHHER
MQEKIXSIEGLSJXLIXEFPI
ZMI[vWGIPPW
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

8LMWQIXLSHWIXWXLIMRHIRXPIZIPJSVIEGLVS[XSMXWVS[
RYQFIVWSVS[[MPPLEZIERMRHIRXPIZIPSJVS[[MPPLEZI

ERMRHIRXPIZIPSJERHWSSR%RMRHIRXPIZIPMWWMQTP]ER
MRXIKIVXLEXXIPPWXLIXEFPIZMI[XSQSZIXLEXVS[EPMXXPIXSXLI
VMKLX8LILMKLIVXLIRYQFIVXLIJYVXLIVXSXLIVMKLXXLIVS[
[MPPFIMRHIRXIH=SYQMKLXYWIXLMWXIGLRMUYIJSVI\EQTPIXS
MRHMGEXIXLEXSRIVS[MWWSQILS[WYFSVHMREXIXSERSXLIVVS[
EW1EMPHSIW[LIRVITVIWIRXMRKWYFJSPHIVW
;LIR[IVYRXLIETTPMGEXMSREKEMR]SYGERWIIXLEXIEGLVS[
MWRS[HVE[REPMXXPIJYVXLIVXSXLIVMKLXXLERXLIPEWXSRIWII
*MKYVI
,ERHPMRK6S[7IPIGXMSR
8LIXEFPIvWHIPIKEXIGERYWIX[SQIXLSHWXSHIXIVQMRIMJXLI
YWIVLEWWIPIGXIHETEVXMGYPEVVS[3RIQIXLSHKIXWGEPPIH
FIJSVIXLIVS[KIXWLMKLPMKLXIHERHGERFIYWIHXSTVIZIRX
XLIVS[JVSQFIMRKWIPIGXIHSVGERIZIRGLERKI[LMGLVS[
KIXWWIPIGXIH0IXvWMQTPIQIRXXLEXQIXLSHERHWTIGMJ]XLEX
XLIJMVWXVS[MWRSXWIPIGXEFPI%HHXLIJSPPS[MRKQIXLSHXS
XLIIRHSJ7MQTPIC8EFPI:MI['SRXVSPPIVQNYWXFIJSVIXLI
$IRH

HIGPEVEXMSR
27-RHI\4EXLXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
[MPP7IPIGX6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
279-RXIKIVVS[!?MRHI\4EXLVS[A
MJVS[!!
VIXYVRRMP
VIXYVRMRHI\4EXL
a
8LMWQIXLSHKIXWTEWWIH
MRHI\4EXL

[LMGLVITVIWIRXWXLIMXIQXLEXvWEFSYXXSKIXWIPIGXIH
3YVGSHIPSSOWEX[LMGLVS[MWEFSYXXSFIWIPIGXIH-JXLIVS[MWXLIJMVWXVS[[LMGLMWEP[E]W
MRHI\^IVSXLIRMXVIXYVRW
RMP
[LMGLMRHMGEXIWXLEXRSVS[WLSYPHEGXYEPP]FIWIPIGXIH3XLIV
[MWIMXVIXYVRW
MRHI\4EXL
[LMGLMWLS[[IMRHMGEXIXLEXMXvW3/JSVXLIWIPIGXMSRXSTVSGIIH
*MKYVI)EGLVS[SJXLI
XEFPIMWHVE[R[MXLERMRHIRX
PIZIPLMKLIVXLERXLIVS[
FIJSVIMX
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

&IJSVI]SYGSQTMPIERHVYRPIXvWEPWSMQTPIQIRXXLIHIPIKEXIQIXLSHXLEXKIXWGEPPIHEJXIV
EVS[LEWFIIRWIPIGXIH[LMGLMWX]TMGEPP][LIVI]SYvPPEGXYEPP]LERHPIXLIWIPIGXMSR8LMW
MW[LIVI]SYXEOI[LEXIZIVEGXMSRMWETTVSTVMEXI[LIRXLIYWIVWIPIGXWEVS[-RXLIRI\X
GLETXIV[IvPPYWIXLMWQIXLSHXSLERHPIXLIHVMPPHS[RWFYXMRXLMWGLETXIV[IvPPNYWXXLVS[
YTEREPIVXXSWLS[XLEXXLIVS[[EWWIPIGXIH%HHXLIJSPPS[MRKQIXLSHXSXLIFSXXSQSJ
7MQTPIC8EFPI:MI['SRXVSPPIVQNYWXFIJSVIXLI
$IRH
HIGPEVEXMSREKEMR
ZSMHXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
HMH7IPIGX6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
279-RXIKIVVS[!?MRHI\4EXLVS[A
277XVMRKVS[:EPYI!?PMWX(EXESFNIGX%X-RHI\VS[A
277XVMRKQIWWEKI!??277XVMRKEPPSGAMRMX;MXL*SVQEX
$=SYWIPIGXIH$VS[:EPYIA
9-%PIVX:MI[EPIVX!??9-%PIVX:MI[EPPSGA

MRMX;MXL8MXPI$6S[7IPIGXIH
QIWWEKIQIWWEKI
HIPIKEXIRMP
GERGIP&YXXSR8MXPI$=IW-(MH
SXLIV&YXXSR8MXPIWRMPA
?EPIVXWLS[A
?QIWWEKIVIPIEWIA
?EPIVXVIPIEWIA
a
3RGI]SYvZIEHHIHXLMWQIXLSHGSQTMPIERHVYRERHXEOIMX
JSVEWTMR7IIMJ]SYGERWIPIGXXLIJMVWXVS[]SYWLSYPHRvXFI
EFPIXSERHXLIRWIPIGXSRISJXLISXLIVVS[W8LIWIPIGXIH
VS[WLSYPHLMKLPMKLXERHXLIR]SYVEPIVXWLSYPHTSTYTXIPP
MRK]SY[LMGLVS[]SYWIPIGXIHWII*MKYVI
2SXIXLEX]SYGEREPWSQSHMJ]XLIMRHI\TEXLFIJSVI]SYTEWW
MXFEGO[LMGL[SYPHGEYWIEHMJJIVIRXVS[ERHSVWIGXMSRXS
FIWIPIGXIH=SY[SRvXHSXLEXZIV]SJXIREW]SYWLSYPHLEZI
EZIV]KSSHVIEWSRJSVGLERKMRKXLIYWIVvWWIPIGXMSRSRXLIQ
-RXLIZEWXQENSVMX]SJGEWIW[LIR]SYYWIXLMWQIXLSH]SY
[MPPVIXYVRIMXLIV
MRHI\4EXL
SV
RMP
XSEPPS[SVHMWEPPS[XLI
WIPIGXMSR
*MKYVI-RXLMWI\EQTPI
XLIJMVWXVS[MWRSXWIPIGXEFPI
ERHEREPIVXMWHMWTPE]IH[LIR
ER]SXLIVVS[MWWIPIGXIH8LMW
[EWHSRIYWMRKXLIHIPIKEXI

QIXLSHW
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

'LERKMRK*SRX7M^IERH6S[,IMKLX
0IXvWWE]XLEX[I[ERXXSGLERKIXLIWM^ISJXLIJSRXFIMRKYWIHMRXLIXEFPIZMI[2S[
MRQSWXWMXYEXMSRW]SYWLSYPHRvXSZIVVMHIXLIHIJEYPXJSRXMXvW[LEXYWIVWI\TIGXXSWII
&YXXLIVIEVIZEPMHVIEWSRWXSHSXLMWEXXMQIW%HHXLIJSPPS[MRKPMRISJGSHIXS]SYV
XEFPI:MI[GIPP*SV6S[%X-RHI\4EXL
QIXLSHERHXLIRGSQTMPIERHVYR
9-8EFPI:MI['IPPXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
GIPP*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
WXEXMG277XVMRK7MQTPI8EFPI-HIRXMJMIV!$7MQTPI8EFPI-HIRXMJMIV
9-8EFPI:MI['IPPGIPP!?XEFPI:MI[HIUYIYI6IYWEFPI'IPP;MXL-HIRXMJMIV
7MQTPI8EFPI-HIRXMJMIVA
MJGIPP!!RMP_
GIPP!???9-8EFPI:MI['IPPEPPSGAMRMX;MXL*VEQI'+6IGX>IVS
VIYWI-HIRXMJMIV7MQTPI8EFPI-HIRXMJMIVAEYXSVIPIEWIA
a
279-RXIKIVVS[!?MRHI\4EXLVS[A
GIPPXI\X!?PMWX(EXESFNIGX%X-RHI\VS[A
GIPPJSRX!?9-*SRXFSPH7]WXIQ*SRX3J7M^IA
9 QEKIMQEKI!?9 QEKIMQEKI2EQIH$WXEVTRKA
GIPPMQEKI!MQEKI
VIXYVRGIPP
a
;LIR]SYVYRXLIETTPMGEXMSRRS[XLIZEPYIWMR]SYVPMWXKIXHVE[RVIEPP]PEVKIFYXXLI]
HSRvXI\EGXP]JMXMRXLIVS[WII*MKYVI
;IPPLIVIGSQIWXLIXEFPIZMI[HIPIKEXIXSXLIVIWGYI8LIXEFPIZMI[HIPIKEXIGERWTIGMJ]
XLILIMKLXSJXLIXEFPIVS[W-RJEGXMXGERWTIGMJ]YRMUYIZEPYIWJSVIEGLVS[MJ]SYRIIHXS

+SELIEHERHEHHXLMWQIXLSHXS]SYVGSRXVSPPIVGPEWWNYWXFIJSVI
$IRH

TVEKQEQEVO
TVEKQEQEVO8EFPI:MI[(IPIKEXI1IXLSHW
'+*PSEXXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
LIMKLX*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
VIXYVR
a
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

;LEX)PWI'ERXLI(IPIKEXI(S#
8LIVIEVIQSVIXEWOWXLEXXLIHIPIKEXILERHPIWFYXQSWXSJXLIVIQEMRMRKSRIWGSQIMRXS
TPE][LIR[IWXEVX[SVOMRK[MXLLMIVEVGLMGEPHEXEMRXLIRI\XGLETXIV8SPIEVRQSVIYWIXLI
HSGYQIRXEXMSRFVS[WIVXSI\TPSVIXLI
9-8I\X:MI[(IPIKEXI
TVSXSGSPERHWII[LEXSXLIV
QIXLSHWEVIEZEMPEFPI
'YWXSQM^MRK8EFPI:MI['IPPW
=SYGERHSEPSX[MXLXEFPIZMI[WVMKLXSYXSJXLIFS\FYXSJXIR]SY[MPP[ERXXSJSVQEX
XLIHEXEJSVIEGLVS[MR[E]WXLEXWMQTP]EVIRvXWYTTSVXIHF]
9-8EFPI:MI['IPP
HMVIGXP]
-RXLSWIGEWIWXLIVIEVIX[SFEWMGETTVSEGLIWSRIXLEXMRZSPZIWEHHMRKWYFZMI[WXS
9-8EFPI:MI['IPP
ERHEWIGSRHXLEXMRZSPZIWGVIEXMRKEWYFGPEWWSJ
9-8EFPI:MI['IPP

0IXvWPSSOEXFSXLXIGLRMUYIW

*MKYVI0SSOLS[RMGI
ERHFMK&YXYQMX[SYPHFI
RMGIMJ[IGSYPHWIIIZIV]XLMRK
*MKYVI'LERKMRKXLI
VS[WM^IYWMRKXLIHIPIKEXI
8SSFMK#1E]FI
;IvZINYWXXSPHXLIXEFPIZMI[XSWIXXLIVS[LIMKLXJSVEPPVS[WXSTM\IPWXEPP'SQTMPI
ERHVYRERH]SYVXEFPIvWVS[WWLSYPHFIQYGLXEPPIVRS[WII*MKYVI
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

8LI'IPPW%TTPMGEXMSR
8SWLS[LS[XSYWIGYWXSQGIPPW[IvVIKSMRKXSGVIEXIERI[
ETTPMGEXMSR[MXLERSXLIVXEFPIZMI[ERH[IvVIKSMRKXSHMW
TPE]X[SPMRIWSJMRJSVQEXMSRXSXLIYWIVWII*MKYVI
3YVETTPMGEXMSR[MPPHMWTPE]XLIREQIERHGSPSVSJEWIVMIWSJ
TSXIRXMEPP]JEQMPMEVGSQTYXIVQSHIPWERH[IvPPHMWTPE]FSXL
SJXLSWITMIGIWSJMRJSVQEXMSRMRXLIWEQIXEFPIGIPPF]EHH
MRKWYFZMI[WXSXLIXEFPIZMI[GIPP
%HHMRK7YFZMI[WXSXLI8EFPI:MI['IPP
8LIHIJEYPXXEFPIZMI[GIPPSRP]HMWTPE]WEWMRKPIPMRISJXI\X
)ZIRMJ]SYXV]XSJSVGIMXXSYWIQYPXMTPIPMRIWF]WTIGMJ]MRK
EWXVMRKGSRXEMRMRKGEVVMEKIVIXYVRWMX[MPPVIQSZIXLIGEVVMEKI
VIXYVRWERHHMWTPE]XLIHEXESREWMRKPIPMRI;IvVIKSMRKXSGVI
EXIETVSNIGXXLEXEHHWWYFZMI[WXSMXWGIPPWXS[SVOEVSYRHXLEX
PMQMXEXMSRIREFPMRKYWXSHMWTPE]X[SPMRIWSJHEXEMRIEGLGIPP
'VIEXIERI[<GSHITVSNIGXYWMRKXLIZMI[FEWIH
ETTPMGEXMSRXIQTPEXI2EQIXLITVSNIGX'IPPW(SYFPIGPMGO
'IPPW:MI['SRXVSPPIV\MFERHEHHE8EFPI:MI[ERHWIXMXWHIPIKEXIERHHEXEWSYVGIXS*MPIvW
3[RIVEW[IHMHMRXLITVIZMSYWWIGXMSR7EZIXLIRMFERHGSQIFEGOXS<GSHI=SYGERVIJIV
XSXLIw&YMPHMRKXLI:MI[xWIGXMSRIEVPMIVMRXLIGLETXIVJSVXLII\EGXWXITWMJ]SYRIIHXS

1SHMJ]MRKXLI'SRXVSPPIV,IEHIV*MPI
7MRKPIGPMGO'IPPW:MI['SRXVSPPIVLERHEHHXLIJSPPS[MRKGSHI
MQTSVX 9-/MX9-/MXL"
HIJMRIO2EQI:EPYI8EK
HIJMRIO'SPSV:EPYI8EK
$MRXIVJEGI'IPPW:MI['SRXVSPPIV9-:MI['SRXVSPPIV
 9-8EFPI:MI[(EXE7SYVGI9-8EFPI:MI[(IPIKEXI"
_
27%VVE]GSQTYXIVW
a
$TVSTIVX]RSREXSQMGVIXEMR27%VVE]GSQTYXIVW
$IRH
8LIJMVWXXLMRKXLEX]SYvPPRSXMGILIVIMWXLEX[ILEZIHIJMRIHX[SGSRWXERXW;IvVIKSMRKXSYWI
XLIWIMREJI[QSQIRXWXSEWWMKRXEKWXSWSQISJXLIWYFZMI[WXLEX[IvPPFIEHHMRKXSXLIXEFPI
ZMI[GIPP;IvVIKSMRKXSEHHJSYVWYFZMI[WXSXLIGIPPERHX[SSJXLSWIRIIHXSFIGLERKIHJSV
IZIV]VS[-RSVHIVXSHSXLEX[IRIIHWSQIQIGLERMWQXLEX[MPPEPPS[YWXSVIXVMIZIXLIX[S
*MKYVI%HHMRKWYF
ZMI[WXSXLIXEFPIZMI[GIPP
GERKMZI]SYQYPXMPMRIVS[W
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W
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JMIPHWJVSQXLIGIPP[LIRKSMRKXSYTHEXIXLIGIPP[MXLETEVXMGYPEVVS[vWHEXE-J[IWIXYRMUYI
XEKZEPYIWJSVIEGLPEFIPXLEX[IvPPRIIHXSYWIEKEMR[IvPPFIEFPIXSVIXVMIZIXLIQJVSQXLIXEFPI
ZMI[GIPPERHWIXXLIMVZEPYI
-QTPIQIRXMRKXLI'SRXVSPPIVvW'SHI
-RSYVGSRXVSPPIV[IRIIHXSWIXYTWSQIHEXEXSYWIERHXLIRMQTPIQIRXXLIXEFPIHEXE
WSYVGIQIXLSHWXSJIIHXLEXHEXEXSXLIXEFPI7MRKPIGPMGO'IPPW:MI['SRXVSPPIVQERHEHHXLI
JSPPS[MRKGSHI
MQTSVX'IPPW:MI['SRXVSPPIVL
$MQTPIQIRXEXMSR'IPPW:MI['SRXVSPPIV

$W]RXLIWM^IGSQTYXIVW
ZSMHZMI[(MH0SEH_
27(MGXMSREV]VS[!??27(MGXMSREV]EPPSGAMRMX;MXL3FNIGXW%RH/I]W
$1EG&SSO$2EQI$;LMXI$'SPSVRMPA
27(MGXMSREV]VS[!??27(MGXMSREV]EPPSGAMRMX;MXL3FNIGXW%RH/I]W
$1EG&SSO4VS$2EQI$7MPZIV$'SPSVRMPA
27(MGXMSREV]VS[!??27(MGXMSREV]EPPSGAMRMX;MXL3FNIGXW%RH/I]W
$M1EG$2EQI$;LMXI$'SPSVRMPA
27%VVE]EVVE]!??27%VVE]EPPSGAMRMX;MXL3FNIGXWVS[VS[
VS[RMPA
WIPJGSQTYXIVW!EVVE]
?VS[VIPIEWIA
?VS[VIPIEWIA
?VS[VIPIEWIA
?EVVE]VIPIEWIA
a
&330WLSYPH%YXSVSXEXI8S-RXIVJEGI3VMIRXEXMSR
9 RXIVJEGI3VMIRXEXMSRMRXIVJEGI3VMIRXEXMSR_
6IXYVR=)7JSVWYTTSVXIHSVMIRXEXMSRW
VIXYVRMRXIVJEGI3VMIRXEXMSR!!9 RXIVJEGI3VMIRXEXMSR4SVXVEMX
a
ZSMHHMH6IGIMZI1IQSV];EVRMRK_
?WYTIVHMH6IGIMZI1IQSV];EVRMRKA
6IPIEWIWXLIZMI[MJMXHSIWRXLEZIEWYTIVZMI[
6IPIEWIER]XLMRKXLEXWRSXIWWIRXMEPWYGLEWGEGLIHHEXE
a
ZSMHHIEPPSG_
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W
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?GSQTYXIVWVIPIEWIA

?WYTIVHIEPPSGA
a
TVEKQEQEVO
TVEKQEQEVO8EFPI(EXE7SYVGI1IXLSHW
27-RXIKIVXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
RYQFIV3J6S[W-R7IGXMSR27-RXIKIVWIGXMSR
_
VIXYVR?WIPJGSQTYXIVWGSYRXA
a
9-8EFPI:MI['IPPXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
GIPP*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
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9-8EFPI:MI['IPPGIPP!?XEFPI:MI[HIUYIYI6IYWEFPI'IPP;MXL-HIRXMJMIV
'IPP8EFPI-HIRXMJMIVA
MJGIPP!!RMP_
'+6IGXGIPP*VEQI!'+6IGX1EOI
GIPP!???9-8EFPI:MI['IPPEPPSGAMRMX;MXL*VEQIGIPP*VEQI
VIYWI-HIRXMJMIV'IPP8EFPI-HIRXMJMIVAEYXSVIPIEWIA
'+6IGXREQI0EFIP6IGX!'+6IGX1EOI
9-0EFIPREQI0EFIP!??9-0EFIPEPPSGAMRMX;MXL*VEQIREQI0EFIP6IGXA
REQI0EFIPXI\X%PMKRQIRX!9-8I\X%PMKRQIRX6MKLX
REQI0EFIPXI\X!$2EQI
REQI0EFIPJSRX!?9-*SRXFSPH7]WXIQ*SRX3J7M^IA
?GIPPGSRXIRX:MI[EHH7YFZMI[REQI0EFIPA
?REQI0EFIPVIPIEWIA
'+6IGXGSPSV0EFIP6IGX!'+6IGX1EOI
9-0EFIPGSPSV0EFIP!??9-0EFIPEPPSGAMRMX;MXL*VEQI
GSPSV0EFIP6IGXA
GSPSV0EFIPXI\X%PMKRQIRX!9-8I\X%PMKRQIRX6MKLX

GSPSV0EFIPXI\X!$'SPSV
GSPSV0EFIPJSRX!?9-*SRXFSPH7]WXIQ*SRX3J7M^IA
?GIPPGSRXIRX:MI[EHH7YFZMI[GSPSV0EFIPA
?GSPSV0EFIPVIPIEWIA
'+6IGXREQI:EPYI6IGX!'+6IGX1EOI
9-0EFIPREQI:EPYI!??9-0EFIPEPPSGAMRMX;MXL*VEQI
REQI:EPYI6IGXA
REQI:EPYIXEK!O2EQI:EPYI8EK
?GIPPGSRXIRX:MI[EHH7YFZMI[REQI:EPYIA
?REQI:EPYIVIPIEWIA
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',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W
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?GSPSV:EPYIVIPIEWIA
a
279-RXIKIVVS[!?MRHI\4EXLVS[A
27(MGXMSREV]VS[(EXE!?WIPJGSQTYXIVWSFNIGX%X-RHI\VS[A
9-0EFIPREQI!9-0EFIP?GIPPGSRXIRX:MI[ZMI[;MXL8EK
O2EQI:EPYI8EKA
REQIXI\X!?VS[(EXESFNIGX*SV/I]$2EQIA
9-0EFIPGSPSV!9-0EFIP?GIPPGSRXIRX:MI[ZMI[;MXL8EK
O'SPSV:EPYI8EKA
GSPSVXI\X!?VS[(EXESFNIGX*SV/I]$'SPSVA
VIXYVRGIPP
a
$IRH

8LI
ZMI[(MH0SEH
QIXLSHXLMWXMQIGVIEXIWEFYRGLSJHMGXMSREVMIW)EGLHMGXMSREV]GSRXEMRW
XLIREQIERHGSPSVMRJSVQEXMSRJSVSRIVS[MRXLIXEFPI8LIREQIJSVXLEXVS[MWLIPHMRXLI
HMGXMSREV]YRHIVXLIOI]
2EQI
ERHXLIGSPSVMWLIPHYRHIVXLIOI]
'SPSV
;IWXMGOEPPXLIHMG
XMSREVMIWMRXSEWMRKPIEVVE][LMGLMWSYVHEXEJSVXLMWXEFPI
0IXvWJSGYWSR
XEFPI:MI[GIPP*SV6S[;MXL-RHI\4EXL
WMRGIXLEXvW[LIVI[IvVIVIEPP]
KIXXMRKMRXSWSQIRI[WXYJJ8LIJMVWXX[SPMRIWSJGSHIEVINYWXPMOISYVIEVPMIVZIVWMSRW;I
GVIEXIERMHIRXMJMIVERHEWOXLIXEFPIXSHIUYIYIEXEFPIZMI[GIPPMJMXLEWSRI
-JXLIXEFPIHSIWRvXLEZIER]GIPPWEZEMPEFPIJSVVIYWI[ILEZIXSGVIEXIERI[GIPP;LIR[I
HSXLMW[IEPWSRIIHXSGVIEXIERHEHHXLIWYFZMI[WXLEX[IvPPFIYWMRKXSMQTPIQIRXSYV
X[SPMRITIVVS[XEFPI0IXvWPSSOEXXLEXGSHIEPMXXPIQSVIGPSWIP]*MVWX[IGVIEXIEGIPP8LMW
MWIWWIRXMEPP]XLIWEQIXIGLRMUYIEWFIJSVII\GITXXLEX[IQERYEPP]WTIGMJ]XLIWM^ISJXLI
GIPPMRWXIEHSJPIXXMRKXLIXEFPIZMI[GEPGYPEXIMX
'+6IGXGIPP*VEQI!'+6IGX1EOI
GIPP!???9-8EFPI:MI['IPPEPPSGAMRMX;MXL*VEQIGIPP*VEQI
VIYWI-HIRXMJMIV'IPP8EFPI-HIRXMJMIVAEYXSVIPIEWIA
%JXIVXLEX[IGVIEXIJSYV
9-0EFIP
WERHEHHXLIQXSXLIXEFPIZMI[GIPP8LIXEFPIZMI[GIPP
EPVIEH]LEWE
9-:MI[
WYFZMI[GEPPIH
GSRXIRX:MI[

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QYGLXLI[E][IKVSYTIHXLSWIX[SW[MXGLIWMRWMHISJE
9-:MI[
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EVIWYPX[IHSRvXEHHXLIPEFIPWEWWYFZMI[WHMVIGXP]XSXLIXEFPIZMI[GIPPFYXVEXLIVXSMXW
GSRXIRX:MI[
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?GIPPGSRXIRX:MI[EHH7YFZMI[GSPSV:EPYIA
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REQI0EFIP
GSRXEMRWXLIXI\X2EQIERHXLI
PEFIP
GSPSV0EFIP
GSRXEMRWXLIXI\X'SPSV8LSWIEVINYWXWXEXMGPEFIPWXLEX[I[SRvXGLERKI
8LISXLIVX[SPEFIPWLS[IZIV[MPPFIYWIHXSHMWTPE]SYVVS[WTIGMJMGHEXE6IQIQFIV[I
RIIHWSQI[E]SJVIXVMIZMRKXLIWIJMIPHWPEXIVSRWS[IEWWMKRZEPYIWXSFSXLSJXLIQ*SV
I\EQTPI[IEWWMKRXLIGSRWXERX
O2EQI:EPYI8EK
MRXS
REQI:EPYI
vWXEKJMIPH
REQI:EPYIXEK!O2EQI:EPYI8EK
-REQSQIRX[IvPPYWIXLEXXEKXSVIXVMIZIXLIGSVVIGXPEFIPJVSQXLIGIPP
3RGI[IvVIHSRIGVIEXMRKSYVRI[GIPP[IYWIXLI
MRHI\4EXL
EVKYQIRXXLEX[EWTEWWIHMR
XSHIXIVQMRI[LMGLVS[XLIXEFPIMWVIUYIWXMRKEGIPPJSVERHXLIRYWIXLEXVS[ZEPYIXSKVEF
XLIGSVVIGXHMGXMSREV]JSVXLIVIUYIWXIHVS[6IQIQFIVXLEXXLEXHMGXMSREV]LEWX[SOI]

ZEPYITEMVWSRI[MXLREQIERHERSXLIV[MXLGSPSV
279-RXIKIVVS[!?MRHI\4EXLVS[A
27(MGXMSREV]VS[(EXE!?WIPJGSQTYXIVWSFNIGX%X-RHI\VS[A
6IQIQFIVXLSWIXEKW[IWIXFIJSVI#;IPPLIVI[IYWIXLIQXSVIXVMIZIXLIPEFIP[LSWI
ZEPYI[IRIIHXSWIX
9-0EFIPREQI!9-0EFIP?GIPPGSRXIRX:MI[ZMI[;MXL8EKO2EQI:EPYI8EKA
3RGI[ILEZIXLEXPEFIP[INYWXWIXMXWXI\XXSSRISJXLIZEPYIW[ITYPPJVSQXLIHMGXMSREV]
XLEXVITVIWIRXWXLMWVS[
REQIXI\X!?VS[(EXESFNIGX*SV/I]$2EQIA
'SQTMPIERHVYR]SYVETTPMGEXMSRERH]SYWLSYPHKIXVS[W[MXLX[SPMRIWSJHEXEMRMXNYWX
EWMR*MKYVI&IMRKEFPIXSEHHZMI[WXSXLIXEFPIZMI[TVSZMHIWEPSXQSVIJPI\MFMPMX]
XLERYWMRKXLIWXERHEVHXEFPIZMI[GIPPEPSRIFYXMXGERKIXEPMXXPIXIHMSYWGVIEXMRKTSWMXMSR
MRKERHEHHMRKEPPXLIWYFZMI[WTVSKVEQQEXMGEPP]+SWLMXWYVI[SYPHFIRMGIMJ[IGSYPH
HIWMKRXLIXEFPIZMI[GIPPMR-RXIVJEGI&YMPHIV[SYPHRvXMX#
9WMRKE'YWXSQ7YFGPEWWSJ9-8EFPI:MI['IPP
;IPP[IvVIMRPYGO-XNYWXWSLETTIRWXLEX]SYGERYWI-RXIVJEGI&YMPHIVXSHIWMKR]SYVXEFPI
GIPPZMI[W;IvVIKSMRKXSVIGVIEXIXLEXWEQIX[SPMRIMRXIVJEGI[INYWXFYMPXMRGSHIYWMRK
-RXIVJEGI&YMPHIV8SHSXLMW[IvPPGVIEXIEWYFGPEWWSJ
9-8EFPI:MI['IPP
ERHERI[RMFJMPI
XLEX[MPPGSRXEMRXLIXEFPIZMI[GIPP8LIR[LIR[IRIIHEXEFPIZMI[GIPPXSVITVIWIRXEVS[
MRWXIEHSJEHHMRKWYFZMI[WXSEWXERHEVHXEFPIZMI[GIPP[IvPPNYWXPSEHMRSYVWYFGPEWWJVSQ
XLIRMFJMPIERHYWIX[SSYXPIXW[IvPPEHHXSWIXXLIREQIERHGSPSV1EOIWIRWI#0IXvWHSMX
6MKLXGPMGOSVGSRXVSPGPMGOSRXLI'PEWWIWJSPHIVMR<GSHIERHWIPIGX2I[*MPIJVSQXLI
%HHWYFQIRYXLEXGSQIWYTSVNYWXTVIWW 2;LIRXLIRI[JMPIEWWMWXERXGSQIWYTWIPIGX
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

'SGSE8SYGL'PEWWIWJVSQXLIPIJXTERIERHXLIRWIPIGX9-8EFPI:MI['IPPWYFGPEWWJVSQXLI
YTTIVVMKLXTERI'PMGOXLI2I\XFYXXSRKMZIXLIRI[JMPIEREQISJ'YWXSQ'IPPQERHQEOI
WYVIXLEX%PWSGVIEXIw'YWXSQ'IPPLxMWGLIGOIH

3RGIXLEXJMPIMWGVIEXIHVMKLXGPMGOXLI6IWSYVGIWJSPHIVMR<GSHIERHWIPIGX%HH 2I[*MPI
EKEMR8LMWXMQIMRXLIPIJXTERISJXLIRI[JMPIEWWMWXERXGPMGO9WIV-RXIVJEGIWERHJVSQXLI
YTTIVVMKLXTERIWIPIGX)QTX]<-&;LIRTVSQTXIHJSVEREQIX]TI'YWXSQ'IPP\MF
'VIEXMRKXLI9-8EFPI:MI['IPP7YFGPEWW
2S[XLEX[ILEZIEPPXLIRI[JMPIW[IRIIHPIXvWKSELIEHERHGVIEXISYVRI[WYFGPEWWSJ
9-8EFPI:MI['IPP

;IvVIKSMRKXSYWISYXPIXWMRSYVWYFGPEWWXSQEOIMXIEWMIVXSWIXXLIZEPYIXLEXRIIHWXS
GLERKIJSVIEGLVS[;IGSYPHYWIXEKWEKEMRERHEZSMHGVIEXMRKEWYFGPEWWEPXSKIXLIVFYX
F]HSMRKMXXLMW[E]SYVGSHI[MPPFIQYGLQSVIGSRGMWIERHIEW]XSVIEHFIGEYWI[IvPPFI
EFPIXSWIXXLIPEFIPWSRIEGLVS[vWGIPPNYWXF]WIXXMRKTVSTIVXMIWPMOIWS
GIPPREQI0EFIP!$*SS
7MRKPIGPMGO'YWXSQ'IPPLERHEHHXLIJSPPS[MRKGSHI
MQTSVX 9-/MX9-/MXL"
$MRXIVJEGI'YWXSQ'IPP9-8EFPI:MI['IPP_
-&3YXPIX9-0EFIPREQI0EFIP
-&3YXPIX9-0EFIPGSPSV0EFIP
a
$TVSTIVX]RSREXSQMGVIXEMR9-0EFIPREQI0EFIP
$TVSTIVX]RSREXSQMGVIXEMR9-0EFIPGSPSV0EFIP
$IRH
8LEXvWEPP[IRIIHXSHSLIVIWSPIXvWW[MXGLSZIVXS'YWXSQ'IPPQERHEHHX[SQSVIPMRIW
MQTSVX'YWXSQ'IPPL
$MQTPIQIRXEXMSR'YWXSQ'IPP
$W]RXLIWM^IREQI0EFIP
$W]RXLIWM^IGSPSV0EFIP
MHMRMX;MXL*VEQI'+6IGXJVEQI
VIYWI-HIRXMJMIV277XVMRKVIYWI-HIRXMJMIV_
MJWIPJ!?WYTIVMRMX;MXL*VEQIJVEQI
VIYWI-HIRXMJMIVVIYWI-HIRXMJMIVA_

-RMXMEPM^EXMSRGSHI
a
VIXYVRWIPJ
a
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

ZSMHWIX7IPIGXIH&330WIPIGXIHERMQEXIH&330ERMQEXIH_
?WYTIVWIX7IPIGXIHWIPIGXIHERMQEXIHERMQEXIHA
'SRJMKYVIXLIZMI[JSVXLIWIPIGXIHWXEXI
a
ZSMHHIEPPSG_
?WYTIVHIEPPSGA
a
$IRH
1EOIWYVI]SYWEZIFSXLSJXLSWIERH[IvVIHSRI[MXLSYVGYWXSQWYFGPEWW
(IWMKRMRKXLI8EFPI:MI['IPPMR-RXIVJEGI&YMPHIV
2I\XHSYFPIGPMGO'YWXSQ'IPP\MFXSSTIRXLI
JMPIMR-RXIVJEGI&YMPHIV8LIVIEVISRP]X[S
MGSRWMRXLMWRMFvWQEMR[MRHS[*MPIvW3[RIV
ERH*MVWX6IWTSRHIV0SSOMRXLIPMFVEV]JSV
E8EFPI:MI['IPPWII*MKYVIERHHVEK
SRISJXLSWISZIVXS]SYVRMFvWQEMR[MRHS[
1EOIWYVIXLIXEFPIZMI[GIPPMWWIPIGXIHERH
TVIWW XSFVMRKYTXLIMHIRXMX]MRWTIGXSV
'LERKIXLIGPEWWJVSQ9-8EFPI:MI['IPPXS
'YWXSQ'IPP
%JXIVXLEXTVIWW XSFVMRKYTXLIWM^IMRWTIGXSVERHGLERKIXLIXEFPIZMI[GIPPvWLIMKLX
JVSQXS8LEX[MPPKMZIYWEPMXXPIFMXQSVIVSSQXSTPE][MXL
*MREPP]TVIWW XSKSXSXLIEXXVMFYXIWMRWTIGXSV8LIJMVWXJMIPH]SYvPPWIIXLIVIMW-HIRXMJMIV
ERHXLEXvWXLIVIYWIMHIRXMJMIVXLEX[IvZIFIIRYWMRKMRSYVGSHI-JXLMWHSIWRSXVMRKEFIPP

WGERFEGOXLVSYKLXLIGLETXIVERHPSSOJSV
7MQTPI8EFPI-HIRXMJMIV
7IXXLI-HIRXMJMIVXS
'YWXSQ'IPP-HIRXMJMIV2I\XPSSOJSVXLITSTYTFYXXSRGEPPIH%GGIWWSV]ERHGLERKIMXJVSQ
(IXEMP(MWGPSWYVIXS2SRIWII*MKYVI%GGIWWSV]MGSRWXEOIYTWTEGIMRSYVGIPPERH[I
[ERXXLIIRXMVIGIPPJSVSYVS[RWIPJMWLRIIHW;IvPPXEPOEFSYXEGGIWWSV]MGSRWMRXLIRI\X
GLETXIV
6IQIQFIVIZIRXLSYKL
9-8EFPI:MI['IPP
MWEWYFGPEWWSJ
9-:MI[
MXYWIWEGSRXIRXZMI[XS
LSPHERHKVSYTMXWWYFZMI[W(SYFPIGPMGOXLI'YWXSQ'IPPMGSR[LMGL[MPPSTIRERI[[MR
HS[=SYvPPRSXMGIEKVI]HEWLIHVSYRHIHVIGXERKPIPEFIPIH'SRXIRX:MI[WII*MKYVI
*MKYVI8EFPI:MI['IPPMRXLIPMFVEV]
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

8LEXvW-RXIVJEGI&YMPHIVvW[E]SJXIPPMRK]SYXLEX]SY
WLSYPHEHHWSQIXLMRKWSPSSOMRXLIPMFVEV]JSV
E:MI[ERHHVEKXLEXSRXSXLI'YWXSQ'IPP[MRHS[
;LIR]SYVIPIEWIXLIZMI[MX[MPPFIXLI[VSRKWM^I
JSVSYV[MRHS[0IXvWJM\XLMW;MXLXLIRI[ZMI[
WIPIGXIHKSXSXLIWM^IMRWTIGXSV'LERKI:MI[vW
WM^IERHTSWMXMSRXSQEXGLXLI'YWXSQ'IPPF]WIX
XMRK\XS]XS[XSERHLXS
2S[[IvVIEPPWIX;ILEZIEGERZEW[IGERYWIXS
HIWMKRSYVXEFPIZMI[GIPPMR-RXIVJEGI&YMPHIV0IXvW
HSXLMW
(VEKJSYVPEFIPWSZIVJVSQXLIPMFVEV]XSXLI'YWXSQ
'IPP[MRHS[ERHTPEGIERHVIREQIXLIQEWWLS[R

MR*MKYVI8SQEOIXLI2EQIERH'SPSVJMIPHW
FSPHWIPIGXXLIQERHTVIWW &2I\XWIPIGXXLI
YTTIVVMKLXPEFIPERHQEOIMX[MHIV(VEKMXWVMKLX
IHKIEPPXLI[E]XSXLIVMKLXFPYIPMRI(SXLIWEQI
JSVXLIPS[IVVMKLXPEFIP;I[ERXXSQEOIWYVI[I
LEZITPIRX]SJVSSQJSVXLIREQIERHGSPSVHEXE
2S[GSRXVSPHVEKJVSQXLI'YWXSQ'IPPMGSRXSXLI
XSTVMKLXPEFIPSRXLIZMI[EWWMKRMRKMXXSXLISYX
PIXREQI0EFIP8LIRGSRXVSPHVEKEKEMRJVSQXLI
'YWXSQ'IPPMGSRXSXLIPS[IVVMKLXPEFIPEWWMKRMRK
MXXSXLIGSPSV0EFIPSYXPIX
=SYQMKLXFI[SRHIVMRK[L][IvVIRSXHSMRKER]
XLMRK[MXLXLI*MPIvW3[RIVMGSR8LIVIEWSRMWXLEX
[INYWXHSRvXRIIHXS;IvVIYWMRKXLMWXEFPIGIPPXS
HMWTPE]HEXEFYXEPPXLIMRXIVEGXMSR[MXLXLIYWIV
MWKSMRKXSKSXLVSYKLXLIXEFPIZMI[WSMXHSIWRvX
RIIHMXWS[RGSRXVSPPIVGPEWW;IvVIVIEPP]NYWXYWMRK
XLIRMFEWEWSVXSJXIQTPEXIWS[IGERHIWMKRSYV
XEFPIGIPPWZMWYEPP]
7EZIXLIRMFGPSWIMXERHPIXvWKSFEGOXS<GSHI
*MKYVI8YVRMRKSJJXLIEGGIWWSV]
MGSR
*MKYVI8LIXEFPIZMI[GIPPvW
[MRHS[
*MKYVI8LIXEFPIZMI[GIPPvWHIWMKR
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

9WMRKXLI2I[8EFPI:MI['IPP
8SYWIXLIGIPP[IHIWMKRIH[ILEZIXSQEOIWSQITVIXX]HVEWXMGGLERKIWXSXLI
XEFPI:MI[GIPP*SV6S[%X-RHI\4EXL

QIXLSHMR'IPPW:MI['SRXVSPPIVQ(IPIXIXLISRI
]SYGYVVIRXP]LEZIERHVITPEGIMX[MXLXLMWRI[ZIVWMSR
9-8EFPI:MI['IPPXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
GIPP*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
WXEXMG277XVMRK'YWXSQ'IPP-HIRXMJMIV!$'YWXSQ'IPP-HIRXMJMIV
'YWXSQ'IPPGIPP!'YWXSQ'IPP?XEFPI:MI[
HIUYIYI6IYWEFPI'IPP;MXL-HIRXMJMIV'YWXSQ'IPP-HIRXMJMIVA
MJGIPP!!RMP
_
27%VVE]RMF!??27&YRHPIQEMR&YRHPIAPSEH2MF2EQIH$'YWXSQ'IPP
S[RIVWIPJSTXMSRWRMPA
GIPP!?RMFSFNIGX%X-RHI\A
a
279-RXIKIVVS[!?MRHI\4EXLVS[A
27(MGXMSREV]VS[(EXE!?WIPJGSQTYXIVWSFNIGX%X-RHI\VS[A
GIPPGSPSV0EFIPXI\X!?VS[(EXESFNIGX*SV/I]$'SPSVA
GIPPREQI0EFIPXI\X!?VS[(EXESFNIGX*SV/I]$2EQIA
VIXYVRGIPP
a
;LMPI]SYvVIQYGOMRKEVSYRHMR'IPPW:MI['SRXVSPPIVQKSELIEHERHEHHXLMWPMRIRIEVXLI
XST
MQTSVX'YWXSQ'IPPL
&IGEYWI[IvZIHIWMKRIHXLIXEFPIZMI[GIPPMRERMFJMPIMJXLIVIEVIRSVIYWEFPIGIPPW[I
WMQTP]PSEHSRIJVSQXLIRMF;IYWIERMRHI\ZEPYISJMRWXIEHSJMRXLI
SFNIGX%X-RHI\

GEPPFIGEYWISFNIGXMWXLIJMPIvWS[RIV[LMGLMWRSX[LEX[I[ERX*MVWX6IWTSRHIVMWRSX
VIXYVRIHF]
PSEH2MF2EQIHS[RIVSTXMSRW

WSSYVXEFPIZMI[GIPPMWEXMRHI\
8LIVIvWSRISXLIVEHHMXMSR[ILEZIXSQEOI&IGEYWI[IGLERKIXLILIMKLXSJSYVXEFPI
ZMI[GIPPJVSQXLIHIJEYPXZEPYI[ILEZIXSMRJSVQXLIXEFPIZMI[SJXLEXJEGXSXLIV[MWIMX
[SRvXPIEZIIRSYKLWTEGIJSVXLIGIPPXSHMWTPE]TVSTIVP];IHSXLEXF]EHHMRKXLMWHIPIKEXI
QIXLSHXS'IPPW:MI['SRXVSPPIVQNYWXFIJSVIXLI
$IRH

'+*PSEXXEFPI:MI[9-8EFPI:MI[XEFPI:MI[
LIMKLX*SV6S[%X-RHI\4EXL27-RHI\4EXLMRHI\4EXL
_
VIXYVR
a
',%48)6 -RXVSHYGXMSRXS8EFPI:MI[W

9RJSVXYREXIP][IGERvXKIXXLMWZEPYIJVSQXLIGIPPFIGEYWIXLMWHIPIKEXIQIXLSHQE]FI
GEPPIHFIJSVIXLIGIPPI\MWXWWS[ILEZIXSLEVHGSHIXLIZEPYI%HHXLMWGSRWXERXHIJMRMXMSR
XSXLIXSTSJ'YWXSQ'IPPLERHHIPIXIXLIXEKGSRWXERXW[LMGLEVIRSPSRKIVRIIHIH
HIJMRIO8EFPI:MI[6S[,IMKLX
HIJMRIO2EQI:EPYI8EK
HIJMRIO'SPSV:EPYI8EK 
8LEXvWMX&YMPHERHVYR2S[]SYVX[SPMRIXEFPIGIPPWEVIFEWIHSR]SYVQEH-RXIVJEGI&YMPHIV
HIWMKRWOMPP^
+VSYTIHERH-RHI\IH7IGXMSRW
3YVRI\XTVSNIGX[MPPI\TPSVIERSXLIVJYRHEQIRXEPEWTIGXSJXEFPIW;IvVIWXMPPKSMRKXSYWI
EWMRKPIXEFPIZMI[{RSLMIVEVGLMIW]IX{FYX[IvVIKSMRKXSHMZMHIHEXEMRXSWIGXMSRW'VIEXI
ERI[<GSHITVSNIGXYWMRKXLIZMI[FEWIHETTPMGEXMSRXIQTPEXIEKEMRXLMWXMQIGEPPMRKMX
7IGXMSRW
&YMPHMRKXLI:MI[
3TIRXLI'PEWWIWERH6IWSYVGIWJSPHIVWERH
HSYFPIGPMGO7IGXMSRW:MI['SRXVSPPIV\MFXSSTIRXLIJMPI

MR-RXIVJEGI&YMPHIV(VSTEXEFPIZMI[SRXSXLI:MI[
[MRHS[EW[IHMHFIJSVI8LIRTVIWW ERHGSRRIGX
XLIHEXE7SYVGIERHHIPIKEXIGSRRIGXMSRWXSXLI*MPIvW
3[RIVMGSR
2I\XQEOIWYVIXLIXEFPIZMI[MWWIPIGXIHERHTVIWW
XSFVMRKYTXLIEXXVMFYXIWMRWTIGXSV'LERKI
XLIXEFPIZMI[vW7X]PIJVSQ-RHI\IHXS+VSYTIHWII
*MKYVI-J]SYRIIHEVIQMRHIV[IHMWGYWWIHXLI
HMJJIVIRGIFIX[IIRMRHI\IHERHKVSYTIHWX]PIWEXXLI
FIKMRRMRKSJXLIGLETXIV7EZIERHVIXYVRXS<GSHI
-QTSVXMRKXLI(EXE
8LMWTVSNIGXRIIHWEJEMVEQSYRXSJHEXEXSHSMXWXLMRK
8SWEZI]SYEJI[LSYVW[SVXLSJX]TMRK[IvZITVSZMHIH
ERSXLIVTVSTIVX]PMWXJSV]SYVXEFPMRKTPIEWYVI+VEFXLI
JMPIREQIHWSVXIHREQIWTPMWXJVSQXLI7IGXMSRWJSPHIV
MRXLITVSNIGXWEVGLMZIXLEXGEQI[MXLXLMWFSSOERHEHH
MXXS]SYVTVSNIGXvW6IWSYVGIWJSPHIV
*MKYVI8LIEXXVMFYXIWMRWTIG
XSVJSVXLIXEFPIZMI[