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HMJJYWMSRFEVVMIVXSXLIVIEGXMSRTVSHYGXSJXLIVIEGXMRKWTI E ! GSRWXERXERH
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 Q]V[MXLSYXXLITEWWMZIJMPQXLIWXIIP[MPPGSVVSHIEX WLS[RMR*MK8LIXVERWMXMSRJVSQXLIEGXMZIGSVVSWMSR
VEXIWEXPIEWXXLVIISVHIVWSJQEKRMXYHILMKLIVXLERXLMW TEVXSJXLITSPEVM^EXMSRGYVZIXSXLITEWWMZIVIKMSRSGGYVWEW
 8LIOMRIXMGWSJGSVVSWMSR{%PPQIXEPWI\GITXKSPH EVIWYPXSJXLIJSVQEXMSRSJETEWWMZIQIXEPS\MHIJMPQ1SVI
ERHTPEXMRYQEVIXLIVQSH]REQMGEPP]YRWXEFPIYRHIVRSVQEP SZIVXLITL]WMGEPFEVVMIVSJXLIGSRGVIXIPMQMXWXLIS\]KIR
EXQSWTLIVMGGSRHMXMSRWERH[MPPIZIRXYEPP]VIZIVXXSXLIMVS\ EGGIWWJSVXLIGEXLSHMGVIEGXMSRERHGERVIWYPXMREHIGVIEWI
MHIW SVSXLIVGSQTSYRHW EWMRHMGEXIHJSVMVSRMRXLI4SYV MRXLIGEXLSHMGGYVVIRXEPWSMPPYWXVEXIHMR*MK&SXLSJ
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MQTSVXERGI XS XLI IRKMRIIV [LS [SYPH YWI E QIXEP MW RSX EPWSPMQMXXLIEGGYVEG]F][LMGLXLIEGXYEPGSVVSWMSRVEXIGER
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XSXLIWYVVSYRHMRKGEXLSHMGEVIEWERHWSXLIPSGEPGSRGIRXVE
EHIGVIEWIMRT,XSXLIPIZIPEX[LMGLXLITEWWMZIJMPQMWRS
XMSRSJGLPSVMHIMSRWMRGVIEWIH
PSRKIVWXEFPI8LIPEXXIVMWYWYEPP]GEYWIHF]EXXEGOF]EK
KVIWWMZIMSRWWYGLEWGLPSVMHIWFYXGSYPHVIWYPXJVSQGVEGO 8LIMRMXMEPTVIGMTMXEXIHL]HVS\MHILEWEPS[WXEXISJS\MHE
MRKMRXLIGSRGVIXIGSZIV XMSRERHXIRHWXSVIEGXJYVXLIV[MXLS\]KIRXSJSVQLMKLIVS\
 'SVVSWMSR MRMXMEXMSR F] GLPSVMHIW{8LI QSWX MHIW )ZMHIRGI JSV XLMW TVSGIWW GER FI SFWIVZIH [LIR
GSQQSRGEYWISJMRMXMEXMSRSJGSVVSWMSRSJWXIIPMRGSRGVIXI GSRGVIXI[MXLEGXMZIGSVVSWMSRMWFVSOIRSTIR%PMKLXKVIIR
MWXLITVIWIRGISJGLPSVMHIMSRW8LIWSYVGISJGLPSVMHIWQE] WIQMWSPMH VIEGXMSR TVSHYGX MW SJXIR JSYRH RIEV XLI WXIIP
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WMZIJMPQF]GLPSVMHIWMWRSXORS[RFIGEYWISJXLIHMJJMGYP *MK'SRWIUYIRXP]XLIMRGVIEWIWMRZSPYQIEWXLIVI
XMIW MR I\EQMRMRK XLI TVSGIWW SR ER EXSQMG WGEPI MR XLI EGXMSRTVSHYGXWVIEGXJYVXLIV[MXLHMWWSPZIHS\]KIRPIEHWXS
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JMPQWXLIGLPSVMHIMSRWFIGSQIMRGSVTSVEXIHMRXLIJMPQEXPS XSGEYWIGVEGOMRKERHWTEPPMRKSJXLIGSRGVIXIGSZIV%WIG
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GLPSVMHIMSRWQE]GSQTIXI[MXLXLIL]HVS\]PMSRWJSVPSGE GVIEWIHEGMHMX]MRXLIVIKMSRSJXLIERSHMGWMXIWXLEXGERPIEH
XMSRWSJLMKLEGXMZMX]SRXLIQIXEPWYVJEGITVIZIRXMRKXLIWI XSPSGEPHMWWSPYXMSRSJXLIGIQIRXTEWXI
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MVSRJVSQXLIVIMRJSVGMRKWXIIPFEV1SVISZIVFIGEYWIXLIVI GSRGVIXI HYVMRK QM\MRK MRXIRXMSREPP] SV SXLIV[MWI VETMH
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EGGIPIVEXMRKIJJIGXSJXLIGLPSVMHIWVIWYPXWMREGSEVWIVGETMPPEV] EPPXLIGLPSVMHIWTVIWIRXMRXLIGSRGVIXIGERGSRXVMFYXIXSXLI
TSVIWM^IHMWXVMFYXMSREXEGSRWXERX[EXIVGIQIRXVEXMS [G  GSVVSWMSRSJXLIWXIIP7SQISJXLIGLPSVMHIWVIEGXGLIQMGEPP]
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GEVFSREXMSRVEXIWERHEPWSVIHYGIWXLIVIWMWXMZMX]SJXLIGSR JSVQGEPGMYQGLPSVSEPYQMREXIWERHEVIIJJIGXMZIP]VIQSZIH
GVIXI7IGSRHXLIGLPSVMHIWMRGVIEWIXLIMSRMGGSRGIRXVEXMSR JVSQXLITSVIWSPYXMSR%WXLIGSRGVIXIGEVFSREXIWXLIGLPSVMHIW
SJXLITSVIWSPYXMSRERHMXWIPIGXVMGEPGSRHYGXMZMX]&SXLSJ EVIVIPIEWIHERHFIGSQIMRZSPZIHMRXLIGSVVSWMSRTVSGIWW
XLIWIJEGXSVWPIEHXSERMRGVIEWIMRXLIGSVVSWMSRVEXI8LMVH 6IWIEVGLMRHMGEXIWXLEXWSQIGLPSVMHIWEPWSFIGSQITL]W
XLIGLPSVMHIWEPXIVXLIT,SJXLIGSRGVIXITSVIWSPYXMSRWSHM MGEPP]XVETTIHIMXLIVF]EHWSVTXMSRSVMRYRGSRRIGXIHTSVIW
YQGLPSVMHI 2E'P ERHTSXEWWMYQGLPSVMHI /'P MRGVIEWIXLI 8LIJVEGXMSRSJXSXEPGLPSVMHIWEZEMPEFPIMRXLITSVIWSPYXMSR
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8LMWEJJIGXWFSXLXLIGLPSVMHIFMRHMRKERHXLIGLPSVMHIXLVIWL SJERYQFIVSJTEVEQIXIVWMRGPYHMRKXLIXVMGEPGMYQEPYQM
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MRXSQEXYVIGSRGVIXI{(MJJYWMSR SJ GLPSVMHIWGERSGGYVMR XLI QM\XYVI SV TIRIXVEXIH MRXS XLI LEVHIRIH GSRGVIXI 8LI
WSYRH GSRGVIXI ERH TVSGIIHW XLVSYKL XLI GETMPPEV] TSVI XLVIWLSPHZEPYISJGLPSVMHIGSRGIRXVEXMSRFIPS[[LMGLWMK
WXVYGXYVISJXLIGIQIRXTEWXITLEWI8LIVIJSVIGVEGOWMRXLI RMJMGERXGSVVSWMSRHSIWRSXSGGYVMWEPWSHITIRHIRXSRWIZIV
GSRGVIXIEVIRSXETVIVIUYMWMXIJSVXVERWTSVXMRKGLPSVMHIWXS EPSJXLIWIWEQITEVEQIXIVWFYXXLIWIJEGXSVWWSQIXMQIW
XLIVIMRJSVGMRKWXIIP8LIVEXISJHMJJYWMSRHITIRHWWXVSRKP] [SVOMRSTTSWMXMSR*SVI\EQTPIXLILMKLIVXLIT,XLIQSVI
SRERYQFIVSJJEGXSVWMRGPYHMRKXLI[GQXLIX]TISJGI GLPSVMHIW XLI WXIIP GER XSPIVEXI [MXLSYX TMXXMRK FYX XLI
QIRXXLIWTIGMJMGGEXMSREWWSGMEXIH[MXLXLIGLPSVMHI XLI EQSYRXSJGLPSVMHIWTVIWIRXMRWSPYXMSRJSVEKMZIRXSXEPGLPS
XIQTIVEXYVIERHXLIQEXYVMX]SJXLIGSRGVIXI*YVXLIV VMHIGSRXIRXEPWSMRGVIEWIW[MXLT,7SQISJXLIWIIJJIGXWEVI
QSVIXLIVIMWWSQIMRHMGEXMSRXLEXTIRIXVEXMRKGLPSVMHIWMR WYQQEVM^IHMR*MK[LMGLWLS[WXLIIJJIGXWSJVIPEXMZI
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7XEXIW[LMGLMWXSOKQ XSPF]H SJGSRGVIXI IPIGXVMGEPVIWMWXMZMX]XLIVIPEXMZILYQMHMX]EPPSJ[LMGLEVI
7SQIVIWIEVGLIVWLEZIWLS[RXLEXMRMXMEXMSRSJVIMRJSVGMRK MRXIVVIPEXIHERHXLIT,ERHXIQTIVEXYVI%WQIRXMSRIHTVI
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GVIXI F] VIEGXMSR FIX[IIR XLI EPOEPMRI GSQTSRIRXW SJ XLI JEWXIV XLER XLI HV]MRK TVSGIWW 'SRWIUYIRXP] GSRGVIXI
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GEYWIXLIVIEGXMSRTVSGIIHWMRWSPYXMSRXLIJMVWXMRHMGEXMSRSJ JEGI&IPS[XLMWWYVJEGIPE]IVXLIVI[MPPRSVQEPP]FIEJMPQ
GEVFSREXMSRMWEHIGVIEWIMRT,SJXLITSVIWSPYXMSRXS SJQSMWXYVISRXLI[EPPWSJXLIGETMPPEVMIWERHXLIFSXXPIRIGOW
EX[LMGLPIZIPXLITEWWMZIJMPQSRWXIIPMWRSXWXEFPI'EVFSR MRXLITSVIW]WXIQ[MPPRSVQEPP]FIJMPPIH&IGEYWIXLIHMJJY
EXMSRKIRIVEPP]TVSGIIHWMRGSRGVIXIEWEJVSRXFI]SRH[LMGL WMSR SJ HMWWSPZIH S\]KIR MW ETTVS\MQEXIP] JSYV SVHIVW SJ
XLIGSRGVIXIRSXEJJIGXIHERHXLIT,MWRSXVIHYGIH;LIR QEKRMXYHIWPS[IVXLERXLEXSJKEWISYWS\]KIR HMJJYWMSR
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WYVJEGIGERSGGYVERHKIRIVEPGSVVSWMSRGERFIMRMXMEXIH 0EFSVEXSV]WXYHMIW WYKKIWXXLEXXLIVIMWEXLVIWLSPHZEPYI
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8LVII SXLIV QENSV JEGXSVW XLEX MRJPYIRGI MRMXMEXMSR XMQIW JSV SJ XLI WXVYGXYVI XLEX QEGVSGIPPW GER IEWMP] FI IWXEFPMWLIH
GEVFSREXMSRMRHYGIH GSVVSWMSR EVI XLMR GSRGVIXI GSZIV XLI ,MKLWEPXPIZIPWEVMWIF]WEPX[EXIVFIMRKXVERWTSVXIHF]GET
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FIQYGLLMKLIVXLERXLIPIZIPWQIEWYVIHNYWXFIPS[XLIGSR PIXWXIIPQEHIMREGGSVHERGI[MXL%781%%1SV
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FMRHMRK FYX XLIVI MW KIRIVEP GSRWIRWYW XLEX PMQMXIH [MPPVIWYPXMREWMKRMJMGERXVIHYGXMSRMRXLIGSVVSWMSRVEXIERH
EQSYRXW SJ WMPMGE JYQI EVI FIRIJMGMEP MR TVSZMHMRK VIWMW ERMRGVIEWIMRXLIGLPSVMHIMRHYGIHGSVVSWMSRXLVIWLSPHPIZIP
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MRMQTVSZIHGSVVSWMSRVIWMWXERGI WYKKIWXIH LEZI MRGPYHIH WSHMYQ FIR^SEXI IXL]P ERMPMRI
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HIVWXSSHERH[LIVIRIGIWWEV]ETTVSTVMEXIWXITWWLSYPHFI
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[LIVIEWEXKVIEXIVQEXYVMX]XLIJP]EWLGSRGVIXIQE]LEZI  (IWMKR ERH GSRWXVYGXMSR TVEGXMGIW XLEX QE\MQM^I XLI
WYTIVMSVTVSTIVXMIW TVSXIGXMSREJJSVHIHF]XLITSVXPERHGIQIRXGSRGVIXI
 'SVVSWMSRMRLMFMXSVW{%GSVVSWMSRMRLMFMXSVJSVQIX 8VIEXQIRXWXLEXTIRIXVEXISVEVIETTPMIHSRXLIWYVJEGI
EPMRGSRGVIXIMWEWYFWXERGIXLEXVIHYGIWXLIGSVVSWMSRSJXLI
SJXLIVIMRJSVGIHGSRGVIXIQIQFIVXSTVIZIRXXLIIRXV]SJ
QIXEP [MXLSYX VIHYGMRK XLI GSRGIRXVEXMSR SJ XLI GSVVSWMZI
GLPSVMHIMSRMRXSXLIGSRGVIXIERH
EKIRX 8LMW MW E TEVETLVEWI JVSQ XLI -73 HIJMRMXMSR -73
 SJEGSVVSWMSRMRLMFMXSVERHMWYWIHXSHMWXMRKYMWL 8IGLRMUYIWXLEXTVIZIRXGSVVSWMSRSJXLIWXIIPVIMRJSVGI
FIX[IIREGSVVSWMSRMRLMFMXSVERHSXLIVEHHMXMSRWXSGSRGVIXI QIRXHMVIGXP]
XLEXMQTVSZIGSVVSWMSRVIWMWXERGIF]VIHYGMRKGLPSVMHIMRKVIWW -RGEXIKSV]X[SETTVSEGLIWEVITSWWMFPI{XSYWIGSVVSWMSR
MRXS GSRGVIXI 'SVVSWMSR MRLMFMXSVW EVI RSX E WYFWXMXYXI JSV VIWMWXERXVIMRJSVGMRKWXIIPSVXSRYPPMJ]XLIIJJIGXWSJGLPSVMHI
WSYRHGSRGVIXI8LI]GER[SVOIMXLIVEWERSHMGSVGEXLSHMG MSRWSRYRTVSXIGXIHVIMRJSVGIQIRX
6 %'-'311-88))6)4368

{(IWMKRERHGSRWXVYGXMSRTVEGXMGIW 8LIGLPSVMHIGSRXIRXSJGSRGVIXIMWI\TVIWWIHEW[EXIV
8LVSYKLGEVIJYPHIWMKRERHKSSHGSRWXVYGXMSRTVEGXMGIWXLI WSPYFPI EGMHWSPYFPI [LMGL MRGPYHIW [EXIVWSPYFPI ERH
TVSXIGXMSRTVSZMHIHF]TSVXPERHGIQIRXGSRGVIXIXSIQFIHHIH EGMHMRWSPYFPIGLPSVMHIWHITIRHMRKSRXLIEREP]WMWQIXLSH
VIMRJSVGMRKWXIIPGERFISTXMQM^IH-XMWRSXXLIXIGLRMGEP YWIH7TIGMEPEREP]XMGEPQIXLSHWEVIRIGIWWEV]XSHIXIVQMRI
WSTLMWXMGEXMSR SJ XLI WXVYGXYVEP HIWMKR XLEX HIXIVQMRIW XLI XLIXSXEPGLPSVMHIGSRXIRX8LVIIHMJJIVIRXEREP]XMGEPQIXLSHW
HYVEFMPMX] SJE VIMRJSVGIH GSRGVIXI QIQFIV MR E GSVVSWMZI LEZI FIIR YWIH XS HIXIVQMRI XLI GLPSVMHI GSRXIRX SJ JVIWL
IRZMVSRQIRXFYXXLIHIXEMPMRK8LITVSZMWMSRSJEHIUYEXI GSRGVIXILEVHIRIHGSRGVIXISVER]SJXLIGSRGVIXIQM\XYVI
HVEMREKIERHEQIXLSHSJVIQSZMRKHVEMREKI[EXIVJVSQXLI MRKVIHMIRXW 8LIWI QIXLSHW HIXIVQMRI XSXEP GLPSVMHI EGMH
WXVYGXYVI EVI TEVXMGYPEVP] MQTSVXERX -R VIMRJSVGIH GSRGVIXI WSPYFPI GLPSVMHI ERH [EXIVWSPYFPI GLPSVMHI %GMHWSPYFPI
WXVYGXYVEPQIQFIVWI\TSWIHXSGLPSVMHIWERHWYFNIGXIHXSMRXIV GLPSVMHIMWSJXIRFYXRSXRIGIWWEVMP]IUYEPXSXSXEPGLPSVMHI
QMXXIRX[IXXMRKXLIHIKVIISJTVSXIGXMSREKEMRWXGSVVSWMSRMW 8LIEGMHWSPYFPIQIXLSHQIEWYVIWGLPSVMHIXLEXMWWSPYFPIMR
HIXIVQMRIHTVMQEVMP]F]XLIHITXLSJGSRGVIXIGSZIVXSXLI RMXVMG EGMH 8LI [EXIVWSPYFPI GLPSVMHI QIXLSH QIEWYVIW
VIMRJSVGMRKWXIIPERHXLITIVQIEFMPMX]SJ XLIGSRGVIXI GLPSVMHII\XVEGXEFPIMR[EXIVYRHIVHIJMRIHGSRHMXMSRW8LI
)WXMQEXIWSJXLIMRGVIEWIMRGSVVSWMSRTVSXIGXMSRTVSZMHIHF] VIWYPXSFXEMRIHZEVMIW[MXLXLIEREP]XMGEPXIWXTVSGIHYVITEVXMGY
ERMRGVIEWIMRGSRGVIXIGSZIVLEZIVERKIHFIX[IIRWPMKLXP] PEVP][MXLVIWTIGXXSTEVXMGPIWM^II\XVEGXMSRXMQIXIQTIVEXYVI
QSVIXLEREPMRIEVVIPEXMSRWLMT XSEWQYGLEWXLIWUYEVI ERHXLIEKIERHIRZMVSRQIRXEPI\TSWYVISJXLIGSRGVIXI
SJXLIGSZIV -XMWMQTSVXERXXSGPIEVP]HMWXMRKYMWLFIX[IIRGLPSVMHIGSR
'SVVSWMSR TVSXIGXMSR SJ GSZIV GSRGVIXI MW E JYRGXMSR SJ XIRXWSHMYQGLPSVMHIGSRXIRXGEPGMYQGLPSVMHIGSRXIRXSVER]
FSXLHITXLSJGSRGVIXIGSZIVERH[GQ%GSRGVIXIGSZIV SXLIV GLPSVMHI WEPX GSRXIRX -RXLMW VITSVX EPP VIJIVIRGIW XS
SJQQ MR [EWMREHIUYEXIIZIR[MXLE[GQEWPS[EW GLPSVMHIGSRXIRXTIVXEMRXSXLIEQSYRXSJEGMHWSPYFPIGLPSVMHI
%HHMRKWMPMGEJYQILS[IZIVQEHIXLIQQ MR MSR 'Pz TVIWIRX'LPSVMHIGSRXIRXWJSVGSRGVIXISVQSVXEVEVI
GSRGVIXIGSZIVIJJIGXMZI8LIXMQIXSWTEPPMRKEJXIVXLIMRMXM I\TVIWWIHMRXIVQWSJXLIQEWWSJGIQIRXYRPIWWWXEXIHSXLIV
EXMSRSJGSVVSWMSRMWEJYRGXMSRSJXLIVEXMSSJGSRGVIXIGSZIV [MWIERHQYWXFIGEPGYPEXIHJVSQEREP]XMGEPHEXEXLEXQIEWYVI
XS FEV HMEQIXIV XLI VIMRJSVGIQIRX WTEGMRK ERHXLI GSR GLPSVMHIEWETIVGIRXF]QEWWSJXLIEREP]^IHWEQTPI
GVIXIWXVIRKXL%PXLSYKLGSRZIRXMSREPTSVXPERHGIQIRXGSR 0I[MWVITSVXIHXLEXSRXLIFEWMWSJTSPEVM^EXMSRXIWXWSJ
GVIXIMWRSXMQTIVQIEFPIGSRGVIXI[MXLPS[TIVQIEFMPMX]GER WXIIPMRWEXYVEXIHGEPGMYQL]HVS\MHIWSPYXMSRERH[EXIVI\XVEGXW
FIQEHIXLVSYKLXLIYWISJETTVSTVMEXIQEXIVMEPWMRGPYHMRK SJ L]HVEXIH GIQIRX WEQTPIW GSVVSWMSR SGGYVVIH [LIR XLI
EHQM\XYVIW E PS[ [GQ KSSH GSRWSPMHEXMSR ERH JMRMWLMRK GLPSVMHIGSRXIRX[EW EGMHWSPYFPIGLPSVMHISV
TVEGXMGIWERHTVSTIVGYVMRK [EXIVWSPYFPI GLPSVMHI FEWIH SR E L I\XVEGXMSR MR [EXIV
8LI TSVI[EXIV MR QER] X]TMGEP TSVXPERH GIQIRX GSRGVIXIW
-RGSRGVIXIXLEXMWGSRXMRYSYWP]WYFQIVKIHXLIVEXISJGSV
QEHIYWMRKVIPEXMZIP]LMKLEPOEPMGIQIRXWMWEWXVSRKWSPYXMSR
VSWMSRMWGSRXVSPPIHF]XLIVEXISJS\]KIRHMJJYWMSR[LMGLMW
SJWSHMYQERHTSXEWWMYQL]HVS\MHIW[MXLET,ETTVSEGLMRK
RSXWMKRMJMGERXP]EJJIGXIHF]XLIGSRGVIXIUYEPMX]SVXLIXLMGO [IPPEFSZIXLIZEPYIJSVWEXYVEXIHGEPGMYQL]HVS\
RIWWSJGSRGVIXIGSZIV %WQIRXMSRIHMR'LETXIVLS[IZIV MHI&IGEYWIXLITEWWMZMX]SJIQFIHHIHWXIIPMWHIXIVQMRIH
GSVVSWMSRSJIQFIHHIHVIMRJSVGMRKWXIIPMWVEVIMRGSRXMRY F] XLI VEXMS SJ XLI L]HVS\]P GSRGIRXVEXMSR XS XLI GLPSVMHI
SYWP] WYFQIVKIHGSRGVIXIWXVYGXYVIW -R WIE[EXIVXLI TIV GSRGIRXVEXMSRXLIEQSYRXWSJGLPSVMHIXLEXGERFIXSPIVEXIH
QIEFMPMX]SJXLIGSRGVIXIXSGLPSVMHITIRIXVEXMSRMWVIHYGIH MRGSRGVIXIEVILMKLIVXLERXLSWIXLEX[MPPGEYWITMXXMRKGSV
F]XLITVIGMTMXEXMSRSJQEKRIWMYQL]HVS\MHI  VSWMSRMREWEXYVEXIHWSPYXMSRSJGEPGMYQL]HVS\MHI 
0MQMXWSRXLIEPPS[EFPIEQSYRXWSJGLPSVMHIMSRMRGSR ;SVO EX XLI *IHIVEP ,MKL[E] %HQMRMWXVEXMSR *,;%
GVIXIMWERMWWYIWXMPPYRHIVEGXMZIHIFEXI3RXLISRIWMHIEVI PEFSVEXSVMIWWLS[IHXLEXJSVLEVHIRIHGSRGVIXIWYFNIGXXS
XLITYVMWXW[LS[SYPHPMOIXSWIIIWWIRXMEPP]RSGLPSVMHIWMR I\XIVREPP] ETTPMIH GLPSVMHIW XLI GSVVSWMSR XLVIWLSPH [EW
GSRGVIXI3RXLISXLIVEVIXLITVEGXMXMSRIVWMRGPYHMRKXLSWI  EGMHWSPYFPIGLPSVMHIW%PEXIVWXYH] WTSRWSVIHF]
[LSQYWXTVSHYGIGSRGVIXIYRHIVGSPH[IEXLIVGSRHMXMSRW *,;% EX ERSXLIV PEFSVEXSV] JSYRH XLI XLVIWLSPH XS FI
TVIGEWXGSRGVIXIQERYJEGXYVIVW[LS[MWLXSQMRMQM^IGYV  F]QEWWSJGIQIRX[LMGLMWMRI\GIPPIRXEKVIIQIRX
MRK XMQIW TVSHYGIVW SJ GLPSVMHIFIEVMRK EKKVIKEXIW ERH 8LI EZIVEKI GSRXIRX SJ [EXIVWSPYFPI GLPSVMHI MR GSRGVIXI
WSQIEHQM\XYVIGSQTERMIW[LS[SYPHTVIJIVXLIPIEWXVI [EWJSYRHXSFIXS SJXLIEGMHWSPYFPIGLPSVMHIGSR
WXVMGXMZIPMQMXTSWWMFPI%^IVSGLPSVMHIGSRXIRXPMQMXJSVER] XIRXMRXLIWEQIGSRGVIXI8LMWGSVVSWMSRXLVIWLSPHZEPYI[EW
SJ XLI QM\XYVI MRKVIHMIRXW MW YRVIEPMWXMG FIGEYWI XVEGI WYFWIUYIRXP]GSRJMVQIHF]JMIPHWXYHMIWSJFVMHKIHIGOWMR
EQSYRXWSJGLPSVMHIWEVITVIWIRXREXYVEPP]MRQSWXGSRGVIXI GPYHMRK WIZIVEP MR 'EPMJSVRME ERH 2I[ =SVO [LMGL
QEOMRKQEXIVMEPW8LIVMWOSJGSVVSWMSRLS[IZIVMRGVIEWIW WLS[IHXLEXYRHIVWSQIGSRHMXMSRWE[EXIVWSPYFPIGLPSVMHI
EWXLIGLPSVMHIGSRXIRXMRGVIEWIW;LIRXLIGLPSVMHIGSRXIRX GSRXIRXSJEWPMXXPIEW SV EGMHWSPYFPIGLPSVMHIMW
I\GIIHW E GIVXEMR ZEPYI XIVQIH XLI GLPSVMHIGSVVSWMSR WYJJMGMIRXXSMRMXMEXIGSVVSWMSRSJIQFIHHIHQMPHWXIIPMRGSR
XLVIWLSPH GSVVSWMSR GER SGGYV TVSZMHIH XLEX S\]KIR ERH GVIXII\TSWIHXSGLPSVMHIWMRWIVZMGI8LI*,;%WTSRWSVIH
QSMWXYVII\MWXXSWYTTSVXXLIGSVVSWMSRVIEGXMSRW-XMWMQTSW WXYH]LS[IZIVJSYRHXLEXJSVERYRWXVIWWIHTVIWXVIWWMRK
WMFPIXSIWXEFPMWLEWMRKPIGLPSVMHIGSRXIRXFIPS[[LMGLXLI WXVERHXLIGLPSVMHIXLVIWLSPH[EW F]QEWWSJGIQIRX
VMWOSJGSVVSWMSRMWRIKPMKMFPIJSVEPPQM\XYVIMRKVIHMIRXWERH RIEVP] WM\ XMQIW XLEX SJ RSRTVIWXVIWWMRK VIMRJSVGMRK WXIIP
YRHIVEPPI\TSWYVIGSRHMXMSRWERHXLEXGERFIQIEWYVIHF]E ;LIRWXVIWWIHXLIWXVERH[EWQSVIWYWGITXMFPIXSGSVVSWMSR
WXERHEVHXIWX FYX[EWWXMPPQSVIVIWMWXERXXLERQMPHWXIIP8LIEYXLSVWPEXIV
4638)'8-323*1)8%07-2'32'6)8)%+%-278'36637-32 6

JSYRH XLEX GSQQIVGMEPP] EZEMPEFPI WXVERH [MVIW EVI GSEXIH 8EFPI{'LPSVMHIPMQMXWJSVRI[GSRWXVYGXMSR


[MXL^MRGTLSWTLEXIGEPGMYQWXIEVEXIERHSXLIVPYFVMGERXW 'LPSVMHIPMQMXJSVRI[GSRWXVYGXMSR
FIJSVIHVE[MRK8LIWIGSEXMRKWQE]TVSZMHIGSVVSWMSRTVS F]QEWWSJGIQIRX
XIGXMSRXSXLIWXVERHW 8IWXQIXLSH
-RHIXIVQMRMRKEPMQMXSRXLIGLPSVMHIGSRXIRXSJXLIQM\ %GMHWSPYFPI ;EXIVWSPYFPI
XYVIMRKVIHMIRXWWIZIVEPSXLIVJEGXSVWRIIHXSFIGSRWMHIVIH 'EXIKSV] %781' %781' 7S\LPIX
%WRSXIHMRXLIZEPYIWEPVIEH]KMZIRXLI[EXIVWSPYFPIGLPS 4VIWXVIWWIHGSRGVIXI   
VMHI GSRXIRX MW RSX E GSRWXERX JVEGXMSR SJ XLI EGMHWSPYFPI 6IMRJSVGIHGSRGVIXI
  
GLPSVMHIGSRXIRX-XZEVMIW[MXLXLIEQSYRXSJGLPSVMHIMRXLI MR[IXGSRHMXMSRW
GSRGVIXIXLIQM\XYVIMRKVIHMIRXWERHXLIXIWXQIXLSH%PP 6IMRJSVGIHGSRGVIXI
MRHV]GSRHMXMSRW
  
XLIQEXIVMEPWYWIHMRGSRGVIXIGSRXEMRWSQIGLPSVMHIWERH 
8LI7S\LPIXXIWXQIXLSHMWHIWGVMFIHMR%'-
XLI[EXIVWSPYFPIGLPSVMHIGSRXIRXMRXLILEVHIRIHGSRGVIXI
ZEVMIW [MXL GIQIRX GSQTSWMXMSR EW HMWGYWWIH TVIZMSYWP]
%PXLSYKL EKKVIKEXIW HS RSX YWYEPP] GSRXEMR WMKRMJMGERX -RPEFSVEXSV]WXYHMIW [LIVIWSHMYQGLPSVMHI[EWEHHIHXS
EQSYRXWSJGLPSVMHIXLIVIEVII\GITXMSRW8LIVIEVIVITSVXW XLIQM\XYVIMRKVIHMIRXWEWYFWXERXMEPMRGVIEWIMRGSVVSWMSRVEXI
SJEKKVIKEXIW[MXLEREGMHWSPYFPIGLPSVMHIGSRXIRXSJQSVI SGGYVVIHFIX[IIRERH GLPSVMHIF]QEWWSJGIQIRX
XLER   SJ [LMGL PIWW XLER SRIXLMVH MW [EXIVWSPYFPI EPXLSYKLXLIQSMWXYVIGSRHMXMSRWSJXLIXIWXWTIGMQIRW[IVI
IZIR [LIRXLIEKKVIKEXIMWTYPZIVM^IH8LIGLPSVMHIMWRSX RSXGPIEVP]HIJMRIH3XLIVVIWIEVGLIVWLEZIWYKKIWXIH XLEX
WSPYFPI [LIRXLIYRTYPZIVM^IHEKKVIKEXIMWTPEGIHMR[EXIV XLI GVMXMGEP PIZIP SJ GLPSVMHIWMRXLI QM\XYVI MRKVIHMIRXW XS
SZIVERI\XIRHIHTIVMSHERHXLIVIMWRSHMJJIVIRGIMRXLIGSV MRMXMEXIGSVVSWMSRMW ERHXLEXXLMWZEPYILEWERIJJIGX
VSWMSR TIVJSVQERGI SJ VIMRJSVGIH GSRGVIXI WXVYGXYVIW MR WMQMPEVXS GLPSVMHIWTIRIXVEXMRKXLILEVHIRIHGSRGVIXI
WSYXLIVR 3RXEVMS QEHI JVSQ XLMW EKKVIKEXI GSQTEVIH [MXL JVSQI\XIVREPWSYVGIW-RWXYHMIW[LIVIGEPGMYQGLPSVMHI[EW
XLEXSJSXLIVGLPSVMHIJVIIEKKVIKEXIWMRXLEXVIKMSR EHHIHXSTSVXPERHGIQIRXGSRGVIXIXLIGLPSVMHIMSRGSRGIR
8LI3RXEVMSEKKVIKEXIMWRSXHYTPMGEXIH[MXLQSWXSXLIV XVEXMSRMRXLITSVIWSPYXMSRVIQEMRIHLMKLHYVMRKXLIJMVWXHE]
EKKVIKEXIW7SQIEKKVIKEXIWTEVXMGYPEVP]XLSWIJVSQEVMHEVIEW SJL]HVEXMSR %PXLSYKLMXKVEHYEPP]HIGPMRIHEWYFWXERXMEP
SVHVIHKIHJVSQXLIWIEGERGSRXVMFYXIWYJJMGMIRXGLPSVMHIW GSRGIRXVEXMSRSJGLPSVMHIMSRVIQEMRIHMRWSPYXMSRMRHIJMRMXIP]
XSXLIGSRGVIXIXSMRMXMEXIGSVVSWMSR 'LPSVMHI PMQMXW MR REXMSREP FYMPHMRK GSHIW ZEV] [MHIP]
8LI GLPSVMHIGSVVSWMSR XLVIWLSPH ZEPYI QE] HITIRH SR %'-EPPS[WEQE\MQYQ[EXIVWSPYFPIGLPSVMHIMSR
[LIXLIVXLIGLPSVMHIMWTVIWIRXMRXLIQM\XYVIMRKVIHMIRXWSV GSRXIRXF]QEWWSJGIQIRXSJ MRTVIWXVIWWIHGSRGVIXI
TIRIXVEXIW XLI LEVHIRIH GSRGVIXI JVSQ I\XIVREP WSYVGIW  JSVVIMRJSVGIHGSRGVIXII\TSWIHXSGLPSVMHIWMRWIVZMGI
;LIRGLPSVMHIWEVIEHHIHXSXLIQM\XYVIWSQI[MPPGLIQMGEPP]  JSVVIMRJSVGIHGSRGVIXIXLEX[MPPFIHV]SVTVSXIGXIH
GSQFMRI [MXL XLI L]HVEXMRK GIQIRX TEWXI TVIHSQMRERXP] JVSQQSMWXYVIMRWIVZMGIERH JSVEPPSXLIVVIMRJSVGIH
XLIEPYQMREXITLEWI8LIEQSYRXSJGLPSVMHIXLEXJSVQWGEP GSRGVIXIGSRWXVYGXMSR8LI&VMXMWL'SHI'4EPPS[WER
GMYQGLPSVSEPYQMREXIWMWEJYRGXMSRSJXLI'%GSRXIRXSJ EGMHWSPYFPI GLPSVMHIMSRGSRXIRX SJ  JSV  SJXLI
XLIGIQIRX'LPSVMHIWEHHIHXSXLIQM\XYVIEPWSXIRHXSFI XIWXVIWYPXW[MXLRSVIWYPXKVIEXIVXLER 8LIWIZEPYIW
HMWXVMFYXIHVIPEXMZIP]YRMJSVQP]ERHXLIVIJSVIHSRSXLEZIE EVIPEVKIP]FEWIHSRERI\EQMREXMSRSJWIZIVEPWXVYGXYVIWXLEX
XIRHIRG]XSGVIEXIGSRGIRXVEXMSRGIPPW LEHEPS[VMWOSJGSVVSWMSR[MXLYTXS GLPSVMHIWEHHIH
'SRZIVWIP][LIRGLPSVMHIWTIVQIEXIJVSQXLIWYVJEGISJ XSXLIQM\XYVI 'SVVSWMSRLEWSGGYVVIHEXZEPYIWPIWWXLER
LEVHIRIHGSRGVIXIYRMJSVQGLPSVMHIGSRXIRXW[MPPRSXI\MWX  TEVXMGYPEVP][LIVIXLIGLPSVMHIGSRXIRX[EWRSX
EVSYRH XLI VIMRJSVGMRK WXIIP FIGEYWI SJ HMJJIVIRGIW MR XLI YRMJSVQ8LI2SV[IKMER'SHI270EPPS[WEREGMH
GSRGIRXVEXMSR SJ GLPSVMHIW SR XLI GSRGVIXI WYVJEGI PSGEP WSPYFPIGLPSVMHIGSRXIRXSJ JSVVIMRJSVGIHGSRGVIXIQEHI
HMJJIVIRGIW MR TIVQIEFMPMX] ERH ZEVMEXMSRW MR XLI HITXL SJ [MXLRSVQEPTSVXPERHGIQIRXFYXSRP] GLPSVMHIMSR
GSRGVIXIGSZIVXSXLIVIMRJSVGMRKWXIIPMRGPYHMRKXLIWTEGMRK JSV TVIWXVIWWIH GSRGVIXI 3XLIV GSHIW LEZI HMJJIVIRX PMQMXW
FIX[IIRXLIXSTERHFSXXSQQEXW%PPXLIWIJEGXSVWTVSQSXI XLSYKLXLIMVVEXMSREPIMWRSX[IPPIWXEFPMWLIH
HMJJIVIRGIW MR XLI S\]KIR QSMWXYVI ERHGLPSVMHIMSR GSR 'SVVSWMSRSJTVIWXVIWWMRKWXIIPMWKIRIVEPP]EKVIEXIVGSR
XIRXWMRXLIIRZMVSRQIRXWYVVSYRHMRKEKMZIRTMIGISJWXIIP GIVRXLERGSVVSWMSRSJRSRTVIWXVIWWIHVIMRJSVGIQIRXFIGEYWI
VIMRJSVGIQIRX*YVXLIVQSVIQSWXVIMRJSVGIHGSRGVIXIWXVYG SJXLITSWWMFMPMX]XLEXGSVVSWMSRQE]GEYWIEPSGEPVIHYGXMSR
XYVEPQIQFIVWGSRXEMRWXIIPVIMRJSVGIQIRXEXHMJJIVIRXHITXLW MRGVSWWWIGXMSRERHJEMPYVISJXLITVIWXVIWWMRKWXIIP8LILMKL
XLEX YWYEPP] KIX GSRRIGXIH IPIGXVMGEPP] FIGEYWI XLI TVSGI WXVIWWIWMRXLITVIWXVIWWMRKWXIIPEPWSVIRHIVMXQSVIZYPRIVEFPI
HYVIWYWIHXSTSWMXMSRERHWIGYVIXLIVIMRJSVGMRKWXIIPWYGL XSWXVIWWGSVVSWMSRGVEGOMRKERH[LIVIXLIPSEHMRKMWG]GPMG
EWXLIYWISJFIRXFEVWGLEMVWSVXMI[MVIWTIVQMXQIXEPXS XS GSVVSWMSR JEXMKYI 1SWX VITSVXIH I\EQTPIW SJ JEMPYVI SJ
QIXEPGSRXEGX8LIVIJSVI[LIRGLPSVMHIWTIRIXVEXIXLIGSR TVIWXVIWWMRKWXIIP LEZIVIWYPXIHJVSQQEGVSGIPPGSVVS
GVIXIWSQISJXLIVIMRJSVGMRKWXIIPMWMRGSRXEGX[MXLGLPS WMSRVIHYGMRKXLIPSEHGEVV]MRKEVIESJXLIWXIIP&IGEYWISJ
VMHIGSRXEQMREXIHGSRGVIXI[LMPISXLIVVIMRJSVGMRKWXIIPMWMR XLITSXIRXMEPP]KVIEXIVZYPRIVEFMPMX]ERHXLIGSRWIUYIRGIWSJ
VIPEXMZIP] GLPSVMHIJVII GSRGVIXI 8LI HMJJIVIRGI MR GLPSVMHI GSVVSWMSRSJTVIWXVIWWMRKWXIIPGLPSVMHIPMQMXWJSVTVIWXVIWWIH
GSRGIRXVEXMSRW[MXLMRXLIGSRGVIXIGVIEXIWEQEGVSWGSTMGGSV GSRGVIXIEVIPS[IVXLERXLSWIJSVVIMRJSVGIHGSRGVIXI
VSWMSRGIPPXLEXGERTSWWIWWEPEVKIHVMZMRKZSPXEKIERHEPEVKI &EWIHSRXLITVIWIRXWXEXISJORS[PIHKIXLIGLPSVMHIPMQMXW
GEXLSHIXSERSHIVEXMSXLEXEGGIPIVEXIWXLIVEXISJGSVVSWMSR MR8EFPIJSVGSRGVIXIYWIHMRRI[GSRWXVYGXMSRI\TVIWWIH
6 %'-'311-88))6)4368

*MK{)JJIGXSJ[EXIVGIQIRXVEXMSSRWEPXTIRIXVEXMSR 

*MK{)JJIGXSJMREHIUYEXIGSRWSPMHEXMSRSRWEPXTIRIXVEXMSR

EWETIVGIRXEKIF]QEWWSJTSVXPERHGIQIRXEVIVIGSQQIRHIH EQSYRXSJGLPSVMHIXLEXMWWYJJMGMIRXP]FSYRHERHHSIWRSX
XSQMRMQM^IXLIVMWOSJGLPSVMHIMRHYGIHGSVVSWMSR MRMXMEXISVGSRXVMFYXIXS[EVHWGSVVSWMSR8LI7S\LPIXXIWXET
8LI GSQQMXXII IQTLEWM^IW XLEX XLIWI EVI VIGSQQIRHIH TIEVWXSQIEWYVISRP]XLSWIGLPSVMHIWXLEXGSRXVMFYXIXSXLI
PMQMXW JSVRI[ GSRWXVYGXMSR ERHRSX XLVIWLSPHW JSVIPIGXVS GSVVSWMSRTVSGIWWXLYWTIVQMXXMRKXLIYWISJWSQIEKKVI
GLIQMGEPGSVVSWMSR KEXIWXLEX[SYPHRSXFIEPPS[IHMJSRP]XLI%781'SV
2SVQEPP]GSRGVIXIQEXIVMEPWEVIXIWXIHJSVGLPSVMHIGSR %781'XIWXW[IVIYWIH-JXLIGSRGVIXIQEXIVMEPWJEMP
XIRXYWMRKIMXLIVXLIEGMHWSPYFPIXIWXHIWGVMFIHMR%781' XLI7S\LPIXXIWXXLIRXLI]EVIRSXWYMXEFPI
SVXLI[EXIVWSPYFPIXIWXHIWGVMFIHMR%781'-J *SVTVIWXVIWWIHERHVIMRJSVGIHGSRGVIXII\TSWIHXSGLPS
XLIGSRGVIXIQEXIVMEPWQIIXXLIVIUYMVIQIRXWKMZIRMRIMXLIV VMHIWMRWIVZMGIMXMWEHZMWEFPIXSQEMRXEMRXLIPS[IWXTSWWMFPI
SJXLIVIPIZERXGSPYQRWMR8EFPIXLI]WLSYPHFIEGGITX GLPSVMHIPIZIPWMRXLIGSRGVIXIQM\XYVIXSQE\MQM^IXLIWIVZMGI
EFPI-JXLIGSRGVIXIQEXIVMEPWHSRSXQIIXXLIVIPIZERXPMQMXW PMJI SJ XLI GSRGVIXI FIJSVI XLI GVMXMGEP GLPSVMHI GSRXIRX MW
KMZIRMRXLIXEFPIXLIRXLI]QE]FIXIWXIHYWMRKXLI7S\LPIX VIEGLIHERHELMKLVMWOSJGSVVSWMSRHIZIPSTW'SRWIUYIRXP]
8IWX 1IXLSH 7SQI EKKVIKEXIW GSRXEMR E GSRWMHIVEFPI GLPSVMHIWWLSYPHRSXFIMRXIRXMSREPP]EHHIHXSXLIQM\XYVIMR
4638)'8-323*1)8%07-2'32'6)8)%+%-278'36637-32 6

KVIHMIRXWIZIRMJXLIGLPSVMHIGSRXIRXMRXLIQEXIVMEPWMWPIWW
XLERXLIWXEXIHPMQMXW-RQER]I\TSWYVIGSRHMXMSRWWYGLEW
LMKL[E]ERHTEVOMRKWXVYGXYVIWQEVMRIIRZMVSRQIRXWERH
MRHYWXVMEPTPERXW[LIVIGLPSVMHIWEVITVIWIRXEHHMXMSREPTVS
XIGXMSR EKEMRWX GSVVSWMSR SJ IQFIHHIH VIMRJSVGMRK WXIIP MW
RIGIWWEV]
&IGEYWI QSMWXYVI ERH S\]KIR EVI EP[E]W RIGIWWEV] JSV
IPIGXVSGLIQMGEP GSVVSWMSR XLIVI EVI WSQI I\TSWYVI GSRHM
XMSRW[LIVIGSVVSWMSR[MPPRSXSGGYVIZIRXLSYKLXLIGLPS
VMHI PIZIPW QE] I\GIIH XLI VIGSQQIRHIH ZEPYIW *SV
I\EQTPIVIMRJSVGIHGSRGVIXIXLEXMWGSRXMRYSYWP]WYFQIVKIH *MK{)JJIGXSJ[EXIVGIQIRXVEXMSERHHITXLSJGSRGVIXI
MRWIE[EXIVVEVIP]I\LMFMXWGSVVSWMSRMRHYGIHHMWXVIWWFIGEYWI GSZIVSRVIPEXMZIXMQIXSGSVVSWMSR
MRWYJJMGMIRX S\]KIR MW TVIWIRX -J E TSVXMSR SJ E VIMRJSVGIH
GSRGVIXIQIQFIVMWEFSZIERHETSVXMSRFIPS[[EXIVPIZIPXLI GVEGOMRKSVWTEPPMRKSJGSRGVIXISZIVEPYQMRYQGSRHYMXWLEW
TSVXMSREFSZIGERTVSQSXIWMKRMJMGERXGSVVSWMSRSJXLIPS[IV FIIRVITSVXIH'IVXEMRSVKERMGTVSXIGXMZIGSEXMRKWLEZI
TSVXMSR HYI XS ER S\]KIRGSRGIRXVEXMSR GIPP 7MQMPEVP] FIIR VIGSQQIRHIH [LIVI EPYQMRYQ QYWX FI YWIH ERH
[LIVIGSRGVIXIMWGSRXMRYSYWP]HV]WYGLEWXLIMRXIVMSVSJE [LIVIMXMWMQTVEGXMGEPXSEZSMHGSRXEQMREXMSRF]GLPSVMHIW
FYMPHMRKXLIVIMWPMXXPIVMWOSJGSVVSWMSRJVSQGLPSVMHIMSRW 3XLIVQIXEPWWYGLEW^MRGRMGOIPERHGEHQMYQ[LMGLLEZI
TVIWIRXMRXLILEVHIRIHGSRGVIXI-RXIVMSVPSGEXMSRWXLEXEVI FIIRIZEPYEXIHJSVYWIEWGSEXMRKWJSVVIMRJSVGMRKWXIIPEVI
[IXXIHSGGEWMSREPP]WYGLEWOMXGLIRWERHPEYRHV]VSSQWSV HMWGYWWIHIPWI[LIVIMRXLMWGLETXIV%HHMXMSREPMRJSVQEXMSR
FYMPHMRKW GSRWXVYGXIH [MXL TYQTIH PMKLX[IMKLX GSRGVIXI MWGSRXEMRIHMR6IJIVIRGI
XLEXMWWYFWIUYIRXP]WIEPIHFIJSVIXLIGSRGVIXIHVMIWSYX ;LIVIGSRGVIXI[MPPFII\TSWIHXSGLPSVMHIWXLIGSRGVIXI
JSV I\EQTPI [MXL ZMR]P XMPIW EVI WYWGITXMFPI XS GSVVSWMSR WLSYPHFIQEHI[MXLXLIPS[IWX[GGSRWMWXIRX[MXLEGLMIZ
HEQEKI8LIHIWMKRIVLEWPMXXPIGSRXVSPSZIVXLIGLERKIMR MRKEHIUYEXIGSRWSPMHEXMSR8LIIJJIGXWSJ[GERHHIKVIISJ
YWISVXLIWIVZMGIIRZMVSRQIRXSJEFYMPHMRKFYXXLIGLPS GSRWSPMHEXMSR SR XLI VEXI SJ MRKVIWW SJ GLPSVMHI MSRW EVI
VMHIGSRXIRXSJXLIGSRGVIXIQM\XYVIMRKVIHMIRXWGERFIGSR WLS[RMR*MKERH'SRGVIXI[MXLE [G SJ[EW
XVSPPIH)WXMQEXIWSJ[LIXLIVETEVXMGYPEVIRZMVSRQIRX[MPP JSYRHXSVIWMWXTIRIXVEXMSRF]HIMGMRKWEPXWWMKRMJMGERXP]FIX
FIHV]GERFIQMWPIEHMRK7XVEXJYPP LEWVITSVXIHGEWIWXYH XIVXLERGSRGVIXIW[MXL[GWSJERH%PS[[GMW
MIWSJETTVS\MQEXIP]FVMHKIHIGOWGSRXEMRMRK GEPGM RSX LS[IZIV WYJJMGMIRX XS IRWYVI PS[ TIVQIEFMPMX] %W
YQ GLPSVMHI FYMPX F] XLI 'EPMJSVRME (ITEVXQIRX SJ WLS[RMR*MKGSRGVIXI[MXLE [GSJFYX[MXLTSSV
8VERWTSVXEXMSR8LIFVMHKIW[IVIPSGEXIHMREREVMHEVIE GSRWSPMHEXMSR MW PIWW VIWMWXERX XS GLPSVMHIMSR TIRIXVEXMSR
[LIVIXLIERRYEPVEMRJEPP[EWEFSYXQQ MR QSWX GSQTEVIH [MXL KSSH GSRWSPMHEXIH GSRGVIXI [MXL E [G SJ
SJ[LMGLJIPPHYVMRKEWLSVXTIVMSHSJXMQI;MXLMR]IEVW 8LIGSQFMRIHIJJIGXSJ[GERHHITXLSJGSRGVIXIGSZIV
SJGSRWXVYGXMSRQER]SJXLIFVMHKIHIGOW[IVIWLS[MRK MWWLS[RMR*MK[LMGLMPPYWXVEXIWXLIRYQFIVSJHEMP]
WMKRW SJ GSVVSWMSRMRHYGIH WTEPPMRK ERH QSWX [IVI VI ETTPMGEXMSRWSJWEPXFIJSVIXLIGLPSVMHIGSRXIRXVIEGLIHXLI
QSZIHJVSQWIVZMGI[MXLMR]IEVW*SVXLIWIVIEWSRWE GVMXMGEP ZEPYI   EGMH WSPYFPI  EX XLI ZEVMSYW HITXLW
GSRWIVZEXMZIETTVSEGLMWRIGIWWEV] 8LYWQQ MR SJ[GGSRGVIXI[EWWYJJMGMIRXXS
8LIQE\MQYQGLPSVMHIPMQMXWVIGSQQIRHIHMR8EFPI TVSXIGXIQFIHHIHVIMRJSVGMRKWXIIPEKEMRWXGSVVSWMSRJSV
JSVVIMRJSVGIHGSRGVIXIHMJJIVJVSQXLSWITYFPMWLIHMR%'- WEPXETTPMGEXMSRW)UYMZEPIRXTVSXIGXMSR[EWTVSZMHIHF]
 %W RSXIH TVIZMSYWP] 'SQQMXXII  LEW XEOIR E QQ MR SJGSRGVIXIGSZIV[MXLE[GSJSV
QSVI GSRWIVZEXMZI ETTVSEGL FIGEYWI SJ XLI WIVMSYW GSRWI QQ MR SJ[GGSRGVIXI3RXLIFEWMWSJXLMW[SVO
UYIRGIW SJ GSVVSWMSR XLI GSRJPMGXMRK HEXE SR GSVVSWMSR %'-6VIGSQQIRHWEQMRMQYQSJQQ MR GSR
XLVIWLSPHZEPYIWERH XLI HMJJMGYPX] SJHIJMRMRK XLIWIVZMGI GVIXIGSZIVJSVXLIXSTWXIIPMRFVMHKIHIGOWMJXLI[GMW
IRZMVSRQIRXXLVSYKLSYXXLIPMJISJEWXVYGXYVI4SXIRXMEPP] ERHQQ MR MJXLI[GMW)ZIRKVIEXIVGSZIVSV
WSQISVEPPSJXLI[EXIVMRWSPYFPIGLPSVMHIMRGSRGVIXIPMOI XLITVSZMWMSRSJEHHMXMSREPGSVVSWMSRTVSXIGXMSRXVIEXQIRXWQE]
XLEXGSQFMRIH[MXL'%QE]FIGSQI[EXIVWSPYFPIEXEPEXIV FIVIUYMVIHMRWSQIIRZMVSRQIRXW8LIWIVIGSQQIRHEXMSRWGER
EKIHYIXSVIEGXMSRW[MXLGEVFSREXISVWYPJEXIXLEXHMWTPEGISV EPWSFIETTPMIHXSSXLIVVIMRJSVGIHGSRGVIXIWXVYGXYVEPGSQ
VIPIEWIXLIGLPSVMHIMRXLIMRWSPYFPIGSQTSYRHSJXLIGSR TSRIRXWWMQMPEVP]I\TSWIHXSGLPSVMHIMSRWERHMRXIVQMXXIRX
GVIXIERHJVIIMXMRXSXLITSVI[EXIV [IXXMRKERHHV]MRK
:EVMSYWRSRJIVVSYWQIXEPWERHEPPS]W[MPPGSVVSHIMRHEQT )ZIR[LIRXLIVIGSQQIRHIHGSZIVMWWTIGMJMIHGSRWXVYGXMSR
SV [IXGSRGVIXI7YVJEGIEXXEGOSJEPYQMRYQSGGYVWMRXLI TVEGXMGIW WLSYPH IRWYVI XLEX XLI WTIGMJMIH GSRGVIXI GSZIV MW
TVIWIRGI SJ EPOEPML]HVS\MHI WSPYXMSRW [LMGL EVI EP[E]W EGLMIZIH4PEGMRKXSPIVERGIWJSVVIMRJSVGMRKWXIIPXLIQIXLSHSJ
TVIWIRXXSWSQIHIKVIIMRGSRGVIXI%RSHM^MRKTVSZMHIWRS GSRWXVYGXMSRERHXLIPIZIPSJMRWTIGXMSRWLSYPHFIGSRWMHIVIHMR
TVSXIGXMSR EWWYVMRKXLEXXLIWTIGMJMIHGSRGVIXIGSZIVMWEGLMIZIH
1YGL QSVI WIVMSYW GSVVSWMSR GER SGGYV MJ XLI GSRGVIXI 8LIVSPISJGVEGOWMRXLIGSVVSWMSRSJVIMRJSVGMRKWXIIPMW
GSRXEMRW GLPSVMHI MSRW TEVXMGYPEVP] MJ XLIVI MW IPIGXVMGEP GSRXVSZIVWMEP8[SZMI[TSMRXWI\MWX 3RIZMI[TSMRXMW
QIXEPXSQIXEP  GSRXEGX FIX[IIR XLI EPYQMRYQ ERH WXIIP XLEX GVEGOW VIHYGI XLI WIVZMGI PMJI SJ VIMRJSVGIH GSRGVIXI
VIMRJSVGIQIRX FIGEYWI E KEPZERMG GIPP MW GVIEXIH 7IVMSYW WXVYGXYVIWF]TIVQMXXMRKHIITIVERHVETMHTIRIXVEXMSRSJGEV
6 %'-'311-88))6)4368

FSREXMSRERHEQIERWSJEGGIWWSJGLPSVMHIMSRWQSMWXYVI HVSWXEXMGLIEHSZIVETVIJSVQIHGVEGOMRGSRGVIXIXLIQIQ
ERHS\]KIRXSXLIVIMRJSVGMRKWXIIP8LIGVEGOWEGGIPIVEXIXLI FVERIWLSYPHFIXIWXIHMREGGSVHERGI[MXL%781(
SRWIXSJXLIGSVVSWMSRTVSGIWWIWERHEXXLIWEQIXMQITVS 8LIVIUYMVIQIRXWJSVXLIMHIEP[EXIVTVSSJMRKW]WXIQEVI
ZMHIWTEGIJSVXLIHITSWMXMSRSJXLIGSVVSWMSRTVSHYGXW8LI WXVEMKLXJSV[EVH
SXLIVZMI[TSMRXMWXLEX[LMPIGVEGOWQE]EGGIPIVEXIXLISRWIX y &IIEW]XSMRWXEPP
SJGSVVSWMSRWYGLGSVVSWMSRMWPSGEPM^IH&IGEYWIXLIGLPS y ,EZIKSSHFSRHXSXLIWYFWXVEXI
VMHI MSRW IZIRXYEPP] TIRIXVEXI YRGVEGOIH GSRGVIXI ERH MRM y &I GSQTEXMFPI [MXL EPP XLI GSQTSRIRXW SJ XLI W]WXIQ
XMEXIQSVI[MHIWTVIEHGSVVSWMSRSJXLIVIMRJSVGMRKWXIIPXLI MRGPYHMRK XLI WYFWXVEXI TVMQI GSEX EHLIWMZIW ERH
VIWYPXMWXLEXEJXIVEJI[]IEVWMRWIVZMGIXLIVIMWPMXXPIHMJ SZIVPE] [LIVIYWIH ERH
JIVIRGI FIX[IIR XLI EQSYRX SJ GSVVSWMSR MR GVEGOIH ERH y 1EMRXEMRMQTIVQIEFMPMX]XSGLPSVMHIWERHQSMWXYVIYRHIV
YRGVEGOIHGSRGVIXI WIVZMGI GSRHMXMSRW IWTIGMEPP] XIQTIVEXYVI I\XVIQIW
8LIHMJJIVMRKZMI[TSMRXWGERFITEVXP]I\TPEMRIHF]XLIJEGX GVEGOQSZIQIRXWEKMRKERHWYTIVMQTSWIHPSEHW
XLEXXLIIJJIGXSJGVEGOWMWEJYRGXMSR SJXLIMVSVMKMR[MHXL 8LIRYQFIVSJX]TIWSJTVSHYGXWQERYJEGXYVIHXLEXWEXMWJ]
HITXLWTEGMRKERHSVMIRXEXMSR;LIVIXLIGVEGOMWTIVTIRHMG XLIWI VIUYMVIQIRXW QEOIW KIRIVEPM^EXMSR HMJJMGYPX XLSYKL
YPEVXSXLIVIMRJSVGIQIRXXLIGSVVSHIHPIRKXLSJMRXIVGITXIH SRI SJ XLI QSWX YWIJYP MW XLI HMWXMRGXMSR FIX[IIR XLI TVI
VIMRJSVGMRKFEVWMWPMOIP]XSFIRSQSVIXLERXLVIIFEVHMEQI JSVQIH WLIIX W]WXIQW ERH XLI PMUYMHETTPMIH QEXIVMEPW 
XIVW 'VEGOWXLEXJSPPS[XLIPMRISJEVIMRJSVGMRKFEV EWQMKLX 8LI TVIJSVQIHWLIIXW EVI JSVQIHYRHIVJEGXSV] GSRHMXMSRW
FIXLIGEWI[MXLEWIXXPIQIRXGVEGO EVIQYGLQSVIHEQEKMRK FYXEVISJXIRHMJJMGYPXXSMRWXEPPYWYEPP]VIUYMVMRKEHLIWMZIW
FIGEYWIXLIGSVVSHIHPIRKXLSJXLIFEVMWKVIEXIVERHXLIVIWMW ERHEVILMKLP]ZYPRIVEFPIXSXLIUYEPMX]SJXLI[SVOQERWLMT
XERGI SJ XLI GSRGVIXI XS WTEPPMRK MW VIHYGIH 7XYHMIW LEZI EXGVMXMGEPPSGEXMSRWMRXLIMRWXEPPEXMSRWYGLEWEXWPEFTIRI
WLS[RXLEXGVEGOWPIWWXLERETTVS\MQEXIP]QQ MR XVEXMSRW%PXLSYKLMXMWQSVIHMJJMGYPXXSGSRXVSPXLIUYEPMX]SJ
[MHI LEZI PMXXPI MRJPYIRGI SR XLI GSVVSWMSR SJ VIMRJSVGMRK XLI[SVOQERWLMT[MXLXLIPMUYMHETTPMIHW]WXIQWXLI]EVI
WXIIP3XLIVMRZIWXMKEXMSRWLEZIWLS[RXLEXXLIVIMWRSVIPE IEWMIVXSETTP]ERHXIRHXSFIPIWWI\TIRWMZI
XMSRWLMTFIX[IIRGVEGO[MHXLERHGSVVSWMSRLS[IZIV +MZIRXLIHMJJIVIRXX]TIWERHUYEPMX]SJEZEMPEFPI[EXIV
SRIWXYH]WLS[IHXLEXGPSWIP]WTEGIHGVEGOWGEREGXYEPP] TVSSJMRK TVSHYGXW XLI HMJJIVMRK HIKVIIW SJ [SVOQERWLMT
GEYWIKVIEXIVGSVVSWMSRVEXIW[MXLQSVI[MHIP]WTEGIH[MHIV ERHXLI[MHIZEVMIX]SJETTPMGEXMSRWMXMWRSXWYVTVMWMRKXLEX
GVEGOW *YVXLIVQSVI XLIVI MW RS HMVIGX VIPEXMSRWLMT FIX[IIR PEFSVEXSV] ERH JMIPH IZEPYEXMSRW SJ QIQ
WYVJEGIGVEGO[MHXLERHXLIMRXIVREPGVEGO[MHXL'SRWIUYIRX FVERITIVJSVQERGILEZIEPWSFIIRZEVMEFPIERHWSQIXMQIW
P]MXLEWFIIRWYKKIWXIHXLEXGSRXVSPSJWYVJEGIGVEGO[MHXLWMR GSRXVEHMGXSV]7LIIXW]WXIQWKIRIVEPP]TIVJSVQFIXXIVXLER
FYMPHMRKGSHIWMWRSXXLIQSWXVEXMSREPETTVSEGLJVSQEHYVE PMUYMHETTPMIHW]WXIQWMRPEFSVEXSV]WGVIIRMRKXIWXWFIGEYWI
FMPMX]ZMI[TSMRX%HIXEMPIHHMWGYWWMSRVIPEXMRKXSGVEGOMRK [SVOQERWLMTMWRSXEJEGXSV%PXLSYKLXLIVILEWFIIRPMXXPI
MWEZEMPEFPIMR%'-6 YRMJSVQMX]MRQIXLSHWSJXIWXSVEGGITXERGIGVMXIVMETIVQI
*SVXLITYVTSWIWSJHIWMKRMXMWYWIJYPXSHMJJIVIRXMEXIFI EFMPMX]YWYEPP]HIXIVQMRIHF]IPIGXVMGEPVIWMWXERGIQIEWYVI
X[IIRGSRXVSPPIHERHYRGSRXVSPPIHGVEGOW'SRXVSPPIHGVEGOW QIRXW LEW KIRIVEPP] FIIR EHSTXIH EW XLI QSWX MQTSVXERX
GERFIVIEWSREFP]TVIHMGXIHJVSQORS[PIHKISJWIGXMSRKI GVMXIVMSR7SQIQIQFVERIWLS[IZIVSJJIVWYFWXERXMEPVIWMW
SQIXV]ERHPSEHMRKERHEVIKIRIVEPP]REVVS[*SVGVEGOMRK XERGIXSGLPSVMHIERHQSMWXYVIMRXVYWMSRIZIR[LIRTMRLSPIW
TIVTIRHMGYPEVXSXLIQEMRVIMRJSVGIQIRXXLIRIGIWWEV]GSR SVFYFFPIWEVITVIWIRX
HMXMSRWJSVGVEGOGSRXVSPEVIWYJJMGMIRXVIMRJSVGMRKWXIIPWSXLEX *MIPHTIVJSVQERGIHITIRHWRSXSRP]SRXLIX]TISJ[EXIV
MXVIQEMRWIPEWXMGYRHIVEPPPSEHMRKGSRHMXMSRWERHXLIWXIIP TVSSJMRKQEXIVMEPYWIHFYXEPWSSRXLI[SVOQERWLMT[IEXLIV
WLSYPHFI FSRHIH EX XLIXMQISJ GVEGOMRKXLEX MW GVEGOMRK GSRHMXMSRW HIWMKR HIXEMPW ERH XLI WIVZMGI IRZMVSRQIRX
QYWXSGGYVEJXIVXLIGSRGVIXILEWEXXEMRIHWYJJMGMIRXWXVIRKXL )\TIVMIRGILEWVERKIH JVSQ WEXMWJEGXSV] XSJEMPYVIWXLEX
9RGSRXVSPPIH GVEGOW EVI SJXIR [MHI ERH YWYEPP] GEYWI LEZIVIWYPXIHMRXLIQIQFVERILEZMRKXSFIVIQSZIH
GSRGIVRTEVXMGYPEVP]MJXLI]EVIEGXMZI)\EQTPIWSJYRGSR &PMWXIVMRK[LMGLEJJIGXWFSXLTVIJSVQIHWLIIXWERHPMUYMH
XVSPPIHGVEGOMRKEVIGVEGOWVIWYPXMRKJVSQTPEWXMGWLVMROEKI ETTPMIHQEXIVMEPWMWXLIWMRKPIKVIEXIWXTVSFPIQIRGSYRXIVIH
WIXXPIQIRX SV ER SZIVPSEH GSRHMXMSR 1IEWYVIW WLSYPH FI MRETTP]MRK[EXIVTVSSJMRKQIQFVERIW-XMWGEYWIHF]XLI
XEOIRXSEZSMHXLIMVSGGYVVIRGISVMJXLI]EVIYREZSMHEFPI I\TERWMSR SJ IRXVETTIH KEWIW WSPZIRXW SVQSMWXYVI MR XLI
XSMRHYGIXLIQEXTPEGIW[LIVIXLI]EVIYRMQTSVXERXSVGER GSRGVIXIEJXIVETTPMGEXMSRSJXLIQIQFVERI8LIJVIUYIRG]
FIGSRZIRMIRXP]HIEPX[MXLJSVI\EQTPIF]WIEPMRK SJFPMWXIVMRKMWGSRXVSPPIHF]XLITSVSWMX]ERHQSMWXYVIGSR
XIRXSJXLIGSRGVIXIERHF]EXQSWTLIVMGGSRHMXMSRW;EXIV
{1IXLSHWSJI\GPYHMRKI\XIVREPWSYVGIWSJ SV[EXIVZETSVMWRSXRIGIWWEV]JSVFPMWXIVMRKFYXMWSJXIRE
GLPSVMHIMSRJVSQGSRGVIXI GSRXVMFYXMRKJEGXSV&PMWXIVWQE]VIWYPXJVSQERMRGVIEWIMR
 ;EXIVTVSSJ QIQFVERIW{;EXIVTVSSJ QIQFVERIW GSRGVIXIXIQTIVEXYVISVEHIGVIEWIMREXQSWTLIVMGTVIWWYVI
LEZIFIIRYWIHXSQMRMQM^IXLIMRKVIWWSJGLPSVMHIMSRWMRXS HYVMRK SV WLSVXP] EJXIV QIQFVERI ETTPMGEXMSR 8LI VETMH
GSRGVIXI%FEVVMIVXS[EXIV[MPPEPWSEGXEWEFEVVMIVXSER] I\TERWMSR SJ ZETSVW HYVMRK XLI ETTPMGEXMSR SJ LSXETTPMIH
I\XIVREPP]HIVMZIHHMWWSPZIHGLPSVMHIW7SQIQIQFVERIWSJ TVSHYGXWWSQIXMQIWGEYWIWTYRGXYVIWXIVQIHFPS[LSPIWMR
JIVWYFWXERXMEPVIWMWXERGIXSGLPSVMHIERHQSMWXYVIMRXVYWMSR XLIQIQFVERI
IZIR [LIR TMRLSPIW FYFFPIW SV TVIJSVQIH GVEGOW EVI 1IQFVERIWGERFIMRWXEPPIH[MXLSYXFPMWXIVMRKMJXLIEXQS
TVIWIRX8SQIEWYVIXLIVIWMWXERGISJEQIQFVERIXSERL] WTLIVMG GSRHMXMSRW EVI WYMXEFPI HYVMRK XLI GYVMRK TIVMSH
4638)'8-323*1)8%07-2'32'6)8)%+%-278'36637-32 6

3RGIGYVIHXLIEHLIWMSRSJXLIQIQFVERIXSXLIGSRGVIXIMW SV QSVI  GSQTSRIRXW SJ XLI TSP]QIV LEW FIIR E GSQQSR
YWYEPP]WYJJMGMIRXXSVIWMWXFPMWXIVJSVQEXMSR8SIRWYVIKSSH WSYVGISJTVSFPIQWMRXLIJMIPH8LIGSRGVIXIWYFWXVEXIERH
EHLIWMSRXLIGSRGVIXIWYVJEGIWLSYPHFIGEVIJYPP]TVITEVIH EKKVIKEXIWWLSYPHFIHV]WSEWRSXXSMRLMFMXXLITSP]QIVM^EXMSR
HVMIHERHJVIIJVSQGYVMRKQIQFVERIWPEMXERGIERHGSR %FSRHGSEXSJRIEXTSP]QIVMWYWYEPP]ETTPMIHELIEHSJ
XEQMRERXWWYGLEWSMPHVMTTMRKW7IEPMRKXLIGSRGVIXIFIJSVI XLITSP]QIVGSRGVIXI&PMWXIVMRKEGSQQSRTLIRSQIRSRMR
ETTP]MRKXLIQIQFVERIMWTSWWMFPIFYXVEVIP]TVEGXMGEP  QIQFVERIWLEWEPWSGEYWIHTVSFPIQWMRXLIETTPMGEXMSRSJ
;LIVIXLIQIQFVERIMWXSFIGSZIVIHJSVI\EQTPI[MXL TSP]QIVGSRGVIXISZIVPE]W%RYQFIVSJETTPMGEXMSRW[IVI
MRWYPEXMSRSVETVSXIGXMZIPE]IVXLIVMWOSJFPMWXIVJSVQEXMSR VITSVXIHMRXLIW1ER]PEWXIHSRP]EJI[]IEVW
GERFIVIHYGIHF]QMRMQM^MRKXLIXMQIFIX[IIRTPEGMRKXLI 1SVIVIGIRXP]I\TIVMQIRXEPTSP]QIVSZIVPE]WFEWIHSRE
QIQFVERIERHXLISZIVPE] TSP]IWXIVWX]VIRI QSRSQIV LEZI FIIR TPEGIH YWMRK
:IRXMRKPE]IVWLEZIFIIRYWIHMR)YVSTIXSTVIZIRXFPMWXIV LIEZ]HYX]JMRMWLMRKIUYMTQIRXXSGSQTEGXERHJMRMWLXLI
JSVQEXMSRF]EPPS[MRKXLIZETSVTVIWWYVIWXSHMWTIVWIFIRIEXL GSRGVIXI
XLIQIQFVERI8LIHMWEHZERXEKIWSJYWMRKZIRXMRKPE]IVWEVI ;SVOIVWWLSYPH[IEVTVSXIGXMZIGPSXLMRK[LIR[SVOMRK[MXL
XLEXXLI]VIUYMVIGSRXVSPPIHHIFSRHMRKSJXLIQIQFVERIPIEO QER]TSP]QIVWFIGEYWISJXLITSXIRXMEPJSVWOMRWIRWMXM^EXMSR
EKIXLVSYKLXLIQIQFVERIMWRSXGSRJMRIHXSXLIMQQIHMEXI ERH HIVQEXMXMW 1ERYJEGXYVIVWv VIGSQQIRHEXMSRW JSV WEJI
EVIESJETYRGXYVIERHXLI]MRGVIEWIGSWX:IRXXYFIWSVMIRXIH WXSVEKIERHLERHPMRKSJXLIGLIQMGEPWWLSYPHFIJSPPS[IH
E[E]JVSQI\TSWIHWYVJEGIWLEZIEPWSFIIRYWIH  4SVXPERHGIQIRXGSRGVIXISZIVPE]W{4SVXPERHGIQIRX
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WMWXWSJJMPPMRKWSQISJXLIZSMHWMRLEVHIRIHGSRGVIXI[MXLE TEVXSJX[SWXEKIGSRWXVYGXMSR8LISZIVPE]QE]FITPEGIH
QSRSQIV ERH TSP]QIVM^MRK MR TPEGI 0EFSVEXSV] WXYHMIW FIJSVIXLIJMVWXWXEKIGSRGVIXILEWWIXSVWIZIVEPHE]WPEXIV
LEZIHIQSRWXVEXIHXLEXTSP]QIVMQTVIKREXIHGSRGVIXI 4-' MR[LMGLGEWIEFSRHMRKPE]IVMWYWIHFIX[IIRXLIX[SPMJXW
MWWXVSRKHYVEFPIERHEPQSWXMQTIVQIEFPI8LITVSTIV SJGSRGVIXI8LIEHZERXEKISJXLIJMVWXEPXIVREXMZIMWXLEXXLI
XMIWSJ4-'EVIPEVKIP]HIXIVQMRIHF]XLITSP]QIVPSEHMRKMR SZIVEPPXMQISJGSRWXVYGXMSRMWWLSVXIRIHI\XIRWMZITVITEVE
XLI GSRGVIXI 1E\MQYQ TSP]QIV PSEHMRKW EVI EGLMIZIH F] XMSRSJXLIWYFWXVEXIMWRSXVIUYMVIHERHGSWXWEVIQMRMQM^IH
HV]MRKXLIGSRGVIXIXSVIQSZIRIEVP]EPPXLIIZETSVEFPI[EXIV -RXLIWIGSRHEPXIVREXMZIGSRGVIXIGSZIVXSXLIVIMRJSVGMRK
VIQSZMRKEMVF]ZEGYYQXIGLRMUYIWWEXYVEXMRK[MXLEQSRS WXIIP GER FI IRWYVIH ERH WQEPP GSRWXVYGXMSR XSPIVERGIW
QIVYRHIVTVIWWYVIERHTSP]QIVM^MRKXLIQSRSQIV[LMPI EGLMIZIHFIGEYWIHIEHPSEHHIJPIGXMSRWJVSQXLISZIVPE]EVI
WMQYPXERISYWP]TVIZIRXMRKIZETSVEXMSRSJXLIQSRSQIV8LI ZIV] WQEPP 2S QEXXIV [LMGL WIUYIRGI SJ GSRWXVYGXMSR MW
RIIH JSV WIZIVI HV]MRK ERH XLI WYFWIUYIRX GVEGOMRK MR YWIH QEXIVMEPW EVI MRGSVTSVEXIH MRXLI SZIVPE] XS TVSZMHI
JYPPWGEPIETTPMGEXMSRWTPYWXLILMKLGSWXLEZITVIZIRXIH WYTIVMSVTVSTIVXMIWWYGLEWMQTVSZIHVIWMWXERGIXSWEPXTIR
XLMWXIGLRMUYIJVSQFIGSQMRKETVEGXMGEPWSPYXMSRXSGLPS IXVEXMSRERH[IEVERHWOMHVIWMWXERGI
VMHIMRKVIWW%HHMXMSREPMRJSVQEXMSRSR4-'MWKMZIRMR ;LIVIXLIWIGSRHWXEKIGSRGVIXIMWTPEGIHEJXIVXLIJMVWX
%'-6 WXEKILEWLEVHIRIHWERHWXIIPWLSXSV[EXIVFPEWXMRKMW
8LIVI LEZI FIIR E JI[ JYPPWGEPI ETTPMGEXMSRW SJ 4-' XS VIUYMVIHXSVIQSZIPEMXERGIERHXSTVSHYGIEGPIERVSYKL
TVSXIGXVIMRJSVGMRKWXIIPEKEMRWXGSVVSWMSRFYXMXMWWXMPPPEVKIP] ERHWSYRHWYVJEGI6IWMRGYVMRKGSQTSYRHWWLSYPHRSXFI
I\TIVMQIRXEP7SQISJXLIHMWEHZERXEKIWSJ4-'EVIXLEXXLI YWIHSRXLIJMVWXWXEKIGSRWXVYGXMSRFIGEYWIXLI][MPPTVIZIRX
QSRSQIVWEVII\TIRWMZIERHXLEXXLITVSGIWWMRKMWPIRKXL] FSRHMRKERHEVIHMJJMGYPXXSVIQSZI)XGLMRK[MXLEGMH[EW
ERHGSWXP]8LITVMRGMTEPHIJMGMIRG]MHIRXMJMIHLEWFIIR SRGIEGSQQSRQIERWSJWYVJEGITVITEVEXMSR FYXMW
XLIXIRHIRG]SJXLIGSRGVIXIXSGVEGOHYVMRKLIEXXVIEXQIRX RS[VEVIP]YWIHFIGEYWISJXLITSWWMFMPMX]SJGSRXEQMREXMRK
 4SP]QIVGSRGVIXISZIVPE]W{4SP]QIVGSRGVIXISZIV XLIGSRGVIXI[MXLGLPSVMHIWERHXLIHMJJMGYPX]SJHMWTSWMRKSJ
PE]WGSRWMWXSJEKKVIKEXIMRETSP]QIVFMRHIV8LITSP]QIV XLIVYRSJJ-XEPWS[IEOIRWXLIWYVJEGI[LIVIEWQIGLERMGEP
FMRHIVWGSQQSRP]YWIHEVITSP]IWXIVWEGV]PMGWERHITS\MIW TVITEVEXMSRVIQSZIWER]WSJXWYVJMGMEPQEXIVMEP
4SP]QIVSZIVPE]WGERFITPEGIHIMXLIVF]WTVIEHMRKXLIVIWMR 7IZIVEPHMJJIVIRXX]TIWSJGSRGVIXILEZIFIIRYWIHEWGSR
SZIVXLIGSRGVIXIHIGOERHFVSEHGEWXMRKXLIEKKVIKEXIMRXS GVIXISZIVPE]WMRGPYHMRKGSRZIRXMSREPGSRGVIXI GSRGVIXI
XLIVIWMRSVF]TVIQM\MRKEPPXLIMRKVIHMIRXWERHTPEGMRK GSRXEMRMRK WXIIP JMFIVW ERH MRXIVREPP] WIEPIH GSR
XLITSP]QIVGSRGVIXI[MXLEWGVIIH4SP]QIVGSRGVIXIWEVI GVIXI 8[S X]TIW SJ GSRGVIXI WMPMGE JYQIQSHMJMIH
VETMH WIXXMRK GER FI JSVQYPEXIH JSV E [MHI ZEVMIX] SJ ERHPEXI\QSHMJMIHGSRGVIXI{IEGLHIWMKRIHXSSJJIVQE\M
WXVIRKXLW ERH JPI\MFMPMX] EVI LMKLP] EFVEWMSRVIWMWXERX ERH QYQVIWMWXERGIXSTIRIXVEXMSRF]GLPSVMHIMSRW{LEZIFIIR
EVIVIWMWXERXXS[EXIVERHGLPSVMHIMSRTIRIXVEXMSR8LI]EVI YWIHQSWXJVIUYIRXP]
TPEGIH FIX[IIR  XS  QQ  XS  MR  XLMGO ,MKL 7MPMGEJYQIQSHMJMIHGSRGVIXISZIVPE]W{8LITIVJSV
WLVMROEKIERHLMKLGSIJJMGMIRXWSJXLIVQEPI\TERWMSRQEOI QERGISJXLMWX]TISJGSRGVIXIMWWYTIVMSVXSXLEXSJXLITVIZM
WSQI VIWMRW MRGSQTEXMFPI [MXL GSRGVIXI HIGOW XLIVIJSVI SYWP] YWIH PS[WPYQT GSRGVIXI ERH MW QYGL IEWMIV XS
GEVIJYPWIPIGXMSRSJXLITSP]QIVFMRHIVERHEKKVIKEXIKVEHE GSRWSPMHEXI ERH JMRMWL 9WMRK WMPMGE JYQI ERHE LMKLVERKI
XMSRMWVIUYMVIH%HHMXMSREPMRJSVQEXMSRSRTSP]QIVGSRGVIXI [EXIVVIHYGIVPS[TIVQIEFMPMX]XSGLPSVMHIMRXVYWMSRGERFI
MWKMZIRMR%'-6 SFXEMRIH3RP]QSHIVEXIGIQIRXGSRXIRXWEVIRIIHIHXSTVS
1SWXQSRSQIVWLEZIEPS[XSPIVERGIXSQSMWXYVIERHPS[ HYGIE[GQ[IPPFIPS[HYIXSXLIEFMPMX]SJXLILMKL
XIQTIVEXYVIW[LIRETTPMIHXLIVIJSVIXLIWYFWXVEXIWLSYPHFI VERKI[EXIVVIHYGIVXSKVIEXP]VIHYGIGSRGVIXI[EXIVVIUYMVI
HV]ERHMRI\GIWWSJ' * -QTVSTIVQM\MRKSJXLIX[S QIRXW8LIGSRGVIXIWLSYPHFIEMVIRXVEMRIHMJYWIHSYXHSSVW
6 %'-'311-88))6)4368

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QSVXEV SV GIQIRX TEWXI WPYVV] X]TMGEPP] WYTTPMIH MR XVYGO XMSRMWHIPE]IHYRXMPEJXIVXLIPEXI\JMPQJSVQWXLIWYVJEGISJ
QM\IVWMWYWYEPP]FVYWLIHMRXSXLIFEWIGSRGVIXINYWXFIJSVI XLI SZIVPE] XIEVW ERH FIGEYWI XLI JMPQ HSIW RSX VIJSVQ
XLIETTPMGEXMSRSJXLISZIVPE]GSRGVIXI8LIFEWIGSRGVIXIMW GVEGOMRKSJXIRVIWYPXW
RSXRSVQEPP]TVI[IXXIH-XMWWSQIXMQIWWTIGMJMIHXLEXQSVXEV ,MKLQEXIVMEPTVMGIWERHXLIWYTIVMSVTIVJSVQERGISJPEXI\
JVSQXLISZIVPE]GSRGVIXIFI[SVOIHMRXSXLIWYVJEGIYWMRK QSHMJMIHGSRGVIXIMRGLPSVMHITIRIXVEXMSRXIWXWLEZIPIHXS
WXMJJFVMWXPIFVSSQWMRWXIEHSJYWMRKEWITEVEXIFSRHGSEX PEXI\QSHMJMIH GSRGVIXI SZIVPE]W FIMRK XLMRRIV XLER QSWX
'YVMRK MW TIVJSVQIH XLI WEQI EW GSRZIRXMSREP GSRGVIXI PS[WPYQTGSRGVIXISZIVPE]W8]TMGEPXLMGORIWWIWEVIXS
&IGEYWISJKVIEXP]VIHYGIHFPIIHMRKXLITSXIRXMEPJSVTPEWXMG QQ XSMR 
WLVMROEKIGVEGOMRKMWMRGVIEWIH8LIVIJSVIIEVP]ERHTVSTIV %PXLSYKL PEXI\QSHMJMIH SZIVPE]W [IVI JMVWX YWIH MR
GYVMRKMWIWTIGMEPP]MQTSVXERX XLIQENSVMX]SJMRWXEPPEXMSRWLEZIFIIRTPEGIHWMRGI
 0EXI\QSHMJMIHGSRGVIXISZIVPE]W{0EXI\QSHMJMIH 4IVJSVQERGILEWFIIRWEXMWJEGXSV]XLSYKLI\XIRWMZI
GSRGVIXIMWGSRZIRXMSREPTSVXPERHGIQIRXGSRGVIXI[MXLXLI GVEGOMRKERHWSQIHIFSRHMRKLEZIFIIRVITSVXIHIWTI
EHHMXMSRSJETSP]QIVMGPEXI\8LIPEXI\MWEGSPPSMHEPHMWTIV GMEPP]MRSZIVPE]WQQ MR XLMGOXLEX[IVIRSXET
WMSRSJ TSP]QIVTEVXMGPIWMR [EXIV8LITEVXMGPIWEVIWXEFM TPMIHEXXLIXMQISJXLISVMKMREPHIGOGSRWXVYGXMSR8LIQSWX
PM^IH XS TVIZIRX GSEKYPEXMSR ERH ERXMJSEQMRK EKIRXW EVI WIVMSYWHIJMGMIRG]VITSVXIHLEWFIIRXLI[MHIWTVIEHSGGYV
EHHIH XS TVIZIRX I\GIWWMZI EMV IRXVETQIRX HYVMRK QM\MRK VIRGISJTPEWXMGWLVMROEKIGVEGOMRKMRXLISZIVPE]W1ER]SJ
8LI[EXIVSJHMWTIVWMSRMRXLIPEXI\LIPTWXSL]HVEXIXLIGI XLIWIGVEGOWLEZIFIIRJSYRHRSXXSI\XIRHXLVSYKLXLISZIV
QIRX ERH XLI TSP]QIV TVSZMHIW WYTTPIQIRXEV] FMRHMRK PE] ERH XLI] ETTEVIRXP] HS RSX MQTEMV PSRKXIVQ TIVJSV
TVSTIVXMIWXSTVSHYGIGSRGVIXI[MXLEPS[[GQKSSHHYVE QERGI%HHMXMSREPMRJSVQEXMSRSRPEXI\QSHMJMIHGSRGVIXIMW
FMPMX]KSSHFSRHMRKGLEVEGXIVMWXMGWERHELMKLHIKVIISJVI KMZIRMR%'-6ERH%'-6TVIWIRXWEKYMHIWTIG
WMWXERGI XS TIRIXVEXMSR F] GLPSVMHI MSRW %PP SJ XLIWI EVI MJMGEXMSRJSVMXWYWI
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7X]VIRIFYXEHMIRI PEXI\IW LEZI FIIR YWIH QSWX [MHIP] {'SVVSWMSRGSRXVSPQIXLSHW
EPXLSYKL EGV]PMGJSVQYPEXMSRW EVIFIGSQMRKQSVI TSTYPEV 8LIWYWGITXMFMPMX]XSGSVVSWMSRSJRSRTVIWXVIWWIHWXIIPVIMR
8LIVEXISJEHHMRKXLIPEXI\MWETTVS\MQEXIP] PEXI\WSP JSVGIQIRXMWRSXWMKRMJMGERXP]EJJIGXIHF]MXWGLIQMGEPGSQTS
MHWF]QEWWSJXLIGIQIRX WMXMSRXIRWMPITVSTIVXMIWSVPIZIPSJWXVIWW 'SRWIUYIRXP]
8LI GSRWXVYGXMSR TVSGIHYVIW JSV PEXI\QSHMJMIH GSRGVIXI XSTVIZIRXGSVVSWMSRSJXLIVIMRJSVGMRKWXIIPMREGSVVSWMZI
EVIWMQMPEVXSXLSWIJSVWMPMGEJYQIQSHMJMIHGSRGVIXI[MXL IRZMVSRQIRXIMXLIVXLIVIMRJSVGIQIRXWLSYPHFIQEHISJE
QMRSVQSHMJMGEXMSRW8LITVMRGMTEPHMJJIVIRGIWEVI RSRGSVVSWMZI QEXIVMEP SV RSRTVIWXVIWWIH VIMRJSVGMRK WXIIP
y 8LI FEWI GSRGVIXI WLSYPH FI TVI[IXXIH JSV EXPIEWX  L WLSYPHFIGSEXIHXSMWSPEXIXLIWXIIPJVSQGSRXEGX[MXLS\]KIR
FIJSVITPEGMRKXLISZIVPE]FIGEYWIXLI[EXIVEMHWTIRI QSMWXYVI ERH GLPSVMHIW'SVVSWMSR SJ XLI VIMRJSVGIQIRXQE]
XVEXMSRSJXLIFEWIERHHIPE]WJMPQJSVQEXMSRSJXLIPEXI\ EPWSFIQMXMKEXIHXLVSYKLXLIYWISJGSVVSWMSRMRLMFMXSVWSV
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XERGIXSJVII^MRKERHXLE[MRKERH GSRGVIXI GSRXEMRMRK QSMWXYVI ERH GLPSVMHIW ERH EVI RSX
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XMSRSJXLITSVXPERHGIQIRXERHEMVHV]MRKXSGEYWIGSE FIIRYWIHMRWTIGMEPETTPMGEXMSRWIWTIGMEPP]EWLEVH[EVIJSV
PIWGIRGISJXLI PEXI\ EVI VIUYMVIH 8]TMGEPGYVMRKXMQIW EXXEGLMRKTERIPWMRTVIGEWXGSRGVIXIGSRWXVYGXMSRFYXTVIW
EVIXSL[IXGYVMRKJSPPS[IHF]EXPIEWXLSJHV] IRXP]VIPEXMZIP]LMKLQEXIVMEPGSWXWTVIGPYHIMXJVSQVITPEGMRK
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ERHWXVIRKXLWHIZIPSTWPS[P]EXXIQTIVEXYVIWFIPS[' 7XEMRPIWWWXIIPGPEHFEVWLEZIFIIRIZEPYEXIHMRXLI*,;%
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JYQI XLI PEXI\ VIHYGIW FPIIHMRK ERH TVSQSXIW TPEWXMG FEWIGEVFSRWXIIPEXJPE[WMRXLIGPEHHMRK
WLVMROEKIGVEGOMRK7SQIGSRXVEGXSVWLEZITPEGIHSZIVPE]W  'SEXMRKW{1IXEPPMGGSEXMRKWJSVWXIIPVIMRJSVGIQIRX
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WMZIEQSYRXWSJEMVHYVMRKQM\MRKLEWEPWSFIIRETVSFPIQMR -RKIRIVEPQIXEPW[MXLEQSVIRIKEXMZIGSVVSWMSRTSXIRXMEP
XLIJMIPH1SWXTVSNIGXWTIGMJMGEXMSRWPMQMXXLIXSXEPEMVGSRXIRX PIWWRSFPI XLERWXIIPWYGLEW^MRGERHGEHQMYQKMZIWEG
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2SFPIGSEXMRKWWYGLEWGSTTIVERHRMGOIPTVSXIGXXLIWXIIP 8LIGLMIJHMJJMGYPX]MRYWMRKITS\]GSEXIHFEVWLEWFIIR
EWPSRKEWXLIGSEXMRKMWYRFVSOIRFIGEYWIER]I\TSWIHWXIIP MR TVIZIRXMRK HEQEKI XS XLI GSEXMRK MR XVERWTSVXEXMSR ERH
MWERSHMGXSXLIGSEXMRK)ZIR[LIVIWXIIPMWRSXI\TSWIHQEG LERHPMRK7TIGMJMGEPP]HEQEKIGERVIWYPXJVSQTSSVWXSVEKI
VSGIPPGSVVSWMSRSJXLIGSEXMRKQE]SGGYVMRGSRGVIXIXLVSYKL QIXLSHW VSYKL MRWXEPPEXMSR MQTEGX JVSQ LERH XSSPW ERH
EQIGLERMWQWMQMPEVXSXLIGSVVSWMSRSJYRGSEXIHWXIIP GSRXEGX[MXL MQQIVWMSR ZMFVEXSVW 'VEGOMRK SJ XLI GSEXMRK
2MGOIPGEHQMYQ ERH^MRG LEZIEPPFIIR LEWEPWSFIIRSFWIVZIHHYVMRKJEFVMGEXMSRSJTVIGSEXIHFEVW
WLS[RXSFIGETEFPISJHIPE]MRKERHMRWSQIGEWIWTVIZIRXMRK [LIVIXLIVILEWFIIRMREHIUYEXIGPIERMRKSJXLIFEVFIJSVI
XLI GSVVSWMSR SJ VIMRJSVGMRKWXIIP MR GSRGVIXI FYXSRP] ^MRG GSEXMRK SV XLI XLMGORIWW SJ XLI GSEXMRK LEW FIIR SYXWMHI
GSEXIH KEPZERM^IH VIMRJSVGMRKFEVWEVIGSQQSRP]EZEMPEFPI WTIGMJMIHXSPIVERGIW4EHHIHFYRHPMRKFERHWGPSWIP]WTEGIH
6IWYPXWSJXLITIVJSVQERGISJKEPZERM^IHVIMRJSVGMRKFEVW WYTTSVXW ERH RSRQIXEPPMG WPMRKW EVI VIUYMVIH XS TVIZIRX
LEZIFIIRGSRJPMGXMRKMRWSQIGEWIWI\XIRHMRKXLIXMQIXS HEQEKIHYVMRK XVERWTSVXEXMSRLERHPMRKERHWXSVEKIEXXLI
GVEGOMRK SJ PEFSVEXSV] WTIGMQIRW MR SXLIVW VIHYGMRK NSFWMXI'SEXIHXMI[MVIWGSEXIH[MVIFEVWYTTSVXWERHTVI
MX ERH WSQIXMQIW KMZMRK QM\IH VIWYPXW -X MW ORS[R GEWX GSRGVIXI FPSGO FEV WYTTSVXW EVI RIIHIH XS QMRMQM^I
XLEX^MRG[MPPGSVVSHIMRGSRGVIXI ERHXLEXTMXXMRKGER HEQEKIXSXLIFEVGSEXMRKHYVMRKTPEGMRK'YVVIRXTVEGXMGIW
SGGYVYRHIVGSRHMXMSRWSJRSRYRMJSVQI\TSWYVIMRXLITVIW VIUYMVIEPPHEQEKIXSFIVITEMVIH-JXLIXSXEPEQSYRXSJHEQ
IRGISJLMKLGLPSVMHIGSRGIRXVEXMSRW*MIPHWXYHMIWSJ EKIHGSEXMRKI\GIIHWXLIPMQMXMRTVSNIGXWTIGMJMGEXMSRWXLI
IQFIHHIHKEPZERM^IHFEVWMRWIVZMGIJSVQER]]IEVWMRIMXLIV GSEXIHFEVMWYREGGITXEFPIERHQYWXFIVITPEGIH(EQEKIH
EQEVMRIIRZMVSRQIRXSVI\TSWIHXSHIMGMRKWEPXWLEZIJEMPIH GSEXMRKMWVITEMVIHYWMRKEX[SGSQTSRIRXPMUYMHITS\]FYX
XSWLS[ER]HIJMGMIRGMIW-RXLIWIWXYHMIWLS[IZIVGLPSVMHI MXMWQSVIIJJIGXMZIXSEHSTXTVEGXMGIWXLEXTVIZIRXHEQEKIXS
MSRGSRGIRXVEXMSRWEXXLIPIZIPSJXLIVIMRJSVGMRKWXIIP[IVI XLI GSEXMRK ERH PMQMX XLI RIIH JSV XSYGLYT %GGIPIVEXIH
PS[WSXLEXXLIIJJIGXMZIRIWWGSYPHRSXFIIWXEFPMWLIHGSR XMQIXSGSVVSWMSRWXYHMIWLEZIWLS[RXLEXRMGOWERHGYXWMR
GPYWMZIP]1EVMRIWXYHMIW ERHEGGIPIVEXIHJMIPHWXYHMIW XLIGSEXMRKHSRSXGEYWIVETMHGSVVSWMSRSJXLII\TSWIHWXIIP
LEZIWLS[RXLEXKEPZERM^MRK[MPPHIPE]XLISRWIXSJHIPEQM ERH WYFWIUYIRX HMWXVIWW MR XLI GSRGVIXI 8LI HEQEKIH
REXMSRWERHWTEPPWFYX[MPPRSXTVIZIRXXLIQ-RKIRIVEPMX GSEXIH FEVW LS[IZIV [IVI RSX IPIGXVMGEPP] GSRRIGXIH XS
ETTIEVWXLEXSRP]EWPMKLXMRGVIEWIMRWIVZMGIPMJI[MPPFISFXEMRIH YRGSEXIHGEXLSHMGWXIIPMRXLIIEVP]EGGIPIVEXIHXIWXW7YFWI
MRWIZIVIGLPSVMHIIRZMVSRQIRXW;LIRKEPZERM^IHVIMR UYIRXXIWXW WLS[IHXLEXIZIRMRXLIGEWISJIPIGXVMGEPGSYTPMRK
JSVGMRKFEVWEVIYWIHEPPFEVWERHLEVH[EVIMRXLII\TSWIH XSPEVKIEQSYRXWSJYRGSEXIHWXIIPXLITIVJSVQERGISJHEQ
TSVXMSRWSJXLIWXVYGXYVIWLSYPHFIGSEXIH[MXL^MRGXSTVIZIRX EKIHERHRSRWTIGMJMGEXMSRFEVW[EWKSSHFYXRSXEWKSSHEW
KEPZERMGGSYTPMRKFIX[IIRGSEXIHERHYRGSEXIHWXIIP [LIREPPXLIWXIIP[EWGSEXIH'SRWIUYIRXP]JSVPSRKPMJIMR
WIZIVIGLPSVMHIIRZMVSRQIRXWGSRWMHIVEXMSRWLSYPHFIKMZIR
2YQIVSYW RSRQIXEPPMG GSEXMRKW JSV WXIIP VIMRJSVGIQIRX
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IPIGXVMGEPHMWGSRXMRYMX]SJXLIVIMRJSVGMRKWXIIPKVMHTVIWIRGISJ ZI]EVIEW8LIKVSYRHTSMRXGERFIIWXEFPMWLIHF]I\TSWMRK
WXVE] GYVVIRXW TVIWIRGI SJ ITS\]GSEXIH VIMRJSVGMRK WXIIP EREVIESRXLIVIMRJSVGMRKWXIIPERHHVMPPMRKELSPIMRXLIFEV
TVIWIRGISJKEPZERM^IHVIMRJSVGMRKWXIIPTVIWIRGISJSXLIV %WIPJXETTMRKWGVI[MWXLIRHVMZIRMRXSXLILSPIERHXLIXIWX
IQFIHHIHQIXEPWEZEMPEFMPMX]SJS\]KIRERHXLIIJJIGXSJ PIEH[MVIMWGPEQTIHXSXLIWGVI[LIEH;MXLXLMWQIXLSH
XLIGSRXEGXQIHMYQYWIHJSVXLIWYVZI]-REHHMXMSRGSVVSWMSR PIWWGSRGVIXIMWVIQSZIHERHEKSSHGSRRIGXMSRMWEGLMIZIH
TSXIRXMEP QIEWYVIQIRXW WLSYPH RSX FI XEOIR MR EVIEW [MXL %W[MXLQER]SXLIVXIGLRMGEPJMIPHWEHZERGIWMRGSQTYXIV
HIPEQMREXIHGSRGVIXI ERHIPIGXVSRMGXIGLRSPSK]LEZIWMKRMJMGERXP]IRLERGIHHEXE
3RISJXLIQSWXMQTSVXERXETTPMGEXMSRWSJXLIGSVVSWMSRTS GSPPIGXMSRERHTVSGIWWMRK7IZIVEPGSQQIVGMEPMRWXVYQIRXW
XIRXMEPWYVZI]MWXSHIZIPSTELMWXSV]SJXLIVIMRJSVGIHGSRGVIXI XLEXVIGSVHERHWXSVIQYPXMTPIVIEHMRKWEVIEZEMPEFPI8LIWI
WXVYGXYVI*SVI\EQTPIMJGSVVSWMSRTSXIRXMEPWYVZI]WEVIGSR YRMXWEVIIUYMTTIH[MXLEHEXEPSKKIVXSGSPPIGXHEXEMRVIEP
HYGXIHEXVIKYPEVMRXIVZEPWSJXMQIXLIRXLIGSVVSWMSREGXMZMX] XMQIERHWXSVIXLIQJSVPEXIVTVSGIWWMRK(EXEWXSVIHMRXLI
SJXLIVIMRJSVGMRKWXIIP[MXLXMQIGERFIVIEHMP]EWGIVXEMRIH-R HEXEPSKKIVEVIXVERWJIVVIHXSEGSQTYXIVJSVQERMTYPEXMSR
SXLIV[SVHWXVIRHWSJTSXIRXMEP[MXLXMQIGERMRHMGEXI[MXL ERHGVIEXMRKIUYMTSXIRXMEPQETW
KSSHGSRJMHIRGIMJVIMRJSVGMRKWXIIPGSVVSWMSREGXMZMX]MRYR 7SQIW]WXIQWYWIQYPXMGIPPEVVE]WWSXLEXQSVIXLERSRI
HEQEKIHGSRGVIXIMWMRGVIEWMRK[MXLXMQISVMJXLIXSXEPEVIESJ TSXIRXMEP VIEHMRK GER FI VIGSVHIH WMQYPXERISYWP] 8LIWI
VIMRJSVGMRKWXIIPWLS[MRKEGXMZITSXIRXMEPWMWMRGVIEWMRK7YGL YRMXWEPPS[PEVKIEVIEWXSFIWYVZI]IHXLSVSYKLP]ERHIJJM
MRJSVQEXMSR GER FI ZEPYEFPI MR QEOMRK HIGMWMSRW VIKEVHMRK GMIRXP]%RSXLIVX]TISJTSXIRXMEPQIEWYVIQIRXHIZMGIGSR
QEMRXIRERGISVVITEMV'SVVSWMSRTSXIRXMEPQETTMRKLEWFIIR WMWXWSJ[LIIPIPIGXVSHIW3RISVQSVIQMRMEXYVIVIJIVIRGI
YWIHI\XIRWMZIP]XSHIXIVQMRIXLITVSFEFMPMX]ERHI\XIRXSJEG IPIGXVSHIW EVI MRWXEPPIH EPSRK XLI TIVMTLIV] SJ XLI [LIIPW
XMZIGSVVSWMSRSJYRGSEXIHVIMRJSVGMRKWXIIPMRFSXLJMIPHGSR 4SXIRXMEPW EVI VIGSVHIH MR E HEXE PSKKIV EW XLI [LIIPW EVI
GVIXIWXVYGXYVIWERHPEFSVEXSV]WTIGMQIRW VSPPIHEPSRKXLIWYVJEGISJXLIGSRGVIXI7SQIHIKVIISJJE
%RSXLIVMQTSVXERXETTPMGEXMSRSJGSVVSWMSRTSXIRXMEPQET QMPMEVMX]ERHI\TIVMIRGIMWVIUYMVIHXSYWIXLIGSQTYXIVM^IH
TMRKMWXSHIPMRIEXIEGXMZIGSVVSWMSRWTSXWX]TMGEPP]PSGEXMSRW IUYMTQIRX7IZIVEPW]WXIQWJSVQETTMRKGSVVSWMSRTSXIRXMEP
[MXL LMKL RIKEXMZI TSXIRXMEPW SR XLI WXVYGXYVI 6EXISJ LEZIFIIRIZEPYEXIHGSQTIXMXMZIP]
GSVVSWMSRQIEWYVIQIRXWGERXLIRFITIVJSVQIHMRXLIEVIEW F 'SVVSWMSR TSXIRXMEP HEXE MRXIVTVIXEXMSR{
XLEXEVIEGXMZI 8LIGSVVSWMSRTSXIRXMEPSJVIMRJSVGMRKWXIIPMRHMGEXIW[LIXLIV
E4VSGIHYVIERHMRWXVYQIRXEXMSRJSVGSVVSWMSR SVRSXXLIWXIIPMWEGXMZIP]GSVVSHMRKXLIEVIESJQIEWYVIEX
TSXIRXMEP QIEWYVIQIRX{8LI ZSPXEKI VIEHMRK FIX[IIR E XLIXMQIXLIQIEWYVIQIRXMWSFXEMRIH8LIJSPPS[MRKKYMHI
WXERHEVHTSVXEFPILEPJGIPPTPEGIHSRXLIWYVJEGISJXLIGSR PMRIWEVIKMZIRMRERSRQERHEXSV]ETTIRHM\SJ%781'
GVIXIERHXLIVIMRJSVGMRKWXIIPFEVPSGEXIHFIPS[XLIWYVJEGI JSV MRXIVTVIXMRK GSVVSWMSRTSXIRXMEP HEXE SJ YRGSEXIH VIMR
MWGSQTEVIH[MXLZEPYIWXLEXLEZIFIIRIQTMVMGEPP]HIZIP JSVGMRKWXIIPMRGSRGVIXI
4638)'8-323*1)8%07-2'32'6)8)%+%-278'36637-32 6

y -JTSXIRXMEPWSZIVEREVIEEVIQSVITSWMXMZIXLER VEXIXLIWSSRIVGSRGVIXIGVEGOMRKERHWTEPPMRK[MPPETTIEV
z:'7)XLIVIMWEKVIEXIVXLER TVSFE 8LIVIJSVIXLMWMRJSVQEXMSRGERFIYWIJYPMRIWXMQEXMRKXLI
FMPMX] XLEX RSVIMRJSVGMRKWXIIPGSVVSWMSRMWSGGYVVMRK XMQIXSEHHMXMSREPHEQEKIERHMRWIPIGXMRKGSWXIJJIGXMZIVI
MRXLEXEVIEEXXLIXMQISJQIEWYVIQIRX TEMVERHPSRKXIVQGSVVSWMSRTVSXIGXMSRW]WXIQW7IZIVEPEX
y -JTSXIRXMEPWSZIVEREVIEEVIMRXLIVERKISJzXS XIQTXW LEZI FIIR QEHI XS GSVVIPEXI GSVVSWMSR VEXI XS XLI
z :'7)GSVVSWMSREGXMZMX]SJXLIVIMRJSVGMRKWXIIP VIQEMRMRKWIVZMGIPMJISJWXVYGXYVIWSVXMQIXSHEQEKI&EWIH
MRXLEXEVIEMWYRGIVXEMRERH SRI\TIVMIRGISRIQERYJEGXYVIVSJEGSVVSWMSRVEXIHIZMGI
y -JTSXIRXMEPWSZIVEREVIEEVIQSVIRIKEXMZIXLER TVSZMHIWKYMHIPMRIWJSVMRXIVTVIXMRKXLIHEXEMRXIVQWSJXMQI
z : '7) XLIVI MW E KVIEXIV XLER   TVSFEFMPMX] XSHEQEKI[LMPISXLIVWLEZIEXXIQTXIHXSQEXLIQEXMGEPP]
XLEXVIMRJSVGMRKWXIIPGSVVSWMSRMWSGGYVVMRKMRXLEXEVIE QSHIP VIQEMRMRK PMJI FEWIH SR GSVVSWMSR VEXI MRJSVQEXMSR
EXXLIXMQISJQIEWYVIQIRX 2SWYGLQSHIPWSVKYMHIPMRIWEVIYRMZIVWEPP]EGGITXIH
2SXI8LIWIKYMHIPMRIWWLSYPHSRP]FIYWIHJSVYRGSEXIH E8LI046XIGLRMUYI{8LIXLVIIIPIGXVSHI046
GSRZIRXMSREP VIMRJSVGMRK WXIIP IQFIHHIHMRGSRGVIXI (EXE XIGLRMUYIMWFEWIHSRXLIEWWYQTXMSRXLEXWQEPPGLERKIWMRXLI
MRXIVTVIXEXMSRKYMHIPMRIWLEZIRSXFIIRHIZIPSTIHJSVITS\] TSXIRXMEPSJEJVIIP]GSVVSHMRKQIXEPXLEXMWEQIXEPEXETS
GSEXIHSVKEPZERM^IHVIMRJSVGIQIRXERHTVIWXVIWWMRKWXIIP  XIRXMEPGPSWIXSMXWGSVVSWMSRTSXIRXMEPLEZIEPMRIEVVIPEXMSR
(MJJIVIRGIWMRGSVVSWMSRTSXIRXMEPWEGVSWWEWXVYGXYVISVMR WLMT [MXL ETTPMIH GYVVIRX %HHMXMSREPP] XLI VEXMS SJ XLI
EREVIESJETEVXMGYPEVVIMRJSVGIHGSRGVIXIQIQFIVEVIFIXXIV GLERKIMRTSXIRXMEP ) XSXLIETTPMIHGYVVIRX - XLEXMW
MRHMGEXSVWSJXLIPIZIPSJGSVVSWMSREGXMZMX]XLERXLIEFWSPYXI )-SV64XLITSPEVM^EXMSRVIWMWXERGIMWMRZIVWIP]TVSTSV
TSXIRXMEPZEPYIW*SVI\EQTPIEQ JX WUYEVIWIGXMSRSJ XMSREPXSXLIGSVVSWMSRGYVVIRX -'366 ERHMRXYVRXSXLI
WPEFXLEXLEWTSXIRXMEPWXLEXZEV]Q:MWQSVIEGXMZIXLERE GSVVSWMSRVEXISJXLIQIXEP
WMQMPEVWIGXMSR[MXLEQ:ZEVMEXMSR8LIGLPSVMHIPIZIPEX 8LI XLVII IPIGXVSHIW MR XLI 046 XIGLRMUYI GSRWMWX SJ E
XLIWYVJEGISJXLIVIMRJSVGMRKWXIIPERHSXLIVJEGXSVWWYGLEW [SVOMRK IPIGXVSHI ;)  XLI VIMRJSVGMRK WXIIP E GSYRXIV
XIQTIVEXYVIQYWXEPWSFIGSRWMHIVIH[LIRIZEPYEXMRKGSVVS IPIGXVSHI ') YWYEPP]ERSRVIEGXMZIQIXEPERHEVIJIVIRGI
WMSRTSXIRXMEPVIEHMRKW%781'WXMTYPEXIWEXIQTIVEXYVI IPIGXVSHI 6) JSVI\EQTPIXLIGSTTIVGSTTIVWYPJEXILEPJ
GSVVIGXMSR MJ XLI XIQTIVEXYVI HYVMRK XLI GSVVSWMSRTSXIRXMEP GIPP '7) 8LI046HIZMGIETTPMIWWQEPPZSPXEKISVGYVVIRX
WYVZI]MWSYXWMHIXLIVERKISJS' S*  TIVXYVFEXMSRWXSXLI;)ZMEXLI')ERHXLIGSVVIWTSRHMRK
 'SVVSWMSR VEXI QIEWYVIQIRXW{&IGEYWI GSVVS GYVVIRXSVZSPXEKIVIWTSRWIWEVIQIEWYVIHF]XLIHIZMGI8LI
WMSRMWERIPIGXVSGLIQMGEPTVSGIWWMXGERFIQSRMXSVIH[MXL 6)QIEWYVIWXLIMRMXMEPGSVVSWMSRTSXIRXMEPERHER]WLMJXMR
IPIGXVSGLIQMGEPXIGLRMUYIW7IZIVEPSTXMSRWEVIEZEMPEFPIERH TSXIRXMEPSJXLI;)ERHMWRSXTEVXSJXLIGYVVIRXGEVV]MRK
GER FI FVSEHP] GPEWWMJMIH EW IMXLIV XVERWMIRX SV WXIEH]WXEXI GMVGYMX8LIZSPXEKIERHGYVVIRXHEXEEVIQERMTYPEXIHXSSF
XIGLRMUYIW)\EQTPIWSJWXIEH]WXEXIXIGLRMUYIWMRGPYHI8EJIP XEMRXLITSPEVM^EXMSRVIWMWXERGI64[LMGLMWXLIRJMXXIHMRXSE
I\XVETSPEXMSR )PSK -  ERH PMRIEV TSPEVM^EXMSR VIWMWXERGI QEXLIQEXMGEPJSVQYPEORS[REWXLI7XIVR+IEV]IUYEXMSRXS
046 [LMPITSXIRXMEPWXITWQEPPEQTPMXYHIG]GPMGZSPXEQI HIVMZIXLIGSVVSWMSRVEXI 8LI7XIVR+IEV]IUYEXMSRMW
XV]IPIGXVSGLIQMGEPRSMWIERH%'MQTIHERGIQIEWYVIQIRXW VITVIWIRXIHEW
EVIGPEWWMJMIHEWXVERWMIRXQIXLSHW -RXLIGSRXI\XSJVI
MRJSVGMRKWXIIPMRGSRGVIXIXLI0468EJIPI\XVETSPEXMSR%' - '366 ! / ` % - - ` ) ! / ` 6 T 
MQTIHERGIERHIPIGXVSGLIQMGEPRSMWIXIGLRMUYIWLEZIFIIR
WYGGIWWJYPP]YWIHJSVVEXISJGSVVSWMSR 63' QIEWYVIQIRXW -'366! GSVVSWMSRGYVVIRXHIRWMX]I\TVIWWIHMR%GQ SV
ERH046LEWFIGSQIXLIXIGLRMUYISJGLSMGI Q%JX 
8LI046XIGLRMUYITVSZMHIWEVIPMEFPIERHWMQTPIQIXLSH / ! TVSTSVXMSREPMX]GSRWXERXI\TVIWWIHMRQ:Q%
JSVHIXIVQMRMRKMRWXERXERISYWGSVVSWMSRVEXIWERHLEWFIIR
% ! EVIESJVIMRJSVGMRKWXIIPTSPEVM^IH
YWIHMRIPIGXVSGLIQMGEPPEFSVEXSVMIWJSVHIGEHIWJSVQIEWYV
- ! ETTPMIHGYVVIRXVIUYMVIHXSSFXEMR)I\TVIWWIHMR
MRKGSVVSWMSRVEXIWSJQIXEPWMREUYISYWIRZMVSRQIRXW8LI
Q%
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VEXISJGSVVSWMSRSJWXIIPMRGSRGVIXIMRPEFSVEXSV][SVOTIV
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2-78 ERHIUYMTQIRXERHTVSGIHYVIWJSVJMIPHETTPMGEXMSRW
8LITVSTSVXMSREPMX]GSRWXERX / MWEJYRGXMSRSJXLIERSHMG
SR VIMRJSVGIH GSRGVIXI WXVYGXYVIW LEZI FIIR HIZIP
ERHGEXLSHMG8EJIPWPSTIW XLEXMWXLIVIPEXMSRWLMTFIX[IIR
STIH 8LI VEXISJGSVVSWMSR QIEWYVIQIRX XIGLRMUYI
GYVVIRXERHZSPXEKIPIZIPWSYXWMHIXLIPMRIEVVIKMSR ERHHI
ERHXLVIIVEXISJGSVVSWMSRHIZMGIWJSVGSRGVIXI[IVIIZEPY
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EXIHYRHIVXLI7,64TVSKVEQ8[SSJXLIHIZMGIWYWIHXLI
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ERGI XIGLRMUYI8LIVIMW RSWXERHEVHTVSGIHYVIJSVVEXI / ! E G `  E  G 
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MRK EWXERHEVHTVEGXMGIFEWIHSRXLI7,64[SVO [LIVI EERHGEVIXLIERSHMGERHGEXLSHMG8EJIPGSRWXERXW
8LIVEXISJGSVVSWMSRXIWXTVSZMHIWMRJSVQEXMSRSRXLIVEXI 8LIYWISJERERSHMG8EJIPWPSTISJQ:HIGEHIERHE
EX[LMGLVIMRJSVGMRKWXIIPMWFIMRKS\MHM^IH8LILMKLIVXLI GEXLSHMG8EJIPWPSTISJQ:HIGEHILEWFIIRWYKKIWXIH
6 %'-'311-88))6)4368

JSVVIMRJSVGIHGSRGVIXI-JSRIEWWYQIWYRMJSVQGSVVSWMSR 8LIVIJSVITVIHMGXMRKJYXYVIGSVVSWMSREGXMZMX]QYWXMRGPYHI
ERHEGSRWXERXVEXISZIVXMQI-'366JSVVIMRJSVGMRKWXIIPGER IZEPYEXMSRSJH]REQMGIRZMVSRQIRXEPJEGXSVW8LIQSWXEG
FIGSRZIVXIHXSEVEXISJXLMGORIWWPSWW8SSFXEMRYRMXWSJ XMZIGSVVSWMSRSVLMKLIWXGSVVSWMSRVEXIWQE]RSXFISGGYV
Q]VQYPXMTP]-'366F]SVXSSFXEMRYRMXWSJQMPW]V VMRK EX XLI XMQI SJ XLI JMIPH WYVZI] 'SRXMRYSYW SV
QMP!MR QYPXMTP]-'366F]8LIGSVVSWMSR MRXIVQMXXIRXQSRMXSVMRKSZIVETIVMSHSJXMQIKMZIWEQSVI
VEXISRI\MWXMRKVIMRJSVGIHGSRGVIXIWXVYGXYVIWLS[IZIVMW EGGYVEXIETTVEMWEP
RSX YRMJSVQ SV GSRWXERX XLIVIJSVI GEPGYPEXMRK XLMGORIWW 7,64MHIRXMJMIHWIZIVEPTEVEQIXIVWXLEXWMKRMJMGERXP]MQ
PSWWIW[MXLXMQIGERFIQMWPIEHMRK TEGXGSVVSWMSRVEXIQIEWYVIQIRXW
F 8LI %' MQTIHERGI XIGLRMUYI{%' MQTIH y 4VSTIV IPIGXVMGEP GSRXEGX FIX[IIR XLI TVSFI ERH XLI
ERGIQIXLSHWVIGSVHXLIMQTIHERGIVIWTSRWISJJIVIHF]XLI GSRGVIXI
W]WXIQXS%'WMKREPWSZIVEVERKISJJVIUYIRGMIW  8LIVIEP y 7]QQIXVMGEPTSWMXMSRMRKSJXLITVSFISZIVXLIVIMRJSVG
ERH MQEKMREV] GSQTSRIRXW SJ XLI MQTIHERGI EVI TPSXXIH MRKWXIIP
7YGLETPSXWLSYPHFIEWIQMGMVGPI[MXLTSPEVM^EXMSRVIWMW y 4VIWIRGISJEWXEFPISTIRGMVGYMX GSVVSWMSR TSXIRXMEP
XERGI 64EWMXWHMEQIXIV8LILMKLJVIUYIRG]MRXIVGITXSRXLI y %KYEVHVMRKSJETTVSTVMEXIWM^IERHWTEGMRKXSHIJMRI
VIEPE\MWMWXLIWSPYXMSR GSRGVIXI VIWMWXERGI67[LIVIEWXLI XLITSPEVM^IHEVIEERH
PS[JVIUYIRG]MRXIVGITX ETTVSEGLMRK('WMKREPW SRXLIVIEP y 1IEWYVIQIRXWXLEXEVIGEVVMIHSYXSZIVXLIEGXMZITEVXW
E\MWMWXLIXSXEPMQTIHERGISJXLIW]WXIQ64678LIVIJSVI SJQEGVSGIPPW
WYFXVEGXMRK XLI LMKLJVIUYIRG] MRXIVGITX JVSQ XLI PS[JVI H6EXISJGSVVSWMSR IUYMTQIRX ERH HEXE MRXIV
UYIRG]MRXIVGITX]MIPHW64XLITSPEVM^EXMSRVIWMWXERGI[LMGL TVIXEXMSR{6EXISJGSVVSWMSR IUYMTQIRX GSRWMWXW SJ E
GERXLIRFIYWIHMRGSVVSWMSRVEXIGEPGYPEXMSRW-RTVEGXMGIXLI QIEWYVMRKHIZMGIERHEWYMXEFPITVSFI8LVIIGSQQIVGMEP
TPSXHIZMEXIWKVIEXP]JVSQXLIWIQMGMVGYPEVWLETI*VSQEJMIPH MRWXVYQIRXWEVIEZEMPEFPIJSVGSRHYGXMRK63'QIEWYVIQIRXW
ETTPMGEXMSR ZMI[TSMRX E GSQTPIXI JVIUYIRG] WGER MW WMQTP] SRVIMRJSVGIHGSRGVIXIWXVYGXYVIW%PPXLVIIMRWXVYQIRXWYWI
XSSXMQIGSRWYQMRKERHIUYMTQIRXMWSZIVP]I\TIRWMZIERH XLI046XIGLRMUYI3RISJXLIWIHIZMGIWMWQERYEPP]STIVEX
FYPO]&IGEYWISRP]XLIZIV]PS[ERHZIV]LMKLJVIUYIRG]VI IH[LMPIXLISXLIVX[SHIZMGIWYWIQMGVSTVSGIWWSVGSRXVSP
WTSRWIHEXEEVIRIIHIHXSHIVMZI64WSQIHIZMGIWWGERSRP] ERHEVIJYPP]EYXSQEXIH8LIEYXSQEXIHHIZMGIWYXMPM^IXLI
XLIWIX[SVIKMSRWXSQIEWYVIXLMWTEVEQIXIVXLIVIF]VIHYGMRK KYEVHVMRKGSRGITXXSQIEWYVIXLIVEXISJGSVVSWMSR1IE
XLIXMQIVIUYMVIHXSGSRHYGXXLIXIWX*SVIZIV]W]WXIQYRHIV WYVIQIRXWQEHIYWMRKXLIKYEVHVMRKLEZIFIIRJSYRHXSFI
QIEWYVIQIRXLS[IZIVXLIPS[JVIUYIRG]XLEXHIJMRIWXSXEP QSVIEGGYVEXIF]YTXSX[SSVHIVWSJQEKRMXYHI[LIVIGSVVS
MQTIHERGIERHXLILMKLJVIUYIRG]XLEXHIJMRIWWSPYXMSRVIWMW WMSRVEXIWEVIPS[6IGIRXP]EGSQTEVEXMZIIZEPYEXMSR[EW
XERGIEVIXLIJYRHEQIRXEPGLEVEGXIVMWXMGWSJXLEXTEVXMGYPEVW]W GSRHYGXIHSRXLVIIGSQQIVGMEPVEXISJGSVVSWMSRHIZMGIW
XIQERHEGSQTPIXIJVIUYIRG]WGERMWVIUYMVIHXSHIJMRIXLIQ (EXEMRXIVTVIXEXMSRKYMHIPMRIWVERKIJVSQTVSNIGXMRKEGXY
7IZIVEP IUYMTQIRX QERYJEGXYVIVW LEZI MRXVSHYGIH TSVXEFPI EPXMQIXSHEQEKIXSVITVIWIRXMRKGSVVSWMSRVEXIMRXIVQWSJ
IUYMTQIRXXSGSRHYGX%'MQTIHERGIXIWXWMRXLIJMIPHFYXLEZI E TEWWMZI GSRHMXMSR PS[ QSHIVEXI SV LMKL GSVVSWMSR HI
RSXFIIREFPIXSVIHYGIXLIXMQIVIUYMVIHXSGSRHYGXXLIXIWX TIRHMRKSRXLIQEKRMXYHISJXLIGSVVSWMSRGYVVIRXHIRWMX]
SZIVXLIIRXMVIJVIUYIRG]VERKI -RXIVTVIXMRKVEXISJGSVVSWMSRHEXEMRXIVQWSJETEWWMZIEG
G63'JMIPHQIEWYVIQIRXW{(YIXSXLIREXYVEP XMZI SV TEVXMEPP] EGXMZI GSVVSWMSR GSRHMXMSR LEW EPWS FIIR
LIXIVSKIRISYW REXYVI SJ GSRGVIXI IRZMVSRQIRXEP ZEVMEFPIW WYKKIWXIH
WYGLEWXIQTIVEXYVIERHLYQMHMX]ERHXLIMREFMPMX]XSTSWM  'VSWWWIGXMSR PSWW SJ VIMRJSVGMRK WXIIP FEVW{
XMSR XLI GSVVSWMSR VEXI TVSFI ZIV] GPSWI XS XLI VIMRJSVGMRK 8LMWXIWXMWYWIHXSUYERXMJ]XLIEQSYRXSJGSVVSWMSRXLEXLEW
WXIIP GSVVSWMSRVEXI QIEWYVIQIRXW LEZI MRLIVIRX IVVSV -X SGGYVVIH SR VIMRJSVGMRK WXIIP FEVW F] HMVIGXP] QIEWYVMRK
LEWFIIREVKYIH LS[IZIV XLEXHYI XSPEVKIHMJJIVIRGIWMR GVSWWWIGXMSREPPSWW[MXLEGEPMTIV8SQEOIQIEWYVIQIRXW
GSVVSWMSRVEXIW WIZIVEPSVHIVWSJQEKRMXYHI FIX[IIRTEW XLIVIMRJSVGMRKWXIIPFEVLEWXSFII\TSWIHMRWTEPPIHEVIEWSV
WMZIERHEGXMZIVIMRJSVGMRKWXIIPXLIQIEWYVIQIRXIVVSVWHS GEVIJYPP]I\GEZEXIH %HHMXMSREPP] XLIVIMRJSVGMRK WXIIP FEV
RSX WMKRMJMGERXP] MQTEGX MRXIVTVIXEXMSR SJ VIWYPXW JVSQ ER QYWXFIGPIERIHSJEPPGSVVSWMSRTVSHYGXWFIJSVIXEOMRKQIE
IRKMRIIVMRKTSMRXSJZMI[ WYVIQIRXW8LMWMWRSXEWXERHEVHM^IHXIWXFYXMWWSQIXMQIW
-R E JMIPH XIWXSRI HMJJMGYPX] MW XS HIXIVQMRI XLI EVIE SJ YWIHXSEMHMRHIXIVQMRMRKWXVYGXYVEPMRXIKVMX]
WXIIPXIWXIH/RS[MRKXLIWXIIPEVIEMWMQTSVXERXFIGEYWIXLI  4VIWXVIWWIHVIMRJSVGIQIRX{-HIRXMJ]MRKGSVVSWMSRMR
GSVVSWMSRVEXIMWHIJMRIHMRXIVQWSJXLIGSVVSWMSRGYVVIRXTIV WXVYGXYVEPGSRGVIXIGSRXEMRMRKTVIWXVIWWMRKWXIIPMWX]TMGEPP]
YRMXEVIESJWXIIP JSVI\EQTPI%GQSVQ%JX 8LIQEK QSVIHMJJMGYPXXLERMRWXVYGXYVEPGSRGVIXIGSRXEMRMRKRSRTVI
RMXYHISJXLIGSVVSWMSRGYVVIRXQIEWYVIHMWEHMVIGXMRHMGE WXVIWWIHVIMRJSVGIQIRX0SGEPGSVVSWMSRSJTVIWXVIWWIHVIMR
XMSRSJLS[JEWXGSVVSWMSRMWSGGYVVMRKSRXLIWXIIPWYVJEGI JSVGIQIRXGERSGGYV[MXLSYXER]SYX[EVHWMKRWSJGSRGVIXI
,MKLGYVVIRXWMRHMGEXIELMKLGSVVSWMSRVEXIERHZMGIZIVWE HEQEKI7XVIWWGSVVSWMSRGVEGOMRKERHMRXIVKVERYPEVGSVVS
6EXISJGSVVSWMSRQIEWYVIQIRXWEVIYWYEPP]GSRHYGXIHEX WMSRHYIXSL]HVSKIRIQFVMXXPIQIRXGEREPWSSGGYV[MXLSYX
XLIQSWXEGXMZIGSVVSWMSRWMXIWMHIRXMJMIH HYVMRKXLIGSVVS PSGEPEGGYQYPEXMSRSJGSVVSWMSRTVSHYGXW%PPXIWXQIXLSHW
WMSRTSXIRXMEPWYVZI]8LIVEXISJGSVVSWMSRQIEWYVIQIRXMW YWIHJSVGSVVSWMSREWWIWWQIRXSJVIMRJSVGIHGSRGVIXIWXVYG
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XYVIGSRXIRXQE]GLERKIMREQEXXIVSJHE]WSVIZIRLSYVW JSVTVIXIRWMSRIHTVIWXVIWWIHWXIIP3RTSWXXIRWMSRIHWXVYG
ERH VIWYPX MR GSVVIWTSRHMRK GLERKIW MR XLI GSVVSWMSR VEXI XYVIWWSQISJXLIXIWXQIXLSHW JSVI\EQTPIGSVVSWMSRTS
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ERGLSVEKIEVIEW%PXLSYKLGSVVSWMSRTSXIRXMEPERHGSVVSWMSR FIVIQSZIHERHVITPEGIHMRQSWXGEWIW6IQSZMRKXLIXIRHSR
VEXI VIEHMRKW QE] MRHMGEXI GSVVSWMSR SJ E QIXEPPMG WLIEXL MWXLISRP]TVSGIHYVIEZEMPEFPIXSGSQTPIXIP]EWWIWWXLII\XIRX
HYGX SVERERGLSVEKIHEXEMRXIVTVIXEXMSRMWHMJJMGYPXMJGSV SJGSVVSWMSREPSRKXLIXIRHSR+YMHIPMRIWSRXIRHSRVIQSZEP
VSWMSR SJ RSRTVIWXVIWWIH VIMRJSVGIQIRX MW SGGYVVMRK EX XLI ERHVITPEGIQIRXEVITVSZMHIHMR%'-6
WEQIXMQI-XMWRSXTSWWMFPIXSHIXIGXGSVVSWMSRSJXLITVI  &SRHIH TSWXXIRWMSRIH WXVYGXYVIW{-R FSRHIH
WXVIWWMRK WXIIP YWMRK GSVVSWMSR TSXIRXMEP SV GSVVSWMSRVEXI TSWXXIRWMSRIHWXVYGXYVIWXLITVIWXVIWWMRKWXIIPMWIRGEWIHMR
QIEWYVIQIRXW[LIRXLIWXIIPMWWLMIPHIHF]XLIWLIEXL8LI EHYGXXLEXMWJMPPIH[MXLKVSYX'SVVSWMSRGERSGGYVMJ[EXIV
SRP] QIXLSH SJ HIXIVQMRMRK GSVVSWMSR SJ E TSWXXIRWMSRIH JMPPIHZSMHWI\MWXMRXLIKVSYX8LIMQTEGXIGLSXIGLRMUYILEW
XIRHSR EX E TEVXMGYPEV PSGEXMSR MW XS VIQSZI XLI GSRGVIXI FIIR YWIH WYGGIWWJYPP] XS HIXIGX ZSMHW MR TSWXXIRWMSRIH
EVSYRHXLIXIRHSRERHSFWIVZIXLITVIWXVIWWMRKWXIIPPSGEPP] HYGXW8LMWXIGLRMUYIMWPMQMXIHXSEGGIWWMFPIXIRHSRW
8LMWLS[IZIVHSIWRSXTVSZMHIER]MRJSVQEXMSRVIKEVHMRK ERHGERRSXFIYWIHJSVMRXIVMSVXIRHSRWMREQYPXMTPIXIRHSR
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WXVYGXYVIW&]ORS[MRKXLIPSGEXMSRERHVEXISJJEMPYVIWEJXIV XIWXMRKERHEREP]WMW
MRWXEPPEXMSRMXMWTSWWMFPIXSQEREKIEORS[RSVWYWTIGXIH  :MWYEPMRWTIGXMSR{:MWYEPMRWTIGXMSRTYVTSWIWERH
GSVVSWMSRGSRHMXMSRMREWXVYGXYVI TVSGIHYVIWEVIXLIWEQIEWJSVXLIGSVVSWMSRGSRHMXMSRIZEP
 4VIXIRWMSRIH WXVYGXYVIW{8LSYKL EPP GSVVSWMSR YEXMSRSJXLIWXVYGXYVI8LIQIXLSHSPSK][EWHMWGYWWIHMR
EWWIWWQIRXXIGLRMUYIW YWIH JSVVIMRJSVGIHGSRGVIXIGER FI HIXEMPMR7IGXMSR
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MRKW QSVI HMJJMGYPX XS XEOI ERH MRXIVTVIX %HHMXMSREPP] XLI XIVQMRIMJXLIWXVIRKXLLEWFIIRGSQTVSQMWIHHYIXSER]HI
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VIEHMRKWEVIRSXETTPMGEFPIJSVTVIWXVIWWMRKWXIIP JVII^MRKERHXLE[MRKHEQEKI;MHIZEVMEXMSRWMRGSQTVIWWMZI
 9RFSRHIH TSWXXIRWMSRIH WXVYGXYVIW{%RGLSV WXVIRKXLMRHMGEXIPSGEPEVIEWSJHIXIVMSVEXMSR'SRGVIXIHEQ
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EVIEWMKRSJGSVVSWMSREXXLIERGLSVWERHTSWWMFP]GSVVSWMSR M^SRXEPGVEGOWMRXLIYTTIVTSVXMSRSJXLIGSVIQE]VIKMWXIVE
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W]WXIQW-JXLIWLIEXLHSIWRSXI\GPYHI[EXIVXLIR[EXIVMR %PPGSVIWGSPPIGXIHJVSQEWXVYGXYVIWLSYPHFIMHIRXMJMIHF]
KVIWWJVSQXLIERGLSVEKISJXIRVIWYPXWMRGSVVSWMSRSJTVI GSVIRYQFIVERHKVMHPSGEXMSRXSXLIRIEVIWXQQ MR 
WXVIWWMRK WXIIP 0SGEP VIQSZEP SJ GSRGVIXI JVSQ XLI )EGL GSVIXEOIR WLSYPH FI TLSXSKVETLIHERH MXW GSRHMXMSR
ERGLSVEKI EVIE XS SFWIVZI TVIWXVIWWMRKWXIIPGSVVSWMSR MWE HIWGVMFIH8LIGSVIWWLSYPHFIEVVERKIHXSWLS[ER]WMKRMJ
PMQMXIH WEQTPMRK TVSGIHYVI XLEX VIUYMVIW I\XVIQI GEYXMSR MGERX HIXIVMSVEXMSR YRYWYEP JIEXYVIW ERH [LIVI TSWWMFPI
%RSXLIVPMQMXIHWEQTPMRKTVSGIHYVIMRZSPZIWVIQSZMRKGSR IQFIHHIH WXIIP VIMRJSVGIQIRX -R WSQI GEWIW [IXXMRK XLI
GVIXIERHETSVXMSR SJ XLI HYGX EX EWTIGMJMG PSGEXMSR E[E] GSVIWQE]MQTVSZIXLIGSRXVEWXERHIQTLEWM^IHIJIGXWWYGL
JVSQERGLSVEKIWXSSFWIVZIXLIGSRHMXMSRSJXLITVIWXVIWWMRK EWGVEGOWERHZSMHW%WOIXGLWLSYPHFIQEHIXSWLS[XLI
WXIIP8LMWX]TISJHMVIGXZMWYEPXIWXMRKMWGSQQSRP]HSRIEX SZIVEPP HMQIRWMSRW SJ IEGL GSVI XLI PSGEXMSR SJ ER] VIMR
XIRHSRLSPHHS[RTSMRXW[LIVI[EXIVXIRHWXSEGGYQYPEXI JSVGIQIRXERHWMKRMJMGERXHIJIGXW8LIWOIXGLWLSYPHMPPYW
9RPMOI RSRTVIWXVIWWIH VIMRJSVGIQIRX GSVVSWMSR TVSHYGXW XVEXIXLIWEQIZMI[SJXLIGSVIEWMRXLITLSXSKVETL
XLEX JSVQ SR YRFSRHIH XIRHSRW EVI GSRXEMRIH [MXLMR XLI  'LPSVMHIMSRTIVQIEFMPMX]XIWXMRK{8LIGLPSVMHIMSR
WLIEXLMRKERHHSRSXGEYWIER]GVEGOMRKSVWTEPPMRKSJXLI TIVQIEFMPMX] SJ GSRGVIXI MW FIWX HIXIVQMRIH F] XIWX TVSGI
GSRGVIXI 'VEGOMRK EPSRK XLI XIRHSR XVENIGXSV] LS[IZIV HYVIWXLEXQIEWYVIEGXYEPGLPSVMHIMRKVIWW8LIVETMHGLPS
QE]SGGYVFIGEYWISJJVII^MRKIRXVETTIH[EXIVMRWMHIXLI VMHI TIVQIEFMPMX] XIWX ER IPIGXVMGEP TVSGIHYVI HIWGVMFIH MR
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6 %'-'311-88))6)4368

EWEQIERWSJIZEPYEXMRKXLIEFMPMX]SJGSRGVIXIXSVIWMWXGLPS GLPSVMHIMRHYGIH GSVVSWMSR GEVFSREXMSR EPOEPMEKKVI


VMHIMSRTIRIXVEXMSR8LMWEGGIPIVEXIHPEFSVEXSV]XIWXQIXLSH KEXIVIEGXMSRWERHJVII^MRKERHXLE[MRKG]GPIW
GSRWMWXWSJQSRMXSVMRKXLIEQSYRXSJIPIGXVMGEPGYVVIRXTEWWIH y 4VSFEFPIJYXYVITIVJSVQERGI
XLVSYKLEQQ MR XLMGOWPMGISJEQQ MR RSQM y 'SQTPMERGI[MXLTVSNIGXWTIGMJMGEXMSRW
REPHMEQIXIVGSVISVG]PMRHIVHYVMRKELTIVMSHYRHIVE y (IKVIISJGIQIRXL]HVEXMSR
TSXIRXMEPHMJJIVIRGISJZSPXW3RIIRHSJXLIWTIGMQIRMW y )WXMQEXMSRSJ[GQERHHIRWMX] YRMX[IMKLX 
I\TSWIHXSEWSHMYQGLPSVMHIWSPYXMSRERHXLISXLIVIRHMW y )\XIRXSJTEWXIGEVFSREXMSR
I\TSWIHXSEWSHMYQL]HVS\MHIWSPYXMSR8LIXSXEPGLEVKIH y 4VIWIRGISJJP]EWLERHIWXMQEXMSRSJEQSYRXSJJP]EWL
TEWWIHMRGSYPSQFWMWEJYRGXMSRSJXLIMRMXMEPGSRHYGXMZMX] y )ZMHIRGISJWYPJEXIERHSXLIVGLIQMGEPEXXEGO
SJ XLI GSRGVIXI ERH XLI GLERKI MR GSRHYGXMZMX] HYVMRK XLI y -HIRXMJMGEXMSRSJTSXIRXMEPP]VIEGXMZIEKKVIKEXIW
XIWX&IGEYWIGSRGVIXIGSRHYGXMZMX]ERHGLPSVMHIMSRTIRI y )ZMHIRGISJMQTVSTIVJMRMWLMRK
XVEXMSREVIFSXLHMVIGXP]EJJIGXIHMRTEVXF]XLITSVIWXVYGXYVI y )WXMQEXMSRSJEMVGSRXIRXERHLS[QYGLSJXLIEMVZSMHW
SJXLITEWXIXLIXSXEPGLEVKITEWWIHTVSZMHIWEVIPEXMZIMRHM EVIIRXVEMRIHZIVWYWIRXVETTIH
GEXMSR SJ XLIVIWMWXERGIXS GLPSVMHIMSRTIRIXVEXMSR8LIVI y )ZMHIRGISJIEVP]JVII^MRKERH
JSVIJSVEKMZIRWIXSJGSRGVIXIQEOMRKMRKVIHMIRXWELMKL y %WWIWWQIRXSJXLIGEYWISJGVEGOMRK
GLEVKI "  GSYPSQFW  MRHMGEXIW E VIPEXMZIP] LMKL
GLPSVMHIMSRTIVQIEFMPMX][LMPIEPS[GLEVKI GSY ',%48)6{6)1)(-%01)%796)7
PSQFW MRHMGEXIWRIKPMKMFPITIVQIEFMPMX] {-RXVSHYGXMSR
8LSYKLXLIVETMHGLPSVMHITIVQIEFMPMX]XIWXKMZIWVIEWSR 8LMWGLETXIVHMWGYWWIWQIEWYVIWEZEMPEFPIXSWXSTSVQMRM
EFPIVIWYPXWJSVQSWXGSRGVIXIWGEYXMSRWLSYPHFIYWIH[LIR QM^IGSVVSWMSREGXMZMX]SRXLIIQFIHHIHQIXEPSJERI\MWX
XLIXIWXMWETTPMIHXSGSRGVIXI[MXLVIPEXMZIP]PEVKIUYERXMXMIW MRKWXVYGXYVEPP]EHIUYEXIVIMRJSVGIHGSRGVIXIWXVYGXYVI
SJEHQM\XYVIWGSRXEMRMRKMRSVKERMGWEPXW[LMGLMRGVIEWIXLI
IPIGXVMGEP GSRHYGXMZMX] SJ XLI GSRGVIXI ERH QEOI MX ETTIEV {+IRIVEP
QSVITIVQIEFPI-REHHMXMSRXLIXIWXVIJPIGXWXLITIVQIEFMP 6IQIHMEPQIEWYVIWJSVGSRXVSPPMRKGSVVSWMSRSJVIMRJSVG
MX]SJXLIGSRGVIXIEXXLIXIWXEKI*SVGSRGVIXIXLEXLEWFIIR MRKWXIIPIQFIHHIHMRTSVXPERHGIQIRXGSRGVIXIYWITVMRGM
MRTPEGIJSVQER]]IEVWXLIXIWXQE]MRHMGEXIPS[TIVQIEFMP TPIWHMVIGXIHXS[EVH
MX]]IXGLPSVMHIEREP]WIWQE]WLS[LMKLPIZIPWSJGLPSVMHIW -RWYPEXMRKXLIGSRGVIXIWYVJEGIWJVSQXLIGSVVSWMZIIR
TVIWIRXMRXLIWXVYGXYVI ZMVSRQIRX
8LIVETMHTIVQIEFMPMX]XIWXLEWFIIRVIZMI[IHERHWMQTPIV 1SHMJ]MRKXLIIRZMVSRQIRXXSQEOIMXPIWWGSVVSWMZISV
EPXIVREXMZIWJSVHIXIVQMRMRKGLPSVMHITIVQIEFMPMX]LEZIFIIR 1SHMJ]MRKXLIIPIGXVSGLIQMGEPVIEGXMSRWEXXLIVIMRJSVG
WYKKIWXIH %GGSVHMRKXSXLIWIVIZMI[WXLIVIEVIWIZ MRKWXIIP
IVEPIVVSVWMRXLIXIWX 7IZIVEPSTXMSRWEVIEZEMPEFPIJSVVITEMVERHVILEFMPMXEXMSR
y 8LIXIWXYWIWXLIXSXEPGYVVIRXERHRSXXLEXGSVVIWTSRH SJHIXIVMSVEXIHVIMRJSVGIHGSRGVIXIWXVYGXYVIW'LSSWMRKER
MRKXSXLIGLPSVMHIJPY\ STXMSRHITIRHWSRXLISFWIVZIHHIXIVMSVEXMSRXLIIRZMVSR
y ;LIR MRXIKVEXMRK XLI XSXEP GYVVIRXJVSQXLI FIKMRRMRK QIRXXLIEZEMPEFMPMX]SJVITEMVTVSHYGXWERHXLIWOMPPSJXLI
SJ XLI I\TIVMQIRX XLI TVSGIHYVI HSIW RSX HMWXMRKYMWL [SVOJSVGIYWIHXSMQTPIQIRXXLIVITEMVTVSGIHYVI7SQISJ
FIX[IIR GLPSVMHI JPS[ TPYW VIEGXMSR ERH WMQTPI JPS[ XLIGYVVIRXP]EZEMPEFPISTXMSRWMRGPYHI
ERH y (SRSXLMRK
y 8LILMKLZSPXEKIHVSTYWIHMRHYGIWLIEX[LMGLMRXYVR y 6IQSZI WTEPPIH GSRGVIXI ERH VITPEGI [MXL E TEXGL SJ
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8LIVIJSVIEQMKVEXMSRXIWXWYGLEWXLEXYWIHMRXLIVETMH y 6IQSZIWTEPPIHERHHIPEQMREXIHGSRGVIXIERHVITPEGI
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GLPSVMHIWQYGLPIWWXLITSVSWMX]SVTIVQIEFMPMX]SJXLIGSR y 6IQSZIEPPGLPSVMHIGSRXEQMREXIHGSRGVIXISVGEVFSR
GVIXIWTIGMQIR EXIHGSRGVIXIERHTEXGL[MXLERSZIVPE]
 4IXVSKVETLMGEREP]WMW{8LI%781'WXERHEVH y -RWXEPPGEXLSHMGTVSXIGXMSRXSTVSXIGXXLIWXIIPVIMRJSVGI
XIWX TVSGIHYVI JSV TIXVSKVETLMG EREP]WMW GSRWMWXW SJ QMGVS QIRXJVSQJYVXLIVGSVVSWMSR
WGSTMGI\EQMREXMSRSJEJVIWLP]JVEGXYVIHERHTSPMWLIHGSR y 9WI IPIGXVSGLIQMGEP GLPSVMHI I\XVEGXMSR )')  XS
GVIXIWYVJEGIXLEXMWSFXEMRIHJVSQEXSQQ XSMR VIQSZI GLPSVMHI JVSQ XLI WYVJEGI SJ XLI VIMRJSVGMRK
HMEQIXIV HVMPPIH GSVI 'SPPIGXMRK GSVIW MW TVIWGVMFIH F] FEVWERHXSMQTVSZIXLIEPOEPMRMX]EXXLIFEVWYVJEGI
%781'%UYEPMJMIHTIXVSKVETLIVWLSYPHTIVJSVQXLI y 9WIVIEPOEPM^EXMSRXSVIWXSVIXLIGSRGVIXIT,SV
EREP]WMW 4IXVSKVETLMG I\EQMREXMSR MW SJXIR WYTTPIQIRXIH y 9WIGSVVSWMSRMRLMFMXSVWSRXLIWYVJEGISJGSRGVIXIXS
[MXLGLIQMGEPEREP]WMW\VE]HMJJVEGXMSREREP]WMWERHWGER VIHYGIXLIGSVVSWMSRVEXISJXLIIQFIHHIHVIMRJSVGMRK
RMRKIPIGXVSRQMGVSWGST] FEVW
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MRGPYHIXLIJSPPS[MRK HIXIVMSVEXMSRXSXLIWXVYGXYVI6IMRJSVGIHGSRGVIXIWXVYGXYVIW
y 'SRHMXMSRSJQEXIVMEP QE]FITVSXIGXIHJVSQGSVVSWMZIIRZMVSRQIRXWF]ETTP]MRK
y 'EYWIWSJMRJIVMSVUYEPMX] E ZEVMIX] SJ FEVVMIV W]WXIQW FIX[IIR XLI WXVYGXYVI ERH XLI
y -HIRXMJMGEXMSR SJ HMWXVIWW SV HIXIVMSVEXMSR GEYWIH F] GSVVSWMZI IRZMVSRQIRX 8LI FEVVMIV QE] FI E GSEXMRK SV
4638)'8-323*1)8%07-2'32'6)8)%+%-278'36637-32 6

QIQFVERIETTPMIHXSXLIWYVJEGISJXLIGSRGVIXIJSVQIHEW WMKRMJMGERXP]WPS[HS[RXLIIJJIGXWSJXLIGSVVSWMSRTVSGIWW
ERMRXIKVEPTEVXSJXLIGSRGVIXIQEXVM\XLVSYKLTSP]QIVMQ -JXLIGSVVSWMZIEKIRXWTEVXMGYPEVP]GLPSVMHIMSRWEVISJWYJ
TVIKREXMSRSVERSZIVPE]SJTSP]QIVGSRGVIXIPEXI\QSHMJMIH JMGMIRX UYERXMX] XLI GSVVSWMSR TVSGIWW [MPP GSRXMRYI YRXMP
GSRGVIXI WMPMGEJYQI GSRGVIXI SV MRXIVREPP] WIEPIH GSRGVIXI WXVYGXYVEPMRXIKVMX]MWXLVIEXIRIH8LIVIJSVIFEVVMIVW]WXIQW
'LETXIV %'-6TVSZMHIWKYMHERGISRXLIWIPIGXMSRERH WLSYPHFIGSRWMHIVIHEWSRP]XIQTSVEV]VIQIHMIWERHVSY
ETTPMGEXMSRSJQEXIVMEPWERHXIGLRMUYIWJSVXLIVITEMVTVSXIG XMRIQEMRXIRERGIWLSYPHFIVIUYMVIH6ITEMVWQE]PEWXXS
XMSRERHWXVIRKXLIRMRKSJGSRGVIXIWXVYGXYVIW ]IEVW%PPFEVVMIVW]WXIQW[MPPGSRXEMRHMWGSRXMRYMXMIW
8LIIRZMVSRQIRXQE]FIEPXIVIHXSVIHYGIGSVVSWMSRIMXLIV WYGLEWTMRLSPIWFVIEOWGVEGOWTSSVWIEQWSVSXLIVHIJIGXW
F]VIQSZMRKHIXVMQIRXEPGSRHMXMSRWWYGLEWGLPSVMHIMSRS\] XLEX[MPPEPPS[MRXVYWMSRSJGSVVSWMZIEKIRXWMRPSGEPM^IHEV
KIRERHQSMWXYVIKVEHMIRXWSVF]VIQSZMRKSVRIYXVEPM^MRK IEW 2IZIVXLIPIWWFEVVMIV W]WXIQWGER WYFWXERXMEPP]VIHYGI
WXVE] GYVVIRX WSYVGIW 'SVVSWMSR GER EPWS FI GSRXVSPPIH F] XLIVEXISJMRXVYWMSRSJGSVVSWMZIEKIRXWERHVIXEVHXLIGSVVS
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XLVSYKLETTPMGEXMSRSJGSVVSWMSRMRLMFMXSVWXSXLIERSHMGWMXIW QSHMJMIHGSRGVIXISZIVPE]WTPEGIHSRHIGOW[MXLPIWWXLER
OKQ  PF]H SJGLPSVMHIMSRWEXXLIPIZIPSJXLI
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GSVVSWMSR %PXLSYKL FVMHKI HIGOW EVI TIVLETW XLI  1SHMJMGEXMSR SJ XLI IRZMVSRQIRX{1IXLSHW EZEMP
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VIJIVIRGIW XS SXLIV X]TIWSJVIMRJSVGIHGSRGVIXI IPI VIQSZEP SV IPMQMREXMSR SJ WYFWXERGIW ERH GSRHMXMSRW XLEX
QIRXW XLEX I\TIVMIRGI GSVVSWMSR SJ XLI VIMRJSVGMRK WXIIP TVSQSXIGSVVSWMSRWYGLEWGLPSVMHIWL]HVSKIRWYPJMHI[E
8LIWIMRGPYHIFYMPHMRKWGEMWWSRWJSYRHEXMSRWTEVOMRKKE XIVS\]KIRERHWXVE]IPIGXVMGEPGYVVIRXW
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XEROW7SQISJXLIWIIPIQIRXWQE]FIXSXEPP]SVTEVXMEPP]FYV WMPERIGSEXMRKW[MPPVIHYGIXLITIRIXVEXMSRSJ[EXIVMRXSXLI
MIH MR WSMP 1EVMRI WXVYGXYVIW WYGL EW SJJWLSVI TPEXJSVQW GSRGVIXI+EWIWWYGLEWS\]KIRERHL]HVSKIRWYPJMHIGERFI
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EUYISYWWSPYXMSRW&VMHKIWTEVOMRKKEVEKIWERHFYMPHMRKW WSPYXMSRW
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XVIEXMRKXLIWYVJEGIWMWRSXTVEGXMGEP7MQMPEVP]MJXLIIPIQIRX TSVXWERHERMQTPIQIRXEXMSRKYMHI 8LITVSGIWWMR
MWEFYVMIHTMTIPMRISVERSJJWLSVITPEXJSVQI\TSWIHMREPEVKI ZSPZIW TPEGMRK ER ERSHI ERH IPIGXVSP]XI SR XLI GSRGVIXI
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ERHGSVVSWMZIEKIRXWWYGLEWGLPSVMHIMSRWXLEXEVIVIUYMVIH SJXLIWXIIPVIMRJSVGIQIRX%JXIVXLIXVIEXQIRXMWGSQTPIXI
XSWYWXEMRXLIGSVVSWMSRVIEGXMSRW&EVVMIVW]WXIQWYWIHEJXIV XLIGLPSVMHIWVIQEMRMRKMRXLIWXVYGXYVIQE]FIWYJJMGMIRXXS
EGXMZI GSVVSWMSR MW MRMXMEXIH HS RSX WXST GSVVSWMSR FYX GER VIMRMXMEXIGSVVSWMSR8LIWIGLPSVMHIWLS[IZIVEVIHMWXVMFYX
6 %'-'311-88))6)4368

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TMTIPMRIMRHYWXV]MWXLIMRWXEPPEXMSRSJVIWMWXERGIFSRHW-R
VIWMWXERGIFSRHMRKXLIWXVYGXYVIFIMRKEJJIGXIHMWIPIGXVMGEP
P]GSRRIGXIHXLVSYKLEVIWMWXSVXSXLIWSYVGISJXLIWXVE]GYV
VIRX-RXLMW QERRIVXLIGYVVIRXVIXYVRWXSMXWWSYVGI ZMEE
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GYVVIRX 'SPPIGXIH GYVVIRX MW TEWWIH SR XS XLI IPIGXVSP]XI
KVSYRH[EXIV ERHFEGOXSMXWWSYVGIJVSQXLIWYVJEGISJXLI
ERSHI8LIKEPZERMGERSHIGSVVSHIWVEXLIVXLERXLIVIMRJSVG
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ERHQEMRXEMRIHXSIRWYVIXLEXXLIGYVVIRXHMWGLEVKIIPIGXVSHI
MWXLIPIEWXVIWMWXMZITEXLXSXLIWSYVGI
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IH[IPPE[E]JVSQXLIVIMRJSVGMRKWXIIPERHXMQIMWVIUYMVIH KVEQWLS[WERSXLIVEVIE[LIVIMRRSWXIIPGSVVSWMSRSGGYVW
JSVVIHMWXVMFYXMSRXSSGGYV8LIVIXYVRXSGSVVSWMZIGSRHMXMSRW 8LMWEVIEEXXLIPS[IVTSVXMSRSJXLIHMEKVEQMWPEFIPIHEW
MWJYVXLIVHIPE]IHF]XLIFYMPHYTSJEPOEPMRMX]EXXLIWYVJEGI wMQQYRMX]x-RXLMWEVIEXLITSXIRXMEPSJXLIWXIIPMWQSVI
SJXLIVIMRJSVGMRKWXIIPERHHIZIPSTQIRXSJETVSXIGXMZIS\ RIKEXMZIXLERMRER]REXYVEPP]SGGYVVMRKGSRHMXMSRVIKEVH
MHIJMPQSRXLIWXIIPWYVJEGI0EFSVEXSV]WXYHMIWMRHMGEXIXLEX PIWWSJT,
XLI)')TVSGIWW[MPPTVIZIRXGSVVSWMSRJSVSVQSVI]IEVW
8LIQIXLSHSJTVSZMHMRKQSVIRIKEXMZIWXIIPTSXIRXMEPW
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VIUYMVIHJSVMQQYRMX]MWVIJIVVIHXSEWGEXLSHMGTVSXIGXMSR
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WXSTW GSVVSWMSR -R XLMW TVSGIWW KVSSZIW  QQ  MR GLIQMGEP GMVGYMX MW IWXEFPMWLIH F] MRWXEPPMRK ER ERSHI MR
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GYXMRXSXLIHIGOWYVJEGI8LIGSRGVIXIMWHVMIHXSEHITXLSJ GYVVIRXJVSQXLEXERSHIXLVSYKLXLIIPIGXVSP]XIXSXLIVIMR
QQ MR FIPS[XLIGSRGVIXIWYVJEGIYWMRKTVSTERI JSVGMRKWXIIP8LMWGYVVIRXTSPEVM^IWXLIWYVJEGISJXLIVIMR
JMVIHMRJVEVIHLIEXIVWERHEPPS[IHXSGSSPWPS[P]YRHIVER JSVGMRK WXIIP MR XLIIPIGXVSRIKEXMZI HMVIGXMSR ;LIR XLMW MW
MRWYPEXMRKQEXXSEQFMIRXXIQTIVEXYVI8LIQSRSQIV QIXL]P EGGSQTPMWLIHXLIVIMWRSGYVVIRXJPS[FIX[IIRXLIJSVQIVP]
QIXLEGV]PEXI MWTSYVIHMRXSXLIKVSSZIWERHEPPS[IHXSWSEO ERSHMGERHGEXLSHMGWXIIPWYVJEGIWERHGSVVSWMSRMWEVVIWXIH
MRXSXLIGSRGVIXI,IEXMWETTPMIHXSTSP]QIVM^IXLIQSRSQIV 8LMWVITVIWIRXWEFEPERGIHSVIUYMPMFVMYQGSRHMXMSR*MKYVI
MRTPEGI 8LI KVSSZIW EVI FEGOJMPPIH[MXLEPEXI\QSHMJMIH MWEWGLIQEXMGVITVIWIRXEXMSRSJGYVVIRXJPS[MREGEXLSHMG
QSVXEVF]TSYVMRKXLIQSVXEVSRXLIHIGOWYVJEGIERHYWMRK TVSXIGXMSRW]WXIQ
EWUYIIKIIXSTPEGIMXMRXSXLIKVSSZIW8LIMRMXMEPHV]MRKSJ 8LITVSXIGXMZIIPIGXVSGLIQMGEPGMVGYMXGERFIIWXEFPMWLIH
XLI GSRGVIXIQE]GEYWI I\XIRWMZIGVEGOMRK MR XLI GSRGVIXI MRX[S[E]W3RIQIXLSHYWIWERIPIGXVSHIQEHISJEQIXEP
WYVJEGI7YGLTSP]QIVXVIEXQIRXWEVIKIRIVEPP]GSRWMHIVIHXS SVEPPS]XLEXMWQSVIIPIGXVSRIKEXMZIXLERXLIWXVYGXYVIXSFI
FII\TIVMQIRXEP TVSXIGXIHWYGLEWQEKRIWMYQ^MRGSVEPYQMRYQ8LMWQIXL
'SVVSWMSRSJVIMRJSVGMRKWXIIPMRGSRGVIXIGERFIGEYWIHF] SH MWORS[REWXLIKEPZERMGERSHIQIXLSHSJGEXLSHMGTVS
WXVE]GYVVIRXGSVVSWMSRSVSXLIVIRZMVSRQIRXEPJEGXSVWMREH XIGXMSR8LIKEPZERMGERSHIWGSVVSHISVWEGVMJMGIXLIQWIPZIW
HMXMSRXSGLIQMGEPW7XVE]GYVVIRXMWVIGIMZIHF]XLIVIMR EWXLI]TEWWGYVVIRXXSXLIIPIGXVSP]XI
JSVGMRKWXIIPIQFIHHIHMRGSRGVIXISVER]QIXEPIPIGXVMGEPP] 8LIVII\MWXWWSQIGSRXVSZIVW]EWXS[LMGLSJXLIZEVMSYW
GSRXMRYSYWXSXLIIQFIHHIHWXIIPERHHMWGLEVKIHIPWI[LIVI QEXIVMEPW[MPPTVSZMHIXLIFIWXPSRKXIVQTVSXIGXMSRLS[IZIV
SR MXW[E]XSXLI WSYVGI6IMRJSVGMRK WXIIPGSVVSHIWEXXLI EVIGIRX*,;%WXYH]JSYRHEPYQMRYQERH^MRGERSHIWXS
TSMRX SJ GYVVIRX HMWGLEVKI 8LI QSWX GSQQSR WSYVGIW SJ FIXLIQSWXTVSQMWMRKKEPZERMGERSHIW7SQIERSHIWQE]
WXVE]GYVVIRXWJSVVIMRJSVGIHGSRGVIXIWXVYGXYVIWMRGPYHI(' RSX TVSZMHI EHIUYEXI TVSXIGXMSR [LIVI XLI GSRGVIXI LEW E
TS[IVIH IPIGXVMG VEMP[E]W ERH IPIGXVSTPEXMRK TPERXW 8LMW LMKLVIWMWXMZMX]%RSHIWWLSYPHEPWSFIWM^IHMREGGSVHERGI
4638)'8-323*1)8%07-2'32'6)8)%+%-278'36637-32 6

[MXLXLIMVVIWTIGXMZIGSRWYQTXMSRVEXIWXSTVSZMHIXLIRIGIW y 'SRGVIXIGSZIVKVIEXIVXLERQQ MR 


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IPIGXVMGEP GYVVIRX JVSQ ER I\XIVREP WSYVGI 8LMW QIXLSH MW FIGPSWIXSEWSYVGISJIPIGXVMGEPTS[IVMJMQTVIWWIHGYVVIRX
XIVQIHMQTVIWWIHGYVVIRXGEXLSHMGTVSXIGXMSR%RMQTVIWWIH GEXLSHMGTVSXIGXMSRMWFIMRKGSRWMHIVIH
GYVVIRX GEXLSHMG TVSXIGXMSR W]WXIQ MRGPYHIW XLI JSPPS[MRK :EVMSYWTEVEQIXIVWLEZIXSFIGSRWMHIVIHXSIWXMQEXIXLI
FEWMGGSQTSRIRXW VIUYMVIHGYVVIRXWJSVMQTVIWWIHGYVVIRXGEXLSHMGTVSXIGXMSR
y ('TS[IVWSYVGI VIGXMJMIV  8LIWITEVEQIXIVWMRGPYHIXLIWYVJEGIEVIESJXLIGSRGVIXIXS
y 'YVVIRXHMWXVMFYXMSRLEVH[EVI ERSHI  FITVSXIGXIHWM^IERHWTEGMRKSJVIMRJSVGMRKFEVWERHGYV
y 'SRHYGXMRKIPIGXVSP]XI GSRGVIXI  VIRXHIRWMX]8LIVIGXMJMIVWM^IMWWIPIGXIHFEWIHYTSRXLIGYV
y 6IMRJSVGMRKWXIIPXSFITVSXIGXIH GEXLSHI  VIRX VIUYMVIQIRX 'EXLSHMG TVSXIGXMSR ERSHIW EVI YWYEPP]
y 'SQTPIXIGMVGYMX [MVMRK ERH WIKQIRXIHMRXS^SRIWXLEXTIVQMXKVIEXIVJPI\MFMPMX]MRGSR
y )ZEPYEXMSRERHGSRXVSPHIZMGIW TVSFIWVIJIVIRGIGIPPW XVSPERHJEGMPMXEXIXVSYFPIWLSSXMRKMRTVSFPIQEVIEW0EVKI
GSRXVSPPIV  ^SRIWGERPIEHXSTVSFPIQWWYGLEWYRHIVWYTTP]SVSZIVWYT
%KYMHIWTIGMJMGEXMSRLEWFIIRHIZIPSTIHJSVGEXLSHMGTVS TP]SJXLIGYVVIRXXSTEVXMGYPEVEVIEWSJXLIWXVYGXYVI)EGL
XIGXMSR SJ GSRGVIXI FVMHKI HIGOW 7MQMPEV WTIGMJMGEXMSRW ^SRIX]TMGEPP]VIUYMVIWEWITEVEXIVIGXMJMIVGSRXVSPGMVGYMXERH
[IVIHIZIPSTIHJSVFVMHKIWYFWXVYGXYVIGEXLSHMGTVSXIGXMSR TS[IV JIIH JVSQ XLI VIGXMJMIV XS XLI ERSHI ERH W]WXIQ
YRHIV7,648LIWTIGMJMGEXMSRWHIZIPSTIHYRHIV7,64EVI KVSYRH 8]TMGEP ^SRI WM^IW VERKI JVSQ  XS  Q
MRGPYHIHMREQERYEPSJTVEGXMGIJSVGEXLSHMGTVSXIGXMSRSJ XSJX 3RFVMHKIWXLIPSGEXMSRERHJVIUYIRG]SJ
GSRGVIXIFVMHKIW'EXLSHMGTVSXIGXMSRW]WXIQWMRGPYHIHMR XLII\TERWMSRNSMRXWQE]HIXIVQMRIXLIWM^IWSJXLI^SRIW
XLIQERYEPEVIFVMIJP]HIWGVMFIHEWJSPPS[W8LIWIW]WXIQW 8LI ZSPXEKIHVSTERHGYVVIRXEXXIRYEXMSREPSRK XLI ERSHI
LEZITIVJSVQIHWYGGIWWJYPP]MRXLIJMIPHXSZEV]MRKHIKVIIW ERH MXW GSRRIGXMRK [MVI MR XLI GEXLSHMG TVSXIGXMSR W]WXIQ
y 'SOIEWTLEPX GEXLSHMG TVSXIGXMSR W]WXIQ 8LMW W]WXIQ WLSYPHFIIZEPYEXIH-JXLIZSPXEKIHVSTWEVII\GIWWMZIYRIZIR
YWIW ERSHIW SJ GEWXMVSR EPPS] E GSRHYGXMZI EWTLEPXMG ERHMRWYJJMGMIRXGYVVIRXHMWXVMFYXMSRXSXLIVIMRJSVGMRKWXIIP
GSRGVIXISZIVPE]ERHEGSRZIRXMSREPEWTLEPXMGGSRGVIXI QE]VIWYPX*SVIZIRGYVVIRXHMWXVMFYXMSRXSEWXVYGXYVIXLI
[IEVMRKWYVJEGI ZSPXEKI HVST WLSYPH RSX I\GIIH  Q: JVSQ XLI GYVVIRX
y 7PSXXIHGEXLSHMG TVSXIGXMSR W]WXIQ 8LMW W]WXIQ JIIHTSMRXXSXLIJEVXLIWXTSMRXMRXLIERSHIGMVGYMX8LIHI
MRZSPZIWXLIMRWIVXMSRSJERERSHIW]WXIQWYGLEWGEXE WMKRWLSYPHXLIVIJSVISTXMQM^IERSHIW]WXIQPIRKXLERSHI
P]^IHXMXERMYQVMFFSRQIWLMRXSWPSXWGYXMRXSXLIGSR WTEGMRKERHWM^IERHGSRHYGXSVWM^IXSEGLMIZIWEJIERHIJ
GVIXI WYVJEGI 8LI WPSXW EVI XLIR FEGOJMPPIH [MXL E JMGMIRXGYVVIRXHMWXVMFYXMSR
RSRWLVMROGIQIRXMXMSYWKVSYX 6IHYRHERG]SJGYVVIRXSYXTYXGMVGYMXV] ERH QSRMXSVMRK
y (MWXVMFYXIHERSHIGEXLSHMGTVSXIGXMSRW]WXIQ[MXLGSR HIZMGIW VIJIVIRGIGIPPWERHTVSFIW WLSYPHFITVSZMHIHXS
GVIXISZIVPE]W8LMWW]WXIQMRZSPZIWTPEGMRKERSHIWSR QMRMQM^IXLIEVIEEJJIGXIHF]QEPJYRGXMSRSVTL]WMGEPHEQ
XLI GSRGVIXI WYVJEGI EJXIV VITEMVW ERH GPIERMRK JSP EKI8LIVIGXMJMIVWLSYPHFIWIPIGXIHXSTVSZMHIEHIUYEXIEP
PS[IH F] IRGETWYPEXMSR SJ XLI ERSHIW MR GSRGVIXI PS[ERGIJSVERXMGMTEXIHGLERKIWMRGYVVIRXVIUYMVIQIRX[MXL
)RGETWYPEXMSRQE]GSRWMWXSJERSZIVPE]SRLSVM^SRXEP XMQI8LIHIWMKRSYXTYXZSPXEKIWLSYPHXEOIMRXSEGGSYRXXLI
WYVJEGIWSVGEWXMRTPEGIWLSXGVIXISRZIVXMGEPWYVJEGIW ZSPXEKI VIUYMVIH XS HVMZI XLI GEXLSHMG TVSXIGXMSR GYVVIRX
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