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WXVYGXYVIW ERH SXLIV WXVYGXYVIW I\TSWIH XS GLPSVMHIW LEZI GVIXI GSZIV SZIV XLI VIMRJSVGMRK WXIIP GVEGOGSRXVSP QIE
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WIEVGL SR JEGXSVW GSRXVMFYXMRK XS WXIIP GSVVSWMSR LEW MR JSVGSVVSWMSRTVSXIGXMSREVIWSQISJXLIJEGXSVWXLEXLIPTGSR
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XLIQIXEPWYVJEGITVIZIRXMRKXLIQIXEPEXSQWEXXLIWIPSGE WLS[RF]XLIHEWLIHPMRIWMR*MK
XMSRWJVSQHMWWSPZMRK%TEWWMZIJMPQHSIWRSXEGXYEPP]WXST *SV WXIIP MR GSRGVIXI LS[IZIV XLI GLIQMGEP TVSXIGXMSR
GSVVSWMSRMXVIHYGIWXLIGSVVSWMSRVEXI XSERMRWMKRMJMGERXPIZ KMZIRXSXLIWXIIPF]XLIJSVQEXMSRSJETEWWMZIJMPQVIHYGIW
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VEXIWEXPIEWXXLVIISVHIVWSJQEKRMXYHILMKLIVXLERXLMW TEVXSJXLITSPEVM^EXMSRGYVZIXSXLITEWWMZIVIKMSRSGGYVWEW
8LIOMRIXMGWSJGSVVSWMSR{%PPQIXEPWI\GITXKSPH EVIWYPXSJXLIJSVQEXMSRSJETEWWMZIQIXEPS\MHIJMPQ1SVI
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EXQSWTLIVMGGSRHMXMSRWERH[MPPIZIRXYEPP]VIZIVXXSXLIMVS\ EGGIWWJSVXLIGEXLSHMGVIEGXMSRERHGERVIWYPXMREHIGVIEWI
MHIWSVSXLIVGSQTSYRHW
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MQTSVXERGI XS XLI IRKMRIIV [LS [SYPH YWI E QIXEP MW RSX EPWSPMQMXXLIEGGYVEG]F][LMGLXLIEGXYEPGSVVSWMSRVEXIGER
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JVSQXLIMVSRMRXLIERSHMGVIEGXMSRWHIWGVMFIHTVIZMSYWP] GLIQMGEPTSXIRXMEPKEPZERSWXEXMGQIEWYVIQIRXW
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FIGEYWIETVIGMWIORS[PIHKISJXLITEWWMZIGSVVSWMSRVEXIMW
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8LVSYKLGEVIJYPHIWMKRERHKSSHGSRWXVYGXMSRTVEGXMGIWXLI WSPYFPI EGMHWSPYFPI [LMGL MRGPYHIW [EXIVWSPYFPI ERH
TVSXIGXMSRTVSZMHIHF]TSVXPERHGIQIRXGSRGVIXIXSIQFIHHIH EGMHMRWSPYFPIGLPSVMHIWHITIRHMRKSRXLIEREP]WMWQIXLSH
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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
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FSXLHITXLSJGSRGVIXIGSZIVERH[GQ%GSRGVIXIGSZIV SXLIV GLPSVMHI WEPX GSRXIRX -RXLMW VITSVX EPP VIJIVIRGIW XS
SJQQMR
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MSR'Pz
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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
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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
*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
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KVIHMIRXWIZIRMJXLIGLPSVMHIGSRXIRXMRXLIQEXIVMEPWMWPIWW
XLERXLIWXEXIHPMQMXW-RQER]I\TSWYVIGSRHMXMSRWWYGLEW
LMKL[E]ERHTEVOMRKWXVYGXYVIWQEVMRIIRZMVSRQIRXWERH
MRHYWXVMEPTPERXW[LIVIGLPSVMHIWEVITVIWIRXEHHMXMSREPTVS
XIGXMSR EKEMRWX GSVVSWMSR SJ IQFIHHIH VIMRJSVGMRK WXIIP MW
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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[EWEFSYXQQMR
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] 8LYWQQMR
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 QQMR
SJ[GGSRGVIXI3RXLIFEWMWSJXLMW[SVO
UYIRGIW SJ GSVVSWMSR XLI GSRJPMGXMRK HEXE SR GSVVSWMSR %'-6VIGSQQIRHWEQMRMQYQSJQQMR
GSR
XLVIWLSPHZEPYIWERH XLI HMJJMGYPX] SJHIJMRMRK XLIWIVZMGI GVIXIGSZIVJSVXLIXSTWXIIPMRFVMHKIHIGOWMJXLI[GMW
IRZMVSRQIRXXLVSYKLSYXXLIPMJISJEWXVYGXYVI4SXIRXMEPP] ERHQQMR
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[XLIPMRISJEVIMRJSVGMRKFEVEWQMKLX 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]QQMR
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
4SP]QIVMQTVIKREXMSR{4SP]QIVMQTVIKREXMSRGSR GSRGVIXISZIVPE]WJSVRI[VIMRJSVGIHGSRGVIXIEVIETTPMIHEW
WMWXWSJJMPPMRKWSQISJXLIZSMHWMRLEVHIRIHGSRGVIXI[MXLE TEVXSJX[SWXEKIGSRWXVYGXMSR8LISZIVPE]QE]FITPEGIH
QSRSQIV ERH TSP]QIVM^MRK MR TPEGI 0EFSVEXSV] WXYHMIW FIJSVIXLIJMVWXWXEKIGSRGVIXILEWWIXSVWIZIVEPHE]WPEXIV
LEZIHIQSRWXVEXIHXLEXTSP]QIVMQTVIKREXIHGSRGVIXI4-'
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]
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FYXEPWSXLIGSWXSJYWMRKXLEXSTXMSRJSVXLIHIWMVIHXMQITI RSRTVIWXVIWWIHVIMRJSVGMRKFEVWSV[IPHIH[MVIJEFVMG
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XLIQSWXGSWXIJJIGXMZIVILEFMPMXEXMSRWXVEXIK]GERFIWIPIGXIH JSVQIHFEVWERHQE]FIYRGSEXIHITS\]GSEXIHSVKEPZE
8LI JSGYW SJ XLMW GLETXIV MW SR XIGLRSPSKMIW ERH MRWXVY RM^IH1SWXVIMRJSVGIHGSRGVIXIWXVYGXYVIWWYGLEWFVMHKIW
QIRXEXMSR YWIH JSV GSRHYGXMRK GSRHMXMSR IZEPYEXMSRW SJ TEVOMRKKEVEKIWERHFYMPHMRKWGSRXEMRRSRTVIWXVIWWIHVIMR
VIMRJSVGIHGSRGVIXIWXVYGXYVIWSV7XITSJXLIQIXLSHSPSK] JSVGMRKWXIIP4VIWXVIWWIHVIMRJSVGMRKWXIIPMWX]TMGEPP]MRXLI
XS MHIRXMJ] GSVVSWMZI IRZMVSRQIRXW ERH EGXMZI EVIEW SJ JSVQSJWIZIR[MVIWXVERHWSVFEVW8LIVIEVIX[SX]TIWSJ
GSVVSWMSR TVIWXVIWWIHGSRGVIXITVIXIRWMSRIHERHTSWXXIRWMSRIH
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GSRGVIXIWXVYGXYVIW GEWXMRXLIFIHERHSRGIMXLEWKEMRIHWYJJMGMIRXWXVIRKXLXLI
3ZIV XLI ]IEVW E RYQFIV SJ XIGLRMUYIW ERH TVSGIHYVIW TVIWXVIWWMRKJSVGISRXLIXIRHSRWMWVIPIEWIH8LIXIRHIRG]
LEZIFIIRHIZIPSTIHXSJEGMPMXEXIETVSTIVGSRHMXMSREWWIWW JSV XLI TVIWXVIWWMRK WXIIP [MXLMR XLI LEVHIRIH GSRGVIXI XS
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XIGLRMUYIWERHTVSTIVHEXEMRXIVTVIXEXMSREVIVIUYMVIHFIJSVI WMSRERHXLYWXLITVIWXVIWWIHGSRGVIXIIPIQIRXMWEFPIXS
EVVMZMRKEXEGSRGPYWMSRERHMQTPIQIRXMRKGSVVIGXMZIEGXMSR VIWMWXKVIEXIVPSEHWMRWIVZMGI)\EQTPIWSJTVIXIRWMSRIH
7IZIVEPRSRHIWXVYGXMZIXIWX2(8
QIXLSHWEVIEZEMPEFPI GSRGVIXIGSQTSRIRXWMRGPYHIFIEQWGSPYQRWERHTMPMRKW
JSV EWWIWWMRK IMXLIV MRHMVIGXP] SV HMVIGXP] XLI GSVVSWMSR -RQSHIVRTSWXXIRWMSRIHWXVYGXYVIWXLITVIWXVIWWMRKXIR
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GSVVSWMSR3XLIVXIWXQIXLSHWEVIEPWSEZEMPEFPIJSVEWWIWWMRK JSVQ[SVO 'SRGVIXI MW GEWX ERH EJXIV MX LEW LEVHIRIH ERH
XLI GSRHMXMSR SJ XLI GSRGVIXI % X]TMGEP GSRHMXMSR WYVZI] KEMRIHWYJJMGMIRXWXVIRKXLXLIXIRHSRWMRXLIHYGXWEVIXIR
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ZMHIWHIXEMPWSRXLIYRHIVP]MRKTVMRGMTPIWSJQSWXSJXLI2(8 XLIGSRGVIXI-RYRFSRHIHTSWXXIRWMSRMRKXLIXIRHSRWEVI
QIXLSHWHMWGYWWIHMRXLMWGLETXIV ERGLSVIH SRP] EX ERGLSVEKIW EX XLI IRHW SJ XLI WXVYGXYVEP
8LISFNIGXMZISJXLIGSRHMXMSRWYVZI]MWXSHIXIVQMRIXLI QIQFIV8IRHSRWMRYRFSRHIHTSWXXIRWMSRIHGSRGVIXIEVI
GEYWII\XIRXERHQEKRMXYHISJXLIVIMRJSVGMRKWXIIPGSVVS X]TMGEPP]GSEXIH[MXLKVIEWIXLEXGSRXEMRWEGSVVSWMSRMRLMFM
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GSRXMRYIHHIXIVMSVEXMSR&EWIHSRXLIWTIGMJMGWGSTIHIZIP XLI TSWXXIRWMSRMRK TVSGIWW 8LMW MW VIJIVVIH XS EW FSRHIH
STIHJSVXLIXEVKIXWXVYGXYVIWSQISVEPPSJXLITVSGIHYVIW TSWXXIRWMSRMRK)\EQTPIWSJTSWXXIRWMSRIHGSRGVIXIGSQ
PMWXIHEWJSPPS[W[SYPHFIYXMPM^IHMRXLIGSRHMXMSRWYVZI] TSRIRXWMRGPYHITEVOMRKKEVEKIWFEPGSR]WPEFWERHFVMHKIW
1IXLSHWJSVIZEPYEXMRKXLIGSVVSWMSRSJVIMRJSVGMRKWXIIP 'SVVSWMSRIZEPYEXMSR QIXLSHW EVI TVMQEVMP] SVMIRXIH XS
y :MWYEPMRWTIGXMSR [EVHW GSRGVIXI WXVYGXYVIW [MXL RSRTVIWXVIWWIH VIMRJSVGI
y (IPEQMREXMSRWYVZI] QIRX 7SQI QIXLSHW TEVXMGYPEVP] XLSWI XLEX HMVIGXP]
y 'SRGVIXIGSZIVQIEWYVIQIRXW QIEWYVI GSVVSWMSR EVI RSX ETTPMGEFPI XS TSWXXIRWMSRIH
y 'LPSVMHIMSRGSRXIRXEREP]WIW WXVYGXYVIWJSVVIEWSRWXLEXEVIHMWGYWWIHMR7IGXMSR
y (ITXLSJGEVFSREXMSRXIWXMRK 2SRTVIWXVIWWIH VIMRJSVGIH GSRGVIXI WXVYGXYVIW{
y )PIGXVMGEPGSRXMRYMX]XIWXMRK 8LIHMJJIVIRXXIWXQIXLSHWXLEXGERFIYWIHXSMHIRXMJ]GSVVS
y 'SRGVIXIQSMWXYVIERHVIWMWXMZMX]QIEWYVIQIRXW WMZI IRZMVSRQIRXW ERH EGXMZI GSVVSWMSR MR WXVYGXYVIW [MXL
y 'SVVSWMSRTSXIRXMEPQETTMRK RSRTVIWXVIWWIHVIMRJSVGIQIRXEVIHMWGYWWIHEWJSPPS[W
y 'SVVSWMSRVEXIQIEWYVIQIRXWERH :MWYEPMRWTIGXMSR{%ZMWYEPMRWTIGXMSRSVGSRHM
y (IXIVQMREXMSRSJGVSWWWIGXMSRPSWWSRVIMRJSVGMRKWXIIP XMSRWYVZI]MWXLIJMVWXWXITMRXLIIZEPYEXMSRSJEWXVYGXYVIJSV
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y :MWYEPMRWTIGXMSR KIRIVEPGSRHMXMSRSJXLIGSRGVIXI%ZMWYEPWYVZI]MRGPYHIW
y 'SVI GSPPIGXMSR ERH GSQTVIWWMZI WXVIRKXL XIWXMRK SR HSGYQIRXEXMSRSJGVEGOWWTEPPWVYWXWXEMRWTSTSYXWWGEP
GSVIWSVMRTPEGI
MRKERHSXLIVZMWYEPIZMHIRGIWSJTL]WMGEPHIXIVMSVEXMSRSJ
y 6ETMHGLPSVMHITIVQIEFMPMX]XIWXMRKERH XLIGSRGVIXI8LIWM^IERHZMWYEPGSRHMXMSRSJER]TVIZMSYW
y 4IXVSKVETLMGEREP]WMW TEXGL VITEMVW WLSYPH FI EPWS HSGYQIRXIH -R EHHMXMSR XLI
6 %'-'311-88))6)4368
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QEXIVMEPWERHHVEMREKIGSRHMXMSRWMRTEVXMGYPEVIZMHIRGISJ ERH MW TVSRI XS STIVEXSV IVVSVW 3TIVEXSV JEXMKYI ERH LMKL
TSSVHVEMREKIWLSYPHFIVIGSVHIH FEGOKVSYRH RSMWI PIZIPW GER EPWS VIHYGI XLI EGGYVEG] ERH
8LI ZMWYEP WYVZI] MRJSVQEXMSR MW VIGSVHIH SR E WGEPIH WTIIHSJXLIWYVZI]
HVE[MRKSJXLIWXVYGXYVI%ZMWYEPMRWTIGXMSRMWEZMXEPTEVXSJ 8S SZIVGSQI XLIWI TVSFPIQW XLI 8I\EW (ITEVXQIRX SJ
XLI IZEPYEXMSR FIGEYWI XLI YWI SJ WYFWIUYIRX XIWX TVSGI 8VERWTSVXEXMSREYXSQEXIH XLI WSYRHMRK XIGLRMUYI [MXL XLI
HYVIW HITIRHW SR XLI ZMWYEP EWWIWWQIRX SJ XLI WXVYGXYVI HIZIPSTQIRXSJXLI(IPEQXIGXMR8LIIWWIRXMEP
8LIMRWTIGXMSRWLSYPHJSPPS[ERSVHIVP]TVSKVIWWMSRSZIVXLI GSQTSRIRXWSJXLI(IPEQXIGXGSRWMWXSJEYXSQEXIHXETTIVW
WXVYGXYVIWSXLEXRSWIGXMSRWSJXLIWXVYGXYVIEVISZIVPSSOIH E WXVMT GLEVX VIGSVHIV ERH EGSYWXMG VIGIMZIVW 8LI /ERWEW
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QEMRXIRERGISVVITEMV'SVVSWMSRTSXIRXMEPQETTMRKLEWFIIR WMWXWSJ[LIIPIPIGXVSHIW3RISVQSVIQMRMEXYVIVIJIVIRGI
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MRXLEXEVIEEXXLIXMQISJQIEWYVIQIRX TEMVERHPSRKXIVQGSVVSWMSRTVSXIGXMSRW]WXIQW7IZIVEPEX
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z :'7)GSVVSWMSREGXMZMX]SJXLIVIMRJSVGMRKWXIIP VIQEMRMRKWIVZMGIPMJISJWXVYGXYVIWSVXMQIXSHEQEKI&EWIH
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y -JTSXIRXMEPWSZIVEREVIEEVIQSVIRIKEXMZIXLER TVSZMHIWKYMHIPMRIWJSVMRXIVTVIXMRKXLIHEXEMRXIVQWSJXMQI
z : '7) XLIVI MW E KVIEXIV XLER TVSFEFMPMX] XSHEQEKI[LMPISXLIVWLEZIEXXIQTXIHXSQEXLIQEXMGEPP]
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EXXLIXMQISJQIEWYVIQIRX 2SWYGLQSHIPWSVKYMHIPMRIWEVIYRMZIVWEPP]EGGITXIH
2SXI8LIWIKYMHIPMRIWWLSYPHSRP]FIYWIHJSVYRGSEXIH E8LI046XIGLRMUYI{8LIXLVIIIPIGXVSHI046
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