Libro

-[wG:K|XOIU 6XlIZOIGVGXGRG G: U GV GR +RGHUXGIO|T JK6RGTKY+YZXGZsMOIUY K6 Y+YZ JK :KITURUMwG JK/TLUXSGIO|T K/
&2/(&&,21 &&,
0(72'2/2*,$,1)250$7,&$
$EULO
2TGRCTCFQ +ORTGUKP 'FKEKP &QOKEKNKQ 1TFGP &GRUKVQ.GICN

5WD,GHCVWTCFG+PHQTOVKEC &KTGEEKP6EPKECFG0QTOCVKXKFCF[2TQOQEKPl 6CNNGTGU )THKEQU FG NC 1HKEKPC 6EPKEC FG #FOKPKUVTCEKP FGN +PUVKVWVQ 0CEKQPCN FG 'UVCFUVKECG+PHQTOVKEC +0'+ 'LGORNCTGU #X)TCN)CT\P0,GUU/CTCK .KOC 016#+0'+ 0
'
@bUcU^dQSY^
N+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC
+0'+TGURQPUCDNGFGNCUCEVKXK FCFGUKPHQTOVKECU GPGNUGEVQTRDNKEQRTGUGPVCWPCPWGXCXGTUKPFGNCOGVQFQNQICRCTCNCGNCDQTCEKPFGWPRNCP KPHQTOVKEQ FGPQOKPCFC )WC 6GTKEQK 2TEVKEC RCTC NC 'NCDQTCEKP FG 2NCPGU 'UVTCVIKEQU FG 6GEPQNQICFG+PHQTOCEKP2'6+ 'UVC RWDNKECEKP SWGEQPUVC FGUKGVG ECRVWNQUGUWPCXGTUKP TGXKUCFC [CEVWCNK\CFCFGNOCPWCN UQDTG2NCPGU'UVTCVIKEQUFG5KUVGOCUFG+PHQTOCEKP
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
'P GN %CRVWNQ UG KFGPVKHKEC NQU TGSWGTKOKGPVQU FG WP RNCP 2'6+ UG GUVWFKC NQU RTQEGUQU FG NC QTICPK\CEKP [ UG NQITC GNCDQTCT WP NKUVCFQ FG TGSWGTKOKGPVQU GP GN OCTEQ FG WP GPHQSWG FG OGLQTCOKGPVQ FG RTQEGUQU PGEGUCTKQU RCTC NC QRVKOK\CEKP [ TCEKQPCNK\CEKP FG NQU RTQEGUQU KPUVKVWEKQPCNGU
.QU %CRVWNQU [ VTCVCP UQDTG FKUGQ FGN OQFGNQ VGEPQNIKEQ KPUVKVWEKQPCN GP GN ECORQ FGNQU UKUVGOCUFGKPHQTOCEKP[FGNUQRQTVGGPJCTFYCTG[UKUVGOCUDCUG'PGUVQUECRVWNQUUGKPEQTRQTC GN GPHQSWG FG EQPVKPIGPEKCU SWG RNCPVGC FKURQPGT FG RNCPGU CNVGTPCVKXQU SWG RGTOKVCP UWRNKT GP ECUQ FG RTGUGPVCTUG RTQDNGOCU GP NC KORNGOGPVCEKP FG NC RNCVCHQ TOC [ UQNWEKQPGU RNCPKHKECFCU 'UVQURNCPGUCNVGTPCVKXQU
FGPQOKPCFQUFGGOGTIGPEKCRCTVGPFGTGCNK\CTWPCPNKUKUFGTKGUIQRCTC NWGIQFKUGCTGKORNGOGPVCTNQURNCPGUFGGOGTIGPEKC 2QT NVKOQ GP GN %CRVWNQ UG RTGUGPVCP NQU RNCPGU FG CEEKQPGU NQUOKUOQU SWG FGDGP UGT GNCDQTCFQUGPGNOCTEQFGN2NCP1RGTCVKXQ+PHQTOVKEQ
'N +0'+ CITCFGEG NC EQNCDQTCEKP FG NCU GPVKFCFGU FGN 5KUVGOC 0CEKQPCN FG +PHQTOVKEC RQT NCU UWIGTGPEKCURTGUGPVCFCUGPNCUXGTUKQPGUCPVGTKQTGUNCUOKUOCUSWGJCPUKFQ RNCUOCFQUGPGUVCPWGXC XGTUKP FG OCPGTC GURGEKCN GN CITCFGEKOKGPVQ CN +PUVKVWVQ FGN /CT FGN 2GT
+/#42' SWG JC RGTOKVKFQ KNWUVTCT GUVG FQEWOGPVQ OGVQFQNIKEQ EQP ECRVWNQU
SWG KPENW[GP VGZVQU [ ITHKEQU FGN FQEWOGPVQFG2NCP'UVTCVIKEQFG6GEPQNQI FG+PHQTOCEKPFG+/#42'GNCDQTCFQGPGNCQ C K [SWGGPNCCEVWCNKFCFUGGPEWGPVTCGPRNGPCKORNGOGPVCEKP .KOC#DTKNFGN
)+.$'461/10%#&#8+)1 ,'(' +PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC
+PVTQFWEEKP
9^TYSU

1DLGVKXQUFGNC2NCPKHKECEKPGUVTCVIKECFGVGEPQNQICUFGKPHQTOCEKP
2'6+ 1DLGVKXQUFGN2'6+ 'XQNWEKPFGNCOGVQFQNQICKPHQTOVKECFGN+0'+ /CTEQEQPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+
4GHQTOC FG NC IGUVKP RDNKEC 'N RNCPGCOKGPVQ GUVTCVIKEQ FG NCU CEVKXKFCFGUFGN'UVCFQ[EQPUVTWEEKPFGNG)QDKGTPQ
2TQURGEVKXC FGN FGUCTTQNNQ FG NCU VGEPQNQICU FG KPHQTOCEKP GP NCU GPVKFCFGUFGN'UVCFQRGTWCPQRCTCNCRTKOGTCFECFCFGNPWGXQUKINQ &GHKPKEKP[QTICPK\CEKPFGN2'6+
#PNKUKUFGNCUPGEGUKFCFGUFGNRTQ[GEVQ2'6+ #NECPEGFGNRTQ[GEVQ2'6+ &GVGTOKPCEKPFGTGURQPUCDKNKFCFGU 1TICPK\CEKPFGN2'6+ 'NCDQTCEKPFGNRNCPFGVTCDCLQRCTCGNFGUCTTQNNQFGN2'6+ #NKPGCOKGPVQFGNRNCPFGUKUVGOCUCNRNCPGUVTCVIKEQ %QOWPKECEKPFGNRNCPFGVTCDCLQ
/QFGNCOKGPVQFGNRTQ[GEVQ2'6+
/QFGNCOKGPVQKPUVKVWEKQPCN #PNKUKUFGNQUCPVGEGFGPVGU
'UVWFKQFGNCQTICPK\CEKP +FGPVKHKECEKPFGTGSWGTKOKGPVQU

/QFGNCOKGPVQFGNTGSWGTKOKGPVQ 'UVWFKQFGNQURTQEGUQUFGNCQTICPK\CEKP #PNKUKUFGNCUPGEGUKFCFGUFGKPHQTOCEKP .KUVCFQFGTGSWKUKVQU

&KUGQFGNOQFGNQFGUKUVGOCUKPUVKVWEKQPCN
/QFGNCOKGPVQVGEPQNIKEQ 2NCPGUVTCVIKEQ 'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU
&KCIPUVKEQFGNUKUVGOCFGKPHQTOCEKP &GHKPKEKPFGNOQFGNQFGUKUVGOCFGKPHQTOCEKPTGSWGTKFQ &GHKPKEKPFGNOQFGNQFGEQPVKPIGPEKCUFGN2'6+

&KUGQFGNOQFGNQFGCTSWKVGEVWTCVGEPQNIKEC /QFGNCOKGPVQVGEPQNIKEQ 2NCPFGVGEPQNQICU +FGPVKHKECEKPFGNCUPGEGUKFCFGUFGKPHTCGUVTWEVWTCVGEPQNIKEC &GHKPKEKPFGNCCTSWKVGEVWTCVGEPQNIKECFGEQPVKPIGPEKCU

5GNGEEKPFGNCCTSWKVGEVWTCVGEPQNIKEC 2NCPGUFGCEEKP2TQ[GEVQU &GHKPKEKPFGNRNCPFGCEEKP &GHKPKEKPFGRTQ[GEVQUCTGCNK\CT 6CDNGTQFGEQPVTQNFGNCIGUVKPFGN2'6+
#RNKECEKPFGNGPHQSWGFGEQPVKPIGPEKCU
2NCPFGOCPVGPKOKGPVQ
#PGZQ
6EPKECUGORNGCFCUGPNCIWC
1HKEKQFGCWVQTK\CEKPFGWUQFGKPHQTOCEKPFG+/#42'
)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP
! ?RZZUdYYf_c TU \\Q @\\Q^YYVVYYSQSYY^ UcdbQd}WYYSQ TU ! ?R Ud f_c TU Q @ Q^ SQS ^ UcdbQd}W SQ TU dUS^_\\_WQc TU YY^VV_b]QSYY^ dUS^_ _W Qc TU ^ _b]QS ^
4GHQTOCFGNCIGUVKPRDNKEC'NRNCPGCOKGPVQGUVTCVIKEQFGNCUCEVKXKFCFGU FGN'UVCFQ[EQPUVTWEEKPFGNG )QDKGTPQ 'N TRKFQ RTQEGUQ FG KPVGITCEKP OWPFKCNSWG NC VGEPQNQIC RTQFWLQ GP NQU OGTECFQUOQUVTNCPGEGUKFCFFGNCTGHQTOCFGNQUUKUVGOCUGEQPOKEQU[GP GURGEKCNFGNQUUKUVGOCUFGIGUVKPRTKXCFQU [RDNKEQU#NOKUOQVKGORQGN FGUCTTQNNQ FG NQU OGFKQU FG EQOWPKECEKP [ FG +PVGTPGV JCP CETGEGPVCFQ NC TGURQPUCDKNKFCF FG NQU IQDKGTPQU CPVG NC EKWFCFCPC FCPFQ OU XQ\ C NQU EKWFCFCPQU
.C TGXQNWEKP FKIKVCN RNCPVGC WP TGVQ C NC ECRCEKFCF FG TGURWGUVC IWDGTPCOGPVCNCPVGNCETGEKGPVGFGOCPFCEKWFCFCPC'NEKWFCFCPQRCUKXQGU WP EQPEGRVQ FGN RCUCFQ 'NIQDKGTPQ VGPFT SWG GPHTGPVCT PWGXCU HQTOCU FG RCTVKEKRCEKPRDNKECGPNCVQOCFGFGEKUKQPGU[FGDGTVGPGTNKUVQUNQUECPCNGU RCTCFCTNGUWPUGIWKOKGPVQGZKVQUQ .C TGNCEKP IQDKGTPQEKWFCFCPQ UGT FKTGEVC [ OU GZKIGPVG GP VTOKPQU FG VKGORQ FCFQ SWG NCU VGEPQNQICU FG KPHQTOCEKP RGTOKVKTP SWG ECFC EKWFCFCPQRCTVKEKRGCEVKXCEGTECPCGKPOGFKCVCOGPVGGPNCEQPUVTWEEKPFGNCU RQNVKECURDNKECU .QU IQDKGTPQU FGDGTP JCNNCT PWGXCU HQTOCU FG KPVGTCEVWCT EQP NQU EKWFCFCPQU FG QTICPK\CTUG KPVGTPCOGPVG [ QHTGEGT EQP VQFQ GNNQ PWGXQU EQPEGRVQUFGXCNQTCNCUQEKGFCF(TGPVGJCGUVQUFGUCHQUCRCTGEGGNEQPEGRVQ FG)QDKGTPQ'NGEVTPKEQQG)QDKGTPQ 3WGUGNGIQDKGTPQ!
5GIP)CTVPGT)TQWRGNG)QDKGTPQGUNCKPPQXCEKPEQPVKPWCFGNQUUGTXKEKQU NC RCTVKEKRCEKP FG NQU EKWFCFCPQU [ NC HQTOC FG IQDGTPCT OGFKCPVG NC VTCPUHQTOCEKPFGNCUTGNCEKQPGUGZVGTPCUGKPVGTPCUCVTCXUFGNCVGEPQNQICGN +PVGTPGV[NQUPWGXQUOGFKQUFGEQOWPKECEKP
'P QVTCU RCNCDTCU GN G)QDKGTPQ KORNKEC NC VTCPUHQTOCEKP FG NC HWPEKP IWDGTPCOGPVCNKPVTQFWEKGPFQPWGXQUXCNQTGUFGEQOWPKECEKPEQQRGTCEKP[ RCTVKEKRCEKP KPVGTCEVKXC RCTC NC VQOC FG FGEKUKQPGU IWDGTPCOGPVCNGU FGPQOKPCFQTGNCEKPIQDKGTPQCEKWFCFCPQ&GKIWCNOCPGTCUGOQFKHKECTP NCUGUVTCVGIKCUFGVTCPURCTGPEKCFGUGORGQ[TGPFKEKPFGEWGPVCUCNKPVGTKQT FGN IQDKGTPQ RCTC SWG UVG CEVG OU GHKEKGPVGOGPVG GP NC RTGUVCEKP FG
+PUVKVWVQ 0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC
)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP
UGTXKEKQU [ GP NC CFOKPKUVTCEKP FG NC KPHQTOCEKP TGHQT\CPFQ UW NKFGTC\IQ CPVG NC UQEKGFCF FGPQOKPCFC TGNCEKP IQDKGTPQ C IQDKGTPQ (KPCNOGPVG NCU TGNCEKQPGU IQDKGTPQ C GORTGUCU UGTP VCODKP TGFKUGCFCU DWUECPFQ NC RCTVKEKRCEKP CEVKXC [ EQORTQOGVKFC FGN UGEVQT RTKXCFQ GP NC OQFGTPK\CEKP IWDGTPCOGPVCN .CKFGCUWD[CEGPVGGUSWGGPNQUVTGUVKRQUFGKPVGTCEEKPGNIQDKGTPQRQFT JCEGTOUEQPOGPQU[CNOKUOQVKGORQHQTVCNGEGTNCEQOWPKECEKPFKTGEVC EQP NQU EKWFCFCPQU GNKOKPCPFQ NC KPVGTOGFKCEKP SWG PQTOCNOGPVG GHGEVWCDCPNCUDWTQETVKECUQHKEKPCUIWDGTPCOGPVCNGU
.C/QFGTPK\CEKPFGN'UVCFQCWVQOCVK\CEKPFGXKGLQUXKEKQU!
7PQ FG NQU OC[QTGU TGVQU SWG VKGPGP SWG GPHTGPVCT NQU IQDKGTPQU GU GN FG OGLQTCT [ VTCPUHQTOCT UWU UGTXKEKQU CPVGU FG CWVQOCVK\CTNQU PQ JCEGTNQ KORNKECTCVTCUNCFCTNQUXKEKQUDWTQETVKEQUCNCTGF
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
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC
6TOKPQUENCXGU
4 /GLQTCTNCECNKFCFFGNUGTXKEKQ4GFWEKTEQUVQUCFOKPKUVTCVKXQU4GGUVCDNGEGT 4 'XKVCTGNFGURGTFKEKQ4GKPIGPKGTCFGRTQEGUQU/GLQTCTNCKPHTCGUVTWEVWTCFG 4 &GEKFKT FPFG ICUVCT [ EWPVQ &GVGTOKPCT NCU UCNKFCU [ TGUWNVCFQU FG NCU 4 4GFKUGCTNCGPVTGICFGUGTXKEKQUEQPECNKFCF'UVCDNGEGTNCUPWGXCUHWGPVGU 4 6TCPURCTGPEKC[TGPFKEKPFGEWGPVCU
NCEQPHKCP\CFGNQUEKWFCFCPQU
VGEPQNQICU FG KPHQTOCEKP /GLQTCT GN CEEGUQ C NQU UGTXKEKQU 'PVGPFGTNC TGNCEKPGPVTGRQNVKEC[TGUWNVCFQU CEVKXKFCFGU
FGKPITGUQU
2CTC NC 1HKEKPC FG NC 2TGUKFGPEKC NC KPPQXCEKP FGN IQDKGTPQ PGU WP OQXKOKGPVQ EWNVWTCN [ GUVTWEVWTCN SWG DWUECT VTCPUHQTOCT TCFKECNOGPVG NC QTKGPVCEKP NC ECRCEKFCF [ NC XGNQEKFCF FG TGURWGUVC GUVTCVIKEC FG NC #FOKPKUVTCEKP 2DNKEC HGFGTCN TGXKUWCNK\CPFQ VQFQ FGUFG ONVKRNGU GZRGEVCVKXCUQ
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
'N FGUCHQ FGN G)QDKGTPQ RTGUGPVC FQU ITCPFGU QRQTVWPKFCFGU RCTC GN UGEVQT GORTGUCTKCN
4 4
%QOQ RTQXGGFQT RQTSWG VKGPG GN MPQYJQY [ NQU RTQFWEVQU NQ SWG RGTOKVKTCNIQDKGTPQCNECP\CTUWUQDLGVKXQU
%QOQ EQPUWOKFQT CN KIWCN SWG VQFQU NQU EKWFCFCPQU RQTSWG UG DGPGHKEKCTPEQPGNOGLQTCOKGPVQFGNQUUGTXKEKQUFGNIQDKGTPQ
5KP GODCTIQ NC GPQTOG DTGEJC FKIKVCN VCPVQ EWNVWTCN EQOQ FG CEEGUQ SWG GZKUVGGPRCUGUEQOQGNPWGUVTQGPVTGNQUJCDKVCPVGUSWGVKGPGP[NQUSWGPQ VKGPGP CEEGUQ C NC KPHQTOCEKP [ C NC VGEPQNQIC
EQOQ OGFKQ FG EQOWPKECEKP FG NC KPHQTOCEKP IGPGTC GPQTOGU TGVQU RCTC WPC RWGUVC GP OCTEJCGZKVQUCFGNIQDKGTPQGNGEVTPKEQ 'P WP PKXGN DUKEQ UG PGEGUKVCT EQORWVCFQTCU GP VQFCU NCU GUEWGNCU [ DKDNKQVGECU CU EQOQ GP VQFCU NCU QHKEKPCU FG IQDKGTPQ #U OKUOQ UG PGEGUKVCT NC IGPGTCEKP FG UKUVGOCU FG KPHQTOCEKP FG NC CEVKXKFCF IWDGTPCOGPVCN GP GURGEKCN FG NQU VTOKVGU IWDGTPCOGPVCNGU [ FG EQOWPKECEKPEQPNCEKWFCFCPC
'P WP PKXGN KPVGTOGFKQ NCU CEEKQPGU FG NQU GUVCFQU FGDGTP QTKGPVCTUG C KORNGOGPVCT EQORWVCFQTCU GP VQFQU NQU NWICTGU RDNKEQU [ JCEGT GUHWGT\QU RCTC EQNQECT GP +PVGTPGV
RIKPCU YGD [ RQTVCNGU VGOVKEQU NQU UKUVGOCU FG KPHQTOCEKP QTKGPVCFQU C NQU EKWFCFCPQU NQU VTOKVGU RCTC NC QDVGPEKP FG UGTXKEKQU RDNKEQU [ FGDGTP GUVCT KPVGITCFQU VQFQU NQU UGTXKEKQU IWDGTPCOGPVCNGU
(KPCNOGPVG RCTC EQPUGIWKT WP G)QDKGTPQ CXCP\CFQ UG VGPFT SWG JCEGT TGCNKFCF SWG ECFC EKWFCFCPQ VGPIC CEEGUQ C WPC EQORWVCFQTC EQP CEEGUQ C +PVGTPGVSWGGZKUVCPGPNCTGFUKUVGOCUFGVTCDCLQEQORNGVQU[UQHKUVKECFQUSWG RWGFCPJCEGTUGVTCPUCEEKQPGUOQPGVCTKCUGPNPGCSWGUGNQITGNCKPVGITCEKP EQPQVTQUUGEVQTGUFGNCUQEKGFCF[EQPUWUUKUVGOCU[SWGNCFGOQETCEKCGP NPGCUGCRCTVGFGNCFKPOKECEKWFCFCPC
+ORNGOGPVCTGZKVQUCOGPVGWPCKPKEKCVKXCFGG)QDKGTPQTGSWKGTGSWGGPECFC RCUQ C UGIWKT NCU QTICPK\CEKQPGU IWDGTPCOGPVCNGU FGHKPCP [ TGUWGNXCP EKGTVQ POGTQFGCUWPVQUEQOQUQP
4 'UVTCVGIKCURQNVKECU.CUGUVTCVGIKCUNG[GU[OCTEQUTGIWNCVQTKQURWGFGPUGT
4 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT
KPCFGEWCFQU RCTC NNGXCT C ECDQ PWGXQU VKRQU FG TGNCEKQPGU KPVGTPCU [ GZVGTPCUSWGRGTOKVCPGNG)QDKGTPQ RTQEGUQFGVTCPUHQTOCEKP.CUGVCRCUHKPCNGUFGWPCKPKEKCVKXCG)QDKGTPQ RWGFGP GPEQPVTCT WPC HWGTVG QRQUKEKP 5G KPEWTTKT GP ICUVQU RCTC FGURNC\CTTGENWVCTTGVGPGT[TGECRCEKVCTCNRGTUQPCN
4 2TQEGUQU .C OC[QTC FG NQU RTQEGUQU DWTQETVKEQU GUVP EQPUVTWKFQU
4 6GEPQNQIC 7PC ITCP XCTKGFCF FG VGEPQNQICU FG KPHQTOCEKP [
CNTGFGFQT FG WPC GUVTWEVWTC LGTTSWKEC .C KPVGTCEEKP GNGEVTPKEC RWGFG EQPVTCTTGUVCT CNIWPQU FG GUVQU RTQDNGOCU RQT NQ SWG UG TGSWGTKT FG WP TGFKUGQFGNQURTQEGUQU EQOWPKECEKPFGUGORGCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKPKPCNODTKEC[NC KPVGITCEKPFGCRNKECEKQPGU[UGIWTKFCF

'N TGVQ UNQ RQFT UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC CNKCP\CGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRDNKEQSWGICTCPVKEGSWGPCFKG UGC GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQICRQTTC\QPGUGEQPOKECUQFG FGUXGPVCLCUQEKCN
2CTCGNNQGN+0'+EQPVTKDW[GCVTCXUFGNCGNCDQTCEKPFG2QNVKECU2NCPGU[NC RTQOQEKP FG OGVQFQNQICU SWG HCEKNKVGP GN FKUGQ G KORNGOGPVCEKP FGN G )QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVIKEQ FG 6GEPQNQIC FG +PHQTOCEKP
2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKP[ FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ 'N OQFGNQ NC #FOKPKUVTCEKP 2DNKEC GP NPGC
G)QDKGTPQ Q IQDKGTPQ GNGEVTPKEQ GU NC CRNKECEKP FG PWGXCU VGEPQNQICU FG KPHQTOCEKP [ EQOWPKECEKP LWPVQ EQP NC VTCPUHQTOCEKP FG NQU RTQEGFKOKGPVQU NC KORNCPVCEKP FG PWGXQU OVQFQU [ GUVKNQU FG VTCDCLQ NC ECRCEKVCEKP FG NQU GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKP FG UGTXKEKQU FG ECNKFCFCNENKGPVG
GNEKWFCFCPQ
5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKPFGWP2NCP'UVTCVIKEQ[NCUCEEKQPGU SWGUGFGTKXGPEQPGNQDLGVQFG N CEVWCT TRKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG QHTGEG+PVGTPGV
OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG EGTTCFCU RQT NC RQUKEKP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ
N KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU PFKEGU FG RGPGVTCEKP FG NQU OGFKQU [ UGTXKEKQU FG KPHQTOVKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU \QPCU TWTCNGU [ CKUNCFCU FGN RCU UK UG FGUGC CRTQXGEJCT CN OZKOQ NCU XGPVCLCUFGNCUPWGXCUVGEPQNQICU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ JC[FGOQETCVK\CEKP[FGUEGPVTCNK\CEKPFGNCEEGUQ N OCUKHKECT NC GFWECEKP [ ECRCEKVCEKP GP +PVGTPGV
PQ DCUVC VGPGT CEEGUQ JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKP [ NCU GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT FGOCPFCGZKUVKT N RTKQTK\CT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKP [ CUKIPCEKP FG TGEWTUQU [ EQPVCT EQP GN OU CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG CNECPEGP GN ZKVQ FGUGCFQ NQITCT NC CEGRVCEKP [Q RCTVKEKRCEKP FG NCU GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN 'UVCFQGPGNOCTEQFGGUVGRNCP
'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEHKEC FG NQU OKPKUVGTKQU Q KPUVKVWEKQPGU RDNKECU EW[CU ECTCEVGTUVKECU RNCPGU OGVCU [ TGEWTUQU UQP IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKP FGDGTP VQOCT GP EWGPVC NQU
QDLGVKXQU GUVTCVIKEQU CSW HQTOWNCFQU RCTC IGPGTCT UKPGTIKCU [ CWOGPVCT NQU DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU &GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG 8+5+0
7P OQFGNQ FG IGUVKP FG TGEWTUQU ECRC\ FG CEGNGTCT NC FGUEGPVTCNK\CEKP KPVGITCPFQ DTKPFCPFQ OGLQTGU UGTXKEKQU [ HCEKNKVCPFQ GN CEEGUQ FG NQU EKWFCFCPQU [ NCU GORTGUCU C NC KPHQTOCEKP
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
'N CRQTVG GUVTCVIKEQ FG NCU 6+ C NC OQFGTPK\CEKP FGN 'UVCFQ RGTOKVG NC KORNCPVCEKP FG PWGXQU OQFGNQU FG IGUVKP SWG CEGNGTCP NQU RTQEGUQU CDTGP PWGXQU ECPCNGU FG EQOWPKECEKP GP NQU FQU UGPVKFQU TGFWEGP EQUVQU [ VKGORQ [ RQUKDKNKVCP QRGTCT GP OWEJQU ECUQU KPFGRGPFKGPVGOGPVG FGN VKGORQ [ NC FKUVCPEKC
'NZKVQFGNCOKUKPRNCPVGCFC
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

N 6TCDCLCT GP HWPEKP FG NQ SWG GN OGTECFQ NCU KPUVKVWEKQPGU [ EKWFCFCPQU FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU PWGXCUVGEPQNQICU
N &GUCTTQNNCTRTQ[GEVQUEQPLWPVQU EQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKPCEEGFGT CNCOQFGTPKFCF N 6TCPUHQTOCTNCUONVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQICU FG KPHQTOCEKP [ EQOWPKECEKP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKPGPGNRCU
.CTC\PRTKPEKRCNRCTCNCHQTOWNCEKPFGGUVG2NCP'UVTCVIKEQFG6+GUVQOCT NC KPKEKCVKXC RCTC CEVWCT TRKFC EQPEGTVCFC [ GHKEKGPVGOGPVG RCTC NQITCT SWG NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC OQFGTPK\CEKPFGN'UVCFQDCUCFCGPNCU6+% 1DLGVKXQUFGN2'6+
N N
&GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIC2'6+XGTUKPDWUEC
/GLQTCTNC)GUVKPFGNQU5GTXKEKQU+PHQTOVKEQUFGNCUGPVKFCFGURDNKECU
N N
'UVCDNGEGT WP GPNCEG [EQPEQTFCPEKCGPVTGNCU6GEPQNQICU'UVTWEVWTCFCU[ 6GEPQNQICUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQICFG +PHQTOCEKP 1TKGPVCT NCU CEVKXKFCFGU KPHQTOVKECU GP GN OCTEQ FGN 2NCP 'UVTCVIKEQ 0CEKQPCNK [UWUCEVWCNK\CEKQPGU
1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURDNKECURCTC NCEQPUVKVWEKPFGNG)QDKGTPQ

'XQNWEKPFGNC/GVQFQNQIC+PHQTOVKECFGN+0'+
.C /GVQFQNQICU +PHQTOVKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU VGEPQNQICUKPHQTOVKECUFGNQUNVKOQUCQUNQUGUHWGT\QU FGNQUEGPVTQUFG KPXGUVKICEKPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG GUDQ\CFCU .QUPUCNVQUQ CNCUVGEPQNQICUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU UWKORNGOGPVCEKPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ Q JCP FGOQTCFQ GP UW KORNGOGPVCEKP IGPGTCPFQ RTFKFCU Q GNGXCPFQ NQU EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU VGEPQNQICUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCU EQOQ FG GXCNWCEKP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU VGTKEQU

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
CPVGU25+CUEQOQGPNCUXGTUKQPGUFGDCUGFG FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU
'LVHxRGHO 0RGHOR GH6LVWHPDV ,QVWLWXFLRQDOHV
'HILQLFLyQ\ RUJDQL]DFLyQ GHO3(7,
$OLQHDPLHQWR GHO3(7,FRQHO 3ODQ(VWUDWpJLFR ,QVWLWXFLRQDO
,GHQWLILFDFLyQGH 5HTXHULPLHQWRV 'LVHxRGHO 0RGHOR GH$UTXLWHFWXUD 7HFQROyJLFD
3ODQHVGH$FFLyQ (YDOXDFLyQ%6&
'NGUSWGOCIGPGTCNFGNC/GVQFQNQIC2'6+GUNCSWGUGOWGUVTCGPGNITHKEQ EW[CUHCUGUUQP
N N N N N N

2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQICUFG+PHQTOCEKPGPNCUGPVKFCFGU FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFECFCFGNPWGXQ UKINQ
&GHKPKEKP[1TICPK\CEKPFGN2'6+ #NKPGCEKPFGN2'6+EQPGN2NCP'UVTCVIKEQ+PUVKVWEKQPCN +FGPVKHKECEKPFG4GSWGTKOKGPVQU &KUGQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN &KUGQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNIKEC 2NCPGUFG#EEKP
'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG &GUCTTQNNQ+PHQTOVKEQ Q
CEVWCNOGPVGGPGTCXGTUKP[GN/QFGNQ

FG &GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ P.KPGCOKGPVQURCTCNC%TGCEKPFG NC5QEKGFCFFG+PHQTOCEKPGPGN2GTQ
( P SUHV D V \& LXG D GD QRV ,QWHUP HG LD ULR V
3 & ' LVS R VLWLYRV \P HG LR VG H$FFHVV 7 9 7 HOpIRQR . LRVNR & DELQD & DEOH 0 y Y LO 0 XOWLP HGLD 3 ~EOLFD
0 RGHOR 3 UR SXHVWR
3 UR YHH GRUH V
( [WUDQHWV
3 RUWDOH V ,QWUDQH W
( [WUDQHWV
0 LQLVWHULRV\ 2 UJDQLVP RV3 ~EOLFRV

$UHD GHDFFLyQG HO,1 ( ,
* RELHUQR V/RFDOHV 8 QLYHUVLGDGHV\& ROHJLRV
'PGNNOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTCPPGEGUKVCTEQPQEGTSWKP Q SWG FGRGPFGPEKC DTKPFC GN UGTXKEKQ Q EOQ GUV QTICPK\CFC NC KPUVKVWEKP RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKP2DNKEC.C OCPGTCEQOQGUVQUUGTXKEKQU
FKIKVCNK\CDNGUUQPQTICPK\CFQU[QHGTVCFQUFGDG UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTCVGPFGTNCHQTOC GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT KPHQTOCEKPFG[JCEKCNC#FOKPKUVTCEKP2DNKEC
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
2CTC HCEKNKVCT NC FKUVTKDWEKP [ EKTEWNCEKP FG NC KPHQTOCEKP [ NC WDKECEKP [ RTGUVCEKPFGUGTXKEKQUGN+0'+[GNTGUVQFGNC#FOKPKUVTCEKP2DNKECFGDGP QTICPK\CTWPRQTVCN
QXCTKQURQTVCNGUUGEVQTKCNGU'UVGRQTVCNFGDGTCUGTXKUVQ EQOQGNRWPVQQRWGTVCFGGPVTCFCOUHEKNTRKFCCOKICDNG [VTCPURCTGPVG RCTC KPVGTCEVWCT EQP NC #FOKPKUVTCEKP 2DNKEC C VTCXU FG +PVGTPGV FQPFG EQPXGTIGP NCU KPUVKVWEKQPGU [ UGTXKEKQU RDNKEQU ECFC WPC EQP UW RTQRKC UQNWEKP VGEPQNIKEC FKURWGUVCU C FCT [ TGEKDKT KPHQTOCEKP FG [ JCEKC NQU EKWFCFCPQU[GORTGUCU'NRQTVCNFGDGRGTOKVKTNCRTKXCEKFCF[NCCWVGPVKECEKP FGNQUFCVQUSWGUGOCPGLCP[QHTGEGTNCQREKPFGRGTUQPCNK\CEKP
EQOQNC OC[QTCFGRQTVCNGURTKXCFQURCTCSWGECFCEKWFCFCPQQGORTGUCNQCFCRVGC UWUPGEGUKFCFGU 'UVGRQTVCN
QRQTVCNGU[NCUKPVTCPGVUSWGUGFGUCTTQNNGPCNKPVGTKQTFGN'UVCFQ FGDGTP HCEKNKVCT G KPVGITCT GN CEEGUQ C NQU UGTXKEKQU
FKIKVCNK\CDNGU FGUFG EWCNSWKGTNWICTCVTCXUFGNQUOGFKQU[FKURQUKVKXQUCEVWCNGU[RQTETGCTUGGP NC Q NCU NGPIWCU OU WVKNK\CFCU RQT NC RQDNCEKP GP UGTXKEKQU EQOQ NQU GFWECVKXQU
ECUVGNNCPQ SWGEJWC C[OCTC NGIWCU COC\PKECU Q GP NC RTQOQEKPFGNEQOGTEKQGZVGTKQT
ECUVGNNCPQKPINU+IWCNOGPVGFGDGTVQOCT GPEWGPVCNCUPGEGUKFCFGUFGNCURGTUQPCUEQPFKUECRCEKFCFGU .C KPHQTOCEKP SWG OCPGLC GN 'UVCFQ FGDGTC UGT RWGUVC C FKURQUKEKP FGNCU GORTGUCU[NQUEKWFCFCPQURCTCEQPQEGTNCUECTCEVGTUVKECUFGNCUQRGTCEKQPGU [VTCPURCTGPVCTGNOGTECFQ
RQTGLGORNQGPVGOCUEQOQGNEQOGTEKQGZVGTKQT NCU KPXGTUKQPGU GN OGTECFQ HKPCPEKGTQ GVE UKP OU TGUVTKEEKP SWG NC RTQVGEEKPFGNQUFCVQURGTUQPCNGU5KPKPHQTOCEKPPQJC[NKDTGOGTECFQPK UG RWGFGP CRTQXGEJCT NCU XGPVCLCU FG NC INQDCNK\CEKP 6CODKP JC[ SWG EQPUKFGTCT NQU RTQHWPFQU ECODKQU [ GEQPQOCU SWG UG RWGFGP NQITCT GP NCU VTCPUCEEKQPGU [ PGIQEKQU EQP NQU RTQXGGFQTGU [ QVTCU KPUVKVWEKQPGU FGN UGEVQT RDNKEQOGFKFQUVCPVQGPVTOKPQUFGTGFWEEKPGPNQUEQUVQUFGVTCPUCEEKP EQOQ GP NQU FG EQOWPKECEKP RCRGNGQ FGVGEEKP FG PWGXCU QRQTVWPKFCFGU FGPGIQEKQUIGUVKP [TQVCEKPFGKPXGPVCTKQUGPVTGQVTQURWPVQU 'UVQUTGVQURQPGPGPRTKOGTRNCPQGNVGOCFGNCGUVTWEVWTC[QTICPK\CEKPFGN 'UVCFQ
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

7PC#FOKPKUVTCEKP2DNKECOQFGTPCGPNPGCGU
N #EGTECT NC CFOKPKUVTCEKP [UWURTQEGUQUCNQU EKWFCFCPQUCPCNK\CPFQNCU QRKPKQPGU QDVGPKFCU GP HQTQU RDNKEQU GPEWGUVCU [ VQFQ VKRQ FG TGIKUVTQ GNGEVTPKEQRCTCEQPQEGTNQSWGRKGPUCFGNQUUGTXKEKQUSWGUGNGFC N 5KORNKHKECT NQU RTQEGFKOKGPVQU [ RGTOKVKT NC TGEGREKP [ GPVTGIC FG KPHQTOCEKPWVKNK\CPFQNCUTGFGU[OGFKQUGNGEVTPKEQU N /GLQTCT NC ECNKFCF [ CORNKCT NC QHGTVC FG NC KPHQTOCEKP
NGICN CFOKPKUVTCVKXC [ EQOGTEKCN UQDTG NQU RTQEGUQU [ VTCPUCEEKQPGU RCTC VTCPURCTGPVCTNQU OGTECFQUJCEGTPGIQEKQU[OCPVGPGTKPHQTOCFQUCNQU EKWFCFCPQU
(CEKNKVCT GN CEEGUQ C NC KPHQTOCEKP FGN UGEVQT RDNKEQ UKORNKHKECPFQ NC GPVTCFC[JCEKGPFQCOKICDNG[UGIWTCNCPCXGICEKPGP+PVGTPGV


" 4UVVYY^YYSYY^ i _bWQ^YYjQSYY^ TU\\ @\\Q^ UcdbQd}WYYS_ TU " 4U ^ S ^ i _bWQ^ jQS ^ TU @ Q^ UcdbQd}W S_ TU dUS^_\\_WQc TU YY^VV_b]QSYY^ @5D99 dUS^_ _W Qc TU ^ _b]QS ^ @5D
/QFGNCOKGPVQFGNRTQ[GEVQ2'6+ 'N QDLGVKXQ FG GUVC CEVKXKFCF GU FGVGTOKPCT NC PGEGUKFCF FGN 2NCP FG 6GEPQNQICU FG +PHQTOCEKP [ NNGXCT C ECDQ GNPCTTCPSWGQ HQTOCN FGN OKUOQ EQPGNCRQ[QFGNPKXGNOUCNVQFGNCQTICPK\CEKP%QOQTGUWNVCFQUGQDVKGPG WPC FGUETKREKP IGPGTCN FGN 2NCP SWG RTQRQTEKQPC WPC FGHKPKEKP KPKEKCN FGN OKUOQKFGPVKHKECPFQNQUQDLGVKXQUGUVTCVIKEQUCNQUSWGCRQ[C
GUDQ\CFQUGP GN 2NCP 'UVTCVIKEQ +PUVKVWEKQPCN [ GP NQU 2NCPGU 'UVTCVIKEQU 5GEVQTKCNGU /WNVKCPWCNGU2'5'/ K CU EQOQ GN ODKVQ IGPGTCN FG NC QTICPK\CEKP CN SWG CHGEVC NQ SWG RGTOKVG KORNKECT C NCU FKTGEEKQPGU FG NCU TGCUCHGEVCFCURQTGN2'6+ #FGOU UG KFGPVKHKECP NQU HCEVQTGU ETVKEQU FG ZKVQ [ NQU RCTVKEKRCPVGU GP GN 2'6+PQODTCPFQCNQUTGURQPUCDNGUFGNCUCEVKXKFCFGU
# EQPVKPWCEKP UG KPENW[G WPC VCDNC TGUWOGP EQP NCU VCTGCU FG NC RTGUGPVG CEVKXKFCF 6CTGC 2TQFWEVQU 6EPKECU[ 2TEVKECU 2CTVKEKRCPVGU
#PNKUKUFGNC N &GUETKREKPIGPGTCNFGN2'6+ N 5GUKQPGUFG N %QOKVFG PGEGUKFCFFGN2'6+ VTCDCLQ &KTGEEKP S #RTQDCEKPFGKPKEKQFGN 2'6+ +FGPVKHKECEKPFGN CNECPEGFGN2'6+ N &GUETKREKPIGPGTCNFGN2'6+ N (CEVQTGU N %QOKVFG ETVKEQUFG &KTGEEKP S ODKVQ[QDLGVKXQUFGN2'6+ ZKVQ S 1DLGVKXQUGUVTCVIKEQU TGNCEKQPCFQUEQPGN2'6+ N 5GUKQPGUFG S (CEVQTGUETVKEQUFGZKVQ VTCDCLQ N 5GUKQPGUFG N %QOKVFG VTCDCLQ &KTGEEKP
&GVGTOKPCEKPFG N &GUETKREKP IGPGTCNFGN2'6+ TGURQPUCDNGU S 4GURQPUCDNGUFGN2'6+

#PNKUKUFGNCPGEGUKFCFGUFGNRTQ[GEVQ2'6+
5G CPCNK\CP NCU GZRGEVCVKXCU FG NCU TGCU SWG JCP RNCPVGCFQ NC PGEGUKFCF FG NNGXCT C ECDQ GN 2'6+ CU EQOQ NQU RTQFWEVQU HKPCNGU GURGTCFQU 7PC XG\ XGTKHKECFCNCUPGEGUKFCFGUFGNCQTICPK\CEKPSWGUGFGDGPEWDTKTEQPWP2NCP 'UVTCVIKEQFG6GEPQNQICUFG+PHQTOCEKPUGVQOCNCFGEKUKPFGUWKPKEKQ

2TQFWEVQU
&GGPVTCFC &GUCNKFC
N 5QNKEKVWFHQTOCNFG2'6+
GZVGTPQ N &GUETKREKPIGPGTCN N #RTQDCEKPFGKPKEKQFGN2'6+ 2TEVKECU N 5GUKQPGUFGVTCDCLQ N /QFGNCOKGPVQFGRTQ[GEVQU N 2NCPGCOKGPVQGUVTCVIKEQ 2CTVKEKRCPVGU N %QOKVFG&KTGEEKP
%QOQGLGORNQFGNCKORNGOGPVCEKPFGNCOGVQFQNQICFG2NCP'UVTCVIKEQFG 6GEPQNQIC FG +PHQTOCEKP

2'6+ FCOQU C EQPQEGT GP HQTOCTGUVTKPIKFCNQU RTQEGFKOKGPVQU [ RTQEGUQU FGUCTTQNNCFQUGP GN 2'6+ FGN +PUVKVWVQ FGN /CT FGN 2GT +/#42'
EQPNCFGDKFCCWVQTK\CEKPRCTCGNNQ 'U GP GUVG EQPVGZVQ GN RTGUGPVG 2.#0 '564#6)+%1 &' .# 6'%01.1)# &'+0(14/#%+0 RGTOKVGXKUWCNK\CTNCPGEGUKFCF[RQUKDKNKFCFFGGUVCDNGEGT WP UKUVGOC FG KPHQTOCEKP CWVQOCVK\CFQ G KPVGITCN VCPVQ FGN #TGC %KGPVHKEC EQOQ FGN #TGC #FOKPKUVTCVKXC SWG EQCF[WXGP CN NQITQ FG NQU QDLGVKXQU FGN +/#42'
'N OGPEKQPCFQ 2NCP EQORTGPFG GN 5KUVGOC FG +PHQTOCEKP %KGPVHKEC [ 6GEPQNIKECFGN+/#42'

5+%6+QTKGPVCFQCNCKPVGTEQPGZKPFGUWUUKUVGOCU KPVGITCEKPFGRTQEGUQU$CUGFG&CVQUEQOP[HEKNCEEGUQCNCKPHQTOCEKP CPKXGNPCEKQPCN#FGOUEQPUKFGTCNCFGHKPKEKPFGNCRNCVCHQTOCUQDTGNCSWG VTCDCLCTNC+PUVKVWEKP 'N 2NCP VCODKP EQORTGPFG GN 5KUVGOC FG %QOWPKECEKP C PKXGN FG #TGC 7UWCTKC
7PKFCF1RGTCVKXCGNEWCNEQPVGORNCGNGSWKRCOKGPVQGURGEHKEQ[GN UQHVYCTGCRNKECVKXQ
'NRTGUGPVG2NCP'UVTCVIKEQSWGUGRQPGCEQPUKFGTCEKPHWGGNCDQTCFCRQTNC %QOKUKP FGUKIPCFC OGFKCPVG 4GUQNWEKP &KTGEVQTCN 0 &' FGN EW[CKORQTVCPEKCGUVFCFCGPUWCRNKECEKPRCTCGNCPNKUKUFKUGQ RTQITCOCEKP KORNGOGPVCEKP FG NQU UKUVGOCU TGEQOGPFCFQU SWG RGTOKVC
GNCDQTCTGN2NCPFG#EEKPRCTCGNFGUCTTQNNQKORNCPVCEKPFGNQUUKUVGOCUFG +PHQTOCEKPRTQRWGUVQU .C1TICPK\CEKPRCTCGUVGRNCPGCOKGPVQUGGHGEVWEQPNCRCTVKEKRCEKPFGNC #NVC &KTGEEKP 7UWCTKQU [ RGTUQPCN GURGEKCNK\CFQ [ EQPV EQP GN CUGUQTCOKGPVQ FGN +PUVKVWVQ 0CEKQPCN FG 'UVCFUVKEC G +PHQTOVKEC
+0'+ EQPHQTOGUGKPFKECGPGN#PGZQ #NECPEGFGNRTQ[GEVQ2'6+
5G FGHKPG GN ODKVQ FGN 2'6+ GP VTOKPQU FG RTQEGUQU FG NC QTICPK\CEKP CHGEVCFQU[EQOQEQPUGEWGPEKCFGNCUFKTGEEKQPGUFGNCUTGCUKORNKECFCU5G FGVGTOKPCP NQU QDLGVKXQU GUVTCVIKEQU FG NC QTICPK\CEKP SWG FGDGP UGT EQPUKFGTCFQUGPGN2NCPCUEQOQCSWGNNQUCURGEVQUSWGNCFKTGEEKPEQPUKFGTC HCEVQTGUETVKEQUFGZKVQRCTCGNOKUOQ 2TQFWEVQU &GGPVTCFC &GUCNKFC
N &GUETKREKPIGPGTCNFGN2'6+ N &GUETKREKPIGPGTCN S ODKVQ[QDLGVKXQUFGN2'6+ S 1DLGVKXQUGUVTCVIKEQUTGNCEKQPCFQUEQPGN2'6+ S (CEVQTGU ETVKEQUFGZKVQ 2TEVKECU N 5GUKQPGUFGVTCDCLQ N /QFGNQFGXKUVCRCPQTOKECFGNCKPUVKVWEKP N 'PVTGXKUVC 2CTVKEKRCPVGU N %QOKVFG&KTGEEKP
&GVGTOKPCEKPFGTGURQPUCDKNKFCFGU
&GNKOKVCFQ GN ODKVQ FGN 2NCP 'UVTCVIKEQ FG 6GEPQNQICU FG +PHQTOCEKP
2'6+ UG KORNKEC CNCUWPKFCFGUQTICPK\CVKXCUCHGEVCFCUKPHQTOPFQNGUFGNC FGEKUKP [ UQNKEKVCPFQ UW RCTVKEKRCEKP GP GN GUVWFKQ SWG UG XC C KPKEKCT 'P UGUKQPGU FG VTCDCLQ EQP NCU FKUVKPVCU WPKFCFGU UG FGVGTOKPCP NQU RTKPEKRCNGU
TGURQPUCDNGU FGN 2'6+ C NQU SWG UGIWKFCOGPVG UG NGU FGDG EQOWPKECT UW PQODTCOKGPVQ[UQNKEKVCTUWCEGRVCEKP
6CODKPUGFGVGTOKPCNCPGEGUKFCFFGCRQ[QGPNCHWPEKPFGUGIWKOKGPVQSWG FGVGTOKPG GN 2'6+ GUVC PGEGUKFCF FGRGPFGFG NC CORNKVWF FGN 2NCP [ FG NC FWTCEKPRTGXKUVCRCTCGNOKUOQ5KUGEQPUKFGTCPGEGUCTKQGPGUVCCEVKXKFCFUG RTQRQPGPNQUTGURQPUCDNGUFGFKEJQUGIWKOKGPVQ 2TQFWEVQU N &GGPVTCFC &GUCNKFC
&GUETKREKPIGPGTCN
N &GUETKREKPIGPGTCN S 4GURQPUCDNGUFGN2'6+ 2TEVKECU N )GUVKPFGRTQ[GEVQU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QOKVFG&KTGEEKP 1TICPK\CEKPFGN2'6+
'P GUVC CEVKXKFCF UG FGVCNNC GN CNECPEG FGN RNCP UG QTICPK\C GN GSWKRQ FG RGTUQPCU SWG NQ XC C NNGXCT C ECDQ [ UG GNCDQTC WP ECNGPFCTKQ FG GLGEWEKP 6QFQU NQU TGUWNVCFQU Q RTQFWEVQU FG GUVC CEVKXKFCF EQPUVKVWKTP GN OCTEQ FG CEVWCEKP FGN RTQ[GEVQ GP EWCPVQ C QDLGVKXQU RTQEGUQU CHGEVCFQU RCTVKEKRCPVGUTGUWNVCFQU[HGEJCUFGGPVTGIC
6CTGC 2TQFWEVQU 6EPKECU[ 2TEVKECU 2CTVKEKRCPVGU
N %QOKVFG &KTGEEKP
'URGEKHKECEKP N &GUETKREKPIGPGTCNFG N %CVCNQICEKP FGNODKVQ[ RTQEGUQUFGNCQTICPK\CEKP CNECPEG CHGEVCFQU .KUVCFQFGQDLGVKXQUFG2'6+ N S 1DLGVKXQUIGPGTCNGU S 1DLGVKXQUGURGEHKEQUFG ECFCRTQEGUQ
UKNQUJWDKGTC
N &KTGEVQTGUFG TGCUWUWCTKCU
N ,GHGFGRTQ[GEVQ FGN2'6+

6CTGC
2TQFWEVQU
1TICPK\CEKP N .KUVCFQFGWUWCTKQU FGN2'6+ N 'SWKRQUFGVTCDCLQ &GHKPKEKPFGN N 2NCPFGVTCDCLQ RNCPFG VTCDCLQ %QOWPKECEKP N 2NCPFGVTCDCLQ FGN2NCPFG S #EGRVCEKPFGNRNCPFG 6TCDCLQ VTCDCLQRQTRCTVGFGNQU RCTVKEKRCPVGU
N 'NCDQTCEKP N &KTGEVQTGUFG FGFKTGEVQTKQU TGCUWUWCTKCU N 5GUKQPGUFG N ,GHGFGRTQ[GEVQ VTCDCLQ FGN2'6+ N 2NCPKHKECEKP N 'UVKOCEKP N &KTGEVQTGUFG TGCUWUWCTKCU N %QOKVFG &KTGEEKP N ,GHGFG2TQ[GEVQ FGN2'6+ N &KTGEVQTGUFG TGCUWUWCTKCU
6EPKECU[ 2TEVKECU
2CTVKEKRCPVGU
N ,GHGFG2TQ[GEVQ FGN2'6+
'URGEKHKECEKPFGNODKVQ[CNECPEG
&GOCPGTCOUEQPETGVCSWGGPNCCEVKXKFCF+PKEKQFGN2'6+GPGUVCVCTGCUG FGUETKDGGNODKVQFGNQURTQEGUQUFGNCQTICPK\CEKPCEQPUKFGTCT
+IWCNOGPVGUGFGHKPKTGNCNECPEGGUFGEKTNQUQDLGVKXQUGURGEHKEQUFGN2'6+ 2WGFG UGT PGEGUCTKQ FGVGTOKPCT FKUVKPVQU QDLGVKXQU RCTC ECFC RTQEGUQ FGN RTQ[GEVQ .QU TGURQPUCDNGU FG NQU FKUVKPVQU RTQEGUQU FG NC QTICPK\CEKP CHGEVCFQU RQT GN 2NCP RCTVKEKRCTP FG HQTOC CEVKXC GP NC FGHKPKEKP FG NQU QDLGVKXQUUKPRGTFGT FGXKUVCNQUTGUWNVCFQUFGNCCEVKXKFCFCPVGTKQT 2TQFWEVQU &GGPVTCFC &GUCNKFC
N &GUETKREKPIGPGTCNFGN2'6+ N &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU N .KUVCFQFGQDLGVKXQUFGN2'6+ S 1DLGVKXQUIGPGTCNGU S 1DLGVKXQUGURGEHKEQUFGECFC RTQEGUQ

UKNQUJWDKGTC 2TEVKECU N )GUVKPFGRTQ[GEVQU N (CEVQTGUETVKEQUFGZKVQ
XCNQTCEKP[ECVCNQICEKP
2CTVKEKRCPVGU
N %QOKVFG&KTGEEKP N &KTGEVQTGUFG#TGCU7UWCTKCU N ,GHGFG2TQ[GEVQ
'PGUVCVCTGCUGVTCVCPEWGUVKQPGUTGNCEKQPCFCUEQPNCQTICPK\CEKPFGNVTCDCLQ RCTCNNGXCTCECDQGN2'6+
%QOKVFG &KTGEEKP %QOKVFG RTQ[GEVQ
'SWKRQFG CPNKUKU
'SWKRQFG CPNKUKU
'SWKRQFG CPNKUKU
%&%QOKVFG&KTGEEKP N N N N N
%2%QOKVFG2TQ[GEVQ N N N N N N N N
,GHG+PUVKVWEKQPCN &KTGEEKPFGRNCPKHKECEKP &KTGEEKPFGUKUVGOCU ,GHGFGRTQ[GEVQ2'6+ 4GRTGUGPVCPVGFGFKTGEVQTGUFGTGCUWUWCTKCU 'UTGEQOGPFCDNGPQOUFGOKGODTQU ,GHGFG2TQ[GEVQ 4GRTGUGPVCPVGFGFKTGEVQTGUFGTGCUWUWCTKCU %QPUWNVQTGU ,GHGFGGSWKRQFGCWFKVQTCU ,GHGFGGSWKRQ .FGTWUWCTKQFGNTGCEQORTQOGVKFC
7UWCTKQU'ZRGTVQU #PCNKUVCURNCPKHKECFQTGU #RQ[Q
'#'SWKRQFGCPNKUKUK RNCPKHKECEKP

5GUGNGEEKQPCPNQURCTVKEKRCPVGUXCNQTCPFQGNPOGTQ[RGTHKNFGRTQHGUKQPCNGU FGUKUVGOCU[VGEPQNQICUFGNCKPHQTOCEKP[EQOWPKECEKQPGUPGEGUCTKQUGP HWPEKPFGNQUQDLGVKXQURGTUGIWKFQU #UKOKUOQ UG FGVGTOKPCP NCU HWPEKQPGU FGNQU TGURQPUCDNGU FG NC FKTGEEKP [ UGIWKOKGPVQ FGN 2'6+ CFKEKQPCNOGPVG UG EQPETGVCP CURGEVQU NQIUVKEQU TGNCEKQPCFQU EQP GN OCVGTKCN UCNCU FG TGWPKQPGU GUVPFCTGU FG FQEWOGPVCEKPGVE 2TQFWEVQU N N N N &GGPVTCFC
&GUCNKFC
'UVTWEVWTCQTICPK\CVKXC &GUETKREKPIGPGTCNFGN2'6+ &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU .KUVCFQFGQDLGVKXQUFGN2'6+
N .KUVCFQFGWUWCTKQU N 'SWKRQUFGVTCDCLQ 2TEVKECU N )GUVKPFGRTQ[GEVQU N .KUVCFQFGUGUKQPGUFGVTCDCLQ N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N &KTGEVQTGUFGTGCUWUWCTKCU N ,GHGFGRTQ[GEVQ N #UGUQTGU 'NCDQTCEKPFGNRNCPFGVTCDCLQRCTCGNFGUCTTQNNQFGN2'6+
'NQDLGVKXQFGGUVCVCTGCGUFGVGTOKPCTVQFQUNQURTQFWEVQUHKPCNGUFGNRNCPFG VTCDCLQ FG EQPUVKVWEKP FGN 2'6+ CU EQOQ NC HGEJC RTGXKUVC FG QDVGPEKP [ GPVTGICFGNQUOKUOQU'UPGEGUCTKQRNCPKHKECTNCUFKUVKPVCUCEVKXKFCFGU[GUVKOCT NQU VKGORQU TGSWGTKFQU RCTC NNGXCTNCU C ECDQ VGPKGPFQ GP EWGPVC NC FKURQPKDKNKFCFFGNQUWUWCTKQUFGNRNCPFG2'6+5GFGDGPEQPUKFGTCTVCODKP NQUHCEVQTGUETVKEQUFGZKVQKFGPVKHKECFQUGPNCCEVKXKFCFCPVGTKQT[TGEQIKFQU GP NC FGUETKREKP IGPGTCN FG RTQEGUQU FG NC QTICPK\CEKP CHGEVCFQU [C SWG RWGFGPEQPFKEKQPCTNCGNCDQTCEKPFGNRNCPFGVTCDCLQ 5GFGVCNNCPNCUCEVKXKFCFGUCUKIPCPFQRCTVKEKRCPVGUVKGORQU[TGURQPUCDNGUFG ECFCWPCFGGNNCUNQUTGUWNVCFQUGURGTCFQU[GNRNCPFGVTCDCLQCUGIWKT
2TQFWEVQU N N N N N
&GGPVTCFC
&GUCNKFC 6EPKECU
'SWKRQUFGVTCDCLQ &GUETKREKPIGPGTCNFGN2'6+ .KUVCFQFGQDLGVKXQUFG2'6+ &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU .KUVCFQFGWUWCTKQU
N 2NCPFGVTCDCLQ N 2NCPKHKECEKPGUVTCVIKEC N 'UVKOCEKP 2CTVKEKRCPVGU N &KTGEVQTGUFGTGCUWUWCTKCU N ,GHGFG2TQ[GEVQ %QOWPKECEKPFGNRNCPFGVTCDCLQ
7PCXG\FGHKPKFQGNRNCPFGVTCDCLQUGEQOWPKECCNQUWUWCTKQUFGN2'6+EQPGN HKPFGSWGUGCCEGRVCFQ'UVQRGTOKVGSWGNQUWUWCTKQUEQPQ\ECPGNOVQFQFG VTCDCLQCUGIWKTNQUTGUWNVCFQUCQDVGPGT[NCFGFKECEKPPGEGUCTKCRQTRCTVGFG GNNCU 2TQFWEVQU &GGPVTCFC
N 2NCPFGVTCDCLQ N .KUVCFQFGWUWCTKQU &G UCNKFC N 2NCPFGVTCDCLQ S #EGRVCEKPFGNRNCPFGVTCDCLQ 2CTVKEKRCPVGU N %QOKVFGFKTGEEKP N &KTGEVQTGUFGWUWCTKQU N ,GHGFG2TQ[GEVQ
2NCPFG6TCDCLQ 1DLGVKXQU 1TICPK\CEKP
4GURQPUCDKNKFCFGU #EVKXKFCFGU
#WFKVQTCFGNRNCPFGVTCDCLQ


# 1\\YYÛQ]YYU^d_ TU\\ @\\Q^ TU cYYcdU]Qc Q\\ @\\Q^ UcdbQd}WYYS_ # 1 ÛQ] U^d_ TU @ Q^ TU c cdU]Qc Q @ Q^ UcdbQd}W S_
'PGNRTGUGPVGECRVWNQUGFGHKPG NCOKUKPFGN%GPVTQ+PHQTOVKEQUGHKLCPUWUOGVCU [QDLGVKXQUFGHKPKPFQUGUWUGUVTCVGIKCUNCUEWCNGUFGDGPFGGPEQPVTCTUGCNKPGCFCUCN 2NCP'UVTCVIKEQ+PUVKVWEKQPCN /QFGNCOKGPVQKPUVKVWEKQPCN 'PGUVCHCUGUGDWUECGPNQHWPFCOGPVCNGNCNKPGCOKGPVQFGN2'6+EQPGN2NCP 'UVTCVIKEQ+PUVKVWEKQPCNCUEQOQFGVGTOKPCTUKNCUHWPEKQPGUFGNC1HKEKPCFG +PHQTOVKEC FG NC +PUVKVWEKP RGTOKVGP CEQOGVGT GUVC VCTGC [C SWG UG DWUEC SWG NQU UKUVGOCU FG KPHQTOCEKP EQCF[WXGP CN NQITQ FG NQU QDLGVKXQU FG NC +PUVKVWEKP[CRQ[GPNCUGUVTCVGIKCUFGNOKUOQ &GHKPKEKPFGNCOKUKPFGN%GPVTQ+PHQTOVKEQ /GFKCPVG NC RTGUGPVG CEVKXKFCF UG FGHKPG NC OKUKP GN TQN FGN %GPVTQ +PHQTOVKEQGPGNFGUCTTQNNQFGNQUUKUVGOCURTQRWGUVQU C 1DLGVKXQ .QU QDLGVKXQU SWG UG DWUECP CNECP\CT EQP NC RTGUGPVG CEVKXKFCF UQP NQU UKIWKGPVGU #NKPGCTNCOKUKPFGN%GPVTQ+PHQTOVKEQEQPNCOKUKPKPUVKVWEKQPCN &GHKPKTNCOKUKPFGN%GPVTQ+PHQTOVKEQ
D&GUETKREKP
%QPGNHKPFGFGHKPKTNCOKUKPFGN%GPVTQ+PHQTOVKEQFGDGOQUFGTGCNK\CT NCUUKIWKGPVGUVCTGCU &GHKPKEKPFGNCOKUKPFGNCQTICPK\CEKP &GHKPKEKPFGNCOKUKPFGN%GPVTQ+PHQTOVKEQ
E&GUETKREKPFG6CTGCU
5GTGCNK\C WPCFGUETKREKPFGVCNNCFCFGNCUVCTGCUUGCNCFCUCPVGTKQTOGPVG &GHKPKEKPFGNCOKUKPFGNCQTICPK\CEKP .C OKUKPFGNCQTICPK\CEKPGUGNGLGUQDTGGNEWCNUGFGUCTTQNNCVQFCUNCU QVTCUCEVKXKFCFGU[UKUVGOCUNCOKUKPGZRTGUCNCTC\PFGUGT[FGGZKUVKT FG VQFC QTICPK\CEKP RCTC RQFGT FGHKPKT NC OKUKP FG WPC QTICPK\CEKP FGDGOQUFGTGXKUCTGNRNCPGUVTCVIKEQFGNCQTICPK\CEKPGPECUQFGSWG
UVG PQ GZKUVKGTC Q GUVWXKGUG FGUCEVWCNK\CFQ GN GSWKRQ FG GUVWFKQ UG GPECTICT FGEQPXQECTCWPCTGWPKPCNPKXGNFKTGEVKXQ[CNRGTUQPCNENCXG FGNCQTICPK\CEKPEQPGNHKPFGSWGUVQURWGFCPFCTUWQRKPKPCEGTECFG NC OKUKP FG NC QTICPK\CEKP
RTQEGFKOKGPVQ HQTOCN Q GP QVTQ ECUQ FCT HQTOCCNCXKUKPSWGNC#NVC&KTGEEKPVKGPGFGNCOKUOC &GHKPKEKPFGNCOKUKPFGN%GPVTQFG+PHQTOVKEQ .C OKUKP FGN %GPVTQ +PHQTOVKEQ UG FGHKPG FG CEWGTFQ C NC OKUKP FG NC 1TICPK\CEKPGUFGEKTNCOKUKPFGN%GPVTQ+PHQTOVKEQFGDGT EQCF[WXCT CNNQITQFGNCOKUKPFGNCQTICPK\CEKP
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
D&GUETKREKP
&GVGTOKPCTNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTOVKEQ 1TKGPVCT NCU CEVKXKFCFGU FGN %GPVTQ +PHQTOVKEQ CN NQITQ FG NQU QDLGVKXQUEQTRQTCVKXQU
.CHKLCEKPFGNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTOVKEQVQOCPEQOQ RWPVQFGRCTVKFCCNQUQDLGVKXQU[OGVCUEQTRQTCVKXQUEQPVGORNCFQUGP GNRNCPGUVTCVIKEQFGNCKPUVKVWEKPGPGNECUQFGSWGPQGZKUVCWPRNCP GUVTCVIKEQFGNCKPUVKVWEKPUGFGDGT TGCNK\CTVQFCUNCUVCTGCUKPFKECFCU NPGCUCDCLQECUQEQPVTCTKQUGRTQUGIWKT EQPNCUVCTGCU &GHKPKTNQUQDLGVKXQUEQTRQTCVKXQU &GHKPKTNQUQDLGVKXQUFGN%GPVTQ+PHQTOVKEQ &GHKPKTNCUOGVCUFGN%GPVTQ+PHQTOVKEQ
E&GUETKREKPFGVCTGCU
.CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKP FG NC CEVKXKFCF UG FGUETKDGP C EQPVKPWCEKP

&GHKPKEKPNQUQDLGVKXQEQTRQTCVKXQU
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
&G GUVC OCPGTC NQU QDLGVKXQU FGN %GPVTQ +PHQTOVKEQ VGPFTP TGNCEKP EQP GN SWGJCEGT GP NC QTICPK\CEKP GP OCVGTKC KPHQTOVKEC [ FG VGEPQNQICFGKPHQTOCEKP &GHKPKTNCUOGVCUFGN%GPVTQ+PHQTOVKEQ .CU OGVCU FGN %GPVTQ +PHQTOVKEQ FGDGTP EQPVGORNCT CURGEVQU VCNGU EQOQSWEWPFQ[EWPVQUGFGUGCNQITCTGPWPRGTQFQFGVGTOKPCFQ GU FGEKT NQU QDLGVKXQU FGDGTP UGT XCNQTK\CFQU [ GURGEKHKECFQU GP GN VKGORQ[GURCEKQ
#U OKUOQ GUVCU OGVCU FGDGTP EQCF[WXCT CN EWORNKOKGPVQ FG NQU QDLGVKXQUFGN%GPVTQ+PHQTOVKEQ[RQTGPFGCNQUQDLGVKXQUEQTRQTCVKXQU &G5CNKFC 1DLGVKXQUEQTRQTCVKXQU 1DLGVKXQUFGN%GPVTQ+PHQTOVKEQ /GVCUFGN%GPVTQ+PHQTOVKEQ
&GVGTOKPCEKPFGGUVTCVGIKCU
'P GUVC CEVKXKFCF UG FGVGTOKPCP NQU ECOKPQU [ CNVGTPCVKXCU SWG UG JCP FG UGIWKTCHKPFGNQITCTNQUQDLGVKXQUFGN%GPVTQ+PHQTOVKEQ[EWORNKTEQPNC OKUKPFGNCQTICPK\CEKP C1DLGVKXQU &GHKPKTCNVGTPCVKXCUSWGRGTOKVCPNQITCTNQUQDLGVKXQURTQRWGUVQU
D &GUETKREKP
.CU GUVTCVGIKCU FG VQFC QTICPK\CEKP Q WPKFCF QTICPK\CVKXC UG FGHKPGP VQOCPFQEQOQDCUGNCRTGIWPVC3WFGDGOQUFGJCEGTRCTCNQITCTNQU QDLGVKXQU!NCTGURWGUVCUGQDVKGPGCNTGCNK\CTNCUUKIWKGPVGUVCTGCU
+FGPVKHKECT NCU QRQTVWPKFCFGU [ TKGUIQU FG NC QTICPK\CEKP Q VEPKEC

12'&'21 +FGPVKHKECTCNVGTPCVKXCUFGUQNWEKP 'XCNWCTNCUCNVGTPCVKXCUFGUQNWEKP
E&GUETKREKPFGVCTGCU
.CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKP FG NC CEVKXKFCF UG FGUETKDGP C EQPVKPWCEKP +FGPVKHKECTNCUQRQTVWPKFCFGU[TKGUIQU %QPGNHKPFGFGVGTOKPCTNCUQRQTVWPKFCFGU[TKGUIQUSWGKPHNW[GPGPGN HWPEKQPCOKGPVQ FG NC QTICPK\CEKP GU EQPXGPKGPVG TGCNK\CT WP CPNKUKU FGN OKUOQ GU FGEKT FGHKPG NCU HQTVCNG\CU TKGUIQU FGDKNKFCFGU [ QRQTVWPKFCFGUVCPVQFGNCQTICPK\CEKPEQOQFGN%GPVTQ+PHQTOVKEQ +FGPVKHKECTCNVGTPCVKXCUFGUQNWEKP 6QOCFQEQOQDCUGGNCPNKUKUTGCNK\CFQGPNCVCTGCCPVGTKQTUGFGHKPGP WPC UGTKG FG CNVGTPCVKXCU FG UQNWEKP SWG RGTOKVKTP EWORNKT EQP NQU QDLGVKXQU[OGVCURTQRWGUVCUCN%GPVTQ+PHQTOVKEQ 'XCNWCTNCUCNVGTPCVKXCUFGUQNWEKP %QPUKFGTCPFQ NCU CNVGTPCVKXCU FG UQNWEKP KFGPVKHKECFCU GP NC VCTGC CPVGTKQT UG GXCNWCTP ECFC WPC FG GNNCU EQP GN HKP FG EQPVCT EQP WPC ECTVGTC FG RTQ[GEVQU SWG EQCF[WXCTP CN NQITQ FG NQU QDLGVKXQU FG NC WPKFCF
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
F2TQFWEVQUCQDVGPGT

&GHKPKEKPFGHCEVQTGUETVKEQUFGZKVQ
C 1DLGVKXQU
'PUVCCEVKXKFCFUGFGVGTOKPCTPNQUHCEVQTGUETVKEQUFGZKVQGUFGEKT CSWGNNQU HCEVQTGU SWG RGTOKVKTP EWORNKT EQP NQU QDLGVKXQU [ OGVCU RTQRWGUVCURQTGN%GPVTQ+PHQTOVKEQ +FGPVKHKECTNQUHCEVQTGUETVKEQUFGZKVQ 2CTCKFGPVKHKECTNQUHCEVQTGUETVKEQUFGZKVQFGDGOQUFGTGCNK\CTNCU UKIWKGPVGUVCTGCU &GHKPKTNQUHCEVQTGUFGZKVQ +FGPVKHKECTNQUHCEVQTGUETVKEQUFGZKVQ &GHKPKTNQUHCEVQTGUFGZKVQ
D &GUETKREKP
E&GUETKREKPFG6CTGCU
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
N 2NCP'UVTCVIKEQ0CEKQPCN N 2NCP'UVTCVIKEQ+PUVKVWEKQPCN &GUCNKFC N #NKPGCEKPFGN2'6+EQPGN2'5'/

6EPKECU
N 2NCP'UVTCVIKEQ+PUVKVWEKQPCN N (CEVQTGUETVKEQUFGZKVQ 2TEVKECU N #PNKUKUFGNCKPHQTOCEKP N 'PVTGXKUVCU 2CTVKEKRCPVGU ,GHGFGRTQ[GEVQ &KTGEVQTFG2NCPKHKECEKP 'SWKRQFGCPCNKUVCU RNCPKHKECFQTGU 'UVWFKQFGNCQTICPK\CEKP
'N QDLGVKXQ FG GUVC CEVKXKFCF GU TGEQRKNCT [ CPCNK\CT VQFQU NQU CPVGEGFGPVGU IGPGTCNGU SWG RWGFCP CHGEVCT C NQU RTQEGUQU [ C NCU WPKFCFGU QTICPK\CVKXCU KORNKECFCUGPGN2NCPGUVTCVIKEQFGVGEPQNQICFGKPHQTOCEKP
2'6+CUEQOQ C NQU TGUWNVCFQU FGN OKUOQ 2WGFGP UGT FG GURGEKCN KPVGTU NQU GUVWFKQU TGCNK\CFQUEQPCPVGTKQTKFCFCN2'6+TGNCVKXQUCNQUUKUVGOCUFGKPHQTOCEKPFG UW ODKVQ Q DKGP C UW GPVQTPQ VGEPQNIKEQ EW[CU EQPENWUKQPGU FGDGP UGT EQPQEKFCURQTGNGSWKRQFGVTCDCLQFGN2NCP .C KPHQTOCEKP QDVGPKFC GP GUVC CEVKXKFCF UG VGPFT GP EWGPVC GP NC GNCDQTCEKPFGNQUTGSWKUKVQU 6CTGC
5GNGEEKP[ CPNKUKUFG CPVGEGFGPVGU 8CNQTCEKPFG CPVGEGFGPVGU
2TQFWEVQU
N 8CNQTCEKPFG CPVGEGFGPVGU
6EPKECU[2TEVKECU
N 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
N %QPUWNVQTGU N %QPUWNVQTGU +PHQTOVKEQU N 7UWCTKQUGZRGTVQU N %QPUWNVQTGU N %QPUWNVQTGU N +PHQTOVKEQU
N .KUVCFQFG TGSWKUKVQU N 4GSWKUKVQU IGPGTCNGU
N .KUVCFQFG RTKQTKFCFGU

#PNKUKUFGNQUCPVGEGFGPVGU
5G UGNGEEKQPCP NCU HWGPVGU FG KPHQTOCEKP [ FQEWOGPVCEKP C EQPUKFGTCT GP GUVGGUVWFKQVGPKGPFQGPEWGPVCVQFQUCSWGNNQUCPVGEGFGPVGUFGKPVGTURNCP

GUVTCVIKEQKPUVKVWEKQPCNRNCPGUFGUKUVGOCUFGKPHQTOCEKPCPVGTKQTGUGUVWFKQU RTGXKQU RNCP IGPGTCN KPHQTOVKEQ Q RNCPGU QRGTCVKXQU FGUCTTQNNCFQU GP CQU CPVGTKQTGUGVE
#UKOKUOQ UG FGDG GPVTGXKUVCT C NCU RGTUQPCU FG NC QTICPK\CEKP SWG RWGFCP CRQTVCTKPHQTOCEKPCFKEKQPCNUQDTGCPVGEGFGPVGUSWGFGDCPUGTEQPUKFGTCFQU GP GN 2'6+ CN OCTIGP FG NC FQEWOGPVCEKP FKURQPKDNG .C KPHQTOCEKP TGEQIKFCUGVKGPGVCODKPGPEWGPVCGPNCXCNQTCEKPFGNQUOKUOQU 2TQFWEVQU N N N N &GGPVTCFC
&GUCNKFC 6EPKECU
+PHQTOCEKPTGNGXCPVG
GZVGTPQ &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU .KUVCFQFGQDLGVKXQUFG2NCPGU
CPVGTKQTGU .KUVCFQFGWUWCTKQU
N #PNKUKUFGNCKPHQTOCEKPRTGNKOKPCT N /QFGNQFGXKUVC RCPQTOKECKPUVKVWEKQPCN N 6EPKEC12'&'21 N (CEVQTGUETVKEQUFGZKVQ 2TEVKECU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGU+PHQTOVKEQU N 7UWCTKQU'ZRGTVQU 8CNQTCEKPFGNCKPHQTOCEKP 5G TGCNK\C NC XCNQTCEKP FG NQU CPVGEGFGPVGU CPCNK\CFQU[NCUEQPENWUKQPGUUG TGEQIGTPGPGNNKUVCFQFGTGSWKUKVQU.CTGCNK\CEKPFGGUVCXCNQTCEKPC[WFCT C GUVCDNGEGT VTOKPQU FG TGHGTGPEKC GP EWCPVQ C GUVPFCTGU RTQEGFKOKGPVQU PQTOCVKXKFCFGVEUKGZKUVGP

2TQFWEVQU
&GGPVTCFC
N +PHQTOCEKPTGNGXCPVG N #PNKUKUFGCPVGEGFGPVGU &GUCNKFC N .KUVCFQFGTGSWKUKVQU S 4GSWKUKVQUIGPGTCNGU 2TEVKECU
N #PNKUKUFGKPHQTOCEKP 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTOVKEQU 1$,'61;#.%#0%'5&'.+/#42' /+5+10 &GNC+PUVKVWEKP
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
8+5+10

1$,'6+815+056+67%+10#.'5
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
#0.+5+5;&+#)056+%1&'.#14)#0+<#%+0&'.+/#42' 'UVTWEVWTC1TICPK\CEKQPCN
.C GUVTWEVWTC QTICPK\CEKQPCN FGN +/#42' OKUOQ SWG HWG CRTQDCFQ RQT GN %QPUGLQ &KTGEVKXQ FGN +/#42' OGFKCPVG #EWGTFQ0%&1FGHGEJCFGGPGTQFG[GUV EQPUVKVWKFQRQT C #.6#&+4'%%+0 %QPUGLQ&KTGEVKXQ &KTGEEKP'LGEWVKXC &KTGEEKP%KGPVHKEC 5GETGVCTC)GPGTCN
D E F
14)#01%1057.6+81
%QOKV%QPUWNVKXQ
14)#01&'%10641.
1HKEKPCFG#WFKVQTC+PVGTPC
14)#015&'#5'514#/+'061
1HKEKPCFG#UGUQTC,WTFKEC 1HKEKPCFG#UWPVQU+PVGTKPUVKVWEKQPCNGU
1HKEKPCFG2NCPKHKECEKP[2TGUWRWGUVQ 1HKEKPC FG 2TQITCOCEKP %QPVTQN [ 'XCNWCEKP 2TGUWRWGUVCN 1HKEKPCFG2NCPGU1TICPK\CEKP[/VQFQU 1HKEKPCFG%QQRGTCEKP6EPKEC'EQPOKEC

4)#015&'#21;1
1HKEKPCFG#FOKPKUVTCEKP 1HKEKPCFG4GEWTUQU*WOCPQU 1HKEKPCFG%QPVCDKNKFCF 1HKEKPCFG6GUQTGTC 1HKEKPCFG#DCUVGEKOKGPVQ[5GTXKEKQU#WZKNKCTGU 1HKEKPCFG(NQVC 1HKEKPCFG&KHWUKP[$KDNKQVGEC %GPVTQFG%ORWVQ[%QOWPKECEKQPGU 1HKEKPCFG+PHTCGUVTWEVWTC6GTTGUVTG 1HKEKPCFG'UVCFUVKEC
&KTGEEKP%KGPVHKEC 4)#015&'.0'# &KTGEEKP)GPGTCNFG+PXGUVKICEKQPGU1EGCPQITHKECU &KTGEEKP FG 1EGCPQITCHC (UKEC [ 2TQPUVKEQU 1EGCPQITHKEQU &KTGEEKPFG1EGCPQITCHC3WOKEC &KTGEEKPFG1EGCPQITCHC$KQNIKEC &KTGEEKP FG /QPKVQTGQ [ 2TQVGEEKP FGN #ODKGPVG /CTKPQ
&KTGEEKP )GPGTCN FG +PXGUVKICEKQPGU FG 4GEWTUQU *KFTQDKQNIKEQU &KTGEEKPFG+PXGUVKICEKP['XCNWCEKPFG4GEWTUQU 2GNIKEQU &KTGEEKPFG+PXGUVKICEKP['XCNWCEKPFG4GEWTUQU &GOGTUCNGU[%QUVGTQU &KTGEEKP FG +PXGUVKICEKQPGU GP $KQFKXGTUKFCF 'EQNQIC6THKEC[4GRTQFWEEKP &KTGEEKPFG'XCNWCEKPFG+PXGTVGDTCFQU/CTKPQU &KTGEEKP)GPGTCNFG+PXGUVKICEKQPGUGP#EWKEWNVWTC &KTGEEKPFG'ZRGTKOGPVCEKP &KTGEEKPFG&GUCTTQNNQ#EWEQNC
&KTGEEKP)GPGTCNFG+PXGUVKICEKQPGUGP2GUEC &KTGEEKPFG6GEPQNQICFG'ZVTCEEKP &KTGEEKPFG6GEPQNQICFG&GVGEEKP &KTGEEKP FG 6GEPQNQIC FG 'NGEVTQCEUVKEC [ 6GNGFGVGEEKP

14)#0+5/15&'5%10%'064#&15 .CDQTCVQTKQU%QUVGTQU[%QPVKPGPVCN (WPEKQPGU
'N 4GINCOGPVQ FG 1TICPK\CEKP [ (WPEKQPGU

41( FGN +/#42'EQPUKFGTCNCUUKIWKGPVGUHWPEKQPGU
C 2NCPKHKECT FKTKIKT EQQTFKPCT GLGEWVCT [ GXCNWCT NCU KPXGUVKICEKQPGUFGUWEQORGVGPEKC
D 4GCNK\CT KPXGUVKICEKQPGU EKGPVHKECU FG NQU TGEWTUQU FGN OCT[FGNCUCIWCUEQPVKPGPVCNGUNQUHCEVQTGUGEQNIKEQU FG KPVGTCEEKP [ NCU SWG RTQRGPFCP CN FGUCTTQNNQ FG NC CEWKEWNVWTC E 4GCNK\CT KPXGUVKICEKQPGU QEGCPQITHKECU NKOPQNIKECU [ FGNCECNKFCFFGNCODKGPVGCEWVKEQ F 4GCNK\CT KPXGUVKICEKQPGU VGEPQNIKECU FG GZVTCEEKP [ FGVGEEKP
G 2TQRQTEKQPCT CN /KPKUVGTKQ FG 2GUSWGTC NCU DCUGU EKGPVHKECURCTCNCCFOKPKUVTCEKPTCEKQPCNFGNQUTGEWTUQU FGNOCT[FGNCUCIWCUEQPVKPGPVCNGU H 2TQOQXGT GN FGUCTTQNNQ FG NC KPXGUVKICEKP EKGPVHKEC [ VGEPQNIKECCUEQOQNCHQTOCEKPRGTHGEEKQPCOKGPVQ[ GURGEKCNK\CEKP FG NQU KPXGUVKICFQTGU EKGPVHKEQU [ VEPKEQU
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

N 2TKQTK\CT NCU KPXGUVKICEKQPGU SWG NG EQTTGURQPFCP GP EQPEQTFCPEKCEQPUWUHKPGU P 1VTCU CEVKXKFCFGU SWG UG NG GPECTIWGP OGFKCPVG 4GUQNWEKP/KPKUVGTKCNGPEQPEQTFCPEKCEQPNCRQNVKEC QDLGVKXQU[OGVCUFGN/KPKUVGTKQFG2GUSWGTC .PGCUFG+PXGUVKICEKP[.QIUVKEC .PGCUFG+PXGUVKICEKP

O 1TICPK\CT [ RCTVKEKRCT GP GXGPVQU EKGPVHKEQU [ VGEPQNIKEQUPCEKQPCNGUGKPVGTPCEKQPCNGU
.QUTGUWNVCFQUFGGUVCUKPXGUVKICEKQPGUUQPFKHWPFKFQUCNC EQOWPKFCFEKGPVHKEC[RDNKEQGPIGPGTCNGPVTGUUGTKGUFG RWDNKECEKQPGU $1.'6+0 SWG GU WPC RWDNKECEKP FG TKIQT EKGPVHKEQ SWG EQPUVKVW[G GN CRQTVG CN OGLQT EQPQEKOKGPVQ FGNQUTGEWTUQUCEWVKEQUNCUKPVGTCEEKQPGUGPVTGUVQU[UW CODKGPVG[SWGRGTOKVGQDVGPGTEQPENWUKQPGURTGNKOKPCTGU
+PXGUVKICEKPFGNCCPEJQXGVC[QVTQUTGEWTUQURGNIKEQU +PXGUVKICEKPFGNCOGTNW\C[QVTQUTGEWTUQUFGOGTUCNGU +PXGUVKICEKPFGNQUKPXGTVGDTCFQUOCTKPQU +PXGUVKICEKPFGNCRGUECCTVGUCPCN +PXGUVKICEKPFGNCTGRTQFWEEKPFGTGEWTUQURGUSWGTQU +PXGUVKICEKPFGNCUCXGUOCTKPCU +PXGUVKICEKPFGNQUEGVEGQU[NQDQUOCTKPQU +PXGUVKICEKPGPCEWKEWNVWTC[GPTGEWTUQUEQPVKPGPVCNGU +PXGUVKICEKPFGTGEWTUQUUWDGZRNQVCFQU[RQVGPEKCNGU +PXGUVKICEKPFGDKQFKXGTUKFCFFGTGEWTUQUOCTKPQU +PXGUVKICEKP FG NC CNKOGPVCEKP FG NQU RTKPEKRCNGU TGEWTUQURGUSWGTQU +PXGUVKICEKPGPCTVGU[OVQFQUFGRGUEC +PXGUVKICEKP GP UGPUQTCOKGPVQ TGOQVQ [ UKUVGOC FG KPHQTOCEKPIGQITHKEC %QPVCOKPCEKPOCTKPC 'UVWFKQUQEGCPQITHKEQU[FGN(GPOGPQ'N0KQ +PXGUVKICEKQPGU FG NCU EQOWPKFCFGU FGN RNCPEVQP GP GN NKVQTCNRGTWCPQ 2WDNKECEKPEKGPVHKEC[VGEPQNIKEC 2CTVKEKRCEKP[4GRTGUGPVCEKP%KGPVHKEC
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

#FOKPKUVTCEKPGKPXGUVKICEKPGPNCDQTCVQTKQUEQUVGTQU %QPUVTWEEKP[GSWKRCOKGPVQFGNCDQTCVQTKQUEQUVGTQU 'SWKRCOKGPVQFGGODCTECEKQPGUEKGPVHKECU %CRCEKVCEKPFGNRGTUQPCN #FOKPKUVTCEKPFGVEPKEQUEKGPVHKEQU %GPVTQ FG EQOWPKECEKP G KPHQTOCEKP FG CFOKPKUVTCEKPEKGPVHKEC %QPVTQNKPVGTPQ[GZVGTPQFG)GUVKP %QQTFKPCEKP CFOKPKUVTCVKXC [ GLGEWEKP HKPCPEKGTC EQPVCDNG /CPVGPKOKGPVQ RTGXGPVKXQ FG $WSWGU FG +PXGUVKICEKP %KGPVHKEC 2CIQFG2GPUKQPGUCEGUCPVGU[LWDKNCFQU 2CIQFG4GOWPGTCEKQPGU[QVTQU$GPGHKEKQU


$ $

99TU^dYYVVYYSQSYY^ TU bUaeUbYY]YYU^d_c TU^d SQS ^ TU bUaeUb ] U^d_c
/QFGNCOKGPVQFGTGSWGTKOKGPVQ
'NQDLGVKXQHKPCNFGGUVCCEVKXKFCFXCCUGTNCGURGEKHKECEKPFGNQUTGSWKUKVQUFG KPHQTOCEKPFGNCQTICPK\CEKPCUEQOQQDVGPGTWPOQFGNQFGKPHQTOCEKP SWGNQUEQORNGOGPVG
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
'UVWFKQFGNQU RTQEGUQU
2TQFWEVQU
N /QFGNQFG RTQEGUQUFGNC QTICPK\CEKP
6EPKECU[2TEVKECU
2CTVKEKRCPVGU
#PNKUKUFGNCU N 0GEGUKFCFGUFG PGEGUKFCFGUFG KPHQTOCEKP NC N /QFGNQFG KPHQTOCEKP KPHQTOCEKP .KUVCFQFG TGSWKUKVQU
N /QFGNCFQFGRTQEGUQUFG N %QPUWNVQTGU NCQTICPK\CEKP N 7UWCTKQU GZRGTVQU N 5GUKQPGU FGVTCDCLQ N N N N N /QFGNQ 'PVKFCFTGNCEKP 'ZVGPFKFQ &KCITCOCFGENCUGU 5GUKQPGUFGVTCDCLQ N %QPUWNVQTGU N 7UWCTKQU GZRGTVQU
N .KUVCFQFG N %CVCNQICEKP TGSWKUKVQU N 4GSWKUKVQUFGNQU RTQEGUQUCHGEVCFQU RQTGN2'6+
N %QPUWNVQTGU N 7UWCTKQU GZRGTVQU


'UVWFKQFGNQURTQEGUQUFGNCQTICPK\CEKP
5G GUVWFKC ECFC RTQEGUQ FG NC QTICPK\CEKP KPENWKFQU GP GN ODKVQ FGN 2'6+ 2CTCECFCWPQFGGNNQUGUPGEGUCTKQKFGPVKHKECTNCUCEVKXKFCFGUQHWPEKQPGUNC KPHQTOCEKPKORNKECFCGPGNNCU[NCUWPKFCFGUQTICPK\CVKXCUSWGRCTVKEKRCPGP GNFGUCTTQNNQFGECFCCEVKXKFCF
2CTC QDVGPGT GUVC KPHQTOCEKP GU PGEGUCTKQ NNGXCT C ECDQ UGUKQPGU FG VTCDCLQ EQPNQUWUWCTKQUKORNKECFQUGPECFCWPQFGNQURTQEGUQUCCPCNK\CT7PCXG\ EQPVTCUVCFCU NCU EQPENWUKQPGU UG GNCDQTC GN OQFGNQ EQTTGURQPFKGPVG C ECFC RTQEGUQ5KGZKUVGTGNCEKPGPVTGNQUFKUVKPVQUOQFGNQU UGWPKHKECPGPNCOGFKFC FGNQRQUKDNGEQPGNHKPFGRTQRQTEKQPCTWPCXKUKPINQDCNGPGNEQPVGZVQFGNC QTICPK\CEKP[HCEKNKVCTWPCKFGPVKHKECEKPFGTGSWKUKVQUOUQDLGVKXC 2TQFWEVQU &GGPVTCFC
N &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU N .KUVCFQFGWUWCTKQU N 'SWKRQUFGVTCDCLQ &GUCNKFC 6EPKECU N /QFGNQ FGRTQEGUQUFGNCQTICPK\CEKP N /QFGNCFQFGRTQEGUQUFGNCQTICPK\CEKP 2TEVKECU N 5GUKQPGU FGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N 7UWCTKQU GZRGTVQU
#EQPVKPWCEKPUGRTGUGPVCRCTVG FGNOQFGNQFGRTQEGUQUFG+/#42'

02'(/2'(352&(626 1,9(/&,(17,),&2,0$53(
5(&85626+,'52%,2/2*,&26)
/$%25$725,26 &267(526 23(5$&,21(6(1 (/0$5 6(*8,0,(172 6$7(/,7$/'( (0%$5&$&,21(6
3 5(&(3&,21$5 35(3$5$5 ',675,%8,5< 75$16)(5,5 ,1)250$&,21
'$726'(&$3785$6<(6)8(5=2
'$726'(7$//$6
'$726%,2/2*,&26
3 ',*,7$5< 352&(6$5'$726 '(&$3785$< (6)8(5=2 3(648(52
3 352&(6$5 '$726'( '(6(0%$54
3 ',*,7$5< 352&(6$5 '$726 %,20(75,&2 3 &8$17,),&$5 0$*1,78' '(/ 5(&/87$0
'$726'( %,20$6$
3 ',*,7$5< 352&(6$5 '$726 %,2/2*,&26
3 ',*,7$5< 352&(6$5 '$726'( 0$5&$&,21
)$&725'( (67,0$&,21
$%81'$1&,$
3 (67,0$5 ,1',&(6'(
3 (67,0$5 '(6(0 %$548(
3 &2/(&7$5 ',*,7$5< 352&(6$5'$726 '(35(&,26'( (63(&,(6 &20(5&
3 (/$%25$5&$57$6 '(',675,%8&,21< &21&(175$&,21 '(3(&(6
3 '(7(50,1$5/$ (6758&785$ '(/$ 32%/$&,21 3257$//$6 3 '(7(50,1$5/$ (6758&785$'( /$0$'85(= 6(;8$/$/$ 32%/$&,21
3 '(7(50,1$5 (6758&785$6 325('$'(6 $ /$32%/$&
3 (/$%25$5$5 &$57$6'( 0,*5$&,21
&21',&,21(6 5(352'8&7,9$6 <$/,0(17$5,$6 &21',&,21(6 2&($12*5$),&$6 '$7$+,6725,&$
3 $1$/,=$5< (9$/8$5/26 5(&85626 3(648(526
,1)250(6'((9$/8$&,21'( /265(&85626 +,'52%,2/2*,&26


#PNKUKUFGNCUPGEGUKFCFGUFGKPHQTOCEKP
/GFKCPVGUGUKQPGUFGVTCDCLQUGKFGPVKHKECPNCUPGEGUKFCFGUFGKPHQTOCEKPFG ECFC WPQ FG NQU RTQEGUQU CPCNK\CFQU GP NC CEVKXKFCF CPVGTKQT 5G GNCDQTC WP OQFGNQ FG KPHQTOCEKP SWG TGHNGLG NCU RTKPEKRCNGU GPVKFCFGU
FGHKPKFCU EQOQ OCETQGPVKFCFGU FG CEWGTFQ C NC XGTUKP FG NC /GVQFQNQIC FG 2NCPGU FG 5KUVGOCUFG+PHQTOCEKPFGN+0'+[TGNCEKQPGUGZKUVGPVGUGPVTGGNNCU 6QFQGUVQUGTGCNK\CEQPNCRGTURGEVKXCFGNQSWGFGDGUGTGNRTQEGUQGPEWCPVQ C UWU CEVKXKFCFGU [ HWPEKQPGU CU EQOQ C NC KPHQTOCEKP FG GPVTCFC [ UCNKFC RCTCECFCWPCFGGNNCU'UVGGPHQSWGGUEQJGTGPVGEQPGNRTKPEKRKQSWGGPNCU GPVKFCFGURDNKECUNCHWPEKP[GNRTQEGUQVKGPGWPCOC[QTRTGUGPEKCSWGGP NCGPVKFCFRTKXCFC .QU TGUWNVCFQU FGN CPNKUKU TGCNK\CFQ GP GUVC VCTGC UQP NC DCUG RCTC NC KFGPVKHKECEKPFGTGSWKUKVQU 2TQFWEVQU &GGPVTCFC &GUCNKFC
N /QFGNQFGRTQEGUQUFGNCQTICPK\CEKP N 0GEGUKFCFGUFGKPHQTOCEKP N /QFGNQ FGKPHQTOCEKP 6EPKECU N /QFGNQ'PVKFCF4GNCEKPGZVGPFKFQ N &KCITCOCFGENCUGU 2TEVKECU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N 7UWCTKQUGZRGTVQU
#EQPVKPWCEKPUGRTGUGPVCRCTVGFGNOQFGNQFGFCVQUFG+/#42'

/1&'.1&'&#615


.KUVCFQFG4GSWKUKVQU 'PGUVCVCTGCUGCPCNK\CNCKPHQTOCEKPTGEQIKFCGPGN'UVWFKQFGNQURTQEGUQU[ GP GN CPNKUKU FG NCU PGEGUKFCFGU FG KPHQTOCEKP 5G FGHKPGP NQU TGSWKUKVQU KPEQTRQTPFQNQUCNECVNQIQSWGUGJCDCEQOGP\CFQCGNCDQTCTGPGN'UVWFKQ FGNC+PHQTOCEKP[UGNGUCUKIPCPRTKQTKFCFGU .QUETKVGTKQU RCTCCUKIPCTFKEJCURTKQTKFCFGUFGDGPUGTFGHKPKFQUCNEQOKGP\Q FGGUVCVCTGCEQPUKFGTCPFQNCQRKPKPFGNQUWUWCTKQUUQDTGNQURTQEGUQUFGNC QTICPK\CEKPCUEQOQNQUQDLGVKXQUFGN2'6+ 2TQFWEVQU N N N N N &GGPVTCFC
&GUCNKFC
.KUVCFQFGQDLGVKXQU .KUVCFQFGTGSWKUKVQU /QFGNQFGRTQEGUQUFGNCKPUVKVWEKP /QFGNQFGKPHQTOCEKP 0GEGUKFCFGUFGKPHQTOCEKP
N .KUVCFQFGTGSWKUKVQU N 4GSWKUKVQU FGNQURTQEGUQUCHGEVCFQURQTGN2'6+ 2TEVKECU N 5GNGEEKP 2CTVKEKRCPVGU N %QPUWNVQTGU N 7UWCTKQU'ZRGTVQU

+PUVKVWVQ0CEKQPCN FG'UVCFUVKECG+PHQTOVKEC

% 4YYcU_ TU\\ ]_TU\\_ TU cYYcdU]Qc YY^cdYYdeSYY_^Q\\ % 4 cU_ TU ]_TU _ TU c cdU]Qc ^cd deS _^Q
/QFGNCOKGPVQVGEPQNIKEQ K 2NCPVGEPQNIKEQ 'P GUVC HCUG UG DWUEC FKUGCT NC UQNWEKP VGEPQNIKEC
.C OGLQT UQNWEKP VGEPQNIKEC C PKXGN FG JCTFYCTG UQHVYCTG [ CRNKECEKQPGU SWG FGDGP KORNGOGPVCTUG RCTCCNECP\CTNQU QDLGVKXQUFGN2NCP'UVTCVIKEQFG6GEPQNQIC FG+PHQTOCEKP
2'6+

'UVCUQNWEKPFGDGTUGTHCEVKDNG[XKCDNGGPGNGURCEKQFGVKGORQFGHKPKFQRCTC GN RNCP 5G JC KPEQTRQTCFQ C NC OGVQFQNQIC GN FGPQOKPCFQ GPHQSWG FG EQPVKPIGPEKCU SWG DWUEC FKURQPGT FG WP RNCP CNVGTPCVKXQ
2NCP FG EQPVKPIGPEKC SWG RGTOKVC KORNCPVCT GN 2'6+ EQP NCU NKOKVCEKQPGU SWG GN RTGUWRWGUVQ
CNIQ EQOP RCTC NCU GPVKFCFGU RDNKECU [ NCU ECRCEKFCFGU VEPKECUFGNECUQ
VGQTCFGNCUTGUVTKEEKQPGU 'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU 'N QDLGVKXQ FGN GUVWFKQ FG UKUVGOCU FG KPHQTOCEKP CEVWCNGU GU QDVGPGT WPC XCNQTCEKP FG NC UKVWCEKP CEVWCN CN OCTIGP FG NQU TGSWKUKVQU FGN NKUVCFQ CRQ[PFQUG GP ETKVGTKQU TGNCVKXQU C HCEKNKFCF FG OCPVGPKOKGPVQ FQEWOGPVCEKP HNGZKDKNKFCF HCEKNKFCF FG WUQ GVE 'P GUVC CEVKXKFCF UG FGDG VGPGT GP EWGPVC NC QRKPKP FG NQU WUWCTKQU [C SWG CRQTVCTP GNGOGPVQU FG XCNQTCEKP EQOQ RQT GLGORNQ UW PKXGN FG UCVKUHCEEKP EQP ECFC UKUVGOC FG KPHQTOCEKP 5G UGNGEEKQPCP NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU SWG UQP QDLGVQ FGN CPNKUKU [ UG NNGXC C ECDQ GN GUVWFKQ FG NQU OKUOQU EQP NC RTQHWPFKFCF [ GN FGVCNNG SWG UG FGVGTOKPG EQPXGPKGPVG GP HWPEKP FG NQU QDLGVKXQU FGHKPKFQU RCTCGN2'6+'UVG GUVWFKQRGTOKVGRCTCECFCUKUVGOCFGVGTOKPCTUWUECTGPEKCU [XCNQTCTNQU'UVCXCNQTCEKPUGWVKNK\CTGPGN&KUGQFGNOQFGNQFGUKUVGOCU FGKPHQTOCEKPFQPFGUGCPCNK\CTNCEQDGTVWTCFGNQUUKUVGOCUFGKPHQTOCEKP CEVWCNGUEQPTGURGEVQCNQUTGSWKUKVQU
6CTGC 2TQFWEVQU 6EPKECU[ 2TEVKECU 2CTVKEKRCPVGU
#NECPEG[QDLGVKXQU N .KUVCFQFGQDLGVKXQU N 5GNGEEKP FGNGUVWFKQFGNQU N 1DLGVKXQUFGNGUVWFKQFG N 5GUKQPGUFG UKUVGOCUFG NQUUKUVGOCUFG VTCDCLQ KPHQTOCEKP KPHQTOCEKPCEVWCNGU CEVWCNGU N +FGPVKHKECEKPFG5KUVGOCU FGKPHQTOCEKPCEVWCNGU
N %QPUWNVQTGU KPHQTOVKEQU N %QPUWNVQTGU N 7UWCTKQU GZRGTVQU

#PNKUKUFGNQU UKUVGOCUFG KPHQTOCEKP CEVWCNGU
6CTGC
N &GUETKREKPIGPGTCNFG UKUVGOCUFGKPHQTOCEKP CEVWCNGU
2TQFWEVQU
N 5GUKQPGUFG VTCDCLQ
6EPKECU[ 2TEVKECU
N &KCITCOCFG TGRTGUGPVCEKP
8CNQTCEKPFGNQU UKUVGOCUFG KPHQTOCEKP CEVWCNGU
N 8CNQTCEKPFGNCUKVWCEKP N 5GUKQPGUFG VTCDCLQ CEVWCN
N %QPUWNVQTGU N %QPUWNVQTGU KPHQTOVKEQU N 7UWCTKQU GZRGTVQU N 'SWKRQFGN RTQ[GEVQ N 'SWKRQFG UQRQTVGVEPKEQ N 4GURQPUCDNGFG OCPVGPKOKGPVQ N %QPUWNVQTGU N %QPUWNVQTGU +PHQTOVKEQU
2CTVKEKRCPVGU
#NECPEG[QDLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU
#RCTVKTFGNCFGUETKREKPIGPGTCNFGNQURTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU RQTGN2NCP'UVTCVIKEQFG6GEPQNQICUFG+PHQTOCEKP
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
.C KPHQTOCEKP TGNCVKXC C NQU UKUVGOCU FG KPHQTOCEKP SWG FCP CEVWCNOGPVG UQRQTVGCNQURTQEGUQUCHGEVCFQURQTGN2'6+UGQDVKGPGOGFKCPVGUGUKQPGUFG VTCDCLQEQPNQUWUWCTKQU[GNCRQ[QFGNRGTUQPCNKPHQTOVKEQSWGUGEQPUKFGTG PGEGUCTKQ 2TQFWEVQU N N N N

&GGPVTCFC
.KUVCFQFGQDLGVKXQU &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU .KUVCFQFGWUWCTKQU 'SWKRQUFGVTCDCLQ

&GUCNKFC
N .KUVCFQFGQDLGVKXQU S 1DLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU 2TEVKECU
N +FGPVKHKECEKPFGUKUVGOCUFGKPHQTOCEKPCEVWCNGUCHGEVCFQURQTGN2'6+ N 5GNGEEKP N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGU+PHQTOVKEQU N 7UWCTKQUGZRGTVQU #PNKUKUFGNQUUKUVGOCUFGKPHQTOCEKP
'PGUVCVCTGCUGNNGXCCECDQGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU CHGEVCFQURQTGN2'6+2CTCECFCUKUVGOCFGKPHQTOCEKPUGTGEQIGPCNOGPQU NCUECTCEVGTUVKECUDUKECUTGNCVKXCUCFCVQUUQHVYCTGFGCRNKECEKPRTQEGUQUFG NC QTICPK\CEKP C NQU SWG FC UQRQTVG [ FG SW HQTOC NQ JCEG HNGZKDKNKFCF ECTGPEKCUTKGUIQU[RQUKDNGUCOGPC\CU
'PHWPEKPFGNVKRQFGUKUVGOCFGKPHQTOCEKP[FGNQUQDLGVKXQUFGUWGUVWFKQ UG TGEQRKNC CFGOU RCTC ECFC WPQ FG GNNQU KPHQTOCEKP RTQEGFGPVG FG FKXGTUQURWPVQUFGXKUVC
NCQRKPKPFGWUWCTKQUFGNQUUKUVGOCUFGKPHQTOCEKP FGCPCNKUVCUFGFGUCTTQNNQFGNRGTUQPCNFGQRGTCEKPGVE 2TQFWEVQU &GGPVTCFC
N &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU N .KUVCFQFGQDLGVKXQU N +FGPVKHKECEKPFGUKUVGOCUFGKPHQTOCEKPCEVWCNGUCHGEVCFQURQTGN2'6+ &GUCNKFC 2TEVKECU N &GUETKREKPIGPGTCNFGUKUVGOCUFGKPHQTOCEKPCEVWCNGU N 5GUKQPGUFGVTCDCLQ N &KCITCOCFGTGRTGUGPVCEKP

2CTVKEKRCPVGU N N N N N N
%QPUWNVQTGU %QPUWNVQTGUKPHQTOVKEQU 7UWCTKQUGZRGTVQU 'SWKRQFGNRTQ[GEVQ 'SWKRQFGUQRQTVGVEPKEQ 4GURQPUCDNGFGOCPVGPKOKGPVQ
8CNQTCEKPFGNQUUKUVGOCUFGKPHQTOCEKP
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
N .KUVCFQFGQDLGVKXQU N &GUETKREKPIGPGTCNFGUKUVGOCUFGKPHQTOCEKPCEVWCNGU &GUCNKFC 2TEVKECU N 8CNQTCEKPFGNCUKVWCEKPCEVWCN N 5GUKQPGUFGVTCDCLQ N +ORCEVQGPNCQTICPK\CEKP 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTOVKEQU

&KUGQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP
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
&KCIPUVKEQFGNC UKVWCEKPCEVWCN
2TQFWEVQU
&GHKPKEKPFGN N /QFGNQFGUKUVGOCUFG OQFGNQFGUKUVGOCU KPHQTOCEKP FGKPHQTOCEKP
N &KCIPUVKEQFGNC N /CVTKEKCN UKVWCEKPCEVWCN S 4GNCEKPFGUKUVGOCU FGKPHQTOCEKPSWGUG EQPUGTXCP[OGLQTCU PGEGUCTKCU
6EPKECU[ 2TEVKECU
2CTVKEKRCPVGU
N %QPUWNVQTGU
N /CVTKEKCN N &KCITCOCFG TGRTGUGPVCEKP N 5GUKQPGUFG VTCDCLQ
N %QPUWNVQTGU N %QPUWNVQTGU KPHQTOVKEQU N 7UWCTKQU GZRGTVQU

&KCIPUVKEQFGNUKUVGOCFGKPHQTOCEKP
2CTC NNGICT C WP FKCIPUVKEQ UQDTG NC UKVWCEKP CEVWCN UG VKGPG GP EWGPVC NC XCNQTCEKPFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGUTGCNK\CFCGPNCCEVKXKFCFFG GUVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU [ UG GUVWFKC NC EQDGTVWTCFG TGSWKUKVQUSWGUGVKGPGEQPGNNQU
'UVQ RGTOKVG FGVGTOKPCT NQU TGSWKUKVQU FGN ECVNQIQ PQ EWDKGTVQU RQT NQU UKUVGOCUFGKPHQTOCEKPCEVWCNGUGUVWFKCPFQUWCURGEVQETVKEQ[RTKQTKFCF
'PRCTCNGNQUGCPCNK\CGNOQFGNQFGKPHQTOCEKPQDVGPKFQGPNCVCTGCCPNKUKU FG NCU PGEGUKFCFGU FG KPHQTOCEKP 5G FGVGTOKPC UK GZKUVGP GPVKFCFGU Q TGNCEKQPGUFGNOKUOQSWGPQCRCTGEGPTGEQIKFCUGPNCUKVWCEKPCEVWCNQSWG GUVCPFQTGEQIKFCUUWVTCVCOKGPVQCEVWCNPQTGURQPFGCNQUPWGXQUTGSWKUKVQU
%QOQ TGUWNVCFQ FGN CPNKUKU CPVGTKQT UG UGNGEEKQPCP NQU UKUVGOCU FG KPHQTOCEKP C EQPUGTXCT [ UG GNCDQTC UK RTQEGFG NC TGNCEKP FG OGLQTCU C TGCNK\CTGPECFCWPQFGGNNQURCTCEWDTKTNQUTGSWKUKVQUSWGNGCHGEVCP 2TQFWEVQU &GGPVTCFC
N /QFGNQFGKPHQTOCEKP N .KUVCFQFGTGSWKUKVQU N 8CNQTCEKPFGNCUKVWCEKPCEVWCN &GUCNKFC N &KCIPUVKEQFGNCUKVWCEKPCEVWCN S 4GNCEKP FG UKUVGOCU FG KPHQTOCEKP SWG UG EQPUGTXCP [ OGLQTCU PGEGUCTKCU 6EPKECU N /CVTKEKCN 2CTVKEKRCPVGU
N %QPUWNVQTGU N #PCNKUVCU &GHKPKEKPFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKPTGSWGTKFQ
'UVC VCTGC VKGPG EQOQ QDLGVKXQ TGRTGUGPVCT GN EQPLWPVQ FG UKUVGOCU FG KPHQTOCEKP SWG FCP UQRQTVG C NQU RTQEGUQU FG NC QTICPK\CEKP CHGEVCFQU FGUETKDKGPFQ UWU TGNCEKQPGU G KPVGTHCEGU CU EQOQ FGHKPKT SW UKUVGOCU FG KPHQTOCEKP CEVWCNGU UG OCPVGPFTP EQP NCU OGLQTCU RTQRWGUVCU [ SW UKUVGOCUFGKPHQTOCEKPPWGXQUEWDTKTPNQUTGSWKUKVQUPQUQRQTVCFQURQTNQU UKUVGOCUFGKPHQTOCEKPCEVWCNGU 2CTCKFGPVKHKECTECFCUKUVGOCFGKPHQTOCEKPPWGXQUGCPCNK\CP N .QUUKUVGOCUFGKPHQTOCEKPCEVWCNGUSWGUGEQPUGTXCP
N .QU TGSWKUKVQU PQ EWDKGTVQU RQT NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU 5G TGCNK\C WPC KFGPVKHKECEKP KPKEKCN FG UKUVGOCU FG KPHQTOCEKP CITWRCPFQ

N &KHGTGPVGU VKRQU FG UKUVGOCU FG KPHQTOCEKP

FG IGUVKP FG UQRQTVG C NC VQOCFGFGEKUKQPGUGURGEKCNGUGVE N +PVGTHCEGUGPVTGUKUVGOCUFGKPHQTOCEKPEQPGNQDLGVKXQFGOKPKOK\CTNCU N 6GEPQNQICGURGEKCNTGSWGTKFCUKRTQEGFG
CEVKXKFCFGUJQOQIPGCUFGNQURTQEGUQUFGNCQTICPK\CEKPCHGEVCFQUSWG CEVCPUQDTGKPHQTOCEKPEQOP
.CU EQPENWUKQPGU QDVGPKFCU FG FKEJQ CPNKUKU UKTXGP RCTC KFGPVKHKECT ECFC UKUVGOCFGKPHQTOCEKPPWGXQ[GNCDQTCTGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP
2QTNVKOQ[EQPVCPFQEQPNCGZRGTKGPEKCFGNQURCTVKEKRCPVGUGPGUVCVCTGCUG QDVKGPG GN OQFGNQ FG UKUVGOCU FG KPHQTOCEKP SWG KPENW[G WP FKCITCOC FG TGRTGUGPVCEKP FG VQFQU GNNQU EQP UWU EQPGZKQPGU G KPVGTHCEGU [ WPC FGUETKREKPFGECFCUKUVGOCFGKPHQTOCEKPEQPGNEQPLWPVQFGCEVKXKFCFGU[ TGSWKUKVQUSWGEWDTGCUEQOQGNVKRQFGUKUVGOCFGSWGUGVTCVC 2TQFWEVQU &GGPVTCFC
N &KCIPUVKEQUKVWCEKPCEVWCN N /QFGNQFGRTQEGUQUFGNCQTICPK\CEKP N /QFGNQFGKPHQTOCEKP &GUCNKFC 6EPKECU 2TEVKECU N /QFGNQFGUKUVGOCUFGKPHQTOCEKP N /CVTKEKCN N &KCITCOCFGTGRTGUGPVCEKP N 5GUKQPGU FGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTOVKEQU N 7UWCTKQUGZRGTVQU

'52'%+(+%#%+0&'.155+56'/#5&'+0(14/ #%+024127'5615
.WGIQFGKFGPVKHKECTUGNCUGPVKFCFGU[NCURQUKDNGUDCUGUFGFCVQUEQTRQTCVKXCU UGRTQEGFKCKFGPVKHKECTNQUUKUVGOCUFGKPHQTOCEKPSWGJCPFGFGUCTTQNNCTUG FGOCPGTCSWGUVCNQITGEWORNKTEQPUWUQDLGVKXQURTQITCOCFQU
'PDCUGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKPFGNCKPUVKVWEKP[FGNGUVWFKQFG NQU UKUVGOCU FG KPHQTOCEKPGZKUVGPVGUUGJCXKUVQRQTEQPXGPKGPVGRTQRQPGT WP 5KUVGOC +PVGITCN FG NC +PUVKVWEKP FGPQOKPCFQ 5+56'/# &' +0(14/#%+0 %+'06(+%# ; 6'%01.)+%# &'. +/#42'
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
5+)# 5KUVGOCFGKPHQTOCEKPFGEQPVTQNFGXKUKVCU 5KUVGOCFGKPHQTOCEKPFGRTQOQEKP 5KUVGOCFGDKDNKQVGEC 5KUVGOCFGCTEJKXQU 5KUVGOCFGKPHQTOCEKP9GD 5KUVGOC+PVTCPGV 5KUVGOC'ZVTCPGV
5KUVGOCUVEVKEQU
5KUVGOCVEPKEQQRGTCVKXQU
5KUVGOCKPVGTKPUVKVWEKQPCNGU

'UVQU UKUVGOCU UG ETGCTP EQP NC HKPCNKFCF FG UCVKUHCEGT NQU TGSWGTKOKGPVQU FG KPHQTOCEKP FG VQFQ GN RGTUQPCN EKGPVHKEQVEPKEQ [ CFOKPKUVTCVKXQ
EQPUKFGTCPFQVQFQUNQUPKXGNGULGTTSWKEQU
.C KPVGITCEKP FG GUVQU UKUVGOCU FG KPHQTOCEKP FCTP QTKIGP CN UKUVGOC FG KPHQTOCEKPKPVGITCNFGN+/#42' FGPQOKPCFQ5+56'/#&'+0(14/#%+0 %+'06(+%#;6'%01.)+%#&'.+/#42'
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
5WDOFWNQRGNIKEQ2TQEGUCTKPHQTOCEKPTGHGTGPVGC
%CRVWTCU [ FGUGODCTSWGU FG GURGEKGU RGNIKECU RQT RWGTVQU TGCU TGIKQPGUGVE &CVQUFGECRVWTC[GUHWGT\QFGRGUEC &CVQUDKQNIKEQU[DKQOVTKEQUGPVTGQVTQU 5WDOFWNQOCOHGTQUOCTKPQU2TQEGUCTFCVQUUQDTG %GPUQUFGNQDQUOCTKPQU
POGTQRQTGURGEKGUUGZQGFCFGVE %QORQUKEKPFGFKGVC
VGOHTGEWGPEKCGVE %CRVWTCKPEKFGPVCNFGEGVEGQUGPNCRGUSWGTCKPFWUVTKCN 0OGTQFGGURGEKGUVCUCUFGECRVWTCRQTECNCUFGETWEGTQU %NEWNQFGNGUHWGT\QRGUSWGTQ

5WDOFWNQ CXGU OCTKPCU 'UVG UWDOFWNQ RTQEGUCT RTKPEKRCNOGPVG FCVQUFG %GPUQURQDNCEKQPCNGUFGCXGUIWCPGTCU &KGVCFGNCUCXGUIWCPGTCU 2CTOGVTQUTGRTQFWEVKXQUGVE /FWNQFGOGTUCNGU[EQUVGTQU 'UVGOFWNQEQPUKFGTCFQUUWDOFWNQU
5WDOFWNQFGOGTUCNGU2TQEGUCTRTKPEKRCNOGPVGFCVQUUQDTG %CRVWTCFGRGEGUFGOGTUCNGURQTRWGTVQ\QPCHGEJCGVE &CVQUDKQNIKEQUDKQOVTKEQU[QVTQU 5WDOFWNQEQUVGTQU'UVGUWDOFWNQRTQEGUCTFCVQUFG
%CRVWTC [ GUHWGT\Q RQT GURGEKGU TGCU [ CTVGU FG RGUEC FG NC HNQVC CTVGUCPCN &CVQUDKQNIKEQUDKQOVTKEQU[GEQPOKEQUFGGURGEKGUEQUVGTCU /FWNQTGEWTUQURQVGPEKCNGU 'UVGOFWNQRTQEGUCTFCVQUTGNCEKQPCFQUC
/FWNQKPXGTVGDTCFQUOCTKPQU
%CRVWTCUFGGURGEKGU
FGUGODCTSWGUNWICTGUHGEJCGVE &CVQUDKQNIKEQUFGTGEWTUQURQVGPEKCNGU $KQFKXGTUKFCFOCTKPC 'XGPVQU'N0KQGPVTGQVTQU
'UVGOFWNQUGTGHKGTGCNRTQEGUCOKGPVQFGFCVQU
D 5KUVGOCFGKPHQTOCEKPFGKPX GUVKICEKQPGUQEGCPQITHKECU 1DLGVKXQ
$KQNIKEQ RGUSWGTQUFGKPXGTVGDTCFQUOCTKPQU $KQOVTKEQUFGKPXGTVGDTCFQUOCTKPQU %CNEWNQ FG PKXGN RQDNCEKQPCN FG OQNWUEQU

EQPEJC FG CDCPKEQ ECTCEQNEJCPSWGGVE %CRVWTC[GUHWGT\QFGNECNCOCTIKICPVG 0OGTQFGQRGTCEKQPGUVKGORQFGQRGTCEKPGVE
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKP KPVGITCFQ RCTC NC ECRVCEKP [ RTQEGUCOKGPVQFGNCFCVCTGHGTKFCCRTQEGUQUHUKEQUSWOKEQU[DKQNIKEQU
FGNOCT[CSWGGZKUVGCNCHGEJCITCPECPVKFCFFGKPHQTOCEKPHWGPVGUQDTG ETWEGTQU QEGCPQITHKEQU VCPVQ GP HQTOWNCTKQU

RCRGN EQOQ GP OGFKQU OCIPVKEQUVTCVCFQUEQPFKHGTGPVGUWVKNKVCTKQU &GUETKREKP 'UVGUKUVGOCGUVCTKPVGITCFQRQTOFWNQU /FWNQFGQEGCPQITCHCHUKEC 'UVGOFWNQTGIKUVTCTKPHQTOCEKPTGHGTKFQC
6TCVCOKGPVQ FG FCVQU EQPEGTPKGPVGU C NC VGORGTCVWTC FGN OCT UCNKPKFCFGVE /WGUVTGQU [ TGIKUVTQ FG CPQOCNCU FG VGORGTCVWTC ECRVCFC FG NQU NCDQTCVQTKQUEQUVGTQU %TWEGTQUQEGCPQITHKEQ[FGGXCNWCEKP /QPKVQTGQURGUSWGTQU[DWSWGUFGQRQTVWPKFCF /FWNQFGQEGCPQITCHCSWOKEC 'UVGOFWNQTGIKUVTCTKPHQTOCEKPTGHGTKFCC
0WVTKGPVGU
HQUHCVQUUKNKECVQUPKVTCVQUPKVTKVQU 1ZIGPQFKUWGNVQENQTQHKNCCOQPKCEQCNECNKPKFCFHUHQTQPKVTIGPQ GVE /FWNQFGQEGCPQITCHCDKQNIKEC 4GIKUVTCTKPHQTOCEKPTGHGTGPVGCDGPVQUOCTKPQURTQFWEEKPRTKOCTKC [RTQFWEEKPUGEWPFCTKCEW[CFCVCUGTGHKGTGC #DWPFCPEKC [ DKQOCUC FG GURGEKGU FGN OCETQ\QQDGPVQU FG HQPFQ DNCPFQ (KVQRNCPEVQPOCTKPQ
OKETQRNCPEVQP[RKEQRNCPEVQP 1TICPKUOQURTQFWEVQTGUFGOCTGCUTQLCU +PFKECFQTGUDKQNIKEQUFGOCUCUFGCIWC <QQRNCPEVQPKEVKQRNCPEVQPEQOQKPFKECFQTGUDKQNIKEQU 'UVCFQUFGJWGXQUXQNOGPGUFG\QQRNCPEVQPGVE /FWNQFGGXCNWCEKPFGEQPVCOKPCEKPOCTKPC 'UVGOFWNQTGIKUVTCTKPHQTOCEKPUQDTG
%QPVCOKPCPVGUSWOKEQU +PFKECFQTGUFGEQPVCOKPCEKPOKETQDKQNIKEC 2CTOGVTQUCODKGPVCNGURTGUGPVGUGPGNOGFKQOCTKPQ

E 5KUVGOCFGKPXGUVKICEKQPGUGPRGUEC 1DLGVKXQ
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKP KPVGITCFQ RCTC IGPGTCT NC DCUG FG FCVQUTGNCEKQPCN[FKURQPGTFGHCEKNKFCFFGOCPGLQFGNCKPHQTOCEKPUQDTG CTVGU [ OVQFQU FG RGUEC VEPKECU FG UGPUQTCOKGPVQ TGOQVQ VEPKECU CEUVKECU[UKUVGOCFGKPHQTOCEKPIGQITHKECGPVTGQVTQU &GUETKREKP 'NUKUVGOCRTQRQTEKQPCTFCVQU
F 5KUVGOCFGUGIWKOKGPVQUCVGNKVCNFGGODCTECEKQPGURGUSWGTCU 1DLGVKXQ
#EUVKEQU FG ETWEGTQU FG GXCNWCEKP [ RTQURGEEKQPGU RGUSWGTCU FG TGEWTUQURGNIKEQU[FGOGTUCNGU /CRCUFGFKUVTKDWEKPFGDKQOCUCRQTGURGEKGU /CRCUFGFKUVTKDWEKP[EQPEGPVTCEKPFGRGEGU &CVCCEUVKECECRVCFCEQPUQHVYCTGP/#2+0(1Q 4GEGREKPFGFCVCUCVGNKVCNECRVCFCEQPUQHVYCTGP*426Q
&KURQPGT FG KPHQTOCEKP CEVWCNK\CFC G KPOGFKCVC UQDTG WDKECEKP IGQITHKEC FG GODCTECEKQPGU RGUSWGTCU GHGEVKXK\CPFQ NC KORNGOGPVCEKP [ CFOKPKUVTCEKP FG WPC $CUG FG &CVQU 4GNCEKQPCN UQDTGGNVGOC &GUETKREKP 'UVGUKUVGOCRTQEGUCTKPHQTOCEKPTGHGTGPVGC
&GVGEEKPFGTGCUFGRGUECGPVKGORQTGCN 2TGUGPEKC FKUVTKDWEKP [ EQPEGPVTCEKP FG TGEWTUQU RGUSWGTQU UGIP RCTOGVTQU CODKGPVCNGU FGN OCT GLGORNQ UCNKPKFCF VGORGTCVWTCGVE %NEWNQFGNGUHWGT\QRGUSWGTQGPGNVKGORQFGUFGNCUCNKFCFGNC GODCTECEKPJCUVCUWTGVQTPQCRWGTVQ %CRVWTCUFGGURGEKGRQTTGCU G 5KUVGOCFGKPHQTOCEKPFGCEWKEWNVWTC 1DLGVKXQ 'PIGPGTCNWPUGIWKOKGPVQFGNCRGUSWGTCGPVKGORQTGCN
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKP SWG RGTOKVC NC ECRVCEKP [ RTQEGUCOKGPVQ FG NC FCVC TGNCEKQPCFC C CURGEVQU DKQNIKEQU FG
CNIWPCU GURGEKGU OCTKPCU FG KPVGTU EQOGTEKCN EWNVKXCFCU VCPVQ GP CODKGPVGPCVWTCNEQOQGPCODKGPVGEQPVTQNCFQCHKPFGRTQOQXGTGN FGUCTTQNNQFGNCCEWKEWNVWTC &GUETKREKP 'UVGUKUVGOCRTQRQTEKQPCTFCVQU
H 5KUVGOCVGTOKPQNIKEQ 1DLGVKXQ
$KQNIKEQU [ DKQOVTKEQU FG GURGEKGU EWNVKXCFCU GP CODKGPVG PCVWTCN[EQPVTQNCFQ 2TQFWEEKPFGDKQOCUCFGGURGEKGU[QVTQU %CRVWTC[GUHWGT\Q
ECOCTPFGTQ &GPUKFCFGURQTTGCUFGRGUEC
%QPVCTEQPWPUKUVGOCVGTOKPQNIKEQFGKPHQTOCEKPSWGOCPGLGNC KPUVKVWEKPGPEWORNKOKGPVQFGUWUHWPEKQPGU &GUETKREKP 'UVGUKUVGOCTGIKUVTCTKPHQTOCEKPTGNCEKQPCFCCNQUVGOCU $KQNIKEQ 2GUSWGTQ 1EGCPQITHKEQ #ODKGPVCNGVE
I 5KUVGOCFG+PHQTOCEKPFG.CDQTCVQTKQU%QUVGTQU 1DLGVKXQ %QPVCTEQPWPUKUVGOCFGKPHQTOCEKPRCTCGNVTCVCOKGPVQFG FCVQU FG CEWGTFQ C NC EQDGTVWTC IGQITHKEC VGORQTCN [ GURGEKQNIKEC TGHGTKFQCNCTGCNKFCFRGUSWGTCFGECFC.CDQTCVQTKQ%QUVGTQ[FGNCU 'UVCEKQPGUFG/WGUVTGQSWGEWGPVCNCKPUVKVWEKP &GUETKREKP 'UVG UKUVGOC GUV EQORWGUVQ FG OFWNQU UGIP GN ODKVQ FG UW EQORGVGPEKC 6WODGU 2CKVC 5CP,QU %JKECOC %JKODQVG
24+14+<#%+0 &'. &'5#441..1 &' .15 5+56'/#5 &' +0(14/#%+0
*WCEJQ %CNNCQ 2KUEQ +NQ
&GCEWGTFQCNCUPGEGUKFCFGUFGKPHQTOCEKPFGNQUWUWCTKQU[VGPKGPFQ GP EWGPVC NQU QDLGVKXQU EQTRQTCVKXQU C EQTVQ RNC\Q UG RTQRQPG GN FGUCTTQNNQFGNQUUKIWKGPVGUUKUVGOCU %QTVQ2NC\Q C 5KUVGOCFGKPHQTOCEKPEKGPVHKEC[VGEPQNIKEC D 5KUVGOCKPVGITCFQFGIGUVKPCFOKPKUVTCVKXC
5+)# E 5KUVGOCFGKPHQTOCEKPIGTGPEKCN C D E F G H I J /GFKCPQ2NC\Q 5KUVGOCFGKPHQTOCEKPFGVTOKVGFQEWOGPVCTKQ 5KUVGOCFGKPHQTOCEKPFGEQPVTQNFGXKUKVCU 5KUVGOCFGKPHQTOCEKPFGRTQOQEKP 5KUVGOCFGKPHQTOCEKPFGDKDNKQVGEC 5KUVGOCFGKPHQTOCEKPFGCTEJKXQU 5KUVGOCFGKPHQTOCEKPFGPQTOCU[OGVQFQNQICU 5KUVGOCFGKPHQTOCEKPFGPQTOCUNGICNGU 5KUVGOCFGKPHQTOCEKPIGQITHKEC
&G NQU UKUVGOCU GURGEKHKECFQU C EQTVQ [ OGFKCPQ RNC\Q UG JCEG PQVCT SWG GP NC CEVWCNKFCF GZKUVGP UKUVGOCU SWG RQFTP UGT CFCRVCFQU C NQU UKUVGOCU RTQRWGUVQU OKPKOK\CPFQ UGIP GN ECUQ GN EQUVQ FGN FGUCTTQNNQFGNQUOKUOQU

&GHKPKEKPFGNOQFGNQFGEQPVKPIGPEKCUFGN2'6+
'NGPHQSWGFGEQPVKPIGPEKCKPEQTRQTCFQCN2NCP'UVTCVIKEQFG6GEPQNQICUFG +PHQTOCEKPDWUECGUVCDNGEGTRTQEGFKOKGPVQU[CEEKQPGUSWGRGTOKVCPRTGXGT [ UWRNKT NCU CEVKXKFCFGU [ RTQ[GEVQU SWG JCDKGPFQ UKFQ RTQITCOCFQU GP GN 2'6+ RQT FKXGTUQU HCEVQTGU KPVGTPQU GZVGTPQU Q EQODKPCEKP FG GNNQU PQ RWGFGPUGTKORNGOGPVCFQU 2NCPFGEQPVKPIGPEKCRCTCGNRNCPGUVTCVIKEQFGVGEPQNQICUFGKPHQTOCEKP 2CTC CUGIWTCT SWG UG EQPUKFGTCP VQFCU NCU RQUKDNGU GXGPVWCNKFCFGU UG JC FG GNCDQTCTWPCNKUVCFGVQFQUNQUTKGUIQUEQPQEKFQUSWGPQRGTOKVCPGNFGUCTTQNNQ

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
2TQ[GEVQFGFGUCTTQNNQ
#EVKXKFCF2TQ[GEVQ
3WRWGFGKTOCN!
2TGIWPVCRCTCFGVGTOKPCTGN4KGUIQ
%QPSWHTGEWGPEKCRWGFGQEWTTKT! %WNGUUGTCPUWUEQPUGEWGPEKCU! 3WHKCDKNKFCFVKGPGPNCUTGURWGUVCUCNCU VTGURTKOGTCURTGIWPVCU!
2CTCECFCTKGUIQUGFGDGFGVGTOKPCTNCRTQDCDKNKFCFFGNHCEVQTFGTKGUIQ %QOQGLGORNQUGOGPEKQPCPCNIWPQUVKRQUFGHCEVQTGUFGTKGUIQ S (CEVQTFGTKGUIQDCLQ S (CEVQTFGTKGUIQCNVQ S (CEVQTFGTKGUIQOW[DCLQ S (CEVQTFGTKGUIQOW[CNVQ S (CEVQTFGTKGUIQOGFKQ

2NCPFGGOGTIGPEKCFGNRNCPG UVTCVIKEQFGVGEPQNQICUFG+PHQTOCEKP
'UKORQTVCPVGFGHKPKTNQURTQEGFKOKGPVQU[RNCPGUFGCEEKPRCTCGNECUQSWG PWP RQUKDNG TKGUIQ UG JCIC TGCNKFCFQ 'U FGEKT QEWTTC WPC EQPVKPIGPEKC GU GUGPEKCN SWG UG EQPQ\EC CN FGVCNNG GN OQVKXQ SWG NC QTKIKP [ GN KORCEVQ RTQFWEKFQNQSWGRGTOKVKTTGEWRGTCTGPGNOGPQTVKGORQRQUKDNGGNRTQEGUQ
CEVKXKFCFQRTQ[GEVQRGTFKFQ
.CGNCDQTCEKPFGNQURTQEGFKOKGPVQUSWGUGFGVGTOKPGP EQOQCFGEWCFQURCTC WPECUQFGGOGTIGPEKCFGDGPUGTRNCPGCFQU[RTQDCFQUHGJCEKGPVGOGPVG.QU RTQEGFKOKGPVQUFGDGTPUGTFGGLGEWEKPQDNKICVQTKC[DCLQNCTGURQPUCDKNKFCF FGNQU GPECTICFQU FGNCTGCNK\CEKPFGNQUOKUOQUFGDKGPFQJCDGTRTQEGUQU FG XGTKHKECEKP FG UW EWORNKOKGPVQ 'P GUVQU RTQEGFKOKGPVQU GUVCT KPXQNWETCFQVQFQGNRGTUQPCNFGNC+PUVKVWEKP .QURTQEGFKOKGPVQUFGRNCPGUFGTGEWRGTCEKPFGFGUCUVTGUFGDGPFGGOCPCT FG NC OZKOC CWVQTKFCF +PUVKVWEKQPCN RCTC ICTCPVK\CT UW FKHWUKP [ GUVTKEVQ EWORNKOKGPVQ #EVKXKFCFGURTGXKCU
5QP VQFCU NCU CEVKXKFCFGU FG RNCPGCOKGPVQ RTGRCTCEKP GPVTGPCOKGPVQ [ GLGEWEKPFGNCUCEVKXKFCFGUFGTGUIWCTFQFGNCKPHQTOCEKPSWGPQUCUGIWTGP WPRTQEGUQFGTGEWRGTCEKPEQPGNOGPQTEQUVQRQUKDNGCNCKPUVKVWEKP 2QFGOQUFGVCNNCTNCUUKIWKGPVGUCEVKXKFCFGUIGPGTCNGU 'UVCDNGEKOKGPVQFGNRNCPFGGOGTIGPEKC
HTGPVGCNCTGUVTKEEKPUWRWGUVCGP GNCPNKUKUFGTKGUIQKPENW[GUKUVGOCUCNVGTPCVKXQUQGNGORNGQFGUQHVYCTG WVKNKVCTKQU (QTOCEKPFGGSWKRQUQRGTCVKXQU (QTOCEKP FG GSWKRQU FG GXCNWCEKP
CWFKVQTC FG EWORNKOKGPVQ FG NQU RTQEGFKOKGPVQUUQDTGUGIWTKFCF #EVKXKFCFGUFWTCPVG
7PC XG\ RTGUGPVCFC NC EQPVKPIGPEKC UG FGDGT GLGEWVCT NCU UKIWKGPVGU CEVKXKFCFGURNCPKHKECFCURTGXKCOGPVG 2TKQTK\CEKPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC #EVKXKFCFGURTGRCTCVQTKCUFGNRNCPFGGOGTIGPEKC
'UVWFKQ FG NCU TGUVTKEEKQPGU RTGUGPVCFCU

'XCNWCEKP FG KORCEVQ FG NCU TGUVTKEEKQPGU EQPVKPIGPEKCU

#EVKXKFCFGUFGURWU
&GURWUFGQEWTTKFQNCEQPVKPIGPEKCGUPGEGUCTKQTGCNK\CTNCUCEVKXKFCFGUSWG UGFGVCNNCPNCUEWCNGUFGDGPGUVCTGURGEKHKECFCUGPGNRNCPFGGOGTIGPEKC 'LGEWEKPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC 'XCNWCEKPFGTGUWNVCFQU 4GVTQCNKOGPVCEKPFGNRNCPFGGOGTIGPEKC

#PNKUKUFGTKGUIQU
2NCPFG EQPVKPIGPEKC #EVKXKFCFGURTGXKCU
2NCPFGGOGTIGPEKC #EVKXKFCFGUFWTCPVG
#EVKXKFCFGUFGURWU
.C KORNGOGPVCEKP FG RNCPGU FG EQPVKPIGPEKC C PKXGN FG UKUVGOCU FG KPHQTOCEKPRNCPVGCGPQTOGUTGVQUCNCUQHKEKPCUFGKPHQTOVKEC[WPCETGCVKXC KOCIKPCEKPRCTCGORNGCT
EQPXGTVKTQTGWVKNK\CTCRNKECEKQPGUGZKUVGPVGUSWG RWGFCP EWDTKT QRGTCVKXCOGPVG HWPEKQPGU CUKIPCFCU C CRNKECEKQPGU FG WUQ GURGEHKEQ
'UKORQTVCPVGVGPGTRTGUGPVGSWGGPNQUNVKOQUCQUNCUJGTTCOKGPVCU)07 RTGUVCP WP KPXCNQTCDNG CRQ[Q EQP WPC ECFC XG\ OCU ETGEKGPVG POGTQ FG UQNWEKQPGU (4'' SWG NCU GPVKFCFGU RDNKECU [ NCU QHKEKPCU FG KPHQTOVKEC RWGFGP WVKNK\CT RCTC UWRNKT ECTGPEKCU RTGUWRWGUVCNGU RCTC CFSWKTKT PWGXCU VGEPQNQICU FG UQHVYCTG 2QT VCPVQ FKUGCT RNCPGU FG EQPVKPIGPEKC UQDTG NC DCUGFGJGTTCOKGPVCU[WVKNKVCTKQUDCUCFQUGP.+07:GUWPCCNVGTPCVKXCXKCDNG


& 4YYcU_ TU\\ ]_TU\\_ TU QbaeYYdUSdebQ dUS^_\\WYYSQ & 4 cU_ TU ]_TU _ TU Qbae dUSdebQ dUS^_ W SQ
/QFGNCOKGPVQVGEPQNIKEQ K 2NCPFGVGEPQNQIC
'P GUVC CEVKXKFCF UG RTQRQPG WPC CTSWKVGEVWTC VGEPQNIKEC SWG F UQRQTVG CN OQFGNQ FG KPHQTOCEKP [ FG UKUVGOCU FG KPHQTOCEKP KPENW[GPFQ UK GU PGEGUCTKQ CNVGTPCVKXCU 2CTC GUVCCEVKXKFCFUGVKGPGPGPEWGPVCGURGEKCNOGPVG NQU TGSWKUKVQU FG ECTEVGT VGEPQNIKEQ CWPSWG GU PGEGUCTKQ EQPUKFGTCT GN ECVNQIQEQORNGVQFGTGSWKUKVQURCTCGPVGPFGTNCUPGEGUKFCFGUFGNQURTQEGUQU [RTQRQPGTNQUGPVQTPQUVGEPQNIKEQUSWGOGLQTUGCFCRVGPCNCUOKUOCU
+FGPVKHKECEKPFG N #NVGTPCVKXCUFG N &KCITCOCFG CTSWKVGEVWTC TGRTGUGPVCEKP NCUPGEGUKFCFGU VGEPQNIKEC N 5GUKQPGU FGVTCDCLQ FGKPHTCGUVTWEVWTC VGEPQNIKEC 5GNGEEKPFGNC CTSWKVGEVWTC VGEPQNIKEC N #TSWKVGEVWTC VGEPQNIKEC
6CTGC
2TQFWEVQU
6EPKECU[2TEVKECU
N #PNKUKUEQUVQDGPGHKEKQ N &KCITCOCFG TGRTGUGPVCEKP N +ORCEVQGPNC QTICPK\CEKP
N %QPUWNVQTGU KPHQTOVKEQU N 'SWKRQFGUQRQTVG VEPKEQ
2CTVKEKRCPVGU
N %QPUWNVQTGU N %QPUWNVQTGU +PHQTOVKEQU N 7UWCTKQUGZRGTVQU N 'SWKRQ FG UQRQTVG VEPKEQ

+FGPVKHKECEKPFGNCUPGEGUKFCFGUFGKPHTCGUVTWEVWTCVGEPQNIKEC
'UVC VCTGC VKGPG GN QDLGVKXQ FG CPCNK\CT NCU PGEGUKFCFGU FG KPHTCGUVTWEVWTC VGEPQNIKEC [ RTQRQPGT NCU CNVGTPCVKXCU XKCDNGU FGUFG GN RWPVQ FG XKUVC VGEPQNIKEQRCTCFCTTGURWGUVCCFKEJCUPGEGUKFCFGU
2CTCGNNQUGEQOKGP\CCPCNK\CPFQGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP[GN NKUVCFQ FG TGSWKUKVQU GP GURGEKCN NQU FG ECTEVGT VEPKEQ 5G KFGPVKHKECP NCU PGEGUKFCFGU
GPVQTPQUPGEGUCTKQUEQPGEVKXKFCF[EQOWPKECEKQPGUGPVTGGNNQU FKURQPKDKNKFCFUGTXKEKQUETVKEQUGVE
# EQPVKPWCEKP UG FGVGTOKPCP NCU RQUKDNGU CNVGTPCVKXCU FG KPHTCGUVTWEVWTC VGEPQNIKEC FGHKPKGPFQ NQU EQORQPGPVGU C CNVQ PKXGN [ TGRTGUGPVCPFQ ITHKECOGPVGECFCWPCFGGNNCU'UPGEGUCTKQGUVCDNGEGTNCHQTOCFGIGUVKQPCTNC KPHTCGUVTWEVWTC VGEPQNIKEC RCTC TGURQPFGT C NCU PGEGUKFCFGU KFGPVKHKECFCU .C XKUKP CRQTVCFC RQT NQU EQPUWNVQTGU FG VGEPQNQICU FG NC KPHQTOCEKP [ EQOWPKECEKP
6+FGDGUGTFGHWVWTQEQPUKFGTCPFQNCRQUKDNGGXQNWEKPFGNCU FKUVKPVCUVGEPQNQICUECPFKFCVCUCUEQOQFGNCUCEVWCNOGPVGKPEQTRQTCFCUGP
NCQTICPK\CEKP'UKORTGUEKPFKDNGEQPVCTGPGUVGCPNKUKUEQPNCKPHQTOCEKP TGNCVKXC C NQU GPVQTPQU VGEPQNIKEQU FG NC UKVWCEKP CEVWCN CU EQOQ NQU GUVPFCTGUGZKUVGPVGUGPNCQTICPK\CEKP 2TQFWEVQU N N N N N N &GGPVTCFC
&GUCNKFC 2TEVKECU
'PVQTPQVGEPQNIKEQCEVWCN[GUVPFCTGU
GZVGTPQ /QFGNQFGUKUVGOCUFGKPHQTOCEKP /QFGNQFGKPHQTOCEKP .KUVCFQFGTGSWKUKVQU &GUETKREKPIGPGTCNFGUKUVGOCUFGKPHQTOCEKPCEVWCNGU 8CNQTCEKPFGNCUKVWCEKPCEVWCN
N #NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNIKEC N &KCITCOCFGTGRTGUGPVCEKP N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGUKPHQTOVKEQU N 'SWKRQFGUQRQTVGVEPKEQ N 'SWKRQFGCPCNKUVCU 5GNGEEKPFGNCCTSWKVGEVWTCVGEPQNIKEC
'UVC VCTGC GUV GPECOKPCFC C NC UGNGEEKP FG WPC CNVGTPCVKXC FG RNCVCHQTOC VGEPQNIKEC RCTC FGVGTOKPCT NQ SWGNNCOCTGOQU CTSWKVGEVWTC VGEPQNIKECSWG TGEQIGNCKPHTCGUVTWEVWTCOUCFGEWCFCRCTCFCTUQRQTVGGPGNEQPVGZVQFGNC QTICPK\CEKP CN OQFGNQ FG KPHQTOCEKP [ FG UKUVGOCU FG KPHQTOCEKP RTQRWGUVQ
2CTCECFCCNVGTPCVKXCUGFGDGCPCNK\CTUWKORCEVQGPNCQTICPK\CEKPCUEQOQ NQU OGFKQU [ GN VKGORQ PGEGUCTKQU RCTC UW KORNCPVCEKP 5G FGDGP VGPGT GP EWGPVCNQUTGEWTUQUVGEPQNIKEQUCEVWCNGURCTCGXCNWCTNQUECODKQUPGEGUCTKQU 5GTGCNK\CWPGUVWFKQFGECFCRTQRWGUVCKPFKECPFQXGPVCLCUGKPEQPXGPKGPVGU CU EQOQ GN PKXGN FG TGURWGUVC C NCU PGEGUKFCFGU KFGPVKHKECFCU GP NC VCTGC CPVGTKQT
2QT NVKOQ WPC GUVKOCEKP GEQPOKEC INQDCN RWGFG C[WFCT C GNGIKT NC CNVGTPCVKXCSWGXCCUGTRTQRWGUVCRCTCNCEWCNRWGFGPKPENWKTUGQREKQPGU
2TQFWEVQU
&GGPVTCFC
'PVQTPQVGEPQNIKEQCEVWCN[GUVPFCTGU
GZVGTPQ #NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNIKEC &GUCNKFC 6EPKECU #TSWKVGEVWTCVGEPQNIKEC #PNKUKUEQUVQDGPGHKEKQ 2TEVKECU &KCITCOCFGTGRTGUGPVCEKP +ORCEVQGPNCQTICPK\CEKP 2CTVKEKRCPVGU %QPUWNVQTGU %QPUWNVQTGUKPHQTOVKEQU 7UWCTKQUGZRGTVQU 'SWKRQFGUQRQTVGVEPKEQ 512146'(+5+%1.1)+%1;%1/70+%#%+10'5
.CUGURGEKHKECEKQPGUFGNGSWKRQHUKEQNIKEQ[FGEQOWPKECEKQPGURGTOKVKT EQORNGVCT GN RTQEGUQ FG UKUVGOCVK\CEKP FGN +/#42' FGDKFQ C SWG GUVQU RTQRQTEKQPCPNQUKPUWOQUPGEGUCTKQURCTCGNNQITQFGNRTQ[GEVQRTQRWGUVQ 5QRQTVG(UKEQ %QP NC HKPCNKFCF FG FCT UQRQTVG CN FGUCTTQNNQ FG NQU UKUVGOCU FG KPHQTOCEKP RTQRWGUVQ[CRQ[CTCNCUFKXGTUCUCEVKXKFCFGUSWGUGTGCNK\CPGPGN+/#42'UG RTQRQPG NC CFSWKUKEKP FG GSWKRQU HUKEQU CEQTFG CN FGUCTTQNNQ G KORNGOGPVCEKP FG NQU UKUVGOCU RTQRWGUVQU 'PVTG NQU GSWKRQU FG EORWVQ C UGTCFSWKTKFQUUGEQPVGORNCPNQUUKIWKGPVGU C /KETQEQORWVCFQTCU 5GTXKFQTRTKPEKRCN
6KRQ# 2TQEGUCFQT XGNQEKFCF/*< 5QRQTVG/WNVKRTQEGUCOKGPVQ
2'06+7/ +++ Q CHP 5/2JCUVCRTQEGUCFQTGU


5GT WVKNK\CFQ GP GN OCPGLQ [RTQEGUCOKGPVQFGNQU FCVQU QEGCPQITHKEQU OGVGQTQNIKEQUJKFTQDKQNIKEQU[DKQNIKEQURGUSWGTQURTQXGPKGPVGUFGNCU FKHGTGPVGU HWGPVGU FG KPHQTOCEKP EKGPVHKEC VGEPQNIKEC [ CFOKPKUVTCVKXC 6CODKPUGTWUCFQGPGNGPNCEGEQPNQUNCDQTCVQTKQUEQUVGTQUWDKECFQUCNQ NCTIQFGNNKVQTCN %QUVQCRTQZKOCFQ75 5GTXKFQTGUFGCRQ[Q
6KRQ$ 2TQEGUCFQT
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
/GOQTKC4#/ /GOQTKC%CEJGFG4#/ 6KRQFGDWU &KUEQFWTQ &KUSWGVGTC 2WGTVQU EQTTGEVQTGURCTCOQWUG[VGENCFQ 6CTLGVCFG4GF .GEVQTC%&41/ 5KUVGOC1RGTCVKXQ
2'06+7/ +++ Q CHP XGNQEKFCF/*< /$ /$ '+5#2%+ )$ /$ RCTCNGNQ 75$ UGTKG (CUV'VJGTPGV/DRU ZXGNQEKFCF 70+:QUWRGTKQT

9QTMUVCVKQP'UVCEKQPGUFG6TCDCLQ
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
6+21& /+%41241%'5#&14 OJ\QOU /'/14+#4#/ /'/14+#%#%*'&'4#/ 6+21&'$75 27'4615 EQPGEVQTGURCTCOQWUG[VGENCFQ +06'4(#5' 5/#46 &+5-'6'4# 6#4,'6#&'4'& &+5%1&741 .'%614#%&411/ %10641.#&14#&'8+&'1 OD 2.#%#&'510+&1 /1&'/(#: 2'06+7/++ QCHKPXGNQEKFCFFG ODGZRCPFKDNGCOD MD +5#2%++5#2%+ RCTCNGNQ 75$ UGTKG /$&Gi 6: ID7.64#4#2+&1 &8&: #)2Z#6+ODCORNKCDNGC DKV&UVGTGQEQPRCTNCPVGU 2%+8FGMDRU
%QORCVKDKNKFCF 5%15#24.KPWZ
9KPFQYU 06 0QXGNN

'+&' 2%+ 7.64# &/#

6'%.#&1 #NHCPWOTKEQFGVGENCUEQP OKPKFKP[OQWUG /10+614 iFKIKVCN58)# %#4#%6'4+56+%#5 &' 5')74+&#& %QPVTCUGC %/15 FG GPEGPFKFQ EQPVTQN FG CTTCPSWG FGN FKUEQ TIKFQ FG FKUSWGVGTC [ FG %& 5QRQTVG FG UGIWTKFCFGPEJCUKU 51(69#4'+0%.7+&1 UWRGTKQT#06+8+475 9+0&195 [ 1((+%' 75
%1561#241:+/#&1
,756+(+%#%+10 2CTC GN RTQEGUCOKGPVQ FG FCVQU FG NQU OWGUVTGQU DKQNIKEQU RTQXGPKGPVGU FG NQU FKHGTGPVGU .CDQTCVQTKQU %QUVGTQU [5GFG%GPVTCN [ NCGNCDQTCEKPFG+PHQTOGU 6EPKEQU [VTCDCLQU FGGN#TGCFG1EGCPQITCHC %.+'06'5
6+21' /+%41241%'5#&14 OJ\QOU /'/14+#4#/ /'/14+#%#%*'&'4#/ 6+21&'$75 27'4615 EQPGEVQTGURCTCOQWUG[VGENCFQ &+5-'6'4# 6#4,'6#&'4'& &+5%1&741 .'%614#%&411/ 6'%.#&1 OKPKFKP[OQWUG /10+614 51(69#4'+0%.7+&1 UWRGTKQT#06+8+475 %.+'06'5
6+21( /+%41241%'5#&14 OJ\QOU /'/14+#4#/ /'/14+#%#%*'&'4#/ &+5-'6'4# &+5%1&741 .'%614#%&411/

2'06+7/++QCHPXGNQEKFCFFG ODGZRCPFKDNGCOD MD +5# 2%+ RCTCNGNQ 75$ UGTKG
/$&Gi 6*'40'6ODRU ID : CNHCPWOTKEQ FG VGENCU EQP iFKIKVCN58)# +0&195 [ 1((+%'

2'06+7/++QCHPXGNQEKFCFFG ODGZRCPFKDNGCOD MD%DK . /$&Gi ID :&8&
(#:/1&'/ 6#4,'6#&'510+&1 6'%.#&1 OKPKFKP[OQWUG /10+614 Z 51(69#4'+0%.7+&1 UWRGTKQT#06+8+475

DKVU #NHCPWOTKEQFGVGENCUEQP i FKIKVCN TGUQNWEKP % 9+0&195 [ 1((+%' 75
%1561#241:+/#&1
,756+(+%#%+10 2CTC VTCDCLCT NC KPHQTOCEKP FWTCPVG NCU UCNKFCU FG ECORQ #U EQOQ GP QVTQ ODKVQ SWG PQ UGC NC +PUVKVWEKP[SWGXC[CFGCEWGTFQEQPNCVGEPQNQICFGNQUGSWKRQUSWGUG GPEWGPVTCPGPNC5GFG%GPVTCN 'UVCUEQORWVCFQTCUUGTPFKUVTKDWKFCUFGNCUKIWKGPVGOCPGTC 6+21# 6+21$
: %GPVTQ+PHQTOVKEQ
%GPVTQFG%ORWVQ[%QOWPKECEKQPGU %GPVTQ+PHQTOVKEQ 7PKFCFGUFG%QORWVQ&GUEQPEGPVTCFCU[&GUEGPVTCNK\CFCU %CORQUFG6TCDCLQ'URGEKCNK\CFQU 7PKFCFGUFG%QORWVQFGNC&KTGEEKP%KGPVHKEC FG %QORWVQ
6+21%
6+21& 7PKFCFGU &GUEGPVTCNK\CFCU

6+21'
&GUEQPEGPVTCFCU

[
6+21(
#NVC&KTGEEKP 5GETGVCTC)GPGTCN 7PKFCFGUFG#UGUQTC 7PKFCFGUFG#RQ[Q 7PKFCFGUFG.PGC .CDQTCVQTKQU%QUVGTQU 7PKFCFGUFG%ORWVQFGNC&KTGEEKP%KGPVHKEC

6+21
# $
70+&#&14)#0+%#
%'0641+0(14/#6+%1
%%[%
%#06+&#&
:
% & '
%'0641+0(14/#6+%1
%%[% 70+&#&'5&'%1/2761&'5%10%'064#&15; &'5%'064#.+<#&15 )4721&'64#$#,15'52'%+#.+<#&15 70+&#&'5&'%1/2761&'.#&+4'%%+10 %+'06+(+%#
:+ :++ : : :+ : :+ :++ :+++ :+8 :8 :
70+&#&'5&'%1/2761&'5%10%'064#&15
;&'5%'064#.+<#&15
#.6#&+4'%%+10 5'%4'6#4+#)'0'4#. 70+&#&'5&'#5'514'5 70+&#&'5&'#21;1 70+&#&'5&'.+0'# .#$14#614+15%156'415
70+&#&'5&'%1/2761&'.#&+4'%%+10 %+'06+(+%#
D +ORTGUQTCU
2GNIKEQU+PXGTVGDTCFQU&GOGTUCNGU[%QUVGTQU
2GUEC#TVGUCPCN%GPVTQ FG &CVQU 1EGCPQITHKEQU 4GEWTUQU *WOCPQU %QPVCDKNKFCF #DCUVGEKOKGPVQU
7PKFCFGUFG%ORWVQFGUEGPVTCNK\CFQU.CDQTCVQTKQU%QUVGTQU /CVTK\FGRWPVQ
6KRQ# .UGTRCTCITWRQUFGVTCDCLQ
6KRQ$ .UGTQKP[GEEKPFGVKPVCCEQNQT
6KRQ%
&GCEWGTFQCNCUGURGEKHKECEKQPGU[GPDCUGCNVKRQFGKPHQTOCEKPSWGUG RTQEGUCUGGUVKOCEQPXGPKGPVGCFSWKTKTNQUKIWKGPVG +ORTGUQTC6KRQ# +ORTGUQTC6KRQ$ +ORTGUQTC6KRQ%
.CFKUVTKDWEKPFGNCUKORTGUQTCUUGTEQOQUKIWG 6KRQ# 6KRQ$ 6KRQ%

E %QOWPKECEKQPGU
5QRQTVG.IKEQ
/FGOUPETQPQU 4QWVGT 5YKVEJKPI %QPEGPVTCFQTGU

*7$FGRWGTVQU
$0%4,#7+
.QU UKUVGOCU FG KPHQTOCEKP RTQRWGUVQU [ NCU FKXGTUCU CEVKXKFCFGU SWG UG TGCNK\CP GP GN +/#42' TGSWKGTGP FGN UQHVYCTG EQTTGURQPFKGPVG VCNGU EQOQ UKUVGOCUQRGTCVKXQURTQITCOCUGURGEHKEQU[CRNKECVKXQU C 5QHVYCTGFG2TQFWEVKXKFCF+PUVKVWEKQPCN 5KUVGOCUQRGTCVKXQU 5KUVGOCUFGDCUGFGFCVQU 5KUVGOCUOWNVKOGFKC 5KUVGOCUFGIGUVKPFGQHKEKPC 5KUVGOCIGQITHKEQ #ODKGPVG9KPFQYU 2TQEGUCFQTGUFGVGZVQ *QLCUFGENEWNQ $CUGFGFCVQU 5KUVGOCIGQITHKEQ %QTGN2CIG/CMGT &GUCTTQNNQFGYGD
D 5QHVYCTGFG2TQFWEVKXKFCF2GTUQPCN
4GFGU[%QOWPKECEKQPGU
.C PGEGUKFCF FG EQORCTVKT TGEWTUQU G KPHQTOCEKP UG UCVKUHCEG EQP NC KORNGOGPVCEKP FG NCU TGFGU KPHQTOVKECU SWG PQ UQP OU SWG WPC TGF FG EQORWVCFQTCUEQPGEVCFCUGPVTGU
'N+/#42'VKGPGNCPGEGUKFCFFGHQTVCNGEGTNCTGFKPHQTOVKECKPUVKVWEKQPCNEQP OKTCUCNQITCTWPC4GF%QTRQTCVKXCFG6GNGEQOWPKECEKQPGUNCEWCNHWPEKQPCT DCLQ NC CTSWKVGEVWTC FG ENKGPVG UGTXKFQT FQPFG UG FKUVTKDWKTP NQU RTQEGUQU QRGTCVKXQUCNQUFKHGTGPVGUWUWCTKQUEQPNCHKPCNKFCFFGCEEGUCTCDCUGFGFCVQU C PKXGN EQTRQTCVKXQ 'N GUSWGOC FGN FKUGQ HUKEQ FG NC TGF UG OWGUVTC GP NC HKIWTCUKIWKGPVG

,17 (51( 7
6( ' (&(17 5$/ ,0 $53 ( )LUHZDOO
6DWHOOLWH
6ZLWFKLQJ5RXWHU
,%0 &RP SDWLEOH
: RUNVWDWLRQ
6DWHOOLWHGLVK
6DWHOOLWHGLVK
0RGHP
0RGHP
,% 0&RP SDWLEOH
: RUNVWDWLRQ /$ %2 5$ 72 5,2 6 %,& +XP EROW %,& 2 OD\D
: RUNVWDWLRQ
/VQFQU[PQTOCU
%QPENWKFCNCHCUGFGRNCPGCOKGPVQGUVTCVIKEQFGVGEPQNQICFGKPHQTOCEKP[ VGPKGPFQ GP EWGPVC NC PGEGUKFCF FG FGUCTTQNNCT NQU UKUVGOCU FG KPHQTOCEKP RTQRWGUVQUGPGN+/#42'UGUWIKGTGSWGRCTCNCHCUGFGCPNKUKU[FKUGQUG VGPICPGPEWGPVCNCUUKIWKGPVGUOGVQFQNQICU C /GVQFQNQIC+PHQTOVKECFGN+0'+/CPWCNRCTCNC'NCDQTCEKPFGWP2NCP FG5KUVGOCUFG+PHQTOCEKP D /GVQFQNQIC +PHQTOVKEC FGN +0'+ /CPWCN FG 6EPKECU #RNKECFCU RCTC GN &GUCTTQNNQFG5KUVGOCU
E /GVQFQNQIC +PHQTOVKEC FGN +0'+ /CPWCN FG #TSWKVGEVWTC %NKGPVG 5GTXKFQT F /GVQFQNQIC +PHQTOVKEC FGN +0'+ /CPWCN FG 1TICPK\CEKP [ &KUGQ FG $CUGFG&CVQU
G /GVQFQNQIC+PHQTOVKECFGN+0'+/CPWCNRCTCNC%QPUVTWEEKPFGWP&CVC 9CTGJQWUG 'UVCKPHTCGUVTWEVWTCHWGFKUGCFCDCLQNQUEQPEGRVQU[GUVCFQFGCTVGFG HKPCNGUFGNCQ


&GHKPKEKPFGNCCTSWKVGEVWTCVGEPQNIKECFGEQPVKPIGPEKCU
0WGXCOGPVG GN GPHQSWG FG EQPVKPIGPEKC KPEQTRQTCFQ CN RNCP GUVTCVIKEQ FG VGEPQNQICU FG KPHQTOCEKP DWUEC GUVCDNGEGT RTQEGFKOKGPVQU [ CEEKQPGU SWG RGTOKVCP RTGXGT [ UWRNKT NC KPHTCGUVTWEVWTC EQORWVCEKQPCN
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
5GTXKFQTGU
%QORQPGPVG
3WRWGFGKTOCN!
2TGIWPVCURCTCFGVGTO KPCTGNTKGUIQ
%QPSWHTGEWGPEKCRWGFGQEWTTKT! %WNGUUGTCPUWUEQPUGEWGPEKCU! 3WHKCDKNKFCFVKGPGPNCUTGURWGUVCUCNCU VTGURTKOGTCURTGIWPVCU!
2NCPFGTGEWRGTCEKPFGNRNCPFGVGEPQNQIC
1EWTTKFCWPCEQPVKPIGPEKCCNEQORQPGPVGQEQORQPGPVGUSWGUQRQTVCPCNIP UKUVGOCETVKEQRCTCNCKPUVKVWEKPUGJCFGGUVCDNGEGTRTQEGFKOKGPVQURCTCSWG GPVTGP GP CEEKP GSWKRQU FG UWUVKVWEKP Q TGGORNC\Q 5KGORTG NQU RTQEGFKOKGPVQU FG RNCPGU FG TGEWRGTCEKP FGDGP FG GOCPCT FG NC OZKOC CWVQTKFCFKPUVKVWEKQPCNRCTCICTCPVK\CTUWFKHWUKP[GUVTKEVQEWORNKOKGPVQ
#EVKXKFCFGURTGXKCU
'UVCDNGEKOKGPVQFGNRNCPFGTGEWRGTCEKP (QTOCEKPFGGSWKRQUQRGTCVKXQU (QTOCEKP FG GSWKRQU FG GXCNWCEKP

CWFKVQTC FG EWORNKOKGPVQ FG NQU RTQEGFKOKGPVQUUQDTGUGIWTKFCF #EVKXKFCFGUFWTCPVG 2NCPFGTGEWRGTCEKP 'PVTCFCGPCEEKPFGNQUGSWKRQU 1RGTCEKPFGGOGTIGPEKC #EVKXKFCFGUFGURWU 'XCNWCEKPFGKORCEVQ 2TKQTK\CEKPFGCEVKXKFCFGUFGNRNCPFG TGEWRGTCEKP 'LGEWEKPFGCEVKXKFCFGU 'XCNWCEKPFGTGUWNVCFQU 4GVTQCNKOGPVCEKPFGNRNCPFGTGEWRGTCEKP
#PNKUKUFGTKGUIQU
2NCPFG EQPVKPIGPEKC #EVKXKFCFGURTGXKCU 2NCPFGTGEWRGTCEKP #EVKXKFCFGUFWTCPVG #EVKXKFCFGUFGURWU
'P GN ECORQ FG NC KPHTCGUVTWEVWTC VGEPQNIKEC GZKUVGP GP GN OGTECFQ [ GU EQPQEKFQ NC KPXGPVKXC FG NQCU QHKEKPCU FG KPHQTOVKEC RCTC FCT UQNWEKP C NC HCNVCFGTGEWTUQUVGEPQNIKEQUOCNGPFOKEQFGNCUQHKEKPCUFGKPHQTOVKEC6CN XG\ GN GNGOGPVQ OCU KORQTVCPVG RCTC UWRGTCT NC KPHQTOCNKFCF FGN OGFKQ NQ RNCPVGG GN VTCDCLQ EQQRGTCVKXQ EQP QVTCU GPVKFCFGU FGN UGEVQT SWG RGTOKVC UWRNKTGPGNVKGORQNCUECTGPEKCUVGEPQNIKECU

' @\\QÛc TU QSSYY^** @b_iUSd_c ' @ QÛc TU QSS ^ @b_iUSd_c

&GHKPKEKPFGNRNCPFGCEEKP
'PGNRNCPFGCEEKPSWGUGGNCDQTCGPGUVCCEVKXKFCFUGFGHKPGPNQURTQ[GEVQU [CEEKQPGUCNNGXCTCECDQRCTCNCKORNCPVCEKPFGNQUOQFGNQUFGKPHQTOCEKP [ FG UKUVGOCU FG KPHQTOCEKP FGVGTOKPCFQU GP NCU CEVKXKFCFGU +FGPVKHKECEKP FG TGSWKUKVQU [ FKUGQ FGN OQFGNQ FG UKUVGOCU FG KPHQTOCEKP EQP NC CTSWKVGEVWTC VGEPQNIKEC RTQRWGUVC GP NC CEVKXKFCF &GHKPKEKP FG NC CTSWKVGEVWTC VGEPQNIKEC 'N EQPLWPVQ FG GUVQU VTGU OQFGNQU EQPUVKVW[G NC CTSWKVGEVWTCFGKPHQTOCEKP &GPVTQFGNRNCPFGCEEKPUGKPENW[GWPECNGPFCTKQFGRTQ[GEVQUEQPRQUKDNGU CNVGTPCVKXCU [ WPC GUVKOCEKP FG TGEWTUQU EW[Q FGVCNNG UGT OC[QT RCTC NQU OUKPOGFKCVQU
2CTCNCGNCDQTCEKPFGNECNGPFCTKQUGVKGPGPSWGCPCNK\CTNCUFKUVKPVCUXCTKCDNGU SWGCHGEVGPCNCRTKQTKFCFFGECFCRTQ[GEVQ[UKUVGOCFGKPHQTOCEKP'NQTFGP FGHKPKVKXQ FG NQU RTQ[GEVQU [ CEEKQPGU FGDG RCEVCTUG EQP NQU WUWCTKQU GP GN OCTEQFGNEQOKVFGKPHQTOVKECSWGVQFCKPUVKVWEKPFGDGHQTOCTRCTCNNGICT CWPCUQNWEKPFGEQORTQOKUQSWGTGUWNVGNCOGLQTRCTCNCQTICPK\CEKP .CKORNCPVCEKPFGN2'6+FGDGTUGTRNCUOCFCCVTCXUFGNQURNCPGUFGVTCDCLQ KPUVKVWEKQPCNGU
CPVGU 2NCPGU 1RGTCVKXQU +PUVKVWEKQPCNGU [ GP GN OCTEQ FG NQU TGEWTUQUCUKIPCFQURQTGN2NCPFG'UVTCVIKEQ5GEVQTKCN
2'5'/
2QT NVKOQ UG RTQRQPG WP RNCP FG OCPVGPKOKGPVQ RCTC GN EQPVTQN [ UGIWKOKGPVQFGNCGLGEWEKPFGNQURTQ[GEVQUCUEQOQRCTCNCCEVWCNK\CEKP FGNQURTQFWEVQUHKPCNGUFGN2NCP'UVTCVIKEQFG6GEPQNQICFG+PHQTOCEKP 6CTGC 2TQFWEVQU 6EPKECU[RTEVKECU 2CTVKEKRCPVGU
&GHKPKEKPFG RTQ[GEVQUC TGCNK\CT
'NCDQTCEKPFGN N 2NCPFGOCPVGPKOKGPVQ FGN2'6+ RNCPFG OCPVGPKOKGPVQ FGN2'6+
N 2NCPFGRTQ[GEVQU N #PNKUKUEQUVQ DGPGHKEKQ S &GHKPKEKPFGRTQ[GEVQU N +ORCEVQGPNC S 2TKQTKFCFFGRTQ[GEVQU QTICPK\CEKP S %CNGPFCTKQFGRTQ[GEVQU N 5GUKQPGU FGVTCDCLQ [CEEKQPGU
N %QPUWNVQTGU N %QPUWNVQTGU KPHQTOVKEQU N 7UWCTKQU GZRGTVQU N %QPUWNVQTGU N %QPUWNVQTGU KPHQTOVKEQU


&GHKPKEKPFGRTQ[GEVQUCTGCNK\CT
5G FGVGTOKPCP NQU RTQ[GEVQU [ CEEKQPGU PGEGUCTKQU RCTC KORNCPVCT NC CTSWKVGEVWTC FG KPHQTOCEKP RTQRWGUVC FGHKPKGPFQ RCTC ECFC RTQ[GEVQ NQU QDLGVKXQUSWGEWDTG[EWCNSWKGTQDUGTXCEKPSWGUGEQPUKFGTGTGNGXCPVG
# EQPVKPWCEKP UG CUKIPCP RTKQTKFCFGU VTCVCPFQ FG EQODKPCT FKHGTGPVGU ETKVGTKQUEQOQ

N N N N 4GNCEKPEQPNQUQDLGVKXQUEQPUKFGTCFQUGPGN2'6+ 6KGORQFGKORNCPVCEKP %QPFKEKQPCPVGUVEPKEQUSWGKORNKSWGPFGRGPFGPEKCUGPVTGRTQ[GEVQU $GPGHKEKQURCTCNCQTICPK\CEKP
VCPIKDNGUGKPVCPIKDNGU
&GURWU FGN GUVWFKQ FG VQFQU NQU GNGOGPVQU CPVGTKQTGU UG RTQRQPG GN ETQPQITCOC FG RTQ[GEVQU SWG OGLQT EQPLWIWG VQFCU NCU TGUVTKEEKQPGU CPCNK\CFCU RTGXKCOGPVG GUVKOCPFQ HGEJCU FG RTKPEKRKQ [ HKP FG ECFC WPQ FG GNNQUCUEQOQNQUTGEWTUQUPGEGUCTKQURCTCNQUOUKPOGFKCVQU5GJCTPHCUKU GPNQUQDLGVKXQUGUVTCVIKEQUUQRQTVCFQURQTGN2'6+
2QTNVKOQUGEQORNGVCGNRNCPFGRTQ[GEVQUEQPUKFGTCPFQNQUHCEVQTGUETVKEQU FG ZKVQ RCTC NNGXCT C ECDQ NC RTQRWGUVC CU EQOQ GN RNCP FG CEEKQPGU PGEGUCTKCU FGFWEKFCU FGN CPNKUKU FG FKEJQU HCEVQTGU
RNCPGU FG HQTOCEKP IGUVKPFGNECODKQGVE
.CUEQPENWUKQPGUQDVGPKFCUFGDGPUGTEQPVTCUVCFCU[OQFKHKECFCUUKUGGUVKOC EQPXGPKGPVGEQPNCUCRQTVCEKQPGUFGNQUWUWCTKQU 2TQFWEVQU N N N N N N &GGPVTCFC
&GUCNKFC
&GUETKREKPIGPGTCNFGN2'6+ .KUVCFQFGQDLGVKXQUFGN2'6+ #TSWKVGEVWTCFGKPHQTOCEKP /QFGNQFGKPHQTOCEKP /QFGNQFGUKUVGOCUFGKPHQTOCEKP #TSWKVGEVWTCVGEPQNIKEC
N 2NCPFGRTQ[GEVQU N &GHKPKEKPFGRTQ[GEVQU
N 2TKQTKFCFFGRTQ[GEVQU N %CNGPFCTKQ FGRTQ[GEVQU[CEEKQPGU 6EPKECU N #PNKUKU EQUVGDGPGHKEKQ 2TEVKECU N +ORCEVQGPNCQTICPK\CEKP N 5GUKQPGU FGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTOVKEQU N 7UWCTKQU GZRGTVQU 6CDNGTQFGEQPVTQNFGNCIGUVKPFGN2'6+
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
NC HKPCPEKGTC NC GUVTCVGIKC FG ETGEKOKGPVQ TGPVCDKNKFCF [ TKGUIQ XKUVC FGUFGNCRGTURGEVKXCFGNRTGUWRWGUVQCUKIPCFQ NC FGN ENKGPVG WUWCTKQ NC GUVTCVGIKC RCTC ETGCT XCNQT [ FKHGTGPEKCEKP FGUFGNCRGTURGEVKXCFGNENKGPVG
NC FGN RTQEGUQ KPVGTPQ NCU RTKQTKFCFGU GUVTCVIKECU FG NQU FKUVKPVQU RTQEGUQU FGN PGIQEKQ SWG ETGCP UCVKUHCEEKP RCTC GN ENKGPVG [ NQU CEEKQPKUVCU

NC FGN CRTGPFK\CLG [ GN ETGEKOKGPVQ NCU RTKQTKFCFGU RCTC ETGCT WP ENKOC SWGUQRQTVGGNECODKQNCKPPQXCEKP[GNETGEKOKGPVQQTICPK\CEKQPCN 'UVTCVGIKCRCTCNC KORNCPVCEKPFGNCVEPKEC
2CTCNCEQTTGEVCKORNGOGPVCEKPFGNCGUVTCVGIKCFGGXCNWCEKPUGDCUCTCGPNQU UKIWKGPVGU ETKVGTKQU RCTC GN ECUQ FGN 2'6+ .QU OKUOQU SWG FGDGTP UGT GXCNWCFQUCRCTVKTFGNQUKPFKECFQTGUFGFGUGORGQKPFKECFQTGUFGNKORCEVQ G KPFKECFQTGUFGTGUWNVCFQFGHKPKFQURQTNC+PUVKVWEKP (KPCPEKGTC /GFKT NC RTQRQTEKP FGN RTGUWRWGUVQ CUKIPCFQ CN 1DLGVKXQ 'UVTCVIKEQ [ NQ KPXGTVKFQ GP 6+ C VTCXU FG NCU CEVKXKFCFGU [ RTQ[GEVQU CUKIPCFQU#UEQOQNQUPFHKEKVQ QPUWRGTXKVQ GPEQPVTCFQU
24'5727'561 &'.1$,'6+81 '564#6')+%1 #%6+8+&#&'5 ;241;'%615 6+ +0&+%#&14&'&'5'/2'1 &'(+%+6 24'5727'561 24'5727'561 #5+)0#&1 '/2.'#&1 572'4#8+6
%NKGPVG WUWCTKQU RCTC GUVC XCTKCDNG UG EQPQEG FG CNIWPQU CURGEVQU FG FGOCPFC INQDCN SWG RQFTC VQOCTUG GP EQPUKFGTCEKP RCTC GXCNWCT GN KPFKECFQTFGEQDGTVWTC[UCVKUHCEEKPFGWUWCTKQFGNQUUKUVGOCU
1$,'6+815 '564#6')+%15 #%6+8+&#&'5 ;241;'%615 &'6+ +0&+%#&14&'&'5'/2'1 &'/#0&# &'/#0&#).1$#. #6'0&+&#
2TQEGUQKPVGTPQ 5GVQOCTCGPEQPUKFGTCEKPNQUQDLGVKXQUFGNCQHKEKPCFG KPHQTOVKEC FG NCU GPVKFCFGU FGN UGEVQT UWU CEVKXKFCFGU [ RTQ[GEVQU EQP TGNCEKPCNQUQDLGVKXQUGUVTCVIKEQUFGNCKPUVKVWEKP[EQPGNHKPFGGXCNWCT NCUOGLQTCUFGNQURTQEGUQUKPHQTOVKEQUGKPUVKVWEKQPCNGU
1$,'6+81 '564#6')+%1 +0&+%#&14&'&'5'/2'1 /',14#&'.15241%'515 /',14#&'.15241%'515 +056+67%+10#.'5 +0(14/#6+%15
%CRCEKVCEKP [ HQTVCNG\C QTICPK\CEKQPCN 'P GUVG RWPVQ UG GXCNWCT NQU RTQITCOCU FGOGLQTCOKGPVQ [ECRCEKVCEKPFGNQU TGEWTUQU JWOCPQU[FG NQU WUWCTKQU KPVGTPQU FG NC GPVKFCF RDNKEC 2QT UGT KPUVTWOGPVQU FG HQTVCNGEKOKGPVQFGNCQTICPK\CEKPFGNCGPVKFCF
1$,'6+81 '564#6')+%1
#%6+8+&#&'5 ;241;'%615 &'6+
+0&+%#&14&'&'5'/2'1 #%6+8+&#&'5&' #%6+8+&#&'5&' %#2#%+6#%+10 %#2#%+6#%+10 +0(14/#6+%1 757#4+1
2TKPEKRKQUFGNVCDNGTQFGEQPVTQNIGTGPEKCN
'NDCNCPEGF UEQTGECTFRGTOKVGCNQU FKTGEVKXQU GXCNWCTEQOQUWUWPKFCFGUFG PGIQEKQETGCTPXCNQTRCTCNQUWUWCTKQUCEVWCNGU[HWVWTQUUKPFGUXKCTGNKPVGTU FGN FGUGORGQ HKPCPEKGTQ 6TCUEGPFK UW EQPEGREKP QTKIKPCN EQOQUKUVGOC FG EQPVTQN FG IGUVKP RCTC EQPXGTVKTUG GP WP PWGXQ RTQEGUQ FG IGUVKP GUVTCVIKECCRCTVKTFGEKPEQRTKPEKRKQUDUKEQU 2TKPEKRKQ06TCFWEKTNCGUVTCVGIKCG PVTOKPQUQRGTCVKXQU .CGUVTCVGIKCPQRWGFGGLGEWVCTUGUKPQUGRWGFGEQORTGPFGT[UKPQUGRWGFG EQORTGPFGT PQ RWGFG FGUETKDKTUG # RCTVKT FG NC RTGIWPVC EWN GU OK GUVTCVGIKC! UG FGDG EQPUVTWKT UW OCRC GUVTCVIKEQ WPC GUVTWEVWTC NIKEC [ EQORNGVCSWGNCFGUETKDCGPFGVCNNG'NOCRCGUVTCVIKEQFGUETKDGGNRTQEGUQFG VTCPUHQTOCT NQU CEVKXQU KPVCPIKDNGU GP ENKGPVGU [ TGUWNVCFQU HKPCPEKGTQU VCPIKDNGUGUNCRKGFTCCPIWNCTFGWPPWGXQUKUVGOCFGIGUVKPGUVTCVIKEC 2TKPEKRKQ0#NKPGCTNCQTICPK\CEK PEQPNCGUVTCVGIKC .C UKPGTIKC GU HWPFCOGPVCN GP GN FKUGQ FG NCU QTICPK\CEKQPGU VTCFKEKQPCNOGPVG FKUGCFCU GP VQTPQ C HWPEKQPGU EQP WP EWGTRQ FG EQPQEKOKGPVQKFKQOC[EWNVWTCRTQRKQUCOGPWFQNQUUKNQUHWPEKQPCNGUUG EQPXKGTVGPGPWPCDCTTGTC.CUQTICPK\CEKQPGUGPHQECFCUGPNCGUVTCVGIKCWUCP GNDCNCPEGFUEQTGECTFRCTCTQORGTNCTGGORNC\CPNCUGUVTWEVWTCUHQTOCNGUFG KPHQTOCEKPRQTNQUVGOCU[RTKQTKFCFGUGUVTCVIKECU 2TKPEKRKQ0%QPXGTVKTNCGUVTCVGIKCGPGNVTCDCLQFKCTKQFGECFCGORN GCFQ .CUQTICPK\CEKQPGUGPHQECFCUGPNCGUVTCVGIKCGZKIGPSWGVQFQUNQUGORNGCFQU NCEQORTGPFCPGUVPCNKPGCFQUEQPGNNC[RWGFCPGLGEWVCTNCGPUWVCTGCFKCTKC 'P GUG UGPVKFQ GN DCNCPEGF UEQTGECTF UG EGPVTC GP NC EQOWPKECEKP [ NC HQTOCEKPGNFGUCTTQNNQFGQDLGVKXQURGTUQPCNGU[FGGSWKRQ[GPUKUVGOCUFG KPEGPVKXQU[TGEQORGPUCUSWGTGNCEKQPGPGNFGUGORGQFGNCQTICPK\CEKP[GN FGNQUKPFKXKFWQU 2TKPEKRKQ0u%QPXGTVKTNCGUVTCVGIKCGPWPRTQEGUQEQPVKPWQ 2CTCOCPGLCTNCGUVTCVGIKCGNDCNCPEGFUEQTGECTFGZKVQUQWUCGNRTQEGUQFG EKTEWKVQ FQDNG Q FQDNG DWENG SWG KPVGITC NC IGUVKP VEVKEC
RTGUWRWGUVQU HKPCPEKGTQU [ TGXKUKQPGU OGPUWCNGU [ NC IGUVKP FG GUVTCVGIKC GP WP RTQEGUQ WPKHQTOG[EQPVKPWQ8KPEWNCNCGUVTCVGIKCEQPGNRTGUWRWGUVQEKGTTCGNEKTEWKVQ
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
'PGUVGRTQ[GEVQFGECODKQGNHQEQGUVGPNCOQXKNK\CEKPGPGNKORWNUQ RCTC RQPGT GP OCTEJC GN RTQEGUQ &GDG SWGFCT ENCTQ SWG NC QTICPK\CEKP PGEGUKVCGUGECODKQRCTCSWGUGFGUEQPIGNG7PCXG\SWGNCQTICPK\CEKPUG OQXKNK\C GN HQEQ RCUC C NC IQDGTPCDKNKFCF 'UVG RTQEGUQ FGHKPG FGOWGUVTC [ TGHWGT\CGNPWGXQXCNQTEWNVWTCNCNCQTICPK\CEKP(KPCNOGPVGEQPGNRCUQFGN VKGORQ UWTIG GN PWGXQ UKUVGOC FG IGUVKP WP XGTFCFGTQ UKUVGOC FG IGUVKP GUVTCVIKEC 2NCPFGOCPVGPKOKGPVQ
7PC XG\ GUVCDNGEKFQ GN RNCP FG CEEKP UG FGDGP FGHKPKT NCU CEEKQPGU SWG RGTOKVCP OCPVGPGT CEVWCNK\CFQ GN 2NCP GUVTCVIKEQ FG VGEPQNQIC FG KPHQTOCEKP
2'6+ C UW EWNOKPCEKP [ EQPQEGT GN ITCFQ FG CXCPEG FG NQU RTQ[GEVQU SWG GP N UG JCP FGHKPKFQ 6QFQ GNNQ UG FGPQOKPC 2NCP FG OCPVGPKOKGPVQFGN2'6+
'PGUVGRNCPFGOCPVGPKOKGPVQGPVTGQVTQUCURGEVQUSWGUGRWGFCPEQPUKFGTCT TGNGXCPVGURCTCNCQTICPK\CEKPUGFGDGPGUVCDNGEGTNQURTQFWEVQUHKPCNGUFGN 2'6+SWGUGXCPCOCPVGPGTCEVWCNK\CFQUGNUQRQTVGRCTCNQUOKUOQU[EWPFQ [RQTSWKPXCPCUGTOQFKHKECFQUCUEQOQNCHTGEWGPEKC[UKVWCEKQPGUGPNQU SWGUGFGDGTGXKUCTGNRNCPFGRTQ[GEVQU[NQUTGURQPUCDNGUFGJCEGTNQ 6CODKP UG FGVGTOKPC C SWKPGU UG KPHQTOCT [ EQP SW RGTKQFKEKFCF FGN ITCFQFGCXCPEGFGNRNCPGUVCDNGEKFQQFGNQUECODKQUSWGGPNUGRTQFW\ECP 2TQFWEVQU &G GPVTCFC
N 2NCPFGRTQ[GEVQU &GUCNKFC
N 2NCPFGOCPVGPKOKGPVQFGN2'6+
2CTVKEKRCPVGU
N %QPUWNVQTGU N %QPUWNVQTGU+PHQTOVKEQU 2NCPFGO CPVGPKOKGPVQFGN2'6+ /GFKCPVG NC TGCNK\CEKP FG NC RTGUGPVG VCTGC UG DWUEC FGHKPKT WP OCTEQ FG OCPVGPKOKGPVQ FGN 2NCP 'UVTCVIKEQ FG 6GEPQNQIC FG +PHQTOCEKP FGDKGPFQ UGIWKTNQUUKIWKGPVGURCUQU 'UVCDNGEGTWP2TQITCOCFGTGEGREKP[GXCNWCEKPFGRGVKEKQPGUFGTGHQTOC FGN2'6+5GTGEQOKGPFCNQUOGUGUFG'PGTQK /CT\QFGECFCCQRQTUGT EQKPEKFGPVGU EQP NC HCUG FG GXCNWCEKP FG NQU RNCPGU GUVTCVIKEQU KPUVKVWEKQPCNGUGUVCDNGEKFQRQTGN/KPKUVGTKQFG'EQPQOC[(KPCP\CU
/'(
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
CEVWCNK\CEKP [ FGHKPKEKP FG PWGXQURNC\QU 2TQEGFKOKGPVQUFGOCPVGPKOKGPVQFGRTQ[GEVQUGPGN2NCP +PHQTOGUFGNGUVCFQFGRTQ[GEVQU #FKEKPFGPWGXQURTQ[GEVQU 4GXKUKPFGRTQ[GEVQU
&GHKPKTGNOCTEQFGOCPVGPKOKGPVQFGN2'6+
4GXKUCT TGUVTKEEKQPGU G JKRVGUKU JGEJCU GP GN RNCP FG KORNCPVCEKP RCTC CUGIWTCTSWGNQURNC\QURTGXKUVQUUQPRTEVKEQU[TGCNKUVCU 5GEQPUKFGTCTPGPGUVCTGXKUKP 5KUVGOCUCEVWCNGU

2TQFWEVQUCQDVGPGT
2NC\QUFGECODKQFGNCVGEPQNQICCEVWCNCNPWGXQGPVQTPQ 2TCEVKECUCEVWCNGUFGIGUVKP
#N TGCNK\CT EQP ZKVQ NCU VCTGCU KPFKECFCU UG QDVGPFTP NQU UKIWKGPVGU RTQFWEVQU
2NCP )NQDCN FG +ORNCPVCEKP SWG FGHKPC GN QTFGP FG NQU RTQ[GEVQU C KORNCPVCT 2NCPGUCEQTVQRNC\QRCTCNQURTQ[GEVQURTKQTKVCTKQU 4GXKUKP[CRTQDCEKPFGN2'6+
'UVC CEVKXKFCF VKGPG EQOQ QDLGVKXQ EQPVTCUVCT EQP NQU TGURQPUCDNGU FG NC FKTGEEKP FGN 2'6+ NC CTSWKVGEVWTC FG KPHQTOCEKP [ GN RNCP FG CEEKP GNCDQTCFQUCPVGTKQTOGPVGRCTCOGLQTCTNCRTQRWGUVCUKUGEQPUKFGTCPGEGUCTKQ [RQTNVKOQQDVGPGTUWCRTQDCEKPHKPCN 'PNCUQTICPK\CEKQPGUFGNC#FOKPKUVTCEKP2DNKECGUVCFGDGUGTCRTQDCFCRQT NCUFGRGPFGPEKCUFGNCQTICPK\CEKPKPXQNWETCFCUGPGN2'6+ 6CTGC 2TQFWEVQU 6EPKECU[ 2TEVKECU 2CTVKEKRCPVGU
N ,GHGFGRTQ[GEVQ FGN2'6+ N %QPUWNVQTGU N %QPUWNVQTGU KPHQTOVKEQU N %QOKVFG FKTGEEKP N ,GHGFGRTQ[GEVQ FGN2'6+ N %QPUWNVQTGU N %QPUWNVQTGU KPHQTOVKEQU N 7UWCTKQUGZRGTVQU
%QPXQECVQTKC N 2NCPFGRTGUGPVCEKP FGNC RTGUGPVCEKP
N 2TGUGPVCEKP
'XCNWCEKP[ N 4GUWNVCFQFGNCUUGUKQPGUFG OGLQTCFGNC VTCDCLQ RTQRWGUVC N 2TGUGPVCEKP N %CVNQIQFGTGSWKUKVQUFGN2'6+ N #TSWKVGEVWTCFGKPHQTOCEKP S /QFGNQFGKPHQTOCEKP S /QFGNQFGUKUVGOCUFG KPHQTOCEKP S #TSWKVGEVWTCVGEPQNIKEC N 2NCPFGCEEKP S 2NCPFGRTQ[GEVQU S 2NCPFGOCPVGPKOKGPVQFGN2'6+ #RTQDCEKP FGN2'6+ N #RTQDCEKPHQTOCNFGN2'6+ N 2NCPFGFKHWUKPFGN2'6+
N 5GUKQPGUFG VTCDCLQ N 2TGUGPVCEKP
N 5GUKQPGUFG N %QOKVFG FKTGEEKP VTCDCLQ N ,GHGFGRTQ[GEVQ FGN2'6+

2TGUGPVCEKPFGN 2'6+CNCKPUVKVWEKP
5G GNCDQTC WP TGUWOGP SWG TGEQLC NQU TGUWNVCFQU HKPCNGU FG NCU CEVKXKFCFGU +FGPVKHKECEKP FG TGSWKUKVQU 'UVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKP CEVWCNGU &KUGQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP&GHKPKEKPFGNCCTSWKVGEVWTC VGEPQNIKEC[FGHKPKEKPFGNRNCPFGCEEKP'N,GHGFGRTQ[GEVQFGN2'6+GPXC GUVC KPHQTOCEKP C SWKGPGU EQPUVKVW[GP NC FKTGEEKP FGN 2NCP GUVTCVIKEQ FG VGEPQNQICUFGKPHQTOCEKPRCTCUWGUVWFKQLWPVQEQPNCEQPXQECVQTKC[GURGTC UWEQPHKTOCEKP 2TQFWEVQU &GGPVTCFC
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
N 2NCPFGRTGUGPVCEKP
N .KUVCFQFGTGSWKUKVQU N .KUVCFQFGQDLGVKXQU N #TSWKVGEVWTCFGKPHQTOCEKP
S /QFGNQFGKPHQTOCEKP S /QFGNQFGUKUVGOCUFGKPHQTOCEKP S #TSWKVGEVWTCVGEPQNIKEC N 2NCPFGCEEKP S 2NCPFGRTQ[GEVQU S 2NCPFGOCPVGPKOKGPVQFGN2'6+
&GUCNKFC
N 2TGUGPVCEKP N .KUVCFQFGTGSWKUKVQUFGN2'6+ N 4GUWNVCFQFGNCUUGUKQPGUFGVTCDCLQ

OGLQTCFGNCRTQRWGUVCSWGCHGEVCP C S #TSWKVGEVWTCFGKPHQTOCEKP c /QFGNQFGKPHQTOCEKP c /QFGNQFGUKUVGOCUFGKPHQTOCEKP c #TSWKVGEVWTCVGEPQNIKEC S 2NCPFGCEEKP c 2NCPFGRTQ[GEVQU c 2NCPFGOCPVGPKOKGPVQFGN2'6+ 2TEVKECU N 5GUKQPGUFGVTCDCLQ N 2TGUGPVCEKP 2CTVKEKRCPVGU N N N N N %QOKVFGFKTGEEKP ,GHGFGRTQ[GEVQFGN2'6+ %QPUWNVQTGU %QPUWNVQTGUKPHQTOVKEQU 7UWCTKQUGZRGTVQU
#RTQDCEKPFGN2'6+
5GGPVTGICNCRTQRWGUVCHKPCN[UGUQNKEKVCHQTOCNOGPVGCN%QOKVFG&KTGEEKP FGN 2'6+ NC CRTQDCEKP FG NC OKUOC 2QT NVKOQ UG FGDG KPHQTOCT FG NQU TGUWNVCFQU C NCU WPKFCFGU QTICPK\CVKXCU RCTVKEKRCPVGU [ C VQFCU CSWGNNCU CHGEVCFCURQTNQUTGUWNVCFQUFGN2NCPFG5KUVGOCUFG+PHQTOCEKP

2TQFWEVQU
&GGPVTCFC
N 4GUWNVCFQFGNCUUGUKQPGUFGVTCDCLQ N .KUVCFQFGTGSWKUKVQUFGN2'6+ N #TSWKVGEVWTCFGKPHQTOCEKP S /QFGNQFGKPHQTOCEKP S /QFGNQFGUKUVGOCUFGKPHQTOCEKP S #TSWKVGEVWTCVGEPQNIKEC N 2NCPFGCEEKP S 2NCPFGRTQ[GEVQU S 2NCPFGOCPVGPKOKGPVQFGN2'6+ &GUCNKFC N #RTQDCEKPHQTOCNFGN2'6+ N 2NCPFGEQOWPKECEKPFGN2'6+ 2TEVKECU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QOKVFGFKTGEEKP N ,GHGFGRTQ[GEVQFGN2'6+ 2CTVKEKRCPVGUGPNCU#EVKXKFCFGUFGN2TQEGUQ2'6+
2.#0+(+%#%+10&'5+56'/#5&' +0(14/#%+10 %QOKVFGFKTGEEKP %QPUWNVQTGU %QPUWNVQTGUKPHQTOVKEQU &KTGEVQTGUWUWCTKQU 'SWKRQFGUQRQTVGVEPKEQ 'SWKRQFGNRTQ[GEVQ ,GHGFGRTQ[GEVQ #%6+8+&#&'5

: : :

: :
: : : : : :
: :
: : :
: :
: : :
4GURQPUCDNGFGOCPVGPKOKGPVQ 7UWCTKQUGZRGTVQU
: : : : :

#EVKXKFCFGU
6EPKECURTEVKECUWVKNK\CFCUGPNCUCEVKXKFCFGUFGNRTQEGUQ2'6+
2.#0+(+%#%+10&'5+56'/#5&' +0(14/#%+10 #PNKUKUEQUVQDGPGHKEKQ .KUVCFQECVCNQICEKP &KCITCOCFGENCUGU 'UVKOCEKP #%6+8+&#&'5
+PKEKQFGN2'6+ &GHKPKEKP[QTICPK\CEKPFGN2'6+ 'UVWFKQFGNCKPHQTOCEKPTGNGXCPVG +FGPVKHKECEKPFGTGSWKUKVQU 'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU &KUGQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKP &GHKPKEKPFGNCCTSWKVGEVWTCVGEPQNIKEC &GHKPKEKPFGNRNCPFGCEEKP 4GXKUKP[CRTQDCEKPFGN2'6+

: :
: :
: :
: :
: : :

&KCITCOCFGTGRTGUGPVCEKP (CEVQTGUETVKEQUFGZKVQ /CVTKEKCN
+ORCEVQGPNCQTICPK\CEKP /QFGNCFQFGRTQEGUQUFGNCQTICPK\CEKP /QFGNQ'PVKFCFTGNCEKPGZVGPFKFQ 2NCPKHKECEKP 2TGUGPVCEKP
: : : : : : : :
5GUKQPGUFGVTCDCLQ
: :

1>5H? 1>5H?
6%0+%#5'/2.'#&#5' 0.#)7+# 'P GN RTGUGPVG CPGZQ UG FGUETKDGP NCU VEPKECU SWG UG WVKNK\CTP GP NCU FKUVKPVCU CEVKXKFCFGU [ VCTGCU PGEGUCTKCU GP NC GNCDQTCEKP FGN CPNKUKU FG UKUVGOCU NCU SWG RGTOKVKTPGLGEWVCTNCUCEVKXKFCFGUEQPOC[QTGHKEKGPEKC '064'8+56#5
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
N N N N
D 7VKNKFCF
E &GUETKREKP
4GSWKUKVQUFGWUWCTKQ (WPEKQPCOKGPVQFGNUKUVGOCCEVWCN 1TICPK\CEKPFGNCWPKFCF 4GURQPUCDKNKFCFGU[HWPEKQPGUFGNQUWUWCTKQU
.CU GPVTGXKUVCU UQP HQTOCU FG EQPXGTUCEKP PQ FG KPVGTTQICEKP #N CPCNK\CT NCU ECTCEVGTUVKECUFGNQUUKUVGOCUEQPRGTUQPCNUGNGEEKQPCFQEWKFCFQUCOGPVGRQTUWU EQPQEKOKGPVQU UQDTG GN UKUVGOC NQU CPCNKUVCU RWGFGP FKURQPGT FG FCVQU SWG PQ GUVPFKURQPKDNGUGPPKPIWPCQVTCHQTOC 'PNCUKPXGUVKICEKQPGUFGNQUUKUVGOCUNCKPHQTOCEKPEWCNKVCVKXC[EWCPVKVCVKXCUQP KORQTVCPVGU .C KPHQTOCEKP EWCNKVCVKXC GUV TGNCEKQPCFC EQP NCU QRKPKQPGU RQNVKECU [ FGUETKREKQPGU PCTTCVKXCU FG CEVKXKFCFGU Q RTQDNGOCU OKGPVTCU SWG NC KPHQTOCEKP EWCPVKVCVKXC UG VTCVC HTGEWGPVGOGPVG FG POGTQU HTGEWGPEKCU Q ECPVKFCFGU
6KRQUFGGPVTGXKUVCU
/WEJCU XGEGU GN CPCNKUVC WVKNK\C NC VEPKEC FG NCU GPVTGXKUVCU RCTC TGECDCT KPHQTOCEKP EWCNKVCVKXC SWG NG RGTOKVKT CPCNK\CT NQU UKUVGOCU FG KPHQTOCEKP PGEGUCTKQU
&G CEWGTFQ CN VKRQ FG KPHQTOCEKP SWG UG FGUGC TGECDCT UG RWGFG GNCDQTCT NCU GPVTGXKUVCUGPHQTOCGUVTWEVWTCFCQUKPGUVTWEVWTC .CUGPVTGXKUVCUGUVTWEVWTCFCU WVKNK\CPHQTOCVQUCDKGTVQUQEGTTCFQUGPGNECUQFGSWG UGCPCDKGTVQUGNWUWCTKQRQFTFCTEWCNSWKGTTGURWGUVCSWGEQPUKFGTGCRTQRKCFCGP GNECUQFGRTGIWPVCUEGTTCFCUUGRTQRQTEKQPCTCNWUWCTKQWPEQPLWPVQFGTGURWGUVCU SWGRWGFGUGNGEEKQPCT .C VEPKEC FG RTGIWPVCU EGTTCFCU RTGUGPVC XGPVCLCU [ FGUXGPVCLCU NCU EWCNGU OGPEKQPCTGOQUCEQPVKPWCEKP 8GPVCLCU
N N N N N
&GUXGPVCLCU
N N N N
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
.CU GPVTGXKUVCU PQ GUVTWEVWTCFCU RGTOKVKTP VCPVQ CN GPVTGXKUVCFQ EQOQ GN GPVTGXKUVCFQT OC[QT HNGZKDKNKFCF GP GN VKRQ FG RTGIWPVC [ TGURWGUVC C GLGEWVCT .CU XGPVCLCU[FGUXGPVCLCUSWGVTCGEQPUKIQUVCVEPKECUQPNCUUKIWKGPVGU 8GPVCLCU
N
'N GPVTGXKUVCFQT VKGPG OC[QT HNGZKDKNKFCF CN TGCNK\CT NCU RTGIWPVCU CFGEWCFCU C SWKGPTGURQPFG

N N
&GUXGPVCLCU
N N N N N
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
4GEQOGPFCEKQPGUFGFGUCTTQNNQFGGPVTGXKUVCU
2CTCNNGXCTCECDQWPCGPVTGXKUVCGZKVQUC[CUGCGUVTWEVWTCFCQPQGUVTWEVWTCFCFGDGP FGUGIWKTUGNCUUKIWKGPVGUKPFKECEKQPGU
+FGPVKHKECTCNCRGTUQPCQRGTUQPCUCNCUEWCNGUUGNGUXC[CCGPVTGXKUVCT UGFGDGFG JCEGTWPCNKUVCFGVQFCUNCURGTUQPCUSWGUQPEQPUKFGTCFCUFCFQCUWGZRGTKGPEKC [EQPQEKOKGPVQEQOQRGTUQPCUENCXGURCTCNCKPUVKVWEKP
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
N N N N
%QOKGPEGRQTRTGUGPVCTUGUWDTC[CPFQGNVGOCFGNCGPVTGXKUVC[GUVCDNGEKGPFQ NCPCVWTCNG\CFGNRTQ[GEVQGPGNSWGVTCDCLC
%QOKGPEGEQPRTGIWPVCUIGPGTCNGUSWGGUVCDNGEGTPGNOCTEQFGVTCDCLQEQP GNEWCNUGEQPFWEKTGNTGUVQFGNCGPVTGXKUVC .KOVGUGCNCUPQVCUSWGUGGUETKDCPRCTCGXKVCTFKUVTCGTCSWKGPGUTGURQPFGP %WCPFQ NQU VGOCU XKUVQU EQP GN WUWCTKQ UG JC[CP FKUEWVKFQ TGCNKEGP QVTCU RTGIWPVCUGURGEHKECUSWGETGCSWGFGDCPFKUEWVKTUG
)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP N N
#N HKPCN FG NC GPVTGXKUVC TGUWOC NC KPHQTOCEKP TGECDCFC GP NCU OKUOCU [ GPXGUGWPCEQRKCCNCURGTUQPCUGPVTGXKUVCFCURCTCUWTGURGEVKXCCRTQDCEKP 'U TGEQOGPFCDNG SWG CTEJKXG WPC EQRKC FG NCU GPVTGXKUVCU TGXKUCFCU RQT GN WUWCTKQEQPNCHKPCNKFCFFGGXKVCTRQUVGTKQTGUTGENCOQU
(#%614'5%4+6+%15&' ':+61 .CVEPKECFGNQU(CEVQTGUETVKEQUFGZKVQ

(%'TGUWNVCFQFGNQUVTCDCLQUFG,QJP( 4QEMCTVVKGPGEQOQQDLGVKXQC[WFCTCNCRNCPKHKECEKPFGNCUCEVKXKFCFGU[TGEWTUQU FGEWCNSWKGTQTICPK\CEKPCUEQOQFGNKOKVCTNCUTGCUENCXGUFGNCOKUOCHCEKNKVCPFQ NCCUKIPCEKPFGRTKQTKFCFGUFGPVTQFGGNNC 4QEMCTVFGHKPKNQU HCEVQTGU ETVKEQU FGZKVQEQOQnGNPOGTQNKOKVCFQFGTGCUGP NCU EWCNGU NQU TGUWNVCFQU UK UQP UCVKUHCEVQTKQU CUGIWTCTP WP HWPEKQPCOKGPVQ EQORGVKVKXQ[GZKVQUQRCTCNCQTICPK\CEKP 'UVCVEPKECKORNKECRCTCUWCRNKECEKPNQUUKIWKGPVGURWPVQUDUKEQU
N N N N
&GHKPKTNQUQDLGVKXQUINQDCNGUFGNCQTICPK\CEKP &GHKPKTWPCWPKFCFFGOGFKFCRCTCGXCNWCTGNHWPEKQPCOKGPVQFGNCQTICPK\CEKP EQPTGURGEVQCGUQUQDLGVKXQU +FGPVKHKECTNQUHCEVQTGUENCXGSWGEQPVTKDW[GPCGUGHWPEKQPCOKGPVQ +FGPVKHKECTNCUTGNCEKQPGUECWUCGHGEVQGPVTGQDLGVKXQU[HCEVQTGUENCXG
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
N N
7PC CEVKXKFCF FGPVTQ FG NC QTICPK\CEKP SWG UG FGDG TGCNK\CT EQP GURGEKCN CVGPEKP 7PUWEGUQQGXGPVWCNKFCFSWGQEWTTGGPGNGPVQTPQGZVGTPQFGNCQTICPK\CEKP[ UQDTGGNEWCNUGRWGFGVGPGTQPQEQPVTQN

'UEQPXGPKGPVGRCTCCENCTCTGUVGEQPEGRVQFGNQU(%'FKHGTGPEKCTGPVTGHCEVQTGUFG ZKVQ[HCEVQTGUETVKEQUFGZKVQ
7P TGC FG NC QTICPK\CEKP EW[Q HWPEKQPCOKGPVQ FGDG UKVWCTUG C WP PKXGN EQORGVKVKXQEQPGNGPVQTPQ
7PHCEVQTFGZKVQGUCNIQSWGFGDGQEWTTKT
QFGDGPQQEWTTKTRCTCEQPUGIWKTWP QDLGVKXQ'UVGHCEVQTFGZKVQUGFGHKPGEQOQETVKEQUKUWEWORNKOKGPVQGUCDUQNWVC OGPVGPGEGUCTKQRCTCEWORNKTNQUQDLGVKXQUFGNCQTICPK\CEKPRQTNQEWCNTGSWKGTG WPCGURGEKCNCVGPEKPRQTRCTVGFGNQUTICPQUIGUVQTGUEQPGNHKPFGCUGIWTCTSWGUG FGFKECPNQUOGLQTGUTGEWTUQUCNCGLGEWEKPQTGCNK\CEKPFGFKEJQHCEVQTFGZKVQ 5GRWGFGLWUVKHKECTGNGUVCDNGEGTGUVCFKHGTGPEKCGPVTGHCEVQTGUFGZKVQ
('[HCEVQTGU ETVKEQUFGZKVQ
(%'RQTFQUTC\QPGU
&GUFGWPRWPVQFGXKUVCRWTCOGPVGOGVQFQNIKEQ FGCRNKECEKPFGNCVEPKECGU OUGHGEVKXQGNUGRCTCTNCEQPUKFGTCEKPFGVQFQUNQU('FGNCQTICPK\CEKPFGNC GXCNWCEKPFGEWNGUUQPTGCNOGPVG(%' &GUFGWPRWPVQFGXKUVCFGGHKECEKCFGPVTQFGNCQTICPK\CEKPNCFGHKPKEKPFGWP POGTQFGOCUKCFQGNGXCFQFG(%'FGUXKTVWCTCGNUGPVKFQFGGUVCVEPKEC 2QTNVKOQUGFGDGJCEGTPHCUKUGPNCFKHGTGPEKCGZKUVGPVGGPVTGHCEVQTGUFGZKVQ[ QDLGVKXQUFGNCQTICPK\CEKP

N N
1DLGVKXQUUQPNQU nHKPGUJCEKCNQU EWCNGUUGFKTKIGGNGUHWGT\Q[GNVTCDCLQFGNC QTICPK\CEKP (CEVQTGUFGZKVQ[EQOQEQPUGEWGPEKC(%'UQPNQUnOGFKQUQTGSWKUKVQUSWGUG FGDGPEWORNKTRCTCCNECP\CTNQU QDLGVKXQU2CTCECFCQDLGVKXQUGFGDGFGHKPKTCN OGPQUWPHCEVQTFGZKVQ
'UVCFKUVKPEKPPQUC[WFCTCNCJQTCFGFGNKOKVCT[FGHKPKTEQPENCTKFCFNQUQDLGVKXQU GUVQU UGTP KORQTVCPVGU EQOQ WP HKP GP U OKUOQU 5K EQPUKFGTCOQU WP QDLGVKXQ KORQTVCPVG UNQ EQOQ OGFKQ FG EQPUGIWKT QVTQU QDLGVKXQU UG EQPUKFGTCT FKEJQ QDLGVKXQEQOQWPHCEVQTFGZKVQ 2TQEGFKOKGPVQFGFGHKPKEKP FGHCEVQTGUETVKEQU FGZKVQ #NCJQTCFGFGHKPKTNQUHCEVQTGUETVKEQUFGZKVQFGNCQTICPK\CEKPGUPGEGUCTKQSWG NQUQDLGVKXQUSWGRGTUKIWGNCQTICPK\CEKPGUVPENCTCOGPVGFGHKPKFQUFCFQSWGUW GURGEKHKECEKPUGTXKTFGDCUGRCTCGNGUVWFKQFGNQU(%'
'NCPNKUKUFGNQU(%'EQTTGURQPFGTRQTWPCRCTVGCNGSWKRQFGNRTQ[GEVQGNEWCN TGEQIGTKPHQTOCEKPUQDTGNCQTICPK\CEKP[UWUQDLGVKXQUOGFKCPVGGPVTGXKUVCUEQP NQUIGUVQTGUFGNCOKUOC#UKOKUOQEQOQTGUWNVCFQFGGUVCUGPVTGXKUVCUUGQDVGPFT WPCRTKOGTCXKUKPFGNQUFKTGEVKXQUCEGTECFGNQUOGFKQUQTGSWKUKVQURCTCCNECP\CT GUVQUQDLGVKXQU

'UVQUTGSWKUKVQURGTOKVKTPQDVGPGTWPCNKUVCKPKEKCNFGNQUHCEVQTGUFGZKVQNCEWCNUG FGRWTCTGPGVCRCURQUVGTKQTGUFGNCPNKUKU
6QFCU NCU NCDQTGU FG FGRWTCEKP TGHKPCOKGPVQ [ EQPUQNKFCEKP FG NQU (%' JCP FG TGCNK\CTUG FG HQTOC EQPLWPVC RQT GN GSWKRQ FGN RTQ[GEVQ [ NQU IGUVQTGU FG NC QTICPK\CEKP 2CTC GNNQ UGT EQPXGPKGPVG TGCNK\CT OU SWG GPVTGXKUVCU KPFKXKFWCNGU TGWPKQPGUGPITWRQGPVTGVQFQUNQUIGUVQTGUFCFQSWGCUUGQDVGPFTWPEQPLWPVQ TGFWEKFQ FG HCEVQTGU ETVKEQU FG ZKVQ FGUFG WPC RGTURGEVKXC n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
#EQPVKPWCEKPUGTGCNK\CTWPGUVWFKQFGVCNNCFQFGGUVQURCUQU C 'NCDQTCTWPCNKUVCFGNQU QDLGVKXQUFGNCQTICPK\CEKP 5GFGVGTOKPCTNCOKUKPOGVCU[QDLGVKXQUFGNCQTICPK\CEKP'UEQPXGPKGPVGUGT GZRNEKVQUGPNCGURGEKHKECEKPFGQDLGVKXQUKPVGPVCPFQEWCPVKHKECTNQUGPNCOGFKFC FGNQRQUKDNG
%QOQGLGORNQFGWPCGURGEKHKECEKPFGQDLGVKXQUFGWPCQTICPK\CEKPRQFGOQU UWRQPGTWPC'ORTGUCSWGUGRNCPVGCUG
N N N N
#NECP\CTWPCEKHTCFGXGPVCUFGOKNNQPGUFGRGUGVCU 1DVGPGTWPDGPGHKEKQCPVGUFGKORWGUVQUFGOKNNQPGU +PETGOGPVCTGNOCTIGPDTWVQGPNCUXGPVCUGPVQTPQCWP /CPVGPGTNQUICUVQUFGHWPEKQPCOKGPVQGPWPFGNCUXGPVCU
D &GRWTCTNCNKUVCFGQDLGVKXQU
'P GUVG RCUQ UG TGXKUC NC NKUVC FG QDLGVKXQU QDVGPKFC GP GN RCUQ CPVGTKQT RCTC CUGIWTCTSWGFKEJQUQDLGVKXQUEQPUVKVW[GPWPHKPGPUOKUOQU[PQOGTCOGPVGWP

OGFKQRCTCQDVGPGTQVTQQDLGVKXQFGNCNKUVCGPEW[QECUQUGEQPUKFGTCTCEQOQ WPHCEVQTFGZKVQ 'P GN GLGORNQ SWG UKIWG NQU QDLGVKXQU FG n+PETGOGPVCT GN OCTIGP DTWVQ GP NCU XGPVCUGPVQTPQCN[n/CPVGPGTNQUICUVQUFGHWPEKQPCOKGPVQGPWPFG NCU XGPVCU UQP WP OGFKQ RCTC EQPUGIWKT NQU DGPGHKEKQU FG OKNNQPGU RQT NQ EWCNUGGNKOKPCTPFGNCNKUVCFGQDLGVKXQU[UGEQPUKFGTCTPHCEVQTGUFGZKVQ 'PGUVGECUQVGPFTCOQU 1DLGVKXQU (CEVQTGU FG ZKVQ
#NECP\CTWPCEKHTCFGXGPVCUFG OKNNQPGUFGUQNGU
1DVGPGT WP DGPGHKEKQ CPVGU FG KORWGUVQUFGOKNNQPGUFGUQNGU
+PETGOGPVCTGNOCTIGPDTWVQGPNCU XGPVCUGPVQTPQCN /CPVGPGT NQU ICUVQU FG HWPEKQPCOKGPVQGPWPFGNCU XGPVCU
E +FGPVKHKECTNQUHCEVQTGUFGZKVQ
6GPKGPFQ GP EWGPVC GN EQPEGRVQ FG HCEVQT FG ZKVQ EQOQ OGFKQ PGEGUCTKQ RCTC CNECP\CT NQU QDLGVKXQU GURGEKHKECFQU UG QDVGPFT WPC NKUVC FG HCEVQTGU FG ZKVQ RCTCECFCWPQFGFKEJQUQDLGVKXQUEQPVGORNCPFQVCPVQCSWGNNQU SWGFGRGPFGP FG NC QTICPK\CEKP EQOQ CSWGNNQU GZVGTPQU SWG GUVP HWGTC FG UW EQPVTQN
NGIKUNCEKPEQORQTVCOKGPVQFGNCGEQPQOCGVE 'PGUVGRWPVQPQGUPGEGUCTKQRTGQEWRCTUGFGOCUKCFQUKUGTGRKVGPNQUHCEVQTGUFG ZKVQEQPNQUQDLGVKXQUQUKWPHCEVQTFGZKVQRCTCWPQDLGVKXQGUVGUVTGEJCOGPVG TGNCEKQPCFQEQPQVTQQDLGVKXQ#UGPPWGUVTQECUQ[OGFKCPVGGPVTGXKUVCUEQPNQU TGURQPUCDNGUFGNCQTICPK\CEKPUGQDVGPFTCNCUKIWKGPVGVCDNC 8GPVCUFGOKNNQPGU $GPGHKEKQUCPVGUFGKORWGUVQU FGOKNNQPGU 1DLGVKXQU %TGEKOKGPVQFGNOGTECFQ +PETGOGPVCTNCEWQVCFGOGTECFQ (CEVQTGU FG ZKVQ

+PETGOGPVCTXGPVCU +PETGOGPVCTGNOCTIGPDTWVQGPVQTPQCN /CPVGPGT NQU ICUVQU FG HWPEKQPCOKGPVQ GPWPFGNCUXGPVCU

F 'NKOKPCTNQUHCEVQTGUFGZKVQPQETVKEQU
5GWVKNK\CTPGPGUVGRWPVQFKHGTGPVGUETKVGTKQURCTCGNKOKPCTNQU('FGRGPFKGPFQ FG UK NQU OKUOQU GUVP FGPVTQ Q HWGTC FGN EQPVTQN FG NC QTICPK\CEKP GUVC UGNGEEKPUGTTGCNK\CFCOGFKCPVGTGWPKQPGUGPITWRQRQTNQUTGURQPUCDNGUFGNC QTICPK\CEKP .QUETKVGTKQUSWGUG UGIWKTPUQP (CEVQTGUFGZKVQFGPVTQFGNEQPVTQNFGNC1TICPK\CEKP
N N
'UGN('GUGPEKCNRCTCEWORNKTNQUQDLGVKXQU!
5KNCTGURWGUVCCCNIWPCFGGUVCURTGIWPVCUGUnPQUGGNKOKPCTGN('FGNCVCDNC (CEVQTGUFGZKVQHWGTCFGNEQPVTQNFGNC1TICPK\CEKP
N N N
4GSWKGTGGURGEKCNEWKFCFQGPUWTGCNK\CEKPGUFGEKTTGEWTUQUGURGEKCNOGPVG EWCNKHKECFQU!
'UGN('GUGPEKCNRCTCEWORNKTNQUQDLGVKXQU!
*C[RTQDCDKNKFCFUKIPKHKECVKXCFGSWGGN('PQQEWTTC!
5KNCTGURWGUVCCCNIWPCFGGUVCURTGIWPVCUGUnPQUGGNKOKPCGN('FGNCVCDNC'UVQ UGJCEGRCTCPQEQPUKFGTCTCSWGNNQU('SWGQEWTTKTPECUKEQPVQFCUGIWTKFCF
GP ECUQ FG WPC TGURWGUVC PGICVKXC C NC UGIWPFC RTGIWPVC Q CSWGNNQU (' EW[Q PQ EWORNKOKGPVQ KORKFG EWCNSWKGT VKRQ FG CEEKP EQTTGEVKXC
GP GN ECUQ FG WPC TGURWGUVCPGICVKXCCNCVGTEGTCRTGIWPVC
5KPQQEWTTGGN('2QFTCPCNVGTCTUGNCUGUVTCVGIKCUEQPGNHKPFGOKPKOK\CTGN KORCEVQFGFKEJQKPEWORNKOKGPVQUWRQPKGPFQSWGJWDKGUGUWHKEKGPVGVKGORQ FKURQPKDNG!
'PGNGLGORNQSWGUGUKIWGUGFGEKFKSWGGNHCEVQTFGZKVQn/CPVGPGTNQUICUVQU FG HWPEKQPCOKGPVQ GP WP FG NCU XGPVCU PQ GZKIC TGEWTUQU GURGEKCNOGPVG EWCNKHKECFQURCTCEQPUGIWKTNQRQTNQEWCNUGGNKOKPFGNCNKUVC 8GPVCUFGOKNNQPGU $GPGHKEKQUCPVGUFGKORWGUVQUFG OKNNQPGU 1DLGVKXQU %TGEKOKGPVQFGNOGTECFQ +PETGOGPVCTNCEWQVCFGOGTECFQ (CEVQTGU FG ZKVQ

+PETGOGPVCTXGPVCU +PETGOGPVCTGNOCTIGPDTWVQGPVQTPQ CN

G #ITWRCTNQUHCEVQTGUFGZKVQFGCEWGTFQEQPNQUQDLGVKXQU
'UVG RCUQ RGTOKVG FGRWTCT NC VCDNC FCFQ SWG CN CPCNK\CT ECFC QDLGVKXQ RQT UGRCTCFQRWGFGSWGNQU('GUVPTGRGVKFQUQUGCPUKPPKOQUFGWPQDLGVKXQ 'PPWGUVTQGLGORNQGN('n+PETGOGPVCTXGPVCUGUUKPPKOQFGNQDLGVKXQnXGPVCUFG OKNNQPGURQTNQVCPVQUGGNKOKPC 1DLGVKXQU 8GPVCUFGOKNNQPGU $GPGHKEKQUCPVGUFGKORWGUVQUFG OKNNQPGU (CEVQTGU FG ZKVQ %TGEKOKGPVQFGNOGTECFQ +PETGOGPVCTNCEWQVCFGOGTECFQ +PETGOGPVCTOCTIGPDTWVQFG
H +FGPVKHKECTNQUEQORQPGPVGUFGGUVQUHCEVQTGUFGZKVQ
'PGUVGRCUQUGCPCNK\CPNQUHCEVQTGUFGZKVQRCTCKFGPVKHKECTNQSWGUGFGDGJCEGT RCTCEQPUGIWKTECFCWPQFGGUVQU('
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
$GPGHKEKQUCPVGUFG 4GFWEKTEQUVQUNCDQTCNGU KORWGUVQUFG +PETGOGPVCTOCTIGPFG OKNNQPGU 0GIQEKCEKPNCDQTCN DTWVQ #WVQOCVK\CEKPFGNC RTQFWEEKP /CPVGPGTKPETGOGPVQUFG EQUVGFGOCVGTKCNRQT FGDCLQFGNCKPHNCEKP

I 5GNGEEKQPCTNQUHCEVQTGUETVKEQUFGZKVQ
(%'
5GWUCTPNQUETKVGTKQUFGUGNGEEKP[CGURGEKHKECFQUGPGNRCUQFRCTCNQUPKXGNGU OUDCLQUFGFGUEQORQUKEKPEQPGNQDLGVQFGQDVGPGTWPPOGTQFG(%'GPVTG NQU RCUQU G [ I 'P NC VCDNC UKIWKGPVG UG TGRTGUGPVCP GP PGITKVC NQU (%' UGNGEEKQPCFQU 1DLGVKXQU 8GPVCUFG OKNNQPGU (CEVQTGU FG ZKVQ %QORQPGPVGU FG (' %TGEKOKGPVQFGN OGTECFQ +PETGOGPVQFGEWQVC /GLQTCTNCECNKFCF FGOGTECFQ /GLQTCTNCUECTCEVGTUVKECUFGN RTQFWEVQ /GLQTCTVKGORQUFGGPVTGIC
$GPGHKEKQUCPVGUFG 4GFWEKTEQUVQUNCDQTCNGU KORWGUVQUFG +PETGOGPVCT OCTIGP /CPVGPGTKPETGOGPVQUFG OKNNQPGU FGDTWVQ EQUVQFGOCVGTKCNRQTFGDCL Q FGNCKPHNCEKP 0GIQEKCEKPNCDQTCN #WVQOCVK\CEKPFGNC RTQFWEEKP
J (KPCNK\CTGNGUVWFKQFGNQUHCEVQTGUETVKEQUFGZKVQ
'PGUVGRCUQUGQDVKGPGWPCNKUVCHKPCNSWGTGRTGUGPVCNCUTGCUSWGUQPETWEKCNGU RCTCGNZKVQFGNCQTICPK\CEKP[FQPFGNCFKTGEEKPFGDGGPHQECTUWCVGPEKP
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
C 1DLGVKXQ
D 7VKNKFCF
%QPUVTWKTWPOQFGNQNIKEQFGFCVQUFGNUKUVGOCSWGHCEKNKVGNCEQORTGPUKPFGN OKUOQ 'UVKNRCTCTGRTGUGPVCTITHKECOGPVGNCUTGNCEKQPGUQCUQEKCEKQPGUGPVTGRCTGUFG GPVKFCFGU 2CTC NC EQPUVTWEEKP FGN FKCITCOC FG GUVTWEVWTC FG FCVQU PGEGUKVCOQU NQU UKIWKGPVGUGNGOGPVQU
N
E &GUETKREKP
'PVKFCF GU WP QDLGVQ

RGTUQPC NWICT Q EQUC UQDTG NC EWCN NC QTICPK\CEKP ECRVWTCCNOCEGPCQRTQEGUCFCVQU5WTGRTGUGPVCEKPITHKECGUWPTGEVPIWNQ
4GNCEKP GU NC EQPGZKP SWG XC GZKUVKT

GPVTG VKRQU FG GPVKFCFGU 5W TGRTGUGPVCEKPITHKECGUWPCNPGCTGEVC .CUHCUGURCTCNCEQPUVTWEEKPFGNCGUVTWEVWTCFGFCVQUUQP
+FGPVKHKECTNCU GPVKFCFGUFGPVTQFGN5KUVGOC VGPKGPFQRTGXKQEQPQEKOKGPVQFGN HWPEKQPCOKGPVQ FGN UKUVGOC 'UVCU GPVKFCFGU RWGFGP UGT QDLGVQU TGCNGU RGTUQPCUCEVKXKFCFGUFGNUKUVGOCQDLGVQUCDUVTCEVQUGVE 2QTGLGORNQUGRWGFGPKFGPVKHKECTNCUGPVKFCFGU2GFKFQ/CVGTKCNGU2TQXGGFQT 'UVCDNGEGT NCU TGNCEKQPGU GPVTG NCU GPVKFCFGU FGUETKDKGPFQ GN ITCFQ FG NQU OKUOQU RTGXKQGUVWFKQFGECFCWPCFGNCUCUQEKCEKQPGUFGWPCGPVKFCFEQPNCU FGOUKFGPVKHKECFCU &KDWLCTGN OQFGNQFGFCVQU
3 ( ' ,' 2
' ( 7 $ / / ( 3 ( ' ,'
3 529(('25
0 $ 7 ( 5 ,$ /

'P GN /CPWCN FG 6EPKECU RCTC GN &GUCTTQNNQ FG 5KUVGOCU UG OWGUVTC NC VEPKEC FG OQFGNCOKGPVQ GPVKFCFTGNCEKP FG %*'0 NCU DCUGU EQPEGRVWCNGU FG GUVG OQFGNCOKGPVQ UG GPEWGPVTCP GP GN /CPWCN FG 1TICPK\CEKP[&KUGQFG$CUGUFG &CVQURWDNKECFQUCODQURQTGN+0'+ 6'%0+%#5/#64+%+#.'5
5G FGUKIPC EQP GN PQODTG FG VEPKECU OCVTKEKCNGU C NC TGRTGUGPVCEKP ETW\CFC FG FKHGTGPVGU GPVKFCFGUWQDLGVQUFGKPVGTURCTCNCQTICPK\CEKP[SWGRGTOKVKTP
N N
%QPQEGT NC TGCNKFCF CEVWCN GP EWCPVQ C UWU HWPEKQPGU KPHQTOCEKP OCPGLCFC FKUVTKDWEKPIGQITHKECGVE
5GPVCTNCUDCUGU RCTCWPCRQUKDNGTGQTICPK\CEKPFGNCUHWPEKQPGUEQPQDLGVQFG CWOGPVCTUWGHKECEKC

E E
&GHKPKTPWGXQUUKUVGOCUFGKPHQTOCEKPRCTCNCQTICPK\CEKP
.CUFKHGTGPVGUTGRTGUGPVCEKQPGUOCVTKEKCNGUSWGUGTGEQIGPGPNCOGVQFQNQICUQPNCU UKIWKGPVGU
N N N
#[WFCTCFGHKPKTRTKQTKFCFGUGPGNFGUCTTQNNQFGPWGXQUUKUVGOCU
%QOQUGRWGFGQDUGTXCTGPGUVGEQPLWPVQFGOCVTKEGUGZKUVGWPITWRQEW[QQDLGVKXQ DUKEQGUTGCNK\CTGNGUVWFKQFGVCNNCFQFGNCUKVWCEKPCEVWCN[GNITCFQFGUCVKUHCEEKP FG NCU PGEGUKFCFGU FG KPHQTOCEKP FG NC QTICPK\CEKP EQP NQU UKUVGOCU GZKUVGPVGU HQTOCFQRQT
N N
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
/CVTK\#RNKECEKQPGU(KEJGTQUFGFCVQU /CVTK\#RNKECEKQPGU(WPEKQPGU
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
/CVTK\(KEJGTQUFG&CVQUCEVWCNGU'PVKFCFGUFGFCVQU
4GRTGUGPVCTFGHQTOCOCVTKEKCNNQURTQEGUQUHTGPVGCNCUGPVKFCFGUFGFCVQU &GVGTOKPCTUWDUKUVGOCU
#UKIPCTRTKQTKFCFGUFGFGUCTTQNNQ #EQPVKPWCEKPUGFGUETKDGPGPFGVCNNGECFCWPQFGNQURCUQU +FGPVKHKECT NQU RTQEGUQU FG NC QTICPK\CEKP # RCTVKT FG GPVTGXKUVCU [ TGWPKQPGU GP ITWRQ EQP NQU TGURQPUCDNGU FG NC QTICPK\CEKP UG KFGPVKHKECP NQU FKHGTGPVGU RTQEGUQU FG NC OKUOC 5G RWGFG GUVCDNGEGTWPCLGTCTSWCFGPVTQFGNQUFKXGTUQURTQEGUQU
N N
0KXGNHWPEKQPGUFGNCQTICPK\CEKP
'NITCFQFGFGVCNNGCSWGUGNNGICGPNCKFGPVKHKECEKPFGNQURTQEGUQUGPSWGUG FGUEQORQPGP NCU HWPEKQPGU GUVCT PVKOCOGPVG TGNCEKQPCFQ EQP GN ITCFQ FG FGVCNNGEQPSWGUGFGHKPCPNCUGPVKFCFGUFGFCVQUFGNC1TICPK\CEKP
TGUWNVCFQFG NCTGCNK\CEKPFGNRCUQ
0KXGNRTQEGUQUSWGFGVCNNCPECFCWPCFGNCUHWPEKQPGU
'NQDLGVKXQGUQDVGPGTWPC /CVTK\2TQEGUQU'PVKFCFGUJQOQIPGCGPUWITCFQFG FGVCNNG2QTGNNQNQURCUQU[UGTGCNK\CTPUKOWNVPGCOGPVG

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
#FGOU FG EQPUKFGTCT ECFC WPC FG NCU EWCVTQ GVCRCU FGN EKENQ FG XKFC OGPEKQPCFCU UGTEQPXGPKGPVGHKLCTUGGPVTGUHWGPVGURTKPEKRCNGURCTCKFGPVKHKECT NQURTQEGUQU
C 2TQEGUQUFGRNCPKHKECEKP[EQPVTQN
D 2TQEGUQU SWG VTCVCP RTQFWEVQU Q UGTXKEKQU SWG RTQFWEG Q RTGUVC NC 1TICPK\CEKP 'P GUVG ECUQ UG EQPUKFGTC SWG NC QTICPK\CEKP VKGPG WP ITWRQ RTKPEKRCN FG RTQFWEVQU Q UGTXKEKQU Q DKGP SWG NC CFOKPKUVTCEKP FG NQU OKUOQU UKIWG RTQEGUQUUKOKNCTGU

'UEQPXGPKGPVGHKLCTUGRTGXKCOGPVGGPNQUQDLGVKXQUFGNCQTICPK\CEKPEQPGN HKP FG GURGEKHKECT GP FGVCNNG GN RTQFWEVQ Q UGTXKEKQ 2QT GLGORNQ GP WPC HKNOQVGEC WPGUVWFKQGPFGVCNNGOQUVTCTCSWGGNRTQFWEVQPQUQPOGTCOGPVG NCURGNEWNCUUKPQSWGJCDTCSWGEQPUKFGTCTEQOQUGTXKEKQU (QOGPVQFGNCRTQFWEEKPPCEKQPCNFGRGNEWNCU &KXWNICEKPFGNCUCTVGUEKPGOCVQITHKECU
E 2TQEGUQU SWG VTCVCP NQU TGEWTUQU FG CRQ[Q SWG PGEGUKVC NC QTICPK\CEKP RCTC RTQFWEKTQRTGUVCTUGTXKEKQU 5GRQFTCPEQPUKFGTCTEWCVTQTGEWTUQUDUKEQU
N N N N
.C GXQNWEKP FGN EKENQ FG XKFC FG RTQFWEVQU UGTXKEKQU [ TGEWTUQU RGTOKVKT QDVGPGTVQFQUNQURTQEGUQUFGNVKRQD[E'PEWCPVQCNQURTQEGUQUFGNVKRQC PQ GU VKN EQPUKFGTCT GN EKENQ FG XKFC FG NQU RTQFWEVQU [ TGEWTUQU FCFQ SWG GUVQURTQEGUQUPQUGQTKGPVCPPKECOGPVGCRTQFWEVQU[TGEWTUQU 7PCXG\KFGPVKHKECFQUVQFQUNQURTQEGUQUUGEQPUQNKFCTPCVGPFKGPFQC
N
/CVGTKCNGU (KPCP\CU +PUVCNCEKQPGU 2GTUQPCN
.CPGEGUKFCFFGTGFWEKTKPEQPUKUVGPEKCUFGPKXGNFCFQSWGRWGFGPJCDGTUG KFGPVKHKECFQHWPEKQPGUFGNCQTICPK\CEKPFGWPITCFQFGFGVCNNGFKUVKPVQ# NC JQTC FG TGRTGUGPVCTNQU GP WPC OCVTK\ EQPXGPFT VGPGT ENCTQ GNPKXGNFG FGVCNNG SWG UG SWKGTC CNECP\CT [ RTQEWTCT SWG NQU RTQEGUQU KFGPVKHKECFQU UGCPCEQTFGUEQPFKEJQPKXGN
.C RQUKDKNKFCF FG CITWRCT RTQEGUQU UKOKNCTGU 2QT GLGORNQ GN RTQEGUQ FG EQORTC FG WP RTQFWEVQ UGT UKOKNCT CN RTQEGUQ FG CFSWKUKEKP FG WP TGEWTUQ 'UVQ KORNKEC NC PGEGUKFCF FG EQODKPCTNQU GN TGUWNVCFQ FG NC EQPUQNKFCEKPUGTRQTGLGORNQWPCVCDNCFGNVKRQ
N N N
N N N N
#TGCUHWPEKQPCNGURTQEGUQU 2NCPKHKECEKPFGNCQTICPK\CEKP #PNKUKU FG OGTECFQ 4GXKUKP FG NC ICOC FG RTQFWEVQU 2TGXKUKP FG XGPVCU (KPCP\CU 2NCPKHKECEKPHKPCPEKGTC)GUVKPFGKPOQXKNK\CFQ(KPCPEKCEKP 2NCPKHKECEKPFG2TQFWEVQU &KUGQ FG RTQFWEVQU 2QNVKEC FG RTGEKQU /CPVGPKOKGPVQ FG GURGEKHKECEKQPGUFGRTQFWEVQ /CVGTKCNGU

N N N
+FGPVKHKECEKP FG NCU GPVKFCFGU FG FCVQU FG NC QTICPK\CEKP %NCUGUFGFCVQUQCITWRCEKQPGUNIKECUFGFCVQU 'PVKFCFGUFGFCVQU
4GEWGPVQUFGOCVGTKCNGU%QORTCU4GEGREKP%QPVTQNFGKPXGTUKQPGU 4GEWTUQU*WOCPQU 2NCPKHKECEKPFGRGTUQPCN%QPVTCVCEKP(QTOCEKP+PEGPVKXQU
5GRWGFGPEQPUKFGTCTFQUPKXGNGUFGFGVCNNGGPNCKFGPVKHKECEKPFGNQUFCVQUFGN UKUVGOC
N N
'PWPCRTKOGTCCRTQZKOCEKPUGRWGFGPKFGPVKHKECTENCUGUFGFCVQUQECVGIQTCU FGKPHQTOCEKPFGVCNHQTOCSWGGZKUVCPTGNCEKQPGUNIKECUGPVTGGNNCU2CTCGNNQ WPCXG\KFGPVKHKECFQUNQURTQEGUQUUGKFGPVKHKECPNQUFCVQUETGCFQUEQPVTQNCFQU[ WVKNK\CFQU GP GUVQU RTQEGUQU CU EQOQ NQU FCVQU RGTVGPGEKGPVGU C HKEJGTQU EQOWPGUGVEFKEJQUFCVQUUGCITWRCPRCTCHQTOCTNCUENCUGU
&GRGPFKGPFQFGNITCFQFGFGVCNNGCNECP\CFQGPNCKFGPVKHKECEKPFGNQURTQEGUQU PQUSWGFCTGOQUGPGUVGRCUQGPNCUENCUGUFGFCVQUKFGPVKHKECFQUQUGTGHKPCTP OUNNGICPFQCNPKXGNFGGPVKFCFGUFGFCVQU7PCGPVKFCFFGFCVQUGUEWCNSWKGT QDLGVQUQDTGGNSWGGNUKUVGOCQNCQTICPK\CEKPFGUGCIWCTFCTKPHQTOCEKP2CTC UWKFGPVKHKECEKPUGTVKNGUVWFKCT

N N N N
.C KFGPVKHKECEKP FG GPVKFCFGU FGPVTQ FG WPC QTICPK\CEKP JC FG UGT NNGXCFC C ECDQ RQT CPCNKUVCU GZRGTVQU GP GN VKRQ FG HWPEKQPGU Q UGTXKEKQU SWG TGCNK\C GUVC QTICPK\CEKP GP EQNCDQTCEKP EQP TGURQPUCDNGU FG UW IGUVKP 'LGORNQU FG GPVKFCFGURWGFGPUGT 7PC XG\ KFGPVKHKECFCU NCU GPVKFCFGU FG FCVQU UG RWGFG FKDWLCT WP OQFGNQ EQPEGRVWCN SWG TGRTGUGPVG CUQEKCEKQPGU GPVTG GUVCU GPVKFCFGU
XGT VEPKEC FG OQFGNK\CEKPFGFCVQU#GUVGPKXGNPQGUPGEGUCTKQ[GPOWEJCUQECUKQPGUPQ GUHCEVKDNGGPGNECUQFGWPCITCPQTICPK\CEKPFGUETKDKTEQPOWEJQFGVCNNGNCU ECTCEVGTUVKECUFGGUVCUGPVKFCFGURQTNQEWCNUNQUGFGHKPKTPWPRCTFGCVTKDWVQU
QECTCEVGTUVKECUSWGFGHKPCPCNCUGPVKFCFGUFGECFC WPC2QTGLGORNQRCTCNC GPVKFCFGORNGCFQ

.QUTGEWTUQUWVKNK\CFQURQTNCQTICPK\CEKP .QURTQFWEVQU[UGTXKEKQUSWGRTGUVC .QUFQEWOGPVQUCEVWCNOGPVGGZKUVGPVGU .CUPGEGUKFCFGUHWVWTCUFGKPHQTOCEKP
%.+'06''/2.'#&1(#%674#*'44#/+'06#/#37+0#8'0&'&14 70+&#&#&/+0+564#6+8#
0QODTGFGNGORNGCFQ %CVGIQTC
4GRTGUGPVCT FG HQTOC OCVTKEKCN NQU RTQEGUQU HTGPVG C NCU GPVKFCFGU FG FCVQU
7PC XG\ KFGPVKHKECFQU NQU RTQEGUQU TGCNK\CFQU RQTNCQTICPK\CEKP

RCUQ[NCU GPVKFCFGU FG FCVQU Q ENCUGU FG FCVQU WVKNK\CFQU RQT UVC
RCUQ UG RTQEGFG C TGRTGUGPVCTNQUGPWPCOCVTK\ 'NITCFQFGFGVCNNGSWGUGFGUGGCNECP\CTGPGNEQPQEKOKGPVQFGNCQTICPK\CEKP FGVGTOKPCTSWGUNQSWGUGTGRTGUGPVCGPNCOCVTK\#URQFTCOQUTGRTGUGPVCT (WPEKQPGU %NCUGUFGFCVQU 2TQEGUQU 'PVKFCFGUFGFCVQU
%WCPVQOUUGFGVCNNGGPNCKFGPVKHKECEKPFGNQURTQEGUQUVCPVQOUGUVCDNGUGT NC OCVTK\ QDVGPKFC 'UVQ GU CU RQTSWG NQ SWG UG TGRTGUGPVC UQP NCU CEVKXKFCFGU DUKECUFGNCQTICPK\CEKP[NCKPHQTOCEKPnEQPEGRVWCNSWGNCOKUOCOCPGLC[ CODCUUQPKPFGRGPFKGPVGUFGNCGUVTWEVWTCQTICPK\CVKXCGZKUVGPVG[FGNCHQTOCGP SWG UGOCPGLCPCEVWCNOGPVGNQU FCVQU%QOQ EQPUGEWGPEKCUGRWGFGCEQOGVGT WPECODKQGPNCGUVTWEVWTCFGNCQTICPK\CEKPUKPOQFKHKECTNCOCVTK\QDVGPKFC 'PNCOCVTK\UGTGRTGUGPVCTGNVTCVCOKGPVQFGNQURTQEGUQUUQDTGNCUGPVKFCFGUFG FCVQUOGFKCPVGNQUUODQNQU % 4GRTGUGPVCNCETGCEKPFGNQUFCVQURQTNQURTQEGUQU 7 4GRTGUGPVCNCWVKNK\CEKPFGNQUFCVQURQTNQURTQEGUQU
'XKFGPVGOGPVGVQFCU NCUGPVKFCFGUFGFCVQUJCPFGUGTETGCFCUCNOGPQURQTWP RTQEGUQ 'UVQ PQU RTQRQTEKQPC WP ETKVGTKQ CFKEKQPCN C NC JQTC FG FGUEQORQPGT RWGUVQ SWG UK UG KFGPVKHKEC WP EQPLWPVQ FG FCVQU
ENCUG FG FCVQU Q GPVKFCF FG FCVQUETGCFQRQTOUFGWPRTQEGUQRWGFGUGTEQPXGPKGPVGFGUEQORQPGTFKEJQ EQPLWPVQFGFCVQU 'P NC (KIWTC UG TGRTGUGPVC WPC RQTEKP FG WPC /CVTK\ 2TQEGUQU'PVKFCFGU FG FCVQU&GDKFQCSWGPQUGJCPTGRTGUGPVCFQVQFQUNQURTQEGUQUFGNCQTICPK\CEKP CRCTGEGPGPVKFCFGUFGFCVQUPQWVKNK\CFCUPKETGCFCU 4GQTICPK\CT NC OCVTK\ 'PGUVGRCUQUGOQFKHKECNCUGEWGPEKCFGNCUGPVKFCFGUFGFCVQU
QENCUGUFGFCVQU TGRTGUGPVCFCUGPNCOCVTK\EQPGNUKIWKGPVGETKVGTKQ .CGPVKFCFFGFCVQUETGCFCRQTGNRTKOGTRTQEGUQUGOWGXGCNCK\SWKGTFC # EQPVKPWCEKPUGOWGXGCNCK\SWKGTFCNCGPVKFCFFGFCVQUETGCFCRQTGNUGIWPFQ RTQEGUQ
UKGZKUVG

'N RTQEGUQ EQPVKPC RCTC VQFCU NCU GPVKFCFGU FG FCVQU %QOQ TGUWNVCFQ HKPCN UG QDVKGPG WPC OCVTK\ EQP NC ETGCEKP FG FCVQU FKURWGUVC GP HQTOC VTKCPIWNCT
GU FGEKTNCU%QQTFGPCFCUGPNCFKCIQPCNFGNCRCTVGUWRGTKQTK\SWKGTFCCNCKPHGTKQT FGTGEJC 'PNC(KIWTCUGTGRTGUGPVCGUVCTGQTICPK\CEKP
&GVGTOKPCT UWDUKUVGOCU
'P GUVG RCUQ UG CITWRCP NQU RTQEGUQU [ FCVQU GP FKUVKPVQU UWDUKUVGOCU .C FGHKPKEKPFGNQUUWDUKUVGOCUPQGUWPRTQEGUQCNIQTVOKEQUKPQSWGFGRGPFGFG NCQRKPKPUWDLGVKXC[GZRGTKGPEKCFGNGSWKRQFGFGUCTTQNNQ%QOQTGUWNVCFQHKPCN UG QDVKGPGP NQU FKHGTGPVGU UWDUKUVGOCU SWG VKGPGP TGURQPUCDKNKFCF UQDTG NC ETGCEKP[OCPVGPKOKGPVQFGNCUFKHGTGPVGUENCUGUQGPVKFCFGUFGFCVQU #SWGNNQU RTQEGUQU FG WUQ FG FCVQU SWG SWGFCP HWGTC FG NQU UWDUKUVGOCU UGNGEEKQPCFQUTGRTGUGPVCPWPHNWLQFGFCVQUGPVTGNQUFKHGTGPVGUUWDUKUVGOCU
(17,'$'(6
75$%$-26(1&8562 ,19(170$7(5,$/(6 ',6(f2352'8&726
,19(170(5&$1&
$1$/,6,6'(0(5&$'2 *$0$352'8&726 35(9,6,219(17$6
8 8
3/$1,),&),1$1&,(5$
& 8 8 8 8 & 8 8 8 & &
8 8 8
8 8
8 8
8 8 & & 8 8
8 8 & & 8 8 8 8
352&(626
$'48,6,&,21&$3,7$/ ',6(f2352'8&726 35(&,2352'8&726
& 8
(63(&,),&352'8&726 5(48,6,7260$7(5,$/ $'48,6,&0$7(5,$/ 5(&(3&,210$7(5,$/ 3/$1,),&23(5$7,9$
&21752/,19(17$5,2 0$7
&
(+)74#

0$(67523$57(6
3/$1,),&$&,21
35(6838(672
=21$9(17$6
352'8&726
9(1'('25
(03/($'2
0$48,1$6
),1$1=$6
3(','26
6$/$5,2
&/,(17(
&26726
9(17$6
3$*26
& & 8 8 8

(17,'$'(6
75$%$-26(1&8562 ,19(170$7(5,$/(6 ',6(f2352'8&726
,19(170(5&$1&
0$(67523$57(6
3/$1,),&$&,21
35(6838(672
=21$9(17$6
352'8&726
9(1'('25
$1$/,6,6'(0(5&$'2 *$0$352'8&726 35(9,6,219(17$6
8 8 & & 8 8
8 8
8 8
8 8 8
8 8
3/$1,),&),1$1&,(5$
& 8 8 8 &
8 8 8
352&(626
$'48,6,&,21&$3,7$/ ',6(f2352'8&726 35(&,2352'8&726
& & 8 8 8 8
& 8
& & 8 8 8 8 & 8 8 8 & &
(63(&,),&352'8&726 5(48,6,7260$7(5,$/ $'48,6,&0$7(5,$/ 5(&(3&,210$7(5,$/ 3/$1,),&23(5$7,9$
&21752/,19(17$5,2 0$7
(+)74#
#UKIPCT RTKQTKFCFGU FG FGUCTTQNNQ
7PCXG\KFGPVKHKECFQUNQUUWDUKUVGOCUCFGUCTTQNNCTUGRTQEGFGTCFGVGTOKPCTUWU RTKQTKFCFGUFGFGUCTTQNNQ 2WGFGUGTEQPXGPKGPVGRCTCTGCNK\CTGUVCVCTGCENCUKHKECTNQUUKUVGOCUKFGPVKHKECFQU GPNQUVKRQUUKIWKGPVGU

N N N N
.C TC\P FG EQPUKFGTCT GUVQU EWCVTQ VKRQU FG UKUVGOCU C NC JQTC FG CUKIPCT RTKQTKFCFGU TCFKEC GP SWG UGIP GN VKRQ FG UKUVGOC UG TGSWGTKT WP GPVQTPQ VGEPQNIKEQQWPUKUVGOCFGUQRQTVGFGFCVQU
DCUGUFGFCVQUHKEJGTQUFKHGTGPVG 'PVQFQECUQECFCXG\UGVKGPFGOUCNFGUCTTQNNQFGUKUVGOCUOKZVQUSWGTGEQIGP RCTVKEWNCTKFCFGURTQRKCUFGNQUEWCVTQITCPFGUVKRQUUGCNCFQUCPVGTKQTOGPVG
5KUVGOCU6EPKEQQRGTCVKXQU 5KUVGOCU6EVKEQU 5KUVGOCU'UVTCVIKEQU 5KUVGOCU+PVGTKPUVKVWEKQPCNGU
'N WUQ FG NC VEPKEC OCVTKEKCN RGTOKVG GUVWFKCT GP FGVCNNG SW UKUVGOCU UQP RTG TGSWKUKVQURCTCRQFGTCEQOGVGTGNFGUCTTQNNQFGQVTQU2QTGLGORNQGPGNECUQFG NQU VTGU UKUVGOCU SWG UG JCP KFGPVKHKECFQ 2NCPKHKECEKP &KUGQ FG 2TQFWEVQU [
(03/($'2
0$48,1$6
),1$1=$6
6$/$5,2
&/,(17(
&26726
9(17$6
3$*26
#FSWKUKEKPGN5KUVGOCFGCFSWKUKEKPPGEGUKVCKPHQTOCEKPIGPGTCFCRQTNQUFQU RTKOGTQU RQT NQ EWCN UG FGUCTTQNNCTC GN NVKOQ GP EWCPVQ C UVQU RQFTC RNCPVGCTUGNCRQUKDKNKFCFFGFKXKFKTNQUEQPGNHKPFGFGUCTTQNNCTGPRTKOGTNWICTNQU UWDUKUVGOCUSWGIGPGTCPNQUFCVQUFGWUQEQOP #FGOURCTCCUKIPCTRTKQTKFCFGUUGJCPFGVGPGTGPEWGPVCETKVGTKQUVCNGUEQOQ
N N N N
$GPGHKEKQURQVGPEKCNGU +ORCEVQGPNCQTICPK\CEKP 2TQDCDKNKFCFFGZKVQGPNCKORNCPVCEKP &GOCPFCFGNQUUKUVGOCU
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
D %QPVGPKFQ
'VCRC #FOKPKUVTCEKPFGFCVQU
#RCTGEGP OQFGNQU FG FCVQU [ PGEGUKFCFGU FG KPHQTOCEKP FG NC QTICPK\CEKP KPFGRGPFGPEKCFGGPVQTPQUOCVGTKCNK NQIKECN[WUWCTKQUTGURQPUCDNGU 'VCRC /CFWTG\ .CQTICPK\CEKPCUWOGGNRCRGNKPPQXCFQTFGNCUVGEPQNQICUFGNCKPHQTOCEKP CRNKECEKQPGU QRQTVWPCU [ EQORGVKVKXCU TGURQPUCDKNKFCF EQPLWPVC FG WUWCTKQU G KPHQTOVKEQU 2CTCTGCNK\CTWPFKCIPUVKEQFGEQOQUGGPEWGPVTCWPCQTICPK\CEKPGPOCVGTKC KPHQTOVKECGPTGNCEKPEQPGNOQFGNQ0QNCPFGUETKDGWPCUGTKGFGKPFKECFQTGU SWGUGFKUVTKDW[GPFGNCOCPGTCUKIWKGPVG
N
6GEPQNQIC
/KFGGNRQTEGPVCLGFGCRNKECEKQPGUnDCVEJHTGPVGCCRNKECEKQPGUnQP NKPG
%DWFK (QOtQHD
(7$3$6 $3/,&$&,21(6

/QVKXCEKQPGU
+PVGPVCTGHNGLCTGNGUSWGOCFGRTKQTKFCFGUTGURGEVQCNQUHKPGUSWGRGTUKIWGJQ[ GPFCNC+PHQTOVKECGPNC1TICPK\CEKP # $ % & &GURNC\COKGPVQFGEQUVGU 'HKECEKCFGNCUQRGTCEKQPGU +ORNCPVCTPWGXQUOVQFQUFGVTCDCLQ +PVGPVCTQDVGPGTDGPGHKEKQUKPVCPIKDNGU
.CGVCRCEQTTGURQPFGCNCEQODKPCEKP#$%&GPGNQTFGPFGRTKQTKFCFGU[ NCGVCRCCNCEQODKPCEKP&%$#UKGPFQNCUQVTCUGVCRCUNCUEQODKPCEKQPGU KPVGTOGFKCU

N
5KUVGOCU
5GTGHKGTGCNRQTEGPVCLGFG5KUVGOCUSWGUGWVKNK\CPCPKXGNGUVTCVIKEQVEVKEQW QRGTCVKXQ
(VWUDWpJLFR 7iFWLFR 2SHUDWLYR
(7$3$6 6,67(0$6

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP N
#EVKVWFGU
+PVGPVC EQPQEGT EOQ UG EQPUKFGTC GN FGRCTVCOGPVQ FG +PHQTOVKEC GP NC QTICPK\CEKP C 5QP WP ITWRQ FG RTQHGUKQPCNGU VTCDCLCPFQ CKUNCFQ FGN TGUVQ FG NC QTICPK\CEKP D 'U WP FGRCTVCOGPVQ CN UGTXKEKQ FG NCU PGEGUKFCFGU FG CWVQOCVK\CEKP FG QVTQUFGRCTVCOGPVQU
E 'U WP UGTXKEKQ SWG EQORCTVG TGURQPUCDKNKFCFGU EQP FKUVKPVQU PKXGNGU [ HWPEKQPGU FG NC QTICPK\CEKP [ EW[QU TGEWTUQU
OCVGTKCN RGTUQPCN GVE EQPUVKVW[GP GN TGHNGLQ FG NCU PGEGUKFCFGU FG KPHQTOCEKP FG VQFC NC QTICPK\CEKP .CU QTICPK\CEKQPGU SWG EQPVGUVCP C UG GPEWGPVTCP GP NC GVCRC NCU SWG EQPVGUVCP D UG GPEWGPVTCP GP NCU GVCRCU [ NCU SWG EQPVGUVCP E UG GPEWGPVTCPGPNCUGVCRCU
N
2TQEGFKOKGPVQU
.QU RTQEGFKOKGPVQU UG RWGFGP ENCUKHKECT GP RTQEGFKOKGPVQU FG RNCPKHKECEKP[EQPVTQN#UKOKUOQUVQUUQPKPVGTPQU[GZVGTPQU +PVGTPQU 5QP RTQEGFKOKGPVQU RCTC ICTCPVK\CT NC QRGTCVKXKFCF KPVGTPC FGN FGRCTVCOGPVQFG5KUVGOCUFGKPHQTOCEKP
T
&GEQPVTQN
2TGRCTCEKP [ EQPVTQN FG VTCDCLQU EQPVTQN FG ECNKFCF PQTOCU FG RTQITCOCEKPFGFQEWOGPVCEKPGVE &GRNCPKHKECEKP 2NCPGU FG GZRNQVCEKP CPNKUKU RTQITCOCEKP GVE GP RGTQFQU FKCTKQ UGOCPCNOGPUWCNGVE
'ZVGTPQU 5QPRTQEGFKOKGPVQURCTCICTCPVK\CTGNWUQGHKEC\FGNFGRCTVCOGPVQ FG5KUVGOCUFG+PHQTOCEKPRQTRCTVGFGNQUFKHGTGPVGUFGRCTVCOGPVQUWUWCTKQU

T
&GEQPVTQN
)TWRQUKPHQTOVKEQURCTCEQPVTQNCTNQURTQ[GEVQUTGRCTVQFGICUVQUGPVTGNQU FGRCTVCOGPVQUWUWCTKQUGVE &GRNCPKHKECEKP #PNKUKURGTOCPGPVG[UKUVGOVKEQFGNCUPGEGUKFCFGUFGKPHQTOCEKPFGNC QTICPK\CEKPRCTCRNCPKHKECTNQUHWVWTQURTQ[GEVQUKPHQTOVKEQU

.CUGVCRCUUGEQTTGURQPFGPEQP 'VCRC 'VCRC[ 'VCRC[ 'VCRC

N

2CTVKEKRCEKP
2TQEGFKOKGPVQUKPVGTPQUPQWVKNK\CFQU 2TQEGFKOKGPVQUKPVGTPQUGPFGUCTTQNNQ[RTWGDCU 2TQEGFKOKGPVQU KPVGTPQU CEGRVCDNGU [ GZVGTPQU GP FGUCTTQNNQ 2TQEGFKOKGPVQUGHKECEGUVCPVQKPVGTPQUEQOQGZVGTPQU
5GTGHKGTGCNCRCTVKEKRCEKPFGNQUWUWCTKQUGPGNFGUCTTQNNQKPHQTOVKEQFG NCQTICPK\CEKP
2CTCGUVWFKCTGUVGCURGEVQUGRKFGUGNGEEKQPCTNCHTCUGSWGOGLQTTGHNGLCNC UKVWCEKPCEVWCNFGNCQTICPK\CEKP
T
.QU RTQHGUKQPCNGU FG KPHQTOVKEC UQP NQU RTKPEKRCNGU RTQOQVQTGU FG KPHQTOVKEC .QUWUWCTKQUFGNCKPHQTOVKECUQPNQUSWGOUGORWLCPRCTCSWGUVCUG FGUCTTQNNG[NGURTQRQTEKQPGPWGXQUUGTXKEKQU .QU KPHQTOVKEQU [ WUWCTKQU VTCDCLCP EQPLWPVCOGPVG UKIWKGPFQ NCU FKTGEVTKEGU FGN %QOKV FG KPHQTOVKEC SWG QVQTIC RTKQTKFCFGU C NQU FKHGTGPVGURTQ[GEVQU
.CRTKOGTCTGURWGUVCEQTTGURQPFGCNC'VCRCNCUGIWPFCCNC'VCRCNC VGTEGTCCNC'VCRC[NCEWCTVCCNCU'VCRCU[
N
.QU RTQ[GEVQU KPHQTOVKEQU SWG TGCNK\CP EQPLWPVCOGPVG WUWCTKQU G KPHQTOVKEQU UG FGTKXCP FGN CPNKUKU RGTOCPGPVG [ UKUVGOVKEQ FG NCU PGEGUKFCFGU FG KPHQTOCEKP FG VQFC NC QTICPK\CEKP SWG GHGEVC GN ITWRQGPECTICFQFGGNNQ
#PNKUKUFGNCUPGEGUKFCFGUFGKPHQTOCEKP
'P GUVG CURGEVQ nNC RTGQEWRCEKP RQT NC VGEPQNQIC EQTTGURQPFG C NCU 'VCRCU[HTGPVGCnNCEQPUKFGTCEKPFGNCKPHQTOCEKPEQOQTGEWTUQ SWGEQTTGURQPFGCNCU'VCRCU[ (QTOCNK\CEKP 7P DCLQ PKXGN FG HQTOCNK\CEKP
OVQFQU RTQEGFKOKGPVQU PQTOCU GVE EQTTGURQPFGCNCU'VCRCU[WPCNVQPKXGNEQTTGURQPFGCNCU'VCRCU [
&KTGEEKP .CGZKUVGPEKCFGWPLGHGFGRTQEGUQFGFCVQUEQOQOZKOQTGURQPUCDNGFG NC7PKFCF+PHQTOVKECKPFKECSWGNCQTICPK\CEKPUGGPEWGPVTCGPNCU'VCRCU

5K NC QTICPK\CEKP VKGPG WPC &KTGEEKP FG 5KUVGOCU FG +PHQTOCEKP SWG IGUVKQPC FCVQU VGZVQ XQ\ G KOCIGP CFGOU FG NQU RTQRKQU TGEWTUQU VGEPQNIKEQU FGHKPKGPFQ KPENWUQ NQU RTQEGUQU CFOKPKUVTCVKXQU OU CFGEWCFQU GPECFCECUQKPFKECSWGUGGPEWGPVTCGPNCU'VCRCU
#0#.+5+5%1561$'0'(+%+1
'N CPNKUKU %QUVQ$GPGHKEKQ RGTOKVKT FGHKPKT NC HCEVKDKNKFCF FG NCU CNVGTPCVKXCU RNCPVGCFCUQFGNRTQ[GEVQCUGT FGUCTTQNNCFQ C 1DLGVKXQ .C VEPKEC FG #PNKUKU FG EQUVQ DGPGHKEKQ VKGPG EQOQ QDLGVKXQ HWPFCOGPVCN RTQRQTEKQPCTWPCOGFKFCFGNQUEQUVQUGPSWGUGKPEWTTGPGPNCTGCNK\CEKPFGWP RTQ[GEVQ KPHQTOVKEQ [ C UW XG\ EQORCTCT FKEJQU EQUVQU RTGXKUVQU EQP NQU DGPGHKEKQUGURGTCFQUFGNCTGCNK\CEKPFGFKEJQRTQ[GEVQ .CWVKNKFCFFGNCRTGUGPVGVEPKECGUNCUKIWKGPVG
N N
T
D 7VKNKFCF
E &GUETKREKP
2CTC XCNQTCT NC PGEGUKFCF [ QRQTVWPKFCF FG CEQOGVGT NC TGCNK\CEKP FGN RTQ[GEVQ 2CTCUGNGEEKQPCTNCCNVGTPCVKXCOUDGPGHKEKQUCRCTCNCTGCNK\CEKPFGNRTQ[GEVQ 2CTCGUVKOCTCFGEWCFCOGPVGNQUTGEWTUQUGEQPOKEQUPGEGUCTKQUGPGNRNC\Q FGTGCNK\CEKPFGNRTQ[GEVQ
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
TGSWGTKOKGPVQ RCTC KORNCPVCT GN UKUVGOC FGDGT GUVCT KPVGITCFC RQTTGSWGTKOKGPVQUPGEGUCTKQU RCTCGLGEWVCTGNRTQ[GEVQGNXCNQTSWGVKGPGECFC

WPQ [ UWU RQUKDNGU XCTKCEKQPGU FG CEWGTFQ C NC KPHNCEKP FG UVC HQTOC NC &KTGEEKPQDVGPFTKPHQTOCEKPFGVCNNCFCFGEQOQUGFKUVTKDW[GPUWUTGEWTUQU
2CTC GNCDQTCT NC NKUVC UG PGEGUKVC EQPVCT EQP GZRGTKGPEKC GP NC RCTVKEKRCEKP FG RTQ[GEVQU UKOKNCTGU CU EQOQ FCVQU JKUVTKEQU SWG NG RGTOKVCP GUVKOCT CFGEWCFCOGPVGNQUTGSWGTKOKGPVQUPGEGUCTKQURCTCGLGEWVCTGNRTQ[GEVQ 2CTCOC[QTGZRNKECEKPRTQRQTEKQPCTGOQUGLGORNQUFGCNIWPQUICUVQUPGEGUCTKQU RCTCGLGEWVCTWPRTQ[GEVQGPKPHQTOVKEC
N %QUVQU FG GSWKRQ FQPFG UG FGVCNNCT GN VKRQ FG GSWKRQ TGSWGTKFQ RCTC GN RTQ[GEVQ N %QUVQUFGKPHTCGUVTWEVWTC FQPFGUGFGVGTOKPCTGNCODKGPVGCFGEWCFQRCTCGN GSWKRQCUEQOQGNOQDKNKCTKQTGSWGTKFQRCTCECFCWPQFGGNNQU N %QUVQ FG RGTUQPCN UG FGVGTOKPCT GN POGTQ FG RGTUQPCN TGSWGTKFQ VCPVQ VEPKEQEQOQCFOKPKUVTCVKXQ UWU ECTCEVGTUVKECU[GNVKRQFGECRCEKVCEKPSWG UGNGFGDGTFGRTQRQTEKQPCTCECFCGORNGCFQ N %QUVQ FG OCVGTKCNGU UG FGVGTOKPCTP VQFQU NQU OCVGTKCNGU PGEGUCTKQU RCTC GN FGUCTTQNNQFGNRTQ[GEVQ N %QUVQ FG EQPUWNVQTC UG FGVGTOKPCT GN VKRQ FG ICTCPVC C RTQRQTEKQPCT C NC &KTGEEKPNWGIQFGFGUCTTQNNCFQGNUKUVGOC 'UVCXCNQTCEKPUGTTGCNK\CFCGPNCUTGCUEQTTGURQPFKGPVGU .C UGIWPFC NKUVC DGPGHKEKQU SWG VTCGT EQPUKIQ GN RTQ[GEVQ UGT GNCDQTCFQ GP HQTOCUWDLGVKXC[FGDGTGUVCTCEQTFGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKPFGNQU WUWCTKQU 2QT GLGORNQ NQU DGPGHKEKQU RTQRQTEKQPCFQU RQT WP RTQ[GEVQ FG KPHQTOVKEC RWGFGPUGT
N N N
&GVGTOKPCTNCXKCDKNKFCFFGNRTQ[GEVQ[UWCEGRVCEKP
'NCWOGPVQFGNCUEWGPVCUFGDKFQCNOC[QTUGTXKEKQFGNQUENKGPVGU .COGLQTCGPNCVQOCFGFGEKUKQPGUFGDKFQCWPOGLQTUQRQTVGKPHQTOVKEQ .CQRVKOK\CEKPFGNQURTQEGFKOKGPVQUCFOKPKUVTCVKXQU
2CTC FGVGTOKPCT NC GLGEWEKP FG WP RTQ[GEVQ GU EQPXGPKGPVG Q PQ GU PGEGUCTKQ TGCNK\CTWPGUVWFKQFGXKCDKNKFCFFQPFGUGFGVGTOKPCTUKGNRTQ[GEVQGUHCEVKDNG RCTCNQEWCNPQUDCUCTGOQUGPWPQFGNQUOVQFQUUKIWKGPVGU
N
4GVQTPQFGNCKPXGTUKP 'UVGOVQFQEQPUKUVGGPECNEWNCTGNEQUVQ[DGPGHKEKQCPWCNUCDKGPFQGNEQUVQ VQVCNCNKPKEKCTGNRTQ[GEVQn%

'UVG OVQFQ PQU RGTOKVKT UCDGT GP SWG CQ UG TGEWRGTCT GN EQUVQ VQVCN KPKEKCNOGPVG GUVKOCFQ GP GN RTQ[GEVQ FQPFG GN CQ FG TGEWRGTCEKP FG NC KPXGTUKPGUEWCPFQNCUWOCVQTKCFGNQUDGPGHKEKQUPGVQUGUKIWCNCNEQUVQVQVCNFGN KPKEKQFGNRTQ[GEVQ
$GP0GVQ%
$xR
Q
&RVWR
& & & &Q
%HQHILFLR
% % %Q
%HQHILFLR1HWR
% & % & %Q &Q
8CNQTCEVWCN
'UVGOVQFQPQURGTOKVKTVGPGTGPEWGPVCSWGWPICUVQKPXGTVKFQFWTCPVGWP EKGTVQVKGORQRTQFWEGWPDGPGHKEKQ
%QP UVG OVQFQ RQFTGOQU FGVGTOKPCT NC ECPVKFCF FG FKPGTQ SWG GU XKCDNG KPXGTVKT KPKEKCNOGPVG RCTC SWG UG TGEWRGTG NC KPXGTUKP GP WP RGTKQFQ FG VKGORQFGVGTOKPCFQRQTNC&KTGEEKP 5G FGDGT ECNEWNCT GP RTKOGT NWICT GN DGPGHKEKQ PGVQ SWG UG QDVGPFT ECFC CQ&KEJQDGPGHKEKQPQGUTGCN[CSWGUGFGDGGUVKOCTGNXCNQTTGCNFGFKEJC ECPVKFCFGPGNCQP 2CTCGNNQUGCRNKECTNCUKIWKGPVGHTOWNC &QPFG 8CNQT#EVWCN$GPGHKEKQ0GVQ
TP PCQP TKPVGTUWVKNK\CFQGPNCGXCNWCEKP
2CTCFGVGTOKPCTNCXKCDKNKFCFFGNRTQ[GEVQUGFGDGTGUVWFKCTGPEWCPVQUCQU UG TGEWRGTCT NC KPXGTUKP TGCNK\CFC KPKEKCNOGPVG [ UK GUVC KPXGTUKP GU TGVQTPCFCGPWPRGTQFQFGCQHKLCFQRTGXKCOGPVGRQTNC&KTGEEKP 5KNCKPXGTUKPGUGN%UGFGVGTOKPCTNCXKCDKNKFCFFGNRTQ[GEVQEQPUWNVCPFQ NCUKIWKGPVGVCDNC

$xR
&RVWR
%HQHILFLR
9DORU$FWXDO
Q
& & & & &Q
% % % %Q
9$ %&U 9$ %&U 9$Q %Q&QUQ
9$ %&U
'N RTQ[GEVQ UGT XKCDNG UK NC UWOCVQTKC FGN 8CNQT #EVWCN GU OC[QT CN %QUVQ +PKEKCN
8#K % CNQNCTIQFGNRTQ[GEVQ %#515&'751
75'%#5'
'NFKCITCOCFGECUQUFGWUQTGRTGUGPVCNCHQTOCGPEQOQWPENKGPVG
CEVQTQRGTCEQP GN UKUVGOC GP FGUCTTQNNQ CFGOU FG NC HQTOC VKRQ [ QTFGP GP EQOQ NQU GNGOGPVQU KPVGTCEVCP
QRGTCEKQPGUQECUQUFGWUQ7PFKCITCOCFGECUQUFGWUQEQPUVCFGNQU UKIWKGPVGUGNGOGPVQU '.'/'0615
N #EVQT
7PC FGHKPKEKP RTGXKC GU SWG WP CEVQT GU WP TQN SWG WP WUWCTKQ LWGIC EQP TGURGEVQCNUKUVGOC'UKORQTVCPVGFGUVCECTGNWUQFGNCRCNCDTCTQNRWGUEQPGUVQ UG GURGEKHKEC SWG WP #EVQT PQ PGEGUCTKCOGPVG TGRTGUGPVC C WPC RGTUQPC GP RCTVKEWNCTUKPQOUDKGPNCNCDQTSWGTGCNK\C HTGPVGCNUKUVGOC %QOQGLGORNQCNCFGHKPKEKPCPVGTKQTVGPGOQUGNECUQFGWPUKUVGOCFGXGPVCU GP SWG GN TQN FG XGPFGFQT EQP TGURGEVQ CN UKUVGOC RWGFG UGT TGCNK\CFQ RQT WP XGPFGFQTQDKGPRQTGNLGHGFGNQECN
N %CUQFG7UQ

N 4GNCEKQPGU 4
'U WPC QRGTCEKPVCTGC GURGEHKEC SWG UG TGCNK\C VTCU WPC QTFGP FG CNIP CIGPVG GZVGTPQUGCFGUFGWPCRGVKEKPFGWPCEVQTQDKGPFGUFGNCKPXQECEKPFGUFGQVTQ ECUQFGWUQ #UQEKCEKP
'UGNVKRQFGTGNCEKPOUDUKECSWGKPFKECNCKPXQECEKPFGUFGWPCEVQT QECUQFGWUQCQVTCQRGTCEKP
ECUQFGWUQ&KEJCTGNCEKPUGFGPQVC EQPWPCHNGEJCUKORNG &GRGPFGPEKCQ+PUVCPEKCEKP 'UWPCHQTOCOW[RCTVKEWNCTFGTGNCEKPGPVTGENCUGUGPNCEWCNWPCENCUG FGRGPFG FG QVTC GU FGEKT UG KPUVCPEKC
UG ETGC &KEJC TGNCEKP UG FGPQVCEQPWPCHNGEJCRWPVGCFC )GPGTCNK\CEKP 'UVG VKRQ FG TGNCEKP GU WPQ FG NQU OU WVKNK\CFQU EWORNG WPC FQDNG HWPEKP FGRGPFKGPFQ FG UW GUVGTGQVKRQ SWG RWGFG UGT FG 7UQ
WUGU QFG*GTGPEKC
GZVGPFU 'UVGVKRQFGTGNCEKPGUVCQTKGPVCFQGZENWUKXCOGPVGRCTCECUQUFGWUQ
[ PQRCTCCEVQTGU
GZVGPFU 5GTGEQOKGPFCWVKNK\CTEWCPFQWPECUQFGWUQGUUKOKNCTCQVTQ
ECTCEVGTUVKECU WUGU 5G TGEQOKGPFC WVKNK\CT EWCPFQ UG VKGPG WP EQPLWPVQ FG ECTCEVGTUVKECUSWGUQPUKOKNCTGUGPOUFGWPECUQFGWUQ[PQUGFGUGC OCPVGPGTEQRKCFCNCFGUETKREKPFGNCECTCEVGTUVKEC
'LGORNQ
&GNQCPVGTKQTECDGOGPEKQPCTSWGVKGPGGNOKUOQRCTCFKIOCGPFKUGQ [ OQFGNCOKGPVQ FG ENCUGU GP FQPFG GUVC NC FWFC ENUKEC FG WUCT Q JGTGFCT
%QOQGLGORNQGUVGNECUQFGWPCOSWKPCTGEKENCFQTC
5KUVGOCSWGEQPVTQNCWPCOSWKPC FGTGEKENCOKGPVQFGDQVGNNCUVCTTQU[LCDCU'N UKUVGOCFGDGEQPVTQNCT[QCEGRVCT

N 4GIKUVTCT GNPOGTQFGVGOUKPITGUCFQU
N +ORTKOKTWPTGEKDQEWCPFQGNWUWCTKQNQUQNKEKVC
N 'NWUWCTKQENKGPVGRTGUKQPCGNDQVPFGEQOKGP\Q N 'ZKUVGWPQRGTCFQTSWGFGUGCUCDGTNQUKIWKGPVG
C &GUETKDGNQFGRQUKVCFQ D 'NXCNQTFGECFCVGO E 6QVCN
N 'NQRGTCFQTFGDGCFGOURQFGTECODKCT
F %WCPVQUVGOUJCPUKFQTGVQTPCFQUGPGNFC G #NHKPCNFGECFCFCGNQRGTCFQTUQNKEKVCWPTGUWOGPFGVQFQNQFGRQUKVCFQGP GNFC H +PHQTOCEKPCUQEKCFCCVGOU I &CTWPCCNCTOCGPGNECUQFGSWG K +VGOGPFGUDQTFCOKGPVQFGFCVQUGPOGOQTKC KK 0QJC[OURCRGN
%QOQWPCRTKOGTCCRTQZKOCEKPKFGPVKHKECOQUCNQUCEVQTGUSWGKPVGTCEVCPEQP GNUKUVGOC
.WGIQ VGPGOQU SWG WP %NKGPVG RWGFG &GRQUKVCT +VGOU [ WP 1RGTCFQT RWGFG ECODKCTNCKPHQTOCEKPFGWP+VGOQDKGPRWGFG+ORTKOKTWPKPHQTOG

#FGOURQFGOQUPQVCTSWGWPVGORWGFGUGTWPCDQVGNNCWPVCTTQQWPCLCDC
1VTQCURGEVQGUNCKORTGUKPFGEQORTQDCPVGUSWGRWGFGUGTTGCNK\CFCFGURWU FGFGRQUKVCTCNIPVGORQTWPENKGPVGQDKGPRWGFGUGTTGCNK\CFCCRGVKEKPFGWP QRGTCFQT
'PVQPEGUGNFKUGQEQORNGVQFGNFKCITCOC7UG%CUGGU

&+#)4#/#&'%.#5'5
7P FKCITCOC FG ENCUGU GU WPC FGUETKREKP XKUWCN FG NQU RQUKDNGU UKUVGOCU 7P FKCITCOCFGENCUGU[WPFKCITCOCFGQDLGVQUUQPNCUCNVGTPCVKXCUFGTGRTGUGPVCEKPFG OQFGNQU FG QDLGVQU CWPSWG NQU FKCITCOCU FG ENCUGU RTGXCNGEGP OU SWG NQU FG QDLGVQU 0QTOCNOGPVG UG RWGFG EQPUVTWKT WP FKCITCOC FG ENCUGU [ QECUKQPCNOGPVG WPQFGQDLGVQURCTCKNWUVTCTNCUGUVTWEVWTCUFGFCVQUOUEQORNGLCU
7PFKCITCOCFGENCUGUEQPVKGPGEQPQUSWGTGRTGUGPVCPNCUENCUGU5GRWGFGPETGCT WPCQOUFKCITCOCUSWGTGRTGUGPVCPGNPKXGNOUCNVQFGCDUVTCEEKPGPGNOQFGNQG KTTGRTGUGPVCPFQECFCPKXGNEQPFKCITCOCUUGRCTCFQU 7PCENCUGECRVWTCNCGUVTWEVWTC[EQORQTVCOKGPVQEQOPFGWPEQPLWPVQFGQDLGVQU 7PCENCUGGUWPCCDUVTCEEKPFGVGOUFGNOWPFQTGCN
7PC ENCUG GU WPC EQPQ SWG UG TGRTGUGPVC EQOQ WPC ECLC GP 6EPKEC FG OQFGNCOKGPVQFGQDLGVQU 1/6NCSWGUGFKXKFGGPVTGURCTVGUEQPGNPQODTGFGNC ENCUG GP NC RCTVG UWRGTKQT NC NKUVC FG UWU CVTKDWVQU GP NC UGIWPFC [ NC NKUVC FG UWU QRGTCEKQPGUQOVQFQUGP NCNVKOC
#FGOUUGRWGFGPFGHKPKTNCUUKIWKGPVGUTGNCEKQPGURCTCWPCENCUG
)GPGTCNK\CEKP TGNCEKP GPVTG ENCUGU [ OWGUVTC SWG NC UWDENCUG EQORCTVG NC GUVTWEVWTCQEQORQTVCOKGPVQFGHKPKFCGPWPCQOCUUWRGTENCUGU
#UQEKCEKP TGRTGUGPVC WPC EQPGZKP UGOPVKEC GPVTG FQU ENCUGU .C CUQEKCEKP GU DKFKTGEEKQPCNGUNCTGNCEKPOUIGPGTCN[NCOUFDKNUGOPVKECOGPVG

#ITGICEKP TGRTGUGPVC WPC TGNCEKP RCTVG VQFQ GPVTG FQU ENCUGU /WGUVTC SWG GN QDLGVQ CITGICFQ GUV HUKECOGPVG EQPUVTWKFQ C RCTVKT FG QVTQ QDLGVQ Q SWG NIKECOGPVGNQEQPVKGPG
;CSWGJGOQUTGXKUCFQNCFGHKPKEKPFGECFCWPFGNQUGNGOGPVQUSWGEQORQPGPWP FKCITCOCFGENCUGUUGGURGEKHKECTGNFKUGQSWGUGJCTRCTCGNECUQFGN/KPK%CF 5GWVKNK\CTGNFKUGQ%QORQUKVGGNEWCNUGWVKNK\CRCTCTGRTGUGPVCTLGTCTSWCU2CTVG VQFQGUFGEKTEQPVGPGFQTGU[RTKOKVKXCUGUVQEQPGNHKPSWGNQUENKGPVGUUGCPECRCEGU FGKIPQTCTNCFKHGTGPEKCGPVTGEQORQUKEKQPGUFGQDLGVQU[QDLGVQUKPFKXKFWCNGU &+#)4#/#5&'&'5%1/215+%+0
.C OC[QTC FG RTQ[GEVQU FG UQHVYCTG UQP EQORNGLQU [ NC GUVTCVGIKC RTKOCTKC RCTC UWRGTCT NC EQORNGLKFCF GU NC FGUEQORQUKEKP
FKXKFG [ XGPEGTU .C GUVTCVGIKC GU FKXKFKT GN RTQDNGOC GP WPKFCFGU OU RGSWGCU SWG UGCP OCPGLCDNGU 7P GPHQSWG VTCFKEKQPCNRCTCTGCNK\CTGUVQHWGGNCPNKUKU[FKUGQGUVTWEVWTCFQUFQPFGUGVTCVCFG FGUEQORQPGTGNRTQDNGOCGPHWPEKQPGU QRTQEGUQU'UVGOVQFQQTKIKPCWPCFKXKUKP LGTTSWKEC FG RTQEGUQU EQPUVKVWKFQU RQT UWDRTQEGUQU 2QT GLGORNQ WPC FGUEQORQUKEKPRQTHWPEKQPGUQRTQEGUQUGPCPNKUKU[FKUGQGUVTWEVWTCFQUFGWP 5KUVGOCFG+PHQTOCEKPFG$KDNKQVGECRQFTCUGTGNUKIWKGPVG
1VTCHQTOCFGTGCNK\CTNCFGUEQORQUKEKPGUWUCPFQWPGUSWGOCFGCPNKUKU[FKUGQ QTKGPVCFQCQDLGVQU'PGUVGGUSWGOCUGDWUECFGUEQORQPGTGNRTQDNGOCGPQDLGVQU [PQGPHWPEKQPGU2QTGLGORNQWPCFGUEQORQUKEKPQTKGPVCFCCQDLGVQUFGN5KUVGOC FG+PHQTOCEKPFG$KDNKQVGECRQFTCUGTNCUKIWKGPVG

#NIWPCUFGNCUVCTGCUCTGCNK\CTUGGPNCGVCRCFGCPNKUKU UQPNCUUKIWKGPVGU &GHKPKTNQUTGSWGTKOKGPVQU &GHKPKTNQUECUQUGUGPEKCNGUFGWUQ %TGCT[RGTHGEEKQPCTGNINQUCTKQ
%TGCT[RGTHGEEKQPCTNQUFKCITCOCUFGECUQUFGWUQ %TGCT[RGTHGEEKQPCTGNOQFGNQEQPEGRVWCN &GHKPKTNQUEQPVTCVQUFGQRGTCEKQPGU &GHKPKTNQUFKCITCOCUFGUGEWGPEKCFGNQUUKUVGOCU #NIWPCUFGNCUVCTGCUCTGCNK\CTUGGPNCGVCRCFGFKUGQ UQPNCUUKIWKGPVGU &GHKPKTNQUECUQUTGCNGUFGWUQ &GHKPKTNQUTGRQTVGUNCKPVGTHC\FGWUWCTKQ[NCUGEWGPEKCFGNCURCPVCNNCU 2GTHGEEKQPCTNCCTSWKVGEVWTCFGNUKUVGOC &GHKPKTNQUFKCITCOCUFGKPVGTCEEKP %CUQFGGUVWFKQGNRWPVQFGXGPVC &GHKPKTNQUFKCITCOCUFGFKUGQFGENCUGU &GHKPKTGNGUSWGOCFGNCDCUGFGFCVQU
5WRQPICOQU EQOQ ECUQ FG GUVWFKQ GN UKUVGOC FG WPC VGTOKPCN FG RWPVQ FG XGPVC 'UVC VGTOKPCN GU WP UKUVGOC CWVQOCVK\CFQ EQP GN SWG UG TGIKUVTCP NCU XGPVCU [ UG TGCNK\CP NQU RCIQU 2QT NQ IGPGTCN GUVG VKRQ FG UKUVGOCU EQORTGPFGP JCTFYCTG
WP EQORWVCFQT[WPNGEVQTFGEFKIQDCTTCU[UQHVYCTG
GNUKUVGOCSWGUGGLGEWVCGPNC VGTOKPCN5WRQPICSWGUGPQUJCEQPVTCVCFQRCTC ETGCTGUVGUQHVYCTG .QUTGSWGTKOKGPVQU
.QUTGSWGTKOKGPVQU UQPWPCFGUETKREKPFGNCUPGEGUKFCFGUQFGUGQUFGWPRTQFWEVQ .C OGVC RTKPEKRCN GP GUVC GVCRC GU KFGPVKHKECT [ FQEWOGPVCT NQ SWG GP TGCNKFCF UG PGEGUKVCGPWPCHQTOCGPSWGRWGFCHEKNOGPVGUGTVTCPUOKVKFQCNENKGPVG[CNGSWKRQ FGFGUCTTQNNQ5GTGEQOKGPFCCSWFGHKPKTCNOGPQUNQUUKIWKGPVGURWPVQU ^ ^ ^ ^ 2CPQTCOCIGPGTCN /GVCU (WPEKQPGUFGNUKUVGOC #VTKDWVQUFGNUKUVGOC
C 2CPQTCOCIGPGTCN
'UVGRTQ[GEVQVKGPGRQTQDLGVQETGCTWPUKUVGOCFGVGTOKPCNRCTCGNRWPVQFGXGPVC SWGUGWVKNK\CTGPNCUXGPVCUCNOGPWFGQ
D/GVCU
'PVTOKPQU IGPGTCNGUNCOGVCGUWPCOC[QT CWVQOCVK\CEKPFGNRCIQGPNCU ECLCU TGIKUVTCFQTCU [ FCT UQRQTVG C UGTXKEKQU OU TRKFQU OU DCTCVQU [ OGLQTGU/UEQPETGVCOGPVGNCOGVCKPENW[G ^ 2CIQTRKFQFGNQUENKGPVGU ^ #PNKUKUTRKFQ[GZCEVQFGNCUXGPVCU ^ %QPVTQNCWVQOVKEQFGNKPXGPVCTKQ
E (WPEKQPGUFGNUKUVGOC
.CUHWPEKQPGUFGNUKUVGOCUQPNQSWGUVGFGDGTFGJCEGT*C[SWGKFGPVKHKECT GUVCUHWPEKQPGU[NKUVCTNCUGPITWRQUNIKEQU2CTCXGTKHKECTSWG:GUGPXGTFCF WPC HWPEKP FGN UKUVGOC NC UKIWKGPVG HTCUG FGDGT VGPGT UGPVKFQ 'N UKUVGOC FGDGTJCEGT:2QTGLGORNQGNUKUVGOCFGDGTCWVQTK\CTRCIQUCETFKVQ
.CU HWPEKQPGU RWGFGP ENCUKHKECTUG GP VTGU ECVGIQTCU GXKFGPVGU QEWNVCU [ UWRGTHNWCU.CUGXKFGPVGU FGDGPTGCNK\CTUG[GNWUWCTKQFGDGUCDGTSWGUGJCP TGCNK\CFQ.CUQEWNVCU VCODKPFGDGPTGCNK\CTUG[RWGFGSWGPQUGCPXKUKDNGU RCTCGNWUWCTKQ/WEJCUFGGUVCUHWPEKQPGUUGQOKVGP
GTTPGCOGPVGFWTCPVG GNRTQEGUQFGQDVGPEKPFGTGSWGTKOKGPVQU.CUUWRGTHNWCUUQPQREKQPCNGU[UW KPENWUKPPQTGRGTEWVGUKIPKHKECVKXCOGPVGGPGNEQUVQPKGPQVTCUHWPEKQPGU .CUUKIWKGPVGUUQPCNIWPCUFGNCUHWPEKQPGUOUTGRTGUGPVCVKXCUFGNUKUVGOCFG RWPVQFGXGPVC (WPEKQPGUDUKECU
4GHGTGPEKC 4 4 4 4 4 4 4 4 4

4GIKUVTCNCXGPVCGPRTQEGUQ
CEVWCNNQURTQFWEVQUEQORTCFQU %CNEWNCGNVQVCNFGNCXGPVCCEVWCNUGKPENW[GGNKORWGUVQ
(WPEKP
%CVGIQTC GXKFGPVG GXKFGPVG
%CRVWTC NC KPHQTOCEKP UQDTG GN QDLGVQ EQORTCFQ WUCPFQ UW EFKIQFGDCTTCU[WPNGEVQTQWUCPFQWPCECRVWTCOCPWCNFGWP GXKFGPVG EFKIQFGRTQFWEVQ 4GFWEGNCUECPVKFCFGUFGNKPXGPVCTKQEWCPFQUGTGCNK\CWPCXGPVC 5GTGIKUVTCPNCUXGPVCUGHGEVWCFCU QEWNVC QEWNVC
'NECLGTQFGDGKPVTQFWEKTWPCKFGPVKHKECEKP[WPCEQPVTCUGCRCTC GXKFGPVG RQFGTWVKNK\CTGNUKUVGOC 1HTGEGWPOGECPKUOQFGCNOCEGPCOKGPVQRGTUKUVGPVG 1HTGEG OGECPKUOQU FG EQOWPKECEKP GPVTG NQU RTQEGUQU [ GPVTG NQUUKUVGOCU /WGUVTCNCFGUETKREKP[GNRTGEKQFGNRTQFWEVQTGIKUVTCFQ
QEWNVC QEWNVC
GXKFGPVG
(WPEKQPGUFGRCIQ
4GHGTGPEKC 4 4 /CPGLC NQURCIQUGPGHGEVKXQECRVWTCPFQ NCECPVKFCFQHTGEKFC[ GXKFGPVG ECNEWNCPFQGNUCNFQFGWFQT /CPGLCNQU RCIQUCETFKVQECRVWTCPFQNCKPHQTOCEKPETGFKVKEKC CRCTVKTFGWPCNGEVQTCFGVCTLGVCUQOGFKCPVGECRVWTCOCPWCN[ GXKFGPVG CWVQTK\CPFQ NQU RCIQU EQP GN UGTXKEKQ FG CWVQTK\CEKP
GZVGTPC FGETFKVQUFGNCVKGPFCCVTCXUFGWPCEQPGZKPRQTOFGO /CPGLC NQU RCIQU EQP EJGSWG ECRVWTCPFQ GN POGTQFG476[ VGNHQPQ OGFKCPVG ECRVWTC OCPWCN [ CWVQTK\CPFQ NQU RCIQU EQP GXKFGPVG GN UGTXKEKQ FG CWVQTK\CEKP
GZVGTPQ FG EJGSWGU FG NC VKGPFC C VTCXUFGEQPUWNVCVGNGHPKEC (WPEKP %CVGIQTC
4
4
4GIKUVTC NQU RCIQU GP GN UKUVGOCFGEWGPVCURQTEQDTCTRWGU GN UGTXKEKQ FG CWVQTK\CEKP FG ETFKVQ FGDG C NC VKGPFC GN OQPVQFGNRCIQ
QEWNVC
F#VTKDWVQUFGNUKUVGOC
.QU CVTKDWVQU FGN UKUVGOC UQP EWCNKFCFGU PQ HWPEKQPCNGU SWG C OGPWFQ UG EQPHWPFGPEQPNCUHWPEKQPGU2QTGLGORNQHCEKNKFCFFGWUQVQNGTCPEKCCHCNNCU VKGORQFGTGURWGUVCOGVHQTCFGKPVGTHC\RNCVCHQTOCU
.QU CVTKDWVQU VKGPGP WP RQUKDNG EQPLWPVQ FG FGVCNNGU FG CVTKDWVQU NQU EWCNGU VKGPFGPCUGTXCNQTGUFKUETGVQUEQPHWUQUQUKODNKEQU2QTGLGORNQ VKGORQFGTGURWGUVC
RUKEQNIKECOGPVGEQTTGEVQ OGVHQTCFGKPVGTHC\
ITHKEQEQNQTKFQDCUCFQGPHQTOWNCTKQU
#NIWPQU CVTKDWVQU FGN UKUVGOC VCODKP RWGFGP VGPGT TGUVTKEEKQPGU FG HTQPVGTC FGNCVTKDWVQSWGUQPEQPFKEKQPGUQDNKICVQTKCUFGHTQPVGTCIGPGTCNOGPVGGPWP TCPIQPWOTKEQFGXCNQTGUFGWPCVTKDWVQ2QTGLGORNQ #NIWPQUCVTKDWVQUFGNUKUVGOCFGRWPVQFGXGPVCUQP
#VTKDWVQ
VKGORQFGTGURWGUVC
VKGORQFGTGURWGUVC
FQUUGIWPFQUEQOQOZKOQ
&GVCNNGU[TGUVTKEEKQPGUFGHTQPVGTC
TGUVTKEEKP FG HTQPVGTC %WCPFQ UG TGIKUVTG WP RTQFWEVQ XGPFKFQ NC FGUETKREKP [ GN RTGEKQ CRCTGEGTP GP WP UGIWPFQ

#VTKDWVQ
OGVHQTCFGKPVGTHC\
FGVCNNG 8GPVCPCU QTKGPVCFCU C NC OGVHQTC FG WP HQTOWNCTKQ[EWCFTQUFGFKNQIQ

FGVCNNG/CZKOK\CWPCPCXGICEKP HEKNEQPVGENCFQ[PQ EQPOQWUG
&GVCNNGU[TGUVTKEEKQPGUFGHTQPVGTC
VQNGTCPEKCCHCNNCU RNCVCHQTOCUFGNUKUVGOC QRGTCVKXQ
TGUVTKEEKPFGHTQPVGTC&GDGTGIKUVTCTNQURCIQUCETFKVQ CWVQTK\CFQU SWG UG JCICP C NCU EWGPVCU RQT EQDTCT GP WP RNC\Q FG JQTCU CWP EWCPFQ UG RTQFW\ECP HCNNCU FG GPGTICQFGNGSWKRQ
FGVCNNG/KETQUQHV9KPFQYU[06
(KPCNOGPVG GU EQPXGPKGPVG FGUETKDKT VQFQU NQU CVTKDWVQU FGN UKUVGOC SWG UG TGNCEKQPGPENCTCOGPVGEQPNCUHWPEKQPGUGURGEKHKECFCU#FGOUNQUFGVCNNGUFG NQU CVTKDWVQU [ NCU TGUVTKEEKQPGU FG HTQPVGTC RWGFGP ECVCNQICTUG EQOQ QDNKICVQTKQU WQREKQPCNGU2QTGLGORNQ
4GH 4 (WPEKP %CVGIQTC #VTKDWVQ &GVCNNGU[ TGUVTKEEKQPGU %CVGIQTC
QDNKICVQTKQ
/QUVTCTNCFGUETKREKP [GNRTGEKQFGN GXKFGPVG RTQFWEVQTGIKUVTCFQ
VKGORQ FG UGIWPFQEQOQ TGURWGUVC OZKOQ OGVHQTC FG KPVGTHC\ 2CPVCNNCUDCUCFCU GPHQTOWNCTKQU %QPEQNQTGU
QDNKICVQTKQ
4
4GIKUVTCTNQURCIQUC ETFKVQGPGNUKUVGOC FGEWGPVCURQTEQDTCT RWGUGNUGTXKEKQFG QEWNVQ CWVQTK\CEKPFG ETFKVQFGDGCNC VKGPFCGNKORQTVGFGN RCIQ
&GDGTGIKUVTCTGP NCUEWGPVCURQT EQDTCTGPWPRNC\Q VQNGTCPEKC FGJQTCUCWP QDNKICVQTKQ CHCNNCU EWCPFQUG RTQFW\ECPHCNNCUFG GPGTICQFGN GSWKRQ VKGORQ FG UGIWPFQUEQOQ TGURWGUVC OZKOQ
QDNKICVQTKQ

&+#)4#/#&'(.7,1&' &#615
.CVEPKECFGFKCITCOCFGHNWLQFGFCVQUGUWPCTGRTGUGPVCEKPITHKECSWGRGTOKVG CN CPCNKUVC FGHKPKT GPVTCFCU RTQEGFKOKGPVQU [ UCNKFCU FG NC KPHQTOCEKP GP NC QTICPK\CEKPDCLQGUVWFKQRGTOKVKGPFQCUEQORTGPFGTNQURTQEGFKOKGPVQUGZKUVGPVGU EQPNCHKPCNKFCFFGQRVKOK\CTNQUTGHNGLPFQNQUGPGNUKUVGOCRTQRWGUVQ C 1DLGVKXQ 'NFKCITCOCFGHNWLQFGFCVQU
&(&VKGPGRQTQDLGVKXQTGRTGUGPVCTITHKECOGPVGGN UKUVGOCCPKXGNNIKEQ[EQPEGRVWCNKNWUVTCPFQNQUEQORQPGPVGU GUGPEKCNGUFGWP RTQEGUQ[NCHQTOCGPSWGKPVGTCEVCP 'UVCVEPKECFGNFKCITCOCFGHNWLQFGFCVQUGUVKNRQTNQUKIWKGPVG
N N N
D 7VKNKFCF
4GRTGUGPVCITHKECOGPVGNQUNOKVGUFGNUKUVGOCGPGUVWFKQ (CEKNKVCGNOCPVGPKOKGPVQFGNUKUVGOC
/WGUVTCGNOQXKOKGPVQFGNQUFCVQU[NCVTCPUHQTOCEKPFGNQUOKUOQUCVTCXU FGNUKUVGOC
E &GUETKREKP
.QURCUQUTGSWGTKFQURCTCGNFGUCTTQNNQFGUVCVEPKECUQPNQUUKIWKGPVGU +FGPVKHKECTNQUGNGOGPVQUDUKEQUFGNQUFKCITCOCUFGHNWLQFGFCVQU C D E F 'PVKFCFGUGZVGTPCU 2TQEGUQU #NOCEPFGFCVQU (NWLQUFGFCVQU &GUETKREKP 2CTCGNCDQTCT NQUFKCITCOCUFGHNWLQUFGFCVQU

&(&UQPNQUUKIWKGPVGU
C 'PVKFCFGUGZVGTPCU 'UVCUTGRTGUGPVCPGPVGUCLGPQUCNCCRNKECEKPRGTQSWGCRQTVCPQTGEKDGP KPHQTOCEKPFGNCOKUOC 4GINCUFGEQPUVTWEEKP #NOQOGPVQFGKFGPVKHKECTNCUGPVKFCFGUGZVGTPCUUGFGDGFGVGPGTRTGUGPVG NQUKIWKGPVG

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP S S S S S
4GRTGUGPVC RGTUQPCU QTICPK\CEKQPGU Q UKUVGOCU SWG PQ RGTVGPGEGP CN UKUVGOC 2WGFGCRCTGEGTGPNQUFKUVKPVQUPKXGNGUFG&(&
'PGNECUQSWGNCUGPVKFCFGUGZVGTPCUUGEQOWPKECUGPGPVTGUGUVQPQUG EQPVGORNCTCGPGNFKCITCOCRQTGUVCTHWGTCFGNODKVQFGNUKUVGOC 2WGFG CRCTGEGT XCTKCU XGEGU GP WP OKUOQ FKCITCOC RCTC GXKVCT GPVTGETW\COKGPVQFGNPGCU 5WOKPKUVTCKPHQTOCEKPCEGTECFGNCEQPGZKPFGNUKUVGOCEQPGNOWPFQ GZVGTKQT
0QVCEKP
5G TGRTGUGPVC OGFKCPVG WPC GNKRUG Q WP TGEVPIWNQ EQP WP PQODTG UKIPKHKECVKXQFGPVTQ
(17,'$' (;7(51$
D 2TQEGUQ
&GUETKREKP
'U WPC CEVKXKFCF SWG VTCPUHQTOC Q OCPKRWNC FCVQU TGRTGUGPVC NQU RTQEGFKOKGPVQUWVKNK\CFQURCTCVTCPUHQTOCTNQUFCVQU 4GINCUFGEQPUVTWEEKP #N OQOGPVQ FG KFGPVKHKECT NQU RTQEGUQU UG FGDG FG VGPGT GP EWGPVC NQ UKIWKGPVG
S S S
7P RTQEGUQ PQ GU QTKIGP PK HKPCN FG NQU FCVQU UNQ NWICT FG VTCPUHQTOCEKPFGNQUOKUOQU 'UPGEGUCTKQWPRTQEGUQEQOQKPVGTOGFKCTKQGPVTGWPCGPVKFCFGZVGTPC[ WPCNOCEPFGFCVQU 7PRTQEGUQRWGFGVTCPUHQTOCTWPFCVQGPXCTKQU
0QVCEKP
5GTGRTGUGPVCITHKECOGPVGOGFKCPVGWPTGEVPIWNQ

/2&$/,=$&,21 352&(62
'P NC RCTVG FG 241%'51 UG GZRTGUC GN PQODTG FGN RTQEGUQ EQTTGURQPFKGPVG
'P NC RCTVG UWRGTKQT K\SWKGTFC

UG EQNQEC WP POGTQ KFGPVKHKECVKXQ FGN RTQEGUQSWGKPFKECGNPKXGNFGN&(&GPSWGUGGPEWGPVTC .C RCTVG FG .1%#.+<#%+10 GZRTGUC NC WPKFCF Q TGC FGPVTQ FG NC QTICPK\CEKPFQPFGUGTGCNK\CGNRTQEGUQ &GUETKREKP
E #NOCEPFGFCVQU
7P CNOCEP FG FCVQU TGRTGUGPVC WP FGRUKVQ FG KPHQTOCEKP FGPVTQ FGN UKUVGOC 4GINCUFGEQPUVTWEEKP
2CTCKFGPVKHKECTNQUNWICTGUFGCNOCEGPCOKGPVQFGFCVQUFGDGFGVGPGTUGGP EWGPVCNQUKIWKGPVG
S S S S S S S
4GRTGUGPVCNCKPHQTOCEKPGPTGRQUQ
0QRWGFGETGCTFGUVTWKT[VTCPUHQTOCTFCVQU
0Q RWGFG GUVCT EQOWPKECFQ FKTGEVCOGPVG EQP QVTQ CNOCEP Q GPVKFCF GZVGTPC 'NHNWLQFGFCVQU
GPVTCFCQUCNKFCPQNNGXCPQODTGEWCPFQKPEKFGUQDTG UWEQPVGPKFQEQORNGVQ 0QFGDGFGGUVCTTGHGTKFQCNGPVQTPQHUKEQ 'N CNOCEPFGFCVQU CRCTGEGTRQTXG\RTKOGTCGPCSWGNPKXGNGPSWG UGCCEEGFKFQRQTOURTQEGUQU[GPOQFQNGEVWTC[QGUETKVWTC 0Q UG TGRTGUGPVC NC ENCXG FG CEEGUQ C NC KPHQTOCEKP UKPQ UNQ C NC QRGTCEKPSWGUGTGCNK\C
0QVCEKP
5GTGRTGUGPVCFGPVTQFGN&(&EQPNCUKIWKGPVGHKIWTC
,'
120%5(
'PNCRCTVGFGTGEJC
01/$4'UGKPFKECGNPQODTGFGNCNOCEPFGFCVQU[ GPNCRCTVGK\SWKGTFC
+&UGTGRTGUGPVCNCKFGPVKHKECEKPFGFKEJQCNOCEP FGPVTQFGN&(&

F (NWLQUFGFCVQU &GUETKREKP .QUHNWLQUFGFCVQUGUVCDNGEGPNCEQOWPKECEKPGPVTGRTQEGUQUCNOCEGPGU[ GPVKFCFGUGZVGTPCU[NNGXCPKPHQTOCEKPRCTCGUQUQDLGVQU 4GINCUFGEQPUVTWEEKP 2CTCGNCDQTCTNQUHNWLQUFGFCVQUFGDGTFGVGPGTUGGPEWGPVCNQUKIWKGPVG

S S S S S
(NWLQ FGKPHQTOCEKPFGGUVTWEVWTCEQPQEKFC 0QGUWPCEVKXCFQTFGRTQEGUQU
.QUFCVQUPQRWGFGPUGTETGCFQUPKFGUVTWKFQURQTWPHNWLQFGFCVQU 5KTXGRCTCEQPGEVCTGNTGUVQFGNQUEQORQPGPVGUFGN&(& .CHNGEJCUGKPFKECGPNCFKTGEEKPFGNCNOCEPFGFCVQU
0QVCEKP
5GTGRTGUGPVCFGPVTQFGN&(&EQPNCUKIWKGPVGHKIWTC )WCURCTCNCEQPUVTWEEKPFGN&(&
.WGIQFGJCDGTUGKFGPVKHKECFQNQUGNGOGPVQUDUKEQUFGNQU&(&UGRTQEGFGT CNRTQEGUQFGGNCDQTCTITHKEQURTQRKCOGPVGFKEJQUGPGN EWCNFGDGTVGPGTUG GPEWGPVCNQUKIWKGPVG C 'ORKGEG EQP NC RCTVG GZVGTKQT GU FGEKT VQFCU CSWGNNCU GPVKFCFGU SWG RTQRQTEKQPCPKPHQTOCEKP[CSWGNNCUGPVKFCFGUSWGWVKNK\CPNCKPHQTOCEKP GNCDQTCFCRQTNC7PKFCF[FKDWLGNCUGPVKFCFGUCNTGFGFQTFGUWFKCITCOC D +FGPVKHKSWG NC EQORQUKEKP FG ECFC HNWLQ FG FCVQU [ GUVCDNG\EC NC EQPGEVKXKFCF GPVTG NC KPHQTOCEKP TGSWGTKFC
+0276U [ NC KPHQTOCEKP IGPGTCFC
176276U E 6TCDCLGFGCHWGTCJCEKCCFGPVTQGUFGEKTRQPICWPRTQEGUQFQPFGETGCSWG GNHNWLQFGFCVQURWGFCUGTECODKCFQ F %QPEPVTGUGGPNQUHNWLQUFGFCVQU[RPICNGUWPPQODTG G 0QODTGCNQURTQEGUQUGPDCUGCUWUGPVTCFCU[UCNKFCU H +IPQTGNCKPKEKCNK\CEKP[NCVGTOKPCEKP I 1OKVCNQUGTTQTGUVTKXKCNGU
J 0QOWGUVTGNCKPHQTOCEKPQGNHNWLQFGEQPVTQN
K $WUSWG RQT HNWLQ FG FCVQU [ UWDFKXKFC UK GU PGEGUCTKQ PQ UG RQFT UWDFKXKFKTUKVKGPGWPUQNQ+PRWV 1WVRWV L 5KETGGSWGFGDGUWDFKXKFKTUGTGCNKEGPWGXCOGPVGNQURCUQUFGNWPQ
CN PWGXG

'U PGEGUCTKQ OGPEKQPCT SWG FGDG FG GXKVCTUG TGCNK\CT KPEQPUKUVGPEKC GP NC GNCDQTCEKP FG NQU HNWLQU FG FCVQU 2QT GLGORNQ IGPGTCNOGPVG UG TGCNK\CP NQU UKIWKGPVGUGTTQTGU
S S S S
5GGNCDQTCPDWTDWLCUSWGUNQETGCPFCVQU
5GGNCDQTCPCTEJKXQUFQPFGUNQUGGUETKDGKPHQTOCEKP 5GGNCDQTCPCTEJKXQUFQPFGUNQUGWVKNK\CKPHQTOCEKP 5GGNCDQTCPHNWLQUFGFCVQUSWGFGUCRCTGEGP 7PFKCITCOCFGEQPVGZVQ

PKXGNEGTQ 8CTKQU&(&GPPKXGNGUKPVGTOGFKQU
.CWVKNK\CEKPFGGUVCVEPKECKORNKECNCFGUEQORQUKEKPQGZRNQUKPFGECFC RTQEGUQGPQVTQ&(&RQTNQVCPVQGNFKCITCOCFGDGTEQPVGPGT
S S S
8CTKQU&(&GPGNNVKOQPKXGNFGFGVCNNG
&+#)4#/#5&'(.7,1&'&#615 &+#)4#/#0+8'.
7PGLGORNQFGNCOCPGTCGPSWGUGFGDGFGTGRTGUGPVCTGNFKCITCOCFGHNWLQ FGFCVQUGPVTGNQUPKXGNGUWPQ
[FQU
UGOWGUVTCGPNCUKIWKGPVGHKIWTC
$ % (
&

&+#)4#/#0+8'. 'ZRNQUKPFGNRTQEGUQ
$
$
(
% &
%
&
.C FGUEQORQUKEKP RQT PKXGNGU RGTOKVG CPCNK\CT GN UKUVGOC FGUFG GN ODKVQ IGPGTCNCNFGVCNNGRCUCPFQRQTUWEGUKXQUPKXGNGUKPVGTOGFKQU 5GTGEQOKGPFCNNGICTJCUVCVTGU
PKXGNGUFGFGUEQORQUKEKPGPNQU&(&
S S S
.CFGUEQORQUKEKPITHKECUGOWGUVTCGPNCUKIWKGPVGHKIWTC &'5%1/215+%+0&'.15 &+#)4#/#5&'(.7,1&'&#615

1,9(/
& 2 1 7 (;7 2
0KXGN &KCITCOCFGEQPVGZVQGUGNITHKEQSWGXCCRTQRQTEKQPCTGNODKVQ FGNRTQ[GEVQQDLGVQFGGUVWFKQ 0KXGN 5KUVGOCU 0KXGN 5WDUKUVGOCU
1,9 (/
6,67 ( 0 $6
1,9(/
68 %6 ,67 (0 $
68 %6 ,67 (0 $

.CUXGPVCLCUFGGUVCFGUEQORQUKEKPUQPNCUUKIWKGPVGU
S S S
'UEQORTGPUKDNGRCTCWUWCTKQUPQKPHQTOVKEQU .QURTQEGUQUGPGNNVKOQPKXGNGUVPTGNCEKQPCFQUNIKECOGPVG (CEKNKVC NCU TGHGTGPEKCU ETW\CFCU EQP QVTQU RTQFWEVQU QDVGPKFQU GP NC OGVQFQNQIC
%#&'0#&'8#.14
'N CPNKUKU FG NC ECFGPC FG XCNQT GU WPC VEPKEC QTKIKPCN FG /2QTVGT EQPGNHKPFG QDVGPGTXGPVCLCEQORGVKVKXC C &GHKPKEKP 'PNQUNKDTQUFGEQPVCDKNKFCFTGHNGLCGUGPEKCNOGPVGWPKPETGOGPVQVGTKEQFGNXCNQT UQDTG[RQTGPEKOCFGNEQUVQKPKEKCN)GPGTCNOGPVGUGUWRQPGSWGGUVGXCNQTFGDG UGTUWRGTKQTCNQUEQUVQUCEWOWNCFQUSWGUGJCPCITGICFQCNQNCTIQFGNCGVCRC FGNRTQEGUQFGRTQFWEEKP
D 1DLGVKXQ
.CU CEVKXKFCFGU FGN XCNQT CITGICFQ TGCN

#8#4 UQP CSWGNNCU SWG XKUVCU RQT GN ENKGPVG HKPCN UQP PGEGUCTKCU RCTC RTQRQTEKQPCT GN QWVRWV SWG GN ENKGPVG GUV GURGTCPFQ *C[ OWEJCU CEVKXKFCFGU SWG NC GORTGUC TGSWKGTG RGTQ SWG PQ CITGICPXCNQTFGUFGGNRWPVQFGXKUVCFGNCUXGPVCLCURCTCGNENKGPVG
CEVKXKFCFGU FGXCNQTCITGICFQGPNCGORTGUCQ8#'#FGOUGZKUVGPQVTCUCEVKXKFCFGUSWGPQ CITGICPXCNQTCNIWPQRQTGLGORNQGNCNOCEGPCOKGPVQ .CVEPKEC FG%CFGPCFG8CNQTVKGPGRQTQDLGVKXQKFGPVKHKECTNCUCEVKXKFCFGUSWG UG TGCNK\CP GP WPC KPUVKVWEKP NCU EWCNGU UG GPEWGPVTCP KPOGTUCU FGPVTQ FG WP UKUVGOCFGPQOKPCFQUKUVGOCFGXCNQTSWKGPGUVEQPHQTOCFQRQT
S S S S
%CFGPCFGXCNQTFGNQURTQXGGFQTGU %CFGPCFGXCNQTFGQVTCUWPKFCFGUFGNPGIQEKQ %CFGPCFGXCNQTFGNQUECPCNGUFGFKUVTKDWEKP %CFGPCFGXCNQTFGNQUENKGPVGU
E 7VKNKFCF
S S
'UVCVEPKECGUFGXKVCNKORQTVCPEKCRQTSWGRGTOKVG
&GHKPKTNCJKUVQTKCFGNCKPUVKVWEKP
RTQEGUQU[CEVKXKFCFGUSWGTGCNK\C &GVGTOKPCTGUVTCVGIKCUSWGRGTOKVCPQDVGPGTXGPVCLCEQORGVKVKXC

F &GUETKREKP
5KSWGTGOQUGNCDQTCTNCECFGPCFGXCNQTFGWPCKPUVKVWEKPFGDGOQUFGUGIWKTNQU UKIWKGPVGURCUQU
S S
%CDGUGCNCTSWGNCUCEVKXKFCFGUFGNCECFGPCFGXCNQTUQPNQUDNQSWGUDUKEQU EQP NQU SWG NC KPUVKVWEKP ETGC XCNQT RCTC GN EQORTCFQT FG UWU RTQFWEVQU [Q UGTXKEKQU
+FGPVKHKECTNCUCEVKXKFCFGURTKOCTKCUFGNPGIQEKQ +FGPVKHKECTNCUCEVKXKFCFGUFGUQRQTVGFGNPGIQEKQ
#U NCU CEVKXKFCFGU DUKECU SWG NQ EQPHQTOCP UG GPEWGPVTCP GP GN UKIWKGPVG ITHKEQ
$FWLYLGDG
$J
1HFHVDULDSDUD JHQHUDU HORXWSXW"
4
&RQWULEX\HDORV UHTXHULPLHQWRV GHOFOLHQWH"
4 $J
&RQWULEX\HDORV UHTXHULPLHQWRV GHOFOLHQWH"
$J
9DORUDJUHJDGR UHDO
5HJLVWUDUODRUGHQ &RPSOHWDUODSyOL]D ,QYHVWLJDUORVGDWRV 5HJLVWUDUHOUHFODPR
$FWLYLGDGTXHVHGHEHQ UHDOL]DUSDUDVDWLVIDFHUORV UHTXHULPLHQWRVGHOFOLHQWH

4
9DORUDJUHJDGR SDUDODHPSUHVD
5HJLVWUDUODIHFKDGHUHFLER )RUPDWRVGHSHGLGRV
6LQYDORU DJUHJDGR
5HYLVLyQ\DSUREDFLyQ 5HSHWLFLyQGHOWUDEDMR 0RYLPLHQWR $OPDFHQDPLHQWR
$FWXDOL]DUORVUHJLVWURVGHSHUVRQDO
3UHSDUDU,QIRUPHVILQDQFLHURV
$FWLYLGDGHVTXH QRFRQWULEX\HQD VDWLVIDFHU ORVUHTXHULPLHQWRVGHOFOLHQWH(VWDVDFWLYLGDGHV VHSRGUtDQHOLPLQDUVLQDIHFWDUODIXQFLRQDOLGDG GHOSURGXFWRVHUYLFLR
%CDG5GCNCTSWGUVCUCEVKXKFCFGUPWPECUGTPKPFGRGPFKGPVGUGPVTGUGUFGEKT UGGPEWGPVTCPTGNCEKQPCFCURQTXPEWNQUSWKGPGUETGCPNCPGEGUKFCFFGEQQTFKPCT FKEJCU CEVKXKFCFGU GP UW TGCNK\CEKP [C UGC RCTC CWOGPVCT FKHGTGPEKCEKP Q TGFWEKTUWUEQUVQU +FGPVKHKECTNCUCEVKXKFCFGURTKOCTKCUFGNPGIQEKQ 'NETKVGTKQRCTCKFGPVKHKECTNCUCEVKXKFCFGUFGNPGIQEKQUQP %CFCCEVKXKFCFVGPICFKUVKPVQHWPFCOGPVQGEQPOKEQ %CFCCEVKXKFCFVGPICWPHWGTVGKORCEVQRQVGPEKCNGPNCFKHGTGPEKCEKP
%CFCCEVKXKFCFTGRTGUGPVGWPCRCTVGUKIPKHKECVKXCCNCRTQRQTEKPETGEKGPVGFGN EQUVQVQVCN
%QPUKFGTCPFQ UVG ETKVGTKQ EQOQ DCUG UG FGHKPKTP NCU CEVKXKFCFGU RTKOCTKCU FGN PGIQEKQNCUEWCNGUUGGPEWGPVTCPEQPHQTOCFCURQT C .QIUVKECFGGPVTCFC EQPHQTOCFCRQTNCUCEVKXKFCFGUFGTGEGREKPCNOCEGPCLG OCPKRWNCEKPFGOCVGTKCNGUKPXGPVCTKQUXGJEWNQUFGXQNWEKQPGUGPVTGQVTQU
D 1RGTCEKQPGU EQPHQTOCFC RQT NC VTCPUHQTOCEKP FG GPVTCFC GP HQTOC FG RTQFWEVQHKPCN
OGECPK\CFQOQPVCLGGVKSWGVCFQOCPVGPKOKGPVQXGTKHKECEKP [QRGTCEKQPGUFGKPUVCNCEKP
E .QIUVKECFGUCNKFC GUVEQPHQTOCFCRQTNCFKUVTKDWEKPFGNRTQFWEVQCECDCFQ
CNOCEGPCLG FG OGTECPECU CECDCFCU OCPGLQ FG OCVGTKCNGU XGJEWNQU FG TGRCTVQRGFKFQU[RTQITCOCEKP F %QOGTEKCNK\CEKP [ XGPVCU NQ EQPHQTOCP NCU CEVKXKFCFGU KPXQNWETCFCU GP NC KPFWEEKP [ HEKN CFSWKUKEKP FG NQU RTQFWEVQU
RWDNKEKFCF HWGT\C FG XGPVCU EWQVCUUGNGEEKPFGECPCNGUTGNCEKQPGUECPCNRTGEKQU G 5GTXKEKQNQEQPHQTOCCSWGNNCUCEVKXKFCFGUSWGVTCVCPFGOCPVGPGT[CWOGPVCT GN XCNQT FGN RTQFWEVQ FGURWU FG NC XGPVC
KPUVCNCEKP TGRCTCEKP GPVTGPCOKGPVQUWOKPKUVTQFGTGRWGUVQU[CLWUVGFGNRTQFWEVQ +FGPVKHKECTNCUCEVKXKFCFGUFGUQRQTVGFGNPGIQEKQ
2CTC FGHKPKT NCU CEVKXKFCFGU FG UQRQTVG FGN PGIQEKQ UG GORNGC GN OKUOQETKVGTKQ WVKNK\CFQGPNCFGHKPKEKPFG NCUCEVKXKFCFGURTKPEKRCNGUFGNPGIQEKQFGHKPKPFQUG CUNCUUKIWKGPVGUCEVKXKFCFGUFGUQRQTVG
C %QORTCU EQPHQTOCFCRQTCSWGNNCUCEVKXKFCFGUKPXQNWETCFCUGPNCCFSWKUKEKP FGOCVGTKCURTKOCUUWOKPKUVTQU[CTVEWNQUEQPUWOKDNGUCUEQOQCEVKXQU

D &GUCTTQNNQ FG VGEPQNQIC EQPHQTOCFC RQT CSWGNNCU CEVKXKFCFGU KPXQNWETCFCU GP GN EQPQEKOKGPVQ [ ECRCEKFCFGU CFSWKTKFCU RTQEGFKOKGPVQU [ GPVTCFCU VGEPQNIKECURTGEKUCURCTCECFCCEVKXKFCFFGNCECFGPCFGXCNQT E &KTGEEKP FG TGEWTUQU JWOCPQU EQPHQTOCFC RQT CSWGNNCU CEVKXKFCFGU KPXQNWETCFCU GP NC UGNGEEKP RTQOQEKP [ EQNQECEKP FGN RGTUQPCN FG NC KPUVKVWEKP
F +PHTCGUVTWEVWTC KPUVKVWEKQPCN EQPHQTOCFC RQT CSWGNNCU CEVKXKFCFGU KPXQNWETCFCU GP NC FKTGEEKP IGPGTCN RNCPKHKECEKP UKUVGOCU FG KPHQTOCEKP HKPCP\CUEQPVCDKNKFCFNGICNCUWPVQUIWDGTPCOGPVCNGU[FKTGEEKPFGECNKFCF #0#.+5+512'&'21 C 1DLGVKXQ 'UVC VEPKEC CPVGU EQPQEKFC EQOQ &#(1
&GDKNKFCFGU #OGPC\CU (WGT\CU 1RQTVWPKFCFGU VKGPG EQOQ QDLGVKXQ C[WFCT C JCEGT WP FKCIPUVKEQ FG NC 1TICPK\CEKPGUVWFKCPFQNQURWPVQUHWGTVGU[FDKNGU[GXCNWCPFQNCUCOGPC\CU[ QRQTVWPKFCFGU FG NC 1TICPK\CEKP C RCTVKT FG NC EWCN FKUGCT EQP OC[QT RTGEKUKP WPC GUVTCVGIKC RVKOC RCTC CNECP\CT NQU QDLGVKXQU GUVTCVIKEQU SWG NC 1TICPK\CEKPUGJCRNCPVGCFQ 'N#PNKUKU12'&'21
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
NQECNTGIKQPCNINQDCNNQU ECODKQUSWGGUVQUUGRTGUGPVCPCHKPFGSWGNCQTICPK\CEKPUGCFGEWGCGNNQU 'PNCVCDNCUKIWKGPVGUGOWGUVTCGPFQPFGKPEKFGPFKEJQU(CEVQTGU
D 7VKNKFCF
E %QPVGPKFQ

% #$
,17(5126 '(%,/,'$'(6 327(1&,$/, '$'(6 (;3(&7$ 7,9$6 232578 1,'$'(6 (;7(5126 35(6(17(6 )878526
a a a a
a a a a
.QUVGOCUGUVTCVIKEQUUGFGDGPCPCNK\CTGPRTQHWPFKFCFRCTCTGHNGZKQPCTUQDTG
S S S S
'UVTCVGIKCUFGOCPVGPKOKGPVQFGRQVGPEKCNKFCFGU 'UVTCVGIKCUFGEQTTGEEKPFGRWPVQUFDKNGU 'UVTCVGIKCUFGGNKOKPCEKPFGGZRGEVCVKXCU 'UVTCVGIKCUFGGZRNQVCEKPFGQRQTVWPKFCFGU
.CUXGPVCLCUFGGUVGCPNKUKUUQP
S S S S S
2TQEGUQ OW[ TGHNGZKXQ EQP WP CNVQ ITCFQ FG RCTVKEKRCEKP [C SWG FGDG TGCNK\CTUGRQTVQFCUNCUWPKFCFGUFGNC1TICPK\CEKP
(EKN FG GPVGPFGT [ FG CRNKECT

CTTCPEC FGN CPNKUKU FG JGEJQU RTGUGPVGU [ HWVWTQU 2GTOKVG NC FGVGTOKPCEKP RGTOCPGPVG FGN RQVGPEKCN Q ECRCEKFCF FG NC 1TICPK\CEKP 2GTOKVGFGUCTTQNNCTWPGURTKVW[OGPVCNKFCFUKUVGOVKEC[FGCPNKUKU (QOGPVCNCECRCEKFCFFGCWVQETVKEC

1(+%+1&'#7614+<#%+10&'751&'+0(14/#%+10&'+/#42'
3b}TYd_c
7eQDUbYS_ @bvSdYSQ`QbQ\Q 5\QR_bQSY^TU@\QÛc5cdbQd}WYS_cTUDUS^_\_WQcTU9^V_b]QSY^@5D9
&+4'%%+10;572'48+5+10 &KTGEEKP6EPKECFG0QTOCVKXKFCF[2TQOQEKP &KTGEVQT6EPKEQ 4GURQPUCDNG 4GXKUKP /#4+1%#/#4#(+)7'41# .'10#4&1%#4$10'..41/'41 %*'4.;14'4#/+4'< /#4+1%#/#4#(+)7'41#
.'10#4&1%#4$10'..41/'41 &KCITCOCEKP['FKEKP 51%1441('40#0&'<%164+0#

Libro

Cargado por

Información del documento

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

Libro

Cargado por

Copyright:

Formatos disponibles

-[wG:K|XOIU 6XlIZOIGVGXGRG G: U GV GR +RGHUXGIO|T JK6RGTKY+YZXGZsMOIUY K6 Y+YZ JK :KITURUMwG JK/TLUXSGIO|T K/

2TGRCTCFQ +ORTGUKP 'FKEKP &QOKEKNKQ 1TFGP &GRUKVQ.GICN

)+.$'461/10%#&#8+)1 ,'(' +PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC

 /QFGNCOKGPVQKPUVKVWEKQPCN   #PNKUKUFGNQUCPVGEGFGPVGU 

 'UVWFKQFGNCQTICPK\CEKP  +FGPVKHKECEKPFGTGSWGTKOKGPVQU

 /QFGNCOKGPVQVGEPQNIKEQ 2NCPGUVTCVIKEQ    'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU  

 &KCIPUVKEQFGNUKUVGOCFGKPHQTOCEKP    &GHKPKEKPFGNOQFGNQFGUKUVGOCFGKPHQTOCEKPTGSWGTKFQ   &GHKPKEKPFGNOQFGNQFGEQPVKPIGPEKCUFGN2'6+

 2NCPFGOCPVGPKOKGPVQ  

1HKEKQFGCWVQTK\CEKPFGWUQFGKPHQTOCEKPFG+/#42'  

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

4 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT

4 2TQEGUQU .C OC[QTC FG NQU RTQEGUQU DWTQETVKEQU GUVP EQPUVTWKFQU

4 6GEPQNQIC 7PC ITCP XCTKGFCF FG VGEPQNQICU FG KPHQTOCEKP [

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'HILQLFLyQ\ RUJDQL]DFLyQ GHO3(7,

$OLQHDPLHQWR GHO3(7,FRQHO 3ODQ(VWUDWpJLFR ,QVWLWXFLRQDO

,GHQWLILFDFLyQGH 5HTXHULPLHQWRV 'LVHxRGHO 0RGHOR GH$UTXLWHFWXUD 7HFQROyJLFD

3ODQHVGH$FFLyQ (YDOXDFLyQ %6&

2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQICUFG+PHQTOCEKPGPNCUGPVKFCFGU FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFECFCFGNPWGXQ UKINQ

&GHKPKEKP[1TICPK\CEKPFGN2'6+ #NKPGCEKPFGN2'6+EQPGN2NCP'UVTCVIKEQ+PUVKVWEKQPCN +FGPVKHKECEKPFG4GSWGTKOKGPVQU &KUGQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN &KUGQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNIKEC 2NCPGUFG#EEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

0 LQLVWHULRV\ 2 UJDQLVP RV3 ~EOLFRV

* RELHUQR V/RFDOHV 8 QLYHUVLGDGHV\& ROHJLRV

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&GVGTOKPCEKPFG N &GUETKREKP IGPGTCNFGN2'6+ TGURQPUCDNGU S 4GURQPUCDNGUFGN2'6+

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

%QOQGLGORNQFGNCKORNGOGPVCEKPFGNCOGVQFQNQICFG2NCP'UVTCVIKEQFG 6GEPQNQIC FG +PHQTOCEKP

'N OGPEKQPCFQ 2NCP EQORTGPFG GN 5KUVGOC FG +PHQTOCEKP %KGPVHKEC [ 6GEPQNIKECFGN+/#42'

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N &GUETKREKPIGPGTCN S 4GURQPUCDNGUFGN2'6+ 2TEVKECU N )GUVKPFGRTQ[GEVQU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QOKVFG&KTGEEKP  1TICPK\CEKPFGN2'6+

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N &GUETKREKPIGPGTCNFGN2'6+ N &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU N .KUVCFQFGQDLGVKXQUFGN2'6+ S 1DLGVKXQUIGPGTCNGU S 1DLGVKXQUGURGEHKEQUFGECFC RTQEGUQ

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N %QOKVFG&KTGEEKP N &KTGEVQTGUFG#TGCU7UWCTKCU N ,GHGFG2TQ[GEVQ

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'UVTWEVWTCQTICPK\CVKXC &GUETKREKPIGPGTCNFGN2'6+ &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU .KUVCFQFGQDLGVKXQUFGN2'6+

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'SWKRQUFGVTCDCLQ &GUETKREKPIGPGTCNFGN2'6+ .KUVCFQFGQDLGVKXQUFG2'6+ &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU .KUVCFQFGWUWCTKQU

N 2NCPFGVTCDCLQ N 2NCPKHKECEKPGUVTCVIKEC N 'UVKOCEKP 2CTVKEKRCPVGU N &KTGEVQTGUFGTGCUWUWCTKCU N ,GHGFG2TQ[GEVQ  %QOWPKECEKPFGNRNCPFGVTCDCLQ

7PCXG\FGHKPKFQGNRNCPFGVTCDCLQUGEQOWPKECCNQUWUWCTKQUFGN2'6+EQPGN HKPFGSWGUGCCEGRVCFQ'UVQRGTOKVGSWGNQUWUWCTKQUEQPQ\ECPGNOVQFQFG VTCDCLQCUGIWKTNQUTGUWNVCFQUCQDVGPGT[NCFGFKECEKPPGEGUCTKCRQTRCTVGFG GNNCU 2TQFWEVQU &GGPVTCFC

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2NCPFG6TCDCLQ  1DLGVKXQU  1TICPK\CEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

%QPGNHKPFGFGHKPKTNCOKUKPFGN%GPVTQ+PHQTOVKEQFGDGOQUFGTGCNK\CT NCUUKIWKGPVGUVCTGCU  &GHKPKEKPFGNCOKUKPFGNCQTICPK\CEKP  &GHKPKEKPFGNCOKUKPFGN%GPVTQ+PHQTOVKEQ

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

+FGPVKHKECT NCU QRQTVWPKFCFGU [ TKGUIQU FG NC QTICPK\CEKP Q VEPKEC

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N 2NCP'UVTCVIKEQ0CEKQPCN  N 2NCP'UVTCVIKEQ+PUVKVWEKQPCN &GUCNKFC N #NKPGCEKPFGN2'6+EQPGN2'5'/

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N .KUVCFQFG TGSWKUKVQU N 4GSWKUKVQU IGPGTCNGU

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

-[wG:K|XOIU 6XlIZOIGVGXGRG G: U GV GR +RGHUXGIO|T JK6RGTKY+YZXGZsMOIUY K6 Y+YZ JK :KITURUMwG JK/TLUXSGIO|T K/

/QFGNCOKGPVQKPUVKVWEKQPCN #PNKUKUFGNQUCPVGEGFGPVGU

'UVWFKQFGNCQTICPK\CEKP +FGPVKHKECEKPFGTGSWGTKOKGPVQU

/QFGNCOKGPVQVGEPQNIKEQ 2NCPGUVTCVIKEQ 'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKPCEVWCNGU

&KCIPUVKEQFGNUKUVGOCFGKPHQTOCEKP &GHKPKEKPFGNOQFGNQFGUKUVGOCFGKPHQTOCEKPTGSWGTKFQ &GHKPKEKPFGNOQFGNQFGEQPVKPIGPEKCUFGN2'6+

2NCPFGOCPVGPKOKGPVQ

1HKEKQFGCWVQTK\CEKPFGWUQFGKPHQTOCEKPFG+/#42'

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

4 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT

4 2TQEGUQU .C OC[QTC FG NQU RTQEGUQU DWTQETVKEQU GUVP EQPUVTWKFQU

4 6GEPQNQIC 7PC ITCP XCTKGFCF FG VGEPQNQICU FG KPHQTOCEKP [

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

3ODQHVGH$FFLyQ (YDOXDFLyQ%6&

2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQICUFG+PHQTOCEKPGPNCUGPVKFCFGU FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFECFCFGNPWGXQ UKINQ

&GHKPKEKP[1TICPK\CEKPFGN2'6+ #NKPGCEKPFGN2'6+EQPGN2NCP'UVTCVIKEQ+PUVKVWEKQPCN +FGPVKHKECEKPFG4GSWGTKOKGPVQU &KUGQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN &KUGQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNIKEC 2NCPGUFG#EEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

* RELHUQR V/RFDOHV 8 QLYHUVLGDGHV\& ROHJLRV

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

&GVGTOKPCEKPFG N &GUETKREKP IGPGTCNFGN2'6+ TGURQPUCDNGU S 4GURQPUCDNGUFGN2'6+

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N &GUETKREKPIGPGTCN S 4GURQPUCDNGUFGN2'6+ 2TEVKECU N )GUVKPFGRTQ[GEVQU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QOKVFG&KTGEEKP 1TICPK\CEKPFGN2'6+

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N &GUETKREKPIGPGTCNFGN2'6+ N &GUETKREKPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKPCHGEVCFQU N .KUVCFQFGQDLGVKXQUFGN2'6+ S 1DLGVKXQUIGPGTCNGU S 1DLGVKXQUGURGEHKEQUFGECFC RTQEGUQ

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N 2NCPFGVTCDCLQ N 2NCPKHKECEKPGUVTCVIKEC N 'UVKOCEKP 2CTVKEKRCPVGU N &KTGEVQTGUFGTGCUWUWCTKCU N ,GHGFG2TQ[GEVQ %QOWPKECEKPFGNRNCPFGVTCDCLQ

7PCXG\FGHKPKFQGNRNCPFGVTCDCLQUGEQOWPKECCNQUWUWCTKQUFGN2'6+EQPGN HKPFGSWGUGCCEGRVCFQ'UVQRGTOKVGSWGNQUWUWCTKQUEQPQ\ECPGNOVQFQFG VTCDCLQCUGIWKTNQUTGUWNVCFQUCQDVGPGT[NCFGFKECEKPPGEGUCTKCRQTRCTVGFG GNNCU 2TQFWEVQU &GGPVTCFC

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

2NCPFG6TCDCLQ 1DLGVKXQU 1TICPK\CEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

%QPGNHKPFGFGHKPKTNCOKUKPFGN%GPVTQ+PHQTOVKEQFGDGOQUFGTGCNK\CT NCUUKIWKGPVGUVCTGCU &GHKPKEKPFGNCOKUKPFGNCQTICPK\CEKP &GHKPKEKPFGNCOKUKPFGN%GPVTQ+PHQTOVKEQ

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N 2NCP'UVTCVIKEQ0CEKQPCN N 2NCP'UVTCVIKEQ+PUVKVWEKQPCN &GUCNKFC N #NKPGCEKPFGN2'6+EQPGN2'5'/

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

N +PHQTOCEKPTGNGXCPVG N #PNKUKUFGCPVGEGFGPVGU &GUCNKFC N .KUVCFQFGTGSWKUKVQU S 4GSWKUKVQUIGPGTCNGU 2TEVKECU

N #PNKUKUFGKPHQTOCEKP 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTOVKEQU 1$,'61;#.%#0%'5&'.+/#42' /+5+10 &GNC+PUVKVWEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

#0.+5+5;&+#)056+%1&'.#14)#0+<#%+0&'.+/#42' 'UVTWEVWTC1TICPK\CEKQPCN

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

1HKEKPCFG2NCPKHKECEKP[2TGUWRWGUVQ 1HKEKPC FG 2TQITCOCEKP %QPVTQN [ 'XCNWCEKP 2TGUWRWGUVCN 1HKEKPCFG2NCPGU1TICPK\CEKP[/VQFQU 1HKEKPCFG%QQRGTCEKP6EPKEC'EQPOKEC

&KTGEEKP)GPGTCNFG+PXGUVKICEKQPGUGP2GUEC &KTGEEKPFG6GEPQNQICFG'ZVTCEEKP &KTGEEKPFG6GEPQNQICFG&GVGEEKP &KTGEEKP FG 6GEPQNQIC FG 'NGEVTQCEUVKEC [ 6GNGFGVGEEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

C 2NCPKHKECT FKTKIKT EQQTFKPCT GLGEWVCT [ GXCNWCT NCU KPXGUVKICEKQPGUFGUWEQORGVGPEKC

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

O 1TICPK\CT [ RCTVKEKRCT GP GXGPVQU EKGPVHKEQU [ VGEPQNIKEQUPCEKQPCNGUGKPVGTPCEKQPCNGU

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

'NQDLGVKXQHKPCNFGGUVCCEVKXKFCFXCCUGTNCGURGEKHKECEKPFGNQUTGSWKUKVQUFG KPHQTOCEKPFGNCQTICPK\CEKPCUEQOQQDVGPGTWPOQFGNQFGKPHQTOCEKP SWGNQUEQORNGOGPVG

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKP FG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

)WC6GTKEQ 2TEVKECRCTCNC 'NCDQTCEKPFG2NCPGU'UVTCVIKEQUFG6GEPQNQICUFG+PHQTOCEKP

3 5(&(3&,21$5 35(3$5$5 ',675,%8,5< 75$16)(5,5 ,1)250$&,21

3 ',*,7$5< 352&(6$5'$726 '(&$3785$< (6)8(5=2 3(648(52

3 352&(6$5 '$726'( '(6(0%$54

3 ',,7$5< 352&(6$5 '$726 %,2/2,&26

3 ',*,7$5< 352&(6$5 '$726'( 0$5&$&,21

3 (67,0$5 ,1',&(6'(

3 (67,0$5 '(6(0 %$548(

3 &2/(&7$5 ',*,7$5< 352&(6$5'$726 '(35(&,26'( (63(&,(6 &20(5&

3 (/$%25$5&$57$6 '(',675,%8&,21< &21&(175$&,21 '(3(&(6

3 '(7(50,1$5 (6758&785$6 325('$'(6 $ /$32%/$&

3 (/$%25$5$5 &$57$6'( 0,*5$&,21