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OGFKQ HUKEQ
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FKURQPGFGWPEQPGEVQTGURGEHKEQ[IGUVKQPCNQUOGECPKUOQUFGCEEGUQ[
EQPGZKPFGVQFQUNQUGNGOGPVQUFGNCTGFEQPGNOGFKQ
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[ NCU GUVCEKQPGU FGVTCDCLQCEEGFGPCGUVQUFCVQU CVTCXU FGCRNKECEKQPGU
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NC OKUOC QTICPK\CEKP 'UVCU TGFGU RWGFGP RTQXGPKT FG FKUVKPVCU

CTSWKVGEVWTCU Q FKUGQU FG VEPKECU OU Q OGPQU FKHGTGPVGU [Q CEVWCNGU
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EQOWPKECEKQPGU2QTQVTCRCTVGGNPOGTQFGGNGOGPVQUSWGUGKPEQTRQTCP
Q UG FGURNC\CP KPETGOGPVC NC EQORNGLKFCF FG NC GUVTWEVWTC CU EQOQ NC
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RTQDNGOCCNCWOGPVCTNCURQUKDKNKFCFGUFGEQOWPKECEKP
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GURGEHKEQU FG VTCDCLQ FGPVTQ FG WPC ITCP GUVTWEVWTC #FGOU RGTOKVGP
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EQORQPGPVGUFGNCTGF
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EQORCTVKFQU RQT NQU WUWCTKQU FG NC TGF UQP TGEWTUQU VCNGU EQOQ
KORTGUQTCUWPKFCFGUFGCNOCEGPCOKGPVQGVE
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QTCFKQFGCEEKPCUEQOQFGRGPFKGPFQFGUWNQECNK\CEKPIGQITHKEC&G
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4GFGUFGTGC.QECN
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VQFCUNCUWDKECEKQPGUFGNCQTICPK\CEKP
7PCTGFOGVTQRQNKVCPCEQORTGPFGWPGURCEKQIGQITHKEQOC[QTEQOQ
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HTQPVGTCU KPVGTPCEKQPCNGU UKGPFQ NCU EQPGZKQPGU JCDKVWCNGU NCU NPGCU
VGNGHPKECUFGCNVCXGNQEKFCFUCVNKVGUFGEQOWPKECEKQPGUQCPVGPCUFG
OKETQQPFCU %QTTGURQPFGP C ITCPFGU QTICPK\CEKQPGU EQP EGPVTQU W
QHKEKPCUFKURGTUQUGPXCTKQURCUGU7PGLGORNQENCTQGUNCTGF+PVGTPGV
'PEWCPVQCNCHQTOCGPSWGUGFKUVTKDW[GPNQUEQORQPGPVGUSWGHQTOCP
WPC4GFFGTGC.QECN
.#0RQFGOQUFKUVKPIWKT
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6QRQNQICGPGUVTGNNC
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GPECTIC FG IGUVKQPCT NCU VTCPUOKUKQPGU FG KPHQTOCEKP RQT VQFC NC
GUVTGNNC 'XKFGPVGOGPVG VQFCU NCU VTCOCU FG KPHQTOCEKP SWG EKTEWNGP
RQTNCTGFFGDGPRCUCTRQTGNPQFQRTKPEKRCNEQPNQEWCNWPHCNNQGPN
RTQXQEC NC ECFC FG VQFQ GN UKUVGOC 2QT QVTC RCTVG WP HCNNQ GP WP
FGVGTOKPCFQ ECDNG UNQ CHGEVC CN PQFQ CUQEKCFQ C N UK DKGP GUVC
VQRQNQIC QDNKIC C FKURQPGT FG WP ECDNG RTQRKQ RCTC ECFC VGTOKPCN
CFKEKQPCNFGNCTGF
%QOQGLGORNQFGGUVGVKRQFGVQRQNQICVGPGOQUNC5VCT.CP FG#66
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6QRQNQICGPDWU
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NKPGCNOGPVG GUFGEKTGPUGTKG[EQPGEVCFQURQTOGFKQFGWPECDNGGN
DWU .CU VTCOCU FG KPHQTOCEKP GOKVKFCU RQT WP PQFQ
VGTOKPCN Q
UGTXKFQTUGRTQRCICPRQTVQFQGNDWU
GPCODCUFKTGEEKQPGUCNECP\CFQ
C VQFQU NQU FGOU PQFQU %CFC PQFQ FG NC TGF UG FGDG GPECTICT FG
TGEQPQEGTNCKPHQTOCEKPSWGTGEQTTGGNDWURCTCCUFGVGTOKPCTEWCNGU
NCSWGNGEQTTGURQPFGNCFGUVKPCFCCN

'UGNVKRQFGKPUVCNCEKPOUUGPEKNNQ[WPHCNNQGPWPPQFQPQRTQXQEC
NC ECFC FGN UKUVGOC FG NC TGF 2QT QVTC RCTVG WPC TWRVWTC FGN DWU GU
FKHEKNFGNQECNK\CT
FGRGPFKGPFQFGNCNQPIKVWFFGNECDNG[GNPOGTQFG
VGTOKPCNGUEQPGEVCFQUCN[RTQXQECNCKPWVKNKFCFFGVQFQGNUKUVGOC
%QOQ GLGORNQ OU EQPQEKFQ FG GUVC VQRQNQIC GPEQPVTCOQU NC TGF
'VJGTPGV FG :GTQZ 'N OVQFQ FG CEEGUQ WVKNK\CFQ GU GN %5/#%&
OVQFQSWGIGUVKQPCGNCEEGUQCNDWURQTRCTVGFGNQUVGTOKPCNGU[SWG
RQT OGFKQ FG WP CNIQTKVOQ TGUWGNXG NQU EQPHNKEVQU ECWUCFQU GP NCU
EQNKUKQPGU FG KPHQTOCEKP %WCPFQ WP PQFQ FGUGC KPKEKCT WPC
VTCPUOKUKP FGDGGPRTKOGTNWICTGUEWEJCTGNOGFKQRCTCUCDGTUKGUV
QEWRCFQFGDKGPFQGURGTCTGPECUQCHKTOCVKXQJCUVCSWGSWGFGNKDTG5K
UG NNGIC C RTQFWEKT WPC EQNKUKP NCU GUVCEKQPGUTGKPKEKCTPECFC WPCUW
VTCPUOKUKP RGTQ VTCPUEWTTKFQ WP VKGORQ CNGCVQTKQ FKUVKPVQ RCTC ECFC
GUVCEKP 'UVC GU WPC DTGXG FGUETKREKP FGN RTQVQEQNQ FG CEEGUQ
%5/#%&RWGUCEVWCNOGPVGUGGPEWGPVTCPKORNGOGPVCFCUECPVKFCFFG
XCTKCPVGUFGFKEJQOVQFQEQPUWUTGURGEVKXCURGEWNKCTKFCFGU

6QRQNQICGPCPKNNQ
.QU PQFQU FG NC TGF UG FKURQPGP GP WP CPKNNQ EGTTCFQ EQPGEVCFQU C N
OGFKCPVGGPNCEGURWPVQCRWPVQ.CKPHQTOCEKPFGUETKDGWPCVTC[GEVQTKC
EKTEWNCT GP WPC PKEC FKTGEEKP [ GN PQFQ RTKPEKRCN GU SWKGP IGUVKQPC
EQPHNKEVQU GPVTG PQFQU CN GXKVCT NC EQNKUKP FG VTCOCUFGKPHQTOCEKP 'P
GUVG VKRQ FG VQRQNQIC WP HCNNQ GP WP PQFQ CHGEVC C VQFC NC TGF CWPSWG
CEVWCNOGPVG JC[ VGEPQNQICU SWG RGTOKVGP OGFKCPVG WPQU EQPGEVQTGU
GURGEKCNGUNCFGUEQPGZKPFGNPQFQCXGTKCFQRCTCSWGGNUKUVGOCRWGFC
UGIWKTHWPEKQPCPFQ
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OVQFQFGCEEGUQCNCTGFWVKNK\CFQGUGNEQPQEKFQEQOQ6QMGP2CUUKPI
'UVGOVQFQUGDCUCGPGNRCUQFGWPVGUVKIQFGRWPVQCRWPVQEQPVKIWQ
GPGNCPKNNQFGOQFQSWGWPCGUVCEKPSWGFGUGGGOKVKTFGDGGURGTCT C
TGEKDKT GN VGUVKIQ GP GUVCFQ NKDTG NQ RQPFT EQOQ QEWRCFQ [ CU
RGTOCPGEGT JCUVC SWG NC KPHQTOCEKP NNGIWG C UW FGUVKPQ 'UVC VEPKEC
EQPUKIWG WP OGLQT CRTQXGEJCOKGPVQ FG NC TGF EQP TGURGEVQ CN OVQFQ
%5/#%& 'UVQ GU FGDKFQ C SWG GP TGFGU EQP WP EKGTVQ POGTQ FG
VGTOKPCNGU[WPVTHKEQKPVGPUQUGRTQFWEGWPITCPPOGTQFGEQNKUKQPGU
NQSWGRTQFWEGVKGORQUFGGURGTCGNGXCFQU[RQTVCPVQOWEJQVKGORQGP
GNSWGGNECDNGGUVKPWVKNK\CFQQEQPKPHQTOCEKPPQXNKFC'PECODKQ
GPNCUTGFGUEQPRCUQFGVGUVKIQCWPSWGNQUPQFQUFGDGPGURGTCTCSWG
NGU NNGIWG GN VGUVKIQ UCDGP SWG EWCPFQ NQ VKGPGP PCFKG NGU XC C

KPVGTTWORKTGPUWVTCPUOKUKP5GRWGFGGUVKOCTSWGGPWPCTGF%5/#%&
GNCRTQXGEJCOKGPVQFGNCPEJQFGDCPFCRWGFGUGTFGNOKGPVTCUSWG
GP WPCTGFFGVGUVKIQUGRWGFGCNECP\CTPFKEGUEGTECPQUCN
2QTNVKOQECDGOGPEKQPCTSWGNCUTGFGUPQUGCLWUVCPGUVTKEVCOGPVGCNCU
VQRQNQICU CPVGTKQTOGPVG FGUETKVCU RWFKGPFQ GPEQPVTCT QVTCU VKRQNQICU
CNVGTPCVKXCUQDKGPEQOQGUOUWUWCNVKRQNQICUSWGEQODKPGPNQUVTGU
VKRQUCPVGTKQTGU
'P GN UKIWKGPVG EWCFTQ RQFGOQU QDUGTXCT GUSWGOVKECOGPVG NCU
ECTCEVGTUVKECUINQDCNGUFGNCUTGFGUOUEQOWPGU
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CNGCVQTKQ FGVGTOKPKUVC FGVGTOKPKUVC

CNGCVQTKQ

#RRNG
1TKIGP :GTQZ #66 +$/
&CVCRQKPV
/DRU
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8GNQEKFCF /DRU
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2CT
2CT
VTGP\CFQ 2CTVTGP\CFQ 2CTVTGP\CFQ VTGP\CFQ 2CTVTGP\CFQ
/GFKQ EQCZKCNHKDTC
HKDTCRVKEC
EQCZKCN
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HKDTCRVKEC
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EQOWPKECEKQPGU GU PGEGUCTKQ ETGCT WP GUVPFCT DUKEQ SWG EQPUVKVW[C WP
OQFGNQFGTGHGTGPEKCFGTGFDUKEQ
'N +51
+PUVKVWVG+PVGTPCVKQPCN5VCPFCTFUGNCDQTWPOQFGNQFGTGHGTGPEKC
FGNCTGFGPUKGVGPKXGNGUUWRGTRWGUVQUNNCOCFQOQFGNQ15+
1RGP5[UVGOU
+PVGTEQPPGEVKQP 'P GUVG OQFGNQU UG FGHKPGP GN EQPLWPVQ FG HWPEKQPGU
PGEGUCTKCU RCTC WPC EQOWPKECEKP GP TGF CITWRPFQNCU GP NQU FKUVKPVQU
PKXGNGU NQU EWCNGU FGUGORGCDCP FKUVKPVCU HWPEKQPGU UKP UQNCRCTUG GPVTG
GNNQU %CFC PKXGN KPVGTCEVC EQP NQU PKXGNGU KPOGFKCVCOGPVG UWRGTKQT G
KPHGTKQT C N GU RQT NQ SWG WP PKXGN QHTGEG UGTXKEKQU FG TGF C UW PKXGN
UWRGTKQT[WVKNK\CNQUUGTXKEKQUFGTGFFGUWPKXGNKPHGTKQT%WCPFQ FQUPQFQU
FGWPCTGFUGEQOWPKECPGPVTGUKUGGUVRTQFWEKGPFQWPCEQOWPKECEKP
XKTVWCN GPVTG NQU PKXGNGU EQTTGURQPFKGPVGU FG WP GSWKRQ [ FG QVTQ FG
CEWGTFQCWPCUTGINCUQRTQVQEQNQUFGEQOWPKECEKP

.QUPKXGNGUCCFGPUWRTQRKCKPHQTOCEKPCNQUFCVQUTGEKDKFQURQTGNPKXGN
UWRGTKQT [ VTCPUHKGTGP GN PWGXQ EQPLWPVQ FG KPHQTOCEKP CN PKXGN
KPOGFKCVCOGPVGKPHGTKQTGNEWCNCEGRVCVQFCNCVTCOCEQOQWPEQPLWPVQFG
FCVQU 'P NC TGEGREKP FG NQU FCVQU NQU PKXGNGU TGEQPQEGP NC KPHQTOCEKP
CFKEKQPCNSWGCEQORCCCNQUFCVQU[UNQVTCPUHKGTGPCNPKXGNUWRGTKQTNQU
FCVQU[CUUWEGUKXCOGPVG
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NCUECRCUUQPNCUUKIWKGPVGU
x
%CFCWPCFGNCUECRCUFGUGORGCHWPEKQPGUDKGPFGHKPKFCU
'ZKUVG WPC EQOWPKECEKP XKTVWCN GPVTG OKUOCU ECRCU FG OCPGTC

JQTK\QPVCN
x
x
.QUUGTXKEKQU RTQRQTEKQPCFQURQTECFCPKXGNUQPWVKNK\CFQURQTGNPKXGN
UWRGTKQT
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PKXGN0
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3URJUDPDGHDSOLFDFLyQ
GHOXVXDULR
1LYHO
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1LYHO
6HVLyQ
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GLiORJRGHORVXVXDULRV
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7UDQVSRUWH
3URYHHXQDWUDQVPLVLyQ
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1LYHO
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3URYHHLQWHUFDPELRGHGDWRV
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PHGLR
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7UDQVPLWHXQIOXMRGHELWVDWUDYpV
GHPHGLRItVLFR
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%CRC(UKEC
x
x
x
6TCPUOKUKPFGHNWLQFGDKVUCVTCXUFGNOGFKQ0QGZKUVGGUVTWEVWTC
CNIWPC
/CPGLCXQNVCLGU[RWNUQUGNEVTKEQU
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FGVTCPUOKUKP
%CRC'PNCEGFG&CVQU
x
x
x
x
x

'UVTWEVWTCGNHNWLQFGDKVUDCLQWPHQTOCVQRTGFGHKPKFQNNCOCFQVTCOC
2CTC HQTOCT WPC VTCOC GN PKXGN FG GPNCEG CITGIC WPC UGEWGPEKC
GURGEKCNFGDKVUCNRTKPEKRKQ[CNHKPCNFGNHNWLQKPKEKCNFGDKVU
6TCPUHKGTG VTCOCU FG WPC HQTOC EQPHKCDNG NKDTG FG GTTQTGU
WVKNK\C
TGEQPQEKOKGPVQU[TGVTCPUOKUKPFGVTCOCU
2TQXGGEQPVTQNFGHNWLQ
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0KXGNFGRCSWGVGU
x
x
x
x
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GPECRUWNCFQGPWPCVTCOC
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QEQOQFCVCITCOCU
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%CRCFG6TCPURQTVG
x
x
x
x
'UVCDNGEG EQPGZKQPGU RWPVQ C RWPVQ UKP GTTQTGU RCTC GN GPXQ FG
OGPUCLGU
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OWEJCUGPVTCFCUWPCUCNKFCWPCEQPGZKPRWPVQ
C RWPVQ GPVTG FKHGTGPVGU RTQEGUQU FGN WUWCTKQ
RWPVQU GZVTGOQU FG
WPCEQPGZKP
2TQXGG NC HWPEKP FG FKHWUKP FG OGPUCLGU
DTQCFECUV C ONVKRNGU
FGUVKPQU
%QPVTQNFG(NWLQ
%CRCFG5GUKP
x
x
x
x
2GTOKVGCWUWCTKQUGPFKHGTGPVGUOSWKPCUGUVCDNGEGTWPCUGUKP
7PC UGUKP RWGFG UGT WUCFC RCTC GHGEVWCT WPNQIKPCWPUKUVGOCFG
VKGORQ EQORCTVKFQ TGOQVQ RCTC VTCPUHGTKT WP CTEJKXQ GPVTG
OSWKPCUGVE
%QPVTQNCGNFKNQIQ
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QHWNNFWRNGZ
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%CRCFG2TGUGPVCEKP
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5G FGHKPG NC GUVTWEVWTC FG NQU FCVQU C VTCPUOKVKT
XI FGHKPG NQU
ECORQUFGWPTGIKUVTQPQODTGFKTGEEKPVGNHQPQGVE
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#5%++'$%&+%GVE
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%TKRVQITCHC
6TCPUHGTGPEKCFGCTEJKXQU
HVR
x
x
x
x
%CRCFG#RNKECEKP

x
x
x
.QIKPTGOQVQ
TNQIKPVGNPGV
%QTTGQGNGEVTPKEQ
OCKN
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6GPFGPEKCUCEVWCNGUGPNCU4GFGUFGTGC.QECN
.#0
.CGNGEEKPFGNOGFKQFGVTCPUOKUKP[FGNOVQFQFGCEEGUQCNOKUOQNC
FGHKPKEKPFGNCUCRNKECEKQPGU[NCFKURQUKEKPFGNJCTFYCTGFGVGTOKPCPNC
UGNGEEKP FG WP UKUVGOC IGUVQT FG TGF [ FG NCU EQPUKIWKGPVGU VCTLGVCU
CFCRVCFQTCUFGNQUEQORQPGPVGU
*CUVC HKPCNGU FG NQU GN OGTECFQ GUVCDC CORNKCOGPVG FQOKPCFQ RQT
'VJGTPGV EQP WPC VQRQNQIC FG DWU GUVTWEVWTCFC GP HQTOC CTDTGC .QU
FKHGTGPVGU UGIOGPVQU FGN TDQN UG EQPGEVCP GPVTG U RQT OGFKQ FG
TGRGVKFQTGUQRWGPVGURCTCCORNKCTGNCNECPEGFGNCTGF
2QUVGTKQTOGPVG UG JC KFQ KORQPKGPFQ NC CNVGTPCVKXC 6QMGP4KPI EQP
VKRQNQICCPKNNQGUVTGNNCCUQEKCFQCWPEQPEGPVTCFQTFGECDNGCFQ
'P TGUWOGP GP NC FECFC CEVWCN 'VJGTPGV [ 6QMGP4KPI UG TGRCTVGP
KIWCNOGPVG GPVTG U OU FG NCU VTGU EWCTVCU RCTVGU FGN OGTECFQ
RTQOQXKGPFQ NC VKRQNQIC GP GUVTGNNC UQDTG RCT VTGP\CFQ [ NQU
EQTTGURQPFKGPVGUEQPEGPVTCFQTGUFGECDNGCFQ
.#+06'4%10':+0&'.#54'&'5
%QOQ JGOQU XKUVQ GP GN ECRVWNQ CPVGTKQT WPC TGF FG TGC NQECN
.#0 EQOQ
EWCNSWKGTQVTQQTFGPCFQTCKUNCFQRWGFGEQOWPKECTUGEQPQVTQUQTFGPCFQTGUQTGFGU
FG QTFGPCFQTGU .C GXQNWEKP FG NCU TGFGU NQECNGU KORNKEC FKHGTGPVGU VEPKECU
HWPFCOGPVCNGU FG KPVGTEQPGZKP RCTC SWG GN VCOCQ [ NC CTSWKVGEVWTC FG WPC TGF
RWGFCPGXQNWEKQPCTCWOGPVCT[QRVKOK\CTNQUHNWLQUFGEQOWPKECEKPKPVGTEQPGEVCT
XCTKCUTGFGUNQECNGUUKVWCFCUGPNQECNK\CEKQPGUEGTECPCUQTGOQVCUGVE
'NTRKFQGUVCDNGEKOKGPVQFGNQU GUVPFCTTGNCEKQPCFQU EQPTGFGUFG TGCNQECN
.#0LWPVQEQPGNETGEKGPVGFGUCTTQNNQGPNCKPFWUVTKCFGUGOKEQPFWEVQTGUSWG
RGTOKVGPFKURQPGTFGOGFKQUFGKPVGTEQPGZKPCRTGEKQTGFWEKFQJCOQVKXCFQ
SWGNCUTGFGUFGTGCNQECNEQPHQTOGPNCDCUGFGNCUTGFGUFGEQOWPKECEKPFG
FCVQUGPWPKXGTUKFCFGUKPFWUVTKCUEGPVTQUFGKPXGUVKICEKPGVE
'N OZKOQ TGPFKOKGPVQ FG WPC TGF FG TGC NQECN UG QDVKGPG UGIP NCU
CRNKECEKQPGUUQRQTVCFCU2QTEKVCTCNIPGLGORNQVGPGOQUGNEQTTGQGNGEVTPKEQ
Q EQORCTVKT NQU TGEWTUQU
KORTGUQTCU DCUGU FG FCVQUV 0Q QDUVCPVG FKEJCU
CRNKECEKQPGUTGSWKGTGPFGWPVTCUXCUGFGFCVQU

.CUVEPKECUSWGUGQHTGEGPGPGNOGTECFQUQPCOGPWFQEQORNGLCUEWCPFQUG
NGUCPCNK\CGPFGVCNNG5KPGODCTIQUQPOW[KORQTVCPVGURQTSWGNCGXQNWEKPFG
UWU HWPEKQPGU [ FG UW TGPFKOKGPVQ RGTOKVG CEVWCNOGPVG TGCNK\CT FKHGTGPVGU
CTSWKVGEVWTCUFGTGFFGGORTGUCGPHWPEKPFGNCUPGEGUKFCFGU0QUNKOKVCTGOQU
CWPCXKUKPINQDCNFGNCURTKPEKRCNGUVEPKECUGORNGCFCU[XGTGOQUUQDTGVQFQ
GNRTKPEKRKQIGPGTCNSWGUGCUQEKCCNCWVKNK\CEKPFGECFCWPCFGGUCUVEPKECU
RCTVKEWNCTGU
&+5215+6+815&'+06'4%10':+10&'4'&'5
*CUVC CJQTC JGOQU EQPUKFGTCFQ NCU TGFGU EQOQ WP EQPLWPVQ FG GNGOGPVQU
KPVGTEQPGEVCFQUSWGWUCPWPOKUOQRTQVQEQNQFGEQOWPKECEKP*GOQURQFKFQ
EQORTQDCT GP GN CRCTVCFQ FG PQTOCVKXCU EQOQ NQU EQOKVU Q KPUVKVWEKQPGU
EQTTGURQPFKGPVGU GUVCDNGEGP WPC UGTKG FG PQTOCVKXCU RCTVKEWNCTGU RCTC ECFC
GUVTWEVWTC GNGIKFC #FGOU GZKUVG WP FGVGTOKPCFQ POGTQ FG EQPUVTWEVQTGU [
FGUCTTQNNCFQTGU SWG KPVTQFWEGP GP GN OGTECFQ TGFGU
.#0 SWG PQ UKIWGP
PKPIWPCPQTOCVKXC'ZKUVGPFKXGTUQUVKRQUFGTGFGUFGCEWGTFQEQPNCVGEPQNQIC
GORNGCFC GP WP OQOGPVQ FCFQ [ GP HWPEKP FG NQU EQORQPGPVGU
UGNGEEKQPCFQU 6QFQ GUVQ PQU JCEG UWRQPGT SWG NC HQTOC FG EQPGEVCT XCTKCU
TGFGUFGTGCNQECN
.#0GUWPCUWPVQOW[RTQDNGOVKEQ'UFGEKTGPRTKPEKRKQ
FGDGOQU EQPUKFGTCT NCU TGFGU EQOQ KPEQORCVKDNGU GPVTG U [ GN OQFQ FG
EQPUGIWKT WPC KPVGTEQPGZKP GZKVQUC GU NC KPENWUKP GPVTG TGF [ TGF FG WP
FKURQUKVKXQ Q KPVGTHCEG SWG TGCNKEG NCU VTCFWEEKQPGU Q EQPXGTUKQPGU PGEGUCTKCU
RCTCUQNXGPVCTGUVCUUGTKCUFKHGTGPEKCU
'PTGCNKFCF UGRWGFGPFKUVKPIWKTEWCVTQITCPFGUECVGIQTCUFGVEPKECUGPGUVG
VGTTGPQ TGRGVKFQTGU DTKFIGU TQWVGTU Q GPECOKPCFQTGU [ ICVGYC[U Q RCUCTGNCU
'PNCHKIWTCQDUGTXCOQUFKHGTGPVGUVKRQUFGKPVGTEQPGZKPGPVTGXCTKCU.#0

.CRTKOGTCGUNCFGNQUTGRGVKFQTGURQTSWUGWVKNK\CPNQUTGRGVKFQTGU!
.CRTKOGTCKFGCSWGPQUXKGPGEWCPFQRGPUCOQUGPEQPGEVCTFQUUGIOGPVQUFG
TGFGUFGTGC NQECNGUWPKTNQU OGFKCPVGWPECDNG RGTQFGDKFQCNCCVGPWCEKP
SWGUWHTKTCNCUGCNGUVQPQGUOW[XKCDNG[GURQTGNNQSWGUGJCEGPGEGUCTKQ
WVKNK\CTCNIPFKURQUKVKXQQGSWKRQRCTCRQFGTTGCNK\CTNCEQPGZKPFGGUVQUFQU
UGIOGPVQU
.QUTGRGVKFQTGUEQPUVKVW[GPGNOVQFQOUUKORNG[CEVCPNQECNOGPVG[CPKXGN
HUKEQ5QPUKORNGOGPVGFKURQUKVKXQUSWGTGEWRGTCPCORNKHKECP[TGEQPHKIWTCPNC
HQTOC FG NC UGCN GP WPC TGF [ NC RCUCP CQVTC5QPWUCFQURCTCRTQNQPICTNCU
FKUVCPEKCUFGECDNGFGWPCTGFFGTGCNQECN
(WPFCOGPVCNOGPVGUGGORNGCPEWCPFQUGFGUGCPEQPGEVCTFQUUGIOGPVQU .#0
NKOKVCFQUECFCWPQFGGNNQUTGUWNVCPFQHWPEKQPCNOGPVGEQOQUKUGVTCVCUGFGWP
PKEQ UGIOGPVQ 'P GUVG UGPVKFQ NC RTGUGPEKC FG XCTKQU UGIOGPVQU TGUWNVC
VTCPURCTGPVG RCTC NQU &6'U
GSWKRQ VGTOKPCNFGFCVQU FGECFC UGIOGPVQ.#0
0QTOCNOGPVGNQUTGRGVKFQTGUEQPGEVCPTGFGUEQOQ'VJGTPGV C'VJGTPGV6QMGP
4KPI C6QMGP4KPI5VCT.CP C5VCT.CPGVE
.CXGPVCLCFGGUVGVKRQFGKPVGTEQPGZKPFGTGFGUNCGPEQPVTCOQUGPGNEQUVQ[
GP NC HCEKNKFCF FG EQPGZKP RGTQ VKGPG VCODKP UWU FGUXGPVCLCU [ NC OU
KORQTVCPVGGURTGEKUCOGPVGUWCEVWCEKPEQOQOGTQTGRTQFWEVQTFGNCUGCN[C
SWGPQUGPEQPVTCOQUGPUKVWCEKQPGUGPNCUSWGWPCGUVCEKP#VTCPUOKVGCQVTC
GUVCEKP$UKVWCFCGPUWOKUOQUGIOGPVQFGTGF[GNTGRGVKFQTEQIGGUVCUGCN[
NC KPVTQFWEG GP VQFQU NQU UGIOGPVQU SWG EQPGEVC EQP NQ SWG UQDTGECTICOQU
KPPGEGUCTKCOGPVGOWEJQUUGIOGPVQUFGTGF
'UVG RTQDNGOC GU KORQTVCPVG RQTSWG UG UCDG SWG ITCP RCTVG FG NC KPHQTOCEKP
IGPGTCFCGPWPUGIOGPVQGUVFGUVKPCFCCUGTRTQEGUCFC[WVKNK\CFCFGPVTQFGN
OKUOQUGIOGPVQTGUWNVCPFQWPDCLQRQTEGPVCLGGORNGCFQRQTQVTQUGIOGPVQ

.QUTGRGVKFQTGUUKORNGOGPVGTGRKVGPNCUUGCNGU[PQRTQRQTEKQPCPPKPIPVKRQ
FGECRCEKFCFFGHKNVTCFQFGNQURCSWGVGUFGFCVQUFGDKFQCGUVQVQFQGNVTHKEQ
GPVQFCUNCUTGFGUEQPGEVCFCURQTWPQQOUTGRGVKFQTGUUGRTQRCICCVQFCUNCU
QVTCUNQEWCNRWGFGVGPGTWPGHGEVQPGICVKXQGPGNRVKOQHWPEKQPCOKGPVQFGNC
TGF
'URQTGNNQSWGEQOQXGTGOQURQUVGTKQTOGPVGCRCTGEGPNQU$TKFIGU
2WGPVGU
EQOQ CNVGTPCVKXC C GUVQU FKURQUKVKXQU 2QT QVTC RCTVG FGDG SWGFCT ENCTQ SWGGN
OVQFQFGCEEGUQFGDGUGTKFPVKEQGPNQUOGFKQUKPVGTEQPGEVCFQUOGFKCPVGWP
TGRGVKFQT.CTGFSWGHQTOCPXCTKQUUGIOGPVQUFGECDNGUEQPGEVCFQUUGEQORQTVC
EQOQ WPC PKEC TGF NIKEC 'UVC EQPGZKP GU VTCPURCTGPVG RCTC VQFQU NQU
GNGOGPVQUEQPGEVCFQUCNCTGFNQECNCUEQOQRCTCVQFCUNCUEQOWPKECEKQPGUSWG
VTCPUKVCPCVTCXUFGGUCOKUOCTGFNQECN.CTGFHQTOCCUWPCTGFNQECNPKEC
%QP NQU TGRGVKFQTGU UG RWGFGP TGCNK\CT TGFGU NQECNGU HQTOCFCU RQT WPC
EQODKPCEKP FG UGIOGPVQU FG ECDNG EQP OGFKQU [ VQRQNQICU FKHGTGPVGU 5KP
GODCTIQ GZKUVGP EKGTVQU NOKVGU SWGUQPGURGEHKEQU RCTCNCVGEPQNQICSWGUG
WVKNK\CGPECFCOGFKQFGCEEGUQ%QPEKGTPGPGNPOGTQOZKOQFGTGRGVKFQTGU
SWG RWGFG CVTCXGUCT GN NCTIQ OZKOQ SWG PQ RWGFG UQDTGRCUCT RCTC ECFC
UGIOGPVQGNNCTIQVQVCNFGNCCTSWKVGEVWTC
&GGUCOCPGTCUGRWGFGPTGCNK\CTXCTKQUUGIOGPVQURQTGLGORNQEQP'VJGTPGV
SWG TGUWNVGP FG EQODKPCEKQPGU FG ECDNGU EQCZKCNGU FGHKDTC RVKEC FG RCTGU
VTGP\CFQUIGUVKQPCFQURQTNQUTGRGVKFQTGUUGRCTCFQUQKPVGITCFQUGPWPOKUOQ
EQPLWPVQ2GTOKVGPCFCRVCTNCCTSWKVGEVWTCFGNCTGFCNPOGTQFGGUVCEKQPGUFG
VTCDCLQCUWUKVWCEKPIGQITHKECCWPECDNGCFQ[CGZKUVGPVGCWPCECODKQGVE
.C UGIWPFC [ NC VGTEGTC ECVGIQTCU TGRTGUGPVCP NQU RWGPVGU
DTKFIGU [ NQU
TQWVGTUSWGRGTOKVGPIGUVKQPCTNCUEQPGZKQPGUNQECNGUQTGOQVCURCTCTGCNK\CTNC
KPVGTEQPGZKPFGNCUTGFGU[QRVKOK\CTNQUHNWLQUFGEQOWPKECEKP
(KPCNOGPVGNCEWCTV CECVGIQTCNCFGNCURCUCTGNCU
ICVGYC[URGTOKVGGUVCDNGEGT
WP OGFKQFGEQOWPKECEKPGPVTGNCUTGFGUNQECNGU [UKUVGOCUFGVKRQOGFKQQ
ITCPFG FG VKRQ FKHGTGPVG EQPUGTXKEKQU CUQEKCFQU VCNGU EQOQNCEQPXGTUKPFG
RTQVQEQNQ
.CURCUCTGNCUKPVGTXKGPGP GPNCUECRCUUWRGTKQTGUFGNOQFGNQFGTGHGTGPEKC15+
RQT GPEKOC FG NQU RWGPVGU EQPETGVCOGPVG GP GN PKXGN FG TGF [ TGCNK\CP
EQPXGTUKQPGUFGNQUFKUVKPVQUHQTOCVQUQRTQVQEQNQUFGECFCWPCFGNCUTGFGUSWG
KPVGTEQOWPKEC'PECODKQ[FGDKFQCNPKXGNGPSWGQRGTCPNCURCUCTGNCUJCEGP
NGPVQ GN VTHKEQ FG KPHQTOCEKP GU RQT GNNQ SWG UQP RTKPEKRCNOGPVG WUCFCU GP
TGFGU9#0FQPFGGNVTHKEQGUFGRQTUNGPVQ
'P NCU RCUCTGNCU QTKGPVCFCU C EQPGZKP UG FGHKPGP EKTEWKVQU XKTVWCNGU EQOQ
QEWTTGEQPNQU RWGPVGURGTQCPKXGNFGTGF[PQFGGPNCEG#NEQOWPKECTFQU

UWDTGFGU FKUVKPVCU FGWPCTGF9#0UGGUVCDNGEGWPQQOUEKTEWKVQU XKTVWCNGU

EQPECVGPCFQUCVTCXUFGNQUEWCNGUUGRTQFWEGGNVTHKEQFGFCVQU
'P NCU RCUCTGNCU PQ QTKGPVCFCU C EQPGZKP PQ UG GUVCDNGEGP EKTEWKVQU XKTVWCNGU
UKPQ SWG NC KPHQTOCEKP GP GPECRUWNCFC GP FCVCITCOCU SWG UQP GPXKCFQU CN
FGUVKPCVCTKQ[PQVKGPGPRQTSWTGEQTTGTUKGORTGGNOKUOQECOKPQ
FGGUVGOQFQ
GUHEKNUQTVGCTNCUXCUEQPIGUVKQPCFCU
/'&+15&'64#05/+5+0
'POGFKQUIWKCFQUGNCPEJQFGDCPFCQXGNQEKFCFFGVTCPUOKUKPFGRGPFGPFG
NCFKUVCPEKC[FGUKGNGPNCEGGURWPVQCRWPVQQOWNVKRWPVQ
2CTVTGP\CFQ
'UGNOGFKQIWKCFQOUDCTCVQ[OUWUCFQ%QPUKUVGGPWP RCTFGECDNGU
GODWVKFQURCTCUWCKUNCOKGPVQ RCTCECFCGPNCEGFGEQOWPKECEKP&GDKFQ
CSWGRWGFGJCDGTCEQRNGUGPVTGRCTGUGUVQUUGVTGP\CEQPRCUQUFKHGTGPVGU
.C WVKNK\CEKP FGN VTGP\CFQ VKGPFG C FKUOKPWKT NC KPVGTHGTGPEKC
GNGEVTQOCIPVKEC
'UVG VKRQ FG OGFKQ GU GN OU WVKNK\CFQ FGDKFQ C UW DCLQ EQUVQ
UG WVKNK\C
OWEJQGPVGNGHQPCRGTQUWKPEQPXGPKGPVGRTKPEKRCNGUUWRQECXGNQEKFCF
FGVTCPUOKUKP[UWEQTVCFKUVCPEKCFGCNECPEG%QPGUVQUECDNGUUGRWGFGP
VTCPUOKVKTUGCNGUCPCNIKECUQFKIKVCNGU
'U WP OGFKQ OW[ UWUEGRVKDNG C TWKFQ [ C KPVGTHGTGPEKCU 2CTCGXKVCTGUVQU

RTQDNGOCUUGUWGNGVTGP\CTGNECDNGEQPFKUVKPVQURCUQUFGVQTUKP[UGUWGNG
TGEWDTKTEQPWPCOCNNCGZVGTPCRCTCGXKVCTNCUKPVGTHGTGPEKCUGZVGTPCU
2CTGUVTGP\CFQUCRCPVCNNCFQU[UKPCRCPVCNNCT
.QURCTGUUKPCRCPVCNNCTUQPNQUOUDCTCVQUCWPSWGNQUOGPQUTGUKUVGPVGUC
KPVGTHGTGPEKCU
CWPSWG UG WUCP EQP ZKVQ GP VGNGHQPC [ GP TGFGU FG TGC
NQECN # XGNQEKFCFGU FG VTCPUOKUKP DCLCU NQU RCTGU CRCPVCNNCFQU UQP
OGPQU UWUEGRVKDNGU C KPVGTHGTGPEKCU CWPSWG UQP OU ECTQU [OUFKHEKNGU
FGKPUVCNCT
%CDNGEQCZKCN
%QPUKUVG GP WP ECDNG EQPFWEVQT KPVGTPQ

EKNPFTKEQ UGRCTCFQ FG QVTQ
ECDNGEQPFWEVQTGZVGTPQRQTCPKNNQUCKUNCPVGUQRQTWPCKUNCPVGOCEK\Q
6QFQGUVQUGTGEWDTGRQTQVTCECRCCKUNCPVGSWGGUNCHWPFCFGNECDNG

'UVGECDNGCWPSWGGUOUECTQSWGGNRCTVTGP\CFQUGRWGFGWVKNK\CTCOU
NCTIC FKUVCPEKC EQP XGNQEKFCFGU FG VTCPUOKUKP UWRGTKQTGU OGPQU
KPVGTHGTGPEKCU[RGTOKVGEQPGEVCTOUGUVCEKQPGU
5G UWGNG WVKNK\CT RCTC VGNGXKUKP VGNGHQPC C NCTIC FKUVCPEKC TGFGU FG TGC
NQECNEQPGZKPFGRGTKHTKEQUCEQTVCFKUVCPEKCGVE
5GWVKNK\CRCTCVTCPUOKVKTUGCNGUCPCNIKECUQFKIKVCNGU5WUKPEQPXGPKGPVGU
RTKPEKRCNGUUQPCVGPWCEKPTWKFQVTOKEQTWKFQFGKPVGTOQFWNCEKP2CTC
UGCNGU CPCNIKECU UG PGEGUKVC WP CORNKHKECFQT ECFC RQEQU MKNOGVTQU [
RCTCUGCNGUFKIKVCNGUWPTGRGVKFQTECFCMKNOGVTQ
(KDTCRVKEC
5G VTCVC FG WP OGFKQ OW[ HNGZKDNG [ OW[ HKPQ SWG EQPFWEG GPGTIC FG
PCVWTCNG\CRVKEC5WHQTOCGUEKNPFTKECEQPVTGUUGEEKQPGUTCFKCNGUPENGQ
TGXGUVKOKGPVQ[EWDKGTVC'NPENGQGUVHQTOCFQRQTWPCQXCTKCUHKDTCUOW[
HKPCU FG ETKUVCN Q RNUVKEQ %CFC HKDTC GUV TQFGCFC RQT UW RTQRKQ
TGXGUVKOKGPVQSWGGUWPETKUVCNQRNUVKEQEQPFKHGTGPVGURTQRKGFCFGURVKECU
FKUVKPVCUCNCUFGNPENGQ#NTGFGFQTFGGUVGEQPINQOGTCFQGUVNCEWDKGTVC
EQPUVKVWKFC FG OCVGTKCN RNUVKEQ Q UKOKNCT SWG UG GPECTIC FG CKUNCT GN
EQPVGPKFQFGCRNCUVCOKGPVQUCDTCUKQPGUJWOGFCFGVE
'U WP OGFKQ OW[ CRTQRKCFQ RCTC NCTICU FKUVCPEKCU G KPENWUQ NVKOCOGPVG
RCTC.#0 U
5WUDGPGHKEKQUHTGPVGCECDNGUEQCZKCNGU[RCTGUVTGP\CFQUUQP
R
R
R
R
R
2GTOKVGOC[QTCPEJQFGDCPFC
/GPQTVCOCQ[RGUQ
/GPQTCVGPWCEKP
#KUNCOKGPVQGNGEVTQOCIPVKEQ
/C[QTUGRCTCEKPGPVTGTGRGVKFQTGU

5WTCPIQFGHTGEWGPEKCUGUVQFQGNGURGEVTQXKUKDNG[RCTVGFGNKPHTCTTQLQ'N
OVQFQ FG VTCPUOKUKP GU NQU TC[QU FG NW\ KPEKFGP EQP WPC ICOC FG
PIWNQUFKHGTGPVGURQUKDNGUGPGNPENGQFGNECDNGGPVQPEGUUNQWPCICOC
FG PIWNQU EQPUGIWKTP TGHNGLCTUG GP NC ECRC SWG TGEWDTG GN PENGQ 5QP
RTGEKUCOGPVGGUQUTC[QUSWGKPEKFGPGPWPEKGTVQTCPIQFGPIWNQUNQUSWG
KTPTGDQVCPFQCNQNCTIQFGNECDNGJCUVCNNGICTCUWFGUVKPQ#GUVGVKRQFG
RTQRCICEKP UG NG NNCOC OWNVKOQFCN 5K UG TGFWEG GN TCFKQ FGN PENGQ GN
TCPIQFGPIWNQUFKUOKPW[GJCUVCSWGUNQUGCRQUKDNGNCVTCPUOKUKPFGWP
TC[QGNTC[QCZKCN[CGUVGOVQFQFGVTCPUOKUKPUGNGNNCOCOQPQOQFCN
.QU KPEQPXGPKGPVGU FGN OQFQ OWNVKOQFCN GU SWG FGDKFQ C SWG

FGRGPFKGPFQCNPIWNQFGKPEKFGPEKCFGNQUTC[QUGUVQUVQOCTP ECOKPQU
FKHGTGPVGU[VCTFCTPOUQOGPQUVKGORQGPNNGICTCNFGUVKPQEQPNQSWGUG
RWGFG RTQFWEKT WPC FKUVQTUKP
TC[QU SWG UCNGP CPVGU RWGFGP NNGICT
FGURWUEQPNQSWGUGNKOKVCNCXGNQEKFCFFGVTCPUOKUKPRQUKDNG
*C[ WP VGTEGT OQFQ FG VTCPUOKUKP SWG GU WP RCUQ KPVGTOGFKQ GPVTG NQU
CPVGTKQTOGPVG EQOGPVCFQU [ SWG EQPUKUVG GP ECODKCT GN PFKEG FG
TGHTCEEKP FGN PENGQ # GUVG OQFQ UG NG NNCOC OWNVKOQFQ FG PFKEG
ITCFWCN
.QU GOKUQTGU FG NW\ WVKNK\CFQU UQP .'&

&KQFQ GNGEVTQ NWOKPGUEGPVG FG
DCLQEQUVGEQPWVKNK\CEKPGPWPCORNKQTCPIQFGVGORGTCVWTCU[EQPNCTIC
XKFC OGFKC [ +.&
&KQFQ KPHTCTQLQ OU ECTQ RGTQ OU GHKEC\ [ RGTOKVG
WPCOC[QTXGNQEKFCFFGVTCPUOKUKP
'56#0&#4'5
'PGNRCUCFQECFCVGEPQNQICGTCRTQRKGVCTKQFGGNNCOKUOC[GTCKPEQORCVKDNGU
EQPQVTCUVGEPQNQICU
#05+
#OGTKECP0CVKQPCN5VCPFCTFU+PUVKVWVG

&GUCTTQNNCGUVPFCTGUFGRTQVQEQNQUGURGEHKEQU
(&&+62 2&/FGHKPG NCCRNKECEKPFGNCVGEPQNQIC(&&+UQDTGECDNGU FG

RCTVTGP\CFQU
#6/(QTWO
x
x
'UVGGUVPFCTFGHKPKTEQOQKORNGOGPVCT#6/UQDTGECDNGCFQFGECVGIQTC
[FGHKDTCURVKECU
#6/ GU WPC VGEPQNQIC SWG RWGFG VTCPURQTVCT XQ\ FRNGZ XKFGQ [ NC
OC[QTCFGNQUVKRQUFGVTHKEQUFGFCVQUUKOWNVPGCOGPVGUQDTGGPNCEGUFG
ITCPCPEJQFGDCPFC
'+#6+#
'NGEVTQPKEU +PFWUVTKGU #UUQEKCVKQP6GNGEQOWPKECVKQPU +PFWUVTKGU
#UUQEKCVKQP
014/#5
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#OGTKECP0CVKQPCN5VCPFCTFU+PUVKVWVG
.C PQTOC EGPVTCN SWG GURGEKHKEC WP IPGTQ FG UKUVGOC FG ECDNGCFQ RCTC
VGNGEQOWPKECEKQPGUSWGUQRQTVGWPCODKGPVGOWNVKRTQFWEVQ[OWNVKRTQXGGFQT
GU
C #05+6+#'+## 0QTOC RCTC EQPUVTWEEKP EQOGTEKCN FG ECDNGCFQ

FG VGNGEQOWPKECEKQPGU 'UVC PQTOC HWG FGUCTTQNNCFC [ CRTQDCFC RQT
EQOKVU FGN +PUVKVWVQ 0CEKQPCN #OGTKECPQ FG 0QTOCU
#05+ NC
#UQEKCEKP FG NC+PFWUVTKCFG6GNGEQOWPKECEKQPGU
6+#[NC#UQEKCEKP
FGNC+PFWUVTKC'NGEVTPKEC
'+#VQFQUFGNQU'7#'UVQUEQOKVUGUVP
EQORWGUVQU RQT TGRTGUGPVCPVGU FG XCTKQU HCDTKECPVGU FKUVTKDWKFQTGU [
EQPUWOKFQTGU FG NC KPFWUVTKC FG TGFGU .C PQTOC GUVCDNGEG ETKVGTKQU
VEPKEQU [ FG TGPFKOKGPVQ RCTC FKXGTUQU EQORQPGPVGU [EQPHKIWTCEKQPGU
FGUKUVGOCU
'P UW NVKOC XGTUKP JCP UKFQ KPENWFCU PWGXCU GURGEKHKECEKQPGU RCTC NC
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FGKPITGUQFGCIWCUGFGDGRTQRQTEKQPCTFTGPCLGFGRKUQ&GJCDGT
TGICFGTCUEQPVTCKPEGPFKQUGFGDGKPUVCNCTWPCECPQC RCTCFTGPCTWP
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OGVTQU FGNRKUQVGTOKPCFQ .CURCTGFGUFGDGPGUVCTRKPVCFCUGP
WPEQNQTENCTQRCTCOGLQTCTNCKNWOKPCEKP5GTGEQOKGPFCGNWUQFG
NWEGUFGGOGTIGPEKC
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RQUKDNGFGNEGPVTQFGNTGCCUGTXKT

216'0%+#
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VQOCEQTTKGPVGURQFTCPGUVCTFKURWGUVQUCOGVTQUFGFKUVCPEKCWPQ
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CEVKXCEKPCWVQOVKEC'POWEJQUECUQUGUFGUGCDNGKPUVCNCTWPRCPGN
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CNKOGPVCEKP GURGEHKEC FG NQU FKURQUKVKXQU GNGEVTPKEQU UG RQFT
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CPFGPGU
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CEOUFGNPKXGNFGNRKUQ[FKURWGUVQUGPKPVGTXCNQUFGOGVTQU
CNTGFGFQTFGNRGTOGVTQFGNCURCTGFGU
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C VKGTTC SWG C UW XG\ FGDG GUVCT EQPGEVCFC OGFKCPVG WP ECDNG FG
OPKOQ #9) EQPCKUNCOKGPVQXGTFGCNUKUVGOCFGRWGUVCCVKGTTC
FG VGNGEQOWPKECEKQPGU UGIP NCU GURGEKHKECEKQPGU FG #05+6+#'+#

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5GFGDGOCPVGPGTGNEWCTVQFGVGNGEQOWPKECEKQPGUEQPNNCXGGPVQFQ
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4'37+5+615&'6#/#1
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GSWKRQ RQT RKUQ [ RQT TGCU SWG PQ GZEGFCP NQU OGVTQU
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OC[QTCOOGPQTCOOZO
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RCTVGUGZRWGUVCUUKPCKUNCOKGPVQ
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GURGEKHKECEKQPGUFG#05+'+#.CVQTPKNNGTCFGDGUGTOVTKEC/
5GTGEQOKGPFCFGLCTWPGURCEKQNKDTGFGEOGPNCUGUSWKPCU
2#4'&'5
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FGDGPUGTUWHKEKGPVGOGPVGTIKFCURCTCUQRQTVCTGSWKRQ.CURCTGFGU
FGDGPUGTRKPVCFCUEQPRKPVWTCTGUKUVGPVGCNHWGIQNCXCDNGOCVG[FG
EQNQTENCTQ
%7#461&''37+215

'N EWCTVQ FG GSWKRQU GU WP GURCEKQ EGPVTCNK\CFQ RCTC NQU GSWKRQU FG
VGNGEQOWPKECEKQPGU
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NQU QEWRCPVGU FGN GFKHKEKQ 'UVG EWCTVQ PKECOGPVG FGDG IWCTFCT GSWKRQU
FKTGEVCOGPVG TGNCEKQPCFQU EQP GN UKUVGOC FG VGNGEQOWPKECEKQPGU [ UWU
UKUVGOCUFGUQRQTVG.CPQTOCSWGGUVCPFCTK\CGUVGUWDUKUVGOCGUNC'+#6+#

5G FGDGP VGPGT GP EWGPVC NCU UKIWKGPVGU EQPUKFGTCEKQPGU CN OQOGPVQ FG
FKUGCTGNEWCTVQFGGSWKRQU
5GNGEEKPFGN5KVKQ
%WCPFQUGUGNGEEKQPGGNEWCTVQFGGSWKRQUUGFGDGPGXKVCTUKVKQUSWG
GUVP TGUVTKPIKFQU RQT EQORQPGPVGU FGN GFKHKEKQ SWG NKOKVGP NC
GZRCPUKPVCNGUEQOQGNGXCFQTGUGUECNGTCUGVE'NEWCTVQFGDGVGPGT
CEEGUKDKNKFCF RCTC NC GPVTCFC FG ITCPFGU GSWKRQU [ GN CEEGUQ C GUVG
EWCTVQFGDGUGTTGUVTKPIKFQCRGTUQPCNPKECOGPVGCWVQTK\CFQ
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FKUVTKDWKFC [ EQPEGPVTCFC FG NQU GSWKRQU KPUVCNCFQU .C ECTIC
FKUVTKDWKFC FGDG UGT OC[QT C MRC
NDHHV [ NC ECTIC
EQPEGPVTCFC FGDG UGT OC[QT C M0
NDH UQDTG GN TGC FG
OC[QTEQPEGPVTCEKPFGGSWKRQU
'N EWCTVQFGGSWKRQUPQFGDGGUVCTNQECNK\CFQFGDCLQFGPKXGNGUFG
CIWC C OGPQU SWG OGFKFCU RTGXGPVKXCU UG JC[CP VQOCFQ GP EQPVTC
FGNCHKNVTCEKPFGCIWC7PFTGPCLGFGDGUGTEQNQECFQGPGNEWCTVQ
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GNGEVTQOCIPVKECUCWPCFKUVCPEKCSWGTGFW\ECNCKPVGTHGTGPEKCC
8O C VTCXU FGN GURGEVTQ FG HTGEWGPEKC 5G FGDG VGPGT GURGEKCN
CVGPEKP EQP VTCPUHQTOCFQTGU GNEVTKEQU OQVQTGU IGPGTCFQTGU
GSWKRQU FG 4C[QU : 4CFKQU Q 4CFCTGU FG 6TCPUOKUKP 'U FGUGCDNG
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6COCQ
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NQUTGSWGTKOKGPVQUFGNQUGSWKRQU2CTCFGHKPKTGNVCOCQFGDGVGPGT
GP EWGPVC VCPVQ NQU TGSWGTKOKGPVQU CEVWCNGU EQOQ NQU RTQ[GEVQU
HWVWTQU

%WCPFQ NCU GURGEKHKECEKQPGU FG VCOCQ FG NQU GSWKRQU PQ UQP
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RQTECFC OFGWPCGUVCEKPFGVTCDCLQ'NEWCTVQFGGSWKRQU
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POGTQ FG GUVCEKQPGU FG VTCDCLQ GN VCOCQ FGN EWCTVQ FGDG UGT
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TGCGPO

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RRO
RRO
RRO
WIOJ
WIOJ
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UW ECLCRCTCGXKVCTSWGUGXC[CPCCEVKXCTCEEKFGPVCNOGPVG 5GFGDG

EQNQECT WP FTGPCLG FGDCLQ FG NQU FGVGEVQTGU FG JWOQ RCTC GXKVCT
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5VCPF#NQPGFGDG UGTKPUVCNCFC
RCTCGNEWCTVQFGGSWKRQU
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TCPIQUFG%Cm%EQPWPCJWOGFCFFGNCN'SWKRQU
FG JWOGFKHKECEKP [ FGUJWOGFKHKECEKP RWGFGP UGT TGSWGTKFQU
FGRGPFKGPFQFGNCUEQPFKEKQPGUCODKGPVCNGUFGNNWICT
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FKUVCPEKCFGOGVTQUUQDTGGNPKXGNFGNRKUQ[FGURWUFGSWGNQU
GSWKRQUGUVPGPQRGTCEKP
5K UG WVKNK\CP DCVGTCU RCTC DCEMWR UG FGDGP KPUVCNCT GSWKRQU
CFGEWCFQUFGXGPVKNCEKP
#ECDCFQU+PVGTKQTGU
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RQNXQ.QUCECDCFQUFGDGPUGTFGEQNQTGUNWOKPQUQURCTCCWOGPVCT
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CPVKGUVVKECU
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UQDTGGNRKUQGPWPNWICTNKDTGFGGSWKRQU.CKNWOKPCEKPFGDGUGT
EQPVTQNCFCRQTWPQQOUUYKVEJGUNQECNK\CFQUEGTECFGNCRWGTVCFG
GPVTCFCCNEWCTVQ
'PGTIC
5GFGDGKPUVCNCTWPEKTEWKVQUGRCTCFQRCTCUWRNKTFGGPGTICCNEWCTVQ
FGGSWKRQU[FGDGVGTOKPCTGPUWRTQRKQRCPGNGNEVTKEQ.CGPGTIC
GNEVTKECSWGNNGIWGCNEWCTVQPQUGGURGEKHKEC[CSWGFGRGPFGFGNQU
GSWKRQUKPUVCNCFQU
2WGTVC
.CRWGTVCFGDGVGPGTWPOPKOQFGOKNOGVTQUFGCPEJQ[
OKNOGVTQUFGCNVQ[EQPVGPGTWPCEGTTCFWTC5KUGGUVKOCSWGXCPC

NNGICT GSWKRQU OW[ ITCPFGU UG FGDG KPUVCNCT WPC RWGTVC FQDNG FG
OKNOGVTQUFGCPEJQRQTOKNOGVTQUFGCNVQ
2QNQC6KGTTC
5G FGDG KPUVCNCT WP EQPFWEVQ FG FGUFG GN EWCTVQ FG GSWKRQU
JCUVCGNGEVTQFQCVKGTTCFGNGFKHKEKQ
'ZVKPIWKFQTGUFG(WGIQ
5G FGDGP RTQXGGT GZVKPIWKFQTGU FG HWGIQ RQTVVKNGU [ JCEGTNGU

OCPVGPKOKGPVQRGTKFKECOGPVG'UVQUFGDGPUGTKPUVCNCFQUVCPEGTEC
CNCRWGTVCEQOQUGCRQUKDNG
%7#461&''064#&#&'5'48+%+15
.CGPVTCFCFGUGTXKEKQU RTQXGGGNRWPVQGPGNEWCNGNECDNGCFQGZVGTPQUG
WPG EQP GN ECDNGCFQ XGTVKECN
$CEMDQPG KPVGTPQ FGN GFKHKEKQ .QU
TGSWGTKOKGPVQU HUKEQU FG FKEJC KPVGTHCEG GUVP FGHKPKFQU GP NC PQTOC
'+#6+#
'UVGEQPUKUVGGPWPCGPVTCFCFGUGTXKEKQUFGVGNGEQOWPKECEKQPGUCNGFKHKEKQ
NC EWCN KPENW[G GN RWPVQ FG GPVTCFC C VTCXU FG NC RCTGF FGN GFKHKEKQ [
EQPVKPWCPFQ CN EWCTVQ Q TGC FG GPVTCFC .C GPVTCFC CN GFKHKEKQ FGDG
EQPVGPGTNCTWVCFGN$CEMDQPGSWGKPVGTEQPGEVCEQPNQUQVTQUGFKHKEKQUFGN
ECORWU'PECUQFGWPCEQOWPKECEKPCVTCXUFGWPCCPVGPCUVCVCODKP
RGTVGPGEGCNCGPVTCFCCNGFKHKEKQ


3
3QQ``ddee\\__ 99FF** 3
3QQRR\\UUQQTT__ UUccddbbeeSSddeebbQQTT__ UU^^ bbUUTTUUcc TTUU VVYYRRbbQQ ``ddYYSSQQ
(+$4#26+%#
#PVGEGFGPVGU[5KVWCEKP#EVWCN
'P RQEQ OU FG FKG\ CQU NC HKDTC RVKEC UG JC EQPXGTVKFQ GP WPC FG NCU
VGEPQNQICU OU CXCP\CFCU SWG UG WVKNK\CP EQOQ OGFKQ FG VTCPUOKUKP FG
KPHQTOCEKP 'UVG OCVGTKCN XKPQ C TGXQNWEKQPCT NQU RTQEGUQU FG NCU
VGNGEQOWPKECEKQPGUGPVQFQUNQUUGPVKFQUFGUFGNQITCTWPCOC[QTXGNQEKFCF
GP NC VTCPUOKUKP [ FKUOKPWKT ECUK GP UW VQVCNKFCF NQU TWKFQU [ NCU
KPVGTHGTGPEKCU JCUVC OWNVKRNKECT NCU HQTOCU FG GPXQ [ TGEGREKP GP NCU
EQOWPKECEKQPGURQTXCVGNGHPKEC
.CUHKDTCURVKECUUQPHKNCOGPVQUFGXKFTKQFGCNVCRWTG\CGZVTGOCFCOGPVG
EQORCEVQU GN ITQUQT FG WPC HKDTC GU UKOKNCT C NC FG WP ECDGNNQ JWOCPQ
(CDTKECFCU C CNVCU VGORGTCVWTCU EQP DCUG GP UKNKEKQ UW RTQEGUQ FG
GNCDQTCEKPGU EQPVTQNCFQRQTOGFKQFGEQORWVCFQTCURCTCRGTOKVKTSWGGN
PFKEGFGTGHTCEEKPFGUWPENGQSWGGUNCIWCFGNCQPFCNWOKPQUCUGC
WPKHQTOG [ GXKVG NCU FGUXKCEKQPGU 'PVTG UWU RTKPEKRCNGU ECTCEVGTUVKECU UG
RWGFGOGPEKQPCTSWGUQPEQORCEVCUNKIGTCUEQPDCLCURTFKFCUFGUGCN
CORNKCECRCEKFCFFGVTCPUOKUKP[WPCNVQITCFQFGEQPHKCDKNKFCFFGDKFQC
SWGUQPKPOWPGUCNCUKPVGTHGTGPEKCUGNGEVTQOCIPVKECUFGTCFKQHTGEWGPEKC
.CU HKDTCURVKECUPQEQPFWEGPUGCNGU GNEVTKECURQTNQVCPVQUQPKFGCNGU
RCTCKPEQTRQTCTUGGPECDNGUUKPPKPIP EQORQPGPVGEQPFWEVKXQ[RWGFGP
WUCTUGGPEQPFKEKQPGURGNKITQUCUFGCNVCVGPUKP
6KGPGP NC ECRCEKFCF FG VQNGTCT CNVCU FKHGTGPEKCU FG RQVGPEKCN UKP PKPIP
EKTEWKVQ CFKEKQPCN FG RTQVGEEKP [ PQ JC[ RTQDNGOCU FGDKFQ CNQU EQTVQU
EKTEWKVQU 6KGPGP WP ITCP CPEJQ FG DCPFC SWG RWGFG UGT WVKNK\CFQ RCTC
KPETGOGPVCTNCECRCEKFCFFGVTCPUOKUKPEQPGNHKPFGTGFWEKTGNEQUVQRQT
ECPCN&GGUVCHQTOCGUEQPUKFGTCDNGGNCJQTTQGPXQNWOGPGPTGNCEKPEQP
NQUECDNGUFGEQDTG
%QP WPECDNGFGUGKUHKDTCUUGRWGFGVTCPURQTVCTNCUGCNFGOUFGEKPEQ
OKNECPCNGUQNPGCURTKPEKRCNGUOKGPVTCUSWGUGTGSWKGTGFGFKG\OKNRCTGU
FGECDNGFGEQDTGEQPXGPEKQPCNRCTCDTKPFCTUGTXKEKQCGUGOKUOQPOGTQ
FG WUWCTKQU EQP NC FGUXGPVCLC FG SWG GUVG NVKOQ OGFKQ QEWRC WP ITCP
GURCEKQGPNQUFWEVQU[TGSWKGTGFGITCPFGUXQNOGPGUFGOCVGTKCNNQEWCN
VCODKPGNGXCNQUEQUVQU

1TKIKPCNOGPVG NC HKDTC RVKEC HWG RTQRWGUVC EQOQ OGFKQ FG VTCPUOKUKP
FGDKFQ C UW GPQTOG CPEJQ FG DCPFC UKP GODCTIQ EQP GN VKGORQ UG JC
RNCPVGCFQ RCTC WP CORNKQ TCPIQ FG CRNKECEKQPGU CFGOU FG NC VGNGHQPC
CWVQOCVK\CEKPKPFWUVTKCNEQORWVCEKPUKUVGOCUFGVGNGXKUKPRQTECDNG[
VTCPUOKUKPFGKOIGPGUCUVTQPOKECUFGCNVCTGUQNWEKPGPVTGQVTQU
'P WP UKUVGOC FG VTCPUOKUKP RQT HKDTC RVKEC GZKUVG WP VTCPUOKUQT SWG UG
GPECTICFGVTCPUHQTOCTNCUQPFCUGNGEVTQOCIPVKECUGPGPGTICRVKECQGP
NWOKPQUCRQTGNNQUGNGEQPUKFGTCGNEQORQPGPVGCEVKXQFGGUVGRTQEGUQ
7PCXG\SWGGUVTCPUOKVKFCNCUGCNNWOKPQUCRQTNCUOKPUEWNCUHKDTCUGP
GNQVTQGZVTGOQFGNEKTEWKVQUGGPEWGPVTCWPVGTEGTEQORQPGPVGCNSWGUGNG
FGPQOKPCFGVGEVQTRVKEQQTGEGRVQTEW[COKUKPEQPUKUVGGPVTCPUHQTOCTNC
UGCN NWOKPQUC GP GPGTIC GNGEVTQOCIPVKEC UKOKNCT C NC UGCN QTKIKPCN 'N
UKUVGOC DUKEQ FG VTCPUOKUKP UG EQORQPG GP GUVG QTFGP FG UGCN FG
GPVTCFCCORNKHKECFQTHWGPVGFGNW\EQTTGEVQTRVKEQNPGCFGHKDTCRVKEC

RTKOGTVTCOQGORCNOGNPGCFGHKDTCRVKEC
UGIWPFQVTCOQEQTTGEVQT
RVKEQTGEGRVQTCORNKHKECFQT[UGCNFG UCNKFC
'PTGUWOGPUGRWGFGFGEKTSWGGPGUVGRTQEGUQFGEQOWPKECEKPNCHKDTC
RVKEC HWPEKQPC EQOQ OGFKQ FG VTCPURQTVCEKP FG NC UGCN NWOKPQUC
IGPGTCFQRQTGNVTCPUOKUQTFG.'&
FKQFQUGOKUQTGUFGNW\[NUGT
.QUFKQFQUGOKUQTGUFGNW\[NQUFKQFQUNUGTUQPHWGPVGUCFGEWCFCURCTCNC
VTCPUOKUKP OGFKCPVG HKDTC RVKEC FGDKFQ C SWG UW UCNKFC UG RWGFG
EQPVTQNCT TRKFCOGPVG RQT OGFKQ FG WPC EQTTKGPVG FG RQNCTK\CEKP
#FGOUUWRGSWGQVCOCQ UWNWOKPQUKFCFNQPIKVWFFGQPFC[GNDCLQ
XQNVCLGPGEGUCTKQRCTCOCPGLCTNQUUQPECTCEVGTUVKECUOW[CVTCEVKXCU
*+5614+#&'.#(+$4#26+%#
'P WP HUKEQ KTNCPFU ,QJP 6KPFCNN OQUVT SWG NC NW\ SWG UG
RTQRCICGPWPOGFKQEQPCNVQPFKEGFGTGHTCEEKPPQRWGFGRGPGVTCTGP

WP OGFKQ SWG VKGPG WP PFKEG OU DCLQ EWCPFQ GUVC NW\ NNGIC EQP WP
PIWNQUWHKEKGPVGOGPVGRGSWGQ
'UVGRTKPEKRKQEQPQEKFQEQPGNPQODTGFGTGHNGZKPVQVCNKPVGTPCGUNCDCUG
FGN HWPEKQPCOKGPVQ FG WPC HKDTC RVKEC [C SWG RGTOKVG EQPHKPCT NC NW\ CN
OGFKQ FG OU CNVQ PFKEG 5KP GODCTIQ PQ HWG UKPQ JCUVC SWG GN
KPINU ,.$#+4& [ GN COGTKECPQ %9 *CPUGNN CN TGIKUVTCT UWU RCVGPVGU
FKGTQPNCRQUKDKNKFCFFGVTCPUOKVKTKOIGPGUGORNGCPFQHKDTCUFGUKNKEKQ
/U VCTFG NCU HKDTCU FG RNUVKEQ UG WVKNK\CTQP GP OGFKEKPC RCTC CNWODTCT
NWICTGU FG FKHEKN CEEGUQ UKP GODCTIQ GUVCU HKDTCU GTCP RQEQ GHKECEGU
)TCEKCU C NQU VTCDCLQU FG #%5 8CP *GGN [ FG 05 -CRCP[ C HKPGU FG NC
FECFCFGNCKPVTQFWEEKPFGNCHKDTCFGWPCEWDKGTVCRTQVGEVQTCFG
OGPQT PFKEG [ NC WVKNK\CEKP FG JCEGU FG HKDTCU RGTOKVKGTQP SWG UVC
VGEPQNQICGXQNWEKQPCTC[NNGICTCCCRNKECTUGUQDTGVQFQGPGNECORQFGNC
OGFKEKPC .C GPFQUEQRKC HWG GN DGPGHKEKQ OU ITCPFG SWG UG QDVWXQ FG
GUVQURTQITGUQU
0QHWGUKPQJCUVCGNCQFGSWGITCEKCUCWPCRWDNKECEKPEKGPVHKEC
FG-%-CQ[)<*QEMJOCPSWGUGEQPUKFGTUGTKCOGPVGNCRQUKDKNKFCF
FGWVKNK\CTHKDTCUEQOQECPCNFGVTCPUOKUKPGPNCUVGNGEQOWPKECEKQPGU5KP
GODCTIQ GUVC WVKNK\CEKP PGEGUKVCDC GN NQITQ FG RTQITGUQU VGEPQNIKEQU
VCPVQCPKXGNFGNCUHKDTCUEQOQFGNCUHWGPVGUFGNW\
..')#&#&'..#5'4
.CRTKOGTCHWGPVGEQJGTGPVGFGNW\UGKPXGPVCRTKPEKRKQUFGNCFECFCFG
'UVCHWGGNNUGTGNKPXGPVQVWXQGNOTKVQFGTGXKXKTNCKFGCFGWVKNK\CT
NCNW\RCTCVTCPURQTVCTNCKPHQTOCEKP
5KPGODCTIQNQURTKOGTQUTC[QUNUGTFGICUGTCPFGOCUKCFQUXQNWOKPQUQU
EQOQRCTCWVKNK\CTNQUHEKNOGPVGGPNCUVGNGEQOWPKECEKQPGUOGFKCPVGHKDTC
RVKEC
.C KPXGPEKP FGN NUGT [ FGN FKQFQ UGOKEQPFWEVQT GNGEVTQNWOKPGUEGPVG FG
RGSWGCUFKOGPUKQPGURGTOKVKEQPUKFGTCTGNHWVWTQEQPQRVKOKUOQ#PVGU
FG GUVCU HWGPVGU UGOKEQPFWEVQTCU RTGUGPVCDCP OC[QTGU
KPEQPXGPKGPVGU2QTWPCRCTVGUWXKFCGTCEQTVC[RQTNCQVTCEQOQGUVCDCP
JGEJCU FG CTUGPKWTQ FG ICNKQ NC GOKUKP GTC FG zO SWG GU WPC
NQPIKVWFFGQPFCGPNCSWGNCUHKDTCUUQPRQEQVTCPURCTGPVGU
'NFGUCTTQNNQFGURWUFGFGHWGPVGUSWGWVKNK\CDCPUGOKEQPFWEVQTGU
FGCTUGPKWTQFGICNKQ[FGCNWOKPKQSWGGOKVCPGPVTG[zO
RCTC
GUVCU NQPIKVWFGU FG QPFC NCU HKDTC GU VTCPURCTGPVG RTQFWLQ ITCPFGU
GURGTCP\CU'UVCUHWGPVGUUGRGTHGEEKQPCTQPCVCNITCFQSWGUWXKFCRCUFG

FQUJQTCUCWPOKNNPFGJQTCU
&WTCPVGGUVGVKGORQNCVGEPQNQIC
FGNCUHKDTCUGZRGTKOGPVWPRTQITGUQEQPUKFGTCDNG
.CJKUVQTKCFGNCEQOWPKECEKPRQTOGFKQFGHKDTCURVKECUGUTGNCVKXCOGPVG
EQTVC 'P UG KPUVCN WP UKUVGOC FG RTWGDC GP +PINCVGTTC FQU CQU
FGURWU UG RTQFWECP [C ECPVKFCFGU KORQTVCPVGU FG RGFKFQU FG GUVG
OCVGTKCN
#PVGU GP EQOQ TGUWNVCFQ FG NQU GUVWFKQU GP HUKEC GPHQECFQU C NC
RVKECUGFGUEWDTKWPCPWGXCWVKNK\CEKPFGNCNW\CNCSWGUGFGPQOKP
TC[QNUGTGNEWCNHWGCRNKECFQCNCUVGNGEQOWPKECEKQPGUEQPGNHKPFGSWG
NQU OGPUCLGU UG VTCPUOKVKGTCP C XGNQEKFCFGU KPWUKVCFCU [ EQP CORNKC
EQDGTVWTC
0Q QDUVCPVG GUVC WVKNK\CEKP FGN NUGT GTC OW[ NKOKVCFC FGDKFQ C SWG PQ
GZKUVCP NQU EQPFWEVQU [ ECPCNGU CFGEWCFQU RCTC JCEGT XKCLCT NCU QPFCU
GNGEVTQOCIPVKECU RTQXQECFCU RQT NC NNWXKC FG HQVQPGU QTKIKPCFQU GP NC
HWGPVGFGPQOKPCFCNUGT
(WG GPVQPEGU EWCPFQ NQU EKGPVHKEQU [ VEPKEQU GURGEKCNK\CFQU GP RVKEC

FKTKIKGTQPUWUGUHWGT\QUCNCRTQFWEEKPFGWPFWEVQQECPCNEQPQEKFQJQ[
EQOQNCHKDTCRVKEC'PUWTIKNCRTQRWGUVCFGWVKNK\CTWPCIWCRVKEC
RCTCNCEQOWPKECEKP
'UVCHQTOCFGWUCTNCNW\ EQOQRQTVCFQTCFGKPHQTOCEKPUGRWGFGGZRNKECT
FGNCUKIWKGPVGOCPGTCUGVTCVCGPTGCNKFCFFGWPCQPFCGNGEVTQOCIPVKEC
FGNCOKUOCPCVWTCNG\CSWGNCUQPFCUFGTCFKQEQPNCPKECFKHGTGPEKCFG
SWG NC NQPIKVWF FG NCU QPFCU GU FGN QTFGP FG OKETOGVTQU GP NWICT FG
OGVTQUQEGPVOGVTQU
%QORCTCFQ EQP GN UKUVGOC EQPXGPEKQPCN FG ECDNGU FG EQDTG FQPFG NC
CVGPWCEKP FG UWU UGCNGU
FGETGOGPVQ Q TGFWEEKP FG NC QPFC Q
HTGEWGPEKC GU FG VCN OCIPKVWF SWG TGSWKGTGP FG TGRGVKFQTGU ECFC FQU
MKNOGVTQURCTCRQFGTTGIGPGTCTNCVTCPUOKUKP'PGNUKUVGOCFGHKDTCRVKEC
UGRWGFGPKPUVCNCTVTCOQUJCUVCFG-KNOGVTQUUKPSWGJC[CPGEGUKFCF
FG TGEWTTKT C TGRGVKFQTGU NQ SWG VCODKP JCEG OU GEQPOKEQ [ FG HEKN
OCPVGPKOKGPVQGUVGOCVGTKCN
%#0#.'5%.5+%15&' 64#05/+5+0
1PFCUJGTV\KCPCU
.CUQPFCUGNGEVTQOCIPVKECUUGRWGFGPWVKNK\CTRCTCVTCPUOKVKTKPHQTOCEKP
C GUVG VKRQ FG VTCPUOKUKP UG NG NNCOC TCFKQFKHWUKP %WCPFQ NCU QPFCU
GNGEVTQOCIPVKECU UG WVKNK\CP EQOQ ECPCN FG VTCPUOKUKP FG KPHQTOCEKP

TGEKDGPGNPQODTGFGTCFKQGNEVTKECUWQPFCUJGTV\KCPCU.CKPHQTOCEKPUG
KPVTQFWEGRQTOGFKQFGNCOQFWNCEKPFGNCQPFC.CUQPFCUJGTV\KCPCUUG
RTQFWEGPEWCPFQWPCEQTTKGPVGEQPWPCCORNKVWFUWHKEKGPVGEKTEWNCGPWPC
CPVGPCSWGVKGPGFKOGPUKQPGUKIWCNGUCNCNQPIKVWFFGQPFCFGNCQPFCSWG
UGVTCPUOKVKT
5GIP UGC NC CPVGPC SWG UG GUEQLC NC GPGTIC GP HQTOC FG QPFCU
GNGEVTQOCIPVKECURWGFGGOKVKTUGGPVQFCUFKTGEEKQPGUQGPWPCFKTGEEKP
GURGEKHKEC.CVTC[GEVQTKC[NCUFKUVCPEKCUTGEQTTKFCRQTNCUQPFCUJGTV\KCPCU
FGRGPFGPFGNCUEQPFKEKQPGUCVOQUHTKECU[FGNCHTGEWGPEKCFGNCUQPFCU
2CTC FGUETKDKT GUVCU KPHNWGPEKCU UG WVKNK\CTP NQU VTOKPQU SWG GP IGPGTCN
UKTXGPRCTCFGUKIPCTNCUDCPFCUFGNCTCFKQFKHWUKP
x $CPFCUFGHTGEWGPEKCUJGEVQOVTKECU
$JO[FGECOVTKECU
$FO
5QP NCU HTGEWGPEKCU SWG OU UG WVKNK\CP 6KGPGP NC ECTCEVGTUVKEC FG UGT
TGHNGLCFCURQTNCKQPQUHGTCSWGGUNCECRCFGRCTVEWNCUECTICFCU
KQPGU[
GNGEVTQPGUUKVWCFCGPNCCVOUHGTCVGTTGUVTGUWRGTKQT.CURCTVEWNCUSWG
EQORQPGP NC KQPQUHGTC UG RTQFWEGP RQT TCFKCEKQPGU FG CNVC GPGTIC
RTQEGFGPVGUFGNUQN5KWPCQPFCJGEVQOVTKECQFGECOVTKECGPEWGPVTC
GUVC ECRC TGVQTPCT TWODQ C NC VKGTTC FQPFG RQFT ECRVCTUG EQP WPC
CPVGPCTGEGRVQTC
'U CU SWG ITCEKCU C NC TGHNGZKP NCU QPFCU RWGFGP TGEQTTGT FKUVCPEKCU
GPQTOGU &GDKFQ C NC KPHNWGPEKC FGN UQN NC TGHNGZKP PQ GU GUVCDNG C NQ
NCTIQFGNVKGORQRCTCNCUQPFCUJGEVQOVTKECUNCTGHNGZKPGUECUKPWNC
FWTCPVG GN FC NQ SWG NKOKVC GN CNECPEG FG NC VTCPUOKUKP C CNIWPCU
EGPVGPCU FG MKNOGVTQU &WTCPVG NC PQEJG NC TGHNGZKP KQPQUHTKEC GU
OWEJQOGLQT[HCEKNKVCNCUVTCPUOKUKQPGUCVTCXUFGOKNGUFGMKNOGVTQU
CWPSWGNCUHTGEWGPEKCUWVKNK\CFCUPQC[WFCPCNCVTCPUOKUKPFGWPCITCP
ECPVKFCFFGKPHQTOCEKP
x $CPFCUFGHTGEWGPEKCOVTKEC
$O[FGEKOVTKEC
$FO
2CTC GUVCU HTGEWGPEKCU [C PQ JC[ TGHNGZKP KQPQUHTKEC .CU QPFCU UG
RTQRCICPGPNPGCTGEVCNCVTCPUOKUKPUNQRWGFGJCEGTUGUKPQJC[WP
QDUVEWNQ UQDTG NC VTC[GEVQTKC TGEVC GPVTG GN GOKUQT [ GN TGEGRVQT 'U GN
ECUQ FG NC VGNGXKUKP .C ECPVKFCF FG KPHQTOCEKP RWGFG UGT GNGXCFC
RGTQ GN CNECPEG FG NC VTCPUOKUKP GU NKOKVCFQ RQTSWG GN GOKUQT [ GN
TGEGRVQTFGDGPGUVCTGPNPGCFGXKUVC
x /KETQQPFCU
QPFCUEGPVKOVTKECU[OKNKOVTKECU
'PIGPGTCNUQPNCUDCPFCUFGHTGEWGPEKCUUWRGTKQTGUCWPIKICJGTV\.C
NQPIKVWFFGQPFCFKUOKPW[GEQPGNCWOGPVQFGHTGEWGPEKCNQSWGVKGPG
XGPVCLCU CWPSWG VCODKP KPEQPXGPKGPVGU .CU CPVGPCU RWGFGP UGT FG

OGPQTGUFKOGPUKQPGU#FGOUNCGOKUKPRWGFGUGTOW[ FKTGEVKXCNQ
SWG RGTOKVG EQPEGPVTCT GPGTIC GP WPC FKTGEEKP OGLQT FGHKPKFC [ FG
GUVCHQTOCCWOGPVCTGNCNECPEGFGNCVTCPUOKUKP[GXKVCTNCKPVGTHGTGPEKC
EQPQVTQUECPCNGUFGVTCPUOKUKP
5KNCHTGEWGPEKCGUOW[GNGXCFCNCECPVKFCFFGKPHQTOCEKPVTCPUOKVKFC
RWGFG NNGICT C UGT OW[ ITCPFG 5KP GODCTIQ UK NC NQPIKVWF FG QPFC
NCPFCHWGTCRGSWGCNCKPVGTCEEKPEQPQDLGVQUSWGVKGPGPFKOGPUKQPGU
FGNQTFGPFGNCPFC
FKHTCEEKPFKHWUKPUGTCOW[ITCPFG
2QT GUQ NCU IQVCU FG NNWXKC VKGPGP WP GHGEVQ OW[ PGICVKXQ GP NC
RTQRCICEKPFGNCUOKETQQPFCU#FGOUEQPGUVCUCNVCUHTGEWGPEKCUNCU
OQNEWNCU FG QZIGPQ [ FG CIWC EQPVGPKFCU GP GN CKTG CDUQTDGP NCU
QPFCU GNGEVTQOCIPVKECU NQ SWG NKOKVC GN CNECPEG FG NC VTCPUOKUKP C
CNIWPCUFGEGPCUFGMKNOGVTQU
'UVQUKPEQPXGPKGPVGUUGRWGFGPTGOGFKCTEQPNCC[WFCFGIWCUFGQPFCU
# NCU QPFCU UG NGU QDNKIC C RTQRCICTUG FGPVTQ FG WP VWDQ OGVNKEQ GP
FQPFG CXCP\CP RQT TGHNGZKP UQDTG NCU RCTGFGU &KEJQ VWDQ FGDG VGPGT
FKOGPUKQPGUFGNOKUOQQTFGPSWGNCUFGNCNQPIKVWFFGQPFC
5K UG EQPVTQNC NC CVOUHGTC FGPVTQ FG NC IWC RWGFG NQITCTUG SWG
FKUOKPW[CNCCDUQTEKPRQTQZIGPQNQSWGRGTOKVGCWOGPVCTGNCNECPEG
FG NC VTCPUOKUKP 5KP GODCTIQ GUVC CDUQTEKP FGRGPFG OWEJQ FG NC
ECNKFCFFGNCIWCFGQPFCRQTNQSWGGNEQUVQFGWPUKUVGOCUGOGLCPVG
GURTQJKDKVKXQRCTCNCUVTCPUOKUKQPGUFGITCPFGUFKUVCPEKCU
%CDNGUGNEVTKEQU
2CTC HTGEWGPEKCU KPHGTKQTGU C /*< UG RWGFGP WVKNK\CT ECDNGU RCTC
VTCPURQTVCTKPHQTOCEKPGPHQTOCFGUGCNGUGNEVTKECU
'NRTKOGTVKRQFGECDNGWVKNK\CFQGUGNECDNGFGCWFKQ'UVCEQPUVKVWKFQRQT
XCTKQU RCTGU FG JKNQU ECFC WPQ FG NQU EWCNGU RQUGG FQU EQPFWEVQTGU
TGVQTEKFQU FG EQDTG Q CNWOKPKQ TGEWDKGTVQU FG RQNKGVKNGPQ 'UVG ECDNG UG
GORNGCRTKPEKRCNOGPVGGPVGNGHQPC
.CCVGPWCEKPFGNCUGCNGNEVTKECXCTCGPHWPEKPFGNCTC\EWCFTCFCFG
NC HTGEWGPEKC 'UVQ UKIPKHKEC SWG NC CVGPWCEKP UG OWNVKRNKEC RQT FQU UK NC
HTGEWGPEKC UG OWNVKRNKEC RQT EWCVTQ 'P GN ECUQ FG WP RCT FG CWFKQ GUVC
CVGPWCEKP GU FGN QTFGP FG FGURWU FG -/ RCTC WPC UGCN FG
-*<
'UVC CVGPWCEKP GU KORQTVCPVG [C SWG NKOKVC NC HTGEWGPEKC OZKOC C
-*<CRTQZKOCFCOGPVGRQTNQSWGTGFWEGNCECPVKFCFFGKPHQTOCEKPSWG

UG RWGFG VTCPUOKVKT 'N ECDNG FG CWFKQ RTGUGPVC VCODKP QVTQU
KPEQPXGPKGPVGUGUPQVCDNGUWUGPUKDKNKFCFCNCUXCTKCEKQPGUFGVGORGTCVWTC
[ CN JGEJQ FG SWG WPC UGCN GNEVTKEC SWG EKTEWNC GP WP RCT KPFWEG WPC
UGCNRCTUKVCGPGNRCTXGEKPQ
FKCHQPC
'N UGIWPFQ VKRQ FG ECDNG GU GN ECDNG EQCZKCN 'UVC EQPUVKVWKFQ RQT FQU
EQPFWEVQTGU EQPEPVTKEQU SWG UG GPEWGPVTCP UGRCTCFQU RQT WP GURCEKQ
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.QU TC[QU TGHNGLCFQU [ TGHTCEVCFQU GUVP UKVWCFQU GP WP RNCPQ SWG
EQPVKGPGGNTC[QKPEKFGPVG[NCRGTRGPFKEWNCT
PQTOCNCNCUWRGTHKEKGFGN

OCVGTKCNFGTGHNGZKPQTGHTCEEKPUKGPFQGNPIWNQFGKPEKFGPEKCKIWCN
CNPIWNQFGTGHNGZKPQTKIKPCPFQNCUKIWKGPVGGEWCEKP
5GPQFGNPIWNQFGKPEKFGPEKCUGPQFGNPIWNQFGTGHTCEEKPPP
&QPFG P P GU WP POGTQ NNCOCFQ PFKEG FG TGHTCEEKP
XCNQT
EQPUVCPVG FGN UGIWPFQ OGFKQ EQP TGURGEVQ CN RTKOGTQ C VTCXU FG NQU
SWGRCUCGNTC[Q
.G[ FG 5PGNN 9KNNGDTQD 5PGNN HWG NC RGTUQPC SWG FGUEWDTK NC NG[
TGNCEKQPCFCEQPGUVQUHGPOGPQUGPGNCQ.QSWGNRTQRWUQ GU
WPCGEWCEKPSWGJCRGTOCPGEKFQXKIGPVGFWTCPVGEKGPVQUFGCQUSWG
GUKORQTVCPVGRCTCPWGUVTQEQPEGRVQFGEOQXKCLCPNQUTC[QUFGNW\C
NQNCTIQFGPWGUVTQVWDQNWOKPQUQ.CGZRTGUKPEQOPOGPVGWVKNK\CFC
FGGUVCNG[GUP UGPPUGP
.QEWCN FKEGUKORNGOGPVGSWGNCTGNCEKPFGNQUPFKEGUFGTGHTCEEKPGU
KIWCNCNCTGNCEKPFGNQUUGPQUFGNPIWNQFGKPEKFGPEKC[GNPIWNQFG
TGHTCEEKP7PTC[QFGNW\SWGXKCLCCVTCXUFGNCEWDKGTVC[SWGRGPGVTC
GPGNOCVGTKCNFGNPENGQFGNCHKDTCUGEWTXCGPWPPIWNQOGPQTSWGGN
FGKPEKFGPEKC1RQTFGEKTNQFGQVTCOCPGTCGNPIWNQFGKPEKFGPEKCGU
OC[QTSWGGNPIWNQFGTGHTCEEKP
#0%*1&'$#0&#
7PC FG NCU EQPUKFGTCEKQPGU OUKORQTVCPVGU GPNCWVKNK\CEKPFGHKDTCU

RVKECU[TC[QUFGNW\RCTCNCVTCPUOKUKPFGFCVQU[EQOWPKECEKQPGUGU
GN JGEJQ FG SWG NQU TC[QU NWOKPQUQU UQP RTEVKECOGPVG KPOWPGU C NCU
KPVGTHGTGPEKCU GNEVTKECU EWCPFQ UG GPXCP UQDTG WP ECOKPQ FG
VTCPUOKUKPFGHKDTCRVKEC
.CU TCFKCEKQPGU GNGEVTQOCIPVKECU EQOQ FGUECTICU GNEVTKECU TC[QU [

GHGEVQU FG FKCHQPC SWG CEVCP EQOQ HWGPVGU FG KPVGTHGTGPEKCU UQP
RTEVKECOGPVGGNKOKPCFQUGPWPUKUVGOCFGVTCPUOKUKPRQTHKDTCRVKEC
&GDGOQU VGPGT RTGUGPVG GN UKIPKHKECFQ FGN WUQ FG NC NW\ [ FG NCU
HTGEWGPEKCUNWOKPQUCUGPNCUEQOWPKECEKQPGU

5KEQPUKFGTCOQUGNJGEJQFGSWGRCTCNCVTCPUOKUKPFGKPHQTOCEKPGU
PGEGUCTKC WPC RGSWGC DCPFC FG HTGEWGPEKCU
SWK\U FGN QTFGP FG NQU
MKNQJGTV\KQU RGPUGOQU GPVQPEGU GP NC ECPVKFCF FG DCPFCU SWG RWGFG
EQPVGPGT NC TGIKP NWOKPQUC FGN GURGEVTQ FG HTGEWGPEKCU UKP SWG UG
KPVGTHKGTCPWPCUEQPQVTCU
#FGOU EQOQ NCU DCPFCU RWGFGP JCEGTUG OU CPEJCU GU RQUKDNG
VTCPUOKVKT KPHQTOCEKP C XGNQEKFCFGU OWEJQ OC[QTGU 2QFTCP NNGICT C
WUCTUGXGNQEKFCFGUFGNQTFGPFGNQUIKICJGTV\KQUGKPENWUQUWRGTKQTGU[
CPCUPQUSWGFCTCWPCPEJQFGDCPFCUWHKEKGPVGRCTCRQFGTOCPGLCT
WPITCPPOGTQFGECPCNGUUKOWNVPGCOGPVG
'P NQU UKUVGOCU FG HKDTC RVKEC RWGFGP GPXKCTUG FCVQU FKIKVCNGU [
CPCNIKEQU FG OCPGTC EQPLWPVC UKP PKPIP VKRQ FG RTQDNGOCU 'UVQ
UKIPKHKEC SWG NQU EQUVGU UQP OGPQTGU SWG EQP NQU ECDNGU FG EQDTG
VCODKP JC[ OGPQT FKCHQPC G KPVGTHGTGPEKCU 7PC OGPQT ECPVKFCF FG
ECDNGU UKIPKHKEC SWG ECUK KPGXKVCDNGOGPVG OU VCTFG Q OU VGORTCPQ
VQFQU NQU ECPCNGU FG EQOWPKECEKQPGU VGNGHPKECU WVKNK\CTP GUVG OGFKQ
RCTCNCVTCPUOKUKPFGFCVQUVGNHQPQVGNITCHQ[UGCNGUFGXFGQ
6GPFKFQ[WPKQPGU
'P NQU UKUVGOCU FG EQOWPKECEKQPGU RQT HKDTCU JC[ HCEVQTGU SWG NKOKVCP NC
XGNQEKFCF FG HWPEKQPCOKGPVQ [ NC FKUVCPEKC GPVTG NQU GSWKRQU VGTOKPCNGU
/WEJCU XGEGU NC NQPIKVWF FGN UKUVGOC GU UWRGTKQT C NC NQPIKVWF FG NCU
DQDKPCUFGECDNGUWOKPKUVTCFCURQTNQSWGJCDTSWGRTQEGFGTCNGORCNOG
FGNCUHKDTCU[UWUEWDKGTVCU
#FGOUNCWPKPGPVTGNQUECDNGUGZVGTKQTGU[NQUGSWKRQUVGTOKPCNGUQNQU
KPVGTOGFKQU FGDG JCEGTUG OGFKCPVG EQPGZKQPGU FGUOQPVCDNGU NNCOCFCU
EQPGEVQTGU 2QT WNVKOQ GN ECDNG UWHTKT FGHQTOCEKQPGU GP UW VGPFKFQ
OWEJCU FG NCU EWCNGU UGTP RGTOCPGPVGU [ VCODKP GUVCT UQOGVKFQ C NC
CEEKPFGNQUHCEVQTGUGZVGTPQU
'NCPNKUKUFGGUVGEQPLWPVQFGGXGPVQUEQPUVKVW[GWPCRCTVGKORQTVCPVGFG
NC VGEPQNQIC FG NCU HKDTCU RVKECU OQVKXQ RQTGNSWGEQPXKGPGEQPUKFGTCT
UGRCTCFCOGPVG
6EPKECUFGVGPFKFQ
6EPKECUFGGORCNOG
6EPKECUFGEQPGZKP

6GPFKFQFG%CDNGU
'P RTKPEKRKQ [ EQOQ GP EWCNSWKGT QVTQ VKRQ FG ECDNGU UG RWGFG
TGCNK\CT KPUVCNCEKQPGU CTGCU UWDVGTTPGCU [ UWDCEWVKECU 5KP
GODCTIQGZKIGPEKGTVQUEWKFCFQURCTVKEWNCTGUEQOQGXKVCTUQOGVGTNC
HKDTC C VGPUKQPGU GZEGUKXCU [ GORNGCT RTQEGFKOKGPVQU GURGEKCNGU FG
IWCU[EWTXCFQRCTCEQPUGIWKTGPNCUHKDTCUWPCUEQPFKEKQPGUHKPCNGU
VCPNKDTGUFGGUHWGT\QUEQOQUGCRQUKDNG
C6GPFKFQUUWDCEWVKEQU
.QUVTCOQUUWDCEWVKEQUFGKPUVCNCEKQPGUVGTTGPCUUGFGDGPKPUVCNCT
EQPRTGECWEKQPGUGURGEKCNGU

&KURQPKGPFQFGECDNGUGURGEKCNOGPVGFKUGCFQURCTCGUVGWUQ
&GRQUKVCPFQGNECDNGGPGNNGEJQFGOQFQSWGRGPGVTGGPGN
HQPFQNQSWGGPCNIWPQUECUQURWGFGEQPUGIWKTUGOGFKCPVGWP
CTCFQ
'XKVCPFQNQUGORCNOGUDCLQGNCIWC
.QUVGPFKFQUUWDOCTKPQUVKGPGPUWRTQRKCVEPKECUQNQCRNKECDNGC
GNNQU [ FGRGPFKGPVG FG NCU ECTCEVGTUVKECU GURGEKCNGU FGN HQPFQ
OCTKPQVCPVQGPNQTGNCVKXQCNCUECTCEVGTUVKECUOGEPKECUEQOQC
NC CITGUKXKFCF FGN OGFKQ FGVGTOKPCFC RQT UWU RTQRKGFCFGU
SWOKECU
D6GPFKFQU#TGQU
'PNCRTEVKECGNVGPFKFQCTGQJCFGOQUVTCFQUGTWPOVQFQOW[
TRKFQ [ GHGEVKXQ 'U CEQPUGLCDNG EQNQECT NQU ECDNGU EQP (KDTC
RVKECGPNCRQUKEKPOCUCNVCFGNRQUVG[CSWGUQRQTVCTOGLQTNC
RQUVGTKQTKPUVCNCEKPFGQVTQUECDNGU
'PGUVGVKRQFGVGPFKFQUGRTGUGPVCWPRGSWGQKPEQPXGPKGPVGGN
GUECUQ RGUQ FG WP ECDNG FG HKDTCU NQ JCEG OW[ UGPUKDNG C NQU
XKGPVQU NCVGTCNGU SWG FG VTCVCTUG FG WP ECDNG EQPXGPEKQPCN FG
EQDTGEQPEWDKGTVCFGRQNKGVKNGPQNQSWGRTQFWEKTCEQPUGIWTKFCF
ITKGVCU GP NCU HKDTC EQORTQOGVKGPFQ WP ITCP POGTQ FG
EQOWPKECEKQPGUQFGFCVQUGPEWCNSWKGTOQOGPVQ
%CDG NC UQNWEKP FG KPENWKT GP GN ECDNG GNGOGPVQU OGEPKEQU FG
TGHWGT\Q VCNGU EQOQ JKNCVWTCU FG CTCOKFC Q CNCODTG VTGP\CFQ FG
CEGTQ
ECDNG CWVQUQRQTVCFQ 1VTC UQNWEKP GORNGCFC GU NC FG
GUVTWEVWTCFGUWURGPUKPEQPVKPWCGPNCSWGGNECDNGXCCVCFQC
WP CNCODTG FG UWUVGPVCEKP RGTQ GUVC UQNWEKP GPECTGEG NC
KPUVCNCEKP[NGTGUVCRCTVGFGUWCVTCEVKXQ

E6GPFKFQUUWDVGTTPGQU
8CTKQU OVQFQU RWGFGP UGT WUCFQU RCTC NC KPUVCNCEKP FG ECDNGU
FKTGEVCOGPVGGPVGTTCFQUNCVEPKECFGCTCFQGNECXCFQFG\CPLCUEQP
OSWKPCU Q RQT OVQFQU OCPWCNGU NC EQNQECEKP FG CTVGUCU Q EQP
RGTHQTCFQTCU'NECDNGRWGFGKPENWKTWPCCTOCFWTCRCTCGXKVCTFCQU
RQTOQXKOKGPVQUFGVKGTTCGZECXCEKQPGUCVCSWGFGTQGFQTGUGVE
5GEQNQECCNIWPCUXGEGUWPCEKPVCRNUVKECOGVCNK\CFCRCTCHCEKNKVCT
NCFGVGEEKPEQPWPNQECNK\CFQTFGOGVCNGU
.QUECDNGUGUVPFKUGCFQUGURGEKCNOGPVGGKPENW[GWPCCTOCFWTC
FG RTQVGEEKP EQPVTC HWGT\CU GZVGTKQTGU FG CVCSWG FG TQGFQTGU
RWGFGPUGTGPVGTTCFQUCOUKPRTQDNGOCCNIWPQ
.C KPUVCNCEKP FGRGPFG VCODKP FG NC EQPUKUVGPEKC HUKEC FGN

VGTTGPQ GP VCNGU ECUQU UG RWGFG OGPEKQPCT FG WP UVCPFCTF FG
KPUVCNCEKPNNGIPFQUGIGPGTCNOGPVGCKPUVCNCT-OFGECDNGRQT
FC %WCPFQ UG RTGUGPVCP QDUVTWEEKQPGU EQP VWDGTCU FG CIWC [
ECDNGU FG GPGTIC IGPGTCNOGPVG GU RQUKDNG OQFKHKECT GN VGPFKFQ
RCUCPFQRQTCDCLQFGNQDUVEWNQ
'ORCNOGUFGNQU%CDNGU
5GGPVKGPFGRQTGORCNOGNCWPKPRGTOCPGPVGFGFQUUGEEKQPGUFG
HKDTCRQTNQSWGUGFKUVKPIWKTFGNEQPGEVQTGPSWGNCWPKPSWGUG
EQPUKIWG CVTCXU FGGUVGGUFGUOQPVCDNGCWPSWGCXGEGUUGJCEGP
GORCNOGU FGUOQPVCDNGU
WPKQPGU C VQRG EQOQ GP GN ECUQ FG NQU
ECDNGUFGEKPVC
.CWPKPRQTGORCNOGGUPGEGUCTKCGPNCOC[QTCFGNQUECUQURQTNC
RTQRKCNQPIKVWFFGNCKPUVCNCEKPNCURTFKFCUQDVGPKFCUUQPWPHCEVQT
FG ITCP KPVGTU GP NQU UKUVGOCU FG VTCPUOKUKP RVKEC RWGUVQ SWG
RWGFGPEQPVTKDWKTFGOQFQEQPUKFGTCDNGCNDCNCPEGFGRGTFKFCUFGN
UKUVGOC
.C RTFKFC GP WPC EQPGZKP GSWKXCNG C WPC FKUOKPWEKP FG NC
NQPIKVWF OZKOC CFOKUKDNG FG NC UGEEKP FG OQFQ SWG FGDGP
QRVKOK\CTUG NQU OVQFQU FGWPKPHKLCQFGUOQPVCDNGFGHKDTCURCTC
SWGVCNGURTFKFCUUGCPOPKOCU
6EPKECUFG'ORCNOGFG(KDTCU
.CU WPKQPGU FG HKDTCU RQT GORCNOG UG RWGFGP GHGEVWCT HKDTC C HKDTC
GORCNOGUKORNGQGORCNOGUONVKRNGUUQNWEKPOURTEVKECGPGN
ECUQFGECDNGUFGITCPPWOGTQFGEQPFWEVQTGU

'PEWCNSWKGTECUQNCUUQNWEKQPGURWGFGPUGT
'ORCNOGOGEPKEQ
'ORCNOGEQPRGICOGPVQU
'ORCNOGRQTHWUKP
'ORCNOG/GEPKEQ
6KRQ FG GORCNOG SWG CRTQXGEJC NC EKTEWPUVCPEKC FG NC OGPQT
UGPUKDKNKFCF FG NCU RTFKFCU RQT UGRCTCEKP FG GZVTGOQU GP NCU
HKDTCU HTGPVG C NC FGUXKCEKP CPIWNCT RQT NQ SWG UG VTCVCT FG
DWUECTHQTOCUFGWPKPSWGICTCPVKEGPGPNQRQUKDNGNCCNKPGCEKP
FGGLGU
5GJCPFGUCTTQNNCFQXCTKCUUQNWEKQPGUFGNCUSWGWPCGUNCTCPWTC
OWGNNG
URTKPITQQYG NCU FQU UGEEKQPGU FG HKDTC C GORCNOCT UG
GPHTGPVCP UQDTG NC IGPGTCVTK\ FG FQU EKNKPFTQU VCPIGPVGU SWG
EQPUVKVW[GPGNGNGOGPVQFGCNKPGCEKPGNFKOGVTQFGNQUEKNKPFTQU
GU VCNSWGGNDQTFGUWRGTKQTFGNCHKDTCGUVCCOC[QTCNVWTCSWGGN
FGNQUEKNKPFTQUNQSWGRGTOKVGWVKNK\CTWPGNGOGPVQGNUVKEQEQOQ
EKGTTGFGNEQPLWPVQ
4CPWTCOWGNNG
5RTKPITQQYG
'ORCNOGURQT2GICOGPVQ
.QU UKUVGOCU FG GORCNOG RQT RGICOGPVQ UQP TRKFQU RGTQ

RTGUGPVCPGNKPEQPXGPKGPVGFGNCFGIGPGTCEKPFGNCTGUKPCGRQZ[
RVKEC EQP GN VKGORQ CWPSWG GN KPETGOGPVQ FG RTFKFCU SWG
UWRQPG GUVC FGITCFCEKP GU FGN QTFGP FG F$ *C[ FQU
UKUVGOCU RCTC GHGEVWCTNQU NC TCPWTC 8ITQQYG [ GN UKUVGOC FG
OCPIWKVQ
.C XITQQYG EQPUKUVG GP WP RCT FG RNCECU TGEVCPIWNCTGU KIWCNGU
GPVTG EW[CU ECTCU GPHTGPVCFCU UG RTGUGPVCP FQU TCPWTCU GP 8

EWKFCFQUCOGPVGRWNKFCU.CUFKOGPUKQPGUFGNCU8UGTPVCNGUSWG
CNDGTIWGECFCWPCOGPQUFGOGFKCHKDTCEQPNQSWGUGCUGIWTCNC
RTGUKPUQDTGGUVCFGNCRNCECUWRGTKQT'NEQPLWPVQUGEKGTTCEQP
RKP\CUGNUVKECUFGCEGTQVTCUJCDGTRTQEGFKFQCNCCNKPGCEKPFG
NCUFQUUGEEKQPGUFGHKDTC[UWGORCNOGEQPTGUKPCRVKEC
'ORCNOGRQTRGICOGPVQA8 ITQQYG
'PGNUKUVGOCFGGORCNOGRQTOCPIWKVQWPCXG\RTGRCTCFQUNQU
GZVTGOQU FG NCU HKDTCU UG KPVTQFWEG WP GZVTGOQ GP GN OCPIWKVQ
EQNCRUPFQNQ VTOKECOGPVG EQP NQ SWG HQTOC WPC GURGEKG FG
EQPGEVQTGPEW[QKPVGTKQTUGXCCCNQLCTGNQVTQGZVTGOQ7PCXG\
KPVTQFWEKFQ [ GPHTGPVCFQEQP GN RTKOGTQ UG CCFG TGUKPC GRQZ[
RCTC HKLCTNQ CN OCPIWKVQ [ EGTTCT GN EQPLWPVQ 5G RWGFG QDVGPGT
RGTFKFCUFGF$
'ORCNOGRQTOCPIWKVQ
'ORCNOGURQT(WUKP
'N GORCNOG FG NCU HKDTCU WPC XG\ RCUCFCU NCU HCUGU RTGXKCU FG
EQTVGRGNCFQ[NKORKG\CFGNQUGZVTGOQUUGGHGEVCRQUKEKQPCPFQ
GUVQU GP OSWKPCU CFGEWCFCU RTQXKUVCU FG OKETQRQUKEKQPCFQTGU

UGIP NCU FKTGEEKQPGU FG NQU VTGU GLGU GP GN GURCEKQ NWGIQ UG
TGCNK\CWPCRTGHWUKPRCTCEQPUGIWKTGNTGFQPFGQFGNQUGZVTGOQU
CWPKTNWGIQWPCPWGXCFGUECTICFGOC[QTKPVGPUKFCFEQPNQSWG
UGHWPFGEQORNGVCOGPVGRTQEGFKGPFQCNCRTQVGEEKP[EKGTTGFGN
GORCNOGOGFKCPVGWPVWDQQWPOCPIWKVQRCTCJCEGTJGTOVKEQ
GNEKGTTG
'UVG UKUVGOC RTQRQTEKQPC NCU OGPQTGU RTFKFCU PQTOCNOGPVG
GPVTG [ F$ CWPSWG RQT UGIWTKFCF UG UWGNGP CFQRVCT
XCNQTGU FGN QTFGP FG F$ GP NQU ENEWNQU FG RTFKFCU FG NQU
GORCNOGU

%WCPFQGNPOGTQFGHKDTCUCWPKTGUOW[ITCPFGUGRWGFGCEWFKT
C NQU OWNVKEQPGEVQTGU RCTC GORCNOG ONVKRNG HQTOCFQ RQT FQU
OKVCFGU SWG UG GPUCODNCPOGFKCPVGWPCCDTC\CFGTCOGVNKECFG
RTGUKP

'NEQPLWPVQRTGUGPVCWPEQTVGVTCPUXGTUCNGPGNSWGCRCTGEGPWPQU
CNXQNQUSWGCNDGTICTCPCNCUHKDTCUCWPKT.CWPKPUGJCEGCVQRG
[UGEQORNGVCEQPTGUKPCRCTCCFCRVCTNQUPFKEGUFGTGHTCEEKP .C
RTFKFCOGFKCSWGUGQDVKGPGEQPWPOWNVKEQPGEVQTFGGUVGVKRQ
GUFGNQTFGPFGF$
%QPUKFGTCEKQPGURCTCNCGNGEEKPFGNOVQFQCRTQRKCFQ
5G FGDG VGPGT GP EWGPVC NCU UKIWKGPVGU EQPUKFGTCEKQPGU GP NC
GNGEEKPFGNOVQFQCRTQRKCFQ
C 'ORCNOG OCUKXQ
HKDTC C HKDTC Q CEVKXQ
HKDTC C GOKUQT Q
FGVGEVQT
D 'ORCNOGUKORNGQONVKRNG
E 'ORCNOGHKLQQFGUOQPVCDNG
F %QPFKEKQPGUFGVTCDCLQRCTCGNGORCNOGCEEGUQCHWGPVGU
FG GPGTIC EQORNGLKFCF FGN OVQFQ JGTTCOKGPVCU
PGEGUCTKCURCTCGHGEVWCTNQ ECRCEKVCEKPFGNRGTUQPCN
7PKPFGEWDKGTVCU
7PC WPKP FG ECDNGU TGSWKGTG EQPHKCDKNKFCF [TKIKFG\ CNCTIQRNC\Q

GSWKXCNGPVGU C NQU FGN ECDNG [ FGDG RGTOKVKT SWG UGC CDKGTVC
PWGXCOGPVG[TGGORCNOCFCEQPUKFGTCPFQWPCHCNNCQECODKQUGPNC
WPKP5GJCPRTQRWGUVQ[RWGUVQGPWUQRTCEVKEQCNIWPQU OVQFQU
EQPUKFGTCPFQWPKQPGUFGECDNGUEQPEWDKGTVCFGRNUVKEQ
'NFGNCUHCNNCUGPGNECDNGQEWTTGPGPNCWPKPRCTCGXKVCTGUVQ
NQURTKPEKRCNGURWPVQUSWGFGDGPTGEQTFCTUGGPGNFKUGQFGWPKQPGU
FGEWDKGTVCFGWPECDNGFGHKDTCRVKECUQPNQUUKIWKGPVGU
C &GDGFKURQPGTUGFGKORGTOGCDKNKFCF[JGTOGVKEKFCFTGNCVKXQ
CWPECDNGFGRGSWGQFKOGVTQNQUEWCNGUUQPECTCEVGTUVKECU
FGNQUECDNGUFGHKDTCRVKEC
D .CWPKPFGNCUEWDKGTVCUFGDGPICTCPVK\CTTKIKFG\KIWCNCNFG
NCEWDKGTVCFGNECDNG
E 2TQEGUCOKGPVQ FG OCVGTKCNGU RCTC NC CEWOWNCEKP FG

NQPIKVWFGUFGGZEGUQUFGHKDTC
F 0Q FGDGP JCDGT HCEVQTGU RQT CXGTCU FG HKDTC [ CWOGPVQ FG
RGTFKFCU #NVGTPCVKXCOGPVG FGDGP RTQVGIGTUG NCU HKDTCU GP
EQPVTCFGGUQUHCEVQTGUGZVGTPQU

G(CEKNKFCFRCTCKPUVCNCEKP[TGGORCNOGU[PQFGDGTGSWGTKTUG
GURGEKCNJCDKNKFCFRCTCTGCNK\CTFKEJQUVTCDCLQU
H %QPUKFGTCEKP FGN OGFKQ CODKGPVG GP GN EWCN XC C WUCTUG GN
ECDNGFGHKDTCRVKEC
6EPKECUFGEQPGZKP
#FGOUFGNVKRQFGWPKPOGPEKQPCFQGPGNCRCTVCFQCPVGTKQTSWG
UG ECTCEVGTK\C RQT UGT RGTOCPGPVG [ WUCTUG GP NCU KPUVCNCEKQPGU
GZVGTKQTGUJC[QVTQVKRQFGWPKPPQHKLC
#N FKURQUKVKXQ SWG RGTOKVG GUVG VKRQ FG WPKP UG NG NNCOC EQPGEVQT
RVKEQ0CVWTCNOGPVGPQUGRWGFGGZKIKTSWGWPEQPGEVQTXNKFQRCTC
HKDTCU OWNVKOQFQ NQ UGC VCODKP RCTC NCU OQPQOQFQ [C SWG RCTC
GUVCUWNVKOCUNCRTGEKUKPFGNCLWUVGFGDGUGTUWRGTKQTGPWPQTFGPFG
OCIPKVWFCNCURTKOGTCU
C %QPGEVQTGURCTCHKDTCOWNVK OQFQ
&GRGPFKGPFQFGNCHQTOCFGCNKPGCTNCUHKDTCUCEQPGEVCTGZKUVGP
FQUUKUVGOCUDUKEQUFGEQPGEVQTGU
C%QPGEVQTGUFGCNKPGCOKGPVQFGHKDTCFGUPWFC
C%QPGEVQTGUFGCNKPGCEKPRQTXKTQNC
C%QPGEVQTGUFGCNKPGCOKGPVQFGHKDTCFGUPWFC
*C[FQUVKRQUFGEQPGEVQTGURCTCHKDTCFGUPWFCEQPFKOGVTQFG
WO #ODQU UG DCUCP GP WVKNK\CT WP OKGODTQ FG CNKPGCEKP
EQOPCNCUFQUHKDTCUCWPKT
'NRTKOGTVKRQFGEQPGEVQTNNCOCFQFGJC\GZRCPFKFQQFGNGPVG
EQORWGUVC WVKNK\C NQU GZVTGOQU FG NCU HKDTCU EQTVCFQU [ UKP
TGEWDTKOKGPVQU CODQU GZVTGOQU UG CNKPGCP GP WPC NGPVG
EQORWGUVCHQTOCFCRQTWPGNGOGPVQEGPVTCNDKEPKEQOQNFGCFQ
GPRNUVKEQGPEW[QKPVGTKQTJC[FQUECXKFCFGUEPECXCUNNGPCUFG
WP HNWKFQ RVKEQ 7P RGSWGQ TGDCUCOKGPVQ RGTOKVG SWG GN
GZVTGOQFGNCHKDTCUGKPVTQFW\ECGPNCECXKFCFFGNNGPVG
.C XGPVCLC FG GUVG VKRQ FG EQPGEVQT GUV GP SWG RTEVKECOGPVG
FGUCRCTGEGPNCURTFKFCURQTUGRCTCEKPNQPIKVWFKPCN[VTCPUXGTUCN
FGNQUGZVTGOQU*CDKVWCNOGPVGRTGUGPVCPRTFKFCUJCUVCFGF$
UKGPFQNCUPQOKPCNGUFGF$

'N UGIWPFQ RTQEGFKOKGPVQ FG EQPGZKP RCTC HKDTC FGUPWFC

OWNVKOQFQ GU GN NNCOCFQ FG FQDNG EQFQ GP GN SWG UG WUC GN
TGXGUVKOKGPVQFGNCHKDTCEQOQGNGOGPVQCNKPGCFQT.CIWCFGNC
HKDTC NC EQPUVKVW[G GP GUVG ECUQ WP EQPLWPVQ FG EWCVTQ XCTKNNCU
EKNPFTKECU FG XKFTKQ WPKFCU RQT UWU IGPGTCVTKEGU [ FQDNGOGPVG
CEQFCFCU
'NEQPGEVQTEQPUVCFGFQUOKVCFGUSWGUGGPTQUECTPGPVTGUGP
WPCFGGNNCUUGCNDGTICNCUXCTKNNCUFGPVTQFGNCEWCNSWGFCUWLGVC
RGTOCPGPVGOGPVGWPCFGNCUHKDTCUCRTQZKOCFCOGPVGGPGNRWPVQ
OGFKQFGFKEJQECPCN.CQVTCHKDTCUGEQNQECGPNCUGIWPFCOKVCF
FGN EQPGEVQT UWLGVC FG WP OCPIWKVQ TGVTEVKN NC GNCUVKEKFCF FGN
OWGNNG FGN OCPIWKVQ GU NC SWG CUGIWTC GN EQPVCEVQ EWCPFQ UG
GPTQUECP NCU FQU OKVCFGU .CU RTFKFCU FG GUVQU EQPGEVQTGU UQP
KPHGTKQTGUCF$
C%QPGEVQTGUFGCNKPGCEKPRQTXKTQNC
%QP GUVG UKUVGOC FG HKLCEKPFGNCHKDTCUGHCDTKECPCNIWPQU VKRQU

FGEQPGEVQTGUGPVTGNQUSWGUGRWGFGPEKVCTGNEQPGEVQTDKEPKEQ
[GNFGDQNCU
'P GN EQPGEVQT DKEPKEQ UG CNQLCP NCU FQU XKTQNCU Q GZVTGOQ
KPUGTVCDNGU GP WP OCPIWKVQ EGPVTCN OQNFGCFQ GP HQTOC DKEPKEC
RQT UW KPVGTKQT .CU XKTQNCU Q EKNKPFTQU JWGEQU FKURQPGP FG
EQNNCTKPGU FG TGVGPEKP SWG UG TQUECP CN GNGOGPVQ EGPVTCN GP GN
KPVGTKQTFGNQUEQNNCTKPGUWPQUOWGNNGUCUGIWTCPNCKPVTQFWEEKPFG
NQU EKNKPFTQU JWGEQU GP GN GNGOGPVQ EPKEQ [ GN EQPUKIWKGPVG
EQPVCEVQFGNQUGZVTGOQUFGNCUHKDTCU
.C RTFKFC OCU DCLC QDVGPKFCU EQP GUVG EQPGEVQT JC UKFQ FG
FD5GTGCNK\CGPRNUVKEQ[GPQECUKQPGURWGFGUGTGORNGCFQRCTC
HKDTCUOQPQOQFQ
1VTQVKRQFGEQPGEVQTEQPXKTQNCGUGNEQPGEVQTFGDQNCU'PGUVG
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CRCTGEGNCHKDTC
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CEQRNCOKGPVQFGRGPFGTFGNVCNNCFQFGNCUDQNCU.CURTFKFCUUG
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.QU EQPGEVQTGU RCTC HKDTCU OQPQOQFQ VKGPGP VQNGTCPEKCU FG

CNKPGCEKP KPHGTKQTGU GP WP QTFGP FG OCIPKVWF C NQU GORNGCFQU
EQPHKDTCOWNVKOQFQFGOQFQSWGNQUFGURNC\COKGPVQUNCVGTCNGU
PQ FGDGP UGT UWRGTKQTGU C Q WO UK UG FGUGC VGPGT RGTFKFCU
KPHGTKQTGUCFD5QPWUWCNGUNQUEQPGEVQTGUECRKNCTGUEGTOKEQU
NQUFGDQNCU[NQUFGOCPIWKVQOQNFGCFQ
0Q QDUVCPVG GN FG OGLQT TGUWNVCFQ GU GN FG GUHGTC FG EGPVTCFQ
EQPGNSWGUGEQPUKIWGPRTFKFCUKPHGTKQTGUCF$[VRKECOGPVG
FGFD
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RTFKFCU 5G CCFGP C XGEGU NSWKFQU CFCRVCFQTGU FG PFKEG FG
TGHTCEEKPRCTCOKPKOK\CTGUVGGHGEVQ
6KRQUFG%QPGEVQTGU
%QPGEVQT
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6KRQFG(KDTC
2TFKFCU
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F$
F$
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%10'%614'5'56+.15%

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64#05/+5+10&'&#615'0(+$4#26+%#
64#05/+5+0&'8#4+#55'#.'5
/7.6+%#0#.+<#%+0
'PGUVGECUQSWK\UGCKORQTVCPVGVTCPUOKVKTCNOKUOQVKGORQXCTKCUUGCNGUG
V
CGUVQUGNNCOCOWNVKRNGZQ/WNVKECPCNK\CEKP'XKFGPVGOGPVGUGRQFTCWVKNK\CT
WPUKUVGOCFGVTCPUOKUKPRCTCECFCUGCNUKPGODCTIQGUVCUQNWEKPVCNXG\PQ
UGCDCTCVCRQTNQSWGGURTGHGTKDNG VTCVCTFGVTCPUOKVKTNQUFKXGTUQUOGPUCLGURQT
GNOKUOQECPCNFGVTCPUOKUKPGPGUVGECUQNCOKUOCHKDTCRVKEC
/7.6+%#0#.+<#%+0214&+8+5+0&'6+'/21
6&/
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6&/GUWPCVEPKECSWGRGTOKVG
VTCPUOKVKT RQTWPOKUOQECPCNOWEJCUUGCNGUFKIKVCNGU6OGUGEQOQGLGORNQ
WPUKUVGOC2%/FGDKVU

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$-*<NCHTGEWGPEKCFG
OWGUVTGQGUFG$NQSWGEQTTGURQPFGCWPOWGUVTGQECFCzU5KECFCDKV
FWTCzUGPVQPEGUNCVTCPUOKUKPFGWPCOWGUVTCVQOCzURQTNQSWGCPVGU
FG NC VTCPUOKUKP FG QVTC OWGUVTC FG GUVC UGCN JC[ WP VKGORQ FG zU
FWTCPVG GN EWCN GN ECPCN PQ UG WVKNK\C 'UVG VKGORQ NKDTG RGTOKVG VTCPUOKVKT
OWGUVTCUFGQVTCUUGCNGUVGNGHPKECUFKHGTGPVGU
'UVG GU GN RTKPEKRKQ FG NC OWNVKECPCNK\CEKP RQT FKXKUKP FG VKGORQ 'P NC
VGNGHQPCJC[WPHQTOCVQPQTOCNK\CFQNNCOCFQ6EQPGNEWCNUGVTCPUOKVGP
DKVUFWTCPVGNQU zUGUVQEQTTGURQPFGCUGCNGU2%/EQFKHKECFCUEQP
DKVU
5GVTCPUOKVGWPDKVUWRNGOGPVCTKQFGURWUFGNCXKIUKOQEWCTVCOWGUVTCRCTC
EQPVTQNCTNCUKPETQPK\CEKPFGNCVTCPUOKUKP.COWNVKECPCNK\CEKPRQTFKXKUKP
FG VKGORQ RWGFG VCODKP WVKNK\CTUG EQP OQFWNCEKP FG RWNUQU
2#/ 2&/ Q
22/.QURWNUQUOQFWNCFQUFGNCUFKXGTUCUUGCNGURQTVTCPUOKVKTUGKPVGTECNCP
GPWPGURCEKQVGORQTCNNKDTGGPVTGFQUOWGUVTCUUWEGUKXCURQTNQSWGJC[SWG
JCEGTSWGNCOQFWNCEKPFGWPCUQNCUGCNPQQEWRGVQFQGUVGGURCEKQ
.COWNVKECPCNK\CEKPUGTGCNK\CEQPWPOWNVKRNGZQTSWGVTCPUOKVGGPUGTKGUQDTG
NCNPGCFGVTCPUOKUKPNQUDKVUFGNECPCNFGURWUNQUDKVUFGNECPCN[CU
UWEGUKXCOGPVG &GURWUSWGUGVTCPUOKVGGNECPCNXKIUKOQEWCTVQUGGPXCGN
DKVFGUKPETQPK\CEKP[GNOWNVKRNGZQTVTCPUOKVGNQUDKVUFGWPCPWGXCOWGUVTC
FGNECPCN

/7.6+%#0#.+<#%+0214&+8+5+0&'.10)+67&'5&'10&#
'UVC OWNVKECPCNK\CEKP GU GURGEHKEC RCTC NCU VGNGEQOWPKECEKQPGU RVKECU 5G

WVKNK\C NC RTQRKGFCF SWG RQUGG NC HKDTC RVKEC FG RTGUGPVCT DCLC CVGPWCEKP C
XCTKCU NQPIKVWFGU FG QPFC Q GP WP TCPIQ FG NQPIKVWFGU FG QPFC 'PVQPEGU UG
RWGFGKP[GEVCTNCNW\CWPCHKDTCGPFKXGTUCUNQPIKVWFGUFGQPFC
5GWVKNK\CPXCTKCUHWGPVGURVKECUECFCWPCFGNCUEWCNGUGOKVGGPWPCNQPIKVWF
FGQPFCGPRCTVKEWNCT.CNW\GOKVKFCRQTECFCHWGPVGUGOQFWNCOGFKCPVGWPC
UGCNGNEVTKECFKHGTGPVG[NQUFKHGTGPVGUHNWLQUNWOKPQUQUGOKVKFQUUGKPVTQFWEGP
GPWPCUQNCHKDTC'PGNQVTQGZVTGOQFGNCHKDTCNCNW\UGHKNVTCGPUWUFKHGTGPVGU
NQPIKVWFGU FG QPFC [ ECFC HNWLQ GPGTIVKEQ RCTC ECFC NQPIKVWF FG QPFC
GURGEHKECUGVTCPUHQTOCGPWPCUGCNGNEVTKECITCEKCUCWPFGVGEVQT
7P UKUVGOC FG GOKUKP OWNVKECPCN RQT FKXKUKP FG NQPIKVWFGU FG QPFC FGDG
EQORTGPFGT
x
x
x
x
x

(WGPVGUGOKUQTCUGPNQPIKVWFGUFGQPFCFKHGTGPVG
7POWNVKRNGZQTRVKEQ SWGRGTOKVGCEQRNCTNWEGUGOKVKFCUGPWPCUQNCHKDTC
7PCHKDTCFGRGSWGCCVGPWCEKPCNCUNQPIKVWFGUFGQPFCRQTVTCPUOKVKT
7P FG OWNVKRNGZQT RVKEQ RCTC UGRCTCT NC NW\ SWG NNGIC GP UWU FKHGTGPVGU
NQPIKVWFGUFGQPFC
&GVGEVQTGURVKEQURCTCEQPXGTVKTNW\GPUGCNGUGNEVTKECU
/+%41%748#674#5
#NIWPCUHWGT\CUNCVGTCNGUNQECNK\CFCUCNQNCTIQFGNCHKDTCFCPQTKIGPCNQSWGUG
EQPQEGEQOQOKETQEWTXCVWTCU'NHGPOGPQRWGFGUGTRTQXQECFQRQTGUHWGT\QU
FWTCPVGNCOCPWHCEVWTCGKPUVCNCEKP [VCODKP RQTXCTKCEKQPGU FKOGPUKQPCNGU
FGNQUOCVGTKCNGUFGNECDNGFGDKFQCECODKQUFGVGORGTCVWTC.CUGPUKDKNKFCFCNC
OKETQEWTXCVWTCU GU HWPEKP FG NC FKHGTGPEKC FGN PFKEG FG TGHTCEEKP CU EQOQ
VCODKP FG NQU FKOGVTQU FGN PENGQ [ FGN TGXGUVKOKGPVQ 'U GXKFGPVG SWG NC
OKETQEWTXCVWTCUKPETGOGPVCPNCURTFKFCURVKECU
%748#&1
'NEWTXCFQFGWPCHKDTCRVKECGUECWUCFQGPNCOCPWHCEVWTCFGNECDNGCUEQOQ
VCODKPRQTFQDNGEGUFWTCPVGNCKPUVCNCEKP[XCTKCEKPGPNQUOCVGTKCNGUFGDKFQ
CECODKQUFGVGORGTCVWTC
.QUGUHWGT\QUSWGRTQXQECNCVQTEGFWTCFGNCUHKDTCUUQPDUKECOGPVGWPCHWGT\C
VTCPUXGTUCN [ WP GUHWGT\Q NQPIKVWFKPCN 'N GUHWGT\Q NQPIKVWFKPCN PQ RTQXQEC
VQTEGFWTC EWCPFQ VTCDCLC RCTC CNCTICT NC HKDTC PQ JC[ ECODKQ GP NCU RTFKFCU
RVKECU
5KPGODCTIQEWCPFQVTCDCLCRCTCEQPVTCGTCNCHKDTCGUVGGUHWGT\QRTQXQECSWG
NC HKDTC HQTOG DWENGU [ UG EWTXG FG VCN OCPGTC SWG NCU RTFKFCU RVKECU UG
KPETGOGPVC 2QT NQ VCPVQ CN GXCNWCT NQU FKUGQU FG NQU ECDNGU UG FGDG RQPGT
GURGEKCNCVGPEKP
x
x
.CECTICVTCPUXGTUCNVTCDCLCPFQGPNCHKDTCFWTCPVGGNECDNGCFQKPUVCNCEKP[
WVKNK\CEKP
'N GUHWGT\Q FG EQPVTCEEKP SWG QEWTTG C DCLCU VGORGTCVWTCU FGDKFQ CN
GPEQIKOKGPVQFGNQUGNGOGPVQUFGNECDNG
&CFCU NCU TC\QPGU CPVGTKQTGU GN GLG FG NC HKDTC RWGFG EWTXCTUG UGXGTCOGPVG
ECWUCPFQ ITCPFGU KPETGOGPVQU GP NCU RTFKFCU RVKECU 2CTC RTGXGPKT GUVC
UKVWCEKPUGVQOCGPEWGPVCNCUUKIWKGPVGUEQPUKFGTCEKQPGU
x
x
/CPVGPGT WP TCFKQ FG EWTXCVWTC FGVGTOKPCFC UGNGEEKQPCPFQ GN TCFKQ [ NC
NQPIKVWFFGNECDNGCFQ
4GFWEKT XCTKCEKQPGU VEPKECU FG NCU HKDTCU RTQVGIKFCU EQP RGSWGQU
EQGHKEKGPVGUFGGZRCPUKPVTOKECFKURQPKPFQNCUCNTGFGFQTFGWPGNGOGPVQ
EQPDWGPCURTQRKGFCFGUVTOKECU
(7'06'5&'4#&+#%+0
'P WP UKUVGOC SWG WVKNK\C NC HKDTC RVKEC EQOQ ECPCN FG VTCPUOKUKP NC
KPHQTOCEKPUGVTCPUOKVGRQTNCNW\SWGUGRTQRCICGPNCHKDTC'UVCKPHQTOCEKP

UGRWGFGVTCPUOKVKTGPHQTOCCPCNIKECQFKIKVCN'PGNRTKOGTECUQUGOQFWNCNC
KPVGPUKFCF
ECPVKFCF FG NW\ SWG UG KP[GEVC C NC HKDTC GU NC OQFWNCEKP FG
CORNKVWF
'PNCVTCPUOKUKPFKIKVCNQPWOTKECNCNW\UGGOKVGGPHQTOCFGRWNUQUFGEQTVC
FWTCEKP&WTCPVGGNGUVCFQCNVQFGNRWNUQUGKP[GEVCNW\CNCHKDTCOKGPVTCU
SWGGPGNGUVCFQDCLQPQUGKP[GEVCNW\CNCHKDTC.CKPHQTOCEKPEQFKHKECFC
DCLQ HQTOCU FG RWNUQU NWOKPQUQU RWGFG UGT VTCPUOKVKFC FG GUVC OCPGTC
%WCNSWKGTC SWG UGC GN UKUVGOC WVKNK\CFQ UG PGEGUKVC WPC HWGPVG NWOKPQUC 'N
UKUVGOC FG EQOWPKECEKP GU OU GHKEKGPVG EWCPVQ OC[QT UGC NC ECPVKFCF FG
KPHQTOCEKPSWGRWGFCVTCPUOKVKTUGCITCPFKUVCPEKC
'N RTKOGT ETKVGTKQ SWG UG EQPUKFGTC RCTC NC GNGEEKP FG WPC HWGPVG GU NC
EQORCVKDKNKFCF EQP NC HKDTC 7PC HKDTC RQUGG EKGTVCU ECTCEVGTUVKECU RTQRKCU .C
NW\FGDGKP[GEVCTUGRQTNCECTCFGGPVTCFCNCEWCNGUWPFKUEQEQPWPCUWRGTHKEKG
GZVTGOCFCOGPVGRGSWGCKPHGTKQTCzOGPVQFQUNQUECUQU
#FGOU UNQ NC NW\ EQPVGPKFC GP GNEQPQFGCFOKUKP UGRTQRCICGPNCHKDTC

GHGEVKXCOGPVG.CHKDTCVKGPGOPKOQUFGCVGPWCEKPRCTCCNIWPCUNQPIKVWFGUFG
QPFC GUVCU XGPVCPCU FG CVGPWCEKP OPKOC GUVP UKVWCFCU CRTQZKOCFCOGPVG
GPVTG[zORCTCNCUHKDTCUFGXKFTKQEQORWGUVCUGPVTG[zORCTC
NCUHKDTCUFGUNKEGFGPENGQKORWTKHKECFQEQP21 [CNTGFGFQTFGzORCTC
NCUFGUNKEGFGPENGQKORWTKHKECFQEQP)G 1 .CFKURGTUKPETQOVKECGPWPC
HKDTCRVKECGUFKTGEVCOGPVGRTQRQTEKQPCNCNCNQPIKVWFFGQPFCGURGEVTCNFGNC
HWGPVG [ UG RWGFG OKPKOK\CT WVKNK\CPFQ WPC HWGPVG FG RGSWGC NQPIKVWF
GURGEVTCN
'UVCUQPCNIWPCUFGNCUECTCEVGTUVKECUSWGFGDGPEWORNKTNCUHWGPVGU
x 6GPGTWPCUWRGTHKEKGGOKUKDNGRGSWGC[UKGURQUKDNGKPHGTKQTCNCUWRGTHKEKG
FGGPVTCFCFGNCHKDTC
x 'OKVKT NC NW\ GP FKTGEEKQPGU EQORCVKDNGU EQP GN EQPQ FG CFOKUKP Q NC
CRGTVWTCPWOTKECFGNCHKDTC
x 'OKVKTGPNQPIKVWFGUFGQPFCRCTCSWGNCUHKDTCUUGCPOUVTCPURCTGPVGUEQP
GNHKPFGTGEWRGTCTNCOC[QTECPVKFCFRQUKDNGFGNW\CNHKPCNFGNCHKDTC
6GPGTWPCNQPIKVWFFGQPFCGURGEVTCNRGSWGCRCTCOKPKOK\CTNCFKURGTUKP
ETQOVKEC
x 6GPGTKPVGPUKFCF
x 6GPGTWPVKGORQTRKFQFGTGURWGUVC
x 2QFGTOQFWNCTUGEQPHCEKNKFCF
x 5GTRGSWGC
x 5GTGEQPOKEC

'ZKUVGP FQU ITCPFGU ECVGIQTCU FG HWGPVGU NWOKPQUCU .CU KPECPFGUEGPVGU [ NCU
NWOKPKUEGPVGU6QFQEWGTRQSWGUGECNKGPVCGOKVGGPGTICGPHQTOCFGTCFKCEKP
'UCNQSWGUGNNCOCGOKUKPFGNEWGTRQPGITQQKPECPFGUEGPEKC
2CTCNCVTCPUOKUKPFKIKVCNNCUHWGPVGUSWGUGWUCPEQPOC[QTHTGEWGPEKCUQP'N
FKQFQGNGEVTQNWOKPKUEGPVG
.'&[GNNUGTFGKP[GEEKP
4'&'526+%#5
7PC TGF FG EQOWPKECEKQPGU FG CNVCXGNQEKFCFRQFTCFCTCEQOQFQCNHNWLQFG

XQNOGPGU GPQTOGU FG FCVQU FKIKVCNGU .CU RTQRWGUVCU UQP OWEJCU RCTC NC
ETGCEKPFGDKDNKQVGECUFKIKVCNGUGPNPGCFGVCOCQUWHKEKGPVGRCTCCNDGTICTNC
VQVCNKFCF FG NQU VGZVQU KOIGPGU [ TGIKUVTQU UQPQTQU FG NC OC[QT FG NCU
DKDNKQVGECUFGNOWPFQ7PCTGFFGEQOWPKECEKQPGUECRC\FGVTCPURQTVCTVGTCDKVU
WP VGTCDKV GU KIWCN C DKVU FG KPHQTOCEKP RQT UGIWPFQ RQFTC CDTKT CN
EQORNGVQRCTCECFCJQICTECFCGUEWGNCFGURCEJQQNCDQTCVQTKQNQUTGEWTUQUFG
WPCDKDNKQVGECFGKPXGUVKICEKP
2CTCSWGGUVQUUWRWGUVQUEQDTGPTGCNKFCFUGJCPFGKFGCTOVQFQUSWGRGTOKVCP
WVKNK\CTOGLQTNCECRCEKFCFFGWPCHKDTCRVKEC7PCUQNCHKDTCRQFTCGPVGQTC
VTCPURQTVCT VGTCDKVU ECFC UGIWPFQ 2GTQ NC EKHTC RTEVKEC FG VTCPURQTVG FG
KPHQTOCEKPFGWPCHKDTCGUOWEJQOUTGFWEKFCGUVNKOKVCFCRQTNCVGPFGPEKC
CSWGNQURWNUQUFGEGTQU[WPQUUGRKGTFCPVTCUTGEQTTGTFKUVCPEKCUITCPFGUCU
EQOQ RQT NC KPGZKUVGPEKC FG EQORQPGPVGU RVKEQU ECRCEGU FG RTQEGUCT
KPHQTOCEKP C GUVCU CNVCU XGNQEKFCFGU 2TQITGUQU TGEKGPVGU GP NC KPXGUVKICEKP
RCTGEGP RTQOGVGT SWG GN CPEJQ FG DCPFC PQ WVKNK\CFC GP NC TGF RQFTC
CRTQXGEJCTUG

/WEJQU UQP NQU GUHWGT\QU KPXGUVKICFQTGU SWG VTCVCP FG UCECT RCTVKFQ CN
FGUEWDTKOKGPVQGPEQOWPKECEKQPGURVKECUOUKORQTVCPVGFGNFGEGPKQRCUCFQ
GN CORNKHKECFQT RVKEQ &KEJQ FKURQUKVKXQ RGTOKVG TGUVCWTCT NC RQVGPEKC FG WPC
UGCNCUWKPVGPUKFCFKPKEKCNUKPTGEWTTKTCNCEQPXGTUKPQRVQGNGEVTPKECJCDKVWCN
'PWPCORNKHKECFQTRVKEQUGGODGDGPKQPGUFGGTDKQGPGNXKFTKQFGWPCHKDTC
RVKEC
#NUGTGUVKOWNCFQU RQTWPNUGTNQUKQPGUGZEKVCFQUTGXKXKHKECPNCUUGCNGURVKECU
FGDKNKVCFCU RQT WP XKCLG FG XCTKCU FGEGPCU FG MKNOGVTQU .QU CORNKHKECFQTGU
RVKEQU KPUVCNCFQU GP TGFGU EQOGTEKCNGU JCP GZJKDKFQ WP HWPEKQPCOKGPVQ
UWRGTKQT GP GN ECUQ FG GPNCEGU FG OW[ CNVC XGNQEKFCF C FKHGTGPEKC FG NQU
GNGEVTPKEQU CORNKHKECP UGCNGU RQTVCFQTCU FG FCVQU C XGNQEKFCFGU FG
VTCPUOKUKPUWRGTKQTGUCNQUIKICDKVURQTUGIWPFQ[RWGFGPCFGOUTGHQT\CT
UKOWNVPGCOGPVGNCRQVGPEKCFGOWEJCUNQPIKVWFGUFGQPFC
.#/7.6+2.':#%+0
%QP NC VEPKEC FG NC OWNVKRNGZCEKP RVKEC UG WVKNK\C OGLQT NC HKDTC [C SWG
RGTOKVG GPXKCT RQT WPC OKUOC HKDTC FKUVKPVCU UGCNGU RQTVCFQTCU FG FCVQU .C
KORQTVCPEKCFGNCOWNVKRNGZCEKPUGFGDGCNCECRCEKFCFSWGRQFTCGZKITUGNGC
NCU TGFGU HWVWTCU 7P RTQITCOC FG VGNGXKUKP EQP KOIGPGU FG CNVC TGUQNWEKP
RQPICOQURQTECUQRQFTCEQPUWOKTWPCPEJQFGDCPFCFGJCUVCWPIKICDKVRQT
UGIWPFQUKPQUGEQORTKOGPNQUFCVQUFGNCKOCIGP
.CXCTKCPVGOUUGPEKNNCQOWNVKRNGZCEKPRQTFKXKUKPFGNQPIKVWFFGQPFCUG
RCTGEGCNQUUKUVGOCUFGTCFKQFKHWUKP%CFCGOKUQTFGGUVCTGFEQPVKGPGWPNUGT
UKPVQPK\CDNGSWGFGURCEJCUGCNGUNWOPKECUFGFGVGTOKPCFCNQPIKVWFFGQPFC
EQNQT

7PTGEGRVQTQRVQGNGEVTPKEQRWGFGUKPVQPK\CTUGCNCNQPIKVWFFGQPFCFGUGCFC
'P GN NCDQTCVQTKQ #66 JC FGOQUVTCFQ SWG GUVG OVQFQ FG EQODKPCEKP FG
UGCNGURGTOKVGJCUVCNQPIKVWFGUFGQPFCUFKHGTGPVGUECFCWPCFGNCUEWCNGU
VTCPURQTVCWPQUIKICDKVURQTUGIWPFQNQSWGFCWPVQVCNFGIKICDKVURQT
UGIWPFQSWGGURQUKDNGVTCPURQTVCTJCUVCWPCFKUVCPEKCFGECUKMKNOGVTQU
2GUGCNCUGPQTOGURQUKDKNKFCFGUFGNCHKDTCRVKECNCECRCEKFCFRCTCVTCPURQTVCT
KPHQTOCEKPFGNCUTGFGUDCUCFCUGPGNUKUVGOCFGFKHWUKPRQTNQPIKVWFFGQPFC
RWGFGP NNGICT C CIQVCTUG .CU NQPIKVWFGU FG QPFC EQPVKIWCU UNQ RWGFGP
VTCPURQTVCTWPPOGTQNKOKVCFQFGVTCPUOKUKQPGUFGXFGQUKPSWGNCUUGCNGUFG
WPCU UG KPVGTHKGTCP EQP NCU FG QVTCU 2CTC GXKVCT EQPHNKEVQU GPVTG NCU UGCNGU GU
RTGEKUQ KPVGTECNCT WPC DCPFC FG RTQVGEEKP GP WPC RQTEKP PQ WVKNK\CFC FGN
GURGEVTQRVKEQUKVWCFQLWPVQCECFCWPCFGNCUNQPIKVWFGUFGQPFCRQTVCFQTCU
FGKPHQTOCEKP.CRTGUGPEKCFGNCDCPFCFGRTQVGEEKPTGFWEGNCCORNKVWFFGNC
DCPFCVKN
&CFQSWGNCECRCEKFCFFGNCTGFRWGFGSWGFCTUCVWTCFCVGPFTSWGUGIOGPVCTUG
GP FKXGTUCU UWDTGFGU .CU NQPIKVWFGU FG QPFC RQTVCFQTCU FG OGPUCLGU GP WPC
UWDTGF RWGFGP XQNXGT C CRTQXGEJCTUG RCTC NCU VTCPUOKUKQPGU RTQRKCU FG NC
UWDTGF7PC XG\OUNQUOGFKQU FGTCFKQFKHWUKP[CGZKUVGPVGURTGUGPVCPWPC
CPCNQICWPCGUVCEKPFGTCFKQFGWPCEKWFCFUWHKEKGPVGOGPVGFKUVCPEKCFCEQP
NCFGQVTCRWGFGWVKNK\CTNCOKUOCHTGEWGPEKCUKPRTQXQECTUGKPVGTHGTGPEKCU
.C EQPUVTWEEKP FG WPC TGF QRGTCVKXC C RCTVKT FG GUVCU PQEKQPGU RNCPVGC EKGTVQ
POGTQFGRTQDNGOCUVEPKEQU'POCT\QFGWPEQPUQTEKQKPVGITCFQRQT
#66 &KIKVCN 'SWKROGPV %QTRQTCVKQP [ GN +PUVKVWVQ FG 6GEPQNQIC FG
/CUUCEJWUGVVU
/+6 GZJKDK WP UKUVGOC FGOWNVKRNGZCEKP RQT FKXKUKP FG
NQPIKVWF FG QPFC SWG GPNC\CDC EKGTVQPOGTQFGUWDTGFGU%CFCHKDTCFGGUVC
TGFVKGPGECRCEKFCFRCTCNQPIKVWFGUFGQPFCECFCWPCFGNCUEWCNGURWGFG
VTCPURQTVCTJCUVCIKICDKVURQTUGIWPFQFGFCVQUFKIKVCNGU
'UVG RTQITCOC FG TGFGU RWTCOGPVG RVKECU RCVTQEKPCFQ RQT NC #IGPEKC FG
2TQ[GEVQU #XCP\CFQU FGN &GRCTVCOGPVQ FG &GHGPUC
#42# EQP KPXGTUKQPGU
CFKEKQPCNGU FG #66 [ FG &KIKVCN 'SWKROGPV %QTRQTCVKQP JC XGTKHKECFQ GN
HWPEKQPCOKGPVQ FG NQU GSWKRQU ETVKEQU RCTC NC OWNVKRNGZCEKP RQT FKXKUKP FG
NQPIKVWF FG QPFC C UCDGT NQU NUGTGU [ NQU FKURQUKVKXQU FGHKNVTCFQ PGEGUCTKQU
RCTCGPXKCT[TGEKDKTNQPIKVWFGUFGQPFCGURGEHKECURQTWPCOKUOCHKDTC
*CGZRNQTCFQCUKOKUOQUKUVGOCURWTCOGPVGRVKEQURCTCNCEQPOWVCEKPFGGUCU
UGCNGU C FKUVKPVCU HKDTCU GP GN RCUQ FG WPC UWDTGF C QVTC 7P FKURQUKVKXQ
EQPOWVCFQTRTKUOKHQTOGGNGPECTTKNCFQTFKHTCEVCNCNW\SWGXKCLCRQTWPCHKDTC
GPNCUNQPIKVWFGUFGQPFCSWGNCEQORQPGP%CFCNQPIKVWFFGQPFCRWGFGUGT
GPECOKPCFC RQT WPC UGPFC FKUVKPVC GP GN KPVGTKQT FG NC GUVTWEVWTC FG UKNKEKQ [

ETKUVCNGPECTTKNCFCRQTWPCFGNCUXGKPVGHKDTCUFGUCNKFCSWGGPXCPNCUUGCNGU
JCEKCUWFGUVKPQ
'N EQPUQTEKQ JC GPUC[CFQ VCODKP QVTQ FKURQUKVKXQ RVKEQ

WP EQPXGTVKFQT FG
NQPIKVWFFGQPFCECRC\FGECODKCTNCNQPIKVWFFGQPFCFGNCNW\.CGHKECEKCFG
VCNFKURQUKVKXQUGOCPKHKGUVCEWCPFQVTCPUOKUKQPGUFKUVKPVCUGPVTCPGPEQPHNKEVQCN
VTCVCTFGWVKNK\CTWPCOKUOCNQPIKVWFFGQPFC
#FGOUFGNCTGFFG/CUUCEJWUGVVUUGJCPNCP\CFQEQPHKPCPEKCEKPFG#42#
QVTQU RTQ[GEVQU QTKGPVCFQU JCEKCNCOWNVKRNGZCEKPRQTFKXKUKPFGNQPIKVWFFG
QPFC 'N RTQITCOC 4#%'
+PXGUVKICEKP [ &GUCTTQNNQ FG NCU %QOWPKECEKQPGU
#XCP\CFCU GP 'WTQRC FGRGPFKGPVG FG NC 7PKP 'WTQRGC JC EQOGP\CFQ
VCODKP C KPXGUVKICT GUVC VEPKEC [ QVTQ VCPVQ JC JGEJQ GN 066 GN IKICPVG
,CRQPUFGNCUEQOWPKECEKQPGU
.COWNVKRNGZCEKPRQTFKXKUKPFGNQPIKVWFFGQPFCUGCFCRVCGPHQTOCKFGCNCNC
ETGEKGPVGFGOCPFCFGEQOWPKECEKQPGUFGXFGQGPNCUEWCNGUFQUNQECNKFCFGU
RWGFGPRGTOCPGEGTFWTCPVGJQTCUGPEQPGZKPEQPVKPWC
#WPSWGRCTCGPXKCTFCVQU FGWPQTFGPCFQTCQVTQJCTPHCNVCTGFGUFGWPVKRQ
FKHGTGPVG NCU TGFGU FG QTFGPCFQTGU C FKHGTGPEKC FG NQU GPNCEGU FG XFGQ
CEQUVWODTCP GPXKCT FCVQU FG WP RWPVQ C QVTQ
EQOQ NQU FG WP HKEJGTQ ITHKEQ
FKIKVCN GP DTGXGU RWNUQU FG CNVC XGNQEKFCF 2CTC FCT CEQOQFQ C GUVGVKRQ FG
VTHKEQNQUQTFGPCFQTGUUWGNGPEQOWPKECTUGCVTCXUFGTGFGUGPNCUEWCNGUNQU
FCVQU UG VTCUNCFCP FG WP TGOKVGPVG C WP FGUVKPCVCTKQ GP WPKFCFGU FKUETGVCU Q
RCSWGVGU
7POGPUCLGUGFGUEQORQPGGPXCTKQURCTCGPECTTKNCTNQUFGURWUJCEKCCNIWPCU
FG NCUFKXGTUCUUGPFCUCDKGTVCUSWGEQPFW\ECPJCUVCWPQTFGPCFQTFGUVKPCVCTKQ
'NUKUVGOCFGEQPOWVCEKPRQTRCSWGVGUHCEKNKVCWPCVTCPUHGTGPEKCFGFCVQUOU
TRKFC[GEQPOKECRQTSWGPQJC[PGEGUKFCFFGKPXGTVKTFKPGTQPKTGEWTUQUGP
GN GUVCDNGEKOKGPVQ FG WPC EQPGZKP FGFKECFC GZENWUKXCOGPVG C NQU
EQOWPKECPVGU%CFCRCSWGVGEQPVKGPGWPCFKTGEEKPSWGGZRTGUCUWFGUVKPQ[GN
OQFQGPSWGGPECLCEQPQVTQURCSWGVGUSWGHQTOCPRCTVGFGNOKUOQOGPUCLG
.QURCSWGVGURWGFGPXKCLCTJCUVCUWFGUVKPQRQTEWCNSWKGTUGPFCSWGQHTG\ECNC
TGF'PGNRWPVQFGFGUVKPQNQURCSWGVGUUGXWGNXGPCGPUCODNCTEQORQPKGPFQ
EQPGNNQUWPOGPUCLGEQJGTGPVG
.CXGTUKPGNGEVTPKECOUEQPQEKFCFGTGFRQTRCSWGVGUGU+PVGTPGV2QFGOQU
CVKUDCTGNHWVWTQFGUVCGZCOKPCPFQKPXGUVKICEKQPGUCXCP\CFCUGPTGFGURVKECU
RQTRCSWGVGU
'PWPCTGFFGGUVGVKRQWPCNQPIKVWFFGQPFCRQTVCTCRWNUQUNWOPKEQUFGWP
NUGT ECRC\ FG ECODKCT FG GUVCFQ GP WPC DKNNQPUKOC FG UGIWPFQ .QU RWNUQU

NWOPKEQU GUVP IGPGTCFQU RQT NUGTGU SWG VTCPUOKVGP JCUVC EKGP IKICDKVU RQT
UGIWPFQGPNQUSWGECFCFGUVGNNQTGRTGUGPVCWPDKV%CFCRWNUQUGEQODKPCTC
EQPQVTQUFKG\OKNRTQEGFGPVGUFGNOKUOQNUGTHQTOCPFQLWPVQUWPRCSWGVGFG
FCVQU
7PQ FG NQU RTKPEKRCNGU RTQDNGOCU SWG RNCPVGC FKEJC CWVQRKUVC RVKEC GU NC
OWNVKRNGZCEKP [ EQPOWVCEKP FG GUVQU RCSWGVGU FG FCVQU UKP VGPGT SWG
EQPXGTVKTNQUGPUGCNGUGNGEVTPKECU7PCHKDTCRWGFGVTCPUOKVKTWPVQVCNFGEKGP
IKICDKVURQTUGIWPFQRGTQGUVFKXKFKFCGPKPVGTXCNQUVGORQTCNGUGURGEKHKECFQU
FG HQTOC SWG FKG\ WUWCTKQU RQT GLGORNQ RWGFCP GPXKCT FKG\ IKICDKVU RQT
UGIWPFQECFCWPQ
#ECFCTGOKVGPVGFGFCVQURWGFGCUKIPTUGNGWPUGIOGPVQRCTCEQNQECTRCSWGVGU
EQP FKG\ IKICDKVU FG FCVQU RQT UGIWPFQ GP NC TGF Q RWGFG VTCPUOKVKTNQU GP
EWCNSWKGT UGIOGPVQ NKDTG .QU RCSWGVGU FG WP TGOKVGPVG RWGFGP SWGFCT
GPVTGOG\ENCFQU EQP RCSWGVGU FG QVTQU TGOKVGPVGU ECFC WPQ FG NQU EWCNGU
FKURQPGFGWPKPVGTXCNQVGORQTCNFKUVKPVQGPGNEWCNVTCPUOKVKTUWOGPUCLG
&CFQSWGNCECRCEKFCFFGEQOWPKECEKQPGUGUVTGRCTVKFCRQTOGFKQFGVKGORQU
[ PQ FG NQPIKVWFGU FG QPFC GUVC VEPKEC UG FGPQOKPC OWNVKRNGZCEKP RQT
FKXKUKPFGVKGORQ
;CUGJCPGORG\CFQCVTCDCLCTGPFKUGQUFGWPCTGFRVKECFGEKGPIKICDKVURQT
UGIWPFQ SWG WVKNKEG GUVC VEPKEC FGOWNVKRNGZCEKP .QU GNGOGPVQU HUKEQU FG NC
TGF GP HCUG FG FGUCTTQNNQ XCP FGUFG NUGTGU FG CNVC XGNQEKFCF ECRCEGU FG
VTCPUOKVKTEKGPOKNOKNNQPGUFGRWNUQURQTUGIWPFQJCUVCDWHHGTURVKEQURCTCGN
CNOCEGPCLGFGRWNUQU'PWPQFGNQURTQ[GEVQUUGJCFGOQUVTCFQWPCHQTOCFG
GZVTCGTFCVQUFGWPC HKDTCSWGVTCPURQTVCWPVQVCNFGEWCTGPVCIKICDKVUFGFCVQU
WVKNK\CPFQOWNVKRNGZCFQRQTFKXKUKPFGVKGORQ
7PFKURQUKVKXQ FGPQOKPCFQDWENGRVKEQGURGEWNCTPQNKPGCNRTQEGUCNCUGCN
RVKECCOWNVKRNGZCTFGOWNVKRNGZCTQEQPOWVCT
2CTCNCFGOWNVKRNGZCEKPTGEKDGRWNUQUNWOKPQUQUFGWPCHKDTCSWGVTCPURQTVCWP
HNWLQ FG FCVQU FG EWCTGPVC IKICDKVU RQT UGIWPFQ 'P GN DWENG GURGEWNCT SWG
EQPUKUVG GP WPC JGDTC EKTEWNCT FG HKDTC SWG RQUGG RTQRKGFCFGU OCVGTKCNGU
GURGEKCNGU NC UGCN RVKEC KPVGTCEVC EQP QVTC UGTKG FG RWNUQU NWOPKEQU
KP[GEVCFCRQTNUGTGPGNFKURQUKVKXQ.CKPVGTCEEKPFGGUVQUFKHGTGPVGUVTGPGUFG
RWNUQUFGNW\JCEGSWGGOGTLCWPCUGCNSWGKPVTQFWEGFKG\IKICDKVUFGFCVQU
GPWPCPWGXCHKDTC
#NOKUOQVKGORQNCUGCNQTKIKPCNK SWGCJQTCRQTVCNQUTGUVCPVGUVTGKPVCIKICDKVU
FG FCVQU RQT UGIWPFQK TGVQTPC C NC HKDTC RQT FQPFG NNGI CN GURGLQ 5K PQ UG
FGUGC GHGEVWCT NC FGOWNVKRNGZCEKP NC NW\ TGVQTPC KPCNVGTCFC C NC HKDTC
VTCPURQTVCPFQ VQFCXC NQU EWCTGPVC IKICDKVU RQT UGIWPFQ 'N /+6 PQ GUVC UQNQ

066 CECDC FG CEQOGVGT WP GZRGTKOGPVQ UKOKNCT EQP WPC VTCPUOKUKP FG EKGP
IKICDKVURQTGNDWENGRVKEQGURGEWNCTRWGFGCEVWCTVCODKPEQOQFKURQUKVKXQFG
RTQEGUCOKGPVQFKIKVCN'PNCFGUOWNVKRNGZCEKPFGNCUGCNGNDWENGQOQFKHKEC
NCUGCNQNCFGLCKPXCTKCDNGNQSWGFGHKPGFQUGUVCFQUDKPCTKQUEQOQGN[GN
FG NC NIKEC FKIKVCN %QPGEVCPFQ XCTKQU FG GUVQU DWENGU UG EQPHGEEKQPC WP
FKURQUKVKXQECRC\FGNGGTNCUFKTGEEKQPGUFGNQURCSWGVGUFGFCVQU
5GRQFTCEQODKPCTNCVGEPQNQICFGNCNQIKCRVKEC[NCFGNCOWNVKRNGZCEKP[
FGUOWNVKRNGZCEKP RCTC EQPUVTWKT TGFGU SWG CORNGP OWEJQ OU GN CPEJQ FG
DCPFCWVKNK\CDNGFGNQSWGJQ[GPFCUGCRTQXGEJCGNXGTFCFGTQRQVGPEKCNFG
NCUHKDTCURVKECUGUVGPFGUEWDTKTEWCNUGTKCNCOGLQTVEPKEC
4'5+56'0%+#&'70#(+$4#26+%#
5GFKEGSWGNCTGUKUVGPEKCVGTKECFGNETKUVCNFGUNKEGGUFGWPOKNNPFGRUK'P
NQU NCDQTCVQTKQU FG NC 0QTVJGTP 6GNGEQO UG JCP OGFKFQ TGUKUVGPEKCU EQP
GUHWGT\QU FG VTCEEKP FG CNTGFGFQT FG MI FG HWGT\C 2GTQ GP NC 0QTVJGTP
6GNGEQOGUPQTOCNRTQDCTNCUHKDTCUEQPPKXGNGUFGTGUKUVGPEKCGPVTG[I
RCTCFGUGEJCTNCUSWGUGCPOUFDKNGU
# XGEGU CRCTGEGP GUVG VKRQ FG HKDTCU SWG VKGPGP HTCEVWTCU W QVTCU
KORGTHGEEKQPGURWFKGPFQECWUCTRTQDNGOCUUKUGNNGICUGPCWVKNK\CT#URWGUNCU
HKDTCU FGDGP UGT EWKFCFQUCOGPVG UGNGEEKQPCFCU FGURWU FG NCU OGFKFCU RCTC
CUGIWTCTSWGUWURTQRKGFCFGUUQPEQTTGEVCU
DCLCURTFKFCUGPNCVTCPUOKUKPFG
NW\ [ WPC TGUKUVGPEKC C NC VTCEEKP UWHKEKGPVG RCTC UQRQTVCT UW KPUVCNCEKP [
RQUVGTKQT WUQ .CU RTWGDCU SWG UG TGCNK\CP EQP NCU HKDTCU UQP OW[ GZKIGPVGU
CNVCUVGORGTCVWTCUJWOGFCFKPOGTUKPGPCIWC [GZRQUKEKPCEKFQU [QVTQU
VKRQUFGUQNWEKQPGUSWGRWFKGTCPNNGICTCGPEQPVTCTUG
%QP GN HKP FG OKPKOK\CT NCU VGPUKQPGU OGEPKECU SWG RQFTCP RTQXQECT HCNNQU
RTGOCVWTQUUGUWGNGVGPGTEWKFCFQFWTCPVGNCKPUVCNCEKPRCTCGXKVCTEWTXCVWTCU
OW[RTQPWPEKCFCU[RCTCPQVGPGTSWGJCEGTGORCNOGGPNCUEWTXCVWTCU

64#6#/+'061&'476#5%10(+$4#26+%#
.CEQPUKFGTCEKPFGNCU RTFKFCU[FGNCUTQVWTCUGPNQUJKNQUHKDTCUQECDNGUGU
CNIQ KORQTVCPVG UKGORTG SWG NC FKUVCPEKC GUV RQT GN OGFKQ .CU RTFKFCU
FGDKFCU CN UKUVGOC FG VTCPUOKUKP UQP EQORGPUCFCU RQT TGRGVKFQTGU [ Q
CORNKHKECFQTGU .CU TQVWTCU KORNKECP GORCNOGU [ WPKQPGU GP NQU GZVTGOQU FGN
ECDNGHKDTCGVE
%WCPFQ UG TGCORNKHKEC NC UGCN NQU TGRGVKFQTGU FGDGP GUVCT UKVWCFQU C NC
FKUVCPEKC CFGEWCFC FG HQTOC SWG NCU RTFKFCU PQ NNGIWGP C UGT VCP ITCPFGU
EQOQRCTCSWGNCKPHQTOCEKPPQRWGFCUGTTGCORNKHKECFC*C[SWGUGTECRC\FG
FGVGEVCTENCTCOGPVGNCUUGCNGURCTCRQFGTCORNKHKECTNCU[GPXKCTNCUFGPWGXQ
'N GORCNOG FG NQU ECDNGU RWGFG RTGUGPVCT WP RTQDNGOC CNIQ FKHGTGPVG 'N
GORCNOGFGNQUJKNQUFGEQDTGGUUGPEKNNQ5KORNGOGPVGUGNQECNK\CNCTQVWTCUG
VTGP\CPQUGCUGIWTCPOGEPKECOGPVGNQUGZVTGOQUFGNCNPGCUGRCTCFCUGNGU
UWGNFCCEQPVKPWCEKPRCTCQDVGPGTWPCTQDWUVG\[WPCEQPFWEVKXKFCFGNEVTKEC
CEGRVCDNGU [ VTCU CKUNCT NC WPKP [C GUVP NKUVQU RCTC GPVTCT FG PWGXQ GP
HWPEKQPCOKGPVQ
.C TGRCTCEKP FG WPC HKDTC RVKEC NNGXC EQPUKIQ NC QDVGPEKP FG GZVTGOQU
RGTRGPFKEWNCTGU GP CODCU UGEEKQPGU CRTQZKOCTNQU WPQ CN QVTQ RCTC NQITCT WP
CLWUVGCRTGUKPRGTHGEVQ[OCPVGPGTCUCODQUUGIOGPVQUOKGPVTCUSWGUGGUV
WVKNK\CPFQGNUKUVGOC
'UVCOQU RWGU CPVG WP RTQDNGOC EQPUKFGTCPFQ SWG OCPGLCOQU HKDTCU FG
VTGUEKGPVQU OKETCU FG FKOGVTQ [ SWG NC WPKP FG CODQU GZVTGOQU
RGTHGEVCOGPVGRCTCNGNQUGPVTGUFGDGGUVCTOW[DKGPJGEJC
7PECDNGFGHKDTCRVKECRWGFGVGPGTPKECOGPVGHKDTCURVKECUQKPENWUQRWGFG
KPEQTRQTCTCNIPJKNQEQPFWEVQT FGEQDTGRCTCRTWGDCUOGFKFCUGVECFGOU
NQU RTQRKQU ECDNGU RWGFGP GUVCT UWLGVQU C FKXGTUQU VTCVCOKGPVQU SWOKEQU
UWUEGRVKDNGUFGCEVWCTUQDTGGNOCVGTKCNFGNECDNGVCN[EQOQPQUGFGUGC
6CODKP ECDG RGPUCT GP NC GZKUVGPEKC FG CNIWPQU GHGEVQU RTQXQECFQU RQT
TCFKCEKQPGU PWENGCTGU NQ SWG PQ GU OW[ RTQDCDNG 2GTQ NQ SWG U RWFKGTC
UWEGFGT GU SWG GN ECDNG GUV UWLGVQ C VGPUKQPGU TGVQTEKOKGPVQU XKDTCEKQPGU [
EQORTGUKQPGU
'NECDNGFGDGFKUGCTUGRCTCSWGVGPICWPOPKOQFGRTFKFCU.C$GNN0QTVJGTP
JCEQPUGIWKFQWPCCVGPWCEKPOGPQTFGF$MOCWPCNQPIKVWFFGQPFCFG
PO 'UVG ECDNG VKGPG WP PENGQ HNGZKDNG FG JGDTCU FG CEGTQ EWDKGTVQ EQP WP
RNUVKEQ CECPCNCFQ RCTC RQFGT CEQOQFCT GP UW KPVGTKQT NCU HKDTCU RVKECU [ NQU
RCTGUFGJKNQFGEQDTG

*C[ EQPFWEVQU UGRCTCFQU EQP HKPGU FG EQPVTQN OGFKFCU [ RTWGDCU 'U PQTOCN
WVKNK\CT WPC EQTTKGPVG &% RCTCRTQRUKVQUFGEQPVTQN RGTQNQU TC[QU NWOKPQUQU
VKGPGP SWG UGT OQFWNCFQU [ FGOQFWNCFQU RCTC EQPUGIWKT GN OKUOQ EQPVTQN
EQNGEVKXQ 'N ECDNG FGDG GUVCT GPXWGNVQ RQT WP OCVGTKCN SWG RWGFC TGUKUVKT GN
GPVQTPQEWCNSWKGTCSWGUGCUVG
241$.'/#5&'.#%10'%614+<#%+0
'NRTQDNGOCSWGCRCTGEGCNWVKNK\CTHKDTCURVKECUGPNCHQTOCEQOQUVCUGUVP
EQPGEVCFCUCNQUFKURQUKVKXQUVGTOKPCNGU5KNCHKDTCPQUGGPEWGPVTCDKGPUWLGVC
RQT OGFKQ FG WP EQPGEVQT VGTOKPCN RQFTC FGUNK\CTUG RTQFWEKPFQUG WPC
RTFKFC[TGFWEKGPFQNCVTCPUOKUKPFGNW\
5K RQT GN EQPVTCTKQ NC EQPGZKP GU OW[ TIKFC EWCNSWKGT TGVQTEKOKGPVQ Q
EWTXCVWTC SWGUGRTQFW\ECGPNCHKDTCRTQXQECTCWPCHTCEVWTC[FGLCTCNCIWCFG
NW\HWGTCFGUGTXKEKQ
7PKPXGPVQSWGRCTGEGQHTGEGTWPCUQNWEKPEQPUKUVGGPNCUWLGEKPFGNECDNGFG
HKDTC RVKEC C WP VGTOKPCN RQT OGFKQ FG WP CPKNNQ GNUVKEQ Q FG TGUQTVG RCTC
QDVGPGTWPCEQPGZKPIKTCVQTKCFQPFGWPCFGNCURCTVGUFGNFKURQUKVKXQXCUWLGVC
CNVGTOKPCN[NCQVTCCNCEQPVGTCOKGPVTCUSWGWPCVGTEGTCUWLGEKPEQORTKOGGN
CPKNNQ GNUVKEQ %QP GUVG NVKOQ OQPVCFQ GP GN VGTOKPCN UG GPICT\C GN CPKNNQ
RTGUKQPCPFQFG HQTOCSWGGNVGTOKPCNRWGFCUGTEQORNGVCOGPVGKPUGTVCFQGPNC
EQPVGTCJCUVCSWGFKEJQCPKNNQSWGFGCVTCRCFQGPUWKPVGTKQT

8'06#,#5;&'58'06#,#5&'.#5(+$4#526+%#5
8GPVCLCU
x /C[QT ECRCEKFCF FGDKFQ CN CPEJQ FG DCPFC OC[QT FKURQPKDNG GP NCU
HTGEWGPEKCURVKECU
x 2WGFGP VTCPUOKVKT C XGNQEKFCFGU OWEJQ OU CNVCU FG NQ SWG GOKUQTGU [
VTCPUOKUQTGUCEVWCNGUNQRGTOKVGPUQPUVQUNQUSWGNKOKVCPNCXGNQEKFCFFG
VTCPUOKUKP
x )TCP HNGZKDKNKFCF GN TCFKQ FG EWTXCVWTC RWGFG UGT KPHGTKQT C EO NQ SWG
HCEKNKVCUWKPUVCNCEKP
x )TCPNKIGTG\CGNRGUQGUFGNQTFGPFGCNIWPQUITCOQURQTMKNOGVTQNQSWG
TGUWNVCWPCUPWGXGXGEGUOGPQUSWGGNFGWPECDNGEQPXGPEKQPCN
x +POWPKFCF VQVCN C NCU RGTVWTDCEKQPGU FG QTKIGP GNGEVTQOCIPVKEQ NQ SWG
KORNKECWPCECNKFCFFGVTCPUOKUKPOW[DWGPC[CSWGNCUGCNGUKPOWPGC
NCUVQTOGPVCU
x )TCPUGIWTKFCFNCKPVTWUKPGPWPCHKDTCRVKECGUHEKNOGPVGFGVGEVCDNGRQT
GN FGDKNKVCOKGPVQ FG NC GPGTIC NWOKPQUC GP TGEGREKP CFGOU PQ TCFKC
PCFCNQSWGGURCTVKEWNCTOGPVGKPVGTGUCPVGRCTCCRNKECEKQPGUSWGTGSWKGTGP
CNVQPKXGNFGEQPHKFGPEKCNKFCF
x +POWPKFCFCKPVGTHGTGPEKCGUVVKECFGDKFCCNCUHWGPVGUFGTWKFQ
x 7PC CVGPWCEKP NKPGCN PQ OW[ RGSWGC NQ SWG RGTOKVG UCNXCT FKUVCPEKCU
KORQTVCPVGUUKPGNGOGPVQUCEVKXQUKPVGTOGFKQU
x 4GUKUVGPEKC C GZVTGOQU CODKGPVCNGU 5QP OGPQU CHGEVCFCU RQT NSWKFQU
EQTTQUKXQUICUGU[XCTKCEKQPGUFGVGORGTCVWTC
x 5GIWTKFCFGPEWCPVQCKPUVCNCEKP[OCPVGPKOKGPVQ.CUHKDTCUFGXKFTKQ[NQU
RNUVKEQU PQ UQP EQPFWEVQTGU FG NC GNGEVTKEKFCF UG RWGFGP WUCT EGTEC FG
NSWKFQU[ICUGUXQNVKNGU
x (CEKNKFCF RCTC NQECNK\CT NQU EQTVGU ITCEKCU C WP RTQEGUQ DCUCFQ GP NC
VGNGOGVTC NQ SWG RGTOKVG FGVGEVCT TRKFCOGPVG GN NWICT [ RQUVGTKQT
TGRCTCEKPFGNCCXGTCUKORNKHKECPFQNCNCDQTFGOCPVGPKOKGPVQ
&GUXGPVCLCU
x 2TFKFCUGPNQUECDNGURQTCDUQTEKPFGNW\NCEWCNRWGFGUGTEQPXGTVKFCGP
ECNQT
x 2TFKFCURQTFKURGTUKPFG4C[NGKIJQOCVGTKCNGU.W\FKHTCEVCFCSWGGUECRC
RQTNCEWDKGTVCCNEJQECTEQPVTCWPCKTTGIWNCTKFCFFGNXKFTKQGPGNRTQEGUQFG
HCDTKECEKP
x 2TFKFCU ETQOVKEC Q FG NQPIKVWF FG QPFC .C NW\ GOKVKFC RQT WP .'& UG
FGUEQORQPG GP UWU FKHGTGPVGU NQPIKVWFGU FG QPFC EQPUVKVWVKXCU XKCLCPFQ C
FKUVKPVCU XGNQEKFCFGU RQT NC HKDTC NNGICPFQ CN QVTQ GZVTGOQ C FKHGTGPVGU
VKGORQU
x 2TFKFCUFGTCFKCEKP%CWUCFCRQTFQDNGEGUGKTTGIWNCTKFCFGUGPNCHKDTC

x 2TFKFC OQFCN %CWUCFC RQT FKHGTGPEKCU FG VKGORQU FG RTQRCICEKP FG NQU
TC[QUFGNW\SWGVQOCPFKHGTGPVGUVTC[GEVQTKCURQTWPCHKDTC
x 2TFKFCUFGCEQRNCOKGPVQ'PNCUEQPGZKQPGUFGHWGPVGUFGHKDTCHKDTCCHKDTC
[QHKDTCCHQVQFGVGEVQTUQPECWUCFCRQTRTQDNGOCUFGCNKPGCEKP
014/#6+8#
2CTCRQFGTGUVCDNGEGTWPCEQOWPKECEKPGPVTGQTFGPCFQTGUGUPGEGUCTKQEQPVCT
EQP WPC UGTKG FG PQTOCU SWG TGIWNGP FKEJQ RTQEGUQ 'UCU PQTOCU NCU HKLC NQU
QTICPKUOQUKPVGTPCEKQPCNGUFGPQTOCNK\CEKP
+51
1TICPK\CEKP+PVGTPCEKQPCNFG'UVCPFCTK\CEKPSWGGUWPCQTICPK\CEKPPQ
IWDGTPCOGPVCNHWPFCFCGPVKGPGRQTOKUKPNCEQQTFKPCEKPFGNFGUCTTQNNQ
[ CRTQDCEKP FG GUVPFCTGU C PKXGN KPVGTPCEKQPCN 5W ODKVQ FG VTCDCLQ EWDTG
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x
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2CTC KPVGPVCT WPC UQNWEKP C VQFCU GUVCU EQPUKFGTCEKQPGU

.C NQECNK\CEKP FG NQU FG NQU GSWKRQU FG EQOWPKECEKQPGU

ENQUGV FG VGNGEQOWPKECEKQPGU  RGTOKVG SWG NQU RTQDNGOCU FGN ECDNGCFQ

%CVGIQTC  'U WP ECDNG EQP ECTCEVGTUVKECU FG KORGFCPEKC CVGPWCEKP [

NC OKUOC QTICPK\CEKP 'UVCU TGFGU RWGFGP RTQXGPKT FG FKUVKPVCU

.QU EQPEGPVTCFQTGU RGTOKVGP EQPGEVCT [ CUGIWTCT GN ECDNGCFQ GPVTG XCTKCU

'U GN QTFGPCFQT RTKPEKRCN FG NC TGF SWG UQRQTVCGNUKUVGOCIGUVQTFGNC

%QPUVKVWKFQ RQT GN ECDNGCFQ [ NQU EQPGEVQTGU SWG GPNC\CP NQU

%5/#%& CPKNNQVGUVKIQ DWUVGUVKIQ %5/#%&

CNGCVQTKQ FGVGTOKPKUVC FGVGTOKPKUVC

'ZKUVG WPC EQOWPKECEKP XKTVWCN GPVTG  OKUOCU ECRCU FG OCPGTC

UWDTGFGU FKUVKPVCU FGWPCTGF9#0UGGUVCDNGEGWPQQOUEKTEWKVQU XKTVWCNGU

'U WP OGFKQ OW[ UWUEGRVKDNG C TWKFQ [ C KPVGTHGTGPEKCU  2CTCGXKVCTGUVQU

%QPUKUVG GP WP ECDNG EQPFWEVQT KPVGTPQ

.QU KPEQPXGPKGPVGU FGN OQFQ OWNVKOQFCN GU SWG FGDKFQ C SWG

.QU GOKUQTGU FG NW\ WVKNK\CFQU UQP .'&

(&&+62 2&/FGHKPG NCCRNKECEKPFGNCVGEPQNQIC(&&+UQDTGECDNGU FG

C #05+6+#'+## 0QTOC RCTC EQPUVTWEEKP EQOGTEKCN FG ECDNGCFQ

D #05+'+#6+# 0QTOC FG EQPUVTWEEKP EQOGTEKCN RCTC XCU [

F #05+6+#'+# 4GSWKUKVQU FG CVGTTK\CFQ [ RTQVGEEKP RCTC

 5WDUKUVGOCUFGNCPQTOC#05+6+#'+# #

.C PQTOC #05+6+#'+## GURGEKHKEC NQU TGSWKUKVQU OPKOQU RCTC

.KOKVC GN GUECRG FG '/+

.C CVGPWCEKP [ GN 0':6 UG OKFGP CODQU GP F$ U

+PENWUQ RGSWGQU FGUDCNCPEGQU GP NC UGCN VTCPUOKVKFC RWGFGP ECWUCT

x &KUVTKDWKFQT FG %CORWU

x &KUVTKDWKFQT FG 'FKHKEKQ

x &KUVTKDWKFQT FG 2KUQ

x 'UVC PQTOCNK\CFQ RQT NQU CRPFKEGU '+#6+# 65$ 

x .QU GNGOGPVQU EGTVKHKECFQU DCLQ GUVC ECVGIQTC RGTOKVGP OCPVGPGT NCU

&GNICFCUVKTCUFGRNUVKEQUGGPTQNNCPCNTGFGFQT FGNQU OCPQLQUFGECDNGU[UG

#NIWPQU GSWKRQU TGSWKGTGP EQORQPGPVGU

.QU FWEVQU C NCU UCNKFCU FG TGC FG VTCDCLQ

7P ECDNG GURGEKCN RCTC CFCRVCT GN EQPGEVQT FGN GSWKRQ

EQORWVCFQTC VGTOKPCN VGNHQPQ CN EQPGEVQT FG NC UCNKFC FG

'N $CEMDQPG RTQXGG KPVGTEQPGZKP GPVTGGNEWCTVQFGVGNGEQOWPKECEKQPGU

%CDNG /QPQOQFQ FG (KDTC RVKEC FG  WO O

0QVC .CU FKUVCPEKCU FGN $CEMDQPG UQP FGRGPFKGPVGU FG NC

+DUGZDUHGH &URVV &RQH[LyQ

&GDGP UGT EKTEWKVQU UGRCTCFQU FG  C  CORGTKQU 'UVQU FQU

.C RTEVKEC EQPUKUVGGPRTQXGGTOFGGURCEKQGPGNEWCTVQ

.QU GSWKRQU FG %QPVTQN #ODKGPVCN VCNGU EQOQ FKUVTKDWKFQTGU FG

'N EWCTVQ FG GSWKRQU FGDG GUVCT RTQVGIKFQ FG EQPVCOKPCEKP [

.C VGORGTCVWTC CODKGPVG [ NC JWOGFCF FGDGP UGT OGFKFCU C WPC

5G FGDGP RTQXGGT GZVKPIWKFQTGU FG HWGIQ RQTVVKNGU [ JCEGTNGU

(WG GPVQPEGU EWCPFQ NQU EKGPVHKEQU [ VEPKEQU GURGEKCNK\CFQU GP RVKEC

 6QVCN KPOWPKFCF C KPVGTHGTGPEKC FG GNGEVTQOCIPVKEC Q FG TCFKQ

.CU HKDTCU UQP EWDKGTVCU EQP WPC HWPFC RNUVKEC

5GJCPQDVGPKFQXCNQTGU FGCVGPWCEKPFGCFDMO [RTQFWEVQUFG

2CTC EWDTKT ITCPFGU FKUVCPEKCU UKP GORNGCT TGIGPGTCFQTGU KPVGTOGFKQU GU

7PC FG NCU EQPUKFGTCEKQPGU OUKORQTVCPVGU GPNCWVKNK\CEKPFGHKDTCU

.CU TCFKCEKQPGU GNGEVTQOCIPVKECU EQOQ FGUECTICU GNEVTKECU TC[QU [

.C KPUVCNCEKP FGRGPFG VCODKP FG NC EQPUKUVGPEKC HUKEC FGN

.QU UKUVGOCU FG GORCNOG RQT RGICOGPVQ UQP TRKFQU RGTQ

7PC WPKP FG ECDNGU TGSWKGTG EQPHKCDKNKFCF [TKIKFG\ CNCTIQRNC\Q

E 2TQEGUCOKGPVQ FG OCVGTKCNGU RCTC NC CEWOWNCEKP FG

'N UGIWPFQ RTQEGFKOKGPVQ FG EQPGZKP RCTC HKDTC FGUPWFC

%QP GUVG UKUVGOC FG HKLCEKPFGNCHKDTCUGHCDTKECPCNIWPQU VKRQU

.QU EQPGEVQTGU RCTC HKDTCU OQPQOQFQ VKGPGP VQNGTCPEKCU FG

'UVC OWNVKECPCNK\CEKP GU GURGEHKEC RCTC NCU VGNGEQOWPKECEKQPGU RVKECU 5G

#FGOU UNQ NC NW\ EQPVGPKFC GP GNEQPQFGCFOKUKP UGRTQRCICGPNCHKDTC

7PC TGF FG EQOWPKECEKQPGU FG CNVCXGNQEKFCFRQFTCFCTCEQOQFQCNHNWLQFG

ENQUGV FG VGNGEQOWPKECEKQPGU RGTOKVG SWG NQU RTQDNGOCU FGN ECDNGCFQ

%CVGIQTC 'U WP ECDNG EQP ECTCEVGTUVKECU FG KORGFCPEKC CVGPWCEKP [

NC OKUOC QTICPK\CEKP 'UVCU TGFGU RWGFGP RTQXGPKT FG FKUVKPVCU

%5/#%& CPKNNQVGUVKIQ DWUVGUVKIQ %5/#%&

'ZKUVG WPC EQOWPKECEKP XKTVWCN GPVTG OKUOCU ECRCU FG OCPGTC

UWDTGFGU FKUVKPVCU FGWPCTGF9#0UGGUVCDNGEGWPQQOUEKTEWKVQU XKTVWCNGU

'U WP OGFKQ OW[ UWUEGRVKDNG C TWKFQ [ C KPVGTHGTGPEKCU 2CTCGXKVCTGUVQU

.QU GOKUQTGU FG NW\ WVKNK\CFQU UQP .'&

(&&+62 2&/FGHKPG NCCRNKECEKPFGNCVGEPQNQIC(&&+UQDTGECDNGU FG

C #05+6+#'+## 0QTOC RCTC EQPUVTWEEKP EQOGTEKCN FG ECDNGCFQ

D #05+'+#6+# 0QTOC FG EQPUVTWEEKP EQOGTEKCN RCTC XCU [

F #05+6+#'+# 4GSWKUKVQU FG CVGTTK\CFQ [ RTQVGEEKP RCTC

5WDUKUVGOCUFGNCPQTOC#05+6+#'+# #

.C PQTOC #05+6+#'+## GURGEKHKEC NQU TGSWKUKVQU OPKOQU RCTC

x 'UVC PQTOCNK\CFQ RQT NQU CRPFKEGU '+#6+# 65$

EQORWVCFQTC VGTOKPCN VGNHQPQ CN EQPGEVQT FG NC UCNKFC FG

'N $CEMDQPG RTQXGG KPVGTEQPGZKP GPVTGGNEWCTVQFGVGNGEQOWPKECEKQPGU

%CDNG /QPQOQFQ FG (KDTC RVKEC FG WO O

0QVC .CU FKUVCPEKCU FGN $CEMDQPG UQP FGRGPFKGPVGU FG NC

&GDGP UGT EKTEWKVQU UGRCTCFQU FG C CORGTKQU 'UVQU FQU

.C RTEVKEC EQPUKUVGGPRTQXGGTOFGGURCEKQGPGNEWCTVQ

.QU GSWKRQU FG %QPVTQN #ODKGPVCN VCNGU EQOQ FKUVTKDWKFQTGU FG

6QVCN KPOWPKFCF C KPVGTHGTGPEKC FG GNGEVTQOCIPVKEC Q FG TCFKQ

5GJCPQDVGPKFQXCNQTGU FGCVGPWCEKPFGCFDMO [RTQFWEVQUFG

.CU TCFKCEKQPGU GNGEVTQOCIPVKECU EQOQ FGUECTICU GNEVTKECU TC[QU [

.QU UKUVGOCU FG GORCNOG RQT RGICOGPVQ UQP TRKFQU RGTQ

7PC WPKP FG ECDNGU TGSWKGTG EQPHKCDKNKFCF [TKIKFG\ CNCTIQRNC\Q

'UVC OWNVKECPCNK\CEKP GU GURGEHKEC RCTC NCU VGNGEQOWPKECEKQPGU RVKECU 5G

#FGOU UNQ NC NW\ EQPVGPKFC GP GNEQPQFGCFOKUKP UGRTQRCICGPNCHKDTC

*CEKC EQOKGP\CP C PGEGUKVCTUG TGFGU SWG VTCPUOKVCP FCVQU C CNVC

7P PKXGN HUKEQ 2.

2TKOGTQ WDKECOQU GN FKUVTKDWKFQT RTKPEKRCN VGPKGPFQ GP EWGPVC NCU