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MR E JSEQ QSPH %'1% 1(%   *VSQ XLMW QSHIWX ETTP]*64VIMRJSVGMRKFEVWMRGSRGVIXIXLEXVIUYMVIHWTIGMEP
FIKMRRMRK*64GSQTSWMXIETTPMGEXMSRWLEZIVIZSPYXMSRM^IH TIVJSVQERGI VIUYMVIQIRXW WYGL EW RSRQEKRIXMG TVSTIVXMIW
IRXMVI MRHYWXVMIW MRGPYHMRK EIVSWTEGI QEVMRI IPIGXVMGEP SVMREVIEWXLEX[IVIWYFNIGXIHXSWIZIVIGLIQMGEPEXXEGO
GSVVSWMSRVIWMWXERGIERHXVERWTSVXEXMSR 'SQTSWMXIW LEZI IZSPZIH WMRGI XLI W WXEVXMRK [MXL
*64GSQTSWMXIQEXIVMEPWHEXIFEGOXSXLIIEVP]WMR XIQTSVEV] WXVYGXYVIW ERH GSRXMRYMRK [MXL VIWXSVEXMSR SJ
XLI HIJIRWIMRHYWXV] TEVXMGYPEVP] JSV YWI MR EIVSWTEGI ERH LMWXSVMGFYMPHMRKWERHWXVYGXYVEPETTPMGEXMSRW8]TMGEPTVSHYGXW
REZEPETTPMGEXMSRW8LI97%MV*SVGIERH2EZ]GETMXEPM^IH HIZIPSTIH [IVI HSQIW WLVSYHW XVERWPYGIRX WLIIX TERIPW
SR*64GSQTSWMXIWvLMKLWXVIRKXL[IMKLXVEXMSERHMRLIVIRX ERHI\XIVMSVFYMPHMRKTERIPW%QENSVHIZIPSTQIRXSJ*64
VIWMWXERGIXSXLIGSVVSWMZIIJJIGXWSJ[IEXLIVWEPXEMVERHXLI JSVGMZMPIRKMRIIVMRKLEWFIIRXLIETTPMGEXMSRSJI\XIVREPP]
WIE 7SSR XLI FIRIJMXW SJ *64 GSQTSWMXIW IWTIGMEPP] MXW FSRHIH*64JSVVILEFMPMXEXMSRERHWXVIRKXLIRMRKSJGSRGVIXI
GSVVSWMSRVIWMWXERGIGETEFMPMXMIW[IVIGSQQYRMGEXIHXSXLI WXVYGXYVIW
TYFPMGWIGXSV*MFIVKPEWWTMTIJSVMRWXERGI[EWJMVWXMRXVSHYGIH (YVMRKXLIPEXIWERHIEVP]WQER]ETTPMGEXMSRW
MR %'1%1(% JSV[LEXLEWFIGSQISRISJMXW SJ GSQTSWMXI VIMRJSVGMRK TVSHYGXW [IVI HIQSRWXVEXIH MR
[MHIWX YWI EVIEW [MXLMR XLI GSVVSWMSR QEVOIX XLI SMP )YVSTIERH%WME-RXLI[SVPHvWJMVWXLMKL[E]FVMHKI
MRHYWXV]*64GSQTSWMXIWTVSZIHXSFIE[SVXL]EPXIVREXMZI YWMRKGSQTSWMXIVIMRJSVGMRKXIRHSRW[EWFYMPXMR+IVQER]
XS SXLIV XVEHMXMSREP QEXIVMEPW IZIR MR XLI LMKLTVIWWYVI 8LI JMVWX EPPGSQTSWMXI FVMHKI HIGO [EW HIQSRWXVEXIH MR
PEVKIHMEQIXIV WMXYEXMSRW SJ GLIQMGEP TVSGIWWMRK &IWMHIW 'LMRE 8LI JMVWX EPPGSQTSWMXI TIHIWXVMER FVMHKI [EW
WYTIVMSVGSVVSWMSRVIWMWXERGI*64TMTISJJIVIHFSXLHYVEFMPMX] MRWXEPPIHMRMR%FIVJIPH]7GSXPERH-RXLI97XLIJMVWX
ERHWXVIRKXLXLYWIPMQMREXMRKXLIRIIHJSVMRXIVMSVPMRMRKW *64VIMRJSVGIH GSRGVIXI FVMHKI HIGO [EW FYMPX MR  EX
I\XIVMSV GSEXMRKW ERH GEXLSHMG TVSXIGXMSR 7MRGI XLI IEVP] 1G/MRPI]ZMPPI ;IWX :MVKMRME JSPPS[IH F] XLI JMVWX EPP
W *64 GSQTSWMXIW LEZI FIIR YWIH I\XIRWMZIP] JSV GSQTSWMXI ZILMGYPEV FVMHKI HIGO 8LI 2S2EQI 'VIIO
IUYMTQIRX MR XLI GLIQMGEP TVSGIWWMRK TYPT ERH TETIV &VMHKI MR   MR 6YWWIPP /ERWEW 2YQIVSYW GSQTSWMXI
TS[IV[EWXIXVIEXQIRXQIXEPVIJMRMRKERHSXLIVQERY TIHIWXVMER FVMHKIW LEZI FIIR MRWXEPPIH MR 97 WXEXI ERH
JEGXYVMRKMRHYWXVMIW %'1%1(% 1]VMEHWSJTVSHYGXW REXMSREPTEVOWMRVIQSXIPSGEXMSRWRSXEGGIWWMFPIF]LIEZ]
ERH *64 MRWXEPPEXMSRW LIPT FYMPH E FEWIPMRI SJ TVSZIR GSRWXVYGXMSRIUYMTQIRXSVJSVWTERRMRKSZIVVSEH[E]WERH
TIVJSVQERGIMRXLIJMIPH VEMP[E]W %'1%1(% 
6 %'-'311-88))6)4368

I\XIRWMZIP]HIQSRWXVEXIHERHYWIHEVSYRHXLI[SVPH)\EQTPIW
SJ*64GSQTSWMXITVSHYGXWMRGPYHI
e *64 GSQTSWMXI W]WXIQW JSV VITEMV WXVIRKXLIRMRK ERH
WIMWQMGVIXVSJMXJSVFIEQWGSPYQRWWPEFWERH[EPPW
e *64 VIMRJSVGMRK FEVW KVMHW ERH XIRHSRW JSV GSRGVIXI
VIMRJSVGIQIRX
e &VMHKIHIGOTERIPWERHTIHIWXVMERFVMHKIW]WXIQW
e 2I[WXVYGXYVEPWLETIW
e 4MPMRK TVSHYGXW ERH W]WXIQW JSV QEVMRI [EXIVJVSRX
WXVYGXYVIW
e *64 HS[IP FEVW JSV HYVEFPI PSRKXIVQ WIVZMGI MR
GSRGVIXILMKL[E]TEZIQIRXWERH
e *64XMIGSRRIGXSVWERH*64KVMHWLIEVGSRRIGXSVWJSV
GSRGVIXIWERH[MGL[EPPGSRWXVYGXMSR
*MK{97GSQTSWMXIWWLMTQIRXWQEVOIXWLEVIF]
7IZIVEP I\EQTPIW SJ WYGL ETTPMGEXMSRW EVI HIWGVMFIH MR
IRHYWIETTPMGEXMSR %'1% 8SXEPIWXMQEXIHZSPYQI
FMPPMSROK FMPPMSRPF  %'1%ERH44+  'LETXIVSJXLMWVITSVX

',%48)6{238%8-32%2(()*-2-8-327
'SQTSWMXIJEFVMGEXSVWERHWYTTPMIVWEVIEGXMZIP]HIZIPSTMRK {2SXEXMSR
TVSHYGXWJSVXLIGMZMPMRJVEWXVYGXYVI[LMGLMWGSRWMHIVIHXS %J ! EVIESJ*64VIMRJSVGIQIRXQQ MR
FIXLIPEVKIWXTSXIRXMEPQEVOIXJSV*64GSQTSWMXIW %'1% E ! HITXL SJ IUYMZEPIRX VIGXERKYPEV WXVIWW FPSGO
1(% 'SRGVIXIVITEMVERHVIMRJSVGIQIRXFVMHKIHIGO PIRKXLSJWLIEVWTERQQ MR
VITEMV ERH RI[ MRWXEPPEXMSR GSQTSWMXIL]FVMH XIGLRSPSK] F ! [MHXLSJGEVFSR*64TPEXIQQ MR
XLIQEVVMEKISJGSQTSWMXIW[MXLGSRGVIXI[SSHERHWXIIP  G ! RIYXVEPE\MWHITXLQQ MR
QEVMRITMPMRKERHTMIVYTKVEHITVSKVEQWEVINYWXWSQISJ ( ! HMEQIXIVQQ MR
XLIEVIEWXLEXEVIGYVVIRXP]FIMRKI\TPSVIH8LMWHSGYQIRX (M ! MRRIVHMEQIXIVSJXYFIQQ MR
HIWGVMFIWEPPEWTIGXWSJETTPMGEXMSRWSJ*64GSQTSWMXIWJSV (S ! SYXIVHMEQIXIVSJXYFIQQ MR
GSRGVIXIERHQEWSRV]WXVYGXYVIWMRGPYHMRKMRXIVREPVIMRJSVGI H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS
QIRX WXVIRKXLIRMRK TVIWXVIWWMRK ERH MRXIKVEXIH WXE]MR GIRXVSMHSJXIRWMPIVIMRJSVGIQIRXQQ MR
TPEGIJSVQW HF ! FEVHMEQIXIVQQ MR
 -RHYWXV] WXEXMWXMGW{8LI GSQTSWMXIW MRHYWXV] )G ! QSHYPYWSJGSRGVIXIGSVI14E TWM
EWWSGMEXMSRW ERH TVSHYGIVW LEZIXVEHMXMSREPP]XVEGOIH *64 )*64 ! QSHYPYWSJIPEWXMGMX]SJ*64VIMRJSVGIQIRX14E
QEVOIXKVS[XLMRWIZIVEPTVMQEV]QEVOIXWEMVGVEJXEIVSWTEGI TWM
ETTPMERGIFYWMRIWW IUYMTQIRX GSRWXVYGXMSR GSRWYQIV )J ! IUYMZEPIRXSVXLSXVSTMGIPEWXMGQSHYPYWSJXYFIMR
TVSHYGXWGSVVSWMSRVIWMWXERXIUYMTQIRXIPIGXVMGEPQEVMRI LSSTHMVIGXMSR14E TWM
XVERWTSVXEXMSR ERH SXLIV ETTPMGEXMSRW 8LI %QIVMGER )W ! IPEWXMGQSHYPYWSJWXIIPVIMRJSVGIQIRX14E TWM
'SQTSWMXIW1ERYJEGXYVIVW%WWSGMEXMSR %'1% ERH JG ! WTIGMJMIHGSRGVIXIGSQTVIWWMZIWXVIRKXL14E TWM
44+-RHYWXVMIWVITSVXIHXLEXIWXMQEXIWSJGSQTSWMXIWWLMTQIRXW JGG ! GSQTVIWWMZIWXVIRKXLSJGSRJMRIHGSRGVIXI14E TWM
MRVIEGLIHFMPPMSROMPSKVEQW FMPPMSRTSYRHW  JJY ! YPXMQEXIWXVIRKXLSJ*64QEXIVMEP14E TWM
*MKYVIWLS[WXLIHMWXVMFYXMSRSJ*64GSQTSWMXIWQEXIVMEPW JTM ! MRMXMEPTVIWXVIWWMRKWXVIWW14E TWM
WLMTTIHMR%GGSVHMRKXSXLI'SQTSWMXIW2I[W-RXIVRE L ! HITXLSJVIMRJSVGIHGSRGVIXIFIEQQQ MR
XMSREP %'1% XLIIWXMQEXIHWM^ISJXLIGSQTSWMXIW -GV ! GVEGOIH QSQIRX SJ MRIVXME SJ XLI WIGXMSR SJ E
MRHYWXV] MR 2SVXL %QIVMGE MW ETTVS\MQEXIP]  FMPPMSR VIMRJSVGIHGSRGVIXIFIEQQQ MR
8LI GSQTSWMXIW MRHYWXV] LEW WLS[R GSRWMHIVEFPI KVS[XL -I ! IJJIGXMZIQSQIRXSJMRIVXMEQQ MR
SZIVXLITEWX]IEVWERHMWTVSNIGXIHXSMRGVIEWIEW*64 -I] ! SZIVEPP IJJIGXMZI FIEQ QSQIRX SJ MRIVXME EX
GSQTSWMXIWEVIEGGITXIHMRRI[QEVOIXW ]MIPHMRKQQ  MR
 4VSHYGXERHFIRIJMXWJSVGSRWXVYGXMSRETTPMGEXMSRW{ 0 ! PIRKXLSJ'**8QQ MR
*64GSQTSWMXIWTVSZMHIQER]WSPYXMSRWXSXLIRIIHWSJXLI PH ! HIZIPSTQIRXPIRKXLQQ MR
S[RIVERHGMZMPIRKMRIIV*64TVSHYGXWJSVGMZMPMRJVEWXVYGXYVI PX ! XVERWJIVPIRKXLJSVTVIWXVIWWMRKXIRHSRWQQ MR
GSRWXVYGXMSRETTPMGEXMSRWEVIQSVIVIWMWXERXXSGSVVSWMSRXLER 1Y ! JEGXSVIHQSQIRXO2Q PFMR
VIMRJSVGMRKWXIIPXLYWXLIWIVZMGIPMJISJXLIWXVYGXYVIQE]FI 2 ! E\MEPPSEHO2 PF
MRGVIEWIH*64TVSHYGXWLEZILMKLWXVIRKXLXS[IMKLXVEXMSW 6 ! VEHMYWSJ*64XYFIQQ MR
ERHWXVIRKXLTVSTIVXMIWKVIEXIVXLERXLSWISJWXIIP -RVITEMV 8K ! KPEWWXVERWMXMSRXIQTIVEXYVI”' ”*
ERHVILEFMPMXEXMSRXLIPMKLX[IMKLXERHIEWISJETTPMGEXMSRSJ X ! XLMGORIWWSJ*64TPEXIQQ MR
XLI QEXIVMEPW GER VIWYPX MR WEZMRK MR PEFSV GSWXW 8LI QEMR :G ! RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXIO2 PF
HVE[FEGOSJXLIQEXIVMEPWMWXLIMVVIPEXMZIP]LMKLQEXIVMEPGSWX :I\T ! I\TIVMQIRXEPP]SFXEMRIHWLIEVJSVGIO2 PF
'YVVIRXP] QER] *64 TVSHYGXW EVI EZEMPEFPI XS FYMPH SV ! HIJPIGXMSRSJFIEQWYFNIGXIHXSPSEHQQ MR
VITEMVGMZMPIRKMRIIVMRKWXVYGXYVIW8LIWITVSHYGXWLEZIFIIR JT ! WXVIWWVERKIMRJEXMKYIPSEHMRK14E TWM
*-&)66)-2*36')(430=1)66)-2*36')1)28*36'32'6)8)7869'896)7 6

GG ! E\MEP WXVEMR XS GEPGYPEXI GSRJMRIQIRX TVIWWYVI MR ERHORMXXIHJEFVMGWMRXLIQIXLSHSJ]EVRMRXVSHYGXMSRMRXS


'**8 XLIJEFVMGERHXLIQERRIVF][LMGLXLI]EVRWEVIMRXIVPEGIH
*64 ! WXVEMRPIZIPMR*64VIMRJSVGIQIRX FWXEKI{MRXIVQIHMEXIWXEKIMRXLITSP]QIVM^EXMSRVIEGXMSR
*64WIVZMGI!WXVEMRPIZIPMR*64VIMRJSVGIQIRXMRWIVZMGI SJXLIVQSWIXWJSPPS[MRK[LMGLQEXIVMEP[MPPWSJXIR[MXLLIEX
JI ! IJJIGXMZIWXVEMRMR*64PEQMREXI ERHMWTPEWXMGERHJYWMFPI8LIVIWMRSJERYRGYVIHTVITVIKSV
JY ! HIWMKRVYTXYVIWXVEMRSJ*64 TVIQM\MWYWYEPP]MRFWXEKI
W ! WXVEMRSJWXIIPVIMRJSVGIQIRX GEVFSR JMFIV{JMFIV TVSHYGIH F] T]VSP]WMW SJ SVKERMG
! WXVIRKXLVIHYGXMSRJEGXSV TVIGYVWSVJMFIVW9WIHMRXIVGLERKIEFP][MXLKVETLMXI8]TIW
Y ! GYVZEXYVISJFIEQEXJEMPYVIQQ MR SJ GEVFSR JMFIVW MRGPYHI QIWSTLEWI TMXGL GEVFSR ERH TER
] ! GYVZEXYVISJFIEQEX]MIPHMRKSJMRXIVREPWXIIP GEVFSR TSP]EGV]PSRMXVMPI 
QQ MR GEXEP]WX{SVKERMGTIVS\MHIYWIHXSEGXMZEXIXLITSP]QIV
! VSXEXMSRSJEWIGXMSRSJEFIEQVEHMERSVHIKVII M^EXMSR
SVHMVIGXMSRSJJMFIVW ')8{GSIJJMGMIRXSJXLIVQEPI\TERWMSRGLERKIMRPMRIEV
Q ! GSIJJMGMIRX XS GEPGYPEXI IJJIGXMZI WXVEMR MR *64 HMQIRWMSRTIVYRMXPIRKXLHYIXSGLERKIMRXIQTIVEXYVI
PEQMREXI '**8{GSRGVIXIJMPPIH*64XYFI
™ ! HYGXMPMX]MRHI\ '*64{GEVFSRJMFIVVIMRJSVGIHTSP]QIV MRGPYHIWKVETLMXI
! VIMRJSVGIQIRXVEXMS JMFIVVIMRJSVGIHTSP]QIV 
*64 ! *64PSRKMXYHMREPVIMRJSVGIQIRXVEXMS GSQTSWMXI{E GSQFMREXMSR SJ SRI SV QSVI QEXIVMEPW
JG ! JMFIVGSQTSWMXIVIMRJSVGIQIRXVEXMS HMJJIVMRKMRJSVQSVGSQTSWMXMSRSREQEGVSWGEPI2SXI8LI
6 ! GSRJMRIQIRXTVIWWYVIMRGMVGYPEV'**814E TWM GSRWXMXYIRXW VIXEMR XLIMV MHIRXMXMIW XLEX MW XLI] HS RSX
\ ! LSSTXIRWMPIWXVIRKXL14E TWM HMWWSPZISVQIVKIGSQTPIXIP]MRXSSRIERSXLIVEPXLSYKLXLI]
] ! E\MEPGSQTVIWWMZIWXVIRKXL14E TWM EGX XSKIXLIV 2SVQEPP] XLI GSQTSRIRXW GER FI TL]WMGEPP]
! FSRHWXVIRKXLSJ*64FEV14E TWM MHIRXMJMIHERHI\LMFMXERMRXIVJEGIFIX[IIRSRIERSXLIV
Q
G ! 4SMWWSRvWVEXMSSJGSRGVIXI GSRGVIXIWYFWXVEXI{XLISVMKMREPGSRGVIXISVER]GIQIR
! PSRKMXYHMREP4SMWWSRvWVEXMSSJXYFI XMXMSYWVITEMVQEXIVMEPYWIHXSVITEMVSVVITPEGIXLISVMKMREP
J
GSRGVIXI XLI WYFWXVEXI GER GSRWMWX IRXMVIP] SJ SVMKMREP
{(IJMRMXMSRW GSRGVIXIIRXMVIP]SJVITEMVQEXIVMEPWSVSJEGSQFMREXMSRSJ
%*64{EVEQMHJMFIVVIMRJSVGIHTSP]QIV SVMKMREPGSRGVIXIERHVITEMVQEXIVMEPWXLIWYFWXVEXIMRGPYHIW
EKMRK{XLITVSGIWWSJI\TSWMRKQEXIVMEPWXSERIRZMVSRQIRX XLIWYVJEGIXS[LMGLXLI*64W]WXIQMWEHLIVIH
JSVERMRXIVZEPSJXMQI GSRXEGXGVMXMGEP ETTPMGEXMSRW{ETTPMGEXMSRW SJ *64
EVEQMHJMFIV{LMKLP]SVMIRXIHSVKERMGJMFIVHIVMZIHJVSQ W]WXIQWXLEXVIP]SRGSRXMRYSYWMRXMQEXIGSRXEGXFIX[IIRXLI
TSP]EQMHIMRGSVTSVEXMRKEVSQEXMGVMRKWXVYGXYVI GSRGVIXIWYFWXVEXIERHXLI*64W]WXIQ-RKIRIVEPGSRXEGX
FEPERGIH *64VIMRJSVGIQIRXVEXMS{XLIVIMRJSVGIQIRX GVMXMGEPETTPMGEXMSRWGSRWMWXSJ*64W]WXIQWXLEXGSQTPIXIP]
VEXMSMREJPI\YVEPQIQFIVXLEXGEYWIWXLIYPXMQEXIWXVEMRSJ [VETEVSYRHXLITIVMQIXIVSJXLIWIGXMSR*SVQSWXGSRXEGX
*64 FEVW ERH XLI YPXMQEXI GSQTVIWWMZI WXVEMR SJ GSRGVIXI GVMXMGEP ETTPMGEXMSRW XLI *64 W]WXIQ MW FSRHIH XS XLI
EWWYQIHXSFI XSFIWMQYPXERISYWP]EXXEMRIH GSRGVIXI XSJEGMPMXEXI MRWXEPPEXMSR FYX HSIWRSX VIP] SR XLEX
FEV{E GSQTSWMXI QEXIVMEP JSVQIH MRXS E PSRK WPIRHIV FSRH XS TIVJSVQ EW MRXIRHIH 'SRJMRIQIRX SJ GSPYQRW JSV
WXVYGXYVEP WLETI WYMXEFPI JSV XLI MRXIVREP VIMRJSVGIQIRX SJ WIMWQMGVIXVSJMXMWERI\EQTPISJEGSRXEGXGVMXMGEPETTPMGEXMSR
GSRGVIXIERHGSRWMWXMRKSJTVMQEVMP]PSRKMXYHMREPYRMHMVIGXMSREP GSRXMRYSYW JMFIV VIMRJSVGIQIRX{ER] GSRWXVYGXMSR SJ
JMFIVWFSYRHERHWLETIHF]EVMKMHTSP]QIVVIWMRQEXIVMEP VIWMRFSYRH GSRXMRYSYW JMFIVW YWIH XS VIMRJSVGI E GSRGVIXI
8LI FEV QE] LEZI E GVSWW WIGXMSR SJ ZEVMEFPI WLETI QEXVM\8LIGSRWXVYGXMSRQE]FIMRXLIWLETISJGSRXMRYSYW
GSQQSRP]GMVGYPEVSVVIGXERKYPEV ERHQE]LEZIEHIJSVQIH JMFIVFEVWXIRHSRWSVSXLIVWLETIW
SVVSYKLIRIHWYVJEGIXSIRLERGIFSRHMRK[MXLGSRGVIXI GSRXMRYSYWJMPEQIRX{JMFIVXLEXMWQEHIF]WTMRRMRKSV
FMRHIV{GLIQMGEP XVIEXQIRX ETTPMIH XS XLI VERHSQ HVE[MRKMRXSSRIPSRKGSRXMRYSYWIRXMX]
EVVERKIQIRXSJKPEWWJMFIVWXSKMZIMRXIKVMX]XSQEXW7TIGMJMG GSRXMRYSYWJMPEQIRXXS[{TEVEPPIPJMPEQIRXWGSEXIH[MXL
FMRHIVWEVIYWIHXSTVSQSXIGLIQMGEPGSQTEXMFMPMX][MXLXLI WM^MRK HVE[R XSKIXLIV MRXS WMRKPI SVQYPXMTPI WXVERHW ERH
ZEVMSYWPEQMREXMRKVIWMRWYWIH [SYRHMRXSEG]PMRHVMGEPTEGOEKI
&1'{FYPOQSPHMRKGSQTSYRH GSRXMRYSYW JMPEQIRX ]EVR{]EVR XLEX MW JSVQIH F]
FSRHGVMXMGEPETTPMGEXMSRW ETTPMGEXMSRWSJ*64W]WXIQW X[MWXMRK X[S SV QSVI GSRXMRYSYW JMPEQIRXW MRXS E WMRKPI
JSVWXVIRKXLIRMRKWXVYGXYVEPQIQFIVWXLEXVIP]SRFSRHXSXLI GSRXMRYSYWWXVERH
GSRGVIXI WYFWXVEXI JPI\YVEP ERH WLIEV WXVIRKXLIRMRK SJ GSYTPMRKEKIRX{TEVXSJEWYVJEGIXVIEXQIRXSVJMRMWLXLEX
FIEQWERHWPEFWEVII\EQTPIWSJFSRHGVMXMGEPETTPMGEXMSRW MW HIWMKRIH XS TVSZMHI E FSRHMRK PMRO FIX[IIR XLI JMFIV
FVEMHIHWXVMRKSVVSTI{WXVMRKSVVSTIQEHIF]FVEMHMRK WYVJEGIERHXLIPEQMREXMRKVIWMR
GSRXMRYSYWJMFIVWSVWXVERHW GTW{GIRXMTSMWIW YRMX SJ ZMWGSWMX] 8LI WXERHEVH YRMX MW
FVEMHMRK{E TVSGIWW [LIVIF] X[S SV QSVI W]WXIQW SJ TSMWI *SV VIPEXMZIP] PS[ ZMWGSWMXMIW XLI YRMXW EVI SJXIR
]EVRW EVI [SYRH XSKIXLIV MR XLI FMEW HMVIGXMSR XS JSVQ ER VIJIVVIHXSEWGIRXMTSMWIW GTW SV TSMWI ;EXIVMWXLI
MRXIKVEXIH WXVYGXYVI &VEMHIH QEXIVMEP HMJJIVW JVSQ [SZIR WXERHEVHEXGTW
6 %'-'311-88))6)4368

GVMQT{[EZMRIWWSJEJMFIVEQIEWYVISJXLIHMJJIVIRGI JMPEQIRX [MRHMRK{TVSGIWW JSV JSVQMRK *64 TEVXW F]


FIX[IIR XLI PIRKXL SJ XLI YRWXVEMKLXIRIH ERH WXVEMKLXIRIH [MRHMRK GSRXMRYSYW VSZMRKW SRXS E VSXEXMRK QERHVIP 8LI
JMFIVW VSZMRKWQE]FIHV]SVWEXYVEXIH[MXLVIWMR
GVSWWPMRO{EGLIQMGEP FSRHFIX[IIRTSP]QIVQSPIGYPIW JMPPIV{EVIPEXMZIP]MRIVXWYFWXERGIEHHIHXSEVIWMRXSEPXIV
2SXI %R MRGVIEWIH RYQFIV SJ GVSWWPMROW TIV TSP]QIV MXWTVSTIVXMIWSVXSPS[IVGSWXSVHIRWMX]7SQIXMQIWXLIXIVQ
QSPIGYPIMRGVIEWIWWXVIRKXLERHQSHYPYWEXXLII\TIRWISJ MWYWIHWTIGMJMGEPP]XSQIERTEVXMGYPEXIEHHMXMZIW
HYGXMPMX] JMVI VIXEVHERX{GLIQMGEPW XLEX EVI YWIH XS VIHYGI XLI
GYVISJ*64W]WXIQW{XLITVSGIWWSJGEYWMRKXLIMVVIZIVWMFPI XIRHIRG]SJEVIWMRXSFYVRXLIWIGERFIEHHIHXSXLIVIWMRSV
GLERKIMRXLITVSTIVXMIWSJEXLIVQSWIXXMRKVIWMRF]GLIQMGEP GSEXIHSRXLIWYVJEGISJXLI*64
VIEGXMSR'YVIMWX]TMGEPP]EGGSQTPMWLIHF]EHHMXMSRSJGYVMRK *6'{JMFIVVIMRJSVGIHGSQTSWMXI
GVSWWPMROMRK EKIRXWSVMRMXMEXSVW[MXLSV[MXLSYXLIEXERH +*64{KPEWWJMFIVVIMRJSVGIHTSP]QIV
TVIWWYVI*YPPGYVIMWXLITSMRXEX[LMGLEVIWMRVIEGLIWXLI KPEWW JMFIV{JMFIV HVE[R JVSQ ER MRSVKERMG TVSHYGX SJ
WTIGMJMIHTVSTIVXMIW9RHIVGYVIMWEGSRHMXMSR[LIVIWTIGMJMIH JYWMSRXLEXLEWGSSPIH[MXLSYXGV]WXEPPM^MRK8]TIWSJKPEWW
TVSTIVXMIWLEZIRSXFIIRVIEGLIH JMFIVMRGPYHIEPOEPMVIWMWXERX %6KPEWW KIRIVEPTYVTSWI
GYVMRK EKIRX{E GEXEP]XMG SV VIEGXMZI EKIRX XLEX [LIR )KPEWW ERHLMKLWXVIRKXL 7KPEWW 
EHHIHXSEVIWMRGEYWIWTSP]QIVM^EXMSR%PWSGEPPIHLEVHIRIV KPEWW XVERWMXMSR XIQTIVEXYVI{XLI QMHTSMRX SJ XLI
SVMRMXMEXSV XIQTIVEXYVIVERKISZIV[LMGLEREQTLSVSYWQEXIVMEP WYGL
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EVIEYRHIVXLIQSQIRXGYVZEXYVIGYVZI EXYPXMQEXIWXVIRKXL ZMXVISYWWXEXIXS SVJVSQ EVYFFIV]WXEXI
SJXLIWIGXMSRXSXLIIRIVK]EFWSVTXMSREXWIVZMGIPIZIP KVETLMXIJMFIV{JMFIVGSRXEMRMRKQSVIXLER GV]WXEPPMRI
HIRMIV{QIEWYVISJJMFIVHMEQIXIVXEOIREWXLI[IMKLXMR GEVFSRQEHIJVSQETVIGYVWSVF]S\MHEXMSR
KVEQWSJQSJXLIJMFIV KVEXMRK{ETPEREV*64JSVQ+VEXMRKWQE]FIQERYJEGXYVIH
HYVEFMPMX]{EFMPMX]XSVIWMWXGVEGOMRKS\MHEXMSRGLIQMGEP YWMRK QSPHMRK QIXLSHW SV F] QIGLERMGEPP] EWWIQFPMRK
HIKVEHEXMSRHIPEQMREXMSR[IEVJEXMKYIERHSVXLIIJJIGXW TYPXVYHIH*64IPIQIRXW FEVW-WLETIWSVVSHW XSKIXLIVMR
SJ JSVIMKR SFNIGX HEQEKI JSV E WTIGMJMIH TIVMSH SJ XMQI X[SSVXLSKSREPHMVIGXMSRWXSTVSHYGIWLIIXW
YRHIVXLI ETTVSTVMEXI PSEH GSRHMXMSRW ERH YRHIVWTIGMJMIH KVMH{E TPEREV *64 JSVQ MR [LMGL GSRXMRYSYW JMFIVW EVI
IRZMVSRQIRXEPGSRHMXMSRW EPMKRIHMRX[SSVXLSKSREPHMVIGXMSRWERHGSQFMRIH[MXLVIWMRXS
)KPEWW{EJEQMP]SJKPEWW[MXLEGEPGMYQEPYQMREFSVS TVSHYGIESTIRQIWLPMOIWXVYGXYVI+VMHWQE]FIQEHIYWMRK
WMPMGEXIGSQTSWMXMSRERHEQE\MQYQEPOEPMGSRXIRXSJ  GSRXMRYSYWQERYJEGXYVMRKQIXLSHWERHWYTTPMIHSRVSPPWSV
WLIIXWQEHIF]QSPHMRKQIXLSHWERHWYTTPMIHMRWLIIXW
ITS\] VIWMR{VIWMR JSVQIH F] XLI GLIQMGEP VIEGXMSR SJ
ITS\MHIKVSYTW[MXLEQMRIWEPGSLSPWTLIRSPWERHSXLIVW +64{KPEWWVIMRJSVGIHTPEWXMG
LERH PE]YT{ER STIRQSPH QERYJEGXYVMRK TVSGIWW MR
I\XVYWMSR{TVSGIWW F] [LMGL E QSPXIR VIWMR MW JSVGIH
[LMGLVIWMRMWETTPMIHF]LERHFVYWLSVVSPPIVSRXSHV]JMFIV
XLVSYKLEHMISJEHIWMVIHWLETI
VIMRJSVGIQIRXWERHI\TSWIHXSXLIEXQSWTLIVIJSVGYVI8LMW
JEFVMG{EVVERKIQIRX SJ JMFIVW LIPH XSKIXLIV MR X[S
TVSGIWWGERFIHSRIMREQSPHSVTIVJSVQIHSRERSFNIGX
HMQIRWMSRW%JEFVMGQE]FI[SZIRRSR[SZIRSVWXMXGLIH
LEVHIRIV{WYFWXERGIYWIHXSGYVIITS\]VIWMRW
JEFVMGRSR[SZIR{QEXIVMEPJSVQIHJVSQJMFIVWSV]EVRW
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[MXLSYXMRXIVPEGMRK8LMWGERFIWXMXGLIHORMXSVFSRHIH
L]FVMH{EGSQFMREXMSRSJX[SSVQSVIHMJJIVIRXJMFIVWWYGL
JEFVMG[SZIR{QEXIVMEPGSRWXVYGXIHSJMRXIVPEGIH]EVRW EWGEVFSRERHKPEWWSVGEVFSRERHEVEQMHMRXSEWXVYGXYVI
JMFIVWSVJMPEQIRXW MQTVIKREXMSR{WEXYVEXMSR SJ ZSMHW ERH MRXIVWXMGIW SJ E
JMFIV{KIRIVEPXIVQJSVEJMPEQIRXEV]QEXIVMEP%R]QEXIVMEP VIMRJSVGIQIRX[MXLEVIWMR
[LSWIPIRKXLMWEXPIEWXXMQIWMXWHMEQIXIVX]TMGEPP] MRMXMEXSV{E WYFWXERGI YWYEPP] TIVS\MHI XLEX WTIIHW YT
XSQQ XLIGYVMRKSJEVIWMR
JMFIV GSRXIRX{XLI EQSYRX SJ JMFIV TVIWIRX MR E MRXIVJEGI{XLI FSYRHEV] SV WYVJEGI FIX[IIR X[S
GSQTSWMXI2SXI8LMWYWYEPP]MWI\TVIWWIHEWETIVGIRXEKI HMJJIVIRX TL]WMGEPP] HMWXMRKYMWLEFPI QIHME 3R JMFIVW XLI
ZSPYQIJVEGXMSRSV[IMKLXJVEGXMSRSJXLIGSQTSWMXI GSRXEGXEVIEFIX[IIRJMFIVWERHGSEXMRKWM^MRK
JMFIVKPEWW{E GSQTSWMXI QEXIVMEP GSRWMWXMRK SJ KPEWW MRXIVPEQMREVWLIEV{WLIEVMRKJSVGIXIRHMRKXSTVSHYGIE
JMFIVWMRVIWMR VIPEXMZI HMWTPEGIQIRX FIX[IIR X[S PEQMREI MR E PEQMREXI
JMFIVVIMRJSVGIH TSP]QIV *64 {GSQTSWMXI QEXIVMEP EPSRKXLITPERISJXLIMVMRXIVJEGI
GSRWMWXMRK SJ GSRXMRYSYW JMFIVW MQTVIKREXIH [MXL E JMFIV MWSTLXLEPMG TSP]IWXIV VIWMR{TVSHYGX SJ MWSTLXLEPMG
FMRHMRKTSP]QIVXLIRQSPHIHERHLEVHIRIHMRXLIMRXIRHIH EGMH KP]GSP ERH QEPIMG ERL]HVMHI %WLPERH 7TIGMEPX]
WLETI 'LIQMGEP 
JMFIVZSPYQIJVEGXMSR{XLIVEXMSSJXLIZSPYQISJJMFIVW PEQMREXI{X[SSVQSVIPE]IVWSJJMFIVWFSYRHXSKIXLIVMR
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JMFIV[IMKLXJVEGXMSR{XLIVEXMSSJXLI[IMKLXSJJMFIVWXS PE]YT{XLITVSGIWWSJTPEGMRKXLI*64VIMRJSVGMRKQEXIVMEP
XLI[IMKLXSJXLIGSQTSWMXI MRTSWMXMSRJSVQSPHMRK
JMPEQIRX{WQEPPIWXYRMXSJEJMFVSYWQEXIVMEP%JMFIVQEHI 0))({0IEHIVWLMT MR )RIVK] ERH )RZMVSRQIRX
F]WTMRRMRKSVHVE[MRKMRXSSRIPSRKGSRXMRYSYWIRXMX] (IWMKR{EGIVXMJMGEXMSRTVSKVEQJSVWYWXEMREFPIFYMPHMRK
*-&)66)-2*36')(430=1)66)-2*36')1)28*36'32'6)8)7869'896)7 6

QEX{EJMFVSYWQEXIVMEPJSVVIMRJSVGIHTSP]QIVGSRWMWXMRK TSWXGYVMRK *64{EHHMXMSREP IPIZEXIHXIQTIVEXYVI


SJVERHSQP]SVMIRXIHGLSTTIHJMPEQIRXWWLSVXJMFIVW [MXL GYVMRKXLEXMRGVIEWIWXLIPIZIPSJTSP]QIVGVSWWPMROMRKJMREP
SV [MXLSYX E GEVVMIV JEFVMG  SV PSRK VERHSQ JMPEQIRXW TVSTIVXMIWSJXLIPEQMREXISVTSP]QIVEVIIRLERGIH
PSSWIP]LIPHXSKIXLIV[MXLEFMRHIV TSX PMJI{XMQI MRXIVZEP EJXIV TVITEVEXMSR HYVMRK [LMGL E
QEXVM\{MRXLIGEWISJ*64WXLIQEXIVMEPWXLEXWIVZIXS PMUYMHSVTPEWXMGQM\XYVIMWXSFIYWIH
FMRH XLI JMFIVW XSKIXLIV XVERWJIV PSEH XS XLI JMFIVW ERH TVIGYWSV{XLI VE]SR 4%2 SV TMXGL JMFIVW JVSQ [LMGL
TVSXIGXXLIQEKEMRWXIRZMVSRQIRXEPEXXEGOERHHEQEKIHYI GEVFSRJMFIVWEVIHIVMZIH
XSLERHPMRK TVITVIK{WIQMLEVHIRIHJMFIVQEXVM\GSRWXVYGXMSRQEHI
1**64{QIGLERMGEPP]JEWXIRIH*64 F]WSEOMRKWXVERHWSVVSZMRK[MXLVIWMRSVVIWMRTVIGYVWSVW
QSRSQIV{ERSVKERMGQSPIGYPISJVIPEXMZIP]PS[QSPIGYPEV TYPXVYWMSR{TVSGIWWF][LMGLEQSPXIRSVGYVEFPIVIWMR
[IMKLXXLEXGVIEXIWEWSPMHTSP]QIVF]VIEGXMRK[MXLMXWIPJSV ERHGSRXMRYSYWJMFIVWEVITYPPIHXLVSYKLEHMISJEHIWMVIH
SXLIVGSQTSYRHWSJPS[QSPIGYPEV[IMKLXSVFSXL WXVYGXYVEPWLETISJGSRWXERXGVSWWWIGXMSRYWYEPP]XSJSVQE
QYPXMJMPEQIRX{]EVR GSRWMWXMRK SJ QER] GSRXMRYSYW VSHSVXIRHSR
JMPEQIRXW 4:'{TSP]ZMR]PGLPSVMHI
2(-{RSRHIWXVYGXMZIMRWTIGXMSR VIMRJSVGIQIRX{QEXIVMEP VERKMRK JVSQ WLSVX JMFIVW
2)*1%'{RI[ JMFIV GSQTSWMXI QEXIVMEP JSV EHZERGIH XLVSYKLGSQTPI\XI\XMPIJSVQWXLEXMWGSQFMRIH[MXLEVIWMR
GSRGVIXI XSTVSZMHIMX[MXLIRLERGIHQIGLERMGEPTVSTIVXMIW
271{RIEVWYVJEGIQSYRXIH VIWMR{TSP]QIVMG QEXIVMEP XLEX MW VMKMH SV WIQMVMKMH EX
VSSQ XIQTIVEXYVIYWYEPP] [MXL E QIPXMRKTSMRX SVKPEWW
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XVERWMXMSRXIQTIVEXYVIEFSZIVSSQXIQTIVEXYVI
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4%2{TSP]EGV]PSRMXVMPI E TVIGYVWSV JMFIV YWIH XS QEOI
I\TVIWWIH EW IMXLIV E TIVGIRXEKI SJ XSXEP QEWW SV XSXEP
GEVFSRJMFIV
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VIWMWXERGIJEGXSV{JEGXSVETTPMIHXSEWTIGMJMIHQEXIVMEP
PSRMXVMPI 4%2 JMFIV
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TLIRSPMGVIWMR{XLIVQSWIXVIWMRTVSHYGIHF]GSRHIRWEXMSR YRHIVGSRWMHIVEXMSRW[LMGLXEOIWMRXSEGGSYRXXLIZEVMEFMPMX]
SJEVSQEXMGEPGSLSP SJ HMQIRWMSRW QEXIVMEP TVSTIVXMIW [SVOQERWLMT X]TI SJ
TMXGL{EFPEGOVIWMHYIJVSQXLIHMWXMPPEXMSRSJTIXVSPIYQ JEMPYVIERHYRGIVXEMRX]MRXLITVIHMGXMSRSJVIWMWXERGI
TMXGLGEVFSRJMFIV{GEVFSRJMFIVQEHIJVSQTIXVSPIYQ VSZMRK{E RYQFIV SJ ]EVRW WXVERHW XS[W SV IRHW SJ
TMXGL JMFIVWGSPPIGXIHMRXSETEVEPPIPFYRHPI[MXLPMXXPISVRSX[MWX
TPEWXMWSP{E TPEWXMWSP MW E PMUYMH HMWTIVWMSR SJ TSP]ZMR]P 681{VIWMRXVERWJIVQSPHMRK
GLPSVMHIVIWMRMRETPEWXMGM^IVEPSRK[MXLQEXIVMEPWWYGLEW 7'6-14{7IIQERW GSQTSWMXI VIMRJSVGIQIRX MRJYWMSR
WXEFMPM^IVWGSPSVERXWJMPPIVWERHSXLIVEHHMXMZIW QSPHMRKTVSGIWW{E ZEGYYQTVSGIWWXSGSQFMRIVIWMR ERH
TP]{EWMRKPIPE]IVSJJEFVMGSVQEXQYPXMTPITPMIW[LIR VIMRJSVGIQIRXMRERSTIRQSPH
QSPHIHXSKIXLIVQEOIYTXLIPEQMREXI 7*64{WXIIP*64
41'{TSP]QIVQEXVM\GSQTSWMXI WLETI{GSRWXVYGXMSRQEHISJGSRXMRYSYWJMFIVWMREWLETI
TSP]IWXIV{SRI SJ E PEVKI KVSYT SJ W]RXLIXMG VIWMRW SXLIVXLERYWIHXSVIMRJSVGIGSRGVIXIQSRSE\MEPP]SVMRXLI
QEMRP]TVSHYGIHF]VIEGXMSRSJHMFEWMGEGMHW[MXLHML]HVS\] WTIGMJMGWLETISJEKVMHSVQIWL+IRIVEPP]RSXEFEVXIRHSR
EPGSLSPWGSQQSRP]TVITEVIHJSVETTPMGEXMSRF]QM\MRK[MXL KVMHSVQIWLEPXLSYKLQE]FIYWIHKIRIVMGEPP]XSMRGPYHI
EZMR]PKVSYTQSRSQIVERHJVIIVEHMGEPGEXEP]WXWEXEQFMIRX SRISVQSVISJXLIWI
XIQTIVEXYVIW ERH YWIH EW FMRHIVW JSV VIWMR QSVXEVW ERH WLIIX*64{EHV]JPI\MFPITP]YWIHMR[IXPE]YT*64
GSRGVIXIWJMFIVPEQMREXIW QEMRP]KPEWW EHLIWMZIWERHXLI W]WXIQW 9RMHMVIGXMSREP *64 WLIIXW GSRWMWX SJ GSRXMRYSYW
PMOI'SQQSRP]VIJIVVIHXSEWYRWEXYVEXIHTSP]IWXIV JMFIVWEPMKRIHMRSRIHMVIGXMSRERHLIPHXSKIXLIVMRTPERIXS
TSP]IWXIVVIWMR{VIWMRTVSHYGIHF]XLITSP]GSRHIRWEXMSR GVIEXI E TP] SJ JMRMXI [MHXL ERH PIRKXL *EFVMGW EVI EPWS
SJ HML]HVS\] HIVMZEXMZIW ERH HMFEWMG SVKERMG EGMHW SV VIJIVVIHXSEWWLIIXW
ERL]HVMHIW ]MIPHMRK VIWMRW XLEX GER FI GSQTSYRHIH [MXL WLIPJPMJI{XLIPIRKXLSJXMQITEGOEKIHQEXIVMEPWGERFI
WX]VSPQSRSQIVWXSKMZILMKLP]GVSWWPMROIHXLIVQSWIXVIWMRW WXSVIHYRHIVWTIGMJMIHGSRHMXMSRWERHVIQEMRYWEFPI
TSP]QIV{E LMKLQSPIGYPEV[IMKLX SVKERMG GSQTSYRH 7-4{7XVYGXYVEPP] MRXIKVEXIH WXE]MRTPEGI 9WIH XS
REXYVEPSVW]RXLIXMGGSRXEMRMRKVITIEXMRKYRMXW HIWGVMFI7-4JSVQW]WXIQWHIWGVMFIHMR'LETXIV
TSP]QIVM^EXMSR{XLIGLIQMGEPVIEGXMSRMR[LMGLX[SSV WM^MRK{WYVJEGIXVIEXQIRXSVGSEXMRKETTPMIHXSJMPEQIRXW
QSVI QSPIGYPIW SJ XLI WEQI WYFWXERGI GSQFMRI XS JSVQ E XS MQTVSZI XLI JMPEQIRXXSVIWMR FSRH ERH XS MQTEVX
GSQTSYRH GSRXEMRMRK XLI WEQI IPIQIRXW ERH MR XLI WEQI TVSGIWWMRKERHHYVEFMPMX]EXXVMFYXIW
TVSTSVXMSRWFYXSJLMKLIVQSPIGYPEV[IMKLX 71'{WLIIXQSPHMRKGSQTSYRH
TSP]YVIXLERI{VIEGXMSR TVSHYGX SJ ER MWSG]EREXI [MXL WTVE]YT{QIXLSHSJGSRXEGXQSPHMRK[LIVIMRVIWMRERH
ER] SJ E [MHI ZEVMIX] SJ SXLIV GSQTSYRHW GSRXEMRMRK ER GLSTTIHWXVERHWSJGSRXMRYSYWJMPEQIRXVSZMRKEVIHITSWMXIH
EGXMZI L]HVSKIR KVSYT YWIHXS JSVQYPEXIXSYKLEFVEWMSR SRXLIQSPHHMVIGXP]JVSQEGLSTTIVKYR
VIWMWXERXGSEXMRKWERHQEXVM\IW WTYR]EVR{]EVRQEHIF]IRXERKPMRKGVMQTIHWXETPI
6 %'-'311-88))6)4368

WXETPI{WLSVX JMFIVW SJ YRMJSVQ PIRKXL YWYEPP] QEHI F] GLSWIRXSXIVQXLIHSGYQIRXW&YPPIXMRW JMF -RXIVMQ
GYXXMRK GSRXMRYSYW JMPEQIRXW 7XETPI QE] FI GVMQTIH SV +YMHERGI -7XVYGX)  SV MR XLI GEWI SJ %'- )QIVKMRK
YRGVMQTIH 8IGLRSPSK] (SGYQIRXW %'- 6 ERH 6  2SRI
WXVERH{FYRHPISJJMPEQIRXWFSRHIH[MXLWM^MRK XLIPIWW EPP EVI GSRWIRWYW HSGYQIRXW ERH VITVIWIRX XLI
W]RXLIXMG JMFIV X]TIW{TSP]EGV]PSRMXVMPI 4%2 EGV]PMG  GYVVIRX WXEXI SJ XLI TVEGXMGI %'- VIQSZIH XLI )QIVKMRK
TSP]EQMHIR]PSR EPMTLEXMG ERHEVEQMH EVSQEXMG TSP]ZMR]P 8IGLRSPSK]HIWMKREXMSRJVSQ%'-6
EPGSLSPTSP]ZMR]PGLPSVMHI 4:' TSP]IXL]PIRI 4)  SPIJMR 
XI\XMPI{JEFVMGYWYEPP][SZIR {1EXIVMEPW
XLIVQSTPEWXMG{TSP]QIVXLEX MW RSXGVSWWPMROIH8LIVQS 1SWX QENSV WXERHEVHW[VMXMRK SVKERM^EXMSRW LEZI E
TPEWXMGTSP]QIVKIRIVEPP]GERFIVIQIPXIHERHVIG]GPIH RYQFIVSJEZEMPEFPIQEXIVMEPWXIWXMRKWXERHEVHWETTVSTVMEXI
XLIVQSWIX{VIWMRXLEXMWJSVQIHF]GVSWWPMROMRKTSP]QIV JSV HIXIVQMRMRK E ZEVMIX] SJ *64 QEXIVMEP TVSTIVXMIW ERH
GLEMRW%XLIVQSWIXGERRSXFIQIPXIHERHVIG]GPIH GLEVEGXIVMWXMGW1EXIVMEPWXIWXWXERHEVHWLS[IZIVEVIEP[E]W
XS[{FYRHPISJJMFIVWYWYEPP]EPEVKIRYQFIVSJWTYR]EVRW KIRIVMG ERH EVI MRXIRHIH XS WIX E WXERHEVH SJ TIVJSVQERGI
X[MWXIHWXVMRKSVVSTI{WXVMRKSVVSTIQEHIF]X[MWXMRK FEWIHSRPEFSVEXSV]XIWXWXLIVIJSVIXLI]EVIRSXRIGIWWEVMP]
GSRXMRYSYWJMFIVWSVWXVERHW [IPPWYMXIHXSHIXIVQMRIXLIMRTPEGITVSTIVXMIWSJMRXIVIWXXS
YRGVMQTIH{JMFIVW[MXLRSGVMQT XLIGSRGVIXIHIWMKRIV
YRWEXYVEXIHTSP]IWXIV{TVSHYGXSJEGSRHIRWEXMSRVIEGXMSR %'-'SQQMXXIILEWMRMXMEXIHXLIHIZIPSTQIRXSJXIWX
FIX[IIR H]WJYRGXMSREP EGMHW ERH EPGSLSPW SRI SJ [LMGL QIXLSHWWTIGMJMGEPP]MRXIRHIHJSV*64TVSHYGXWERHQEXIVMEPW
KIRIVEPP]XLIEGMHGSRXVMFYXIWSPIJMRMGYRWEXYVEXMSR YWIH[MXLVIMRJSVGIHGSRGVIXI8LIWI%'-HIZIPSTIHWXERHEVHW
961{YRVIMRJSVGIHQEWSRV] EVIEMQIHEXKIRIVEXMRKHIWMKRZEPYIWYWIJYPXSXLIGSRGVIXI
9:{YPXVEZMSPIX TVEGXMXMSRIV3RGIEGGITXIHF]%'-XLIWIXIWXQIXLSHWEVI
ZMR]PIWXIV VIWMR{VIWMR GLEVEGXIVM^IH F] VIEGXMZI WYFQMXXIH XS %781 'SQQMXXII ( w'SQTSWMXI
YRWEXYVEXMSRPSGEXIHTVMQEVMP]MRXIVQMREPTSWMXMSRWXLEXGER 1EXIVMEPW{7XVYGXYVEP 8IWX 1IXLSHWx XS FI HIZIPSTIH EW
FIGSQTSYRHIH[MXLWX]VSPQSRSQIVWXSKMZILMKLP]GVSWW JSVQEP %781 WXERHEVHW 8LI JMVWX GSPPIGXMSR SJ %'- XIWX
PMROIHXLIVQSWIXGSTSP]QIVW QIXLSHWMWGSQTMPIHMR%'-6%781(MWFIKMR
:%681{ZEGYYQ VIWMR XVERWJIV QSPHMRK{E ZEGYYQ RMRKXLITVSGIWWSJVIZMWMRKERHEHSTXMRKXLIWIMRMXMEPWXERHEVHW
TVSGIWWXSGSQFMRIVIWMRERHVIMRJSVGIQIRXMRERSTIRQSPH 1SWXMRXIVREXMSREPWXERHEVHWSVKERM^EXMSRWMWWYIWXERHEVHW
ZSPYQI JVEGXMSR{XLI TVSTSVXMSR JVSQ  XS  SJ E JSVHIXIVQMRMRKFEWMGTL]WMGEPTVSTIVXMIWSJ*64QEXIVMEPW
GSQTSRIRX [MXLMR XLI GSQTSWMXI QIEWYVIH SR E ZSPYQI 1ER] SJXLIWI LEZI FIIR EHETXIH F] ZEVMSYW MRHYWXV] ERH
FEWMWWYGLEWJMFIVZSPYQIJVEGXMSR VIWIEVGLMRXIVIWXWJSVTVSHYGXW[MXLETTPMGEXMSRWJSVGSRGVIXI
[IEZMRK{E QYPXMHMVIGXMSREP EVVERKIQIRX SJ JMFIVW *SV WXVYGXYVIW 'LETXIVSJXLMWVITSVXHMWGYWWIW*64QEXIVMEPW
I\EQTPI TSPEV [IEZIW LEZI VIMRJSVGIQIRX ]EVRW MR XLI XIWXMRKQSVIGSQTPIXIP]
GMVGYQJIVIRXMEP VEHMEP ERH E\MEP PSRKMXYHMREP  HMVIGXMSRW
SVXLSKSREP[IEZIWLEZIVIMRJSVGIQIRX]EVRWEVVERKIHMRXLI {-RXIVREP*64VIMRJSVGIQIRX
SVXLSKSREP 'EVXIWMER KISQIXV][MXLEPP]EVRWMRXIVWIGXMRK *YRHEQIRXEP HIWMKR QIXLSHSPSKMIW JSV *64VIMRJSVGIH
EXHIKVIIW GSRGVIXIEVIWMQMPEVXSXLSWISJGSRZIRXMSREPWXIIPVIMRJSVGIH
[IXPE]YT{EQIXLSHSJQEOMRKEPEQMREXITVSHYGXF] GSRGVIXI 'VSWWWIGXMSREP IUYMPMFVMYQ WXVEMR GSQTEXMFMPMX]
ETTP]MRKXLIVIWMRW]WXIQEWEPMUYMH[LIRXLIJEFVMGSVQEX ERHGSRWXMXYXMZIQEXIVMEPFILEZMSVJSVQXLIFEWMWSJEPPGSHI
MWTYXMRTPEGI ETTVSEGLIW XS HIWMKRMRK VIMRJSVGIH GSRGVIXI VIKEVHPIWW SJ
[IXSYX{XLITVSGIWWSJGSEXMRKSVMQTVIKREXMRKVSZMRK XLI VIMRJSVGMRK QEXIVMEP 8LI RSRHYGXMPI ERH ERMWSXVSTMG
]EVR SVJEFVMG MR [LMGL EPP ZSMHW FIX[IIRXLI WXVERHW ERH REXYVIW SJ *64 VIMRJSVGMRK TVSHYGXW LS[IZIV RIIH XS FI
JMPEQIRXW EVI JMPPIH [MXL VIWMR MX MW EPWS XLI GSRHMXMSR EX EHHVIWWIH MR HIWMKR KYMHIPMRIW -R JPI\YVEP HIWMKR JSV
[LMGLXLMWWXEXIMWEGLMIZIH MRWXERGI XLI YPXMQEXI PMQMX WXEXI QE] FI HIJMRIH IMXLIV F]
]EVR{KVSYTSJJMFIVWLIPHXSKIXLIVXSJSVQEWXVMRKSVVSTI *64VYTXYVISVGSRGVIXIGVYWLMRKTVSZMHIHXLEXXLIWXVIRKXL
ERH WIVZMGIEFMPMX] GVMXIVME EVI QIX &IGEYWI SJ XLI PEGO SJ
',%48)6{'3()7%2(78%2(%6(7 HYGXMPMX]SJWYGLJEMPYVIQSHIWELMKLIVVIWIVZISJWXVIRKXL
8LMW GLETXIV TVSZMHIW ER SZIVZMI[ SJ EZEMPEFPI HIWMKR MW VIUYMVIH 8LYW WXVIRKXLVIHYGXMSR JEGXSVW SV QEXIVMEP
HSGYQIRXWEHHVIWWMRKETTPMGEXMSRWSJ*64GSQTSWMXIQEXIVMEPW VIWMWXERGI JEGXSVW EVI KIRIVEPP] PS[IV JSV *64VIMRJSVGIH
IMXLIVEWMRXIVREPVIMRJSVGIQIRXSVEWERI\XIVREPVITEMVQEXIVMEP GSRGVIXI QIQFIVW XLER JSV WXIIPVIMRJSVGIH GSRGVIXI
JSVGSRGVIXIWXVYGXYVIW*SVHIWMKRKYMHERGIXLIVIJIVIRGIH QIQFIVW-REPPGEWIW*64HIWMKRKYMHIPMRIWERHGSHIWEVI
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VIMRJSVGIQIRX WLSYPH EPWS FI GSRWMHIVIH 0SEHVIHYGXMSR MWJYVXLIVVIHYGIHYWMRKEVIHYGXMSRJEGXSVXLEXMWPIWWXLER
JEGXSVW ERH QEXIVMEPVIWMWXERGI JEGXSVW EVI GSRWMWXIRX [MXL *SV GSQTVIWWMSR QIQFIVW %'- 6 EPPS[W *64
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QIRXYWIHJSVWXVYGXYVEPVITEMVSVVIXVSJMXMRQSVIHIXEMP LSST  JMFIVW 8LI LSST JMFIVW TVSZMHI GSRJMRMRK IJJIGXW
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XLVSYKL TVIWGVMFIH *64 WXVIWW PMQMXW 'SZIV HIPEQMREXMSR FI XEOIRMRXS EGGSYRX XLEX F] XLI XMQI WXVIRKXLIRMRKXEOIW
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WLIEV XVERWJIV HIQERH SJ XLI GSZIV GSRGVIXI ERH EHLIWMZI 8S GEPGYPEXI XLI HIWMKR WXVIRKXL SJ E WXVIRKXLIRIH
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VIXVSJMX MW VIRHIVIH IRXMVIP] MRIJJIGXMZI YRHIV TEVXMGYPEV HYVEFMPMX] %'- 6 EPWS VIGSQQIRHW IRZMVSRQIRXEP
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XLI QIQFIV 9[VET  FSRHMRK XS XLI X[S WMHIW SJ XLI 8LI'EREHMER'7%7VITVIWIRXWXLIJMVWXWXERHEPSRI
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E QIQFIV SV TPEGIH EW HMWGVIXI WXVMTW 8LI RSQMREP WLIEV WXVIRKXLIRMRKETTPMGEXMSRW'7%7GSRWMHIVWEPPTSWWMFPI
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e 8]TIERHTIVGIRXEKISJJMFIVSVJMFIVZSPYQI 8LI KIRIVEPTYVTSWI TSP]IWXIVW HIJMRI TVSHYGXW XLEX EVI
e 3VMIRXEXMSRSJJMFIV • HIKVIIW SVEGSQFMREXMSR VIPEXMZIP]PS[MRGSWXSJJIVKSSHQIGLERMGEPERHIPIGXVMGEP
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e 'SWXSJTVSHYGX XEHMIRI VIWMRW ERH WSQI MWS VIWMRW JEPP MRXS XLI KIRIVEP
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8KEVIYWIHXSQIEWYVIXLIWSJXIRMRKSJEGYVIHVIWMR8IWX ERL]HVMHISVEREQMRILEVHIRIVEWEX[STEVXW]WXIQ(MJJIVIRX
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8LI QSWX GSQQSR XLIVQSWIXXMRK VIWMRW YWIH MR XLI )TS\MIWEVITVMQEVMP]YWIHJSVJEFVMGEXMRKLMKLTIVJSVQERGI
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VITVIWIRXETTVS\MQEXIP] SJXLIXSXEPVIWMRWYWIH %'1% LS[IZIVLEZITEVXMGYPEVP]KSSHYPXVEZMSPIX 9: VIWMWXERGI
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FI E[EVI XLEX XLIVI MW ER YRVIPEXIH JEQMP] SJ XLIVQSTPEWXMG QSWX TSP]IWXIV VIWMRW XLI] VIUYMVI E TSWXGYVI IPIZEXIH
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XI\XMPIWERHGPSXLMRK4SP]IWXIVWEVITVSHYGIHF]XLIGSRHIR PMXXPISVRSSHSVEWGSQTEVIH[MXLTSP]IWXIVW
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ERYRWEXYVEXIHQEXIVMEPWYGLEWQEPIMGERL]HVMHISVJYQEVMG GSQTEXMFPI [MXL QSWX GSQTSWMXIQERYJEGXYVMRK TVSGIWWIW
EGMHEWTEVXSJXLIHMGEVFS\]PMGEGMHGSQTSRIRX8LIJMRMWLIH TEVXMGYPEVP] ZEGYYQFEK QSPHMRK EYXSGPEZI QSPHMRK
TSP]QIVMWHMWWSPZIHMREVIEGXMZIQSRSQIVWYGLEWWX]VIRIXS TVIWWYVIFEK QSPHMRK GSQTVIWWMSR QSPHMRK JMPEQIRX
KMZI E PS[ZMWGSWMX] PMUYMH ;LIR XLMW VIWMR MW GYVIH XLI [MRHMRKERHLERHPE]YT'YVVIRXP]ITS\]MWXLITVIHSQMRERX
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SJJIV QIGLERMGEP XSYKLRIWW ERH I\GIPPIRX GSVVSWMSR VIWMW TSP]IWXIVERHR]PSR
XERGI 8LIWI IRLERGIH TVSTIVXMIW EVI SFXEMRIH [MXLSYX 8LI QSWX GSQQSR JSVQ SJ *64W YWIH MR WXVYGXYVEP
GSQTPI\TVSGIWWMRKLERHPMRKSVWTIGMEPWLSTJEFVMGEXMRK ETTPMGEXMSRW MW GEPPIH E PEQMREXI 0EQMREXIW EVI QEHI F]
TVEGXMGIWXLEXEVIX]TMGEP[MXLITS\]VIWMRW WXEGOMRK E RYQFIV SJ XLMR PE]IVW PEQMRE  SJ JMFIVW ERH
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FEWIHSRTLIRSP GEVFSPMGEGMH ERHJSVQEPHIL]HIERHGYVI *MFIV SVMIRXEXMSR MR IEGL PE]IV EW [IPP EW XLI WXEGOMRK
XLVSYKLEGSRHIRWEXMSRVIEGXMSRTVSHYGMRK[EXIVXLEXWLSYPH WIUYIRGISJXLIZEVMSYWPE]IVWGERFIGSRXVSPPIHXSKIRIVEXI
FI VIQSZIH HYVMRK TVSGIWWMRK 4LIRSPMG GSQTSWMXIW LEZI EVERKISJTL]WMGEPERHQIGLERMGEPTVSTIVXMIW
QER] HIWMVEFPI TIVJSVQERGI UYEPMXMIW MRGPYHMRK LMKL %YRMHMVIGXMSREPSVSRIHMQIRWMSREPJMFIVEVVERKIQIRXMW
XIQTIVEXYVI VIWMWXERGI GVIIT VIWMWXERGI I\GIPPIRX XLIVQEP XVERWZIVWIP] MWSXVSTMG 8LMW JMFIV SVMIRXEXMSR VIWYPXW MR E
MRWYPEXMSRERHWSYRHHEQTMRKTVSTIVXMIWGSVVSWMSRVIWMWXERGI QE\MQYQWXVIRKXLERHQSHYPYWMRXLIHMVIGXMSRSJXLIJMFIV
ERHI\GIPPIRXJMVIWQSOIWQSOIXS\MGMX]TVSTIVXMIW4LIRSPMGW E\MW%TPEREVEVVERKIQIRXSJJMFIVWMWX[SHMQIRWMSREPERH
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FSEVHW4LIRSPMGGSQTSWMXIWEVIRSXGYVVIRXP][MHIP]EZEMPEFPI VIHYGIH WXVIRKXLW SZIV XLI SRIHMQIRWMSREP EVVERKIQIRX
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TPEWXMWSP{7XVYGXYVEPIRKMRIIVIH4:'TPEWXMWSPVIWMRWEVIF] 1SWX VIMRJSVGIQIRX JSV IMXLIV XLIVQSWIXXMRK SV XLIVQS
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GSRGVIXIGVYWLMRKSV*64XIRWMPIVYTXYVI7YGLJEMPYVIQSHIW  JSVL]FVMHVIMRJSVGMRKFEVWEXLVIIWXEKIFILEZMSVX]TMGEP
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GSRGVIXI FIEQW MW VIHYGIH EW E VIWYPX SJ MRGVIEWIH GVEGO ]MIPHMRK FIJSVI YPXMQEXI JEMPYVI 8IWX VIWYPXW WLS[IH XLEX
[MHXLERHVIHYGIHWM^ISJGSQTVIWWMZIWXVIWWFPSGOW VIPEXMZI XS YPXMQEXI JPI\YVEP GETEGMX]GSEXMRK XLI *64 ERH
 *PI\YVEP WXVIRKXL{2E[] ERH 2IY[IVXL  L]FVMHVIMRJSVGMRKFEVW[MXLWERHMRGVIEWIHJPI\YVEPGETEGMX]
QSRSXSRMGEPP]XIWXIHWMQTP]WYTTSVXIHVIGXERKYPEVFIEQW F] ETTVS\MQEXIP]   7QEPPIV GVEGO [MHXLW ERH LMKLIV
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JEMPIHF]GSQTVIWWMSRSJXLIGSRGVIXILIRGIXLI]HMHRSX GSEXIH VIMRJSVGMRK FEVW EW GSQTEVIH [MXL XLI GSVVIWTSRHMRK
HIZIPST XLI JYPP GETEGMX] SJ XLI *64 FEVW 8LI EYXLSVW YRGSEXIHVIMRJSVGMRKFEVW
WYKKIWXIHXLEXFIGEYWIXLIQSHYPYWSJ*64FEVW[EWSRP] 1EXXL]WERH8EIV[I  GEVVMIHSYXJSYVTSMRXFIRHMRK
WPMKLXP]LMKLIVXLERXLEXSJGSRGVIXIPMQMXIHXIRWMPIWXVIWWIW XIWXWSRIMKLXVIMRJSVGIHGSRGVIXIWPEFW8LIQEXIVMEPWYWIH
GSYPH FI XVERWQMXXIH JVSQ XLI GSRGVIXI XS XLI *64 VIMRJSVGI XSVIMRJSVGIXLIWPEFW[IVIWXIIPGEVFSRERHL]FVMHGEVFSR
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 VIEGLIHWMQMPEVGSRGPYWMSRW HIJSVQEFMPMX]MRHI\[EWHIJMRIHEWXLIVEXMSSJXLIHIJPIGXMSR
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FIEQWVIMRJSVGIH[MXL+*64VIMRJSVGMRKFEVW8LI]GSRGPYHIH FIX[IIRERH LMKLIVXLERXLIHIJSVQEFMPMX]MRHI\
XLEXXSXEOIEHZERXEKISJXLILMKL*64VIMRJSVGMRKFEVYPXMQEXI SFXEMRIHJSVWXIIPVIMRJSVGIHWPEFW8LIQEVKMRFIX[IIRXLI
WXVIRKXL YWI SJ LMKLWXVIRKXL GSRGVIXI MRWXIEH SJ RSVQEP YPXMQEXI PSEH ERH XLI WIVZMGI PSEH SJ XLI *64VIMRJSVGIH
WXVIRKXLGSRGVIXI ZIVWYW14E?ZIVWYWOWMA MW WPEFW [EW SR XLI SVHIV SJ  XS  XMQIW LMKLIV XLER JSV
IWWIRXMEP 8LI YPXMQEXI QSQIRX GETEGMX] SJ LMKLWXVIRKXL WXIIPVIMRJSVGIHWXVYGXYVIW
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VIMRJSVGMRKFEVWSJYPXMQEXIXIRWMPIWXVIRKXLSJ14E YWMRK*64 FEVW [MXLERSFNIGXMZI XS TVSZMHIEQIERMRKJYP
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LEZMRK WLIEVWTERXSIJJIGXMZIHITXL VEXMSW SJ ETTVS\M IUYEXMSRW[IVI[MXLMR SJXLII\TIVMQIRXEPGETEGMXMIW
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6 %'-'311-88))6)4368

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WLS[IHXLEXJSVWEQTPIW[MXLEWLIEVWTERHITXLVEXMSSJ VIMRJSVGMRKFEVQEXIVMEPTVSTIVXMIWFYXEGGSYRXWJSVXLIE\MEP
SVKVIEXIVJEMPYVISGGYVVIHF]GVYWLMRKSJXLIGSRGVIXI*SV WXMJJRIWW SJ XLI *64 VIMRJSVGIQIRX MRHMVIGXP] XLVSYKL XLI
XLIWI WEQTPIW XLI GEPGYPEXIH JPI\YVEP GETEGMX] [EW ZIV] IPEWXMG RIYXVEP E\MW HITXL 8LMW QIXLSH LEW WLS[R KSSH
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PIWWJEMPYVISGGYVVIHEWEVIWYPXSJHMEKSREPXIRWMSRGVEGOMRK GSRGVIXI WXVIRKXLW 8YVI]IR ERH *VSWGL   %HHMXMSREP
7LILEXE  MRZIWXMKEXIHXLIIJJIGXSJFIRHVEHMYWXLI XIWXMRKF])P7E]IHIXEP  JSYRHXLEXXLIQIXLSH
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XLI QEXIVMEP X]TI SJ JPI\YVEP VIMRJSVGIQIRX MR XIWXW SR  GSRWIVZEXMZIVIWYPXW
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JSV HIXEMPMRK*64WXMVVYTW XS EGLMIZIE GETEGMX] SJEXPIEWX SYXXIWXWSRJPEXWPEFWVIMRJSVGIH[MXL*64FEVW8LIEYXLSVW
 SJXLIKYEVERXIIHWXVIRKXLTEVEPPIPXSXLIJMFIVW XLI JSYRHTVSFPIQWSJFSRHWPMTERHGVEGOPSGEPM^EXMSRSZIVXLI
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GSRGVIXI GSRXVMFYXMSR XS WLIEV WXVIRKXL XLER HMH FIEQW [LIR GEPGYPEXMRK XLI GSRGVIXI WLIEVVIWMWXERGI [LMGL [EW
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XLI[MHI GVEGOW XLIWQEPPHITXLSJ XLIGSQTVIWWMSR ^SRI IWXMQEXIHXLEXXLI%'-IUYEXMSRJSVTYRGLMRKWLIEV[EWRSX
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PSRKMXYHMREP VIMRJSVGIQIRX &IEQW [MXL +*64 WXMVVYTW 1EXXL]W ERH 8EIV[I   GSRHYGXIH XIWXW SR  *64
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6E^EUTYVERH1SWXSJMRINEH  XIWXIHJSYVGSRXMRYSYW [MXL *64 KVMHW 8LI EYXLSVW JSYRH XLEX QSWX WPEFW LEH E
FIEQWXLEX[IVIVIMRJSVGIH[MXL*64KVMHWEWWLIEVVIMRJSVGI TYRGLMRKWLIEVJEMPYVIQSHI8LIWPEFW[MXL*64VIMRJSVGIQIRX
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XLIMV WXVIRKXL [LIR XLI] VIEGLIH XLIMV PSEH GETEGMX] MR XLI VIUYMVIH E PS[IV PSEH XS TVSHYGI GVEGOMRK ERH LEH PS[IV
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'*64 JSV PSRKMXYHMREP VIMRJSVGIQIRX VIHYGIH XLI WLIEV TYRGLMRKJEMPYVIPSEH[EWPS[IVXLERXLIQIEWYVIHJEMPYVI
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MRXIVPSGOXSWLIEVVIWMWXERGI8LIFEVWMRHS[IPEGXMSRGEVVMIH 8LIEYXLSVWTVSTSWIHXSQSHMJ]XLIZEPYIMRXLITYRGLMRK
PS[WLIEVJSVGIHYIXSXLIVIPEXMZIP]TSSVWXVIRKXLERHWXMJJRIWW WLIEVGETEGMX]GSHIIUYEXMSRWXLEXEGGSYRXJSVXLIVIMRJSVGIQIRX
SJ *64 FEVW MR XLI XVERWZIVWI HMVIGXMSR %JXIV JEMPYVI XLI VEXMSIJJIGX[MXLXLIJEGXSV)JVT )W
GSRGVIXI[EWVIQSZIHJVSQWSQISJXLIFIEQWXSMRWTIGXXLI 3WTMREIXEP  XIWXIHJSYVMRXIVMSVGSPYQRX[S[E]
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HMWXVIWWIHTEVXWSJXLIFIEQRS'*64WXMVVYTLEHVYTXYVIH [LMGL[IVIVIMRJSVGIH[MXL+*64FEVWERHSRI[MXLE+*64
(IMX^IXEP  XIWXIHGSRGVIXIHIGOTERIPWVIMRJSVGIH KVMH6IWYPXWWLS[XLEXXLIE\MEPWXMJJRIWWSJXLI*64VIMRJSVGI
[MXL XLVII VIMRJSVGMRK WGLIQIW 3RI WGLIQI YWIH +*64 QIRXEW[IPPEWXLIGSRGVIXIWXVIRKXLJG WMKRMJMGERXP]EJJIGX
VIMRJSVGIQIRX EX XLI XST ERH FSXXSQ SJ XLI HIGO %RSXLIV XLI GSRGIRXVMG TYRGLMRK WLIEV VIWTSRWI SJ *64VIMRJSVGIH
WGLIQIYWIHEPPITS\]GSEXIHWXIIPVIMRJSVGIQIRXERHXLI WPEFW4YRGLMRKWLIEVJEMPYVIMRWPEFWVIMRJSVGIH[MXL *64
XLMVH WGLIQI YWIH +*64 FEVW EX XLI XST ERH WXIIP EX XLI FEVW[EWWYHHIRERHFVMXXPILS[IZIVX[S[E]WPEFWVIMRJSVGIH
FSXXSQ8[SQSHIWSJJEMPYVI[IVISFWIVZIHXLIWTIGMQIRW [MXL*64KVMHWI\LMFMXIHEQYGLQSVIHYGXMPIJEMPYVI &ERO
VIMRJSVGIH[MXLWXIIPJEMPIHMRJPI\YVI[LMPIXLIWTIGMQIRW ERH<M.EGSFWSRIXEP3WTMREIXEP 
[MXLXLISXLIVX[SVIMRJSVGIQIRXWGLIQIWJEMPIHMRHMEKSREP )P+EQEPIXEP  XIWXIHWM\JYPPWGEPIFVMHKIHIGOWPEFW
XIRWMSR 8LI WPEFW [MXL +*64 JEMPIH MR HMEKSREP XIRWMSR VIMRJSVGIH[MXL+*64'*64SVWXIIPFEVW8LI]JSYRHPMXXPI
FIGEYWI XLI PS[IV QSHYPYW SJ XLI +*64 VIMRJSVGIQIRX XSRSGSVVIPEXMSRFIX[IIRVIMRJSVGIQIRXVEXMSERHTYRGLMRK
GSQTEVIH[MXLWXIIPEPPS[IH[MHIVHMEKSREPGVEGOWPIEHMRK WLIEVGETEGMX]JSVXLI+*64ERH'*64VIMRJSVGIHWPEFW
XSWLIEVJEMPYVIFIJSVIJPI\YVEPJEMPYVI8LIHMEKSREPXIRWMSR 3WTMRE  TIVJSVQIHEWXEXMWXMGEPIZEPYEXMSRSJEZEMPEFPI
QSHIWTVSZMHIHEHIUYEXI[EVRMRKSJJEMPYVIFIGEYWIPEVKI TYRGLMRK WLIEV XIWX VIWYPXW JVSQ WPEFW [MXL IMXLIV *64
GVEGO[MHXLWERHHMWTPEGIQIRXWHIZIPSTIH VIMRJSVGIQIRXSVWXIIPERHGSRGPYHIHXLEXXLISRI[E]WLIEV
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8YVI]IR ERH *VSWGL   MR [LMGL XLI GSRGVIXI WLIEV XSTVIHMGXXLITYRGLMRKGETEGMX]SJX[S[E]WPEFW[MXL*64
GETEGMX] :G SJ JPI\YVEP QIQFIVW YWMRK *64 FEVW EW QEMR VIMRJSVGIQIRX8LMWQSHMJMIHIUYEXMSRJSVQWXLIFEWMWSJXLI
VIMRJSVGIQIRX MW FEWIH SR XLI HITXL SJ XLI IPEWXMG GVEGOIH TYRGLMRKWLIEVIUYEXMSREHSTXIHF]%'-6
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 (IJPIGXMSR GSRWMHIVEXMSRW{2E[] ERH 2IY[IVXL EZIVEKI SJXLIWEQIVEXMSJSVWXIIPVIMRJSVGIHFIEQW
 HIXIVQMRIHXLEXHIJPIGXMSRSJ*64FIEQWEXYPXMQEXI 8SYXERNMERH7EEJM  XIWXIHGSRGVIXIFIEQWVIMRJSVGIH
PSEH[EWETTVS\MQEXIP]XLVIIXMQIWKVIEXIVXLERXLEXSJXLI [MXL +*64 FEVW 8LI EYXLSVW JSYRH XLEX XLI HIJPIGXMSRW
GSVVIWTSRHMRKWXIIPVIMRJSVGIHFIEQW0EVVEPHIIXEP  TVIHMGXIHYWMRKXLI%'-IUYEXMSR[IVIPS[IVXLERXLI
JSYRHXLEXXLISVIXMGEPHIJPIGXMSRTVIHMGXMSRWEWYWIHJSVWXIIP QIEWYVIHHIJPIGXMSRW
VIMRJSVGIH GSRGVIXI FIEQW YRHIVIWXMQEXIH XIWX VIWYPXW JSV %QIXLSHJSVHIXIVQMRMRKHIJPIGXMSRWSJ*64VIMRJSVGIH
PSEHWEFSZI SJYPXMQEXIHIJPIGXMSRZEPYIW[IVIJEMVP] GSRGVIXI FIEQW [EW TVSTSWIH F] 6E^EUTYV IX EP  
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GYVZEXYVIGEPGYPEXIHEXHMJJIVIRXWIGXMSRWSJXLIFIEQWLSYPHFI ERHXLEXXLIXIRWMSRWXMJJIRMRKIJJIGXGSYPHFIMKRSVIH8LI
YWIHXSSFXEMREFIXXIVIWXMQEXISJHIJPIGXMSRZEPYIW TVIHMGXIH HIJPIGXMSRW EKVIIH [MXLMR   [MXL HIJPIGXMSRW
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FIX[IIR XLI TSMRX PSEHW [EW JYPP] GVEGOIH [LMPI XLI IRH VIWYPXW [IVI MR I\GIPPIRX EKVIIQIRX [MXL I\TIVMQIRXW %
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VIMRJSVGIHSRIW%X SJ1YXLIGVEGOTEXXIVRERHWTEGMRK MRGPYHIHXLIX]TISJXLI'*64FEVW QIGLERMGEPTVSTIVXMIW
MR *64VIMRJSVGIHFIEQW [IVIWMQMPEVXS XLSWI MRGSRZIR ERHWYVJEGIJMRMWLMRK ERHXLIVIMRJSVGIQIRXVEXMS8LI]
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FIEQ[EWLS[IZIVQYGL KVIEXIVHYIXS]MIPHMRKSJWXIIP
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PEQMREXIWLEW FIIRMRZIWXMKEXIHF];MKLXERH)VOM  EVGLMXIGXYVIWSRXLIGSRJMRMRKIJJIGXWERHSZIVEPPTIVJSVQERGI
ERH*SVH   IRLERGIQIRX SJ GSRGVIXI G]PMRHIVW 8LI] EPXIVIH XLI [VET
EVGLMXIGXYVI F] GLERKMRK XLI SVMIRXEXMSR SJ XLI IRXMVI
{7LIEVWXVIRKXLIRMRK GSQTSWMXI PE]IV 8LI [VETW ZEVMIH MR GSRJMKYVEXMSR JVSQ
.EZSVIXEP  GSRHYGXIHXIWXWSRQ JX WTER EPSRKXLIPSRKMXYHMREPE\MWHIKVIIWSJJXLIE\MWERHMRXLI
VIMRJSVGIHGSRGVIXIFIEQWXLEX[IVIHIJMGMIRXMRWLIEV8LI LSST HMVIGXMSR 8LI] JSYRH XLEX XLI JEMPYVI WXVIRKXL
FIEQW[IVIWXVIRKXLIRIH[MXL'*64TPEXIWFSRHIHSRXLI MRGVIEWIH[MXLXLITIVGIRXEKISJGSQTSWMXIVIMRJSVGIQIRXMR
WMHIW SJ XLI FIEQW 8[S EVVERKIQIRXW [IVI GSRWMHIVIH XLILSSTHMVIGXMSR
ZIVXMGEP TPEXIW ERH TPEXIW EX E HIKVII ERKPI &SXL 8SYXERNM  MRZIWXMKEXIHXLITIVJSVQERGISJGSRGVIXI
EVVERKIQIRXWMRGVIEWIHXLIWLIEVGETEGMX]SJXLIFIEQWF] GSPYQRW GSRJMRIH [MXL *64 GSQTSWMXI WLIIXW 'SRGVIXI
ETTVS\MQEXIP]  GSPYQRW [IVI [VETTIH [MXL XLVII HMJJIVIRX X]TIW SJ *64
2EEQER  GSRWMHIVIHWLIEVWXVIRKXLIRMRK[MXLIMXLIV GSQTSWMXIW %\MEP PSEH ERH E\MEP PEXIVEP WXVEMRW [IVI
TPEXIWSVWLIIXWFSRHIHZIVXMGEPP]XSXLIWMHIWSJVIGXERKYPEV SFXEMRIHXSIZEPYEXIWXVIWWWXVEMRFILEZMSVYPXMQEXIWXVIRKXL
FIEQW  Q ? JXA WTER  ERH 8FIEQW  Q ? JXA WXMJJRIWW ERH HYGXMPMX] 8LI VIWYPXW WLS[IH XLEX FSXL XLI
WTER &SXLXLITPEXIWERHXLIWLIIXW[IVIJSYRHXSMRGVIEWI WXVIRKXLERHHYGXMPMX]SJXIWXIHWTIGMQIRW[IVIWMKRMJMGERXP]
XLIWLIEVWXVIRKXLF]EXPIEWX 8LIWLIIXW[IVIJSYRHXS IRLERGIHSZIVYR[VETTIHWTIGMQIRW-REHHMXMSREREREP]XMGEP
FI QSVI IJJIGXMZI XLER XLI TPEXIW FIGEYWI XLI] GSYPH FI QSHIP [EW HIZIPSTIH XS TVIHMGX XLI IRXMVI WXVIWWWXVEMR
ERGLSVIHEVSYRHXLIFSXXSQSJXLIFIEQW VIPEXMSRWLMTSJXLI[VETTIHWTIGMQIRW6IWYPXWJVSQEWIVMIW
:EVMEXMSRW MR XLI RYQFIV SJ PE]IVW EW [IPP EW XLI JMFIV SJI\TIVMQIRXEPXIWXWSRGSRGVIXIGSRJMRIH[MXL*64WLIIXW
SVMIRXEXMSRERHPE]SYX[IVIWXYHMIH 0EQSXLIIXEP GSQTEVIH JEZSVEFP] [MXL XLI VIWYPXW SFXEMRIH F] XLI
2EEQER  8VMERXEJMPPSY E .EZSV IX EP  TVSTSWIHQSHIP
/EGLPEOIZERH&EVRIW,YXGLMRWSRERH6M^OEPPE 'SRJMRIQIRX IJJIGXMZIRIWW SJ *64 NEGOIXW MR GSRGVIXI
*ERRMRKERH/IPP]/LEPMJEIXEP8VMERXEJMPPSY GSPYQRW[EWWXYHMIHF]ERYQFIVSJVIWIEVGLIVW 1MVQMVER
ERH %RXSRSTSYPSW  (IRMEYH ERH 'LIRK  ERH7LELE[]7EEJMIXEP 8LIMQTVSZIQIRXMR
0SQFEVHIXEP -X[EWSFWIVZIHXLEXXLIWLIEVWXVIRKXL QIGLERMGEP TVSTIVXMIW HITIRHW SR WIZIVEP TEVEQIXIVW
MRGVIEWIH [MXL MRGVIEWMRK RYQFIV SJ PEQMREXI PE]IVW 8LI MRGPYHMRKGSRGVIXIWXVIRKXLX]TIWSJJMFIVWERHVIWMRJMFIV
QE\MQYQWLIEVWXVIRKXL[EWSFXEMRIHJSVFIEQWXLEX[IVI ZSPYQIJVEGXMSRERHJMFIVSVMIRXEXMSRMRXLINEGOIXNEGOIX
[VETTIHSZIVXLIMVJYPPHITXLF]WLIIXWLEZMRKJMFIVWTIVTIR XLMGORIWWWLETISJGVSWWWIGXMSRPIRKXLHMEQIXIVVEXMSSJ
HMGYPEVXSXLIFIEQvWPSRKMXYHMREPE\MW XLI GSPYQRERHXLIMRXIVJEGIFSRH FIX[IIR XLI GSVI ERH
XLINEGOIX
{%\MEPWXVIRKXLIRMRKSJGSPYQRW 7TSIPWXVE ERH 1SRXM   HIZIPSTIH E YRME\MEPQSHIP
;VETTMRKGSRGVIXIGSPYQRW[MXL*64TVSZMHIWGSRJMRIQIRX JSV GSRGVIXI GSRJMRIH [MXL *64 8LI QSHIP I\TPMGMXP]
XSXLIWTIGMQIR'SRJMRIQIRXMWLMKLP]HITIRHIRXYTSRXLI EGGSYRXIHJSVXLIGSRXMRYSYWMRXIVEGXMSR[MXLXLI*64[VET
GVSWWWIGXMSREPWLETIERHEWTIGXVEXMSSJXLIGSPYQR 4VSXEIX HYIXSXLIPEXIVEPWXVEMRSJGSRGVIXIXLVSYKLERMRGVIQIRXEP
EPF1YOLIVNIIIXEP ERHMWQSWXIJJIGXMZIJSV MXIVEXMZIETTVSEGL8LIVIPEXMSRFIX[IIRXLIE\MEPERHPEXIVEP
GMVGYPEVWIGXMSRW (IQIVWERH2IEPI 8VERWZIVWIWXVEMR WXVEMRW[EWMQTPMGMXP]HIVMZIHXLVSYKLIUYMPMFVMYQFIX[IIR
MRXLIGSPYQRWIGXMSRGEYWIHF]PSRKMXYHMREPGVEGOMRKERH XLIHMPEXMRKGSRJMRIHGSRGVIXIERHXLI[VET8LIQSHIP[EW
WIGXMSR HMPEXMSR VIWYPXW MR LSST WXVEMRW MR XLI *64 XLEX GSQTEVIH[MXLEWIXSJI\TIVMQIRXEPXIWXWERHWLS[IHZIV]
TVSHYGIGSRJMRMRKTVIWWYVI8LMWMRGVIEWIMRGSRJMRMRKTVIWWYVI KSSHEKVIIQIRXMRFSXLXLIE\MEPWXVIWWWXVEMRERHXLIWXVIWW
GER GEYWI ER MRGVIEWI MR E\MEP WXVIRKXL ERH HYGXMPMX] PEXIVEPWXVEMRVIWTSRWI
'SRGVIXI GSRJMRIH [MXL JMFIV GSQTSWMXI QEXIVMEPW FILEZIW 7IMFPIIXEP E GSRHYGXIHEPEVKIWGEPIXIWXSRSRIEW
HMJJIVIRXP]XLERGSRGVIXIGSRJMRIH[MXLWXIIP,EVQSRIXEP FYMPX ERH JSYV GSQTSWMXI[VETTIH VIGXERKYPEV JPI\YVEP
 JSYRHXLEX*64[VETTIHGSQTSWMXIGSRGVIXIJEMPIHEX FVMHKI WTERHVIP GSPYQRW XS EWWIWW XLI IJJIGXMZIRIWW SJ
LMKLIVE\MEPERHVEHMEPWXVEMRWXLERWXIIP[VETTIHGSRGVIXI HMJJIVIRXVIXVSJMXWGLIQIWYWMRK*64GSQTSWMXINEGOIXW8LI
*-&)66)-2*36')(430=1)66)-2*36')1)28*36'32'6)8)7869'896)7 6

XIWXWWLS[IHXLEX*64GSQTSWMXINEGOIXMRKW]WXIQWGPIEVP] 8LIFILEZMSVSJVIGXERKYPEVFVMHKIGSPYQRW[MXLWYFWXERHEVH
GER FI MRWXEPPIH [MXLSYX EJJIGXMRK XLI SZIVEPP KISQIXV] SV HIWMKR HIXEMPW JSV WIMWQMG JSVGIW [EW MRZIWXMKEXIH F]
ETTIEVERGI SJ XLI WXVYGXYVI 8LI EYXLSVW IQTLEWM^IH XLI 7EEHEXQERIWLIXEP F ,MKLWXVIRKXL*64WXVETW[IVI
MQTSVXERGI SJ HIWMKRMRK VIXVSJMX WXVEXIKMIW XS GSRXVSP XLI [VETTIH EVSYRH XLI GSPYQR MR XLI TSXIRXMEP TPEWXMG LMRKI
QSHISJJEMPYVI6IXVSJMXXMRKSRI[IEORIWW[MXLSYXGSRWMHIVMRK VIKMSRXSMRGVIEWIGSRJMRIQIRXERHXSMQTVSZIXLIFILEZMSV
SXLIVTSXIRXMEPQSHIWSJJEMPYVIGSYPHPIEHXSMRIJJIGXMZIERH YRHIV WIMWQMG JSVGIW 6IWYPXW MRHMGEXIH XLEX WMKRMJMGERX
TSSVHIWMKRW 7IMFPIIXEPE  MQTVSZIQIRX MR HYGXMPMX] ERH IRIVK]EFWSVTXMSR GETEGMX]
1SRXMIXEP  TVSTSWIHEHIWMKRIUYEXMSRXSHIXIVQMRI GSYPHFIEGLMIZIHHYIXSXLMWVIXVSJMXXMRKXIGLRMUYI
XLI STXMQEP XLMGORIWW SJ *64 NEGOIXW ERH XS IRLERGI XLI 7IMWQMGVIXVSJMXHIWMKR{-RXLIEJXIVQEXLSJXLI
HYGXMPMX] SJ I\MWXMRK VIMRJSVGIH GSRGVIXI FVMHKI TMIVW [MXL ,]SKS/IR 2ERFY IEVXLUYEOI MR [LMGL QER] JEMPYVIW SJ
GMVGYPEVGVSWWWIGXMSRW8LIHIWMKRTVSGIHYVIWXIQWJVSQXLI FVMHKIW ERH TMIVW SGGYVVIH RYQIVSYW WXYHMIW [IVI
HIJMRMXMSR SJ ER YTKVEHMRK MRHI\ KMZIR EW XLI VEXMS SJ XLI GSRHYGXIH SR [E]W XS VIXVSJMX I\MWXMRK VIMRJSVGIH GSRGVIXI
XEVKIX XS XLI EZEMPEFPI HYGXMPMX] EX XLI TMIV FEWI WIGXMSR GSPYQRW ERH TMIVW 1YXWY]SWLM IX EP   JSYRH XLEX
EXXEMRIHXLVSYKL*64NEGOIXMRKMXVIWYPXWMREWMQTPII\TVIWWMSR GSRXMRYSYWJMFIVWLIIXWSJJIVIHEJIEWMFPIQIERWSJVIXVSJMXXMRK
MRXIVQWSJIEWMP]GSQTYXEFPIUYERXMXMIWWYGLEWXLIYPXMQEXI 'SRWIUYIRXP]WIZIVEPHIWMKRKYMHIPMRIWSRXLIYWISJ*64
WXVEMR ERH XLI TIEO WXVIRKXL SJ GSRGVIXI FIJSVI ERH EJXIV WLIIXWJSVVIXVSJMXXMRKLMKL[E]VEMP[E]ERHWYF[E]WXVYG
YTKVEHMRK8LIMRHI\HIWTMXIMXWWMQTPMGMX]]MIPHWI\GIPPIRX XYVIW LEZI FIIR TVSTSWIH MR VIGIRX ]IEVW 8LI .7')
TVIHMGXMSRWSJXLIHYGXMPMX]MRGVIEWISFXEMRIHXLVSYKL*64 'SRGVIXI'SQQMXXIISR*647LIIXWLEWFIIRGSQQMWWMSRIH
[VETTMRKERHMWYWIHXSHIZIPSTEHIWMKRIUYEXMSR8LI XSIWXEFPMWLERI[HIWMKRQIXLSHJSVWIMWQMGVIXVSJMXXMRKSJ
IUYEXMSREPPS[WXLIHIWMKRSJXLISTXMQEPXLMGORIWWSJ*64 FVMHKIGSPYQRWERHTMIVW-XWIIOWXSYRMJ]EPPXLII\MWXMRK
NEGOIXWMRXIVQWSJXLIHIWMVIHYTKVEHMRKMRHI\QIGLERMGEP KYMHIPMRIWSRETIVJSVQERGIFEWIHHIWMKRGSRGITX8LIRI[
GLEVEGXIVMWXMGW SJ XLI WIPIGXIH GSQTSWMXI QEXIVMEP ERH HIWMKR QIXLSH JSV WLIEV WXVIRKXLIRMRK ERH HYGXMPMX]
UYERXMXMIWHIJMRMRKXLIMRMXMEPWXEXISJXLITMIVWIGXMSR IRLERGIQIRX SJ VIXVSJMXXIH VIMRJSVGIH GSRGVIXI WXVYGXYVIW
8LI I\TIVMQIRXEP ERH EREP]XMGEP FILEZMSV SJ E\MEPP] YWMRK*64WLIIXWMWHIWGVMFIHMRXLIWXYH]
PSEHIH PEVKIWGEPI GSPYQRW GSRJMRIH [MXL *64 [VETTMRK 7IMFPIIXEP EF ERH7IMFPI  HIWGVMFIHNEGOIX
VIMRJSVGIQIRX [EW MRZIWXMKEXIH F] 1EXXL]W IX EP  HIWMKRGVMXIVMEJSVZEVMSYWWIMWQMGGSPYQRJEMPYVIQSHIWERH
 (MJJIVIRX[VETTMRKSVMIRXEXMSRWERHHMJJIVIRXX]TIWSJ TVSZMHIH HIXEMPIH I\EQTPIW SJ XLIMV ETTPMGEXMSR XS VIXVSJMX
*64 VIMRJSVGIQIRX GSRWMWXMRK SJ '*64 WLIIXW +*64 GSPYQRW [MXL GMVGYPEV ERH VIGXERKYPEV KISQIXV] HMJJIVIRX
JEFVMGWERHL]FVMH*64 ,*64 JEFVMG[IVIYWIHXSGSRJMRI VIMRJSVGIQIRX VEXMSW ERH HIXEMPMRK 8LI GEVFSR NEGOIX
XLI GSRGVIXI GSPYQRW 8LI IJJIGXMZI GMVGYQJIVIRXMEP *64 HIWMKRW [IVI ZEPMHEXIH XLVSYKL PEVKIWGEPI FVMHKI GSPYQR
JEMPYVIWXVEMRERHXLIIJJIGXSJERMRGVIEWMRKGSRJMRMRKEGXMSR QSHIPXIWXWERH[IVIJSYRH XS FINYWXEWIJJIGXMZIEWWXIIP
SRXLIWXVIWWWXVEMRFILEZMSVSJVIMRJSVGIHGSRGVIXIGSPYQRW WLIPPNEGOIXMRKMRTVSZMHMRKHIWMVIHMRIPEWXMGHIWMKRHIJSVQEXMSR
GSRJMRIH[MXL*64[IVII\EQMRIH(MJJIVIRXQSHIPWJSVXLI GETEGMX]PIZIPW
TVIHMGXMSR SJ XLI WXVIWWWXVEMR FILEZMSV SJ *64GSRJMRIH 7LIMOL  XIWXIHGSPYQRWVIXVSJMXXIH[MXL'*64ERH
GSRGVIXI[IVIVIZMI[IH8LIVIWYPXWWLS[IHXLEXJI[SJXLI +*64 GSQTSWMXIW XS MQTVSZI XLI WIMWQMG VIWMWXERGI SJ
EZEMPEFPIQSHIPWXLEX[IVIHIVMZIHFEWIHSRWQEPPG]PMRHIVW GSRGVIXIGSPYQRW8LIVIWYPXWWLS[IHXLEXVIXVSJMXXMRK[MXL
GSYPHEGGYVEXIP]TVIHMGXXLIYPXMQEXIWXVIRKXLERHXLIWXVIWW *64 JSV FSXL GMVGYPEV ERH WUYEVI GSPYQRW GSYPH MQTVSZI
WXVEMRVIWTSRWISJPEVKIWGEPIGSPYQRW XLIMV FVMXXPI FILEZMSV XLYW WMKRMJMGERXP] MQTVSZMRK XLIMV
WIMWQMGVIWMWXERGI
{7IMWQMGWXVIRKXLIRMRKERHVIXVSJMXXMRK 4ERXIPMHIW ERH +IVKIP]   TVIWIRXIH EREP]WMW ERH
8LI ZEVMSYW ETTPMGEXMSRW SJ I\XIVREP *64 GSQTSWMXI HIWMKRTVSGIHYVIWJSVXLI'*64GSQTSWMXIWIMWQMGVIXVSJMX
VIXVSJMXMRFYMPHMRKWEW[IPPEWFVMHKIWLEZIWLS[RXLEXMR SJ E VIMRJSVGIH GSRGVIXI XLVIIGSPYQR FVMHKI FIRX 8LI
QSWX GEWIW XLI MQTPIQIRXEXMSR SJ GSQTSWMXI QEXIVMEPW WIMWQMGVIXVSJMX[EWWYGGIWWJYPERHXLIFVMHKIFIRXVIXVSJMXXIH
TVSZMHIW EHIUYEXI WIMWQMG HIXEMPMRK XS XLI WXVYGXYVI ERH [MXL '*64 GSQTSWMXIW VIEGLIH E HMWTPEGIQIRX HYGXMPMX]
MQTVSZIWHYGXMPMX]ERHWIMWQMGTIVJSVQERGI8LMWTVSZMHIWER PIZIPMRI\GIWWSJXLIXEVKIXHYGXMPMX]ERHHSYFPIXLIL]WXIVIXMG
IGSRSQMGEPXIVREXMZIXSVIFYMPHMRK7IMWQMGVILEFMPMXEXMSRMWRSX IRIVK]HMWWMTEXMSRSJXLIEWFYMPX FIRX(IWGVMTXMSRW SJXLI
GSZIVIHMR6FYXMWTPERRIHXSFIJSVJYXYVIVIZMWMSRW '*64 GSQTSWMXI PE]SYX ERH ZEPMHEXMSR SJ XLI HIWMKR
8LIJPI\YVEPFILEZMSVSJIEVXLUYEOIHEQEKIHVIMRJSVGIH EWWYQTXMSRWJVSQXLII\TIVMQIRXEPVIWYPXW[IVITVIWIRXIH
GSRGVIXIGSPYQRWVITEMVIH[MXL*64[VETWLEWFIIRWXYHMIH 6IGSQQIRHEXMSRW JSV MQTVSZIQIRX SJ XLI SVMKMREP '*64
F]7EEHEXQERIWLIXEP E 8LIGSPYQRW[IVIVITEMVIH GSQTSWMXIWIMWQMGVIXVSJMXHIWMKR[IVISJJIVIHFEWIHSRXLI
[MXLTVIJEFVMGEXIH*64[VETWERHVIXIWXIHYRHIVWMQYPEXIH PIWWSRWPIEVRIHJVSQXLIMRTPEGIXIWXW
IEVXLUYEOI PSEHMRK 7IMWQMG TIVJSVQERGI SJ VITEMVIH 7EEXGMSKPYERH+VMVE  GEVVMIHSYXER I\TIVMQIRXEP
GSPYQRWMRXIVQWSJXLIMVL]WXIVIXMGVIWTSRWI[EWIZEPYEXIH MRZIWXMKEXMSR XS ZIVMJ] XLI YWI SJ *64 KVMHW EW XVERWZIVWI
ERH GSQTEVIH [MXL XLSWI SJ XLI SVMKMREP ERH YRVIXVSJMXXIH VIMRJSVGIQIRX MR GSRGVIXI WXVYGXYVIW TPEGMRK IQTLEWMW SR
GSPYQRW8LIVIWYPXWMRHMGEXIXLEXXLITVSTSWIHVITEMVXIGLRMUYI GSRGVIXIGSRJMRIQIRXERHWIMWQMGTIVJSVQERGI0EVKIWGEPI
[EWLMKLP]IJJIGXMZI&SXLJPI\YVEPWXVIRKXLERHHMWTPEGIQIRX GSPYQR WTIGMQIRW [IVI XIWXIH YRHIV WMQYPEXIH WIMWQMG
HYGXMPMX]SJXLIVITEMVIHGSPYQRW[IVILMKLIVXLERXLSWISJ PSEHMRK8IWXTEVEQIXIVWMRGPYHIHKVMHWTEGMRKERHTEXXIVR
XLISVMKMREPGSPYQRW XLIZSPYQIXVMGVEXMSSJKVMHVIMRJSVGIQIRXERHXLIPIZIPSJ
6 %'-'311-88))6)4368

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7EYWI IX EP   TVSTSWIH E HIWMKR TVSGIHYVI JSV GSRGVIXIWYVJEGIMWZIV]VSYKL[IEOSVVIUYMVIWWMKRMJMGERX
WIMWQMGVIXVSJMXSJGSPYQRWYWMRK*64NEGOIXWXLEX[EWFEWIH WYVJEGI TVITEVEXMSR 271 W]WXIQW GER EPWS FI YWIH JSV
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I\XVIQIGSRGVIXIJMFIVGSQTVIWWMSRWXVEMRVIUYMVIHXSEGLMIZI 2SVHMRIXEP  GSRHYGXIHETMPSXWXYH]SRGSRGVIXI
E HIWMVIH HIJSVQEXMSR GETEGMX] *YVXLIV EHIUYEXI WXVYGXYVEP FIEQWWXVIRKXLIRIHMRJPI\YVI[MXLTVIWXVIWWIH271'*64
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PIZIPW SJ GSRJMRIQIRX XLER XLSWI TVIZMSYWP] TVIWIRXIH JSV ERH JEMPYVI PSEHW JSV XLI WXVIRKXLIRIH WTIGMQIRW
LMKL[E]FVMHKITMIVGSPYQRW[MXLPEVKIVGVSWWWIGXMSRW 4VIWXVIWWMRKXLIWXVMTWHMHRSXMRJPYIRGIXLIQSHISJJEMPYVI
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EXXEGLMRK TYPXVYHIH *64 PEQMREXIW [MXL LMKL FIEVMRK ERH (IFSRHMRKSJXLI*64FEVW[EWXLIHSQMRERXJEMPYVIQSHI
PSRKMXYHMREPWXVIRKXLWXSXLIGSRGVIXIYWMRKWIZIVEPGPSWIP] JSVXLI8FIEQWERHXLIVIGXERKYPEVFIEQW[MXLXLIPS[IV
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PEQMREXIW ERH KVMHW ERH 271 FEVW EVI XLI X]TMGEP XLIQSVXEVFIHNSMRXWTIVTIRHMGYPEVXSXLIVIMRJSVGIQIRXERH
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IHYGEXMSREPJEGMPMX]MR/ERWEW'MX]1MWWSYVM[LIVIXLI[EPPW WM^IGPE]FVMGO[EPPTERIPW[IVIVIXVSJMXXIHERHXIWXIHYRHIV
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&]YWMRKITS\]WXVIRKXLIRIH[MXLWLSVXJMFIVW&ENTEMERH EREMVFEK/SVER]ERH(V]WHEPI  VITSVXIHWMKRMJMGERX
(YXLMRL   [IVI EFPI XS TVIZIRX HIFSRHMRK SJ 271 MRGVIEWIW MR YPXMQEXI GETEGMXMIW IRIVK] EFWSVTXMSR ERH
+*64FEVWERHGSRWMWXIRXP]VYTXYVIXLIFEVWMRJPI\YVEPXIWXW HIJSVQEFMPMX] GSQTEVIH [MXL XLI FILEZMSV SJ XLI YRVIMR
SJQEWSRV][EPPW8LMWQIXLSHVIWYPXIHMRLMKLIV[EPPWXVIRKXL JSVGIH[EPPW
ERHEQSVIFVMXXPIFILEZMSV  7LIEVWXVIRKXLIRMRK{7GL[IKPIV  MRZIWXMKEXIH
8LI GETEGMX] SJ JPI\YVEP [EPPW WXVIRKXLIRIH [MXL *64 WXVIRKXLIRMRK QIXLSHW JSV QEWSRV] WLIEV[EPPW [MXL *64
PEQMREXIWMWEJYRGXMSRSJXLIE\MEPPSEHPIZIP 8VMERXEJMPPSY PEQMREXIW '*64 PEQMREXIW [IVI FSRHIH HMEKSREPP] XS XLI
F 1SVISZIV*64GSQTSWMXIWEVILMKLP]IJJIGXMZIMR QEWSRV][EPPWERHQIGLERMGEPP]ERGLSVIHXSXLIEHNSMRMRK
XLIGEWISJ[EPPWXLEXGERFIXVIEXIHEWWMQTP]WYTTSVXIH XLEX VIMRJSVGIH GSRGVIXI WPEFW 8LI XIWX VIWYPXW WLS[IH XLEX XLI
MW[EPPWI\LMFMXMRKEPEVKIWPIRHIVRIWWVEXMS *SVE[EPP[MXL WXVIRKXLIRIH[EPPWI\LMFMXIHERH MRGVIEWIWMRYPXMQEXI
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PIWWIJJIGXMZIFIGEYWIEVGLMRKEGXMSRSJXLI[EPPHSQMREXIW YRWXVIRKXLIRIH[EPPW
SZIVXLIIJJIGXSJXLI*64FIGEYWIGVYWLMRKSJXLIQEWSRV] 'VEGOIH 961 GSRGVIXI FPSGO [EPPW [IVI VITEMVIH F]
YRMXW EX XLI FSYRHEV] VIKMSRW GSRXVSPW YPXMQEXI FILEZMSV +IVKIP]ERH=SYRK  YWMRK'*64PEQMREXIWEXXEGLIH
8YQMEPERIXEP+EPEXM  XSFSXLWMHIWSJXLIWTIGMQIRWERHWYFNIGXIHXSG]GPMGSYXSJ
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WXVIRKXLIRIH [MXL *64 I\LMFMX XLI JSPPS[MRK QSHIW SJ WMKRMJMGERXP] MRGVIEWIH XLI JPI\YVEP ERH WLIEV GETEGMX] SJ
JEMPYVI HIFSRHMRKSJXLI*64PEQMREXIJVSQXLIQEWSRV] HEQEKIH[EPPW8LI WTIGMQIRWJEMPIHEWEVIWYPXSJWIZIVI
WYFWXVEXI JPI\YVEPJEMPYVI XLEXMWVYTXYVISJXLI*64PEQMREXI WLIEVHEQEKIMRXLIGSRGVIXIQEWSRV]FPSGOW
MRXIRWMSRSVGVYWLMRKSJXLIQEWSRV]MRGSQTVIWWMSR SV 'SRGVIXIQEWSRV][EPPWWXVIRKXLIRIH[MXL*64PEQMREXIW
WLIEVJEMPYVIMRXLIQEWSRV]3JXLIWIXLVIIQSHIWSJJEMPYVI MR XLI LSVM^SRXEP HMVIGXMSR SRP] ERH XIWXIH [MXL MRTPERI
XLIPMXIVEXYVILEWWLS[RXLEXXLIGSRXVSPPMRKQSHIMWQSWXP] PSEHMRKEPSRKXLI[EPPHMEKSREP[IVISFWIVZIHXSJEMPHYIXS
HIFSRHMRKSJXLI*64PEQMREXI8LYWXLIUYERXMX]SJ*64 WPMHMRKWLIEVEPSRKERYRWXVIRKXLIRIHNSMRX 8YQMEPERIXEP
VIMRJSVGIQIRXWLSYPHFIFEPERGIHEKEMRWXXLIQEWSRV]WLIEV 1SVFMR 8LMWQSHISJJEMPYVI[LMGLMWYRHIWMVEFPI
WXVIRKXLMJEPEVKIEQSYRXSJ*64VIMRJSVGIQIRXMWTVSZMHIH MJ XLIVI EVI EHNEGIRX GSPYQRW WYGL EW MR XLI GEWI SJ MRJMPP
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HIWMKRTLMPSWSTL]HMGXEXIWXLEXFVMXXPIWLIEVJEMPYVIWLSYPHFI HMVIGXMSRXSEGXEWHS[IPW
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MWXMGW WYGL EW VSYKLRIWW WSYRHRIWW ERH TSVSWMX] *SV 8LYWMRXLIGEWISJGPE]FVMGOQEWSRV][EPPWWXVIRKXLIRIH
MRWXERGI 6SOS IX EP   SFWIVZIH XLEX EFWSVTXMSR SJ [MXL PEQMREXIW JSV WLIEV *64 WXVIRKXLIRMRK LEW FIIR
ITS\] MW PMQMXIH MR I\XVYHIH FVMGO YRMXW EW GSQTEVIH [MXL SFWIVZIH XS FIQSVI IJJMGMIRX XLER MR XLI GEWI SJ GSRGVIXI
XLEX MR QSPHIH FVMGOW PIEHMRK XS E VIHYGXMSR SJ XLI FSRH QEWSRV] +VERHS IX EP   8LMW GER FIEXXVMFYXIH XS
WXVIRKXLEXXLI*64PEQMREXIQEWSRV]MRXIVJEGI GLEVEGXIVMWXMGW SJ XLI TEVIRX QEXIVMEP WYGL EW LIMKLX SJ
8YQMEPER IX EP   WYKKIWXIH XLEX VEXLIV XLER QEWSRV] GSYVWIW XLEX MW WQEPPIV MR XLI GEWI SJ FVMGO
EXXIQTXMRKXSTVIHMGXFSRHJEMPYVIXLIWXVEMRMRXLI*64 QEWSRV] ERHFIXXIVQSVXEVQEWSRV]YRMXFSRHGLEVEGXIVMWXMGW
PEQMREXIW GSYPH FI PMQMXIH 8LI IJJIGXMZIRIWW SJ XLI *64 +VERHSIXEP  EPWSVITSVXIHXLEXXLIMRTPERIGETEGMX]
VIMRJSVGIQIRXHITIRHWSRXLIFSRHSJXLI*64PEQMREXIXS SJ GPE] QEWSRV] [EPPW WXVIRKXLIRIH SR SRI ERH X[S JEGIW
XLI QEWSRV] WYFWXVEXI &IGEYWI XLI JPI\YVEP GETEGMX] MW HSYFPIH[LIRXLIEQSYRXSJ*64VIMRJSVGIQIRX[EWHSYFPIH
HITIRHIRXSRXLIWXVEMRHIZIPSTIHMRXLIPEQMREXIIJJIGXMZI :EPPY^^M IX EP   VITSVXIH I\TIVMQIRXEP VIWYPXW SR
WXVEMR MR XLI PEQMREXI JI GER FI I\TVIWWIH EW XLI TVSHYGX WQEPPWGEPI GPE] FVMGO QEWSRV] WTIGMQIRW YWMRK ZEVMEFPIW
Q JY [LIVI QMWXLIFSRHHITIRHIRXGSIJJMGMIRXERH JYMW WYGLEWXLIX]TISJ*64PEQMREXIW '*64ERH+*64 ERH
XLI HIWMKR VYTXYVI WXVEMR SJ *64 8YQMEPER IX EP  WXVIRKXLIRMRKGSRJMKYVEXMSRW WMRKPIWMHIZIVWYWHSYFPIWMHI
GSRGPYHIHXLEXJSVRSRTYXXMIHWYVJEGIW QGERFIEWWYQIHXS WXVIRKXLIRMRKERHWUYEVIKVMHERHHMEKSREP (SYFPIWMHIH
FIERHJSVTYXXMIHWYVJEGIW QGERFI WXVIRKXLIRIH WTIGMQIRW [IVI QSVI IJJIGXMZI XLER WMRKPI
0YGMERS IX EP   MRZIWXMKEXIH XLI TSWWMFMPMX] SJ WMHIH WTIGMQIRW -R KIRIVEP XLI HMEKSREP WXVIRKXLIRMRK
VIMRJSVGMRKQEWSRV]EVGLIWYWMRK*64GSQTSWMXIQEXIVMEPW GSRJMKYVEXMSR[EWSFWIVZIHXSFIQSVIIJJIGXMZIXLERXLIKVMH
ERH JSYRH XLEX XLI *64 PEQMREXIW KVIEXP] IRLERGIH XLI GSRJMKYVEXMSREPWS+*64PEQMREXIW[IVIQSVIIJJIGXMZIXLER
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8S IRLERGI XLI SYXSJTPERI WIMWQMG VIWMWXERGI SJ XLI &EWXMHEWIXEP  MRZIWXMKEXIHXLIWXVIRKXLIRMRK[MXL
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SJ FSXL ERH HMEKSREP PEQMREXIW GVSWWTEXXIVR  8LI XIWX [IVI MRZIWXMKEXIH 8LI QSHI SJ JEMPYVI [EW GSRXVSPPIH F]
VIWYPXWWLS[IHXLIIJJMGMIRG]SJXLI+*64VIMRJSVGIQIRXJSV XIRWMPIJEMPYVI[LIR[MHIVERHPMKLXIVGSQTSWMXIJEFVMGW[IVI
MRGVIEWMRKXLIWLIEVWXVIRKXLEW[IPPEWXLIHYGXMPMX]SJXLI YWIH ERH F] HIPEQMREXMSR [LIR WXVSRKIV SRIW [IVI YWIH
W]WXIQ 8LI GVSWWTEXXIVR PE]SYX SRFSXLWMHIW SJ XLI [EPP 8LIWXVIRKXLIRIH WTIGMQIRW[IVI EFPIXS WYTTSVXE PEXIVEP
TVSZIHXSFIXLIQSWXIJJIGXMZIGSRJMKYVEXMSR%WMKRMJMGERX PSEHYTXSXMQIWXLI[IMKLXSJXLI[EPP%HIJPIGXMSREW
KPSFEP VIHYGXMSR SJ HEQEKI PIZIPW [EW SFWIVZIH JSV XLI QYGLEW SJXLI[EPPLIMKLX[EWQIEWYVIH
WXVIRKXLIRIH QEWSRV] [EPP [LIR GSQTEVIH [MXL VIWYPXW %ZSVMSERH&SVVM  WXYHMIHXLITVSFPIQSJWIMWQMG
VITSVXIHF]XLIWEQIEYXLSVWSRWMQMPEV961[EPPW%PWS WXVIRKXLIRMRKSJQSRYQIRXEPEVGLIWERHZEYPXW8LIMRXIVIWX
KPSFEP WXEFMPMX] ERH SZIVEPP WIMWQMG FILEZMSV [IVI KVIEXP] MR XLMW XIGLRMUYI GEQI EFSYX JVSQ XLI I\EQMREXMSR SJ XLI
MQTVSZIH[MXLXLI+*64VIMRJSVGIQIRXJSVMRTPERIPSEHMRK X]TIW SJ GSPPETWI MRZSPZMRK EVGLIW ERH ZEYPXW ERH JVSQ
7XVIRKXLIRMRK F] *64 WXVYGXYVEP VITSMRXMRK GER EPWS TVSFPIQWWLS[RF]WXVYGXYVIWWXVIRKXLIRIH[MXLXVEHMXMSREP
VIQEVOEFP] MRGVIEWI XLI WLIEV GETEGMX] SJ 961 [EPPW QIXLSHW-RJSVQYPEXMRKXLIGVMXIVMEEXXIRXMSR[EWTEMHXSXLI
6ITSMRXMRK MW E XIGLRMUYI YWIH MR QEWSRV] XS VITEMV ERH FILEZMSVSJXLIZEYPXWEGGSVHMRKXSXLIMVGSRWXVYGXMSREPX]TI
VITPEGI XLI QSVXEV MR XLI NSMRX ;MXL *64 VITSMRXMRK XLI ERHXLIX]TISJXI\XYVIERHTEXXIVR
QSVXEVMWGPIERIHSYXITS\]MWTPEGIHMRXSXLIKVSSZIERHER 1SSRIXEP  ERH1SSR  XIWXIHYRHIVPEXIVEP
*64FEVMWTPEGIHMRXSXLIWEQIKVSSZIMRXSXLIITS\]8LMW PSEHW E JYPPWM^I X[SWXSV] 961 FVMGO FYMPHMRK XLEX [EW
[EWIZMHIRXJVSQXLIVIWYPXWSJXIWXWGSRHYGXIHSRGSRGVIXI WXVIRKXLIRIH YWMRK WIZIVEP *64 XIGLRMUYIW 3R SRI XLVII
QEWSRV] [EPPW PSEHIH EPSRK XLI HMEKSREP 8YQMEPER IX EP []XLI [EPP +*64 [EW ITS\]FSRHIH ZIVXMGEPP] SR XLI
 1SVFMR   8LI QE\MQYQ MRGVIEWI MR WLIEV MRWMHIJEGI[LMPI271KPEWWVSHW[IVIITS\]FSRHIHMRXS
GETEGMX] [EW   JSV [EPPW WXVIRKXLIRIH [MXL +*64 FEVW LSVM^SRXEP FIH NSMRXW SR XLI I\XIVMSV JEGI 8LMW X[S[E]
TPEGIHEXIZIV]FIHNSMRX;EPPW[MXLVIMRJSVGIQIRXWXEKKIVIH VIXVSJMXMRGVIEWIHXLIPEXIVEPWXVIRKXLGEYWIHGVEGOWXSFI[IPP
SRFSXL[EPPJEGIWI\LMFMXIHXLIPEVKIWXTWIYHSHYGXMPMX] HMWXVMFYXIH ERH TVSHYGIHE HYGXMPIX]TI JEMPYVI QSHI [MXL
*64WXVYGXYVEPVITSMRXMRK[EWEPWSYWIHXSMQTVSZIXLI FVSEHL]WXIVIWMWPSSTWERHGSRWMHIVEFPIIRIVK]HMWWMTEXMSR
MRTPERI WXVYGXYVEP TIVJSVQERGI SJ QEWSRV] MRJMPP [EPPW 8LIJSYV*64W]WXIQWYWIHMRXLMWTVSNIGXMRGPYHIHTVIGYVIH
8YQMEPERIXEPEFG *YPPWGEPIWTIGMQIRW[IVIWYFNIGXIH WXVYGXYVEPKVMHWIQFIHHIHMRXVS[IPETTPMIHITS\]EHLIWMZI
XSMRTPERIG]GPMGPSEH8LIWTIGMQIRW[IVIWYVVSYRHIHF] *MK [IXPE]YTYRMHMVIGXMSREPKPEWWJEFVMGW[MXLER
VIMRJSVGIH GSRGVIXI JVEQI ERH E WXERHEPSRI VIMRJSVGIH ITS\] QEXVM\ *MK   ITS\] EHLIWMZIETTPMIH 271
GSRGVIXIWYTTSVX8LIVIWYPXWMRHMGEXIHXLEX*64WXVIRKXLIRIH +*64 VSHW *MK   ERH KPEWW KVMHW MR GIQIRXMXMSYW
WTIGMQIRWGSYPHVIEGLPEXIVEPHVMJXWSJ [MXLSYXPSWMRK XVS[IPETTPMIH QEXVM\ *MK   %TTPMGEXMSR SJ +*64
PEXIVEP GEVV]MRK GETEGMX] ERH XLEX JSV XLMW HVMJX PIZIP XLI W]WXIQWSRXLISXLIVQYPXM[]XLI[EPPW[SVOIH[IPPMRMRTPERI
HIKVEHEXMSRSJPEXIVEPWXMJJRIWWMRXLIWXVIRKXLIRIH[EPPWHMH WLIEVVIXVSJMXFIGEYWILIEHIVFVMGOWIZIV]WM\XLGSYVWIKIRIVEPP]
RSXMQTPMGEXIHIKVEHEXMSRSJPEXIVEPGEVV]MRKGETEGMX] QEMRXEMRIHGSRXMRYMX]FIX[IIR[]XLIW
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GEFPIW [IVI YWIH JSV JSYV KMVHIVW [LMPIX[S SXLIV KMVHIVW QQ?MRAHMEQIXIV [MXLERSYXIVHMEQIXIVSJQQ
[IVI TVIWXVIWWIH YWMRK X[S VSH XIRHSRW 4VIWXVIWWMRK SJ MR 8LIGEFPIW[IVIWXVIWWIHXS SJXLIMVRSQMREP
'*64 [EW EHETXIH XS XLI TVEGXMGI F] GSYTPMRK XLI GEVFSR YPXMQEXIGETEGMX]XSVIWXSVIXLIMRMXMEPWXVYGXYVEPVIWMWXERGI
JMFIVGSQTSWMXIGEFPIWERH0IEHPMRI VSHWXSGSRZIRXMSREP 8LI &%7* FVMHKI MR 0YH[MKWLEJIR +IVQER] MW E X[S
WXIIP WXVERHW 'SYTPIVW LIPTIH XS QMRMQM^I XLI PIRKXL SJ PERITVIWXVIWWIHGSRGVIXIFVMHKI[MXLEXSXEPPIRKXLSJQ
'*64 XIRHSRW ERH [IVI WXEKKIVIH XS EPPS[ YWI SJ WEQI JX *SYV'*64GEFPIW[IVIYWIHMRGSRNYRGXMSR[MXL
WTEGMRKJSVXLIGSRZIRXMSREPWXIIPVIMRJSVGMRKXIRHSRW8LI GSRZIRXMSREP WXIIP GEFPIW EW MRXIVREP YRFSRHIH TSWX
KMVHIVWYWMRK'*64TVIWXVIWWMRKGEFPIWERHVSHWLEZIFIIR XIRWMSRIHGEFPIW >SGLIXEP )EGLGEFPIGSRWMWXIHSJ
MRWXVYQIRXIH[MXL&VEKKKVEXMRKJMFIVSTXMGWIRWSVWERHEVI  '*64 WXVERHW SJ  QQ  MR  HMEQIXIV [MXL E
FIMRKQSRMXSVIHF]-7-7'EREHE   TVIWXVIWWMRK JSVGI SJ  O2  OMTW  ETTPMIH SR IEGL
8LI 8E]PSV&VMHKI *MK   MW WMXYEXIHMR ;MRRMTIK WXVERH%PPGEFPIW[IVIKYMHIHXLVSYKLXYFIWIQFIHHIHMR
1ERMXSFE 'EREHE 8LMW MW E QYPXMWTERFVMHKI [MXL E XSXEP XLI GSRGVIXI 7XIIP XIRHSR XYFIW [IVI JMPPIH [MXL GSRGVIXI
PIRKXLSJQ JX *SYVJVSQEXSXEPSJTVIWXVIWWIH EJXIVXIRWMSRMRK[LMPIXLI'*64XIRHSRXYFIW[IVIRSXJMPPIH
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VIWMWXERGI8LMWJMIPHETTPMGEXMSR[EWSRISJXLIJMVWXMR[LMGL GSQTPIXIH MR  MW E XLVIIWTER TVIWXVIWWIH GSRGVIXI
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6 %'-'311-88))6)4368

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I\XIVREPKMVHIV -7-7'EREHE 
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'EVFSRJMFIVVIMRJSVGMRKWXVMTW[IVIYWIHJSVMRGVIEWMRKXLI
JPI\YVEPWXVIRKXL 0EFSWWMÌVIIXEP  *MK +PEWW
JMFIV VIMRJSVGIQIRX WXVMTW [IVI YWIH JSV WLIEV WXVIRKXL
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[EWZIVMJMIHF]PSEHXIWXMRK
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WXVYGXYVIW[IVIHIWMKRIHERHGSRWXVYGXIHMR%REP]WMW
YWMRK GYVVIRX GSHIW LS[IZIV MRHMGEXIH XLEX XLI WLIEV
WXVIRKXLSJXLI-WLETIHKMVHIVW[EWRSXWYJJMGMIRXXS[MXL
WXERHXLIMRGVIEWIHXVYGOPSEHW%RI\TIVMQIRXEPWXYH][EW
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EP  KMVHIV WLETI *SYV KMVHIVW LEZI WMRGI FIIR WXVIRKXLIRIH
YWMRKXLIWLIIXWXLEX[IVITPEGIHZIVXMGEPP][MXLELSVM^SRXEP
XLITSPIW[EWQ JX JVSQ[LMGLQ JX [EW PE]IV TPEGIH EGVSWW XLI XST ERH FSXXSQ SJ XLI [IF JSV
FYVMIHMRXLIKVSYRHPIEZMRKEGPIEVLIMKLXSJQ JX  ERGLSVEKI ,YXGLMRWSRIXEP 
8LITSPIWLEHERSYXIVHMEQIXIVSJQQ MR EXXLI 8LI*EVQXS1EVOIX&VMHKIMR8I\EW[EWSVMKMREPP]
XMTERHQQ MR EXXLIFEWI8LIWITSPIW[IVIQEHI GSRWXVYGXIHMR8LMWWMQTP]WYTTSVXIHFVMHKILEWX[S
JVSQ GIRXVMJYKEPP] GEWX LMKLWXVIRKXL GSRGVIXI )EGL TSPI  Q  JX  IRH WTERW ERH X[S  Q  JX  MRXIVMSV
GSRXEMRIHWM\'*64XIRHSRWXLEX[IVITVIWXVIWWIHXS SJ WTERW[MXLJSYVTVIWXVIWWIHGSRGVIXIKMVHIVWWTEGIHQ
XLIMV YPXMQEXI XIRHSR WXVIWW 8LI GSRGVIXI LEH E QMRMQYQ  JX  GIRXIVMRIEGL WTER -R .ERYEV] ER SZIVLIMKLX
HE]GYFIWXVIRKXLSJSZIV14E OWM EQMRMQYQ ZILMGPI WXVYGO XLI MRRIV WTER SJ XLI FVMHKI WIZIVIP]
XIRWMPIWXVIRKXLSJ14E TWM ERHE=SYRKvWQSHYPYW HEQEKMRKERI\XIVREPKMVHIVFIX[IIRX[SHMETLVEKQW8LI
SJ14E OWM 8LITSPIW[IVIXIWXIHWYGGIWWJYPP] FSXXSQJPERKIERHXLI[IFSJXLIKMVHIV[IVIJVEGXYVIHMRXS
YRHIVXSVWMSREPERHFIRHMRKPSEHW WIZIVEPTMIGIW8LIHEQEKILS[IZIV[EWQEMRP]PMQMXIHXS
GSRGVIXI 8LI TVIWXVIWWMRK WXVERHW [IVI JSYRH XS LEZI
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 &IEQ ERH KMVHIV VITEMV{7EMRXI)QMPIHI XLIXSTJPERKIERHXLIVIWXSJXLIKMVHIV[IVIMRKSSHWLETI
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8LIJSYVKMVHIVFVMHKILEWEWTERSJQ JX  GSRGVIXIF]GSRZIRXMSREPQIXLSHWERHXLIR[VETTMRK[MXL
8LIZILMGPI[IMKLXWLEZIMRGVIEWIHWMKRMJMGERXP]WMRGIXLI '*64GSQTSWMXI[VET &VEHFIVV]ERH;EPPEGI 8LI
FVMHKI[EWGSRWXVYGXIH %REP]WMWWLS[IHXLEXXSWYWXEMR '*64 [VET [EW TVSZMHIH XS IRLERGI XLI MRXIKVMX] SJ XLI
*-&)66)-2*36')(430=1)66)-2*36')1)28*36'32'6)8)7869'896)7 6

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8LMW WMQTP] WYTTSVXIHFVMHKILEWX[S  Q JX TVIZIRXXLIHIPEQMREXMSRSJ'*64PEQMREXIW
WTERW8LITPERRIH[MHIRMRKSJXLIFVMHKIRIGIWWMXEXIHXLI  'SPYQR [VETTMRK{8LI 4SVXEKI 'VIIO &VMHKI
WXVIRKXLIRMRKSJXLIFVMHKI8LIX[SWTERWSJXLIFVMHKI[IVI *MK MR:MGXSVME&VMXMWL'SPYQFME'EREHE[EWFYMPX
WXVIRKXLIRIH[MXLX[SHMJJIVIRXX]TIWSJ'*64WXVIRKXLIRMRK FIJSVIGYVVIRXWIMWQMGHIWMKRGSHIWERHGSRWXVYGXMSRTVEGXMGIW
W]WXIQW &VEHFIVV]ERH;EPPEGI 8LIJMVWXWTER[EW ERH[SYPHRSXVIWMWXTSXIRXMEPIEVXLUYEOIJSVGIWEWVIUYMVIH
WXVIRKXLIRIH[MXLPSRKMXYHMREPP]SVMIRXIH'*64JEFVMGEWXLI F] XLI GYVVIRX WXERHEVHW %REP]WMW WLS[IH XLEX X[S WLSVX
TVMQEV] WXVIRKXLIRMRK VIMRJSVGIQIRX ERH XVERWZIVWI '*64 GSPYQRWGSYPHJEMP GEXEWXVSTLMGEPP]MRWLIEVHYVMRK EPEVKI
JEFVMG WXVETW EW XLI WIGSRHEV] VIMRJSVGIQIRX XS GSRXVSP IEVXLUYEOI8LIWIMWQMGYTKVEHIMRGPYHIHEVIXVSJMXWGLIQI
HIFSRHMRKSJXLIPSRKMXYHMREPVIMRJSVGIQIRX8LIWIGSRHWTER YWMRK *64 [VETW XS WXVIRKXLIR XLI WLSVX GSPYQRW ERH E
[EW WXVIRKXLIRIH [MXL PSRKMXYHMREPP] SVMIRXIH '*64 W]WXIQJSVWXVYGXYVEPLIEPXLQSRMXSVMRK -7-7'EREHE 
TYPXVYHIH PEQMREXIW EW XLI TVMQEV] WXVIRKXLIRMRK VIMRJSVGI 8LIWXVYGXYVEPW]WXIQSJXLI*EMWEP&EROvWRI[P]EGUYMVIH
QIRXERHXVERWZIVWI'*64JEFVMGWXVETWEWXLIWIGSRHEV] SJJMGIFYMPHMRKMRHS[RXS[R'EMVS)K]TX[EWEREP]^IHXS
VIMRJSVGIQIRX XS GSRXVSP XLI HIFSRHMRK SJ PSRKMXYHMREP EWGIVXEMRMXWEHIUYEG]JSVMXWMRXIRHIHYWIF]XLIFERO8LI
VIMRJSVGIQIRX *MK  PSEHGEVV]MRK GETEGMX] SJ  SJ MXW GSPYQRW LEH XS FI
2MRI X[SWXSV] WMRKPIFE] JVEQIW SJ E JMZIWXSV] FIEGL MRGVIEWIH F]   8LI GSPYQRW GMVGYPEV MR GVSWW WIGXMSR
VIWSVXMR)K]TX[IVIJSYRHXSFIWXVYGXYVEPP]HIJMGMIRX)EGL [MXLHMEQIXIVWZEV]MRKJVSQXSQQ XSMR 
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8LIJVEQIWPSWXFIX[IIRERH SJXLIMVJPI\YVEPVIMRJSVGI SJJMGIWTEGIMR'EMVSWXIIPSVGSRGVIXINEGOIXMRK[EWRSXER
QIRXERHFIX[IIRERH SJXLIMVWLIEVVIMRJSVGIQIRX STXMSR-REHHMXMSRPEVKIVGSPYQRWMRXLIFEWIQIRX [SYPH
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GSRGVIXIWYFWXVEXI8LIJPI\YVEPWXVIRKXLIRMRK[EWETTPMIHEW VIWYPXIHMRMRGVIEWIMRXLIWXMJJRIWWSJXLIGSPYQRW8LIXMQI
6 %'-'311-88))6)4368

MRGPYHMRK MXW WXVYGXYVEP FIRIJMXW ERH XIGLRMUYIW JSV


TVIWXVIWWMRK &EWPIV IX EP   VITSVXIH XLVII VIMRJSVGIH
GSRGVIXIFVMHKIWWXVIRKXLIRIH[MXLTVIWXVIWWIH'*64TPEXIW
MRGPYHMRK TEVXMGYPEV EXXIRXMSR SR ZEVMSYW ERGLSV W]WXIQW
8LIJMVWX2SVXL%QIVMGERWMXIETTPMGEXMSRYWMRKTVIWXVIWWIH
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TEWW2S;MRRMTIK1ERMXSFE'EREHE /MQIXEP 
8LI FVMHKI  Q PSRK ERH  Q [MHI  \  JX  [EW
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MRXIVREP TVIWXVIWWMRK WXVERHW 8LI MRWYJJMGMIRX JPI\YVEP
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8LIGEXLIHVEPGLYVGLSJ%VIUYMTEERI\EQTPISJSRISJ
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&EWPIV IX EP   ERH G  XLI 1EMR 7XVIIX &VMHKI WXVIRKXLIRIHTVSZMHMRKQQ MR [MHIGMVGYQJIVIRXMEP
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GSRWMHIVEXMSR;VETTMRKSJXLIGSPYQRW[EWHSRI[MXLSRI FVMGOTS[HIVXSFPIRH[MXLXLII\MWXMRKFVMGO[SVO
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WXMJJRIWW 1ELJSY^ ERH 6M^O   8LI GSPYQRW [IVI 7XE]MRTPEGI*64JSVQWXLEXEVIWXVYGXYVEPP]MRXIKVEXIHMR
WXVIRKXLIRIH IMXLIV F] GSRXMRYSYW SV HMWGSRXMRYSYW '*64 XLIW]WXIQLEZIFIIRYWIHMRERYQFIVSJETTPMGEXMSRWWYGL
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 2YGPIEV VIEGXSV GSRXEMRQIRX WXVYGXYVI{7IZIVI WYTTSVXW JSV TMIV HIGOW SZIV XLI PEWX  ]IEVW *64 JSVQW
HIXIVMSVEXMSR SJ XLI GSRGVIXI MR E GSRXEMRQIRX WXVYGXYVI TVSZMHI E WSPYXMSR JSV HIXIVMSVEXIH TMIVW ERH [EXIVJVSRX
SGGYVVIHHYIXSLEVWLIRZMVSRQIRXEPGSRHMXMSRW8LIHIXIVMS WXVYGXYVIW WYFNIGXIHXS XLILEVWLQEVMRI IRZMVSRQIRX8LI
VEXIH GSRGVIXI [EW VITEMVIH ERH XLI VMRK FIEQ SJ XLI TSTYPEXMSR KVS[XL SJ QEVMRI FSVIVW WXVMGX IRZMVSRQIRXEP
GSRXEMRQIRX WXVYGXYVI [EW WXVIRKXLIRIH *MK   8LI PE[WXLEXPMQMXXS\MGXVIEXQIRXWJSV[SSHERHTVSLMFMXMSRWSR
VITEMV WGLIQI MRZSPZIH XLI VIQSZEP ERH VITPEGIQIRX SJ XVEHMXMSREPQEMRXIRERGITVEGXMGIW PIEHFEWIHTVMQIVWWERH
HIXIVMSVEXIH GSRGVIXI ERH XLI ETTPMGEXMSR SJ SZIV  Q  FPEWXMRK ERH WSPZIRXFEWIH TEMRXW  LEZI VIWYPXIH MR LMKLIV
JX SJ+*64JEFVMG (IQIVWIXEP  QEMRXIRERGIERHVITPEGIQIRXGSWXWJSVXVEHMXMSREPQEXIVMEPW
 4VIWXVIWWIH*64TPEXIWSVWLIIXW{8LIETTPMGEXMSR 'SQTSWMXIQEXIVMEPWSJJIVFSXLPSRKXIVQERHPS[QEMRXI
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*-&)66)-2*36')(430=1)66)-2*36')1)28*36'32'6)8)7869'896)7 6

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*MK{,EVHGSVIQSRSTMPI
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XLIMV GEWI WXYHMIW SV JMIPH ETTPMGEXMSRW EVI WYQQEVM^IH -R GSQTSWMXITMPIW[MXLXSQQ XSMR HMEQIXIVW
EHHMXMSR E RSZIP FVMHKI KMVHIV ETTPMGEXMSR YWMRK WXE]MR [IVIYWIHEWZIVXMGEPERHFEXXIVTMPIWJSVJIRHIVETTPMGEXMSRWEW
TPEGIJSVQWMWEPWSHIWGVMFIH WLS[RMR*MK *EQIXEPH 8LITMPIW[IVIHIWMKRIH
1EVMRITMPIW]WXIQWERHETTPMGEXMSRW{2I['EWXPI [MXLEJEGXSVSJWEJIX]SJEXEHIWMKRGETEGMX]SJO2
4MIVMR(IPE[EVI[EWVIGSRWXVYGXIHYWMRKERHQQ  %W TEVX SJ E TMPSX WXYH] JSV XLI *PSVMHE (38 IQTX] SV
ERHMR HMEQIXIVLSPPS[*64GSQTSWMXIXYFIWHVMZIRSZIV GSRGVIXIJMPPIH*64XYFIW[MXLSV[MXLSYXJMIPHWTPMGIW[IVI
XLIVIQEMRWSJXLISVMKMREP[SSHTMPMRKMR8LILSPPS[ MRWXEPPIHMR1EVGLEWWLS[RMR*MK 1MVQMVER
XYFIW[IVIXLIRJMPPIH[MXLGSRGVIXIERHYWIHXSERGLSVXLI ERH7LELE[] *MIPHXIWXWWLS[IHGSQTSWMXITMPIWXSFI
RI[TVIWWYVIXVIEXIHXMQFIVHIGOEWWLS[RMR*MK E JIEWMFPI EPXIVREXMZI JSV FVMHKI WYFWXVYGXYVI 2S HEQEKI
%RSXLIV JMIPH ETTPMGEXMSR [EW E QSRSTMPI SJ GSQTSWMXI [EWSFWIVZIHEXXLIXSTSJXLIJMPPIHXYFIRSVMRXLIXYFI
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