7QEPP+VSYTERH

8IEQ'SQQYRMGEXMSR
*3968,)(-8-32

8LSQEW) ,EVVMW
9RMZIVWMX]SJ%PEFEQE

.SLR' 7LIVFPSQ
9RMZIVWMX]SJ1EMRI

&SWXSR d 2I[=SVO d 7ER*VERGMWGS

1I\MGS'MX] d 1SRXVIEP d 8SVSRXS d 0SRHSR d 1EHVMH d 1YRMGL d 4EVMW
,SRK/SRK d 7MRKETSVI d 8SO]S d 'ETI8S[R d 7]HRI]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
7IVMIW)HMXSV .IERRI>EPIWO]
4VSNIGX1EREKIV 0MWE7YWWQER
1EVOIXMRK1EREKIV 7Y^ER'^ENOS[WOM
4VSHYGXMSR)HMXSV 4EX8SVIPPM
)HMXSVMEP4VSHYGXMSR7IVZMGI 4MRI8VII'SQTSWMXMSR
'SQTSWMXMSR&Y]IV 0MRHE'S\
1ERYJEGXYVMRK&Y]IV .S%RRI7[IIRI]
)PIGXVSRMG'SQTSWMXMSR 4MRI8VII'SQTSWMXMSR
4LSXS6IWIEVGLIV %RRMI4MGOIVX
'SZIV%HQMRMWXVEXSV /VMWXMRE1SWI0MFSR

*SVVIPEXIHXMXPIWERHWYTTSVXQEXIVMEPWZMWMXSYVSRPMRIGEXEPSKEX[[[EFPSRKQERGSQ

'ST]VMKLX4IEVWSR)HYGEXMSR-RG

%PPVMKLXWVIWIVZIH2STEVXSJXLIQEXIVMEPTVSXIGXIHF]XLMWGST]VMKLXRSXMGIQE]FIVITVSHYGIHSVYXMPM^IHMRER]
JSVQSVF]ER]QIERWIPIGXVSRMGSVQIGLERMGEPMRGPYHMRKTLSXSGST]MRKVIGSVHMRKSVF]ER]MRJSVQEXMSR
WXSVEKIERHVIXVMIZEPW]WXIQ[MXLSYX[VMXXIRTIVQMWWMSRJVSQXLIGST]VMKLXS[RIV

8SSFXEMRTIVQMWWMSRW XSYWIQEXIVMEPJVSQXLMW[SVOTPIEWIWYFQMXE[VMXXIRVIUYIWXXS%PP]RERH&EGSR
4IVQMWWMSRW(ITEVXQIRX%VPMRKXSR7XVIIX&SWXSR1%SVJE\]SYVVIUYIWXXS

&IX[IIRXLIXMQI[IFWMXIMRJSVQEXMSRMWKEXLIVIHERHXLIRTYFPMWLIHMXMWRSXYRYWYEPJSVWSQIWMXIWXSLEZI
GPSWIH%PWSXLIXVERWGVMTXMSRSJ960WGERVIWYPXMRX]TSKVETLMGEPIVVSVW8LITYFPMWLIV[SYPHETTVIGMEXI
RSXMJMGEXMSR[LIVIXLIWIIVVSVWSGGYVWSXLEXXLI]QE]FIGSVVIGXIHMRWYFWIUYIRXIHMXMSRW

0MFVEV]SJ'SRKVIWW'EXEPSKMRKMR4YFPMGEXMSR(EXE
,EVVMW8LSQEW)
7QEPPKVSYTERHXIEQGSQQYRMGEXMSR8LSQEW),EVVMW.SLR'
7LIVFPSQhXLIH
TGQ
-RGPYHIWFMFPMSKVETLMGEPVIJIVIRGIWERHMRHI\
-7&2
-7&2
 8IEQWMRXLI[SVOTPEGI  'SQQYRMGEXMSRMRSVKERM^EXMSRW  7QEPPKVSYTW
- 7LIVFPSQ.SLR --8MXPI
,(,
hHG

1

4VMRXIHMRXLI9RMXIH7XEXIWSJ%QIVMGE
              

4LSXSGVIHMXWETTIEVSRTEKI[LMGLGSRWXMXYXIWERI\XIRWMSRSJXLIGST]VMKLXTEKI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'SRXIRXW

4VIJEGI \M

 7QEPP+VSYTW 4S[IV (IJMRMXMSR ERH%XXVEGXMSR 

8LI4S[IVSJ+VSYTW 
(IJMRMRK7QEPP+VSYT'SQQYRMGEXMSR 
8VERWEGXMSREP4VSGIWW  7]QFSPMG&ILEZMSV  7LEVIH1IERMRK 
;L];I.SMR+VSYTW 
-RXIVTIVWSREP%XXVEGXMSR  4IVWSREP2IIHJSV%JJMPMEXMSR 
'SQQMXQIRXXS+VSYT+SEPWERH%GXMZMXMIW  %WWMKRQIRXF]7SQISRI)PWI 
)XLMGWERH+VSYTW 
'LEVEGXIVMWXMGWSJ7QEPP+VSYTW 
-RXIVHITIRHIRGIERH-RXIVEGXMZMX]  )\TSRIRXMEP2YQFIVSJ-RXIVEGXMSRW 
7]RIVK] 
'LEVEGXIVMWXMGWSJ7QEPP+VSYT'SQQYRMGEXMSR 
'SQTPI\8VERWEGXMSRW  -RXIVEGXMZI'SQTPI\MXMIW 
8]TIWSJ7QEPP+VSYTW 
+VSYTWMR3VKERM^EXMSRW 
3VKERM^EXMSREP)\EQTPIW  1IIXMRKW 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
MZ 'SRXIRXW

 +VSYTWEW7]WXIQWSJ-RXIVEGXMSR 
9RHIVWXERHMRK7QEPP+VSYT7YGGIWW 
'SQQYRMGEXMSRMR7QEPP+VSYTW 
%7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 
7]WXIQW8LISV]  3TIR7]WXIQW  'SQTPI\7]WXIQW 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 2SVQW 6SPIW 'SLIWMZIRIWW ERH+VSYTXLMRO 

2SVQW 
8LI6IEWSRJSV2SVQW  8]TIWSJ2SVQW  2SVQWERH(MZIVWMX] 
:MSPEXMRK2SVQW 
6SPIW 
8]TIWSJ6SPIW  8LI*YRGXMSRSJ6SPIW 
'SLIWMZIRIWW 
-RJPYIRGIWSR'SLIWMZIRIWW  'SRWIUYIRGIWSJ'SLIWMZIRIWW 
+VSYTXLMRO 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 *SYV4LEWIWSJ+VSYT(IZIPSTQIRX *SVQMRK 7XSVQMRK

2SVQMRK ERH4IVJSVQMRK 
*SVQMRK ,IPPS 3VMIRXEXMSR ERH-RGPYWMSR 
7XSVQMRK 'SRJPMGXMR+VSYTW 
2SVQMRK )QIVKIRGIEWE+VSYT 
4IVJSVQMRK 1EOMRK(IGMWMSRWERH7SPZMRK4VSFPIQW 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'SRXIRXW Z

8IVQMREXMRK 
9WIJYPRIWWSJXLI4LEWI1SHIP 
1SHMJMGEXMSRW  3VKERM^EXMSREP8IEQW 
3ZIVVMHMRK-RJPYIRGIW 
*SVQEPSV-RJSVQEP+VSYT  8EWOERH7SGMEP(]REQMGW 
4VMQEV]ERH7IGSRHEV]8IRWMSRW 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 (MZIVWMX]MR+VSYTW 8LI7XVIRKXLSJ(MJJIVIRX
4IVWTIGXMZIW 
(IJMRMRK(MZIVWMX]ERH-XW4PEGIMR7QEPP+VSYTW 
%WWYQTXMSRWERH7XIVISX]TMRK 
'SQQYRMGEXMSR'SRXI\XW 
0ERKYEKI9WI  2SRZIVFEP'SQQYRMGEXMSR 
(MZIVWMX]MR7QEPP+VSYTWERH8IEQW 
+VSYT'SQQMXQIRXERH'SRWIRWYW  7XVIRKXLMR(MZIVWMX] 
1EOMRK(MZIVWI+VSYTW;SVO 
'SRJPMGX1EREKIQIRX  ,MIVEVGLMIWSJ4S[IV  4VIWWYVIWJSV'SRJSVQMX] 
)XLMGEP&ILEZMSV 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
ZM 'SRXIRXW

 :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR 
*YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR 
8EWO3VHIVMRK  4VSGIWW3VMIRXEXMSR  2EVVEXMZIWERH+VSYT*ERXEWMIW 
7XVYGXYVIWSJ1IERMRKMR:IVFEP'SQQYRMGEXMSR 
(IRSXEXMZIERH'SRRSXEXMZI1IERMRK  7IQERXMGW  +VSYT8EPO 
,YQSV 
2SRZIVFEP'SQQYRMGEXMSR 
4VMRGMTPIWSJ2SRZIVFEP'SQQYRMGEXMSR  8]TIWSJ2SRZIVFEP'SQQYRMGEXMSR 
4S[IVPIWW7XIVISX]TIW 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 0MWXIRMRKERH*IIHFEGO 8LI3XLIV,EPJ
SJ'SQQYRMGEXMSR 
1SXMZEXMSR 
8LI*SYV'SQTSRIRXWSJ0MWXIRMRK 
7IRWMRK,IEVMRKXLI1IWWEKI  -RXIVTVIXMRKXLI1IWWEKI 
)ZEPYEXMRKXLI1IWWEKI'SRXIRX 
1IQSV]6IXEMRMRKERH6IWTSRHMRKXSXLI1IWWEKI 
%GXMZI0MWXIRMRK 
&EVVMIVWXS%GXMZI0MWXIRMRK  %GXMZI0MWXIRMRK6IWTSRWI1IXLSHW 
*IIHFEGO 6IWTSRHMRKXSXLI1IWWEKI 
4VSZMHMRK'SRWXVYGXMZI*IIHFEGO  6IGIMZMRK*IIHFEGO 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 +VSYT)ZSPYXMSR 8IEQW 

3VKERM^EXMSRWERH8IEQW 
8IEQW 
4EVEPPIP8IEQW  7IPJ(MVIGXIH;SVO8IEQW 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'SRXIRXW ZMM

7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 
(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 
()'-()7XEKIWSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 
(IJMRIXLI+SEP9RHIVWXERHXLI4VSFPIQ  )\EQMRIXLI'SRWXVEMRXW 
'SRWMHIVXLI%PXIVREXMZIW  -RMXMEXIE(IGMWMSR  (IZIPSTE(IGMWMSR4PER 
)ZEPYEXIXLI6IWYPXWERH'SRWIUYIRGIW 
'SRXI\X-RJPYIRGIWSR(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK
+VSYTW 
+VSYT'SQTSWMXMSR  +VSYT4VSGIWW 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW 
;LEX-W'VIEXMZMX]# 
'VIEXMZMX]1IERWE2I[;E]SJ0SSOMRK 
&EVVMIVWXS'VIEXMZMX] 
4IVGITXYEP&EVVMIVW  'YPXYVEP&EVVMIVW  )QSXMSREP&EVVMIVW 
8IGLRMUYIWJSV)RGSYVEKMRK'VIEXMZMX] 
-HIE2IIHPIVW  1ERMTYPEXMZI:IVFW  %WWSGMEXMSRERH1IXETLSVW 
%REPSK] 
7SPZMRK4VSFPIQW'VIEXMZIP] 
%'VIEXMZI+VSYT'PMQEXI 
3TIRRIWW  7LEVMRK  +MFFtW'SQQYRMGEXMSR'PMQEXI'SQTEVMWSRW 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
ZMMM 'SRXIRXW

 +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW 
&VEMRWXSVQMRK 
'VIEXMZI(IGMWMSR1EOMRK8IGLRMUYIW 
*SGYW+VSYTW  2SQMREP+VSYT8IGLRMUYI  (IPTLM8IGLRMUYI 
7]RIGXMGW  &Y^^7IWWMSRW  -HIE;VMXMRK  6SPI4PE]MRK 
0MWXIRMRK8IEQW 
4VSFPIQ7SPZMRK8SSPW 
*PS[GLEVXW  *MWLFSRI(MEKVEQW  4EVIXS4VMRGMTPI 
8LI6-7/4VSGIHYVI 
4)684VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI  
,S[8LIWI8IGLRMUYIW%VI9WIH 
7QEPP+VSYT4VIWIRXEXMSREP*SVQEXW 
8LI*SVYQ  8LI4ERI  8LI'SPPSUYMYQ  8LI7]QTSWMYQ 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 4VSHYGXMZI'SRJPMGX1EREKIQIRX 
(IJMRMRK'SRJPMGX[MXLMRE'SQQYRMGEXMSR'SRXI\X 
'SRJPMGX[MXLMR7]WXIQW  'SRJPMGX[MXLMR7QEPP+VSYTW 
8LI7YFWXERGISJ'SRJPMGX 
4EXXIVRWSJ'SRJPMGX1EREKIQIRX 
'SPPEFSVEXMSRERH'SRWIRWYW  2IKSXMEXMSR  %GGSQQSHEXMSR 
'SQTVSQMWI  'SQTIXMXMSR  %ZSMHERGI 
4S[IVMR+VSYT'SRJPMGX 
)\TIVX4S[IV  -RXIVTIVWSREP0MROEKI4S[IV 
6I[EVHERH4YRMWLQIRX4S[IV  4SWMXMSREP0IKMXMQEXI 4S[IV 
6IJIVIRX4S[IV  'LEVMWQEXMGSV4IVWSREP 4S[IV  %ZSMHERGI4S[IV 
4S[IVMR'SRXI\X 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'SRXIRXW M\

 0IEHIVWLMTMR7QEPP+VSYTW 
6IGSKRM^MRK0IEHIVW 
0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ 
8LISVMIWSJ0IEHIVWLMT 
1EREKIVMEP0IEHIVWLMT+VMH8LISV]  8VERWEGXMSREPERH8VERWJSVQEXMSREP8LISVMIW 
0IEHIVWLMTF]%HETXEXMSR  0IEHIVPIWW+VSYTW 
8LVII'LEVEGXIVMWXMGWSJ0IEHIVW 
:MWMSR  'VIHMFMPMX]  'SQQYRMGEXMSR'SQTIXIRGI 
'LSSWMRKE0IEHIV 
%TTSMRXIH0IEHIVW  )PIGXIH0IEHIVW  )QIVKIRX0IEHIVW 
7LEVIH*EGMPMXEXMZI 0IEHIVWLMT 
8EWOWSJ+VSYT0IEHIVW 
*EGMPMXEXMRK1IIXMRKW  )QTS[IVMRK+VSYT1IQFIVW  1EREKMRK'SRJPMGX 
-RJPYIRGIWSR+VSYT0IEHIVWLMT 
)\XIVREP'SRXI\X  2EXYVISJ 8EWO  -RXIVHITIRHIRGISJ+VSYT1IQFIVW 
0IEHIVWLMT7X]PIW 
0IEHIVEW8IGLRMGMER  0IEHIVEW'SRHYGXSV  0IEHIVEW'SEGL 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

 3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT 
7]WXIQEXMG*IIHFEGO 
7YGGIWWERH*EMPYVI 
3FWIVZIVi1IQFIVW7GEPIW 
6EXMRK7GEPIW  4SWXQIIXMRK6IEGXMSR*SVQW 
3FWIVZIV*IIHFEGO+YMHIPMRIW 
-RHMZMHYEP6SPI&ILEZMSV 
:IVFEP-RXIVEGXMSRERH'SRXIRX%REP]WIW 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
\ 'SRXIRXW

 'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR 
9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR 
8LI-QTSVXERGISJ9RHIVWXERHMRK-RJPYIRXMEP9RHIVGYVVIRXW 
'SQTYXIV1IHMEXIH'SQQYRMGEXMSR'1' 
4IVJSVQERGI3YXGSQIWSJ'1'+VSYTW  )PIGXVSRMG1IIXMRK7]WXIQW 
-RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 
7SGMEP4VIWIRGI  7SQI)JJIGXWSJ'1'9RHIVGYVVIRXWSR+VSYT4VSGIWWIW 
'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1' 
'LSSWMRKE1IHMYQJSVXLI'SQQYRMGEXMSR8EWO 
*MRHMRKE0ERKYEKI(IQERHi8IGLRSPSK]*MX 
1EXGLMRK1IHME6MGLRIWWXSXLI'SQQYRMGEXMSR*YRGXMSR 
%HSTXMRK)JJIGXMZI+VSYT'SQQYRMGEXMSR7XVEXIKMIWJSV'1' 
*EGMPMXEXMRK)JJIGXMZI'1'+VSYT'SQQYRMGEXMSR 
0IEHMRKE'1'+VSYT1IIXMRK 
7YQQEV] 
(MWGYWWMSR5YIWXMSRW 
)\IVGMWIW 
6IJIVIRGIW 

%TTIRHM\ +EXLIVMRK 3VKERM^MRK 4VSGIWWMRK ERH4VIWIRXMRK

-RJSVQEXMSREWE8IEQ 
- 'LSSWIE8STMG 
-- +EXLIV-RJSVQEXMSR 
--- 4VSGIWWXLI-RJSVQEXMSR 
-: 3VKERM^IXLI-RJSVQEXMSRJSV4VIWIRXEXMSR 
: 4VEGXMGI 

-RHI\ 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4VIJEGI

;ILEZI[SVOIHXSKVSYRHXLMWXI\XMRXLIWGLSPEVP]VIWIEVGLSJGSQQYRMGEXMSR[LMPI
MRXIKVEXMRK VIEP[SVPH I\EQTPIW ERH L]TSXLIXMGEP WMXYEXMSRW MRXS XLI HMWGYWWMSR SJ IEGL
GLETXIVtWXSTMGXSQEOIXLIQVIEHEFPIMRXIVIWXMRKERHVIPIZERX8LIFSSOYWIWXLIW]WXIQW
TIVWTIGXMZIEWEFEWMGSVMIRXEXMSRXSHIWGVMFIWQEPPKVSYTGSQQYRMGEXMSREWSTIRERHGSQ
TPI\W]WXIQW-REHHMXMSR[ITVIWIRXWIZIVEPTIVWTIGXMZIWJSVYRHIVWXERHMRKKVSYTGSQQY
RMGEXMSR[MXLMREW]WXIQWJVEQI[SVOJSGYWMRKSRIXLMGWHMZIVWMX]GVIEXMZMX]ERHXIEQW
)XLMGWMWETTPMIHERHHMWGYWWIHXLVSYKLSYXXLIXI\X)XLMGWMWXVIEXIHMR'LETXIVEW
XLI IXLMGW SJ KVSYT HMWGYWWMSR FILEZMSV MR 'LETXIV  EW [SVOMRK MR HMZIVWI KVSYTW MR
'LETXIV MRTVSJIWWMSREPKVSYTWMR'LETXIV JSVHIGMWMSRQEOMRKERHTVSFPIQWSPZMRKMR
'LETXIV JSVTVSHYGXMZIGSRJPMGXQEREKIQIRXERHMR'LETXIV JSVIZEPYEXMRKKVSYT
FILEZMSVWERHHIGMWMSRW8LMWETTVSEGLMRGSVTSVEXIWIXLMGWXLVSYKLSYXXLIXI\XERHXMIWMXXS
XLIQYPXMTPIEWTIGXWSJWQEPPKVSYTGSQQYRMGEXMSR
(MZIVWMX]MWXLIJSGYWSJ'LETXIVERHMWMRXIKVEXIHMRXSXSTMGWXLVSYKLSYXXLIFSSO
GSRRIGXMRKHMZIVWMX]XSGSQQYRMGEXMSRMRWQEPPKVSYTWERHTVIWIRXMRKEJYRGXMSREPQSHIP
XLEXJSGYWIWSRLS[HMZIVWMX]GERWXVIRKXLIREKVSYTERHMXWEFMPMX]XSTIVJSVQXEWOW
'VIEXMZMX]MWGSRRIGXIHXSXLIZEPYISJKVSYTWERHXIEQWERHWTIGMJMGETTVSEGLIWERH
TVSFPIQWSPZMRKXSSPWEVITVIWIRXIHXSIRLERGIMRHMZMHYEPERHXIEQWOMPPW8LIWMKRMJMGERX
GLERKIW MQTEGXMRK KVSYTW YRHIVWGSVIW XLI ZEPYI JSV KVSYT TVSFPIQ WSPZMRK MR LEZMRK
EGGIWWXSRYQIVSYWHIGMWMSRQEOMRKERHTVSFPIQWSPZMRKXSSPW[LMGLEVITVSZMHIHMRWIZ
IVEPGLETXIVW'LETXIVVIPEXIWKVSYTGSQQYRMGEXMSRXSXLIFYWMRIWW[SVPHWLS[MRKXLI
MQTSVXERGISJKVSYTWERHXIEQWFI]SRHXLIGPEWWVSSQXLVSYKLXLIYWISJQYPXMTPII\EQ
TPIWHIXEMPMRKKVSYTERHXIEQEGXMZMXMIW8LMWIHMXMSRLEWFIIRYTHEXIHXSVIJPIGXXLISR
KSMRKGLERKIWMRXLIWXGIRXYV]

7TIGMEP*IEXYVIW
)EGLGLETXIVFIKMRW[MXLEWLSVXUYSXEXMSRSVZMKRIXXIERHIRHW[MXLHMWGYWWMSRI\IVGMWIW
8LI UYSXEXMSRW ERH ZMKRIXXIW MRXVSHYGI XLI GLETXIV XSTMGW MR XLSYKLXTVSZSOMRK [E]W XS
IRKEKI XLI VIEHIV ERH WXMQYPEXI E PMZIP] GPEWWVSSQ HMWGYWWMSR;LIXLIVMX TSWIW 7XI[EVX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
\MM 4VIJEGI

&VERHtWUYIWXMSRXS+VIKSV]&EXIWSREFSYXXLIGSPSVSJEGLEQIPISRSREQMVVSVXSMRXVSHYGI
XLIGSRGITXSJW]WXIQWSJMRXIVEGXMSR'LETXIV %FFSXXERH'SWXIPPStWq;LStWSR*MVWX#r
VSYXMRIXSMRXVSHYGIPMWXIRMRK'LETXIV SV8LSVIEYtWJEQSYWXIPPMRKSJXLIERXWt FEXXPIMR
;EPHIR XSMRXVSHYGIGSRJPMGXQEREKIQIRX'LETXIV XLIZMKRIXXIWUYSXEXMSRWERHSXLIV
I\EQTPIWMRXVSHYGIXLIGLETXIVWt GSRGITXWERHTVSZMHIIRXV]TSMRXWJSVHMWGYWWMSR%XXLI
IRHSJIEGLGLETXIVI\IVGMWIWWYGLEWqXLIRI[XVYGOrI\IVGMWIXLEX[SVOW[MXLKVSYTRSVQW
ERHVSPIW'LETXIV XLIqHMZIVWMX]ERHPMZMRKXSKIXLIVrI\IVGMWIXLEXI\EQMRIWHMZIVWMX]SJ
PMZMRKLEFMXW'LETXIV ERHXLIqXSGEXGLEWT]rI\IVGMWIXLEXPSSOWEXZIVFEPERHRSRZIVFEP
GSQQYRMGEXMSR'LETXIV EVIHIWMKRIHXSQSZIFI]SRHXLIVIEHMRKMRERIRNS]EFPIERH
IRKEKMRK[E]MRXSERETTPMGEXMSRERHI\TIVMIRGISJXLIGSRGITXWTVIWIRXIH

'LETXIV3ZIVZMI[
'LETXIVWXEVXW[MXL8LI6SPPMRK7XSRIWt iQMPPMSR:SSHSSPSYRKIXSYVXS
MRXVSHYGIXLIGSRGITXWSJXLITS[IVSJKVSYTWhW]QFSPMGFILEZMSVWLEVIHQIERMRKMRXIV
TIVWSREP EXXVEGXMSR EXXMXYHI WMQMPEVMX] RIIH GSQTPIQIRXEVMX] RIIH JSV EJJMPMEXMSR ERH
GSQQMXQIRXXSKVSYTKSEPWERHEGXMZMXMIW8LIGLETXIVPSSOWEXXLIJSYRHMRKSJXLI7SR]
'SVTSVEXMSR ERH SJ ,I[PIXX4EGOEVH 'SVTSVEXMSR ERH IRHW [MXL I\IVGMWIW MRGPYHMRK ER
I\EQTPISJXLIMRZIRXMSRSJXLIPMKLXFYPFXSWXMQYPEXIEHMWGYWWMSRSJ[LEXGSRWXMXYXIWE
KVSYTERHLS[QER]TISTPItW[SVOKSIWMRXSEWMRKPIMRZIRXMSRSVGVIEXMSR
'LETXIV FIKMRW[MXL7XI[EVX&VERHtWTSWMRKSJEVMHHPIXS+VIKSV]&EXIWSREFSYX
XLIGSPSVSJEGLEQIPISRTPEGIHSREQMVVSV-XYWIWXLMWI\EQTPIXSMRXVSHYGIXLIGSRGITXW
SJW]WXIQWSJMRXIVEGXMSRSJKIRIVEPW]WXIQWXLISV]tWGSRGITXMSRWSJSTIRW]WXIQW[LSPI
RIWWW]RIVK]STIRRIWWXVERWJSVQEXMSRMRXIVHITIRHIRGIJIIHFEGOIRXVST]IUYMJMREPMX]
ERHGSQTPI\W]WXIQWXLISV]UYERXYQGLERKIHSYFPIPSSTPIEVRMRKWIRWMXMZMX]XSMRMXMEP
GSRHMXMSRWWXVERKIEXXVEGXSVWTLEWIWTEGIFMJYVGEXMSRTSMRXWMVVIZIVWMFMPMX] 8LIGLETXIV
IRHW [MXL I\IVGMWIW ERH E HMWGYWWMSR SJ XLI W]WXIQW TVMRGMTPIW MRZSPZIH MR XVEMRMRK IPI
TLERXWEXXLI7ER(MIKS>SS
'LETXIV  MRXVSHYGIW XLI GSRGITXW SJ KVSYT RSVQW VSPIW GSLIWMZIRIWW ERH
KVSYTXLMROXLVSYKLERI\EQTPISJEWYVKMGEPRYVWI[SVOMRKMRELSWTMXEP-XIRHW[MXL
I\IVGMWIWERHEVSPITPE]MR[LMGLTEVXMGMTERXWGSPPIGXMZIP]HIGMHI[LSKIXWERI[GSQ
TER]XVYGO
'LETXIV MRXVSHYGIWXLIGSQQSRTLEWIWJSVQMRKWXSVQMRKRSVQMRKTIVJSVQMRK
ERHJMREPP]XIVQMREXMRK XLEXKVSYTWX]TMGEPP]KSXLVSYKL[MXLERI\EQTPISJERMRXIVRE
XMSREP GSRWYPXMRK XIEQ ERH XLIMVEGGSQTPMWLQIRXSJ E TVSNIGX MR7SYXL%QIVMGE-XGSR
GPYHIW[MXLI\IVGMWIWMRGPYHMRKSRIMR[LMGLKVSYTWJSVQEWQEPPGSRWYPXMRKJMVQXLEXQYWX
HIJMRIMXWIPJERHMXWZMWMSRXLVSYKLXLIHIZIPSTQIRXSJEREQIPSKSERHWPSKERXLEXEPP
[SVOXSKIXLIVERHTVSNIGXEGSLIVIRXMQEKI
'LETXIV HIEPW[MXLHMZIVWMX]MRKVSYTWERHFIKMRW[MXLEUYSXEXMSRJVSQ*MRMXIERH
-RJMRMXI+EQIW SRXLIVIPEXMSRWLMTSJXLIMRHMZMHYEPXSXLIGSQQYRMX]-XIRHW[MXLEUYIV]
ERHHMWGYWWMSRSJGSQQSRIZIV]HE]PMZMRKHIGMWMSRWXLEXTISTPIQEOIERHERMRUYMV]MRXS
XLIVIEWSRWFILMRHXLSWIHIGMWMSRWXSWLS[XLEXHMZIVWMX]SJTIVWTIGXMZIMWQSVIXLERNYWX
XLMROMRKHMJJIVIRXP]-XMWFEWIHMRXLIHMJJIVIRXI\TIVMIRGIWMRPMJI7IZIVEPI\IVGMWIWEPPS[
XLIVIEHIVXSETTP]XLIGSRGITXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4VIJEGI \MMM

'LETXIV WXEVXW[MXLENSOIERHMRZIWXMKEXIWXLIZIVFEPERHRSRZIVFEPEWTIGXWSJGSQ
QYRMGEXMSR;LEXQEOIWXLMRKWJYRR]#;LEXKMZIWQIERMRKXSGSQQYRMGEXMSRERHXSMXW
MRXIVTVIXEXMSR#-XIRHW[MXLKVSYTI\IVGMWIWMRGPYHMRKqXSGEXGLEWT]rMR[LMGLTEVXMGMTERXW
QEOINYHKQIRXWEFSYXSXLIVWFEWIHSRXLIMVZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRMRE[E]
XLEXEPPGERWIIXLIEGGYVEG]ERHMREGGYVEG]SJXLSWITVIHMGXMSRWEW[IPPEWXLIEWTIGXWSJ
XLEXGSQQYRMGEXMSRXLEXEVIMRXIVTVIXIHMRE[E]XLEXPIEHWXSXLSWITVIHMGXMSRW
'LETXIV MRXVSHYGIW PMWXIRMRK ERH JIIHFEGO [MXL XLI%FFSXX ERH 'SWXIPPS VSYXMRI
q;LStWSR*MVWX#rXLIRQSZIWSRXSXSTMGWSJEGXMZIPMWXIRMRKXLIFEVVMIVWXSEGXMZIPMWXIR
MRKERH[E]WSJTVSZMHMRKGSRWXVYGXMZIJIIHFEGO-XIRHW[MXLWIZIVEPI\IVGMWIWMRGPYHMRKE
qRSRHIFEXIrI\IVGMWIMR[LMGLTEVXMGMTERXWGLSSWISRIWMHISJERMWWYIERHHIZIPSTXLIMV
EVKYQIRXFYXXLIRQYWXPMWXIRGEVIJYPP]ERHTEVETLVEWIXLISXLIVWMHISJXLEXMWWYI
'LETXIV HIWGVMFIWXLIIZSPYXMSRSJKVSYTWMRXSXIEQW-XFIKMRW[MXLXLIGSRGITXSJ
q(VIEQ8IEQWr ERH 3P]QTMG XIEQ I\EQTPIW8LMW GLETXIV HIWGVMFIW XLI MQTSVXERGI SJ
XIEQWXLIMVUYEPMXMIWXLIPMQMXEXMSRWXSUYEPMX]GMVGPIWERHXLIHIZIPSTQIRXSJWIPJQEREK
MRK[SVOXIEQW-XIRHW[MXLI\IVGMWIWSRKVSYTIZSPYXMSR
'LETXIV FIKMRW[MXLEWMQTPIHIGMWMSRXSHVMROEGYTSJ*VIRGLZERMPPEGSJJII[MXLE
JP]MRMXERHQSZIWXLVSYKLXLIWXEKIWSJHIGMWMSRQEOMRKERHTVSFPIQWSPZMRKI\EQMRMRK
FVEMRWXSVQMRK KVSYT TVSGIWW ERH GSRGYVVIRGI WIIOMRK -X IRHW [MXL WIZIVEP I\IVGMWIW
HIWMKRIHXS[SVOXLVSYKLXLIGVMXMGEPERHGVIEXMZIWXEKIWSJHIGMWMSRQEOMRK
'LETXIV MRZIWXMKEXIW GVIEXMZMX] FIKMRRMRK [MXL ER MRXIVIWXMRK WXSV] JVSQ 0I[MW
8LSQEWtW0MZIWSJE'IPP EFSYXEQIXLSHMGEPFYXRSRGVIEXMZI[EWT-XHIJMRIWGVIEXMZMX]ERH
MXWMQTSVXERGIMR WQEPPKVSYT HMWGYWWMSR HIGMWMSR QEOMRK ERH TVSFPIQ WSPZMRK-XHMW
GYWWIW XLI FEVVMIVW ERH JEGMPMXEXSVW SJ GVIEXMZI TVSGIWWIW ERH IRHW [MXL ER I\IVGMWI
HIWMKRIHXSI\TPSVI[E]WMR[LMGLKVSYTWGERHIZIPSTXLIMVGVIEXMZIMRXIVEGXMSRW)\IVGMWIW
ETTP]MRKXLIWIGSRGITXWGSRGPYHIXLIGLETXIV
'LETXIV  MRXVSHYGIW KVSYT TVSGIWW ERH TVIWIRXEXMSREP XIGLRMUYIW 7XEVXMRK [MXL
6SH7IVPMRKtWWXSV]EFSYXXLIWIPPMRKSJE7LIVQERXEROMXQSZIWXLVSYKLFVEMRWXSVQMRK
GVIEXMZIHIGMWMSRQEOMRKXIGLRMUYIWJSGYWKVSYTWRSQMREPKVSYTXIGLRMUYIHIPTLMXIGL
RMUYIW]RIGXMGWFY^^WIWWMSRWMHIE[VMXMRKERHPMWXIRMRKXIEQW TVSFPIQWSPZMRKXSSPW
JPS[GLEVXWJMWLFSRIHMEKVEQW4EVIXStWTVMRGMTPI VMWOERHTIVJSVQERGIIZEPYEXMSRXIGL
RMUYIW6-7/4)68 ERHWQEPPKVSYTTVIWIRXEXMSRJSVQEXWJSVYQTERIPGSPPSUYMYQ
W]QTSWMYQ )\IVGMWIWEXXLIIRHMRZSPZITVEGXMGMRKXLIWIXIGLRMUYIW
'LETXIV QSZIWJVSQEHIWXVYGXMZIERX[EVXSGSRWXVYGXMZIGSRJPMGXQEREKIQIRX
EQSRKLYQERW-XHIEPW[MXLTVSHYGXMZIGSRJPMGXQEREKIQIRX[MXLMRW]WXIQWSJMRXIVEG
XMSRTEXXIVRWSJIJJIGXMZIGSRJPMGXVIWSPYXMSRERHTS[IV[MXLMRXLEXGSRXI\X-XIRHW[MXLE
QIHMEXMSRI\IVGMWIHIWMKRIHXSLMKLPMKLXERHMPPYWXVEXIXLIETTPMGEXMSRSJXLIWIGSRGITXW
%HHMXMSREPI\IVGMWIWEVITVIWIRXIH
'LETXIV MRXVSHYGIWPIEHIVWLMTEWZMWMSRGVIHMFMPMX]ERHGSQTIXIRGITVSZMHIWE
FVMIJLMWXSV]SJPIEHIVWLMTXLISVMIWXLIGLEVEGXIVMWXMGWXEWOWMRJPYIRGIWERHTVSFPIQWSJ
PIEHIVWLMTERHIRHW[MXLERI\IVGMWISJXEOMRKSRPIEHIVWLMTVSPIW)\IVGMWIWEVISJJIVIHEX
XLIIRH
'LETXIV YWIW1EVGLtWUYMTEFSYXE977IREXSVTVSTSWMRKXSIRHXLI:MIXREQ;EV
F]LEZMRKXLIEVQ]qHIGPEVIEZMGXSV]ERHGSQILSQIrXSMRXVSHYGIXLIRIIHJSVSFWIVZMRK
ERH IZEPYEXMRK WQEPP KVSYT GSQQYRMGEXMSR ERH TVSGIWW -X IRHW [MXL WEQTPI IZEPYEXMSR
JSVQWERHERI\IVGMWIJSVYWMRKXLIQ

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
\MZ 4VIJEGI

'LETXIV GSRRIGXWXLIWQEPPKVSYTTVSGIWW[MXLGSQTYXIVQIHMEXIHKVSYTGSQQY
RMGEXMSR'1' -XI\TPEMRWXLIOI]'1'YWIWERHXLIFIRIJMXWERHPMQMXEXMSRW8LIGLETXIV
IRHW[MXLI\IVGMWIWXLEXEWWMWXMRYRHIVWXERHMRK'1'
)EGLGLETXIVMRXLMWFSSOMWHIWMKRIHXSJSGYWSRSRIEWTIGXSJGSQQYRMGEXMSRMR
WQEPPKVSYTWMRE[E]XLEXFYMPHWSRERHMWMRXIKVEXIH[MXLXLISXLIVGLETXIVW
;IGSYPHRSXLEZITVSHYGIHXLITVIWIRXFSSOEPSRIERH[ItHPMOIXSXLEROXLITISTPI
[LSLEZIQEHIMXTSWWMFPI;IXLEROSYVWTSYWIW7LIPME,EVVMWERH0M^7LIVFPSQ[LS
LEZITVSZMHIHWSGMEPERHIQSXMSREPWYTTSVXPMWXIRMRKIEVWERH[LSLIPTIH[MXLMQTSVXERX
HIGMWMSRQEOMRK WYKKIWXMSRW XLVSYKLSYX XLI TVSGIWW 8LI] [IVI IRKEKIH MR WIIQMRKP]
IRHPIWWVIEHMRKERHIHMXMRKERHXLI]IZIRGSRXVMFYXIHXSTEVXWSJXLIFSSO%RH[IXLERO
XLIVIZMI[IVW.ERIX;'SPZMR9XEL:EPPI]7XEXI'SPPIKIERH%RKIPE4VIPMT1IVGIH'SP
PIKI%PPQEHILIPTJYPGSQQIRXWERHWYKKIWXMSRWJSVXLIHMVIGXMSRERHHIZIPSTQIRXSJXLI
JSYVXLIHMXMSRSJXLMWFSSO3YVKSEPLEWFIIRXS[VMXIERMRXIVIWXMRKERHMRJSVQEXMZIEW
[IPPEWMRWXVYGXMSREP FSSOXLEXMWJYRXSYWI[MXLWQEPPKVSYTW;ILSTIXLEX]SYIRNS]MX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
7QEPP+VSYTW 4S[IV
(IJMRMXMSR ERH%XXVEGXMSR

',%48)63980-2)

8LI4S[IVSJ+VSYTW 'LEVEGXIVMWXMGWSJ7QEPP+VSYT'SQQYRMGEXMSR
(IJMRMRK7QEPP+VSYT'SQQYRMGEXMSR 'SQTPI\8VERWEGXMSRW
8VERWEGXMSREP4VSGIWW -RXIVEGXMZI'SQTPI\MXMIW
7]QFSPMG&ILEZMSV 8]TIWSJ7QEPP+VSYTW
7LEVIH1IERMRK +VSYTWMR3VKERM^EXMSRW
;L];I.SMR+VSYTW 3VKERM^EXMSREP)\EQTPIW
-RXIVTIVWSREP%XXVEGXMSR 1IIXMRKW
4IVWSREP2IIHJSV%JJMPMEXMSR 7YQQEV]
'SQQMXQIRXXS+VSYT+SEPWERH%GXMZMXMIW
(MWGYWWMSR5YIWXMSRW
%WWMKRQIRXF]7SQISRI)PWI
)\IVGMWIW
)XLMGWERH+VSYTW
6IJIVIRGIW
'LEVEGXIVMWXMGWSJ7QEPP+VSYTW
-RXIVHITIRHIRGIERH-RXIVEGXMZMX]
)\TSRIRXMEP2YQFIVSJ-RXIVEGXMSRW
7]RIVK]

',%48)63&.)'8-:)7

9RHIVWXERHXLITS[IVSJKVSYTW
9RHIVWXERHXLIVIEWSRWJSVNSMRMRKKVSYTW
)\TPEMRXLIFEWMWJSVMRXIVTIVWSREPEXXVEGXMSR
3YXPMRIXLIIWWIRXMEPGLEVEGXIVMWXMGWSJWQEPPKVSYTW
)\TPEMRW]RIVK]
1ETXLIWQEPPKVSYTGSQQYRMGEXMSRTVSGIWW
-RXVSHYGIXLIX]TIWSJKVSYTW
(IQSRWXVEXIXLIVSPISJWQEPPKVSYTWMRSVKERM^EXMSRW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

/ )=8 )6 17

%XXMXYHIWMQMPEVMX] 1IHMEXIHGSQQYRMGEXMSR 7QEPPKVSYT

'SQQYRMGEXMSR KVSYTW 7QEPPKVSYTGSQQYRMGEXMSR
'SQTPI\GSQQYRMGEXMSR 1IIXMRKW 7SGMEPERHGEWYEPKVSYTW
GLEVEGXIVMWXMGW 2IIHGSQTPIQIRXEVMX] 7YFWXERGITEXXIVRERHTVSGIWW
'SRJIVIRGIKVSYTW 3VKERM^EXMSREPKVSYTW 7]QFSPMGFILEZMSV
(IGMWMSRQEOMRKKVSYTW 4L]WMGEPTVS\MQMX] 7]RIVK]
)HYGEXMSREPSVPIEVRMRKKVSYTW 4VMQEV]KVSYTW 8LIVETIYXMGKVSYTW
)XLMGW 4VSFPIQWSPZMRKKVSYTW 8VERWEGXMSREPTVSGIWW
)\TSRIRXMEPMRXIVEGXMSRW 7IPJQEREKMRK[SVOKVSYTW ;SVOKVSYTW
-RXIVEGXMZMX] 7LEVIHQIERMRK
-RXIVHITIRHIRGI 7MQYPXERISYWWIRHMRKERH
-RXIVTIVWSREPEXXVEGXMSR VIGIMZMRK

8 LIi:SSHSS0SYRKINYKKIVREYXMWWXMPPXLIXSTKVSWWMRKQMPPMSR
ERHFIWXEXXIRHIH[MXLQMPPMSRXMGOIXWWSPH XSYVMRFERHXSYVMRKLMWXSV]
+YRHIVWSRT( 8LI6SPPMRK7XSRIWLEHFVSOIRYTMRXLIWFYX1MGO
.EKKIVERH/IMXL6MGLEVHWUYMGOP]HMWGSZIVIHXLEXXLI]RIIHIHXLIKVSYTW]RIVK]XS
TVSHYGIXLIMVFIWXWIPPMRKVIGSVHMRKW2S[EWEKVSYTXLI]QEOIQSVIQSRI]XLER
ER]SJXLIQGSYPHI\TIGXXSQEOISRXLIMVS[R(EZMW  7MRGIXLIKVSYT
LEWKVSWWIHFMPPMSRMRXIVREXMSREPP]+YRHIVWSR 1MGLEIP47XSRISR
XLISXLIVLERHIEVRIHERLSYVEWEQIQFIVSJEWIPJQEREKIH[SVOXIEQMRER
IPIGXVSRMGWGSQTER]YRXMPLI[EWJMVIHFIGEYWILMWXIEQHIGMHIHXLEXLIHIXVEGXIH
JVSQXLIMVTVSHYGXMZMX]ERHXLI]GSYPHTIVJSVQFIXXIV[MXLSYXLMQ2SXQER]SJYW
[MPPIZIVLEZIXLISTTSVXYRMX]XSIEVRQMPPMSREWTEVXSJEVSGOKVSYTFYXQSWX
SJYWLEZIXS[SVOIJJIGXMZIP]MRKVSYTWXSHSSVHMREV]PIWWKPEQSVSYWERHPIWW
TVSJMXEFPINSFWMRXSHE]tW[SVO[SVPH

+VSYT [SVO GER FI I\GMXMRK IKSIRLERGMRK ERH GVIEXMZI -X GER EPWS FI FSVMRK
HIQIERMRK ERH I\XVIQIP] JVYWXVEXMRK 8LI OI] XS WYGGIWWJYP WEXMWJ]MRK KVSYTW MW
IJJIGXMZIGSQQYRMGEXMSR8LMWFSSOMWEFSYXHIZIPSTMRKGSQQYRMGEXMSRWXVEXIKMIWXLEX
LIPTQEOIKVSYT[SVOQSVIWEXMWJ]MRKIJJIGXMZIERHWYGGIWWJYPhWXVEXIKMIWXLEXLIPT
TVSHYGIKVSYTWXLEXEVIJYRXS[SVOMRERHXLEXKIRIVEXIYWIJYPWSQIXMQIWIZIRSYX
WXERHMRKVIWYPXW
8LI MRJSVQEXMSR ]SY [MPP PIEVR [MPP ETTP] IUYEPP] [IPP XS XIEQW [LMGL LEZI
FIGSQIEGSVRIVWXSRIJSVQER]SVKERM^EXMSRWq%X1MRVIXIO7]WXIQWE*EPPW'LYVGL
:%RSRTVSJMXSVKERM^EXMSRXLEXGSRHYGXWWGMIRXMJMGVIWIEVGLMRWYGL[IMKLX]EVIEWEW
GSYRXIVXIVVSVMWQGVMQMREPNYWXMGIERHXLIIRZMVSRQIRXXETTMRKXLIGSPPIGXMZIMRWMKLXW
SJ IQTPS]IIW XLVSYKL IJJIGXMZI XIEQ[SVO MW E OI] TEVX SJ XLI FYWMRIWWr 4SQIVS]
T 9WMRKHMZIVWIKVSYTWXSQEOIHIGMWMSRW[MWIP]XEOIWEHZERXEKISJXLI
MQTSVXERGI SJ HMJJIVIRX STMRMSRW TIVWTIGXMZIW ERH MRWMKLXW%PXLSYKL [I EVI QSVI
PMOIP]XSFIIQSXMSREPP]GSQJSVXEFPI[MXLELSQSKIRSYWSVWMQMPEVKVSYTSVXIEQE

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8LI4S[IVSJ+VSYTW 

LIXIVSKIRISYWSVHMZIVWI KVSYT SV XIEQMQTVSZIWTIVJSVQERGI MRXIVQW SJHIGMWMSR

UYEPMX].EGOWSR1E]
;LMXRI] %PWSq8LIMQTSVXERGISJXIEQFYMPHMRKMW
[IPPIWXEFPMWLIHERHMXWLMKLYWIMWI\TIGXIHXSGSRXMRYIMRXLIGSQMRK]IEVWr'YQ
QMRKW
;SVPI]T 
8LIQSVI[IJYRGXMSRMRHMZIVWIKVSYTWXLIKVIEXIVXLIPMOIPMLSSH[I[MPPPIEVR
XSTVSJMXJVSQI\TERHIHTIVWTIGXMZIW3VKERM^EXMSRWZMI[EHMZIVWI[SVOJSVGIEWFSXL
XLI VMKLX XLMRK XS HS ERH E GSQTIXMXMZI EHZERXEKI MR XIVQW SJ TVSFPIQ WSPZMRK ERH
EXXVEGXMRK IQTPS]IIW 1ILXE   (MZIVWMX] SR E XIEQ MW JYRHEQIRXEP XS WYGGIWW
-PKIRIXEP1G+VIKSV7YVS[MIGOM 
*I[SJYW[MPPIRKEKIMRSGGYTEXMSRWEWGLEPPIRKMRKEW*SVQYPE3RIEYXSQSFMPI
VEGMRK*VERO;MPPMEQWLIEHSJSRISJXLIQSWXWYGGIWWJYP*SVQYPE6EGIXIEQWSJEPP
XMQIWGSRGPYHIWXLEXq8IEQ[SVOMWERIWWIRXMEPMRKVIHMIRXSRERHSJJXLIVEGIXVEGOr
q8LIXIEQrT &VYWLMRKEWMHIERIEVJEXEPGEVEGGMHIRXMRXLEXPIJXLMQ
GSRJMRIHXSE[LIIPGLEMV;MPPMEQWERHLMWGVI[LEZISYXTIVJSVQIHXLISXLIVMRXIV
REXMSREPXIEQWXLEXGSQTIXIMRXLIETTVS\MQEXIP]*SVQYPE3RIVEGIWLIPHKPSFEPP]
,MW JMVWX TVMSVMX] MW ER qIQTLEWMW SR GSQQYRMGEXMSRr [MXL IZIV] XIEQ QIQFIV%X
7YFYVFER,SWTMXEPMR&IXLIWHE1EV]PERHXIEQWEVIGVIHMXIHq[MXLVIHYGMRKIVVSVW
WLSVXIRMRKXLIEQSYRXSJXMQITEXMIRXWWTIRHMRMXWFIH-'9MRXIRWMZIGEVIYRMX
ERH MQTVSZMRK GSQQYRMGEXMSR FIX[IIR JEQMPMIW ERH QIHMGEP WXEJJ r %TTPIF]

(EZMWT& %TTPIF]ERH(EZMW EHHqSRIVIEWSRXLEXXIEQ[SVOMWWS

ZMXEP MR QSHIVR QIHMGMRI MW XLI WTIIH EX [LMGL EHZERGIW EVI FIMRK QEHIr T & 
8IEQW OIIT XLI QIQFIVWYTXSHEXI q-RLMKLTVIWWYVI[SVOTPEGIW WYGL EW RYGPIEV
TPERXWEMVGVEJXGSGOTMXWSVXLIQMPMXEV]XIEQ[SVOMWIWWIRXMEPXSWYVZMZEPr%TTPIF]

(EZMWT& 8IEQWPMOIKVSYTWGSQIMRQER]WLETIWERHWM^IW1SXSVSPE
6MX^'EVPXSR,SXIPW&SIMRK*IHIVEP)\TVIWWERH8I\EW-RWXVYQIRXWEPPWIIXIEQWEW
GVMXMGEPFYXYWIHMJJIVIRXX]TIWERHGSRJMKYVEXMSRW
0IEVRMRKXSFIEYWIJYPERHIJJIGXMZIXIEQQIQFIVMWMQTSVXERXXSSYVGEVIIVW
7YVZI] VIWYPXW XMXPIH q9R[ERXIH 7SPS %VXMWXWr VITSVX [LEX  I\IGYXMZIW XSPH
%GGYXIQTW E WXEJJMRK JMVQ [SYPH QSVI PMOIP] LYVX E TIVWSRtW GLERGIW JSV KIXXMRK
ELIEH4SSVXIEQTPE]IVWOMPPWVIGIMZIH SJXLIVIWTSRWIWGSQTPEGIRG]VIGIMZIH
 I\GIWWMZIGSQTPEMRMRKVIGIMZIH ERHHIJIRWMZIRIWWVIGIMZIH q&]XLI
RYQFIVWr   7IZIRX]IMKLX TIVGIRX SJ EPP 97 GSQTERMIW [MXL  SV QSVI
IQTPS]IIWLEZIIQTPS]IIW[SVOMRKMRXIEQWq8IEQWEVIEJEZSVMXI[E]XSSVKERM^I
IQTPS]IIW XSKIX [SVO HSRI ERH XSJEGMPMXEXI [SVOTPEGI PIEVRMRKrq-RHYWXV]
6ITSVXr   ;I SJJIV EHHMXMSREP I\EQTPIW SJ XLI TS[IV SJ KVSYTW ERH XIEQW
XLVSYKLSYXXLMWFSSO

8LI4S[IVSJ+VSYTW
-R MR EFSQFIHSYX HITEVXQIRX WXSVI MR8SO]S 1EWEVY -FYOE QIX [MXL WIZIR
SXLIVJSVQIVWXSVIIQTPS]IIWERHGSQQMXXIHLMWXSXEPTIVWSREPWEZMRKWSJXS
WXEVXEGSQTER]8LI]LEHRSTVSHYGXERHRSMQQIHMEXITPERWSVMHIEWWSXLIKVSYTWEX
XSKIXLIVMRGSRJIVIRGIMRXLSWIHITVIWWMRKWYVVSYRHMRKWJSVWIZIVEP[IIOWFVEMRWXSVQ
MRKEFSYX[LEXOMRHSJFYWMRIWWXLIRI[GSQTER]WLSYPHIRXIV8LIVIWYPXSJXLEXKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

TVSGIWW [EW XLI GSQTER] ORS[R XSHE] EW XLI 7SR] 'SVTSVEXMSR 'SPPMRW
 4SVVEW
 
;LIR&MPP,I[PIXXERH(EZI4EGOEVHJSYRHIHXLIMVGSQTER]MRXLIPEXIW
XLI]LEHRSWTIGMJMGTVSHYGXMRQMRHERHRSKSEPWSVTPERW FYXXLI]HMHXVYWXIEGL
SXLIVtWEFMPMXMIWERHXLI]ORI[LS[XSYWIXLIWQEPPKVSYTGSQQYRMGEXMSRTVSGIWWXS
HIZIPSTXLIMVI\TIVXMWIMRXS[LEXFIGEQIXLI,I[PIXX4EGOEVH'SVTSVEXMSR3ZIVXMQI
XLEXGSVTSVEXMSRKVI[WSPEVKIERHLEHWSQER]PIZIPWSJQEREKIQIRXXLEXIZIRXYEPP]MX
QSZIHXSSWPS[P]XSQEMRXEMRMXWGSQTIXMXMZIIHKIERH,I[PIXX4EGOEVHFIKERLIEH
MRKJSVI\XMRGXMSR&IPEWGS -RLS[IZIV,I[PIXX4EGOEVHEKEMRHVI[SR
XLIGVIEXMZITS[IVSJWQEPPKVSYTW ERH XVERWJSVQIHMXWIPJJVSQERSVKERM^EXMSR XLEX
XSSO]IEVWXSQEOIEHIGMWMSRMRXSSRIXLEXGSYPHEGXMR[IIOWSVHE]WXSVIWSPZIMQTSV
XERXMWWYIW,SJ ,I[PIXX4EGOEVHKSXMXWWXEVXXLVSYKLXLIW]RIVKMWXMGTS[IVSJ
WQEPP KVSYT GSQQYRMGEXMSR KVI[ MRXS ER SVKERM^EXMSR HITIRHIRX SR FYVIEYGVEXMG
VYPIWERHXSTHS[RHIGMWMSRQEOMRKERHJMREPP]VIXYVRIHXSMXWVSSXWMRWQEPPKVSYT
HIGMWMSRQEOMRKXSVIMRZMKSVEXIMXWIPJERHFIGSQIWYGGIWWJYPSRGIEKEMR
8LIWIEVIRSXMWSPEXIHI\EQTPIW+VSYTWEVIXLIJYRHEQIRXEPFYMPHMRKFPSGOWSJ
ER]SVKERM^EXMSR1EVVMSXX1SXSVSPE,SRHE(MWRI];EP1EVX2SVHWXVSQ1IVGO
ERH4VSGXIV
+EQFPIEPPFIKER[MXLEWQEPPKVSYTSJQSXMZEXIHERHKMJXIHMRHMZMHYEPW
QIIXMRK SR E VIKYPEV FEWMW8LIWI ERH QER] QSVI KVIEX GSQTERMIW GER XVEGI XLIMV
FIKMRRMRKWXSWQEPPKVSYTHIGMWMSRQEOMRKTVSGIWWIW2SXEPPSJXLIMVJMVWXEXXIQTXW
WYGGIIHIHFYXXLI]FIPMIZIHMRXLIMQTSVXERGISJKVSYTIJJSVXERHYPXMQEXIP]HIZIP
STIH LMKLP] WYGGIWWJYP GSQTERMIW FEWIH YTSR XLI IJJIGXMZI [SVO SJ WQEPP KVSYTW
'SPPMRW
4SVVEW 
7YVS[MIGOM EVKYIWXLEXEGSPPIGXMZIMRXIPPMKIRGIXLEXLIGEPPWqXLI[MWHSQ
SJGVS[HWrI\MWXWMRKVSYTWSJTISTPIMRXLIEFMPMX]qXSEGXGSPPIGXMZIP]XSQEOIHIGM
WMSRWSV WSPZI TVSFPIQW  +VSYTWFIRIJMX JVSQ QIQFIVWXEPOMRK XS ERH PIEVRMRK
JVSQIEGLSXLIV?ERHGERAGSQIYT[MXLKSSHWSPYXMSRWXSE[MHIEVVE]SJTVSF
PIQWrT ,II\EQMRIWXLVIIX]TIWSJTVSFPIQWXLEXWQEPPKVSYTWEVITEVXMGYPEVP]
KSSHEXWSPZMRKTVSFPIQWXLEXLEZIWSPYXMSRWXLEXGERFIJSYRHMRXLI[SVPHTVSFPIQW
XLEXVIUYMVIKVSYTQIQFIVWXSGSSVHMREXIXLIMVEGXMZMXMIW[MXLSRIERSXLIVERHTVSF
PIQWXLEXVIUYMVIWIPJMRXIVIWXIHHMWXVYWXJYPTISTPIXSGSSTIVEXIMRSVHIVXSGSRXVMFYXI
XSXLITYFPMGKSSHq9RHIVXLIVMKLXGMVGYQWXERGIWKVSYTWEVIVIQEVOEFP]MRXIPPMKIRX
ERHEVISJXIRWQEVXIVXLERXLIWQEVXIWXTISTPIMRXLIQr7YVS[MIGOMT\MMM %W
EVIWYPXQSVIGSQTERMIWEVIWLMJXMRKE[E]JVSQXVEHMXMSREPLMIVEVGL]QEREKIQIRXXS
qXIEQFEWIHrQEREKIQIRXMR[LMGLIZIV]SRILEWMRTYXMRXSLS[XLIFYWMRIWWMWVYRr
4EVOIVT( 

(IJMRMRK7QEPP+VSYT'SQQYRMGEXMSR
;I HIJMRI GSQQYRMGEXMSR MR KIRIVEP EW E XVERWEGXMSR FIX[IIR ERH EQSRK TISTPI
[LIVIF]EPPXLITEVXMIWEVIGSRXMRYEPP]ERHWMQYPXERISYWP]WIRHMRKERHVIGIMZMRKMRJSV
QEXMSR%WQEPPKVSYT MWEGSPPIGXMSRSJEXPIEWXXLVIIERHSVHMREVMP]JI[IVXLERMRHM
ZMHYEPW[LSEVIMRXIVHITIRHIRXMRJPYIRGISRIERSXLIVSZIVWSQITIVMSHSJXMQIWLEVI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (IJMRMRK7QEPP+VSYT'SQQYRMGEXMSR 

EGSQQSRKSEPSVTYVTSWIEWWYQIWTIGMEPM^IHVSPIWLEZIEWIRWISJQYXYEPFIPSRK
MRKQEMRXEMRRSVQWERHWXERHEVHWJSVKVSYTQIQFIVWLMTERHIRKEKIMRMRXIVEGXMZI
GSQQYRMGEXMSR7QEPPKVSYTGSQQYRMGEXMSRMWXLIXVERWEGXMSREPTVSGIWWSJYWMRKW]Q
FSPMG FILEZMSV XS EGLMIZI WLEVIH QIERMRK EQSRK KVSYT QIQFIVW SZIV E TIVMSH SJ
XMQI 8LIVIEVIXLVIIOI]GSRGITXWMRXLMWHIJMRMXMSRXVERWEGXMSREPTVSGIWWW]QFSPMG
FILEZMSVERHWLEVIHQIERMRK

8VERWEGXMSREP4VSGIWW
'SQQYRMGEXMSRMWQSVIXLERQIVIP]I\GLERKMRKQIWWEKIWSVXVERWJIVVMRKMRJSVQEXMSR
JVSQ SRI TIVWSR XS ERSXLIV )EVP] QSHIPW SJ GSQQYRMGEXMSR JSGYWIH SR WIRHIVW
TYXXMRKXLIMVQIWWEKIWMRXS[SVHWERHKIWXYVIWERHWIRHMRKXLIQXLVSYKLGLERRIPWXS
XLIVIGIMZIV8LIGSRWGMIRXMSYWWIRHIVXVMIHXSQEOIXLIQIWWEKIEWGPIEVEWTSWWMFPIWS
XLEX XLI VIGIMZIV GSYPHXEOI XLI MRJSVQEXMSRERH EGXEW I\TIGXIH;LIR XLEXHMH RSX
SGGYVMX[EWGSRWMHIVIHEJEMPIHGSQQYRMGEXMSR
8LMWSRI[E]PMRIEVJPS[SJQIWWEKIW[EWGVMXMGM^IHJSVRIKPIGXMRKXLIVIGIMZIVtW
MRJPYIRGI 8LMW PIH XS XLI HIZIPSTQIRX SJ MRXIVEGXMSREP QSHIPW SJ GSQQYRMGEXMSR
*IIHFEGO[EWEHHIHERHXLIMQTSVXERGISJVIGMTVSGEPQIWWEKII\GLERKIWFIX[IIRXLI
WIRHIVERHVIGIMZIV[EWVIGSKRM^IH;LMPIERMQTSVXERXMQTVSZIQIRXXLIWIQSHIPW
WXMPPIRZMWMSRIHGSQQYRMGEXMSREWEWSTLMWXMGEXIHTMRKTSRKQEXGL[LIVIXLIWIRHIV
WIVZIWERHXLIVIGIMZIVMWI\TIGXIHXSVIXYVRXLIWIVZI8LIVIGIMZIVtWJEMPYVIXSVIXYVR
XLIWIVZIEWI\TIGXIHVIWYPXIHMREGSQQYRMGEXMSRFVIEOHS[R
2IMXLIV SJ XLIWI ETTVSEGLIW EHIUYEXIP] HIWGVMFIW GSQQYRMGEXMSR JEMPYVIW SV
LIPTWJEGMPMXEXIFIXXIVGSQQYRMGEXMSR;LMPIXLIVIMWEGIVXEMRETTIEPXSXLIWMQTPMWXMG
RSXMSRXLEXLYQERGSQQYRMGEXMSRFVIEOWHS[REPSRKWXVEMKLXJSV[EVHPMRIWXLMWGSR
GITXXIRHWXSMKRSVIXLIMRXIVEGXMZIH]REQMGSJXLIGSQQYRMGEXMSRTVSGIWWMXWIPJ-R
WQEPP KVSYT GSQQYRMGEXMSR EPP KVSYT QIQFIVW EVI FSXL WIRHIVW ERH VIGIMZIVW
WMQYPXERISYWP] WIRHMRK ERH VIGIMZMRKFSXL ZIVFEP ERHRSRZIVFEP QIWWEKIW 2SSRI
GERRSX GSQQYRMGEXI;EX^PE[MGO&IEZMR
.EGOWSR ;LMPISYVGSQQYRMGE
XMSRQE]RSXFI[LEX[IMRXIRHIH[IRIZIVXLIPIWWGSQQYRMGEXIWSQIXLMRK6IQEMR
MRK WMPIRX HYVMRK ER MQTSVXERX QIIXMRK MW EW QYGL E GSQQYRMGEXMSR EW WTIEOMRK
7XERHMRKWSQISRIYTJSVERETTSMRXQIRXSVEHEXIMWEQIWWEKI[LIXLIV[IMRXIRHMX
XLEX[E]SVRSX
-XMWSJXIRMRXIVIWXMRKXSRSXILS[[IEHETXSYVS[RFILEZMSVWERHWTIIGLTEX
XIVRWXSEGGSQQSHEXIXLSWISJSXLIVWMREKVSYT %RMRXVMKYMRKXIWXSJXLMWGSRGITXMWXS
WMXMREWQEPPKVSYTERH[LIRERSXLIVTIVWSRMWWTIEOMRKQEOII]IGSRXEGX[MXLXLEX
TIVWSRERHWGVEXGL]SYVRSWI2SXMGI[LEXXLEXTIVWSRHSIW;IEVIJVIUYIRXP]YRE[EVI
SJXLII\XIRXXS[LMGL[IQSHMJ]SYVFILEZMSVWSV[LEX[IEVIWE]MRKMRVIWTSRWIXSXLI
FILEZMSVW ERH VIEGXMSRW SJ SXLIV KVSYT QIQFIVW8LMW EHETXEXMSR MW SJXIR RSX GSR
WGMSYWFYXMXLEWERMQTSVXERXIJJIGXSRXLIKVSYTTVSGIWW
3RGI[IEGGITXXLIMQTSWWMFMPMX]SJRSXGSQQYRMGEXMRK[IGERFIKMRXSYRHIV
WXERH[L]EGXMSRW[IQE]XEOIERHXS[LMGL[IEXXVMFYXIPMXXPISVRSMQTSVXERGIQE]
LEZIERMQTEGXMREWQEPPKVSYTSYXSJEPPTVSTSVXMSRXS[LEX[IMRXIRHIH,S[SJXIR
[IEXXIRHQIIXMRKW[LIXLIV[IEVVMZISRXMQISVPEXI[LIVI[IWMXLS[SJXIRERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

[LIR[IWTIEOSYVXSRISJZSMGIERHSYVSXLIVRSRZIVFEPFILEZMSVWEVIEPPGSQQYRM
GEXMRKWSQIXLMRK8LIWIXVERWEGXMSRWMQTEGXSYVVSPIMRXLIKVSYTTVSGIWWERHEJJIGX
XLISZIVEPPKVSYTH]REQMGEWQYGLEWXLIGSRXIRXSJ[LEX[IWE]

7]QFSPMG&ILEZMSV
*SVQER]SFWIVZIVWSYVQSWXMQTSVXERXHIJMRMRKGLEVEGXIVMWXMGEWLYQERFIMRKWMWSYV
GETEGMX]XS YWI ERH VIWTSRH XSE W]WXIQ SJ WMKRMJMGERX W]QFSPW1MPPIV  8LI
QIERMRKWSJFSXLZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRI\MWXMRXLIW]QFSPMGWMKRMJM
GERGI[IEXXVMFYXIXSXLI[SVHWERHXLIRSRZIVFEPFILEZMSVW8LIQIERMRKWI\MWXMRYW
EWMRHMZMHYEPWRSXMRXLI[SVHWSVFILEZMSVWXLIQWIPZIW;IHIZIPSTEHMWGYWWMSRSJ
ZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRPEXIVMRXLMWFSSOFYXGSRWMHIVJSVEQSQIRXLS[
HMJJIVIRXTISTPIVIWTSRHXSXLIREXMSRtWJPEKXSSFWGIRI[SVHWXSTYFPMGHMWTPE]WSJ
EJJIGXMSRSVXSXLIMVWGLSSPGSPSVW;LMPIXLIW]QFSPWEVIVIEPSYVVIEGXMSRWEVIFEWIH
SRXLIW]QFSPMGMQTSVXERGI[IEWMRHMZMHYEPWSVWSGMEPKVSYTWLEZIEXXEGLIHXSXLIQ
8LIYWIERHEFYWISJW]QFSPWMWERMRLIVIRXP]LYQEREGXMZMX];SSH 

7LEVIH1IERMRK
&IGEYWI [I IEGL EWWMKR HMJJIVIRX W]QFSPMG WMKRMJMGERGI XS ZIVFEP ERH RSRZIVFEP
I\TVIWWMSRWEVVMZMRKEXGSQQSRSVqWLEVIHrQIERMRKWGERFIHMJJMGYPX-J-EQMRXLI
QSSHXSPMWXIRXSQYWMGERHWSQISRIXIPPWQIXSFY]'(W-EQPMOIP]XSXLMROMRXIVQW
SJQYWMG'(WVEXLIVXLERXLIGIVXMJMGEXIWSJHITSWMX'(W XLEXTIVWSRQE]LEZILEHMR
QMRH 8LI HIZIPSTQIRX SJ WLEVIH QIERMRK MW LS[IZIV ER IWWIRXMEP KSEP SJ WQEPP
KVSYTGSQQYRMGEXMSRERHERMHIEPJSVWQEPPKVSYTQIIXMRKWMWXSIRH[MXLIZIV]SRI
EVVMZMRKEXEQSVISVPIWWWLEVIHYRHIVWXERHMRKSJXLIQIERMRKSJXLISRKSMRKGSQQY
RMGEXMSR8LMWMWHMJJMGYPXXSEGLMIZIMREGXYEPJEGXFIGEYWI[IEVIEPPHIITP]MRJPYIRGIH
F]SYVS[RWIXWSJI\TIVMIRGIWERHEWWYQTXMSRWFYXMXMWERMHIEPRSRIXLIPIWW

;L];I.SMR+VSYTW
;INSMRKVSYTWJSVQER]VIEWSRW*SYVSJXLIQSWXGSQQSREVIMRXIVTIVWSREPEXXVEG
XMSRTIVWSREPRIIHJSVEJJMPMEXMSRQIERMRKSVMHIRXMX]GSQQMXQIRXXSKVSYTKSEPW
ERHEGXMZMXMIWERHEWWMKRQIRXXSXLIKVSYTF]WSQISRIIPWIWII*MKYVI  ;SVOMRK
[MXLSXLIVTISTPIGERFIKVEXMJ]MRKERHMXGERFIJVYWXVEXMRK%WWSGMEPFIMRKW[IWIIO
STTSVXYRMXMIWXSNSMR[MXLSXLIVW[LSWLEVISYVMRXIVIWXWSVQIIXSYVRIIHW+VSYTWGER
LIPTYWHIJMRIGPEVMJ]SVYRHIVWXERHMQTSVXERXMWWYIWXLVSYKLHMWGYWWMSRERHXLIWLEV
MRKSJQYPXMTPITIVWTIGXMZIW+VSYTWGEREPWSLIPTYWHIZIPSTSYVPIEHIVWLMTWOMPPWERH
JEGMPMXEXI SYV YRHIVWXERHMRK SJ TEVXMGYPEV XSTMGW &] [SVOMRK [MXL ERH I\TPEMRMRK
MWWYIWXSSXLIVW[IGPEVMJ]SYVYRHIVWXERHMRKSJEKMZIRXSTMGWXVIRKXLIRSYVEFMPMX]XS
SVKERM^ISYVXLSYKLXWHIZIPSTSYVEFMPMX]XSXLMROXLVSYKLTVSFPIQWERHPIEVRXSFIX
XIVEVXMGYPEXIXLEXXLMROMRKTVSGIWWXSSXLIVW&]EHETXMRKIXLMGEPETTVSEGLIWXSKVSYT
[SVO[IGEREGLMIZIIZIRKVIEXIVWYGGIWWWII*MKYVI  SRT 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ;L];I.SMR+VSYTW 

*-+96)

-RXIVTIVWSREP%XXVEGXMSR 4IVWSREP2IIHJSV%JJMPMEXMSR
4L]WMGEP4VS\MQMX]
%XXMXYHI7MQMPEVMX]
2IIH'SQTPIQIRXEVMX]

;L];I.SMR+VSYTW

'SQQMXQIRXXS+VSYT %WWMKRQIRXF]
+SEPWERH%GXMZMXMIW 7SQISRI)PWI

-RXIVTIVWSREP%XXVEGXMSR
8LIXLVIIQENSVMRJPYIRGIWGSRXVMFYXMRKXSMRXIVTIVWSREPEXXVEGXMSREWEVIEWSRJSVNSMR
MRK KVSYTW EVI TL]WMGEP TVS\MQMX] EXXMXYHI WMQMPEVMX] ERH RIIH GSQTPIQIRXEVMX]
1MPPIV 
4L]WMGEP 4VS\MQMX] 4L]WMGEP TVS\MQMX] VIJIVW XS XLI EQSYRX SJMRXIVEGXMSR [MXL SXLIV
KVSYTQIQFIVWMRXLIWEQITL]WMGEPPSGEXMSR;LIR[IEPP[SVOJSVXLIWEQISVKERM^EXMSR
KSXSXLIWEQIYRMZIVWMX]SVPMZIMRXLIWEQIGSQQYRMX][IWIIIEGLSXLIVSREVIKYPEV
FEWMWERHMXFIGSQIWIEWMIVXSIWXEFPMWLEVIPEXMSRWLMTSVHIZIPSTEJVMIRHWLMT;LMPIPSRK
HMWXERGIVIPEXMSRWLMTWEVITSWWMFPIXLIHMWXERGIMXWIPJYWYEPP]TPEGIWEWXVIWWSVSRXLIVIPE
XMSRWLMTQEOMRKMXQSVIHMJJMGYPXXSQEMRXEMR1G7LERI
:SR+PMRS[ ,S[IZIV
TVS\MQMX]EPSRIHSIWRSXQIERXLEX[I[MPP[ERXXSMRXIVEGX[MXLETEVXMGYPEVTIVWSR8LEX
HIWMVIHITIRHWSREXPIEWXX[SSXLIVMWWYIWEXXMXYHIWMQMPEVMX]ERHRIIHGSQTPIQIRXEVMX]
%XXMXYHI7MQMPEVMX] %XXMXYHIWMQMPEVMX] EGGSYRXWJSVSRISJXLIVIEWSRW[IJMRHWSQI
TISTPI QSVI ETTIEPMRK XLER SXLIVW XS MRXIVEGX [MXL;LIR SXLIVW LEZI WMQMPEV IGS
RSQMGTSPMXMGEPERHWSGMEPZMI[WJSVI\EQTPI[IEVIQSVIPMOIP]XSIRNS]MRXIVEGXMRK
[MXLXLIQ'SLIRIXEP %PXLSYKL[IHSRSXLEZIXSEKVII[MXLIEGLERHIZIV]
EXXMXYHIWSQISRILSPHW[IHSYWYEPP]RIIHXSJIIPWSQIFEWMGEXXMXYHIWMQMPEVMXMIWTEV
XMGYPEVP]MREVIEWXLEXEVIPMOIP]XSEVMWIMRSYVMRXIVEGXMSRW,S[IZIVWXYHMIWWYKKIWX
XLEXEGSRKIRMEPGSRZIVWEXMSR[MXLWSQISRI[IHMWEKVII[MXLGERIEWIMRMXMEPJIIPMRKW
XLEX[IWMQTP]qHSRSXKIXEPSRKr[MXLXLEXTIVWSRFIGEYWISJLMWSVLIVZMI[W1MPPIV
 %PXIVREXIP]KIXXMRKMRXS ELIEXIH HMWEKVIIQIRX FIGEYWI SJ HMJJIVMRK EXXMXYHIW
GERTYXEWXVEMRSRIZIRXLIFIWXVIPEXMSRWLMT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

*-+96) )XLMGEP&ILEZMSV

9RHIVP]MRKEPPKVSYTERHXIEQWYGGIWWMWEGSQQMXQIRXF]QIQFIVWXSIXLMGEPFILEZMSVq)XLMGW
GSRGIVRW XLI VMKLXW ERH VIWTSRWMFMPMXMIW TVMZMPIKIW ERH SFPMKEXMSRW SJ SYV GSRHYGX [MXLMR ERH
FIX[IIRrKVSYTSVXIEQVIPEXMSRWLMTW%RHIVWSR
)RKPILEVHXT 8LI]EVISYVWXERHEVHW
SJQSVEPGSRHYGXSVNYHKQIRXWEFSYX[LIXLIVSYVEGXMSRWZEPYIWSVHIGMWMSRWEVIVMKLXSV[VSRK
,EVVMW )XLMGWJSGYWIWSR[LEX[IEGXYEPP]HS[LIR[IEVITEVXSJEKVSYT8LIJSPPS[MRK
KYMHIPMRIWEVIRSXMRXIRHIHXSGSZIVEPPTSWWMFPIWMXYEXMSRWFYXXLI][MPPPIEHXSKVIEXIVKVSYTERH
MRHMZMHYEPIJJIGXMZIRIWW
%PPS[SXLIVWGLSMGIWVEXLIVXLERJSVGMRKXLIQ
*SPPS[XLVSYKL[MXLKVSYTVIPEXIHSFPMKEXMSRW
&IWIRWMXMZIXSMRHMZMHYEPKVSYTQIQFIVWt RIIHW
1EMRXEMRGSRJMHIRXMEPMX]
&ILSRIWXOIITTVSQMWIWERHJYPJMPPGSQQMXQIRXW
4VEGXMGIJEMVRIWWMR[SVOEWWMKRQIRXERHMRHIEPMRK[MXLERHXVIEXMRKSXLIVW
7XVMZIJSVJYPPTEVXMGMTEXMSRF]EPPQIQFIVW
(IQSRWXVEXIGSRGIVRJSVXLIKVSYTSVXIEQ
,EZIXSPIVERGIJSVSXLIVQIQFIVWt MHIEWWXVIRKXLWERH[IEOIRIWWIW
*SGYWSRWYGGIWWJSVEPPKVSYTQIQFIVWRSXNYWXSYVWIPZIW
7IIOXLIKVIEXIWXKSSHJSVXLIKVSYTQIQFIVW

7SYVGIW %RHIVWSR
)RKPILEVHX ,EGOQER
.SLRWSR ,EVVMW 

2IIH'SQTPIQIRXEVMX] 2IIHGSQTPIQIRXEVMX] WYKKIWXWXLEX[IEVIHVE[RXSSXLIV

MRHMZMHYEPWFIGEYWISJWSQITW]GLSPSKMGEPJMX%PXLSYKL[IHSRSXEP[E]WJYPP]EKVII
[MXLERSXLIVtWEXXMXYHISVTIVWTIGXMZI[IQE]WLEVIGSQTPIQIRXEV]RIIHW*SVI\EQ
TPIMJ-PMOIXEOMRKGLEVKIEQ[IPPSVKERM^IHERHEQ[MPPMRKXSHSQSVIXLERQ]JEMV
WLEVISJXLI[SVO-QE][SVO[IPP[MXLTISTPI[LSEVIPSSOMRKJSVEPIEHIVERHWMQM
PEVP]XLI]QE]JMRHQIEREXXVEGXMZIQIQFIVSJXLIMVKVSYT-REHHMXMSR[IEVIHVE[R
XSTISTPI[IEHQMVISVJVSQ[LSQ[IFIPMIZI[IGERPIEVRWSQIXLMRK;IQE]EPWS
JMRH WSQI KVSYT QIQFIVW QSVI HMVIGXP] YWIJYP XLER SXLIVW JSV EGGSQTPMWLMRK XLI
KVSYTtWKSEPW8SXLIHIKVIIXLEXIEGLQIQFIVFVMRKWEHMJJIVIRXWIXSJRIIHIHWOMPPWXS
XLIKVSYTXLIVIMW[MXLMRXLIKVSYTERIIHGSQTPIQIRXEVMX]FIMRKJYPJMPPIH
8LYWMRXIVTIVWSREPEXXVEGXMSREWIZMHIRGIHF]TVS\MQMX]EXXMXYHIWMQMPEVMX]ERH
RIIHGSQTPIQIRXEVMX]MWSRISJXLIVIEWSRW[INSMRERHVIQEMRMRKVSYTW3YVKVSYT
EJJMPMEXMSRWEVIRSXGSRJMRIHXSSYVEXXVEGXMSRXSKSSHPSSOWSVTSTYPEVMX]FYXI\XIRHXS
EJJMPMEXMSR[MXLXLSWI[LSWLEVIWMQMPEVZMI[WSV[LS[LMPIFIMRKUYMXIHMJJIVIRXJVSQ
YWGSQTPIQIRXSYVEFMPMXMIWERHJYPJMPPETIVWSREPSVKVSYTRIIH

4IVWSREP2IIHJSV%JJMPMEXMSR
+VSYGLS1EV\MWGVIHMXIH[MXLXLIPMRIq-[SYPHRSX[ERXXSFIEQIQFIVSJER]GPYF
XLEX[SYPHEGGITXQIEWEQIQFIVr1SWXSJYWLS[IZIVRIIHWSQIEQSYRXSJWSGMEP
GSRXEGXERHJVIUYIRXP]JMRHXLMWRIIHQIXMRXLIVIPEXMSRWLMTWJSVQIHMRKVSYTWERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )XLMGWERH+VSYTW 

GPYFW&IMRKEQIQFIVSJWXYHIRXKSZIVRQIRXEQSXSVG]GPIVMHMRKGPYFEQSHIPXVEMR
WSGMIX]EWSVSVMX]SVJVEXIVRMX]ERMRXVEQYVEPZSPPI]FEPPXIEQSVEWO]HMZMRKGPYFEHHW
EJYVXLIVHMQIRWMSRXSSYVTIVWSREPMHIRXMXMIW&IPSRKMRKXSKVSYTWLIPTWYWHIZIPST
ERHVIJMRISYVMRXIVIWXWIRLERGIWXLI[E][IWTIRHSYVXMQIERHGYPXMZEXIWXLIX]TIW
SJEGXMZMXMIW[IIRNS]
1ER]MRHMZMHYEPWJMRHXLIMV[SVOWEXMWJ]MRKMRTEVXFIGEYWIMXTVSZMHIWXLIQ[MXL
EJJMPMEXMSRERHMHIRXMX]MR[SVOKVSYTW7MRGIQSWXSJYWWTIRHQSVIXMQI[SVOMRKXLER
[IHSTYVWYMRKER]SXLIVMRHMZMHYEPEGXMZMX]MXQEOIWWIRWIXLEX[IGSQIXSMHIRXMJ]E
TEVXSJSYVWIPZIW[MXLMXERHIRNS]MX3VKERM^EXMSRWI\TIRHEKVIEXHIEPSJXMQIERH
IRIVK]XV]MRKXSEPMKRSYVMHIRXMX][MXLXLIMVKVSYTKSEPWERHSFNIGXMZIW,EVVMW
7GLIMR +VSYTW[LIXLIVWSGMEPSV[SVOVIPEXIHSJJIVEJJMPMEXMSRQIERMRKERH
MHIRXMX]XSSYVPMZIW

'SQQMXQIRXXS+VSYT+SEPWERH%GXMZMXMIW
+VSYTWLEZIVIEWSRWTYVTSWIWERHKSEPWJSVI\MWXMRKXLEXHVE[YWXSXLIQ8LIWIGER
VERKIJVSQWEZMRKXLI[SVPHXSGLERKMRKXLIKVEHMRKW]WXIQXSJMRHMRKERI[QIXLSH
JSVQEVOIXMRKETVSHYGX8LISPHI\TVIWWMSRXLEXqTSPMXMGWQEOIWWXVERKIFIHJIPPS[Wr
LMKLPMKLXWXLIRSXMSRXLEXTISTPI[MXLZIV]HMJJIVIRXTIVWSREPMXMIWERHJVSQHMJJIVIRX
FEGOKVSYRHW QE] WLEVI E GSQQSR KSEP ERH XLIVIJSVI GER SJXIR JMRH XLIQWIPZIW
QIQFIVWSJXLIWEQIKVSYT=SYQMKLXJSVI\EQTPI[SVOSYXXLVIIXMQIWE[IIOEXE
K]Q ERH JMRH XLEX ]SY EVI QSVI QSXMZEXIH XS QEMRXEMR E VIKYPEV [SVOSYX WGLIHYPI
FIGEYWI]SY[SVOSYXEWTEVXSJEKVSYT8LIXLVIISVJSYVTISTPI]SYNSMRHYVMRKXLSWI
[SVOSYXWQMKLXLEZIPMXXPIMRGSQQSR[MXL]SYSYXWMHIXLIK]QFYX]SYFIGSQIE
XMKLXORMXKVSYT[MXLJIIPMRKWSJMRXIVGSRRIGXMZMX][MXLMRXLIK]QGSRXI\X-JXLIK]QtW
QEREKIQIRXXVMIHXSGPSWIXLIJEGMPMX]HYVMRKXLILSYVWXLEX]SYVKVSYTRSVQEPP][SVOW
SYX]SY[SYPHTVSFEFP]FERHXSKIXLIVXSEGLMIZIEQYXYEPP]MQTSVXERXKSEPSJQEMR
XEMRMRKERSTIRJEGMPMX]HYVMRKXLSWILSYVW

%WWMKRQIRXF]7SQISRI)PWI
;IHSRSXEP[E]WLEZIXLISTXMSRSJHIGMHMRKJSVSYVWIPZIW[LMGLKVSYTW[I[MPPNSMR
-REPQSWXER]SVKERM^EXMSRXLIVIEVIRIGIWWEV]hWSQIXMQIWEVFMXVEV]hEWWMKRQIRXWXS
KVSYTW*VIUYIRXP][IJMRHSYVWIPZIWMRKVSYTWXLEXEVIMQTSVXERXXSYWFYXXLEX[IHMH
RSXMHIRXMJ]SVWIPIGXJSVSYVWIPZIW;I[IVIEWWMKRIHXSXLIQF]WSQISRIIPWI)ZIR
WSTEVXMGMTEXMSRMRXLIWIKVSYTWGERFIJYPJMPPMRKERHJYR

)XLMGWERH+VSYTW
8LI)XLMGW6IWSYVGI'IRXIVHIJMRIWIXLMGWEWqXLIWXERHEVHWSJGSRHYGXXLEXKYMHIHIGM
WMSRWERHEGXMSRWFEWIHSRHYXMIWHIVMZIHJVSQSYVGSVIZEPYIWr &IGEYWIIXLMGW
GERFIMRXIVTVIXIHEGGSVHMRKXS XLI WMXYEXMSREPGSRXI\XKVSYTSVXIEQQIQFIVW JEGI
[LMGL GER PIEH XS TSXIRXMEPP] YRIXLMGEP HIGMWMSRW 6SFIVXWSR IX EP   [I LEZI
SJJIVIHEWIXSJKYMHIPMRIWXSTVSZMHIHMVIGXMSRJSV]SYVKVSYT[SVOWII*MKYVI 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

'LEVEGXIVMWXMGWSJ7QEPP+VSYTW
8LVIITVMRGMTEPGLEVEGXIVMWXMGWHIJMRIWQEPPKVSYTW8LIWIGLEVEGXIVMWXMGWEVIMRXIVHI
TIRHIRGIERHMRXIVEGXMZMX]XLIRYQFIVSJTSWWMFPIMRXIVEGXMSRWEQSRKKVSYTQIQFIVW
ERHXLITSWWMFMPMX]SJW]RIVK]MRXLIKVSYTtWIJJSVXWERHVIWYPXW

-RXIVHITIRHIRGIERH-RXIVEGXMZMX]
7MQTP]QIIXMRKERHXEPOMRK[MXLSRIERSXLIVMWRSXIRSYKLXSGSRWXMXYXIEWQEPPKVSYT
-JTISTPIEVITVMQEVMP]MRXIVIWXIHMRMRHMZMHYEPEGGSQTPMWLQIRXWLEZIPMXXPISVRSXLMRK
ZIWXIHMRXLIEGXMZMXMIWSJSRIERSXLIVSVEVIJVIUYIRXP]EFWIRXJVSQQIIXMRKWXLMWGSP
PIGXMSRSJTISTPI[MPPRSXFIGSRWMHIVIHEWQEPPKVSYTMRXLMWHMWGYWWMSR-XFIGSQIWE
WQEPPKVSYT[LIRXLIQIQFIVWEVIMRXIVHITIRHIRXERHMRXIVEGXMZIXSXLITSMRXSJIEGL
FIMRKMQTEGXIHF]XLIKVSYTTVSGIWW
8LMWMRXIVHITIRHIRXKVSYTGERFIETMGOYTFEWOIXFEPPXIEQSVXLIFSEVHSJHMVIG
XSVWSJEPEVKIGSVTSVEXMSR%JEQMP]WMXXMRKEVSYRHXLIHMRRIVXEFPIHMWGYWWMRKJEQMP]
QEXXIVWVIZMI[MRKXLIHE]tWEGXMZMXMIWERHVIWSPZMRKMQTSVXERXJEQMP]MWWYIWGSRWXM
XYXIWEWQEPPKVSYTFIGEYWISJXLIMVGSQQYRMGEXMSRMRXIVEGXMSR3RXLISXLIVLERHE
HMWIRKEKIHWIXSJJEQMP]QIQFIVWWMXXMRKXSKIXLIVMRWMPIRGIMRJVSRXSJXLIXIPIZMWMSR
WIXQE]RSXGSRWXMXYXIWYGLEKVSYT%REGGMHIRXEPSVQSQIRXEV]QIIXMRK[MXLJVMIRHW
EXEPSGEPVIWXEYVERXQMKLXUYEPMJ]EWEWQEPPKVSYTMJXLI]I\TIVMIRGIERMRXIVHITIR
HIRGIEGSQQSRKSEPSVEWIRWISJTYVTSWIERHMJXLI]IRKEKIMRMRXIVEGXMZIGSQQY
RMGEXMSR VSPIW 1ER] MQTSVXERX HIGMWMSRW EVI QEHI F] KVSYTW SJ JVMIRHW FYWMRIWW
EWWSGMEXIWERHTYFPMGSJJMGMEPWQIIXMRKSZIVGSJJIIERHXEPOMRKMRJSVQEPP]EFSYXOI]
MWWYIWERHGSRGIVRW8LYWWQEPPKVSYTGSQQYRMGEXMSRGERXEOITPEGIMRGEWYEPMRJSV
QEPWIXXMRKWEW[IPPEWMRQSVIJSVQEPFYWMRIWWGSQQYRMX]WSGMEPWTSVXWERHWGLSSP
WIXXMRKW8LIOI]XSMHIRXMJ]MRKWQEPPKVSYTGSQQYRMGEXMSRMWRSXXLIWIXXMRKFYXXLI
MRXIVEGXMSRSJXLIKVSYTERHXLIUYEPMX]SJXLIGSQQYRMGEXMSR

)\TSRIRXMEP2YQFIVSJ-RXIVEGXMSRW
%RSXLIVGLEVEGXIVMWXMGSJWQEPPKVSYTWMWXLIH]REQMGVIWYPXMRKJVSQXLII\TSRIRXMEP
RYQFIVSJMRXIVEGXMSRWEQSRKXLIQIQFIVW%W[IEHHQIQFIVWXSSYVWQEPPKVSYT
[IMRGVIEWIXLIRYQFIVSJTSXIRXMEPMRXIVEGXMSRWERH[IEPXIVXLITSWWMFMPMXMIWJSVGSQ
QYRMGEXMSREQSRKQIQFIVW%WWLS[RMRXLIFS\XLITSXIRXMEPRYQFIVSJMRTYXWERH
EPXIVREXMZIZMI[TSMRXWMRGVIEWIWI\TSRIRXMEPP]EWIEGLRI[TIVWSRMWEHHIH8LMWGER
FIWIIRWMQYPXERISYWP]EWSRISJXLIQENSVFIRIJMXWERHSRISJXLIQENSVHVE[FEGOWSJ
WQEPPKVSYTGSQQYRMGEXMSR

4ISTPIERH-RXIVEGXMSRW
2YQFIVSJTISTPIMRKVSYT       
-RXIVEGXMSRWTSWWMFPI       

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'LEVEGXIVMWXMGWSJ7QEPP+VSYT'SQQYRMGEXMSR 

)EGLSJXLIWIMRXIVEGXMSRWVIUYMVIWEXXIRXMSRERHEWXLIRYQFIVSJMRXIVEGXMSRW
KVS[W E KVSYT RIIHW ER MRGVIEWIH WIRWMXMZMX] XS ERH YRHIVWXERHMRK SJ FEGOKVSYRH
MWWYIW -RGVIEWIH RYQFIVW SJ MRXIVEGXMSRW GVIEXI E QSVI GSQTPI\ HIGMWMSRQEOMRK
TVSGIWWEWXLIRYQFIVERHHMZIVWMX]SJVIPEXMSRWLMTW[MXLMRXLIKVSYTQYWXFIXEOIR
MRXSEGGSYRX q8SS PEVKIKVSYTWYWYEPP]FEGOJMVIr=ERK  T .IJJ &I^SW
JSYRHIVERH')3SJ%QE^SRGSQLEWEX[STM^^EVYPIhMJEXIEQGERRSXFIJIHF]
X[S TM^^EW MX MW XSS PEVKI 9RHIVWXERHEFP] XLI MRGVIEWIH RYQFIV SJ MRXIVEGXMSRW
FIGSQIWHMJJMGYPXXSQEREKI[LIRXLIVIEVIXSSQER]TEVXMGMTERXW3YXGSQIWLS[
IZIVEPWSLEZIERSTTSVXYRMX]SJFIMRKQSVIWSTLMWXMGEXIHEWXLIHMZIVWMX]SJTIVWTIG
XMZIWXLEXQYWXFIXEOIRMRXSEGGSYRXERHEHHVIWWIHMRGVIEWIW

7]RIVK]
7]RIVK] GSQIWJVSQXLI+VIIO[SVHWYRIVKSW [LMGLQIERWq[SVOMRKXSKIXLIVr7]R
IVK]VIWYPXWJVSQX[SSVQSVITISTPI[SVOMRKXSKIXLIVWLEVMRKMHIEW[MXLSTIRQMRHW
ERHQYXYEPVIWTIGXERHQEREKMRKGSRJPMGXMR[E]WXLEXIQTS[IVEPPQIQFIVWq7IZ
IVEPMRHMZMHYEPW[SVOMRKXSKIXLIVERHFYMPHMRKSRIEGLSXLIVtWWXVIRKXLWGERTSXIRXMEPP]
KIRIVEXIQSVIERHFIXXIVWSPYXMSRWXLERMJXLIWITISTPI[SVOIHEPSRIr1G7LERI

:SR+PMRS[T 8LMWMWXLIEHZERXEKISJ[SVOMRKMREKVSYT8LI[LSPISJ
XLIKVSYTMWKVIEXIVXLERXLIWYQSJMXWTEVXW 8LIKVSYTTVSGIWWGVIEXIWERSYXGSQI
XLEXMWHMJJIVIRXJVSQERHSJXIRWYTIVMSVXS[LEXER]SJXLIKVSYTQIQFIVWQMKLXLEZI
KIRIVEXIHSRXLIMVS[R7SQIXLMRKLETTIRWEWEKVSYTEPPS[WSRITIVWSRtWMHIEWXS
WXMQYPEXIERSXLIVtWXLSYKLXWHYVMRKXLIHMWGYWWMSRGEYWMRKEXLMVHTIVWSRXSXLMROSJ
WSQIXLMRKXSXEPP]RI[8LMWRI[MHIEMWVIJMRIHF]XLIJMVWXTIVWSRMRGSVTSVEXIH[MXLMR
ERI[MHIEF]XLIWIGSRHI\XIRHIHJYVXLIVF]XLIXLMVH%WXLIKVSYTTVSGIWWGSRXMR
YIWWSQIXLMRKIQIVKIWXLEXMWRI[GVIEXMZIERHYRMUYIXSXLMWTEVXMGYPEVKVSYTERH
MRXIVEGXMSR-RWYGLERMRXIVEGXMZIFYMPHMRKTVSGIWWMXFIGSQIWMQTSWWMFPIERHMVVIPI
ZERXXSEXXVMFYXIXLIJMREPWSPYXMSRSVIZIRER]WIXSJMHIEWXSETEVXMGYPEVMRHMZMHYEP
8LISYXGSQIMWERI[[LSPIRSPSRKIVIEWMP]WITEVEFPIMRXSMXWGSQTSRIRXTEVXW
8LIIJJIGXMZIRIWWSJWQEPPKVSYTWPMIWMRXLIH]REQMGWSJXLIHIGMWMSRQEOMRK
TVSGIWW&IGEYWIQIQFIVWFSYRGIMHIEWSJJSRIERSXLIVERHTEVXWSJQER]MHIEWQE]
FI VIGSQFMRIH GSEPIWGMRK XS JSVQ RI[ ERH HMJJIVIRX MHIEW XLI VIWYPX MW JVIUYIRXP]
WSQIXLMRKIRXMVIP]RI[ERHYRI\TIGXIH8LMWTVSGIWWSJWQEPPKVSYTHIGMWMSRQEOMRK
MWWMQMPEVXSXLIGLIQMGEPVIEGXMSRXLEXTVSHYGIW[EXIVJVSQL]HVSKIRERHS\]KIR8LI
[EXIVMWERIRXMVIP]RI[WYFWXERGILEZMRKTVSTIVXMIWRSXIEWMP]I\TPEMRIHF]XLIGLEV
EGXIVMWXMGWSJL]HVSKIRERHS\]KIRQSPIGYPIWEPSRI8LMWW]RIVKMWXMGVIEGXMSRMW[LEX
QEOIWWQEPPKVSYTWWYGLETSXIRXMEPP]TS[IVJYPHIGMWMSRQEOMRKXSSP%VIZMI[SJ
]IEVWSJWXYHMIWSRGSSTIVEXMZIHIGMWMSRQEOMRKJSYRHXLEXTVSFPIQWSPZMRKMWQSVI
IJJIGXMZI[LIRHSRIF]KVSYTWVEXLIVXLERF]MRHMZMHYEPW&IVOS 

'LEVEGXIVMWXMGWSJ7QEPP+VSYT'SQQYRMGEXMSR
)EGLSJYWEWKVSYTQIQFIVWFVMRKWSYVS[RHIJMRMXMSRMRXIVTVIXEXMSRTIVWSREPLMW
XSV] ERH NYHKQIRX GSRGIVRMRK XLI ETTVSTVMEXIRIWW SJ ER] TEVXMGYPEV KVSYT EGXMZMX]
8LMW VIWTSRWI MR ERH SJ MXWIPJGVIEXIWER SRKSMRK GSRXMRYSYW QSHMJMGEXMSR SJ XLEX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

EGXMZMX]8LIVIJSVI[LMPIEWQEPPKVSYTMWGSQQYRMGEXMRKMXMWRIEVP]MQTSWWMFPIXS
JVII^IJVEQIEKMZIRQSQIRX8LEXQSQIRXMWHIJMRIHF]XLIGSRXMRYMX]SJEPPXLEXLEW
KSRISRFIJSVIHYVMRKERHIZIREJXIVXLEXQSQIRX-XVITVIWIRXWEGSQTPI\XVERWEGXMSR
SGGYVVMRKFIX[IIRERHMRJPYIRGIHF]IEGLSJXLITEVXMGMTERXWERHXLIMVTIVGITXMSRWSJ
XLSWIIZIRXW+VSYTQIQFIVWMRHMZMHYEPP]ERHGSPPIGXMZIP]TVSZMHIEGSRXMRYEPHIJMR
MRKERHVIHIJMRMRKSJXLIKVSYTXLIQIQFIVVIPEXMSRWLMTWXSTMGWSTIRJSVHMWGYWWMSR
ERH KVSYT RSVQW VYPIW ERH VSPIW -J JSV MRWXERGI E KVSYT QIQFIV WYHHIRP] KIXW
ERKV]EXETEVXMGYPEVTSMRXFIMRKQEHIXLEXERKIVQE]XVMKKIVEKVSYTVIWTSRWI8LEX
SRITIVWSRtWVIEGXMSRQE]VIHIJMRIXLIKVSYTHMWGYWWMSRIZIRMJSRP]XIQTSVEVMP]8LMW
WIRWISJE[LSPIRIWWMREKVSYTtWGSQQYRMGEXMSRGEREPWSFIWIIRMRXLII\TIVMIRGISJ
WSQIXLMRKXLEXWXVMOIWXLIKVSYTEWL]WXIVMGEPP]JYRR]6IPEXMRKXLILYQSVSJXLEXMRGM
HIRXXSWSQISRIIPWI[LS[EWRSXTVIWIRXSJXIRFIGSQIWMQTSWWMFPIq=SYVIEPP]LEH
XSFIXLIVIrXSETTVIGMEXIXLILYQSV[MXLMRXLITVSGIWWERHGSRXI\XSJXLIKVSYT

'SQTPI\8VERWEGXMSRW
'SQTPI\KVSYTXVERWEGXMSRWMRZSPZIXLVIIIPIQIRXWWYFWXERGITEXXIVRERHTVSGIWW
8LI WYFWXERGI GSRWMWXW SJ XLI GSRXIRX SJ XLI KVSYT MRXIVEGXMSRhXLI MWWYIW EVSYRH
[LMGLXLIKVSYTMWJSVQIHERHGSQQYRMGEXIW8LITEXXIVR GSRWMWXWSJXLIVIPEXMSRWLMTW
ERH MRXIVEGXMSRWEQSRK XLI KVSYT QIQFIVW8LI TVSGIWW MW XLI MRXIVQIHMEV] EGXMSR
FIX[IIRXLIWYFWXERGIERHXLITEXXIVRMXMWXLIGEXEP]WXXLEXKMZIWqPMJIrXSXLIKVSYT
MRXIVEGXMSR
-J-WE]q0IXtWQIIXEXSRXLI1EPPrXLIWXEXIQIRXLEWEPMXIVEPGSRXIRXQIER
MRKFYXMXEPWSGSRXEMRWEVIPEXMSREPMRXIVEGXMZIIPIQIRXhEREWWYQTXMSRSJETEXXIVRMR
SYVVIPEXMSRWLMT-XEWWYQIWXLEXMXMWETTVSTVMEXIJSVQIXSWYKKIWXXLIXMQIERHTPEGISJ
XLIQIIXMRKERHXLEXXLSWIXS[LSQ-EQWTIEOMRKEVII\TIGXIHXSWLS[YT8LI[E]
IEGLSJYWMRXIVTVIXWERHVIEGXWXSXLMWWXEXIQIRXMRHMGEXIWSYVVIPEXMSREPTVSGIWW-JE
KVSYTQIQFIVWLS[WYTJSVXLIQIIXMRKEXMWWLISVLIPEXI#,EWLISVWLIZMS
PEXIHEKVSYTqXMQIPMRIWWRSVQr#,EWLIOITXIZIV]SRI[EMXMRK#-WWLIFIMRKVYHISV
WMQTP]ETTP]MRKETTVSTVMEXIKVSYTI\TIGXEXMSRWJSVFILEZMSV#0MOI[MWIMJ-XIPPENSOI
MRXLIQMHHPISJEWIVMSYWKVSYTHMWGYWWMSREQ-JYPJMPPMRKERMQTSVXERXKVSYTGSQQY
RMGEXMSR JYRGXMSR SJ qPMKLXIRMRK XLMRKW YTr IRKEKMRK MR MRETTVSTVMEXI FILEZMSV F]
q[EWXMRKXLIKVSYTtWXMQIrSVqEGXMRKSYXrEKEMRWXXLI[MWLIWSJXLIKVSYT#;LIXLIV-
EQPEXIJSVXLIKVSYTQIIXMRK[LIR-EVVMZIJMZIQMRYXIWEJXIVXLIWXEXIHWXEVXMRKXMQI
SVEQ[EWXMRKXLIKVSYTtWXMQI[LIR-XIPPENSOIHITIRHWYTSRXLIRSVQWXLEXLEZI
FIIRIWXEFPMWLIHJSVXLIKVSYT%PPVIPEXMSRWLMTWERHWQEPPKVSYTMRXIVEGXMSRWLETTIR
WMQYPXERISYWP]SRWIZIVEPPIZIPW8LI]MRZSPZI[LEXMWWEMHXLIWYFWXERGI XLIVIPE
XMSRWLMTWERHMRXIVEGXMSRWFIX[IIRXLITISTPIMRZSPZIHXLITEXXIVR ERHXLIEGXMSRXLEX
QIHMEXIWFIX[IIRXLSWIX[SERHXLEXYRMXIWXLIQXLITVSGIWW )EGLKVSYTHIZIPSTW
MXWS[RRSVQWJSVETTVSTVMEXIKVSYTWYFWXERGITEXXIVRERHTVSGIWW

-RXIVEGXMZI'SQTPI\MXMIW
7QEPPKVSYTWWLEVIQER]SJXLIGSQQYRMGEXMSRGLEVEGXIVMWXMGWXLEXQEOIMRXIVTIVWSREP
ERHTYFPMGGSQQYRMGEXMSRIJJIGXMZIFYXFIGEYWISJXLIGSQTPI\MX]SJXLIMRXIVEGXMSRW
MRWQEPPKVSYTWWSQIMQTSVXERXHMJJIVIRGIWMRXLIGSQQYRMGEXMSRTVSGIWWEPWSRIIHXS

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8]TIWSJ7QEPP+VSYTW 

FIXEOIRMRXSEGGSYRX0MOIIJJIGXMZIMRXIVTIVWSREPH]EHW[LMGLEVIX[STIVWSRVIPE
XMSRWLMTW XLI QIQFIVWSJ WQEPP KVSYTW EVI QYXYEPP] MRXIVHITIRHIRX ERH XLIVIJSVI
QYXYEPP]VIWTSRWMFPIJSVXLIWYGGIWWSVJEMPYVISJXLIKVSYTtWGSQQYRMGEXMSR1IQ
FIVWSJWQEPPKVSYTWWLEVIVIWTSRWMFMPMX]JSVWTIEOMRKPMWXIRMRKJIIHFEGOERHIQTE
XL][MXLH]EHMGGSQQYRMGEXMSRFYXMRWQEPPKVSYTWXLSWIVIWTSRWMFMPMXMIWEVIQEHI
QSVIGSQTPI\F]XLIQYPXMTPIWIXWSJMRXIVEGXMSRW
+VSYT MRXIVEGXMSRW GSRXVEWX [MXL QSWX X]TIW SJ TYFPMG WTIEOMRK%PXLSYKL MR
FSXLGEWIWXLIWTIEOIVMWEXXIQTXMRKXSTVIWIRXEQIWWEKIXSEREYHMIRGIMRTYFPMG
WTIEOMRKXLIEYHMIRGIMWRSXYWYEPP]I\TIGXIHXSTEVXMGMTEXISXLIVXLERXSPMWXIR8LI
TVITEVEXMSRJSVERHWYGGIWWSJXLITVIWIRXEXMSREVITPEGIHPEVKIP]SRXLIWTIEOIV-JSRI
QIQFIVSJXLIEYHMIRGIMRETYFPMGWTIEOMRKWMXYEXMSRHSIWRSXWLS[YTXLIWTIIGL
MXWIPJMWTVSFEFP]RSXEJJIGXIH-REWQEPPKVSYTSVERMRXIVTIVWSREPH]EHSRXLISXLIV
LERHIEGLQIQFIVMWERMQTSVXERXTEVXSJXLIGSQQYRMGEXMSRMRXIVEGXMSR-JSRIQIQ
FIVHSIWRSXWLS[YTSVHSIWRSXTEVXMGMTEXIXLI[LSPIKVSYTMWMQTEGXIH
;LIVIEWTYFPMGWTIEOMRKGERFIIJJIGXMZIMRZIV]PEVKIKVSYTWEKVSYTRYQFIV
MRKQSVIXLERXSQIQFIVWGERRSPSRKIVJYRGXMSRIJJIGXMZIP]EWEqWQEPPrKVSYT
8LI TSXIRXMEP RYQFIV SJ MRXIVEGXMSRW TVSHYGIH F] XLI MRGVIEWIH RYQFIV SJ TISTPI
SZIV[LIPQWXLIH]REQMGWSJXLIKVSYTTVSGIWWMXWIPJ&IGEYWIWQEPPKVSYTWEVIEJYRG
XMSRSJXLIMRXIVEGXMSRFIX[IIREKVSYTSJTISTPI[MXLHMJJIVIRXTSMRXWSJZMI[XLI]
HITIRHSRXLIEFMPMX]SJXLIKVSYTXSLIEVERHMRGSVTSVEXIXLEXQYPXMTPMGMX]SJMHIEW
;LIR XLI RYQFIV SJ TSWWMFPI MRXIVEGXMSRW FIGSQIW XSS PEVKI XLEX MRXIKVEXMSR ERH
QIVKMRKSJMHIEWFIGSQIHMJJMGYPXSVMQTSWWMFPI
-REHHMXMSRWQEPPKVSYTWXIRHXSLEZIERSRKSMRKMRXIVEGXMZIMHIRXMX]XLEXQE]SV
QE]RSXFIWYFWXERXMEPP]EPXIVIHF]GLERKIWMRQIQFIVWLMT8LMWHMJJIVWJVSQXLIXSXEP
MRXIVHITIRHIRGISJEH]EHERHXLIVIPEXMZIMRHITIRHIRGISJETYFPMGWTIEOMRKJSVYQ
-R E H]EH MJ SRI SJ XLI X[S QIQFIVW UYMXW XLIH]EH RS PSRKIV I\MWXW -R E TYFPMG
WTIEOMRKJSVYQSRXLISXLIVLERHXLIWTIIGLMWWIXELIEHSJXMQIERHXLIQEOIYTSJ
XLIEYHMIRGI[LMPIMQTSVXERXMRXIVQWSJXLIEGGITXERGISVVINIGXMSRSJXLIQIWWEKI
ERHXLIWTIEOIVTPE]WEWYFWXERXMEPP]HMJJIVIRXVSPI*SVXLIWQEPPKVSYTXLIPSWWSV
EHHMXMSRSJEKVSYTQIQFIVQE]RSX[LSPP]IMXLIVIPMQMREXISVGVIEXIXLIKVSYTtWEFMP
MX]XSHMWGYWWMWWYIWJYRGXMSRERHQEOITVSKVIWWFYXMX[MPPWYFWXERXMEPP]EJJIGXXLI
KVSYTtWTVSGIWW

8]TIWSJ7QEPP+VSYTW
7QEPPKVSYTWEVIIZIV][LIVIERHEVISJQER]X]TIW*EQMP][SVOWGLSSPERHPIMWYVI
EGXMZMXMIWQE]EPPMRZSPZIWQEPPKVSYTW-RIEGLGSRXI\X[I[SVO[MXLSXLIVWXSGSQIXS
GSQQSRYRHIVWXERHMRKWERHXSQEOIHIGMWMSRWXLEXEJJIGXIEGLSJYWXSWSQIHIKVII
)EGLX]TISJWQEPPKVSYTGERFIGLEVEGXIVM^IHF]XLIOMRHSJGSQQYRMGEXMSRXLEXXEOIW
TPEGI[MXLMRMX
3YVMQQIHMEXIJEQMP]MWJSVQSWXSJYWEWMKRMJMGERXWQEPPKVSYTEJJMPMEXMSRERH
QE]FIVIJIVVIHXSEWETVMQEV] KVSYTSVEFEWMGWSGMEPYRMXXS[LMGL[IFIPSRK8LMW
X]TISJWQEPPKVSYTXIRHWXSFIXLIQSWXMRJSVQEPERH[ISVHMREVMP]VIQEMRQIQFIVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

MRMXSZIVEPSRKTIVMSHSJXMQI7SGMEP ERHGEWYEP KVSYTWI\XIRHSYVTVMQEV]KVSYT

VIPEXMSRWLMTW7TSVXWXIEQWHMWGYWWMSRKVSYTWWGLSSPSVGLYVGLKVSYTWPIMWYVIEGXMZM
XMIW ERH SXLIV WTIGMEPMRXIVIWX SV EGXMZMX] KVSYTW QE] EPP TVSZMHI I\XIRHIH WSGMEP
TVMQEV]KVSYT VIPEXMSRWLMTW 3YV QIQFIVWLMT MR XLIWI KVSYTW QE] FI WSPIP] JSV
GSQTERMSRWLMTSV[IQE]YWIXLIWIEJJMPMEXMSRWXSLIPTYWYRHIVWXERHERHHIEP[MXL
MQTSVXERXMWWYIWMRSYVPMZIWSVXSHIZIPSTTVSJIWWMSREPTIVWSREPSVWSGMEPVSPIWERH
WOMPPW
)HYGEXMSREP SV PIEVRMRK KVSYTW EVI GSRGIVRIH TVMQEVMP] [MXLHMWGSZIVMRK ERH
HIZIPSTMRKRI[MHIEWERH[E]WSJXLMROMRK8LIWIQE]MRGPYHIIHYGEXMSREPGSYVWIW
WIQMREVW SV IRPMKLXIRQIRX KVSYTW %R I\XIRWMSR SJ XLMW X]TI SJ KVSYT MW XLI
XLIVETIYXMG KVSYT MR [LMGL QIQFIVW GSQI XSKIXLIV XS PIEVR EFSYX XLIQWIPZIW ERH
XLIMVVIPEXMSRWLMTW[MXLSXLIVW8LIGSQQYRMGEXMSRMRXLMWX]TISJKVSYTMWGLEVEGXIV
M^IHF]HMWGYWWMSRERHEREP]WMWSJETEVXMGYPEVMWWYIFYXMXQE]RSXFISVKERM^IHMR
WYGLE[E]SVZIWXIH[MXLEYXLSVMX]XSWSPZITVSFPIQWHMVIGXP]7YTTSVXXLIVET]ERH
GSRWGMSYWRIWWVEMWMRKKVSYTW[LSWIQEMRXEWOMWXLIHIZIPSTQIRXERHQEMRXIRERGISJ
KVSYTTVSGIWWERHVIPEXMSRWLMTWEVIRSXXLIQEMRJSGYWSJXLMWXI\X
(IGMWMSRQEOMRK ERHTVSFPIQWSPZMRKKVSYTW SRXLISXLIVLERHEVIGSRZIRIH
JSVXLII\TVIWWTYVTSWISJQEOMRKEHIGMWMSRWSPZMRKETVSFPIQSVHIEPMRK[MXLWTI
GMJMGMWWYIW%FSEVHSJHMVIGXSVWQE]QIIXXSHIXIVQMRIGSQTER]KSEPWERHTSPMGMIWSV
XSHIEP [MXL XLI PEXIWX FYHKIXEV]HMPIQQE 'SQQMXXIIW EVI TVSFPIQWSPZMRKKVSYTW
XLEXEVIEWWMKRIHEXEWOYWYEPP]F]WSQISXLIVTIVWSRSVKVSYT8LI]QE]FIJSVQIH
IMXLIVEWWXERHMRK GSQQMXXIIWXLEXI\MWXJSVERI\XIRHIHTIVMSHSJXMQISVEWEHLSG
GSQQMXXIIWMRXIRHIHXSEGGSQTPMWLEWTIGMJMGXEWOVETMHP]ERHXSFIHMWFERHIH[LIR
XLIXEWOMWGSQTPIXIH7SGMEPERHTSPMXMGEPSVKERM^EXMSRWSJXIRLEZIZEVMSYWGSQQMXXIIW
VERKMRKJVSQTIVWSRRIPERHQIQFIVWLMTXSTVSKVEQERHI\IGYXMZI
;SVO KVSYTWQE]FIWIIREWEX]TISJTVSFPIQWSPZMRKKVSYT;SVOKVSYTWLEZI
IZSPZIHMRXLIPEWXX[IRX]]IEVW[MXLMRFYWMRIWWSVKERM^EXMSRWERHSGGYVEXEPPSVKERM
^EXMSREPPIZIPWJVSQ1G(SREPHtWGVI[WXSLMKLPIZIPI\IGYXMZIVIXVIEXW[LIVISVKERM
^EXMSREP TSPMG] ERH HMVIGXMSR EVI HIXIVQMRIH 8LI MQQIHMEXI SJJMGI KVSYT SV
TVSHYGXMSRXIEQMWERSRKSMRKTEVXSJQSWXNSFWERHXLIIJJIGXMZIRIWWSJXLIWIKVSYTW
GERMRJPYIRGIFSXLERMRHMZMHYEPtWTVSHYGXMZMX]PIZIPERHLETTMRIWW[MXLMRXLISVKERM
^EXMSR'SRXMRYSYWMQTVSZIQIRXXIVQW ERHWIPJQEREKMRK[SVO KVSYTWEVIX[SWTI
GMEPM^IH I\EQTPIW SJ [SVO KVSYTW 8LIMV KSEPW EVI XS MRGVIEWI XLI UYEPMX] ERH
TIVJSVQERGIIJJIGXMZIRIWWSJXLIMVKVSYTW
-REHHMXMSRXSTVSFPIQWSPZMRKKVSYTWGSRJIVIRGI KVSYTWEVIJSVQIH[MXLVITVI
WIRXEXMZIWJVSQWIZIVEPHMJJIVIRXKVSYTW-RQER]GEWIWXLIMVQIIXMRKWTVSZMHIZMXEP
MRJSVQEXMSRWLEVMRK ERH GSSVHMREXMRK STTSVXYRMXMIW %R I\XIRWMSR SJ GSRJIVIRGI
KVSYTWEVIQIHMEXIHGSQQYRMGEXMSR KVSYTWWII'LETXIV 1EHITSWWMFPIXLVSYKL
XLIYWISJIPIGXVSRMGQIWWEKIGEVVMIVWWYGLEWGSQTYXIVWERHXIPIGSRJIVIRGMRKIUYMT
QIRX XLIWI KVSYTW TIVQMX TISTPI MR HMWTEVEXI PSGEXMSRW XS GSQQYRMGEXI ERH WSPZI
TVSFPIQWSJQYXYEPGSRGIVR*YVXLIVXLIMRJSVQEPPMEMWSRWTVSQYPKEXIHF]XLIEZEMP
EFMPMX] SJ IPIGXVSRMG QIHME JSV GSQQYRMGEXMSR EHH ERSXLIV PE]IV XS XLIWI QIHMEXIH
GSQQYRMGEXMSR KVSYTW 1ER] MR XLI FYWMRIWW ERH TVSJIWWMSREP [SVPH EW [IPP EW MR
WGLSSPWERHLSQIWYWIIQEMPERHSXLIV-RXIVRIXWIVZMGIWVIKYPEVP]ERHEVIQIQFIVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 +VSYTWMR3VKERM^EXMSRW 

SJ ZEVMSYW SRPMRI KVSYTW 8LI TEVXMGYPEV GSQQYRMGEXMSR WXVEXIKMIW YWIH MR WQEPP
KVSYTW HITIRHW XS WSQI HIKVII SR XLI GSRXI\X SJ XLI MRXIVEGXMSR ERH XLI KSEPW XLI
KVSYT [ERXW XS EGGSQTPMWL *SV I\EQTPI IPIGXVSRMG GSQQYRMGEXMSR TSWIW HMJJIVIRX
MWWYIWJSVWQEPPKVSYTGSQQYRMGEXMSRXLERHSIWJEGIXSJEGIGSQQYRMGEXMSR(MJJIV
IRXX]TIWSJJEGIXSJEGIWMXYEXMSRWERHSZIVEPPGSRXI\XWEPWSTPEGIUYMXIHMJJIVIRXX]TIW
SJHIQERHWSRXLIGSQQYRMGEXMSRMRXIVEGXMSRW

+VSYTWMR3VKERM^EXMSRW
+VSYTW ERH XIEQW YWIH IJJIGXMZIP] TVSHYGI SYXWXERHMRK VIWYPXW8LI] GER IRLERGI
GVIEXMZMX]ERHI\TERHXLIWGSTISJEPXIVREXMZIWSPYXMSRW1SWXWYGGIWWJYPGSQTERMIW
ERHPEVKIGSVTSVEXMSRWLEZIFIIRWXEVXIHF]FVEMRWXSVQMRKMRWQEPPKVSYTWVEXLIVXLER
F]EWMRKPIMRHMZMHYEPEGXMRKEPSRI
7QEPPKVSYTWEVIXLIGSVRIVWXSRIWSJQER]EWTIGXWSJSVKERM^EXMSREPFILEZMSV
STIVEXMRKEXEPPPIZIPWERHTPE]MRKQENSVVSPIWMRXLIMRJSVQEPERHJSVQEPMRXIVEGXMSRW
MRSVKERM^EXMSRW,EVVMW 3VKERM^EXMSRWQEOIYWISJGSQQMXXIIWXEWOJSVGIW
[SVOKVSYTWERHEZEWXRYQFIVSJSXLIVX]TIWSJKVSYTWERHXIEQWVERKMRKJVSQIPIG
XVSRMGRIX[SVOWXSMRXIVHMWGMTPMREV]TVSFPIQWSPZMRKKVSYTW

3VKERM^EXMSREP)\EQTPIW
8LI EFMPMX] SJ XIEQW XS MRGVIEWI ER SVKERM^EXMSRtW WYGGIWW MW [MHIP] HSGYQIRXIH
q1SVIGSQTERMIWEVIQSZMRKJVSQXVEHMXMSREPLMIVEVGL]QEREKIQIRXXSXIEQFEWIH
QEREKIQIRXMR[LMGLIZIV]SRILEWMRTYXMRXSLS[XLIFYWMRIWWMWVYRr4EVOIV
T (  3VKERM^EXMSRW YWI XIEQW XS MRGVIEWI MRRSZEXMSR IRLERGI GSPPEFSVEXMSR MR
GVIEWI IJJIGXMZI GSQQYRMGEXMSR WSPZI TVSFPIQW ERH VIHIJMRI XVEHMXMSREP SVKERM^E
XMSREPWXVYGXYVIW
8LI;LSPI *SSHW 'SQTER] JSVQW XIEQWMR IZIV] HITEVXQIRX 4EVOIV  
)EGLXIEQSTIVEXIWEWEWITEVEXIIRXIVTVMWI[MXLSRIXIEQPIEHIVq-JXLIXIEQGSQIW
MRYRHIVMXWFYHKIXXLIQSRI]PIJXSZIVMWHMZMHIHEQSRKXLIQIQFIVWr4EVOIV
T ( %X JMVWX KPERGI MX QMKLX ETTIEV XLEXXLIXIEQ[SYPH FI QSXMZEXIHXS VIHYGI
WTIRHMRK,S[IZIVWEXMWJ]MRKXLIGYWXSQIVMWXLIJMVWXTVMSVMX]WSXIEQWHSRSXMRXIR
XMSREPP]PMQMXUYEPMX]SVWIVZMGIXSMRGVIEWIXLIPIJXSZIVQSRI]q;LSPI*SSHW[LSWI
WXSGOTVMGIMWYTTIVGIRXXLMW]IEVLEWWIIRWXIEH]KVS[XLMRMXWIEVRMRKWEWEVIWYPX
SJMXWXIEQWXVYGXYVIr4EVOIVT( 
7IEKEXI 8IGLRSPSK] TEMH  TIV IQTPS]II XS EXXIRH E SRI[IIO XIEQ
FYMPHMRKVIXVIEXMR2I[>IEPERHHIWMKRIHXSHIZIPSTEGSLIWMZIXIEQGYPXYVI1E\
 (YFFIHq)GS7IEKEXIrXLIVIXVIEXMRGPYHIHEPPPIZIPWSJWXEJJWMRGIGSPPEFSVE
XMSRMWEGSQTER][MHIRIIH8LIKSEP[EWXSPIEVRXSHITIRHSRSXLIVXIEQQIQFIVW
JSVSZIVEPPWYGGIWWRSQEXXIV[LEXXLITVSFPIQMW
*MREPP]2YGSVXLIREXMSRtWPEVKIWXWXIIPTVSHYGIVERHVIG]GPIVLEWXIEQWXLEXJMK
YVISYXWYTTP]JPS[TVSFPIQWUYEPMX]MWWYIWZEGEXMSRWGLIHYPIWERHIZIRHMWGMTPMREV]
EGXMSRW2SWYTIVZMWSVHMGXEXIWXLIMVIZIV]QSZI4EVOIV 7MRGIXLIXIEQGEREGX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

MQQIHMEXIP]XSVIWSPZIMWWYIWERHMWYPXMQEXIP]VIWTSRWMFPIJSVXLIVIWYPXWXIEQQIQ
FIVWXEOIXLIMVVIWTSRWMFMPMXMIWWIVMSYWP]

1IIXMRKW
3RIKEYKISJLS[TVIZEPIRXKVSYTWEVIMRSVKERM^EXMSRWMWXLIVSPISJQIIXMRKWWII
*MKYVI  1MPPMSRWSJQIIXMRKWXEOITPEGIMR97SVKERM^EXMSRWIZIV]HE],S[IZIV
QIIXMRKW EVI SJXIR MRIJJIGXMZI EGGSVHMRK XS   SJ WYVZI]IH 97 I\IGYXMZIW
HI.EREW^(S[H
7GLRIMHIV 1ER]MRHMZMHYEPWFIPMIZIQIIXMRKWEVIE[EWXI
SJXMQI&EWMP 4IVLETWQSVIMQTSVXERXP]qYRTVSHYGXMZIQIIXMRKWEVIEGSWXP]
HVEMRSRFYWMRIWWIWr%VQSYVT& 
-RSRIWYVZI] SJ97I\IGYXMZIWTSMRXIHXSEPEGOSJSVKERM^EXMSRERHTPER
RMRKEWXLIQENSVVIEWSRWJSVMRIJJIGXMZIQIIXMRKW&EWMP )\EQMRI*MKYVI 
SRTEKIJSVKYMHIPMRIWJSVMRGVIEWMRK]SYVQIIXMRKWt IJJIGXMZIRIWW
'SQQMXXIIW GSRJIVIRGIW ERH QIIXMRKW LEZI JSWXIVIH QER] XSRKYIMRGLIIO
GSQQIRXWWYGLEWq%QIIXMRKFVMRKWXSKIXLIVEKVSYTSJXLIYRJMXETTSMRXIHF]XLI
YR[MPPMRKXSHSXLIYRRIGIWWEV]rq%GEQIPMWELSVWIHIWMKRIHF]EGSQQMXXIIrq%
GSRJIVIRGIMWEQIIXMRKSJTISTPI[LSWMRKP]HSRSXLMRKERH[LSGSPPIGXMZIP]EKVII
XLEXRSXLMRKGERFIHSRIrERHq%GSRJIVIRGIMWEQIIXMRKXSHIGMHI[LIRXLIRI\X
QIIXMRK[MPPFILIPHr=IXWQEPPKVSYTQIIXMRKWLEZITIVWMWXIHMRSVKERM^EXMSRWERH
EWSVKERM^EXMSRWQSZIXSJPEXXIRLMIVEVGLMIWERHMRGVIEWIXLIYWISJWIPJQEREKIH[SVO
XIEQWXLIEQSYRXSJXMQIWTIRXGSQQYRMGEXMRKMRWQEPPKVSYTQIIXMRKWMWPMOIP]XS
MRGVIEWI )JJIGXMZI WQEPP KVSYT GSQQYRMGEXMSR LEW QSZIH JVSQ ER EHZERXEKI XS E
RIGIWWMX]MRSVKERM^EXMSREP[SVOXSHE]

7YQQEV]
%WQIQFIVWSJLYQERWSGMIX]MXMWEPQSWXMQTSWWMFPIRSXXSFIPSRKXSSVTEVXMGMTEXIMR
WQEPPKVSYTW=IXRSXEPPWYGLKVSYTWEVIIUYEPP]WEXMWJ]MRKIJJIGXMZIERHWYGGIWWJYP
'SQQYRMGEXMSRMRWQEPPKVSYTWJYRGXMSRWXSEPPS[KVSYTQIQFIVWXSTSSPXLIMVMRHM
ZMHYEPORS[PIHKIERHWOMPPWERHXSGSPPIGXMZIP]JSVQYPEXIIJJIGXMZIWXVEXIKMIWJSVGSQ
TPIXMRKXEWOW
7YGGIWWJYPWQEPPKVSYTGSQQYRMGEXMSRHITIRHWSRXLI[MPPMRKRIWWERHEFMPMX]SJ
IEGL QIQFIV XS WLEVI MR XLI VIWTSRWMFMPMX] JSV XLEX MRXIVEGXMSRERH GSQQYRMGEXMSR
9PXMQEXIP] XLI WYGGIWW SV JEMPYVI SJ ER] GSQQYRMGEXMSR MRXIVEGXMSR HITIRHW SR XLI
MRHMZMHYEPWMRZSPZIHERHXLIMVEFMPMX]XSFEPERGIXLIH]REQMGSJYRMUYIMRXIVEGXMSRTEX
XIVRW
7QEPPKVSYTWQE]FIJSVQEPSVMRJSVQEPVERKMRKJVSQJEQMP]ERHWSGMEPKVSYTW
XSSVKERM^EXMSREP[SVOKVSYTWSVFSEVHWSJHMVIGXSVW7QEPPKVSYTWEVIH]REQMGW]W
XIQWERHEWWYGLQYWXFIZMI[IHEWMRXIVEGXMZIGSQQYRMGEXMZIRIX[SVOW8LI]KEMR
XLIMVZMEFMPMX] XLVSYKL XLI IJJIGXMZI MRXIVEGXMSR FIX[IIR XLI WYFWXERGIGSRXIRX  XLI
TEXXIVR VIPEXMSRWLMTW  ERH XLI TVSGIWW EGXMSR  8LMW GSQQYRMGEXMZI RIX[SVO MW
VIWTSRWMFPIJSVXLIFIRIJMXWSJW]RIVK]JSV[LMGLWQEPPKVSYTWEVIYRMUYIP]WYMXIH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7YQQEV] 

*-+96) %VI=SY0SRIP]#,SPHE1IIXMRK

%VI=SY0SRIP]#
;SVOSR=SYV3[R#
,EXI1EOMRK(IGMWMSRW#

,30(%1))8-2+

=SYGER
d 7)) TISTPI
d (6%; JPS[GLEVXW
d *))0 MQTSVXERX
d -146)77 ]SYVGSPPIEKYIW
d )%8 HSRYXW

%PPSR
'314%2=8-1)

1))8-2+7
XLITVEGXMGEPEPXIVREXMZIXS[SVO

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

*-+96) +YMHIXS1IIXMRK)JJIGXMZIRIWW

1IIXMRKWEVIZMXEPXSXLIKVSYTERHXIEQTVSGIWW8LIJSPPS[MRKWYKKIWXMSRWWYQQEVM^IGSQQSR
TVSFPIQWSVMWWYIW[MXLQIIXMRKIJJIGXMZIRIWW7TIGMEPM^IHKVSYTWSJXIRLEZITEVXMGYPEVJSVQEXW
ERHI\TIGXEXMSRWXLEXQMKLXVIUYMVIHIZMEXMSRWJVSQXLMWPMWX

&IJSVIXLI1IIXMRK  /IITXSXLIEKVIIHYTSRPIRKXLSJXMQI
 ,EZIEGPIEVTYVTSWIJSVXLIQIIXMRK  1EOIGIVXEMREHIUYEXIMRJSVQEXMSRMW
 'SRWMHIVYWMRKERHHMWXVMFYXMRKEREKIRHE EZEMPEFPI
 -RGPYHIXLIVMKLXTISTPIERHXLIVMKLX  )RHSRXMQI
RYQFIV  7YQQEVM^IXLIQIIXMRK
 4MGOERETTVSTVMEXIQIIXMRKXMQI  'SRWMHIVWGLIHYPMRKXLIRI\XQIIXMRK
 'LSSWIEPSGEXMSRIEWMP]EGGIWWMFPIXSTEV  8V]RSXXS[EWXIXMQI
XMGMTERXW  1EOIGIVXEMRUYMIXQIQFIVWGERGSR
 %ZSMHXSSQER]SVXSSJI[QIIXMRKW XVMFYXI
 4VSZMHIRSXMGISJXIR[VMXXIR[IPPFIJSVI  1EOIGIVXEMRXLIQIIXMRKMWRSXHSQM
XLIQIIXMRK REXIHF]EJI[
 %WOQIQFIVWXSGSQITVITEVIH  %ZSMHGSQTVSQMWIWXLEXTVSHYGITSSV
 7XEVXSRXMQI WSPYXMSRW

(YVMRKXLI1IIXMRK %JXIVXLI1IIXMRK
 0MQMXWSGMEPM^MRKERHKIXHS[RXSFYWM  6IGSVHOI]MWWYIWEWWMKRQIRXWHIEHPMRIW
RIWW  *SPPS[YTSREPPHIGMWMSRW
 )WXEFPMWLERSVHIVP]TVSGIWW  (IGMHIMJXLIQIIXMRK[EWEWYGGIWWSV
 -JXLIVIMWEREKIRHEYWIMXEWEKYMHIhFI JEMPYVI
JPI\MFPISRWTIGMJMGW
 7XEVX[MXLXLIQSWXMQTSVXERXXSTMGW
YRPIWWXLIQIIXMRKLEWEJSVQEPJSVQEX

+VSYTWJSVQIHJSVVIEWSRWSXLIVXLERTVMQEV]VIPEXMSRWLMTWhJEQMP]ERHWSGMEP
GSQTERMSRWLMTKVSYTWhJVIUYIRXP]LEZIEXXLIMVGSVIWSQIX]TISJTVSFPIQWSPZMRK
EKIRHE1SWXJSVQEPKVSYTWLEZIWTIGMJMGVIEWSRWJSVI\MWXMRKVERKMRKJVSQEREP]^MRK
TVSFPIQWXSVIWSPZMRKMWWYIW+VSYTWHIZIPSTXLIMVTEVXMGYPEVTIVWSREPMXMIWFEWIHSR
XLIREXYVISJXLIMWWYIWEVSYRH[LMGLXLI]EVIGSRZIRIHEW[IPPEWSRXLIGLEVEGXIVMW
XMGWSJXLIKVSYTQIQFIVWERHXLIIRZMVSRQIRXMR[LMGLXLIKVSYTMWJSVQIH
'SQQYRMGEXMSRJSVQWXLIFEWMWJSVWQEPPKVSYTMRXIVEGXMSRWERHMWEHIXIVQMRMRK
JEGXSV MR XLI SYXGSQIW SJ XLI KVSYT TVSGIWW )JJIGXMZI WQEPP KVSYT GSQQYRMGEXMSR
WXVEXIKMIWGERLIPTEWWYVIJEZSVEFPISYXGSQIW[MXLQIQFIVWJIIPMRKIQTS[IVIHF]
LEZMRK TEVXMGMTEXIH MR GVIEXMZITVSFPIQWSPZMRK 4SSV GSQQYRMGEXMSR WXVEXIKMIW JVI
UYIRXP]TVIHMWTSWIEKVSYTXSYRJEZSVEFPISYXGSQIWERHEHMWWEXMWJMIHQIQFIVWLMT
+EMRMRKGSQTIXIRGIMRWQEPPKVSYTGSQQYRMGEXMSRMWEPSXPMOIIRKEKMRKMRE
TL]WMGEPI\IVGMWITVSKVEQ-RSVHIVXSKEMRWXVIRKXLERHFSH]XSRI[ILEZIXS[SVOSYX
YWMRKI\IVGMWIWERHXIGLRMUYIWHIWMKRIHJSVXLITEVXMGYPEVQYWGPIKVSYTW[I[ERXXS

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (MWGYWWMSR5YIWXMSRW 

[SVOSR8LIFIXXIV[IYRHIVWXERHXLITVSGIWWERHJYRGXMSRWERHXLIQSVIVIKYPEVP][I
I\IVGMWIEGGSVHMRKXSXLIWITVMRGMTPIWXLIKVIEXIVXLIWXVIRKXLERHFSH]XSRI[IEVIEFPI
XSKEMR.YWX[SVOMRKSYXMR[LEXIZIV[E][IJIIPPMOI[LIRIZIVXLIQSSHWXVMOIWHSIW
RSXKIRIVEPP]TVSHYGIHIWMVEFPIVIWYPXW;IRIIHMRWXVYGXMSRMRERSZIVEPPI\IVGMWITPER
ERHHMWGMTPMRIMRGEVV]MRKMXSYXMRSVHIVXSQIEWYVISYVTVSKVIWWERHEGLMIZISYVKSEPW
*SVWQEPPKVSYTGSQQYRMGEXMSRXLMWEREPSK]XVERWPEXIWMRXSXLIMQTSVXERGISJ
KEMRMRKERYRHIVWXERHMRKSJXLIXLISVMIWERHTIVWTIGXMZIWSJLS[WQEPPKVSYTGSQQY
RMGEXMSR [SVOW FIGSQMRK JEQMPMEV [MXL E VITIVXSMVI SJ GSQQYRMGEXMSR WXVEXIKMIW
WLS[RXSFIIJJIGXMZIMRWQEPPKVSYTWERHORS[MRK[LIRXLSWIWXVEXIKMIWGERFIQSWX
YWIJYPP] ETTPMIH;LIR E WQEPP KVSYT WYGGIIHW MR MXW IRHIEZSVW E XLISVIXMGEP FEWI
LIPTWYWYRHIVWXERHLS[XLEXWYGGIWW[EWEGLMIZIHERHLIPTWYWQSHIPJYXYVIMRXIVEG
XMSRW EGGSVHMRKP];LIRXLIKVSYTtWGSQQYRMGEXMSR MWPIWWWYGGIWWJYPE XLISV]GER
LIPTYWYRHIVWXERH[LIVIERHLS[TVSFPIQWSGGYVVIHERHLS[XSLERHPIXLIQFIXXIVMR
JYXYVI WQEPP KVSYT GSQQYRMGEXMSR MRXIVEGXMSRW -R EHHMXMSR VIKYPEV TVEGXMGI YWMRK
WQEPPKVSYTGSQQYRMGEXMSRWXVEXIKMIWLIPTWYWHIZIPSTSYVWOMPPWERHQEOIFIXXIVYWI
SJSYVWXVEXIKMIW

(-7'977-3259)78-327

 ;LEXEVIXLIFEWMGGLEVEGXIVMWXMGWSJEWQEPPKVSYT#,S[MWEWQEPPKVSYTHMJJIVIRXJVSQE
KVSYTSJJVMIRHWKEXLIVMRKEJXIVEFEPPKEQISVWIZIVEPQIQFIVWSJERSJJMGIKIXXMRKXSKIXLIV
JSVPYRGL#
 0MWXXLVIIXSJMZIKVSYTWXS[LMGL]SYLEZIFIPSRKIHMRXLITEWXJI[]IEVW(MH]SYNSMR
FIGEYWISJ
% -RXIVTIVWSREPEXXVEGXMSR#;EWMXTVMQEVMP]TL]WMGEPTVS\MQMX]EXXMXYHIWMQMPEVMX]SVRIIH
GSQTPIQIRXEVMX]#
& %RIIHJSVEJJMPMEXMSR#
' %GSQQMXQIRXXSKVSYTKSEPWERHEGXMZMXMIW#
( %WWMKRQIRXF]WSQISRIIPWI#
;LMGLKVSYTW HMH]SYIRNS]XLIQSWX#;LMGLKVSYTW HMH]SYJMRHQSWXKVEXMJ]MRKMRXIVQW
SJEGGSQTPMWLMRKKSEPW#;LMGLKVSYTW [IVIPIEWXWEXMWJ]MRK#0IEWXWYGGIWWJYP#
 4VSZMHIERI\EQTPISJXLIE XVERWEGXMSREPF W]QFSPMGERHG WLEVIHQIERMRKEWTIGXWSJ
WQEPPKVSYTGSQQYRMGEXMSR,S[HSXLIWII\EQTPIWLIPT]SYYRHIVWXERHXLIGSQQYRMGE
XMSRTVSGIWWMRWQEPPKVSYTW#
 ;LEXMWQIERXF]XLIWXEXIQIRXXLEXXLIq[LSPISJXLIKVSYTMWKVIEXIVXLERXLIWYQSJMXW
TEVXWr#4VSZMHIERI\EQTPISJXLMWTLIRSQIRSRJVSQ]SYVS[RWQEPPKVSYTI\TIVMIRGIW
 8LIVIEVIRYQIVSYWX]TIWSJWQEPPKVSYTWMRGPYHMRKTVMQEV]WSGMEPIHYGEXMSREPXLIVETIY
XMGTVSFPIQWSPZMRK[SVOGSRJIVIRGIERHQIHMEXIHGSQQYRMGEXMSR;LMGLSRIWEVI]SY
QSWXJEQMPMEV[MXL#,EZI]SYTEVXMGMTEXIHMRER]WYGLKVSYTW#;LMGLSRIW#,S[HSXLI]
HMJJIVJVSQXLISRIW]SYEVIPIEWXJEQMPMEV[MXL#0SSOMRKEXXLIHMJJIVIRXX]TIWSJKVSYTW
GER]SYMHIRXMJ]WTIGMJMGEVIEW[LIVI]SYWLSYPHGSRGIRXVEXI]SYVWXYH]SJWQEPPKVSYTW#
;LEXEVIXLI]#
 'LETXIVHMWGYWWIWWIZIVEPSVKERM^EXMSREPWQEPPKVSYTWYGGIWWWXSVMIW*VSQ]SYVS[R[SVO
I\TIVMIRGIGER]SYMHIRXMJ]WSQIWQEPPKVSYTWYGGIWWWXSVMIW#(S]SYLEZIWSQII\EQTPIW
SJ [LIR WQEPP KVSYTW [IVI RSX WYGGIWWJYP SR XLI NSF#;LEX EVI XLI TVMQEV] HMJJIVIRGIW
FIX[IIRXLIX[SKVSYTW#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

)<)6'-7)7

 -GIFVIEOIV ;LEX MRXIVIWXW SXLIV GPEWW QIQFIVW# 8LI ZEPYI SJ KVSYTW -RGVIEWMRK
MRJSVQEXMSRERHMRWMKLXW0IEVRMRKEFSYXIJJIGXMZIKVSYTWERHXIEQW%VI]SYPSRIP]#
,SPH E QIIXMRK  ,SVWI XVEHMRK % XIWX SJ MRHMZMHYEP ZIVWYW KVSYT HIGMWMSR QEOMRK
 -RZIRXMRKXLIPMKLXFYPF

  - ' ) & 6 ) % / ) 6  ; , %8  - 2 8 ) 6 ) 7 8 7  38 , ) 6 ' 0 % 7 7

1)1&)67#

(MVIGXMSRW

 4YXEGLIGOQEVOXSXLIPIJXSJ]SYVS[RJEZSVMXIWMRIEGLGEXIKSV]-JRSRISJXLIGEX
IKSVMIWETTPMIW[VMXIMR]SYVTVIJIVVIHERW[IV
 8LIRQSZIEVSYRHXLIVSSQERHKYIWW[LEXSXLIVWMRXLIKVSYTLEZITMGOIH-J]SY
GERKYIWWSRXLIJMVWXXV] [LEXWSQISRIIPWILEWTYXJSVEGEXIKSV]LEZILMQSVLIVMRM
XMEPRI\XXSXLIGEXIKSV]=SYQE]RSXKIXQSVIXLERX[SMRMXMEPWJVSQXLIWEQITIVWSR
=SYVMRWXVYGXSV[MPPHIXIVQMRILS[QYGLXMQI]SY[MPPLEZIXSKIXXLIQSWXMRMXMEPW
*EZSVMXI*SSH *EZSVMXI%RMQEP
1I\MGER (SK
%QIVMGERQIEXERHTSXEXSIW 'EX
'LMRIWI &MVH
-XEPMER *MWL
*EZSVMXI:EGEXMSR *EZSVMXI8MQISJXLI(E]
7MKLXWIIMRKF]GEV )EVP]QSVRMRK
&IEGL %JXIVRSSR
1SYRXEMRW )ZIRMRK
;SVPHXVEZIP 0EXIRMKLX
*EZSVMXI7IEWSR *EZSVMXI'SPSV
;MRXIV (EVOFVS[RFPEGOVYWX
7TVMRK 0MKLX[LMXIKVE]XER
7YQQIV 4EWXIP]IPPS[TMROFEF]FPYI
*EPP &VMKLXVIHSVERKIFPYI

  8 , )  :% 0 9 )  3 *  + 6 3 9 4 7  - 2 ' 6 ) % 7 - 2 +
- 2 * 3 6 1 %8 - 3 2 % 2 (  - 2 7 - + , 8 7

(MVIGXMSRW
*MVWXERW[IVXLIJSPPS[MRKUYIWXMSRWMRHMZMHYEPP]

% -J]SYLEHXSXEOIQIHMGEXMSRIZIV]X[SLSYVWLS[QER]LSYVW[MPPIPETWIFIJSVI
]SYLEZIXEOIRJSYVHSWIWSJQIHMGEXMSR#CCCCCCCCCC
& 8[STISTPIEVITPE]MRKGLIGOIVW)EGLTPE]IHWIZIRKEQIWSZIVETIVMSHSJWIZIVEP
HE]W)EGL[SRXLIWEQIRYQFIVSJKEQIW]IXRSKEQIIRHIHMREHVE[,S[GSYPH
XLMWLETTIR#CCCCCCCCCCCCCCCCCCCCCCCCC

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

' ,S[JEVGERETIVWSRVYRMRXSXLI[SSHW#CCCCCCCCCCCCCCCCCCCCCCCCC
( ;LEXHSIWEPISTEVHLEZIXLEXRSSXLIVERMQEPHSIW#CCCCCCCCCCCCCCCCCCCCCCCCC
) 7SQIQSRXLWLEZIXLMVX]HE]WWSQILEZIXLMVX]SRI;LMGLQSRXLWLEZIX[IRX]
IMKLXHE]W#CCCCCCCCCC
* %RYVWIXEOIWGEVISJEQERMRELSWTMXEP8LIQERMWXLIRYVWItWFVSXLIVFYXXLIRYVWI
MWRSXXLIQERtWWMWXIV,S[GSQI#CCCCCCCCCCCCCCCCCCCCCCCCC

7IGSRHFVIEOMRXSXIEQWSVKVSYTWERHGSQIXSEREKVIIQIRXSRXLIFIWXERW[IV
*MREPP] [LIR ]SYV MRWXVYGXSV TVSZMHIW XLI GSVVIGX ERW[IVW VIEWWIQFPI ]SYV KVSYT ERH
I\EQMRI ]SYV HIGMWMSRQEOMRK TVSGIWW (MH ]SY XEOI IRSYKL XMQI# (MH ]SY GSRWMHIV
HMZIVWISTMRMSRW#;LEXTVIZIRXIH]SYEWMRHMZMHYEPWJVSQWIIMRKXLIGSVVIGXERW[IVW#

  0 ) % 6 2 - 2 + % & 3 9 8  ) * * ) ' 8 - : )  + 6 3 9 4 7 % 2 (
8 ) % 1 7  % 6 ) = 3 9  0 3 2 ) 0= #  , 3 0 ( %  1 ) ) 8 - 2 + 

(MVIGXMSRW
6IXYVRXSXLIGLETXIVERHVIVIEH*MKYVI %VI=SY0SRIP]#,SPHE1IIXMRK
%RW[IVXLIJSPPS[MRKUYIWXMSRW&ITVITEVIHXSWLEVI]SYVERW[IVW[MXLSXLIVGPEWW
QIQFIVW

,EZI]SYIZIVEXXIRHIHERMRIJJIGXMZIQIIXMRK#
;LEXGVMXIVMEEVI]SYYWMRKXSNYHKIMRIJJIGXMZIRIWW#
,EZI]SYEXXIRHIHEQIIXMRK]SYGSRWMHIVZIV]IJJIGXMZI#
;LEXGVMXIVMEEVI]SYYWMRKXSNYHKIXLIIJJIGXMZIRIWW#
6IXYVRXSXLIGLETXIVERHVIVIEHXLIq;L];I.SMR+VSYTWrHMWGYWWMSR(SIWXLMW
TVSZMHIWSQIEHHMXMSREPVIEWSRWJSVGSRWMHIVMRKEQIIXMRKIJJIGXMZISVRSX#
;LEXMWXLIVSPISJqEGGSQTPMWLMRKrWSQIXLMRKMRLS[[INYHKIEQIIXMRK#
-J]SYFIPMIZIEWTIGMJMGQIIXMRK[EWMRIJJIGXMZIHMH]SYXEOIER]EGXMSRWXSQEOI
XLIQIIXMRKQSVIIJJIGXMZI#-JWS[LEXEGXMSRWHMH]SYXEOI#-JRSX[LEXTVIZIRXIH
]SYJVSQXEOMRKER]EGXMSR#

  , 3 6 7 ) 8 6 % ( - 2 +  % 8 ) 7 8  3 *  - 2 ( - : - ( 9% 0 : ) 6 7 9 7
+6394()'-7-321%/-2+

(MVIGXMSRW
;VMXI]SYVERW[IVEXXLIIRHSJXLIJSPPS[MRKWXSV]8LMWMWERMRHMZMHYEPEGXMZMX]
%WTEVXSJEGPEWWEWWMKRQIRX]SY[IVIEWOIHF]]SYVMRWXVYGXSVXS[EWXI 8LMW
QIERWXLEX]SYGERRSXYWIXLIQSRI]JSVER]TYVTSWIWYGLEWWEZMRKWTIRHMRKSRFSSOWSV
JVMIRHWSVKSMRKSYX7MRGIXLMWMWIEVP]MRXLIWGLSSP]IEV]SYWEMH3/=SYVMRWXVYGXSV
EWOW]SYXSTVSQMWIXS[EWXIXLIQSRI];MXLPIWWXLERELEPJLSYVFIJSVIGPEWW]SY[IRX
SYXWMHIXLIFYMPHMRKXSWIIMJXLIVI[EWWSQIUYMGO[E]XS[EWXIXLIQSRI]
%W]SYPSSOEVSYRH]SYWIIERSPHIVTIVWSR[MXLELSVWIGEVV]MRKE*SV7EPIWMKR
=SYEVIRSXGIVXEMRMJXLMWMWEWIXYTF]XLIMRWXVYGXSVFYXSRIXLMRK]SYHMHRSXRIIHXSXEOI
XSGPEWWXSHE][EWELSVWI7S]SYETTVSEGLXLIMRHMZMHYEPERHEWOLS[QYGLXLILSVWI[MPP
GSWX8LIERW[IV4IVJIGX=SYLERHSZIVXLIERHXEOIXLIVIMRWSJXLILSVWI%WXLI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

X[SSJ]SY[EPOXS[EVHXLIGPEWWVSSQFYMPHMRK]SYRSXMGIEPSXSJWXEVIWERH]SYFIKMRXS
[SRHIVMJ]SYVIEPP]HMHXLIVMKLXXLMRKhXSSIEW]TIVLETW=SYXYVREVSYRHERHGEXGLYT
[MXLXLIJSVQIVS[RIVSJXLILSVWI=SYI\TPEMRXLEX]SYLEZIGLERKIH]SYVQMRHERHXLI
JSVQIVS[RIVXIPPW]SYMXMW3/FIGEYWIXLIVI[IVIX[SSXLIVFY]IVW&IMRKEqLSVWIXVEHIVr
]SYVWIPJ]SYWE]q+VIEX-tPPPIX]SYLEZIMXJSVr8LIJSVQIVS[RIVEKVIIWERH]SY
[EPOE[E][MXLERHRSLSVWI
%TTVSEGLMRKXLIFYMPHMRK]SYVMRWXVYGXSVWXSTW]SYERHEWOWMJ]SYEVIGEVV]MRKSYX
]SYVTVSQMWI=SYWQMPIQIIOP]ERHLEWXMP]TYVWYIXLILSVWIERHS[RIV7MRGIMXMWE
LSVWIGEXGLMRKYT[MXLXLIX[SMWRSXHMJJMGYPX=SYI\TPEMR]SYVTVSFPIQXSXLIS[RIV[LS
VIQIQFIVW XLEX ]SYSZIVGLEVKIH HYVMRK XLIPEWXRIKSXMEXMSR *SVXYREXIP]XLI S[RIV
EKVIIWXSWIPPXLILSVWIhFYXJSV2SX[ERXMRKXSFVIEOETVSQMWI]SYEKVIIERHJSVO
SZIVXLITPYWJVSQ]SYVS[RTSGOIX
%W]SYETTVSEGLXLIGPEWWVSSQFYMPHMRKXLINERMXSVWXITWJSV[EVHERHI\TPEMRWMRRS
YRGIVXEMRXIVQWXLEXRSLSVWIW[MPPFIIRXIVMRKXLIFYMPHMRK(MWETTSMRXIH]SYXYVREVSYRH
ERHGEXGLYT[MXLXLIJSVQIVS[RIVEKEMR[LSWIIQWXSFIKIXXMRKXMVIHSJXLIWIXVERWEGXMSRW
=SYI\TPEMR]SYVRI[TVSFPIQ8LIJSVQIVS[RIVETTEVIRXP]XEOMRKTMX]SR]SYERH[ERXMRK
XSIRHXLMWVIPEXMSRWLMTKMZIW]SYJSVXLILSVWIERHQEOIW]SYTVSQMWIRSXXSVIXYVR
2S[XLIUYIWXMSR2SXGSYRXMRKXLISVMKMREP HMH]SYQEOIQSRI]FVIEOIZIR
SVPSWIQSRI]#-J]SYQEHISVPSWXQSRI]I\EGXP]LS[QYGLHMH]SYQEOISVPSWI#
3RGI ]SY LEZI VIEGLIH ]SYV HIGMWMSR ]SYV MRWXVYGXSV [MPP JSVQ KVSYTW SV XIEQW
=SYVNSFMWXSVIEGLGSRWIRWYWSRXLIEQSYRXSJQSRI]MRZSPZIHMRXIVQWSJQEOMRKFVIEO
MRKIZIRSVPSWMRKQSRI]
%JXIV]SYGSQTPIXIXLMWEGXMZMX]GSRWMHIVXLIJSPPS[MRKUYIWXMSRW

% (MH]SYLEZIER]HMJJMGYPX]VIEGLMRKGSRWIRWYW#
& ;LEXHS]SYWIIEWXLIQENSVWXYQFPMRKFPSGOW#
' ;LEXLIPTIH]SYXLIQSWXMRVIEGLMRKGSRWIRWYW#
( -J]SYHMHRSXVIEGLXLIVMKLXERW[IV[L]#

  - 2 : ) 2 8 - 2 + 8 , ) 0 - + , 8 & 9 0 &

)ZIRMRZIRXMSRWGVIHMXIHXSETEVXMGYPEVMRHMZMHYEPEVIJVIUYIRXP]XLIVIWYPXSJKVSYTIRXIV
TVMWI8LIIPIGXVMGPMKLXFYPFGVIHMXIHXS8LSQEW)HMWSR[EWTSWWMFPISRP]FIGEYWISJXLI
HMWGSZIV]SJIPIGXVMGMX]ERHMXWQER]TSXIRXMEPYWIWF]ERYQFIVSJIEVPMIVWGMIRXMWXWERH
MRZIRXSVW% (ERI [EW XLI MRXIPPIGXYEP WSYVGI SJ QYGL SJ IPIGXVMG XLISV]% *VIRGLQER
HIZIPSTIHEPXIVREXMRKGYVVIRXERHXLIJMVWXWTEVOQEOIV8LI0I]HIRNEVERHXLIZEGYYQ
TYQT[IVIHIZIPSTIHF]+IVQERW8LIJMVWXIPIGXVMGTS[IVIHQEGLMRI[EWMRZIRXIHF]ER
%YWXVMER 4VSJIWWSV,IRV] 6S[PERH EX 6IRWWIPIEV 4SP]XIGLRMG -RWXMXYXI MRZIRXIH GETEGM
XSVW EPXIVREXSVW KIRIVEXSVW ERH JMPXIVW%RH SJ GSYVWI &IR *VEROPMR LEH QYGL IEVPMIV
HIQSRWXVEXIHXLIGSRRIGXMSRFIX[IIRIPIGXVMGMX]ERHPMKLX[MXLLMWOMXIERHOI]7S[LIR
8LSQEW)HMWSR WEX EPSRI MR LMW [SVOWLST ERH qMRZIRXIHr XLI PMKLX FYPF LI [EW LEVHP]
EPSRI ,I HITIRHIHSR XLI MRTYX SJ RYQIVSYW MRHMZMHYEPW [SVOMRK SR XLI WEQI KIRIVEP
TVSFPIQ4ISTPIEGXMRKMRGSRGIVX[MXLSXLIVWERH[SVOMRKSJJXLIW]RIVK]SJWLEVIHMHIEW
GERTVSHYGIVIWYPXWJEVFI]SRHXLSWIER]SRIMRHMZMHYEPEGXMRKEPSRIGSYPHTVSHYGI)ZIR
)MRWXIMR[SVOIH[MXLEQEXLIQEXMGMERJVMIRHXSVIWSPZILMWXLISV]SJVIPEXMZMX]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

'LSSWIEVIGIRXMRZIRXMSRWYGLEWXLIIZSPYXMSRSJTIVWSREPGSQTYXIVSTIVEXMRKW]W
XIQW ERH WSJX[EVI HMWGSZIV] WYGL EW WSQI SJ XLI VIGIRX HVYK XLIVETMIW JSV QEREKMRK
%-(7SVSXLIVHMWIEWIW MHIEWYGLEW[SVOJEVIMRWXIEHSJ[IPJEVI SVXLISV]WYGLEWE
WTIGMJMGGSQQYRMGEXMSRXLISV] EFSYX[LMGL]SYEPVIEH]ORS[WSQIXLMRK(SWSQIMRJSV
QEP VIWIEVGL XLIR XVEGI ERH HMWGYWWXLI KVSYT IJJSVX XLEX [IRX MRXS QEOMRK XLI GYVVIRX
EGGSQTPMWLQIRXTSWWMFPI2I\XFEWIHSRXLIEGGYQYPEXMSRSJMRHMZMHYEPGSRXVMFYXMSRWXS
XLIHMWGYWWMSRMXIQM^IERHHIWGVMFIXLIIJJIGXSJW]RIVK]MRHIZIPSTMRKKVSYTMRJSVQEXMSR
ORS[PIHKIERHYRHIVWXERHMRKXLEXFYMPHWSRFYXI\GIIHWXLIGSRXVMFYXMSRSJER]SRIMRHM
ZMHYEP

6)*)6)2')7
%RHIVWSR.%
)RKPILEVHX)) 8LISVKERM^E ,SJ 6 (   *VSQ HMRSWEYV XS KE^IPPI &YWMRIWW
XMSREP WIPJ ERH IXLMGEP GSRHYGX 2I[ =SVO ,EV ;IIO6IMRZIRXMRK%QIVMGE T
GSYVX -PPKIR(6,SPPIRFIGO.6.SLRWSR1
.YRHX(
%TTPIF].
(EZMW61EVGL 8IEQ[SVOYWIH   8IEQW MR SVKERM^EXMSRW *VSQ MRTYX
XSFIEQSRI]WEZIVRS[MXtWEPMJIWEZIV97%8SHE] TVSGIWWSYXTYX QSHIPW XS -13- QSHIPW %RRYEP
TT&i& 6IZMI[SJ4W]GLSPSK]  i
%VQSYV7.YP] 7SQIGSQTERMIWEMQXSXEQI .EGOWSR7)1E]/)
;LMXRI]/ 9RHIV
QIIXMRKW97%8SHE] T& WXERHMRKXLIH]REQMGWSJHMZIVWMX]MRHIGMWMSRQEO
&EWMP*1EVGL %HZERGITPERRMRKMWOI]XSWYG MRKXIEQW-R6%+Y^^S)7EPEW
%WWSGMEXIW
GIWWJYPQIIXMRKW-RHMERETSPMW&YWMRIWW.SYVREP T )HW  8IEQIJJIGXMZIRIWW ERH HIGMWMSR QEOMRK MR
&IPEWGS.% 8IEGLMRKXLIIPITLERXXSHERGI 2I[ SVKERM^EXMSRW TT i  7ER *VERGMWGS
=SVO4IRKYMR .SWWI]&EWW
&IVOS6.ERYEV] )HYGEXMSRQEXXIVW7TIGXVE T 1E\7%TVMP 7IEKEXItWQSVEPIEXLSR&YWMRIWW
&]XLIRYQFIVW%YKYWX 8LI8YWGEPSSWE2I[W ;IIO TTi
T) 1G+VIKSV.%TVMP 8LI[SVPHtWQSWXMRRSZEXMZI
'SLIR % 6 *MRO 7 0 +EHSR ,
 ;MPPMXW 6 ( GSQTERMIW&YWMRIWW;IIO TTi
 )JJIGXMZIFILEZMSVMRSVKERM^EXMSRW'EWIW 1G7LERI7
:SR+PMRS[1% 3VKERM^EXMSREP
GSRGITXW ERH WXYHIRX I\TIVMIRGIW XL IH  FILEZMSV &SWXSR-V[MR1G+VE[,MPP
&SWXSR1G+VE[,MPP 1G7LERI70
:SR+PMRS[1% 3VKERM^E
'SPPMRW.'
4SVVEW.- &YMPXXSPEWX7YGGIWW XMSREP FILEZMSV )QIVKMRK VIEPMXMIW JSV XLI [SVO
JYP LEFMXW SJ ZMWMSREV] GSQTERMIW 2I[ =SVO TPEGI VIZSPYXMSR RH IH  &SWXSR 1G+VE[
,EVTIV&YWMRIWW)WWIRXMEPW ,MPP
'YQQMRKW8+
;SVPI]'+ 3VKERM^EXMSREP 1ILXE 7 2  .YP]   ;LEX QMRSVMX] IQTPS]IIW
HIZIPSTQIRX ERH GLERKI XL IH  9RMXIH 7XEXIW VIEPP][ERX*SVXYRI TTi
8LSQWSR7SYXL;IWXIVR 1MPPIV + 6   -RXIVTIVWSREP GSQQYRMGEXMSR -R
(EZMW 7   3PH KSHW EPQSWX HIEH 8LI ]IEV + 0(ELROI
+;'PEXXIVFYGO)HW ,YQER
SH]WWI]SJXLI6SPPMRK7XSRIW 2I[=SVO&VSEH[E] GSQQYRMGEXMSRXLISV]ERHVIWIEVGL TTi 
HI.EREW^7'(S[H/3
7GLRIMHIV&>  &IPQSRX'%;EHW[SVXL
-RXIVTIVWSREP WOMPPW MR SVKERM^EXMSRW &SWXSR 1MPPIV /   3VKERM^EXMSREP GSQQYRMGEXMSR %T
1G+VE[,MPP TVSEGLIW ERH TVSGIWWIW XL IH  &IPQSRX '%
)XLMGW 6IWSYVGI 'IRXIV    2EXMSREP &YWMRIWW ;EHW[SVXL
)XLMGW6ITSVX7YQQEV]LXXTIXLMGWSVKWYVZI]  -RHYWXV] 6ITSVX  3GXSFIV  8VEMRMRK 1EKE
LXQP EGGIWWIH3GXSFIV  ^MRI T
+YRHIVWSR )  %YKYWX   *SYV VSGOIVW HIJMRI 4EVOIV:0.YP] q8IEQFEWIHrQEREKIQIRX
7XSRIWEKI97%8SHE] TT(i( KEMRMRK TSTYPEVMX] 8LI8YWGEPSSWE 2I[W TT (
,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE (
XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVITVEGXMGI 4SQIVS]%.YP] +VIEXTPEGIW MRWTMVIH IQTPS]
RHIH 1EL[E]2.0E[VIRGI)VPFEYQ IIW,61EKE^MRI TTi

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR

6SFIVXWSR'.'VMXXIRHIR;*&VEH]1/
,SJJ ;EX^PE[MGO 4 &IEZMR .
 .EGOWSR (  
QER.. 7MXYEXMSREPIXLMGWEGVSWWFSVHIVW 4VEKQEXMGW SJ LYQER GSQQYRMGEXMSR 2I[=SVO
.SYVREPSJ&YWMRIWW)XLMGW  i ;;2SVXSR
7GLIMR), 3VKERM^EXMSREPGYPXYVIERHPIEHIV ;SSH.8 6IPEXMSREPGSQQYRMGEXMSR'SRXMRYMX]
WLMT RHIH 7ER*VERGMWGS.SWWI]&EWW ERH GLERKI MR TIVWSREP VIPEXMSRWLMTW RH IH 
7YVS[MIGOM. 8LI[MWHSQSJGVS[HW 2I[=SVO &IPQSRX'%;EHW[SVXL
(SYFPIHE] =ERK . 0  .YRI   8LI TS[IV SJ RYQFIV 
8LIXIEQEWWYTIVWXEV 3YXPSSO TTi *SVXYRI T

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
+VSYTWEW7]WXIQWSJ-RXIVEGXMSR

',%48)63980-2)

9RHIVWXERHMRK7QEPP+VSYT7YGGIWW 7YQQEV]
'SQQYRMGEXMSRMR7QEPP+VSYTW (MWGYWWMSR5YIWXMSRW
%7]WXIQW%TTVSEGLXS7QEPP+VSYT )\IVGMWIW
'SQQYRMGEXMSR 6IJIVIRGIW
7]WXIQW8LISV]
3TIR7]WXIQW
'SQTPI\7]WXIQW

',%48)63&.)'8-:)7

9RHIVWXERHKVSYTWEWW]WXIQWSJMRXIVEGXMSR
(MWXMRKYMWLXLIJSYVX]TIWSJTVSFPIQWSPZMRKKVSYTW
4VSZMHIEXLISV]JSVWQEPPKVSYTGSQQYRMGEXMSR
)\TPEMREW]WXIQWETTVSEGLXSWQEPPKVSYTGSQQYRMGEXMSR
'SQTVILIRHXLIMQTSVXERGISJW]WXIQTVSTIVXMIWMRGPYHMRK[LSPIRIWWW]RIVK]STIRRIWW
XVERWJSVQEXMSRMRXIVHITIRHIRGIJIIHFEGOIRXVST]IUYMJMREPMX]ERHXLIIRZMVSRQIRX
)\TPEMRGSQTPI\W]WXIQWGLERKIERHPIEVRMRK
%TTP]XLIGSRGITXWSJWXVERKIEXXVEGXSVWTLEWIWTEGIFMJYVGEXMSRTSMRXWERHMVVIZIVWMFMPMX]


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

/ )=8 )6 17

&MJYVGEXMSRTSMRXW -RMXMEPGSRHMXMSRW 7IGSRHSVHIVGLERKI

'SQTPI\W]WXIQW -RTYX 7MRKPIPSSTPIEVRMRK
(SYFPIPSSTPIEVRMRK -RXIVHITIRHIRGI 7XVERKIEXXVEGXSVW
)RXVST] -VVIZIVWMFMPMX] 7]RIVK]
)RZMVSRQIRX 3TIRRIWW 7]WXIQWETTVSEGL
)UYMJMREPMX] 3YXTYX 7]WXIQWXLISV]
*IIHFEGO 4LEWIWTEGI 8VERWJSVQEXMSR
*MVWXSVHIVGLERKI 5YERXYQGLERKI ;LSPIRIWW

; LEXGSPSVMWEGLEQIPISRTPEGIHSRXLIQMVVSV#7XI[EVX&VERHTSWIHXLEXVMHHPI
XS+VIKSV]&EXIWSRMRXLIIEVP]W&VERH[VMXIWq+VIKSV]EWWIVXIHXLEXXLI
GVIEXYVI[SYPHWIXXPIEXEQMHHPIZEPYIMRMXWGSPSVVERKI-MRWMWXIHXLEXXLITSSV
FIEWXXV]MRKXSHMWETTIEVMREYRMZIVWISJMXWIPJ[SYPHIRHPIWWP]G]GPIXLVSYKLE
RYQFIVSJMXWHMWKYMWIWr8LIMQTSVXERXTSMRXEFSYXXLIGLEQIPISRMRXLIQMVVSV
VMHHPIMWXLEXXLIPM^EVHERHKPEWWFIGSQISRIW]WXIQq0M^EVHRIWWrERH
qQMVVSVRIWWrEVIIRGSQTEWWIHMRXSEPEVKIVIWWIRGIhEqPM^EVHKPEWWrhXLEXEGXW
HMJJIVIRXP]XLERIMXLIVEGLEQIPISRSVEQMVVSV/IPP]TTi

3JXIRKVSYTFILEZMSVWTVSGIWWIWERHHIGMWMSRWLEZITVSTIVXMIWXLEXGERRSXFIWMQTP]
EXXVMFYXIHXSER]TEVXMGYPEVKVSYTQIQFIV8LI]QE]LEZIELMWXSV]ERHEVIEWSRSV
QE]FIEGSRWIUYIRGISJWSQIXLMRKEKVIIHYTSRMRXLITEWX

9RHIVWXERHMRK7QEPP+VSYT7YGGIWW
7QEPPKVSYTWWLS[JSYVX]TIWSJTVSFPIQWSPZMRKEFMPMXMIWWII*MKYVI  8LIWIJSYV
X]TIW GER FI HMWXMRKYMWLIH EPSRK X[S HMQIRWMSRW8LIJMVWX HMQIRWMSR HMWXMRKYMWLIW
KVSYTWXLEXWYGGIWWJYPP]WSPZIXLITVSFPIQWJVSQXLSWIXLEXHSRSX8LIWIGSRHHMQIR
WMSRWITEVEXIWXLSWIKVSYTWXLEXYRHIVWXERH[L]XLI][IVIIMXLIVWYGGIWWJYPSVYRWYG
GIWWJYPMRWSPZMRKXLITVSFPIQWJVSQXLSWIXLEXHSRSXYRHIVWXERHLS[XLI]VIEGLIH
XLIMVTEVXMGYPEVSYXGSQIW-JXLSWIXLEXWYGGIIHIHYRHIVWXERH[L]XLI]LEZIWYGGIIHIH
ERHMJXLSWIXLEXJEMPIHYRHIVWXERH[L]XLI]LEZIJEMPIHERHMJXLI]IEGLYRHIVWXERH
[LEXWXVEXIKMIW[MPPLIPTXLIQFIWYGGIWWJYPMRXLIJYXYVIXLIRXLI]EVIQSVIPMOIP]XS
WYGGIIHMRXLIMVWYFWIUYIRXTVSFPIQWSPZMRKIRGSYRXIVW+VSYTWXLEXYRHIVWXERHXLI
VIEWSRWFILMRHXLIMVWYGGIWWIWSVJEMPYVIWEVIEFPIXSIQTPS]WXVEXIKMIWXLEX[MPPJEGMPM
XEXIJYXYVIWYGGIWWERHVIHYGIXLIPMOIPMLSSHSJJYXYVIJEMPYVI
-REHHMXMSRIJJIGXMZIKVSYTWQYWXIRKEKIMREZEVMIX]SJTVEGXMGIWVERKMRKJVSQ
IWXEFPMWLMRKEGPIEVWIXSJGSQQSRP]LIPHKSEPWXSHIZIPSTMRKRSVQWJSVMRXIVTIVWSREP
GSQQYRMGEXMSR7M\TISTPIKIXXMRKXSKIXLIVHSIWRSXKYEVERXIIERIJJIGXMZIKVSYTRSV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 9RHIVWXERHMRK7QEPP+VSYT7YGGIWW 

*-+96) 7YGGIWWJYPERH9RWYGGIWWJYP4VSFPIQ7SPZMRK+VSYTW

9RWYGGIWWJYP 7YGGIWWJYP

+VSYT 9RWYGGIWWJYPFYX +VSYT 7YGGIWWJYPERH

YRHIVWXERHW[L] YRHIVWXERHW[L]
0MOIP]XSFIEFPIXS 0MOIP]XSFIEFPIXS
9RHIVWXERHW 0IEVRJVSQXLIMVJEMPYVI 6ITIEXWYGGIWWRI\XXMQI
2SXQEOIXLIWEQI %GLMIZIEHHMXMSREP
QMWXEOIEKEMR ORS[PIHKI[MXLIEGL
%TTP]ORS[PIHKIERH RI[WYGGIWW
EGLMIZIWYGGIWWRI\XXMQI

+VSYT 9RWYGGIWWJYPFYXHSIWRSX +VSYT 7YGGIWWJYPFYXHSIWRSX

(SIWRtX YRHIVWXERH[L] YRHIVWXERH[L]
9RHIVWXERH 0MOIP]XSFIYRWYGGIWWJYP 0MOIP]XSFIYRWYGGIWWJYP
RI\XXMQI RI\XXMQI
0YGO]XLMWXMQI
FYXqGPYIPIWWr

MWIJJIGXMZIRIWWKYEVERXIIHF]EHHMRKSRISJXLIWXVEXIKMIWYWIHF]IJJIGXMZIKVSYTW
WYGLEWGLSSWMRKEPIEHIVSVJSPPS[MRKEREKIRHE3RP]F]YRHIVWXERHMRKXLITVSGIWW
XLVSYKL[LMGLKVSYTWHIZIPSTERHGSQQYRMGEXIXLIMVGSQQSRP]LIPHKSEPWGERWM\
TISTPIXVERWJSVQXLIQWIPZIWMRXSERIJJIGXMZIWQEPPKVSYT
-JXLIWIWM\TISTPIEVIHIHMGEXIHERHWYGGIWWJYPMRJSVQMRKEKVSYTERHEGLMIZMRK
XLIMVKVSYTTYVTSWIXLI]QE]QIIXEKEMRERHI\TIGXXSVITPMGEXIXLIMVIEVPMIVWYGGIWW
;MXLEXLISVIXMGEPFEWIXSKYMHIXLIQXLI]GEREREP]^IXLIMVWYGGIWWERHWXVMZIXSVITIEX
XLSWIWXVEXIKMIWXLEX[SVOIH;MXLSYXWYGLEXLISV]XLI]QYWXLSTIJSVXLIFIWXERHXVYWX
XLEXXLMRKW[MPP[SVOSYX-JXLIKVSYTQIQFIVWLEZIEPSRKLMWXSV]SJ[SVOMRKXSKIXLIV
WYGGIWWJYPP]XLI]TVSFEFP]LEZIWSQIGSQQSRMRXYMXMZIYRHIVWXERHMRKSJXLIMVGSQQY
RMGEXMSRI\TIGXEXMSRW,S[IZIVIZIR[LIRTISTPIORS[IEGLSXLIVEWMRHMZMHYEPWXLI]
JVIUYIRXP]JMRHXLIKVSYTTVSGIWWQSVIGLEPPIRKMRKXLERXLI]ERXMGMTEXIH%XLISVIXMGEP
TIVWTIGXMZIERHE[EVIRIWWSJXLIGSQTPI\GSQQYRMGEXMSRRIX[SVOMRWQEPPKVSYTWGER
LIPTKVSYTQIQFIVWWIITMXJEPPWFIJSVIXLI]JEPPXSSHIITP]MRXSXLIQ
%PXLSYKLMXMWXLISVIXMGEPP]TSWWMFPIXSGEPGYPEXIXLIqTIVWSREPMX]rSJEKVSYTF]
EREP]^MRKEPPXLITSWWMFPIVIPEXMSRWLMTWERHMRXIVEGXMSRWFIX[IIRIEGLERHIZIV]KVSYT
QIQFIVMXMWSJXIRRSXTVEGXMGEPXSHSWSERHETIVWTIGXMZIXLEXPSSOWEXEKVSYTEWE
[LSPIMWQSVITVEGXMGEP%XVERWEGXMSREPQSHIPSJGSQQYRMGEXMSRMR[LMGLqXLITVST
IVXMIWSJXLIKVSYTEVIMVVIHYGMFPIXSXLITVSTIVXMIWSJMXWMRHMZMHYEPQIQFIVWr0EW^PS
 T WYKKIWXWE W]WXIQWSVMIRXEXMSR XLEXYRHIVWGSVIWXLIH]REQMGGSQTPI\
SRKSMRK TVSGIWW REXYVI SJ WQEPP KVSYTW EW MRJPYIRGIH F] TEWX TVIWIRX ERH JYXYVI
IZIRXWMRXIVEGXMSRWWMXYEXMSRWERHGSRXI\XW8VIEXMRKWQEPPKVSYTWEWW]WXIQWSJMRXIV
EGXMSR[MXLYRMUYIGLEVEGXIVMWXMGWTVSZMHIWERETTVIGMEXMSRSJEKVSYTtWGSQTPI\MX]ERH
EPPS[WYWXSFIXXIVI\EQMRIERHYRHIVWXERHWQEPPKVSYTGSQQYRMGEXMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

'SQQYRMGEXMSRMR7QEPP+VSYTW
*VSQEW]WXIQWTIVWTIGXMZIWM\FEWMGIPIQIRXWSJLYQERGSQQYRMGEXMSRYRHIVPMIXLI
WXYH]SJWQEPPKVSYTGSQQYRMGEXMSR*MVWXGSQQYRMGEXMSRMWXLIVIGSKRMXMSRSJWSQI
FILEZMSVXLEXMWQIERMRKJYPXSSRISVQSVITEVXMGMTERXW &IGEYWIGSQQYRMGEXMSRMW
XMIH XS QIERMRK [I EVIMRXIVIWXIH MR QIERMRKGIRXIVIH EGXMZMXMIW 7]WXIQWXLMROMRK
LIPTWYWGSRGITXYEPM^IXLI[E]WMR[LMGLWQEPPKVSYTGSQQYRMGEXMSRMWEJJIGXIHF]
GLERKIWMRER]RYQFIVSJZIVFEPERHRSRZIVFEPEGXMZMXMIWWYGLEWPERKYEKIYWIXSRI
SJZSMGIWIEXMRKEVVERKIQIRXWX]PIWSJHVIWWXMQIPMRIWWERHWSJSVXL 
7IGSRHQIERMRKMWFEWIHSREW]QFSPMGMRXIVTVIXEXMSRSJERSXLIVtWGSQQYRMGE
XMSR &IGEYWI [I GERRSX FI MRWMHI WSQISRI IPWItW LIEH XS YRHIVWXERH LMW SV LIV
MRXIRHIHQIERMRK[IHITIRHSRSYVS[RMRXIVTVIXEXMSRWSJXLIYWISJW]QFSPWWYGLEW
[SVHWKIWXYVIWSVSXLIVEGXWXLEXGERWXERHJSVWSQIXLMRKIPWI;LIRWSQISRIWE]W
q-tQLYRKV]r[IYRHIVWXERHXLIQIERMRK%PXLSYKL[IHSRSXI\TIVMIRGILIVSVLMW
JIIPMRKWHMVIGXP][IGERIUYEXIXLIWXEXIQIRX[MXLSYVS[RJIIPMRKWSJLYRKIV&IGEYWI
SYVVIWTSRWIWXSSXLIVWt GSQQYRMGEXMSRWEVIFEWIHSRSYVS[RI\TIVMIRGIWSYVGSQ
QYRMGEXMSRHMJJMGYPXMIWQE]FIFEWIHSRHMJJIVIRXMRXIVTVIXEXMSRWSJXLIWEQIW]QFSPMG
[SVHWSVKIWXYVIW
8LMVHGSQQYRMGEXMSRMWGSRXI\XYEP 2YQIVSYWTEVXWSJXLIW]WXIQGERMRJPYIRGI
LS[[IYRHIVWXERHERHMRXIVTVIXXLIGSQQYRMGEXMSRTVSGIWW%W[IRSXIHIEVPMIVXLI
WEQIGSQQIRXQEHIMRHMJJIVIRXGMVGYQWXERGIWSVF]EHMJJIVIRXTIVWSRGERFIMRXIV
TVIXIHUYMXIHMJJIVIRXP]
*SYVXLGSQQYRMGEXMSREPPS[WYWXSETTP]QIERMRKXSXLI[SVPH %W'ETVERSXIW
MRUYSXMRK1EXYVEREERH:EVIPEqXLIW]WXIQsFVMRKWJSVXLE[SVPHt XLVSYKLXLITVSGIWW
SJPMZMRKr'ETVET ;IYRHIVWXERHERHMRXIVTVIXSYV[SVPHSJI\TIVMIRGIW
XLVSYKLGSQQYRMGEXMSRERHXLIEFWXVEGXQIERMRK[IKMZIXSZEVMSYWW]QFSPMGEGXMZM
XMIW8LIWQEPPKVSYTWMR[LMGL[ITEVXMGMTEXIFSXLI\TERHERHHITIRHSRXLIW]Q
FSPMGQIERMRKW[IFVMRKXSXLIQ
*MJXLSYVGSKRMXMZIEFMPMXMIWEVISTIRW]WXIQW XLEXPIEVRJVSQERHVIWTSRHXSXLI
HMJJIVIRXIRGSYRXIVW[IJEGIXLVSYKLSYXSYVPMZIW%RSTIRW]WXIQ[LMGL[IHMWGYWW
MRKVIEXIVHIXEMPWLSVXP]GSRRIGXWERHVIWTSRHWXSXLIEGXMZMXMIWSGGYVVMRKEVSYRHMX
3YVIEVPMIWXI\TIVMIRGIW[MXLSXLIVTISTPIERHXLIW]QFSPMGQIERMRKW[IPIEVRJVSQ
XLIQTVSZMHIYW[MXLXLIMRMXMEPGSRHMXMSRWXLEXJSVQXLIFEWMWJSVSYVWYFWIUYIRXPIEVR
MRKI\TIVMIRGIW%WWIPJGSRWGMSYWFIMRKW[IVIJPIGXFEGOSRSYVGSQQYRMGEXMSRXLEX
MW[IQIXEGSQQYRMGEXI8LMWJEGYPX]EPPS[WYWXSXLMROEFSYX[LEXLEWSGGYVVIHSVMW
SGGYVVMRK*SVI\EQTPI[IEWOSYVWIPZIWq;EW-WYGGIWWJYP#rq;EW-VMKLX#rq'SYPH-
LEZIWEMHMXHMJJIVIRXP]#rq%Q-QEOMRKWIRWIEXXLMWTSMRXMRXLIGSRZIVWEXMSR#r;I
XEOIMRERHTVSGIWWMRJSVQEXMSRJVSQSYVIRZMVSRQIRX
7M\XL[IEVIWMQYPXERISYWP]WIRHIVWERHVIGIMZIVWSJGSQQYRMGEXMSR %PXLSYKL
[IGERMWSPEXIERMRHMZMHYEPMREWQEPPKVSYTEWXLIWIRHIVSVMRMXMEXSVSJEQIWWEKIJSV
XLITYVTSWISJGPEVMX]XLIQIWWIRKIVERHXLIQIWWEKIEVIRSXVIEHMP]WITEVEXIHJVSQ
XLI GSRXI\X SJ XLI KVSYT H]REQMGW *SV I\EQTPI LS[ XLI QIWWEKI MW VIGIMZIH ERH
MRXIVTVIXIHQE]FIKVIEXP]HMZIVKIRXJVSQXLIMRXIRX[MXL[LMGLMX[EWWIRX7OMPPJYP
WTIEOIVWQSHMJ]LS[ XLI]WIRHEQIWWEKIHITIRHMRKSR[LS [MPPFIVIGIMZMRKMX8LI
QIWWEKIH]REQMGWMRGPYHIFSXLZIVFEPERHRSRZIVFEPIPIQIRXWERHEVIGSRXMRYSYW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

7QEPPKVSYTWEVISTIRGSQTPI\H]REQMGEPP]GLERKMRKW]WXIQWSJGSQQYRMGE
XMSRERHPIEVRMRKXLIZSGEFYPEV]SJEW]WXIQWTIVWTIGXMZIGERLIPTEKVSYTQIQFIV
WIIERHEVXMGYPEXI[LEXMWSGGYVVMRKMRXLIKVSYT-RXLMWGLETXIV[II\EQMRIXLIGLEV
EGXIVMWXMGWSJSTIRW]WXIQWXLIGLEVEGXIVMWXMGWSJGSQTPI\W]WXIQWERHXLIGSQQYRM
GEXMSR JYRGXMSRW [MXLMR STIR GSQTPI\ WQEPP KVSYT W]WXIQW XLEX JEGMPMXEXI XLI
TVSGIWWIWSJH]REQMGKVSYTMRXIVEGXMSRERHGLERKI

%7]WXIQW%TTVSEGLXS7QEPP
+VSYT'SQQYRMGEXMSR
%W]WXIQMWF]HIJMRMXMSREGSPPIGXMSRSJMRXIVVIPEXIHTEVXWSVIPIQIRXWXLEXJYRGXMSR
XSKIXLIVXSQEOIE[LSPIXLEXMWSJEQEKRMXYHIERHSVHIVXSXEPP]HMJJIVIRXJVSQXLEXSJ
ER]SJXLIMRHMZMHYEPTEVXW -XMWEWIXSJIPIQIRXWFSYRHXSKIXLIVMRMRXIVHITIRHIRXVIPE
XMSRWLMTW8LIMRXIKVMX]SJXLI[LSPIHITIRHWSRXLIQYXYEPMRXIVEGXMSRFIX[IIRMXWTEVXW

7]WXIQW8LISV]
7]WXIQWEVIVIWTSRWMZIERHMRXIVEGXMZI[MXLMR XLIQWIPZIWERH[MXLMRXLIMVIRZMVSR
QIRXWh[LMGLEVIXLIQWIPZIWW]WXIQW8LI]EVIXLIVIJSVIQYPXMXMIVIH[MXLIEGLW]W
XIQTEVXSJEPEVKIVSRI*SVI\EQTPIXLILYQERFSH]MWQEHIYTSJSVKERW]WXIQW
[LMGLMRXYVREVIGSQTSWIHSJGIPPYPEVW]WXIQW,YQERFIMRKWEVIEPWSTEVXSJWSGMEP
W]WXIQWERHIGSPSKMGEPW]WXIQW)EGLW]WXIQEJJIGXWXLISRIW[MXL[LMGLMXMRXIVEGXW
XEOMRKMRXVERWJSVQMRKERHTYXXMRKSYXIRIVKMIW;LIRXLI][SVOMRLEVQSR]IEGL
WYVZMZIWERHXLVMZIW
7]WXIQW XLISV] TVSZMHIW ER SZIVEPP I\TPEREXMSR JSV XLI GSQTPI\MX] SJ WQEPP
KVSYTW ,EVVMW  8YFFW   EPPS[MRK YW XS LMKLPMKLX XLI PIWW SFZMSYW FYX
MQTSVXERXIPIQIRXWSJXLIGSQQYRMGEXMSRMRXIVEGXMSR[MXLMRWQEPPKVSYTW+VSYTWEVI
QEHI YT SJ MRHMZMHYEPW TSWWIWWMRK HMJJIVIRX QSXMZIW TIVWSREPMXMIW ERH WOMPPW -R
'LETXIV[IRSXIHXLIVIQEVOEFPIMRGVIEWIMRMRXIVEGXMSRWTSWWMFPI[LIR[IQSZI
JVSQ X[S TISTPI X[S MRXIVEGXMSRW  XS IMKLX TISTPI  MRXIVEGXMSRW %HH VSPIW
RSVQW ERH XLI Q]VMEH SJ SXLIV GSQQYRMGEXMSR ZEVMEFPIW HMWGYWWIH XLVSYKLSYX XLMW
XI\X ERH XLI KVSYT TVSGIWW MW MRHIIH GSQTPI\%GGITXMRK GSQTPI\MX] EW E JEGX SJ
KVSYTPMJIJVIIWYWJVSQFIMRKWYVTVMWIH[LIRXLIXMQISJHE]GYVVIRXTIVWSREPGVMWIW
SVHMZIVWIGSQQYRMGEXMSREWWYQTXMSRWWMHIXVEGOIZIRXLIQSWXHIHMGEXIHKVSYT8LI
W]WXIQWTIVWTIGXMZIHIQERHWXLEX[IGSRWMHIVEPEVKIRYQFIVSJZEVMEFPIW
7]WXIQWXLISV]MWE[E]SJTIVGIMZMRKERHXLMROMRKVEXLIVXLEREWTIGMJMGqLS[
XSHSMXrXLISV]%WWYGLMXLEWFIIRHMJJMGYPXXSXIWXMREVMKSVSYWI\TIVMQIRXEP[E]
)MWIRFIVK
+SSHEPP 0IEVRMRKWTIGMJMGWXITWXSQEOISYVWQEPPKVSYTW[SVO
WYGGIWWJYPP]MWJVIUYIRXP]QSVIETTIEPMRKXLERFIMRKEWOIHXSI\EQMRIXLIFMKTMGXYVI
FYXRSXLMRKMWIZIVEWWMQTPIEWMXJMVWXETTIEVWERHEW]WXIQWETTVSEGL TVSZMHIWYW
[MXLEFVSEHYRHIVWXERHMRKJVSQ[LMGLXSHIZIPSTXLIWTIGMJMGWETTPMGEFPIXSER]TEV
XMGYPEVKVSYTWII8EFPI  

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

8%&0) 'LEVEGXIVMWXMGWSJ3TIRERH'SQTPI\7]WXIQW

'LEVEGXIVMWXMGWSJ3TIR7]WXIQW 'LEVEGXIVMWXMGWSJ'SQTPI\7]WXIQW

;LSPIRIWW 7IGSRHSVHIVSVUYERXYQGLERKI
7]RIVK] (SYFPIPSSTPIEVRMRK
3TIRRIWW 7IRWMXMZMX]XSMRMXMEPGSRHMXMSRW
8VERWJSVQEXMSR 7XVERKIEXXVEGXSVW
-RXIVHITIRHIRGI 4LEWIWTEGI
*IIHFEGO &MJYVGEXMSRTSMRXW
)RXVST] -VVIZIVWMFMPMX]
)UYMJMREPMX]

3TIR7]WXIQW
7]WXIQWXLISV]MWIWWIRXMEPP]E[E]SJXLMROMRKEFSYXXLIGSQTPI\MX]SJMRXIVEGXMSRW
FIX[IIRERH[MXLMRPMZMRKW]WXIQW-RXLIWWGLSPEVWFIKERVITSVXMRKXLIMVZMI[W
VIKEVHMRK PMZMRK W]WXIQW MR ER IJJSVX XS GVIEXI E KIRIVEP W]WXIQW XLISV]hSRI XLEX
[SYPH I\TPEMR XLI FEWMG GLEVEGXIVMWXMGW SJ PMZMRK SVKERMWQW 1MPPIV  8LSQEW
 8LMWI\GMXMRKTIVMSHSTIRIHXLIHSSVXSERI[X]TISJXLMROMRKEFSYXLS[XLI
TEVXWSJEW]WXIQMRXIVVIPEXIXSGVIEXIXLI[LSPI%KEMRXLILYQERFSH]TVSZMHIWEYWI
JYPI\EQTPI;LMPI[ILYQERWTVMHISYVWIPZIWSRSYVEFMPMX]XSXLMROERHWIPJVIJPIGX
XLIFVEMR[SYPHFIYWIPIWW[MXLSYXXLISXLIVSVKERWXLEXTVSZMHIPMJIWYTTSVX1SWXSJ
YWLEZITVSFEFP]I\TIVMIRGIHXLIHMJJMGYPX]SJXLMROMRKWXVEMKLX[LIR[IEVIHMWXVEGXIH
F]XLITEMRSVHMWEFMPMX][II\TIVMIRGI[LIR[IWTVEMREREROPIX[MWXEORIISVNEQE
JMRKIVMREHVE[IV8LITEVXWSJXLIFSH]EVIMRXMQEXIP]MRXIVGSRRIGXIH-RWQEPPKVSYTW
XLITEVXWEVIXLIQIQFIVWhXLIMVRIIHWERHFEGOKVSYRHWXLIWYFNIGXEFSYX[LMGLXLI]
EVIQIIXMRKERHRYQIVSYWSXLIVMRJPYIRGIWERHMRXIVEGXMSRWhEPPSJ[LMGLEVIMRXIV
GSRRIGXIH8LIWXVEMKLXJSV[EVHFMSPSKMGEPEREPSK]XLEXqXLIPIKFSRIMWGSRRIGXIHXS
XLIXLMKLFSRIrMWLS[IZIVJEVIEWMIVXSEREP]^IERHYRHIVWXERHXLERIZIRXLIWMQTPIWX
WQEPPKVSYTMRXIVEGXMSR8LIVSPISJGSQQYRMGEXMSRIWTIGMEPP]EWW]QFSPMGFILEZMSV
FIX[IIRTISTPIMRXLIJSVQSJPERKYEKISVRSRZIVFEPFILEZMSVMWGSQTPI\8LSQEW
 ERHMWXLIKPYIXLEXLSPHWIJJIGXMZIWQEPPKVSYTWERHXIEQWXSKIXLIV
8SFIKMRETTP]MRKW]WXIQWXLMROMRKXSXLIKVSYTTVSGIWW[IRIIHXSJMVWXYRHIV
WXERHXLEX[IEVIHIEPMRK[MXLW]WXIQWSJFILEZMSVFIX[IIRTEVXMGMTERXW[LSEVIMRXIV
VIPEXIH ERH MRXIVEGXMRK 8LIVIJSVI [LIR [I PSSO EX KVSYTW [I EVI I\EQMRMRK E
GSQTPI\WIXSJVIPEXMSRWLMTWFIX[IIRMRXIVHITIRHIRXTEVXW,EVVMW 8SHIQSR
WXVEXIERETTPMGEXMSRSJEW]WXIQWTIVWTIGXMZIXSYRHIVWXERHMRKWQEPPKVSYTW[II\EQ
MRI XLI GSRGITXW SJ [LSPIRIWW W]RIVK] STIRRIWW XVERWJSVQEXMSR MRXIVHITIRHIRGI
JIIHFEGOIRXVST]ERHIUYMJMREPMX]

;LSPIRIWWERH7]RIVK] 1SWXSJYWEVIJEQMPMEV[MXLXLIGSRGITXXLEXXLI[LSPIMW
KVIEXIVXLERXLIWYQSJMXWTEVXW;LSPIRIWW MRWQEPPKVSYTWQIERWXLEXXLIVIWYPXWSJ
TISTPI[SVOMRK[MXL IEGL SXLIV EVI HMJJIVIRXJVSQ XLI VIWYPXW SJXLSWIWEQI TISTPI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

[SVOMRK MR MWSPEXMSR8LI VIWYPX SJ XLMW H]REQMG MRXIVEGXMSR MW SJXIR VIJIVVIH XS EW
W]RIVK] 8LMWW]RIVK]MWGVIEXIHXLVSYKLXLIQM\MRKERHMRGSVTSVEXMRKSJIEGLSXLIVtW
XLSYKLXWERHQIWWEKIW8LVSYKLXLMWQM\MRKXLIH]REQMGSJXLIKVSYTMRXIVEGXMSRTVS
HYGIWEPEVKIVQSVIGVIEXMZIWSPYXMSRERHMXMWXLMWW]RIVK]XLEXQEOIWWQEPPKVSYTWWS
IJJIGXMZIMRWSPZMRKTVSFPIQW;LIR[IqFVEMRWXSVQrMRWQEPPKVSYTWXLISYXGSQIMW
YWYEPP]KVIEXIVXLEREWMQTPIEHHMRKYTSJXLIMRHMZMHYEPMHIEW-XPIEHWXSXLIGVIEXMSR
SJRI[MHIEWWXMQYPEXIHF]XLIKVSYTtWMRXIVEGXMSRMXWIPJ3RIQIQFIVWYKKIWXWERMHIE
XS[LMGLEWIGSRHQIQFIVVIWTSRHW%XLMVHQIQFIVGSQFMRIWXLIX[SMHIEWMRE[E]
XLEXFYMPHWERHEHHWSRXSXLIQERHWXMQYPEXIWXLIJMVWXQIQFIVXSLEZIEREHHMXMSREP
XLSYKLXXLEXI\TERHWSRXLSWIMHIEW8LITVSGIWWGSRXMRYIWERHTVSHYGIWEVIWYPXXLEXMW
RSXHMVIGXP]EXXVMFYXEFPIXSXLIMHIEWSJER]SRISJXLITEVXMGMTERXWFYXMWVEXLIVXLI
VIWYPXSJXLIMVMRXIVEGXMSR

3TIRRIWW %PPPMZMRKSVKERMWQWQYWXFISTIRXSXLIMVIRZMVSRQIRX8LI]QYWXXEOI
MRXLSWIIRIVKMIWSVWYFWXERGIWXLI]RIIHJSVXLIMVWYVZMZEPYWIXLIQYTERHKIXVMHSJ
[LEXXLI]GERRSXYWI8LI]QYWXWIPJVIKYPEXIq3TIRRIWW VIJIVWXSXLIIRIVK]MQTSVX
EGXMZMXMIWSJXLIW]WXIQ[LMGLMXRIIHWXSsWXE]MRXLIWEQITPEGIt XLEXMWXSQEMRXEMRMXW
S[RH]REQMGWXIEH]WXEXIr0EW^PST *SVI\EQTPIEWEPMZMRKW]WXIQXLI
LYQERFSH]QYWXXEOIMREMVJSSHERH[EXIVSVMX[MPPGPSWIHS[RERHIZIRXYEPP]HMI
8SEWWYVIIJJIGXMZIWQEPPKVSYTTVSGIWW[IQYWXQEMRXEMRSTIRRIWWXSXLIIRZMVSR
QIRXhXSXLIGSRXI\XSJIRIVK]ERHMHIEWMR[LMGLXLIKVSYTSTIVEXIW
-REHHMXMSRXSFIMRKSTIRERHVIGITXMZIXSXLIMVIRZMVSRQIRXWWQEPPKVSYTWRIIH
XSI\EQMRIXLIMRTYXJSVVIPIZERGIERHMRXIKVMX].YWXEWXLILYQERFSH]JMPXIVW[LEXMX
RIIHWJSVMXW[IPPFIMRKJVSQMXWMRTYXWSJJSSH[EXIVERHEMVERHHMWGEVHW[LEXMWYWI
PIWWSVLEVQJYPWSWQEPPKVSYTWQYWXJMPXIVXLIMRTYXXLI]VIGIMZIXSJYRGXMSRIJJIG
XMZIP]MRXLIMVIRZMVSRQIRXW

8VERWJSVQEXMSR +VSYTWVITVIWIRXERSRKSMRKW]WXIQSJMRXIVEGXMSRMR[LMGLMRJSV
QEXMSRERHIRIVK]EVIXEOIRMRTVSGIWWIHSVJMPXIVIH ERHI\TVIWWIHMRRI[JSVQW
XVERWJSVQIH -RSXLIV[SVHWMRTYXYRHIVKSIWEXVERWJSVQEXMSR MRXSSYXTYXXLVSYKL
ZEVMSYWMRXIVEGXMZITVSGIWWIW*SVI\EQTPIMJ[IEVI[SVOMRKSRVIHIWMKRMRKEREYXS
QSFMPIMRVIWTSRWIXSTSSVWEPIWSJSYVI\MWXMRKGEVW[I[SYPHHS[IPPXSPMWXIRXSXLI
GSRWYQIVW[LSEVIXIPPMRKYW[LEXXLI][ERX,S[IZIV[IEPWSRIIHXSJMPXIV[LEXXLI
GSRWYQIVW WE] XLI] [ERX EKEMRWX [LEX XLI] EVI EGXYEPP] FY]MRKhMR XIVQW SJ WX]PI
TVMGISVKEWQMPIEKI%JXIVVIGIMZMRKERHJMPXIVMRKXLIMRTYX[IXLIR[SVOMXMRXSSYV
RI[GEVHIWMKRh[IXVERWJSVQMX;MXLSYXXLEXSTIRRIWWXSXLIIRZMVSRQIRXERHTVS
GIWWMRKXVERWJSVQMRK SJXLIMRTYX[IGSYPHIRHYTHIWMKRMRKEGEVXLEXIMXLIVTIVTIX
YEXIWSPHJEMPIHMHIEWSVQIIXWGSRWYQIVWt MHIEWSJ[LEXXLI]XLMROXLI][ERXFYXMWXSS
I\TIRWMZIXSFY]ERHVYRSVXSSYRYWYEPMRETTIEVERGIERHMWRSX[LEXXLI]EGXYEPP]
GLSSWIXSFY]8LYWSTIRRIWWXSMRTYXhMRJSVQEXMSRhMWVIUYMVIHFYXXLIMRJSVQEXMSR
RIIHWXSFIJMPXIVIHERHXVERWJSVQIH
%KVSYTQIIXMRKXSHIGMHILS[FIWXXSHIZIPSTXLIRI[EYXSQSFMPIHIWMKRWWYK
KIWXIHF]GSRWYQIVW[SYPHWXEVXF]PSSOMRKEXHEXEMRTYX hXLIGLEVEGXIVMWXMGWSJXLI
I\MWXMRKGEVWLS[XLIWIGLEVEGXIVMWXMGWHMJJIVJVSQ[LEXGSRWYQIVWWE]XLI][ERXLS[

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

QYGL MX [SYPH GSWX XS QEOI XLI GLERKIW LS[ QYGL TVMGI MRGVIEWI GSRWYQIVW [MPP
EFWSVFERH[LMGLGLERKIWEVIQSWXMQTSVXERX;MXLIEGLVSYRHSJHMWGYWWMSRRI[
MRTYXMWVIUYMVIH-XMWI\EQMRIHHMWGYWWIHERHHMWTYXIHXVERWJSVQIH ERHXLIRWSPY
XMSRWEVITVSTSWIHSVRI[UYIWXMSRWEVIVEMWIHSYXTYX 8LIQSVIGSQTPI\XLITVSF
PIQXLIQSVIMXIVEXMSRWSJMRTYXXVERWJSVQEXMSRSYXTYXXLIKVSYTKSIWXLVSYKLMRMXW
TVSGIWW8LMWTVSGIWWMWTSWWMFPIFIGEYWIKVSYTWEVISTIRSVTIVQIEFPIXSWSQIHIKVII
ERHFIGEYWIXLIW]RIVK]SJXLIKVSYTTVSGIWWTIVQMXWXLITVSGIWWMRKERHXVERWJSVQE
XMSRSJMHIEW

-RXIVHITIRHIRGI &EWMGXSXLIW]RIVK]SJWQEPPKVSYTWMWXLIMRXIVHITIRHIRGI SJMXW

QIQFIVW8SXLII\XIRXXLEXQIQFIVWHITIRHSRSRIERSXLIVERHWLEVIMRVIWTSRWMFMP
MX]JSVXLIKVSYTTVSGIWWXLIKVSYTKEMRWXLIFIRIJMXSJXLIWLEVIHMHIEWERHMRXIVEG
XMSRW;LIRQIQFIVWEVIMRHITIRHIRXJSVI\EQTPIVEXLIVXLERMRXIVHITIRHIRXXLI
KVSYT VIZIVXW XS E WMQTPI GSPPIGXMSR SJ MRHMZMHYEPW -R FEWOIXFEPP JMZI MRHITIRHIRX
TPE]IVW GERRSX [MR QER] FEPP KEQIW )ZIR E WMRKPI SYXWXERHMRK TPE]IV GERRSX [MR
[MXLSYXXLIWYTTSVXERHQYXYEPGSSTIVEXMSRSJSXLIVXIEQQIQFIVW8LIWXEVTPE]IV
HITIRHWSRSXLIVWXSTEWWXLIFEPP[SVOMXHS[RXLIGSYVXERHWIXYTXLIWLSXW-REHHM
XMSRSRIMRWTMVIHERHXEPIRXIHTPE]IV[SVOMRKMRXIVHITIRHIRXP][MXLXIEQQEXIWGER
MRWTMVIXLSWIPIWWKMJXIHXSTPE]FIXXIVXLERXLI]QMKLXSRXLIMVS[R%PXLSYKLQER]SJ
YWLEZIJIPXXLIJVYWXVEXMSRSJXV]MRKXS[SVO[MXLXIEQSVKVSYTQIQFIVW[LSHMHRSX
GEVV]XLIMVPSEHQSWXSJXIRXLIVIMWWSQIQYXYEPFIRIJMXXSVIQEMRMRKMRZSPZIHERH
GSRRIGXIH[MXLXLISXLIVQIQFIVWERHMXGERSYX[IMKLXLIRIKEXMZIEWTIGXWSJHITIRH
MRKSRRSRWYTTSVXMZIKVSYTQIQFIVW;LIRHMJJMGYPXMIWHSEVMWIMXMWXMQIXSPSSOXS
GSQQYRMGEXMSR WXVEXIKMIW XS LIPTXLIKVSYTSV XIEQ VIEGLMXWGSQQSRKSEP8EOMRK
EHZERXEKISJMRXIVHITIRHIRGIVIUYMVIWPIEVRMRKLS[XS[SVO[MXLXLISXLIVQIQFIVW
*SVI\EQTPI[LIRXLIVIGSVHWSJ2EXMSREP&EWOIXFEPP%WWSGMEXMSRXIEQWJVSQ
XS[IVIGSQTEVIHXLIXIEQW[MXLXLIQSWXqWLEVIHI\TIVMIRGIrhTPE]MRKXMQI
XSKIXLIVSVPS[XYVRSZIVhLEHXLIFIWX[MRPSWWVIGSVHW/SVIX^ 

*IIHFEGO +MZMRK ERH VIGIMZMRK JIIHFEGO MW ER MQTSVXERX GSRWMHIVEXMSR MR WQEPP
KVSYTGSQQYRMGEXMSR%KVSYTQYWXTE]EXXIRXMSRFSXLXSXLIJIIHFEGOXLEXMXVIGIMZIW
JVSQMXWPEVKIVIRZMVSRQIRXMRXLIJSVQSJMXWMRMXMEPGLEVKIERHHMVIGXMSRWEW[IPPEWXS
XLIVIWTSRWIXSMXWTVIWIRXEXMSRW-XQYWXEPWSVIGSKRM^IXLITVSGIWWIWWX]PIGSRXIRX
ERHIJJIGXSJXLIJIIHFEGOXLEXMXTVSZMHIWMXWQIQFIVW4SWMXMZIJIIHFEGOIRGSYVEKIW
GVIEXMZMX]EQSRKKVSYTQIQFIVWERHWYKKIWXWERETTVIGMEXMSRJSVHMZIVWMX]MRXLMRO
MRKTIVWTIGXMZIWERHSTMRMSRW2IKEXMZIJIIHFEGOIRGSYVEKIWEVIHYGXMSRMRHIZME
XMSRGERJYPJMPPEGSVVIGXMZIJYRGXMSRXSLIPTOIITXLIKVSYTSRXEWOFYXGEREPWSVIHYGI
GVIEXMZMX]-JEKVSYT[ERXWXSGSRWMHIVRI[ERHHMJJIVIRXMHIEWMXRIIHWTSWMXMZIJIIH
FEGO XLEX IRGSYVEKIW HIZMEXMSRW JVSQ XLI I\TIGXIH [E]W SJ XLMROMRK ERH SJ HSMRK
XLMRKW-JXLIKSEPMWXSQEMRXEMRXLIWXEXYWUYSRIKEXMZIJIIHFEGOPIXWYWORS[[LIR
[ILEZIWXVE]IHXSSJEVJVSQMX
-J-YWI6SFIVXtW6YPIWSJ3VHIV 6SFIVX XSQEMRXEMRWXVMGXGSRXVSPSZIVE
WQEPPKVSYTHMWGYWWMSR-QE]FIIRKEKMRKMRRIKEXMZIJIIHFEGO;LIR-GEPPXLIUYIW
XMSR SV VYPI WSQISRI SYX SJ SVHIV - LEZI HIGMHIH XLEX LI SV WLI LEW ZMSPEXIH XLI
I\TIGXIH HMVIGXMSR SJ XLI HMWGYWWMSR SV LEW ZIIVIH SJJ GSYVWI 8LMW OMRH SJ WXVMGX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

8IEQ[SVOERHW]RIVK]

EHLIVIRGI XS VYPIW MW PMOIP] XS WXMJPI GVIEXMZMX] -R QSWX SVKERM^EXMSRW TYWLMRK JSV
GLERKIWXLEXEGXYEPP]GVIEXIMQTVSZIQIRXMRTVSHYGXSVTIVJSVQERGIVIUYMVIWTSWMXMZI
JIIHFEGOMRSVHIVXSQSZITISTPIE[E]JVSQXLIMVLEFMXYEPTVEGXMGIW%JXIVEPPMJXLI
qSPHr[E]W [IVI[SVOMRKXLIVI [SYPHFI RSTVSFPIQW XSEHHVIWW'SRWMHIVEXMSRSJ
EPXIVREXMZITSMRXWSJZMI[MWEVIGSKRMXMSRSJXLIVSPISJTSWMXMZIJIIHFEGOMRLIPTMRKXS
QEOIXLIFIWXHIGMWMSRW8LIGSRWXVYGXMZIYWISJJIIHFEGOEPWSLIPTWTVIZIRXIRXVST]

)RXVST] 0MZMRK W]WXIQW XIRH XS[EVH IRXVST]hHMWSVKERM^EXMSR WXEKREXMSR ERH

GLESW;MXLSYXXLIIRIVKM^MRKIJJIGXSJRI[MRTYXW]WXIQWXIRHXSPSWIJSGYWERHSVKE
RM^EXMSR 8LI] XIRH XS WXEKREXI &] MRGVIEWMRK MRTYXW SJ IRIVK] ERH MRJSVQEXMSR
KVSYTWGERTVIZIRXIRXVST]FYXXSSQYGLIRIVK]SVMRJSVQEXMSRSZIVPSEHGERGEYWI
GLESWERHHMWSVKERM^EXMSR3TIRRIWWERHXLIJMPXIVMRKSJMRTYXWLIPTOIITXLIIRIVK]
FEPERGI MR E WEXMWJEGXSV] WXEXI +VSYTW QSRMXSV ERH GSRXVSP XLIMV MRXIVREP H]REQMGW
XLVSYKLXLIYWISJJIIHFEGO;LIREKVSYTWIRWIWXLEXMXMWSZIVWXMQYPEXIHERHMWZIIV
MRK XSS JEV JVSQ MXW MRXIRHIH TYVTSWI MXYWIW RIKEXMZI JIIHFEGOXS OIIT MXWIPJ JVSQ
LIEHMRKXS[EVHWIPJHIWXVYGXMSR-JIZIV]SRIMWXEPOMRKEXSRGIERHRSSRIMWPMWXIRMRK
ZIV]PMXXPIGERFIEGGSQTPMWLIHERHWSQISRIRIIHWXSMRWMWXSRSVHIV3RXLISXLIV
LERHERSZIVHITIRHIRGISRGSRXVSPSVXSSQER]PMQMXWSRRI[MHIEWXLVSYKLRIKEXMZI
JIIHFEGOPIEHXSWXEKREXMSRERHIRXVST];LIR[IEWQIQFIVWSJKVSYTWFEPERGIXLIWI
GSQTIXMRKJSVGIWSYVKVSYTWGERFIKMRXSQSZIJSV[EVHWYGGIWWJYPP][MXLERETTVIGM
EXMSRSJIUYMJMREPMX]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

)UYMJMREPMX] 8LIVIMWQSVIXLERSRI[E]XSWOMREGEXWYKKIWXWERSPHI\TVIWWMSR
)UYMJMREPMX] VIJIVWXSXLIJEGXXLEXPMZMRKW]WXIQWGERXEOIHMJJIVIRXVSYXIWXSXLIWEQI
HIWXMREXMSR8LIVIHSIWRSXLEZIXSFIEWTIGMJMGJSVQYPEJSVLS[IZIV]KVSYTSTIVEXIW
XSEGLMIZIWYGGIWW-J]SYEVIMRXIVIWXIHMRQEMRXEMRMRK]SYVTL]WMGEPLIEPXL]SYGER
[EXGL]SYVHMIXHSEIVSFMGWPMJX[IMKLXWTPE]WTSVXWSVGSQFMRIER]SJXLIWISVSXLIV
EGXMZMXMIW7SXSSHMJJIVIRXKVSYTWGEREGLMIZIWYGGIWWJYPVIWYPXWF]XEOMRKEHZERXEKI
SJXLIYRMUYIGSQFMREXMSRSJGLEVEGXIVMWXMGWERHWXVIRKXLWSJXLIMVTEVXMGYPEVKVSYT

8EOMRK%GGSYRXSJXLI0EVKIV)RZMVSRQIRX %W[IRSXIHIEVPMIVWQEPPKVSYTWEVI
W]WXIQW [MXLMRW]WXIQW7SQIXMQIWXLI TVSGIWWIW XLEXOIIT MRHMZMHYEP WQEPP KVSYTW
JYRGXMSRMRK[SVOEKEMRWXXLIPEVKIVKSSHSJXLIW]WXIQSR[LMGLMXHITIRHW8LIJIHIVEP
KSZIVRQIRXMWEW]WXIQ[MXLQER]WQEPPIVW]WXIQWWYFWYQIH[MXLMRMX*VIUYIRXP]SRI
WYFW]WXIQSTIRERHVIWTSRHMRKXSXLIRIIHWSJMXWMQQIHMEXIIRZMVSRQIRX[SVOWMR
HMVIGXSTTSWMXMSRXSERSXLIVXSXLIHIXVMQIRXSJXLI[LSPI*SVI\EQTPIJVSQXS
XLI-RXIVMSV(ITEVXQIRXWTIRXQMPPMSRWYFWMHM^MRKXLIGSWXSJMVVMKEXMRKJEVQ
PERHW XS TVSHYGI GSVR FEVPI] VMGI ERH GSXXSR (YVMRK XLI WEQI XMQI TIVMSH XLI
%KVMGYPXYVI(ITEVXQIRXTEMHXLIWEQIJEVQIVWQMPPMSRXSPMQMXWYVTPYWGVSTTVS
HYGXMSR&EVV 9RXMPXLIWIX[SHITEVXQIRXWSTIRXLIQWIPZIWFI]SRHXLIMVMQQI
HMEXI GSRWXMXYIRGMIW XS XLI PEVKIV W]WXIQ SR [LMGL XLI] FSXL HITIRH XLI] [MPP
TIVTIXYEXI[EWXIERHMRIJJIGXMZIRIWWERHYPXMQEXIP][IGEREWWYQI[MPPI\LEYWXXLI
JMRERGMEP VIWSYVGIW SR [LMGL XLI LIEPXL ERH QEMRXIRERGI SJ IEGL SJ XLI WYFW]WXIQW
HITIRH8LIVIJSVIXSXLII\XIRXTSWWMFPIWQEPPKVSYTWSVXIEQWEWW]WXIQW[MXLMRW]W
XIQWQYWXYRHIVWXERHERHEGGSQQSHEXIXLIXSXEPMX]SJXLIMVIRZMVSRQIRXW
&IGEYWIHMZIVWMX]MWEZMXEPP]MQTSVXERXMWWYI[ILEZIHIZSXIHERIRXMVIGLETXIVXS
IRLERGISYVYRHIVWXERHMRKSJMXWII'LETXIV ,S[IZIVX[SI\EQTPIWVIKEVHMRKHMZIV
WMX]TVSZMHIYWIJYPMRWMKLXWMRXSXLIW]WXIQWERHWYFW]XIQWGSRRIGXMSR+EVHIRW[EVX^

6S[I ;LIRTISTPIEVIEWOIHXLIFIRIJMXWSJPMZMRKERH[SVOMRKMREQYPXMGYPXYVEP
IRZMVSRQIRXXLI]EPQSWXEP[E]WQIRXMSRHMJJIVIRXERHI\SXMGJSSHW
%X E PYRGLEXE QEREKIQIRX QIIXMRK XLI IRXVÍI MWUYMGLI PSVVEMRIQEHI [MXL
LEQ8[SQEREKIVWRIZIVXSYGLXLIMVTPEXIW;L]#8LIVIGSYPHFIWIZIVEPVIEWSRWFYX
EPMOIP]SRI[SYPHFIVIPMKMSYWTVSLMFMXMSRWEKEMRWXGIVXEMRJSSHW/SWLIVJSSHPE[W
EHLIVIHXSF]WSQI.I[WTVSLMFMXXLIIEXMRKSJTSVOERHWLIPPJMWL(IZSYX1YWPMQW
EPWSVIJYWITSVOERHEPGSLSPMGFIZIVEKIW,MRHYVIPMKMSYWFIPMIJWTVSLMFMXXLIIEXMRKSJ
QIEXSJER]OMRH-REHHMXMSRQER]MRHMZMHYEPWGLSSWIXSIEXEZIKIXEVMERHMIX8LIWI
WYFW]WXIQWTVIZEMPMRWTMXISJXLITSWWMFPIGPEWL[MXLSXLIVWYFW]WXIQWFIGEYWISJXLI
HITXLSJMRHMZMHYEPWt FIPMIJW
0MOI[MWI XMQI GSRWGMSYWRIWWSRXLITEVX SJ%QIVMGERWSJXIRGPEWLIW [MXLXLI
QEÕEREEXXMXYHIMR1I\MGSERHXLI-RWLEPPEL SJXLI%VEF[SVPH;LMPIXMQIMWQSRI]MR
XLI9RMXIH7XEXIWXMQIMWGSRWMHIVIHQSVIIPEWXMGERHVIPIZERXMRXIVQWSJQEÕERESV
WSQIXMQIMRXLIJYXYVIERHSJ-RWLEPPEL [LMGLQE]QIER[LIRIZIVMXGSQIWXSTEWW
*SVWSQI%QIVMGERWEGGITXMRKXLEXFSXLZMI[WEVIPIKMXMQEXITIVWTIGXMZIWLEWTVSZIH
HMJJMGYPXERHMVSRMGEPP]XMQIGSRWYQMRK
8LI QEWWMZI MRGVIEWIWMR-RXVERIXERH-RXIVRIX GSRRIGXMSRWLEZI I\TERHIHXLI
WQEPPKVSYTtWYRMZIVWI2SXSRP]MWXLIVIEKVIEXHIEPQSVIMRJSVQEXMSREZEMPEFPIFYX
STTSVXYRMXMIW XS GSRRIGX HMKMXEPP] VEXLIV XLER MR JEGIXSJEGI KVSYT QIIXMRKW LEZI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

MRGVIEWIHEPPS[MRKMRHMZMHYEPWJVSQEVSYRHXLIKPSFIXSTEVXMGMTEXIMRVIEPXMQIHIGM
WMSRW +EXIW  ,SJ   -RJSVQEXMSR EPFIMX RSX EP[E]W EGGYVEXI MW [MHIP]
EZEMPEFPI%W SJ  q QMPPMSR%QIVMGERW LEZI GSRXVMFYXIH QEXIVMEP XS XLI 2IX
JVSQ TVSHYGX VIZMI[W XS I&E]VEXMRKW EGGSVHMRK XLI 4I[ -RXIVRIX
%QIVMGER 0MJI
4VSNIGXr,SJT 8LIMQTPMGEXMSRWSJXLIWIXVIRHWEVIHMWGYWWIHXLVSYKLSYX
XLMWXI\XFSSO

'SQTPI\7]WXIQW
-REHHMXMSRXSFIMRKSTIRW]WXIQWWQEPPKVSYTWEVIEPWSGSQTPI\W]WXIQW 8LIMVGSQ
QYRMGEXMSR TVSGIWWIW EVI SJXIR HMWSVHIVP] GLESXMG ETTEVIRXP] HMWGSRXMRYSYW ERH
XVERWJSVQEXMSREP%W GSQTPI\ W]WXIQW XLI] LEZI EHHMXMSREP GLEVEGXIVMWXMGW EW [IPP
&IMRKE[EVISJXLIWIGLEVEGXIVMWXMGWEPPS[WTEVXMGMTERXWXSQSVIJYPP]ETTVIGMEXIXLI
GSQQYRMGEXMSRTVSGIWWIWXLEXEVISGGYVVMRKERHXSQEOIIJJIGXMZIYWISJXLIQMRXLIMV
KVSYTtWMRXIVEGXMSRW8LVSYKLXLIMVGSQQYRMGEXMSRWQEPPKVSYTWEVIGETEFPISJ[LEX
LEWFIIRGEPPIHWIGSRHSVHIV SVUYERXYQGLERKI ERHSJHSYFPIPSSTPIEVRMRK +IQ
QMPP
;]ROSST ERHTEVXMGMTEXIMRW]WXIQWXLEXWLS[EWIRWMXMZMX]XSMRMXMEPGSR
HMXMSRW XLI TVIWIRGI SJ WXVERKI EXXVEGXSVW TLEWI WTEGI FMJYVGEXMSR TSMRXW ERH
MVVIZIVWMFMPMX]*YLVMQER
&YVPMRKEQI 

7IGSRH3VHIV SV 5YERXYQ 'LERKI %W [ILEZI RSXIH STIRRIWWERHGLERKI EVI

IWWIRXMEPERHEVIXLIIWWIRGISJWQEPPKVSYTGSQQYRMGEXMSRTVSGIWWIW+VSYTWXVERW
JSVQXLIQWIPZIWWMQTP]F]XLIMVEGXWSJGSQQYRMGEXMRKPIEVRMRKQEOMRKHIGMWMSRW
WSPZMRKTVSFPIQWERHNYWXFIMRKXSKIXLIV8LMWXVERWJSVQEXMSRQE]FISJX[SX]TIW
8LIJMVWXX]TIORS[REWJMVWXSVHIVGLERKI MRZSPZIWEGLERKIMRXLIGSRXIRXSVXSTMGSJ
XLI KVSYT HMWGYWWMSR 8LMW X]TI SJ GLERKI QE] MRZSPZI QSZMRK JVSQ SRI MWWYI XS
ERSXLIVSVQSZMRKJVSQSRITLEWISJTVSFPIQWSPZMRKSVHIGMWMSRQEOMRKXSXLIRI\X
8LIWIGLERKIWEVIVIPEXMZIP]WXVEMKLXJSV[EVHEVISJXIRI\TPMGMXP]YRHIVXEOIRERHHS
RSXVIUYMVIEGLERKIMRXLIKVSYTQIQFIVWXLIQWIPZIWSVMRXLI[E]XLI]MRXIVEGX
8LIWIGSRHX]TISJGLERKIWIGSRHSVHIV SVUYERXYQGLERKI HIWGVMFIWEGLERKI
MRXLIKVSYTGSRXI\XSVH]REQMG-XIRXEMPWEGLERKIMRXLIUYEPMX]SJXLIKVSYTMRXIVEG
XMSRMXWIPJ-JJSVI\EQTPIEKVSYTLEWHIZIPSTIHERSVQSJTSPMXIVEXMSREPERHRSR
LSWXMPIHMWGYWWMSRERHEXWSQITSMRXMRXLEXHMWGYWWMSREQIQFIVSJXLIKVSYTFIGSQIW
ERKV]GPEMQWXLIKVSYTMWMKRSVMRKXLIVIEPTVSFPIQWF]RSXEHHVIWWMRKXLIYRHIVP]MRK
MWWYIWERHWXSVQWSYXSJXLIQIIXMRKXLIKVSYTMWJEGIH[MXLVIWTSRHMRKXSXLEXSYX
FYVWX8LIKVSYTQE]GLSSWIXSXVIEXMXEWERERSQEP]ERHMKRSVIMXEWWYQMRKMQTPMG
MXP]SVI\TPMGMXP]XLEXXLISYXFYVWXMWYRMUYIXSXLEXQIQFIVSVGMVGYQWXERGI8LIKVSYT
QE]EXXVMFYXIMXXSETIVWSREPMX]XVEMXXSEXIQTSVEV]VIWTSRWIXSEWXVIWWJYPPMJIWMXYE
XMSRSVXSEqTS[IVTPE]rIREGXIHMRSVHIVXSGSRXVSPXLIKVSYTHMWGYWWMSREVSYRHE
TEVXMGYPEVMWWYI%WGSTMRKXIGLRMUYIWRSRISJXLIWIVIWTSRWIWMRZSPZIWEXVERWJSVQE
XMSREPGLERKIJSVXLIKVSYT-JLS[IZIVXLIKVSYTYWIWXLISYXFYVWXEWERSTTSVXYRMX]
XSVIJPIGX SR MXWKVSYTTVSGIWWERHXSIWXEFPMWLRI[ TEXXIVRWSJMRXIVEGXMSRXLIR XLI
KVSYTMXWIPJLEWYRHIVKSRIEXVERWJSVQEXMSR;LIRXLIXVERWJSVQEXMSRMWTSWMXMZIERH
GSRWXVYGXMZI XLMW WIGSRHSVHIV GLERKI QE] VIWYPX MR RI[ PIZIPW SJ XVYWX WMRGIVMX]
ERH STIRRIWW EQSRK KVSYT QIQFIVW EW ER I\XIRWMSR SJ XLIMV I\TERHIH [E]W SJ

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

GSQQYRMGEXMRK[MXLIEGLSXLIV3RXLISXLIVLERHXLIVIWYPXERXWIGSRHSVHIVGLERKI
QE]HMWVYTXXLISRKSMRK[SVOSJXLIKVSYT-JXLISYXFYVWXXVMKKIVWLMHHIRLSWXMPMXMIWMR
SXLIVQIQFIVWMXQE]MVVITEVEFP]LEVQXLIKVSYTTVSGIWWGEYWMRKXLIKVSYTXSPSWI
GSLIWMSR )JJIGXMZI KVSYTW EVI XLSWI XLEX GER VIGSKRM^I XLIWI TSMRXW SJ GLSMGI ERH
GLERKIERHYRHIVWXERHXLITSXIRXMEPMRLIVIRXMRXLIQJSVTSWMXMZIXVERWJSVQEXMSR

(SYFPI0SST 0IEVRMRK 7MRKPIPSST PIEVRMRK MW PIEVRMRK XLITEVXMGYPEV TVSGIHYVIW

JSV HSMRK WSQIXLMRK (SYFPIPSST PIEVRMRK SR XLI SXLIV LERH MW YRHIVWXERHMRK XLI
TVMRGMTPIWXLEXYRHIVPMIXLSWITVSGIHYVIWMR[E]WXLEXEPPS[YWXSI\XVETSPEXIGSQFMRI
ERHGVIEXMZIP]MRZIRXRI[TVSGIWWIWERHTVSGIHYVIW-XGSQFMRIWMRXYMXMZIqGSQQSR
WIRWIrYRHIVWXERHMRK[MXLXLIQSVIWSPMHP]KVSYRHIHMRJSVQEXMSRFEWIHORS[PIHKI
8LIJSPPS[MRKEREPSK]HMWXMRKYMWLIWFIX[IIRXLIWMRKPIPSSTPIEVRMRKSJEGSSOERHXLI
HSYFPIPSSTPIEVRMRKSJEGLIJ%GSSOMWETIVWSR[LSGERGSQTIXIRXP]JSPPS[EVIGMTI
SVPIEVRTVSGIHYVIJSVTVITEVMRKEGIVXEMRX]TISJJSSH%KSSHGSSOMWSRI[LSJSPPS[W
E KSSH VIGMTIGEVIJYPP] ERHXLIVIJSVI TVITEVIW KSSHXEWXMRK JSSH% GLIJLS[IZIV
YRHIVWXERHW XLI MRKVIHMIRXWERHTVSGIWWIWHIWGVMFIHMRXLIVIGMTIGERVIEHQYPXMTPI
VIGMTIWJSVXLIWEQIHMWLERHXLIRI\XVETSPEXIJVSQXLIFIWXSJIEGLVIGMTIXSGVIEXIE
RI[ERHYRMUYIHMWLWMQMPEVXSFYXRSXI\EGXP]PMOIER]SJXLSWIVIGMTIW;LMPIEGSSO
HITIRHWSRLEZMRKXLITVIGMWIMRKVIHMIRXWSRLERHXSQEOIEWTIGMJMGVIGMTIEGLIJMW
EFPIXSQEOIEHIPMGMSYWHMWL[MXL[LEXWLISVLILEWSRLERH8LIGLIJHSIWQSVIXLER
QIQSVM^IXLIUYERXMXMIWSJMRHMZMHYEPMRKVIHMIRXWSVPIEVRXLIWTIGMJMGTVSGIHYVIWJSV
TVITEVEXMSR%GLIJYRHIVWXERHWEWIXSJKIRIVEPTVMRGMTPIWJSVTVITEVMRKXLIHMWLERH
FEWIHSRXLIORS[PIHKISJXLIWITVMRGMTPIWGERMQTVSZMWIERHGVIEXIERI[HMWL
(SYFPIPSSTPIEVRMRKTIVQMXWMRHMZMHYEPWERHKVSYTWXSETTP]KIRIVEPTVMRGMTPIW
[MXLSYXFIMRK XMIHXSER I\EGXVITPMGEXMSR SJIEVPMIVWYGGIWWIW-XHITIRHWSRYRHIV
WXERHMRK XLI SZIVVMHMRK GSRGITXW FILMRH XLI TVSGIHYVIW (SYFPIPSST PIEVRMRK MW
MQTSVXERX XS WQEPP KVSYT GSQQYRMGEXMSR TVSGIWWIW FIGEYWI XLIWI TVSGIWWIW EVI
H]REQMGERHRIZIVLETTIRI\EGXP]XLIWEQI[E]X[MGI8LIVIMWRSSRIVIGMTIJSVWYG
GIWWJYP KVSYT GSQQYRMGEXMSR8S FI IJJIGXMZI QIQFIVW SJ WQEPP KVSYTW ERH XIEQW
LEZIXSPIEVRXLIGSRGITXWERHTVMRGMTPIWFILMRHXLITVSGIWWIWERHXLIRPMOIEGLIJ
VIMRZIRXXLITEVXMGYPEVWSJXLITVSGIWWMRIEGLRI[KVSYTGSRXI\X

7IRWMXMZMX]XS-RMXMEP'SRHMXMSRW -RGSQTPI\GLESXMGW]WXIQWWYGLEWWQEPPKVSYTW
XMR]ZEVMEXMSRWMRMRMXMEPGSRHMXMSRW GERTVSHYGIZIV]PEVKIIJJIGXWMRWYFWIUYIRXIZIRXW
ERH XLIWEQISVETTEVIRXP] WEQI  MRJPYIRGIGER LEZIWYFWXERXMEPP] HMJJIVIRXGSRWI
UYIRGIWEXHMJJIVIRXXMQIWMRXLITVSGIWWSVMRWPMKLXP]HMJJIVIRXWIXWSJGMVGYQWXERGIW
8LIMQTEGXSJXLMWSFWIVZEXMSRSRWQEPPKVSYTH]REQMGWGERFIWYFWXERXMEPERHMXWYK
KIWXWEXPIEWXX[SGSRWIUYIRGIW3RIMWXLEXJMVWXMQTVIWWMSRWEVIMQTSVXERX%WIGSRH
MWXLEXXLIWEQIFILEZMSVQE]FITIVGIMZIHHMJJIVIRXP]HITIRHMRKSRXLIGSRXI\XERH
XLIKVSYTtWTIVGITXMSRWSJXLITIVWSRHSMRKXLIFILEZMRK%PXLSYKLEPPSJXLIGSRWI
UYIRGIWSJJMVWXMQTVIWWMSRWQE]RSXFIGSQIETTEVIRXJSVWSQIXMQIIZIRMRq^IVS
LMWXSV]r SV RI[P] JSVQIH KVSYTW VITYXEXMSRW ETTIEVERGI ERH TIVWSREP WX]PI SJXIR
TVIGIHI YW ERH TVSZMHI MRJSVQEXMSR XLEX QE] MRJPYIRGI XLI KVSYT TVSGIWW MR WSQI
YRI\TIGXIH[E]*MVWXMQTVIWWMSRWGVIEXIEFEWIPMRISR[LMGLWYFWIUYIRXMRXIVEGXMSRW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

EVIFYMPX-REHHMXMSR[ILEZIEPPTVSFEFP]JIPXXLIETTVSTVMEXIRIWWSVMRETTVSTVMEXIRIWW
SJETEVXMGYPEVFILEZMSVMREKMZIRWMXYEXMSR;LIVIEWSRITIVWSRQE]KIXE[E][MXLE
GVYHIGSQQIRXMREQIIXMRKERHIZIRFIXLSYKLXJYRR]ERSXLIVQE]FIGSRWMHIVIH
VYHISVIQFEVVEWWMRK,S[IZIVHITIRHMRKSRSXLIVJEGXSVWMJIMXLIVSJXLIWITISTPI
LEHGLSWIREHMJJIVIRXXMQIXSQEOIXLIGSQQIRXXLIMVVIGITXMSRWQMKLXLEZIFIIRHMJ
JIVIRX-RHMZMHYEPGLEVEGXIVMWXMGWERHMRXIVTIVWSREPVIPEXMSRWLMTW[MXLMRKVSYTWEW[IPP
EWXMQMRKERHGMVGYQWXERGIWHIXIVQMRI[LSGERWE][LEX[LIR
*MVWXMQTVIWWMSRWMRXIVEGX[MXLKVSYTVIPEXMSRWLMTWERHI\TIGXEXMSRWXSIWXEFPMWL
TEXXIVRWSJVIWTSRWI*SVI\EQTPIMJ-EQQMRYXIWPEXIJSVXLIJMVWXKVSYTQIIXMRK
Q]FIMRKIZIRX[SQMRYXIWPEXIJSVXLIWIGSRHSRIQE]GEYWISXLIVKVSYTQIQFIVWXS
GSQQIRXSRQ]qEP[E]WFIMRKPEXIr3RXLISXLIVLERHMJ-LEZIEP[E]WFIIRSRXMQI
JSVQIIXMRKWERHEQXLIRPEXIJSVX[SQIIXMRKWMREVS[PEXIVMRXLIKVSYTTVSGIWWQ]
XEVHMRIWWQMKLXKSYRQIRXMSRIHSVVIGIMZIEHMJJIVIRXVIEGXMSRJVSQXLIKVSYT7MQM
PEVP]MJ-LEZIGSRXVMFYXIHWYFWXERXMEPP]XSXLIKVSYTTVSGIWWQ]PEXIEVVMZEPJSVEQIIX
MRKQMKLXVIGIMZIPMXXPIRSXMGI[LIVIEWMJ-LEZIFIIRTIVGIMZIHEWERSRTVSHYGXMZISV
SFWXVYGXMZIKVSYTQIQFIVIZIREWQEPPMRJVEGXMSRSJXLIKVSYTRSVQQMKLXFVMRKE
LEVWLGIRWYVIJVSQSXLIVQIQFIVW
7XVERKI%XXVEGXSVW +VSYTTVSGIWWIZSPZIWERHXEOIWSRGSQTPI\TEXXIVRW8LIWITEX
XIVRWSJGSQQYRMGEXMSRERHFILEZMSVEVIQSVISVPIWWGSRWXVYGXMZIEVISJXIRRSXGVI
EXIH SV GEYWIH F] ER] SRI MRHMZMHYEP SV SXLIV TEVXMGYPEV MRJPYIRGI ERH [LMPI
RSRVITIEXMRKMRERI\EGX[E]XEOISREVIGSKRM^EFPIJSVQEWXLIKVSYTMWHVE[RMRXS
GIVXEMRGSQQYRMGEXMSRWX]PIWXSTMGWQIXETLSVWXYVRXEOMRKTEXXIVRWERHIRIVK]PIZ
IPW8LIGSQTPI\SJMRJPYIRGIWXLEXYRHIVPMIXLIWITEXXIVRWEVIGEPPIHWXVERKIEXXVEG
XSVW FIGEYWIIZIRXLSYKLXLIMVMRJPYIRGIMWSJXIRVIEHMP]ETTEVIRXXLIGEYWISJXLIWI
MRJPYIRGIWJVIUYIRXP]VIQEMRWYRMHIRXMJMIHSVYRORS[R8LIMQTSVXERGISJXLMWGSR
GITXXSWQEPPKVSYTGSQQYRMGEXMSRMWXLEXMXPSGEXIWXLIWIEXXVEGXSVWMRXLIKVSYTERHMXW
TVSGIWWIW VEXLIVXLER MR MRHMZMHYEP WX]PIWTIVWSREPMX] GSRJPMGXW SV SXLIV WSYVGIW SJ
MRHMZMHYEPMRJPYIRGI&]PSGEXMRKXLIMRJPYIRGIWMRXLIKVSYTTVSGIWWMXWIPJXLMWGSRGITX
VIGSKRM^IW FSXL XLI GSQTPI\MX] SJ MRXIVEGXMSR TEXXIVRW ERH XLI VIWTSRWMFMPMX] SJ XLI
KVSYTERHMXWTEVXMGMTERXWXSSFWIVZIVIJPIGXSRERHXEOIVIWTSRWMFMPMX]JSVXLIIJJIG
XMZIRIWWSJ XLEX TVSGIWW;I XLI KVSYT QIQFIVWEVI XLIW]WXIQ;LMPIRSRI SJ YW
MRHMZMHYEPP] SV IZIR GSPPIGXMZIP] GER GSRXVSP XLEX W]WXIQ SJ GSQQYRMGEXMSR [I HS
MRJPYIRGIMXWTEXXIVRW
-RSXLIV[SVHWWIIQMRKP]FIRMKREGXMZMXMIWGERGVIEXIMQTSVXERXMRJPYIRGIWSR
LS[XLIKVSYTJYRGXMSRWERHWYGGIIHW;LIRXLIWIEXXVEGXSVWEVIEWWMKRIHQIERMRKF]
XLIKVSYTXLI]MRJPYIRGIMXWTEXXIVRWERHTVSGIWWIW;LIEXPI] 
4LEWI7TEGI 7]WXIQWGLERKIMRXMQIEWXLI]XEOIMRERHXVERWJSVQMRJSVQEXMSRERH
QIERMRK 4LEWI WTEGI HIWGVMFIW E W]WXIQtW QSZIQIRXW XLVSYKL XMQI TEVXMGYPEVP]EW
XLI]EVIEJJIGXIHF]MXWWIRWMXMZMX]XSMRMXMEPGSRHMXMSRWERHWXVERKIEXXVEGXSVW-RWQEPP
KVSYTWXLIGSQQYRMGEXMSRMXWIPJGLERKIWEWXLIKVSYTQSZIWXLVSYKLHMJJIVIRXTLEWIW
*SYVVIPEXMZIP]PEVKIHIWGVMTXMZITLEWIWGSQQSRMRKVSYTHIZIPSTQIRXKVS[XLERH
GLERKIEVIXLIG]GPIWSJMRXVSHYGXMSRJSVQMRK GSRJPMGXWXSVQMRK IQIVKIRGIRSVQ
MRK ERHTVSHYGXMSRTIVJSVQMRK 8LIREXYVISJXLIWITLEWIWMWHIWGVMFIHMRKVIEXIV
HIXEMPMREPEXIVGLETXIVWII'LETXIV ERHMWQIRXMSRIHLIVISRP]EWERI\EQTPISJXLI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

ETTPMGEXMSRSJXLIGSRGITXSJTLEWIWTEGIXSWQEPPKVSYTW4LEWIWTEGIGSRGITXYEPM^IW
XLIWI HIWGVMTXMZI TLEWIW EW G]GPIW XLEX EVI MXIVEXMZI ERH H]REQMG 8LI] EVI MXIVEXMZI
FIGEYWIXLI]VITIEXIHP]WXVIXGLERHJSPHSRIMRXSERSXLIVVEXLIVXLERFYMPHMRKSRIEGL
SXLIVMREWXVEMKLXJSV[EVHPMRIEVVIPEXMSRWLMT =IXXLI]EVIH]REQMGMRXLIMVGLERKMRK
WTMVEPMRKERHKVS[XL8LI]WTMVEPERHFYMPHSRIEGLSXLIVVEXLIVXLERVIXYVRXSXLIMV
SVMKMREPWXEVXMRKTPEGIW%YXLIRXMGKVSYTHMWGYWWMSRERHGSRJPMGXVIUYMVIXLEXEKVSYTLEW
JSVQIHERHQIQFIVWLEZIKSXXIRXSORS[IEGLSXLIV3YXSJXLIORS[PIHKISJXLIMVHMJ
JIVIRXTIVWTIGXMZIWGSRJPMGXSJXIRIQIVKIWERHGERPIEHXSEKVIEXIVYRHIVWXERHMRKSR
[LMGL XLI KVSYT GER TVIHMGEXI MXW TVSHYGXMZI HIGMWMSRQEOMRK ERH TVSFPIQWSPZMRK
TVSGIWWIW=IX[MXLMRXLEXTVSHYGXMSRTLEWIXLIEHHMXMSREPKVIEXIVYRHIVWXERHMRKQE]
WXMQYPEXIEHHMXMSREPGSRJPMGXERHIZIRXLIJSVQEXMSRSJWYFKVSYTGSEPMXMSRW8LIWIGSEPM
XMSRWQE]XLIQWIPZIWXEOIHMJJIVIRXWLETIWEWGSRJPMGXWEVIVIWSPZIHERHRI[GSRJPMGXW
EVMWI=IXXLIKVSYTRIZIVXVYP]VIXYVRWXSIEVPMIVTLEWIWFYXFYMPHWSRXLIQMR[E]WXLEX
QEOIXLIWIPEXIVTLEWIWUYEPMXEXMZIP]HMJJIVIRXMRXLIMVMRXIVEGXMSR
&MJYVGEXMSR4SMRXW %PPQSQIRXWSVTSMRXWMREKVSYTtWTVSGIWWEVIRSXXLIWEQI2SV
MWXLITVSGIWWSRISJWXEFPIPMRIEVERHGSRWXERXKVS[XL8LVIWLSPHWSVTSMRXWSJHIGM
WMSREVIVIEGLIHERHGVSWWIHEXXMQIW[LIRXLIKVSYTMWVIEH]&MJYVGEXMSRTSMRXW MHIR
XMJ] XLIWI HIGMWMSR TSMRXW%X XMQIW - LEZI WEX [MXL E KVSYT SJ TIIVW PMWXIRMRK XS E
HMWGYWWMSRQEHIEWYKKIWXMSRERHJSYRHQ]WYKKIWXMSRMKRSVIH[LMPIXLIKVSYT[IRX
SRHMWGYWWMRKXLIMWWYIW*MJXIIRSVX[IRX]QMRYXIWPEXIVERSXLIVKVSYTQIQFIVWYK
KIWXIHIWWIRXMEPP]XLIWEQIMHIEERHXLIKVSYTVEPPMIHEVSYRHXLEXEWXLI ERW[IVXLERO
MRKERHGSRKVEXYPEXMRKXLEXQIQFIVSRXLIMRWMKLX;LIRXLMWSGGYVW-WSQIXMQIWJIIP
MKRSVIHYRHIVZEPYIHERHTIVLETWMREVXMGYPEXIMRQ]EFMPMX]XSI\TVIWWMHIEWGPIEVP]
FYXSJXIRXLIKVSYTVIWTSRWILEWPMXXPIXSHS[MXLER]SJXLIWIJEGXSVWMXLEWXSHS[MXL
Q]XMQMRK8LIKVSYTLEHRSXVIEGLIHXLIHIGMWMSRXLVIWLSPHEXXLIXMQI-QEHIXLI
WYKKIWXMSRERHXLIVIJSVIGSYPHRSXLIEVERHEGXSRMX%XSXLIVXMQIW-LEZIJSYRH
Q]WIPJRSX]IXVIEH]XSQEOIEHIGMWMSR[LIRXLIKVSYTETTIEVIHXSFIEXXLEXXLVIWL
SPH-XLIRLEZIXSHIGMHILS[MQTSVXERXXLEXHIGMWMSRMWXSQI-JMXETTIEVWPIWWMQTSV
XERXXSQIXLERXSXLISXLIVW-UYMIXP]PIXXLIKVSYTGSRXMRYIFYXMJMXLEWTEVXMGYPEV
WMKRMJMGERGIJSVQI-QE]EWOJSVEJYPPIVI\TPEREXMSRSVJYVXLIVHMWGYWWMSRWSXLEX[I
GEREPPQSZIXLVSYKLXLIHIGMWMSRTSMRXXSKIXLIVEWEKVSYT
+VSYTGSQQYRMGEXMSRERHHIGMWMSRQEOMRKLETTIREXFMJYVGEXMSRTSMRXWMRXMQI
8SQEOIIJJIGXMZIGSRXVMFYXMSRWXSXLIKVSYT-LEZIXSFIWIRWMXMZIXS[LIVIXLIKVSYT
MWMRMXWTVSGIWWERHGSQQYRMGEXIEXEXMQIMRXLEXTVSGIWWERHMRE[E]XLEXLIPTWXLI
KVSYTQSZIXLVSYKLXLIHIGMWMSRXLVIWLSPH-J-EQIEVP]XLIKVSYTQE]RSXFIVIEH]
FYXMJXLIKVSYTMWELIEHSJQI-QE]RIIHXSEWOJSVLIPTXSGEXGLYT)JJIGXMZIKVSYT
TVSGIWW VIWYPXW [LIR FMJYVGEXMSR TSMRXW EVI RIKSXMEXIH ERH LERHPIH MR [E]W XLEX
IQTS[IVEPPKVSYTQIQFIVWXSFIMRZSPZIHMRXLIHIGMWMSRQEOMRK
-VVIZIVWMFMPMX] +VSYTGSQQYRMGEXMSRTVSGIWWIWSJXIRETTIEVXSFIG]GPMGEPFYXEW
[IRSXIHIEVPMIVMRHMWGYWWMRKTLEWIWTEGIERHFMJYVGEXMSRTSMRXWXLI]LETTIRMRXMQI
3RGIWSQIXLMRKMWWEMHh[LIXLIVMRERKIVJVYWXVEXMSRIRXLYWMEWQSVI\GMXIQIRXhMX
GERRSXFIXEOIRFEGOERH[MPPLEZIWSQIMQTEGXSRXLITEVXMGMTERXWERHPEXIVKVSYT
HMWGYWWMSR;LEXMWWEMHQE]GSRXVMFYXIXSXLIIJJIGXMZIRIWWSVXLIHIXIVMSVEXMSRSJXLI
KVSYTTVSGIWW3YVKVSYTWQE]FIEFPIXSQSZIFI]SRHMXMRGSVTSVEXMRKMXMRXSSYV
TVSGIWW ERH EHHMRK XS SYV XVERWJSVQEXMSREP KVS[XL FYX [I GERRSX XVYP] WXEVX SZIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (MWGYWWMSR5YIWXMSRW 

)EGLRI[FIKMRRMRK[MPPFIMRJPYIRGIHF]XLITEWXGSQQYRMGEXMSR+VSYTGSQQYRM
GEXMSRLETTIRW[MXLMRXMQIERHLEWMRXLEXWIRWIXLIUYEPMX]SJMVVIZIVWMFMPMX]
8LMWHMWGYWWMSRSJGSQTPI\W]WXIQWQMKLXWIIQh[IPPGSQTPI\,S[IZIV[I
EPPLEZIMRRYQIVEFPII\EQTPIWSJXLIMRJPYIRGISJGSQTPI\W]WXIQW%RI\EQTPIMWSYV
JMVWX ]IEV SJ LMKLIV IHYGEXMSR [MXL EPP XLI WIGSRHSVHIV GLERKIW IK WXYH] LEFMXW
QEREKMRKXMQI HSYFPIPSSTPIEVRMRKQEOMRKRI[JVMIRHWKEMRMRKWOMPPW WIRWMXMZMX]
SJMRMXMEPGSRHMXMSRWIKJMVWX[IIOSRGEQTYW WXVERKIEXXVEGXSVWIKGLSSWMRKE
QENSV TLEWIWTEGIIKNSMRMRKKVSYTWSVKERM^EXMSRW FMJYVGEXMSRTSMRXWIKGPEWW
HMWGYWWMSRKVSYTPIEHIVWLMT ERHMVVIZIVWMFMPMX]IKGLSSWMRKXLIGSPPIKI 

7YQQEV]
7]WXIQWXLMROMRKYRHIVWGSVIWXLIH]REQMGREXYVISJKVSYTW;LMPIXLIVIEVIPMQMXE
XMSRWXSW]WXIQWXLMROMRKEWXLIVIEVIXSER]XLISVIXMGEPTIVWTIGXMZIXLIFEWMGIPIQIRXW
SJ STIR W]WXIQW [LSPIRIWW W]RIVK] XVERWJSVQEXMSR STIRRIWW MRXIVHITIRHIRGI
JIIHFEGO IRXVST] ERH IUYMJMREPMX]  ERH SJ GSQTPI\ W]WXIQW WIGSRHSVHIV GLERKI
HSYFPIPSSTPIEVRMRKWIRWMXMZMX]XSMRMXMEPGSRHMXMSRWWXVERKIEXXVEGXSVWTLEWIWTEGI
FMJYVGEXMSRTSMRXWERHMVVIZIVWMFMPMX] EPPI\TPEMRMQTSVXERXGLEVEGXIVMWXMGWSJXLIWQEPP
KVSYTGSQQYRMGEXMSRTVSGIWW
9RHIVP]MRKXLIETTPMGEXMSRSJEW]WXIQWTIVWTIGXMZIXSWQEPPKVSYTGSQQYRMGE
XMSR EVI JMZI TVMRGMTPIW 'SQQYRMGEXMSR MW XLI WXYH] SJ QIERMRKJYP FILEZMSV MX MW
FEWIHSRW]QFSPMGMRXIVTVIXEXMSRMXMWGSRXI\XYEPMXSGGYVWMREGSQTPI\STIRW]WXIQ
ERH MX MRZSPZIW QYPXMTPI IQFIHHIH PE]IVW SJ WMQYPXERISYW ZIVFEP ERH RSRZIVFEP
IPIQIRXW SJ LYQER GSQQYRMGEXMSR 7QEPP KVSYTW QSHMJ] XLIWI FEWMG GSQQYRMGE
XMSR TVMRGMTPIW [MXL KVSYT ERH GYPXYVEP RSVQW ERH [MXL XLI VSPIW KVSYT QIQFIVW
TPE]
7QEPPKVSYTWEVIFSXLSTIRW]WXIQWERHGSQTPI\W]WXIQW8LIVIJSVI[IRIIHXS
SZIVPE]SYVYRHIVWXERHMRKSJXLIGSRXI\XWMR[LMGLWQEPPKVSYTWSTIVEXI[MXLXLIGSR
GITXWSJWIRWMXMZMX]XSMRMXMEPGSRHMXMSRWXLITVIWIRGISJWXVERKIEXXVEGXSVWTLEWIWTEGI
FMJYVGEXMSRTSMRXWERHMVVIZIVWMFMPMX]-RXLMW[E][IGERETTVIGMEXIXLIXVERWJSVQEXMZI
VSPIWSJWIGSRHSVHIVGLERKIERHHSYFPIPSSTPIEVRMRKMRHIZIPSTMRKIJJIGXMZIWQEPP
KVSYTMRXIVEGXMSRW

(-7'977-3259)78-327

 ;LEXEVIXLIEHZERXEKIWXSLEZMRKEWQEPPKVSYTIJJIGXMZIRIWWXLISV]XSKYMHI]SYMR]SYV
WQEPPKVSYTEGXMZMXMIW#
 +VSYTWEVIPMZMRKW]WXIQWFEWIHSRMRXIVHITIRHIRGIERHMRXIVVIPEXMSRWLMTW;LEXLETTIRW
XSEWQEPPKVSYT[LIRTEVXWSJXLIW]WXIQHSRSXJYRGXMSR[IPP#4VSZMHIX[SI\EQTPIWJVSQ
]SYVS[RWQEPPKVSYTI\TIVMIRGIWXLEXWLS[XLIMQTSVXERGISJYRHIVWXERHMRKMRXIVHITIR
HIRGIERHMRXIVVIPEXMSRWLMTW
 )\TPEMRXVERWJSVQEXMSR,EWXLMWLETTIRIHXS]SYVWQEPPKVSYTGPEWWWMRGIXLIJMVWXQIIXMRK
HE]#)\TPEMR%TTP]XLMWGSRGITXXSSRISJ]SYVGPEWWVSSQKVSYTI\IVGMWIWSVXSERI\EQTPI
JVSQWQEPPKVSYTWSYXWMHIXLIGPEWWVSSQ
 )\TPEMRLS[IRXVST]ERHIUYMJMREPMX]MQTEGXWQEPPKVSYTW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

 (IZIPSTERI\EQTPISJWIGSRHSVHIVGLERKIGVIEXIHMREWQEPPKVSYTMR[LMGL]SYTEVXMGM
TEXIH,S[HSIWMXHMJJIVJVSQJMVWXSVHIVGLERKI#(MHHSYFPIPSSTPIEVRMRKSGGYV#)\TPEMR
 )ZIV]SRILEWFIIREHZMWIHXSHVIWW[IPPJSVENSFMRXIVZMI[,S[HSIWXLMWVIPEXIXSJMVWX
MQTVIWWMSRW#;L]EVIJMVWXMQTVIWWMSRWMQTSVXERXXSEWQEPPKVSYT#'ER]SYJMRHI\EQTPIW
SXLIVXLERHVIWWSV]SYVJMVWX[SVHWXLEXWLS[XLIMQTSVXERGISJJMVWXMQTVIWWMSRW#
 +VSYTWGERXEOISRWTIGMEPGLEVEGXIVMWXMGW)\TPEMRWXVERKIEXXVEGXSVWTLEWIWTEGIFMJYVGE
XMSRTSMRXWERHMVVIZIVWMFMPMX]*MRHEWQEPPKVSYTI\TIVMIRGIJSVIEGLSJXLIWIGLEVEGXIVMW
XMGW'ER]SYSV]SYVKVSYTMHIRXMJ]EWQEPPKVSYTI\TIVMIRGIXLEXMRGPYHIWEPPJSYVSJXLIWI
GLEVEGXIVMWXMGW#)\TPEMR

)<)6'-7)7

7]WXIQWXLMROMRK7IIMRKXLITVSFPIQ)XLMGWERHW]WXIQW4EVX-)XLMGWERHW]W
XIQW4EVX--8LI^SSWXSV]

  7 = 7 8 ) 1 7 8 , - 2 / - 2 +

-HIRXMJ]XLITEXXIVRERHXLIR[VMXIXLIVIQEMRMRKPIXXIVWSJXLIEPTLEFIXSRXLIETTVSTVMEXIPMRI
0MRI % ) * , - / 0 1 2
0MRI & ( + .
0MRI ' 3

  7 ) ) - 2 + 8 , )  4 63 & 0 ) 1

(MVIGXMSRW
-RHMZMHYEPP]HIGMHIMJ]SYLEZIIRSYKLMRJSVQEXMSRSVHEXEXSWSPZIXLIJSPPS[MRK
TVSFPIQW-J]SYHSTVSZMHIXLIERW[IV
=SYVKVSYTLEWHIGMHIHXSKIXXSKIXLIVXLMWIZIRMRKXSWSGMEPM^I;LIR]SYEVVMZI
]SYWTSXEQERMREYRMJSVQVYRRMRKE[E]8LIQERWYHHIRP]RSXMGIWERSXLIVQER[IEVMRK
EQEWOERHLSPHMRKEHVIEHIHSFNIGX8LIJMVWXQERXYVRWEVSYRHERHVYRWFEGOXSXLITPEGI
LILEHGSQIJVSQ'ER]SYXIPP[LIVI]SYVKVSYTQIQFIVWEVI#

CCCCCCCCC -RWYJJMGMIRXMRJSVQEXMSRXSWSPZIXLITVSFPIQ
CCCCCCCCC 7YJJMGMIRXMRJSVQEXMSR
%RW[IVCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

=SYLEZINYWXGSQIEGVSWWEGEFMRMRXLI[SSHW-RWMHIXLIVIEVIQER]HIEHTISTPI
8LI]EVIWIEXIHMRVS[WSJGLEMVW;LEXLETTIRIH#

CCCCCCCCC -RWYJJMGMIRXMRJSVQEXMSRXSWSPZIXLITVSFPIQ
CCCCCCCCC 7YJJMGMIRXMRJSVQEXMSR
%RW[IVCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

;LEXHSIEGLSJXLIWISFNIGXWLEZIMRGSQQSR#%XPIEWXSRITIVWSRMR]SYVKVSYT
QMKLXRSXMGIXLEXEPPXLVII[SVHWGSRXEMRERqVr+SSHWXEVX2S[VIXYVRXSXLIUYIWXMSR
;LEXIPWIHSXLI]LEZIMRGSQQSR#

4MGXYVI
(SSV
'EV
%RW[IVCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

2S[JSVQ]SYVKVSYTERHVIEGLGSRWIRWYW

  ) 8 , - ' 7 % 2 (  7 = 7 8 ) 1 7  4% 68  -

=SYVKVSYTMWXSHIXIVQMRILS[]SYVGSPPIKISVYRMZIVWMX]WLSYPHVIWTSRHXSEVITSVXIH
MRGVIEWIMRGLIEXMRKSRGEQTYW8LMWWIIQWXSVERKIJVSQEHETXMRKTETIVWJVSQXLI-RXIV
RIXXSWLEVMRKI\EQW8LIVIETTIEVXSFIWIZIVEPMQTSVXERXMWWYIW*MVWX[LEXGSRWXMXYXIW
GLIEXMRK#7IGSRH[LEXIXLMGEPVYPIWGSQIMRXSTPE]#=SYVKVSYTWLSYPHJIIPJVIIXSHIZIPST
EHHMXMSREPMWWYIW8LMVHXLMROSJIXLMGWEWEW]WXIQWMWWYI;LEXEVIXLISZIVVMHMRKJSVGIW
XLEXQMKLXWXITMRFIX[IIREWXYHIRXtWIXLMGEPGSRWMHIVEXMSRWERHLISVLMWEGXMSRW&ITVI
TEVIHXSSYXPMRI]SYVKVSYTtWVIWTSRWIXSGLIEXMRKERHLS[XSGYVFMXI\TPEMRMRKLS[]SYV
WSPYXMSRGERSZIVGSQIXLIW]WXIQWMWWYIW

  ) 8 , - ' 7 % 2 (  7 = 7 8 ) 1 7  4% 68  - -

']FIVWPEGOMRKhSVHSMRKSRPMRIWLSTTMRKZEGEXMSRTPERRMRKNSFLYRXMRKSVNYWXFVS[W
MRKXLIRIX[LMPIEX[SVOhMWSREQEWWMZIVMWI-RMRVIWTSRWI SJGSQTERMIWHMH
WSQIJSVQSJIPIGXVSRMGQSRMXSVMRKSJIQTPS]IIWhYTJVSQ MR2EXLER 
%WEKVSYTHIGMHIMJXLIVIMWER]YRIXLMGEPFILEZMSVSGGYVVMRK-JWS[LEXMWMX#;LSMWEGX
MRKYRIXLMGEPP]#*MREPP]GERXLIVIFIEHIJMRMXMSRSJIXLMGW#

  8, ) >33 7836=

)PITLERXLERHPMRKMWEHERKIVSYWSGGYTEXMSRERHIPITLERXOIITIVWEVIQSVIPMOIP]XSFI
OMPPIHSRXLINSFXLER[SVOIVWMRER]SXLIVSGGYTEXMSRI\GITXGSEPQMRMRK)ZIRJMVIJMKLX
IVWERHTSPMGISJJMGIVWHSRSXJEGIXLIWEQIPIZIPWSJHERKIV;LIREOIITIV[EWEGGMHIR
XEPP]WXITTIHSRF]ERIPITLERXMREXXLI7ER(MIKS;MPH%RMQEP4EVOTVIWWYVIFIKER
XSQSYRXJSVERI[QIERWSJLERHPMRKIPITLERXW8LMWXVEKIH]GSMRGMHIH[MXL]IEVWSJLMKL
WXEJJXYVRSZIVI\XIVREPTVIWWYVIXSXVIEXIPITLERXWHMJJIVIRXP]XLITVSQMWISJTSWMXMZIVIMR
JSVGIQIRX FILEZMSVEP XVEMRMRK XIGLRMUYIW JSV LERHPMRK IPITLERXW ERH ER ERXMUYEXIHIPI
TLERXQEREKIQIRXW]WXIQ+MZIRXLIWIVIEWSRWXSGLERKIXLI7ER(MIKS>SSEYXLSVM^IH
XLI MRXVSHYGXMSR SJ ER IRXMVIP] HMJJIVIRX ETTVSEGL XS XVEMRMRK XLI IPITLERXWhER ERMQEP
FILEZMSVEPETTVSEGL4VMIWX 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

8LI8VEMRIVW
-R XLI TEWX XVEMRIVWLEH GSRXVSPPIH XLI IPITLERXWt FILEZMSV F] IWXEFPMWLMRK E HSQMRERGI
SZIV XLIERMQEPW XLEX GSYPH [LIR MX[EWHIIQIHRIGIWWEV]MRGPYHI TL]WMGEPHMWGMTPMRI
8LMWETTVSEGL[EWEHETXIHJVSQPMJIMRXLI[MPH)PITLERXLIVHWEVIPIHF]EHSQMRERXGS[
YWYEPP]XLISPHIWXQIQFIVSJXLILIVH[LMGLSTIVEXIWEWXLIQEXVMEVGL(IZMERXWEVIHIEPX
[MXLUYMGOP]ERHWIZIVIP]F]XLMWWMRKPIFSWWWSQSWXQIQFIVWSJXLILIVHHS[LEXXLI
QEXVMEVGLHIQERHW)PITLERXXVEMRIVWEHSTXIHXLMWJSVQSJGSRXVSPLYRHVIHWSJ]IEVWEKS
ERHLEZIYWIHMXWMRGI[MXLPMXXPIGLERKI
7MRGI IPITLERXW EVI  XMQIW PEVKIV XLER XLI EZIVEKI XVEMRIV XLMW QIXLSH VIUYMVIW
MRHMZMHYEPW[LSI\LMFMXEKVIEXHIEPSJWIPJEWWYVERGI7LS[MRKJIEVXSXLIERMQEPQMKLXFI
XERXEQSYRXXSFIMRKHMWSFI]IH-RXLII\XVIQIXLIIPITLERXGSYPHIZIRXYVRSRXLIXVEMRIV
8LIXVEMRIVWt TIVWSREPMX]TVSJMPIWXLIVIJSVIQEOIXLIQYRPMOIP]GERHMHEXIWJSVGLERKI-J
]SY[MPPMRKP]WTIRH]SYV[SVOMRKHE]WMRXMQMHEXMRKLYKIERMQEPW[MXLXLIPEXIRXORS[P
IHKIXLEX]SYQMKLXFIXVEQTPIHXSHIEXL]SYTVSFEFP]HSRSXWLS[EKVIEXHIEPSJWIPJ
HSYFXEFSYX]SYVQIXLSHWSVE[MPPMRKRIWWXSGLERKIXLIQ

8LI&ILEZMSVMWXW
8LIERMQEPFILEZMSVEPETTVSEGLMWFEWIHSRTSWMXMZIVIMRJSVGIQIRX[LMGLKMZIWERIPI
TLERXEVI[EVHJSVGSSTIVEXMSR8LMWVI[EVHMWSJXIRERETTPIEGEVVSXSVZIVFEPTVEMWI-J
XLI IPITLERX VIJYWIW XS TEVXMGMTEXI MR XLI XVEMRMRK XLI SRP] TYRMWLQIRX MW E PSWW SJ XLI
VI[EVH(YVMRK XLI JMVWX ]IEV XLI IPITLERXW GEYKLX SRUYMGOP] ERH SRP] WIZIR PSWWIW SJ
VI[EVHWSGGYVVIHHYVMRKQSVIXLERXVEMRMRKWIWWMSRW8LIIPITLERXWTEVXMGMTEXIHMR
XLIHEMP]WLS[WI\LMFMXIHRSEKKVIWWMSRXS[EVHXLIXVEMRIVWERHRSTL]WMGEPHMWGMTPMRI[EW
RIIHIHSVEHQMRMWXIVIH8LI^SSQEREKIQIRXXLIREWOIHXLIVIQEMRMRKXVEHMXMSREPMWXWXS
EHSTXXLIRI[XVEMRMRKQIXLSHWSJXLIFILEZMSVEPXVEMRIVW7MRGIXLMWRI[TVSGIHYVIGSRXVE
HMGXIHQSVI XLER  ]IEVW SJ XVEHMXMSREP IPITLERX XVEMRMRK TVEGXMGIWERH UYIWXMSRIHXLI
HSQMRERGITVIQMWISR[LMGLXLIWIXVEMRIVWLEHEP[E]WSTIVEXIHXLIXVEHMXMSREPMWXWWTIRX
QSWXSJXLIMVXMQIXV]MRKXSGMVGYQZIRXXLIRI[ETTVSEGLERHXSHMWTVSZIMXWIJJMGEG]
,S[[SYPH]SYJEGMPMXEXIEGLERKIMREXXMXYHIERHFILEZMSVEQSRKXLMWKVSYT#

8LI3YXGSQI 1EOMRK-X;SVO
;MXLMREWLSVXTIVMSHSJXMQIXLI^SStWI\IGYXMZIHMVIGXSVEWWIQFPIHEPPXLIFILEZMSVEPMWXW
XVEMRIVWGYVEXSVWOIITIVWERHER]SXLIVMRZSPZIHMRHMZMHYEPWERHHMGXEXIHXLEXXLIFILEZ
MSVEPTSWMXMZIVIMRJSVGIQIRXETTVSEGL[SYPHFIXLISRP]SRIYWIHEXXLI^SS*SVXLIRI\X
]IEVXLIKVSYTXVMIHIZIV]X]TISJTSWMXMZIVIMRJSVGIQIRXXIGLRMUYIXSKIXXLIVIQEMRMRK
XVEHMXMSREPMWXXVEMRIVWXSGLERKI-VSRMGEPP]XLIIPITLERXWLEHGEYKLXSRZIV]UYMGOP]ERH
PSSOIHJSV[EVHXSXLIKSSHMIWFIMRKTVSZMHIHEWEVI[EVHJSVHSMRK[LEX[EWI\TIGXIHFYX
XLI XVEHMXMSREPMWXWt EXXMXYHIW [IVI YRMJSVQP] LSWXMPI ERH QSWX MRXIVEGXMSRW EQSRK XLI
KVSYTWSJXVEMRIVWERH[MXLXLIQEREKIQIRX[IVIGSRJVSRXEXMSREP
*MREPP]EWSRIQIERWSJGLERKMRKFILEZMSVEUYEVXIVP]TIVJSVQERGIVIZMI[[EWMRWXM
XYXIHXLEXMRZSPZIHXLIXVEMRIVWERHJSGYWIHSRWTIGMJMGEGXMZMXMIWRIIHIHXSMQTPIQIRXTSWM
XMZIVIMRJSVGIQIRXXVEMRMRKJSVXLIIPITLERXW;LMPIXLIWIUYEVXIVP]VIZMI[W[IVIEX JMVWX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

VEVIP]TSWMXMZII\TIVMIRGIWF]XLIXLMVHVSYRHXLIXVEMRIVW[IVIWXEVXMRKXSHSXLIVMKLXXLMRKW
&]XLIJSYVXLVIZMI[WXLIHMWGYWWMSRW[IVIW[MXGLMRKJVSQEVKYQIRXWXSTSWMXMZIKSEPWIX
XMRK8LIKVSYTEWE[LSPIXVEHMXMSREPMWXWERHFILEZMSVEPMWXWFIKER[SVOMRK[IPPXSKIXLIV

7]WXIQW4VMRGMTPIWEXXLI>SS
8LIVIEVIEXPIEWXJMZIW]WXIQWTVMRGMTPIWIZMHIRXMRXLMWWXSV]1SVISZIVTIVLETW[ILEZI
QMWWIHEJI[XLEX]SYGERYRGSZIVXLVSYKLKVSYTHMWGYWWMSR
*MVWX[LIRTISTPI[SVOXSKIXLIVXLIMRXIVEGXMRKSJXLIMRHMZMHYEPWERHXLITVSGIWWIW
ERHTVSGIHYVIWF][LMGLXLI][SVOXSKIXLIVHIXIVQMRIXLISYXGSQI1SWXMRHMZMHYEPWLEZI
XLIMVS[RMHIEWEFSYXLS[XSHIEP[MXLMWWYIWERHWMQTP]FIMRKTVSZMHIHMRJSVQEXMSREFSYX
EFIXXIVEPXIVREXMZIQIXLSHHSIWRSXQIERXLI][MPPGLERKIXLIMVQMRHWSVFILEZMSVW8LI]
QYWXFIGSQIMRZSPZIHMRXLIHIGMWMSRQEOMRKTVSGIWWIWJSVVIEPGLERKIXSSGGYV8LIIPI
TLERXXVEMRIVW[IVIFIMRKEXXEGOIHQEMQIHERHOMPPIH;LEXXLI][IVIHSMRK[EWRSX[SVO
MRKFYXMQTPIQIRXMRKEGLERKI[EWWXMPPHMJJMGYPXYRXMPXLI]FIGEQIMRZSPZIHMRXLITVSGIWW
7IGSRHKVSYTWHSRSXSTIVEXIMREZEGYYQFYX[MXLMRPEVKIVW]WXIQW[LMGLMRXLMW
GEWIMRGPYHIHXLI^SSEHQMRMWXVEXMSRZMWMXSVWERMQEPVMKLXWKVSYTWERHMRWYVERGIGSQTE
RMIW GSRGIVRIH [MXL XLI QSVXEPMX] SJ OIITIVW EQSRK SXLIVW8LIWI W]WXIQW GVIEXIH XLI
TVIWWYVIJSVGLERKI[MXLMRXLIKVSYT
8LMVHXLISVMIWEFSYXLS[WSQIXLMRK[SVOWXVEHMXMSREPMWXSVFILEZMSVEPMWXQYWXFI
XIWXIHMRTVEGXMGI-RHMZMHYEPHIITWIEXIHFIPMIJWGERFIGLEPPIRKIHMREKVSYTIRZMVSRQIRX
XIWXIHERHVIXLSYKLX8LMWMWSRISJXLIQENSVEWWIXWSJQEOMRKHIGMWMSRWMRKVSYTWVEXLIV
XLERF]MRHMZMHYEPW
*SYVXL GLERKI MW EP[E]WQSVIGSQTPI\ ERH QSVI HMJJMGYPX XLER [I JMVWX MQEKMRI
1SWX TVSFPIQW EVI TVSFPIQW FIGEYWIXLIVIEVI RS IEW]ERW[IVW ERH KVSYTW EW W]WXIQW
[MXLMRW]WXIQWQEOIEVVMZMRKEXWSPYXMSRWIZIRQSVIGSQTPI\
*MJXL[MXLGEVIJYPEREP]WMWERHKVSYTHMWGYWWMSRWWIVMSYWTVSFPIQWGERFIWSPZIH
&IMRKKYMHIHF]XLISVMIWMWQSVIYWIJYPJSVXV]MRKXSWSPZITVSFPIQWXLERWMQTP]EGXMRK
MRXYMXMZIP]SVSYXSJLEFMXERHXVEHMXMSR8LIXVEHMXMSREPMWXWLEHXVEMRIHIPITLERXWMRXLIWEQI
QERRIVJSV]IEVW8LI]EPWSLEHSRISJXLILMKLIWXQSVXEPMX]VEXIWSJER]SGGYTEXMSR-R
XLITEWXXLIVIWTSRWIXSXLMWHERKIV[EWXLEXMX[EWMRLIVIRXMRXLINSFFYXMQTSWMRKE[IPP
XIWXIH WXVEXIK]hTSWMXMZI VIMRJSVGIQIRXhSR XLI XVEMRMRK SJ ERMQEPW SJJIVIH E RI[
ETTVSEGL&IGEYWIXLIWXVEXIK]GSYPHFIXIWXIHERH[EWRSXFEWIHNYWXSRXVEHMXMSRMXLEHE
GLERGISJFIMRKGSRJMVQIHVIJMRIHSVVINIGXIH-RXLMWGEWIXLIWXVEXIK][SVOIH

6)*)6)2')7

&EVV 7  .ERYEV]    FMPPMSR PSWX MR [EWXI +EVHIRW[EVX^0
6S[I% 1EREKMRKHMZIVWMX]
JVEYH 97 VITSVX GPEMQW 8LI 0SW%RKIPIW8MQIW % GSQTPIXI HIWO VIJIVIRGI ERH TPERRMRK KYMHI
T & 'LMGEKS-V[MR
'ETVE* 8LI[IFSJPMJI 2I[=SVO(SYFPIHE] +IQQMPP+
;]ROSST' 8LITW]GLSH]REQMGW
)MWIRFIVK ) 1
 +SSHEPP , 0 .V   3VKERM SJ WQEPP KVSYT XVERWJSVQEXMSR 7QEPP +VSYT 6I
^EXMSREP GSQQYRMGEXMSR &EPERGMRK GVIEXMZMX] ERH WIEVGL i
GSRWXVEMRX 2I[=SVO7X1EVXMRtW4VIWW ,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE
*YLVMQER %
 &YVPMRKEQI + 1   1IEWYVMRK XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVIWYGGIWW
WQEPPKVSYTTVSGIWW7QEPP+VSYT6IWIEVGL  RHIH 1EL[EL2.0E[VIRGI)VPFEYQ
i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

,SJ6.YRI 8LITS[IVSJYW1EWWGSPPEFSVE 4VMIWX+3GXSFIV >SSWXSV]-RG TTi

XMSRSRXLI-RXIVRIXMWWLEOMRKYTFYWMRIWW&YWMRIWW 6SFIVX , 1   6SFIVXtW VYPIW SJ SVHIV RI[P]
;IIO TTi VIZMWIH +PIRZMI[-07GSXX*SVIWQER
/IPP]/ 3YXSJGSRXVSP 6IEHMRK1%%HHMWSR 8LSQEW0 8LIPMZIWSJEGIPP 2I[=SVO4IRKYMR
;IWPI] 8YFFW 7 0   % W]WXIQW ETTVSEGL XS WQEPP KVSYT
/SVIX^ +  1EVGL   'LEPO MX YT XS XIEQ[SVO MRXIVEGXMSR XLIH &SWXSR1G+VE[,MPP
&YWMRIWW;IIO T ;LIEXPI]1. 'LESWERHXLIWXVERKIEXXVEGXSVSJ
0EW^PS) 8LIW]WXIQWZMI[SJXLI[SVPH%LSPMWXMG QIERMRK-R+6,MGOQER)H 0IEHMRKSVKERM
ZMWMSRJSVSYVXMQI 'VIWWOMPP2.,EQTXSR ^EXMSRW4IVWTIGXMZIWJSVERI[IVE TTi 
1MPPIV.+ 0MZMRKW]WXIQW 2I[=SVO1G+VE[,MPP 8LSYWERH3EOW'%7EKI
2EXLER 7  .YRI   ;LEX FMK FVSXLIV [EXGLIW
97%8SHE] T&

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
2SVQW 6SPIW 'SLIWMZIRIWW
ERH+VSYTXLMRO

',%48)63980-2)

2SVQW +VSYTXLMRO
8LI6IEWSRJSV2SVQW 7YQQEV]
8]TIWSJ2SVQW
(MWGYWWMSR5YIWXMSRW
2SVQWERH(MZIVWMX]
:MSPEXMRK2SVQW )\IVGMWIW
6SPIW 6IJIVIRGIW
8]TIWSJ6SPIW
8LI*YRGXMSRSJ6SPIW
'SLIWMZIRIWW
-RJPYIRGIWSR'SLIWMZIRIWW
'SRWIUYIRGIWSJ'SLIWMZIRIWW

',%48)63&.)'8-:)7

(IWGVMFIXLIMQTSVXERGIERHMQTEGXSJKVSYTRSVQW
'PEVMJ]XLIHMJJIVIRXX]TIWSJKVSYTRSVQW
-PPYWXVEXIXLIGSRGITXSJKVSYTVSPIW
3YXPMRIXLIHMJJIVIRXX]TIWSJVSPIW
(MWGYWWXLIJYRGXMSRWSJRSVQWERHVSPIW
(IWGVMFIKVSYTGSLIWMZIRIWWERHKVSYTXLMRO


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

/ )=8 )6 17

%WWMKRIHVSPIW +VSYTRSVQW 6SPI

'SLIWMZIRIWW +VSYTXLMRO 7IPJGIRXIVIHVSPIW
'VYGMEPRSVQ -QTPMGMXRSVQ 7SGMEPIQSXMSREPVSPIW
)QIVKIRXVSPIW 4IVMTLIVEPRSVQ 8EWOVSPIW
)\TPMGMXRSVQ 6SPIEWWYQTXMSR :MSPEXMRKRSVQW

-[SVOEWERYVWISRXLIWYVKMGEPVIGSZIV][MRKSJEPEVKILSWTMXEPERHSRISJQ]
TEXMIRXWMWTVITEVMRKXSKSLSQIEJXIVXLIGSQTPIXMSRSJEWYVKMGEPSTIVEXMSRMR
[LMGLLIVFPEHHIV[EWEGGMHIRXEPP]RMGOIHF]XLISTIVEXMRKTL]WMGMER8LITEXMIRX
LEWRSXFIIRMRJSVQIHEFSYXXLMWEGGMHIRX[LMGLTVSFEFP]TSWIWPMXXPIHERKIVFYX
EFSYX[LMGLWLIWLSYPHXEOIWSQIGEVIWYGLEWEZSMHHVMROMRKEPGSLSP XSIPMQMREXI
XLITSWWMFMPMX]SJJYXYVILIEPXLVITIVGYWWMSRW,S[WLSYPH-LERHPIXLMWWMXYEXMSR#
7LSYPH-XIPPXLITEXMIRXGEPPXLILIEHRYVWI[VMXIYTXLITL]WMGMERSVHSRSXLMRK#
;LIXLIV-XIPPXLITEXMIRXLS[-XIPPXLITEXMIRX[LIXLIV-VITSVXXLIMRGMHIRXXSXLI
LIEHRYVWIERH[LIXLIV-XEPOXSXLITL]WMGMERERHMRWMWXXLEXXLITL]WMGMERXIPPXLI
TEXMIRXMWHITIRHIRXYTSRXLILSWTMXEPRSVQWERHXLIZMI[SJQ]VSPIEWERYVWI
[MXLMRXLIWIRSVQW%WMRHMZMHYEPWEGXMRK[MXLMRKVSYTW[IEVIRSXJVIIEKIRXWXS
HS[LEXIZIV[IFIPMIZIXSFIFIWX[IEGX[MXLMRXLIRSVQWERHVSPIWSJXLIKVSYT
1EVMR7LIVFPSQ
7LMTTW

2SVQW
)ZIV]KVSYT[INSMRLEWGIVXEMREWWYQTXMSRWEFSYXLS[TISTPIEVII\TIGXIHXSFILEZI
8LIWXERHEVHWZEV][MXLIEGLKVSYTERH[MXLMRIEGLKVSYTEGGSVHMRKXSXLIHMJJIVIRX
TSWMXMSRSVVSPIIEGLKVSYTQIQFIVTPE]W8LIKVSYTPIEHIVERHXLIRI[GSQIVJSV
I\EQTPIEVII\TIGXIHXSFILEZIHMJJIVIRXP]ERHQE]FIWYFNIGXXSHMJJIVIRXI\TIGXE
XMSRW%RI[GSQIVQE]FII\TIGXIHXSPMWXIRUYMIXP]ERHEXXIRXMZIP]VEXLIVXLERXEPOE
KVIEXHIEPEXXLIJMVWXQIIXMRK[LMPIEPIEHIVMWI\TIGXIHRSXSRP]XSXEPOFYXXSLEZI
TVITEVIHEREKIRHEJSVXLIQIIXMRKERHXSEGXXSOIITXLIKVSYTSRXEWO

8LI6IEWSRJSV2SVQW
+VSYTRSVQW HIJMRI XLIREXYVI SJXLIKVSYTERH XLIVIPEXMSRWLMTW EQSRK XLI KVSYT
QIQFIVWF]I\TVIWWMRKXLIGSPPIGXMZIZEPYIWSJXLIQIQFIVWLMTERHF]MHIRXMJ]MRKXLI
TPEGISJKVSYTQIQFIVW[MXLMRXLEXZEPYIW]WXIQ-RIZIV]KVSYTGIVXEMREGXMSRWEVI
ETTVSZIHSJERHSXLIVWEVIJVS[RIHSR/RS[MRKXLIRSVQWQIERWLEZMRKEQETSV
XVEZIPIVtWKYMHIJSVREZMKEXMRKXLIXIVVMXSV]SJKVSYTFILEZMSVERHTVSGIWWIW
2SVQWIWXEFPMWLXLIEGGITXIHVYPIWSJFILEZMSV 8LIWIVYPIWVITVIWIRXXLIWLEVIH
ZEPYIWTVSGIHYVIWERHFIPMIJWXLEXKYMHIKVSYTQIQFIVWMRXLIMVGSQQYRMGEXMSRERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 2SVQW 

EGXMSRW-RQER]GEWIWRSVQWEVITVIWGVMFIHF]ERSVKERM^EXMSRtWGYPXYVISVF]XLITVI
ZEMPMRKYRHIVWXERHMRKEFSYXLS[KVSYTWSTIVEXIMREKMZIRWMXYEXMSR2SVQWEVIqXLI
WIXSJEWWYQTXMSRWSVI\TIGXEXMSRWF]QIQFIVWSJEKVSYTSVSVKERM^EXMSRGSRGIVRMRK
[LEX OMRH SJ FILEZMSV MW VMKLX SV [VSRK KSSH SVFEH ETTVSTVMEXISVMRETTVSTVMEXI
EPPS[IHSVRSXEPPS[IHr7GLIMRT 2SVQWHIJMRIXLIREXYVISJXLIKVSYTF]
XIPPMRKYW[LEX[IGERERHGERRSXHS8LIIZSPYXMSRSJXLIWIRSVQWMWMRLIVIRXMRXLI
KVSYTHIZIPSTQIRXTVSGIWW
+VSYT RSVQWEVI RSX MQTSWIH F] WSQI EYXLSVMX] JMKYVI [MXL TS[IV8LI] EVI
HIZIPSTIH ERH EGGITXIH F]KVSYT QIQFIVW EW XLIGSQQSR [E] SJ STIVEXMRK8LI]
QE]MRGPYHIXLIRSVQWSJXLITVIZEMPMRKGYPXYVI[MXLMR[LMGLXLIKVSYTI\MWXWEW[IPP
EWVYPIWWTIGMJMGXSXLIKVSYTMXWIPJ8LIIXMUYIXXI[IYWI[LIR[IKSSRENSFMRXIVZMI[
MWYWYEPP]HMJJIVIRXJVSQXLEX[IYWIXSMRXIVEGX[MXLSYVGPSWIJVMIRHW1SWXWXYHIRXW
EHHVIWWXLIMVTVSJIWWSVWQSVIJSVQEPP]XLERXLI]HSXLIMVJEQMP]QIQFIVW8LIWIEVI
RSVQWXLEX[IVIGSKRM^IERHEGGITXEWTEVXSJXLIGSQQYRMGEXMSRI\TIGXEXMSRW[MXLMRE
GYPXYVEP GSRXI\X8LIWI GYPXYVEP GSRXI\XW MRJPYIRGI SYV WQEPP KVSYT GSQQYRMGEXMSR
TEXXIVRWEW[IPP
2SVQWMRJPYIRGISYVFILEZMSVWHYVMRKXLIKVSYTTVSGIWW8LI]VIHYGIEQFMKYMX]
LIPTYWJIIPTEVXSJXLIKVSYTERHHIZIPSTSYVSZIVEPPWIRWISJKVSYTRIWW;IPIEVR
LS[XSWTIEO[LSGERTEVXMGMTEXIEX[LEXXMQI[LEXGERFIXEPOIHEFSYXXLIX]TIWSJ
PERKYEKIERHRSRZIVFEPGSQQYRMGEXMSR[IGERYWIERHRYQIVSYWSXLIVWXERHEVHWSJ
FILEZMSV%WSTIVEXMRKTVSGIHYVIWRSVQWLEZIERMQTSVXERXMQTEGXSRLS[XLIKVSYT
JYRGXMSRW% GPYF JSV I\EQTPI QMKLX VIUYMVI XLSWI QIQFIVW EVVMZMRK PEXI JSVXLIMV
 %1 FVIEOJEWXQIIXMRKXSTE]JSVIEGLQMRYXIXLI]EVIPEXI8LMWVYPIYRHIV
WGSVIWXLIKVSYTRSVQSJWXEVXMRKXLIQIIXMRKSRXMQI[MXLIZIV]SRITVIWIRX8LITE]
QIRX SJ XLI PEXI JII MW ZSPYRXEVMP] GSRXVMFYXIH F] XLI QIQFIV XS WXE] [MXLMR XLI
EGGITXIHKVSYTRSVQ

8]TIWSJ2SVQW
2SVQWGERFIGVYGMEPSVTIVMTLIVEPERHI\TPMGMXSVMQTPMGMX%GVYGMEPRSVQ LEWETVM
QEV]MQTEGXSRLS[[IPPXLIKVSYTTIVJSVQWMXWXEWOW-RWSQIGEWIWXLMWGERFIEW
WMQTPIEWERI\TIGXEXMSRJSVVIKYPEVSRXMQIEXXIRHERGIEXQIIXMRKW-RSXLIVGEWIW
XLMWGERVIPEXIXSLS[IEGLQIQFIV[MPPGSRXVMFYXIXSEGGSQTPMWLMRKXLIXEWO:MSPEXMSR
SJ E GVYGMEP RSVQ YWYEPP] FVMRKW WSQI X]TISJGIRWYVI% TIVMTLIVEP RSVQ SYXPMRIW
FILEZMSVWXLEXWLSYPHFIIRKEKIHMRSVEZSMHIHFYXXLEXEVIVEVIP]IWWIRXMEPXSXLIIJJIG
XMZI JYRGXMSRMRK SJ XLI KVSYT:MSPEXMSR SJ E TIVMTLIVEP RSVQhWYGL EW TSSV WSGMEP
IXMUYIXXI SGGEWMSREP FEH QERRIVW SV QMPHP] MRETTVSTVMEXI FILEZMSVhQEOIW YW
YRGSQJSVXEFPI
2SVQWGEREPWSFII\TPMGMXP]WXEXIHSVMQTPMGMXP]YRHIVWXSSH[MXLMRXLIKVSYT%R
I\TPMGMXRSVQ MWSYXPMRIHMRIMXLIV[VMXXIRSVSVEPJSVQEWETSPMG]SVKVSYTWERGXMSRIH
TVSGIHYVIJSVI\EQTPIVIUYMVIHEXXIRHERGIHVIWWWXERHEVHWSVHYIHEXIWEVISJXIR
GPIEVP]WXEXIH%RMQTPMGMXRSVQ MWERYRWXEXIHTVIJIVIRGISJXLIKVSYTWYGLEWFIMRK
GSYVXISYWFVMRKMRKWREGOWSVHSMRKEKSSHNSFFYXGERRSXYWYEPP]FIGPIEVP]MHIRXM
JMIHF]PSSOMRKEXXLIKVSYTtW[VMXXIRKYMHIPMRIWSVJSVQEPSTIVEXMRKTVSGIHYVIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

8LIVIEVIX[SOI]WXLEXMHIRXMJ]KVSYTRSVQW*MVWXEGXMZMXMIWERHFILEZMSVWXLEX
SGGYV VIKYPEVP] WMKRMJ] RSVQW +VSYT RSVQW QE] FI MHIRXMJMIH F] GSQQYRMGEXMSR
MRXIVEGXMSRTEXXIVRWWYGLEW[LSXEPOWXS[LSQ[LEXXLI]XEPOEFSYX[LIXLIVSVRSX
XLIVIMWERSVHIVSVTEXXIVRXSXLIWIUYIRGMRKSJ[LSXEPOWMJQIQFIVWWXE]EJXIVXLI
QIIXMRKXSGLEXLS[WIEXMRKMWHIXIVQMRIHERHLS[XLIQIIXMRKMWFVSYKLXXSSVHIV
ERHGPSWIH7IGSRH[LIRERSVQMWZMSPEXIHXLIKVSYTVIEGXW3FWIVZIJSVMRWXERGI
[LEXLETTIRW[LIRWSQISRIFVMRKWYTEXEFSSWYFNIGXSVMRXIVVYTXWWSQISRIIPWI%
WYHHIRKVSYTWMPIRGISVRIKEXMZIVIWTSRWIXSETEVXMGYPEVEGXMSRMRHMGEXIWEZMSPEXIH
KVSYTRSVQ

2SVQWERH(MZIVWMX]
8LIMQTSVXERGISJYRHIVWXERHMRKRSVQWMWYRHIVWGSVIH[LIR[II\EQMRIXLIVETMHP]
GLERKMRKQEOIYTSJWSGMIX]MRGPYHMRKHVEQEXMGGLERKIWMRHIQSKVETLMGWQYPXMGYP
XYVEP FEGOKVSYRHW ERH MRXIVIWXW ,EVVMW  2EWWIV   &] XLI ]IEV 
qEFSYXLEPJSJEPP%QIVMGERW[MPPFIPSRKXS[LEXEVIRS[GSRWMHIVIHQMRSVMX]KVSYTWr
EGGSVHMRKXSXLI97(ITEVXQIRXSJ0EFSVtWVITSVX%WWSGMEXIH4VIWWT
&  -R EPQSWX IZIV] EWTIGX SJ PMJI [I LEZI MRGVIEWMRK STTSVXYRMXMIW XS [SVO [MXL
HMZIVWIKVSYTWSJMRHMZMHYEPW'LETXIV HMWGYWWIWXLIMQTSVXERGISJHMZIVWMX]XLMWHMW
GYWWMSRJSGYWIWSRRSVQW%WWSGMIX]GLERKIWWSHSKVSYTERHXIEQRSVQW
-RSVKERM^EXMSRWXLITVIHSQMRERXqTEPIQEPIrQEREKIQIRXGYPXYVISJXLITEWXMW
FIMRK VITPEGIH -R JEGX XLIVIMW qE QSZIE[E] JVSQ E HSQMRERGI F]XLI )YVSTIER
%QIVMGERQEPIXS[EVHERMRGVIEWMRKP]HMZIVWIERHWIKQIRXIHTSTYPEXMSR?MRGPYHMRKA
EKI IXLRMG SVMKMRW GYPXYVIW ERH TIVWSREP WX]PIr ;IRXPMRK
 4EPQE6MZEW 
T  %WYVZI]SJXLI*SVXYRIGSQTERMIWVITSVXWXLEXq SJXLIVIWTSRHIRXW
WE]XLIMVHMZIVWMX]MRMXMEXMZIWLIPTXLIMVSVKERM^EXMSRXSOIITEGSQTIXMXMZIEHZERXEKIr
7YVZI]WE]WT 
;IRIIHXSFIE[EVISJXLIMQTEGXSJGLERKMRKRSVQW;MXLSYXERYRHIVWXERHMRK
XLI qMRGVIEWMRK HMZIVWMX] ERH XIEQFEWIH [SVO WXVYGXYVIW GER WTEVO SJJMGI GSRJPMGXr
4MVMWMT 3YVEKIFEGOKVSYRHWIXLRMGMX]VIPMKMSRKIRHIVIHYGEXMSRERH
[SVOI\TIVMIRGIWGERPIEHYWXSWIIHMJJIVIRGIEWHIZMERXFILEZMSV8SHE]tWSVKERM^E
XMSRW EVI qE[EWL [MXL XLI GSRJPMGXMRKZSMGIW ERH ZMI[W SJXLI QSWX EKI ERH ZEPYI
HMZIVWI [SVOJSVGI XLMW GSYRX] LEW ORS[R WMRGI SYV KVIEXKVIEXKVERHTEVIRXW
EFERHSRIHJMIPHERHJEVQJSVJEGXSV]ERHSJJMGIr>IQOI6EMRIW
*MPMTG^EO
T )ZIRMJ[IJSGYWSRP]SRXLIHMJJIVIRXKIRIVEXMSRWEX[SVOVIWIEVGLIVWLEZI
FIIREFPIXSHVE[GVMXMGEPHMWXMRGXMSRWEQSRKZIXIVERWFSVRFIX[IIRi
QMPPMSRTISTPI FEF]FSSQIVWFSVRFIX[IIRiQMPPMSRTISTPI +IR
IVEXMSR<IVWFSVRFIX[IIRiQMPPMSRTISTPI ERH+IRIVEXMSR2I\XIVW
FSVRFIX[IIRiQMPPMSRTISTPI XLEXMQTEGXLS[[IZMI[IEGLSXLIV
[SVOXSKIXLIVMRKVSYTWERHZEPYISYVNSFW>IQOI6EMRIW
*MPMTG^EO 

:MSPEXMRK2SVQW
;IEVIPMOIP]XSEFMHIF]XLIRSVQWMJ[IMHIRXMJ][MXLXLIKVSYTtWKSEPWMJ[ITPERXS
FIPSRKXSXLIKVSYTJSVEPSRKTIVMSHSJXMQIMJ[IJIIPELMKLPIZIPSJGSLIWMZIRIWWMR
XLIKVSYTSVMJ[IHIGMHIXLEX[IEVISJPIWWIVTS[IVSVWXEXYWXLERSXLIVKVSYTQIQ

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6SPIW 

FIVW'SRZIVWIP]MJMXMWESRIXMQIWSGMEPKEXLIVMRKMJ[IHSRSXGEVIEFSYXXLIKVSYT
SVMXWKSEPWSVMJ[IJIIP[ILEZIQSVIEYXLSVMX]TS[IVSVTSWMXMSRXLERSXLIVKVSYT
QIQFIVW[IQMKLXRSXJIIPGSQTIPPIHXSEFMHIF]XLIRSVQW
;LIR KVSYT RSVQW EVI ZMSPEXIH XLI KVSYT [MPP YWYEPP] MQTSWI WSQI X]TI SJ
WSGMEPWERGXMSRSVTYRMWLQIRX8LMWQE]FIEPMKLXTYRMWLQIRXXLEXXLIRMRGVIEWIWMR
MRXIRWMX]MJXLIRSVQMWZMSPEXIHEWIGSRHSVXLMVHXMQI%JMVWXZMSPEXMSRQE]QIERXLEX
-EQWMQTP]EZSMHIHSVMKRSVIHJSVE[LMPIHYVMRKXLIKVSYTTVSGIWW*SVI\EQTPIMJ-
EQXIRQMRYXIWPEXIJSVEQIIXMRKXLIKVSYTQE]RSXWE]ER]XLMRKXLIJMVWXXMQIFYX
EPWSQE]RSXMRGPYHIQIMRXLIHMWGYWWMSRJSVE[LMPI-J-EQPEXIEWIGSRHXMQI[LIR
-EVVMZIKVSYTQIQFIVWQE]FIGSQIQSVISYXWTSOIRERHI\TVIWWXLIMVMVVMXEXMSRQSVI
HMVIGXP]XLVSYKLGSQQIRXWEFSYXQ]XEVHMRIWWSVXLI]QE]FIKMRXSNSOIEFSYXQ]
EXXIRHERGI-J-EQPEXIEXLMVHXMQIXLI]QE]I\TVIWWERKIVEFSYXQ]LEFMXYEPPEXIRIWW
ERHVIQMRHQIXLEXMXMRXIVJIVIW[MXLXLIKVSYTtWEFMPMX]XSEGGSQTPMWLMXWXEWO-RIEGL
GEWIXLIKVSYTMWEWOMRKQIXSGSRJSVQXSXLIRSVQ8LIWERGXMSRMQTSWIH[MPPEPWSFI
GSRXMRKIRXSRXLITIVGITXMSRSJQ]SXLIVGSRXVMFYXMSRWXSXLIKVSYTERHEGGSQTPMWL
QIRXSJMXWXEWO-J-EQTIVGIMZIHEWLEZMRKGSRXVMFYXIHEKVIEXHIEPXSXLIKVSYTERH
XLIEGLMIZIQIRXSJMXWKSEPWQ]PEXIRIWWXSEQIIXMRKQE]FITIVGIMZIHEWXVMZMEPERHE
WERGXMSREWYRRIGIWWEV]SVMRETTVSTVMEXI-J-EQTIVGIMZIHEWRSXLEZMRKGSRXVMFYXIH
Q]WLEVIXSXLIKVSYT[SVOSZIVEPPXLIRQ]PEXIRIWWXSXLIQIIXMRKQE]FIGSQIE
JSGEPTSMRXJSVXLIKVSYTtWI\TVIWWMSRSJERKIVXS[EVHQ]SZIVEPPPEGOSJGSRXVMFYXMSR
*I[ RSVQWEVI GEVZIHMRWXSRILS[IZIV8LI]EVIWSGMEPP]GSRWXVYGXIHF]XLI
KVSYT ERH EW [I QSZI JVSQ KVSYT XS KVSYT XLI RSVQW GLERKI &ILEZMSV XLEX MW
WIZIVIP]WERGXMSRIHMRSRIKVSYTQE]TEWWETTEVIRXP]YRRSXMGIHMRERSXLIV2SVQWGER
FIQSHMJMIHFYXMXMWMQTSVXERXXSVIQIQFIVXLEXKVSYTWXEOIXLIMVRSVQWZIV]WIVM
SYWP]ERHZMSPEXMRKERSVQGERFVMRKWMKRMJMGERXWERGXMSRW
+VSYTRSVQWEVIRSXGVIEXIHSVIRJSVGIHF]ER] SRIQIQFIVERHQE]GLERKI
SZIVXMQI9PXMQEXIP]XLI]EVIQEMRXEMRIHF]XLIKVSYTEWE[LSPI;LMPIMRHMZMHYEPW
QE]VITVIWIRXXLIKVSYTSRSGGEWMSRMRQEOMRKERSVQI\TPMGMXMXMWXLIJSVGISJXLI
KVSYTtWWERGXMSRXLEXQEOIWEVYPIERSVQ%X[SVOXLIWIRSVQWEVIMRGVIEWMRKP]HMJJM
GYPXXSQEMRXEMR[MXLSYXGLEPPIRKISVWGVYXMR]F]SXLIVW(MZIVWMX]FVMRKWRI[MRWMKLXW
VIKEVHMRKXVEHMXMSREPRSVQWERHKVSYTWRIIHXSFIGSRXMRYSYWP]QSRMXSVMRKRSVQWXS
QEOIGIVXEMRXLI]EVIMRGPYWMZISJXLIHMZIVWIKVSYTQIQFIVW(I2MWM
+VMJJMR 

6SPIW
2SVQWERHVSPIWEVIMRXIVVIPEXIHFYXHMJJIVJVSQIEGLSXLIV2SVQWEVII\TIGXEXMSRW
VIKEVHMRKFILEZMSVTEXXIVRWJSVXLIKVSYTEWE[LSPIXLITEVXMGYPEV[E][IEWMRHMZMH
YEPWEVII\TIGXIHXSEGXMREKVSYTMWSYVVSPI ,EVI WXEXIWXLEXEVSPIMWEWWSGM
EXIH[MXLXLITSWMXMSRERHWXEXYWSJEQIQFIVMREKVSYTERHMQTPMIWXLIVMKLXWERH
HYXMIWSJXLEXQIQFIVXS[EVHSRISVQSVISXLIVKVSYTQIQFIVW;LMPIXLMWHIJMRMXMSR
ETTPMIWTVMQEVMP]XSXLIJSVQEPKVSYTVSPIWXLEXQIQFIVWTIVJSVQGSRWGMSYWP]I\TIG
XEXMSRWEVIEPWSEWWSGMEXIH[MXLMRJSVQEPVSPIW8LIWII\TIGXEXMSRWQE]EVMWISRP]HYV
MRKXLIGSYVWISJMRXIVEGXMSRMREKVSYTLS[IZIVERHXLYWQE]FIPIWWGPIEVFYXXLI]
EVII\TIGXEXMSRWNYWXXLIWEQI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

8LI8SYVHI*VERGI
8LI8SYVHI*VERGIVEGIVW[IVIVMHMRKXSKIXLIVMRETIPSXSR JSVQEXMSRJVSQ&SVHIEY\XS
&MEVVMX^[LIRq[MXLPMXXPI[EVRMRKFYXEWWSQIXMQIWLETTIRWHYVMRKPSRKWXEKIWWSQI
FSH]GEPPIHJSVEFEXLVSSQFVIEOr6MHIVWJVSQXLIVEGItWXIRHMJJIVIRXXIEQWLSTTIHSJJ
XLIMVFMOIWXSVIPMIZIXLIQWIPZIW8LSWI[LSHMHRSXWXSTWPS[IHHS[R
-RWXIEHSJI\XIRHMRKXLMWGYWXSQEV]GSYVXIW]*VIRGLVMHIV(ERXI'SGGSPSWXEVXIHXS
WTVMRX[LMPIXLISXLIVW[IVIXEOMRKXLIMVFVIEOWEXXIQTXMRKXSTYXEXMQIKETFIX[IIRLMQ
WIPJERHXLIKVSYT;MXLPYGOERHWTIIHLIGSYPHIZIR[MRXLMWWXEKISJXLIVEGIFYXLMW
EXXIQTX FEGOJMVIH ,I LEH FVIEGLIH TIPSXSR IXMUYIXXI q,I LEHE LEFMX SJ EXXEGOMRK SR
FEXLVSSQFVIEOWrWE]W4EYP7LIV[IRE8SYVVEGIV[LS[EWMRXLITIPSXSR XLEXHE]q,I
XLSYKLXMX[EWUYMXIEQYWMRK-XtWRSXMPPIKEPFYXMJSVKY]WWXSTJSVEFVIEOERH]SY
KSSJJSREREXXEGO]SYtVIKSMRKXSQEOISVIRIQMIW    ;LIRMX[EW'SGGSPStW
XYVRJSVLMWS[RFEXLVSSQFVIEOERHLITYXLMWFMOIHS[RSRXLIKVEWWZIVKI    EGSYTPI
SJKY]WWPS[IHHS[RERHKVEFFIHXLIFMOI8LI][LIIPIHMXHS[RXLIVSEHJSVEOMPSQIXIV
SVX[SERHXSWWIHMXMRXSEHMXGL)ZIV]SRIMRXLITIPSXSR [EWZIV]LETT]EFSYXMXr
;LIR'SGGSPSIQIVKIHJVSQXLI[SSHWLMWFMOI[EWKSRI,ILEHXSWXERHF]XLI
WMHISJXLIVSEHJSVJMZIQMRYXIWYRXMPLMWXIEQQEREKIVWLS[IHYTMREWTSRWSVGEVTYX
LMQSRXLILSSHERHHVSZILMQXSVIXVMIZILMWLMNEGOIHFMOI'SGGSPSJMRMWLIHRI\XXSPEWX
XLEX]IEVERHLIRIZIVVSHIMRXLI8SYVEKEMR

7SYVGI ,SGLQERT

;LMPIRSVQWHMVIGXXLIFILEZMSVSJXLIKVSYTVSPIWETTP]XSETEVXMGYPEVMRHMZMH
YEPtWFILEZMSVq6SPIWEVIsTEGOEKIWt SJRSVQWXLEXETTP]XSTEVXMGYPEVKVSYTQIQFIVWr
.SLRW  T   *SV I\EQTPI [I QMKLX I\TIGX WSQISRI XS XEOI RSXIW EX SYV
QIIXMRKWERHHMWXVMFYXIXLIQXSIZIV]QIQFIV8LIKVSYTRSVQSJRSXIXEOMRKWYK
KIWXWEWTIGMJMGVSPIJSVSRIQIQFIVIZIRMJXLIQIQFIVXEOMRKRSXIWGLERKIW[MXL
IEGLQIIXMRK

8]TIWSJ6SPIW
,MWXSVMGEPP]WGLSPEVWLEZIHMZMHIHVSPIWMRXSX[SKIRIVEPGEXIKSVMIWhXLSWIXLEXXEOI
MRXSGSRWMHIVEXMSRXLIMQTSVXERGISJXLIKVSYTtWXEWOERHXLSWIVSPIWRIGIWWEV]JSVXLI
WSGMEPERHIQSXMSREPRIIHWSJXLIKVSYT/IXVS[ 8EWOVSPIW VIPEXIXSKIXXMRKXLI
NSFHSRI7SGMEPIQSXMSREPVSPIW VIPEXIXSXLIKVSYTGPMQEXIERH[SVOMRKVIPEXMSRWLMTW
&SXLEVIIWWIRXMEPJSVEKVSYTXSFIIJJIGXMZI8EWOVSPIWTIGMEPMWXWLIPTQSZIXLIKVSYT
XS[EVHMXWKSEPEXXEMRQIRXERHLIPTXLIKVSYTEHETXXSGLERKIWMRRIIHWERHEGGSQ
TPMWLQIRXW EPSRK XLI[E]7SGMEPIQSXMSREPVSPIWTIGMEPMWXWEWWMWXXLIKVSYT[MXLMXW
WSGMEP QEMRXIRERGI JYRGXMSRW ERH HIZIPST [E]W SJ I\TVIWWMRK ERH HIEPMRK [MXL XLI
IQSXMSREPHMQIRWMSRWSJHMWGYWWMSRJSVMXWQIQFIVW-REHHMXMSRWIPJGIRXIVIHVSPIW
LEZI FIIR MHIRXMJMIH [LIR MRHMZMHYEPW JSGYW SR XLIMV S[R RIIHW VEXLIV XLER SR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6SPIW 

GSRXVMFYXMRK MR TSWMXMZI [E]W XS XLI KVSYT HMWGYWWMSR ERH EGLMIZIQIRX 8EFPI 
HIWGVMFIWXLIWIVSPIW
8LIYWIJYPRIWWSJXLIWIHIWGVMTXMSRWMWXLIMVIQTLEWMWSRXLIQER]VSPIWER]SRI
TEVXMGMTERXQMKLXTPE]MREWQEPPKVSYT)JJIGXMZIKVSYTQIQFIVWJVIUYIRXP]XEOISRE
ZEVMIX]SJVSPIW
+VSYTWSJXIRTVIWIRXHMJJMGYPXWMXYEXMSRW[MXLQYPXMTPII\TIGXEXMSRWSJVSPIWJSV
QIQFIVWWSXLEX[LEXMWI\TIGXIHSJYWMRKVSYTWMWRSXEP[E]WGPIEV,EVI 
7SQIXMQIWVSPIWGSRJPMGXSVGSPPMHISVQE]FIGSRJYWIHF]EQFMKYSYWSVMRGSQTEXMFPI
WIXW SJ I\TIGXEXMSRW=SY QMKLX FI EWOIH JSV I\EQTPI XS FI E KVSYT PIEHIV [LIR
FIGEYWISJSXLIVSFPMKEXMSRWXSXLIKVSYT]SYHSRSXLEZIXLIXMQIERHIRIVK]RIIHIH
XS YRHIVXEOI XLI NSF =SY QMKLX XLIR I\TIVMIRGI VSPI GSRJPMGX +VMJJMR   %X
ERSXLIVXMQI]SYQE]RSXFIGIVXEMR[LEXVSPIXSTPE]SV]SYQE]I\TIVMIRGIQYPXMTPI
ERH GSRXVEHMGXSV]VSPI HIQERHW JVSQ XLI KVSYTPIEHMRKXS VSPI EQFMKYMX] +VMJJMR
 =SYI\TIVMIRGIVSPIGSRJPMGX[LIR]SYEVII\TIGXIHXSEGXMREQERRIVHMJJIVIRX
JVSQ[LEX]SYTIVGIMZIXSFI]SYVHIWMVIHVSPIERHVSPIEQFMKYMX][LIRXLIVSPI]SY
EVII\TIGXIHXSXEOISRMWYRGPIEV%RI\EQTPISJVSPIGSRJPMGX MWFIMRKTYXMRGLEVKISJ
EKVSYT[LIR]SYHSRSX[ERXXSXEOIXLIVIWTSRWMFMPMX])ZIV]SRIMRXLIKVSYTWE]W
]SYEVIEREXYVEPFSVRPIEHIV=SY[ERXRSTEVXSJXLMWVSPIFYXEGGITXMXFIGEYWISJXLI
KVSYTTVIWWYVI%RI\EQTPISJVSPIEQFMKYMX] SGGYVW[LIREKVSYT[ERXW]SYVMRTYX
ERHPIEHIVWLMTFYXHSIWRSXTVSZMHIER]KYMHIPMRIWJSV[LEXMWRIIHIHERHMRTVEGXMGI
ETTIEVWRSXXS[ERX]SYVMRTYXSV]SYVPIEHIVWLMT6SPIGSRJPMGXERHVSPIEQFMKYMX]GER
FIHMJJMGYPXTVSFPIQWJSVKVSYTWXSHIEP[MXLERHQE]VIUYMVIIMXLIVVSPIEREP]WMWXS
HIXIVQMRI[LEXMWI\TIGXIHSJETEVXMGYPEVVSPISVVSPIRIKSXMEXMSRXSIRWYVIEGSQQSR
YRHIVWXERHMRKSJXLIVSPIEQSRKEPPKVSYTQIQFIVW

8LI*YRGXMSRSJ6SPIW
-REHHMXMSRXSXLIWIMWWYIW&EPIW MHIRXMJMIHJSYVJYRGXMSREPGLEVEGXIVMWXMGWSJ
VSPIWXLEXGERGVIEXITVSFPIQWJSVKVSYTW'IVXEMRVSPIWGERGVIEXITVMZMPIKIHTSWMXMSRW
XLEXEPPS[E KVIEXIVEGGIWWXSVIWSYVGIWF QSVIHMVIGXMSRSJERHGSRXVSPSZIVSXLIV
TIVWSRWG MRGVIEWIHWXEXYWhEWIRWISJMQTSVXERGIERHTVIWXMKI[MXLMRXLIKVSYTERH
H EKVIEXIVWIRWISJMRZSPZIQIRXMRERHMHIRXMJMGEXMSR[MXLXLIKVSYT2IKSXMEXMRK
VIWSYVGIWHMVIGXMSRWXEXYWERHMRZSPZIQIRXGEREXXMQIWFIHMJJMGYPXJSVEKVSYTERH
GERGVIEXIXIRWMSRWEQSRKKVSYTQIQFIVW
&IGEYWIEWQEPPKVSYTMWEGSPPIGXMSRSJMRHMZMHYEPWFSYRHXSKIXLIV[MXLWSQI
GSQQSRTYVTSWIXLIQIQFIVWIEGLLEZIERMRXIVIWXMRTPE]MRKXLIMVVIWTIGXMZIVSPIW
XSEGLMIZIXLEXTYVTSWI-RKIRIVEPKVSYTQIQFIVW[SVOXSJSWXIVJEZSVEFPIMQTVIW
WMSRWSJXLIQWIPZIWXSSVKERM^IXLIMVQYPXMTPIVIPEXMSRWLMTW[MXLSXLIVKVSYTQIQ
FIVWXSHIZIPSTEGSQQSRYRHIVWXERHMRKWLEVIHEQSRKKVSYTQIQFIVWSJXLIKVSYTtW
KSEPWEQFMXMSRWTVIJIVVIHWX]PISJQIIXMRKGSQQYRMGEXMRKERHEGGSQTPMWLMRKXEWOW
ERHXSI\TVIWWXLIMVJIIPMRKWERHXLSYKLXW[LMPIRSXI\TSWMRKXLIMVTIVWSREPZYPRIVEFMP
MXMIWXSXSSKVIEXERI\XIRX%PSRKXLIWIPMRIW&SGLRIV HIZIPSTIHEX]TSPSK]SJ
JMZIGSQQYRMGEXMSRVSPIJYRGXMSRWXLEXETTP]XSGSQQYRMGEXMSRMRWQEPPKVSYTW8LIWI
JYRGXMSRWhq XSJSWXIVJEZSVEFPIMQTVIWWMSRW XSSVKERM^IXLIVIPEXMSRWLMT XS
GSRWXVYGXERHZEPMHEXIEGSRNSMRX[SVPHZMI[ XSI\TVIWWJIIPMRKWERHXLSYKLXWERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6 
8%&0) +VSYT6SPI&ILEZMSV
+VSYT8EWO6SPIW
-RMXMEXMRK 4VSTSWMRKRI[MHIEW )RGSYVEKMRK 4VEMWMRK &PSGOMRK 4VIZIRXMRKTVSKVIWW
TVSTSWMRKKSEPWTPERWSJEGXMSR
SVEGXMZMXMIWSVMIRXMRKTVSHHMRK
XLIKVSYTXSKVIEXIVEGXMZMX] XLIZEPYISJSXLIVWt
HIJMRMRKXLITSWMXMSRSJXLI
KVSYTMRVIPEXMSRXSERI\XIVREP
WXVYGXYVISVKSEPSJJIVMRK
WYKKIWXMSRWERHETTVSEGLIW
)PEFSVEXMRK 'PEVMJ]MRKMHIEWSV
WYKKIWXMSRWI\TERHMRKMHIEWSV
WYKKIWXMSRWHIZIPSTMRKE
TVIZMSYWP]I\TVIWWIHMHIE XLIPIEHSJERSXLIVQIQFIV XLVIEXIRMRKSXLIVKVSYT
TVSZMHMRKI\EQTPIW
MPPYWXVEXMSRWERHI\TPEREXMSRW
'SSVHMREXMRK -RXIKVEXMRK ,EVQSRM^MRK ,IPTMRKXS
TYXXMRKXSKIXLIVTEVXWSJZEVMSYW
MHIEWSVKERM^MRKXLIKVSYTtW
[SVOTVSQSXMRKXIEQ[SVOERH
GSSTIVEXMSR
7YQQEVM^MRK 4YPPMRK[SVOERH
MHIEWXSKIXLIVSVMIRXMRKXLI
KVSYTVIZMI[MRKTVIZMSYW
WXEXIQIRXWVIQMRHMRKXLIKVSYT
SJMXIQWTVIZMSYWP]QIRXMSRIHSV
HMWGYWWIH
6IGSVHMRK /IITMRKXVEGOSJXLI
KVSYTtW[SVOOIITMRKKVSYT
VIGSVHWTVITEVMRKVITSVXWERH
QMRYXIWWIVZMRKEWKVSYT
WIGVIXEV]SVLMWXSVMER
)ZEPYEXMRK 'VMXMUYMRKMHIEWSV
WYKKIWXMSRWI\TVIWWMRK
NYHKQIRXWSRXLIQIVMXWSJ
MRJSVQEXMSRSVMHIEWTVSTSWMRK
SVETTP]MRKGVMXIVMEJSV
IZEPYEXMRKMRJSVQEXMSR
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO
+VSYT1EMRXIRERGI6SPIW
I\TVIWWMRK[EVQXLWYTTSVX
ERHETTVIGMEXMSRVIGSKRM^MRK
GSRXVMFYXMSRWMRHMGEXMRK
TSWMXMZIJIIPMRKXS[EVHKVSYT
QIQFIVWVIMRJSVGMRKKVSYT
YRMX]ERHGSLIWMZIRIWW
7YTTSVXMRK %KVIIMRKSV
I\TVIWWMRKWYTTSVXJSVERSXLIVtW
FIPMIJSVTVSTSWEPJSPPS[MRK
EGGITXMRKERSXLIVtWWYKKIWXMSRW
ERHGSRXVMFYXMSRW
VIPMIZIXIRWMSRQIHMEXMRK
HMJJIVIRGIWVIHYGMRKWIGSRH
EV]XIRWMSRF]VIGSRGMPMRK
HMWEKVIIQIRXWYKKIWXMRKE
GSQTVSQMWISVERI[EGGITXEFPI
EPXIVREXMZI[SVOMRKXSVIGSRGMPI
ERKV]QIQFIVW
+EXIOIITMRK /IITMRK
GSQQYRMGEXMSRGLERRIPW
STIRLIPTMRKqUYMIXr
QIQFIVWKIXXLIJPSSVERHFI
LIEVHWYKKIWXMRKXYVRXEOMRKSV
EWTIEOMRKSVHIVEWOMRK
WSQISRIXSSJJIVEHMJJIVIRX
STMRMSR
4VSGIWW3FWIVZMRK 1EOMRK
GSQQIRXWSRLS[XLIKVSYTMW
[SVOMRKLS[XLIQIQFIVWEVI
GSSVHMREXMRKERH[SVOMRK
XSKIXLIV
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
7IPJ3VMIRXIH&ILEZMSVW
XS[EVHKVSYTKSEPWF]GSRWXERXP]
VEMWMRKSFNIGXMSRWVITIEXIHP]
FVMRKMRKYTXLIWEQIXSTMGSV
MWWYIEJXIVXLIKVSYTLEW
GSRWMHIVIHERHVINIGXIHMX
TVIZIRXMRKXLIKVSYTJVSQ
VIEGLMRKGSRWIRWYWVIJYWMRKXS
KSEPSRKEGGITXSVWYTTSVXE
KVSYTHIGMWMSR
&IMRK%KKVIWWMZI 'VMXMGM^MRK
QIQFIVWFIMRKEqRSFPI
JMKLXIVrTVIZIRXMRKGSPPEFSVEXMSR
;MXLHVE[MRK 6IQEMRMRK
MRHMJJIVIRXVIJYWMRKXS
GSRXVMFYXIEZSMHMRKMQTSVXERX
HMJJIVIRGIWVIJYWMRKXSGSTI
[MXLGSRJPMGXWVIJYWMRKXSXEOIE
WXERHGSZIVMRKYTJIIPMRKW
KMZMRKRSVIWTSRWIXSGSQQIRXW
(SQMREXMRK -RXIVVYTXMRK
VIJYWMRKXSEGGITXSXLIVWt
GSRGPYWMSRWEWFIMRKEWZEPMHEW
SRItWS[RJSVGMRKEPIEHIVWLMT
VSPI
7XEXYWSV6IGSKRMXMSR7IIOMRK
7XEKILSKKMRKFSEWXMRKERH
GEPPMRKEXXIRXMSRXSSRItW
I\TIVXMWISVI\TIVMIRGI[LIRRSX
RIGIWWEV]XSGVIHMFMPMX]SV
VIPIZERXXSKVSYTtWXEWOKEQI
TPE]MRKXSIPMGMXW]QTEXL]
W[MXGLMRKWYFNIGXXSEVIESJ
TIVWSREPI\TIVXMWI
 6SPIW 

8%&0) 'SRXMRYIH

+VSYT8EWO6SPIW +VSYT1EMRXIRERGI6SPIW 7IPJ3VMIRXIH&ILEZMSVW

+MZMRKSV7IIOMRK 7IXXMRK7XERHEVHW ,IPTMRKXS 7TIGMEP-RXIVIWX4PIEHIV

-RJSVQEXMSR 4VIWIRXMRKHEXE WIXKSEPWERHWXERHEVHWJSVXLI (IQERHMRKKVSYTXMQIERH
SJJIVMRKJEGXWERHMRJSVQEXMSR KVSYTEWWMWXMRKMRWIXXMRKRSVQW VIWSYVGIWJSVWTIGMEPMRXIVIWX
IZMHIRGISVTIVWSREPI\TIVMIRGI SVQEOMRKRSVQWI\TPMGMX TPIEHMRKGSRWXERXP]EHZSGEXMRK
VIPIZERXXSXLIKVSYTtWXEWO WYKKIWXMRKVYPIWSJFILEZMSV JSVSRItWWYFKVSYTSVWTIGMEP
EWOMRKSXLIVWJSVJEGXWERH JSVQIQFIVWGLEPPIRKMRK MRXIVIWXRSXEPPS[MRKKVSYT
MRJSVQEXMSRIZMHIRGISV YRTVSHYGXMZI[E]WSJFILEZMRK MRJPYIRGISZIVSRItWTIVGIMZIH
VIPIZERXTIVWSREPI\TIVMIRGI KMZMRKERIKEXMZIVIWTSRWI WIPJMRXIVIWXW
EWOMRKUYIWXMSRWEFSYX [LIRERSXLIVZMSPEXIWEVYPISV
MRJSVQEXMSRTVSZMHIHF]SXLIVW RSVQ
VIUYIWXMRKIZEPYEXMSRWEWOMRKMJ
8IRWMSR6IPMIZMRK 9WMRK
XLIKVSYTMWVIEGLMRKGSRWIRWYW
LYQSVSVNSOMRKSVSXLIV[MWI
3TMRMSR+MZMRK 7XEXMRKFIPMIJW VIPMIZMRKXIRWMSRLIPTMRKRI[
ZEPYIWMRXIVTVIXEXMSRW QIQFIVWJIIPEXIEWIVIHYGMRK
NYHKQIRXWHVE[MRKGSRGPYWMSRW WXEXYWHMJJIVIRGIWIRGSYVEKMRK
JVSQJEGXWERHMRJSVQEXMSR MRJSVQEPMX]WXVIWWMRKGSQQSR
MRXIVIWXWERHI\TIVMIRGIW[MXLMR
'PEVMJ]MRK -RXIVTVIXMRKMWWYIW
XLIKVSYTHIZIPSTMRKKVSYT
QEOMRKEQFMKYSYWWXEXIQIRXW
REVVEXMZIWXLIQIWERHJERXEWMIW
QSVIGPIEVEWOMRKJSVI\EQTPIW
XSFYMPHEGSQQSRWTMVMXERH
SVJYVXLIVGPEVMJMGEXMSR
FSRHSVXSXIWXEXIRXEXMZIZEPYI
'SRWIRWYW8IWXMRK %WOMRKMJER SVRSVQ
ETTEVIRXKVSYTHIGMWMSRMW
EGGITXEFPIXSEPPWYKKIWXMRKXLEX
EREKVIIQIRXQE]LEZIFIIR
VIEGLIHERHEWOMRKJSV
ZIVMJMGEXMSRSJXLEX
4VSTSWMRK4VSGIHYVI
7YKKIWXMRKEREKIRHESJMWWYIW
SVEHIGMWMSRQEOMRKQIXLSH
TVSTSWMRKETVSGIHYVIXSJSPPS[

 XSTVSXIGXZYPRIVEFMPMXMIWrT hEVIGEVVMIHSYXFSXLF]XLIMRHMZMHYEPKVSYT

QIQFIVWMRXLIMVMRXIVEGXMSRW[MXLSRIERSXLIV[MXLMRXLIKVSYTERHF]XLIKVSYTEWE
[LSPIMRMXWMRXIVEGXMSRW[MXLXLIPEVKIVI\XIVREP[SVPH
8LIVSPIW[IEWWYQI[MXLMREKVSYTXSLIPTMXEGGSQTPMWLXLIWIKSEPWEVIXLIGSR
WIUYIRGIW SJ WIZIVEP JEGXSVW 6SPIW GER FI HIXIVQMRIH EWWMKRIH SV IQIVKIRX
(IXIVQMRMWXMGVSPIW EVIHIXIVQMRIHF]I\XIVREPJEGXSVW*SVI\EQTPIMRSYVJEQMPMIW
XLIVSPIWSJQSXLIVJEXLIVWMWXIVFVSXLIVHEYKLXIVWSRSVGSYWMREVIHIXIVQMRIHF]
XLI REXYVI SJ XLI VIPEXMSRWLMTW ;LMPI IEGL SJ YW QE] EGX SYX SYV VSPIW [MXL WSQI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

GVIEXMZMX]ERHHIZMEXMSRJVSQERIWXEFPMWLIHWSGMEPRSVQGIVXEMRFILEZMSVWERHI\TIG
XEXMSRWEVIJEMVP]WXERHEVHJSVI\EQTPIXEOMRKGEVISJGLMPHVIR *SVQEPSVEWWMKRIH
VSPIW I\MWX MR QSWX WQEPP KVSYTW ERH MRGPYHI RSXI XEOMRK WGLIHYPMRK SV GLEMVMRK
)QIVKIRXVSPIW EVI[SVOIHSYXEQSRKXLIQIQFIVWSJXLIKVSYT8LIWIVSPIWEVIRIKS
XMEXIHEWXLIKVSYTEGXMZMX]TVSGIIHWERHVIWYPXJVSQXLIMRXIVEGXMSRSJXLIKVSYTQIQ
FIVW*SVI\EQTPIWSQISRIQMKLXFIEWWMKRIHXLIVSPISJGLEMVTIVWSRSRP]XSJMRHSYX
XLEXEGSPPIEKYILEWXLII\TIVXMWIERHI\TIVMIRGIXSHIEP[MXLETEVXMGYPEVMWWYI*SVE
[LMPIXLEXTIVWSR[MPP IQIVKIEWXLIKVSYTPIEHIVIZIR XLSYKL ERSXLIVTIVWSR[EW
I\TPMGMXP]EWWMKRIHXLEXVSPI
%W W]WXIQW XLMROMRK [SYPHTVIHMGX IEGL KVSYT [MPPHIZIPST EHMJJIVIRX WIXSJ
VSPIWJSVMXWTEVXMGMTERXW-RSRIKVSYT[IQMKLXFIXLIPIEHIVMRERSXLIVXLIHIZMPtW
EHZSGEXI%XSXLIVXMQIW[IQMKLXFIERI[GSQIVSVHIGMHIXSFIEWMPIRXSFWIVZIV;I
EGGITXXLIWIVSPIWXLVSYKLXLITVSGIWWSJVSPIEWWYQTXMSRhXV]MRKXSEGXMREGGSVHERGI
[MXLXLII\TIGXIHFILEZMSVWERXMGMTEXIHF]XLIKVSYTERH[MXLXLIRSVQWEWWSGMEXIH
[MXLXLEXVSPI%PXLSYKLXLITEVXMGYPEVVSPIQE]WIIQWMQTPI[LIRMXMWHIWGVMFIHXLI
EGXYEPEGGITXERGIERHEGXMRKSYXSJXLIVSPIGERTVSZIXSFIHMJJMGYPX

'SLIWMZIRIWW
'SLIWMZIRIWW qMWXLII\XIRXXS[LMGLQIQFIVWEVIPS]EPERHGSQQMXXIHXSXLIKVSYTr
+VMJJMRT GVIEXMRKEqJSVGIXLEXFMRHWKVSYTQIQFIVWXSKIXLIVr/I]XSR

7TVMRKWXSRT ;LMPIXLIKVSYTXEWOERHWXVYGXYVIXIRHXSFIWIXGSLIWMZI
RIWWMWEVIWYPXSJLS[[IPPKVSYTQIQFIVWMRXIVEGX+VSYTWEVIRSXHSSQIHXSJEMPYVIMJ
XLIQIQFIVWHSRSXKIXEPSRKFYXGSLIWMZIKVSYTWJYPJMPPMQTSVXERXRIIHWJSVXLIKVSYT
QIQFIVWMRGVIEWMRKXLIMV[MPPMRKRIWWXSGSRXVMFYXIXSXLIKVSYTERHGSLIWMZIKVSYTW
LEZIFIIRWLS[RXSFIQSVIIJJIGXMZIMRXEWOTIVJSVQERGI)ZERW
(MSR 
'SLIWMZIRIWWHIWGVMFIWEWIXSJMRJPYIRGIWERHVIEWSRWXLEXOIITQIQFIVWMRE
KVSYTERHOIITXLIQQSXMZEXIHERH[MPPMRKXSGSRXVMFYXII\XVEXMQIERHIJJSVXXSLIPT
XLIKVSYTGSQTPIXIMXWNSF;MXXIQER -RQSVIGSLIWMZIKVSYTWQIQFIVWGSR
ZIVWIJVIIP]EVIQSVIMRXIVIWXIHMRXLIEGLMIZIQIRXWSJXLIKVSYTEXXIRHERHEGXMZIP]
TEVXMGMTEXIMRKVSYTJYRGXMSRWEVIMRXIVIWXIHMRXLIEGXMZMXMIWSJSXLIVQIQFIVW[MPP
MRKP] EWWMWX IEGL SXLIV MR EGLMIZMRK XLI KVSYTtW XEWOW ERH MHIRXMJ] [MXL XLI KVSYT
XLVSYKLXLIMVYWISJPERKYEKIMRWTIEOMRKSJq[IrERHVIJIVVMRKXSRSRKVSYTQIQFIVW
EWqXLI]r'SLIWMSRMWJVIUYIRXP]GMXIHEWMQTSVXERXXSEKVSYTtWWYGGIWW+VMJJMR
7XSGOXSR6SLHI
,EYKLI] 

-RJPYIRGIWSR'SLIWMZIRIWW
;MHQI]IVERH;MPPMEQW MHIRXMJ]ERYQFIVSJMRJPYIRGIWSRXLIHIZIPSTQIRXSJ
KVSYTGSLIWMSR8LIWM^ISJXLIKVSYTXLIFEGOKVSYRHWMQMPEVMX]SJKVSYTQIQFIVW
XLIQIQFIVWt WEXMWJEGXMSR[MXLXLIXEWOMR[LMGLXLI]EVIIRKEKIHERH[MXLXLIWSGMEP
EWTIGXW SJ XLI KVSYT ERH XLI WYGGIWW SJ TVMSV KVSYT TIVJSVQERGI EPP GSRXVMFYXI XS
KVIEXIVKVSYTGSLIWMSR0EVKIVKVSYTWJSVMRWXERGIQE]JMRHWSGMEPERHXEWOGSLIWMZI
RIWWQSVIHMJJMGYPXEWWSQIQIQFIVWQE]JMRHMXIEWMIVXSIRKEKIMRqWSGMEPPSEJMRKr

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'SLIWMZIRIWW 

ERH qKSMRK EPSRKJSVXLIVMHIr [MXLSYXMRZIWXMRKXLIQWIPZIW LIEZMP]SV GSRXVMFYXMRK

JYPP]XSXLIKVSYTtW[SVO
'SLIWMZIRIWWHIZIPSTWMRKVSYTWXLVSYKLKVIEXIVGSQQYRMGEXMSREQSRKKVSYT
QIQFIVWERH[MXLMRGVIEWIHTVIWWYVIJSVGSRJSVQMX]XSKVSYTRSVQW)\TPMGMXP]GPEVM
J]MRKKVSYTKSEPWMHIRXMJ]MRKQIQFIVVSPIWERHIRGSYVEKMRKQIQFIVMRZSPZIQIRXMR
XLIHIGMWMSRQEOMRKTVSGIWWEPPGSRXVMFYXIXSKVIEXIVGSLIWMZIRIWW3XLIVMRJPYIRGIW
WYGLEWWSPMGMXMRKJYPPQIQFIVMRZSPZIQIRXMRXLIHIGMWMSRQEOMRKTVSGIWWMRZSPZMRK
QIQFIVWMRGPEVMJ]MRKKVSYTKSEPWERHQIQFIVVSPIWERHVIGSKRM^MRKQIQFIVWt GSR
XVMFYXMSRWWIVZIXSHIZIPSTGSLIWMZIRIWWEW[IPP*MREPP]WYGGIWWJYPP]EGGSQTPMWLMRK
XEWOW FIMRKTVSHYGXMZIERHFIMRK VIGSKRM^IH EWE WYGGIWWJYPKVSYTEPWSWXVIRKXLIR
ERHIRGSYVEKIKVSYTGSLIWMSR

'SRWIUYIRGIWSJ'SLIWMZIRIWW
+VSYTGSLIWMZIRIWWFVMRKW[MXLMXQER]TSWMXMZIFIRIJMXWWYGLEWKSSHJIIPMRKWEFSYX
XLIKVSYTERHQIQFIVWLMTMRMXJYPJMPPQIRXSJGIVXEMRTIVWSREPRIIHWSVXLISTTSVXY
RMX]JSVTIVWSREPI\TVIWWMSREW[IPPEWJIIPMRKWSJTIVWSREPWYGGIWWERHTVSHYGXMZMX]
+VSYTGSLIWMZIRIWWGEREPWSIRLERGIXLIHIGMWMSRQEOMRKTVSGIWWXLIUYEPMX]SJXLI
HIGMWMSRWQEHIERHXLISZIVEPPTVSHYGXMZMX]SJXLIKVSYT7SGSLIWMSRMWERMQTSVXERX
JEGXSVJSVER]KVSYTTVSGIWWERHMRKIRIVEPKVSYTGSLIWMSRERHTIVJSVQERGIEVITSW
MXMZIP]VIPEXIH)ZERW
(MSR+VMJJMR ,S[IZIVXSSQYGLGSLIWMZIRIWW
GEREPWSMQTEMVXLIHIGMWMSRQEOMRKTVSGIWWERHIZIRIRGSYVEKIKVSYTXLMRO1YPPIR
IXEP 

8IEQWTYVWYIGSQQSRTYVTSWIWFEWIHSRJSVGIWXLEXFMRHXLIQXSKIXLIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

+VSYTXLMRO
+VSYTXLMRO MW HIJMRIH F] .ERMW   EW E WXVSRK GSRGYVVIRGIWIIOMRK XIRHIRG]
EQSRKQIQFIVW[MXLMREKVSYTXLEXPIEHWXSEHIXIVMSVEXMSRMRXLIHIGMWMSRQEOMRK
TVSGIWW +VSYT GSLIWMSRERH EGGSQTER]MRKTVIWWYVIW JSV GSRJSVQMX] GEVVMIH XS XLI
I\XVIQIGERPIEHXSKVSYTXLMRO.ERMWHIZIPSTIHLMWKVSYTXLMROXLISV]FEWIHSRXLI
GEXEWXVSTLMG&E]SJ4MKWHIGMWMSRF]XLI97XSWIRH'YFERI\TEXVMEXIWSRERMRZEWMSR
XSSZIVXLVS[XLI'YFERKSZIVRQIRX4VIWMHIRX/IRRIH]tWLERHPMRKSJXLI'YFER1MW
WMPI'VMWMWERH:MIXREQWII*MKYVI  3XLIVVIWIEVGLIVWLEZIEHHIHFVIEOMRKMRXS
XLI(IQSGVEXMGLIEHUYEVXIVWEX;EXIVKEXIXLIEVQWJSVLSWXEKIWHIEPERHXLI,YFFPI
7TEGIGVEJX EW I\EQTPIW SJ JPE[IH HIGMWMSRW TIVTIXYEXIH F] XLI KVSYTXLMRO TVSGIWW
;L]XI 
8LIWILMWXSVMGEPP]WMKRMJMGERXIZIRXWTSMRXXSXLIOI]MWWYIMRKVSYTXLMRO%WKVSYT
QIQFIVW[IYRORS[MRKP]QEOIYRERMQMX]SVWSPZMRKMQQIHMEXITVSFPIQWSYVKSEP
VEXLIVXLERQEOMRKXLIFIWXHIGMWMSR-RXLI9RMZIVWMX]SJ;MWGSRWMRi1EHMWSR
MRWIVXIHXLITLSXSSJER%JVMGER%QIVMGERQEPIMRXSEGVS[HSJ[LMXIJSSXFEPPJERWJSV
MXWJEPPEHQMWWMSRWFVSGLYVI;]EXX 8LIHMKMXEPP]EPXIVIHGSZIV[EWMRXIRHIHXS
GSRZI]ERETTIEVERGISJEHMZIVWIWXYHIRXFSH]IZIRXLSYKLEWSJXLIJEPPJI[IV
XLER SJ XLI WGLSSPtWQSVIXLERWXYHIRXW[IVIRSR[LMXIERH   [IVI
FPEGO9REFPIXSqJMRHEREYXLIRXMGTMGXYVISJHMZIVWMX]rXLIYRMZIVWMX]MRWXIEHQEHIE
HIGMWMSRXLEXGVIEXIHREXMSREPIQFEVVEWWQIRXERHVIUYMVIHXLIVITVMRXMRKSJEPP
GSTMIWEXEGSWXSJXSVIQSZIXLITMGXYVI;]EXXT% -REEHZIV
XMWIQIRX *SVH 1SXSV 'SQTER] VIQSZIH XLI JEGIW SJ 4EOMWXERM -RHMER ERH FPEGO
IQTPS]IIWERHWYTIVMQTSWIH[LMXIJEGIW4EVOIV4STI 8LITLSXS[EWTVMRXIHMR
RI[WTETIVW[SVPH[MHIERHXLIIQTPS]IIW[LSWIJEGIWLEHFIIRGLERKIHVIEGXIH[MXL
WLSGO*SVHIQFEVVEWWIHXLEXXLIGLERKIWLEHFIIRQEHIEVKYIHXLEXXLIEPXIVEXMSRW
VIJPIGXIHXLIIXLRMGQEOIYTSJ4SPERH[LMGLMWEPQSWXI\GPYWMZIP][LMXIERHXLEXXLI
TLSXS[EWMRXIRHIHJSVXLEXGSYRXV]SRP]8LITVIWWYVIXSETTIEVHMZIVWISVXSGSRJSVQ

*-+96) .ERMWtW+VSYTXLMRO*VEQI[SVO

(IGMWMSR
+VSYT +VSYTXLMRO (IGMWMSR
'LEVEGXIVMWXMGW 7]QTXSQW 1EOMRK 3YXGSQIW
(IJIGXW

dTVMQEV]GSRHMXMSR MPPYWMSRSJ PMQMXIHHMWGYWWMSR dqJMEWGSIWr

LMKLKVSYT MRZYPRIVEFMPMX] SJEPXIVREXMZIW dKVSWWQMWGEPGYPEXMSRW
GSLIWMZIRIWW GSPPIGXMZI JEMPYVIXSGSRWYPX dIVVSVWMRHIGMWMSR
VEXMSREPM^EXMSR [MXLEPPQIQFIVW QEOMRK
dWIGSRHEV]GSRHMXMSRW YRUYIWXMSRIH SVMKMREPWSPYXMSR dTSSVKVSYT
MWSPEXMSR QSVEPMX] RIZIVVIIZEPYEXIH TIVJSVQERGI
PIEHIVWLMT IRIQ]WXIVISX]TIW VINIGXIHEPXIVREXMZIW
PEGOSJW]WXIQ TVIWWYVISRHMWWIRX RIZIVVIGSRWMHIVIH
LSQSKIRIMX] WIPJGIRWSVWLMT SYXWMHII\TIVXW
WLEVIHMPPYWMSRSJ RSXGSRWYPXIH
YRERMQMX] SYXWMHIEHZMGI
IQIVKIRGISJ MKRSVIHSVWIPIGXMZIP]
QMRHKYEVHW YWIH
RSGSRXMRKIRG]TPER

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7YQQEV] 

XSETEVXMGYPEVGSYRXV]tWGYPXYVITVSZMHIWGYVVIRXI\EQTPIWSJXLITS[IVSJKVSYTXLMRO
WMRGITYFPMWLMRKXLITLSXSFVSEHGEWXWXLIKVSYTtWTSSVP]GSRGIMZIHHIGMWMSR
*SVH QEHI XLI RI[W MR  JSV ERSXLIV XVEKMG WIVMIW SJ IZIRXW 8LI &VMHKI
WXSRI*MVIWXSRI%8<ERH;MPHIVRIWWXMVIWSRXLI*SVH)\TPSVIV[IVIFPEQIHJSVQSVI
XLERHIEXLWERHWIVMSYWEGGMHIRXW&VMHKIWXSRERH*SVH )ZMHIRGIMRHM
GEXIHXLEX&VMHKIWXSRI*MVIWXSRILEHFIIRE[EVISJXLITVSFPIQWMRGI]IXGSRXMR
YIHXSWYTTP]XLIWEQIXMVIW%WXLIWXSV]YRVEZIPIH*SVHETTIEVIHXSLEZIFIIRE[EVI
SJ XLI TVSFPIQ FYX LEH GLSWIR XS HMWGSYRX MXW WMKRMJMGERGIhTIVLETW FIGEYWI XLI
)\TPSVIV[EWXLIFIWXWIPPMRK*SVHZILMGPIERHEGGSYRXIHJSVSRIJSYVXLSJ*SVHtWWEPIW
,IEPI]
2EXLER -RVIWTSRWIXSQSYRXMRKTVIWWYVIWQMPPMSRXMVIW[IVI
VIGEPPIHMR%YKYWX*SVHSJJIVIHVITPEGIQIRXWXLVSYKLER]XMVIHIEPIVWLMTERH
XLIMRIZMXEFPIPE[WYMXWEKEMRWX*SVHERH*MVIWXSRIFIKER8LSQEW 
,IVIMWERSXLIVI\EQTPISJKVSYTXLMRO%WIEVP]EWEKVSYTSJTIVWSREP
MRNYV]PE[]IVWERHSRISJXLIREXMSRtWXSTXVEJJMGWEJIX]GSRWYPXERXWMHIRXMJMIHETEXXIVR
SJJEMPYVIWSJ*MVIWXSRI%8<XMVIWSR*SVH)\TPSVIVW&VEHWLIV ,S[IZIVXLI]
HIGMHIH RSX XS XIPP XLI 2EXMSREP ,MKL[E] 8VEJJMG 7EJIX] %HQMRMWXVEXMSR 2,87%
FIGEYWIXLI][IVIqPIIV]rSJLS[2,87%[SYPHLERHPIXLIMRJSVQEXMSR(V6MGEVHS
1EVXMRI^[LSEHQMRMWXIVIHXLIEKIRG]JVSQXSWEMHXLMWFILEZMSVETTEPPIH
LMQ,IEHHIHXLEX[MXLLSPHMRKMRJSVQEXMSRQIERXXLIPE[]IVW[IVITYXXMRKXLIMVTSW
WMFPIFIRIJMXW[MRRMRKXLIGEWIERHKIXXMRKJMRERGMEPVI[EVHWEFSZIXLIRIIHWSJXLI
TYFPMG[LMGLq[SYPHGPIEVP]FIYRIXLMGEPr&VEHWLIVT% 
)\EQMRIJSVEQSQIRXXLI9RMZIVWMX]SJ;MWGSRWMRERH*SVH*MVIWXSRII\EQTPIW
ERHWIILS[QER]SJXLIKVSYTXLMROGLEVEGXIVMWXMGW]SYGERMHIRXMJ])JJIGXMZIHIGMWMSR
QEOMRKHITIRHWSRJYPPGSRWMHIVEXMSRSJEZEVMIX]SJHMWWIRXMRKTSMRXWSJZMI[+VSYT
GSRWIRWYW MW FIWX EVVMZIH EX EJXIV E JYPP ERH GVMXMGEP HMWGYWWMSR SJ EPXIVREXMZI ZMI[W
;LIR HMWGYWWMSR MW GYX SJJ ERH GSRWIRWYW MW EVVMZIH EX XSS IEVP] XLI UYEPMX] SJ XLI
KVSYTHIGMWMSRGERWYJJIV
/VSSR/VIZIPHERH6EFFMI WYKKIWXXLEXQSVIHMZIVWILIXIVSKIRISYWP]
GSQTSWIHKVSYTWEVIPIWWWYWGITXMFPIXSKVSYTXLMRO8LIRIIHJSVXLIKVSYTXSGVMXM
GEPP]IZEPYEXIMHIEWERHEVKYQIRXWJVSQHMZIVWITIVWTIGXMZIWGERQEOIMXQSVIZMKMPERX
ERHPIWWPMOIP]XSLEZIKVSYTXLMROXIRHIRGMIW

7YQQEV]
2SVQWVSPIWGSLIWMZIRIWWERHXLITSXIRXMEPSJKVSYTXLMROEPPTVIWIRXGLEPPIRKIWJSV
IJJIGXMZIWQEPPKVSYTHMWGYWWMSRHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK%WQEPPKVSYT
GERMQTVSZIMXWGLERGIWSJFIMRKIJJIGXMZIF]MRGPYHMRKXLVIIIPIQIRXWMRMXWHMWGYWWMSRW
*MVWXXLIKVSYTWLSYPHFIGSRWGMSYWSJXLI[E]MXHIZIPSTWKVSYTRSVQWERHWLSYPH
I\TPMGMXP]VIZMI[ERHHMWGYWWXLIQEWOMRKLS[IJJIGXMZIXLI]EVIJSVEGLMIZMRKKVSYT
WSGMEPIQSXMSREPERHXEWORIIHW7IGSRHKVSYTQIQFIVWWLSYPHHMWGYWWXLIVSPIWXLEX
XLI]RIIHXSYRHIVXEOI&IJSVIEWWMKRMRKVSPIWLS[IZIVXLI] WLSYPHGPEVMJ] XLIVSPI
I\TIGXEXMSRWERH[LIRERHLS[XLI]RIIHXSFIEGGSQTPMWLIH8LIRXLVSYKLKVSYTHMW
GYWWMSRERHRIKSXMEXMSRXLI]WLSYPHQEXGLKVSYTQIQFIVWXSETTVSTVMEXIHIWMVEFPI
ERH GSQTEXMFPI VSPIW 8LMVH XLI] WLSYPH HMWGYWW KVSYT GSLIWMSR ,S[ GER KVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

+VSYTXLMRO'LEVEGXIVMWXMGW
+VSYTXLMROMWIZMHIRGIH[LIRXLIJSPPS[MRKGLEVEGXIVMWXMGWIQIVKIHYVMRKWQEPPKVSYT
MRXIVEGXMSRW

 +VSYTQIQFIVWVYWLXSEGSRGPYWMSR[MXLSYXGSRWMHIVMRKEPPXLIEPXIVREXMZIW
 (IGMWMSRWEVIRSXGEVIJYPP]VII\EQMRIHIZIR[LIRXLIVIEVIMRHMGEXMSRWSJTSWWMFPI
HERKIVW
 0MXXPI XMQI MW WTIRX HMWGYWWMRK XLI VIEWSRW EPXIVREXMZI GSYVWIW SJ EGXMSR [IVI
VINIGXIH
 8LIKVSYTPMQMXWMXWIPJXSEWQEPPVERKISJTSWWMFPIEPXIVREXMZIGSYVWIWSJEGXMSR
 1IQFIVWGVIEXIVEXMSREPM^EXMSRWXSEZSMHHIEPMRKHMVIGXP][MXL[EVRMRKW
 +VSYT TVIWWYVI MW TYX SR ER] MRHMZMHYEP [LS I\TVIWWIW HSYFXW SV UYIWXMSRW XLI
KVSYTtWEVKYQIRXWSVTVSTSWEPW
 +VSYTQIQFIVWGIRWYVIXLIMVS[RHSYFXW
 1IQFIVWFIPMIZIIZIV]SRIMWMRYRERMQSYWEKVIIQIRX[MXLSYXER]XIWXMRKSJXLI
TVIQMWI

QIQFIVWQEMRXEMRXLIWSGMEPIQSXMSREPGSLIWMZIRIWWXS[SVOIJJIGXMZIP]XSKIXLIV[LMPI
WXMPPQEMRXEMRMRKXLIGVMXMGEPHMJJIVIRGIWMRTIVWTIGXMZIRIGIWWEV]XS[MXLWXERHXLIXLVIEX
SJKVSYTXLMRO1EMRXEMRMRKXLMWFEPERGIGERFIHMJJMGYPXFYXMWMQTIVEXMZIJSVEKVSYTXS
QEMRXEMRMXWPSRKXIVQLETTMRIWWTVSHYGXMZMX]ERHIJJIGXMZIRIWW

(-7'977-3259)78-327

 %VIXLIVIKVSYTRSVQWEX]SYVIHYGEXMSREPMRWXMXYXMSR#;LEXEVIXLI]#-RXLIKVSYTSJMRHM
ZMHYEPW]SYWTIRHXMQI[MXLEVIXLIVIKVSYTRSVQW#;LEXEVIXLI]#-RFSXLGEWIWLS[HMH
]SYMHIRXMJ]XLIWIRSVQW#,S[HMH]SYEHETXXSXLIWIRSVQW#
 ;LEXEVIXLIJYRGXMSRWSJRSVQWMRKVSYTW#
 %X XLMW TSMRX MR ]SYV WQEPP KVSYT ERH XIEQ GSQQYRMGEXMSR GSYVWI [LEX VSPIW LEZI ]SY
EGGITXIHERHTIVJSVQIH#)\TPEMR,EZI]SYI\TIVMIRGIHER]VSPIGSRJPMGXW #)\TPEMR
 ;LEXMWERIQIVKIRXVSPI#

)<)6'-7)7

2SVQW%WWYQMRKRSVQW2SVQWERHVSPIWF]KIRIVEXMSR)XLMGWh4LSXSWYFWXM
XYXMSRW6SPIGSRJPMGXERHVSPIEQFMKYMX]=SYVVSPIW8LIRI[XVYGO

 23617

8LMROEFSYX]SYVGYVVIRXGPEWW,S[HMZIVWIMWXLIGPEWW#;LEXRSVQWWIIQXSSTIVEXIEW
]SYTVSKVIWWXLVSYKLXLMWGSYVWI#%VITISTPISRXMQI#-WIZIV]SRITVITEVIHJSVGPEWWIEGL

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

XMQI# (S QSWX TISTPI TEVXMGMTEXI# ,S[# %VI HMJJIVIRGIW SJ STMRMSR ERH TIVWTIGXMZI
IRGSYVEKIHXSPIVEXIHSVVIWXVMGXIH#%VIXLIVIEGGITXEFPIHIZMERGMIWXLEXEVIXSPIVEXIHSV
WERGXMSRIH F]XLIXIEGLIVERHSV XLIGPEWW#%VI WSQI SJ XLIWIRSVQW qGEVV]SZIVWr JVSQ
SXLIVGPEWWI\TIVMIRGIW#
(MVIGXMSRW
%RW[IV XLIWI UYIWXMSRW GSRWMHIVMRK XLI IEVPMIV HMWGYWWMSR SJ RSVQW MR ]SYV XI\X
'SQTEVI]SYVERW[IVW[MXLXLSWISJSXLIVGPEWWQIQFIVW(IZIPSTWSQIKIRIVEPM^EXMSRW
GSRGIVRMRKXLIGPEWWRSVQWERH XLIMQTPMGEXMSRWSJXLIWIRSVQWJSVXLIGSYVWI

 %7791-2+23617

 &EWIHSR]SYVS[RI\TIVMIRGIWERHYRHIVWXERHMRK[VMXIHS[REWQER][SVHWEW
TSWWMFPIXSI\TPEMR[LEXRSVQWQIERXS]SYMRXIVQWSJ]SYVI\TIGXEXMSRWJSVWQEPP
KVSYTWERHXIEQW;SVOF]]SYVWIPJERHHSRSX WLEVIXLIPMWX[MXLER]SRIIPWI7XVMZI
JSVEXPIEWXXIR[SVHW
 'LIGOXLI[SVHW]SYEWWSGMEXI[MXLRSVQW[MXLXLIQIQFIVWSJ]SYVKVSYT+MZI
]SYVWIPJETSMRXJSVIEGL[SVHXLEXIZIV]KVSYTQIQFIVLEHSRLMWSVLIV[SVOWLIIX
;SVHW QYWX FI qEPQSWXr MHIRXMGEP +MZI XLI KVSYT SRI TSMRX JSV IZIV] [SVH XLEX
ETTIEVWSREPPXLI[SVOWLIIXW'SQTEVI]SYVWGSVIW[MXLXLSWISJSXLIVKVSYTW
 ,S[QER]TSMRXWHMH]SYVKVSYTLEZI#;LEXHSIWXLMWXIPPYWEFSYXXLIVIEPQIERMRK
SJRSVQW#-WMXMQTSVXERXXSRSX EWWYQIRSVQW#,S[WLSYPH[IHMWGYWWRSVQWMRSYV
KVSYTSVXIEQ#;LEXEVIXLIOI]MWWYIWERHTSXIRXMEPTVSFPIQW#,S[GER[ITVIZIRX
QMWYRHIVWXERHMRKW#
 (MH ]SY VIWTSRH XLEX q[I RIIH XS GLIGO JSV YRHIVWXERHMRK ERH GSQQSR HIJMRM
XMSRWr# -J WS LS[ [SYPH ]SY TVSGIIH XS EGGSQTPMWL XLEX KSEP# %VI I\TIGXEXMSRW
VIKEVHMRK XLI KVSYT SV XIEQ TVSGIWW MQTSVXERX XS GSRWMHIV FIJSVI PEYRGLMRK MRXS
I\EQMRMRKMWWYIWSVWSPZMRKTVSFPIQW#

  2 3 6 1 7 % 2 (  6 3 0 ) 7  & =  + ) 2 ) 6 %8 - 3 2

 :IXIVERWFSSQIVW<IVWERH2I\XIVW-R]SYVI\TIVMIRGI[LEXHMJJIVIRGIWLEZI]SY
RSXIHEQSRKXLIWIJSYVKVSYTWMRXIVQWSJEGGITXIHRSVQWERHVSPIW#0MWXXLVIIHMJ
JIVIRGIWXLEX]SYXLMROI\MWXEQSRKXLIWIKVSYTW
 -R]SYVWQEPPKVSYTXV]XSHIZIPSTEqQEWXIVPMWXrSJXLIHMJJIVIRGIW,EWXLIKVSYT
I\TIVMIRGIHTVSFPIQWERHMWWYIWFIGEYWISJXLIWIHMJJIVIRGIW#
 ;LEXTVSGIWWGSYPHFIJSPPS[IHXSGVIEXIRSVQWKMZIRXLIWIHMZIVWIKVSYTW#

 )8,-'7h4,38379&78-898-327

)XLMGWMWEHMJJMGYPXMWWYI%RHIVWSRERH)RKPILEVHX GSRGPYHIXLEXqIXLMGWGSRGIVRW

XLI VMKLXW ERH VIWTSRWMFMPMXMIW TVMZMPIKIW ERH SFPMKEXMSRW SJ SYV GSRHYGX [MXLMR ERH
FIX[IIR    VIPEXMSRWLMTWrT 8LI]EHHq%TVMQEV]KSEPSJIXLMGWXLIRMWXSIWXEFPMWL
ETTVSTVMEXIGSRWXVEMRXWSRSYVWIPZIW    8LIWIGSRWXVEMRXWEVIRIGIWWEV]FIGEYWI[ILEZI
GSRJPMGXMRKMRXIVIWXWERHWIPJMWLHIWMVIWXLEXGERMRJPMGXLEVQSRSYVWIPZIWERHSXLIVWrT 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

%WEKVSYTHIGMHIXLIJSPPS[MRK (S]SYEKVII[MXLXLMWHIJMRMXMSRSJIXLMGW#-J
RSX[LEXSXLIVHIJMRMXMSRW[SYPH]SYSJJIV# (MHXLI9RMZIVWMX]SJ;MWGSRWMRERHSV
*SVHERHSV&VMHKIWXSRI*MVIWXSRIIRKEKIMRYRIXLMGEPFILEZMSV#&ITVITEVIHXSI\TPEMR
[L]SV[L]RSX

  6 3 0 )  ' 3 2 * 0 - ' 8 % 2 (  6 3 0 ) % 1 & - + 9 - 8 =

&EGOKVSYRH
=SYVRI[NSFMRGPYHIWEWWMKRQIRXXSXLI3-+3VKERM^EXMSREP-QTVSZIQIRX+VSYT 
ERH]SYEVII\GMXIHEFSYXXLISTTSVXYRMX]XS[SVOSRWYGLELMKLTVMSVMX]TVSNIGX%RMWWE
XLIPIEHIVSTIRWXLIJMVWXQIIXMRKF]I\TPEMRMRKXLEX3-+RIIHWXS YRHIVWXERH[LIVI
XLISVKERM^EXMSRWXERHWMRXIVQWSJEVIEWJSVMQTVSZIQIRX I\EQMRIXLIGYVVIRXXVIRHW
MR XLIMRHYWXV]EWE[LSPI HIZIPSTWSQIMRXIVZMI[MRKTVSGIWWIWERH IWXEFPMWLWSQI
VSPIWJSVIEGLQIQFIVXSTPE]2SSRIWTIEOWYTXSUYIWXMSRXLIWIGLSMGIWWSWLIEWOWJSV
ZSPYRXIIVWXSXEOIVIWTSRWMFMPMX]JSVXLI3-+MXIQWEVIEWJSVMQTVSZIQIRXGYVVIRXXVIRHW
ERHHIZIPSTMRKMRXIVZMI[MRKTVSGIWWIW=SYERH.YH]ZSPYRXIIVJSVEVIEWJSVMQTVSZIQIRX
)PIGXVEERH.EGOZSPYRXIIVJSVWXYH]MRKXLIGYVVIRXXVIRHWERH]SYVPIEHIVETTSMRXW1MOI
ERH1EVWLEXSHIZIPSTWSQIMRXIVZMI[MRKTVSGIWWIWWMRGIRSSRIZSPYRXIIVIH&IMRKXIEQ
TPE]IVW1MOIERH1EVWLEEKVIIEPXLSYKLWSQI[LEXLIWMXERXP])ZIV]SRIEKVIIWXSQIIXEX
XLIWEQIXMQIMRE[IIOXSVIZMI[TVSKVIWW
%XXLIWIGSRHQIIXMRK]SYERH]SYVTEVXRIV.YH]I\TPEMRXLEX]SYEVIRI[XSXLI
GSQTER]ERHEVIJMRHMRKMXHMJJMGYPXXSMRXIVZMI[IJJIGXMZIP])PIGXVEERH.EGOLEZIRSXWIIR
EPMFVEV]MR]IEVWERHRIMXLIVSRIIRNS]WWYVJMRKXLI2IXERH1MOIERH1EVWLEWMQTP]HS
RSX[ERXXS[SVOSRMRXIVZMI[MRK
%WWMKRQIRX
7XIT/RS[MRK[LEX]SYHSEFSYXVSPIGSRJPMGXERHVSPIEQFMKYMX]LS[[SYPH]SY
EGXEWXLI3-+PIEHIV# 6IZMI[XLIXEWOQEMRXIRERGIERHWIPJSVMIRXIHVSPIWERHWIIMJ
WSQIMQTSVXERXUYIWXMSRW[IVIQMWWIH ;L]MWVSPIGPEVMJMGEXMSRERMQTSVXERXWXITMR
[SVOMRK[MXLEXEWOSVMIRXIHXIEQ# ,S[GERXLI3-+TVSGIWWFIqWEZIHr#
7XIT  -R ]SYV KVSYT WLEVI ]SYV VIWTSRWIW ERH HIZIPST E GSQQSR WXVEXIK] JSV
VIHYGMRKVSPIGSRJPMGXWERHVSPIEQFMKYMX]8LMWGERETTP]XSEXIEQHIWMKRIHJSVXLIIRXMVI
GSYVWISVJSVETEVXMGYPEVTVSFPIQWSPZMRKXIEQ&ITVITEVIHXSWLEVI]SYVVIWTSRWIW[MXL
XLIVIWXSJXLIGPEWW

  =3 9 6  63 0 ) 7

6IXYVRXSXLIXLVIIVSPIGEXIKSVMIWhXEWOQEMRXIRERGIERHWIPJSVMIRXIHhHMWGYWWIHMRXLI
GLETXIV4PEGIEGLIGOQEVORI\XXSIEGLSJXLIFILEZMSVW]SYFIPMIZI]SYGYVVIRXP]IRKEKI
MR [LMPI [SVOMRK MR WQEPP KVSYTW 4PEGI ER q<r RI\X XS XLSWI FILEZMSVW ]SY XLMRO EVI
MQTSVXERX FYX XLEX ]SY HS RSX GYVVIRXP] TYVWYI 'SQTEVI ]SYV WIPJEWWIWWQIRX [MXL XLI
EWWIWWQIRX SJWSQISRI MR XLI GPEWW [LS LEW LEHXLI STTSVXYRMX] XS SFWIVZI ]SYV WQEPP
KVSYTFILEZMSVW-WXLIH]EHMREKVIIQIRXVIKEVHMRKXLISXLIVtWWIPJEWWIWWQIRX#,S[GER
]SY[SVOXSHMQMRMWLXLSWIFILEZMSVWXLEXEVIPIWWXLERTVSHYGXMZIERHMRGVIEWIXLITVSHYG
XMZIFILEZMSVW#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

  8 , ) 2 ) ; 8 69 ' /

8LIJSPPS[MRKKVSYTVSPITPE]I\IVGMWIMWFEWIHSREQSHMJMIHZIVWMSRSJ1EMIVERH,SJJ
QERtW q2I[8VYGO )\IVGMWIr 1EMIV
 ,SJJQER   -X TVSZMHIW E KSSH HMWGYWWMSR
WXEVXIVSJKVSYTTVSGIWWRSVQWZEPYIWERHVSPIW
%XIPITLSRIGSQTER]tWVITEMVXIEQGSRWMWXWSJJMZIXIPITLSRIPMRIVITEMVTIVWSRW4EX
0II'LVMW.SERH&.8LI]EPPHSIWWIRXMEPP]XLIWEQINSFhJM\TLSRIPMRIWXLEXEVISYXSJ
SVHIV8LMWVIUYMVIWORS[PIHKIERHHMEKRSWXMGWOMPPWEW[IPPEWQYWGYPEVEFMPMX])EGLTIV
WSRSVHMREVMP][SVOWEPSRIERHHVMZIWEWQEPPXVYGOEVSYRHXSHSWIZIVEPNSFWMRSRIHE]
)ZIV]WSSJXIRXLIGVI[KIXWERI[XVYGOXSVITPEGIERSPHSRI8LIPEWXXMQIXLMWLET
TIRIHXLIWYTIVZMWSVEWWMKRIHXLIRI[XVYGOERHLIEVHWSQYGLKVYQFPMRKERHWSQER]
GSQTPEMRXWXLEXXLMWXMQIXLIWYTIVZMWSVLEWGEPPIHEXIEQQIIXMRKXSQEOIXLIHIGMWMSR
8LIWYTIVZMWSVMW[MPPMRKXSEPPSGEXIXLIRI[XVYGOEGGSVHMRKXSXIEQGSRWIRWYWERH[MPP
RSXMRXIVZIRIMRXLIHIGMWMSRQEOMRKTVSGIWWFYXQYWXFIGSRZMRGIHXLEXEXIEQGSRWIRWYW
LEWFIIRVIEGLIH
4EX=SYLEZI[SVOIHJSVXLITLSRIGSQTER]JSV]IEVWERHHVMZIEX[S]IEVSPH
*SVHXVYGO[LMGL]SYQEMRXEMRERHOIITVYRRMRK[IPP=SYXLMROXLEX]SYWLSYPHKIXXLI
RI['LIZVSPIXXVYGOFIGEYWI]SYLEZIXLIQSWXWIRMSVMX]ERHFIGEYWI]SYHSRSXPMOI]SYV
TVIWIRXXVYGO=SYVTIVWSREPGEVMWE'LIZVSPIXERH]SYTVIJIVE'LIZ]XVYGOPMOIXLISRI
]SYHVSZIFIJSVI]SYKSXXLI*SVH
0II=SYLEZI[SVOIHJSVXLITLSRIGSQTER]JSV]IEVWERHHVMZIEJMZI]IEVSPH
(SHKIXVYGO[LMGL]SYLEZIXEOIRI\GIPPIRXGEVISJ=SYFIPMIZIXLEX]SYHIWIVZIXLIRI[
XVYGO=SYVTVIWIRXXVYGOMWSPHERHWMRGIXLIQSVIWIRMSVVITEMVTIVWSRLEWEJEMVP]RI[
XVYGO]SYWLSYPHKIXXLMWRI\XSRI=SYLEZIXEOIRI\GIPPIRXGEVISJ]SYVTVIWIRX(SHKI
ERHLEZIOITXMXPSSOMRKERHVYRRMRKPMOIRI[%TIVWSRHIWIVZIWXSFIVI[EVHIHJSVXEOMRK
KSSHGEVISJEXVYGO
'LVMW=SYLEZI[SVOIHJSVXLIGSQTER]JSVXIR]IEVWERHHVMZIEJSYV]IEVSPH*SVH
XVYGO=SYLEZIQSVIHVMZMRKXSHSXLERQSWXSJXLISXLIVWFIGEYWI]SY[SVOTVMQEVMP]MR
XLI WYFYVFW=SY LEZI E JEMVP] SPH XVYGO ERH ]SY FIPMIZI ]SY WLSYPH KIX XLI RI[ SRI
FIGEYWI]SYHSWSQYGLHVMZMRK
.S=SYLEZI[SVOIHJSVXLIGSQTER]JSVJMZI]IEVWERHHVMZIEXLVII]IEVSPH*SVH
XVYGO8LILIEXIVMR]SYVTVIWIRXXVYGOHSIWRSX[SVO[IPPERHMWMREHIUYEXIXSLIEXXLI
XVYGO)ZIVWMRGI&.FEGOIHMRXSXLIWMHIHSSVSJ]SYVXVYGOMXLEWRIZIVGPSWIHVMKLXERH
PIXWMREGSPHHVEJX=SYEXXVMFYXI]SYVJVIUYIRXGSPHWERHWMGOXMQIXS]SYVGSPHXVYGOERH
[ERXE[EVQSRIWMRGI]SYLEZIEKSSHHIEPSJHVMZMRKXSHSMRXLIWYFYVFW%WPSRKEW
]SYVXVYGOLEWKSSHXMVIWERHFVEOIWERHMW[EVQERHGSQJSVXEFPI]SY[MPPFILETT]
&.=SY LEZI [SVOIH JSV XLI GSQTER] JSV XLVII ]IEVW ERH HVMZI E JMZI]IEVSPH
'LIZVSPIXXVYGO=SYLEZIXLITSSVIWXXVYGOMRXLIGVI[2SXSRP]MWMXJMZI]IEVWSPHFYX
FIJSVI]SYKSXMXMXLEHFIIRMREFEH[VIGO-XLEWRIZIVFIIRXSXEPP]VIPMEFPIERH]SYLEZI
TYXYT[MXLMXJSVXLVII]IEVW-XMWEFSYXXMQI]SYKSXEKSSHXVYGOXSHVMZIERHMXWIIQW
SRP]JEMVXLEXXLIRI\XSRIWLSYPHFI]SYVW=SYLEZIEKSSHEGGMHIRXVIGSVH8LISRP]EGGM
HIRX]SYLEH[EW[LIR]SYWTVYRKXLIHSSVSR.StWXVYGO[LIRLISTIRIHMXEW]SYFEGOIH
SYXSJXLIKEVEKI=SYLEHLSTIHXLEXXLIRI[XVYGO[SYPHFIE*SVHWMRGI]SYTVIJIVXS
HVMZIE*SVH
7IZIVEPKVSYTWSJJMZITEVXMGMTERXWIEGLGERWMQYPXERISYWP]VSPITPE]XLMWKVSYTHMW
GYWWMSR%PPS[ETTVS\MQEXIP]  QMRYXIW JSVXLI KVSYTWXSVIEGLGSRWIRWYW%HHMXMSREP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

RSRiVSPITPE]MRK SFWIVZIVW SJ XLI KVSYT MRXIVEGXMSR GER YWI XLI SFWIVZEXMSR JSVQ WII
8EFPI   XS XEOI RSXIW MHIRXMJ]MRK XLI GSQQYRMGEXMSR VSPIW IEGL TEVXMGMTERXTIVJSVQW
TVSZMHMRK I\EQTPIW SJ XLSWI VSPIW ERH MHIRXMJ]MRK XLI GSRWIUYIRGIW %WO KVSYTW XLEX
EVVMZI EX E GSRWIRWYW IEVP] XS VIJPIGX SR XLIMV HIGMWMSRQEOMRK TVSGIWW [LMPI XLI SXLIV
KVSYTWEVVMZIEXGSRWIRWYW8LI]GERVIZMI[XLIXYVRXEOMRKTIVWYEWMZIWXVEXIKMIWYWISJ
MRXIVVYTXMSRWTLEWIWSJKVSYTTVSGIWWHIZIPSTMRKRSVQWEWWYQIHVSPIWERHI\TVIWWIH
ZEPYIWXLEXSGGYVVIHMRXLIKVSYT

*SPPS[YT5YIWXMSRW
 ;LSKIXWXLIRI[XVYGO#(MHIEGLKVSYTKMZIXLIRI[XVYGOXSEHMJJIVIRXTIVWSR#
 ;LEX[EWXLIGSRZIVWEXMSREPTVSGIWWF][LMGLXLIHIGMWMSR[EWQEHI#4EVXMGMTERX
ERHSFWIVZIVGSQQIRXWEVILIPTJYPLIVI
 ;IVIXLIVIMHIRXMJMEFPIWXEKIWSVTLEWIWMRXLIHMWGYWWMSRERHHIGMWMSRQEOMRKTVSGIWW#
 ;LEX[IVIXLIVYPIWSJHMWGYWWMSRHIZIPSTIHERHXLIMQTPMGMXRSVQWYWIHMRQEOMRK
XLIHIGMWMSR#
 ;LEX[IVIXLIZEPYIWERHEWWYQTXMSRWYRHIVP]MRKXLIHIGMWMSRXSKMZIXLIRI[XVYGO
XSETEVXMGYPEVTIVWSR#;IVISXLIVEVVERKIQIRXWQEHIJSVSXLIVTEVXMGMTERXWERH[LEX
[IVIXLIZEPYIWYRHIVP]MRKXLSWIHIGMWMSRW#

8%&0) 3FWIVZIV*SVQJSVXLI2I[8VYGO)\IVGMWI

4IVWSR;LS4IVJSVQIH6SPI
'SQQYRMGEXMSR )\EQTPI
6SPI4IVJSVQIH 4EX 0II 'LVMW .S &. SJ6SPI 'SRWIUYIRGI

-RMXMEXI
5YIWXMSR
-RXIVTVIX
7YKKIWX
*EGMPMXEXI
)ZEPYEXI
4VSZMHIJIIHFEGO
'PEVMJ]
7YQQEVM^I
8IVQMREXI
%GXMZIP]PMWXIR
'SRJVSRX
1SHIP
6IJPIGXSRJIIPMRKW
4VSZMHIWYTTSVX
)QTEXLM^I

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

6)*)6)2')7

%RHIVWSR.%
)RKPILEVHX)) 8LISVKERM^E SJEGGSYRXEFMPMX]ERHKIRHIVSRKVSYTXLMRO7QEPP
XMSREPWIPJERHIXLMGEPGSRHYGX 3VPERHS*0,EV +VSYT6IWIEVGL i
GSYVX'SPPIKI4YFPMWLIVW 1EMIV 2 6 *
 ,SJJQER 0 6   7IRMSVMX] MR
%WWSGMEXIH4VIWW7ITXIQFIV (IQSKVETLMGW[MPP [SVO KVSYTW % VMKLX SV ER LSRSV# .SYVREP SJ
GLEPPIRKI IQTPS]IVW ERH KSZIVRQIRX 8LI 8YWGE %TTPMIH4W]GLSPSK] i
PSSWE2I[W T& 1EVMR1.7LIVFPSQ.'
7LMTTW8& 'SR
&EPIW 6 +   -RXIVEGXMSR TVSGIWW EREP]WMW % XI\XYEPMRJPYIRGIWSRRYVWIWt GSRJPMGXQEREKIQIRX
QIXLSHJSVXLIWXYH]SJWQEPPKVSYTW 6IEHMRK1% WXVEXIKMIW;IWXIVR.SYVREPSJ'SQQYRMGEXMSR
%HHMWSR;IWPI] i
&SGLRIV% 8LIJYRGXMSRWSJLYQERGSQQYRMGEXMSR 1YPPIR&%RXLSR]87EPEW)
(VMWOIPP.) 
MRMRXIVTIVWSREPFSRHMRK-R'%VRSPH
.&S[IVW +VSYT GSLIWMZIRIWW ERH UYEPMX] SJ HIGMWMSR QEO
)HW ,ERHFSSOSJVLIXSVMGEPERHGSQQYRMGEXMSR MRK7QEPP+VSYT6IWIEVGL i
XLISV] TTi &SWXSR%PP]R
&EGSR 2EWWIV,).YP] %REXMSRSJQMPPMSR97%
&VEHWLIV/.YRI (IJIGXWMR79:XMVIWHMWGSZ 8SHE] TT%i%
IVIHOITXUYMIXF]PE[]IVW8LI8YWGEPSSWE2I[W 4EVOIV4STI 8  *IFVYEV]   *SVH TYXW FPEGOW MR
TT%% [LMXIJEGIXYVRWVIH8LI;EPP7XVIIX.SYVREP T&
&VMHKIWXSRI ERH *SVH WIXXPI HMWTYXI SZIV HIJIGXMZI XMVIW 4MVMWM %  2SZIQFIV(IGIQFIV  8IEQ[SVO 8LI
3GXSFIV 8LI2I[=SVO8MQIW T' HS[RWMHISJHMZIVWMX]4W]GLSPSK]8SHE] T
(I2MWM% 7
 +VMJJMR 6;   ,YQER VIWSYVGI 7GLIMR ) ,   4VSGIWW GSRWYPXEXMSR -XW VSPI
QEREKIQIRX RHIH &SWXSR,SYKLXSR1MJJPMR MR SVKERM^EXMSREP HIZIPSTQIRX 6IEHMRK 1%
)ZERW'6
(MSR/0 +VSYTGSLIWMSRERH %HHMWSR;IWPI]
TIVJSVQERGI % QIXEEREP]WMW 7QEPP +VSYT 6I 7XSGOXSR 6 6SLHI 6 -
 ,EYKLI] .   8LI
WIEVGL i IJJIGXW SJ WXVYGXYVIH KVSYT I\IVGMWIW SR GSLIWMSR
+VMJJMR 6 ;   1EREKIQIRX &SWXSR ,SYKLXSR IRKEKIQIRXEZSMHERGIERHGSRJPMGX7QEPP+VSYT
1MJJPMR 6IWIEVGL i
,EVI%4 8]TIWSJVSPIWMRWQEPPKVSYTW7QEPP 7YVZI]WE]WHMZIVWMX]MQTVSZIWFSXXSQPMRIWERHGSQTIXM
+VSYT6IWIEVGL i XMSR.YP] ,6*SGYW T
,EVVMW 8 )   (MZIVWMX] -QTSVXERGI MVSRMIW ERH 8LSQEW/.YP] *MVIWXSRItWQERYJEGXYVIVW[MPP
TEXL[E]W-R'(&VS[R'7RIHIOIV
&7]OIW RSXMJ] S[RIVW SJ VIGEPPIH XMVIW 8LI 8YWGEPSSWE
)HW  'SRJPMGX ERH HMZIVWMX] TT i  'VIWW 2I[W T&
OMPP2.,EQTXSR4VIWW ;IRXPMRK61
4EPQE6MZEW2 'YVVIRXWXEXYW
,IEPI].6
2EXLER77ITXIQFIV *YVXLIV ERH JYXYVI XVIRHW SJ HMZIVWMX] MRMXMEXMZIW MR XLI
WGVYXMR]TYXW*SVHMRXLILSXWIEX97%8SHE] T& [SVOTPEGI (MZIVWMX] I\TIVXWt TIVWTIGXMZI ,YQER
,SGLQER 4  .YRI   4%'/ QIRXEPMX] *SVXYRI 6IWSYVGI(IZIPSTQIRX5YEVXIVP] i
TTi ;L]XI +   +VSYTXLMRO VIGSRWMHIVIH %GEHIQ] SJ
.ERMW- +VSYTXLMRO RHIH &SWXSR,SYKLXSR 1EREKIQIRX6IZMI[ i
1MJJPMR ;MHQI]IV ; 2
 ;MPPMEQW . 1   4VIHMGXMRK
.SLRW+ 3VKERM^EXMSREPFILEZMSV9RHIVWXERHMRK GSLIWMSR MR E GSEGXMRK WTSVX 7QEPP +VSYT 6I
PMJIEX[SVO RHIH +PIRZMI[-07GSXX*SVIWQER WIEVGL i
/IXVS[71 'SQQYRMGEXMSRVSPIWTIGMEPM^EXMSRW ;MXXIQER ,   +VSYT QIQFIV WEXMWJEGXMSR 7QEPP
ERH TIVGITXMSRW SJ PIEHIVWLMT 7QEPP +VSYT 6I +VSYT6IWIEVGL i
WIEVGL i ;]EXX77ITXIQFIV (SGXSVIHTLSXSLMKLPMKLXW
/I]XSR.
7TVMRKWXSR. 6IHIJMRMRKGSLIWMZIRIWW RIIHXSHMZIVWMJ]8LI8YWGEPSSWE2I[W T%
MRKVSYTW7QEPP+VSYT6IWIEVGL i >IQOI66EMRIW'
*MPMTG^EO& +IRIVEXMSRWEX
/VSSR1&6/VIZIPH(ZER
6EFFMI.1  [SVO1EREKMRKXLIGPEWLSJZIXIVERWFSSQIVW\IVW
+VSYT ZIVWYW MRHMZMHYEP HIGMWMSR QEOMRK )JJIGXW ERHRI\XIVWMR]SYV[SVOTPEGI 2I[=SVO%1%'31

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
*SYV4LEWIWSJ+VSYT
(IZIPSTQIRX *SVQMRK
7XSVQMRK 2SVQMRK
ERH4IVJSVQMRK

',%48)63980-2)

*SVQMRK ,IPPS 3VMIRXEXMSR ERH-RGPYWMSR 3ZIVVMHMRK-RJPYIRGIW

7XSVQMRK 'SRJPMGXMR+VSYTW *SVQEPSV-RJSVQEP+VSYT
8EWOERH7SGMEP(]REQMGW
2SVQMRK )QIVKIRGIEWE+VSYT
4VMQEV]ERH7IGSRHEV]8IRWMSRW
4IVJSVQMRK 1EOMRK(IGMWMSRWERH7SPZMRK
4VSFPIQW 7YQQEV]
8IVQMREXMRK (MWGYWWMSR5YIWXMSRW
9WIJYPRIWWSJXLI4LEWI1SHIP )\IVGMWIW
1SHMJMGEXMSRW 6IJIVIRGIW
3VKERM^EXMSREP8IEQW

',%48)63&.)'8-:)7

9RHIVWXERHXLIJSYVTLEWIWSJKVSYTTVSGIWW
)\TPEMRXLIMQTSVXERGISJXLIJSVQMRKWXEKIERHMXWGSQQYRMGEXMSRGLEVEGXIVMWXMGW
3YXPMRIXLIJEGXSVWSGGYVVMRKMRXLIWXSVQMRKTLEWI
-PPYWXVEXILS[XLIRSVQMRKTLEWISGGYVW
(MWGYWWXLITIVJSVQMRKTLEWI
7IILS[XLIXIVQMREXMSRTLEWISTIVEXIW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 /I]8IVQW 

9RHIVWXERHQSHMJMGEXMSRWXSXLITLEWIQSHIP
7TIGMJ]XLIOMRHWSJGSQQYRMGEXMSRSGGYVVMRKHYVMRKIEGLTLEWI
-RXVSHYGIXLIVSPISJSVKERM^EXMSREPXIEQW

/ )=8 )6 17

'SRJPMGX 3VKERM^EXMSREPXIEQW 7SGMEPPSEJMRK

)QIVKIRGI 4IVJSVQMRK 7XSVQMRK
*SVQEPKVSYT 4LEWIQSHIP 8EWOH]REQMGW
*SVQMRK 4VMQEV]XIRWMSR 8IVQMREXMSR
-RJSVQEPKVSYT 7IGSRHEV]XIRWMSR
2SVQMRK 7SGMEPH]REQMGW

8 LI][IVIEGSRWYPXMRKXIEQFVSYKLXXSKIXLIVXSMRZIWXMKEXIFYWMRIWWSTTSVXYRMXMIW
MR%VKIRXMRE&VE^MPERH'LMPI)EGLLEHERMRHMZMHYEPI\TIVXMWIXSGSRXVMFYXIXSXLI
XIEQIJJSVX8[S[IVIJPYIRXMR7TERMWLERHSRIORI[7SYXL%QIVMGERFYWMRIWW
GYPXYVI%RSXLIV[EWERMRHYWXV]I\TIVX%JSYVXLORI[QEVOIXMRKERHXLIJMJXL
QIQFIV[EWEGSQQYRMGEXMSRERHRIKSXMEXMSRI\TIVX8LI]QIXJSVXLIJMVWXXMQIEW
EXIEQMR.ERYEV]ERH-WEXMREWXLI]FIKERXSXEPOEFSYXXLITVSNIGX*MVWXSZIV
GSJJIIXLI]WLEVIHXLIMVFEGOKVSYRHWERHI\TIVXMWIKSXXSORS[IEGLSXLIVERH
WLEVIH[LEXIEGLSJXLIQORI[EFSYXXLITVSNIGX-X[EWEJYRWIWWMSRXLEXWXEVXIH
UYMIXP]FYXWSSRFIGEQIQEVOIHF]PEYKLXIVKSSHREXYVIHJYRZIVFEPVITEVXIIERH
NSGYPEVGSRZIVWEXMSR8LMW[EWEKSSHFIKMRRMRKFYXEW[IQIXQSVIXMQIWERHLEH
QSVIWIVMSYWHMWGYWWMSRWSJXLITVSNIGXHMWEKVIIQIRXWXLEXSGGYVVIHSZIVXVEZIP
TPERWERHXLIWXVYGXYVMRKSJXLITVSNIGXtWTVMSVMXMIWFIGEQILIEXIHEVKYQIRXW
*SVXYREXIP]KVSYTQIQFIVWWXITTIHMRXSJEGMPMXEXIXLIHMWGYWWMSRERHJMRH[E]W
EVSYRHETTEVIRXMQTEWWIW+VEHYEPP]XLITEVEQIXIVWERHTVIWWYVIWSJXLITVSNIGX
FIGEQIGPIEVERHXLIKVSYTHIZIPSTIHHMWGYWWMSRWXERHEVHWERHTIVJSVQERGI
I\TIGXEXMSRW)ZIRHYVMRKXLIGSRWXERXXVEZIPERHXMKLXPMZMRKGSRHMXMSRWXLEX
JSPPS[IHHYVMRKXLIRI\XJSYVQSRXLWKVSYTQIQFIVWFIGEQIGPSWIJVMIRHWERH
TIVJSVQIHXSKIXLIVEWEXIEQXSKIRIVEXIERSYXWXERHMRKERHYWIJYPVITSVX;LIR
XLI]TEVXIHMX[EW[MXLEWIRWISJWEHRIWWEW[IPPEWSRISJEGGSQTPMWLQIRX

2I[P]JSVQIHKVSYTWJVIUYIRXP]KSXLVSYKLEWIXSJMHIRXMJMEFPIWXEKIWSVTLEWIWXLEX
LEZIGSQIXSFIORS[REWJSVQMRKWXSVQMRKRSVQMRKERHTIVJSVQMRKEWMRHMGEXIH
MR*MKYVI *SVQMRKHIWGVMFIWXLIMRMXMEPSVMIRXEXMSRTLEWISJKIXXMRKXSORS[SXLIV
KVSYTQIQFIVW7XSVQMRKHIWGVMFIWXLIGSRJPMGXTLEWIXLEXSJXIRSGGYVWSRGIKVSYT
QIQFIVW LEZI KSXXIR XS ORS[ SRI ERSXLIV [IPP IRSYKL ERH FIGSQI GSQJSVXEFPI
IRSYKLXSWXEXIXLIMVSTMRMSRWSTIRP]ERHLSRIWXP]2SVQMRKHIWGVMFIWXLIIQIVKIRX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

*-+96)  8LI*SYV4LEWI1SHIP4PSXXIHSRERq7r'YVZI 8LMWGYVZI

MRHMGEXIWXLEXKVSYTW[SVOXLVSYKLXLITLEWIWEPXLSYKLRSXRIGIWWEVMP]MRXLISVHIVP]
TEXXIVRWLS[RSRXLMWGYVZI%XWSQITSMRXXLIKVSYT[MPPXIVQMREXISVHMWFERH
FIGEYWIXLIMVXEWOWLEZIFIIRGSQTPIXIH*SVXIEQWETSMRXMWVIEGLIHEX[LMGLWSQI
VIJSVQMRKMWRIGIWWEV]XSVITPEGIYRRIGIWWEV]WXITWGLERKIMRIJJIGXMZITVSGIHYVIW
SVHIZIPSTRI[KSEPW

8IVQMREXMRKSV6IJSVQMRK

4IVJSVQMRK

*SVQMRK 2SVQMRK

7XSVQMRK

TVSGIWWXLVSYKL[LMGLGSQQSRKVSYTYRHIVWXERHMRKVYPIWJSVHMWGYWWMSRJSGYWSR
MWWYIW ERH ER SVMIRXEXMSR XS XEWO FIGSQI IWXEFPMWLIH [MXLMR XLI KVSYT 4IVJSVQMRK
HIWGVMFIWXLITLEWISJXEWOEGGSQTPMWLQIRXWSGMEPVIMRJSVGIQIRXERHKSEPEGLMIZI
QIRX *SV QER] XEWOSVMIRXIH KVSYTW XLIWI TLEWIW EVI JSPPS[IH F] E XIVQMREXMSR
TLEWISRGIXLIXEWOMWEGGSQTPMWLIH
)EVP]KVSYTVIWIEVGLIVWPIHF]8YGOQER ERH*MWLIV MHIRXM
JMIHXLIWIKVSYTTLEWIW%PXLSYKLRSXEPPKVSYTWJSPPS[XLIQSVJSPPS[XLIQMRSVHIV
XLITLEWIWHIWGVMFIGSQQSRKVSYTI\TIVMIRGIW:IVHM
;LIIPER;LIIPER

1G/IEKI   6IGSKRM^MRK XLI TLEWIW GER FI MQTSVXERX XS JEGMPMXEXMRK KVSYT
TVSGIWWFIGEYWIXLIGSQQYRMGEXMSRSJXLIKVSYTYWYEPP]GLERKIW[MXLXLITLEWIMXMW
MRERHXLI[E]XLIKVSYTHIEPW[MXLXLIWIGLERKIWGEREJJIGXLS[MXHIEPW[MXLGLEP
PIRKIWERHQEOIWHIGMWMSRW
8LIVIJSVIMX[SYPHFIQMWPIEHMRKXSWYKKIWXXLEXXLIKVSYTTVSGIWW[MPPEP[E]W
FISVHIVP]ERH QSZI XLVSYKL XLIWI TLEWIW MR E PMRIEVWIUYIRGI FYX E HMWGYWWMSR SJ
XLIWITLEWIWTVSZMHIWEHIWGVMTXMZITMGXYVISJ[LEXXSI\TIGXMREKIRIVEP[E]SJE
KVSYTIRKEKIHMRHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK-JEKVSYTWOMTWSRISJXLIWI
TLEWIWXLIVIMWXLITSWWMFMPMX]XLEXXLIKVSYTHIGMWMSRQEOMRKTVSGIWW[MPPFIMRGSQ
TPIXISVXLEXXLITLEWI[MPPFIVIZMWMXIHEXEPEXIVTSMRXMRXMQI

*SVQMRK ,IPPS 3VMIRXEXMSR ERH-RGPYWMSR

8LIJMVWXWXEKIJSVER]KVSYTMWJSVQMRK (YVMRKXLMWTIVMSH[IEVIHIGMHMRK[LS[I
EVIEWEKVSYT[LEXSYVTYVTSWIMW[LIXLIVSVRSX[I[ERXXSFIEQIQFIVSJXLI
KVSYT[LS XLISXLIV KVSYT QIQFIVWEVI ERH[LEX SYVTPEGISV VSPI [MPPFI MR XLI
KVSYT8LMWTLEWIMRKVSYTHIZIPSTQIRXJSGYWIWSRMWWYIWSJMRGPYWMSRERHEXXIQTXWXS
MHIRXMJ] XLI TEVEQIXIVW SJ EGGITXEFPI FILEZMSV [MXLMR XLI KVSYT ;LIIPER

1G/IEKI (YVMRKXLMWTLEWISJEKVSYTtWHIZIPSTQIRXQIQFIVWEVIYRGIVXEMR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 *SVQMRK,IPPS3VMIRXEXMSRERH-RGPYWMSR 

EFSYXXLISXLIVQIQFIVWERHLS[XLIEGXYEPKVSYTTVSGIWW[MPPYRJSPHERHEVISJXIR
LIWMXERXXSGSRXVMFYXIQYGL;IPPMRKW&]LEQ
;MPWSR 
%W E RI[KVSYT QIQFIV - SFWIVZI ]SYERH ]SY SFWIVZI QI - [SYPH PMOI XS
ETTIEVEXXVEGXMZIGSQTIXIRXTPIEWERXERHFVMKLX-EQPMOIP]XSWQMPIEGXTPIEWERXP]
ERHQEOIWQEPPXEPO-EQRSXPMOIP]XSFISZIVXP]HMWEKVIIEFPIFIGSQIEVKYQIRXEXMZI
FIGSRJVSRXEXMSREPSVFISZIVP]VIZIEPMRKEFSYXQ]TIVWSREPPMJI-[SYPHPMOIXSORS[
MJ]SYEVIJVMIRHP]MRXIPPMKIRXERHEKVIIEFPISVEVVSKERXQIERERHLSWXMPI7S-[MPP
TVSFEFP]FIUYMIXSFWIVZERXERHWSQI[LEXMRUYMWMXMZI
8LIWIMRMXMEPTIVMSHWLSPHWSQIYRIEWMRIWWERHE[O[EVHRIWWXLEXEVIRSVQEPERH
XS FI I\TIGXIH EW[IHS RSX ORS[ SRI ERSXLIV[IPPERH LEZI RSXEW]IX IWXEFPMWLIH
KVSYTSTIVEXMRKTVSGIHYVIWRSVQWSVVSPIW8LMWMRMXMEPYRIEWMRIWWERHYRGIVXEMRX]EVI
GEPPIHTVMQEV]XIRWMSRERHEVIIZMHIRGIHMRXLIWQEPPXEPOE[O[EVHWMPIRGIWERHWIEVGL
JSVJVMIRHP]JEGIWXLEXSJXIRWYVVSYRHXLIMRMXMEPGSRZIVWEXMSRW;LIRQIQFIVWMRXVS
HYGI XLIQWIPZIW ERH MHIRXMJ] XLIMV VIEWSRW JSV FIMRK MR XLI KVSYT TISTPI KVEHYEPP]
FIKMRXSVIPE\,YQSVGERFIYWIHXSVIPIEWIWSQISJXLIWIXIRWMSRWERHJIIPMRKWEW[IPP
3RGIXLITVMQEV]XIRWMSRMWVIPIEWIHXLIKVSYTFIKMRWXSHIZSXIMXWIPJXSXLIXEWO
EX LERH XV]MRK XS HIJMRI MXW TYVTSWI IWXEFPMWL WSQI X]TI SJ EKIRHE HIZIPST WSQI
[SVOMRKVYPIWERHFIKMRXLIKVSYTTVSGIWW-QTSVXERXGLEVEGXIVMWXMGWMRXLMWJMVWXTLEWI
EVIXLEXQSWXSJXLIGSQQYRMGEXMSRMWXIRXEXMZIEWXLIKVSYTHIZSXIWMXWIPJXSFIGSQMRK
SVMIRXIHXSMXWKSEPWGSRJPMGXMWEZSMHIHTPE]IHHS[RSVMKRSVIHERHKVSYTQIQFIVW
YWYEPP]EWOQSVIUYIWXMSRWXLERQEOIWXEXIQIRXWVIKEVHMRKXLIMVFIPMIJW
8LIJSVQMRKTLEWIWLSYPHMRGPYHIXLIJSPPS[MRKGSQQYRMGEXMSRGLEVEGXIVMWXMGW
WYQQEVM^IHMR*MKYVI 

 8LMWTLEWIGSRXEMRWERYQFIVSJUYIWXMSRWXLEXGERLIPTKVSYTQIQFIVWHIZIPSTE
GPIEVYRHIVWXERHMRKSJXLIXEWOEXLERH
 8LIKSEPWSJXLIKVSYTFIGSQIKIRIVEPP]YRHIVWXSSHEPXLSYKLXLI]QE]RSXFI
I\TPMGMXP]EVXMGYPEXIH
 7SQIYRGIVXEMRX]VIKEVHMRKXLIKVSYTtWXEWOQE]FII\TVIWWIH%VXMGYPEXMRKXLMW
YRGIVXEMRX] ERH XLI XEWO EX LERH MW MQTSVXERX SXLIV[MWI XLIVI QE] FI SRP] ETTEVIRX SV
TWIYHSEKVIIQIRXEWQIQFIVWWMQTP]qKSEPSRKXSKIXEPSRKr%PEGOSJEGPIEVYRHIVWXERH
MRKERHGSRWIRWYWSRXLMWXEWOGERGVIEXIXLIFEWMWJSVGSRJPMGXPEXIVMRXLIKVSYTTVSGIWW
 8LIVIQE]FIWSQIXIRXEXMZIVSPIEWWMKRQIRXW-RTEVXMGYPEVEPIEHIVMWPMOIP]XS
IQIVKISVFII\TPMGMXP]WIPIGXIH(ITIRHMRKSRXLIKVSYTPIEHIVWLMTQE]FIWIIREWER
MQTSVXERXWXEXYWW]QFSPXLEXGERGVIEXIHMJJMGYPXMIWHYVMRKXLIWXSVQMRKTLEWISVMXQE]FI
TIVGIMZIHEWEWMQTPIJSVQEPMX]SVEWRIGIWWEV]XSXLIJYRGXMSRMRKSJXLIKVSYT

*-+96) *SVQMRKh/I])PIQIRXWXS*EGMPMXEXI+SSH'SQQYRMGEXMSR

+VSYT2SVQWh%GGITXIHWXERHEVHWWII'LETXIV +VSYT+SEPW

6YPIWh+YMHIPMRIWJSVTVSGIIHMRK 6IEPMWXMG
6SPIWh;LEXQIQFIVWEVII\TIGXIHXSHSWII'LETXIV 'PIEV
7XVYGXYVIh,S[XSSVKERM^I %XXEMREFPI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

8LIOI]IPIQIRXWXSJEGMPMXEXIKSSHGSQQYRMGEXMSRMRXLMWTLEWIEVIXLIIWXEF
PMWLQIRX SJ KVSYT RSVQW VYPIW VSPIW ERH WXVYGXYVI 6IEPMWXMG GPIEV ERH EXXEMREFPI
KVSYTKSEPWRIIHXSFIIWXEFPMWLIH
-RKIRIVEPXLMWTLEWIMWQEVOIHJSVQIQFIVWF]ERMRMXMEPYRGIVXEMRX]ERHSJXIRE
LIWMXEXMSR XS HMWGPSWI TIVWSREP MRJSVQEXMSR GVIEXMRK E TVMQEV] XIRWMSR 7YTTSVXMZI
KVSYTFILEZMSVWGERLIPTQIQFIVWFYMPHMRXIVTIVWSREPXVYWXERHKIXFIXXIVEGUYEMRXIH
4VIGEYXMSRWWLSYPHFIXEOIRXSTVSZMHIERSTIRWEJIIRZMVSRQIRXJSVXLIKMZMRKERH
VIGIMZMRKSJMRJSVQEXMSRERHI\TVIWWMSRSJJIIPMRKW%R]MWWYIWSJGSRJMHIRXMEPMX]QYWX
FIYRHIVWXSSHWSXLEXKVSYTQIQFIVWGERFYMPHMRXIVTIVWSREPXVYWX-XMWMQTSVXERXJSV
QIQFIVWXSI\TPMGMXP]EWWIWWXLIMVGSQQMXQIRXXSXLIKVSYTERHXLIXEWOVIGSKRM^MRK
ER]EQFMZEPIRGIERHGSQMRKXSXIVQW[MXLER]ETTVSEGLEZSMHERGIJIIPMRKWXS[EVH
SXLIVKVSYTQIQFIVWXLIXEWOMXWIPJERHXLIXMQIERHIRIVK]GSQQMXQIRXWXLEX[MPPFI
VIUYMVIHSJXLIQ8LITYVTSWISJXLIKVSYTQYWXFIGPIEVP]ERHSTIRP]HMWGYWWIHWS
XLEXQIQFIVWGERQEXGLXLIMVMRHMZMHYEPI\TIGXEXMSRWEKEMRWXXLIKVSYTtWEMQ1MWGSR
GITXMSRWGSRGIVRMRKXLITYVTSWISJXLIKVSYTERHVSPIGSRJYWMSRGERGVIEXIRIKEXMZI
IQSXMSRWXLEXHMWXSVXKVSYTJYRGXMSRMRKPIEHMRKXSWMPIRX[MXLHVE[EPF]KVSYTQIQ
FIVWSVI\TVIWWMZIEGXMRKSYXSJWIPJSVMIRXIHVSPIWF]WSQIQIQFIVW8LIWIJIIPMRKW
QE]EPWSEJJIGXEXXIRHERGIEXQIIXMRKWXMQIPMRIWWMREGGSQTPMWLMRKXEWOWERHHVST
SYXVEXIWSJKVSYTQIQFIVWHYVMRKXLIPEXIVTLEWIWSJXEWOEGGSQTPMWLQIRX(YVMRK
XLMWJMVWXWXITMRKVSYTJSVQEXMSRTVSHYGXMZMX]SVKVSYTEGGSQTPMWLQIRXWXIRHXSFI
PS[WMRGIQIQFIVWEVIWXMPPI\TPSVMRKXLMWRI[GSPPIGXMZI1SRXIFIPPST 
8LIKVSYTGERQEMRXEMRWSQIJPI\MFMPMX]MRXSTMGEVIEWXSFIHMWGYWWIHXSQIIXXLI
RIIHW SJ MRHMZMHYEPW MR XLI KVSYTFYX EPP XSTMGW WLSYPH FITYX JSV[EVH EX XLMW XMQI
3RGI[IKIXXSORS[XLIQIQFIVWSJEKVSYT[IQE]WXMPPI\TIVMIRGIER\MIX]GSR
GIVRMRKXLIKVSYTtWSZIVEPPTYVTSWITVSGIWWERHKSEPWSVEFSYXXLISXLIVKVSYTQIQ
FIVWXLIMVTIVWTIGXMZIWERHXLIMV MRXIRXMSRW8LIWI X]TIWSJGSRGIVRWFEWIH SRSYV
YRHIVWXERHMRKSJXLIKVSYTERHSXLIVKVSYTQIQFIVWFVMRKYWXSXLIWIGSRHTLEWISJ
KVSYTTVSGIWWhWXSVQMRK

7XSVQMRK 'SRJPMGXMR+VSYTW
8LI WXSVQMRK TLEWI MW XLI QSWX GSQTPI\ TLEWI MR E KVSYTtW TVSGIWW 'SRJPMGX JVI
UYIRXP] IVYTXW SZIV MWWYIW SJ TS[IV EYXLSVMX] ERH GSQTIXMXMSR [MXLMR XLI KVSYT
;LIIPER
1G/IEKI ;ILEZIKSXXIRXSORS[IEGLSXLIV[IPPIRSYKLXS[SVO
XLVSYKLSYVMRMXMEPTSPMXISVqRMGIRIWWrTLEWI2S[[IGERFIQSVILSRIWXERHJSVXL
VMKLXMRSYVSTMRMSRWERHTSWMXMSRW%WXLMWLETTIRW[IHMWGSZIVSYVEVIEWSJHMWEKVII
QIRX'SRJPMGXWQE]SGGYVSZIVXEWOMWWYIWEW[IFIKMRTVIWIRXMRKSYVMHIEW(MJJIVIRX
ZMI[WEVII\TVIWWIH7SQIEVIEGGITXIHSXLIVWEVIVINIGXIH1IQFIVWZMIJSVGSRXVSP
SJXLIHMWGYWWMSR4ISTPIXEOIWMHIWERHFVIEOMRXS HMJJIVIRX JEGXMSRWERH GSEPMXMSRW
8LMWMWERMQTSVXERXTLEWIJSVXLIKVSYTERHVEXLIVXLEREZSMHMRKSVKPSWWMRKSZIVGSR
JPMGXMRXLMWTLEWIMXWLSYPHFIWIIREWE[E]JSVEKVSYTXSFIKMRXSHIJMRIERHHIEP[MXL
XLIHMJJMGYPXMWWYIWMRLIVIRXMRXLIXEWOEXLERH
'SRJPMGXSGGYVWMR TEVXFIGEYWIKVSYT QIQFIVWEVIRS[GSQJSVXEFPIIRSYKL
[MXLSRIERSXLIVXSTVIWIRXXLIMVVIEPZMI[WERHSTMRMSRW(S]SYEVKYIQSVISJXIR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7XSVQMRK'SRJPMGXMR+VSYTW 

[MXL]SYVJVMIRHWSV[MXLWXVERKIVW#;MXLWXVERKIVW[IXIRHXSFIQSVITSPMXIERHqSR
SYVFIWXFILEZMSVr;MXLJVMIRHWhXLITISTPI[IJIIPXLIQSWXGSQJSVXEFPI[MXLGEVI
EFSYXXLIQSWXWTIRHXLIQSWXXMQI[MXLERH[LSORS[YWXLIFIWXh[IEVIPMOIP]XS
FI QSVI LSRIWX JSVXLVMKLX ERH [MPPMRK XS WXEXI ERH EVKYI SYV FIPMIJW 7MQMPEVP] MR
WQEPPKVSYTWEW[IKIXXSORS[SRIERSXLIVERHIEGLQIQFIVtWTSWMXMSRWFIXXIV[I
EVIPMOIP]XSFIGSQIQSVILSRIWXERHPIWWXIRXEXMZIMRWXEXMRKSYVTSWMXMSRW8LMWQSVI
STIRGSQQYRMGEXMSRFVMRKWYWMRXSLSRIWXHMWEKVIIQIRXWERHGSRJPMGX
%RYQFIVSJXLISVMWXWLEZIWYKKIWXIHXLEXXLMWMRMXMEPTLEWISJKVSYTGSRJPMGXMW
MQTSVXERXXSJSWXIVMRKWYFWIUYIRXKVSYTJIIPMRKWSJGSLIWMSRERHGSSTIVEXMSREW[IPP
EW PIEHMRK XS E QSVI IJJIGXMZI HIGMWMSRQEOMRK TVSGIWW :IVHM
 ;LIIPER 
;LIIPER
 1G/IEKI   =IX WSQI KVSYTW FIGSQI WS GSRGIVRIH [MXL XLIWI
MRIZMXEFPIGSRJPMGXWXLEXXLI]EXXIQTXXSEZSMHXLIQERHMREZSMHMRKXLIQXLI]EZSMHSV
WYTTVIWW MQTSVXERX EWTIGXW SJ XLI KVSYTtW MWWYIW8LMW EZSMHERGI QE] GVIEXI E WIG
SRHEV]XIRWMSRXLEXWXMJPIWXLIHIZIPSTQIRXSJPSRKXIVQKVSYTGSLIWMSRERHSJIJJIG
XMZIKVSYTHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK
%WXLIKVSYTGSRXMRYIWXSQIIXERHXLITVMQEV]XIRWMSRWYFWMHIWERMRXIVHITIR
HIRGI FEWIH SR WLEVMRK ERH EWWSGMEXMSR HIZIPSTW VIWYPXMRK MR E KVSYT MHIRXMX] ERH
WIRWISJGSLIWMSR;LIR[IFIKMRXSJIIPTEVXSJXLIKVSYTtWMHIRXMX][IEVIVIWTSRH
MRKXSWIZIVEPTSWMXMZIHIZIPSTQIRXW'SLIRIXEP 8LIWIMRGPYHIEWIRWISJTYV
TSWIERHGPIEVKSEPWVIEPMWXMGI\TIGXEXMSRWVIKEVHMRKQIQFIVWt EFMPMXMIWJVIUYIRG]SJ
MRXIVEGXMSRWIJJIGXMZIPIEHIVWLMTERHEGPMQEXIXLEXVIWYPXWMRJIIPMRKWSJFIMRKZEPYIH
ERHEGGITXIH
8LIVIEVIJEGXSVWXLEXXLVIEXIRGSLIWMSR%W]SYQMKLXI\TIGXEPEGOSJTYVTSWI
YRVIEPMWXMGI\TIGXEXMSRWJI[MRXIVEGXMSRWTSSVPIEHIVWLMTERHETSSVGPMQEXI[IEOIR
ER]KVSYT-REHHMXMSRYRWXEFPIQIQFIVWLMTKVSYTHIZMERXW[LSHSRSXGSRJSVQXS
KVSYT RSVQWGPMUYIW XLEX EVIQSVI GSQQMXXIHXSXLIMVS[R RIIHWXLERXLSWI SJ XLI
KVSYTEWE[LSPISVMRHMZMHYEPW[LSWMQTP]HSRSXWLS[MRXIVIWXMRQEOMRKEGSQQMX
QIRXXSLIPTMRKXLIKVSYTWYGGIIHEPWSXLVIEXIRGSLIWMSR%VVS[
1G+VEXL
'SLIRIXEP 
;I GERFI IZIR QSVI WTIGMJMGVIKEVHMRK GSQQYRMGEXMSR FILEZMSVW XLEX GVIEXI
HMJJMGYPXMIWHYVMRKXLIGSRJPMGXWXEKIWII*MKYVI  8LIWIMRGPYHIHMWVYTXMZIFILEZ
MSVWMRXIVTIVWSREPGSRJPMGXERH[IEOMRXIVTIVWSREPWOMPPWWYGLEWPMWXIRMRKTVSZMHMRK
JIIHFEGOERHFIMRKWYTTSVXMZI1IQFIVWHSRSXEP[E]WORS[LS[XSKMZIERHVIGIMZI
JIIHFEGOXLEXMWFSXLWYTTSVXMZISJSXLIVQIQFIVWERHGSRWXVYGXMZIMRHIZIPSTMRKXLI
KVSYTGSLIWMSRERHXEWO7SQIXMQIWTISTPIXLMROKMZMRKEHZMGISVWSPZMRKERSXLIVtW
TVSFPIQWMWWYTTSVX8LIWIXIGLRMUYIWEVIRSXSJXIREHZERXEKISYWMREKVSYTWIXXMRK

*-+96) 7XSVQMRKh'SQQYRMGEXMSR'SRGIVRW

(MWVYTXMZIFILEZMSV
-RXIVTIVWSREPGSRJPMGX
0EGOSJMRXIVTIVWSREPWOMPPWMRPMWXIRMRK
-REHIUYEXIJIIHFEGO
0EGOSJWYTTSVX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

ERHGERGVIEXIHMWVYTXMZITEXXIVRWSJXEPOERHFILEZMSV[MXLMRXLIKVSYT-REHHMXMSRMX
MWHMJJMGYPXJSVWSQITISTPIXSXEPOSTIRP]EFSYXXLIMVSTMRMSRWERHJIIPMRKWSVXSHMW
EKVIISTIRP][MXLERSXLIVQIQFIV%REXQSWTLIVISJXVYWXERHEGGITXERGIQYWXFIJIPX
[MXLMRXLIKVSYTJSVXLMWXSSGGYV8SGVIEXIXLMWWYTTSVXMZIGPMQEXIKVSYTQIQFIVW
QYWXTVEGXMGIIQTEXLIXMGPMWXIRMRKERHFIEFPIXSGSQQYRMGEXIRSRNYHKQIRXEPEGGIT
XERGIERHHMWEKVIIQIRX
(IWTMXIKVSYTWIPIGXMSRTVEGXMGIWEKVSYTQE]LEZIEQIQFIV[LSMWRSX[IPP
WYMXIH XS XLI TEVXMGYPEV KVSYT ERH MW GEYWMRK HMWVYTXMSR -X MW MQTSVXERX XS HIGMHI
[LIXLIVXLIHMWVYTXMZIFILEZMSVMWERI\TVIWWMSRSJIMXLIVTVMQEV]SVWIGSRHEV]XIRWMSR
XLEXQE]WYFWMHIEWXLIKVSYTTVSKVIWWIWSVMWMRHMGEXMZISJEQSVIPSRKPEWXMRKTVSF
PIQ8LIKVSYTQYWXHIGMHIFIGEYWIMXGERRSXJYRGXMSR[IPPMJXLIHMWVYTXMZIFILEZMSV
GSRXMRYIW)MXLIVXLIPIEHIVSVXLIKVSYTEWE[LSPIQYWXWTIEO[MXLXLIQIQFIVMRE
WIRWMXMZI[E]XSI\TPEMRXLIIJJIGXXLIHMWVYTXMSRWEVILEZMRKSRXLIKVSYTERHSJJIVE
GSRWXVYGXMZI[E]SJGSRXVMFYXMRKXSXLIKVSYTHMWGYWWMSR
3GGEWMSREPP]WSQIQIQFIVWQE]I\TIVMIRGITIVMSHWSJHMWWEXMWJEGXMSR[MXLXLI
KVSYTSV[MXLWSQISJMXWQIQFIVW8LI]QE]TIVGIMZIWSQISRIMRXLIKVSYTEWLEZMRK
ETIWWMQMWXMGEXXMXYHISVXLI]QE]FIYRGSQJSVXEFPI[MXLWSQISRItWGSQQYRMGEXMSR
WX]PI8LIWIMWWYIWERHGSRGIVRWRIIHXSFIHIEPX[MXLSTIRP]MRXLIKVSYT
-REHHMXMSR QIQFIVWXEOIVMWOW ERH JIIPZYPRIVEFPI[LIRXLI]STIRYT XSXLI
KVSYT7SQIQFIVWQE]RSXIEWMP]I\TVIWWXLIQWIPZIWQE]JIIPMRLMFMXIHSVQE]PEGO
XLIRIGIWWEV]WSGMEPWOMPPWVIWYPXMRKIMXLIVMRWMPIRGISVMREGXMRKSYXEKEMRWXSXLIVW
%WKVSYTQIQFIVW [IRIIH XSJIIP XLEX[I EVIFIMRKLIEVH 2S SRI QIQFIV
WLSYPH HSQMREXI XLI HMWGYWWMSR 7IZIVEP XIGLRMUYIW GER FI YWIH XS JEGMPMXEXI KVSYT
QIQFIVTEVXMGMTEXMSR*SVI\EQTPIXLIqKVSYTVSYRHrEPPS[WQIQFIVWXSWTIGMJ]EX
XLIFIKMRRMRKSJEQIIXMRKLS[QYGLXMQIXLI][MPPRIIHHYVMRKXLIQIIXMRKXSWLEVI
XLIMVMHIEWERHMRJSVQEXMSR8MQIMWWIXEWMHIERHGEVIJYPP]QSRMXSVIHXSQEOIGIVXEMR
XLIQIQFIVWWXE][MXLMRXLIMVXMQIEPPSGEXMSR%XXLIIRHSJXLIEKVIIHYTSRXMQIMJ
QSVIXMQIWIIQWETTVSTVMEXISXLIVQIQFIVWGERZSPYRXIIVWSQISJXLIMVXMQI%WIG
SRHETTVSEGLVIWXVMGXWSZIVP]HSQMREXIQIQFIVWERHIRGSYVEKIWXLIQSVIWMPIRXQIQ
FIVWXSTEVXMGMTEXI3RIZEVMEXMSRERHKVSYTWGERYWIXLIMVS[RGVIEXMZMX]XSMQTPIQIRX
XLMWETTVSEGLMWXSTPEGIEPMQMXSRXLIRYQFIVSJXMQIWER]QIQFIVQE]WTIEOFIJSVI
EPPQIQFIVWLEZIWTSOIREXPIEWXSRGI*SVI\EQTPIXLIKVSYTQE]HIGMHIXLEXRSSRI
QE]WTIEOQSVIXLERXLVIIXMQIWFIJSVIIZIV]SRILEWWTSOIREXPIEWXSRGI3XLIVWYK
KIWXMSRWMRGPYHIHIGMHMRKMJGVSWWXEPOFIX[IIRQIQFIVWFYXRSXHMVIGXIHEXXLIIRXMVI
KVSYT[MPPFIEPPS[IHMJJIIHFEGOSRWTIGMJMGMWWYIW[MPPXEOITPEGISRP]EXXLIIRHSJ
XLI QIIXMRK SV MJ E KIRIVEP HMWGYWWMSR EX XLIIRH VIKEVHMRKXLIIJJIGXMZIRIWW SJ XLI
KVSYTTVSGIWW[SYPHFILIPTJYP%R]RSVQWHIZIPSTIHF]XLIKVSYTJSVMXWWIWWMSRW
WLSYPHVIJPIGXXLIKVSYTQIQFIVWt TVMSVMXMIW*MREPP]IEVP]QIIXMRKWQE]FIKYMHIHF]
EPIEHIV[LSMWVIWTSRWMFPIJSVTVSQSXMRKHMWGYWWMSRERHMRXIVEGXMSREQSRKQIQFIVW
FEWIHSRSTIRGSQQYRMGEXMSRERHRSRNYHKQIRXEPIQTEXLMGPMWXIRMRK
%PWS WSQI QIQFIVW QE] JIIP XLVIEXIRIH F] SXLIVW ERH MX QE] XEOI XMQI JSV
XLIQ XS HIZIPST E FEWMG XVYWX8LI RSVQEP VIWMWXERGI XS WIPJHMWGPSWYVI GER QEOI E
PIEHIVtWXEWOQSVIHMJJMGYPXMRXLIWIIEVP]WIWWMSRW%WXLIKVSYTFIGSQIWQSVIGSLI
WMZIQIQFIVWGERWLEVIQSVIPIEHIVWLMTVIWTSRWMFMPMX]ERHLEZIQSVIMRTYXMRXSXLI
GSRXIRX SJ XLI WIWWMSRW -R E WYTTSVXMZI KVSYT ZYPRIVEFMPMX] MW WIRWIH F] XLI SXLIV
QIQFIVWERHIJJSVXWEVIQEHIXSLIPTXLIMRHMZMHYEPJIIPEGGITXIH-XMWMQTSVXERXJSV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 2SVQMRK)QIVKIRGIEWE+VSYT 

KVSYTQIQFIVWXSJIIPGSQJSVXEFPIERHXSORS[LS[XSVIWTSRHWYTTSVXMZIP]XSHMWGPS
WYVIERHIQSXMSREPI\TVIWWMSR1IQFIVWQE]RIIHXSFIIRGSYVEKIHXSXEOIXLIXMQI
XLI]RIIHXSGSRXVMFYXIXSXLIKVSYTHMWGYWWMSR
&IWMHIW TIVJSVQMRK QEREKIVMEP JYRGXMSRW WIXXMRK PMQMXW ERH QSRMXSVMRK VYPIW
ERH TVSGIHYVIW E JEGMPMXEXMZI KVSYT QIQFIV QYWX HIQSRWXVEXI OMRHRIWW [EVQXL
STIRRIWWERHWMRGIVMX]XEOMRKEREGXMZIVSPIMRIRGSYVEKMRKSXLIVQIQFIVWXSI\TVIWW
JIIPMRKWERHMRQSHIPMRK[E]WXSWLEVIGSRGIVRWMRXLIKVSYT,EQMPXSR 
8LIWIGVIXXS IJJIGXMZIKVSYT TVSGIWW MWXSXV]XS EMVLIEVERHEGGITXEWQER]
GSRJPMGXW EW TSWWMFPI HYVMRK XLMW TLEWI MR SVHIV JSV XLI KVSYT XS VIGSKRM^I QYPXMTPI
TIVWTIGXMZIWERHHIZIPSTEFIXXIVYRHIVWXERHMRKSJXLIJYPPGSQTPI\MX]SJXLIMWWYIWXS
FI JEGIH -RXIVTIVWSREP ERH KVSYT GSRJPMGXW EVI MRIZMXEFPI ERH ER MQTSVXERX TEVX SJ
XLI KVSYTTVSGIWW;SVOMRKXLVSYKLXLIWIGSRJPMGXWHITIRHWSRWIZIVEPJEGXSVWMRGPYH
MRKXLIKVSYTQIQFIVWt YRHIVWXERHMRKERHEKVIIQIRXETTEVIRXWEXMWJEGXMSRERH[MPP
MRKRIWW XS XVYWX SRI ERSXLIVtW KSSH [MPP ERH XS GSQQYRMGEXI IQTEXL] JSV HMZIVWI
TIVWTIGXMZIW
8LIWIEXXMXYHIWLIPTKVSYTQIQFIVWVIWSPZIGSRJPMGXMRXLMWTLEWI-JXLIGSRJPMGXW
EVIRSXJYPP]VIWSPZIHLS[IZIVXLMWTLEWIQE]FIVIZMWMXIHTIVLETWIZIRVITIEXIHP]EW
XLIKVSYTQSZIWXSTLEWIXLVII-J[IHSRSXYRHIVWXERHJIIPWEXMWJMIHSVXVYWX[ILEZI
HMJJMGYPX]FIGSQMRKEGSLIWMZIIQIVKIRXKVSYTGETEFPISJQEOMRKEHIGMWMSRSVWSPZ
MRKETVSFPIQ

2SVQMRK )QIVKIRGIEWE+VSYT
%XXLMWTSMRXMREKVSYTtWIZSPYXMSRHMJJIVIRGIWLEZIFIIRI\TVIWWIHERHXLIWXSVQSJGSR
JPMGXMWWYFWMHMRK1IQFIVVIPEXMSRWLMTWEVIFIGSQMRKQSVISTIRERHXVYWXMRKERHXLI
KVSYTFIKMRWXSJIIPQSVIGSLIWMZI3TIRRIKSXMEXMSRSJKSEPWVSPIWI\TIGXEXMSRWKVSYT
WXVYGXYVIERHXLIHMZMWMSRSJPEFSVMWYRHIVXEOIR)ZIRXLSYKLQIQFIVWLEZIHIZIPSTIH
XLIMVTSWMXMSRWERHGSQIXSWSQIYRHIVWXERHMRKSJXLITSWMXMSRWSJSXLIVQIQFIVWSJXLI
KVSYTXLIVIMWEXIRHIRG]JSVKVSYTWXSQSZIFEGOERHJSVXLFIX[IIRGSRJPMGXERHIQIVK
MRKGSLIWMZIRIWW(MWEKVIIQIRXWEVIVEVIP]JYPP]ERHTIVQERIRXP]VIWSPZIH8LIQENSV
MWWYIWQE]LEZIFIIRVIWSPZIHFYXXLIVIEVIGSYRXPIWWMWWYIWXSFI[SVOIHXLVSYKLEWXLI
KVSYT FIKMRW [SVOMRK XS[EVH HIJMRMRK TVSFPIQW ERH WSPYXMSRW ;LMPI XLI MRXIVEGXMSR
VIQEMRWXIRXEXMZIGSSTIVEXMSRMWSRXLIVMWI(YVMRKXLMWRSVQMRK TLEWIRI[MWWYIWVEMWI
TVMQEV]XIRWMSRWERHTVSTSWIHWSPYXMSRWVEMWIWIGSRHEV]XIRWMSRW
-HIEPP] KVSYTW WLSYPH TVSGIIH XLVSYKL TLEWI X[S WXSVQMRK  FIJSVI XEGOPMRK
TLEWIXLVIIRSVQMRK FYXX[SLYQERGLEVEGXIVMWXMGWXIRHXSQYHH]XLITVSGIWW*MVWX
[IPMOIXSWSPZITVSFPIQWIZIRFIJSVI[ILEZIJYPP]HIJMRIHXLIQ7SHYVMRKTLEWI
X[SMXMWZIV]XIQTXMRKXSTVSTSWISYVS[RTIVWSREPWSPYXMSRFIJSVIXLIKVSYTGSQ
TPIXIWEXLSVSYKLI\EQMREXMSRSJHMJJIVIRXZMI[TSMRXWERHMWWYIW7IGSRHEWXLIKVSYT
TVSGIIHWXLVSYKLXLIIQIVKIRGI TLEWIKVSYTQIQFIVWQE]JIIPXLIRIIHXSVIZMWMX
MWWYIW XLEX [IVI MR GSRJPMGX HYVMRK TLEWI X[S FIGEYWI WSQI EWTIGX SJ XLI EREP]WMW
ETTIEVWMRGSQTPIXI-RXLMWGEWIMRHMZMHYEPWQE]JIIPXLEXXLI]LEZIRSXVITVIWIRXIH
XLIMVTSWMXMSREHIUYEXIP]ERH[MWLXSVIWXEXIMXMRSVHIVXSFIGSQIQSVIGSQJSVXEFPI
[MXLXLISYXGSQI-JXLIGSRJPMGXI\TIVMIRGIHMRTLEWIX[SLEWRSXFIIR[IPPQEREKIH
SVJYPP]VIWSPZIHXLIKVSYT[MPPWSSRIVSVPEXIVVIXYVRXSTLEWIX[SMWWYIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

%KVSYTMWPMOIP]XSLMXTIVMSHWSJWMPIRGIJVSQXMQIXSXMQI8LMWWMPIRGIQE]FI
QEVOIHF]XIRWMSREWSRIXVMIWXSXLMROSJ[LEXXSWE]RI\XSVEQIQFIVQE][MXLHVE[
JVSQXLIKVSYTMJLISVWLIJIIPWTVIWWYVIHXSWTIEOYT[LIRRSXVIEH]XSHSWS7MPIRGI
GEREPWSFIEXMQIJSVMRXVSWTIGXMSRPSSOMRKMRWMHISRIWIPJJSVERW[IVWSVVIJPIGXMRKSR
[LEXLEWNYWXFIIRWLEVIH%KVSYTJEGMPMXEXSVQYWXNYHKI[LEXX]TISJWMPIRGIMWSGGYV
VMRKMRSVHIVXSLIPTXLIKVSYTTVSKVIWW
2SVQMRKHIWGVMFIWXLIKVSYTtW[MPPMRKRIWWXSWIXXPISRWTIGMJMGVYPIWJSVLS[HMW
GYWWMSRW[MPPXEOITPEGIERHHIGMWMSRW[MPPFIQEHI-XMWERMQTSVXERXTLEWIMRXLI
KVSYTTVSGIWWERHWIXWXLIWXEKIJSVXLIKVSYTtWTIVJSVQERGI

4IVJSVQMRK 1EOMRK(IGMWMSRWERH7SPZMRK4VSFPIQW
4IVJSVQMRK MHIRXMJMIW XLI VIEP [SVO TLEWI SJ XLI KVSYT -X MW GLEVEGXIVM^IH F] ER
MRGVIEWIMRXEWOSVMIRXEXMSRERHF]STIRI\GLERKIERHJIIHFEGO8LIKVSYTtWWSGMEP
XIRWMSR YWYEPP] HIGVIEWIW EW E WIRWI SJ VIPMIJ SGGYVW ERH XLI KVSYT FIKMRW QSZMRK
XS[EVHWSQIX]TISJWSPYXMSRI\EQMRIWXLEXWSPYXMSRERHFIKMRWXSEWWIWWXLIMQTEGXMX
[MPPLEZISRXLITVSFPIQ
%TVSFPIQWSPZMRKTVSGIWWGSRWMWXMRKSJJSYVSVJMZIHMWXMRGXWXITWGERLIPTXLI
KVSYTJYRGXMSRQSVIIJJIGXMZIP]HYVMRKXLMWTLEWI)EGLSJXLIWIWXITWMWHMWXMRGXERH
GEPPWJSVHMJJIVIRXGSQQYRMGEXMSRFILEZMSVJVSQXLIPIEHIVERHKVSYTQIQFIVW[SVO
MRK XLVSYKL XLI TVSFPIQWSPZMRK TVSGIWW 8EFPI  WLS[W WSQI SJ XLI q(3Wr ERH
q(32t8WrJSVKVSYTQIQFIVWMRXLMWTVSFPIQWSPZMRKTVSGIWW

8%&0) +VSYT1IQFIVWt 6IWTSRWMFMPMXMIWJSV*EGMPMXEXMRK4VSFPIQ7SPZMRKMRXLI4IVJSVQMRK4LEWI

7XIT (IJMRMRKXLI4VSFPIQ

(3W (32t8W
(STVSZMHIXLITIVXMRIRXHEXEXLEX]SY
TSWWIWW
(STVSZMHIXLIFEGOKVSYRHGSRXI\XJSVXLI
TVSFPIQ
(SI\TPEMRLS[XLMWTVSFPIQVIPEXIWXSSXLIVW
(SEWOSXLIVKVSYTQIQFIVWJSV[LEXIZIV
JEGXWERHHEXEXLI]TSWWIWW
(SQEOIWYVIXLEXIZIV]SRIYRHIVWXERHWEPP
XLIJEGXWERHHEXE
(SVIWXEXIXLIHIJMRMXMSRSJXLITVSFPIQXS
IRWYVIXLEXEPPQIQFIVWEVIE[EVISJ[LEX
]SY[ERX

(SRtXHMWGYWWWSPYXMSRW
(SRtXFPEQISVEWWIWWJEYPXVIKEVHMRKXLI
TVSFPIQ
(SRtXQSZISRMRXLITVSGIWWYRXMPIZIV]SRIMW
GPIEVEFSYXXLIHIJMRMXMSRSJXLITVSFPIQ
(SRtXWYTTP]EPSXSJMVVIPIZERXMRJSVQEXMSR
(SRtXEGXEWXLSYKL]SYLEZIEPVIEH]HIGMHIHSRE
WSPYXMSRERHEVIMRZSPZMRKSXLIVQIQFIVWSJXLI
XIEQEWQIVIP]EJSVQEPMX]

7XIT +IRIVEXMRK4SWWMFPI7SPYXMSRW

(3W (32t8W
(SIRGSYVEKIqSJJXLI[EPPrGSQQIRXW (SRtXEPPS[IHMXMRKIZEPYEXMRKSVGVMXMGM^MRKSJ
(SGLEPPIRKIXLIKVSYTXSTYWLJSVEWQER] MHIEW
TSWWMFPIWSPYXMSRWEWMXGERXLMROSJ (SRtXWIXXPISRXLIJMVWXqKSSHrMHIEXLEXWYVJEGIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4IVJSVQMRK1EOMRK(IGMWMSRWERH7SPZMRK4VSFPIQW 

(3W (32t8W
(SqTVMQIXLITYQTr[MXL]SYVS[RMHIEW (SRtXTYRMWLSXLIVQIQFIVW[LSGVMXMGM^I
IWTIGMEPP]MJXLIKVSYTMWWXYGO MHIEWhNYWXVIQMRHXLIQSJXLIKVSYRHVYPIW
(SWIXEXMQIPMQMX (SRtXWTIRHQYGLXMQIEHZSGEXMRK]SYVMHIEW
(SMRZMXIIZIV]SRIXSTEVXMGMTEXIIZIRMJ (SRtXWTIRHQYGLXMQISRER]SRITIVWSRSVSRI
]SYLEZIXSEWOWSQIQIQFIVWI\TPMGMXP] KSSHMHIE
(SEWOSTIRIRHIHUYIWXMSRWXSWTEVOXLI (SRtXKSFI]SRHXLIXMQIPMQMXWIXYRPIWWXLIXIEQ
XIEQtWXLMROMRK I\TPMGMXP][ERXWXS
(S[VMXIHS[REPPMHIEWKIRIVEXIH (SRtXUYMXYRXMPXLIXMQIPMQMXMWYT
(SEWWYVIXLIXIEQXLEXEPPMHIEWEVI
[IPGSQIERHXLEXRSMHIEMWWMPP]
(STMKK]FEGOSJJSRIERSXLIVtWMHIEW

7XIT )ZEPYEXMRK7SPYXMSRW

(3W (32t8W
(SVIZMI[EPPXLIMXIQWSRXLIPMWXSJ (SRtXEPPS[XLIXIEQXSNYHKISRIERSXLIVEWXLI]
TSWWMFPIWSPYXMSRWERHIPMQMREXIXLSWI[MXL NYHKIXLIMHIEW
RSWYTTSVX (SRtXKIXFSKKIHHS[RHMWGYWWMRKXLITVSWERH
(SOIITER]MXIQSRXLIPMWXXLEXER]SRIMW GSRWEWWIWWZEPYIUYMGOP]
[MPPMRKXSHMWGYWW (SRtXUYMXYRXMP]SYLEZIGPIEVGSRWIRWYW
(SJSGYWSRPSSOMRKEXXLITSWMXMZIERH
RIKEXMZIEWTIGXWSJIEGLWSPYXMSR
(SERXMGMTEXIXLIGSRWIUYIRGIWSJIEGL
WSPYXMSR
(SQEOIWYVIXLEXIEGLQIQFIVLEWEQTPI
STTSVXYRMX]XSTVSZMHIMRTYX
(SMRZMXIQIQFIVWXSGSQFMRIWSPYXMSRW
(SIRWYVIGSRWIRWYWF]KIXXMRKIZIV]SRItW
MRTYX
(SJVIUYIRXP]VIWXEXI[LEX]SYLIEVXS
GPEVMJ]XLIQIERMRK

7XIT 'VIEXMRKER%GXMSR4PER

(3W (32t8W
(SKIRIVEXIEPXIVREXMZILS[XSWJSVMQTPI (SRtXWXEXIVSPIWERHXEWOWMRKIRIVEP
QIRXEXMSRFIJSVIGLSSWMRKEREGXMSRTPER YRQIEWYVEFPIXIVQW
(SQEOIWYVIXLEXWTIGMJMGXEWOWEVIEWWMKRIH (SRtXEWWYQIXLEXFVMPPMERXWSPYXMSRWTVSHYGI
(SQEOIWYVIXLEXXMQIJVEQIWEVIWIX FVMPPMERXEGXMSRTPERWFIGVIEXMZIMR]SYV
(SIQTS[IVXLIQIQFIVW[MXLXLI TPERRMRK
EYXLSVMX]XSGSQTPIXIXLIMVXEWOW (SRtXJSVKIXXSJSPPS[YT
(SEVVERKIEQIXLSHSJJSPPS[MRKYTXS
IRWYVIGSQTPIXMSRSJXLIXEWOW
(SMRGPYHI]SYVWIPJEWETIVWSRVIWTSRWMFPI
JSVEXEWO
(SVIWXEXIIEGLQIQFIVtWVSPIXSGPEVMJ]ERH
IRWYVIGSQQMXQIRX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

8IVQMREXMRK
q+VSYTWXLEXLEZIEHMWXMRGXIRHMRKTSMRXI\TIVMIRGIEJMJXLTLEWIr:IVHM
;LIIPER
T 8LMWJMREPTLEWIMREKVSYTtWTVSGIWWMWXIVQMREXMSR -RXLISVMKMREPJSVQMRK
WXSVQMRKRSVQMRKERHTIVJSVQMRKQSHIPXLMWTLEWI[EWGEPPIHEHNSYVRMRK)ZIRSRKS
MRKKVSYTWQE]VIEGLEXIVQMREXMSRTSMRXXLVSYKLQIQFIVWLMTEXXVMXMSRSVGLERKMRKKVSYT
RIIHW 0SWW SJ MRHMZMHYEP KVSYT QIQFIVW GER EPWS GVIEXI WQEPP TSMRXW SJ XIVQMREXMSR
[MXLMRXLIKVSYT*MREPP]QER]XEWOKVSYTWGSQTPIXIXLIMVXEWOERHXLI]WXSTQIIXMRK
-JXLIKVSYTLEWVIEPP]FIGSQIMRXIVHITIRHIRXMRMXW[SVOMRKXSKIXLIVhQIQFIVW
IRNS] XEPOMRK [MXL SRI ERSXLIV ERH XLI VIKYPEVMX] SJ QIIXMRKW ZEPYI XLI JSVYQ JSV
I\TVIWWMSRSJXLIQWIPZIWEVIGSLIWMZIMRXLIMVVIPEXMSRWLMTWIRNS]XLIMRXIVEGXMSRWEW
[IPPEWXLIXEWOWhXLIRXLIXIVQMREXMSRTLEWIGERFIERE[O[EVHERHWXVIWWJYPXMQIJSV
KVSYTQIQFIVW/I]XSR -QTIRHMRKXIVQMREXMSRQE]GEYWIHMWVYTXMSRXSXLI
KVSYTtWTVSGIWWIWERHGSRJPMGXEQSRKXLIKVSYTQIQFIVW:IVHM
;LIIPER 
1ER]TISTPIJMRHMXHMJJMGYPXXSXIVQMREXIVIPEXMSRWLMTWERH[SYPHWMQTP]VEXLIVEZSMH
WE]MRKKSSHF]I8LIVIQE]EPWSFIERYR[MPPMRKRIWWXSHIEP[MXLXLIIQSXMSRWXMIHXS
IRHMRKXLIKVSYT/I]XSR SFWIVZIWXLEXXLIXIVQMREXMSRTLEWIQE]FIGLEVEGXIV
M^IHF]ER\MIX]EFSYXWITEVEXMSRERHGSRGPYWMSREHIKVIISJWEHRIWWERHWSQIWIPJ
VIJPIGXMZIIZEPYEXMSREW[IPPEWTSWMXMZIJIIPMRKWXS[EVHXLIKVSYTERHMXWTVSNIGX
%KVSYTtWXIVQMREXMSRQE]JSVQETMZSXEPTSMRXMRERMRHMZMHYEPtWPMJIERHEGXMZMXMIW
ERHQIQFIVWSJKVSYTWGERFIRIJMXF]VIJPIGXMRKSRGSQMRKXSXIVQW[MXLERHXEPOMRK
EFSYXXLIXIVQMREXMSRSJXLIKVSYT4ISTPIWE]KSSHF]IMRHMJJIVIRX[E]WFYXEWTIGMEP
IZIRXXLEXQEVOWXLIIRHSJXLIKVSYTQE]LIPTQIQFIVWI\TIVMIRGIEWIRWISJGPSWYVI
/I]XSR WYKKIWXWXLEXRSXEGORS[PIHKMRKXLIXIVQMREXMSRSJEKVSYTQE]
QIERJSVQER]TISTPIRSXLEZMRKXSEHQMXXLIIRHSJEKSSHKVSYTI\TIVMIRGISVXLI
TVIWIRGISJFEHSRIW=IXWLIEVKYIWXLMWMWERMQTSVXERXTLEWIMRXLIKVSYTTVSGIWW
,S[[IXIVQMREXISYVKVSYTEGXMZMXMIWEJJIGXWLS[[I[MPPMRXIVTVIXMRVIXVSWTIGX[LEX
[I LEZI EGGSQTPMWLIH ERH I\TIVMIRGIH EW E KVSYT ERH [LEX [I I\TIGX SJ JYXYVI
KVSYTW+SSHF]IWERHXLIMVWIRWISJGPSWYVIJIIPMRKWSJXEWOEGGSQTPMWLQIRXERH
TSWMXMZIVIPEXMSREPI\TVIWWMSREVIERMQTSVXERXEWTIGXSJWQEPPKVSYTTVSGIWW

9WIJYPRIWWSJXLI4LEWI1SHIP
8LI TLEWI QSHIP MW ER ETTVSEGL XS YRHIVWXERHMRK KVSYT TVSGIWW XLEX WYKKIWXW XLI
MQTSVXERGISJ[EMXMRKXSWSPZIETVSFPIQYRXMPEPPXLIMWWYIWWYVVSYRHMRKMXLEZIFIIR
HMWGYWWIH4ISTPIMR;IWXIVRWSGMIXMIWERHMRXLI9RMXIH7XEXIWMRTEVXMGYPEVXIRHXSFI
qGERHSrMRHMZMHYEPW&IEQIV
:EVRIV ;LIR[IEVIJEGIH[MXLETVSFPIQ[I
TVIJIV QEOMRK E HIGMWMSR ERH EGXMRK SR MX VEXLIV XLER KSMRK XLVSYKL XLI XMQI ERH
IRIVK]GSRWYQMRKWXITWSJEREP]WMW-REGXMRKUYMGOP]LS[IZIV[IXIRHXSQMWWWSQI
GVMXMGEPMWWYIWMRXLITVSGIWW8LITLEWIETTVSEGLSYXPMRIW[LEXWLSYPHFIHSRIERH
STIVEXIWEWEJYRGXMSREPGLIGOPMWXJSVEKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 9WIJYPRIWWSJXLI4LEWI1SHIP 

1SHMJMGEXMSRW
2SX EPP KVSYTW JSPPS[ XLMW TLEWI QSHIP MR E WXVMGXP] PMRIEV TVSGIWW 4SSPI ERH 6SXL
 WXYHMIHKVSYTWERHJSYRHXLEXXLI]JVIUYIRXP]KSXLVSYKLTIVMSHWSJHMWSVKERM^E
XMSR8LMWHMWSVKERM^EXMSRGVIEXIWG]GPIWMRXLIMVTVSGIWWQIERMRKXLIKVSYTGERVITIEX
WSQISJXLITLEWIWWIZIVEPXMQIW%KVSYTQMKLXJSVI\EQTPIWMQYPXERISYWP]STIVEXI
[MXLSRIJSSXMRTLEWIX[SERHSRIJSSXMRTLEWIXLVIIMRERIJJSVXXSQSZIJSV[EVH8LMW
MWEGGITXEFPIERHQE]IZIRFIIJJIGXMZIJSVXLIKVSYT+VSYTTVSGIWWGERFIQIWW]
8LIX]TIWSJGSQQYRMGEXMSRXLEXSGGYVMREKVSYTEPWSWLMJXERHGLERKIJVSQSRI
TLEWIXSXLIRI\X:IVHMERH;LIIPER HIWGVMFIWIZIRGEXIKSVMIWSJWXEXIQIRXW
-R XLI JSVQMRK TLEWI qHITIRHIRG]r WXEXIQIRXW EVI GSQQSR8LIWI WIIO HMVIGXMSR
WLS[ ER MRGPMREXMSR XS GSRJSVQ XS XLI HSQMRERX QSSH SJ XLI KVSYT ERH I\TVIWW E
HIWMVIXSJSPPS[XLIKIRIVEPHMVIGXMSRSJXLIWYKKIWXMSRWQEHI-RXLIWXSVQMRKTLEWI
qGSYRXIVHITIRHIRG]rWXEXIQIRXWXLEXEWWIVXMRHITIRHIRGIERHVINIGXSXLIVQIQFIVWt
EXXIQTXWEXPIEHIVWLMTERHEYXLSVMX]FIGSQIQSVITVSQMRIRXq*MKLXrWXEXIQIRXWXLEX
MQTP]TEVXMGMTEXMSRMRWXVYKKPIXLVSYKLEVKYQIRXEXMZIRIWWGVMXMGMWQERHEKKVIWWMSR
EPWS FIGSQIQSVI GSQQSR8LIWIEVI JSPPS[IHMR XLIRSVQMRK TLEWI [MXLqJPMKLXr
WXEXIQIRXWMRHMGEXMZISJEZSMHERGISJGSRJVSRXEXMSRERHTIVLETWSJXEWO8LIqGSYRXIV
TEMVMRKrWXEXIQIRXWSJXLMWTLEWII\TVIWWMRKEREZSMHERGISJMRXMQEG]ERHSJGSLIWMSR
ERHEHIWMVIXSOIITXLIHMWGYWWMSRHMWXERXERHMRXIPPIGXYEPKVEHYEPP]KMZI[E]XSER
IQIVKIRGI SJ qTEMVMRKr WXEXIQIRXW XLEX I\TVIWW E [EVQXL SJ JVMIRHWLMT WYTTSVX
KVIEXIVMRXMQEG]ERHEKIRIVEPTSWMXMZIVIKEVHJSVSXLIVKVSYTQIQFIVW*MREPP]MRXLI
TIVJSVQMRKTLEWIq[SVOrWXEXIQIRXWVITVIWIRXMRKXLITYVTSWIJYPEGGSQTPMWLQIRXSJ
KSEPHMVIGXIHXEWOSVMIRXIHEGXMZMXMIWFIGSQIQSVITVIZEPIRX
8LMWTLEWIMRXIVEGXMSRXLISV]WYKKIWXWXLEXIJJIGXMZIKVSYTWEVIEXXIRXMZIXSXLI
KVSYTTVSGIWWERHXSEWWIWWMRK XLIREXYVISJXLIXEWO XLIWXERHEVHWJSVIZEPYEX
MRKZEVMSYWHIGMWMSRSTXMSRW TSWMXMZIUYEPMXMIWSJXLIZEVMSYWTSWWMFPIGLSMGIWERH
  RIKEXMZI UYEPMXMIW SJ ZEVMSYW STXMSRW ,MVSOE[E
 6SWX   -R SXLIV [SVHW
IJJIGXMZI KVSYTW TE] EXXIRXMSR XS XLIHIGMWMSRQEOMRK TVSGIWW MXWIPJERH IZIR[LIR
XLI]QSHMJ]SVHIZMEXIJVSQXLITLEWIQSHIPXLI]QEOIGIVXEMRXLEXXLIXEWOMWGPIEVP]
EREP]^IHFIJSVIHIGMHMRKSREWSPYXMSR

3VKERM^EXMSREP8IEQW
8LMWTLEWIQSHIPEPWSMHIRXMJMIWXLIQENSVTSMRXWMRSVKERM^EXMSREPXIEQW ERHSJXLI
PIEHIVWLMTVSPIWRIGIWWEV]MRXLSWIXIEQW-RWXEKISRITVMQEV]SVKERM^EXMSREPXIEQ
MWWYIWEVIXLSWISJMRGPYWMSRERHEGGITXERGI%XXLMWTSMRXXLIXIEQQIQFIVWKIXXS
ORS[SRIERSXLIVERHKEXLIVMRJSVQEXMSRVIKEVHMRKXLINSFEXLERH3RIQENSVHMJJIV
IRGIFIX[IIREHIGMWMSRQEOMRKKVSYTSYXWMHIERSVKERM^EXMSRERHERSVKERM^EXMSREP
XIEQMWXLIEWWMKRQIRXSJEPIEHIV-RERSVKERM^EXMSREPIEHIVMWRSVQEPP]EWWMKRIH
ERHXLIPIEHIVtWNSFMWXSTVSZMHIWXVYGXYVIERHHMVIGXMSRJSVXLISVKERM^EXMSREPXIEQ
QIQFIVW-RSXLIVHIGMWMSRQEOMRKKVSYTWEPIEHIVMWQSVIPMOIP]XSIQIVKIHYVMRK
XLIKVSYTTVSGIWWERHXLIKVSYTQIQFIVW[MPPLEZIQSVIMRJPYIRGISRHIXIVQMRMRK
XLIVSPISJXLIPIEHIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

7YVKIV]XIEQWVIUYMVISYXWXERHMRK
XIEQ[SVOERHGSQQSRKSEPW

-RWXEKIX[SMWWYIWSJGSRXVSPERHMRJPYIRGIEVMWI8IEQQIQFIVWHMWGSZIV[LS
LEW XLITS[IV ERHHIGMHI [LMGL MRHMZMHYEPW XS PMWXIRXS8LMWWXEKIMWWMQMPEV XS XLI
WXSVQMRKERHRSVQMRKTLEWIWERHXLIPIEHIVtWVSPIMWXSSJJIVWYTTSVXERHKYMHERGI
[MXLSYXHMVIGXMRKSVGSRXVSPPMRKXLIKVSYT
7XEKIXLVIIHIEPW[MXLGSQQMXQIRXERHGSLIWMSR8LIXIEQTIVJSVQWXLIEGXYEP
XEWO ERH XLI PIEHIV JSGYWIW SR JEGMPMXEXMRK MXW TIVJSVQERGI TVSZMHMRK XLI XIEQ XLI
JVIIHSQERHVIWSYVGIWXSEGX

3ZIVVMHMRK-RJPYIRGIW
8LVIIQENSVMRJPYIRGIWEJJIGXEWQEPPKVSYTtWTVSGIWWSJ[SVOMRKXLVSYKLXLIWITLEWIW
[LIXLIVXLIKVSYTMWEJSVQEPSVMRJSVQEPFSH]XLIXEWOERHWSGMEPH]REQMGWERHLS[
XLITVMQEV]ERHWIGSRHEV]XIRWMSRWEJJIGXXLIKVSYTH]REQMGW

*SVQEPSV-RJSVQEP+VSYT
%JSVQEPKVSYT LEWFIIRWERGXMSRIHSVQERHEXIHF]WSQISVKERM^EXMSR-RSXLIV[SVHW
XLIW]WXIQXLEXMWERSVKERM^EXMSRWSGMEPFSH]YRMZIVWMX]GPYF HIGMHIWMXRIIHWXSIWXEF
PMWLEREHHMXMSREPWYFW]WXIQ[MXLWSQIWTIGMJMGHYXMIW%GSQQMXXIIMWJSVQIHEXIEQMW
GLSWIRSVEXEWOJSVGIMWREQIHXLEXMWKSZIVRIHF]ETEVXMGYPEVWIXSJVYPIWSVTVSGIHYVIW
-RJSVQEPKVSYTWXLIWSGMEPWXVYGXYVIMWVIPEXMZIP][IPPIWXEFPMWLIHRSVQWERHVSPIWEVI
I\TPMGMXERHKVSYTQIQFIVWEVIE[EVISJXLIVIPEXMSRWLMTW[MXLMRXLIKVSYT;LIR]SY

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 3ZIVVMHMRK-RJPYIRGIW 

EVIEWWMKRIHXSEXEWOJSVGIXLITYVTSWIKSEPWERHQIQFIVWLMTEVIHIXIVQMRIHF]XLI
PEVKIVSVKERM^EXMSR]SYVYRMZIVWMX]SVIQTPS]IV ERHXLIKVSYTMWJSVQEP
%RMRJSVQEPKVSYT WYGLEWWIZIVEPGPEWWQEXIWHIGMHMRKXSKSXSEWTSVXMRKIZIRX
SV[SVOGSPPIKYIWSVKERM^MRKEWYVTVMWITEVX]IQIVKIWERHJSVQWMXWIPJFIGEYWISJXLI
MRXIVIWXWSJXLIQIQFIVW%JSVQEPKVSYTLEWWTIGMJMGVYPIWERHSTIVEXMRKTVSGIHYVIW
MRJSVQEPKVSYTWHIZIPSTXLIMVS[RVYPIWERHTVSGIHYVIWEWXLIRIIHEVMWIW8LIMVMRXIV
EGXMRKTVSGIWWMWJVIUYIRXP]FEWIHSRMQTPMGMXSVPEVKIVWSGMEPVYPIW-RJSVQEPKVSYTW
SJXIRJYPJMPPWSGMEPRIIHW[LMPIJSVQEPKVSYTWEVIQSVISVMIRXIHXS[EVHEGGSQTPMWLMRK
EWTIGMJMGXEWOSVKSEP*MREPP]ERMRJSVQEPKVSYTGERHMWFERHWTSRXERISYWP][LMPI
JSVQEPKVSYTWLEZIEQSVITIVQERIRXWXEXYWSVHIJMRIHTIVMSHSJI\MWXIRGI
&SXL JSVQEPERHMRJSVQEP KVSYTW GER FI LMKLP]IJJIGXMZI *SV I\EQTPI EX XLI
[SVPHVIRS[RIH1E]S'PMRMGKVSYTWERHXIEQWEVIERMRXIKVEPTEVXSJXLITEXMIRXGEVI
TVSGIWWq7TIGMEPMWXWHSRtXNYWXZMWMXETEXMIRXXLI]W[EVQXLITEXMIRX[MXLERMRXIKVEXIH
XIEQ HMEKRSWMRK E GSQTPI\ TVSFPIQ TVSTSWMRK XVIEXQIRXhERH SJXIR WPSXXMRK XLI
TEXMIRXJSVWYVKIV][MXLMRLSYVWSJHMEKRSWMWr6SFIVXWT 7XEVXMRKEWER
MRJSVQEPEVVERKIQIRXXIEQ[SVOMWRS[qFYMPXMRXSXLIXVIEXQIRXSJTEXMIRXWERHMXtW
MRXIKVEXIHMRXSXLIGPMRMGtWJEFVMGSJKSZIVRERGIr6SFIVXWT 

8EWOERH7SGMEP(]REQMGW
8EWO ERH WSGMEP H]REQMGW EVI MRXIVHITIRHIRX MWWYIW XLEX GSRXMRYEPP] MRXIVEGX MR XLI
KVSYTW]WXIQ8EWOH]REQMGW HIEP[MXLEKVSYTtWTYVTSWIWXVYGXYVIVYPIWTVSGIHYVIW
ERH MRHMZMHYEP XEWOSVMIRXIH EWWMKRQIRXW8LIKSEPW ERH SFNIGXMZIW SJXLIKVSYT SV
KIXXMRKXLINSFHSRIGERFIZMI[IHEWXLISZIVVMHMRKKVSYTTYVTSWI9WMRKXLIW]WXIQW
EREPSK] SYV QENSV GSRGIVR [MXL XEWO H]REQMGW MW XLI KVSYTtW SYXTYX EGGSQTPMWL
QIRXWSVTVSHYGXMZMX]
7SGMEP H]REQMGW HIWGVMFIW XLI EFMPMX] SJ MRHMZMHYEPW XS [SVO XSKIXLIV EW E
KVSYT 8LI W]RIVK] GVIEXIH F] FVMRKMRK XSKIXLIV MRHMZMHYEPW [LS TSWWIWW HMJJIVIRX
FEGOKVSYRHW EPWS QIERW XLEX XLIVI EVI WMKRMJMGERX MWWYIW VIKEVHMRK QIQFIVWLMT

%TTVSTVMEXI8EWO5YIWXMSRW
 ;L]EVI[ILIVI#
 ;LEXMWXSFIEGGSQTPMWLIH#
 ;LEXMRJSVQEXMSRERHFEGOKVSYRHMWRIIHIH#
 (SXLIKVSYTQIQFIVWLEZIXLIEFMPMX]ORS[PIHKIERHWOMPPWXSHSXLIEWWMKRIH
NSF#
 ;LEXEVIXLIGSQTSRIRXWSJXLITVSFPIQ#
 ;LEXTYVTSWIW ERHKSEPW EVIHVMZMRKXLMWKVSYT#
 ;LEXVYPIWTVSGIHYVIWERHSTIVEXMRKQIXLSHWWLSYPHFIYWIH#
 ,S[TVIHMGXEFPIMWXLISYXGSQIERHMWMXGPIEV#
 &][LEXGVMXIVME[MPP[IFINYHKIH#
 'ERMXFIHSRI#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

GSQTSWMXMSRKVSYTTVSGIWWIWRSVQWVSPIWWXEXYWERHPIEHIVWLMT-RSVHIVXSFIER
IJJIGXMZIP] JYRGXMSRMRK W]WXIQ XLI TEVXW SJ XLI W]WXIQ QYWX [SVO [IPP XSKIXLIV -J
KVSYTQIQFIVWHSRSXLEZIEHIWMVIXSYRHIVWXERHERHHIEP[MXLXLIXEWOXLIKVSYT
[MPPJSYRHIVERHTVSFEFP]JEMPSVEJI[HIHMGEXIHMRHMZMHYEPW[MPPLEZIXSHSEPPXLI
[SVO-JKVSYTQIQFIVWHSRSXLEZIWSQIGSQTEXMFMPMX]SVIRNS]SRIERSXLIVtWGSQ
TER]XLIKVSYTtWGSLIWMZIRIWW[MPPEPWSWYJJIVFYXMRGSQTEXMFMPMX]EQSRKKVSYTQIQ
FIVWGERFISZIVGSQI3TIRMRZSPZMRKGSQQYRMGEXMSRQSXMZEXIWQIQFIVWXSMRZIWX
XLIQWIPZIWMRXLITVSGIWWERHFYMPHWEKVSYTtWGSLIWMSR

7SGMEP0SEJMRKh%8LVIEXXS+VSYTERH8IEQ7YGGIWW
;ItZIEPPFIIRXLIVI%KVSYTMWJSVQIHERHMXWSSRFIGSQIWSFZMSYWXLEXWSQIQIQFIVW
HSRSXTPERXSGSRXVMFYXIEKVIEXHIEP8LI]WIIQXSFIEPSRKJSVEJVIIVMHI8LMWTLIRSQ
IRSRMWGEPPIHWSGMEPPSEJMRK [LMGLMWXLIXIRHIRG]XSI\IVXPIWWIJJSVX[LIR[SVOMRKMRE
KVSYTXLER[LIR[SVOMRKEPSRI'SLIRIXEP 7SQIQIQFIVWQMKLXNYWXFIPE^]SV
LEZISXLIVTVIWWMRKGSQQMXQIRXW4IVLETWXLI]HSRSXGEVIEFSYXXLIMWWYIWFIMRKHMW
GYWWIHSVFIPMIZIXLI]LEZIPMXXPIXSGSRXVMFYXI8LI9RMXIH7XEXIWMWSRISJXLIQSWXMRHM
ZMHYEPMWXMG REXMSRW MR XLI [SVPH 7[IIRI]
 1G*EVPMR   8LMW QMKLX I\TPEMR SYV
XIRHIRG]XSPSSOSYXJSVRYQFIVSRISVXSEZSMHKVSYTGSQQMXQIRXSZIVXLIRIIHWSJXLI
KVSYT
8LIVIEVIGSRWIUYIRGIWLS[IZIV;IGERVIWIRXXLIJVIIVMHIVWERHXLIKVSYTMW
HIRMIHTSXIRXMEPP]YWIJYPMRTYXXLITVSHYGXMZMX]IKKVEHIWMRGSQI QMKLXFIPIWWIRIH
ERHXLIVIGERFIERIVSWMSRSJKVSYTGSLIWMZIRIWW
;LEXGERFIHSRIXSSZIVGSQIWSGMEPPSEJMRK#*MVWX[IGERSFXEMREGSQQMXQIRX
JVSQIEGLKVSYTQIQFIVXSXLITYVTSWIWSJXLIKVSYT7IGSRH[IGERQEOIGIVXEMRXLI
VI[EVHW JSV TEVXMGMTEXMRK EVI KVIEXIV XLER JSV RSX TEVXMGMTEXMRK *MREPP] [I GER EGXMZIP]
MRZSPZIVIXMGIRXQIQFIVWXLVSYKLZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRERHEGXMZIPMWXIRMRK

4VMQEV]ERH7IGSRHEV]8IRWMSRW
;LIRXLII\TIGXIHMRMXMEPTIVMSHSJYRIEWMRIWWE[O[EVHRIWWERHYRGIVXEMRX][MXLMR
XLIKVSYTXLEXMWMRHMGEXMZISJTVMQEV]XIRWMSR PEWXWXSSPSRKMXGERRIKEXMZIP]MQTEGX
XLI RSVQEP HIZIPSTQIRXSJ E KVSYTtW H]REQMGW ERH TVSGIWW8LI KVSYTtW TEXXIVR SJ
GSQQYRMGEXMSRERHMRXIVEGXMSRMXWHIZIPSTQIRXSJRSVQWVSPIWERHSTIVEXMRKTVSGI
HYVIWERHMXW QIQFIVWt GSRGIVRW JSVMRGPYWMSREGGITXERGI MRXIVTIVWSREP XVYWX ERH
WYTTSVX QE] EPP FI EHZIVWIP] EJJIGXIH;LIR E TIVMSH SJ I\XIRHIH TVMQEV] XIRWMSR
SGGYVWEKVSYTQE]JMRHMXHMJJMGYPXXSEVVMZIEXEGSRWIRWYWMRHIJMRMRKMXWTYVTSWI
IWXEFPMWLMRKEREKIRHEHIZIPSTMRK[SVOMRKVYPIWERHFIKMRRMRKMXW[SVO0MOI[MWI
EREZSMHERGISJWIGSRHEV]XIRWMSR XLVSYKLXLIWYTTVIWWMSRSJGSRJPMGXQE]WXMJPIXLI
HIZIPSTQIRXSJKVSYTGSLIWMSRERHSJIJJIGXMZIKVSYTHIGMWMSRQEOMRKERHTVSFPIQ
WSPZMRK+VSYTGSLIWMSRHITIRHWSRXLIGSRWIRWYEPHIZIPSTQIRXSJGPIEVKVSYTKSEPW
QIQFIV GSSTIVEXMSR ERH MRXIVHITIRHIRGI ERH MRHMZMHYEPWt JIIPMRK ZEPYIH ERH
EGGITXIH%GLMIZMRK XLIWI JIIPMRKWSJ GSSTIVEXMSR MRXIVHITIRHIRGI ERHEGGITXERGI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

VIUYMVIWXLEXGSRJPMGXWFIHIEPX[MXLXLSYKLXJYPP]ERHVIWTIGXJYPP]FYXSTIRP]ERHLSR
IWXP]%ZSMHERGISJGSRJPMGX[MPPMRXLIPSRKXIVQMQTIHIXLITVSKVIWWSJXLIKVSYT8S
FIWYGGIWWJYPKVSYTWQYWXSTIRP]GSRJVSRXFSXLTVMQEV]ERHWIGSRHEV]XIRWMSRWEW
MWWYIWXSFI[SVOIHXLVSYKLVEXLIVXLEREWTVSFPIQWXSFIEZSMHIH

7YQQEV]
+VSYTWTVSGIIHXLVSYKLWTIGMJMGTLEWIWHYVMRKXLIMVHIZIPSTQIRX8LISVMIRXEXMSRSV
JSVQMRK TLEWI MW LS[ XLIKVSYTWIXW MXWIPJ YT8LMW qJMVWX MQTVIWWMSRW QEOI PEWXMRK
MQTVIWWMSRWrTLEWIMWWMKRMJMGERX(YVMRKGSRJPMGXSVWXSVQMRK[IWIIXLIMQTSVXERGI
SJHMZIVWITSWMXMSRWERH[SVOXLVSYKLMWWYIW%JXIVWYJJMGMIRXHMWGYWWMSR[IQSZIXS
TLEWIXLVIIIQIVKIRGISVRSVQMRK%JXIVXLMWGSRWIRWYWTLEWI[IFIKMRXLITIVJSVQ
MRKTLEWIHYVMRK[LMGL[IQEOIEGSQQMXQIRXXSXLISYXGSQI
7QEPPKVSYTWXIRHXSLEZIQIWW]TVSGIWWIW8LITLEWIQSHIPLIPTWYWHIWGVMFI
XLIIWWIRXMEPMWWYIWVEMWIHF]KVSYTTVSGIWWIW(YVMRKXLIWIJSYVTLEWIWRSVQW[MPPFI
IWXEFPMWLIHERHVIMRJSVGIH/RS[MRK[LEXMWI\TIGXIHJVSQXLIKVSYTLIPTWYWWYGGIIH

(-7'977-3259)78-327

 ;LEX EVI XLI EHZERXEKIW SJ E TLEWI QSHIP SJ KVSYT HIZIPSTQIRX#%VI XLIVI ER] [IEO
RIWWIW#'ERER]SJXLITLEWIWFIWOMTTIH#'ERXLI]FIVIEVVERKIH#
 ;LEXMQTSVXERXGSQQYRMGEXMSRGLEVEGXIVMWXMGWSGGYVMRXLIJSVQMRKWXEKI#;L]EVIXLIWI
MQTSVXERX#
 (SIWGSRJPMGXLEZIEVSPIMRHIZIPSTMRKKVSYTGSLIWMSR#;LEXMWMX#
 (YVMRKXLIJSVQMRKWXEKI[LEXEGXMSRWERHFILEZMSVWWLSYPHFIIRGSYVEKIHXSGVIEXIER
IJJIGXMZIKVSYT#
 *VSQ]SYVS[RKVSYTI\TIVMIRGIMHIRXMJ]WSQII\EQTPIWSJXLIRSVQMRKTLEWIMREKVSYT
 ,S[[SYPH]SYHIJMRIGSLIWMSRMREWQEPPKVSYTSVXIEQ#;L]MWMXMQTSVXERX#

)<)6'-7)7

*SVQMRK 0EWX RMKLXh0IEVRMRKEFSYXSXLIVKVSYT QIQFIVW &PYJJMRK ERH HMWGPSW

MRKh*SVQMRKWXEKI&PM^^EVH)\TIGXEXMSRERHXVITMHEXMSR4VSFPIQWSPZMRKKVSYT
I\IVGMWI'LIEXMRK4IVJSVQMRKWXEKIh&EWMGUYIWXMSRW8LIGSRWYPXMRKJMVQ

  * 3 6 1 - 2 +  0 % 7 8  2 - + , 8 h 0 ) % 6 2 - 2 + % & 3 9 8
38,)6+63941)1&)67

-RWXVYGXMSRW

 ;VMXISRETMIGISJTETIVWSQIXLMRKXLEX]SYHMHPEWXRMKLX(SRSX[VMXIWSQIXLMRK
]SYLEZIEPVIEH]XSPHSXLIVGPEWWQIQFIVW8YVRXLITMIGISJTETIVMRXSXLIMRWXVYGXSV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

 =SYVMRWXVYGXSV[MPPVIEHIEGLTMIGISJMRJSVQEXMSREPSYHERHXLISVHIVMR[LMGLXLI]
EVIVIEH[MPPFIXLIRYQFIVEWWMKRIHXSXLEXWIXSJMRJSVQEXMSR*MVWXVIEHMWWIG
SRHVIEHMWERHWSJSVXL
 ;VMXIHS[RXLIRYQFIVERHXLIR[VMXIXLIREQISJXLITIVWSR[LS]SYXLMROMWXLI
EYXLSVRI\XXSXLIETTVSTVMEXIRYQFIV
 =SYVMRWXVYGXSV[MPPVIVIEHIEGLTMIGISJMRJSVQEXMSRERH]SY[MPPFIEWOIHXSGEPPSYX
XLIREQISJXLITIVWSR]SYXLMROMWXLIEYXLSV
 =SYVMRWXVYGXSV[MPPXLIREWOXLIVIEPEYXLSVXSqTPIEWIWXERHYTr
 +MZI ]SYVWIPJ SRI TSMRX JSV IZIV] GSVVIGX GSRRIGXMSR XLEX ]SY QEHI FIX[IIR XLI
EYXLSVERH[LEXLISVWLIHMHPEWXRMKLX

(IFVMIJMRK
;LEXHSIWXLMWHIQSRWXVEXIEFSYXXLIJSVQMRKTLEWI#;L][IVIWSQIEGXMZMXMIWIEW
MIVXSKYIWWXLERSXLIVW#,S[MQTSVXERXMWMXXSEPPS[WSQIWIPJHMWGPSWYVIFIJSVIXLIKVSYT
KIXW qHS[R XS FYWMRIWW#r (S [I RIIH XS XEOI E TVSEGXMZI VSPI MR XLI JSVQMRK WXEKI F]
I\TVIWWMRK SYV I\TIGXEXMSRW ERH JIEVW VIKEVHMRK XLI KVSYT TVSGIWW# ;LEX TVIGEYXMSRW
WLSYPH[IXEOIVIKEVHMRKJSVQMRKMQTVIWWMSRW[MXLSYXEGXYEPP]ORS[MRKXLIMRHMZMHYEP#

  & 0 9 * * - 2 + % 2 (  ( - 7 ' 0 3 7 - 2 + h * 3 6 1 - 2 +  7 8% + )

(MVIGXMSRW
 )EGLXIEQQIQFIVWLSYPH[VMXIJSYVWXEXIQIRXWEFSYXLIVWIPJSVLMQWIPJ8LVII
SJXLIWXEXIQIRXWQYWXFIXVYIERHSRIQYWXFIJEPWI )EGLXIEQQIQFIVWLSYPHVIEH
XLIJSYVWXEXIQIRXWERHXLISXLIVXIEQQIQFIVWWLSYPHXV]ERHHIXIVQMRI[LMGLWXEXIQIRX
MWJEPWI (ITIRHMRKSRXLIXIEQtWTVSKVIWWXS[EVHMRZIWXMKEXMRKEWTIGMJMGMWWYISVXSTMG
EREPXIVREXMZI[SYPHFIXS[VMXIJSYVWXEXIQIRXWEFSYX[LEX]SYLEZIHSRIXSJYVXLIVXLI
XIEQtWTVSKVIWWSVJSYRHSYXEFSYXXLIMWWYIhXLVIIXVYIERHSRIJEPWI 3RGI]SYLEZI
WLEVIHEVI]SYWYVTVMWIH[MXLXLIHMZIVWMX]SJI\TIVMIRGIW#,S[[MPPXLMWMQTEGXXLIEFMPMX]
SJXLMWXIEQXS[SVOXSKIXLIV#;LEXWXITWGERFIXEOIRXSMRGVIEWISYVYRHIVWXERHMRKSJ
SXLIVKVSYTQIQFIVW#

 &0->>%6(

8LI7MXYEXMSR
=SYVKVSYTLEWKSRISRELMOMRKXVMTMRXLIRSVXLIVR97FEGOGSYRXV]hE[MPHIVRIWW
EVIE7MRGIMX[EWERMGIPSSOMRKHE]IZIV]SRIHVIWWIHMRGSQJSVXEFPIGPSXLIW[MXLWSQI
[IEVMRKLMOMRKWLSIWSXLIVWWRIEOIVWERHSRIETEMVSJWTSVXWERHEPW&YXI\TIGXMRKERMGI
HE]RSSRIHVIWWIHJSVETSXIRXMEPTVSFPIQ3RXLI[E]MRXSXLILMPPWXLI[IEXLIV[EWJMRI
ERHIZIV]SRI[EWIRNS]MRKXLIHE]7PS[P]MXFIKERXSVEMRFYXXLIKVSYT[ERXIHXSXVEZIP
NYWX E PMXXPI JEVXLIV WMRGI MX [EWWXMPP IEVP]%JXIV EFSYXER LSYV XLI FPM^^EVH LMX -R [LEX
WIIQIH QMRYXIW ER MRGL SJ WRS[ LEH GSZIVIH XLI KVSYRH +YWXW SJ [MRH FVSYKLX ER
MRGVIEWMRK EQSYRX SJ WRS[ ERH MX[EW WSSR YT XS ]SYVORIIW +IXXMRK FEGO XS ]SYVGEV
WIIQWMQTSWWMFPI=SYVGIPPTLSRIWERHSXLIVIPIGXVSRMGIUYMTQIRXEVIMRSTIVEFPI;SYPH
]SYORS[LS[XSWYVZMZI#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

7XIT %RW[IV XLI JSPPS[MRK UYIWXMSRW MRHMZMHYEPP] [MXLSYX GSRWYPXMRK XLI SXLIV
QIQFIVWSJXLIKVSYT

 =SYtVIXLSVSYKLP]PSWXWS]SYWLSYPHWMXHS[RERH[EMXJSVWSQISRIXSJMRH]SY8VYI
SVJEPWI#)\TPEMRCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 ;LEXtWQSVIMQTSVXERXMREWYVZMZEPWMXYEXMSRJSSHSV[EXIV#CCCCCCCCCCCCCCCCCCC
 ,S[QYGL[EXIVWLSYPH]SYHVMROIZIV]HE]MRXLMWWMXYEXMSR#CCCCCCCCCCCCCCCCCCC
 -J]SYtVIWXVERHIH[MXLSYXJSSHIEXMRKER]XLMRKMWFIXXIVXLERIEXMRKRSXLMRK8VYISV
JEPWI#CCCCCCCCCC
 =SYtVISYXSJ[EXIV;LEXWLSYPH]SYHSXSTVIZIRXHIL]HVEXMSR#
E (VMROWIE[EXIV
F (VMROEPGSLSPIWTIGMEPP]MR[MRXIVFIGEYWIMXtPPOIIT]SY[EVQ
G (VMRO]SYVS[RYVMRI
H 2SRISJXLIWI
 'LIGOXLIXLVIIMXIQW]SYWLSYPHEP[E]WGEVV][MXL]SYMRXLIFEGOGSYRXV]
CCCCC1ET CCCCC/RMJI
CCCCC'LSGSPEXIFEV CCCCC:MXEQMRW
CCCCC0SEHIHTMWXSP CCCCC'LERKISJWSGOW
CCCCC+EVFEKIFEK CCCCC7YRKPEWWIW
CCCCC'SQTEWW CCCCC'MKEVIXXIPMKLXIV
 4W]GLSPSKMWXWWE]XLIVIEVIJSYVXVEMXWGSQQSRXSWYVZMZSVW4MGOXLIJSYVJVSQXLI
JSPPS[MRKPMWX
CCCCC7XYFFSVR CCCCC,EZMRKE[MPPXSWYVZMZI
CCCCC,YQSVSYW CCCCC3TXMQMWXMG
CCCCC7XSMG CCCCC*PI\MFPI
CCCCC'SQTEWWMSREXI CCCCC*MIV]
CCCCC-RXVSZIVXIH CCCCC%FPIXSXSPIVEXIFM^EVVII\TIVMIRGIW
 6ERO XLIJSPPS[MRKMRXIVQWSJWYVZMZEPMQTSVXERGI
E 'SQQSRWIRWI CCCCC
F 4VSTIVIUYMTQIRX CCCCC
G 4L]WMGEPXSYKLRIWW CCCCC
 ;LEXMWXLIQSWXGSQQSRGEYWISJHIEXLMRXLIFEGOGSYRXV]#
7XIT%WWIQFPI]SYVWQEPPKVSYTERHGSQTEVIERW[IVW6IEGLGSRWIRWYWVIKEVH
MRKXLIFIWXERW[IVW
7XIT=SYVMRWXVYGXSV[MPPTVSZMHIXLIGSVVIGXERW[IVWEGGSVHMRKXSWYVZMZEPI\TIVXW
*SVIEGLGSVVIGXERW[IVE KMZI]SYVWIPJTSMRXWERHF KMZIXLIKVSYTTSMRXW%HHYT
XLITSMRXWERHGSQTEVI]SYVMRHMZMHYEPGLERGIWJSVWYVZMZEP[MXLXLIKVSYTtWGLERGIW
7XIT(MHXLIKVSYTTVSKVIWWXLVSYKLXLIJSYVTLEWIW#7TIGMJMGEPP][EWXLIVIVMKSV
SYWHMWGYWWMSRWXSVQMRK FIJSVIER]HIGMWMSRW[IVIQEHI#;EWXLIJMVWXqPSKMGEPrERW[IV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

EGGITXIHVEXLIV XLEREGEVIJYPI\EQMREXMSRSJEPPSTMRMSRW#(MHXLI PSYHIWXZSMGISVXLI

ZSMGIXLEXGPEMQIHI\TIVXMWI[MRSYXIZIR[LIRWSQIKVSYTQIQFIVW[IVIRSXGIVXEMR#(MH
ER]SJXLIKVSYTQIQFIVWLEZIMQTSVXERXMRWMKLXWXLEXXLI]GLSWIRSXXSWLEVI#;L]#-JXLI
KVSYTLEHXLI[VSRKERW[IVW[SYPHEQSVIGEVIJYPHMWGYWWMSRSJXLITSWWMFPIVIWTSRWIW
FIIRLIPTJYP#

  ) < 4 ) ' 8%8 - 3 2 % 2 ( 8 6 ) 4 - (%8 - 3 2

8LIKVSYTTVSGIWWLEWTVSQMWIERHTSWWMFPIPMQMXEXMSRW8SGPEVMJ]]SYVS[RJIIPMRKW[LIR
]SYIRXIVEKVSYTVIWTSRHXSXLIJSPPS[MRKX[SMWWYIW

 ;LEXEVI]SYVI\TIGXEXMSRWEFSYX[SVOMRKMRKVSYTWERHXIEQW#;LEXTSWMXMZIFIRI
JMXWHS]SYJSVIWII#6EROXLIWIMRXIVQWSJLS[MQTSVXERXXLI]EVIXS]SYMRHMZMHY
EPP]!SJTVMQEV]MQTSVXERGI!QSHIVEXIP]MQTSVXERX!WSQI[LEXMQTSVXERX
!RMGIXSLEZI![MPPTVSFEFP]SGGYVFYXRSXXSSMQTSVXERX

)\TIGXEXMSRW 6EROMRK
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC

 ;LEXEVI]SYVGSRGIVRWEFSYX[SVOMRKMRKVSYTWERHXIEQW#;LEXPMQMXEXMSRWHS]SY
JSVIWII#6EROXLIWIMRXIVQWSJLS[MQTSVXERX XLI]EVIXS ]SYTIVWSREPP]!SJ
TVMQEV]MQTSVXERGI!QSHIVEXIP]MQTSVXERX!WSQI[LEXMQTSVXERX!RMGIXS
LEZI![MPPTVSFEFP]SGGYVFYXRSXXSSMQTSVXERX

8VITMHEXMSRW 6EROMRK
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC

%REP]WMW
-R]SYVWQEPPKVSYTGSQTMPIEPMWXSJI\TIGXEXMSRWERHXVITMHEXMSRWJSVWQEPPKVSYT
ERHXIEQ[SVO;LEXEVIXLIWMQMPEVMXMIW#;LEXEVIXLIHMJJIVIRGIW#,S[GERXLITSWMXMZIW
FIQE\MQM^IHERHXLIGSRGIVRWQMRMQM^IH#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

  4 6 3 & 0 ) 1  7 3 0: - 2 +  + 6 3 9 4  ) < ) 6 ' - 7 )  ' , ) % 8 - 2 +

7XIT-R]SYVKVSYTI\EQMRIXLIJSPPS[MRKWMXYEXMSR
'LIEXMRKTPEKMEVM^MRKERHSXLIVWMQMPEVEGXMZMXMIWEVISRXLIVMWIXLVSYKLSYXGSPPIKI
ERHYRMZIVWMX]GEQTYWIW=SYVKVSYTLEWFIIREWOIHXSHIZIPSTERETTVSTVMEXIERHIJJIG
XMZIVIWTSRWIXSXLMWTVSFPIQF]HIGMHMRK MJXLIVIMWERMWWYISR]SYVGEQTYW [LEX
EVIXLIQERMJIWXEXMSRWERH [LEXWSPYXMSRWGERFIYWIH&IEWWTIGMJMGEWTSWWMFPI
7XIT4VIWIRX]SYVWSPYXMSRXSXLIVIWXSJXLIGPEWW7SPMGMXEHHMXMSREPMRWMKLXWJSVYWI
MRWXIT
7XIT)\EQMRI]SYVKVSYTHIGMWMSRQEOMRKTVSGIWW(MH]SYKSXLVSYKLXLIJSYV
WXEKIW#-J]SYWOMTTIHSRIHMHMXMQTEGXXLIUYEPMX]SJ]SYVHIGMWMSR#(MH]SYqQMWWrER]
XLMRKMQTSVXERX#(MH]SYVYWLXSJMRHMRKXLIWSPYXMSR[MXLSYXEPPS[MRKJSVWXSVQMRKERH
RSVQMRKXSLEZIERMQTEGX#
%PXIVREXMZIXSTMGW
-JGLIEXMRKMWRSXSJMRXIVIWXXSXLIKVSYTSVTVSZMHMRKHMJJIVIRXXSTMGWJSVIEGLKVSYT
[SYPHTVSZIQSVIMRXIVIWXMRKGSRWMHIVSRISJXLIJSPPS[MRK
(IEPMRK[MXLMRGVIEWIHGVMQISR]SYVGEQTYW
(IGMHMRKXLIXLIQIJSVERYTGSQMRKGEQTYWTEVX]SVHERGI
)\EQMRMRKXLIVSPISJWTSVXWMRLMKLIVIHYGEXMSR
6IHYGMRKXLIHMKMXEPHMZMHI
)JJIGXMZIP]HIEPMRK[MXLHMWGVMQMREXMSR
6EMWMRKXLIHVMROMRKEKIXS
6IUYMVMRKTISTPIXSZSXI

  4 ) 6 * 3 6 1 - 2 +  7 8%+ ) h &% 7 - '  5 9 ) 7 8 - 3 2 7

1SZMRKJVSQKSSHMRXIRXMSRWXSEGXMSRWGERFIGSQTPMGEXIH%WEKVSYTTMGOETVSFPIQ
XLEXWIIQWXSLEZIEVIPEXMZIP]WXVEMKLXJSV[EVHWSPYXMSR8SFIXXIVKYEVERXIITIVJSVQERGI
ETTP]XLIJSPPS[MRKJSVQEX
7XIT;LEXQYWXFIHSRI#
7XIT;L]QYWXMXFIHSRI#
7XIT;LIVIWLSYPHMXFIHSRI#
7XIT;LIRWLSYPHMXFIHSRI#
7XIT;LSWLSYPHHSMX#
7XIT,S[WLSYPHMXFIHSRI#

  8 , )  ' 3 2 7 9 08 - 2 + * - 6 1

=SYVKVSYTMWEWQEPPMRHITIRHIRXGSQQYRMGEXMSRGSRWYPXMRKJMVQXLEXLEWJSVQIHXSTVS
ZMHI WIVZMGIW XS EVIE FYWMRIWWIW -R E XSiQMRYXI HMWGYWWMSR HIZIPST WSQI MRMXMEP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

8%&0) 'SQTER]2EQI 0SKS ERH7PSKER)ZEPYEXMSR*SVQ

'SQTER]2EQI
)\TVIWWMZIERHMRJSVQEXMZI      (YPPYRMRJSVQEXMZI
0SKS
)\TVIWWMZIERHMRJSVQEXMZI      (YPPRSXI\TVIWWMZI
7PSKER
)\TVIWWMZIERHMRJSVQEXMZI      (YPPYRMRWTMVIH
3ZIVEPP-RXIKVEXMSRSJ%PP8LVII
)\TVIWWMZIERHMRJSVQEXMZI      0SSWIRSXEHIUYEXIP]MRXIKVEXIH
8LI&)78TEVXSJXLITVIWIRXEXMSR#
7YKKIWXMSRWJSVMQTVSZIQIRXW

MHIEWERHVIEWSRWJSVEGSQTER]REQIPSKSW]QFSP ERHWPSKERGEXGL]TLVEWI 8LIKSEP

MWXSGPIEVP]MHIRXMJ]XLIGLEVEGXIVSJ]SYVJMVQERHXLIX]TIWSJGSQQYRMGEXMSRWIVZMGIW
]SYGERTVSZMHIXSFYWMRIWWIWXSLIPTXLIQMQTVSZIXLIMVIQTPS]IIGSQQYRMGEXMSRERH
VIPEXMSRWXLIMVGSQQYRMX]VIPEXMSRWERHXLIMVTYFPMGVIPEXMSRW=SYVKVSYTtWREQIPSKS
ERHWPSKERWLSYPHEPPFIMRXIKVEXIHERH[SVOXSKIXLIVXSGVIEXIEGPIEVGSLIVIRXMQTVIWWMSR
SJ]SYVJMVQMXWMHIRXMX]ERHMXWTYVTSWI
%PXLSYKLXLMWHMWGYWWMSRQE]FIXSSWLSVXXSWLS[EGSQTPIXIKVSYTHIZIPSTQIRX
]SYWLSYPHFIEFPIXSWII WSQIIZMHIRGISJXLIKVSYTTLEWIWEX[SVOMRERMRMXMEPLIWM
XERG] SJKVSYT QIQFIVW XS WYKKIWX MHIEW SV XS XEOI SR WTIGMJMG VSPIW MR XLI HMWGYWWMSR
 QSVISTIRHMWEKVIIQIRXWERHJVEROHMWGYWWMSRWSJXLIETTVSTVMEXIRIWWSJTSXIRXMEPREQIW
PSKSW ERH WPSKERW   XLI HIZIPSTQIRX SJ WSQIMQTPMGMX SV I\TPMGMX GVMXIVME XSNYHKI ERH
HIGMHISRETTVSTVMEXIMXIQWERH EGSEPIWGMRKEVSYRHWSQIMHIEWERH[SVOMRKXSKIXLIVXS
QSHMJ]XLSWIMXIQW-JXLIWIHMHRSXLETTIRMRXLMWSVHIVHMHXLI]LETTIRMREHMJJIVIRXSVHIV
SVHMHHMJJIVIRXTLEWIWIQIVKI#,S[[SYPH]SYFIWXHIWGVMFIXLIKVSYTTVSGIWW#
8LIGSQTER]REQIPSKSERHWPSKERIZEPYEXMSRJSVQGERFIYWIHF]XLIKVSYTXLI
IRXMVIGPEWWSVXLIMRWXVYGXSVXSIZEPYEXIERHTVSZMHIJIIHFEGOSRXLITVSHYGXWSJXLMWI\IV
GMWI WII 8EFPI   3JXIR XLIWQEPP[SVOMRK XIEQW TVIWIRXMRK XLIMV [SVO XSXLI IRXMVI
KVSYTSVGPEWWERHVIGIMZMRKETTVSTVMEXIJIIHFEGOWTIGMJMGTSWMXMZIERH[MXLWYKKIWXMSRW
JSVMQTVSZIQIRXW SRXLIMVMHIEWGERIRLERGIXLISZIVEPPXIEQI\TIVMIRGIERHTVSHYGXMZMX]

6)*)6)2')7

%VVS[,
1G+VEXL.) 1IQFIVWLMTQEXXIVW *MWLIV&% (IGMWMSRIQIVKIRGI4LEWIWMRKVSYT
7QEPP+VSYT6IWIEVGL i HIGMWMSRQEOMRK7TIIGL1SRSKVETLW i
&IEQIV0
:EVRIV- -RXIVGYPXYVEPGSQQYRMGEXMSR ,EQMPXSR' 'SQQYRMGEXMRKJSVVIWYPXW XLIH 
MREKPSFEP[SVOTPEGI &SWXSR1G+VE[,MPP-V[MR 978LSQWSR;EHW[SVXL
'SLIR % 6 *MRO 7 0 +EHSR ,
 ;MPPMXW 6 ( ,MVSOE[E6
6SWX/ )JJIGXMZIKVSYTHIGMWMSR
 )JJIGXMZIFILEZMSVMRSVKERM^EXMSRW'EWIW QEOMRK MR SVKERM^EXMSRW 1EREKIQIRX 'SQQYRM
GSRGITXW ERH WXYHIRX I\TIVMIRGIW XL IH  2I[ GEXMSR5YEVXIVP] i
=SVO1G+VE[,MPP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

/I]XSR .   +VSYT XIVQMREXMSR 'SQTPIXMRK XLI 8YGOQER & ;   7XEKIW MR WQEPP KVSYT HIZIPST
WXYH] SJ KVSYT HIZIPSTQIRX 7QEPP +VSYT QIRXVIZMWMXIH+VSYTERH3VKERM^EXMSREP7XYHMIW
6IWIEVGL i  i
1SRXIFIPPS % 6   ;SVO XIEQW XLEX [SVO 1MR :IVHM%*
;LIIPER7% (IZIPSTQIRXEPTEX
RIETSPMW&IWX7IPPIVW XIVRW MR WEQIWI\ ERH QM\IHWI\ KVSYTW 7QEPP
4SSPI17
6SXL. (IGMWMSRHIZIPSTQIRXMR +VSYT6IWIEVGL i
WQEPP KVSYTW : 8IWX SJ E GSRXMRKIRG] QSHIP ;IPPMRKW 6 7 &]LEQ; '
 ;MPWSR . 1  
,YQER'SQQYRMGEXMSR6IWIEVGL i )QTS[IVIH XIEQW 'VIEXMRK WIPJHMVIGXIH [SVO
6SFIVXW 4  %TVMP  8SXEP XIEQ[SVO 8LI 1E]S KVSYTWXLEXMQTVSZIUYEPMX]TVSHYGXMZMX]ERHTEV
GPMRMG*EWX'SQTER] TTi XMGMTEXMSR 7ER*VERGMWGS.SWWI]&EWW
7[IIRI]4(
1G*EVPMR(& 3VKERM^EXMSREP ;LIIPER7%
1G/IEKI60 (IZIPSTQIRXEP
FILEZMSV 7SPYXMSRW JSV QEREKIQIRX &SWXSR TEXXIVRW MR WQEPP ERH PEVKI KVSYTW 7QEPP +VSYT
1G+VE[,MPP-V[MR 6IWIEVGL i
8YGOQER&; (IZIPSTQIRXEPWIUYIRGIWMRWQEPP
KVSYTW4W]GLSPSKMGEP&YPPIXMR i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
(MZIVWMX]MR+VSYTW
8LI7XVIRKXLSJ
(MJJIVIRX4IVWTIGXMZIW

',%48)63980-2)

(IJMRMRK(MZIVWMX]ERH-XW4PEGIMR7QEPP+VSYTW ,MIVEVGLMIWSJ4S[IV
%WWYQTXMSRWERH7XIVISX]TMRK 4VIWWYVIWJSV'SRJSVQMX]
'SQQYRMGEXMSR'SRXI\XW )XLMGEP&ILEZMSV
0ERKYEKI9WI 7YQQEV]
2SRZIVFEP'SQQYRMGEXMSR (MWGYWWMSR5YIWXMSRW
(MZIVWMX]MR7QEPP+VSYTWERH8IEQW )\IVGMWIW
+VSYT'SQQMXQIRXERH'SRWIRWYW
6IJIVIRGIW
7XVIRKXLMR(MZIVWMX]
1EOMRK(MZIVWI+VSYTW;SVO
'SRJPMGX1EREKIQIRX

',%48)63&.)'8-:)7

(IJMRIHMZIVWMX]ERHMXWVSPIMRWQEPPKVSYTW
9RHIVWXERHXLIMQTEGXSJWXIVISX]TIW
(MWGYWWXLIGSRGITXSJGSQQYRMGEXMSRGSRXI\XW
)\TPEMRXLIMQTEGXSJPERKYEKIYWISRHMZIVWMX]
)PYGMHEXIXLIMQTEGXSJRSRZIVFEPGSQQYRMGEXMSRSRHMZIVWMX]
3YXPMRIXLIMQTEGXSJHMZIVWMX]SRKVSYTGSQQMXQIRXERHGSRWIRWYW
4VIWIRXXLIWXVIRKXLSFXEMRIHXLVSYKLHMZIVWMX]
7YKKIWX[E]WXSQEOIHMZIVWIKVSYTW[SVO


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (IJMRMRK(MZIVWMX]ERH-XW4PEGIMR7QEPP+VSYTW 

/ )=8 )6 17

'SQQMXQIRXERHGSRWIRWYW ,MIVEVGLMIWSJTS[IV 2SRZIVFEPGSQQYRMGEXMSR

'SQQYRMGEXMSRGSRXI\XW ,MKLGSRXI\XIRZMVSRQIRX 4S[IV
'SRJPMGXQEREKIQIRX -RWMHIVSYXWMHIVEPPIKMERGIW 4VIWWYVIJSVGSRJSVQMX]
(MZIVWMX] 0ERKYEKIYWI 7XIVISX]TMRK
)XLMGEPFILEZMSV 0S[GSRXI\XIRZMVSRQIRX

2SSRIGERTPE]EKEQIEPSRI3RIGERRSXFILYQERF]SRIWIPJ8LIVIMWRS
WIPJLSSH[LIVIXLIVIMWRSGSQQYRMX];IHSRSXVIPEXIXSSXLIVWEWXLITIVWSRW[I
EVI[IEVIMRVIPEXMRKXSSXLIVW'EVWIT ;IGERVIKEVHWXVERKIVWSV
MRHMZMHYEPW[LSEVIHMJJIVIRX[MXLLSWXMPMX]SV[IGERXVIEXXLIQEWTSXIRXMEPJVMIRHW
ERHMQTSVXERXKVSYTQIQFIVW8LSWI[LSEVIHMJJIVIRXQE]TVSZIXSFIMRXIVIWXMRK
ERHXSLEZIWSQIXLMRKZEPYEFPIXSGSRXVMFYXIXSSYVKVSYTWHMWGYWWMSRERHXSSYV
I\TIVMIRGIWSJGSQQYRMX]0YWXMK
/SIWXIV 

(IJMRMRK(MZIVWMX]ERH-XW4PEGIMR7QEPP+VSYTW
(MZIVWMX] HIWGVMFIWXLIVIEPMX]SJEREXMSREPERH[SVPHGSQQYRMX]QEHIYTSJTISTPI
JVSQGYPXYVIW[MXLPERKYEKIWERHWSGMEPGYWXSQWZIV]HMJJIVIRXJVSQSYVS[R-REHHM
XMSRTISTPIMRXLI9RMXIH7XEXIWQE]WTIEOXLIWEQIPERKYEKIEPXLSYKLIZIRXLEXMW
RSXEP[E]WXVYI ERHWLEVIXLIWEQISZIVEPPGYPXYVEPZEPYIW]WXIQFYXLEZIEHMJJIVIRX
VIPEXMSRWLMTXSXLEXZEPYIW]WXIQXLER[IQMKLXI\TIGX(MZIVWMX]MWEJEGXSJPMJIMRXLI
9RMXIH7XEXIWXSHE]ERHLEWERMQTEGXSRWQEPPKVSYTGSQQYRMGEXMSR-JEWQEPPKVSYT
GSRWMWXWSJQIQFIVWJVSQHMZIVWIFEGOKVSYRHWXLEXHMZIVWMX]MRJPYIRGIWXLIKVSYTHMW
GYWWMSR-JXLIKVSYTMXWIPJMWRSXHMZIVWIMRMXWQIQFIVWLMTXLIHMZIVWMX]SJXLIPEVKIV
GSQQYRMX]SJ[LMGLMXMWETEVXQIERWXLEXMXQE]LEZIHMJJMGYPX]VITVIWIRXMRKERHEHI
UYEXIP] VIWTSRHMRK XS XLI QYPXMTPI RIIHW SJ XLEX GSQQYRMX] )MXLIV [E] MRGVIEWIH
HMZIVWMX]QYWXFIGSRWMHIVIHERHGERLEZIETSWMXMZIIJJIGXSRXLIHIGMWMSRWXLEXEVI
QEHIMRWQEPPKVSYTW
;LIR [IXV]XSHIJMRI XLI XIVQHMZIVWMX] [I GSQIYTEKEMRWX SYV HMWGSQJSVX
[MXLEGORS[PIHKMRKHMJJIVIRGIWXLEX[IQE]LEZIFVERHIHEWMRJIVMSV;MXLIVWTSSR

;SLPIVX ,S[IZIVMRSVHIVXSGETMXEPM^ISRXLIGSRXVMFYXMSRWSJEPPQIQFIVWSJ
SYVWSGMEPTSPMXMGEPSVKERM^EXMSREPERHKVSYTIRZMVSRQIRXW[IQYWXJMVWXGSQIXS
YRHIVWXERHHMZIVWMX]EW TVIGMWIP] [LEX XLI XIVQ QIERWhHMJJIVIRGI8LMW GSRGITX SJ
HMJJIVIRGIMQTPMIWRSXELMIVEVGL]SJZEPYIFYXVEXLIVEGSRGITXMSRSJHMJJIVIRXTIV
WTIGXMZIWSRKMZIRMWWYIWFEWIHSRHMJJIVIRXPMJII\TIVMIRGIWEWSYXPMRIHMR8EFPI 
%WEGSRGITXHMZIVWMX]SJXIRVIJIVWXSXLIqSXLIVrhTISTPI[LSPSSOWTIEOSV
FILEZIHMJJIVIRXP]JVSQ[LEX[II\TIGXERHEGGITXMRXLSWI[MXL[LSQ[IEVIJEQMPMEV
+VMJJMR -RERSVKERM^EXMSREPGSRXI\XHMZIVWMX]SJXIRVIJIVWXSTISTPISXLIVXLER

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

8%&0) (MZIVWMX]ERH(MJJIVIRGIWh7SQI'EXIKSVMIW

+IRHIV 6EGI %KI 6IPMKMSR

)XLRMG,IVMXEKI +ISKVETLMG0SGEXMSR
7SGMEPERH)GSRSQMG'PEWW %GGIWWXS)HYGEXMSR 4L]WMGEP%FMPMX]
7I\YEP3VMIRXEXMSR (MJJIVIRX'SQQYRMGEXMSR'SRXI\XW
*EQMP]7XEXYW 4L]WMGEP%XXVEGXMZIRIWW *MVWX0ERKYEKI

[LMXI QEPIW SJ ;IWXIVR )YVSTIER HIWGIRX [LS LEZI HMJJIVIRX WSGMEPM^EXMSR I\TIVM
IRGIWHMJJIVIRXEGGIWWXSXLIHSQMRERXIGSRSQMGWXVYGXYVIERHTSWWMFP]EJMVWXPER
KYEKI SXLIV XLER )RKPMWL &I]SRH KIRHIV VEGI ERH IXLRMG LIVMXEKI HMZIVWMX] EPWS
VIPEXIWXSHMJJIVIRGIWMRWSGMEPERHIGSRSQMGGPEWWEGGIWWXSIHYGEXMSRTL]WMGEPEXXVEG
XMZIRIWW ERH EFMPMX] ERH WI\YEP SVMIRXEXMSR8LYW HMZIVWMX] QIERW XLEX [I QE] RSX
WLEVI E GSQQSR WIX SJ I\TIVMIRGIW SV EWWYQTXMSRW MR GIVXEMR MQTSVXERX [E]W [MXL
XLSWI [MXL [LSQ [I [SVO ERH GSQQYRMGEXI 'SQQYRMGEXMSR MR XIVQW SJ WLEVIH
QIERMRKXLIVIJSVIGERRSXFIXEOIRJSVKVERXIHFYXQYWXFIEGXMZIP]TYVWYIH&IEQIV

:EVRIV 
(MZIVWMX]HSIWRSXRIGIWWEVMP]QEOIPMJIIEWMIVJSVYW-XMWSJXIRWMQTPIV[LIR[I
WLEVI GYPXYVEP ZEPYIW GSQQSR I\TIVMIRGIW ERH FEWMG EWWYQTXMSRW [MXL XLSWI [MXL
[LSQ[IMRXIVEGX%GSQQSRGYPXYVITVSZMHIWYW[MXLEQIEWYVISJTVIHMGXEFMPMX]MR
SYVMRXIVEGXMSRW[MXLXLITISTPIEVSYRHYWHIJMRMRKXLIWLEVIHKVSYRHVYPIWJSVSYV
FILEZMSVERHGSQQYRMGEXMSR/P]YOERSZ2ILIV ;LIR[ITYXTISTPI
[MXLZIV]HMJJIVIRXPMJII\TIVMIRGIWERHWIXWSJEWWYQTXMSRWXSKIXLIVMREKVSYTSVXIEQ
ERH EWO XLIQ XS [SVO XSKIXLIV XS[EVH E GSQQSR KSEP HMJJMGYPXMIW SJXIR EVMWI -R
VIWTSRWIXSXLIWIHMJJMGYPXMIWSVKERM^EXMSRWLEZILEHXSMRWXMXYXIHMZIVWMX]XVEMRMRKTVS
KVEQWJSVXLIMVIQTPS]IIW%GSPPIKIMR1EWWEGLYWIXXWLEWIZIRLEHXSMRWXMXYXIGMZMPMX]
VYPIWJSVMXWJEGYPX]XSIRWYVIXLEXYRTSTYPEVTSMRXWSJZMI[EVIEPPS[IHXSFIZSMGIH
%PXLSYKLHIITIVGYPXYVEPZEPYIWERHFIPMIJWQE]RSXGLERKIGLERKIWMRFILEZMSVWGER
IJJIGXMZIP]FIQEHIMRHIIHQYWXFIQEHIMRSVHIVJSVYWXSPMZIERH[SVOXSKIXLIVERH
XSQEMRXEMREGMZMPWSGMIX]2ILIV 

%WWYQTXMSRWERH7XIVISX]TMRK
-RSVHIVXSYRHIVWXERHLS[[ILEZIGSQIXSLEZIWYGLHMJJIVIRXPMJII\TIVMIRGIW[I
RIIHXSYRHIVWXERHXLIMRXIVREPQEXVM\hXLITEXXIVRhXLEXGYPXYVIGVIEXIWMRSYVPMZIW
%WLYQERFIMRKWSYVVIPEXMSRWLMTW[MXLMRWSGMEPKVSYTWFIKMREXFMVXL;IHITIRHSR
SRIERSXLIVJSVSYVTL]WMGEPERHTW]GLSPSKMGEP[IPPFIMRKEW[IPPEWJSVSYVWYVZMZEP
XLVSYKLSYX SYV PMZIW ;I PIEVR SYV EYXSQEXMG ERH TIVGITXYEP VIWTSRWIW XS SYV WYV
VSYRHMRKWJVSQXLSWI[LSRYVXYVIERHGEVIJSVYW;IPIEVRLS[XSFILEZIERH[LEX
GYIWXSPSSOJSVMRER]RYQFIVSJGSQTPI\MRXIVEGXMSRWXLEX[MPPPIEHXSSYVWYVZMZEPEW
[IPP EW XS SYV EGGITXERGI ERH GSRXMRYIH RYVXYVI 8LYW SYV ZEPYIW ERH W]WXIQW SJ
HIJMRMRK ERH YRHIVWXERHMRK XLI I\XIVREP [SVPH EVI MRGYPGEXIH MR YW JVSQ XLI ZIV]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %WWYQTXMSRWERH7XIVISX]TMRK 

FIKMRRMRKSJSYVPMZIW[LIR[IFIKMRXSHIZIPSTSYVFEWMGEWWYQTXMSRWWXIVISX]TIW
ERHTVINYHMGIW
8LIPEXI1EMRI7IREXSV)HQYRH1YWOMI[EWJSRHSJXIPPMRKENSOIEFSYXE1EMRI
JEVQIV [LS QIXE8I\EW VERGLIV8LI 1EMRI JEVQIV [EW FVEKKMRK EFSYX LS[PEVKI E
TSXEXSJEVQLIS[RIH[LIRXLI8I\ERVIWTSRHIHq=SYSRP]LEZIEGVIW;L]MR
8I\EW-GSYPHKIXMRXSQ]XVYGOERHHVMZIEHE]ERHELEPJERHWXMPPRSXVIEGLXLIIRHSJQ]
PERHr8S XLMW XLI 1EMRI JEVQIV VIWTSRHIH HV]P] q=IW - SRGI LEH E XVYGO PMOI XLEX
Q]WIPJr%WMHIJVSQXLILYQSVXLMWNSOIMPPYWXVEXIWLS[SYVFEWMGEWWYQTXMSRWEFSYXERH
TIVWTIGXMZIWSRIZIRTL]WMGEPVIEPMXMIWWYGLEWWM^IERHHMWXERGIEVIGYPXYVEPP]HIJMRIH
)EGLGYPXYVEPKVSYTPIEVRWERHTIVTIXYEXIWXLIXVYXLWERHQ]XLWXLEXLEZILIPTIH
TVMSVKIRIVEXMSRWSJXLEXKVSYTWYVZMZIERHEHETXXSXLIMVWYVVSYRHMRKW4EVXSJXLEXGYP
XYVEPEHETXEXMSRMRGPYHIWWXIVISX]TMRK7XIVISX]TMRK EWEJSVQSJGEXIKSVM^EXMSRMWTEVX
SJXLILYQERGSRHMXMSR&IGEYWISJXLIQ]VMEHSJWXMQYPMGSRWXERXP]GSQMRKMRXSSYV
E[EVIRIWW[IRIIHXSPIEVRXSGEXIKSVM^IXLSWIWXMQYPMXLEXMRHMGEXIHERKIVXSSYVWYV
ZMZEPERHXLIRHIZIPSTETTVSTVMEXIVIWTSRWIWXSXLIQ7XIVISX]TIWLIPTYWQEOIMQQI
HMEXI ERH TSXIRXMEPP] GVMXMGEP HIGMWMSRW WEZMRK YW JVSQ LEZMRK XS WSVX XLVSYKL IEGL
MRHMZMHYEP GMVGYQWXERGI ERH JVSQ SZIVPSEHMRK SYV QIRXEP GMVGYMXW 2ILIV 
2IYPMIT 
-R XLI 9RMXIH 7XEXIW QER] HMJJIVIRX GYPXYVEPXVEHMXMSRW GSI\MWX 2EWWIV 
;MXLMRXLI GLERKMRKGSRXI\XSJSYVGSYRXV]ERHGSQQYRMXMIW IZIRWXIVISX]TIWXLEX
QE]SVQE]RSXLEZIFIIRVIPIZERXXSTVMSVKIRIVEXMSRWRSPSRKIVWIVZIXLITYVTSWIWSJ
SYVPEVKIVWSGMEPQEXVM\6IIGI
&VERHX>IQOI6EMRIW
*MPMTG^EO 
&IGEYWIWXIVISX]TIWEVIWPS[IVXSGLERKIXLERXLIGSRXI\XMR[LMGLXLI]EVIETTPMIH
XLI]JVIUYIRXP]VIWYPXMRLEVQJYPMJWSQIXMQIWYRMRXIRHIHGSRWIUYIRGIW
;LIR[IORS[JI[MJER]TISTPIJVSQEHMJJIVIRXMHIRXMJMEFPIKVSYTIEGLMRHM
ZMHYEPQIQFIVSJXLEXKVSYT[MXL[LSQ[IGSQIMRXSGSRXEGXFIGSQIWEqXSOIRrVIT
VIWIRXMRK EPP XLI QIQFIVW SJ XLI KVSYT ,EPP  8S XLI I\XIRX XLEX XLMW TIVWSR
GSRJMVQWSYVWXIVISX]TIXLIWXIVISX]TIVEXLIVXLERXLIMRHMZMHYEPMWPMOIP]XSFIGSQI
XLIJSGYWSJSYVVIWTSRWI-JXLITIVWSRFILEZIWMRE[E]RSXMGIEFP]HMJJIVIRXJVSQSYV
WXIVISX]TI[IQE]EXXVMFYXIXLEXXSXLITIVWSRtWFIMRKERI\GITXMSRVEXLIVXLERXSXLI
WXIVISX]TItWFIMRKMREGGYVEXISVMRETTVSTVMEXIJSVKEYKMRKSYVVIWTSRWIWXSQIQFIVWSJ
XLEXKVSYT6IWIEVGLLEWWLS[RXLEX[LIR[IKIXXSORS[QIQFIVWSJKVSYTWSXLIV
XLERSYVS[R[IXIRHXSWIIXLIQEWMRHMZMHYEPWVEXLIVXLEREWQIQFIVWSJXLIKVSYTW
XS[LMGLXLI]EVIEWWMKRIHF]SYVWXIVISX]TMRK,EPP 
8LYWWXIVISX]TIWGERFIHEQEKMRKXSEPPSJYW8LI]XIRHXSTIVTIXYEXIQ]XLW
EFSYXKVSYTWSJTISTPIERHXSHMWEPPS[JSVXLIZEPYEFPIHMJJIVIRGIWERHTSWMXMZIGSRXVM
FYXMSRW[IEPPVIGIMZIJVSQIEGLYRMUYIMRHMZMHYEP2SRISJYWTIVJIGXP]JMXWEWXIVIS
X]TIMRMXWYRMHMQIRWMSREPMX],S[IZIV[IQE]IEGLJMRHSYVWIPZIWEXXMQIWFSYRHYT
MRPMZMRK[MXLMRXLIGSRJMRIWSJXLIWXIVISX]TIWMQTSWIHSRXLIKVSYTWSJ[LMGL[IEVI
QIQFIVWMRXIVJIVMRK[MXLSYVTIVWSREPHIZIPSTQIRXEW[LSPILYQERFIMRKW0IEVRMRK
XS VIPEXI XS SRI ERSXLIV MR QSVI ETTVSTVMEXI [E]W MW GVMXMGEP RSXSRP] XS [SVOMRK MR
HMZIVWIKVSYTWFYXEPWSXSSYVKVS[XLEWMRHMZMHYEPW
7XIVISX]TMRKGERHIR]YWXLIFIRIJMXWSJEQYPXMJEGIXIHTIVWTIGXMZI*SVI\EQTPI
[LIR97[SVOIVW[IVIEWOIH[LSMWQSWXPMOIP]XSFIXVIEXIHYRJEMVP]EX[SVO
VIWTSRHIH %JVMGER %QIVMGERW   VIWTSRHIH %VEF %QIVMGERW   VIWTSRHIH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

,MWTERMGW VIWTSRHIH1YWPMQWERH VIWTSRHIH[SQIR,EVEPWSR

0I[MW
 4EVXSJXLIMQTIXYWJSVXLMWQMWXVIEXQIRXWXIQWJVSQEFEGOPEWLEJXIV7ITXIQFIV
EKEMRWX%VEF1MHHPI)EWXIVR7SYXL%WMERERHSXLIVKVSYTWXLEXEVIWIIREW
HMJJIVIRX JVSQ YW %VQSYV   6IKEVHPIWW SJ XLI VIEWSRW [I GER GSRGPYHI XLEX
HMZIVWMX] MW E GSQTPI\ QYPXMXMIVIH TLIRSQIRSR XLEX VIUYMVIW EGXMZI XLSYKLX ERH
HMWGYWWMSR

'SQQYRMGEXMSR'SRXI\XW
7YFGYPXYVIWFSXL[MXLMRXLI9RMXIH7XEXIWERH[SVPH[MHIHIZIPSTHMJJIVIRXqVYPIWrSJ
GSQQYRMGEXMSR'SQQYRMGEXMSRMWQSVIXLERPERKYEKIYWIERHRSRZIVFEPFILEZMSV
'SQQYRMGEXMSRXEOIWTPEGI[MXLMREGSRXI\X&IGEYWISYV[E]WSJXLMROMRKERHSYV
SVMIRXEXMSRW XS SYV IRZMVSRQIRXW EVI IRGYPXYVEXIH [I IEGL PIEVR HMZIVWI GYPXYVEPP]
FEWIHWIXWSJTIVGITXYEPWGVIIRWSVGSQQYRMGEXMSRGSRXI\XW JSVZMI[MRKERHGSQTEVX
QIRXEPM^MRKI\TIVMIRGIEW[IPPEWJSVGSQQYRMGEXMRKXLEXI\TIVMIRGI,EPP 
'YPXYVIHSIWRSXNYWXHIJMRILS[[ITIVGIMZIWSQIXLMRKMXIQFSHMIWXLI[E][I
TIVGIMZIERHGSQTVILIRHVIEPMX]ERHLS[[IYRHIVWXERHXLI[SVPHMXWIPJXLVSYKLSYV
GYPXYVEPP] HIJMRIH ERH PIEVRIH W]QFSPMG W]WXIQW 2MGSVXIVE 'PMROWGEPIW
;EPOIV
 3YVW]QFSPMGW]WXIQMWHIVMZIHJVSQSYVMRHMZMHYEPGSKRMXMSRGSRXVSPPIHF]SYV
QIRXEPEGXMZMXMIWMRGPYHMRK XLMROMRK VIQIQFIVMRK PIEVRMRK SV YWMRK PERKYEKI SYV
WSGMEPGSKRMXMSRMRGPYHIWSYVE[EVIRIWWSJSXLIVTISTPIERHXLIMVJIIPMRKWERHMHIEW
MRXIVEGXMZIJYRGXMSRMRK[MXLSXLIVWMRXIVQWSJSYVWSGMEPERHMRXIVTIVWSREPWOMPPWERH
SYV [MPPMRKRIWW XS GSSVHMREXI SYV EGXMSRW [MXL SXLIVW ;MXL XLEX WSQI[LEX PIRKXL]
I\TPEREXMSRMRLERHMX[MPPGSQIEWRSWYVTVMWIXLEXTISTPI[LSEVIWSGMEPM^IHMRHMJ
JIVIRXGYPXYVIWTIVGIMZIHMJJIVIRXP]3YVMRHMZMHYEPGSKRMXMSRWSGMEPGSKRMXMSRMRXIVEG
XMZI JYRGXMSRMRK ERH LS[ [I GSSVHMREXI SYV EGXMSRW EPP HIVMZI JVSQ XLEX PIEVRIH
W]QFSPMGGYPXYVI4ISTPIXLIVIJSVI[LSEVIWSGMEPM^IHMRHMJJIVIRXGYPXYVIWTIVGIMZI
HMJJIVIRXP]
-R EHHMXMSR EW MRHMZMHYEPW [I STIVEXI UYMXI WITEVEXIP] JVSQ SRI ERSXLIV ;I
XLMROJIIPERHVIWTSRH[MXLMRXLIGSRJMRIWSJSYVS[RWOMRERHQMRHW;IGERRIZIV
VIEPP] ORS[ [LEX ERSXLIV TIVWSR MW XLMROMRK SV [SYPH PMOI XS GSQQYRMGEXI 2ILIV
 -RSVHIVXSGVSWWXLIFEVVMIVFIX[IIRSYVMRHMZMHYEPWIPZIW[IIEGLIRGSHIERH
WIRHSYVQIWWEKIWEGGSVHMRKXSXLIVYPIWSJGSQQYRMGEXMSR[ILEZIPIEVRIHERHMRGSV
TSVEXIHJVSQSYVGYPXYVEPIRZMVSRQIRX-RXYVR[IIEGLHIGSHIERHMRXIVTVIXSRIERSXL
IVWt QIWWEKIWEGGSVHMRKXSXLIWIWEQIPIEVRIHERHEHETXIHVYPIWSJGSQQYRMGEXMSR-R
XLITVSGIWWSJIRGSHMRKERHHIGSHMRKXLIWIQIWWEKIWEKVIEXHIEPSJMRXIVTVIXEXMSRERH
LIRGIQMWYRHIVWXERHMRKGERERHJVIUYIRXP]HSIWSGGYV'EWSR 8LMWLETTIRW
IZIRFIX[IIRTISTPI[LSWLEVIGYPXYVEPRSVQWERHEWWYQTXMSRW;LIRTISTPILEZIHMJ
JIVIRXWIXWSJGYPXYVEPEWWYQTXMSRWXLIQMWYRHIVWXERHMRKWEVIPMOIP]XSFIKVIEXIV
8LI QSVI XLEX GER FI XEOIR JSV KVERXIH MR XLIGSQQYRMGEXMZI MRXIVEGXMSR XLI
qLMKLIVrXLIGSQQYRMGEXMSRGSRXI\XMWWEMHXSFI'SQQYRMGEXMSRMRELMKLGSRXI\X
IRZMVSRQIRX QIERW XLEX PIWW SJ XLI QIERMRK RIIHW XS FI I\TPMGMXP] WXEXIH 1YGL MW
WMQTP]YRHIVWXSSHF]ZMVXYISJXLIWMXYEXMSRMXWIPJ0YWXMK
/SGWXIV 3RXLI
SXLIV LERH E KVSYT QEHI YT SJ TISTPI JVSQ HMZIVWI FEGOKVSYRHW GYPXYVIW ERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'SQQYRMGEXMSR'SRXI\XW 

YRHIVWXERHMRKW QYWXFIEWWYQIH XSFI MRE PS[GSRXI\X IRZMVSRQIRX ERH XLIVIJSVI

QIERMRKWRIIHXSFII\TPMGMXP]GSQQYRMGEXIH
% GPEWL SJ GSQQYRMGEXMSR GYPXYVIW LETTIRIH MR XLI WOMIW SZIV 2I[ .IVWI] MR
[LIRETEWWIRKIVEMVTPERITVITEVMRKXSPERHEXEREMVTSVX[EWMREHZIVXIRXP]JP]
MRKMR[LEXLEHNYWXFIIRHIWMKREXIHEWERSJJPMQMXWQMPMXEV]XVEMRMRKEMVWTEGI%TTEV
IRXP]YRORS[RXSXLIGMZMPMERTMPSXX[SQMPMXEV]NIXWETTVSEGLIHXLIGMZMPMEREMVGVEJXMR
EVIGSRREMWWERGIQERIYZIVXSEWGIVXEMRXLIMHIRXMX]SJXLIEMVGVEJX8LIGMZMPMERTPERI
[MXLERSRFSEVHGSQTYXIVTVSKVEQQIHXSEZSMHQMHEMVGSPPMWMSRWEYXSQEXMGEPP]XSSO
WYHHIR IZEWMZI EGXMSR [MXL WSQI MRNYV] XS TEWWIRKIVW )EGL EMV XVEJJMG W]WXIQh
GMZMPMERERHQMPMXEV]h[EWSTIVEXMRKSRMXWS[RWIXSJEWWYQTXMSRWERHVIWTSRHIHXS
XLIWMXYEXMSRFEWIHSRXLSWIEWWYQTXMSRW2IMXLIV[EWE[EVISJSVLIIHIHXLISXLIVtW
MRXIRXMSRW -J XLMW GER LETTIR FIX[IIR HMJJIVIRX JP]MRK WYFGYPXYVIW STIVEXMRK [MXLMR
GEVIJYPP]GSRWXVYGXIHEMVXVEJJMGGSRXVSPKYMHIPMRIWERHVYPIWhEVIPEXMZIP]LMKLGSRXI\X
IRZMVSRQIRXhMXGERLETTIRFIX[IIRMRHMZMHYEPWJVSQHMZIVWIWYFGYPXYVIWEXXIQTXMRK
GSQQYRMGEXMSRMREWQEPPKVSYT*SVXLMWVIEWSR[IRIIHXSIWXEFPMWLI\TPMGMXQYXY
EPP]EKVIIHYTSRWIXWSJGSQQYRMGEXMZIGSHIWVYPIWERHTEXXIVRWJSVSYVKVSYTMRXIV
EGXMSRW2ILIV 

0ERKYEKI9WI
3RISJXLIQSWXSFZMSYWGSQQYRMGEXMSRGSHIWMWPERKYEKIYWI 0ERKYEKIMWXLITVMR
GMTEP [E] [I GVSWW XLI FEVVMIV FIX[IIR SYV S[R MRXIVMSV [SVPH ERH XLEX SJ SXLIVW
2IYPMIT 3YVGYPXYVITVSZMHIWYW[MXLGIVXEMREWWYQTXMSRWEFSYXXLIETTVSTVM
EXIYWISJPERKYEKI(MJJIVIRXGYPXYVIWSJXIRQEOIUYMXIHMJJIVIRXEWWYQTXMSRWRSXSRP]
EFSYXTEVXMGYPEV[SVHWERHKVEQQEVXLIPERKYEKITIVWI FYXEPWSEFSYXXLIMHIEWERH
TYVTSWIWJSV[LMGLXLSWI[SVHWGERERHWLSYPHFIYWIH
*SVI\EQTPIMRXLI.ETERIWIGYPXYVI[SVHWEVIEWWYQIHXSFIYWIHJSVWSGMEP
TYVTSWIWXSIRWYVILEVQSR]FIX[IIRKVSYTQIQFIVWVEXLIVXLERJSVEVKYQIRXSVWIX
XPMRK HMJJIVIRGIW MR TSMRXW SJ ZMI[ &IEQIV
:EVRIV   3XLIV WSGMEP W]WXIQW
FEWIHSRHMVIGXI\TIVMIRGISVTMGXSKVETLMGVITVIWIRXEXMSRSJSVEPWTIIGLQE]LEZIPIWW
PERKYEKIJSVEFWXVEGXTVSFPIQWSPZMRKXLERXLSWIWSGMEPW]WXIQWFEWIHSRQSVIMRHMVIGX
VIPEXMSRWLMTW[MXLXLIMVIRZMVSRQIRXW&IGOIV,SMNIV7LYXIV -R
QER] %JVMGER GYPXYVIW XLI [SVH MW TVIIQMRIRX -QEKMREXMZI ERH ZMZMH PERKYEKI MW
MQTSVXERXEWMWEGEPPERHVIWTSRWIQSHISJGSQQYRMGEXMRKMRHMGEXMRKEPMROFIX[IIR
XLI WTIEOIV ERH XLI PMWXIRIV -RXIVVYTXMSR SJ XLI WTIEOIV XLIVIJSVI MW I\TIGXIH ERH
ETTVIGMEXIHERHXLSWI[LSWTIEO[IPPMRXLMWX]TISJI\GLERKIEVIPMOIP]XSFIGSQI
PIEHIVW;IFIV 
1SVISZIV FI]SRH SZIVX HMJJIVIRGIW MR PERKYEKI QSWX GYPXYVIW XVIEX QIR ERH
[SQIRHMJJIVIRXP]ERHXIEGLXLIQHMJJIVIRX[E]WXSYWIPERKYEKIERHXSGSQQYRMGEXI
RSRZIVFEPP]7XI[EVXIXEP )ZIR[MXLMREGSQQSRPERKYEKITEVXMGYPEVMRJPIG
XMSRW ZSGEFYPEVMIW ERH KVEQQEXMGEP YWEKI FIGSQI IRQIWLIH [MXL XLI EWWSGMEXMZI
QIERMRKW[IEWWMKRFEWIHSRXLIMVTVIWYQIHYWIF]ETEVXMGYPEVMHIRXMJMEFPIKVSYT
%WMHIJVSQVIKMSREPMHIRXMJMGEXMSRXLMWEXXVMFYXMSRJVIUYIRXP]SGGYVWEPSRKELMIVEVGLM
GEPGSRXMRYYQVIJPIGXMRKXLIZEPYIWSJXLIWSGMEPGSRXI\XMR[LMGL[IEVISTIVEXMRK-R
XLMW[E]PERKYEKIYWIGERGSRZI]GYPXYVEPHMJJIVIRGIWXLEXQE]PIEHSXLIVWXSNYHKIE

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

TIVWSR FEWIH SR EWWYQTXMSRW EFSYX VEGMEPIXLRMG IHYGEXMSREP SV GPEWW FEGOKVSYRH
:MGXSV 0ERKYEKIYWIGEREPWSEGXEWEGSHIXLEXTVSQSXIWMRWMHIVSYXWMHIVEPPI
KMERGIW [MXLMRERHFIX[IIRKVSYTWSJTISTPI-RSVHIVXSVIEPP]LIEVIEGLSXLIVXLIVI
JSVI[IRIIHXSFI[MPPMRKXSJSVKSPMWXIRMRKJSVIHYGEXMSREPVEGMEPSVGPEWWTVMZMPIKMRK
GSHIWSJPERKYEKIYWIERHXSPMWXIRGSRWGMSYWP]JSVXLIGSRXIRXERHXLIMRXIRXSJXLI
QIWWEKIFIMRKGSQQYRMGEXIH

2SRZIVFEP'SQQYRMGEXMSR
2SRZIVFEPGSQQYRMGEXMSR GSQTPIQIRXWXLIYWISJPERKYEKIERHMWQEHIYTSJHIITP]
MRKVEMRIHVIWTSRWITEXXIVRW-XMWSJXIRWYFXPIERHQYPXMHMQIRWMSREP6IQPERH
ERHQE]XEOIXLIJSVQSJFSH]SVJEGMEPKIWXYVIWXSRISJZSMGIXYVRXEOMRKYWISJ
XMQISVLEFMXWSJHVIWWSVLEMVWX]PI-XMWMQTSVXERXXSYRHIVWXERHXLEXHMJJIVIRXGYPXYVIW
EXXEGL HMJJIVIRX WXERHEVHW SJ ETTVSTVMEXIRIWW XS RSRZIVFEP I\TVIWWMSRW TEVXMGYPEVP]
XLSWIXLEXEVIQSVIIEWMP]GSRXVSPPIH+EVHIRW[EVX^
6S[I %PXLSYKLJEGMEP
I\TVIWWMSRWJSVI\EQTPIQE]I\TVIWWXLIWEQIIQSXMSRWEGVSWWGYPXYVIWXLIETTVS
TVMEXIRIWWSJI\TVIWWMRKXLSWIIQSXMSRWQE]ZEV]HITIRHMRKSRGYPXYVIERHXLIGSRXI\X
SJ XLI GSQQYRMGEXMSR IZIRX :MGXSV   )ZIR WSQIXLMRK EW GSQQSRTPEGI EW E
WQMPILEWHMJJIVIRXQIERMRKWMRHMJJIVIRXGYPXYVIWERHGSRXI\XW&EVRE 
-REHHMXMSRHMJJIVIRXWYFGYPXYVIWMRXLI9RMXIH7XEXIWGSQQYRMGEXIXLIMVYRHIV
WXERHMRKSJ[LEXMWFIMRKWEMHHMJJIVIRXP]7SQIVIWIEVGLMRHMGEXIWXLEX%JVMGER%QIVM
GERWQE]KMZIQSVIWYFXPIGSRZIVWEXMSREPJIIHFEGOMRGIVXEMRGSRXI\XWXLERXLIMV[LMXI
%QIVMGERGSYRXIVTEVXWGEYWMRKWSQI[LMXI%QIVMGERWTIEOIVWXSEWWYQIXLIMV%JVMGER
%QIVMGERPMWXIRIVWLEZIRSXYRHIVWXSSH[LEX[EWWEMH:MGXSV :IVFEPERHRSR
ZIVFEPGSQQYRMGEXMSRMWHMWGYWWIHEXPIRKXLMR'LETXIVFYXMXMWMQTSVXERXXSYRHIV
WXERHXLEX[IIEGLGSQQYRMGEXIERHMRXIVTVIXSXLIVWt GSQQYRMGEXMSRWHMJJIVIRXP]
-RXIVIWXMRKP]LS[IZIVVIWIEVGLYRHIVXEOIRXSPSSOJSVYRMZIVWEPP]EKVIIHYTSR
XVEMXW JSV IJJIGXMZI KVSYT PIEHIVW JSYRH XLEX TEVXMGYPEV TIVWSREPMX] XVEMXW WYGL EW qE
WIRWI SJ LYQSV JPI\MFMPMX] TEXMIRGI VIWSYVGIJYPRIWW ERH GSRWMHIVEXMSR JSV SXLIVWr
2ILIV  T   [IVI GSQQSRP] LIPH XS FI MQTSVXERX EGVSWW QSWX GYPXYVIW
8LIVIJSVIMX[SYPHETTIEVXLEXFIRIEXLXLIWYVJEGISJUYMXIHMJJIVIRXGSQQYRMGEXMSR
WX]PIWVYRWERYRHIVGYVVIRXSJEGSQQSRLYQERSVMIRXEXMSRXS[EVHWSGMEPMRXIVEGXMSR

(MZIVWMX]MR7QEPP+VSYTWERH8IEQW
+VSYT'SQQMXQIRXERH'SRWIRWYW
;MXLMRSYVWQEPPKVSYTW[IHITIRHSRSRIERSXLIVJSVXLIWYGGIWWERHTVSHYGXMZMX]SJ
XLSWIIRHIEZSVW[IWLEVI8SXLII\XIRXXLEX[IIEGLLSPHEWXEOIMRXLISYXGSQIWSJXLI
HIGMWMSRW[IQEOIMRXLIKVSYTWMR[LMGL[ITEVXMGMTEXI[IFIRIJMXJVSQIZIV]SRItW
MRZSPZIQIRX4ISTPIEVIQSVIGSQQMXXIH ERH[SVOLEVHIVMREKVSYTMJXLI]JIIPXLIMV
MRTYXERHGSRXVMFYXMSRWEVIZEPYIH2ILIV -JWSQIQIQFIVWJIIPI\GPYHIHSV
HMWIRJVERGLMWIHJVSQXLSWIKVSYTW[IRSXSRP]PSWIXLIFIRIJMXSJXLIMVYRMUYIGSRXVM
FYXMSRWERHXLIMVWYTTSVX7GLVIMFIV FYX[IQE]IZIRMRZMXIXLIMVWEFSXEKISJ
SYVIJJSVXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (MZIVWMX]MR7QEPP+VSYTWERH8IEQW 

3YV HMZIVWI FEGOKVSYRHW ERH VIPEXMSRWLMTW PIEH XS HMJJIVIRX I\TIVMIRGIW ERH
I\TIGXEXMSRW[MXLMRKVSYTWERHSVKERM^EXMSRWEW[IPPEW[MXLMRXLIGYPXYVIEXPEVKI4IS
TPISJHMJJIVIRXKIRHIVWVEGMEPGLEVEGXIVMWXMGWERHWI\YEPSVMIRXEXMSRI\TIVMIRGIPMJIXLI
[SVOTPEGI ERH KVSYTW HMJJIVIRXP] ERH EVI WIRWMXMZI XS HMJJIVIRX MWWYIW ERH GSRGIVRW
+IQQMPP
7GLEMFPI7GLVIMFIV 8LIMVZEVMIHTIVWSREPI\TIVMIRGIWTVS
HYGIQYPXMTPIERHHMZIVWISTMRMSRWXLEXGERIRLERGIXLIHIGMWMSRQEOMRKTVSGIWWERH
GERPIEHXSLMKLIVUYEPMX]HIGMWMSRW.EGOWSR1E]
;LMXRI] -RSVKERM^EXMSRW
LSQSKIRSYWXIEQWKIPQSVIUYMGOP]XLERHSHMZIVWIXIEQW[LMGLQEOIWWIRWIWMRGI
XLIQIQFIVWWLEVIEGSQQSRFEGOKVSYRH,S[IZIVKMZIRXMQIHMZIVWIXIEQWSYXTIV
JSVQLSQSKIRSYWXIEQWMRHIGMWMSRQEOMRKERHMRKEMRMRKXLIQIQFIVWt GSQQMXQIRX
XSXLIXIEQtWKSEPW,MGOQER
'VIMKLXSR>SPPEV6IIGI
&VERHX 
&IMRK MRWIRWMXMZI XS XLIWI HMZIVWI TIVWTIGXMZIW GER PIEH XS RIKEXMZI JIIPMRKW
-RHIIHXLIVIWYPXSJWYGLMRWIRWMXMZMX]LEWPIHXSERMRGVIEWMRKRYQFIVSJGLEVKIWSJ
WI\MWQERHVEGMWQEW[IPPEWGSQTPEMRXWSJWI\YEPLEVEWWQIRXERHqKE]FEWLMRKrWMRGI
2ILIV ;LEXWSQISJYWQE]XEOIEWENSOISVELYQSVSYWVIQEVOMRE
WQEPPKVSYTSVXIEQGERQEOISXLIVWJIIPYRGSQJSVXEFPIYR[IPGSQIHMWGSYRXIHSV
MRWYPXIHhIZIRMJXLEX[EWRSXSYVMRXIRX
-R EHHMXMSR [LIR [I WSPMGMX ERH TE] EXXIRXMSR SRP] XS XLSWI GSRXVMFYXMSRW [I
I\TIGXJVSQETEVXMGMTERXFEWIHSRLIVSVLMWQIQFIVWLMTMREVIGSKRM^EFPIWXIVISX]TIH
KVSYT[IQMWWSYXSRXLIXVYIZEPYISJXLEXTIVWSRtWTIVWTIGXMZIW*SVI\EQTPIMJ[I
I\TIGXE[SQERXSEGXSRP]EWXLIKVSYTRYVXYVIVSVqWSGMEPWTIGMEPMWXr[MXLMRXLIKVSYT
VEXLIVXLEREWEGSRXVMFYXSVXSXLIXEWOSVMIRXIHKSEPEXLERH[ISZIVPSSOLIVZEPYEFPI
I\TIVMIRGIERHI\TIVXMWI4S[IPP -J[IPSSOXSEQERSRP]JSVWSPYXMSRWXSXLI

1IVGIHIW&IR^97-RXIVREXMSREP1&97-XLIJMVWX97IRXIVTVMWIF](EMQPIV&IR^%+TVIHIGIW
WSVXS(EMQPIV'LV]WPIV QEOIWXLI1'PEWW6'PEWWERH+0'PEWWWTSVXYXMPMX]ZILMGPIW)ZIV]SRI
MWEXIEQQIQFIVERH1&97-LEWEJMVQP]WXEXIHTSPMG]SJZEPYMRKHMZIVWMX]8LIGSQTER]MWGSQ
QMXXIHXSTVSQSXMRKERHWYTTSVXMRKERMRGPYWMZIIRZMVSRQIRXJVIIJVSQHMWGVMQMREXMSREKEMRWXER]
TIVWSRSRXLIKVSYRHWSJVEGIGSPSVVIPMKMSRREXMSREPSVMKMRHMWEFMPMX]WI\QEVMXEPWXEXYWWI\YEP
SVMIRXEXMSRSVGMXM^IRWLMT8LIMVWYGGIWWEWEHMZIVWMX]GIRXIVIHXIEQSVKERM^EXMSRLEWFIIRE
HMVIGXJEGXSVSRXLITPERXtW]IEVWSJTVSHYGXMSRWYGGIWWVIWYPXMRKMREQMPPMSRI\TERWMSRE
HSYFPMRKSJXLITPERXtWTVSHYGXMSRGETEGMX]XSZILMGPIWE]IEVERHXLIHSYFPMRKSJXLI
TPERXtW[SVOJSVGIXSXIEQQIQFIVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

XEWOTVSFPIQWERHHSRSXIRKEKILMQMRVIPEXMSRWLMTMWWYIWERHEWWYQTXMSRW[IEVIRSX
KIXXMRKXLIQE\MQYQJVSQLMWTSXIRXMEPGSRXVMFYXMSR0MOI[MWIMJ[IHMWQMWWXLIGSRXVM
FYXMSRWSJWSQISRI[LSLEWHMJJMGYPX]EVXMGYPEXMRKEXVEMRSJXLSYKLX[LSMWUYMIXERH
WPS[XSGSRXVMFYXI[LSWIIQWXSYWXSVEQFPISRMRGIWWERXP][MXLSYXIZIVQEOMRKE
TSMRXSV[LS[IEWWYQIMWEQIQFIVSJXLIKVSYTSRP]JSVTSPMXMGEPVIEWSRW[ILEZI
HMQMRMWLIHXLI TSXIRXMEPGSRXVMFYXMSRW SJXLEX TIVWSR XS XLI KVSYT%PXIVREXIP] MJ[I
EWWYQIXLEXGIVXEMRTISTPILEZITS[IVEYXLSVMX]ORS[PIHKISVXLIVMKLXERW[IVW[I
QE]JIIPMRXMQMHEXIHERHJMRHMXHMJJMGYPXXSGLEPPIRKIXLIMVTSMRXWSJZMI[8LMWMRXIVREP
GIRWYVMRKERHWLYXXMRKSYVWIPZIWHS[REPWSVIHYGIXLIUYEPMX]SJXLIKVSYTHMWGYWWMSR
ERHTSXIRXMEPJSVGVIEXMZIHIGMWMSRW+VSYTTSXIRXMEPMWQE\MQM^IH[LIREPPTEVXMGMTERXW
JIIPGSQJSVXEFPIMRQEOMRKGSRXVMFYXMSRWHYVMRKIZIV]WXITSJXLITVSGIWW*YVXLIVQSVI
[IGERRSXEVVMZIEXEXVYIKVSYTGSRWIRWYW MRSYVHIGMWMSRWMJ[ILEZIRSXLIEVHIUYEPP]
JVSQEPPSJXLITIVWTIGXMZIWERHGSRWMHIVIHEPPTSMRXWSJZMI[

7XVIRKXLMR(MZIVWMX]
(MZIVWMX]MREWQEPPKVSYTMWZEPYEFPIFIGEYWIMXEHHWZMXEPTIVWTIGXMZIWERHMRWMKLXW
[LIRWSPZMRKHMJJMGYPXSVGSQTPI\TVSFPIQW-XEHHWTIVWTIGXMZIWXSXLIKVSYTXLEXSXL
IV[MWI [SYPHFI EFWIRX ERH MXPIWWIRW WSQI SJ XLI HIWXVYGXMZIXIRHIRGMIW SJ KVSYT
HIGMWMSRQEOMRKWYGLEWKVSYTXLMRO*SWXIVMRKHMZIVWMX]GERFIQSVIMQTSVXERXXLERE
TEVXMGYPEV KVSYTtW MRXIPPMKIRGI q1EOMRKE KVSYT QSVI HMZIVWIEPQSWX EYXSQEXMGEPP]
QEOIWMXFIXXIVEXTVSFPIQWSPZMRK    ?3ARXLIKVSYTPIZIPMRXIPPMKIRGIEPSRIMWRSX
IRSYKLFIGEYWIMRXIPPMKIRGIEPSRIGERRSXKYEVERXII]SYHMJJIVIRXTIVWTIGXMZIWSRE
TVSFPIQr7YVS[MIGOMT 
8LI WXVIRKXL SJ HMZIVWMX] MW MR XLI GVIEXMZI TVSFPIQ WSPZMRK XLEX GSQIW JVSQ
MRGPYHMRK HMJJIVIRX TIVWTIGXMZIWhTIVWTIGXMZIW RSX JSVQIH F] XLI WEQI FEGOKVSYRH
ERHGSRXI\X%LSQSKIRISYWKVSYT[MXLEWLEVIHWIXSJEWWYQTXMSRWMWPIWWPMOIP]XS
GSQIYT[MXLERMRRSZEXMZIWSPYXMSRXSEHMJJMGYPXTVSFPIQ%HMZIVWIKVSYTLEWXLI
EHZERXEKISJFVMRKMRKEZEVMIX]SJTSMRXWSJZMI[
3VKERM^EXMSRW JSV I\EQTPI LEZI JSYRH XLEX HMZIVWMX] MRMXMEXMZIW WMKRMJMGERXP]
MQTVSZIXLIMVFSXXSQPMRI%WYVZI]F]XLI7SGMIX]JSV,YQER6IWSYVGI1EREKIQIRX
ERH *SVXYRI QEKE^MRI JSYRH XLEX q  SJ VIWTSRHIRXW WE] XLIMV HMZIVWMX] MRMXMEXMZI
LIPTWXLIMVSVKERM^EXMSROIITEGSQTIXMXMZIIHKIr7YVZI]WE]WT +IRIVEP
)PIGXVMG4S[IV7]WXIQWVITSVXIHE KEMRMRTVSHYGXMZMX]JVSQGVSWWJYRGXMSREPERH
QYPXMGYPXYVEPXIEQWZIVWYWLSQSKIRISYWXIEQW6SFMRWSR
(IGLERX 
+VSYTWEVIH]REQMGMRXIVEGXMZIW]WXIQWHITIRHMRKSRXLII\TIVMIRGIERHEFMPM
XMIWSJXLIMVTEVXMGMTERXW8LIW]RIVKMWXMGIJJIGXSJKVSYTTVSGIWWMWEGLMIZIHXLVSYKLE
GSQFMREXMSRSJXLIGSRXVMFYXMSRWERHMRJPYIRGIWSJXLIQIQFIVW8LIQSVIHMZIVWIXLI
QIQFIVWSJXLIKVSYTXLIQSVITSXIRXMEPJSVZEVMIXMIWSJMRXIVEGXMSRERHXLIVIJSVIXLI
QSVITSXIRXMEPJSVEVVMZMRKEXRI[ERHGVIEXMZIWSPYXMSRW
-RSVHIVJSVWQEPPHMZIVWIKVSYTWXSEGLMIZIXLIWISTXMQEPVIWYPXWLS[IZIVXLI]
RIIHXSFIKMR[MXLSTIRQMRHIHTEVXMGMTERXWERHXLIGSRGITXSJIUYMJMREPMX]hXLEXMW
XLEXXLIVIEVIHMJJIVIRX[E]WXSWSPZIETVSFPIQSVEGLMIZIXLISZIVEPPKSEPW;LIR[I
WXEVX[MXLEREWWYQTXMSRXLEXXLIVIMWQSVIXLERSRIVMKLX[E]XSWSPZIETVSFPIQERH
QSVIXLERSRIVMKLXERW[IV[ISTIRSYVWIPZIWXSLIEVMRKERHYRHIVWXERHMRKMQTSVXERX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 1EOMRK(MZIVWI+VSYTW;SVO 

HMJJIVIRGIWMRTIVWTIGXMZIEQSRKKVSYTQIQFIVWVEXLIVXLERWMPIRGMRKXLSWIHMJJIV
IRGIW ERHQIQFIVWMRXIRXMSREPP]SV YRMRXIRXMSREPP]-J IZIV]SRI EKVIIHSR XLI FIWX
GSYVWISJEGXMSRXLIVI[SYPHFIRSTYVTSWIMRQIIXMRK0MOI[MWIMJ[IEPVIEH]LEHXLI
FIWXERW[IVXSXLITVSFPIQ[L]GSRZIRIXLIKVSYT#(MZIVWIKVSYTWTVSZMHIXLISTTSV
XYRMX] XS I\TPSVI HMJJIVIRX TIVWTIGXMZIW SR E TVSFPIQ ERH QEOI TSWWMFPI MRRSZEXMZI
WSPYXMSRWXLEXVIWYPXJVSQGSQFMRMRKXLSWITIVWTIGXMZIW;LIRKVSYTQIQFIVWFVMRK
HMJJIVIRXZMI[TSMRXWERHFEGOKVSYRHWXSXLIHIGMWMSRQEOMRKTVSGIWWqXLI]EGLMIZIE
GSQTIXMXMZIEHZERXEKIEKEMRWXSVKERM^EXMSRWXLEXEVIIMXLIVGYPXYVEPP]LSQSKIRSYWSV
JEMPXSWYGGIWWJYPP]YXMPM^IXLIMVHMZIVWMX]r+EVHIRW[EVX^
6S[IT 
8SXLII\XIRXXLEXSYVKVSYTWERHXLISVKERM^EXMSRW[MXLMR[LMGLXLI]I\MWXEVI
XLIQWIPZIWTEVXSJXLIPEVKIVIRZMVSRQIRXSJWSGMEPERHIGSRSQMGVIEPMXMIWSTXMQYQ
WSPYXMSRWEVIVIPEXMZIXSXLEXXSXEPIRZMVSRQIRX%TTVSTVMEXIERW[IVWIQIVKIJVSQXLI
GSRXI\X SJ XLI PEVKIV IRZMVSRQIRX MR [LMGL XLI TVSFPIQ MW PSGEXIH JVSQ ER STIR
I\GLERKISJMHIEWEQSRKXLIKVSYTQIQFIVWERHJVSQXLIMRXIVEGXMSRFIX[IIRXLI
KVSYT ERH MXW PEVKIV IRZMVSRQIRX *SV XLEX VIEWSR SFXEMRMRK XLI GSRXVMFYXMSRW ERH
GSQQMXQIRX SJEWQER]HMZIVWIERHVITVIWIRXEXMZIQIQFIVWEWTVEGXMGEPSJJIVWXLIFIWX
LSTIJSVERSTXMQEPWSPYXMSRXSETVSFPIQEXER]TEVXMGYPEVXMQIERHTPEGI

1EOMRK(MZIVWI+VSYTW;SVO
6IWIEVGLLEWWLS[RXLEX XLIQSVIMRHMZMHYEPKVSYTQIQFIVW TEVXMGMTEXIERHYRHIV
WXERHSRIERSXLIVXLIQSVIGVIEXMZIWSPYXMSRWXLI]EVIPMOIP]XSHIZIPST/MVGLQI]IV
 ,S[IZIVMRSVHIVJSVXLIKVSYTTVSGIWWXS[SVOXLI[E]MXMWMRXIRHIHERHJSV
IEGLQIQFIVXSJIIPMRZSPZIHERHETTVIGMEXIHKVSYRHVYPIWRIIHXSFIIWXEFPMWLIHERH
QEMRXEMRIH(MJJIVIRXKVSYTWGSQIYT[MXLHMJJIVIRX[E]WSJETTVSEGLMRKXLMWMWWYI
ERH SFZMSYWP] XLI QSVIHMZIVWI XLI KVSYT MR XIVQW SJ EXXMXYHIWERHGSQQYRMGEXMSR
EWWYQTXMSRWXLIQSVIHMJJMGYPXERHXMQIGSRWYQMRKXLMWXVERWEGXMSREPEWTIGXSJKVSYT
TVSGIWWFIGSQIW,S[IZIVXLIQSVIMQTSVXERXXLIXEWOXLIQSVIMQTSVXERXMXMWXLEXEPP
QIQFIVWFILIEVHERHYRHIVWXSSHERHXLIQSVIMQTSVXERXMXQE]FIXSWTIRHXLIXMQI
RIIHIHXSJSGYWSRXLIGSQQYRMGEXMSRTVSGIWWMXWIPJ;MXLIVWTSSR
;SLPIVX 

'SRJPMGX1EREKIQIRX
%QSRKXLIQSWXMQTSVXERXGSQQYRMGEXMSRVYPIWERHI\TIGXEXMSRWXSFIIWXEFPMWLIHMR
WQEPP KVSYTW EVI XLSWI WYVVSYRHMRK GSRJPMGX QEREKIQIRX ;MXLMR XLI 97 GYPXYVEP
QSHIPGSRJPMGX MWERMRIZMXEFPITEVX SJ KVSYT GVIEXMZMX]ERHGSQQYRMGEXMSR(MJJIV
IRGIW FIX[IIR QIQFIVW ERH STIR GSRJVSRXEXMSR SJ XLSWI HMJJIVIRGIW EVI JVIUYIRXP]
WIIREWTSWMXMZIMRHMGEXSVWSJXLIGVIEXMZITVSGIWWMREGXMSR2ILIV 3RXLISXLIV
LERH VIWIEVGL LEW WLS[R XLEX%WMER GYPXYVIW QEOI HMJJIVIRX EWWYQTXMSRW EFSYX XLI
ETTVSTVMEXIRIWW SJ GSRJVSRXEXMSR XLER XLI 97 GYPXYVI HSIW;LIVIEW MR XLI 9RMXIH
7XEXIWERHQER];IWXIVRGYPXYVIWXVYXLVIWMHIWMRPSKMGERHHIFEXIMR%WMERGYPXYVIWMX
MWXSFIJSYRHMRXLIXSXEPMX]SJXLITIVWSRERHQEMRXEMRMRKLEVQSR]MWXLIKSEPSJGSQ
QYRMGEXMSR,EPP ;MXLMRXLI9RMXIH7XEXIW2EXMZI%QIVMGERGLMPHVIRVEMWIHMR
EXVEHMXMSRXLEXIQTLEWM^IWLEVQSR][MXLREXYVIERHXLIMQTSVXERGISJXLIKVSYTSZIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

XLIMRHMZMHYEPPIEVRFIXXIVMRERSRGSQTIXMXMZIERHGSSTIVEXMZIIRZMVSRQIRX'LMPHVIR
JVSQE1I\MGERFEGOKVSYRHEVIXEYKLXXSFIPMIZIMRGSSTIVEXMSRERHXLMROXLEXWLEVMRK
ERW[IVW SV LSQI[SVO MW E WMKR SJ WSPMHEVMX] ERH KIRIVSWMX] 'EPPS[E]8LSQEW
'SSTIV
&PEOI *SVQER]2SVXL%QIVMGERWXYHIRXWMRHMZMHYEPWYGGIWWMWZEP
YIHERHWLEVMRKMWWIIREWGLIEXMRK8LIWIHMZIVWIFEGOKVSYRHWWSGVMXMGEPXSXLIWYG
GIWWJYPEREP]WMWERHVIWSPYXMSRSJMWWYIWGERGVIEXIFEVVMIVWMJXLI]EVIRSXVIGSKRM^IH
ERHEGGITXIH
6IKEVHPIWW SJ XLI GYPXYVEP SVMIRXEXMSR XS GSRJPMGX LS[IZIV [SVOMRK [MXL MX MW
EPQSWXRIZIVIEW];LIXLIVSVRSXGSRJPMGXLEWETSWMXMZIIJJIGXHITIRHWMRPEVKIQIE
WYVISRLS[MXMWLERHPIH-JMXPIEHWXSWMQQIVMRKERMQSWMXMIWERHERMRHMZMHYEPtW[MXL
HVE[EPJVSQTEVXMGMTEXMSRMRXLIKVSYTTVSGIWWMXQE]PIEHXSRIKEXMZIMQTEGXWSRXLI
KVSYTERHSRXLIXEWOEXLERH;LIRGSRJPMGXMWXEOIREWERIGIWWEV]ERHMRIZMXEFPITEVX
SJXLIGVIEXMZITVSGIWWETEVXJVSQTIVWSREPMXMIWLS[IZIVMXGERFIGSRWXVYGXMZI2ILIV
  ERH PIEH XS QSVI FEPERGIH MRZSPZIQIRX F] QMRSVMX] EW [IPP EW RSRQMRSVMX]
QIQFIVW/MVGLQI]IV 'SRJPMGXQEREKIQIRXMWHIEPX[MXLEXPIRKXLMR'LETXIV
FYXMXMWMQTSVXERXXSGSRWMHIVMX[MXLMRXLIGSRXI\XSJQEREKMRKXLIGSQQYRMGEXMSR
TVSGIWWMRKVSYTWSJHMZIVWITISTPI

,MIVEVGLMIWSJ4S[IV
4S[IV MWERSXLIVWSQIXMQIWWYFXPIFYXTIVZEWMZIMWWYI[MXL[LMGL[IQYWXHIEP[MXLMR
XLI GSRXI\X SJ HMZIVWMX] )EGL SJ YW QEOIW EWWYQTXMSRW VIKEVHMRK [LIVI ERH [MXL
[LSQTS[IVPMIWMRER]GSRXI\X8LIVIEVILMIVEVGLMIWSJTS[IV XLVSYKLSYXSYVWSGMEP
M^EXMSR TVSGIWWIW XLEX [I LEZI GSQI XS XEOI JSV KVERXIH WSQIXMQIW [MXLSYX FIMRK
E[EVISJXLI[E]MR[LMGL[IWMXYEXISYVWIPZIWEPSRKXLIGSRXMRYYQ'PIEVP]XLISZIV
VMHMRK EWWYQTXMSRSJ WSGMEPIGSRSQMGERHTSPMXMGEP TS[IV MR XLMW GSYRXV] LEW PSRK
VIWMHIH[MXLYTTIVGPEWWERHYTTIVQMHHPIGPEWW[LMXI)YVSTIERQEPIWSJ[IEPXLERH
TVMZMPIKI3XLIVQIQFIVWSJWSGMIX]LEZIMQTPMGMXP]FIIRPSGEXIHEPSRKQYPXMTPILMIVEV
GLMIWSJTS[IVMRVIPEXMSRXSXLMWKVSYT-XMWMQTSVXERXXSRSXILS[IZIVXLEXIQFIHHIH
[MXLMRXLMWPEVKIVWSGMEPGSRXI\XEVIWYFGYPXYVEPLMIVEVGLMIW[MXLHMJJIVIRXEWWYQTXMSRW
SJ [LEX GSRWXMXYXIW TS[IV%W 2EXLER 1G'EPP   RSXIW MR LMW FSSO 1EOIW 1I
;ERRE,SPPIV XLIETI\SJTS[IVMRXLIMRRIVGMX]RIMKLFSVLSSHMR[LMGLLIGEQISJ
EKIVIWXW[MXLXLSWI]SYRKQIR[LSQSWXJPSYXXLIVYPIWSJXLIPEVKIV[LMXIWSGMIX]
-RXLI[SVOTPEGILS[IZIVERHMRQER]SJXLITYFPMGKVSYTWMR[LMGLQSWXGSP
PIKIKVEHYEXIWTEVXMGMTEXIXLITS[IVTEVEHMKQSJXLITVIHSQMRERXP][LMXIWSGMEPERH
IGSRSQMGW]WXIQGSRXMRYIWXSTVIZEMP,EVVMW ;MXLMRXLI9RMXIH7XEXIWSVKERM
^EXMSREP FILEZMSVW ERH I\TIGXEXMSRW LEZI FIIR HIJMRIH [MXLMR XLI GSRXI\X SJ XLEX
TVMZMPIKIH YTTIVQMHHPIGPEWW QMHHPIEKIH EFPIFSHMIH [LMXI QEPI I\TIVMIRGI
)MWIRFIVK
+SSHLEPP+IRXMPI ;MXLMRXLEXTEVEHMKQXLII\TIVMIRGIW
ERHZSMGIWSJ[SQIRTISTPISJGSPSVXLIIPHIVP]XLSWI[MXLSXLIVXLEREXXVEGXMZIEFPI
FSHMIWXLITSSVERHXLIYRHIVIHYGEXIHLEZISJXIRFIIRWYFSVHMREXIHXSXLEXTVMZMPIKI
-XMWRSXWYVTVMWMRKXLEXVIWIEVGLMRHMGEXIWXLEXXLIWIHMZIVWITISTPILEZIZIV]HMJJIVIRX
IQTPS]QIRXI\TIVMIRGIW
-RXLIFIKMRRMRKSJXLIX[IRX]JMVWXGIRXYV]SYVGLEPPIRKIMWXSVIZMWIXLIWSGMEP
RSVQWXLEXYRHIVPMIXLIIGSRSQMGVIEPMXMIWSJSYVGYPXYVIXLEXLEZITVSZIRVIWMWXERXXS

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 1EOMRK(MZIVWI+VSYTW;SVO 

PSRKXIVQGLERKI1SZMRKFI]SRHXLIQMWXVYWXSJTISTPIMRTSWMXMSRWSJTS[IVMRE
KVSYT MW LEVH [SVOJSV XLSWI EGGYWXSQIH XSFIMRK QEVKMREPM^IH-X MWMRGYQFIRX SR
XLSWI[LSLEZIFIIRMQTPMGMXP]IQTS[IVIHF]XLIGYPXYVIXSHSEPPXLI]GERXSLIEV
[LEXTISTPI[MXLHMJJIVIRXI\TIVMIRGIWLEZIXSWE]ERHXSSJJIV%RIGIWWEV]JMVWXWXIT
QE]FIJSVXLIIQTS[IVIHTISTPIXSTPEGIXLIQWIPZIWGSRWGMSYWP]EXXLIQEVKMRWSJXLI
KVSYTTVSGIWWTIVQMXXMRKQIQFIVWXLI]QE]GSRWMHIVXSLEZIPIWWI\TIVXMWIXSXEOIXLI
VIMRWSJTS[IVMRXLIKVSYTERHXSFILIEVH(MJJMGYPXEWXLEXQE]FIMXGEREPPS[YWEPP
ERSTTSVXYRMX]XSPMWXIRERHKEMRZEPYEFPIMRWMKLXWMRXSSYVGSPPIEKYIWt JVEQIWSJVIJIV
IRGI XLIVIF] I\TERHMRK SYV S[R YRHIVWXERHMRK SJ XLI MWWYIW [I WLEVI EW E KVSYT
,EVVMW 
4S[IV MW E WLEVIH VIWTSRWMFMPMX] ;I IEGL TEVXMGMTEXI MR MXW YWI ERH EFYWI
%PXLSYKLXLISVIXMGEPP][IGERRSXFISZIVTS[IVIHYRPIWW[IEGUYMIWGIEXWSQIPIZIPMX
MWGIVXEMRP]XLIGEWIXLEXXLIQIERWXSIGSRSQMGERHWSGMEPWIGYVMX]GERFIIJJIGXMZIP]
FPSGOIHF]XLSWI[LS[MIPHQSVITS[IV-XMWXLIVIJSVIXLIVIWTSRWMFMPMX]SJIEGLSJYW
EW QIQFIVW SJ KVSYTW ERH WSGMIX] MR KIRIVEP XS TPE] SYV TEVX MR EWWYVMRK XLEX EPP
ZSMGIWMRGPYHMRKSYVS[REVILIEVHERHJYPP]GSRWMHIVIH;]EXX 

4VIWWYVIWJSV'SRJSVQMX]
-RWTMXISJSYVFIWXMRXIRXMSRWXLIVIMWJVIUYIRXP]ETVIWWYVIJSVGSRJSVQMX] MRKVSYTWMR
SVHIVXSKIXXLINSFHSRIERHXSQSZISR+VSYTTVSGIWWMWLEVH[SVOERHMXMWTEVXMGY
PEVP]HMJJMGYPX[LIRQIQFIVWGSQIJVSQ[MHIP]HMJJIVIRXWIXWSJEWWYQTXMSRWRSXSRP]
EFSYXXLIXEWOFYXEFSYXXLITVSGIWW MXWIPJ)ZIRFIX[IIRMRHMZMHYEPW[LS WLEVIXLI
WEQIGYPXYVEPRSVQWERHI\TIGXEXMSRWHMJJIVIRXI\TIVMIRGIWQE]GEYWISRISVERSXLIV
XSETTVSEGLEKMZIRXEWOJVSQEHMJJIVIRXTIVWTIGXMZIXLERXLEXSJXLIETTEVIRXQENSVMX]
SJKVSYTQIQFIVW8LIVIMWJVIUYIRXP]HMWGSQJSVXSVSYXVMKLXLSWXMPMX]XS[EVHXLSWI
QIQFIVW[LSGSRWMWXIRXP]VEMWIWIIQMRKP]MVVIPIZERXMWWYIWSV[LSVIJYWIXSKSEPSRK
[MXL[LEXETTIEVWXSFIEQENSVMX]STMRMSR3RXLISXLIVLERHMXMWSJXIRXLIqHIZMERXr
MRHMZMHYEP[LSFVMRKWYTMWWYIWXLEXQE]SXLIV[MWIKSYRRSXMGIHSVYREGORS[PIHKIH
XLIVIF]QSZMRKXLIKVSYTXS[EVHGVIEXMZIXLMROMRKERHTVSFPIQWSPZMRK
%PXLSYKLXLIVIMWQYGLEKVIIQIRXEFSYXXLIRIIHJSVHMZIVWITIVWTIGXMZIWMRXLI
HIZIPSTQIRXSJGVIEXMZIWSPYXMSRWXLI EGXYEPETTPMGEXMSR SJXLMW RSXMSRMRKVSYTW SJ
HMZIVWITISTPIMWJVIUYIRXP]JVEYKLX[MXLHMJJMGYPX]8LIWSGMEPWXMKQEW[IEXXEGLWYF
GSRWGMSYWP]XSXLSWI[IHIIQPIWWI\TIVMIRGIHSVPIWWEFPIMRWSQITIVGIMZEFPI[E]
MRXIVJIVI [MXL SYV WIVMSYWP] XEOMRK EGGSYRX SJ XLIMV GSRXVMFYXMSRW ERH QE] MRXIVJIVI
[MXLXLIMVGSQJSVXMRSJJIVMRKXLIMVTSMRXWSJZMI[7GLVIMFIV 'SRJPMGXMRKSTMR
MSRWERHHMZIVWITIVWTIGXMZIWEVIQSVIIEWMP]I\TVIWWIHERHIRXIVXEMRIHMRKVSYTWSJ
WSGMEPqIUYEPWrXLERXLI]EVIMRKVSYTWSJTISTPIJVSQHMZIVWIIXLRMGSVGPEWWFEGO
KVSYRHW1SZMRKFI]SRHSYVWXIVISX]TIWVIQEMRWXLIGLEPPIRKIMRQEOMRKVIEPHMZIV
WMX][SVOMRSYVWQEPPKVSYTWERHSVKERM^EXMSRW)UYEPMX]HSIWRSXMQTP]XLEXTISTPI
EVIXLIWEQIMXVIGSKRM^IWXLIMVHMJJIVIRGIWERHZEPYIWXLIQIUYEPP];IFIV -R
JEGXXLIZEPYISJHMJJIVIRGIWMWXLEXXLI]VITVIWIRXHMZIVWII\TIVMIRGIWERHTSMRXWSJ
ZMI[ERHFVMRKXLIQXSFIEVSRXLIHIGMWMSRSVTVSFPIQEXLERH7IXXMRKI\TPMGMXKYMHI
PMRIWJSVSZIVGSQMRKTVIWWYVIWJSVGSRJSVQMX]MWIWWIRXMEPXSIJJIGXMZI[SVOMRHMZIVWI
KVSYTWERHXIEQW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

*-+96) )XLMGEP&ILEZMSVJSV;SVOMRKMR(MZIVWI+VSYTW

2IKEXMZI 9RIXLMGEP&ILEZMSVWMRGPYHI
 8LIJX 7XIEPMRKSXLIVWt MHIEWWXIEPMRKSV[EWXMRKXLIMVXMQI
 6IPEXMSRWLMTQERMTYPEXMSR 'SIVGMSRYWMRKWXEXYWERHEVQX[MWXMRK
 -RXIVTIVWSREPHIGITXMSR 0]MRKQMWPIEHMRKF][SVHWSVHIIHWQEOMRKJEPWITVSQMWIW
 (MWGVMQMREXMSR 6EGMWXSVWI\MWXGSQQIRXWSVHIGMWMSRW
 7IGYVMX]ZMSPEXMSRW -KRSVMRKKVSYTTSPMGMIWSVTVSGIHYVIW
 0SWWSJMQTYPWIGSRXVSP 0SWMRKSRItWXIQTIVZIVFEPSVTL]WMGEPZMSPIRGIXS[EVHSXLIVW
 7I\YEPLEVEWWQIRX 9WMRKTSWMXMSRSVVI[EVHTS[IVXSGSQTIPTIVWSREPSVWI\YEPVIPEXMSRWLMT
 &EGOWXEFFMRK :IVFEPP]EXXEGOMRKWSQISRIFILMRHLMWSVLIVFEGO[MXLSYXXLITIVWSR
ORS[MRK
 )ZEWMZIRIWW 7MHIWXITTMRKVIWTSRWMFMPMX]TEWWMRKXLIFYGOVIJYWMRKEGGSYRXEFMPMX]
4SWMXMZI&ILEZMSVMW
 %PXVYMWXMGHIZMERGI :MSPEXMRKKVSYTRSVQWSVWSGMEPVYPIWJSVXLIKSSHSJXLIKVSYT

7SYVGI ,SPP[MX^ERH4E[PS[WOM 

)XLMGEP&ILEZMSV
%TVSEGXMZIETTVSEGLXSHMZIVWMX]VIUYMVIWEGEVIJYPEHLIVIRGIXSIXLMGEPFILEZMSVWXLEX
KYMHISYVNYHKQIRXWEFSYXq[LIXLIVEGXMSRWEVIVMKLXSV[VSRKERHSYXGSQIWEVIKSSH
SVFEHr1G7LERI
:SR+PMRS[T 8LIWIFILEZMSVWERHHMQIRWMSRWEVI
TVIWIRXIHMR*MKYVI  XSKYMHI]SYEW]SYTEVXMGMTEXIMRKVSYTERHXIEQEGXMZMXMIW

7YQQEV]
'LERKIWMR97HIQSKVETLMGWERH[SVOJSVGIGSQTSWMXMSRLEZIQEHIXLII\EQMREXMSR
SJHMZIVWMX]SJKVSYTWIZIRQSVIMQTSVXERX2EWWIV -RXLI9RMXIH7XEXIW'EY
GEWMERWSJ;IWXIVR )YVSTIERERGIWXV] EVIRS[ SYXRYQFIVIH F] EPP%QIVMGERWJVSQ
%WMER %JVMGER %VEFMG ,MWTERMG 1MHHPI )EWXIVR ERH )EWXIVR )YVSTIER ERGIWXV]
2EWWIV6IIGI
&VERHX 0IKEPERHQSVEPMWWYIWLEZIFIIREHHIHXSXLI
FEWMGMWWYISJIQTPS]IIEZEMPEFMPMX]MRGPYHMRKXLIMQTSVXERGISJSVKERM^EXMSRtWEGGSQ
QSHEXMRK ZEV]MRK X]TIW SJ HMWEFMPMXMIW ERH HMZIVWI JEQMP] TEXXIVRW ,EVVMW 
1G7LERI
:SR+PMRS[ 
8LIMQTSVXERGISJVIGSKRM^MRKEGGITXMRKERHIJJIGXMZIP]YXMPM^MRKHMJJIVIRGIWSJ
IXLRMGMX]GYPXYVEPLIVMXEKIKIRHIVEKITL]WMGEPGLEPPIRKIERHSXLIVGMVGYQWXERGIW
LEWFIIR[MHIP] VIGSKRM^IHERHYXMPM^IH F] PIEHMRKSVKERM^EXMSRW6IIGI
&VERHX
 %WXLIJMVWXHIGEHISJXLIRI[QMPPIRRMYQGSQIWXSEGPSWIQSWXRI[IRXVERXW
MRXSXLI[SVOJSVGI[MPPFI[SQIRERHTISTPIJVSQGYPXYVEPQMRSVMXMIW
3ZIVGSQMRK SYV GSQTPI\ ERH HIITP] MRKVEMRIH FMEWIW ERH TVINYHMGIW EKEMRWX
TISTPIHMJJIVIRXJVSQSYVWIPZIWGERTVSZIEHMJJMGYPXWXYQFPMRKFPSGOMRXLITEXLSJSYV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (MWGYWWMSR5YIWXMSRW 

EFMPMX]XSQEOIXLIFIWXYWISJXLIHMZIVWITIVWTIGXMZIWSJJIVIHMRQER]SJSYVWQEPP
KVSYTERHSVKERM^EXMSREPWIXXMRKW3YVJMVWXMRWXMRGXMWXSEWWYQIXLEX[LEX[IORS[
ERHI\TIGXMWVMKLX&EVRE &IGEYWI[IEPPI\TIVMIRGIXLIRIIHXSVIHYGIXLI
YRGIVXEMRX]SJMRXIVEGXMSR[MXLWXVERKIVW[IJSVQMHIEWSJ[LEXXSI\TIGXJVSQXLIQ
FEWIHSRGIVXEMRGEXIKSVMIWSVWXIVISX]TIWXLEXSYVWSGMEPM^EXMSRTVSGIWWLEWHIIQIH
MQTSVXERX&EWIHSRXLMWGEXIKSVMGEPMRJSVQEXMSR[IXLIRqORS[rLS[XSFILEZI[MXL
XLSWI WXVERKIVW%PXLSYKL XLMW MW qREXYVEPr XLI GEXIKSVMIW EVI SJXIR MREHIUYEXI ;I
RIIHXSI\TERHSYVTSMRXWSJZMI[XSXEOIMRXSEGGSYRX[LEXMWREXYVEPJSVXLSWI[MXL
[LSQ[IMRXIVEGXEW[IPPEWJSVSYVWIPZIWERHWIIIEGLSXLIVEWYRMUYIMRHMZMHYEPW
[MXLHMZIVWII\TIVMIRGIWERHEFMPMXMIW
6IWIEVGLLEWWLS[RXLEXMRGSVTSVEXMRKHMZIVWITIVWTIGXMZIWLIPTWKVSYTWQEOI
FIXXIVERHQSVIGVIEXMZIHIGMWMSRWQSWXSJXLIXMQI(MJJMGYPXEWMXQE]FI[LIRMRXIV
EGXMSRW[MXLMREWQEPPKVSYTEVIGSRWGMSYWP]QSRMXSVIHERHHMVIGXIHXS[EVHXLIMRGPY
WMSRSJEPPQIQFIVWXLIVIWYPXERXW]RIVKMWXMGIJJIGXSJXLIKVSYTTVSGIWWMWWYTIVMSVXS
ER] XLEXGSYPH FI EGLMIZIHF]ELSQSKIRISYWKVSYT SJTISTPI[LS WLEVI XLIWEQI
FMEWIWERHTIVWTIGXMZIW%W[ITEVXMGMTEXIMRKVSYTW[MXLTISTPIHMJJIVIRXJVSQSYV
WIPZIW[IRIIHXSI\EQMRIERHXEOIMRXSEGGSYRXSYVS[RTIVGITXYEPFMEWIWERHJMPXIVW
ERHEPPS[SXLIVWXSFILIEVHJVSQXLIMVS[RTSMRXWSJZMI[
8EOMRKHMJJIVIRXTSMRXWSJZMI[ERHHMJJIVIRXKVSYRHVYPIWJSVGSQQYRMGEXMSRMW
XMQIGSRWYQMRKERHSJXIRHMJJMGYPXFYXMW[SVXLXLIIJJSVXMJXLIVIWYPXMWEWYTIVMSV
HIGMWMSRSVERMQTVSZIH[SVOMRKSVPMZMRKIRZMVSRQIRX%W1EHVMHT WE]W
q[LEXOIITWSYVWSGMIX]XSKIXLIVMWXSPIVERGIJSVGYPXYVEPVIPMKMSYWWSGMEPTSPMXMGEP
ERH IZIRPMRKYMWXMG HMJJIVIRGI [LEX QEOIWYW E YRMUYIH]REQMG ERH I\XVESVHMREV]
REXMSREVIXLITS[IVERHGVIEXMZMX]SJSYVHMZIVWMX]r&I]SRHXSPIVERGIMXMWXLI[MPPMRK
RIWWXSWIIOSYXPMWXIRXSERHETTVIGMEXIHMJJIVIRGIXLEX[MPPFISYVKVIEXIWXEWWIXEW[I
TEVXMGMTEXIMRHMZIVWIWQEPPKVSYTW

(-7'977-3259)78-327

 (IJMRI HMZIVWMX] (SIW ]SYV HIJMRMXMSR XEOI MRXS EGGSYRX XLI QIQFIVW SJ ]SYV WQEPP
KVSYTGPEWW#-WMXMRGPYWMZISJ]SYVIHYGEXMSREPWIXXMRK#-WMXXSSFVSEHXSFIMQQIHMEXIP]
YWIJYP#
 (SIWZEPYMRKHMZIVWMX]GSQIIEWMP]#;L]SV[L]RSX#'ER]SYQEOIWSQIWYKKIWXMSRWXS
IRLERGI]SYVKVSYTtWEFMPMX]XSZEPYIHMZIVWMX]#
 %VI]SYEQIQFIVSJEKVSYTXLEXLEWFIIRWXIVISX]TIH#(SIW]SYVI\TIVMIRGIVIJPIGXXLI
GSRGITXWMHIRXMJMIHMRXLMWGLETXIV#,S[#%VIXLIVIHMJJIVIRGIW#;LEXEVIXLI]#
 ;LEX MW E GSQQYRMGEXMSR GSRXI\X# ;LEX VSPI HSIW GSQQYRMGEXMSR GSRXI\X TPE] MR SYV
YRHIVWXERHMRKSJSXLIVW#
 0ERKYEKI YWI ERH RSRZIVFEP GSQQYRMGEXMSR GER GSRZI] GYPXYVEP HMJJIVIRGIW *VSQ]SYV
S[RFEGOKVSYRHTVSZMHII\EQTPIWSJFSXLSJXLIWI
 ,S[ MW WQEPP KVSYT IJJIGXMZIRIWW HMQMRMWLIH F] RSX ZEPYMRK HMZIVWMX] SV F] FIPMIZMRK MR
WXIVISX]TIW#4VSZMHIEXPIEWXXLVIIGSRGPYWMSRW
 )\TPEMRXLIGSRGITXq[LMXIQIRSJTVMZMPIKIr(S]SYEKVII[MXLXLIGSRGITX#;L]SV[L]RSX#
 ,S[HSIWXLITVIWWYVIJSVGSRJSVQMX][SVOEKEMRWXXLIZEPYMRKSJHMZIVWMX]#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

)<)6'-7)7

(MZIVWMX]ERHPMZMRKXSKIXLIV;SVHWERHKIRHIV7XIVISX]TIW8V]VIZIVWMRKXLI
FMKSXV]SJPERKYEKI;LEXLEZI]SYI\TIVMIRGIH#

  ( - : ) 6 7 - 8 = % 2 (  0 - : - 2 + 8 3 + ) 8 , ) 6

8LIJSPPS[MRKI\IVGMWIEPXLSYKLEHHVIWWMRKWMQTPIMWWYIWQEOIWERMRXIVIWXMRKHMWGYWWMSR
WXEVXIVXSEHHVIWWUYIWXMSRWSJHMZIVWMX]MRZEPYIWERHTIVWTIGXMZIW[LEXMRJPYIRGIWXLSWI
HMJJIVIRGIWERHLS[[IGERVIWSPZIXLIQXLVSYKLPMWXIRMRKHMWGYWWMSREVVMZMRKEXGSRWIR
WYWERHXLIHIZIPSTQIRXSJKVSYTRSVQW
)EGLTIVWSRMRXLIKVSYTWLSYPHVIWTSRHXSXLIJSPPS[MRKUYIWXMSRWMRHMZMHYEPP]ERHMR
[VMXMRK8LIRERW[IVWGERFIGSQTEVIHERHHMWGYWWIHMRWQEPPKVSYTWSJJSYVXSWM\TEVXMGM
TERXWERHJMREPP]MRXLIPEVKIVKVSYTSJXLI[LSPI'ER[IGSQIXSEGSQQSRKVSYTYRHIV
WXERHMRKSVEXPIEWXLIEVXLIHMJJIVIRXZEPYIWERHVIEWSRMRKFILMRHXLIHMJJIVIRXTIVWTIGXMZIW#
8LIVIEVIRSVMKLXSV[VSRKERW[IVWXSXLIJSPPS[MRKUYIWXMSRWWSTPIEWIFILSRIWX
ERHVIWTSRHF]GLSSWMRKXLIQSWXETTVSTVMEXIERW[IVEGGSVHMRKXS]SYVTIVWSREPLEFMXW
GYWXSQWHIWMVIWERHQSWXGSQQSRFILEZMSVWSZIVXLIPEWXWM\QSRXLW
 *VIUYIRG]SJ;EWLMRKXLI(MWLIW
% (MWLIWQYWXFI[EWLIHMQQIHMEXIP]EJXIVIZIV]QIEPSVWREGOERHRIZIVPIJXMR
XLIWMRO
& (MWLIWWLSYPHFI[EWLIHEJXIVIZIV]QIEPSVTPEGIHMRXLIHMWL[EWLIV
' (MWLIWWLSYPHFI[EWLIHEXPIEWXSRGIEHE]ERHRSXPIJXSZIVRMKLX
( (MWLIWWLSYPHFI[EWLIHSRGIE[IIO
) (MWLIWWLSYPHFI[EWLIHSRGIEQSRXL
* (MWLIWWLSYPHFI[EWLIH[LIRXLIWMROERHGSYRXIVEVIJYPP
+ (MWLIWWLSYPHFI[EWLIH[LIR[IEVISYXSJGPIERHMWLIWNYWXPMOIPEYRHV]
, ;LEXIZIV-LEZIRSWGLIHYPI-[EWLHMWLIW[LIRIZIV-XLMROSJXLIQ
 7SQISRIKMZIW]SYERYRI\TIGXIHERHZIV]RMGIKMJX,S[HS]SYWE]qXLERO]SYr#
% 7E]MRKqXLERO]SYrMRTIVWSREXXLIXMQISJVIGIMTXMWETTVSTVMEXIERHEHIUYEXI
& 7E]MRKqXLERO]SYrSZIVXLITLSRIMWETTVSTVMEXIERHEHIUYEXI
' 7E]MRKqXLERO]SYrZMEIPIGXVSRMGQEMPIQEMP RSXIMWETTVSTVMEXIERHEHIUYEXI
( 7E]MRKqXLERO]SYr[MXLEJSVQEPLERH[VMXXIRJSPPS[YTRSXIMWETTVSTVMEXIERH
EHIUYEXI
 8LI WXERHEVH 97 LSQI XSMPIX GSRWMWXW SJ E FEWIYRMX MR [LMGL XLIVIMWE FEWMR SJ
JPYWLEFPI[EXIV3RXSTSJXLMWFEWIMWEVMRKGEPPIHEXSMPIXWIEXERHSRXSTSJXLMWWIEX
MWEGSZIVVIJIVVIHXSEWEXSMPIXWIEXGSZIV&SXLXLIWIEXERHXLIGSZIVEVIKIRIVEPP]
HIWMKRIHXSFIVEMWIHXSEZIVXMGEPTSWMXMSRSVPS[IVIHXSELSVM^SRXEPTSWMXMSR%JXIV
YWI[LEXTSWMXMSRWLSYPHXLIXSMPIXWIEXGSZIV FIPIJXMR#
% XLIHS[RLSVM^SRXEPTSWMXMSR
& XLIYTZIVXMGEPTSWMXMSR
' -XHSIWRtXQEXXIVIMXLIVTSWMXMSRMWJMRIERHETTVSTVMEXI
%JXIVYWI[LEXTSWMXMSRWLSYPHXLIXSMPIXWIEXVMRK FIPIJXMR#
% XLIHS[RLSVM^SRXEPTSWMXMSR
& XLIYTZIVXMGEPTSWMXMSR
' -XHSIWRtXQEXXIVIMXLIVTSWMXMSRMWJMRIERHETTVSTVMEXI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

%JXIV VIWTSRHMRK MRHMZMHYEPP] ERH MR [VMXMRK HMWGYWW ]SYV VIWTSRWIW MR XLI KVSYT
;LEXEVIXLIHMJJIVIRXTIVWTIGXMZIWI\TVIWWIHF]KVSYTQIQFIVW#,S[HMZIVWIEVIXLIWITIV
WTIGXMZIW#;LEXMRJSVQWXLIHMZIVWMX]SJXLIWITIVWTIGXMZIWJYRGXMSREPYWILEFMXWZEPYIW
WYGLEWGSRZIRMIRGISVETTIEVERGISXLIVX]TIWSJMRJPYIRGIW #%TTP]XLITVSFPIQWSPZMRK
WIUYIRGIHIWGVMFIHMR8EFPITTiXSVIWSPZIER]MWWYIWVEMWIHF]XLIWIUYIWXMSRW

  ; 3 6 ( 7 % 2 (  + ) 2 ( ) 6

(MVIGXMSRW
 'IVXEMR [SVHWXIRHXS FI TIVGIMZIH EW JIQEPI SVQEPI%WWYQI XLEX XLIJSPPS[MRK
[SVHWVIJIVIMXLIVXSEQEPISVJIQEPI'MVGPI*MJ]SYXLMROXLI[SVHMWQSVIPMOIP]XS
VIJIVXSEJIQEPI1MJEQEPI)ZIRXLSYKLXLI[SVHWGSYPHVIJIVXSIMXLIVKIRHIVMJ
]SYLEHXSGLSSWIQEPISVJIQEPI[LMGL[SYPHMXFI#
* 1 ;IEPXL] * 1 8VMIW
* 1 %KKVIWWMZI * 1 1EVVMIW
* 1 :YPRIVEFPI * 1 ,MVIW
* 1 3YXWTSOIR * 1 7YTTSVXMZI
* 1 'EVIW * 1 7IPJMWL
* 1 'SRJMHIRX * 1 ;SVOW
* 1 2YVXYVMRK * 1 -RHITIRHIRX
* 1 4ISTPISVMIRXIH * 1 -RHMZMHYEPMWX
 -R]SYVKVSYTGSQTEVI]SYVGLSMGIW*1 [MXLXLSWISJXLISXLIVKVSYTQIQFIVW
%VIXLIVIWMQMPEVMXMIW#(MJJIVIRGIW#
 ;LMGL GLEVEGXIVMWXMGW HSIW XLI KVSYT GSRWMHIV QSWX HIWMVEFPI JSV KVSYT QIQFIV
WLMT#;LEXHSIWMXXEOIXSFIETVSHYGXMZIKVSYTQIQFIV#
 %WEKVSYTEHHJMZIXSXIREHHMXMSREP[SVHWXLEXWIIQXSGSRRSXIEKIRHIVWTIGMJMG
XVEMX%VIXLIVIWTIGMJMGSGGYTEXMSRWXLEXEVIEWWSGMEXIH[MXLEWTIGMJMGKIRHIV#-WXLI
WXIVISX]TIEGGYVEXI#
 ,S[HSIWWXIVISX]TMRKMQTEGXXLIKVSYT#;LEXPMQMXEXMSRWHSWXIVISX]TMRKTPEGISR
TSXIRXMEPGSRXVMFYXMSRWF]QEPISVJIQEPIQIQFIVW#

 78)6)38=4)7

(MVIGXMSRW
7XIT;ILIEVRYQIVSYWWXEXIQIRXWEFSYXSXLIVKVSYTWERHGYPXYVIW9TSRI\EQM
REXMSR[IGERHMWGSZIVXLEXXLIWIWXEXIQIRXWEVI[IEOP]WYTTSVXIHSVYRJSYRHIH8V]XLI
JSPPS[MRKI\IVGMWI*SVIEGLWXEXIQIRXTPEGIEGLIGOQEVOMJ]SYLEZILIEVHXLIWXEXIQIRX
EFSYXSXLIVKVSYTW8LIR[VMXIMRXLIKVSYTMJER] XLEXGSQIWXSQMRH*MREPP][VMXIMRER
I\EQTPIXLEXHMWTVSZIWXLIKIRIVEPM^EXMSR

+VSYT (MWTVSZIW
CCCCC %VIFMKSXIHTVINYHMGIH CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
ERHFMEWIH
CCCCC %VIWQEVXERH[SVOLEVH CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

CCCCC %VIEKKVIWWMZIERHTYWL] CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC

CCCCC %VIEWWSGMEXIH[MXL CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
SVKERM^IHGVMQI
CCCCC %VIPE^]ERHYRVIPMEFPI CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
CCCCC 0EYKLERHWQMPIEPSX CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
CCCCC %VIZIV]KSSHEXWTSVXW CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
CCCCC %VIRYVXYVMRKERHWYTTSVXMZI CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
CCCCC %VIGSRGIMXIH CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
CCCCC (VMROERHTEVX]XSSQYGL CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
7XIT %WE KVSYTSVGPEWWWLEVI]SYV VIWTSRWIW%VIXLIVIWMQMPEVMXMIWSV HMJJIV
IRGIW#,S[GSRJMHIRXGER[IFIMRER]WXIVISX]TIW#;L]HS[IYWIWXIVISX]TIW#%VIXLIVI
SXLIVI\EQTPIWSR]SYVGEQTYWSJWXIVISX]TIW#8V]XSPMWXJMZIQSVI

  8 6=  6 ) : ) 6 7 - 2 + 8 , )  & - + 38 6=  3 *  0 % 2 + 9%+ )

8LITVINYHMGIEKEMRWXXLIGSPSVFPEGOERHJSVXLIGSPSV[LMXITIVQIEXIWSYVPERKYEKI%
JI[I\EQTPIW
FPEGOLIEVXIH ;LMXI'LVMWXQEW
FPEGOXLSYKLXW 7RS[;LMXI
&PEGO(IEXLTPEKYI [LMXIQEKMG
 %WEXIWXSJXLIWXVIRKXLSJXLMWTLIRSQIRSRXV]XSXLMROSJ[SVHWSVTLVEWIWXLEXYWI
E XLIGSPSVFPEGOMRETSWMXMZI [E]SVF XLIGSPSV[LMXIMRERIKEXMZI [E];ItPPKIX
]SYWXEVXIH[MXLqMRXLIFPEGOrERHq[LMXIEWEKLSWXr1EOIX[SGSPYQRWSREFPERO
WLIIXSJTETIV0EFIPXLIJMVWXGSPYQR437-8-:)&0%'/ERHXLIWIGSRHGSPYQR
2)+%8-:);,-8)8V]XSPMWX[SVHWSVTLVEWIWMRIEGLGSPYQR
 *SVWQEPPKVSYTWGSQFMRIPMWXWFVEMRWXSVQEHHMXMSREPI\EQTPIWERHXV]XSPMWX
[SVHWSVTLVEWIWMRIEGLGSPYQR
 (IFVMIJMRK;EWXLMWI\IVGMWIHMJJMGYPX#;LEXHSIWMXXIPPYWEFSYXXLIEFMPMX]SJ[SVHW
XSPMQMXSYVTIVGITXMSR#(MHWSQISJXLII\EQTPIWTVSZMHIHF]]SYVMRWXVYGXSVWYV
TVMWI]SY#;L]HMH]SYRSXVIQIQFIVXLIQ#

  ; , %8  , %: ) =3 9  ) < 4 ) 6 - ) 2 ' ) ( #

 1ER]SJYWLEZIXVEZIPIHXSHMJJIVIRXTEVXWSJXLI9RMXIH7XEXIWSVEFVSEH'SRWMHIVWSQI
SJXLIVIKMSREPSVMRXIVREXMSREPHMJJIVIRGIW]SYLEZIIRGSYRXIVIHSV]SYORS[EFSYX
'SRGITX )\EQTPIWSJHMJJIVIRGIW
% 0ERKYEKI CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
& (MWXERGI CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
' %WWIVXMZIRIWW CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
( 'PSXLMRK CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

) 8SYGL CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
* 1ERRIVWERHSVIEXMRKLEFMXW CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
+ 6IPEXMSRWLMTW[MXLJEQMP] CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
, 8MQIGSRWGMSYWRIWW CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 -R ]SYV WQEPP KVSYT WLEVI ]SYV I\EQTPIW ;SVO XS HIZIPST EHHMXMSREP I\EQTPIW
FEWIHSRXLIKVSYTHMWGYWWMSR;LEXEVIWSQISJXLIHMJJIVIRGIWMR]SYVKVSYT#
 'SRWMHIVMRK]SYVGEQTYWSV]SYVTSWWMFPI[SVOIRZMVSRQIRXLS[HSIWXLIKVSYT
XLMROXLIWIHMJJIVIRGIW[MPPMQTEGXEKVSYTSVXIEQtWIJJIGXMZIRIWW#
 (IZMWIEWXVEXIK]XSSZIVGSQIXLIWIHMJJIVIRGIWERHFITVITEVIHXSTVIWIRXMXXSXLIGPEWW

6)*)6)2')7

%VQSYV71E] 6ITSVXWSJ[SVOTPEGIFMEWWXMPP ,EVEPWSR(

0I[MW%%TVMP 9RJEMVXVIEX
SRVMWIWMRGI7ITX97%8SHE] T& QIRXMRXLI[SVOTPEGI97%8SHE] T&
&EVRE 0 1   7XYQFPMRK FPSGOW MR MRXIVGYPXYVEP ,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE
GSQQYRMGEXMSR -R 0% 7EQSZEV
 6 ) 4SVXIV XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVITVEGXMGI
)HW -RXIVGYPXYVEPGSQQYRMGEXMSR%VIEHIV TT RHIH 1EL[EL2.0E[VIRGI)VPFEYQ
i &IPQSRX'%;EHW[SVXL ,IRV] ; %  %TVMP   &I]SRH XLI QIPXMRK TSX
&IEQIV0
:EVRIV- -RXIVGYPXYVEPGSQQYRMGE 8MQI TTi
XMSR MR XLI KPSFEP [SVOTPEGI RH IH  &SWXSR ,MGOQER + 6
 'VIMKLXSR>SPPEV 7   (MZIVWI
1G+VE[,MPP-V[MR WIPJHMVIGXIH[SVOXIEQW(IZIPSTMRKWXVEXIKMGMRM
&IGOIV'& 6IEWSRWJSVXLIPEGOSJEVKYQIRXE XMEXMZIW JSV WX GIRXYV] SVKERM^EXMSRW &YWMRIWW
XMSRERHHIFEXIMRXLI*EV)EWX-R0%7EQSZEV
7SYVGI)PMXI i
6)4SVXIV)HW -RXIVGYPXYVEPGSQQYRMGEXMSR% ,SMNIV ,  8LI 7ETMV;LSVJ L]TSXLIWMW -R 0%
VIEHIV TTi &IPQSRX'%;EHW[SVXL 7EQSZEV
6)4SVXIV)HW -RXIVGYPXYVEPGSQ
'EPPS[E]8LSQEW 'SSTIV 4 .
 &PEOI '   QYRMGEXMSR%VIEHIV TTi &IPQSRX'%
-RXIVGYPXYVEP GSQQYRMGEXMSR 6SSXW ERH VSYXIW ;EHW[SVXL
&SWXSR%PP]R
&EGSR ,SPP[MX^.'
4E[PS[WOM(6 8LIHIZIPST
'EVWI . 4   *MRMXI ERH MRJMRMXI KEQIW 2I[=SVO QIRXSJEWXVYGXYVIHIXLMGEPMRXIKVMX]MRXIVZMI[JSV
&EPPERXMRI&SSOW TVIIQTPS]QIRX WGVIIRMRK 8LI .SYVREP SJ &YWM
'EWSR6) ;VMXMRKJSVXLIFYWMRIWW[SVPH 9TTIV RIWW'SQQYRMGEXMSR i
7EHHPI6MZIV2.4VIRXMGI,EPP ,YHWSR-RWXMXYXI ,EPJ[E]SYXXLIHSSV -RHMERETS
)MWIRFIVK ) 1
 +SSHLEPP , 0 .V   PMW-2;EPOIV-RJSVQEXMSR
3VKERM^EXMSREPGSQQYRMGEXMSR&EPERGMRKGVIEXMZ .EGOWSR7)1E]/)
;LMXRI]/ 9RHIV
MX]ERHGSRWXVEMRX &SWXSR&IHJSVH7X1EVXMRtW WXERHMRKXLIH]REQMGWSJHMZIVWMX]MRHIGMWMSRQEO
+EVHIRW[EVX^0
6S[I% 1EREKMRKHMZIVWMX] MRKXIEQW-R6%+Y^^S)7EPEW
%WWSGMEXIW
8LIGSQTPIXIHIWOVIJIVIRGI 7ER(MIKS4LIMJJIV )HW  8IEQIJJIGXMZIRIWW ERH HIGMWMSR QEOMRK MR
+EVHIRW[EVX^0
6S[I%.YP] ;L]HMZIVWMX] SVKERM^EXMSRW TT i  7ER *VERGMWGS
QEXXIVW,6*SGYW TTi .SWWI]&EWW
+IQQMPP+
7GLEMFPI0> 8LITW]GLSH]REQ /MVGLQI]IV '   1YPXMGYPXYVEP XEWO KVSYTW %R
MGWSJJIQEPIQEPIVSPIHMJJIVIRXMEXMSR[MXLMRWQEPP EGGSYRXSJXLIPS[GSRXVMFYXMSRPIZIPSJQMRSVMXMIW
KVSYTW7QEPP+VSYT6IWIEVGL i 7QEPP+VSYT6IWIEVGL i
+IRXMPI1 1EREKIVMEPI\GIPPIRGIXLVSYKLHMZIV /P]YOERSZ - )   4VMRGMTPIW SJ MRXIVGYPXYVEP GSQ
WMX] 4VSWTIGX,IMKLXW-0;EZIPERH QYRMGEXMSR &SWXSR4IEVWSR
+VMJJMR 6 ;   1EREKIQIRX XL IH  &SWXSR 0YWXMK1;
/SIWXIV. -RXIVGYPXYVEPGSQTI
,SYKLXSR1MJJPMR XIRGI -RXIVTIVWSREP GSQQYRMGEXMSR EGVSWW GYP
,EPP2. %QSRKGYPXYVIW8LIGLEPPIRKISJGSQ XYVIW XLIH &SWXSR%PP]R
&EGSR
QYRMGEXMSR 978LSQWSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

1EHVMH% (MZIVWMX]ERHMXWHMWGSRXIRXW-R0% 7LYXIV6 8LI,QSRKSJ0ESW3VEPMX]GSQQYRM

7EQSZEV
6)4SVXIV)HW -RXIVGYPXYVEPGSQ GEXMSRERHEGGYPXYVEXMSR-R0%7EQSZEV
6)
QYRMGEXMSR%VIEHIV TTi &IPQSRX'% 4SVXIV )HW  -RXIVGYPXYVEP GSQQYRMGEXMSR %
;EHW[SVXL VIEHIV TTi &IPQSRX'%;EHW[SVXL
1G'EPP 2   1EOIW QI [ERRE LSPPIV 2I[=SVO 7XI[EVX04'SSTIV4.7XI[EVX%(
*VMIHPI]7
:MRXEKI&SSOW %   'SQQYRMGEXMSR ERH KIRHIV XL IH 
1G7LERI70
:SR+PMRS[1% 3VKERM^EXMSREP &SWXSR%PP]R
&EGSR
FILEZMSV &SWXSR-V[MR1G+VE[,MPP 7YVS[MIGOM. 8LI[MWHSQSJGVS[HW 2I[=SVO
2EWWIV),.YP] %REXMSRSJQMPPMSR97% (SYFPIHE]
8SHE] TT%% 7YVZI]WE]WHMZIVWMX]MQTVSZIWFSXXSQPMRIWERHGSQTIXM
2ILIV ; ;   3VKERM^EXMSREP GSQQYRMGEXMSR XMSR.YP] ,6*SGYW T
'LEPPIRKIW SJ GLERKI HMZIVWMX] ERH GSRXMRYMX] :MGXSV (%   -RXIVREXMSREP FYWMRIWW GSQQYRMGE
&SWXSR%PP]R
&EGSR XMSR 2I[=SVO,EVTIV'SPPMRW
2IYPMIT.; -RXIVGYPXYVEPGSQQYRMGEXMSR%GSR ;IFIV 7 2  8LI RIIH XS FI8LI WSGMSGYPXYVEP
XI\XYEPETTVSEGL &SWXSR,SYKLXSR1MJJPMR WMKRMJMGERGISJFPEGOPERKYEKI-R0%7EQSZEV

2MGSXIVE%1'PMROWGEPIW1.
;EPOIV*6  6)4SVXIV)HW -RXIVGYPXYVEPGSQQYRMGEXMSR%
9RHIVWXERHMRK SVKERM^EXMSR XLVSYKL GYPXYVI ERH VIEHIV TTi &IPQSRX'%;EHW[SVXL
WXVYGXYVI 1EL[E]2.0E[VIRGI)VPFEYQ ;MXLIVWTSSR4(
;SLPIVX/0 %RETTVSEGL
4S[IPP+2 ;SQIR
QIRMRQEREKIQIRX 2I[ XS HIZIPSTMRK GSQQYRMGEXMSR WXVEXIKMIW JSV
FYV]4EVO'%7EKI IRLERGMRKSVKERM^EXMSREPHMZIVWMX]8LI.SYVREPSJ
6IIGI&0
&VERHX6 )JJIGXMZILYQERVIPE &YWMRIWW'SQQYRMGEXMSR i
XMSRW 4IVWSREP ERH SVKERM^EXMSREP ETTPMGEXMSRW ;]EXX 2   3VKERM^MRK ERH VIPEXMRK *IQMRMWX GVM
XLIH &SWXSR,SYKLXSR1MJJPMR XMUYISJWQEPPKVSYTGSQQYRMGEXMSR-R74&S[IR
6IQPERH 1 7   2SRZIVFEP GSQQYRMGEXMSR MR
2;]EXX)HW 8VERWJSVQMRKZMWMSRW*IQMRMWX
IZIV]HE]PMJI &SWXSR,SYKLXSR1MJJPMR GVMXMUYIW MR GSQQYRMGEXMSR WXYHMIW TT i 
6SFMRWSR+
(IGLERX/ %YKYWX &YMPHMRKE 'VIWWOMPP2.,EQTXSR
FYWMRIWW GEWI JSV HMZIVWMX] %GEHIQ] SJ 1EREKI >IQOI 6 6EMRIW '
 *MPMTG^EO &  
QIRX)\IGYXMZI TTi +IRIVEXMSRWEX[SVO1EREKMRKXLIGPEWLSJZIXIV
7GLVIMFIV). 1YHHPIWERHLYHHPIW*EGMPMXEXMRKE ERWFSSQIVW\IVWERHRI\XIVWMR]SYV[SVOTPEGI
QYPXMGYPXYVEP[SVOJSVGIXLVSYKLXIEQQEREKIQIRX 2I[=SVO%1%'31
XLISV] 8LI .SYVREP SJ &YWMRIWW 'SQQYRMGEXMSR
 i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
:IVFEPERH2SRZIVFEP
'SQQYRMGEXMSR

',%48)63980-2)

*YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR 2SRZIVFEP'SQQYRMGEXMSR
8EWO3VHIVMRK 4VMRGMTPIWSJ2SRZIVFEP'SQQYRMGEXMSR
4VSGIWW3VMIRXEXMSR 8]TIWSJ2SRZIVFEP'SQQYRMGEXMSR
2EVVEXMZIWERH+VSYT*ERXEWMIW 4S[IVPIWW7XIVISX]TIW
7XVYGXYVIWSJ1IERMRKMR:IVFEP'SQQYRMGEXMSR 7YQQEV]
(IRSXEXMZIERH'SRRSXEXMZI1IERMRK (MWGYWWMSR5YIWXMSRW
7IQERXMGW
)\IVGMWIW
+VSYT8EPO
,YQSV 6IJIVIRGIW

',%48)63&.)'8-:)7

(MWGYWWXLIJYRGXMSRWSJZIVFEPGSQQYRMGEXMSR
)\TPEMRKVSYTJERXEWMIWQIXETLSVWERHREVVEXMZIW
-HIRXMJ]XLIWXVYGXYVIWSJQIERMRKMRZIVFEPGSQQYRMGEXMSR
3YXPMRIXLIX]TIWERHJYRGXMSRWSJKVSYTXEPO
)\TPEMRXLITVMRGMTPIWSJRSRZIVFEPGSQQYRMGEXMSR
-PPYWXVEXIXLIX]TIWSJRSRZIVFEPGSQQYRMGEXMSR


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

/ )=8 )6 17

&SH]PERKYEKI ,SQSTLMP] 4VSFPIQWSPZMRKXEPO

'LVSRIQMGW ,YQSV 4VSHYGXMZMX]
'SRRSXEXMZIQIERMRK -RJIVIRGIW 4VS\IQMGW
'SRWGMSYWRIWWVEMWMRKXEPO .YHKQIRXW 6SPIEWWYQTXMSRXEPO
(IRSXEXMZIQIERMRK /MRIWMGW 7IQERXMGW
)RGSYRXIVXEPO 1IXETLSV 7I\VSPIWXIVISX]TMRK
)XLRSGIRXVMWQ 2EVVEXMZI 7MPIRGI
)]IGSRXEGX 2SRZIVFEPGSQQYRMGEXMSR 7]QFSPMG
*EGMEPHMWTPE] 3FWIVZEXMSRW 7]RGLVSR]
*ERXEW] 4EVEPERKYEKI 8EWOSVHIVMRK
+VSYTJERXEWMIW 4VSGIWWSVMIRXEXMSR :IVFEPGSQQYRMGEXMSR
+VSYTXEPO

8LIVIMWENSOIEFSYXEQER[LSZMWMXIHEVIXMVIQIRXLSQIERH[EWFIMRKWLS[R
EVSYRHF]XLIQEREKIV8LI]GEQISYXSRXSEPEVKITSVGLSZIVPSSOMRKXLIPE[RW
ERHKEVHIRWYTSR[LMGLERYQFIVSJXLIGYVVIRXVIWMHIRXW[IVIWMXXMRK%WXLI]
WXSSHXLIVISRISJXLIVIWMHIRXWWYHHIRP]GEPPIHSYXqrERHXLIVIWXSJXLIKVSYT
FVSOIMRXSPEYKLXIV%JXIVEJI[QMRYXIWSJWMPIRGIERSXLIVVIWMHIRXWEMHqrERH
EKEMRXLI]EPPPEYKLIH%XXLMWTSMRXXLIQERXYVRIHXSXLIQEREKIVERHWEMHq;LEX
MWKSMRKSR#;L]EVIXLI]PEYKLMRK#;LEXMWWSJYRR]#r8LIQEREKIVVITPMIHXLEX
XLIWIVIWMHIRXWLEHFIIRXLIVIXSKIXLIVEWEKVSYTJSVWSPSRKXLEXXLI]LEHPIEVRIH
IEGLSXLIVtWNSOIWERHLEHHIGMHIHXSRYQFIVXLINSOIWWSXLEX[LIRIZIVWSQISRI
[ERXIHXSXIPPSRIXLI]GSYPHNYWXGEPPSYXXLIRYQFIVERHXLIVIWXSJXLIQ[SYPH
VIQIQFIVXLINSOIERHPEYKL8LIQEREWOIHMJLIGSYPHXV]8LIQEREKIVWEMH
q7YVIrERHXLIQERGEPPIHSYXqr8LIVIWMHIRXWPSSOIHTY^^PIHFYXVIQEMRIH
WMPIRX;LIRXLIQEREWOIHXLIQEREKIV[L]RSSRILEHPEYKLIHXLIQEREKIV
WMQTP]VITPMIHq;IPPWSQITISTPINYWXHSRtXORS[LS[XSXIPPNSOIWr

7QEPPKVSYTGSQQYRMGEXMSRMWEGSQFMREXMSRSJZIVFEPERHRSRZIVFEPGSQQYRMGEXMSR
ERHWQEPPKVSYTWFYMPHI\TIGXEXMSRWEFSYX[LEXXLIWIZIVFEPERHRSRZIVFEPGSQQYRM
GEXMSRGLEVEGXIVMWXMGW[MPPFIPMOI.SOIWPMOISXLIVJSVQWSJGSQQYRMGEXMSREVIXSPH
FSXLZIVFEPP]ERHRSRZIVFEPP][MXLMRXLMWGSRXI\XSJKVSYTI\TIGXEXMSRW;LEXQEOIW
NSOIWJYRR]MWEGSQFMREXMSRSJXLIZIVFEPERHRSRZIVFEPGSQTSRIRXW
2SXLMRKRIZIVLETTIRW [MXLMRXLIGSRXI\XSJWQEPPKVSYTGSQQYRMGEXMSR2SR
ZIVFEPGSQQYRMGEXMSRMWEP[E]WSGGYVVMRK[LIXLIVSVRSXER]SRIMWWTIEOMRK%W[I
LEZIWEMH[IWMQTP]GERRSXRSXGSQQYRMGEXIJSVXLIEGXSJRSXWTIEOMRKMWMXWIPJGSQ
QYRMGEXMRKWSQIXLMRKXSXLSWIEVSYRHYW;LIRETIVWSRJMRHWQIERMRKMREREGXMSRSV
E WXEXIQIRX [LIXLIVEGGYVEXI SV QMWMRXIVTVIXIHGSQQYRMGEXMSR LEWXEOIR TPEGI -R
XLMWGLETXIV[IHMWGYWWXLIZEVMSYWEWTIGXWSJZIVFEPERHRSRZIVFEPGSQQYRMGEXMSR
XLIVSPISJHIRSXEXMZIHMGXMSREV] QIERMRKERHGSRRSXEXMZIEWWSGMEXMZI QIERMRKMR
ZIVFEP GSQQYRMGEXMSR ERH XLI W]QFSPMG QIERMRKW EWWMKRIH XS FSXL ZIVFEP ERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 *YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR 

RSRZIVFEPGSQQYRMGEXMSR;IFIKMR [MXLZIVFEPGSQQYRMGEXMSRERHGSRGPYHI[MXL
RSRZIVFEPGSQQYRMGEXMSR%PXLSYKL[IGSRWMHIVXLIQWITEVEXIP]MRXLMWGLETXIVXLI]
SGGYVWMQYPXERISYWP]ERH[SVOXSKIXLIVGSQTPIQIRXMRKSVGSRXVEHMGXMRKIEGLSXLIV

*YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR
-RHMWGYWWMRKXLIVSPISJZIVFEPGSQQYRMGEXMSR MRKVSYTW[I[MPPJMVWXI\EQMRIXLVII
JYRGXMSRW SJZIVFEPGSQQYRMGEXMSRhXEWOSVHIVMRKTVSGIWWSVMIRXEXMSRERHREVVEXMZI

8EWO3VHIVMRK
8EWOSVHIVMRK MRZSPZIWGSKRMXMZIQIERMRKXLEXJSGYWIWSRIMXLIVSVGLSMGIWERHGVIEXIW
ER YRHIVWXERHMRK EFSYX XLI KVSYTtW TYVTSWIW ERH TVSGIWWIW 7TIGMJMGEPP] PERKYEKI
HVE[WEXXIRXMSRXSTEVXMGYPEVMXIQWERHTVSZMHIWXLIFEGOFSRI SJXLIKVSYTMRXIVEGXMSR
7QEPP KVSYTW EVI YWYEPP] JSVQIH XS EGLMIZI WSQI KSEPW8S HS WS XLI] QYWX
SVHIVXLIMVEGXMZMXMIWMRXSWSQIWIUYIRGIXLEXGERFIJSPPS[IH*SVI\EQTPIMJ[IEVI
EWOIHXSWIVZISREXEWOJSVGISRISJXLIJMVWXUYIWXMSRW[IQMKLXEWOMWq;LEXEVI[I
XV]MRK XS EGGSQTPMWL#r;I EVI EPWS MRXIVIWXIH MR XLI XMQI GSRWXVEMRXW XLI VIWSYVGIW
EZEMPEFPIERHSXLIVTIVXMRIRXHEXE3RISJSYVKSEPWMWTVSHYGXMZMX]hXLEX[IEGGSQ
TPMWLXLITYVTSWIJSV[LMGL[I[IVIGSRZIRIH
-JSYVKVSYTLEWEREKIRHEOIITWRSXIWSVXEOIWQMRYXIWZIVFEPGSQQYRMGEXMSR
MWFIMRKYWIHXSSVHIVXLIXEWO-RXLIIRHMXMWXEWOSVHIVMRKXLEXTIVQMXWYWXSNYHKI
[LIXLIVSVRSXXLIKVSYTLEWFIIREWYGGIWWSVEJEMPYVI,S[IZIVEWMQTSVXERXEWXLI
HIWXMREXMSR SJZIVFEPGSQQYRMGEXMSRMWXLINSYVRI] MXWIPJ8LIMQTSVXERGISJXLMWJYRG
XMSRGERFIIRWIIR[LIR[IJSVQEWQEPPKVSYTMRSRISJSYVGPEWWIW8LIXIRHIRG]SJ
XLIKVSYTMWXSQSZIHMVIGXP]XSTIVJSVQMRKXEWOWVEXLIVXLEREPPS[MRKXLITLEWIW[I
HMWGYWWIHWII'LETXIV &IGEYWIXMQILEWRSXFIIRTYXMRXSIWXEFPMWLMRKXLIKVSYTtW
TYVTSWIWSVTVSGIWWIWXLIVIWYPXWJVIUYIRXP]EVIWYFWXERHEVH;IEVIHIEPMRK[MXLXLI
MWWYI[MXLSYXHIXIVQMRMRKLS[XSSVHIVXEWOW

4VSGIWW3VMIRXEXMSR
4VSGIWWSVMIRXEXMSR SVLS[ [IWE]WSQIXLMRKMWJVIUYIRXP]EWMQTSVXERXEW[LEX [I
WE] XEWO SVHIVMRK 8LI RSVQW VSPIW ERHTVSGIWWEPPMRJPYIRGILS[[IPPXLI KVSYT
JYRGXMSRW*SVI\EQTPIMREWQEPPKVSYTMRXIVVYTXMRKERSXLIVQIQFIVFIJSVIWLISVLI
MWJMRMWLIH QE]FIGSRWMHIVIHVYHI%PXIVREXIP]E TEVXMGMTERX[LSMWYREFPIXSGSR
XVMFYXIXSXLIHMWGYWWMSRQE]VIWIRXXLIQIIXMRKERHMXWSYXGSQI1ER]I\GIPPIRXQIIX
MRKTPERWLEZIFIIRHIVEMPIHFIGEYWIXLILS[ [EWRSXEHIUYEXIP]EXXIRHIHXS4VSGIWW
SVMIRXEXMSREPPS[WYWXSKIRXP]ERHHMTPSQEXMGEPP]EHHVIWWMWWYIWXLEXGERGVIEXIKVIEX
HMJJMGYPXMIWMJPIJXXSERSLSPHWFEVVIHXEWOSVMIRXEXMSR
&IGEYWIWQEPPKVSYTWMRZSPZIXLIYWISJMRXIVTIVWSREPMRJPYIRGIZIVFEPWXVEXI
KMIWXLEXLIMKLXIRXLEXMRJPYIRGI[LMPIEGLMIZMRKXLIHIWMVIHKSEPWIVZIFSXLXLIMRHM
ZMHYEP ERH XLI KVSYT -R WXYH]MRK MRXIVTIVWSREP MRJPYIRGI WXVEXIKMIW 2I[XSR ERH
&YVKSSR JSYRHXLEXXLSWI[LSYWIHTSWMXMZIWYTTSVXMZIZIVFEPGSQQYRMGEXMSR
JIPXQSWXWEXMWJMIH[MXLXLIVIWYPXWSJXLIMVMRXIVEGXMSRW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

;LIR]SYHIWMKR]SYVVIWYQIMRSVHIVXSSFXEMRIQTPS]QIRX]SYWLSYPHWTIRH
WSQIXMQIHIXIVQMRMRK[LMGLMXIQWXSMRGPYHISVI\GPYHI-RXIVIWXMRKP]XLIQSWXWXYH
MIH EWTIGX SJ VIWYQIW F] VIWIEVGLIVW MW XLI GSRXIRX 4PYRK
 1SRXKSQIV]  
,S[IZIVSRGI]SYLEZIQEHI]SYVGLSMGIW]SYWXMPPRIIHXSHIWMKRXLIVIWYQI[LMGL
MRZSPZIW HIXIVQMRMRK LS[ XLI TSXIRXMEP IQTPS]IV [MPP VIEGX XS LS[ XLI XLI VIWYQI
PSSOW8LMWMWETVSGIWWUYIWXMSR
3RISJXLIFIWX[E]WXSHMJJIVIRXMEXIFIX[IIRXEWOERHTVSGIWWSVMIRXEXMSRWMWXS
I\EQMRIXLIGSRGITXSJPIEHIVWLMT%XXLIXEWOPIZIPWSQISRIMWEWYGGIWWJYPPIEHIVMJ
XLIKSEPMWEGGSQTPMWLIH%XXLITVSGIWWPIZIP[IPSSOEXLS[XLIPIEHIVEGGSQTPMWLIW
XLIKSEPERH[LIXLIVWLISVLI[EWWYGGIWWJYPEWEJEGMPMXEXSVGSEGLTIVWYEHIVERH
TEVXMGMTERX(Y&VMR %XXLMWPIZIP[IEVIGSRGIVRIH[MXLLS[XLITIVWSRPIEHW
RSXMJLISVWLIEP[E]W[MRW-RQEOMRKXLIHIXIVQMREXMSREWXSXLIWYGGIWWSVJEMPYVISJ
EKVSYTtWZIVFEPGSQQYRMGEXMSRXLIHEXE[IYWIEVIGEPPIHREVVEXMZI

2EVVEXMZIWERH+VSYT*ERXEWMIW
,S[[IXEPOEFSYX SYVKVSYTQE]HIXIVQMRIXLI[E][IJIIPERHEGXXS[EVHXLIKVSYT
8LMWREVVEXMZI GSQFMRIWFSXLQ]XLERHVIEPMX];LIREXIEQPIEHIVXIPPWXLIQIQFIVW
XLEXXLI][IVITMGOIHFIGEYWIXLI]EVIXLIqFIWXERHXLIFVMKLXIWXrXLIVIQE]FIWSQI
[MWLJYPXLMROMRKEPSRK[MXLTIVLETWWSQITEVXMEPXVYXLFYXXSJMZITISTPIJEGMRKE
HMJJMGYPXXEWOXLMWVIQEVOGEREPWSFIERI\GIPPIRXQSXMZEXMSREPWXEXIQIRX
%PIEHIVQE]VIJIVXSXLIKVSYTEWEq[IPPSMPIHQEGLMRIr8LMWQIXETLSV GER
XLIRXEOISRWMKRMJMGERGIEWEHIJMRMRKGSRGITXJSVXLIKVSYT8LIYWISJEQIXETLSV
qQEOIWYWGSRWGMSYWSJWSQIPMOIRIWWSJXIREWXVMOMRKP]RSZIPERHWYVTVMWMRKPMOIRIWW
FIX[IIR X[S JYRHEQIRXEPP] HMJJIVIRX XLMRKW SV TVSGIWWIWr 'PERG]  T  
-QTPMGMX MR XLI GSQTEVMWSR MW E ZMWMSR SJ LS[ XLI KVSYT STIVEXIW ,S[IZIV YWMRK
QIXETLSVWXSGSQTVIWWGSQTPMGEXIHGSRGITXWMRXSQSVIVIEHMP]YRHIVWXERHEFPISRIW
RIIHWXSFIHSRI[MXLWSQIGEYXMSR-QEKMRIXLIHMJJIVIRXMRXIVTVIXEXMSRW[I[SYPH
LEZIJSVSYVKVSYTFEWIHSRXLIQIXETLSVWJVSQGSPYQR%SV&MRXLIFS\SRT
*SVQSWXSJYWGSPYQR%TVSZMHIWQSVIEXXVEGXMZIHIWGVMTXMSRWSJKVSYTW
+VSYTWQE]EPWSHIZIPSTJERXEWMIWERHWXSVMIWXLEXTIVTIXYEXIXLIKVSYTMQEKI
ERHWIVZIXSIMXLIVQSXMZEXISVHIVEMPXLIKVSYTtWTVSGIWWXS[EVHMXWKSEP&IMRKGSRWMH
IVIHqXLIFIWXERHXLIFVMKLXIWXrQE]FIEJERXEW]FYXMXGERTVSZMHIEWXVSRKKVSYT
MRGIRXMZIXS[EVHEGLMIZMRKI\GIPPIRGIERHPMZMRKYTXSXLIKVSYTtWTIVGIMZIHVITYXEXMSR
*ERXEW] MWqXLIGVIEXMZIERHMQEKMREXMZIWLEVIHMRXIVTVIXEXMSRSJIZIRXWXLEXJYP
JMPPWEKVSYTtWTW]GLSPSKMGEPSVVLIXSVMGEPRIIHXSQEOIWIRWISJXLIMV?WMGAI\TIVMIRGI
ERHXSERXMGMTEXI XLIMV?WMGAJYXYVIr&SVQERR
&SVQERRT  *ERXEWMIW
MRHMGEXIXLI[MPPMRKRIWWSJXLIKVSYTQIQFIVWXSWIIIZIRXWMRERI[SVYRMUYIQERRIV
XLEX LEW HIZIPSTIH XLVSYKL XLI KVSYTtW MRXIVEGXMSRW 8LIWI KVSYT JERXEWMIW GER FI
IMXLIVTSWMXMZIERHIRLERGMRKSVRIKEXMZIERHHIWXVYGXMZI;LIRWXSVMIWERHJERXEWMIW
EVIWLEVIHF]XLIKVSYTXLI]LIPTHIZIPSTEKVSYTtWMHIRXMX](IPXE%MV0MRIWLEWYWIH
XLIWPSKERWq8LI(IPXEJEQMP]JIIPMRKrERHq;IPSZIXSJP]ERHMXWLS[Wr-JXLIQENSV
MX]SJ(IPXEXIEQQIQFIVWEGGITXXLIWIWPSKERWEWJERXEW]XLIQIWXLI]STIVEXISRXLI
WEQIPIZIPERHGEVV]SYXXLIWEQITVMRGMTPIWhXLEXMWXLI]EVI[MPPMRKXSYWIXLIQEW
KYMHIPMRIWhXLI][MPPTYVWYIXLIWEQIKSEPWERHGEVV]SYXXLIWEQITVMRGMTPIW3JXIR
XLI GVIEXMSR SJ E WXSV] E HVEQEXM^IH REVVEXMZI TVSZMHIW E GPIEV MPPYWXVEXMSR XLEX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7XVYGXYVIWSJ1IERMRKMR:IVFEP'SQQYRMGEXMSR 

(IWGVMTXMSRWSJ+VSYTW
% &
3RIFMKLETT]JEQMP] -RWERIEW]PYQ
%XLPIXMGXIEQ 7REOITMX
*MVWXGPEWW >SS
)\TPSVIVW 5YMGOWERH
;EVVMSVW &SMPMRKGEYPHVSR
7XEKI 7[EQT

MRGVIEWIWMRXIVEGXMSRERHMHIRXMJMGEXMSREQSRKKVSYTQIQFIVW;MXLIVWTSSR 
*SVI\EQTPIWLEVMRKI\EQTPIWSJ]SYVS[RWYGGIWWJYPERHYRWYGGIWWJYPKVSYTI\TIVM
IRGIW[MXLXLIKVSYTGERSJJIVKYMHIPMRIWJSV]SYVGYVVIRXYRHIVXEOMRK
8LIREVVEXMZITVSGIWWEPWSTVSZMHIWWIRWIQEOMRKERHZEPYIW JSVKVSYTQIQFIVW
;LIR[IWE]XLIGYWXSQIVMWEP[E]WVMKLX[IEVIXIPPMRKTISTPI[LS[SVOJSVSYVSVKE
RM^EXMSRXLEXXLIGYWXSQIVMWZEPYIHSZIVSXLIVMWWYIW-JSYVWGLSSPGPEMQWXSFIXLI
FIWXMRETEVXMGYPEVEWTIGXSJLMKLIVIHYGEXMSRFIGEYWIMXJSWXIVWGVIEXMZMX]XLITISTPI
[LSEXXIRHSV[SVOJSVXLIWGLSSPORS[XLEXGVIEXMZMX]MWEZEPYI3RXLISXLIVLERH
KVSYTWWIIREWH]WJYRGXMSREPSVWIVZMRKRS[SVXL[LMPITYVTSWI[MPPPMOIP]PMZIHS[RXS
XLEXI\TIGXEXMSR

7XVYGXYVIWSJ1IERMRKMR:IVFEP'SQQYRMGEXMSR
8LIJYRGXMSRWSJZIVFEPGSQQYRMGEXMSRGSYPHRSXFIEGLMIZIHMJMX[IVIRSXJSVXLI
QIERMRK[IEWWSGMEXI[MXL[SVHW-RHMWGYWWMRKQIERMRKMRZIVFEPGSQQYRMGEXMSR[I
I\EQMRIHIRSXEXMZIERHGSRRSXEXMZIQIERMRKWIQERXMGERHW]QFSPMGQIERMRKKVSYT
XEPOERHXLIYWISJLYQSV

(IRSXEXMZIERH'SRRSXEXMZI1IERMRK
(IRSXEXMZIQIERMRK MW[LEXXLI[SVHPMXIVEPP]QIERWSVVITVIWIRXW-XMWXLIHMGXMSREV]
QIERMRKSJXLI[SVH;LIR[IEWOWSQISRI[LEXLISVWLIQIERW[IEVIVIUYIWXMRKE
HIRSXEXMZIHIWGVMTXMSR,S[IZIVXLMWMWSJXIRIEWMIVWEMHXLERHSRI8LIQSWXYWIH
[SVHWMRXLI)RKPMWLPERKYEKILEZIQSVIXLERHMGXMSREV]HIJMRMXMSRW8SYRHIV
WXERH[LEXMWFIMRKWEMHXLIVIJSVI[IHITIRHRSXSRP]SRXLIHIRSXEXMZIQIERMRKFYX
EPWSSRXLIGSRRSXEXMZIQIERMRKhXLIGSRXI\XERHEWWSGMEXMSRW[ILSPHJSVXLI[SVHW
FIMRKYWIH
'SRRSXEXMZI QIERMRK HITIRHW SR XLI QYPXMTPI WYFNIGXMZI VIEPMXMIW GEVVMIH F]
KVSYTQIQFIVW;SVHWLEZIJYPPIVQIERMRKWXLERXLSWITVSZMHIHF]EHMGXMSREV];LIR
[IVIWTSRHXLEXERMHIEMWEq[MRRIVrXLI[SVHMRXLEXGSRXI\XQE]LEZIPMXXPIHIRSXEXMZI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

QIERMRKFYXMXHSIWLEZIEGPIEVGSRRSXEXMZIQIERMRKWYKKIWXMRKXLEXXLIMHIEMWI\GIP
PIRXJYPPSJTSXIRXMEPI\GMXMRKERHTVSQMWMRK-RZIVFEPGSQQYRMGEXMSRXLIKVSYTEW
[IPPEWXLIPEVKIVWSGMEPGSRXI\XHIXIVQMRIWXLIQIERMRKW[IEWWMKRXS[SVHW
;I JVIUYIRXP] EGGITX GSRRSXEXMZI QIERMRKW EW MJ XLI] VITVIWIRXIH JEGXW VEXLIV
XLERERMRXIVTVIXEXMSRSJXLIJEGXW-J[IGEPPWSQISRIqHMJJIVIRXP]EFPIHrMRWXIEHSJ
qLERHMGETTIHrSVqHMWEFPIHr[IQE]GLERKIXLI[E][IZMI[XLIMRHMZMHYEPVEXLIV
XLERWMQTP]LS[[IVIJIVXSXLIQ0EFIPMRKWSQISRIEq]YTTMIrMWQSVIPMOIP]XSPIEH
XSERIKEXMZIMQEKIXLERWE]MRKqE]SYRKTVSJIWWMSREPr6IREQMRKKVSYTQEREKIVWEW
XIEQPIEHIVWJEGMPMXEXSVWERHGSEGLIWGERQEOIEHMJJIVIRGIF]VIHIJMRMRKXLIMVVSPIW
JYRGXMSRWERHEGGITXERGIF]XLIKVSYT;SYPH]SYVEXLIVFIERIQTPS]IISVEXIEQ
TPE]IV#(S]SY[ERXEQEREKIVXSXIPP]SY[LEXXSHSSVEPIEHIVXSLIPT]SYHIZIPST
]SYVEFMPMXMIW#0ERKYEKIYWIMWTS[IVJYPERHQSVIXLERqQIVIWIQERXMGWr3YVPER
KYEKIHIJMRIWXLI[SVPH[IWIIPMZIMRERHVIWTSRHXS-XFVMRKWGIVXEMRSFWIVZEFPI
JEGXWXSSYVEXXIRXMSR[LMPIQYXMRKSVMKRSVMRKSXLIVW%RMRXIVIWXMRKI\EQTPISJXLMWMW
)VZMR8VMTTtW   MRXIVZMI[W [MXL .ETERIWI%QIVMGER [EV FVMHIW PMZMRK MR XLI
9RMXIH7XEXIWEJXIV;SVPH;EV--8LIWIMRXIVZMI[WWLS[IHXLEXXLI[SQIRLEHWYF
WXERXMEPP]HMJJIVIRXSYXPSSOWSRPMJI[LIRXLI]WTSOIMR.ETERIWIXLER[LIRXLI]WTSOI
MR)RKPMWL;LIRXLI]WTSOIMR)RKPMWLXLI][IVIQSVIWIPJEWWIVXMZIERHI\TVIWWIH
QSVIMRHITIRHIRGIIWTIGMEPP][LIRXEPOMRKEFSYXE[SQERtWEFMPMX]XS[SVOSYXWMHI
XLILSQIXLER[LIRXLI]WTSOIMR.ETERIWI0MEWTIEOIVSJ'LMRIWI[LSMWJPYIRX
EPWSMRFSXL)RKPMWLERH.ETERIWIWYKKIWXWXLEXXLIPERKYEKIERHW]RXE\SJ.ETERIWI
MXWIPJWLETIWEJIQEPItWWTIIGLXSFIQSVIXIRXEXMZIERHPIWWEWWIVXMZI[LMPI)RKPMWL
EPPS[WQSVIEWWIVXMZII\TVIWWMSRERHXLIQSVIEWWIVXMZIGSRGITXYEPM^EXMSRWEWWSGMEXIH
[MXLMXTIVWSREPGSQQYRMGEXMSR %GGSVHMRKXS3VFIERH,EVVMWT 
q0ERKYEKIMWEKYMHIXSWSGMEPVIEPMX]r

7IQERXMGW
8LIWXYH]SJQIERMRKGSRWXVYGXMSRMRPERKYEKIMWGEPPIHWIQERXMGW 8LVIITVMRGMTPIW
YRHIVPMIXLIVSPISJWIQERXMGWERHXLI]LIPTYWYRHIVWXERHLS[ZIVFEPGSQQYRMGEXMSR
JYRGXMSRW *MVWX QIERMRKW EVI MR TISTPI RSX MR [SVHW % [SVH QIERW WSQIXLMRK
FIGEYWIXLSWI[LSHIZIPSTIHERH[LSGSRXMRYIXSYWIXLI[SVHLEZIEKVIIHERHGSR
XMRYIXSEKVIIXLEXMXWLSYPHQIERXLEX6MGLEVH0IHIVIVtWMRXIVIWXMRKI\EQTPIWJVSQ
LMWGSPYQRMR8LI4EXVMSX0IHKIV .YP]iT MPPYWXVEXILS[XLIGMVGYQ
WXERGISJQIERMRKWMRTISTPIVEXLIVXLERMR[SVHWGERKIRIVEXIWSQIYRMRXIRXMSREPP]
EQFMKYSYW ERH TSWWMFP] LYQSVSYW QIWWEKIW WYGL EW XLSWI XLEX LEZI ETTIEVIH MR
EGXYEPRI[WTETIVLIEHPMRIW
7IGSRHPERKYEKIMWW]QFSPMGhXLEXMWMXMWWSQIXLMRKXLEXVITVIWIRXW WSQIXLMRK
IPWI0ERKYEKIMWRSXMXWIPJXLEXWSQIXLMRK*SVI\EQTPIEWGLSSPtWKVEHMRKWGEPIVITVI
WIRXWWSQIXLMRK-J[IWE][ILEZIEKVEHITSMRXEZIVEKI[IEVIRSXMRHMGEXMRK
[LEX[IEGXYEPP]PIEVRIHIEVRIHSVEGLMIZIHFYXXLIRYQFIVHSIWJYRGXMSREWEW]Q
FSPSJXLEXPIEVRMRKJSVWSQITISTPIMRWSQIGSRXI\XW0MOI[MWIPERKYEKIMWW]QFSPMG
ERHVITVIWIRXEXMZIFYXMXMWRSXXLIWEQIEWI\TIVMIRGIWSFWIVZEXMSRWERHJIIPMRKW
8LMVHPERKYEKIGSRZI]WQIERMRKWEFSYXSFWIVZEXMSRWMRJIVIRGIWERHNYHKQIRXW
3FWIVZEXMSRW EVIFEWIHSRJEGXYEP SGGYVVIRGIWGERFIZIVMJMIHERHHIEP[MXLXLITEWXSV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7XVYGXYVIWSJ1IERMRKMR:IVFEP'SQQYRMGEXMSR 

%QFMKYSYW1IERMRKW
q4VMRGI'LEVPIWFEGOWFMG]GPIWSZIVGEVWEWLISTIRW[SVPHXEPOWr
q-S[EQERtWWSSRXSFIEQTYXEXIHLERHGSYPHLSPHOI]XSQYVHIVr
q&IEGLIWEPP[EWLIHYTr
q7LSTWIPPWWSYTXSRYXWr
q3RIPIKKIHIWGETIIWXMPPSRVYRr
q*MVISJJMGMEPWKVMPPIHSZIVOIVSWIRILIEXIVWr
q0IKMWPEXSVWXE\FVEMRWXSGYXHIJMGMXr
q1ERQMRYWIEV[EMZIWLIEVMRKr
q&EVXV]MRKXSLIPTEPGSLSPMGPE[]IVWr
0IHIVIV8LI4EXVMSX0IHKIV 

TVIWIRX-RJIVIRGIW EVIHIHYGXMSRW FEWIHSRJEGXWSVMRHMGEXSVW.YHKQIRXW EVISTMRMSRW

FIPMIJW SVXLSYKLXW FEWIHSRMRXIVTVIXEXMSRWSJEKMZIRWIXSJJEGXWSVMRHMGEXSVW
(YVMRKXLI3.7MQTWSRXVMEPJSVXLIZMSPIRXQYVHIVSJLMW[MJIERHLIVJVMIRH
JSVI\EQTPIXLIVI[IVISFWIVZEXMSRW QEHIXLEX7MQTWSRLEHEXIQTIV,MW[MJILEH
GEPPIHERHWXEVXIHXSJMPIEGSQTPEMRXGPEMQMRKXLEXLI[EWZMSPIRXERHXLVIEXIRMRK
LIV*VSQXLEXMRJSVQEXMSRWSQIMRHMZMHYEPWLEZIMRJIVVIH XLEXLIQMKLX LEZIOMPPIH
LIV *MREPP] MR HIGMHMRK XLEX LI [EW RSX KYMPX] FI]SRH E VIEWSREFPI HSYFX XLI NYV]
SJJIVIHENYHKQIRX FEWIHSRMXWMRXIVTVIXEXMSRSJXLIJEGXWEWTVIWIRXIH-RHMZMHYEPWERH
KVSYTW QYWX XEOI GEVI MR MHIRXMJ]MRK XLIMV PIZIP SJ EFWXVEGXMSR EPSRK XLI WGEPI JVSQ
SFNIGXMZIP]ZIVMJMEFPISFWIVZEXMSRWXSMRJIVIRXMEPSTMRMSRWXSNYHKQIRXEPGSRGPYWMSRW
2SXIXLEXXLIJMVWXPIZIPSFWIVZEXMSREPPS[WJSVXVYISVJEPWIGSVVIGXSVMRGSVVIGXGSR
GPYWMSRW8LIWIGSRHPIZIPMRJIVIRGIMWPIWWGIVXEMRWMRGI[IEVIXEOMRKMRJSVQEXMSR
TVSZMHIHYWERHMRXIVTVIXMRKMX8LIXLMVHPIZIPNYHKQIRXMRZSPZIWEWWYQTXMSRWEFSYX
XLIXVYXLFEWIHSRWYFNIGXMZIVIWTSRWIWXSSYVMRXIVTVIXEXMSRW

+VSYT8EPO
+VSYTWYWIHMJJIVIRXX]TIWSJKVSYTXEPO )JJIGXMZIKVSYTWJMVWXHIJMRIXLIMVKSEPWERH
SFNIGXMZIWYWMRKXEWOSVMIRXIHPERKYEKI,S[IZIVEWRSXIHIEVPMIVTVSFPIQWSPZMRKMW
VEVIP]EGGSQTPMWLIHF]XEWOSVMIRXEXMSREPSRI&IGEYWIMXSGGYVWMRXLI GSRXI\XSJE
KVSYT QEHI YT SJ MRHMZMHYEP QIQFIVW IEGL [MXL HMJJIVIRX I\TIVMIRGIW WXVIRKXLW
[IEORIWWIW ERH WX]PIW SJ MRXIVEGXMSR TVSGIWW QYWX FI EXXIRHIH XS ;LMPI E KVSYT
[SVOWXS[EVHWSPZMRKTVSFPIQWMR XLITVSGIWWSJYWMRKPERKYEKIXLEX EHHVIWWIWXLI
TIVGIMZIHMWWYIWIEGLQIQFIVEPWSTPE]WEVSPIMRSJJIVMRKQIERMRKWEFSZIERHFI]SRH
XLIXEWOSVMIRXIHTVSFPIQWSPZMRKXEPO *SVI\EQTPI[IQE]XEPOEFSYXWSQIXLMRKMRE
QERRIVXLEXMRHMGEXIW[ITIVGIMZISYVVSPIHMJJIVIRXP]XLERXLIWMQTPIPERKYEKI[IEVI
YWMRK-J-WTIEO[MXLEYXLSVMX]ERHTEVXMGYPEVORS[PIHKISREKMZIRWYFNIGX-QE]FI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

TPEGMRKQ]WIPJMRXLIVSPISJERI\TIVXERHEQIRKEKMRKMRVSPIEWWYQTXMSRXEPO -J-
VIWTSRHq6IEPP]#rSVq-[SYPHRtXLEZIXLSYKLXXLEXXSFIXVYIrXS]SYVGSQQIRXQ]
YWISJHMJJIVIRXXSRIWERHJEGMEPI\TVIWWMSRWQE]GLERKIXLII\TVIWWIHQIERMRKSJQ]
[SVHWERHQE]TPEGIQIMRXLIVSPISJEREHZIVWEV]8EFPI  WLS[WI\EQTPIWSJWSQI
GLEPPIRKMRKWXEXIQIRXWXLEXXIRHXSVIHYGIKVSYTHMWGYWWMSR
3JXIR[LIREXEWOMWSZIV[LIPQMRKSVEKVIEXHIEPSJXMQIMWFIMRKWTIRXKSMRK
MRGMVGPIWKVSYTWXV]XSVIIWXEFPMWLXLIMVTVMQEV]QSXMZEXMSRW-X[SYPHRSXFIYRYWYEP
JSVERMRHMZMHYEPXSQSZIE[E]JVSQVSPIXEPOXSGSRWGMSYWRIWWVEMWMRKXEPO [LMGLMW
TVMQEVMP]QSXMZEXMSREPMRERIJJSVXXSVIJSGYWXLIKVSYTSVOIITMXSRXEVKIX-REHHM
XMSRMRER]KVSYTXLIVIMWXLIWSGMEPIQSXMSREPHMWGYWWMSR[LMGLEPPS[WXLIQIQFIVW
XSFIGSQIQSVIJEQMPMEV[MXLSRIERSXLIV;LIRKVSYTQIQFIVWWXSTXEPOMRKEFSYX
XLI XEWO ERH HIGMHI XS HMWGYWW XLIMV S[R MRXIVTIVWSREP RIIHW ERH SVMIRXEXMSRW XLI]
IRKEKIMRIRGSYRXIVXEPO +VSYTXEPOMWXLIVIJSVIQYPXMJEGIXIHERHQYPXMJYRGXMSREP%X
ER]KMZIRXMQIKVSYTQIQFIVWQE]YWIZIVFEPGSQQYRMGEXMSRXSGSRZI]ER]SJXLI
JSYV X]TIW SJ QIWWEKIW TVSFPIQWSPZMRK XEPO VSPIEWWYQTXMSR XEPO GSRWGMSYWRIWW
VEMWMRKXEPOSVIRGSYRXIVXEPO

8%&0) )\EQTPIWSJ'LEPPIRKMRK7XEXIQIRXW

 ;IXVMIHXLEXFIJSVI  -HSRtXPMOIXLIMHIE

 3YVTVSFPIQMWHMJJIVIRX  =SYtVIVMKLX&98 
 -XGSWXWXSSQYGL  =SYtVIX[S]IEVWELIEHSJ]SYVXMQI
 8LEXtWFI]SRHSYVVIWTSRWMFMPMX]  ;ItVIRSXVIEH]JSVXLEX
 8LEXtWRSXQ]NSF  ,EWER]SRIIPWIIZIVXVMIHMX#
 ;ItVIEPPXSSFYW]XSHSXLEX  -XMWRtXMRXLIFYHKIX
 -XtWXSSVEHMGEPEGLERKI  'ERtXXIEGLERSPHHSKRI[XVMGOW
 ;IHSRtXLEZIXLIXMQI  +SSHXLSYKLXFYXMQTVEGXMGEP
 ;IHSRtXLEZIIRSYKLLIPT  -XtWXSSQYGLXVSYFPIXSGLERKI
 ;LEX]SYEVIVIEPP]WE]MRKMW  0IXtWKMZIMXQSVIXLSYKLX
 ;ItZIEP[E]WHSRIMXXLMW[E]  -X[SRtX[SVOLIVI
 3YVKVSYTMWXSSWQEPPJSVXLEX  4YXMXMR[VMXMRKJSVYWXSGSRWMHIV
 8LEXtWRSXTVEGXMGEPJSVYW  ;ItPPFIXLIPEYKLMRKWXSGO
 -HSRtXWIIXLIGSRRIGXMSR  2SXXLEXMHIEEKEMR
 &VMRKMXYTMRWM\QSRXLW  0IXtWEPPWPIITSRMX
 ;ItZIRIZIVHSRIMXFIJSVI  ;LIVItH]SYHMKXLEXSRIYT#
 ;IWLSYPHPSSOMRXSMXJYVXLIVFIJSVI[IEGX  ;IHMHEPPVMKLX[MXLSYXMX
 -X[MPPVYRYTSYVSZIVLIEH  -XtWMQTSWWMFPI
 ;IHSRtXLEZIXLIEYXLSVMX]  -XtWRIZIVFIIRXVMIHFIJSVI
 8LEXtWXSSMZSV]XS[IV  0IXtWWLIPZIMXJSVXLIXMQIFIMRK
 0IXtWKIXFEGOXSVIEPMX]  0IXtWJSVQEGSQQMXXII
 8LEXtWRSXSYVTVSFPIQ  -XGERtXFIHSRI
 ;L]GLERKIMX#-XtWWXMPP[SVOMRK3/

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 2SRZIVFEP'SQQYRMGEXMSR 

,YQSV
*MREPP] ERMQTSVXERXEVIESJGSQQYRMGEXMSRXLEXMWJVIUYIRXP]SZIVPSSOIH MWXLEX SJ
LYQSV,YQSV MWFEWIHSRSYVEFMPMX]XSXEOIEHZERXEKISJMRGSRWMWXIRGMIWERHMRGSR
KVYIRGMIW(YRGER
*IMWEP ,YQSVYWIWXLITS[IVSJZIVFEPGSQQYRMGEXMSRXS
WLEVIQIWWEKIWVIPMIZIWXVIWWWYTTSVXKVSYTJERXEWMIWMRXIKVEXIMHIEWWYTTSVXGSQ
QSR ZEPYIW GSRZI] QIWWEKIW ERH QIERMRK XS TISTPI ERH LIPT PMWXIRIV EGGITXERGI
&SPQER
(IEP 7XYHMIWSJIJJIGXMZIKVSYTWWYTTSVXXLIMQTSVXERGISJLYQSV
(Y&VMR 
8LIIJJIGXMZIRIWWSJKVSYTWWYGLEWGSQQMXXIIWLS[IZIVLEWFIIRXLIFVYRXSJ
QER] NSOIW%VXLYV +SPHFIVK JSVQIV EWWSGMEXI NYWXMGI SJ XLI 97 7YTVIQI 'SYVX
SFWIVZIHq-J'SPYQFYWLEHEREHZMWSV]GSQQMXXIILITVSFEFP][SYPHWXMPPFIEXXLI
HSGOr1MPXSR&IVPIXLIGSQIHMERHIWGVMFIHEGSQQMXXIIEWqEKVSYT[LSOIITQMR
YXIW ERH[EWXILSYVWr%PXLSYKL XLMW MW RSX E GEPP JSVELSYWI GSQIHMERSVE qGPEWW
GPS[RrLYQSVMWEYWIJYPXSSPJSVOIITMRKXLIKVSYTGSLIWMZIERHSRXEWO

2SRZIVFEP'SQQYRMGEXMSR
;LMPIZIVFEPGSQQYRMGEXMSRHMVIGXWXLIXEWOERHTVSGIWWEWTIGXWSJXLIKVSYTHMWGYW
WMSRRSRZIVFEPGSQQYRMGEXMSR JSVQWXLIGSRXI\XMR[LMGL[IHMWGYWWXLIQ3YVPMZIW
EVIJMPPIH[MXLLMKLP]W]QFSPMGRSRZIVFEPGSQQYRMGEXMSREGXMZMXMIW*SVI\EQTPIQSWX
GSPPIKI WXYHIRXW KS XLVSYKL XLI JSVQEP KVEHYEXMSR GIVIQSR] VITPIXI [MXL GETW ERH
KS[RWWTIIGLIWLYKWERHLERHWLEOIWIZIR[LIRXLIVIMWRSVIUYMVIQIRXXLEXXLI]
EXXIRHSVTEVXMGMTEXIMRKVEHYEXMSR8LI]GSYPHMRWXIEHVIGIMZIXLIMVHMTPSQEWXLVSYKL
XLIQEMP;L]HSXLI]XEOITEVX#8LIRSRZIVFEPFILEZMSVMWQIERMRKJYPXSXLIQERHXS
XLSWI MRHMZMHYEPW [LS WYTTSVXIH XLIMV YRHIVKVEHYEXI GEVIIVW8LI TYFPMG GIVIQSR]
LSPHWWMKRMJMGERGIEWEW]QFSPSJXLIMVEGLMIZIQIRX
&]HIJMRMXMSREPPFILEZMSVWXLEXEVIRSXGSRWGMSYWP]ZIVFEPERHXLEXEVIEWWMKRIH
QIERMRKF]SRISVFSXLSJXLITEVXMIWMREGSQQYRMGEXMSRMRXIVEGXMSREVIRSRZIVFEP
GSQQYRMGEXMSR 6IWIEVGLLEW IWXMQEXIH XLEXFIX[IIR &MVH[LMWXIPP ERH
 1ILVEFMER SJEQIWWEKItWQIERMRKMWRSRZIVFEP;INYHKIXLIWXVIRKXL
ERHZEPMHMX]SJQIWWEKIWHIEPMRK[MXLEJJMPMEXMSRTSWMXMZIVIKEVHTS[IVMRXIVIWXHSQ
MRERGIGVIHMFMPMX]WXEXYWEXXMXYHIWERHGSQTIXIRGITVMQEVMP]XLVSYKLRSRZIVFEPGSQ
QYRMGEXMSR %RHIVWIR   -R E KVSYT HMWGYWWMSR [LIXLIV ER MHIE MW EGGITXIH
ZEPYIHERHXS[LEXHIKVIIMXtWEHHIHMRXSXLIQM\JVIUYIRXP]LEWEWQYGLXSHS[MXLXLI
TVIWIRXIVERHXLIQERRIVSJTVIWIRXEXMSREW[MXLXLIPMXIVEPQIERMRKSJXLI[SVHWYWIH
XSI\TVIWWMX

4VMRGMTPIWSJ2SRZIVFEP'SQQYRMGEXMSR
*SVTYVTSWIWSJSYVHMWGYWWMSRSJRSRZIVFEPGSQQYRMGEXMSR[IEWWYQIXLITVIWIRGI
SJIMKLXKYMHMRKTVMRGMTPIWMRWQEPPKVSYTWERHMRGSQQYRMGEXMSRKIRIVEPP][LMGLEVI
WYQQEVM^IHMR8EFPI 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

8%&0) 2SRZIVFEP'SQQYRMGEXMSRh4VMRGMTPIWERH-QTEGX

 -XMQTEGXWXLIUYEPMX]SJVIPEXMSRWLMTW
 -XMWQSVIPMOIP]XSFIFIPMIZIHXLERZIVFEPGSQQYRMGEXMSR
 3RISVFSXLTEVXMIWGEREWWMKRQIERMRK
 &ILEZMSVWEVIKYMHIHF]GSRXI\XERHTS[IVVIPEXMSRWLMTW
 'YPXYVEPRSVQWERHI\TIGXEXMSRWKYMHIXLIKVSYT
 8LMRKW[IRSXMGIPIEHXSQIERMRK
 ;SQIREVIQSVIWIRWMXMZIXLERQIRXSRSRZIVFEPGYIW
 ;IWLSYPHGSRGIRXVEXISRMQTVSZMRKSYVS[REGXMSRW

8LIJMVWXMWXLEXXLIUYEPMX]SJXLIVIPEXMSRWLMTWEQSRKKVSYTQIQFIVWMWIWXEF
PMWLIHERHTIVTIXYEXIHXLVSYKLRSRZIVFEPFILEZMSV ;ITVSZMHIEKVIEXHIEPSJGSQ
QYRMGEXMSRRSRZIVFEPP]XSSXLIVWXLEXMRHMGEXIWLS[[IJIIPEFSYXXLIQ7MXXMRKRI\XXS
WSQISRIEXEQIIXMRKYWYEPP]MRHMGEXIWWSQIPMOMRKSVEXXVEGXMSR+IXXMRKYTERHQSZ
MRK[LIRWSQISRIWMXWRI\XXSYWTVSZMHIWEQIWWEKIXLEXQE]FIMRXIVTVIXIHRIKE
XMZIP] -R EHHMXMSR SYV RSRZIVFEP FILEZMSV KMZIW SJJ MRJSVQEXMSR XLEX EPPS[W SXLIV
KVSYTQIQFIVWXSMRXIVTVIXSYV[SVHWEW[IPPEWSYVEGXMSRW
7IGSRH[LIR[LEX[IHSERH[LEX[IWE]EVIMRGSRWMWXIRXRSRZIVFEPGSQQYRM
GEXMSRMWQSVIPMOIP]XSFIFIPMIZIH ,EVVMW %TSTYPEVWE]MRKI\TVIWWIWXLMWEW
q=SYGERtXXEPO]SYV[E]SYXSJWSQIXLMRK]SYFILEZIH]SYV[E]MRXSr-J[LEX[IHS
GSRXVEHMGXW[LEX[IWE]TISTPIYWYEPP]FIPMIZI[LEX[IHS-XMWRSXIRSYKLXSWE]E
KVSYTMWMQTSVXERXXSYW[IQYWXTEVXMGMTEXIMRXLIKVSYTtWEGXMZMXMIWXSHIQSRWXVEXI
XLEXMQTSVXERGI
8LMVHRSRZIVFEPGSQQYRMGEXMSRFIGSQIWQIERMRKJYP[LIRSRISVQSVITEVXMIW
EWWMKR QIERMRKXS MX 8LI MQTSVXERGI SJXLMWMW HIQSRWXVEXIH[LIR WSQISRI MR SYV
KVSYTEWWMKRWQIERMRKXSSYVEGXMSRWIZIR[LIR[IHMHRSXMRXIRHXSGSQQYRMGEXI
XLEXQIERMRK8LYWRSRZIVFEPGSQQYRMGEXMSRGERFIEWWMKRIHQIERMRKIZIRMJSRP]
SRISJXLITEVXMIWHIGMHIWXSTE]EXXIRXMSRXSMX
*SYVXLSYVMRXIVTVIXEXMSRWSJTEVXMGMTERXWt FILEZMSVWEVIKYMHIHF]GSRXI\XERH
TS[IV VIPEXMSRWLMTW 3VKERM^EXMSREP FEGOKVSYRH WIXXMRK IK JEQMP] ZIVWYW WTSVXW
XIEQ SGGYTEXMSREPERHKVSYTEJJMPMEXMSRWWM^ISJXLIKVSYTXLIVSPISJXLIMRHMZMHYEP
MRXLIKVSYTERHRYQIVSYWSXLIVMWWYIWSTIVEXIEWMRXIVZIRMRKZEVMEFPIWMRXLIMRXIV
TVIXEXMSR TVSGIWW *SV I\EQTPI X[S QIR [IMKLMRK QSVI XLER  TSYRHW IEGLGER
LETTMP]WPETIEGLSXLIVSRXLIMVVIEVIRHWMJXLI]EVITPE]MRKTVSJIWWMSREPJSSXFEPPFYX
EVIRSXPMOIP]XSIRKEKIMRXLIWEQIFILEZMSVMREFYWMRIWWQIIXMRK(SMRKXLIVMKLX
XLMRKEXXLIVMKLXXMQIMRXLIVMKLXTPEGIWYQQEVM^IWXLMWJSYVXLTVMRGMTPI8EFPI 
WLS[WWSQIPMOIP]MRXIVTVIXEXMSRWSJFILEZMSVWFEWIHSRXLIGSRXI\XERHTS[IVVIPE
XMSRWLMTWSJXLITISTPIIRKEKMRKMRXLIQ
*MJXLKVSYTWSTIVEXI[MXLMRXLIRSVQWERHI\TIGXEXMSRWSJXLIGYPXYVISJ[LMGL
XLI]EVIETEVX 8LI[E][IVIWTSRHXSXMQIEKIKIRHIVVEGIGPEWWIXLRMGMX]SVER]
RYQFIVSJSXLIVZEVMEFPIWZEVMIW[MXLXLIWSGMSGYPXYVEPGSRXI\X8LIHSQMRERXGYPXYVI
SJXLI9RMXIH7XEXIWHMGXEXIWQER]SJXLIRSVQWERHQSVIWSJWQEPPIVKVSYTW[MXLMR
XLEXGYPXYVI*SVI\EQTPIETIVWSRMRXLI9RMXIH7XEXIW[LSWIWSGMEPERHIGSRSQMG

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 2SRZIVFEP'SQQYRMGEXMSR 

8%&0) 6IPEXMSREP7XEXIQIRXW

4ISTPI[IPMOI 4ISTPI[IHSRSXPMOI

%VIEWWIVXMZI %VITYWL]
%VIKSSHSRHIXEMP %VITMGO]
;SVO[IPPYRHIVTVIWWYVI 'ERtXWXERHXLILIEX
%VIGSRJMHIRX %VIGSRGIMXIH
%VIXEWOSVMIRXIH %VIMQTSWWMFPIXS[SVO[MXLVIEPLEVHRSWIH
%VIIRXLYWMEWXMG %VIIQSXMSREP
*SPPS[XLVSYKL (SRtXORS[[LIRXSUYMX
7XERHJMVQ %VIFYPPLIEHIH
,EZIWSYRHNYHKQIRX ,EZIWXVSRKTVINYHMGIW
%VISTIRWTIEOXLIMVQMRHW %VIQSYXL]
%VIUYMIXWL] %VIWIGVIXMZI

SVHIV MW GPSGOXMQI FEWIH QE] RSXMGI WSQISRItW TVSQTXRIWW SV XEVHMRIWW E 0EXMR
%QIVMGERQE]FIQYGLPIWWPMOIP]XSWIIXLMWEWERMQTSVXERXMWWYI
7M\XLXLIXLMRKW[IRSXMGISVSYVTIVGITXMSRWSJRSRZIVFEPGYIWPIEHXSQIER
MRK 9RHIV XLMW TVMRGMTPI VIPE\IH TSWXYVI PIERMRK JSV[EVH HIGVIEWIH HMWXERGI
MRGVIEWIHXSYGLMRKERHIRLERGIHEXXIRXMSREPPTVSZMHITSWMXMZIQIWWEKIWMR97GYP
XYVI,EGOQER
.SLRWSR 
7IZIRXL[SQIRERHQIRQE]HMJJIVMRXLIMVWIRWMXMZMX]XSRSRZIVFEPGYIWERHMR
XLIMVEGGYVEG]MRHIGSHMRKXLIQ7SQIVIWIEVGLIVWLEZIWYKKIWXIHXLEX[SQIRMRKIR
IVEPEVISJXIRQSVIWIRWMXMZIXLERQIRXSRSRZIVFEPGYIWERHQSVIEGGYVEXIMRWIRHMRK
RSRZIVFEPQIWWEKIW %RHIVWSR 
-RPMRI[MXLXLMWWIZIRXLTVMRGMTPIXLIIMKLXLWYKKIWXWXLEXEPXLSYKL[IGERPIEVR
XSFIFIXXIVEXMRXIVTVIXMRKSXLIVTISTPItWRSRZIVFEPGYIW[I[MPPLEZIKVIEXIVWYGGIWW
MRYWMRKXLITVMRGMTPIWSJRSRZIVFEPGSQQYRMGEXMSRMJ[IGSRGIRXVEXISRMQTVSZMRKSYV
S[REGXMSRW ,EGOQER
.SLRWSR 
8LIWIIMKLXTVMRGMTPIWLIPTYWJVEQISYVYRHIVWXERHMRKSJXLIVSPISJRSRZIVFEP
GSQQYRMGEXMSR FYX MX MW MQTSVXERX XS RSXI XLEX RSRZIVFEP GSQQYRMGEXMSR GER FI
EQFMKYSYWERHQMWPIEHMRK&IGEYWIMXMWJVEQIH[MXLMRTIVWSREPERHWSGMEPGSRXI\XWMX
MWEP[E]WMQTSVXERXXSXV]XSYRHIVWXERHXLIPEVKIVTIVWSREPGSRXI\XSJXLIGSQQYRMGE
XSVERHXSPSSOJSVTEXXIVRWSJRSRZIVFEPGSQQYRMGEXMSREW[IPPEWJSVZIVFEPGSVVSFS
VEXMSR8LIJYRGXMSRWSJRSRZIVFEPGSQQYRMGEXMSRMRGPYHMRKVITIXMXMSRGSQTPIQIRX
EGGIRXYEXMSRWYFWXMXYXMSRGSRXVEHMGXMSRERHVIKYPEXMSREVII\TPEMRIHMR8EFPI 

8]TIWSJ2SRZIVFEP'SQQYRMGEXMSR
3XLIVW MRXIVTVIX SYV MRZSPZIQIRX XLVSYKL SYV RSRZIVFEP GSQQYRMGEXMSR [LMGL MW
GPSWIP] PMROIH XS SYV TEVXMGMTEXMSR MR E GSRZIVWEXMSR SV KVSYT 'SOIV ERH &YVKSSR
T JSYRHXLEX

qXLIFILEZMSVWXLEXQSWXWXVSRKP]HMWGVMQMREXIHLMKLJVSQPS[MRZSPZIQIRX[IVIKIRIVEP
OMRIWMGTVS\IQMGEXXIRXMZIRIWW JSV[EVHPIERVIPE\IHPEYKLXIV GSSVHMREXIH WTIIGLJI[IV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

WMPIRGIWERHPEXIRGMIWERHJI[IVSFNIGXQERMTYPEXMSRW&ILEZMSVWQSWXTVIHMGXMZISJQEKRM
XYHISJMRZSPZIQIRXGLERKI[IVIJEGMEPERMQEXMSRZSGEP[EVQXLMRXIVIWXHIITIVTMXGLPIWW
VERHSQQSZIQIRXERHQSVIZSGEPEXXIRXMZIRIWWr
-RXLIHMWGYWWMSR[IJSGYWSRJMZIMWWYIWMRTEVXMGYPEVJEGMEPHMWTPE]TEVEPERKYEKI
FSH]PERKYEKITVS\IQMGWERHGLVSRIQMGW
*EGMEP(MWTPE] ;INYHKIETIVWSRtW[MPPMRKRIWWXSMRXIVEGXF]LMWSVLIVJEGMEPHMW
TPE] 6IQPERH   6IWXVMGXMRK SYV JEGMEP GSQQYRMGEXMSR WYKKIWXW E PEGO SJ
MRZSPZIQIRXERHMRXIVIWX7QMPMRKSRXLISXLIVLERHMWGSRWMHIVIHETSWMXMZIGSQQY
RMGEXMSRFILEZMSVXLEXMRHMGEXIWXSSXLIVWXLEX[IEVILSRIWXMRXIPPMKIRXERH[SVXLNSMR
MRKMRWSQIZIRXYVI,EVVMW 
)]IGSRXEGX MWEPWSGVMXMGEPXSERHMRHMGEXMZISJIJJIGXMZIWQEPPKVSYTERHMRXIVTIV
WSREPGSQQYRMGEXMSRFYXMWJYPPSJGSQTPI\QIERMRKWERHGSRXI\XFEWIHEWWYQTXMSRW
;LMPISXLIVGYPXYVIWQEOIHMJJIVIRXEWWYQTXMSRWMRXLI9RMXIH7XEXIW[IKIRIVEPP]
MRXIVTVIXHMVIGXI]IGSRXEGXEWERMRHMGEXMSRSJGVIHMFMPMX]LSRIWX]ERHTS[IV%RHIV
WIR -REHHMXMSR[IXIRHXSPSSOEXTISTPI[MXLKVIEXIVTS[IVQSVISJXIRXLEREX
TISTPI[IGSRWMHIVXSLEZIPIWWTS[IV3RXLISXLIVLERHWLS[MRKHIJIVIRGIXSTS[IV
MW EGGSQTPMWLIH XLVSYKL HMQMRMWLIH I]I GSRXEGX F] WYFSVHMREXIW% WTIEOIV MW TIV
GIMZIHEWQSVIGSRJMHIRXMJWLISVLIQEMRXEMRWI]IGSRXEGX%RHIVWIR 
-RWQEPPKVSYTGSQQYRMGEXMSRI]IGSRXEGXGERFIYWIHXSMRGVIEWISVHIGVIEWI
XLIEQSYRXSJMRXIVEGXMSRMRXLIKVSYT8LSWIKVSYTQIQFIVW[LSEVIPSSOIHEXQSWX
JVIUYIRXP]XIRHXSJIIPQSVIIQTS[IVIHERHMRZSPZIH8LI]QE]FIQSVIPMOIP]XSGSR
XVMFYXIXSXLIKVSYTXLERXLSWI[LSEVIRSXPSSOIHEX3RXLISXLIVLERHMJ[ISYVWIPZIW
VIJYWIXSPSSOEXXLISXLIVKVSYTQIQFIVW[I[MPPFIPIJXSYXSJXLIGSRZIVWEXMSR
;LIR[ILEZIXSGSRZI]FEHRI[W[IXIRHXSHIGVIEWISYVI]IGSRXEGX3RXLI
SXLIVLERHMREPIEHIVPIWWTIVJSVQERGIKVSYTWYGLEWWSQIFERHWSVEHERGIGSQTE
RMIWI]IGSRXEGXQE]FIXLITVMRGMTEPQIERWSJGSQQYRMGEXMSRFIX[IIRQIQFIVWXS
EWWYVIXLEXIZIV]SRI[SVOWXSKIXLIV6SWI 8SFIERIJJIGXMZIKVSYTQIQFIV
XLIVIJSVI[IRIIHXSFIE[EVISJERHYWIIJJIGXMZII]IGSRXEGXERHSXLIVJEGMEPI\TVIW
WMSRW8LMWQIERW[IRIIHXSFIE[EVISJHMJJIVIRXGYPXYVEPTIVWSREPERHVSPIVIPEXIH
I\TIGXEXMSRWERHMRXIVTVIXEXMSRWWYVVSYRHMRKI]IGSRXEGX
4EVEPERKYEKI 4EVEPERKYEKI MWXLIQIERMRKXLEXMWTIVGIMZIHEPSRK[MXLXLIEGXYEP
[SVHWYWIHXSHIPMZIVEQIWWEKI-XMWLS[ [IWE]WSQIXLMRK8LMWMWEFVSEHGEXIKSV]
XLEXMRGPYHIWHMEPIGXWEGGIRXWTMXGLVEXIZSGEPUYEPMXMIWTEYWIWERHWMPIRGIW%TPIEW
MRKZSMGIJSVI\EQTPI[MPPQEOITISTPIQSVIPMOIP]XSPMWXIRXSYWERHEQSHYPEXIH
ZSMGIMWWIIREWQSVIEXXVEGXMZIERHEWMRHMGEXMRKEFIXXIVIHYGEXMSRERHLMKLIVWSGMSIGS
RSQMGTSWMXMSRXLERMWEH]REQMGZSMGI%RHIVWIR 4EVXMGYPEVEGGIRXWERHHMEPIGXW
GEVV] EWWSGMEXMSRW XLEX IRLERGI SV YRHIVQMRI SYV TS[IV ERH GVIHMFMPMX] MR E KVSYT
6IWTSRWIWXSGIVXEMRZSGEPGYIWZEV]EGGSVHMRKXSGSQQYRMGEXSVERHGSRXI\X&YPPIV

%YRI&YPPIV
&YVKSSR 3RERSXLIVPIZIPLS[IZIVSYVIQSXMSRWEVIGPEV
MJMIHXLVSYKLSYVTMXGLXSRIVEXIERHSXLIVZSGEPFILEZMSVWXLEXEHHXSXLI[SVHW
4EVEPERKYEKI GER FIYWIH XSVIKYPEXI XLI WQEPPKVSYTHMWGYWWMSR3YV XSRISJ
ZSMGIGERPIXXLISXLIVKVSYTQIQFIVWORS[MJ[IEVIETTVSZMRKYRGIVXEMRSVHMW
EKVIIMRK[MXL XLIMV GSRXVMFYXMSRWERH SJXIR MR E KVSYT qMXtW RSX [LEX]SY WEMH XLEX
FSXLIVIHQIFYXLS[]SYWEMHMXr

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 2SRZIVFEP'SQQYRMGEXMSR 

7MPIRGI EPWSLEWERYQFIVSJYWIW-XGERFIYWIHXSGVIEXIMRXIVTIVWSREPHMWXERGI
SVEWERIQSXMSREPVIWTSRWIXSEWMXYEXMSR-XGERMRHMGEXIEKVIIQIRXSVHMWWIRWMSRSVFI
YWIHEWE[E]SJSTXMRKSYXSJGSRJPMGX7MPIRGIQE]FIYWIHMRVIWTSRWIXSVIWTIGXJSV
EYXLSVMX]SVEWEQIERWSJHIJ]MRKXLEXWEQIEYXLSVMX]8LYWWMPIRGIMXWIPJWIRHWEQIW
WEKI&YVKSSR&YPPIV
;SSHEPP 

&SH]0ERKYEKI /MRIWMGW XLIWXYH]SJFSH]PERKYEKI GSRWMWXWSJXLIQIWWEKIW[I

HIPMZIVXLVSYKLSYVTL]WMGEPETTIEVERGIERHF]SYVQSZIQIRXWERHKIWXYVIW&IJSVI
[IQSZISYVTL]WMGEPETTIEVERGIWIRHWETSWMXMZISVRIKEXMZIQIWWEKIHITIRHMRKSR
XLIGSRXI\XERHXLIMRHMZMHYEPWVIGIMZMRKXLIWXMQYPYW;IEPPLEZIFYMPXMRFMEWIWFEWIH
SRTEWXI\TIVMIRGIERHEGGYPXYVEXMSR*SVI\EQTPIMRXLI9RMXIH7XEXIWWXYHMIWLEZI
WLS[RXLEXXEPPWPMQQIREVITIVGIMZIHEWQSVIUYEPMJMIHXLERWLSVXWXSYXQIR%RHIV
WIR6IQPERH 
&SH]QSZIQIRXERHKIWXYVITVSZMHIERYQFIVSJGYIWXSXLIWYGGIWWSVJEMPYVISJ
KVSYTMRXIVEGXMSRW;LIRWYGGIWWJYPGSQQYRMGEXMSRFIX[IIRIUYEPWMWXEOMRKTPEGI
XLIVIMWJVIUYIRXP]EW]RGLVSR] MRXLIFSH]QSZIQIRXWFIX[IIRMRHMZMHYEPWq6L]XLQ
WIIQWXSFIXLIJYRHEQIRXEPKPYIF][LMGLGSLIWMZIHMWGSYVWIMWQEMRXEMRIHr)VMGO
WSR &IMRKMRW]RG[MXLSXLIVQIQFIVWSJ]SYVKVSYTQIERW]SYEPPqQEVGLXS
XLI WEQI FEWMG XYRIr %RHIVWSR   RSXIH XLEX RYQIVSYW WXYHMIW MRHMGEXI XLEX
LMKLIVWXEXYWMRHMZMHYEPWLEZIKVIEXIVQSZIQIRX ERH QSVI VIPE\IH TSWXYVI%W[MXL
QSWXRSRZIVFEPGSQQYRMGEXMSRMXMWHMJJMGYPXXSKIRIVEPM^IXSEPPWMXYEXMSRW,S[IZIV
XLIGYIW[IKIXJVSQFSH]QSZIQIRXWKMZIYWXLIWIRWISJ[LIXLIVSVRSXWSQISRIIPWI
MWqSRXLIWEQI[EZIPIRKXLrXLIVIF]IRGSYVEKMRKYWXSFISVHMWGSYVEKMRKYWJVSQ
FIMRKSTIRJSVXLGSQMRKERHHIZIPSTMRKEKVSYTWTMVMX;LIRMRHMZMHYEPWHSRSXSTIR
YTSXLIVKVSYTQIQFIVWXIRHXSZMI[XLSWIQIQFIVWEWNYHKQIRXEPYRGSSTIVEXMZI
ERHRSRVIWTSRWMZI6IQPERH 
,S[[IGPSXLISYVWIPZIWERHSYVKIRIVEPETTIEVERGIEPWSLEZIERMQTEGX8LMWMW
QEHI I\TPMGMX [LIR[IEVIXSPH XS HVIWW JSVXLISGGEWMSR SVXS qPSSO XLI TEVXr8LI
YRHIVP]MRKMWWYIMW[LEXMWWMKRMJMGERX-JSXLIVKVSYTQIQFIVWHSRSXXLMRO[IETTIEV
XSJMXXLIKVSYTRSVQWXLI][MPPRSXEWWMKRYWGVIHMFMPMX];MXLSYXGVIHMFMPMX][I[MPP
LEZIPMXXPIMJER]MRJPYIRGI7SSRIVSVPEXIV[I[MPPPSWIMRXIVIWXMRXLIKVSYTERH[MPP
FIGSQIMRIJJIGXMZI
8LI[E][IQSZIEPWSLEWERMQTEGX-J[IWMXWUYEVIP]JEGMRKXLIKVSYT[I[MPP
QSWXPMOIP]FITIVGIMZIHEWSTIRERHJSVXLGSQMRKERHEWMRXIVIWXIHMRXLIKVSYTJYRG
XMSRW-J[IWMX[MXLSYVEVQWGVSWWIHPSSOMRKE[E]JVSQXLIKVSYTSVEVIVIPE\MRKMR
SYVGLEMVXLIQIWWEKI[IEVIKMZMRKMWSRISJHMWMRXIVIWX3XLIVKVSYTQIQFIVWMRXIV
TVIXSYVEGXMSRWEWMRHMGEXMSRWXLEX[IHSSVHSRSX[ERXXSFIETEVXSJXLIKVSYT8EFPI
 WYQQEVM^IWGVMXMGEPRSRZIVFEPEGXMSRW
;IEVINYHKIHF]SYVFILEZMSVRSXSYV[SVHW-J[LEX[IHSHSIWRSXJMX[MXL
[LEX[IWE]KVSYTQIQFIVWXIRHXSFIPMIZI[LEX[IHS8LIVIJSVITSWMXMZIRSRZIVFEP
EGXMSRWEWSYXPMRIHMR8EFPI EVIZMXEPXSSYVWYGGIWWMREKVSYT

4VS\IQMGW 8LI [E]W [I WXVYGXYVI ERH YWI ERH EVI EJJIGXIH F] WTEGI GSRWXMXYXIW
TVS\IQMX] 2IYPMIT ,EPP MHIRXMJMIHXLIWXYH]SJXLIWXVYGXYVMRKSJTIV
WSREPWTEGIhXLIMRZMWMFPIFSYRHEV]MRHMZMHYEPWHVE[EVSYRHXLIQWIPZIWEWTVS\IQMGW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

8%&0) 'VMXMGEP2SRZIVFEP%GXMSRW

*EGMEP(MWTPE] &SH]0ERKYEKI OMRIWMGW

*EGMEPI\TVIWWMSR 1SZIQIRXW
)]IGSRXEGX +IWXYVIW
4EVEPERKYEKI LS[[IWE]WSQIXLMRK 'PSXLMRKERH+IRIVEP%TTIEVERGI
7MPIRGI

8LMWFSYRHEV]MWKVIEXIVSVPIWWIVHITIRHMRKSRXLIGMVGYQWXERGIWERHXLIVIPEXMSR
WLMTW[MXLXLISXLIVTISTPIMRERMRXIVEGXMSR1SVITS[IVJYPTISTPILEZIJVIIVYWISJ
XLIWTEGIEVSYRHXLIQXLERHSPIWWTS[IVJYPMRHMZMHYEPW
7MKRMJMGERX MWWYIW WYVVSYRH TL]WMGEP WIXXMRK ERH WIEXMRK EVVERKIQIRXW MR XLI
GSQQYRMGEXMSR TEXXIVRW I\TIVMIRGIH MR XLI WQEPP KVSYT GSQQYRMGEXMSR 7SQQIV
 MHIRXMJMIHWIZIVEPX]TIWSJWIEXMRKTEXXIVRWWLS[RMR*MKYVI -RHMZMHYEPWWMX
XMRK EGVSWW E XEFPI JVSQ IEGL SXLIV QE\MQM^I XLIMV MRXIVTIVWSREP HMWXERGI MRGVIEWI
XLIMVTSXIRXMEPJSVWIRHMRKERHVIGIMZMRKFSXLZIVFEPERHRSRZIVFEPQIWWEKIWERHXLYW
TIVLETWGSRJPMGXMRK QIWWEKIWERHMRGVIEWIXLI PMOIPMLSSHSJ FIGSQMRK GSQTIXMXMZI
7MXXMRK[MXLEGSVRIVSJXLIXEFPIFIX[IIRTEVXMGMTERXWVIHYGIWMRXIVTIVWSREPHMWXERGI
JSGYWIWEXXIRXMSRSRXLITVSNIGXERHQEXIVMEPWVEXLIVXLERSRXLIMRHMZMHYEPWt RSRZIV
FEPWERHQE]LIPTIRLERGIXLIGSSTIVEXMZIRIWWSJXLITEVXMGMTERXW7MXXMRKWMHIF]WMHI
VIHYGIWXLIMRXIVTIVWSREPHMWXERGIWXMPPJEVXLIVERHYRPIWWXLEXMRXIVTIVWSREPHMWXERGIMW
XSSMRXMQEXIXSJIIPGSQJSVXEFPIQE]EPWSFIEGSSTIVEXMZIWIEXMRKEVVERKIQIRX(MJ
JIVIRXWIEXMRKTSWMXMSRWLEZIFIIRHIWGVMFIHEWTS[IVWTSXW/SVHME (SQMRERX
TSWMXMSRWEVIEXXLIIRHWSJEVIGXERKYPEVXEFPI'SSTIV ERHSRXLIGSVRIVW/SV
HME 8LIQMHHPISJXLIXEFPIWMHIWEVIGSRWMHIVIHPIWWTS[IVJYPTPEGIWXSWMXFYX
QE]FIKSSHTPEGIWJVSQ[LMGLXSSFWIVZIXLIKVSYTMRXIVEGXMSR[MXLSYXKIXXMRKHVE[R

8%&0) 4SWMXMZI2SRZIVFEP&ILEZMSVW

 8MQI (SRtXOIITTISTPI[EMXMRK
+MZIEHIUYEXIXMQIXSSXLIVW
 7IXXMRK %ZSMHJYVRMXYVIEWEFEVVMIV
'VIEXITPIEWERXWYVVSYRHMRKW
 4L]WMGEP4VS\MQMX] 'PSWIRIWWVIHYGIWWXEXYWHMJJIVIRGIW
'PSWIRIWWTVSQSXIW[EVQXL
 +IWXYVIW 1EOIJVIUYIRXYWISJSTIRTEPQKIWXYVIW
 ,IEH1SZIQIRXW 9WILIEHRSHW
8MPXIHLIEHMRHMGEXIWWYWTMGMSR
 *EGMEP)\TVIWWMSR 7QMPIJVIUYIRXP]
 )]IW 1EOIJVIUYIRXHMVIGXI]IGSRXEGX
 :SMGI 'SQQYRMGEXI[EVQXL
%ZSMHWSYRHMRKFSVIHSVHMWMRXIVIWXIH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 2SRZIVFEP'SQQYRMGEXMSR 

*-+96) 7IEXMRK%VVERKIQIRXW

'SQTIXMXMZI 'S%GXMZI

'SSTIVEXMZI 1SHMJMIH
'SRZIVWEXMSR 'SSTIVEXMZI

MRXSXLIHMWGYWWMSR%PWSWMXXMRKSREWMHIRI\XXSETS[IVJYPMRHMZMHYEPQE]VITVIWIRXE
TS[IVJYPGSEPMXMSR[MXLMRXLIKVSYTWIXXMRK
0IWWMRXIVEGXMSRERHHMWGYWWMSRXEOITPEGIEVSYRHEVIGXERKYPEVXEFPI[LIVITIS
TPI EVI TSWMXMSRIH MR VS[W0IEHIVW SVKVSYT QIQFIVW GER YWI GMVGYPEV WIXXMRKWXS
IRGSYVEKIHMWGYWWMSR,EQMPXSR ;L][SYPHXLMW[SVO#4EVXMGMTERXWGERQSVI
IEWMP]MRXIVEGX[MXLSRIERSXLIVEWOUYIWXMSRWERHFIE[EVISJRSRZIVFEPEGXMSRW)EWI
SJMRXIVEGXMSR[MPPMRGVIEWISVHIGVIEWIGSQQYRMGEXMSR
%PXLSYKLMXMWIEW]XSQEOIXSSQYGLSJWIEXMRKTEXXIVRWERHPSWIWMKLXSJHMWGYW
WMSR TEXXIVRW MRKVSYTW E GVIEXMZIKVSYTXLEX MW I\TIVMIRGMRKHMWGYWWMSRHMJJMGYPXMIW
QE]JMRHXLEXVIEVVERKMRKXLIWIEXMRKMRJPYIRGIWXLEXHMWGYWWMSR
'LVSRIQMGW 'LVSRIQMGW MWXLIWXYH]SJXLIYWISJXMQI;IWXIVRGYPXYVIWEVITEVXMG
YPEVP]SVMIRXIHXS[EVHGPSGOFEWIHXMQIEWERSVKERM^MRKTVMRGMTPIMRXLI[SVO[SVPH
(SFOMR
4EGI -RSYVGYPXYVIXMQIMWQSRI]7QEPPKVSYTWSVKERM^IHMRXLMW
GSRXI\XQYWXFIWIRWMXMZIXSXLIXMQIFEWIHI\TIGXEXMSRWSJQER]SJXLIMVQIQFIVWERH
SJ XLI SVKERM^EXMSRW [MXLMR [LMGLXLI] STIVEXI 4VSQTXRIWW MWMQTSVXERXFYX MW EPWS
RIKSXMEFPI8LIQERMTYPEXMSRSJXMQIMWERMQTSVXERXH]REQMGMRWQEPPKVSYTMRXIVEG
XMSRW%RMRHMZMHYEP[LSXEOIWXSSQYGLSJEKVSYTtWXMQIQE]FITSSVP]TIVGIMZIH
ERHLMWSVLIVGSRXVMFYXMSRWHMWGSYRXIH3RXLISXLIVLERHETIVWSRMRERMRJPYIRXMEP
TSWMXMSRQE]FIKVERXIHQSVIPII[E]MRFIRHMRKXLII\TIGXEXMSRWJSVXLIYWISJXMQI
%WMREPPEVIEWSJRSRZIVFEPGSQQYRMGEXMSRMRSVHIVXSFIIJJIGXMZIWQEPPKVSYTQIQ
FIVWQYWXFIWIRWMXMZIXSXLIXMQISVMIRXEXMSRSJXLIKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

8%&0) *YRGXMSRWSJ2SRZIVFEP'SQQYRMGEXMSR

*YRGXMSR )\TPEREXMSR

6ITIXMXMSR 6IMRJSVGMRKZIVFEPQIWWEKIW[MXLRSRZIVFEPFILEZMSVW)\EQTPIW%WYTIVZMWSV
QSZMRKLMWSVLIVEVQW[LMPIKMZMRKMRWXVYGXMSRW8IPPMRKERHWLS[MRKWSQISRILS[XS
HSENSF+MZMRKER3/WMKREPSVETEXSRXLIFEGOEPSRK[MXLZIVFEPTVEMWI8LIZIVFEP
ERHRSRZIVFEPEVIXLIWEQIERH[SVOXSKIXLIVXSGEVV]XLIQIWWEKI
'SQTPIQIRX 9WMRKRSRZIVFEPQIWWEKIWXSWYTTPIQIRXI\TERHQSHMJ]SVTVSZMHIHIXEMPWXSEZIVFEP
QIWWEKI)\EQTPIW0SSOMRKGSRJMHIRX[LMPIGSRHYGXMRKEFVMIJMRKIRLERGIWXLI
UYEPMX]SJXLITVIWIRXEXMSR7TIEOMRKWSJXP][LMPIHMWGYWWMRKHIPMGEXIMRJSVQEXMSR8LI
RSRZIVFEPEHHWXSERHJEGMPMXEXIWXLIZIVFEPQIWWEKI
%GGIRXYEXMSR 9WMRKRSRZIVFEPGSQQYRMGEXMSRXSTVSZMHIIQTLEWMW)\EQTPIW8LIPSYHRIWWSJE
TIVWSRtWZSMGISJXIRGSRZI]WXLIXVYIWXVIRKXLSJXLIQIWWEKI%WIGVIXGERFIJSVIGEWX
F]E[LMWTIV%[MROSVEJYVVS[IHFVS[GEREHHXSXLIMQTEGXSJXLIZIVFEPQIWWEKI
(MWXERGIGERMRHMGEXIWIVMSYWRIWW8LIRSRZIVFEPEGGIRXYEXIWERHMRGVIEWIWXLITS[IV
SVIJJIGXMZIRIWWSJXLIZIVFEPQIWWEKI
7YFWXMXYXMSR 9WMRKERSRZIVFEPFILEZMSVMRTPEGISJEZIVFEPSRI)\EQTPIW%LIEHRSHXSMRHMGEXI
]IWETEXSRXLIFEGOEqORS[MRKKPERGIrSVEqXLYQFWYTrJSVWYGGIWW%W]QFSPMG
EGXMSRMWGEPPIHERIQFPIQ
'SRXVEHMGXMSR 1EOMRKXLIRSRZIVFEPERHZIVFEPQIWWEKIWMRGSRKVYIRX)\EQTPIW%GSPPIEKYItWJEGMEP
I\TVIWWMSRSVZSGEPMRJPIGXMSRKMZIWEQIWWEKISTTSWMXIXSXLIZIVFEPSRI7EVGEWQMW
SRISJXLIFIWXI\EQTPIWWMRGIXLIXSRISJZSMGITVSZMHIWEQIERMRKXLEXMWUYMXI
HMJJIVIRXJVSQXLIWXEXIHSRI1EOMRKWSQISRI[EMXERHXLIRWE]MRKXLEXLISVWLIMW
MQTSVXERXGERFIERI\EQTPI7SQISRItWEWOMRK]SY[LEXMW[VSRKFIGEYWISJ]SYV
ETTIEVERGIERH]SYVWE]MRKHIJIRWMZIP]qRSXLMRKrMWERSXLIVI\EQTPI
6IKYPEXMSR 9WMRKRSRZIVFEPFILEZMSVWXSMRMXMEXIGSRXMRYIMRXIVVYTXSVXIVQMREXIMRXIVEGXMSRW
)\EQTPIW)]IGSRXEGXKIWXYVIWRSHWLIEHQSXMSRWERHRYQIVSYWSXLIVFILEZMSVW
MRHMGEXILS[XLIMRXIVEGXMSRWLSYPHTVSKVIWW

4S[IVPIWW7XIVISX]TIW
&IGEYWI [I NYHKI SXLIVW FEWIH MR TEVX SR XLIMV RSRZIVFEP EGXMSRW [I GER EPWS FI
KYMPX]SJHVE[MRKMRZEPMHGSRGPYWMSRWVIKEVHMRKXLIQ&IGEYWI[ILEZIGIVXEMRGYPXYV
EPP]FEWIHI\TIGXEXMSRW[IEVITVSRIXSQMWNYHKISXLIVWXLIVIF]VIHYGMRKSYVKVSYTtW
IJJIGXMZIRIWW
7I\VSPI WXIVISX]TMRK GSRXMRYIW MR QER] KVSYTW ERH SVKERM^EXMSRW JSWXIVMRK
I\TIGXEXMSRWXLEXQIR[MPPEGXPMOIPIEHIVWERH[SQIR[MPPEGXPMOIWYFSVHMREXIW6IQ
PERH 'SRWMHIVLS[XLMWWXIVISX]TMRKEHZIVWIP]MQTEGXWSYVKVSYTIJJIGXMZIRIWW
8[SGVMXMGEPEWWIXWRIIHIHF]EKVSYThGSQQYRMGEXMSRIJJIGXMZIRIWWERHPIEHIVWLMTh
QMKLX FI HIRMIH FIGEYWI SJ WXIVISX]TMRK *MVWX qRYQIVSYW WXYHMIW LEZI WLS[R XLEX
[SQIRXLVSYKLSYXXLI[SVPHEVIQSVIEGGYVEXIWIRWMXMZIVIGIMZIVWSJRSRZIVFEPGSQ
QYRMGEXMSRXLERQIRr%RHIVWIRT 7IGSRHXLMWWXIVISX]TMRKVIHYGIWXLI
TSWWMFPIWYGGIWWSJEKVSYT7XYHMIWMRHMGEXIXLEX[SQIREVIQSVIIJJIGXMZIXLERQIR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (MWGYWWMSR5YIWXMSRW 

EWQEREKIVWERHPIEHIVWMRXLIEVIEWSJQSXMZEXMRKSXLIVWJSWXIVMRKGSQQYRMGEXMSR
TVSHYGMRKLMKLUYEPMX][SVOERHPMWXIRMRKXSSXLIVW7LEVTI %GGSVHMRKXSXLI
WEQIWXYHMIWQEPIQEREKIVWXMIJIQEPIQEREKIVWMRXLIEVIEWSJWXVEXIKMGTPERRMRKERH
EREP]^MRKMWWYIWqFYX[SQIRSJXIRJMRHXLIQWIPZIWTIREPM^IHRSQEXXIV[LEXXLI]
HSr6IQPERHT 
)XLRSGIRXVMWQ GEREPWSHMQMRMWLEKVSYTtWWYGGIWW8LIEWWYQTXMSRXLEXXLIXVE
HMXMSREP RSRZIVFEP EGXMSRW WIIR EW MQTSVXERX XS WYGGIWWJYP KVSYT [SVO WLSYPH FI
I\TIGXIH MR SYV QYPXMGYPXYVEP WSGMIX] GER PIEH XS MRGSVVIGX NYHKQIRXW ERH PSWW SJ
MQTSVXERX MRTYX *SV I\EQTPI XLI RSRZIVFEP VYPIW SJ WSQI %VEF GYPXYVIW WYTTSVX
WTIEOMRK PSYHP]ERHWXERHMRKGPSWI[LMGLQMKLXFIMRXIVTVIXIH EWTYWL]%1MHHPI
)EWXIVRIVLEWFIIRWGLSSPIHXSXEOIXLIXMQIXSGLMXGLEXFIJSVIKIXXMRKHS[RXSFYWM
RIWW[LMGLEKVSYTQMKLXWIIEWMRIJJMGMIRXERHSFXVYWMZI&IEQIV
:EVRIV 
2IIHPIWW XS WE] XLIWI I\EQTPIW GER FI I\TERHIH XS MRGPYHI HMJJIVIRX TEVXW SJ XLI
9RMXIH 7XEXIW EW [IPP EW SYV RIMKLFSVW XS XLI RSVXL ERH WSYXL ERH XLVSYKLSYX XLI
[SVPH;IQYWXQEOIGIVXEMRXLEX[IHSRSXMRXIVTVIXXLIRSRZIVFEPEGXMSRWSJSXLIVWEW
MRHMGEXMSRWSJTS[IVPIWWRIWWPEGOSJMRXIVIWXSVMRGSQTIXIRGI,SQSTLMP] [LMGLMW
SYVXIRHIRG]XS[ERXXSFIMRKVSYTW[MXLTISTPI[LSEVIWMQMPEVXSYWGERHIR]YW
MQTSVXERXZMI[TSMRXWJVSQSYVQYPXMGYPXYVEP[SVPH-RWXIEH[IRIIHXSGVIEXIKVSYT
WMXYEXMSRWGSRHYGMZIXSFIMRKMRGPYWMZIhFSXLFIGEYWIMXMWXLIVMKLXXLMRKXSHSERH
FIGEYWIMX[MPPIRLERGIXLIKVSYTTVSGIWW

7YQQEV]
3RGI[IKEXLIVEKVSYTSJMRXIVIWXIHMRHMZMHYEPWXS[SVOSRERMWWYIXLIQSWXWMKRMJM
GERXEVIEMRHIXIVQMRMRKSYVWYGGIWWSVJEMPYVI[MPPFIXLIUYEPMX]SJXLIZIVFEPERHRSR
ZIVFEP GSQQYRMGEXMSR -X MW XLVSYKL XLIWI MRXIVEGXMSRW XLEX KVSYT ERH TIVWSREP
QIERMRKWEVIIWXEFPMWLIH
:IVFEPGSQQYRMGEXMSREPPS[WKVSYTQIQFIVWXSSVHIVXLIXEWOWYRHIVWXERHXLI
TVSGIWWERHHIZIPSTW]QFSPMGQIERMRKXLVSYKLEKVSYTREVVEXMZI8VEHMXMSREPP]QMW
YRHIVWXERHMRKW LEZI FIIR FPEQIH SR XLI [E] PERKYEKI [EW YWIH XS IWXEFPMWL XLI
KVSYTtW qNSFr ;LMPI XLI XEWO MW MQTSVXERX XLI TS[IV SJ PERKYEKI GSQIW JVSQ MXW
WIQERXMGERHW]QFSPMGGETEGMXMIW-REHHMXMSR[LIRKVSYTWYWILYQSVERHIRKEKIMR
WTIGMJMGX]TIWSJKVSYTXEPOXLI]SJXIRMRGVIEWIXLIMVGLERGIWJSVWYGGIWW
2SRZIVFEPGSQQYRMGEXMSRMRGPYHIWEPPFILEZMSVWSXLIVXLERZIVFEPGSQQYRMGE
XMSR XLEXEVI EWWMKRIHQIERMRK F]SRISVQSVISJXLI TEVXMGMTEXMRK TEVXMIW%QSRK
SXLIVXLMRKWMXMRGPYHIWJEGMEPHMWTPE]TEVEPERKYEKIFSH]PERKYEKITVS\IQMGWERH
GLVSRIQMGW)JJIGXMZIKVSYTQIQFIVWYRHIVWXERHXLIMQTSVXERGISJFSXLZIVFEPERH
RSRZIVFEPGSQQYRMGEXMSR

(-7'977-3259)78-327

 (MWXMRKYMWLEQSRKXLIXEWOSVHIVMRKTVSGIWWSVMIRXEXMSRERHREVVEXMZIJYRGXMSRWSJZIVFEP
GSQQYRMGEXMSR ;L] EVI XLIWI MQTSVXERX XS XLI WQEPP KVSYT ERH XIEQ GSQQYRMGEXMSR
TVSGIWW#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

 q;ItVI2YQFIV3RIr MW E TSTYPEV GLEVEGXIVM^EXMSR JSV E KVSYTWGLSSP SV SVKERM^EXMSR

-HIRXMJ]XLVIIWMQMPEVTLVEWIWYWIH[MXLKVSYTW]SYLEZIFIIREWWSGMEXIH[MXL;IVIXLIWI
QIXETLSVWSVJERXEWMIWSVFSXL#)\TPEMR
 -HIRXMJ]JMZI[SVHW]SYEVIGIVXEMR[MPPGEVV]XLIWEQIQIERMRKhHIRSXIXLIWEQIXLMRKh
JSV XLVII SXLIV TISTPI 6II\EQMRI XLI PMWX ERH WII MJ ]SY GER TVSZMHI WSQI GSRRSXEXMZI
QIERMRKWJSVXLI[SVHW7LEVI]SYVPMWX[MXLWIZIVEPSXLIVTISTPIERHWIIMJ]SYVHIRSXEXMZI
[SVHWLEZIXLIWEQIQIERMRKJSVXLISXLIVKVSYTQIQFIVW
 (MWXMRKYMWL EQSRK TVSFPIQWSPZMRK VSPIEWWYQTXMSR GSRWGMSYWRIWWVEMWMRK ERH
IRGSYRXIVXEPO*VSQ]SYVS[RI\TIVMIRGIWTVSZMHIERI\EQTPISJIEGL
 8LMROSJENSOIEFSYX]SYVGSPPIKISVYRMZIVWMX]hSVTIVLETW]SYVGSPPIKISVYRMZIVWMX]tW
GLMIJVMZEP,S[HSIWXLIXIPPMRKSJXLINSOISVLYQSVJYRGXMSRMREKVSYT#
 6IXYVRXSXLIIMKLXTVMRGMTPIWSJRSRZIVFEPGSQQYRMGEXMSR4MGOX[STVMRGMTPIWERHTVSZMHI
RI[I\EQTPIWSJLS[XLI]STIVEXIMREKVSYTSVXIEQ
 ,S[GER]SYYWII]IGSRXEGXXSMRGVIEWI]SYVWQEPPKVSYTSVXIEQIJJIGXMZIRIWW#
 ;LEXMWW]RGLVSR]#,S[HSIWMXJYRGXMSRMRWQEPPKVSYTWSVXIEQW#
 )\TPEMRTVS\IQMGWERHGLVSRIQMGW%VIXLIVIYRMZIVWEPVYPIWJSVEPPGYPXYVIWVIKEVHMRKXLIWI
GSRGITXW#)\TPEMR

)<)6'-7)7

*MRHEQIXETLSV%WPSKERSVREQIJSV]SYVKVSYT,YQSVh8IPPENSOI2SRZIV
FEPSFWIVZEXMSR3ZIVGSQMRKHMWGVMQMREXMSR7MPIRXJMPQWZMHISWSV8:WLS[W8S
GEXGLEWT]

  * - 2 ( %  1 ) 8% 4 , 3 6

 %QIXETLSVEWI\TPEMRIHMRXLIGLETXIVMWERYRVIPEXIHGSRGITXXLEXSJJIVWMRWMKLXW
VIKEVHMRKWSQIXLMRK]SYEVII\EQMRMRK=SYVKSEPMWXSYWISRIMHIEXSQEOIWIRWISJ
ERSXLIV
 *SVXLMWI\IVGMWIGSRGIRXVEXISRETEWXKVSYTSVXIEQI\TIVMIRGI8SKIX]SYWXEVXIH
HMHXLII\TIVMIRGILEZIER]WMQMPEVMXMIWXSGSRHYGXMRKERSVGLIWXVETPE]MRKEWTSVX
VIJIVIIMRKEGSRXIWXGSRWXVYGXMRKWSQIXLMRKKSMRKSREHMIXTYXXMRKSYXEJMVISV
ER]SXLIVEGXMZMX]#
 (SIWXLIQIXETLSVEPPS[]SYEHHMXMSREPMRWMKLXWMRXSXLIKVSYTTVSGIWW#,S[HSIWMX
WLETI]SYVYRHIVWXERHMRK#
 -J]SYEVIMREKVSYTSVXIEQJSVXLIIRXMVIGSYVWI[LEXQIXETLSVW[SYPH]SYYWIXS
HIWGVMFIXLII\TIVMIRGI#7LEVI]SYVQIXETLSVW[MXLXLIVIWXSJ]SYVKVSYTSVXIEQ
ERHWIIMJ]SYGEREKVIISRWIZIVEPWTIGMJMGQIXETLSVW

  %  7 0 3 + % 2  3 6  2 % 1 )  * 3 6 =3 9 6  + 6 3 9 4

 4IVGITXMSRMWKYMHIHERHWSQIXMQIWGSRXVSPPIHF]XLIREQIW[IYWIJSVEGXMZMXMIW-R
XLIWWQEPPXVYGOJVEQIW[MXLTEWWIRKIVFSHMIW[IVIGEPPIH79:WERHERIRXMVI
MRHYWXV][EWGVIEXIH'YWXSQIVWIVZMGIGSRWYPXERXWEVKYIXLEXEGYWXSQIVGSQTPEMRX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

MWVIEPP]ERSTTSVXYRMX]JSVMQTVSZIQIRXXYVRIHYTWMHIHS[R%HSSVGERFIGSQIE
TEWWEKI[E]ETVSFPIQGERFIEGLEPPIRKIERHWSSR
 ;LEXREQIGER]SYGVIEXIJSV]SYVKVSYTSVXIEQXLEXGETXYVIWXLIIWWIRGISJKVSYT
[SVO[MXLSYXWMQTP]GEPPMRKMXEKVSYT#7LEVI]SYVERW[IV[MXL]SYVKVSYTERHEHSTX
EWPSKERSVREQIXLEXVIJPIGXWXLIKVSYTtWSVXIEQtWYRHIVWXERHMRKERHEWTMVEXMSRW

  , 9 1 3 6 h 8 ) 0 0 %  . 3 / )

 7SQINSOIWEVIKIRIVMG7TSVXWVIPEXIHNSOIWGERFIXSPHF]ER]GSPPIKISVYRMZIVWMX]
EFSYX ER] VMZEPhNYWX WYFWXMXYXI XLI WGLSSP REQI ,S[ HS ]SY KIX ER  CCCCCCCC
KVEHYEXI SJJ SJ ]SYV JVSRX TSVGL# ,S[ QER] CCCCCCCC JVIWLQIR HSIW MX XEOI XS
GLERKIEPMKLXFYPF#;LEXEVI XLIPSRKIWXXLVII]IEVWSJECCCCCCCCREQIWTSVX
TPE]IVtWPMJI#%RW[IVW4E]JSVXLITM^^ERSRIXLEXtWEWSTLSQSVIGSYVWIJMVWX]IEV
'SVR]FYXXLI]YWYEPP]FVMRKEWQMPI
 8S FI IJJIGXMZI LYQSV WLSYPH RSX FI HMVIGXIH EXSXLIV KVSYTW WMRGI XLI NSOIMW EX
WSQISRI IPWItW I\TIRWI 7S EZSMH VEGMWX WI\MWX EKIVIPEXIH HMWEFMPMX]VIPEXIH SV
SXLIV JSVQW SJ RIKEXMZI LYQSV ;LMPI XLI WTSVXWVIPEXIH NSOIW QMKLX WIIQ KVSYT
HMVIGXIHXLI]EVIQYGLXSSWLEPPS[XSGVIEXIER]LEVQ
 ;LEXLYQSVSYWMRGMHIRXLEWLETTIRIHMR]SYVWQEPPKVSYTGPEWWXLMWWIQIWXIV#;L]
MWMXJYRR]#7LEVI]SYVI\EQTPI[MXLEWQEPPKVSYT
 -R]SYVKVSYTI\EQMRIXLIYWISJLYQSVERHJYREWEQIERWJSVGVIEXMRKEFIXXIV
[SVOMRKVIPEXMSRWLMT6IQIQFIV[IHSRSXLEZIXSFIJYRR]FYX[IHSRIIHXSLEZI
EWIRWISJLYQSV

  2 3 2 : ) 6 & % 0  3 & 7 ) 6 :% 8 - 3 2

 7TIRH ER LSYV EX ]SYV WXYHIRX YRMSR PSGEP IEXIV] PMFVEV] SV SXLIV TYFPMG TPEGI
SFWIVZMRKRSRZIVFEPGSQQYRMGEXMSREGXMZMXMIW&ITVITEVIHXSVITSVX]SYVJMRHMRKW
 ;LEXX]TIWSJRSRZIVFEPGSQQYRMGEXMSR[IVIQSWXTVIZEPIRX#;LEXWYVTVMWIH]SY
VIKEVHMRKRSRZIVFEPGSQQYRMGEXMSR#;LEXX]TIWSJRSRZIVFEPGSQQYRMGEXMSR[SYPH
]SYWYKKIWXYWMRKQSVI#;LEXX]TIWWIIQXSFIMRIJJIGXMZISVWLSYPHFIEZSMHIH#
 2SXMGIXLIRSRZIVFEPGSQQYRMGEXMSRFIX[IIRWYTIVMSVWERHWYFSVHMREXIW,S[HSIW
MXHMJJIVJVSQXLIRSRZIVFEPGSQQYRMGEXMSRFIX[IIRETTEVIRXIUYEPW#
 %W[IHMWGYWWIHMRXLIGLETXIVVIWIEVGLVITSVXWHMJJIVIRGIWMRLS[QIRERH[SQIR
YWIRSRZIVFEPGSQQYRMGEXMSR(S]SYSFWIVZIHMJJIVIRGIWMRLS[XSYGLWTEGII]I
GSRXEGXEXXIRXMSRERHHSQMRERGIEVISGGYVVMRK#;LEXEVIXLI]#

%PXIVREXI4VSGIHYVI
3FWIVZIEKVSYTSJTISTPILSPHMRKEQIIXMRK3FWIVZIXLIRSRZIVFEPGLEVEGXIVMWXMGW
;LIVIHSTISTPIWMX#(SXLI]PIERJSV[EVHSVPIERFEGOPSSOXIRWISVVIPE\IHPSSOMRXIV
IWXIHSVFSVIH#%VIXLIMVQSXMSRWW]RGLVSRSYWXLEXMW[LIRSRITIVWSRPIERWJSV[EVHHSIW
ERSXLIVTIVWSRPIERJSV[EVHSVFEGOMRVIWTSRWI#(STISTPIPSSOEXXLIWTIEOIVXEOIRSXIW
SVIEXHYVMRKXLIHMWGYWWMSR#;LEXMW]SYVMQTVIWWMSRSJXLISZIVEPPXSRIIRIVK]PIZIPGSP
PEFSVEXMZIRIWWERHTEVXMGMTEXMSRSJXLIKVSYTQIQFIVW#3FWIVZIXLIZIVFEPGLEVEGXIVMWXMGW
SJEKVSYTHMWGYWWMSR;LSWTIEOWJMVWX[LSXEPOWERHLS[QYGL[LSKIXWMRXIVVYTXIHERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

F][LSQ#-WXLIVIETEXXIVRSVWIUYIRGMRKXSXLIXEPOMRK#(STISTPIXEOIXYVRWMRERSVHIVP]
JEWLMSR ERH HS WSQI TISTPI KIRIVEPP] WTIEO EJXIV XLI WEQI TIVWSR MR E VITIEXMRK
WIUYIRGI#(SQIQFIVWSJXLIKVSYTIRKEKIMRTVMZEXIGSRZIVWEXMSRWEWMHIJVSQXLIKIRIVEP
KVSYTHMWGYWWMSR#

  3: ) 6 ' 3 1 - 2 +  ( - 7 ' 6 - 1 - 2 %8 - 3 2

3ZIVZMI[
1SVIXLERLEPJ XLI97 TSTYPEXMSRMWRS[GSRWMHIVIHSZIV[IMKLXERHRIEVP]
SFIWISVEFSYXTSYRHWSVQSVISZIV[IMKLX%WIEVP]EWRYVWIV]WGLSSPGLMPHVIRTVIJIV
HVE[MRKWSJTIIVWMR[LIIPGLEMVWSV[MXLJEGMEPHMWJMKYVEXMSRWSZIVXLSWISJJEXGLMPHVIR%
2EXMSREP)HYGEXMSR%WWSGMEXMSRTSWMXMSRTETIVWE]WXLEXqJSVJEXWXYHIRXWXLIWGLSSPI\TI
VMIRGIMWSRISJSRKSMRKTVINYHMGIYRRSXMGIHHMWGVMQMREXMSRERHEPQSWXGSRWXERXLEVEWW
QIRXr +SPHFIVK  T % 8LMW HMWGVMQMREXMSR FEWIH SR TIVWSRWt [IMKLX MQTEGXW
XLIMVGSPPIKIERHNSFI\TIVMIRGI-RGSPPIKIWXYHIRXWMRHMGEXIHXLI][SYPHVEXLIVQEVV]ER
IQFI^^PIVSVFPMRHTIVWSRXLERERSFIWITIVWSR3RIWXYH]JSYRHXLEXLMKLP]SFIWI[SQIR
IEVR PIWW[LMPIXLIQSHIVEXIP]SFIWIIEVREFSYX PIWWXLERXLIMVRSRSFIWIGSP
PIEKYIW-VSRMGEPP][LMXIQIR[LSEVIEPMXXPILIEZ]VIGIMZIE LMKLIVWEPEV]XLERWPMQ
QIV QIR %W [MXL SXLIV QEVKMREPM^IH KVSYTW SFIWI MRHMZMHYEPW [ERX MRGPYWMSR
IRGSYVEKIQIRXERHSTTSVXYRMX]%WLIV+SPHFIVK1ILXE 

 ;LEXEVI]SYVTIVWSREPJIIPMRKWMRWMKLXWSVSFWIVZEXMSRWVIKEVHMRKXLIMRJSVQEXMSR
EFSYXI\GIWW[IMKLX#,S[HS]SYVIEGXXSERSFIWIMRHMZMHYEP#%VI]SYVVIEGXMSRW
FEWIHSRMRJSVQIHMRJSVQEXMSRNYWXMJ]MRK]SYVMRXIVTVIXEXMSRSJWSQISRIIPWItWRSR
ZIVFEPTVIWIRGI#;LEXNYHKQIRXWLEZI]SYQEHIXLEXQMKLXFISTIRXSUYIWXMSR#
 %WEKVSYTHIXIVQMRIMJ]SYEKVIIXLEXSFIWIMRHMZMHYEPWEVIWYFNIGXXSHMWGVMQMREXMSR
0MWXXLIOMRHWSJWXIVISX]TIWETTPMIHXSXLMWTEVXMGYPEVKVSYT(IGMHI[LEXMRJSVQEXMSR
]SYVKVSYTLEWXSWYTTSVXXLIWIWXIVISX]TIW-RXIVQWSJZIVFEPGSQQYRMGEXMSREX[LEX
PIZIPSJEFWXVEGXMSREVIXLIWIWXIVISX]TIW#,S[ZEPMHEVIXLIKIRIVEPM^EXMSRW#
 -WMXIXLMGEPXSHMWGVMQMREXIFEWIHSRFSH]WLETI#;LEXHS[IPSWIF]QEVKMREPM^MRKE
WTIGMJMGKVSYTSJMRHMZMHYEPWFEWIHSRXLIMVRSRZIVFEPEGXMSRW#
 (IZMWIETPERSJEGXMSRXSVIHYGISZIV[IMKLXFEWIHPERKYEKIERHRSRZIVFEPTIVGIT
XMSRW-WXLMWHMJJMGYPX#;LEXHSIWXLMWXIPPYWEFSYXXLITS[IVSJZIVFEPERHRSRZIVFEP
GSQQYRMGEXMSRXSWLETISYVTIVGITXMSRWEXXMXYHIWERHEGXMSRW#

  7 - 0 ) 2 8 * - 0 1 7  : - ( ) 3 7  3 6 8 : 7 , 3; 7

 ;EXGLEZMHISJMPQSV8:WLS[[MXLSYXER]WSYRH
 -RHMZMHYEPP]HIGMHIXLIJSPPS[MRK;LEXRSRZIVFEPEGXMZMXMIWEVISGGYVVMRK#;LMGL
SRIW[SYPH]SYRSXLEZIRSXMGIHMJXLIVILEHFIIRWSYRH#;LMGLSRIWQEOIPMXXPI
WIRWI[MXLSYXWSYRH#;LMGLSRIWqWTIEOrXS]SY IZIRXLSYKLXLIVIMWRS WSYRH#
(SIWXLMWWYTTSVXXLIRSXMSRXLEXEGXMSRWWTIEOPSYHIVXLER[SVHW#
 %WEREPXIVREXMZI[EXGLXLIZMHISJMPQSV8:WLS[[MXLSXLIVWERHXLIRGSQTEVI
RSXIW;LMGLRSRZIVFEPEGXMSRWHMHEPPXLIKVSYTQIQFIVWRSXMGI#;LMGLWIIQMRKP]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

MQTSVXERX RSRZIVFEP GYIW HMH WSQI XEOI RSXI SJ ERH SXLIVW QMWW# ;LEX TSWWMFPI
I\TPEREXMSRWGER]SYHIZIPSTJSVXLMWHMWTEVMX]#

  8 3  ' %8 ' , %  7 4 =

 8LI7TMIWERH'MXM^IRW)\IVGMWI8LMWWQEPPKVSYTI\IVGMWIHMZMHIWEKVSYTMRXSX[SWYF
KVSYTWSJWTMIWERHGMXM^IRW8LIWTMIWQEOIYTETTVS\MQEXIP]SRIUYEVXIVXSSRIJMJXLSJ
XLIXSXEPKVSYT8LIGMXM^IRWQEOIYTXLISXLIVXLVIIUYEVXIVWSVJSYVJMJXLW&SXLGMXM^IRW
ERHWTMIWORS[LS[QER]WTMIWXLIVIEVIFYXSRP]XLIWTMIWORS[[LSXLI]EVI8LISFNIGX
SJXLII\IVGMWIMWJSVXLIGMXM^IRWXSJMKYVISYX[LSXLIWTMIWEVIERHIPMQMREXIXLIQJVSQ
XLIMVGSQQYRMX]7TMIWKSXSNEMP[LIRXLI]EVIJSYRHSYXFYX[VSRKP]EGGYWIHGMXM^IRWEPWS
PIEZIXLIGSQQYRMX]*SVGMXM^IRWXLII\TIVMIRGISJFIMRKEGGYWIHMWWSXVEYQEXMGXLEXXLI]
QSZIE[E]XSWXEVXXLIMVPMZIWSZIVMRERI[GSQQYRMX]
4VSGIHYVI
)ZIV]SRIKIXWEWLIIXSJTETIVMHIRXMJ]MRKLMQSVLIVEWIMXLIVEWT]SVEGMXM^IR8LIR
EPPTPE]IVWGPSWIXLIMVI]IW[MXLXLIMVLIEHWJEGMRKHS[RERHSRP]XLIWTMIWEVIEPPS[IHXS
PSSOEVSYRHERHMHIRXMJ]IEGLSXLIV2I\XIZIV]SRIQIIXWEWSRIFMKKVSYTERHHMWGYWWIW
XLITVSFPIQ[MXLLEZMRKWTMIWMRXLIGSQQYRMX]ERHLS[QER]WTMIWEVIORS[RXSFIXLIVI
3RGIXLI]LEZIHMWGYWWIHXLMWTVSFPIQJSVEWLSVX[LMPIQIQFIVWEGGYWIX[STISTPISJ
FIMRKWTMIW8LIWIX[STISTPIIEGLKIXXSQEOIWXEXIQIRXWEVKYMRKERHTVSZMHMRKIZMHIRGI
SJXLIMVKSSHGMXM^IRWLMT8LIRXLIIRXMVIKVSYTKIXWXSZSXISR[LMGLSRIXLI]XLMROMWE
WT]ERHXLEXTIVWSRMWIPMQMREXIHJVSQXLIGSQQYRMX]ERHJVSQJYVXLIVKVSYTHMWGYWWMSR
8LEXTIVWSRXLIRVIZIEPW[LIXLIVLISVWLIMWMRVIEPMX]EWT]SVEGMXM^IRERHXLII\IVGMWI
TVSGIIHW[MXLJYVXLIVHMWGYWWMSREGGYWEXMSRWZSXMRKERHIPMQMREXMSRSJQIQFIVWJVSQXLI
GSQQYRMX] 3RGI QIQFIVW EVI IPMQMREXIH JVSQ XLI KVSYT HMWGYWWMSR XLI] FIGSQI
SFWIVZIVWSJ[LEXEVIIJJIGXMZIZIVFEPERHRSRZIVFEPWXVEXIKMIWJSVFIMRKFIPMIZIHF]XLI
KVSYTXLEXXLI]EVIKSSHGMXM^IRW;LEXEVIIJJIGXMZIZIVFEPERHRSRZIVFEPWXVEXIKMIW#;LEX
EVIMRIJJIGXMZISRIW#,S[EVIKVSYTHIGMWMSRWMRJPYIRGIHF]XLIYWISJXLIWIIJJIGXMZIERH
PIWWIJJIGXMZIWXVEXIKMIW#

6)*)6)2')7

%RHIVWIR4% 2SRZIVFEPGSQQYRMGEXMSR*SVQW &SVQERR)+

&SVQERR2' )JJIGXMZIWQEPP
ERHJYRGXMSRW 1SYRXEMR:MI['%1E]JMIPH KVSYTGSQQYRMGEXMSR XLIH )HMRE12&YVKIWW
%WLIV (  1E].YRI  (MWGVMQMREXMSR % [IMKLX] &YPPIV(&
%YRI6/ 8LIIJJIGXWSJZSGEPMGW
QEXXIV4W]GLSPSK]8SHE] T ERHRSRZIVFEPWIRWMXMZMX]SRGSQTPMERGI%WTIIGL
&IEQIV0
:EVRIV- -RXIVGYPXYVEPGSQQYRMGE EGGSQQSHEXMSR XLISV] I\TPEREXMSR ,YQER 'SQ
XMSR MR E KPSFEP [SVOTPEGI &SWXSR 1G+VE[,MPP QYRMGEXMSR6IWIEVGL i
-V[MR &YPPIV ( &
 &YVKSSR . /   8LI IJJIGXW SJ
&MVH[LMWXIPP 6 0   /MRIWMGW ERH GSRXI\X )WWE]W ZSGEPMGW ERH RSRZIVFEP WIRWMXMZMX] SR GSQTPMERGI
SRFSH]QSXMSRGSQQYRMGEXMSR 4LMPEHIPTLME9RM % VITPMGEXMSR ERH I\XIRWMSR ,YQER 'SQQYRMGE
ZIVWMX]SJ4IRRW]PZERME4VIWW XMSR6IWIEVGL i
&SPQER0+
(IEP8) 6IJVEQMRKSVKERM^E &YVKSSR . / &YPPIV ( &
 ;SSHEPP ; +  
XMSRW%VXMWXV]GLSMGIERHPIEHIVWLMT VHIH 7ER 2SRZIVFEPGSQQYRMGEXMSR8LIYRWTSOIRHMEPSKYI
*VERGMWGS.SWWI]&EWW 2I[=SVO1G+VE[,MPP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

&YVKSSR./
7EMRI8 8LIYRWTSOIRHMEPSKYI /SVHME1 7]QFSPWSJTS[IV-R4.*VSWX;*
(EPPEW,SYKLXSR1MJJPMR 1MXGLIPP
;62SVH)HW 3VKERM^EXMSREPVIEP
'PERG].. 8LIMRZMWMFPITS[IVW8LIPERKYEKISJ MX]6ITSVXWJVSQXLIJMVMRKPMRI VHIHTTi
FYWMRIWW 0I\MRKXSR1%0I\MRKXSR&SSOW  +PIRZMI[-07GSXX*SVIWQER
'SOIV(%
&YVKSSR./ 8LIREXYVISJGSR 0IHIVIV 6  .YP] i  7SQI LIEHPMRIW WE] JEV
ZIVWEXMSREP MRZSPZIQIRX ERH RSRZIVFEP IRGSHMRK QSVIXLERXLI]QIERXS8LI4EXVMSX0IHKIV T
TEXXIVRW,YQER'SQQYRMGEXMSR6IWIEVGL  1ILVEFMER% 7MPIRXQIWWEKIW-QTPMGMXGSQQYRM
i GEXMSR SJ IQSXMSRW ERH EXXMXYHIW RH IH  &IP
'SSTIV/ 2SRZIVFEPGSQQYRMGEXMSRJSVFYWMRIWW QSRX'%;EHW[SVXL
WYGGIWW 2I[=SVO%1%'31 1ILXE 7 2  .YP]   ;LEX QMRSVMX] IQTPS]IIW
(SFOMR &%
 4EGI 6'   'SQQYRMGEXMRK MR E VIEPP][ERX*SVXYRI TTi
GLERKMRK [SVPH %R MRXVSHYGXMSR XS XLISV] ERH 2IYPMIT.; -RXIVGYPXYVEPGSQQYRMGEXMSR%GSR
TVEGXMGI2I[=SVO1G+VE[,MPP XI\XYEPETTVSEGL &SWXSR,SYKLXSR1MJJPMR
(Y&VMR%. %TTP]MRKTW]GLSPSK]-RHMZMHYEPERH 2I[XSR(%
&YVKSSR./ 8LIYWIERHGSR
SVKERM^EXMSREP IJJIGXMZIRIWW XL IH  9TTIV 7EH WIUYIRGIW SJ ZIVFEP MRJPYIRGI WXVEXIKMIW HYVMRK
HPI6MZIV2.4VIRXMGI,EPP MRXIVTIVWSREP HMWEKVIIQIRXW ,YQER 'SQQYRMGE
(YRGER;.
*IMWEP.4 2SPEYKLMRKQEXXIV XMSR6IWIEVGL i
4EXXIVRWSJLYQSVMRXLI[SVOTPEGI3VKERM^EXMSREP 3VFIV14
,EVVMW81 -RXIVVEGMEPGSQQYRM
(]REQMGW i GEXMSR8LISV]MRXSTVEGXMGI &IPQSRX'%;EHW
)VMGOWSR* 8LIFIEXKSIWSR4W]GLSPSK]8SHE] [SVXL8LSQWSR0IEVRMRK
TT 4PYRK ( 0
 1SRXKSQIV]8 8   4VSJIWWMSREP
)VZMR8VMTT71 %REREP]WMWSJXLIMRXIVEGXMSRSJ GSQQYRMGEXMSR8LIGSVTSVEXIMRWMHIVtWETTVSEGL
PERKYEKIXSTMGERHPMWXIRIV-R.%*MWLQER)H  978LSQWSR7SYXL;IWXIVR
6IEHMRKMRXLIWSGMSPSK]SJPERKYEKI 8LI,EKYI 6IQPERH 1 7   2SRZIVFEP GSQQYRMGEXMSR MR
1SYXSR IZIV]HE]PMJI &SWXSR,SYKLXSR1MJJPMR
+SPHFIVK'2SZIQFIV 7XYH]3FIWMX]TVINY 6SWI. 'SQQYRMGEXMSRGLEPPIRKIWERHVSPIJYRG
HMGIETTIEVWIEVP]ERHMRQSWXWTLIVIWSJPMJI8LI XMSRWSJTIVJSVQMRKKVSYTW7QEPP+VSYT6IWIEVGL
8YWGEPSSWE2I[W TT%%  i
+VE^MER*7ITXIQFIV 7QMPMRKIUYEPWXVYWX'SQ 7LEVTI62SZIQFIV %WPIEHIVW[SQIRVYPI
QYRMGEXMSR&VMIJMRKW  &YWMRIWW;IIO TTi
,EGOQER1>
.SLRWSR') 0IEHIVWLMT% 7QMXL ( 6
;MPPMEQWSR 0 /  -RXIVTIVWSREP
GSQQYRMGEXMSR TIVWTIGXMZI 4VSWTIGX ,IMKLXW -0 GSQQYRMGEXMSR6SPIWVYPIWWXVEXIKMIWERHKEQIW
;EZIPERH VHIH (YFYUYI-%&VS[R
,EPP)8 8LIWMPIRXPERKYEKI +EVHIR'MX]2= 7SQQIV6 4IVWSREPWTEGI8LIFILEZMSVEPFEWMW
(SYFPIHE] SJHIWMKR )RKPI[SSH'PMJJW2.4VIRXMGI,EPP
,EPP)8 %W]WXIQJSVXLIRSXEXMSRSJTVS\IQMG ;MXLIVWTSSR4( 'SQQYRMGEXMRKPIEHIVWLMT%R
FILEZMSV%QIVMGER%RXLVSTSPSKMWX i SVKERM^EXMSREP TIVWTIGXMZI 2IIHLEQ ,IMKLXW
,EQMPXSR' 'SQQYRMGEXMRKJSVVIWYPXW%KYMHI 1%%PP]R
&EGSR
JSV FYWMRIWW ERH TVSJIWWMSREPW 97 8LSQWSR
;EHW[SVXL
,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE
XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVIWYGGIWW
1EL[EL2.0E[VIRGI)VPFEYQ

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
0MWXIRMRKERH*IIHFEGO
8LI3XLIV,EPJ
SJ'SQQYRMGEXMSR

',%48)63980-2)

1SXMZEXMSR *IIHFEGO 6IWTSRHMRKXSXLI1IWWEKI

8LI*SYV'SQTSRIRXWSJ0MWXIRMRK 4VSZMHMRK'SRWXVYGXMZI*IIHFEGO
7IRWMRK,IEVMRKXLI1IWWEKI 6IGIMZMRK*IIHFEGO
-RXIVTVIXMRKXLI1IWWEKI 7YQQEV]
)ZEPYEXMRKXLI1IWWEKI'SRXIRX (MWGYWWMSR5YIWXMSRW
1IQSV]6IXEMRMRKERH6IWTSRHMRKXSXLI
)\IVGMWIW
1IWWEKI
6IJIVIRGIW
%GXMZI0MWXIRMRK
&EVVMIVWXS%GXMZI0MWXIRMRK
%GXMZI0MWXIRMRK6IWTSRWI1IXLSHW

',%48)63&.)'8-:)7

)\TPEMRXLIMQTSVXERGISJPMWXIRMRK
-HIRXMJ]XLIVSPITPE]IHF]QSXMZEXMSRMRIJJIGXMZIPMWXIRMRK
3YXPMRIXLIJSYVGSQTSRIRXWSJPMWXIRMRK
-HIRXMJ]XLIFEVVMIVWXSIJJIGXMZIPMWXIRMRK
(IJMRIEGXMZIPMWXIRMRK
'PEVMJ]XLIFEVVMIVWXSEGXMZIPMWXIRMRK
)PYGMHEXIXLIJSYVVIWTSRWIQIXLSHWSJEGXMZIPMWXIRIVW
(MWGYWWXLIIMKLXKYMHIPMRIWJSVJIIHFEGO
(IWGVMFIGSRWXVYGXMZIJIIHFEGOXIGLRMUYIW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

/ )=8 )6 17

%GXMZIPMWXIRMRK -RXIVREPRSMWI 6IGIMZMRKJIIHFEGO

%VVSKERGI -RXIVTVIXMRK 5YIWXMSRW
'SRWXVYGXMZIJIIHFEGO 0EGOSJMRXIVIWX 7IPIGXMZIEXXIRXMSR
(MWVIWTIGX 0SRKXIVQQIQSV] 7IRWMRK
(MWXVEGXMRKHIPMZIV] 1IQSV] 7LSVXXIVQQIQSV]
)ZEPYEXMSR 2SMWI 8LSYKLXWTIIH
)\TVIWWMRKYRHIVWXERHMRK 4EVETLVEWMRK ;LEXtWMRMXJSVQI
)\XIVREPRSMWI 4VITVSKVEQQIHIQSXMSREP
*IIHFEGO VIWTSRWIW

;LStWSR*MVWX#
%FFSXX 8LI]KMZIFEPPTPE]IVWRS[EHE]WZIV]TIGYPMEVREQIW
'SWXIPPS *YRR]REQIW#
%FFSXX 2MGOREQIW4IXREQIW2S[SRXLI7X0SYMWXIEQ[ILEZI;LStWSR
JMVWX;LEXtWSRWIGSRH-(SRtX/RS[MWSRXLMVH
'SWXIPPS 8LEXtW[LEX-[ERXXSJMRHSYX-[ERX]SYXSXIPPQIXLIREQIWSJXLI
JIPPS[WSRXLI7X0SYMWXIEQ
%FFSXX -tQXIPPMRK]SY;LStWSRJMVWX;LEXtWSRWIGSRH-(SRtX/RS[MWSRXLMVH
'SWXIPPS =SYORS[XLIJIPPS[Wt REQIW#
%FFSXX =IW
'SWXIPPS ;IPPXLIR[LStWTPE]MRt JMVWX#
%FFSXX =IW
'SWXIPPS -QIERXLIJIPPS[tWREQISRJMVWXFEWI
%FFSXX ;LS
'SWXIPPS 8LIJIPPS[TPE]MRt JMVWXFEWIJSV7X0SYMW
%FFSXX ;LS
'SWXIPPS 8LIKY]SRJMVWXFEWI
%FFSXX ;LSMWSRJMVWX
'SWXIPPS ;IPP[LEXEVI]SYEWOMRt QIJSV#
JVSQ8LI2EYKLX]2MRIXMIW EWUYSXIHMR*YVQERIO
4EPYQFS

-RER]LYQERGSQQYRMGEXMSR TVSGIWWIJJIGXMZI PMWXIRMRKMW IUYEPP]EW MQTSVXERXEW

GPIEVEVXMGYPEXIWTIEOMRK7IRWMXMZIEVXMGYPEXII\TVIWWMSRSJMHIEWMWSRILEPJSJGSQ
QYRMGEXMSRGEVIJYPIJJIGXMZIPMWXIRMRKMWXLISXLIV6IGIMZMRKXLIQIWWEKIFIMRKWIRX
F]XLISXLIVTIVWSRERHEGGYVEXIP]EWWMKRMRKQIERMRKWXSXLEXQIWWEKIEVIVIUYMVIHJSV
YRHIVWXERHMRK ERH JSV ER] VIEP GSQQYRMGEXMSR XS XEOI TPEGI%FFSXX ERH 'SWXIPPStW
q;LStWSR*MVWX#rQMWYRHIVWXERHMRKGERFVMRKEWQMPIXS]SYVJEGIFYXWQEPPKVSYT
QMWYRHIVWXERHMRKWEVIRSXYWYEPP]EWJYRR]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR 

7QEPPKVSYTWEVIIJJIGXMZIFIGEYWISJXLIKVSYTW]RIVK]XLEXHIZIPSTWXLVSYKLE
GSQQSRKVSYTYRHIVWXERHMRK8LMWGSQQSRYRHIVWXERHMRKERHW]RIVK]EVIQEHITSW
WMFPIF]IJJIGXMZIPMWXIRMRKJSPPS[IHF]MRGSVTSVEXMRKXLIMRHMZMHYEPMHIEWMRRI[[E]W
ERHMRXSRI[JSVQW-RSVHIVXSXEOIEHZERXEKISJIZIV]SRItWMRTYX[IQYWXFIKSSHPMW
XIRIVW;MXLSYXGEVIJYPPMWXIRMRKXLIKVSYTMWWMQTP]QEHIYTSJMRHMZMHYEPW[MXLMRHI
TIRHIRX ERH SJXIR GSQTIXMRK SV GSRJPMGXMRK MHIEW 8LI KSEP SJ WQEPP KVSYT
GSQQYRMGEXMSRMWXSGVIEXIERHHIZIPSTMHIEWXSKIXLIV7XI[EVX
8LSQEW 0MW
XIRMRKTPE]WEOI]VSPIMREGLMIZMRKXLEXKSEPERHMJRSSRIMWPMWXIRMRKIJJIGXMZIP]XLI
KVSYTJEMPWXSEGLMIZIXLIPEVKIVYRMX]JSV[LMGLMX[EWGSRZIRIH-RSVKERM^EXMSRWXLI
LMKLTIVJSVQERGI ERH WYGGIWWJYP XIEQW LEZI qER STIR GSQQYRMGEXMSR WXVYGXYVI XLEX
EPPS[WEPPQIQFIVWXSTEVXMGMTEXI-RHMZMHYEPWEVIPMWXIRIHXSVIKEVHPIWWSJXLIMVEKIXMXPI
WI\VEGIIXLRMGMX]TVSJIWWMSRSVSXLIVWXEXYWGLEVEGXIVMWXMGWr;LIIPERT 
6IWIEVGLMRHMGEXIWLS[IZIVXLEXIZIRXLSYKLEFSYXLEPJSJSYVGSQQYRMGEXMSR
XMQIMWWTIRXPMWXIRMRK(Y&VMR.SLRWSR QSWXSJYWEVIRSXZIV]KSSHPMW
XIRIVW%PIWWERHVE
,YRWEOIV 1ER]TL]WMGMERWHSRSXPMWXIRGEVIJYPP]IRSYKL
XS XLIMV TEXMIRXWt WXSVMIW XS QEOI EGGYVEXI HMEKRSWIW /SPEXE  2]UYMWX 
-RHIIH QSWX SJ YW PMWXIR EX EFSYX E   IJJIGXMZIRIWW PIZIP[LMGL QIERW [I QMWW
EFSYX SJXLIQIWWEKIW6IIGI
&VERHX -REHHMXMSR[LEX-LIEVQE]RSX
FIXLI ]SYXLSYKLX[EWXLIQSWXMQTSVXERX-RIJJIGXMZIPMWXIRMRKXSSRITIVWSR
MRXIVJIVIW[MXLGSQQYRMGEXMSR-RKVSYTWMXFIGSQIWERIZIRKVIEXIVSFWXEGPIFIGEYWI
[IEVIPMWXIRMRKXSWIZIVEPTISTPITVSZMHMRKZEV]MRKQIWWEKIW
;L]EVI[IWYGLTSSVPMWXIRIVW#7SQIWGLSPEVWLEZIWYKKIWXIHXLEXIZIRXLSYKL
[ILEZIEPPFIIRIRGSYVEKIHXSXEPOJI[SJYWLEZIFIIRXEYKLXLS[XSPMWXIR%W.SLR
WSRT TYXWMXq2STEVIRX[EMXWIEKIVP]JSVEGLMPHXSPIEVRXSPMWXIR6EXLIV
XLIIQTLEWMWMWSRPIEVRMRKXSXEPOr;IXIRHXSFIPMIZIXLEXXEPOMRKMWXLIWEQIXLMRKEW
GSQQYRMGEXMRK=IXEWXLII\TVIWWMSRKSIWq+SHKEZI]SYX[SIEVWERHSRIQSYXLr
;IMRGSVVIGXP]MHIRXMJ]XEPOMRK[MXLPIEHMRKERHJSPPS[MRK[MXLPMWXIRMRK3JXIR
PMWXIRMRKMWXLIQSVIMQTSVXERXWOMPP6E] %XVERWGVMTXJVSQEREGXYEPVEHMSGSR
ZIVWEXMSRSJE972EZ]WLMT[MXL'EREHMEREYXLSVMXMIWSJJXLIGSEWXSJ2I[JSYRHPERH
MR3GXSFIVhVIPIEWIHF]XLI'LMIJSJ2EZEP3TIVEXMSRWSR3GXSFIVh
QEOIWXLITSMRX

'EREHMERW 4PIEWIHMZIVX]SYVGSYVWIHIKVIIWXSXLI7SYXLXSEZSMHEGSPPMWMSR
%QIVMGERW 6IGSQQIRH ]SY HMZIVX ]SYV GSYVWI  HIKVIIW XS XLI 2SVXL XS
EZSMHEGSPPMWMSR
'EREHMERW 2IKEXMZI=SY [MPP LEZI XS HMZIVX ]SYV GSYVWI  HIKVIIW XS XLI
7SYXLXSEZSMHEGSPPMWMSR
%QIVMGERW 8LMWMWXLI'ETXEMRSJE972EZ]WLMT-WE]EKEMRHMZIVX=396
GSYVWI
'EREHMERW 2S-WE]EKEMRHMZIVX=396GSYVWI
%QIVMGERW 8LMWMWXLIEMVGVEJXGEVVMIV9770MRGSPR 8LIWIGSRHPEVKIWXWLMTMR
XLI 9RMXIH 7XEXIW  *PIIX;I EVI EGGSQTERMIH F] XLVII HIWXVS]IVW XLVII
GVYMWIVW ERH RYQIVSYW WYTTSVX ZIWWIPW - HIQERH XLEX ]SY GLERKI=396

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

GSYVWIHIKVIIWRSVXL-WE]EKEMRXLEXMWSRIJMZIHIKVIIWRSVXLSVGSYRXIV
QIEWYVIW[MPPFIXEOIRXSIRWYVIXLIWEJIX]SJXLMWWLMT
'EREHMERW 8LMWMWEPMKLXLSYWI=SYVGEPP

0MWXIRMRKGERFIEGVMXMGEPPIEHIVWLMTWOMPP
1IHMEXSVWRIKSXMEXSVWERHSXLIVMRHMZMHYEPW[LS EVIXVEMRIHXS[SVO XLVSYKL
TVSFPIQW QYWX JMVWX PIEVR XS PMWXIR IJJIGXMZIP] -R RIKSXMEXSV XVEMRMRK WIQMREVW XLI
RIKSXMEXSVXVEMRIIWEVIVIQMRHIHXLEXXLI]RIZIVPIEVRIHER]XLMRK[LMPIXLI][IVIXEPO
MRKERHXLEXXLI]GERRSXWYGGIIHMRERIKSXMEXMRKWIWWMSRYRXMPXLI]JYPP]YRHIVWXERHXLI
SXLIVWMHI%WLIVQER
%WLIVQER  ;LIR XLI]EVIXEPOMRKXLI] EVIWIRHMRK
QIWWEKIWFYXEVIRSXHIZIPSTMRKQYGLMRWMKLXMRXSLS[SXLIVTISTPIXLMROSVJIIP
-R8LI7IZIR,EFMXWSJ,MKLP])JJIGXMZI4ISTPI 'SZI] MHIRXMJMIWSRISJXLI
WIZIRLEFMXWEWq7IIOJMVWXXSYRHIVWXERHXLIRXSFIYRHIVWXSSHT r-RIJJIGXMZI
TISTPILII\TPEMRWEVIIEKIVXSFILIEVHFYXSJXIRHSRSXXEOIXLIXMQIXSYRHIVWXERH
XLI SXLIV TIVWSRtW TIVWTIGXMZI FIJSVI WTIEOMRK ,MKLP] IJJIGXMZI TISTPI TPEGI YRHIV
WXERHMRKXLISXLIVTIVWSRJMVWXERHXLEXYRHIVWXERHMRKGSQIWSRP]XLVSYKLPMWXIRMRK

1SXMZEXMSR
2SSRIFIGSQIWEFIXXIVPMWXIRIV[MXLSYXXLIQSXMZEXMSRXSHSWS)WWIRXMEPP][IEPP
EWOq;LEXtWMRMXJSVQI#r -RWQEPPKVSYTWXLITE]SJJMWGPIEV)JJIGXMZIPMWXIRMRK[MXL
XLIGSRWIUYIRXW]RIVK]SJWLEVIHMHIEWEPPS[WJSVWYGGIWWJYPWSPYXMSRWXSTVSFPIQW
XLIEGLMIZIQIRXSJKSEPWERHXLITIVWSREPWEXMWJEGXMSRSJENSF[IPPHSRI
0MWXIRMRKLEWFIIRWLS[RXSFIEZMXEPWOMPPJSVWYGGIWWJYPQEREKIVWWYTIVZMWSVW
ERH TVSJIWWMSREP IQTPS]IIW XEOMRK QSVI XLER   SJ XLIMV EZIVEKI HE] SR XLI NSF
4IXIVW ,S[IZIVqSRP]EFSYXSRIXLMVHSJIQTPS]IIWWE]XLEXXLIMVQEREKIVW
PMWXIRXSXLIQr7[IIRI]
1G*EVPMRT 
8LIVI[EVHWSJIJJIGXMZIPMWXIRMRKMRGPYHIQER]PMJIIRLERGMRKI\TIVMIRGIWWYGL
EWPIEVRMRKFYMPHMRKVIPEXMSRWLMTWFIMRKIRXIVXEMRIHQEOMRKMRXIPPMKIRXHIGMWMSRWWEZ
MRKXMQIIRNS]MRKGSRZIVWEXMSRWWIXXPMRKHMWEKVIIQIRXWKIXXMRKXLIFIWXZEPYITVIZIRX
MRKEGGMHIRXWERHQMWXEOIWEWOMRKMRXIPPMKIRXUYIWXMSRWERHQEOMRKEGGYVEXIIZEPYEXMSRW
(Y&EMR6IGGI
&VERHX *MREPP]KSSHPMWXIRIVWKIXEKVIEXHIEPQSVISYX
SJWQEPPKVSYTQIQFIVWLMTERHEVIQSVIETTVIGMEXIHF]XLIMVJIPPS[QIQFIVW
+SSH PMWXIRMRK MW LS[IZIV E ZIV] GSQTPI\ TVSGIWW ERH XLIVI EVI RYQIVSYW
[E]WXSTEVWIMXMRXSMXWGSQTSRIRXTEVXW-RXLMWGLETXIV[ITVIWIRXWIZIVEP[E]WSJ
PSSOMRKEXXLIPMWXIRMRKTVSGIWW*MVWX[II\EQMRIXLIJSYVGSQTSRIRXWSJPMWXIRMRK
LIEVMRKMRXIVTVIXMRKIZEPYEXMRKERHVIWTSRHMRK8LIR[II\EQMRIEGXMZIZIVWYWTEW
WMZIPMWXIRMRK

8LI*SYV'SQTSRIRXWSJ0MWXIRMRK
0MWXIRMRKMRZSPZIW JSYVWIUYIRXMEP GSQTSRIRXW I\TIVMIRGIH MR VETMH WYGGIWWMSR;I
QYWXWIRWISVLIEVXLIQIWWEKIMRXIVTVIXSVTVSZMHIQIERMRKXSXLIQIWWEKIIZEPYEXI
XLIGSRXIRXSJXLIQIWWEKIERHVIXEMRERHVIWTSRHXSXLIQIWWEKIMRXLIGSRXI\XSJER

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8LI*SYV'SQTSRIRXWSJ0MWXIRMRK 

SRKSMRK GSQQYRMGEXMSR IZIRX )EGL SJ XLIWI GSQTSRIRXW MW MR MXWIPJ E GSQTPI\
TVSGIWW*SVXLMWVIEWSREQSVIHIXEMPIHI\EQMREXMSRSJIEGLJSPPS[W

7IRWMRK,IEVMRKXLI1IWWEKI
,IEVMRKXLIWSYRHWERHIZIRFIMRKEFPIXSVITIEXXLI[SVHWMWRSXXLIWEQIXLMRKEW
WIRWMRK SVLIEVMRKXLIQIWWEKI,IEVMRKMWXLIMRZSPYRXEV]qTL]WMSPSKMGEPTVSGIWWSJ
VIGIMZMRKEYVEPWXMQYPMr.SLRWSRT 8LYWXLIEGXSJLIEVMRKXLIWSYRHWMW
RSRWIPIGXMZI 7IRWMRKSVLIEVMRK XLI QIWWEKI SR XLI SXLIV LERH MW E ZSPYRXEV] EGX
[LIVIF][IGLSSWIGIVXEMRWSYRHWERHRSMWIWXSTE]EXXIRXMSRXS[LMPIEZSMHMRKSXL
IVW8LMWMWERMQTSVXERXTEVXSJPMWXIRMRKERHLETTIRWEWEVIWYPXSJSYVHIGMWMSRXS
EXXYRI XS GIVXEMR QIWWEKIW ,IEVMRK ERH PMWXIRMRK XS XLI QIWWEKI EVI MRJPYIRGIH F]
WIPIGXMZIEXXIRXMSRERHXLIEQSYRXWSJI\XIVREPERHMRXIVREPRSMWI

7IPIGXMZI%XXIRXMSR 'LSSWMRKSRIQIWWEKISZIVERSXLIVMWGEPPIHWIPIGXMZIEXXIRXMSR
8LIQIWWEKIW[IEXXYRIXSEVIXLISRIWXLEXLEZIWSQIqTVITVSKVEQQIHrMQTSVXERGI
JSVYW-J-EQEREZMHJSSXFEPPJER-[MPPFIHVE[RXS[EVHJSSXFEPPVIPEXIHQIWWEKIW-J
-tQMRXIVIWXIHMRWSGMEPSVIRZMVSRQIRXEPMWWYIW-[MPPXYRIMRXSXLSWI-J-EQEFPSK
KIV - [MPP WIPIGXMZIP] EXXIRH XS QIWWEKIW VIPEXIH XS FPSKKMRK -J - EQ GSQQMXXIH XS
WSGMEPNYWXMGI-EQQSVIPMOIP]XSTE]EXXIRXMSR[LIRIUYEPVMKLXWMWWYIWEVIHMWGYWWIH
3RXLISXLIVLERHMJ-HSRSXJSPPS[XLIWSETSTIVEWSR8:-EQRSXPMOIP]XSTE]EXXIR
XMSRXSWSQISRIHMWGYWWMRKXLIPEXIWXKSWWMTEFSYXSRISJXLIWXEVW
8LIVIEVIWIZIVEPVIEWSRW[IIRKEKIMRXLMWTVEGXMGISJWIPIGXMZIEXXIRXMSREWMRHM
GEXIHMR8EFPI 8SWXEVXWSQIXLMRKWEVIWMQTP]QSVIMQTSVXERXXSYW*SVI\EQTPI
[LIRWSQISRIGEPPWSYVREQI[IEVIQSVIPMOIP]XSVIWTSRH;MXLXLIFEVVEKISJWXMQ
YPEXMSRXLEXEWWEYPXWYWJVSQEPPHMVIGXMSRWMRSYVHEMP]PMZIW[IQYWXPIEVRXSHMWGVMQM
REXIXLSWIWXMQYPMXLEXEVIRIGIWWEV]IMXLIVXSSYVWYVZMZEPSVXSSYV[IPPFIMRKJVSQ
XLSWIXLEXQEOIPMXXPIHMJJIVIRGIXSYWMRSYVSRKSMRKPMZIW&IGEYWI[IGERRSXTSWWMFP]
TVSGIWWEPPXLIWXMQYPEXMSRXLEXWYVVSYRHWYW[ILEZIPIEVRIHXSTE]EXXIRXMSRXSXLSWI
WXMQYPMXLEXEVIJEQMPMEVXSYWERHXLEXLEZITEVXMGYPEVWMKRMJMGERGIJSVYW8LIWIGER
VERKIJVSQMWWYIWSJGVYGMEPMQTSVXERGIXSXLSWIXLEXETTIEVXVMZMEP8LI]GERMRGPYHI
FEWMG WYVZMZEP SYVNSFW SYV VIPEXMSRWLMTW TSTYPEV GYPXYVEPMGSRW SV ER]RYQFIV SJ
SXLIVWXMQYPMMRSYVIRZMVSRQIRXW
&IGEYWI WQEPP KVSYTW EVI GSRZIRIH JSV ER] RYQFIV SJ TYVTSWIW [I QE] FI
GEPPIHSRXSPMWXIRXSHMWGYWWMSRWVERKMRKJVSQWYFNIGXWMR[LMGL[ILEZIPMXXPISVRS
MRXIVIWXXSXLSWIMR[LMGL[ILEZIWXVSRKJIIPMRKWSVJIIPTEVXMGYPEVP]I\TIVXXSXLSWI
XLEXI\GMXIKVIEXGSRXVSZIVW]-RIEGLSJXLIWIGEWIW[IEVITVIWIRXIH[MXLTEVXMGYPEV

8%&0) 6IEWSRWJSV7IPIGXMZI%XXIRXMSR

 7SQIXLMRKWEVIQSVIMQTSVXERXXLERSXLIVW
 ;IEVIQSVIPMOIP]XSPMWXIR[LIRXLIGSRXIRXWYTTSVXWSYVTSMRXSJZMI[
 1IWWEKIWGSRXVEHMGXMRK[LEX[IFIPMIZIEVIPMOIP]XSFIVINIGXIH
 )\TIVXMWISVYRHIVWXERHMRKGERHIGVIEWIMRXIVIWXMRSXLIVZMI[TSMRXW
 (MJJMGYPXQEXIVMEPQE]FIMKRSVIH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

GLEPPIRKIWXSSYVEFMPMX]XSPMWXIRGEVIJYPP]ERHXSGSRXVMFYXIQIERMRKJYPP]XSXLIKVSYT
HMWGYWWMSR
-REHHMXMSRWQEPPKVSYTWEVIJVIUYIRXP]QEHIYTSJMRHMZMHYEPWJVSQEZEVMIX]SJ
FEGOKVSYRHWI\TIVMIRGIWERHTSMRXWSJZMI[-J[ILEZIFIIREWOIHXSNSMREKVSYT
GSRZIRIHXSGSQIYT[MXLWSPYXMSRWXSEKMZIRTVSFPIQMRSYVGSQQYRMX][IEVIQSVI
PMOIP]XSTE]EXXIRXMSRXSERHXSWMHI[MXLMRHMZMHYEPWEVKYQIRXWSVI\EQTPIWXLEX
WYTTSVXSYVTSMRXSJZMI[SRXLIMWWYIXLERXSXLSWIXLEXSTTSWIMXTEVXMGYPEVP]MJXLI
XSTMGMWEGSRXVSZIVWMEPSRI-REWIRWI[ITYXqIQSXMSREPGSXXSRrMRSYVIEVW[LIRGIV
XEMRXSTMGWEVIFVSEGLIH)ZIR[LIR[IEVIVIEH]XSPMWXIRERKIVJVYWXVEXMSRSVLSWXMP
MX]QE]MRXIVJIVIERHQEOIYWHIJIRWMZIVEXLIVXLERKSSHPMWXIRIVW
;LIR QIWWEKIW GSRXVEHMGX SV GLEPPIRKI SYV [E] SJ XLMROMRK [I QE] XIRH XS
VINIGXXLIQ4VINYHMGIWWXIVISX]TIWERHTVIGSRGIMZIHMHIEWGERTVIZIRXYWJVSQJYPP]
LIEVMRK MWWYIW ERH EPXIVREXMZI ZMI[TSMRXW SR XSTMGW -J [I LSPH TVIGSRGIMZIH MHIEW
EFSYXXLITPEGISJ[SQIRMRSYVWSGMIX]EWWYQIXLEXSPHIVTISTPILEZIPMXXPIXSGSR
XVMFYXIXSXLIIGSRSQMGFEWISJSYVWSGMIX]QEOIEWWYQTXMSRWEFSYXXLIKIRIVEPGLEV
EGXIVMWXMGW SJ TISTPI FEWIH SR XLIMV VEGMEP SV IXLRMG FEGOKVSYRHW LSPH WXIVISX]TIW
EFSYXKE]TISTPISVFIPMIZIEHEQERXP]MRSRIWMHISJERMWWYIWYGLEWXLIVMKLXXSHMI
SVXLIVMKLXXSGLSMGIXLIRMXFIGSQIWHMJJMGYPXJSVYWXSLIEVSXLIVTISTPItWZMI[WSR
XLIWIXSTMGW[LIRXLI]STTSWISVIZIRUYIWXMSRSYVS[R
-REHHMXMSR[IQEOIGSRWGMSYWHIGMWMSRWXSTE]EXXIRXMSRXSWSQIQIWWEKIWERH
MKRSVISXLIVW%W[IFIGSQIQSVII\TIVXMRETEVXMGYPEVWYFNIGX[IQE]XIRHXSHMWQMWW
[LEX [I GSRWMHIV YRWSTLMWXMGEXIH ZMI[TSMRXW 8LMW GER FIGSQI E TVSFPIQ MR WQEPP
KVSYTW [LIR MHIEW EVI [IMKLXIH XS[EVH XLI STMRMSRW SJ XLI qI\TIVXWr ERH QMWW XLI
TSXIRXMEPP] FVSEHIV ERH WSQIXMQIW MRRSZEXMZI ZMI[W SJ XLSWISRXLI qSYXWMHIr SJ XLI
MWWYI
*MREPP] HMJJMGYPX QEXIVMEP QE] HMWGSYVEKI YW JVSQ PMWXIRMRK GEVIJYPP] -J [I
FIPMIZI[IHSRSXYRHIVWXERHXLIMWWYIMRUYIWXMSR[IQE]WMQTP]HVSTSYXSJXLIHMW
GYWWMSREWWYQMRK[ILEZIRSXLMRKXSSJJIVXSMXER][E]8LMWVSFWXLIKVSYTSJSYV
TSXIRXMEPMRTYXJVSQEJVIWLTIVWTIGXMZI[LMPIVSFFMRKSYVWIPZIWSJERSTTSVXYRMX]XS
PIEVRWSQIXLMRKRI[ERHTIVLETWFIRIJMGMEPMRWSQI[E]-REWQEPPKVSYTQIQFIVW
[MXLTEVXMGYPEVI\TIVXMWIRIIHXSXEOIVIWTSRWMFMPMX]JSVGPEVMJ]MRKXLIMWWYIWERHLIPT
MRKEPPQIQFIVWSZIVGSQIXLIFEVVMIVWXSYRHIVWXERHMRKFYXXLI]QYWXEPWSFISTIRXS
PMWXIRMRKXSRI[ERHMRRSZEXMZIETTVSEGLIWXSXLIMWWYIYRHIVHMWGYWWMSR

2SMWI 2SMWI MW E YWIJYP XIVQ JSV XLI MRXIVJIVIRGI XLEX SGGYVW FIX[IIR XLI WTSOIR
QIWWEKIERHLIEVMRKMX8LIVIEVIX[SX]TIWSJRSMWII\XIVREPERHMRXIVREP)\XIVREP
RSMWI MRGPYHIWHMWXVEGXMSRWXLEXQEOIMXHMJJMGYPXXSLIEVXLISXLIVTIVWSR*SVEWQEPP
KVSYTXLIWIGERMRGPYHII\XVERISYWWSYRHWEXIPITLSRIVMRKMRKFEHEGSYWXMGWTSSV
ZMWMFMPMX] FIX[IIR XLI WTIEOIV ERH XLI PMWXIRIV ER YRGSQJSVXEFPI TL]WMGEP IRZMVSR
QIRXSXLIVTISTPIXEPOMRKGSYKLMRKSVQSZMRKEVSYRHSVER]RYQFIVSJSXLIVTL]W
MGEPHMWXVEGXMSRW'SQIHMER+ISVKI'EVPMRtWUYMTq%VIRtX]SYKPEHXLITLSRI[EWRtX
MRZIRXIHF]%PI\ERHIV+VELEQ7MVIR#rEPPYHIWXSXLIHMWXVEGXMSRERHMVVMXEXMSRGEYWIH
F]GIVXEMRWSYRHW6IQIQFIVXLIPEWXFIEYXMJYPWTVMRKHE][LIR]SY[IVIWMXXMRKMRE
LSXWXYJJ]GPEWWVSSQERH]SYGSYPHLIEVQYWMGERHTISTPILEZMRKJYRSYXWMHI#8LEXMW
XLIIWWIRGISJI\XIVREPRSMWI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8LI*SYV'SQTSRIRXWSJ0MWXIRMRK 

-RXIVREPRSMWI MRGPYHIWETVISGGYTEXMSR[MXLTIVWSREPMWWYIWGLEVKIHYTIQS
XMSREPWXEXIWWXIVISX]TMRKERHTVINYHMGIXS[EVHXLIWIRHIVSVXS[EVHLMWSVLIVQIW
WEKI SV HMWXVEGXMSRW JVSQ SXLIV EWTIGXW SJ SYVPMZIW%PP SJ XLIWI MRXIVJIVI [MXL SYV
LIEVMRK;IEVIRSXFPEROWPEXIWXLEXYRGSRHMXMSREPP]EGGITXEPPMRGSQMRKZIVFEPERH
RSRZIVFEPQIWWEKIW-J[IHSRSXQEOIEGSRWGMSYWIJJSVXSVEVIRSXXVEMRIHMREGXMZI
PMWXIRMRK[IJVIUYIRXP]EPPS[RSMWIXSMRXIVJIVI[MXLSYVLIEVMRK

-RXIVTVIXMRKXLI1IWWEKI
%WWMKRMRKQIERMRKXSWSQISRItWQIWWEKIMWEGSQTPI\XEWO-RLIEVMRKXLIQIWWEKI
ERH GLSSWMRK XS TE] EXXIRXMSR [I EGGITX XLI QIWWEKI MRXS SYV QIQSV] W]WXIQ
-RXIVTVIXMRK XLIQIWWEKIMWXLIRI\XWXIT3YVKSEPWLSYPHFIXSYRHIVWXERHXLISXLIV
TIVWSRtWQIERMRK;IEVIEPPPMQMXIHMRSYVTIVWTIGXMZIERHYRHIVWXERHMRKF]SYVTIV
GITXMSRWSJSXLIVWt ZIVFEPERHRSRZIVFEPGSQQYRMGEXMSR%W-PMWXIRXSWSQISRIIPWI
-JMPXIVQ] MRXIVTVIXEXMSRSJLIVSVLMW QIWWEKIXLVSYKL Q]S[REXXMXYHIWEWWYQT
XMSRW RIIHW ZEPYIW TEWX ERH TVIWIRX I\TIVMIRGIW ORS[PIHKI I\TIGXEXMSRW JIEVW
KSEPWIHYGEXMSREPFEGOKVSYRHERHIQSXMSREPMRZSPZIQIRX8LYW[IIEGLFVMRKSYV
S[R TEVXMGYPEV PMQMXEXMSRW XS LIEVMRK ERH EGGYVEXIP] MRXIVTVIXMRK WSQISRI IPWItW
QIWWEKI
% QYGL GMXIH WXSV] TVSZMHIW ER I\EQTPI SJ XLI TVIGSRGITXMSRW [I JVIUYIRXP]
FVMRKXSSYVMRXIVTVIXEXMSRW%PMXXPIFS]MWMRZSPZIHMREWIVMSYWEYXSQSFMPIEGGMHIRXMR
[LMGLLMWJEXLIV[LS[EWHVMZMRKXLIGEVMWOMPPIHMRWXERXP]8LIFS]MWVYWLIHXSXLI
LSWTMXEPMRGVMXMGEPGSRHMXMSR8LIIQIVKIRG]VSSQHSGXSVXEOIWSRIPSSOEXXLIFS]ERH
WLSYXWq3LQ]+SHMXtWQ]WSRr,S[MWXLMWTSWWMFPI#*SVWSQISJYWXLIERW[IVMW
RSXMQQIHMEXIP]ETTEVIRX3YVMQTPMGMXEWWYQTXMSRXLEXHSGXSVWEVISVHMREVMP]QIRGER
QEOIXLIMRXIVTVIXEXMSRTVSGIWWHMJJMGYPX-RXLMWGEWIXLIHSGXSVMWXLIFS]tWQSXLIV
6IGSKRM^MRKSYVEWWYQTXMSRWERHMRXIVTVIXEXMSRWGERFIXVMGO]FYWMRIWW
(YVMRK ENSFMRXIVZMI[ XLIMRXIVZMI[IVXIPPWXLIMRXIVZMI[IIXLEXqSRP]XLIXST
 KIXNSFW[MXLXLMWGSQTER]r-WXLIMRXIVZMI[IVFSEWXMRKXV]MRKXSWLS[XLII\GPY
WMZIRIWWSJXLIGSQTER]I\TPEMRMRKLS[WIPIGXMZIXLITVSGIWWGERFIPIXXMRKXLIMRXIV
ZMI[II ORS[XLIVI MWPMXXPIGLERGI SJ FIMRKLMVIHSVQEOMRK XLIGLERGIXSFILMVIH
WIIQPMOIERLSRSV#8LIVIEVIQER]TSWWMFPIMRXIVTVIXEXMSRWSJXLMWX]TISJWXEXIQIRX
%WXLIMRXIVZMI[II[I[MPPPMOIP]EHSTXXLISRIXLEXVIJPIGXWSYVS[RTVMSVI\TIVMIRGIW
ERHWIXWSJEWWYQTXMSRW8LMWMRXIVTVIXEXMSR[MPPMRXYVRPMOIP]MRJPYIRGISYVMRXIVZMI[
TIVJSVQERGI8LMWMWXVYIMRWQEPPKVSYTHMWGYWWMSRWEW[IPP
%PXLSYKL [I EPP YWI TVITVSKVEQQIH EWWYQTXMSRW XS MRXIVTVIX ERH YRHIVWXERH
GSQQYRMGEXMSRIZIRXW[IGERVIXVEMRXLSWIEWWYQTXMZIFEWIW7EWLOMR
/MWIV 
*SVI\EQTPIGYWXSQIVWIVZMGITIVWSRRIPMRWSQIGSQTERMIWEVIXVEMRIHXSWIIEGSQ
TPEMRXSVTVSFPIQEWNYWXERSTTSVXYRMX]XYVRIHYTWMHIHS[R>IQOI
7GLEEJ 
8LIWXEJJEVIXVEMRIHXSEGGITXGVMXMGMWQSJXLIMVSVKERM^EXMSREWZEPYIHMRTYXVEXLIV
XLER XS VIEGX HIJIRWMZIP] 8LYW SYV MRXIVTVIXEXMSR SJ SXLIVWt QIWWEKIW GER FI GSR
WGMSYWP]EJJIGXIHF]SYVEXXIRXMSRXSSYVS[REWWYQTXMZIFEWIW8LIQSVI[IPIEVRXS
QSZIFI]SRHSYVYRI\EQMRIHEWWYQTXMSRWERHXLIQSVI[IEPPS[SYVWIPZIWXSYRHIV
WXERHSXLIVWt TIVWTIGXMZIWXLIQSVIEGGYVEXISVQYXYEPP]FIRIJMGMEPSYVMRXIVTVIXEXMSRW
SJXLIMVQIWWEKIWGERFIGSQI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

7YGGIWWJYPKVSYTHIGMWMSRQEOMRKVIUYMVIWSYXWXERHMRKXIEQ[SVOERHGSQQSRKSEPW

)ZEPYEXMRKXLI1IWWEKI'SRXIRX
8LMWWXEKIMRZSPZIWJSVQMRKERSTMRMSRSVQEOMRKENYHKQIRXVIKEVHMRKXLIQIWWEKIW
;IEVIEWOMRKSYVWIPZIWMJXLIqJEGXWrWYTTSVXXLITSMRXWFIMRKQEHISVNYWXMJ]XLITSWM
XMSRWFIMRKXEOIR-XMWEUYEPMX]GSRXVSPWXIT[LMGLTSSVPMWXIRIVWJVIUYIRXP]SZIVPSSO
MRXLIMVVYWLXSNYHKQIRX8SSSJXIR[IHSRtXWXSTXSQEOIGIVXEMRXLEXEPPXLIMRJSVQE
XMSRMWGEVIJYPP]KEXLIVIHERH[IMKLIH
;LIR[IEVIEWOIHXSWIVZISRENYV][IEVIEHQSRMWLIHF]XLINYHKIXSVIJVEMR
JVSQ QEOMRK ER] JMREP HIGMWMSR YRXMP EPP XLI IZMHIRGI LEW FIIR LIEVH 8LMW MW E
VIQMRHIV SJ XLI MQTSVXERGI SJ XLI IZEPYEXMSR WXEKI SJ PMWXIRMRK )ZEPYEXMSR MW XLI
TVSGIWWSJXEOMRKMRZEVMSYWMRTYXWJMPXIVMRKSYXXLSWIXLEX[IGSRWMHIVYRMQTSVXERX
MRXIVTVIXMRKXLSWIXLEXEVIMQTSVXERXMRSYVZMI[ERHXLIRQEOMRKHIGMWMSRWEFSYXLS[
XSHIEP[MXLXLIQ-RXLIHIGMWMSRQEOMRKTVSGIWWMXMWMQTSVXERXRSXXSIZEPYEXIFIJSVI
GSPPIGXMRKIRSYKLMRJSVQEXMSR

1IQSV] 6IXEMRMRKERH6IWTSRHMRKXSXLI1IWWEKI
)ZIV]SRIMRKSSHQIRXEPLIEPXLLEWX[SX]TIWSJQIQSV] 7LSVXXIVQQIQSV] MWSYV
[SVOMRKQIQSV]-XPEWXWJVSQXSWIGSRHWERHHIGMHIW[LMGLMRGSQMRKQIWWEKIW
WLSYPHFITVIWIVZIH-J[IHSRSXVIGSKRM^IXLIQIWWEKIWEWMQTSVXERXXLI]EVIHMW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %GXMZI0MWXIRMRK 

QMWWIH8LVSYKLSYVWIPIGXMZIEXXIRXMSR[IQE]GSRGIRXVEXISRGIVXEMRX]TIWSJQIW
WEKIW-J[IEVIHMWXVEGXIHF]I\XIVREPSVMRXIVREPRSMWILS[IZIVXLIVIMWEKSSHGLERGI
[I[MPPXIQTSVEVMP]PSWIETSVXMSRSJXLIQIWWEKIERHYRPIWWXLIVIMWWSQIGSQTIPPMRK
VIEWSRXSVIXEMRXLIMRTYXXLIQIWWEKIQE]FIIEWMP]SZIVVMHHIRF]GSQTIXMRKWXMQYPM
-RXLIJMVWXQIIXMRKSJEWQEPPKVSYT[IQE]FIWSMRXIRXFSXLSRQEOMRKWYVISXLIVW
TIVGIMZIYW[IPPERHSRQSRMXSVMRKSYVS[RI\XIVREPTIVJSVQERGIXLEX[IHSRSXGSR
GIRXVEXISRMRXVSHYGXSV]MRJSVQEXMSRKMZIRHYVMRKXLIQIIXMRK-RWSHSMRK[IQE]
IJJIGXMZIP]YRHIVQMRIXLIKSSHMQTVIWWMSR[I[ERXIHXSQEOI
-J[IEVIWXMQYPEXIHXSTVSGIWWERHWXSVITEVXMGYPEVFMXWSJMRJSVQEXMSRXLSWIFMXW
KEMREGGIWWXSSYVPSRKXIVQQIQSV] %PXLSYKLXLMWTEVXSJSYVQIQSV]MWVIPEXMZIP]
YRPMQMXIHMRMXWGETEGMX]XLIQIWWEKIQYWXJMVWXKEMRIRXV]3JXIR[IQYWXLIEVWSQI
XLMRKWIZIVEPXMQIWFIJSVIMXKEMRWEGGIWWXSSYVPSRKXIVQQIQSV]8LIJMVWXGSQTS
RIRX SJ PMWXIRMRK MW XLEX SJ EGXMRK SR [LMGL QIWWEKIW XS EHQMX XS SYV WLSVX ERH
PSRKXIVQ QIQSV] FEWIW 7IPIGXMZI EXXIRXMSR I\XIVREP ERH MRXIVREP RSMWI ERH SYV
QIQSV]W]WXIQEPPTPE]MQTSVXERXVSPIWMRSYVEFMPMX]XSLIEVXLIQIWWEKI
)EGLSJXLIJSYVGSQTSRIRXWSJPMWXIRMRKTPE]WEZMXEPTEVXMRLS[[IPP[ITEVXMG
MTEXI MR WQEPPKVSYTW%W [I LEZI WLS[R IEGLGSQTSRIRXGER FI IMXLIV EFYMPHMRK
FPSGOSVEFEVVMIVMRSYVPMWXIRMRKTVSGIWWERHEGXMZIIJJIGXMZIPMWXIRMRKMWOI]XSXLI
WYGGIWWSJWQEPPKVSYTW

%GXMZI0MWXIRMRK
%GXMZIPMWXIRMRK MWLEVH[SVO;LIR[IIRKEKIMREGXMZIPMWXIRMRK[IVIWTSRHZIVFEPP]
ERHRSRZIVFEPP]XSXLISXLIVKVSYTQIQFIVWPIXXMRKXLIQORS[[IEVITE]MRKEXXIR
XMSR;IFIGSQITEVXSJXLIXVERWEGXMSRERHXEOIVIWTSRWMFMPMX]JSVYRHIVWXERHMRKXLIMV
QIERMRKW8LIWIEGXMZIPMWXIRMRKFILEZMSVWERHWOMPPWEVIRSXMRXYMXMZIERHHSLEZIFEV
VMIVWXSXLIMVIJJIGXMZIEGLMIZIQIRX;ITVIWIRXRMRISJXLSWIFEVVMIVW+SPIR 

&EVVMIVWXS%GXMZI0MWXIRMRK
0EGOSJ-RXIVIWX 8LIJMVWXFEVVMIVLEWXSHS[MXLPEGOSJMRXIVIWX MRXLIWYFNIGXQEXXIV
IMXLIVFIGEYWI[IJMRHMXMRLIVIRXP]YRMRXIVIWXMRKSVFIGEYWI[ILEZIHIXIVQMRIHMXMW
XSS HMJJMGYPX JSV YW XS YRHIVWXERH 8LMW GER PIEH XS FSVIHSQ MQTEXMIRGI [MXL XLI
WTIEOIVHE]HVIEQMRKSVFIGSQMRKTVISGGYTMIH[MXLWSQIXLMRKIPWIMRWXIEHSJPMWXIR
MRK8S[SVO[MXLXLMWFEVVMIVERHGSRXVMFYXIQIERMRKJYPP]XSXLIKVSYTTVSGIWW[I
RIIHXSJMRHEVIEWSJMRXIVIWX;IQE]IZIRXIPPSYVWIPZIWXLEXWMRGI[IEVIXLIVIEXXLEX
QSQIRX[IQMKLXEW[IPPTE]EXXIRXMSRXSXLIGSRXIRXSJXLIHMWGYWWMSR

(MWXVEGXMRK(IPMZIV] %WIGSRHFEVVMIVXSKSSHPMWXIRMRKMWHMWXVEGXMRKHIPMZIV]hSYV
XIRHIRG]XSNYHKIXLIWTIEOIVtWTIVWSREPGLEVEGXIVMWXMGW-JWSQISRIJMHKIXWVIJYWIWXS
FIIJJMGMIRXMRLMWSVLIVGSQQIRXWWIIQWHMWSVKERM^IHWTIEOWMREREGGIRXSVGEHIRGI
HMJJIVIRXJVSQSYVS[RHVIWWIWMRERYRYWYEP[E]SVFILEZIWMRER]RYQFIVSJSXLIV
[E]WHMWXVEGXMRKXSYW[IQE]FIGSQIMQTEXMIRXERHMREXXIRXMZISVFIKMRGSRGIRXVEX
MRKSRXLIWTIEOIVtWQERRIVMWQWSVHIPMZIV]VEXLIVXLERSRXLIQIWWEKI4IEVWSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

(EZMPPE ;IRIIHXSVIQIQFIVLS[IZIVXLEXMXQE]FIXLIPIEWXPMOIP]TIVWSR
[LSSJJIVWXLIKVIEXIWXMRWMKLXSRETEVXMGYPEVMWWYI%PPXSSSJXIR[IQMWWXLEX[LIR
[IEPPS[SYVWIPZIWXSFIHMWXVEGXIHF]WYTIVJMGMEPEWTIGXWSJETIVWSRtWTVIWIRXEXMSR
WX]PI;IRIIHXSVIQMRHSYVWIPZIWXSNYHKIGSRXIRXRSXHIPMZIV]ERH[IRIIHXSI\IV
GMWITEXMIRGI EPPS[MRKXLISXLIVTIVWSR XS HIZIPSTLIVSV LMWMHIEW FIJSVIVINIGXMRK
XLIQFEWIHSRMVVIPIZERXGVMXIVME

)\XIVREPERH-RXIVREP2SMWI -RPMRI[MXLHMWXVEGXMRKHIPMZIV]MWXLIXLMVHFEVVMIVh
I\XIVREPERHMRXIVREPRSMWI%W[IHMWGYWWIHIEVPMIVYRHIVq2SMWIrXLMWGERTVIZIRXYW
JVSQLIEVMRKXLIQIWWEKIWGSRZI]IHHYVMRKEWQEPPKVSYTWIWWMSR(YVMRKER]GSRZIV
WEXMSRETLSRIVMRKMRKEPE[RQS[IVVYRRMRKSVWSQISRILEQQIVMRKRIEVF]MWEHMW
XVEGXMSR;LIXLIVXLIRSMWIMWI\XIVREPSVMRXIVREPMXMWYTXSIEGLSJYWXSQEOIER
IJJSVXXSLIEVTEWXMXhXSGSRGIRXVEXISRXLIQIWWEKI;IQMKLXVIQMRHSYVWIPZIWXLEX
XLIMRJSVQEXMSR[IQMWWF]FIMRKHMWXVEGXIH[MPPLEZIXSFIVIKEMRIHWSQIXMQIMRXLI
JYXYVI)WWIRXMEPP]RSXPMWXIRMRKEXXLMWQSQIRXMWERSTTSVXYRMX]PSWXXLEX[MPPVIUYMVI
SYVXMQIERHIRIVK]PEXIV-REKVSYTMXQE]FIHMJJMGYPXXSVIGVIEXIXLIQIWWEKIWXLEX
EVIQMWWIHWMRGIXLIH]REQMGWSJXLIKVSYTTVSGIWWEVIHMJJMGYPXXSVIGVIEXI

%VVSKERGIERH(MWVIWTIGX 8LIJSYVXLFEVVMIVVIPEXIWXSSYVIQSXMSREPVIWTSRWIWXS
FILEZMSVWXLEXWLS[EVVSKERGI SVHMWVIWTIGX 4ISTPI[MXLORS[MXEPPEXXMXYHIWSV[LS
YWIKIRIVEPM^EXMSRWWYGLEWq]SYEP[E]WrSVq]SYRIZIVrQE]GVIEXILSWXMPMX]MRYW-J[I
EVIEXXEGOIHTIVWSREPP]SVXVIEXIH[MXLHMWVIWTIGX[IEVIPIWWPMOIP]XSPMWXIRGEVIJYPP]XS
[LEXMWFIMRKWEMH8LMWFILEZMSVQE]FIHMJJMGYPXJSVMRHMZMHYEPKVSYTQIQFIVWXSHIEP
[MXLIJJIGXMZIP]FYXEWXVSRKKVSYTPIEHIVWLSYPHFIEFPIXSQSHIVEXIXLEXOMRHSJFILEZ
MSVMRXLIMRXIVIWXSJXLIKVSYTEWE[LSPI-RXLIGEWISJFILEZMSVWXLEXEVIWMQTP]ERRS]
MRK IEGLSJYWEWKVSYT QIQFIVW QYWXXV] XS SZIVPSSOXLIQERH XSWIIXLVSYKL XLI
FILEZMSVWXSXLIGSRXVMFYXMSRWXLIMRHMZMHYEPMWQEOMRKXSXLIKVSYTTVSGIWW

4VITVSKVEQQIH )QSXMSREP 6IWTSRWIW % JMJXL FEVVMIV XS IJJIGXMZI PMWXIRMRK

TVITVSKVEQQIHIQSXMSREPVIWTSRWIW SGGYV[LIREKVSYTQIQFIVXSYGLIWSRERMWWYI
XS[LMGL[ILEZIEWXVSRKIQSXMSREPVIEGXMSR+VSYTQIQFIVQE]VIJYWIXSQEMRXEMRE
VIPE\MRKERHEKVIIEFPIIRZMVSRQIRXJSVXLIWTIEOIVSVVIJYWIXSVIPEXIXSERHFIRIJMX
JVSQXLIWTIEOIVtWMHIEWQE]HMWEKVIISVEVKYISYX[EVHP]SVMR[EVHP][MXLXLIWTIEOIV
SVFIGSQIIQSXMSREPERHI\GMXIH[LIRXLIWTIEOIVtWZMI[WHMJJIVJVSQXLIMVS[RERH
XLIHMWGYWWMSRGERUYMGOP]HIKIRIVEXIMRXSEREVKYQIRXSJEPVIEH]IWXEFPMWLIHFMEWIW
VEXLIVXLEREMVMRKHMJJIVIRXTSMRXWSJZMI[*VIUYIRXP]XLIQSVIMQTSVXERXXLIXSTMGXLI
QSVIPMOIP]KVSYTQIQFIVWEVIXSVIWTSRHJVSQETVITVSKVEQQIHTSMRXSJZMI[XLER
JVSQEVEXMSREPVIWTSRWIXSXLIMWWYIEXLERH;LIRXLMWLETTIRW[IEVIFIWXEHZMWIHXS
WMXFEGOVIPE\ERHLIEVXLISXLIVTIVWSRSYX-J[ILEZIVIEPP]PMWXIRIHGEVIJYPP][I
QE]JMRHTSMRXWSR[LMGL[IGEREKVII-JRSX[ILEZIWXMPPLIEVHXLIWTIEOIVERHGER
QEOIEVIPIZERXVITP]FEWIHSR[LEX[EWVIEPP]WEMHVEXLIVXLERSRSYVTVITVSKVEQQIH
IQSXMSREPVIEGXMSR

%QFYWLMRK 8LMWWM\XLFEVVMIVSJXIRGSQIWLERHMRLERH[MXLXLIJMJXLSRI;IHMW
EKVII [MXL XLI MRHMZMHYEP ERH WMQTP] [EMX JSV E GLERGI XS MRXIVVYTX SV HIFEXI ;I

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %GXMZI0MWXIRMRK 

VILIEVWISYVS[RVIFYXXEP[LMPIXLIMRHMZMHYEPMWWTIEOMRKERH[EMXJSVXLIGLERGIXS
EQFYWL7SQIPMWXIRIVWPMWXIRMRXIRXP]JSVTSMRXWSR[LMGLXLI]GERHMWEKVIIERHXLIR
NYWX[EMXJSVXLIMVGLERGIXSEXXEGOXLIMRHMZMHYEP

0MWXIRMRKJSV*EGXW %WIZIRXLFEVVMIVXSIJJIGXMZIPMWXIRMRKMWKIXXMRKTEWXSYVXVEMRMRK
MRWGLSSP[LMGL[EWXSPMWXIRSRP]JSVXLIJEGXWMRSVHIVXSVIGEPPXLIQJSVEXIWX-RE
WQEPPKVSYTHMWGYWWMSRHIPMZIVMRKEWIVMIWSJJEGXWMWRSXXLIWSPITYVTSWISJGSQQYRM
GEXMSR6EXLIVXLITYVTSWIMWXSEGLMIZIWSQIHIKVIISJQYXYEPYRHIVWXERHMRK(IPMFIV
EXMZIPMWXIRMRKSVPMWXIRMRKSRP]JSVJEGXWGEREGXYEPP]FPMRHYWXSXLISZIVEPPTSMRXFIMRK
QEHIF]XLIWIRHIV9RHIVWXERHMRKGSQIWJVSQWIRWMRKXLISXLIVTIVWSRtWTSMRXRSX
NYWXJVSQHIZIPSTMRKEGEXEPSKSJXLIJEGXWTVIWIRXIH8LYWIJJIGXMZIPMWXIRMRKPSSOWJSV
XLISZIVEPPXLIQIWXLEXIRGSQTEWWXLIJEGXWERHXLIVIEWSRMRKFILMRHXLIQ

*EOMRK%XXIRXMSRh4WIYHSPMWXIRMRK 8LIIMKLXLFEVVMIVXSIJJIGXMZIPMWXIRMRKhJEO
MRK EXXIRXMSRhQE] EPWS LEZI MXW KIRIWMW MR SYV WGLSSP XVEMRMRK 9WYEPP] WSQI XMQI
EVSYRHWIGSRHSVXLMVHKVEHI[IEVIWMRKPIHSYXF]EXIEGLIV[LSEHQSRMWLIWYWXS
q4E]EXXIRXMSRr%JXIVXLEX[IFIGSQIUYMXIEHITXEXJEOMRKEXXIRXMSRERHFIJSVIPSRK
[IJEOIQSVIXLER[IPMWXIR8LISRP]WSPYXMSRXSXLMWTVSFPIQMWXSVIGSKRM^IMXERH
[SVOEXVIEPP]PMWXIRMRK

8LSYKLX7TIIH 8LSYKLXWTIIH MWXLIRMRXLFEVVMIVXSGEVIJYPPMWXIRMRK&IGEYWI[I

GERXLMROXLVIIXSJSYVXMQIWJEWXIVXLERER]SRIGERXEPOSYVXIQTXEXMSRMWXSQEOIYWI
SJXLIqJVIIrXMQIF]EPPS[MRKSYVWIPZIWXS[ERHIVEVSYRHQIRXEPP];IQE]JSVQYPEXI
SYVVIWTSRWIWXS[LEX[IXLMROMWFIMRKWEMH[IQE]FIXVMKKIVIHMRXSXLSYKLXWSR
XSXEPP]YRVIPEXIHWYFNIGXWSV[IQE]WMQTP]JIIPFSVIHERHWXSTPMWXIRMRKEPXSKIXLIV
;IGERLS[IZIVXVEMRSYVWIPZIWXSYWISYVXLSYKLXIRIVK]XSGSRGIRXVEXIQSVIJYPP]
SR[LEXMWFIMRKWEMHERHMRXIRHIHhPMWXIRMRKGEVIJYPP]XSXLITLVEWMRKSJXLIQIWWEKI
SFWIVZMRK XLI QERRIV SJ TVIWIRXEXMSR ERH PSSOMRK JSV ER] SXLIV GPYIW XLEX QE] FI
ETTEVIRX MR XLI HIPMZIV] SJ XLI QIWWEKI 8LMW GSRGIRXVEXMSR MW E GPIEV GSQTIXMXMZI
EHZERXEKIIJJIGXMZIPMWXIRIVWGERYWI

3XLIV &EVVMIVW 3XLIV FEVVMIVW XS EGXMZI PMWXIRMRK MRGPYHI PE^MRIWW SV XMVIHRIWW
EZSMHMRKEWYFNIGXFIGEYWIMXMWGSQTPI\SVHMJJMGYPXSVFIGEYWIMXXEOIWXSSQYGLXMQI
ERHMRWMRGIVMX]EZSMHMRKI]IGSRXEGX[LMPIPMWXIRMRKERHTE]MRKEXXIRXMSRSRP]XSXLI
WTIEOIVtW[SVHWVEXLIVXLERXSXLIWTIEOIVtWQIERMRK 

%GXMZI0MWXIRMRK6IWTSRWI1IXLSHW
%GXMZIPMWXIRIVWXEOIEHZERXEKISJXLISTTSVXYRMX]XSPMWXIRGEVIJYPP]ERHYRHIVWXERH
IEGLTIVWSRHYVMRKEKVSYTHMWGYWWMSR8LMWIREFPIWXLIQXSTEVXMGMTEXIQSVIIJJIG
XMZIP]ERHSJJIVGSRWXVYGXMZIJIIHFEGOHYVMRKXLITVSGIWW*SYVVIWTSRWIQIXLSHWXLEX
EGXMZIPMWXIRIVWYWIEVITEVETLVEWMRKI\TVIWWMRKYRHIVWXERHMRKEWOMRKUYIWXMSRWERH
YWMRKRSRZIVFEPGSQQYRMGEXMSR

4EVETLVEWMRK 'SRWMHIVIHSRISJXLIWIGVIXWSJIJJIGXMZIPMWXIRIVWTEVETLVEWMRK MW
WXEXMRKMRSYVS[R[SVHW[LEX[IXLMROXLIWTIEOIVMRXIRHIHXSWE]8LIHIWGVMTXMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

WLSYPHFISFNIGXMZI)WWIRXMEPP][IEVIVIWTSRHMRKXSXLIZIVFEPERHRSRZIVFEPWMKREPW
KMZIRF]XLIWTIEOIV
%QSRKSXLIVXLMRKWTEVETLVEWMRKMWERI\GIPPIRX[E]XSJMKLXHE]HVIEQMRK-J
[I EVI GSRGIRXVEXMRK SR HIZIPSTMRK ER MRXIVREP WYQQEV] SJ ERSXLIV MRHMZMHYEPtW
XLSYKLXWERHMHIEW[IHSRSXLEZIXMQIXSHE]HVIEQ(SFOMR
4EGI ;IGER
TEVETLVEWIZIVFEPP]XSXLIWTIEOIVSVWMQTP]TEVETLVEWIMRXIVREPP]F]QIRXEPP]WYQQE
VM^MRKXLISXLIVTIVWSRtWTSMRXW
-REHHMXMSRMRKVSYTQIIXMRKWXLIVIMWEXIRHIRG]JSVXLIHMWGYWWMSRXSKSSJJSR
XERKIRXW8LYWEWIGSRHZEPYISJTEVETLVEWMRKPMIWMRMXWEFMPMX]XSFVMRKXLIHMWGYWWMSR
FEGOXSXLITSMRXWFIMRKQEHIEXXLEXXMQIERHXSTYXKVSYTQIQFIVWFEGOSRXLIWEQI
XVEGO%WMQTPIGSQQIRXWYGLEWq7S-YRHIVWXERHXLEX[LEX]SYEVIGSRGIVRIHEFSYX
MWrEPPS[WEGPIEVVIWTSRWIF]XLIWTIEOIV;LIXLIVWLISVLIWE]W]IWSVRSIZIV]
SRIMWFEGOXEPOMRKEFSYXXLIWEQIMWWYI9WIHMRXLMWGSRXI\XTEVETLVEWMRKMWERSPSWI
XIGLRMUYIERHMXLIPTWXLIKVSYTWXE]JSGYWIH
*MREPP]TEVETLVEWMRKGERQSZIIQSXMSREPMWWYIWJVSQXLITIVWSREPFEGOXSXLI
SFNIGXMZI-JSRISJXLIKVSYTQIQFIVWLEWFIIRGSQTPEMRMRKXLEXq=SYRIZIVPMWXIRXS
Q]GSQQIRXWEFSYXrEGEVIJYPVIWXEXIQIRXWYGLEWq3/[LEX-LIEV]SYWE]MRKMW
rGEREPPS[XLISXLIVKVSYTQIQFIVWXSJSGYWSRXLIGVY\SJXLITVSFPIQ8LIGSQ
TPEMRMRKQIQFIVMWXVIEXIH[MXLVIWTIGXERHXLIHMWGYWWMSRMWXYVRIHXS[EVHWSQIXLMRK
XLEXMRZSPZIWGSRXIRXRSXIQSXMSR

)\TVIWWMRK9RHIVWXERHMRK %XXMQIWMXQE]WIIQQSVIETTVSTVMEXIXSJSGYWSRXLI
JIIPMRKWSJXLIWTIEOIVVEXLIVXLERXSVIWXEXIXLIGSRXIRXSJXLIQIWWEKI8LMWX]TISJ
WXEXIQIRXI\TVIWWMRKYRHIVWXERHMRK EPPS[WXLIKVSYTXSEWWIWWQSVIEGGYVEXIP]LS[
[IPPXLIWTIEOIVtWJIIPMRKWLEZIFIIRTIVGIMZIHERHYRHIVWXSSHERHXLMWQE]TIVQMX
XLIWTIEOIVXSZMI[LIVSVLMWS[RJIIPMRKWQSVIEGGYVEXIP]EW[IPPq=SYWSYRHLSTI
JYPEFSYXrEPPS[WXLIWTIEOIVXSGPEVMJ]SVQSHMJ]LMWSVLIVQIERMRKERHXLIKVSYT
XSFIXXIVYRHIVWXERHXLIXSXEPMX]SJXLIQIWWEKI-RSVHIVXSIRLERGIGPEVMX][IWLSYPH
RSXIXLIRSRZIVFEPGSQQYRMGEXMSRSJXLIWTIEOIVEW[IPPEWXLIEGXYEPWXEXIQIRXW8LMW
MWQSVIXLERWE]MRKq-ORS[LS[]SYJIIPr

%WOMRK5YIWXMSRW 4EVXSJTEVETLVEWMRKERHI\TVIWWMRKYRHIVWXERHMRKMWXLIIJJIG
XMZIYWISJUYIWXMSRW 8LMWMWEWOMPPVEVIP]XEYKLXERHJVIUYIRXP]YWIHMR[E]WXLEXHMW
GSYVEKIVEXLIVXLERIRLERGIHMWGYWWMSR5YIWXMSRWGERFIWIIREWGLEPPIRKIWXSSYV
LSRIWX]SVTSWMXMSRSRERMWWYISVXLI]GERFIWIIREWQERMTYPEXMZI%UYIWXMSRWYGLEW
q=SYHSRtXVIEPP]FIPMIZIXLSWITISTPIHS]SY#rHSIWRSXMRZMXIERSTIRHMWGYWWMSRSJ
XLIVIWTSRHIRXtWTSMRXSJZMI[-REWQEPPKVSYTXLIKSEPSJUYIWXMSRMRKWLSYPHFIXS
GPEVMJ]XLISXLIVTIVWSRtWTIVWTIGXMZISTIRYTXLIHMWGYWWMSRSVJSPPS[YTSRETVIZM
SYWMHIE-XWLSYPHRSXFIYWIHEWEXLMRP]ZIMPIHEXXIQTXEXTYXXMRKXLIVIWTSRHIRXSR
XLIWTSX'SQFMRIH[MXLTEVETLVEWMRKERHI\TVIWWIHYRHIVWXERHMRKUYIWXMSRWEPPS[
XLI PMWXIRIV XS FSXL MRHMGEXI ER MRXIVIWX ERH GPEVMJ] XLI QIWWEKI% WMQTPI q(S ]SY
QIER#rQE]GPIEVYTER]TSWWMFPIQMWYRHIVWXERHMRKW

9WMRK2SRZIVFEP'SQQYRMGEXMSR 7MRGIQSVIXLER SJEPPQIERMRKMWGSQQY

RMGEXIHRSRZIVFEPP] IJJIGXMZIPMWXIRIVW QEOIYWI SJ RSRZIVFEP KIWXYVIW 1EOMRK I]I

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 *IIHFEGO6IWTSRHMRKXSXLI1IWWEKI 

GSRXEGXRSHHMRKSYVLIEHWERHWMXXMRKMREREXXIRXMZIQERRIVEPPMRHMGEXIXLEX[IEVI
MRXIVIWXIHERHPMWXIRMRKERHXLI]IRGSYVEKIXLIWTIEOIVXSGSRXMRYIXEPOMRK*MHKIXMRK
JVS[RMRKPSSOMRKEXSYV[EXGLIWVIEHMRKSYVS[RRSXIWSVFILEZMRKMRSXLIVHMWXVEGX
MRK[E]WKMZIWXLISTTSWMXIQIWWEKI

*IIHFEGO 6IWTSRHMRKXSXLI1IWWEKI
0MWXIRMRKMWEREGXMZITVSGIWW*IIHFEGO MWEZMXEPTEVXSJXLITVSGIWW7MRGI[IGERRSX
RSXGSQQYRMGEXIRSVIWTSRWIMWRSRIXLIPIWWEVIWTSRWI%JXIVGEVIJYPP]PMWXIRMRKXS
XLIQIWWEKIEWSTIRP]ERHGSQTPIXIP]EW[IGER[IEVIMRETSWMXMSRXSVIWTSRHXS
[LEX [EW GSQQYRMGEXIH;I WLSYPH VIWTSRH RSRZIVFEPP] HYVMRK XLI QIWWEKI [MXL
KSSHI]IGSRXEGXERHWSQILIEHRSHW*IIHFEGOTPE]WERMQTSVXERXVSPIMRXLIIJJIG
XMZIPMWXIRMRKTVSGIWWFYXMXMWMRXVMGEXIP]XMIHXSXLIJMVWXXLVIIGSQTSRIRXWSJPMWXIRMRK
LIEVMRK XLI QIWWEKI MRXIVTVIXMRK MX ERH IZEPYEXMRK MXW GSRXIRX 8LI QSWX IJJIGXMZI
JIIHFEGOMRHMGEXIWXSXLIWIRHIVXLEX[IEVIPMWXIRMRKXSXLIGSRXIRXSJXLIQIWWEKI
MRXIVTVIXMRKMXEGGYVEXIP]ERHYRHIVWXERHMRKMX
*IIHFEGOMWZMXEPXSER]KVSYTTVSGIWWGSQQMXXIHXSMQTVSZMRKMXWIPJJSVMXMWXLI
SRP][E]XSORS[[LEXRIIHWXSFIMQTVSZIH+MZMRKERHVIGIMZMRKJIIHFEGOWLSYPHFI
QSVI XLER NYWX E TEVX SJ E XIEQ QIQFIVtW FILEZMSV MX WLSYPH FI TEVX SJ XLI [LSPI
KVSYTtWGYPXYVI-XLEWX[STYVTSWIW3RIMWXSWYTTSVXXLISXLIVKVSYTQIQFIVWZIV
FEPP]ERHRSRZIVFEPP]8LISXLIVMWXSJSGYWSRXLIGSRXIRXSJXLIMVQIWWEKIWVEXLIV
XLERSRXLIMVEXXMXYHIWSVEXXVMFYXIW8SFIIJJIGXMZIJIIHFEGOWLSYPHFIYWIHXSJYVXLIV
XLIUYEPMX]SJXLIHMWGYWWMSR

4VSZMHMRK'SRWXVYGXMZI*IIHFEGO
3JJIVGSRWXVYGXMZIJIIHFEGO XLEXYWIWHIWGVMTXMZIWXEXIQIRXW[MXLSYXNYHKQIRXI\EK
KIVEXMSRPEFIPMRKSVEXXVMFYXMSRSJQSXMZIW7XEXIXLIJEGXWEWWTIGMJMGEPP]EWTSWWMFPI
8IPPLS[XLIFILEZMSVEJJIGXW]SY7E][L]]SYEVIEJJIGXIHXLEX[E]ERHHIWGVMFIXLI
GSRRIGXMSR FIX[IIR XLI JEGXW ]SY SFWIVZIH ERH ]SYV JIIPMRKW 0IX XLI SXLIV TIVWSR
VIWTSRH(IWGVMFIXLIGLERKI]SY[ERXXLISXLIVTIVWSRXSGSRWMHIV(IWGVMFI[L]]SY
XLMROXLIGLERKI[MPPEPPIZMEXIXLITVSFPIQ0MWXIRXSXLISXLIVTIVWSRtWVIWTSRWI&I
TVITEVIHXSHMWGYWWSTXMSRWERHXSGSQTVSQMWIXSEVVMZIEXEWSPYXMSRVEXLIVXLEREVKYI
WTIGMJMGTSMRXW*SVI\EQTPIq;LIR]SYEVIPEXIJSVQIIXMRKW-KIXERKV]FIGEYWI-
EQEFYW]TIVWSRERHHMWPMOI[EWXMRKXMQIWMXXMRKERH[EMXMRKJSV]SYXSEVVMZI-WXLIVI
ERSXLIVXMQIXLEX[IGSYPHWGLIHYPISYVQIIXMRKWWSXLEX]SYGSYPHKIXLIVISRXMQI#r
[MPPTVSFEFP]FIQSVIIJJIGXMZIXLERq=SYEVIEP[E]WPEXIJSVQIIXMRKW-tQXMVIHSJ]SY
FIMRKWS MVVIWTSRWMFPI ERH [EWXMRKQ]XMQI PMOI XLEX;LIR [MPP ]SY IZIVKVS[YT
PIEVR XS XEOI ]SYV GSQQMXQIRXW WIVMSYWP] ERH XEOI WSQI VIWTSRWMFMPMX] JSV FIMRK
TPEGIWSRXMQI#r
8EPOJMVWXEFSYX]SYVWIPJ RSXXLISXLIVTIVWSR9WIq-rRSXq]SYrEWXLIWYFNIGXSJ
]SYVJIIHFEGOWXEXIQIRX7TIEOJSV]SYVWIPJ&IGEVIJYPEFSYXWXEXIQIRXWWYGLEWq8LI
KVSYTJIIPWrSVq8LIKVSYTHSIWRtXPMOIr)RGSYVEKISXLIVWXSWXEXIXLIMVS[RGSQTPEMRXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

4LVEWIXLIMWWYIEWEWXEXIQIRXRSXEUYIWXMSR 5YIWXMSRWETTIEVGSRXVSPPMRKERH
QERMTYPEXMZIERHGERGEYWITISTPIXSFIGSQIHIJIRWMZIERHERKV]'SRWMHIVXLIHMJJIV
IRGIFIX[IIRq'ER]SYWXSTXLEXWS[IGERKIXHS[RXSFYWMRIWW#rERHq-[SYPHPMOIXS
KIXSR[MXLSYVQIIXMRKERHFYWMRIWWr
6IWXVMGX]SYVJIIHFEGOXSXLMRKW]SYORS[JSVGIVXEMR (SRSXTVIWIRXSTMRMSRWEW
JEGXW7TIEOSRP]SJ[LEX]SYWE[ERHLIEVHERH[LEX]SYJIIPERH[ERX
4VSZMHITSWMXMZIJIIHFEGOEW[IPPEWRIKEXMZI 1ER]TISTPIXEOIKSSH[SVOJSV
KVERXIHERHKMZIJIIHFEGOSRP][LIRXLIVIEVITVSFPIQW4ISTPIEVIQSVIPMOIP]XSTE]
EXXIRXMSRXS]SYVGSQTPEMRXWMJXLI]LEZIEPWSVIGIMZIH]SYVGSQTPMQIRXW-XMWMQTSV
XERXXSVIQIQFIVXSXIPPTISTPI[LIRXLI]LEZIHSRIWSQIXLMRK[IPP,IPTTISTPILIEV
ERHEGGITX]SYVGSQTPMQIRXW[LIRKMZMRKTSWMXMZIJIIHFEGO4ISTPIWSQIXMQIWJIIP
E[O[EVH[LIRXSPHKSSHXLMRKWEFSYXXLIQWIPZIWERH[MPPJIRHSJJXLIGSQTPMQIRXSV
GLERKIXLIWYFNIGX6IMRJSVGIXLITSWMXMZIJIIHFEGOERHLIPTXLITIVWSRLIEVEGORS[P
IHKIERHEGGITXMX
7SQIEHHMXMSREPTSWMXMZI[E]WSJTVSZMHMRKIJJIGXMZIJIIHFEGOMRGPYHIEGORS[P
IHKMRKXLIRIIHJSVJIIHFEGOKMZMRKFSXLTSWMXMZIERHRIKEXMZIJIIHFEGOERHYRHIV
WXERHMRKXLIGSRXI\XMR[LMGLJIIHFEGOMWKMZIR8STVSZMHIGSRWXVYGXMZIJIIHFEGOHS
RSXYWIPEFIPWI\EKKIVEXISVFINYHKQIRXEPERHWTIEOSRP]JSV]SYVWIPJ8LMROELIEHSJ
XMQIEFSYX[LEX]SY[ERXXSWE]ERHTPERSYXGEVIJYPP]LS[]SY[MPPTLVEWIMXWIRWMXMZIP]
9RHIVWXERH XLI GSRXI\X %R MQTSVXERX GLEVEGXIVMWXMG SJ JIIHFEGO MW XLEX MX MW
EP[E]WMREGSRXI\X=SYRIZIVWMQTP][EPOYTXSETIVWSRHIPMZIVEJIIHFEGOWXEXI
QIRXERHXLIRPIEZI&IJSVI]SYKMZIJIIHFEGOVIZMI[XLIEGXMSRWERHHIGMWMSRWXLEX
PIHXSXLEXQSQIRX(IXIVQMRIMJXLIQSQIRXMWVMKLX=SYQYWXGSRWMHIVQSVIXLER
]SYVS[RRIIHXSKMZIJIIHFEGO'SRWXVYGXMZIJIIHFEGOGERLETTIRSRP][MXLMREGSR
XI\XSJPMWXIRMRKXSERHGEVMRKEFSYXXLITIVWSR(SRSXKMZIJIIHFEGO[LIR]SYHSRSX
ORS[QYGLEFSYXXLIGMVGYQWXERGIWSJXLIFILEZMSVSV[MPPRSXFIEVSYRHPSRKIRSYKL
XSJSPPS[YTSR]SYVJIIHFEGOq,MXERHVYRrJIIHFEGOMWRSXJEMV
(SRtX YWI PEFIPW (IWGVMFI XLI FILEZMSV &I GPIEV WTIGMJMG ERH YREQFMKYSYW
0EFIPW WYGL E q*EWGMWXr q1EPI 'LEYZMRMWX 4MKr SV q9RXLMROMRK 4SPMXMGEPP] 'SVVIGX
'PSRIrEVIPMOIP]XSFIXEOIREWMRWYPXWVEXLIVXLEREWPIKMXMQEXIJIIHFEGO
&IGEVIJYPRSXXSI\EKKIVEXI&II\EGX %RI\EKKIVEXMSR[MPPMRZMXIEREVKYQIRX
JVSQ XLI JIIHFEGO VIGIMZIV VEXLIV XLER HIEPMRK [MXL XLI VIEP MWWYI 7E]MRK q=SYtVI
EP[E]WPEXIJSVQIIXMRKWrMRZMXIWEHIJIRWMZIVIWTSRWISJq;IPPRSXEP[E]WrSVq-tQ
RSXYWYEPP]ZIV]PEXIrVEXLIVXLEREXLSYKLXJYPSRI
(S RSX FI NYHKQIRXEP )ZEPYEXMZI [SVHW WYGL EW qKSSHr qFEHr ERH qWLSYPHr
QEOIMQTPMGMXNYHKQIRXWXLEXQEOIXLIGSRXIRXSJXLIJIIHFEGOHMJJMGYPXXSLIEV

6IGIMZMRK*IIHFEGO
;LIR]SYEVIVIGIMZMRKJIIHFEGO XLIJMVWXXLMRKXSHSMWXSFVIEXLI6IGIMZMRKJIIHFEGO
MWWXVIWWJYPERHSYVFSHMIWVIEGXF]KIXXMRKXIRWI8EOMRKWPS[JYPPHIITFVIEXLWLIPTW
SYVFSH]VIPE\ERHEPPS[WSYVFVEMRXSQEMRXEMRKVIEXIVEPIVXRIWW0MWXIRGEVIJYPP](S
RSXMRXIVVYTXSVHMWGSYVEKIXLIJIIHFEGOKMZIV%WOUYIWXMSRWJSVGPEVMX]SVJSVWTIGMJMG
I\EQTPIW%GORS[PIHKIXLIJIIHFEGO4EVETLVEWIXLIQIWWEKIMR]SYVS[R[SVHWXSPIX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7YQQEV] 

+YMHIPMRIWJSV4VSZMHMRK)JJIGXMZI+VSYT*IIHFEGO
 )JJIGXMZIJIIHFEGOWLSYPHHIWGVMFISYVMRXIVTVIXEXMSRSJXLISXLIVTIVWSRtWQIWWEKI
8LIJSGYWWLSYPHFISR[LEX[IXLMRO[ILIEVHVEXLIVXLERSRSYVTIVGITXMSRSJXLI
UYEPMX]SJXLIWXEXIQIRXWq8LEXtWWXYTMHrMWGPIEVP]ETSSVP]TLVEWIHJIIHFEGOWXEXI
QIRX*IIHFEGOWLSYPHFIHIWGVMTXMZIRSXIZEPYEXMZI
 )JJIGXMZIJIIHFEGOWLSYPHFIHIWMKRIHXSGPEVMJ]XLITVSGIWW8LIJIIHFEGOWLSYPH
FIYRHIVWXSSHF]FSXLTEVXMIWERHMJTSWWMFPIXLIVIWXSJXLIKVSYT
 )JJIGXMZIJIIHFEGOWLSYPHXEOIMRXSEGGSYRXXLIRIIHWSJXLIKVSYTRSXNYWXSYVS[R
JIIPMRKW-WTVSZMHMRKJIIHFEGOYWIJYPXSXLIKVSYTTYVTSWI#
 )JJIGXMZIJIIHFEGOWLSYPHFI HMVIGXIHXS[EVH LIPTMRKXSQSZIXLIKVSYTTVSGIWW
EPSRK7MQTP]QEOMRKNYHKQIRXWVEVIP]LIPTWXLIKVSYT8LIJIIHFEGOWLSYPHFI
GSRWXVYGXMZIJSVIZIV]SRIRSXEWLS[SJSRIYTQERWLMT
 )JJIGXMZIJIIHFEGOWLSYPHFI[IPPXMQIH;IWLSYPHHMWXMRKYMWL[LEXMWFIXXIVPIJX
YRWEMHSVWEMHPEXIVMRTVMZEXIJVSQ [LEXMWVIPIZERXERHXMQIP]RS[FYX[MPPFI
MVVIPIZERXSVYRTVSHYGXMZIMJWEMHPEXIV+VSYT[SVOMWETVSGIWWERHq[LIRMXtWSZIV
MXtWSZIVr8MQMRKMWMQTSVXERXERHWSQIMWWYIWGERRSXSVWLSYPHRSXFIVIZMWMXIH
 )JJIGXMZIJIIHFEGOWLSYPHRSXFIWXSVIHYTWSMXGERFIqHYQTIHrPEXIV7ERHFEK
KMRKSV[EMXMRKYRXMP[IGERWGSVI[MPPWYFZIVXXLIKVSYTTVSGIWW
 )JJIGXMZIJIIHFEGOWLSYPHFIXIRXEXMZI6IKEVHPIWWSJLS[EWXYXI[IEVIEWPMWXIRIVW
[IGERRSXORS[JSVGIVXEMR[LEXSXLIVWVIEPP]QIERSV[L]XLI]EGXEWXLI]HS;I
GER TVEGXMGI MRXVSHYGMRK SYV VIWTSRWIW [MXL XIRXEXMZI TLVEWIW PMOI q-X WIIQW XS
QIr
 )JJIGXMZIJIIHFEGOWLSYPHFILSRIWX1ERMTYPEXMZISVTSPMXMGEPEGXMSRWMREKVSYT
PEFIPYWEWXLITVSFPIQRSXXLITIVWSRXS[EVH[LSQ[ILEZIHMVIGXIHSYVEXXEGO

XLI TIVWSR ORS[ ]SY LIEVH ERH YRHIVWXSSH [LEX [EW WEMH%GORS[PIHKI XLI ZEPMH
TSMRXWERHEKVII[MXL[LEXMWXVYI%GORS[PIHKIXLISXLIVTIVWSRtWTSMRXSJZMI[ERH
XV]XSYRHIVWXERHLMWSVLIVVIEGXMSR8LIRXEOIXMQIXSWSVXSYX[LEX]SYLEZILIEVH
8LIVIQE]FIEXMQI [LIR]SYVIGIMZIJIIHFEGO JVSQ WSQISRI[LSHSIWRSX
ORS[JIIHFEGOKYMHIPMRIW-RXLIWIGEWIWLIPT]SYVGVMXMGVIJEWLMSRXLIGVMXMGMWQWS
XLEXMXGSRJSVQWXSXLIVYPIWJSVGSRWXVYGXMZIJIIHFEGO

7YQQEV]
0MWXIRMRKERHJIIHFEGOEVIZMXEPKVSYTGSQQYRMGEXMSRWOMPPW;IEVIRSXREXYVEPP]TVS
JMGMIRXEXIMXLIVSJXLIWI,IEVMRKERHPMWXIRMRKEVIRSXXLIWEQIXLMRK8SPIEVRXSPMW
XIR[IQYWXYRHIVWXERHXLITVSGIWW
8LIVIEVIJSYVGSQTSRIRXWXSPMWXIRMRKWIRWMRK[LMGLMRZSPZIWYRHIVWXERHMRK
XLIVSPIWSJWIPIGXMZIEXXIRXMSRI\XIVREPERHMRXIVREPRSMWIERHWLSVXERHPSRKXIVQ
QIQSV]MRXIVTVIXMRK[LMGLQIERWEWWMKRMRKWTIGMJMGQIERMRKXS[LEX[ITEMHEXXIR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

XMSRXSIZEPYEXMRK[LMGLMRZSPZIWTPEGMRKMQTSVXERGISRGIVXEMRMWWYIWERHVIWTSRH
MRK[LMGLMRZSPZIWTVSZMHMRKJIIHFEGO
%GXMZI PMWXIRMRK MRZSPZIW FIGSQMRK TEVX SJ XLI GSQQYRMGEXMSR XVERWEGXMSR ERH
XEOMRK VIWTSRWMFMPMX] JSV YRHIVWXERHMRK XLI WTIEOIVtW MRXIRXMSRW -X QIERWPIEVRMRK XS
SZIVGSQI XLI FEVVMIVW XS IJJIGXMZI PMWXIRMRK XS [LMGL QER] SJ YW EVI WYFNIGX ERH
VIWTSRHMRKETTVSTVMEXIP]XS[LEXMWFIMRKWEMH7QEPPKVSYTWEVIQSWXIJJIGXMZIERHTVS
HYGIXLIFIWXVIWYPXW[LIRQIQFIVWPMWXIRERHVIWTSRH[MXLGEVIXSSRIERSXLIVtWMRTYX

(-7'977-3259)78-327

 -R[LEX[E]WMWPMWXIRMRKMQTSVXERXXSIJJIGXMZIKVSYTERHXIEQGSQQYRMGEXMSR#
 ;LEXtWMRMXJSV]SYSV]SYVKVSYTERHXIEQQIQFIVWXSFIKSSHPMWXIRIVW#'ER]SYEHH
WSQIEHHMXMSREPMXIQWFI]SRHXLISRIWHMWGYWWIHMRXLMWXI\X#
 )\TPEMRWIPIGXMZIEXXIRXMSR;L]HS[IIRKEKIMRWIPIGXMZIEXXIRXMSR#
 -R]SYVWQEPPKVSYTERHXIEQGSQQYRMGEXMSRGPEWW[LEXEVIWSQII\EQTPIWSJMRXIVREPERH
I\XIVREPRSMWI#
 8LMROSJEVIGIRXWMXYEXMSRMR[LMGL]SYJSYRHPMWXIRMRKHMJJMGYPX;LMGLSRISVQSVI SJXLI
JSYVTLEWIWTVIWIRXIHXLIQSWXHMJJMGYPX]JSV]SY#;L]#,S[GSYPHXLMWLEZIFIIRSZIVGSQI#
 ,S[GERTEVETLVEWMRKFIYWIHJSVIJJIGXMZIPMWXIRMRK#4VSZMHIXLVIIWTIGMJMGI\EQTPIW
 ,S[ GER I\TVIWWMRK YRHIVWXERHMRK EWOMRK UYIWXMSRW ERH RSRZIVFEP GSQQYRMGEXMSR FI
YWIHJSVIJJIGXMZIPMWXIRMRK#4VSZMHIERI\EQTPIJSVIEGLGSRGITX
 ;LEXEVIXLIKYMHIPMRIWJSVKMZMRKJIIHFEGO#
 ,S[GER]SYKMZITSWMXMZIJIIHFEGO#
 ;LIR]SYVIGIMZIJIIHFEGO[LEXEVIXLIMQTSVXERXGSRGITXWXSVIQIQFIV#

)<)6'-7)7

0MWXIRMRKVMHHPIW0MWXIRMRKERHYRHIVWXERHMRK+VSYTERHXIEQQIQFIVWJIIHFEGO
JSVQ8LIRSRHIFEXI

 0-78)2-2+6-((0)7

%RW[IVXLIJSPPS[MRKUYIWXMSRW-J]SYHSRSXORS[XLIERW[IVXEOI]SYVFIWXKYIWW

 -WXLIVIER]JIHIVEPPE[EKEMRWXEQERQEVV]MRKLMW[MHS[tWWMWXIV#
 (SXLI]LEZIE*SYVXLSJ.YP]MR)RKPERH#
 -J]SYLEHSRP]SRIQEXGLERHIRXIVIHEGSPHVSSQXLEXLEHEOIVSWIRIPEQTERSMP
LIEXIVERHE[SSHWXSZI[LMGL[SYPH]SYPMKLXJMVWXJSVQE\MQYQLIEX#
 ,S[QER]ERMQEPWSJIEGLWTIGMIWHMH1SWIWXEOIEFSEVHXLI%VO[MXLLMQHYVMRK
XLIKVIEXJPSSH#
 8LI=EROIIWERHXLI8MKIVWTPE]JMZIFEWIFEPPKEQIW8LI]IEGL[MRXLVIIKEQIW2S
XMIWSVHMWTYXIHKEQIWEVIMRZSPZIH,S[MWXLMWTSWWMFPI#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

 ,S[QER]FMVXLHE]WHSIWXLIEZIVEKITIVWSRLEZI#
 %GGSVHMRK XS -RXIVREXMSREP 0E[ MJ ER EMVTPERI WLSYPH GVEWL SR XLI I\EGX FSVHIV
FIX[IIRX[SGSYRXVMIW[SYPHYRMHIRXMJMIHWYVZMZSVWFIFYVMIHMRXLIGSYRXV]XLI]
[IVIXVEZIPMRKXSSVXLIGSYRXV]XLI][IVIXVEZIPMRKJVSQ#
 %REVGLISPSKMWXGPEMQWXSLEZIHYKYTEGSMRXLEXMWGPIEVP]HEXIH&' ;L]MWXLI
EVGLISPSKMWXEPMEV#
 =SY FYMPH ER SVHMREV]LSYWI[MXLJSYV WMHIWI\GITXXLEXIEGL WMHILEWEWSYXLIVR
I\TSWYVI%FIEV[EPOWF]XLILSYWI;LEXGSPSVMWXLIFIEV#

'SQTEVI]SYVERW[IV[MXLXLSWISJWSQISRIIPWISVMREWQEPPKVSYT
;LEXHSXLIWIWXEXIQIRXWXIPPYWEFSYXXLIHMJJMGYPXMIWMRPMWXIRMRK#6IXYVRXSXLIHMW
GYWWMSRMRXLMWGLETXIVSJq&EVVMIVWXS%GXMZI0MWXIRMRKr;L]HMH]SYQMWWXLIERW[IVW]SY
HMH#;LEXPIWWSRWEFSYXPMWXIRMRKGER]SYHIZIPSTJVSQXLMWI\IVGMWI#%VI]SYXIQTXIHXS
HMWQMWW MX EW E qKMQQMGOr# -J SXLIVW [IVI EFPI XS ERW[IV XLI UYIWXMSRW GSVVIGXP] [LEX
WXVEXIKMIWHMHXLI]IQTPS]#;LEXHSIWXLMWXIPPYWEFSYXPMWXIRMRK#

  0 - 7 8 ) 2 - 2 + % 2 (  9 2 ( ) 6 7 8% 2 ( - 2 +

 7TIPPSYXX[S[SVHWJVSQXLIWIPIXXIVW33(6;;87
 -HIRXMJ]XLIPIXXIVSJXLIEPTLEFIXXLEXPSKMGEPP]JSPPS[WXLMWWIUYIRGISJWIZIRPIXXIVW
388**77
 4VMRXXLI[SVHq<IVS\rMRXLIFPEROWTEGIWCCCCC CCCCC CCCCC CCCCC CCCCC
 ,S[HS]SYWTIPPWMPO#7E]MXSYXPSYH7;LEXHSGS[WHVMRO#CCCCCC
4VSGIHYVI
3RGI]SYLEZIERW[IVWXSXLIWIJSYVUYIWXMSRWGSQTEVIXLIQ[MXLXLSWISJERSXLIV
GPEWWQIQFIVSVEKVSYT=SYVMRWXVYGXSV[MPPTVSZMHIXLIGSVVIGXERW[IVWEJXIV]SYLEZI
HMWGYWWIHXLIQ

4VSGIWWMRKXLI)\IVGMWI
;L]HMH]SYLEZIHMJJMGYPX][MXLERW[IVMRKXLIWIUYIWXMSRW#6IXYVRXSXLIXI\XtWHMW
GYWWMSRSJPMWXIRMRKERHETTP]XLIETTVSTVMEXIGSRGITXW;LEXGER]SYHSXSTVIZIRXXLIWI
X]TIWSJPMWXIRMRKIVVSVW#

  + 6 3 9 4 % 2 ( 8 ) % 1  1 ) 1 & ) 6 7  * ) ) ( & %' /  * 3 6 1

(MVIGXMSRW
0IEVRMRK XS KMZI ERH VIGIMZI JIIHFEGO MW ER IWWIRXMEP WOMPP EW [I [SVO XS FIGSQI
QSVIIJJIGXMZIKVSYTERHXIEQQIQFIVW*IIHFEGOJVSQXLISXLIVQIQFIVWEPPS[WYWXS
VIGSKRM^ISYVGSRXVMFYXMSRWERH[SVOSREVIEWMRRIIHSJMQTVSZIQIRX=SYVS[RERH]SYV

=SYVMRWXVYGXSV[MPPTVSZMHIXLIGSVVIGXERW[IVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

*IIHFEGO*SVQ
8LMWJSVQGEREPWSFIYWIHJSVXLIIRXMVIKVSYTSVXIEQEWEKYMHIJSVKVSYTJIIHFEGO)EGLXIEQ
QIQFIVWLSYPHGSRWMHIVLMWSVLIVEREP]WMWTVMSVXSXLIHMWGYWWMSR8LIKVSYTWLSYPHJSPPS[XLI
MWWYIWERHVIEGLTVSEGXMZIWSPYXMSRW

1IWWEKIJVSQ 8S
-X [SYPH FI QSVI GSQJSVXEFPI ERH FIRIJMGMEP XS QI MJ ]SY
[SYPH
-X[SYPHEPWSFIFIRIJMGMEPXSQIJSV]SYXSJSPPS[YT[MXLQI
MJ Q] GSQQIRXW RIIH GPEVMJMGEXMSR 8LEX [E] - GER GSRXMRYI XS
PIEVRLS[XSTVSZMHIJIIHFEGO

&)74)'-*-'%2(*3'9732&),%:-3678,%8'%2&)',%2+)(
6)*)6838,)',%48)6*36+9-()0-2)7

 'SRXMRYIEGXMRKMRXLIJSPPS[MRK[E]WERHHSMRKXLIJSPPS[MRK
XLMRKW

 (SXLIJSPPS[MRKXLMRKWQSVI

 6IHYGISV HMWGSRXMRYI EGXMRK MR XLIJSPPS[MRK [E]W SV HSMRK

XLIJSPPS[MRKXLMRKW

 7XEVXHSMRKXLIWIXLMRKW

*IIHFEGO*SVQJVSQXLI*IIHFEGO6IGMTMIRX

 ;EWXLIJIIHFEGOJVSQXLISXLIVKVSYTXIEQQIQFIVWGSRWMWXIRX
[MXL]SYVS[RZMI[WVIKEVHMRK]SYVTIVJSVQERGISVEGXMSRW#

 ;LEXGLERKIWGER]SYQEOIXSVIWTSRHXSXLIWIGSQQIRXW#'LIGO
XLIXI\XQEXIVMEPWSRVSPIWERHKVSYTGSQQYRMGEXMSR

 ;EWMXHMJJMGYPXJSV]SYXSTVSZMHIJIIHFEGOXSSXLIVW#;L]#,S[
GERXLMWTVSGIWWFIQEHIIEWMIV#

 (MHSXLIVWHMWEKVII[MXL]SYVEWWIWWQIRXW#,S[HMH]SYVIWTSRH#

 7MRGIKVSYTWEVIPMZMRKW]WXIQWHSIWXLIMQTSVXERGISJGSQQY
RMGEXMRK[MXLSXLIVKVSYTQIQFIVVIKEVHMRKXLIMVEGXMSRWWIIQ
PMOIEYWIJYPXSSP#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

KVSYTtWWYGGIWWHITIRHWSRXLIWYGGIWWSJXLISXLIVXIEQQIQFIVW%HHVIWWSRIWLIIXXS
IEGLQIQFIVSJ]SYVKVSYTSVXIEQ

  8 , )  2 3 2 ( ) & %8 )

4MGOEGSRXVSZIVWMEPXSTMGEFSYX[LMGLQIQFIVWSJEKVSYTHMWEKVII%HIFEXIEVSYRHXLI
TVSWERHGSRWSJXLIHIEXLTIREPX][SVOW[IPPJSVXLMWI\IVGMWI8LIVMKLXXSPMJIVMKLXXS
GLSSWIMWWYIMWEPWSEKSSHEPXLSYKLTSXIRXMEPP]ZSPEXMPI HMWGYWWMSRWXEVXIV3XLIVMWWYIW
GEREPWSFIYWIH,EZIKVSYTQIQFIVWMRMXMEPP]WXEXIXLIMVTIVWSREPSTMRMSRWMR[VMXMRKERH
XLIRHMZMHIXLIKVSYTF]XLIMVSTMRMSRWSRXLIXSTMG-JXLIHMZMWMSRMWXSSYRIZIREWOWSQI
QIQFIVWXSXEOIXLISTTSWMXITSMRXSJZMI[)EGLWMHILEWETTVS\MQEXIP]XIRQMRYXIWXS
HIZIPSTMXWQEMRTSMRXWEVKYQIRXWERHWYTTSVXW%XXLIIRHSJXLEXXMQISRIWMHITVIWIRXW
MXWGEWI8LISXLIVWMHIQYWXPMWXIRGEVIJYPP]XEOIRSXIWERHEXXLIIRHTEVETLVEWIXLEXEVKY
QIRXXSXLIWEXMWJEGXMSRSJXLIJMVWXKVSYTERHER]MRHITIRHIRXSFWIVZIVW8LIJMVWXKVSYT
PMWXIRWUYMIXP]ERHGEVIJYPP]XSXLMWTEVETLVEWMRKSJMXWTSWMXMSRXLIRTVSZMHIWJIIHFEGOSR
GSQTPIXIRIWWSJXLIZIVFEPGSRXIRXERHSRXLIRSRZIVFEPXSRIEW[IPPEWJEGMEPERHFSH]
PERKYEKI[MXL[LMGLMX[EWTVIWIRXIH8LIRXLITVSGIWWMWVITIEXIH[MXLXLIWIGSRHKVSYT
TVIWIRXMRKMXWTSWMXMSRERHXLIJMVWXKVSYTTEVETLVEWMRKMXERHVIGIMZMRKJIIHFEGO

6)*)6)2')7

%PIWWERHVE8
,YRWEOIV4 'SQQYRMGEXMRKEX 4IEVWSR .'
 (EZMPPE 6%  8LI KIRHIV GSR
[SVO 2I[=SVO7MQSR
7GLYWXIV WXVYGX-R04%EPMWW
(.&SVMWSJJ)HW ;SQIR
%WLIVQER -
 %WLIVQER 7   8LI RIKSXMEXMSR
 QIR GSQQYRMGEXMRK 'LEPPIRKIW ERH GLERKIW
WSYVGIFSSO %QLIVWX 1% ,YQER 6IWSYVGI 3VPERHS*0,EVGSYVX&VEGI.SZERSZMGL
(IZIPSTQIRX4VIWW 4IXIVW8 8LVMZMRKSRGLESW 2I[=SVO/RSTJ
'SZI] 7 6   8LI WIZIR LEFMXW SJ LMKLP] IJJIGXMZI 6E] 6 +   8LI JEGMPMXEXMZI PIEHIV 9TTIV 7EHHPI
TISTPI 2I[=SVO7MQSR
7GLYWXIV 6MZIV2.4VIRXMGI,EPP
(SFOMR&%
4EGI6' 'SQQYRMGEXMRKMRE 6IIGI&0
&VERHX6 )JJIGXMZILYQERVIPE
GLERKMRK [SVPH %R MRXVSHYGXMSR XS XLISV] ERH XMSRW 4IVWSREP ERH SVKERM^EXMSREP ETTPMGEXMSRW
TVEGXMGI 2I[=SVO1G+VE[,MPP XLIH &SWXSR,SYKLXSR1MJJPMR
(Y&VMR%. %TTP]MRKTW]GLSPSK]-RHMZMHYEPERH 7EWLOMR1
/MWIV/. 4YXXMRKXSXEPUYEPMX]QER
SVKERM^EXMSREP IJJIGXMZIRIWW XL IH  9TTIV 7EH EKIQIRXXS[SVO 7ER*VERGMWGS&IVVIXX/SILPIV
HPI6MZIV2.4VIRXMGI,EPP 7GLSPXIW46 8LIXIEQLERHFSSO 1EHMWSR;-
*YVQERIO&
4EPYQFS6 %FFSXXERH'SWXIPPS .SMRIV%WWSGMEXIW
MR,SPP][SSH 2I[=SVO4YXREQ 7XI[EVX .
 8LSQEW 1   (MEPSKMG PMWXIRMRK
+SPIR7 %JEGXSVEREP]WMWSJFEVVMIVWXSIJJIGXMZI 7GYPTXMRK QYXYEP QIERMRKW -R . 7XI[EVX )H 
PMWXIRMRK8LI.SYVREPSJ&YWMRIWW'SQQYRMGEXMSR &VMHKIWRSX[EPPW XLIHTTi 2I[=SVO
 i 1G+VE[,MPP
.SLRWSR (   ,IPTJYP PMWXIRMRK ERH VIWTSRHMRK -R 7[IIRI]4(
1G*EVPMR(& 3VKERM^EXMSREP
/1+EPZMR
4.'SSTIV)HW 1EOMRKGSRRIG FILEZMSV 7SPYXMSRW JSV QEREKIQIRX &SWXSR
XMSRW6IEHMRKWMRVIPEXMSREPGSQQYRMGEXMSR 6S\ 1G+VE[,MPP-V[MR
FYV]1%6S\FYV]4YFPMWLMRK'SQTER] ;LIIPER7% 'VIEXMRKIJJIGXMZIXIEQW 8LSYWERH
/SPEXE+2SZIQFIV ;LIRXLIHSGXSVMWMRFYX 3EOW'%7EKI
]SY[MWLLI[EWRtX8LI2I[=SVO8MQIW TT%% >IQOI 6
 7GLEEJ (   8LI WIVZMGI IHKI 2I[
2]UYMWX1 0IEVRMRKXSPMWXIR-R/1+EPZMR
=SVO2I[%QIVMGER0MFVEV]
4.'SSTIV)HW 1EOMRKGSRRIGXMSRW6IEHMRKW
MR VIPEXMSREP GSQQYRMGEXMSR 6S\FYV] 1% 6S\
FYV]4YFPMWLMRK'SQTER]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
+VSYT)ZSPYXMSR 8IEQW

',%48)63980-2)

3VKERM^EXMSRWERH8IEQW 7YQQEV]
8IEQW (MWGYWWMSR5YIWXMSRW
4EVEPPIP8IEQW )\IVGMWIW
7IPJ(MVIGXIH;SVO8IEQW
6IJIVIRGIW

',%48)63&.)'8-:)7

)\TPEMRIQTPS]IIMRZSPZIQIRXEWETEVXSJXIEQHIZIPSTQIRX
(IJMRIXIEQW
(MWGYWWXLIMQTSVXERGISJXIEQW
(MWXMRKYMWLXLIGLEVEGXIVMWXMGWSJTEVEPPIPWXVYGXYVIW
)\TPEMRXLIPMQMXEXMSRWSJTEVEPPIPXIEQW
3YXPMRIXLIGLEVEGXIVMWXMGWSJWIPJHMVIGXIH[SVOXIEQW
(MWGYWWXLIFIRIJMXWERHGSWXWSJWIPJHMVIGXIH[SVOXIEQW

/ )=8 )6 17

)XLMGW 7IKQIRXEPMWQ 8IEQJEGMPMXEXSVVSPI

-RHMZMHYEPVI[EVHW 7IPJHMVIGXIH[SVOXIEQW 8IEQW
2SXMRZIRXIHLIVI 7IPJQEREKMRK[SVOXIEQW
4EVEPPIPXIEQ 7IQMEYXSRSQSYW[SVOYRMXW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 +VSYT)ZSPYXMSR8IEQW 

- RSYVXIEQSFWIWWIHEKIXLIGSRGITXSJXLIHVIEQXIEQLEWFIGSQIMVVIWMWXMFPI
&YXMXtWFVYXEPP]GPIEVXLEXXLI]SJXIRFPS[YT;L]#&IGEYWIXLI]tVIRSXXIEQW
8LI]tVINYWXFYRGLIWSJTISTPI=SYGERRSXEWWIQFPIEKVSYTSJWXEVWERHXLIR
WMXFEGOXS[EXGLXLIQGSRUYIVXLI[SVPH=SYGERtXIZIRGSYRXSRXLIQXSEZSMH
IQFEVVEWWQIRX8LI973P]QTMGFEWOIXFEPPXIEQGSRWMWXIHIRXMVIP]SJ2&%
WXEVWMXJMRMWLIHXLMVHERHPSWXXS0MXLYERME'SPZMRT
8LIVI[EWSRP]SRI(VIEQ8IEQERHXLEX[EWXLI973P]QTMGFEWOIXFEPP
XIEQ1MGLEIP.SVHER1EKMG.SLRWSR0EVV]&MVH'LEVPIW&EVOPI]4EXVMGO
)[MRKhMX[EWESRIXMQIIZIRX%RHVIQIQFIV&MVHERH1EKMGXLIZIXIVERGS
GETXEMRWFSXLLEHVITYXEXMSRWEWXIEQTPE]IVW *SVXLIVIWXSJYWTYXXMRKXSKIXLIVE
JI[XEPIRXIHTISTPI[LS[MPP[SVOLSRIWXP]ERHVMKSVSYWP]JSVWSQIXLMRKKVIEXIV
XLERXLIQWIPZIWhXLEXtWQSVIXLERIRSYKLSJEHVIEQ'SPZMRT

7IRKIIXEP XVEGIXLISVMKMRSJXLI[SVHXIEQ XSXLI-RHS)YVSTIER[SVHHIYO

[LMGL QIERW qXS TYPPr8LI QSHIVR WIRWI SJ XLI XIEQ QIERMRK E KVSYT SJ TISTPI
TYPPMRK ERH EGXMRK XSKIXLIV IQIVKIH MR XLI WM\XIIRXL GIRXYV] *VSQ XLIWI SVMKMRW
7IRKIIXEPT HIJMRIEXIEQEWqER]KVSYTSJTISTPI[LSRIIHIEGLSXLIV
XSEGGSQTPMWLEVIWYPXr
,S[HSIWEKVSYTFIGSQIEXIEQ#;LIRXLIVIMWGSRWIRWYWSRXLIKVSYTtWTYV
TSWIXEWOSTIVEXMRKTVSGIHYVIWSVTVSGIWWKVSYTWHIZIPSTEWIRWISJW]RIVK]XLEX
QSZIWFI]SRHMRHMZMHYEPIJJSVXWSVIZIRXLSWISJXLIKVSYTEWE[LSPIXSERI[PIZIP
SJGVIEXMZMX]ERHXEWOEGGSQTPMWLQIRXW;LMPIWTSVXWQMKLXTVSZMHIERSFZMSYWI\EQ
TPI SJ XIEQ[SVO qMR LMKL TVIWWYVI [SVOTPEGIW WYGL EW RYGPIEV TPERXW EMVGVEJX

8LIVI-W2Sq-rMRq8IEQr
;LIRXLIHVMPPMRWXVYGXSVFIKMRWGSYRXMRK]SYtZIKSXXLVIIQMRYXIWXSQEOIXLIFIHhLSWTM
XEPGSVRIVWERHXLITVSZIVFMEPUYEVXIVFSYRGI;LIR]SYtVIHSRI]SYtVIXSPHXSKIXFEGOMRE
PMRI8LIKSEPMWXSLEZIIZIV]FIHMRXLITPEXSSRQEHI7S-QEHIQ]FIHXLIR-WXSSHSRXLI
PMRI-[EWTVIXX]TVSYHFIGEYWI[LIRXLVIIQMRYXIW[IVIYTXLIVI[IVIRtXQSVIXLERXIR
QIR[LSLEHJMRMWLIHq%LIEHSJXLITEGOr-XLSYKLX&YXXLIHVMPPMRWXVYGXSVW[IVIRtXGSR
KVEXYPEXMRKYW)ZIV]SRItW FIHLEWXSFIQEHI7SVMTSJJXLIWLIIXWERHHSMXEKEMR
-VMTTIHSJJXLIWLIIXWEKEMRERHEKEMRERHEKEMR*MREPP]SRISJXLIHVMPPMRWXVYGXSVW
PSSOIHQIMRXLII]Iq=SYVFYROQEXIMWRtXHSRI;LEXEVI]SYHSMRK#r-XLSYKLXq;LEX
EQ -HSMRK#r7XERHMRKSRPMRIXLMROMRK-tHEGGSQTPMWLIHWSQIXLMRK[LMPIQ]FYROQEXI
WXVYKKPIH
8SKIXLIVQ]FYROQEXIERH-QEHISYVFIHWEFSYXX[MGIEWJEWXEW[IHMHEPSRI
7XMPPRSXIZIV]SRI[EWJMRMWLMRK*MREPP][IVIEPM^IHq3OE][LIR[ItVIHSRI[ItZIKSX
XSKSLIPTXLIFIHRI\XXSYWERHXLIFIHHS[RJVSQXLEXrERHWSSR-[IRXJVSQXLMROMRK
q-tPPLERHQ]FYROQEXIETMPPS[FYX-tQRSXKSMRKXSQEOIXLIFIHJSVLMQrXSQEOMRK
FIHWJSVER]SRI[LSRIIHIHLIPT8LEXJMVWXPIWWSR[EWERITMTLER]JSVQI=SYGERtXWYV
ZMZIMRXLI1EVMRI'SVTW[MXLSYXLIPTMRKXLIKY]RI\XXS]SYr8LIVIMWRSq-rMRqXIEQr

7SYVGI ;IWXIVQERT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT)ZSPYXMSR8IEQW

GSGOTMXWSVXLIQMPMXEV]XIEQ[SVOMWIWWIRXMEPXSWYVZMZIr%TTPIF]
(EZMWT
& %RIUYEPP]WXVIWWJYPIRZMVSRQIRXLIEPXLGEVISVKERM^EXMSRWqMRGVIEWMRKP]VIP]SR
MRXIVHMWGMTPMREV] XIEQW JSV GSQTVILIRWMZI HMEKRSWMW ERH XVIEXQIRX SJ TEXMIRXWr
)PPMRKWSR  T   *EWXTEGIHWTSVXW SV WXVIWWJYP IRZMVSRQIRXW SJJIV HVEQEXMG
I\EQTPIW SJ XLI MQTSVXERGI SJ XIEQ[SVO 1SVISZIV EW [I SFWIVZIH IEVPMIV MR XLMW
FSSOXLIQENSVMX]SJ97GSVTSVEXMSRWYWIXIEQWXLEXLEZITVSZMHIHWMKRMJMGERXKEMRW
MR TVSHYGXMZMX] IJJIGXMZIRIWW ERH IQTPS]II WEXMWJEGXMSR [MXL XLIMV NSFW 7LSGOPI]
>EPEFEO 

3VKERM^EXMSRWERH8IEQW
-JXIEQWEVIMQTPIQIRXIHERHWYTTSVXIHIJJIGXMZIP]XLI]MQTVSZIUYEPMX]IRLERGIGVI
EXMZMX]MRWSPZMRKMQTSVXERXMWWYIWERHMRGVIEWIIQTPS]IIMRZSPZIQIRX(IIX^8VEGI]

 7MQTWSR  7[IIRI]
 1G*EVPMR  %W 'YQQMRKW ERH ;SVPI] 
T  VITSVXq%WQERYJEGXYVMRKERHWIVZMGIXIGLRSPSKMIWGSRXMRYIXSHIZIPSThJSV
I\EQTPI NYWXMRXMQI MRZIRXSV] W]WXIQW PIER QERYJEGXYVMRK VSFSXMGW ERH WIVZMGI
UYEPMX] GSRGITXWhXLIVIMW MRGVIEWMRK TVIWWYVI SR SVKERM^EXMSRW XS MQTPIQIRX XIEQ
FEWIH[SVOHIWMKRWr8IEQ[SVOGSRGITXWEVIRSXPMQMXIHXSJSVTVSJMXSVKERM^EXMSRW-R
JEGXXLITVMRGMTPIWSJMRZSPZIQIRXXLVSYKLXIEQ[SVOLEZIEPWSFIIRETTPMIH[MXLWYG
GIWWXSZSPYRXEV]SVKERM^EXMSRWVERKMRKJVSQWGLSSPGSQQMXXIIWXSGSQQYRMX]KVSYTW
1SVVMWSR 8LVSYKLSYXSYVTVSJIWWMSREPGEVIIVW[I[MPPXEOITEVXMREZEVMIX]SJ
GSQQMXXIIWERHXIEQWERHELMKLPIZIPSJTEVXMGMTERXMRZSPZIQIRX[MPPPIEHXSFIXXIV
VIWYPXW%PXLSYKL[IGSRGIRXVEXISRSVKERM^EXMSRWMRXLMWGLETXIVXLIMQTSVXERGISJ
MRZSPZIQIRXXIEQWERHWIPJQEREKIQIRXETTPMIWXSEPPX]TIWSJKVSYTW
3VKERM^EXMSRWJVIUYIRXP]YWIXLIPEFIPXIEQW JSVKVSYTEGXMZMXMIWYRVIPEXIHXS
EGXYEPXIEQTVSGIWWIW%RYTTIVPIZIPQEREKIVQMKLXGEPPLIVSVLMWWYTTSVXKVSYTE
XIEQ IZIR XLSYKL XLI] JYRGXMSR MRHITIRHIRXP] [MXL SRI QIQFIV JSV I\EQTPI
JSGYWMRK SR EGGSYRXMRK ERSXLIV SR LYQER VIWSYVGIW ERH E XLMVH SR TYVGLEWMRK
)ZIRQSVIMQTSVXERXRSSRIWIIWXLIMRXIVHITIRHIRGIFIX[IIRXLIJYRGXMSRWSJXLI
ZEVMSYWHITEVXQIRXWSVHMZMWMSRW1ER]EWWIQFP]TPERXWJEWXJSSHSYXPIXWERHSXLIV
SVKERM^EXMSRW GEPP XLIMV KVSYTW SJ IQTPS]IIW XIEQW %GXYEPP] IEGL QIQFIV LEW
WTIGMJMGXEWOWXSGEVV]SYXERHVEVIP]MJIZIVLEWER]MRTYXSRER]QENSVHIGMWMSRW
RSV EVI XLI] MRZSPZIH MR WSPZMRK TVSFPIQW8LI GSVVIGX PEFIP MW JYRGXMSREP KVSYTW
WMRGIXLI]GEVV]SYXJYRGXMSRWMRXLIGSRXI\XSJEKVSYTSJTISTPI%JYRGXMSREPKVSYT
SJXIR FIGSQIW E WIQMTIVQERIRX KVSYT XLEX MW EWWMKRIH XLI XEWO SJ GSQTPIXMRK E
ZEVMIX] SJ SVKERM^EXMSREP TYVTSWIW +VMJJMR   ,S[IZIV XLMW MRZSPZIW NSF
EWWMKRQIRXW RSX XLI EFMPMX] XS HIZIPST E TVSEGXMZI XIEQ IRZMVSRQIRX8LI HMWXMR
KYMWLMRKGLEVEGXIVMWXMGSJEXIEQMWXLIHIKVIISJMRXIVHITIRHIRGIFIX[IIRQIQFIVW
)MWIRFIVK
+SSHLEPP 1IQFIVWSJEXIQTSVEV]GSQQMXXIISVEHLSGKVSYT
VEVIP]HIZIPST E WXVSRKWIRWISJSZIVVMHMRK TYVTSWISVE GSQQMXQIRXXS XLI SXLIV
KVSYTQIQFIVW
2IZIVXLIPIWW[ILEZIMRHMGEXIHXLVSYKLSYXXLMWFSSOQER]HVEQEXMGI\EQTPIW
SJWYGGIWWJYPXIEQ[SVOMRSVKERM^EXMSRWI\MWX&IX[IIR ERH SJEPP97JMVQW
LEZIXIEQWERHXLIRYQFIVMWMRGVIEWMRK7[IIRI]
1G*EVPMR 8LMWQEOIW
qXIEQ[SVOWOMPPWSRISJXLIQSWXGSQQSRP]VIUYMVIHWOMPPWMRXLI[SVOIRZMVSRQIRXr

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8IEQW 

*-+96) /I]WXS8IEQ)JJIGXMZIRIWW

'PIEVQMWWMSR ZMWMSR KSEPW TYVTSWI 8IEQQIQFIVWYRHIVWXERHERHEKVIISRXLIKSEPWERHXLI

HMVIGXMSRFIMRKTYVWYIHF]XLIXIEQ
)JJIGXMZIGSQQYRMGEXMSR %PPQIQFIVWEVIMRGPYHIHMRHMWGYWWMSRW)JJSVXWEVIQEHIXSFIGIV
XEMRGSQQYRMGEXMSRTVSGIWWIWWYGGIIHMRTVSZMHMRKMRJSVQEXMSRVIEWSRWERHYRHIVWXERHMRK:IV
FEPRSRZIVFEPERHHMKMXEPGSQQYRMGEXMSRTVSGIWWIWEVIQSRMXSVIHIZEPYEXIHERHMQTVSZIH
0MQMXIHWM^I 2SVQEPP]XLIPEVKIVXLIKVSYTQSVIXLER XLIQSVIGSQTPI\XLITVSGIWW
FIGSQIW-HIEPP]XSXIEQQIQFIVWWLSYPHGSQTVMWIXLIXIEQ
7OMPPPIZIPWETTVSTVMEXIJSVXLIGSQTPI\MX]SJXIEQEGXMSRW 8IEQQIQFIVWEVI[IPPXVEMRIHERH
LEZIEGSQQMXQIRXXSGSRXMRYSYWPIEVRMRK
8VYWX 4VSEGXMZITVSGIWWIWEVIIRGSYVEKIHXSHIZIPSTXVYWXEQSRKXIEQQIQFIVWMRGPYHMRK
XIPPMRKXLIXVYXLJYPJMPPMRKSFPMKEXMSRWERHWXERHMRKF]XLISXLIVXIEQQIQFIVW
%TTVSTVMEXIERHWYTTSVXMZII\XIVREPPIEHIVWLMT 7YTIVZMWMSRYRHIVWXERHWERHEGGITXWXLEXXLI
PSGYWSJGSRXVSPLEWWLMJXIHJVSQQEREKIQIRXXSXLIXIEQ
(IJMRIHVSPIWERHVIWTSRWMFMPMXMIW 8IEQQIQFIVWYRHIVWXERH[LEXMWI\TIGXIHSJXLIQERHLS[
XSGEVV]SYXXLIMVVIWTSRWMFMPMXMIW
0MROWFIX[IIRXIEQEGXMZMXMIWERHVI[EVHW 8LIVIPEXMSRWLMTMWGPIEVP]HIJMRIHWSXIEQQIQFIVW
VIGIMZIVI[EVHWJSVXLIMVKVSYTSVMIRXIHEGXMSRW

HI .EREW^ (S[H

 7GLRIMHIV  T  8LI OI]W XS XIEQ IJJIGXMZIRIWW EVI
I\TPEMRIHMR*MKYVI 

8IEQW
8IEQW EVIJSVQEP[SVOKVSYTWGSRWMWXMRKSJTISTPI[LS[SVOXSKIXLIVXSEGLMIZIGSQ
QSRKVSYTKSEPW3JXIRXLI]EVISRKSMRKKVSYTWSJMRHMZMHYEPW[LSGSSVHMREXIXLIMV
EGXMZMXMIWIZIR[LIRXLI]EVIRSXMRGSRWXERXGSRXEGX7TIGMEPXEWOKVSYTWMRXEGX[SVO
KVSYTWRI[[SVOYRMXWSVTEVXMGMTERXWJVSQZEVMSYWTEVXWSJXLISVKERM^EXMSREWWMKRIH
XSEGLMIZI E GSQQSR KSEP EVI I\EQTPIWSJXIEQW1G7LERI
:SR+PMRS[ 
8IEQWJYRGXMSREWEYRMXqSJXIR[MXLPMXXPISVRSWYTIVZMWMSRXSGEVV]SYX[SVOVIPEXIH
XEWOWJYRGXMSRWERHEGXMZMXMIWr+VMJJMRT 8IEQWXLIQWIPZIWVEXLIVXLER
EXIEQPIEHIVGSRXVSPXLIKVSYTTVSGIWW;LIRXIEQQIQFIVWEVIEGXMZIP]MRZSPZIH
XLIVIMWEQEVOIHMRGVIEWIMRYRHIVWXERHMRKWLEVIHZMWMSRGSPPEFSVEXMZIXIEQWXVEXIK]
FY]MRXSXLIMQTPIQIRXEXMSRTVSGIWWERHYWISJXLIORS[PIHKISJXLITEVXMGMTERXW
8IEQWGERIJJIGXMZIP]MQTVSZITVSGIWWIWMRGVIEWIGVIEXMZMX]QEOILMKLIVUYEPMX]HIGM
WMSRW MQTVSZI GSQQYRMGEXMSR VIHYGI XYVRSZIV MRGVIEWI IQTPS]II QSVEPI ERH
VIWTSRHXSKPSFEPGSQTIXMXMSRHI.EREW^(S[H
7GLRIMHIV 
*SVSYVTYVTSWIWXIEQWEVIHMZMHIHMRXSKVSYTWWIIOMRKWSPYXMSRWXSTEVXMGYPEV
TVSFPIQWSVKVSYTWMQTPIQIRXMRKI\MWXMRKSVKERM^EXMSREPKSEPWIKJYRGXMSREPXIEQW
XEWO JSVGIW WTIGMEPM^IH[SVOKVSYTW TVSNIGXXIEQW  [LMGLVITVIWIRXTEVEPPIPXIEQW
ERHXLIWIQMEYXSRSQSYWWIPJHMVIGXIHSVWIPJQEREKMRKXIEQWMR[LMGLQIQFIVWEVI
I\TIGXIHXSGSSVHMREXIXLIMV[SVOWIXXLIMVS[RRSVQWJSPPS[EWGLIHYPIERHYRHIV
XEOIRYQIVSYWSXLIVVIWTSRWMFMPMXMIW8EFPI WLS[WXLIQSZIQIRXJVSQXVEHMXMSREP
KVSYTWXSXIEQWXSWIPJHMVIGXIHXIEQW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT)ZSPYXMSR8IEQW

8%&0) 8LI)ZSPYXMSRSJ8IEQW *VSQ-RZSPZIQIRXXS7IPJ(MVIGXMSR

8VEHMXMSREP+VSYTW 8IEQW 7IPJ(MVIGXIH8IEQW

8VEHMXMSREP+VSYTW )RPMKLXIRIH0IEHIVWLMT 7LEVIH0IEHIVWLMT

+VSYTXIEQPIEHIVQEREKIV 0IEHIVJEGMPMXEXIWQIIXMRKW )ZIV]SRIWLEVIWPIEHIVWLMT

7IXWEKIRHE
(MVIGXWTVSFPIQWSPYXMSR
)WXEFPMWLIWPMQMXWERHYWIW
VYPIW
'SRXVSPWHMWVYTXMZIFILEZMSV
8EWOJSGYWTVMSVMX]SZIV
QIQFIVJSGYW
9RHIVHIZIPSTIH+VSYT-RZSPZIQIRX
%PPQIQFIVWGSRXVMFYXIXSWYGGIWW
1IQFIVWXEOIVIWTSRWMFMPMX]
)ZIV]SRILIPTW[MXLEKIRHE
1IQFIVtWRIIHWEVIVIGSKRM^IH
1IQFIVWGSRXVSPHMWVYTXMZI
FILEZMSVW
8VEHMXMSREP8IEQ[SVO
1IQFIVWWIXKYMHIPMRIWJSVWYGGIWW
;SVOMRKTVSGIHYVIWEVIHIGMHIHF]XIEQ
1IIXMRKWEVIS[RIHF]QIQFIVW
1IQFIVWEVIEGGSYRXEFPI
7IPJ(MVIGXIH8IEQ

8IEQ7XEKI 8IEQ7XEKI 8IEQ7XEKI 8IEQ7XEKI

9RIQTS[IVIH 7SQI[LEXYRIQTS[IVIH 7SQI[LEXIQTS[IVIH )QTS[IVIH

1IQFIVWHSEWXSPH 8IEQKVSYTWSQI[LEX 8IEQTEVEPPIPXSMRXI 8IEQMRHITIRHIRX
TEVEPPIPXSSVKERM^EXMSR KVEXIHTEVXSJSVKERM^E
WXVYGXYVI XMSRWXVYGXYVI
1IQFIVWI\IGYXI 1IQFIVWVIEGXVIUYIWX 1IQFIVWTEVXMGMTEXIMR 1IQFIVWXEOIVIWTSRWM
PIEHIVtWHMVIGXMSRW QEOIWYKKIWXMSRW WIXXMRKEKIRHEERH FMPMX]JSVTVSGIWW
HMVIGXMSR
,MKLPIEHIVGSRXVSP 0IWWPIEHIVGSRXVSPQSVI 1SVITEVXMGMTERXGSRXVSP 'SRXVSPTPERRMRKPIEHIV
TPERHMVIGX PIEHIVGSEGLGSYRWIP GVMXMGEPXLMROMRKMR JEGMPMXEXIWERHXIEGLIW
STIRGSQQYRMGEXMSR ZSPZIHXIEQQIQFIVW SXLIVWXSPIEH
XLIQWIPZIW

4EVEPPIP8IEQW
=SYVSVKERM^EXMSRQE]VIUYIWXXLEX]SYNSMRETVSFPIQWSPZMRKXIEQ=SYVQIQFIVWLMT
[MPPFIMREHHMXMSRXS]SYVVIKYPEVHYXMIW-RSXLIV[SVHWXLMWMWETEVEPPIPXIEQ SRI
XLEXJYRGXMSRWTEVEPPIPXS]SYVSRKSMRKVIWTSRWMFMPMXMIW=SYFVMRKWSQII\TIVXMWISV
TVSJIWWMSREP MRXIVIWX MR XLI MWWYI FYX ]SY EVI RSX VIPMIZIH SJ ]SYV GYVVIRX [SVO
HIQERHW-RQSWXGEWIWXLIWIKVSYTWEVIEHZMWSV]ERHXLITS[IVXSMQTPIQIRXXLI
TVSTSWIHWSPYXMSRWVIQEMRW[MXLXLIQEREKIV8LIXIEQtWHIKVIISJEYXLSVMX]MWPS[
7[IIRI]
1G*EVPMR 1EREKIQIRXQEMRXEMRWELMKLPIZIPSJMRZSPZIQIRXERH
XLI XIEQ LEW PMXXPI GSRXVSP SJ XLI VIWSYVGIW RIIHIH XS EGXYEPP] JSPPS[ XLVSYKL8LI
XIEQtWZMWMSRSVQMWWMSRMWWIXF]QEREKIQIRXRSXF]XLIXIEQMXWIPJ
4EVEPPIPXIEQWLEZIXLVIIWTIGMJMGPMQMXEXMSRWMRHMZMHYEPVI[EVHWMRETTVSTVMEXI
QEREKIQIRX WX]PIW ERH WIKQIRXEPMWQ &IGEYWI XLIWI FEVVMIVW GER FI SZIVGSQI F]
QSZMRK XS[EVH WIPJHMVIGXIH YRMXW SV WIPJQEREKIH XIEQW XLI] [EVVERX JYVXLIV
EREP]WMW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8IEQW 

-RHMZMHYEP 6I[EVHW 8LI VIPMERGISRMRHMZMHYEP VI[EVHW MWGSYRXIVTVSHYGXMZIXSE

XIEQGIRXIVIHSVMIRXEXMSR'SLIR
*MRO 1ER]SVKERM^EXMSRWVI[EVHMRHMZMH
YEPTIVJSVQERGIVEXLIVXLERJSGYWSRXLIXIEQtWSYXTYX%RHIVWSR
%RHIVWSR 
9RJSVXYREXIP]XLMWGERPIEHXIEQQIQFIVWXSJSGYWSRXLIMVS[RVI[EVHWVEXLIVXLER
SRXIEQWYGGIWW-RIHYGEXMSRXLIGSQTIXMXMSRJSVKVEHIWTVSZMHIWEYWIJYPI\EQTPI
;LIREWWMKRIHXSEKVSYTTVSNIGXWSQIWXYHIRXWLEZIPMXXPIMRGIRXMZIXSHIZSXIEKVIEX
HIEPSJXMQIXSXLMWXLVIIXSJSYViQSRXLXIEQEWWMKRQIRX3XLIVW[SVV]QSVIEFSYX
XLIMVMRHMZMHYEPKVEHIXLERXLIKVSYTtWWYGGIWW7SXLIKVSYTVEVIP]IZSPZIWMRXSEXIEQ
FIGEYWIXLIVI[EVHWEVIYRGPIEV
0MXXPIMRSYVXVEMRMRKXIEGLIWYWLS[XSJSGYWSRXLIXIEQVEXLIVXLERSRSYVMRHM
ZMHYEP VI[EVHW )ZIR XVEMRMRK MR EXLPIXMGW SV MRXIVWGLSPEWXMG IZIRXW WYGL EW HIFEXI
HSIWRSXTVITEVIYWJSVXIEQ[SVOMRERSVKERM^EXMSR&SPQER
(IEP ;LMPI
[MRWERH PSWIWEVIVIEHMP]ETTEVIRXMR GSQTIXMXMZIEGXMZMXMIWXIEQWMRSVKERM^EXMSRW
QYWXPEFSVEWEKVSYTXSEGGSQTPMWLKSEPWXLEXQMKLXXEOIQSRXLWSV]IEVWXSJYPJMPP-R
EHHMXMSR XLI VYPIW SV QIEWYVIQIRX JSV WYGGIWW EVI GPIEVIV MR GSQTIXMXMSRhWYGL EW
XMQIEZEMPEFPIVSPIWUYEVXIVFEGOWIGSRHEJJMVQEXMZIWTIEOIVGSEGL ERHXMQIWTER
WIEWSR )JJIGXMZIXIEQWEVIFYMPXSRXVYWX[LMGLXEOIWXMQIXSHIZIPST%WPSRKEW
XIEQ QIQFIVW GERRSX MHIRXMJ] E GPIEV TSWMXMZI GSRWIUYIRGI JSV FIGSQMRK E XIEQ
TPE]IVIKVIGSKRMXMSRSVVI[EVHWFEWIHSRXLIXIEQtWWYGGIWW TEVEPPIPXIEQW[MPP
JMRHXLIQWIPZIWPMQMXIHMRWYGGIWW

-RETTVSTVMEXI 1EREKIQIRX 7X]PIW 7IGSRH QER] QEREKIVW ERHWYTIVZMWSVW EVI MPP

IUYMTTIHXSIRGSYVEKIXIEQFYMPHMRK8LMWMWXVYIJSVX[SVIEWSRW8LI]JIEVEPSWWSJ
TS[IVERHXLI]EVIQSVIGSQJSVXEFPIQEREKMRKXLERPIEHMRKEXIEQ
0SWWSJ4S[IV 3JXIRQEREKIVWERHWYTIVZMWSVWZMI[IQTPS]IIMRZSPZIQIRXMR
XLIHIGMWMSRQEOMRKTVSGIWWEWEXLVIEXXSXLIMVS[RTS[IVERHEYXLSVMX]1G7LERI

:SR+PMRS[ 8LMWTIVGIMZIHPSWWSJTS[IVLEWPIHJMVWXPMRIWYTIVZMWSVWXSVIWMWX
XIEQIJJSVXW
1EREKMRKZIVWYW0IEHMRK 9RHIVWGSVMRKXLIHMJJIVIRGIFIX[IIRQEREKMRKERH
PIEHMRKLEWFIGSQIETSTYPEVQIERWJSVJSGYWMRKSRTVSHYGXMZIERHGSYRXIVTVSHYGXMZI
FILEZMSVW,EVVMW 1EREKMRKMWVIUYMVIHXSTPERFYHKIXSVKERM^IERHGSRXVSP
7SQISRIQYWXWGLIHYPIXLIKVSYTQIIXMRKWWIXXLIEKIRHEERHTIVJSVQSXLIVQYR
HERI HYXMIW 3ZIVVIPMERGI SR XLIWI QEREKIVMEP XSSPW LS[IZIV XIRHW XS WEFSXEKI
IQTPS]II MRZSPZIQIRX % [IPPMRXIRXMSRIH QEREKIV QMKLX HIWMKR ER EKIRHE XLEX
I\GPYHIWMQTSVXERXMRJSVQEXMSRXSTMGWSVMRTYX8SSPMXXPIXMQIQMKLXFIEPPSGEXIHJSVE
JYPPHMWGYWWMSRSJXLIMWWYIW%W[IHMWGSZIVIHIEVPMIVFSXLEKIRHEWERHXMQIEPPSGEXMSR
EVIMQTSVXERXMWWYIWFYXXLI]GEREPWSFIYWIHXSPMQMXXLIKVSYTtWW]RIVK]SVWYGGIWW
0IEHMRK MRZSPZIW HIZIPSTMRK WXVSRK WYFSVHMREXIW ERH KVSYT QIQFIVW /SXXIV
 %PXLSYKLXLIPIEHIVFIEVWXLIVIWTSRWMFMPMX]JSVMQTPIQIRXMRKIJJIGXMZIXIEQ
FYMPHMRK GSRGITXW SZIVVIPMERGI SR XLI PIEHIV JSV LIVSMG EXXIQTXW EX QSXMZEXMRK ERH
HIZIPSTMRKMRHMZMHYEPWMWGSYRXIVTVSHYGXMZI1G7LERI
:SR+PMRS[ 0IEHIVW
RIIHXSIQTS[IVXIEQWF]WXVIRKXLIRMRKXLIXIEQtWGSRXVSPXLVSYKLSYXXLIHIGMWMSR
QEOMRKTVSGIWW'SRKIV 
%YXSGVEXMGQEREKIQIRXERHLIVSMGPIEHIVWLMTGERFIWMKRMJMGERXMQTIHMQIRXWMR
XLIXIEQFYMPHMRKTVSGIWW-JXIEQFYMPHMRKIJJSVXWEVIXSFIWYGGIWWJYPWYTIVZMWSVWERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT)ZSPYXMSR8IEQW

QEREKIVW [MPP EWWYQI IRXMVIP] HMJJIVIRX VSPIW JVSQ XLIMV XVEHMXMSREP SRIW -RWXIEH SJ
FIMRKXLIFSWWVI[EVHHMWTIRWIVERHGSSVHMREXSVQEREKIVWERHWYTIVZMWSVWFIGSQI
PMEMWSRWPMROMRKTMRWERHJEGMPMXEXSVW4S[IVLEWXLYWWLMJXIHXLVSYKLXLIIQTS[IVQIRX
TVSGIWWERHPIEHMRKhVEXLIVXLERQEREKMRKhFIGSQIWXLII\TIGXIHFILEZMSV;MXLSYX
TVSTIVXVEMRMRKQEREKIVWERHWYTIVZMWSVW[MPPGSRHYGXFYWMRIWWEWYWYEPVEXLIVXLER
HIEP[MXLXLIYRGIVXEMRXMIWMRLIVIRXMRIQTPS]IIMRZSPZIQIRXXLVSYKLXIEQW
8LIQSWXMQTSVXERXFILEZMSVWJSVQEREKIVWERHWYTIVZMWSVWEWXIEQJEGMPMXEXSVW
EVIXSIRGSYVEKISTIRGSQQYRMGEXMSRXIEQTVSFPIQWSPZMRKXIEQHIGMWMSRQEOMRK
WIPJQEREKIQIRXGVSWWXVEMRMRKERHTIVJSVQERGIQSRMXSVMRKPMWXIRMRKWLEVMRKMRJSV
QEXMSRKMZMRKZIVFEPERH[VMXXIRJIIHFEGOERHEXXIRHMRKXSRSRZIVFEPGPYIW[SVOMRK
XLVSYKLGSRJPMGXWERHHIZIPSTMRKEGPMQEXISJXIEQ[SVOERHGSRXMRYSYWP]PIEVRMRK
[LMPIXSPIVEXMRKEQFMKYMX]ERHYRGIVXEMRX]&YVVIWW
1G)PLIRMI 8[SGSRGPY
WMSRWEVIGPIEVJVSQXLMWPMWX*MVWXJI[MRHMZMHYEPWGEREGGSQTPMWLEPPSJXLIWIFILEZ
MSVW WS WLEVIH PIEHIVWLMT [MXLMR XLI KVSYT MW MQTSVXERX 7IGSRH WSQI XVEMRMRK MR
KVSYTTVSGIWWMWGVMXMGEPJSVWYGGIWWJYPKVSYTPIEHIVWLMT9RJSVXYREXIP]XSSJI[QER
EKIVWERHWYTIVZMWSVWLEZIPIEVRIHXLIFEWMGWSJIJJIGXMZIJEGMPMXEXMSR

7IKQIRXEPMWQ 7IKQIRXEPMWQ MWXLIXIRHIRG]SJWITEVEXIYRMXW[MXLMRXLIWEQISVKE

RM^EXMSRXSFIMRHMJJIVIRXXSXLIWYGGIWWSJSXLIVYRMXWSVXSGSQTIXI[MXLXLSWIYRMXW
+VMJJMR  %W SVKERM^EXMSRW YRHIVKS GLERKI ELMKL HIKVII SJ GSRGIVRJSV XLI
WYGGIWW SJ ER MRHMZMHYEP SVKERM^EXMSREP YRMX SZIV XLI WYGGIWW SJ SXLIV IRXMXMIW GER
HMQMRMWLER]WYGGIWWJYPXIEQIJJSVXW/ERXI\ 3JXIRVIJIVVIHXSEWWMPSW XLIWI
YRMXWWIIEXXIQTXWXSMRGVIEWIGVSWWJYRGXMSREPEGXMZMXMIWEWEXLVIEXXSXLIYRMXtWEYXSR
SQ]9RMXWSVKVSYTWMWSPEXIXLIQWIPZIWERHJSGYWSRTVSFPIQWXLEXEVIYRMUYIXSXLIMV
EVIEWSJMRXIVIWXIKWLMTTMRKQEVOIXMRKTYFPMGVIPEXMSRW -RXVMRWMGXSXLMWVIWTSRWI
MWXLIFIPMIJXLEXI\XIVREPVI[EVHW[MPPHMQMRMWLFIGEYWIXLITIVGIMZIHTE]SJJSVFIRI
JMXW[MPPFIWLEVIHF]SXLIVYRMXW)ZIR[LIRXLIWIMWWYIWEVIRSXGVMXMGEPQER]QER
EKIVWEVIRSXIEKIVXSKMZIYT[LEXXLI]TIVGIMZIEWXLIMVTS[IVSVGSRXVSP-RXLITEWX
XLIWI SVMIRXEXMSRW LEZI TVSZIR XS FI TS[IVJYP HIXIVVIRXW XS IJJIGXMZI XIEQ FYMPHMRK
/ERXIV7[IIRI]
1G*EVPMR 
2-,RSXMRZIRXIHLIVI TVSZMHIWERI\GIPPIRX I\EQTPISJERYR[MPPMRKRIWWXS
EGGITXSYXWMHIMRJSVQEXMSR[LMGLPMQMXWGSSTIVEXMSR8LIGLMIJSTIVEXMSRSJJMGIVSJ
%TTPI'SQTYXIVERRSYRGIHHYVMRKXLIGSVTSVEXIVISVKERM^EXMSRXLEX2-,[SYPH
RS PSRKIV FI XSPIVEXIH &YIPP 0IZMRI
 +VSWW   ,MW VIEWSR [EW WMQTPIhqE
LSYWIHMZMHIHGERRSXWXERHr%TTPItWWYFYRMXW[IVIWTIRHMRKXLIMVIRIVKMIWGSQTIXMRK
MRXIVREPP]F]VINIGXMRKMHIEWJVSQSXLIVYRMXWFIGEYWIXLI][IVIqRSXMRZIRXIHLIVIr
8LIVIJSVI%TTPItWTSXIRXMEPW]RIVK][EWVIHYGIHFIGEYWISJEPEGOSJGSQQSRMRXIVIWX
SVGSPPEFSVEXMSR

7IPJ(MVIGXIH;SVO8IEQW
4EVEPPIP XIEQW WIVZI RYQIVSYW TYVTSWIW HIWTMXI XLIMV MRLIVIRX PMQMXEXMSRW )\TIVM
IRGIWMRTEVEPPIPXIEQWGERPE]XLIKVSYRH[SVOJSVWIPJHMVIGXIHYRMXW1G7LERI
:SR
+PMRS[ 

'LEVEGXIVMWXMGW SJ E 7IPJ(MVIGXIH;SVO 8IEQ 4EVEPPIP XIEQW TPEGI XLI TS[IV XS

QEOIERHMQTPIQIRXHIGMWMSRWERHWSPYXMSRW[MXLXLIQEREKIVSVTIVWSRMRGLEVKI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8IEQW 

7IPJHMVIGXIH[SVOXIEQW 7(;8 LEZIGSRXVSPSZIVVIWSYVGIWYWIERHHIGMWMSRMQTPI

QIRXEXMSR%W WYGL 7(;8 EVI WIPJVIKYPEXMRK%JXIV WYJJMGMIRX XVEMRMRK ERH I\TIVM
IRGIXIEQQIQFIVW[SVOXSKIXLIVXSGSQTPIXIEXSXEPNSFSVTVSNIGX8LIXIEQPIEHW
MXWIPJ%WHMWGYWWIHIEVPMIVMRXLMWXI\XEX2YGSV7XIIPXLIPEVKIWX97WXIIPTVSHYGIV
ERHVIG]GPIVEXIEQFEWIHETTVSEGLMWYXMPM^IHq8IEQQIQFIVWQIIXEQSRKXLIQ
WIPZIWXSJMKYVISYXWYTTP]JPS[TVSFPIQWUYEPMX]MWWYIWZEGEXMSRWGLIYHPIWERHIZIR
HMWGMPMREV] EGXMSRWr 4EVOIV  T (  ;LSPI *SSHW WXSVIW EVI SVKERM^IH MRXS
7(;8XLEXEVIVIWTSRWMFPIERHEGGSYRXEFPIJSVXLIMVS[RTIVJSVQERGIq8LIGIRXVEP
MHIEMWKMZMRKKVSYTVIWTSRWMFMPMX]JSVEQIERMRKJYP[LSPIhETVSHYGXWYFEWWIQFP]SV
GSQTPIXIWIVZMGIh[MXLEQTPI EYXSRSQ]VIWSYVGIWERHGSPPIGXMZIVIWTSRWMFMPMX]JSV
VIWYPXWr&SPQER
(IEPT 
8LITS[IVSJWLEVIHVIWTSRWMFMPMX]MWMQTVIWWMZI8IEQQIQFIVWFIGSQITEVXSJ
XLIWSPYXMSRRSXW]QTXSQWSJXLITVSFPIQ[LIRXLI]LEZIEREGXMZIVSPIMRHIGMHMRK
XLI XIEQtW HMVIGXMSR )\EQTPIW SJ GSQTERMIW XLEX LEZI WYGGIWWJYPP] YWIH 7(;8
MRGPYHI ,EVPI](EZMHWSR [LIVI XIEQW WTIEVLIEHIH E VIXYVR XS TVSJMXEFMPMX] .SLRW
,STOMRW,SWTMXEP[LIVITEXMIRXZSPYQIMRGVIEWIHERHXYVRSZIVHIGVIEWIHERH,EPP
QEVO[LIVIXLIVI[EWE VIHYGXMSRMRHIWMKRXMQIHI.EREW^(S[H
7GLRIM
HIV   7(;8 WLEVI GSQQSR FSYRHEVMIW [LMGL WYVVSYRH XLI XIEQtW EGXMZMXMIW
MRXIVHITIRHIRX XEWOW EVXMGYPEXIH TYVTSWIW ERH [IPPYRHIVWXSSH TIVWSREPP] S[RIH
KSEPW8LIFS\FIPS[TVSZMHIWERI\EQTPI

6YRRMRK[MXLE8IPITLSRI4SPI
6YRRMRK JMZI QMPIW [LMPI GEVV]MRKE XIPITLSRI TSPIMW E KVYIPMRK XEWOhQEHI QSVI WS
[LIR MXtW E VEGI FIX[IIR ]SYV WM\QER XIEQ ERH WIZIVEP SXLIVW8LI SRP] MRWXVYGXMSRW
QSZISYVXIPITLSRITSPIEPSRKXLIVSYXIHSRtXPIXMXXSYGLXLIKVSYRHGSQIMRJMVWXq-X
TE]WXSFIE [MRRIVrWLSYXIHXLIMRWXVYGXSV E TLVEWI    XLEX PIXYW ORS[ XLIVI [EWE
VI[EVHJSVGSQMRKMRJMVWX8LIVEGIFIKERMQQIHMEXIP]WS[ILEHXSGSQIYT[MXLXLI
FIWXXIGLRMUYISRXLIJP]8LIVI[EWRSXMQIXSHMWGYWWEWXVEXIK]SVSVKERM^ISYVTVSGIWW
1]XIEQWXVYKKPIHEXJMVWXFYXSYVETTVSEGLIZSPZIHUYMGOP];ILEHJSYVKY]WGEVV]MRK
XLI TSPI ERH X[S VIWXMRK F] NSKKMRK EPSRKWMHI ;LIR [I W[MXGLIH SJJ [I HIGMHIH MX
WLSYPHFIXLIX[SKY]WLYVXMRKXLIQSWXhRSXRIGIWWEVMP]XLIX[S[LSLEHFIIRGEVV]MRK
XLIPSRKIWXh[LSKSXXSVIWX
2SFSH]IWTIGMEPP]EX]TI%6IGSR1EVMRI[ERXWXSFIXLITIVWSR[LStWqRSXGEV
V]MRKLMW[IMKLXr&YXWSQISJXLIWIKY]W[IVIWMQTP][SVOLSVWIWhXLI]GSYPHVYRJSV
IZIV[MXLXLMWXLMRKhERH WSQISJ YW GSYPHRSX;I [IVIPIEVRMRK XSTYXXIEQWYGGIWW
ELIEHSJSYVS[RIKSW8LEX[EWXLISRP][E][IGSYPHQSZIXLIJEWXIWXEWEXIEQERH[MR
XLIVEGI
7SYVGI ;IWXIVQERT

3ZIVGSQMRKXLI&EVVMIVWXS&YMPHMRKE7IPJ1EREKMRK8IEQ *MVWXWIPJQEREKMRK
[SVOXIEQW LIPTSZIVGSQIXLIMQTEGXSJMRHMZMHYEPM^IHVI[EVHWFIGEYWIWIPJQEREK
MRK[SVOXIEQWEVIHIWMKRIHXSGVIEXIQIQFIVMRXIVEGXMSRERHMRXIVHITIRHIRGI-RXLI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT)ZSPYXMSR8IEQW

GSQTERMIW GMXIH IEVPMIV VIKEVHMRK XLI IJJIGXMZIRIWW SJ WIPJQEREKMRK [SVO XIEQW
IQTPS]IIW EVI EPWS FIXXIV TEMH FIGEYWI XLI] EVI VI[EVHIH SR E XIEQ WYGGIWW FEWMW
'YQQMRKW
;SVPI]+VMJJMR 6EXLIVXLERZMI[MRKGSPPIEKYIWEWGSQ
TIXMXSVWMRHMZMHYEPWLEZITS[IVJYPMRGIRXMZIWJSV[SVOMRKXSKIXLIVXSQE\MQM^IWYG
GIWW -R EHHMXMSR WIPJQEREKMRK [SVO XIEQW TVSZMHI E KVSYT MHIRXMJMGEXMSR ERH
MRGVIEWIHNSFWEXMWJEGXMSR(EP^MIP
7GLSSRSZIV 8EWOI\GIPPIRGIMWEGLMIZIH
FIGEYWIIQTPS]IIWMHIRXMJ][MXLXLIMWWYIWERHXLIWSPYXMSRW&IMRKTEVXSJXLIWSPY
XMSRMRHMZMHYEPWJIIPEKVIEXIVMRGIRXMZIERHSFPMKEXMSRXSKYEVERXIIWYGGIWWJYPMQTPI
QIRXEXMSR *SV I\EQTPI EX ;SVXLMRKXSR -RHYWXVMIW ER 3LMSFEWIH WXIIP TVSGIWWSV
q;LIRERIQTPS]IIMWLMVIHXSNSMRETPERXJPSSVXIEQLI[SVOWJSVEHE]TVSFE
XMSREV]TIVMSHEJXIV[LMGLXLIXIEQZSXIWXSHIXIVQMRI[LIXLIVLIGERWXE]8LIW]WXIQ
[SVOWFIGEYWIQYGLSJXLIXIEQtWTE]MWFEWIHSRTIVJSVQERGIWSQIQFIVWEVIGPIEV
I]IHERHYRWTEVMRKMRIZEPYEXMRKERI[GERHMHEXItWGSRXVMFYXMSRr'SPZMRT 
7IGSRHXLIVSPISJQEREKIVWERHWYTIVZMWSVWMWHVEQEXMGEPP]HMJJIVIRX MRXLIWIPJ
QEREKMRK[SVOXIEQ-RXVEHMXMSREPSVKERM^EXMSRWPIEHIVWLMTMWFEWIHSRXLIQEREKIVtW
LEZMRKXLIHIGMWMSRQEOMRKTS[IVXLIMRJSVQEXMSRXLIVIWTSRWMFMPMX]JSVHMWXVMFYXMRK
VI[EVHWERHMRQER]GEWIWXLII\TIVXMWI8LIVIWYPXMWXLEXXLIQEREKIVXIPPWTISTPI
[LEXXSHSERHFIGSQIWEREHQMRMWXVEXSVVEXLIVXLEREPIEHIV7LEVIHVIWTSRWMFMPMX]
ERHGSRXVSPXEOIXLITPEGISJXLIXVEHMXMSREPQEREKIVtWGEVV]MRKXLIVIWTSRWMFMPMXMIWERH
FYVHIRWSJQEREKMRKTIVJSVQERGIEPSRI8LITVMQEV]VSPIWJSVXLIQEREKIVEVIXLSWI
SJJEGMPMXEXSVERHGSEGL8LIWIPJQEREKMRK[SVOXIEQPIEHIVGSRWXERXP]EWOWq,S[
GERIEGLTVSFPIQFIWSPZIHMRE[E]XLEXJYVXLIVHIZIPSTWXLIXIEQtWGSQQMXQIRXERH
GETEFMPMXMIW#r 8LIWI XIEQ PIEHIVW PIEVR XS IQTS[IV SXLIVW QSZI HIGMWMSRW XS XLI
TVSTIVPIZIPWTVSZMHIEZMWMSRERHGSQQYRMGEXIMXERHFYMPHXVYWXERHSTIRRIWW
8LMVH WIPJQEREKMRK [SVO XIEQW SZIVGSQI WIKQIRXEPMWQ 7YFSVHMREXIWt ERH
QEREKIVWt TIVWTIGXMZIWEVIFVSEHIRIHFI]SRHEREVVS[GSRGIVRJSVEWTIGMEPM^IHEVIE
-RWXIEHXIEQQIQFIVWMHIRXMJ][MXLXLITVSFPIQWEWWSGMEXIH[MXLXLISZIVVMHMRKMWWYIW
SJ TVSHYGXMZMX] ERH UYEPMX] -R EHHMXMSR PIEVRMRK XS WSPZI TVSFPIQW EW XLI] HIZIPST
QEOIWIEGLXIEQQIQFIVMRGVIEWMRKP]FIXXIVUYEPMJMIHXSWSPZIJYXYVITVSFPIQW
%JXIVVIZMI[MRKZEVMSYWWXYHMIW&S]IXXERH&S]IXX ERH3PWEZWO]
HVI[WIZIVEPGSRGPYWMSRWEFSYXXLIFIRIJMXWERHGSWXWSJWIPJQEREKMRK[SVOXIEQW
%PXLSYKLWIPJQEREKMRK[SVOXIEQWEVIXSYXIHEWWSPYXMSRWXSE[MHIZEVMIX]SJSVKERM
^EXMSREPMWWYIWWIZIRWTIGMJMGFIRIJMXWGSRWMWXIRXP]SGGYV8LIFIRIJMXWSJWIPJQEREK
MRK [SVO XIEQW EVI E  MQTVSZIQIRX MR [SVO QIXLSHW ERH TVSGIHYVIW F  KEMRW MR
EXXVEGXMSRERHVIXIRXMSRSJIQTPS]IIWG MRGVIEWIWMRWXEJJMRKJPI\MFMPMX]H MRGVIEWIW
MRWIVZMGI ERH TVSHYGX UYEPMX] I  MQTVSZIQIRXW MR SYXTYXJ  IRLERGIH UYEPMX] SJ
HIGMWMSRQEOMRKERHK VIHYGXMSRWMRWYTIVZMWMSRERHWXEJJWYTTSVXWMRGIXLIXIEQ
GEVVMIWSYXQSWXWYTTSVXEGXMZMXMIWWYGLEWVIXVMIZMRKWYTTPMIWKIXXMRKMRJSVQEXMSRERH
WGLIHYPMRKEGXMZMXMIW
8LIWIJEGXSVWPIEHXSFIXXIVTVSHYGXMZMX]8IEQWWIXXLITVSHYGXMSRKSEPW[LMGL
XIRHXSFILMKLIV*IIHFEGOMWIQTPS]IHIJJIGXMZIP]XSMQTVSZITIVJSVQERGI'VSWW
XVEMRMRKIRLERGIWXLIEFMPMX]SJXIEQQIQFIVWXSLIPTSYXERHVITPEGISRIERSXLIV8LI
GSWXSJPEFSVMWVIHYGIH XS MRQER]GEWIW8LIVIEVILS[IZIVHVE[FEGOWXS
XLIWIXIEQETTVSEGLIW-JWIPJQEREKMRK[SVOXIEQTVSKVEQWEVIXSFIMQTPIQIRXIH
WYGGIWWJYPP] GSWXW ERH TMXJEPPW QYWX FI GSRWMHIVIH GEVIJYPP]8LIVI EVI EX PIEWX JMZI
GSWXW SGGYVVMRK MR QER] WIPJQEREKMRK [SVOXIEQ TVSKVEQW E  MRGVIEWIH XVEMRMRK

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8IEQW 

GSWXWMRGPYHMRKXLIYWISJWXEJJSVSYXWMHIGSRWYPXERXWXSJEGMPMXEXIMQTPIQIRXEXMSRF
YRQIXI\TIGXEXMSRWJSVSVKERM^EXMSREPGLERKIG GSRJPMGXWFIX[IIRTEVXMGMTERXWERH
RSRTEVXMGMTERXWSGGYVVMRKMJSRP]EJI[XIEQWEVIJSVQIHH XMQIPSWXMRXIEQQIIX
MRKWERHEWPS[IVHIGMWMSRQEOMRKTVSGIWWERHI VIWMWXERGIXSXLIGLERKIF]WSQI
WXEJJWYTTSVXKVSYTW
-REHHMXMSRXLIVIEVIWIZIRTSWWMFPITMXJEPPWE MRWYJJMGMIRXXVEMRMRKSVXVEMRMRK
XLEXMWXSSPEXIJSVXLIXIEQWF QEREKIQIRXXLEXMWXSSMQTEXMIRXJSVVIWYPXWG JEMP
YVIXSEGORS[PIHKIXLEXTISTPI[MPPXIWXXLIW]WXIQH XV]MRKXSMQTPIQIRX[LIRXLI
XIGLRSPSK]JSVETEVXMGYPEVGLERKIMWMRWYJJMGMIRXP]ORS[RI MREHIUYEXIXMQIEPPS[IH
JSVXLII\TIVMIRGIXSKIPFIJSVIMXMWIZEPYEXIHJ MRETTVSTVMEXIFSYRHEVMIWGLSWIRJSV
XIEQ QIQFIVWLMT SV VIWTSRWMFMPMXMIW ERH K  E GSVTSVEXI GYPXYVI XLEX MW VEHMGEPP]
GSYRXIVXSXLIWIPJQEREKMRKXIEQTLMPSWSTL]
8LYWWIPJQEREKMRK[SVOXIEQWVIUYMVIEWYFWXERXMEPMRZIWXQIRXMRXMQIJSVI
XLSYKLXERHGSQQMXQIRXXSFIWYGGIWWJYP-QTPIQIRXEXMSRGERFIHMJJMGYPXFYXXLI
WYGGIWWIWSJWIPJQEREKMRK[SVOXIEQWQEOIXLMWETTVSEGLXSSVKERM^EXMSREPXVERWJSV
QEXMSRI\GMXMRKERHMQTSVXERX
9RHIVXLIZIV]FIWXSJGMVGYQWXERGIWGLERKIMWHMJJMGYPX-RXLIEXXIQTXXSVIHI
JMRIIQTPS]QIRXVIPEXMSRWMHIRXMJ]MRKERHTYVWYMRKGSQQSRMRXIVIWXWWIIQWXSFIE
ZMXEP GSQTSRIRX8LI PIEVRMRK TVSGIWW [LMGL VIUYMVIW QEREKIQIRX ERH IQTPS]IIW
EPMOIXSVIGSRWMHIVQER]YRHIVP]MRKhERHSJXIRMRGSVVIGXhEWWYQTXMSRWQMKLXFIXLI
QSWXMQTSVXERXSYXGSQISJER]WIPJQEREKMRK[SVOXIEQTVSGIWW'SRWMHIVXLIXIEQ
[SVOHIWGVMFIHMR*MKYVI

*-+96) )XLMGWJSVXLI8IEQ;SVOTPEGI

8LI%WWSGMEXMSRJSV&YWMRIWW'SQQYRMGEXMSREHSTXIHEWIXSJTVSJIWWMSREPIXLMGWERHGSHISJ
GSRHYGXXLEX[EWETTVSZIHF]MXWFSEVHSJHMVIGXSVWSR3GXSFIV8LSWITVSJIWWMSREP
IXLMGWEVIWYQQEVM^IHMRFVMIJLIVIERHEZEMPEFPIMRXLIMVGSQTPIXIJSVQSRXLIEWWSGMEXMSR[IF
WMXI[[[FYWMRIWWGSQQYRMGEXMSRSVKEFSYX'SHICSJC)XLMGWLXQP8LIKYMHMRKIXLMGEPTVMRGM
TPIWEVIXVYXLJYPRIWWLSRIWX]ERHJEMVRIWWGSRJMHIRXMEPMX]MRXIKVMX]VIWTIGXJSVSXLIVWERH
TVSJIWWMSREPERHWSGMEPVIWTSRWMFMPMX]
8VYXLJYPRIWW ,SRIWX] ERH*EMVRIWW XVYXLJYPJEGXYEP[IPPFEPERGIHJSVXLVMKLXLSRIWXERH
EGGYVEXIGSQQYRMGEXMSREZSMHHIGITXMSRWXVMZIJSVGSRWMWXIRG]XVERWTEVIRG]ERHJEMVRIWW
'SRJMHIRXMEPMX] VIWTIGXVMKLXWXSTVMZEG]ERHTIVWSREPGSRZIVWEXMSRWHSRSXHMZYPKIMRJSVQEXMSR
GSRGITXWSVJMRHMRKW[LIRWIVZMRKEWVIJIVIIW
-RXIKVMX] EZSMHGSRJPMGXWHSRSXORS[MRKP]EGXMR[E]WXLEXNISTEVHM^ISYVS[RSVSXLIVWt TVSJIW
WMSREP[IPJEVI
6IWTIGXJSV3XLIVW GMZMPMX]VIWTIGXMRXIPPIGXYEPJVIIHSQGSYVXISYWERHGMZMPHMWGSYVWIZEPYI
HMZIVWMX]TVEGXMGIMRGPYWMZIRIWWERHXVIEXSXLIVW[MXLVIWTIGX
4VSJIWWMSREPERH7SGMEP6IWTSRWMFMPMX] VIQEMRMRKGSQTIXIRXXVYXLJYPYWMRKXEPIRXWJSVXLI
KSSHERH[IPJEVISJSYVWSGMEPGSQQYRMXMIWIRGSYVEKISXLIVWXSYTLSPHIXLMGEPWXERHEVHWEWWMWX
SXLIVWMRTVSJIWWMSREPHIZIPSTQIRXYTLSPHHMKRMX]ERHGVIHMFMPMX]

7SYVGI %HETXIHJVSQ8LI%WWSGMEXMSRJSV&YWMRIWW'SQQYRMGEXMSR4VSJIWWMSREP)XLMGWERH'SHISJ'SRHYGX
ETTVSZIHF]&SEVHSJ(MVIGXSVW3GXSFIVEZEMPEFPIEX[[[FYWMRIWWGSQQYRMGEXMSRSVKEFSYX
'SHICSJC)XLMGWLXQP 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT)ZSPYXMSR8IEQW

7YQQEV]
;ILEZIHMWGYWWIHXLVIIMWWYIWJMVWXXLIMQTSVXERGISJGSRWMHIVMRKQIERWJSVMRGVIEW
MRKIQTPS]IIMRZSPZIQIRXXLVSYKLXLIYWISJKVSYTWWIGSRHXLIVSPISJTVSFPIQWSPZ
MRK KVSYTW EW TEVEPPIP SVKERM^EXMSREP WXVYGXYVIW ERH XLI WYGGIWWIW ERH MRLIVIRX
PMQMXEXMSRWXSXLIMVYWIXLMVHKVSYTWERHXIEQWXLEXYXMPM^IHWLEVIHTS[IVERHVIWTSR
WMFMPMX] 3YV WYQQEV] SJ XLI WYGGIWWIW SJ WIPJQEREKMRK [SVO XIEQW TSMRXW XS SRI
ZMEFPIEPXIVREXMZIXSXVEHMXMSREPKVSYTWXVYGXYVI&IGEYWIWIPJQEREKMRK[SVOXIEQWEVI
EWMKRMJMGERXWXVYGXYVEPERHTW]GLSPSKMGEPGLERKIXLIFEWMGGSRGITXWFILMRHXLIWIPJ
QEREKMRK[SVOXIEQ[IVISYXPMRIH
8SSSJXIRSVKERM^EXMSRWLEZIVI[EVHIHZEPYIWWYGLEWq-JMXEMRtXFVSOIHSRtXJM\
MXr &] TEWWMRK QEREKIVMEP TS[IV XS WIPJQEREKMRK [SVO XIEQW RI[ ZEPYIW GER FI
IRGSYVEKIHWYGLEWq(S]SYVNSF[IPPERHJMRH[E]WXSGSRWXERXP]MQTVSZIMXr'SR
WXERXMRRSZEXMSRERHUYEPMX]MQTVSZIQIRXEVIIRHWWSYKLXF]QSWXSVKERM^EXMSRW
8LIKSEPMWXSGVIEXIKVSYTERH[SVOIRZMVSRQIRXWMR[LMGLTS[IVORS[PIHKI
MRJSVQEXMSRERHVI[EVHWEVIWLEVIH&]EWWYQMRKQSVIVIWTSRWMFMPMX]KVSYTQIQFIVW
FIGSQIWIPJQEREKMRKXLVSYKL XLIMV [SVOXIEQW%PXLSYKL MQTPIQIRXEXMSR MW HMJJM
GYPXXLIVI[EVHWGERFIVIQEVOEFPIJSVXLISVKERM^EXMSRERHMXWQIQFIVW

(-7'977-3259)78-327

 ;LEXMWERI\EQTPISJERIQTPS]IIMRZSPZIQIRXTVSKVEQ#;L][SYPHIQTPS]IIMRZSPZI
QIRXFIFIRIJMGMEPXSERSVKERM^EXMSR#
 ;LEXMWXLIHMJJIVIRGIFIX[IIRKVSYTWERHXIEQW#
 (IJMRIETEVEPPIPXIEQWXVYGXYVI;MPPXLIWIX]TIWSJXIEQWFIPMQMXIHMRXLIMVIJJIGXMZIRIWWMR
SVKERM^EXMSRW#;L]SV[L]RSX#
 (IJMRIEWIPJQEREKMRK[SVOXIEQ
 ;LEXEVIWSQISJXLITMXJEPPWJSVWIPJQEREKMRKXIEQW#;L] WLSYPHXLIWIFIGSRWMHIVIH
FIJSVIEHSTXMRKXLMWTVSGIWW#

)<)6'-7)7

 8IEQWh(IZIPSTMRK JIIHFEGO XS [SVO XS[EVH WIPJHMVIGXMSR  8LI VIWIEVGL XIEQ
;LStWMRGLEVKI#(MJJIVIRXMEXMRKTEWXXIEQI\TIVMIRGIWERHSVKERM^EXMSREPXIEQW

  8 ) % 1 7 h ( ) : ) 0 3 4 - 2 +  * ) ) ( & %' / 8 3 ;3 6 /

8 3 ;% 6 (  7 ) 0 *  ( - 6 ) ' 8 - 3 2

9RHIVTMRRMRK XLI GSRGITX SJ WIPJHMVIGXMSR MW XLI EFMPMX] XS LIPT SXLIV XIEQ QIQFIVW
XLVSYKLJIIHFEGO%RW[IVXLIJSPPS[MRKUYIWXMSRWEFSYX]SYVXIEQ7LEVI]SYVVIWTSRWIW
[MXLXLISXLIVXIEQQIQFIVWERHHMWGYWWER]MQTVSZIQIRXWXLEXGERFIQEHI

 ;LEXtWKSMRK[IPPSRXLMWXIEQ#
 ;LEXEVIXLIEVIEWSJGSRGIVR#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

 ;LEXWOMPPW[SYPHQEOIXLIXIEQQSVIIJJIGXMZI#
 ;LEXX]TISJWYTTSVX RIIHWXSFITVSZMHIHXSXLI XIEQQIQFIVWJVSQ SXLIV XIEQ
QIQFIVW#
 ;LEXEVIQ]TSWMXMZIXIEQFILEZMSVW#
 ;LEX[MPPXLISXLIVXIEQQIQFIVWWE]EVIQ]TSWMXMZIXIEQFILEZMSVW#

  8 , ) 6 ) 7 ) % 6 ' , 8 ) % 1

 8IEQWEVIGLEVEGXIVM^IHF]QIQFIVW[LSIRKEKIMRGSQTPIQIRXEV]ERHMRXIVHITIR
HIRXVSPIW8LIWIVSPIWGERFIXEOIRSRSVEWWMKRIH3RI[E]XSJSVQKVSYTWMWXSEWO
MRHMZMHYEPWXSVEROSVHIVXLIVSPIWEGGSVHMRKXSXLIMVMRHMZMHYEPTVIJIVIRGIWSVEFMPM
XMIWXLIRJSVQKVSYTW[MXLXLIFIWXGSQFMREXMSRSJVSPIWEZEMPEFPI*MZIMHIRXMJMEFPI
YWIJYPVSPIWJSVQIQFIVWSJKVSYTWMRGPYHIXLIJSPPS[MRK
% 6IWIEVGLIV%RMRHMZMHYEP[MXLXLIEFMPMX]I\TIVMIRGIERHHIWMVIXS[SVOMRHM
ZMHYEPP]ERHGSSVHMREXIXLIIJJSVXWSJSXLIVKVSYTQIQFIVWMRPMFVEV]VIWIEVGL
ERHMRXIVZMI[W[MXLI\TIVXWSYVGIWERHWYVZI]EWRIGIWWEV]JSVXLIKVSYTTVS
NIGXW8LIEFMPMX]XSEGGSQTPMWLXEWOWTE]EXXIRXMSRXSHIXEMPWERHGSSVHMREXIXLI
IJJSVXWSJSXLIVWMWMQTSVXERXJSVXLMWVSPI
& 1EXIVMEPW 3VKERM^IV%R SVKERM^IH VIWTSRWMFPI TIVWSR EFPI XS GSPPIGX GSPPEXI
ERHGSQTMPIHSGYQIRXW7SQIJEGMPMX][MXLE[SVHTVSGIWWSVMWLIPTJYP3VKERM^
MRKWYQQEVM^MRKERHEGXMRKEWEVITSWMXSV]JSVGSPPIGXIHKVSYTHSGYQIRXWERH
TVSHYGXWEVIMQTSVXERXWOMPPW
' 8IGLRMGEP7YTTSVX4IVWSR%TIVWSRLEZMRKWSQIJEGMPMX][MXLSV[MPPMRKRIWW
XSPIEVREFSYXXLI YWISJXIGLRMGEPIUYMTQIRXhWYGLEWSZIVLIEH TVSNIGXSVW
GEQGSVHIVW :'6W JMPQ TVSNIGXSVW ERHSV GSQTYXIV QYPXMQIHME HIWOXST
TYFPMWLMRKERHTVIWIRXEXMSREPKVETLMGWIUYMTQIRXYWIJYPMRTYXXMRKXSKIXLIV
I\GMXMRK ERH MRJSVQEXMZI KVSYT TVIWIRXEXMSRW % [MPPMRKRIWW XS PSGEXI ERH
HIZIPSTWOMPPWYWMRKWSQIX]TISJIUYMTQIRXXSIRLERGIXLIKVSYTtWTVSNIGXMW
EPWSMQTSVXERX
( 4VSGIWW6IGSVHIV%TIVWSRSFWIVZERXERHWIRWMXMZIXSKVSYTTVSGIWWERHXEWO
8LI EFMPMX] XS LIEV ERH VIGSVH XLI KVSYTtW WIRXMQIRXW TSWMXMSRW HMWGYWWMSRW
HIGMWMSRW ERH EKVIIHYTSR VIWTSRWMFMPMXMIW %R MRXIVTIVWSREP WIRWMXMZMX] MR
VIJPIGXMRK ERHIZEPYEXMRKXLIKVSYTtWTVSGIWW ERHTVSKVIWWMWERIWWIRXMEP WOMPP
2SXIXEOMRKERH[SVHTVSGIWWMRKWOMPPWEVIEPWSLIPTJYPXSXLMWVSPI
) *EGMPMXEXSV%HMWGYWWMSRSVKERM^IVERHMHIEWXMQYPEXSV%TIVWSR[MXLERMRZSPZ
MRK HIQSGVEXMG WX]PI KSSH PMWXIRMRKWOMPPWERH EREFMPMX]XSWYQQEVM^IKVSYT
HIGMWMSRW4VMQEV]VIWTSRWMFMPMX]MWXSHIZIPSTQIIXMRKEKIRHEWWYKKIWXXSTMGWXS
FIHMWGYWWIHRI\XERHSVKERM^IQIIXMRKXMQIW1YWXFIEKSSHPMWXIRIVEFPIXS
WYQQEVM^IQIQFIVWt QEMRTSMRXWERHEFPIXSWXE]GEPQERHQIHMEXIXLIKVSYTtW
HMWGYWWMSRW
 %WIGSRH[E]MWXSEWOEPPTEVXMGMTERXWXSVEROSVHIVEWIXSJWOMPPWSVGSQTIXIRGMIW
XLEXXLI]TSWWIWWERHXLIRJSVQKVSYTWLEZMRKXLIQSWXGSQTVILIRWMZIGSQFMREXMSR
SJWOMPPWSVGSQTIXIRGMIWJSVXLIXEWO8LIJSVQTVSZMHIWEQIERWSJSFXEMRMRKEVERO
SVHIVMRKSJWOMPPWYWIJYPXSVIWIEVGLXIEQW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT)ZSPYXMSR8IEQW

7OMPPW7IPIGXMSR*SVQ
7IPIGXSRISJXLIJSPPS[MRKWOMPPWVEROEWOMPPEWXSMRHMGEXI]SYV&)78WOMPP 
6EROSVHIVXLIVIWXSJXLIWOMPPW!RI\XFIWX!PIEWXWOMPPJYP 
CCCCC% 7TIEOMRKMRTYFPMG
CCCCC& *EGMPMXEXMRKWQEPPKVSYTQIIXMRKWHIZIPSTMRKEKIRHEW
CCCCC' 6IWIEVGLMRKEWYFNIGXMRXLIPMFVEV]
CCCCC( 'SRHYGXMRKWYVZI]WSVMRJSVQEXMSREPMRXIVZMI[W
CCCCC) 8]TMRKSV[SVHTVSGIWWMRK
CCCCC* ;VMXMRKGPIEVXIGLRMGEPVITSVXW
CCCCC+ )\TIVMIRGI[MXLZMHISIUYMTQIRX
CCCCC, )\TIVMIRGI[MXLGSQTYXIVKVETLMGWERHHIWOXSTTYFPMWLMRK
CCCCC- %VXMWXMGHVE[MRKWOIXGLMRKTEMRXMRKGVIEXMZIEFMPMXMIW
CCCCC. 4SWXIVFSEVHSVWMKRPIXXIVMRKERHPE]SYX
CCCCC/ 9WMRKGSQTYXIVTVIWIRXEXMSRWSJX[EVII\TIVMIRGI
CCCCC0 6IWIEVGLMRKMRJSVQEXMSRSRXLI;SVPH;MHI;IF
'PEMQMRKEWOMPPHSIW238QIER]SY[MPPFIWSPIP]VIWTSRWMFPIJSVMXMRXLIKVSYT
+VSYTW[MPPHMZMHIYTXEWOWSRGIJSVQIH

 )\IVGMWIJSVXLIVIWIEVGLXIEQ'LSSWIEWMKRMJMGERXERHMQTSVXERXXSTMGXSVIWIEVGL
8LMWXSTMGQE]FIEGYVVIRXPSGEPREXMSREPSVMRXIVREXMSREPWSGMEPMWWYIWYGLEWPSGEP
LSYWMRK GSRHMXMSRW REXMSREP LSQIPIWWRIWW SV [SVPH JEQMRI  *SVQ E KVSYT [MXL
QIQFIVWXEOMRKSRWTIGMJMGVSPIW(MZMHIXLIXEWOWSJVIWIEVGLMRKXLIXSTMGF]XLIWI
VSPIW ERH XLIR QEOI E KVSYT TVIWIRXEXMSR SJ XLI VIWYPXW SJ XLEX VIWIEVGL -W XLI
VIWIEVGLMRKXEWOQEHIIEWMIVF]HMZMHMRKMXEPSRKWTIGMEPM^IHVSPIW#,S[QYGLWTI
GMEPM^EXMSR SJ XEWO MW ETTVSTVMEXI XS E XIEQ# (SIW MX LIPT XS LEZI WSQI SZIVPET MR
KVSYT QIQFIV VSPIW SV HSIW MRHMZMHYEP VIWTSRWMFMPMX] [SVO FIWX# 'ER E KVSYT
FIGSQIEXIEQMJXLIMRHMZMHYEPVSPIWEVILMKLP]WTIGMEPM^IH#;LEXLETTIRWMJWSQI
SJXLIVSPIWEVIRSXJMPPIHJSVETEVXMGYPEVKVSYTSVMJEVSPIMWTEVXMGYPEVP][IPPHSRI#

 ;,3t7-2',%6+)#

3RISJXLIQSWXWMKRMJMGERXHMJJIVIRGIWFIX[IIREXVEHMXMSREPKVSYTHMWGYWWMSRERHEWIPJ
HMVIGXIHXIEQMW XLIVSPI SJ PIEHIV%XSRIXMQIE KVSYT PIEHIV TPERRIH WGLIHYPIHERH
SVKERM^IHKVSYTQIIXMRKWERHSJXIRHMHXLIQENSVMX]SJXLI[SVO8IEQWVIUYMVIEFIXXIV
HMWXVMFYXMSRSJVSPIWMRGPYHMRKXLIPIEHIVWLMTJYRGXMSRW-RWIPJHMVIGXIHXIEQWEPPQIQFIVW
WLEVIXLIZEWXQENSVMX]SJJYRGXMSRW)\EQMRIXLIJSPPS[MRKPMWXSJJYRGXMSRWERHXLIXVEHM
XMSREPVSPIWTPE]IHMRKVSYTWERHXIEQW7TIGYPEXI SR[LEX[SYPHGLERKIMJ]SY[IVIQSZ

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

MRKXS[EVHEWIPJHMVIGXIHXIEQ;LEX[SYPHFIXLIHMJJIVIRGIWFIX[IIRXVEHMXMSREPXIEQ
ERHKVSYTFILEZMSVWERHVSPIWERHXLSWIMREWIPJHMVIGXIHYRMX#

*YRGXMSR 8VEHMXMSREP 7TIGYPEXMSRh7IPJ(MVIGXIH

0IEHIVWLMT 0IEHIVTIVJSVQWWTIGMEP
HYXMIW4PERWHMVIGXWLEW
SZIVWMKLX0IEHIVKIXW
WTIGMEPVIGSKRMXMSR
(IGMWMSR 6I[EVHWJSVFIMRKJMRMWLIH
QEOMRK JMVWXGSRXVMFYXMSRWF]EJI[
1IIXMRK %WWMKRIHXSXLIPIEHIV
JEGMPMXEXSV
4PERRMRK 0IEHIVVIWTSRWMFPIJSV
WGLIHYPMRKIXG
6IWIEVGL -RHMZMHYEPEWWMKRQIRXW
1IQFIV 0IEHIVSVSYXWMHIEYXLSVMX]
IZEPYEXMSR
0IRKXLSJ 9RXMPTVSNIGXGSQTPIXIH
QIQFIVWLMT
3XLIV
3XLIV
3XLIV

(MWGYWWMSR
7LEVI[MXLXLISXLIVXIEQWKVSYTWXLIWTIGYPEXMSRW]SYVXIEQHIZIPSTIH;LEXEVI
XLIWMQMPEVMXMIWERHHMJJIVIRGIW#;LEXTSWWMFPILYVHPIWHSIW]SYVXIEQJSVIWIIMRFIGSQMRK
EWIPJHMVIGXIH[SVOYRMX#;SYPH]SYFI[MPPMRKXSYRHIVXEOIXLIWIVIWTSRWMFMPMXMIW#

  ( - * * ) 6 ) 2 8 - %8 - 2 +  4% 7 8  8 ) % 1  ) < 4 ) 6 - ) 2 ' ) 7 
% 2 (  3 6 + % 2 - > %8 - 3 2% 0 8 ) % 1 7

7TSVXWTVSZMHIEPEVKIRYQFIVSJI\EQTPIWSRLS[XSWYGGIIH2YQIVSYWXIEQHIZIPST
QIRXI\TIVXWTSMRXXSMQTSVXERXHMJJIVIRGIWFIX[IIRSVKERM^IHWTSVXWERHXLIX]TIWSJXIEQ
[I EVI QSWX PMOIP] XS FI E TEVX SJ MR ER SVKERM^EXMSR -R ]SYV KVSYT HIZIPST E PMWX SJ
HMJJIVIRGIW FIX[IIR SVKERM^IH WTSVXW XIEQW ERH SVKERM^EXMSREP XIEQW8LIWI HMJJIVIRGIW
JEPPMRXSXLIWTIGMJMGGEXIKSVMIWTVSZMHIH=SYVKVSYTQMKLXJMRHEHHMXMSREPGEXIKSVMIW

3VKERM^IH7TSVXW8IEQW =SYV3VKERM^EXMSREP8IEQ
'SEGLtWVSPI
8IEQTPE]IVGSQTIRWEXMSR
'LSSWMRKXIEQTPE]IVW
4PE]IVUYEPMJMGEXMSRW
6YPIWSJTPE]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT)ZSPYXMSR8IEQW

7IEWSRW
4VEGXMGIXVEMRMRK
3JJMGMEPW
1IEWYVMRKWYGGIWW
3TTSRIRXW
3XLIV
3XLIV

(IFVMIJMRK
;LMPISVKERM^IHWTSVXWSJJIVQER]MQTSVXERXSTTSVXYRMXMIW[IQYWXFIZIV]E[EVI
XLEX XLIX]TI SJ XIEQ [I [MPP NSMRMRERSVKERM^EXMSRMW JYRHEQIRXEPP]HMJJIVIRX MR QER]
MQTSVXERXEWTIGXW%WEXIEQHIZIPSTEWIXSJWXVEXIKMIWXSGSQTIRWEXIJSVXLIWIHMJJIVIRGIW

6)*)6)2')7

%RHIVWSR0%
%RHIVWSR( 8LIGLERKIPIEH )PPMRKWSR001E] -RXIVHMWGMTPMREV]LIEPXLGEVI
IVWtWVSEHQET,S[XSREZMKEXI]SYVSVKERM^EXMSRtW XIEQ[SVO MR XLI GPMRMG FEGOWXEKI .SYVREP SJ %T
XVERWJSVQEXMSR 7ER*VERGMWGS.SWWI]&EWW4LMJJIV TPMIH'SQQYRMGEXMSR6IWIEVGL i
%TTPIF].
(EZMW61EVGL 8IEQ[SVOYWIH +VMJJMR 6 ;   1EREKIQIRX XL IH  &SWXSR
XS FI E QSRI] WEZIV RS[ MXtW E PMJI WEZIV 97% ,SYKLXSR1MJJPMR
8SHE] TT&i& ,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE
&SPQER0+
(IEP8) 6IJVEQMRKSVKERM^E XMSR 4IVWTIGXMZIW ERH TVEKQEXMGW JSV JYXYVI WYG
XMSRW%VXMWXV]GLSMGIERHPIEHIVWLMT VHIH 7ER GIWW 1EL[EL2.0E[VIRGI)VPFEYQ
*VERGMWGS.SWWI]&EWW /ERXIV61 'LERKIQEWXIVW-RRSZEXMSRJSVTVS
&S]IXX.
&S]IXX. 8LIKYVYKYMHI 2I[=SVO HYGXMZMX] MR XLI%QIVMGER GSVTSVEXMSR 2I[=SVO
.SLR;MPI] 7MQSR
7GLYWXIV
&YIPP & 0IZMRI . &
 +VSWW 2  3GXSFIV   /SXXIV.4 %JSVGIJSVGLERKI,S[PIEHIVWLMTHMJ
%TTPI2I[XIEQRI[WXVEXIK]&YWMRIWW;IIO T JIVWJVSQQEREKIQIRX 2I[=SVO*VII4VIWW
'SLIR%6
*MRO70 )JJIGXMZIFILEZMSVMR 1G7LERI 7 0
 :SR +PMRS[ 1 %   3VKERM
SVKERM^EXMSRW'EWIWGSRGITXWERHWXYHIRXI\TIVM ^EXMSREPFILEZMSV &SWXSR1G+VE[,MPP
IRGIW &SWXSR1G+VE[,MPP-V[MR 1SVVMWSR)/ 0IEHIVWLMTWOMPPW(IZIPSTMRKZSPYR
'SPZMR+.YRI ;L]HVIEQXIEQWJEMP*SVXYRI XIIVWJSVSVKERM^EXMSREPWYGGIWW 8YGWSR%>*MWLIV
TTi 3PWEZWO]1%)H  8LIRI[[SVOW]WXIQWRIX
'SRKIV.% 0IEHIVWLMT8LIEVXSJIQTS[IVMRK [SVO%GSQTIRHMYQSJWIPIGXIH[SVOMRRSZEXMSRW
SXLIVW8LI%GEHIQ]SJ1EREKIQIRX)\IGYXMZI GEWIW &016 6ITSVX 2S  ;EWLMRKXSR ('
i 97+SZIVRQIRX4VMRXMRK3JJMGI
'YQQMRKW8 +
;SVPI] ' +   3VKERM^EXMSR 7IRKI 4 1 /PIMRIV % 6SFIVXW ' 6SWW 6 &

HIZIPSTQIRXERHGLERKI XLIH 978LSQWSR 7QMXL&. 8LIJMJXLHMWGMTPMRIJMIPHFSSO

%HHMWSR;IWPI] 7XVEXIKMIWERHXSSPWJSVFYMPHMRKEPIEVRMRKSVKERM
(EP^MIP 1 1
 7GLSSRSZIV 7 '   'LERKMRK ^EXMSR 2I[=SVO(SYFPIHE]
[E]W % TVEGXMGEP XSSP JSV MQTPIQIRXMRK GLERKI 7LSGOPI]>EPEFEO4%TVMP 4VSXIERTPEGIW8IEQW
[MXLMRSVKERM^EXMSRW 2I[=SVO%1%'31 EGVSWWXMQIERHWTEGI.SYVREPSJ%TTPMIH'SQQY
(IIX^7%8VEG]7.
7MQTWSR.0 0IEHMRK RMGEXMSR6IWIEVGL i
SVKERM^EXMSRW XLVSYKL XVERWMXMSR 8LSYWERH 3EOW 7[IIRI]4(
1G*EVPMR(& 3VKERM^EXMSREP
'%7EKI FILEZMSV 7SPYXMSRW JSV QEREKIQIRX &SWXSR
HI.EREW^7'(S[H/3
7GLRIMHIV&> -RXIV 1G+VE[,MPP
TIVWSREPWOMPPWMRSVKERM^EXMSRW &SWXSR1G+VE[,MPP ;IWXIVQER .  .YRI   *VSQ ;LEVXSR XS ;EV
)MWIRFIVK)1
+SSHLEPP,0.V 3VKERM *SVXYRI TTi
^EXMSREP GSQQYRMGEXMSR &EPERGMRK GVIEXMZMX] ERH
GSRWXVEMRX &SWXSR&IHJSVH7X1EVXMRtW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
(IGMWMSR1EOMRK
ERH4VSFPIQ7SPZMRK

',%48)63980-2)

(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 'SRXI\X-RJPYIRGIWSR(IGMWMSR1EOMRK
()'-() 7XEKIWSJ(IGMWMSR1EOMRK ERH4VSFPIQ7SPZMRK+VSYTW
ERH4VSFPIQ7SPZMRK +VSYT'SQTSWMXMSR
(IJMRIXLI+SEP9RHIVWXERHXLI4VSFPIQ +VSYT4VSGIWW
)\EQMRIXLI'SRWXVEMRXW 7YQQEV]
'SRWMHIVXLI%PXIVREXMZIW (MWGYWWMSR5YIWXMSRW
-RMXMEXIE(IGMWMSR
)\IVGMWIW
(IZIPSTE(IGMWMSR4PER
)ZEPYEXIXLI6IWYPXWERH'SRWIUYIRGIW 6IJIVIRGIW

',%48)63&.)'8-:)7

)\TPEMRXLIMQTSVXERGISJHIJMRMRKXLITVSFPIQ
(MWGYWWMRXIVREPERHI\XIVREPGSRWXVEMRXW
-HIRXMJ]XLITVSGIWWSJHIZIPSTMRKEPXIVREXMZIW
(IXIVQMRI[LEXMWWYIWQYWXFIGSRWMHIVIHMRQEOMRKXLIGLSMGISVHIGMWMSR
3YXPMRIXLIMQTPIQIRXEXMSRWXEKITVSGIWW
)\EQMRIXLIHIGMWMSRIZEPYEXMSRWXIT
(IJMRIXLIJEGXSVWMQTSVXERXXSKVSYTTVSGIWW
%TTP]W]WXIQWXLMROMRKXSXLIKVSYTTVSGIWW

/ )=8 )6 17

%PXIVREXMZIW (IZIPSTEHIGMWMSRTPER *MZI;WERHXLI,

&VEMRWXSVQ )\EQMRIXLIGSRWXVEMRXW -RXIVREPGSRWXVEMRXW
'SRGYVVIRGIWIIOMRK )ZEPYEXIXLIVIWYPXW -RMXMEXIEHIGMWMSR
'SRWMHIVXLIEPXIVREXMZIW )\XIVREPGSRWXVEMRXW 8GLEVX
(IJMRIXLIKSEP *IIHFEGOPSST 9RMRXIRHIHGSRWIUYIRGIW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

- KVMRHXLIPEWXSJQ]*VIRGLZERMPPEGSJJIIFIERWERHTIVOQ]WIPJEPEVKIGYTSJ
GSJJII-WIXXLIGYTSRXLIHIWORI\XXSQ]GSQTYXIV-XYVRSRQ]GSQTYXIVKIXMX
EPPWIXYTERHVIEGLSZIVJSVQ]JMVWXWMTSJGSJJII7EZSVMRKXLIEVSQEEW-FVMRKXLI
GYTXSQ]QSYXL-RSXMGIEWQEPPJP]WUYMVQMRKSRXLIWYVJEGISJXLIGSJJII-XLMRO
JPMIWEVIHMVX]PMXXPIGVIEXYVIWXLEX[EPOMREPPOMRHWSJHMWKYWXMRKXLMRKWERH[LS
ORS[W[LIVIXLMWSRILEWFIIR#8LI]GEVV]KIVQWERHTSWWMFP]IZIRHMWIEWIW;LEX
WLSYPH-HS#-GSYPHTMGOXLIJP]SYXERHHVMROXLIGSJJII-GSYPHXLVS[XLIGSJJII
E[E]ERHKS[MXLSYXXSHE]-GSYPHTIVOERHHVMROERSXLIVOMRHSJGSJJII3V-
GSYPHKSXSXLIWXSVIFY]QSVI*VIRGLZERMPPEGSJJIIFIERWERHQEOIERSXLIVGYT
-LEZIXSQEOIEHIGMWMSR

8LMWMWEHIGMWMSRQEOMRKWMXYEXMSRFIGEYWI-LEZIEKSEPhXSIRNS]Q]JEZSVMXIGSJ
JII [LMPI - [SVO SR Q] GSQTYXIV %RH - QYWX QEOI E GLSMGI EQSRK GSQTIXMRK
STXMSRWhXSHVMROXLMWGSJJIIHVMROERSXLIVOMRHSVJSVKSXLITPIEWYVIh[MXLMREKMZIR
WIXSJGSRWXVEMRXWhVMWOKIXXMRKEHMWIEWISVWTIRHXMQIQSRI]ERHIRIVK]KSMRKXSXLI
WXSVI-XMWETIVWSREPHIGMWMSRVEXLIVXLEREKVSYTHIGMWMSRERHMXQSWXPMOIP] LEW
QMRMQEPJSVIWIIEFPIGSRWIUYIRGIWERHSRP]JSVQI1ER]SXLIVHIGMWMSRWMRQ]PMJI
EVI QSVI GSQTPI\ MR REXYVI EVI QEHI F] KVSYTW SJ TISTPI ERH QE] LEZI GSRWI
UYIRGIWJSVPEVKIVRYQFIVWSJTISTPI;LIXLIVQEHIF]ERMRHMZMHYEPSVEKVSYTE
HIGMWMSRLSPHWERYRHIVP]MRKEWWYQTXMSRSJEGSRWGMSYWGSRWMHIVIHNYHKQIRXERHMX
XEOIWTPEGI[MXLMRXLIGSRWXVEMRXWSJEGSQTPI\IRZMVSRQIRX

(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK
&SXLHIGMWMSRQEOMRKERHTVSFPIQWSPZMRKMRZSPZIQEOMRKGLSMGIW%TVSFPIQQIERW
XLIVIMWEKETFIX[IIRXLIGYVVIRXWMXYEXMSRERHEHIWMVIHWSPYXMSR 4VSFPIQWSPZMRK
MRZSPZIWXLIKIRIVEXMSRSJEPXIVREXMZIWEMQIHEXQSZIQIRXJVSQERI\MWXMRKWXEXIXSE
TVIJIVVIHWXEXI(IGMWMSRQEOMRKMWQEOMRKEGLSMGIEQSRKX[SSVQSVIEPXIVREXMZIWXS
WSPZIXLITVSFPIQ &SXLTVSGIWWIWIRHMREREGXSJGLSMGI IZIRMJXLIGLSMGIMWRSXXS
QEOIEGLSMGI;LMPIHIGMWMSRQEOMRKGERFIEGSQTPI\TVSGIWWMXGERFIHIWGVMFIHMR
WM\HMWGVIIXFYXMRXIVVIPEXIHWXEKIWEWSYXPMRIHMR8EFPI 
;IGERJSPPS[WM\WXITWXSIRKEKIMRIJJIGXMZIHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK
*MVWX[IQYWX(IJMRI XLIKSEPXSIRNS]XLI*VIRGLZERMPPEGSJJII ;IEPWSLEZI
XSYRHIVWXERH[L]EGLMIZMRKXLMWKSEPMWETVSFPIQXLIJP]MRXLIGSJJII -RXLMWGEWIMX
MWIEW]XSYRHIVWXERHFSXLXLIKSEPERHXLITVSFPIQFYXQSWXKVSYTHIGMWMSRWERHXLI

8%&0) 8LI7M\7XIT()'-()1SHIPSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

(IJMRIXLI+SEPERHYRHIVWXERHXLI4VSFPIQ
)\EQMRIXLI'SRWXVEMRXWTVIZIRXMRKKSEPEGLMIZIQIRX
'SRWMHIVXLI%PXIVREXMZIWJSVVIWTSRHMRKXSXLITVSFPIQERHGSRWXVEMRXW
-RMXMEXIE(IGMWMSRF]XLMROMRKXLVSYKLXLIEHZERXEKIWERHHMWEHZERXEKIWSJIEGLSTXMSR
(IZIPSTE(IGMWMSR4PERSJEGXMSRXSMQTPIQIRXXLIGLSMGI
)ZEPYEXIXLI6IWYPXWERH'SRWIUYIRGIWSJXLIHIGMWMSRGSQTPIXMRKXLIqJIIHFEGOPSSTr

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ()'-()7XEKIWSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 

SFWXEGPIWXLEXQEOIXLIQHMJJMGYPXXSEGLMIZIEVIQSVIGSQTPI\MRREXYVIERHQYWXFI
HMWGYWWIHQSVIXLSVSYKLP]XSFIJYPP]YRHIVWXSSH
7IGSRH [I QYWX )\EQMRI XLI GSRWXVEMRXW TVIZIRXMRK SYV EGLMIZIQIRX SJ XLI
MHIRXMJMIHKSEP*VIRGLZERMPPEMWQ]JEZSVMXIX]TISJGSJJIISXLIVGSJJIIWEVIRSXEW
IRNS]EFPI&Y]MRKQSVI*VIRGLZERMPPEGSJJII[MPPXEOIXMQIIRIVK]ERHQSRI]ERH
[MPPHMWVYTXQ][SVOFYXHVMROMRKXLMWGYTSJGSJJII[MXLXLIJP]MRMXMW[IPPKVSWW
8LMVH[IQYWX'SRWMHIV ER]TSWWMFPIEPXIVREXMZIWJSVVIWTSRHMRKXSXLITVSFPIQ
ERHGSRWXVEMRXW-GSYPHTIVOERHHVMROERSXLIVOMRHSJGSJJIIKS[MXLSYXGSJJIIXSHE]
KSFY]QSVI*VIRGLZERMPPEGSJJIISVTMGOXLIJP]SYXSJXLIGSJJIIERHHVMROMX
*SYVXL[IQYWXQEOIER -RMXMEPHIGMWMSR EJXIVLEZMRK GSRWMHIVIHXLITSWWMFPI
EPXIVREXMZIW;IRIIHXSTEYWIJSVEQSQIRXXSXLMROEFSYXXLIFIWXSTXMSR[LMGLQE]
RSXFIXLIMHIEPSRI-XMWMQTSVXERXXSXLMROXLVSYKLXLIPIWWHIWMVEFPIEWTIGXWSJIEGL
EPXIVREXMZIEW[IPPEWMXWTSWMXMZIEXXVMFYXIW8LIFIWXWSPYXMSRQE]RSXFIEWMRKPIEPXIV
REXMZIFYXWSQIGSQFMREXMSRSJEPXIVREXMZIW-RXLMWGEWI-GSYPHTMGOXLIJP]SYXJMVWX
ERHXLIRHVMROXLIGSJJII
*MJXL(IZIPST ETPERSJEGXMSRXSMQTPIQIRXXLMWHIGMWMSR8LMWQE]FIEWMQTPI
HMVIGXTPERSVMXQE]FIEQSVIGSQTPI\WIXSJTVSGIWWIWERHTVSGIHYVIW-WXERHYTKS
XSXLIGSYRXIVXEOIEWTSSRSYXSJXLIHVE[IVHMTMXMRXLIGSJJIITMGOSYXXLIJP]ERH
HVMROXLIGSJJIIXV]MRKRSXXSXLMROXSSQYGLEFSYXXLIJP] 
*MREPP]XLIWM\XLWXITMWXS)ZEPYEXI XLIVIWYPXWERHGSRWIUYIRGIWSJXLIHIGMWMSR
8LMWGSQTPIXIWXLIJIIHFEGOPSST XLEXMRJSVQWSYVHIGMWMSRQEOMRKXLIRI\XXMQI-JXLI
GSJJIIXEWXIWKSSH-LEZIERIRNS]EFPII\TIVMIRGIHVMROMRKMX-HSRSXKIXWMGOERH-
KIXEPSXSJ[SVOHSRI-TVSFEFP][MPPQEOIXLIWEQIHIGMWMSRRI\XXMQI-JLS[IZIV-
KIXZMSPIRXP]MPPSV-WMQTP]GERRSXIRNS]XLIGSJJIIFIGEYWI-OIITXLMROMRKEFSYXXLEX
JP]-QMKLXQEOIEHMJJIVIRXHIGMWMSRRI\XXMQI
)EGLSJXLIWXEKIWLEWEGSRRIGXMSRXSIZIV]SXLIVWXEKIJSVQMRKERIKSXMEXIH
MRXIVEGXMSREQSRKXLIQ8LITVSFPIQI\MWXWSRP][MXLMREKMZIRGSRXI\XERHEWIXSJ
HIWMVIHKSEPW-J HVMROMRKXLIGSJJII [EWRSX MQTSVXERX XS QISVMJ -HMH RSX XLMRO
EFSYXXLIJP]-[SYPHRSXLEZILEHETVSFPIQ1]EGXMSRW[SYPHLEZIFIIREYXSQEXMG
-[SYPHIMXLIVHVMROXLIGSJJIISVRSX
8LIGSRXI\XERHKSEPWVIPEXIXSXLIMQTPIQIRXEXMSRSJXLIWSPYXMSRERHQE]VIPEXI
XSXLIGSRWXVEMRXWSR[LMGL[ILEZIGLSWIRXSJSGYW8LIEPXIVREXMZIW[IHIZIPSTERH
GSRWMHIVHITIRHSRSYVHIJMRMXMSRSJXLITVSFPIQXLIKSEPW[ILSTIXSEGLMIZIERH
XLIGSRWXVEMRXW[ILEZIIWXEFPMWLIHEW[IPPEWSRXLIGSRXI\XMR[LMGL[II\TIGXXS
MQTPIQIRXXLIWSPYXMSR&ILMRHXLIWYVJEGIPIZIPSJXLIHIGMWMSRWFIMRKQEHIPMIWE
WYFWXVEXYQSJEGSQTPI\TEXXIVRSJEWWYQTXMSRWERHI\TIGXEXMSRWXLEXKMZIWYFWXERGI
XSXLIQIERMRKSJXLEXHIGMWMSR

()'-() 7XEKIWSJ(IGMWMSR1EOMRK
ERH4VSFPIQ7SPZMRK
(IJMRIXLI+SEP 9RHIVWXERHXLI4VSFPIQ
q;SYPH]SYXIPPQITPIEWI[LMGL[E]-SYKLXXSKSJVSQLIVI#r
q8LEXHITIRHWEKSSHHIEPSR[LIVI]SY[ERXXSKIXXSrWEMHXLI'EX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

q-HSRtXQYGLGEVI[LIVIhrWEMH%PMGI
q8LIRMXHSIWRtXQEXXIV[LMGL[E]]SYKSrWEMHXLI'EX
qhWSPSRKEW-KIXWSQI[LIVIr%PMGIEHHIHEWERI\TPEREXMSR
q3L ]SYtVI WYVI XS HS XLEXr WEMH XLI 'EX qMJ ]SY SRP] [EPO PSRK IRSYKLr
+YMPMERSTTi 

1SWXTVSFPIQWEVITVSFPIQWTVIGMWIP]FIGEYWIXLI]EVIRSXIEWMP]YRHIVWXSSHSV
WSPZIH%W,01IRGOIREJEQSYW%QIVMGERIHMXSVERHTSPMXMGEPGSQQIRXEXSVWEMH
q8LIVI MW EP[E]W ER IEW] WSPYXMSR XS IZIV] LYQER TVSFPIQhRIEX TPEYWMFPI ERH
[VSRKr&SSRIT 8SVIEGLEHIWMVEFPIERHIJJIGXMZIWSPYXMSR[IRIIHXS
GPIEVP]YRHIVWXERH[LEXMXMW[I[ERXXSEGLMIZI;MXLSYXEGPIEVKSEPMRQMRH[IEVI
PMOI%PMGIMR;SRHIVPERH[LIRWLIGEQIYTSRXLI'LIWLMVI'EX
-J[IHSRSXORS[[LIVI[I[ERXXSKSMXHSIWRSXVIEPP]QEXXIVLS[QYGLIJJSVX
[ITYXMRXSQEOMRKSYVHIGMWMSR8LIVIJSVISYVJMVWXWXITMRYRHIVWXERHMRKETVSFPIQ
MWXSGPIEVP]HIJMRISYVKSEPWERHXLIGVMXIVME[I[MPPYWIXSVIGSKRM^IERHIZEPYEXISYV
EGLMIZIQIRXSJXLSWIKSEPW
3RGI[ILEZIIWXEFPMWLIHSYVKSEPW[IXLIRRIIHXSYRHIVWXERH[LEXMXMWXLEX
WXERHWFIX[IIRYWERHXLIQ+IXXMRKXSXLIVSSXSJ[LEXMXMWXLEXMWOIITMRKYWJVSQSYV
HIWMVIHSYXGSQI MWRSXEP[E]WIEW] SVSFZMSYW;LEXQE]MRMXMEPP]ETTIEVXS FI XLI
SFWXEGPIQE]WMQTP]FIEW]QTXSQSJEHIITIVYRHIVP]MRKMWWYIXLEX[MXLSYXVIWSPY
XMSR QE] GSRXMRYI XSGVIEXI XLIYRHIWMVEFPIIJJIGXW [ILEHLSTIHXSSZIVGSQI*SV
I\EQTPI-QE]WIIQ]WIPJEWSZIV[IMKLXERHSYXSJWLETI-ORS[LS[XSPSWI[IMKLX
)EXPIWW-ORS[LS[XSKIXMRWLETI;SVOSYXXLVIIXSJMZIXMQIWE[IIOJSVEXPIEWXER
LSYVEXEXMQI8LIWIWSPYXMSRWETTIEVWXVEMKLXJSV[EVHFYXXLI]QE]RSXEHHVIWWXLI
YRHIVP]MRKTVSFPIQ;L]LEZI-KSXXIRQ]WIPJMRXSLEFMXWXLEXQEOIQISZIV[IMKLX
ERHSYXSJWLETI#(S-TIVTIXYEXIPMJIWMXYEXMSRWERHEXXMXYHIWXLEXPIEHXSQ]YWMRK
JSSHEWEGSTMRKQIGLERMWQSVXSI\LEYWXMSREWERI\GYWIXSEZSMHI\IVGMWI#%VIXLIVI
SXLIVYRHIVP]MRKTVSFPIQWXLEXRIIHXSFIEHHVIWWIHFIJSVI-GERIJJIGXMZIP]EHHVIWW
Q]LIEPXLSVJMXRIWWTVSFPIQ#;LEXEXJMVWXETTIEVWXSFIXLITVSFPIQQE]WMQTP]FIE
W]QTXSQ %XXIQTXMRK XS WSPZI XLEX MWWYI QIVIP] KPSWWIW SZIV XLI HIITIV TVSFPIQ
[LMGL[MPPGSRXMRYIXSQERMJIWXYRXMP[IEHHVIWWMXWVSSXGEYWI-RHMZMHYEPWERHKVSYTW
LEZIEXIRHIRG]XSJSPPS[XLITEXLSJPIEWXVIWMWXERGI [LIRXV]MRKXSQEOIEHIGMWMSR%
UYMGOJM\HMIXSVEQIQFIVWLMTMRXLIPSGEPK]QQMKLXWIIQXSWSPZIXLISZIV[IMKLX
ERHSYXSJWLETITVSFPIQ,S[IZIVMJ-[EWRSX[SVOMRKSYXFIJSVI[L][SYPHWXEVX
MRKRS[EGXYEPP][SVO#)EW]WSPYXMSR]IW'SVVIGXWSPYXMSRTIVLETW)\TIHMIRG]MR
VIWSPZMRKETVSFPIQGERSJXIRPIEHXSLEWX]HIGMWMSRW[LIR[ITMGOXLIQSWXSFZMSYW
HIGMWMSRVEXLIVXLERXLIFIWXSRI&IEGL 
8SVIEPP]WSPZITVSFPIQWSYVGLEPPIRKIMWXSJMVWXGSQIXSYRHIVWXERHXLIHIITIV
PIZIPWSJXLIVIEPTVSFPIQXS FIWSPZIH;IQE]SVQE]RSX FIE[EVISJXLILMHHIR
EKIRHEW[IGEVV]EVSYRH[MXLYWXLEXOIITYWJVSQWIIMRKERHEHHVIWWMRKXLIWIYRHIV
P]MRKMWWYIW-REHHMXMSRMXQE]ETTIEVMRIJJMGMIRXSVIZIRXLVIEXIRMRKJSVYWEWEKVSYT
XSWTIRHZEPYEFPIXMQIERHIRIVK]PSSOMRKFIRIEXLXLIWYVJEGI[LIR[ILEZIMQQIHM
EXIKSEPWXSVIEGLSVRIIHWXSEXXIRHXS,S[IZIVVIEPERHIJJIGXMZIWSPYXMSRWHITIRHSR
ETTVSTVMEXIP]HIJMRMRKXLIYRHIVP]MRKMWWYIW
%WOMRKUYIWXMSRWMWEXXLILIEVXSJKVSYTHIGMWMSRQEOMRK%WOMRKUYIWXMSRWMW
IWWIRXMEPXSMHIRXMJ]MRKXLITVSFPIQXSFIWSPZIHERHXSKEXLIVMRKXLIVIPIZERXMRJSVQE

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ()'-()7XEKIWSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 

%WO ;LS ;LEX ;L] ;LIR ;LIVI ERH,S[

-XMWMQTSVXERXXSEWO
*SV[LSQMWMXETVSFPIQ#
;LEXMWXLITVSFPIQ#
;L]MWMXETVSFPIQ#
;LIRMWMXETVSFPIQ#
;LIVIMWMXETVSFPIQ#
,S[MWMXETVSFPIQ#

XMSRXSWSPZIMX7M\X]TIWSJUYIWXMSRWEVIMQTSVXERXXSEWO8LI]EVIWSQIXMQIWORS[R
EWXLIJMZI;WERHXLI, 8LIWIUYIWXMSRWWLSYPHFIEWOIHJSVER]TVSFPIQ
;LIRXLI9RMXIH7XEXIWPEYRGLIHXLI'LEPPIRKIV WTEGIGVEJXSR.ERYEV]
XLIVI [EW WXVSRK IZMHIRGI EZEMPEFPI XS XLI HIGMWMSR QEOIVW XLEX MX QMKLX I\TPSHI
/VYKPERWOM   8LEX MRJSVQEXMSR [EW MKRSVIH HMWGVIHMXIH ERH HS[RTPE]IH
+SYVER,MVSOE[E
1EVX^ %XIEGLWYGGIWWMZIPIZIPSJXLIHIGMWMSRQEOMRK
TVSGIWWHIGMWMSRW[IVIQEHIXSIMXLIVHMWGSYRXSVRSXTEWWEPSRKXLIVIPIZERXMRJSVQE
XMSR q-R WLSVX MX ETTIEVW XLEX XLI HIGMWMSR QEOIVW VIWTSRWMFPI JSV XLI 'LEPPIRKIV
PEYRGL [LMPI WXMPP GSRGIVRIH EFSYX WEJIX] [IVI EPWS MRJPYIRGIH F] XLI SFNIGXMZI SJ
QEMRXEMRMRKXLIMVPEYRGLWGLIHYPIr,MVSOE[ET 
-R VIWTSRWI XS XLI  HMWEWXIV 2%7% GVIEXIH E WEJIX] SJJMGI ,S[IZIV SR
*IFVYEV]   XLI 'SPYQFME WLYXXPI FVSOI ETEVX [LMPI XV]MRK XS VIXYVR XS IEVXL
OMPPMRKXLIWIZIREWXVSREYXWEFSEVH8LIWYFWIUYIRXMRUYMV]VIZIEPIHXLEXQER]SJXLI
WEQIHIGMWMSRQEOMRKMWWYIWXLEXGEYWIHXLI'LEPPIRKIV HMWEWXIVWXMPPVIQEMRIH)MWPIV
;EXWSR
 0IZMR  0IZMR   -R E WEJIX] QIIXMRK TVMSV XS XLI 'SPYQFME
PEYRGL E JEXIJYP HIGMWMSR [EW QEHI XS KS ELIEH HIWTMXI XLI VIZIPEXMSR XLEX E PEVKI
GLYROSJJSEQGEQISJJSREQMWWMSRMRPEXI;EXWSRE 8LIMRZIWXMKEXMRK
KVSYTtW JMREP VITSVX SJ XLI MRGMHIRX GSRGPYHIHXLEX q2%7%tW SZIVGSRJMHIRX QEREKI
QIRXERHMREXXIRXMSRHSSQIH'SPYQFME IZIV]FMXEWQYGLEWXLIGLYROSJJSEQXLEX
WXVYGOXLIWLYXXPI[MXLHIEHP]JSVGIr(YRRT% 
%W[IRSXIHIEVPMIV[LEXEXJMVWXETTIEVWXSFIETVSFPIQQMKLXEGXYEPP]FIE
W]QTXSQ;MXL2%7%XLIPEGOSJEWEJIX]SJJMGI[EWRSXXLITVSFPIQ-RWXIEHXLI
TVSFPIQ[EWXLIGYPXYVIERHEXXMXYHIWSJXLIEKIRG]MXWIPJWMRGIXLIRI[P]GVIEXIHWEJIX]
SJJMGI [EWUYMGOP]YRHIVJYRHIHERHMKRSVIH)MWPIV;EXWSR
0IZMR
;EXWSRF 
-R E PIWW XVEKMG I\EQTPI SJ TSSV HIGMWMSR QEOMRK XLI 'SGE'SPE GSVTSVEXMSR
MRXVSHYGIHq2I['SOIrETTEVIRXP]I\TIGXMRKMXXSFIGSQIERSZIVRMKLXXEWXIWIRWE
XMSR'SGE'SPE[EWJSVGIHXSVIZIVWIMXWHIGMWMSRUYMGOP]LS[IZIVERHVIMRXVSHYGI
q'SOI 'PEWWMGr [LIRWEPIW HVSTTIHSJJERH GSRWYQIVWTVSXIWXIH ;L]XI   -R
XLIWIWMXYEXMSRWLMKLP]WOMPPIHMRHMZMHYEPWERHKVSYTWQEHIHIGMWMSRW[MXLRIKEXMZI
MQTEGXWSRXLIMVPSRKXIVQKSEPWERH[MXLGSRWIUYIRGIWJSVPEVKIRYQFIVWSJTISTPI
8LI] QEHI XLIWI HIGMWMSRW FIGEYWI XLI] JEMPIH XS EHIUYEXIP] EHHVIWW XLI PEVKIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

GSRXI\XW ERH H]REQMG MRXIVEGXMSRW WYVVSYRHMRK XLIMV HIGMWMSRWhXLI [IEXLIV EX XLI
XMQISJXLI'LEPPIRKIV PEYRGL[LMGLI\EGIVFEXIHXLITVSFPIQ[MXLXLIJEYPX]3VMRKW
XLI MRLIVIRX XIRHIRG] SJ JSEQ XS HMWPSHKI HYVMRK WLYXXPI PEYRGL [LMGL [EW YRHIV
TPE]IH[MXL'SPYQFME ERHXLIXEWXIHIWMVIWSJXLIGSRWYQIVWSJ'SGE'SPE-RLMRH
WMKLX[IGERWIIXLEXQMWVIEHMRKXLIMRJSVQEXMSRSRXLIMRMXMEPTVSFPIQEPPS[IH2%7%
ERH'SGE'SPEXSMKRSVIGVMXMGEPMRJSVQEXMSR
-JXLIHIGMWMSRQEOMRKTVSGIWWIWLEHFIIR[SVOMRKIJJIGXMZIP]XLIPEVKIVMWWYIW
WYVVSYRHMRK XLI KSEPW ERH MQQIHMEXI TVSFPIQW [SYPH LEZI FIIR STIRP] HMWGYWWIH
[MXL XLI TVSFPIQ HIJMRMXMSR I\TERHIH XLI GSRWXVEMRXW EGORS[PIHKIH ERH TSWWMFPI
EPXIVREXMZI WSPYXMSRW WSYKLX1SVIJYPP] GSRWGMSYW HIGMWMSRWGSYPH LEZI FIIR QEHI
MRGSVTSVEXMRKERYRHIVWXERHMRKSJXLITSWWMFPISVPMOIP]GSRWIUYIRGIWSJXLIHIGMWMSRW
XEOIRERHEWWYVMRKEFIXXIVSYXGSQI

)\EQMRIXLI'SRWXVEMRXW
'SRWXVEMRXWEVIERIEVP]MRIZMXEFPIIPIQIRXSJER]HIGMWMSRQEOMRKTVSGIWWERHQE]FI
SJ X[S X]TIW I\XIVREP SV MRXIVREP )\XIVREP GSRWXVEMRXW EVI XLSWI MQTSWIH SR XLI
HIGMWMSRQEOMRKTVSGIWWWYGLEWXLIXMQIQSRI]VIWSYVGIWIRIVK]ORS[PIHKIFEWI
SVSXLIVVIWSYVGIWXLEXXLIKVSYTSVMRHMZMHYEPLEWXSYWIJSVXLITVSGIWW-RXIVREPGSR
WXVEMRXW EVIXLSWIMRXIKVEPXSXLITVSFPIQ8LI]QE]LEZIGEYWIHXLIMRMXMEPTVSFPIQSV
XLI]QE]LEZIXSHS[MXLPMQMXEXMSRWSRXLIMQTPIQIRXEXMSRWYGLEWKSZIVRQIRXVIKY
PEXMSRWXLITL]WMGEPPSGEXMSRXIGLRMGEPSVHIWMKRHMJJMGYPXMIWSVER]RYQFIVSJSXLIV
GSRWXVEMRMRK JEGXSVW ERH GMVGYQWXERGIW 7TIGMJMG UYIWXMSRW XS MHIRXMJ] GSRWXVEMRXW
MRGPYHI

,S[HSIWXLITVSFPIQVIPEXIXSSYVWXEXIHKSEPW#
;MPPVIWSPZMRKMXEWWYVIXLEXSYVKSEPWEVIQIX#
;LIRLS[ERHF][LSQ[EWXLMWTVSFPIQFVSYKLXXSSYVEXXIRXMSR#
;LEXHMJJMGYPXMIWEVIFIMRKGVIEXIHF]MX#
;LEXLEVQSVPEGOSJFIRIJMXMQTSVXERXIRSYKLXSNYWXMJ]MRZIWXMKEXMSRHSIWMXGVIEXI#
;LEXMJER]EWTIGXWSJXLITVSFPIQSVXLIWSPYXMSREVITSXIRXMEPP]GEXEWXVSTLMG#
)EVXLUYEOIW XMHEP[EZIWFSXYPMWQ ERH RYGPIEV[EV EVI EPP IZIRXW XLEX VEVIP]
SGGYVFYXXLI]GERFIHIZEWXEXMRK[LIRXLI]HS-JWSQIEWTIGXSJXLITVSFPIQ
LEWXLMWX]TISJTSXIRXMEPERHSGGYVWIZIRSRGIMWXLEXXSSSJXIR#
;LEXEVIXLISXLIVLEVQWXLEXQYWXFIGSRWMHIVIH#
;LEXEVIXLIFIRIJMXWXLEXEVIFIMRKHIRMIH#
;LEXLEWFIIRZMSPEXIHF]EHIZMEXMSRJVSQWXERHEVHTVSGIHYVIW#
;LIRHSIWXLITVSFPIQSGGYV#;LIRHSIWMXRSXSGGYV#
;LEXPSGEXMSRWTISTPIERHWMXYEXMSRWEVIQSWXPMOIP]XSLEZIXLITVSFPIQ#
;LEXSXLIVTVSFPIQWGSRWMWXIRXP]EP[E]WSVEPQSWXEP[E]W SGGYV[MXLXLMWTVSF
PIQ#'ERXLIWIFIVIPEXIHWSQILS[#(S[ILEZIXLIGSVVIGXGEYWIERHIJJIGX#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ()'-()7XEKIWSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 

3RGIXLIKVSYTLEWEWOIHERHERW[IVIHEPPXLIUYIWXMSRWMXGERSRMXWS[RMXXLIR
QYWXEREP]^I[LEXIPWIMXRIIHWXSORS[MRSVHIVXSQSVIJYPP]YRHIVWXERHERHHIJMRIXLI
MWWYIERHHIZIPSTQIERMRKJYPEPXIVREXMZIWSPYXMSRW7SQIEHHMXMSREPUYIWXMSRWJSPPS[

;LEXEVI[IXV]MRKXSIZEPYEXIYRHIVWXERHERHGSQTVILIRH#
;LEXHEXE[MPPLIPT#7EQTPIWWYVZI]WFSSOWEVXMGPIWVIWIEVGLMRXIVZMI[WWMXI
ZMWMXW#
,S[[MPPXLIHEXEFIVIGSVHIHWLEVIHW]RXLIWM^IH#
;LEXWTIGMEPWOMPPWEVIRIIHIHXSKEXLIVXLIMRJSVQEXMSR#
;LEXSFWXEGPIWXSKEXLIVMRKXLIMRJSVQEXMSRI\MWX#8MQII\TIVXMWIEZEMPEFMPMX]#
;LSIPWIGERFIMRGPYHIHMRXLIHMWGYWWMSR#
,S[HMH[IKIXSYVMRJSVQEXMSR#-WMXJMVWXSVWIGSRHLERH#-WMXVYQSVSVZIVMJMEFPI#
,S[GYVVIRXVITVIWIRXEXMZIVIWTIGXIHEVISYVWSYVGIW#
,S[GSQTPIXIMWXLITMGXYVI#%VIXLIVISFZMSYWKETW#

'SRWMHIVXLI%PXIVREXMZIW
(IZIPSTMRK EPXIVREXMZIW MW JVIUYIRXP] XLI QSWX GVIEXMZI ERH I\GMXMRK TEVX SJ XLI
TVSGIWW-XGEREPWSFIXLIQSWXHMJJMGYPXERHJVYWXVEXMRK-XMRZSPZIWKEXLIVMRKEWQYGL
MRJSVQEXMSRJVSQEWQER]WSYVGIWEWTSWWMFPIHMKIWXMRKERHW]RXLIWM^MRKXLEXMRJSV
QEXMSRERHJSVQMRKMXMRXSE[SVOEFPIWLETIXLEXVIWTSRHWXSXLITVSFPIQEXLERH%R
IWWIRXMEPTEVXSJXLMWI\TPSVEXMSRSJTSWWMFPIGSYVWIWSJEGXMSRMWFVMRKMRKMRXSJSGYWXLI
YRMRXIRHIHGSRWIUYIRGIWEPSRK[MXLXLIWGSTISJETVSTSWIHWSPYXMSRERHMXWPSRKSV
WLSVXXIVQKSEPWERHI\TIGXIHVIWYPXW9RMRXIRHIHGSRWIUYIRGIW EVIXLSWIVIWYPXWXLEX
SGGYVFIGEYWISJXLIHIGMWMSRFYX[IVIRSXI\TIGXIHSVTPERRIH*SVI\EQTPIMR.YP]
ER]IEVSPHVIXMVIIHVSZILMWGEVXLVSYKLERSTIREMVQEVOIXMR7ERXE1SRMGE
'EPMJSVRMEOMPPMRKTISTPIERHMRNYVMRKHS^IRWQSVI%PQSWXMQQIHMEXIP]q'EPMJSV
RME,MKL[E]4EXVSP'SQQMWWMSRIV([MKLX3s7TMOIt ,IPQMGOGEPPIHJSVVIGSRWMHIVE
XMSRSJPIKMWPEXMSRXSVIUYMVIVSEHXIWXMRKJSVHVMZIVWEKIERHSPHIVr&EVRLMPP
T 3RXLIWYVJEGIXSYKLIVXIWXMRKJSVSPHIVHVMZIVW[SYPHWIIQXSQEOIWIRWIERH
 WXEXIW ERH XLI (MWXVMGX SJ 'SPYQFME HS LEZI WSQI X]TI SJ WTIGMEP VIPMGIRWMRK
VIUYMVIQIRXW,S[IZIV[LEXMJEPEVKIRYQFIVSJXLIQMPPMSRHVMZIVWEKITPYW
GIEWIHXSHVMZI#%R YRMRXIRHIHGSRWIUYIRGI [SYPHFIXLEX WSQISRI[SYPHLEZIXS
HVMZIXLIQVIUYMVMRKJEQMPMIWGSQQYRMXMIWERHSXLIVWXSEHNYWXXLIMVPMZIW8LMWHSIW
RSXQIERXLIVIPMGIRWMRKETTVSEGLMWMRGSVVIGXFYXMXHSIWHIQSRWXVEXI[LEXLETTIRW
[LIR[IQEOIGLERKIW%PSRKXLIWEQIZIMRXLIJIHIVEPKSZIVRQIRXtWHIGMWMSRXSGVI
EXIXLIMRXIVWXEXILMKL[E]W]WXIQLEHXLIYRMRXIRHIHGSRWIUYIRGISJMWSPEXMRKQER]
WQEPPXS[RW
-JTSWWMFPIIZIV]EPXIVREXMZIWLSYPHFIGSRWMHIVIH*VIUYIRXP]EWSPYXMSRHIVMZIH
JVSQEJEVSYXMHIEQE]FIOI]XSWSPZMRKEHMJJMGYPXTVSFPIQ*SVI\EQTPIWYKKIWXMRK
XLI9RMXIH7XEXIW EFERHSRXLIWTEGITVSKVEQ RSX RIGIWWEVMP] E TSTYPEV MHIEGSYPH
LIPTEHIGMWMSRQEOMRKKVSYTKVETTPI[MXLXLIYRHIVP]MRKVIEWSRWJSVXLIHMWEWXIVWh
XLI JPMKLXW XLIQWIPZIW (IZIPSTMRK EHHMXMSREP EPXIVREXMZIW MRGVIEWIW XLI WXEXMWXMGEP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

GLERGIW XLEX XLI KVSYT [MPP PSGEXI XLI FIWX WSPYXMSRW SV MWSPEXI XLI QSWX WMKRMJMGERX
MWWYIW,IVIO.ERMW
,YXL/EX^IRFEGO
7QMXL 
-R.SLRWSR
.SLRWSRJEGIHEQENSVHMWEWXIVhWIZIRHIEXLWMRX[SHE]W
JVSQXLIMRKIWXMSRSJG]ERMHIPEGIH)\XVE7XVIRKXL8]PIRSP8VYNMPPS
6SXL 
*SYV]IEVWPEXIVMR*IFVYEV]SJE]IEVSPH2I[=SVO[SQERHMIHEJXIVMRKIWX
MRK X[S )\XVE7XVIRKXL 8]PIRSP GETWYPIW ERH G]ERMHI [EW JSYRH MR XLI FSH] SJ E
2EWLZMPPI QER ERH MR LMW FSXXPI SJ 8]PIRSP GETWYPIW &IRWSR   .SLRWSR

.SLRWSRXSSOEREPQSWXYRXLMROEFPIWIXSJEGXMSRWhJEVJVSQRSVQEPJSVETVSJMXQEOMRK
SVKERM^EXMSR-RWTMXISJXLIGSWXWERHPSKMWXMGEPLYVHPIWMXHMWGSRXMRYIHTVSHYGXMSRSJ
SZIVXLIGSYRXIVGETWYPIWERHVITPEGIHQMPPMSRGETWYPITVSHYGXWEPVIEH]SRXLIQEV
OIX8LIGSQTER]tW')3.EQIW&YVOIETTIEVIHSRXIPIZMWMSRSRXLI4LMP(SRELYI
7LS[ WTSOIEXXLI2EXMSREP4VIWW'PYFERHLIPHTVIWWGSRJIVIRGIWXSGSRJVSRXRIKEXMZI
RI[WGSZIVEKI,I[ERXIHXSGEPQTYFPMGJIEVWHMWXMRKYMWLXLIGSRXEQMREXIH8]PIRSP
GETWYPIWJVSQGETPIXWERHSXLIV8]PIRSPTVSHYGXWERHEWWIVXXLEXXLIGETWYPIWLEHFIIR
GSRXEQMREXIHEJXIVXLI]PIJXXLIQERYJEGXYVMRKERHHMWXVMFYXMSRJEGMPMXMIW%WEVIWYPXSJ
XLIWIIJJSVXW.SLRWSR
.SLRWSRERH8]PIRSPIQIVKIHJVSQXLMWGVMWMW[MXLERIJJIGXMZI
VIWTSRWIXLEXWEZIHXLIGSQTER]tWVITYXEXMSRERHQEMRXEMRIHXLITVSHYGXtWQEVOIXWLEVI
 SJXLIQEVOIXWLEVI[IIOWEJXIVXLIWIGSRHGVMWMWGPSWIXSXLIMV EPPXMQI
QEVOIXLMKL HVEQEXMGEPP]HIQSRWXVEXMRKLS[[IPPKVSYTWGERWSPZITVSFPIQW[LIR
XLI]IRKEKIMRERSTIRHIGMWMSRQEOMRKTVSGIWW&IRWSR 
8LIKVSYTQYWXVII\EQMRIMXWSVMKMREPKSEPWERHIZEPYEXMSRGVMXIVMEMRPMKLXSJXLI
I\TERHIHYRHIVWXERHMRKSJXLITVSFPIQWERHGSRWXVEMRXW-XXLIRHIGMHIW[LEXI\TIGXE
XMSRWSVGVMXIVMEEVIVIPIZERXSVTSWWMFPIXSETTP]XSXLIJMREPHIGMWMSRERHXSMXWIZEPYE
XMSR8LIKVSYTQMKLXWXEVX[MXLZMWYEPM^MRKXLIMHIEPWSPYXMSR;LEX[SYPHFIMRGPYHIH
MRXLMWSYXGSQIERH[LEXGSYPHFII\GPYHIH#2I\XFIGEYWIXLIMHIEPQE]RSXFI[SVO
EFPISVTVEGXMGEPXLIKVSYTQYWXHIGMHI[LEXQYWXFITVIWIRXEXEQMRMQYQXSQEOIMX
EGGITXEFPI3RI[E]SJEVVMZMRKEXXLIWIWSPYXMSRWMWXSFVEMRWXSVQ EPPXLIGVMXIVMEXLEX
XLIKVSYTXLMROWIWWIRXMEPSVMQTSVXERXXSXLIJMREPVIWSPYXMSRWYGLEW

%WSPYXMSRQYWXRSXI\GIIHETEVXMGYPEVGSWXGIMPMRK
%WSPYXMSRQYWXFIGSWXIJJIGXMZI
%WSPYXMSRQYWXFIEGGITXEFPIXSTEVXMGYPEVKVSYTW
%WSPYXMSRQYWXFIEGGITXEFPIXSTEVXMGYPEVMRHMZMHYEPWMRTSWMXMSRWSJTS[IV
%WSPYXMSRQYWXFIGETEFPISJUYMGOMQTPIQIRXEXMSR
%WSPYXMSRQYWXFIIEW]XSQEMRXEMRERHEHQMRMWXIV
%WSPYXMSRQYWXFIEYWIJYPFEWIJSVJYXYVITPERRMRK
%WSPYXMSRQYWXFIIEWMP]NYWXMJMIHXSEKMZIREYHMIRGI
%WSPYXMSRQYWXQIIXGIVXEMRVIKYPEXSV]WXERHEVHW
%WSPYXMSRQYWXTVSZMHIVIGVIEXMSREPSTTSVXYRMXMIWJSVTEVXMGYPEVKVSYTW
%WSPYXMSRQYWXFIEGGIWWMFPISVYWEFPIF]LERHMGETTIHTISTPI
%WSPYXMSRQYWX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ()'-()7XEKIWSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 

3RGIEZEVMIX]SJEPXIVREXMZIWSPYXMSRWLEZIFIIRTPEGIHMRHMWGYWWMSRXLIJSGYW
WLMJXWXSXLITSWWMFPIGSRWIUYIRGIWhMRXIRHIHERHYRMRXIRHIHhSJIEGLSJXLIEPXIVRE
XMZIW8LMW MW WSQIXMQIW QSVI HMJJMGYPX XLER [I EX JMVWX XLMRO8LIVI QE] FI LMHHIR
IJJIGXWMREVIEW[IQE]RSXFIXEOMRKMRXSEGGSYRX-JJSVI\EQTPIEWERYRJSVIWIIR
GSRWIUYIRGISJQ]HIGMHMRKXSHVMROQ]GSJJII-KIXWMGOERHEQYREFPIXS[SVOJSVE
QSRXL-QE]RSXFIEFPIXSTE]Q]VIRXERHQE]FIOMGOIHSYXSJQ]ETEVXQIRX-QE]
KIXJMVIHJVSQQ]NSFERHQE]RS[FILSQIPIWWERHTIRRMPIWW)ZIRWQEPPHIGMWMSRW
GER LEZI PEVKI YRMRXIRHIH GSRWIUYIRGIW ;LMPI XLMW GSRWIUYIRGI ETTIEVW LMKLP]
YRPMOIP]WSHMHXLI'LEPPIRKIV ERH'SPYQFME HMWEWXIVWXSXLI2%7%XIEQFIJSVIXLI]
LETTIRIH ERHMXQYWXFIGSRWMHIVIHETSWWMFPISYXGSQI&IMRKE[EVISJXLMWTSWWMFMP
MX] ERH XLIR[IMKLMRK MXWPMOIPMLSSH ERH MXWWIVMSYWRIWW WLSYPH MX SGGYVEKEMRWX XLI
QSVIPMOIP]TSWWMFMPMX]hXLEXXLIHMWXVEGXMSRSJLEZMRKXSQEOIRI[GSJJIISVSJKSMRK
XSXLIWXSVIXSFY]QSVI*VIRGLZERMPPEGSJJIIFIERWQMKLXGEYWIQIXSPSWIQ]GSR
GIRXVEXMSRSRXLINSFEXLERHERHPIEZIYRHSRIXLI[SVO-[ERXIHXSEGGSQTPMWLhMWER
MQTSVXERXTEVXSJXLIHIGMWMSRQEOMRKTVSGIWW%WMRHMZMHYEPWERHEWKVSYTW[IQE]
RSXEP[E]WQEOIXLIVMKLXHIGMWMSRWFYX[LIR[IGSRWMHIVEPPSJXLITSWWMFPISYXGSQIW
FIJSVIQEOMRKXLSWIHIGMWMSRW[IEVIQSVIPMOIP]XSQEOIFIXXIVSRIW

-RMXMEXIE(IGMWMSR
%JXIV HIJMRMRK XLI KSEPW ERH XLI YRHIVP]MRK TVSFPIQ XS FI EHHVIWWIHGSQMRKXSER
YRHIVWXERHMRK SJ XLI GSRWXVEMRXW SR WSPZMRK XLI TVSFPIQ ERH I\EQMRMRK EPXIVREXMZI
WSPYXMSRWERHXLIMVPMOIP]GSRWIUYIRGIW[IEVIVIEH]XSHIGMHI[LMGLSJXLIEZEMPEFPI
EPXIVREXMZIWFIWXQIIXWSYVKSEPW3YVGLSMGIRIIHWXSXEOIMRXSEGGSYRXXLIGSWXWERH
GSRWIUYIRGIWSJSYVFIWXPSRKXIVQWSPYXMSRERHGSQTEVIXLIQ[MXLXLIPIWWMHIEPFYX
TIVLETW QSVI EJJSVHEFPI SV QSVI IEWMP] MQTPIQIRXIH ERH QEMRXEMRIH WSPYXMSRW
6IWXEXMRKXLISVMKMREPSFNIGXMZIMWSRI[E]XSQEOIGIVXEMRXLIKVSYTHSIWRSXXVEZIP
XSSJEVJVSQMXWSVMKMREPTYVTSWI7GLYPX^/IXVS[
9VFER 
-J-[ERXXSPSWI[IMKLXERHHIZIPSTELIEPXL]I\IVGMWIVIKMQIRFYXJMRHXLEXQ]
YRHIVP]MRKTVSFPIQVIPEXIWXSQ]GYVVIRX[SVOWMXYEXMSRMXQE]FIXLEXXLIMHIEPWSPYXMSR
MWXSUYMXQ]NSFERHKSXSELMKLGSWXXLIVETIYXMGVIXVIEX*SVSFZMSYWVIEWSRWXLMWQE]
RSXWIVZIXLISXLIVMRXIVIWXWSJQ]PMJIERHQE]RSXFITSWWMFPI6EXLIVXLERMKRSVMRKXLI
GSRWIUYIRGIWSJEPMJIGLERKMRKWSPYXMSRSVSTXMRKJSVIMXLIVRSWSPYXMSRSVXLIMHIEPSRI
SRP]-QMKLXHSFIXXIVXSTPEREWXEKIHPSRKXIVQWSPYXMSRXLEXMRGSVTSVEXIWXLIJYPPGSQ
TPI\MX]SJQ]PMJI-GERXLIRMQTPIQIRXEWXVEXIK]XLEX[MPPXEOIQI[LIVI-[ERXXSKSMR
HMWGVIIXERHEGLMIZEFPIMRGVIQIRXW3RXLISXLIVLERH-QE]FIEFPIXSVIRIKSXMEXIWSQI
SJQ]I\XIVREPGSRWXVEMRXW-JJSVMRWXERGI-LEZIEWTSYWISVTEVXRIV[LSGERXEOISZIV
XLIVIWTSRWMFMPMX]SJIEVRMRKWSQISJXLIJEQMP]MRGSQIJVIIMRKQIXSTYVWYIEQSVIWEX
MWJ]MRKMJPIWW[IPPTE]MRKNSF-QMKLXFIEFPIXSGSRWMHIVQ]GLSMGIWMREHMJJIVIRXPMKLX
'LERKMRKXLIJSGYWSJXLITVSFPIQERHXLIGSRWXVEMRXWSRXLIEPXIVREXMZIWSPYXMSRWQEOIW
SYV GLSMGIW ERH XLI TSWWMFMPMXMIW JSV XLIMV MQTPIQIRXEXMSR UYMXI HMJJIVIRX -R QSWX
HIGMWMSRQEOMRKERHTVSFPIQWSPZMRKWMXYEXMSRWXLIVIEVIERYQFIVSJMRXIVVIPEXIHERH
RIKSXMEFPITSWWMFMPMXMIW-XMWMQTSVXERXXSOIITXLMWMRQMRH[LIRXV]MRKXSWSPZI[LEX
ETTIEVXSFIMRWYVQSYRXEFPITVSFPIQW+VSYTWLEZIXSPSSOJSV[E]WXSIZEPYEXIGLSMGIW
MRVIEPMWXMGWGIREVMSW[MXLSYXKMZMRKYTSVEGGITXMRKEREPPSVRSXLMRKWSPYXMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

-REHHMXMSR[IRIIHXSOIITMRQMRHXLEXSYVPEVKIVGLSMGIWEVIYPXMQEXIP]GSR
WXVEMRIHF]XLIWQEPPGLSMGIW[ILEZIQEHIEXIEGLWXITEPSRKXLI[E]MRGPYHMRKXLI
WIXWSJTVMSVMXMIW[ILEZIGLSWIRXSJSPPS[8LIGLSMGI[IQEOIMRGSVTSVEXIWEPPXLI
TVIZMSYWGLSMGIW[ILEZIQEHIFSXLGSRWGMSYWP]ERHYRGSRWGMSYWP];IGERTVSFEFP]
RIZIVQEOITIVJIGXGLSMGIWEPPSJXLIXMQIFYX[IMQTVSZISYVSHHWSJQEOMRKKSSH
GLSMGIW FEWIH SR XLI EZEMPEFPI MRJSVQEXMSR ERH XLVSYKL XLI IJJIGXMZI YWI SJ XLI
HIGMWMSRQEOMRKTVSGIWW
3RGIXLIKSEPWLEZIFIIRVIJMRIHMRPMKLXSJXLIMRJSVQEXMSRERHHEXEXLEXLEZI
FIIRKEXLIVIHERHEREP]^IHXLIKVSYTMWEFPIXSWIEVGLJSVEPXIVREXMZIWSPYXMSRW1IQ
FIVWWLSYPHFIIRGSYVEKIHXSFIEWGVIEXMZIEWTSWWMFPIHVE[MRKJVSQSRIERSXLIVtW
MHIEWERHMRWMKLXW8LIKVSYTGERYWIER]RYQFIVSJXIGLRMUYIWWII'LETXIV MR
HIZIPSTMRKXLMWPMWXSJEPXIVREXMZIWSPYXMSRW;LIRXLIPMWXMWHIZIPSTIHXLIKVSYTQYWX
XLIRKSFEGOERHI\EQMRIIEGLSJXLIEPXIVREXMZIWMXMWGSRWMHIVMRKJSVER]TSWWMFPI
GSRWIUYIRGIWhMRXIRHIHSVYRMRXIRHIHhSJXLIMVMQTPIQIRXEXMSR8LIKVSYTWLSYPH
OIITEGEVIJYPVIGSVHSJXLMWHMWGYWWMSRSJXLIEPXIVREXMZIW7SQITMIGISJEREPXIVREXMZI
HMWGEVHIHEPSRKXLI[E]QE]TVSZIYWIJYP[LIRGSQFMRIH[MXLERSXLIV
;LIRXLIPMWXSJEPXIVREXMZIWERHXLIMVJSVIWIIEFPIGSRWIUYIRGIWLEWFIIRHIZIP
STIHMXMWXMQIXSGLSSWI[LMGLSRIFIWXJMXWXLIKSEPWERHWSPZIWXLITVSFPIQWXLI
KVSYTLEWSYXPMRIH)EGLEPXIVREXMZIWLSYPHFIHMWGYWWIHMRVIPEXMSRXSLS[[IPPMXJMXW
[MXLMRXLITEVEQIXIVWIWXEFPMWLIHJSVXLIHIGMWMSR7SQIUYIWXMSRWXLIKVSYTQMKLXEWO
XLIQWIPZIWMRGPYHI

,S[[IPPHSIWXLIEPXIVREXMZIQIIXXLIKSEPW[ILEZIIWXEFPMWLIH#
(SIWMXQIIXXLIQSWXMQTSVXERXSRIW#
,S[[IPPHSIWMXWSPZIXLITVSFPIQ#
;LMGLTEVXWSJXLITVSFPIQ[MPPFIWSPZIH#
;LMGL[MPPFIPIJXYRWSPZIH#
-WXLEXEGGITXEFPI#
(SXLIEHZERXEKIWSJXLMWWSPYXMSRSYX[IMKLER]TSWWMFPIHMWEHZERXEKIW#
%VIXLIVIVIEWSRW[L]XLMWWSPYXMSR[MPPRSXFIMQTPIQIRXIH#
-JMXMWMQTPIQIRXIH[MPPMXFIIEW]SVHMJJMGYPXXSQEMRXEMR#
%VIXLIVIGSRGSQMXERXTVSFPIQWXLEXWLSYPHFIEHHVIWWIH#
*SVI\EQTPIMWXLMWWSPYXMSRKSMRKXSHVEMRE[E]MQTSVXERXVIWSYVGIWQSRI]
TIVWSRRIPXMQI JVSQSXLIVTVSFPIQW#
;MPPXLMWWSPYXMSRMQTEGXMRHMZMHYEPWSVKVSYTWRSXGSRWMHIVIHMRXLMWHMWGYW
WMSRSVLEZISXLIVYRMRXIRHIHGSRWIUYIRGIW#
%VI XLIVI [E]W MR [LMGL XLMW EPXIVREXMZI MKRSVIW MQTSVXERX VIWIEVGL HEXE SV
SXLIVMRJSVQEXMSRSFXEMRIHF]XLMWKVSYT#
-WXLMWEPXIVREXMZINYWXMJMEFPIXSXLSWI[LS[MPPFIEWOIHXSTE]JSVMXSV[LS[MPP
FIMQTEGXIHF]MX#

8LI KVSYT GER YWI E 8 GLEVX MR [LMGL XLI EHZERXEKIW SJIEGL EPXIVREXMZI EVI
PMWXIHSRSRIWMHIERHXLIHMWEHZERXEKIWEVIPMWXIHSRXLISXLIVWMHIWII*MKYVI  

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ()'-()7XEKIWSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 

*-+96) 8'LEVXJSV%WWIWWMRK%PXIVREXMZI7SPYXMSRW

%HZERXEKIW (MWEHZERXEKIW

8LMWKMZIWXLIKVSYTE[E]XSERW[IVXLIWMQTPIUYIWXMSR(SXLIEHZERXEKIWSYX[IMKL
XLIHMWEHZERXEKIW#
8SMRMXMEXIXLIHIGMWMSRSRGIXLIPMWXSJEPXIVREXMZIWLEWFIIRKIRIVEXIHXLIKVSYTGER

 %WWMKRER%XSXLIXSTSRIXLMVH SJXLIMXIQWXLEXEVIEFWSPYXIP]IWWIRXMEPJSVXLIHIGM
WMSRXSFIEGGITXEFPI
 %WWMKRE 'XS XLIFSXXSQ SRIXLMVH SJXLIMXIQWXLEXEVIRSX VIEPP]GVMXMGEP -R ER]
TVSFPIQWSPZMRKWMXYEXMSRXLIVIEVIRYQIVSYWRSRIWWIRXMEPSVGSWQIXMGMXIQWXLEXHS
RSXRIIHXSFIGSRWMHIVIHEXXLEXQSQIRX
 8LIQMHHPISRIXLMVHEYXSQEXMGEPP]VIGIMZIE&
 +SFEGOXSXLI&WERHJSVGIXLIQMRXSXLI%GSPYQRSVXLI'GSPYQR
 *SVKIXXLI'WERHIPMQMREXIXLIQJVSQHMWGYWWMSR
 4VMSVMXM^IXLI%WERH]SYLEZIHIZIPSTIHEKSSHWXEVXMRKTSMRXJSVHIZIPSTMRKXLI
IWWIRXMEPGVMXIVME

9WMRKXLI%PMWXXLIKVSYTGERRS[VIJMRIMXWKSEPWERHIZEPYEXMSRGVMXIVME[VMX
MRKXLIQHS[RXSGPEVMJ]XLIQERHXSEWWYVIXLEXEPPQIQFIVWYRHIVWXERHERHEKVII
[MXLXLIHIGMWMSRSRXLIQ8LMWMWERIWWIRXMEPTEVXSJXLITVSGIWWERHMXMWMQTSVXERXXS
HSGYQIRXMX-X[MPPJSVQXLIFEWMWJSVQEOMRKXLIGLSMGIJVSQEPXIVREXMZIWERHJSVIZEP
YEXMRKXLIMQTPIQIRXEXMSRSJXLEXGLSMGI;LIRIEGLEPXIVREXMZILEWFIIR[IMKLIHERH
XLIHIGMWMSRQEHIXLIKVSYTQYWXHIZIPSTEWXVEXIK]JSVXLIMQTPIQIRXEXMSRSJXLEX
HIGMWMSR

(IZIPSTE(IGMWMSR4PER
%PXLSYKLXLI SVMKMREP HIGMWMSRQEOMRK KVSYT QE] RSX FIVIWTSRWMFPI JSV XLI EGXYEP
MQTPIQIRXEXMSRSJXLIHIGMWMSRMXMWMXWVIWTSRWMFMPMX]XSHIWMKREWXVEXIK]XLEXLIPTW
EWWYVIXLEXMXMWMQTPIQIRXIHFIGEYWIEWSPYXMSRXLEXMWRSXMQTPIQIRXIHMWRSXEWSPY
XMSRMXMWNYWXEKSSHMHIE %W[ILEZIRSXIHIEVPMIVXLIMQTPIQIRXEXMSRWXEKIMWJVI
UYIRXP][LIVIXLIHIGMWMSRQEOMRKTVSGIWWFVIEOWHS[R%PXLSYKLXLIHMJJMGYPXMIWMR
XLMWWXEKIWLSYPHLEZIFIIRERXMGMTEXIHIEVPMIVMRXLITVSGIWWXLIVIQE]FIZEVMSYWVIE
WSRW[L]XLI]QE]RSXLEZIFIIREHIUYEXIP]EHHVIWWIH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

8LIMQTPIQIRXEXMSRTPERJVIUYIRXP]MWMKRSVIHSVKMZIRMREHIUYEXIEXXIRXMSRMR
XLIHIGMWMSRQEOMRKTVSGIWW%WWYQIJSVEQSQIRXXLEXVIPMGIRWMRK[EWVIUYMVIHJSV
EPPSPHIVHVMZIVW,S[[SYPHMXFIHSRI#;LS[SYPHTE]JSVXLIEHHMXMSREPTIVWSR
RIP#;LEX TVSZMWMSRW [SYPH FI QEHI XS KYEVERXII JEMVRIWW FIX[IIR WXEXIW ERH XS
VIGXMJ]YRJEMVHIGMWMSRW#8LIWIERHQER]QSVIUYIWXMSRW[SYPHJEGIXLIMQTPIQIR
XEXMSRTVSGIWW)PEFSVEXIVITSVXWKIRIVEXIHJSVKSZIVRQIRXEKIRGMIWSVTVMZEXIGSV
TSVEXMSRWXLEXLEZIXEOIRQSRXLWSJXMQIERHKVIEXJMRERGMEPMRZIWXQIRXXSTVSHYGI
EVISJXIRWLIPZIHFIGEYWIXLSWIGLEVKIH[MXLXLIMQTPIQIRXEXMSREVIRSXZIWXIHMR
XLITVSNIGXSVFIGEYWIMQTPIQIRXEXMSRMWXSSGSWXP]SVVIUYMVIWMRJVEWXVYGXYVIXLEXMW
RSXMRTPEGI)ZIV]SRIJIIPWGLIEXIHERHXLITVSGIWWMXWIPJXEOIWSRERI\TIGXEXMSRSJ
JEMPYVI
8LIKVSYTGERFIKMRF]EWOMRKMXWIPJEJI[UYIWXMSRW

%VIXLIVIEHZIVWEVMEPKVSYTWSVMRHMZMHYEPW[LS[MPPXV]XSFPSGOXLIMQTPIQIRXE
XMSRSJXLMWHIGMWMSR#'ER[IEPXIVXLIWSPYXMSRXSKEMRXLIMVEPPIKMERGI#-JRSXGER
[IWEJIP]MKRSVISVKSEVSYRHXLIQ#
,EZIIEGLSJXLIMQTPIQIRXEXMSRWXITWFIIRGSRWMHIVIHGEVIJYPP]MRGPYHMRK[LS
HSIW[LEX[LIR[LIVIERHLS[TIVWSREGXMZMX]XMQITPEGIERHQIXLSH #

)ZEPYEXIXLI6IWYPXWERH'SRWIUYIRGIW
8LI HIGMWMSRQEOMRKTVSFPIQWSPZMRK TVSGIWW MW RSX JMRMWLIH YRXMP [I LEZI WIIR
[LIXLIVSVRSXMXLEWEGGSQTPMWLIHMXWKSEPWSVLEWLEHFIXXIVSV[SVWIGSRWIUYIRGIW
XLER[II\TIGXIH%JXIVXLIJEGX2%7%[EWJSVGIHXSI\EQMRIMXWHIGMWMSRWSRXLI
'LEPPIRKIV ERH 'SPYQFME PEYRGLIW ERH I\EQMRI MXW HIGMWMSRQEOMRK TVSGIWW EW
[IPP,EHXLMWIZEPYEXMSRSGGYVVIHEWTEVXSJXLIMRMXMEPHIGMWMSRQEOMRKTVSGIWWXLI
HMWEWXIVWQMKLXLEZIFIIREZIVXIH0EVKIHIGMWMSRWEVIXLIVIWYPXSJQER]WQEPPSRIW
QEHI XLVSYKLSYX XLI IRXMVI HIGMWMSRQEOMRK TVSGIWW )EGL TLEWI SJ XLI TVSGIWW
STIRWGIVXEMRWIXWSJTSWWMFMPMXMIW[LMPIGPSWMRKSXLIVW-RSVHIVXSPIEVRJVSQSYV
HIGMWMSRQEOMRKTVSGIWW[IRIIHXSI\EQMRIXLISYXGSQIWMRXIVQWSJFSXLXLSWI
[II\TIGXIHERHXLSWI[IHMHRSXI\TIGXERH[IRIIHXSYRHIVWXERH[LIR[ITVI
HMGXIH EGGYVEXIP] EW [IPP EW [LIR [I [IRX [VSRK MR RSX TVIHMGXMRK EGXYEP GSRWI
UYIRGIWERHPMQMXEXMSRW
8LIHIGMWMSRQEOMRKTVSGIWWMWQSWXIJJIGXMZI[LIR[IXEOIXLIIZEPYEXMSRWXEKI
MRXSEGGSYRXMRXLIFIKMRRMRKEW[IEVIHIJMRMRKXLITVSFPIQ4EVXSJERIJJIGXMZIIZEP
YEXMSRMWXSWIXYTETVSGIHYVIJSVQIEWYVMRKXLIWYGGIWWSJSYVSYXGSQIEWMXVIPEXIWXS
XLIHIJMRMXMSRSJXLISVMKMREPTVSFPIQ;IWLSYPHFIEFPIXSWE]EXXLIFIKMRRMRKSJXLI
TVSGIWWXLEXEKMZIRHIWMVIHSYXGSQI[MPPFIETTEVIRXMJMXQIIXWGIVXEMRWTIGMJMGGVMXI
VME8LIWIGVMXIVMEFIGSQIXLIFEWMWJSVXLIIZEPYEXMSR
-REHHMXMSRMRSVHIVXSFIEFPIXSVITPMGEXIERHYRHIVWXERHXLITVSGIWWMXWIPJ[I
WLSYPHHSGYQIRXMXEXIEGLWXITEPSRKXLI[E]WS[IGERVIXLMROSYVWSPYXMSRMJMXMW
JPE[IH8LIGSQTSWMXMSRERH[SVOMRKVIPEXMSRWLMTWSJXLIKVSYTSVXIEQXLIKSEPW[I
MHIRXMJ]XLI[E]W[IHIJMRIXLITVSFPIQXLIVIEWSRWJSVREVVS[MRKSVI\TERHMRKMXW
WGSTIXLIGSRWXVEMRXW[IGLSSWIXSGSRWMHIVERH[L]SYVMRJSVQEXMSRKEXLIVMRKXSSPW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ()'-()7XEKIWSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK 

ERHWXVEXIKMIWXLIEPXIVREXMZIW[IHIZIPSTERHTYVWYISVHIGPMRIXSTYVWYIERH[L]SYV
GLSMGISJEWSPYXMSRERHXLIVIEWSRWJSVMXXLIMQTPIQIRXEXMSRTVSGIWW[IHIZIPSTERH
TVSTSWIXLIMQTPIQIRXEXMSRTVSGIWWXLEXEGXYEPP]XEOIWTPEGIXLIVIWYPXWSJXLIMQTPI
QIRXEXMSRERHJMREPP]XLIIJJIGXWSJXLITVSGIWWMXWIPJSRXLISYXGSQIEPPRIIHXSFI
I\EQMRIH)ZEPYEXMRKSYVHIGMWMSRWERHXLITVSGIWWIW[IYWIHXSQEOIXLIQLIPTWYW
EZSMH VITIEXMRK HMWEWXVSYW HIGMWMSRW [LMPI KMZMRK YW XLI XSSPW XS VITPMGEXI TSWMXMZI
SRIW8EFPIWYQQEVM^IWXLIWM\WXITWSJXLMWHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK
QSHIP

8%&0) 7M\7XIT()'-()1SHIPSJ(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

(IJMRIXLI+SEPERHYRHIVWXERHXLI4VSFPIQ
-HIRXMJ]XLITVSFPIQERHWTIGMJ]XLIW]QTXSQWSJXLITVSFPIQ
+EXLIVMRJSVQEXMSRSRXLIWM^IERHWGSTISJXLITVSFPIQ
6IWIEVGLSYXXLIWIVMSYWRIWWYVKIRG]ERHMQTPMGEXMSRWSJXLITVSFPIQ
0SSOJSVGEYWIWERHYRHIVP]MRKGSRHMXMSRWSJXLITVSFPIQ

)\EQMRIXLI'SRWXVEMRXWTVIZIRXMRKKSEPEGLMIZIQIRX
-HIRXMJ]XLIGVMXIVMEXLEX[SYPHMRHMGEXIWYGGIWWJYPEGLMIZIQIRXSJXLIKSEPW
6EROSVHIVXLIGVMXIVMEMRMQTSVXERGIERHWTIGMJ]GVMXIVMEXLEXQYWXFIQIX
-HIRXMJ][LMGLGVMXIVMEQYWXFIQIXERH[LMGLEVIPIWWIWWIRXMEP
6IJMRIXLIKSEPWFEWIHSRGVMXIVMEXSFIWEXMWJEGXSV]VIEPMWXMGEGLMIZEFPI

'SRWMHIVXLI%PXIVREXMZIWJSVVIWTSRHMRKXSXLITVSFPIQERHGSRWXVEMRXW
7YKKIWXEWQER]EPXIVREXMZIWSPYXMSRWEWTSWWMFPI
6IJMRIERHGSQFMRIEPXIVREXMZIWSPYXMSRW

-RMXMEXIE(IGMWMSRF]XLMROMRKXLVSYKLXLIEHZERXEKIWERHHMWEHZERXEKIWSJIEGLSTXMSR
)ZEPYEXIXLIEPXIVREXMZIHIGMWMSRWSVWSPYXMSRWYWMRKXLIKSEPGVMXIVME
6EROSVHIVXLIWSPYXMSRWFEWIHSRLS[[IPPXLI]QIIXXLIGVMXIVME
(SIWER]SRIWSPYXMSRSVWSPYXMSRGSQFMREXMSRQIIXEPPGVMXIVMEXLEXQYWXFIQIX#
-JRSXVIIZEPYEXIWSPYXMSRWERHKSEPW%VIKSEPWEGLMIZEFPI#3XLIVWSPYXMSRW#
-J]IWHSIWWSPYXMSRQIIXKSEPWXLEXWLSYPHERHGERFIQIX#
-JRSXMWXLIVIERSXLIVWSPYXMSRSVWIXXLEXGERQIIXXLIWIGVMXIVMEEW[IPP#
(SIWXLIWSPYXMSRGVIEXIEHHMXMSREPTVSFPIQW#,S[GERXLI]FIVIWSPZIH#

(IZIPSTE(IGMWMSR4PERSJEGXMSRXSMQTPIQIRXXLIGLSMGI
-HIRXMJ]GVMXIVMEERHQIXLSHXSIZEPYEXIXLIHIGMWMSRSRGIMXMWMQTPIQIRXIH
(IZIPSTETVSGIHYVIJSVMQTPIQIRXMRKXLIWSPYXMSRXLEXFIWXQIIXWGVMXIVME
(SIWXLIHIGMWMSRERHWSPYXMSREGGSQTPMWLXLIKSEPW#

)ZEPYEXIXLI6IWYPXWERH'SRWIUYIRGIWSJXLIHIGMWMSRGSQTPIXMRKXLIqJIIHFEGOPSSTr
)ZEPYEXIXLIHIGMWMSRSVWSPYXMSR
)ZEPYEXIXLIMQTPIQIRXEXMSR-WMXEGLMIZEFPI#-WMXXSSI\TIRWMZI#(SIWMXXEOIXSSPSRK#
-QTPIQIRXERSRKSMRKIZEPYEXMSRTPERXLEXSGGYVWEXVIKYPEVMRXIVZEPW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

'SRXI\X-RJPYIRGIWSR(IGMWMSR1EOMRK
ERH4VSFPIQ7SPZMRK+VSYTW
;LMPIXLIWXEKIWSJXLIHIGMWMSRQEOMRKTVSGIWWJSVQXLIWXVYGXYVIXLEXWLETIWMXXLI
MRXIVEGXMSR EQSRK XLI WXEKIW KMZIW XLI HIGMWMSRQEOMRK TVSGIWW MXW IRIVK] 1EOMRK
HIGMWMSRWMRKVSYTWERHXIEQWLIPTWYWEHHVIWWXLIYRHIVP]MRKMRXIVVIPEXMSRWLMTWSJXLI
TVSFPIQWERHMWWYIWXSFIVIWSPZIHF]QEOMRKMXTSWWMFPIXSI\EQMRIETVSFPIQJVSQ
QYPXMTPIERHSJXIRHMWGVITERXTIVWTIGXMZIW8LMWI\EQMREXMSRLIPTWHIZIPSTWSPYXMSRW
XLEXXEOIMRXSEGGSYRXXLIGSQTPI\IRZMVSRQIRXSJXLITVSFPIQERHMXWWSPYXMSR;LIR
2%7%WIRXXLI,YFFPIWTEGIGVEJXMRXSSVFMXXLIXIPIWGSTIHMHRSX[SVO8LI2%7%GSV
TSVEXIGYPXYVILEWFIIRFPEQIHMRPEVKITEVXJSVXLMWWIXFEGOEWXLEXGYPXYVIIRGSYVEKIH
MRHMZMHYEPWXSQEOIEYXSRSQSYWHIGMWMSRW[MXLSYXWIIOMRKSVTE]MRKEXXIRXMSRXSHMW
WIRXMRKSTMRMSRWSJERI\TIVXKVSYT'ETIVW
0MTXSR7XIMR
/ERXIV %W
[MXLXLI'LEPPIRKIV ERH'SPYQFME HMWEWXIVWI\XVIQIP]FVMKLXERHHIHMGEXIH2%7%WGM
IRXMWXWERHIRKMRIIVWQEHIETSSVHIGMWMSR8LEXHIGMWMSRQMKLXLEZIFIIREZSMHIHMJ
XLI]LEHQEHIYWISJXLI[MHIVVERKISJI\TIVXMWIERHTIVWTIGXMZIWEZEMPEFPIXSXLIQ

+VSYT'SQTSWMXMSR
(IGMHMRKXLIQEOIYTSJEHIGMWMSRQEOMRKSVTVSFPIQWSPZMRKKVSYTSVXIEQMXWIPJMWE
WMKRMJMGERXTEVXSJXLIKVSYTTVSGIWW8LIQIQFIVWLMTWLSYPHVIJPIGXXLIPEVKIVWSGMEPERH
SVKERM^EXMSREPIRZMVSRQIRXMR[LMGLXLIKVSYTXEOIWTEVXEW[IPPEWXLIREXYVISJXLITVSF
PIQERHXLIGSRXI\XMR[LMGLMXSGGYVW%2EXMZI%QIVMGER-RHMERVIWIVZEXMSRIGSRSQMG
HIZIPSTQIRXKVSYTGPIEVP]WLSYPHMRGPYHIXLSWII\TIGXIHXSMQTPIQIRXXLIWSPYXMSREW
[IPPEWXLSWII\TIGXIHXSFIMQTEGXIHF]MX8LIGSQQYRMX]KVSYTGLEVKIH[MXLHIZIPST
MRKWSPMH[EWXIHMWTSWEPSTXMSRW[SYPHHS[IPPXSMRGPYHIEXPIEWXSRISVX[SQIQFIVW[MXL
WSQI ORS[PIHKISJ XLIXIGLRMGEP QEVOIXERH GSWX EWTIGXW SJ XLI TVSFPIQ EW [IPP EW
QIQFIVW[MXLERYRHIVWXERHMRKSJXLIWSGMEPERHTSPMXMGEPGLEVEGXIVMWXMGWSJXLIGSQQY
RMX]XSFIWIVZIH-RJSVQIHLYQERVIWSYVGIWQEREKIVWVIGSKRM^IHWSQIXMQIEKSLS[
MVSRMGMX[EWJSVQEREKIVWXSXV]ERHQEOIHIGMWMSRWVIKEVHMRK[LEXQSXMZEXIWIQTPS]IIW
,EVVMW 7MRGIXLIWIKVSYTWLEZIHMJJIVIRXNSFWWOMPPWERH[SVOMRKGSRHMXMSRWXLI
FIWXHIGMWMSRQEOMRKKVSYT[SYPHGSRWMWXSJVITVIWIRXEXMZIWJVSQEPPWMHIW

+VSYT4VSGIWW
8LIKVSYTWLSYPHGSRWMHIVEXPIEWXJSYVMWWYIWEWWLS[RMR8EFPI  FIJSVIMXGERIJJIG
XMZIP]FIKMRXLIXEWOEXLERH*MVWXMXRIIHWXSEHHVIWWXLII\XIVREPGSRWXVEMRXWSRXLI
KVSYTTVSGIWWMXWIPJ8LIWIMRGPYHIXLIXMQIJVEQIJSVGSQTPIXMRKXLIXEWOXLIXMQIERH
GSQQMXQIRXIEGLSJ XLIQIQFIVWLEW XSKMZIXLI KVSYTXLIORS[PIHKIERHYRHIV

8%&0) *SYV4VIPMQMREV]7XITW

)\XIVREPGSRWXVEMRXWSRXLITVSGIWWh;LEXEVIXLIPMQMXEXMSRW#
4VSGIHYVEPMWWYIWh,S[XSVYRXLIKVSYT#
:SXMRKSVGSRWIRWYWh,S[[MPPHIGMWMSRWFIQEHI#
)XLMGEPHIGMWMSRWh;LEXEVIXLITSWWMFPIIXLMGEPHMQIRWMSRWSJXLIHIGMWMSRW#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'SRXI\X-RJPYIRGIWSR(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK+VSYTW 

WXERHMRKMRHMZMHYEPQIQFIVWFVMRKXSXLITVSFPIQEXLERHXLIEZEMPEFMPMX]SJSYXWMHI
WSYVGIW JSVXIGLRMGEPI\TIVXMWIERH ER]SXLIVVIPIZERXGSRGIVRW)EGLKVSYTLEWMXW
S[RWXVIRKXLWERH[IEORIWWIWERHMXMW[MWIXSYRHIVWXERHERHXEOIXLIWIMRXSEGGSYRX
MRSVHIVXSQEOIXLIFIWXYWISJIZIV]SRItWXMQITEVXMGYPEVEFMPMXMIWERHMRXIVIWXW
7IGSRHXLIKVSYTRIIHWXSHIGMHILS[MX[MPPVYRMXWIPJ;MPPMXIPIGXEGLEMVERH
WSQISRI XSOIITXLI QMRYXIW SJ XLI TVSGIIHMRKW SV [MPP XLIVI RSX FI JSVQEP KVSYT
PIEHIVWLMT#;LS[MPPFIMRGLEVKISJWIXXMRKXLIEKIRHEJSVQIIXMRKW#;LS[MPPGEPP
XLIQIIXMRKWERHLS[JVIUYIRXP]HSIWXLIKVSYTRIIHXSQIIX#-JXLIKVSYTMW[MXLMR
ERSVKERM^EXMSREPGSRXI\XXLIWIHIGMWMSRWQE]FIQEHIF]XLSWI[LSLEZIIWXEFPMWLIH
XLIKVSYTERHGLEVKIHMX[MXLEKMZIRVIWTSRWMFMPMX]-JXLIKVSYTMWRSXEPVIEH]WXVYG
XYVIHLS[IZIVMXQE]JEPPXSXLIQIQFIVWXLIQWIPZIWXSHIGMHILS[FIWXXSQIIXXLIMV
KSEPW +VSYT H]REQMGW QE] IZSPZI SZIV XMQI [MXL WLEVIH HIGMWMSRQEOMRK ERH
TVSFPIQWSPZMRKWYGGIWWIWERHJEMPYVIW0IEHIVWLMTQE]WLMJXERHGLERKIEGGSVHMRKXS
XSTMGWYRHIVGSRWMHIVEXMSRSVPIEHIVWLMTQE]FIWXEFPI-XQE]FIFEWIHSRTIVWSREPMX]
SVI\TIVXMWI;E]WSJHIEPMRK[MXLHMWVYTXMZIQIQFIVWQE]FIJSVQEPP]EHHVIWWIHSV
MRJSVQEPP]LERHPIHEWWMXYEXMSRWEVMWISVXLIMWWYIQE]FIPIJXYREHHVIWWIH;LEXIZIV
XLIHIGMWMSRWQEHIEFSYXKVSYTPIEHIVWLMTWXVYGXYVIERHTVSGIWWXLSWIHIGMWMSRWGER
FIGSQIGVMXMGEPXSXLISZIVEPPWYGGIWWSVJEMPYVISJXLIKVSYTIJJSVX
8LMVHXLIKVSYTQYWXHIGMHILS[XLISYXGSQI SJXLITVSFPIQWSPZMRK TVSGIWW
MXWIPJ[MPPFIHIXIVQMRIHh[LIXLIVF]EQENSVMX]ZSXISVF]SZIVEPPGSRWIRWYW;SSH
 8LIWIX[SQIXLSHWEVIUYMXIHMJJIVIRXERHQE]QEOIEKVIEXHIEPSJHMJJIVIRGIMR
XLIEGGITXERGIERHIJJIGXMZIRIWWSJXLIMQTPIQIRXEXMSRSJXLIHIGMWMSR:SXMRK]IWSVRS
SRETEVXMGYPEVMWWYIMRHMGEXIWLS[XLIKVSYTQIQFIVWXLMROFYXSFXEMRMRKGSRWIRWYW
EQSRKXLIKVSYTQIQFIVWIRLERGIWXLIMVGSQQMXQIRXXSXLIHIGMWMSR)PPMW
*MWLIV
 8LIREXYVISJXLITVSFPIQXSFIEHHVIWWIHQE]HMGXEXI[LIXLIVGSRWIRWYWMWTSW
WMFPIHIWMVEFPISVRIGIWWEV][LIXLIVEZSXIF]EX[SXLMVHWQENSVMX]SVF] SJXLI
QIQFIVW[MPP WYJJMGI SV [LIXLIVXLI PIEHIVSJ EWYFKVSYTWLSYPHQEOI ETEVXMGYPEV
HIGMWMSR3RGIXLIWIEWTIGXWSJXLITVSGIWWLEZIFIIREHIUYEXIP]EHHVIWWIHXLIKVSYTMW
VIEH]XSQSZISRXSXLIMWWYIWEXLERH8EFPI  SYXPMRIWXLIGSRWIRWYWTVSGIWW

8EFPI 8LI'SRWIRWYW4VSGIWW

'SRWIRWYW-RGPYHIW 'SRWIRWYW(SIW2SX-RGPYHI

7IIOIZIV]SRItWMHIEWh4VIZIRXKVSYT
XLMROERHXEOIEHZERXEKISJEPPMHIEW
0MWXIRh;SVOXS[EVHYRHIVWXERHMRK
SJSXLIVKVSYTXIEQQIQFIVW
(MWGYWWMHIEW)RGSYVEKIERHI\TPSVI
HMJJIVIRGIW
(SRSXI\TIGXXSKIXEPP]SY[ERXh%
KVSYTXIEQWLSYPH[SVOXS[EVHMRXI
KVEXMRKIZIV]SRItWMHIEWERHRIIHW
6IEGLEREKVIIQIRXXLEXIZIV]SRIGER
PMZI[MXLh%ZSMH[MRPSWITIVWTIGXMZIW
:SXMRKh-XGVIEXIWE[MRPSWISYXGSQIWMRGIXLI
QMRSVMX]MWXSPHMXHSIWRSXQEXXIV
1ENSVMX]VYPIh4ISTPIRSXMRGPYHIHMRXLI
SYXGSQILEZIPMXXPIQSXMZEXMSRXSLIPTGEVV]SYX
XLIHIGMWMSR
&EVKEMRMRKh'SRWIRWYWWIIOWXLIFIWXSYXGSQI
RSXEGSQTVSQMWI
1MRSVMX]VYPIh-J]SYHMWEKVII[MXLXLI
TVSTSWEPSJJIVEZMEFPIEPXIVREXMZISVPIXXLI
TVSGIWWGSRXMRYI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

*-+96) )XLMGEP&ILEZMSVWMR(IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK+VSYTW

/MIR^PIV JSPPS[W*IMRFIVK MRHIZIPSTMRKEWIXSJIXLMGEPTVMRGMTPIWEHETXIHLIVIJSV

KVSYTFILEZMSV
*MHIPMX] /IIT]SYVTVSQMWIW
:IVEGMX] 8IPPXLIXVYXL
*EMV4PE] (SRSXI\TPSMXGLIEXSVqJVIIPSEHrSRSXLIVW
+VEXMXYHI )\TVIWWXLEROWVIGMTVSGEXI
2SRQEPIJMGIRGI (SRSXGEYWITEMRSVWYJJIVMRKXSSXLIVWXLVSYKLZIVFEPEWWEYPX
&IRIJMGIRGI ,IPTSXLIVWEGLMIZIXLIMVKSEPWERHXLIKVSYTtWKSEPW
6ITEVEXMSR 6ITEMVLEVQWXSSXLIVWXLEXEVI]SYVJEYPXIZIR[LIRMREHZIVXIRX
(S2SX/MPP 6IWTIGXSXLIVWERHXLIMVMHIEW
(S2SX(ITVMZISJ4VSTIVX] (SRSXXEOISXLIVtWMHIEWSVMRXIPPIGXYEPTVSTIVX]EW]SYVS[R
3TTSWI-RNYWXMGIW 'SRWMHIVXLIKVSYTERHXLIMQTEGXSJHIGMWMSRWERHWSPYXMSRW
4VSQSXI.YWXMGI ;SVOXS[EVHMQTVSZIQIRX

7SYVGI /MIR^PIV 

*MREPP]EKVSYTWLSYPHGSRWMHIVXLIIXLMGEPHMQIRWMSRWSJMXWHIGMWMSRQEOMRK
HMWGYWWMSRFILEZMSVWERHXLISYXGSQIWSJMXWHIGMWMSRWERHMQTPIQIRXEXMSRWXVEXIKMIW
+VSYTQIQFIVWt GSQQMXQIRXXSXIPPXLIXVYXLIRKEKIMRJEMVTPE]OIITXLIMVTVSQMWIW
LIPTSRIERSXLIVERHEGXVIGMTVSGEPP][MPPWXMQYPEXIEQSVIIRKEKIHERHTVSHYGXMZI
KVSYT HIGMWMSRQEOMRK TVSGIWW 'SRWMHIVMRK XLI IXLMGEP HMQIRWMSRW SJ EPXIVREXMZI
WSPYXMSRWERHXLIMVMQTEGXGERLIPTEKVSYTQEOIFIXXIVGLSMGIWEQSRKXLITSXIRXMEP
EPXIVREXMZIW /MIR^PIV   WYKKIWXW E PMWX SJ  IXLMGEP TVMRGMTPIW TVIWIRXIH MR
*MKYVI XLEXGERLIPTEKVSYTQEOIIXLMGEPHIGMWMSRW

7YQQEV]
8[S EWWYQTXMSRW YRHIVPMI SYV HMWGYWWMSR XLEX XLI KVSYT MW JSVQIH [MXL E TEVXMGYPEV
TVSFPIQSVMWWYIXSVIWSPZIERHXLEXXLIVIEVITEVXMGYPEVVIWYPXWSVKSEPWXLEXMXLSTIWSV
I\TIGXWXSEGLMIZI6IWIEVGLWLS[WXLEXKVSYTWEVIQSVIWYGGIWWJYPEXEGLMIZMRKXLIMV
KSEPW[LIRXLI]ETTVSEGLETVSFPIQW]WXIQEXMGEPP] ERHVEXMSREPP] ,MVSOE[E 
9RHIVWXERHMRK XLI HIGMWMSRQEOMRK WXEKIW GER LIPT KVSYTW WXVYGXYVI XLIMV TVSGIWW
%PXLSYKLXLIMRHMZMHYEPWXEKIWSJXLIHIGMWMSRQEOMRKTVSGIWWGERFIHIWGVMFIHWITE
VEXIP]XLI]EVIEW[ILEZIRSXIHMRXIVVIPEXIH-RHIJMRMRKXLITVSFPIQYRHIVWXERHMRK
XLIGSRWXVEMRXWWIEVGLMRKJSVEPXIVREXMZIWHIGMHMRKSREWSPYXMSRERHYRHIVWXERHMRKXLI
GSRWIUYIRGIW SJ XLI MQTPIQIRXEXMSR SJ XLEX WSPYXMSR E KVSYT QSZIW FEGO ERH JSVXL
FIX[IIRWXEKIWFEPERGMRKIEGLWXEKIEKEMRWXXLISXLIVW[LMPIOIITMRKXLIKSEPWMRQMRH
;IQE]JMRHXLEX[LEXMRMXMEPP]TVIWIRXIHEWXLITVSFPIQMWMRJEGXSRP]EW]QT
XSQ SJ XLI YRHIVP]MRK TVSFPIQ &] GEVIJYPP] EVXMGYPEXMRK XLI I\TIGXIH SYXGSQI SV
KSEPW[ILSTIXSEGLMIZI[IGERVII\EQMRIXLISVMKMREPMWWYISVTVSFPIQ[MXL[LMGL
[IEVITVIWIRXIH8LVSYKLSYXXLITVSGIWWXLIWIKSEPWGERTVSZMHIWXVYGXYVIERHSVHIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

XSXLIHMWGYWWMSRERHOIITXLIHIGMWMSRQEOMRKTVSGIWWSRXVEGO8LI]GEREGXEWHMVIG
XMSREPWMKRWERHEPPS[YWXSQIEWYVISYVTVSKVIWWEWEKVSYT8LI]GEREPWSKMZIYWE
WIRWISJGPSWYVI[LIR[IEVIJMRMWLIH8LIJMVWXWXITXLIVIJSVIMRWSPZMRKXLITVSFPIQ
JSV[LMGLEKVSYTLEWFIIRGSRZIRIHMWXSYRHIVWXERHGPIEVP]XLIKSEPWXSFIEGLMIZIH
-RHMWGYWWMRKXLIKSEPWXLIKVSYTQYWXYRHIVWXERHXLIMRXIVREPGSRWXVEMRXWYRHIV
[LMGLMXMWSTIVEXMRKh[LIXLIVXLSWIFIJMRERGMEPXIGLRMGEPTSPMXMGEPIRZMVSRQIRXEPSV
SXLIVGSRWXVEMRXW;MXLMRXLEXGSRXI\XXLIKVSYT[MPP[ERXXSHIGMHI[LMGLKSEPWEVIXLI
QSWXMQTSVXERX[LMGLEVIRIGIWWEV][LMGL[SYPHFIHIWMVEFPIERH[LMGLQMKLXFI
I\GIWWMZIJSVXLIKMZIRTYVTSWIERHWIXSJGMVGYQWXERGIW*SVI\EQTPIMJSYVMRMXMEP
WXEXIHKSEPMWXSGPSWIGSZIVERHWIGYVISYVXS[RHYQTEWVIUYMVIHF]WXEXIIRZMVSR
QIRXEPVIKYPEXMSRW[IQMKLXFIXIQTXIHXSI\TERHXLEXKSEPXSGVIEXIETEVOSVVIGVI
EXMSREPEVIESRXSTSJXLISPHHYQTWMXI8LMWLEWFIIRHSRIMRWSQISXLIVGSQQYRMXMIW
FYXMWMXTVEGXMGEPJSVSYVW#;MPPSYVGMXM^IRWZEPYIMXIRSYKLXSTE]JSVXLII\XVEGSWXSJ
FVMRKMRKXLIWMXIXSXLEXWXERHEVHERHXLIRQEMRXEMRMRKMXEWETEVOMRXLIJYXYVI#3RXLI
SXLIVLERHEWXLIGSWXWSJ[EWXIHMWTSWEPIWGEPEXI[IQMKLXFIXIQTXIHXSWGEPIFEGO
SYVHYQTGPSWYVITPERWXSWMQTP]GPSWMRKXLIKEXIWERHLSTMRKXLEXXLIIRZMVSRQIRXEP
VIKYPEXSVWHSRSXFSXLIVYWEFSYXMX-RXLEXGEWI[IQMKLXJMRHMREJI[]IEVWXLEXXLI
VYRSJJJVSQXLIWMXITSPPYXIWRIMKLFSVMRK[IPPWERH[EXIVWYTTPMIWPIEHMRKXSPE[WYMXW
ERHEVIUYMVIQIRXXLEXXLIXS[RWYTTP]GPIER[EXIVXSXLIEJJIGXIHVIWMHIRXW-RGSRWMHIV
MRKSYVKSEPWXLIVIJSVI[IRIIHXSXLMROXLVSYKLXLITSXIRXMEPMQTEGXWSJXLIMVMQTPI
QIRXEXMSR8LIWGSTISJXLIKSEPWHMGXEXIWXLIWGSTISJXLITVSFPIQXSFIVIWSPZIH

(-7'977-3259)78-327

 ;L]MWHIJMRMRKXLITVSFPIQMQTSVXERXXSIJJIGXMZIHIGMWMSRQEOMRK#
 (MWXMRKYMWLFIX[IIRMRXIVREPERHI\XIVREPGSRWXVEMRXW4VSZMHIERI\EQTPISJIEGLSRIJVSQ
]SYVS[RI\TIVMIRGI
 ;L]WLSYPH]SYFIGEVIJYPEFSYXEGGITXMRKXLIJMVWXERW[IVXSEHMJJMGYPXTVSFPIQ#;LEX
HIGMWMSRQEOMRKTVMRGMTPIHSIWXLMWLMKLPMKLX#
 ;LEXGSRWXVEMRXWHS[IJEGI[LIR[IQEOIEJMREPGLSMGI#
 ;LIRMQTPIQIRXMRKEHIGMWMSR[LEXEGXMSRWWLSYPHFIGSRWMHIVIH#
 ;LEXIPIQIRXWEVIMQTSVXERXJSVERIJJIGXMZIIZEPYEXMSRWXEKI#
 ;LEXMWQIERXF]GSRGYVVIRGIWIIOMRK#;L][SYPHEKVSYTFITVSRIXSXV]MRKXSEGLMIZI
GSRGYVVIRGIWIIOMRK#
 (S]SYEKVII[MXLXLIGSRGPYWMSRXLEXKVSYTWEVIQSVIWYGGIWWJYP[LIRXLI]ETTVSEGLE
TVSFPIQW]WXIQEXMGEPP]ERHVEXMSREPP]#;L]SV[L]RSX#
 &VMIJP]SYXPMRIXLIW]WXIQEXMGTVSFPIQWSPZMRKETTVSEGLTVSZMHIHMRXLMWGLETXIV

)<)6'-7)7

7YVZMZEPWXVEXIKMIW)JJIGXMZITVSFPIQWSPZMRK'VMXMGEPERHGVIEXMZIWXITWMRHIGMWMSR
QEOMRK)ZEPYEXMRKXLIHIGMWMSRQEOMRKERHTVSFPIQWSPZMRKXIEQTVSGIWW)ZEPYEX
MRKXLIKVSYTGSRXVMFYXMSRTVSGIWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

  7 9 6 : - :% 0  7 8 6 % 8 ) + - ) 7  ) * * ) ' 8 - : ) 
4 6 3 & 0 ) 1  7 3 0: - 2 +

4VSFPIQWSPZMRKERHHIGMWMSRQEOMRKVIUYMVIGEVIJYPEREP]WMWXSHIZIPSTWYGGIWWJYPWSPY
XMSRW8LMWI\IVGMWIEPPS[W]SYVXIEQXSTVEGXMGIXLIWIXIGLRMUYIW
7XIT-RHMZMHYEPP]ERW[IVXLIJSPPS[MRKWYVZMZEPUYIWXMSRW;LEX[SYPH]SYHSMJ
]SY[IVIGSRJVSRXIH[MXLXLITSXIRXMEPP]HERKIVSYWWMXYEXMSRW#'SRWMHIVXLIWMXYEXMSRERH
HIZIPSTEWXVEXIK]JSVWYVZMZEP

 6YRE[E]'EV=SYLEZIPSWXGSRXVSPSJXLIGEVERHGERRSXWXSTMX
 7MROMRK'EV=SYEVIXVETTIHMREGEVXLEXLEWKSRIMRXSEPEOISVVMZIV
 )EVXLUYEOI
-RHSSVW
3YXWMHI
-REGEV
 %HVMJXEX7IE=SYLEZIRSQIERWSJTVSTIPPMRKXLIFSEX

7XIT  &EPERGIH MRTYX WXVEXIK] *SVQ XIEQW SJ IMKLX SV JI[IV QIQFIVW &IJSVI
FIKMRRMRKHIZIPSTEWXVEXIK]JSVSFXEMRMRKXLIKVIEXIWXEQSYRXSJMRTYXERHMHIEWJSVIEGL
WMXYEXMSR(SRSXEPPS[ER]SRIXSHSQMREXIXLIHMWGYWWMSR6IEGLGSRWIRWYWSRXLIFIWX
ERW[IV(SRSXEGGITXq-HSRtXORS[rWMRGIXLIWIEVIPMJIXLVIEXIRMRKWMXYEXMSRW
7XIT'SQTEVI]SYVVIWTSRWIWXSXLII\TIVXWt WYKKIWXIHWSPYXMSRWTVSZMHIHF]]SYV
MRWXVYGXSV=SYVXIEQQMKLXLEZIHIZIPSTIHEHHMXMSREPWXVEXIKMIWFEWIHSRWTIGMJMGXVEMRMRK
SVORS[PIHKIERHMJRSXXLIWYKKIWXIHWXVEXIKMIW[MPPTVSZMHIEFEWMWJSVGSQTEVMWSR
7XIT %REP]^I XLI IJJIGXMZIRIWW SJ ]SYV XIEQ8LIWI X]TIW SJ GVMWMW WMXYEXMSRW GER
LMKLPMKLX MWWYIW MR XLI XIEQtW TVSFPIQWSPZMRK LEFMXW 'SRWMHIV XLI JSPPS[MRK UYIWXMSRW
 (MHIQSXMSRWSZIVWLEHS[XLIHMWGYWWMSR#(MHTISTPITYWLJSVEWSPYXMSRIZIRXLSYKLXLMW
[EWEL]TSXLIXMGEPTPERRMRKSTTSVXYRMX]JSVEJYXYVIWYVZMZEPWMXYEXMSR#-RSXLIV[SVHWHMH
XLIKVSYTEPPS[EJI[VIWTSRWIWXSHIXIVQMRIXLIWSPYXMSR#(MHWSQIQIQFIVWGLSSWIXSRSX
TEVXMGMTEXIWMRGIMXLEWRSXVIEPP]LETTIRIH#(MHXLIXIEQSTIVEXIEWEWIPJQEREKIHYRMXSV
[EWXLIVIEWXVSRKHIWMVIXSLEZIWSQIEYXLSVMX]JMKYVIMRXIVZIRI#;EWXLIVIFEPERGIHMRTYX
SV[IVIXLIVIEJI[WXVSRKZSMGIW#,S[GSYPH]SYVIHIWMKRXLIHMWGYWWMSRXSGVIEXIER
IUYEPZSMGIETTVSEGL[MXLSYXEWWMKRMRKVSPIW#(MH]SYJMRHXLIXIEQVYWLMRKXSWSPZIXLI
TVSFPIQ[MXLSYXGEVIJYPEREP]WMW#;LEXHSIWXLMWXIPP]SYEFSYXXLIHMJJMGYPX]SJHIZIPSTMRK
IJJIGXMZIXIEQW#(MHXLIKVSYTEXXIQTXXSWSPZIXLITVSFPIQUYMGOP][MXLSYXEW]WXIQEXMG
ETTVSEGL#6IXYVRXSXLIGLETXIVERHHIXIVQMRI[LMGLWXITW[IVIRSXGEVIJYPP]GSRWMHIVIH
6IZMI[]SYVERW[IVWERHHIXIVQMRILS[GPSWIP]XLI]QEXGLXLII\TIVXWt ERW[IVWTVS
ZMHIHEXXLIIRHSJXLII\IVGMWIWIGXMSRSJXLMWGLETXIV;LEXHIGMWMSRWHMHXLIKVSYTQEOIXLEX
[IVIGSVVIGX#;LEX[EWQMWWIH#,S[GERXLMWFIEZSMHIHMRJYXYVIKVSYTHIGMWMSRQEOMRK
WMXYEXMSRW#;LEXSXLIVSFWIVZEXMSRWGER]SYQEOIEFSYXXLIXIEQTVSGIWW#

  ' 6 - 8 - ' % 0 % 2 (  ' 6 ) %8 - : )  7 8 ) 4 7 

-2()'-7-321%/-2+

%WEHMWGYWWMSRKVSYTTMGOEWMKRMJMGERXTVSFPIQSVWSGMEPMWWYIJSVI\EQTPIEGYVVIRX
GSQQYRMX]SVWGLSSPMWWYIWYGLEWTEVOMRKPERHPSVHVIPEXMSRWSVXYMXMSRERHJIIMRGVIEWIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

ERHTE]TEVXMGYPEVEXXIRXMSRXS[SVOMRKXLVSYKLETVSFPIQWSPYXMSRWIUYIRGIJSVMX9WIE
JPMTGLEVXSVFSEVHXS[VMXIXLIHIJMRMXMSRWERHPMWXWKIRIVEXIHMRIEGLWXIT-RXLMWTVSGI
HYVIMXMWMQTSVXERXXSHSIEGLWXITMRHMZMHYEPP]ERHWIUYIRXMEPP]ERHRSXNYQTELIEHSV
GSQFMRIXLIWXITW-XMWIWTIGMEPP]MQTSVXERXXSIRKEKIMRWIVMSYWGVMXMGEPXLMROMRKMRXLI
GVMXMGEPXLMROMRKWXITWERHRSXXSFIGVMXMGEPMRXLIGVIEXMZIXLMROMRKWXITW8LMWQE]TVSZI
QSVIHMJJMGYPXXLERMXJMVWXETTIEVW
7XIT(IJMRIXLITVSFPIQ+IRIVEXIEGPIEVGSRGMWIHIPMQMXMRKHIJMRMXMSRSJXLI
TVSFPIQ8LMWHIJMRMXMSRWLSYPHMHIRXMJ]TVIGMWIP][LEXXLITVSFPIQMWERHMXWQENSVYRHIV
P]MRKGEYWIW8LMWTLEWIVIUYMVIWGVMXMGEPXLMROMRK
7XIT&VEMRWXSVQEPPXLIVIPIZERXEWTIGXWMRJPYIRGIWGSRWIUYIRGIWERHXERKIRXMEP
TMIGIWSJXLITVSFPIQ8LMWMWERSRGVMXMGEPGVIEXMZIJYRERHW]RIVKMWXMGWXITHYVMRK[LMGL
RSMHIEMWXSS[MPHSYXPERHMWLSVWMPP]%PPMHIEWWLSYPHFIIRXIVXEMRIHERHPMWXIH2SGVMXMGEP
VIWTSRWIWEVIEPPS[IHSRP]VIUYIWXWJSVGPEVMJMGEXMSRSVIPEFSVEXMSRWYTTSVXMZIWXEXIQIRXW
SVGSQQIRXWFYMPHMRKSRERMHIEGERFIQEHI8LMWTLEWIVIUYMVIWGVIEXMZIXLMROMRK
7XIT-HIRXMJ]ERHVEROSVHIVXLIEWTIGXWSJXLITVSFPIQXLEXEVIXLIQSWXMQTSVXERX
XSFIVIWSPZIH8LIWIEWTIGXWMHIRXMJ]XLIGVMXIVMEXLEXEWSPYXMSRQYWXEHHVIWW8LMWWXIT
VIUYMVIWGVMXMGEPXLMROMRK
7XIT&VEMRWXSVQEWQER]WSPYXMSRWEWTSWWMFPI%KEMRXLMWMWERSRGVMXMGEPGVI
EXMZIJYRERHW]RIVKMWXMGWXITHYVMRK[LMGLRSMHIEMWXSSSYXSJFSYRHW%PPMHIEWWLSYPH
FIIRXIVXEMRIHERHPMWXIH2SGVMXMGEPVIWTSRWIWEVIEPPS[IHSRP]VIUYIWXWJSVGPEVMJMGEXMSR
SVIPEFSVEXMSRWYTTSVXMZIWXEXIQIRXWSVGSQQIRXWFYMPHMRKSRERMHIEGERFIQEHI8LMW
TLEWIVIUYMVIWGVIEXMZIXLMROMRK
7XIT-HIRXMJ]ERHVEROSVHIVXLITSWWMFPIWSPYXMSRWJSVXLIMVTSXIRXMEPXSVIWSPZIXLI
TVSFPIQ'VMXMGEPP]EWWIWWXLIWSPYXMSRWJSVLS[QER]SJXLIGVMXIVMEXLI]EHHVIWWERHLS[
[IPPXLI]WEXMWJ]XLSWIGVMXIVME8LMWWXITVIUYMVIWGVMXMGEPXLMROMRK
7XIT-HIRXMJ]XLIFIWXWSPYXMSR[LMGLQE]FIEGSQFMREXMSRSJWSPYXMSRWXLIRHMW
GYWWLS[XLEXWSPYXMSREHHVIWWIWIEGLSJXLIGVMXIVMEERHLS[XLIWSPYXMSRGERFIMQTPI
QIRXIH8LMWWXITVIUYMVIWGVMXMGEPXLMROMRK
7XIT -HIRXMJ] LS[XSIZEPYEXIXLI IJJIGXMZIRIWWSJXLI WSPYXMSR SRGI MXMWMQTPI
QIRXIH8LMWWXITVIUYMVIWFSXLGVIEXMZIERHGVMXMGEPXLMROMRK

  ) :% 0 9 % 8 - 2 +  8 , )  ( ) ' - 7 - 3 2  1 % / - 2 + 
% 2 (  4 6 3 & 0 ) 1  7 3 0: - 2 +  8 ) % 1  4 6 3 ' ) 7 7

'SRWMHIVXLIXIEQ]SYEVIGYVVIRXP][SVOMRK[MXLERHVIWTSRHMRHMZMHYEPP]XSXLIWIMWWYIW

 ,S[[IPPLEWXLIKVSYTHIJMRIHXLITVSFPIQ#,EWXLIVIFIIREW]WXIQEXMGETTVSEGL
XSHIGMWMSRQEOMRKERHTVSFPIQEREP]WMW#
 ;LEXEVIXLIXIEQKSEPW#%VIXLI]GPIEVP]MHIRXMJMIH#
 ,EWXLIXIEQWIEVGLIHSYXIRSYKLEPXIVREXMZIW#
 ;LEXWXITWLEZIFIIRXEOIRXSGEVIJYPP]QEOIXLIHIGMWMSR#
 %VIXLIETTVSTVMEXIEGXMSRWMRTPEGIXSMQTPIQIRXXLIHIGMWMSR#
 ,S[[MPPXLIXIEQIZEPYEXIXLIHIGMWMSR#
'SQTEVI]SYVVIWTSRWIW[MXLXLIVIWXSJXLIXIEQ(S]SYRIIHXSVIXYVRXSEWTIGMJMG
WXITSVTLEWI#-JXLIVIEVIHMJJIVIRXEWWIWWQIRXW[SVOXSVIWSPZIXLIWIHMJJIVIRGIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  (IGMWMSR1EOMRKERH4VSFPIQ7SPZMRK

  ) :% 0 9 % 8 - 2 +  8 , )  + 6 3 9 4 
'3286-&98-32463')77

7XIT-XMWMQTSVXERXXSLEZIWSQIKEYKISJLS[XLIKVSYTMWJYRGXMSRMRK8LMWMWSRISJ
XLIFIWX[E]WXSYXMPM^ITVSFPIQWSPZMRK=SYVKVSYTMWXLIMHIEPQSHIPJSVEGXYEPP]MHIRXMJ]
MRKERHHIEPMRK[MXLTVSGIWWMWWYIW

(MVIGXMSRW
 6EXIIEGLSJXLIJSPPS[MRKUYIWXMSRWERH EHHWSQIVIPIZERXI\EQTPISVGSQ
QIRX!:IV]!5YMXIE&MX!7SQI[LEX!2SX:IV]
CCCCC ,S[GPIEVEVIXLIKVSYTQIQFIVtWVSPIWERHVIWTSRWMFMPMXMIW#
'SQQIRX
CCCCC,S[[IPPEVIKVSYTQIQFIVWt XEPIRXWYWIH#
'SQQIRX
CCCCC,S[[MPPMRKEVIKVSYTQIQFIVWXSFIJYPP]MRZSPZIHMRXLIKVSYTTVSGIWW#
'SQQIRX
CCCCC,S[KSSHMWXLIKVSYTQIQFIVWt EGXMZITEVXMGMTEXMSRHYVMRKQIIXMRKW#
'SQQIRX
CCCCC,S[[IPPHSKVSYTQIQFIVWOIITGSQQMXQIRXW#
'SQQIRX
CCCCC,S[KSSHMWEXXIRHERGIEXKVSYTQIIXMRKW#
'SQQIRX
CCCCC,S[SFZMSYWEVIXLIFIRIJMXWXSGSRXVMFYXMRKXSXLIKVSYTTVSGIWW#
'SQQIRX

7XIT+VSYTQIQFIVWWLSYPHWLEVIXLIMVWGSVIWJSVXLIWIZIRMXIQWXSTVSHYGIE
KVSYTXSXEP8LIKVSYTWLSYPHGSRKVEXYPEXIMXWIPJJSVXLILMKLIWXVEROMRKMXIQW8LIKVSYT
WLSYPHXLIRXYVRXSXLIPS[IWXVEROMRKMXIQWERHHIXIVQMRI[LEXXLITVSFPIQWWIIQXSFI
XLEX EVIGVIEXMRK XLI PS[IV VEROMRKW 'SRWMHIV YWMRK XLI HMJJIVIRX TVSFPIQWSPZMRK XIGL
RMUYIWEPVIEH]TVSZMHIH
7XIT(IZIPSTEREGXMSRTPERXSEWWMWXXLIKVSYTMRFIMRKWYGGIWWJYP

6)*)6)2')7
&EVRLMPP;  7ITXIQFIV 2I[ JSGYW SR SPHIV HVM &IRWSR . %   'VMWMW VIZMWMXIH %R EREP]WMW SJ
ZIVW%%64&YPPIXMR TTi WXVEXIKMIW YWIH F]8]PIRSP MR XLI WIGSRH XEQTIVMRK
&IEGL06 8LITW]GLSPSK]SJHIGMWMSRQEOMRK ITMWSHI 'IRXVEP 7XEXIW 7TIIGL .SYVREP  
4ISTPIMRSVKERM^EXMSRW 8LSYWERH3EOW'%7EKI i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

&SSRI0) 5YSXEFPIFYWMRIWW 2I[=SVO6ER /MIR^XIV(7 :MWYEPIXLMGW 8LI.SYVREPSJ&YWM

HSQ,SYWI RIWW'SQQYRMGEXMSR i
'ETIVW 6 7
 0MTXSR )   ,YFFPI IVVSV8MQI /EX^IRFEGL.6
7QMXL(/ 8LI[MWHSQSJ
QSRI]ERHQMPPMSRXLWSJERMRGL%GEHIQ]SJ1ER XIEQW 'VIEXI E LMKLTIVJSVQERGI SVKERM^EXMSR
EKIQIRX)\IGYXMZI i &SWXSR,EVZEVH&YWMRIWW7GLSSP4VIWW
(YRR1%YKYWX -RZIWXMKEXSVWMWWYIWGEXLMRK /VYKPERWOM % ;  %YKYWX  *VII^IXLMRO ERH XLI
VITSVX SJ 2%7%tW QEREKIQIRX 8LI 8YWGEPSSWE 'LEPPIRKIV4W]GLSPSK]8SHE] TTi
2I[W T% 0IZMR%%YKYWX &SEVHJSYRHEKIRG]JYPPSJ
)MWPIV 4 ;EXWSR 8
 0IZMR %  %YKYWX   JPE[W97%8SHE] T%
6ITSVXJPE]W2%7%GYPXYVI97%8SHE] T% 7GLYPX^&/IXVS[71
9VFER(1 -QTVSZ
)PPMW(+
*MWLIV&% 7QEPPKVSYTHIGMWMSR MRKHIGMWMSRUYEPMX]MRXLIWQEPPKVSYT8LIVSPISJXLI
QEOMRK 'SQQYRMGEXMSR ERH XLI KVSYT TVSGIWW VIQMRHIV7QEPP+VSYT6IWIEVGL TTi
XLIH 2I[=SVO1G+VE[,MPP 7XIMR&%
/ERXIV61 ;L]KSSHTISTPIHS
*VIRGL.64
6EZIR & 8LIFEWIWSJWSGMEP FEH XLMRKW% VIXVSWTIGXMZI SR XLI ,YFFPI JMEWGS
TS[IV-R('EVX[VMKLX
%>ERHIV)HW +VSYT %GEHIQ]SJ1EREKIQIRX)\IGYXMZI i
(]REQMGW 2I[=SVO,EVTIV
6S[ 7XVIIX1( +VSYTXLMRO%RI\EQMREXMSRSJXLIS
+SYVER(7,MVSOE[E6=
1EVX^%) % VIXMGEP MWWYIW MQTPMGEXMSRW ERH JYXYVI VIWIEVGL
GVMXMGEP EREP]WMW SJ JEGXSVW VIPEXIH XS HIGMWMSREP 7QEPP+VSYT6IWIEVGL TTi
TVSGIWWIW MRZSPZIH MR XLI 'LEPPIRKIV HMWEWXIV 8VYNMPPS2
6SXL)0 3VKERM^EXMSREPTIVWTIG
'IRXVEP7XEXIW7TIIGL.SYVREP i XMZIW JSV TYFPMG VIPEXMSRW VIWIEVGL ERH TVEGXMGI
+YMPMERS )   8LI GSQTPIXI MPPYWXVEXIH [SVOW SJ 1EREKIQIRX'SQQYRMGEXMSR5YEVXIVP] i
0I[MW'EVVSPP 2I[=SVO%ZIRIP&SSOW ;EXWSR8 E 1E]   4VSFI WPEQW 2%7% WEJIX]
,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE 97%8SHE] T%
XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVITVEGXMGI ;EXWSR8F.YRI 6IGSVHWWLS[2%7%WEJIX]
RHIH 1EL[EL2.0E[VIRGI)VPFEYQ SJJMGIGYXW97%8SHE] T%
,IVIO+.ERMW-0
,YXL4 (IGMWMSRQEOMRK ;L]XI+ (IGMWMSRJEMPYVIW;L]XLI]SGGYVERH
HYVMRK MRXIVREXMSREP GVMWMW -W UYEPMX] SJ TVSGIWW LS[ XS TVIZIRX XLIQ %GEHIQ] SJ 1EREKIQIRX
VIPEXIHXSSYXGSQI#.SYVREPSJ'SRJPMGX6IWSPYXMSR )\IGYXMZI i
 i ;SSH.8 %PXIVREXMZIQIXLSHWSJKVSYTHIGMWMSR
,MVSOE[E6= +VSYTGSQQYRMGEXMSRERHTVSF QEOMRK-R67'EXLGEVX
0%7EQSZEV)HW 
PIQ WSPZMRK IJJIGXMZIRIWW %R MRZIWXMKEXMSR SJ 7QEPPKVSYTGSQQYRMGEXMSR%VIEHIV XLIHTT
KVSYTTLEWIW,YQER'SQQYRMGEXMSR6IWIEVGL i (YFYUYI-%;Q'&VS[R
i ;]EXX77ITX (SGXSVIHTLSXSLMKLPMKLXWRIIH
.ERMW - 0   +VSYTXLMRO 4W]GLSPSKMGEP WXYHMIW SJ XSHMZIVWMX]8LI8YWGEPSSWE2I[W T%
TSPMG] HIGMWMSRW ERH JMEWGSIW RH IH  &SWXSR
,SYKLXSR1MJJPMR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

'VIEXMZMX]MRXLI7QEPP
+VSYT4VSGIWW

',%48)63980-2)

;LEX-W'VIEXMZMX]# 7SPZMRK4VSFPIQW'VIEXMZIP]
'VIEXMZMX]1IERWE2I[;E]SJ0SSOMRK %'VIEXMZI+VSYT'PMQEXI
&EVVMIVWXS'VIEXMZMX] 3TIRRIWW
4IVGITXYEP&EVVMIVW 7LEVMRK
'YPXYVEP&EVVMIVW +MFFtW'SQQYRMGEXMSR'PMQEXI'SQTEVMWSRW
)QSXMSREP&EVVMIVW 7YQQEV]
8IGLRMUYIWJSV)RGSYVEKMRK'VIEXMZMX] (MWGYWWMSR5YIWXMSRW
-HIE2IIHPIVW )\IVGMWIW
1ERMTYPEXMZI:IVFW
6IJIVIRGIW
%WWSGMEXMSRERH1IXETLSVW
%REPSK]

',%48)63&.)'8-:)7

9RHIVWXERHGVIEXMZMX]
)\TPEMRGVIEXMZMX]EWERI[[E]SJPSSOMRK
3YXPMRIXLITIVGITXYEPGYPXYVEPERHIQSXMSREPFEVVMIVWXSGVIEXMZMX]
(IQSRWXVEXIXLIYWISJMHIERIIHPIVWERHQERMTYPEXMZIZIVFW
)\EQMRIXLIMQTSVXERGISJEWWSGMEXMSRQIXETLSVWERHEREPSK]JSVGVIEXMZMX]
(MWGYWW[E]WSJWSPZMRKTVSFPIQWGVIEXMZIP]
4VSZMHIXLIIPIQIRXWSJEGVIEXMZIKVSYTGPMQEXI
6IZMI[ERHI\TPEMR+MFFtWKVSYTGPMQEXIJEGXSVW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ;LEX-W'VIEXMZMX]# 

/ )=8 )6 17

%PKSVMXLQW 'YPXYVEPFEVVMIVW 2IYXVEPMX]ZIVWYWIQTEXL]

%REPSK] )QSXMSREPFEVVMIVW 3TIRRIWW
%WWSGMEXMSR )UYMJMREPMX] 4EVEHMKQEXMGXLMROMRK
'IVXEMRX]ZIVWYWTVSZMWMSREPMWQ )ZEPYEXMSRZIVWYWHIWGVMTXMSR 4EVEHMKQW
'SRXVSPZIVWYWTVSFPIQ ,IYVMWXMGW 4IVGITXYEPFEVVMIVW
SVMIRXEXMSR -HIERIIHPIVW 7LEVMRK
'PMQEXI 1ERMTYPEXMZIZIVFW 7XVEXIK]ZIVWYWWTSRXERIMX]
'VIEXMZIEFVEWMSR 1IXETLSVW 7YTIVMSVMX]ZIVWYWIUYEPMX]
'VIEXMZMX]

0 I[MW8LSQEWXIPPWERMRXVMKYMRKWXSV]EFSYXXLI[EWTGEPPIH7TLI\ %XIKKPE]MRK
XMQIWLIJPMIWPSSOMRKJSVGEXIVTMPPEVW;LIRWLIJMRHWSRIWLIW[SSTWHS[R
TEVEP]WIWMXERHGEVVMIWMJSJJXSXLIIRXVERGISJXLIFYVVS[XSLIVRIWX8LI
GEXIVTMPPEVMWTPEGIHVMKLXEXXLIqJVSRXHSSVrERHXLI[EWTKSIWMRWMHIXSGLIGOXLEX
IZIV]XLMRKMWMRSVHIV7LIXLIRVIXYVRWXSTYPPXLIGEXIVTMPPEVMR-JLS[IZIVXLI
GEXIVTMPPEVMWQSZIHNYWXEWLSVXHMWXERGI[LMPIWLIMWMRWMHI[IFIKMRXSWIIXLI
PMQMXWSJLIV[IPPQEREKIHFILEZMSV7LI[MPPWIEVGLJSVXLIGEXIVTMPPEVHITSWMXMXEX
XLIJVSRXHSSVERHIRKEKIMRXLIRIWXGLIGOMRKTVSGIHYVIEPPSZIVEKEMR-JXLI
GEXIVTMPPEVMWVIQSZIHEWIGSRHXMQIXLIHVEKKMRKFEGOERHGLIGOMRKTVSGIHYVI[MPP
FIVITIEXIHMRI\EGXP]XLIWEQI[E]-J]SY[MWLF]QSZMRKXLIGEXIVTMPPEVIZIV]
XMQIXLI[EWTIRXIVWXLIRIWX]SYGERPSGOXLIGVIEXYVIMRXSERIRHPIWWG]GPISJ
QMRHPIWWFILEZMSV1SVKERT

+VSYTW QYWX HS QSVI XLER WMQTP]VITVSHYGIXLI I\MWXMRKW]WXIQ8LI]QYWX GVIEXI

WSQIXLMRKRI[8LMWGVIEXMZITVSGIWWMWJEGMPMXEXIHF]EGVIEXMZIKVSYTMRXIVEGXMSR8LMW
GLETXIV JSGYWIW SR XLI GSRGITXW FILMRH KVSYT GVIEXMZMX] -X HIJMRIW GVIEXMZMX] ERH
I\EQMRIWWSQISJXLIQ]XLWWYVVSYRHMRKMXI\TSWIWWSQISJXLIFEVVMIVWXSGVIEXMZMX]
TVSZMHIWXIGLRMUYIWJSVMRGVIEWMRKGVIEXMZMX]ERHWXITWJSVWSPZMRKTVSFPIQWGVIEXMZIP]
ERHSYXPMRIWXLIVIUYMVIQIRXWJSVEGVIEXMZIGPMQEXI

;LEX-W'VIEXMZMX]#
;LIR[LEX]SYHSMWRI[HMJJIVIRXERHLIPTJYPMXWLS[WGVIEXMZMX] +SQER 
7IZIVEPHIJMRMXMSRWSJGVIEXMZMX]JSPPS[ q'VIEXMZMX]MWKSMRKFI]SRHXLI GYVVIRX
FSYRHEVMIWSJXIGLRSPSK]ORS[PIHKIWSGMEPRSVQWSVFIPMIJW?SVAWIIMRKERHEGXMRK
SRRI[VIPEXMSRWLMTWXLIVIF]FVMRKMRKXLIQXSPMJIr%RHIVWSRT q'VIEXMZ
MX]MRXLMWWIRWIMRZSPZIWXLITS[IVXSSVMKMREXIXSFVIEOE[E]JVSQXLII\MWXMRK[E]W
SJPSSOMRKEXXLMRKWXSQSZIJVIIP]MRXLIVIEPQSJXLIMQEKMREXMSRXSGVIEXIRI[
MHIEWERHWXVSRKJIIPMRKWr7EGOWTTi 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

8V]MRKWSQIXLMRKRI[MRZSOMRKRI[TIVGITXMSRWSVTVSZMHMRKERI[VIWTSRWI
EVIGVIEXMZIETTVSEGLIWXSTVSFPIQWSPZMRK-J]SYHVMZIERI[VSYXIXS[SVOXSEZSMHE
XVEJJMGNEQ]SYEVIYWMRKGVIEXMZMX]%HHMRKERI[WTMGISVSXLIVRSRWXERHEVHMRKVIHM
IRXXSXLIGLMPMVIGMTIMWEGVIEXMZIEGX7YGLMHIEWIRLERGIERHI\TERHXLITSWWMFMPMXMIW
SJETVSHYGXE[E]SJHSMRKWSQIXLMRKSVE[E]SJWIIMRKXLMRKW%JXIVEPP[LEXMWER
)KK1G1YJJMRFYXIKKGLIIWILEQERHEQYJJMR[MXLPSXWSJGLSPIWXIVSP #7SQI
XMQIWqFSPHP]KSMRK[LIVIRSSRILEWKSRIFIJSVIrMWEKVSYTtWKSEPFYXQSVISJXIR
XLIHIWMVIHSYXGSQIMWJMRHMRKEFIXXIVWSPYXMSRXSEQYRHERITVSFPIQ
%PFIVX)MRWXIMRMWGVIHMXIH[MXLLEZMRKWEMHXLEXq-QEKMREXMSRMWQSVIMQTSVXERX
XLERORS[PIHKIrq3YVXLMROMRKGVIEXIWTVSFPIQWXLEXXLIWEQIX]TISJXLMROMRK[MPP
RSXWSPZIrq)ZIV]XLMRKWLSYPHFIQEHIEWWMQTPIEWTSWWMFPIFYXRSXWMQTPIVrERH
q8SVEMWIRI[UYIWXMSRWRI[TSWWMFMPMXMIWXSVIKEVHSPHTVSFPIQWJVSQERI[ERKPI
VIUYMVIWGVIEXMZIMQEKMREXMSRERHQEVOWVIEPEHZERGIr+VSKER1SVKER
:IVKERS -QEKMREXMSRMRWMKLXJYPYRHIVWXERHMRKERHGVIEXMZMX]EVIEXXLIGSVISJ
XLIWIWXEXIQIRXW
-RSYVXLMROMRKERHFILEZMRK[IWSQIXMQIWJMRHSYVWIPZIWPSGOIHMRFS\IWSJ
GPSWIHTIVWTIGXMZIW[MXLEGXMSRWXLEXTVIZIRXYWJVSQHMWGSZIVMRKMRWMKLXWSVHIZIPST
MRKWSPYXMSRW%WEWMQTPII\EQTPIMXXSSO]IEVWFIJSVIWSQISRIEWOIHXLISFZMSYW
UYIWXMSR;L]HSJVII^IVWLEZIXSPMISRXLIMVWMHIWMRWXIEHSJWXERHMRKYTPMOIVIJVMKIV
EXSVW#8LIJMVWXJVII^IV[EWTVSRIWSWYFWIUYIRXJVII^IVW[IVIEPWSQEHITVSRIFYX
RS[[ILEZIYTVMKLXJVII^IVW&SWIEWOIHEWMQMPEVUYIWXMSREFSYXXLIWM^ISJXLIXVEHM
XMSREPWTIEOIV;L]WSLYKI#2S[[ILEZII\GIPPIRXWQEPPWTIEOIVW
;LEX QEOIW GVIEXMZMX] TSWWMFPI MW XLI GSRGITX SJ ER YRHIVP]MRK W]WXIQ SV
KVSYRHFIRIEXLXLIWYVJEGISJSYVTIVGITXMSRWSJETTEVIRXP]HMWTEVEXIERHYRVIPEXIH
TLIRSQIRE&IGEYWISJXLMWYRMJ]MRKKVSYRHXLIVIEVIMRRYQIVEFPI[E]WSJKIXXMRKXS
XLIWEQITPEGIIUYMJMREPMX] )MRWXIMRtWJEQSYWWXEXIQIRXXLEXq+SHHSIWRSXTPE]HMGI
[MXLXLIYRMZIVWIrWYKKIWXWLMWEWWYQTXMSRSJWYGLEW]WXIQ4VSFPIQWHSRSXSGGYV
VERHSQP]SVMRMWSPEXMSR%W]WXIQEXMGERHSTIRQMRHIHETTVSEGLXSWQEPPKVSYTTVSF
PIQWSPZMRKWLSYPH]MIPHERW[IVWXSXLIYRHIVP]MRKGEYWIWERHGSRWIUYIRGIWSJETVSF
PIQ HMVIGXMRK YW XS[EVH E WMQTPI FYX RSX WMQTPMWXMG WSPYXMSR 3JXIR XLMW QIERW
YRPSGOMRKSYVWIPZIWJVSQSYVLEFMXYEP[E]WSJXLMROMRK
-RTSTYPEVQ]XLERHJMGXMSRGVIEXMZMX]MWSJXIREWWSGMEXIH[MXLTISTPI[LSEVI
GSRWMHIVIHYRYWYEP;IXIRHXS MQEKMRIXLEX GVIEXMZMX]MWPMROIHXSERMQTSZIVMWLIH
ERXMWSGMEPMRHMZMHYEPPSGOIHE[E]MREXSTJPSSVKEVVIXJMREPP]IQIVKMRKEJXIV]IEVWSJ
I\TIVMQIRXEXMSR[MXLEKVERH MRZIRXMSR%XXLI ZIV] PIEWX[I WIIE1EG+]ZIVPMOI
GLEVEGXIVGVIEXMRKWMQTPIERHMRRSZEXMZIWSPYXMSRWXSGSQTPI\TVSFPIQWYWMRKSRP]XLI
QMRMQEPQEXIVMEPWEXLERH-RXLIVIEP[SVPHSJIZIV]HE]PMJIGVIEXMZMX]MWQYGLPIWW
HVEQEXMGERHQYGLQSVIGSQQSR

'VIEXMZMX]1IERWE2I[;E]SJ0SSOMRK
'VIEXMZMX]MWXLIVIWYPXSJPSSOMRKEXXLMRKWMRERI[[E]W]RXLIWM^MRKX[SSVQSVITVI
ZMSYWP]YRVIPEXIHTLIRSQIRESVQSHMJ]MRKWSQIXLMRKXLEXEPVIEH]I\MWXW3RI[E]XS
YRHIVWXERHGVIEXMZMX]MWXSHVE[XLIHMWXMRGXMSRFIX[IIRLIYVMWXMGW ERHEPKSVMXLQW %

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'VIEXMZMX]1IERWE2I[;E]SJ0SSOMRK 

XEWOMWLIYVMWXMGMJMXMRZSPZIWPIEVRMRKF]HSMRKTIVLETWXLVSYKLXVMEPERHIVVSV-XMW
EPKSVMXLQMGMJMXMQTSWIWEWXVEMKLXJSV[EVHXVMIHERHXVYIWSPYXMSR1SWXXEWOWIZIR
QYRHERISRIWWYGLEWHVMZMRKXS[SVOGSQTPIXMRKEVIWIEVGLTETIVSVEVVERKMRKE
VSSQHSRSXLEZIWMRKPITVIGMWIJSVQEXWSVERW[IVW8LI]WLS[IUYMJMREPMX]ERHEVI
XLIVIJSVISTIRXSGVIEXMZIWSPYXMSRW;IEPPIRKEKIMRGVIEXMZITVSFPIQWSPZMRKSRE
HEMP]FEWMW-J]SYGLERKI]SYVWXYH]LEFMXWERHXLIVIWYPXMWEFIXXIVKVEHI]SYLEZI
FIIRGVIEXMZI;LIR]SYVIEVVERKI]SYVVSSQSVETEVXQIRXWSXLIVIMWFIXXIVEGGIWWXS
GIVXEMREVIEW]SYLEZIFIIREGVIEXMZITVSFPIQWSPZIV
'VIEXMZIMRHMZMHYEPWKIRIVEXIMHIEWERH QEOIWSQIXLMRKLETTIREWEVIWYPX*SV
I\EQTPIETPEMRMVSRFEVMW[SVXL;LIRWSQISRIXSSOXLEXMVSRFEVERHJSVKIH
LSVWIWLSIWJVSQMXXLIZEPYIMRGVIEWIHXS%XWSQITSMRXMX[EWEPWSYWIHXSQEOI
RIIHPIW ERH XLI TVMGIVSWIXS 7SQISRI IPWI HIGMHIH XS QEOI[EXGLWTVMRKW
JVSQMXERHMXWZEPYI[IRXXS8LIEFMPMX]XSWIIXLIWEQIMVSRFEVERHVIEPM^I
MXWQER]YWIWMWGVIEXMZMX]-RXLMWGEWIMXQIERXXLIHMJJIVIRGIFIX[IIRERH
HI.EREW^(S[H
7GLRIMHIV 
+YMHIPMRIW JSV GVIEXMZI TVSFPIQ WSPZMRK MRGPYHI OIITMRK ER STIR QMRH [MXL
LSPHMRKTVIQEXYVINYHKQIRXWPSSOMRKEXTVSFPIQWMRRI[[E]WERHEWSTTSVXYRMXMIW
VEXLIVXLEREWSFWXEGPIWEGGITXMRKHMJJIVIRXSTMRMSRWEZSMHMRKXSSLIEZ]VIPMERGISR
PSKMGEPPS[MRKJSVEQFMKYMX]FIMRK[MPPMRKXSFVIEOXLIVYPIWERHqHVE[SYXWMHIXLI
PMRIWrERHEWOMRK[L]ERH[LEXMJ
6IZMI[WSJFYWMRIWWWYGGIWWWXSVMIWVIZIEPWIZIVEPEXXVMFYXIWSJGVIEXMZITISTPI
%QSRK XLIMV GLEVEGXIVMWXMGW MRRSZEXMZI MRHMZMHYEPW XIRH XS WII GSQFMREXMSRW RSX
SFZMSYWXSIZIV]SRIIPWI*SVI\EQTPIqMX[EW'VEMK1G'E[tWKMJXXSPSSOEGVSWW
XLIXVEJJMGNEQWERHWIIEREXMSRSJTISTPIXEPOMRKSRGEVTLSRIW-R7ITXIQFIVSJ
1V1G'E[QEHILMQWIPJQMPPMSRF]WIPPMRK1G'E['IPPYPEV'SQQYRM
GEXMSRW'SVT/MVOPERH;EWLXS2I[=SVOiFEWIH%8
8'SVTJSVEXSXEPSJ
FMPPMSRr &S[IVW
 +YTXE  T%  3XLIV MRRSZEXMZI TISTPI WMQTP] WTSX XLI
SFZMSYWERHPSSOEXMXMRERI[[E]5YMGOIRXLIWYGGIWWJYPERHTVSJMXEFPITIVWSREP
JMRERGIWSJX[EVIMWFEWIHSRXLIWMQTPITVMRGMTPIXLEXQSWXTISTPILEXIXSFEPERGI
XLIMV GLIGOFSSOW 7GSXX 'SSO E JSVQIV FVERH QEREKIV EX 4VSGXIV
 +EQFPI
SFWIVZIHXLMWERHGEQIYT[MXLEWSPYXMSRq4ISTPIHSRtXFY]XIGLRSPSK]r1V'SSO
WYKKIWXIHq8LI]HSRtXWE]s*MPPsIVYT-tPPXEOIKEPPSRWSJXIGLRSPSK]t 8LI]FY]
[LEX XIGLRSPSK] HSIW JSV XLIQr &S[IVW
 +YTXE  T%  )RXVITVIRIYVW
[LSWXVMOIMXVMGLEVIXLISRIW[LSXEOII\MWXMRKGSRGITXWERHJMRHRI[[E]WSJYXM
PM^MRK XLIQ+SSKPI XLVMZIWSR E GVIEXMZI EXQSWTLIVI XLEXIRGSYVEKIWSJJXLI[EPP
XLMROMRK ERH I\TIVMQIRXEXMSR )RKMRIIVW EX +SSKPI EVI VIUYMVIH XS WTIRH   SJ
XLIMVXMQITYVWYMRKXLIMVS[RMHIEW0EWLMRWO] 3VKERM^EXMSRWQYWXFIGVI
EXMZIMRSVHIVXSWYVZMZIMRXLIX[IRX]JMVWXGIRXYV]6SFMRWSR
7XIVR7IRKI
IXEP 
'VIEXMZIXLMROMRKMWEZEMPEFPIXSEPPSJYWFYXXSSSJXIR[IWXMJPIMXMRSYVWIPZIW
3RIEHZERXEKISJ[SVOMRKMREKVSYTMWFIMRKEFPIXSXEOIEHZERXEKISJXLIGVIEXMZI
TVSGIWWIW SJ E RYQFIV SJ TISTPI [SVOMRK WMQYPXERISYWP]4ISTPI XLMRO QEOIHIGM
WMSRWERHWSPZITVSFPIQWMRHMJJIVIRX[E]W%KVSYTGERI\TPSVIERHXEOIEHZERXEKISJ
XLSWIEPXIVREXMZIETTVSEGLIWXSETVSFPIQSVEHIGMWMSRERHXLIVIF]HIZIPSTGVIEXMZI
RI[MRWMKLXWHIGMWMSRWERHWSPYXMSRW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

&EVVMIVWXS'VIEXMZMX]
-RKIRIVEP[IPMQMXSYVGVIEXMZMX]FIGEYWI[IPEGOWIPJGSRJMHIRGIJIEVXEOMRKVMWOW
JIIPERIIHXSGSRJSVQHSRSXJIIP[IEVIMRERIRZMVSRQIRXXLEXIRGSYVEKIWGVIEXMZMX]
SV JMRH SYVWIPZIW PSGOIH MRXS SYV LEFMXYEP [E]W SJ PSSOMRK EX XLI [SVPHhSYV
TEVEHMKQW 8LIWIFPSGOWXSSYVGVIEXMZMX]GERSJXIRFIXVEGIHXSSYVWSGMEPXVEMRMRK
FIKMRRMRKEXEZIV]]SYRKEKI
8LIZEWXQENSVMX]SJSYVIHYGEXMSRERHEGGYPXYVEXMSRLEWFIIRFEWIHSRPIEVRMRK
XLIVMKLX[E]XSHSWSQIXLMRK6EVIP]EVI[IVI[EVHIHSVTVSZMHIHTSWMXMZIVIGSKRMXMSR
JSVFIMRK[VSRKSVQEVGLMRKXSXLIXYRISJqEHMJJIVIRXHVYQQIVr&IMRKHMJJIVIRXGER
QIER[I[MPPFISWXVEGM^IH4IVGITXMSRGYPXYVIERHIQSXMSRWXERHEWFEVVMIVWXSXLI
JVIIYWISJSYVGVIEXMZIMQEKMREXMSRW

4IVGITXYEP&EVVMIVW
4IVGITXYEPFEVVMIVW EVIXLSWIGLEVEGXIVMWXMGWXLEXFPMRHYWXSXLILMHHIRHMQIRWMSRWSJ
ERMWWYI4IVGITXYEPFEVVMIVWMRGPYHIHMJJMGYPX]MRMWSPEXMRKXLITVSFPIQREVVS[MRKXLI
TVSFPIQWSQYGLXLEX[IWIISRP]XLIMQQIHMEXIMWWYIERHRSXXLIPEVKIVGSRXI\XSZIV
PSSOMRKqXVMZMErXLEXQE]FIEXXLIFEWISJXLITVSFPIQSZIVPSSOMRKXLISFZMSYWSVJEMP
MRKXSMRZIWXMKEXIMXJYPP]EGGITXMRKWYTIVJMGMEPWMQMPEVMXMIW[MXLSYVTVMSVI\TIVMIRGIW
EWMRHMGEXMZISJWEQIRIWWMREHIUYEXIP]HIJMRMRKXIVQWSVMWSPEXMRKEXXVMFYXIWERHJEMP
MRKXSHMWXMRKYMWLFIX[IIRGEYWIERHIJJIGX%HEQW 
1ER] SJ XLIWI TIVGITXYEP FEVVMIVW VIWYPX JVSQ TEVEHMKQEXMG XLMROMRK %W
1EVWLEPP1G0YLERWXEXIH[IWLETISYVXSSPWERHXLIRSYVXSSPWWLETIYW3YVXIR
HIRG]MWXSHIJMRIMWWYIWMRXIVQWSJXLI[E]W[ILEZIEPVIEH]HIJMRIHXLIQ8LIJSP
PS[MRKI\IVGMWIMPPYWXVEXIWXLMWGSRGITX4YXRMRIHSXWSRETMIGISJTETIVEWWLS[R
*MKYVI  'SRRIGXEPPRMRIHSXWYWMRKJSYVWXVEMKLXPMRIW[MXLSYXPMJXMRK]SYVTIRSV

*-+96) 8LI2MRI(SX4Y^^PI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 &EVVMIVWXS'VIEXMZMX] 

TIRGMPJVSQXLITETIV8LIWSPYXMSRWEVIVIZIEPIHPEXIVMRXLMWWIGXMSR8LIWIGVIXMWXS
XV]XLMROMRKSYXWMHIXLIFS\
%TEVEHMKQMWXLITVIJSVQIHQSHIP[IYWIJSVSYVXLMROMRK-XMWXLIGSRXEMRIV
[MXLMR[LMGLEGGITXEFPIHMWGSYVWIEFSYXERMWWYIMWHIJMRIH8LSQEW/YLR SYX
PMRIHXLIMQTEGXSJTEVEHMKQWSRLS[[IXLMRO%PXLSYKL/YLR[EWJSGYWMRKSRWGMIR
XMWXW[LIRLII\TPEMRIHLS[XLIMVTEVEHMKQWSVZMI[WSJXLI[SVPHPMQMXXLIMVWGSTIW
SJMRUYMV]XLITEVEHMKQEXMGFS\XLEXIRGPSWIWSYVXLMROMRKETTPMIWXSEPPSJYW;IIEGL
YWI TEVEHMKQW XS YRHIVWXERH ERH VIWTSRH XS XLI TVSFPIQW TISTPI ERH MHIEW [I
IRGSYRXIVSREHEMP]FEWMW
% TEVEHMKQ LS[IZIV [MPP FPMRH YW XS GIVXEMR JEGXW MHIEW ERH TVSFPIQW
FIGEYWI [ILEZIGSQIXSEGGITXMX[MXLSYXUYIWXMSR-RSYVWIEVGLJSVYRHIVWXERHMRK
[I [ERX GIVXEMRX] FYX FIMRK GIVXEMR QIERW [I LEZI RSX PIJX VSSQ JSV HSYFX MR SYV
[SVPH-RSVHIVXSFIGVIEXMZI[IQYWXFI[MPPMRKXSGLEPPIRKIXLIGYVVIRXTEVEHMKQW
MRSVHIVXSWIISYXWMHISYVFS\IWSVZMI[WSJXLI[SVPHERHXSSTIRSYVWIPZIWYTXS
SXLIVSTXMSRW
8LIPIXXIVW5;)68=9-34JSVQEREPPXSSJEQMPMEVTEXXIVRJSVER]SRIYWMRK
EGSQTYXIVOI]FSEVH8LIWIEVIXLIXSTVS[SJPIXXIVWERHXLI]LEZIETTIEVIHSRX]TI
[VMXIVW WMRGI XLI W 3IGL   8LI SVMKMREP QERYEP X]TI[VMXIVW GSYPH RSX
VIWTSRHEWUYMGOP]EWERSTIVEXSVGSYPHX]TIWSXLIOI]W[SYPHNEQ7LSPIW
'SE
PIEHMRKX]TI[VMXIVQERYJEGXYVIVHIGMHIHXSWPS[HS[RXLISTIVEXSVWF]QEOMRKXLI
OI]FSEVHQSVIHMJJMGYPXXSYWI8LMWMRIJJMGMIRG][EWGVIEXIHF]MRGPYHMRKXLIq3rERH
q-rXLIXLMVHERHWM\XLQSWX JVIUYIRXP] YWIHPIXXIVWMRXLIXSTVS[ XLIVIF]WPS[MRK
HS[RXLISTIVEXSV&IGEYWIXLMWTEXXIVR[SVOIHXSVIWSPZIXLISVMKMREPQERYEPX]TI
[VMXIVTVSFPIQMXLEWVIQEMRIHMRWTMXISJMXWFYMPXMRMRIJJMGMIRG]
%W]SYGERWIIF]PSSOMRKEX*MKYVI XLIERW[IVXSXLIRMRIHSXI\IVGMWIMW
RSXEPPXLEXHMJJMGYPXMJ]SYKSSYXWMHIXLIETTEVIRXFS\IWXEFPMWLIHTEVEHMKQEXMGEPP]F]
XLIRMRIHSXW%PXIVREXIP]EPPRMRIHSXWGERFIGSRRIGXIH[MXLSRIPMRIhNYWXYWIEZIV]
FVSEHJIPXQEVOIVVSPPIVERHGSZIVEPPRMRIHSXWMRSRIW[IIT3XLIVGVIEXMZIWSPYXMSRW
MRGPYHIFIRHMRKXLITETIVMREGMVGYPEVJSVQWSXLEX]SYGERQSZI]SYVTIRSVTIRGMP
EVSYRHXLITETIVERHGSRRIGXEPPRMRIHSXWSVJSPHMRKXLITETIVWSXLEXEPPRMRIHSXWEVI
SRXSTSJIEGLSXLIVERHTYWLMRKXLITIRGMPXLVSYKLXLITEKIWSXLEXXLITIRGMPTMIVGIW
EPPRMRIHSXW3RIPMRIERHEPPRMRIHSXWEVIXLIRGSRRIGXIH
8LIJSPPS[MRKMWERSXLIVGVIEXMZMX]I\IVGMWI1EXXMQSVI ;LMGLSJXLIJSP
PS[MRKRYQFIVWMWQSWXHMJJIVIRXJVSQXLISXLIVW#

 8LVII
 8LMVXIIR
 8LMVX]SRI

1SWXTISTPILEZIHMJJMGYPX][MXLXLMWI\IVGMWI8LIRYQFIVXLEXMWVIEPP]HMJJIVIRX
MWqrWMRGIMXMWERIZIRRYQFIV[LMPIXLISXLIVJMZIEVISHHFYX[IXIRHRSXXSWIIXLI
qrWMRGIMXMWWITEVEXIH[MXLEGPSWMRKTEVIRXLIWMWq rJVSQXLISXLIVRYQFIVW;IXIRH
XSHIJMRIXLITVSFPIQMREWXERHEVHTEVEHMKQEXMGQERRIV&]EWWYQMRKXLI  ERH
 EVIWMQTP]SVKERM^MRKW]QFSPW[IQMWWXLISFZMSYWhXLVIIEHHMXMSREPRYQFIVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

*-+96) 8LI2MRI(SX7SPYXMSR




4EVEHMKQEXMGXLMROMRKGVIEXIWFPSGOWXSSYVXLMROMRKPIEHMRKYWXSEWWYQI[IEVI
MRLIVIRXP]RSXGVIEXMZITISTPI;LIR[IEVIMRXVSYFPILS[IZIV[IEPPJMRH[ILEZI
XLIEFMPMX]XSFIGVIEXMZI

'YPXYVEP&EVVMIVW
&ILMRH TIVGITXYEP FEVVMIVW EVI XLSWI FEVVMIVW JSVQIH F] GYPXYVEP I\TIGXEXMSRW 3YV
FEWMGWSGMEPERHIQSXMSREPRIIHWEVIQIXXLVSYKLSYVQIQFIVWLMTERHEGGITXERGIMRE
GYPXYVEPRIX[SVO8LIFEVVMIVWTVIWIRXIHF]SYVGYPXYVEPW]WXIQEVIFEWIHSRXLII\TIG
XEXMSRSJGSRJSVQMX][MXLVYPIWERHWXERHEVHRSVQWSJXLMROMRKFILEZMSVERHMRXIVEG
XMSR 'YPXYVEP FEVVMIVW MRGPYHI E VIUYMVIQIRX JSV GSRJSVQMX] ER I\TIGXEXMSR SJ
TVEGXMGEPMX]ERHIJJMGMIRG]TEVXMGYPEVEVIREWJSVGSQTIXMXMSRSVGSSTIVEXMSRERI\TIG
XEXMSRSJTSPMXIRIWWERHJSPPS[MRKVYPIWJSVWSGMEPSVHIVEVIPMERGISRWXEXMWXMGEPTVSSJW
EHITIRHIRGISRKIRIVEPM^EXMSRWEXVYWXMRXLITS[IVSJVIEWSRERHPSKMGEFIPMIJMRER
IMXLIVSVTIVWTIGXMZISRMWWYIWERHEVIPMERGISRI\TIVXORS[PIHKI
;IPIEVRIEVP]XLEXTPE]MRKF]XLIVYPIW[MPPEWWYVIYWETPEGIMRXLIKEQI;I[IVI
EPWSXEYKLXMRSYVIEVP]WGLSSPMRKXSWXE]MRPMRIRSXXSGLIEXERHRSXXSXEPOSYXSJXYVR
ERHXSVEMWISYVLERHW &YX[LIR[IFIGSQIXSSSVHIVP][IPSWIXLIEFMPMX]XSWII
XLMRKWJVSQEHMJJIVIRXTIVWTIGXMZI8LIRMRIHSXWERHXLIq rI\EQTPIWQEOIXLEXTSMRX
3YVI\TIVMIRGIWMRWGLSSPERHMRXLI[SVO[SVPHEPWSXIEGLYWXLEXPMJIEJXIVEPPMW
WIVMSYW FYWMRIWW ,S[IZIV MR SVHIV XS QSZI FI]SRH qFYWMRIWWEW YWYEPr [I RIIH XS
VIPE\ERHTPE][MXLXLMRKW[SVHWMHIEWERHGSRGITXW7SQIXMQIW[IRIIHXSFIFSPH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 &EVVMIVWXS'VIEXMZMX] 

'SQQSR&PSGOWERH'VIEXMZI6IWTSRWIW
&PSGOW 'VIEXMZI6IWTSRWIW
8LEXtWMQTSWWMFPI 7IIXLI[E]WMR[LMGLMXMWTSWWMFPI
-XtWRSXI\EGXP]VMKLX %WWYQIRSWSPYXMSRMWTIVJIGX
-QMKLXETTIEVJSSPMWL 7SHMH%PFIVX)MRWXIMR
0IXtWKIXWIVMSYW 8LIR[LIRHS[IKIXXSLEZIJYR#
8LEXtWRSXPSKMGEP 2IMXLIVMWXLIXLISV]SJPMKLXEWFSXL
[EZIERHTEVXMGPI
8LEXtWRSXTVEGXMGEP ;LSWE]W#

ERHqNYWXHSMXr%PXLSYKLWSGMIX]TPEGIWEKVIEXHIEPSJIQTLEWMWSRWIIMRKXLMRKWEW
XLI]EVIGVIEXMZMX]MRZSPZIWWIIMRKXLMRKWWPMKLXP]HMJJIVIRXP]*SVMRWXERGI[VMXIHS[R
EPPXLIYWIW]SYGERXLMROSJJSVE7X]VSJSEQGYT'ER]SYREQI#-XtWRSXLEVHMJ]SY
VIEPM^IXLIGYTGERFIYWIHXSQSPHEWEGSSOMIGYXXIVSVXSQEOIWERHGEWXPIW JSVTEGO
MRKFVIEOMXYT ERHXSWXSVIXLMRKWREMPWTIRRMIW 7SQIKVSYTWLEZIYWIHXLIGYTJSV
TIXWXSLSPHJMWL XIPITLSRIWERHJSVRYQIVSYWSXLIVRSRWXERHEVHYWIW.YWXFIGEYWI
XLIGYT[EWHIWMKRIHJSVGSJJIIHSIWRSXPMQMXMXWTSXIRXMEPJSVSXLIVGVIEXMZIYWIW
0MOIMRHMZMHYEPWSVKERM^EXMSRWGERHIZIPST[SVOMRKLEFMXWXLEXVIWXVMGXGVIEXMZ
MX](MJJIVIRXHMZMWMSRWSVHITEVXQIRXWJSGYWSRXLIMVI\TIVXMWIERHEVIEWSJVIWTSRWMFMP
MX] [LMGL GERPIEH XSTIVGITXYEP FEVVMIVW 'VIEXMZI EFVEWMSR MW FIMRK YWIHF] WSQI
SVKERM^EXMSRW XS SZIVGSQI XLMW PMQMXEXMSR 0ISREVH&EVXSR
 7IRWMTIV  8LMW
MRZSPZIWFVMRKMRKTISTPI[MXLHMJJIVIRXWOMPPWMHIEWERHZEPYIWXSKIXLIVXSKIRIVEXI
RI[MHIEWTVSFPIQWSPZMRKETTVSEGLIWERHTVSHYGXWq8LMWTVSGIWWFVIEOWXVEHMXMSREP
JVEQIWSJXLMROMRKF]LEZMRKHMZIVWITIVWTIGXMZIWVYFGVIEXMZIP]EKEMRWXIEGLSXLIVXS
HIZIPSTMRRSZEXMZIWSPYXMSRWr'YQQMRKW
;SVPI]T -REHHMXMSRSVKER
M^EXMSRW SJXIR XYVR XS SYXWMHI GSRWYPXERXW [LS SJJIV HMJJIVIRX TIVWTIGXMZIW VIKEVHMRK
MWWYIWSVTVSFPIQW(EZIRTSVX4VYWEO
;MPWSR &SXLETTVSEGLIWEPPS[MRHM
ZMHYEPWEGGIWWXSHMJJIVIRX[E]WSJZMI[MRKETVSFPIQ
7SQISJSYVQSWXGVIEXMZIQSQIRXWSGGYV[LIR[IEVI[MPPMRKXSTPE]UYIWXMSR
GLEPPIRKI ERH IRNS] WSPZMRK TVSFPIQW 1EXXMQSVI 8LSQTWSR   &IMRK
REMZISVEPMXXPIHMWVIWTIGXJYPSJXLIq[E]XLMRKWLEZIEP[E]WFIIRHSRIrGERTE]SJJ
[LIR[IGSRJVSRXWIVMSYWMWWYIW

)QSXMSREP&EVVMIVW
-REHHMXMSRXSERHGPSWIP]EWWSGMEXIH[MXLTIVGITXYEPERHGYPXYVEPFEVVMIVWXSGVIEXMZMX]
EVIXLITIVWSREPIQSXMSREPFEVVMIVW [ITPEGIMRXLI[E]SJSYVGVIEXMZIEFMPMXMIW8LIVI
EVIVMWOWERHLEVH[SVOEWWSGMEXIH[MXLqKSMRKSYXSREPMQFrERHXV]MRKWSQIXLMRK
RI[;IQE]LEZIXSXEOIQSVIXMQIXLER[I[SYPHPMOI[IQE]QEOIEQMWXEOI[I
QE]VMWOXLIGIRWYVISJSYVTIIVWF]PSSOMRKJSSPMWLSVFIMRKNYHKIHMRGSQTIXIRX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

'VIEXMZMX]GERETTIEVXSFIEGLERG]TYVWYMXWS[IXIRHXSFIZIV]XIRXEXMZIMRSYV
EXXIQTXW;I SJXIRWIIO XLI ETTVSZEP SJ SXLIVW JSVSYV MHIEW VEXLIV XLER VMWO FIMRK
[VSRK1SWXWMKRMJMGERXMRZIRXMSRWXLVSYKLSYXLMWXSV]LEZIFIIRMRMXMEPP]VINIGXIHF]
XLIQENSVMX]SJTISTPI%PXLSYKLSYVWGLSSPMRKERHYTFVMRKMRKLEZIIQTLEWM^IHFIMRK
GEVIJYPXSJMRHXLIVMKLXERW[IVWFIJSVI[IVEMWISYVLERHWGVIEXMZIERW[IVWVIUYMVIE
[MPPMRKRIWWXSXEOIEGLERGIXSXLMROSYXPSYHERHXSVMWOFIMRK[VSRK-J[IQMWWXLI
XEVKIXSRXLIJMVWXXV][IGERTVEGXMGIERHIZIRXYEPP][I[MPPFISRXEVKIXERHJMRH
ETTVSTVMEXIERW[IVW*IEVSJQEOMRKEQMWXEOISJXIRGEYWIWYWXSPMQMXSYVGVIEXMZMX]-R
EWIRWI[ILEZIPSWXSYVVMKLXXSFI[VSRK
&IGEYWISYVWSGMIX]VI[EVHWFIMRKqVMKLXrERHLEZMRKTEVXMGYPEVORS[PIHKI[I
EVIWSQIXMQIWGEYKLXMRXLIRIXSJSYVS[RI\TIVXMWI-J[IORS[XSSQYGLEFSYXE
WYFNIGX[IQE]PSWISYVEFMPMX]XSWIIRI[ERHHMJJIVIRXETTVSEGLIWERHGSRGITXW%PP
XSSSJXIR[IEWWYQIXLEXXLIGYVVIRXWXERHEVHSJORS[PIHKIERH[E]WSJHSMRKXLMRKW
EVIXLIFIWX8LIVIEVIRYQIVSYWI\EQTPIWSJLMKLP]TPEGIHTISTPIFIMRKSZIVP]GIV
XEMR8SREQISRP]SRIMRXLIHMVIGXSVSJXLI974EXIRX3JJMGIWEMHXLEXqIZIV]
XLMRKXLEXGERFIMRZIRXIHLEWFIIRMRZIRXIHrERHVIUYIWXIHXLEXXLI4EXIRX3JJMGIFI
HMWQERXPIHERHXLEXLIFIXVERWJIVVIHXSERI[TSWMXMSRMRKSZIVRQIRX8SHE]XLIEZIV
EKI%QIVMGEREYXSQSFMPIGSRXEMRWEWQYGLMRJSVQEXMSRTVSGIWWMRKGSQTYXMRKTS[IV
EW[EWSRFSEVHXLI%TSPPS QSSRPERHMRKGVEJXMRERHQSVIXLEREWQEMR
JVEQIGSQTYXIV(EZMW
(EZMHWSR 
;IEPWSJVIUYIRXP]EWWYQIXLEXSRP]PEVKIVIWIEVGLSVKERM^EXMSRWSVI\TIVXW[MXL
TEVXMGYPEV UYEPMJMGEXMSRW GER GSQI YT [MXL MRRSZEXMZI ERH VIPIZERX MHIEW;LIR [I
XLMROSJKVERHMRZIRXMSRW[IMQEKMRIXLI%TTPI'SQTYXIVW7SR]WSV;LMVPTSSPWSJ
XLI[SVPHFYXqX[SXLMVHWSJEPPMRZIRXMSRWEVIGVIEXIHF]MRHMZMHYEPWSRXLIMVS[RXMQI
SVF]WQEPPSVKERM^EXMSRWr8LSQTWSRT ;IEVIEPPJEQMPMEV[MXLXLIGSR
GITXqRSXLMRKZIRXYVIHRSXLMRKKEMRIHr'VIEXMZMX]VIUYMVIWXLEX[IVMWOWSQIXLMRKMR
SVHIVXSJMRHEFIXXIVWSPYXMSR%W4MGEWWSWEMHq)ZIV]EGXSJGVIEXMSRMWJMVWXSJEPPER
EGX SJ HIWXVYGXMSRr ;I QYWX FI [MPPMRK XS HIWXVS] WSQI SJ SYV TVIGSRGITXMSRW
4MGEWWStW I\TIVMQIRXW [MXL RI[ [E]W SJ WIIMRKGLEPPIRKMRK XLI XVEHMXMSREP;IWXIVR
ZMI[SJ[LEXGSRWXMXYXIHEWYMXEFPIZMI[TSMRXJSVTEMRXMRKWKEZIYW'YFMWQERHSXLIV
MRRSZEXMZI[E]WSJZMI[MRKVIEPMX]*EVKMW ;IRIIHXSFI[MPPMRKXSGLEPPIRKI
I\MWXMRKTEVEHMKQWMRSVHIVXSSTIRXLIHSSVXSGVIEXMZMX]

8IGLRMUYIWJSV)RGSYVEKMRK'VIEXMZMX]
%PXLSYKL[IEVIEPPREXYVEPP]GVIEXMZI[IXIRHXSWUYIPGLSYVEFMPMXMIWMRSYVIJJSVXWXS
GSRJSVQ XS WSGMEP I\TIGXEXMSRW *SYV WTIGMJMG XIGLRMUYIW GER LIPT YW JMRH [E]W SJ
STIRMRK SYVWIPZIW YT XS SYVGVIEXMZMX]8LIWIEVI MHIERIIHPIVW QERMTYPEXMZI ZIVFW
EWWSGMEXMSRERHQIXETLSVWERHEREPSK]

-HIE2IIHPIVW
-REZIMRWMQMPEVXSXLI7X]VSJSEQGYTI\IVGMWIMQEKMRILS[QER]YWIWXLIVIEVIJSV
FEOMRKWSHE%JI[]IEVWEKS[IQMKLXLEZIPMQMXIHMXWYWIXSEGSSOMRKMRKVIHMIRX
2S[MXMWYWIHXSOIITVIJVMKIVEXSVWSHSVJVIIXSGPIERGEVTIXWERHXSFVYWLXIIXL8LIVI
EVITVSFEFP]QER]SXLIVYWIWJSVFEOMRKWSHEXLEX]SYGERXLMROSJq8IEFEKWrEVIRS[

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8IGLRMUYIWJSV)RGSYVEKMRK'VIEXMZMX] 

YWIHJSVMRWXERXGSJJIITVIQIEWYVIHHSWIWSJQIHMGMRIERHRYQIVSYWSXLIVETTPMGE
XMSRW;LEXMJ]SY[ERXIHXSUYIWXMSRXLIHIWMKRSJXLIX]TMGEPGSPPIKIGPEWWVSSQSVXLI
EVVERKIQIRX SJ XLI GLEMVW MR XLI GPEWWVSSQ# 8LI MHIE RIIHPIVW MR 8EFPI  EVI
HIWMKRIHXSLIPTYWVEMWIXLIUYIWXMSRWXLEXIRLERGISYVEFMPMX]XSHMWGSZIVMHIEW
8LIWI MHIE RIIHPIVW SJJIV YW XLISTTSVXYRMX] XS YWI E HMJJIVIRX TIVWTIGXMZI SV
PIRWXSZMI[XLITVSFPIQ

1ERMTYPEXMZI:IVFW
;LIR [I HIGMHI XS EPXIV QYPXMTP] IPMQMREXI HMZMHI SV XVERWTSWI [I EVI YWMRK
QERMTYPEXMZIZIVFW XSGLERKIXLI[E][IZMI[ETEVXMGYPEVTVSGIWW'LERKMRKEZIVFGER
GSQTPIXIP]EPXIVXLIWIRWISJEWXEXIQIRXERHGERLEZIEHVEQEXMGIJJIGXSRTVIGSRGIMZIH

8%&0) -HIE2IIHPIVW

,S[QYGLSJXLMWMWXLIVIWYPXSJGYWXSQ ;MPPMXFIFIXXIVWXERHMRKWXMPP#
XVEHMXMSRSVSTMRMSRW# ;LEXSXLIVPE]SYXQMKLXFIFIXXIV#
;L]HSIWMXLEZIXLMWWLETI# 'ERGEYWIERHIJJIGXFIVIZIVWIH#-WSRITSWWMFP]
,S[[SYPH-HIWMKRMXMJ-LEHXSFYMPHMXMRQ] EPWSXLISXLIV#
LSQI[SVOWLST# 7LSYPHMXFITYXSRXLISXLIVIRHSVMRXLI
;LEXMJXLMW[IVIXYVRIHMRWMHISYX#VIZIVWIH# QMHHPI#
YTWMHIHS[R# 7LSYPHMXWPMHIMRWXIEHSJVSXEXI#
;LEXMJXLMW[IVIPEVKIV#LMKLIV#PSRKIV# ,S[GSYPHMXFIHIWGVMFIHF][LEXMXMWRSX#
[MHIV#XLMGOIV#PS[IV#
,EWEWIEVGLFIIRQEHISJXLITEXIRXPMXIVEXYVI#
;LEXIPWIGERMXFIQEHIXSHS# XVEHINSYVREPW#
;LEXSXLIVTS[IV[SYPH[SVOFIXXIV# 'SYPHEZIRHSVWYTTP]XLMWJSVPIWW#
;LIVIIPWIGERXLMWFIHSRI# ,S[GSYPHXLMWFIQEHIIEWMIVXSYWI#
;LEXMJXLISVHIV[IVIGLERKIH# 'ERMXFIQEHIWEJIV#
7YTTSWIXLMW[IVIPIJXSYX# ,S[GSYPHXLMWFIGLERKIHJSVUYMGOIVEWWIQFP]#
,S[GERMXETTIEPXSXLIWIRWIW# ;LEXSXLIVQEXIVMEPW[SYPHHSXLMWNSF#
,S[EFSYXI\XVEZEPYI# ;LEXMWWMQMPEVXSXLMWFYXGSWXWPIWW#;L]#
'ERXLMWFIQYPXMTPMIH# ;LEXMJMX[IVIQEHIJEWXIV#
;LEXMJXLMW[IVIFPS[RYT# ;LEXQSXMSRSVTS[IVMW[EWXIH#
;LEXMJXLMW[IVIGEVVMIHXSI\XVIQIW# 'SYPHXLITEGOEKIFIYWIHJSVWSQIXLMRK
,S[GERXLMWFIQEHIQSVIGSQTEGX# EJXIV[EVHW#
;SYPHXLMWFIFIXXIVW]QQIXVMGEPSV -JEPPWTIGMJMGEXMSRWGSYPHFIJSVKSXXIRLS[IPWI
EW]QQIXVMGEP# GSYPHXLIFEWMGJYRGXMSRFIEGGSQTPMWLIH#
-R[LEXJSVQGSYPHXLMWFI#0MUYMHTS[HIV 'SYPHXLIWIFIQEHIXSQIIXWTIGMJMGEXMSRW#
TEWXISVWSPMH#6SHXYFIXVMERKPIGYFISV ,S[HSRSRGSQTIXMXSVWWSPZITVSFPIQWWMQMPEV
WTLIVI# XSXLMW#
'ERQSXMSRFIEHHIHXSMX#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

8%&0) 1ERMTYPEXMZI:IVFW

QEKRMJ] GSQTPIQIRX QMRMQM^I WYFQIVKI QSHMJ] EHH

EPXIV WSJXIR EHETX JPYJJYT GSQFMRI PMKLXIR
WYFWXMXYXI F]TEWW VIZIVWI WYFXVEGX HMZMHI WXVIXGL
QYPXMTP] VITIEX IPMQMREXI XLMGOIR WITEVEXI TVSXIGX
WYFHYI I\XVYHI MRZIVX VITIP HMWXSVX W]QFSPM^I
XVERWTSWI WIKVIKEXI YRMJ] MRXIKVEXI WUYII^I
VSXEXI EFWXVEGX JPEXXIR VIEVVERKI JVII^I

QIERMRKWq?%AFEWIFEPPSVWSJXFEPPQEREKIVGERWLYJJPIXLIXIEQtWFEXXMRKSVHIV
XMQIW F] QIVIP] VIEVVERKMRK LMW SV LIV WXEVXMRK TPE]IVWr 3WFSVRI  T  
8EFPI  WLS[WWSQIQERMTYPEXMZIZIVFWXLEXGERFIYWIHXSVITLVEWIUYIWXMSRWMR[E]W
XLEXGERXVERWJSVQSYVXLMROMRKEFSYXETVSFPIQSVMWWYI;LEXIZIVXLITVSFPIQEVIE
GLERKMRKOI][SVHWGERSTIRYTTSWWMFMPMXMIWJSV[E]WSJWIIMRKERMWWYIXLEXQMKLXRIZIV
LEZISGGYVVIHFIJSVI

%WWSGMEXMSRERH1IXETLSVW
6SFIVX*VSWXSRGIWEMHqERMHIEMWEJIEXSJEWWSGMEXMSRr;LIR[IYWIGSRGITXWWYGLEW
qQSWXPMOIrSVqPIEWXPMOIr[IEVIYWMRKEWWSGMEXMSR 1IXETLSVW EWWSGMEXIYRPMOITLI
RSQIREERHLIPTYWZMWYEPM^IGSRGITXW;LIR7LEOIWTIEVIGEPPIHXLI[SVPHEqWXEKIr
LI QEHI GPIEV LMW MHIE SJ PMJI ERH SJ WSGMIX]8LIVI EVI RYQIVSYW [E]W XS MRGPYHI
QIXETLSVWMRGVIEXMZIXLMROMRK1IXETLSVWWYGLEWqEFVIEXLSJJVIWLEMVrqXLIRI[OMH
SRXLIFPSGOrqERMRXIVIWXMRK[MRHS[SRXLI[SVPHrSVqFEGOXSWUYEVISRIrEPPTVS
ZMHII\TERHIHMRWMKLXWMRXSQIERMRKFI]SRHXLIPMXIVEPHIJMRMXMSRWSJXLI[SVHW%HHM
XMSREPP]qQIXETLSVWTPE] EGVMXMGEP VSPIMRXLIGSQQYRMGEXMSRTVSGIWW8LI] EVIXLI
FIWXHIZMGIWXSYWI[LIRHIWGVMFMRKEFWXVEGXGSRGITXWERHI\TVIWWMRKIQSXMSRWr.SLR
WSR
,EGOQERT 
4EVXMGYPEVXIVQWGEVV]GSRRSXEXMSRW[IEWWSGMEXI[MXLTVMSVI\TIVMIRGIWERHTVIZM
SYWP]LIEVHYWIW;LIR[IXEPOEFSYXqIVEHMGEXMRKTSZIVX]r[IEWWSGMEXIXLIXIVQ[MXL
SXLIVXLMRKW[ILEZI[SVOIHEXqIVEHMGEXMRKrWYGLEWXYFIVGYPSWMWLYRKIVSXLIVHMW
IEWIW[LIVIXLIEXXIQTXWHMHRSXWYGGIIH4IVLETW[IJMRHqIVEHMGEXIrMWXSSWXVSRKE
[SVHJSV[LEX[IGSRWMHIVTSWWMFPI'ER[IqEPPIZMEXIrTSZIVX]#;LEXEVISXLIVTVSF
PIQW[ILEZIEPPIZMEXIH#8LIEWWSGMEXMSRWQE]SVQE]RSXMRZSPZIXLIWEQIWYFNIGXSV
GPEWWSJWYFNIGXW;IQE]EWWSGMEXILIVHWSJIPITLERXWSVLSVWIWTEGOWSJHSKWSVJPSGOW
SJGLMGOIRW[MXLETEVXMGYPEVKVSYTSJTISTPISV[MXLXLIGPSYHWMRXLIWO]8V]PSSOMRK
EXXLIHIWGVMTXMSRWMR8EFPI  ERHWIIMJXLI]JVIIYT]SYVGSRGITXMSRSJKVSYTW

%REPSK]
8LIYWISJEREPSK] MWWMQMPEVXSXLEXSJEWWSGMEXMSRERHQIXETLSVFYXMXMWYRHIVWXSSH
LIVIXSVIJIVXSXLI[E]WMR[LMGL[IFVSEHIRSYVWIRWIWSJ[LEXMWEGXYEPP]TSWWMFPI
8YRRIPZMWMSRPMQMXWSYVTIVWTIGXMZIXSEWQEPPWIXSJMHIEWERHJVIUYIRXP]LEQTIVWSYV
UYIWXJSVGVIEXMZMX]8LIYWISJEREPSKMIWEGSQTEVMWSRFIX[IIRXLMRKWXLEXEVIWMQMPEV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8IGLRMUYIWJSV)RGSYVEKMRK'VIEXMZMX] 

8%&0) 'SRGITXWSJ+VSYTW

%WLVI[HRIWWSJETIW %HS[RSJLEVIW %PIETSJPISTEVHW

%QYVHIVSJGVS[W %HVMJXSJLSKW %RIWXSJZMTIVW
%RYROMRHRIWWSJVEZIRW %RI\EPXEXMSRSJPEVOW %TEVPMEQIRXSJS[PW
%GVEWLSJVLMRSW %KEQSJ[LEPIW %TMX]MRKSJXYVXPIHSZIW
%GLEVQSJJMRGLIW %KVMWXSJFIIW %VEJXIVSJXYVOI]W
%GSZI]SJUYEMP %OMRHPISJOMXXIRW %WQEGOSJNIPP]JMWL

MRWSQIVIWTIGXWFYXUYMXIHMJJIVIRXMRSXLIVWLIPTWSTIRSYVTIVGITXMSRWXSSXLIVYWI
JYPGSRGITXW*SVI\EQTPI[LIR4VSGXIV
+EQFPIXVMIHXSWSPZIXLITVSFPIQSJLS[
XSTEGOEKIHIPMGEXITSXEXSGLMTWXLI]JSYRHXLIQWIPZIWPMQMXIHXSXLIXVEHMXMSREPqFEK
JYPPSJEMVrERW[IV8LIRXLI]GSRWMHIVIHSXLIVJVEKMPIERHFVMXXPIMXIQW8LIQSWXSFZM
SYWEREPSK][EWHVMIHPIEZIW%RI[[E]SJTEGOEKMRKTSXEXSGLMTWGEQIEFSYX[LIR
XLI KVSYTEWOIH q-W XLIVI EXMQI [LIRPIEZIW EVI RSX JVEKMPI#r% [EPO XLVSYKL XLI
[SSHWWLS[IHXLEX[IXPIEZIWEVIRSXJVEKMPIERHXLI]GSRJSVQXSXLIQSPHXLI]PERH
SREFVERGLVSGOSVTMPI 7SXLIERW[IV[EWXSTEGOEKITSXEXSGLMTW[LIRXLI]EVI
[IX GSRJSVQ XLIQ XS E TVIWIX JSVQ ERH XLIR HV] XLIQ8LI YPXMQEXI TVSHYGX [EW
4VMRKPIWTSXEXSGVMWTW
(V 6IRI 0ERIRRIG XLI MRZIRXSV SJ XLI WXIXLSWGSTI KSX LMW MRWTMVEXMSR JVSQ
SFWIVZMRKGLMPHVIRWIRHMRKWMKREPWXSIEGLSXLIVF]XETTMRKSRXLIIRHSJEPSK,IRV]

3VKERM^EXMSRWXVEMRKVSYTGVIEXMZMX]F]TVIWIRXMRKFYMPHMRKQEXIVMEPWERHEWOMRKXLITEVXMGMTERXWXS
HIWMKRERqE[EVH[MRRMRKrWXVYGXYVI8LMWKVSYTMWTEVXSJXLI1EREKIQIRX(IZIPSTQIRX4VSNIGXEX
XLI9RMZIVWMX]SJ%PEFEQE

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

*SVH ZMWMXIH E WPEYKLXIVLSYWI ERH [EW MRWTMVIH XS TVSHYGI E FIXXIV [E] XS QEWW
TVSHYGIGEVW;MPPMW'EVVMIV[EW[EXGLMRK[EXIVGSRHIRWMRKSRXLIWMHISJEKPEWWERH
KSXXLIMHIEJSVEREMVGSRHMXMSRIV)PM;LMXRI]JSYRHEQIERWJSVMRZIRXMRKXLIGSXXSR
qKMRrWLSVXJSVIRKMRI [LIRLIWE[EGEXVIEGLMRKXLVSYKLEJIRGIXV]MRKXSKVEFE
GLMGOIR1EXXMQSVI 8LYWMHIERIIHPIVWQERMTYPEXMZIZIVFWEWWSGMEXMSRERH
EREPSK]EVIJSYVXIGLRMUYIWXLEXXETMRXSSYVGVIEXMZITSXIRXMEP

7SPZMRK4VSFPIQW'VIEXMZIP]
;LIR]SYEVIYREFPIXSXLMROSJEGVIEXMZIMHIEGSRWMHIVXLIWIJMZIWYKKIWXMSRW

 8VMKKIV]SYVYRGSRWGMSYW 8EOI E VIWX JVSQGSRWGMSYWP]XLMROMRKEFSYX XLI

TVSFPIQ]SYtVIXV]MRKXSWSPZI=SYGERKIXMRWMKLXW[LMPI]SYtVI[SVOMRKSYX[EPOMRK
TPE]MRKGEVHWSVXEOMRKEWLS[IV
 0SSWIR]SYVQMRH 0IX]SYVQMRH[ERHIVEPMXXPI=SYtPPKSFEGOXSXLIXEWOEX
LERHVIPE\IHERHVIJVIWLIH
 &VIEOHS[RXLITVSFPIQMRXSEWIVMIWSJHSEFPIXEWOW 8LITVSFPIQGERFI
FVSOIRHS[RMRXSIMXLIVEWIXSJUYIWXMSRWXSFIERW[IVIHSVEWIVMIWSJWQEPPTVSFPIQW
XLEXGERFIWSPZIHSRIEXEXMQI
 (S WSQI VIWIEVGL 0SSO JSV SXLIV I\EQTPIW SJ XLI WEQI X]TI SJ TVSFPIQ
WSQI[LIVIIPWI1SWXTVSFPIQWLEZIFIIRJEGIHMRWSQI[E]F]WSQISRIIPWIWSQI
[LIVI%W[ILEZILIEVHXMQIERHEKEMRqXLIVIMWRSXLMRKRI[YRHIVXLIWYRr7IEVGL
JSVEPXIVREXMZIWSPYXMSRWF]PSSOMRKMRSXLIVPSGEXMSRW
 %WO]SYVWIPJUYIWXMSRW
E ;LEXEVIXLIHMJJIVIRXTEVXWSJXLITVSFPIQ#
F (SIWSRITEVXLSPHXLIOI]XSSXLIVTEVXW#
G 'ER-ETTP]ORS[PIHKIJVSQSXLIVWMXYEXMSRWXSXLMWSRI#
H ;SYPHI\EKKIVEXMRKXLITVSFPIQQEOIXLIWSPYXMSRQSVIETTEVIRX#
I ;LEXMWXLIRSVQEPWMXYEXMSR#%VIXLIVIEPXIVREXMZIW#

%'VIEXMZI+VSYT'PMQEXI
;ILEZIRS[I\EQMRIHXLIMWWYIWWYVVSYRHMRKGVIEXMZMX]MRKIRIVEP+VSYTGVIEXMZMX]
LS[IZIVJVIUYIRXP]HITIRHWSRXLIGPMQEXISJXLIKVSYTTVSGIWWMXWIPJ%WYTTSVXMZIGPM
QEXIMRGVIEWIWXLITVSFEFMPMX]XLEXMRHMZMHYEPWERHKVSYTW[MPPFIGVIEXMZIERHWYGGIWWJYP
MRVIEGLMRKXLIMVKSEPW8LIGSVRIVWXSRIWSJEGVIEXMZIGPMQEXIEVIQYXYEPXVYWXVIWTIGX
ERHGSQQMXQIRX+VSYTPIEHIVWJEGMPMXEXSVWERHQIQFIVWQYWXEHHVIWWXLIJYRHEQIR
XEPMWWYIWSJSTIRRIWWERHWLEVMRKMJEGVIEXMZIKVSYTGPMQEXIMWXSFIGYPXMZEXIH

3TIRRIWW
1EMRXEMRMRK STIRRIWWhE WYTTSVXMZI GSQQYRMGEXMSR GPMQEXIhHYVMRK XLI TVSFPIQ
WSPZMRKTVSGIWWMWZMXEPJSVGVIEXMZMX]4ISTPILEZIIQSXMSREPERHWEJIX]GSRGIVRWWYGL
EW,S[STIRERHLSRIWXGER-FIMRXLMWWMXYEXMSR#;MPPER]SRIYWI[LEX-WE]EKEMRWX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %'VIEXMZI+VSYT'PMQEXI 

QI#;MPPSXLIVWFILSRIWXEFSYXXLIMVJIIPMRKWERHSTMRMSRW#%VIQ]KSEPWGSQTEXMFPI
[MXLXLSWISJXLISXLIVW#'ER-JVIIP]I\TVIWWQ][MWLIWERHJIEVW#

7LEVMRK
7LEVMRK VIPIZERXMRJSVQEXMSRVIWSYVGIWERHVIWTSRWMFMPMX]MWEGSVRIVWXSRISJEGVI
EXMZIGPMQEXI-RJSVQEXMSRERHVIWTSRWMFMPMX]QYWXFIWLEVIHMRSVHIVXSXVYWXXLEX[I
[MPPRSXFIQERMTYPEXIH;MXLSYXXVYWX[IGERFIGSQIHIJIRWMZIERHVYMRXLITSWWMFMP
MXMIWJSVGVIEXMZIMRXIVEGXMSR;IKIRIVEPP][ERXXSORS[LS[[IJMXMR[LEXMWEGGITX
EFPIFILEZMSV[LEXSYVVSPIWERHVIWTSRWMFMPMXMIWEVILS[[IGERGSRXVMFYXIERH[LEX
SXLIVWI\TIGXJVSQYW
7SQIKVSYTWJIIPKSSHERH[IEVILETT]XSFIQIQFIVWSJXLIQ3XLIVKVSYTW
JIIPXIRWISVLSWXMPIERHFIMRKEQIQFIVMWHMWXEWXIJYPERHLEVH[SVO8LIWIJIIPMRKW
EVIFEWIHSRXLIH]REQMGWSJWYTTSVXMZIERHHIJIRWMZIGPMQEXIWKIRIVEXIHMRXLIKVSYT
.EGO+MFF HIJMRIHWXVEXIKMIWXLEXGVIEXIEWYTTSVXMZIKVSYTGPMQEXIZIVWYWXLSWI
XLEXGVIEXIEHIJIRWMZISRI8LIHMJJIVIRGIFIX[IIRXLIWIX[SX]TIWSJGPMQEXIPMIWMR
LS[[IGSQQYRMGEXIRSXXLIGSRXIRXKSEPSVTYVTSWISJ[LEX[IGSQQYRMGEXI
;I HMWGYWW XLI WM\ GSQTEVMWSRW +MFF QEHI XS LIPT I\TPEMR XLI HMJJIVIRGI
FIX[IIRHIJIRWMZIERHWYTTSVXMZIGSQQYRMGEXMSR8LIWIGSQTEVMWSRWEVIIZEPYEXMSR
ZIVWYW HIWGVMTXMSR GSRXVSP ZIVWYW TVSFPIQ SVMIRXEXMSR WXVEXIK] ZIVWYW WTSRXERIMX]
RIYXVEPMX]ZIVWYWIQTEXL]WYTIVMSVMX]ZIVWYWIUYEPMX]ERHGIVXEMRX]ZIVWYWTVSZMWMSR
EPMWQ-RXLIPEWXGEXIKSV][IHMWGYWWXLIIJJIGXWSJKVSYTGPMQEXIXLVSYKLVIGMTVSGMX]

+MFFtW'SQQYRMGEXMSR'PMQEXI'SQTEVMWSRW
)ZEPYEXMSR ZIVWYW (IWGVMTXMSR )ZEPYEXMSR TPEGIW YW MR E LMIVEVGLMG VIPEXMSRWLMT
[MXLXLIIZEPYEXSVEWWYQMRKETSWMXMSRSJWYTIVMSVMX]8LMWMQQIHMEXIP]XLVS[WSJJXLI
FEPERGISJGSQQYRMGEXMSRERHWIXWYTEFEGOHVSTJSVXIRWMSR;LIRWSQISRIMWFPEQ
MRKYWSVPIXXMRKYWORS[LISVWLIMWNYHKMRK[LEX[IWE]SVHS[IFIGSQIHIJIRWMZI
'SQQIRXWWYGLEWq-JMX[IVIRtXJSV]SYVPEGOSJMRXIVIWX[ItHFIHSMRKQYGLFIXXIVr
QEOIQSWXSJYWHIJIRHSYVWIPZIWVEXLIVXLERPMWXIR%XXLIMVFIWXIZEPYEXMSRERHNYHK
QIRXXIEGLYWXSEZSMHJYXYVIGVMXMGMWQ%XXLIMV[SVWXXLI]PIEHYWXSEZSMHXLIWMXYE
XMSRTIVWSRSVTVSFPIQ;LEXIZEPYEXMSRYWYEPP]HSIWRSXHSMWGEYWIYWXSZSPYRXEVMP]
EPXIVSYVFILEZMSV;LIRWYGLIZEPYEXMSRMWHIPMZIVIHMRJVSRXSJXLIVIWXSJXLIKVSYTMX
MWXLVIEXIRMRKERHQE]GEYWIYWXSFIGSQIIZIRQSVIHIJIRWMZI-REHHMXMSRXLIVIWXSJ
XLIKVSYTMWPMOIP]XSVIWTSRHF]FIGSQMRKYRGSQJSVXEFPIERHHIJIRWMZI
*SVXYREXIP] [I GER EZSMH XLEX VIWTSRWIF] HIWGVMFMRK XLI WEQI WMXYEXMSR [MXL
RIYXVEPWXEXIQIRXWSJJEGX&]HSMRKWS[ILEZIEZIV]KSSHGLERGISJKEMRMRKXLIWYT
TSVXSJXLISXLIVKVSYTQIQFIVW-JMXVIEPP]MWQ]JEYPXXLEXXLIKVSYTMWRSXTVSKVIWW
MRKEWMQTPIHIWGVMTXMSR[MXLSYXHIQERHMRKXLEX-EGGITXKYMPX[MPPEPPS[QIXSLIEV
XLIQIWWEKI7XMGOXSXLISFWIVZEFPIJEGXW7MRGISYVKSEPWLSYPHFIXSQEOIXLIKVSYT
[SVO IJJIGXMZIP] EW E YRMX PMXXPI GER FI KEMRIH F] SWXVEGM^MRK MRHMZMHYEP QIQFIVW
XLVSYKLIZEPYEXMSR
8SKYEVERXIIXLEXSYVGSQQIRXWEVIWIIREWWYTTSVXMZIVEXLIVXLEREWWMQTP]GVMX
MGEP [I RIIH XS qS[Rr XLI WXEXIQIRXW ERH XEOI VIWTSRWMFMPMX] 7E]MRK q- XLMRO [I
WLSYPHIRHXLIQIIXMRKRS[WS[IGERKS[EXGLXLIKEQI[IGERJMRMWLXLIVITSVX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

PEXIV[LIR[IHSRtXLEZISXLIVHMWXVEGXMSRWrMWZEWXP]HMJJIVIRXJVSQq2SRISJ]SYWIIQ
XSGEVIEFSYXXLMWVITSVXWMRGIEPP]SY[ERXXSHSMW[EXGLXLIKEQIr%W[MXLJIIHFEGO
MXMWMQTSVXERXXSFIWTIGMJMGMRSYVGSQQIRXWERHEZSMHQEOMRKZEPYINYHKQIRXW7E]
MRKq-[SYPHRtXLEZIXSVITIEXQ]WIPJXMQIERHEKEMRMJ]SY[SYPHNYWXTE]EXXIRXMSR
PMOIER]EHYPXrMWRSXEWPMOIP]XSQEOIWSQISRIPMWXIRQSVIGPSWIP]XSQ]QIWWEKIEW
WE]MRKq%TTEVIRXP]-EQRSXFIMRKGPIEV;LEXGER-HSXSQEOIXLITVSGIWW[SVOFIX
XIV#r'PIEVP]XLIVIEPMWWYIMWSYVS[RTIVGITXMSRVIKEVHMRKXLISXLIVKVSYTQIQFIVW
(S[IWIIXLIQEWRIIHMRKSYVNYHKQIRXSVHS[IWIIXLIQEWGSPPIEKYIWJSV[LSQ
[ILEZIVIWTIGXERHGSQTEWWMSR#
'SRXVSPZIVWYW4VSFPIQ3VMIRXEXMSR -WWYMRKSVHIVWSVQEOMRKMXGPIEVXLEX[ILEZI
XLI TS[IV XS GSRXVSP SXLIVWt FILEZMSV GVIEXIW HIJIRWMZIRIWW ;LIR [I EXXIQTX XS
GLERKIXLIEXXMXYHIWSJSXLIVKVSYTQIQFIVWSVXSVIWXVMGXXLIMVJVIIHSQ[I[MPPPMOIP]
IRGSYRXIVWSQI VIWMWXERGI+VSYTQIQFIVWEVI[IPPE[EVISJ[LIVITS[IV PMIW ERH
[MPPVIWMWXSYVGPEMQMRKMX
-RXLIGEWISJWQEPPKVSYTWXLITSMRXMWXSWSPZIETVSFPIQYWMRKXLIMRTYXSJEPP
QIQFIVW-XMWRSXMRXIRHIHEWEJSVYQJSVETS[IVTPE]3VMIRXMRKXLIKVSYTHMWGYWWMSR
XS[EVHXLITVSFPIQEPPS[WEq[IrSVMIRXEXMSRVEXLIVXLERERqYWZIVWYWXLIQrSVMIRXE
XMSR-RQER]SVKERM^EXMSRWXLIVIMWEKVIEXHIEPSJHMWGYWWMSRVIKEVHMRKIQTS[IVMRK
IQTPS]IIWXLVSYKLGVIEXMRKEXIEQWTMVMXERHEKVSYTSVMIRXEXMSR4LMPPMTW
;EPPEGI
 9RJSVXYREXIP]QER]QEREKIVWERHWYTIVZMWSVWWXMPPFIPMIZIXLEXXIPPMRKSXLIVW
[LEXXSHSMWXLIFIWX[E]XSEGLMIZIVIWYPXW(ERMIPW
7TMOIV -RWQEPPKVSYTW
XLIVIMWJVIUYIRXP]TVIWWYVIXSqGYXXSXLIGLEWIrERHTVSHYGIVIWYPXW6EXLIVXLERSRI
MRHMZMHYEPtWWYGGYQFMRKXSXLIXIQTXEXMSRXSXEOIGLEVKIERHSVGLIWXVEXIXLITVSGIWW
LS[IZIVXLI IRH VIWYPXWEVIFIXXIV WIVZIHF]HIWGVMFMRKXLITVSFPIQERHPIXXMRKXLI
KVSYTXEOIVIWTSRWMFMPMX]JSVXLISYXGSQI
7XVEXIK]ZIVWYW7TSRXERIMX] 8LIYWISJKMQQMGOWSVQERMTYPEXMSRXSKIX[LEX[I
[ERXQE]WIIQWXVEXIKMGMREWWYVMRKETEVXMGYPEVSYXGSQIJVSQXLIKVSYTTVSGIWWFYXMX
VEVIP]WIXWXLIXSRIJSVEGSSTIVEXMZIWYTTSVXMZIKVSYTGPMQEXI3YVREXYVEPVIWMWXERGI
XSLMKLTVIWWYVIWEPIWGSQIWJVSQSYVHMWPMOISJFIMRKQERMTYPEXIH-JXLIKMQQMGOW
HS[SVOERH[IJIIP[ILEZIFIIRQERMTYPEXIH[IEVIRSXPMOIP]XSJSVKMZISVJSVKIX
%XXLEXTSMRXXLIKEQIMWSRERHXLISRP]MWWYIMW[LS[MRW[LMGLVSYRH1MWWMRKJVSQ
XLMWKEQIMWXLIKSEPSJXLIKVSYT
7TSRXERIMX]SRXLISXLIVLERHMWE[MPPMRKRIWWXSFILSRIWXERHHMVIGX+MFFMW
TVSTSWMRK XLEX [I VIQEMR STIR ERH VIWTSRWMZI XS XLI KVSYT TVSGIWW EW MX YRJSPHW
6EXLIVXLERXV]MRKXSTPERLS[[IEVIKSMRKXSEGLMIZISYVS[RKSEPWWXVEXIK] [I
WLSYPH FI STIR XS XLI JVIWL MHIEW XLEX IZSPZI MR XLI GSRXI\X SJ XLI SRKSMRK KVSYT
TVSGIWWWTSRXERIMX] 
2IYXVEPMX] ZIVWYW )QTEXL] -J [I GSQI XS SYV KVSYT QIIXMRK JIIPMRK HMWXVEYKLX
FIGEYWISYVETEVXQIRXGEYKLXJMVISYVGSQTYXIV[EWVYMRIHERH[IPSWXEPPSYVTSW
WIWWMSRWERHSYVKVSYTtWSRP]VIWTSRWIMWq8SSFEHrSVq8LEXMWETVSFPIQ2S[PIXtW
KIXSR[MXLSYVMQTSVXERXKVSYT[SVOr[I[MPPRSXJIIPWYTTSVXIH;IEVIPSSOMRKJSV
IQTEXL]ERH[IEVIVIGIMZMRKRIYXVEPMX];LIRTISTPIEVIHIXEGLIHJVSQSYVRIIHWSV
WIIQMRHMJJIVIRXXLI]EVII\TVIWWMRKRIYXVEPMX]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7YQQEV] 

8LISTTSWMXISJRIYXVEPMX]MWIQTEXL])QTEXL]I\TVIWWIWEGSRGIVRJSVKVSYT
QIQFIVWEWTISTPIRSXNYWXEWSXLIVKVSYTTEVXMGMTERXW)QTEXL]EGORS[PIHKIWSXLIVW
EW[SVXL[LMPIERHMRZSPZIWEWIRWMXMZMX]XS[EVHSXLIVWE[MPPMRKRIWWXSWYWTIRHNYHK
QIRXERHEREXXIQTXXSVIWTSRHXSXLIMVRIIHW7MQTPIWYTTSVXMZIWXEXIQIRXWWYGLEW
q-tQVIEPP]WSVV]-WXLIVIER]XLMRK[IGERHS#-J]SYEVIYREFPIXSJYPP]TEVXMGMTEXI
XSHE][IYRHIVWXERHrI\TVIWWMRXIVIWXWLS[GSRGIVRERHEWWYVIXLIFIWXTSWWMFPIGSR
XMRYIHTEVXMGMTEXMSRSJIEGLQIQFIVMRXLIKVSYTTVSGIWW

7YTIVMSVMX]ZIVWYW )UYEPMX] -R ER]KVSYT XLIVIEVIFSYRHXSFI HMWGVITERGMIW MR

I\TIVMIRGI XVEMRMRKTEVXMGYPEVORS[PIHKI WXEXYW SV TS[IV%PXLSYKL XLIWI QE]FI
ETTEVIRXSRXLIWYVJEGIJSVXLIKVSYTXS[SVOIJJIGXMZIP]EW[ILEZIHMWGYWWIHIEVPMIV
[IRIIHXLIMRTYXSJEPPQIQFIVW;LIRWSQIQIQFIVWTIVGIMZIXLIQWIPZIWSVSXLIVW
XSFIWYTIVMSVMRWSQI[E]XLI]QE]WLYXXLSWI[MXLPIWWTS[IVMRJPYIRGISVI\TIVXMWI
SYXSJXLITVSGIWWXSXLIHIXVMQIRXSJEPP
% WIRWI SJ IUYEPMX] SR XLI SXLIV LERH WIXW XLI WXEKI JSV ER IJJIGXMZI KVSYT
TVSGIWW%WMQTPIUYIWXMSRWYGLEWq;LEXHS]SYXLMRO#rMRHMGEXIWSYVMRXIVIWXMRXLI
SXLIVQIQFIVtWTIVWTIGXMZI-REHHMXMSREW[ILEZIRSXIHIEVPMIVMXMWWSQIXMQIWXLI
QSWXYRPMOIP]TIVWSR[LSSJJIVWXLIQSWXGVIEXMZIMRWMKLXW8SWLYXXLEXTIVWSRSYXSJ
XLIHMWGYWWMSRVSFW YWSJ XLI ZEPYISJLIVSVLMWMRTYX8SXLII\XIRXXLEX[IEVI EPP
ZIWXIHMRXLISYXGSQISJXLIKVSYTTVSGIWW[IWLSYPHIRGSYVEKIIUYEPTEVXMGMTEXMSR
JVSQIEGLSJXLIQIQFIVW

'IVXEMRX]ZIVWYW4VSZMWMSREPMWQ 1ER]SJYWLEZIEVIEWMR[LMGL[IFIPMIZI[ILEZI
TEVXMGYPEVORS[PIHKISVI\TIVXMWI,S[IZIVMREKVSYTTVSGIWW[IRIIHXSFIE[EVIXLEX
SXLIVWQE]LSPHXLIMVS[RUYMXIHMJJIVIRXYRHIVWXERHMRKW[MXLIUYEPEWWYVERGI%W[I
LEZIHMWGYWWIHYRHIVq%GXMZI0MWXIRMRKrWII'LETXIV EVVSKERGIERHHMWVIWTIGXQSWX
SJXIRWIVZIXLISTTSWMXITYVTSWIJVSQ[LEX[ILEZIMRQMRHGVIEXMRKHIJIRWMZIRIWWMR
XLI SXLIV KVSYT QIQFIVW ERH YRHIVQMRMRK XLI KVSYT TVSGIWW 0EFIPMRK SXLIV KVSYT
QIQFIVWEW[VSRKJSSPMWLSVREMZIMWGPIEVP]GSYRXIVTVSHYGXMZIXSEGLMIZMRKXLIKVSYTtW
XEWOSVWSGMEPJEGMPMXEXMSRKSEPW8SXLII\XIRXXLEX[IVIJYWIXSPMWXIRXSSXLIVWERHEVI
YR[EZIVMRKMRSYVTSWMXMSRWXLIVIMWPMXXPILSTIJSVTVSHYGXMZIKVSYTHMWGYWWMSR
3RXLISXLIVLERHMJ[IWXEXISYVTSWMXMSRWTVSZMWMSREPP]EHQMXXMRKE[MPPMRKRIWW
XSLIEVXLIZMI[WSJSXLIVW[IEVIQSVIPMOIP]XSFILIEVHF]XLIQEW[IPP-XMWMQTSV
XERXXSOIITMRQMRHXLEXMJXLISFNIGX[EWJSVYWXSGSQIYT[MXLXLIWSPYXMSRSRSYV
S[R[I[SYPHRSXRIIHXSFSXLIVGSRZIRMRKEKVSYT

7YQQEV]
'VIEXMZMX]MWERMQTSVXERXWOMPPJSVWQEPPKVSYTERHXIEQTVSFPIQWSPZMRKWYGGIWW%W
]SYHMWGSZIVIHMRXLMWGLETXIVGVIEXMZMX]QIERWERI[[E]SJPSSOMRKEXMWWYIWERH
TVSFPIQW4IVGITXYEPGYPXYVEPERHIQSXMSREPFEVVMIVWGERVIWXVEMRSYVGVIEXMZMX]
-R EHHMXMSR JSYV WTIGMJMG XIGLRMUYIW JSV IRGSYVEKMRK GVIEXMZMX] MRGPYHMRK MHIE
RIIHPIVWQERMTYPEXMZIZIVFWEWWSGMEXMSRERHQIXETLSVWERHEREPSK][IVITVIWIRXIH
XSIRLERGIKVSYTGVIEXMZMX]*MZIWTIGMJMGWXITWEVISJJIVIHXSFIGSQIQSVIGVIEXMZI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

% GVIEXMZI KVSYT GPMQEXI MW MRXVSHYGIH XLVSYKL XLI I\EQMREXMSR SJ STIRRIWW
WLEVMRKERH+MFFtWGSQQYRMGEXMSRGPMQEXIGSQTEVMWSRW
8LIWM\HMGLSXSQSYWGEXIKSVMIWEPPS[YWXSWIIXLIHMJJIVIRGIFIX[IIRHIJIRWMZI
ERHWYTTSVXMZIGSQQYRMGEXMSR7YTTSVXMZIGSQQYRMGEXMSRJSWXIVWEGPMQEXIJSVGVI
EXMZITVSFPIQWSPZMRK;LIRTISTPIJIIPHIJIRWMZIXLI]EVIPMOIP]XSVIWTSRHMROMRH
-JQ]GSRXVMFYXMSRWSVTIVWSREPEXXVMFYXIWGSQIYRHIVEXXEGO-EQPMOIP]XSVIWTSRHMR
OMRH3RXLISXLIVLERHMJ-JIIPZEPYIHERHETTVIGMEXIHJSVQ]GSRXVMFYXMSRWERHJSV
[LS-EQ-EQPMOIP]XSVIWTSRHMRTSWMXMZI[E]WERHWYTTSVXXLISXLIVQIQFIVWSJQ]
KVSYT 9PXMQEXIP] QIQFIVWLMT MR E WQEPP KVSYT WLSYPH FVMRK YW NS] QEOI YW JIIP
[SVXL[LMPIERHSTIRYWXSRI[GLEPPIRKIWERHSTTSVXYRMXMIW4SWMXMZIKVSYTGPMQEXIW
FIRIJMXEPPQIQFIVWERHJSWXIVGVIEXMZMX]
%PPSJXLIWIMWWYIWMQTEGXKVSYTGPMQEXI;LIRKVSYTQIQFIVWPMWXIREXXIRXMZIP]
ERH WYTTSVXMZIP] KVSYT GPMQEXI ERH XLI TSXIRXMEP JSV GVIEXMZMX] MW IRLERGIH ;LIR
KVSYTQIQFIVWWLS[HMWVIWTIGXERHPEGOSJMRXIVIWXQIQFIVWFIGSQIHIJIRWMZIERH
GVIEXMZMX]MWHMWGSYVEKIH

(-7'977-3259)78-327

 4VSZMHIERI\EQTPISJGVIEXMZMX]JVSQ]SYVS[RI\TIVMIRGI,S[HSIWMXJMX[MXLXLIGLET
XIVtWHMWGYWWMSRSJGVIEXMZMX]#
 ;LEXKYMHIPMRIWI\MWXJSVGVIEXMZITVSFPIQWSPZMRK#
 ;LEXMWQIERXF]XLMROMRKSYXWMHIXLIFS\#+IXXMRKSYXWMHISYVTEVEHMKQ#
 2EQIJMZIGYPXYVEPFEVVMIVWXSGVIEXMZMX];L]HS]SYXLMROXLIWI[SYPHOIITEKVSYTJVSQ
FIMRKGVIEXMZI#
 -RHMZMHYEPP]SVEWEKVSYTJMRHI\EQTPIWSJIQSXMSREPFEVVMIVWPMQMXMRKGVIEXMZMX]
 -HIRXMJ]JMZIQIXETLSVWXLEXEVIYWIHXSHIWGVMFIJMZIHMJJIVIRXQENSVWSVGSRGIRXVEXMSRWSJ
WXYH]SR]SYVGEQTYW*SVI\EQTPIFIMRKETVIQIHMWEqFIEVr;L]EVIQIXETLSVWYWIJYP
MRGVIEXMZMX]#
 ;LEXEVIWSQI[E]WSJWSPZMRKTVSFPIQWGVIEXMZIP]#
 ;LEXEGXMSRWGERFIXEOIRXSHIZIPSTEGVIEXMZIKVSYTGPMQEXI#
 ;LEX GIRXVEP MWWYIW SV XLIQIW EVITVIWIRX EGVSWW +MFFtW WM\ KVSYT GPMQEXI GSQTEVMWSRW#
;LEXGLEVEGXIVMWXMGWHSXLIWM\HMGLSXSQSYWGEXIKSVMIWWLEVI#,S[HSXLI]HMJJIV#
 -RHMZMHYEPP]SVEWEKVSYTHIZIPSTEWGIREVMSMR[LMGLHIJIRWMZIGSQQYRMGEXMSRSGGYVW
(IZIPSTEWIGSRHWGIREVMSMR[LMGLXLIWEQIKSEPWEVIWSYKLXFYXWYTTSVXMZIGSQQYRMGE
XMSRMWYWIH

)<)6'-7)7

'SQTIXMXMZIXIEQGVIEXMZMX]9WMRKGVIEXMZMX]XSSPWh8LI7X]VSJSEQGYT7II
MRKEPXIVREXMZIERW[IVW9WMRKQIXETLSVW1IXETLSVW%TTPMGEXMSR7TIGYPEXI
;LEXMJ#+IXXMRKSYXWMHIPMQMXEXMSRW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

  ' 3 1 4 ) 8 - 8 - : ) 8 ) % 1  ' 6 ) %8 - : - 8 =

*SVQWQEPPKVSYTXIEQWXSGSQTIXI[MXLSRIERSXLIVMRXLIJSPPS[MRKI\IVGMWI)EGLXIEQ
WLSYPH[VMXIHS[RSREWLIIXSJTETIVXSFILERHIHMRE XLIWIZIR[SVHWXLI]MHIRXMJ]ERH
F XLIMVWXEXIQIRXSJXLIXLVIIVYPIWYWIHMRGVIEXMRKXLIWIPIXXIVWIUYIRGIW4SMRXWGERFI
KMZIR XSXLIKVSYTWJSVXLI WTIIH [MXL [LMGL XLI] GSQTPIXIXLI XEWO SV KVSYT SVHIV MR
[LMGLXLI]GSQTPIXIXLIXEWO JSVEGGYVEG]MRGSVVIGXP]MHIRXMJ]MRKXLI[SVHWERHJSVGSV
VIGXP]WXEXMRKXLIXLVIIVYPIWYWIHMRXLIGVIEXMSRSJXLIWIPIXXIVWIUYIRGIW
*MRHXLI[SVHMRIEGLSJXLIJSPPS[MRKWIZIRPIXXIVWIUYIRGIW%PPWIZIR[SVHWEVI
VIPEXIHSVWMQMPEVXSSRIERSXLIVMRWSQI[E]-HIRXMJ]XLVIIVYPIWXLEXQEOIXLMWI\IVGMWI
VIPEXMZIP]IEW]XSEGGSQTPMWLSRGI]SYFIGSQIE[EVISJXLIQ 

*6%-4940)8
&-%629%*2%87
8'6%*2&6)96-6=
-(96%*88)7
9)-0()66&)*686-)7
69*--8+*7
8+66*%-49)7

,S[HSIW[SVOMRKMREKVSYTQEOIGSQTPIXMRKXLMWI\IVGMWIJEWXIVSVQSVIIJJIGXMZI#
,S[HSXLIGSRGITXWSJGVIEXMZITVSFPIQWSPZMRKWYGLEWOIITMRKERSTIRQMRHPSSOMRKEX
TVSFPIQWMRRI[[E]WSZIVGSQMRKTIVGITXYEPERHIQSXMSREPFEVVMIVWYWISJEWWSGMEXMSR
PSSWIRMRK]SYVQMRHERHXVMKKIVMRK]SYVYRGSRWGMSYWLIPTXSWSPZIXLMWTVSFPIQ#
,S[HSIWXLITVIWWYVISJJIIPMRKEXMQIGSRWXVEMRXMQTSWIHF]FIMRKMRGSQTIXMXMSR[MXL
SXLIVXIEQWHMWXVEGXJVSQ]SYVEFMPMX]XSWSPZIXLITVSFPIQ#/IPP]ERH/EVEY WYKKIWX
XLEXWTIIHERHGVIEXMZMX]SJVIWTSRWIWEVIMRZIVWIP]VIPEXIHJEWXIVVIWTSRWIWEVIPIWWGVIEXMZI
FYXXLEX[MXLTVEGXMGIGVIEXMZMX]MRGVIEWIWMRVIWTSRWIWQEHIMRWLSVXIVEQSYRXWSJXMQI
;LIRXLIWSPYXMSRHSIWGSQIMWXLIVIEWYHHIRqTSTrSJFIMRKEFPIXSWIIXLIERW[IV
SVEWPS[QIXLSHMGEPGSRXMRYSYWHIZIPSTQIRXSJXLIERW[IV#;LEXHSIWXLMWWE]EFSYX
LS[GVIEXMZMX][SVOW#

  9 7 - 2 + ' 6 ) %8 - : - 8 = 8 3 3 0 7 h 8 , )  7 8 = 63 * 3% 1 ' 9 4

 *SVQWQEPPKVSYTW=SY[MPPFIKMZIRE7X]VSJSEQGYT=SYVKVSYTMWXSGSQIYT[MXL
EWQER]YWIWEWTSWWMFPIJSVXLMWGYT9WIXLIMHIERIIHPIVWERHQERMTYPEXMZIZIVFW
 %TTSMRXEVIGSVHIV[LS[MPPOIITXVEGOSJ]SYVERW[IVW1SWXKVSYTWGERVIEGL
YWIWMREFSYXQMRYXIWh]SYVEPPSXXIHXMQIJSVXLMWI\IVGMWI
 %XXLIIRHSJXLIQMRYXIW]SYVMRWXVYGXSV[MPPHIGPEVIERYQIVMGEP[MRRIVhXLI
KVSYT[MXLXLIQSWXYWIW
 6IXYVRXS]SYVPMWXERHTMGOXLIJMZIQSWXGVIEXMZIYWIWERHWLEVIXLIWI[MXLXLISXLIV
KVSYTW;LEXYWIWHMH]SYVKVSYTQMWW#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

 8LIZEWXQENSVMX]SJTVSFPIQWGERFIWYGGIWWJYPP]I\EQMRIHF]MRGVIEWMRKSYVS[R
EFMPMXMIWXSKIXSYXWMHISJSYVTVIGSRGIMZIHMHIEWhMRXLMWGEWIXLEXXLI7X]VSJSEQ
GYTMWHIWMKRIHXSLSPHLSXPMUYMHW

  7 ) ) - 2 + % 08 ) 6 2 %8 - : ) % 2 7 ; ) 6 7

 7SPZIXLIJSPPS[MRKTVSFPIQWhFSXLGERFIWSPZIH
2YQFIV%QERPSSOWEXETSVXVEMXERHWE]Wq7SRWERHFVSXLIVW-LEZIRSRIFYX
XLMWTIVWSRtWJEXLIVMWQ]JEXLIVtWWSRr%X[LSWITSVXVEMXMWLIPSSOMRK#
2YQFIV=SYLEZIQEXGLIW8EOIE[E]WM\WSXLEX]SYLEZIXIRPIJX
 *SVQEWQEPPKVSYTERHVIEGLGSRWIRWYWSRXLIWSPYXMSRW
 -J]SYFIPMIZIMXMWETTVSTVMEXIXV]ETTP]MRKXLIMHIERIIHPIVWSVQERMTYPEXMZIZIVFW
 'SQTEVI]SYVERW[IVW[MXLXLIWSPYXMSRWTVSZMHIHF]]SYVMRWXVYGXSV

  9 7 - 2 +  1 ) 8% 4 , 3 6 7

(MVIGXMSRW
1IXETLSVWGSQTEVMRKYRVIPEXIHGSRGITXWEPPS[YWXSHIZIPSTMRWMKLXW;IXEPOERH
XLMROMRQIXETLSVWEPPXLIXMQIEW[ITSVISZIVXLIGPEWWQEXIVMEPJSVEXIWXNSKSYVQIQS
VMIWKSSREHMIXNYKKPISYVFYW]WGLIHYPIWQEVGLXSHMJJIVIRXHVYQQIVWSVJMKLXEGSPH
8V]HIZIPSTMRKWSQIQIXETLSVMGEPXLMROMRKSRXLIMWWYISVTVSFPIQFIMRKHMWGYWWIH
F]]SYVKVSYTSVXIEQ3VTMGOEXSTMGMQTSVXERXXSXLIKVSYT*SVI\EQTPIGSQTEVIXIEQ
QIQFIVWERHGEXWSRPIEHIVWLMTMWWYIWERHQSXMZEXMSR[EVERHJSYV]IEVWSJGSPPIKISR
GLEPPIRKIWERHWYGGIWWIWGSRHYGXMRKERSVGLIWXVEERHTVITEVMRKETVIWIRXEXMSRVEMWMRKE
GLMPHERHHIEPMRK[MXLERSMW]RIMKLFSVVMZIVJPS[WERH]SYVGEWLJPS[ERHWSSR1SWX
MQTSVXERXMWIRNS]MRKXLITVSGIWWSJEHHMRKRI[MRWMKLXW

=SYVKVSYTMWWYICCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

1IXETLSVWCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

-RWMKLXWJVSQXLIGSQTEVMWSRWCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

  1 ) 8% 4 , 3 6 7  % 4 4 0 - ' %8 - 3 2

 4MGOETVSFPIQ4IVLETWXLIKVSYTGERRSXJMRHIRSYKLMRJSVQEXMSRSREXSTMGTEVO
MRKSRGEQTYWMWMQTSWWMFPISVXLIPMOI
 ;VMXIHS[RETVSFPIQWXEXIQIRXhFIWTIGMJMG
 6IHYGIXLITVSFPIQWXEXIQIRXXSE[SVHSVWLSVXTLVEWI

;36( CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

4,6%7) CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

 -RWIVX]SYV[SVHXSGVIEXIETTVSTVMEXIEREPSKMIWhLMRXHIZIPSTWIZIVEP

=SYV[SVH MWPMOIE

=SYVTLVEWI MWPMOIE

 *VSQ XLIWI EREPSKMIW HIGMHI [LMGL SRIW  MW QSWX YWIJYP GPIZIV ETTVSTVMEXI SV
YRI\TIGXIHJVSQXLIWIEREPSKMIWERHTVSGIIHXSWSPZIXLITVSFPIQQIXETLSVMGEPP]
VIQIQFIV4VMRKPIW 
 0SSO EX ]SYV QIXETLSVMGEP WSPYXMSRW -HIRXMJ] X[S MHIEW XLEX GER LIPT ]SYV KVSYT
WSPZIXLITVSFPIQ

  7 4 ) ' 9 0 %8 )  ; , %8  - * #

(MVIGXMSRW
'LSSWI E XSTMG XLEX IZIV]SRI MR XLI KVSYT EKVIIW WLSYPH FI EHHVIWWIH )\EQTPIW
[SYPHFILS[GERIZIV]SRIMRXLMWKVSYTKIXJYPPJMRERGMEPEWWMWXERGIXSKSXSGSPPIKILS[
GERIZIV]SRIMRXLMWKVSYTGYXWXYH]XMQIERHKIXFIXXIVKVEHIWLS[GER[IIPMQMREXIERXM
WSGMEPEGXMZMXMIWLS[GER[IGLERKIXLI)PIGXSVEP'SPPIKILS[GER[IXEOITSWMXMZIEGXMSRW
XSIPMQMREXIHMWGVMQMREXMSRERHWSSR
2S[ETTP]XLIGSRGITXq;LEXMJ#r%WOJSVI\EQTPI[LEXMJXLIVI[IVIEQIERWXS
JMRERGIIZIV]SRItWIHYGEXMSR#;LEX[SYPHMXRIIHXSPSSOPMOI#;LEXHS[IRS[LEZIXLEX
TVSZMHIWERI\EQTPISVQIXETLSV#)ZIR[MPHIVWTIGYPEXMSRGSYPHMRGPYHIIPMQMREXMRKYRM
ZIVWMXMIWVIHYGMRKXLIJSYV]IEVHIKVIIXSEX[S]IEVHIKVIIEPPS[MRKPMJII\TIVMIRGIWXS
FIEGGVIHMXIHERHWSSR
7TIGYPEXI[MPHP]SRXLIXSTMGSJ]SYVGLSMGI8V]ETTP]MRKXLIMHIERIIHPIVWERH
QERMTYPEXMZIZIVFWHMWGYWWIHMRXLIGLETXIV(IZIPSTEWQER]EPXIVREXMZIWSPYXMSRWEWTSWWM
FPI6IXYVRERHWII[LEXGERFIHSRIXSXYVRXLIWIWTIGYPEXMZIMHIEWMRXSTSWWMFPIWSPYXMSRW

  + ) 8 8 - 2 +  3 9 8 7 - ( )  0 - 1 - 8%8 - 3 2 7

-RQER]WMXYEXMSRW[IPMQMXSYVWIPZIWFIGEYWISJSYVS[RFEGOKVSYRHW8[SWXSVMIWMPPYW
XVEXIXLMWTSMRX*MVWXELYRKV]RSVXLIVRTMOI[LIRTPEGIHMRSRILEPJSJEPEVKIEUYEVMYQ
HMZMHIHF]EKPEWWTEVXMXMSR[MXLRYQIVSYWQMRRS[WSRXLISXLIVWMHI[MPPEXXIQTXXSSFXEMR
XLIQMRRS[W%JXIVFEXXIVMRKMXWIPJEKEMRWXXLIKPEWWVITIEXIHP]MXPIEVRWXLEXSFXEMRMRKXLI
QMRRS[W[MPPFIERMQTSWWMFPIXEWO;LIRXLIKPEWWTEVXMXMSRMWVIQSZIHXLITMOI[MPPRSX
EXXEGOXLIQMRRS[W8LIWEQITEXXIVRSJFILEZMSVGERFISFWIVZIH[LIREGEXNYQTWSRXSE
LSXWXSZI&SXLFILEZMSVWI\LMFMXXLI4MOI7]RHVSQI[LMGLMWGLEVEGXIVM^IHF]

 -KRSVMRKHMJJIVIRGIW
 %WWYQMRKGSQTPIXIORS[PIHKIFEWIHSRPMQMXIHI\TIVMIRGI
 0IXXMRKTEWXJEMPYVIWHIXIVQMRIJYXYVIHIGMWMSRW
 *EMPMRKXSGSRWMHIVEPXIVREXMZIQIERWJSVWSPZMRKXLITVSFPIQ
 3ZIVKIRIVEPM^IHVIEGXMSRW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'VIEXMZMX]MRXLI7QEPP+VSYT4VSGIWW

%WEKVSYTGSRWMHIVERMQTSVXERXGEQTYWMWWYIJSV[LMGLXLIWSPYXMSRWRS[FIMRK
SJJIVIHWLS[XLI4MOI7]RHVSQI6IJIVXSXLIJMZIGLEVEGXIVMWXMGWPMWXIH'ER]SYHIZIPST
EHHMXMSREPGLEVEGXIVMWXMGW#
%WEKVSYTHIZIPSTWXVEXIKMIWFEWIHSRXLMWGLETXIVXLEX[MPPLIPTTISTPIFVIEOSYXSJ
XLIPMQMXEXMSRW

6)*)6)2')7

%HEQW.0 8LIGEVIERHJIIHMRKSJMHIEW 6IEH .SLRWSR')

,EGOQER1> 'VIEXMZIGSQ
MRK1%%HHMWMSR;IWPI] QYRMGEXMSR 4VSWTIGX,IMKLXW-0;EZIPERH
%RHIVWSR .:   ;IMVHIV XLER JMGXMSR8LI VIEPMX] /IPP].6
/EVEY7. )RXVEMRQIRXSJGVIEXMZMX]MR
ERH Q]XLW SJ GVIEXMZMX] %GEHIQ] SJ 1EREKIQIRX WQEPPKVSYTW7QEPP+VSYT6IWIEVGL i
)\IGYXMZI i /YLR87 8LIWXVYGXYVISJWGMIRXMJMGVIZSPYXMSRW
&S[IVW&
+YTXE93GXSFIV 2I[IRXVI 'LMGEKS8LI9RMZIVWMX]SJ'LMGEKS4VIWW
TVIRIYVWSJJIVWMQTPIPIWWSRMRFYMPHMRKEJSVXYRI 0EWLMRWO] %  3GXSFIV   'LESW F] HIWMKR
8LI;EPP7XVIIX.SYVREP TT%% *SVXYRI TTi
'YQQMRKW8+
;SVPI]'+ 3VKERM^EXMSREP 0ISREVH&EVXSR (
 7IRWMTIV 7  7TVMRK  8LI
HIZIPSTQIRXERHGLERKI 1EWSR3,7SYXL;IWX VSPI SJ XEGMX ORS[PIHKI MR KVSYT MRRSZEXMSR
IVR 'EPMJSVRME1EREKIQIRX6IZMI[ i
(ERMIPW 8 (
 7TMOIV & /   4IVWTIGXMZIW SR 1EXXMQSVI&; TIVGIRXMRWTMVEXMSR8MTWXEPIW
SVKERM^EXMSREPGSQQYRMGEXMSR RHIH (YFYUYI
XIGLRMUYIWJSVPMFIVEXMRK]SYVFYWMRIWWGVIEXMZMX]
-%&VS[R 2I[=SVO%1%'31
(EZIRTSVX 8 , 4VYWEO 0
 ;MPWSR , .   1SVKER+ -QEKMRM^EXMSR 2I[FYV]4EVO'%7EKI
;LEXtW XLI FMK MHIE 'VIEXMRK ERH GETMXEPM^MRK SR 3IGL6: %[LEGOSRXLIWMHISJXLILIEH 1IRPS
XLI FIWX QEREKIQIRX XLMROMRK &SWXSR ,EVZEVH 4EVO'%'VIEXMZI8LMRO
&YWMRIWW7GLSSP4VIWW 3WFSVRI%* %TTPMIHMQEKMREXMSR VHIH 2I[
(EZMW7
(EZMHWSR& ZMWMSR 2I[=SVO =SVO'LEVPIW7GVMFRIVtW7SRW
7MQSR
7GLYWXIV 4LMPPMTW(
;EPPEGI0 -RJPYIRGIMRXLI[SVO
HI.EREW^7'(S[H/3
7GLRIMHIV&>  TPEGI 1E\MQM^MRK TIVWSREP IQTS[IVQIRX
-RXIVTIVWSREP WOMPPW MR SVKERM^EXMSRW &SWXSR (YFYUYI-%/IRHEPP,YRX
1G+VE[,MPP 6SFMRWSR%+
7XIVR7 'SVTSVEXIGVIEXMZMX]
*EVKMW4)H  8LI2I[=SVO4YFPMG0MFVEV]HIWO ,S[MRRSZEXMSRERHMQTVSZIQIRXEGXYEPP]LETTIR
VIJIVIRGI VH IH 2I[=SVO1EGQMPPER 7ER*VERGMWGS&IVVIXX/SIPLPIV
*VIRGL.64
6EZIR & 8LIFEWIWSJWSGMEP 7EGOW3 %RERXLVSTSPSKMWXSR 1EVW 2I[=SVO
TS[IV-R('EVX[VMKLX
%>ERHIV)HW +VSYT %PJVIH%/RSTJ
H]REQMGW 2I[=SVO,EVTIV
6S[ 7IRKI4/IPMRIV%6SFIVXW'
7QMXL& 8LI
+MFF .   (IJIRWMZI GSQQYRMGEXMSR .SYVREP SJ HERGI SJ GLERKI 8LI GLEPPIRKIW SJ WYWXEMRMRK
'SQQYRMGEXMSR i QSQIRXYQ MR PIEVRMRK SVKERM^EXMSRW 2I[ =SVO
+SQER'/ 'VIEXMZMX] MRFYWMRIWW% TVEGXMGEP (SYFPIHE]'YVVIRG]
KYMHIJSVGVIEXMZIXLMROMRK 1IRPS4EVO'%'VMWT 8LSQTWSR ' '   ;LEX E KVIEX MHIE /I] WXITW
4YFPMGEXMSRW GVIEXMZITISTPIXEOI 2I[=SVO,EVTIV4IVIRRMEP
+VSKER(;)H  ]IEVWSJKIRMYW[MXLSYX :IVKERS(  1EVGL   )MRWXIMR MGSRJSVEPPXMQI
PMQMXEXMSRW(MWGSZIV  97%8SHE] TT(i(

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
+VSYT4VSGIWW
ERH4VIWIRXEXMSR8IGLRMUYIW

',%48)63980-2)

&VEMRWXSVQMRK 4)684VSKVEQ)ZEPYEXMSRERH6IZMI[

'VIEXMZI(IGMWMSR1EOMRK8IGLRMUYIW 8IGLRMUYI
*SGYW+VSYTW ,S[8LIWI8IGLRMUYIW%VI9WIH
2SQMREP+VSYT8IGLRMUYI 7QEPP+VSYT4VIWIRXEXMSREP*SVQEXW
(IPTLM8IGLRMUYI 8LI*SVYQ
7]RIGXMGW 8LI4ERIP
&Y^^7IWWMSRW 8LI'SPPSUYMYQ
-HIE;VMXMRK 8LI7]QTSWMYQ
6SPI4PE]MRK
7YQQEV]
0MWXIRMRK8IEQW
(MWGYWWMSR5YIWXMSRW
4VSFPIQ7SPZMRK8SSPW
*PS[GLEVXW )\IVGMWIW
*MWLFSRI(MEKVEQW 6IJIVIRGIW
4EVIXStW4VMRGMTPI
8LI6-7/4VSGIHYVI

',%48)63&.)'8-:)7

(IWGVMFIXLIKSEPWERHYWIWSJFVEMRWXSVQMRK
)\TPEMRJSGYWKVSYTWERHXLIMVYWIW
3YXPMRIXLIRSQMREPKVSYTXIGLRMUYI
-PPYWXVEXI[L]ERHLS[XSYWIXLI(IPTLMXIGLRMUYI
'PEVMJ]F]I\EQTPIXLIYWISJW]RIGXMGW
)\TPEMRXLIYWISJFY^^WIWWMSRW
4VSZMHIERI\EQTPISJMHIE[VMXMRK
8EOMRKEWMRKPIMWWYIWLS[LS[XSYWIVSPITPE]MRKSVPMWXIRMRKXIEQW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

9WIEWSPYXMSRXSETVSFPIQERHETTP]XLI6-7/TVSGIHYVISV4)68
9XMPM^IJPS[GLEVXWJMWLFSRIHMEKVEQWERH4EVIXStWTVMRGMTPI
7YKKIWXWQEPPKVSYTTVIWIRXEXMSRJSVQEXW

/ )=8 )6 17

&VEMRWXSVQMRK *SVYQ 6-7/TVSGIHYVI

&Y^^WIWWMSRW -HIE[VMXMRK 6SPITPE]MRK
'SPPSUYMYQ 0MWXIRMRKXIEQW 7M\7MKQE
(IPTLMXIGLRMUYI 2SQMREPKVSYTXIGLRMUYI 7]QTSWMYQ
*MWLFSRIHMEKVEQW 4ERIP 7]RIGXMGW
*PS[GLEVXW 4EVIXStWTVMRGMTPI 8SXEP5YEPMX]1EREKIQIRX
*SGYWKVSYT 4)68 851

%PSRKEYXSQSFMPIVS[MX[EWWEMHSJLMQXLEXLIGSYPHWIPPER]XLMRK8LIVI[EW
XLIXMQILIPEXGLIHSRXSXLISPH+IRIVEP7LIVQERXERO&SYKLXMXSJJENYROHIEPIV
JSVX[IRX]JMZIHSPPEVW,EVZI]TYXMXSREFMK[SSHIRTPEXJSVQMRJVSRXSJLMWPSX
ERHSJJIVIHMXEWXLIq;IIOtW7TIGMEPr2S[]SYQE][IPPEWO[LSMRXLIMVVMKLX
QMRH[SYPHFY]EJMJX]XLVIIXSR+IRIVEP7LIVQERXEROGSQTPIXI[MXLGERRSR
1SWXSJXLIWGSJJIVWEPSRKXLIVS[TSWIHXLIWEQIUYIWXMSR&YX,EVZI]LEHTMGOIH
YTXLIZILMGPISR8LYVWHE]ERHF]*VMHE]QSVRMRKEXLILEHWSPHMXJSVXLVII
LYRHVIHERHIMKLX]WM\HSPPEVW7IVPMRKT

1E]FI]SYVKVSYTtWKSEPHSIWRSXMRGPYHIJMRHMRKEFY]IVJSVE+IRIVEP7LIVQERXERO
FYX[LEXIZIV]SYVKVSYTKSEPERYQFIVSJXIGLRMUYIWGERIRLERGI]SYVKVSYTtWGVI
EXMZMX]JEGMPMXEXIMXWTVSFPIQWSPZMRKTVSGIWWERHTVSZMHIEQIXLSHF][LMGLXLIKVSYT
GERTVIWIRXXLEXMRJSVQEXMSRXSEPEVKIVEYHMIRGIMRETIVWYEWMZIQERRIV7SPZMRKTVSF
PIQWIJJIGXMZIP]VIUYMVIWERETTVSTVMEXIQMRHWIXhZMI[MRKTVSFPIQWEWSTTSVXYRMXMIW
SVGLEPPIRKIWERHPSSOMRKJSVWSPYXMSRW%HMWGMTPMRIHETTVSEGLXSHIJMRMRKXLITVSF
PIQXLVSYKLEZEVMIX]SJXSSPWERHMHIRXMJ]MRKERHMQTPIQIRXMRKETTVSTVMEXIWSPYXMSRW
MWGVMXMGEP8LSQTWSR &VEMRWXSVQMRKMWETVSHYGXMZIKVSYTGVIEXMZMX]IRLERGIV
7TIGMJMGKVSYTXIGLRMUYIWJSVKEXLIVMRKMRJSVQEXMSRHIZIPSTMRK MRWMKLXW[MXLMR XLI
KVSYTERH[SVOMRKXLVSYKLWXMGOMRKTPEGIWMRXLIKVSYTHMWGYWWMSRTVSGIWWMRGPYHI
JSGYW KVSYTW RSQMREP KVSYT XIGLRMUYI XLI (IPTLM XIGLRMUYI W]RIGXMGW FY^^ WIW
WMSRWMHIE[VMXMRKERHPMWXIRMRKXIEQW*PS[GLEVXWJMWLFSRIHMEKVEQWERHYWISJXLI
4EVIXSTVMRGMTPIEVIEHHMXMSREPXIGLRMUYIWXLEXGERLIPTKVSYTWSVKERM^IXLITVSFPIQ
WSPZMRK TVSGIWW 6-7/ ERH 4)68 EVI TVSGIWWIW XLEX LIPT KVSYTW W]WXIQEXMGEPP] KS
XLVSYKLEGSQTPI\MQTPIQIRXEXMSRTVSGIHYVIXSQIIXEKSEP8LIWIEVIRSXNYWXL]TS
XLIXMGEPETTVSEGLIW-RWXIEHXLI]EVIYWIH[MHIP]MRSVKERM^EXMSRWXSMRGVIEWIXLIUYEP
MX]SJXLITVSHYGXW[ITYVGLEWI-RXLIWEQIZIMRXLI]GERLIPT]SYVKVSYTJMRHFIXXIV
WSPYXMSRW*MREPP]XLIJSVYQTERIPGSPPSUYMYQSVW]QTSWMYQJSVQEXWGERLIPTSV
KERM^IEKVSYTtWTVIWIRXEXMSRXSERHMRXIVEGXMZIHMWGYWWMSR[MXLEPEVKIVEYHMIRGI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 &VEMRWXSVQMRK 

&VEMRWXSVQMRK
&VEMRWXSVQMRK MWSRISJXLIQSWXTSTYPEVERHYWIJYPXIGLRMUYIWJSVGVIEXMZITVSFPIQ
WSPZMRK-J]SYLEZIEGSRGITXERHEVIXV]MRKXSHIZIPSTEWQER]MRWMKLXWEWTSWWMFPI
HYVMRKEKVSYTQIIXMRKFVEMRWXSVQMRKGERLIPT*SYVKYMHIPMRIWEVILIPTJYPMRJEGMPM
XEXMRKFVEMRWXSVQMRK
 8LIQSVIMHIEWXLIFIXXIV5YERXMX]MWHIWMVEFPI
 %PPMHIEWEVI[IPGSQI8LI[MPHIVXLIMHIEXLIFIXXIV
 2SGVMXMGMWQSJMHIEWEXXLMWWXEKIq*VII[LIIPMRKrMW[IPGSQI
 ,MXGLLMOMRKSRMHIEWYWMRKWSQISRIIPWItWMHIEEWEWTVMRKFSEVHJSVEHHMXMSREP
XLSYKLXWERHGSQFMRMRKERHMQTVSZMRKSRMHIEWEVIIRGSYVEKIH
-JHSRI[IPPFVEMRWXSVQMRKGERTVSHYGIEPEVKIRYQFIVSJSVMKMREPMHIEW;LIR
XLIGVIEXMZIFVEMRWXSVQMRKTVSGIWWMWGSQTPIXI[IRIIHXSWSVXXLVSYKLXLIWIMHIEWXS
HMWGSZIV[LMGLSRIWEVIYWEFPIERH[LMGLEVIGVIEXMZIFYXTIVLETWRSXZIV]TVEGXMGEP
3RIQIXLSHJSVWSVXMRKEWTVIWIRXIHMR'LETXIVMWXSEWWMKRMHIEWIUYEPP]XSSRISJ
XLVIITMPIWPEFIPIH%'ERH&

%'&-HIE7SVXMRK1IXLSH

 %WWMKRER%XSXLIFIWXSRIXLMVH SJXLIMHIEW
 %WWMKRE'XSXLIPIEWXYWEFPISRIXLMVH SJXLIMHIEW
 8LIQMHHPISRIXLMVHEYXSQEXMGEPP]VIGIMZIE&
 +SFEGOXSXLI&WERHWITEVEXIXLIQMRXSXLI%SV'GEXIKSV]
 7XSVIXLI'GEXIKSV]MHIEWJSVPEXIVYWI
 4VMSVMXM^IXLI%WMRXIVQWSJXLIMVMQTSVXERGIYVKIRG]SVETTPMGEFMPMX]XSXLITVSF
PIQEXLERH

8LI MHIEW EVI RS[ SVKERM^IH ERH XLI FVEMRWXSVQMRK WIWWMSR TYX XS YWI -X MW
MQTSVXERXXLEXXLITVMSVMXM^MRKWXITJSPPS[XLIFVEMRWXSVQMRKWIWWMSRMRSVHIVRSXXSWXM
JPIXLIJVIIJPS[SJMHIEW&VEMRWXSVQMRKGERFIJYRERH[IGEREPPIRNS]XLITVSGIWWSJ
FIMRKGVIEXMZI-JXLIKVSYTMWGVMXMGEPERHRSRWYTTSVXMZILS[IZIVXLITVSGIWW[MPPRSX
[SVO8LIOI]XSWYGGIWWJYPFVEMRWXSVQMRKMWIWXEFPMWLMRK EGPMQEXIXLEX IRGSYVEKIW
MRHMZMHYEPWXSEGXMRERSTIRQERRIV&VEMRWXSVQMRKMWSRISJQER][E]WXSIRLERGI
GVIEXMZMX]MRXLIKVSYTTVSGIWW
6IWIEVGLMRSVKERM^EXMSRWHIQSRWXVEXIWXLEXXLIWLEVIHJIIPMRKWSJSTXMQMWQERH
I\GMXIQIRXI\TIVMIRGIHF]VIQSZMRKWSQIFEVVMIVWIRGSYVEKIWEQSVIGVIEXMZIGPMQEXI
4EYPYW
(^MRHSPIX %X7QMXL/PMRI&IIGLEQETLEVQEGIYXMGEPJMVQFVEMR
WXSVQMRKLEWFIIRYWIHWYGGIWWJYPP]XSLIPTTVSNIGXXIEQWXLMROSJMRRSZEXMZIEGXMSRW
JSVI\MWXMRKEGXMSRTPERW/IIPMR 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

;IWXMR,SXIPWI\EQMRIHQSVIXLERTSWWMFPIREQIWKIRIVEXIHXLVSYKLFVEMR
WXSVQMRKJSGYWKVSYTWERHIQTPS]IIWYKKIWXMSRWFIJSVIMXFVERHIHMXWRI[GLEMR)PI
QIRX q8LI EMQ [EW XS JMRH E REQI XLEX [EW WMQTPI QSHIVR ERH RSX XSS PMXIVEPr
=ERGI]T( -RJEGXXLIPIXXIVqXr[EWGYVZIHEXXLIFSXXSQWSMX[SYPHRSXFI
TIVGIMZIHEWEGVSWW[LMGLGSYPHFIQMWMRXIVTVIXIH

'VIEXMZI(IGMWMSR1EOMRK8IGLRMUYIW
9WMRKHMJJIVIRXX]TIWSJJSVQEXWERHETTVSEGLIWXSHIEP[MXLHMJJIVIRXX]TIWSJMWWYIW
ERH HMJJIVIRX KVSYT GSRXI\XW GERIRLERGI XLI GVIEXMZMX] SJ WQEPP KVSYT HMWGYWWMSRW
HIGMWMSRWERHWSPYXMSRW*SGYWKVSYTWRSQMREPKVSYTXIGLRMUYIXLI(IPTLMXIGLRMUYI
W]RIGXMGW FY^^ WIWWMSRW MHIE [VMXMRK VSPI TPE]MRK ERH PMWXIRMRK XIEQW IEGL LEZI
ETTPMGEFMPMX]XSHMJJIVIRXWIXXMRKWERHJSVWSPZMRKHMJJIVIRXX]TIWSJTVSFPIQW
8LIWIGVIXXSFIMRKERIJJIGXMZIKVSYTMWXSYWIXLIETTVSEGLIWERHXIGLRMUYIW
QSWXETTVSTVMEXIXSXLITEVXMGYPEVGMVGYQWXERGIWJEGMRKXLIKVSYTEXXLEXXMQI;IEVI
YRPMOIP]XSYWIEPPXLIWIXIGLRMUYIWMRXLIWEQIKVSYTFYXFIMRKE[EVISJERYQFIVSJ
WXVEXIKMIWTVSZMHIWYW[MXLEVITIVXSMVIJVSQ[LMGLXSGLSSWIERETTVSTVMEXISRI-J
KVSYT HMWGYWWMSR ERH HIGMWMSRQEOMRK ERH TVSFPIQWSPZMRKTVSGIWWIWLEZI FIGSQI
WXEPPIHQSVIERHQSVISJXLIWEQITVSGIWWGERSRP]KMZI]SYQSVIERHQSVISJXLI
WEQIVIWYPX-JX[SQIIXMRKWE[IIOHSRSXQSZIXLIKVSYTXS[EVHWSPZMRKXLITVSFPIQ
[L][SYPHXLVIISVJSYV#-JXLIHMWGYWWMSRSVHIGMWMSRQEOMRKJSVQEX]SYEVIYWMRKEW
EKVSYTLEWVIEGLIHERMQTEWWIGSRXMRYIHHMWGYWWMSRYWMRKXLIWEQIJSVQEXMWTVSFE
FP]RSXYWIJYP8LIJSPPS[MRKXIGLRMUYIWSJJIVHMJJIVIRXETTVSEGLIWXSHIEPMRK[MXLTEV
XMGYPEVKVSYTGMVGYQWXERGIW

*SGYW+VSYTW
8LIVIMWERSPHE\MSQVIKEVHMRKTVSFPIQW-J]SY[ERXXSORS[XLIERW[IVEWOXLITIS
TPIMRZSPZIH8LI]QE]RSXORS[XLIERW[IVFYXXLI]ORS[[LEXQEXXIVWXSXLIQERH
GERTVSZMHIZEPYEFPIMRWMKLXWVIKEVHMRKXLITSWWMFPIWYGGIWWSJER]WSPYXMSR;LIR]SY
EVIEXXIQTXMRKXSJMRHHIXEMPIHXLSVSYKLERHYRWXVYGXYVIHERW[IVWXSTVSFPIQWEJSGYW
KVSYT GERFIXLIZILMGPIJSVYRHIVWXERHMRKTISTPItWZEPYIWMRXIVIWXWERHEXXMXYHIW
-REJSGYWKVSYTEJEGMPMXEXSVMRXVSHYGIWERMWWYISVXSTMGERHEWOWXLIKVSYTXS
HMWGYWWMX0EXIVXLIVIWTSRWIWEVIGEVIJYPP]I\EQMRIHXSMHIRXMJ]QENSVXLIQIW3JXIR
XLIQIIXMRKMWXETIVIGSVHIHWSXLIIRXMVIHMWGYWWMSRGERFIVITPE]IHERHEREP]^IHPEXIV
8LIJEGMPMXEXSVEWOWUYIWXMSRWERHLIPTWXLIKVSYTI\TPSVIMWWYIWXLVSYKLHMWGYWWMSR
*SGYWKVSYTWLEZIFIIRYWIHMREHZIVXMWMRKERHQEVOIXMRKJSV]IEVWEWE[E]XS
EWOEGVSWWWIGXMSRSJTSXIRXMEPYWIVWLS[XLI]JIIPEFSYXETVSHYGXTEGOEKMRKTVSQS
XMSRSVWIVZMGI2S[XLI]LEZIFIIRI\XIRHIHXSMRGPYHIQSVEPITVSFPIQWMRSVKERM^E
XMSRWQIRYWJSVGEJIXIVMEWERHZIRHMRKQEGLMRIWEVKYQIRXW XS FIYWIH F]PE[]IVW
[LIRETTVSEGLMRKENYV]GYWXSQIVVIWTSRWIWXSTVSHYGXWSVGEQTEMKRWERHTSPMXMGEP
GEQTEMKR MWWYIW8LI JSGYW KVSYT MW E LMKLP] EHETXMZI XIGLRMUYI XLEX IRGSYVEKIW E
JVII[LIIPMRKHMWGYWWMSRSRETEVXMGYPEVMWWYI%WQEPPKVSYTGERYWIXLIJSGYWKVSYT
XIGLRMUYIXSI\TPSVIXLIQENSVMWWYIWWYVVSYRHMRKETVSFPIQHIGMWMSRSVGSRGIVRERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'VIEXMZI(IGMWMSR1EOMRK8IGLRMUYIW 

*-+96) *SGYW+VSYTWh8LI7IZIR/I]7XITW

(IJMRIXLITYVTSWISJXLIJSGYWKVSYT%WOUYIWXMSRWWYGLEWq[LEXHS[I[ERXXSEGLMIZI#r
4PERELIEHJSVXLIWIWWMSR;L]EVI]SYLEZMRKXLMWQIIXMRKERH[LIR[MPPMXSGGYV#
-HIRXMJ]ERHMRZMXIXLITEVXMGMTERXW-J]SYLEZIERMRXEGXKVSYTXLIRXLMWMWJEMVP]IEW]3XLIV
[MWIGLSSWMRKXLIVMKLXTEVXMGMTERXW[MPPSJXIRHIGMHI]SYVWYGGIWW
4VSZMHIERSZIVZMI[XS]SYVTEVXMGMTERXWWSXLI]ORS[[L]XLI]EVIEXXIRHMRK3RGIEKEMRMJ
XLMWMWERMRXEGXKVSYTTVSZMHIEVIEWSRJSVXLIJSGYWKVSYT
+IRIVEXIXLIUYIWXMSRWXSFIEWOIH8LMWMWRSXERSTIRIRHIHJSVYQ-RWXIEH]SYEVIXV]MRKXS
HIXIVQMRIWTIGMJMGMRJSVQEXMSR
(IZIPSTEWGVMTXSVETPERSJEGXMSRWS]SYEVIGIVXEMR]SYSFXEMRXLIRIGIWWEV]MRJSVQEXMSRMR
XLIXMQIEZEMPEFPI
-RXIVTVIXERHVITSVXXLIVIWYPXW

2SXI-RQER]WMXYEXMSRWTVSJIWWMSREPJEGMPMXEXSVWEVIYWIH

XLIRSVKERM^IXLSWIMWWYIWF]XLIQIMRERI\TPMGMXERHYWIJYPQERRIV*SGYWKVSYTWGER
]MIPHMQTVIWWMZIVIWYPXWWMRGIXLI]TVSZMHIEREHHMXMSREPEZIRYIXSGVIEXMZMX]=EVXRSJJ
  8S SFXEMR XLI FIWX VIWYPXW EWO STIRIRHIH UYIWXMSRW XLEX IPMGMX XLSYKLXJYP
VIWTSRWIWHSRSXXV]XSJSVGIXLIJSGYWKVSYTXS[EVHETEVXMGYPEVWSPYXMSRSVEPPS[XLI
KVSYT XS JSGYW SR E TEVXMGYPEV WSPYXMSR MRWXIEH SJ XLI TVSFPIQW 0MWXIR XS EPP XLI
ERW[IVW-RIWWIRGIJSGYWKVSYTWEPPS[]SYXSYRHIVWXERH[LEXMRHMZMHYEPWEGXYEPP]
MRZSPZIHMRXLIMWWYIWXLMRO%W[MXLQSWXKVSYTTVSGIWWIWWXVYGXYVIQEOIWXLIJSGYW
KVSYTQSVIIJJIGXMZI%JSGYWKVSYTWLSYPHTE]EXXIRXMSRXSXLIWIZIRWXITWSYXPMRIHMR
*MKYVI  7MQSR 

2SQMREP+VSYT8IGLRMUYI
6IWIEVGLMRHMGEXIWXLEX[ITVSHYGIFIXXIVMHIEW[LIR[I[SVOMRXLITVIWIRGISJSXL
IVW-REHHMXMSRXLIKVSYTWIXXMRKEPPS[WJSVEQSVIFEPERGIHTEVXMGMTEXMSRXLERWMQTP]
EWOMRKJSVMRHMZMHYEPMRTYX,S[IZIVTEVXMGMTEXMSRF]KVSYTQIQFIVWMWJVIUYIRXP]RSX
IUYEP7SQIQIQFIVWEVIUYMIX[LMPISXLIVWXEPOEPSX-JXLITEVXMGMTERXWLEZIHMJJIVIRX
STMRMSRWERHKSEPWRSXEPPTIVWTIGXMZIWERHGSRGIVRWQE]FILIEVH[MXLIUYEPVIWYPXW
;LIRXLIMRTYXSJEPPTEVXMIWMWRIIHIHXLIRSQMREPKVSYTXIGLRMUYISJJIVWEZMEFPI
QIXLSHJSVSFXEMRMRKMX8LIRSQMREPKVSYTXIGLRMUYI MWELMKLP]WXVYGXYVIHQIIXMRK
EKIRHE XLEX EPPS[W IZIV]SRI XS GSRXVMFYXI MRE VIPEXMZIP] IUYEP QERRIV ERH [MXLSYX
LEZMRK XLEX GSRXVMFYXMSR MRXIVVYTXIH F] IZEPYEXMZI GSQQIRXW JVSQ SXLIVW 8LMW
ETTVSEGLEPPS[WGSRXVSZIVWMEPMWWYIWXSFII\EQMRIHERHTVSZMHIWERYQIVMGEPVEXMRKSJ
EWWMKRIHTVMSVMXMIWXSXLIMHIEWERHEPXIVREXMZIWWYKKIWXIHF]QIQFIVW1G7LERI

:SR+PMRS[ 8LIRSQMREPKVSYTXIGLRMUYIX]TMGEPP]MRGPYHIWJSYVWXITW

 4EVXMGMTERXW[SVOEPSRIERHVIWTSRHMR[VMXMRK[MXLTSWWMFPIWSPYXMSRWXSE
WXEXIHTVSFPIQ8LMWWMPIRXMRHITIRHIRXKIRIVEXMSRSJMHIEWMR[VMXMRKMWEOI]XSXLI
TVSGIWWJSVEMVMRKEFVSEHVERKISJMHIEWSRXLIXSTMG

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

 )EGLQIQFIVVIEHWLMWSVLIVMHIEWEPSYHMREVSYRHVSFMRJEWLMSR[MXLSYX
ER]GVMXMGMWQSVHMWGYWWMSR8LMWVSYRHVSFMRWLEVMRKSJMHIEWQIERWXLEXIEGLTEVXMGM
TERXGSRXVMFYXIWEWMRKPIMHIEEXEXMQI[LMGLMWXLIRVIGSVHIHSREPEVKIJPMTGLEVX
(MWGYWWMSRSJXLIMHIEWMWRSXTIVQMXXIHYRXMPEPPLEZIFIIRVIEHERHXLIMHIEWLIIXW
XETIHXSXLI[EPPWSXLEXXLI]GERFIWIIRF]XLI[LSPIKVSYT8LIKVSYTJEGMPMXEXSVGSR
XMRYIWXSVIUYIWXMHIEWJVSQTEVXMGMTERXWYRXMPEPPMHIEWLEZIFIIRVIGSVHIHSVXLIKVSYT
VIEGLIWEGSRWIRWYWXLEXXLI]LEZITVSHYGIHEWYJJMGMIRXRYQFIVSJMHIEWXSHMWGYWW
 8LIMHIEWSRXLIPMWXEVIRS[HMWGYWWIHERHGPEVMJMIHEWXSXLIMVQIERMRKWFYX
[MXLRSIZEPYEXMZIGSQQIRXWEPPS[IH8LITEVXMGMTERXWHMWGYWWIEGLMHIESRXLIPMWX
YRXMPXLI]EVIGPIEVEFSYXXLIQIERMRKSJEPPWYKKIWXMSRW8LMWGERFIHSRIMREWIVMEP
QERRIV-JXLIVIEVIXSSQER]MHIEWXSFIIJJIGXMZIP]GSZIVIHXLIJEGMPMXEXSVGERMRWXIEH
MHIRXMJ]ERHWYKKIWXOI]MWWYIWSVXLIQIWVYRRMRKXLVSYKLXLIMHIEWXLEXRIIHXSFI
GPEVMJMIH(YVMRKXLMWWXITQIQFIVWQE]EPWSHMWGSZIVXLEXX[SSVQSVIMHIEWPMWXIHSR
XLIGLEVXQIERIWWIRXMEPP]XLIWEQIXLMRKERHHIGMHIXSGSQFMRIXLIQ
 1IQFIVWXLIRVEROSVHIVXLIMHIEWMRSVHIVSJMQTSVXERGI[LMGLMWHSRIF]
MRHMZMHYEPWIGVIXFEPPSX8LIVIWYPXWSJXLMWFEPPSXEVIXEFYPEXIHERHVIGSVHIHSRXLIJPMT
GLEVX 8LI VIWYPXW ERH ER] JSPPS[YT HMWGYWWMSR SJ XLI ZSXMRK TEXXIVR WYKKIWX XLI
KVSYTtWSVMIRXEXMSRERHTSWWMFPIWSPYXMSRWXSXLITVSFPIQ

;LIRMWWYIWEVIXSSGSRXVSZIVWMEPSVXSSGSQTPI\JSVEJYPPERHSTIRZIVFEPKVSYT
HMWGYWWMSRXLIRSQMREPKVSYTXIGLRMUYIGERFIYWIJYP*SVI\EQTPIMJIZIV]SRIMRE
KVSYT[ERXWXSMRWXEPPEGSQTYXIVW]WXIQFYXRSSRIGEREKVIISRXLIFVERHXLIRSQM
REPKVSYTXIGLRMUYIGERTVSZMHIERIJJMGMIRXQIERWJSVMRZSPZMRKEPPMRXIVIWXIHTEVXMIW
ERH GER JEGMPMXEXI E JEWXIV WSPYXMSR 8LI TLVEWMRK SJ XLI UYIWXMSR SV TVSFPIQ XS FI
EHHVIWWIH LS[IZIV MW MQTSVXERX *SV XLMW GSQTYXIV W]WXIQ I\EQTPI E UYIWXMSR SJ
q[LMGLGSQTYXIVW]WXIQWLSYPH[ITYVGLEWI#rMWRSXERETTVSTVMEXIRSQMREPKVSYT
XIGLRMUYI UYIWXMSR% QSVI [SVXL[LMPI UYIWXMSR [SYPH FI XS EWO q;LEX JYRGXMSRW
QYWXXLIRI[GSQTYXIVW]WXIQTIVJSVQ#rSVq;LEXWSJX[EVIQYWXXLIRI[GSQTYXIV
W]WXIQVYR#r8LIRSQMREPKVSYTXIGLRMUYIGSYPHFIERIJJMGMIRXERHYWIJYPQIERWSJ
SFXEMRMRKEKVSYTTVMSVMXM^IHGSQTVILIRWMZIPMWXSJXLIGSQTYXIVJYRGXMSRWSVWSJX[EVI
&IGEYWIXLIRSQMREPKVSYTMWLMKLP]WXVYGXYVIHEKVIEXIVPMOIPMLSSHI\MWXWXLEXXLIVI
[MPPFIEWXVSRKSVMIRXEXMSRXSEGGSQTPMWLMRKXLIKVSYTtWXEWOERHEPIWWIRIHGLERGIJSV
GSRJPMGX8LMW XEWO SVMIRXEXMSR EPWS QIERW XLEX XLIVI [MPP FI PIWWKVSYTGSLIWMZIRIWW
FIGEYWIXLIXIGLRMUYIQMRMQM^IWWSGMEPMRXIVEGXMSR1G7LERI
:SR+PMRS[ 
2SQMREPKVSYTXIGLRMUYIMWELMKLP]WXVYGXYVIHJSVQEXXLEXTVSZMHIWEKYEVERXII
XLEXIZIV]SRIGERTEVXMGMTEXI-XQEOIWTYFPMGMRE[VMXXIRJSVQXLIGLSMGIWSJXLIKVSYT
ERHEPPMRXIVIWXIHTEVXMIWEVIEPPS[IHXS[EXGLXLIHIGMWMSRQEOMRKTVSGIWWEWMXYRJSPHW

(IPTLM8IGLRMUYI
7SQIXMQIWEKVSYTHSIWRSXRIIHXSQIIXJEGIXSJEGI%XSXLIVXMQIWMXMWWMQTP]RSX
TVEGXMGEP XS LEZI IZIV]SRI KIX XSKIXLIV 8LI (IPTLM XIGLRMUYI MW E [VMXXIR WYVZI]
QIXLSHJSVKEXLIVMRKSTMRMSRW[MXLSYXLSPHMRKEKVSYTQIIXMRK-XMWEQIXLSHXLEX
[EWHIWMKRIHF]XLI6%2('SVTSVEXMSRXSEMHMRMXWEFMPMX]XSTVIHMGXXIGLRSPSKMGEP
MRRSZEXMSRWERHMXLEWWMRGIFIIRYWIHF]KVSYTWJSVQER]TYVTSWIW(I;MRI 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'VIEXMZI(IGMWMSR1EOMRK8IGLRMUYIW 

%PEVKIRYQFIVSJTISTPIGERFIMRGPYHIHERHHMWXERGIMWRSXEJEGXSV;LIR]SY[ERX
XSWSPMGMXEZEVMIX]SJMRTYXWERHIWTIGMEPP][LIR]SYRIIHMRTYXJVSQTISTPI[LSEVI
EXEHMWXERGIXLI(IPTLMXIGLRMUYISJJIVWEWSPYXMSR
%RMRMXMEPWYVZI]MWHMWXVMFYXIHERHXLI[VMXXIRVIWYPXWEVIXEFYPEXIH8LIWIVIWYPXW
EVIXLIRWIRXFEGOXSXLISVMKMREPVIWTSRHIRXWEPSRK[MXLEHHMXMSREPJSPPS[YTUYIW
XMSRW%(IPTLMTVSGIHYVIQMKLXWXEVX[MXLXLIJSVQYPEXMSRSJXLIMWWYIWEWOMRKTEVXMG
MTERXWXSHIWGVMFIERHGPEVMJ]XLIMWWYIXLEXWLSYPHFIYRHIVGSRWMHIVEXMSRERHLS[MX
WLSYPHFIWXEXIH7IGSRHMXGERWSPMGMXSTXMSRW+MZIRXLIMWWYI[LEXSTXMSRWEVIEZEMP
EFPI#8LMVHMXGERLIPTHIXIVQMRIMRMXMEPTSWMXMSRWSRXLIMWWYIh[LMGLMWWYIWIZIV]SRI
EKVIIWEVIMQTSVXERXERHWLSYPHFITYVWYIHERH[LMGLEVIYRMQTSVXERXERHWLSYPHFI
HVSTTIHJVSQHMWGYWWMSR%JSGYWGERXLIRFITPEGIHSRXLSWIMWWYIWXLEXWLS[HMW
EKVIIQIRXEQSRKXLIVIWTSRHIRXW*SYVXLXLIVIEWSRWJSVXLIWIHMWEKVIIQIRXWGERFI
I\TPSVIHERHXLIYRHIVP]MRKEWWYQTXMSRWZMI[WSVJEGXWFIMRKYWIHF]MRHMZMHYEPWXS
WYTTSVXXLIMVVIWTIGXMZITSWMXMSRWQEHIGPIEV*MJXLXLIYRHIVP]MRKVIEWSRWGERFIIZEP
YEXIH ERH XLI EVKYQIRXW XLEX EVI YWIH XS HIJIRH TSWMXMSRW GER FI GSQTEVIH XS SRI
ERSXLIVSREVIPEXMZIFEWMWF]XLIKVSYT*MREPP]XLIKVSYTGERVIIZEPYEXIXLISTXMSRW
FEWIH SR MXW ZMI[SJ XLI YRHIVP]MRK IZMHIRGI ERH EWWIWWQIRX SJ IEGL TSWMXMSR8LI
TVSGIWWMWWYQQEVM^IHMR*MKYVI 
3RXLIRIKEXMZIWMHIXLIXIGLRMUYIGERFIGYQFIVWSQI1EMPMRKWEREP]WMWVERO
MRKWVITSVXMRKERHJSPPS[YTWQYWXEPPSGGYVEXIEGLWXITFYXXLIXIGLRMUYISJJIVWE
QIERWXSMRGSVTSVEXIXLIMHIEWSJZEVMSYWMRHMZMHYEPW[MXLSYXLEZMRKEQIIXMRK8LI
FIWX YWI JSV XLI (IPTLM XIGLRMUYI MW qJSV GSQTPI\ MWWYIW ERH UYIWXMSRW XLEX VIUYMVI
QYGLXLSYKLXJYP GSRWMHIVEXMSRr(I;MRIT %TSWMXMZIEWTIGX MWXLEXMX
MRGSVTSVEXIWXLIZEPYISJERSQMREPKVSYTXIGLRMUYIEPPS[MRKIUYEPTEVXMGMTEXMSRJVSQ
EPPMRHMZMHYEPW%RHXLITVSGIWWVIUYMVIWKSSHSVKERM^EXMSRERHLMKLP]QSXMZEXIHTEV
XMGMTERXWSVPMXXPITEVXMGMTEXMSR[MPPSGGYV

7]RIGXMGW
7]RIGXMGW MWEJSVQEPM^IHXIGLRMUYIJSVKVSYTTVSGIWWHIWMKRXLEXLIPTWKVSYTWXEGOPI
HMJJMGYPXTVSFPIQW GVIEXMZIP] -X EWOW KVSYT QIQFIVW XS YWI EREPSKMIW XSFVIEOXLIMV
I\MWXMRKTEXXIVRWSJXLMROMRKERHXSHIZIPSTEREPSKMIWVIKEVHMRKTEVXMGYPEVGSRGITXWMR
SVHIV XS WII ERSXLIV EWTIGX SJ E TVSFPIQ +SVHSR   8LMW TVSGIWW VIUYMVIW E
WOMPPIHJEGMPMXEXSVWMRGIXLIKVSYTMWEXXIQTXMRKXSYWIEREPSK]QIXETLSVERHJERXEW]
GLEMRMRKXSHIEP[MXLEVIEPMWWYIFYXXLIKSEPMWXSKIRIVEXIRI[GVIEXMZIMHIEW

*-+96) (IPTLM8IGLRMUYIh&EWMG7XITW

(IGMHMRKXSEHQMRMWXIVEUYIWXMSRREMVI
7IPIGXMRKEKVSYTXSVIWTSRHhRSVQEPP]I\TIVXWSVLMKLP]MRZSPZIHMRHMZMHYEPW
*SVQYPEXMRKXLIUYIWXMSRW
4VSHYGMRKXLIUYIWXMSRREMVI
7IXXMRKEHIEHPMRIJSVVIXYVRMRKXLIUYIWXMSRREMVIW
6IGIMZMRKERHEREP]^MRKXLIUYIWXMSRREMVIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

8LITVSGIWWFIKMRW[MXLEVIZMI[SJXLIqTVSFPIQEWKMZIRrEWWXEXIHF]XLIGPMIRX
SVEKIRG]JSV[LSQXLIKVSYTMWXV]MRKXSWSPZIXLITVSFPIQ%REREP]WMWJSPPS[WMR
[LMGLKVSYTQIQFIVWEWOqLS[rERHq[LEXrUYIWXMSRWSJXLIGPMIRXWYGLEWq,S[MW
XLITVSFPIQEWKMZIRETVSFPIQJSV]SY#rq;LEXLEZI]SYHSRIXSXV]XSWSPZIMX#r
q;LEX MWHIWMVIHJVSQXLMW KVSYT#r 'LMPFIVK  ;LMPI PMWXIRMRK XS XLI GPMIRXtW
VIWTSRWIWKVSYTQIQFIVW[VMXIMHIEWFEWIHSRXLIMVTIVGITXMSRWSJXLIGPMIRXtWI\TPMGMX
ERH MQTPMIH HIWMVIW KSEPW ERH TVSFPIQW 2I\X XLI KVSYT PMWXW XLIWI MHIEW SR EJPMT
GLEVXSVFSEVHMRXLIJSVQSJqLS[XSrWXEXIQIRXWWYGLEWq8LITVSFPIQMWLS[XS TVS
ZMHIIEW]]IXVIWXVMGXIHEGGIWWXSTEVXMGYPEVEVIEWSJXLIFYMPHMRKr ERHXLIGPMIRXMW
EWOIHXSSJJIVEWSPYXMSRXSIEGL*SVXLSWIMHIEWVITVIWIRXMRKEWTIGXWSJXLITVSFPIQ
JSV [LMGL XLI GPMIRX MW YREFPI XS TVSZMHI E WSPYXMSR TEVXMGMTERXW EVI EWOIH XS XLMRO
QIXETLSVMGEPP]EFSYXXLITVSFPIQSVXSFYMPHEREPSKMIWJVSQSXLIVTVSGIWWIW8LIWIEVI
PMWXIHJSVXLIKVSYTERHEVIFYMPXSRXLVSYKLETVSGIWWSJKVSYTJERXEW]GLEMRMRKF]XLI
GPMIRXERHKVSYTQIQFIVWMREFVEMRWXSVQMRKWIWWMSR
8LISFNIGXMWXSYWIEREPSK]ERHQIXETLSVXSGVIEXIRI[[E]WSJETTVSEGLMRKERH
XLMROMRKEFSYXETVSFPIQ*SVI\EQTPIMQEKMRI]SYEVIXV]MRKXSHIWMKREGEVtWMRXI
VMSV;LEXTSWWMFPIMRWMKLXWXSXLEXHIWMKRGSYPHFISJJIVIHF]XLMROMRKSJMXEWEPMZMRK
VSSQEFIHVSSQETEVOEJSSXFEPPWXEHMYQEKPEWWNEVSVSXLIVX]TISJWTEGI#3RGI
ER EREPSK] MW HIZIPSTIH XLI KVSYT GER FVEMRWXSVQ XLI EXXVMFYXIW SJ XLI WTEGI ERH
HIZIPSTXLIQXLVSYKLKVSYTJERXEW]XLIQIW4IVLETWMXWLSYPHFIXLSYKLXSJEWEQYP
XMJYRGXMSRWTSVXWEVIREVEXLIVXLEREJSSXFEPPWXEHMYQERHYWIJYPJSVFEWIFEPPEW[IPPEW
JSSXFEPP 8LMWWXITSJZMWYEPEREPSK]FIKMRWXLITVSGIWWSJVIHIWMKRMRKXLIGEVMRXIVMSV
7]RIGXMGWMWEYWIJYPXIGLRMUYI[LIREKVSYTLEWVYRSYXSJGVIEXMZIMHIEWFIGSQI
QMVIH MR GSRXVSZIVW] SZIV LS[ XS ZMI[ WSQIXLMRK SV MW NYWX WXYGO MR MXW TVSFPIQ
WSPZMRKTVSGIWWIW-XGERTVSZMHIEYWIJYPIRIVKM^MRKERHJYR MRXIVPYHIXSVIMRZMKSVEXI
XLITVSFPIQWSPZMRKTVSGIWWERHEGVIEXMZIETTVSEGLXSJMRHMRKEWSPYXMSRXSERSXLIV
[MWIWIIQMRKP]MQTIRIXVEFPITVSFPIQ-RSVKERM^EXMSRWMXLEWFIIRYWIHJSVTVSGIWW
MQTVSZIQIRXWF]VIHYGMRKXLIRYQFIVSJWXITWXLIIQTPS]IIWQYWXXEOIXSGSQTPIXI
XEWOW(IPTLMKVSYTTEVXMGMTERXWEVIEWOIHXSMQEKMRIXLI]EVITEVXSJEQERYJEGXYVMRK
TVSGIWW%WXLI]KSXLVSYKLXLIHEMP]VSYXMRIWXLI]HMWGSZIVMRRSZEXMZIWSPYXMSRWXS
GVIEXMRKEQSVIIJJIGXMZITVSGIWW;IMX^ &IGEYWIXLI(IPTLMKVSYTQIQFIVW
EVIRSXEGXYEPP]IRKEKMRKMRXLI[SVOVSYXMRIXLI]EVIQSVIPMOIP]XSWIIYRRIGIWWEV]
[SVO LEFMXW XLEX QEOI XLI NSF LEVHIV JSV XLI IQTPS]IIW ERH VIHYGI IJJIGXMZIRIWW
FIGEYWIXLIMVMQEKMRMRKSJXLITVSGIWWTVSZMHIWEYRMUYITIVWTIGXMZI

&Y^^7IWWMSRW
;LIR]SYLEZIEPEVKIRYQFIVSJTEVXMGMTERXWERH[ERXXSIRGSYVEKITEVXMGMTEXMSRF]
IEGLQIQFIVFVIEOMRKTEVXMGMTERXWMRXSKVSYTWSJETTVS\MQEXIP]WM\QIQFIVWIEGL
GERFIEWSPYXMSR8LIWIKVSYTWGEPPIHFY^^WIWWMSRW EVIHIWMKRIHXSGVIEXIWTSRXE
RISYWWQEPPKVSYTHMWGYWWMSRWSJEWTIGMJMGTVSFPIQSVUYIWXMSR8LIKVSYTWEVIKMZIR
XLI XSTMG JSV HMWGYWWMSR ERH E XMQI PMQMX MW ERRSYRGIH %JXIV XLI XMQI MW YT E
WTSOIWTIVWSRJVSQIEGLKVSYTVITSVXWXSXLIPEVKIVKVSYT8LIVIWTSRWIWEVIWYQQE
VM^IHSREQEWXIVPMWXERHXLIOI]MWWYIWGERXLIRFIMHIRXMJMIHERHHMWGYWWIHF]XLI
PEVKIVKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'VIEXMZI(IGMWMSR1EOMRK8IGLRMUYIW 

&IGEYWI]SY EVI HIEPMRK [MXLE PEVKI RYQFIV SJ MRHMZMHYEPWGEVIJYP HIWMKR MW

RIGIWWEV]*MVWXMHIRXMJ]XLIMWWYIERHJVEQIMXEWEXEVKIXUYIWXMSRJSVI\EQTPIq;LEX
WLSYPHFIHSRIXSVIHYGIXLIRYQFIVSJEGGMHIRXWXLEXLEZISGGYVVIH#r 7IGSRHHIW
MKREXIPIEHIVW[LS[MPPJEGMPMXEXIXLIHMWGYWWMSRERHTPEGIXLIKVSYTVIWTSRWIWSRJPMT
GLEVXW4VSZMHIEXMQIPMQMXJSVXLIKVSYTWXSFY^^ERHHMWGYWWXLIMWWYIW9WYEPP]JMZI
XS XIR QMRYXIW TIV MWWYI EVI EHIUYEXI *MREPP] EWO XLI HIWMKREXIH PIEHIVW XS QEOI
VITSVXWERHTVIWIRXXLIVIWYPXWXSXLIPEVKIVKVSYTSJXLI[LSPI+MZIRXLIH]REQMGWSJ
XLSWIQIIXMRKWXLEXHSRSXEPPS[PSRKXIVQKVSYTTVSGIWWFY^^WIWWMSRKVSYTWSTIR
XLIHSSVXSEZEVMIX]SJMHIEWERHMRZMXIMRTYXJVSQEPPTEVXMGMTERXW[LMPIPMQMXMRKXLI
XMQIVIUYMVIHJSVXLITVSGIWWSJKIRIVEXMRKERHHMWGYWWMRKXLIQ

-HIE;VMXMRK
-HIE[VMXMRK EPWSX]TMGEPP]HMZMHIWEPEVKIKVSYTMRXSWQEPP[SVOMRKKVSYTWFYXHMJJIVW
JVSQFY^^WIWWMSRWMRXLEXMXTVSZMHIWXLSWIWQEPPIVKVSYTW[MXLE[VMXXIRXEWOVEXLIV
XLERERSVEPHMWGYWWMSR)EGLTEVXMGMTERXMRXLIWQEPPKVSYTVIWTSRHWMR[VMXMRKXSE
WXMQYPYW UYIWXMSR ERH XLIR TPEGIW LMW SV LIV VIWTSRWI SR E TEH MR XLI GIRXIV SJ XLI
KVSYT8LIWITEHWEVIXLIRTEWWIHXSXLIVMKLXEVSYRHXLIKVSYTERHIEGLTEVXMGMTERX
VIEGXWMR[VMXMRKXS[LEXMW[VMXXIRSRIEGLSJXLISXLIVTEHW;LIRXLITEHWXVEZIP
EVSYRHXLIGMVGPIERHVIEGLXLIMVEYXLSVWSRGIEKEMRXLITEVXMGMTERXWVIEHXLIGSQQIRXW
QEHIMRVIWTSRWIXSXLIMVMRMXMEPWXEXIQIRXWERHXLIWQEPPKVSYTHMWGYWWIWXLITVMRGMTEP
MHIEWXLEXIQIVKIHXLVSYKLXLI[VMXXIRMRXIVEGXMSR8LIKVSYTXLIRWYQQEVM^IWXLIHMW
GYWWMSRERHGERVITSVXGSRGPYWMSRWTSMRXWSJEKVIIQIRXTSMRXWSJHMWEKVIIQIRXERH
XLSWITSMRXWRIIHMRKJYVXLIVHMWGYWWMSRXSXLIPEVKIVKVSYT-HIE[VMXMRKGERTVSZMHI
QSVIFEPERGIHMRTYXJVSQKVSYTQIQFIVWXLERSVEPHMWGYWWMSRWWSQIXMQIWHSERHQE]
[SVOFIXXIVXLERFY^^WIWWMSRWMJXLIVIEVIHSQMRERXERHUYMIXQIQFIVWMRXLIKVSYTWSV
MJXLIXSTMGJSVHMWGYWWMSRMWERIQSXMSREPSVGSRXVSZIVWMEPSRI

6SPI4PE]MRK
6SPITPE]MRK EPPS[WTEVXMGMTERXWXSI\TIVMIRGIERHHMWGYWWHMQIRWMSRWSJETVSFPIQSV
EWIRWMXMZIMWWYIXLEXXLI]QE]RSXRSVQEPP]I\TIVMIRGI8LIRKVSYTQIQFIVWGERTVI
WIRXEREP]^IERHWYKKIWXWSPYXMSRW8LIVSPITPE]MRKXIGLRMUYIMWQSWXYWIJYPJSVE
TVSFPIQ MRZSPZMRK LYQER VIPEXMSRWLMTW ERH KIRIVEPP] MRZSPZIW E JMZIWXIT TVSGIWW
*MVWXXLITVSFPIQQYWXFIMHIRXMJMIH7IGSRHQIQFIVWSJXLIKVSYTRIIHXSGSQIYT
[MXLETPSXWIXXMRKERHGLEVEGXIVWXSTEVXMGMTEXIMRXLITVSFPIQWMXYEXMSR8LMVHQIQ
FIVWGLSSWISVEVIEWWMKRIHVSPIWXSTPE]RSRTPE]IVWEVIMRZSPZIHEWSFWIVZIVW*SYVXL
TPE]IVWTVIWIRXXLIMVMRXIVTVIXEXMSRSJXLITVSFPIQ*MJXLTPE]IVWERHRSRTPE]IVWHMW
GYWW[LEXSGGYVVIHHYVMRKXLIVSPITPE]MRKERHEREP]^IEPXIVREXMZIETTVSEGLIWXSXLI
WEQIWMXYEXMSR

0MWXIRMRK8IEQW
0MWXIRMRKXIEQW EVIYWIHXSIRGSYVEKIEGXMZITEVXMGMTEXMSRMRXLITVSGIWWSJPMWXIRMRKXS
HMJJMGYPXSVGLEPPIRKMRKMRJSVQEXMSR0MWXIRMRKXIEQWEVIJSVQIH[LIREQSHIVEXSVSV
PIEHIVHMZMHIWEKVSYTMRXSXIEQWTVMSVXSEPIGXYVISVTVIWIRXEXMSR)EGLXIEQMWXLIR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

EWWMKRIHEWTIGMJMGPMWXIRMRKXEWOWYGLEWUYEPMX]MWWYIWGSWXTEVXMGMTERXWEXMWJEGXMSR
MRSVHIVXSJSGYWSRZIV]WTIGMJMGTEVXWSJXLIHMJJMGYPXQEXIVMEP%JXIVXLITVIWIRXEXMSR
QIQFIVW SJ IEGL XIEQ EVI KMZIR XMQI XS XEOI RSXIW HMWGYWW ERH SVKERM^I XLIMV
XLSYKLXW8LIXIEQQIQFIVWXLIRWIVZIEWVIWSYVGIWJSVXLIPEVKIVHMWGYWWMSRSJMWWYIW
XLEXJSPPS[W

4VSFPIQ7SPZMRK8SSPW
8LVIITVSFPIQWSPZMRKXSSPWQE]LIPTXLIKVSYTTVSGIWWF]GPEVMJ]MRKXLIKSEPWERH
XLI TVSFPIQW XS FI WSPZIH ERH F] EREP]^MRK XLI MRJSVQEXMSR KEXLIVIH MR SVHIV XS
HIZIPSTEPXIVREXMZIW8LIWIEVIJPS[GLEVXWJMWLFSRIHMEKVEQWERH4EVIXStWTVMRGMTPI

*PS[GLEVXW
*PS[GLEVXW KMZIEZMWYEPHIWGVMTXMSRSJETVSGIWWEGVSWWXMQISVXVERWEGXMSRWWLS[MRK
XLIEGXYEPSVHIVMRKSJXLIWXITWSJXLITVSGIWWMRERSRKSMRKWMXYEXMSR8LIJPS[GLEVX
GERXLIRFIGSQTEVIHXSEQSVIMHIEPSVHIVSVWIUYIRGI-RETVSTSWIHWGIREVMSJPS[
GLEVXWGERFIYWIHXSGSQTEVIHMJJIVIRX[E]WSJEGGSQTPMWLMRKEKMZIRXEWO
8LIVIEVIWIZIVEPHMJJIVIRXX]TIWSJJPS[GLEVXWHITIRHMRKSRXLITVSGIWWXSFI
QETTIH(ITPS]QIRXJPS[GLEVXWWLS[[LSHSIW[LEX[LIRMRXLITVSGIWW8LI]GER
FI YWIH MR WQEPP KVSYTW JSV EWWMKRMRK KVSYT VSPIW ERH VIWTSRWMFMPMXMIW EW E [E] SJ
EWWYVMRKXLEXIEGLQIQFIVORS[W[LEXMWI\TIGXIHSJLIVSVLMQ[LIRMXMWI\TIGXIH
ERHF][LSQ8STHS[RJPS[GLEVXWEVIHIWMKRIHXSWLS[XLIQENSVWXITWMRE[SVO
TVSGIWW8LSWIWXITWEVISVHIVIHEGVSWWXLIXST[MXLXLIWYFWXITW[MXLMRIEGLSJXLIQ
GSRRIGXIH[MXLWIUYIRGIEVVS[WYRHIVRIEXLXLIQENSVWXITW(IXEMPIHJPS[GLEVXWWLS[
XLIWIUYIRXMEPSVHIVSJSGGYVVIRGIWERHHIGMWMSRWMRE[SVOWIXXMRKWYGLEWXLIJPS[SJ
TISTPITVSHYGXWWIVZMGIWSVTETIV[SVO*MKYVIW  ERH EVIX[SI\EQTPIWSJ
HIXEMPIHJPS[GLEVXW

*MWLFSRI(MEKVEQW
*MWLFSRI HMEKVEQW EVI EPWS GEPPIH GEYWIERHIJJIGX HMEKVEQW SV -WLMOE[E HMEKVEQW
EJXIV /ESVY -WLMOE[E [LS JMVWXHIZIPSTIHXLIQ8LIHMEKVEQ XEOIWMXWREQI
JVSQMXWVIWIQFPERGIXSEJMWLFSRI[MXLXLITVSFPIQSVIJJIGXHIJMRIHEWXLIqLIEHr
ERHWLS[RSRXLIVMKLXLERHWMHISJXLIHMEKVEQ3RXLIqFSRIWrKVS[MRKSYXSJXLI
qWTMRIrXLIEVVS[TSMRXMRKXSXLILIEH XLIKVSYTPMWXWXLIQENSVTSWWMFPIGEYWIWSJXLI
TVSFPIQMRXLIMVSVHIVSJTVSFEFPISGGYVVIRGISVMQTSVXERGI;MXL-WLMOE[EtWSVMKMREP
ETTVSEGL XLIVI EVI JSYVQENSV GEYWI GEXIKSVMIW QEGLMRIV] QIXLSHW QEXIVMEPW ERH
TISTPI(ITIRHMRKSRXLITVSFPIQXSFIEHHVIWWIHLS[IZIVHMJJIVIRXGEXIKSVMIWQMKLX
FIQSVIVIPIZERX8SXLIWIJSYVQEMRPMRIWFSRIW XLIKVSYTEHHWXLIWYFGEYWIWXLEX
GSRXVMFYXIXSXLIQENSVGEYWIEWWQEPPIVFSRIWHMEKSREPWSVWLSVXIVPMRIW8LIWIEVI
WYFSVHMREXIGEYWIWXLEXGSRXVMFYXIXSXLIPEVKIVGEYWIWSJXLITVSFPIQ8LIJMWLFSRIHME
KVEQQE]FIJMPPIHMRIMXLIVF]FVEMRWXSVQMRKSVF]HEXEKEXLIVMRK&VEMRWXSVQMRKTVS
HYGIWTSWWMFPIGEYWIWXLEXQYWXFIZIVMJMIHF]HEXEKEXLIVMRKERHEREP]WMW*MKYVI 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4VSFPIQ7SPZMRK8SSPW 

*-+96) *PS['LEVX
6IWTSRH 7IIOMRK)QTPS]QIRX
XSRI[WTETIV
EH

#
%WOIH 0SSOIPWI[LIVI
;IVI]SY# JSVER 2S SVQEOISXLIV
MRXIVZMI[ GLSMGIW

=IW

+SSR
MRXIVZMI[

#
-RZMXIH 0SSOIPWI[LIVI
;IVI]SY# XSWIGSRH 2S SVQEOISXLIV
MRXIVZMI[ GLSMGIW

=IW

+SSRWIGSRH
MRXIVZMI[

#
+IXTLSRI 0SSOIPWI[LIVI
(MH]SY# GEPPSVVIGIMZI 2S SVQEOISXLIV
EGGITXERGI GLSMGIW
PIXXIV

=IW

#
(IGMHI 0SSOIPWI[LIVI
(MH]SY# XS 2S SVQEOISXLIV
EGGITX GLSMGIW

=IW

&IKMRRI[
NSF

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 *-+96) *PS['LEVX 1SVRMRK
*VSQ&IHXS;SVO

%PEVQ
KSIWSJJ 2S 7PIITPEXI

=IW

1EOIGSJJII

&EXLVSSQ
EZEMPEFPI 2S ;EMX

=IW

7LS[IV

'PSXLIW
VIEH] 2S -VSRGPSXLIW

=IW

+IXHVIWWIH

)EXWSQIXLMRK

;EXGL
8: 2S 6IEHTETIV

(VMZIXS
[SVO 2S 'EXGLEVMHISVXEOIFYW

=IW

*MRHGPSWI (VMZIEVSYRH
TEVOMRKWTEGI 2S
XSJMRHWTEGI

=IW

%VVMZIEX[SVO


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4VSFPIQ7SPZMRK8SSPW 

1EGLMRIV] 1IXLSHW

4S[IV 1ERYEP %YXSJIIH

ZEVMEFMPMX] JIIH WTIIHMRGSVVIGX
LMKL *VIUYIRX ZEVMEFMPMX]
FVIEOHS[RW
1EMRXIRERGI 'EPMFVEXMSR
TVSFPIQW MRGSVVIGX

&EPP&IEVMRK
(IJIGXW
&EPPFIEVMRK
VSHWSJJWM^I
2IIHIH 7GLIHYPMRK
'EVFSR VSHWM^IW TVSFPIQW
GSRXIRX RSX 4SSV
MRGSVVIGX EZEMPEFPI XVEMRMRK

1EXIVMEPW 4IVWSRRIP

*-+96) *MWLFSRI(MEKVEQSJ&EPP&IEVMRK(IJIGXW

WLS[WEWMQTPIJMWLFSRIHMEKVEQHITMGXMRKETVSFPIQ[MXLFEPPFIEVMRKW*MKYVI  SR
TEKIKSIWJYVXLIVERHTVIWIRXWERI\XIRHIHJMWLFSRIHMEKVEQWLS[MRKLS[SVHIV
TMGOMRKIVVSVWGERFII\EQMRIH

4EVIXStW4VMRGMTPI
:MPJVIH4EVIXStWJMJXIIRXLGIRXYV]WXYH]SJGVMQIMR-XEP]PIHXSETSTYPEVGSRGITXGEPPIH
XLI 4EVIXS TVMRGMTPI 4EVIXS JSYRH XLEX E WQEPP TIVGIRXEKI SJ -XEP]tW TSTYPEGI [EW
VIWTSRWMFPIJSVEPEVKITIVGIRXEKISJXLIGVMQI8LI4EVIXSTVMRGMTPIWXEXIWXLEXVSYKLP]
 SJEPPTVSFPIQWGERFIXVEGIHXSETTVS\MQEXIP] SJEPPTSWWMFPIGEYWIW-RKIR
IVEPEVSYRH SJEPPTSWMXMZIVIWYPXWEVITVSHYGIHF] SJXLIIJJSVXW%TTVS\M
QEXIP]   SJ E GSQTER]tW TVSJMXW GSQI JVSQ   SJ MXW TVSHYGXW *SV I\EQTPI
GSQTERMIWLEZIJSYRHXLEXq SJGYWXSQIVWSJXIRKIRIVEXI SJXLIGSQTER]tW
XSXEPIGSRSQMGTVSJMX[LMPIXLI[SVWX  GERPSWI SJXLITVSJMXWr7IPHIR

'SPZMRT 8LIVYPILSPHWJSVERYQFIVSJMWWYIW6IWIEVGLMRHMGEXIW
XLEX ETTVS\MQEXIP]   SJ WEPIW GSQIW JVSQ   SJ GYWXSQIVW   SJ [EWLMRK
GSQIWJVSQ SJSYV[EVHVSFI SJJMPIYWEKIGSQIWJVSQ SJJMPIW SJ
GSQTPEMRXW GSQIW JVSQ   SJ GYWXSQIVW   SJ WMGO PIEZI MW XEOIR F]   SJ
IQTPS]IIW SJHMVXMWSRXLI SJXLIQSWXYWIHJPSSVEVIE SJGEVTEVXW[MPP
GEYWI SJTVSFPIQW SJTISTPIMRZSPYRXIIVKVSYTWHS SJXLI[SVO
4EVIXStW TVMRGMTPI TVSZMHIW E YWIJYP XSSP JSV WIXXMRK TVMSVMXMIW MR SYV HIGMWMSR
QEOMRKTVSGIWW8LIGSQTPI\MX]SJXLIWQEPPKVSYTTVSGIWWQEOIWMXIEW]XSFIWMHI
XVEGOIHF]MWWYIWXLEXGERFII\TIGXIHXSQEOIPMXXPIMJER]ETTVIGMEFPIHMJJIVIRGIMR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

(EXESRXLIPSEH ;EVILSYWIPE]SYX 4VSHYGXPEFIPMRK (EXESRXLIPSEH

FYMPHYTWLIIX ERHQEVOMRKW ERHKVSYTMRK FYMPHYTWLIIX

0SGEXMSRW 'VS[HMRK 'SYRXW

'SHIW

,IEZ]ZW 7MKRW 'LIGOSJJW

PMKLX

6IEH
MRXIVTVIX -HIRXMJ]PSGEXMSRW -HIRXMJ]MXIQW 'SYRXMRKWXEGOMRK
PSEHFYMPHYT XSFIZMWMXIH XSFITMGOIH TEGOEKMRKPSEHMRK

;IEXLIV 4PERRMRK ;IEXLIV ;IEXLIV

WOMPPW
0IKMFMPMX] -HIRXMJMIVW )]IWMKLX

8MQI 8MQI 'SYRXMRK

)]IWMKLX )]IWMKLX
TVIWWYVI TVIWWYVI WOMPPW
6IEHMRK 8SSPW 'SQQY
WOMPPW RMGEXMSR
WOMPPW
6IEHMRK 6SYXI 4VSHYGXPMRI 8IEQ[SVOEQSRK
EGGYVEG]ERH TPERRMRK ERHMHIRXMJMIV WLMTTIVGVERISTIVEXSV
TVSHYGXGSHI ORS[PIHKI XVYGOIV
ORS[PIHKI

*-+96) *MWLFSRI(MEKVEQSJ3VHIV4MGOMRK)VVSVW

XLISYXGSQI-XMWYWIJYPXSVIQIQFIVXLEXSYVJSGYWWLSYPHFISRXLI SJMRJSVQE
XMSRXLEX[MPPTVSZMHI SJXLII\TIGXIHFIRIJMXERHXLI SJXLIETTEVIRXTVSFPIQ
XLEXMWGVMXMGEPXSFIWSPZIH
4EVIXSGLEVXWEVIFEVGLEVXWXLEXVIJPIGXXLIVIPEXMZIJVIUYIRG]SJETLIRSQIRSR
[LIXLIVMXFIGSWXWJVIUYIRG]SJSGGYVVIRGI[IMKLXWRYQFIVSJVIWTSRWIWXSMXIQWSR
EPMWXSVER]SXLIVQIEWYVIHIGMWMSRQEOIVWQMKLXJMRHYWIJYP*SVI\EQTPI4EVIXS
GLEVXWQMKLXFIYWIHXSWLS[XLIGSQTEVEXMZIGSWXWSJXLIZEVMSYWGSQTSRIRXWSJE
TVSFPIQ-RKIRIVEPXLI]TVSZMHIE[E]SJHSGYQIRXMRKXLIVIPEXMSRWLMTWERH
LIPT JSGYW E KVSYTtW EXXIRXMSR SR XLI QSWX JVIUYIRXP] SGGYVVMRK SV QSWX MQTSVXERX
TVSFPIQW*SVI\EQTPIMJEYRMZIVWMX][EWWIIOMRKXSIRLERGIMXWJSSHWIVZMGIMXGSYPH
YWI4EVIXSGLEVXWXSMHIRXMJ]OI]EVIEWJSVGSRGIVR-JXLIMWWYI[EWIJJMGMIRG]SJWIV
ZMGI E4EVIXS GLEVX [SYPH WLS[ XLI LMKL YWEKI XMQIW [MXL XLI I\TIGXEXMSR XLEX XLI
QENSVMX]SJYWIVW[SYPHPMOIP]ETTIEVHYVMRKGIVXEMRXMQIJVEQIW3VE4EVIXSGLEVX
GSYPHJSGYWSR[EWXIWIIOMRKQIERWXSVIHYGIXLIQSWX[EWXIHMXIQW;LMPIERI\EGX
WTPMXTVSFEFP][SYPHRSXSGGYVXLI4EVIXSETTVSEGLEPPS[WTVSFPIQWSPZIVWXS
JSGYWSRXLIMWWYIWQSWXVIPIZERXXSXLITVSFPIQ
)EGLSJXLIWIXLVIIXSSPWLIPTWEKVSYTHIJMRIERHZMWYEPM^IXLITVSFPIQ%JPS[
GLEVXTVSZMHIWEZMWYEPHIWGVMTXMSRSJERSVHIVIHGLEMRSJVIPEXMSRWLMTW8LIJMWLFSRI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4)684VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI 

GPEVMJMIWXLIGEYWIERHIJJIGXVIPEXMSRWLMTW4EVIXSGLEVXWEVIEYWIJYP[E]SJSVKERM^MRK
HEXEXSLIPTYWQEOIIJJIGXMZIHIGMWMSRWERHXSWIXTVMSVMXMIWJSVSYVMRZIWXMKEXMSR8LYW
XLIWIQIXLSHWLIPTYWWITEVEXIERHEREP]^IXLIMRHMZMHYEPIPIQIRXWSJETVSFPIQ

8LI6-7/4VSGIHYVI
3RGI ]SY LEZI E WSPYXMSR XS E TVSFPIQ ]SY RIIH XS GSRWMHIV XLI GSRWIUYIRGIW SJ
TYXXMRK]SYVTPERMRXSIJJIGX-J]SYVKVSYTHIGMHIHXSVIWGLIHYPIGPEWWIWJSVI\EQTPI
XLIVIGSYPHFIWSQIYRI\TIGXIHVIWYPXWXLEXQMKLXTVSZIXSFIRIKEXMZI
8LI 6-7/ TVSGIHYVI MW E GSQFMREXMSR SJ FY^^ KVSYTW ERH XLI RSQMREP KVSYT
XIGLRMUYI8LIQIIXMRKPIEHIVTVIWIRXWEWSPYXMSRMRHIXEMPERHXLIQIIXMRKTEVXMGMTERXW
EVIIRGSYVEKIHXSXLMROSJER]VMWOWSVTVSFPIQWXLEXQMKLXFIGVIEXIHF]XLIGLERKI
8LIWIGSRGIVRWEVIGSQTMPIHSREJPMTGLEVX%W[MXLFVEMRWXSVQMRKEPPMHIEWWLSYPHFI
[IPGSQIHWMRGIXLIQSWXSFWGYVISRIWQE]KIRIVEXIXLIQSWXWIVMSYWGSRWIUYIRGIWSV
WTYVWSQISRIIPWIMRXLIQIIXMRKXSMHIRXMJ]ERSXLIVTVSFPIQ
8LIPMWX MWGSQTMPIHERHTVIWIRXIH PEXIV MR XLIQIIXMRK SVEXXLIRI\XQIIXMRK
9WMRKXLI%'&MHIRXMJMGEXMSRSJMXIQWETTVSEGLYWIHMRFVEMRWXSVQMRKSVWSQISXLIV
QIERWSJHMJJIVIRXMEXMRKXLIMQTSVXERXJVSQXLIPIWWMQTSVXERXTVSFPIQW EJMREPPMWXSJ
TVSFPIQWXLEXVITVIWIRXWTSXIRXMEPVSEHFPSGOWMWGSQTMPIHERHTVMSVMXM^IH8LI%'&
QIXLSHEWWMKRWMHIEWIUYEPP]XSSRISJXLVIITMPIW-JXLIVIEVIMXIQWEWWMKRER%XS
XLIFIWXMHIEW4YXE'SRXLIPIEWXYWEFPI8LIVIQEMRMRKMHIEWEVIEWWMKRIH&W
WMRGIXLIWIJEPPMRXLIQMHHPI2S[KSFEGOERHWITEVEXIXLI&WMRXSXLI%SV'GEXIKSV]
7XSVIXLI'GEXIKSV]MHIEWJSVPEXIVYWI+SFEGOXSXLI%GEXIKSV]ERHTVMSVMXM^IXLI
MHIEWMRXIVQWSJXLIMVMQTSVXERGIYVKIRG]SVETTPMGEFMPMX]XSXLITVSFPIQEXLERH8LI
MHIEWEVIRS[SVKERM^IHERHTSWWMFPIVIWSPYXMSRWGERFIHMWGYWWIHF]XLIKVSYT

4)684VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI
3RGI XLI WSPYXMSR LEW FIIR MHIRXMJMIH XLI EGXYEP MQTPIQIRXEXMSR VIQEMRW 4VSKVEQ
IZEPYEXMSR ERH VIZMI[ XIGLRMUYI 4)68 MW E W]WXIQEXMG ETTVSEGL JSV HIWMKRMRK XLI
WSPYXMSRWXITW8LMWTPERRMRKW]WXIQMRZSPZIWIMKLXWXITW
 -HIRXMJ] XLI JMREP KSEP SJ XLI HIGMWMSRQEOMRK TVSGIWW ,S[ [MPP XLI WSPYXMSR
PSSO[LIRMXMWMQTPIQIRXIH#
 0MWXEPPXLIIZIRXWXLEXQYWXSGGYVFIJSVIXLIJMREPKSEPMWEGLMIZIH&VEMRWXSVQXS
HIZIPSTXLMWPMWX
 4YXXLIWXITWMRGLVSRSPSKMGEPSVHIV
 9WIEJPS[HMEKVEQXSWLS[LS[XLIIZIRXW[MPPSGGYV
 (IXIVQMRIXLIWTIGMJMGEGXMZMXMIWXLEXQYWXSGGYVXSEGGSQTPMWLIEGLWXITSVWXEKI
 7TIGMJ]XLIXMQIRIIHIHJSVIEGLIZIRXERHXLIIRHTVSHYGX
 (IGMHI[LIXLIVXLIHIEHPMRIWEVIJIEWMFPIERHMJXLIKSEPWGERFIQIXMRXLIXMQI
WTIGMJMIH
 (IXIVQMRIEGVMXMGEPTEXLJSVXLIIZIRXWXLEXQYWXSGGYVERHEWWMKRVIWTSRWMFMPMX]
JSVEGGSQTPMWLQIRXSJIEGLWXITERHIZIRX[MXLMRXLEXTEXLXSETEVXMGYPEVMRHM
ZMHYEPSVKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

3RGIVIWTSRWMFMPMXMIWLEZIFIIREWWMKRIH[VMXIHS[REJYPPXMQIXEFPI[MXLWTI
GMJMGHIEHPMRIWERHJSPPS[YT%TVSKVEQMWSRP]EWKSSHEWMXWEGXYEPMQTPIQIRXEXMSR

,S[8LIWI8IGLRMUYIW%VI9WIH
8SXEP5YEPMX]1EREKIQIRX851 ERH7M\7MKQEEVIX[SI\EQTPIWSJLS[XLIWIGVI
EXMZI HIGMWMSRQEOMRK XIGLRMUYIW EVI YWIH MR SVKERM^EXMSRW *SV I\EQTPI EPQSWX EPP
GSRWYQIVTVSHYGXWMRXLIX[IRX]JMVWXGIRXYV]LEZIELMKLIVUYEPMX]XLERXLIMVGSYRXIV
TEVXWQEHISV]IEVWIEVPMIV'YQQMRKW
;SVPI] ;LIRJEGIH[MXLUYEPMX]
MWWYIW SVKERM^EXMSRW FIKER XS YRHIVWXERH XLEX YWMRK XLI XVEHMXMSREP TVSFPIQWSPZMRK
ETTVSEGLIW[EWMREHIUYEXIJSVEGLMIZMRKUYEPMX]%TSTYPEVTLVEWIMRSVKERM^EXMSRWMW
XLEXqQSVIERHQSVISJXLIWEQIGERSRP]KMZI]SYQSVIERHQSVISJXLIWEQIrhJVIIP]
MRXIVTVIXIHMREHIUYEXIUYEPMX]GERRSXFIJM\IHF]YWMRKXLIWEQIETTVSEGLIW;II\EQ
MRIX[SSJXLIQSWXWYGGIWWJYPYWIWSJXLIXIGLRMUYIW[INYWXGSZIVIHMRXLMWGLETXIV
8SXEP UYEPMX] QEREKIQIRX 851 MRZSPZIW E GSQTVILIRWMZI MRXIVZIRXMSR XLEX
JSGYWIWEPPXLISVKERM^EXMSRW]WXIQWSRXLIGSRXMRYSYWMQTVSZIQIRXSJUYEPMX]'SLIR
IXEP -RQER]GEWIWXIEQWEVIYWIHXSJSGYWSRXLIRIIHWSJMRXIVREPSXLIV
HITEVXQIRXWERHMRXIVEGXMRKYRMXW ERHI\XIVREPGYWXSQIVWXSKYEVERXIIUYEPMX];LIR
851[EWJMVWXMRXVSHYGIHXIEQW[SYPHI\EQMRITEWXTVSFPIQWERHYWIXLIWIGVIEXMZI
ETTVSEGLIWXSJMRHWSPYXMSRW2S[MRXLSWIGSQTERMIWI\TIVMIRGMRKXLIKVIEXIWXWYG
GIWWIW XLI IQTLEWMW LEW WLMJXIH JVSQ JM\MRK TVSFPIQW XS PSSOMRK XS[EVH TVSEGXMZI
TVSFPIQ ERXMGMTEXMSR ERH TVIZIRXMSR 'YQQMRKW
 ;SVPI]   851 MRZSPZIW
XVEMRMRKMRFVEMRWXSVQMRKJPS[GLEVXWJMWLFSRIHMEKVEQWERHSXLIVTVSFPIQWSPZMRK
TVSGIHYVIWEWXLI JMVWXWXITMR XLIPSRKXIVQ TVSGIWW SJGSRXMRYSYW MQTVSZIQIRX%
WXYH]SJJMVQWSJHMJJIVIRXWM^IWWLS[IHXLEX851EHSTXIVWSYXTIVJSVQIHXLSWIXLEX
HMHRSXYXMPM^I851 4S[IPP  8LI QSWXMQTSVXERXJMRHMRKLS[IZIV[EW XLEX
XLSWIWYGGIWWJYPJMVQWJSGYWIHQSVISRGLERKMRKXLIGYPXYVIF]MRGVIEWMRKXLIYWISJ
XIEQW IQTS[IVQIRX ERH GSQQMXQIRX VEXLIV XLER GSRGIRXVEXMRK SR XLI XIGLRMUYIW
XLIQWIPZIW 4S[IPP   ;MXLSYX XLI MRGVIEWIH YWI SJ MRHMZMHYEPW ERH XIEQW
MRZSPZIHMRXLIEGXYEPTVSFPIQWSPZMRKXLIXIGLRMUYIWWMQTP]EVIRSXEWIJJIGXMZI
-REHHMXMSRSVKERM^EXMSRWEVIXYVRMRKXS7M\7MKQE [LMGLMWETVSGIWWXLEXEMQW
XSVIHYGIHIZMEXMSRW IKUYEPMX] IVVSVW  XS HIJIGXW TIV QMPPMSR STTSVXYRMXMIW
[LMGLXVERWPEXIWXSE PIZIPSJTIVJIGXMSR-JETTPMIHXSFVI[MRKGSJJIIXLMW
[SYPH QIER XLIVI [SYPH SRP] FI  WSYV TSXW SJ GSJJII TIV  QMPPMSR FVI[IH -J
ETTPMIHXS]SYVGSPPIKII\TIVMIRGIMX[SYPHIWWIRXMEPP]IPMQMREXIEPPX]TSWJSVEPP]SYV
TETIVWhI\GITXXMQIW[SVHW TIVQMPPMSR
7MKQEMWEPIXXIVSJXLI+VIIOEPTLEFIXYWIHEWEW]QFSPF]WXEXMWXMGMERWXSQEVOE
FIPPGYVZIWLS[MRKXLIPMOIPMLSSHXLEXWSQIXLMRKWYGLEWXLITSXSJGSJJII[MPPHIZMEXI
JVSQXLIRSVQq8LI7M\7MKQEQSZIQIRXEXXIQTXWXSMRWIVXXLIWGMIRGISJLEVHRSWIH
WXEXMWXMGW MRXS XLI JSKK] TLMPSWSTL] SJ UYEPMX]r .SRIW  T &  %GGSVHMRK XS
(IJIS  T   q+IXXMRK 7M\ 7MKQE WXEVXIH FIKMRW [MXL XLI JSVQEXMSR SJ 7M\
7MKQEXIEQWr-WMXMQTSVXERX#'PIEVP]MXHITIRHWSRLS[QYGLMQTEGXXLMWPIZIPSJ
UYEPMX][MPPLEZISRXLISVKERM^EXMSRtWIJJIGXMZIRIWW+VMJJMR *MKYVI  WLS[W
[L]MRGVIEWMRKUYEPMX]MWMQTSVXERX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7QEPP+VSYT4VIWIRXEXMSEP*SVQEXW 

*-+96) (SIW7M\7MKQE1EXXIV#

 IJJIGXMZIQIERWXLVIISVJSYV7MKQE-JXLEXKSEPMWEGLMIZIHZIVWYW7M\7MKQE XLI

JSPPS[MRK[SYPHSGGYV
PSWXEVXMGPIWSJQEMPTIVLSYV
MRGSVVIGXWYVKMGEPSTIVEXMSRWTIV[IIO
X[SWLSVXSVPSRKPERHMRKWTIVHE]EXIEGLQENSVEMVTSVX
[VSRKHVYKTVIWGVMTXMSRWIEGL]IEV
RSIPIGXVMGMX]JSVEPQSWXWIZIRLSYVWIEGLQSRXL

7SQISJXLIVIWYPXWEVIMQTVIWWMZI%X(S['LIQMGEP'SQTER]IEGLq7M\7MKQE
TVSNIGX LEW JVIIHYTEREZIVEKISJ  MR XLI JMVWX ]IEVr %VHRXT  
%PPMIH7MKREPHMWGSZIVIHE[E]XSVIG]GPIQMPPMSRTSYRHWSJWXEMRIHGEVTIXE]IEV
XVERWPEXMRKMRXSXSiQMPPMSRWEZMRKWE]IEV8LIPMWXSJWYGGIWWIWMWI\XIRWMZI
%XXLIWEQIXMQIMXMWEGSQTPMGEXIHTVSGIWWMRZSPZMRKXVEMRMRKMRXLIKVSYTTVSGIWW
GVIEXMZITVSFPIQWSPZMRKXIGLRMUYIWERHWXEXMWXMGEPEREP]WMW'YVVIRXP]qXLIFIWXSVKE
RM^EXMSRW STIVEXI EX EFSYX 8LVII XS *SYV 7MKQE [LMGL XVERWPEXIW MRXS EFSYX 
HIJIGXWTIVQMPPMSRr(IJIST [LMGLEVIXLIHMJJIVIRGIWHIQSRWXVEXIHMR
*MKYVI8LIFIRIJMXWSJ7M\7MKQEMRGPYHIMRGVIEWIHQSXMZEXMSRQSVEPITVMHI
TVSHYGXMSRERHTVSJMXEFMPMX](IJIS &YX[MXLSYXTVSTIVXVEMRMRKMRXLIXIGL
RMUYIWMRGPYHIHMRXLMWGLETXIVTPYWEWXVSRKIQTLEWMWSRWXEXMWXMGEPEREP]WMW7M\7MKQE
TVSFEFP][MPPRSXVIEPM^IMXWJYPPZEPYI

7QEPP+VSYT4VIWIRXEXMSREP*SVQEXW
%KVSYTSJXIRJMRHWXLEX MXRIIHW XSTVIWIRX MXWGSRGPYWMSRWJMRHMRKWVIGSQQIRHE
XMSRWSVEWYQQEV]SJMXWHMWGYWWMSRXS EPEVKIVEYHMIRGI7IZIVEP JSVQEXWEVIGSR
HYGMZI XS KVSYT HMWGYWWMSRW ERH TVIWIRXEXMSRW *SVYQ TERIP GSPPSUYMYQ ERH
W]QTSWMYQ JSVQEXW GER LIPT SVKERM^I E KVSYTtW HMWGYWWMSR ERH JEGMPMXEXI E KVSYTtW
MRXIVEGXMSR[MXLEPEVKIVEYHMIRGI

8LI*SVYQ
8LIJSVYQ TVSZMHIWEWQEPPKVSYTTVIWIRXEXMSREPJSVQEXMR[LMGLXLIKVSYTGERWTIEO
ERHPMWXIRXSEPEVKIVEYHMIRGI8LIJSVYQMWEJSVQSJTYFPMGHMWGYWWMSRMR[LMGLXLI
JYPPEYHMIRGITEVXMGMTEXIWI\EQMRMRKEXSTMGSVTVSFPIQEJXIVEWLSVXTVIWIRXEXMSRF]
XLIKVSYT8LIQIQFIVWSJ XLIEYHMIRGIKMZIVIEGXMSRWTIIGLIWSRIEX EXMQI MRER
SVHIVP]JEWLMSR8LI]QE]FIWXVYGXYVIHF]EQSHIVEXSV[LSWIPIGXWXLIWTIEOIVWSV
XLI]QE]FISVHIVIHF]WTIEOIVWPMRMRKYTEXEQMGVSTLSRIPSGEXIHMRJVSRXSJXLIEYHM
IRGI7SQIXMQIWXMQIPMQMXWEVIMQTSWIHSRXLIWTIEOIVWERHSRSGGEWMSREQSHIVE
XSV[LSFIPMIZIWXLEXSRIZMI[LEWFIIRSZIVP]VITVIWIRXIHF]EWIVMIWSJWTIEOIVWh
[LMPIERSXLIVZMI[LEWFIIRPIJXWMPIRXhQE]GEPPJSVEVITVIWIRXEXMZISJXLISTTSWMRK
ZMI[XSWTIEO7TIEOIVWTVIWIRXERHWYTTSVXEVKYQIRXWXEOITSWMXMSRWXEOIMWWYI[MXL
[LEXLEWFIIRWEMHEWOERHERW[IVUYIWXMSRWERHVIWTSRHXSGSQQIRXW%RSTIRXS[R
QIIXMRK ERH E TYFPMG qLIEVMRKr EVI I\EQTPIW SJ JSVYQW 3JXIR E JSVYQ MW YWIH MR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

GSRNYRGXMSR [MXL SXLIV TYFPMG HMWGYWWMSR JSVQEXW WYGL EW E TERIPiJSVYQ SV

W]QTSWMYQiJSVYQJSVQEX[MXLXLITYVTSWISJTVIWIRXMRKMRJSVQEXMSRSVETVSTSWEP
ERHXLIRWSPMGMXMRKTYFPMGVIEGXMSRXSXLITVSTSWEP%JSVYQGERTVSZMHIEREYHMIRGI
[MXLHMZIVWITIVWTIGXMZIWJVSQI\TIVXWEW[IPPEWERSTTSVXYRMX]XSSFXEMREHHMXMSREP
MRJSVQEXMSRJVSQORS[PIHKIEFPIERHMRXIVIWXIHWXEOILSPHIVW-XTVSZMHIWERMQTSVXERX
STTSVXYRMX]JSVEREYHMIRGIXSKMZIZIVFEPI\TVIWWMSRXSMXWXLMROMRKERHTVSZMHIWER
STTSVXYRMX] JSV GSVVIGXMRK MRXIRXMSREP SV MREHZIVXIRX FMEW HMWXSVXMSR SV QMWYRHIV
WXERHMRKWYVVSYRHMRKERMWWYI%KSSHJSVYQIRWYVIWXLEXEPPTEVXMIWSTMRMSRWSFNIG
XMSRWZMI[WTVIJIVIRGIWERHTIVWTIGXMZIWGERFILIEVH

8LI4ERIP
%TERIP MWETYFPMGJSVQEXMR[LMGLEKVSYTSJJSYVXSIMKLXI\TIVXWHMWGYWWIWETVSFPIQ
SVHIGMWMSRMRJVSRXSJEREYHMIRGI8LMWHMWGYWWMSRSJXIRJSPPS[WXLITVSFPIQWSPZMRK
JSVQEX FYX YWIW ER MRJSVQEP WSQIXMQIW LYQSVSYW WX]PI SJ MRXIVEGXMSR XS OIIT XLI
EYHMIRGItW EXXIRXMSR ERH XS IJJIGXMZIP] WLEVI MRJSVQEXMSR XLEX QE] FI XIGLRMGEP MR
REXYVI8LIQSHIVEXSVWXEVXWXLIQIIXMRKI\TPEMRWXLIJSVQEXXSXLIEYHMIRGISVMIRXW
XLIEYHMIRGIXSXLIXSTMGSVTVSFPIQXSFIHMWGYWWIHMRXVSHYGIWXLIWTIEOIVWTIVLETW
QIRXMSRMRKXLIMVI\TIVXMWIERHTIVWTIGXMZIJSVI\EQTPIMJXLI]VITVIWIRXETEVXMGYPEV
KVSYTGEYWISVGSQTER] OIITWXMQIERHWSQIXMQIWWYQQEVM^IWXLIWTIEOIVWt TSWM
XMSRW8LITERIPJSVQEXTVSZMHIWRSHMVIGXMRXIVEGXMSRFIX[IIRXLITERIPSJI\TIVXWERH
XLIEYHMIRGIFYXMXMWSJXIRJSPPS[IHF]EQSHIVEXIHUYIWXMSRERHERW[IVSVEJSVYQ
WIWWMSR 8LI TERIP WLSYPH RSX RSVQEPP] VYR PSRKIV XLER ER LSYV ERH QE] TVSZMHI
ERSXLIVLEPJLSYVXSERLSYVJSVUYIWXMSRWSVJSVEJSVYQHMWGYWWMSR
4PERRMRKETERIPMWMQTSVXERX8LITERIPQYWXEKVIISRFEWMGHIJMRMXMSRWTEVE
QIXIVWSJXLITVSFPIQXSFIHMWGYWWIHXLIUYIWXMSRWSVMWWYIWXSFIGSRWMHIVIHWTIEOIV
XMQI PMQMXW ERHXLI SVHIV SJ XLI WTIEOIVW8LIVI WLSYPH FI RS FMK WYVTVMWIWJSV XLI
WTIEOIVW SR XLI HE]SJXLI TVIWIRXEXMSRERHXLI TVIWIRXEXMSRWLSYPHRSXXYVR MRXS E
HIFEXI%RIJJIGXMZITERIPMWGSPPEFSVEXMZIP]MRJSVQEXMSREPXSXLIEYHMIRGIVEXLIVXLER
EVKYQIRXEXMZIP]GSRJVSRXEXMSREPEQSRKXLIWTIEOIVW

8LI'SPPSUYMYQ
%GSPPSUYMYQ MWEJSVQSJTYFPMGHMWGYWWMSRMR[LMGLEKVSYTSJXLVIIXSWM\I\TIVXW
YWYEPP]GLSWIRJSV XLIMVHMZIVKIRXZMI[W HMWGYWW ETVSFPIQ JSPPS[MRK XLITVSFPIQ
WSPZMRKJSVQEXMRJVSRXSJEREYHMIRGI[MXLEQSHIVEXSVJEGMPMXEXMRKXLIMVMRXIVEGXMSR
8LITYVTSWISJEGSPPSUYMYQMWXSMHIRXMJ]HIZIPSTERH[SVOXLVSYKLTSWWMFPIWSPY
XMSRWXSETVSFPIQJSVXLIFIRIJMXERH[MXLXLITEVXMGMTEXMSRSJXLIEYHMIRGI8LIQSH
IVEXSV WLSYPH STIR XLI GSPPSUYMYQMRXVSHYGI XLI TVSFPIQ MRXVSHYGI XLI HMWGYWWMSR
KVSYTHIWGVMFIXLIJSVQEXJSVXLIHMWGYWWMSRERHQSHIVEXIXLIMRXIVEGXMSRWXLVSYKLSYX
XLIWIWWMSR8LIQSHIVEXSVQE]LEZIXSI\TPMGMXP]IRGSYVEKIEYHMIRGITEVXMGMTEXMSRF]
MRZMXMRKXLIEYHMIRGIXSEWOUYIWXMSRWSVQEOIGSQQIRXWEXTSMRXWMRXLIHMWGYWWMSR
8LIQSHIVEXSVQYWXEPWS[SVOXSOIITXLIHMWGYWWMSRJSGYWIHERHQSZMRK

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7YQQEV] 

%GSPPSUYMYQJVIUYIRXP]STIRW[MXLWLSVXTSWMXMSRSVSTMRMSRWXEXIQIRXWF]XLI
I\TIVXWERHXLIRWLMJXWXSEQSVIMRXIVEGXMZITYFPMGHMWGYWWMSRSJXLIMWWYIW[MXLEYHM
IRGI TEVXMGMTEXMSR WLMJXMRK FEGO XS GSQQIRXW F] SRI SV QSVI SJ XLI I\TIVXW ERH
VIXYVRMRKEKEMRXSEYHMIRGIGSQQIRXWWSXLEXXLIHMWGYWWMSRMWGEVVMIHSRFSXLMRJVSRX
SJERH[MXLXLITEVXMGMTEXMSRSJEYHMIRGIQIQFIVW
%GSPPSUYMYQ[MPPTVSFEFP]PEWXEXPIEWXERLSYVFYXRSXQSVIXLERX[SLSYVW%
KSSHQSHIVEXSVQYWXWIRWIXLIJPS[SJXLIHMWGYWWMSRXSIRWYVIRSXGYXXMRKMXSJJXSS
WSSREPPS[MRKEPPTEVXMIWTIVWTIGXMZIWERHSTMRMSRWXSFILIEVHFYXEPWSRSXEPPS[MRK
MXXSHVEKSRVITIXMXMSYWP]ERHFIGSQIXIHMSYWSVFSVMRK%GLMIZMRKEWIRWISJGPSWYVI
MWMQTSVXERX

8LI7]QTSWMYQ
%W]QTSWMYQ TVSZMHIWEJSVQEXJSVEWIVMIWSJX[SXSWM\FVMIJWTIIGLIWQEHISRHMJJIV
IRXEWTIGXWSJEGSQTPI\ERHHMJJMGYPXTVSFPIQ8LIWTIEOIVWEVIX]TMGEPP]I\TIVXWMR
HMJJIVIRXEVIEWVIPEXIHXSETVSFPIQERHXLITYVTSWISJXLIW]QTSWMYQMWXSTVIWIRX
GSQTPI\XIGLRMGEPMRJSVQEXMSRXSXLIEYHMIRGIEFSYXXLITVSFPIQ8LIWTIIGLIWEVI
[IPPTVITEVIHTVEGXMGIHERHTSPMWLIHTVIWIRXEXMSRWXLEXEVIYRMRXIVVYTXIHF]XLIEYHM
IRGIERHTVIWIRXIHF]WOMPPIHTYFPMGWTIEOIVW8LIW]QTSWMYQWLSYPHRSXVYRPSRKIV
XLERERLSYVERHMWSJXIRJSPPS[IHF]ELEPJLSYVJSVYQXSEPPS[EYHMIRGIUYIWXMSRW
ERHHMWGYWWMSRSJXLIMWWYI
4PERRMRK TVMSV XS XLI W]QTSWMYQHIXIVQMRIW LS[ XLIWTIEOIVW [MPPHMZMHI XLI
XSTMGXLISVHIVMR[LMGLXLI][MPPWTIEOERHXLIXMQIEPPSGEXIHJSVIEGLWTIIGL8LI
WTIEOIVWERHQSHIVEXSVEVISJXIRWIEXIHSRETPEXJSVQSVFILMRHEXEFPIERHPIGXIVR
TVSZMHMRKEQSVIJSVQEPTYFPMGTVIWIRXEXMSRWIXXMRK8LIQSHIVEXSVMRXVSHYGIWXLIWIW
WMSR EHHVIWWIW XLI MQTSVXERX MWWYIWWYVVSYRHMRK XLI XSTMG MRXVSHYGIW XLI WTIEOIVW
SYXPMRIWLS[XLIXSTMG[MPPFIETTVSEGLIHF]XLIWTIEOIVWERHTVSZMHIWEWYQQEV]EX
XLIGSRGPYWMSRSJXLIW]QTSWMYQ-JEJSVYQHMWGYWWMSRJSPPS[WXLIW]QTSWMYQXLI
QSHIVEXSVQSHIVEXIWXLEXWIWWMSREW[IPP

7YQQEV]
;ILEZIHMWGYWWIHFVEMRWXSVQMRKIMKLXKVSYTHIGMWMSRQEOMRKXIGLRMUYIWXLEXEVIYWI
JYPMRXLIETTVSTVMEXIGMVGYQWXERGIWERHXLVIITVSFPIQWSPZMRKXSSPW-RPMRI[MXLSYV
KSEPXSMRGVIEWIGVIEXMZMX]MRHIGMWMSRQEOMRKERHTVSFPIQWSPZMRKGLERKMRKXLI[E][I
ETTVSEGLEHIGMWMSRETVSFPIQSVEWSPYXMSRGERIRLERGIXLISYXGSQIUYEPMX]QSZMRK
FI]SRHWXERHEVH[E]WSJPSSOMRKEXMWWYIWSZIVGSQMRKGVIEXMZMX]FPSGOWERHWIIOMRK
RI[MRWMKLXW&VEMRWXSVQMRKERHXLIWTIGMEPM^IHETTVSEGLIWSYXPMRIHLIVISJJIV[E]WXS
QEOIEKVSYTQSVIIJJIGXMZI'VIEXMZIKVSYTWXVYGXYVMRKERHTVSGIWWMRKGERFVMRKHMJJIV
IRXERW[IVWERHYRHIVWXERHMRKXSQER]MWWYIW8LIJSVYQTERIPGSPPSUYMYQERHW]Q
TSWMYQTVSZMHIHMJJIVIRXJSVQEXWJSVTVIWIRXMRKERHHMWGYWWMRKXLSWIYRHIVWXERHMRKW
*MKYVI  TVSZMHIWEREYHMIRGIIZEPYEXMSRJSVQJSVXLSWIKVSYTTVIWIRXEXMSRW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

*-+96) %YHMIRGI)ZEPYEXMSR*SVQJSV+VSYT*SVYQ 4ERIP 'SPPSUYMYQ

SV7]QTSWMYQ4VIWIRXEXMSRW

+VSYT2EQI
6EXMRKW
'328)28
2I[MRXIVIWXMRKMRJSVQEXMSR      3PHQSRSXSRSYWFSVMRK
6IPIZERXGSLIVIRXMRJSVQEXMSR      )\XVERISYWMVVIPIZERX
4VEGXMGEPMRJSVQEXMSR      9WIPIWW
46)7)28%8-32
'PIEVSFNIGXMZIW      'SRJYWIHSFNIGXMZIW
;IPPSVKERM^IH      7GEXXIVIH
-RZSPZMRK      2SRMRZSPZMRK
+639446)7)28)67
-RJSVQIHGSRWMWXIRX      9RWYVISVYRGPIEV
%VXMGYPEXI      9RI\TVIWWMZIMREVXMGYPEXI
7XMQYPEXMRK      (YPP

;LEX[EWXLIKVSYTtWQEMRSFNIGXMZISVTSMRX#

;LEXHMH]SYPMOI&)78EFSYXXLITVIWIRXEXMSR#

%R]WYKKIWXMSRWJSVMQTVSZIQIRXW#

(-7'977-3259)78-327

 ;LEXMWEJSGYWKVSYT#,S[HSIWMXHMJJIVJVSQEWXERHEVHKVSYT#;LEXXSTMGWSR]SYVGEQ
TYW[SYPHFIRIJMXJVSQEJSGYWKVSYTHMWGYWWMSR#
 3YXPMRIXLIRSQMREPKVSYTXIGLRMUYI;L]WLSYPHMXFIGSRWMHIVIHEXSSPMRWQEPPKVSYT
HIGMWMSRQEOMRKERHTVSFPIQWSPZMRK#
 ;LEXHS]SYWIIEWXLIFIRIJMXWERH[IEORIWWIWSJXLI(IPTLMTVSGIHYVI#
 ,ERHPMRKPEVKIKVSYTWGERFIHMJJMGYPX;LEXEVIFY^^KVSYTWERHLS[GERXLI]FIYWIH#
,S[GERMHIE[VMXMRKFIYWIH[MXLPEVKIKVSYTW#
 (IWMKREVSPITPE]SJEHMJJMGYPXWQEPPKVSYTMRXIVEGXMSR4VIWIRXERHHMWGYWWMX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

 (MWGYWWXLIMWWYISJGSYVWIVIKMWXVEXMSRERHXI\XFSSOTYVGLEWMRK(IJMRIXLITVSFPIQ
% (IZIPSTEJPS[GLEVXSJXLITVSFPIQ
& (IZIPSTEJMWLFSRIHMEKVEQSJXLIGEYWIIJJIGXVIPEXMSRWLMTW
' %TTP]4EVIXStWTVMRGMTPIXSXLITVSFPIQ
( ,S[LEZIXLIWIXIGLRMUYIWEWWMWXIHMRYRHIVWXERHMRKXLITVSFPIQERHTSWWMFPIWSPYXMSRW#
 (MWXMRKYMWLEQSRKEJSVYQTERIPGSPPSUYMYQERHW]QTSWMYQEWEQIERWJSVQEOMRKE
TYFPMGTVIWIRXEXMSR;LMGLSRI[SYPH]SYTVIJIV#;L]#

)<)6'-7)7

&VEMRWXSVQMRK4VEGXMGMRKXIGLRMUYI'LSSWMRKEWTIGMJMG XIGLRMUYI 'SQTEVMRK

X[SXIGLRMUYIW4VSFPIQWSPZMRKXSSPW'LSSWMRKXLIFIWXTVIWIRXEXMSREPJSVQEX

 &6%-278361-2+

*SVQ E WQEPPKVSYT *SPPS[MRKXLI FVEMRWXSVQMRK KYMHIPMRIW MR XLMW GLETXIV FVEMRWXSVQ

FIXXIV[E]WXSYWIXLIWTEGISJXLIVSSQ]SYEVIMRVMKLXRS[=SYVKSEPMWXSHIZIPSTEW
QER]STXMSRWEWTSWWMFPI%JXIV]SY LEZIGSQTPIXIHXLMWI\IVGMWIFITVITEVIHXSVITSVX
]SYVYWIWXSXLIVIWXSJXLIGPEWW%WEJSPPS[YTSVEPXIVREXMZIFVEMRWXSVQXSGVIEXIMHIEWJSV
SRISJXLIJSPPS[MRK

 %FIXXIVKVEHMRKW]WXIQ
 -RXVSHYGMRKERI[PMRISJKSYVQIXJVS^IRJSSHW
 *YRHVEMWMRKJSVEGSQQYRMX]WIVZMGISVKERM^EXMSRJSVXLIIPHIVP]%JSYRHEXMSR[MPP
KMZI]SYMJ]SYGERVEMWIEQEXGLMRKEQSYRXMRX[SQSRXLW
 8LIVIMWEPEVKIIQTX]VSSQSRGEQTYWXLEX]SY[SYPHPMOIXSFIEFPIXSQEOIQYPXM
TYVTSWI%XXMQIW]SY[SYPHPMOIXSYWIMXJSVSRISVX[SPEVKIQIIXMRKWERHEXSXLIV
XMQIW]SY[SYPHPMOIXSFIEFPIXSLSPHERYQFIVSJWQEPPKVSYTQIIXMRKW8LIHMZMH
MRKW]WXIQ]SY[MPPHIZMWIWLSYPHFIIEWMP]GLERKIHMRI\TIRWMZIERHEXXVEGXMZI

(MWGYWWMSR
,S[GVIEXMZI[IVI]SYVVIWTSRWIW#(MH]SYLEZIER]HMJJMGYPX]MRFVEMRWXSVQ
MRK#;LEX[IVIXLIHMJJMGYPXMIW#;IVIWSQIQIQFIVWQSVIEGXMZIXLERSXLIVW#,S[
GER]SYSZIVGSQIXLMWX]TISJVIXMGIRGIF]WSQIKVSYTQIQFIVW#%WEJMREPSTTSVXYRMX]
XSHIZIPST]SYVKVSYTtWFVEMRWXSVQMRKEFMPMXMIWXV]FVEMRWXSVQMRKXLIERW[IVXSUYIWXMSR
hSZIVGSQMRKVIXMGIRGI

  4 6 %' 8 - ' - 2 + 8 ) ' , 2 - 59 )  ' , 3 3 7 - 2 + 

%  7 4 ) ' - * - ' 8 ) ' , 2 - 5 9 )

'LSSWISRISJXLIHIGMWMSRQEOMRKXIGLRMUYIWERHYWIMXXSSVKERM^IEKVSYTHMWGYWWMSR
XSTMG8LIJSPPS[MRKI\EQTPIYWIWEX[SWXITRSQMREPKVSYTXIGLRMUYIFYXEREPXIVREXMZI
XIGLRMUYIGERFIYWIHMRTPEGISJMX'LSSWIEUYIWXMSRSVMWWYIXSFIEHHVIWWIH4SWWMFPI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

UYIWXMSRWMRGPYHIXLIJSPPS[MRK;LEXEVIXLITSWMXMZIEWTIGXWSJPMZMRKMRXLMWWXEXIKSMRK
XSXLMWWGLSSPSVKVEHYEXMRK[MXLXLMWQENSV#%PXIVREXMZIUYIWXMSRWGSYPHFI;LEXGERFI
HSRIXSIRLERGIE XLIMQEKISJXLMWGSQQYRMX]F WLSTTMRKMRXLMWXS[RG HVMZMRKMR
XLMWXS[RH XLII\TIVMIRGISJEXXIRHMRKXLMWWGLSSPSVSJQENSVMRKMRXLMWHITEVXQIRXSV
I EXXVEGXMRKXSYVMWXWXSXLMWXS[RSVWXYHIRXWXSXLMWWGLSSP#8LIOI]MWXLEXIEGLSJXLIWI
EHHVIWWIWEWTIGMJMGMWWYIFYXMRXLIJSVQSJEFVSEHSTIRIRHIHUYIWXMSR
4VSGIHYVI
)EGLTEVXMGMTERX[SVOWJSVXSQMRYXIWXSMRHITIRHIRXP]KIRIVEXIE[VMXXIRPMWX
SJEWQER]MHIEWEWTSWWMFPIXSEHHVIWWXLIWXEXIHMWWYI2I\XTEVXMGMTERXWEVIJSVQIHMRXS
WQEPPKVSYTWSJETTVS\MQEXIP]WM\TEVXMGMTERXW[MXLIEGLTEVXMGMTERXGSRXVMFYXMRKMHIEWXS
EGSQQSRKVSYTPMWXMREVSYRHVSFMRJEWLMSR[MXLIEGLTEVXMGMTERXGSRXVMFYXMRKSRIMHIE
YRXMPEPPMHIEWEVIPMWXIHSRXLIKVSYTtWPMWX8LIRXLIKVSYTHMWGYWWIWXLIMHIEWGSQFMRMRK
XLSWIXLEXQMKLXFIWXEXIHHMJJIVIRXP]FYXEVIIWWIRXMEPP]XLIWEQIERHHIZIPSTMRKXLSWIXLEX
FYMPHSRSRIERSXLIV*MREPP]IEGLSJXLIWQEPPKVSYTWSJWM\TEVXMGMTERXWTVIWIRXWMXWPMWXXS
XLI[LSPI KVSYTERH EX XLEXPIZIPXLIPMWXWEVIEKEMRGSQFMRIHXSIPMQMREXISZIVPETTMRK
WXEXIQIRXWSJXLIWEQIMHIEXSTVIWIRXXLIFIWXWXEXIQIRXSJIEGLMHIEERHXSGSQFMRIERH
FYMPH SR WMQMPEV MHIEW 8LI KVSYT RS[ WLSYPH LEZI E GSQTVILIRWMZI PMWX SJ MHIEW XLEX
MRZSPZIWIZIV]QIQFIVtWMRTYXXSWYKKIWXIHWSPYXMSRW

  ' 3 1 4% 6 - 2 + 8 ; 3 8 ) ' , 2 - 5 9 ) 7

'SQTEVIERHGSRXVEWXXLIYWISJX[SHMJJIVIRXXIGLRMUYIWJSVI\EQTPISRIZIVFEPKVSYT
XIGLRMUYIWYGLEWFY^^WIWWMSRWERHSRI[VMXXIRKVSYTXIGLRMUYIWYGLEWMHIE[VMXMRK ERH
XLIRHMWGYWWXLISYXGSQISJIEGLXIGLRMUYIJSVETEVXMGYPEVXSTMGERHJSVXLIKVSYTI\TIVM
IRGI&SXLFY^^WIWWMSRWERHMHIE[VMXMRKEVIHIWMKRIHXSSFXEMRMRTYXJVSQEPPTEVXMGMTERXW
GERFITIVJSVQIHMRVIPEXMZIP]WMQMPEVEQSYRXWSJXMQIERH[SVO[IPP[MXLq[LEXWLSYPHFI
HSRIEFSYXrX]TIWSJUYIWXMSRWSVMWWYIW'LSSWIX[SXSTMGWSJGSQTEVEFPIMRXIVIWXERHVIP
IZERGIWYGLEWq;LEXWLSYPHFIHSRIEFSYXZMSPIRGIMRGEVXSSRWWLS[RSRXIPIZMWMSR#r
ERHq;LEXWLSYPHFIHSRIEFSYXTVSXIGXMRKQMRSVWJVSQZMI[MRKI\TPMGMXWI\YEPQEXIVMEPW
MRQEKE^MRIWQSZMIWSVSRXLI-RXIVRIX#r %HHVIWWSRIMWWYIXLVSYKLXLIYWISJFY^^WIW
WMSRWERHXLISXLIVXLVSYKLXLIYWISJMHIE[VMXMRKXLIRHMWGYWWXLITVSHYGXMZMX]ERHWSGMEP
IQSXMSREPI\TIVMIRGISJYWMRKIEGLXIGLRMUYIXSEHHVIWWXLIMWWYIW;LMGLTVSHYGIHQSVI
MHIEW#;LEX[EWXLISZIVEPPUYEPMX]SJXLIMHIEWTVSHYGIHYWMRKIEGLSJXLIXIGLRMUYIW#
;LMGL[EWXLIQSVIIRNS]EFPII\TIVMIRGIERH[L]#

  4 6 3 & 0 ) 1  7 3 0: - 2 +  8 3 3 0 7

=SYLEZIFIIRSJJIVIHJMZIGLSMGIWJSVWSPZMRKTVSFPIQWJPS[GLEVXWJMWLFSRIHMEKVEQW
4EVIXStWTVMRGMTPIXLI6-7/TVSGIHYVIERH4)68=SYVKVSYTLEWFIIREWOIHXSEREP]^I
XLIGYVVIRXXVEJJMGJPS[TVSFPIQWSR]SYVGEQTYW4MGOEXPIEWXX[SSJXLITVSFPIQWSPZMRK
XSSPWERHEREP]^IXLIMWWYI*IIPJVIIXSqKYIWWrWSQISJXLIWTIGMJMGHIXEMPWWMRGI]SYEVI
EXXIQTXMRKXSHIZIPSTXLIKVSYTtWEFMPMX]XSYWIXLIWIXSSPW
%WEREPXIVREXMZITMGOERMQTSVXERXXSTMGWYGLEWETVIWMHIRXMEPIPIGXMSRXLIHMKMXEP
HMZMHIZMSPIRGIMRXLIQIHMEUYEPMX]SJLMKLWGLSSPIHYGEXMSREWETVITEVEXMSRJSVLMKLIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

IHYGEXMSRSVWSQISXLIVXSTMGSJMRXIVIWXXSXLIKVSYTERHHIGMHI[LMGLXSSPW [SYPHFI
QSWXYWIJYPJSVYRHIVWXERHMRKERHEREP]WMW

  ' , 3 3 7 - 2 + 8 , )  & ) 7 8  4 6 ) 7 ) 2 8%8 - 3 2% 0  * 3 6 1 %8

=SYVKVSYTLEWFIIREWOIHXSHMWGYWW[MXLXLIVIWXSJXLIGPEWW]SYVWIQIWXIVPSRKXSTMG%W
EREPXIVREXMZI]SYVMRWXVYGXSVQMKLXTVSZMHI]SY[MXLEXSTMG7MRGI]SYEVIZIV]MRXIVIWXIH
MRXLIWYGGIWWSJXLITVIWIRXEXMSR]SYLEZIHIGMHIHXSI\EQMRITSWWMFPITVIWIRXEXMSREPJSV
QEXWMRSVHIVXSTMGOXLIFIWXSRI
9WMRKE8GLEVX'LETXIV HIZIPSTXLIEHZERXEKIWERHHMWEHZERXEKIWSJYWMRKIEGL
SJXLIJSYVJSVQEXWHMWGYWWIHhJSVYQTERIPGSPPSUYMYQERHW]QTSWMYQhJSVXLMWTEVXMG
YPEVXSTMG&ITVITEVIHXSI\TPEMR[L]]SYVXIEQSVKVSYTFIPMIZIWXLIJSVQEX]SYLEZI
GLSWIR LEW XLI KVIEXIWX PMOIPMLSSH JSV WYGGIWW=SYV XIEQ SV KVSYT QE] EPWS GLSSWI XS
HIZIPSTEREPXIVREXMZIQIERWJSVTVIWIRXMRKXLEXFSVVS[WXLIFIWXEXXVMFYXIWSJIEGLSJXLI
WXERHEVHJSVQEXW[LMPISZIVGSQMRKWSQISJXLIPMQMXEXMSRW-JWSFITVITEVIHXSI\TPEMR
]SYVVIZMWIHETTVSEGL

6)*)6)2')7

%VRHX1.YP]  5YEPMX]MWRtXNYWXJSV[MHKIXW 1G7LERI70

:SR+PMRS[1% 3VKERM^EXMSREP
&YWMRIWW;IIO TTi FILEZMSV &SWXSR-V[MR1G+VE[,MPP
'LMPFIVK.' %VIZMI[SJKVSYTTVSGIWWHIWMKRW 4EYPYW4&
(^MRHSPIX18 7SGMEPMRJPYIRGI
JSV JEGMPMXEXMRK GSQQYRMGEXMSRMR TVSFPIQWSPZMRK TVSGIWWIW MR KVSYT FVEMRWXSVQMRK .SYVREP SJ4IV
KVSYTW 1EREKIQIRX 'SQQYRMGEXMSR 5YEVXIVP] WSREPMX]ERH7SGMEP4W]GLSPSK] i
 i 4S[IPP8 8SXEPUYEPMX]QEREKIQIRXEWEGSQTIXM
'SLIR % 6 *MRO 7 0 +EHSR ,
 ;MPPMW 6 ( XMZI EHZERXEKI % VIZMI[ ERH IQTMVMGEP WXYH]
  )JJIGXMZI FILEZMSV MR SVKERM^EXMSRW XL 7XVEXIKMG1EREKIQIRX.SYVREP i
IH &SWXSR1G+VE[,MPP-V[MR 7IPHIR0
'SPZMR+.YP] -RGVIEWMRKMRRSZE
'YQQMRKW8+
;SVPI]'+ 3VKERM^EXMSREP XMSRW;LEXGYWXSQIVW[ERX*SVXYRI TTJJ
HIZIPSTQIRX ERH GLERKI XL IH  97 7SYXL 7IVPMRK 6   *VSQ XLI X[MPMKLX ^SRI +EVHIR 'MX]
[IWXIVR 2=(SYFPIHE]
(IJIS .%  .YP]  7M\ 7MKQE 6SEH QET JSV WYV 7MQSR.77ITXIQFIV3GXSFIV ,S[XSGSRHYGX
ZMZEP,6*SGYW TTi JSGYWKVSYTW2SRTVSJMX;SVPH TTi
(I;MRI 7   8LI GSRWYPXERXtW GVEJX -QTVSZMRK 8LSQTWSR ' &  7ITXIQFIV  4VSFPIQ WSPZMRK
SVKERM^EXMSREP GSQQYRMGEXMSR &SWXSR &IHJSVH XSSPWXS MQTVSZITVSHYGXMZMX] .SYVREP SJ4VSTIVX]
7X1EVXMRtW 1EREKIQIRX TTi
+SVHSR;.. 7]RIGXMGW 2I[=SVO,EVTIV
6S[ ;IMX^%. 'LERKI,S[XSVIQSZIXLIJIEVVIWIRX
+VMJJMR 6 ;   1EREKIQIRX &SWXSR ,SYKLXSR QIRX ERH VIWMWXERGI ,SWTMXEP 1EREKIQIRX 5YEV
1MJJPMR XIVP] i
-WLMOE[E /   +YMHI XS UYEPMX] GSRXVSP RH VIZ =ERGI] / &  7ITXIQFIV   'SYPH ]SY REQI E
IH 8SO]S%WMER4VSHYGXMZMX]3VKERM^EXMSR RI[LSXIPGLEMR#97%8SHE] T(
.SRIW ( .YP]   *MVQW EMQ JSV 7M\ 7MKQE IJJM =EVXRSJJ0&.YP] *SGYWMRKMR,S[XSYWIJSGYW
GMIRG]97%8SHE] TT&i& KVSYTW XS JMRH SYX [LEX GYWXSQIVW [ERX -RXIV
/IIPMR 8  1EVGLi%TVMP  ,S[ 7QMXL/PMRI REXMSREP&EROMRK TTi
&IIGLEQ QEOIW FIXXIV VIWSYVGIEPPSGEXMSR HIGM
WMSRW,EVZEVH&YWMRIWW6IZMI[ i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

4VSHYGXMZI'SRJPMGX1EREKIQIRX

',%48)63980-2)

(IJMRMRK'SRJPMGX[MXLMRE'SQQYRMGEXMSR 6I[EVHERH4YRMWLQIRX4S[IV
'SRXI\X 4SWMXMSREP0IKMXMQEXI 4S[IV
'SRJPMGX[MXLMR7]WXIQW 6IJIVIRX4S[IV
'SRJPMGX[MXLMR7QEPP+VSYTW 'LEVMWQEXMGSV4IVWSREP 4S[IV
8LI7YFWXERGISJ'SRJPMGX %ZSMHERGI4S[IV
4EXXIVRWSJ'SRJPMGX1EREKIQIRX 4S[IVMR'SRXI\X
'SPPEFSVEXMSRERH'SRWIRWYW 7YQQEV]
2IKSXMEXMSR
(MWGYWWMSR5YIWXMSRW
%GGSQQSHEXMSR
'SQTVSQMWI )\IVGMWIW
'SQTIXMXMSR 6IJIVIRGIW
%ZSMHERGI
4S[IVMR+VSYT'SRJPMGX
)\TIVX4S[IV
-RXIVTIVWSREP0MROEKI4S[IV

',%48)63&.)'8-:)7

(IJMRIGSRJPMGXEWEGSQQYRMGEXMSRIZIRX
)\TPEMRLS[GSRJPMGXMWEGSRWIUYIRGISJEGXMSRW
(MJJIVIRXMEXIFIX[IIRHIWXVYGXMZIERHGSRWXVYGXMZIGSRJPMGX
-PPYWXVEXIXLIWSYVGIWSJGSRJPMGX
)PYGMHEXIXLIWM\WX]PIWSJGSRJPMGXQEREKIQIRX
(IQSRWXVEXIRIKSXMEXMSREWEWXVEXIK]
4VSZMHII\EQTPIWSJXLIX]TIWSJTS[IV
)\TPEMRLS[XSQEOIGSRJPMGXWXVEXIKMIW[SVO


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 /I]8IVQW 

/ )=8 )6 17

%GGSQQSHEXMSR (IWXVYGXMZIGSQTIXMXMSR 4EXXIVRSJMRXIVEGXMZI

%ZSMHERGI (IWXVYGXMZIGSRJPMGXW GSQQYRMGEXMSR
%ZSMHERGITS[IV (MZIVWIFEGOKVSYRHW 4SWMXMSREPSVPIKMXMQEXITS[IV
'LEVMWQEXMGSVTIVWSREPTS[IV )\TIVXTS[IV 4VSFPIQWSPZMRKGSPPEFSVEXMSR
'SRJPMGX *PEWLTSMRX 6IJIVIRXTS[IV
'SQTIXMXMSR -RXIVHITIRHIRGI 6I[EVHERHTYRMWLQIRXTS[IV
'SQTVSQMWI -RXIVTIVWSREPPMROEKITS[IV 7GEVGIVIWSYVGIW
'SRJPMGXQEREKIQIRXWX]PI 1SVTLSKIRMGW]WXIQW :EV]MRKSVMIRXEXMSRWXSXEWO
'SRWIRWYW 1SVTLSWXEXMGW]WXIQW EGGSQTPMWLQIRX
'SRWXVYGXMZIGSRJPMGX 2IKSXMEXMSR ;MXLHVE[EPEZSMHERGI

- SFWIVZIHX[SPEVKIERXWJMIVGIP]GSRXIRHMRK[MXLSRIERSXLIV,EZMRKSRGIKSX
LSPHXLI]RIZIVPIXKSFYXWXVYKKPIHERH[VIWXPIHERHVSPPIHSRXLIGLMTW
MRGIWWERXP]0SSOMRKJEVXLIV-[EWWYVTVMWIHXSJMRHXLEXXLIGLMTW[IVIGSZIVIH[MXL
WYGLGSQFEXERXWEPPXLILMPPWERHZEPIWMRQ][SSH]EVHERHXLIKVSYRH[EW
EPVIEH]WXVI[R[MXLXLIHIEHERHH]MRK-RIZIVPIEVRIH[LMGLTEVX][EW
ZMGXSVMSYWRSVXLIGEYWISJXLI[EVFYX-JIPXJSVXLIVIWXSJXLIHE]EWMJ-LEHLEH
Q]JIIPMRKWI\GMXIHERHLEVVS[IHF][MXRIWWMRKXLIWXVYKKPIXLIJIVSGMX]ERH
GEVREKISJELYQERFEXXPIFIJSVIQ]HSSV8LSVIEY?SVMKMREPP]TYFPMWLIH
ATTi

*SVQSWXSJYWGSRJPMGXIZSOIWMQEKIWSJ[MRRMRKERHPSWMRK[MXLSRISVFSXLSJXLI
TEVXMIWIRHMRKYTJVYWXVEXIHERHHIQSVEPM^IHF]XLIWMXYEXMSR'SRJPMGXMWMRIZMXEFPIMR
HIGMWMSRQEOMRK KVSYTW ERH QER] WGLSPEVW LEZI QSZIH JVSQ E TIVWTIGXMZI XLEX
IQTLEWM^IHXLIRIKEXMZIEWTIGXWSJGSRJPMGXXSSRIJSGYWMRKSRIRGSYVEKMRKQSVIGSR
WXVYGXMZISYXGSQIWERHFIRIJMXW3t'SRRSV+VYIRJIPH
1G+VEXL;MXXIQER
;SSH ;LIR LERHPIH WOMPPJYPP] [MXLMRE KVSYTtW GSQQYRMGEXMSR TVSG
IWWIWGSRJPMGXGERFIGSRWXVYGXMZIERHFIRIJMGMEPPIEHMRKXSLMKLUYEPMX]SYXGSQIW
MRGVIEWIHKVSYTQSVEPIFIXXIVTIVWTIGXMZIXEOMRKWOMPPWERHIRLERGIHVIPEXMSRWLMTW
8LI'LMRIWIGLEVEGXIVJSVGSRJPMGXGSRWMWXWSJX[SWYTIVMQTSWIHW]QFSPWKVETLMGEPP]
WLS[MRKMXWX[SWMHIWSTTSVXYRMX]ERHHERKIV,SGOIV
;MPQSX 
'SRWXVYGXMZIP]IRKEKMRKMRGSRJPMGXGERFIXLIOI]XSGVIEXMRKXLIIRIVK]RIIHIH
MRWQEPPKVSYTWXSHIZIPSTRI[ERHGVIEXMZIMHIEW*SVGSRJPMGXXSFIGSRWXVYGXMZILS[
IZIV FSXL TEVXMIW QYWX IQTLEWM^I E QYXYEP VIWTIGX ERH GSPPEFSVEXMZI SVMIRXEXMSR
VEXLIVXLERWLS[MRKEKKVIWWMZIFILEZMSVPEGOSJVIWTIGXSVEGSQTIXMXMZISVMIRXEXMSR
;I LEZI EPP I\TIVMIRGIH GSRJPMGX EW XLI VIWYPX SJ WSQI MRXIVJIVIRGI [MXL XLI
EGLMIZIQIRXSJSYVTIVWSREPKSEPWRIIHWSVI\TIGXEXMSRW8LIZIV]REXYVISJFIMRK
LYQER [MXL SYV S[R FSHMIW ERH QMRHW ERH SYV S[R TEVXMGYPEV WIXW SJ RIIHW ERH
HIWMVIWFVMRKWYWMRXSGSRJPMGX[MXLSXLIVTISTPIPE[WQSVEPWSVSXLIVSFWXEGPIWXLEX
TVIZIRX YW JVSQVIEGLMRKSYV MRHMZMHYEPKSEPW'SRJPMGX LETTIRW EX EPP PIZIPWSJ SYV
PMZIWhMRXVETIVWSREP MRXIVTIVWSREP KVSYTSVKERM^EXMSREPERHTSPMXMGEP-RXVETIVWSR
EPP][IQE]JIIPXSVRFIX[IIRSYVS[RMRXIVREPSTTSWMRKKSEPWSVEJJMRMXMIW-RXIVTIV
WSREPP][IQE]JIIPFPSGOIHJVSQEGLMIZMRKSYVKSEPWF]ERSXLIVMRHMZMHYEP'SRJPMGX
EPWS SGGYVW [MXLMR ERH FIX[IIR KVSYTW MRXVEKVSYT SV MRXIVKVSYT  8LMW GLETXIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

I\TPSVIW XLI REXYVI SJ GSRJPMGX EW E GSQQYRMGEXMSR IZIRX [MXLMR XLI MRXIVEGXMSRW SJ
WQEPPKVSYTW-XI\EQMRIWFSXLGSRWXVYGXMZIERHHIWXVYGXMZIGSRJPMGXWYKKIWXWWXVEXI
KMIW JSV GSRJPMGX VIWSPYXMSR ERH MRZIWXMKEXIW XLI TS[IV H]REQMGW XLEX YRHIVPMI XLI
I\TVIWWMSRSJGSRJPMGX8LI SFNIGXMZIMWXS I\TPSVI XLITSWMXMZI I\TVIWWMSRSJHMWWIRX
[MXLMRKVSYTHIGMWMSRQEOMRKTVSGIWWIWERHXLIHIZIPSTQIRXSJQSVIJYRGXMSREPERH
PIWWGSRXIRXMSYWTVSFPIQWSPZMRKGSRJPMGXQEREKIQIRXXEGXMGWERHWXVEXIKMIW

(IJMRMRK'SRJPMGX[MXLMRE'SQQYRMGEXMSR'SRXI\X
'SRJPMGX GERFIHIJMRIHEWqERI\TVIWWIHWXVYKKPIFIX[IIREXPIEWXX[SMRXIVHITIRHIRX
TEVXMIW [LS TIVGIMZI MRGSQTEXMFPI KSEPW WGEVGI VI[EVHW ERH MRXIVJIVIRGI JVSQ XLI
SXLIVTEVX]MREGLMIZMRKXLIMVKSEPWr,SGOIV
;MPQSXT *SVEGSRJPMGXXS
FIEGSQQYRMGEXMSRIZIRXMXQYWXFII\TVIWWIHIMXLIVZIVFEPP]SVRSRZIVFEPP]-REHHM
XMSRXLITEVXMIWQYWXFIMRXIVHITIRHIRX-JSRITEVX]HSIWRSXHITIRHMRWSQI[E]SR
XLISXLIVXLEXTEVX][MPPRSXRIGIWWEVMP]FIGSQIIRKEKIHMRXLIGSRJPMGX'SRJPMGXMW
TEMRJYP ERH GSWXP] MR XIVQW SJ IQSXMSREP IRIVK] ERH MJ RSXLMRK MW XS FI KEMRIH F]
IRKEKMRKMRMXSVPSWXF]EZSMHMRKMXTISTPIEVIPMOIP]XSRSXIRKEKIMRMX3RXLISXLIV
LERHXLSWI[LSLEZIXLIQSWXXSKEMRSVPSWIEVIXLIQSWXPMOIP]XS[ERXXSIRKEKIMR
XLIGSRJPMGX)EGLSJXLITEVXMIWXSXLIGSRJPMGXTIVGIMZIWXLEXXLISXLIVMRXIVJIVIW[MXL
LIVSVLMWEFMPMX]XSEGLMIZI[LEXLISVWLI[ERXWRIIHWSVI\TIGXW[LIXLIVXLEXFIE
TL]WMGEPMXIQXLIEJJIGXMSRSJERSXLIVTIVWSRLSRSVERHVIWTIGXJVIIHSQXSHSWSQI
XLMRKSVWSQISXLIVHIWMVEFPIKSEPSVEZSMHERGISJPSWW8LYWQSWXSJXIRGSRJPMGXLET
TIRW MR E GSRXI\X FIX[IIR TISTPI [MXL QYXYEPP] MRGSQTEXMFPI KSEPW [LS WII
XLIQWIPZIWEWIRX[MRIH[MXLERHMRXIVHITIRHIRXSRIEGLSXLIVMRWSQI[E]

'SRJPMGX[MXLMR7]WXIQW
'SRJPMGXGSRWMWXWSJXLIWYFWXERGI SJXLIMWWYIEVSYRH[LMGLXLIHMWEKVIIQIRXXEOIW
TPEGIERHXLITEXXIVRSJMRXIVEGXMZIGSQQYRMGEXMSR FIX[IIRXLITEVXMGMTERXWIRKEKIH
MRXLIHMWTYXI%WMRER]W]WXIQXLIWYFWXERGIERHTEXXIVRSJXLIGSRJPMGXEVIMRI\XVMGE
FP]PMROIHXLVSYKLXLITVSGIWW-XMWXLITEXXIVRXLEXKMZIWQIERMRKXSXLIWYFWXERGIERH
XLIWYFWXERGIXLEXQERMJIWXWXLITEXXIVR-RWQEPPKVSYTGSRJPMGXLS[IZIVMXMWXLITEX
XIVRSJXLIGSRJPMGXVEXLIVXLERXLIWYFWXERGISJXLIQEXXIVSZIV[LMGLXLIGSRJPMGXMW
IRKEKIHXLEXHIXIVQMRIWXLIUYEPMX]SJXLISYXGSQIJSVXLIKVSYT6IKEVHPIWWSJXLI
MWWYIYRHIVHMWTYXIMJXLITEVXMGMTERXWEVISTIRXSRI[TIVWTIGXMZIWERHEVIGSQQMXXIH
XSQEMRXEMRMRKXLIMVVIPEXMSRWLMTWERHXSVIWSPZMRKXLIMVHMWTYXIWXLI]EVIPMOIP]XSJMRH
EWEXMWJEGXSV]WSPYXMSR3RXLISXLIVLERHMJXLI]JIIPPMXXPISVRSVIPEXMSREPGSRGIVRERH
EVIEJVEMHSJKMZMRKYTER]SJXLIMVTSWMXMSRWXLI]EVIPIWWPMOIP]XSEGLMIZIEWEXMWJEG
XSV]SYXGSQI8SXLII\XIRXXLEXXLITEXXIVRMXWIPJFIGSQIWERMWWYILS[IZIVMXGERFI
EHHVIWWIHERHVIWSPZIH[LIREPPTEVXMIWGSQQMXXS[SVOMRKSRMX
8LVSYKLXLMWTVSGIWWIEGLEGXMSRWIXWMRQSXMSREWIVMIWSJGSYRXIVEGXMSRW[LMGL
GVIEXI TEXXIVRW SJ XLMROMRKFILEZMRK ERH XVIEXMRKSXLIVW;LIRRSRI[ TEXXIVRW SV
[E]W SJ XLMROMRK ERH MRXIVEGXMRK EVI MRXVSHYGIH XLI KVSYT GER WXEKREXI +VSYTW MR
[LMGLRI[MRTYXMWRSXEGGITXIHERHYWIHEVIORS[REWQSVTLSWXEXMGW]WXIQW 8LI]EVI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 (IJMRMRK'SRJPMGX[MXLMRE'SQQYRMGEXMSR'SRXI\X 

RSRGLERKMRKWMQTP]QEMRXEMRMRKXLIWXEXYWUYSSVI\TIRHMRKIRIVK]XSEZSMHGSRJPMGX
8LSWIKVSYTWXLEXEVISTIRXSGLERKIMRXIVQWSJRI[MHIEWERH[E]WSJMRXIVEGXMRK
EVI GEPPIH QSVTLSKIRMG W]WXIQW 'SRWXVYGXMZI GSRJPMGX GER LETTIR SRP] MR QSV
TLSKIRMGW]WXIQW[LIVIQIQFIVWEVI[MPPMRKXSI\EQMRIXLIMVEWWYQTXMSRWERHTIV
WTIGXMZIWERHXSSJJIVRI[TEXXIVRWSJVIWTSRWI8LMWSTIRRIWWJSWXIVWGVIEXMZMX]ERH
W]RIVK][MXLMRXLIKVSYTERH[MXLMRXLIGSRJPMGX

'SRJPMGX[MXLMR7QEPP+VSYTW
%WQIQFIVWSJEKVSYT[IEVIMRXIVHITIRHIRX3YVKVSYTTVSGIWWMWMRXIRHIHXSVIWYPX
MRERSYXGSQI[IEPPLIPTGVIEXI8SXLII\XIRXXLEX[IEPPEVIMRZIWXIHMRXLIKVSYTERH
TEVXMGMTEXIMRMXXLSYKL[IQE]JMRHSYVWIPZIWMRGSRJPMGX'SRJPMGXLETTIRWEXEPPPIZ
IPWSJXLIKVSYTTVSGIWWJVSQSVKERM^MRKXLIKVSYTERHHIGMHMRKTVSGIHYVEPQIGLE
RMWQWXLVSYKLXLIHIJMRMXMSRSJXLITVSFPIQXSXLIWQEPPIWXHIXEMPWSJXLIWTIGMJMGXEWOW
ERHMWWYIW-JXLIVIMWRSGSRJPMGXXLIKVSYTQE]IMXLIVFIWSLSQSKIRISYWXLEXJI[MJ
ER]RI[ERHGVIEXMZIMHIEWGERIQIVKISVMXQE]FIWYJJIVMRKJVSQYRLIEPXL]TVIWWYVI
JSVGSRJSVQMX]ERHEXIRHIRG]XS[EVHKVSYTXLMRO
;LIXLIV GSRJPMGX MW GSRWXVYGXMZI SV HIWXVYGXMZI HITIRHW SR WIZIVEP JEGXSVW
MRGPYHMRK XLI SVMKMR SV JPEWLTSMRX SJ XLI GSRJPMGX EW [IPP EW XLI SVMIRXEXMSR SJ XLI
KVSYTQIQFIVWXS[EVHXLITEXXIVRWSJGSRJPMGXVIWSPYXMSR;LIRXLIJPEWLTSMRXJSVXLI
GSRJPMGXVIWMHIWMRXLIWYFWXERGISJXLITEVXMGYPEVMWWYIWYRHIVGSRWMHIVEXMSRMXLEWSRI
SJXLIIWWIRXMEPMRKVIHMIRXWJSVIRKEKMRKMRGSRWXVYGXMZIGSRJPMGXQEREKIQIRX3RXLI
SXLIVLERH[LIRXLIJPEWLTSMRXVIWMHIWMRXLIMRXIVEGXMZITEXXIVRMXWIPJWYGLEW[LIR
WSQIQIQFIVWEVIPIWWZIWXIHMRXLITVSGIWWXLERSXLIVWSV[LIRXLIKVSYTLEWHIZIP
STIHELMWXSV]SJGSRJPMGXYEPTEXXIVRWVIKEVHPIWWSJXLIWYFWXERGISJXLIMWWYIXLIRMX
LEWXLITSXIRXMEPSJFIMRKHIWXVYGXMZIGSRJPMGX+VSYTQIQFIVW[LSHSRSXJIIPXLI]
LEZIEWQYGLXSKEMREWSXLIVWHSGERYWIEZSMHERGISVSXLIVHIWXVYGXMZIWXVEXIKMIW
0MOI[MWI YRVIWSPZIH qTIVWSREPMX] GPEWLIWr GER LMRHIV ER] EXXIQTXW EX GSRWXVYGXMZI
GSRJPMGXQEREKIQIRX%PXLSYKLXLIMWWYIWMRGSRJPMGXQE]ZEV]EWEXMWJEGXSV]VIWSPY
XMSRHITIRHWSRWIIOMRKXSYRHIVWXERHERHEHHVIWWXLISVMKMRWSJXLIGSRJPMGXERHSR
HIJMRMRK XLI MWWYIW [LMPI WMQYPXERISYWP] IRKEKMRK MR SXLIV ETTVSTVMEXI GSRJPMGX
VIWSPYXMSRWXVEXIKMIW

8LI7YFWXERGISJ'SRJPMGX
%WWYQMRKXLEXXLIQIQFIVWEVIMRZIWXIHMRXLIKVSYTXLEXXLI]JIIPIQTS[IVIHERH
XLEXXLIVIMWEHMZIVWMX]SJZMI[TSMRXWERHI\TIVMIRGIW[ILEZIXLIKVSYRHJSVMWWYI
FEWIHGSRJPMGX-J[IHSRSXEKVII[MXLSXLIVKVSYTQIQFIVWEFSYXXLITEVXMGYPEVMWWYIW
SJGSRGIVRERHMJ[IEVIVIEWSREFP]MRZIWXIHMRSYVS[RTIVWTIGXMZIW[IEVIPMOIP]XS
GSQIMRXSGSRJPMGX[MXLXLSWI[LSSTTSWIYWSVWIIXLMRKWHMJJIVIRXP]4YXREQ
4SSPI
 -RGSRWXVYGXMZI MWWYIFEWIHGSRJPMGX XLIGEYWIW SV WYFWXERGI SJ XLI GSRJPMGX
WLSYPHFIWSYKLXMRXLITVIWIRXMWWYIWYRHIVHMWTYXIVEXLIVXLERHMWQMWWMRKXLIGSRJPMGX
EW HYI XS MRLIVIRX TIVWSREPMX] TVSFPIQW SV XS TVII\MWXMRK ERH GYVVIRXP] MVVIPIZERX
MWWYIW*SVI\EQTPI8S]SXEGVIHMXWqPSXWSJGSRJPMGXrSZIVLS[MXTVSHYGIWMXWGEVWEWE
QENSV GSRXVMFYXSV XS MXW IRZMEFPI TSWMXMSR EW E UYEPMX] TVSHYGIV SJ ZILMGPIW ;EVH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

 7YFWXERXMZIGEYWIWXLEXGERPIEHXSGSRWXVYGXMZIGSRJPMGXQE]FIJSYRHMREXPIEWX
XLVIIWSYVGIWERHXLIMVMRJPYIRGIWSRXLIMWWYIYRHIVHMWGYWWMSR
3RI WSYVGI MW TIVGIMZIH WGEVGI VIWSYVGIW MRGPYHMRK PEGO SJ XMQI MRWYJJMGMIRX
MRJSVQEXMSRMREHIUYEXIWTEGISVTPEGIPMQMXIHVI[EVHWPMQMXIHEGGIWWXSJMRERGMEP
MRJSVQEXMSREPSVSXLIVVIWSYVGIWGSQTIXMXMSRJSVPIEHIVWLMTTSWMXMSRWSVER]RYQFIV
SJSXLIVTIVGIMZIHPMQMXEXMSRWXSXLIJYPPERHJEMVXVIEXQIRXSJXLIKVSYTTVSGIWWSVSJ
XLIMWWYIWYRHIVGSRWMHIVEXMSR
%WIGSRHWSYVGIMWXLIHMZIVWIFEGOKVSYRHW SVSVMIRXEXMSRWSJKVSYTQIQFIVW
MRGPYHMRKGSRJPMGXWMRZEPYIWWYGLEWVIPMKMSYWTSPMXMGEPSVWSGMSIGSRSQMGTIVWTIG
XMZIW HMJJIVMRKMRXIVIWXWSVEFMPMXMIWZEV]MRKEQSYRXWSVX]TIWSJORS[PIHKISVI\TIVM
IRGIVIPEXIHXSXLIWYFNIGXEXLERHHMJJIVIRXMRJSVQEXMSRSVSTMRMSRWEFSYXXLIWYFNIGX
HMJJIVMRKTIVGITXMSRWSJSRItWS[RSVSXLIVWt VIPEXMZIWXEXYWSVTS[IVMRGPYHMRKYRVI
WSPZIHVMZEPVMIWJSVWXEXYWSVTS[IV SVSXLIVHMJJIVIRGIWMRSVMIRXEXMSRWORS[PIHKI
ERHVIPEXMSRWLMTWXSXLIKVSYTTVSGIWWERHKSEPWSVXSXLIMWWYIYRHIVHMWGYWWMSR
3YVGYPXYVEPFEGOKVSYRHTIVLETWXLIQSWXETTEVIRXI\EQTPISJMRHMZMHYEPHMZIV
WMX]GEREJJIGXLS[[IETTVSEGLGSRJPMGXW+VSYTQIQFIVWJVSQGSPPIGXMZMWXGYPXYVIW
MR[LMGLMRHMZMHYEPKSEPWEVIRSXEWMQTSVXERXEWXLIKVSYTKSEPWEVIQSVIPMOIP]XS
EZSMHGSRJPMGX[MXLSXLIVKVSYTQIQFIVW'EM
*MRO6ELMQ
&PYQ 
)ZIRMJX[SMRHMZMHYEPWJVSQHMJJIVIRXGYPXYVEPFEGOKVSYRHWTIVGIMZIXLIWEQIGSRJPMGX
XLIMVGSRJPMGXQEREKIQIRXWX]PIWQE]HMJJIV6EFMI %XXLIWEQIXMQIMRHMZMHY
EPWJVSQGSPPIGXMZMWXGYPXYVIWGERFINYWXEWGSQTIXMXMZIEWXLSWIJVSQMRHMZMHYEPMWXGYP
XYVIW[MXLTISTPISYXWMHIXLIKVSYT'LIR'LIR
1IMRHP )EVPMIVMRXLMWXI\X
WII'LETXIV [IHMWGYWWIHXLIHMJJIVIRXKIRIVEXMSRWEX[SVOEWTSWWMFPIWSYVGIWJSV
HMJJIVMRKZEPYIWERHTIVGITXMSRW>IQOI6EMRIW
*MPMTG^EO 
3VKERM^EXMSRWEPWSLEZIGYPXYVEPRSVQWXLEXqMRJPYIRGIXLIX]TIWSJGSRJPMGXWXLEX
SGGYVERHXLI[E]WMR[LMGLXLI]QE]FIHIEPX[MXLr(I:MXST -RKVSYTW
SVXIEQWEX[SVOSVMRSXLIVKVSYTWIXXMRKWYRHIVWXERHMRKXLIMQTSVXERGISJHMZIVWI
FEGOKVSYRHWMWGVMXMGEP
%XLMVHWSYVGIMWZEV]MRKSVMIRXEXMSRWXSXEWOEGGSQTPMWLQIRX MRGPYHMRKHMZIV
KIRXHIJMRMXMSRWSVYRHIVWXERHMRKWSJXLIFVIEHXLSVHITXLSJXLIWYFNIGXEXLERHSVSJ
XLIKVSYTTVSGIWWXSFIYWIHHMJJIVMRKPIZIPWSJGSQQMXQIRXXSXLITVSGIWWERHXSXLI
TVSNIGXHMJJIVMRKHIKVIIWSJMQTSVXERGITPEGIHSRXLIXMQIPMRIWWJSVGSQTPIXMSRSJXLI
XEWOHMZIVKIRXZEPYIWVIKEVHMRKXLIPIZIPSJSTXMQM^EXMSRSJEWSPYXMSRSVSXLIVHMJJIV
IRGIWMRYRHIVWXERHMRKEXXMXYHIERHETTVSEGLXSXLIKVSYTTVSGIWWERHXSXLIXEWO
%WXLIWITSMRXWHIQSRWXVEXIXLIMRXIVEGXMSRTEXXIVRWXLIQWIPZIWGERFIGSQIXLI
WYFWXERGISJXLIGSRJPMGX8LIVIQE]FIERYQFIVSJSXLIVWSYVGIWSJGSRJPMGXMRETEV
XMGYPEVKVSYTEW[IPPFYXXSXLII\XIRXXLEXXLI]EVIEGORS[PIHKIHERHEHHVIWWIHEW
MWWYIFEWIHGSRJPMGXWXLI]GERFIQEREKIHTVSHYGXMZIP][MXLEPPQIQFIVWFIPMIZMRK
XLI]LEZI [SR WSQIXLMRK ERH [MXL XLISZIVEPP SYXGSQIFIMRKXLI FIWX TSWWMFPI SRI
YRHIVEKMZIRWIXSJGMVGYQWXERGIW
;LIXLIVGSRJPMGXMWQEREKIHGSRWXVYGXMZIP]SVHIWXVYGXMZIP]HITIRHWSRWIZIVEP
EHHMXMSREPJEGXSVWMRGPYHMRKQIQFIVWt PIZIPWSJGSQQMXQIRXXSXLITVSGIWWXLIMVEXXM
XYHIW XS[EVH GSRJPMGX MR KIRIVEP ERH XS[EVH XLI WTIGMJMG GSRJPMGX MR [LMGL XLI] EVI
IRKEKIHXLIEQSYRXSJXMQIERHIRIVK]XLI]EVI[MPPMRKERHEFPIXSGSQQMXXSMXXLIMV
HIKVIISJVIWTIGXJSVXLISXLIVTEVXMIWMRXLIGSRJPMGXERHXLIZEPYIXLI]TPEGISRXLIMV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4EXXIVRWSJ'SRJPMGX1EREKIQIRX 

MRXIVTIVWSREPVIPEXMSRWLMTW[MXLXLSWITEVXMIWERHXLIMVPIZIPSJWOMPPMRGSQQYRMGEXMRK
XLIMV[E]XLVSYKLXLIGSRJPMGX

4EXXIVRWSJ'SRJPMGX1EREKIQIRX
2SSRITEXXIVRSJGSRJPMGXQEREKIQIRXMWWYMXEFPIJSVEPPGSRJPMGXWSREPPSGGEWMSRWEX
EPPXMQIWSVMREPPGSRXI\XW7SQIGSRJPMGXWEVIWMQTP]QSVIMQTSVXERXXLERSXLIVWERH
[I RIIHXS YWISYVXMQI ERH IRIVK] VIWSYVGIW GEVIJYPP]ERHTVSHYGXMZIP] XSVIWSPZI
XLIQ,S[IZIV[LIR[IWIIGSRJPMGXEWEHERGIVEXLIVXLEREWE[EV[IEVIEPPFIXXIV
WIVZIH,SGOIV
;MPQSX 'SRWXVYGXMZIGSRJPMGXWWLEVIXLIIPIQIRXWSJQYXYEP
MRXIVTIVWSREPGSRGIVRMRXIVHITIRHIRGIERHEREWWYQTXMSRSJIUYMJMREPMX]WII'LET
XIV 1YXYEPMRXIVTIVWSREPGSRGIVRQIERWXLEXTVSHYGXMZIGSRJPMGXJSGYWIWSRXLIGVMX
MGEPIZEPYEXMSRSJMHIEW'SRJPMGXWEVIWIIREWERSTTSVXYRMX]JSVHMEPSKYIVEXLIVXLEREW
EHIFEXI>SVRS^E6MTSPP
4IMVS 
(]WJYRGXMSREPGSRJPMGXIMXLIVVIJYWIWEZSMHWSVWYWTIRHWXLEXIZEPYEXMSRSJMHIEW
ERH SJXIR JSGYWIW EXXIRXMSR SR E KVSYT QIQFIVtW FILEZMSV EFMPMXMIW SV TIVWSREPMX]
;MXXIQER -RXIVHITIRHIRGI QIERW[SVOMRKXSKIXLIVEWEXIEQMRXLMWIZEPYE
XMSR SJ XLI MHIEW VEXLIV XLER [SVOMRK WITEVEXIP] SV EX GVSWWTYVTSWIW%W TVIZMSYWP]
WXEXIHIUYMJMREPMX]QIERWVIGSKRM^MRKXLEXXLIVIMWQSVIXLERSRIZEPMH[E]XSVIEGLE
WYGGIWWJYPVIWSPYXMSR(IWXVYGXMZIGSRJPMGXWSRXLISXLIVLERHEVIFEWIHSREPEGOSJ
GSRGIVRJSVXLIVIPEXMSREPIPIQIRXWMRXLIMRXIVEGXMSREJIIPMRKSJMRHMZMHYEPMRHITIR
HIRGIERHVMKLXRIWWERHEREWWYQTXMSRSJE^IVSWYQKEQISJ[MRRIVWERHPSWIVWXLEXMW
GSYTPIH[MXLPMQMXIHTSWWMFMPMXMIWJSV[MRRMRKWSXLEX[LIRSRITEVXMGMTERX[MRWXLI
SXLIVQYWXPSWI
1ER]SJYWYWIEPMQMXIHRYQFIVSJGSRJPMGXQEREKIQIRXWX]PIWSVSVMIRXEXMSRWXS
VIWTSRHXSGSRJPMGX7LSGOPI]>EPEFEO 3YVWX]PIWEVIFEWIHSRXLIHIKVIIXS
[LMGL[IQEMRXEMRYRHIVP]MRKWIXWSJEWWYQTXMSRWEFSYXXLIRIIHXSQEMRXEMRSYVVIPE
XMSRWLMTW XLVSYKLGSSTIVEXMSR [MXL SXLIVW ERH XLI MQTSVXERGI SJ EGGSQTPMWLMRK XLI
XEWO0YPSJW
'ELR %WWLS[RMR*MKYVI EX[SHMQIRWMSREPGSRJPMGXQER

*-+96) *MZI7X]PIWSJ'SRJPMGX1EREKIQIRX

'SQTIXI 'SPPEFSVEXI
8SYKLFEXXPIV 4VSFPIQ7SPZIV
4S[IVh;I8LI] -RXIKVEXSVh9W
;MR0SWI ;MR;MR
'SQTVSQMWI
'SRGMPMEXSV
0SWI0SWI
%ZSMH %GGSQQSHEXI
-QTIVWSREPGSQTPMIV *VMIRHP]LIPTIV
%ZSMHIVh;MXLHVE[ 7YTTVIWWSVh,EVQSR]
0SWI;MR 0SWI;MR
0S[h'SSTIVEXMZIRIWWh,MKL
7EXMWJ]SXLIVW
4VSWSGMEP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

EKIQIRX WX]PI KVMH GER FI HIZIPSTIH XLEX WLS[W XLI MQTEGX SJ ZEVMSYW HIKVIIW SJ
IQTLEWMWSRLS[[IZMI[GSSTIVEXMSR[MXLSXLIVWERHXEWOEGGSQTPMWLQIRX
4VSFPIQ WSPZMRKGSPPEFSVEXMSR MW XLI WX]PI XLEX WIIOW XS QE\MQM^I KEMR JSV EPP
TEVXMGMTERXW -X MW LMKL SR FSXL VIPEXMSRWLMT ERH XEWO SVMIRXEXMSRW 7QSSXLMRK SV
EGGSQQSHEXMSR MWXLIWX]PIXLEXKMZIWMRXSSXLIVWMRSVHIVXSEZSMHGSRJPMGX-XMWLMKL
SRXLIVIPEXMSRWLMTSVMIRXEXMSRFYXPS[SRXEWO'SQTVSQMWI MWXLIWX]PIXLEXEWWYQIW
XLEXIEGLWMHIKMZIWMRIRSYKLXSVIWSPZIXLIMWWYIERHQSZISR-XMWEXXLIQMHHPISJ
XLIGSRXMRYYQSRFSXLSVMIRXEXMSRW[MXLWSQIGSRGIVR[MXLVIPEXMSRWLMTWERHWSQI
[MXLXEWOFYXSZIVEPP[MXLEQSVITVEGXMGEPERHPIWWMHIEPMWXMGSVMIRXEXMSRXSGSRJPMGX
*SVGMRKSV GSQTIXMXMSR MWEWX]PIHIHMGEXIHXS[MRRMRKERHGERFIGSQIHIWXVYGXMZI
GSQTIXMXMSR [LIRMXQIERW[MRRMRKEXER]GSWX-XMWPS[SRVIPEXMSRWLMTSVMIRXEXMSR
ERHLMKLSRXEWO;MXLHVE[EPEZSMHERGI MWXLIWX]PIXLEXGSRGIHIWFIJSVIXLIGSRJPMGXMW
IZIRIRKEKIH-XMWPS[SRFSXLVIPEXMSRWLMTERHXEWOSVMIRXEXMSRW8LSWISVMIRXEXMSRW
XLEXZEPYIFSXLVIPEXMSRWLMTERHXEWOWIXXLIWXEKIJSVGSRWXVYGXMZIGSRJPMGXERHLEZIXLI
TSXIRXMEPJSVEWEXMWJEGXSV]VIWSPYXMSR8LSWISVMIRXEXMSRWXLEXHSRSXZEPYIIMXLIVVIPE
XMSRWLMTSVXEWOWSQIXMQIWPIEHXSHIWXVYGXMZIGSRJPMGXTEXXIVRW[MXLMRXLIKVSYTERHE
VIWSPYXMSRXLEXMWYRWEXMWJEGXSV]JSVEXPIEWXSRISVQSVISJXLITEVXMGMTERXW%ZSMHMRK
GSRXVSZIVW]F]EGXMRKXSWQSSXLSZIVHMJJMGYPXMIWF]EGGSQQSHEXMRKIRKEKMRKMRXSS
QYGL GSQTIXMXMSR SV XSS UYMGOP] GSQTVSQMWMRK GER EPP HIZIPST MRXS H]WJYRGXMSREP
GSRJPMGXTEXXIVRW[MXLMRXLIKVSYT
7MRGIWQEPPKVSYTWEVIMRXIVEGXMZIW]WXIQWYRHIVWXERHMRKLS[GSRJPMGXQEREKI
QIRXXEOIWTPEGIMRXLIQMWQSVIGSQTPMGEXIHXLERWMQTP]YRHIVWXERHMRKXLIGSRJPMGX
QEREKIQIRX WX]PIW SJ XLI MRHMZMHYEP QIQFIVW 7YTIVMQTSWIH SR XLIWI MRHMZMHYEP
WX]PIWEVIWM\GSQTEVEFPIKVSYTGSRJPMGXVIWSPYXMSRWXVEXIKMIW)EGLSJXLIWILEWFSXL
GSRWXVYGXMZIERHHIWXVYGXMZIETTPMGEXMSRWHITIRHMRKSRXLISZIVEPPSVMIRXEXMSRSJXLI
KVSYTERHSJIEGLSJXLIMRHMZMHYEPWXSXLIGSRJPMGX8LYWGSRJPMGXQEREKIQIRXXEOIW
TPEGIMREGSQTPI\IRZMVSRQIRXVEVIP]EWWXVEMKLXJSV[EVHERHIEW]XSEGGSQTPMWLEWMX
WSYRHWMRHMWGYWWMRKMX;IGSRWMHIVXLIWIWX]PIWMRXLISVHIVMR[LMGLXLI][IVITVI
WIRXIH JSV XLI MRHMZMHYEP WX]PIW GSPPEFSVEXMSR EW IMXLIV GSRWIRWYW SV RIKSXMEXMSR 
EGGSQQSHEXMSRGSQTVSQMWIGSQTIXMXMSRERHEZSMHERGI,EVVMW 

'SPPEFSVEXMSRERH'SRWIRWYW
8LIMHIEPGSRJPMGXVIWSPYXMSRWXVEXIK]JSVER]KVSYTMWSRISJ[MR[MRSVGSRWIRWYW GSP
PEFSVEXMSR 'SRWIRWYWXEOIWXMQIIRIVK]ERHGSQQMXQIRX-XMWETTVSTVMEXIJSVXLIQSWX
MQTSVXERXGSRJPMGXWFYXMXQE]RSXFI[SVXLXLIIJJSVXJSVWMHIMWWYIWSVQEXXIVWSJVIPE
XMZIP]WQEPPGSRWIUYIRGI'SRWIRWYWVIUYMVIWGEVIJYPP]HIJMRMRKXLIMWWYIWHMWGYWWMRK
KVSYTTVSGIWWWXVEXIKMIWJSVGSQQYRMGEXMSREKVIIMRKSRXLITEVEQIXIVWSJEKSSHWSPY
XMSRFIMRKSTIRGEVIJYPERHGSRWMHIVEXIPMWXIRMRKXSEPPTIVWTIGXMZIWERHFIMRK[MPPMRK
XSXEOIXLIXMQIERHIRIVK]RIIHIHXSJSVKIWSPYXMSRWJVSQXLIFIWXTEVXWSJXLITIVWTIG
XMZIWSJJIVIH8LMWWXVEXIK]EWWYQIWXLEXqRSRISJYWMWEWWQEVXEWEPPSJYWEVIXSKIXLIVr
;LMPIXLIGSPPEFSVEXMZIWX]PIMWGSQQSRP]VIJIVVIHXSEWq[MR[MRrXLEXHSIWRSXQIER
XLIEFWIRGISJGSRJPMGX-RJEGXGSPPEFSVEXMSRGERMRZSPZIWXVSRKHMWEKVIIQIRXWFYXXLI]
JSGYWSRXLITVSFPIQWSPZMRKMWWYIWRSXTIVWSREPMXMIWSVTSWMXMSRW1G2EV] 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4EXXIVRWSJ'SRJPMGX1EREKIQIRX 

'SPPEFSVEXMZIGSQQYRMGEXMSRIRXEMPWXLITEVXMGMTEXMSRSJEPPQIQFIVW[MXLIEGL
WXEXMRKLMWSVLIVTSMRXSJZMI[EWGPIEVP]ERHGSRGMWIP]EWTSWWMFPI[LMPIPMWXIRMRKEXXIR
XMZIP]XSXLSWISJSXLIVW3RGIEPPMRMXMEPTIVWTIGXMZIWLEZIFIIRTVIWIRXIHERHYRHIV
WXSSH XLI GSRJPMGXMRK ZMI[TSMRXWEVI IRKEKIH [MXL IEGL WMHI TVIWIRXMRK XLI VEXMSREP
FEWMWSJMXWTSMRXSJZMI[)EGLTEVX]VIQEMRWSTIRXSFIMRKGSRZMRGIHF]XLIQSVIGSQ
TIPPMRKEWTIGXWSJERSXLIVtWEVKYQIRX8LIYPXMQEXIVIWSPYXMSR[MPPQSWXPMOIP]GSQFMRI
IPIQIRXWSJEPPSVQSWXTIVWTIGXMZIWQM\MRKERHVIWLETMRKXLIFIWXTEVXWSJIEGLXSJSVQ
ERI[ERHQSVIGVIEXMZI[LSPIXLERER]MRHMZMHYEPSVMKMREPTEVX8LIVIWSPYXMSRWLSYPH
VIJPIGXXLITVSGIWWMXWIPJEW[IPPEWXLIWYFWXERGISJXLIMHIEWHMWGYWWIH[MXLIEGLQIQ
FIVGSRXVMFYXMRKXSXLIJSVKMRKSJEJMREPWSPYXMSR8LEXWSPYXMSR[MPPMHIEPP]WEXMWJ]EPP
TEVXMGMTERXW[MXLIEGLLEZMRKFIIRLIEVHERHJIIPMRKZEPMHEXIHF]XLITVSGIWW[LIXLIV
SVRSXLMWSVLIVS[RMRMXMEPMHIEW[IVIYPXMQEXIP]YWIH-RJEGXGSSTIVEXMZIXIEQI\TIVM
IRGIWqVIHYGITVINYHMGIMRGVIEWIEGGITXERGISJSXLIVWERHLIMKLXIRQSVEPIr8NSWZSPH
T ;LMPIGSQTIXMXMSRLEWFIIREWWYQIHXSMRGVIEWITVSHYGXMZMX]GSPPEFSVE
XMSRPIEHWXSqLMKLIVEGLMIZIQIRXERHTVSHYGXMZMX]IWTIGMEPP]SRQSVIGSQTPI\XEWOW
ERHTVSFPIQWXLEXFIRIJMXJVSQXLIWLEVMRKSJMRJSVQEXMSRERHMHIEWr8NSWZSPH
T 'SPPEFSVEXMSRMWRSXPMOIP]XSVIWYPXMRHIWXVYGXMZIGSRJPMGX[LIRMXMWHSRIJEMVP]
ERH [LIR EPP QIQFIVW JIIP IQTS[IVIH XLVSYKL XLI TVSGIWW FYX GSPPEFSVEXMSR QE]
MRZSPZIWSQIRIKSXMEXMSREWHIWGVMFIHMRXLIRI\XWIGXMSR

2IKSXMEXMSR
2IKSXMEXMSR EW E GSRJPMGX VIWSPYXMSR WXVEXIK] MRZSPZIW JSVKMRK E VIWSPYXMSR FIX[IIR
STTSWMRK TSMRXW SJ ZMI[ EWWYVMRK XLEX IEGL WMHI q[MRWr ERH KIXW XLI FIRIJMXW QSWX
MQTSVXERXXSMXWSZIVEPPKSEPW%WEWXVEXIK]MXMWJVIUYIRXP]EWWSGMEXIH[MXLEQSVIJSV
QEPHIXIVQMREXMSRXSIRXIVMRXSXLIFEVKEMRMRKXLERMWGSPPEFSVEXMSR-XYWYEPP]JSPPS[W
ERMQTEWWIMRHMWGYWWMSR[LIRHMWEKVIIQIRXWQE]WIIQYRVIWSPZEFPIERH[LIRRIM
XLIVWMHIWIIQW[MPPMRKSVEFPIXSQEOIIRSYKLGSRGIWWMSRWXSVIEGLEWEXMWJEGXSV]VIW
SPYXMSR (ITIRHMRK SR XLI HITXL SJ XLI MQTEWWI ER MQTEVXMEP QIHMEXSV QE] FI
RIGIWWEV]XSLIPTXLITEVXMIWJMRHEVIEWSJQYXYEPEKVIIQIRX8LMWQIHMEXSVQE]FI
ERSXLIVQIQFIVSJXLIKVSYT[LSYRHIVWXERHWXLIMWWYIERHMXWHMJJIVIRXTIVWTIGXMZIW
ERH[LSGERLIPTXLITEVXMIWFIXXIVYRHIVWXERHIEGLSXLIV
2IKSXMEXMSRMRXLMWGEWIMWRSXEFMRHMRKEVFMXVEXMSRXLVSYKL[LMGLEVIWSPYXMSRMW
MQTSWIHF]EXLMVHTEVX]-RXLMWRIKSXMEXMSRXLITEVXMIWQYWXVIWSPZIXLIMVHMJJIVIRGIW
ERHEVVMZIEXEWSPYXMSRXLIQWIPZIW2IKSXMEXMSRMQTPMIWEGSQQMXQIRXXSXLITVSGIWW
ERHXLEXFSXLWMHIW[MPPFEVKEMR[MXLSTIRRIWWERHJEMVRIWWMREKSSHJEMXLIJJSVXXS
VIEGLEQYXYEPP]EGGITXEFPIEKVIIQIRX
7YGGIWWJYPRIKSXMEXMSRHITIRHWSRTPERRMRKERHWXVEXIK]-XQE]IRXEMPGLSSWMRK
SRIQIQFIVJVSQIEGLWMHIXSVITVIWIRXXLEXTSMRXSJZMI[MRXLITVIWIRXEXMSRSJXLI
EVKYQIRXW 2IKSXMEXMRK EPWS VIUYMVIW E XLSVSYKL EGUYEMRXERGI [MXL EPP WMHIW SJ XLI
MWWYIWYRHIVGSRWMHIVEXMSREWXVSRKVEXMSREPIJSVSRItWS[RTEVXMGYPEVTSMRXSJZMI[
MRGPYHMRKETTVSTVMEXIHSGYQIRXEXMSREPMWXSJXLSWITEVXWSJXLIMWWYIXLEXGERFIGSR
GIHIH[MXLSYXLEVQMRKXLIIWWIRGISJSRItWHIWMVIHFIRIJMXEKSSHYRHIVWXERHMRKSJ
XLISXLIVtWTSMRXSJZMI[LS[XLI]EVIPMOIP]XSEVKYIMXERH[LEXXLI]QMKLXFI[MPPMRK
XSGSRGIHI[MXLSYXPSWMRKXLIIWWIRGISJXLIMVFIRIJMXERHEVIWTIGXJSVXLISXLIVTEVX]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

7EJIX]MWWSQYGLETEVXSJXLIGYPXYVIEX
2YGSV7XIIP8YWGEPSSWEXLEXMXMWTYX
FIJSVIUYEPMX]GSWXTVSHYGXMZMX]ERHTVSJMX
8LMWMWFEGOIHYT[MXLXLI;IIOP]'IRXVEP
7EJIX]'SQQMXXIIGSQTVMWMRKEPPQEREKIVW
ERHEGVSWWWIGXMSRSJWYTIVZMWSVWERH
LSYVP]XIEQQIQFIVW[LIVIXLITLMPSWS
TL]SJq2SXLMRKMWQSVIMQTSVXERXXLER
WEJIX]2SXLMRKrMWGSRWMWXIRXP]
VIMRJSVGIH

ERHMXWZMI[TSMRX%WYGGIWWJYPSYXGSQI[MPPPIEZIEPPTEVXMIWWEXMWJMIHXLEXXLI]KSX
[LEXXLI]QSWXRIIHIHSV[ERXIHERHXLEXXLIVIWSPYXMSRMWJEMVXSXLIQEPP
2IKSXMEXMSR LS[IZIV GER EPWS FI LERHPIH HIWXVYGXMZIP] [LIR QIQFIVW YWI
QERMTYPEXMZIWXVEXIKMIWWYGLEWWXEVXMRKJVSQXLII\XVIQIIRHSJSRItWS[RGSRJPMGX
GSRXMRYYQHIRMKVEXMRKXLISXLIVtWTIVWTIGXMZIVIJYWMRKXSPMWXIRGEVIJYPP]I\EKKIVEX
MRKXLIZEPYISJSRItWS[RGSRGIWWMSRW[LMPIQMRMQM^MRKXLSWISJXLISXLIVGSRGIEP
MRK TIVXMRIRX MRJSVQEXMSR EVKYMRK JSVGIJYPP] VMKLX SV [VSRK ERH WXSRI[EPPMRK SV
FIMRK[MPPMRKXSXEOIEWPSRKEWRIGIWWEV]XS[MR,SGOIV
;MPQSX 
%HSTXMRKEWXVEXIK]SJRIKSXMEXMSRVITVIWIRXWERI[PIZIPSJWIVMSYWRIWWMRXLIHMW
GYWWMSR8LIMQTSVXERXTEVXSJRIKSXMEXMSREW[MXLEPPEWTIGXWSJGSRWXVYGXMZIGSRJPMGX
QEREKIQIRXMWXSEGLMIZI[LEXMWFIWXJSVXLISZIVEPPKVSYTIJJSVX[MXLSYXWEGVMJMGMRK
XLITIVWSREPVIPEXMSRWLMTWXLEXFMRHXLIKVSYTXSKIXLIV*MWLIV9V]
4EXXSR 

%GGSQQSHEXMSR
%GGSQQSHEXMSR EWEWXVEXIK]MQTPMIWKMZMRKYTEPPSVQSWXSJSRItWS[RTSWMXMSRSV
FIRIJMX JSVXLIWEOISJSXLIVW-XMRZSPZIWETVMQEVMP]SRIWMHIHGSRGIWWMSRERHMWQSWX
GSRWXVYGXMZIP] YWIH [MXLMR EGSRXI\X SJ GSPPEFSVEXMZI GSRJPMGXQEREKIQIRX[MXL XLI
MRXIRXMSRFIMRKXSVIHYGIMRXIVTIVWSREPXIRWMSRERHGSRJPMGXJSVXLIWEOISJXLISZIVEPP
XEWO ERH XLIKVSYTTVSGIWW;LIR YWIH XS QSZIFI]SRH MRWMKRMJMGERXSV WYTIVJMGMEP
GSRJPMGXWXSWEZIIRIVK]ERHKVSYTLEVQSR]JSVXLIQSVIMQTSVXERXMWWYIWEGGSQQS
HEXMSRLEWETSWMXMZIIJJIGXERHGERFIGSRWMHIVIHGSRWXVYGXMZI*SVI\EQTPIMJQSWX
QIQFIVWSJXLIKVSYT[ERXXSQIIXMRXLIIZIRMRKERHSRIQIQFIVTVIJIVWHE]WXLEX
QIQFIVQMKLXFI[MPPMRKXSKSEPSRK[MXLXLIIZIRMRKXMQIMJWLISVLITSWWMFP]GER
MRSVHIVRSXXSHIVEMPXLIKVSYTTVSGIWWSZIVEVIPEXMZIP]QMRSVTSMRX-JLS[IZIVXLMW
QIQFIVKMZIWMRSRQSWXSJXLIMQTSVXERXMWWYIWXLEXMRZSPZIGSRJPMGXMRKTSMRXWSJZMI[
NYWXJSVXLIWEOISJKVSYTLEVQSR]XLEXQIQFIVQE]IZIRXYEPP]IRHYTJIIPMRKVIWIRX
JYPERHERKV]ERHQE][MXLHVE[EPXSKIXLIVJVSQXLIKVSYTHMWGYWWMSRTVSGIWW-RXLEX
GEWIXLIKVSYTPSWIWXLIZEPYISJXLEXQIQFIVtWYRMUYITIVWTIGXMZI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4EXXIVRWSJ'SRJPMGX1EREKIQIRX 

8VEHMRKEGGSQQSHEXMSRSRSRITSMRXMRSVHIVXS[MRJEZSVJSVERSXLIVQE]LEZI
TSWMXMZI SV RIKEXMZI GSRWIUYIRGIW SR XLI KVSYT TVSGIWW -J HSRI MR XLI WTMVMX SJ
GSRWXVYGXMZIGSQTVSQMWIMXQE]IRLERGIXLIKVSYTIJJSVX-JLS[IZIVMXMWHSRIMRWYGL
E[E]XLEXMXTMXWSRIMWWYIEKEMRWXERSXLIVERHFYMPHWGSEPMXMSRWXLEXHMZMHIXLIKVSYTMX
QE]LEZIEPSRKXIVQRIKEXMZIMQTEGX*SVEGGSQQSHEXMSRXS[SVO[IPPMXRIIHWXSFI
YWIHJSVXLIFIRIJMXSJXLISZIVEPPTVSGIWW-XWLSYPHRSXVIWYPXMRXLIKVSYTtWPSWMRKXLI
FIRIJMXSJSTTSWMRKTSMRXWSJZMI[ERHXLIW]RIVK]XLEXVIWYPXWJVSQGSRWXVYGXMZIGSRJPMGX
8LIIJJIGXSJHIWXVYGXMZIEGGSQQSHEXMSRMWWMQMPEVXSXLEXSJHIWXVYGXMZIEZSMHERGIMR
XLEXMXEWWYQIWEPMQMXIHqTMIrXLEXQYWXFIHMZMHIHERHJSVJIMXWXLIZEPYISJYRMUYITIV
WTIGXMZIWXLEXQMKLXEHHXSGVIEXMZITVSFPIQWSPZMRKERHIRLERGIHWSPYXMSRW

'SQTVSQMWI
'SQTVSQMWIXSSGERFIYWIHEWEGSRJPMGXQEREKIQIRXWXVEXIK][MXLMRIMXLIVEGSR
WXVYGXMZIGSPPEFSVEXMZISVMIRXEXMSRSVEHIWXVYGXMZIGSQTIXMXMZISRI;LIR[IHIGMHI
XS WTPMX XLI HMJJIVIRGI [I EVI YWMRK GSQTVSQMWI8LMW WXVEXIK] MW ETTVSTVMEXI [LIR
XLIVIMWMRWYJJMGMIRXXMQISVIRIVK]XS[SVOXS[EVHGSRWIRWYWERH[LIRMXMWKIRIVEPP]
EKVIIHXLEXXLIMWWYIMWRSX[SVXLXLIYWISJXLEXXMQISVIRIVK]'SQTVSQMWIGEREPWS
FIYWIH[LIRXLIVIEVIRSVIEPMWXMG[E]WSJqI\TERHMRKXLITMIrERHRSIEW]EKVIIQIRX
EFSYXMXWHMZMWMSR;LIRIEGLTEVXMGMTERXMWSVMIRXIHXSXLIGSQQSRKSSHIEGLQE]FI
[MPPMRKXSGSRGIHIWSQISJLMWSVLIVTSXIRXMEPKEMRMRSVHIVXSQSZIELIEH[MXLXLI
KVSYT TVSGIWW -R XLI I\EQTPI SJ XLI [EWXI QEREKIQIRX GSQQYRMX] KVSYT XLSWI
QIQFIVW[LS[SYPHTVIJIVXSWIRHEPPXLIVIJYWIXSXLI[EWXIXSIRIVK]TPERXERHWEZI
XLIXS[RXLIHMJJMGYPX]SJWXSVMRKERHQEREKMRKVIG]GPEFPIKSSHWQE]LEZIXSGSQTVS
QMWI[MXLXLSWI[LS[SYPHTVIJIVXSVIG]GPIIZIV]XLMRKFYXXLIQSWXYWIPIWWTEVXWSJ
XLI[EWXIWXVIEQ6IEPMWXMGEPP]XLIKVSYTQE]HIGMHIXSWIRHEPPFYXEJI[GEXIKSVMIWSJ
VIG]GPEFPIKSSHWXSXLIIRIVK]TPERX-RXLEX[E]IEGLWMHIQE]KMZIYTTEVXSJMXWTIV
GIMZIHMHIEPWSPYXMSRMRSVHIVXSQIIXXLIPEVKIVERHQSVIVIEPMWXMGKVSYTKSEPWSJWXE]
MRK[MXLMRJYRHMRKPMQMXWERHQEOMRKXLIWSPYXMSREWIEW]EWTSWWMFPIJSVXLIXS[RXS
EHQMRMWXIV2IMXLIVKVSYTKIXWEPPXLEXMX[ERXWFYXFSXLKIXWSQISJMXERHXLIWSPYXMSR
QE]MR MXW MQTPIQIRXEXMSR FIER STXMQEPSRI -X MW GSRWXVYGXMZI GSQTVSQMWI MJ XLI
TVSGIWWLEWFIIRLERHPIHJEMVP]ERH[MXLVIWTIGXJSVXLIPSWWIWJIPXF]XLSWI[LSLEZI
SJJIVIHWSQISJXLIMVS[RTIVGIMZIHFIRIJMXJSVXLIGSQQSRKSSH
%W[MXLGSQTIXMXMSRLS[IZIVGSQTVSQMWIGERFIHIWXVYGXMZIMJWSQIQIQFIVW
JIIPVEMPVSEHIH;LIRTS[IVMWYWIHMVVIWTSRWMFP]XSJSVGIWSQIQIQFIVWXSKMZIYT
TEVXSJXLIMVTSWMXMSRWMRXLIREQISJGSQTVSQMWIXLSWI[LSJIIPXLI]LEZIRSX[MPP
MRKP]TEVXMGMTEXIHMRXLIGLSMGIEVIETXXSJIIPHMWIQTS[IVIHERHVIWIRXJYP6IKEVHPIWW
SJLS[qIJJMGMIRXrXLMWOMRHSJTS[IVYWIQE]ETTIEVEXXLIXMQIMXGERSJXIRFEGOJMVI
EXEPEXIVTSMRX[LIRGSSTIVEXMSRERHEKVIIQIRXEVIQSWXRIIHIHEQSRKKVSYTQIQ
FIVW 8LYW GSQTVSQMWI WLSYPH XVYP] FI GSQTVSQMWI [MXL IEGL QIQFIV JIIPMRK
IQTS[IVIHMRXLIGSRGIWWMSRXSFIRIJMX[LEXEPPLEZIEKVIIHMWXLIPEVKIVKSSH

'SQTIXMXMSR
'SQTIXMXMSR LEWE[MRPSWISVMIRXEXMSR-XMWQEVOIHF]WIPJMRXIVIWXVEXLIVXLERQYXYEP
MRXIVIWXERHF]EREWWYQTXMSRSJEPMQMXIHVIWSYVGIERHPMQMXIHTSWWMFMPMXMIWJSVKEMR
%PXLSYKLMXGERFIEWWSGMEXIH[MXLHIWXVYGXMZIGSRJPMGXQEREKIQIRXXLIVIEVIQER]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

XMQIWERHTPEGIW[LIVIqLIEPXL]GSQTIXMXMSRrGERFIWIIREWGSRWXVYGXMZIERHTVSHYG
XMZI'SQTIXMXMSRIQFIHHIHMRERSZIVEPPSVMIRXEXMSRSJQYXYEPVIWTIGXERHMRXIVHI
TIRHIRGI[LIRXLIPMQMXWSRXLIGSQTIXMXMZIJSVYQEVIGPIEVERH[LIRIZIV]SRIGER
EKVIISRTPE]MRKF]XLIVYPIWSJXLIKEQIGERPIEHXSERIJJMGMIRXEPPSGEXMSRSJWGEVGI
XMQI ERH SXLIV VIWSYVGIW -X GER EPWS FI JYR ERH MRZMKSVEXMRK QYGL PMOI [LIR [I
FIGSQIMRZSPZIHMRTPE]MRKSV[EXGLMRKEJSSXFEPPKEQIEZMKSVSYWHIFEXISVKEQIW
%HIGMWMSRXSYWIGSQTIXMXMZIWXVEXIKMIWMREWQEPPKVSYTMWETTVSTVMEXI[LIRXLIVIMW
PMQMXIHXMQISVVIWSYVGIWERH[LIRXLIPEVKIVKSEPWSJXLIKVSYTEVIIRLERGIHF]MXW
YWI-XMWEHIGMWMSRFIWXQEHIF]QYXYEPGSRWIRX[LIXLIVMQTPMGMXSVI\TPMGMX
'SRWXVYGXMZIGSQTIXMXMZIGSQQYRMGEXMSRMRWQEPPKVSYTWMRGPYHIWQEOMRKGEVI
JYP VEXMSREPIW JSV HMWEKVIIQIRXW FEWIH SR XLI WYFWXERGI SJ XLI MWWYI EX LERH [LMPI
VIJVEMRMRKJVSQTIVWSREPEXXEGOW9WMRKGSQTIXMXMSRXSEWWMKRPIEHIVWLMTVSPIWQE]FI
XLIQSWXIJJMGMIRX[E]SJEPPS[MRKEKVSYTXSEWWIWWXLIWYMXEFMPMX]SJSRISVERSXLIV
TIVWSRJSVTEVXMGYPEVVIWTSRWMFMPMXMIW;LIRGERHMHEXIWHIFEXIXLIMVTSMRXWSJZMI[SR
XLIVIPIZERXMWWYIWERHQEMRXEMRGMZMPMX]ERHVIWTIGXJSVSRIERSXLIVXLIGSQTIXMXMZI
TVSGIWW GER IRIVKM^I HMWGYWWMSR EVSYRH KVSYT MWWYIW ERH GER EWWYVI E QIEWYVI SJ
KVSYTGSLIWMZIRIWW8LIKVSYTtWEWWYQTXMSRMWXLEXSRIGERHMHEXI[MPP[MRMRXLIJMREP
ZSXISVF]GSRWIRWYW8LISXLIVGERHMHEXILEWLS[IZIVFIIREFPIXSWXEXIETSWMXMSR
ERH FI LIEVH 8LEX QIQFIV [MPP EW E PMOIP] GSRWIUYIRGI EWWYQI QSVI EYXLSVMX]
[MXLMRXLIKVSYT8LIGSQTIXMXMSRMWEPWSI\TIGXIHXSFIFSYRHIHF]XLIqVYPIWSJXLI
KEQIr ERH RSXI\TIGXIHXSWTMPP SZIVMRXSXLI WYFWIUYIRX KVSYTTVSGIWW-R ERSXLIV
I\EQTPIMJXLIVIMWEPMQMXIHTSXSJQSRI]XSFIHMWXVMFYXIHEQSRKZEVMSYWMRXVEKVSYT
TVSNIGXWXLEXEPPSGEXMSRQE]FIFIWXHIGMHIHXLVSYKLEGSQTIXMXMZITVSGIWW[MXLIEGL
TEVX] TYXXMRK JSVXL MXW QSWX GSRZMRGMRK EVKYQIRXW JSV MXW RIIH JSV E TSVXMSR SJ XLI
QSRI]%PPSGEXMSRWQE]XLIRFIHMWGYWWIHYRXMPEHIGMWMSRMWVIEGLIHEWXS[LMGLTEV
XMIWWLSYPHVIGIMZI[LMGLTSVXMSRWSJXLIJYRHMRK(ITIRHMRKSRXLIMQTSVXERGISJXLI
HMWXVMFYXMSRWGLIQIXSXLISZIVEPPKSEPWSJXLIKVSYTXLIHIGMWMSRQE]FIQEHIF]E
ZSXIGSQTIXMXMSR F]GSQTVSQMWIF]EGGSQQSHEXMSRSVF]GSRWIRWYWGSPPEFSVE
XMSR  XLIVIF] IQFIHHMRK XLI GSQTIXMXMZI WXVEXIK] [MXLMR ERSXLIV SZIVEPP WXVEXIK]
,S[IZIVMXMWHIGMHIHWSQITEVXMIWQE]q[MRrERHSXLIVWqPSWIrFYX[LIRXLITVSGIWW
MW[SVOMRKEWMXWLSYPHXLIPEVKIVKSEPWSJXLIKVSYTEVIWIVZIH8LIOI]XSGSRWXVYGXMZI
VIWSPYXMSRSJGSRJPMGXVIWMHIWJMREPP]MRQEMRXEMRMRKQYXYEPVIWTIGXEQSRKXLIKVSYT
QIQFIVWXLIQWIPZIWVIKEVHPIWWSJXLIMQQIHMEXIMWWYIWMRGSRJPMGX
-RMXWHIWXVYGXMZIKYMWIIRQIWLIH[MXLMREGSRXI\XSJPEGOSJVIPEXMSREPGSRGIVR
XLIGSQTIXMXMZIGSQQYRMGEXMSRWX]PIQE]MKRSVIXLIVYPIWSJJEMVTPE]ERHQE]MRGPYHI
TIVWSREPEXXEGOWMRZSPZMRKER]SJXLIJSPPS[MRKXEGXMGWGSRJVSRXEXMSREPVIQEVOWWYGL
EWTSMRXMRKSYXERSXLIVMRHMZMHYEPtWIVVSVWMRXLMROMRKSVPSKMGVEXLIVXLERJSGYWMRKSR
XLIMWWYI TIVWSREPGVMXMGMWQWYGLEWGVMXMGMWQSJXLISXLIVtWGLEVEGXIVMWXMGWSVFILEZ
MSVW TIVWSREPVINIGXMSRWYGLEWERXEKSRMWQXS[EVHXLITIVWSRVEXLIVXLERXS[EVHXLI
WYFWXERGISJXLIMWWYI LSWXMPIMQTIVEXMZIWWYGLEWHIQERHWXLVIEXWEWWMKRQIRXSJ
FPEQI LSWXMPIUYIWXMSRWWYGLEWEWOMRKPIEHMRKSVVLIXSVMGEPUYIWXMSRW TVIWYQTXMZI
VIQEVOWWYGLEWEXXVMFYXMSRWSJXLSYKLXWSVJIIPMRKWXSXLISXLIV SVHIRMEPSJSRItW
S[RVIWTSRWMFMPMX]MRXLIEVIESJXLIGSRJPMGX,SGOIV
;MPQSX 
8LIVIJSVI MR E WQEPPKVSYT MR[LMGL QIQFIVW EVI MRXIVHITIRHIRX ERH QYXYEP
VIWTIGXERHXVYWXEVIIWWIRXMEPXSSTXMQM^MRKWSPYXMSRWGSQTIXMXMSRRIIHWXSFILERHPIH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4S[IVMR+VSYT'SRJPMGX 

GEVIJYPP]ERH[MXLJYPPE[EVIRIWWSJXLIHERKIVWMXGERTSWI8LIVYPIWSJXLIGSQTIXMXMZI
WXVEXIK]EW[IPPEWXLIZEPYISJXLITIVWSREPVIPEXMSRWLMTWQE]RIIHXSFIQEHII\TPMGMX

%ZSMHERGI
8LIEZSMHERGI WXVEXIK]IRXEMPW[MXLHVE[MRKJVSQXLIGSRJPMGX-JEZSMHERGIMWHYIXS
PEGOSJMRJSVQEXMSRYRHIVWXERHMRKSVER]TEVXMGYPEVSTMRMSRSRXLIWYFWXERGISJXLI
GSRJPMGXMXGERFIEGSRWXVYGXMZIWXVEXIK]8LIKVSYTTVSGIWWMWVEVIP][IPPWIVZIH[LIR
GSRJPMGXMWRSXGSRWXVYGXMZIP]IRKEKIHMRERMRJSVQIH[E]3RXLISXLIVLERH[LIR
EZSMHERGIMWXLIVIWYPXSJJIIPMRKHMWIQTS[IVIHSVHMWIRKEKIHMXGERRIKEXMZIP]MQTEGX
XLIKVSYTTVSGIWW
(IWXVYGXMZIEZSMHERGIMRXLIJSVQSJQMWWMRKKVSYTQIIXMRKWSVVIJYWMRKXSTEV
XMGMTEXI MR XLI HMWGYWWMSR ERH [SVO VSFW XLI KVSYT SJ MRHMZMHYEP TIVWTIGXMZIW ERH
IRIVK] ERH MQTSZIVMWLIW XLI HIGMWMSRQEOMRK TVSGIWW ;LIR MX PIEHW XS JIWXIVMRK
VIWIRXQIRXWSRXLITEVXSJXLIEZSMHMRKQIQFIVSVEQSRKXLISXLIVKVSYTQIQFIVW
ERHXSQIQFIVWI\TVIWWMRKHMWWEXMWJEGXMSR[MXLXLIKVSYTTVSGIWW[MXLMRSVSYXWMHI
XLIKVSYTMXGERLEQTIVSVEGXYEPP]HIVEMPXLIIRXMVIKVSYTIJJSVX8LMWEWTIGXSJEZSMH
ERGIMWHMWGYWWIHJYVXLIVMRXLIWIGXMSRSREZSMHERGITS[IV
;LIREZSMHERGIXEOIWXLIKYMWISJQSZMRKXLIWYFNIGXSJHMWGYWWMSRSJJXLITSMRX
SJGSRJPMGXMXQE]XIQTSVEVMP]IEWIWSQIXIRWMSRFYXEXFIWXMXOIITWXLIKVSYTJVSQ
[SVOMRKXLVSYKLMXWHMWEKVIIQIRXWERHEVVMZMRKEXEGSRWXVYGXMZIVIWSPYXMSR'SRJPMGXMW
YWYEPP]VIWSPZIHSRP]F][SVOMRKXLVSYKLMXVEXLIVXLERF]WYTTVIWWMRKEZSMHMRKSV
I\TPSHMRKMX-JMXMWRSXWEXMWJEGXSVMP]VIWSPZIHMXQE]JIWXIVFIRIEXLXLIWYVJEGISJER]
VIWSPYXMSRERHQE]PEXIVHMWVYTXXLISYXGSQI
+VSYTW[MPPHIZIPSTXLIMVS[RRSVQWWII'LETXIV SRLS[XSLERHPIHMWTYXIW
/YLR
4SSPI %W]SYGER[IPPMQEKMRIXLIWIRSVQWGERFIUYMXIGSQTPI\
WMRGIXLI]EVIHITIRHIRXSRXLIGSQFMREXMSRSJXLIMRHMZMHYEPWX]PIWXLEXEVIFIMRKYWIH
XSMRJPYIRGIXLISXLIVKVSYTQIQFIVW7SQIKVSYTWXIRHXSEZSMHMWWYIWSVHMWEKVII
QIRXW[LMPISXLIVWHMWXVMFYXIXLIVI[EVHWMREQERRIVWMQMPEVXSXLIGSQTIXMXMZIWX]PI
[MXL[MRRIVWERHPSWIVW+VSYTWWIIOMRKXSIJJIGXMZIP]QEREKIGSRJPMGX[MXLERMRXI
KVEXMZI ETTVSEGL [LMGL YXMPM^IW GSPPEFSVEXMSR QEOI QSVI IJJIGXMZI HIGMWMSRW XLER
XLSWI KVSYTW YWMRK XLI EZSMHERGI SVHMWXVMFYXMZIETTVSEGLIW/YLR
 4SSPI 
&YXRSXEPPMWWYIWHIWIVZIXLIXMQIERHIRIVK]VIUYMVIHJSVGSPPEFSVEXMSR
'SRJPMGXMWLIEPXLMIWX[LIRKVSYTQIQFIVWJEGIMXHMVIGXP]ERHGLSSWIERETTVS
TVMEXIWXVEXIK]JSVHIEPMRK[MXLMX-RXLEX[E]MXWIVZIWXLIPEVKIVTYVTSWIWJSV[LMGL
KVSYTWEVIGSRZIRIHhXLIGVIEXMZIWSPYXMSRWVIWYPXMRKJVSQW]RIVK]*MKYVIMHIR
XMJMIWWSQISJXLIIXLMGEPTVMRGMTPIWMRZSPZIHMRTVSHYGXMZIGSRJPMGXQEREKIQIRX

4S[IVMR+VSYT'SRJPMGX
%PXLSYKLTS[IVH]REQMGWEVIMRXIKVEPXSXLIKVSYTTVSGIWWEXEPPPIZIPWXLI]EVIJVI
UYIRXP]QSWXETTEVIRXEXTSMRXWSJGSRJPMGX%WTS[IVEWWYVIWIEGLSJYWEGGIWWXSXLI
VIWSYVGIWRIIHIHXSQEMRXEMRPMJIERH[IPPFIMRKMXMWERIWWIRXMEPXSSPJSVSYVWYVZMZEP
8S XLI I\XIRX XLEX MX MW I\IVGMWIH MR E WSGMEP GSRXI\X [I VIGSKRM^I MX VIWTSRH XS MX
EGGITXMXERHYWIMXXLVSYKLGSQQYRMGEXMSR;IKVERXTS[IVXSSXLIVWERHMRXYVREVI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

*-+96) )XLMGWJSV4VSHYGXMZI'SRJPMGX1EREKIQIRX

8LI-RWXMXYXIJSV+PSFEP)XLMGW-RKFEV SYXPMRIWEWIXSJIXLMGEPZEPYIWFEWIHSRXLITVMRGM

TPIWSJGSQTEWWMSRJEMVRIWWLSRIWX]VIWTIGXERHVIWTSRWMFMPMX]8LIWIIXLMGEPTVMRGMTPIWEVIWYQ
QEVM^IHLIVIERHEHETXIHEWKYMHIPMRIWXSFIVIQIQFIVIHJSVIRKEKMRKMRTVSHYGXMZIWQEPPKVSYT
GSRJPMGXQEREKIQIRX
'SQTEWWMSR
3YVKVSYTtWVIEPMX]GERFIHIJMRIHF]SYVGEVMRKVIPEXMSRWLMTW
8MQIMWZEPYEFPIERHGERFIYWIHXSQEOIGSRRIGXMSRW[MXLSXLIVWMRXLIKVSYT
3YVLYQERMX]MRGVIEWIW[LIRFEVVMIVWEVIVIHYGIHFIX[IIRSYVWIPZIWERHSXLIVW
;IGERKEMRWXVIRKXLJVSQSYVVIPEXIHRIWWXSSXLIVWERHJVSQNSMRMRKEPEVKIVLYQERIRHIEZSV
*EMVRIWW
2SMRHMZMHYEPMWQSVIMQTSVXERXXLERERSXLIV
8MQIMWZEPYEFPIXSFSXLWIPJERHSXLIVW
8LIHMKRMX]SJWIPJERHSXLIVWQYWXFILSRSVIH
,YQERGSSTIVEXMSRERHGSQTIXMXMSRSGGYVFYXWLSYPHSGGYV[MXLMRFSYRHWSJJEMVRIWW
,YQERWWLSYPHVIWXVEMRJVSQWIPJMRXIVIWXMRSVHIVXSEGLMIZIXLIKVIEXIVKSSH
,SRIWX]
8VYXLMWIWWIRXMEPERHZEPYIH
3TIRLSRIWXMRXMQEXIGSQQYRMGEXMSRMWTVIJIVVIH
'SQTIXMXMSRERHGSSTIVEXMSRSGGYVFYXFSXLWLSYPHFISTIR
6IWTIGX
8LIZEPYISJFSXLWIPJERHSXLIVWWLSYPHFIGSRWMHIVIHTEVEQSYRX
-XMWMQTSVXERXXSGSRWMHIVXLIXMQIWTEGIERHIRIVK]RIIHIHXSQEREKIGSRJPMGX
3XLIVWLEZIERMRLIVIRXMRXIKVMX]ERHEVIIRHWMRXLIQWIPZIWRSXEQIERWXSSRItWS[RIRHW
%GSPPEFSVEXMZIQSHIPMWTSWWMFPIERHHIWMVEFPI
6IWTSRWMFMPMX]
8LI[SVPHGERFIHIJMRIHF]XLIGSQQMXQIRXW-QEOI
8MQIQMRIERHSXLIVW MWMQTSVXERXERHWLSYPHRSXFI[EWXIH
%RIXLMGSJGEVI MWMQTSVXERXJSVQ]WIPJERHSXLIVW
%REXXMXYHISJS[RIVWLMTERHEGGSYRXEFMPMX]MWTVIJIVVIH
6IWTSRWMFMPMX]QIERWPSSOMRKFI]SRHQ]WIPJSZIVGSQMRKEQFMZEPIRGIERHGSRXVMFYXMRK

7SYVGI 7YQQEVM^IHERHEHETXIH[MXLTIVQMWWMSRJVSQ-RKFEV 3VKERM^EXMSREPIXLMGW[LIVIZEPYIWERH

GYPXYVIWQIIX 4YFPMWLIHF]XLI-RWXMXYXIJSV+PSFEP)XLMGW1EMR7XVIIX43&S\'EQHIR1EMRI
[[[KPSFEPIXLMGWSVK

KVERXIHTS[IVF]SXLIVWMRXLIKVSYTWMR[LMGL[IMRXIVEGX1G7LERI
:SR+PMRS[
 %PXLSYKL[IEPPLSPHTS[IVMRQER]HMJJIVIRXJSVQW[IXVERWPEXIMXMRXSHMJJIV
IRXGYVVIRGMIWSVZEPYIW[LIR[IXVEHIWTIRHSVYWIMXMRKVSYTW&IGEYWIKVSYTWEVI
W]WXIQWSJMRXIVHITIRHIRXVIPEXMSRWLMTWERHIZIV]TEVXEJJIGXWIZIV]SXLIVTEVXIZIR
XLSWI[LS[MXLHVE[ERHVIJYWIXSTEVXMGMTEXIEVII\IVGMWMRKTS[IVERHMRJPYIRGMRKXLI
KVSYTMRXIVEGXMSR;LIR-qXEOIQ]QEVFPIWERHKSLSQIr-GLERKIXLITSWWMFMPMXMIW
JSVXLIKVSYTMRXIVEGXMSR4S[IVXLIVIJSVIYRHIVPMIWQSWXSJSYVKVSYTGSQQYRMGE
XMSRTEXXIVRWERHF]I\XIRWMSRSYVGSRJPMGXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4S[IVMR+VSYT'SRJPMGX 

8LIVIEVIEXPIEWXWIZIRX]TIWSJTS[IVEZEMPEFPIJSVYWIMRKVSYTWI\TIVXTS[IV
MRXIVTIVWSREPPMROEKITS[IVVI[EVHERHTYRMWLQIRXTS[IVTSWMXMSREPTS[IVWSQI
XMQIWGEPPIH PIKMXMQEXITS[IV  VIJIVIRXTS[IVGLEVMWQEXMG SVTIVWSREP  TS[IV ERH
EZSMHERGITS[IV*VIRGL
6EZIR,EVVMW6EZIR 

)\TIVX4S[IV
)\TIVX4S[IV MWKIRIVEXIHF]LEZMRKETEVXMGYPEVEFMPMX]SVEGGIWWXSTEVXMGYPEVMRJSV
QEXMSRXLEXMWZEPYIH8SXLII\XIRXXLEXEKVSYTLEWETVSFPIQXSWSPZIXLEXMRZSPZIWER
YRHIVWXERHMRK SJ XIGLRMGEP VIKYPEXSV] TSPMXMGEP SV SXLIV WTIGMEPM^IH MRJSVQEXMSR
XLSWI[MXLXLEXMRJSVQEXMSR[MPPFIMRETSWMXMSRXSI\IVGMWIXLIMVTS[IVXSKYMHIERH
MRJPYIRGIXLIKVSYTHMWGYWWMSRERHHIGMWMSRQEOMRK*SVI\EQTPIMRXLIGSQQYRMX]
KVSYTPSSOMRKJSVWSPYXMSRWXSMXWWSPMH[EWXIHMWTSWEPTVSFPIQEXVEWLLEYPIVJSVXLI
GSQQYRMX]QE]LEZII\TIVXTS[IV8LEXTIVWSRORS[WXLIEQSYRXERHGSRXIRXSJXLI
XVEWLXLEXRIIHWXSFIHMWTSWIHSJ,MWSVLIVMRJSVQEXMSRFIGSQIWEZMXEPIPIQIRXMR
XLIHIGMWMSRQEOMRKTVSGIWW%W[MXLER]X]TISJTS[IVLS[IZIVMXMWMQTSVXERXJSV
XLIKVSYTERHTIVWSRXSOIITXLEXI\TIVXMWIMRTIVWTIGXMZIERHRSXPIXMXSZIVVMHIXLI
PEVKIVKSEPWSJXLIKVSYTTVSGIWW-XJVIUYIRXP]MWIEWMIVXLER[IVIEPM^IJSVXLSWI[LS
LSPH I\TIVX TS[IV XS EFYWI MX F] HMVIGXMRK MX GSRWGMSYWP] SV YRGSRWGMSYWP] XS[EVH
WSQIQIEWYVI SJ TIVWSREPKEMR -XMW EPWS IEW]JSVPIWW MRJSVQIH KVSYTQIQFIVWXS
IRLERGII\TIVXTS[IVF]TYXXMRKQSVIWXSGOXLERMW[EVVERXIHMRXLII\TIVXtWSTMRMSRW

-RXIVTIVWSREP0MROEKI4S[IV
8LSWIQIQFIVWMREKVSYT[LSLEZITIVWSREPEGGIWWXSTISTPISVMRJSVQEXMSRWSYVGIW
XLEX GER FI YWIJYP XSXLI KVSYT FVMRK ETEVXMGYPEVTS[IV XS XLI KVSYT TVSGIWW8LIMV
MRXIVTIVWSREPPMROEKITS[IV EPPS[WXLIQXSIRKEKIXLIWIVZMGIWSJMRHMZMHYEPWSXLIV
KVSYTWERHSVKERM^EXMSRWSVXSKEMREGGIWWXSVIWSYVGIWRSXKIRIVEPP]EZEMPEFPIXSSXL
IVWMRXLIKVSYTXLEXQE]IRLERGIXLIKVSYTtWEFMPMX]XSEGLMIZIMXWKSEPW-RXLIGSQQY
RMX]KVSYTEQIQFIV[LSORS[WWSQISRIMRERIMKLFSVMRKGSQQYRMX]KVSYTIRKEKIH
MREWMQMPEVXEWOQE]FIMRETSWMXMSRXSLIPTJSVKIERMRXIVGSQQYRMX]EKVIIQIRXSR
XVEWLLEYPMRKSVVIG]GPMRK-JWYGLEREKVIIQIRXTSXIRXMEPP]VIHYGIWXLI[EWXIHMWTSWEP
GSWXWJSVFSXLGSQQYRMXMIW F] MRGVIEWMRK SZIVEPP ZSPYQIW ERH XLIVIF] KMZMRKEHHIH
q[IMKLXrXSXLIGSQQYRMXMIWt RIKSXMEXMSRW[MXLXLIMVQEVOIXWXLITIVWSRVIWTSRWMFPI
JSVXLMWTSWWMFMPMX]LSPHWWYFWXERXMEPMRXIVTIVWSREPPMROEKITS[IV[MXLMRXLIKVSYT%R
SJJMGIWIGVIXEV]QE]LEZIMRXIVTIVWSREPPMROEKITS[IVMREKVSYT[LIRLISVWLIGER
TVIZEMPSRSJJMGIGSRXEGXWXSHSQEMPMRKWSVVIWIEVGLJSVXLIKVSYT8LMWTS[IVEW[MXL
ER]SJXLISXLIVX]TIWSJTS[IVGERLEZIQYPXMTPIPIZIPWSJMRJPYIRGIERHWXVIRKXL

6I[EVHERH4YRMWLQIRX4S[IV
8LSWI[LSGERIJJIGXMZIP]VI[EVHSVTYRMWLSXLIVQIQFIVWSJXLIKVSYTLSPHERSXLIV
X]TISJTS[IV8SXLII\XIRXXLEX[IGERIJJIGXMZIP]TVEMWISVLYQMPMEXIJIPPS[KVSYT
QIQFIVW[IEPPLSPHXLMWVI[EVHERHTYRMWLQIRXTS[IV ,S[IZIV[IYWYEPP]XLMROSJ
MX EW XLI EFMPMX] XS QEXIVMEPP]EJJIGX ERSXLIVtW[IPPFIMRKMR XIVQWSJ ENSF JMRERGMEP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

VI[EVHW SV TYRMWLQIRXW TIVWSREP VIPEXMSRWLMT VI[EVHW SV TYRMWLQIRXW SV SXLIV
VI[EVHWSVTYRMWLQIRXWXLEX[IGSRWMHIVTEVXMGYPEVP]QIERMRKJYP-JSRISJXLIHVMZIVW
JSVXLIXVEWLLEYPIVMWEPWSEQIQFIVSJXLIKVSYTWLISVLIQE]JIIPMRXMQMHEXIHEFSYX
HMWEKVIIMRK[MXLXLIXVEWLLEYPMRKFSWWJSVJIEVSJPSWMRKLMWSVLIVNSF%HHMXMSREPP]
XLMWTIVWSRQE]KSSYXSJLIVSVLMW[E]XSWYTTSVXXLIFSWWMRXLILSTISJKIXXMRKE
VEMWI-RERSVKERM^EXMSREPWQEPPKVSYTXLIEHQMRMWXVEXMZIEWWMWXERXSVWIGVIXEV]QE]
LSPHXLMWTS[IV8SXLII\XIRXXLEXTIVWSRGSRXVSPWXLIJPS[SJMRJSVQEXMSRERHEGGIWWXS
RIIHIHEHQMRMWXVEXMZIWIVZMGIWMRXLISJJMGIQEMRXEMRMRKKSSHVIPEXMSRW[MXLLMQSV
LIVQE]FIOI]XSHSMRKSRItWNSFIJJIGXMZIP]SREHE]XSHE]FEWMW;LIRTEVXMGMTEXMSR
MRKVSYTWMWFEWIHSRVIKEVHJSVVI[EVHERHTYRMWLQIRXTS[IVIJJIGXMZIKVSYTTVSGIWW
QE]FIWEGVMJMGIH8LMWX]TISJTS[IVXLIVIJSVIQYWXFIYWIH[MXLKVIEXGEVIERH[MXL
EWIRWISJVIWTSRWMFMPMX]

4SWMXMSREP0IKMXMQEXI 4S[IV

8LSWIKVERXIHTS[IVF]SXLIVWJSVWTIGMJMGTYVTSWIWSVFIGEYWISJXLIVIWTSRWMFMPMXMIW
SJXLIMVTSWMXMSR[MXLMRXLIKVSYTQE]FIWEMHXSLEZITSWMXMSREPSVPIKMXMQEXITS[IV
8LIMVEYXLSVMX]QE]FIPMQMXIHXSTEVXMGYPEVEWTIGXWSJXLIKVSYTTVSGIWWSVMXQE]FI
FVSEHIV7SQI[LEXPMOII\TIVXTS[IVXLMWTS[IVQE]XVERWPEXIMRXSPIEHMRKHMWGYWWMSRW
ERHQEOMRKSVGSRXVMFYXMRKXSTEVXMGYPEVX]TIWSJHIGMWMSRW-XWYWIGERQSZIXLIKVSYT
TVSGIWWMRTEVXMGYPEVHMVIGXMSRWERHGERWYFWXERXMZIP]WLETIXLISYXGSQI-JXLILIEHSJ
XLISVKERM^EXMSRMWEPWSEQIQFIVSJXLIWQEPPKVSYTXLISXLIVQIQFIVWQE]HIJIVXS
XLEXTIVWSRFIGEYWISJLMWSVLIVTSWMXMSRVIKEVHPIWWSJLS[[IPPWLISVLIYRHIVWXERHW
XLITEVXMGYPEVMWWYIWFIMRKHMWGYWWIH8LMWVITVIWIRXWERYRJSVXYREXIYWISJTSWMXMSREP
TS[IV-RXLIGSQQYRMX]KVSYTXLIXS[REGGSYRXERXORS[WXLIGSRHMXMSRSJXLIXS[RtW
JMRERGIW ERH QE] FI EFPI XS SJJIV MRWMKLX MRXS GYVVIRX JMRERGMEP EVVERKIQIRXW ERH
SFPMKEXMSRW%PXLSYKLXLMWMWEQSVIPIKMXMQEXIYWISJTSWMXMSREPTS[IVFIGEYWIXLMW
TIVWSRQE]ORS[[LEXLEWFIIRHSRIERHLS[MXLEWFIIREGGSYRXIHJSVLISVWLIQE]
RSXFIXLIFIWXTIVWSRJSVERXMGMTEXMRKRI[[E]WSJVEMWMRKQSRI]SVVIEPPSGEXMRKI\MWX
MRKJYRHW%HQMRMWXVEXMZIEWWMWXERXWERHWIGVIXEVMIWEPWSSJXIRLEZITSWMXMSREPTS[IV
FIGEYWISJXLIMVZEPYEFPIORS[PIHKIERHEGGIWWXSTEVXMGYPEVMRJSVQEXMSR8LIIPIGXIH
GLEMVSJXLIKVSYTLSPHWTSWMXMSREPTS[IVEW[IPP%W[MXLEPPX]TIWSJTS[IVTSWMXMSREP
TS[IVMWPIKMXMQM^IHF]SXLIVWt TIVGITXMSRWSJMXWZEPYIERH[SVXL

6IJIVIRX4S[IV
6IJIVIRXTS[IV XLITS[IVGSRJIVVIHF]EJJMPMEXMSR[MXLVIWTIGXIHKVSYTWSVTISTPIGER
FIYWIHMRGIVXEMRGSRXI\XWXSIRLERGITIVWSREPTS[IVMREKVSYTWMXYEXMSR-XQE]FI
YWIHXSEHHXSGVIHMFMPMX]ERHXLIVIJSVITVSZMHIXLSWIQIQFIVWQSVIMRJPYIRGIMRXLI
SZIVEPPKVSYTTVSGIWW-RXLIGSQQYRMX]KVSYTEQIQFIV[LSMWETIVWSREPJVMIRHSJ
XLILIEHSJXLIWXEXIIRZMVSRQIRXEPVIKYPEXSV]GSQQMWWMSRLEWVIJIVIRXTS[IV[LMGL
QE]ETTIEVXSFIQSVIMRJPYIRXMEPXLERMXEGXYEPP]MWSVWLSYPHFI-REKVSYTSJI\IGY
XMZIWETIVWSR[LSLSPHWEHIKVIIJVSQETVIWXMKMSYWWGLSSPQE]LSPHVIJIVIRXTS[IV
MJXLISXLIVKVSYTQIQFIVWEWWYQIXLEXXLMWTIVWSRLEWWYTIVMSVORS[PIHKI[LIXLIV
SVRSXXLEXTEVXMGYPEVORS[PIHKIFIEVWSRXLIMWWYIWYRHIVHMWGYWWMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4S[IVMR+VSYT'SRJPMGX 

'LEVMWQEXMGSV4IVWSREP 4S[IV

'LEVMWQEXMGSVTIVWSREPTS[IV VIWMHIWMRTEVXMGYPEVTIVWSREPMXMIWXS[LMGLSXLIVWEVI
EXXVEGXIH-XMWIPYWMZIMRXLEXMXMWHMJJMGYPXXSHIJMRIFYX[IVIGSKRM^IMX[LIR[IWIIMX
SVJIIPMX8LIVIEVIXLSWI[LSFIGSQIqSTMRMSRPIEHIVWrF]ZMVXYISJXLIMVTIVWSREP
GLEVQERHGLEVEGXIVMWXMGWVEXLIVXLERTVMRGMTEPP]FIGEYWISJXLIMVORS[PIHKISVI\TIV
XMWI'LEVMWQEXMGTS[IVMWVIWMHIRXMRQER]MRHMZMHYEPWMRIZIV]HE]PMJIERH[IWSQI
XMQIWVIJIVXSXLIQEWqREXYVEPPIEHIVWr;IPPORS[RGLEVMWQEXMGTIVWSREPMXMIWEVIXLI
6IZIVIRHW1EVXMR0YXLIV/MRK.VERH.IWWI.EGOWSR4VIWMHIRX6SREPH6IEKERMWEPWS
GSRWMHIVIHF]QER]XSLEZIFIIREGLEVMWQEXMGPIEHIV;LIRYWIHVIWTSRWMFP]GLEVMW
QEXMG TS[IV GER FI FIRIJMGMEP XS KVSYT TVSGIWW IRWYVMRK XLEX EPP QIQFIVW EVI
VIWTIGXIHERHLIEVHERHXLEXJEMVRIWWTVIZEMPW;LIRYWIHMVVIWTSRWMFP]MXGERJYVXLIV
HMWIQTS[IV[IEOIVQIQFIVWSJEKVSYT

%ZSMHERGI4S[IV
%ZSMHERGITS[IV QE]FIYWIH[LIRQIQFIVWFIPMIZIXLI]LEZIPMXXPISVRSTS[IVMRE
KVSYTSV[LIRXLI]FIPMIZIXLI]LEZIPMXXPIXSKEMRJVSQKVSYTQIQFIVWLMT8LI]QE]
VIJYWIXSTEVXMGMTEXIMRXLITVSGIWW[LMPIEXXLIWEQIXMQIVIWIRXMRKXLIMVI\GPYWMSR
JVSQMX%ZSMHERGITS[IVQE]FIQERMJIWXF]FIMRKPEXIJSVSVEFWIRXJVSQQIIXMRKW
RSXJYPJMPPMRKKVSYTSFPMKEXMSRWVIJYWMRKXSWLEVIMRJSVQEXMSRSVMHIEWSVWRMTMRKEX
SXLIVWt MHIEW[MXLMRXLIKVSYT8LMWTS[IVQE]EPWSXVERWPEXIMRXSHIRMEPERHIUYMZSGE
XMSRWYGLEWVIJYWMRKXSXEOIVIWTSRWMFMPMX]JSVEGXMSRWSVWXEXIQIRXW XSTMGQEREKI
QIRXWYGLEWWLMJXMRKXLIXSTMGXSSRI[MXL[LMGLXLITIVWSRJIIPWQSVIGSQJSVXEFPI 
RSRGSQQMXXEPVIQEVOWWYGLEWMVVIPIZERXSVEFWXVEGXGSQQIRXW SVMVVIZIVIRXVIQEVOW
WYGLEWQEOMRKNSOMRKGSQQIRXWEXMRETTVSTVMEXIXMQIW &]IRKEKMRKMRER]SJXLIWI
FILEZMSVWXLIWIQIQFIVWQE]IJJIGXMZIP]OIITXLIKVSYTJVSQSTXMQM^MRKMXWGVIEXMZ
MX],SGOIV
;MPQSX 
%ZSMHERGITS[IVMREWQEPPKVSYTQE]FIJIPXMRRYQIVSYWQSVIWYFXPI[E]W
MRGPYHMRKHVEMRMRKKVSYTIRIVK]JVSQXLIXEWO EXLERHXLVSYKLXLIKVSYTtWSRKSMRK
EXXIQTXWXSIRKEKIERHMRZSPZIXLIQIQFIVMRXLITVSGIWWHVEMRMRKIRIVK]F]VIUYMV
MRKSXLIVQIQFIVWXSHSPEVKIVTSVXMSRWSJXLI[SVOPSWMRKXLIFIRIJMXSJXLEXQIQ
FIVtWGSRXVMFYXMSRWXSXLIKVSYTIJJSVXERHGEYWMRKVIWIRXQIRXEQSRKSXLIVQIQFIVW
XLIVIF][IMKLMRKHS[RXLIMVS[RGVIEXMZIIRIVK]ERHTVIZIRXMRKXLIQJVSQSTXMQM^
MRKWSPYXMSRW
-RXLIGSQQYRMX]KVSYTMJXLIXVEWLLEYPIVJIIPWWLIMWRSXJYPP]ETTVIGMEXIHWLI
QE]WYFXP]SVHMVIGXP]VIJYWIXSWLEVIMRJSVQEXMSREFSYXXLIUYERXMX]ERHUYEPMX]SJXLI
GSQQYRMX]tWXVEWLPIEZMRKXLIKVSYTXSWGVEQFPIJSVMRHMVIGX[E]WSJIWXMQEXMRKXLMW
MRJSVQEXMSR-JXLIEZSMHMRKQIQFIVWWLS[XLIMVVIWIRXQIRXF]GVMXMGM^MRKXLIKVSYT
IJJSVXSYXWMHIXLIKVSYTXLI]QE]HIVEMPXLIVIWYPXWSJXLIKVSYTTVSGIWW[LIRMXGSQIW
XSEHSTXMRKTVSTSWEPWXLIKVSYTTYXWJSVXL-JJSVI\EQTPIQIQFIVWXEPOXSSXLIVGSQ
QYRMX]VIWMHIRXWEFSYXXLIRIKEXMZIEWTIGXWSJXLITVSGIWWMXQMKLXWEFSXEKIXLIGSQ
QYRMX]WYTTSVXRIGIWWEV]XSMQTPIQIRXXLITVSTSWEPW%ZSMHERGITS[IVGERFILMKLP]
HIWXVYGXMZIERHMRWMHMSYWMRMXWIJJIGXWSRXLIKVSYTERHMXWEGLMIZIQIRXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

3RXLISXLIVLERH EZSMHERGITS[IV WLSYPH RSXFIEXXVMFYXIHXSQIQFIVW[LS

WMQTP]GLSSWIRSXXSTEVXMGMTEXIMRWSQIEWTIGXSJXLIHMWGYWWMSRSVTVSGIWW8LI]QE]
XLMROXLI]LEZIRSXLMRKSJWYFWXERGIXSSJJIVSRETEVXMGYPEVTSMRX0EGOSJJYPPTEVXMGM
TEXMSRQE]LEZIVSSXWMRWSQIXLMRKSXLIVXLEREZSMHERGITS[IV

4S[IVMR'SRXI\X
-XMWJVIUYIRXP]XIQTXMRKXSGVMXMGM^ITEVXMGMTERXWJSVXLIMVEFYWISJXLITS[IVXLI]LSPH
,S[IZIVEWQIQFIVWSJWQEPPKVSYTW[IQYWXXEOIVIWTSRWMFMPMX]JSVXLITS[IV[IKVERX
XSSVTIVQMXSXLIVWXSLEZIEW[IPPEWJSVXLEX[IXEOISYVWIPZIW)\TIVXTS[IVMWSRP]EW
JSVGIJYPEWXLSWIQIQFIVW[LSFIPMIZIMRMXEPPS[MXXSFI%ZSMHERGITS[IVQE]FIXLISRP]
TIVGIMZIHVSYXIPIJXXSEQIQFIVSXLIVWLEZIIJJIGXMZIP]WLYXSYXSJXLITVSGIWW;IEVI
EKIRXWSJERHVIWTSRHIRXWXSTS[IVERH[ILEZITS[IVERHGLSMGIWMRFSXLKYMWIW%WWYGL
[IEVIIEGLVIWTSRWMFPIJSVXLITEVX[ITPE]MRXLIYWIERHEFYWISJTS[IVMRSYVKVSYTW
8SSSJXIRTS[IVMWWIIREWETMI[MXLEPMQMXIHRYQFIVSJWPMGIWFYXTS[IVMWRSX
JMRMXI%PPTISTPILEZITS[IVERHER]MRHMZMHYEPQE]WMQYPXERISYWP]IQTPS]WIZIVEP
X]TIWSJTS[IVMRER]TEVXMGYPEVKVSYT4S[IVVIWMHIWMRVIPEXMSRWLMTWVEXLIVXLERMR
MRHMZMHYEPW-XMWVIPEXMZIXSXLIKVSYT8LIXVEWLLEYPIVMRXLIGSQQYRMX]KVSYTLEW
I\TIVXTS[IVMRXLEXKVSYTFYXLMWSVLIVI\TIVXMWIMRXLEXEVIEQE]LEZIPMXXPIZEPYIXS
EKVSYTWIXXMRKYTEGLMPHVIRtWHE]GEVIGIRXIV)EGLMRHMZMHYEPFVMRKWEWIXSJI\TIVM
IRGIWLEFMXWORS[PIHKIERHSXLIVZEPYIXSIZIV]MRXIVEGXMSR8LIMRXIVEGXMSRERHXLI
GSRXI\XMR[LMGLMXXEOIWTPEGIHIXIVQMRIXLIVIPEXMZITS[IVERHZEPYISJXLIMRHMZMHY
EPWt TEVXMGMTEXMSR%TIVWSR[LSJIIPWHMWIQTS[IVIHMRSRIKVSYTQE]FILMKLP]ZEP
YIH ERH IQTS[IVIH MR ERSXLIV *SV I\EQTPI ER EVXMWX QE] JIIP SYX SJ LIV SV LMW
IPIQIRXMREQIIXMRKSJMRHYWXV]I\IGYXMZIWHMWGYWWMRKTPERXERHIUYMTQIRXMRZIWXQIRX
FYXQE]FIELMKLP]ZEPYIHQIQFIVSJEGVIEXMZIHIWMKRXIEQ8LYWTS[IVMWVIWMHIRX
MRVIPEXMSRWLMTWERHVIPEXMSREPGSRXI\XW-RIJJIGXMZIKVSYTWQIQFIVWTYVWYIQYXYEP
MRJPYIRGI [LMGLPIEHWXSELMKLIVPIZIPSJWYGGIWWFIGEYWIXLIVIMWEW]RIVKIXMGTVSGIWW
SGGYVVMRK1YVVIPP
1IVIHMXL 

'SRWXVYGXMZI'SRJPMGX1EREKIQIRX

 1EMRXEMREGSQQMXQIRXXSXLIMQTSVXERGISJTSWMXMZIKVSYTVIPEXMSRWLMTW
 7XEXITSWMXMSRWHMVIGXP]ERHLSRIWXP]
 0MWXIREXXIRXMZIP]XSHMZIVWISTMRMSRW
 %GGITXVIWTSRWMFMPMX]JSVSRItWS[RXLSYKLXWERHJIIPMRKW
 %HHVIWWXLIMWWYIWRSXXLITIVWSREPMXMIW
 'SQQYRMGEXIYRHIVWXERHMRKSJXLISXLIVTIVWSRWERHXLIMVTIVWTIGXMZIW
 9WIWYTTSVXMZIVEXLIVXLERHIJIRWMZIGSQQYRMGEXMSRWXVEXIKMIW
 0SSOJSVEVIEWSJEKVIIQIRXXLEXYRHIVPMIXLIHMWEKVIIQIRX
 *SGYWSRTEVXMGYPEVEWTIGXWSJXLIMWWYIWVEXLIVXLERSRLEVHIRIHTSWMXMSRW
 +IRIVEXIEWQER]EPXIVREXMZIWEWJIEWMFPIFIJSVIGSQMRKXSEJMREPVIWSPYXMSR
 -RWMWXXLEXWSPYXMSRWFIFEWIHSRTVIHIXIVQMRIHSFNIGXMZIWXERHEVHW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7YQQEV] 

-R KVSYTW IJJIGXMZIPIEHIVWLMT GER LIPTIRWYVIXLI IQTS[IVQIRXSJ EPP KVSYT

QIQFIVW )QTS[IVQIRX QE] XEOI QER] JSVQW FYX JMVWX ERH JSVIQSWX MX EWWYVIW E
WIRWISJ[SVXLERHHMKRMX]JSVIEGLMRHMZMHYEP%KVSYTPIEHIVQE]IQTS[IVQIQFIVW
XSQEOIHIGMWMSRWERHEGXSRXLIMVS[RXEOMRKVIWTSRWMFMPMX]JSVZEVMSYWTEVXWSJXLI
KVSYT TVSGIWW 7GSXX
 .EJJI   SV XLEX PIEHIV QE] I\IVGMWI QSVI LMIVEVGLMGEP
TS[IVFYXJSVXLIKVSYTTVSGIWWXSFIIJJIGXMZIEPPQIQFIVWQYWXJIIPIQTS[IVIHXS
GSRXVMFYXI[LIXLIVXLI]EKVIISVHMWEKVII[MXLXLIKVSYTPIEHIVSV[MXLIEGLSXLIV
;LIREKVSYTMWFEWIHSRQYXYEPVIWTIGX[MXLEPPQIQFIVWJIIPMRKIQTS[IVIHGSR
JPMGXGERFILERHPIHGSRWXVYGXMZIP]IRLERGMRKXLISZIVEPPGVIEXMZITVSGIWW

7YQQEV]
'SRJPMGX MW ERMQTSVXERXTEVX SJ XLI KVSYT TVSGIWW;LIR[I TIVGIMZI MRGSQTEXMFPI
KSEPWWGEVGIVI[EVHWSVMRXIVJIVIRGIJVSQERSXLIVTEVX][ILEZIGSRJPMGX'SRJPMGX
GERFIWIIREWXLIOI]MRWSQIGEWIWXSEGLMIZMRKXLIFIWXTSWWMFPIWSPYXMSRMREKVSYT
HIGMWMSRQEOMRKTVSGIWW8SXLII\XIRXXLEXMXIRPMZIRWYWERHWLEVTIRWSYVJSGYWSRXLI
MWWYIMXGERI\TERHXLITSWWMFMPMXMIWJSVGVIEXMZIWSPYXMSRWXSTVSFPIQW*SVGSRJPMGXXS
[SVOGSRWXVYGXMZIP]LS[IZIV[IRIIHXSJSGYWSRMWWYIWERHGEVIJYPP]HIPMQMXKSEPW
ERHI\TIGXEXMSRW'SRJPMGXWLSYPHFIGSRWMHIVIHTEVXSJXLIHIGMWMSRQEOMRKTVSGIWW
[MXLMXWI\TPMGMXERHMQTPMGMXTEVEQIXIVW;LIRGSRJPMGXMWIRKEKIHGSRWXVYGXMZIP]MX
GERIRLERGIKVSYTGSLIWMSR[LMPIVIHYGMRKXIRWMSR
)WWIRXMEPXSQEOMRKER]GSRJPMGXQEREKIQIRXWXVEXIK][SVOMWGSRWIRWYWEQSRK
KVSYTQIQFIVWEWXS[LMGLWXVEXIKMIWEVIETTVSTVMEXIJSV[LMGLGSRJPMGXW8LMWQIERW
XLI KVSYT QYWX QEOI MRMXMEP HIGMWMSRW EFSYX XLI SZIVEPP TVMSVMXMIW SJ XLI HIGMWMSR
QEOMRKTVSGIWWMRGPYHMRKERI\TPMGMXYRHIVWXERHMRKSJXLIGSRWXVEMRXWSRXLITVSGIWW
MXWIPJ
)EGLKVSYTQYWX[VIWXPI[MXLWQEPPERHPEVKIGSRJPMGXW8LIQIQFIVWQYWXHIXIV
QMRI[LMGLMWWYIWEVIXLIQSWXMQTSVXERXERHQSWX[SVXL]SJXLIXMQIERHIRIVK]MXXEOIW
XSEGLMIZIGSRWIRWYW7SQI[MPPRIIHXSFILERHPIHUYMGOP]ERHIJJMGMIRXP]MRSVHIVXS
WEZIXLI XMQI ERH IRIVK] VIUYMVIH JSV XLIQSVI MQTSVXERX SRIW-J MX MW GVMXMGEP XS XLI
KVSYTtWSRKSMRKQMWWMSRXLEXGSRWIRWYWFIEGLMIZIHEVSYRHTEVXMGYPEVMWWYIWMXQMKLXFI
[SVXL[LMPIJSVXLIKVSYTXSEPPS[XLII\XVEXMQIRIIHIHXSFYMPHXLEXGSRWIRWYW
9RHIVP]MRKWYGGIWWJYPGSRJPMGXQEREKIQIRXVIKEVHPIWWSJXLITEVXMGYPEVWXVEXIK]
YWIHMWXLILSRSVMRKSJMRXIVTIVWSREPVIPEXMSRWLMTWERHQYXYEPVIWTIGXEW[IPPEWXLI
VIWTSRWMFPIYWISJTS[IV&SXLXLIWITVIVIUYMWMXIWXEOIMRXIRXMSRERHJSGYWEPSRK[MXL
ERE[EVIRIWWSJXLIGSWXSJHMWVIKEVHMRKXLIQ6IWSPZMRKHMJJIVIRGIWGERFIHMJJMGYPXERH
JVEYKLX[MXLTMXJEPPW-XMWRSXRIGIWWEVMP]IEW]SVREXYVEPFYXMWVEXLIVEPIEVRIHWOMPP-XMW
JVIUYIRXP]IEW]XSWYGGYQFXSERKIVJVYWXVEXMSRVIWIRXQIRXLYVXJIIPMRKWSVER]RYQ
FIVSJSXLIVTIVWSREPIQSXMSREPVIEGXMSRWMRXLILIEXSJGSRJPMGX-XMWMRXLIWIMRWXERGIW
XLEXTVEGXMGIERHPIEVRIHGSRJPMGXQEREKIQIRXFILEZMSVGERFIQSWXYWIJYP7IZIVEPTEV
XMGYPEVGSQQYRMGEXMSRWXVEXIKMIWLIPTEWWYVIGSRWXVYGXMZIGSRJPMGXQEREKIQIRX
(MJJMGYPXEWXLITVSGIWWSJQEREKMRKGSRJPMGXQE]FIXLISRP][E]EVSYRHMXMW
XLVSYKLMX-JEJMVIFYVRMRKETMPISJVIJYWIMWHSYWIHFIJSVIXLIVIJYWIMWXLSVSYKLP]
FYVRIH XLI TMPI QE] WQSPHIV ERH VIMKRMXI PEXIV -J XLI JMVI MW EPPS[IH XS FYVR
YRGLIGOIH SV MW JYIPIH [MXL KEWSPMRI MX QE] PIET SYX SJ MXW FSYRHEVMIW ERH GEYWI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

YRMRXIRHIH LEVQ 3R XLI SXLIV LERH MJ MX MW EPPS[IH XS FYVR [MXLMR XLI EPPS[EFPI
TIVMQIXIVWXLIVIJYWIMWGSRWYQIHERHXLITVSFPIQMWWEXMWJEGXSVMP]VIWSPZIH/IIT
MRKXLIJMVIYRHIVGSRXVSPXEOIWTPERRMRKERHEGIVXEMREQSYRXSJXMQIIRIVK]ERH
JSGYW-XQIERWWXE]MRK[MXLXLILIEXYRXMPMXLEWVYRMXWGSYVWI7SXSS[LIRGSRJPMGX
MWIRKEKIHGSRWXVYGXMZIP]MXVIWSPZIWXLIMWWYIWYRHIVHMWTYXIERHPIEZIWXLITVSGIWW
JYVXLIVELIEH;LIREPPXLITEVXMIWXSEGSRJPMGXEHSTXTSWMXMZIGSQQYRMGEXMSRWXVEXI
KMIWXLISYXGSQILEWEKSSHGLERGISJFIMRKEWYGGIWWJYPSRI[MXLEWEXMWJEGXSV]SYX
GSQIJSVEPPTEVXMGMTERXW
'SRJPMGX TPE]W E OI] VSPI MR XLI JYRGXMSRMRK SV PEGO SJ JYRGXMSRMRK SJ KVSYTW
;LIRMXMWLERHPIHGSRWXVYGXMZIP][MXLGEVIJYPEXXIRXMSRXSXLITEXXIVRWSJGSQQYRMGE
XMSRMRXIVEGXMSR MX GSRXVMFYXIWXS XLIGVIEXMZMX] ERH W]RIVK] SJ KVSYT TVSGIWW[LIR
LERHPIHHIWXVYGXMZIP]MXYRHIVQMRIWXLIKVSYTtWFIWXIJJSVXW

(-7'977-3259)78-327

 (IJMRIGSRJPMGX;LEXHS]SYXLMROEVIMXWOI]JEGXSVWSVGLEVEGXIVMWXMGW#
 (MWXMRKYMWLFIX[IIRWYFWXERGIERHTEXXIVRMREGSRJPMGX
 ;LEXMWXLIHMJJIVIRGIFIX[IIREQSVTLSWXEXMGW]WXIQERHEQSVTLSKIRMGW]WXIQ#4VSZMHI
ERI\EQTPISJIEGLJVSQ]SYVS[RI\TIVMIRGI;LMGLKVSYT[SYPHFIIEWMIVXS[SVO[MXLMR
TVSFPIQWSPZMRK#;L]#
 ;L] EVI JPEWLTSMRXW SGGYVVMRKMR XLI MRXIVEGXMZITEXXIVRQSVIHMJJMGYPXXSVIWSPZISV HIEP
[MXLXLERXLSWIXLEXSGGYVMRXLIWYFWXERGISJXLIMWWYI#
 ,S[ HS WGEVGI VIWSYVGIW HMZIVWI FEGOKVSYRHW ERH ZEV]MRK SVMIRXEXMSRW XS XEWO EGGSQ
TPMWLQIRXWMRJPYIRGIXLIWYFWXERGISJGSRJPMGX#
 ,S[EVIEWWIVXMZIRIWWERHGSSTIVEXMZIRIWWYWIHMRHIXIVQMRMRKGSRJPMGXWX]PI#3YXPMRILS[
XLI]GVIEXIXLIJMZIGSRJPMGXQEREKMRKWX]PIWHMWGYWWIHMRXLMWGLETXIV
 &VMIJP]SYXPMRIERI\EQTPISJGSPPEFSVEXMZIGSRJPMGXVIWSPYXMSRXLEX]SYLEZIIRKEKIHMR'SR
XVEWXXLEX[MXLEGSQTIXMXMZIGSRJPMGX;LMGL[EWQSVIWEXMWJ]MRKXS]SY#8SXLISXLIVTEVX]#
 ;LEXEVIMQTSVXERXIPIQIRXWMREWYGGIWWJYPRIKSXMEXMSRWXVEXIK]#
 (MWXMRKYMWLFIX[IIREGGSQQSHEXMSRERHEZSMHERGI4VSZMHIERI\EQTPISJLS[XSYXMPM^I
IEGLWXVEXIK]IJJIGXMZIP]MREWQEPPKVSYTHMWGYWWMSR
 ;LEXWLSYPHFIXLIOI]JEGXSVWMRHIGMHMRKXSYWIGSQTVSQMWI#
 ;LEXEVIWSQII\EQTPIWSJGSRWXVYGXMZIGSQTIXMXMZIGSQQYRMGEXMSRMRWQEPPKVSYTW#
 4VSZMHIERI\EQTPISJXLIWIZIRX]TIWSJTS[IVMRWQEPPKVSYTW

)<)6'-7)7

1IHMEXMRKHMWTYXIW6IGSKRM^MRKERHHIEPMRK[MXLGSRJPMGX4VSZIVFWEWGSRJPMGXQER
EKIQIRXKYMHIW4IVWSREPE[EVIRIWWEWEKYMHIXSGSRJPMGXQEREKIQIRX'EWIWXYHMIWMR
GSRJPMGXVIWSPYXMSR(MWGSZIVMRKMRJSVQEXMSRTS[IV(MWGSZIVMRK]SYVS[RTS[IV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

  1 ) ( - %8 - 2 +  ( - 7 4 9 8 ) 7

1IHMEXMSRMWETVSGIWWSJEXXIQTXMRKXSVIWSPZIGSRJPMGXXLVSYKLNSMRXHIGMWMSRQEOMRKERH
QYXYEPEKVIIQIRXEQSRKXLITEVXMIW7QEPPKVSYTXIEQQIQFIVWSJXIRTEVXMGMTEXIMRXLIVSPI
SJQIHMEXSVXSJEGMPMXEXIKVSYTHMWGYWWMSRW8LMWI\IVGMWIJSGYWIWEXXIRXMSRSRXLIWOMPPWSJE
QIHMEXSVERHEPPS[WSFWIVZEXMSRHMWGYWWMSRERHTVEGXMGISJXLSWIWOMPPWWII8EFPI  
%QIHMEXSVFIGSQIWERMRXIVQIHMEV]JSVXLIHMWTYXMRKTEVXMIWFYXHSIWRSXLEZIXLI
TS[IVXSVIWSPZIXLIMVHMJJIVIRGIWSRP]XSJEGMPMXEXIXLIMVVIHYGXMSRSJLSWXMPMX]ERHXIRWMSR
F]LIPTMRKXLIQPMWXIRXSIEGLSXLIVtWTIVWTIGXMZIWERHEGLMIZIEQYXYEPEKVIIQIRXXLVSYKL
NSMRXHIGMWMSRQEOMRK8LIQIHMEXSVMWRSXEHZIVWEVMEPMWRSXEREHZSGEXIJSVIMXLIVWMHI
ERHLEWRSTVIJIVIRXMEPMRXIVIWXMRIMXLIVWMHISJXLIMWWYISVIMXLIVTEVX]tWTIVWTIGXMZI
%YWIJYPGSRJPMGXQEREKIQIRXI\IVGMWIMWXSVSPITPE]ETIIVQIHMEXMSRWIWWMSR[MXL
XIEQQIQFIVWVSPITPE]MRKXLISTTSWMRKTEVXMIWERHSRITPE]MRKXLIVSPISJXLIQIHMEXSV
[LSJEGMPMXEXIWXLIMVHMWGYWWMSR8LIQIHMEXSVWLSYPHXV]XSJMVWXMHIRXMJ]EVIEWSR[LMGLXLI
TEVXMIW GER EKVII ERH XLIR LIPT XLIQ RIKSXMEXI XLIMV EVIEW SJ HMWTYXI8LI QIHMEXMSR MW
PEVKIP]EGGSQTPMWLIHXLVSYKLLIPTMRKXLITEVXMIWIRKEKIMREGXMZIIQTEXLMGPMWXIRMRK8[S
WEQTPIQIHMEXMSRI\IVGMWIWJSPPS[%REPXIVREXMZISVJSPPS[YTI\IVGMWIMWXSLEZIXIEQW
HIZIPST XLIMV S[R QIHMEXMSR WGIREVMSW ERH XLIR VIWSPZI XLIQ XLVSYKL E VSPI TPE]8LI
QIHMEXMSR IZEPYEXMSR JSVQ GER LIPT JSGYW EXXIRXMSR SR MQTSVXERX QIHMEXSV WOMPPW ;LEX
X]TIWSJTS[IVHSIWXLIQIHMEXSVLEZIXSHVE[SR#
1IHMEXMSR)\IVGMWI3RIh8LI6SSQQEXIW*SYVJVMIRHWQSZIHMRXSERETEVXQIRX
RIEVGEQTYWERHWMKRIHESRI]IEVPIEWI%JXIVJSYVQSRXLW7EVEQSZIHSYXSJXLIETEVX
QIRXFYXEWWYVIH.IRERHLIVSXLIVX[SVSSQQEXIWXLEXWLI[SYPHGSRXMRYIXSTE]LIVWLEVI
SJXLI VIRX JSV XLI VIQEMRHIV SJ XLI PIEWI.IR MWVIWTSRWMFPI JSV [VMXMRK XLI GLIGO IEGL
QSRXLXSTE]XLIVIRXFMPPERHLEWGSZIVIH7EVEtWTSVXMSRJSVXLITEWXX[SQSRXLW)EGL
QSRXLWLILEWWIRX7EVEEVIQMRHIVRSXIFYXLEWVIGIMZIHRSXLMRKJVSQLIV=IWXIVHE]WLI
GEPPIH7EVEERHEWOIHJSVXLIVIRXQSRI]7EVEMRHMGEXIHXLEXWLILEWLEHWIGSRHXLSYKLXW
EFSYXLIVSFPMKEXMSRXSTE]VIRXSRXLIETEVXQIRXWMRGIWLIMWRSPSRKIVVIGIMZMRKXLIFIRI
JMXSJMXXLEXWLILEWSXLIVJMRERGMEPSFPMKEXMSRWERHLEWXSTE]VIRXSRLIVGYVVIRXETEVX
QIRXERHXLEXWLIJIIPWXLEXWLI[EWVIEPP]JSVGIHSYXSJXLIETEVXQIRXF]LIVXVIEXQIRX
JVSQXLISXLIVX[SVSSQQEXIW.IRXSSOEHIITFVIEXLERHWYKKIWXIHXLEXXLI]XV]QIHME
XMSRXSVIWSPZIXLIMVHMJJIVIRGIWERH7EVEEKVIIH
1IHMEXMSR)\IVGMWI8[Sh8LI'SYGL;LIR4EQERH.EWSRQSZIHMRX[S]IEVWEKS
XLIVI [EW E PEVKI WIGXMSREP GSYGL MR XLI ETEVXQIRX 2IMXLIV SJ XLIQ PIKEPP] S[RIH XLI
GSYGL FYX FSXL YWIH MX HYVMRK XLI ]IEV XLEX XLI] PMZIH XSKIXLIV MR XLI ETEVXQIRX .EWSR
QSZIH SYX XLVII QSRXLW EKS JSV ENSF MR ERSXLIVWXEXI 4EQQSZIH XS E RI[ETEVXQIRX
EGVSWWXS[RPEWX[IIOIRH&IXLEWWYQIHXLIVIQEMRHIVSJXLIPIEWISRXLIETEVXQIRXERH
QSZIHMR=IWXIVHE](EZIEJVMIRHSJ.EWSR[LSLETTIRWXSPMZIMRERETEVXQIRXEGVSWWXLI
WXVIIXGEQISZIVXSXEOIXLIGSYGLXSLMWETEVXQIRX,IGPEMQIHXLEX.EWSRLEHKMZIRMXXS
LMQ&IXLVIJYWIHXSPIXLMQXEOIXLIGSYGLSVIZIRXSPIXLMQMRXSXLIETEVXQIRX0EWXRMKLX
.EWSRGEPPIH&IXLXSXIPPLIVXLEXXLIGSYGLRS[FIPSRKWXS(EZIERHXLEXWLIWLSYPHPIXLMQ
LEZI MX;LIR&IXLXSPH .EWSR XLEX WLI [EW RSX KSMRKXS KMZI XLIGSYGL XS (EZI .EWSR
XLVIEXIRIHXSGSQIF]ERHTMGOYTRSXSRP]XLIGSYGLFYXXLIWLS[IVGYVXEMRHMWLHVEMRIV
ERHWIZIVEPSXLIVMXIQWXLEXLITYVGLEWIHERHPIJXMRXLIETEVXQIRXJSV4EQtWYWIEWPSRKEW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

8%&0) 1IHMEXMSR)ZEPYEXMSR*SVQ

%WWMKR6EXMRKW!3YXWXERHMRK!)JJIGXMZI!4EVXP])JJIGXMZI!;IEO!-REHIUYEXI

+IRIVEP&ILEZMSVWSJ1IHMEXSVHYVMRK1IHMEXMSR4VSGIWW 4VSZMHI)\EQTPIW
CCCCC4IVWSREPERHMRXIVTIVWSREPFILEZMSVW
CCCCC1EREKIVMEPERHTVSGIHYVEPFILEZMSVW
CCCCC4IVWYEWMZIERHXEGXMGEPFILEZMSVW

7TIGMJMG%GGSQTPMWLQIRXW[MXL(MWTYXMRK4EVXMIW 4VSZMHI)\EQTPIW
CCCCC)PMGMXIHXVYWXJVSQXLIHMWTYXMRKTEVXMIW
CCCCC'PEVMJMIHVSPISJQIHMEXMSRERHSJQIHMEXSV
JSVHMWTYXMRKTEVXMIW
CCCCC7XMQYPEXIHXLITEVXMIWXSHMWGYWWXLIMVHMJJMGYPXMIWJVIIP]
CCCCC*EGMPMXEXIHHMWGYWWMSRERHGPEVMJMGEXMSR
SJXLIMWWYIW
CCCCC-HIRXMJMIHGSRJPMGXW
CCCCC(IEPX[MXLERKIVETTVSTVMEXIP]
CCCCC&YMPXEVIEPMWXMGEKIRHEJSVQIHMEXMSR
CCCCC5YIWXMSRIHHMWTYXMRKTEVXMIWETTVSTVMEXIP]
CCCCC,IPTIHTEVXMIWI\TPSVIEPXIVREXMZIW
GSSTIVEXMZIP]
CCCCC)QTS[IVIHHMWTYXMRKTEVXMIWXSQEOI
QYXYEPHIGMWMSRW
CCCCC4VSZMHIHRI[EPXIVREXMZIWTEVXMIWLEHRSX
XLSYKLXSJFYXEGGITXIH
CCCCC'PEVMJMIHXLIJMREPHIGMWMSR
CCCCC3FXEMRIHWEXMWJEGXSV]EKVIIQIRXJVSQFSXL
HMWTYXMRKTEVXMIW

'SQQIRXWEFSYXXLI1IHMEXMSR4VSGIWWERH7YKKIWXMSRWJSV-QTVSZIQIRXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

WLI[EWPMZMRKXLIVI&IXLLYRKYTSRLMQERHEXJMVWXHMHRSXORS[[LEXXSHSFYXJMREPP]
GEPPIH(EZIERHWYKKIWXIHXLEXXLI]XV]QIHMEXMSR(EZIEKVIIH

  6 ) ' 3 + 2 - > - 2 + % 2 ( 
( ) % 0 - 2 + ; - 8 , ' 3 2 * 0 - ' 8

'SRJPMGXMWERMRIZMXEFPITEVXSJXLIKVSYTTVSGIWW%RW[IVXLIJSPPS[MRKUYIWXMSRWYWMRK
]SYVGYVVIRXKVSYTSVTEWXKVSYTI\TIVMIRGIW

 ;LEXEVIXLITVMQEV]GEYWIWSJGSRJPMGXMRXLIKVSYT#
 ;LEXEVIXLIQENSVMWWYIWSZIV[LMGLGSRJPMGXSGGYVW#
 9WMRKXLIJMZIWX]PIWSJHIEPMRK[MXLGSRJPMGX[LMGLWX]PIMWXLIQSWXTVIZEPIRXEQSRK
QIQFIVW#(SWSQIQIQFIVWEZSMH[LMPISXLIVWGSQTIXI#8V]XSFIWTIGMJMG(SKVSYT
QIQFIVWEGGSQQSHEXIIJJIGXMZIP]SVEVIXLIVITSXIRXMEPP]WIVMSYWGSQTVSQMWIW#
 'VIEXIEGSRJPMGXQEREKIQIRXTPERSJEGXMSR0MWXEXPIEWXJSYVX]TIWSJGSRJPMGXXLEX
RS[I\MWXXLEXXLIKVSYTWLSYPHEZSMHMRXLIJYXYVI0MWXEXPIEWXJSYV[E]WXLIKVSYT
QIQFIVWGSYPHEWWMWXSRIERSXLIVMRFIMRKQSVIIJJIGXMZIMRHIEPMRK[MXLGSRJPMGX

  4 6 3: ) 6 & 7 % 7  ' 3 2 * 0 - ' 8 

1%2%+)1)28+9-()7

(MVIGXMSRW

 4VSZIVFW TVSZMHI XVEHMXMSREP [MWHSQ JSV VIWSPZMRK GSRJPMGXW -HIRXMJ] IEGL SJ XLI
TVSZIVFWXLEXJSPPS[EWERI\EQTPISJE GSQTIXMXMSRF GSQTVSQMWIG GSPPEFSVE
XMSRH EZSMHERGISVI EGGSQQSHEXMSR

CCCCC  /MRH[SVHWEVI[SVXLQSVIERHGSWXPMXXPI

CCCCC  8LITIVWSR[LSJMKLXWERHVYRWE[E]PMZIWXSJMKLXERSXLIVHE]

CCCCC  =SYWGVEXGLQ]FEGO-tPPWGVEXGL]SYVW

CCCCC  1MKLXSZIVGSQIWVMKLX

CCCCC  3RP]XLITIVWSR[LSMW[MPPMRKXSKMZIYTLMWSVLIVQSRSTSP]SRXVYXLGER
IZIVTVSJMXJVSQXLIXVYXLWSXLIVWLSPH

 *SVQ E KVSYT ERH GSQI XS ER EKVIIQIRX SR XLI GSRJPMGX QEREKIQIRX WXVEXIK]
VIJPIGXIHMRIEGLTVSZIVF
 ;LEXEVIXLIQENSVTVIQMWIWFILMRHIEGLSJXLIJMZIWXVEXIKMIW#
 ,S[GER]SYVKVSYTHIZIPSTIJJIGXMZIGSRJPMGXQEREKIQIRXXIGLRMUYIWXLEXVIWTIGX
XLIXMQI[SVREHZMGISJXLITVSZIVFW[LMPIQEMRXEMRMRKERI\GIPPIRXKVSYTGPMQEXI#
 8LI ERW[IVW XS XLI WXVEXIKMIW VIJPIGXIH F] XLI TVSZIVFW EVI   EGGSQQSHEXMSR
 EZSMHERGI GSQTVSQMWI GSQTIXMXMSR GSPPEFSVEXMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

  4 ) 6 7 3 2 % 0 %;% 6 ) 2 ) 7 7 % 7 %  + 9 - ( )  8 3  ' 3 2 * 0 - ' 8

1%2%+)1)28

(MVIGXMSRW
-RHMZMHYEPP]VIWTSRHXSXLIJSPPS[MRKUYIWXMSRW

 8LMROSJXLIPEWXHMWEKVIIQIRX]SYLEH[MXLWSQISRI,S[HMH]SYLERHPIMX#
 8LMROSJXLIPEWXXMQI]SY[IVIGIVXEMRWSQISRI[EWXV]MRKXSEGLMIZIKSEPWSVQIIX
LMWSVLIVRIIHW[MXLSYXER]ETTEVIRXSVWYJJMGMIRXGSRGIVRJSV]SYVRIIHW,S[HMH
]SYLERHPIMX#
 ;LEXEWTIGXWSJ]SYVKVSYTEGXMZMXMIWEVIQSWXPMOIP]XSPIEHXSEVKYQIRXW#
 =SYEVIQSWXSTIRXSGVMXMGMWQJVSQSXLIVKVSYTQIQFIVW[LIRXLI]#
 =SYEVIPIEWXSTIRXSGVMXMGMWQJVSQSXLIVKVSYTQIQFIVW[LIRXLI]#

=SYLEZIMHIRXMJMIHWSQISJXLITSXIRXMEPqLSXFYXXSRWr]SYQMKLXVIWTSRHXSMRGSR
JPMGXWMXYEXMSRW2S[XLEX]SYEVIE[EVISJXLIWIMWWYIW[LMGLX]TISJGSQQYRMGEXMSR[MXL
XLISXLIVKVSYTQIQFIVWMWRIGIWWEV]XSQEOIGIVXEMR]SYVLSXFYXXSRWEVIRSXTYWLIH#

 '%7)789(-)7-2'32*0-'86)73098-32

*SPPS[MRKEVIXLVIIGEWIWXYHMIW-R]SYVKVSYTWYKKIWXWM\ETTVSEGLIWXSVIWSPZMRKIEGLSJ
XLIWIGSRJPMGXWVIJPIGXMRKGSQTIXMXMSRGSQTVSQMWIGSPPEFSVEXMSREZSMHERGISVEGGSQQS
HEXMSR*MREPP][SYPHRIKSXMEXMSRFIEFIXXIVEPXIVREXMZI#
 8[SGSPPIKIWXYHIRXWWLEVIERETEVXQIRXERHEPPXLII\TIRWIW-XMWXLIIRHSJXLI]IEV
ERHFSXLWXYHIRXWEVIFVSOI9RORS[RXSXLISXLIVIEGLLEWMRZMXIHEJVMIRHSZIVJSV
EQIEPE[EVISJXLIJEGXXLEXXLIVIEVIX[STSXEXSIWPIJXMRXLIGYTFSEVH&SXL[ERX
TSXEXSIWXSJSVQXLIFEWMWSJXLIQIEP
 %PSGEPGLEVMXEFPIKVSYTETTPMIHJSVEKVERXJVSQEQENSVPSGEPEYXLSVMX]8LI][IVI
XLVMPPIH[LIREWYFWXERXMEPEQSYRX[EWKVERXIH8LIRI[WPEXISJSJJMGIVW[ERXWXLI
QSRI]XSFIWTIRXSRXLITYVGLEWISJE4'JE\ERHTLSXSGSTMIV2SRISJXLMWIUYMT
QIRX MW RS[ EZEMPEFPI XS XLI GLEVMX]8LI PSRKXMQI SJJMGI QEREKIV XLMROW XLEX XLI
QSRI][SYPHFIFIXXIVWTIRXEWWIIHQSRI]XSWXEVXETYFPMGMX]GEQTEMKRERHEHHM
XMSREPJYRHVEMWMRKIZIRXW
 8[STEVIRXWSRIEXIEGLIVERHXLISXLIVEPE[]IVLEZISRIWQEPPGLMPH&IJSVIWXEVX
MRKXLIMVJEQMP]XLI]LEHEKVIIHXLEXXLI][SYPHGSRXMRYI[SVOMRKERHWLEVILSYWI
LSPHVIWTSRWMFMPMXMIW MRGPYHMRKER]GLMPH GEVI RIIHW2SVQEPP] SRI SJ XLIQ XEOIW
XLIMVGLMPHXSHE]GEVIMRXLI QSVRMRKFIJSVI HVMZMRK XS [SVO ERH XLI]XEOI XYVRW
TMGOMRKYTXLIMVGLMPHPEXIVMRXLIHE]3R7YRHE]IZIRMRKXLI]GEPPIHXLIJEQMP]HSG
XSVFIGEYWIXLIMVGLMPHLEHHIZIPSTIHEVEWL'LMGOIRTS\[EWHMEKRSWIH8LIXIEGLIV
LEWXLVIITEVIRXHMWGYWWMSRWSR1SRHE]ERHGERRSXXEOIXLIXMQISJJXSWXE]LSQI
[MXLXLIMVGLMPH8LIPE[]IVMWHYIMRGSYVX
'SQTEVIXLIEHZERXEKIWERHHMWEHZERXEKIWSJXLIJMZIHMJJIVIRXWXVEXIKMIWMRIEGLWMX
YEXMSR(MHEHHMRKRIKSXMEXMSRXSXLIGLSMGIWEWWMWXMRHIEPMRK[MXLXLIGSRJPMGX#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

  ( - 7 ' 3: ) 6 - 2 +  - 2 * 3 6 1 %8 - 3 2 4 3; ) 6

%WEKVSYTERW[IVXLIJSPPS[MRKUYIWXMSR;L]MWE QERLSPIGSZIVVSYRH#%PPS[IEGL
KVSYTQIQFIVXSI\TVIWWERSTMRMSR6IEGLGSRWIRWYW
5YIWXMSRW
-R]SYVTEWXKVSYTI\TIVMIRGIW[LEXIJJSVXW[IVIXEOIRXSQEOIGIVXEMRXLEXEPP
TSXIRXMEPMRJSVQEXMSRERHSXLIVX]TIWSJTS[IV[IVIYWIHXSXLIFIRIJMXSJXLIKVSYT#
,S[GER]SYVKVSYTQEOIGIVXEMRXLEXIZIV]SRILEWXLISTTSVXYRMX]XSI\TVIWWLMW
SVLIVSTMRMSRWERHMRWMKLXW#8LIERW[IVMWXLEXMJXLIQERLSPIGSZIV[IVIER]SXLIVWLETI
MXGSYPHJEPPXLVSYKLXLISTIRMRK8LIVSYRHHIWMKRQIERWRSLMRKIWTPEGIWJSVGPSXLMRKSV
IUYMTQIRXXSKIXGEYKLXSVYRJSVXYREXIEGGMHIRXWFIGEYWIXLIGSZIVJIPPSRWSQISRItWLIEH

  ( - 7 ' 3: ) 6 - 2 + =3 9 6  3 ; 2  4 3 ; ) 6

2SSRIMWTS[IVPIWW-RJEGXQSWXSJYWLEZIWSQISJIEGLX]TISJTS[IV6IZMI[]SYVPEWX
SVGYVVIRXNSF]SYV[SVO[MXLKVSYTWSVEGYVVIRXVIPEXMSRWLMTERHHIXIVQMRI]SYVI\IVGMWI
SJI\TIVXMRXIVTIVWSREPPMROEKIVI[EVHERHTYRMWLQIRXTSWMXMSREPVIJIVIRXGLEVMWQEXMG
SVTIVWSREPERHEZSMHERGITS[IV
;LMGLX]TISJTS[IVLEWTVSZIHXSFIQSWXWYGGIWWJYP#;LMGLX]TISJTS[IVLEWGVI
EXIHXLIQSWXHMJJMGYPXMIW#;LEXGLSMGIWHS]SYRIIHXSQEOIMRXIVQWSJLS[]SYI\IVGMWI
TS[IVMREKVSYT#,S[GER]SYMQTVSZI]SYVI\IVGMWISJTS[IV#

6)*)6)2')7
'EM(%
*MRO)0 'SRJPMGXWX]PIHMJJIVIRGIW /YLR 8
 4SSPI 1   (S GSRJPMGX QEREKIQIRX
FIX[IIRMRHMZMHYEPMWXWERHGSPPIGXMZMWXW'SQQYRM WX]PIWEJJIGXKVSYTHIGMWMSRQEOMRK#,YQER'SQ
GEXMSR1SRSKVETLW i QYRMGEXMSR6IWIEVGL i
'LIR'''LIR<4
1IMRHP.6 ,S[GER 0YPSJW67
'ELR(( 'SRJPMGX*VSQXLISV]
GSSTIVEXMSR FI JSWXIVIH# 8LI GYPXYVEP IJJIGXW SJ XSEGXMSR RHIH &SWXSR%PP]R
&EGSR
MRHMZMHYEPMWQGSPPIGXMZMWQ %GEHIQ] SJ 1EREKI 1G2EV]0(%TVMP 8LIXIVQq[MR[MRrMRGSR
QIRX6IZMI[ i JPMGX QEREKIQIRX % GPEWWMG GEWI SJ QMWYWI ERH
(I:MXS . %   8LI MRXIVTIVWSREP GSQQYRMGEXMSR SZIVYWI8LI.SYVREPSJ&YWMRIWW'SQQYRMGEXMSR
FSSO XLIH &SWXSR%PP]R
&EGSR  i
*MWLIV 6 9V];
 4EXXSR &   +IXXMRK XS ]IW 1G7LERI70
:SR+PMRS[1% 3VKERM^EXMSREP
2IKSXMEXMRKEKVIIQIRX[MXLSYXKMZMRKMR RHIH  FILEZMSV &SWXSR1G+VE[,MPP-V[MR
&SWXSR,SYKLXSR1MJJPMR 1YVVIPP / 0
 1IVIHMXL 1   )QTS[IVMRK
*VIRGL.64
6EZIR & 8LIFEWIWSJWSGMEP IQTPS]IIW 2I[=SVO1G+VE[,MPP
TS[IV-R('EVX[VMKLX
%>ERHIV)HW +VSYT 3t'SRRSV / 1 +VYIRJIPH ( ,
 1G+VEXL . )
H]REQMGW 2I[=SVO,EVTIV
6S[   8LI I\TIVMIRGI ERH IJJIGXW SJ GSRJPMGX MR
,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE GSRXMRYMRK [SVO KVSYTW 7QEPP +VSYT 6IWIEVGL
XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVIWYGGIWW  i
1EL[EL2.0E[VIRGI)VPFEYQ 4YXREQ00
4SSPI17 'SRJPMGXERHRIKSXME
,SGOIV.0
;MPQSX;; -RXIVTIVWSREPGSR XMSR-R*1.EFPMR004YXREQ/,6SFIVXW

JPMGX VHIH (YFYUYI-%;MPPMEQ'&VS[R 0;4SVXIV)HW ,ERHFSSOSJSVKERM^EXMSREPGSQ

-RKFEV. 3VKERM^EXMSREPIXLMGW;LIVIZEPYIWERH QYRMGEXMSR TTi 2I[FYV]4EVO'%7EKI
GYPXYVIW QIIX 'EQHIR 1) -RWXMXYXI JSV +PSFEP 6EFMI1 'SRJPMGXVIWSPYXMSRERHIXLRMGMX] ;IWX
)XLMGW TSVX'84VEIKIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

6ELMQ1%
&PYQ%% +PSFEPTIVWTIGXMZIW ;EVH%'.YP]%YKYWX %RSXLIVPSSOEXLS[8S]
SRSVKERM^EXMSREPGSRJPMGX ;IWXTSVX'84VEIKIV SXEMRXIKVEXIWTVSHYGXHIZIPSTQIRX,EVZEVH&YWM
6EZIR & ,   8LI FEWIW SJ TS[IV 3VMKMRW ERH RIWW6IZMI[ TTi
VIGIRX HIZIPSTQIRXW .SYVREP SJ 7SGMEP -WWYIW ;MXXIQER ,   +VSYT QIQFIV WEXMWJEGXMSR 7QEPP
 i +VSYT6IWIEVGL i
7GSXX'(
.EJJI(8 )QTS[IVQIRX 1IRPS ;SSH.8 'SQQYRMGEXMSRQSWEMGW%RMRXVSHYG
4EVO'%'VMWT XMSRXSXLIJMIPHSJGSQQYRMGEXMSR 978LSQWSR
7LSGOPI]>EPEFEO 4   *YRHEQIRXEPW SJ SVKERM^E ;EHW[SVXL
XMSREP GSQQYRMGEXMSR /RS[PIHKI WIRWMXMZMX] >IQOI66EMRIW'
*MPMTG^EO& +IRIVEXMSRW
WOMPPWZEPYIW XLIH &SWXSR%PP]R
&EGSR EX[SVO1EREKMRKXLIGPEWLSJZIXIVERW\IVWERH
8LSVIEY,( ;EPHIR 2I[=SVO,SPX6MRILEVX RI\XIVWMR]SYV[SVOTPEGI 2I[=SVO%1%'31
ERH;MRWXSRSVMKMREPP]TYFPMWLIH >SVRS^E % 6MTSPP 4
 4IMVS . 1   'SRJPMGX
8NSWZSPH( 'SSTIVEXMSRXLISV]GSRWXVYGXMZIGSR QEREKIQIRX MR KVSYTW XLEX [SVO MR X[S HMJJIVIRX
XVSZIVW]ERHIJJIGXMZIRIWW0IEVRMRKJVSQGVMWMW-R GSQQYRMGEXMSR GSRXI\XW *EGIXSJEGI ERH GSQ
6%+Y^^S )7EPEW
%WWSGMEXIW )HW  8IEQ TYXIVQIHMEXIH GSQQYRMGEXMSR 7QEPP +VSYT 6I
IJJIGXMZIRIWWERHHIGMWMSRQEOMRKMRSVKERM^EXMSRW WIEVGL i
TTi 7ER*VERGMWGS.SWWI]&EWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
0IEHIVWLMTMR7QEPP+VSYTW

',%48)63980-2)

6IGSKRM^MRK0IEHIVW 8EWOWSJ+VSYT0IEHIVW
0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ *EGMPMXEXMRK1IIXMRKW
)QTS[IVMRK+VSYT1IQFIVW
8LISVMIWSJ0IEHIVWLMT
1EREKMRK'SRJPMGX
1EREKIVMEP0IEHIVWLMT+VMH8LISV]
8VERWEGXMSREPERH8VERWJSVQEXMSREP8LISVMIW -RJPYIRGIWSR+VSYT0IEHIVWLMT
0IEHIVWLMTF]%HETXEXMSR )\XIVREP'SRXI\X
0IEHIVPIWW+VSYTW 2EXYVISJ8EWO
-RXIVHITIRHIRGISJ+VSYT1IQFIVW
8LVII'LEVEGXIVMWXMGWSJ0IEHIVW
:MWMSR 0IEHIVWLMT7X]PIW
'VIHMFMPMX] 0IEHIVEW8IGLRMGMER
'SQQYRMGEXMSR'SQTIXIRGI 0IEHIVEW'SRHYGXSV
0IEHIVEW'SEGL
'LSSWMRKE0IEHIV
%TTSMRXIH0IEHIVW 7YQQEV]
)PIGXIH0IEHIVW (MWGYWWMSR5YIWXMSRW
)QIVKIRX0IEHIVW )\IVGMWIW
7LEVIH*EGMPMXEXMZI 0IEHIVWLMT
6IJIVIRGIW

',%48)63&.)'8-:)7

)\TPEMRXLIGLEVEGXIVMWXMGWSJPIEHIVWLMT
-HIRXMJ]XLIEXXVMFYXIWSJPIEHIVW
(MJJIVIRXMEXIEQSRKXLISVMIWSJPIEHIVWLMT
3YXPMRIXLITVIQMWIWFILMRHXLIPIEHIVWLMTWX]PIXLISVMIW
)\TPEMRXLI1EREKIVMEP+VMHERHMXWETTPMGEXMSRW
(IWGVMFIXVERWEGXMSREPERHXVERWJSVQEXMSREPPIEHIVWLMT
(MWGYWWPIEHIVWLMTF]EHETXEXMSR


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

)\TPEMRXLIXLVIIGLEVEGXIVMWXMGWSJPIEHIVW
7TIPPSYXXLIHMJJIVIRXTVSGIWWIWJSVFIGSQMRKEPIEHIV
-PPYWXVEXIXLIXEWOWSJKVSYTPIEHIVW
(MWGYWWXLIMRJPYIRGIWSJPIEHIVWSRKVSYTWXVYGXYVI
-HIRXMJ]PIEHIVWLMTPMQMXEXMSRW

/ )=8 )6 17
%GXMSRQIHMEXMSR *EGMPMXEXMRKQIIXMRKW 3TTSVXYRMWQ
%TTSMRXIHKVSYTPIEHIV -QTSZIVMWLIHQEREKIQIRX 4EXIVREPMWQQEXIVREPMWQ
%YXLSVMX]iGSQTPMERGI -RXIVHITIRHIRGI 7LEVIHSVJEGMPMXEXMZIPIEHIVWLMT
%YXSGVEXMGW]WXIQ 0EMWWI^JEMVIW]WXIQ 7MXYEXMSREPXLISVMIW
'SQQYRMGEXMSRGSQTIXIRGI 0IEHIVEWGSEGL 7X]PIXLISVMIW
'SYRXV]GPYFQEREKIQIRX 0IEHIVEWGSRHYGXSV 8IEQQEREKIQIRX
'VIHMFMPMX] 0IEHIVEWXIGLRMGMER 8VEMXXLISVMIW
(IQSGVEXMGW]WXIQ 0IEHIVWMREW]WXIQ 8VERWJSVQEXMSREPPIEHIVW
)JJIGXMZIPIEHIVW 1EREKIVMEP+VMH 8VERWEGXMSREPPIEHIVW
)PIGXIHKVSYTPIEHIV 1MHHPISJXLIVSEH 9RMZIVWEPXLISVMIW
)QIVKIRXKVSYTPIEHIV 2EXYVISJXLIXEWO :MWMSR
)QTS[IVMRKKVSYTQIQFIVW 3FNIGXQIHMEXMSR

-RXLIPIKIRHEV]G]GPIWSJXLI&PEGOJSSX-RHMERWXLIVIMWEREGGSYRXSJXLIIEVP]
TISTPI[LS[IVITSSVERHREOIHERHHMHRSXORS[LS[XSPMZI3PH1ERXLIMV
QEOIVWEMHq+SXSWPIITERHKIXTS[IV;LEXIZIVERMQEPWETTIEVMR]SYVHVIEQ
TVE]ERHPMWXIRr%RHXLIWXSV]GSRGPYHIWXLEX[EWLS[XLIJMVWXTISTPIKSXXLVSYKL
XLI[SVPHF]XLITS[IVSJXLIMVHVIEQW)MWIPI]T

0IEHIVWLMT[LIXLIVI\TVIWWIHF]ERMRHMZMHYEPSVIRKEKIHMRGSPPIGXMZIP]F]XLIQIQ
FIVWSJEKVSYTMWEFSYXHIZIPSTMRKHVIEQWZMWMSRWKSEPWERHSFNIGXMZIWXLEXLIPT
JSGYWEKVSYTtWIRIVK]XSIRKEKIMRMXWXEWOERHEGGSQTPMWLMXWQMWWMSR0IEHIVWLMTMW
SJXIREWWSGMEXIH[MXLXLIW]QFSPWWTIIGLIWERHMRWMKLXWTVIWIRXIHEXGVMXMGEPXYVRMRK
TSMRXWMRXLIXLMROMRKSJEKVSYTQSZIQIRXSVPEVKIVGSQQYRMX]ERHXLEXQEOIXLIMV
KSEPWERHSFNIGXMZIWVIEPERHEGLMIZEFPIFYXXLIIWWIRGISJPIEHIVWLMTMXWIPJMWXLIGSR
GITXMSRERHEVXMGYPEXMSRSJXLIKVSYTtWZMWMSR2SVXLLSYWI 

6IGSKRM^MRK0IEHIVW
%KSSHPIEHIVWIVZIWEWEGEXEP]WXJSVXLIKVSYTTVSGIWW2SVXLLSYWI )JJIGXMZI
PIEHIVWPMWXIR[IPPERHEVIWIRWMXMZIXSXLIHMZIVWIERHWYFXPIMRJPYIRGIWSREKVSYTtW
EFMPMX]XS[SVOTVSHYGXMZIP]&IRRMW
2ERYW %RIJJIGXMZIPIEHIVQE]FIXLI
SRI[LSLIPTWJSGYWERHKMZIWLETIXSXLIHMWGYWWMSR[LSMWEFPIXSQEOIWIRWISJ

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ 

ETTEVIRXP]HMWTEVEXIMHIEWSV[LSIRGSYVEKIWKVSYTQIQFIVWXSI\TVIWWXLIMVGSRXVE
HMGXSV]ZMI[TSMRXWXSWXMQYPEXIXLIFIRIJMXWSJGSRJPMGXEQSRKHMZIVWITIVWTIGXMZIW%R
IJJIGXMZIPIEHIVIREFPIWERHQSXMZEXIWXLIKVSYTXSWXE]SRXVEGOXSVIQEMRIRIVKM^IH
ERHIQTS[IVIHXSVIWSPZIGSRJPMGXWGSRWXVYGXMZIP]ERHXSQEOIGVIEXMZIHIGMWMSRWMR
SVHIVXSVIEGLHIWMVEFPISYXGSQIW*MREPP]EPIEHIVMWXLITIVWSRSVTIVWSRWXLIKVSYT
PSSOWXS[LIRMXLEWVIEGLIHERMQTEWWIRIIHWKYMHERGIMRWIXXMRKERI[HMVIGXMSRSV
WXE]MRK SR GSYVWI SV RIIHW SVHIV VIWXSVIH XS ER YRVYP]KVSYT TVSGIWW%R IJJIGXMZI
PIEHIVQE]FIEYXSGVEXMGSVHIQSGVEXMGERHGSPPEFSVEXMZIMRQEOMRKHIGMWMSRWFYXWLI
SVLIIPMGMXWVIWTIGXJVSQKVSYTQIQFIVWERHMRXYVRKMZIWVIWTIGXXSXLSWIQIQFIVW
1MPPIV 
%PIEHIVQE]FIXLIGSEGL[LSPIEHWXLIHIFEXIXIEQXSEWYGGIWWJYPSYXGSQI
XLIGETXEMRSJE[MRRMRKWTSVXWXIEQXLITIVWSR[LSOIITWEKVSYTSJWXVERHIHLMOIVW
JVSQTERMGOMRKERHLMOMRKEVSYRHMRGMVGPIWSVXLITIVWSR[LSLSPHWEWQEPPKVSYT
XSKIXLIVYRXMPMXLEWGSQTPIXIHXLIXEWOJSV[LMGLMX[EWGSRZIRIHq%PIEHIVtWIJJIG
XMZIRIWWMWSJXIRQIEWYVIHF]XLITIVJSVQERGISJLMWSVLIVXIEQr/SPFT 
0IEHIVW EVI XLI SRIW [LS YWYEPP] WLSYPHIV XLI PEVKIWX FYVHIR SJ FPEQI [LIR XLIMV
KVSYTSVXIEQJEMPWXSQIIXMXWKSEPWSVLEWYRJSVXYREXISYXGSQIW
&IGEYWIPIEHIVWEVIETEVXSJXLIW]WXIQWMR[LMGLXLI]TEVXMGMTEXILS[IZIVXLIMV
PIEHIVWLMTEFMPMXMIWFSXLMRJPYIRGIERHEVIMRJPYIRGIHF]XLIKVSYTWXLI]PIEH1ER]
HMJJIVIRXX]TIWSJTISTPILEZIFIIRLMKLP]IJJIGXMZIPIEHIVWMRHMJJIVIRXX]TIWSJWMXYE
XMSRWERHGSRXI\XW0MOITS[IVPIEHIVWLMTI\MWXWMRXLIGSRXI\XERHMRXLIVIPEXMSRWLMTW
EQSRKTISTPIEW[IPPEWMRXLIEFMPMXMIWSJMRHMZMHYEPW1SWXSJYWVIGSKRM^IEKSSH
PIEHIV[LIR[IWIISV[SVO[MXLSRIMREKMZIRGSRXI\XFYXXLEXWEQITIVWSRQMKLXRSX
FIIUYEPP]IJJIGXMZI[MXLERSXLIVKVSYTSVMRERSXLIVWMXYEXMSR%TIVWSR[LSYRHIV
WXERHWXLI[E]WSJXLI[MPHIVRIWWERHLS[XSWYVZMZIJSVHE]WMRXLI[MPH[MXLPMXXPISV
RS JSSHSVSXLIV WYTTPMIW QE]FI XLI TIVJIGX PIEHIV JSVE KVSYT SJ WXVERHIH LMOIVW
8LSWIWEQIWOMPPW[SYPHTVSFEFP]RSXFIEWYWIJYPJSVXLIPIEHIVSJEKVSYTTPERRMRKE
WXVEXIK]JSVTYXXMRKXSKIXLIVEFMHSRETVMQIMRHYWXVMEPHIZIPSTQIRXWMXI%PXLSYKL[I
GER JVIUYIRXP] TSMRX XS TEVXMGYPEV MRHMZMHYEPW EW PIEHIVW MX MW RSX EP[E]W EW IEW] XS
HIJMRIPIEHIVWLMTMRWYGLE[E]XLEX[IGERERXMGMTEXI[LS[MPPQEOIEKSSHPIEHIVERH
[LS[MPPRSXYRHIVER]ERHEPPWIXWSJGMVGYQWXERGIW
-RKIRIVEP[IGERWE]XLEXEKSSHPIEHIVMWSRI[LSMWWYGGIWWJYPMRLIPTMRKXLI
KVSYTEGGSQTPMWLXLIKSEPWMXWIXSYXXSEGGSQTPMWLERHETSSVPIEHIVMWSRI[LSJEMPW
XSHSXLEX-RSXLIV[SVHWq0IEHIVWHIWIVZIXSFIWSGEPPIHSRP][LIRXLI]LEZIFIIR
OI] TPE]IVW MREGXW SJ PIEHIVWLMTr 'PEVO
 'PEVO  T 7MRGIPIEHIVWLMTMW
HIJMRIHMRXLIGSRXI\XMR[LMGLMXMWIREGXIHMXMWMRXLIHSMRKSJPIEHIVWLMTXLEXEPIEHIV
MWVIGSKRM^IHVEXLIVXLERMRER]TEVXMGYPEVEFWXVEGXHIJMRMXMSR

0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ
0IEHIVWTPE]OI]VSPIWMRXLIW]WXIQWMR[LMGLXLI]TEVXMGMTEXI8LIMVIJJIGXSRXLITEX
XIVRWSJMRXIVEGXMSR[MXLMRXLIMVKVSYTWERHFIX[IIRXLIMVKVSYTWERHXLII\XIVREPIRZM
VSRQIRXWMR[LMGLXLI]EVIPSGEXIHEVISJXIRMRJPYIRXMEPMRHIXIVQMRMRKXLISYXGSQISJ
XLIKVSYTTVSGIWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

%W[ILEZIRSXIHMR'LETXIV KVSYTWEWW]WXIQWEVIEWWYGGIWWJYPEWXLIMVEFMP
MX]XSFVMRKMRERHTVSGIWWRI[MRJSVQEXMSRERHRI[[E]WSJETTVSEGLMRKTVSFPIQWh
XLIMV EFMPMX] XS FI QSVTLSKIRMG XEOI MR TVSGIWW ERH XVERWJSVQ MRJSVQEXMSR ERH
TVSGIHYVIW  VEXLIV XLER QSVTLSWXEXMG VIWMWXMRK GLERKI ERH QEMRXEMRMRK XLI WXEXYW
UYS 8LMW IRXEMPW VIWTSRHMRK XS XLI WYFWXERGI SJ XLI MRXIVREP ERH I\XIVREP IRZMVSR
QIRXW[MXLMR[LMGLXLIKVSYTSTIVEXIWXLIJEGXWERHMWWYIWEVSYRHERH[MXLMR[LMGL
XLIKVSYTMWGSRZIRIHERHXLIGSQTPI\MRXIVEGXMSRWFIX[IIRXLITISTPIXLIMWWYIWXLI
QYPXMTPIIRZMVSRQIRXWERHXLIKVSYTtWS[RH]REQMGW
0IEHIVW EGX EW EVFMXIVW SJ XLIWI MRXIVJEGIW WIVZMRK EW GSQQYRMGEXMSR PMROW
FIX[IIRXLIKVSYTERHMXWI\XIVREPIRZMVSRQIRXERHFIX[IIRKVSYTQIQFIVWERHXLI
TVSGIWWMR[LMGLXLI]EVIIRKEKIH8LIPIEHIVQYWXLEZIXLIWOMPPWERHORS[PIHKIXS
KEXLIVJVSQXLIIRZMVSRQIRXERHHIGSHIXLSWIJEGXSVWXLEXEVILIPTJYPERHVIPIZERXXS
XLIKVSYTTVSGIWWEW[IPPEWXLIEFMPMX]XSXVERWPEXIERHIRGSHIXLEXMRJSVQEXMSRMRXS
JSVQW XLEX EVI YWIJYPXSXLIKVSYT )JJIGXMZIPIEHIVW QYWX QIHMEXI FSXL SFNIGXW ERH
EGXMSRW-RSFNIGXQIHMEXMSR XLIPIEHIVqQYWXGSPPIGXERHJSVQHIXEMPIHMQTVIWWMSRW
EFSYXXLIIRZMVSRQIRXr&EVKIT ERHMREGXMSRQIHMEXMSR XLIPIEHIVQYWX
VIQSZI IRZMVSRQIRXEP SFWXEGPIW XLVSYKL ETTVSTVMEXI FILEZMSVW &EVKI   8LI
[MPHIVRIWW PIEHIVQIHMEXIWFIX[IIR XLI[MPHIVRIWWERHXLI KVSYT XLEX MWYRJEQMPMEV
[MXLMX7LISVLIEWWIWWIWXLIWMXYEXMSRSFNIGXQIHMEXMSR ERHHIZIPSTWWXVEXIKMIWJSV
EQIPMSVEXMRKXLITSWWMFPIRIKEXMZIIJJIGXWSRXLIKVSYTLIPTMRKKVSYTQIQFIVWYRHIV
WXERHXLIWMXYEXMSRERHFILEZIMRETTVSTVMEXI[E]WEGXMSRQIHMEXMSR *SVXLIPIEHIVXS
FIIJJIGXMZIMRXLMWVSPILS[IZIVLISVWLIHITIRHWSRXLIKVSYTtWGSSTIVEXMSRERH
XVYWXMRLMWSVLIVEFMPMX]+SSHPIEHIVWLMTMRERMRXIVEGXMZIW]WXIQVIUYMVIWEqVIGMTVS
GEPVIPEXMSRWLMTFIX[IIRPIEHIVWERHJSPPS[IVWr&EVKIT 

8LISVMIWSJ0IEHIVWLMT
;LIVIEW XLI XVEHMXMSREP ETTVSEGL XS PIEHIVWLMT VIPMIH SR QIGLERMWXMG QIXETLSVW F]
FVIEOMRKMXHS[RMRXSMXWGSQTSRIRXTEVXWGYVVIRXXLISVMIWIRGSQTEWWEQYGLFVSEHIV
ERHQSVIGSRXMRYSYWWGSTISJEXXVMFYXIWFILEZMSVWERHTEXXIVRWSJMRXIVEGXMSR)EVP]
XLISVMIW[IVIFEWIHSRLMIVEVGLMGQSHIPWJVSQMRHYWXVMEPSVKERM^EXMSRW-RXLIWIGSR
XI\XWPIEHIVWSZIVWE[TVSHYGXMSRIQTPS]IIWERH[IVII\TIGXIHXSQEMRXEMRIJJMGMIRG]
ERHHMWGMTPMRIEKEMRWX[LEX[IVIEWWYQIHXSFIXLIREXYVEPMRWXMRGXWSJXLIIQTPS]IIW
XSEZSMH[SVO0IEHIVWKEZISVHIVWERH[SVOIVW[IVII\TIGXIHXSJSPPS[XLIQ;SVO
IVW[IVIRSXI\TIGXIHXSFIGVIEXMZIMRXLIMVXLMROMRKSVXSLEZIMHIEWJSVMQTVSZMRK
XLIMVQIXLSHWSJ[SVOMRK8LIPIEHIVWSJXLIWIKVSYTWSJ[SVOIVW[IVII\TIGXIHXSFI
VMKMH ERH EYXLSVMXEVMER &EVKI   'LERKIW MR SVKERM^EXMSREP I\TIGXEXMSRWLS[
IZIVLEZIFVSYKLXGSQTEVEFPIGLERKIWMRPIEHIVWLMTI\TIGXEXMSRW
;LIR[II\EQMRIPIEHIVWLMTXSHE]MXETTIEVWXSFIQSVIEVXXLERWGMIRGI-XMW
YWIJYP RSRIXLIPIWWXS XV] XS HIWGVMFI XLI XVEMXW ERH FILEZMSVW XLEX IJJIGXMZI PIEHIVW
WLEVI%PXLSYKL PIEHIVWLMT LEW FIIR XLI WYFNIGX SJ E KVIEX HIEP SJ GSQQYRMGEXMSR
VIWIEVGLRSSRIXLISV]LEWJYPP]I\TPEMRIHMX3RXLISXLIVLERHWIZIVEPTIVWTIGXMZIW
XEOIRXSKIXLIVGERGSRXVMFYXIEKVIEXHIEPXSSYVYRHIVWXERHMRKSJMX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8LISVMIWSJ0IEHIVWLMT 

1SWXXVEHMXMSREPHIWGVMTXMSRWSJPIEHIVWLMTHIJMRIMXEGGSVHMRKXSIMXLIVXVEMXXLI
SVMIW TIVWSREPGLEVEGXIVMWXMGWEWWSGMEXIH[MXLERMRHMZMHYEPTIVWSRSVWX]PIXLISVMIW
XLIFILEZMSVWETIVWSRQERMJIWXW8LIXVEMXXLISVMIWEWWYQIXLEXGIVXEMRTL]WMGEPERH
TW]GLSPSKMGEPGLEVEGXIVMWXMGWTVIHMWTSWIWSQITISTPIXSPIEHIVWLMT,EGOQER
.SLR
WSR  8LI WX]PI XLISVMIW EWWYQI XLEX TEVXMGYPEV OMRHW SJ FILEZMSV IK XEWO
SVMIRXIHSVVIPEXMSRWLMTSVMIRXIHFILEZMSVW YRHIVPMIPIEHIVWLMTEFMPMX]
-RXIVQWSJPIEHIVWLMTWX]PIW+EWXMP EVKYIWXLEXRIMXLIVEHIQSGVEXMGRSV
EREYXSGVEXMGPIEHIVWLMTWX]PIMWRIGIWWEVMP]QSVIIJJMGMIRXSVTVSHYGXMZI,S[IZIVLI
WYKKIWXW XLEX WSQI FIRIJMXW SJE HIQSGVEXMG WX]PI SJ PIEHIVWLMT EVI MR KMZMRK KVSYT
QIQFIVWVIWTSRWMFMPMX][LMGLMQTVSZIWXLIKIRIVEPEFMPMXMIWERHPIEHIVWLMTWOMPPWSJ
KVSYT QIQFIVW EWWMWXW XLI KVSYT MR MXW HIGMWMSRQEOMRK TVSGIWW ERH LIPTW KVSYT
QIQFIVWWLEVIMQTSVXERXPIEHIVWLMTJYRGXMSRW
7YTIVMQTSWIHSRXLIWIX[SX]TIWSJXLISVMIWEVIXLIX[SHMQIRWMSRWSJYRMZIVWEP
MX]ERHWMXYEXMSREPHITIRHIRGI9RMZIVWEPXLISVMIW TSWMXXLEXTEVXMGYPEVXVEMXWSVWX]PIW
GLEVEGXIVM^IPIEHIVW EGVSWW QSWX WMXYEXMSRW WMXYEXMSREP XLISVMIW TSWMX XLEX ER]KMZIR
XVEMXWSVWX]PIWEVIYRMUYIXSWTIGMJMGWMXYEXMSRW&EVKI 8LIJSYVVIWYPXMRKGEXI
KSVMIWHIJMRIHF]XVEMXWWX]PIWYRMZIVWEPXLISVMIWERHWMXYEXMSREPXLISVMIW]MIPHEKVMH
XLEX IRGSQTEWWIW QSWX SJ XLI PIEHIVWLMT XLISVMIW YRMZIVWEP XVEMX XLISVMIW YRMZIVWEP
WX]PISVFILEZMSVXLISVMIWGSRXMRKIRG]XVEMXXLISVMIWERHWMXYEXMSREPFILEZMSVXLISVMIW
&EVKI   9RMZIVWEP XVEMX XLISVMIW TSWMX TEVXMGYPEV TIVWSREP GLEVEGXIVMWXMGW XLEX
PIEHIVWMRQSWXGMVGYQWXERGIWWLEVI9RMZIVWEPWX]PIXLISVMIWTSWMXTEVXMGYPEVFILEZMSVW
MR[LMGLIJJIGXMZIPIEHIVWKIRIVEPP]IRKEKI'SRXMRKIRG]XVEMXXLISVMIWTSWMXXLIMHIE
XLEXHMJJIVIRXTIVWSREPGLEVEGXIVMWXMGWEVIETTVSTVMEXIXSPIEHIVWMRHMJJIVIRXX]TIWSJWMX
YEXMSRWERHWMXYEXMSREPFILEZMSVXLISVMIWWYKKIWXXLIMHIEXLEXPIEHIVWEHETXFILEZMSVW
XSXLIVIUYMVIQIRXWSJTEVXMGYPEVGMVGYQWXERGIW

1EREKIVMEP0IEHIVWLMT+VMH8LISV]
3JTEVXMGYPEVMRXIVIWXEQSRKXLIWX]PISVFILEZMSV XLISVMIWEVIXLSWIFEWIHSRVIWYPXW
SJPIEHIVWLMTWXYHMIWGSRHYGXIHEX3LMS7XEXI9RMZIVWMX]HYVMRKXLIW8LIWIWXYH
MIWJSYRHXLEXEGSRGIVRJSVXEWOWYFWXERGISFNIGXQIHMEXMSR ERHEGSRGIVRJSVVIPE
XMSRWLMTWTEXXIVREGXMSRQIHMEXMSR [IVISJXIREWWSGMEXIH[MXLPIEHIVWLMTERHJSVQIH
XLI FEWMW JSV QER] JSPPS[YT WXYHMIW MRGPYHMRK XLSWI F] 6SFIVX &PEOI ERH .ERI
1SYXSR [LS HIZIPSTIH XLI RS[ [IPPORS[R 1EREKIVMEP +VMH &PEOI
 1SYXSR
 8LMWKVMHTPEGIWEGSRGIVRJSVTISTPISREZIVXMGEPE\MWERHEGSRGIVRJSV
XEWOSRELSVM^SRXEPE\MWHIJMRMRKEX[SHMQIRWMSREPWTEGI
8LI1EREKIVMEP+VMHGLEVEGXIVM^IWEXSXEPSJWIZIRPIEHIVWLMTWX]PIW8LIJMVWX
JMZI EVI XIEQ QEREKIQIRX EYXLSVMX]iGSQTPMERGI QMHHPI SJ XLI VSEH GSYRXV] GPYF
QEREKIQIRXERHMQTSZIVMWLIHQEREKIQIRXEGGSVHMRKXSXLITSMRXEPSRKIEGLSJXLI
E\IW EX[LMGLE PIEHIVtW FILEZMSVJEPPW&PEOI
1G'ERWI&PEOI
1SYXSR
 8LIWIHMQIRWMSRWEPWSGSVVIWTSRHXSXLIGSRJPMGXQEREKIQIRXWX]PIWWLS[RMR
TEVIRXLIWIWMRXLIPMWXXLEXJSPPS[W&PEOI1SYXSRERH%PPIR EHHIHX[SEHHM
XMSREP PIEHIVWLMT WX]PIWhTEXIVREPMWQQEXIVREPMWQ ERH STTSVXYRMWQ )EGL SJ XLIWI
WIZIR PIEHIVWLMT WX]PIW MW PSGEXIH SR XLI KVMH ERH EWWMKRIH E ZEPYI SJ  PIEWX  XS

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

 QSWX SRIEGLSJXLIX[SE\IWSJGSRGIVRJSVTISTPIERHGSRGIVRJSVXEWOEWMRHM
GEXIHSR*MKYVI 

  8IEQ 1EREKIQIRX 'SPPEFSVEXMSR  8LI PIEHIV HIQSRWXVEXIW E LMKL

HIKVIISJGSRGIVRJSVFSXLTISTPI ERHXEWO 8LIKVSYTQIQFIVW[SVOXSKIXLIV
[MXLQYXYEPVIWTIGXERHEWXVSRKKSEPSVMIRXEXMSR8LIKVSYTLEWEKSSHGLERGIJSVE
WYGGIWWJYPSYXGSQI8LMWSVMIRXEXMSRXEOIWXMQIERHGSQQMXQIRXJVSQFSXLXLIPIEHIV
ERHXLIKVSYTQIQFIVWFYX[LIRXMQIERHIRIVK]TIVQMXMXMWGPIEVP]EWYTIVMSVKVSYT
HIGMWMSRQEOMRKQSHI
 %YXLSVMX]i'SQTPMERGI 'SQTIXMXMSR 8LIPIEHIVMWGSRGIVRIH[MXLGSQ
TPIXMRKXLIXEWO FYXWLS[WPMXXPIMRXIVIWXSVVIKEVHJSVVIPEXMSRWLMTW +VSYTQIQ
FIVWEVIRSXI\TIGXIHXSTEVXMGMTEXIMRXLIHIGMWMSRQEOMRK(ITIRHMRKSRXLISZIVEPP
GSRXI\XSJXLIKVSYTERHXLIXEWOEXLERHXLMWQE]FILMKLP]IJJMGMIRXERHTVSHYGXMZISV
QE]PIEHXSJIIPMRKWSJHMWIRJVERGLMWIQIRXF]XLIKVSYTGEYWMRKXLIKVSYTXSRSXWYT
TSVXXLIHIGMWMSRW-RIMXLIVGEWIMXHSIWRSXEPPS[JSVXLIGVIEXMZIHIGMWMSRQEOMRKXLEX
VIWYPXWJVSQKVSYTW]RIVK]
 1MHHPISJ XLI 6SEH 'SQTVSQMWI %PXLSYKL RSX WXVSRKP] GSQQMXXIHMR
IMXLIVHMVIGXMSRXLIPIEHIVWLS[WEQSHIVEXIGSRGIVRJSVMRXIVTIVWSREPVIPEXMSRWLMTW
ERHEQSHIVEXIGSRGIVRJSVXLIXEWOEXLERH ;MXLSYXEWXVSRKGSQQMXQIRXXSVIWYPXW
XLISYXGSQIMWRSXPMOIP]XSFISTXMQEPFYXMXQE]WEXMWJ]IZIV]SRIWSQI[LEX-JXMQI
ERHIRIVK]GSRWXVEMRXWEVIXLIHIGMHMRKJEGXSVXLMWQE]FIXLIQSWXTVEGXMGEPGSYVWI
 'SYRXV]'PYF1EREKIQIRX %GGSQQSHEXMSR 8LIKVSYTPIEHIVMWQSVI
GSRGIVRIHEFSYXMRXIVTIVWSREPVIPEXMSRWLMTW XLEREFSYXEGGSQTPMWLMRKXLIXEWO 
;LIRXLIKVSYTMWGSRZIRIHJSVXLIWEOISJIRNS]QIRXSVTIVWSREPGSRXEGXXLMWMWER
ETTVSTVMEXIWX]PI-JLS[IZIVMXMWXV]MRKXSJMRHEWSPYXMSRXSETVSFPIQXLMWMWERMRIJ
JMGMIRX[E]XSKSEFSYXMX3RXLISXLIVLERHMJXLIKVSYTERHXLIPIEHIVTVIJIVXSJIIP
KSSHEFSYXIEGLSXLIV[LMPIEKVIIMRKXLEXXLIPIEHIVWLSYPHXEOIWSPIVIWTSRWMFMPMX]
JSVQEOMRKHIGMWMSRWXLMWWX]PIQE][SVO[IPP
 -QTSZIVMWLIH1EREKIQIRX %ZSMHERGI ;MXLEPS[GSRGIVRJSVFSXLTIS
TPI ERHXEWO XLIPIEHIVHSIWRSXXV]XSMRJPYIRGIKVSYTQIQFIVWERHGEVIWPMXXPI
JSV[LIXLIVSVRSXXLI]EGLMIZIXLIMVKSEPW8LMWWX]PIMWYWIHF]PIEHIVW[LSEVISZIV
[SVOIHHSRSXGEVIEFSYXXLMWTEVXMGYPEVTVSNIGXSVLEZIqVIXMVIHSRXLINSFr8LMWWX]PI
MWRSXLIPTJYPXSXLIKVSYTtWMRXIVTIVWSREPVIPEXMSRWLMTWSVKSEPEGGSQTPMWLQIRXW
 4EXIVREPMWQ1EXIVREPMWQ %WMRXLIXIEQQEREKIQIRXWX]PIXLIPIEHIV
WLS[WELMKLPIZIPSJGSRGIVRJSVFSXLTISTPI ERHXEWO ,S[IZIVVEXLIVXLER
EWWYQMRK XLI KVSYT LEW MXW S[R WXEOI MR XLI SYXGSQI ERH MW [SVOMRK JSV MRXVMRWMG
VI[EVHWXLIPIEHIVEWWYQIWXLIKVSYTMWFYVHIRIHF]XLIXEWOERHVIUYMVIWI\XVMRWMG
VI[EVHW-RXLMWGEWIXLIPIEHIVTYWLIWXLIKVSYTXSKIXXLINSFHSRIERHXLIRVI[EVHW
XLIQIQFIVWMR[E]W WLISVLILEWEZEMPEFPIXLVSYKLWEPEVMIWFIRIJMXWSV [SVOMRK
GSRHMXMSRWMJXLI]EVIIQTPS]IIWSVXLVSYKLWSQISXLIVFIRIJMXMJLISVWLILEWEHMJ
JIVIRX VIPEXMSRWLMT [MXL XLI KVSYT (VE[FEGOW EVI XLEX KVSYT QIQFIVW QE] WMQTP]
[SVOJSVETVMGIERHRIZIVHIZIPSTPS]EPX]SVGSQQMXQIRXERHTVMHIMRXLITVSNIGX
 3TTSVXYRMWQ 7IZIVEPWX]PIWEVIYWIHWMQYPXERISYWP]HITIRHMRKSRXLITIS
TPIMRZSPZIH8LIPIEHIVLEWEWX]PIXS[EVHXLSWIKVSYTQIQFIVWWIIREWIUYEPWE
 WX]PI XS[EVH XLSWI WIIR EW PIWW MQTSVXERX ERH E  FILEZMSV XS[EVH XLSWI MR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8LISVMIWSJ0IEHIVWLMT 

*-+96) 1EREKIVMEP0IEHIVWLMT+VMH

,MKL
  
'SYRXV]'PYF1EREKIQIRX 8IEQ1EREKIQIRX
8LSYKLXJYPEXXIRXMSRXSXLIRIIHW ;SVOEGGSQTPMWLQIRXMWJVSQ
SJXLITISTPIJSVWEXMWJ]MRK GSQQMXXIHTISTPIMRXIVHITIRHIRGI

VIPEXMSRWLMTWPIEHWXSEGSQJSVXEFPI XLVSYKLEqGSQQSRWXEOIrMR
JVMIRHP]SVKERM^EXMSREXQSWTLIVI SVKERM^EXMSRTYVTSWIPIEHWXS
ERH[SVOXIQTS VIPEXMSRWLMTWSJXVYWXERHVIWTIGX


1MHHPISJXLI6SEH1EREKIQIRX
 
%HIUYEXISVKERM^EXMSRTIVJSVQERGIMW
TSWWMFPIXLVSYKLFEPERGMRKXLIRIGIWWMX]
 XSKIX[SVOSYX[LMPIQEMRXEMRMRKQSVEPI
SJTISTPIEXEWEXMWJEGXSV]PIZIP


-QTSZIVMWLIH1EREKIQIRX %YXLSVMX]i'SQTPMERGI1EREKIQIRX
)\IVXMSRSJQMRMQYQIJJSVXXSKIX )JJMGMIRG]MRSTIVEXMSRWVIWYPXW
VIUYMVIH[SVOHSRIMWETTVSTVMEXI JVSQEVVERKMRKGSRHMXMSRWSJ[SVO
 XSWYWXEMRSVKERM^EXMSRQIQFIVWLMT MRWYGLE[E]XLEXLYQERIPIQIRXW
MRXIVJIVIXSEQMRMQYQHIKVII

  
0S[
        
0S[ 'SRGIVRJSV4VSHYGXMSR ,MKL

4ISTPIEHETXERHWLMJXXSER]+VMHWX]PIRIIHIHXSKEMR 4EXIVREPMWQ1EXIVREPMWQ
XLIQE\MQYQEHZERXEKI4IVJSVQERGISGGYVWEGGSVHMRK 6I[EVHERHETTVSZEPKEMRPS]EPX]
XSWIPJMWLKEMR)JJSVXMWKMZIRJSVEHZERXEKISVTIVWSREP ERHSFIHMIRGIXS[SVOVIUYMVIQIRX
KEMR *EMPYVIPIEHWXSTYRMWLQIRX

7SYVGI 8LI0IEHIVWLMT+VMH’ JMKYVI4EXIVREPMWQ*MKYVIERH3TTSVXYRMWQJVSQ0IEHIVWLMT(MPIQQEWh+VMH

7SPYXMSRW F]6SFIVX6&PEOIERH%RRI%HEQW1G'ERWI*SVQIVP]XLI1EREKIVMEP+VMHF]6SFIVX6&PEOIERH
.ERI71SYXSR ,SYWXSR+YPJ4YFPMWLMRK'SQTER]+VMH*MKYVI44EXIVREPMWQ*MKYVIT3TTSV
XYRMWQ*MKYVIT 'ST]VMKLXF]7GMIRXMJMG1IXLSHW-RG6ITVSHYGIHF]TIVQMWWMSRSJXLIS[RIVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

EYXLSVMX]8LMWMWWIIREWWIPJWIVZMRK[MXLRSSZIVEPPGSRGIVRJSVXLIKSSHSJXLIKVSYT
ERHMXWIJJSVXW

8LI1EREKIVMEP0IEHIVWLMT+VMHLEWEWYFXPIFMEWXS[EVHqSRIFIWX[E]rSJVYR
RMRKEKVSYTSVXIEQEWE8IEQ1EREKIQIRXSJGSPPEFSVEXMSRERHSRIGVMXMGMWQSJ
XLMWXLISV]MWXLEXMXMWXSSWMQTPMWXMGMRMXWEWWYQTXMSRSJYRMZIVWEPMX],YKLIW+MRRIXX

'YVTL] ,S[IZIVMXMWEZEPYEFPIWXEVXMRKTSMRXMRYRHIVWXERHMRKHMJJIVIRX
PIEHIVWLMTWX]PIWERHQE]FIYWIJYPEWEKYMHIXSXLMROMRKEFSYX[LIVIERH[LIRIEGL
GERFIYWIHETTVSTVMEXIP]8LIZEVMSYWWX]PIWXLIKVMHQIRXMSRWLEZIETTPMGEXMSRXSHMJ
JIVIRXKVSYTWERHXSXLIWEQIKVSYTWEXHMJJIVIRXXMQIWHITIRHMRKSRXLIXEWOERHXLI
GSRWXVEMRXWSJXMQIERHIRIVK]

8VERWEGXMSREPERH8VERWJSVQEXMSREP8LISVMIW
-REHHMXMSRXSXLIXVEMXERHWX]PIXLISVMIWVIWIEVGLIVWLEZIHIZIPSTIHXVERWEGXMSREPERH
XVERWJSVQEXMSREP XLISVMIW XS EGGSYRX JSV XLI VIPEXMSRWLMTW FIX[IIR PIEHIVW ERH XLI
KVSYTWXLI]PIEH1SZMRKFI]SRHXVEMXWERHWX]PIWXLI]JSGYWSRXLITEXXIVRWSJMRXIV
EGXMSR 8VERWEGXMSREP PIEHIVW EVI XEWOSVMIRXIH ERH EFPI XS HMVIGX XLIMV KVSYTW MR
JSGYWIH ERH WTIGMJMG [E]W XS EGGSQTPMWL JMRMXI KSEPW 8LI] [SVO EX KEMRMRK XLIMV
KVSYTtWGSQTPMERGIXLVSYKLZEVMSYWETTVSEGLIWSJJIVMRKVI[EVHWXLVIEXIRMRKTYRMWL
QIRX ETTIEPMRKXSKVSYTQIQFIVWt WIRWISJ EPXVYMWQ SV ETTIEPMRKXS XLIMVVEXMSREP
NYHKQIRX &EVKI   8VERWEGXMSREP PIEHIVW MRXIVZIRI MR XLI TVSGIWW SRP] [LIR
KVSYT QIQFIVW KIX SJJ XLI XVEGO 3XLIV[MWI XLI] LEZI PMXXPI MRZSPZIQIRX [MXL XLI
KVSYT8LIWIPIEHIVWEVIWMQMPEVXSXLIEYXLSVMX]iGSQTPMERGI PIEHIVWI\GITXXLEX
XLI]YWIZEVMSYWETTIEPWXSQSXMZEXIXIEQQIQFIVWVEXLIVXLERVIP]MRKWSPIP]SRXLI
EYXLSVMX]SJXLIMVTSWMXMSRSJTS[IV-RXLMW[E]XLI]EVIEPWSWMQMPEVXSXLITEXIV
REPMWXMG PIEHIVW8VERWEGXMSREPPIEHIVWEVIMRXIVTIVWSREPP]HMWXERGIHJVSQKVSYTQIQ
FIVWERHQE]WYJJIVXLIWEQIHIJMGMXEWXLIERHPIEHIVWMRXLEXXLIMVQIQFIVW
QE]RIZIVFIXVYP]MRZSPZIHMRXLITVSGIWWSVMXWSYXGSQIW
3RXLISXLIVLERHXVERWJSVQEXMSREPPIEHIVW LEZIEWXVSRKWIRWISJQMWWMSRERH
EREFMPMX] XSEXXVEGXE PS]EP ERH GSQQMXXIH JSPPS[MRK8LI] EVI XLSWIPIEHIVW [LSWI
KVSYTW[SYPHqJSPPS[XLIQER][LIVIr8LIWIPIEHIVWEVIEFPIXSQSXMZEXIXLIMVJSPPS[
IVWXLVSYKLXLIMVGLEVMWQEXMGTS[IVhXLIMVMRWTMVEXMSREPZMWMSRXLIMVEFMPMX]XSI\TVIWW
GSQTPI\MHIEWMRIEWMP]YRHIVWXSSH[E]WERHXLIMVMRHMZMHYEPM^IHEXXIRXMSRXSJSPPS[
IVW8LIWIPIEHIVWVIP]SRXLIMVEFMPMX]XSWLETIKVSYTQIQFIVWt TIVGITXMSRWSJXLIXEWO
SV QMWWMSR ERH XS QSXMZEXI XLIQ XS EWTMVI XS E WIX SJ KSEPW VEXLIV XLER VIP]MRK SR
I\TPMGMXMRWXVYGXMSRWSVI\XVMRWMGVI[EVHWERHTYRMWLQIRXW&EVKI,EGOQER

.SLRWSR -RGSRXVEWX[MXLXLSWIPIEHIVW[LSWMQTP]QEREKIEKVSYTTVSGIWWF]
EHQMRMWXIVMRK HITIRHMRK SR W]WXIQW ERH JSPPS[MRK XLI VYPIW XLI XVERWJSVQEXMSREP
PIEHIVIQTS[IVWXLIKVSYTXSEGGSQTPMWLXLIXEWOWXLVSYKLTVSEGXMZIGSQQYRMGEXMSR
ERHQYXYEPXVYWX&IRRMW 8VERWJSVQEXMSREPPIEHIVWMRGPYHIWSQITSPMXMGEPERH
VIPMKMSYWPIEHIVWEW[IPPEWWSQI[LSPIEHH]REQMGSVKERM^EXMSRW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8LISVMIWSJ0IEHIVWLMT 

(V1EVXMR0YXLIV/MRK.VEXVERWJSVQEXMSREPPIEHIVEXXLIJVSRXSJEZSXMRKVMKLXWQEVGLJVSQ
7IPQE%PEFEQEXSXLIWXEXIGETMXEPMR1SRXKSQIV]

0IEHIVWLMTF]%HETXEXMSR
(IWTMXIXLIETTIEPSJQER]XLISVMIWSJPIEHIVWLMTHIJMRMRKPIEHIVWLMTMRE[E]XLEX
IRGSQTEWWIWEPPWMXYEXMSRWVIQEMRWIPYWMZIq-QTPMGMX[MXLMREPPPIEHIVWLMTXLISVMIWMW
XLIRSXMSRXLEXPIEHIVWEVIQSWXIJJIGXMZI[LIRXLI]GERHMWWIGXXLIHIQERHWERHGSR
WXVEMRXWSJEWMXYEXMSRERHTIVJSVQXLIVIUYMVIHEGXMSRWXSXEOIEHZERXEKISJEWMXYEXMSRtW
STTSVXYRMXMIWERHSZIVGSQIMXWGSRWXVEMRXWr&EVKIT &IGEYWIKVSYTWEVI
H]REQMG W]WXIQW PIEHIVW RIIH XS FI EFPI XS EHETX XLIMVWX]PIW ERH FILEZMSVW XS XLI
RIIHWSJXLITEVXMGYPEVKVSYT[MXLMREGSRXI\X)PPMWERH'VSRWLE[ WYKKIWXXLEX
PIEHIVWEVIQSVIIJJIGXMZI[LIRXLI]HIZIPSTEWSGMEPMRXIPPMKIRGIXLEXEPPS[WXLIQXS
QSRMXSVWMXYEXMSRWERHEHETXXLIMVPIEHIVWLMTFILEZMSVWEWVIUYMVIH
0IEHIVWLMTXLIVIJSVIMWQSVISJXIRJSYRHMRXLIMRXIVEGXMSRWSJXLIKVSYTERHMR
MXWTVSGIWWXLERWSPIP]MRXLIXVEMXWERHUYEPMXMIWSJXLIMRHMZMHYEPWIREGXMRKMX8LMWMW
XVYI MR QYPXMTPI JSVQW SJ PIEHIVWLMT JVSQ XLI JSVQEP PIEHIVWLMT XLEX IQIVKIW SV MW
MQTSWIHSRXLIKVSYTXSXLIMRXYMXMZIqHERGIrXLIPIEHIVIRKEKIWMRXSQEMRXEMRXLI
KVSYTH]REQMGq)JJIGXMZIPIEHIVWLMTVIWIEVGLWYKKIWXWMWVIQEVOEFP]GLEQIPISRPMOI
?MXAMWEJYRGXMSRSJXLIWMXYEXMSRMR[LMGLMXMWJSYRHr/SXXIVT 8LIVIMW
RSqWMRKPIGSQTVILIRWMZIPMWXSJPIEHIVWLMTUYEPMXMIWERHRSWMRKPITEXLXSPIEHIV
WLMTrFYXEHETXEFMPMX]MWEOI]GLEVEGXIVMWXMGSJIJJIGXMZIPIEHIVWLMT'PEVO
'PEVO
T 8LYWHIWTMXIXLITPIXLSVESJXLISVMIWSRPIEHIVWLMTMXWEGXYEPQERMJIWXE
XMSRMWJVIUYIRXP]LEVHXSTVIHMGXFYXLMKLP]IZMHIRX[LIR[II\TIVMIRGIMX-XLETTIRW
[MXLMRXLIGSRXI\XSJXLIKVSYTERHMWHITIRHIRXSRXLIKVSYTtWVIWTSRWIWXSMX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

%0IEHIV
0ES8WYMWGVIHMXIH[MXLXLIWE]MRK

8LI[MGOIHPIEHIVMWLI[LSQXLITISTPIHIWTMWI
8LIKSSHPIEHIVMWLI[LSQXLITISTPIVIZIVI
8LIKVIEXPIEHIVMWLIEFSYX[LSQXLITISTPIWE]q;IHMHMXSYVWIPZIWr

0IEHIVPIWW+VSYTW
0IEHIVPIWWKVSYTWHIJMRIHEWqKVSYTWXLEXHSRSXLEZIEHIWMKREXIHTIVWSR[MXLGSR
XMRYMRK EYXLSVMX] SZIV XLI SXLIV QIQFIVW ERH VIWTSRWMFMPMX] JSV QEMRXEMRMRK XLI
KVSYTrLEZII\MWXIHJSVHIGEHIW'SYRWIPQERT 1ER]I\TIVXWLS[IZIV
LEZI I\TVIWWIH WOITXMGMWQ SZIV XLI ZMEFMPMX] ERH TVSHYGXMZMX] SJ XVYP] PIEHIVPIWW
KVSYTW=EPSQ   WYKKIWXIH XLEX QSWX WSGEPPIH PIEHIVPIWW KVSYTW MR JEGX LEZI
YRSJJMGMEPPIEHIVWJVIUYIRXP]QSVII\TIVMIRGIHSVI\TIVXKVSYTQIQFIVW[LSMRJSV
QEPP]JYPJMPPXLI PIEHIVWLMTJYRGXMSRW3XLIVW LEZIGEYXMSRIHXLEXPIEHIVPIWWKVSYTW
WSSRFIGSQI PIEHIVWLMTPIWW PEGO E GPIEV JSGYW SV WXVYGXYVIERHJMRH MX HMJJMGYPX XS
HIZIPSTSVQEMRXEMRKVSYTRSVQW;MXLSYXEGPIEVP]HIJMRIHWLEVIHWIRWISJTYVTSWI
ERH E GSRWMWXIRX GSQQSRP] EKVIIHYTSR WIX SJ [SVOMRK RSVQW E KVSYT QE] JMRH
MXWIPJGSRWXERXP]RIKSXMEXMRKLS[MX[MPPHSXLMRKWVEXLIVXLERIRKEKMRKMRERIJJMGMIRX
TIVJSVQERGISJMXW XEWOW 0IEHIVPIWW KVSYTW LEZIFIIRORS[R XSHMWWSPZI MRHMWET
TSMRXQIRX[LIRQIQFIVWt FILEZMSVWWYGLEWPEXIRIWWXSQIIXMRKWEFWIRGIWERHXLI
I\TVIWWMSRSJLSWXMPIJIIPMRKWGSYTPIH[MXLXLIVIJYWEPF]SRISVX[SKVSYTQIQFIVW
XSHMWGYWWKVSYTH]REQMGWLEZIKSRIYRGLIGOIH'SYRWIPQER 8LMWMWRSXXS
WE]XLEXPIEHIVPIWWKVSYTWGERRSX[SVO8SFIIJJIGXMZILS[IZIVQIQFIVWQYWXGSST
IVEXMZIP]XEOI SR XLI PIEHIVWLMT JYRGXMSRWSJ   GSRXMRYMRK XSVIEJJMVQXLI KVSYTtW
XEWOTVSGIWWERHZMWMSR VITIEXIHP]IQTLEWM^MRKXLIRIIHJSVEWEJIKVSYTGPM
QEXIMR [LMGLXSIRKEKIMRXLIMV[SVOERH QEMRXEMRMRKXLIKVSYTtWRSVQWERH
FSYRHEVMIW FIX[IIR TIVQMWWMFPI ERH MQTIVQMWWMFPI FILEZMSVW;LIXLIV SRI TIVWSR
JYPJMPPWXLIQSVXLIKVSYTEWE[LSPIWLEVIWXLIQPIEHIVWLMTJYRGXMSRWEVIRIGIWWEV]
XSIJJIGXMZIKVSYTTVSGIWWIW

8LVII'LEVEGXIVMWXMGWSJ0IEHIVW
6IKEVHPIWWSJ XLI TEVXMGYPEVWSJ ER] SRI XLISV]SJPIEHIVWLMT XLIVIEVIKIRIVEPP]EX
PIEWXXLVIIGLEVEGXIVMWXMGW[II\TIGXPIEHIVWXSQERMJIWX8LIWIEVIZMWMSRGVIHMFMPMX]
ERHGSQQYRMGEXMSRGSQTIXIRGI:MWMSR TVSZMHIWXLIHMVIGXMSRJSVXLIKVSYTTVSGIWW
GVIHMFMPMX] XLIVIEWSRJSVXLIKVSYTXSJSPPS[XLEXHMVIGXMSRERHGSQQYRMGEXMSRGSQ
TIXIRGI XLIQIERWJSVGSQQYRMGEXMRKXLEXHMVIGXMSRXSXLIKVSYT)EGLSJXLIWIGSR
XVMFYXIWXSXLIEFMPMX]SJEPIEHIVXSMRJPYIRGIXLIKVSYTTVSGIWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8LVII'LEVEGXIVMWXMGWSJ0IEHIVW 

:MWMSR
8VYIPIEHIVWEVII\TIGXIHXSHSQSVIXLERWMQTP]GSRHYGXQIIXMRKWGSRXVSPEKIRHEW
ERHOIITXVEGOSJIZIRXW%OI]TMIGISJPIEHIVWLMTMWXLIEFMPMX]XSLSPHSRXSERSZIVEPP
ZMWMSR [LMPI QSZMRK E KVSYT XLVSYKL XLI TVSGIWW RIGIWWEV] XS EGLMIZI XLEX ZMWMSR
0IEHIVWRIIHXSWIXPSRKERHWLSVXXIVQKSEPWJSGYWEXXIRXMSRSRVIPIZERXEGXMZMXMIW
QEREKI GSRJPMGX ERH IQTS[IV SXLIV KVSYT QIQFIVW XS GSRXVMFYXI XS XLI GVIEXMZI
TVSGIWW&IRRMW
2ERYW 
8LI[MPHIVRIWWPIEHIVWIXWXLIKSEPSJKIXXMRKXLIKVSYTWEJIP]SYXSJXLI[MPHIV
RIWW8SEGLMIZIXLEXKSEPWLISVLIQYWXOIITXLIKVSYTWEJIERHLIEPXL]JSVEWPSRKEW
MX XEOIW XSJMRH XLI [E] SYX8LMW QE] QIER LI SVWLI [MPP RIIH XS JMRH WSYVGIW SJ
TSXEFPI[EXIVERH[E]WSJJIIHMRKERHWLIPXIVMRKXLIKVSYT[MXLMRXLIGSRWXVEMRXWSJ
XLIREXYVEP IRZMVSRQIRX[LMPIQEMRXEMRMRKXLI KVSYTtW QSVEPI /IITMRKXLI KSEPMR
WMKLX[LMPIOIITMRKXLIKVSYTSRXVEGOXS[EVHEGGSQTPMWLMRKMXMWEGSQTPI\XEWO

'VIHMFMPMX]
)JJIGXMZIPIEHIVWLMTHITIRHWSRXLIKVSYTtW[MPPMRKRIWWXSJSPPS[8LMW[MPPMRKRIWWMW
KIRIVEPP] FEWIH SR XLI KVSYTtW TIVGITXMSR SJ XLI PIEHIVtW EFMPMXMIW ERH GVIHMFMPMX]
,EGOQER
 .SLRWSR   ;MXLSYX XLI KVSYTtW XVYWX ERH GSRJMHIRGI XLI QSWX
ZMWMSREV]PIEHIVMWTEVEP]^IHMRLIVSVLMWEXXIQTXWXSHMVIGXXLIKVSYTXS[EVHXLIWXEXIH
KSEPWERHZMWMSRW8LI[MPHIVRIWWPIEHIV[SYPHFITS[IVPIWWXSLIPTXLIKVSYTMJQIQ
FIVWHMHRSXTEVXMGMTEXIMRXLITVSGIWW-JXLI]HSRSXFIPMIZIMRXLIPIEHIVtWEFMPMX]XS
LIPTXLIQJMRHXLI[E]XSWEJIX]SVMJXLI]HSRSXXVYWXLMQSVLIVXSOIITXLIKVSYTtW
[IPJEVIEWETVMSVMX]XLI]EVIRSXPMOIP]XSJSPPS[LIVSVLMWEHZMGIERHMRWXVYGXMSRW
8LYW ZMWMSR [MXLSYXGVIHMFMPMX]QE]TVIZIRX XLIQSWXMRWMKLXJYPERHGVIEXMZIPIEHIV
JVSQFIMRKIJJIGXMZI
'VIHMFMPMX]MWEGSQTPI\TLIRSQIRSR-XMWQEHIYTSJWIZIVEPJEGXSVWGSQTI
XIRGIORS[PIHKIERHI\TIVXMWIMREXSTMG GLEVEGXIVLSRIWX]ERHXVYWX[SVXLMRIWW 
GSQTSWYVIEFMPMX]XSVIQEMRGEPQYRHIVWXVIWW WSGMEFMPMX]PMOEFPIRIWW ERHI\XVS
ZIVWMSR HIKVII SJ MRXIVIWX MR SXLIVW  &EVKI   )EGL SJ XLIWI FYMPHW E FEWI SJ
TS[IVERHMWEGXMZEXIHF]XLITIVGITXMSRWSJXLIZEPYISJXLEXTS[IVF]XLIQIQFIVWSJ
XLIKVSYT8LSWIPIEHIVW[LSEVITIVGIMZIHXSLEZIEVIPIZERXTS[IVFEWIEW[IPPEWXLI
FIWXMRXIVIWXWSJXLIMVKVSYTEXLIEVX[MPPLEZIMRJPYIRGIMRXLIMVKVSYTW0IEHIVW[LS
EVITIVGIMZIHXSPEGOWYGLETS[IVFEWISV[LSEVITIVGIMZIHXSFIQERMTYPEXMZISVHMW
LSRIWX[MPPLEZIELEVHIVXMQIKEMRMRKGSQTPMERGIJVSQXLIMVKVSYT

'SQQYRMGEXMSR'SQTIXIRGI
%RSXLIVMQTSVXERXTMIGISJKVSYTPIEHIVWLMTMWGSQQYRMGEXMSRGSQTIXIRGI(VYGOIV
 *SVEPIEHIVXSFIIJJIGXMZIWLISVLIQYWXFIEFPIXSXVERWPEXILIVSVLMWVIPIZERX
ORS[PIHKIWOMPPWERHWMXYEXMSREPP]ETTVSTVMEXIFILEZMSVXSKVSYTQIQFIVWMR[E]W
XLI] GER YRHIVWXERH ERH XVYWX 'SQQYRMGEXMSR GSQTIXIRGI MRGPYHIW XLI EFMPMX] XS
HIGSHI ERH YRHIVWXERH QIWWEKIW GSQMRK JVSQ XLI IRZMVSRQIRXhFSXL [MXLMR XLI
KVSYTERHJVSQSYXWMHIMXhERHXSIRGSHIERHMRXIVTVIXXLEXMRJSVQEXMSRJSVXLIKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

QIQFIVWSVJSVXLSWIVIPIZERXSXLIVWSYXWMHIXLIKVSYT%PIEHIVQYWXFIEFPIXSGSQ
QYRMGEXIMRE[E]XLEXqYTLSPHWERHsJMXWMRXSt XLII\MWXMRKGYPXYVEPZEPYIW]WXIQSV
XVERWGIRHW XLEX W]WXIQ F] EVXMGYPEXMRK ER EPXIVREXMZI ZEPYI W]WXIQr &EVKI 
T  %WWYGLPIEHIVWQYWXFIEFPIXSYRHIVWXERHXLIMVIRZMVSRQIRXERHMRXIVTVIXMX
MRE[E]XLEXQEOIWWIRWIXSKVSYTQIQFIVW&YGOMRKLEQ
'SJJQER 
&IJSVIKSMRKSRE[LMXI[EXIVVEJXMRKXVMTXLIVMZIVKYMHII\TPEMRWXSXLIVEJXIVW
[LEXXSI\TIGXERHLS[XSVIWTSRHXSEKMZIRWIXSJGSQQERHWXLEXXLIKYMHI[MPPMWWYI
[LIRXLI]VIEGLXLI[LMXI[EXIV&IJSVIXLI]KIXMRXLIVEJXERHJSPPS[XLIMRWXVYGXMSRW
XLSYKLXLI]RIIHXSFIPMIZIXLEXXLIKYMHIORS[WXLIVMZIVERHLS[XSMRXIVTVIXXLIGYV
VIRXWIHHMIWERHJEPPWXLEXWLISVLIMWEFPIXSQERIYZIVXLIVEJXWEJIP]XLVSYKLSV
EVSYRHXLI VETMHWGEVIWEFSYXXLIVEJXIVWt [IPPFIMRKERHMW EFPIXS XIPP XLIQ[LEX
[LIRERHLS[XSHSXLMRKWMRE[E]XLI]GERYRHIVWXERH-REHHMXMSRVIKEVHPIWWSJ
LS[[IPPXLIKYMHIORS[WXLIVMZIVERHXIGLRMUYIWJSVTEHHPMRKMXMJXLI]EVISYXSRE
XVIEGLIVSYWWXVIXGLSJXLIVMZIVERHXLIKYMHIXIPPWXLIVEJXIVWXSHSWSQIXLMRKXLI]LEZI
RSXFIIRXSPHXSI\TIGXXLIKYMHI[MPPRIIHXSFIEFPIXSGSQQYRMGEXIXLIVEXMSREPIJSV
XLEXHMJJIVIRXGSQQERHIMXLIVZIVFEPP]SVRSRZIVFEPP]MRE[E]XLEXQEOIWWIRWIXSXLI
VEJXIVW8LYWPIEHIVWQYWXFIEFPIXSGSQQYRMGEXIXLIMVSZIVEPPZMWMSRXLIGVIHMFMPMX]
SJXLIMVTS[IVFEWIERHXLIMVXVYWX[SVXLMRIWWMRXLIWMXYEXMSREXLERH
'SQQYRMGEXMSRGSQTIXIRGIEPWSJVIUYIRXP]MRGPYHIWEREFMPMX]XSQEREKIEQFM
KYMX]ERHYRGIVXEMRX]%PIEHIVQYWXFIEFPIXSqVIEHrXLIKVSYTEW[IPPEWXLIIRZMVSR
QIRXMR[LMGLMXSTIVEXIWERHORS[[LIRXSVIHYGIERH[LIRXSLIMKLXIRYRGIVXEMRX]
3RXLIVMZIVXLIVEJXKYMHIRIIHWXSVIHYGIYRGIVXEMRX]IRSYKLXSEPPE]XLIJIEVWSJXLI
VEJXIVWERHOIITXLIQGEPQWSXLEXXLI]EVIEFPIXSIRNS]XLIXVMTERHRSXTERMGSVGEYWI
LEVQXSXLIQWIPZIWSVJIPPS[VEJXIVW,S[IZIV XLIVEJXIVW QYWXEPWSYRHIVWXERH XLI
HERKIVWSJXLIVMZIVRSXFIGSQIXSSVIPE\IHERHGEWYEPMRXLIVEJXERHFITVITEVIHJSV
XLIYRI\TIGXIH%QM\SJGIVXEMRX]ERHYRGIVXEMRX]MWVIUYMVIHJSVEJYRERHWEJIXVMT
8LIPIEHIVSJEVIEPIWXEXIHIZIPSTQIRXKVSYTTVITEVMRKEFMHSRETVMQITMIGISJ
PERHFEPERGIWGIVXEMRX]ERHYRGIVXEMRX]MRXLITVSGIWWSJTYXXMRKXSKIXLIVEWYGGIWWJYP
FMH%PXLSYKLMXMWGIVXEMRXLEXXLIKVSYTRIIHWXSSJJIVIRSYKLQSRI]XSSYXFMHXLIGSQ
TIXMXSVW[LMPIOIITMRKMXWFMHPS[IRSYKLXSEWWYVIXLEXMXGERQEOIETVSJMXJVSQMXW
HIZIPSTQIRXXLIVIMWWSQIYRGIVXEMRX]EFSYXXLII\EGXHSPPEVEQSYRXXLEX[MPPEGGSQ
TPMWLFSXLIRHW8LIPIEHIVQE][ERXXSVIHYGIYRGIVXEMRX]ERHWXVIEQPMRIKVSYTHMWGYW
WMSRF]VIP]MRKSRTEVEPPIPW[MXLTVMSVHIZIPSTQIRXXSXLII\XIRXTSWWMFPIFYXLISVWLI
QE]EPWS[ERXXLIKVSYTQIQFIVWXSWXVYKKPI[MXLXLIYRORS[REWTIGXWSJXLMWTEVXMGY
PEVGEWIXSQEOIWYVIXLI]EVIRSXSZIVPSSOMRKWSQIXLMRKGVYGMEPERHI\TIRWMZI8LI
PIEHIVXLYWRIIHWXSFEPERGIXLIIJJMGMIRG]ERHGSQJSVXEWWSGMEXIH[MXLVIHYGMRKYRGIV
XEMRX][MXLXLIVMWOWSJGSRJPMGXERHXMQIGSRWYQMRKHMWGYWWMSREWWSGMEXIH[MXLVEMWMRK
XLIPIZIPWSJYRGIVXEMRX]1EREKMRKXLIQM\SJGIVXEMRX]ERHYRGIVXEMRX]ETTVSTVMEXIP]MR
EKVSYTMWXLIXEWOSJEKSSHPIEHIVERHEXIWXSJLMWSVLIVGSQQYRMGEXMSRGSQTIXIRGI

'LSSWMRKE0IEHIV
&IGEYWIWQEPPKVSYTWEVIGSRZIRIHJSVEZEVMIX]SJTYVTSWIW[MXLMRHMZIVWIGSRXI\XW
ERH[MXLEZEVMIX]SJTISTPIXEPIRXWXMQIIRIVK]ERHXEWOWQER]JEGXSVWMRJPYIRGIXLI
UYEPMX]ERHX]TISJPIEHIVWLMTRIIHIHJSVERIJJIGXMZIKVSYTTVSGIWW7SQIWQEPPKVSYTW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'LSSWMRKE0IEHIV 

EVIJSVQIHJSVEPMQMXIHTYVTSWIJSVEPMQMXIHTIVMSHSJXMQI[MXLPMQMXIHVIWSYVGIW
ERHI\TIGXMRKPMQMXIHGSQQMXQIRXJVSQQIQFIVW7YGLEKVSYTQE]WMQTP]RIIHE
PIEHIV[LSGEROIITXLITVSGIWWSRXVEGO-XQE][ERXXSPIEZIQSWXSJXLIHIGMWMSRQEO
MRKXSSRITIVWSR[MXLSRP]ERSHSJETTVSZEPJVSQXLISXLIVQIQFIVW3XLIVKVSYTW
LEZIFVSEHIVXEWOWERHQSVIGSQTPI\KSEPW8LSWIQE]FIRIJMXJVSQEQSVIGSPPEFSVE
XMZIPIEHIVWLMTWX]PI0IEHIVWQE]FIETTSMRXIHSVIPIGXIHSVXLI]QE]IQIVKIHYVMRK
XLIKVSYTTVSGIWW0IEHIVWLMTQE]EPWSFIWLEVIHEQSRKKVSYTQIQFIVW

%TTSMRXIH0IEHIVW
*SVQER]KVSYTWJSVQIH[MXLMRERSVKERM^EXMSREPGSRXI\XXLIPIEHIVMWETTSMRXIHF]E
QEREKIVMRXLIPEVKIVSVKERM^EXMSR%RETTSMRXIHKVSYTPIEHIV QE]WIXYTXLIKVSYT
GEPPXLIJMVWXQIIXMRKWIXXLIEKIRHEIWXEFPMWLKVSYTRSVQWERHI\TIGXEXMSRWIWXEFPMWL
VIPEXMSRWLMTW[MXLSYXWMHIWSYVGIWSJTS[IVERHEGXEWEREVFMXIVSJXLIKVSYTTVSGIWW
8LMWQE]FIWSQISRI[MXLTSWMXMSRSVVIJIVIRXTS[IVMRERSVKERM^EXMSRSVWSQISRI
[MXLTEVXMGYPEVI\TIVXMWIMRXLIEVIEYRHIVMRZIWXMKEXMSR%RETTSMRXIHPIEHIV[MXLE
VIWTIGXIH FEWI SJ TS[IV GER FI FIRIJMGMEP MR WIXXMRK E TSWMXMZI XSRI JSV XLI KVSYT
TVSGIWW-REHHMXMSRE[IPPGSRRIGXIHPIEHIV[MXLMRXIVTIVWSREPPMROEKIWSVTSWMXMSREP
TS[IVQE]QEOIMXIEWMIVJSVXLIKVSYTXSSFXEMRMRJSVQEXMSRERHVIWSYVGIWRIIHIHJSV
XLIXEWO,EVVMW %PIEHIV[LSGSQQERHWVIWTIGXFEWIHSRXLIKVSYTtWTIVGIT
XMSRWSJLIVSVLMWTS[IVQE]FIEFPIXSIQTS[IVKVSYTQIQFIVWERHQEREKIGSRJPMGX
QSVIIJJIGXMZIP]XLERWSQISRIRSXEW[IPPTIVGIMZIH
3RIHVE[FEGOXSERETTSMRXIHPIEHIVMWXLIXIRHIRG]WYGLPIEHIVWQE]LEZIXS
I\IVX XLIMV TS[IV ERH SZIVGSRXVSP XLI KVSYT TVSGIWW XLYW HMQMRMWLMRK XLI TSXIRXMEP
GSRXVMFYXMSRWSJSXLIVQIQFIVW;LIRQIQFIVWJIIPFEVVIHJVSQTEVXMGMTEXMRKJYPP]
XLI]QE]YWIXLIMVS[REZSMHERGITS[IV[MXLXLIEHZIVWIMQTEGXEWWSGMEXIH[MXLE
PSWWSJXLIMVMRTYX)ZIR[LIREPIEHIVMWFIRIZSPIRXERHGEVMRKMRLMWSVLIVEWWIVXMSR
SJ TS[IV ERH GSRXVSP XLI KVSYT QE] JIIP HMWIQTS[IVIH ERH PSWI QSXMZEXMSR ERH E
WIRWISJWLEVIHVIWTSRWMFMPMX]JSVXLISYXGSQI'SRXVSPSJKVSYTTVSGIWWMWEHMJJMGYPX
FEPERGIXSLSPH%R]PIEHIVQE]FIXIQTXIHXSI\IVXQSVIGSRXVSPXLERMW[EVVERXIH
FYXXLSWI[LSEVIETTSMRXIHQE]FIQSVIMRGPMRIHXSQSZIMRXLEXHMVIGXMSRXLERXLSWI
[LSEVIQSVIHIQSGVEXMGEPP]GLSWIR

)PIGXIH0IEHIVW
%RIPIGXIHKVSYTPIEHIV MWSRIXLIKVSYTGLSSWIWXLVSYKLMXWS[RJSVQEPTVSGIWWIW
8LIKVSYTQE]GLSSWIXLIQFEWIHSRXLIMVI\TIVXMWI[MXLXLIXEWOEXLERHSRXLIMV
ORS[REFMPMX]XSPIEHEKVSYTTVSGIWWSVFIGEYWISJXLIMVTIVGIMZIHTS[IVMRWSQI
SXLIVEVIE)PIGXIHPIEHIVWWLEVIWSQIGLEVEGXIVMWXMGW[MXLETTSMRXIHPIEHIVWMRXLEX
XLIMVTSWMXMSR[MXLMRXLIKVSYTMWJSVQEPM^IHERHXLIMVVIPEXMSRWLMTXSSXLIVQIQFIVWMW
EWXLIqJMVWXEQSRKIUYEPWr)ZIR[LIRPIEHIVWEVIGLSWIRWMQTP]JSVXLIGSRZIRMIRGI
SJLEZMRKWSQISRIGEPPXLIQIIXMRKWERHWIXXLIEKIRHE[MXLRSSXLIVJSVQEPTS[IVMR
XLIKVSYTXLITSWMXMSRMXWIPJJVIUYIRXP]IRLERGIWXLITIVGIMZIHTS[IVSJXLITIVWSR
[LSMWGLSWIR%RIPIGXIHPIEHIVMWMRLIVIRXP]QSVIEGGSYRXEFPIXSXLIKVSYTQIQFIVW
XLERMWERETTSMRXIHSRIERHQE]FIPIWWPMOIP]XSEFYWIXLEXTS[IVFYXQSWXSJYWGER
TVSFEFP]GMXIMRWXERGIWMR[LMGLHIQSGVEXMGEPP]IPIGXIHPIEHIVWLEZIXEOIRMRETTVSTVM
EXIPMFIVXMIW[MXLXLII\IVGMWISJTS[IV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

)QIVKIRX0IEHIVW
%RIQIVKIRXKVSYTPIEHIV MWSRI[LSqWXEVXWSYXEWER]SXLIVQIQFIVSJEKVSYTSJ
TIIVWFYXKVEHYEPP]IQIVKIWEWPIEHIVMRXLITIVGITXMSRWSJXLISXLIVQIQFIVWF]
TVSZMHMRKPIEHIVWLMTWIVZMGIWrXLEXXLIKVSYTZEPYIW&VMPLEVX
+EPERIWT 
8LIVIEVIX[SX]TIWSJIQIVKIRXPIEHIVWXLSWI[LSIQIVKIJVSQEPIEHIVPIWWKVSYTSJ
TIIVWERHXLSWI[LSIQIVKIEPSRKWMHIERI\MWXMRKPIEHIVXSQIIXTEVXMGYPEVRIIHW
-RWXYH]MRKPIEHIVW[LSIQIVKIJVSQPIEHIVPIWWKVSYTWVIWIEVGLIVWEXXLI9RMZIV
WMX]SJ1MRRIWSXEJSYRHXLEXGIVXEMREGXMSRWQEOIWSQIQIQFIVWSJEPIEHIVPIWWKVSYT
QSVI PMOIP] XLER SXLIVW XS FIGSQI XLI KVSYT PIEHIVW &SVQERR  +IMIV  
+VSYTQIQFIVW[LSEVIVIXMGIRXSVPEGOMRJSVQEXMSRSVXLSWI[LSEVIFSWW]ERHHSK
QEXMGEVIIPMQMREXIHEWGERHMHEXIWJSVPIEHIVWLMTIEVP]MRXLITVSGIWW8LSWIQIQFIVW
[LSWTIEOJVIUYIRXP]EVI[IPPMRJSVQIHERHWYTTSVXHIQSGVEXMGKVSYTTVSGIWWVIQEMR
MRGSRWMHIVEXMSR-XMWJVSQXLMWKVSYTXLEXXLIPIEHIV[MPPPMOIP]IQIVKIq8LI1MRRIWSXE
7XYHMIWWLS[XLEXPIEHIVWIQIVKIXLVSYKLEQIXLSHSJVIWMHYIWMR[LMGLKVSYTQIQ
FIVWEVIVINIGXIHYRXMPSRP]SRIVIQEMRWr&IIFI
1EWXIVWSRT 
3RXLISXLIVLERHMREKVSYT[MXLERETTSMRXIHSVIPIGXIHPIEHIVEQIQFIV[MXL
I\TIVXMWIMRXLITEVXMGYPEVEVIEYRHIVGSRWMHIVEXMSRQE]IQIVKIEWLIVSVLMWWOMPPWEVI
MRGVIEWMRKP]GEPPIHSRHYVMRKXLIKVSYTTVSGIWW-JEWQEPPKVSYTLEWFIIRGSRZIRIHXS
HIZIPST E QEVOIXMRK WXVEXIK] JSV IPIGXVSRMG TEVXW ER I\IGYXMZI JVSQ XLI QEVOIXMRK
KVSYTQMKLXFIETTSMRXIHXLIMRMXMEPKVSYTPIEHIV%WXLIHMWGYWWMSRHIZIPSTWERSXLIV
MRHMZMHYEPQE]IQIVKIEWIWTIGMEPP]ORS[PIHKIEFPIEFSYXXLIQEVOIXRMGLIJSVXLIWI
TEVXMGYPEVGSQTSRIRXTEVXW-JXLEXTIVWSRKEMRWXLIVIWTIGXERHXVYWXSJXLIKVSYTXLI
QIQFIVWQE]XYVRMRGVIEWMRKP]XSLIVSVLMQXSXEOISZIVXLIKVSYTTVSGIWW'YQ
QMRKW
;SVPI] 8LMWPEXXIVX]TISJIQIVKIRXPIEHIVWLMTMWWMQMPEVXSXLIX]TI
EWWSGMEXIH[MXLWLEVIHSVJEGMPMXEXMZIPIEHIVWLMT

7LEVIH*EGMPMXEXMZI 0IEHIVWLMT

%W MXW REQI MQTPMIW WLEVIH SV JEGMPMXEXMZI PIEHIVWLMT MW FEWIH SR E GSPPEFSVEXMZI
KVSYTIJJSVX[MXLQIQFIVWWLEVMRKTS[IVEWXLIXEWOHMGXEXIW%WXLIKVSYTQIQFIVW
FIGSQIMRGVIEWMRKP]IQTS[IVIHPIEHIVWFIGSQIJEGMPMXEXSVWVEXLIVXLERHMVIGXSVWSV
QEREKIVW -RGVIEWMRK RYQFIVW SJ SVKERM^EXMSRW LEZI XYVRIH XS WIPJQEREKMRK [SVO
XIEQWERHTVSFPIQWSPZMRKKVSYTW,EVVMWi -RXLIWIGEWIWEXIEQMWTYX
XSKIXLIV[MXLXLIIQTS[IVQIRXSJKVSYTQIQFIVWEWETVMQEV]KSEP'YQQMRKW

;SVPI] %WXLIKVSYTTVSKVIWWIWXS[EVHKVIEXIVIQTS[IVQIRXXLIPIEHIVtWVSPI
WLMJXW JVSQ HMVIGX XS MRHMVIGX MRZSPZIQIRX 6EXLIV XLER FIMRK MR GLEVKI XLI PIEHIV
FIGSQIWEJEGMPMXEXSV[LSIQTS[IVWSXLIVQIQFIVWXSGEVV]SYXXLIVIWTSRWMFMPMXMIW
ERH JYRGXMSRW8LI JEGMPMXEXMZI PIEHIVVIKEVHWTS[IV EW WSQIXLMRK XSFI WLEVIH [MXL
KVSYTQIQFIVW8LMWIQTS[IVQIRXSJKVSYTQIQFIVWSJXIRPIEHWXSFIXXIVPSRKXIVQ
VIWYPXW6EXLIVXLERXLIPIEHIVtWIPMGMXMRKVIWTSRWIWJVSQKVSYTQIQFIVWSVXV]MRKXS
MRWXMPPQSXMZEXMSRMRIEGLTIVWSRMRHMZMHYEPWGSRXVMFYXIJVIIP]FIGEYWIIEGLTIVWSRLEW
WSQIS[RIVWLMTMRXLIKVSYTTVSGIWW
%W8EFPI  MRHMGEXIWXLIVIEVIEHZERXEKIWERHHMWEHZERXEKIWXSXLMWX]TISJ
KVSYTPIEHIVWLMT8SXLII\XIRXXLEXKVSYTQIQFIVWEVIGSQQMXXIHXSXLITVSGIWWERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 8EWOWSJ+VSYT0IEHIVW 

8%&0) %HZERXEKIWERH(MWEHZERXEKIWSJ7LEVIH SV*EGMPMXEXMZI 0IEHIVWLMT

%HZERXEKIW (MWEHZERXEKIW

4VSZMHIWEFVSEHIVVERKISJMRJSVQEXMSRSR
XLITVSFPIQEPXIVREXMZIWERHVIGSQQIRHIH
WSPYXMSR
0IRHWEQSVIGVIEXMZIETTVSEGLXSTVSFPIQ
WSPZMRKYWIWI\TIVXMWIMRJSVQEXMSRERHQIQFIV
ORS[PIHKI
+MZIWQIQFIVWERMRGVIEWMRKE[EVIRIWW
SJPIEHIVtWTVSFPIQWERHLYVHPIW
-RGVIEWIWGSQQMXQIRXXSMWWYIWERHWSPYXMSR
)RLERGIWQSVEPI
0IWWTIVWSREPEGGSYRXEFMPMX]JSVKVSYTtW
HIGMWMSREFEHKVSYTHIGMWMSRMWWXMPPEFEH
HIGMWMSR
8EOIWKVSYTtWIRIVK]ERHJSGYWE[E]JVSQXEWO
MJKIXXMRKXLINSFHSRIMWXLISRP]MWWYIRSX[SVXL
XLIXMQI
-RGVIEWIWSTTSVXYRMX]JSVHMWEKVIIQIRXSZIV
MWWYIW
8EOIWQSVIXMQI
%PPS[WWXVSRKZSMGIWXSHSQMREXI

WLEVIMRXLIVIWTSRWMFMPMX]EW[IPPEWMRXLITS[IVXLITVSGIWWMW[IPPWIVZIH8[STVMR
GMTEPHMWEHZERXEKIWXSXLMWX]TISJPIEHIVWLMTEVIXLEXGSRJPMGXWQE]FIQSVIHMJJMGYPX
ERHXMQIGSRWYQMRKXSVIWSPZIMJRSSRIQIQFIVMWIQTS[IVIHXSQIHMEXIXLIQERH
XLEXGLESWQMKLXIRWYIMJXLIVIMWRSSRITIVWSRSZIVWIIMRKXLIEGGSQTPMWLQIRXSJWTI
GMJMGXEWOWERHGSSVHMREXMRKSZIVEPPVIWYPXW,S[IZIV[MXLEGSLIWMZIKVSYTERHE[IPP
HIJMRIHXEWOERHWIXSJKSEPWXLMWX]TISJPIEHIVWLMTQE][SVO[IPP

8EWOWSJ+VSYT0IEHIVW
-REWQEPPKVSYTWSQISRIRIIHWXSJEGMPMXEXIXLIGEPPMRKERHTPERRMRKSJXLIQIIXMRKW
-REHHMXMSREXPIEWXXLVIIXEWOWYWYEPP]JEPPXSKVSYTPIEHIVWJEGMPMXEXMRKXLIQIIXMRKW
IQTS[IVMRKQIQFIVWXSIRWYVIJYPPTEVXMGMTEXMSRERHQEREKMRKGSRJPMGXW

*EGMPMXEXMRK1IIXMRKW
;LMPIELMKLP]QSXMZEXIHXIEQSVKVSYTQMKLXFIEFPIXSTVSGIIHIJJIGXMZIP]XS[EVHMXW
KSEPWHYVMRKQIIXMRKWSRITIVWSRYWYEPP]RIIHWXSEGGITXXLITVMQEV]VIWTSRWMFMPMX]
JSV JEGMPMXEXMRK QIIXMRKWhJSV QEOMRK GIVXEMR XLI FEPP KIXW VSPPMRK XLEX MWWYIW EVI
IRKEKIHERHVIWSPZIHMRWEXMWJEGXSV][E]WERHXLEXXLIPEVKIVKSEPWEVIOITXMRZMI[
(YVMRKPMZIP]HMWGYWWMSRMXQE]JEPPXSEPIEHIVXSOIITXLIKVSYTSRXEWO;LMPIXLI
PIEHIVQE][ERXXSWIIXLIKVSYTI\TPSVIEWQER]VIPIZERXWMHIMWWYIWEWTSWWMFPIMR
WTIGMJMGEVIEWMXMWMQTSVXERXXSFEPERGIXLIXMQIERHIRIVK]XLIKVSYTWTIRHWSRMRHM
ZMHYEPHMWGYWWMSRTSMRXWEKEMRWXXLIEZEMPEFPIXMQIERHVIWSYVGIWXLIKVSYTLEWEXMXW
HMWTSWEP7SQIMWWYIW[MPP[EVVERXEPEVKIVWLEVISJXLIKVSYTtWVIWSYVGIWXLERSXLIVW
ERHMXFIGSQIWXLIPIEHIVtWXEWOXSQEOIWYVIXLEXXMQIERHIRIVK]EVIETTVSTVMEXIP]
EPPSGEXIH 8S MRGVIEWI ]SYV IJJIGXMZIRIWW MR JEGMPMXEXMRK QIIXMRKW ]SY [MPP [ERX XS
VIZMI[XLIq+YMHIXS1IIXMRK)JJIGXMZIRIWWr*MKYVI TVIWIRXIHMR'LETXIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

)QTS[IVMRK+VSYT1IQFIVW
-R GSQTPI\ TVSFPIQWSPZMRK XEWOW PIEHIVW TPE] GVYGMEP VSPIW MR IQTS[IVMRK KVSYT
QIQFIVW ERHIRGSYVEKMRKJYPPTEVXMGMTEXMSRERHGSRWMHIVEXMSRSJEPPTSMRXWSJZMI[-R
SXLIV[SVHWXLI]TPE]OI]VSPIWMRHIZIPSTMRKXLIW]RIVK]RIIHIHJSVGVIEXMZITVSFPIQ
WSPZMRK-RER]KVSYTXLIVIEVIYWYEPP]XLSWI[LSJIIPIRXMXPIHXSI\TVIWWMRKXLIMVSTMR
MSRWERHGSRXVMFYXMRKXLIMVTIVWTIGXMZIWERHXLSWI[LSLERKFEGOERHJIIPXLIMVZMI[
TSMRXWQE]RSXFIEWZEPYEFPIEWXLSWISJSXLIVW*SVEKVSYTXSKEMRXLIFIRIJMXSJIEGL
QIQFIVtWYRMUYIGSRXVMFYXMSRMXQE]FIMRGYQFIRXSRXLIPIEHIVXSIRGSYVEKIXLSWI
[LSJIIPHMWIQTS[IVIHERHIWXVERKIHJVSQXLITVSGIWWXSFIGSQIMRZSPZIH)RKEKMRK
XLIQ[LMPIEZSMHMRKQEOMRKXLIQSVSXLIVWYRGSQJSVXEFPIMWXLILEPPQEVOSJEWOMPP
JYPPIEHIV

1EREKMRK'SRJPMGX
-RXVMRWMGXSSTIRHMWGYWWMSRMWXLIQEREKIQIRXSJGSRJPMGX'SRJPMGXMWERMRIZMXEFPITEVX
SJJYPPTEVXMGMTEXMSRF]HMZIVWITEVXMGMTERXW/RS[MRK[LIRXSVIPMIZIERH[LIRXSWXMQ
YPEXIGSRJPMGXMWEOI]XSGVIEXMZITVSFPIQWSPZMRK3RXLISRILERH[LIRKVSYTQIQ
FIVWFIGSQIWSZIWXIHMRS[RIVWLMTSJXLIMVZMI[TSMRXWXLEXXLI]HMKMRXLIMVLIIPWERH
VIJYWIXSPMWXIRXSSXLIVWEPIEHIVQE]RIIHXSFEGOXLIKVSYTE[E]JVSQXLITSMRXSJ
GSRJPMGXERHWIEVGLJSVGSQQSRKVSYRH3RXLISXLIVLERHMJKVSYTQIQFIVWEVIVIPYG
XERXXSWTIEOXLIMVQMRHWJSVJIEVSJGEYWMRKHMWLEVQSR]SVFIMRKXLSYKLXJSSPMWLSV
YRMRJSVQIHEPIEHIVQE]RIIHXSTVSFIXLIHMZIVKIRXZMI[WXSFIKMREJYPPERHSTIRHMW
GYWWMSRSJEPPEWTIGXWSJERMWWYI3RP]XLVSYKLI\TPSVMRKEWQER]TIVWTIGXMZIWEWTSWWM
FPIGERXLIKVSYTJSVKIERSTXMQYQWSPYXMSR8LYWMXMWXLIPIEHIV[LSQYWXSVGLIWXVEXI
XLIKVSYTTVSGIWWORS[MRK[LIRXSWSSXLIERH[LIRXSGLEPPIRKIKVSYTQIQFIVW

-RJPYIRGIWSR+VSYT0IEHIVWLMT
)\XIVREP'SRXI\X
8LIW]WXIQ[MXLMR[LMGLEKVSYTMWJSVQIHMWSRISJXLIJEGXSVWXLEXHIXIVQMRIWXLI
WX]PISJPIEHIVWLMTETTVSTVMEXIXSXLEXKVSYT%KVSYTQE]FIJSVQIH[MXLMRXLIGSR
XI\XSJEHIQSGVEXMG EREYXSGVEXMG SVEPEMWWI^JEMVIW]WXIQ %GSSTIVEXMZIEVXKEPPIV]
SVREXYVEPJSSHWWXSVIMWJVIUYIRXP]JSVQIHEWEHIQSGVEXMGSVKERM^EXMSR%WQEPPKVSYT
JSVQIH[MXLMRWYGLEGSRXI\X[SYPHFIMRJPYIRGIHF]XLEXX]TISJMRXIVEGXMSRERHMW
PMOIP]XSI\TIGXGSPPEFSVEXMZIHIGMWMSRQEOMRKERHPIEHIVWLMT3RXLISXLIVLERHQER]
XVEHMXMSREPQERYJEGXYVMRKSVKERM^EXMSRWEVIEYXSGVEXMG8LI]EVIFEWIHSRLMIVEVGLMG
XSTHS[RQEREKIQIRXERHEWQEPPKVSYTJSVQIH[MXLMRXLEXGSRXI\XQE]FIMRJPY
IRGIHMRMXWS[RMRXIVEGXMSRWF]XLEXPEVKIVW]WXIQ[MXLEREWWYQTXMSRSJJSVQEPPIEH
IVWLMTVSPIWERHXLIJMREPEYXLSVMX]XSQEOIHIGMWMSRWVIWXMRK[MXLXLIKVSYTPIEHIV-R
ERSXLIV GSRXI\X E JEVQIVWt QEVOIX QMKLX XEOI TPEGI [MXLMR E PEMWWI^JEMVI W]WXIQ
[LIVIEQYRMGMTEPMX]WIXWEWMHIEKMZIREVIESRGIVXEMRHE]WSJXLI[IIOJSVJEVQIVWXS
GSQIERHWIPPXLIMVTVSHYGI8LIJEVQIVWQE]RSXLEZIER]JSVQEPVIPEXMSRWLMTXSXLI
W]WXIQSVXSSRIERSXLIVEWMHIJVSQGSQMRK[LIRXLI]LEZIWSQIXLMRKXSWIPP%WQEPP
KVSYTJSVQIHXSHIGMHI[LIVIGIVXEMRFSSXLWWLSYPHFIWIXYTQMKLXLEZIZIV]PMXXPI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RJPYIRGIWSR+VSYT0IEHIVWLMT 

WXVYGXYVIJSVSVKERM^MRKMXWHIGMWMSRQEOMRKERHPIEHIVWLMTTVSGIWWIW]IXMXQE]FI
IJJMGMIRXMRMXWHIGMWMSRQEOMRK

2EXYVISJ8EWO
%PXLSYKLKVSYTWEVIMRJPYIRGIHF]XLIGSRXI\XMR[LMGLXLI]EVIJSVQIHXLI]EVIEPWS
MRJPYIRGIH F] XLI REXYVI SJ XLI XEWO JSV [LMGL XLI] EVI GSRZIRIH -J XLI XEWO MW E
WXVEMKLXJSV[EVHSRI[MXLERSFZMSYWFIWXGLSMGISV[MXLEGLSMGIXLEXVIUYMVIWQSVI
EHQMRMWXVEXMZI[SVOXLERHIGMWMSRQEOMRKMXQMKLXJEPPXSEHIWMKREXIHPIEHIVXSGSQI
YT[MXLERERW[IV[MXLZIV]PMXXPIKVSYTMRTYX*SVI\EQTPIEWQEPPKVSYTJVSQXLI
JSSHGSSTGSRZIRIHXSJMRHXLIFIWXTVMGIWERHWSYVGIWJSVSEXWERH[LIEXQMKLXEWO
SRITIVWSRXSHSXLIVIWIEVGLERHGSQIFEGOXSXLIKVSYT[MXLETVSTSWEPJSVXLIKVSYT
XS EGGITX SV VINIGX 3R XLI SXLIV LERH E KVSYT SJ EYXSQSFMPI [SVOIVW GSRZIRIH XS
HIGMHILS[FIWXXSJSVQ[SVOXIEQWXSEGGSQTPMWLERI[XEWOQE]RIIHGVIEXMZIXLMRO
MRKJVSQIEGLQIQFIVERHQE]GLSSWIXSHIZIPSTEGSPPEFSVEXMZIWSPYXMSR-RXLIWI
GEWIWXLIXEWOQE]SZIVVMHIXLISVMIRXEXMSRSJXLIPEVKIVW]WXIQMRXLIKVSYTtWHIGMWMSR
QEOMRKJSVQEX%RI\EQTPISJXLMWGERFIWIIRMRQER]97MRHYWXVMIWt EXXIQTXWXS
MRGVIEWI UYEPMX] MR XLI TVSHYGXMSR TVSGIWW 'EVSWIPPM  8VEHMXMSREPP] MRHYWXV]
QEREKIQIRXLEWHMGXEXIHLS[UYEPMX]MWXSFISFXEMRIHERHLEWXSPHIQTPS]IIW[LEX
XLI]QYWXHSXSEGLMIZIXLIKSEP.EFPSRWOM 1MWWMRKJVSQXLMWJSVQYPELEWFIIR
XLIMRZSPZIQIRXSJXLIIQTPS]IIW[LSHSXLIEGXYEP[SVO*SVQER]IQTPS]IIWXLIWI
UYEPMX] QERHEXIW LEZI FIIR RS HMJJIVIRX JVSQ ER] SXLIV QEREKIQIRX I\LSVXEXMSRW
WYGLEWGSWXGYXXMRKVISVKERM^MRKWEJIX]VYPIWERHWYQQIVWGLIHYPIW,S[IZIVSRGI
SVKERM^EXMSRW FIKER MRZSPZMRK IQTPS]IIW MR HIGMHMRK LS[ FIWX XS VIWSPZI UYEPMX]
MWWYIWPMWXIRMRKXSXLIIQTPS]IIWERHXEOMRKMRXSEGGSYRXXLIMVI\TIVMIRGIORS[PIHKI
ERHTIVGITXMSRWXLVSYKLKVSYTQIIXMRKWXLI]I\TIVMIRGIHERMQQIHMEXIMRGVIEWIMR
UYEPMX];LIRIQTPS]IIWt MRTYX[EWWSYKLXERHMRGSVTSVEXIHMRXSXLIHIZIPSTQIRXSJE
UYEPMX]MQTVSZIQIRXWXVEXIK]XLI]JIPXEWIRWISJS[RIVWLMTERHEVIWYPXMRKGSQQMX
QIRXXSMQTPIQIRXXLIMVWSPYXMSRW/IEVRW 

-RXIVHITIRHIRGISJ+VSYT1IQFIVW
%RSXLIV JEGXSV MR XLI X]TI SJ PIEHIVWLMT XLEX KVSYTW RIIH SV [ERX MW XLI HIKVII SJ
MRXIVHITIRHIRGI FIX[IIRQIQFIVW8LIQSVIMRZIWXIHMRHMZMHYEPQIQFIVWEVIMRXLI
SYXGSQISJXLIKVSYTTVSGIWWXLIQSVIHIQSGVEXMGXLI]EVIPMOIP]XS[ERXXLITVSGIWW
XSFI8LIPIWWMRZIWXIHXLIQIQFIVWEVIXLIQSVI[MPPMRKXLI]EVIXSPIXXLIPIEHIV
QEOIXLIHIGMWMSRWSVXSQEOIRSHIGMWMSRWEXEPP-JXLIJEVQIVWEXXLIQEVOIXHIGMHI
XLIPSGEXMSRMWRSX[SVOMRKJSVXLIQXLI]QMKLXJSVQEKVSYTXSJMRHERI[PSGEXMSR
&IGEYWIXLI]EVIIEGLMRZIWXIHMRXLISYXGSQIXLI]QE]MQTSWI EWXVYGXYVI SRXLI
KVSYTXSEWWYVIXLEXEPPSTXMSRWEVIGSRWMHIVIHERHXLEXXLIRIIHWSJIEGLJEVQIVEVI
XEOIRMRXSEGGSYRX
%GGSVHMRK XS &EVKI  T   q0IEHIVWLMT FIGSQIW QSVI VIPIZERX ERH
MQTSVXERXXSTISTPIMRXMQIWSJTIVGIMZIHGVMWMWERHXYVQSMPrXLEREXXMQIW[LIRXLMRKW
EVIKSMRKVIPEXMZIP]WQSSXLP]-REHHMXMSR[MXLMRER]KVSYTGIVXEMRXEWOWQE]VIUYMVI
UYMGOERHHIGMWMZIEXXIRXMSR[LMPISXLIVW[EVVERXPSRKIVXMQIJSVXLSYKLXJYPGSRWMHIV
EXMSR%R IJJIGXMZI KVSYT PIEHIV LIPTW XLI KVSYT QEOI XLSWI HMWXMRGXMSRW ERH WEZIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

ZEPYEFPIXMQIERHIRIVK]JSVXLIMQTSVXERXKVSYTMWWYIW-RKIRIVEPXLIPIEHIVtWXEWOMW
XSGSSVHMREXIERHGSQQYRMGEXI8LMWMRZSPZIWPMWXIRMRKERHVIWTSRHMRKEPPS[MRKJSV
GVIEXMZIHMWGYWWMSRERHGSRJPMGXOIITMRKXLIKVSYTSRXVEGOERHQEMRXEMRMRKGMZMPMX]
XLVSYKLSYXXLITVSGIWW

0IEHIVWLMT7X]PIW
%WMRER]LYQERIRHIEZSVQEMRXEMRMRKFEPERGI[MXLMREH]REQMGQSVTLSKIRMGIRZM
VSRQIRXMWEGLEPPIRKIRSXEP[E]WWYGGIWWJYPP]QIX%PXLSYKLWQEPPKVSYTWEVISJXIR
FIWXWIVZIHF]ZEVMSYWTEVXMGMTEXSV]WX]PIWSJPIEHIVWLMTVIWIEVGLMRHMGEXIWXLEX%QIV
MGERPIEHIVWSJXIRXIRHXSFIEGVSWWFIX[IIR.SLR;E]RIERHXLI0SRI6ERKIV&VEH
JSVH
'SLIR,EVVMW %QIVMGERWJVIUYIRXP]XIRHXSXEOIEWEPIEHIVWLMT
QSHIPXLEXSJXLILIVSMGEYXSGVEXMGPIEHIVMRELMIVEVGLMGW]WXIQ;ISJXIRPSSOXSXLI
PIEHIVXSWSPZITVSFPIQWSVXSSZIVWIIKVSYTIJJSVXW8LIPIEHIVFIGSQIWXLIGIRXIVSJ
EXXIRXMSRERHMWI\TIGXIHXSVYRXLIWLS[8[SWTIGMJMGX]TIWSJLIVSMGEYXSGVEXMGPIEH
IVWLMTFILEZMSVWSJXIRTVIZEMPhXLIPIEHIVEWXIGLRMGMERERHPIEHIVEWGSRHYGXSV%R
EPXIVREXMZIMWXLIPIEHIVEWGSEGLETTVSEGL

0IEHIVEW8IGLRMGMER
-REKVSYTWIXYTXSWSPZIETVSFPIQ[MXLXIGLRMGEPMWWYIWYRHIVP]MRKMXSV[MXLVIUYMVI
QIRXWJSVWTIGMEPM^IHORS[PIHKISVI\TIVMIRGI[IEVIETXXSPSSOXSWSQISRI[MXL
I\TIVXMWIMRXLEXEVIEXSPIEHXLITVSGIWWhXLIPIEHIVEWXIGLRMGMER -XFIGSQIWXLIXIR
HIRG]SJXLIKVSYTXSHIJIVXSXLEXTIVWSR[LIRIZIVEHMJJMGYPXHIGMWMSRGSQIWXSXLI
JSVI-JJSVI\EQTPIEKVSYTMWGSRZIRIH XSI\EQMRIEPXIVREXMZIWXSXVEHMXMSREP ERH
I\TIRWMZILIEPXLGEVISTXMSRWJSVERSVKERM^EXMSRtWIQTPS]IIWXLIKVSYTQE]PSSOXSE
LIEPXLGEVITVSZMHIVXSPIEHXLIHMWGYWWMSR;LIRXLIXSTMGWYRHIVGSRWMHIVEXMSRQSZI
XS[EVHEHMWGYWWMSRSJXLIQIVMXWSJZEVMSYWSTXMSRWJSVXVIEXQIRXSJWTIGMJMGX]TIWSJ
TL]WMGEP SV TW]GLSPSKMGEP MQTEMVQIRX KVSYT QIQFIVW QE] XYVR XS XLMW PIEHIV JSV
MRWMKLXERHHMVIGXMSR7SSRMXFIGSQIWETTEVIRXXLEXMXMWIEWMIVERHQSVIIJJMGMIRXXS
WMQTP]EWOXLIPIEHIVXSHIXIVQMRIXLIFIWXGSYVWISJXVIEXQIRXJSVZEVMSYWERXMGMTEXIH
MPPW%W[ILEZIHMWGYWWIHMRIEVPMIVWIGXMSRWXLMWQE]FIIJJMGMIRXJSVXIGLRMGEPGSR
GIVRWSVJSVMWWYIWLEZMRKPMXXPIGSRWIUYIRGIFYX[LIRXLIMWWYIWMRZSPZIHEVIFVSEH
VERKMRKERHSJVIPEXMZIP]LMKLMQTSVXERGIXSERYQFIVSJTISTPIXLIPEVKIVPIWWWTIGMJ
MGEPP]XIGLRMGEPEWTIGXWSJXLIWIMWWYIWRIIHXSFIGSRWMHIVIH
-X QYWX FI VIQIQFIVIH XLEX XLSWI [MXL XIGLRMGEP I\TIVXMWI VIKEVHPIWW SJ LS[
HIITSVFVSEHEVIPMOIP]XSFIFMEWIHXS[EVHETEVXMGYPEVTSMRXSJZMI[-XMWIEW]XSJSV
KIXXLEXQSWXKVSYTQIQFIVWTVSFEFP]LEZIWSQILIEPXLI\TIVMIRGISJXLIMVS[RERH
QE]FIEFPIXSSJJIVMRWMKLXWJVSQXLITIVWTIGXMZISJEGSRWYQIVXLEXXLILIEPXLGEVI
TVSZMHIVMWETXXSSZIVPSSO,S[IZIV[LIRKVSYTQIQFIVWXLMROXLI]HSRSXLEZITEV
XMGYPEVORS[PIHKISJXLIMQQIHMEXIMWWYIWYRHIVHMWGYWWMSRXLI]QE]JIIPHMWIQTS[
IVIHERHFIGSQIMRGVIEWMRKP]HMWIRKEKIHJVSQXLITVSGIWW-XMWIEW]XSWIILS[XLI
qI\TIVXr EW PIEHIV SJ XLMW HMWGYWWMSR GSYPH XEOI XLI EGORS[PIHKQIRX SJ LIV SV LMW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 0IEHIVWLMT7X]PIW 

I\TIVXMWIEWEGYIXSGSRXVSPXLIHMWGYWWMSRERHXLIIZIRXYEPSYXGSQISJXLIHIGMWMSR
QEOMRK TVSGIWW%W MR ER] KVSYT TVSGIWW XLI VIWTSRWMFMPMX] JSV PIEHIVWLMT ERH XLI
VIWYPXWSJHIGMWMSRQEOMRKEVIWLEVIHF]KVSYTQIQFIVW[LIXLIVSVRSXXLI]EGORS[P
IHKIXLIMVTEVXMRMX)EGLQIQFIVLEWXLITS[IVERHVIWTSRWMFMPMX]XSTEVXMGMTEXIMRXLI
PIEHIVWLMTSJXLIKVSYT

0IEHIVEW'SRHYGXSV
%W TEVX SJ XLI ;IWXIVR SVMIRXEXMSR XS[EVH LMIVEVGLMG PIEHIVWLMT QSHIPW [I SJXIR
EWWYQI XLEX XLI PIEHIV WLSYPH SVGLIWXVEXI XLI IRXMVI KVSYT TVSGIWWhXLI PIEHIVEW
GSRHYGXSV ;LMPIMXMWMQTSVXERXERHRIGIWWEV]XSGSSVHMREXIKVSYTIJJSVXWXLIFEPERGI
FIX[IIRQMGVSQEREKIQIRXSRXLISRIWMHIERHPEMWWI^JEMVIRSRQEREKIQIRXSRXLI
SXLIVMWHMJJMGYPXXSEXXEMRERHQEMRXEMR8SSSJXIRMRXLI97QSHIPPIEHIVWXIRHXSIVV
SRXLIWMHISJQMGVSQEREKIQIRXSJXLIKVSYTTVSGIWW%RSFZMSYWI\EQTPIMWXLIHIW
MKREXIHPIEHIV[LSWTIRHWEPPLMWSVLIVXMQIPSSOMRKSZIVXLIWLSYPHIVWSJXLIKVSYT
QIQFIVW GLIGOMRK SR IZIV] HIXEMP 1SVI WYFXP] LMKLGSRXVSP QEREKIVW QE] WS
GPSWIP]HIJMRIXLIKVSYTTVSGIWWXLEXQIQFIVWEVIRSXJVIIXSTYVWYIPIEHWXLI]JMRH
MRXIVIWXMRKSVTVSQMWMRKMRYRERXMGMTEXIH[E]W-RIMXLIVGEWINSFWSVSXLIVEWTIGXWSJ
XLI KVSYT TVSGIWW XLEX QMKLX LEZI IRKEKIH MRHMZMHYEP GVIEXMZMX] ERH GSQQMXQIRX
FIGSQIVSYXMRIERHTVIHMGXEFPIERHKVSYTQIQFIVWQE]PSWIXLIMVQSXMZEXMSR
3YVVIWTSRWIWEWKVSYTQIQFIVWERHKVSYTPIEHIVWEVIIQFIHHIHMRSYVGYPXYVEP
TEVEHMKQWERHEVIXLIVIJSVIJVIUYIRXP]HMJJMGYPXXSWII'SRWIUYIRXP]KVSYTWEVISJXIR
TSSVP] JSVQIH ERH PEGO XLI XVEMRMRK XS XEOI VIWTSRWMFMPMX] JSV XLI KVSYT TVSGIWW
%PXLSYKL MX XEOIW XMQI [LIR KVSYTW EVI GEVIJYPP] JSVQIH ERH MRMXMEXIH [MXL E ZMI[
XS[EVHXLIKSEPWI\TIGXIHXSFIEGLMIZIHERH[LIRKVSYTQIQFIVWEVIIQTS[IVIHF]
IJJIGXMZIPIEHIVWXLIVIWYPXTVSHYGIWETSWMXMZIIJJIGXSRXLIHIGMWMSRQEOMRKTVSGIWWIW

0IEHIVEW'SEGL
)JJIGXMZIGSEGLIWYWITVSFPIQWEWSTTSVXYRMXMIWXSFYMPHWOMPPWQSVEPIERHI\TIVMIRGI
,EVVMW %PIEHIVEWGSEGL I\TPEMRWHIQSRWXVEXIWERHPIEHWVEXLIVXLERSVHIV
MRK SV GENSPMRK% GSEGL JSGYWIW SR XLI TSWMXMZI EWTIGXW SJ EGGSQTPMWLQIRXW [LMPI
TVSZMHMRKSTIRERHLSRIWXGVMXMGEPJIIHFEGO%GSEGLVIPEXIWSRISRSRITIVWSRXS
TIVWSRXSRIKSXMEXIZEPYIWHIZIPSTSTTSVXYRMXMIWJEGMPMXEXIGLERKIWXMQYPEXIMRRSZE
XMSRERHIRGSYVEKIXVYWX4IXIVWERH%YWXMR MHIRXMJ]EXPIEWXJMZIGSEGLMRKVSPIW
8LIJMVWXMWXSSVMIRXERHIHYGEXI[LIRKSEPWVSPIWSVGSRHMXMSRWGLERKIERHRI[WOMPPW
EVIRIIHIH8LIWIGSRHMWXSWTSRWSVERHIRGSYVEKI[LIRERMRHMZMHYEPLEWERSYX
WXERHMRKWOMPPERHGERQEOIEWTIGMEPGSRXVMFYXMSR8LIXLMVHMWXSSJJIVWTIGMEPIRGSYV
EKIQIRXERHXSQEOIWMQTPIFVMIJGSVVIGXMSRW8LIJSYVXLMWXSGSYRWIP[LIRTVSFPIQW
MRXIVJIVI[MXL[SVOSVHEQEKITIVJSVQERGISVXSVIWTSRHXSWIXFEGOW8LIJMJXLMWXS
GSRJVSRXVIGYVVMRKTVSFPIQWERHMWWYIWXLEXEVIRSXVIWSPZIHERHXLEXGERLEZIEPSRK
XIVQRIKEXMZIMQTEGXSRXLIMRHMZMHYEPXLIKVSYTERHXLIXEWO'SEGLIWXEOIETSWMXMZI
ETTVSEGLJSGYWSRTSWWMFPIWSPYXMSRWVEXLIVXLERTVSFPIQWXVIEXSXLIVWEWIUYEPWEVI
WYTTSVXMZIVEXLIVXLERNYHKQIRXEPERHLIPTWIXVIEPMWXMGKSEPW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

7YQQEV]
)JJIGXMZIPIEHIVWLMTSJWQEPPKVSYTWMWEWZEVMIHEWXLIKVSYTWXLIQWIPZIWERHXLIGSR
XI\XWMR[LMGLXLI]EVIJSVQIH8VERWJSVQEXMSREPSVGSPPEFSVEXMZIPIEHIVWLMTWX]PIWLEZI
ERETTIEPFYXXLIVIEVIXMQIWERHTPEGIWMR[LMGLSXLIVX]TIWSJPIEHIVWQE]FIQSVI
IJJIGXMZISVIJJMGMIRX;LIREXWIEEWLMTMWRIGIWWEVMP]VYREWELMIVEVGLMGW]WXIQ(YV
MRKEWXSVQSVMRXLIQMHWXSJEXMKLXHSGOMRKQERIYZIVXLIVIMWRSXMQIXSWMXERHGSP
PEFSVEXI SR E GSYVWI SJ EGXMSR 3R XLI SXLIV LERH E HIQSGVEXMGEPP] VYR JSSH GSST
[SYPHRSXWSVIEHMP]XSPIVEXIEPIEHIV[LSXSSOSRXLIEYXLSVMX]SJXLIGETXEMRSJEWLMT
8LIPIEHIVWSJWQEPPKVSYTWLEZIEWXLIMVTVMRGMTEPXEWOXLEXSJIRWYVMRKXLEXXLI
KVSYTTVSGIWWQSZIWXS[EVHEWSPYXMSRXSXLITVSFPIQJSV[LMGLXLIKVSYT[EWGSRZIRIH
8LIQSVIGSQTPI\XLITVSFPIQERHXLIQSVIHMZIVWIXLIKVSYTXLIQSVIHMJJMGYPXERH
GSQTPI\XLIVSPISJXLIPIEHIV-JXLIXEWOMWEVSYXMRISRISVSRISR[LMGLPMXXPIHITIRHW
XLI PIEHIVtW VSPI QE] FI QMRMQEP -JXLI XEWO MW PEVKI GSQTPI\ ERH LEW TSWWMFPI JEV
VIEGLMRKGSRWIUYIRGIWXLIVSPISJXLIPIEHIVQE]FIGVMXMGEPXSEWWYVMRKXLIFIWXSYXGSQI
%PXLSYKLSYVYRHIVP]MRKFMEWXLVSYKLSYXXLMWFSSOMWXS[EVHGSPPEFSVEXMZIKVSYT
[SVOXLIVIEVIGSRXI\XWERHXEWOWJSV[LMGLSXLIVHIGMWMSRQEOMRKWXVEXIKMIWEVIQSVI
ETTVSTVMEXI +VSYT PIEHIVW QYWX FI EPIVX XS XLIWI HMWXMRGXMSRW ERH KYMHI XLI KVSYT
XS[EVHXLIQSWXIJJMGMIRXYWISJMXWXMQIERHIRIVK]7SQIKVSYTWPSSOXSPIEHIVWLMT
JSV HMVIGXMSR SXLIVW I\TIGX XS FI WIPJHMVIGXIH ERH WXMPP SXLIVW EVI EQFMZEPIRX ERH
YRWYVISJXLIMVVSPIMRXLITVSGIWW;LIXLIVPIEHIVWEVIETTSMRXIHIPIGXIHSVIQIVKI
XLI]FIGSQIVIWTSRWMFPIJSVQEREKMRKERHHIJMRMRKSVLIPTMRKXLIKVSYTHIJMRIXLI
TVSGIWWXLIKSEPWXLIXEWOWERHXLITEXXIVRWSJMRXIVEGXMSR

(-7'977-3259)78-327

 ;LEXMWXLIVIPEXMSRWLMTFIX[IIRFIMRKEPIEHIVERHXLIW]WXIQMR[LMGLEPIEHIVTEVXMGMTEXIW#
 4VSZMHIERI\EQTPIJVSQ]SYVS[RI\TIVMIRGISJEKSSHPIEHIV(SIW]SYVI\EQTPIJMX[MXL
XLIHIJMRMXMSRSJEKSSHPIEHIV#,S[HSIWMXJMXERHLS[HSIWMXHMJJIV#
 ,S[HSPIEHIVWEGXEWEVFMXIVWSJXLIMRXIVJEGIWFIX[IIRXLIKVSYTERHXLIW]WXIQ#
 )\TPEMRXLIHMQIRWMSRWSJYRMZIVWEPMX]ERHWMXYEXMSREPHITIRHIRGI
 3YXPMRIXLIWIZIRSTXMSRWJSVPIEHIVWLMTTVSZMHIHF]XLI1EREKIVMEP+VMH;LEXIPIQIRXW
HIXIVQMRIIEGLSJXLIWISTXMSRW#
 (MWXMRKYMWLFIX[IIRXVERWEGXMSREPERHXVERWJSVQEXMSREPPIEHIVW4VSZMHIERI\EQTPISJIEGL
X]TISJPIEHIV
 ,S[GERPIEHIVWFIWMQMPEVXSGLEQIPISRW#)\TPEMR
 (IJMRIZMWMSRERHGVIHMFMPMX]EWMQTSVXERXGLEVEGXIVMWXMGWJSVPIEHIVW
 )\TPEMRGSQQYRMGEXMSRGSQTIXIRGI
 0IEHIVWGERFIGLSWIRGERFIETTSMRXIHGERFIIPIGXIHGERIQIVKIERHQE]WLEVIVIWTSR
WMFMPMX]4VSZMHIERI\EQTPISJIEGLX]TISJPIEHIVJVSQ]SYVS[RI\TIVMIRGI
 ;LEXEVIXLIXLVIITVMQEV]MRJPYIRGIWSRKVSYTWXVYGXYVI#
 ;L]HSPIEHIVWFIGSQIXIGLRMGMERWSVGSRHYGXSVW#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

)<)6'-7)7

7LEVIHPIEHIVWLMTVSPIW0IEHIVWLMTMRERSFWIVZIHQIIXMRK)JJIGXMZIPIEHIVW%R
EREP]WMW0IEHIVWLMTUYSXIWEWKYMHIW=SYVTIVWSREPPIEHIVWLMTUYEPMXMIW%RHVS
GIRXVMWQERHPIEHIVWLMT

 7,%6)(0)%()67,-4630)7

7LEVIHPIEHIVWLMTGERGSQIJVSQQIQFIVWSJEKVSYTXEOMRKSRWTIGMJMGVSPIWERHGSR
XVMFYXMRKXSXLISZIVEPPKVSYTTVSGIWWMR[E]WXLEXEPPS[EKVSYTGSRWIRWYWERHWSPYXMSRXS
IQIVKI8LIJSPPS[MRKI\IVGMWIMWEQSHMJMGEXMSRSJSRIHIZIPSTIHF]6EMRFS[,E[OERH
;MRH)EKPISJXLI)LEQE-RWXMXYXIq1EREKMRK%QIVMGERr 'LSSWIEPSGEPTVSFPIQ
JSVHMWGYWWMSR[MXL[LMGLQSWXIZIV]SRILEWWSQII\TIVMIRGIYRHIVWXERHMRKSVERSTMR
MSRJSVI\EQTPIGEQTYWTEVOMRKJMREPI\EQWGLIHYPMRKVIWXEYVERXERHHMRMRKJEGMPMXMIW
ERHSRSVSJJGEQTYWPMZMRKGSRHMXMSRWEVISJXIRKSSHXSTMGW %WWMKRIEGLQIQFIVSJE
WQEPPKVSYTEVSPISVTIVWTIGXMZIJVSQ[LMGLXSGSRXVMFYXIGSQQIRXW8LIWIVSPITIVWTIG
XMZIWGERFIE XLITVIWIRXGSRHMXMSRF ELMWXSV]SJXLITVSFPIQG EWXEXIQIRXSJXLI
RIIHJSVGLERKIH XLIHERKIVXLEXQMKLXTVSGIIHJVSQEKMZIRGSYVWISJEGXMSRI XLI
GVIEXMZITSWWMFMPMXMIWSJEKMZIRGSYVWISJEGXMSRJ WXVEXIKMIWXLEXQMKLXFIIQTPS]IHERH
K TSWWMFPIJYXYVIWSPYXMSRW)EGLTIVWSRIRKEKMRKMRXLIHMWGYWWMSRWLSYPHQEOIEqREQI
XEKrXSWMXMRJVSRXSJLMQSVLIVXLEXMHIRXMJMIWXLIEWWMKRIHTIVWTIGXMZIJSVI\EQTPIqTVI
WIRXGSRHMXMSRrqLMWXSV]SJTVSFPIQrqRIIHJSVGLERKIr ERHWLSYPHGSRXVMFYXIGSQQIRXW
XSXLIHMWGYWWMSRSRP]JVSQXLEXSRITIVWTIGXMZI,S[HSIWPIEHIVWLMTMR XLIHMWGYWWMSR
IZSPZI#,S[MWXLEXPIEHIVWLMTWLEVIHERHMRJPYIRGIHF]XLIVSPIWTISTPIXEOISR#(SE
WSPYXMSRERHEKVSYTGSRWIRWYWIQIVKI#

  0 ) % ( ) 6 7 , - 4  - 2 % 2  3 & 7 ) 6: ) (  1 ) ) 8 - 2 +

3FWIVZIEKVSYTQIIXMRK;LSGSRZIRIWXLIQIIXMRK#,S[EVIXLIPIEHIVWLMTJYRGXMSRW
WLEVIHEQSRKXLIQIQFIVW#;LSMRMXMEXIWERI[XSTMGEWOWJSVQSVIMRJSVQEXMSRSVSJJIVW
WYTTSVXJSVERMHIE#(SIWSRITIVWSRTIVJSVQEPPXLIPIEHIVWLMTVSPIWSVHSSXLIVQIQFIVW
TEVXMGMTEXIMRXLIWI#;LEXX]TISJQEREKIVMEPSVMIRXEXMSRMWIRKEKIHMRhXEWOZIVWYWTIS
TPIhERHLS[WYGGIWWJYPMWMX#

  ) * * ) ' 8 - : )  0 ) % ( ) 6 7  % 2 % 2 % 0= 7 - 7

;IEPPLEZII\EQTPIWSJIJJIGXMZIPIEHIVW;IPPORS[RPIEHIVWWYGLEW1SXLIV8IVIWESV
JSVQIV7IGVIXEV]SJ7XEXI'SPMR4S[IPPEVISJXIRVIJIVIRGIH[LIRWSQISRIEWOW[LS[I
XLMROMWERIJJIGXMZIPIEHIV*SVXLMWI\IVGMWIREQIEXPIEWXX[SMRHMZMHYEPW]SYFIPMIZIEVI
IJJIGXMZIPIEHIVWMRIHYGEXMSRKSZIVRQIRXVIPMKMSRERHFYWMRIWW8LIWIHSRSXLEZIXSFI
PIEHIVWIZIV]SRI[MPPVIGSKRM^IhXLI]QIVIP]RIIHXSFIPIEHIVW]SYFIPMIZIEVIIJJIGXMZI
;VMXIHS[RXLIXVEMXWERHEGXMSRWXLEX]SYFIPMIZIQEOI]SYVPIEHIVWIJJIGXMZI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

8VEMXW %GXMSRW
)HYGEXMSR0IEHIVW
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC
+SZIVRQIRX0IEHIVW
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC
6IPMKMSYW0IEHIVW
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC
&YWMRIWW0IEHIVW
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC
CCCCCCCCCCCCCC CCCCCCCCCCCCCC CCCCCCCCCCCCCC

'SQTEVI]SYVPMWX ERH XLIXVEMXW ERHEGXMSRW [MXLXLSWISJSXLIV QIQFIVWSJ]SYV

KVSYTSVGPEWW;LMGLPIEHIVWEVIPMWXIHF]QSVIXLERSRIMRHMZMHYEP#;IVIXLIXVEMXWERH
EGXMSRWNYWXMJ]MRKXLIPMWXMRKXLIWEQISVHMJJIVIRX#;LEXHS[IPIEVREFSYXPIEHIVWLMTF]
PMWXIRMRKXSSXLIVMRHMZMHYEPWI\TPEMRXLIMVGLSMGIW#%VIXLIVIWTIGMJMGXVEMXWXLEXEVIQSWX
MQTSVXERXXSFIMRKIJJIGXMZI#%VIXLIVIWTIGMJMGEGXMSRWXLEXWIIQXSGLEVEGXIVM^IIJJIGXMZI
PIEHIVW#,S[GER]SYYWIXLMWMRJSVQEXMSRXSHIZIPST]SYVKVSYTPIEHIVWLMTWOMPPW#

  0 ) % ( ) 6 7 , - 4  5 9 3 8 ) 7 % 7  + 9 - ( ) 7

%WEKVSYTHIXIVQMRIXLIYRHIVP]MRKHMVIGXMSRWYKKIWXIHMRIEGLSJXLIJSPPS[MRKUYSXIW

 3JXLIFIWXPIEHIVW[LIRXLIMVXEWOMWEGGSQTPMWLIHXLIMV[SVOHSRIXLITISTPI[MPP
VIQEVOq;ILEZIHSRIMXSYVWIPZIWrh0ES8^Y
 0IEHIVWLMTMWPMFIVEXMRKTISTPIXSHS[LEXMWVIUYMVIHSJXLIQMRXLIQSWXIJJIGXMZI
ERHQSWXLYQER[E]TSWWMFPIh1E\(I4VII
 %KSSHPIEHIVXEOIWEPMXXPIQSVISJLMWSVLIVWLEVISJXLIFPEQIEPMXXPIPIWWSJLMWSV
LIVWLEVISJXLIGVIHMXh%VRSPH+PEWS[
 8LILSVWIRIZIVORS[W-tQXLIVIYRXMPLIRIIHWQIh;MPPMI7LSIQEOIV
 ;LSIZIV[MWLIWXSFIKVIEXEQSRK]SYQYWXFI]SYVWIVZERXERH[LSIZIV[MWLIWXS
FIJMVWXEQSRK]SYQYWXFIWPEZIXSEPPh.IWYW'LVMWX

;LEXGSQQSRXLIQIWIQIVKIJVSQXLIWISFWIVZEXMSRW#,S[WLSYPH[IJYRGXMSREW
XIEQPIEHIVWhEWEXIGLRMGMERGSRHYGXSVSVGSEGL#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

  =3 9 6  4 ) 6 7 3 2 % 0  0 ) % ( ) 6 7 , - 4  5 9% 0 - 8 - ) 7

q0IEHIVWEVIRtXFSVRhEXPIEWXRSXJYPPFPS[R2IMXLIVEVIXLI]QEHIPMOIMRWXERXGSJJII
-RWXIEHXLI]EVIWPS[FVI[IHr&S]IXX
&S]IXXT 8SIRLERGI]SYVTIVWSREP
HIZIPSTQIRXEWEPIEHIVMXMWYWIJYPXSVIXYVRXSXLIFEWMGWOMPPW]SYFVMRKXSEPIEHIVWLMTWMX
YEXMSR=SYGERTVSGIIHJVSQXEOMRKXLMWTIVWSREPMRZIRXSV]XSHIZIPSTMRKETIVWSREPEGXMSR
TPERJSVJYVXLIVHIZIPSTQIRX

 ;LEXIEVP]GLMPHLSSHI\TIVMIRGIWHMH]SYLEZIXLEXIRGSYVEKIH]SYXSWXERHMRJVSRX
SJGPEWWFIXLIXIEQPIEHIVSVTIVJSVQ#
 ;LEXIHYGEXMSRI\TIVMIRGIWLEZI]SYLEHXLEXEHHIHXS]SYVPIEHIVWLMTEFMPMXMIW#
 ;LEXZSPYRXIIVSVI\XVEGYVVMGYPEVEGXMZMXMIWLEZI]SYFIIRMRZSPZIHMRXLEXHIZIPSTIH
]SYVPIEHIVWLMTEFMPMXMIW#
 ;LEXEHHMXMSREPPIEHIVWLMTXVEMRMRKLEZI]SYLEH#
 ;LIRLEZI]SYJEMPIHEWEPIEHIV#
 ;LIRLEZI]SYWYGGIIHIHEWEPIEHIV#
 ,EZI]SYZEVMIH]SYVPIEHIVWLMTETTVSEGLIWHITIRHMRKSRXLIWMXYEXMSR#
 &EWIHSRXLMWMRZIRXSV][LEXMWWYIWMRXLMWGLETXIVHIWIVZIEVII\EQMREXMSR#

  % 2 ( 6 3 ' ) 2 8 6 - 7 1 % 2 (  0 ) % ( ) 6 7 , - 4

(MVIGXMSRW
0MWXJMZIMRHMZMHYEPW]SYGSRWMHIVXSFIKSSHPIEHIVW*SVIEGLSJ]SYVGLSMGIWPMWX
XLIGLEVEGXIVMWXMGW]SYFIPMIZIQEOIXLIQKSSHPIEHIVW-R]SYVWQEPPKVSYTGSQTEVI
]SYVPMWXWSJGLEVEGXIVMWXMGWERHHIZIPSTEQEWXIVPMWXSJPIEHIVWLMTGLEVEGXIVMWXMGW-R]SYV
KVSYT HIXIVQMRI [LMGL SJ XLIWI GLEVEGXIVMWXMGW WIIQ XS FI TVMQEVMP] QEPI SV JIQEPI
 ,S[QER]JIQEPIWHMHXLIKVSYTQIQFIVWMHIRXMJ]EWKSSHPIEHIVW#'SRWMHIVXLIJSP
PS[MRKMWWYIW
3RI TVIHSQMREXI QSHIP JSV PIEHIVWLMT MW FEWIH SR ERHVSGIRXVMWQ %RHVSGIRXVMWQ
QIERWXLEXXLIQEPII\TIVMIRGIMWXLIRSVQF][LMGLEPPSXLIVFILEZMSVMWQIEWYVIH8LMW
LEWPIHXSXLIqTVMZMPIKMRKSJQEPII\TIVMIRGIERHXLIsSXLIVM^MRKt SJJIQEPII\TIVMIRGI
XLEXMWQEPIWERHQEPII\TIVMIRGIEVIXVIEXIHEWERIYXVEPWXERHEVHRSVQJSVXLIGYPXYVI
ERH JIQEPIW ERH JIQEPI I\TIVMIRGI EVI XVIEXIH EW E WI\WTIGMJMG HIZMEXMSR JVSQ XLEX
EPPIKIHP]YRMZIVWEPWXERHEVHr&IQT 
*SPPS[YT5YIWXMSRW
(MH]SYVKVSYTXIRHXS[EVHYXMPM^MRKERHVSGIRXVMWQ#;LEXEVIXLIMQTPMGEXMSRW
[LIR[II\GPYHISVHMQMRMWLXLIMRTYXSJGIVXEMRKVSYTQIQFIVWSVSZIVIRHSVWIXLIMRTYX
JVSQSXLIVQIQFIVW#;LEXWXITWGERFIXEOIRXSGLERKIXLIMQTEGXSJERHVSGIRXVMWQ#
 -J]SYVKVSYTHMHRSXTVEGXMGIERHVSGIRXVMWQHIXIVQMRI[LEXFEGOKVSYRHWSVI\TIVM
IRGIWMRJPYIRGIHXLIKVSYTERHFITVITEVIHXSVITSVXXLIWIXSXLIVIWXSJXLIGPEWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

6)*)6)2')7

&EVKI . /   0IEHIVWLMT 2I[=SVO 7X 1EVXMRtW )MWIPI] 0   8LI YRI\TIGXIH YRMZIVWI 2I[=SVO
4VIWW ,EVGSYVX&VEGI.SZERSZMGL
&IIFI7%
1EWXIVWSR.8 'SQQYRMGEXMRKMR )PPMW6.
'VSRWLE[7* 7IPJQSRMXSVMRKERH
WQEPP KVSYTW 4VMRGMTPIW ERH TVEGXMGIW RH IH  PIEHIV IQIVKIRGI 7QEPP +VSYT 6IWIEVGL  
+PIRZMI[-07GSXX*SVIWQER i
&IQ70 8LIPIRWIWSJKIRHIV 2I[,EZIR=EPI +EWXMP. %QIXEEREP]XMGVIZMI[SJXLITVSHYGXMZ
9RMZIVWMX]4VIWW MX] ERH WEXMWJEGXMSR SJ HIQSGVEXMG ERH EYXSGVEXMG
&IRRMW;
2ERYW+ 8S[EVHXLIRI[QMPPIR PIEHIVWLMT7QEPP+VSYT6IWIEVGL i
RMYQ-R+6,MGLQER)H 0IEHMRKSVKERM^E +IMIV.' %XVEMXETTVSEGLXSXLIWXYH]SJPIEHIV
XMSRW 4IVWTIGXMZIW JSV E RI[ IVE TT i  WLMT MR WQEPP KVSYTW .SYVREP SJ 'SQQYRMGEXMSR
8LSYWERH3EOW'%7EKI  i
&PEOI66
1G'ERWI%% 0IEHIVWLMTHMPIQ ,EGOQER1>
.SLRWSR') 0IEHIVWLMT%
QEWh+VMHWSPYXMSRW ,SYWXSR+YPJ GSQQYRMGEXMSR TIVWTIGXMZI VH IH  4VSWTIGX
&PEOI 6 6
 1SYXSR 6 6   8LI QEREKIVMEP ,IMKLXW-0;EZIPERH
KVMH---8LIOI]XSPIEHIVWLMTI\GIPPIRGI ,SYWXSR ,EVVMW 8 ) i  8S[EVH IJJIGXMZI IQTPS]II
+YPJ?3VMKMREPP]TYFPMWLIHA MRZSPZIQIRX%REREP]WMWSJTEVEPPIPERHWIPJQER
&PEOI 6 6 1SYXSR . 7
 %PPIR 6 0   EKMRK XIEQW 8LI .SYVREP SJ %TTPMIH &YWMRIWW
7TIGXEGYPEVXIEQ[SVO 2I[=SVO.SLR;MPI] 6IWIEVGL i
&SVQERR)+ (MWGYWWMSRERHKVSYTQIXLSHW8LI ,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE
SV]ERHTVEGXMGI RHIH 2I[=SVO,EVTIV
6S[ XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVIWYGGIWW
&S]IXX.
&S]IXX. 8LIKYVYKYMHI 2I[=SVO 1EL[EL2.0E[VIRGI)VPFEYQ
.SLR;MPI] ,YKLIW60+MRRIXX6'
'YVTL]+. 'SR
&VEHJSVH(0
'SLIR'. 1EREKMRKJSVI\ XMRKIRG]XLISVMIWSJPIEHIVWLMT-R+6,MGLQER
GIPPIRGI 8LI KYMHI JSV HIZIPSTMRK LMKL TIVJSV )H  0IEHMRK SVKERM^EXMSRW 4IVWTIGXMZIW JSV E
QERGI MR GSRXIQTSVEV] SVKERM^EXMSRW 2I[=SVO RI[IVE TTi 8LSYWERH3EOW'%7EKI
.SLR;MPI] /IEVRW ( 8   0IEHIVWLMT XLVSYKL UYEPMX] 8LI
&VMPLEVX./
+EPERIW+. )JJIGXMZIKVSYTHMW %GEHIQ]SJ1EREKIQIRX)\IGYXMZI i
GYWWMSR XL IH  1EHMWSR ;- ;'& &VS[R
/SPF .%  % GSQTEVMWSR SJ PIEHIVWLMT FILEZMSVW
&IRGLQEVO ERHGSQTIXIRGMIWMRLMKLERHEZIVEKITIVJSVQERGI
&YGOMRKLEQ 1
 'SJJQER '   *MVWX FVIEO EPP XIEQW'SQQYRMGEXMSR6ITSVXW i
XLI VYPIW;LEX XLI [SVPHtW KVIEXIWX QEREKIVW HS /SXXIV.4 8LIPIEHIVWLMTJEGXSV 2I[=SVO*VII
HMJJIVIRXP] 2I[=SVO7MQSR
7GLYWXIV 4VIWW
'EVSWIPPM1 5YEPMX]HVMZIRHIWMKRW 7ER(MIKS 1EREKMRK %QIVMGER -RHMERiWX]PI  3GXSFIV  
4JIMJJIV *SVXYRI T
'PEVO/)
'PEVO1& 1IEWYVIWSJPIEHIVWLMT 1MPPIV ;  %YKYWX   0IEHIVWLMTtW GSQQSR
;IWX3VERKI2.0IEHIVWLMT0MFVEV]SJ%QIVMGE HIRSQMREXSV-RHYWXV];IIO TTi
'SYRWIPQER)* 0IEHIVWLMTMREPSRKXIVQPIEH 2SVXLLSYWI4+ 0IEHIVWLMTXLISV]ERHTVEGXMGI
IVPIWW [SQIRtW KVSYT 7QEPP +VSYT 6IWIEVGL VHIH 8LSYWERH3EOW'%7EKI
 i 4IXIVW8
%YWXMR8 %TEWWMSRJSVI\GIPPIRGI8LI
'YQQMRKW8+
;SVPI]'+ 3VKERM^EXMSREP PIEHIVWLMTHMJJIVIRGI 2I[=SVO6ERHSQ,SYWI
HIZIPSTQIRX ERH GLERKI XL IH  9RMXIH 7XEXIW =EPSQ -   8LI XLISV] ERH TVEGXMGI SJ KVSYT TW]
7SYXL;IWXIVR GLSXLIVET] 2I[=SVO&EWMG&SSOW
(VYGOIV4* 4IXIV(VYGOIVSRXLITVSJIWWMSRSJQER
EKIQIRX &SWXSR,EVZEVH&YWMRIWW7GLSSP4VIWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
3FWIVZMRKERH)ZEPYEXMRK
E7QEPP+VSYT

',%48)63980-2)

7]WXIQEXMG*IIHFEGO :IVFEP-RXIVEGXMSRERH'SRXIRX%REP]WIW
7YGGIWWERH*EMPYVI 3XLIV1IXLSHWSJ6IJPIGXMSR
3FWIVZIVi1IQFIVW7GEPIW 7YQQEV]
6EXMRK7GEPIW (MWGYWWMSR5YIWXMSRW
4SWXQIIXMRK6IEGXMSR*SVQW
)\IVGMWIW
3FWIVZIV*IIHFEGO+YMHIPMRIW
6IJIVIRGIW
-RHMZMHYEP6SPI&ILEZMSV

',%48)63&.)'8-:)7

)\TPEMRXLIJSYV[E]WSJPIEVRMRKLS[XSQEOIWQEPPKVSYTWWYGGIWWJYP
(MWGYWWXLIHIWMKRX]TIWERHYWIWSJVEXMRKWGEPIW
3YXPMRIXLITSWXQIIXMRKVIEGXMSRJSVQETTVSEGL
)\TPEMRXLIOI]UYIWXMSRVIKEVHMRKMRJSVQEXMSRYWIJYPRIWW
(IWGVMFIXLISFWIVZIVJIIHFEGOKYMHIPMRIW
)PYGMHEXIXLIIZEPYEXMSRSJZIVFEPMRXIVEGXMSRWERHGSRXIRXEREP]WMW

/ )=8 )6 17

&EVRPYRH,EMQER0IEHIVWLMT *SVQEXMZIIZEPYEXMSRW 6EXMRKWGEPIW

VEXMRKWGEPI -RJSVQEPVSPIW 7IPJGIRXIVIHVSPIW
&VMPLEVXtW4SWXQIIXMRK6IEGXMSR 0MOIVXWGEPI 7YQQEXMZIIZEPYEXMSRW
5YIWXMSRREMVI 1EMRXIRERGISVMIRXIHVSPIW 7]WXIQEXMGJIIHFEGO
'SRXIRXEREP]WMWTVSGIHYVIW 3FWIVZIVJIIHFEGO 8EWOSVMIRXIHVSPIW
)WTSYWIHIXLMGW 4SWXQIIXMRKVIEGXMSRJSVQW :IVFEPMRXIVEGXMSREREP]WMW
)XLMGWMRYWI


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

q7YGGIWWrERHq*EMPYVIrEVIEPWSTEVXP]WSGMEPGSRWXVYGXMSRW0EXIMRXLILMWXSV]SJXLI
MRZSPZIQIRXSJXLI9RMXIH7XEXIWMRXLI:MIXREQ;EVSRI977IREXSVTVSTSWIHXLEX
XLIEVQ]qHIGPEVIEZMGXSV]ERHGSQILSQIr8LIVIWTSRWIXSXLITVSTSWEPHIQSR
WXVEXIHXLEXXLIVIEVIPMQMXWXSEVFMXVEV]YRMPEXIVEPIZEPYEXMSRWSJSYXGSQIWFYXqWYG
GIWWrERHqJEMPYVIrEVIRSXYRMUYIP]HIJMRIHF]XLISYXGSQIW1EVGLT

*SV WQEPP KVSYTW XS ORS[ XLEX XLI] EVI IJJIGXMZI XLI] QYWX LEZI WSQI QIERW SJ
IZEPYEXMRKXLIMVWYGGIWWSVJEMPYVI(YVMRKXLIKVSYTTVSGIWWQIQFIVWQYWXHIGMHI
[LEXWTIGMJMGEGXMZMXMIWWLSYPHFIGSRXMRYIHWXSTTIHSVEPXIVIH.YWXGSQTPIXMRKE
TVSNIGXSRXMQIHSIWRSXQEOIEKVSYTWYGGIWWJYP8LITVSGIWWSJXLIKVSYTQYWXFI
IZEPYEXIH EW [IPP EW XLI WLSVX ERH PSRKXIVQ GSRWIUYIRGIW SJ MQTPIQIRXMRK MXW
WSPYXMSRW
8LMW GLETXIV I\EQMRIW XLI ZEPYI SJ W]WXIQEXMG JIIHFEGO SJJIVW WIZIVEP XIGL
RMUYIWJSVIZEPYEXMRKWQEPPKVSYTWERHIRKEKIWMRWSQIJYXYVIJSVIGEWXMRKF]PSSOMRK
EXXLIRI\XXIR]IEVW

7]WXIQEXMG*IIHFEGO
8LIVIEVIJSYV[E]WSJPIEVRMRKEFSYXLS[XSQEOIWQEPPKVSYTWWYGGIWWJYP8LIJMVWX
MWXSVIEHEKVIEXHIEPEFSYXKVSYTWERHXIEQW;LMPIVIEHMRKERHVIWIEVGLGERTVSZMHI
XLISVMIWERHMRWMKLXWXLI]SJJIVRSTVEGXMGEPI\TIVMIRGI;IGERHMWGSZIV[L]KVSYTW
ERHXIEQWEVIMQTSVXERXERH[LEXQEHIETEVXMGYPEVXIEQWYGGIWWJYPFYX[IQE]PEGOE
GPIEVYRHIVWXERHMRKSJ[LEX[IWLSYPHHSMRERI[WMXYEXMSR
8LIWIGSRHQIXLSHMWTEVXMGMTEXMSRMRWQEPPKVSYTW&]YWMRKMRXYMXMSRERHEKYX
JIIPMRK EFSYX IJJIGXMZIRIWW [I GER IZEPYEXI ERH EHNYWX HYVMRK ERH EJXIV XLI KVSYT
TVSGIWW%PXLSYKL[IPIEVRF]HSMRKSYVEFMPMXMIWXSSFWIVZISYVEGXMSRW[LMPI[IEVI
WMQYPXERISYWP]IRKEKMRKMRXLIQEVIPMQMXIH;IQE]EPWSFIIRKEKIHMRGSYRXIVTVS
HYGXMZIWQEPPKVSYTFILEZMSVWERHRIZIVVIEPM^IMXFIGEYWIXLIKVSYTGSRXMRYIWXSFI
WYGGIWWJYP MR WTMXI SJ XLIQ ;LIR RI[ HIQERHW EVI TPEGIH SR SYV WQEPP KVSYT
EFMPMXMIWSYVSPHFILEZMSVWWYGLEWPIEHIVWLMTERHIQTS[IVQIRXFILEZMSVWQE]RS
PSRKIVWYJJMGI7MRGI[IRIIHXLISVMIWERHTVMRGMTPIWXSKYMHISYVFILEZMSVWGSQFMR
MRKWXITWSRIERHX[SGERFILIPTJYPFYXIZIRXLIR[IQE]RSXORS[LS[[IPP[IEVI
HSMRK
%XLMVHETTVSEGLMWXSSFXEMRI\XIVREPIZEPYEXMSRERHEHZMGI8LMWMWEYWIJYPEHHM
XMSRXSXLIJMVWXX[SETTVSEGLIWMJXLISFWIVZIVMWIUYMTTIH[MXLXSSPWERHORS[PIHKI
XSIJJIGXMZIP]TVSZMHIJIIHFEGO%RSFWIVZIVQYWXTVSZMHIQSVIXLERERSZIVEPPIZEPYE
XMSRXLEXMXq[IRXTVIXX][IPPr
%JMREPWSYVGISJJIIHFEGOMWSYVS[RVIJPIGXMSRERHEREP]WMW-RWSQIGEWIWXLI
WXVEMKLXIWXVSYXIXSJMRHMRKSYXLS[[IPPEKVSYTHMHMWXSEWOXLIQIQFIVW8LIKVSYT
MWMRXLIFIWXTSWMXMSRXSORS[MJKSEPWERHSFNIGXMZIWLEZIFIIRGSQTPIXIH%WEKVSYT
QIQFIV[IGERKMZIERHVIGIMZIW]WXIQEXMGJIIHFEGO XSERHJVSQSXLIVKVSYTTEVXMGM
TERXW%GSQFMREXMSRSJEPPXLIWIXIGLRMUYIWGERTVSZMHIXLIQSWXGSQTVILIRWMZIZMI[
JSVXLIIZEPYEXMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 3FWIVZIVi1IQFIVW7GEPIW 

7YGGIWWERH*EMPYVI
;LMPIFIMRKPIWWXLERTIVJIGXMWJEMPYVIXSWSQIMRHMZMHYEPWERHRSXqKIXXMRKF]rMWJEMPYVI
XSSXLIVWMRIMXLIVGEWIMQTVSZIQIRXGERSGGYVSRP]MJ[IEVIE[EVISJXLIGEYWIWERH
GYVIWJSVXLIJEMPYVI3RIWEKISFWIVZIVWXEXIHXLEXXLITIVWSR[LSQEOIWRSQMWXEOIW
YWYEPP]QEOIWRSXLMRK%RSXLIVGSRGPYHIHXLEXJEMPYVIMWEWYGGIWWMJ[IPIEVRJVSQMX
6IGSKRM^MRKJEMPYVIMWSRISJXLIWYVIWXVSYXIWXSWYGGIWWMJ[II\EQMRI[L][IJEMPIH
7MRGIWYGGIWWJYPWQEPPKVSYTFILEZMSVWEVIRSXXLIRSVQ[ITVSFEFP][MPPRSXFI
VIWSYRHMRK WYGGIWWIW EPP XLI XMQI 7SYRH [IPPXEVKIXIH JIIHFEGO GER FSXL LIPT XLI
TVSGIWWERHTVSZMHIWSQIKYMHIPMRIWXLEXJSGYWSRMQTVSZIQIRXIJJSVXW
8S FIGSQI ER IJJIGXMZI KVSYT QIQFIV ERH PIEHIV [I RIIH XS QE\MQM^I XLI
EQSYRXSJMRTYX[IVIGIMZI-RHMZMHYEPERHKVSYTJIIHFEGOGERTVSZMHIZEPYEFPIMRJSV
QEXMSRERHSTTSVXYRMXMIWJSVKVS[XL

3FWIVZIVi1IQFIVW7GEPIW
+VSYTQIQFIVWGEREGXEWTEVXMGMTERXSFWIVZIVWSVSYXWMHISFWIVZIVWGERFIYWIH-R
KIRIVEPQIQFIVWWLSYPHRSXIZEPYEXIEQIIXMRKSRIERSXLIVSVXLIQWIPZIW[LMPITEV
XMGMTEXMRK-J]SYEVIHMVIGXP]MRZSPZIHMRXLI[SVO]SY[MPPTVSFEFP]RSXFIEHMWTEW
WMSREXISFWIVZIVERH]SYQE]RSXFIEFPIXSGSRGIRXVEXISRXLIXIEQtW[SVO8[SZIV]
HMJJIVIRXWOMPPWEVIMRZSPZIHLIVIhTEVXMGMTEXMSRERHIZEPYEXMSR2SXSRP]MWMXHMJJMGYPXXS
GSRGIRXVEXISRXLIKVSYTTVSGIWW[LMPI[IEVIIZEPYEXMRKMXMWHMJJMGYPXXSHSX[SXLMRKW
[IPPEXSRGI FYX[LMPIIZEPYEXMRK[IQE]KMZISJJRSRZIVFEPWMKREPWXLEXPIEHSXLIV
QIQFIVWXSXLMRO[IEVIRSXMRXIVIWXIHSVEVIGVMXMGEPSJXLIQXLIKVSYTSVXLITVSGIWW
;LIR ETTVSTVMEXI GSRWYPXERX SFWIVZIVW RSX HMVIGXP] MRZSPZIH [MXL XLI KVSYT
[SVOGERTVSZMHII\GIPPIRXMRWMKLXW6IGSKRM^MRKXLMWEWERMQTSVXERXWSYVGISJKVS[XL
ERH HIZIPSTQIRX GSVTSVEXMSRW W]WXIQEXMGEPP] SJJIV IZEPYEXMSRW SJ E WTIGMJMG XIEQtW
TVSGIWWF]SYXWMHISFWIVZIVWMRSVHIVXSLIPTXLIXIEQHIZIPST
;LIR SYXWMHI SFWIVZIVW EVI RSX EZEMPEFPI QER] XIEQ HIZIPSTQIRX TVSKVEQW
WYKKIWX ETTSMRXMRK E KVSYT QIQFIV XS FI ER SFWIVZIV8LMW XEWO MW LERHIH EVSYRH
EQSRKXLIKVSYTQIQFIVW;IPIEVREFSYXETVSGIWW[LIR[IEVIEWOIHXSIZEPYEXIMX
WSXLIKVSYTSVXIEQGERFIRIJMXERHIEGLQIQFIVFIGSQIWQSVIMRWMKLXJYP
0SRKWXERHMRKKVSYTWGEREPWSWIXEWMHIWTIGMJMGXMQIWXSTIVMSHMGEPP]EREP]^I
XLIMVKVSYTTVSGIWW-RGVIEWMRKP]TVSJIWWMSREPXIEQWIEVQEVOXLIPEWXXIRQMRYXIWSJ
ER]XIEQQIIXMRKJSVVIJPIGXMRKXMQIKMZMRKXLIKVSYTEGLERGIXSVIZMI[MXWTVSGIWW
8LMWSRKSMRKXIEQHIZIPSTQIRXJEGMPMXEXIWGSRXMRYIHKVS[XL
8LIUYEPMX]SJER]SJXLIWIETTVSEGLIWXSIZEPYEXMSR[MPPFIIRLERGIH[MXLWTI
GMJMGXSSPWERHXLIPMWXSJMXIQWXLEXGERFIEREP]^IHMWPMQMXIHSRP]F]XLIXMQIEZEMPEFPI

6EXMRK7GEPIW
;LIR[IEWOqLS[[IPPHMH[IHS#r[IEVIWIXXMRKXLIWXEKIJSVXLIIJJIGXMZIYWISJ
VEXMRKWGEPIW ;MXLSYVWQEPPKVSYT[IGEREWOUYIWXMSRWVERKMRKJVSQq,S[[IPPHMH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

XLIKVSYTEREP]^IXLIXSTMG#rXSq,S[JYPP]HMHEPPQIQFIVWTEVXMGMTEXI#r6IWTSRWIW
QE]FIqZIV][IPPrqEHIUYEXIP]rSVqTSSVP]r(ITIRHMRKSRXLIHIKVIISJWTIGMJMGMX]
HIWMVIH]SYGERQEOIXLIWGEPIQSVITVIGMWIWYGLEWYWMRKE0MOIVXWGEPI [MXLESRI
XSJMZI SV E SRIXSWIZIR VEXMRK IUYEXMRK XLI RYQFIVW [MXL XIVQW WYGL EW ZIV]
EHIUYEXI QSHIVEXIP] EHIUYEXI YRWYVI QSHIVEXIP] MREHIUYEXI ERH MREHIUYEXI
0MOIVXWGEPIWEVITSTYPEVERHIEW]XSYWI

0MOIVX7GEPI)\EQTPI
q8LIKVSYT[SVOIH[IPPXSKIXLIVrGLIGOSRI 
7XVSRKP]EKVII CCCCC
1SHIVEXIP]EKVII CCCCC
%KVIIWSQI[LEX CCCCC
9RWYVI CCCCC
(MWEKVIIWSQI[LEX CCCCC
1SHIVEXIP]HMWEKVII CCCCC
7XVSRKP]HMWEKVII CCCCC

8LIPMWXSJUYIWXMSRWWLSYPHFIEHETXIHXSXLITEVXMGYPEVEGXMZMX]]SY[MWLXSIZEP
YEXIERHQE]MRGPYHIPIEHIVWLMTKVSYTGPMQEXIRSRZIVFEPGSQQYRMGEXMSRSVSVKERM
^EXMSRSJXLITVSFPIQERHWSPYXMSREREP]WMW%WMQTPIUYMGOERHEPPTYVTSWIVEXMRK
WGEPIGSYPHMRGPYHIMWWYIWWYGLEWGPEVMX]SJTVSFPIQEREP]WMWIUYEPMX]SJTEVXMGMTEXMSR
PMWXIRMRKXSSRIERSXLIVERH[MPPMRKRIWWXSIRKEKIMRHMEPSKYIERHGPSWYVI
%WGEPIEPPS[WSFWIVZIVWERHQIQFIVWXSTVSZMHIJIIHFEGOXLEXGERFIXVERWPEXIH
MRXSWSQIHIJMREFPIQIEWYVI8LIVIWYPXWMJKEXLIVIHJVSQEZEVMIX]SJWSYVGIWGER
EPWSFIXEFYPEXIHXSSFXEMREXSXEPWGSVI
8LIXSTMGWMRGPYHIHMRXLIVEXMRKWGEPIWLSYPHFIVIPIZERXXSXLII\TIGXIHFILEZMSVW
JSVEKVSYTSVXIEQ)EGLKVSYT[MPPLEZIWTIGMJMGGSRGIVRWXLEXGERFIMRGPYHIHMRXLI
VEXMRKWGEPI4SWWMFPIXSTMGEVIEWEVITVSZMHIHMR8EFPI -RJEGXER]SJXLIMWWYIWGSZ
IVIHMRXLITVIGIHMRKGLETXIVWGERFILMKLP]ETTVSTVMEXIJSVEVEXMRKWGEPI8SFIQSWX
IJJIGXMZIXLIVEXMRKWGEPIWLSYPHGSZIVEZEVMIX]SJXSTMGW-XGSYPHEPWSMRGPYHIE0MOIVX
WGEPI ETTVSEGL [MXL XLI WIZIR GEXIKSVMIW SJ WXVSRKP] EKVII QSHIVEXIP] EKVII EKVII
WSQI[LEXYRWYVIHMWEKVIIWSQI[LEXQSHIVEXIP]HMWEKVIIERHWXVSRKP]HMWEKVII
8LI&EVRPYRH,EMQER0IEHIVWLMTVEXMRKWGEPI MWEKSSHI\EQTPISJLS[[IGER
LSRIMRSRETEVXMGYPEVWIXSJFILEZMSVW%W*MKYVI  SRTEKIWiWLS[WMRJPY
IRGIMRTVSGIHYVIGVIEXMZIERHGVMXMGEPXLMROMRKERHMRXIVTIVWSREPVIPEXMSRWEVIGSRWMH
IVIHSREWGEPISJ XS[MXL QIERMRKXLIKVSYTRIIHIHQSVISJWSQIFILEZMSV
ERHQIERMRKXLIKVSYTRIIHIHPIWWSJWSQIFILEZMSV;MXLXLMWWGEPIMWXLIFIWX
WGSVI8LIPIEHIVtWqMRJPYIRGIMRTVSGIHYVIrMWIZEPYEXIHF]I\EQMRMRKJMZIHMQIRWMSRW
MIMRMXMEXMRKHMWGYWWMSRSVKERM^MRKKVSYTXLMROMRKGPEVMJ]MRKGSQQYRMGEXMSRWYQ
QEVM^MRKERHZIVFEPM^MRKEKVIIQIRXWERHVIWSPZMRKGSRJPMGXW 8LMWWGEPMRKHIZMGIPIXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 3FWIVZIVi1IQFIVW7GEPIW 

8%&0) 6EXMRK7GEPI8STMGWh4SWWMFPI%VIEWSJ'SRGIVR

%QSYRXSJTEVXMGMTEXMSRF]XLIQIQFIVW
6SPIEGGITXERGIF]QIQFIVWh(SQIQFIVWHS[LEXRIIHWXSFIHSRI#
0IEHIVWLMTUYEPMXMIWERHPIEHIVWt EFMPMXMIWXSLERHPIHMWEKVIIQIRXWERHGSRJPMGXW
%TTVSTVMEXIRIWWSJPIEHIVWLMT
5YEPMX]SJVIWIEVGL
7LEVIHVIWIEVGLEGXMZMXMIWERHXLIMVWYGGIWW
'SQQYRMGEXMSRWOMPPWMRGPYHMRKPMWXIRMRKJIIHFEGOERHGPEVMX]
-RXIVREPTVSGIWWMWWYIWWYGLEWGPEVMJ]MRKERHWYQQEVM^MRK
'VIEXMZITVSGIWWIWERHEGXMSRW
;MPPMRKRIWWERHEFMPMX]XSGSRJVSRXMWWYIW
'MZMPM^IHHMWEKVIIQIRXXLEXXSSOEHZERXEKIWSJHMZIVWMX]SJMHIEW
%TTVSTVMEXIHIGMWMSRQEOMRKETTVSEGLIWWYGLEWGSRWIRWYW
5YEPMX]SJGPMQEXI
&EPERGMRKSJTEVXMGMTEXMSRXSEPPS[EPPQIQFIVWXSXEOITEVX
7LEVIHPIEHIVWLMTERHSVVIWTSRWMFMPMX]
3XLIVMWWYIW

EPIEHIVERHEKVSYTORS[MJXLI]EVIHSMRKXSSPMXXPISVXSSQYGLSJETEVXMGYPEVEGXMZ
MX]8LMWVEXMRKWGEPIGEREPWSFIYWIH[MXLPIEHIVPIWWKVSYTW
6EXMRKWGEPIWYWIHF]XLIKVSYTQIQFIVWSVSYXWMHISFWIVZIVWSJJIVEW]WXIQEXMG
JIIHFEGO QIGLERMWQ8LI ZEPYI SJ VEXMRKW PMIWMRXLI WTIGMJMGMX] SJ XLI MRJSVQEXMSR
XLI]TVSZMHI6EXLIVXLERNYWXWE]MRKWSQIXLMRK[EWKSSHSVFEHEWGEPMRKHIZMGITVS
ZMHIW E VIPEXMZI GSQTEVMWSR ;LIR [I GSQFMRI WIZIVEP JSVQW XSKIXLIV [I LEZI E
FVSEHFEWIHWIXSJMRJSVQEXMSR

4SWXQIIXMRK6IEGXMSR*SVQW
4SWXQIIXMRKVIEGXMSRJSVQW EVIUYIWXMSRREMVIWXLEXWIIOWTIGMJMGJIIHFEGOJVSQTEVXMGM
TERXWEFSYXETEVXMGYPEVEGXMZMX]SVQIIXMRK8LMWJIIHFEGOMWMRXIRHIHJSVMRXIVREPKVSYT
GSRWYQTXMSREWERIJJSVXXSMQTVSZIXLIUYEPMX]SJXLIKVSYTTVSGIWW6EXLIVXLERJMRH
MRKSYXEXXLIIRHSJXLITVSGIWWXLEXRSSRIXLSYKLXXLIQIIXMRKW[IVIYWIJYPXLIVIEG
XMSRJSVQWSJJIVMQQIHMEXISTTSVXYRMXMIWXSMQTVSZI7TIGMJMGMWWYIWWYGLEWPIEHIVWLMT
PMWXIRMRKRSRZIVFEPMRXIVEGXMSRWQIQFIVTEVXMGMTEXMSRERHGPMQEXIGERFIEREP]^IH
8LIQSWXMQTSVXERXGLEVEGXIVMWXMGMWXLEXXLIJSVQWEVIGSQTPIXIHERSR]QSYWP]
F]QIQFIVW8LIVIWYPXWEVIXEPPMIHERHVITSVXIHXSXLIKVSYTEWWSSREWTSWWMFPI%W
[MXLXLIMRHMZMHYEPVEXMRKWGEPIWXLITSWXQIIXMRKVIEGXMSRJSVQWWLSYPHFIXEMPSVQEHI
XSXLIKVSYTtWRIIHW%KVSYTQMKLXWTIRHEKVIEXHIEPSJXMQISRIQEMP-RXLEXGEWI
XLIKVSYTJSVQWGSYPHMRGPYHIUYIWXMSRWVIKEVHMRKXLIJSVQEXSJXLIIQEMPWYGLEW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

*-+96) &EVRPYRH,EMQER0IEHIVWLMT7GEPI

-RWXVYGXMSRW 8LMWVEXMRKWGEPIQE]FIYWIHXSIZEPYEXIPIEHIVWLMTMRKVSYTW[MXLSV[MXLSYXSJJMGMEPPIEHIVW-R
XLIPEXXIVGEWIXLIPIEHIVPIWWKVSYT YWITEVX%SJIEGLMXIQSRP];LIRIZEPYEXMRKXLIEGXMSRWSJERSJJMGMEP
PIEHIVYWITEVXW%ERH&SJIEGLMXIQSRXLIWGEPI

-RJPYIRGIMR4VSGIHYVI

-RMXMEXMRK(MWGYWWMSR
%       
+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
LIPTMRKIXXMRKWXEVXIH EQSYRXSJLIPT LIPTMRKIXXMRKWXEVXIH

& 8LIUYEPMX]SJXLIMRXVSHYGXSV]VIQEVOW[EW

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

3VKERM^MRK+VSYT8LMROMRK
%       
+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
HMVIGXMSRMRXLMROMRK EQSYRXSJLIPT HMVIGXMSRMRXLMROMRK

& -JERH[LIREXXIQTXW[IVIQEHIXSSVKERM^IKVSYTXLMROMRKXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

'PEVMJ]MRK'SQQYRMGEXMSR
%       
+VSYTRIIHIHQSVILIPT +VSYTKSXVMKLX +VSYTRIIHIHPIWW
MRGPEVMJ]MRK EQSYRXSJLIPT LIPTMRGPEVMJ]MRK
GSQQYRMGEXMSR GSQQYRMGEXMSR

& -JERH[LIREXXIQTXW[IVIQEHIXSGPEVMJ]GSQQYRMGEXMSRXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

7YQQEVM^MRKERH:IVFEPM^MRK%KVIIQIRXW
%       
+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
LIPTMRWYQQEVM^MRK EQSYRXSJLIPT LIPTMRWYQQEVM^MRK
ERHZIVFEPM^MRK ERHZIVFEPM^MRK
EKVIIQIRXW EKVIIQIRXW

& -JERH[LIREXXIQTXW[IVIQEHIXSWYQQEVM^IERHZIVFEPM^IXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 3FWIVZIVi1IQFIVW7GEPIW 

*-+96) 'SRXMRYIH

6IWSPZMRK'SRJPMGX
%       

+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW

LIPTMRVIWSPZMRK EQSYRXSJLIPT LIPTMRVIWSPZMRK
GSRJPMGX GSRJPMGX

& -JERH[LIREXXIQTXW[IVIQEHIXSVIWSPZIGSRJPMGXXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

-RJPYIRGIMR'VIEXMZIERH'VMXMGEP8LMROMRK

7XMQYPEXMRK'VMXMGEP8LMROMRK
%       

+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW

WXMQYPEXMSRMRGVIEXMZI EQSYRXSJLIPT WXMQYPEXMSRMRGVIEXMZI
XLMROMRK XLMROMRK

& -JERH[LIREXXIQTXW[IVIQEHIXSWXMQYPEXIMHIEWXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

)RGSYVEKMRK'VMXMGMWQ
%       

+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW

IRGSYVEKIQIRXXSFI EQSYRXSJLIPT IRGSYVEKIQIRXXSFI
GVMXMGEP GVMXMGEP

& -JERH[LIREXXIQTXW[IVIQEHIXSIRGSYVEKIGVMXMGMWQXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

&EPERGMRK%FWXVEGXERH'SRGVIXI8LSYKLX
%       

+VSYTRIIHIHXSFI +VSYTEGLMIZIH +VSYTRIIHIHXSFI

QSVIGSRGVIXI TVSTIVFEPERGI QSVIEFWXVEGX

& -JERH[LIREXXIQTXW[IVIQEHIXSFEPERGIEFWXVEGXERHGSRGVIXIXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

GSRXMRYIH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

*-+96) 'SRXMRYIH

-RJPYIRGIMR-RXIVTIVWSREP6IPEXMSRW
'PMQEXI1EOMRK
%       
+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
LIPTMRWIGYVMRKE EQSYRXSJLIPT LIPTMRWIGYVMRKE
TIVQMWWMZIEXQSWTLIVI TIVQMWWMZIEXQSWTLIVI

& -JERH[LIREXXIQTXW[IVIQEHIXSIWXEFPMWLETIVQMWWMZIEXQSWTLIVIXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

6IKYPEXMRK4EVXMGMTEXMSR
%       
+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
VIKYPEXMSRSJ EQSYRXSJLIPT VIKYPEXMSRSJ
TEVXMGMTEXMSR TEVXMGMTEXMSR

& -JERH[LIREXXIQTXW[IVIQEHIXSVIKYPEXITEVXMGMTEXMSRXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

3ZIVEPP0IEHIVWLMT
%       

+VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW

GSRXVSP EQSYRXSJGSRXVSP GSRXVSP

& -JERH[LIREXXIQTXW[IVIQEHIXSGSRXVSPXLIKVSYTXLI][IVI

)\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

7SYVGI &EVRPYRH,EMQER0IEHIVWLMT6EXMRK7GEPIJVSQ(IER'&EVRPYRHERH*VEROP]R7,EMQER8LI(]REQMGWSJ(MWGYW
WMSR &SWXSR,SYKLXSR1MJJPMR'Si 

q;EWXLIVIXMQIP]VIWTSRWIF]SXLIVQIQFIVW#rSVq;IVIQIWWEKIWGPIEV#r8[SSXLIV
I\EQTPIWSJUYIWXMSRWEVITVSZMHIHMRXLIJMVWXFS\SRXLIJEGMRKTEKI
8LIVIEVIJI[PMQMXWXSXLIX]TIWSJUYIWXMSRWXLEXGERFIEWOIH=SYVKSEPMWXS
TVSZMHI E WGEPI XLEX EPPS[W XEFYPEXMSR -J EPP FYX X[S KVSYT QIQFIVW qJIPX PIJX SYX
IRXMVIP]rYWMRKIQEMP]SYLEZIHMWGSZIVIHZEPYEFPIMRJSVQEXMSR=SYGERHIGMHIRSX
XSYWIIQEMPEKEMRSVGERJYVXLIVMRZIWXMKEXIXLIVIEWSRWJSVXLIJIIPMRKWSJI\GPYWMSR
%QSVIKIRIVEPTVSGIWW[SYPHFIXSYWIETSWXQIIXMRKVIEGXMSRJSVQ[MXLZIV]
KIRIVEPSVUYMXIWTIGMJMGUYIWXMSRW7IIXLIWIGSRHFS\SRXLIJEGMRKTEKI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 3FWIVZIVi1IQFIVW7GEPIW 

+VSYT6IWTSRWI5YIWXMSR)\EQTPI
'LIGOSRIVIWTSRWIJSVIEGLUYIWXMSRVIKEVHMRKIQEMP
 (MH]SYJIIP]SY[IVITEVXSJXLITVSGIWW#
CCCCC6IEPP]ETEVX
CCCCC-RGPYHIHQSWXSJXLIXMQI
CCCCC-RGPYHIHSGGEWMSREPP]
CCCCC(MHRSXJIIPMRGPYHIH
CCCCC*IPXPIJXSYXIRXMVIP]
CCCCC2SXVIEPP]EWGIVXEMRIH
 ;SYPH]SYYWIIQEMPEKEMRFEWIHSRXLMWI\TIVMIRGI#
CCCCC;SYPHKPEHP]TEVXMGMTEXI
CCCCC;SYPHFI[MPPMRK
CCCCC1EOIWRSHMJJIVIRGI
CCCCC2SXWYVI
CCCCC2S

4SWXQIIXMRK6IEGXMSR*SVQ

 ,S[[SYPH]SYVEXIXLIKVSYTtWJMREPHIGMWMSR#
)\GIPPIRXCCCCC +SSHCCCCC 3/CCCCC %HIUYEXICCCCC 4SSVCCCCC
 ;LEXEVIXLILMKLPMKLXWSJXLIHIGMWMSR#
 ;LEXEVIXLI[IEORIWWIW#
 ;LEXGLERKIWGSYPHFIQEHIMRXLITVSGIWW#
(SRSXWMKR]SYVREQI

2YQIVSYWMWWYIWGERFII\EQMRIHMRGPYHMRKXLIVIWYPXWKSEPWSJXLIKVSYTGPM
QEXIPIEHIVWLMTTEVXMGMTEXMSRORS[PIHKIERHTVITEVEXMSRGPEVMX]GSLIWMZIRIWWERH
WEXMWJEGXMSR[MXLXLIKVSYTMXWIPJ8LIKVSYTHIGMWMSRQEOMRKTVSGIWWGERFIIZEPYEXIH
F]EWOMRKWTIGMJMGUYIWXMSRWYWMRKEWGEPIJVSQXS[MXLFIMRKRSXEXEPPERH
FIMRKEKVIEXHIEP7EQTPIUYIWXMSRWJSPPS[

 ,S[GPIEVP]HMHXLIKVSYTEREP]^IXLITVSFPIQ#
 ,S[[IPPHMHXLIKVSYTEREP]^IMXWKSEPSVSFNIGXMZI#
 ,S[GPIEVP][EWXLITVSFPIQEVXMGYPEXIH#
 ;EWGVIEXMZMX]IRGSYVEKIH#
 (MHXLIKVSYTXEOIXMQIXSPIXXLIEREP]WMWHIZIPST#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

 (MHXLIKVSYTGSRWMHIVEPPTSWWMFPIWSPYXMSRW#
 ;IVIXLITSWMXMZIGSRWIUYIRGIWSYXPMRIH#
 ;IVIXLIRIKEXMZIGSRWIUYIRGIWSYXPMRIH#
 ;EWWYJJMGMIRXMRJSVQEXMSRYWIHMRXLITVSGIWW#

%XIEQIJJIGXMZIRIWWGVMXMUYIGSYPHMRGPYHIWTIGMJMGMRXIVEGXMSRMWWYIW
8LI QSWX MQTSVXERX GLEVEGXIVMWXMG SJ ER] IZEPYEXMSR JSVQ MW XLI YWIJYPRIWW SJ
MRJSVQEXMSRXS]SYVKVSYTSVXIEQ 8LIRMRIMXIQWSRXLIXIEQIZEPYEXMSRJSVQJSV
I\EQTPIQMKLXFIVIPEXMZIP]QIERMRKPIWWMREHMJJIVIRXGSRXI\X6IQIQFIVXLEXWSQI
SJXLIMWWYIWMRERIJJIGXMZIXIEQXLEXGERFIVEXIHEVIKSEPWERHSFNIGXMZIWLMKLWXER
HEVHWSJTIVJSVQERGIFVSEHFEWIHTEVXMGMTEXMSRF]EPPQIQFIVWGSRJPMGXQEREKIQIRX
WOMPPWTVSFPIQVIGSKRMXMSRHIGMWMSRQEOMRKF]GSRWIRWYWGPMQEXIW]RIVK]GSLIWMZI
RIWWTSWMXMZI[SVOMRKEXQSWTLIVIGSRWXVYGXMZIGVMXMGMWQMRHMZMHYEPVIGSKRMXMSRLMH
HIREKIRHEWZEPYMRKSXLIVWGPEVMX]SJVSPIWF]QIQFIVWERHJPI\MFMPMX]*MKYVI 
WLS[WEWEQTPIJIIHFEGOJSVQ

*-+96) 7EQTPI*IIHFEGO*SVQ
8IEQCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC(EXICCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

8LMWMWEJIIHFEGOMRWXVYQIRXHIWMKRIHXSLIPT]SYVXIEQ'MVGPISRISJXLIRYQFIVWJVSQXSJSVIEGLSJ
XLIRMRIEVIEWSJGSRGIVR

-RWXVYGXMSRW-RHMGEXI]SYVEWWIWWQIRXSJ]SYVXIEQ

 +SEPWERH3FNIGXMZIW
8LIVIMWEPEGOSJGSQQSRP]
YRHIVWXSSHKSEPWERHSFNIGXMZIW
 
 9XMPM^EXMSRSJ6IWSYVGIW
%PPQIQFIVVIWSYVGIWEVIRSXVIGSKRM^IH
ERHSVYXMPM^IH
 
 8VYWXERH'SRJPMGX
8LIVIMWPMXXPIXVYWXEQSRK
QIQFIVWERHGSRJPMGXMWIZMHIRX
 
 0IEHIVWLMT
3RITIVWSRHSQMREXIW
ERHPIEHIVWLMTVSPIWEVIRSX
GEVVMIHSYXSVWLEVIH
 
8IEQQIQFIVWYRHIVWXERHERHEKVIISR
KSEPWERHSFNIGXMZIW
    
1IQFIVVIWSYVGIWEVIJYPP]VIGSKRM^IH
ERHYXMPM^IH
    
8LIVIMWELMKLHIKVIISJXVYWXEQSRK
QIQFIVWERHGSRJPMGXMWHIEPX[MXLSTIRP]
ERH[SVOIHXLVSYKL
    
8LIVIMWJYPPTEVXMGMTEXMSRMRPIEHIVWLMT
PIEHIVWLMTVSPIWEVIWLEVIHF]QIQFIVW
    

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

*-+96) 'SRXMRYIH
 'SRXVSPERH4VSGIHYVIW
8LIVIMWPMXXPIGSRXVSPERH
XLIVIMWEPEGOSJTVSGIHYVIW
XSKYMHIXIEQJYRGXMSRMRK
 
 -RXIVTIVWSREP'SQQYRMGEXMSR
'SQQYRMGEXMSREQSRK
QIQFIVWMWSTIRERHTEVXMGMTEXMZI
 
 4VSFPIQ7SPZMRK(IGMWMSR1EOMRK
8LIXIEQLEWRSEKVIIHSR
ETTVSEGLIWXSTVSFPIQWSPZMRK
ERHHIGMWMSRQEOMRK
 
 )\TIVMQIRXEXMSR'VIEXMZMX]
8LIXIEQMWVMKMHERHHSIWRSX
I\TIVMQIRX[MXLLS[XLMRKWEVIHSRI
 
 )ZEPYEXMSR
8LIKVSYTRIZIVIZEPYEXIWMXW
JYRGXMSRMRKSVTVSGIWW
 
&VMPLEVXtW4SWXQIIXMRK6IEGXMSR5YIWXMSRREMVI IZEPYEXIWIMKLXHMJJIVIRXGLEVEG
 
 
 
 
 
3FWIVZIVi1IQFIVW7GEPIW 
8LIVIEVIIJJIGXMZITVSGIHYVIWXSKYMHI
XIEQJYRGXMSRMRKXIEQQIQFIVWWYTTSVX
XLIWITVSGIHYVIW
  
'SQQYRMGEXMSREQSRKQIQFIVWMW
KYEVHIHERHGPSWIH
  
8LIXIEQLEW[IPPIWXEFPMWLIHERHEKVIIH
SRETTVSEGLIWXSTVSFPIQWSPZMRKERH
HIGMWMSRQEOMRK
  
8LIXIEQI\TIVMQIRXW[MXLHMJJIVIRX[E]W
SJHSMRKXLMRKWERHMWGVIEXMZIMRMXW
ETTVSEGL
  
8LIKVSYTSJXIRIZEPYEXIWMXWJYRGXMSRMRK
ERHTVSGIWW
  
XIVMWXMGWEWWLS[RMR*MKYVI  SRTEKI&VMPLEVX
+EPERIW

%PWSERI\GIPPIRXXIEQSVKVSYTI\IVGMWIMWXSHIZIPST]SYVS[RWIXSJGVMXIVME
*I[EGXMZMXMIWGERFIEWIHYGEXMSREPEWEKVSYTHMWGYWWMSRVIKEVHMRK[LEXJEGXSVWEVI
QSWXMQTSVXERXXS]SYVTEVXMGYPEVKVSYTERHXLIVIWYPXMRKJIIHFEGOMWGYWXSQM^IHERH
XLIVIJSVIMQQIHMEXIP]YWIJYPXSXLIKVSYT&IEXX]
,EEW
%WEWXEVXMRKTPEGI
XEOIER]GSQFMREXMSRSJXLIWXERHEVHJIIHFEGOMRWXVYQIRXWTVSZMHIHXLVSYKLSYXXLMW
GLETXIVERHTMGOXLIMXIQWQSWXWEPMIRXXS]SYVKVSYTSVXIEQ-J]SYEVIMRZSPZIHMRE
WIQIWXIVPSRKTVSNIGXGSRWMHIVYWMRKJSVQEXMZI IZEPYEXMSRW[LMGLEVIHSRIHYVMRKXLI
TVSGIWW MR EHHMXMSR XS WYQQEXMZI IZEPYEXMSRW [LMGLEVI HSRIEX XLI IRH8LIKSEP
WLSYPHFIXSGSRXMRYEPP]MQTVSZILS[XLIKVSYTMWJYRGXMSRMRKEW[IPPEWGSQTPIXMRKMXW
XEWOW,S[[IZMI[XLIKVSYTTVSGIWWEXXLIIRHGERFIUYMXIWYFNIGXMZI-XMWMQTSVXERX
XSTVSZMHIGSRXMRYEPJIIHFEGOWSXLEXXLIKVSYTGERQSHMJ]MXWEGXMZMXMIWXSMRGVIEWI
WYGGIWW'VI[W
2SVXL
3JXIRSTIRIRHIHUYIWXMSRWWYGLEWq,S[IJJIGXMZI
MWXLIKVSYT#rq,S[GERXLIKVSYTMQTVSZI#rERHq;LEXRIIHWXSGLERKIXSMQTVSZI
XLIKVSYT#rOIITXLIKVSYTSRXVEGO

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

*-+96) &VMPLEVXtW4SWXQIIXMRK6IEGXMSR5YIWXMSRREMVI

-RWXVYGXMSR'MVGPIXLIRYQFIVXLEXFIWXMRHMGEXIW]SYVVIEGXMSRXSXLIJSPPS[MRKUYIWXMSRWEFSYXXLIHMWGYWWMSR
MR[LMGL]SYTEVXMGMTEXIH
 %HIUYEG]SJ'SQQYRMGEXMSR 8S[LEXI\XIRXHS]SYJIIPQIQFIVW[IVIYRHIVWXERHMRKIEGLSXLIVtW
WXEXIQIRXWERHTSWMXMSRW#
          
1YGLXEPOMRKTEWXIEGL 'SQQYRMGEXIHHMVIGXP][MXLIEGL
SXLIVQMWYRHIVWXERHMRK SXLIV[MXLYRHIVWXERHMRK
 3TTSVXYRMX]XS7TIEO 8S[LEXI\XIRXHMH]SYJIIPJVIIXSWTIEO#
          
2IZIVLEHEGLERGIXSWTIEO %PPXLISTTSVXYRMX]XSXEPOXLEX-
[ERXIH
 'PMQEXISJ%GGITXERGI ,S[[IPPHMHQIQFIVWWYTTSVXIEGLSXLIVWLS[EGGITXERGISJMRHMZMHYEPW#
          
,MKLP]GVMXMGEPERHTYRMWLMRK 7YTTSVXMZIERHVIGITXMZI
 -RXIVTIVWSREP6IPEXMSRW ,S[TPIEWERX[IVIQIQFIVWLS[GSRGIVRIH[MXLMRXIVTIVWSREPVIPEXMSRW#
          
5YEVVIPWSQIWXEXYWHMJJIVIRGIW 4PIEWERXIQTEXLMGGSRGIVRIH[MXL
IQTLEWM^IH TIVWSRW
 0IEHIVWLMT ,S[EHIUYEXI[EWXLIPIEHIVSVPIEHIVWLMT SJXLIKVSYT#
          
8SS[IEOSVHSQMREXMRK 7LEVIHKVSYTGIRXIVIHERHWYJJMGMIRX
 7EXMWJEGXMSR[MXL6SPI ,S[WEXMWJMIHEVI]SY[MXL]SYVTIVWSREPTEVXMGMTEXMSRMRXLIHMWGYWWMSR#
          
:IV]HMWWEXMWJMIH :IV]WEXMWJMIH
 5YEPMX]SJ4VSHYGX ,S[WEXMWJMIHEVI]SY[MXLXLIHMWGYWWMSRWSPYXMSRWSVPIEVRMRKWXLEXGEQISYXSJXLMW
HMWGYWWMSR#
          
:IV]HMWWEXMWJMIH :IV]WEXMWJMIH
 3ZIVEPP ,S[HS]SYVEXIXLIHMWGYWWMSREWE[LSPIETEVXJVSQER]WTIGMJMGEWTIGXSJMX#
          
%[JYP[EWXISJXMQI 7YTIVFXMQI[IRX[IPP

7SYVGI .SLR/&VMPLEVXERH+PSVME.+EPERIW)JJIGXMZI+VSYT(MWGYWWMSR XLIH'ST]VMKLX8LI1G+VE[,MPP'SQ

TERMIW%PPVMKLXWVIWIVZIH6ITVMRXIHF]TIVQMWWMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHMZMHYEP6SPI&ILEZMSV 

3FWIVZIV*IIHFEGO+YMHIPMRIW
3FXEMRMRKMRHMZMHYEPSFWIVZIVJIIHFEGO SRXLIKVSYTTVSGIWWMWEPWSYWIJYP;LIR]SYEVI
EWOIHXSTVSZMHIMRHMZMHYEP[VMXXIRSVSVEPJIIHFEGOSFWIVZIXLIJSPPS[MRKKYMHIPMRIW

 %ZSMHKIRIVEPM^EXMSRWWYGLEWq[IPPHSRIr8LIQSVIWTIGMJMG XLIJIIHFEGO
XLIFIXXIV
 *SGYWSRFILEZMSVW XLEXGERFIGLERKIH
 (SRSXHIFEXISVEVKYI [MXLXLIKVSYT]SYEVIIZEPYEXMRK=SYVIZEPYEXMSRMW
QIERXXSFIYWIJYPXSXLIKVSYT8LMWMWRSXEJSVYQJSV]SYVMHIEWSVEREP]WMW4VSZMHI
]SYVSFWIVZEXMSRWMRWMKLXWSVSTMRMSRWFYXHSRSXHIQERHXLEXXLIKVSYTEGGITXXLIQ
 (SRSXQMGVSQEREKI XLIKVSYTTVSGIWW%WERSFWIVZIV]SYVNSFMWRSXXSKS
SZIVIZIV]HIXEMPSJXLITVSGIWW'LSSWIWTIGMJMGEVIEWERHHIZIPSTXLIQ[IPP-RKIRIVEP
EJYPPEREP]WMWSJX[SSVXLVIIMXIQW[MPPFIQYGLQSVIYWIJYPXLERGSZIVMRKIZIV]XLMRK
 6IQIQFIV]SYVVSPI %RIZEPYEXSVWLSYPHJYRGXMSREWEJEGMPMXEXSVERHHIZIP
STIV;LEX[MPP]SYVGSQQIRXWHSXSIRLERGIXLIKVSYTTVSGIWW#,S[GERXLIMRHMZMH
YEPWYXMPM^IXLIGSQQIRXW#%ZSMHWXEXIQIRXWXLEXWE]q-HMHRtXPMOIr[MXLSYXTVSZMHMRK
WTIGMJMGI\TPEREXMSRWVIKEVHMRKXLIZEPYISJXLIqPMOMRKr
 %GGIRXYEXI XLI TSWMXMZI EWTIGXW %P[E]W WXEVX [MXL XLI TSWMXMZI ERH XV] XS
WTIRHQSWXSJ]SYVXMQIJMRHMRKXLMRKWXLIKVSYTHMHVMKLX
 )RH[MXLWTIGMJMGWYKKIWXMSRW JSVMQTVSZIQIRX
 &IGPIEVERHGSRGMWI MJ]SYTVIWIRX]SYVMHIEWSVEPP]SVMR[VMXMRK
 'SQTPMQIRXMRTYFPMGERHGVMXMGM^IMRTVMZEXI MWEREGGITXIHTVEGXMGIMREPQSWX
EPPTVSJIWWMSREPWIXXMRKW8LMWVYPISJXLYQFHIJMRMXIP]ETTPMIWXSWQEPPKVSYTWIXXMRKW
 -R ER SVKERM^EXMSREP WIXXMRK HIZIPSTMRK TSWMXMZI VIPEXMSRWLMTW HYVMRK XLI
JIIHFEGOTVSGIWW[MPPVITE]MXWIPJXMQIERHEKEMR8LIKSEPMWRSXXSJMRHJEYPXFPEQI
MRHMZMHYEPWSVGVMXMGM^IXLIIJJSVX=SYVNSFMWXSLIPTXLIKVSYTSVXIEQHIZIPST

-RHMZMHYEP6SPI&ILEZMSV
%WHMWGYWWIHIEVPMIVWII'LETXIV SYVKVSYTVSPIFILEZMSVJEPPWMRXSXLVIIFVSEHGPEW
WMJMGEXMSRWhXEWOQEMRXIRERGIERHWIPJGIRXIVIH8EWOSVMIRXIHVSPIW EWWMWXXLIKVSYT
MREGGSQTPMWLMRKMXWKSEP1EMRXIRERGISVMIRXIHVSPIW JSGYWSRXLIWSGMEPEWTIGXW7IPJ
GIRXIVIH VSPIW EVI GSRGIVRIH [MXL MRHMZMHYEP RIIHW 8LIWI EVI MRJSVQEP VSPIW XLEX
HIZIPSTHYVMRK XLIKVSYTXVERWEGXMSRW
=SYGERYWIXLIWIGEXIKSVMIWMREWMRKPIIZEPYEXMSRWLIIXSVPIXXLIKVSYTHIGMHI
[LMGLSRIWRIIHXSFILMKLPMKLXIH7SQILSRIWXUYIWXMSRMRKPSSOMRKSYXJSVEPXIVRE
XMZIGSRGIVRWERHVIQMRHMRKXLIKVSYTSJTEWXIZIRXWGERFIUYMXIYWIJYP-RXLIIRH
EZSMHEGSSOMIGYXXIVETTVSEGLXSKVSYTIZEPYEXMSR
&EPIWtWMRXIVEGXMSRGEXIKSVMIWSJJIVEWTIGMJMGSVMIRXEXMSRXS[EVHMRHMZMHYEPVSPI
FILEZMSV&EPIW %W*MKYVI  WLS[W&EPIW[EWGSRGIVRIH[MXLMWWYIW
3RGIEKEMRXLIQSWXIJJIGXMZIHIZMGIJSV]SYVXIEQSVKVSYTQMKLXFIEGSQFM
REXMSRSJXLIWXERHEVHJSVQWERH]SYVS[RKVSYTtWMRXIVIWXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

*-+96) &EPIWtW-RXIVEGXMSR'EXIKSVMIW

 7IIQWJVMIRHP] 6EMWIWSXLIVWt WXEXYWTVSZMHIWEWWMWXERGIERHVI[EVHW

 (VEQEXM^IW .SOIWXIPPWWXSVMIWKMZIWMRHMVIGXWYKKIWXMSR
 %KVIIW ,IEHRSHHMRKZIVFEPWYKKIWXMSRWSJGSQQMXQIRXEFSYXMRJSVQEXMSRSTMRMSRSVWYKKIWXMSR
 +MZIWWYKKIWXMSR 8EOIWXLIPIEHXVMIWXSEWWYQIPIEHIVWLMTJSVXLIXEWO
 +MZIWSTMRMSR 4VSZMHIWIZEPYEXMSREREP]WMWI\TVIWWMSRSJJIIPMRKSV[MWL
 +MZIWMRJSVQEXMSR 4VSZMHIWSVMIRXEXMSRVITIXMXMSRGPEVMJMGEXMSRGSRJMVQEXMSR
 %WOWJSVMRJSVQEXMSR 6IUYIWXWSVMIRXEXMSRVITIXMXMSRGPEVMJMGEXMSRGSRJMVQEXMSR
 %WOWJSVSTMRMSR 6IUYIWXWIZEPYEXMSREREP]WMWI\TVIWWMSRSJJIIPMRKSV[MWL
 %WOWJSVWYKKIWXMSR 6IUYIWXWHMVIGXMSR[LMPIQEMRXEMRMRKEWYFQMWWMZITSWMXMSRUYIWXMSRWHIWMKRIHXS
GEPPJSVMRMXMEXMZISJSXLIVW
 (MWEKVIIW +MZIWTEWWMZIVINIGXMSRQMPHHMWEKVIIQIRXJEMPYVIXSVIWTSRH
 7LS[WXIRWMSR 0EYKLXIVWMKRWSJIQSXMSREPER\MIX]LSPHMRKFEGO
 7IIQWYRJVMIRHP] 6IHYGIWSXLIVWt WXEXYWHIJIRHWSVEWWIVXWWIPJGSRZI]WRIKEXMZIJIIPMRKW

7SYVGI 6*&EPIW-RXIVEGXMSR4VSGIWW%REP]WMW%1IXLSHJSVXLI7XYH]SJ7QEPP+VSYTW 4YFPMWLIHF]%PP]R

&EGSR'ST]
VMKLXF]4IEVWSR)HYGEXMSR6ITVMRXIHF]TIVQMWWMSRSJXLITYFPMWLIV

:IVFEP-RXIVEGXMSRERH'SRXIRX%REP]WIW
8[S EHHMXMSREP HIZMGIW XLEX GER FI YWIJYP EVI XLI ZIVFEP MRXIVEGXMSR EREP]WMW ERH
GSRXIRXEREP]WMWTVSGIHYVIW 8LIZIVFEPMRXIVEGXMSREREP]WMWXVEGIWXLIRYQFIVSJXMQIW
QIQFIVWEHHVIWWSRIERSXLIV-JEKVSYTLEWJMZIQIQFIVWTYXXLIREQIWMREWXEVPMOI
HMEKVEQVIJPIGXMRKXLIWIEXMRKTEXXIVRYWIHMRXLIHMWGYWWMSR8LIJMVWXXMQI8SQWTIEOW
XS7LIMPEHVE[EREVVS[JVSQ8SQXS7LIMPE%WIZIV]SRIFIKMRWTEVXMGMTEXMRKHVE[
XLIEVVS[WEWXLI]ETTP];LIR8SQWTIEOWXS7LIMPEEWIGSRHXMQIQEVOXLIEVVS[%W
*MKYVI  HIQSRWXVEXIW XLI QEVOMRKW FIKMR XS WLS[ XLI MRXIVEGXMSRTEXXIVRW 2SX
SRP]HSIWXLMWEREP]WMWMRHMGEXI[LSQMKLXRSXFITEVXMGMTEXMRKMXEPWSWLS[W[LSLEW
IQIVKIHEWXLIPIEHIVHYVMRKXLMWTEVXMGYPEVHMWGYWWMSR;IGEREPWSHIGMHIMJWSQISRI
MWHSQMREXMRKXLIHMWGYWWMSR
'SRXIRXEREP]WMWMW YWIHXS EREP]^IXLI X]TI SJ GSQQIRXWQEHI=SY EPWSGER
OIITXVEGOSJLS[SJXIRXLI]EVIQEHI%R]JSVQ[ILEZII\EQMRIHGERFIYWIHJSVE
GSRXIRXEREP]WMWIZEPYEXMSR-J]SY[ERXXSORS[[LSHMWTPE]IHXLIQSWXPIEHIVWLMT
FILEZMSVWHIZIPSTEPMWXSJHIWMVIHPIEHIVWLMTEGXMZMXMIWERHXLIROIITXVEGOSJLS[
SJXIRIEGLKVSYTQIQFIVIRKEKIWMRXLIWIEGXMZMXMIW8LIPMWXSJMRHMZMHYEPFILEZMSVW
[SYPHEPWS[SVOJSVGSRXIRXEREP]WMW:IVFEPMRXIVEGXMSRERHGSRXIRXEREP]WMWTVSGIWWIW
EPPS[SFWIVZIVWXSFIZIV]WTIGMJMGVIKEVHMRKTEVXMGYPEVFILEZMSVW

3XLIV1IXLSHWSJ6IJPIGXMSR
=SYGEROIITENSYVREPSJXLIKVSYTTVSGIWW8LIZEPYISJERSRKSMRKNSYVREPSJEGXMZM
XMIWHIVMZIWJVSQXLIJEGXXLEX[IXIRHXSJSVKIXMQTSVXERXQMPIWXSRIWEWXLITVSGIWW
QSZIWJSV[EVH;LIR[IKSFEGOXSIEVPMIVVIGSVHW[IGERVIGSZIVMQTSVXERXMRWMKLXW
VIKEVHMRKQMWWIHSTTSVXYRMXMIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 7YQQEV] 

8SQ

.IER +EPI

7LIMPE )H *-+96) :IVFEP-RXIVEGXMSR

8EPO4EXXIVRW

*MREPP]IXLMGEPHIGMWMSRQEOMRKFILEZMSVWTVSZMHIERI\GIPPIRXSTTSVXYRMX]JSV
VIJPIGXMSR4EYPERH7XVFMEO JSPPS[EJVEQI[SVOTVSZMHIHF]%VK]VMWERH7GLSR
 MRHIZIPSTMRKEQSHIPJSVIZEPYEXMRKEGSQQYRMGEXSVtWIXLMGEPHIGMWMSRQEOMRK
FILEZMSVW 8LIMV QSHIP GER FI EHETXIH XS WQEPP KVSYTW F] EREP]^MRK XLI KVSYTtW
IWTSYWIHIXLMGW XLEXMW[LEXMXWE]WEVIXLIIXLMGEPTVMRGMTPIWJSVKSZIVRMRKMXWEGXMSRW
[MXLMXWEGXYEPFILEZMSV[LMGLEVIXLIEGXMSRWHIGMWMSRWERHWSPYXMSRWMXYXMPM^IWERH
TYXWMRTPEGI8LIWIIXLMGWMRYWI SVXLITVMRGMTPIWFIMRKYXMPM^IHEVIXLIIXLMGEPW]W
XIQW YRHIVP]MRK MXWFILEZMSV XLEXGERFIMRJIVVIH JVSQSFWIVZMRKMXWFILEZMSVW8LI
EGXYEPFILEZMSVMWIXLMGEP[LIRMXMWGSRKVYIRX[MXLXLIIWTSYWIHIXLMGW8SIZEPYEXIE
KVSYTtWIXLMGEPFILEZMSVVIUYMVIWEWOMRKXLIKVSYTXSEVXMGYPEXIEWIXSJIXLMGEPTVMRGM
TPIWMXFIPMIZIWWLSYPHKSZIVRMXWEGXMSRWERHXLIRLEZMRKXLIKVSYTVIZMI[MXWEGXMSRW
HIGMWMSRWERHWSPYXMSRWXSHIXIVQMRILS[XLSWIFILEZMSVWEPMKR[MXLXLISVMKMREPSV
IWTSYWIHWIXSJIXLMGEPTVMRGMTPIW

7YQQEV]
%R]XLMRK[SVXLHSMRKMW[SVXLHSMRK[IPP7]WXIQEXMGJIIHFEGOMWXLIOI]XSWYGGIWW
JYPKVSYTTVSGIWWIW3FWIVZIVQIQFIVWGEPIWEVIERI\GIPPIRXQIERWSJJSGYWMRKSR
WTIGMJMGEVIEWJSVMQTVSZIQIRX6EXMRKWGEPIWEPPS[EFVSEHVERKISJEREP]WMWSJGSR
GITXW VERKMRK JVSQ MRHMZMHYEP EGXMSRW XS PIEHIVWLMT IJJIGXMZIRIWW -RHMZMHYEP VSPI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

FILEZMSVWGERFIXLIFEWMWJSVJIIHFEGO:IVFEPMRXIVEGXMSRERHGSRXIRXEREP]WMWGER
LSRIMRSRTEVXMGYPEVFILEZMSVW
;IEPPLSTISYVKVSYTW[MPPFIWYGGIWWJYPFYXXSKIXXLIQSWXJVSQSYVKVSYT
I\TIVMIRGIW[IRIIHXSMRGSVTSVEXIPIEVRMRK)PFIVX,YFFEVHE97[VMXIVMWGVIHMXIH
[MXLWE]MRKXLEXq%JEMPYVIMWETIVWSR[LSLEWFPYRHIVIHFYXMWRSXGETEFPISJGEWLMRK
MRSRXLII\TIVMIRGIr&SSRIT 3VXSTYXMXERSXLIV[E]8LIVIEVIRS
QMWXEOIWSRP]STTSVXYRMXMIW8LISRP]HMJJIVIRGIFIX[IIREFMPMX]ERHPYGOQE]FIXLI
EFMPMX]XSEZSMHEQMWXEOIERHVITIEXEWYGGIWWEWIGSRHXMQI8LIWIGSQQIRXWWYKKIWX
XLIMQTSVXERGISJJIIHFEGOERHPIEVRMRKEW[IHIZIPSTWQEPPKVSYTWOMPPW

(-7'977-3259)78-327

 ;LEXEVIXLIJSYV[E]WSJPIEVRMRKEFSYXLS[XSQEOIWQEPPKVSYTWWYGGIWWJYP#;LMGLSRIW
LEZI]SYYWIH#;IVIXLI]WYGGIWWJYPMRXIEGLMRKKIRIVEPKVSYTIJJIGXMZIRIWWGSRGITXW#
 ;L]YWIEGSRWYPXERXSVERSFWIVZIVJSVEWQEPPKVSYT#
 ,S[GEREVEXMRKWGEPIFIYWIHXSIZEPYEXIEWQEPPKVSYT#
 ;LEXMWWYIW[SYPHFIYWIJYPXSMRGPYHISREVEXMRKWGEPI#
 ,S[GERTSWXQIIXMRKVIEGXMSRJSVQWFIYWIH#;LEXEVIXLIMVQSWXMQTSVXERXGLEVEGXIVMWXMGW#
 3YXPMRIERHHMWGYWWXLIKYMHIPMRIWJSVTVSZMHMRKSFWIVZIVJIIHFEGOXSEKVSYT
 ,S[GERERSFWIVZIVYXMPM^IMRXIVEGXMSRFIX[IIRKVSYTQIQFIVWXSTVSZMHIJIIHFEGO#
 ;LEXEVIWSQII\EQTPIWSJIWTSYWIHZIVWYWIXLMGWMRYWI#

)<)6'-7)7

 )ZEPYEXMRK SYVWIPZIW  )ZEPYEXMSR SJ E KVSYT SV XIEQ TVSNIGX  -RHMZMHYEP TETIVW
 8IEQIZEPYEXMSR

  ) :% 0 9 % 8 - 2 +  3 9 6 7 ) 0: ) 7

9WIXLIWEQTPIJIIHFEGOJSVQTVIWIRXIHMR*MKYVI XSIZEPYEXI]SYVKVSYTSVXIEQ
4VSGIHYVI
)EGLQIQFIVSJXLIXIEQWLSYPHTIVJSVQXLMWIZEPYEXMSRMRHMZMHYEPP]ERHMR[VMXMRK
2I\XXLIKVSYTSVXIEQWLSYPHGSQTPIXIEWMRKPIWIPJIZEPYEXMSRJSVQXLEXGSQFMRIWEPPXLI
VEXMRKWGSVIWSJXLIMRHMZMHYEPQIQFIVWSRSRIJSVQ8LIRXLIKVSYTWLSYPHHMWGYWWIEGL
WGEPIMXIQSRXLIJSVQTE]MRKTEVXMGYPEVEXXIRXMSRXSXLSWIMXIQW[MXLXLIPIEWXJEZSVEFPI
SZIVEPP VEXMRKW ERH XLSWI MXIQW WLS[MRK XLI KVIEXIWX HMWGVITERG] MR VEXMRKW EQSRK XLI
KVSYTQIQFIVW*MREPP]XLIXIEQWLSYPHHMWGYWW[E]W[MXL[LMGLXSHIEP[MXLER]TSXIR
XMEPTVSFPIQWMWWYIWSVGSRGIVRWVEMWIHHYVMRKXLMWWIPJIZEPYEXMSRTVSGIWW

  ) :% 0 9 % 8 - 3 2  3 *  %  + 6 3 9 4  3 6  8 ) % 1  4 6 3 . ) ' 8

-J]SYVKVSYT[SVOIHSRETVSNIGXVIWTSRHXSXLIJSPPS[MRKUYIWXMSRWEWEQIERWJSVTVS
ZMHMRKMRXIVREPKVSYTJIIHFEGO

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

 (MH XLI JMREP TVSNIGX VITVIWIRX E KVSYT IJJSVX# ;IVI WSQI KVSYT QIQFIVW QSVI
MRZSPZIHERHHMHXLI]GSRXVMFYXIQSVIXLERSXLIVW#
 (MHXLITVSNIGXVITVIWIRXEKSSHVIWIEVGLIJJSVX#;IVIXLIKSEPW[IPPHIJMRIH#;EW
EHIUYEXIVIWIEVGLYWMRKEZEVMIX]SJQIXLSHWIQTPS]IH#
 (MHXLIKVSYTYWIEW]WXIQEXMGETTVSEGLXSTVSFPIQWSPZMRK#
 (MHXLIKVSYTETTVSEGLXLIXSTMGGVIEXMZIP]#;IVIZEVMSYWETTVSEGLIWYXMPM^IH#
 (MHXLIKVSYTHIZIPSTEYRMJMIHXIEQXLEXZEPYIHHMZIVWISTMRMSRWERHGSSTIVEXIHMR
TVSFPIQEREP]WMW#
 ;IVII\GIPPIRXGSQQYRMGEXMSRWOMPPWYWIHXSEWWMWXMRYRHIVWXERHMRKXLITVSFPIQERH
HIZIPSTMRKETSWMXMZIKVSYTGPMQEXI#

  - 2 ( - : - ( 9% 0  4% 4 ) 6 7  * 3 6  - 2 7 8 6 9 ' 8 3 6 t 7  6 ) : - ) ;

8LIKSEPSJXLMWTETIVMWRSXXSTVSZMHIELMWXSV]SJXLIKVSYTTVSGIWW-RWXIEH]SYEVI[VMX
MRKXSWLEVI]SYVSFWIVZEXMSRWERHXSI\TPEMR[LEX]SYLEZIPIEVRIHXLVSYKLXLITVSNIGXSV
KVSYTTVSGIWW8LMWTETIVMWJSV]SYVVIJPIGXMSRWXSXLIMRWXVYGXSVRSX]SYVKVSYTSVXIEQW

 7XEVX [MXL XLMW GLETXIV XS TVSZMHI ]SY [MXL WSQI WXERHEVH IZEPYEXMSR ETTVSEGLIW
%HETXXLMWQEXIVMEPMJETTVSTVMEXIXSMRGPYHIMRJSVQEXMSRMRXLITVIZMSYWGLETXIVW
ERHGPEWWI\TIVMIRGIW%W]SYIZEPYEXIXLIKVSYTI\TIVMIRGIGLSSWIXLIQSWXWEPMIRX
XSTMGW VEXLIV XLER XV]MRK XS GSZIV EPP XLI QEXIVMEPW *SV I\EQTPI SRI SJ XLI QSWX
MQTSVXERXMWWYIWMR]SYVKVSYTQE]LEZIFIIRXLIYRIUYEPIJJSVXF]XLIQIQFIVW
)\TPEMR[L]]SYFIPMIZIXLMWLETTIRIHXLIIJJSVXWF]XLIKVSYTXSVIWSPZIXLIMWWYI
ERHWYKKIWXMSRWhRS[XLEX]SYLEZIGSQTPIXIHXLITVSGIWWhSRLS[XSHIEP[MXLXLI
MWWYIMJMXSGGYVWMRSXLIVKVSYTW=SYWLSYPHGSZIVEXPIEWXJMZIQENSVXSTMGW
 6ERO IEGL KVSYT QIQFIV MRGPYHMRK ]SYVWIPJ    ERH WS JSVXL8LI VEROMRK
WLSYPHFI]SYVEWWIWWQIRXSJXLIUYEPMX]ERHUYERXMX]SJIEGLQIQFIVtWGSRXVMFY
XMSRWXSXLIXIEQSVKVSYTTVSGIWW)\TPEMRLS[]SYHIJMRIqGSRXVMFYXMSRr
E 8LIVIMWRSVIEWSR[L]]SYGERRSXFIVEROIHMJ]SYFIPMIZI]SYQEHIXLIKVIEX
IWXGSRXVMFYXMSR
F =SYSRP]YWISRIXMQISRIXMQIERHWSJSVXL8LIVIGERFIRSXMIW
G .YWXMJ]]SYVVEROMRKJSVIEGLMRHMZMHYEP8LMWJIIHFEGOMWRSXQIERXXSIRGSYVEKI
ETSTYPEVMX]GSRXIWX
H 6IQIQFIVXLEXWSQISRIGERVIGIMZIXLIPS[IWXVEROMRKERHWXMPPVIGIMZIEKSSH
KVEHI 3RI QIQFIV QMKLX FI VEROIH JMJXL F] IZIV]SRI MR XLI KVSYT IZIR XLSYKL
IZIV]SRIFIPMIZIWLISVWLIHMH%[SVO
I =SYVMRWXVYGXSV[MPPPIX]SYORS[MJXLIJMREPVEROMRK[MPPFIWLEVIH[MXLXLIVIWXSJ
XLIKVSYT=SYVMRHMZMHYEPVIEWSRWERHVEROMRK[MPPRSX7S]SYWLSYPHFIGERHMH
 ;LEX[SYPH]SYHSHMJJIVIRXP]MJ]SYGSYPHWXEVXXLMWKVSYTTVSGIWWSZIV#
 ;LEX[MPP]SYHSHMJJIVIRXP]XLIRI\XXMQI]SYEVIMREKVSYT#

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

  8 ) % 1  ) :% 0 9 % 8 - 3 2  * 3 6  1 ) 1 & ) 6  * ) ) & % ' / 

8338,)67

-RHMZMHYEPVIWTSRWIWXSXIEQKVSYT
=SYVREQICCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
8IEQ+VSYT8STMGCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 8LMROMRKFEGOSZIVXLIPEWXWIQIWXIVTPIEWIVERO]SYV
XIEQQEXIW%VEROMRKSJMRHMGEXIWXLEXXLMWMRHMZMH
YEP [EW XLI QSWX TVSHYGXMZI ERH qFIWXr XIEQ QIQFIV
=SYGEREWWMKRSRP]SRI qr
6EROXLIVIWXSJXLIXIEQMRGPYHMRK]SYVWIPJ [MXLE
=SYGERYWIIEGLRYQFIVSRP]SRGI

 7TIGMJMGEPP]NYWXMJ]]SYVVEROMRKSJXLIXIEQQIQFIVW
;L]HMH]SYTMGOIEGLTIVWSRXSVIGIMZIXLIWTIGMJMG
VEROMRK# =SYV KSEP MW XS GPEVMJ] ]SYV S[R XLMROMRK
VIKEVHMRKLS[]SYHIJMRIGSRXVMFYXMSRW

 ;LEX [IVI XLI LMKLPMKLXW ERH PS[ TSMRXW SJ XLI XIEQ
TVSGIWW#)\TPEMR

 ;LIVIHMHXLIXIEQWYGGIIH#,S[HS]SYHIJMRIWYGGIWW#
(SIW]SYVVEROMRKVIJPIGXXLIWYGGIWWIW#

 ;LEX[SYPH]SYHSHMJJIVIRXP]XLIRI\XXMQI]SYEVIMR
EXIEQKVSYT#&IWTIGMJMG

6)*)6)2')7

%VK]VMW '
 7GLSR (%   8LISV] MR TVEGXMGI &VMPLEVX./
+EPERIW+. )JJIGXMZIKVSYTHMW
-RGVIEWMRK TVSJIWWMSREP IJJIGXMZIRIWW 2I[ =SVO GYWWMSR XLIH (YFYUYI-%;Q'&VS[R
;MPI]-RXIVWGMIRGI 'VI[W8&
2SVXL%& 8IEQIZEPYEXMSR4EVX
&EPIW 6 +   -RXIVEGXMSR TVSGIWW EREP]WMW % SJ -RWXVYGXMSREP7XVEXIKMIW i
QIXLSHJSV XLI WXYH] SJ WQEPPKVSYTW 'EQFVMHKI 1EVGL . +   % TVMQIV SR HIGMWMSR QEOMRK 2I[
1%%HHMWSR;IWPI] =SVO8LI*VII4VIWW
&IEXX].6
,EEW6; 9WMRKTIIVIZEPYEXMSRW 4EYP .
 7XVFMEO ' %   8LI IXLMGW SJ WXVEXIKMG
XSEWWIWWMRHMZMHYEPTIVJSVQERGIMRKVSYTGPEWWTVS EQFMKYMX] 8LI .SYVREP SJ &YWMRIWW 'SQQYRMGE
NIGXW.SYVREPSJ1EVOIXMRK)HYGEXMSR i XMSR i
&SSRI0) 5YSXEFPIFYWMRIWW 2I[=SVO6ER
HSQ,SYWI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 
'SQTYXIV1IHMEXIH
+VSYT'SQQYRMGEXMSR

',%48)63980-2)

9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW 1EXGLMRK1IHME6MGLRIWW
-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR XSXLI'SQQYRMGEXMSR*YRGXMSR
8LI-QTSVXERGISJ9RHIVWXERHMRK-RJPYIRXMEP %HSTXMRK)JJIGXMZI+VSYT'SQQYRMGEXMSR
9RHIVGYVVIRXW 7XVEXIKMIWJSV'1'
'SQTYXIV1IHMEXIH'SQQYRMGEXMSR'1' *EGMPMXEXMRK)JJIGXMZI'1'+VSYT
4IVJSVQERGI3YXGSQIWSJ'1'+VSYTW 'SQQYRMGEXMSR
)PIGXVSRMG1IIXMRK7]WXIQW 0IEHMRKE'1'+VSYT1IIXMRK
-RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 7YQQEV]
7SGMEP4VIWIRGI
(MWGYWWMSR5YIWXMSRW
7SQI)JJIGXWSJ'1'9RHIVGYVVIRXWSR+VSYT
4VSGIWWIW )\IVGMWIW
'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WI 6IJIVIRGIW
SJ'1'
'LSSWMRKE1IHMYQJSVXLI'SQQYRMGEXMSR8EWO
*MRHMRKE0ERKYEKI(IQERH8IGLRSPSK]*MX

',%48)63&.)'8-:)7

(IJMRIGSQTYXIVQIHMEXIHGSQQYRMGEXMSR'1' 
(IWGVMFIXLIIPIGXVSRMGQIIXMRKW]WXIQGLEVEGXIVMWXMGWSJKVSYTWYTTSVXW]WXIQW+77 ERHSJEYHMS
ERHZMHISGSRJIVIRGMRK
(MWGYWWXLIIJJIGXWSJ'1'YRHIVGYVVIRXWSRKVSYTTVSGIWWIW
)\TPEMRWSGMEPTVIWIRGIERHXLIIJJIGXWSJQIHMEVMGLRIWWW]RGLVSRSYWGSQQYRMGEXMSRERHSXLIV
MRJPYIRGIWSJXLIQIHMYQSRMX
(IWGVMFIQIXLSHWJSVGLSSWMRKERETTVSTVMEXIGSQQYRMGEXMSRQIHMYQYWMRKXLIGSQQYRMGEXMSRXEWO
XLIPERKYEKIHIQERHiXIGLRSPSK]JMXERHXLIGSQQYRMGEXMSRJYRGXMSRXIGLRMUYIW
(MWGYWWKVSYTTVSGIWWERHPIEHIVWLMTVIWTSRWMFMPMXMIWJSVIJJIGXMZIWQEPPKVSYT'1'


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

/ )=8 )6 17

%W]RGLVSRSYW )PIGXVSRMGQIIXMRKW]WXIQW 0ERKYEKIHIQERHXIGLRSPSK]JMX

GSQQYRMGEXMSR )17 +VSYTWYTTSVXW]WXIQW+77
%YHMSGSRJIVIRGMRK *EGIXSJEGI*8* KVSYTW 1IHMEVMGLRIWW
%YHMSGPMTTMRK +VSYT[EVI 0ERKYEKIHIQERHiXIGLRSPSK]JMX
%YHMSHIPE] +VSYTHIGMWMSRWYTTSVXW]WXIQW 7SGMEPTVIWIRGI
'SQTYXIVQIHMEXIH +(77 7]RGLVSRSYWGSQQYRMGEXMSR
GSQQYRMGEXMSR'1' +VSYTTIVJSVQERGIWYTTSVX :MHISGSRJIVIRGMRK
'SQTYXIVIXLMGW W]WXIQW+477

8LI1SXS6E^V:YPXVEXLMRGIPPTLSRI[MXLMXWERSHM^IHEPYQMRYQJMRMWLERHWMPZIV
FPEGOSVQEKIRXEGSPSV[EWGVIEXIHF]EHIZIPSTQIRXXIEQMRZMVXYEPWIGVIG]IZIR
[MXLMR1SXSVSPE8LIXIEQSJIPIGXVMGEPIRKMRIIVWQIGLERMGEPIRKMRIIVWERH
MRHYWXVMEPHIWMKRIVWFVSYKLXHMZIVWII\TIVXMWIXSXLITVSNIGXERHIEGLQIQFIVSJJIVIH
LMWSVLIVTEVXMGYPEVXEPIRXI\TIVMIRGIERHTIVWTIGXMZI8SKIXLIVXLI]HIWMKRIH
JEWLMSRIHERHTVSHYGIHSRISJXLIQSWXWYGGIWWJYPGIPPTLSRIWIZIVGVIEXIH1SXSVSPE
WSPHEPQSWXEWQER]6E^VWMRERHEW%TTPIWSPHM4SHW,IPPS1SXS
0EWLMRWO] 

9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIW
SR7QEPP+VSYT'SQQYRMGEXMSR
8IGLRSPSK] EJJIGXW SYV GSQQYRMGEXMSR SYV VIPEXMSRWLMTW ERH SYV PMZIW -X MW RSX E
UYIWXMSRSJMJ [I[MPPYWIXIGLRSPSK]XSGSQQYRMGEXI[MXLIEGLSXLIVMXMWEUYIWXMSR
SJ[LIRLS[ ERHLS[[IPP 'SQTYXIVQIHMEXIHGSQQYRMGEXMSR'1' QSZIWGSQ
QYRMGEXMSREWXITFI]SRHXMQIERHWTEGIEPPS[MRKMXXSFIqMRWXERXERISYWP]EW]RGLVS
RSYWrERHKISKVETLMGEPP]TVSPMJMGGSSGGYVVMRKMRQYPXMTPIKISKVETLMGEPPSGEXMSRWEX
SRGI*VSQELYQERGSQQYRMGEXMSRTIVWTIGXMZI'1'MWEWSGMEPERHTW]GLSPSKMGEP
TLIRSQIRSRRSXNYWXEXIGLRSPSKMGEPSRI7LIHPIXWO]
%MXOIR 
-RS[IQEMPQ]QSXLIVQSVISJXIRXLER-GEPPLIVSRXLITLSRIERH-WXE]MR
XSYGL [MXL JEQMP] JVMIRHW ERH GSPPIEKYIW [LS PMZI EPP SZIV XLI GSYRXV] F] YWMRK E
ZEVMIX] SJ '1' -RGVIEWMRKP] [I TEVXMGMTEXI MR KVSYTW XLEX YWI XIGLRSPSK] MR XLIMV
GSQQYRMGEXMSRHIGMWMSRQEOMRK ERH TVSFPIQWSPZMRK TVSGIWWIWEW[IPP8LIXIGL
RSPSKMIWXLI]YWIZEV]JVSQWLEVMRKHSGYQIRXWEWIQEMPEXXEGLQIRXWXSTSWXMRKKIR
IVEP MRJSVQEXMSR SR XLI [IF YWMRK IPIGXVSRMG FYPPIXMR FSEVHW ERH FPSKW WLEVMRK
ZMHISXETIWSJMRJSVQEXMSREPTVIWIRXEXMSRWERHYWMRKSRPMRIGSQTYXIVGLEXWIWWMSRWXIPI
TLSRIEYHMSGSRJIVIRGIWERH-RXIVRIXZMHISGSRJIVIRGIWXSGEVV]SRKVSYTHMWGYWWMSRW
1MPPMSRW SJ TISTPI EVI GYVVIRXP] YWMRK XLIWI GSQQYRMGEXMSR XIGLRSPSKMIW MR
SVKERM^EXMSRW XLEX LEZI KISKVETLMGEPP] HMWTIVWIH KVSYT QIQFIVW *VMIHQER 
*SVI\EQTPI1]750XLIQMPPMSRGSQTYXIVWSJX[EVIQEOIVIQTPS]W[SVOIVW
MRGSYRXVMIWQSWX SJ [LSQ[SVO JVSQ LSQI )JJIGXMZIP]QEREKMRK XIGLRSPSK]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR 

GSRRIGXIH[SVOXIEQWVIUYMVIWERI[WIXSJQEREKIQIRXERHGSQQYRMGEXMSRWOMPPWWS
XLEXIQTPS]IIWJIIPGSRRIGXIHERHZEPYIH,]EXX 8SWXE]GSQTIXMXMZIMRXSHE]tW
IPIGXVSRMGEPP]GSRRIGXIHIGSRSQ]GSVTSVEXMSRWWLEVIMRJSVQEXMSREXL]TIVJEWXWTIIHW
YWMRK -RXIVRIXW -RXVERIXW ERH SXLIV JSVQW SJ '1' 'YQQMRKW
;SVOPI]  
7SSRIVSVPEXIVEPQSWXEPPSJYW[MPPYWI'1'MRSYVWQEPPKVSYTWEW[IPP8SFIIJJIG
XMZIMRXLEXGSQQYRMGEXMSR[IQYWXYRHIVWXERHWSQIXLMRKEFSYXXLIXIGLRSPSK]ERH
MXWQYPXMTPIMRJPYIRGIWSRWQEPPKVSYTGSQQYRMGEXMSR;IQYWXTPERJSVMXWYWIERH
EHSTX WXVEXIKMIW JSV FIMRK IJJIGXMZI MR SYV GSQQYRMGEXMSR 6SKIVW   ,EGOIV
ERH 7XIMRIV WYKKIWXXLEX[IRIIHQSVIXLEREGGIWWXSXLI-RXIVRIXXSFIGSQI
WYGGIWWJYPYWIVWSJMX;IRIIHXLISTTSVXYRMX]XSHIZIPSTSYVWOMPPWERHGSQJSVXPIZIP
[MXLXLIQIHMYQSZIVGSQMRKSYVER\MIXMIWERHHIZIPSTMRKETSWMXMZIQSXMZEXMSRJSV
YWIFEWIHSRSYVTIVGITXMSRSJXLIXERKMFPIFIRIJMXWXSFIKEMRIHMRSYVMRXIVTIVWSREP
[SVOVIPEXIH JMRERGMEP ERH TSPMXMGEP SV WSGMEP MRXIVIWXW -R XLMW GLETXIV [I I\TPSVI
WSQISJXLI[E]WKVSYTWYWIGSQQYRMGEXMSRXIGLRSPSKMIWXLIGSQQYRMGEXMSRGLEP
PIRKIWXLI]QYWXSZIVGSQIERHXLI[E]WMR[LMGLXLSWIXIGLRSPSKMIWMRJPYIRGIXLIMV
GSQQYRMGEXMSR

8LI-QTSVXERGISJ9RHIVWXERHMRK
-RJPYIRXMEP9RHIVGYVVIRXW
;LIR-[EWQ]GSYWMRWGEQIXSZMWMXSRIWYQQIVERH[I[IRXW[MQQMRK-LEH
NYWXKSRIXLVSYKLEKVS[XLWTYVXWS[EWXEPPIVERHWXVSRKIVXLERXLIWYQQIVFIJSVIERH
GSYPHW[MQSYXJEVXLIVMRXSXLISGIERERHWXMPPXSYGLXLIWERH]FSXXSQ9RJSVXYREXIP]
XLMWEPWSQIERXXLEXJSVXLIJMVWXXMQIMRQ]PMJI-[EWEFPIXSW[MQSYXJEVIRSYKLXS
I\TIVMIRGIXLIWXVSRKYRHIVGYVVIRX-HMWGSZIVIHXLEX[LIR-XVMIHXSWXERH-GSYPHRSX
OIITQ]JIIXTPERXIHMRXLIWERH8LISGIEROITXW[IITMRKQ]PIKWSYXJVSQYRHIVQI
TMGOMRKQIYTERHGEVV]MRKQIJEVXLIVSYXXSWIE-WXEVXIHW[MQQMRKXS[EVHWLSVIEW
JEWXEW-GSYPHSRP]XSHMWGSZIVXLEXXLISGIER[EWWXVSRKIVXLER-[EW-XGEVVMIHQISYX
XSWIEIZIREW-W[EQEKEMRWXMX%XJMVWX-TERMGOIHERHXVMIHW[MQQMRKIZIRLEVHIV
WXVEMKLXJSVWLSVIFYX-QEHIRSTVSKVIWWEKEMRWXXLISGIERtWGYVVIRX8LIRJSVXYREXIP]
-VIQIQFIVIHXLEXXLIYRHIVGYVVIRXEXXLMWFIEGLVYWLIHMRSRSRIWMHISJXLIFE]ERH
VERSYXXLISXLIVHITSWMXMRKWERHEPSRKETSMRXEWMXVIGIHIH*SVEQSQIRX-VIWXIH
JPSEXIHERHPSSOIHEVSYRH-VIQIQFIVIHXLEXQ]KSEP[EWXSW[MQXSWLSVIVEXLIV
XLER FI VIWGYIHF]XLI PMJIKYEVHERHIQFEVVEWWIHMR JVSRX SJQ]GSYWMRWSV[SVWI
HVS[REXWIE ERHVIWYQIHQ]W[MQQMRK[MXLEGEPQWXIEH]WXVMHIMREHMVIGXMSRE[E]
JVSQXLIFIEGL[LIVI-LEHIRXIVIHXLI[EXIV-QEHITVSKVIWWF]W[MQQMRKEGVSWWXLI
GYVVIRX XS XLI WERH] TSMRX ERH EJXIV E [LMPI XLI GYVVIRX IZIR WIIQIH XS LIPT QI
EGLMIZIQ]KSEP;LIR-VIEGLIHWLEPPS[[EXIV-[EWEFPIXS[EPOFEGOXS[LIVIQ]
GSYWMRW[IVIP]MRKSRXLIFIEGLMRXLIWYR-[EWI\LEYWXIHFYXLEHVIEGLIHQ]KSEP-
[EWWYGGIWWJYPFIGEYWI-ORI[WSQIXLMRKEFSYXXLIQIHMYQMR[LMGL-[EWW[MQQMRK
ERH [EW EFPI XS YWI XLEX ORS[PIHKI MR GVEJXMRK E WXVEXIK] JSV RIKSXMEXMRK Q] [E]
XLVSYKLXLIYRHIVGYVVIRXWSJXLEXQIHMYQ
'SQQYRMGEXMRK XLVSYKL E GSQTYXIV QIHMYQ MW QYGL PMOI W[MQQMRK MR XLI
SGIER 9RHIVWXERHMRK XLI YRHIVGYVVIRXW SJ XLI XIGLRSPSK] ERH XLIMV MRJPYIRGIW MW
LIPTJYP XS TPERRMRK E WXVEXIK] JSV EGLMIZMRK SYV KSEP SJ IJJIGXMZI WQEPP KVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

GSQQYRMGEXMSR-KRSVMRKXLIYRHIVGYVVIRXWSJXLIQIHMYQQE]QIERXLEX[IJMRHSYV
WIPZIWEXPIEWXQIXETLSVMGEPP]SYXXSWIE

'SQTYXIV1IHMEXIH'SQQYRMGEXMSR'1'
'SQTYXIVQIHMEXIHGSQQYRMGEXMSR'1' HIWGVMFIWGSQQYRMGEXMSRXLEXXEOIWTPEGI
XLVSYKLEZEVMIX]SJQIHMEERHTVSZMHIWHMWXVMFYXIHKVSYTQIQFIVW[MXLZMHISEYHMS
ERHXI\XFEWIHQIWWEKMRKGETEFMPMXMIW+VEIX^IXEP 8LIWIJEGMPMXMIWMRGPYHI
GSQTYXIV EYHMS ERH ZMHIS GSRJIVIRGMRK W]WXIQW FPSKW MRWXERX QIWWEKMRK GSQ
TYXIVGLEXVSSQWIPIGXVSRMGQEMPFYPPIXMRFSEVHWPMWXWIVZWERHRI[WKVSYTW,YERK
  1ER] SJ XLIWI '1' W]WXIQW LEZI WSJX[EVI WSQIXMQIW GEPPIH KVSYT[EVI
WTIGMJMGEPP]HIWMKRIHXSLIPTKVSYTWHMWGYWWMWWYIWQEOIHIGMWMSRWERHGSQQYRM
GEXIIJJIGXMZIP]
%PXLSYKLWSQIIEVP]EYXLSVWPMQMXIHXLIYWISJ'1'XSSRP]XI\XFEWIHGSQ
TYXIVQIHMEXIHQIWWEKIW]WXIQWJSVI\EQTPI;EPXLIV [IMRGPYHIEYHMSERH
ZMHISGSRJIVIRGMRK W]WXIQW MR SYV HMWGYWWMSR SJ '1' FIGEYWI XLIWI W]WXIQW EVI
FIGSQMRK MRGVIEWMRKP] EZEMPEFPI ERH YWIJYP XS KVSYTW MR XLIMV HIGMWMSRQEOMRK ERH
TVSFPIQWSPZMRKGSQQYRMGEXMSRERHFIGEYWIXLI]EVIMRGVIEWMRKP]YWIHMRGSQFMRE
XMSR[MXLXI\XFEWIHW]WXIQW
'1' [LIXLIV XI\XFEWIH EYHMSPMROIH SV ZMHISMRXIVEGXMZI KIRIVEXIW WSQI
GSQQSR MRJPYIRXMEP YRHIVGYVVIRXW [MXLMR XLI KVSYT GSQQYRMGEXMSR '1' KVSYT
QIQFIVWXIRHXSJSGYWQSVISRXLIXEWOERHMRWXVYQIRXEPEWTIGXWSJXLITVSGIWWXLER
SRXLITIVWSREPERHWSGMEPEWTIGXWSJXLIKVSYT8LYWXLI]XIRHXSFIQSVIGSRXIRXSVM
IRXIHERHPIWWWSGMEPIQSXMSREPMRXLIMVGSQQYRMGEXMSRWX]PIXLERJEGIXSJEGIKVSYTW
EVI;EPXLIV -RHMZMHYEPWMR'1'KVSYTWXIRHXSJIIPQSVIERSR]QSYWMRXLIMV
TEVXMGMTEXMSR ERH XS HIXIGX PIWW MRHMZMHYEP TIVWSREPMX] MR XLI SXLIV KVSYT QIQFIVW
8LI] JVIUYIRXP] TEVXMGMTEXI QSVI IUYEPP] ERH PS[WXEXYW QIQFIVW SJXIR GSRXVMFYXI
QSVIJVIIP]8LI]EPWSGSQQYRMGEXIQSVIYRMRLMFMXIHP]WSQIXMQIWKIRIVEXMRKQSVI
RIKEXMZIQIWWEKIWERHI\TIVMIRGMRKQSVIHMJJMGYPX] MR EXXEMRMRKEKVSYTGSRWIRWYW
;LMPI'1'KVSYTWWSQIXMQIWLEZIELMKLIVPIZIPSJGSRJPMGXXLI]GEREPWSHMWTPE]
TSWMXMZIEJJIGXERHJVIUYIRXP]IRKEKIMRPIWWEVKYQIRXEXMSR8LI]EVIPIWWPMOIP]XSLEZI
ER IQIVKIRX PIEHIV ERHEVI QSVI PMOIP]XS LEZI E HIGIRXVEPM^IH ERH PIWWTIVQERIRX
PIEHIVWLMT'1'KVSYTWEPWSXIRHXSHIIQTLEWM^ITIVWSREPVIPEXMSRWLMTWERHI\TIVM
IRGIPIWWMRXIVTIVWSREPEXXVEGXMSR'SRVEH
4SSPI1G+VEXL
,SPPMRKWLIEH
 ,S[IZIVXLI]GERHIZIPSTMRXIVTIVWSREPP]TSWMXMZIVIPEXMSRWLMTW[LIRKVSYTW
GSRXMRYIXSQIIXSZIVXMQI'SRVEH
4SSPI6EMRW 
1IX^KIVERH*PEREKER VITSVXXLEXTISTPIMRKIRIVEPEVIQSVIEGXMZIMR
XLIMVYWI SJ '1' XLER XLI] EVI [LIR YWMRK QSVI XVEHMXMSREP GSQQYRMGEXMSRQIHME
WYGLEWFSSOWQEKE^MRIWRI[WTETIVWXIPITLSRIWERHXIPIZMWMSR4ISTPIVITSVXXLIMV
GSQTYXIVQIHMEXIHGSQQYRMGEXMSRXSFIQSVIKSEPHMVIGXIHERHMRXIRXMSREP8LI]YWI
'1'XSTYVTSWIP]WIIOSYXWTIGMJMGX]TIWSJMRJSVQEXMSRERHIRXIVXEMRQIRXVEXLIVXLER
XSGEWYEPP]FVS[WISVqWYVJXLI;IFrNYWXXSTEWWXLIXMQI
'EM VITSVXWXLEXGSQTYXIVYWIWIVZIWHMJJIVIRXJYRGXMSRWXLERQSVIXVEHM
XMSREPQIHME,MWVIWIEVGLWLS[IHXLEXZSPYRXIIVW[LSKEZIYTXLIYWISJXLIGSQTYXIV
JSVEHE]HMHRSXMRGVIEWIXLIEQSYRXSJXMQIXLI][EXGLIHXIPIZMWMSRSVYWIHSXLIV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR 

QIHME :SPYRXEVMP] KMZMRK YT XIPIZMWMSR ZMI[MRK JSV E HE] LS[IZIV WMKRMJMGERXP]
MRGVIEWIHXLI XMQIXLI] WTIRXYWMRKSXLIV QSVI XVEHMXMSREPQIHMEWYGLEWXLIVEHMS
:'6ERHXIPITLSRI;EVVIRERH&PYQE MRXLIMVWXYH]SJGLMPHVIRVITSVX
XLEXXLIEZIVEKIKVEHIWGLSSPGLMPHPSKKIHSRPIWWXLERXLVIIXMQIWE[IIOJVSQLSQI
,S[IZIVSRP]EWQEPPQMRSVMX]SJXLITEVIRXWXLI]WYVZI]IHYWIHER-RXIVRIXJMPXIV
1SWXVITSVXIHQEOMRKVYPIWEFSYX-RXIVRIXWYVJMRKERHQSVIXLER SJXLIGSQTYX
IVWXLIGLMPHVIRYWIHEXLSQI[IVIPSGEXIHMRERSTIRJEQMP]EVIEWYGLEWXLIOMXGLIR
HMRMRKVSSQSVPMZMRKVSSQ'SPPIKIERHYRMZIVWMX]WXYHIRXWYWIGSQTYXIVQIHMEXIH
GSQQYRMGEXMSR MR XLI JSVQ SJ GLEX VSSQW MRWXERXQIWWEKMRK ERHIQEMPPEVKIP]XS
HIZIPSTERHQEMRXEMRTIVWSREPVIPEXMSRWLMTW'SPPIGXMZIP]XLIWIJMRHMRKWWYKKIWXXLEX
GSQTYXIVYWI[MXLMXWUYEPMXMIWSJMRXIVEGXMZMX]L]TIVXI\XYEPMX]W]RGLVSRSYWQYPXMQI
HMEERHVIPEXMZIPEGOSJKEXIOIITMRKWIVZIWEHMJJIVIRXJYRGXMSRXLERSXLIVQSVIXVEHM
XMSREPGSQQYRMGEXMSRQIHMEJSVYWIVW+VSYTWYWI'1'MRHMJJIVIRX[E]W XSJYPJMPP
HMJJIVIRXGSQQYRMGEXMSRJYRGXMSRWEW[IPP

4IVJSVQERGI3YXGSQIWSJ'1'+VSYTW
'1'KVSYTWXEOIPSRKIVXSVIEGLGSRWIRWYWIZIRXLSYKLXLI]KIRIVEXIQSVIYRMUYI
MHIEWXLERJEGIXSJEGI*8* KVSYTW 3PERMVER 8LMWMWFIGEYWI'1'ETTIEVW
XSVIHYGIKVSYTQIQFIVWt EXXIQTXWXSGVMXMGM^IERHMRJSVQEPP]TVIWWYVISRIERSXLIVXS
GSRJSVQ XS E TEVXMGYPEV MHIE SV [E] SJ XLMROMRK HYVMRK XLI KVSYT HMWGYWWMSR '1'
KVSYTWEVIPIWWPMOIP]XSVIEGLGSRWIRWYWXLER*8*KVSYTWERHQE]FIPIWWPMOIP]XSHMW
GYWW WSQISJ XLIMQTSVXERX EXXVMFYXIWSJTVSFPIQWSPZMRKGEWIWFYXKMZIRXMQIGER
EVVMZIEXUYEPMX]HIGMWMSRW1G+VEXL
,SPPMRKWLIEH 
&SVHME VIZMI[IHXLI[E]WMR[LMGL'1'KVSYTWHMJJIVJVSQ*8*KVSYTW
'1'KVSYTWKIRIVEPP]XEOIPSRKIVXS GSQTPIXIE XEWOERHMR XLIWEQIXMQI TIVMSH
'1'KVSYTWTVSHYGIJI[IVVIQEVOWXLER*8*KVSYTWHS,S[IZIV'1'KVSYTWYWY
EPP] TIVJSVQ FIXXIV XLER *8* KVSYTW SR MHIEKIRIVEXMSR XEWOW ERH XLIVI MW KVIEXIV
IUYEPMX]SJTEVXMGMTEXMSRMR'1'KVSYTW;LIRXMQIMWPMQMXIH'1'KVSYTWTIVJSVQ
FIXXIVXLER*8*KVSYTWSRXEWOWXLEXEVIPIWWMRZSPZMRKFYX[SVWISRXEWOWVIUYMVMRK
QSVIWSGMEPIQSXMSREPMRXIVEGXMSR+MZIRIRSYKLXMQI'1'KVSYTWGERTIVJSVQEW
[IPPEW*8*KVSYTWMRHIZIPSTMRKWSGMEPIQSXMSREPVIPEXMSRWLMTW8LIVIMWVIHYGIHRSV
QEXMZIWSGMEPTVIWWYVIMR'1'KVSYTWERHXLITIVGITXMSRERHYRHIVWXERHMRKSJSXLIV
KVSYT QIQFIVW MW SJXIR TSSVIV MR '1' KVSYTW;LIR XMQI MW PMQMXIH SXLIV KVSYT
QIQFIVWEVIPIWWGLEVMXEFP]TIVGIMZIH'1'KVSYTWLEZIELMKLIVMRGMHIRGISJYRMR
LMFMXIHGSQQIRXW[LMGLETTIEVWXSGSQIJVSQEWIRWISJERSR]QSYWHIMRHMZMHYEXMSR
'1'KVSYTQIQFIVWKIRIVEPP]WLS[PIWWEXXMXYHIGLERKIVIWYPXMRKJVSQXLIMVHMWGYW
WMSRW8LIWIHMJJIVIRGIWEVIPMWXIHMR8EFPI 

)PIGXVSRMG1IIXMRK7]WXIQW
7SQIXVEHMXMSREP'1'WSJX[EVIW]WXIQWKVSYT[EVI LEZIFIIRWTIGMJMGEPP]HIWMKRIH
XSJEGMPMXEXIWQEPPKVSYTGSQQYRMGEXMSRERHQIIXMRKTVSGIWWIW8LIWIW]WXIQWGEPPIH
IPIGXVSRMGQIIXMRKW]WXIQW)17 IRLERGIXLIKVSYTtWHIGMWMSRQEOMRKEFMPMXMIWERH
JEGMPMXEXIWXLIGSQQYRMGEXMSRXLVSYKLXLIGSQTYXIVQIHMYQ)PIGXVSRMGQIIXMRKW]W
XIQWXLEXTVSZMHIIPIGXVSRMGWYTTSVXJSVKVSYTQIIXMRKERHHIGMWMSRQEOMRKTVSGIWWIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

8%&0) 'SQTYXIV1IHMEXIH'SQQYRMGEXMSR'1' 'SQTEVIH[MXL*EGIXS*EGI

*8* +VSYTW&SVHME 

'1'KVSYTWXEOIPSRKIVXSGSQTPIXIEXEWO
-REKMZIRXMQITIVMSH'1'KVSYTWTVSHYGIJI[IVVIQEVOWXLER*8*KVSYTW
'1'KVSYTWTIVJSVQFIXXIVXLER*8*KVSYTWSRMHIEKIRIVEXMSRXEWOW
8LIVIMWKVIEXIVIUYEPMX]SJTEVXMGMTEXMSRMR'1'KVSYTW
;LIRXMQIMWPMQMXIH'1'KVSYTWTIVJSVQFIXXIVXLER*8*KVSYTWSRXEWOWXLEXEVIPIWWMRZSPZMRK
;LIRXMQIMWPMQMXIH'1'KVSYTWTIVJSVQ[SVWISRXEWOWVIUYMVMRKQSVIWSGMEPIQSXMSREPMRXIVEGXMSR
FYXKMZIRIRSYKLXMQI'1'KVSYTWTIVJSVQEW[IPPEW*8*KVSYTW
8LIVIMWVIHYGIHRSVQEXMZIWSGMEPTVIWWYVIMR'1'KVSYTW
4IVGITXMSRYRHIVWXERHMRK SJSXLIVTEVXMGMTERXWERHXEWOMWTSSVIVMR'1'KVSYTW
-R'1'[LIRXMQIMWPMQMXIHXLIGSQQYRMGEXMSRTEVXRIVMWTIVGIMZIHPIWWGLEVMXEFP]
'1'KVSYTWLEZIELMKLIVMRGMHIRGISJYRMRLMFMXIHFILEZMSVGSQMRKJVSQEWIRWISJERSR]QSYW
HIMRHMZMHYEXMSR
'1'KVSYTQIQFIVWIZMHIRGIPIWWEXXMXYHIGLERKI

EVIGEPPIHKVSYTWYTTSVXW]WXIQWSV+77?EPWSORS[REWKVSYTHIGMWMSRWYTTSVXW]W
XIQW +(77  ERH KVSYT TIVJSVQERGI WYTTSVXW]WXIQW +477 A)PIGXVSRMGQIIXMRK
W]WXIQWXLEXTVSZMHIEWXVYGXYVIHGSQQYRMGEXMSRQIHMYQJSVKVSYTGSQQYRMGEXMSR
EVI ORS[R EW GSRJIVIRGMRK W]WXIQW8LI QIHMYQ XLVSYKL [LMGL XLMW GSRJIVIRGMRK
XEOIWTPEGIQE]TVSZMHIGSQTYXIVQIHMEXIHXI\XFEWIHEYHMSPMROIHSVHMKMXEPZMHIS
GSQQYRMGEXMSR
8LIWI)17HIGMWMSRQEOMRKERHGSQQYRMGEXMSRGSRJIVIRGMRKJYRGXMSRWEVIRSX
MRGSQTEXMFPIERHEVIMRJEGXMRGVIEWMRKP]FPIRHIHXSKIXLIVMRXSKVSYT[EVITEGOEKIWXLEX
TVSZMHIFSXL+77ERHGSQQYRMGEXMSRGSRJIVIRGMRKGETEFMPMXMIWMREWMRKPIIPIGXVSRMG
QIIXMRKTEGOEKI,S[IZIVHMWGYWWMRK)17HIGMWMSRQEOMRKERHGSQQYRMGEXMSRWYT
TSVXJYRGXMSRWWITEVEXIP]TVSZMHIWWSQIGPEVMX]JSVEREP]^MRKXLIWTIGMJMGMRJPYIRGIWSJ
IEGLSRXLIHIGMWMSRQEOMRKERHGSQQYRMGEXMSRTVSGIWWIWSJEKVSYTQIIXMRK

+77 +VSYT7YTTSVX7]WXIQW +77GSQFMRIWGSQTYXIVXIGLRSPSK]KVSYTQIIXMRK

TVSGIHYVIWERHXLIYWISJHIGMWMSRQEOMRKXIGLRMUYIWXSJEGMPMXEXIXLIHIGMWMSRQEO
MRKERHTVSFPIQWSPZMRKSJEKVSYT1MVERHE 8LI+77W]WXIQGEREPWSFIYWIH
XSWXVYGXYVI ERH SVKERM^I XLI QIWWEKIWWYQQEVM^MRK XLI HMWGYWWMSR ERH JEGMPMXEXMRK
WYGLHIGMWMSRQEOMRKJYRGXMSRWEWZSXMRK
8LI KSEP SJ +77 MW XS QEOI XLI KVSYT QIIXMRK TVSGIWW QSVI TVSHYGXMZI XS
MRGVIEWIXLIWTIIHSJKVSYTHIGMWMSRQEOMRKERHXSMQTVSZIXLIUYEPMX]SJXLIHIGM
WMSRWXLEXEVIQEHIF]XLIKVSYT&VSSQI
'LIR &]EYXSQEXMRKXLIKVSYT
GSQQYRMGEXMSR MRJSVQEXMSRTVSGIWWMRK ERH HIGMWMSRQEOMRK XEWOW +77 LEW XLI
TSXIRXMEPXSIRLERGIEKVSYTtWEFMPMX]XSWXVYGXYVIERHQEREKIMXW[SVO[LMPITVSQSXMRK
ZMKMPERX KVSYT MRJSVQEXMSR TVSGIWWMRK IJJMGMIRX KVSYT HIGMWMSRQEOMRK TVSGIHYVIW
ERHEGSQQMXQIRXXSJYPPTEVXMGMTEXMSRERHGSRWMHIVEXMSRSJHMZIVWIZMI[W[MXLMRXLI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR 

KVSYT4SSPI
,SPQIW ,S[IZIVMRGSQTEVMWSRXSJEGIXSJEGIKVSYTW+77
KVSYTW KIRIVEPP] JSGYW QSVI SR XLI SVKERM^EXMSR SJ XLI HIGMWMSRQEOMRK TVSGIWW
VITIEXIHP]VIXYVRMRKXSXLIKVSYTSVMIRXEXMSRTLEWIWTIRHMRKQSVIXMQISRXLITVSF
PIQSVMIRXEXMSRERHWSPYXMSRHIZIPSTQIRXWXEKIWHIWGVMFIHMR'LETXIVERHIRKEKMRK
MRQSVIHMWGYWWMSRSJKVSYTTVSGIHYVIWXLI]WTIRHPIWWXMQISRTVSFPIQEREP]WMWERH
WSPYXMSRGVMXIVMEHIZIPSTQIRXWLS[RSMQTVSZIQIRXMRXLIHITXLSJXLIMVGVMXMGEPXLMRO
MRKSVTVSFPIQEREP]WMWERHLEZIRSQSVIIUYEPTEVXMGMTEXMSREQSRKXLIMVKVSYTQIQ
FIVW4SSPI
,SPQIW4SSPIIXEP %PXLSYKLXLI]HSRSXKIRIVEXIQSVI
MHIEWSVIRKEKIMRQSVIGVMXMGEPI\EQMREXMSRSJXLSWIMHIEWXLI]HSETTIEVXSKIRIVEXI
LMKLIVUYEPMX]MHIEWFYXEPWSXEOIPSRKIVXSQEOIHIGMWMSRWXLERJEGIXSJEGIKVSYTW
7GSXX 
-R EHHMXMSR XS ER I\TPMGMX EXXIRXMSR JSGYWIH SR KVSYT TVSGIHYVI QYGL SJ XLI
MRJPYIRGISJ+77SRKVSYTTVSGIWWIWGERFIEXXVMFYXIHXSXLIW]WXIQtWEFMPMX]XSTVSZMHI
TEVXMGMTERXERSR]QMX]%RSR]QSYWKVSYTQIQFIVWTEVXMGMTEXIQSVIERHEVIQSVIZIV
FSWIMRXLIMVI\TVIWWMSRWXLEREVIQIQFIVWMRRSRERSR]QSYWKVSYTW8LI]EPWSTVS
HYGI QSVI GVMXMGEP GSQQIRXW XLER KVSYTW MR [LMGL XLI TEVXMGMTERXWt GSQQIRXW EVI
MHIRXMJMIH:EPEGMGL(IRRMW
2YREQEOIV %RSR]QMX]JEGMPMXEXIWPIWWMRLMF
MXIHTEVXMGMTEXMSRMRGVIEWIWXLITVSHYGXMZMX]SJMHIEKIRIVEXMSRIRLERGIWXLIIZEPYE
XMSRSJMHIEUYEPMX]ERHVIHYGIWXLIMRJPYIRGISJQEVOIVWSJTIVWSREPWXEXYWERHTS[IV
1MVERHE  +77FVEMRWXSVQMRKKVSYTWEPWSTVSHYGI QSVI RSRVIHYRHERXMHIEW
XLER HS ZIVFEP JEGIXSJEGI FVEMRWXSVQMRK KVSYTW ERH EVI EX PIEWX EW TVSHYGXMZI EW
KVSYTW YWMRK XLI RSQMREP KVSYT XIGLRMUYI HIWGVMFIH MR 'LETXIV  'SSTIV IX EP
  3R XLI TSWMXMZI WMHI +77 KVSYT QIQFIVW EVI PIWW PMOIP] XS MRJPYIRGI SRI
ERSXLIVXLEREVIJEGIXSJEGIKVSYTQIQFIVWTEVXMGYPEVP]MRXLIIEVP]TLEWIWSJXLIMV
KVSYTQIIXMRKW
%PSRK [MXL XLI +77 GLEVEGXIVMWXMGW SJ EXXIRXMSR XS TVSGIWW ERH TEVXMGMTERX
ERSR]QMX]MXWJEGMPMX]JSVWMQYPXERISYWMRTYXIRLERGIWEKVSYTQIQFIVtWJVIIHSQXS
HMWEKVII7MQYPXERISYWMRTYXVIHYGIWXYVRXEOMRKVIWXVMGXMSRWIRGSYVEKIWFVSEHIVERH
QSVIEGXMZITEVXMGMTEXMSRWTIIHWYTXLITVSGIWWSJMHIEI\GLERKIERHVIHYGIWXMQI
TVIWWYVISR XLEX MHIEI\GLERKI8LIWI +77 JIEXYVIW JEGMPMXEXI IJJIGXMZI WQEPP KVSYT
HIGMWMSRQEOMRKXEWOTVSGIWWIW+EPPYTIIXEP 

%YHMSERH:MHISGSRJIVIRGMRK -REHHMXMSRXSTVSZMHMRK+77GETEFMPMXMIWERYQFIV
SJIPIGXVSRMGQIIXMRKW]WXIQWEPWSTVSZMHIEYHMSGSRJIVIRGMRK ERHZMHISGSRJIVIRGMRK
JEGMPMXMIW;LIRTVSZMHIHXLVSYKLXLI-RXIVRIXXLIEYHMSTVSHYGXWEVIWSQIXMQIWGEPPIH
[IFTLSRIW RIXTLSRIW SV RIXXSTLSRI TVSKVEQW ERH EPPS[ E TIVWSREP GSQTYXIV
[MXLEREXXEGLIHQMGVSTLSRIERHWTIEOIVWXSJYRGXMSRQYGLPMOIEXIPITLSRI:MHIS
GSRJIVIRGMRK W]WXIQW WYGL EW 1MGVSWSJXtW 2IX1IIXMRK’ ERH ;LMXI 4MRItW '9
7II1I’EW[IPPEWRI[IVZMHISWSJX[EVIWYGLEW1MGVSWSJX;MRHS[W1IHME)RGSHIV
EPPS[YWIVWSJGSQTYXIVW[MXLEXXEGLIHQMGVSTLSRIWWTIEOIVWERHZMHISGEQIVEWXS
GSQQYRMGEXIZIVFEPP]XLVSYKLEREYHMSGSRRIGXMSRTEVXMGMTEXIRSRZIVFEPP]XLVSYKL
XVERWQMXXIHZMHISMQEKIWSJXLITEVXMGMTERXWERHI\GLERKIXI\XERHKVETLMGMRJSVQE
XMSREPHSGYQIRXW
8LIUYEPMX]SJXLIEYHMSMWMQTSVXERX4SSVEYHMSUYEPMX][LIXLIVHYIXSEPEGOSJ
ZSGEP MRXIPPMKMFMPMX] EYHMS HIPE] SV EYHMS GPMTTMRK MW HMWXVEGXMRK XS TEVXMGMTERXW ERH

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

TVSFPIQEXMGXSLSPHMRKERIJJIGXMZIKVSYTQIIXMRK7SQIW]WXIQWGERQEOIWTIEOIV
MRXIPPMKMFMPMX]HMJJMGYPXMJEPPTEVXMGMTERXWEVIRSXIUYEPP][IPPLIEVHJVSQHMJJIVIRXTEVXW
SJXLIVSSQ7SQIWTIEOIVWt ZSMGIWQE]FIXSSWSJXXSFIEHIUYEXIP]GEVVMIHF]XLIW]W
XIQSVQE]FIGSQIKEVFPIHFIGEYWISJXLIMVHMWXERGIJVSQXLIW]WXIQtWQMGVSTLSRI
%YHMSHIPE]W GERSGGYV[LIREREYHMSWMKREPQYWXXVEZIPSZIVEPSRKHMWXERGIJVSQSRI
QIIXMRKWMXIXSERSXLIV-RJEGIXSJEGIQIIXMRKW[IERXMGMTEXIWMQYPXERISYWZIVFEPERH
RSRZIVFEPVIWTSRWIWXSSYVGSQQIRXWERHEVIEGGYWXSQIHXSZIV]WLSVXTEYWIMRXIVZEPW
FIX[IIRGSRZIVWEXMSREPYXXIVERGIWQMPPMWIGSRHW -REYHMSERHZMHISGSRJIVIRGI
QIIXMRKW[LIRXLIKISKVETLMGEPPSGEXMSRWSJKVSYTWEVIHMWXERXIZIREJEWXGSQQYRM
GEXMSRQIHMYQQE]RSXTVSZMHIXLMWMRWXERXERISYWVIWTSRWI1G+VEXL
,SPPMRKWLIEH
 6IPEXMZIP]WLSVXEYHMSHIPE]WGERMRXIVJIVI[MXLXLIWQSSXLJPS[SJEQIIXMRK
GEYWMRKTEVXMGMTERXWXSFIGSQIMQTEXMIRXERHMPPEXIEWI8LI]GEREPWSGVIEXIETIVGIT
XMSRXLEXTEVXMGMTERXWEXXLIHMWXERXPSGEXMSREVIRSX[IPPTVITEVIHJSVXLIQIIXMRKSVXLEX
XLI]EVIGSKRMXMZIP]WPS[ERHZIVFEPP]MREVXMGYPEXI%YHMSGPMTTMRK SGGYVW[LIRETEVXMG
MTERXtWQMGVSTLSRIJEMPWXSTMGOYTXLIFIKMRRMRKSJERYXXIVERGISVHVSTWXLIIRHSJXLI
YXXIVERGI8LMWGERLETTIRMRW]WXIQWYWMRKZSMGIEGXMZEXIHQMGVSTLSRIWXLEXXYVRSR
ERHSJJ[MXLXLITVIWIRGISJWSYRH-RXLIWIW]WXIQWWMRKPI[SVHVIWTSRWIWQE]FI
PSWX4EVXMGMTERXW[LSMRXIVVYTXSRIERSXLIVXEPOSZIVSRIERSXLIVGSYKLQSZIGLEMVW
SV IZIR EXXIQTX XS TVSZMHI ZSGEPM^IH WYTTSVX JSV ER MHIE SV GSQQIRX QE] QEOI MX
MQTSWWMFPIXSLIEVEWTIEOIVtWGSQTPIXIYXXIVERGI)EGLSJXLIWIEYHMSTVSFPIQWGER
GVIEXIEGLEPPIRKIXSLSPHMRK E TVSHYGXMZI'1'QIIXMRKEWXLI]HMWXVEGXTEVXMGMTERX
EXXIRXMSRERHQEOIGSRGIRXVEXMSRSRXLIQIIXMRKXSTMGHMJJMGYPX
-REHHMXMSRXSTSSVEYHMSUYEPMX]ZMHISMQEKIMWEGSQQYRMGEXMSRGLEPPIRKIJSV
ZMHISGSRJIVIRGMRK8LIZMHISTMGXYVISJTEVXMGMTERXWt JEGIWQE]RSXFIPEVKIIRSYKL
VIJMRIHIRSYKLSVYTHEXIHF]XLIXIGLRSPSK]UYMGOP]IRSYKLXSEGGYVEXIP]TVSZMHIXLI
WYFXPIJEGMEPGYIWTEVXMGMTERXWRIIHJSVWQSSXLXYVRXEOMRK%PEGOSJGPEVMX]MRXLMWRSR
ZIVFEPGSQQYRMGEXMSRGERQEOIZMHISGSRJIVIRGMRKWYWGITXMFPIXSTVEKQEXMGGSRZIVWE
XMSREPHMJJMGYPXMIWWYGLEWHIXIVQMRMRKEWTIEOMRKSVHIVSVMHIRXMJ]MRK[LSMWWTIEOMRK
[LIRWSQISRIMWEPQSWXJMRMWLIHWTIEOMRK[LSMW[EMXMRKXSWTIEOSV[LS[SYPHPMOI
XSWTIEORI\X*VYWXVEXMSR[MXLXLIWIGSRZIVWEXMSREPTVEKQEXMGWGERPIEHTEVXMGMTERXWXS
FIGSQIPIWWMRZSPZIHMRXLIKVSYTHMWGYWWMSRSVXSWXSTTEVXMGMTEXMRKEPXSKIXLIVIZIR
XLSYKL XLI] VIQEMR TL]WMGEPP] GSRRIGXIH XLVSYKL XLI QIHMYQ -R EHHMXMSR XS FIMRK
PEVKIIRSYKLXSFIWIIREPPTEVXMGMTERXWQYWXFIZMWMFPISRXLIWGVIIRHYVMRKXLIHMWGYW
WMSR)ZIRXLIREWTEXMEPVIPEXMSRWLMTEQSRKTEVXMGMTERXWQE]FIQMWWMRKI]IGSRXEGX
QE]FIHMJJMGYPXXSEGLMIZIERHJEGMEPI\TVIWWMSRWGERFILEVHXSMRXIVTVIX
-JXLIVIEVIEYHMSHIPE]ERHZMWYEPWTEXMEPVIPEXMSRWLMTHMJJMGYPXMIWKVSYTWWSQI
XMQIWJMRHXLIRSRZIVFEPGSQQYRMGEXMSRVIKYPEXSVWhWYGLEWFEGOGLERRIPYXXIVERGIW
qYLLYLrq]IELrq-WIIr WYFXPIJEGMEPI\TVIWWMSRWERHSXLIVRSRZIVFEPGYIWhHMJJM
GYPX XS MRXIVTVIX 8LI YXXIVERGIW QE] FI WTSOIR XSS WSJXP] XS XVERWQMX XLVSYKL XLI
QIHMYQSV[LIRXLI]HSXVERWQMXXLI]QE]FIGSQIERRS]MRKSVMRXIVVYTXXLIGSQ
QYRMGEXMSR MRXIVEGXMSR8LI VIWYPX MW WSQIXMQIW E[O[EVH XYVR XEOMRK ERH E PEGO SJ
WTSRXERIMX]TVIWIRXMRXLIGSRZIVWEXMSR+VSYTHMWGYWWMSRTEXXIVRWQE]HIZIPSTXLEX
EVIHMJJIVIRXJVSQXLSWISGGYVVMRKMRJEGIXSJEGIQIIXMRKW8LIWIHMJJIVIRGIWSGGYVMR
XLIJVIUYIRG]ERHHYVEXMSRSJTEVXMGMTERXWTIEOMRKXYVRWTEVXMGMTERXMRJPYIRGIERHXLI
TS[IVVIPEXMSRWLMTW[MXLMRXLIKVSYT:MHISGSRJIVIRGMRKKVSYTWEPWSIRKEKIMRPIWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 

IPEFSVEXI HMWGYWWMSRW MRGYV JI[IV GSRZIVWEXMSREP HMKVIWWMSRW ERH I\TIVMIRGI E

VIHYGIHEQSYRXSJW]RIVK]MRXLIKVSYTtWTPERRMRKEGXMZMXMIW-RKIRIVEPZMHISGSRJIV
IRGMRKKVSYTWI\TIVMIRGIEHIGVIEWIMRXLIEQSYRXSJMRJSVQEPWSGMEPGSQQYRMGEXMSR
XLEX SGGYVW 7GSXX   *EGIXSJEGI KVSYT QIIXMRKW EPPS[ TEVXMGMTERXW XS GLEX
FIJSVIXLIQIIXMRKFIKMRWXSI\GLERKIKPERGIWGSQQIRXWERHRSRZIVFEPGSQQYRM
GEXMSRHYVMRKXLIQIIXMRKERHXSHMWGYWWSXLIVXSTMGWEJXIV[EVHW8LIWIQYPXMTPIGSR
ZIVWEXMSRW JEGMPMXEXI E WSGMEP VMGLRIWW MR XLI KVSYT ERH TVSHYGI E WIRWI SJ TIVWSREP
MRZSPZIQIRX XLEX MW RSX IEWMP] EGLMIZIH XLVSYKL IMXLIV EYHMSSV ZMHISGSRJIVIRGMRK
;LMPIXLMWPSWWMRXLIWSGMEPIQSXMSREPGSRXIRXQE]LEZIEXEWOFIRIJMXEWJI[IVGSR
ZIVWEXMSREPHMKVIWWMSRWOIITEQIIXMRKWLSVXIVERHQSVIJSGYWIHMXGSQIWEXERMRXIV
TIVWSREPVIPEXMSRWLMTGSWX1G+VEXL
,SPPMRKWLIEH7LIVFPSQ 
;LIR [I QIIX JEGIXSJEGI [I WMQYPXERISYWP] TIVGIMZI RSRZIVFEP GYIW ERH
VIWTSRHXSXLIQ[LMPI[IEVIWTIEOMRK;I[EXGLI]IWJEGIERHFSH]TSWXYVIPMWXIR
JSVFEGOGLERRIPZSGEPYXXIVERGIWERHEXXIRHXSRSRZIVFEPGYIWSJEKVIIQIRXSVHMW
EKVIIQIRX;IQE]EPXIV[LEX[IWE]ERHLS[[IWE]MXIZIREW[IEVIYXXIVMRK[SVHW
ERHFIJSVI[IGSQTPIXIEJYPPWIRXIRGI8LYW[IQE]IRHWIRXIRGIW[MXLEHMJJIVIRX
MRJSVQEXMSREPGSRXIRXZSGEPMRJPIGXMSREJJIGXMZIQSSHERHQIERMRKXLER[I QMKLX
SVMKMREPP]LEZIMRXIRHIH-RXLMWWIRWISYVWQEPPKVSYTGSQQYRMGEXMSRMWH]REQMGEPP]
GSGSRWXVYGXIHFIGEYWIXLIVIMWQYXYEPMRJPYIRGISR[LEX[IEQWE]MRKERHLS[[I
EVIWE]MRKMX-REGSQQYRMGEXMSRQIHMYQSXLIVXLERJEGIXSJEGIJIIHFEGOMWRSXEW
VIEHMP] EZEMPEFPI ERH MW RSX EW MQQIHMEXIP] MRJPYIRXMEP SR GSQQYRMGEXMSR )ZIR MR
EYHMSERHZMHISGSRJIVIRGMRKFIGEYWISJXVERWQMWWMSRHIPE]WERHXLIEYHMSERHZMHIS
GLEVEGXIVMWXMGWSJXLIQIHMYQHMWGYWWIHIEVPMIV[IVIGIMZIPIWWMQQIHMEXIJIIHFEGO
PIWWHMZIVWIX]TIWSJJIIHFEGOERHPIWWXSXEPJIIHFEGOMRXLIWEQIEQSYRXSJXMQI8LMW
VIHYGXMSRMRXLIMQQIHMEG]ZEVMIX]ERHEQSYRXSJWMQYPXERISYWGSQQYRMGEXMSRERH
JIIHFEGOPIEHWXSEVIHYGXMSRMRLS[H]REQMGEPP]GSGSRWXVYGXIHSYVGSQQYRMGEXMSR
MWERHVIWYPXWMREPSWWSJWSGMEPTVIWIRGI

-RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR
7SGMEP4VIWIRGI
-R 'LETXIV [IHIJMRIH WQEPPKVSYT GSQQYRMGEXMSREW EqXVERWEGXMSREP TVSGIWW SJ
YWMRK W]QFSPMG FILEZMSV XS EGLMIZI WLEVIH QIERMRK EQSRK KVSYT QIQFIVW SZIV E
TIVMSHSJXMQIr7SQIHIKVIISJH]REQMGEPP]WLEVIHJIIHFEGOERHGSGSRWXVYGXIHGSQ
QYRMGEXMSRMWRIGIWWEV]XSEGLMIZIXLMWWIRWISJWLEVIHQIERMRKEQSRKKVSYTQIQ
FIVW 7SGMEP TVIWIRGI MW XLI TIVGITXMSR EQSRK TEVXMGMTERXW XLEX XLI GSQQYRMGEXMSR
QIHMYQJEGMPMXEXIWXLIHIZIPSTQIRXSJWSGMEPIQSXMSREPVIPEXMSREPGSQQYRMGEXMSRERH
WLEVIHQIERMRKEQSRKKVSYTQIQFIVW7SGMEPTVIWIRGIMWEWWSGMEXIH[MXLXLIEQSYRX
ERH HMZIVWMX] SJ XEWO ERH WSGMEP GSQQYRMGEXMSR XLEX MW JEGMPMXEXIH F] E QIHMYQ ERH
HIWGVMFIWETEVXMGMTERXtWJIIPMRKXLEXSXLIVLYQERTEVXMGMTERXWEVIVIEPP]MRZSPZIHMRXLI
KVSYTGSQQYRMGEXMSR7LSVX;MPPMEQW
'LVMWXMI 
%VMGLGSQQYRMGEXMSRQIHMYQXLVSYKL[LMGLTEVXMGMTERXWGERIRKEKIMRQYPXM
TPIWMQYPXERISYWGSQQYRMGEXMSR[MXLZIVFEPERHRSRZIVFEPGYIWW]RGLVSRSYWJIIH
FEGOEZEVMIX]SJPERKYEKIERHMRJPIGXMSRERHETIVWSREPJSGYWXLEXGSRZI]WJIIPMRKW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

ERHIQSXMSREPSRK[MXLXLIMRJSVQEXMSREPGSRXIRXTVSHYGIWEKVIEXIVWIRWISJWSGMEP
TVIWIRGI8VIZMRS(EJX
0IRKIP -REJEGIXSJEGI*8* QIIXMRKTEVXMGMTERXW
WMQYPXERISYWP] I\GLERKI QSVI X]TIW SJ MRJSVQEXMSRhIQSXMSREP EXXMXYHMREP VIPE
XMSREPERHGSRXI\XYEPhEPSRK[MXLXLIMRJSVQEXMSREPGSRXIRX%XI\XFEWIHGSQQYRM
GEXMSR QIHMYQ LS[IZIV TVSZMHIW PIWW STTSVXYRMX] JSV XLI GSQQYRMGEXMSR SJ XLIWI
WMQYPXERISYWGYIWJIIHFEGOWYFXPIX]SJMRJPIGXMSRERHIQSXMSREPVIPEXMSREPGSRXIRX
8I\XFEWIHQIWWEKMRKW]WXIQWWYGLEWIQEMPFYPPIXMRFSEVHW]WXIQWERHIPIGXVSRMG
GLEXLEZIEVIPEXMZIP]REVVS[MRJSVQEXMSREPFERH[MHXLGSQTEVIHXS*8*GSQQYRMGE
XMSRERHTVSZMHIVIPEXMZIP]PS[PIZIPWSJQIHMEVMGLRIWW+VEIX^IXEP 8LMWMW
FIGEYWIXI\XFEWIH'1'MWESRIGSHIW]WXIQGSRWMWXMRKSRP]SJXLI[VMXXIRQIWWEKI
XLVSYKL[LMGLFSXLZIVFEPERHRSRZIVFEPGSRXI\XYEPQIERMRKWQYWXFIGSQQYRMGEXIH
;EPXLIV -XPEGOWXLIQYPXMTPIWMQYPXERISYWGLERRIPWSJ*8*GSQQYRMGEXMSR
XLVSYKL [LMGL XS WMQYPXERISYWP] GEVV] ZSGEP TMXGL PSYHRIWW VL]XLQ MRJPIGXMSR
TEYWIWERHLIWMXEXMSRW  JEGMEP I]I GSRXEGX KE^I ETTEVIRXMRXIVIWX PIZIP ERH JEGMEP
VIWTSRWIW ERHTL]WMGEPFSH]EXXIRXMZIRIWWTSWXYVIKIWXYVIWERHVIPE\EXMSR RSRZIV
FEPGYIW8LIEFWIRGISJXLIWIWMQYPXERISYWGLERRIPWQIERWXLEXJI[IVRSRZIVFEPGYIW
EVII\TVIWWIHERHPIWWWSGMEPMRJSVQEXMSRMWGSQQYRMGEXIHMRIEGLQIWWEKI7SHIGM
TLIVMRKXLI[LSPISJXLIVIPEXMSREPQIWWEKIXEOIWQSVIXMQI;EPXLIV 

1IHME 6MGLRIWW 4IVGITXMSRW SJ WSGMEP TVIWIRGI ZEV] [MXL XLI GSQQYRMGEXMSR
QIHMYQ ERH GSQQYRMGEXMSRWGLSPEVW LEZIEVVERKIH GSQQYRMGEXMSR QIHME EPSRK E
VSYKL GSRXMRYYQ ORS[R EW XLI QIHME VMGLRIWW GSRXMRYYQ (EJX
 0IRKIP  
1IHMEXLEXHSRSXGEVV]EPPX]TIWSJMRJSVQEXMSRWMQYPXERISYWP]EVIGSRWMHIVIHPIERIV
QIHME WMRGI XLIMV MRJSVQEXMSREP GETEGMXMIW HS RSX JEGMPMXEXI XLI HIZIPSTQIRX SJ XLI
WSGMEPIQSXMSREPVIPEXMSREPHMQIRWMSRWSJGSQQYRMGEXMSREXEWJEWXEVEXI
*EGIXSJEGIKVSYTQIIXMRKWTVSZMHIXLIKVIEXIWXSTTSVXYRMX]JSVI\TIVMIRGMRKVMGL
GSQQYRMGEXMSR ERH WSGMEP TVIWIRGI :MHISGSRJIVIRGMRK XLIR EYHMSGSRJIVIRGMRK
ERH JMREPP]XI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWEVIGSRWMHIVIHPIERIVGSQQYRM
GEXMSRQIHME+MZIRXMQIERHGSRXMRYSYWGSQQYRMGEXMSRIJJSVXLS[IZIVIZIRXI\XSRP]
'1'KVSYTWGERWLEVIVMGLTIVWSREPWSGMEPIQSXMSREPERHVIPEXMSREPMRJSVQEXMSRERH
KIXXSORS[QIQFIVWEWJYPP]LYQERTEVXMGMTERXWXLYWI\TIVMIRGMRKEPEVKIHIKVIISJ
WSGMEPTVIWIRGI-RJEGXXLMWGLEVEGXIVMWXMGSJEWPS[IVVIPEXMSREPHIZIPSTQIRXXLVSYKLE
PIERIVQIHMYQQE]IZIRFIEREWWIXXSXLIKVS[XLSJKVIEXIVHITXLWMRTIVWSREPMRXMQEG]
XVYWXGSSVMIRXEXMSRERHEJJIGXMSREQSRKKVSYTQIQFIVW;EPXLIV 

7]RGLVSRSYW%W]RGLVSRSYW 'SQQYRMGEXMSR %RSXLIV GSRXVMFYXSV XS XLMW I\TIVM

IRGISJWSGMEPTVIWIRGIMWXLII\XIRXXS[LMGLE'1'QIHMYQTVSZMHIWW]RGLVSRSYW
GSQQYRMGEXMSR SVEW]RGLVSRSYWGSQQYRMGEXMSR EQSRKTEVXMGMTERXW8LMWHMWXMRGXMSR
MW E VIGSKRMXMSR XLEX GSQQYRMGEXMSR MW E TVSGIWW IRKEKIH MR F] TEVXMGMTERXW XLEX
MRZSPZIWMRXIVEGXMZI JIIHFEGO ERHWMQYPXERISYW WTIEOMRK ERH PMWXIRMRK VEXLIVXLER E
SRI[E]GSRZI]MRKSJMRJSVQEXMSR
3RIGERHMWXMRKYMWLFIX[IIRXLIW]RGLVSRSYWERHEW]RGLVSRSYWQIERWSJGSQ
QYRMGEXMSRTVSZMHIHF]IEGLQIHMYQ*SVI\EQTPI[LMPIZMHISGSRJIVIRGMRKMWW]R
GLVSRSYWTPE]MRKFEGOEZMHISXETISJERIEVPMIVGSRJIVIRGIWIWWMSRMWEREW]RGLVSRSYW
JSVQ SJ GSQQYRMGEXMSR%YHMSGSRJIVIRGMRK MW W]RGLVSRSYW [LMPI ZSMGI QEMP MW ER

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 

EW]RGLVSRSYWJSVQSJEYHMSGSQQYRMGEXMSR'SQTYXIVGSRJIVIRGMRKW]WXIQWMRWXERX
QIWWEKMRKERHGLEXVSSQWEVIW]RGLVSRSYW[LMPIIQEMPPMWXWIVZIVWFYPPIXMRFSEVHW
ERHRI[WKVSYTWTVSZMHIEW]RGLVSRSYWGSQQYRMGEXMSR
=IXIZIRMREW]RGLVSRSYWSVVIPEXMZIP]qMRWXERXERISYWP]EW]RGLVSRSYWrXI\X
FEWIH'1'QIHMYQWYGLEWMRWXERXQIWWEKMRKSVIPIGXVSRMGGLEX[IGSQTPIXISYV
[LSPIYXXIVERGIERHTYWLXLIIRXIVOI]FIJSVIVIGIMZMRKEVIWTSRWIXSER]TEVXSJXLEX
YXXIVERGI-R[LSPP]EW]RGLVSRSYWXI\XFEWIH'1'WYGLEWFPSKWIQEMPERHFYPPIXMR
FSEVH QIWWEKIW [I KIRIVEPP] GSQTPIXI ER IRXMVI QIWWEKI GSRXEMRMRK WIZIVEP YXXIV
ERGIWSVWIRXIRGIWFIJSVI[IVIGIMZI]SYVVIWTSRWI7S[LMPIWSQIJSVQWSJGSQQY
RMGEXMSR [MXLMR IEGLQIHMYQEVI XIVQIH W]RGLVSRSYWERH SXLIVWEVIEW]RGLVSRSYW
XLIVIMWVIEPP]EHIKVIISJW]RGLVSRMGMX]EZEMPEFPIXLVSYKLXLIGSQQYRMGEXMSRMRIEGL
QIHMYQ8LIWIZEV]MRKHIKVIIWSJW]RGLVSRMGMX]MRJPYIRGIEKVSYTtWGSQQYRMGEXMSR
ERHXLII\TIVMIRGISJWSGMEPTVIWIRGI
,S[IZIVLYQERGSQQYRMGEXMSRMWRSXXIGLRSPSKMGEPP]HIXIVQMRIH;LMPIWSGMEP
TVIWIRGIQE]FIJEGMPMXEXIHIRLERGIHERHTSXIRXMEPP]GSRWXVEMRIHF]XLIGLEVEGXIVMW
XMGWSJQIHMEVMGLRIWWERHGSQQYRMGEXMSRW]RGLVSRMGMX]MXMWRSXHIXIVQMRIHF]XLIQ
,YQERGSQQYRMGEXSVWLEZIXLIEFMPMX]XSIRLERGISVIVSHIJIIPMRKWSJWSGMEPTVIWIRGI
VIKEVHPIWW SJ XLI QIHMYQ XLI] YWI XS GSQQYRMGEXI *SV I\EQTPI MJ E JEGIXSJEGI
KVSYTQIIXMRKMWTSSVP]EXXIRHIHSVTSSVP]JEGMPMXEXIHSVKVSYTQIQFIVWEVIRSXEXXIR
XMZIP]MRZSPZIHMRXLIKVSYTGSQQYRMGEXMSRXLEXJEGIXSJEGIQIIXMRKQE]TVSHYGIE
JIIPMRKSJPMXXPIWSGMEPTVIWIRGIEQSRKXLIKVSYTQIQFIVW,S[IZIVWSGMEPTVIWIRGIMW
QSVI IEWMP] JEGMPMXEXIH ERH QSVI GSQQSRP] I\TIVMIRGIH MR *8* KVSYT QIIXMRKW
[LIVIEWERIJJSVXQYWXFIQEHIXSEGLMIZIMXMR'1'KVSYTQIIXMRKW
3RIX]TISJ'1'KVSYTXLEXJSGYWIWQYGLSJMXWXMQIERHEXXIRXMSRSRWSGMEP
IQSXMSREPVIPEXMSREP GSQQYRMGEXMSR MW XLI SRPMRI WYTTSVX KVSYT;VMKLX   HI
WGVMFIWSRIQSXMZIJSVTISTPIXSTEVXMGMTEXIMRERSRPMRIWYTTSVXKVSYTEWXLIEFMPMX]XS
XVERWGIRHKISKVETLMGHMWXERGIERHXMQIGSRWXVEMRXW4EVXMGMTERXWJMRHMXQSVIGSRZI
RMIRXERHJPI\MFPIXSGSRXEGXSXLIVWYTTSVXKVSYTQIQFIVWJVSQXLIMVLSQISV[SVO
GSQTYXIVXLERXSEXXIRHEQIIXMRK[MXLTISTPIEXEWIXXMQIERHPSGEXMSR'EQTFIPPERH
;VMKLX JSYRHXLEXSRGIMRZSPZIHMRERSRPMRIWYTTSVXKVSYTXLIKVSYTtWOI]
IQSXMSREPVIPEXMSREP GSQQYRMGEXMSR HMQIRWMSRW [EW VIGITXMZMX] MQQIHMEG] ERH
MRJSVQEPMX]4EVXMGMTERXWMRHMGEXIHXLEXEFIRIJMXXSERSRPMRIWYTTSVXKVSYTGSQTEVIH
XSEJEGIXSJEGIKVSYTMWXLIEFMPMX]SJXLIKVSYTXSMKRSVIXYVRXEOMRKFILEZMSVWERH
XSKIXRYQIVSYWWMQYPXERISYWVIWTSRWIWXSEUYIWXMSRSVERMWWYI1EOMRKHIGMWMSRW
EFSYXEWSYVGItWGVIHMFMPMX]ERHXLIZEPYISJXLIMRJSVQEXMSRVIGIMZIHLS[IZIV[EWSRI
SJXLIFMKKIVTEVXMGMTERXGSRGIVRW
%XI\XFEWIHGSQTYXIVFYPPIXMRFSEVHGSRJIVIRGMRKKVSYTJSVTISTPI[MXLHMW
EFMPMXMIW IJJIGXMZIP] GSQQYRMGEXIW WSGMEP WYTTSVX XLVSYKL XLI '1' QIHMYQ MR XLI
JSVQSJZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRXLEXVIHYGIWYRGIVXEMRX]EFSYXXLIWMXYE
XMSR WIPJ SXLIV ERH VIPEXMSRWLMT ERH IRLERGIW XLI TIVGITXMSR SJ TIVWSREP GSRXVSP
%PFVIGLX
%HIPQER&VEMXL[EMXI;EPHVSR
*MRR 8LIQSWXGSQQSR
JSVQ SJ WSGMEPWYTTSVXSJJIVIHMW IQSXMSREP[MXL   SJ XLI QIWWEKIW
I\GLERKIH[MXLMRXLIKVSYTGSRXEMRMRKIQSXMSREPWYTTSVXI\TVIWWMSRWSJIQTEXL]ERH
VIGMTVSGEXIHIQSXMSREPI\TVIWWMSR8LIWIMRGPYHITSWMXMZIWXEXIQIRXWSJVIPEXMSRWLMT
EJJIGXMSRGSRJMHIRXMEPMX] W]QTEXL] YRHIVWXERHMRKIRGSYVEKIQIRX ERH TVE]IV8LI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

WIGSRHQSWXJVIUYIRXP]SJJIVIHWYTTSVXMWGSRZI]IHMRQIWWEKIW QIWWEKIW
SJMRWXVYGXMSREHZMGIVIJIVVEPWXSI\TIVXWWMXYEXMSRETTVEMWEPWERHXIEGLMRKMR[E]W
XLEX VIHYGI YRGIVXEMRX] QEOI RI[ PMJIWMXYEXMSRWQSVI TVIHMGXEFPI ERH LIPT TISTPI
GSTI[MXLGLEPPIRKIW8LIXLMVHMWIWXIIQWYTTSVX QIWWEKIW MRGPYHMRKGSQ
TPMQIRXWWIPJGSRGITXZEPMHEXMSRWERHWXEXIQIRXWSJTSWMXMZIJIIPMRKWSJMQTSVXERGI
GSQTIXIRGIVIPMIJJVSQFPEQIERHVMKLXWEWETIVWSR3XLIVJSVQWSJWYTTSVXMRGPYHI
RIX[SVOMRK QIWWEKIW  MRXLII\TVIWWMSR SJWMQMPEVMRXIVIWXWWMXYEXMSRW ERH
GSRGIVRWERHWYTTSVXMZISJJIVWSJXERKMFPIEWWMWXERGI QIWWEKIW XLEXMRZSPZI
TIVJSVQMRKEXEWOSVI\TVIWWMRKE[MPPMRKRIWWXSLIPTSYX%HHMXMSREPP]LYQSVTSIXV]
RSRZIVFEPGYIWERHWMKREXYVIPMRIWEVIEPPYWIHXSI\TVIWWWYTTSVX,YQSV[LMPIJVI
UYIRXP]WEVGEWXMGSVMVSRMGMRREXYVISJXIRMRGPYHIWRSRZIVFEPq,%,%,%rEGGIRXWMR
XLIQIWWEKI2SRZIVFEPIQSXMGSRWWYGLEWq7QMPI rqFPYWLrqKVMRrERHqKMKKPIr
WQMPI]JEGIWERHWEHJEGIWEPWSTPE]EFMKVSPIMRXLIQIWWEKIWEWHS[VMXXIRI\TVIW
WMSRWJSVLYKWOMWWIWWLSYPHIVTEXXMRKERHLERHLSPHMRK QIWWEKIW 4SIXV]
TVSZMHIWTIVWSREPWIPJI\TVIWWMSRERHIQSXMSREPWYTTSVXJSVSXLIVWMR[E]WXLEXTVS
QSXIWIPJE[EVIRIWWERHWIPJIWXIIQ*MREPP]WMKREXYVIPMRIWEVIYWIHXSTVIWIRXTIV
WSREPP]WIPIGXIHE\MSQWERHUYSXEXMSRWXSGSRZI]WYTTSVX
;MXLEHIWMVIERHWSQIGSQQYRMGEXMSRIJJSVXIZIREXI\XFEWIH'1'KVSYTMW
GETEFPISJTVSZMHMRKWSGMEPWYTTSVXGSQQYRMGEXMSRXLEXHIZIPSTWIRHYVMRKVIPEXMSR
WLMTW%KVSYTGERGSQQYRMGEXIMR[E]WXLEXEVIIJJIGXMZIERHXLEXWYTTSVXXLIKVSYTtW
TYVTSWIVIKEVHPIWWSJXLIXIGLRSPSKMGEPQIHMYQIQTPS]IH
8EFPI  WYQQEVM^IWXLIHMWXMRGXMSRWQEHIJSVWSGMEPTVIWIRGIQIHMEVMGLRIWW
ERHGSQQYRMGEXMSRW]RGLVSRMGMX]EZEMPEFPIMRIEGLQIHMYQ*EGIXSJEGISJJIVWXLI
VMGLIWXQSWXW]RGLVSRSYWGSQQYRMGEXMSR:MHISGSRJIVIRGMRKTVSZMHIWXLIRI\XVMGL
IWXQIHMYQ8LIREYHMSGSRJIVIRGMRKERHXI\XFEWIHGSQTYXIVGSRJIVIRGMRKSJJIVXLI
PIERIWXERHPIEWXW]RGLVSRSYWQIHMEJSVGSQQYRMGEXMSR

3XLIV-RJPYIRGIWSJXLI1IHMYQSR7SGMEP4VIWIRGI 7IZIVEPSXLIVGLEVEGXIVMWXMGW
SJXLIQIHMYQEJJIGXXLII\TIVMIRGISJWSGMEPTVIWIRGIEW[IPP8]TMRKEQIWWEKIMW
KIRIVEPP] QSVI PEFSVMSYW ERH XMQIGSRWYQMRK XLER WTIEOMRK MR GSRZIVWEXMSR8LYW
[LIR YWMRK E XI\XFEWIH '1' W]WXIQ MRHMZMHYEPW SJXIR YWI EFFVIZMEXMSRW WLSVXIR
XLIMVZIVFEPI\TVIWWMSRSVSQMXWXEXIQIRXWXLEXQMKLXFIEWWYQIHhWYGLEWYXXIVERGIW
MRHMGEXMRK EXXIRXMSR YRHIVWXERHMRK SV EKVIIQIRX +VEIX^ IX EP  ;LMPI XLIWI
WLSVX GYXW WTIIH YT XLI XVERWQMWWMSR SJ XLI QIWWEKI XLI] GER EPWS PIEH XS KVIEXIV
YRGIVXEMRX] EQSRK TEVXMGMTERXW EW XS [LIXLIV SXLIVW LEZI EKVIIH [MXL XLIQ YRHIV
WXSSHXLIQSVIZIRVIEH[LEXXLI]LEHXSWE]7SQIW]RGLVSRSYWXI\XFEWIHW]WXIQW
WYGLEWIPIGXVSRMGGLEXEPPS[TEVXMGMTERXWXSWMQYPXERISYWP]X]TIERHWIRHQIWWEKIWXS
IEGLSXLIV[MXLSYXXLIGSRZIVWEXMSREPXYVRXEOMRKTVIWIRXMR*8*GSRZIVWEXMSR8LMW
QIERW XLEX TEVXMGMTERXW GER KIRIVEXI QSVI QIWWEKIW JEWXIV ,S[IZIV [LIR TEVXMGM
TERXWEVIX]TMRKXLIMVS[RQIWWEKIWXLI]EVIPMOIP]XSFIPIWWEXXIRXMZIXSXLIQIWWEKIW
TSWXIHF]SXLIVW3RXLITSWMXMZIWMHIXI\XFEWIHQIWWEKIWEVIJVIUYIRXP]QSVIGEVI
JYPP]GSQTSWIHERHIHMXIHFIJSVIXLI]EVIWIRXXLEREVIWTSOIRGSRZIVWEXMSREPGSQ
QIRXW 8LMW GER MRGVIEWI XLI GPEVMX] SJ XLI SZIVEPP KVSYT HMWGYWWMSR %PWS VIXMGIRX
TEVXMGMTERXWEVISJXIRPIWWETTVILIRWMZIERHXLYWGSRXVMFYXIQSVIXLVSYKLXI\XFEWIH
QIWWEKMRKW]WXIQWXLIVIF]MRGVIEWMRKXLISZIVEPPKVSYTTEVXMGMTEXMSR+VEIX^IXEP

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 

8%&0) 7SGMEP4VIWIRGI 1IHME6MGLRIWW ERH7]RGLVSRMGMX]

7SGMEP %W]RGLVSRSYW
'SQQYRMGEXMSR 4VIWIRGI 7]RGLVSRSYW )\EQTPIWRSXEX
'SQQYRMGEXMSR :IVFEPERH 1IHME )\EQTPIWWEQI XLIWEQIXMQI
1IHMYQ 2SRZIVFEP 6MGLRIWW XMQIMRXIVEGXMZI VIWTSRHPEXIV

*EGIXS*EGI *EGIXSJEGI 6MGLQIHME *EGIXSJEGIKVSYT 2SQMREPKVSYT

7MQYPXERISYW %PP QIIXMRK XIGLRMUYI
ZIVFEPGSRXIRX RSRZIVFEP
ZSGEPXSRIERH QSHEPMXMIW
MRJPIGXMSRJEGMEP EZEMPEFPI
I\TVIWWMSRWLERH
KIWXYVIWFSHMP]
TSWXYVIERHERKPI
:MHISVIGSVHMRK :MWYEP -RXIVEGXMZI :MWYEPERH :MHISGSRJIVIRGMRK :MHISVIGSVHMRKW
:MHISGSRJIVIRGMRK ZIVFEPGSRXIRX ZSGEP :MI[IHPEXIV
RSRZIVFEPWZSGEP RSRZIVFEPW
XSRIERHMRJPIGXMSR EZEMPEFPI
JEGMEPI\TVIWWMSRW
LERHKIWXYVIWFSHMP]
TSWXYVIERHPIER
QE]FITVIWIRXFYX
SFWGYVI
%YHMSGSRJIVIRGMRK %YHMS -RXIVEGXMZI 3RP]ZSGEP 8IPITLSRI :SMGIQEMP
ZIVFEPGSRXIRX RSRZIVFEPW GSRJIVIRGIW
RSRZIVFEPWZSGEP EZEMPEFPI
XSRIERHMRJPIGXMSR
TVIWIRX
8I\X&EWIH 8I\XFEWIH 8I\X 0IERQIHME -RWXERXQIWWEKMRK )QEMPFPSKW
'SQTYXIV7]WXIQW KVETLMGW 9WIVWGVIEXI -RXIVEGXMZIGSQTYXIV FYPPIXMRFSEVHW
RSRZIVFEP XI\XFEWIH GLEXW+77 PMWXWIVZW
qIQSXMGSRWrYWIH RSRZIVFEP
I\TVIWWMSRW

 -REHHMXMSR&YR^ERH'EQTFIPP JMRHXLEXTEVXMGMTERXWEGGSQQSHEXIERH

VIWTSRHXSXLIZIVFEPTSPMXIRIWWGYIWIQFIHHIHMRXLIFSH]SJIQEMPQIWWEKIW1IW
WEKIWWXVYGXYVIH[MXLEKVIIXMRKSVWEPYXEXMSRVIGIMZIQSVITSPMXIVIWTSRWIWXLERQIW
WEKIWXLEXPEGOXLIWIJSVQEPTSPMXIRIWWGYIW

7SQI)JJIGXWSJ'1'9RHIVGYVVIRXWSR+VSYT4VSGIWWIW
8LI-RXIVEGXMSRSJ'1'[MXL+VSYT7M^I (MZIVWMX] ERH4VS\MQMX] +VSYTGLEVEG
XIVMWXMGWWYGLEWWM^IHMZIVWMX]ERHTL]WMGEPTVS\MQMX]SJKVSYTQIQFIVW[LIRXLI]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

QIIX MRXIVEGX [MXL XLI GSQQYRMGEXMSR XIGLRSPSK] XS JYVXLIV MRJPYIRGI E KVSYTtW
HIGMWMSRQEOMRKTVSGIWW0EVKI'1'KVSYTWETTIEVXSFIRIJMXXLIQSWXJVSQYWMRK
'1'EWXLI]KIRIVEXIQSVIMHIEWTIVQIQFIVXLERHSWQEPPIV'1'KVSYTW1G+VEXL

,SPPMRKWLIEH +VSYTWLEZMRKRMRIQIQFIVWKIRIVEXIQSVIYRMUYIMHIEWTIV
QIQFIV[LIRYWMRKE +77FVEMRWXSVQMRKW]WXIQXLER HS KVSYTWLEZMRKSRP]XLVII
TEVXMGMTERXW :EPEGMGL (IRRMW
 2YREQEOIV   '1' LIPTW VIHYGI XLI IJJSVX
VIUYMVIHXSI\GLERKIMRJSVQEXMSRXLYWJEGMPMXEXMRKERMRGVIEWIMRXLIEQSYRXSJKVSYT
GSQQYRMGEXMSR ERH TVSZMHMRK E KVIEXIV WIRWI SJ KVSYT MRZSPZIQIRX 1SVI HMZIVWI
KVSYTWEPWSI\TIVMIRGIKVIEXIVMHIEKIRIVEXMSRXLERLSQSKIRISYWSRIWEWXLI]FVMRKE
KVIEXIVFVIEHXLSJORS[PIHKIERHI\TIVMIRGIXSXLIHMWGYWWMSR4L]WMGEPTVS\MQMX]SJ
KVSYT QIQFIVW EPWS MRXIVEGXW [MXL XLI GSQQYRMGEXMSR QIHMYQ XS MRJPYIRGI XLI
KVSYTtW'1':EPEGMGL+ISVKI2YREQEOIV
:SKIP '1'KVSYTWIRKEKIH
MRHMWGYWWMSRXLVSYKL+77[MXLTEVXMGMTERXWTL]WMGEPP]WITEVEXIHMRHMJJIVIRXVSSQW
KIRIVEXIQSVIYRMUYIMHIEWWLS[PIWWMHIEVIHYRHERG]LEZIKVIEXIVMHIESVMKMREPMX]
ERHTVSHYGILMKLIVMHIEUYEPMX]SZIVEPPXLERKVSYTWYWMRK+77[MXLQIQFIVWTL]WM
GEPP]PSGEXIHMRXLIWEQIVSSQWYGLEWERSQMREPKVSYTWII'LETXIV 8LMWWYKKIWXW
XLEXMXMWRSXNYWXXLIXIGLRSPSK]XLVSYKL[LMGLXLIGSQQYRMGEXMSRMWQIHMEXIHFYXXLI
PEVKIV TL]WMGEP GSRXI\XYEP GYIW XLEX MRJPYIRGI KVSYT GSQQYRMGEXMSR 1IQFIVW SJ
KVSYTW PSGEXIH MR XLI WEQI VSSQ IZIR XLSYKL XLI] EVI YWMRK '1' EW XLIMV SRP]
QIHMYQJSVGSQQYRMGEXMSREVIWXMPPQSVIGSRWGMSYWSJXLIMVTIVWSREPWSGMEPMHIRXMXMIW
I\TIVMIRGI KVIEXIV WSGMEP TVIWWYVI ERH LEZI E KVIEXIV XIRHIRG] XS GSRJSVQ XS XLI
KVSYTtWI\TIGXEXMSRWERHRSVQWXLERHSQIQFIVWSJHMWXVMFYXIHKVSYTW

+IRHIV7[ETTMRK 4EWXVIWIEVGLLEWIWXMQEXIHXLEXEWQER]EW XS SJ-RXIV

RIXYWIVWqKIRHIVW[ETrMRXLIMVGSQTYXIVQIHMEXIHGSQQYRMGEXMSRXLEXMWXLI]MHIR
XMJ] ERH TSVXVE] XLIQWIPZIW EW E TIVWSR SJ XLI STTSWMXI KIRHIV MR XLIMV IPIGXVSRMG
GSRZIVWEXMSRWMRGLEXVSSQW MRWXERXQIWWEKIWERHIQEMP%PXLSYKL 7EQT;MXXIR
FIVKERH+MPPIXX JSYRHXLITIVGIRXEKIXSFIWSQI[LEXPS[IV[MXLSRP]SJ
XLIMVVIWTSRHIRXW EHQMXXMRKXSLEZMRKTVIXIRHIHXSFIXLISTTSWMXIKIRHIV
SRPMRI SJ XLSWI  VIWTSRHIRXW WEMH XLEX XLI] LEH WYWTIGXIH ERH UYIW
XMSRIHXLIKIRHIVSJERSXLIVSRPMRITEVXMGMTERX

'SQTYXIV)XLMGW 9RHIVP]MRKWYGGIWWJYP'1'MWSYV[MPPMRKRIWWXSQEMRXEMRELMKL
PIZIPSJIXLMGW+MZIRXLITSXIRXMEPJSVMQTIVWSREPEGXMSRWSVJEMPYVIXSMHIRXMJ][MXLTIS
TPI[I[SVO[MXLJEGIXSJEGIMXMWYWIJYPXSLEZIEWIXSJIXLMGEPKYMHIPMRIW*MKYVI 
TVSZMHIWXLIXIRGSQQERHQIRXWSJGSQTYXIVIXLMGW

'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1'
8LIGLEPPIRKIJSVEKVSYTMWLS[XSYXMPM^IERYRHIVWXERHMRKSJ'1'ERHMXWMRJPYIRGISR
KVSYTGSQQYRMGEXMSRTEXXIVRWERHTIVJSVQERGIXSIRLERGIEKVSYTtWHIGMWMSRQEOMRK
TVSFPIQWSPZMRKERHGSQQYRMGEXMSRTVSGIWWIW8LIJMVWXWXITMRXLMWTVSGIWWMRZSPZIW
TPERRMRK JSVXLI YWISJ '1' F] XLIKVSYT8LIVI EVI WIZIVEP ETTVSEGLIW XS XLMROMRK

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1' 

*-+96) 8LI8IR'SQQERHQIRXWSJ'SQTYXIV)XLMGW

%WIXSJ 8IR'SQQERHQIRXW[EWGVIEXIHF]XLI'SQTYXIV)XLMGW-RWXMXYXIJSVHMWXVMFYXMSREQSRKERHKYMHERGI
SJGSQTYXIVWYWIVW-XW8IR'SQQERHQIRXWTVSZMHIEKSSHETTPMGEXMSRXSGSQTYXIVQIHMEXIHGSQQYRMGEXMSR

 8LSY7LEPX2SXYWIEGSQTYXIVXSLEVQSXLIVTISTPI
 8LSY7LEPX2SXMRXIVJIVI[MXLSXLIVTISTPItWGSQTYXIV[SVO
 8LSY7LEPX2SXWRSSTEVSYRHMRSXLIVTISTPItWGSQTYXIVJMPIW
 8LSY7LEPX2SXYWIEGSQTYXIVXSWXIEP
 8LSY7LEPX2SXYWIEGSQTYXIVXSFIEVJEPWI[MXRIWWSVXIPPPMIWEFSYXWSQISRI 
 8LSY7LEPX2SXGST]SVYWITVSTVMIXEV]WSJX[EVIJSV[LMGL]SYLEZIRSXTEMH
 8LSY7LEPX2SXYWISXLIVTISTPItWGSQTYXIVVIWSYVGIW[MXLSYXEYXLSVM^EXMSRSVTVSTIVGSQTIRWEXMSR
 8LSY7LEPX2SXETTVSTVMEXISXLIVTISTPItWMRXIPPIGXYEPSYXTYX
 8LSY7LEPXXLMROEFSYXXLIWSGMEPGSRWIUYIRGIWSJXLITVSKVEQSVW]WXIQ]SYEVIGVIEXMRKSVYWMRK
 8LSY7LEPX%P[E]WYWIEGSQTYXIVMR[E]WXLEXMRWYVIGSRWMHIVEXMSRERHVIWTIGXJSV]SYVJIPPS[LYQERW

7SYVGI 'VIEXIHF]XLI'SQTYXIV)XLMGW-RWXMXYXIEXXLI&VSSOMRKW-RWXMXYXMSR;EWLMRKXSR('ERHZMI[EFPISRPMRIEX
[[[FVSSOMRKWIHYMXWGIMSZIVZMI[QEMRLXQ8LI8IR'SQQERHQIRXWSJ'SQTYXIV)XLMGW[IVIJMVWXTVIWIRXIHMR(V6EQSR
'&EVUYMRtWTETIVq-R4YVWYMXSJEs8IR'SQQERHQIRXWt JSV'SQTYXIV)XLMGWr8SVIUYIWXXLI8IR'SQQERHQIRXWSJ'SQ
TYXIV)XLMGWMR4(*JSVQEXIQEMP]SYVVIUYIWX[MXL]SYVREQIIQEMPEHHVIWWERHEJJMPMEXMSRXSGIM$FVSSOMRKWIHY

EFSYXXLIETTVSTVMEXIRIWWSJEQIHMYQJSVWQEPPKVSYTGSQQYRMGEXMSR8LIJMVWXMWXS
GLSSWIEQIHMYQFEWIHSRXLIQIHMEVMGLRIWWERHGSQTPI\MX]SJXLIGSQQYRMGEXMSR
XEWO8LIWIGSRHMWXSXLMROEFSYXXLIPERKYEKIGLEVEGXIVMWXMGWSJXLIMRJSVQEXMSRXSFI
GSQQYRMGEXIH8LIXLMVHMWXSGSRWMHIVXLIGSQQYRMGEXMSRJYRGXMSRWXSFIYWIH

'LSSWMRKE1IHMYQJSVXLI'SQQYRMGEXMSR8EWO
)JJIGXMZIP] JEGMPMXEXMRKEKVSYTtWHIGMWMSRQEOMRKTVSFPIQWSPZMRKERHGSQQYRMGE
XMSRTVSGIWWIWMRZSPZIWGLSSWMRKERETTVSTVMEXIQIHMYQJSVXLIGSQQYRMGEXMSRXEWO
0IRKIP
(EJX *SVIJJMGMIRXGSQQYRMGEXMSRGLSSWIEPIERQIHMYQ1SVIHMJ
JMGYPXERHRSRVSYXMRIGSQQYRMGEXMSRXLEXVIUYMVIWQSVIHMWGYWWMSREQSRKKVSYTQIQ
FIVWXSEGLMIZIEWLEVIHQIERMRKHIQERHWEVMGLIVQIHMYQ8LIHIZIPSTQIRXSJRI[
TPERWERHWXVEXIKMIWEPWSVIUYMVIWEVMGLQIHMYQJSVEWLEVIHKVSYTYRHIVWXERHMRK9WIE
VMGLQIHMYQXSHIZIPSTWSGMEPTVIWIRGIERHTIVWSREPVIPEXMSRWLMTWERHHSRSXPIXEPEGO
SJVMGLRIWWMRXLIGSQQYRMGEXMSRQIHMYQVIWXVMGXXLIMRJSVQEXMSRWLEVIHSVMQTPMGMXP]
GIRWSV XLI HMWGYWWMSR SJ GVMXMGEP MWWYIW 8LSYKL GSQQYRMGEXMRK XLVSYKL E VMGLIV
QIHMYQQE]VIUYMVIQSVIXMQIERHIJJSVXMXMWFIXXIVXSIRHYVIXLMWPSWWMRIJJMGMIRG]
XLERXSMREHZIVXIRXP]GYVXEMPXLIKVSYTtWTVSGIWWF]GLSSWMRKEQIHMYQXLEXMWXSSPIERXS
IJJIGXMZIP]EGGSQTPMWLXLIGSQQYRMGEXMSRXEWO8LMROEFSYXXLIGSQQYRMGEXMSRTYV
TSWIERHIZEPYEXIXLITSXIRXMEPYWISJERI[GSQQYRMGEXMSRXIGLRSPSK][MXLMRXLIWTIG
XVYQ SJ EZEMPEFPI QIHME GLSMGIW 8EFPI  PMWXW XLIWI VIGSQQIRHEXMSRW JSV QIHME
WIPIGXMSR0IRKIP
(EJX 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

8%&0) 'LSSWMRKE'SQQYRMGEXMSR1IHMYQ0IRKIP

(EJX 

*SVWMQTPIVSYXMRIGSQQYRMGEXMSRGLSSWIEPIERQIHMYQ
1SVIHMJJMGYPXERHRSRVSYXMRIGSQQYRMGEXMSRHIQERHWEVMGLIVGSQQYRMGEXMSRQIHMYQ
9WIVMGLQIHMEXSHIZIPSTWSGMEPTVIWIRGIERHTIVWSREPVIPEXMSRWLMTW
9WIVMGLQIHMEJSVMQTPIQIRXMRKRI[TPERWERHWXVEXIKMIW
(SRSXPIXEPEGOSJQIHMEVMGLRIWWVIWXVMGXXLIMRJSVQEXMSRWLEVIHSVGIRWSVHMWGYWWMSRSJGVMXMGEPMWWYIW
)ZEPYEXIXLITSXIRXMEPYWISJERI[GSQQYRMGEXMSRXIGLRSPSK][MXLMRXLIWTIGXVYQSJEZEMPEFPIQIHME
GLSMGIW

*MRHMRKE0ERKYEKI(IQERHi8IGLRSPSK]*MX
'SQQYRMGEXMSRQIHMEHMJJIVMRXLIX]TIERHEQSYRXSJMRJSVQEXMSRXLI]GEVV]8LIWI
HMJJIVIRGIW LEZI MQTPMGEXMSRW JSV XLI KVSYT HIGMWMSRQEOMRK ERH GSQQYRMGEXMSR
TVSGIWWIWERHKVSYTWRIIHXSFIE[EVISJXLIJMXFIX[IIRXLIGSQQYRMGEXMSRHIQERHW
SJXLIMVXEWOERHXLIGSQQYRMGEXMSRQIHMYQXLI]YWIXSQIIXXLEXHIQERH&EZIPEWIX
EP  *EVQIV
 ,]EXX  1EG(SYKEPP  8LVII X]TIW SJ PERKYEKI HI
QERHW EVI MQTSVXERX XS GSQQYRMGEXMSR MR E KVSYT *EVQIV
 ,]EXX  8LIWI
HIQERHWEVIRYQIVMGZIVFEPERHZMWYEPW]QFSPM^EXMSRW2YQIVMGW]QFSPM^EXMSRMWXLI
QEXLIQEXMGEPP]FEWIHEWTIGXSJPERKYEKIXLEXVIUYMVIWGSRZI]MRKI\EGXUYERXMXMIWWYGL
EWJSYRHMRRYQFIVWERHXLITVIGMWIQIERMRKWJSYRHMRQEXLIQEXMGEPJSVQYPEW*SV
FYWMRIWWKVSYTWXLIWIEVIVITVIWIRXIHMRXLIRYQFIVWYWIHMRFYHKIXWXLITIVGIRXEKIW
YWIHXSGEPGYPEXIWEPIWGSQQMWWMSRWSVTVSJMXWLEVMRKERHXLIJSVQYPEWYWIHXSGEPGY
PEXITE]MRGVIEWIWSVLIEPXLFIRIJMXW:IVFEPW]QFSPM^EXMSRHIWGVMFIWXLIFVSEHEVVE]SJ
GSRGITXWMHIEWERHQIERMRKWTVIWIRXMRIZIV]HE]ZIVFEPERHRSRZIVFEPPERKYEKIXLEX
TVSZMHIWXLIVMGLQYPXMPE]IVIHERHZEVMIHMRXIVTVIXEXMSRSJ[SVHW:MWYEPW]QFSPM^E
XMSRGSRZI]WWTEXMEPERHKISQIXVMGMRJSVQEXMSRMRETMGXYVIGLEVXKVETLSVHMEKVEQ
ERHQE]WLS[X[SSVXLVIIHMQIRWMSREPVITVIWIRXEXMSRWSJEWTEXMEPVIPEXMSRWLMTSVSJ
EWIUYIRGIXLEXSGGYVWXLVSYKLXMQI
2SXIZIV]'1'QIHMYQGEVVMIWIEGLSJXLIWIX]TIWSJMRJSVQEXMSRIUYEPP][IPP
8I\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWJSVI\EQTPIGEVV]RYQIVMGMRJSVQEXMSR
[MXL XLI TVIGMWMSR SJ [VMXXIR PERKYEKI FYX LEZI KVIEXIV HMJJMGYPX] GSRZI]MRK XLI
RYERGIWXLEXHMWXMRKYMWLEQSRKXLIQYPXMTPIQIERMRKWSJPERKYEKIMRXLII\TVIWWMSRSJ
E[SVHSVTLVEWI8LMWGERPIEHXSQMWYRHIVWXERHMRKWMRXLIMRXIVTVIXEXMSRSJEQIW
WEKI;MXLSYXXLIEWWSGMEXIHZSGEPMRJPIGXMSRHIXIVQMRMRK[LIXLIVETIVWSRMWFIMRK
STIRERHLSRIWXGVMXMGEPWEVGEWXMGSVLYQSVSYWSVIZIR[LIXLIVLISVWLIMWEWOMRKE
UYIWXMSRSVQEOMRKEREWWIVXMSRGERFIHMJJMGYPX8LIEYHMSGLERRIPTVSZMHIHF]XLI
XIPITLSRIERHGSQTYXIVEYHMSGSRJIVIRGMRKW]WXIQWGEVVMIWXLIZIVFEPERHZSGEPMRJSV
QEXMSR [IPPFYX LEW KVIEXIV HMJJMGYPX] I\TVIWWMRK XLI TVIGMWMSR SJ GSQTPI\ RYQIVMG
IUYEXMSRWERHXLIWTEXMEPVIPEXMSRWLMTWTVIWIRXMRZMWYEPW]QFSPM^EXMSR:MHISGSRJIV
IRGMRKW]WXIQWXLEXEVIIUYMTTIH[MXLHSGYQIRXWLEVMRKGETEFMPMXMIWGERQSVIGPSWIP]
ETTVS\MQEXI*8*GSQQYRMGEXMSRMRXLIMVEFMPMX]XSJYPJMPPEPPXLVIIX]TIWSJPERKYEKI
HIQERHW8STIVJSVQIJJIGXMZIP]EKVSYTQYWXFIGSRGIVRIH[MXLXLIJMXFIX[IIRXLI
W]QFSPM^EXMSR W]WXIQ VIUYMVIH JSV MXW GSQQYRMGEXMSR XEWO ERH XLI GSQQYRMGEXMSR
QIHMYQXLVSYKL[LMGLMXEXXIQTXWXSEGGSQTPMWLXLEXXEWO*EVQIV
,]EXX 

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %HSTXMRK)JJIGXMZI+VSYT'SQQYRMGEXMSR7XVEXIKMIWJSV'1' 

1EXGLMRK1IHME6MGLRIWW
XSXLI'SQQYRMGEXMSR*YRGXMSR
'SRWMHIVMRKXLIGSQQYRMGEXMSRJYRGXMSRGEREPWSLIPTEKVSYTGLSSWIERETTVSTVMEXI
QIHMYQ+VSYTGSQQYRMGEXMSRJYRGXMSRWGERFIHMZMHIHMRXSIMKLXX]TIW

 TPERRMRKJYRGXMSRWWYGLEWXLIHIZIPSTQIRXSJKVSYTEKIRHEWKSEPWERHSFNIGXMZIW
 JYRGXMSRWVIUYMVMRKGVIEXMZMX]ERHXLIKIRIVEXMSRSJMHIEW
 MRXIPPIGXYEPJYRGXMSRWWYGLEWTVSFPIQWSPZMRK
 HIGMWMSRQEOMRKJYRGXMSRW
 GSKRMXMZIGSRJPMGXJYRGXMSRWWYGLEWVIWSPZMRKGSRJPMGXMRKTSMRXWSJZMI[
 QM\IHQSXMZIJYRGXMSRWXLEXVIUYMVIKVSYTGSRJPMGXVIWSPYXMSR
 GSQTIXMXMZIJYRGXMSRWXLEXMRZSPZIMWWYIWSJTS[IVERHWXEXYWERH
 TIVJSVQERGIJYRGXMSRW[LIREKVSYTMQTPIQIRXWXLITVSNIGX

8LIWIX]TIWSJJYRGXMSRWLEZIFIIRWLS[RXSHMJJIVMRXLIMVHIQERHWSRXLIVMGLRIWWSJ
EGSQQYRMGEXMSRQIHMYQ1G+VEXL
,SPPMRKWLIEH 
4PERRMRKERHGVIEXMZMX]JYRGXMSRWVIUYMVIXLIPIEWXEQSYRXSJQIHMEVMGLRIWWERH
GERIJJIGXMZIP]FIEGGSQTPMWLIHYWMRKXI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQW8I\X
FEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWQE]IZIR[SVOFIXXIVJSVXLIWIJYRGXMSRWXLER
JEGIXSJEGIQIIXMRKWEWXI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWLEZIEXIRHIRG]XS
VIHYGITEVXMGMTERXMRLMFMXMSRWMRGVIEWIQSVIIUYEPTEVXMGMTEXMSRERHJEGMPMXEXIKVSYT
KIRIVEXMSRSJEKVIEXIVRYQFIVSJMHIEW8I\XFEWIH'1'KVSYTWEPWSTIVJSVQFIXXIV
XLER *8* KVSYTW SR MHIEKIRIVEXMSR JYRGXMSRW FYX *8* KVSYTW TIVJSVQ FIXXIV XLER
'1'KVSYTWSRMRXIPPIGXYEP SRIW-RXIPPIGXYEPTVSFPIQWSPZMRK ERHHIGMWMSRQEOMRK
JYRGXMSRW VIUYMVI QSVI GSQQYRMGEXMSR VMGLRIWW ERH EVI RSX KIRIVEPP] [IPP EGGSQ
TPMWLIHYWMRKXI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWFYXQE]FIYRHIVXEOIRIJJIG
XMZIP] YWMRK EYHMS SV ZMHISGSRJIVIRGMRK W]WXIQW '1' KVSYTW TIVJSVQ FIXXIV XLER
*8*KVSYTWSRHIGMWMSRQEOMRKJYRGXMSRWFYX*8*KVSYTWGERTIVJSVQFIXXIVSRRIKS
XMEXMSR JYRGXMSRW 1M\IHQSXMZI GSRJPMGXQEREKIQIRX JYRGXMSRW XLEXVIUYMVI RIKSXME
XMSRGSSVHMREXMSRERHGSPPEFSVEXMSREVIEPWSFIWXEGGSQTPMWLIHXLVSYKLJEGIXSJEGI
GSQQYRMGEXMSR1G+VEXL
,SPPMRKWLIEH '1'KVSYTWXEOIPSRKIVXSGSQ
TPIXITVSFPIQWSPZMRKJYRGXMSRWFYXKIRIVEXIQSVIWSPYXMSRW'1'KVSYTWEVIFIXXIV
WYMXIHXSEGLMIZMRKUYEPMX]HIGMWMSRW8YVSJJ
,MPX^ ;LIRYWIHEPSRILS[
IZIV'1'MWRSXEKSSHQIHMYQJSVQEMRXEMRMRKKVSYTQIQFIVVIPEXMSRWLMTW

%HSTXMRK)JJIGXMZI+VSYT'SQQYRMGEXMSR
7XVEXIKMIWJSV'1'
3RGIEGSQQYRMGEXMSRQIHMYQSVQIHMEGSQFMREXMSRLEWFIIRGLSWIREKVSYTRIIHWXS
EHSTX IJJIGXMZI WXVEXIKMIW JSV GSQQYRMGEXMRK XLVSYKL XLEX QIHMYQ &VSSQI
 'LIR
 8LIKVSYTQYWXJMVWXQSZIFI]SRHMXWLEFMXYEPKVSYTTVSFPIQWSPZMRKXIGLRMUYIW
XSI\TPSVIERHHIZIPSTQIXLSHWXLEX[SVOMRXLIQIHMYQMXMWYWMRKXSGSQQYRMGEXI8LMW
QE] VIUYMVI VIJVEQMRK MXW TVSFPIQW MR RI[ [E]W ERH VIXLMROMRK MXW KVSYT HMWGYWWMSR
TEXXIVRW 8LI KVSYT QYWX JSGYW MXW EXXIRXMSR SR HIZIPSTMRK WLEVIH KVSYT QIERMRKW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

WIUYIRXMEPP]FYMPHMRKSRMHIEWERHTVSQSXMRKHSYFPIPSSTPIEVRMRK[MXLMRXLIKVSYTXS
GPEVMJ]ERHMRXIKVEXIXLIKVSYTtWIZSPZMRKQIERMRKMRE[E]XLEXMWPIWWMRLMFMXIHF]XLI
QIHMYQ +VSYT QIQFIVW RIIH XS I\TPMGMXP] GSRWMHIV XLI TEXXIVRW [MXLMR XLIMV WLEVIH
MHIEWERHXLIVIPEXMSRWLMTWEQSRKXLSWIMHIEWVIHYGMRKMRJSVQEXMSREPPSWWXLEXQMKLXFI
MRHYGIHF]XLIQIHMYQ8LI]RIIHXSFEPERGIXLIMVYWISJXIGLRSPSK][MXLXLIRIIHWSJ
KVSYTQIQFIVWERHEZSMHXLIXIGLRSPSKMGEPXVERGISJLEZMRKXLIMVHIGMWMSRWHVMZIRF]XLI
XIGLRSPSK]MRWXIEHSJXLIPEVKIVGSRXI\XSJXLIKVSYTtWLYQERVIPEXMSRWLMTW8LI]RIIHXS
IQTLEWM^IXLIKVSYTtWTSXIRXMEPJSVFVSEHIRMRKMRHMZMHYEPTIVWTIGXMZIWERHTVSQSXMRK
FSXLMRHMZMHYEPERHGSPPIGXMZIS[RIVWLMTSJMHIEW*MREPP]XLI]RIIHXSMRXIKVEXIXLIMVYWI
SJ'1'[MXLMRXLIPEVKIVGSRXI\XSJXLIKVSYTtWTPERRMRKHIGMWMSRQEOMRKTVSFPIQ
WSPZMRKERHGSQQYRMGEXMSRTVSGIWWIW&VSSQI
'LIR 

*EGMPMXEXMRK)JJIGXMZI'1'+VSYT'SQQYRMGEXMSR
-R EHHMXMSR XSXLIWI WXVEXIKMIW KVSYTWYWMRK GSQTYXIV QIHMEXIH GSQQYRMGEXMSR EVI
QSWXIJJIGXMZI[LIRQIQFIVWGSPPEFSVEXMZIP]TE]EXXIRXMSRXSERHXEOIVIWTSRWMFMPMX]
JSV XLI KVSYTtW TVSGIWW JEGMPMXEXMSR )JJIGXMZI JEGMPMXEXMSR MR '1' KVSYTW VIUYMVIW
QIQFIVWXSGSQTIXIRXP]IRKEKIMRKVSYTJEGMPMXEXMSRVSPIWMREHHMXMSRXSXLVIIXIGL
RSPSK]WTIGMJMGJEGMPMXEXMZIVSPIW'PE[WSR&SWXVSQ
%RWSR 
.YWXEWMRJEGIXSJEGIKVSYTWIJJIGXMZIJEGMPMXEXMSRSJ'1'KVSYTW
 IRGSYVEKIW KVSYT QIQFIV VIWTSRWMFMPMX] JSV ERH TVSQSXIW S[RIVWLMT SJ XLI
KVSYTTVSGIWWERHVIWYPXW
 HIQSRWXVEXIWEGSQJSVXEFPIPIZIPSJWIPJE[EVIRIWWERHWIPJI\TVIWWMSR
 PMWXIRWXSGPEVMJMIWERHMRXIKVEXIWMRJSVQEXMSRERHMHIEW
 EWOWETTVSTVMEXI[IPPXMQIHUYIWXMSRWXSIRGSYVEKIXLSYKLXERHTEVXMGMTEXMSR
 LIPTWOIITXLIKVSYTJSGYWIHSRERHQSZMRKXS[EVHMXWKSEPW
 GVIEXIW ERH GSRXMRYEPP] VIMRJSVGIW ER STIR TSWMXMZI TEVXMGMTEXSV] IRZMVSR
QIRX
 EGXMZIP]FYMPHWVETTSVXERHVIPEXMSRWLMT
 TVIWIRXWGPIEVGSRGMWIMRJSVQEXMSRERH[IPPHIZIPSTIHMHIEW
 HIQSRWXVEXIWEJPI\MFMPMX]ERH[MPPMRKRIWWXSEHETXXSXLIWMXYEXMSRERHXSSXLIV
KVSYTQIQFIVRIIHW
 LIPTWEGLMIZIEGPIEVQIIXMRKTVSGIWWERHSYXGSQI
 GSRWXVYGXMZIP]QEREKIWGSRJPMGXERHXLII\TVIWWMSRSJRIKEXMZIIQSXMSRW
 IRGSYVEKIWERHWYTTSVXWXLII\TVIWWMSRSJQYPXMTPIERHHMZIVWITIVWTIGXMZIWERH
 QEREKIWERHEHLIVIWXSQIIXMRKXMQIPMQMXWERHHMWGYWWMSRKVSYRHVYPIW
-REHHMXMSRXSXLIWIXVEHMXMSREPJEGIXSJEGIKVSYTVSPIWQIQFIVWMR'1'KVSYTWQYWX
EPWS
 LEZIEGSRGITXYEPYRHIVWXERHMRKSJXLIXIGLRSPSK]ERHMXWGETEFMPMXMIW
 LEZIEREFMPMX]XSIJJIGXMZIP]GSQQYRMGEXIXLVSYKLXLEXXIGLRSPSK]ERH
 FIEFPIXSGVIEXIEGSQJSVXEFPIYRHIVWXERHMRKERHYWISJXLIXIGLRSPSK]EQSRK
SXLIVKVSYTQIQFIVW'PE[WSR&SWXVSQ
%RWSR 
8EFPI  PMWXWXLIWIVSPIWJSVIJJIGXMZIGSQTYXIVQIHMEXIHKVSYTQIIXMRKJEGMPMXEXMSR

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %HSTXMRK)JJIGXMZI+VSYT'SQQYRMGEXMSR7XVEXIKMIWJSV'1' 

8%&0) )JJIGXMZI'SQTYXIV1IHMEXIH+VSYT1IIXMRK*EGMPMXEXMSR'PE[WSR

&SWXVSQ
%RWSR 

%WMRJEGIXSJEGIKVSYTWIJJIGXMZIGSQTYXIVQIHMEXIHKVSYTQIIXMRKJEGMPMXEXMSRWLSYPH
)RGSYVEKIKVSYTVIWTSRWMFMPMX]ERHTVSQSXIQIQFIVS[RIVWLMTSJKVSYTTVSGIWWERHVIWYPXW
(IQSRWXVEXIEGSQJSVXEFPIPIZIPSJWIPJE[EVIRIWWERHWIPJI\TVIWWMSR
0MWXIRXSGPEVMJ]ERHMRXIKVEXIMRJSVQEXMSRERHMHIEW
%WOETTVSTVMEXI[IPPXMQIHUYIWXMSRWXSIRGSYVEKIXLSYKLXERHTEVXMGMTEXMSR
,IPTOIITKVSYTJSGYWIHSRERHQSZMRKXS[EVHMXWKSEPW
'VIEXIERHGSRXMRYEPP]VIMRJSVGIERSTIRTSWMXMZITEVXMGMTEXSV]IRZMVSRQIRX
%GXMZIP]FYMPHVETTSVXERHVIPEXMSRWLMT
4VIWIRXGPIEVGSRGMWIMRJSVQEXMSRERH[IPPHIZIPSTIHMHIEW
(IQSRWXVEXIJPI\MFMPMX]ERH[MPPMRKRIWWXSEHETXXSWMXYEXMSRERHSXLIVKVSYTQIQFIVRIIHW
,IPTEGLMIZIEGPIEVQIIXMRKTVSGIWWERHSYXGSQI
'SRWXVYGXMZIP]QEREKIGSRJPMGXERHI\TVIWWMSRSJRIKEXMZIIQSXMSRW
)RGSYVEKIERHWYTTSVXXLII\TVIWWMSRSJQYPXMTPIERHHMZIVWITIVWTIGXMZIW
1EREKIERHEHLIVIXSQIIXMRKXMQIPMQMXWERHHMWGYWWMSRKVSYRHVYPIW
-REHHMXMSRXSXLIWIXVEHMXMSREPKVSYTVSPIWQIQFIVWMRGSQTYXIVGSRJIVIRGIKVSYTWQYWXEPWS
,EZIEGSRGITXYEPYRHIVWXERHMRKSJXLIXIGLRSPSK]ERHMXWGETEFMPMXMIW
,EZIEREFMPMX]XSIJJIGXMZIP]GSQQYRMGEXIXLVSYKLXLEXXIGLRSPSK]
&IEFPIXSGVIEXIEGSQJSVXEFPIYRHIVWXERHMRKERHYWISJXLIXIGLRSPSK]EQSRKSXLIVKVSYTQIQFIVW

0IEHMRKE'1'+VSYT1IIXMRK
'1'KVSYTQIIXMRKWEPWSVIUYMVIEWXVSRKHMWGYWWMSRPIEHIV[LSGERTVITEVIEJSVQEP
TVIWIRXEXMSRERHXLIRFI[MPPMRKXSIRKEKIMRPIEHMRKEVIPE\IHMRJSVQEPKVSYTHMWGYW
WMSR8LI KVSYT PIEHIV WLSYPHTVITEVI TEVXMGMTERXW JSVE WXVYGXYVIHMRXIVEGXMZI IPIG
XVSRMGQIIXMRKERHSVKERM^IXLEXQIIXMRK[MXLEREKIRHELERHSYXWERHSXLIVQEXIVMEPW
HMWXVMFYXIHXSEPPTEVXMGMTERXWFIJSVIXLIQIIXMRKFIKMRW(YVMRKXLIQIIXMRKLS[IZIV
XLIPIEHIVWLSYPHVIHYGIXLIJSVQEPMX]SJXLIKEXLIVMRKF]YWMRKEWXVYGXYVIHFYXMRJSV
QEPGSQQYRMGEXMSRWX]PIERHF]IRGSYVEKMRKQIQFIVWXSWLEVIMRYRHIVXEOMRKPIEHIV
WLMT JYRGXMSRW %R IJJIGXMZI PIEHIV QYWX EPWS FI E[EVI SJ TEVXMGMTERXWt RSRZIVFEP
GSQQYRMGEXMSREWWSQITEVXMGMTERXWQE]FIRIVZSYWERHSXLIVWQE]FIMRXMQMHEXIHF]
XLIXIGLRSPSK]ERHRIIHIRGSYVEKIQIRXXSTEVXMGMTEXI%GEPQIZIRXIQTIVIHVIPE\IH
PIEHIVWLMT WX]PI FIGSQIW TEVXMGYPEVP] GVMXMGEP [LIR XLI QEXXIVW YRHIV HMWGYWWMSR EVI
MQTSVXERXXSXLI KVSYTERHTEVXMGMTERXW FIGSQII\GMXIH%HIUYEXI TVITEVEXMSRERH E
VIPE\IHGSQQYRMGEXMSRWX]PIEVIOI]WXSIJJIGXMZI'1'QIIXMRKW7LIVFPSQ 
4VMSVXSXLIQIIXMRKERIJJIGXMZIPIEHIVWLSYPH
 WGLIHYPIXLIQIIXMRK
 GSRJMVQXLIHEXIERHXMQI[MXLEPPTEVXMGMTERXW
 TPERXLIQIIXMRKJSVEQE\MQYQSJX[SLSYVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

8%&0) '1'1IIXMRK0IEHIVWLMT*YRGXMSRW3t6SYOI 

4VMSVXSXLIQIIXMRK
E7GLIHYPIXLIQIIXMRK
F'SRJMVQXLIHEXIERHXMQI[MXLEPPTEVXMGMTERXW
G7GLIHYPIXLIQIIXMRKJSVEQE\MQYQSJX[SLSYVW
H4PEREREKIRHEXSOIITTEVXMGMTERXWJSGYWIHSRXLIQIIXMRKtWSFNIGXMZIW
I7IRHXLIEKIRHEERHER]VIWSYVGIQEXIVMEPWXSTEVXMGMTERXWXSLSYVWFIJSVIXLIQIIXMRK
7XEVXXLIQIIXMRKSRXMQIERHIRHSRXMQI
%XXLIFIKMRRMRKSJXLIQIIXMRK
E-HIRXMJ]XLITYVTSWISJXLIQIIXMRK
F-HIRXMJ]XLITIVWSR[LS[MPPGLEMVXLIQIIXMRKERHJEGMPMXEXIXLIHMWGYWWMSR
G-HIRXMJ]ERHMRHMZMHYEPP][IPGSQIIEGLTEVXMGMTERX
H-RMXMEPP]XEOIGSRXVSP[MXLEWXVSRKGPIEVPIEHIVWLMTVSPIXLIRVIPMRUYMWLGSRXVSPERHIRGSYVEKI
TEVXMGMTERXMRXIVEGXMSREWXLIQIIXMRKTVSKVIWWIW
I%WOTEVXMGMTERXWXSMHIRXMJ]XLIQWIPZIW[LIRXLI]WTIEOXLIJMVWXXMQIXSLIPTJEGMPMXEXITEVXMGMTERX
MRXIVEGXMSR
%JXIVXLIQIIXMRKTVITEVIERHHMWXVMFYXIQMRYXIW

 HIZIPSTEREKIRHEXSOIITTEVXMGMTERXWJSGYWIHSRXLIQIIXMRKtWSFNIGXMZIWERH
 WIRHXLIEKIRHEERHEPPVIWSYVGIQEXIVMEPWXSXLITEVXMGMTERXWEXPIEWXLSYVW
FIJSVIXLIQIIXMRK

%X XLIFIKMRRMRK SJ XLI WIWWMSR XLI PIEHIV WLSYPH MHIRXMJ] XLI TYVTSWI SJ XLI
QIIXMRKERHXLITIVWSR[LS[MPPJEGMPMXEXIXLIHMWGYWWMSR8LIPIEHIVWLSYPHWXEVXXLI
QIIXMRKSRXMQIERHIRHSRXMQI&IKMRF]MHIRXMJ]MRKERHMRHMZMHYEPP][IPGSQMRK
IEGLTEVXMGMTERXERHXLIREWOTEVXMGMTERXWXSMHIRXMJ]XLIQWIPZIW[LIRXLI]WTIEOXLI
JMVWXXMQIXSLIPTJEGMPMXEXITEVXMGMTERXMRXIVEGXMSR7XEVXXLIQIIXMRKF]XEOMRKEWXVSRK
GPIEVPIEHIVWLMTVSPIFYXXLIRVIPMRUYMWLMXIRGSYVEKMRKTEVXMGMTERXMRXIVEGXMSREWXLI
QIIXMRKTVSKVIWWIW*MREPP]EJXIVXLIQIIXMRKQMRYXIWWLSYPHFITVITEVIHERHHMWXVMF
YXIH7II8EFPI 

7YQQEV]
+VSYTWMRGVIEWMRKP]YWIGSQTYXIVQIHMEXIHGSQQYRMGEXMSR'1' MRXLIMVHIGMWMSR
QEOMRK TVSFPIQWSPZMRK ERH KVSYT HMWGYWWMSR TVSGIWWIW 8LMW '1' MW TVSZMHIH
XLVSYKLIPIGXVSRMGQIIXMRKW]WXIQW[MXLKVSYTWYTTSVXW]WXIQ+77 GETEFMPMXMIWERH
GSQTYXIVERHEYHMSSVZMHISGSRJIVIRGMRKJEGMPMXMIW8LIYWISJXLIWIIPIGXVSRMGQIIX
MRKW]WXIQWGERMRJPYIRGIXLIGSQQYRMGEXMSR[MXLMRXLIKVSYT9RHIVGYVVIRXWSJXLMW
MRJPYIRGIEVIVITVIWIRXIHMRXLIGSRGITXWSJQIHMEVMGLRIWWERHGSQQYRMGEXMSRW]R
GLVSRMGMX]XLEXGEREJJIGXXLIHIKVIISJWSGMEPTVIWIRGII\TIVMIRGIHF]KVSYTTEVXMGM
TERXW8LIWIYRHIVGYVVIRXWGEREPWSMQTEGXKVSYTTIVJSVQERGISYXGSQIWERHMRXIVEGX
[MXLSXLIVGLEVEGXIVMWXMGWSJXLIKVSYTWYGLEWKVSYTWM^IHMZIVWMX]ERHTVS\MQMX] XS
EJJIGXXLIKVSYTtWTVSHYGXMZMX]ERHWSGMEPVIPEXMSREPHIZIPSTQIRX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 )\IVGMWIW 

+VSYTWGERQEREKIXLIIJJIGXWSJ'1'XLVSYKLXLIMVGLSMGISJEGSQQYRMGEXMSR
QIHMYQERHXLVSYKLXLIEHSTXMSRSJIJJIGXMZIKVSYTGSQQYRMGEXMSRERHPIEHIVWLMT
WOMPPW8LIGSQQYRMGEXMSRQIHMYQYWIHWLSYPHJMXXLIGSQQYRMGEXMSRXEWOXLIPER
KYEKI HIQERHW SJ XLEX XEWO ERH XLI GSQQYRMGEXMSR JYRGXMSRW MR [LMGL XLI KVSYT
MRXIRHWXSTEVXMGMTEXI)JJIGXMZIKVSYTGSQQYRMGEXMSRWXVEXIKMIWMRGPYHITE]MRKEXXIR
XMSRXSKVSYTTVSFPIQWSPZMRKXIGLRMUYIWERHHMWGYWWMSRTEXXIVRWI\TPSVMRKRI[[E]W
SJWLEVMRKMHIEWERHFYMPHMRKVIPEXMSRWLMTW[MXLMRXLIKVSYTERHFEPERGMRKXLIYWISJ
XIGLRSPSK] [MXLSXLIVKVSYTQIQFIVRIIHW )JJIGXMZIKVSYTJEGMPMXEXMSR TVSQSXIWE
TEVXMGMTEXSV]IRZMVSRQIRXJSVEGXMZIVIPEXMSREPVETTSVXFYMPHMRKEGSQJSVXEFPIPIZIPSJ
WIPJI\TVIWWMSRFEPERGIH[MXLEGXMZIPMWXIRMRKERHEGSRWXVYGXMZIQEREKIQIRXSJGSR
JPMGX '1' VIUYMVIW FSXL E WXVSRK HMWGYWWMSR PIEHIV ERH KVSYT QIQFIVW [LS [MPP
EGXMZIP]XEOIVIWTSRWMFMPMX]JSVXLIQYPXMTPIWLEVIHPIEHIVWLMTJYRGXMSRWSJQEMRXEMRMRK
E KVSYT JSGYW E FEPERGIH TEVXMGMTEXMSR ERH ER IZIRXIQTIVIH GSQQYRMGEXMSR
TVSGIWW;MXLXLIWIGSQQYRMGEXMSREFMPMXMIWEWQEPPKVSYTGERWYGGIWWJYPP]IRKEKIMR
GSQTYXIVQIHMEXIHGSQQYRMGEXMSREGGSQTPMWLMRKXLIKVSYTWt XEWOW[LMPIQEMRXEMR
MRKVIPEXMSRWLMTW

(-7'977-3259)78-327

 ;LEXMWWSGMEPTVIWIRGI#;LEXEVIMXWMQTSVXERXGLEVEGXIVMWXMGWERHLS[GEREKVSYTIJJIG
XMZIP]MRGVIEWIJIIPMRKWSJWSGMEPTVIWIRGIMRMXW'1'#
 ;LEXEVIXLIXLVIIX]TIWSJPERKYEKIHIQERHW#(IWGVMFIIEGLSJXLIQERHXLIXIGLRSPSK]
XLEXTVSZMHIWEFIWXJMXJSVGSQQYRMGEXMSRXSQIIXXLEXHIQERH
 ;LEXEVIXLIGLEVEGXIVMWXMGWSJGSQTYXIVQIHMEXIHGSQQYRMGEXMSR'1' #
 ,S[HSIW'1'HMJJIVJVSQ*8*GSQQYRMGEXMSR#
 (IWGVMFIXLIIMKLXGSQQYRMGEXMSRJYRGXMSRWERHXLIQIHMEVMGLRIWWGLEVEGXIVMWXMGWSJ'1'
W]WXIQWXLEXEVIFIWXWYMXIHXSJYPJMPPIEGLJYRGXMSR
 ;LEXEVIXLIIJJIGXWSJ'1'SRKVSYTXLMRO#
 ,S[HSERSR]QMX]KVSYTWM^IERHTVS\MQMX]MRJPYIRGITEVXMGMTEXMSRERHGSQQYRMGEXMSRMR
'1'KVSYTW#

)<)6'-7)7

'1'1IHMEXMSRERHRIKSXMEXMSR9RHIVWXERHMRKGYVVIRX'1'MWWYIW)\TIVMIRG
MRKEW]RGLVSRSYWGSQQYRMGEXMSR'LSSWMRKEGSQQYRMGEXMSRQIHMYQ

  ' 1 '  1 ) ( - %8 - 3 2 % 2 (  2 ) + 3 8 - %8 - 3 2

9WIEGSYTPISJXLIQIHMEXMSRWGIREVMSWHIWGVMFIHEXXLIIRHSJ'LETXIVMRI\IVGMWI
(MZMHI TEVXMGMTERXW MRXS WQEPP KVSYTW XS RIKSXMEXI SRI SJ XLIWI WGIREVMSW 3RI TEMV SJ
KVSYTW[MPPEXXIQTXXSRIKSXMEXIXLIWGIREVMSXLVSYKLEREZEMPEFPIQIHMEXIHKVSYTGSQQY
RMGEXMSRXIGLRSPSK]XI\XFEWIHGSQTYXIVGLEXSVHMWGYWWMSRKVSYTX[SXIPITLSRIWTIEOIV
TLSRIWSVYWMRKZMHISGSRJIVIRGMRKWSJX[EVI [LMPIERSXLIVTEMVSJKVSYTW[MPPIRKEKIMR
XLIRIKSXMEXMSRJEGIXSJEGI%JXIVQMRYXIWXLIKVSYTTEMVWW[MXGLWSXLEXXLIXIGLRSPSK]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

TEMVSJKVSYTWQIIXJEGIXSJEGIERHXLIJEGIXSJEGIKVSYTWQIIXXLVSYKLXLIXIGLRSPSK]
JSVXLIRIKSXMEXMSRSJEWIGSRHWGIREVMS%JXIVXLIWIGSRHRIKSXMEXMSRXLIKVSYTWWLSYPHFI
EFPI XS HMWGYWW[LMGL WGIREVMSXLI] JSYRHIEWMIVXSRIKSXMEXIERH[L] [LEX HMJJMGYPXMIW
[IVIMQTSWIHF]XLIYWISJXLIXIGLRSPSK]ERHLS[XLIMVGSQQYRMGEXMSRWX]PIGLERKIH
HYVMRKXLIRIKSXMEXMSRXLVSYKLIEGLQIHMYQ

  9 2 ( ) 6 7 8% 2 ( - 2 +  ' 9 6 6 ) 2 8 ' 1 '  - 7 7 9 ) 7

*SVQWQEPPVIWIEVGLKVSYTWXSHIXIVQMRIXLIMQTEGXSJ'1'SR]SYVGSPPIKISVYRMZIVWMX]
%WEREPXIVREXMZIMRZIWXMKEXI'1'YWIWMRERSVKERM^EXMSR3FXEMRTIVQMWWMSRXSGSRHYGX
MRXIVZMI[WSJ'1'YWIVW(IZIPSTEPMWXSJGYVVIRX'1'YWIWWYGLEWIQEMPSVZMHISGSR
JIVIRGMRKERHMRXIVZMI[EXPIEWXJMZIMRHMZMHYEPW%WOX[SWTIGMJMGUYIWXMSRW*MVWXHS]SY
FIPMIZI'1'LEWLIPTIHSVLMRHIVIH]SYV[SVO#7IGSRH[LEXGLERKIW[SYPH]SYQEOIMR
XLIGYVVIRX'1'XSQEOIMXQSVIYWIV JVMIRHP]#;SVOSYXEWLSVXTVSTSWEPTVIWIRXEXMSR
[MXL]SYVKVSYTtWMHIEWJSVHIZIPSTMRKERMQTVSZIH'1'W]WXIQ7SQISYXWMHIVIWIEVGL
QE]FILIPTJYPEW]SYVMHIEWIZSPZI

  ) < 4 ) 6 - ) 2 ' - 2 + % 7 = 2 ' , 6 3 2 3 9 7

' 3 1 1 9 2 - ' %8 - 3 2

=SYVMRWXVYGXSV[MPPHMZMHIXLIGPEWWMRXSKVSYTWSJX[SSVXLVII-JXLIVIEVIXLVIIQIQFIVW
SRI[MPPFIXLISFWIVZIV[LS[MPPTVSZMHIJIIHFEGOEJXIVXLII\IVGMWIMWGSQTPIXIH-RXLI
H]EHSRISJ]SY[MPPFIEWWMKRIHXLIVSPISJWIRHIVERHXLISXLIVXLIVSPISJVIGIMZIV4MGO
EREGXMZMX]WYGLEWJSPHMRKETETIVEMVTPERISVI\TPEMRMRKLS[XSIEXERYRYWYEPQIEPSVLS[
XSTPE]ETEVXMGYPEVGEVHKEQI
8LIWIRHIVERHVIGIMZIVWLSYPHWMXFEGOXSFEGO3RP] XLIWIRHIVMWEPPS[IHXSWTIEO
YRXMPXLII\IVGMWIMWSZIV8LIVIGIMZIVQE]RSXEWOER]UYIWXMSRWRSVPSSOEXXLIWIRHIV8LI
WIRHIVtWKSEPMWXSHIWGVMFIXLIGSRGITXSVEGXMZMX]IJJIGXMZIP]MRXLIEFWIRGISJJIIHFEGO
=SYLEZIXIRQMRYXIWXSGSQTPIXIXLIXEWO
;LIRJMRMWLIHXLIWIRHIVERHVIGIMZIVGERJEGIIEGLSXLIVERHXLIVIGIMZIVWLSYPH
XIPPXLIWIRHIV[LEXLISVWLILIEVH'SQTEVIXLIVIGIMZIVtWMRJSVQEXMSR[MXLXLIMRXIRHIH
QIWWEKI2S[GSRWMHIV[LEX[SYPHLEZILETTIRIHMJXLIGSQQYRMGEXMSRLEHFIIRW]R
GLVSRSYW-J]SYLEZIERSFWIVZIVhXLIXLMVHQIQFIVhVIGIMZIJIIHFEGOJVSQXLMWMRHMZMH
YEPVIKEVHMRKXLIETTEVIRXFEVVMIVWGVIEXIHF]EW]RGLVSRSYWGSQQYRMGEXMSR;LEXEVIXLI
MQTPMGEXMSRWJSV'1'#*SVKVSYTEGXMZMXMIW#
'SQTEVI]SYVWYGGIWW[MXLSXLIVH]EHWSVXVMEHWMRXLIGPEWW;LEXEGXMSRWGERFI
XEOIRXSQEOIGIVXEMR'1'[SVOWJSV]SYVKVSYT#

  ' , 3 3 7 - 2 + %  ' 3 1 1 9 2 - ' %8 - 3 2  1 ) ( - 9 1

=SYVWQEPPKVSYTLEWFIIREWOIHXSHIZIPSTE'1'QSHIPJSVEPEVKIPIGXYVIGSYVWI&EWIH
SRXLIMRJSVQEXMSRTVSZMHIHMRXLMWGLETXIVERHMR8EFPI MRTEVXMGYPEV[LEXVIGSQQIR
HEXMSRW[SYPH]SYQEOI#1EOIGIVXEMR]SYVVIGSQQIRHEXMSRWXEOIMRXSGSRWMHIVEXMSREPP
XLIEWTIGXWSJXLIPEVKIPIGXYVIGSYVWI&ITVITEVIHXSHMWGYWW]SYVERW[IVW[MXL]SYVGPEWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 6IJIVIRGIW 

6)*)6)2')7

%PFVIGLX80
%HIPQER1& 'SQQYRMGEXMRK +EPPYTI6&'SSTIV;,+VMWI1
&EWXMERYXXM0
WSGMEPWYTTSVX 2I[FYV]4EVO'%7EKI 1   &PSGOMRK IPIGXVSRMG FVEMRWXSVQW
&EZIPEW.&,YXGLMRWSR7/IR[SSH'
1EXLIWSR .SYVREPSJ%TTPMIH4W]GLSPSK] i
(, 9WMRKJEGIXSJEGIHMEPSKYIEWEWXER +VEIX^/%&S]PI)7/MQFPI')8LSQTWSR4

HEVH JSV SXLIV GSQQYRMGEXMSR W]WXIQW 'EREHMER +EVPSGL.0 -RJSVQEXMSRWLEVMRKMRJEGI

.SYVREPSJ'SQQYRMGEXMSR i XSJEGI XIPIGSRJIVIRGMRK ERH IPIGXVSRMG GLEX
&SVHME4 *EGIXSJEGIZIVWYWGSQTYXIVQIHMEXIH KVSYTW7QEPP+VSYT6IWIEVGL i
GSQQYRMGEXMSR%W]RXLIWMWSJXLII\TIVMQIRXEPPMX ,EGOIV/0
7XIMRIV6 ,YVHPIWSJEGGIWWERH
IVEXYVI 8LI .SYVREP SJ &YWMRIWW 'SQQYRMGEXMSR FIRIJMXW SJ YWEKI JSV MRXIVRIX GSQQYRMGEXMSR
 i 'SQQYRMGEXMSR6IWIEVGL6ITSVXW i
&VEMXL[EMXI(3;EPHVSR:6
*MRR. 'SQ ,YERK0 8LIEHSTXMSRERHYWIWSJIQEMPEQSRK
QYRMGEXMSRSJWSGMEPWYTTSVXMRGSQTYXIVQIHMEXIH 8EM[ERIWI WXYHIRXW EX ER %QIVMGER YRMZIVWMX]
KVSYTWJSVTISTPI[MXLHMWEFMPMXMIW,IEPXL'SQQY ;SVPH'SQQYRMGEXMSR i
RMGEXMSR i ,]EXX .  .YRI   8LI 7390 SJ E RI[ XIEQ
&VSSQI & .
 'LIR 1   +YMHIPMRIW JSV GSQ *SVXYRI TTi
TYXIVEWWMWXIHKVSYTTVSFPIQWSPZMRK1IIXMRKXLI 0EWLMRWO]%.YRI 6%>6tWIHKI*SVXYRI TT
GLEPPIRKIW SJ GSQTPI\ MWWYIW 7QEPP +VSYT i
6IWIEVGL i 0IRKIP6,
(EJX60 8LIWIPIGXMSRSJGSQ
&YR^9
'EQTFIPP7; 4SPMXIRIWWEGGSQQS QYRMGEXMSR QIHME EW ER I\IGYXMZI WOMPP )\IGYXMZI
HEXMSRMRIPIGXVSRMGQEMP'SQQYRMGEXMSR6IWIEVGL  i
6ITSVXW i 1EG(SYKEPP6' 7YFNIGXJMIPHWSVEPIQYPEXMSR
'EM <   -W XLI GSQTYXIV E JYRGXMSREP EPXIVREXMZI XS ERH XLI WTSRXERISYW GYPXYVEP TSWMXMSRMRK SJ
XVEHMXMSREP QIHME# 'SQQYRMGEXMSR 6IWIEVGL 1SLE[O IQEMP YWIVW ;SVPH 'SQQYRMGEXMSR
6ITSVXW i  i
'EQTFIPP /
 ;VMKLX / &   3RPMRI WYTTSVX 1G+VEXL.)
,SPPMRKWLIEH%& +VSYTWMRXIV
KVSYTW %R MRZIWXMKEXMSR SJ VIPEXMSRWLMTW EQSRK EGXMRK[MXLXIGLRSPSK] 8LSYWERH3EOW'%7EKI
WSYVGIGVIHMFMPMX]HMQIRWMSRWSJVIPEXMSREPGSQQY 1IX^KIV1.
*PEREKER%. %YHMIRGISVMIR
RMGEXMSR ERH TIVGITXMSRW SJ IQSXMSREP WYTTSVX XEXMSRW XS[EVH RI[ QIHME 'SQQYRMGEXMSR
'SQQYRMGEXMSR6IWIEVGL6ITSVXW i 6IWIEVGL6ITSVXW i
'PE[WSR:/&SWXVSQ64
%RWSR6 8LI 1I]IVW'
(EZMW7 &PYV8LIWTIIHSJGLERKI
VSPISJXLIJEGMPMXEXSVMRGSQTYXIVWYTTSVXIHQIIX MRXLIGSRRIGXIHIGSRSQ] 6IEHMRK1%%HHMWSR
MRKW7QEPP+VSYT6IWIEVGL i ;IWPI]
'SSTIV ; , +EPPYTI 6 & 4SPPEVH 7
 'EHWF] . 1MVERHE71 %ZSMHERGISJKVSYTXLMRO1IIXMRK
 7SQIPMFIVEXMRKIJJIGXWSJERSR]QSYWIPIG QEREKIQIRX YWMRK KVSYT WYTTSVX W]WXIQW 7QEPP
XVSRMGFVEMRWXSVQMRK7QEPP+VSYT6IWIEVGL  +VSYT6IWIEVGL i
i 3PERMVER&% +VSYTTIVJSVQERGIMRGSQTYXIV
'SRVEH'
4SSPI17 7XVEXIKMGSVKERM^EXMSREP QIHMEXIH ERH JEGIXSJEGI GSQQYRMGEXMSR QIHME
GSQQYRMGEXMSRMREKPSFEPIGSRSQ] XLIH 97 1EREKIQIRX 'SQQYRMGEXMSR 5YEVXIVP]  
8LSQTWSR;SVHW[SVXL i
'YQQMRKW8 +
 ;SVPI] ' +   3VKERM^EXMSREP 3t6SYVOI . 7  :MHIS XIPIGSRJIVIRGMRK% TETIV
HIZIPSTQIRXERHGLERKI XLIH 8LSQTWSR7SYXL TVIWIRXIHXSXLIXLERRYEPGSRZIRXMSRSJXLIEWWS
;IWXIVR GMEXMSR JSV FYWMRIWW GSQQYRMGEXMSR 1SRXVIEP
(EJX6
0IRKIP6 3VKERM^EXMSREPMRJSVQEXMSR 5YIFIG'EREHE
VIUYMVIQIRXW QIHME VMGLRIWW ERH WXVYGXYVEP 4SSPI17
,SPQIW1) (IGMWMSRHIZIPST
HIWMKR1EREKIQIRX7GMIRGI i QIRXMRGSQTYXIVEWWMWXIHKVSYTHIGMWMSRQEOMRK
*EVQIV71
,]EXX'; )JJIGXWSJXEWOPER ,YQER'SQQYRMGEXMSR6IWIEVGL i
KYEKIHIQERHWERHXEWOGSQTPI\MX]SRGSQTYXIV 4SSPI17,SPQIW1);EXWSR6
(I7ERGXMW+
QIHMEXIH [SVO KVSYTW 7QEPP +VSYT 6IWIEVGL  +VSYTHIGMWMSRWYTTSVXW]WXIQWERHKVSYT
 i GSQQYRMGEXMSR 'SQQYRMGEXMSR 6IWIEVGL  
*VMIHQER80 8LI[SVPHMWJPEX%FVMIJLMWXSV]SJ i
XLI X[IRX]JMVWX GIRXYV] 2I[=SVO *EVVEV 7XVEYW 6EMRW 7   0IZIPMRK XLI TPE]MRK JMIPH ZMVXYEPP]
ERH+MVSY\ 'SQQYRMGEXMSRW6IWIEVGL i

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

6SKIVW 6%   q-W XLMW E KVIEX XMQI SV [LEX# r 8VIZMRS0/(EJX60
0IRKIP6, 9RHIV
-RJSVQEXMSR XIGLRSPSK] ERH XLI IVEWYVI SJ HMJJIV WXERHMRK QEREKIVtW QIHME GLSMGIW % W]QFSPMG
IRGI;SVPH'SQQYRMGEXMSR i MRXIVEGXMSRMWXTIVWTIGXMZI-R.*YPO
'7XIMRJMIPH
6YQFSYKL8 8LIHIZIPSTQIRXERHQEMRXIRERGI )HW 3VKERM^EXMSRWERHGSQQYRMGEXMSRXIGLRSP
SJ MRXIVTIVWSREP VIPEXMSRWLMTW XLVSYKL GSQTYXIV SK] TTi 2I[FYV]4EVO'%7EKI
QIHMEXIH GSQQYRMGEXMSR 'SQQYRMGEXMSR 6I 8YVSJJ 1
 ,MPX^ 7 6   'SQTYXIV WYTTSVX
WIEVGL6ITSVXW i +VSYT ZIVWYW MRHMZMHYEP HIGMWMSRW-)))8VERWEG
7EQT.%;MXXIRFIVK)1
+MPPIXX(0 4VI XMSRW'SQQYRMGEXMSRW i
WIRXMRKERHQSRMXSVMRKEKIRHIVHIJMRIHWIPJSRXLI :EPEGMGL.7(IRRMW%6
2YREQEOIV.* 
MRXIVRIX'SQQYRMGEXMSR6IWIEVGL6ITSVXW i +VSYT WM^I ERH ERSR]QMX] IJJIGXW SR GSQTYXIV
7GSXX'6 'SQQYRMGEXMSRXIGLRSPSK]ERHKVSYT QIHMEXIH MHIE KIRIVEXMSR 7QEPP +VSYT 6IWIEVGL
GSQQYRMGEXMSR-R06*VI](7+SYVER
1  i
74SSPI)HW 8LILERHFSSOSJKVSYTGSQQYRM ;EPXLIV.& %RXMGMTEXIHSRKSMRKMRXIVEGXMSRZIV
GEXMSRXLISV]
VIWIEVGL TTi 8LSYWERH WYWGLERRIPIJJIGXWSRVIPEXMSREPGSQQYRMGEXMSRMR
3EOW'%7EKI GSQTYXIVQIHMEXIH MRXIVEGXMSR,YQER'SQQYRM
7LIHPIXWO]0
%MXOIR.) ,YQERGSQQYRMGE GEXMSR6IWIEVGL i
XMSRSRXLI-RXIVRIX &SWXSR%PP]R
&EGSR ;EPXLIV.& 'SQTYXIVQIHMEXIHGSQQYRMGEXMSR
7LIVFPSQ.' 8IPIGSRJIVIRGMRK-R%;MPPMEQW -QTIVWSREPMRXIVTIVWSREPERHL]TIVTIVWSREPMRXIV
)H  'SQQYRMGEXMSR ERH XIGLRSPSK]8SHE] ERH EGXMSR'SQQYRMGEXMSR6IWIEVGL i
XSQSVVS[ TTi (IRXSR8<%WWSGMEXMSR ;EVVIR 6
 &PYQE %   4EVIRXEP QIHMEXMSR SJ
JSV&YWMRIWW'SQQYRMGEXMSR GLMPHVIRtW-RXIVRIXYWI8LIMRJPYIRGISJIWXEFPMWLIH
7LIVFPSQ.' 8IPIGSRJIVIRGMRK-R('6IIT)H  QIHME'SQQYRMGEXMSR6IWIEVGL6ITSVXW i
8IGLRMGEP[VMXMRK4VMRGMTPIWWXVEXIKMIWERHVIEHMRKW ;VMKLX/ 1SXMZIWJSVGSQQYRMGEXMSR[MXLMRSR
VHIHTTi &SWXSR%PP]R
&EGSR PMRIWYTTSVXKVSYTWERHERXIGIHIRXWJSVMRXIVTIVWSREP
7LSVX .;MPPMEQW )
 'LVMWXMI &   8LI WSGMEP YWI'SQQYRMGEXMSR6IWIEVGL6ITSVXW i
TW]GLSPSK] SJ XIPIGSQQYRMGEXMSRW 0SRHSR .SLR
;MPI]

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %44)2(-<

+EXLIVMRK 3VKERM^MRK 4VSGIWWMRK

ERH4VIWIRXMRK-RJSVQEXMSREWE8IEQ

- 'LSSWIE8STMG
&VEMRWXSVQ
7XEVXF]FVEMRWXSVQMRKEWEKVSYTXSWYKKIWXEPPXLITSWWMFPIXSTMGW]SYQMKLXFI
MRXIVIWXIHMRVIWIEVGLMRKHMWGYWWMRKERHTVIWIRXMRK
+IRIVEXIEPMWXSJXLIWIXSTMGW6IWIEVGLIEGLXSTMGJSVEZEMPEFMPMX]SJMRJSVQE
XMSR%XEWYFWIUYIRXKVSYTQIIXMRKVIZMI[XLMWPMWXSJXSTMGWERHQEOIER]EHHM
XMSRWXSXLIPMWX

7IPIGXE8STMG
8EPOXLVSYKLIEGLMXIQSRXLIPMWXERHHMWGYWWXLITSWMXMZIWERHRIKEXMZIWSJXLIXSTMG
(MWGYWWERHVIEGLEGSRWIRWYWSREXSTMGXLEXXLI[LSPIKVSYTMWMRXIVIWXIHMR
MRZIWXMKEXMRK

(MWGYWW
(MWGYWWXLIXSTMGI\TERHMRKSRMXWQYPXMTPIEWTIGXWERHHMZMHIMXMRXSWIGXMSRW
%WWMKRWIGXMSRWSJXLIXSTMGXSIEGLKVSYTQIQFIVXSVIWIEVGLFYXQEOIWYVI
IZIV]SRIORS[W[LEXEPPXLIWIGXMSRWEVIWSQIQFIVWGERLIPTSRIERSXLIV[MXL
XLIVIWIEVGL

-- +EXLIV-RJSVQEXMSR

7SYVGIWSJ-RJSVQEXMSR
4STYPEV QEKE^MRIW XIPIZMWMSR WLS[W QSZMIW +SSH JSV HVEQEXMG EXXIRXMSRKIXXMRK
MRXVSHYGXMSRWXSEXSTMGERHGERFITVSJMXEFP]YWIHXLEX[E]FYXWLSYPHRSXFIVIPMIHSR
LIEZMP]JSVWXVSRKJEGXYEPWYTTSVXMZIMRJSVQEXMSRXSQEOI]SYVTSMRXW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %44)2(-< +EXLIVMRK3VKERM^MRK4VSGIWWMRKERH4VIWIRXMRK-RJSVQEXMSREWE8IEQ

0MFVEV]VIJIVIRGIWFSSOWNSYVREPEVXMGPIW )JJIGXMZIMRTVSZMHMRKWSPMHWYTTSVX
JSVXLIQEMREWWIVXMSRWXLEX]SY[ERXXSQEOIEFSYXEXSTMG
(EXEFEWIWXLI-RXIVRIX +SSHWSYVGIW JSVJEGXWERHJMKYVIWFYX XLI]QYWX FI
MRXIVTVIXIHERHMRXIKVEXIH[MXLSXLIVJSVQWSJWYTTSVX8LI]GERRSXQEOIXLIGEWIERH
WXERHSRXLIMVS[R9WIXLIQFYXI\TPEMRXS]SYVEYHMIRGI[LEXXLI]QIERXS]SYERH
LS[XLI]WYTTSVX]SYVEVKYQIRX
-RXIVZMI[W [MXL I\TIVXW SV TISTPI [MXL TIVWSREP I\TIVMIRGI 'ER EHH FSXL E
LYQERHMQIRWMSRXSSXLIVX]TIWSJMRJSVQEXMSRERHGVIHMFMPMX]XSXLIEVKYQIRX XLEX
]SYEVIQEOMRK1EOIWYVIXLEXXLIGSRRIGXMSRFIX[IIRXLITIVWSRtWI\TIVXMWIERHXLI
IZMHIRGITVSZMHIHXS]SYMWQEHIGPIEVXS]SYVEYHMIRGI
7YVZI]W 9WIJYP JSV TVSZMHMRK IZMHIRGI SR STMRMSR ERH EXXMXYHI UYIWXMSRW ERH
MWWYIW&IGEVIJYP[MXLXLI[SVHMRKSJXLIUYIWXMSRWFIMRKEWOIHERHOIITXLIWYVZI]
WLSVXWSXLEXMXHSIWRSXXEOIXSSQYGLXMQIJSVTISTPIXSJMPPMXSYX3RITEKI[VMXXIR
WYVZI]WSVSVEPWYVZI]WSJXLVIISVJSYVUYIWXMSRWGERFIIJJIGXMZIJSVKEXLIVMRKQER]
TISTPItWSTMRMSRWMREWLSVXEQSYRXSJXMQIEXFYW]PSGEXMSRWWYGLEWEWLSTTMRKQEPP
XLIGEQTYWYRMSRSVEKVSGIV]WXSVI9WYEPP]]SYLEZIXSEWOTIVQMWWMSRSJXLIJEGMPM
XMIWQEREKIVFIJSVI]SYGERWYVZI]TISTPISRXLITVIQMWIWLS[IZIV
5YEWMI\TIVMQIRXEP HEXE 9WIJYP JSV GIVXEMR XSTMGW WYGL EW E XSTMG EWOMRK
[LIXLIV WXSVI S[RIVW WTIRH QSVI XMQI [MXL GYWXSQIVW [LS EVI GPIER ERH [IPP
HVIWWIH XLER [MXL XLSWI [LS EVI HMVX] ERH TSSVP] HVIWWIH -R XLMW GEWI X[S XIEQ
QIQFIVWGSYPHXEOIXYVRWEPXIVREXIP]IRXIVMRKWXSVIWEW[IPPKVSSQIHGYWXSQIVWERH
EWTSSVP]KVSSQIHGYWXSQIVW%XLMVHXIEQQIQFIVGSYPHJYRGXMSREWERSFWIVZIV
VIGSVHMRKSFWIVZEXMSRWWYGLEWXLIEQSYRXSJXMQIFIJSVIEWXSVIGPIVO[EMXWSRIEGL
LS[PSRKXLIWXSVIGPIVOWTIRHW[MXLIEGLERHLS[LIPTJYPXLIWXSVIGPIVOMW[MXL
UYIWXMSRW

--- 4VSGIWWXLI-RJSVQEXMSR
3VKERM^IXLI+VSYT1IIXMRKWERH(MWGYWWMSRW
(IZIPSTE1IIXMRK%KIRHE
7EQTPI%KIRHE*SVQEX3YXPMRI
8MQIERHTPEGIJSVQIIXMRK
- %TTVSZEPSJQMRYXIWQMRYXIWETTVSZIHQSHMJMIHSVGSVVIGXIH

-- 7YFGSQQMXXIIVITSVXW
%
&
'

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 ---4VSGIWWXLI-RJSVQEXMSR 

--- 3PHFYWMRIWW
%
&
'

-: 2I[FYWMRIWW
%
&
'

: %RRSYRGIQIRXWERHSXLIVMXIQW
%
&

/IIT1MRYXIWSJ+VSYT(MWGYWWMSRW
1MRYXIWWLSYPHRSXITEVXMGYPEVP] XLIMRJSVQEXMSRXLEXLEWFIIRKEXLIVIH ER]
HIGMWMSRWXLEXLEZIFIIRQEHI XEWOWXLEXLEZIFIIREWWMKRIHSVZSPYRXIIVIHJSV
 HYXMIWERH VSPIWXLEXLEZI FIIRXEOIRSRERH  XLIXMQI ERHTPEGISJXLIRI\X
QIIXMRKERH[LEXRIIHWXSFIEGGSQTPMWLIHFIJSVIXLEXQIIXMRK

7EQTPI1MRYXIW3YXPMRI
1IIXMRKWXEVXXMQIERHPSGEXMSR
0MWXSJQIQFIVWTVIWIRX
- 1MRYXIWSJPEWXQIIXMRKETTVSZIHQSHMJMIHSVGSVVIGXIH

-- 'SQQMXXIIVITSVXW
%
&
'

--- 3PHFYWMRIWW
%
&
'

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %44)2(-< +EXLIVMRK3VKERM^MRK4VSGIWWMRKERH4VIWIRXMRK-RJSVQEXMSREWE8IEQ

-: 2I[FYWMRIWW
%
&
'

: %RRSYRGIQIRXWXMQIEHNSYVRIHXMQIHEXITPEGISJRI\XQIIXMRK

(MWGYWWERH4VIWIXXLI-RJSVQEXMSR
(MWXMRKYMWL(MJJIVIRX8]TIWSJ-RJSVQEXMSR
5YIWXMSRWSJJEGXEVIIQTMVMGEPP]ZIVMJMEFPIHEXIWWXEXMWXMGWUYERXMXMIW 
5YIWXMSRWSJSTMRMSREVITIVWSREPWXEXIQIRXWXLEXZSMGIETIVWTIGXMZISVEXXMXYHI
5YIWXMSRWSJZEPYIEVIWXEXIQIRXWEFSYXZEPYISV[SVXL8LI]EVIKIRIVEPP]FEWIH
SR GYPXYVEP ZEPYIW ERH EWWYQTXMSRW ERH EVI GYPXYVEPP] VIPEXMZI JVIUYIRXP]
WXEXIHMRIZEPYEXMZIXIVQWXLEXMWKSSHSVFEH EVIRSXUYERXMJMEFPIERHEVI
RSXIQTMVMGEPP]ZIVMJMEFPI
5YIWXMSRWSJTSPMG] WXEXIXLI[E]XLMRKWqWLSYPHrFISV[LEXqWLSYPHrFIHSRI

(MWXMRKYMWL8]TIWSJ6IEWSRMRK
-RHYGXMZIVIEWSRMRKTVSKVIWWIWXSEKIRIVEPTVMRGMTPIJVSQSRISVQSVIWTIGMJMG
JEGXWMRWXERGIWSVGEWIW*SVI\EQTPIGVMQIVEXIWEVIMRGVIEWMRKMRXLIGSQ
QYRMX]ERHTITTIVWTVE]LEWFIIRWLS[RXSFIERIJJIGXMZIHIXIVVIRXXSXLIWI
GVMQIWXLIVIJSVIGEVV]MRKTITTIVWTVE][MPPMRGVIEWI]SYVWEJIX]MRXLIGSQ
QYRMX]
(IHYGXMZI VIEWSRMRKTVSKVIWWIWXSEWTIGMJMGGSRGPYWMSRSVVIWYPXFEWIHSRKIRIVEP
EWWYQTXMSRWTVMRGMTPIWERHJEGXW*SVI\EQTPIVIEWSRMRKXLEX KIRIVSYW
TISTPIKMZIJSSHXSXLIRIIH]EX8LEROWKMZMRKXMQIERH [IEVIKIRIVSYW
TISTPIXLIVIJSVI [IWLSYPHKMZIJSSHXSXLIRIIH]EX8LEROWKMZMRK

-: 3VKERM^IXLI-RJSVQEXMSRJSV4VIWIRXEXMSR

(IGMHISRER%TTVSTVMEXI4VIWIRXEXMSREP*SVQEX
8LITSWWMFMPMXMIWMRGPYHIEJSVYQTERIPGSPPSUYMYQSVW]QTSWMYQ

3VKERM^IXLI4VIWIRXEXMSR
%RIJJIGXMZISVKERM^EXMSREPTEXXIVRMRGPYHIWWIGXMSRWXLEXJSPPS[XLIHIGMWMSRQEOMRK
TVSFPIQWSPZMRKWIUYIRGIWYGLEWq(IJMRMRKXLI4VSFPIQrq%REP]^MRKXLI4VSFPIQr
q4SWWMFPI7SPYXMSRWrq'VMXIVMEJSVE7SPYXMSRrERHq8LI&IWX7SPYXMSRr

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -:3VKERM^IXLI-RJSVQEXMSRJSV4VIWIRXEXMSR 

9WI-RJSVQEXMSREP7YTTSVXW
7XEXMWXMGW8LINYHMGMSYWYWISJWXEXMWXMGWERHSXLIVRYQFIVWGERFIIJJIGXMZIXSQEOI
EWWIVXMSRWSJJEGXWYGLEWq7IZIRX]JMZITIVGIRXSJEPPHVMZIVWI\GIIHXLIWTIIHPMQMXr
[LIRXLIWSYVGISJXLIWXEXMWXMGMWMHIRXMJMIHXLIWSYVGIMWGVIHMFPIERHXLITYVTSWIERH
QIERMRKSJXLIRYQFIVXSXLIGYVVIRXXSTMGERHTVIWIRXEXMSREVIGPIEVP]I\TPEMRIH
4IVWSREPWXSVMIW 8LIWIGERIRKIRHIVIQSXMSREPERHPSKMGEPWYTTSVXJSVXLIXSTMG
EW[IPPEWTIVWYEWMZIETTIEP8LI]GERFIIJJIGXMZIXSMRXVSHYGIEXSTMGSVXSWYTTSVXE
TSMRXEWPSRKEWXLIWXSV]MWVIPEXMZIP]WLSVXGSLIVIRXXSXLITSMRXERHVIPIZERX8LI
VIEWSRJSVXIPPMRKXLIWXSV]QYWXFISFZMSYWXSXLIEYHMIRGI%TSSVP]XSPHWXSV]SVSRI
[MXLEZEKYITYVTSWIGERPIEZIXLIEYHMIRGIGSRJYWIHERHHIXVEGXJVSQXLIVIWXSJXLI
TVIWIRXEXMSREWXLIEYHMIRGIGSRXMRYIWXSXLMROEFSYXXLIWXSV]MRWXIEHSJPMWXIRMRKXS
XLITVIWIRXEXMSR

7XVYGXYVIXLI4VIWIRXEXMSR
3YXPMRI)\EQTPIJSVE4VIWIRXEXMSREP7XVYGXYVI
-RXVSHYGXMSRXS8STMG
8STMG%WWIVXMSR4EVX3RI
7YTTSVX
7YTTSVX
8STMG%WWIVXMSR4EVX8[S
7YTTSVX
7YTTSVX
'SRGPYWMSR

)\EQTPISJE4VIWIRXEXMSREP7XVYGXYVI
8STMG8LI-QTSVXERGISJ(EMP])\IVGMWI
-RXVSHYGXMSR8SHE]-[MPPXEPOEFSYXXLILIEPXLFIRIJMXWSJHEMP]I\IVGMWI
-[MPPQEOIXLVIITSMRXW HEMP]I\IVGMWIMWIEW] MXGERLIPT]SYPMZI
LIEPXLMIVXSHE]ERH MXGERLIPT]SYPMZIEPSRKIVLIEPXLMIVPMJI1]KSEPMW
XSIRGSYVEKI]SYXSWXEVXI\IVGMWMRKXSHE]
%WWIVXMSR(EMP]I\IVGMWIMWIEW]
7YTTSVX4VIWIRX MRXIVZMI[ [MXLLIEPXLWTIGMEPMWX VITSVXMRK XLEXIZIR WLSVX
EQSYRXWSJHEMP]I\IVGMWIXMQIMQTVSZIHLIEPXL
7YTTSVX4VIWIRXGLEVXJVSQETSTYPEVLIEPXLERHJMXRIWWQEKE^MRIWLS[MRK
LS[IEW]ERHJYRI\IVGMWIGERFI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 %44)2(-< +EXLIVMRK3VKERM^MRK4VSGIWWMRKERH4VIWIRXMRK-RJSVQEXMSREWE8IEQ

%WWIVXMSR(EMP]I\IVGMWI[MPPLIPT]SYPMZILIEPXLMIVXSHE]
7YTTSVX 7YVZI] SJTISTPI[LS NSKTPE]WTSVXW SV I\IVGMWIMRXLI K]Q
VIWTSRHMRKXSUYIWXMSRWEFSYXLS[VIKYPEVI\IVGMWIQEOIWXLIQJIIPhTSWM
XMZIVIWTSRWIW
7YTTSVX.MQtWTIVWSREPWXSV]EFSYXWXEVXMRKERI\IVGMWITVSKVEQERHPSWMRK
TSYRHWIRHMRK[MXLq-JIIPKVIEXr
%WWIVXMSR(EMP]I\IVGMWI[MPPLIPT]SYPMZILIEPXLMIVPSRKIV
7YTTSVX1IHMGEPIZMHIRGIGMXIHJVSQENSYVREPSVFSSOWLS[MRKVIHYGXMSRMR
GLSPIWXIVSPGSYRXWERHFPSSHTVIWWYVIERHSXLIVLIEPXLJYPTL]WMGEPGLEVEGXIV
MWXMGW
7YTTSVX(IQSKVETLMGWXEXMWXMGWGMXIHJVSQQIHMGEPNSYVREPWLS[MRKHIEXL
VEXIWEQSRKTISTPI[LSI\IVGMWIVIKYPEVP]ERHXLSWI[LSHSRSX
'SRGPYWMSR(EMP]TL]WMGEPI\IVGMWIMWIEWMIVERHLIEPXLMIVJSV]SYXSHE]ERHJSV
XLIVIWXSJ]SYVPMJI7XEVXI\IVGMWMRKXSHE]

: 4VEGXMGI
(MWGYWWVSPIW[MXLKVSYTQIQFIVW
(MZMHIHYXMIWEQSRKQIQFIVW
7GVMTXSYXXLITVIWIRXEXMSR
6YRXLVSYKLEVILIEVWEPJVSQWXEVXXSJMRMWL
8MQIXLIVILIEVWEP
,EZIEPPXLIWYTTSVXMRKERHZMWYEPEMHQEXIVMEPWVIEH]XSTVIWIRX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 4LSXS'VIHMXW

'LETXIV T4LSXSGSYVXIW]SJ'SVFMW(MKMXEP7XSGO

'LETXIV T 4LSXSGSYVXIW]SJ'SVFMW(MKMXEP7XSGO

'LETXIV T4LSXSGSYVXIW]SJ7XIJER1SOV^IGOM4LSXSPMFVEV]GSQ

'LETXIV T 4LSXSGSYVXIW]SJ1IVGIHIW&IR^97-RXIVREXMSREP-RG

'LETXIV T4LSXSGSYVXIW]SJ'SQWXSGO-QEKIW

'LETXIV T 4LSXSGSYVXIW]SJXLI9RMZIVWMX]SJ%PEFEQE

'LETXIV T4LSXSGSYVXIW]SJ2YGSV7XIIP8YWGEPSSWE-RG

'LETXIV T4LSXSGSYVXIW]SJ+IXX]-QEKIW-RGi,YPXSR%VGLMZI4LSXSW


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\

%'&MHIEWSVXMRKQIXLSHi EWW]RGLVSRSYWEW]RGLVSRSYWGSQQYRMGEXMSR
%GGSQQSHEXMSRWQSSXLMRK i i
%GXMSRQIHMEXMSR %YHMSGPMTTMRK
%GXMZIPMWXIRMRKi %YHMSGSRJIVIRGMRK7II %YHMSERHZMHISGSRJIVIRGMRK
FEVVMIVWXSi %YHMSHIPE]
VIWTSRWIQIXLSHWi %YXLSVMX]iGSQTPMERGI
%HETXEXMSRPIEHIVWLMTF] %YXSGVEXMGW]WXIQ
%HLSGGSQQMXXIIW %ZSMHERGI
%JVMGER%QIVMGERWRSRZIVFEPGSQQYRMGEXMSRERH MQTSZIVMWLIHQEREKIQIRXERH
%KKVIWWMZIFIMRKWIPJSVMIRXIHFILEZMSV  TS[IVi
%PKSVMXLQWi
%PPMIH7MKREP &EF]FSSQIVW
%PXIVREXMZIWMRHIGMWMSRQEOMRKERHTVSFPIQ &EPIWtWMRXIVEGXMSRGEXIKSVMIWi
WSPZMRKi &EVOPI]'LEVPIW
%QE^SRGSQ &EVRPYRH,EMQER0IEHIVWLMTVEXMRKWGEPIi
%QFMKYSYWQIERMRKW i
%QFYWLMRKi &EXIWSR+VIKSV]
%REPSK]i &E]SJ4MKW
%TSPPS QSSRPERHMRKGVEJX &ILEZMSVMWXW
%TTIEVERGIKIRIVEP &ILEZMSVW 7IIEPWS 6SPIW
%TTPI'SQTYXIVW GSRJPMGXERHGSQQYRMGEXMSRKVSYTQIQFIVWERH
%TTSMRXIHKVSYTPIEHIV i
%VQWJSVLSWXEKIWHIEP IXLMGEPHIGMWMSRQEOMRKi
%VVSKERGI EWRSRZIVFEPGSQQYRMGEXMSR
%WWMKRIHVSPIW VYPIWSJRSVQWERHi
%WWMKRQIRXKVSYT WIPJSVMIRXIHi
%WWSGMEXMSR W]QFSPMG
%WWYQTXMSRW XYVRXEOMRK
EFSYXETTVSTVMEXIYWISJPERKYEKIi &IVPI1MPXSR
EWWYQTXMZIFEWIWVIXVEMRMRK &I^SW.IJJ
GYPXYVEPP]HIJMRIH &MJYVGEXMSRTSMRXW
EFSYXLMIVEVGLMIWSJTS[IV &MVH0EVV]
WXIVISX]TMRKERHi &PSGOMRKWIPJSVMIRXIHFILEZMSV 
%W]RGLVSRSYWGSQQYRMGEXMSRi &PYJJMRK
%8
8'SVT &SH]PERKYEKI
%XXIRXMSRJEOMRK &SIMRK
%XXMXYHIWMQMPEVMX]i &VEMRWXSVQMRK
%YHMSERHZMHISGSRJIVIRGMRKi JMWLFSRIHMEKVEQJMPPIHMRF]
JIIHFEGOERH MR+77KVSYTW
QIHMEVMGLRIWWERH MRJSVQEXMSR


7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\

&VEMRWXSVQMRKGSRX PIEHIVWLMTGSQTIXIRGIMRi

VIJMRMRKKSEPWF] QIERMRKMR
W]RIGXMGWERH MRWQEPPKVSYTWii
&VERH7XI[EVX VSPIJYRGXMSRWJSV
&VMHKIWXSRI*MVIWXSRI%8<XMVIW MRWXSVQMRKTLEWI
&VMPLEVXtW4SWXQIIXMRK6IEGXMSR5YIWXMSRREMVI XVERWEGXMSREPQSHIPSJ
&YVOI.EQIW 'SQQYRMGEXMSRGSRXI\XWi
&Y^^WIWWMSRWi GSRJPMGXQEREKIQIRXHIJMRIHMRi
GSRJPMGX[MXLMRWQEPPKVSYTW
'EPPERHVIWTSRWIQSHISJGSQQYRMGEXMRK GSRJPMGX[MXLMRW]WXIQWi
'EVVMIV;MPPMW WYFWXERGISJGSRJPMGXi
'EWYEPKVSYTW LMKLGSRXI\XIRZMVSRQIRX
'EYWIERHIJJIGXHMEKVEQW PERKYEKIYWIi
'IVXEMRX]ZW TVSZMWMSREPMWQ PS[GSRXI\XIRZMVSRQIRX
'LEPPIRKIV WTEGIGVEJX RSRZIVFEPGSQQYRMGEXMSR
'LEPPIRKMRKWXEXIQIRXWI\EQTPIWSJ 'SQQYRMGEXMSRGYPXYVIGPEWLSJ
'LEVMWQEXMGTIVWSREP TS[IV 'SQQYRMGEXMSRQIHMYQ
'LVSRIQMGW GLSSWMRKMR'1'i
'PEVMJ]MRKKVSYTXEWOVSPI  GSQQYRMGEXMSRXEWOERH
'PMQEXIGVIEXMZIKVSYTi JMRHMRKEPERKYEKIHIQERHXIGLRSPSK]JMX
+MFFtWGSQQYRMGEXMSRGPMQEXIGSQTEVMWSRWi MRJPYIRGIWSJMR'1'i
STIRRIWWi QIHMEVMGLRIWWERH
WLEVMRK WSGMEPTVIWIRGISJi
'PSXLMRK 'SQTIXMXMSRJSVGMRK i
'SEGXMZIWIEXMRKEVVERKIQIRXW MREYXLSVMX]GSQTPMERGI
'SGE'SPEGSVTSVEXMSR MRWIEXMRKEVVERKIQIRXW
'SGGSPS(ERXI 'SQTPI\GSQQYRMGEXMSRGLEVEGXIVMWXMGW
'SLIWMZIRIWWi 'SQTPI\W]WXIQWGLEVEGXIVMWXMGWSJi
GSRWIUYIRGIWSJ FMJYVGEXMSRTSMRXW
MRJPYIRGIWSRi HSYFPIPSSTPIEVRMRK
'SPPEFSVEXMSR MRMXMEPGSRHMXMSRWWIRWMXMZMX]XSi
GSRWIRWYWERHi MVVIZIVWMFMPMX]i
MRXIEQQEREKIQIRX TLEWIWTEGIi
'SPPIGXMZMWXGYPXYVI WIGSRHSVHIVSVUYERXYQGLERKIi
'SPPSUYMYQi WXVERKIEXXVEGXSVW
'SPYQFME WLYXXPI 'SQTPI\XVERWEGXMSRW
'SQQMXQIRX 'SQTVSQMWI
GSRWIRWYWERHi QMHHPISJXLIVSEH
XSKVSYTKSEPWERHEGXMZMXMIW 'SQTYXIVIXLMGW
'SQQMXXIIWEWTVSFPIQWSPZMRKKVSYTW 'SQTYXIVQIHMEXIHGSQQYRMGEXMSR'1' 
'SQQSRGYPXYVITVIHMGXEFMPMX]SJ i7IIEPWS 8IGLRSPSK]MRJPYIRGIWSJ
'SQQYRMGEXMSR7IIEPWS 2SRZIVFEPGSQQYRMGEXMSR GLSSWMRKQIHMYQMRi
7QEPPKVSYTGSQQYRMGEXMSR:IVFEPGSQQY GSQQYRMGEXMSRWXVEXIKMIWJSVEHSTXMRKIJJIGXMZI
RMGEXMSR i
GEPPERHVIWTSRWIQSHISJ IJJIGXMZIKVSYTGSQQYRMGEXMSRMRJEGMPMXEXMRK
GSQTPI\GLEVEGXIVMWXMGWSJ i
GYPXYVIGPEWLSJ I\TPEMRIHi
HIJMRIH ZW JEGIXSJEGI*8* KVSYTW
MRJSVQMRKTLEWIi MRJPYIRGIWSJQIHMYQMRi

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\ 

PIEHMRKKVSYTQIIXMRKWi 'SRJSVQMX]TVIWWYVIJSV
TIVJSVQERGISYXGSQIWSJKVSYTWERH 'SRRSXEXMZIQIERMRKi
XI\XFEWIH 'SRWGMSYWRIWWVEMWMRKXEPO
'SRGYVVIRGIWIIOMRK 'SRWIRWYW
'SRJIVIRGIKVSYTW GSPPEFSVEXMSRERHi
'SRJPMGX KVSYTGSQQMXQIRXERHi
EZSMHERGITS[IVi TVSGIWWSJ
GLEVMWQEXMGSVTIVWSREPTS[IV XIWXMRKKVSYTXEWOVSPI 
GSQQYRMGEXMSRERHi 'SRWXVYGXMZIJIIHFEGOi
HIWXVYGXMZI 'SRXIRXEREP]WMWi
I\TIVXTS[IV TVSGIHYVIW
MRKVSYTWi 'SRXI\XMRJPYIRGIWSRHIGMWMSRQEOMRKi
SVMIRXEXMSRXSGYPXYVIERH KVSYTGSQTSWMXMSR
TSWMXMSREPPIKMXMQEXI TS[IV KVSYTTVSGIWWi
TS[IVERHi 'SRXI\XMRJPYIRGIWSRTVSFPIQWSPZMRKi
TS[IVMRi KVSYTGSQTSWMXMSR
VIJIVIRXTS[IV KVSYTTVSGIWWi
WXSVQMRKERHi 'SRXMRYSYWMQTVSZIQIRXXIEQW
WYFWXERGISJi 'SRXVSPZW TVSFPIQSVMIRXEXMSR
MRW]WXIQWi 'SSO7GSXX
'SRJPMGXQEREKIQIRXi 'SSTIVEXMSR
GSRWXVYGXMZI MRWIEXMRKEVVERKIQIRXW
HIJMRMRK[MXLMREGSQQYRMGEXMSRGSRXI\Xi WXSVQMRKTLEWIERH
GSRJPMGX[MXLMRWQEPPKVSYTW 'SSVHMREXMRKKVSYTXEWOVSPI 
GSRJPMGX[MXLMRW]WXIQWi q'SYRXIVHITIRHIRG]rWXEXIQIRXW
WYFWXERGISJGSRJPMGXi 'SYRXV]GPYFQEREKIQIRX
HMZIVWMX]ERHi 'SZI]76
IXLMGWMRTVSHYGXMZI 'VIEXMZIEFVEWMSR
PIEHIVWLMTMR 'VIEXMZIIRGSYVEKIQIRXXIGLRMUYIWJSV
QM\IHQSXMZI i
2EXMZI%QIVMGERWERHi EREPSK]i
TEXXIVRWSJi EWWSGMEXMSRERHQIXETLSVW
EGGSQQSHEXMSRi MHIERIIHPIVWi
EZSMHERGI QERMTYPEXMZIZIVFWi
GSPPEFSVEXMSRERHGSRWIRWYW i 'VIEXMZMX]i7IIEPWS (IGMWMSRQEOMRKXIGL
GSQTIXMXMSRi RMUYIW
GSQTVSQMWI GSQQSRFPSGOWERHGVIEXMZIVIWTSRWIW
RIKSXMEXMSRi HIJMRIHi
TS[IVMRGSRXI\X IUYMJMREPMX]ERH
TS[IVMRKVSYTGSRJPMGXERHi KVSYTGPMQEXIERHi
EZSMHERGITS[IVi LIYVMWXMGWZW EPKSVMXLQWERHi
GLEVMWQEXMGSVTIVWSREPTS[IV MRTISTPIEXXVMFYXIWSJ
I\TIVXTS[IV TVSFPIQWSPZMRK
MRXIVTIVWSREPPMROEKITS[IV MRTVSFPIQWSPZMRK
TSWMXMSREPPIKMXMQEXI TS[IV XLMROMRK
VIJIVIRXTS[IV 'VIEXMZMX]FEVVMIVWXSi
VI[EVHERHTYRMWLTS[IVi GYPXYVEPi
TVSHYGXMZIi IQSXMSREPi
WX]PIi TIVGITXYEPi

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\

'VIHMFMPMX] (IHYGXMSRW
MRPIEHIVWLMT (IPTLMXIGLRMUYIii
'VYGMEPRSVQ FEWMGWXITW
'YFER1MWWMPI'VMWMW (IPXE%MV0MRIW
'YPXYVIW (IQSGVEXMGW]WXIQ
FEVVMIVWXSGVIEXMZMX]i (IRSXEXMZIQIERMRKi
GSPPIGXMZMWX q(ITIRHIRG]rWXEXIQIRXW
GSQQSRTVIHMGXEFMPMX]SJ (IWGVMTXMSRZWIZEPYEXMSRi
GSQQYRMGEXMSRGPEWLSJ (IWXVYGXMZIGSQTIXMXMSR
MRHMZMHYEPMWX (IWXVYGXMZIGSRJPMGXW
MRXIVREPQEXVM\GVIEXIHF]i (IXIVQMRMWXMGVSPIWi
RSRZIVFEPGSQQYRMGEXMSRERH (IYO XIEQ 
RSVQWERHI\TIGXEXMSRWSJi (MWGPSWMRK
SVMIRXEXMSRXSGSRJPMGXERH (MWRI]
WXIVISX]TIWERHi (MWVIWTIGX
'97II1I’ ;LMXI4MRI  (MWXVEGXMRKHIPMZIV]i
']FIVWPEGOMRK (MZIVWIFEGOKVSYRHW
(MZIVWIKVSYTWi
()'-()QSHIPSJHIGMWMSRQEOMRKERHTVSFPIQ GSRJPMGXQEREKIQIRXMRi
WSPZMRKi GSRJSVQMX]MRTVIWWYVIWJSV
GSRWMHIVXLIEPXIVREXMZIWi TS[IVMRLMIVEVGLMIWSJi
HIJMRIXLIKSEPYRHIVWXERHXLITVSFPIQi (MZIVWMX]i
HIZIPSTEHIGMWMSRTPERi EWWYQTXMSRWERHWXIVISX]TMRKi
IZEPYEXIXLIVIWYPXWERHGSRWIUYIRGIWSJi GSQQYRMGEXMSRGSRXI\XWi
I\EQMRIXLIGSRWXVEMRXWi HIJMRIH
MRMXMEXIEHIGMWMSRi HMJJIVIRGIWERHGEXIKSVMIWSJ
(IGMWMSRQEOMRKi7IIEPWS ()'-()QSHIP IXLMGEPFILEZMSVERH
SJHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK MRXIVEGXMSRSJ'1'[MXLi
GSRXI\XMRJPYIRGIWSRi RSVQWERH
IXLMGEPFILEZMSVWMRi MRSVKERM^EXMSREPGSRXI\Xi
MRKVSYTTVSGIWWERHTVIWIRXEXMSRXIGLRMUYIW MRWQEPPKVSYTWERHXIEQWii
i (SQMREXMRKWIPJSVMIRXIHFILEZMSV 
MRMXMEXIEHIGMWMSRMRi (SYFPIPSSTPIEVRMRK
QIHMEVMGLRIWWERHQEXGLMRK[MXL (S['LIQMGEP'SQTER]
ZW TVSFPIQWSPZMRK (VIEQ8IEQ
(IGMWMSRQEOMRKKVSYTW
HMZIVWMX]ERH )&E]
ZW MRHMZMHYEPi )GS7IEKEXI
(IGMWMSRQEOMRKXIGLRMUYIWi )HMWSR8LSQEW
%'&MHIEWSVXMRKQIXLSH )HYGEXMSREPKVSYTW
FY^^WIWWMSRWi )MRWXIMR%PFIVX
(IPTLMXIGLRMUYIii )PEFSVEXMRKKVSYTXEWOVSPI 
JSGYWKVSYTWi )PIGXIHKVSYTPIEHIV
MHIE[VMXMRK )PIGXVSRMGQIIXMRKW]WXIQW)17 i
PMWXIRMRKXIEQWi EYHMSGSRJIVIRGMRKERHZMHISGSRJIVIRGMRKi
RSQMREPKVSYTXIGLRMUYIi KVSYTWYTTSVXW]WXIQW+77 i
VSPITPE]MRK )QFPIQ
W]RIGXMGWi )QIVKIRGIEWEKVSYTi
(IGMWMSRTPERHIZIPSTMRKi )QIVKIRXKVSYTPIEHIVW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\ 

)QIVKIRXVSPIW )\TIVXTS[IV
)QSXMGSRWRSRZIVFEP )\TPMGMXRSVQ
)QSXMSREPFEVVMIVWXSGVIEXMZMX]i )\TSRIRXMEPMRXIVEGXMSRWi
)QSXMSREPVIWTSRWIWTVITVSKVEQQIH )\TVIWWMRKYRHIVWXERHMRK
)QSXMSREPWYTTSVXSRPMRI )\XIVREPGSRWXVEMRXW
)QTEXL]ZW RIYXVEPMX]i )\XIVREPGSRXI\XMRPIEHIVWLMTi
)QTS[IVMRKKVSYTQIQFIVW )\XIVREPRSMWI
)RGSYRXIVXEPO )\XVE7XVIRKXL8]PIRSP
)RGSYVEKMRKKVSYTQEMRXIRERGIVSPI  )]IGSRXEGX
)RPMKLXIRQIRXKVSYTW
)RXVST] *EGIXSJEGI*8* KVSYTWi
)RZMVSRQIRX EYHMSERHZMHISGSRJIVIRGMRKERH
STIRRIWWXS ZW '1'KVSYTW
XEOMRKEGGSYRXSJPEVKIVMRSTIRW]WXIQWi GSQTYXIVIXLMGWERH
)UYEPMX]ZW WYTIVMSVMX] ZW +77KVSYTW
)UYMJMREPMX] QIHMEVMGLRIWWERH
)VZMR8VMTT71 WSGMEPTVIWIRGIERH
)WTSYWIHIXLMGW W]RGLVSRSYWEW]RGLVSRSYWGSQQYRMGEXMSRERH
)WXIIQWYTTSVXSRPMRI 
)XLMGEPFILEZMSV *EGMEPHMWTPE]
MRHIGMWMSRQEOMRKi *EGMPMXEXMRKQIIXMRKWi
MRHMZIVWIKVSYTWi *EGXWPMWXIRMRKJSV
MRTVSFPIQWSPZMRK *EGXYEPSGGYVVIRGIWi
)XLMGW *EMPYVIJIIHFEGOERH
GSQTYXIV *EOMRKEXXIRXMSR
JSVGSRJPMGXQEREKIQIRXTVSHYGXMZI *ERXEW]i
MRHIGMWMSRQEOMRKFILEZMSVWi *IHIVEP)\TVIWW
HIJMRIH *IIHFEGOi
IWTSYWIH MREYHMSERHZMHISGSRJIVIRGMRK
IXLMGWMRYWI GSRWXVYGXMZITVSZMHMRKi
KVSYT IJJIGXMZITVSZMHMRK
TLSXSWYFWXMXYXMSRWERHi JEMPYVIERH
W]WXIQWERH SFWIVZIVKYMHIPMRIWJSV
JSVXIEQ[SVOTPEGI VIGIMZMRKi
)XLMGWMRYWI VIWTSRHMRKXSXLIQIWWEKIi
)XLMGW6IWSYVGI'IRXIV WYGGIWWERH
)XLRSGIRXVMWQ MRW]RGLVSRSYWEW]RGLVSRSYWGSQQYRMGEXMSR
)ZEPYEXMRKEWQEPPKVSYT7II 3FWIVZMRKERHIZEPYEX i
MRKEWQEPPKVSYT W]WXIQEXMG
)ZEPYEXMSR *IIHFEGOPSST
ZW HIWGVMTXMSRi q*MKLXrWXEXIQIRXW
EWKVSYTXEWOVSPI *MVWXMQTVIWWMSRWi
SJVIWYPXWERHGSRWIUYIRGIWMRHIGMWMSRQEOMRK *MVWXSVHIVGLERKI
ERHTVSFPIQWSPZMRKi *MWLFSRIHMEKVEQW
WXEKISJPMWXIRMRK *MZI;WERHXLI,
)[MRK4EXVMGO *PEWLTSMRX
)\EQMRIXLIGSRWXVEMRXWMRHIGMWMSRQEOMRKERH *PS[GLEVXWi
TVSFPIQWSPZMRKi *SGYWKVSYTWi
)\TIGXEXMSR WIZIROI]WXITW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\

*SVGMRKGSQTIXMXMSR i +VSYTJERXEWMIWi

*SVH,IRV]i +VSYTJERXEW]GLEMRMRK
*SVH1SXSV'SQTER]i +VSYTQIQFIVWii
*SVQEPKVSYTi GSRJPMGXERHGSQQYRMGEXMSRFILEZMSVW
*SVQEPVSPIW i
*SVQEXMZIIZEPYEXMSRW IQTS[IVMRK
*SVQMRKWXEKISJKVSYTHIZIPSTQIRXi JEGMPMXEXMZIVIWTSRWMFMPMXMIWSJi
*SVQYPE3RIEYXSQSFMPIVEGMRK TEVXMGMTEXMSRSJJEGMPMXEXMRK
*SVXYRI QEKE^MRI WIPJHMWGPSWYVI
*SVYQi VIWMWXERGIXSi
*VEROPMR&IR WSGMEPPSEJMRK
*VSWX6SFIVX +VSYTRSVQWi
*YRGXMSREPKVSYTW +VSYTTIVJSVQERGIWYTTSVXW]WXIQW+477 

+EXIOIITMRKKVSYTQEMRXIRERGIVSPI  +VSYTTVSGIWWi
q+E]FEWLMRKr IJJIGXWSJ'1'YRHIVGYVVIRXWERHi
+IRHIV SZIVGSRXVSPF]ETTSMRXIHPIEHIV
PERKYEKIYWIERH +VSYTTVSGIWWERHTVIWIRXEXMSRXIGLRMUYIWi
RSRZIVFEPGYIWERHWIRWMXMZMX]XS 7IIEPWS (IGMWMSRQEOMRKXIGLRMUYIW
WI\VSPIWXIVISX]TMRKERHi 4)684VSKVEQ)ZEPYEXMSRERH6IZMI[8IGL
q+IRHIVW[ETr RMUYI i
+IRIVEP)PIGXVMG4S[IV7]WXIQW TVIWIRXEXMSREPJSVQEXWWQEPPKVSYTi
+IRIVEXMSR2I\XIVW TVSFPIQWSPZMRKXSSPWi
+IRIVEXMSR<IVW 6-7/TVSGIHYVI
+MFF.EGO YWMRKi
+MFFtWGSQQYRMGEXMSRGPMQEXIGSQTEVMWSRWi +VSYTW 7IIEPWS 7QEPPKVSYTW
+SEPW EHZERXEKISJ[SVOMRKMR
HIJMRMRKi GSRGITXWSJi
I\EQMRMRKXLIGSRWXVEMRXWi GSRJPMGXMRWXSVQMRKERHi
+SPHFIVK%VXLYV HIGMWMSRQEOMRKMRZW MRHMZMHYEPi
+SSKPI EWH]REQMGMRXIVEGXMZIW]WXIQW
+VSYTGPMQEXIi IJJIGXMZIPIEVRMRKEFSYX
+MFFtWGSQQYRMGEXMSRGPMQEXIGSQTEVMWSRW IQIVKIRGIEWRSVQMRK i
i IXLMGWERH
STIRRIWWi JYRGXMSREP
WLEVMRK MRZIRXMSRWJVSQi
+VSYTHIGMWMSRWYTTSVXW]WXIQW+(77  NSMRMRKVIEWSRWJSVi
+VSYTHIZIPSTQIRXTLEWIWSJ PIEHIVPIWW
JSVQMRKi QIQFIVW7II +VSYTQIQFIVW
MRJPYIRGIWEJJIGXMRKi MRSVKERM^EXMSRWi
JSVQEPSVMRJSVQEPKVSYTi TIVJSVQMRKEWi
TVMQEV]ERHWIGSRHEV]XIRWMSRWi TS[IVSJi
XEWOERHWSGMEPH]REQMGWi WIPJQEREKMRK[SVO
RSVQMRKii ZEPYISJi
TIVJSVQMRKi +VSYTWM^I
TLEWIQSHIPYWIJYPRIWWSJi GSLIWMZIRIWWERHi
TLEWIQSHIPWYWIJYPRIWWSJ MRXIVEGXMSRSJ'1'[MXLi
WXSVQMRKi +VSYTWYTTSVXW]WXIQW+77 i
XIVQMREXMRK +VSYTXEPOi

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\ 

+VSYTXLMROi -RXIVEGXMZMX]
GLEVEGXIVMWXMGWSJ -RXIVHITIRHIRGI
HIJMRIH -RXIVREPGSRWXVEMRXW
+VSYT[EVI -RXIVREPQEXVM\i
-RXIVREPRSMWI
,EPPQEVO -RXIVRIXi
,EVPI](EZMHWSR -RXIVTIVWSREPEXXVEGXMSRSJNSMRMRKKVSYTWi
,EVQSRM^MRKKVSYTQEMRXIRERGIVSPI  EXXMXYHIWMQMPEVMX]i
,IPQMGO([MKLX3q7TMOIr RIIHGSQTPMQIRXEVMX]
,IYVMWXMGWi TL]WMGEPTVS\MQMX]
,I[PIXX&MPP -RXIVTIVWSREPPMROEKITS[IV
,I[PIXX4EGOEVH'SVTSVEXMSR -RXIVTVIXEXMSRWXEKISJPMWXIRMRK
,MIVEVGLMIWSJTS[IVi -RXVERIXi
,MKLGSRXI\XIRZMVSRQIRXGSQQYRMGEXMSRMR -RZIRXMSRWJVSQKVSYTWi
,SQSTLMP] -4SHW
,SRHE -VVIZIVWMFMPMX]i
,YFFEVH)PFIVX -WLMOE[E/ESVY
,YFFPIWTEGIGVEJX -WLMOE[EHMEKVEQW
,YQSV
NSOIW .EGOWSR.IWWI
SRPMRI .EKKIV1MGO
.ERMW-
-FYOE1EWEVY .SLRW,STOMRW,SWTMXEP
-HIERIIHPIVWi .SLRWSR1EKMG
-HIE[VMXMRK .SLRWSR
.SLRWSR
-QTPMGMXRSVQ .SMRMRKKVSYTWVIEWSRWJSVi
-QTSZIVMWLIHQEREKIQIRX EJJMPMEXMSRTIVWSREPRIIHJSVi
-RHITIRHIRGISJKVSYTQIQFIVWi EWWMKRQIRXF]WSQISRIIPWI
-RHMZMHYEPMWXGYPXYVI GSQQMXQIRXXSKSEPWERHEGXMZMXMIWSJ
-RHMZMHYEPVI[EVHW MRXIVTIVWSREPEXXVEGXMSRi
-RHMZMHYEPVSPIFILEZMSV .SVHER1MGLEIP
-RJIVIRGIW .YHKQIRXW
-RJSVQEPKVSYTi
-RJSVQEPVSPIW /IRRIH].SLR*
-RJSVQEXMSR /MRIWMGW
KEXLIVMRKi /MRK1EVXMR0YXLIV.V
KMZMRKSVWIIOMRKKVSYTXEWOVSPI  /YLR8LSQEW
TVEGXMGI
TVIWIRXEXMSRSJSVKERM^MRKi 0EGOSJMRXIVIWX
TVSGIWWMRKi 0EMWWI^JEMVIW]WXIQ
XSTMGGLSSWMRK 0ERIRRIG6IRI
-RMXMEPGSRHMXMSRW 0ERKYEKI
WIRWMXMZMX]XSi ETTVSTVMEXIYWISJEWWYQTXMSRWEFSYXi
-RMXMEXMRKKVSYTXEWOVSPI  FSH]
-RTYXi GSRRSXEXMZIQIERMRKERH
-RWLEPPEL  KIRHIVERH
-RWMHIVSYXWMHIVEPPIKMERGIW PERKYEKIHIQERHXIGLRSPSK]JMXJMRHMRK
-RXIRHIHGSRWIUYIRGIW TEVEPERKYEKIi
-RXIVEGXMSRWI\TSRIRXMEPi WIQERXMGWERHi

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\

0ERKYEKIGSRX QEREKIVWERH

W]QFSPMGREXYVISJ 972EZ]WLMTGSRZIVWEXMSR[MXL'EREHMER
MRXEWOSVHIVMRK EYXLSVMXMIWi
YWISJi ;LStWSR*MVWX#ri
0ERKYEKIHIQERHiXIGLRSPSK]JMX 0MWXIRMRKGSQTSRIRXWSJi
0E^MRIWW IZEPYEXMRKXLIQIWWEKIGSRXIRX
0IEHIVEWGSEGL MRXIVTVIXMRKXLIQIWWEKI
0IEHIVEWGSRHYGXSV QIQSV]VIXEMRMRKERHVIWTSRHMRKXSXLIQIWWEKI
0IEHIVEWXIGLRMGMERi i
0IEHIVW WIRWMRKLIEVMRKXLIQIWWEKI i
IQIVKIRX 0MWXIRMRKXIEQWi
PIEHMRKZW QEREKMRKi 0SRI6ERKIV
VIGSKRM^MRKi 0SRKXIVQQIQSV]
XVERWEGXMSREP 0S[GSRXI\XIRZMVSRQIRXGSQQYRMGEXMSRMR
XVERWJSVQEXMSREP
0IEHIVWGLEVEGXIVMWXMGWSJi 1EMRXIRERGISVMIRXIHVSPIWi
GSQQYRMGEXMSRGSQTIXIRGIi 1EOIW1I;ERRE,SPPIV 1G'EPP 
GVIHMFMPMX] 1EREKIQIRXWX]PIWMRETTVSTVMEXIi
ZMWMSR 1EREKIVMEP+VMHi
0IEHIVWGLSSWMRKi 1EREKMRKZW PIEHMRKi
ETTSMRXIHPIEHIVW 1ERMTYPEXMZIZIVFWi
IPIGXIHPIEHIVW 1EVVMSXX
IQIVKIRXPIEHIVW 1EVXMRI^6MGEVHS
WLEVIHJEGMPMXEXMZI PIEHIVWLMTi 1EV\+VSYGLS
0IEHIVWXEWOWSJi 1E]S'PMRMG
IQTS[IVMRKKVSYTQIQFIVW 1G'EPP2EXLER
JEGMPMXEXMRKQIIXMRKW 1G'E['VEMK
QEREKMRKGSRJPMGX 1G'E['IPPYPEV'SQQYRMGEXMSRW'SVT
0IEHIVWLMTi 1G(SREPHtW
GLSSWMRKEPIEHIVi 1G0YLER1EVWLEPP
IJJIGXMZIi 1IERMRKMRGSQQYRMGEXMSR
EWEJYRGXMSRMREW]WXIQi 1IHMEVMGLRIWW
VIGSKRM^MRKPIEHIVWi 1IHMEXIHGSQQYRMGEXMSRKVSYTW
WX]PIWSJi 1IHMEXSVW
XEWOWSJKVSYTPIEHIVWi 1IIXMRKW
XLISVMIWSJi IJJIGXMZIRIWWSJKYMHIXS
0IEHIVWLMTMRJPYIRGIWSRi JEGIXSJEGIi
I\XIVREPGSRXI\Xi JEGMPMXEXMSRSJF]KVSYTPIEHIVi
MRHITIRHIRGISJKVSYTQIQFIVWi MRSVKERM^EXMSREPKVSYTW
REXYVISJXEWO TSWXQIIXMRKVIEGXMSRJSVQWi
0IEHMRKZW QEREKMRKi VIEWSRWJSV
0IEVRMRKKVSYTW qXSRKYIMRGLIIOrGSQQIRXWMR
0IHIVIV6MGLEVH 1IQSV]WXEKISJPMWXIRMRKi
0MOIVXWGEPI PSRKXIVQ
0MWXIRMRKi WLSVXXIVQi
IJJIGXMZIVI[EVHWSJ 1IRGOIR,0
JSVJEGXW 1IVGO
JIIHFEGOVIWTSRHMRKXSXLIQIWWEKIi 1IWWEKIWYTTSVXSRPMRI

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\ 

1IXETLSVW 2SVQWi
MRGVIEXMZMX] EWWYQMRK
YWISJMRREVVEXMZIWERHKVSYTJERXEWMIW GYPXYVEPi
1MGVSWSJX HMZIVWMX]ERH
2IX1IIXMRK’ VIEWSRWJSVi
;MRHS[W1IHME)RGSHIV VSPIWERHF]KIRIVEXMSR
1MHHPISJXLIVSEH X]TIWSJi
1M\IHQSXMZIGSRJPMGXQEREKIQIRX ZMSPEXMRKi
1SHMJMIHGSSTIVEXMZIWIEXMRKEVVERKIQIRXW 2SXMRZIRXIHLIVI2-, 
1SVTLSKIRMGW]WXIQW 2YGSV7XIIPi
1SVTLSWXEXMGW]WXIQWi 2YQIVMGW]QFSPM^EXMSR
1SXS6E^V:YPXVEXLMRGIPPTLSRI
1SXSVSPE 3FNIGXQIHMEXMSR
1YWOMI)HQYRH 3FWIVZEXMSRWi
1YXYEPMRJPYIRGI 3FWIVZIVJIIHFEGOKYMHIPMRIWJSV
1]750 3FWIVZIVQIQFIVWWGEPIWi
TSWXQIIXMRKVIEGXMSRJSVQWi
2EVVEXMZIi VEXMRKWGEPIWi
2%7% 3FWIVZMRKERHIZEPYEXMRKEWQEPPKVSYTi
2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMRMWXVEXMSR MRHMZMHYEPVSPIFILEZMSV
2,87%  SFWIVZIVJIIHFEGOKYMHIPMRIWJSV
2EXMSREP4VIWW'PYF WYGGIWWERHJEMPYVI
2EXMZI%QIVMGERWGSRJPMGXQEREKIQIRXERH W]WXIQMGJIIHFEGO
i ZIVFEPMRXIVEGXMSRERHGSRXIRXEREP]WMWi
2EXYVISJXLIXEWO 3LMS7XEXI9RMZIVWMX]
2IIHGSQTPIQIRXEVMX] 3P]QTMGFEWOIXFEPPXIEQ97
2IKSXMEXMSRi 3RPMRIWYTTSVXKVSYT
2IKSXMEXSVW 3TIRRIWW
2IX[SVOMRKWYTTSVXSRPMRI MRGVIEXMZIKVSYTGPMQEXIi
2IYXVEPMX]ZW IQTEXL]i 3TIRW]WXIQWGLEVEGXIVMWXMGWSJi
2-,RSXMRZIRXIHLIVI  IRXVST]
2SMWIi IUYMJMREPMX]
I\XIVREP JIIHFEGOi
MRXIVREP MRXIVHITIRHIRGI
2SQMREPKVSYTXIGLRMUYIi STIRRIWW
2SRZIVFEPGSQQYRMGEXMSRi W]RIVK]
JYRGXMSRWSJ XEOMRKEGGSYRXSJXLIPEVKIVIRZMVSRQIRXi
PMWXIRMRKERHIJJIGXMZIi XVERWJSVQEXMSRi
TS[IVPIWWWXIVISX]TIWERHi [LSPIRIWWi
TVMRGMTEPWSJi 3TMRMSRKMZMRKKVSYTXEWOVSPI 
X]TIWSJi 3TMRMSRWNYHKQIRXWEW
FSH]PERKYEKI 3TTSVXYRMWQi
GLVSRIQMGW 3VKERM^EXMSREPKVSYTWi
JEGMEPHMWTPE] I\EQTPIWSJi
TEVEPERKYEKIi QIIXMRKWMR
TVS\IQMGWi 3VKERM^EXMSREP-QTVSZIQIRX+VSYT3-+ 
2SVHWXVSQ 3VKERM^EXMSREPXIEQWii
2SVQMRKWXEKISJKVSYTHIZIPSTQIRXii 3YXTYX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\

4EGOEVH(EZI VIJIVIRXTS[IV
q4EMVMRKrWXEXIQIRXW VI[EVHERHTYRMWLQIRXi
4EPIQEPIQEREKIQIRXGYPXYVI 4S[IVPIWWWXIVISX]TIWi
4ERIP 4S[IVTPE]
4EVEHMKQEXMGXLMROMRKi 4VITVSKVEQQIHIQSXMSREPVIWTSRWIW
4EVEHMKQWi 4VIWIRXEXMSREPJSVQEXWWQEPPKVSYTi
4EVEPERKYEKIi GSPPSUYMYQi
4EVEPPIPXIEQWi JSVYQi
MRETTVSTVMEXIQEREKIQIRXWX]PIWMR TERIP
MRHMZMHYEPVI[EVHW W]QTSWMYQ
WIKQIRXEPMWQ 4VIWIRXEXMSRXIGLRMUYIW7II +VSYTTVSGIWWERHTVI
4EVETLVEWMRKi WIRXEXMSRXIGLRMUYIW
4EVIXS:MPJVIH 4VIWWYVIJSVGSRJSVQMX]
4EVIXStWTVMRGMTPIi 4VMQEV]KVSYTWi
4EXIRX3JJMGI97 4VMQEV]XIRWMSRi
4EXIVREPMWQQEXIVREPMWQ 4VSFPIQSVMIRXEXMSRZW GSRXVSP
4EXXIVR 4VSFPIQWSPZMRKi7IIEPWS ()'-()QSHIP
MRGSQTPI\XVERWEGXMSRW SJHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK
SJMRXIVEGXMZIGSQQYRMGEXMSR GSRXI\XMRJPYIRGIWSRi
4IVGITXYEPFEVVMIVWXSGVIEXMZMX]i GVIEXMZI
4IVJSVQMRKWXEKISJKVSYTHIZIPSTQIRX ()'-()QSHIPSJi
i ZW HIGMWMSRQEOMRK
4IVMTLIVEPRSVQ IXLMGEPFILEZMSVWMR
4)684VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI  KVSYTQIQFIVtWVIWTSRWMFMPMXMIWJSVJEGMPMXEXMRK
i i
4I[-RXIVRIX
%QIVMGER0MJI4VSNIGX KVSYTW
4LEWIMRXIVEGXMSRXLISV] MRMXMEXIEHIGMWMSRMRi
4LEWIQSHIPYWIJYPRIWWSJi TVSGIWWSJ
QSHMJMGEXMSRW XEPO
SVKERM^EXMSREPXIEQWi 4VSFPIQWSPZMRKGSPPEFSVEXMSR
4LEWIWTEGIi 4VSFPIQWSPZMRKXSSPWi
4LMP(SRELYI7LS[  JMWLFSRIHMEKVEQW
4L]WMGEPTVS\MQMX]i JPS[GLEVXWi
4SWMXMSREPPIKMXMQEXI TS[IV 4EVIXSTVMRGMTPIi
4SWXQIIXMRKVIEGXMSRJSVQWi 4VSGIHYVITVSTSWMRKKVSYTXEWOVSPI 
4S[IVi 4VSGIWWMRGSQTPI\XVERWEGXMSRW
EZSMHERGIi 4VSGIWWERHTVIWIRXEXMSRXIGLRMUYIWHIGMWMSRQEO
GLEVMWQEXMGTIVWSREPTS[IV  MRKMRi
MRGSRXI\X %'&MHIEWSVXMRKQIXLSHi
I\TIVX FY^^WIWWMSRWi
PSWWSJ (IPTLMXIGLRMUYIii
TSWMXMSREPPIKMXMQEXI  JSGYWKVSYTWi
VIJIVIRX MHIE[VMXMRK
4S[IVMRKVSYTGSRJPMGXi PMWXIRMRKXIEQWi
EZSMHERGITS[IVi RSQMREPKVSYTXIGLRMUYIi
GLEVMWQEXMGSVTIVWSREPTS[IV VSPITPE]MRK
I\TIVXTS[IV W]RIGXMGWi
MRXIVTIVWSREPPMROEKI 4VSGIWWSFWIVZMRKKVSYTQEMRXIRERGIVSPI 
TSWMXMSREPPIKMXMQEXI TS[IV 4VSGIWWSVMIRXEXMSRi

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -RHI\ 

4VSGXIV
+EQFPI 7IGSRHSVHIVGLERKIi
4VSHYGXMZMX] 7IKQIRXEPMWQ
4VSZMWMSREPMWQZW GIVXEMRX] 7IPIGXMZIEXXIRXMSRi
4VS\IQMGWi 7IPJGIRXIVIHVSPIWi
4VS\MQMX]TL]WMGEPi 7IPJHMVIGXIH[SVOXIEQW7(;8 i
4WIYHSPMWXIRMRK FEVVMIVWXSFYMPHMRKSZIVGSQMRKi
4YFPMGWTIEOMRKKVSYTMRXIVEGXMSRWMRGSRXVEWXXS FIRIJMXWSJ
GLEVEGXIVMWXMGWSJi
5YERXYQGLERKIi GSWXWMRi
5YIWXMSRW IXLMGWJSV
EWOMRK IZSPYXMSRXS[EVHi
XEWOETTVSTVMEXI QEREKIVWt ERHWYTIVZMWSVWt VSPIMR
TMXJEPPWMR
6EGMWQ TVSHYGXMZMX]ERHi
6%2('SVTSVEXMSR WIKQIRXEPMWQSZIVGSQMRK
6EXMRKWGEPIWi WLEVIHVIWTSRWMFMPMX]MRTS[IVSJ
&EVRPYRH,EMQER0IEHIVWLMTWGEPIii 7IPJQEREKMRK[SVOKVSYTW
0MOIVXWGEPI 7IPJQEREKMRK[SVOXIEQWi7IIEPWS 7IPJ
XSTMGWEVIEWSJGSRGIVR HMVIGXIH[SVOXIEQW7(;8
6IEKER6SREPH 7IPJSVMIRXIHFILEZMSVWi
6IGIMZMRKJIIHFEGOi 7IQERXMGWi
6IGSKRMXMSRWIIOMRKWIPJSVMIRXIHFILEZMSV  7IQMEYXSRSQSYW[SVOYRMXW
6IGSVHMRKKVSYTXEWOVSPI  7IRWIQEOMRKERHZEPYIWREVVEXMZITVSGIWWERH
6IJIVIRXTS[IV 7IRWMRKWXEKISJPMWXIRMRKi
6IRWWIPIEV4SP]XIGLRMG-RWXMXYXI RSMWIERHi
6IWSYVGIWWGEVGI WIPIGXMZIEXXIRXMSRERHi
6I[EVHERHTYRMWLQIRXTS[IVi 8LI 7IZIR,EFMXWSJ,MKLP])JJIGXMZI4ISTPI 'SZI] 
6MGLEVHW/IMXL 
6-7/TVSGIHYVI 7I\MWQ
6MX^'EVPXSR,SXIPW 7I\VSPIWXIVISX]TMRKi
6SFIVXtW6YPIWSJ3VHIV 6SFIVX  7I\YEPLEVEWWQIRX
6SPIEQFMKYMX] 7LEOIWTIEVI;MPPMEQ
VSPIGSRJPMGXERH 7LEVIHJEGMPMXEXMZI PIEHIVWLMTi
6SPIEWWYQTXMSR 7LEVIHQIERMRK
XEPOi 7LEVMRKMRGVIEXMZIKVSYTGPMQEXI
6SPIGSRJPMGX 7LIV[IR4EYP
EQFMKYMX]ERH 7LSPIW
'S
6SPITPE]MRK 7LSVXXIVQQIQSV]i
6SPIW i 7MKREXYVIPMRIWSRPMRI
JYRGXMSRSJi 7MPIRGI
KVSYTVSPIFILEZMSVi 7MPSW
MRHMZMHYEPVSPIFILEZMSV 7MQTWSR3.
X]TIWSJi 7MQYPXERISYWWIRHMRKERHVIGIMZMRK
6SPPMRK7XSRIW 7MRKPIPSSTPIEVRMRK
6S[PERH,IRV] 7MXYEXMSREPXLISVMIW
7M\7MKQEi
7IEKEXI8IGLRSPSK] 7QEPPKVSYTGSQQYRMGEXMSR7IIEPWS W]WXIQW
7IEXMRKEVVERKIQIRXWi ETTVSEGLXSWQEPPKVSYTGSQQYRMGEXMSR
7IGSRHEV]XIRWMSRi GLEVEGXIVMWXMGWSJi

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -2()<

7QEPPKVSYTW GSRX I\TIGXEXMSRWFEWIHSR

GSQTPI\XVERWEGXMSRW TS[IVPIWWi
MRXIVEGXMZIGSQTPI\MXMIWi TS[IVPIWWWXIVISX]TIWi
HIJMRMRKi WIPIGXMZIEXXIRXMSRERH
IJJIGXMZIRIWWSJ WI\VSPIi
WLEVIHQIERMRK 7XSRI1MGLEIP4
WXYH]SJFEWMGIPIQIRXWSJ 7XSVQMRKWXEKISJKVSYTHIZIPSTQIRXi
W]QFSPMGFILEZMSV 7XVERKIEXXVEGXSVW
XVERWEGXMSREPTVSGIWWi 7XVEXIK]ZW WTSRXERIMX]
7QEPPKVSYTW ii 7X]PIWSJPIEHIVWLMTi
GLEVEGXIVMWXMGWSJi PIEHIVEWGSEGL
MRXIVEGXMSRWI\TSRIRXMEPRYQFIVSJi PIEHIVEWGSRHYGXSV
MRXIVHITIRHIRGIERHMRXIVEGXMZMX] PIEHIVEWXIGLRMGMERi
W]RIVK] 7X]PIXLISVMIW
GSQQMXQIRXERHGSRWIRWYWMRi 7YFWXERGI
GSQQYRMGEXMSRMRii MRGSQTPI\XVERWEGXMSRW
VSPIJYRGXMSRWJSV MRGSRJPMGX
HIJMRIHi 7YGGIWWJIIHFEGOERH
HMZIVWMX]MRii 7YQQEVM^MRKKVSYTXEWOVSPI 
IXLMGEPFILEZMSVMRi 7YQQEXMZIIZEPYEXMSRW
TVSFPIQWSPZMRKEFMPMXMIWSJ 7YRIVKSW W]RIVK] 
WXVIRKXLMRHMZIVWMX]ERHi 7YTIVMSVMX]ZW IUYEPMX]
WYGGIWWSJYRHIVWXERHMRKi 7YTTSVXMRKKVSYTQEMRXIRERGIVSPI 
X]TIWSJi 7]QFSPMGFILEZMSV
7QMXL/PMRI&IIGLEQ 7]QFSPMGPERKYEKIREXYVISJ
7QSSXLMRKEGGSQQSHEXMSR i 7]QFSPM^EXMSRW]WXIQXIGLRSPSK]JMX[MXL
7SGMEPH]REQMGWi 7]QTSWMYQ
7SGMEPIQSXMSREPVIPEXMSREPGSQQYRMGEXMSR 7]RGLVSRSYWGSQQYRMGEXMSR
7SGMEPIQSXMSREPVSPIW 7]RGLVSR]
7SGMEPKVSYTW 7]RIGXMGWi
7SGMEPPSEJMRKi 7]RIVK]
7SGMEPTVIWIRGI 7]WXIQHIJMRIH
GSQQYRMGEXMSRQIHMYQERHi 7]WXIQEXMGJIIHFEGO
HIJMRIH 7]WXIQWETTVSEGLXSWQEPPKVSYTGSQQYRMGEXMSR
QIHMEVMGLRIWWERH i
W]RGLVSRMGMX]ERHi GSQTPI\W]WXIQWi
7SGMIX]JSV,YQER6IWSYVGI1EREKIQIRX STIRW]WXIQWi
7SR]'SVTSVEXMSR W]WXIQWXLISV]
7TIGMEPMRXIVIWXTPIEHIVWIPJSVMIRXIHFILEZMSV  7]WXIQWSVMIRXEXMSR
7TLI\  7]WXIQWXLISV]
7TSRXERIMX]ZW WXVEXIK]
7XERHEVHWWIXXMRKWKVSYTQEMRXIRERGIVSPI  8EWOH]REQMGWi
7XERHMRKGSQQMXXIIW 8EWOSVHIVMRK
7XEXIQIRXWGLEPPIRKMRK I\EQTPIWSJ 8EWOSVMIRXIHVSPIW
7XEXYWWIIOMRKWIPJSVMIRXIHFILEZMSV  8EWOUYIWXMSRWETTVSTVMEXI
7XIVISX]TIW 8EWOVSPIW
7XIVISX]TMRK 8EWOWSJKVSYTPIEHIVWi
EWWYQTXMSRWERHi IQTS[IVMRKKVSYTQIQFIVW
GLEPPIRKISJQSZMRKFI]SRH JEGMPMXEXMRKQIIXMRKW
GYPXYVIERHi QEREKMRKGSRJPMGX

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
 -2()< 

8GLEVXi 8VITMHEXMSR
8IEQJEGMPMXEXSVVSPI 8]PIRSP
8IEQQEREKIQIRX
8IEQW iii 9RHIVWXERHMRKI\TVIWWMRK
GSQQMXQIRXERHGSRWIRWYWMRi 9RMRXIRHIHGSRWIUYIRGIW
GSRXMRYSYWMQTVSZIQIRX 9RMZIVWEPXLISVMIW
HIJMRIH 9RMZIVWMX]SJ;MWGSRWMRi1EHMWSR
IJJIGXMZIRIWWOI]WXS q9R[ERXIH7SPS%VXMWXWrWYVZI] 
IXLMGEPFILEZMSVMRi
IZSPYXMSRSJi :EV]MRKSVMIRXEXMSRWXSXEWOEGGSQTPMWLQIRX
SVKERM^EXMSRWERHii :IVFEPGSQQYRMGEXMSR
TEVEPPIPi JYRGXMSRWSJi
WIPJHMVIGXIH[SVOi NSYVRI]ERHHIWXMREXMSRSJ
WXVIRKXLMRHMZIVWMX]ERHi REVVEXMZIWERHKVSYTJERXEWMIWi
8IGLRSPSK]MRJPYIRGIWSJi TVSGIWWSVMIRXEXMSRi
SRGSQTYXIVQIHMEXIHGSQQYRMGEXMSR'1'  XEWOSVHIVMRK
i WXVYGXYVIWSJQIERMRKMRi
SRIPIGXVSRMGQIIXMRKW]WXIQW)17 i HIRSXEXMZIERHGSRRSXEXMZIQIERMRKi
MRJPYIRXMEPYRHIVGYVVIRXWMQTSVXERGISJi KVSYTXEPOi
SRTIVJSVQERGISYXGSQIW LYQSV
8IRWMSRVIPMIZMRKKVSYTQEMRXIRERGIVSPI  WIQERXMGWi
8IVQMREXMSRWXEKISJKVSYTHIZIPSTQIRX :IVFEPMRXIVEGXMSRi
8I\EW-RWXVYQIRXW EREP]WMW
8I\XFEWIHGSQTYXIVGSRJIVIRGMRK :IVFEPW]QFSPM^EXMSR
 :IXIVERW
8I\XFEWIHQIWWEKMRKW]WXIQWi :MHISGSRJIVIRGMRK7II %YHMSERHZMHISGSRJIVIRGMRK
8LISVMIWSJPIEHIVWLMTi :MIXREQ
PIEHIVPIWWKVSYTW :MSPEXMRKRSVQWi
PIEHIVWLMTF]EHETXEXMSR :MWMSRMRPIEHIVWLMT
QEREKIVMEPPIEHIVWLMTKVMHXLISV]i :MWYEPW]QFSPM^EXMSR
XVERWEGXMSREPERHXVERWJSVQEXMSREPXLISVMIW :SMGIQEMPi
 :SSHSS0SYRKI
8LIVETIYXMGKVSYTW
8LSQEW0I[MW ;EP1EVX
8LSYKLXWNYHKQIRXWEW ;EXIVKEXI
8LSYKLXWTIIH ;E]RI.SLR
8MQIGSRWGMSYWRIWWHMZIVWMX]MR ;LEXtWMRMXJSVQI
8MVIHRIWW ;LMVPTSSPW
q8SRKYIMRGLIIOrGSQQIRXWMRQIIXMRKW ;LMXI4MRI
8SXEP5YEPMX]1EREKIQIRX851  ;LMXRI])PM
8SYVHI*VERGI ;LSPI*SSHW'SQTER]
8VEMRIVW ;LSPIRIWWi
8VEMXXLISVMIW q;LStWSR*MVWX#r
8VERWEGXMSREPPIEHIVW ;MPHIVRIWWXMVIW
8VERWEGXMSREPTVSGIWWi ;MPPMEQW*VERO
8VERWEGXMSREPXLISVMIW ;MXLHVE[EPEZSMHERGI
8VERWEGXMSRWGSQTPI\ ;MXLHVE[MRKWIPJSVMIRXIHFILEZMSV 
8VERWJSVQEXMSRi ;SVOKVSYTW
8VERWJSVQEXMSREPPIEHIVW q;SVOrWXEXIQIRXW
8VERWJSVQEXMSREPXLISVMIW ;SVXLMRKXSR-RHYWXVMIW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
&EGSR
'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG