Beruflich Dokumente
Kultur Dokumente
ACI 301M-10 - Metric - Specifications - For - Structural - Concrete (2011) PDF
ACI 301M-10 - Metric - Specifications - For - Structural - Concrete (2011) PDF
QIXVMG
7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI
%R%'-7XERHEVH
6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
.ERYEV]
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI
7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI
'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR37,%
LIEPXL
ERHWEJIX]WXERHEVHW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI1'4
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
-7&2
%RMRPFZIVWMSRSJXLMWHSGYQIRX%'-
%'-1
MWEZEMPEFPIEX[[[GSRGVIXISVK
7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI
%R%'-7XERHEVH
6ITSVXIHF]%'-'SQQMXXII
;'EPZMR1G'EPP 'SPMR00SFS
'LEMV 7IGVIXEV]
7YFGSQQMXXII'LEMVW
:SXMRK7YFGSQQMXXII1IQFIVW
j(IGIEWIH
%'-1WYTIVWIHIW%'-1[EWEHSTXIH.YRIERHTYFPMWLIH
.ERYEV]
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
8LMWMWE6IJIVIRGI7TIGMJMGEXMSRXLEXXLI%VGLMXIGX)RKMRIIVGERETTP]XS {(IWGVMTXMSR
ER] GSRWXVYGXMSR TVSNIGX MRZSPZMRK WXVYGXYVEP GSRGVIXI F] GMXMRK MX MR XLI {7YFQMXXEPW
4VSNIGX7TIGMJMGEXMSRW'LIGOPMWXWEVITVSZMHIHXSEWWMWXXLI%VGLMXIGX)RKM
RIIV MR WYTTPIQIRXMRK XLI TVSZMWMSRW SJ XLMW 6IJIVIRGI 7TIGMJMGEXMSR EW
{4VSHYGXW
RIIHIHF]HIWMKREXMRKSVWTIGMJ]MRKMRHMZMHYEPTVSNIGXVIUYMVIQIRXW {1EXIVMEPW
8LI JMVWX JMZI WIGXMSRW SJ XLMW HSGYQIRX GSZIV KIRIVEP GSRWXVYGXMSR {4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW
VIUYMVIQIRXW JSV GEWXMRTPEGI WXVYGXYVEP GSRGVIXI ERH WPEFWSRKVSYRH {*EFVMGEXMSRERHQERYJEGXYVI
8LIWI WIGXMSRWGSZIVQEXIVMEPWERH TVSTSVXMSRMRKSJ GSRGVIXIVIMRJSVGI {)\IGYXMSR
QIRXERHTVIWXVIWWMRKWXIIPTVSHYGXMSR TPEGMRKJMRMWLMRKERHGYVMRKSJ
GSRGVIXI JSVQ[SVO TIVJSVQERGI GVMXIVME ERH GSRWXVYGXMSR XVIEXQIRX SJ
{'SRWXVYGXMSRERHIVIGXMSRSJJSVQ[SVO
NSMRXWIQFIHHIHMXIQWVITEMVSJWYVJEGIHIJIGXWERHJMRMWLMRKSJJSVQIH {6IQSZEPSJJSVQ[SVO
ERH YRJSVQIH WYVJEGIW 4VSZMWMSRW KSZIVRMRK XIWXMRK IZEPYEXMSR ERH {6IWLSVMRKERHFEGOWLSVMRK
EGGITXERGI SJ GSRGVIXI EW [IPP EW EGGITXERGI SJ XLI WXVYGXYVIW EVI {7XVIRKXL SJ GSRGVIXI VIUYMVIH JSV VIQSZEP SJ
MRGPYHIH 8LI VIQEMRMRK WIGXMSRW EVI HIZSXIH XS EVGLMXIGXYVEP GSRGVIXI JSVQ[SVO
PMKLX[IMKLX GSRGVIXI QEWW GSRGVIXI TSWXXIRWMSRIH GSRGVIXI WLVMROEKI
GSQTIRWEXMRKGSRGVIXIMRHYWXVMEPJPSSVWPEFWXMPXYTGSRWXVYGXMSRTVIGEWX
{*MIPHUYEPMX]GSRXVSP
WXVYGXYVEPGSRGVIXIERHTVIGEWXEVGLMXIGXYVEPGSRGVIXI
7IGXMSR{6IMRJSVGIQIRXERHVIMRJSVGIQIRX
/I][SVHW EVGLMXIGXYVEP GSPH [IEXLIV GSQTVIWWMZI WXVIRKXL HYVEFMPMX] WYTTSVXWT
GSRGVIXI WPEF GSRWSPMHEXMSR GYVMRK JMRMWL JSVQ[SVO KVSYXMRK LSX {+IRIVEP
[IEXLIV MRHYWXVMEP JPSSVW MRWTIGXMSR NSMRXW PMKLX[IMKLX GSRGVIXI QEWW {7YFQMXXEPW
GSRGVIXIQM\XYVITVSTSVXMSRWTPEGMRKTVIGEWXTSWXXIRWMSRIHTVIWXVIWWMRK {1EXIVMEPWXSVEKIERHLERHPMRK
WXIIP VITEMV VIWLSVMRK WLSVMRK WLVMROEKIGSQTIRWEXMRK WPEFWSRKVSYRH {4VSHYGXW
WXIIPVIMRJSVGIQIRXXIWXMRKXMPXYTXSPIVERGI[IPHIH[MVI
{1EXIVMEPW
{*EFVMGEXMSR
'328)287
QERHEXSV]TSVXMSRJSPPS[W
{)\IGYXMSR
{4VITEVEXMSR
7IGXMSR{+IRIVEPVIUYMVIQIRXWT {4PEGMRK
{7GSTI
{;SVOWTIGMJMIH 7IGXMSR{'SRGVIXIQM\XYVIWT
{;SVORSXWTIGMJMIH {+IRIVEP
{9RMXW {(IWGVMTXMSR
{(IJMRMXMSRW {7YFQMXXEPW
{6IJIVIRGIHWXERHEVHWERHGMXIHTYFPMGEXMSRW {5YEPMX]GSRXVSP
{6IJIVIRGIHWXERHEVHW {1EXIVMEPWXSVEKIERHLERHPMRK
{'MXIHTYFPMGEXMSRW {4VSHYGXW
{*MIPHVIJIVIRGIW {1EXIVMEPW
{7XERHEVHWTVSHYGMRKSVKERM^EXMSRW {4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW
{7YFQMXXEPW {4VSTSVXMSRMRK
{+IRIVEP {)\IGYXMSR
{'SRXVEGXSVvWUYEPMX]GSRXVSP {1IEWYVMRKFEXGLMRKERHQM\MRK
{5YEPMX]EWWYVERGIERHUYEPMX]GSRXVSP {(IPMZIV]
{+IRIVEP
7IGXMSR{,ERHPMRKTPEGMRKERHGSRWXVYGXMRK
{6IWTSRWMFMPMXMIWSJ'SRXVEGXSV T
{6IWTSRWMFMPMXMIWSJ3[RIVvWXIWXMRKEKIRG] {+IRIVEP
{8IWXWSRLEVHIRIHGSRGVIXIMRTPEGI {(IWGVMTXMSR
{)ZEPYEXMSRSJGSRGVIXIWXVIRKXLXIWXW {7YFQMXXEPW
{%GGITXERGISJGSRGVIXIWXVIRKXL {(IPMZIV]WXSVEKIERHLERHPMRK
{*MIPHEGGITXERGISJGSRGVIXI {4VSHYGXW
{%GGITXERGISJWXVYGXYVI {1EXIVMEPW
{+IRIVEP {4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW
{(MQIRWMSREPXSPIVERGIW {)\IGYXMSR
{%TTIEVERGI {4VITEVEXMSR
{7XVIRKXLSJWXVYGXYVI {4PEGIQIRXSJGSRGVIXI
{(YVEFMPMX] {*MRMWLMRKJSVQIHWYVJEGIW
{4VSXIGXMSRSJMRTPEGIGSRGVIXI {*MRMWLMRKYRJSVQIHWYVJEGIW
{0SEHMRKERHWYTTSVXSJGSRGVIXI {7E[IHNSMRXW
{4VSXIGXMSRJVSQQIGLERMGEPMRNYV] {'YVMRKERHTVSXIGXMSR
{6ITEMVSJWYVJEGIHIJIGXW
7IGXMSR{*SVQ[SVOERHJSVQ[SVOEGGIWWSVMIW
T 7IGXMSR{%VGLMXIGXYVEPGSRGVIXIT
{+IRIVEP {+IRIVEP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
{(IWGVMTXMSR {-RWXEPPIVGIVXMJMGEXMSR
{7YFQMXXEPW {-RWTIGXMSR
{5YEPMX]GSRXVSP {&SRHIHXIRHSRMRWXEPPEXMSR
{4VSHYGXHIPMZIV]WXSVEKIERHLERHPMRK {+VSYXMRK
{4VSHYGXW {9RFSRHIHXIRHSRMRWXEPPEXMSR
{1EXIVMEPW {8IRHSRXSPIVERGIW
{4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW {'SRGVIXITPEGIQIRX
{4VSTSVXMSRMRKGSRGVIXIQM\XYVIW {8IRWMSRMRK
{)\IGYXMSR {8IRHSRJMRMWLMRK
{4VITEVEXMSR
{4PEGIQIRXSJVIMRJSVGIQIRX 7IGXMSR{7LVMROEKIGSQTIRWEXMRKGSRGVIXI
{&EXGLMRKQM\MRKERHXVERWTSVXMRK T
{'SRZI]MRKERHTPEGIQIRX {+IRIVEP
{'SRWSPMHEXMSR {(IWGVMTXMSR
{*SVQ[SVO {+IRIVEPVIUYMVIQIRXW
{*SVQ[SVOQSRMXSVMRK {7YFQMXXEPW
{*SVQ[SVOVIQSZEP {4VSHYGXW
{6ITEMVSJXMILSPIWERHWYVJEGIHIJIGXW {1EXIVMEPW
{*MRMWLMRK {4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW
{'YVMRKEVGLMXIGXYVEPGSRGVIXI {4VSTSVXMSRMRK
{*MREPGPIERYT {6IMRJSVGIQIRX
{*MREPEGGITXERGISJEVGLMXIGXYVEPGSRGVIXI {-WSPEXMSRNSMRXJMPPIVQEXIVMEPW
{)\IGYXMSR
7IGXMSR{0MKLX[IMKLXGSRGVIXIT {6IMRJSVGIQIRX
{+IRIVEP {4PEGMRK
{(IWGVMTXMSR {-WSPEXMSRNSMRXW
{7YFQMXXEPW {'YVMRK
{%KKVIKEXIWXSVEKIERHLERHPMRK
{4VSHYGXW 7IGXMSR{-RHYWXVMEPJPSSVWPEFWT
{%KKVIKEXIW {+IRIVEP
{4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW {(IWGVMTXMSR
{1M\XYVIW {+IRIVEPVIUYMVIQIRXW
{&EXGLMRKERHQM\MRK {7YFQMXXEPW
{)\IGYXMSR {4VSHYGXW
{'SRWSPMHEXMSR {1EXIVMEPW
{*MRMWLMRK {'SRGVIXIQM\XYVI
{*MIPHUYEPMX]GSRXVSP {4VSTSVXMSRMRK
{:ETSVVIXEVHIV
7IGXMSR{1EWWGSRGVIXIT {6IMRJSVGIQIRX
{+IRIVEP {0SEHXVERWJIVHIZMGIW
{(IWGVMTXMSR {.SMRXJMPPIVQEXIVMEPW
{+IRIVEPVIUYMVIQIRXW {-WSPEXMSRNSMRXJMPPIVQEXIVMEPW
{7YFQMXXEPW {'YVMRKQEXIVMEPW
{4VSHYGXW {0MUYMHWYVJEGIHIRWMJMIV
{1EXIVMEPW {1MRIVEPSVQIXEPPMGWLEOIWYVJEGILEVHIRIVW
{)\IGYXMSR {)\IGYXMSR
{'YVMRKERHTVSXIGXMSR {4VITEVEXMSR
{1IEWYVMRKFEXGLMRKERHQM\MRK
7IGXMSR{4SWXXIRWMSRIHGSRGVIXIT {(IPMZIV]
{+IRIVEP {'SRGVIXITPEGIQIRX
{(IWGVMTXMSR {*MRMWLMRKWPEFWYVJEGI
{7YFQMXXEPW {.SMRXW
{5YEPMX]GSRXVSP {'YVMRKERHTVSXIGXMSR
{4VSHYGXHIPMZIV]LERHPMRKERHWXSVEKI {0MUYMHWYVJEGIHIRWMJMIV
{4VSHYGXW {.SMRXJMPPMRK
{1EXIVMEPW
{4VSTSVXMSRMRKKVSYXQM\XYVIW 7IGXMSR{8MPXYTGSRWXVYGXMSRT
{)\IGYXMSR {+IRIVEP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
{(IWGVMTXMSR {'SRGVIXIQM\XYVIW
{'SSVHMREXMSR {*SVQJEFVMGEXMSR
{+IRIVEPVIUYMVIQIRXW {,EVH[EVI
{7YFQMXXEPW {*EFVMGEXMSR
{8MPXYTGSRXVEGXSVUYEPMJMGEXMSRW {*EFVMGEXMSRXSPIVERGIW
{4VSHYGXW {*MRMWLIW
{%KKVIKEXIW {7SYVGIUYEPMX]GSRXVSP
{&IEVMRKWLMQW {%GGITXERGISJTVIGEWXIPIQIRXW
{&SRHFVIEOIV {(IJIGXMZI;SVO
{'EWXMRERGLSVWERHGSRRIGXMSRW {)\IGYXMSR
{'SPSVMRKEKIRX {4VITEVEXMSR
{'YVMRKGSQTSYRH {)\EQMREXMSR
{*EGIQM\XYVI {)VIGXMSR
{+VSYX {)VIGXMSRXSPIVERGIW
{7ERH[MGLMRWYPEXMSRW]WXIQW {*MIPHUYEPMX]EWWYVERGI
{)\IGYXMSR {6ITEMVW
{'EWXMRKFIH {'PIERMRK
{&SRHFVIEOIV
{6IZIEPW 7IGXMSR{4VIGEWXEVGLMXIGXYVEPGSRGVIXIT
{4ERIPMHIRXMJMGEXMSR {+IRIVEP
{7MHIJSVQW {(IWGVMTXMSR
{4PEGMRKGSRGVIXI {7YFQMXXEPW
{*MRMWLIW {7EQTPITERIPWERHQSGOYT
{7QSSXLJMRMWLIW {4VSHYGXW
{7QSSXLXI\XYVIHJMRMWLIW {;MRHS[[EWLMRKW]WXIQ
{8VIEXIHXI\XYVIHJMRMWLIW {7XSRIXSTVIGEWXGSRGVIXIERGLSVEKIW
{6IXEVHIHI\TSWIHEKKVIKEXIJMRMWLIW {*SVQPMRIVW
{&YWLLEQQIVIHI\TSWIHEKKVIKEXIJMRMWL {7YVJEGIVIXEVHIV
{,ERHTPEGIHEKKVIKEXIJSVI\TSWIHEKKVIKEXI {8LMRERHLEPJFVMGOYRMXWERHEGGIWWSVMIW
JMRMWL {+PE^IHERHYRKPE^IHGIVEQMGXMPIYRMXW
{7ERHFPEWXIHJMRMWL {%VGLMXIGXYVEPXIVVEGSXXEYRMXW
{:IRIIVJEGIHJMRMWL {7IXXMRKQSVXEV
{'YVMRKSJTERIPW {0EXI\TSVXPERHGIQIRXTSMRXMRKKVSYX
{,ERHPMRKERHIVIGXMSRSJTERIPW {7IXXMRKW]WXIQWJSVFVMGOERHGIVEQMGXMPI
{8SPIVERGIW {7XSRIJEGMRK
{8IWXMRKJSVTERIPIVIGXMSR {*SVQJEFVMGEXMSR
{7XSRIJEGMRKMRWXEPPEXMSR
7IGXMSR{4VIGEWXWXVYGXYVEPGSRGVIXIT {*EGIERHFEGOYTGSRGVIXIQM\XYVIW
{+IRIVEP {4VIGEWXEVGLMXIGXYVEPGSRGVIXIYRMXJMRMWLIW
{(IWGVMTXMSR {)\IGYXMSR
{7YFQMXXEPW {)VIGXMSR
{5YEPMX]EWWYVERGI
{4VSHYGXHIPMZIV]WXSVEKIERHLERHPMRK RSRQERHEXSV]TSVXMSRJSPPS[W
{4VSHYGXW
{4IVJSVQERGIVIUYMVIQIRXW 2SXIWXS7TIGMJMIVT
{*SVQQEXIVMEPWERHEGGIWWSVMIW +IRIVEPRSXIW
{4VIWXVIWWMRKWXIIP *SVI[SVHXSGLIGOPMWXW
{'SRGVIXIQEXIVMEPW 1ERHEXSV]6IUYMVIQIRXW'LIGOPMWX
{7XIIPGSRRIGXMSRQEXIVMEPW 3TXMSREP6IUYMVIQIRXW'LIGOPMWX
{&IEVMRKTEHWERHSXLIVEGGIWWSVMIW 7YFQMXXEPW'LIGOPMWX
{+VSYXQEXIVMEPW
{-RWYPEXIHTERIPGSQTSRIRXWERHEGGIWWSVMIW QERHEXSV]TSVXMSRJSPPS[W
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
7)'8-32{+)2)6%06)59-6)1)287 'SRXVEGXSV{XLITIVWSRJMVQSVIRXMX]YRHIVGSRXVEGXJSV
{7GSTI GSRWXVYGXMSRSJXLI;SVO
;SVO WTIGMJMIH{8LMW 7TIGMJMGEXMSR KSZIVRW XLI HIWMKR VIJIVIRGI WEQTPI{WEQTPI SJ TVIGEWX GSRGVIXI
GSRWXVYGXMSRSJGEWXMRTPEGIERHTVIGEWXWXVYGXYVEPGSRGVIXI GSPSVJMRMWLERHXI\XYVIXLEXMWWYFQMXXIHJSVMRMXMEPZIVMJMGEXMSR
ERHMRHYWXVMEPJPSSVWPEFWGEWXSRKVSYRH SJHIWMKRMRXIRX
4VSZMWMSRWSJXLMW7TIGMJMGEXMSRWLEPPKSZIVRI\GITX[LIVI HYGX{XLI QEXIVMEP GVIEXMRK E GSRHYMX MR E GSRGVIXI
SXLIVTVSZMWMSRWEVIWTIGMJMIHMR'SRXVEGX(SGYQIRXW QIQFIV XS EGGSQQSHEXI XLI TVIWXVIWWMRK WXIIP SJ E TSWX
;SVORSXWTIGMJMIH{8LIJSPPS[MRKWYFNIGXWEVIRSX XIRWMSRMRKXIRHSR
MRXLIWGSTISJXLMW7TIGMJMGEXMSR IUYMZEPIRXHMEQIXIVSJFYRHPI{XLIHMEQIXIVSJEGMVGPI
e 4VIGEWXGSRGVIXITVSHYGXWGSZIVIHF]%781WTIGMJM LEZMRKEREVIEIUYEPXSXLIWYQSJXLIFEVEVIEWMREFYRHPI
GEXMSRW SJVIMRJSVGMRKFEVW
e ,IEZ][IMKLXWLMIPHMRKGSRGVIXI I\TERWMZI GIQIRX{E GIQIRX XLEX [LIR QM\IH [MXL
e 7PMTJSVQIHTEZMRKGSRGVIXI [EXIVTVSHYGIWETEWXIXLEXEJXIVWIXXMRKXIRHWXSMRGVIEWIMR
e 8IVVE^^S ZSPYQIERHMWYWIHXSGSQTIRWEXIJSVZSPYQIHIGVIEWIHYI
e -RWYPEXMRKGSRGVIXI XSWLVMROEKISVXSMRHYGIXIRWMPIWXVIWWMRVIMRJSVGIQIRX
e 6IJVEGXSV]GSRGVIXI I\TSWIH XS ZMI[{TSVXMSR SJ WXVYGXYVI XLEX GER FI
e 7LSXGVIXIERH SFWIVZIHF]XLITYFPMGHYVMRKRSVQEPYWI
e 7PMTJSVQIHGSRGVIXI[EPPW LMKLIEVP]WXVIRKXLGSRGVIXI{GSRGVIXIXLEXXLVSYKLXLI
9RMXW{:EPYIWMRXLMW7TIGMJMGEXMSREVIWXEXIHMR7- YWI SJ EHHMXMSREP GIQIRX LMKLIEVP]WXVIRKXL GIQIRX SV
YRMXW%GSQTERMSRWTIGMJMGEXMSRMRMRGLTSYRHYRMXWMWEPWS EHQM\XYVIWLEWEGGIPIVEXIHIEVP]EKIWXVIRKXLHIZIPSTQIRX
EZEMPEFPI NEGO GPIEVERGI{QMRMQYQ WTEGI VIUYMVIH XS WEJIP]
MRWXEPPSTIVEXIERHVIQSZIEL]HVEYPMGNEGOXLVSYKLMXWJYPP
{(IJMRMXMSRW VERKISJQSZIQIRXMRWXVIWWMRKSJEXIRHSR
EGGITXEFPI SV EGGITXIH{HIXIVQMRIHXSFIWEXMWJEGXSV]F] PMGIRWIHHIWMKRIRKMRIIV{ERMRHMZMHYEPVITVIWIRXMRKXLI
%VGLMXIGX)RKMRIIV 'SRXVEGXSV[LSMWPMGIRWIHXSTVEGXMGIIRKMRIIVMRKEWHIJMRIH
EGGITXERGI{EGORS[PIHKQIRX F] %VGLMXIGX)RKMRIIV F] XLIWXEXYXSV] VIUYMVIQIRXW SJ XLI TVSJIWWMSREP PMGIRWMRK
XLEXWYFQMXXEPSVGSQTPIXIH;SVOMWEGGITXEFPI PE[WSJXLIWXEXISVNYVMWHMGXMSRMR[LMGLXLITVSNIGXMWXSFI
%'- 'SRGVIXI *MIPH 8IWXMRK 8IGLRMGMER +VEHI -{E GSRWXVYGXIH
TIVWSR [LS LEW HIQSRWXVEXIH ORS[PIHKI ERH EFMPMX] XS PMKLX[IMKLX GSRGVIXI{WXVYGXYVEP GSRGVIXI GSRXEMRMRK
TIVJSVQ ERHVIGSVHXLIVIWYPXWSJ%781WXERHEVHXIWXW SR PMKLX[IMKLX EKKVIKEXI GSRJSVQMRK XS %781 ' ERH
JVIWLP]QM\IHGSRGVIXIERHXSQEOIERHGYVIXIWXWTIGMQIRW LEZMRK ER IUYMPMFVMYQ HIRWMX] EW HIXIVQMRIH F] %781
7YGL ORS[PIHKI ERH EFMPMX] WLEPP FI HIQSRWXVEXIH F] 'FIX[IIRERHOKQ
TEWWMRK TVIWGVMFIH [VMXXIR ERH TIVJSVQERGI I\EQMREXMSRW QEWW GSRGVIXI{ER] ZSPYQI SJ WXVYGXYVEP GSRGVIXI MR
ERH LEZMRK GVIHIRXMEPW XLEX EVI GYVVIRX [MXL XLI %QIVMGER [LMGL E GSQFMREXMSR SJ HMQIRWMSRW SJ XLI QIQFIV FIMRK
'SRGVIXI-RWXMXYXI GEWX XLI FSYRHEV] GSRHMXMSRW XLI GLEVEGXIVMWXMGW SJ XLI
%VGLMXIGX)RKMRIIV SV )RKMRIIV%VGLMXIGX{%VGLMXIGX GSRGVIXI QM\XYVI ERH XLI EQFMIRX GSRHMXMSRW GER PIEH XS
)RKMRIIV EVGLMXIGXYVEP JMVQ IRKMRIIVMRK JMVQ SV EVGLMXIG YRHIWMVEFPIXLIVQEPWXVIWWIWGVEGOMRKHIPIXIVMSYWGLIQMGEP
XYVEP ERH IRKMRIIVMRK JMVQ MWWYMRK 'SRXVEGX (SGYQIRXW SV VIEGXMSRWSVVIHYGXMSRMRXLIPSRKXIVQWXVIRKXLEWEVIWYPXSJ
EHQMRMWXIVMRKXLI;SVOYRHIV'SRXVEGX(SGYQIRXWSVFSXL IPIZEXIHGSRGVIXIXIQTIVEXYVIHYIXSLIEXJVSQL]HVEXMSR
EVGLMXIGXYVEP GSRGVIXI{GSRGVIXI XLEX MW X]TMGEPP] RSVQEP[IMKLX GSRGVIXI{WXVYGXYVEP GSRGVIXI GSRXEMRMRK
I\TSWIH XS ZMI[ MW MRHMGEXIH EW EVGLMXIGXYVEP GSRGVIXI MR EKKVIKEXIXLEXGSRJSVQWXS%781'ERHXLEXX]TMGEPP]LEW
'SRXVEGX(SGYQIRXWERHXLIVIJSVIVIUYMVIWWTIGMEPGEVIMR EHIRWMX]FIX[IIRERHOKQ
WIPIGXMSR SJ XLI GSRGVIXI QEXIVMEPW JSVQMRK TPEGMRK ERH 3[RIV{XLI GSVTSVEXMSR EWWSGMEXMSR TEVXRIVWLMT
JMRMWLMRKXSSFXEMRXLIHIWMVIHEVGLMXIGXYVEPETTIEVERGI MRHMZMHYEPTYFPMGFSH]SVEYXLSVMX]JSV[LSQXLI;SVO
FEGOWLSVIW{WLSVIWTPEGIHWRYKP]YRHIVEGSRGVIXIWPEF MWGSRWXVYGXIH
SVWXVYGXYVEPQIQFIVEJXIVXLISVMKMREPJSVQ[SVOERHWLSVIW TIVQMXXIH{EGGITXIH F] SV EGGITXEFPI XS %VGLMXIGX
LEZI FIIR VIQSZIH JVSQ E WQEPP EVIE EX E XMQI [MXLSYX )RKMRIIV YWYEPP] TIVXEMRW XS E VIUYIWX F] 'SRXVEGXSV SV
EPPS[MRKXLIWPEFSVQIQFIVXSHIJPIGXSVWYTTSVXMXWS[R [LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW
[IMKLXSVI\MWXMRKGSRWXVYGXMSRPSEHW TSWXXIRWMSRMRK{E QIXLSH SJ TVIWXVIWWMRK VIMRJSVGIH
GEWXMRTPEGI GSRGVIXI{GSRGVIXI XLEX MW HITSWMXIH ERH GSRGVIXIMR[LMGLXIRHSRWEVIXIRWMSRIH EJXIVXLIGSRGVIXI
EPPS[IHXSLEVHIRMRXLITPEGI[LIVIMXMWVIUYMVIHXSFIMRXLI LEW EXXEMRIHE WTIGMJMIH QMRMQYQ MRTPEGI WXVIRKXLSV E
GSQTPIXIHWXVYGXYVIEWSTTSWIHXSTVIGEWXGSRGVIXI WTIGMJMIHQMRMQYQEKI
GLIGOXIWX{XIWXTIVJSVQIHXSZIVMJ]ETVIZMSYWXIWXVIWYPX TVIGEWXGSRGVIXI{GSRGVIXIGEWXIPWI[LIVIXLERMXWJMREP
SJJVIWLP]QM\IHGSRGVIXI TSWMXMSR
'SRXVEGX (SGYQIRXW{E WIX SJ HSGYQIRXW WYTTPMIH F] TVIWXVIWWIH GSRGVIXI{WXVYGXYVEP GSRGVIXI MR [LMGL
3[RIV XS 'SRXVEGXSV EW XLI FEWMW JSV GSRWXVYGXMSR XLIWI MRXIVREP WXVIWWIW LEZI FIIR MRXVSHYGIH XS VIHYGI TSXIRXMEP
HSGYQIRXW GSRXEMR GSRXVEGX JSVQW GSRXVEGX GSRHMXMSRW XIRWMPIWXVIWWIW MR GSRGVIXI VIWYPXMRK JVSQ PSEHWWII TSWX
WTIGMJMGEXMSRWHVE[MRKWEHHIRHEERHGSRXVEGXGLERKIW XIRWMSRMRK ERH TVIXIRWMSRMRK
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
TVIWXVIWWMRK WLIEXLMRK{E QEXIVMEP IRGEWMRK TVIWXVIWWMRK WYFQMXXEP{HSGYQIRXW SV QEXIVMEPW TVSZMHIH XS %VGLMXIGX
WXIIP XS TVIZIRX FSRHMRK SJ XLI TVIWXVIWWMRK WXIIP [MXL XLI )RKMRIIVJSVVIZMI[ERHEGGITXERGI
WYVVSYRHMRKGSRGVIXIXSTVSZMHIGSVVSWMSRTVSXIGXMSRERHXS WYVJEGI HIJIGXW{MQTIVJIGXMSR MR GSRGVIXI WYVJEGIW
GSRXEMRXLIGSVVSWMSRMRLMFMXMRKGSEXMRK HIJMRIHMR'SRXVEGX(SGYQIRXWXLEXQYWXFIVITEMVIH
TVIWXVIWWMRK WXIIP{LMKLWXVIRKXL WXIIP IPIQIRX WYGL EW XIRHSR{MR TVIXIRWMSRIH ETTPMGEXMSRW XLI XIRHSR MW XLI
WXVERHFEVWSV[MVIYWIHXSMQTEVXTVIWXVIWWJSVGIWXSGSRGVIXI TVIWXVIWWMRKWXIIPMRTSWXXIRWMSRIHETTPMGEXMSRWXLIXIRHSRMWE
TVIXIRWMSRMRK{QIXLSH SJ TVIWXVIWWMRK MR [LMGL GSQTPIXI EWWIQFP] GSRWMWXMRK SJ ERGLSVEKIW TVIWXVIWWMRK
TVIWXVIWWMRKWXIIPMWXIRWMSRIHFIJSVIXLIGSRGVIXIMWTPEGIH WXIIPERHWLIEXLMRK[MXLGSEXMRKJSVYRFSRHIHETTPMGEXMSRW
4VSNIGX (VE[MRKW{KVETLMG TVIWIRXEXMSR SJ TVSNIGX SVHYGXW[MXLKVSYXJSVFSRHIHETTPMGEXMSRW
VIUYMVIQIRXW XMPXYT{E GSRWXVYGXMSR XIGLRMUYI JSV GEWXMRK GSRGVIXI
4VSNIGX7TIGMJMGEXMSRW{XLI[VMXXIRHSGYQIRXXLEXHIXEMPW QIQFIVWMRELSVM^SRXEPTSWMXMSREXXLITVSNIGXWMXIERHXLIR
VIUYMVIQIRXWJSV;SVOMREGGSVHERGI[MXLWIVZMGITEVEQIXIVW IVIGXMRKXLIQXSXLIMVJMREPYTVMKLXTSWMXMSRMREWXVYGXYVI
ERHSXLIVWTIGMJMGGVMXIVME [EWXIWPEF{XIQTSVEV]WPEFXSTVSZMHIEGEWXMRKWYVJEGI
TYPPSRQIXLSH{QIXLSHSJWIEXMRKJM\IHIRHERGLSVEKI JSVXMPXYTTERIPW
F]XIRWMSRMRKTVIWXVIWWMRKWXIIP [SSH JSVQ[SVO WLIEXLMRK{XLI QEXIVMEPW JSVQMRK XLI
UYEPMX] EWWYVERGI{EGXMSRW XEOIR F] 3[RIV SV 3[RIVvW GSRXEGXJEGISJJSVQWEPWSGEPPIHPEKKMRKSVWLIIXMRK
6ITVIWIRXEXMZI XS TVSZMHI GSRJMHIRGI XLEX ;SVO HSRI ERH ;SVO{XLIIRXMVIGSRWXVYGXMSRSVWITEVEXIP]MHIRXMJMEFPITEVXW
QEXIVMEPWTVSZMHIHEVIMREGGSVHERGI[MXL'SRXVEGX(SGYQIRXW XLIVISJVIUYMVIHXSFIJYVRMWLIHYRHIV'SRXVEGX(SGYQIRXW
UYEPMX] GSRXVSP{EGXMSRW XEOIR F] 'SRXVEGXSV XS IRWYVI
XLEX;SVOQIIXWXLIVIUYMVIQIRXWSJ'SRXVEGX(SGYQIRXW {6IJIVIRGIHWXERHEVHWERHGMXIHTYFPMGEXMSRW
VIJIVIRGIWTIGMJMGEXMSR{EWXERHEVHM^IHQERHEXSV]PERKYEKI 6IJIVIRGIHWXERHEVHW{7XERHEVHWVIJIVVIHXSMRXLMW
HSGYQIRXTVIWGVMFMRKQEXIVMEPWHMQIRWMSRWERH[SVOQERWLMT 7TIGMJMGEXMSR EVI PMWXIH [MXL WIVMEP HIWMKREXMSR MRGPYHMRK
MRGSVTSVEXIHF]VIJIVIRGIMR'SRXVEGX(SGYQIRXW ]IEVSJEHSTXMSRSVVIZMWMSR
VIJIVIRGIH WXERHEVHW{WXERHEVHM^IH QERHEXSV]PERKYEKI %'-WXERHEVHW
HSGYQIRXWSJEXIGLRMGEPWSGMIX]SVKERM^EXMSRSVEWWSGMEXMSR 1 7TIGMJMGEXMSRWJSV8SPIVERGIWJSV'SRGVIXI
MRGPYHMRK GSHIW SJ PSGEP SV JIHIVEP EYXLSVMXMIW [LMGL EVI 'SRWXVYGXMSRERH1EXIVMEPW
MRGSVTSVEXIHF]VIJIVIRGIMR'SRXVEGX(SGYQIRXW 7TIGMJMGEXMSRJSV9RFSRHIH7MRKPI7XVERH
VIUYMVIH{VIUYMVIH MR XLMW 7TIGMJMGEXMSR SV 'SRXVEGX 8IRHSR1EXIVMEPWERH'SQQIRXEV]
(SGYQIRXW 1 8IWX1IXLSHJSV&PIIH7XEFMPMX]SJ'IQIRXM
VIWLSVIW{WLSVIWTPEGIHWRYKP]YRHIVEWXVMTTIHGSRGVIXI XMSYW4SWX8IRWMSRMRK8IRHSR+VSYX
WPEFSVSXLIVWXVYGXYVEPQIQFIVEJXIVXLISVMKMREPJSVQWERH -8+1 7TIGMJMGEXMSR JSV 8SPIVERGIW JSV 4VIGEWX
WLSVIWLEZIFIIRVIQSZIHJVSQEPEVKIEVIEXLYWVIUYMVMRK 'SRGVIXI
XLIRI[WPEFSVWXVYGXYVEPQIQFIVXSHIJPIGXERHWYTTSVXMXW
S[R[IMKLXERHI\MWXMRKGSRWXVYGXMSRPSEHWETTPMIHFIJSVI %781WXERHEVHW
XLIMRWXEPPEXMSRSJXLIVIWLSVIW %%1 7XERHEVH7TIGMJMGEXMSRJSV7XIIP;MVI
WLST HVE[MRKW{HVE[MRKW XLEX TVSZMHI HIXEMPW JSV E 4PEMRJSV'SRGVIXI6IMRJSVGIQIRX
TEVXMGYPEVTSVXMSRSJ;SVOXLEXEVITVITEVIHF]'SRXVEGXSVMR %%1 7XERHEVH 7TIGMJMGEXMSR JSV ;IPHIH
EGGSVHERGI[MXL'SRXVEGX(SGYQIRXWERHEVIVIZMI[IHF] (IJSVQIH7XIIP&EV1EXWJSV'SRGVIXI
%VGLMXIGX)RKMRIIV 6IMRJSVGIQIRX
WLSVI{ZIVXMGEPSVMRGPMRIHWYTTSVXQIQFIVWHIWMKRIHXS %%1 7XERHEVH7TIGMJMGEXMSRJSV7XIIP;IPHIH
GEVV]XLI[IMKLXSJXLIJSVQ[SVOGSRGVIXIERHGSRWXVYGXMSR ;MVI6IMRJSVGIQIRX4PEMRJSV'SRGVIXI
PSEHWEFSZI %%1 7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP 7XVERH
WLVMROEKIGSQTIRWEXMRK GSRGVIXI{E GSRGVIXI XLEX 9RGSEXIH 7IZIR;MVI JSV 4VIWXVIWWIH
MRGVIEWIW MR ZSPYQI EJXIV WIXXMRK HIWMKRIH XS MRHYGI 'SRGVIXI
GSQTVIWWMZIWXVIWWIWMRGSRGVIXIVIWXVEMRIHF]VIMRJSVGIQIRXSV %%1 7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH
SXLIVQIERWXSSJJWIXXIRWMPIWXVIWWIWVIWYPXMRKJVSQWLVMROEKI 7XVIWW6IPMIZIH 7XIIP ;MVI JSV
WXVIRKXLXIWX{WXERHEVHXIWXGSRHYGXIHJSVIZEPYEXMSRERH 4VIWXVIWWIH'SRGVIXI
EGGITXERGI SJ GSRGVIXI HIXIVQMRIH EW XLI EZIVEKI SJ XLI %1 7XERHEVH7TIGMJMGEXMSRJSV7XIIP;MVI
GSQTVIWWMZI WXVIRKXLW SJ EX PIEWX X[S F] QQ (IJSVQIHJSV'SRGVIXI6IMRJSVGIQIRX
G]PMRHIVWSVEXPIEWXXLVIIF]QQG]PMRHIVWQEHI %%1 7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP
JVSQXLIWEQIWEQTPISJGSRGVIXIXVERWTSVXIHERHWXERHEVH ;IPHIH;MVI6IMRJSVGIQIRX(IJSVQIH
GYVIH MR EGGSVHERGI [MXL %781 ''1ERH XIWXIH MR JSV'SRGVIXI
EGGSVHERGI[MXL%781''1EXHE]WSVEXXIWXEKI %%1 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH
HIWMKREXIHJSVJG ERH 'EVFSR7XIIP &EVW JSV 'SRGVIXI
WXVYGXYVEPGSRGVIXI{GSRGVIXIYWIHMREQIQFIVXSVIWMWX 6IMRJSVGIQIRX
PSEHWERHLEZMRKEWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJEXPIEWX % 7XERHEVH7TIGMJMGEXMSRJSV%RRIEPIHSV
14E 'SPH;SVOIH %YWXIRMXMG 7XEMRPIWW
WYFQMX{TVSZMHIXS%VGLMXIGX)RKMRIIVJSVVIZMI[ 7XIIP7LIIX7XVMT4PEXIERH*PEX&EV
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
%%1E 7XERHEVH 7TIGMJMGEXMSR JSV 0S[%PPS] ''1 7XERHEVH 8IWX 1IXLSH JSV 3FXEMRMRK
7XIIP (IJSVQIH ERH 4PEMR &EVW JSV ERH 8IWXMRK (VMPPIH 'SVIW ERH 7E[IH
'SRGVIXI6IMRJSVGIQIRX &IEQWSJ'SRGVIXI
%%1 7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH ' 7XERHEVH8IWX1IXLSHWJSV7EQTPMRKERH
,MKL7XVIRKXL 7XIIP &EVW JSV 8IWXMRK&VMGOERH7XVYGXYVEP'PE]8MPI
4VIWXVIWWMRK'SRGVIXI ' 7XERHEVH 8IWX 1IXLSH JSV *PI\YVEP
%%1 7XERHEVH7TIGMJMGEXMSRJSV>MRG'SEXIH 7XVIRKXL SJ 'SRGVIXI 9WMRK 7MQTPI
+EPZERM^IH
7XIIP &EVW JSV 'SRGVIXI &IEQ[MXL8LMVH4SMRX0SEHMRK
6IMRJSVGIQIRX ''1 7XERHEVH 7TIGMJMGEXMSR JSV 6IEH]
%%1E 7XERHEVH 7TIGMJMGEXMSR JSV )TS\] 1M\IH'SRGVIXI
'SEXIH7XIIP6IMRJSVGMRK&EVW ''1 7XERHEVH8IWX1IXLSHJSV'SQTVIWWMZI
%%1 7XERHEVH7TIGMJMGEXMSRJSV7XIIP7XVERH 7XVIRKXL SJ ,]HVEYPMG 'IQIRX
7IZIR;MVI 9RGSEXIH 'SQTEGXIH 1SVXEVW 9WMRK MR SV ?QQA
7XVIWW6IPMIZIHJSV4VIWXVIWWIH'SRGVIXI 'YFI7TIGMQIRW
% 7XERHEVH 4VEGXMGI JSV 6ITEMV SJ ' 7XERHEVH 7TIGMJMGEXMSR JSV 'IVEQMG
(EQEKIH,SX(MT+EPZERM^IH'SEXMRKW +PE^IH 7XVYGXYVEP 'PE] *EGMRK 8MPI
%%1 7XERHEVH7TIGMJMGEXMSRJSV7XIIP*MFIVW *EGMRK&VMGOERH7SPMH1EWSRV]9RMXW
JSV*MFIV6IMRJSVGIH'SRGVIXI ''1 7XERHEVH 8IWX 1IXLSH JSV (IRWMX]
%%1E 7XERHEVH 7TIGMJMGEXMSR JSV *MPPIH 9RMX;IMKLX
=MIPHERH%MV'SRXIRX
)TS\]'SEXIH7IZIR;MVI4VIWXVIWWMRK +VEZMQIXVMG
SJ'SRGVIXI
7XIIP7XVERH ''1 7XERHEVH 8IWX 1IXLSH JSV 7PYQT SJ
%%1 7XERHEVH 7TIGMJMGEXMSR JSV )TS\] ,]HVEYPMG'IQIRX'SRGVIXI
'SEXIH 7XIIP ;MVI ERH ;IPHIH ;MVI ' 7XERHEVH 7TIGMJMGEXMSR JSV %KKVIKEXI
6IMRJSVGIQIRX JSV1EWSRV]1SVXEV
%%1 7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP
' 7XERHEVH 7TIGMJMGEXMSR JSV 4SVXPERH
7XVERH -RHIRXIH 7IZIR;MVI 7XVIWW
'IQIRX
6IPMIZIHJSV4VIWXVIWWIH'SRGVIXI
''1 7XERHEVH 8IWX 1IXLSH JSV 0IRKXL
%%1 7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH
'LERKI SJ ,EVHIRIH ,]HVEYPMG
;IPHPIWW ERH ;MVI 7XIIP 7XVERH
'IQIRX1SVXEVERH'SRGVIXI
JSV4VIWXVIWWIH'SRGVIXI
' 7XERHEVH 7TIGMJMGEXMSR JSV 7LIIX
%%1 7XERHEVH7TIGMJMGEXMSRJSV)TS\]'SEXIH
1EXIVMEPWJSV'YVMRK'SRGVIXI
4VIJEFVMGEXIH7XIIP6IMRJSVGMRK&EVW
%%1E 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH ' 7XERHEVH4VEGXMGIJSV7EQTPMRK*VIWLP]
ERH 4PEMR 7XEMRPIWW7XIIP &EVW JSV 1M\IH'SRGVIXI
'SRGVIXI6IMRJSVGIQIRX ''1 7XERHEVH8IWX1IXLSHJSV%MV'SRXIRX
%%1 7XERHEVH 7TIGMJMGEXMSR JSV ;IPHIH SV SJ *VIWLP] 1M\IH 'SRGVIXI F] XLI
*SVKIH ,IEHIH &EVW JSV 'SRGVIXI :SPYQIXVMG1IXLSH
6IMRJSVGIQIRX ''1 7XERHEVH 4VEGXMGI JSV 1EOMRK ERH
%%1E 7XERHEVH 7TIGMJMGEXMSR JSV 6EMP7XIIP 'YVMRK'SRGVIXI8IWX7TIGMQIRWMRXLI
ERH %\PI7XIIP (IJSVQIH &EVW JSV 0EFSVEXSV]
'SRGVIXI6IMRJSVGIQIRX 'E 7XERHEVH 7TIGMJMGEXMSR JSV *EGMRK
%%1 7XERHEVH7TIGMJMGEXMSRJSV(IJSVQIHERH &VMGO7SPMH1EWSRV]9RMXW1EHIJVSQ
4PEMR 7XEMRPIWW 7XIIP ;MVI ERH ;IPHIH 'PE]SV7LEPI
;MVIJSV'SRGVIXI6IMRJSVGIQIRX ' 7XERHEVH8IWX1IXLSHJSV%MV'SRXIRX
%%1 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH SJ *VIWLP] 1M\IH 'SRGVIXI F] XLI
ERH 4PEMR 0S[GEVFSR 'LVSQMYQ 4VIWWYVI1IXLSH
7XIIP&EVWJSV'SRGVIXI6IMRJSVGIQIRX ' 7XERHEVH 7TIGMJMGEXMSR JSV %MV
%%1 7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP 7XYH )RXVEMRMRK%HQM\XYVIWJSV'SRGVIXI
%WWIQFPMIWJSV7LIEV6IMRJSVGIQIRXSJ ' 7XERHEVH 7TIGMJMGEXMSR JSV 0MUYMH
'SRGVIXI 1IQFVERI*SVQMRK 'SQTSYRHW JSV
''1 7XERHEVH4VEGXMGIJSV1EOMRKERH'YVMRK 'YVMRK'SRGVIXI
'SRGVIXI8IWX7TIGMQIRWMRXLI*MIPH ' 7XERHEVH7TIGMJMGEXMSRJSV0MKLX[IMKLX
' 7XERHEVH 7TIGMJMGEXMSR JSV 'SRGVIXI %KKVIKEXIWJSV7XVYGXYVEP'SRGVIXI
%KKVIKEXIW ' 7XERHEVH 8IWX 1IXLSH JSV ;EXIV
''1 7XERHEVH8IWX1IXLSHJSV'SQTVIWWMZI %FWSVTXMSR &YPO (IRWMX] %TTEVIRX
7XVIRKXL SJ ']PMRHVMGEP 'SRGVIXI 4SVSWMX] ERH %TTEVIRX 7TIGMJMG
7TIGMQIRW +VEZMX]SJ*MVIH;LMXI[EVI4VSHYGXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
' 7XERHEVH 7TIGMJMGEXMSR JSV 4EGOEKIH ''1 7XERHEVH 7TIGMJMGEXMSR JSV 4EGOEKIH
(V] 'SQFMRIH 1EXIVMEPW JSV 1SVXEV (V] 6ETMH ,EVHIRMRK 'IQIRXMXMSYW
ERH'SRGVIXI 1EXIVMEPWJSV'SRGVIXI6ITEMVW
''1 7XERHEVH 8IWX 1IXLSH JSV 8MQI SJ ' 7XERHEVH 8IWX 1IXLSH JSV *PS[ SJ
7IXXMRK SJ 'SRGVIXI 1M\XYVIW F] +VSYXJSV4VITPEGIH%KKVIKEXI'SRGVIXI
4IRIXVEXMSR6IWMWXERGI *PS['SRI1IXLSH
' 7XERHEVH 7TIGMJMGEXMSRJSV %KKVIKEXIW 'E 7XERHEVH 8IWX 1IXLSH JSV )\TERWMSR
JSV1EWSRV]+VSYX ERH&PIIHMRKSJ*VIWLP]1M\IH+VSYXW
''1E 7XERHEVH 7TIGMJMGEXMSR JSV 'LIQMGEP JSV 4VITPEGIH%KKVIKEXI 'SRGVIXI MR
%HQM\XYVIWJSV'SRGVIXI XLI0EFSVEXSV]
'E 7XERHEVH8IWX1IXLSHJSV(IXIVQMRMRK ' 7XERHEVH8IWX1IXLSHJSV'SQTVIWWMZI
(IRWMX] SJ 7XVYGXYVEP 0MKLX[IMKLX 7XVIRKXL SJ +VSYXW JSV 4VITPEGIH
'SRGVIXI %KKVIKEXI'SRGVIXIMRXLI0EFSVEXSV]
' 7XERHEVH 7TIGMJMGEXMSR JSV 6MKMH ' 7XERHEVH 8IWX 1IXLSH JSV 8MQI SJ
'IPPYPEV4SP]WX]VIRI8LIVQEP-RWYPEXMSR 7IXXMRK SJ +VSYXW JSV 4VITPEGIH
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2SFEVERHWQEPPIV1;SV1([MVIERHWQEPPIV
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2SQMREPHMEQIXIVSJVIMRJSVGIQIRX
4VMQEV]VIMRJSVGIQIRX FYXRSXPIWWXLERERHRIIHRSX
I\GIIH
8MIWWXMVVYTWWTMVEPW
7LIPPWJSPHIHTPEXIQIQFIVW
4VIWXVIWWMRKXIRHSRW
2SFEVERHPEVKIV
2SFEVERHWQEPPIV1;SV1([MVIERHWQEPPIV
M &YRHPIHFEVW
7LEPPFIXLIPEVKIVSJ
IUYMZEPIRXHMEQIXIVSJFYRHPIFYXRSXQSVIXLERQQSV
GSZIVWTIGMJMIHMR8EFPIJSVIUYMZEPIRXHMEQIXIVSJFYRHPI
-REGGSVHERGI[MXL
N ,IEHIHWLIEVWXYHVIMRJSVGIQIRXERHLIEHIHVIMRJSVGMRKFEVW
'SRXVEGX(SGYQIRXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
8EFPI{1MRMQYQWTIGMJMIHHMEQIXIVSJFIRH e *SVEHQM\XYVIWX]TIWFVERHREQIWTVSHYGIVWvREQIW
&EVWM^I 1MRMQYQMRWMHIFIRHHMEQIXIV QERYJEGXYVIVvW XIGLRMGEP HEXE WLIIXW ERH GIVXMJMGEXIW
2SXLVSYKL 7M\FEVHMEQIXIVW WLS[MRKGSQTPMERGI[MXL%781'%781'
2SERH )MKLXFEVHMEQIXIVW '1%781''1SV%781(ERH
2SERH 8IRFEVHMEQIXIVW e *SV[EXIVERHMGIWSYVGISJWYTTP]
*MIPHXIWXVIGSVHW{;LIRJMIPHXIWXVIGSVHWEVIYWIH
EW XLI FEWMW JSV WIPIGXMRK TVSTSVXMSRW JSV GSRJMVQMRK GSRJSV
(S RSX EVXMJMGMEPP] GSSP LIEXIH VIMRJSVGMRK FEVW YRXMP FEV QERGI[MXLWTIGMJMIHVIUYMVIQIRXWWYFQMXHEXESRQEXIVMEPERH
XIQTIVEXYVIMWPIWWXLER' QM\XYVITVSTSVXMSRW[MXLWYTTSVXMRKXIWXVIWYPXW
F &IRHHMEQIXIVW{1MRMQYQWTIGMJMIHMRWMHI 8VMEP QM\XYVI VIGSVHW{;LIR XVMEP QM\XYVI
FIRH HMEQIXIVW WLEPP GSRJSVQ XS VIUYMVIQIRXW SJ 8EFPI VIGSVHWEVIYWIHEWEFEWMWJSVGSRJMVQMRKGSRJSVQERGI[MXL
-REHHMXMSRFIKMRRMRKSJFIRHWLEPPRSXFIGPSWIVXS WTIGMJMIHVIUYMVIQIRXWWYFQMXHEXESRQEXIVMEPERHQM\XYVI
GSRGVIXIWYVJEGIXLERQMRMQYQFIRHHMEQIXIV TVSTSVXMSRW[MXLWYTTSVXMRKXIWXVIWYPXW
G 6ITEMVSJFEVGSEXMRKW{%JXIVJMIPHFIRHMRK 1M\XYVI TVSTSVXMSR EHNYWXQIRXW{7YFQMX EHNYWX
SV WXVEMKLXIRMRK ^MRGGSEXIH KEPZERM^IH
SV ITS\]GSEXIH QIRXWXSQM\XYVITVSTSVXMSRWSVGLERKIWMRQEXIVMEPWEPSRK
VIMRJSVGMRKFEVWVITEMVGSEXMRKHEQEKIMREGGSVHERGI[MXL [MXLWYTTSVXMRKHSGYQIRXEXMSRQEHIHYVMRKXLIGSYVWISJ
ESVF XLI;SVO
*MIPH GYXXMRK VIMRJSVGIQIRX{*MIPH GYX VIMRJSVGI 'SRGVIXIJSVJPSSVW{7YFQMXIZEPYEXMSRWERHXIWX
QIRXSRP][LIRWTIGMJMGEPP]TIVQMXXIHYWMRKGYXXMRKQIXLSHW VIWYPXWZIVMJ]MRKEHIUYEG]SJGSRGVIXIXSFITPEGIHMRJPSSVW
WTIGMJMIH F] SV EGGITXEFPI XS %VGLMXIGX)RKMRIIV (S RSX [LIR XLI GIQIRXMXMSYW QEXIVMEPW GSRXIRX MW PIWW XLER XLEX
JPEQIGYXITS\]GSEXIHVIMRJSVGIQIRX WTIGMJMIHMR8EFPI
E ;LIR^MRGGSEXIHKEPZERM^IH
VIMRJSVGMRKFEVW 'EPGMYQ GLPSVMHI{;LIR 'SRXVEGXSV [ERXW XS
EVIGYXMRJMIPHGSEXXLIFEVIRHW[MXLE^MRGVMGLJSVQYPEXMSR YWI GEPGMYQ GLPSVMHI WYFQMX E VIUYIWX MRGPYHMRK HEXE
YWIHMREGGSVHERGI[MXLQERYJEGXYVIVvWVIGSQQIRHEXMSRWERH HIQSRWXVEXMRKGSQTPMERGI[MXL
VITEMVHEQEKIHGSEXMRKMREGGSVHERGI[MXLE :SPYQIXVMGFEXGLMRK{;LIR'SRXVEGXSV[ERXWXS
F ;LIRITS\]GSEXIHVIMRJSVGMRKFEVWEVIGYXMR TVSHYGIGSRGVIXIF]XLIZSPYQIXVMGFEXGLMRKQIXLSHWYFQMX
JMIPH GSEX FEV IRHW [MXL WEQI QEXIVMEP YWIH JSV VITEMV SJ VIUYIWXEPSRK[MXLHIWGVMTXMSRSJTVSTSWIHQIXLSH
HEQEKIH GSEXMRK ERH VITEMV HEQEKIH GSEXMRK MR EGGSVHERGI 8MQISJHMWGLEVKI{;LIR'SRXVEGXSV[ERXWXS
[MXL F I\GIIH XLI QE\MQYQ XMQI JSV HMWGLEVKI SJ GSRGVIXI
6IMRJSVGIQIRX XLVSYKL I\TERWMSR NSMRX{(S TIVQMXXIHF]%781''1WYFQMXEVIUYIWXEPSRK[MXL
RSXGSRXMRYIVIMRJSVGIQIRXSVSXLIVIQFIHHIHQIXEPMXIQW EHIWGVMTXMSRSJXLITVIGEYXMSRWXSFIXEOIR
FSRHIHXSGSRGVIXIXLVSYKLI\TERWMSRNSMRXWI\GITXHS[IPW 5YEPMX]GSRXVSP
[LIVIWTIGMJMIHEVIFSRHIHSRSRP]SRIWMHISJENSMRX 1EMRXEMR VIGSVHW ZIVMJ]MRK XLEX QEXIVMEPW YWIH
EVI XLI WTIGMJMIH ERH EGGITXIH X]TIW ERH WM^IW ERH EVI MR
7)'8-32{'32'6)8)1-<896)7 GSRJSVQERGI[MXLXLIVIUYMVIQIRXWSJ
{+IRIVEP
(IWGVMTXMSR{8LMWWIGXMSRGSZIVWXLIVIUYMVIQIRXWJSV )RWYVIXLEXTVSHYGXMSRERHHIPMZIV]SJGSRGVIXI
QEXIVMEPWTVSTSVXMSRMRKTVSHYGXMSRERHHIPMZIV]SJGSRGVIXI GSRJSVQXSXLIVIUYMVIQIRXWSJERH
7YFQMXXEPW )RWYVIXLEXGSRGVIXITVSHYGIHLEWXLIWTIGMJMIH
1M\XYVI TVSTSVXMSRW{7YFQMX GSRGVIXI QM\XYVI GLEVEGXIVMWXMGW MR XLI JVIWLP] QM\IH WXEXI ERH XLEX XLIWI
TVSTSVXMSRWERHGLEVEGXIVMWXMGW GLEVEGXIVMWXMGWEVIQEMRXEMRIHHYVMRKXVERWTSVXERHHIPMZIV]
1M\XYVI TVSTSVXMSR HEXE{7YFQMX JMIPH XIWX 1EXIVMEPWXSVEKIERHLERHPMRK
VIGSVHW YWIH XS IWXEFPMWL XLI VIUYMVIH EZIVEKI WXVIRKXL MR 'IQIRXMXMSYW QEXIVMEPW{/IIT GIQIRXMXMSYW
EGGSVHERGI[MXL7YFQMXXIWXHEXEYWIHXSIWXEFPMWL QEXIVMEPWHV]ERHJVIIJVSQGSRXEQMRERXW
XLIEZIVEKIGSQTVIWWMZIWXVIRKXLSJXLIQM\XYVIMREGGSVHERGI %KKVIKEXIW{7XSVI ERH LERHPI EKKVIKEXI MR E
[MXL QERRIVXLEX[MPPEZSMHWIKVIKEXMSRERHTVIZIRXWGSRXEQMRE
'SRGVIXI QEXIVMEPW{7YFQMX XLI JSPPS[MRK XMSR F] SXLIV QEXIVMEPW SV SXLIV WM^IW SJ EKKVIKEXIW 7XSVI
MRJSVQEXMSR JSV GSRGVIXI QEXIVMEPW EPSRK [MXL IZMHIRGI EKKVIKEXIWMRPSGEXMSRWXLEX[MPPTIVQMXXLIQXSHVEMRJVIIP]
HIQSRWXVEXMRKGSQTPMERGI[MXL (SRSXYWIEKKVIKEXIWXLEXGSRXEMRJVS^IRPYQTW
e *SVGIQIRXMXMSYWQEXIVMEPWX]TIWQERYJEGXYVMRKPSGE ;EXIV ERH MGI{4VSXIGX QM\MRK [EXIV ERH MGI
XMSRW WLMTTMRK PSGEXMSRW ERH GIVXMJMGEXIW WLS[MRK JVSQGSRXEQMREXMSRHYVMRKWXSVEKIERHHIPMZIV]
GSQTPMERGI [MXL %781 ' %781 ' %781 %HQM\XYVIW{4VSXIGXWXSVIHEHQM\XYVIWEKEMRWX
' %781 ' %781 ' %781 ' SV GSRXEQMREXMSRIZETSVEXMSRSVHEQEKI8SIRWYVIYRMJSVQ
%781' HMWXVMFYXMSR SJ XLI GSRWXMXYIRXW TVSZMHI EKMXEXMRK IUYMT
e *SV EKKVIKEXIW X]TIW TMX SV UYEVV] PSGEXMSRW QIRX JSV EHQM\XYVIW YWIH MR XLI JSVQ SJ WYWTIRWMSRW SV
TVSHYGIVWv REQIW KVEHMRKW WTIGMJMG KVEZMXMIW ERH YRWXEFPIWSPYXMSRW4VSXIGXPMUYMHEHQM\XYVIWJVSQJVII^MRK
IZMHIRGI RSX QSVI XLER HE]W SPH HIQSRWXVEXMRK ERHJVSQXIQTIVEXYVIGLERKIWXLEX[SYPHEHZIVWIP]EJJIGX
GSQTPMERGI[MXL XLIMVGLEVEGXIVMWXMGW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
{4VSHYGXW 8EFPI{1MRMQYQGIQIRXMXMSYWQEXIVMEP
1EXIVMEPW GSRXIRXVIUYMVIQIRXWJSVJPSSVW
'IQIRXMXMSYWQEXIVMEPW{9WI%781'8]TI- 2SQMREPQE\MQYQWM^I 1MRMQYQGIQIRXMXMSYW
SV8]TI--GIQIRX%PXIVREXMZIP]YWISRISVEGSQFMREXMSR SJEKKVIKEXIQQ QEXIVMEPGSRXIRXOKQ
SJ XLI GIQIRXMXMSYW QEXIVMEPW KMZIR MR E XLVSYKL
J [LIR WTIGMJMIH SV TIVQMXXIH SV [LIR VIUYMVIH XS
QIIXXLIHYVEFMPMX]GVMXIVMESJ
E4SVXPERHGIQIRXGSRJSVQMRKXS%781'
2SXI;LIRJP]EWLMWYWIHEWEWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPUYERXMX]WLEPP
F &PIRHIHL]HVEYPMGGIQIRXI\GPYHMRK8]TI-7 RSXFI PIWWXLER RSVQSVIXLER F] [IMKLXSJXSXEPGIQIRXMXMSYWQEXIVMEP
"
GSRJSVQMRK XS %781'*SV XLI WIGXMSRW SJ XLI YRPIWWSXLIV[MWIWTIGMJMIH
WXVYGXYVIXLEXEVIHIWMKREXIHEWWYFNIGXXSHIMGMRKGLIQMGEPW
WYFQMX GIVXMJMGEXMSR SR XLI GIQIRX GSQTSWMXMSR ZIVMJ]MRK GSRGVIXI (EXE WLEPP FI WYFQMXXIH JSV EGGITXERGI FIJSVI
XLEX XLI GSRGVIXI QM\XYVI QIIXW XLIVIUYMVIQIRXW SJ 8EFPI GLERKIWEVIQEHI
F 4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW
G ,]HVEYPMG GIQIRX GSRJSVQMRK XS %781 'IQIRXMXMSYW QEXIVMEPGSRXIRX{8LI GIQIRXMXMSYW
'*SVWIGXMSRWSJXLIWXVYGXYVIXLEX[MPPFIWYFNIGXIHXS QEXIVMEPGSRXIRXWLEPPFIEHIUYEXIJSVGSRGVIXIXSWEXMWJ]XLI
HIMGMRK GLIQMGEPW WYFQMX GIVXMJMGEXMSR SR XLI GIQIRX WTIGMJMIH VIUYMVIQIRXW JSV WXVIRKXL [GQ HYVEFMPMX] ERH
GSQTSWMXMSR ZIVMJ]MRK XLEX XLI GSRGVIXI QM\XYVI QIIXW XLI JMRMWLEFMPMX]*SVGSRGVIXIYWIHMRJPSSVWGIQIRXMXMSYWQEXIVMEP
VIUYMVIQIRXWSJ8EFPIF GSRXIRX WLEPP RSX FI PIWW XLER MRHMGEXIH MR 8EFPI
H4S^^SPERWGSRJSVQMRKXS%781';LIR YRPIWWSXLIV[MWIWTIGMJMIH;LIVITIVQMXXIHEGGITXERGISJ
JP]EWLMWYWIHXLIQMRMQYQEQSYRXWLEPPFI F][IMKLXSJ PS[IVGIQIRXMXMSYWQEXIVMEPGSRXIRX[MPPFIGSRXMRKIRXYTSR
XLIXSXEPGIQIRXMXMSYWQEXIVMEPWYRPIWWSXLIV[MWIWTIGMJMIH ZIVMJMGEXMSRXLEXGSRGVIXIQM\XYVIW[MXLPS[IVGIQIRXMXMSYW
I +VSYRHKVERYPEXIH FPEWXJYVREGI WPEK QEXIVMEPGSRXIRX[MPPQIIXXLIWTIGMJMIHWXVIRKXLVIUYMVIQIRXW
GSRJSVQMRKXS%781' ERH[MPPTVSHYGIGSRGVIXI[MXLIUYEPJMRMWLUYEPMX]ETTIEVERGI
J7MPMGEJYQIGSRJSVQMRKXS%781' HYVEFMPMX]ERHWYVJEGILEVHRIWW;LIRELMWXSV]SJJMRMWLMRK
K9WIGIQIRXMXMSYWQEXIVMEPWSJXLIWEQIFVERH UYEPMX] MW RSX EZEMPEFPI IZEPYEXI XLI TVSTSWIH QM\XYVI F]
ERH X]TI ERH JVSQ XLI WEQI QERYJEGXYVMRK TPERX EW XLI TPEGMRK GSRGVIXI MR E WPEF EX XLI TVSNIGX WMXI YWMRK TVSNIGX
GIQIRXMXMSYWQEXIVMEPWYWIHMRXLIGSRGVIXIVITVIWIRXIHF] QEXIVMEPW IUYMTQIRX ERH TIVWSRRIP 8LI WPEF WLEPP FI EX
XLIWYFQMXXIHJMIPHXIWXVIGSVHWSVYWIHMRXLIXVMEPQM\XYVIW PIEWX\QERHLEZIEREGGITXEFPIXLMGORIWW7PYQT
WLEPP RSX I\GIIH XLI WTIGMJMIH WPYQT 7YFQMX IZEPYEXMSR
%KKVIKEXIW{9RPIWW SXLIV[MWI WTIGMJMIH
VIWYPXWJSVEGGITXERGI
EKKVIKEXIWWLEPPGSRJSVQXS%781';LIREWMRKPIWM^I
7PYQT{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
SVGSQFMREXMSRWSJX[SSVQSVIWM^IWSJGSEVWIEKKVIKEXIW
GSRGVIXIWLEPPLEZIEXXLITSMRXSJHIPMZIV]EWPYQTSJQQ
EVI YWIH XLI JMREP KVEHMRK WLEPP GSRJSVQ XS XLI KVEHMRK
(IXIVQMRI XLI WPYQT F] %781 ''1 7PYQT
VIUYMVIQIRXWSJ%781'YRPIWWSXLIV[MWIWTIGMJMIHSV
XSPIVERGIWWLEPPQIIXXLIVIUYMVIQIRXWSJ%'-1
TIVQMXXIH %KKVIKEXIW YWIH MR GSRGVIXI WLEPP FI SFXEMRIH
;LIR E 8]TI - SV -- TPEWXMGM^MRK EHQM\XYVI GSRJSVQMRK XS
JVSQ XLI WEQI WSYVGIW ERH LEZI XLI WEQI WM^I VERKI EW
%781 ''1 SV E 8]TI * SV + LMKLVERKI [EXIV
EKKVIKEXIW YWIH MR XLI GSRGVIXI VITVIWIRXIH F] WYFQMXXIH
VIHYGMRK EHQM\XYVI GSRJSVQMRK XS %781 ''1 MW
LMWXSVMGEPHEXESVYWIHMRXVMEPQM\XYVIW
TIVQMXXIHXSMRGVIEWIXLIWPYQTSJGSRGVIXIGSRGVIXIWLEPPLEZI
;EXIVERHMGI{1M\MRK [EXIV JSVGSRGVIXIERH
FIIRETVSTSVXMSRIHXSEWPYQTSJXSQQFIJSVIXLIEHQM\
[EXIVYWIHXSQEOIMGIWLEPPFITSXEFPI[EXIVYRPIWWEPXIVRE
XYVIMWEHHIHERHEQE\MQYQWPYQTSJQQEXXLITSMRXSJ
XMZI WSYVGIW SJ [EXIV GSQTP]MRK [MXL %781 '
HIPMZIV]EJXIVXLIEHQM\XYVIMWEHHIHYRPIWWSXLIV[MWIWTIGMJMIH
'1EVIWTIGMJMIHSVTIVQMXXIH
7M^I SJ GSEVWI EKKVIKEXI{9RPIWW SXLIV[MWI
%HQM\XYVIW{;LIR VIUYMVIH SV TIVQMXXIH
WTIGMJMIH SV TIVQMXXIH RSQMREP QE\MQYQ WM^I SJ GSEVWI
EHQM\XYVIWWLEPPQIIXXLIVIUYMVIQIRXWSJXLIJSPPS[MRK
EKKVIKEXI WLEPP RSX I\GIIH XLVIIJSYVXLW SJ XLI QMRMQYQ
e %MVIRXVEMRMRKEHQM\XYVIW{%781' GPIEV WTEGMRK FIX[IIR VIMRJSVGMRK FEVW SRIJMJXL SJ XLI
e 'LIQMGEPEHQM\XYVIW{%781''1 REVVS[IWXHMQIRWMSRFIX[IIRWMHIWSJJSVQWSVSRIXLMVHSJ
e 'LIQMGEP EHQM\XYVIW JSV YWI MR TVSHYGMRK JPS[MRK XLIXLMGORIWWSJWPEFWSVXSTTMRKW
GSRGVIXI{%781''1ERH %MVGSRXIRX{9RPIWWSXLIV[MWIWTIGMJMIHGSRGVIXI
e 'EPGMYQGLPSVMHI{%781( WLEPP FI EMV IRXVEMRIH MR EGGSVHERGI [MXL F 9RPIWW
%HQM\XYVIW YWIH MR GSRGVIXI WLEPP FI XLI WEQI EW XLSWI SXLIV[MWIWTIGMJMIHQIEWYVIEMVGSRXIRXEXTSMRXSJHIPMZIV]MR
YWIH MR XLI GSRGVIXI VITVIWIRXIH F] WYFQMXXIH JMIPH XIWX EGGSVHERGI[MXL%781''1SV%781'
VIGSVHWSVYWIHMRXVMEPQM\XYVIW %HQM\XYVIW{;LIREHQM\XYVIW EVI WTIGMJMIH MR
'LERKI SJ QEXIVMEPW{;LIRGLERKIW XS FVERH 'SRXVEGX(SGYQIRXWJSVTEVXMGYPEVTEVXWSJXLI;SVOYWIXLI
X]TIWM^ISVWSYVGISJGIQIRXMXMSYWQEXIVMEPWEKKVIKEXIW X]TIW WTIGMJMIH 8LI YWI SJ GEPGMYQ GLPSVMHI SV SXLIV
[EXIV MGI SV EHQM\XYVIW EVI TVSTSWIH WYFQMX RI[ JMIPH EHQM\XYVIWGSRXEMRMRKGLPSVMHIMSRWWLEPPFIWYFNIGXXSXLI
HEXEHEXEJVSQRI[XVMEPQM\XYVIWSVSXLIVIZMHIRGIXLEXXLI PMQMXEXMSRWMR;LIREGGITXIHEHHGEPGMYQGLPSVMHI
GLERKI[MPPRSXEHZIVWIP]EJJIGXXLIVIPIZERXTVSTIVXMIWSJXLI MRXSXLIGSRGVIXIQM\XYVIMRWSPYXMSRJSVQSRP]
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
8EFPIE{*SV)\TSWYVI'EXIKSV]7WYPJEXII\TSWYVI
6IUYMVIHGIQIRXMXMSYWQEXIVMEPW{X]TIW
)\TSWYVI 1E\MQYQ %HHMXMSREP
GPEWW [GQ 1MRMQYQ JG 14E %781' %781' %781' VIUYMVIQIRXW
7 2% 2% 2% 2% 2% 2%
7 --jk -417
-7
17
17 2%
2SGEPGMYQGLPSVMHI
7 :k -4,7
-7
,7
,7
EHQM\XYVIW
:TS^^SPERSVWPEK -4,7
TS^^SPERSVWPEK ,7TS^^SPERSVWPEK 2SGEPGMYQGLPSVMHI
7 SV-7
,7
TS^^SPER
GIQIRX GIQIRX EHQM\XYVIW
SVWPEK
%PXIVREXMZIGSQFMREXMSRWSJGIQIRXMXMSYWQEXIVMEPWSJXLSWIPMWXIHMRXLMWXEFPIWLEPPFITIVQMXXIH[LIRXIWXIHJSVWYPJEXIVIWMWXERGIERHQIIXMRKXLIGVMXIVMEMR8EFPIE
j*SVWIE[EXIVI\TSWYVISXLIVX]TIWSJTSVXPERHGIQIRXW[MXLXVMGEPGMYQEPYQMREXI'
%
GSRXIRXWYTXS EVITIVQMXXIHMJXLI[GQHSIWRSXI\GIIH
k
3XLIVEZEMPEFPIX]TIWSJGIQIRXWYGLEW8]TI---SV8]TI-EVITIVQMXXIHMR)\TSWYVI'PEWWIW7SV7MJXLI' %GSRXIRXWEVIPIWWXLERSV VIWTIGXMZIP]
8LIEQSYRXSJXLIWTIGMJMGWSYVGISJXLITS^^SPERSVWPEKYWIHWLEPPRSXFIPIWWXLERXLIEQSYRXHIXIVQMRIHF]XIWXSVWIVZMGIVIGSVHXSMQTVSZIWYPJEXIVIWMWXERGI[LIRYWIHMR
GSRGVIXIGSRXEMRMRK8]TI:GIQIRX%PXIVREXMZIP]XLIEQSYRXSJXLIWTIGMJMGWSYVGISJXLITS^^SPERSVWPEKYWIHWLEPPRSXFIPIWWXLERXLIEQSYRXXIWXIHMREGGSVHERGI[MXL%781
'ERHQIIXMRKXLIVIUYMVIQIRXWSJ8EFPIE
8EFPIE{6IUYMVIQIRXWJSVIWXEFPMWLMRKWYMXEFMPMX]SJGIQIRXMXMSYWQEXIVMEPWGSQFMREXMSRW
I\TSWIHXS[EXIVWSPYFPIWYPJEXI
1E\MQYQI\TERWMSR[LIRXIWXIHYWMRK%781'
)\TSWYVIGPEWW %XQSRXLW %XQSRXLW %XQSRXLW
7 2% 2%
7 2%
7 2% 2%
8LIQSRXLI\TERWMSRPMQMXETTPMIWSRP][LIRXLIQIEWYVIHI\TERWMSRI\GIIHWXLIQSRXLQE\MQYQI\TERWMSRPMQMX
8EFPIF{*SV)\TSWYVI'EXIKSV]* 8EFPIG{*SV)\TSWYVI'EXIKSV]4
*VII^MRKERHXLE[MRKI\TSWYVI -RGSRXEGX[MXL[EXIVVIUYMVMRKPS[TIVQIEFMPMX]
GSRGVIXI
)\TSWYVI 1E\MQYQ 1MRMQYQ %HHMXMSREP
GPEWW [GQ JG 14E %MVGSRXIRX VIUYMVIQIRXW )\TSWYVI 1E\MQYQ 1MRMQYQ %HHMXMSREPQMRMQYQ
* 2% 2% 2% GPEWW [GQ JG 14E VIUYMVIQIRXW
* 8EFPIF 2% 4 2% 2% 2%
* 8EFPIF 2% 4 2%
* 8EFPIF 8EFPIF
8EFPIH{*SV)\TSWYVI'EXIKSV]'
8EFPIF{8SXEPEMVGSRXIRXJSVGSRGVIXI 'SRHMXMSRWVIUYMVMRKGSVVSWMSRTVSXIGXMSRSJ
I\TSWIHXSG]GPIWSJJVII^MRKERHXLE[MRK VIMRJSVGIQIRX
%MVGSRXIRX j 1E\MQYQ[EXIVWSPYFPIGLPSVMHI
2SQMREPQE\MQYQ )\TSWYVI'PEWWIW*ERH )\TSWYVI 1E\MQYQ 1MRMQYQ MSR'Pz
GSRXIRXMRGSRGVIXI
GPEWW [GQ JG 14E TIVGIRXF][IMKLXSJGIQIRX
EKKVIKEXIWM^IQQk * )\TSWYVI'PEWW*
6IMRJSVGIHGSRGVIXI
' 2% 2%
' 2% 2%
'
4VIWXVIWWIHGSRGVIXI
' 2% 2%
' 2% 2%
'
8SPIVERGISREMVGSRXIRXEWHIPMZIVIHWLEPPFI
j
*SV JG "14EVIHYGMRKEMVGSRXIRXF] MWTIVQMXXIH
k
6IJIVXS%781'JSVXSPIVERGISRSZIVWM^IJSVZEVMSYWRSQMREPQE\MQYQWM^I
7EQTPI WXERHEVHHIZMEXMSR
HIWMKREXMSRW
8LIWI EMVGSRXIRXWETTP]XS XSXEPQM\XYVI;LIRXIWXMRKXLIWIGSRGVIXIWLS[IZIV
E *MIPH XIWX HEXE{*MIPH XIWX VIGSVHW YWIH XS
EKKVIKEXITEVXMGPIWPEVKIVXLERQQEVIVIQSZIHF]WMIZMRKERHEMVGSRXIRXMW GEPGYPEXIWEQTPIWXERHEVHHIZMEXMSRWLEPPVITVIWIRXQEXIVMEPW
QIEWYVIHSRXLIWMIZIHJVEGXMSRXSPIVERGISREMVGSRXIRXEWHIPMZIVIHETTPMIWXSXLMW UYEPMX]GSRXVSP TVSGIHYVIW ERH GPMQEXMG GSRHMXMSRW WMQMPEV
ZEPYI
%MVGSRXIRXSJXSXEPQM\XYVIMWGEPGYPEXIHJVSQZEPYIQIEWYVIHSRXLIWMIZIH
JVEGXMSRTEWWMRKXLIQQWMIZIMREGGSVHERGI[MXL%781' XS XLSWI I\TIGXIH MR XLI ;SVO 'LERKIW MR QEXIVMEPW ERH
GSRGVIXI TVSTSVXMSRW VITVIWIRXIH F] XIWX VIGSVHW WLEPP RSX
8EFPIF{1E\MQYQGIQIRXMXMSYW LEZIFIIRQSVIVIWXVMGXIHXLERXLSWIMRXLITVSTSWIH;SVO
QEXIVMEPWVIUYMVIQIRXWJSVGSRGVIXII\TSWIH 8IWXVIGSVHWWLEPPGSQTP][MXLSRISJXLIJSPPS[MRK
XSHIMGMRKGLIQMGEPW e (EXE JVSQ E WMRKPI KVSYT SJ EX PIEWX GSRWIGYXMZI
1E\MQYQTIVGIRXSJXSXEP GSQTVIWWMZIWXVIRKXL XIWXW [MXL XLI WEQI QM\XYVI
'IQIRXMXMSYWQEXIVMEP GIQIRXMXMSYWQEXIVMEPF][IMKLX TVSTSVXMSRWSV
*P]EWLSVSXLIVTS^^SPERWGSRJSVQMRK e (EXE JVSQ X[S KVSYTW SJ GSRWIGYXMZI GSQTVIWWMZI
XS%781'
7PEKGIQIRXGSRJSVQMRKXS%781
WXVIRKXLXIWXWXSXEPMRKEXPIEWX GSQTVIWWMZIWXVIRKXL
XIWXW 2IMXLIV SJ XLI X[S KVSYTW WLEPP GSRWMWX SJ PIWW
'
7MPMGEJYQIGSRJSVQMRKXS%781
XLERXIWXW
' F 'EPGYPEXI WEQTPI WXERHEVH HIZMEXMSR{
8SXEPSJJP]EWLSVSXLIVTS^^SPERW 'EPGYPEXIXLIWEQTPIWXERHEVHHIZMEXMSRWW SJXLIWXVIRKXL
WPEKERHWMPMGEJYQI j
8SXEPSJJP]EWLSVSXLIVTS^^SPERWERH
XIWXVIGSVHWEWJSPPS[W
WMPMGEJYQI j e *SVEWMRKPIKVSYTSJGSRWIGYXMZIXIWXVIWYPXW
8SXEP GIQIRXMXMSYW QEXIVMEP EPWS MRGPYHIW %781 ' ' ' ERH '
GIQIRX8LIQE\MQYQTIVGIRXEKIWEFSZIWLEPPMRGPYHI
E
*P]EWLSVSXLIVTS^^SPERWTVIWIRXMR'SV'8]TI-4FPIRHIHGIQIRX R
F
7PEKGIQIRXTVIWIRXMR'SV'8]TI-7FPIRHIHGIQIRXERH
G
7MPMGE JYQI GSRJSVQMRK XS %781 ' TVIWIRXMR ' SV ' 8]TI-4
<M z <
FPIRHIHGIQIRX M!
j*P]EWL SVSXLIVTS^^SPERWERHWMPMGEJYQIWLEPPGSRWXMXYXIRSQSVIXLER ERH WW !
VIWTIGXMZIP]SJXLIXSXEP[IMKLXSJXLIGIQIRXMXMSYWQEXIVMEPW R z
[LIVI
WW ! WEQTPIWXERHEVHHIZMEXMSR
EHIUYEXI XS QIIX EGGITXERGI VIUYMVIQIRXW SJ -J XLI R ! RYQFIVSJXIWXVIWYPXWGSRWMHIVIH
TVSHYGXMSRJEGMPMX]LEWVIGSVHWSJJMIPHXIWXWTIVJSVQIH[MXLMRXLI < ! EZIVEKISJR XIWXVIWYPXWGSRWMHIVIHERH
TEWXQSRXLWERHWTERRMRKRSPIWWXLERGEPIRHEVHE]WJSVE <M ! MRHMZMHYEPXIWXVIWYPX
GPEWWSJGSRGVIXI[MXLMR14ESJXLEXWTIGMJMIHJSVXLI;SVO e *SVX[SKVSYTWSJGSRWIGYXMZIXIWXVIWYPXW
GEPGYPEXIEWEQTPIWXERHEVHHIZMEXMSRERHIWXEFPMWLXLIVIUYMVIH
EZIVEKIGSQTVIWWMZIWXVIRKXLJGV MREGGSVHERGI[MXLERH
E -J JMIPH XIWX VIGSVHW EVI RSX EZEMPEFPI WIPIGX JGV JVSQ R z
W R z
W
WW !
8EFPIF R R z
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
[LIVI 8EFPIE{6IUYMVIHEZIVEKIGSQTVIWWMZI
WW ! WXERHEVHHIZMEXMSRJSVXLIX[SKVSYTWGSQFMRIH WXVIRKXL JGV [LIRHEXEEVIEZEMPEFPIXSIWXEFPMWLE
W W ! WXERHEVH HIZMEXMSRW JSV +VSYTW ERH VIWTIG WEQTPIWXERHEVHHIZMEXMSR14E
XMZIP] GEPGYPEXIH MR EGGSVHERGI [MXL )U
JGV 14E
ERH JG 14E 9WIXLIPEVKIVSJ )UYEXMSR
R R ! RYQFIVSJXIWXVIWYPXWMR+VSYTWERHVIWTIGXMZIP] JGV !JG'OWW
6IUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL{'EPGYPEXI SVPIWW
JGV ! JG OWWz
JGV JSV XLI WTIGMJMIH GPEWW SJ GSRGVIXI MR EGGSVHERGI [MXL JGV ! JG OWW
ESVF 3ZIV
JGV !JG OWW
E 9WIXLIWEQTPIWXERHEVHHIZMEXMSRGEPGYPEXIHMR
2SXIWJGV !VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLJG !WTIGMJMIHGSRGVIXIWXVIRKXL
EGGSVHERGI[MXLXSIWXEFPMWLJGV MREGGSVHERGI[MXL O!JEGXSVJVSQ8EFPIEXSEHNYWXWXERHEVHHIZMEXMSRMJXSXEPRYQFIVSJXIWXW
8EFPI E 9WI XLI PEVKIV SJ XLI X[S ZEPYIW SJ JGV MWPIWWXLERERHWW!WXERHEVHHIZMEXMSRGEPGYPEXIHMREGGSVHERGI[MXL
GEPGYPEXIH
F;LIRJMIPHXIWXVIGSVHWEVIRSXEZEMPEFPIXS 8EFPIE{OJEGXSVJSVMRGVIEWMRKWEQTPI
IWXEFPMWL E WEQTPI WXERHEVH HIZMEXMSR WIPIGX XLI VIUYMVIH WXERHEVHHIZMEXMSRJSVRYQFIVSJXIWXWGSRWMHIVIH
EZIVEKIGSQTVIWWMZIWXVIRKXLJGV JVSQ8EFPIF OJEGXSVJSVMRGVIEWMRKWEQTPI
(SGYQIRXEXMSRSJEZIVEKIGSQTVIWWMZIWXVIRKXL{ 8SXEPRYQFIVSJXIWXWGSRWMHIVIH WXERHEVHHIZMEXMSR
(SGYQIRXEXMSRMRHMGEXMRKXLITVSTSWIHGSRGVIXITVSTSVXMSRW
[MPP TVSHYGI ER EZIVEKI GSQTVIWWMZI WXVIRKXL IUYEP XS SV
KVIEXIVXLERXLIVIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLERH
WLEPP GSRWMWX SJ JMIPH WXVIRKXL VIGSVHW SV XVMEP QM\XYVIW MR SVQSVI
EGGSVHERGI[MXLESVFVIWTIGXMZIP] 2SXI0MRIEVMRXIVTSPEXMSRJSVMRXIVQIHMEXIRYQFIVSJXIWXWMWEGGITXEFPI
E *MIPHXIWXHEXE{-JJMIPHXIWXHEXEEVIEZEMPEFPI
ERH VITVIWIRX E WMRKPI KVSYT SJ EX PIEWX GSRWIGYXMZI 8EFPIF{6IUYMVIHEZIVEKIGSQTVIWWMZI
WXVIRKXL XIWXW JSV SRI QM\XYVI YWMRK XLI WEQI QEXIVMEPW WXVIRKXL JGV
YRHIVXLIWEQIGSRHMXMSRWERHIRGSQTEWWMRKETIVMSHSJRSX JG 14E JGV 14E
PIWW XLER HE]W ZIVMJ] XLEX XLI EZIVEKI SJ XLI JMIPH XIWX 0IWWXLER JG
VIWYPXW IUYEPW SV I\GIIHW JGV 7YFQMX JSV EGGITXERGI XLI JG
XS
QM\XYVITVSTSVXMSRWEPSRK[MXLXLIJMIPHXIWXHEXE
3ZIV JG
-JXLIJMIPHXIWXHEXEVITVIWIRXX[SKVSYTWSJGSQTVIWWMZI
;LIRHEXEEVIRSXIEZEMPEFPIXSIWXEFPMWLWXERHEVHHIZMEXMSR
WXVIRKXLXIWXWJSVX[SQM\XYVIWTPSXXLIEZIVEKIWXVIRKXL<
ERH <SJIEGLKVSYTZIVWYWXLI[GQSJXLIGSVVIWTSRHMRK
QM\XYVITVSTSVXMSRWERHMRXIVTSPEXIFIX[IIRXLIQXSIWXEFPMWL e *SVIEGLXVMEPQM\XYVIQEOIERHGYVIXLVIIGSQTVIWWMZI
XLI VIUYMVIH [GQ )WXEFPMWL QM\XYVI TVSTSVXMSRW JSV JGV WXVIRKXLG]PMRHIVWJSVIEGLXIWXEKIMREGGSVHERGI[MXL
FEWIHSRXLIVIUYMVIH[GQ %781''18IWXJSVGSQTVIWWMZIWXVIRKXLMR
F 8VMEPQM\XYVIW{)WXEFPMWLQM\XYVITVSTSVXMSRW EGGSVHERGI[MXL%781''1EXHE]WSVEXXLI
FEWIH SR XVMEP QM\XYVIW MR EGGSVHERGI [MXL XLI JSPPS[MRK XIWXEKIJSV JG HIWMKREXIH MRXLI 'SRXVEGX(SGYQIRXW
VIUYMVIQIRXW ERH
e 9WI QEXIVMEPW ERH QEXIVMEP GSQFMREXMSRW PMWXIH MR e )WXEFPMWLQM\XYVI TVSTSVXMSRW FEWIH SR XLI XVMEP FEXGL
XLVSYKLTVSTSWIHJSVXLI;SVO HEXE XS EGLMIZI ER EZIVEKI GSQTVIWWMZI WXVIRKXL MR
e (IXIVQMRI JGV EGGSVHMRK XS E MJ WYMXEFPI JMIPH EGGSVHERGI[MXLJGV EWHIXIVQMRIHMRERHXSRSX
XIWXHEXEEVIEZEMPEFPISVYWI8EFPIF I\GIIH XLI QE\MQYQ [GQERH SXLIVVIUYMVIQIRXW SJ
e 1EOI EX PIEWX XLVII XVMEP QM\XYVIW JSV IEGL GSRGVIXI [LIRETTPMGEFPI
GPEWW [MXL E VERKI SJ TVSTSVXMSRW XLEX [MPP TVSHYGI E *MIPHZIVMJMGEXMSRSJWIPIGXIHQM\XYVITVSTSVXMSRW{
VERKISJGSQTVIWWMZIWXVIRKXLWXLEX[MPPIRGSQTEWWJGV ;LIRVIUYMVIH GSRHYGX JMIPH ZIVMJMGEXMSR SJXLI IJJIGXW SJ
*SVGSRGVIXIQEHI[MXLQSVIXLERSRIX]TISJGIQIRXM TPEGIQIRX QIXLSHW SR GSRGVIXI QM\XYVI GLEVEGXIVMWXMGW
XMSYWQEXIVMEPXLIGSRGVIXIWYTTPMIVQYWXIWXEFPMWLXLI 9WMRKQEXIVMEPWERHQM\XYVITVSTSVXMSRWEGGITXIHJSVYWIMR
[GQ ERH XLI VIPEXMZI TVSTSVXMSRW SJ XLI GIQIRXMXMSYW XLI;SVOZIVMJ]XLIGSRGVIXIGERFITPEGIHYWMRKXLIMRXIRHIH
QEXIVMEPWERHEHQM\XYVIWMJER]XLEX[MPPTVSHYGIXLI TPEGMRKQIXLSH4PEGIXLIGSRGVIXIQM\XYVIYWMRKTVSNIGXIUYMT
VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL QIRX ERH TIVWSRRIP :IVMJ] XLEX XLI WPYQT ERH EMV GSRXIRX
e 4VSTSVXMSRXVMEPQM\XYVIWXSTVSHYGIEWPYQT[MXLMRQQ SFXEMRIHEXXLITSMRXSJTPEGIQIRXEVIEGGITXEFPI1EOIWYMXEFPI
SJ XLI QE\MQYQ WTIGMJMIH ERH JSV EMVIRXVEMRIH GSVVIGXMSRW XS XLI TPEGMRK QIXLSHW SV XS XLI QM\XYVI
GSRGVIXIEREMVGSRXIRX[MXLMR SJXLIVIUYMVIHEMV TVSTSVXMSRWMJRIIHIH7YFQMXEHNYWXQIRXWXSXLIQM\XYVI
GSRXIRX MRHMGEXIHMR 8EFPI F SV EWWTIGMJMIH TVSTSVXMSRWXS%VGLMXIGX)RKMRIIVJSVVIZMI[ERHEGGITXERGI
8LI XIQTIVEXYVI SJ JVIWLP] QM\IH GSRGVIXI WLEPP FI 6IZMWMSRW XS GSRGVIXI QM\XYVIW{;LIR
VIGSVHIH ERH WLEPP FI [MXLMR ' SJ XLI MRXIRHIH GSRWIGYXMZIGSQTVIWWMZIWXVIRKXLXIWXVIWYPXWFIGSQIEZEMPEFPI
QE\MQYQ XIQTIVEXYVI SJ XLI GSRGVIXI EW QM\IH ERH JVSQ XLI JMIPH GEPGYPEXI XLI EZIVEKI GSQTVIWWMZI WXVIRKXL
HIPMZIVIH ERHWXERHEVHHIZMEXMSR'EPGYPEXIEVIZMWIHZEPYIJSVJGV MR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
I 'YVMRK QIXLSH{;LIR E QSMWXYVITVIWIVZMRK e 6IQSZI WRS[ MGI JVSWX [EXIV ERH SXLIV JSVIMKR
QIXLSHSXLIVXLERWTIGMJMIH MR MWTVSTSWIHWYFQMX QEXIVMEPWJVSQWYVJEGIWEKEMRWX[LMGLGSRGVIXI[MPPFI
VIUYIWXSJXLITVSTSWIHQIXLSH TPEGIHERHJVSQVIMRJSVGIQIRXERHIQFIHHIHMXIQW
J 'SEXIH XMIW{;LIR GSEXIH JSVQ XMIW EVI e 'SQTP] [MXL VIMRJSVGIQIRX TPEGIQIRX VIUYMVIQIRXW
TVSTSWIH XS TVIGPYHI XLI VIUYMVIQIRX XS TEXGL XMI LSPIW WTIGMJMIHMR7IGXMSRERH
WYFQMXTVSTSWIHGSEXIHXMIHIWGVMTXMSR e 4SWMXMSRERHWIGYVIMRTPEGII\TERWMSRNSMRXQEXIVMEPW
K 6ITEMV QEXIVMEPW{;LIR E VITEMV QEXIVMEP ERGLSVWERHSXLIVIQFIHHIHMXIQW
SXLIVXLERXLEXHIWGVMFIHMRMWTVSTSWIHWYFQMXXLI &IJSVI TPEGMRK E GSRGVIXI WPEFSRKVSYRH
VITEMV QEXIVMEP WTIGMJMGEXMSR QERYJEGXYVIVvW HEXE SR XLI VIQSZIJSVIMKR QEXIVMEPW JVSQ XLI WYFKVEHI ERH GSQTPIXI
TVSTSWIH TEXGLMRK QEXIVMEP ERH XLI TVSTSWIH TVITEVEXMSR XLIJSPPS[MRK
ERHETTPMGEXMSRTVSGIHYVI e 7YFKVEHIERHFEWIWLEPPFITVITEVIHMREGGSVHERGI[MXL
(IPMZIV]WXSVEKIERHLERHPMRK XLI'SRXVEGX(SGYQIRXW
(IPMZIV]{4PEGIGSRGVIXI[MXLMRXLIXMQIPMQMXW e 8SPIVERGI JSV XLI FEWI QEXIVMEP IPIZEXMSR WLEPP FI MR
VIUYMVIHMR EGGSVHERGI[MXL%'-1
7XSVEKIERHLERHPMRK{7XSVIERHLERHPITVSHYGXW ;LIR LMKL IZETSVEXMZI GSRHMXMSRW RIGIWWMXEXI
XSVIXEMRSVMKMREPUYEPMX](SRSXYWITVSHYGXWWXSVIHFI]SRH TVSXIGXMSRSJGSRGVIXIMQQIHMEXIP]EJXIVTPEGMRKSVJMRMWLMRK
XLIQERYJEGXYVIVvWVIGSQQIRHIHWLIPJPMJI QEOITVSZMWMSRWMREHZERGISJGSRGVIXITPEGIQIRXJSV[MRH
FVIEOWWLEHMRKJSKKMRKWTVMROPMRKTSRHMRKSV[IXGSZIVMRK
{4VSHYGXW (YVMRK EQFMIRX XIQTIVEXYVI GSRHMXMSRW
1EXIVMEPW HIWGVMFIHMRQEOITVSZMWMSRWMREHZERGISJGSRGVIXI
;EXIV JSV GYVMRK{9RPIWW SXLIV[MWI WTIGMJMIH TPEGIQIRXXSQEMRXEMRXLIGSRGVIXIXIQTIVEXYVIEWWTIGMJMIH
[EXIV GSQTP]MRK [MXL XLI VIUYMVIQIRXW SJ %781 ' MRF9WILIEXMRKGSZIVMRKSVSXLIVQIERWXSQEMR
'1MWEGGITXEFPIEWGYVMRK[EXIV XEMRVIUYMVIHXIQTIVEXYVI[MXLSYXHV]MRKSJGSRGVIXI(SRSX
'YVMRKGSQTSYRHW{9WIGYVMRKGSQTSYRHWXLEX YWIYRZIRXIHGSQFYWXMSRLIEXIVW
GSRJSVQXS%781'SV%781' 4PEGIQIRXSJGSRGVIXI
;EXIVTVSSJ WLIIX QEXIVMEPW{9WI [EXIVTVSSJ ;IEXLIVGSRWMHIVEXMSRW
WLIIXQEXIVMEPWXLEXGSRJSVQXS%781' E ;IX [IEXLIV{(S RSX TPEGI GSRGVIXI [LMPI
6ITEMVQEXIVMEPW{9RPIWWSXLIV[MWIWTIGMJMIHSV VEMRWPIIXSVWRS[MWJEPPMRKYRPIWWTVSXIGXMSRMWTVSZMHIH
TIVQMXXIH YWI WMXIQM\IH TSVXPERHGIQIRX VITEMV QSVXEV ERH[LIRVIUYMVIHEGGITXERGISJTVSXIGXMSRMWSFXEMRIH(S
GSRWMWXMRKSJSRITEVXGIQIRXXSX[SERHSRILEPJTEVXWWERH RSXEPPS[VEMR[EXIVXSMRGVIEWIQM\MRK[EXIVSVXSHEQEKI
F]HEQTPSSWIZSPYQI9RPIWWSXLIV[MWITIVQMXXIHQEXGL XLIGSRGVIXIWYVJEGI
GSPSVXSI\MWXMRKGSRGVIXI[LIRGSRGVIXIMWI\TSWIHXSZMI[ F 'SPH [IEXLIV{'SRGVIXI XIQTIVEXYVIW EX
&SRHMRKKVSYX{*SVFSRHMRKKVSYXQEXIVMEPQM\ HIPMZIV]WLEPPQIIXXLIVIUYMVIQIRXWSJ9RPIWWSXLIV
TEVX GIQIRX ERH TEVX WERH TEWWMRK XLI QQ [MWI TIVQMXXIH HS RSX TPEGI GSRGVIXI MR GSRXEGX [MXL
2S
WMIZI9WIWYJJMGMIRX[EXIVXSEGLMIZIXLIGSRWMWXIRG] WYVJEGIWPIWWXLER'
SJXLMGOTEMRX G ,SX[IEXLIV{9RPIWWSXLIV[MWIWTIGMJMIHSV
7GVYF GSEX{*SV WGVYF GSEX QEXIVMEP QM\ SRI TIVQMXXIHGSRGVIXIXIQTIVEXYVIEWTPEGIHWLEPPRSXI\GIIH
TEVX TSVXPERH GIQIRX ERH SRI TEVX WERH F] HEQT PSSWI ';LIRXIQTIVEXYVISJVIMRJSVGIQIRXIQFIHQIRXWSV
ZSPYQI [MXL [EXIV XS TVSHYGI XLI GSRWMWXIRG] SJ XLMGO JSVQW MW KVIEXIV XLER ' YWI E JMRI QMWX SJ [EXIV XS
GVIEQ9WIWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781' QSMWXIR XLI LSX WYVJEGIW MQQIHMEXIP] FIJSVI TPEGMRK
SV%781' GSRGVIXI6IQSZIWXERHMRK[EXIVFIJSVITPEGMRKGSRGVIXI
4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW 'SRZI]MRK{6ETMHP] GSRZI] GSRGVIXI JVSQ
'SRWXVYGXMSRERHGSRXVEGXMSRNSMRXW{1EOIERH QM\IVXSJMREPHITSWMXMSRF]QIXLSHWXLEXTVIZIRXWIKVIKEXMSR
PSGEXIGSRWXVYGXMSRERHGSRXVEGXMSRNSMRXWXLEXEVITVSTSWIH SV PSWW SJ GSRWXMXYIRXW ERH IRWYVI XLI VIUYMVIH GSRGVIXI
FYXRSXMRHMGEXIHMR'SRXVEGX(SGYQIRXWMREGGSVHERGI[MXL UYEPMX]9WISJEPYQMRYQTMTIWSVGLYXIWMWTVSLMFMXIH
(SRSXMQTEMVWXVYGXYVIWXVIRKXL[MXLNSMRXW 'SRZI]MRKIUYMTQIRX{9WIGSRZI]MRKIUYMTQIRX
SJWYJJMGMIRXGETEGMX]XSQIIXXLIVIUYMVIQIRXWSJ
{)\IGYXMSR E 9WIFIPXGSRZI]SVWXLEXEVILSVM^SRXEPSVEXE
4VITEVEXMSR WPSTI XLEX [MPP RSX GEYWI I\GIWWMZI WIKVIKEXMSR SV PSWW SJ
(SRSXTPEGIGSRGVIXIYRXMPHEXESRQEXIVMEPWERH GSRWXMXYIRXW4VSXIGXGSRGVIXIXSQMRMQM^IHV]MRKERHIJJIGXW
QM\XYVITVSTSVXMSRWEVIEGGITXIH SJ XIQTIVEXYVI VMWI 9WI ER EGGITXEFPI HMWGLEVKI FEJJPI SV
6IQSZILEVHIRIHGSRGVIXIERHJSVIMKRQEXIVMEPW LSTTIVEXXLIHMWGLEVKIIRHXSTVIZIRXWIKVIKEXMSR(SRSX
JVSQXLIMRRIVWYVJEGIWSJGSRZI]MRKIUYMTQIRX EPPS[QSVXEVXSEHLIVIXSXLIFIPXVIXYVRPIRKXL
&IJSVITPEGMRKGSRGVIXIMRJSVQWGSQTPIXIXLI F 9WI QIXEP SV QIXEPPMRIH GLYXIW LEZMRK
JSPPS[MRK VSYRHIHFSXXSQWERHWPSTIHFIX[IIRSRIZIVXMGEPWIGXMSRW
e 'SQTP] [MXL JSVQ[SVO VIUYMVIQIRXW WTIGMJMIH MR XSX[SLSVM^SRXEPWIGXMSRWERHSRIZIVXMGEPXSXLVIILSVM^SRXEP
7IGXMSR WIGXMSRW SJ GLYXI 'LYXIW PSRKIV XLER Q ERH GLYXIW RSX
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
GSRWMWXIRG] SJ XLMGO TEMRX 7GVYF KVSYX MRXS ZSMHW ERH XLEX IRWYVIW IZIR GSZIVEKI [MXLSYX WIKVIKEXMSR %JXIV XLI
VIQSZII\GIWWKVSYX JMVWXETTPMGEXMSRMWJPSEXIHMREHHMXMSREPFPIIHMRKMWVIUYMVIH
G 'SVOJPSEXIHJMRMWL{;LIRWTIGMJMIHVIQSZI FIJSVIXLIVIQEMRMRKETTPMGEXMSR8SEZSMHWYVJEGIHIPEQM
XMIW FYVVW ERH JMRW ;IX XLI WYVJEGI ERH YRPIWW SXLIV[MWI REXMSRHYIXSXLIMREFMPMX]XSMRXIKVEXIXLIQEXIVMEPMRXSXLI
WTIGMJMIHETTP]WXMJJKVSYXSJSRITEVXTSVXPERHGIQIRXERHSRI WPEFWYVJEGIHSRSXETTP]EHHMXMSREPHV]QEXIVMEPYRXMPFPIIH
TEVXWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781'SV%781 [EXIV ETTIEVW %TTP] XLI VIQEMRMRK HV]WLEOI QEXIVMEP EX
' XS JMPP ZSMHW 9WI WYJJMGMIRX [EXIV XS TVSHYGI E WXMJJ VMKLXERKPIWXSXLIJMVWXETTPMGEXMSRERH[LIVIRIGIWWEV]XS
GSRWMWXIRG] 'SQTVIWW KVSYX MRXS ZSMHW 4VSHYGI XLI JMREP TVSZMHI XLI WTIGMJMIH QMRMQYQ XLMGORIWW &IKMR JMREP
JMRMWL[MXLGSVOJPSEXYWMRKEW[MVPMRKQSXMSR JPSEXMRKERHJMRMWLMRKMQQIHMEXIP]EJXIVHV]WLEOIETTPMGEXMSR
9RWTIGMJMIHEWGEWXJMRMWLIW{z9RPIWWSXLIV[MWI %JXIV WIPIGXIH QEXIVMEP MW IQFIHHIH F] XLI X[S JPSEXMRKW
WTIGMJMIHETTP]XLIJSPPS[MRKJMRMWLIWXSEGSRGVIXIWYVJEGI GSQTPIXI STIVEXMSR [MXL E FVSSQIH JPSEXIH SV XVS[IPIH
e 7*SRGSRGVIXIWYVJEGIWRSXI\TSWIHXSZMI[ERH JMRMWLEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
e 7*SRGSRGVIXIWYVJEGIWI\TSWIHXSZMI[ J ,IEZ]HYX] XSTTMRK JSV X[SGSYVWI WPEFW{
%VGLMXIGXYVEP JMRMWLIW{4VSHYGI EVGLMXIGXYVEP *SV LIEZ]HYX] XSTTMRK QM\XYVI YWI XLI QEXIVMEPW ERH
JMRMWLIWMRGPYHMRKWTIGMEPXI\XYVIHJMRMWLIWI\TSWIHEKKVIKEXI QIXLSHW WTIGMJMIH MR 'SRXVEGX (SGYQIRXW 4PEGI ERH
JMRMWL ERH EKKVIKEXI XVERWJIV JMRMWL MR EGGSVHERGI [MXL GSRWSPMHEXIGSRGVIXIJSVXLIFEWIWPEFERHWGVIIHGSRGVIXIXS
7IGXMSR XLIWTIGMJMIHHITXLFIPS[XLIXSTSJXLIJMRMWLIHWYVJEGI
*MRMWLMRKYRJSVQIHWYVJEGIW 8STTMRKTPEGIHXLIWEQIHE]EWXLIFEWIWPEFWLEPPFITPEGIH
4PEGIQIRX{9WI UYEPMJMIH JPEX[SVO JMRMWLIVW EW WSSR EW FPIIH [EXIV MR XLI FEWI WPEF HMWETTIEVW ERH XLI
EGGITXEFPIXS%VGLMXIGX)RKMRIIV 9RPIWWSXLIV[MWIWTIGMJMIH WYVJEGI[MPPWYTTSVXETIVWSR[MXLSYXETTVIGMEFPIMRHIRXEXMSR
SVTIVQMXXIHEQMRMQYQSJSRIJMRMWLIVSVJMRMWLMRKWYTIVZMWSV ;LIR XSTTMRK TPEGIQIRX MW XS FI HIJIVVIH TVITEVI XLI
WLEPPFIEGIVXMJMIH%'-*PEX[SVO'SRGVIXI*MRMWLIV8IGLRMGMER WYVJEGIXSIRWYVIFSRHFIX[IIRXLIFEWIWPEFERHXSTTMRK
SVEGIVXMJMIH%'-*PEX[SVO8IGLRMGMERSVIUYMZEPIRX ;IXGYVI XLI FEWI WPEF GSRXMRYSYWP] JSV EX PIEWX HE]W
*MRMWLIWERHXSPIVERGIW &IJSVI TPEGMRK XLI XSTTMRK GPIER XLI FEWI WPEF WYVJEGI
E 7GVEXGLJMRMWL{4PEGIGSRWSPMHEXIWXVMOISJJ XLSVSYKLP] SJ GSRXEQMRERXW PSSWI QSVXEV SV EKKVIKEXI
ERH PIZIP GSRGVIXI IPMQMREXMRK LMKL WTSXW ERH PS[ WTSXW (EQTIRXLIWYVJEGIPIEZMRKMXJVIISJWXERHMRK[EXIV9RPIWW
6SYKLIRXLIWYVJEGI[MXLWXMJJFVYWLIWSVVEOIWFIJSVIJMREP SXLIV[MWI WTIGMJMIH SV TIVQMXXIH MQQIHMEXIP] FIJSVI
WIXXMRK4VSHYGIEJMRMWLXLEXQIIXW%'-1XSPIVERGIWJSV TPEGMRKXSTTMRKWGVYFMRXSXLIWPEFWYVJEGIEGSEXSJFSRHMRK
GSRZIRXMSREPWYVJEGIW KVSYXGSRWMWXMRKSJIUYEPFYPOZSPYQIWSJGIQIRXERHWERH
F *PSEX JMRMWL{4PEGI GSRWSPMHEXI WXVMOISJJ QIIXMRKXLIVIUYMVIQIRXWSJ%781'SV%781'
ERHPIZIPGSRGVIXIGYXLMKLWTSXWERHJMPPPS[WTSXW(SRSX [MXL WYJJMGMIRX [EXIV XS QEOI E GVIEQ] QM\XYVI (S RSX
[SVO GSRGVIXI JYVXLIV YRXMP MX MW VIEH] JSV JPSEXMRK &IKMR EPPS[KVSYXXSWIXSVHV]FIJSVIXSTTMRKMWTPEGIH&SRHMRK
JPSEXMRK [MXL E LERH JPSEX E FPEHIH TS[IV JPSEX IUYMTTIH EKIRXW SXLIV XLER GIQIRX KVSYX QE] FI YWIH [MXL TVMSV
[MXL JPSEX WLSIW SV E TS[IVIH HMWO JPSEX [LIR XLI FPIIH EGGITXERGI 7TVIEH GSRWSPMHEXI GSQTEGX ERH JPSEX XLI
[EXIV WLIIR LEW HMWETTIEVIH ERH XLI WYVJEGI LEW WXMJJIRIH XSTTMRKQM\XYVI'LIGOJSVJPEXRIWWSJWYVJEGIERHGSQTPIXI
WYJJMGMIRXP]XSTIVQMXSTIVEXMSRSJXLIWTIGMJMGJPSEXETTEVEXYW STIVEXMSR[MXLEJPSEXIHXVS[IPIHSVFVSSQJMRMWLEWWTIGMJMIH
9RPIWWSXLIV[MWIWTIGMJMIHTVSHYGIEJMRMWLXLEX[MPPQIIX MR'SRXVEGX(SGYQIRXW
XSPIVERGI VIUYMVIQIRXW SJ %'- 1 JSV E GSRZIRXMSREP K 8STTMRK JSV X[SGSYVWI WPEF RSX MRXIRHIH JSV
WYVJEGI6IJPSEXXLIWPEFMQQIHMEXIP]XSEYRMJSVQXI\XYVI LIEZ]HYX] WIVZMGI{4VITEVEXMSR SJ FEWI WPEF WIPIGXMSR SJ
G 8VS[IP JMRMWL{*PSEX GSRGVIXI WYVJEGI XLIR XSTTMRKQEXIVMEPQM\MRKTPEGMRKGSRWSPMHEXMRKERHJMRMWLMRK
XVS[IPXLIWYVJEGI9RPIWWSXLIV[MWIWTIGMJMIHXSPIVERGIWJSV STIVEXMSRW WLEPP FI EW WTIGMJMIH MR J I\GITX XLEX XLI
GSRGVIXIJPSSVWWLEPPFIJSVEGSRZIRXMSREPWYVJEGIMREGGSV EKKVIKEXIRIIHRSXFIWIPIGXIHJSVWTIGMEP[IEVVIWMWXERGI
HERGI[MXL%'-1%HHMXMSRSJ[EXIVXSWYVJEGIHYVMRK L 2SRWPMT JMRMWL{;LIVI E RSRWPMT JMRMWL MW
JMRMWLMRKMWTVSLMFMXIH VIUYMVIH KMZIXLI WYVJEGI E FVSSQ SV FIPX JMRMWL SV EHV]
H &VSSQ SV FIPX JMRMWL{-QQIHMEXIP] EJXIV WLEOI ETTPMGEXMSR SJ GVYWLIH EPYQMRYQ S\MHI SV SXLIV
GSRGVIXI LEW VIGIMZIH E JPSEXIH JMRMWL KMZI XLI GSRGVIXI EFVEWMZITEVXMGPIWEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW6EXI
WYVJEGI E GSEVWI XVERWZIVWI WGSVIH XI\XYVI F] HVE[MRK E SJETTPMGEXMSRWLEPPFIRSXPIWWXLEROKQ
FVSSQSVFYVPETFIPXEGVSWWXLIWYVJEGI M )\TSWIHEKKVIKEXIJMRMWL{-QQIHMEXIP]EJXIV
I (V]WLEOIJMRMWL{&PIRHQIXEPPMGSVQMRIVEP GSRGVIXI WYVJEGI LEW FIIR PIZIPIH XS QIIX XLI %'- 1
EKKVIKEXI[LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW[MXLTSVXPERH XSPIVERGIJSVEGSRZIRXMSREPWYVJEGIERHXLIFPIIH[EXIVWLIIR
GIQIRX MR XLI TVSTSVXMSRW VIGSQQIRHIH F] XLI EKKVIKEXI LEWHMWETTIEVIHWTVIEHEKKVIKEXISJXLIGSPSVERHWM^IWTIGMJMIH
QERYJEGXYVIV SV YWI FEKKIH TVIQM\IH QEXIVMEP [LIVI MR'SRXVEGX(SGYQIRXWYRMJSVQP] SZIVXLIWYVJEGIXSTVSZMHI
WTIGMJMIH MR 'SRXVEGX (SGYQIRXW EW VIGSQQIRHIH F] XLI GSQTPIXI GSZIVEKI XS E HITXL SJ SRI WXSRI 0MKLXP] XEQT XLI
QERYJEGXYVIV*MRMWLMRKSTIVEXMSRWWLEPPRSXWIEPXLIWYVJEGI EKKVIKEXIXSIQFIHMXMRXSXLIWYVJEGI*PSEXXLIWYVJEGIYRXMPXLI
FIJSVIXLIIRHSJFPIIHMRKXSQMRMQM^ITSXIRXMEPSJHIPEQMRE IQFIHHIHWXSRIMWJYPP]GSEXIH[MXLQSVXEVERHXLIWYVJEGILEW
XMSRSVFPMWXIVMRK*PSEXJMRMWLXLIGSRGVIXIWYVJEGIERHQEOI FIIRJMRMWLIHXSQIIXXLI%'-1XSPIVERGIJSVEGSRZIRXMSREP
MRMXMEP ETTPMGEXMSR SJ HV] QEXIVMEP EX ETTVS\MQEXIP] SJ WYVJEGI %JXIV XLI QEXVM\ LEW LEVHIRIH WYJJMGMIRXP] XS TVIZIRX
QERYJEGXYVIVvWVIGSQQIRHIHETTPMGEXMSRVEXIF]EQIXLSH HMWPSHKQIRXSJGSEVWIEKKVIKEXITEVXMGPIWETTP]XLIQMRMQYQ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
NSMRXW GSRJSVQ XS 'SRXVEGX (SGYQIRXW *SVQ JEGI JSVQ WMHI 7IEP JSVQ NSMRXW GLEQJIVW ERH VYWXMGEXMSR NSMRXW
PMRIVERHQSPHWWLEPPTVSHYGIEGSRGVIXIWYVJEGIQEXGLMRK 4VSZMHIGPSWYVIFEGOMRKQEXIVMEPW[LIRMRHIRXIHVYWXMGEXMSR
EGGITXIHJMIPHQSGOYT MW YWIH SZIV E VMFFIH JSVQ PMRIV ERH WIEP NSMRX FIX[IIR
H ;LIVITERIPWJSVEWGEWXWYVJEGIWEVIWITEVEXIH VYWXMGEXMSRWXVMTERHJSVQ[MXLRSREFWSVFIRXGEYPOMRK
F]VIGIWWIHSVIQTLEWM^IHNSMRXWTVSZMHIMRXLIWXVYGXYVEP *SVQWYVJEGITVITEVEXMSR
HIWMKRSJJSVQWXLIPSGEXMSRWSJXMIW[MXLMRNSMRXWWSTEXGLIW E 6YFREXYVEP [SSH KVEMR JSVQW SV YRXVIEXIH
SJ XMI LSPIW [MPP FI MR XLI VIGIWWIH SV IQTLEWM^IH NSMRXW [SSHJSVQW[MXLGIQIRXSVPMQIWPYVV]GSRWMWXIRX[MXLXLI
YRPIWWSXLIV[MWIWTIGMJMIH GIQIRXXSFIYWIHJSVEVGLMXIGXYVEPGSRGVIXI
I (SRSXVIYWIJSVQW[MXLWYVJEGI[IEVXIEVW F 7IEPJSVQNSMRXWERHXMILSPIWF]XETMRKSV[MXL
SVHIJIGXWXLEXPIWWIRXLIWYVJEGIUYEPMX]8LSVSYKLP]GPIER RSREFWSVFIRX GEYPOMRK 'PIER XETIV XMIW ERH WLI FSPXW ERH
ERHTVSTIVP]GSEXJSVQWFIJSVIVIYWI PYFVMGEXI[MXLRSRWXEMRMRKKVIEWISVJSVQVIPIEWIEKIRXFIJSVI
4VSTSVXMSRMRKGSRGVIXIQM\XYVIW{1EMRXEMRHIWMKREXIH IEGLYWI/IITJSVQJEGIGPIERYRXMPGSRGVIXIMWTPEGIH
GSPSVWERHYRMJSVQMX]SJGSPSV*SVEGSRGVIXIQM\XYVISJE *SVQ[SVOQSRMXSVMRK{'SRXMRYSYWP]SFWIVZIJSVQ
WTIGMJMIHGSPSVYWIXLIWEQIQEXIVMEPWERHTVSTSVXMSRWYWIH [SVOHYVMRKGSRGVIXITPEGIQIRX-JHIZMEXMSRWJVSQWTIGMJMIH
MR EGGITXIH JMIPH QSGOYT *SV EVGLMXIGXYVEP GSRGVIXI [MXL IPIZEXMSREPMKRQIRXTPYQFRIWWSVGEQFIVMWSFWIVZIHERHXLI
I\XIVMSVI\TSWYVIYWIEMVIRXVEMRIHGSRGVIXI[MXLE[GQ JSVQ[SVO WLS[W YRHYI WIXXPIQIRX SV HMWXSVXMSR WXST TPEGI
RSXI\GIIHMRKF][IMKLX%MVGSRXIRXWLEPPGSQTP][MXL QIRX'SVVIGXXLIEJJIGXIHJSVQ[SVOERHVIWYQITPEGIQIRX
JSV EVGLMXIGXYVEP GSRGVIXI [MXL I\XIVMSV I\TSWYVI *SVQ[SVO VIQSZEP{7GLIHYPI JSVQ[SVO WXVMTTMRK
4VSTSVXMSRGSRGVIXIJSVWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJ XS QEMRXEMR WYVJEGI ETTIEVERGI QEXGLMRK EGGITXIH JMIPH
14E[LIREGMH[EWLQIGLERMGEPXSSPMRKSV[EXIVFPEWX QSGOYT 4VIZIRX HEQEKI XS GSRGVIXI JVSQ JSVQ[SVO
MWVIUYMVIH VIQSZEP (S RSX TV] EKEMRWX JEGI SJ GSRGVIXI 9WI SRP]
[SSHIR[IHKIWXSWITEVEXIJSVQWJVSQGSRGVIXI
{)\IGYXMSR 6ITEMVSJXMILSPIWERHWYVJEGIHIJIGXW
4VITEVEXMSR{8LSVSYKLP]GPIERERHMRWTIGXJSVQ[SVO +IRIVEP{6ITEMV HIJIGXW EW VIUYMVIH XS QEXGL
ERH FEXGLMRK QM\MRK GSRZI]MRK ERH TPEGMRK IUYMTQIRX EHNEGIRXWYVJEGIEJXIVEVGLMXIGXYVEPWYVJEGILEWFIIRXVIEXIH
FIJSVI YWI (S RSX YWI IUYMTQIRX JSV SXLIV GSRGVIXI 4VSGIIH [MXL VITEMV [SVO EJXIV JSVQ VIQSZEP ERH WYVJEGI
GSRWXVYGXMSRHYVMRKEVGLMXIGXYVEPGSRGVIXISTIVEXMSRW JMRMWLMRKYWMRKXLIQEXIVMEPWERHQIXLSHWSREGGITXIHJMIPH
4PEGIQIRX SJ VIMRJSVGIQIRX{4VSZMHI WTIGMJMIH QSGOYT
GSRGVIXI GSZIV SZIV VIMRJSVGIQIRX ERH GSEXIH WXIIP 6ITEMVEVIE{;LIVIEWGEWXJMRMWLIWEVIWTIGMJMIH
IQFIHQIRXW 9WI VIMRJSVGIQIRX WYTTSVXW MR WYJJMGMIRX XLIXSXEPEVIEVIUYMVMRKVITEMVWLEPPRSXI\GIIHQMRIEGL
RYQFIVWM^IERHPSGEXMSRXSTVIZIRXZIVXMGEPHMWTPEGIQIRXSJ Q SJ EWGEWX WYVJEGI 6ITEMV HIJIGXW ERH XMI LSPIW XS
VIMRJSVGIQIRXERHKSYKMRKSJJSVQMRKQEXIVMEPW9WIVIMRJSVGI QEXGLEGGITXIHJMIPHQSGOYT
QIRXWYTTSVXWSVWTEGIVWMR[EPPWERHGSPYQRWXLEXQEMRXEMR 'SPSV ERH XI\XYVI QEXGL{6ITEMVW MR EWGEWX
GPIEV HMWXERGI FIX[IIR VIMRJSVGIQIRX ERH JEGI SJ GSRGVIXI EVGLMXIGXYVEP GSRGVIXI WLEPP QEXGL GSPSV ERH XI\XYVI SJ
&IRHFEGOERHOIITXMI[MVIWJVSQJSVQJEGI&IJSVITPEGIQIRX WYVVSYRHMRK WYVJEGIW (IXIVQMRI F] XVMEP QM\XYVI XLEX XLI
SJGSRGVIXIVIQSZIXMI[MVIGPMTTMRKWJVSQLSVM^SRXEPWYVJEGIW VITEMV QEXGLIWWYVVSYRHMRKGSRGVIXI[LIRFSXLVITEMVERH
XLEX[MPPFIWERHFPEWXIHSVI\TSWIHXSZMI[SV[IEXLIV GSRGVIXI EVI GYVIH %JXIV MRMXMEP WIX HVIWW VITEMV WYVJEGIW
&EXGLMRK QM\MRK ERH XVERWTSVXMRK{(IPMZIV QERYEPP]XSSFXEMRXI\XYVIQEXGLMRKWYVVSYRHMRKWYVJEGIW
GSRGVIXIMRGPIERIUYMTQIRXXLEXMWYWIHI\GPYWMZIP]XSQM\ )\TSWIH EKKVIKEXI{%R] JMRMWLMRK TVSGIWW
ERHXVERWTSVXXLIEVGLMXIGXYVEPGSRGVIXI(IPMZIVGSRGVIXISJ MRXIRHIH XS I\TSWI EKKVIKEXI SR XLI WYVJEGI WLEPP WLS[
YRMJSVQ WPYQT ERH TVSTSVXMSRW WS XLI VIWYPXMRK GSRGVIXI EKKVIKEXIJEGIWMRVITEMVIHEVIEW8LISYXIVQQSJVITEMV
QEXGLIWXLIEGGITXIHJMIPHQSGOYT WLEPP GSRXEMR XLI WEQI EKKVIKEXIW EW XLI WYVVSYRHMRK
'SRZI]MRK ERH TPEGIQIRX{7GLIHYPI EVVMZEP SJ GSRGVIXI-RI\TSWIHEKKVIKEXIJMRMWLXLIVITEMVMRKQM\XYVI
GSRGVIXIXSEZSMHHIPE]WMRTPEGIQIRX7YTTSVXVYRWSVKERK WLEPP GSRXEMR XLI WEQI WIPIGXIH GSPSVIH EKKVIKEXIW %JXIV
[E]WJSVXLIGSRGVIXIXVERWTSVXIVWTYQTPMRIW[LIIPFEVVS[W VITEMVLEWVIEGLIHQMRMQYQGSQTVIWWMZIWXVIRKXLVIUYMVIH
SXLIVWMQMPEVIUYMTQIRXERHJSSXXVEJJMGXLEX[MPPRSXHMWTPEGI F]JSVXLIQIXLSHSJEKKVIKEXII\TSWYVII\TSWIXLI
VIMRJSVGIQIRXSVMRXIVJIVI[MXLGSRGVIXITPEGMRKSTIVEXMSRW(S EKKVIKEXIW XSKIXLIV [MXL XLI EKKVIKEXIW SJ EHNSMRMRK
RSXQSZIGSRGVIXILSVM^SRXEPP] 4PEGIGSRGVIXIGSRXMRYSYWP] WYVJEGIWF]XLIWEQITVSGIWWSJQSVXEVVIQSZEP
[MXLSYXI\GIIHMRKVEXISJTPEGIQIRXYWIHMRJSVQHIWMKR 'YVMRK VITEMVW{'YVI VITEMVW MR EVGLMXIGXYVEP
'SRWSPMHEXMSR{(SRSXEPPS[ZMFVEXSVWXSGSRXEGXXLI GSRGVIXIWYVJEGIWJSVHE]W'YVIMREGGSVHERGI[MXLTVSGI
JSVQ[SVO SJ I\TSWIH GSRGVIXI WYVJEGIW ;LIVI E WQSSXL HYVIWYWIHSREGGITXIHJMIPHQSGOYT4VSXIGXVITEMVWJVSQ
VYFFIHSVWMQMPEVJMRMWLMWWTIGMJMIH[SVOXLIGSEVWIEKKVIKEXI TVIQEXYVIHV]MRK
FEGOJVSQXLIJSVQWF]WTEHMRKSVJSVQZMFVEXMSR *MRMWLMRK{*MRMWLIW WLEPP GSQTP] [MXL JMRMWLIW
*SVQ[SVO{)VIGX JSVQW EW MRHMGEXIH MR 'SRXVEGX WTIGMJMIH MR XLVSYKL SV SXLIV JMRMWLIW EW
(SGYQIRXWERHEGGITXIHWLSTHVE[MRKW4VSZMHIVYWXMGEXMSR MRHMGEXIHMR'SRXVEGX(SGYQIRXW
NSMRXWERHGLEQJIVWEWMRHMGEXIHMR'SRXVEGX(SGYQIRXWERH 8I\XYVIHJMRMWLIW{;LIRWTIGMJMIHYWIXI\XYVIH
EGGITXIH WLST HVE[MRKW %TTP] MQTIVQIEFPI GSEXMRK XS JSVQWSVXI\XYVIHJSVQPMRIVWSJTPEWXMG[SSHSVWLIIXQIXEP
[SSHVYWXMGEXMSRWSVGLEQJIVW/IVJ[SSHWXVMTWSRXLIFEGO 7IGYVIPMRIVTERIPWMRJSVQWF]GIQIRXMRKSVWXETPMRK(SRSX
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
TIVQMXMQTVIWWMSRW SJ REMP LIEHW WGVI[ LIEHWSV[EWLIVW [SVO EVIE 0MQMX QMKVEXMSR SJ EMVFSVRI QEXIVMEPW F] YWMRK
XLEX XVERWJIV XS XLI WYVJEGI SJ XLI GSRGVIXI 7IEP IHKIW SJ XEVTEYPMRW[MRHFVIEOWERHWMQMPEVHIZMGIW
XI\XYVIHTERIPWXSIEGLSXLIVSVXSHMZMHIVWXVMTWXSTVIZIRX J ;EXIVFPEWX{;LIR WTIGMJMIH HIJIV [EXIV
FPIIHMRKSJGIQIRX TEWXI9WIE WIEPERX XLEX[MPPRSXWXEMR FPEWXMRK SJ ZIVXMGEP WYVJEGIW YRXMP GSQTVIWWMZI WXVIRKXL
GSRGVIXIWYVJEGI I\GIIHW14E;LIRVIUYMVIHHMWTSWISJ[EXIVYWIHJSV
%KKVIKEXI XVERWJIV JMRMWLIW{;LIR WTIGMJMIH FPEWXMRKMREGGSVHERGI[MXLWYFQMXXIHTPER
TVSHYGI EKKVIKEXI XVERWJIV ERH WTIGMEP JMRMWLIW XLEX QEXGL 'YVMRKEVGLMXIGXYVEPGSRGVIXI{'YVIEVGLMXIGXYVEP
EGGITXIHJMIPHQSGOYT GSRGVIXI MR EGGSVHERGI [MXL 1MWX GSRGVIXI WYVJEGI
)\TSWIHEKKVIKEXI JMRMWLIW{;LIR WTIGMJMIH [MXL [EXIV FIJSVI ETTP]MRK GYVMRK GSQTSYRHW ERH ETTP]
I\TSWIEKKVIKEXIXSQEXGLEGGITXIHJMIPHQSGOYT GYVMRKGSQTSYRHWEXQERYJEGXYVIVvWVIGSQQIRHIHVEXI*SV
E %KKVIKEXI I\TSWIH F] EFVEWMZI FPEWX{ [IXGYVIQIXLSHW[EXIVXIQTIVEXYVIJSVGYVMRKWLEPPFIRS
;LIRWTIGMJMIHFIKMREFVEWMZIFPEWXMRKXSI\TSWIEKKVIKEXI QSVIXLER'PS[IVXLERXLIGSRGVIXIWYVJEGIXIQTIVEXYVI
[LIRGSRGVIXILEWEGSQTVIWWMZIWXVIRKXLSJEXPIEWX14E *MREP GPIERYT{4VSXIGX EVGLMXIGXYVEP GSRGVIXI
ERHEJXIVWEJI VIQSZEPSJXLI JSVQWERHWYTTSVXW&PEWXXS WYVJEGIW JVSQ HEQEKI WXEMRMRK SV GSRXEQMRERXW SJ WYFWI
QEXGL QSGOYT %GLMIZI HIKVII SJ EFVEWMZI FPEWXMRK EW UYIRXGSRWXVYGXMSR(SRSXETTP]EHHMXMSREPWIEPIVWSVGSEXMRKW
WTIGMJMIHMR'SRXVEGX(SGYQIRXW YRPIWW EGGITXIH F] %VGLMXIGX)RKMRIIV 'PIER GSRGVIXI
e &VYWL{(YPPWYVJEGIWLIIR WYVJEGIWFIJSVIJMREPWYFQMXXEPJSVEGGITXERGI9WIGPIERMRK
e 0MKLX{)\TSWYVISJJMRIEKKVIKEXI QEXIVMEPWERHTVSGIWWIWXLEXHSRSXGLERKIGSPSVSVXI\XYVISJ
XLIGSQTPIXIHGSRGVIXIWYVJEGIWERHVMRWIWYVJEGIWXLSVSYKLP]
e 1IHMYQ{'SEVWIEKKVIKEXII\TSWYVIERH
[MXL GPIER [EXIV EJXIV GPIERMRK 4VSXIGX EHNEGIRX QEXIVMEPW
e ,IEZ]{'SEVWIEKKVIKEXIVIZIEPIH
HYVMRKGPIERMRKSTIVEXMSRW
6ITEMVGVEGOWFIJSVIEFVEWMZIFPEWXMRK;LIR EFVEWMZIKVMXW *MREPEGGITXERGISJEVGLMXIGXYVEPGSRGVIXI{9TSR
GSRXEMRJVII[EXIVJSVHYWXEFEXIQIRX[EWLEFVEWMZIFPEWXMRK GSQTPIXMSR SJ EVGLMXIGXYVEP GSRGVIXI JMREP EGGITXERGI MW
HIFVMWSJJJMRMWLIH[EPPWYVJEGIFIJSVIHV]MRKSGGYVW FEWIHYTSRQEXGLMRKXLIEVGLMXIGXYVEPGEWXMRTPEGIGSRGVIXI
F %KKVIKEXI I\TSWIH F] VIQSZMRK VIXEVHIH [MXL XLI EGGITXIH JMIPH QSGOYT [LIR ZMI[IH EX Q MR
WYVJEGI TEWXI SR ZIVXMGEP WYVJEGIW{;LIR WTIGMJMIH YWI HE]PMKLX (IJIGXMZI ;SVO MRGPYHMRK VITEMV EVIEW RSX
EGGITXIH WYVJEGI VIXEVHIV%JXIVJSVQ VIQSZEPVIQSZI XLI EGGITXIHWLEPPFIVIQSZIHERHVITPEGIH
VIXEVHIHSYXIVPE]IVSJGIQIRXTEWXIF]LERHFVYWLMRKLMKL
TVIWWYVI [EXIV [EWLMRK SV PMKLX WERHFPEWXMRK 7GLIHYPI 7)'8-32{0-+,8;)-+,8'32'6)8)
TVSGIHYVIW ERH EHNYWX XMQMRK JSV [IEXLIV GSRHMXMSRW XS {+IRIVEP
EGLMIZI YRMJSVQ EKKVIKEXI I\TSWYVI 8LI VIXEVHIH WYVJEGI (IWGVMTXMSR{8LMW WIGXMSR GSZIVW VIUYMVIQIRXW JSV
WLEPP RSX FI VIQSZIH YRXMP XLI GSRGVIXI LEW VIEGLIH E PMKLX[IMKLXGSRGVIXI8LSWITSVXMSRWSJWXVYGXYVIWXSFIPMKLX
QMRMQYQMRTPEGIGSQTVIWWMZIWXVIRKXLSJ14E [IMKLX GSRGVIXI [MPP FI HIWMKREXIH MR 'SRXVEGX (SGYQIRXW
G %KKVIKEXI I\TSWIH F] VIQSZMRK VIXEVHIH 0MKLX[IMKLX GSRGVIXI WLEPP GSQTP] [MXL VIUYMVIQIRXW SJ
WYVJEGITEWXISRLSVM^SRXEPWYVJEGIW{;LIRWTIGMJMIHYWI 7IGXMSRW XLVSYKL YRPIWW SXLIV[MWI WTIGMJMIH MR XLMW
EGGITXIH WYVJEGI VIXEVHIV 7TVE] VIXEVHIV SR JVIWL GEWX WIGXMSRSVMR'SRXVEGX(SGYQIRXW
LSVM^SRXEPWYVJEGIWEJXIVGSRGVIXIGSRWSPMHEXMSRWIIHMRKSJ 7YFQMXXEPW{'SQTP][MXLSJXLMW7TIGMJMGEXMSR
EVGLMXIGXYVEPEKKVIKEXI[LIRWTIGMJMIHERHJMREPJMRMWLMRK ERHXLIJSPPS[MRKVIUYMVIQIRXW
%TTP]VIXEVHIVMRX[STIVTIRHMGYPEVTEWWIWEJXIVFPIIH[EXIV %KKVIKEXIQSMWXYVIGSRHMXMSR{7YFQMXTVSGIHYVIW
IZETSVEXIW JVSQ WYVJEGI 6IQSZI XLI GLIQMGEPP]VIXEVHIH JSVQEMRXEMRMRKEKKVIKEXIQSMWXYVIGSRHMXMSRMREGGSVHERGI
WYVJEGIGIQIRXTEWXIEJXIVXLIQSVXEVVIXEMRMRKXLIEKKVIKEXI [MXL
LEWWIXWYJJMGMIRXP]XSTVIZIRXHMWPSHKQIRXSJXLIEKKVIKEXI 'SRGVIXIHIRWMX]{7YFQMXGSRGVIXIHIRWMX]XIWX
H %GMH [EWL{9WI EGMH [EWL XS I\TSWI VIWYPXWERHGSVVIPEXMSRJSVVIZMI[MREGGSVHERGI[MXL%781
EKKVIKEXI SR LSVM^SRXEP WYVJEGIW SRP] (S RSX EGMH [EWL 'ERH
YRXMPGSRGVIXILEWEGSQTVIWWMZIWXVIRKXLSJEXPIEWX14E &EXGLMRK ERH QM\MRK{7YFQMX FEXGLMRK ERH
;IX GSRGVIXI XLSVSYKLP] FIJSVI ETTP]MRK EGMH 'SRXMRYI QM\MRKTVSGIHYVIWXLEXZEV]JVSQWTIGMJMIHVIUYMVIQIRXWMR
ETTPMGEXMSR[LMPIFVYWLMRKSVWTVE]MRKYRXMPEGGITXIHHITXL 7IGXMSR
SJEKKVIKEXIVIZIEPMWSFXEMRIH*PYWLEGMHERHHIFVMWJVSQ 6IZMI[SJWYFQMXXEPW{3FXEMR%VGLMXIGX)RKMRIIVvW
GSRGVIXI WYVJEGI MQQIHMEXIP] EJXIV EGMH FYFFPMRK WXSTW F] EGGITXERGISJVIUYMVIHWYFQMXXEPWFIJSVITPEGMRKGSRGVIXI
ETTPMGEXMSR SJ [EXIV YRHIV TVIWWYVI 4VSXIGX EHNEGIRX %KKVIKEXI WXSVEKI ERH LERHPMRK{1EMRXEMR PMKLX
QEXIVMEPW WYVJEGIW ERH JMRMWLIW JVSQ EGMH ERH [EWXI [EWL [IMKLXEKKVIKEXIEXEQSMWXYVIGSRHMXMSRFIJSVIFEXGLMRKXLEX
[EXIVHYVMRKETTPMGEXMSRERHGPIERYT;LIRVIUYMVIHHMWTSWI IRWYVIWGSRGVIXIGERFITPEGIHEXVIUYMVIHWPYQT(SRSXLERHPI
SJ[EWXI[EWL[EXIVMREGGSVHERGI[MXLWYFQMXXIHTPER EKKVIKEXIMREQERRIVXLEXGEYWIWHIKVEHEXMSRSVWIKVIKEXMSR
I 1IGLERMGEP XSSPMRK FYWLLEQQIVMRK
{
;LIRWTIGMJMIHHSRSXYWIQIGLERMGEPXSSPMRKYRXMPGSRGVIXI {4VSHYGXW
GSQTVIWWMZI WXVIRKXL I\GIIHW 14E 1YPXMTPI FYWL %KKVIKEXIW{*MRIERHGSEVWIPMKLX[IMKLXEKKVIKEXIW
LEQQIVW YWIH JSV XSSPMRK WLEPP LEZI IUYEP [IEV SR XIIXL WLEPP GSRJSVQ XS %781 ' 2SVQEP[IMKLX EKKVIKEXI
1EMRXEMRGSRXVSPSJGSRGVIXIGLMTWHYWXERHHIFVMWMRIEGL YWIHMRPMKLX[IMKLXGSRGVIXIWLEPPGSRJSVQXS
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
e 8]TIWERHPSGEXMSRWSJMRPIXWERHSYXPIXW 5YEPMX]GSRXVSP
e 8]TIWERHWM^IWSJKVSYXLSWIWERHGSRRIGXMSRW 8IWXMRK
e (YGXGPIERMRKQIXLSHWFIJSVIKVSYXMRK E 8IWXMRK SJ YRFSRHIH XIRHSR GSQTSRIRXW{
e 1M\MRK ERH TYQTMRK TVSGIHYVIW MRGPYHMRK QIERW XS 8IWX GSQTSRIRXWSJYRFSRHIHXIRHSRW]WXIQWMREGGSVHERGI
QIEWYVIZSPYQISJKVSYXTYQTIH [MXLXLIVIUYMVIQIRXWSJ%'-
e (MVIGXMSRSJKVSYXMRK F +VSYXUYEPMX]GSRXVSPXIWXMRK{8IWXKVSYXJSV
e 7IUYIRGISJYWIJSVMRPIXWERHSYXPIXW HIRWMX]WXVIRKXLERHJPYMHMX]HEMP]MREGGSVHERGI[MXLXLI
e 4VSGIHYVIW JSV LERHPMRK FPSGOEKIW MRGPYHMRK HYGX JSPPS[MRK
JPYWLMRK e 8[S[IXHIRWMX]XIWXWTIVHE]SV[LIRXLIVIMWEZMWYEP
e 4VSGIHYVIWJSVTSWWMFPIVIKVSYXMRKERH SVETTEVIRXGLERKIMRKVSYXGLEVEGXIVMWXMGW
e 2EQIW SJ XLI TIVWSRW MR GLEVKI ERH SXLIV TIVWSRRIP e 1MRMQYQSJSRIWXVIRKXLXIWXTIVHE]HYVMRKKVSYXMRK
[LS [MPP TIVJSVQ XLI KVSYXMRK STIVEXMSR MRGPYHMRK STIVEXMSRW
XLIMVVIPIZERXI\TIVMIRGIERHWOMPP e 1MRMQYQSJX[SJPYMHMX]XIWXWJPS[GSRI
3RIXIWXEX
I ;LIR VIUYMVIH WYFQMX VIWYPXW SJ KVSYXMRK XLIQM\IVERHSRIEXXLIHYGXSYXPIXMREGGSVHERGI[MXL
JMIPHXVMEPERHJMIPHQSGOYTXIWXW I 8IWXMRK WLEPP FI VITIEXIH IZIV] LSYVW SJ
6IUYMVIHWYFQMXXEPWHYVMRKXLII\IGYXMSRSJXLI KVSYXMRKSTIVEXMSRW8LIIJJPY\XMQIWLEPPFI[MXLMR
;SVOEVIWTIGMJMIHMREERHH WIGSRHW SJ XLI ZEPYIW IWXEFPMWLIH HYVMRK PEFSVEXSV]
E 'IVXMJMIHQMPPXIWXVITSVXWJSVEWEQTPIXEOIR XIWXMRKERH
JVSQXLITVSHYGXMSRPSXSJXLITVIWXVIWWMRKWXIIPYWIHMRXLI e ;LIRKVSYXMWMRXIRHIHJSVEREKKVIWWMZIIRZMVSRQIRX
;SVO EWMRHMGEXIHMR'SRXVEGX(SGYQIRXWXIWXJSVFPIIHMRKMR
F 7XVIWWMRK NEGO GEPMFVEXMSR GIVXMJMGEXI EGGSVHERGI[MXLF
MRGPYHMRK KEYKI TVIWWYVIW ERH GEPMFVEXMSR GYVZIW JSV IEGL 4VSHYGX HIPMZIV] LERHPMRK ERH WXSVEKI{(IPMZIV
WIXSJIUYMTQIRXXLEX[MPPFIYWIHMRXLI;SVO'IVXMJMGEXIW LERHPI ERH WXSVI QEXIVMEPW MR E QERRIV XLEX TVIZIRXW
WLEPPFIWYFQMXXIHTVMSVXSWXVIWWMRK QIGLERMGEPHEQEKIERHGSVVSWMSR
G 7XVIWWMRK VIGSVHW EVI VIUYMVIH JSV VIZMI[ ,ERHPMRK
FIJSVI XVMQQMRK XIRHSRW XLEX I\XIRH TEWX ERGLSVEKIW E-HIRXMJ][IHKIWERHERGLSVEKIWF]MRHMZMHYEP
7YFQMXXLIJSPPS[MRKHEXE GSRGVIXITPEGIQIRXEVIEJPSSVWIUYIRGISVFSXL9WIQEXIVMEPW
e 4VSNIGXREQI SRP]MRXLIMVMHIRXMJMIHGSRGVIXITPEGIQIRXEVIEW-RXLIIZIRX
e *PSSVRYQFIVERHGSRGVIXITPEGIQIRXRYQFIV QEXIVMEPW MRXIRHIH JSV SRI GSRGVIXI TPEGIQIRX EVIE EVI
e 8IRHSRMHIRXMJMGEXMSRQEVO I\GLERKIH MRXS ERSXLIV GSRGVIXI TPEGIQIRX EVIE RSXMJ]
e 6IUYMVIHIPSRKEXMSR %VGLMXIGX)RKMRIIVSJI\GLERKIWJSVXVEGOMRKTYVTSWIW
e +EYKITVIWWYVIXSEGLMIZIVIUYMVIHWXVIWWMRKJSVGITIV F4VSXIGXXIRHSRWEGGIWWSVMIWERHIUYMTQIRX
WYTTPMIHGEPMFVEXMSRGLEVX JVSQI\TSWYVIXS[EXIVERHHIMGMRKWEPXW8EOIGEVIRSXXS
e )PSRKEXMSREGLMIZIH HEQEKIWLIEXLMRKSVERGLSVEKIWHYVMRKLERHPMRKERHWXSVEKI
e +EYKITVIWWYVI G9RPSEHXIRHSRWEWGPSWIEWTVEGXMGEFPIXSXLI
e (EXISJWXVIWWMRKSTIVEXMSR HIWMKREXIHWXSVEKIEVIEXSEZSMHI\GIWWMZILERHPMRK
e 2EQIERHWMKREXYVISJWXVIWWMRKSTIVEXSVERHMRWTIGXSV H(SRSXYWIGLEMRWSVLSSOW
e 7IVMEPSVMHIRXMJMGEXMSRRYQFIVSJNEGOMRKIUYMTQIRX 7XSVEKI
e (EXI SJ EGGITXIH WLST HVE[MRKW YWIH JSV MRWXEPPEXMSR E7XSVIQEXIVMEPWERHIUYMTQIRXMREHV]EVIE
ERHWXVIWWMRK SRHYRREKI(SRSXI\TSWIQEXIVMEPWXS[EXIVWRS[HIMGMRK
e ;IEXLIVGSRHMXMSRWMRGPYHMRKXIQTIVEXYVIERHVEMRJEPP WEPXWSVSXLIVGSVVSWMZIIPIQIRXW;LIRWXSVEKIPSRKIVXLER
ERH QSRXL MW VIUYMVIH TVSXIGX WLIEXLMRK ERH SXLIV TPEWXMGW
e 7YQQEV] SJ TVSFPIQW IRGSYRXIVIH ERH GSVVIGXMZI JVSQI\TSWYVIXSHMVIGXWYRPMKLX
EGXMSRXEOIR F7XSVIGIQIRXERHTVIQM\IHKVSYXXSTVIZIRX
H 6IGSVH KVSYXMRK STIVEXMSR ERH TVSZMHI L]HVEXMSR HYVMRK WXSVEKI 3RP] YWI GIQIRX XLEX LEW FIIR
KVSYXMRK VIGSVHW XS %VGLMXIGX)RKMRIIV [MXLMR LSYVW SJ WXSVIHMREGGSVHERGI[MXLQERYJEGXYVIVvWVIUYMVIQIRXWJSV
KVSYXMRK-RJSVQEXMSRXSFIRSXIHMRXLIVIGSVHWWLEPPMRGPYHI KVSYXMRK
FYXRSXFIPMQMXIHXS G -RWTIGX XIRHSRW ERH EGGIWWSV]MXIQWFIJSVI
e (EXIKVSYXIH MRWXEPPEXMSR
e 2YQFIVSJHE]WJVSQWXVIWWMRKXSKVSYXMRK
e 8]TISJKVSYXQM\XYVIERHEHHMXMZIW {4VSHYGXW
e 8IRHSRW
KVSYXIHMRNIGXMSRIRHERHETTPMIHKVSYXMRK 1EXIVMEPW{*SV YRFSRHIH WMRKPIWXVERH XIRHSRW
TVIWWYVI YWIQEXIVMEPWXLEXGSRJSVQXSXLIVIUYMVIQIRXWSJ%'-
e 7YQQEV] SJ TVSFPIQW IRGSYRXIVIH ERH GSVVIGXMZI *SV FSRHIH XIRHSRW YWI QEXIVMEPW XLEX GSRJSVQ XS XLI
EGXMSRXEOIRERH VIUYMVIQIRXWSJXLVSYKL
e 6IGSVHSJXLIZSPYQISJXLIKVSYXTYQTIHMRXSXLIHYGX *SV YRFSRHIH XIRHSRW [LIR WTIGMJMIH MR 'SRXVEGX
GSQTEVIH[MXLXLIZSPYQISJXLIHYGXEHNYWXIHJSVXLI (SGYQIRXWERHJSVETTPMGEXMSRWMREKKVIWWMZIIRZMVSRQIRXW
KVSYXHMWTPEGIHF]XLITVIWXVIWWMRKXIRHSR XLIWLIEXLMRKWLEPPFIGSRRIGXIHXSWXVIWWMRKMRXIVQIHMEXI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
ERH JM\IH ERGLSVEKIW XS TVSZMHI JYPP IRGETWYPEXMSR SJ XLI EXPS[TSMRXWERHWLEPPFIJVIIHVEMRMRK-REHHMXMSRMRPIXW
TVIWXVIWWMRK WXIIP MR EGGSVHERGI [MXL %'- 7YFQMX ERHSYXPIXWWLEPPFITPEGIH
IRGETWYPEXMSRW]WXIQXIWXHEXE[LIRVIUYMVIH e %XXLIERGLSVEKIEVIESJXLIXIRHSR
4VIWXVIWWMRK WXIIP{4VIWXVIWWMRK WXIIP WLEPP FI SJ e %X XLI LMKL TSMRXW SJ XLI HYGX [LIR XLI ZIVXMGEP
XLIX]TIERHWXVIRKXLVIUYMVIHF]'SRXVEGX(SGYQIRXWERH HMWXERGIFIX[IIRXLILMKLIWXERHPS[IWXTSMRXMWQSVI
WLEPPGSRJSVQXSSRISJXLIJSPPS[MRKWTIGMJMGEXMSRW XLERQQ
e %781%%1 e %X QENSV GLERKIW MR XLI HYGX GVSWW WIGXMSR WYGL EW
e %781%%1 GSYTPIVWERHERGLSVEKIWERH
e %781%%1 e %XSXLIVPSGEXMSRWWTIGMJMIHF]%VGLMXIGX)RKMRIIV
e %781%%1ERH I (YGXWXMJJRIWW
e %781%%1
(YGXMRWXEPPIHERHGEWXMRXSGSRGVIXIFIJSVITVIWXVIWWMRK
4VIWXVIWWMRKWXIIPWLEPPFIGPIERERHJVIISJI\GIWWMZIVYWX WXIIP MRWXEPPEXMSR WLEPP FI GETEFPI SJ [MXLWXERHMRK EX
WGEPISMPHMVXERHTMXXMRK7YVJEGIVYWXWLEPPFIVIQSZEFPI PIEWXQSJGSRGVIXIJPYMHTVIWWYVI;LIRVIUYMVIHXIWX
[MXL E JMRI WXIIP [SSP TEH SV F] ZMKSVSYW VYFFMRK [MXL E XSZIVMJ]XLEXHYGXWLEPPRSXHIRXQSVIXLERQQYRHIV
GPSXL4MXW SR WXIIP WYVJEGI WLEPP RSX I\GIIH QQMR O2GSRGIRXVEXIHJSVGIETTPMIHFIX[IIRGSVVYKEXMSRW
HMEQIXIVSVPIRKXL 8LIGSRGIRXVEXIHJSVGIWLEPPFIETTPMIHF]E2S
(YGXWJSVXIRHSRW VIMRJSVGMRKFEV
E 9WI HYGXJSVQMRK QEXIVMEPW EW WTIGMJMIH MR
(YGXJSVYWI[MXLTVIMRWXEPPIHTVIWXVIWWMRKWXIIPFIJSVI
'SRXVEGX (SGYQIRXW XLEX HS RSX VIEGX [MXL EPOEPMW MR XLI GSRGVIXMRKWLEPPFIGETEFPISJ[MXLWXERHMRKXLIIUYMZEPIRX
GIQIRX EVI WXVSRK IRSYKL XS VIXEMR XLIMV WLETI ERH VIWMWX SJ Q SJ GSRGVIXI JPYMH TVIWWYVI 6IWMWXERGI XS
HEQEKI HYVMRK GSRWXVYGXMSR ERH TVIZIRX XLI MRXVYWMSR SJ HIRXMRKVIUYMVIHYRHIVI
MWRSXETTPMGEFPI
[EXIV ERH GIQIRX TEWXI JVSQ XLI WYVVSYRHMRK GSRGVIXI
(YGXW WLEPP LEZI XLI JSPPS[MRK PSRKMXYHMREP FIRHMRK
(YGXJSVQMRK QEXIVMEP PIJX MR TPEGI WLEPP RSX HMVIGXP] SV WXMJJRIWWXSIRWYVI[SFFPIJVIITPEGIQIRX
MRHMVIGXP] GEYWI IPIGXVSP]XMG EGXMSR SV HIXIVMSVEXMSR *SV (YGX[MXLQSVIXLERQQHMEQIXIVWLEPPYRHIVMXW
FSRHIHXIRHSRWYWIGSVVYKEXIHHYGXWSVHYGXWGETEFPISJ S[R[IMKLXRSXHIJPIGXQSVIXLERQQ[LIREQ
XVERWQMXXMRK JSVGIW JVSQ XLI KVSYX XS XLI WYVVSYRHMRK HYGXWIKQIRXMWWYTTSVXIHEXMXWIRHW
GSRGVIXI (YGXSJQQSVWQEPPIVHMEQIXIVWLEPPYRHIVMXW
F (YGX [EPP XLMGORIWW{;EPP XLMGORIWW ZEVMIW S[R[IMKLXRSXHIJPIGXQSVIXLERQQ[LIREQ
[MXL HYGX HMEQIXIV HITXL WTEGMRK SJ GSVVYKEXMSRW ERH HYGXWIKQIRXMWWYTTSVXIHEXMXWIRHWERH
LEVHRIWWEWJSPPS[W ;LIR WTIGMJMIH XS EGGSQQSHEXI FIRHMRK HYGX XS E
e 7LIIX QIXEP{1MRMQYQ [EPP XLMGORIWW WLEPP FI QQ WQEPPVEHMYWEQSVIJPI\MFPIHYGXMWTIVQMXXIH
KEYKIJSVHYGXWPIWWXLERQQHMEQIXIVERHQQ
4PEWXMG HYGX WLEPP [MXLWXERH EFSZI WTIGMJMIH VIUYMVI
JSVHYGXWKVIEXIVXLERQQHMEQIXIV QIRXWEX'I\GITXXLEX XLI HIJPIGXMSR PMQMXWSJ
e ,MKLHIRWMX] TSP]IXL]PIRI ,(4)
{1MRMQYQ [EPP WLEPPFIMRGVIEWIHF]
XLMGORIWWWLEPPFIQQERH %RGLSVEKIW JSV FSRHIH XIRHSRW{%RGLSVEKIW
e 4SP]TVST]PIRI44
{1MRMQYQ[EPPXLMGORIWWWLEPPFI JSVFSRHIHXIRHSRWXIWXIHMRERYRFSRHIHWXEXIWLEPPHIZIPST
QQ SJXLIWTIGMJMIHXIRWMPIWXVIRKXLSJTVIWXVIWWMRKWXIIP
G (YGXHMEQIXIV{9RPIWWSXLIV[MWIWTIGMJMIH 'SYTPIVW{9WIGSYTPIVWSRP][LIVIMRHMGEXIHMR
RSQMREPMRXIVREPEVIESJXLIHYGXJSVKVSYXIHXIRHSRWWLEPPFI 'SRXVEGX (SGYQIRXW SV EW SXLIV[MWI TIVQMXXIH 'SYTPIVW
EQMRMQYQSJXMQIWXLITVIWXVIWWMRKWXVERHERH WLEPPHIZIPSTWXVIRKXLMRI\GIWW SJXLIWTIGMJMIHXIRWMPI
XMQIWJSVXIRHSRWTPEGIHF]XLITYPPXLVSYKLQIXLSH;LIR WXVIRKXLSJXLITVIWXVIWWMRKWXIIP)RGPSWIGSYTPIVWMRLSYWMRKW
EHYGXWXIIPEVIEVEXMSPIWWXLERXLIETTPMGEFPIPMQMXWMWWTIGMJMIH XLEX TIVQMX RIGIWWEV] QSZIQIRXW HYVMRK WXVIWWMRK *SV
MX WLEPP FI TVSZIR F] XIWXW XLEX TVSTIV KVSYXMRK GSVVSWMSR FSRHIHXIRHSRWTVSZMHIJMXXMRKWXSEPPS[GSQTPIXIKVSYXMRK
TVSXIGXMSRERHFSRHXVERWJIVMWEGLMIZEFPI SJGSYTPIVGSQTSRIRXW
*SV XIRHSRW GSQTSWIH SJ WMRKPI TVIWXVIWWMRK FEVW XLI 8ETIJSVVITEMVSJWLIEXLMRK{8ETIYWIHWLEPP
QMRMQYQMRXIVREPHYGXHMEQIXIVWLEPPFIEXPIEWXQQPEVKIV e &IWIPJEHLIWMZIERHQSMWXYVITVSSJ
XLER XLI SYXWMHI HMEQIXIV QE\MQYQ HMQIRWMSR
SJ XLI e &IRSRVIEGXMZI[MXLWLIEXLMRKGSEXMRKSVTVIWXVIWWMRK
TVIWXVIWWMRKFEV WXIIP
H +VSYXMRKMRPIXWERHSYXPIXW{-RPIXWWLEPPFI e ,EZIEFMPMX]XSGSRJSVQXSWLIEXLMRKWYVJEGI
YWIHJSVMRNIGXMRKKVSYXMRXSXLIHYGXSYXPIXWWLEPPEPPS[XLI e ,EZIEQMRMQYQ[MHXLSJQQERH
IWGETISJEMV[EXIVKVSYXERHFPIIH[EXIV8LIMRWMHIHMEQIXIV e ,EZIEGSRXVEWXMRKGSPSVXSXLIXIRHSRWLIEXLMRK
SJ SYXPIXW SVMRPIXW WLEPP FI RSPIWW XLER QQJSV QYPXM 4VSTSVXMSRMRK KVSYX QM\XYVIW{9RPIWW SXLIV[MWI
WXVERHSVQYPXMFEVXIRHSRWERHQQJSVWMRKPIWXVERHSV WTIGMJMIHYWIEKVSYXQM\XYVIXLEXMWXLM\SXVSTMGSVRSRXLM\S
FEVXIRHSRW-RPIXWERHSYXPIXWWLEPPFITVSZMHIH[MXLTSWMXMZI XVSTMG;LIRXLIKVSYXX]TIMWRSXWTIGMJMIHWYFQMXXLIKVSYX
WLYXSJJW ERH HIWMKRIH XS [MXLWXERH XLI KVSYXMRK TVIWWYVI X]TIXLEX[MPPFIYWIH4VSTSVXMSRKVSYXXSEGLMIZIEQMRMQYQ
8LI PIRKXL WLEPP I\XIRH WYJJMGMIRXP] SYX SJ XLI GSRGVIXI GSQTVIWWMZIWXVIRKXLMREGGSVHERGI[MXLHERHLEZI
QIQFIVXSEPPS[GPSWMRKSJXLISYXPIXW-RPIXWWLEPPFITPEGIH EGSRWMWXIRG]XLEX[MPPJEGMPMXEXITPEGIQIRX;LIRVIUYMVIH
EXSVRIEVXLIPS[IWXTSMRXSJEXIRHSR3YXPIXWWLEPPFITPEGIH ZIVMJ]XLIKVSYXGSRWMWXIRG]MREGGSVHERGI[MXLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
'IQIRXMXMSYW QEXIVMEPW{9RPIWW TIVQMXXIH SV QE\MQYQ ERH QMRMQYQ [EXIVFEKKIH QEXIVMEPW VEXMSW SR
WTIGMJMIH SXLIV[MWI KVSYX WLEPP GSRWMWX SJ E QM\XYVI SJ XLI FEK 4IVJSVQ XLI XIWXMRK YWIH JSV UYEPMJMGEXMSR MR XLMW
GIQIRXERH[EXIV;LIRXLIMVYWIMWTIVQMXXIHJP]EWLERH WIGXMSR EX XLI QE\MQYQ ERH QMRMQYQ [EXIVFEKKIH
SXLIV TS^^SPERW WLEPP GSRJSVQ XS %781 ' ERH WPEK QEXIVMEPWVEXMSWWXEXIHSRXLIFEK
GIQIRXWLEPPGSRJSVQXS%781' E 'LPSVMHI MSR GSRXIRX{8LI GSRWXMXYIRX
;EXIVGSRXIRXWLEPPFIXLIQMRMQYQRIGIWWEV]JSVTPEGI QEXIVMEPWYWIHWLEPPFIWYGLXLEXXLI[EXIVWSPYFPIGLPSVMHI
QIRXERHXLI[GQWLEPPRSXI\GIIHF][IMKLX MSR'Pz
GSRXIRXSJXLIKVSYXWLEPPRSXI\GIIH 'PzF]
%HQM\XYVIW{9RPIWW SXLIV[MWI WTIGMJMIH [IMKLX SJ GIQIRX EW XIWXIH MR EGGSVHERGI [MXL %781
EHQM\XYVIW WLEPP QIIX XLIVIUYMVIQIRXW SJ ERHXLI ''1
VIUYMVIQIRXWSJEXLVSYKLH F &PIIHMRK{;LIR WTIGMJMIH TIVJSVQ XLI
;LIRTIVQMXXIHSXLIVEHQM\XYVIWQE]FIYWIHTVSZMHIH JSPPS[MRKXIWXW
ERHWYFQMXVIWYPXW
EGGITXEFPI XIWXW SV TIVJSVQERGI VIGSVHW WLS[ XLEX XLI
;MGOMRHYGIHFPIIHXIWX{%QSHMJMGEXMSRSJXLI%781
EHQM\XYVIW [MPP LEZI RS LEVQJYP IJJIGXW SR XLI XIRHSRW ' XIWX EW SYXPMRIH FIPS[ WLEPP FI YWIH 8LI
EGGIWWSVMIWSVKVSYX QE\MQYQTIVQMWWMFPIFPIIHMRKWLEPPFI EXLSYVW
(SRSXYWIEHQM\XYVIWGSRXEMRMRKQSVIXLERXVEGIJVSQ [LIRVYREXXS'
MQTYVMXMIWRSXEWERMRXIRHIHGSRWXMXYIRX
EQSYRXWSJGLPSVMHIW 1SHMJMIH%781'
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e 8]TI'{%GGIPIVEXMRKEHQM\XYVIW WTPE]MRK (IKVIEWI XLI WXVERH [MXL EGIXSRI SV
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GSQTIRWEXMRKSVI\TERHMRKEHQM\XYVIXSTVSHYGIEZIVXMGEP SJE WTEGIEXXLIXSTPMTSJXLIKVEHYEXIHG]PMRHIV
LIMKLXGLERKIRSKVIEXIVXLER [MXLMRLSYVWEJXIVTPEGI 1EVOXLIPIZIPSJXLIXSTSJXLIKVSYX
QIRXFEWIHSR%781';LIRWLVMROEKIGSQTIRWEXMRK I
7XSVI XLI QM\IH KVSYX EX XLI XIQTIVEXYVI VERKI
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FEXGLIWSJXLITVSTSWIHKVSYXQM\XYVIYWMRKXLIWEQIQEXIVMEPW 1IEWYVI ERH VIGSVH XLI FPIIH [EXIV YWMRK XLI
ERHIUYMTQIRX XS FI YWIH SR XLINSF WMXI EX PIEWX [IIOW TVSGIHYVI MR%781 ' 2SXIMJ FPIIH[EXIVMW
FIJSVI XLI WGLIHYPIH WXEVX SJ TVSHYGXMSR KVSYXMRK 9RPIWW EFWSVFIHMRXSXLIWTIGMQIR
SXLIV[MWIWTIGMJMIHGSRHYGXEWIVMIWSJXIWXWEWHIXEMPIHMR 'EPGYPEXI XLI TIVGIRX SJ FPIIH [EXIV MJ ER]
ERH XLI
EXLVSYKLJ[MXLXLIXVMEPKVSYXEXEPEFSVEXSV] VIWYPXMRK I\TERWMSR MJ ER]
MR EGGSVHERGI [MXL %781
QIIXMRKXLIVIUYMVIQIRXWSJ%781'SVEWEGGITXEFPI '[MXLXLIFPIIH[EXIVUYERXMX]I\TVIWWIHEWETIVGIRX
XS%VGLMXIGX)RKMRIIV9RPIWWSXLIV[MWIWTIGMJMIHGSRHYGX SJXLIMRMXMEPKVSYXZSPYQI2SXIMJXLIFPIIH [EXIVVIQEMRW
QM\MRKERHXIWXMRKEXXIQTIVEXYVIERHLYQMHMX]GSRHMXMSRW EFSZISVFIPS[XLIXSTSJXLISVMKMREPKVSYXLIMKLX
I\TIGXIHSRWMXI9WIKVSYXQEXIVMEPWSJXLIWEQIX]TIFVERH
ERH QERYJEGXYVMRK WSYVGI XLVSYKLSYX XLI HYVEXMSR SJ
&PIIH WXEFMPMX] SJ GIQIRXMXMSYW TSWXXIRWMSRMRK XIRHSR
KVSYXMRK YRPIWW EHHMXMSREP XIWXW EVI TIVJSVQIH [MXL XLI KVSYXXIWX{;LIRWTIGMJMIHGSRHYGXXIWXMREGGSVHERGI
EGGITXERGISJ%VGLMXIGX)RKMRIIV-JEGLERKIMRKVSYXQEXIVMEPW [MXL %'- 1 ;LIR WTIGMJMIH GSRHYGX VITPMGEXI
MWQEHIWYFQMXXIWXVIWYPXWEWVIUYMVIH XIWXWMREGGSVHERGI[MXL%'-19RPIWWSXLIV[MWI
7YFQMXEVITSVXEXXLIGSRGPYWMSRSJPEFSVEXSV]XVMEPXIWXW WTIGMJMIHFPIIHWLEPPRSXI\GIIHXLIZEPYIWWLS[RMRXLI
HIXEMPMRKXLIX]TIWERHRYQFIVSJXIWXWTIVJSVQIHXIWXTVSGI 8EFPI
HYVIWVIWYPXWERHGSQTEVMWSRSJVIWYPXW[MXLWTIGMJMIHZEPYIW G 7IXXMRK XMQI{7IX XMQI WLEPP FI KVIEXIV
,SPHXLI[GQGSRWMWXIRXXLVSYKLSYXXLIWIVMIWSJXIWXMRK XLER LSYVW ERH PIWW XLER LSYVW [LIR XIWXIH MR
HIWGVMFIH MR XLMW WIGXMSR 4VITEGOEKIH KVSYXW WLEPP WXEXI E EGGSVHERGI[MXL%781'
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
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KEXMSRWF]QSVIXLER HIXIVQMRIXLIGEYWIERHGSVVIGX '32'6)8)
XLI HMWGVITERG] &EWI IPSRKEXMSR GEPGYPEXMSRW SR EZIVEKI {+IRIVEP
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ZEPYIWSJPSEHIPSRKEXMSRGYVZIWJSVXLITVIWXVIWWIHVIMR
GSQTIRWEXMRKGSRGVIXIYWMRKI\TERWMZIGIQIRXGSRJSVQMRK
JSVGIQIRXYWIH
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*SVIEGLXIRHSROIITERHWYFQMXEVIGSVHSJXLIIPSRKEXMSRW
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ERH XLI KEYKI TVIWWYVI VIEHMRKW (S RSX VIQSZI WXVIWWMRK
GSRWXVYGXIH YWMRK WLVMROEKIGSQTIRWEXMRK GSRGVIXI YRHIV
XEMPWKVSYXHYGXWSVKVSYXWXVIWWMRKTSGOIXWYRXMP%VGLMXIGX
XLITVSZMWMSRWSJXLMWWIGXMSRWLEPPFIHIWMKREXIHMR'SRXVEGX
)RKMRIIVLEWVIZMI[IHXLIIPSRKEXMSRVIGSVHW
(SGYQIRXW7LVMROEKIGSQTIRWEXMRKGSRGVIXIWLEPPGSQTP]
E )RWYVI XLEX JSVQ[SVO HSIW RSX VIWXVEMR [MXLXLIVIUYMVIQIRXWSJ7IGXMSRWXLVSYKLYRPIWWSXLIV
IPEWXMG WLSVXIRMRK HIJPIGXMSR SV GEQFIV VIWYPXMRK JVSQ [MWIWTIGMJMIHMRXLMWWIGXMSR
ETTPMGEXMSRSJXLITVIWXVIWWMRKJSVGI
7YFQMXXEPW
F (S RSX VIQSZI JSVQ[SVO WYTTSVXW YRXMP 6IZMI[ SJ WYFQMXXEPW{3FXEMR %VGLMXIGX
WYJJMGMIRX TVIWXVIWWMRK JSVGI MW ETTPMIH XS WYTTSVX XLI HIEH )RKMRIIVvW EGGITXERGI SJ VIUYMVIH WYFQMXXEPW FIJSVI TPEGMRK
PSEHJSVQ[SVOERHERXMGMTEXIHGSRWXVYGXMSRPSEHW GSRGVIXI
0SWW SJ TVIWXVIWWMRK JSVGI{8LI XSXEP PSWW SJ 7YFQMX I\TERWMSR XIWX VIWYPXW QIEWYVIH MR
TVIWXVIWWMRKJSVGIMRER]TSWXXIRWMSRIHWXVYGXYVEPGSRGVIXI EGGSVHERGI [MXL %781 ' JSV XLI GSRGVIXI QM\XYVI
QIQFIVHYIXSYRVITPEGIHFVSOIRXIRHSRWWLEPPRSXI\GIIH TVSTSVXMSRW
SJXLIXSXEPTVIWXVIWWMRKJSVGIYRPIWWSXLIV[MWIEGGITXIH 7YFQMXTPEGMRKWIUYIRGI
F]%VGLMXIGX)RKMRIIV
4VIZIRXMSR SJ HEQEKI XS XIRHSRW{(S RSX {4VSHYGXW
I\TSWI XIRHSRW XS QIGLERMGEP HEQEKI [IPHMRK WTEVOW 1EXIVMEPW
JPEQISVIPIGXVMGKVSYRHGYVVIRXW(SRSXGSRHYGXFYVRMRK 'IQIRXMXMSYWQEXIVMEPW
ERH[IPHMRKSTIVEXMSRWMRXLIZMGMRMX]SJXIRHSRWI\GITXEW E 9RPIWW SXLIV[MWI WTIGMJMIH GIQIRX WLEPP
TIVQMXXIHF] GSQTP][MXL%781'8]TI)/
8IRHSRJMRMWLMRK F ;LIRTIVQMXXIHWMPMGEJYQIWLEPPGSQTP]
8VMQQMRKXIRHSRW{%WWSSREWTVEGXMGEFPIEJXIV [MXL%781'
EGGITXERGI SJ WXVIWWMRK VIGSVHW EGGSVHMRK XS F GYX G 9RPIWW SXLIV[MWI WTIGMJMIH HS RSX YWI JP]
I\GIWW WXVERH PIRKXL 7XVERH PIRKXL TVSXVYHMRK FI]SRH EWLSVKVSYRHKVERYPEXIHFPEWXJYVREGIWPEK
[IHKIWEJXIVGYXXMRKWLEPPRSX FIPIWWXLERQQ'SRGVIXI %HQM\XYVIW
GSZIV JSV XLI XIRHSR XEMP WLEPP GSQTP] [MXL J *SV E 9RPIWWWTIGMJMIHSXLIV[MWISVTIVQMXXIHHS
YRFSRHIHXIRHSRWMJGYXXMRKMWHIPE]IHQSVIXLERHE]W RSX YWI EGGIPIVEXMRK EHQM\XYVIW SV EHQM\XYVIW GSRXEMRMRK
EJXIVWXVIWWMRKTVSZMHITVSXIGXMSRXSTVIZIRXQSMWXYVIJVSQ GEPGMYQGLPSVMHI
VIEGLMRKXLIERGLSVEKIW F 9RPIWWSXLIV[MWITIVQMXXIHHSRSXGLERKI
*SV YRFSRHIH XIRHSRW MR EKKVIWWMZI IRZMVSRQIRXW GYX X]TIFVERHSVHSWEKIVEXISJEHQM\XYVIW[MXLSYXIZEPYEXMRK
XIRHSR XEMPW [MXLMR SRI [SVOMRK HE] EJXIV EGGITXERGI SJ XLIVIZMWIHGSRGVIXIQM\XYVIJSVI\TERWMSREWQIEWYVIHMR
WXVIWWMRK VIGSVHW F] %VGLMXIGX)RKMRIIV 7XVERH PIRKXL EGGSVHERGI[MXL%781'
TVSXVYHMRKJVSQXLI[IHKIWEJXIVGYXXMRKWLEPPFIEWWTIGMJMIH 4IVJSVQERGI ERH HIWMKR VIUYMVIQIRXW{'SQTP]
F] XLI IRGETWYPEXMSR W]WXIQ QERYJEGXYVIV )RGETWYPEXMSR [MXLERHXLVSYKL
GETWWLEPPFIMRWXEPPIH[MXLMRLSYVWEJXIVGYXXMRKSJJXIRHSR 1MRMQYQ GIQIRX GSRXIRX{'IQIRX GSRXIRX
XEMPW-JGYXXMRKSVGETTMRKMWHIPE]IHTVSZMHITVSXIGXMSRXS WLEPPRSXFIPIWWXLEROKQ
TVIZIRXQSMWXYVIJVSQVIEGLMRKXLIERGLSVEKIW )\TERWMSR{9RPIWW SXLIV[MWI WTIGMJMIH XLI
9RPIWW SXLIV[MWI WTIGMJMIH VIQSZI WYVTPYW PIRKXLW SJ GSRGVIXI I\TERWMSR WLEPP FI E QMRMQYQ SJ ERH E
XIRHSRW FI]SRH ERGLSVEKIW F] TPEWQE GYXXMRK VETMH QE\MQYQ SJ QIEWYVIH MR EGGSVHERGI [MXL %781
S\]EGIX]PIRIFYVRMRKEFVEWMZI[LIIPSVL]HVEYPMGWLIEVW '
3\]EGIX]PIRIJPEQIGYXXMRKXLIXIRHSRWLEPPRSXFIHMVIGXIH 7PYQT{9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIH
XS[EVHXLI[IHKIW XLIWPYQTWLEPPRSXI\GIIHQQEXXLITSMRXSJTPEGIQIRX
&IJSVIKVSYXMRKWXVIWWMRKTSGOIXWWIEPWXVIWWMRK 4VSTSVXMSRMRK{'SQTP] [MXL ERH
IRHERGLSVEKIWMRYRFSRHIHGSRWXVYGXMSRERHMRXIRHIHJSV XLVSYKL
YWIMREKKVIWWMZIIRZMVSRQIRXW[MXLE[EXIVXMKLXGETJMPPIH ;LIRPEFSVEXSV] XVMEP QM\XYVIW EVIYWIH WXST
[MXLTSWXXIRWMSRMRKGSEXMRK XLIQM\IVEJXIVXLIMRMXMEPQM\MRKG]GPIERHGSZIVXLIPEFSVEXSV]
*MPP WXVIWWMRK TSGOIXW [MXL RSRQIXEPPMG GSRGVIXI QM\IVJSV QMRYXIWYRPIWWSXLIV[MWIWTIGMJMIH
RSRWLVMRO KVSYX [MXLMR HE] EJXIV XIRHSR GYXXMRK +VSYX %JXIVXLMWXMQITIVMSHEHH[EXIVEWRIGIWWEV]XSTVSHYGIXLI
YWIH JSVTSGOIX JMPPMRK WLEPP RSX GSRXEMR GLPSVMHIW SV SXLIV QE\MQYQWTIGMJMIHWPYQT[MXLMRQQ8LIGSRGVIXIWLEPP
GLIQMGEPWORS[RXSFIHIPIXIVMSYWXSTVIWXVIWWMRKWXIIPERH XLIRFIQM\IHJSVEREHHMXMSREPQMRYXIW
WLEPP FI RSRVIEGXMZI [MXL TVIWXVIWWMRK WXIIP ERGLSVEKI *SV XLI TVSTSWIH GSRGVIXI QM\XYVI TVSZMHI
QEXIVMEPWERHGSRGVIXI PEFSVEXSV]XIWXVIWYPXWJSVXLVIII\TERWMSRFEVWGEWXERHXIWXIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
MREGGSVHERGI [MXL %781 ' 6IGSVH XLI I\TERWMSR XIWX E (V]MRK WLVMROEKI XIWX VIWYPXW MJ WTIGMJMIH
VIWYPXWERHWYFQMXJSVEGGITXERGI JSVXLITVSTSWIHGSRGVIXIQM\XYVIHIXIVQMRIHMREGGSVHERGI
6IZMWMSRWXSGSRGVIXIQM\XYVIW{;LIRGSRGVIXI [MXL%781''1I\GITXXLEXMRWXIEHSJWXSVEKIJSV
QM\XYVITVSTSVXMSRWEVIVIZMWIHMREGGSVHERGI[MXL HE]WMRPMQIWEXYVEXIH[EXIVWTIGMQIRWEVIWYFNIGXIHXS
IZEPYEXIXLI IJJIGX SR I\TERWMSR F] TIVJSVQMRK PEFSVEXSV] HE]WSJQSMWX GYVMRKJSPPS[IH F] EXPIEWXHE]WSJEMV
XIWXWSRXLVIII\TERWMSRFEVWGEWX[MXLXLIVIZMWIHGSRGVIXI HV]MRK8LIMRMXMEPPIRKXLSJWTIGMQIRWYWIHEWXLIFEWMWJSV
QM\XYVIMREGGSVHERGI[MXL%781'7YFQMXXIWXVIWYPXW PIRKXL GLERKI WLEPP FI EX LSYVW LSYV
YTSR
EPSRK[MXLXLIVIZMWIHQM\XYVITVSTSVXMSRW HIQSPHMRK WTIGMQIRW ERH HV]MRKWLVMROEKI QIEWYVIQIRXW
6IMRJSVGIQIRX{9WIHIJSVQIHVIMRJSVGMRKFEVWSV WLEPPFIKMREXXLIGSQTPIXMSRSJXLIHE]QSMWXGYVMRKTIVMSH
HIJSVQIH[IPHIH[MVIVIMRJSVGIQIRXQIIXMRKXLIVIUYMVIQIRXW F1ERYJEGXYVIVvWHEXEWLIIXJSVPSEHXVERWJIV
SJ EWWTIGMJMIHMR'SRXVEGX(SGYQIRXW HIZMGIW EX NSMRXW MJ PSEHXVERWJIV HIZMGIW EVI VIUYMVIH F]
-WSPEXMSRNSMRX JMPPIV QEXIVMEPW{9RPIWW SXLIV[MWI 'SRXVEGX(SGYQIRXW
WTIGMJMIHYWIGSQTVIWWMFPIMWSPEXMSRNSMRXJMPPIVQEXIVMEPXLEX G 1ERYJEGXYVIVvW HEXE WLIIX JSV ZETSV
HSIWRSXHIZIPSTEWXVIWWKVIEXIVXLERO4EEX WXVEMR VIXEVHMRK WLIIX MJ E ZETSV VIXEVHIV MW VIUYMVIH F] 'SRXVEGX
[LIRXIWXIHMREGGSVHERGI[MXL%781(SV( (SGYQIRXW
H1ERYJEGXYVIVvWHEXEWLIIXSRIUYMTQIRXXS
{)\IGYXMSR MRWXEPPGSRXVEGXMSRNSMRXWMJVIUYMVIHF]'SRXVEGX(SGYQIRXW
6IMRJSVGIQIRX I1ERYJEGXYVIVvWHEXEWLIIXJSVGYVMRKGSZIV
4PEGIVIMRJSVGIQIRXSRVMKMHWYTTSVXWWTEGIH PMUYMHETTPMIH QIQFVERIJSVQMRK GYVMRK GSQTSYRHW SV
XS IRWYVI TVSTIV TSWMXMSRMRK SJ XLI VIMRJSVGIQIRX HYVMRK SXLIVGYVMRKQIXLSH
TPEGIQIRX J4PERJSVTVSZMHMRKTVSXIGXMSRSJXLIGSRGVIXI
9RPIWWSXLIV[MWIWTIGMJMIHTSWMXMSRVIMRJSVGIQIRX HYIXSERXMGMTEXIHEQFMIRXGSRHMXMSRWHYVMRKXVERWTSVXEXMSR
QQJVSQXLIXSTWYVJEGIJSVVIMRJSVGIHWPEFWSRKVSYRH TPEGIQIRXJMRMWLMRKERHWTIGMJMIHGYVMRKTIVMSH
4PEGMRK K1ERYJEGXYVIVvWHEXEWLIIXJSVNSMRXJMPPIV
4PEGMRK WIUYIRGI{7IUYIRGI SJ GSRGVIXI L;LIRWTIGMJMIHQERYJEGXYVIVvWHEXEWLIIX
TPEGIQIRXWWLEPPTIVQMXXLITVIZMSYWTPEGIQIRXWXSLEZIX[S JSVPMUYMHETTPMIHWYVJEGIHIRWMJMIVW
EHNEGIRXIHKIWJVIIXSI\TERH M ;LIR WTIGMJMIH QERYJEGXYVIVvW HEXE WLIIX
9RPIWW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH XLI JSVQMRIVEPSVQIXEPPMGWLEOILEVHIRIVW
QMRMQYQXMQIFIX[IIRGEWXMRKEHNSMRMRKWIGXMSRWWLEPPFI N .SMRXPE]SYX{4PER JSVNSMRX PE]SYX 9RPIWW
LSYVW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH QE\MQYQ NSMRX WTEGMRK
-WSPEXMSRNSMRXW{4VSZMHIMWSPEXMSRNSMRXWEXNYRGXMSRW WLEPPFIQ
[MXLGSPYQRW[EPPWHVEMRWSVSXLIVVMKMHSFWXVYGXMSRMRXLI O 7YFQMX TPEGMRK WIUYIRGI{4PER WLS[MRK
WXVYGXYVIMREGGSVHERGI[MXL'SRXVEGX(SGYQIRXW I\XIRXSJIEGLTPEGIQIRXXLITPEGMRKWIUYIRGIERHWGLIHYPI
'YVMRK{9RPIWW SXLIV[MWI WTIGMJMIH [IXGYVI JSVIEGLTPEGIQIRX
WLVMROEKIGSQTIRWEXMRKGSRGVIXIJSVEQMRMQYQSJHE]W P-JWTIGMJMIHHIWMKRSJGSRWXVYGXMSRNSMRXJSVQW
MREGGSVHERGI[MXLESVF
{4VSHYGXW
7)'8-32{-2(9786-%0*033670%&7 1EXIVMEPW{1EXIVMEPW YWIH JSV MRHYWXVMEP WPEF
{+IRIVEP GSRWXVYGXMSR WLEPP GSRJSVQ XS 7IGXMSRW ERH I\GITX EW
(IWGVMTXMSR{8LMW WIGXMSR ETTPMIW XS KVSYRH QSHMJMIHMRXLMWWIGXMSR
WYTTSVXIH MRHYWXVMEP JPSSV WPEFW *SV GSRGVIXI WPEFWSR 'IQIRXMXMSYWQEXIVMEPW{'SQTP][MXL
KVSYRHXLEXEVIHIWMKREXIHEWMRHYWXVMEPJPSSVWPEFWTVSZMHI 9RPIWW SXLIV[MWI WTIGMJMIH %781 ' 8]TI --- LMKL
QEXIVMEPW ERH GSRWXVYGX WPEFW EX PSGEXMSRW MRHMGEXIH ERH MR IEVP]WXVIRKXLGIQIRXWLEPPRSXFIYWIH
EGGSVHERGI[MXL'SRXVEGX(SGYQIRXW %KKVIKEXIW
+IRIVEP VIUYMVIQIRXW{'SRGVIXI JSV MRHYWXVMEP E 9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIHYWI
JPSSVWPEFWWLEPPGSQTP][MXLXLIVIUYMVIQIRXWSJ7IGXMSRW EKKVIKEXIW [MXL E RSQMREP QE\MQYQ WM^I SJ QQ
XLVSYKL YRPIWW SXLIV[MWI WTIGMJMIH MR XLMW WIGXMSR SV MR GSRJSVQMRKXSVIUYMVIQIRXWSJ
'SRXVEGX(SGYQIRXW F 9RPIWWSXLIV[MWIWTIGMJMIHEKKVIKEXIYWIH
9RPIWW SXLIV[MWI WTIGMJMIH MRHYWXVMEP JPSSV JSVFEWIGSYVWIWLEPPGSRJSVQXS%781(
WPEFWWLEPPFIEXPIEWXQQXLMGO9RPIWWSXLIV[MWI %HQM\XYVIW
WTIGMJMIHMRHYWXVMEPJPSSVWWLEPPFIWYTTSVXIHF]EXPIEWX E 9RPIWWSXLIV[MWIWTIGMJMIH GEPGMYQGLPSVMHI
QQSJWTIGMJMIHKVEHIHEKKVIKEXIFEWI SV EHQM\XYVIW GSRXEMRMRK GLPSVMHI JVSQ WSYVGIW SXLIV XLER
7YFQMXXEPW MQTYVMXMIWMREHQM\XYVIMRKVIHMIRXWWLEPPRSXFIYWIH
3FXEMREGGITXERGISJVIUYMVIHWYFQMXXEPWJVSQ F %MVIRXVEMRMRKEHQM\XYVIWEVITVSLMFMXIHMR
%VGLMXIGX)RKMRIIVFIJSVITPEGMRKGSRGVIXI GSRGVIXIQM\XYVIWJSVYWIMRWPEFWXSVIGIMZIELEVHXVS[IPIH
-R EHHMXMSR XS XLI WYFQMXXEP VIUYMVIQIRXW SJ JMRMWL
7IGXMSRWXLVSYKLTVSZMHIXLIJSPPS[MRKEWWTIGMJMIHMR 'SRGVIXI QM\XYVI{9RPIWW SXLIV[MWI WTIGMJMIH SV
EXLVSYKLP TIVQMXXIHTVSTSVXMSRGSRGVIXIQM\XYVIXSWEXMWJ]XLIJSPPS[MRK
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
e 'SQTVIWWMZIWXVIRKXLSJ14EEXHE]W VIUYMVIHMRWXEPPEGGITXEFPIZETSVVIXEVHIVMREGGSVHERGI[MXL
e 1E\MQYQQQWPYQT %781 ) HMVIGXP] FIRIEXL WPEF MR EVIEW MRHMGEXIH MR
e 'ETEFPISJFIMRKJMRMWLIHXSEGLMIZIEHIRWMJMIHLEVH 'SRXVEGX(SGYQIRXW0ETWIEQWEXPIEWXQQERHXETI
XVS[IPIHJMRMWLERH GSRXMRYSYWP]
e 7LVMROEKI[LIRWTIGMJMIHMR'SRXVEGX(SGYQIRXW 1IEWYVMRKFEXGLMRKERHQM\MRK{'SQTP][MXL
%MV GSRXIRX{'SRGVIXI JSV WPEFW XS VIGIMZI E (IPMZIV]{'SQTP][MXL
LEVHXVS[IPJMRMWLWLEPPRSXGSRXEMREREMVIRXVEMRMRKEHQM\XYVI 'SRGVIXITPEGIQIRX{'SQTP][MXL
SVLEZIEXSXEPEMVGSRXIRXKVIEXIVXLER *MRMWLMRKWPEFWYVJEGI{9RPIWWSXLIV[MWIWTIGMJMIH
'SRGVIXI XIQTIVEXYVI{9RPIWW SXLIV[MWI GSQTP] [MXL *MRMWLMRK WLEPP FI TVSTIVP] XMQIH XS
WTIGMJMIH SV TIVQMXXIH XLI QE\MQYQ XIQTIVEXYVI SJ TVSNIGXGSRHMXMSRW;EXIVWLEPPRSXFIEHHIHXSWPEFWYVJEGI
GSRGVIXIEXHMWGLEVKIWLEPPFI' HYVMRK JMRMWLMRK ;LIR VIUYMVIH ETTP] WYVJEGI LEVHIRIV
4VSTSVXMSRMRK{'SQTP][MXL7IGXMSRERH EGGSVHMRKXSQERYJEGXYVIVvWVIGSQQIRHEXMSR
:ETSVVIXEVHIV{9RPIWWSXLIV[MWIWTIGMJMIHZETSV 7YVJEGIXSPIVERGIW{9RPIWWEPXIVREXMZIXSPIVERGIW
VIXEVHIVWLEPPGSRJSVQXS%781)'PEWW%ERHWLEPPFI EVIWTIGMJMIHXLIQMRMQYQSZIVEPPWYVJEGIJPEXRIWWWLEPPFI
EXPIEWXSJQQXLMGO **PIZIPRIWWWLEPPFI*0ERHPSGEPEVIEQMRMQYQWWLEPP
6IMRJSVGIQIRX{;LIR WTIGMJMIH YWI HIJSVQIH FI***0EWHIXIVQMRIHF]%781)
VIMRJSVGMRKFEVWXIRHSRWSVHIJSVQIHSVTPEMR[IPHIH[MVI 7YVJEGIXSPIVERGIWWLEPPFIQIEWYVIH[MXLMR
VIMRJSVGIQIRX QIIXMRK XLI VIUYMVIQIRXW SJ EX XLI LSYVW EJXIV JMRMWLMRK ERH XIWX VIWYPXW WYFQMXXIH XS
EQSYRXWWTIGMJMIHMR'SRXVEGX(SGYQIRXW7YTTSVXWWLEPPFI %VGLMXIGX)RKMRIIV[MXLMRHE]WSJQIEWYVIQIRX
YWIH EX E WTEGMRK XS VIWYPX MR VIMRJSVGIQIRX TPEGIQIRX .SMRXW
EGGSVHMRKXS'SRXVEGX(SGYQIRXW -WSPEXMSRNSMRXW{-RWXEPPMWSPEXMSRNSMRXQEXIVMEP
0SEHXVERWJIV HIZMGIW{;LIR VIUYMVIH TVSZMHI XSJYPPHITXLSJWPEF
PSEHXVERWJIV HIZMGIW EX NSMRXW [LIVI MRHMGEXIH MR 'SRXVEGX 'SRWXVYGXMSR NSMRXW{'SQTP] [MXL
(SGYQIRXW7YFQMXWLSTHVE[MRKWSJPSEHXVERWJIVHIZMGIW ERH'SRWXVYGXMSRNSMRXWWLEPPFITIVTIRHMGYPEV
.SMRXJMPPIVQEXIVMEPW{9RPIWWSXLIV[MWIWTIGMJMIH XSWPEFWYVJEGIERHWLEPPRSXFIGSRWXVYGXIHYWMRKOI][E]W
YWI E X[SGSQTSRIRX WIQMVMKMH NSMRX JMPPIV QEXIVMEP 8LI 9RPIWW SXLIV[MWI WTIGMJMIH HS[IPIH GSRWXVYGXMSR NSMRXW
JMPPIVWLEPPLEZI WSPMHWEQMRMQYQ7LSVI%LEVHRIWW HIWMKRIHXSEPPS[[MHIRMRKWLEPPFIWE[GYXXSWPEFXLMGO
SJ[LIRQIEWYVIHMREGGSVHERGI[MXL%781(ERH RIWWSVQQ[LMGLIZIVMWWQEPPIV%PMKRWE[GYX[MXLNSMRX
ERIPSRKEXMSRFIPS[ [LIRQIEWYVIHMREGGSVHERGI[MXL 'SRXVEGXMSR NSMRXW{9RPIWW SXLIV[MWI WTIGMJMIH
%781( GSQTP][MXL-JIEVP]IRXV]HV]GYXXMRKWE[WEVIYWIH
-WSPEXMSRNSMRX JMPPIV QEXIVMEPW{9RPIWW SXLIV[MWI VITPEGIWOMHTPEXIERHFPEHIEWVIGSQQIRHIHF]XLIIUYMTQIRX
WTIGMJMIHYWINSMRXQEXIVMEPXLEXTVIZIRXWFSRHERHEPPS[W QERYJEGXYVIVXSQMRMQM^IWE[GYXVEZIPMRK-RWXEPPWE[GYXW
JSVLSVM^SRXEPERHZIVXMGEPQSZIQIRXSJXLIWPEFVIPEXMZIXS TIVTIRHMGYPEV XS WPEF WYVJEGI 4VSXIGX NSMRXW JVSQ HEQEKI
JM\IHEFYXXMRKIPIQIRXWERHTIRIXVEXMSRW HYIXSGSRWXVYGXMSREGXMZMXMIW
'YVMRKQEXIVMEPW 0SEHXVERWJIV HIZMGIW{'SQTP] [MXL
'YVMRK GSQTSYRHW{1IQFVERIJSVQMRK GYVMRK -RWXEPP HIZMGIW EX WPEF QMHHITXL ERH WIGYVI XS EZSMH
GSQTSYRHWWLEPPQIIX%781'SV%781'ERHFI HMWTPEGIQIRX 'SRWSPMHEXI GSRGVIXI EVSYRH PSEHXVERWJIV
ETTPMIHEXXLIQERYJEGXYVIVvWWXMTYPEXIHGSZIVEKIVEXIW(S HIZMGIWF]ZMFVEXMSRMQQIHMEXIP]EHNEGIRXXSXLIHIZMGIWXS
RSX YWI WMPMGEXIFEWIH PMUYMH WYVJEGI HIRWMJMIVW EW GYVMRK IRWYVIGSQTPIXIGSRXEGXFIX[IIRGSRGVIXIERHWXIIP
GSQTSYRHW 'YVMRKERHTVSXIGXMSR{9RPIWWSXLIV[MWIWTIGMJMIH
'YVMRK GSZIVMRKW{1SMWXYVIVIXEMRMRK GSZIVW GSQTP] [MXL ERH TVSZMHI GYVMRK JSV EX PIEWX HE]W
WLEPPQIIXVIUYMVIQIRXWSJ%781'8LIQEXIVMEPWLEPP %TTP]GYVMRKGSZIVWEWWSSREWTVEGXMGEFPI[MXLSYXQEVVMRK
FIRSRWXEMRMRKERHEFWSVFIRX XLIJMRMWLIHWYVJEGI4PEGIQSMWXYVIVIXEMRMRKGSZIVMRKWMRE
0MUYMHWYVJEGIHIRWMJMIV{;LIRVIUYMVIH YWIER QERRIV XS TVIZIRX WYVJEGI HMWGSPSVEXMSR SV QEVOMRK /IIT
EGGITXEFPIPMUYMHWYVJEGIHIRWMJMIVMREVIEW[LIVIWTIGMJMIH XLIWPEFGSRXMRYSYWP][IXEJXIVJMREPJMRMWLMRKMWGSQTPIXIH
1MRIVEP SV QIXEPPMG WLEOI WYVJEGI LEVHIRIVW{ ERHHYVMRKXLIGYVMRKTIVMSH8IQTIVEXYVISJETTPMIH[EXIV
;LIR VIUYMVIH YWI ER EGGITXEFPI HV]WLEOI LEVHIRIV MR WLEPPRSXFIQSVIXLER'GSPHIVXLERXLIGSRGVIXIWYVJEGI
EVIEWWTIGMJMIH XIQTIVEXYVI 9RPIWW SXLIV[MWI TIVQMXXIH HS RSX ETTP]
GYVMRK GSQTSYRH [LIVI WYFWIUYIRX JMRMWL JPSSVMRK SV
{)\IGYXMSR WYVJEGIHIRWMJMIVMWXSFIMRWXEPPIH;LIRTIVQMXXIHGYVMRK
4VITEVEXMSR{4VSSJVSPP XLI TVITEVIH FEWI MR GSQTSYRHW MRGPYHMRK XLSWI GSRWMHIVIH WIPJHMWWMTEXMRK
EGGSVHERGI [MXL 'SRXVEGX (SGYQIRXW 9RPIWW SXLIV[MWI WLEPP FI QIGLERMGEPP] VIQSZIH F] QIXLSH EGGITXEFPI XS
WTIGMJMIHGSQTEGXEKKVIKEXIFEWIGSYVWIXSEXPIEWX SJ JMRMWLJPSSVMRKSVWYVJEGIHIRWMJMIVQERYJEGXYVIV
QE\MQYQHIRWMX]EWXIWXIHMREGGSVHERGI[MXL%781( 0MUYMH WYVJEGI HIRWMJMIV{;LIR VIUYMVIH ETTP]
'SQTP][MXLXLIVIUYMVIQIRXWSJERHZIVMJ]XLEXFEWI PMUYMH WYVJEGI HIRWMJMIV MR EGGSVHERGI [MXL QERYJEGXYVIVvW
WYVJEGIIPIZEXMSRMW[MXLMREXSPIVERGISJQQERHzQQ VIGSQQIRHEXMSRW %JXIV XLI GYVMRK TIVMSH VIQSZI GYVMRK
SJXLITPERRIHIPIZEXMSR8LMWFEWIWYVJEGIIPIZEXMSRXSPIVERGI GSQTSYRHEPPS[XLIWPEFWYVJEGIXSEMVHV]JSVHE]WERH
WLEPP FI QEMRXEMRIH HYVMRK TPEGIQIRX SJ GSRGVIXI ;LIR ETTP]TVSHYGX
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
WIGXMSR ;LIR PMKLX[IMKLX TVIGEWX GSRGVIXI QIQFIVW EVI 7YFQMX XLI HEXE WTIGMJMIH MR E [LIR
WTIGMJMIHGSQTP][MXL7IGXMSR MREHHMXMSRXSTVSZMWMSRWSJ VIUYMVIH
XLMWWIGXMSR E 7YFQMX MJ VIUYMVIH QEXIVMEP XIWX VITSVXW
7YFQMXXEPW JVSQ ER EGGVIHMXIH XIWXMRK EKIRG] SV QEXIVMEP GIVXMJMGEXIW
7YFQMXXEPW VIUYMVIH FIJSVI I\IGYXMSR SJ XLI WMKRIHF]QERYJEGXYVIVWSVWYTTPMIVWGIVXMJ]MRKXLEXIEGLSJXLI
;SVOEVIWTIGMJMIHMREXLVSYKLL JSPPS[MRKMXIQWGSQTPMIW[MXLWTIGMJMGEXMSRVIUYMVIQIRXW
E 'SRGVIXI QM\XYVIW{9RPIWW SXLIV[MWI e 'IQIRXMXMSYWQEXIVMEPW
WTIGMJMIH SV TIVQMXXIH WYFQMX QM\XYVI TVSTSVXMSRW ERH e 'SRGVIXIEKKVIKEXIW
GLEVEGXIVMWXMGWJSVIEGLTVIGEWXGSRGVIXIQM\XYVIMREGGSVHERGI e 6IMRJSVGIQIRXERHTVIWXVIWWMRKWXIIP
[MXL 7IGXMSR e %HQM\XYVIW
F 7LSTHVE[MRKW{7YFQMXWLSTHVE[MRKWJSV e &IEVMRKTEHW
IVIGXMSR SJ TVIGEWX GSRGVIXI QIQFIVW MRGPYHMRK QIQFIV e 7XVYGXYVEPWXIIPWLETIWERHLSPPS[WXVYGXYVEPWIGXMSRW
PSGEXMSRW TPER ZMI[W IPIZEXMSRW HMQIRWMSRW LERHPMRK e -RWYPEXMSRERH
TVSGIHYVIWERHGSRRIGXMSRHIXEMPW e %R]SXLIVGSQTSRIRXWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
-JVIUYMVIHWYFQMXWLSTHVE[MRKWJSVXIQTSVEV]FVEGMRK [MXLETTPMGEFPIWXERHEVHW
ERHWLSVMRKMRGPYHMRK IVIGXMSR WIUYIRGI ERH FVEGMRKTPER 6IXIRXMSRSJVIGSVHW{9RPIWWEPSRKIVTIVMSHMW
7YFQMX GEPGYPEXMSRW MJ VIUYMVIH MRHMGEXMRK XLI HIWMKR JSV WTIGMJMIH VIXEMR UYEPMX] GSRXVSP VIGSVHW ERH GSQTPMERGI
XIQTSVEV] GSRRIGXMSRW IVIGXMSR FVEGMRK ERH WIUYIRGI SJ GIVXMJMGEXIWJSVIEGLX]TISJTVIGEWXQIQFIVJSV]IEVW
GSQTPIXMRKGSRRIGXMSRW 5YEPMX]EWWYVERGI
-J VIUYMVIH WYFQMX WLST HVE[MRKW JSV JEFVMGEXMSR MR )VIGXSVUYEPMJMGEXMSRW{9RPIWWSXLIV[MWIWTIG
EGGSVHERGI[MXL'SRXVEGX(SGYQIRXW MJMIHSVTIVQMXXIHTVIGEWXGSRGVIXIIVIGXSVWLEPPFIUYEPMJMIH
G ;IPHMRK GIVXMJMGEXIW{7YFQMX [IPHMRK F]XLI4'-)VIGXSV'IVXMJMGEXMSR4VSKVEQMRXLI'EXIKSV]EW
TVSGIHYVIWTIGMJMGEXMSRWERHTIVWSRRIPGIVXMJMGEXIWQIIXMRK WTIGMJMIHMR'SRXVEGX(SGYQIRXWFIJSVIFIKMRRMRK[SVOEX
XLIVIUYMVIQIRXWSJ XLITVSNIGXWMXI7YFQMXEGYVVIRX'IVXMJMGEXISJ'SQTPMERGI
H 7XVYGXYVEP HIWMKR WYFQMXXEP{7YFQMX MJ JYVRMWLIHF]4'-HIWMKREXMRKUYEPMJMGEXMSRMRXLI;SVO
VIUYMVIHWXVYGXYVEPGEPGYPEXMSRWTVITEVIHWMKRIHERHWIEPIH ;LIR IVIGXSV RSX UYEPMJMIH F] 4'- MW TIVQMXXIH IVIGXSV
F]EPMGIRWIHHIWMKRIRKMRIIVPMGIRWIHMRXLINYVMWHMGXMSRXLI WLEPPLEZIEGGITXEFPII\TIVMIRGIMRTVIGEWXGSRGVIXIIVIGXMSR
TVSNIGXMWPSGEXIH SREXPIEWXXLVIITVSNIGXWGSQTEVEFPIMRWGSTIXSXLI;SVO
7YFQMXWLSTHVE[MRKWMRHMGEXMRKWTIGMJMIHHIWMKRGVMXIVME )VIGXSVRSXUYEPMJMIHF]4'-WLEPPVIXEMRE4'-'IVXMJMIH*MIPH
ERHHIWMKRQIXLSHWYRPIWWHIWMKRGEPGYPEXMSRWEVIVIUYMVIH %YHMXSVXSGSRHYGXEJMIPHEYHMXSJETVSNIGXMRXLIWEQIGEXIKSV]
;LIR HIWMKR GEPGYPEXMSRW EVI XS FI WYFQMXXIH MRGPYHI EWXLMW4VSNIGXFIJSVIWXEVXSJIVIGXMSR)VIGXSVWv4SWX%YHMX
HIWMKR GEPGYPEXMSRW JSV QIQFIVW ERH XLIMV GSRRIGXMSRW XS (IGPEVEXMSRWLEPPFIWYFQMXXIH
VIWMWXLERHPMRKPSEHWERHSXLIVPSEHWEWVIUYMVIHF]'SRXVEGX *EFVMGEXSV UYEPMJMGEXMSRW{9RPIWW SXLIV[MWI
(SGYQIRXW 'EPGYPEXMSRW WLEPP MRHMGEXI HIWMKR JSV GSRRIG WTIGMJMIH JEFVMGEXSV WLEPP FI GIVXMJMIH MR EGGSVHERGI [MXL
XMSRWEXXLIQIQFIVIRHWERHXSIEGLEHNSMRMRKQIQFIV 4'-4PERX'IVXMJMGEXMSRTVSKVEQJSVXLI+VSYTERH'EXIKSV]
;LIRQIQFIVWEVIHIWMKRIHYWMRKEGSQTYXIVTVSKVEQGEPGY EWWTIGMJMIHMR'SRXVEGX(SGYQIRXW
PEXMSRW WLEPP MRGPYHI HSGYQIRXEXMSR SJ XLI GSQTYXIV TVSKVEQ 9RPIWWSXLIV[MWIWTIGMJMIHXIWXMRKERHMRWTIGXMSRWLEPPFI
MHIRXMJ]MRKQIXLSHSJWSPYXMSRMRTYXHEXEERHSYXTYXJSVIEGL TIVJSVQIHF]4'-GIVXMJMIHTIVWSRRIP7YFQMXHSGYQIRXEXMSR
QIQFIV%XPIEWXSRIQIQFIVWLEPPFIEREP]^IHERHHIWMKRIHMR SJGIVXMJMGEXMSRSJTPERXERHTIVWSRRIP
E HIXEMPIH GEPGYPEXMSR XLEX EPPS[W WXITF]WXIT GSQTVILIRWMZI 9RPIWWSXLIV[MWIWTIGMJMIHJEFVMGEXSVWLEPPLEZIEXPIEWX
VIZMI[ERHFIWYFQMXXIH[MXLGSQTYXIVHEXEJSVZIVMJMGEXMSR ]IEVW SJ I\TIVMIRGI MR TVSHYGMRK TVIGEWX GSRGVIXI
I (IWMKRQSHMJMGEXMSRW{-JHIWMKRQSHMJMGEXMSRW QIQFIVWWMQMPEVXSXLSWIVIUYMVIHMRXLI;SVO
XS'SRXVEGX(SGYQIRXWEVITVSTSWIHRSXMJ]%VGLMXIGX)RKMRIIV ;IPHMRK{9RPIWWSXLIV[MWIWTIGMJMIHYWIUYEP
MQQIHMEXIP] ERH WYFQMX HVE[MRKW JSV EGGITXERGI 7YFQMX MJMIH [IPHIVW 'SQTP] [MXL %;7 ((1 ERH %;7
HIWMKR GEPGYPEXMSRW [LIR VIUYMVIH MR EGGSVHERGI [MXL ((1
H1EMRXEMRXLIWTIGMJMIHHIWMKRVIUYMVIQIRXW[LIR *MVI VIWMWXERGI{4VSZMHI TVIGEWX GSRGVIXI
EPXIVMRKWM^ISJQIQFIVWERHEPMKRQIRX QIQFIVW [LSWI JMVI VIWMWXERGI QIIXW XLI VIUYMVIQIRXW SJ
J7YFQMXIVIGXSVUYEPMJMGEXMSRWEWVIUYMVIHMR 'SRXVEGX (SGYQIRXW 9RPIWW SXLIV[MWI WTIGMJMIH WYFQMX
GEPGYPEXMSRSJJMVIVIWMWXERGIVEXMRK
K7YFQMXJEFVMGEXSVUYEPMJMGEXMSRWEWVIUYMVIH 4VIGSRWXVYGXMSRGSRJIVIRGI{9RPIWWSXLIV[MWI
MR WTIGMJMIH GSRHYGX E TVIGSRWXVYGXMSR GSRJIVIRGI EX XLI
L 4PERXUYEPMX]GSRXVSP{7YFQMXGIVXMJMGEXMSRSJ TVSNIGXWMXI
TVIGEWX GSRGVIXI TPERXW MR EGGSVHERGI [MXL XLI 4VIGEWX 4VSHYGXHIPMZIV]WXSVEKIERHLERHPMRK
4VIWXVIWWIH'SRGVIXI-RWXMXYXI4'-
4PERX'IVXMJMGEXMSRTVSKVEQ 7XSVIQIQFIVWXSTVIZIRXGSRXEGX[MXLWSMPXS
%PXIVREXMZIP] WYFQMX QERYJEGXYVMRK TVSGIHYVIW ERH E UYEPMX] TVIZIRX WXEMRMRK ERH XS GSRXVSP GVEGOMRK HMWXSVXMSR
GSRXVSPERHXIWXMRKTVSKVEQXS%VGLMXIGX)RKMRIIVJSVVIZMI[ERH [EVTMRKSVSXLIVTL]WMGEPHEQEKI
EGGITXERGI7YFQMXIZMHIRGISJTPERXGIVXMJMGEXMSRSVHSGYQIR 4PEGI WXSVIH YRMXW WS MHIRXMJMGEXMSR QEVOW EVI
XEXMSRSJQERYJEGXYVMRKTVSGIHYVIWERHUYEPMX]GSRXVSPTVSKVEQ GPIEVP]ZMWMFPIERHYRMXWGERFIMRWTIGXIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
(IPMZIVTVIGEWXGSRGVIXIYRMXWMRWYGLUYERXMXMIW ;IPH LIEHIH WXYHW ERH HIJSVQIH FEV ERGLSVW YWIH JSV
ERH EX WYGL XMQIW XS GSQTP] [MXL XLI EKVIIHYTSR TVSNIGX ERGLSVEKIEGGSVHMRKXS%;7((1ERH%;7'
WGLIHYPIERHTVSTIVWIXXMRKWIUYIRGIXSIRWYVIGSRXMRYMX]SJ &IEVMRKTEHWERHSXLIVEGGIWWSVMIW
MRWXEPPEXMSR 9RPIWW SXLIV[MWI WTIGMJMIH SV TIVQMXXIH
,ERHPIERHXVERWTSVXYRMXWMRETSWMXMSRGSRWMWXIRX TVSZMHI SRI SJ XLI FIEVMRK TEHW JSV TVIGEWX GSRGVIXI
[MXLXLIMVWLETIERHHIWMKREWMRHMGEXIHSRWLSTHVE[MRKW QIQFIVWMREXLVSYKLI
0MJXERHWYTTSVXYRMXWSRP]EXHIWMKREXIHTSMRXW E )PEWXSQIVMGTEHW{%%7,831TPEMR
MRHMGEXIHSRXLIWLSTHVE[MRKW ZYPGERM^IH TSP]GLPSVSTVIRI RISTVIRI
IPEWXSQIV
QSPHIHXSWM^ISVGYXJVSQEQSPHIHWLIIXXS7LSVI%
{4VSHYGXW (YVSQIXIV EGGSVHMRK XS %781 ( QMRMQYQ XIRWMPI
4IVJSVQERGIVIUYMVIQIRXW WXVIRKXL14EMREGGSVHERGI[MXL%781(
7XVYGXYVEPHIWMKR{9RPIWWSXLIV[MWIWTIGMJMIH F 6ERHSQSVMIRXIH JMFIVVIMRJSVGIH IPEWXS
HIWMKRIEGLQIQFIVJSVVIUYMVIHPSEHWLERHPMRKXVERWTSV QIVMG TEHW{4VIJSVQIH VERHSQP] SVMIRXIH W]RXLIXMG JMFIVW
XEXMSR IVIGXMSR ERH SXLIV PSEHW EW WTIGMJMIH MR 'SRXVEGX WIXMRIPEWXSQIV7YVJEGILEVHRIWWSJXS7LSVI%(YVSQIXIV
(SGYQIRXW 7LST HVE[MRKW WLEPP MRHMGEXI HIWMKR QIXLSHW EGGSVHMRK XS %781 ( 'ETEFPI SJ WYTTSVXMRK E
YWIHERHWLEPPMRHMGEXIHIXEMPWJSVGSRRIGXMSRWEXXLIQIQFIV GSQTVIWWMZIWXVIWWSJ14E[MXLSYXGVEGOMRKWTPMXXMRKSV
IRHWERHXSIEGLEHNSMRMRKQIQFIV HIPEQMREXMRKMRXLIMRXIVREPTSVXMSRWSJXLITEH
*SVQQEXIVMEPWERHEGGIWWSVMIW G 'SXXSRHYGOJEFVMGVIMRJSVGIH IPEWXSQIVMG
*SVQW{9WI JSVQW XLEX EVI HMQIRWMSREPP] TEHW{4VIJSVQIH LSVM^SRXEPP]PE]IVIH GSXXSRHYGO JEFVMG
WXEFPI ERH RSREFWSVTXMZI XLEX [MPP TVSZMHI GSRXMRYSYW FSRHIHXSERIPEWXSQIV7YVJEGILEVHRIWWSJXS7LSVI%
TVIGEWXGSRGVIXIWYVJEGIW[MXLMRJEFVMGEXMSRXSPIVERGIW9WI (YVSQIXIV EGGSVHMRK XS %781 ( 'SRJSVQMRK XS
JSVQWXLEXEVIRSRVIEGXMZI[MXLQEXIVMEPWMRGSRGVIXIERHEVI (MZMWMSR--7IGXMSRSJ%%7,8306*(&VMHKI(IWMKR
WYMXEFPIJSVTVSHYGMRKWTIGMJMIHJMRMWLIW 7TIGMJMGEXMSRWSV1MPMXEV]7TIGMJMGEXMSR1-0')
*SVQVIPIEWIEKIRX{9WIGSQQIVGMEPP]TVSHYGIH H *VMGXMSRPIWW TEHW{8IXVEJPYSVSIXL]PIRI
JSVQVIPIEWIEKIRXXLEXHSIWRSXFSRH[MXLWXEMRSVEJJIGX KPEWWJMFIVVIMRJSVGIHFSRHIHXSWXEMRPIWWSVQMPHWXIIPTPEXIW
LEVHIRMRK SJ TVIGEWX GSRGVIXI WYVJEGIW ERH HSIW RSX MQTEMV SVVERHSQSVMIRXIHJMFIVVIMRJSVGIHIPEWXSQIVMGTEHW
WYFWIUYIRXWYVJEGISVNSMRXXVIEXQIRXWSJTVIGEWXGSRGVIXI I ,MKLHIRWMX] TPEWXMG{1YPXMQSRSQIV
4VIWXVIWWMRKWXIIP RSRPIEGLMRKTPEWXMGWXVMTGETEFPISJWYTTSVXMRKPSEHW[MXL
E +IRIVEP{9WIQEXIVMEPWEWWTIGMJMIHMR'SRXVEGX RSZMWMFPISZIVEPPI\TERWMSR
(SGYQIRXWERHGSRJSVQMRKXS7IGXMSR4VIWXVIWWMRKWXIIP 3XLIVEGGIWWSVMIW
WLEPPFIGPIERERHJVIISJWGEPISMPHMVXERHTMXXMRK%PMKLX E 6IKPIXW{;LIR WTIGMJMIH TVSZMHI
GSEXMRKSJVYWXXLEXGERFIVIQSZIH[MXLJMRIWXIIP[SSPMW WYVJEGIQSYRXIH VIKPIXW QIIXMRK XLI VIUYMVIQIRXW SJ
TIVQMXXIH 'SRXVEGX(SGYQIRXW
F 4VIWXVIWWMRKWXVERH F )VIGXMSR EGGIWWSVMIW{4VSZMHI GPMTW
e %781 %%1 +VEHI 14E YRGSEXIH ERKPIWFSPXW[EWLIVWRYXWLERKIVWTPEWXMGSVWXIIPWLMQW
[MVIPS[VIPE\EXMSRWXVERH ERH SXLIV EGGIWWSVMIW VIUYMVIH XS MRWXEPP TVIGEWX GSRGVIXI
e %781 %%1 +VEHI 14E MRHIRXIH QIQFIVW4VSZMHIGSRRIGXMSRMXIQWERGLSVWERKPIWTPEXIW
[MVIPS[VIPE\EXMSRWXVERHMRGPYHMRKWYTTPIQIRX
ERH ERHSXLIVMXIQWWIGYVIHXSSVIQFIHHIHMRTVIGEWXGSRGVIXI
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%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
1%2(%836=6)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
7TIGMJ] WXVIWWMRK WIUYIRGI QMRMQYQ GSRGVIXI GSQTVIWWMZI WXVIRKXL ERH WXEKIW EX [LMGL XIRHSRW WLSYPH FI
WXVIWWIH
7LVMROEKIGSQTIRWEXMRKGSRGVIXI
(IWMKREXIEVIEWXSFIGSRWXVYGXIHYWMRKWLVMROEKIGSQTIRWEXMRKGSRGVIXI
-RHYWXVMEPJPSSVWPEFW
(IWMKREXITSVXMSRWSJWXVYGXYVIXSFIGSRWXVYGXIHEWMRHYWXVMEPJPSSVWPEFWMR'SRXVEGX(SGYQIRXW
7TIGMJ]TVSSJVSPPMRKTVSGIHYVIQIXLSHSJEGGITXERGIERHGSVVIGXMZIVIUYMVIQIRXW[LIRYREGGITXEFPIQEXIVMEP
MWMHIRXMJMIH6IJIVXS%'-6ERH6JSVKYMHERGI
8MPXYTGSRWXVYGXMSR
(IWMKREXIEVIEWXSFIGSRWXVYGXIHEWXMPXYTGSRGVIXITERIPW
7TIGMJ]X]TIPSGEXMSRERHI\XIRXSJIEGLJMRMWL
4VIGEWXWXVYGXYVEPGSRGVIXI
H 7TIGMJ]HIWMKRGVMXIVMEERHETTPMGEFPIGSHIWERHWXERHEVHW
7TIGMJ]MR'SRXVEGX(SGYQIRXWXLIGEXIKSV]JSVXLIIVIGXSVGIVXMJMGEXMSR
e 'EXIKSV]%%VGLMXIGXYVEP7]WXIQW
JSVRSRPSEHFIEVMRKQIQFIVW
e 'EXIKSV]77MQTPI7XVYGXYVEP7]WXIQW
JSVLSVM^SRXEPHIGOMRKQIQFIVWERHWMRKPIPMJX[EPPTERIPWERH
e 'EXIKSV]7'SQTPI\7XVYGXYVEP7]WXIQW
JSVPSEHFIEVMRKQIQFIVW
7TIGMJ]MR'SRXVEGX(SGYQIRXWXLI+VSYTERH'EXIKSV]JSVXLIJEFVMGEXSV
e +VSYT%
'EXIKSV]%{%VGLMXIGXYVEP4VIGEWX4VSHYGXW
e +VSYT'SV'%
'EXIKSV]'{4VIGEWX'SRGVIXI4VSHYGXWRSTVIWXVIWWIHVIMRJSVGIQIRX
'EXIKSV]'{4VIWXVIWWIH,SPPS['SVIERH6ITIXMXMZI4VSHYGXW
'EXIKSV]'{4VIWXVIWWIH7XVEMKLX7XVERH7XVYGXYVEP1IQFIVW
'EXIKSV]'{4VIWXVIWWIH(IJPIGXIH7XVERH7XVYGXYVEP1IQFIVW
7TIGMJ]JMVIVEXMRKMRLSYVWSJTVIGEWXGSRGVIXIQIQFIVW
E 7TIGMJ]X]TIERHQMRMQYQXIRWMPIWXVIRKXLSJTVIWXVIWWMRKWXIIP
7TIGMJ]KVEHIWX]TIWERHWYVJEGIJMRMWLSJWXIIPGSRRIGXMSRQEXIVMEPW
7TIGMJ]WXVIRKXLSJKVSYXMR'SRXVEGX(SGYQIRXW
7TIGMJ]TVIGEWXGSRGVIXIQIQFIVWM^IWERHWLETIWMR'SRXVEGX(SGYQIRXW
7TIGMJ]GEWXMRVIKPIXWWPSXWLSPIWERHEGGIWWSVMIWMR'SRXVEGX(SGYQIRXW
7TIGMJ]GSQTVIWWMZIWXVIRKXLEXVIPIEWISJTVIWXVIWWMRKJSVGI
I 7TIGMJ][LIVIETTIEVERGIMWGVMXMGEPSVI\TSWYVIMWWIZIVI
7TIGMJ]JMRMWL-JQSVIXLERSRIJMRMWLMWVIUYMVIHGVIEXIEJMRMWLWGLIHYPIMR'SRXVEGX(SGYQIRXW*MRMWLIWEVIMR
EWGIRHMRK SVHIV SJ JMRMWLUYEPMX] ERH GSWX7TIGMJ] SXLIVWTIGMJMG JMRMWL VIUYMVIQIRXW XS WYMX4VSNIGX 7TIGMJ]XLI
QMRMQYQJMRMWLKVEHIGSRWMWXIRX[MXLEQIQFIVvWETTPMGEXMSRERHXLIMRXIRHIHYWISJXLIWXVYGXYVI'SRWYPXJEFVMGEXSVW
VIKEVHMRKXLIJMRMWLIWETTVSTVMEXIJSVZEVMSYWQIQFIVWERHGSWXIJJIGXMZIRIWW'SSVHMREXITVIGEWXGSRGVIXIJMRMWLIW
[MXLVIUYMVIHJPSSVGIMPMRKVSSJHIGOJMRMWLIWSVXSTTMRKW
7TIGMJ]'SQQIVGMEP+VEHI[LIRXLIQIQFIV[MPPRSXFIZMWMFPIMRXLIGSQTPIXIHWXVYGXYVISV[LIRXLIJYRGXMSR
SJXLIWXVYGXYVIHSIWRSXVIUYMVIERIRLERGIHWYVJEGI8LMWMWIWWIRXMEPP]ERwEWGEWXxJMRMWL
7TIGMJ]7XERHEVH+VEHI[LIVIQIQFIVWEVII\TSWIHXSZMI[FYXXLIJYRGXMSRSJXLIWXVYGXYVIHSIWRSXVIUYMVIE
WTIGMEPJMRMWL8LIWYVJEGIMWWYMXEFPIJSVERETTPMIHXI\XYVIHGSEXMRKFYXRSXRIGIWWEVMP]WYMXEFPIJSVTEMRXMRK8LMWMW
XLIX]TMGEPJMRMWLKVEHIJSVWXVYGXYVEPQIQFIVW
7TIGMJ] +VEHI & *MRMWL SR ZMWYEPP] I\TSWIH WXVYGXYVEP QIQFIVW WYGL EW GSPYQRW SV [EPPW +VEHI & *MRMWL MW
TVMQEVMP]JSVWYVJEGIJMRMWL'SPSVZEVMEXMSRWEVIEGGITXEFPI
7TIGMJ]+VEHI%*MRMWL[LIVIWYVJEGI[MPPFITEMRXIHIWTIGMEPP][MXLEXI\XYVIHSVwWERHxTEMRX
LS[IZIVWSQI
WYVJEGIFPIQMWLIW[MPPFIZMWMFPI-JEWYVJEGI[MXLJI[IVMQTIVJIGXMSRWXLEREPPS[IHJSV+VEHI%MWRIIHIHWTIGMJ]
XLIVIUYMVIQIRXWEWEwWTIGMEPJMRMWLx6IUYMVIQIRXWJSV+VEHI%*MRMWLEVIRSXETTPMGEFPIXSI\XVYHIH QIQFIVW
QERYJEGXYVIH[MXL^IVSWPYQTGSRGVIXI
7TIGMJ]MRTPEGIWXVIRKXLSJWYTTSVXMRKGEWXMRTPEGIJSYRHEXMSRERHFYMPHMRKWXVYGXYVEPJVEQMRKGSRGVIXIVIUYMVIH
FIJSVIMRWXEPPEXMSRSJTVIGEWXGSRGVIXIQIQFIVW
F 7TIGMJ]FSPXXSVUYI
4VIGEWXEVGLMXIGXYVEPGSRGVIXI
7TIGMJ]XLIVIUYMVIH4'-'EXIKSV]ERH+VSYT
7TIGMJ]MR'SRXVEGX(SGYQIRXW[LIVIWEQTPITERIPWEVIXSFIPSGEXIH
E 7TIGMJ]WM^IERHPSGEXMSRSJQSGOYT
;LIRTVIGEWXGSRGVIXIMW XSWYTTSVXEPPSV ER]TEVX SJ[MRHS[[EWLMRKW]WXIQWTIGMJ] HIWMKRPSEHWMRGPYHMRK
QEXIVMEPERHIUYMTQIRXXSFIYWIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
1%2(%836=6)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
7TIGMJ]RYQFIVERHX]TIWSJERGLSVWMJWXSRIZIRIIVTVIGEWXYRMXWEVIVIUYMVIH
7TIGMJ]VIUYMVIQIRXWJSVXLMRERHJYPPFVMGOSVGIVEQMGXMPI
F 7TIGMJ]WIPIGXIHJSVQPMRIVW
7TIGMJ] VIUYMVIH JMRMWL JSV I\TSWIH JEGIW 7TIGMJ] MR 'SRXVEGX (SGYQIRXW [LMGL WXVYGXYVEP TVIGEWX GSRGVIXI
QIQFIVWVIUYMVIEREVGLMXIGXYVEPJMRMWL'%GEXIKSV]
-JQSVIXLERSRIJMRMWLMWVIUYMVIHEHHPSGEXMSRWXSJMRMWL
HIWGVMTXMSRWSVMRHMGEXISR(VE[MRKW7TIGMJ]QSVIHIXEMPIHHIWGVMTXMSRWSJJMRMWLIWMJKVIEXIVHIJMRMXMSRMWVIUYMVIH
WYGLEWPMKLXQIHMYQSVHIIT
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
+IRIVEPVIUYMVIQIRXW
7TIGMJ][LIR'SRXVEGXSVMWVIUYMVIHXSWYFQMXE5YEPMX]'SRXVSP4PER
-RHMGEXIEGGITXEFPIGIVXMJMGEXMSRTVSKVEQWMR'SRXVEGX(SGYQIRX%WEQMRMQYQGIVXMJMGEXMSRTVSKVEQWWLSYPH
MRGPYHI[VMXXIRERHTIVJSVQERGIIZEPYEXMSRWEWHIWGVMFIHMR%'-'4
7TIGMJ]MJSXLIVXIWXMRKEVVERKIQIRXWEVIVIUYMVIH
K -JEGGIPIVEXIHXIWXMRKSJGSRGVIXIMWWTIGMJMIHSVTIVQMXXIHWTIGMJ]XLITVSGIHYVIJVSQ%781'XLEXMWXSFI
JSPPS[IH7TIGMJ][LIRWXERHEVHGYVIHGSQTVIWWMZIXIWXWTIGMQIRWEVIXSFIXIWXIHMJSXLIVXLERHE]W
H 7TIGMJ]MR'SRXVEGX(SGYQIRXWMJQSVIJVIUYIRXWEQTPMRKERHXIWXMRK[MPPFIVIUYMVIH1SVIJVIUYIRXWEQTPMRKMW
X]TMGEP[MXLLMKLWXVIRKXLGSRGVIXIIWTIGMEPP]JSVGSPYQRWERHWLIEV[EPPWSV[LIRGSRXVSPSJEMVGSRXIRXMWGVMXMGEP
I 7TIGMJ][LIRGSQTVIWWMZIXIWXWTIGMQIRWEVIXSFIXIWXIHMJSXLIVXLEREXHE]W
J -JEGGIPIVEXIHXIWXMRKSJGSRGVIXIMWWTIGMJMIHSVTIVQMXXIH XSGSQTPIQIRXWXERHEVHWXVIRKXLXIWXMRK WTIGMJ] XLI
TVSGIHYVIJVSQ%781'XLEXMWXSFIJSPPS[IH7TIGMJ][LIRWXERHEVHGYVIHXIWXWTIGMQIRWEVIXSFIXIWXIHMJ
SXLIVXLEREXHE]W7TIGMJ]MJGSQTERMSRWTIGMQIRWEVIXSFIGEWX
K *SVGSRGVIXIXLEX[MPPFII\TSWIHXSHIMGMRKWEPXWHIJMRIXLIWEQTPMRKJVIUYIRG]XLEX[MPPFIYWIHJSVEMVGSRXIRX
XIWXW MJ HMJJIVIRX JVSQ XLI JVIUYIRG] JSV QEOMRK WXVIRKXL XIWX WTIGMQIRW -X QE] FI ETTVSTVMEXI XS VIUYMVI QSVI
JVIUYIRXXIWXMRKEXXLIWXEVXSJTPEGIQIRX*SVI\EQTPIWEQTPIWQE]FIVIUYMVIHJVSQXLIJMVWXXLVIIFEXGLIWMRXLI
TPEGIQIRX ERH YRXMP XLVIIGSRWIGYXMZIFEXGLIW LEZIEMV GSRXIRXW [MXLMRXLIVERKI WTIGMJMIHMR FEX [LMGL
XMQIIZIV]JMJXLFEXGLQE]FIXIWXIH8LMWXIWXJVIUYIRG]QE]FIQEMRXEMRIHYRXMPEFEXGLMWRSX[MXLMRXLIVERKI
WTIGMJMIHMRFEX[LMGLXMQIXIWXMRKSJIEGLFEXGLQE]FIVIWYQIHYRXMPXLVIIGSRWIGYXMZIFEXGLIWLEZIEMV
GSRXIRXW[MXLMRXLIVERKIWTIGMJMIHMRF
7TIGMJ]EHHMXMSREPXIWXMRKERHMRWTIGXMSRWWIVZMGIWHIWMVIHJSVXLI;SVOMJETTPMGEFPI6IJIVXS%'-6%'-
6ERHJSVWTIGMJMGMRWTIGXMSRMXIQWXLEXQE]FIETTVSTVMEXI
;LIRMXMWRIGIWWEV]SVHIWMVEFPIXSORS[TVSTIVXMIWSJGSRGVIXIEXXLITSMRXSJTPEGIQIRXSVEXPSGEXMSRWSXLIVXLER
XLIHIPMZIV]TSMRXWTIGMJ]XLEXGSRGVIXIMWXSFIWEQTPIHEXXLIWISXLIVPSGEXMSRWJSVXIWXMRK6IJIVXSXLIHMWGYWWMSR
YRHIV3TXMSREP6IUYMVIQIRXWMR
7TIGMJ]MJVIFSYRHLEQQIVSVTYPWIZIPSGMX]XIWXMRK[MPPFITIVQMXXIHXSIZEPYEXIYRMJSVQMX]SJMRTPEGIGSRGVIXI
6IJIVXS%'-6JSVKYMHERGISRXLIWIXIWXQIXLSHW
E 7TIGMJ][LIRGSVIWQE]FIVIUYMVIH
7TIGMJ]EPXIVREXMZIQSMWXYVIGSRHMXMSRMRKTVSGIHYVIWERHHYVEXMSRXSXLSWIHIJMRIHMR%781''18LIGSVI
GSRHMXMSRMRKTVSGIHYVIWHIJMRIHMR%781''1EVIMRXIRHIHXSQMRMQM^IXLIIJJIGXWSJQSMWXYVIKVEHMIRXWSR
XLIQIEWYVIHWXVIRKXLWSJGSVIW
G 7TIGMJ]EPXIVREXMZIGYVMRKVIUYMVIQIRXWJSVVITEMVWXSGSVILSPIW
F -JERSXLIVFEWMWJSVEGGITXERGISJGSRGVIXIWXVIRKXLMWVIUYMVIHJSVEGGIPIVEXIHWXVIRKXLXIWXMRKWTIGMJ]XLIFEWMWJSV
EGGITXERGI
7TIGMJ]VIUYMVIQIRXWJSVYWISJMRTPEGIXIWXWWYGLEWTYPPSYXXIWXMRKSVTIRIXVEXMSRVIWMWXERGITVSFI
XIWXMRKMR
XLIIZIRXWXERHEVHGYVIHWTIGMQIRWJEMPXSQIIXXLIWXVIRKXLGVMXIVME-RGPYHITVSGIHYVIWXSHIZIPSTWXVIRKXLGSVVIPEXMSRW
6IJIVXS%'-6JSVKYMHERGISRVIUYMVIHGSVVIPEXMSRHEXEERHEGGITXEFPIHEXEEREP]WMWQIXLSHW
-RHMGEXI MR 'SRXVEGX (SGYQIRXW MJ SRWMXI EHHMXMSR SJ EMVIRXVEMRMRKEKIRX MW RSX TIVQMXXIH [LIR EMV GSRXIRX EW
HIPMZIVIHMWPIWWXLERVIUYMVIH
-RHMGEXI MR 'SRXVEGX (SGYQIRXW [LIR NSFWMXI EHNYWXQIRXW MR EGGSVHERGI [MXL %781 ''1 EVI RSX
TIVQMXXIH
-RHMGEXI MR 'SRXVEGX (SGYQIRXW MJ QE\MQYQ ERH QMRMQYQ XIQTIVEXYVIW SXLIV XLER XLSWI KMZIR MR EVI
TIVQMXXIH8LI%VGLMXIGX)RKMRIIV[MPPRIIHXSHIGMHIMJSXLIVPMQMXWEVIEGGITXEFPI[MXLSYXEJJIGXMRKTIVJSVQERGI
7TIGMJ]XSPIVERGIWHMJJIVIRXJVSQXLSWIMR%'-1SVMRXLMW7TIGMJMGEXMSR
*SVQ[SVOERHJSVQ[SVOEGGIWWSVMIW
6IZMI[XLIWYFQMXXEPPMWXERHWTIGMJ]MR'SRXVEGX(SGYQIRXWXLIMXIQWXLEXEVIRSXVIUYMVIHXSFIWYFQMXXIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
6IZMI[XLIWYFQMXXEPPMWXERHWTIGMJ]MR'SRXVEGX(SGYQIRXWXLIMXIQWXSFIWYFQMXXIH
7TIGMJ]WTIGMJMGJSVQJEGMRKQEXIVMEPW
-RHMGEXI[LIVI[EPPWVIUYMVIJSVQXMIW[MXLETSWMXMZI[EXIVFEVVMIV
7TIGMJ]EPXIVREXMZIFVIEOFEGOHMWXERGIJSVJIVVSYWXMIW
7TIGMJ]EPXIVREXMZIQEXIVMEPWSVWM^ISVFSXLJSVGLEQJIVWXVMTW
7TIGMJ][LIRHIWMKRGEPGYPEXMSRWERHHVE[MRKWJSVJSVQ[SVOWLSYPHFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
7TIGMJ]MJIEVXLGYXW[MPPFITIVQMXXIHSVVIUYMVIH
7TIGMJ]QSVIWXVMRKIRXPMQMXEXMSRWSRHIJPIGXMSRSJJEGMRKQEXIVMEPW[LIRRIIHIH6IJIVXS%'-JSVJYVXLIV
KYMHERGI
E 7TIGMJ] SV EPPS[ EPXIVREXMZI PSGEXMSRW JSV JSVQIH GSRWXVYGXMSR NSMRXW [LIR RIGIWWEV] XS JEGMPMXEXI JSVQ[SVO
VIQSZEPSVEGGIPIVEXIGSRWXVYGXMSRTVSZMHIHXLEXXLIEPXIVREXMZINSMRXPSGEXMSRWHSRSXEHZIVWIP]EJJIGXXLIWXVIRKXL
SJXLIWXVYGXYVI
F 7TIGMJ]OI][E]HITXLWSXLIVXLERQQ[LIRVIUYMVIH
7TIGMJ]QIGLERMGEPPSEHXVERWJIVVIUYMVIHJSVMRHYWXVMEPJPSSVW
7TIGMJ]MJGLEQJIVWXVMTWEVIRSXVIUYMVIHSRI\XIVMSVGSVRIVWSJTIVQERIRXP]I\TSWIHWYVJEGIW
7TIGMJ]MJFIZIPWEVIVIUYMVIHSRVIIRXVERXGSVRIVWSJGSRGVIXISVSRIHKIWSJJSVQIHGSRGVIXINSMRXW
7TIGMJ]EPXIVREXMZIFVIEOFEGOHMWXERGIJSVJIVVSYWXMIW
7TIGMJ]XSPIVERGIPMQMXWHMJJIVIRXJVSQXLSWISJ%'-1
7TIGMJ][LIREQSVISVPIWWVIWXVMGXMZIXSPIVERGIJSVEFVYTXSJJWIXMWVIUYMVIH6IJIVXS%'-ERH%'-1JSV
JYVXLIVKYMHERGI
7TIGMJ]XLIQMRMQYQ GSQTVIWWMZIWXVIRKXLJSVVIQSZEPSJJSVQWWYTTSVXMRKXLI[IMKLX SJGSRGVIXIMJHMJJIVIRX
JVSQ JG 6IJIVXS%'-ERH%'-6JSVKYMHERGISRMXIQWXSGSRWMHIV
7TIGMJ]MJRSRPSEHGEVV]MRKJSVQJEGMRKQEXIVMEPMWRSXTIVQMXXIHXSFIVIQSZIHEXERIEVPMIVEKIXLERXLIPSEH
GEVV]MRKTSVXMSRSJXLIJSVQ[SVO
7TIGMJ]MJXLIEPXIVREXMZIQIXLSHWJSVIZEPYEXMRKGSRGVIXIWXVIRKXLJSVJSVQ[SVOVIQSZEPEVITIVQMXXIH
7TIGMJ]MJ3[RIVvWUYEPMX]EWWYVERGIMRWTIGXMSRMWXSFIGSSVHMREXIHF]'SRXVEGXSV
6IMRJSVGIQIRXERHVIMRJSVGIQIRXWYTTSVXW
7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMREXLVSYKLKEVIRSXVIUYMVIHXSFIWYFQMXXIH
7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMRE ERH FEVIRSXVIUYMVIHXSFIWYFQMXXIH
7TIGMJ]MJXLIWYFQMXXEPWPMWXIHMREERHFEVIRSXVIUYMVIHXSFIWYFQMXXIH
7TIGMJ]MJGSEXIHVIMRJSVGMRKFEVWEVIVIUYMVIHERHMJWS[LIXLIVGSEXMRKMWXSFI^MRGSVITS\]
E *SV^MRGGSEXIHVIMRJSVGMRKFEVWGSRJSVQMRKXS%781%%1WTIGMJ]GSEXMRKGPEWW[LIXLIVKEPZERM^MRK
MW XS FI TIVJSVQIH FIJSVI SV EJXIV JEFVMGEXMSR ERH MRHMGEXI [LMGL FEVW VIUYMVI WTIGMEP JMRMWLIH FIRH HMEQIXIVW
YWYEPP]WQEPPIVWM^IWYWIHJSVWXMVVYTERHXMIW
%ZSMHQM\MRKKEPZERM^IHERHRSRKEPZERM^IHVIMRJSVGIQIRXSVSXLIV
IQFIHHIHWXIIPXLEXGSYPHVIWYPXMRKEPZERMGGIPPW
F 7TIGMJ]%781WTIGMJMGEXMSRXS[LMGLITS\]GSEXIHVIMRJSVGMRKFEVWEVIXSGSRJSVQ
7TIGMJ]YWISJFEVQEXW
*SVLIEHIHFEVWWTIGMJ]EPXIVREXMZIX]TISJWXIIPJSVVIMRJSVGMRKFEVW
e 'EVFSRWXIIP%781%%1
EPWSWTIGMJ]KVEHIERH
e 0S[EPPS]WXIIP%781%%1
7TIGMJ]WLIIXWSVVSPPWSJTPEMRSVHIJSVQIH[IPHIH[MVIVIMRJSVGIQIRXERHMJVIUYMVIHITS\]GSEXIHSVWXEMRPIWW
WXIIP[IPHIH[MVIVIMRJSVGIQIRX6IJIVXS;6-1ERYEPSJ7XERHEVH4VEGXMGIJSVEHHMXMSREPKYMHERGI
7TIGMJ]MJWXIIPJMFIVVIMRJSVGIQIRXMWVIUYMVIHJSVYWIMREGGSVHERGI[MXL%'-1
E 7TIGMJ]MJ[IPHMRKSJVIMRJSVGMRKFEVWMWVIUYMVIHSVTIVQMXXIH-JVIUYMVIHSVTIVQMXXIHWTIGMJ]HIWMVIHVIUYMVI
QIRXWJSV[IPHMRKTVITEVEXMSRWYGLEWVIQSZEPSJ^MRGSVITS\]GSEXMRK
QSVIWXVMRKIRXXLERXLSWIMR%;7(
(17TIGMJ]HIWMVIHVIUYMVIQIRXWJSVGLIQMGEPGSQTSWMXMSRSJVIMRJSVGMRKFEVWQSVIWXVMRKIRXXLER%781WTIG
MJMGEXMSRW7TIGMJ]WTIGMEPLIEXXVIEXQIRXSJ[IPHIHEWWIQFPMIWMJVIUYMVIH7TIGMJ]WYTTPIQIRXEV]VIUYMVIQIRXWJSV
[IPHMRKSJ[MVIXS[MVIERH[IPHMRKSJ[MVISV[IPHIH[MVIVIMRJSVGIQIRXXSVIMRJSVGMRKFEVWSVWXVYGXYVEPWXIIPW
7TIGMJ]GSZIVVIUYMVIQIRXWJSVGSVVSWMZIEXQSWTLIVISXLIVWIZIVII\TSWYVIWSVJMVITVSXIGXMSR6IJIVXS%'-1
'LETXIV
7TIGMJ]MJQIXLSHWSJWYTTSVXEVIXSFISXLIVXLERXLSWIMRHMGEXIHMREXLVSYKLM
7TIGMJ][LIVIVIMRJSVGIQIRXQE]I\XIRHXLVSYKLGSRXVSPNSMRXWMRGPYHMRKWE[GYXNSMRXW
7TIGMJ]MJFIRHMRKSVWXVEMKLXIRMRKVIMRJSVGMRKFEVWTEVXMEPP]IQFIHHIHMRGSRGVIXIMWTIVQMXXIH
7TIGMJ]MJJMIPHGYXXMRKVIMRJSVGIQIRXMWTIVQMXXIHERHWTIGMJ]GYXXMRKQIXLSHWXSFIYWIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
'SRGVIXIQM\XYVIW
7TIGMJ][LIRGIQIRXMXMSYWQEXIVMEPSXLIVXLER%781'8]TI-SV8]TI--MWVIUYMVIHSVTIVQMXXIH7TIGMJ]XLI
GIQIRXMXMSYWQEXIVMEPWXLEXQE] FIYWIH;LIRSRISVGSQFMREXMSRWSJ GIQIRXMXMSYWQEXIVMEPWKMZIRMR E
XLVSYKLJEVIYWIHMRWXVYGXYVIWXLEX[MPPFIWYFNIGXIHXSHIMGMRKGLIQMGEPWZIVMJ]GSQTPMERGISJXLIGSRGVIXI
[MXLH9WI%'-1ERH6XSHIXIVQMRI[LEX[MPPFIEGGITXEFPIJSVXLITVSNIGXGSRHMXMSRW6IJIVXS
4'%4YFPMGEXMSR)&JSVEHHMXMSREPKYMHERGI
-JMXMWERXMGMTEXIHXLEXGSRGVIXI[MPPFII\TSWIHXSWYPJEXIWMRWIVZMGIIZEPYEXIXLI[EXIVWSPYFPIWYPJEXIWMRXLIWSMP
ERHKVSYRH[EXIV9WIXLIGVMXIVMEMREERH8EFPIEXSHIXIVQMRIXLIGIQIRXX]TI:IVMJ]XLIEZEMP
EFMPMX]SJXLIGIQIRXWTIGMJMIH7TIGMJ]MJPIWWXLER JP]EWLMWTIVQMXXIH-RWSQIMRWXERGIWYWMRKPIWWXLER
JP]EWLGERMRGVIEWIXLIGSRGVIXIvWWYWGITXMFMPMX]XSI\GIWWMZII\TERWMSRWGEYWIHF]EPOEPMWMPMGEVIEGXMZMX]%76
-J
EWQEPPIVTIVGIRXEKISJJP]EWLMWTVSTSWIHXLITVSTSWIHTVSNIGXQM\XYVISJJP]EWLERHTSVXPERHGIQIRXJVSQXLI
WEQIWSYVGIWLSYPHFIXIWXIHERHGSQTEVIH[MXLEGSRXVSPQM\XYVIYWMRKSRP]XLITSVXPERHGIQIRXMREGGSVHERGI
[MXL%781'8LITVSNIGXQM\XYVIWLSYPHFIGSRWMHIVIHEGGITXEFPITVSZMHIHXLIEZIVEKIPIRKXLMRGVIEWISJXLI
TVSNIGXQM\XYVIHSIWRSXI\GIIHXLEXSJXLIGSRXVSPQM\XYVI*SVTVSNIGXW[LIVII\TERWMSRWHYIXS%76GERFIGVMXMGEP
GSRWMHIVVIUYMVMRKXLIXIWXGSQTEVMWSREXEJVIUYIRG]WYGLEWIZIV]QSRXLWHYVMRKXLI;SVO-JVIEGXMZIEKKVIKEXIWEVI
EZEMPEFPIERHQE]FIYWIHWTIGMJ]XLIYWISJREXYVEPTS^^SPERJP]EWLWPEKSVWMPMGEJYQIMREREQSYRXWLS[R
IJJIGXMZIMRQMXMKEXMRKLEVQJYPI\TERWMSRWHYIXSEPOEPMWMPMGEVIEGXMZMX]%PXIVREXMZIP]WTIGMJ]PS[EPOEPMGIQIRXFI
YWIHEWHIWGVMFIHMRXLI3TXMSREP6IUYMVIQIRXW'LIGOPMWXJSV
H 7TIGMJ][LIRXLIQMRMQYQEQSYRXSJJP]EWLQE]FIHMJJIVIRXXLER
-J EKKVIKEXIW EVI XS GSRJSVQ XS E WTIGMJMGEXMSR SXLIV XLER %781 ' JSV KVEHMRK HIPIXIVMSYW WYFWXERGIW SV
WSYRHRIWWWTIGMJ]XLISXLIVVIUYMVIQIRXW
7TIGMJ]XLIXIWXJSVHIXIVQMRMRKGSRJSVQERGIXSVIUYMVIQIRXWJSVGPIERPMRIWWERHWTIGMJ]KVEHMRKFITIVJSVQIHSR
WEQTPIWSFXEMRIHJVSQXLIEKKVIKEXIWEXXLITSMRXSJFEXGLMRK
7TIGMJ] EHHMXMSREP VIUYMVIQIRXW JSV EKKVIKEXI WYGL EW LEVHRIWW GSPSV QMRIVEPSKMGEP GSQTSWMXMSR XI\XYVI SV
WLETIGVYWLIHSVKVEZIP
-JGSRGVIXI[MPPFII\TSWIHXS[IXXMRKI\XIRHIHLYQMHMX]SVMRGSRXEGX[MXLQSMWXKVSYRHWTIGMJ]EKKVIKEXIWXLEX
HSRSXGSRXEMRQEXIVMEPWHIPIXIVMSYWP]VIEGXMZI[MXLEPOEPMIWMRXLIGIQIRXLS[IZIVWYGLEKKVIKEXIWQE]FIYWIH
[MXL GIQIRX GSRXEMRMRK PIWW XLER EPOEPMIW WYGL EW 2E 3 /3
SV [MXL E QEXIVMEP WYGL EW REXYVEP
TS^^SPERJP]EWLWPEKSVWMPMGEJYQIMREREQSYRXWLS[RXSFIIJJIGXMZIMRTVIZIRXMRKLEVQJYPI\TERWMSRHYIXS
EPOEPMEKKVIKEXIVIEGXMSRMREGGSVHERGI[MXL%781'
7TIGMJ]MJRSRTSXEFPI[EXIVGSQTP]MRK[MXL%781'1MWTIVQMXXIH
7TIGMJ]XLIEHQM\XYVIWPMWXIHMR XLEXEVIVIUYMVIH-RHMGEXIXLITEVXW SJXLI;SVO MR[LMGL IEGLX]TISJ
EHQM\XYVIWLSYPHSVQE]FIYWIH
7TIGMJ]MJPIWWXLER SVQSVIXLER JP]EWLMWTIVQMXXIHMRJPSSVW-JQSVIXLER MWTIVQMXXIHELMWXSV]
WLSYPHFIEZEMPEFPIHIQSRWXVEXMRKXLIJMRMWLEFMPMX]SJXLITVSTSWIHGSRGVIXIQM\XYVI
-JWPYQTMWXSFIHMJJIVIRXXLERQQWTIGMJ]XLIVIUYMVIQIRX
7SQIXMQIWMXMWRIGIWWEV]XSWTIGMJ]XLEXXLIWPYQTSJGSRGVIXIFIHIXIVQMRIHEXXLITSMRXSJTPEGIQIRXVEXLIVXLEREXXLI
TSMRXSJHIPMZIV]*SVI\EQTPITYQTIHGSRGVIXIMWSJXIRWTIGMJMIHXSLEZIWPYQTQIEWYVIHEXXLIIRHSJXLITYQTPMRIXS
TVIGPYHITVSFPIQWIRGSYRXIVIH[MXLZEV]MRKWPYQTPSWWHYVMRKTYQTMRK8LMW[SYPHTVSZMHIJSVEWPYQTLMKLIVXLERQQ
EXXLITSMRXSJHIPMZIV]XSSFXEMRQQWPYQTEXXLIIRHSJXLITYQTPMRI3RGIWPYQTPSWWHYVMRKTYQTMRKGER
FIHIXIVQMRIHEGGITXERGISVVINIGXMSRSJGSRGVIXIFEWIHSRWPYQTGERXLIRFIHIXIVQMRIHEXXLIHIPMZIV]TSMRX
*SVI\EQTPIMJEQQWPYQTPSWWHYVMRKTYQTMRKMWIWXEFPMWLIHERHGSRJMVQIHF]GSQTEVEXMZIXIWXMRKE
WPYQTSJQQQIEWYVIHEXXLITSMRXSJHIPMZIV][MPPQIIXXLIQQWPYQTVIUYMVIQIRXEXXLIIRHSJXLITYQTPMRI
7TIGMJ]MJETPEWXMGM^MRKSVLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIMWVIUYMVIHSVTIVQMXXIHXSTVSHYGIGSRGVIXI[MXL
LMKLWPYQTW-JWSWTIGMJ]XLIVIUYMVIHWPYQTMJHMJJIVIRXJVSQXLSWIMRHMGEXIHMR
*SVJPSSVWVIJIVXS%'-6JSVKYMHERGISRWPYQTWXSWTIGMJ]JSVXLIZEVMSYWGPEWWIWSJJPSSVW
-J ETPEWXMGM^MRKSV LMKLVERKI[EXIVVIHYGMRKEHQM\XYVI MW VIUYMVIH SV TIVQMXXIH XS SFXEMRLMKLWXVIRKXL GSRGVIXI
[MXLEPS[[EXIVGIQIRXMXMSYWQEXIVMEPVEXMS[GQ
WYGLEWXSQSHMJ]XLIWPYQTVIUYMVIQIRXWEGGSVHMRKP]
FIJSVIEHHMRKXLIEHQM\XYVI'SRJIV[MXLGSRGVIXIWYTTPMIVWERHEHQM\XYVIWYTTPMIVWMRXLIEVIE[LIVIXLITVSNIGXMW
PSGEXIHXSHIXIVQMRIXLIMVI\TIVMIRGIERHMRTYXJSVWYGLLMKLTIVJSVQERGIGSRGVIXI
-JEREKKVIKEXIWM^IVIUYMVIQIRXHMJJIVWJVSQXLEXWTIGMJMIHF]JSVI\EQTPIWQEPPIVWM^IMRJPSSVXSTTMRKW
WTIGMJ]RSQMREPQE\MQYQWM^ISJEKKVIKEXI
7TIGMJ]MJGSRGVIXIWLSYPHFIRSREMVIRXVEMRIHSVEREPXIVREXMZIEMVGSRXIRXMWVIUYMVIH%MVIRXVEMRQIRXWLSYPHRSX
FIYWIHMRJPEX[SVOXSVIGIMZIELEVHWXIIPXVS[IPIHJMRMWL
7TIGMJ]MJETEVXMGYPEV%781XIWXQIXLSH%781'SV''1
MWVIUYMVIHJSVQIEWYVMRKEMVGSRXIRX
-XQE]FIRIGIWWEV]XSWTIGMJ]XLEXEMVGSRXIRXFIQIEWYVIHEXXLITSMRXSJTPEGIQIRXXSEGGSYRXJSVPSWWSJEMV
GSRXIRXHYVMRKTYQTMRK3RGIXLIPSWWSJEMVGSRXIRXHYVMRKTYQTMRKMWIWXEFPMWLIHEGGITXERGIPMQMXWEXXLITSMRXSJ
HMWGLEVKIGERFIHIXIVQMRIH
7TIGMJ]EHQM\XYVIX]TIWVIUYMVIHERHMRHMGEXIXLITEVXWSJXLI;SVOMR[LMGLIEGLX]TIWLSYPHSVQE]FIYWIH
'EPGMYQGLPSVMHIEWEREHQM\XYVIWLEPPRSXFIYWIHMRGSRGVIXIXLEX[MPPFIWYFNIGXIHXSWIZIVI7
SVZIV]WIZIVI
7
WYPJEXII\TSWYVIEWHIJMRIHMR8EFPISJ%'-1
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
8LIWIVIUYMVIQIRXWLEZIFIIRI\GIVTXIHJVSQ%'-*SVTVSNIGXWMRGSPHGPMQEXIWWYGLEWMRRSVXLIVR[MRXIVW
SVMRWMXYEXMSRW[LIVIMXMWTVYHIRXXSVIUYMVI'SRXVEGXSVXSJSPPS[WTIGMJMGTVSGIHYVIWXSEGLMIZIXLIPMQMXWSJ
XLI XIQTIVEXYVI PMQMXW JSV GSPH [IEXLIV QE] FI HIPIXIH ERH %'- GER FI VIJIVVIH XS MR MXW IRXMVIX] 3TXMSRW
TVSZMHIHMR%'-QYWXXLIRFII\IVGMWIH%PWS6IJIVXSXLI3TXMSREP6IUYMVIQIRXW'LIGOPMWXJSV
-J GSRGVIXI HIPMZIVIH MR LSX [IEXLIV [MXL E XIQTIVEXYVI LMKLIV XLER ' LEW FIIR YWIH WYGGIWWJYPP] MR KMZIR
GPMQEXIWSVWMXYEXMSRWXLILMKLIVXIQTIVEXYVIQE]FIWTIGMJMIHMRTPEGISJXLI'PMQMX
E 7TIGMJ]EPXIVREXMZIQM\XYVIVIUYMVIQIRXWJSVWYPJEXIVIWMWXERGI
F 7TIGMJ]EPXIVREXMZIQM\XYVIVIUYMVIQIRXWJSVJVII^MRKERHXLE[MRKVIWMWXERGI
G 7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVPS[TIVQIEFMPMX]
H 7TIGMJ]EPXIVREXMZIQM\XYVIVIUYMVIQIRXWJSVGSVVSWMSRTVSXIGXMSRSJVIMRJSVGIQIRX
'SRGVIXI I\TSWIH XS EPXIVREXMRK G]GPIW SJ JVII^MRK ERH XLE[MRK MR E WEXYVEXIH GSRHMXMSR HIMGIV WEPXW JVIWL
FVEGOMWLSVWIE[EXIVMRGPYHMRKXLIEVIEMRXLIWTPEWLSVWTVE]^SRIWYPJEXIWERHGSRGVIXIXLEXMWVIUYMVIHXSLEZI
PS[TIVQIEFMPMX]XS[EXIVWLSYPHFIWTIGMJMIHXSLEZIE[GQRSXI\GIIHMRKXLIZEPYIMR%'-18EFPI
E -JXLIXIWXWTIGMQIRMWSXLIVXLERE\QQSV\QQG]PMRHVMGEPWTIGMQIRWTIGMJ]XLIWTIGMQIRWM^I-JEKIEX
XIWXMWXSFISXLIVXLERHE]WWTIGMJ]EKIEXXIWX-JEHMJJIVIRXXIWXQIXLSHMWVIUYMVIHWTIGMJ]XLIXIWXQIXLSH
-RHMGEXIMR'SRXVEGX(SGYQIRXW[LIVIWXIIPJMFIVVIMRJSVGIHGSRGVIXIMWVIUYMVIHERHWTIGMJ]TVSTIVXMIWMREGGSVHERGI
[MXL%'-1
F 7TIGMJ]XLIXIWXEKIWMJSXLIVXLERHE]WJSVXVMEPQM\XYVITVSTSVXMSRMRK
7TIGMJ]MJWYFQMXXEPXVMEPQM\XYVITVSTSVXMSRWERHWXVIRKXLXIWXVIGSVHWJVSQXVMEPQM\XYVI[MXLTVSTSWIHQM\XYVI
TVSTIVXMIWMWRSXVIUYMVIH
7TIGMJ][LIRJMIPHZIVMJMGEXMSRSJGSRGVIXIQM\XYVIWMWVIUYMVIH7TIGMJ]QIXLSHJSVWEQTPMRKEXTSMRXSJTPEGIQIRX
-J GSRGVIXI QEXIVMEPW EVI XS FI QIEWYVIH FEXGLIH SV QM\IH SXLIV XLER MR GSRJSVQERGI XS %781 ''1
WTIGMJ]LS[XLIWITVSGIHYVIWEVIXSFIEGGSQTPMWLIH
7TIGMJ]MJXLIVIEH]QM\IHGSRGVIXITVSHYGXMSRJEGMPMX]WLSYPHFIGIVXMJMIHF]XLI261'%4VSKVEQJSV'IVXMJMGEXMSR
SJ6IEH]1M\IH'SRGVIXI4VSHYGXMSR*EGMPMXMIWSVERIUYMZEPIRXTVSKVEQ261'%vW'IVXMJMGEXMSR4VSKVEQMWMR
EGGSVHERGI[MXL261'%5YEPMX]'SRXVSP1ERYEP{7IGXMSR
7TIGMJ][LIRWPYQTEHNYWXQIRXF]EHHMXMSRSJ[EXIVEXXLITVSNIGXWMXIMWRSXTIVQMXXIH
-JWLSVXIVSVPSRKIVXMQIJSVGSQTPIXMSRSJHMWGLEVKIMWVIUYMVIHSVTIVQMXXIHWTIGMJ]QE\MQYQXMQI
,ERHPMRKTPEGMRKERHGSRWXVYGXMRK
7TIGMJ]MJWYFQMXXEPWPMWXIHMRE XLVSYKL JEVIRSXVIUYMVIHXSFIWYFQMXXIH
J 7TIGMJ] MJ E VIUYIWX JSV EGGITXERGI SJ TVITPEGIQIRX EGXMZMXMIW MW RSX VIUYMVIH ;LIR RIGIWWEV] WTIGMJ] E
TVIGSRWXVYGXMSRGSRJIVIRGIFILIPHFIJSVIGSRWXVYGXMSREGXMZMXMIWGSQQIRGI
G 7TIGMJ]MJEVIUYIWXJSVEGGITXERGISJ[IX[IEXLIVTVSXIGXMSRWLSYPHFIWYFQMXXIH
H 7TIGMJ]MJEVIUYIWXJSVEGGITXERGISJLSX[IEXLIVTVIGEYXMSRWWLSYPHFIWYFQMXXIH
I 7TIGMJ]MJEVIUYIWXJSVEGGITXERGISJGSPH[IEXLIVTVIGEYXMSRWWLSYPHFIWYFQMXXIH
J 7TIGMJ]MJWEQTPIWJMRMWLIHMREGGSVHERGI[MXLQYWXFIWYFQMXXIH
K 7TIGMJ]MJERI\TSWIHEKKVIKEXIWYVJEGIMWVIUYMVIH
;LIVIETTIEVERGIMWEJEGXSVWTIGMJ]GYVMRK[EXIVXLEXMWJVIISJWYFWXERGIWXLEX[MPPWXEMRSVHMWGSPSVGSRGVIXI
8LIWXEMRMRKEFMPMX]SJGYVMRK[EXIVGERFIIZEPYEXIHF]QIERWSJ'6('
7TIGMJ]EPXIVREXMZIVITEMVQEXIVMEPW8LIQEXIVMEPWLSYPHFIETTVSTVMEXIJSVI\TSWYVIGSRHMXMSRWERHFSRHXSXLI
I\MWXMRKQIQFIV
G -JEGSRGVIXIXIQTIVEXYVIPMQMXLMKLIVSVPS[IVXLER'JSVGSRGVIXIQIQFIVWMWVIUYMVIHSVEGGITXEFPIFEWIHSR
QIQFIVFIMRKGEWXPSGEXMSRVIPEXMZILYQMHMX]ERHTEWXI\TIVMIRGIWTIGMJ]EPS[IVSVLMKLIVEPPS[EFPIGSRGVIXI
XIQTIVEXYVIMRLSX[IEXLIV6IZMI[%'-6JSVKYMHERGISRWTIGMJ]MRKELMKLIVXIQTIVEXYVI
7TIGMJ][LIRGSRWSPMHEXMRKSJGSRGVIXIF]QIXLSHWSXLIVXLERZMFVEXMSR[MPPFITIVQMXXIH7TIGMJ][LIRSXLIV
QIXLSHWSJGSRWSPMHEXMSREVITIVQMXXIH
7TIGMJ]MJFSRHMWVIUYMVIHEXGSRWXVYGXMSRNSMRXW
7TIGMJ]MJXLIVIUYMVIHJMRMWLMWXSQEXGLXLEXSJEWEQTPITERIPJYVRMWLIHJSVGSQTEVMWSRTYVTSWIW7TIGMJ]XLI
WEQTPIJMRMWLPSGEXMSRERHXLIMRTPEGIJMRMWLPSGEXMSR
7TIGMJ]QSVIVIWXVMGXMZIXSPIVERGIWJSVEWGEWXJSVQJMRMWLIWEWRIIHIHFEWIHSRMQTSVXERGISJWYVJEGIETTIEVERGI
6IJIVXS3TXMSREP6IUYMVIQIRXW'LIGOPMWXJSVJSVEHHMXMSREPKYMHERGI
F 7TIGMJ]MJQSGOYTMWRSXVIUYMVIH
(IWMKREXIXLSWITSVXMSRWSJXLIWXVYGXYVIXSVIGIMZIWYVJEGIJMRMWL7*
E (IWMKREXIXLSWITSVXMSRWSJXLIWXVYGXYVIXSVIGIMZIEWQSSXLVYFFIHJMRMWL
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
F (IWMKREXIXLSWITSVXMSRWSJXLIWXVYGXYVIXSVIGIMZIEKVSYXGPIERIHVYFFIHJMRMWL
7TIGMJ] EPXIVREXMZI KVSYX VIUYMVIQIRXW 3RI I\EQTPI QE] FI QEXGLMRK XLI GSPSV SJ KVSYX XS GSPSV SJ GSRGVIXI
WYVJEGIXS[LMGLKVSYX[MPPFIETTPMIH;LIVIGSPSVMWEGSRGIVRGSRWMHIVMRGPYHMRKEWXEXIQIRXXLEX[LIRGSPSVSJ
KVSYXPMKLXIRWHYIXSHV]MRKVYFXLIWYVJEGIERHOIITXLIWYVJEGIHEQTJSVLSYVWEJXIV[EVH
G (IWMKREXIXLSWITSVXMSRWSJXLIWXVYGXYVIXSVIGIMZIEGSVOJPSEXIHJMRMWL
7TIGMJ] EPXIVREXMZI KVSYX VIUYMVIQIRXW 3RI I\EQTPI QE] FI QEXGLMRK XLI GSPSV SJ KVSYX XS GSPSV SJ GSRGVIXI
WYVJEGIXS[LMGLKVSYX[MPPFIETTPMIH
7TIGMJ]PSGEXMSRERHX]TISJEPXIVREXMZIEWGEWXJSVQIHJMRMWL
7TIGMJ][LIRQSVISVPIWWGIVXMJMIHJPEX[SVOGSRGVIXIJMRMWLIVWQE]FIVIUYMVIHSVTIVQMXXIH
1SVIWXVMRKIRXUYEPMJMGEXMSRWJSVJMRMWLMRKGSRXVEGXSVERHJMRMWLIVWQE]FIETTVSTVMEXI[LIVIJPSSVWIVZMGIEFMPMX]MW
WMKRMJMGERXXS3[RIVERHJSVPEVKIJPSSVTVSNIGXW[MXLWTIGMJMGVIUYMVIQIRXWJSVJPEXRIWWLIEZ]PSEHMRKJVIUYIRXPMJX
XVYGOXVEJJMGSVEYXSQEXIH[EVILSYWIXVYGOXVEJJMG*SVWYGLTVSNIGXWWTIGMJ]XLEXXLIJMRMWLMRKGSRXVEGXSVWYWIUYEPMJMIH
JPEX[SVOJMRMWLIVWWOMPPIHMRXLIWTIGMJMG;SVOVIUYMVIH *PEX[SVOJMRMWLIVWWLSYPHFIGIVXMJMIHSRXLIFEWMWSJ
HSGYQIRXIH [SVO I\TIVMIRGI SV WYGGIWWJYP GSQTPIXMSR SJ E GIVXMJMGEXMSR TVSKVEQ XLEX MRGPYHIW [VMXXIR ERH
TIVJSVQERGII\EQMREXMSRWEWHIWGVMFIHMR%'-'4
F ;LIRETTPMGEFPIWTIGMJ]XSPIVERGIWXLEXEVIQSVIVIWXVMGXMZI8LI%'-1XSPIVERGIJSVGSRZIRXMSREPWYVJEGIW
ETTPMIWXSQSWXKIRIVEPJPSSVGSRWXVYGXMSR*SVJPSSVWVIUYMVMRKXMKLXIVXSPIVERGIWWTIGMJ]wQSHIVEXIP]JPEXxwJPEXx
wZIV]JPEXxSVWYTIVJPEXxJPSSVXSPIVERGIWJVSQ%'-16IJIVXS%'-6ERHXLIGSQQIRXEV]JSV%'-1
JSVQSVIKYMHERGI
G ;LIRETTPMGEFPIWTIGMJ]XSPIVERGIWXLEXEVIQSVIVIWXVMGXMZI8LIGSRZIRXMSREPXSPIVERGIJVSQ%'-1ETTPMIW
XSQSWXKIRIVEPJPSSVGSRWXVYGXMSR*SVJPSSVWVIUYMVMRKXMKLXIVXSPIVERGIWWYGLEWMREVIEWLSYWMRKWIRWMXMZIXIWXSV
QSRMXSVMRKIUYMTQIRXWTIGMJ]IMXLIVwJPEXxSVwZIV]JPEXxJPSSVXSPIVERGIWJVSQ%'-16IJIVXS%'-6
ERHXLIGSQQIRXEV]JSV%'-1JSVQSVIKYMHERGI
I *SVHV]WLEOIJMRMWLIWWTIGMJ]XLIQIXEPPMGSVQMRIVEPEKKVIKEXIXLIJMREPJMRMWLMRKQIXLSHERHXLIPSGEXMSR
J *SVLIEZ]HYX]XSTTMRKJSVX[SGSYVWIWPEFWWTIGMJ]XLIQEXIVMEPWXLIJMREPJMRMWLMRKQIXLSHERHXLIPSGEXMSR
7TIGMJ][LIRFSRHMRKEKIRXWSXLIVXLERGIQIRXKVSYXEVITIVQMXXIHSVVIUYMVIH
L 7TIGMJ]XLIPSGEXMSRSJRSRWPMTJMRMWLIW;LIVIEFVEWMZITEVXMGPIWSXLIVXLERGVYWLIHEPYQMRYQS\MHIWEVIXSFI
YWIHWTIGMJ]XLISXLIVEFVEWMZITEVXMGPIW
M *SVI\TSWIHEKKVIKEXIJMRMWLIWWTIGMJ]XLIPSGEXMSRGSPSVWYVJEGIVIXEVHIVERHWM^ISJEKKVIKEXIYWYEPP]XSQQ
E 7TIGMJ]MJEREPXIVREXMZIXMQIJSVQIEWYVMRKXSPIVERGIWMWVIUYMVIH
F %PXIVREXMZIJPSSVJMRMWLXSPIVERGIWJPSSVX]TIWERHJPSSVEVIEWQE]FIWTIGMJMIH[LIVIETTPMGEFPI8LIwQWXVEMKLXIHKI
QIXLSHxSJQIEWYVMRKXSPIVERGIWWTIGMJMIHMR%'-1ETTPMIWXSQER]WQEPPKIRIVEPJPSSVGSRWXVYGXMSRETTPMGEXMSRW8LI
*RYQFIVQIEWYVMRKW]WXIQWTIGMJMIHMR%'-1ETTPMIWXSQER]PEVKIWTIGMEPM^IHERHKIRIVEPJPSSVGSRWXVYGXMSR
ETTPMGEXMSRW*SVJPSSVWVIUYMVMRKXMKLXIVXSPIVERGIWWYGLEWMREVIEW[MXLJVIUYIRXPMJXXVYGOXVEJJMGEYXSQEXIH[EVILSYWI
JSVOPMJXWSVLSYWMRKWIRWMXMZIXIWXERHQSRMXSVMRKIUYMTQIRXWTIGMJ]IMXLIVwJPEXxSVwZIV]JPEXxJPSSVXSPIVERGIWJVSQ%'-
1 YWMRK XLI *RYQFIV QIEWYVMRK W]WXIQ ;LIR WTIGMJ]MRK XLI *RYQFIV QIEWYVMRK W]WXIQ JSV YRWLSVIH JPSSVW
WTIGMJ]SRP]XLI**ZEPYIRSXXLI*0ZEPYI9WIGEYXMSR[LIRWTIGMJ]MRKXLI*RYQFIVQIEWYVMRKW]WXIQMRJPSSVEVIEWXLEX
WPSTIYRPIWWEWTIGMJMGGSRWXERXWPSTILEWFIIRWTIGMJMIHWSXLEXXLI**ZEPYIMWETTVSTVMEXI6IJIVXS%'-6ERHXLI
GSQQIRXEV]JSV%'-1JSVJYVXLIVKYMHERGI
7TIGMJ]MJWE[GYXNSMRXWEVIVIUYMVIH
8LIQIEWYVIWWTIGMJMIHMREVIJSVJMREPGYVMRKSJXLIGSRGVIXI7TIGMJ]MRMXMEPGYVMRKMREGGSVHERGI[MXL%'-
JSV EHHMXMSREP TVSXIGXMSR EKEMRWX QSMWXYVI PSWW JVSQ XLI XMQI SJ TPEGIQIRX XS MRMXMEXMSR SJ JMREP GYVMRK
QIEWYVIW-RMXMEPGYVMRKQIEWYVIWEVIFIRIJMGMEP[LIRFPIIHVEXIMWI\TIGXIHXSFIPS[HYIXSYWISJWYTTPIQIRXEV]
GIQIRXMXMSYWQEXIVMEPWWYGLEWJP]EWLWPEKSVWMPMGEJYQILMKLEMVGSRXIRXPS[[GQSV[LIRIZETSVEXMZIGSRHMXMSRWEVI
PMOIP]XSFIWIZIVIHYVMRKTPEGMRKERHJMRMWLMRK6IJIVXS%'-6JSVEHHMXMSREPKYMHERGI
*SVGSRGVIXIWYVJEGIWXLEXVIUYMVIIRLERGIHHYVEFMPMX]WYGLEWLMKL[IEVVIWMWXERGIPS[TIVQIEFMPMX]SVQMRMQEP
GVEGOMRK E PSRKIV GYVMRK HYVEXMSR GSYPH FI RIIHIH XLERMW VIUYMVIH XS QIIX GSQTVIWWMZI WXVIRKXL GVMXIVME EPSRI
;LIRWYGLIRLERGIHTVSTIVXMIWEVIVIUYMVIHQMRMQYQGYVMRKTIVMSHWSJHE]WJSVLMKLIEVP]WXVIRKXLGSRGVIXI
HE]WJSVGSRGVIXIMRGSVTSVEXMRK8]TI-SV8]TI--GIQIRXWERHXSHE]WJSVGSRGVIXIMRGSVTSVEXMRKTS^^SPER
EW SRI SJ XLI GIQIRXMXMSYW QEXIVMEPW EVI VIGSQQIRHIH 7TIGMJ] E PSRKIV GYVMRK HYVEXMSR EW ETTVSTVMEXI XS XLI
TIVJSVQERGIVIUYMVIQIRXWSJXLIGSRGVIXI6IJIVXS%'-6JSVEHHMXMSREPKYMHERGI
7TIGMJ]MJEGYVMRKTVSGIHYVISJ XLEXWYTTPMIWEHHMXMSREP[EXIVMWVIUYMVIH
7TIGMJ]MJSRISJXLIXLVIIGVMXIVMEJSVXIVQMREXMRKGYVMRKSVSJWSQISXLIVGVMXIVMSRJSVXIVQMREXMRKGYVMRKMWVIUYMVIH
7TIGMJ]MJWYTTP]MRKEHHMXMSREP[EXIVMWVIUYMVIHJSVIRXMVIGYVMRKTIVMSH
7TIGMJ]PSGEXMSRWVIUYMVMRKWTIGMJMGGYVMRKQIXLSHW6IJIVXS%'-6JSVWTIGMJMGGYVMRKQIXLSHVIGSQQIRHEXMSRW
6IUYMVIQIRXW JSV VEXI SJ XIQTIVEXYVI GLERKI LEZI FIIR I\GIVTXIH JVSQ %'- *SV STXMSREP GSPH[IEXLIV
GSRGVIXMRK VIUYMVIQIRXW VIJIV XS XLI 3TXMSREP 6IUYMVIQIRXW 'LIGOPMWX JSV ERH WTIGMJ] %'- MR MXW
IRXMVIX]MJETTVSTVMEXI
7TIGMJ]EPXIVREXMZIVITEMVQIXLSH
7TIGMJ][LIVIWXEMRWVYWXIJJPSVIWGIRGIERHWYVJEGIHITSWMXWEVIXSFIPMQMXIHERHHIWGVMFIXLIHIKVIIXS[LMGL
XLI]EVIYREGGITXEFPI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
%VGLMXIGXYVEPGSRGVIXI
6IZMI[7IGXMSRWXLVSYKLERHWTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVEVGLMXIGXYVEPGSRGVIXI
7TIGMJ][LIR'SRXVEGXSVMWVIUYMVIHXSWYFQMXEHMWTSWEPTPERJSV[EWXI[EXIVVIWYPXMRKJVSQWYVJEGI[EWLMRKSTIVEXMSRW
7TIGMJ][LMGLW]WXIQWSVTVSHYGXWVIUYMVIQERYJEGXYVIVvWSRWMXIXIGLRMGEPWTIGMEPMWX7TIGMJ][LIRERHJSVLS[PSRK
EXIGLRMGEPWTIGMEPMWXETTVSZIHF]XLIWTIGMEPX]MXIQQERYJEGXYVIVWLSYPHFISRWMXIXSTVSZMHIXIGLRMGEPEWWMWXERGI
7TIGMJ]MR'SRXVEGX(SGYQIRXWMJTVIGSRWXVYGXMSRGSRJIVIRGIMWVIUYMVIH
7TIGMJ][LIREVGLMXIGXYVEPGSRGVIXIWLEPPQEXGLER%VGLMXIGXYVEP'SRGVIXI6IJIVIRGI7XERHEVH-RHMGEXIPSGEXMSRW
SJ%VGLMXIGXYVEP'SRGVIXI6IJIVIRGI7XERHEVHWMR&MH(SGYQIRXWERH'SRXVEGX(SGYQIRXW
E 7TIGMJ][LIRJMIPHQSGOYTWEVIVIUYMVIHERHMRHMGEXIWTIGMJMGVIUYMVIQIRXWJSVQSGOYTW
7TIGMJ][LIREWTIGMJMGGIQIRX[MPPFIVIUYMVIHJSVEVGLMXIGXYVEPGSRGVIXI
E 7TIGMJ]MJ[EXIVSXLIVXLERTSXEFPI[EXIVMWEGGITXEFPI
7TIGMJ][LIRWTIGMEPEKKVIKEXIMWVIUYMVIHJSVEVGLMXIGXYVEPGSRGVIXI7TIGMEPEKKVIKEXIVIUYMVIQIRXWQE] MRGPYHI E
WTIGMJMGGSPSVWLETISVWM^I
E 7TIGMJ]EKKVIKEXIVIUYMVIQIRXW
E 7TIGMJ]X]TISJJSVQ[SVOMJSXLIVXLERLMKLHIRWMX]RSRZETSVXVERWQMXXMRKJSVQJEGIMWTIVQMXXIH
7TIGMJ][LIRPSGEXMSRWM^IERHWTEGMRKSJVYWXMGEXMSRWERHVIZIEPWXVMTWEVIVIUYMVIHXSFIMRHMGEXIH
I 7TIGMJ][LIVIEGMHMWXSFIYWIH
F 7TIGMJ]MJXSPIVERGIWSXLIVXLER%'-1'PEWW%JMRMWLIWEVIVIUYMVIH
H 7TIGMJ]MJMXMWTIVQMWWMFPIJSVXMIWXSFIPSGEXIH[MXLMRI\TSWIHEVIEWSJEVGLMXIGXYVEPGSRGVIXI
7TIGMJ]EVIEW[LIVIEWQSSXLVYFFIHSVWMQMPEVJMRMWLMWVIUYMVIH
7TIGMJ]GSRHMXMSRWJSVJSVQVIQSZEPMJSXLIVXLERWTIGMJMIHMR7IGXMSR
7TIGMJ]EVIEW[LIVIEWGEWXJMRMWLIWEVITIVQMXXIHSVVIUYMVIH7TIGMJ]MJXMIWEVITIVQMXXIH[MXLMREWGEWXEVIEW
E 7TIGMJ]HIKVIISJEFVEWMZIFPEWXMRKYWMRKXLIHIWGVMTXMSRwFVYWLxwPMKLXxwQIHMYQxSVwLIEZ]x
0MKLX[IMKLXGSRGVIXI
6IZMI[7IGXMSRWXLVSYKLERHWTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVPMKLX[IMKLXGSRGVIXI
7TIGMJ]MJEMVGSRXIRX[MPPFIQIEWYVIHEXEPXIVREXMZIPSGEXMSRW%MVQIEWYVIQIRXMWEPPS[IHEXXLITSMRXSJHIPMZIV]
[LIRXLIVIMWRSGSRGIVRSZIVEMVPSWWMRPMKLX[IMKLXGSRGVIXIHYVMRKGSRZI]MRKERHTPEGIQIRXTVSGIHYVIW
;LIRGSRGVIXIMWWEQTPIHMRER]QIXLSHSXLIVXLEREWWTIGMJMIHF]%781'WTIGMJ][LIVIXLIGSRGVIXIMWXS
FIWEQTPIHERHHIWGVMFIXLIQIXLSHXSSFXEMRWEQTPIW
7TIGMJ]XLEXMJWPYQTPSWWHYVMRKTYQTMRKMWHIXIVQMRIHEGGITXERGISVVINIGXMSRSJGSRGVIXIFEWIHSRWPYQTQE]
FIHIXIVQMRIHEXHIPMZIV]TSMRX
7TIGMJ]MJETPEWXMGM^MRKSVLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIMWVIUYMVIHSVTIVQMXXIHXSTVSHYGIGSRGVIXI[MXL
LMKLJPS[EFMPMX]-JWSWTIGMJ]VIUYMVIHWPYQTMJHMJJIVIRXJVSQXLSWIMRHMGEXIHMR
7TIGMJ]QIXLSHSJHIXIVQMRMRKIUYMPMFVMYQHIRWMX]MJSXLIVXLERGEPGYPEXIHQIXLSHMR%781'3XLIVQIXLSHW
PMWXIHMR%781'MRGPYHISZIRHV]QIXLSHERHQIEWYVIHIUYMPMFVMYQHIRWMX]QIXLSH
1EWWGSRGVIXI
7TIGMJ]MJQE\MQYQXIQTIVEXYVIPMQMXMRGSRGVIXIEJXIVTPEGIQIRXGERFISXLIVXLER'1E\MQYQXIQTIVEXYVIMW
PMQMXIHXSQMRMQM^IJYXYVIHYVEFMPMX]GSRGIVRWHYIXSHIPE]IHIXXVMRKMXIJSVQEXMSR()*
ERHTSXIRXMEPVIHYGXMSRWMR
YPXMQEXIWXVIRKXL'SRGVIXIXLEXGSRXEMRWWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWQE]LEZIEVIHYGIHVMWOSJ()*ERH
QE]NYWXMJ]MRXIVREPXIQTIVEXYVIWEFSZI'+ENHE
7TIGMJ]MJQE\MQYQXIQTIVEXYVIHMJJIVIRGIPMQMXMRGSRGVIXIEJXIVTPEGIQIRXGERFISXLIVXLER'8LIXIQTIVEXYVI
HMJJIVIRGIQYWXFIPMQMXIHXSQMRMQM^IXLIVQEPGVEGOMRK%LMKLIVXIQTIVEXYVIHMJJIVIRGIPMQMXQE]FIEGGITXEFPI
HITIRHMRK SR GSRGVIXI TVSTIVXMIW TPEGIQIRX HMQIRWMSRW ERH VIMRJSVGIQIRX GSRJMKYVEXMSR 8LI XIQTIVEXYVI HMJJIVIRGI
PMQMXJSVEWTIGMJMGGSRGVIXIQM\XYVIERHTPEGIQIRXGSRHMXMSRWGERFIHIXIVQMRIHXLVSYKLRYQIVMGEPWMQYPEXMSRWERH
GSQTEVMRK GEPGYPEXIH XLIVQEPP]MRHYGIH WXVEMRW [MXL XIRWMPI WXVEMR SJ GSRGVIXI 6IJIV XS %'- 6 JSV EHHMXMSREP
KYMHERGI
7TIGMJ]MJXLIVQEPGSRXVSPTPERMWRSXVIUYMVIH
7TIGMJ]MJXLIVQEPGSRXVSPTPERWLEPPLEZIVIUYMVIQIRXWSXLIVXLERPMWXIH%XLIVQEPGSRXVSPTPERQE]EHHVIWWE
WMRKPITPEGIQIRXSVEWIVMIWSJWMQMPEVTPEGIQIRXWXLEXYWIWEQIGSRGVIXIQM\XYVI
E 7TIGMJ]MJSXLIVX]TIWSJGIQIRXMXMSYWQEXIVMEPWEVIEPPS[IH
7TIGMJ]QE\MQYQEPPS[EFPIUYERXMXMIWSJWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPW-RQER]QEWWGSRGVIXITPEGIQIRXW
'PEWW*JP]EWLQEOIWYTXS SJGIQIRXMXMSYWQEXIVMEPWSVWPEKGIQIRXQEOIWYTXS SJGIQIRXMXMSYW
QEXIVMEPW8IVREV]QM\XYVIWEVIEPWSWSQIXMQIWYWIH6IHYGIHVITPEGIQIRXPIZIPWEVIWSQIXMQIWVIUYMVIHHYI
XS HYVEFMPMX]GSRGIVRWVIPEXIHXSI\TSWYVIEWEHHVIWWIHMR 7IGXMSR&IGEYWIGSRGVIXIW[MXLPS[LIEXSJL]HVEXMSR
GIQIRXWLMKLVITPEGIQIRXPIZIPWSJWPEKGIQIRXSV'PEWW*JP]EWLKIRIVEPP]LEZIHIPE]IHWIXXMQIWERHPS[IVIEVP]
WXVIRKXLWGSRWMHIVIEVP]EKIMQTPMGEXMSRWSRWIXXMRKXMQIWJSVQTVIWWYVIWJSVQ[SVOVIQSZEPG]PMRHIVLERHPMRK
GYVMRK HYVEXMSR ERH TSWXXIRWMSRMRK ;LIR WPEK GIQIRX MW PIWW XLER SJ GIQIRXMXMSYW QEXIVMEPW EHMEFEXMG
XIQTIVEXYVIVMWIQE]FILMKLIVXLERMJWPEKGIQIRXMWRSXMRGPYHIHMRGIQIRXMXMSYWQEXIVMEPW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
F 7TIGMJ] MJ LMKLIEVP]WXVIRKXL GIQIRX MW TIVQMXXIH [LIR XLIVQEP GSRXVSP TPER HIQSRWXVEXIW XLEX WTIGMJMIH
QE\MQYQXIQTIVEXYVIERHXIQTIVEXYVIHMJJIVIRGIPMQMXW[MPPRSXFII\GIIHIH
E 7TIGMJ]MJEGYVMRKHYVEXMSRPSRKIVXLERKMZIRMRMWVIUYMVIH%GYVMRKTIVMSHSJHE]WMWWYJJMGMIRXJSVQEWW
GSRGVIXITVSTSVXMSRIHJSVEHE]WTIGMJMIHWXVIRKXL;LIRGSRGVIXIWXVIRKXLMWFEWIHSRSVHE]GSQTVIW
WMZIWXVIRKXLI\XIRHGYVMRKTIVMSHEXPIEWXHE]W-JEQIEWYVIQIRXSVHIXIVQMREXMSRSJIEVP]EKIMRTPEGIWXVIRKXL
MW YWIH XS VIHYGI GYVMRK XMQI WXVIRKXLQIEWYVIQIRX WLSYPH FI EX [IEOIWX PSGEXMSRSJ TPEGIQIRX [LMGL MW EX MXW
WYVJEGI
F *SVJSVQIHWYVJEGIWWTIGMJ]EGGITXEFPIQIXLSHWSJTVIWIVZMRKQSMWXYVISXLIVXLERQEMRXEMRMRKJSVQWMRTPEGI
7TIGMJ]MJ[EXIVGYVMRKMWTIVQMWWMFPI[LIRXLIVQEPGSRXVSPTPERHIQSRWXVEXIWWTIGMJMIHQE\MQYQXIQTIVEXYVI
ERHXIQTIVEXYVIHMJJIVIRGIPMQMXW[MPPRSXFII\GIIHIH
7TIGMJ]MJEWTIGMJMGHYVEXMSRSJXLIVQEPGSRXVSPMWVIUYMVIH%XPIEWXHE]WSJXLIVQEPGSRXVSPMWX]TMGEPP]VIUYMVIH
XSEZSMHI\GIIHMRKXIQTIVEXYVIHMJJIVIRGIPMQMXW%PSRKIVTIVMSHQE]FIVIUYMVIHJSVGIVXEMRTPEGIQIRXW
E 7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVXLIQMRMQYQRYQFIVSJXIQTIVEXYVIWIRWSVWERH[LIVIXLI]WLSYPHFIPSGEXIH
7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVLS[JVIUYIRXP]XIQTIVEXYVIWIRWSVWWLSYPHFIQSRMXSVIH
7TIGMJ]JVIUYIRGMIWSJHEXEWYFQMXXEPMJSXLIVXLERHEMP]XVERWQMXXEPWEVIVIUYMVIH
F 7TIGMJ]MJXIQTIVEXYVIGSQTEVMWSRWEVIRSXVIUYMVIHSVEVITIVQMXXIHEXEHMJJIVIRXJVIUYIRG]'SQTEVMWSRWEVI
VIGSQQIRHIHEXPIEWXSRGITIV[SVOMRKHE]
4SWXXIRWMSRIHGSRGVIXI
6IZMI[7IGXMSRWXLVSYKL ERHWTIGMJ]EHHMXMSREPVIUYMVIQIRXWSVVIUYMVIQIRXWXSFISQMXXIHJSVTSWXXIRWMSRIH
GSRGVIXI
E 7TIGMJ]MJWLSTHVE[MRKWEVIXSFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
7TIGMJ][LIRHYGXWXMJJRIWWXIWXHEXEEVIXSFIWYFQMXXIH
F 7TIGMJ][LIRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
7TIGMJ]MJGEPGYPEXMSRWEVIXSFIWMKRIHERHWIEPIHF]EPMGIRWIHHIWMKRIRKMRIIV
G 7TIGMJ]MJHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
H 7TIGMJ]EHHMXMSREPXIWXWYFQMXXEPW
7TIGMJ]VIUYMVIHWYFQMXXEPW
F 7TIGMJ][LIREKKVIWWMZIIRZMVSRQIRXWI\MWXERHETTVSTVMEXIXIWXMRKMWVIUYMVIH
-RHMGEXIEVIEWGSRWMHIVIHEKKVIWWMZIIRZMVSRQIRXW[LIVIIRGETWYPEXMSRSJTVIWXVIWWMRKWXIIPEXWXVIWWMRKMRXIVQIHMEXI
ERHJM\IHERGLSVEKIWMWVIUYMVIH
7TIGMJ]MJXIWXHEXEMWXSFIWYFQMXXIHXSHIQSRWXVEXIGSQTPMERGISJIRGETWYPEXIHERGLSVW[MXLXLI[EXIVXMKLXRIWW
VIUYMVIQIRXWSJ%'-
G 7TIGMJ]QMRMQYQHYGXWXIIPEVIEVEXMS-RXLIGEWISJWTEGIPMQMXEXMSRWXLIQMRMQYQHYGXEVIEQE]FIVIHYGIHXS
XMQIWXLIRIXEVIESJTVIWXVIWWMRKWXIIPERHWLSYPHFIGSRWMHIVIHEGGITXEFPIJSVWLSVXXIRHSRWETTVS\MQEXIP]
Q
H -JVIUYMVIHWTIGMJ]SXLIVPSGEXMSRWSJSYXPIXWERHMRPIXW
I 7TIGMJ][LIRHYGXXIWXMRKMWVIUYMVIH
7TIGMJ]QMRMQYQHYGXVEHMYWERHFIRHMRKWXMJJRIWWMJQSVIJPI\MFPIHYGXMWVIUYMVIHXSEGGSQQSHEXIWQEPPVEHMYW
FIRHW
-RHMGEXIGSYTPIVPSGEXMSRW[LIRVIUYMVIH
7TIGMJ]MJIMXLIVEXLM\SXVSTMGSVRSRXLM\SXVSTMGKVSYXMWVIUYMVIH
7TIGMJ][LIRZIVMJMGEXMSRSJKVSYXGSRWMWXIRG]MWHIWMVIH
7TIGMJ][LIXLIVWYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWEVITIVQMXXIH-JHIWMVIHWTIGMJ]KVSYXQM\XYVITVSTSVXMSRW
7TIGMJ]MJEPXIVREXMZIEHQM\XYVIWGERFIYWIH
G -RHMGEXI[LIRGSVVSWMSRMRLMFMXSVWEVIVIUYMVIH
H -RHMGEXI[LIRWLVMROEKIGSQTIRWEXMRKSVI\TERHMRKEHQM\XYVIWEVIVIUYMVIH
7TIGMJ]MJ%781'XIWXVIWYPXWEVIVIUYMVIH
7TIGMJ][LMGLXIWXWEVIRSXVIUYMVIH
F 7TIGMJ]XIWXW
JSVFPIIHMRKMJXLIKVSYXMWMRXIRHIHJSVEREKKVIWWMZIIRZMVSRQIRX
7TIGMJ]XIWXTVIWWYVIERHQE\MQYQFPIIHJSVXLIFPIIHWXEFMPMX]XIWXMJHIJEYPXZEPYIWEVIYREGGITXEFPI
7TIGMJ][LIRVITPMGEXIXIWXWEVIVIUYMVIHERHXLIRYQFIVSJXIWXWVIUYMVIH
H 7TIGMJ]QMRMQYQGSQTVIWWMZIWXVIRKXL
E 7TIGMJ]JMIPHXVMEPXIWXW
;LIRVIUYMVIHWTIGMJ]JMIPHQSGOYTXIWXWSJKVSYX
7TIGMJ]EPXIVREXMZIUYEPMJMGEXMSRWJSVMRWXEPPIVW
7TIGMJ]EHHMXMSREPTEVEQIXIVWSJMRWTIGXMSR
7TIGMJ]GIVXMJMGEXMSRVIUYMVIQIRXWJSVMRWTIGXSVW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
F 7TIGMJ]EMVTVIWWYVIERHEGGITXERGIGVMXIVMEJSVTVIWWYVIXIWXMRKHYGX
7TIGMJ]I\TIVMIRGIVIUYMVIQIRXWJSVKVSYXMRKWYTIVZMWSVERHVIUYMVIHTVSSJSJI\TIVMIRGI
-R EKKVIWWMZI IRZMVSRQIRXW WTIGMJ] XLEX XLI XIRHSR IRHW EVI TVSXIGXIH F] GSZIVMRKW YRXMP XLI EGGITXERGI JSV
GYXXMRKSJXLIXIRHSRWXEMPWLEWFIIRKMZIRF]%VGLMXIGX)RKMRIIV
G J 7TIGMJ]EPXIVREXMZIGSZIVVIUYMVIQIRXW
E 7TIGMJ][EXIVXMKLXNSMRXW[LIRVIUYMVIH-REKKVIWWMZIIRZMVSRQIRXWXLINSMRXWLSYPHFI[EXIVXMKLX
F 7TIGMJ]MJVITEMVWEVIRSXVIUYMVIH
7TIGMJ]SXLIVXSPIVERGIW[LIRVIUYMVIH
7TIGMJ]SXLIVEHHMXMSREPLEMVTMRVIMRJSVGIQIRX[LIVIVEHMYWSJGYVZEXYVIMWPIWWXLERWXVERHHMEQIXIVW
7TIGMJ]EPXIVREXMZIQIXLSHWSJVIQSZMRKWYVTPYWPIRKXLWSJXIRHSRWFI]SRHERGLSVEKIW
7LVMROEKIGSQTIRWEXMRKGSRGVIXI
7TIGMJ]VIUYMVIQIRXWSJ7IGXMSRWXSXLEXHSRSXETTP]
E -JI\TERWMZIGIQIRXSXLIVXLER%781'8]TI)/
MWEGGITXEFPISVVIUYMVIHWTIGMJ]XLIGIQIRXX]TI
G *P]EWLSVKVSYRHKVERYPEXIHFPEWXJYVREGIWPEK[MPPEJJIGXXLII\TERWMSRERHWLSYPHRSXFIYWIH[MXLSYXWYJJMGMIRX
XIWXMRK
E %GGIPIVEXMRKEHQM\XYVIWWTIGMJMGEPP]SRIWXLEXGSRXEMRGEPGMYQGLPSVMHIQE]VIHYGIGSRGVIXII\TERWMSRERHWLSYPH
RSXFITIVQMXXIHJSVYWIMRWLVMROEKIGSQTIRWEXMRKGSRGVIXI
-JHMJJIVIRXQMRMQYQERHQE\MQYQI\TERWMSRPMQMXWEVIHIWMVIHWTIGMJ]XLIVIUYMVIQIRXW1MRMQYQI\TERWMSR
RIIHIH MWFEWIH SR XLI TVSNIGXIH WLVMROEKI JSV XLI TEVXMGYPEV GSRGVIXI QM\XYVI ERH XLI EQSYRX SJ VIMRJSVGIQIRX
YWIH'SRWYPX%'-JSVKYMHERGI
-JWPYQTMWXSFIHMJJIVIRXXLERQQQE\MQYQEXXLITSMRXSJTPEGIQIRXWTIGMJ]XLIVIUYMVIQIRX6IJIVXS3TXMSREP
6IUYMVIQIRXW'LIGOPMWXJSVKYMHERGISRWPYQTPSWWFIX[IIRHIPMZIV]ERHTPEGIQIRXWTSMRXW
(YIXSXLIMRMXMEPWPYQTPSWWSJWLVMROEKIGSQTIRWEXMRKGSRGVIXIMXMWRIGIWWEV]XSTVSTSVXMSRXLIGSRGVIXIQM\XYVI
XSGSRWMHIVMRMXMEPWPYQTPSWW-JXLIGSRGVIXIQM\XYVIYWIHMRXLI;SVOLEWEHIPMZIV]XMQIPSRKIVXLERQMRYXIWWTIGMJ]
EPSRKIVLSPHXMQIXSFIYWIHMRXLIXVMEPQM\XYVITVSTSVXMSRMRKTVSGIHYVI'SRWYPX%'-JSVKYMHERGI
7TIGMJ]XLIKVEHISJVIMRJSVGMRKFEVERHXLIUYERXMX]SJVIMRJSVGIQIRXVIUYMVIH
7LVMROEKIGSQTIRWEXMRKGSRGVIXIQYWXEP[E]WFIVIMRJSVGIH(IXIVQMRIXLIVIUYMVIHEQSYRXSJVIMRJSVGIQIRXMR
EGGSVHERGI[MXL%'-16IJIVXS%'-JSVEHHMXMSREPKYMHERGI
7TIGMJ]EPXIVREXMZIGSQTVIWWMFPIMWSPEXMSRNSMRXJMPPIVQEXIVMEPMJHIWMVIH
7TIGMJ]FEVTSWMXMSRMRVIMRJSVGIHWPEFWSRKVSYRHMJHMJJIVIRXJVSQQQJVSQXSTWYVJEGI
-JEPSRKIVXMQIFIX[IIRGEWXMRKEHNSMRMRKWIGXMSRWMWRIIHIHWTIGMJ]XLIXMQIVIUYMVIH6IJIVXS%'-JSVKYMHERGI
-JGYVMRKMWXSFIGSRXMRYIHJSVPSRKIVXLERHE]WSVMJEQIXLSHSXLIVXLER[EXIVGYVMRKMWEGGITXEFPIWTIGMJ]XLI
VIUYMVIQIRXWMR'SRXVEGX(SGYQIRXW
-RHYWXVMEPJPSSVWPEFW
7TIGMJ]VIUYMVIQIRXWSJ7IGXMSRWXS XLEXHSRSXETTP]
7TIGMJ]MJPIWWXLERQQXLMGOWPEFMWEPPS[IH
7TIGMJ]EPXIVREXMZIFEWIVIUYMVIQIRXW
E 7TIGMJ]MJWLVMROEKIXIWXVIWYPXWEVIXSFIWYFQMXXIHERHXLIWLVMROEKIPMQMXVIUYMVIH9PXMQEXIGSRGVIXIWLVMROEKI
QE]FITVIHMGXIHJVSQIEVP]EKIXIWXVIWYPXWMREGGSVHERGI[MXL%'-6
-JHIWMVIHWTIGMJ]PSRKIVHV]MRKTIVMSHJSVWLVMROEKIHEXE
H 7TIGMJ]MJQERYJEGXYVIVvWHEXEWLIIXSRIUYMTQIRXXSMRWXEPPGSRXVEGXMSRNSMRXWMWEVIUYMVIHWYFQMXXEP
I 7TIGMJ]MJGYVMRKGSQTSYRHGERFIYWIH[LIVIWYFWIUYIRXJMRMWLJPSSVMRKMWXSFIMRWXEPPIH7TIGMJ]EGGITXEFPI
GYVMRKGSQTSYRHSVVIUYMVIGYVMRKGSQTSYRHVIQSZEPF]EGGITXEFPIQIXLSHFIJSVIMRWXEPPMRKJPSSVJMRMWL
N 7TIGMJ]MJQE\MQYQNSMRXWTEGMRKKVIEXIVXLERQMWEGGITXEFPI.SMRXPE]SYXWLSYPHEHLIVIXSXLIQE\MQYQ
NSMRX WTEGMRK VIGSQQIRHIH F] %'- 6 FEWIH SR XLI WLVMROEKI GLEVEGXIVMWXMGW SJ XLI GSRGVIXI QM\XYVI .SMRXW
WLSYPHFIGSRXMRYSYW%ZSMHw8xMRXIVWIGXMSRW
P 7TIGMJ]MJHIWMKRSJGSRWXVYGXMSRNSMRXJSVQWMWXSFIWYFQMXXIH
7TIGMJ][LIXLIV%781 '8]TI---LMKLIEVP]WXVIRKXLGIQIRXMWEGGITXEFPI8]TI---GIQIRXQE] WMKRMJM
GERXP]MRGVIEWIXLITSXIRXMEPJSVGSRGVIXIWLVMROEKIERHXLIVQEPGVEGOMRK
E 7TIGMJ]EKKVIKEXIVIUYMVIQIRXW MJ%781'VIUYMVIQIRXWEVIMRWYJJMGMIRXSVMJ EPXIVREXMZIRSQMREPQE\MQYQ
WM^I MW HIWMVIH 1SVI VIWXVMGXMZI KVEHEXMSR SV PMQMXEXMSRW SJ PMKRMXI GSEP SV SXLIV HIPIXIVMSYW WYFWXERGIW QE] FI
VIUYMVIH6IJIVXS%'-6JSVJYVXLIVKYMHERGI
F 7TIGMJ]MJEPXIVREXMZIEKKVIKEXIMWEGGITXEFPIJSVYWIEWEFEWIGSYVWIQEXIVMEP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
E 7TIGMJ]MJEHQM\XYVIWGSRXEMRMRKGLPSVMHIMSRWEVIEGGITXEFPIERHQE\MQYQHSWEKIFEWIHSRYPXMQEXIWLVMROEKI
WYFQMXXEP
7TIGMJ]EPXIVREXMZISVEHHMXMSREPQM\XYVIVIUYMVIQIRXWMJHIWMVIH
7TIGMJ] ER EPXIVREXMZI QE\MQYQ XIQTIVEXYVI MJ HIWMVIH 6IJIV XS %'- 6 ERH %'- 6 JSV KYMHERGI ERH
GSRWMHIV E PS[IV EPXIVREXMZI XIQTIVEXYVI PMQMX XS HIGVIEWI VMWO SJ GVEGOMRK HYI XS XLIVQEP GSRXVEGXMSR 'SRWMHIV
VIUYMVMRKXLEXIZEPYEXMSRSJGSRGVIXIQM\XYVIMRFITIVJSVQIHEXXLIERXMGMTEXIHTPEGIQIRXXIQTIVEXYVI
7TIGMJ]EPXIVREXMZIZETSVVIXEVHIVQEXIVMEPERHVIUYMVIHXLMGORIWWMJPIWWXLERQ
;LIRVIUYMVIHWTIGMJ]XLIX]TIW
SJWPEFVIMRJSVGIQIRXERHMRHMGEXIXLIEQSYRXWERHPSGEXMSRWSJWPEFVIMRJSVGI
QIRXMR'SRXVEGX(SGYQIRXW
7TIGMJ]NSMRXWXSVIGIMZIPSEHXVERWJIVHIZMGIWERHMRHMGEXIEGGITXEFPIX]TIW SJHIZMGIW%GGITXEFPIQIGLERMGEP
PSEHXVERWJIVHIZMGIWQE]FIWQSSXLHS[IPFEVWVSYRHSVWUYEVI
SVHS[IPTPEXIWEZEMPEFPIMREZEVMIX]SJWLETIW
ERHMRWXEPPEXMSRW]WXIQW
7XIIPPSEHXVERWJIVHIZMGIWQYWXLEZIEQIXLSHXSTVIZIRXFSRHMRK[MXLGSRGVIXI
7TIGMJ]EPXIVREXMZINSMRXJMPPIVQEXIVMEP
7TIGMJ]EHHMXMSREPQEXIVMEPVIUYMVIQIRXWMJVIUYMVIH-JXLINSMRXQEXIVMEPMWERXMGMTEXIHXSFIMRGSQTVIWWMSRWYGL
EWEXXLITIVMQIXIVSJGSPYQRWMRTSWXXIRWMSRIHWPEFWSVWLVMROEKIGSQTIRWEXIHWPEFWYWIGSQTVIWWMFPIMWSPEXMSR
NSMRXJMPPIVQEXIVMEPXLEXHSIWRSXHIZIPSTEWXVIWWKVIEXIVXLERO4EEX WXVEMR[LIRXIWXIHMREGGSVHERGI[MXL
%781(SV(
7TIGMJ]EVIEW[LIVIHIRWMJMIVMWXSFIYWIH
7TIGMJ]EVIEW[LIVIHV]WLEOILEVHIRIVMWXSFIYWIH
7TIGMJ]GSQTEGXMSRMREGGSVHERGI[MXL%781([LIRELMKLIVFEWIHIRWMX]MWVIUYMVIH
-RHMGEXIEVIEW[LIVIEZETSVVIXEVHIVMWVIUYMVIHHMVIGXP]FIRIEXLWPEF
7TIGMJ]MJEPXIVREXMZIJMRMWLMWHIWMVIH 6IJIVXS%'-6JSVKYMHERGI 'SRWMHIVVIUYMVMRKXLIYWISJELMKL[E]
WXVEMKLXIHKIXSMQTVSZIJPEXRIWW-REHHMXMSR[LIREKKVIKEXIWLEHS[MRKETTIEVW[LMPIJMRMWLMRKGSRGVIXIXLEXLEW
FIIRSTXMQM^IHJSVWLVMROEKITIVJSVQERGIGSRWMHIVVIUYMVMRK[EPOFILMRHTS[IVXVS[IPWIUYMTTIH[MXLJPSEXWLSIW
EWJMVWXTEWWMRWXIEHSJTERJPSEXW
7TIGMJ][LIRWYVJEGILEVHIRIVMWVIUYMVIH
7TIGMJ]EPXIVREXMZIWYVJEGIXSPIVERGIWMJVIUYMVIH
7TIGMJ]GSRWXVYGXMSRNSMRXWXLEXHSRSXLEZIXSFIWE[GYX.SMRXWXVEJJMGOIHF]LEVH[LIIPIHZILMGPIWWLSYPHFI
WE[GYXERHJMPPIH[MXLEWIQMVMKMHNSMRXJMPPIV
7TIGMJ]EPXIVREXMZIVIUYMVIQIRXWJSVGSRXVEGXMSRNSMRXW[LIRVIUYMVIH
7TIGMJ]MJEGYVMRKTIVMSHSJPIWWXLERHE]WMWEGGITXEFPI
7TIGMJ][LIREPMUYMHWYVJEGIHIRWMJMIVMWVIUYMVIH
7TIGMJ]NSMRXWRSXXSVIGIMZIWIQMVMKMHJMPPIV
7TIGMJ]MJNSMRXJMPPMRKWLSYPHFITIVJSVQIHEXEXMQISXLIVXLERXLEXVIGSQQIRHIHF]XLIQERYJEGXYVIV %GGSVHMRK
XS%'-6 SJXLIWLVMROEKIGERFII\TIGXIHHYVMRKXLIJMVWXXSQSRXLWYRHIVWYWXEMRIHHV]MRK%W
GSRGVIXIWLVMROWNSMRXW[MHIR.SMRX[MHIRMRKGEYWIWJMPPIVWITEVEXMSRXLEXVIUYMVIWGSVVIGXMSR
7TIGMJ]MJNSMRXJMPPIVQSRMXSVMRKGSVVIGXMSRWLSYPHFII\XIRHIHJSVPSRKIVXLERXLI[EVVERX]TIVMSH
8MPXYTGSRWXVYGXMSR
6IZMI[7IGXMSRWXLVSYKLERHWTIGMJ]VIUYMVIQIRXWXSFISQMXXIHSVEHHIHJSVXMPXYTGSRGVIXI
7TIGMJ][LMGLWYFQMXXEPMXIQWEVIRSXVIUYMVIH
7TIGMJ]MJWTIGMEPEKKVIKEXIWEVIVIUYMVIH
7TIGMJ]EPXIVREXMZIFIEVMRKWLMQW
7TIGMJ]HMJJIVIRX6ZEPYIMJETTPMGEFPI
7TIGMJ]MJ[EWXIWPEFWEVIXSFIYWIH
7TIGMJ]MJEKKVIKEXII\TSWYVISXLIVXLERQQMWVIUYMVIH
7TIGMJ]MJEKKVIKEXIVIZIEPSXLIVXLERQQMWVIUYMVIH
7TIGMJ][LIVIPMUYMHQIQFVERIJSVQMRKGYVMRKGSQTSYRHWEVIRSXXSFIYWIH
7TIGMJ]VITEMVTVSGIHYVIXSGSVVIGXTERIPHEQEKI
7TIGMJ][LIRFIEQWEVIVIUYMVIH
4VIGEWXWXVYGXYVEPGSRGVIXI
7TIGMJ]MJ7IGXMSRPMKLX[IMKLXGSRGVIXIVIUYMVIQIRXWETTP]
E 7TIGMJ]MJWYFQMXXEPSJGSRGVIXIQM\XYVITVSTSVXMSRWERHGLEVEGXIVMWXMGWEVIRSXVIUYMVIH
F 7TIGMJ]MJWLSTHVE[MRKWJSVXIQTSVEV]FVEGMRKERHWLSVMRKWLSYPHFIWYFQMXXIH
7TIGMJ]MJGEPGYPEXMSRWJSVXIQTSVEV]FVEGMRKERHWLSVMRKEVIVIUYMVIH
7TIGMJ]MJWLSTHVE[MRKWJSVJEFVMGEXMSRWLSYPHFIWYFQMXXIH
H 7TIGMJ]MJWXVYGXYVEPHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
I 7TIGMJ]MJHIWMKRGEPGYPEXMSRWEVIXSFIWYFQMXXIH
E 7TIGMJ] MJ XIWX VITSVXW SV QEXIVMEP GIVXMJMGEXMSRW EVI XS FI WYFQMXXIH ERH WMKRIH F] EYXLSVM^IH QERYJEGXYVIV SV
WYTTPMIVWvVITVIWIRXEXMZI
7TIGMJ]VIXIRXMSRTIVMSHSJTVSHYGXHEXEMJPSRKIVXLER]IEVWMWHIWMVIH
-J ETTPMGEFPI WTIGMJ]XLEX IVIGXSV MW RSX VIUYMVIH XS FIUYEPMJMIH F] 4'- )VIGXSV XS LEZI I\TIVMIRGI MRTVIGEWX
GSRGVIXI[SVOSREXPIEWXXLVIIGSQTEVEFPITVSNIGXWSJWMQMPEVWGSTI[MXL3[RIVSV%VGLMXIGX)RKMRIIVHIXIVQMRMRK
XLIWYMXEFMPMX]SJXLII\TIVMIRGI'SRXEGX4'-JSVGYVVIRXPMWXMRKSJ4'-5YEPMJMIH)VIGXSVW
7TIGMJ]MJHMJJIVIRXJEFVMGEXSVUYEPMJMGEXMSRWEVIEPPS[IH4'-120ERH120QERHEXIWWSYVGIXIWXMRK
VIUYMVIQIRXW ERH E TPERX 5YEPMX] 7]WXIQW 1ERYEP 4'- GIVXMJMGEXMSR EPWS IRWYVIW TIVMSHMG EYHMXMRK SJ TPERXW JSV
GSQTPMERGI[MXLVIUYMVIQIRXWMR4'-120ERH120
7TIGMJ]EPXIVREXMZITIVWSRRIPGIVXMJMGEXMSRVIUYMVIQIRXWJSVXIWXMRKERHMRWTIGXMSR
7TIGMJ]MJ]IEVWSJ[SVOI\TIVMIRGIMWRSXVIUYMVIH
7TIGMJ]MJ[IPHIVUYEPMJMGEXMSRMWRSXVIUYMVIH
7TIGMJ]MJJMVIVIWMWXERGIGEPGYPEXMSRMWRSXVIUYMVIH;LIRJMVIVIWMWXERGIMWVIUYMVIHXSFIGEPGYPEXIHWTIGMJ]4'-
120SV%'-817
7TIGMJ]MJTVIGSRWXVYGXMSRGSRJIVIRGIMWRSXVIUYMVIH
7TIGMJ][LIR'SRXVEGXSVHSIWRSXLEZIHIWMKRVIWTSRWMFMPMX]
E 7TIGMJ] VIUYMVIQIRXW HMJJIVMRK JVSQ 7IGXMSR SV XLSWI WTIGMJMIH MR XLMW WIGXMSR +YMHERGI JSV IZEPYEXMRK XLI
HIKVIISJVYWXMRKSRWXVERHMWKMZIRMR7EWSR
7TIGMJ]VIUYMVIQIRXWHMJJIVMRKJVSQ7IGXMSRSVXLSWIWTIGMJMIHMRXLMWWIGXMSR
7TIGMJ]MJPMKLX[IMKLXEKKVIKEXIWEVIVIUYMVIH6IZMI[ 7IGXMSRERHQSHMJ]VIUYMVIQIRXWXSWYMXTVSNIGX
7TIGMJ]MJETEVXMGYPEVFIEVMRKTEHMWVIUYMVIH
E 7TIGMJ]VIUYMVIQIRXWSJVIKPIXW
7TIGMJ] EPXIVREXMZI QEXIVMEPW MJ HIWMVIH %HH SXLIV TVSTVMIXEV] KVSYX W]WXIQW XS WYMX 4VSNIGX 7LS[ PSGEXMSRW SJ
IEGLKVSYXMR'SRXVEGX(SGYQIRXWMJVIUYMVMRKQSVIXLERSRIX]TI
7TIGMJ]MJRSRWLVMROKVSYXMWVIUYMVIH
7TIGMJ]MJJIVVSYWKVSYXWGERFIYWIH
7TIGMJ][LIRJMIPHMRWXEPPEXMSRTVSGIHYVIWWLSYPHFIWYFQMXXIH
7TIGMJ]X]TIKVEHIERHGPEWWMJITS\]KVSYXMWVIUYMVIH
7TIGMJ] MJ MRWYPEXIH QIQFIVW EVI VIUYMVIH 7TIGMJ] MRWYPEXMSR X]TI XLMGORIWW 6ZEPYI ERH PSGEXMSR JSV IEGL
QIQFIVX]TIYWIHMRXLI;SVO
7TIGMJ][]XLIGSRRIGXSVWMJTEVXMGYPEVGSRRIGXSVHIWMVIH
7TIGMJ] HMJJIVIRX GSQTVIWWMZI WXVIRKXL [LIR VIUYMVIH ,MKLIVWXVIRKXL QM\XYVIW QE] FI EZEMPEFPI ZIVMJ]
EZEMPEFMPMX][MXLJEFVMGEXSVW
7TIGMJ]MJPS[IV[GQMWVIUYMVIHXSWYMX4VSNIGX
7TIGMJ]EMVGSRXIRX
7TIGMJ] [LIR PMKLX[IMKLX GSRGVIXI MW VIUYMVIH 7TIGMJ] HMJJIVIRX HE] GSQTVIWWMZI WXVIRKXL ERH HIRWMX] [LIR
VIUYMVIH'SSVHMREXI[MXLPMKLX[IMKLXEKKVIKEXIWYTTPMIVERHTVIGEWXGSRGVIXIJEFVMGEXSV7SQIGSQFMREXMSRWSJPMKLX
[IMKLXERHRSVQEP[IMKLXEKKVIKEXIWMRPMKLX[IMKLXGSRGVIXIQM\XYVIWQE]TVSHYGIHIRWMXMIWKVIEXIVXLEROKQ
7TIGMJ]EMVGSRXIRX
F 7TIGMJ]HMJJIVIRXIHKISVGSVRIVXVIEXQIRX[LIRVIUYMVIH
F 7TIGMJ]MJPETWEVIRSXVIUYMVIHSVMJHMJJIVIRXPETPIRKXLMWVIUYMVIHJSV[IPHIH[MVIVIMRJSVGIQIRX
-RHMGEXIMJEXIQTIVEXYVILMKLIVXLER'MWEGGITXEFPI%QE\MQYQGSRGVIXIXIQTIVEXYVISJ'MWEGGITXEFPIMJSRI
SJXLIJSPPS[MRKQIEWYVIWMWYWIH
e %781 ' 8]TI : TSVXPERH GIQIRX [MXL &PEMRI JMRIRIWW PIWW XLER Q OK SV %781 ' 8]TI -4
FPIRHIHGIQIRX[MXLEXPIEWX 'PEWW*JP]EWLSV%781'8]TI-7FPIRHIHGIQIRX[MXLEXPIEWX
WPEKGIQIRX
e 'IQIRX[MXLHE]QSVXEVWXVIRKXL%781''1
PIWWXLER14E
e 6ITPEGITSVXPERHGIQIRX[MXLXS F]QEWW
SJJP]EWLQIIXMRK%781''PEWW*
e 6ITPEGITSVXPERHGIQIRX[MXLXS F]QEWW
SJWPEKGIQIRXQIIXMRK%781'
e 6ITPEGI XS F] QEWW
SJ TSVXPERH GIQIRX [MXL E GSQFMREXMSR SJ %781 ' 'PEWW * JP] EWL
QE\MQYQ
%781'WPEKGIQIRXERH%781'WMPMGEJYQIQE\MQYQ
e 6ITPEGI XS F] QEWW
SJ TSVXPERH GIQIRX [MXL E GSQFMREXMSR SJ %781 ' 'PEWW ' JP] EWL
QE\MQYQ
ERH EX PIEWX %781 ' WMPMGE JYQI QE\MQYQ
YPXVEJMRI JP] EWL SV %781
''PEWW2QIXEOESPMRERH
e 6ITPEGI F]QEWW
SJTSVXPERHGIQIRX[MXLEQIXEOESPMRQIIXMRK%781''PEWW2
-RHMGEXI[LMGLGSQFMREXMSRSJGIQIRXMXMSYWQEXIVMEPW[MPPFIEGGITXEFPI7IPIGXXLIGSQFMREXMSRWXLEX[MPPFI
WYMXEFPIJSVXLII\TIGXIHWIVZMGIGSRHMXMSRW
*SVGSRGVIXIHV]SVTVSXIGXIHJVSQQSMWXYVIWTIGMJ]MJQE\MQYQGSRGVIXIXIQTIVEXYVISJ'MWEGGITXEFPI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
348-32%06)59-6)1)287',)'/0-78GSRX
7IGXMSR4EVX%VXMGPI 2SXIWXS7TIGMJMIV
7TIGMJ]MJTVIXIRWMSRMRKSVTSWXXIRWMSRMRKMWVIUYMVIH
7TIGMJ]EPXIVREXMZIEGGITXERGIVIUYMVIQIRXWJSVVITEMVWMJVIUYMVIH
7TIGMJ]MJMRWYPEXIHTERIPWEVIVIUYMVIH
7TIGMJ]JMRMWLJSVMRWYPEXIHTERIPW
7TIGMJ]XSPIVERGIWHMJJIVIRXXLERXLSWIWTIGMJMIHMR%'--8+1
7TIGMJ]MJWGVIIHJMRMWLJPSEXJMRMWLSVSXLIVJMRMWLMWHIWMVIH
7TIGMJ]MJ4'-TPERXGIVXMJMGEXMSRERHXIWXMRKERHMRWTIGXMSRTVSKVEQMWRSXVIUYMVIH
F 7TIGMJ]EPXIVREXMZI[IPHVIUYMVIQIRXW
7TIGMJ]MJGYXXMRKSVGSVMRKMWTIVQMXXIHEJXIVMRWXEPPEXMSR
7TIGMJ]MJHVMPPIHSVTS[HIVEGXYEXIHJEWXIRIVWQE]FIYWIH
4VIGEWXEVGLMXIGXYVEPGSRGVIXI
6IZMI[ 7IGXMSRERHQSHMJ]VIUYMVIQIRXWXSJMXTVSNIGX
7TIGMJ]MJ[EXIVEFWSVTXMSRXIWXWEVIXSFIWYFQMXXIH
7TIGMJ][LMGLSJXLIMXIQWMREXLVSYKLGEVIVIUYMVIH
7TIGMJ]HMJJIVIRXJEFVMGEXSVUYEPMJMGEXMSRWMJEGGITXEFPI
6IZMWIWM^IERHRYQFIVSJWEQTPITERIPWXSWYMX4VSNIGX
7TIGMJ]MJWEQTPITERIPWEVIRSXVIUYMVIH
7TIGMJ]MJVERKIWEQTPIWEVIVIUYMVIH
-JQSGOYTWEVIVIUYMVIHWTIGMJ]RYQFIVPSGEXMSRWM^IERHSXLIVHIXEMPWMR'SRXVEGX(SGYQIRXW
J 7TIGMJ]MJWITEVEXIQSGOYTMWVIUYMVIHJSVXIWXMRKF]SXLIVW7TIGMJ]VIUYMVIHXIWXMRK
7TIGMJ]MJJSVQPMRIVMWVIUYMVIHERHEHHHIWGVMTXMSRSJXLITEVXMGYPEVJSVQPMRIVWIPIGXIH
7TIGMJ]MJWYVJEGIVIXEVHIVMWVIUYMVIH
-JLEPJFVMGOZIRIIVJEGIHTVIGEWXGSRGVIXIYRMXWEVIVIUYMVIHWTIGMJ]%781WXERHEVHX]TIERHKVEHIJEGIWM^I
ERHHMQIRWMSREPXSPIVERGIW
7TIGMJ]MJHMJJIVIRXTVSTIVXMIWEVIVIUYMVIHSVTIVQMXXIH
P 7TIGMJ]JEGIGSPSVERHXI\XYVIXSQEXGLHIWMKRVIJIVIRGIWEQTPIMJVIUYMVIH
7TIGMJ]MJWYVJEGIGSPSVIHFVMGOSXLIVXLERJPEWLIHSVWERHJMRMWLIHMWXSFIYWIH
Q -JVIUYMVIHWTIGMJ]FEGOWYVJEGIXI\XYVI)\EQTPIWSJHIWGVMTXMSRWEVIWGSVIHGSQFIH[MVIVSYKLIRIHVMFFIH
OI]FEGOIHSVHSZIXEMPIH
7TIGMJ] TVSTIVXMIW MJ HMJJIVIRX XLER RSXIH SV EW VIUYMVIH JSV TEVXMGYPEV TVSNIGX 6IJIV XS %27- % JSV
GSQQSRP]EZEMPEFPIWM^IWWLETIWTL]WMGEPTVSTIVXMIWFEWMWJSVEGGITXERGIERHXIWXMRKQIXLSHW
7TIGMJ]ETTPMGEXMSRW[LIVIXIVVEGSXXEYRMXWEVIVIUYMVIH
7TIGMJ]SXLIVEPPS[EFPIQSVXEVJSVNSMRXW
7TIGMJ]MJFVMGOYRMXNSMRXWEVIXSFIJMPPIHEJXIVTVIGEWXGSRGVIXITERIPTVSHYGXMSR7TIGMJ]MJETEVXMGYPEVKVSYXX]TI
MWVIUYMVIH6IJIVXS%27-%JSVEHHMXMSREPVIGSQQIRHEXMSRW
7TIGMJ]TSMRXMRKKVSYXGSPSVMJVIJIVIRGIWEQTPITERIPRSXYWIHSVVIUYMVIH
7TIGMJ]MJJPI\MFPIWIEPERXMWVIUYMVIHMRERGLSVLSPIWXSTVIZIRX[EXIVMRXVYWMSRMRXSWXSRIERHJYXYVIHMWGSPSVEXMSR
EXERGLSVPSGEXMSRW
7TIGMJ]MJJMPPMRKERGLSVLSPIWMWRSXVIUYMVIH
7TIGMJ]MJVMKMHJMPPIVMWVIUYMVIHXSTVIZIRX[EXIVMRXVYWMSRMRXSWXSRIERHJYXYVIHMWGSPSVEXMSREXERGLSVPSGEXMSRW
7TIGMJ]MJJMPPMRKERGLSVLSPIWMWRSXVIUYMVIH
7TIGMJ]MJITS\]MWVIUYMVIHMRERGLSVLSPIW
7TIGMJ]SXLIVX]TIWSJFSRHFVIEOIVMJHIWMVIHWYGLEWTVIJSVQIHGSQTVIWWMFPIVIWMPMIRXRSRWXEMRMRKRSR[E\MRK
GPSWIHGIPPTSP]IXL]PIRIJSEQTEHRSREFWSVFIRXXSPMUYMHERHKEWQQXLMGO
E 7TIGMJ]XLMRSVLEPJFVMGOJEGMRKW
7TIGMJ]MJWXSRIJEGMRKMWVIUYMVIH7TIGMJ]PSGEXMSRSJWXSRIJEGMRKWERHERGLSVEKIVIUYMVIQIRXWMJHMJJIVIRXJVSQ
QMRMQYQWTIGMJMIHIQFIHQIRXHITXLSJERGLSVWMRXSGSRGVIXIWYTTSVXWERHEXXEGLQIRXW-RHMGEXIWXSRIZIMRMRK
HMVIGXMSRSRHVE[MRKW
7TIGMJ]TEVXMGYPEVJEGIXIGLRMUYI[LIRVIUYMVIH
F 7TIGMJ]GIQIRXERHEKKVIKEXIVIUYMVIQIRXW*EGIERHFEGOYTQM\XYVIWWLSYPHLEZIWMQMPEVEKKVIKEXIWLVMROEKI
ERHGSIJJMGMIRXSJXLIVQEPI\TERWMSR[MXLWMQMPEV[GQ
7TIGMJ]JPSEXJMRMWLPMKLXFVSSQJMRMWLWXMTTPIHSVEWGEWXJMRMWLMJWQSSXLWXIIPXVS[IPJMRMWLMWYRRIGIWWEV]
7TIGMJ]MJGPIERMRKMWRSXRIGIWWEV]
7TIGMJ]HMJJIVIRXNSMRX[MHXL
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
74)'-*-'%8-327*367869'896%0'32'6)8)%'-1
79&1-88%07',)'/0-78GSRX
8LIWIMXIQWPMWXIH[MPP FIWYFQMXXIHF]XLI'SRXVEGXSVERHVIZMI[IHF]XLI%VGLMXIGX)RKMRIIV%PPWYFQMXXEPWERHVIWTSRWIWWLSYPHFI
VIXEMRIHMRJMPIWJSVJYXYVIVIJIVIRGIHYVMRKXLI;SVO7SQIWYFQMXXEPVIUYMVIQIRXWWLS[R[MPPETTP]SRP][LIRSTXMSREPVIUYMVIQIRXWEVI
WIPIGXIHERH[VMXXIRMRXSXLI4VSNIGX7TIGMJMGEXMSRW3RGISTXMSREPVIUYMVIQIRXWLEZIFIIRWIPIGXIHVIZMI[XLI7IGXMSR4EVX%VXMGPIMRHM
GEXIHJSVXLIWYFQMXXEPMXIQXSWIIMJMXETTPMIW
7IGXMSR4EVX%VXMGPI 7YFQMXXEPMXIQWERH2SXIWXS7TIGMJMIV
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E 6IUYIWXEGGITXERGISJEPXIVREXMZIQIXLSHSJETTPMGEXMSRSJJM\IHIRHERGLSVEKI
G 8ETIVITEMVTVSGIHYVIW
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F 1ERYJEGXYVIVvWHEXEWLIIXJSVPSEHXVERWJIVHIZMGIW[LIRYWIH
G 1ERYJEGXYVIVvWHEXEWLIIXJSVZETSVVIXEVHIVWLIIX[LIRYWIH
H 1ERYJEGXYVIVvWHEXEWLIIXSRIUYMTQIRXXSMRWXEPPGSRXVEGXMSRNSMRXW[LIRVIUYMVIH
I 1ERYJEGXYVIVvWHEXEWLIIXJSVGYVMRKGSZIVGYVMRKGSQTSYRHSVSXLIVGYVMRKQIXLSH
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L 1ERYJEGXYVIVvWHEXEWLIIXJSVPMUYMHETTPMIHWYVJEGIHIRWMJMIVW[LIRYWIH
M 1ERYJEGXYVIVvWHEXEWLIIXJSVQMRIVEPSVQIXEPPMGWLEOILEVHIRIVW[LIRYWIH
N .SMRXPE]SYX
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F 7LSTHVE[MRKWJSVIVIGXMSR
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6IUYIWXHIZMEXMSRWSJWM^IERHWLETISJTVIGEWXGSRGVIXIQIQFIVW
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F 6IUYIWXPIWWXLER FSPXXIWXMRKMRXLIIZIRXMRWYJJMGMIRXXSVUYIMWJSYRH[MXLMRXLIJMVWX
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7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
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