Sie sind auf Seite 1von 22

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6ITSVXSR&ILEZMSVSJ
*VIWL'SRGVIXI(YVMRK:MFVEXMSR

6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
%YKYWX
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%HZERGMRKGSRGVIXIORS[PIHKI

6ITSVXSR&ILEZMSVSJ*VIWL'SRGVIXI(YVMRK:MFVEXMSR

'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

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XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXL
ERHWEJIX]WXERHEVHW

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WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-

1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
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.IVSQI,*SVH 6MGLEVH)1MPPIV

7YFGSQQMXXIIQIQFIVW[LSTVITEVIHXLMWVITSVX

8LMW VITSVX GSZIVW XLI VLISPSKMGEP ERH QIGLERMGEP TVSGIWWIW XLEX XEOI '328)287
TPEGIHYVMRKGSRWSPMHEXMSRSJJVIWLGSRGVIXI8LIJMVWXGLETXIVTVIWIRXWXLI 'LETXIV{-RXVSHYGXMSRERHWGSTIT6
LMWXSVMGEP HIZIPSTQIRXW VIPEXMZI XS GSRWSPMHEXMRK GSRGVIXI 8LI WIGSRH
GLETXIVTVSZMHIWRSXEXMSRWERHHIJMRMXMSRW8LIXLMVHGLETXIVHIEPW[MXLXLI 'LETXIV{2SXEXMSRERHHIJMRMXMSRWT6
VLISPSKMGEPFILEZMSVSJGSRGVIXIHYVMRKGSRWSPMHEXMSRERHXLIEWWSGMEXIH {2SXEXMSR
QIGLERMWQWSJH]REQMGGSQTEGXMSR8LIJSYVXLGLETXIVTVIWIRXWXLITVMR
GMTPIWSJZMFVEXSV]QSXMSRSGGYVVMRKHYVMRKZMFVEXMSRZMFVEXSV]QIXLSHW
{(IJMRMXMSRW
ERHI\TIVMQIRXEPXIWXVIWYPXW'SRXMRYMRKVIWIEVGLMRXLIJMIPHSJGSRGVIXI
ZMFVEXMSREWIZMHIRGIHF]XLII\XIRWMZIPMXIVEXYVIHIZSXIHXSXLIWYFNIGXMW 'LETXIV{-RJPYIRGISJVLISPSK]SRGSRWSPMHEXMSR
EHHVIWWIH SJJVIWLGSRGVIXIT6
{6LISPSK]SJJVIWLGSRGVIXI
/I][SVHWEHQM\XYVIWEKKVIKEXIWEKKVIKEXIWLETIERHXI\XYVIEKKVIKEXI {6LISPSK]MRTVEGXMGI
WM^IEQTPMXYHIGSQTEGXMRKGSRWSPMHEXMSRHEQTMRKIRIVK]JVIWLGSRGVIXI {'SRGPYWMSRW
LEVHIRMRK LMWXSV] QIGLERMGEP MQTIHERGI QM\XYVI TVSTSVXMSRMRK
VIZMI[WVLISPSKMGEPTVSTIVXMIWWXEFMPMX]ZMFVEXMSRWZMFVEXSVW QEGLMRIV] 
'LETXIV{1IGLERMWQWSJGSRGVIXIZMFVEXMSR
T6
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{:MFVEXSV]QSXMSR
%'- 'SQQMXXII 6ITSVXW +YMHIW 1ERYEPW 7XERHEVH {4EVEQIXIVWSJGSRGVIXIZMFVEXMSR
4VEGXMGIW ERH 'SQQIRXEVMIW EVI MRXIRHIH JSV KYMHERGI MR
TPERRMRK HIWMKRMRK I\IGYXMRK ERH MRWTIGXMRK GSRWXVYGXMSR {:MFVEXSV]QIXLSHW
8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVI
GSQTIXIRX XS IZEPYEXI XLI WMKRMJMGERGI ERH PMQMXEXMSRW SJ MXW 'LETXIV{6IJIVIRGIWT6
GSRXIRX ERH VIGSQQIRHEXMSRW ERH [LS [MPP EGGITX
VIWTSRWMFMPMX] JSV XLI ETTPMGEXMSR SJ XLI QEXIVMEP MX GSRXEMRW {6IJIVIRGIHWXERHEVHWERHVITSVXW
8LI %QIVMGER 'SRGVIXI -RWXMXYXI HMWGPEMQW ER] ERH EPP {'MXIHVIJIVIRGIW
VIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPPRSX
FIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX %'-6WYTIVWIHIW%'-6ERH[EWEHSTXIHERHTYFPMWLIH%YKYWX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
XLI%VGLMXIGX)RKMRIIV SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW

6
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%XXLIXYVRSJXLIX[IRXMIXLGIRXYV]GSRGVIXI[EWKIRIVEPP] ZMFVEXSVWFYX[EWRSXEFPIXSI\TPEMRXLIMRXIVEGXMSRFIX[IIR
TPEGIHEWZIV]HV]QM\XYVIWERH[EWHITSWMXIHMRXLMRPMJXW EZMFVEXSVERHJVIWLGSRGVIXI8LIJVIUYIRGMIWSJXLIIEVP]
ERHVEQQIH MRXS TPEGI F] LIEZ] XEQTIVW [LMGL MRZSPZIH WZMFVEXSVW[IVIPMQMXIHXSXSZMFVEXMSRWTIV
I\XIRWMZIQERYEPPEFSV8]TMGEPWXVYGXYVIWWYGLEWJSYRHEXMSRW QMRYXI  XS  ,^  FIGEYWI SJ HIWMKR ERH QEMRXIRERGI
VIXEMRMRK[EPPWERHHEQWGSRXEMRIHPMXXPISVRSVIMRJSVGIQIRX TVSFPIQW;LIRMXFIGEQIETTEVIRXXLEXLMKLIVJVIUYIRGMIW
8LIGSRGITXSJVEQQIHGSRGVIXIMRXLMRPMJXWGERFIXVEGIH [IVITSWWMFPIERHQSVIIJJIGXMZIMRGSRWSPMHEXMRKGSRGVIXI
FEGOXSXLIIEVP]6SQERXMQIW[LIRXLI4ERXLISR[EWFYMPX ZMFVEXSVQERYJEGXYVIVWQEHIXLIRIGIWWEV]MQTVSZIQIRXW
1ER]SJXLIWIWXVYGXYVIWEVIWXMPPMRWIVZMGITVSZMRKXLEXXLMW 8LIJSPPS[MRKMWERLMWXSVMGEPPMWXMRKSJRSXEFPIVIWIEVGLSR
X]TISJGSRWXVYGXMSRTVSHYGIHWXVSRKHYVEFPIGSRGVIXI XLIGSRWSPMHEXMSRSJJVIWLGSRGVIXI3FWIVZEXMSRW[IVIQEHI
-RXLIIEVP]X[IRXMIXLGIRXYV]XLIGSQQSRYWISJVIMRJSVGMRK SRXLIIJJIGXSJEMVIRXVEMRQIRXMRXVSHYGIHMRXLIPEXIW
WXIIPMRGSRGVIXIGLERKIHXLIGSRWSPMHEXMSRVIUYMVIQIRXWJSV SR GSRGVIXI GSRWSPMHEXMSR %MV IRXVEMRQIRX QEOIW XLI
GSRGVIXI'SRGVIXIWIGXMSRW[IVIKVIEXP]VIHYGIHMRXLMGORIWW QM\XYVI QSVI GSLIWMZI ERH IRLERGIW TEVXMGYPEVP] PIER
'SRWXVYGXSVW JSYRH XLEX XLI HV] QM\XYVIW GSYPH RSX FI QM\XYVIWHIJMGMIRXMRJMRIWEW[IPPEWQEWWGSRGVIXI
XEQTIHMRXLIREVVS[JSVQWJMPPIH[MXLVIMRJSVGMRKWXIIPERH 0v,IVQMXI ERH 8SYVRSR   VITSVXIH JYRHEQIRXEP
GSRWIUYIRXP][EXIV[EWEHHIHXSJEGMPMXEXITPEGIQIRXMRXS VIWIEVGLSRXLIQIGLERMWQSJGSRWSPMHEXMSR8LI]JSYRHXLEX
JSVQW [MXLSYX VIKEVH XS IJJIGXW SR XLI QM\XYVI MXWIPJ 8LI JVMGXMSRFIX[IIRXLIMRHMZMHYEPTEVXMGPIWMWXLIQSWXMQTSVXERX
GLERKIJVSQQEWWMZIXEQTIHGSRGVIXIWXVYGXYVIWMRXLIIEVP] JEGXSVMRTVIZIRXMRKGSRWSPMHEXMSR HIRWMJMGEXMSR FYXJVMGXMSRMW
WXSVIPEXMZIP]XLMRVIMRJSVGIHGSRGVIXIWXVYGXYVIW[EWE TVEGXMGEPP]IPMQMREXIH[LIRGSRGVIXIMWMREWXEXISJZMFVEXMSR
QENSVEHZERGIMRIRKMRIIVMRKTVEGXMGIFYXHMHRSXRIGIWWEVMP] 1IMWWRIV  WYQQEVM^IHVIWIEVGLERHVIZMI[IHWXEXI
VIWYPXMRMQQIHMEXIMQTVSZIQIRXWMRGSRGVIXIUYEPMX]8LI SJXLIEVXIUYMTQIRXERHMXWGLEVEGXIVMWXMGW
HV]XEQTIHGSRGVIXIWXVYGXYVIW[IVIWSQI[LEXPIWWTIVQIEFPI %'- 'SQQMXXII    WXEXIH VIGSQQIRHEXMSRWJSV
XLERXLI[IXGSRGVIXITPEGIHMRXSXLIJMVWXVIMRJSVGIHWXVYGXYVIW ZMFVEXSV GLEVEGXIVMWXMGW ETTPMGEFPI XS HMJJIVIRX X]TIW SJ
1IXLSHWSXLIVXLERXEQTMRK[IVIXVMIHXSGSRWSPMHEXIWXMJJIV GSRWXVYGXMSRERHHIWGVMFIHJMIPHTVEGXMGIW
GSRGVIXI 'SQTVIWWIH EMV [EW MRXVSHYGIH MRXS XLI JVIWL ;EP^   HIWGVMFIH XLI ZEVMSYW X]TIW SJ ZMFVEXSVW{
GSRGVIXIXLVSYKLPSRKNIXW8LITVEGXMGISJGLYXMRKGSRGVIXI MRXIVREPWYVJEGIJSVQERHXEFPI{ERHXLIMVETTPMGEXMSR-X
MRXSTPEGIVIWYPXIHMRI\GIWWMZIP][IXQM\XYVIWEWXLI[EXIV [EWWLS[RXLEXXLIVIHYGXMSRMRMRXIVREPJVMGXMSRMWTVMQEVMP]
GSRXIRX [EW MRGVIEWIH [MXLSYX MRGVIEWMRK XLI GIQIRX  XS XLIVIWYPXSJEGGIPIVEXMSRTVSHYGIHHYVMRKZMFVEXMSR
EPPS[XLIQM\XYVIXSJPS[MRGLYXIW ;EPXIV -XFIGEQI 6IFYX  HMWGYWWIHXLIXLISV]SJZMFVEXMSRMRGPYHMRK
ETTEVIRX XLEX XLIWI [IX QM\XYVIW HMH RSX TVSHYGI KSSH XLIJSVGIWMRZSPZIHXLIX]TIWSJZMFVEXSVWERHXLIMVETTPMGEXMSR
XSHMJJIVIRXGPEWWIWSJGSRWXVYGXMSRERHZMFVEXMSRQIEWYVMRK
GSRGVIXI )RKMRIIVMRK2I[W6IGSVH 8LIVIWYPX[EW
HIZMGIW
PS[IV WXVIRKXL HYVEFMPMX] JEMPYVIW ERH MRGVIEWIH HV]MRK
)VWS]  TYFPMWLIHXLIVIWYPXWSJI\XIRWMZIPEFSVEXSV]
WLVMROEKI ERH GVEGOMRK 8LI TSSV HYVEFMPMX] SJ XLIWI JMVWX
MRZIWXMKEXMSRWSRXLIGSRWSPMHEXMSRIJJIGXSJMRXIVREPZMFVEXSVW
VIMRJSVGIHGSRGVIXIWXVYGXYVIW[EWSJKVIEXGSRGIVRXSIEVP]
)VWS]ZEVMIHXLIGSRGVIXIGSRWMWXIRG]WM^IERHWLETISJJSVQ
TVEGXMXMSRIVW 8LIWI QM\XYVIW [SYPH FI HIWGVMFIH EW
ERH ZMFVEXMSR TEVEQIXIVW ERH GSRGPYHIH XLEX XLI IGGIRXVMG
w[IXXIVxXLSYKLXLIWPYQTXIWX[EW]IXXSFIWXERHEVHM^IH
QSQIRXHIJMRIHEWXLIQEWWSJXLIIGGIRXVMGXMQIWMXWIGGIR
8LI [EXIVGIQIRX VEXMS GSRGITX TSWXYPEXIH F] %FVEQW XVMGMX] HMWXERGIFIX[IIRXLIGIRXIVSJKVEZMX]ERHXLIGIRXIVSJ
EVSYRH  HIQSRWXVEXIH XLEX XLI UYEPMX] SJ GSRGVIXI QSXMSR ERHJVIUYIRG]EVIMQTSVXERXJEGXSVWJSVHIXIVQMRMRK
HVSTTIH VETMHP] EW QSVI [EXIV [EW EHHIH XS XLI QM\XYVI XLIGSRWSPMHEXMSRIJJIGXMZIRIWWSJERMRXIVREPZMFVEXSV
%FVEQWE -REHHMXMSRXLIHIZIPSTQIRXSJXLIXVEHMXMSREP /SPIO  HIWGVMFIHZMFVEXMSRXLISVMIWJSVQYPEWERH
WPYQTXIWXEVSYRHKEZIXLIJMVWXQIEWYVEFPITEVEQIXIV I\TIVMQIRXEP [SVO EMQIH EX E FIXXIV YRHIVWXERHMRK SJ XLI
JSV MRHMGEXMRK GSRGVIXI GSRWMWXIRG] WYMXEFPI JSV TPEGIQIRX TVSGIWWIW MRZSPZIH ,I HIXIVQMRIH XLEX GSRWSPMHEXMSR
ERH ER MRHMGEXMSR SJ UYEPMX] %FVEQW F  %FVEQW SGGYVVIHMRX[SWXEKIWXLIJMVWXWXEKIGSQTVMWIHXLIQENSV
HSGYQIRXIHERMRGVIEWIMRGSQTVIWWMZIWXVIRKXLF]GSQTEGXMRK WYFWMHIRGISVWPYQTMRKSJXLIGSRGVIXIERHXLIWIGSRHWXEKI
PS[GSRWMWXIRG]GSRGVIXI[MXLQIGLERMGEPNMKKMRK MRZSPZIHHIEIVEXMSR VIQSZEPSJIRXVETTIHEMV 
(MJJMGYPX]GSRWSPMHEXMRKGSRGVIXIMRVIMRJSVGIHERHQEWW /MVOLEQ  HIZIPSTIHIQTMVMGEPJSVQYPEWXSI\TPEMR
GSRGVIXI WXVYGXYVIW GSRXMRYIH XS FI E TVSFPIQ YRXMP XLI XLI GSQTEGXMSR SJ GSRGVIXI WPEFW F] XLI YWI SJ ZMFVEXMRK
MRXVSHYGXMSRSJMRXIVREPGSRGVIXIZMFVEXSVWMRXLIIEVP]W FIEQW SV WGVIIHW SR XLI WYVJEGI 8LI JSVGI EQTPMXYHI SJ
1G'EVX]   8LI YWI SJ ZMFVEXSVW EPPS[IH WXMJJIV ZMFVEXMSRERHXLIZMFVEXMSRJVIUYIRG][IVIJSYRHXSFIXLI
QM\XYVIW [MXL PIWW [EXIV XS FI TPEGIH MRGVIEWMRK FSXL QSWXMQTSVXERXJEGXSVWEJJIGXMRKXLIHIKVIISJGSRWSPMHEXMSR
GSRGVIXIWXVIRKXLERHHYVEFMPMX]ERHHIGVIEWMRKWLVMROEKI-R 1YVTL]  TYFPMWLIHEWYQQEV]SJTSWX;SVPH;EV--
QEWWGSRGVIXIHEQWXLIMRXVSHYGXMSRSJXLIZMFVEXSVEPPS[IH &VMXMWLVIWIEVGLERHGSQTEVIHXLIJMRHMRKWERHGPEMQWSJXLI
XLITPEGIQIRXSJZIV]WXMJJGSRGVIXIMRXLMGOPMJXW[MXLPS[IV HMJJIVIRXMRZIWXMKEXSVW8LIWXYHMIWQEHIF]'YWIRW 
[EXIVGSRXIRXWERHWYFWIUYIRXP]PIWWGIQIRX[LMGLVIHYGIH  /MVOLEQ  ERH/SPIO  SRXLIWYFNIGXSJ
XLIVQEPGVEGOMRKMRHEQW'SRWSPMHEXMSRF]MRXIVREPZMFVEXMSR GSRWSPMHEXMSR[IVITEVXMGYPEVP]RSXI[SVXL]
MRGVIEWIHXLIVEXISJTPEGIQIRXTIVHE]ERHVIHYGIHMRXIVREP *SVWWFPEH E VITSVXIHSRQIEWYVIQIRXWSJXLIVEHMYW
JPE[WWYGLEWGSPHNSMRXW SJEGXMSRSJMRXIVREPZMFVEXSVWSTIVEXMRKEXHMJJIVIRXJVIUYIRGMIW
&),%:-363**6)7,'32'6)8)(96-2+:-&6%8-32 6

ERH EQTPMXYHIW ERH [MXL HMJJIVIRX ZMFVEXMSR XMQIW ERH  MR 7ER *VERGMWGS 4ETIVW VIPEXMRK XS XLI FILEZMSV SJ
QM\XYVIGSRWMWXIRGMIW8LIVEHMYWSJEGXMSR[EWHIXIVQMRIH JVIWLGSRGVIXIHYVMRKZMFVEXMSRMRGPYHIHXLIJSPPS[MRK
JVSQTLSXSKVETLWSJXLIGSRGVIXIWYVJEGI e *SVWWFPEH  VITSVXIHSRXLIRIIHJSVGSRWSPMHEXMSR
6IEHMRK  SFWIVZIHXLEXJSVQSWXSVHMREV]QM\XYVIW SJ JPS[MRK GSRGVIXI QM\XYVIW ERH LS[ XLIWI QM\XYVIW
XLIWXMGOMRIWWMQTEVXIHF]EMVIRXVEMRQIRXQEOIWMXHMJJMGYPX VIWTSRHIHXSMRXIVREPWYVJEGIERHJSVQZMFVEXMSR
XSVIPIEWIIRXVETTIHEMVGSRWIUYIRXP]QSVIZMFVEXMSRQE] e ,EVVIPPERH+SW[MGO  VITSVXIHSRXLIGSRGYVVIRX
FIRIGIWWEV]JSVGIVXEMRQM\XYVIW6MXGLMI  VIZMI[IH YWISJMRXIVREPERHI\XIVREPZMFVEXMSRXSSFXEMRWYTIVMSV
WYGLGSRGITXWEW[SVOEFMPMX]ERHHIWGVMFIHWYGLJEGXSVWEW GSRWSPMHEXMSRMRXYRRIPGSRGVIXI
WXEFMPMX]GSQTEGXEFMPMX]ERHQSFMPMX]ERHXLIGSVVIWTSRHMRK e /EKE]E IX EP   WXYHMIH XLI ZEVMEXMSRW MR XLI
QIXLSHWSJQIEWYVIQIRXW GSRXIRXW SJ XLI QM\XYVI GSRWXMXYIRXW ERH WSQI SJ XLI
7LXEIVQER   VITSVXIH XLEX YPXVELMKLJVIUYIRG] QIGLERMGEP TVSTIVXMIW EX ZEVMSYW LIMKLXWSJ TPEGIQIRX
ZMFVEXMSRMRGVIEWIWXLIL]HVEXMSRSJXLIGIQIRXERHMQTVSZIW [MXLMR FSXL PMKLX[IMKLX ERH RSVQEP[IMKLX GSRGVIXI
XLI TVSTIVXMIW SJ GSRGVIXI ,MKL IRIVK] MRTYX ERH LIEX 8LI]GSRGPYHIHXLEXXLIWIZEVMEXMSRWLEHEPMRIEVGSVVI
KIRIVEXMSRERHXLIWQEPPHITXLSJTIRIXVEXMSRSJXLIZMFVEXMSR PEXMSR [MXL ZEVMEXMSRW MR XLI GSEVWI EKKVIKEXI GSRXIRX
LS[IZIVEVIHVE[FEGOWXSXLMWQIXLSH *YVXLIVQSVI XLI] WLS[IH XLEX [LIR ZEVMEXMSRW MR XLI
;MPHI  HMWGYWWIHXLIFEWMGTEVEQIXIVWMRZSPZIHMR GSEVWI EKKVIKEXI GSRXIRX EVI I\TVIWWIH VIPEXMZI XS XLI
XLIZMFVEXSVGSRGVIXIMRXIVEGXMSRERHTVIWIRXIHJSVQYPEWJSV GSEVWI EKKVIKEXI GSRXIRX SJ E VIJIVIRGI QM\XYVI XLI
GSQTYXMRK XLI VEHMYW ERH ZSPYQI EJJIGXIH ERH XLI XMQI STXMQYQZMFVEXMSRXMQIGERFIIWXEFPMWLIHJSVEKMZIR
VIUYMVIHJSVGSRWSPMHEXMSR TPEGIQIRXLIMKLXJSVXLIQM\XYVIFIMRKIZEPYEXIH
%'- 'SQQMXXII    TYFPMWLIH E VITSVX XLEX e 3PWIR   YWIH EGGIPIVSQIXIVW XS QIEWYVI XLI VEXI
I\TPEMRIH XLI FEWMG TVMRGMTPIW SJ GSRWSPMHEXMSR ERH KEZI SJQSZIQIRXSJJVIWLGSRGVIXIERH[EWEFPIXSIWXEFPMWL
VIGSQQIRHEXMSRW JSV TVSTSVXMSRMRK GSRGVIXI QM\XYVIW XLI QMRMQYQ IRIVK] PIZIP VIUYMVIH XS EGLMIZI 
IUYMTQIRXERHTVSGIHYVIWJSVHMJJIVIRXX]TIWSJGSRWXVYGXMSR GSRWSPMHEXMSRSVQSVIERH
UYEPMX]GSRXVSPZMFVEXSVQEMRXIRERGIERHGSRWSPMHEXMSRSJ e -MHEERH,SVMKSQI  VITSVXIHXLEXFIXXIVGSQTEGXMSR
XIWXWTIGMQIRW TVSTIVXMIW SJ RSWPYQT PIER GSRGVIXI GER FI SFXEMRIH
%6-0)1W]QTSWMYQEXXLI9RMZIVWMX]SJ0IIHWMR F] HMZMHMRK XLI QM\MRK [EXIV MRXS X[S TSVXMSRW ERH
MRGPYHIH TETIVW F] 7QEPPI] ERH %LQEH   &EGLI EHHMRKMXXSXLIQM\XYVIEXX[SHMJJIVIRXXMQIW
  ERH 4STSZMGW   XLEX EHHVIWWIH VLISPSKMGEP -XMWETTEVIRXXLEXIRSYKLLEWFIIRPIEVRIHEFSYXGSRGVIXI
TVSTIVXMIWERHGSRWSPMHEXMSRSJGSRGVIXI ZMFVEXMSRHYVMRKXLITEWX]IEVWXSIRWYVIXLEXPS[WPYQT
'ERRSR  VITSVXIHSRXLIGSQTEGXMSRSJ^IVSWPYQT GSRGVIXIGERFITPEGIHWYGGIWWJYPP]%FIXXIVYRHIVWXERHMRK
GSRGVIXI[MXLEZMFVEXSV]VSPPIV0EXIV%'-'SQQMXXII SJXLIMRXIVEGXMSRSJZMFVEXMSRERHJVIWLGSRGVIXILS[IZIVMW
 TVITEVIHEWXEXISJXLIEVXVITSVXSRXLMWWYFNIGX WXMPPHIWMVEFPI
8EXXIVWEPP  VITSVXIHSRXLIQSFMPMX]SJGSRGVIXIF] -RXLIWXLIQIXLSHWYWIHXSTPEGIERHGSRWSPMHEXI
HIXIVQMRMRKTS[IVVIUYMVIQIRXWJSVQM\MRKEXZEVMSYWWTIIHW QER]GSRGVIXIWFIKERXSGLERKIE[E]JVSQXLIXVEHMXMSREP
8E]PSV  TYFPMWLIHXLIVIWYPXWSJI\XIRWMZIPEFSVEXSV] MRXIVREPSVJSVQZMFVEXSVW6SPPIVGSQTEGXIHGSRGVIXI 6''
XIWXWSRXLIIJJIGXSJHMJJIVIRXTEVEQIXIVWSRXLIIJJIGXMZI FIKERXSFIYWIHEWEQIXLSHJSVVETMHP]TPEGMRKRSWPYQT
RIWWSJMRXIVREPZMFVEXSVW+EQQEVE]WGERRMRK[EWYWIHXS QEWWGSRGVIXI[MXLGSQTEGXMSRF]WQSSXLHVYQZMFVEXMRK
HIXIVQMRIXLIHIRWMX]SJXLIGSRGVIXIERHLIRGIXLIVEHMYW VSPPIVWGSQQSRXSIQFEROQIRXGSRWXVYGXMSR8LIMRGVIEWI
SJEGXMSRSJXLIZMFVEXSVW%GGIPIVEXMSRERHEQTPMXYHI[IVI MR GSRWSPMHEXMSR TVSHYGXMSR TIV YRMX IUYMTQIRX [IRX JVSQ
JSYRHXSFIXLIQSWXMQTSVXERXTEVEQIXIVW EFSYX]H Q TIVWLMJXXS]H Q TIV
%PI\ERHIV   VITSVXIH FEWMG VIWIEVGL SR XLI WLMJXMRQEWWETTPMGEXMSRW (SPIR 6''GSRWXVYGXMSR
QIGLERMGWSJQSXMSRSJJVIWLGSRGVIXI-X[EWJSYRHXLEXXLI HMZIVKIH MR XLI W MRXS X[S HMJJIVIRX QIXLSHSPSKMIW E
VIWTSRWISJGSRGVIXIXSZMFVEXMSRYRHIVPS[ETTPMIHJSVGIW GSRGVIXIETTVSEGLERHEWSMPWETTVSEGL8LIGSRGVIXIETTVSEGL
GERFII\TVIWWIHMRXIVQWSJWXMJJRIWWHEQTMRKERHQEWW JSPPS[IH E QSVI XVEHMXMSREP QEWW GSRGVIXI XIGLRSPSK] XLI
(YVMRKZMFVEXMSRWXMJJRIWWERHHEQTMRKTVEGXMGEPP]HMWETTIEV GSRWMWXIRG]SJXLIGSRGVIXI[EWQIEWYVIHF]XLIQSHMJMIH
ERHSRP]QEWWMWMRZSPZIH :IFIXMQI[LMGLVITPEGIHXLIWPYQTXIWX%:IFIGSRWMWXIRG]
8YXLMPP   WYQQEVM^IH ORS[PIHKI SJ XLI IJJIGXW SJ SJ EFSYX  WIGSRHW EGGSVHMRK XS %781 ' FIGEQI
VIZMFVEXMSR6IZMFVEXMSRQE]TVSHYGIFIRIJMXWTEVXMGYPEVP] GSQQSR JSV QEWW HEQ ETTPMGEXMSRW [LIVI XLI 6'' [EW
JSV XLI [IXXIV QM\XYVIW F] IPMQMREXMRK [EXIV XLEX GSPPIGXW TPEGIHMREFSYXJX QQ XLMGOPMJXW6''TEZIQIRXW
YRHIVVIMRJSVGMRKFEVWERHVIHYGMRKFYKLSPIWIWTIGMEPP]MR ERH IQFEROQIRX HEQ SZIVXSTTMRK ETTPMGEXMSRW XSSO XLI
XLIYTTIVTSVXMSRSJHIITPMJXW[LMGLMRGVIEWIWXLIWXVIRKXL WSMPWETTVSEGLF]YWMRKXLIQSHMJMIH4VSGXSVXIWXXSTPEGIXLI
SJXLIGSRGVIXI GSRGVIXIEXSTXMQYQQSMWXYVIGSRXIRXWYMXEFPIJSVQE\MQYQ
;MRRIXEP  VITSVXIHSRXLIYWISJEGGIPIVSQIXIVWXS HV]HIRWMX]MREFSYXXSMR XSQQ XLMGOPMJXW
QIEWYVIXLIIJJIGXSJZEVMSYWGSRGVIXIQM\XYVIERHZMFVEXSV 6EKER 
TEVEQIXIVW SR GSRWSPMHEXMSR SJ GSRXMRYSYWP] VIMRJSVGIH 8LI MRXVSHYGXMSR SJ LMKLVERKI [EXIVVIHYGMRK EHQM\XYVIW
GSRGVIXITEZIQIRXW PIH XS XLI HIZIPSTQIRX SJ ZIV]LMKLWPYQT GSRGVIXIW XLEX
%R-RXIVREXMSREP 7]QTSWMYQ SR 'SRGVIXI'SRWSPMHEXMSR VIUYMVIPMXXPI MRXIVREPGSRWSPMHEXMSR8LMW HIZIPSTQIRX [EW
[EW WTSRWSVIH F] %'- 'SQQMXXII  ERH TVIWIRXIH MR WTYVVIHSRF]XLIKVIEXIVVIMRJSVGMRKWXIIPHIRWMXMIWRIGIWWEV]
6 %'-'311-88))6)4368

JSVWIMWQMGVIWMWXERGIRYGPIEVTS[IVTPERXGSRWXVYGXMSRERH L ! HITXLFIPS[WYVJEGIJX Q
XLIQSVIGSQTPI\WXVYGXYVIWMRFVMHKIERH SXLIVWXVYGXYVEP Q ! GSRGVIXIQEWWPF JXW  OK?QWA
GSRGVIXIETTPMGEXMSRW%PWSXLIIZIVMRGVIEWMRKYWISJTYQTIH QI ! [IMKLXSJIGGIRXVMGPF OK
GSRGVIXI JYIPIH XLI YWI SJ LMKLIVWPYQT GSRGVIXI [MXL QZ ! ZMFVEXSV[IMKLXQMRYWXLIIGGIRXVMG[IMKLXPF OK
WQEPPIVRSQMREPQE\MQYQWM^IEKKVIKEXIW(MJJMGYPXMIW[MXL QF ! [IMKLXSJHMWTPEGIHGSRGVIXIPF OK
WIKVIKEXMSR ERH I\XVIQI FPIIHMRK [IVI IRGSYRXIVIH [MXL
V ! IGGIRXVMGMX]SJXLIIGGIRXVMG[IMKLXMR QQ
XLIWIIEVP]LMKLWPYQTQM\XYVIWPIEHMRKXSXLIMRXVSHYGXMSR
W ! EQTPMXYHIMR QQ
SJRI[QMHVERKIERHLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIW
ERH QSVI VIGIRXP] ZMWGSWMX]QSHMJ]MRK EHQM\XYVIW W\ ! EQTPMXYHIEXHMWXERGI\JVSQEVIJIVIRGITSMRXMR
:1%W MRXLIW%KEMRXLIXVEHMXMSREPWPYQTXIWXGSYPH QQ
RSPSRKIVEHIUYEXIP]HIWGVMFIXLIGSRWMWXIRG]SJXLIWIRI[ X ! XMQIW
LMKLTIVJSVQERGI ,4'  ERH WIPJGSRWSPMHEXMRK 7'' Z ! QE\MQYQTEVXMGPIZIPSGMX]JXW QW
GSRGVIXIW %'- 6 HIJMRIW WIPJGSRWSPMHEXMRK GSRGVIXI EW ! HIRWMX]PFJX OKQ
LMKLP] JPS[EFPI RSRWIKVIKEXMRK GSRGVIXI XLEX GER WTVIEH › ! PMRIEVVIPEXMSRWLMTFIX[IIRWLIEVWXVIWWERHWLIEV
MRXSTPEGIJMPPXLIJSVQ[SVOERHIRGETWYPEXIXLIVIMRJSVGIQIRX VEXISJGSRGVIXI
[MXLSYX ER] QIGLERMGEP GSRWSPMHEXMSR -R KIRIVEP 7'' MW TP ! TPEWXMGZMWGSWMX]SJGSRGVIXI
GSRGVIXIQEHI[MXLGSRZIRXMSREPGSRGVIXIQEXIVMEPWERHMR ! WLIEVWXVIWWSJGSRGVIXI
WSQIGEWIW[MXLE:1%7''LEWEPWSFIIRHIWGVMFIHEW ! &MRKLEQ]MIPHWXVIWWSJGSRGVIXI
&
WIPJGSQTEGXMRK GSRGVIXI WIPJTPEGMRK GSRGVIXI ERH WIPJ
! ERKYPEVZIPSGMX]VEHMERW
PIZIPMRKGSRGVIXI[LMGLEPPEVIWYFWIXWSJ7''
! GSIJJMGMIRXSJHEQTMRK
8LIJPS[XEFPI.VMRKERH0FS\XIWXWHIWGVMFIHMR8EFPI
SJ%'-6EVIYWIHXSIZEPYEXIGSRGVIXIGSRWMWXIRG]WYMXEFPI
JSV7'''LERIXEP  VITSVXIHXLIIJJIGXWSJZMFVEXMSR {(IJMRMXMSRW
GSRWMWXIRG]{XLIHIKVIIXS[LMGLEJVIWLP]QM\IHGSRGVIXI
ERHSZIVZMFVEXMSRSRXLIGSRWSPMHEXMSRERHFSRHSJVIMRJSVGI
QSVXEVKVSYXSVGIQIRXTEWXIVIWMWXWHIJSVQEXMSR 7IIEPWS
QIRX JSV RSVQEPWPYQT GSRGVIXI ,4' ERH 7'' 8LI]
GSRWMWXIRG] RSVQEP GSRWMWXIRG] TPEWXMG ERH GSRWMW
GSRGPYHIHXLEXZMFVEXMSRMWIWWIRXMEPJSVHIZIPSTQIRXSJFSRH
XIRG][IXXIWXWXEFPI
VIMRJSVGIQIRXJSVRSVQEPGSRGVIXIWSQIPMQMXIHZMFVEXMSRMW
RIGIWWEV]JSV,4'ERHXLEX7''WLSYPHRSXFIZMFVEXIH-R GSRWMWXIRG]RSVQEP{  XLIGSRWMWXIRG]I\LMFMXIH[LIR
WSQI GEWIW GSRGVIXI XLEX LEW E LMKL WPYQT JPS[ WYGL EW EQM\XYVIMWGSRWMHIVIHEGGITXEFPIJSVXLITYVTSWIEXLERHSV
7''GERRSXJPS[WEXMWJEGXSVMP]XSSFXEMREKSSHGSRWSPMHEXMSR   XLI GSRWMWXIRG] SJ GIQIRX TEWXI WEXMWJ]MRK ETTVSTVMEXI
ERHMRXIVZIRXMSRF]EQIGLERMGEPHIZMGI ZMFVEXMSRSVXEQTMRK PMQMXWHIJMRIHMREWXERHEVHXIWXQIXLSH JSVI\EQTPI%781
QMKLXFIRIGIWWEV]8LMWGSRGVIXIMWRSXGSRWMHIVIH7''FYX ' 
MWGSRWMHIVIHRSVQEPGSRGVIXI[MXLELMKLWPYQTJPS[ GSRWMWXIRG] TPEWXMG{   XLI GSRWMWXIRG] EX [LMGL E
%PXLSYKL XLI EJSVIQIRXMSRIH HIZIPSTQIRXW MR TPEGMRK QM\XYVIWYFNIGXIHXSEGSRWXERXWXVIWWYRHIVKSIWMRGVIEWMRK
GSRGVIXIWLEZIVITPEGIHXLIQSVIXVEHMXMSREPWTIGMJMIHYWISJ HIJSVQEXMSR[MXLSYXVYTXYVISV  XLIGSRWMWXIRG]EX[LMGL
MRXIVREPZMFVEXMSRXLIXVMIHERHXVYIQIXLSHSPSK]JSVGSRWSP QM\XYVI TVSTIVXMIW WEXMWJ] ETTVSTVMEXI PMQMXW HIJMRIH MR E
MHEXMRKQEWW ERHGSRZIRXMSREPWXVYGXYVEPGSRGVIXIW LEWRSX WXERHEVHXIWXQIXLSH
FIIRIPMQMREXIH8LIIZIVMRGVIEWMRKYWISJKVSYXIRVMGLIH GSRWMWXIRG][IXXIWXWXEFPI{XLIGSRHMXMSRSJQE\MQYQ
VSPPIVGSQTEGXIHGSRGVIXI +)6'' LEWFVSYKLXXLIPEVKI [EXIVGSRXIRXEX[LMGLGIQIRXKVSYXERHQSVXEV[MPPEHLIVI
WM^IMRXIVREPZMFVEXSVWFEGOXSXLIQEWWGSRGVIXIHEQWEWE XSEZIVXMGEPWYVJEGI[MXLSYXWPSYKLMRK
FIXXIVQIERWSJMRGVIEWMRKGSRWSPMHEXMSREXXLIYTWXVIEQERH GSRWMWXIRG]JEGXSV{EQIEWYVISJKVSYXJPYMHMX]VSYKLP]
HS[RWXVIEQ JEGIW SJ 6'' HEQW *SVFIW IX EP   EREPSKSYW XS ZMWGSWMX] XLEX HIWGVMFIW XLI IEWI [MXL [LMGL
,MKL[E]TEZIQIRXWGEREPPMRMRKWERHTVIGEWXMRKGSRWXVYGXMSR KVSYXQE]FITYQTIHMRXSTSVIWSVJMWWYVIWYWYEPP]EPEFSVEXSV]
GSRXMRYI XS VIUYMVI XLI IJJIGXMZI YWI SJ FSXL MRXIVREP ERH QIEWYVIQIRXMR[LMGLGSRWMWXIRG]MWVITSVXIHMRHIKVIIWSJ
JSVQ ZMFVEXSVW XS EGLMIZI GSRWSPMHEXMSR 8LI JYRHEQIRXEP VSXEXMSRSJEXSVUYIZMWGSQIXIVMREWTIGMQIRSJKVSYX
TVSTIVXMIW SJ MRXIVREP ZMFVEXMSR ERH GSRWSPMHEXMSR EVI GSRWSPMHEXMSR{ XLITVSGIWWSJMRHYGMRKEGPSWIVEVVERKIQIRX
HIWGVMFIHMRXLIJSPPS[MRKGLETXIVW SJXLIWSPMHTEVXMGPIWMRJVIWLP]QM\IHGSRGVIXISVQSVXEVHYVMRK
TPEGIQIRX F] XLI VIHYGXMSR SJ ZSMHW YWYEPP] F] ZMFVEXMSR
',%48)6{238%8-32%2(()*-2-8-327 GIRXVMJYKEXMSR VSHHMRK XEQTMRK SV WSQI GSQFMREXMSR SJ
{2SXEXMSR XLIWI EGXMSRW EPWS ETTPMGEFPI XS WMQMPEV QERMTYPEXMSR SJ
E ! EGGIPIVEXMSRJXW QW SXLIVGIQIRXMXMSYWQM\XYVIWWSMPWEKKVIKEXIWSVXLIPMOI
G ! [EZIZIPSGMX]JXW QW 2SXI-R)YVSTIXLI[SVHwGSQTEGXMSRxMWYWIHMRWXIEHSJ
G ! GSRWXERXHITIRHMRKSRWXMJJRIWWERHHEQTMRKMR GSRWSPMHEXMSR FYX XLI XIVQ wGSQTEGXMSRx MR XLI 97 MW
XLIGSRGVIXI VIPEXIH XS WSMP ERH RSX XS GSRGVIXI I\GITX JSV VSPPIV
) ! H]REQMGQSHYPYWSJIPEWXMGMX]PFJX  14E GSQTEGXIHGSRGVIXI 6'' 8LI&VMXMWL7XERHEVH&7
* ! JSVGIPFJ 2  &VMXMWL7XERHEVHW-RWXMXYXI GSZIVWXLIHIJMRMXMSR
J ! JVIUYIRG],^ ERHQIEWYVIQIRXSJXLIGSQTEGXMSRJEGXSV%PXLSYKLXLIXIWX
K ! EGGIPIVEXMSRHYIXSKVEZMX]MRW  QQW LEWE[MHIVERKISJETTPMGEXMSRWMXLEWWSQIPMQMXEXMSRW
&),%:-363**6)7,'32'6)8)(96-2+:-&6%8-32 6

JMRMWLMRK{PIZIPMRKWQSSXLMRKGSRWSPMHEXMRKERHSXLIV
[MWIXVIEXMRKXLIWYVJEGIWSJJVIWLSVVIGIRXP]TPEGIHGSRGVIXI
SVQSVXEVXSTVSHYGIXLIHIWMVIHETTIEVERGIERHWIVZMGI
MQTIRHMRK WPSYKL{GSRWMWXIRG] SJ E WLSXGVIXI QM\XYVI
GSRXEMRMRK XLI QE\MQYQ EQSYRX SJ [EXIV WYGL XLEX XLI
TVSHYGX[MPPRSXJPS[SVWEKEJXIVTPEGIQIRX
QSFMPMX]{XLIEFMPMX]SJJVIWLGSRGVIXISVQSVXEVXSJPS[
WPYQT{E QIEWYVI SJ GSRWMWXIRG] SJ JVIWLP] QM\IH
GSRGVIXIQSVXEVSVWXYGGSIUYEPXSXLIWYFWMHIRGIQIEWYVIH
XSXLIRIEVIWXMR QQ SJXLIQSPHIHWTIGMQIREJXIV *MK{&MRKLEQQSHIP
VIQSZEPSJXLIWPYQTGSRI
[SVOEFMPMX] TPEGIEFMPMX] {XLEX TVSTIVX] SJ JVIWLP]
QM\IH GSRGVIXI SV QSVXEV XLEX HIXIVQMRIW XLI IEWI [MXL 8LIMHIEP&MRKLEQQEXIVMEPMWERIPEWXMGWSPMHEXPS[WLIEV
[LMGLMXGERFIQM\IHTPEGIHGSRWSPMHEXIHERHJMRMWLIHXS WXVIWWZEPYIW ERHE2I[XSRMERJPYMHEFSZIEGVMXMGEPZEPYI
ELSQSKIRSYWGSRHMXMSR GEPPIH XLI &MRKLEQ ]MIPH WXVIWW & 8LI TPEWXMG ZMWGSWMX]
VIKMSR[MXLEWLIEVWXVIWWEFSZIXLI]MIPHWXVIWWI\LMFMXWE
',%48)6{-2*09)2')3*6,)303+=32 PMRIEV VIPEXMSRWLMT FIX[IIR WLIEV WXVIWW ERH WLIEV VEXI › 
'32730-(%8-323**6)7,'32'6)8) [MXL E GSRWXERX HMJJIVIRXMEP ZMWGSWMX] IUYEP XS XLI TPEWXMG
{6LISPSK]SJJVIWLGSRGVIXI ZMWGSWMX] TP8LI]MIPHWXVIWWMWGSVVIPEXIH[MXLXLIWPYQT
6LISPSK]MWXLIWGMIRGISJHIJSVQEXMSRERHJPS[SJQEXXIV GSRIXIWX *IVVEVMWERHHI0EVVEVH [LIVIEWXLITPEWXMG
,EGOPI]ERH*IVVEVMW 8LIVIJSVIVLISPSKMGEPTVSTIVXMIW ZMWGSWMX]GERSRP]FIQIEWYVIHYWMRKEVSXEXMSREPVLISQIXIV
SJGSRGVIXIEVIIWTIGMEPP]VIPIZERXJSVLERHPMRKERHTPEGMRKSJ 7IZIVEPXIWXWERHWXYHMIW[IVIGSRHYGXIHXSHIXIVQMRIXLI
JVIWLP]QM\IHGSRGVIXIERHXLIFILEZMSVSJWPYVVMIWERHTEWXIW TVSTIVQIXLSHSPSK]XSQIEWYVIXLI&MRKLEQTEVEQIXIVWJSV
-REGSRGVIXITVSNIGXMXMWYWYEPP]HIWMVEFPIXSTVSHYGIXLI GSRGVIXIERHXLIHIZMGIXSFIYWIH8[SMRXIVREXMSREPVSYRH
LMKLIWX TVEGXMGEP ERH IGSRSQMGEP HIRWMX] XLEX MW [MXL E VSFMR XIWXW [IVI GSRHYGXIH *IVVEVMW ERH &VS[IV 
QMRMQYQ SJ IRXVETTIH ZSMHW 8S EGLMIZI XLMW KSEP MX MW   % HIWGVMTXMSR SJ SXLIV VLISQIXIVW MW MRGPYHIH MR
RIGIWWEV]XSGSQTEVIXLIZMFVEXSVGLEVEGXIVMWXMGW[MXLXLSWI /SILPIVERH*S[PIV  ERHMR%'-6
SJ XLI GSRGVIXI QM\XYVI 8LMW VIUYMVIW E XLSVSYKL YRHIV %TVSTIVX]XLEXMWVIPEXIHXSXLIVLISPSKMGEPFILEZMSVSJXLI
WXERHMRKSJXLITVSTIVXMIWSJJVIWLGSRGVIXIYRHIVZMFVEXMSR GSRGVIXI SV MXW GSRWXMXYIRXW GIQIRX TEWXI SV QSVXEV MW
7XYHMIWSRXLIVLISPSK]SJJVIWLGSRGVIXIEXXIQTXIHXSHIJMRI WXEFMPMX] %'- 6  7XEFMPMX] SJ GSRGVIXI HIWGVMFIW XLI
XLITEVEQIXIVWMRZSPZIH 0EWWEPPIERH0IKVERH/MXESNM EFMPMX]SJEQEXIVMEPXSQEMRXEMRLSQSKIRISYWHMWXVMFYXMSRSJ
IXEP&ERJMPPIXEP7EJE[MIXEP -RXLMW ZEVMSYW GSRWXMXYIRXW HYVMRK MXW JPS[ ERH WIXXMRK 8LIVI EVI
GLETXIVXLIWITEVEQIXIVWEVIVIZMI[IHSRXLIFEWMWSJVIGIRX X[S X]TIW SJ WXEFMPMX] GLEVEGXIVMWXMGW XLEX EVI MQTSVXERX
VIWIEVGL ERH JVSQ XLI WXERHTSMRX SJ ETTPMGEXMSR XS XLI H]REQMGERHWXEXMGWXEFMPMX]
GSRWSPMHEXMSRSJJVIWLGSRGVIXI (]REQMG WXEFMPMX] VIJIVW XS XLI VIWMWXERGI SJ GSRGVIXI XS
'YVVIRX WXERHEVH XIWX QIXLSHW JSV HIXIVQMRMRK GSRGVIXI WITEVEXMSR SJ GSRWXMXYIRXW YTSR TPEGIQIRX ERH WTVIEH MRXS
[SVOEFMPMX] ]MIPH VIWYPXW SJ PMQMXIH WGSTI FIGEYWI XLI] XLIJSVQ[SVO%HIUYEXIH]REQMGWXEFMPMX]MWVIUYMVIH[LIR
QIEWYVISRP]SRITEVEQIXIV)\EQTPIWSJXLIWIXIWXWEVIXLI XLI ETTPMGEXMSR LEW VIUYMVIQIRXW WYGL EW JPS[MRK XLVSYKL
WPYQT GSQTEGXMRK JEGXSV :IFI GSRWMWXIRG] ERH SXLIV GPSWIP]WTEGIHSFWXEGPIWERHREVVS[WTEGIWSVXVERWTSVXSJ
VIQSPHMRKERHHIJSVQMRKXIWXW *IVVEVMW,EGOPI]ERH GSRGVIXI[MXLSYXEKMXEXMSR
*IVVEVMW%'-6 6IWYPXWSJXLIWIXIWXWERHXLIMV 7XEXMG WXEFMPMX] VIJIVW XS XLI VIWMWXERGI SJ GSRGVIXI XS
MRXIVTVIXEXMSRWEW[IPPEWXLIVLISPSK]SJJVIWLGSRGVIXIEVI FPIIHMRK WIKVIKEXMSR ERH WYVJEGI WIXXPIQIRX EJXIV GEWXMRK
HMWGYWWIHF]4STSZMGW  *IVVEVMW  ERH/SILPIV [LMPIXLIGSRGVIXIMWWXMPPMRETPEWXMGWXEXI-RWTIGMEPGEWIW
ERH*S[PIV  -XMWKIRIVEPP]EGGITXIHXLEXXLIVLISPSKMGEP MRHYGIHPSWWSJ[EXIVSVGSRXVSPPIHFPIIHMRKQE]FIHIWMVEFPI
TVSTIVXMIWSJGSRGVIXIEVIGSQTPI\ERHRIIHXSFIHIJMRIHF] FYXEWEVYPIFPIIHMRKWLSYPHFIGSRXVSPPIHERHVIHYGIHXSE
WIZIVEP TEVEQIXIVW ERH XIWXW 8LI WIPIGXMSR SJ XLI XIWXW QMRMQYQ 7IKVIKEXMSR %'- 6  MW HIWGVMFIH EW XLI
HITIRHWSRXLIJPS[TVSTIVXMIWVIUYMVIHJSVXLIETTPMGEXMSR MRWXEFMPMX]SJEGSRGVIXIQM\XYVIGEYWIHF]EPS[]MIPHERH
EW[IPPEWXLIHIZMGIWEZEMPEFPI1SWXVIWIEVGLIVWEKVIIXLEX PS[ZMWGSWMX]QEXVM\VIWYPXMRKMRMRHMZMHYEPEKKVIKEXIWXSRSX
GSRGVIXI JPS[W GSYPH FI HIWGVMFIH F] XLI &MRKLEQ QSHIP QEMRXEMR LSQSKIRISYW HMWTIVWMSR ;LIR GSRGVIXI MW
&MRKLEQERH6IMRIV 8LMWQSHIPWLS[RMR*MK ZMFVEXIH XLI QEXVM\ VIKEMRW JPYMH FILEZMSV ERH I\LMFMXW E
GERFIHIWGVMFIHF])U  QIEWYVEFPIWLIEVVIWMWXERGIERHGSLIWMSR-RXLMWVITSVXXLI
GSRGIVRMWGSRWSPMHEXMSRSJGSRGVIXIF]EGLMIZMRKXLILMKLIWX
!  › HIRWMX]XLEXMWEVIHYGXMSRSJZSMHW8LMWGERFIEGLMIZIHF]
& TP
 QIGLERMGEPIRIVK] ZMFVEXMSRSVXEQTMRK SVF]XLIGSRGVIXI
› ! JSV
& JPS[YRHIVMXWS[R[IMKLX JSVMRWXERGI7'' 
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8LI&MRKLEQVIPEXMSRMWEX[STEVEQIXIVQSHIPYWIHJSV XEOMRK X[S EHHMXMSREP QIEWYVIQIRXW 3RI QIEWYVIW XLI
HIWGVMFMRKZMWGSTPEWXMGJPYMHWXLEXI\LMFMXE]MIPHVIWTSRWI HIRWMX]SJGSRGVIXIMRMXWPSSWIYRGSQTEGXIHWXEXI8LMWWXEXI
6 %'-'311-88))6)4368

EZMFVEXSV[LMPIXLI]MIPHWXVIWWLEWRSMRJPYIRGI7EJE[MIX
EP  GLEVEGXIVM^IHEGSRGVIXIYWMRKJPS[XMQIXLVSYKL
EJYRRIPERHXLIWPYQTJPS[,IXLIRIWXEFPMWLIHEVIPEXMSR
WLMTFIX[IIRXLIWITEVEQIXIVWERHXLIWIKVIKEXMSRQIEWYVIH
JSV GSEVWI EKKVIKEXIW YRHIV ZMFVEXMSR ,I JSYRH XLEX XLI
TPEWXMG ZMWGSWMX] QIEWYVIH MRHMVIGXP] F] XLI JPS[ XMQI
XLVSYKL E JYRRIP LEH E QENSV MQTEGX SR WIKVIKEXMSR LMKL
ZMWGSWMX]PIEHWXSPS[SVRSWIKVIKEXMSR[LMPIPS[ZMWGSWMX]
PIEHW XS LMKL WIKVIKEXMSR *MKYVI  WLS[W XLI ZMFVEXMSR
WYWGITXMFMPMX]SJGSRGVIXIHITIRHMRKSRXLIJPS[XMQI :XMQI
ERHWPYQTJPS[

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8S STXMQM^I GSRWSPMHEXMSR SJ GSRGVIXI ZEVMSYW QIXLSHW
EVI EZEMPEFPIVSHHMRK ZMFVEXMSR SV YWMRK E [IPP HIWMKRIH
7'' 8LI TVSTIVXMIW XLEX RIIH XS FI STXMQM^IH EVI ]MIPH
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GSQTSWMXMSRSJXLIGSRGVIXILEWEPEVKIMQTEGXSRXLI]MIPH
WXVIWWERHTPEWXMGZMWGSWMX]8LISTIVEXSVWLSYPHFIE[EVISJ
*MK {:MFVEXMSR WYWGITXMFMPMX] SJ LMKLJPYMHMX] GSRGVIXI XLI MRJPYIRGI SJ GLIQMGEP EHQM\XYVIW WYTTPIQIRXEV]
MR!QQ  GIQIRXMXMSYWQEXIVMEPWWLETIERHKVEHEXMSRSJXLIEKKVIKEXIW
ERHTSXIRXMEPMRGSQTEXMFMPMX]FIX[IIRQEXIVMEPW%HIXEMPIH
MWEGLMIZIHF]TPEGMRKXLIGSRGVIXIJVSQELERHWGSSTMRXS HMWGYWWMSRSJXLIMRJPYIRGISJIEGLGSRWXMXYIRXGERFIJSYRH
XLI FEWI GSRXEMRIV SJ XLI WXERHEVH ETTEVEXYW [MXLSYX MR%'-6
GSQTEGXMSR ERH XLIR WXVMOMRK SJJ XLI WYVJEGI SJ XLI JYPP  1M\XYVI TVSTSVXMSRMRK{'SRGVIXI QM\XYVIW EVI
GSRXEMRIV8LISXLIVQIEWYVIQIRXHIXIVQMRIWXLIHIRWMX]SJ TVSTSVXMSRIH XS TVSZMHI XLI [SVOEFMPMX] RIIHIH HYVMRK
QIGLERMGEPP] ZMFVEXIH GSRGVIXI WEQTPIH JVSQ XLI WEQI GSRWXVYGXMSR ERH XS EWWYVI XLEX XLI LEVHIRIH GSRGVIXI [MPP
FEXGL XLI GSRGVIXI [EW PSSWIP] TPEGIH ERH GSQTEGXIH MR LEZI XLI VIUYMVIH TVSTIVXMIW 1M\XYVI TVSTSVXMSRMRK MW
XLVIIPE]IVWMRXLIFEWIGSRXEMRIV[MXLEMR QQ HMEQIXIV HIWGVMFIHMRHIXEMPMR%'-ERH6
MRXIVREP ZMFVEXSV 8LIWI X[S VIEHMRKW TPYW XLI ZEPYIW
SFXEMRIH JVSQ XLI WXERHEVH GSQTEGXMRK JEGXSV XIWX KMZI ER {'SRGPYWMSRW
MRHMGEXMSRSJXLIVIPEXMZIIEWISJGLERKMRKEQM\XYVIJVSQE %PXLSYKLXLIVIUYMVIHGSQTEGXMRKIJJSVXGERRSXTVIWIRXP]
PSSWI XS E GSQTEGXIH WXEXI -R EHHMXMSR XLI HMJJIVIRGI FI I\TVIWWIH MR XIVQW SJ XLI VLISPSKMGEP TVSTIVXMIW SJ
FIX[IIR XLI EGXYEP GSQTEGXIH WXEXI ERH XLI XLISVIXMGEP GSRGVIXI ORS[PIHKI SJ XLIWI TVSTIVXMIW MW FIRIJMGMEP MR
QE\MQYQGSQTEGXMSRGEPGYPEXIHJVSQXLIWTIGMJMGKVEZMX] WIPIGXMRK GSRGVIXI QM\XYVIW XLEX GER FI IJJMGMIRXP]
SJXLIGSRWXMXYIRXWKMZIWEVIPEXMZIQIEWYVISJXLIZSMHGSRXIRX GSQTEGXIHMRXLIJSVQW+SSHTVSKVIWWXS[EVHFIXXIVYRHIV
SJ XLI GSRGVIXI ERH LIRGI ER MRHMGEXMSR SJ MXW HYVEFMPMX] WXERHMRKSJXLIVLISPSK]SJJVIWLGSRGVIXILEWFIIREGLMIZIH
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*YVXLIV WXYH] MW ]IX VIUYMVIH XS TVSZMHI XLI GSRWXVYGXMSR
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FIX[IIRVLISPSKMGEPTEVEQIXIVWEWHIJMRIHF]&MRKLEQERH
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GSRGVIXIVLISPSKMGEPTVSTIVXMIWGLERKI[MXLZMFVEXMSR3RI
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GSRGVIXI MW FIMRK ZMFVEXIH EW SRP] SRI VLISQIXIV XLI :MFVEXMSRLEWFIIRYWIHJSVEPQSWXEPPX]TIWSJGSRGVIXI
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XSTMG [LMPI 'LSRK   [EW EFPI XS TIVJSVQ WSQI EREP]WMW SJ ZMFVEXMSR QIGLERMWQW HIEPW [MXL XLI KIRIVEP
QIEWYVIQIRXW3XLIVWXYHMIW 'LMEIXEP7EJE[MIXEP VYPIWKSZIVRMRKGSRGVIXIZMFVEXMSRERHXLIHMJJIVIRXX]TIWSJ
 PMQMXIHVIWIEVGLXSXLIGLEVEGXIVM^EXMSRSJWIKVIKEXMSR ZMFVEXSV]QIXLSHW 4STSZMGW 
ERH VLISPSKMGEP TEVEQIXIVW FIJSVI ZMFVEXMSR &ERJMPP IX EP
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XLI VIHYGXMSR XS ^IVS SJ XLI ]MIPH WXVIWW [LMPI XLI TPEWXMG 'SRGVIXI ZMFVEXSVW KIRIVEPP] YWI E VSXEXMRK IGGIRXVMG
ZMWGSWMX]MWRSXEJJIGXIH8LMWSFWIVZEXMSR[EWUYERXMJMIHF] [IMKLX7YGLZMFVEXSVWKIRIVEXILEVQSRMGQSXMSRGLEVEGXIVM^IH
'LSRK  [LSWXEXIHXLEXXLI]MIPHWXVIWWSJEGSRGVIXI F]EWMRYWSMHEP[EZIJSVQ *MK 
YRHIVZMFVEXMSRMWEFSYXLEPJXLI]MIPHWXVIWWSJRSRZMFVEXIH 7MRYWSMHEPSWGMPPEXMSRMWHIJMRIHF])U 
GSRGVIXI/MXESNMIXEP  SFWIVZIHXLEXTPEWXMGZMWGSWMX]
MWVIWTSRWMFPIJSVXLIEXXIRYEXMSRSJXLIVEHMYWSJMRJPYIRGISJ \!WWMR X!WWMR JX 
&),%:-363**6)7,'32'6)8)(96-2+:-&6%8-32 6

*MK{7MRYWSMHEPZMFVEXSV]QSXMSR *MK {'SVVIPEXMSR FIX[IIR GSQTVIWWMZI WXVIRKXL SJ


LEVHIRIH GSRGVIXI ERH EGGIPIVEXMSR HYVMRK ZMFVEXMRK XIWXW
SRZMFVEXMRKXEFPI
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W ! EQTPMXYHIMR QQ 
! ERKYPEVZIPSGMX]VEHMERW XMZIP]PEVKIJVIUYIRG]VERKIEWWLS[RMR*MK8EFPI
J ! JVIUYIRG],^ERH WLS[WXLEXXLIWXVIRKXLSJXLILEVHIRIHGSRGVIXIMWQEMRP]
X ! XMQIW MRHITIRHIRX SJ JVIUYIRG] ERH EQTPMXYHI EW PSRK EW XLI
*VSQXLMWIUYEXMSRXLIVIPEXMSRWLMTWWLS[RMR)U  QMRMQYQEGGIPIVEXMSRMWI\GIIHIH
ERH  EVISFXEMRIH *SVWWFPEH F WLS[IHIJJMGMIRXZMFVEXSV]GSQTEGXMSR
SJQSMWXWSMPW[LIRH]REQMGTVIWWYVIJSVGIW[IVIXSTWM
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(YVMRKZMFVEXSV]GSRWSPMHEXMSRIRIVK]XVERWQMXXIHXSXLI
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\›› ! J WWMR JX!EWMR JX  

[LIVI E !  J  W ! QE\MQYQ EGGIPIVEXMSR HYVMRK XLI ;!GQWJ X 


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{4EVEQIXIVWSJGSRGVIXIZMFVEXMSR
:MFVEXSV]GSRWSPMHEXMSRSJKVERYPEVQEXIVMEPWMWEGLMIZIH ; ! IRIVK]JXPF . 
F] WIXXMRK XLI TEVXMGPIW MRXS QSXMSR XLYW IPMQMREXMRK XLI G ! GSRWXERXHITIRHMRKSRWXMJJRIWWERHHEQTMRKMR
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XLI MRXIVREP JVMGXMSR MR JVIWL GSRGVIXI HYVMRK ZMFVEXMSR MW Q ! GSRGVIXIQEWWPF JXW  OK?QWA 
TWM 14E GSQTEVIH[MXLEFSYXTWM 14E W ! EQTPMXYHIJX Q 
EXVIWX8LYWMRXIVREPJVMGXMSRHYVMRKZMFVEXMSRMWVIHYGIHXS J ! JVIUYIRG],^ERH
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XLI GSRGVIXI MW GSQTEGXIH FIGEYWI XLI PEGO SJ ZSMHW XIRGMIW
MRGVIEWIWXLIGSQTVIWWMSRWXVIRKXLZEPYIW8LIGSQTEGXMSR  1MRMQYQ H]REQMG TVIWWYVI JSV ZIV] WXMJJ GSRGVIXI
IJJIGXXLIRMRGVIEWIWPMRIEVP]XSEREGGIPIVEXMSRFIX[IIRERH GSRWMWXIRGMIW
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GSRGVIXI% JYVXLIVMRGVIEWIMREGGIPIVEXMSRHSIWRSXMRGVIEWI  1MRMQYQZMFVEXSV]IRIVK]JSVEPPQM\XYVIW
XLIGSQTEGXMSRIJJIGX8LIPIJXHMEKVEQMR*MKWLS[WXLEX  ;EZI XVERWQMWWMSR XLVSYKL JVIWL GSRGVIXI{8LI
EGGIPIVEXMSR EPSRIMW RSX WYJJMGMIRX E QMRMQYQ EQTPMXYHI MW XVERWQMWWMSRSJEWMRYWSMHEPGSQTVIWWMSR[EZIXLVSYKLER
EPWSVIUYMVIH%QMRMQYQZEPYIJSVXLIEQTPMXYHISJMR IPEWXMGQIHMYQMWI\TVIWWIHF])U 
QQ [EWTVSTSWIHF]/SPIO  
8LIGSVVIPEXMSRFIX[IIREGGIPIVEXMSRERHXLIIJJIGXSJXLI W\!WSIz \ 
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6 %'-'311-88))6)4368

8EFPI{'SQTVIWWMZIWXVIRKXLERHHIRWMX]SJGSRGVIXIWTIGMQIRWZMFVEXIH[MXLMRXIVREPZMFVEXSVW
EXZEVMSYWJVIUYIRGMIWERHEQTPMXYHIW
7TIGMQIR 'SIJJMGMIRXSJ
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%XGTQERHMR QQ EQTPMXYHI
'SQTVIWWMZIWXVIRKXL              •
TWM 14E             
            
(IRWMX]PFJX OKQ              •
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TWM 14E              •
            
(IRWMX]PFJX OKQ             
•
%XGTQERHMR QQ EQTPMXYHI
'SQTVIWWMZIWXVIRKXL              •
TWM 14E             
            
(IRWMX]PFJX OKQ              •
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'SQTVIWWMZIWXVIRKXL              •
TWM 14E             
            
(IRWMX]PFJX OKQ             
•

W\ ! EQTPMXYHI EX HMWXERGI \ JVSQ E VIJIVIRGI TSMRX


[LIVIXLIEQTPMXYHIMWWS MR QQ ERH
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8LIQE\MQYQTVIWWYVITKIRIVEXIHHYVMRKXLIXVERWQMWWMSR
SJEWMRYWSMHEPGSQTVIWWMSR[EZIMWGEPGYPEXIHYWMRK)U 

T!ZG  *MK{8VERWQMWWMSRXLVSYKLZMFVEXMSRJVSQWXEXISJVIWX


XSJPYMHWXEXI
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Z ! QE\MQYQTEVXMGPIZIPSGMX]JXW QW   :MFVEXMSR TVSGIWW{-X MW MQTSVXERX XS EREP]^I XLI
G ! [EZIZIPSGMX]JXW QW ERH HMJJIVIRX WXEKIW SJ GSRGVIXI GSRWSPMHEXMSR 0v,IVQMXI ERH
! HIRWMX]PFJX OKQ  8SYVRSR   WLS[IH KVIEX HMJJIVIRGIW MR TVSTIVXMIW SJ
8LYWXLIQE\MQYQTVIWWYVIMWHMVIGXP]TVSTSVXMSREPXSXLI GSRGVIXIEXVIWXERHHYVMRKZMFVEXMSR
QE\MQYQ TEVXMGPI ZIPSGMX] [LMGL MR XYVR MW E TVSHYGX SJ 8VERWQMWWMSRJVSQXLIWXEXISJVIWXXSXLIJPYMHZMFVEXMRK
JVIUYIRG]ERHEQTPMXYHI%GGSVHMRKXSKIRIVEPXLISVMIWJSV WXEXI [EW WLS[R WGLIQEXMGEPP] F] &IVKWXVSQ ERH 0MRHIV
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WLMTKMZIRMR)U  I\MWXW HMZMWMSR SJ XLIZMFVEXMSR TVSGIWW XLI JMVWX WXEKI GSQTVMWIW
XLI YWYEPP] VETMH WYFWMHIRGI SJ XLI YRGSQTEGXIH QM\XYVI
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G ! J !  
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J ! JVIUYIRG],^ERH XMSRSJJVIWLGSRGVIXIF]ZMFVEXMSR
) ! H]REQMGQSHYPYWSJIPEWXMGMX]PFJX  14E  %PI\ERHIV   MRZIWXMKEXIH XLI ZMFVEXMSR TVSGIWW F]
6IWIEVGLIVW LEZI VITSVXIH HMJJIVIRXZEPYIW JSV XLI [EZI QIEWYVMRK XLI QIGLERMGEP MQTIHERGI *MK   %X PS[
ZIPSGMX]MRJVIWLGSRGVIXI(YVMRKXLIJMVWXWXEKISJZMFVEXMSR PIZIPWSJZMFVEXSV]QSXMSRXLIGSRGVIXI[EWGLEVEGXIVM^IHF]
XLIZIPSGMX]MWEFSYXJXW QW  ,EPOIR ;EZI LMKL HEQTMRK ERH WXMJJRIWW 2S VIWSRERX JVIUYIRG] [EW
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 TWM  14E  JSV XLI H]REQMG QSHYPYW SJ IPEWXMGMX] SJ WXMJJRIWW SV HEQTMRK [LMGL MRHMGEXIH XLEX XLI GSRGVIXI
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&),%:-363**6)7,'32'6)8)(96-2+:-&6%8-32 6

TVMQEV] LMRHVERGI XS QSXMSR 2I[XSRvW WIGSRH PE[ SJ XLEXVIUYMVIHXSKIXXLIGSRGVIXIXSJPS[XLIMQTIHERGI[MPP


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Q ! YRMXWSJQEWWERH ^ ! '  1 z O 
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XLEXXEOITPEGI[MXLMREJI[WIGSRHWSJIEGLSXLIV*MVWXMJ EPMUYMHJSVQ8LMWHIGVIEWIMRMQTIHERGIMWWLS[RF]'YVZI
XLIJSVGIPIZIPFIMRKYWIHXSZMFVEXIXLIGSRGVIXIMWFIPS[ %WPSRKEWXLILMKLIVJSVGIPIZIPMWQEMRXEMRIHXLIMQTIHERGI
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*MK{-QTIHERGIXIWX GSRGVIXIZMFVEXMSR

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6 %'-'311-88))6)4368

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 WXYH]WLS[IHXLIWEQIVIWYPXWJSVYRGSRWSPMHEXIH ,^ ZMFVEXMSRWQMR %RMRGVIEWIMREQTPMXYHI
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6 %'-'311-88))6)4368

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EGMVGYPEVZMFVEXSV]QSXMSR 6 'SQTEGXMSRSJ6SPPIV'SQTEGXIH'SRGVIXI
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SJXLIGSRGVIXITEVXMGPIWXLYWVIHYGMRKGSRWSPMHEXMSR&IWX ' 8IWX 1IXLSH JSV (IXIVQMRMRK 'SRWMWXIRG] ERH
VIWYPXW GER FI EXXEMRIH F] ETTP]MRK E GSQFMREXMSR SJ (IRWMX] SJ 6SPPIV'SQTEGXIH 'SRGVIXI 9WMRK E
ZMFVEXMSR ERH E QSHIVEXI WXEXMG TVIWWYVI &] KVEHYEPP] :MFVEXMRK8EFPI
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6 %'-'311-88))6)4368

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%FVEQW ( % F w4VSTSVXMSRMRK 'SRGVIXI 2S.YP]%YKTT
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%'-'SQQMXXIIw6SPPIV'SQTEGXIH'SRGVIXI .YRITT
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,MPPW1-TT SJ*VIWL0MKLX[IMKLX%KKVIKEXI'SRGVIXIYRHIV:MFVEXMSRx
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4PEGMRK'SRGVIXIF]:MFVEXMSRx%'-.3962%0 4VSGIIHMRKW F]:MFVEXMSRx4L(XLIWMW 9RMZIVWMX]SJ0SRHSRTT
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4YFPMGEXMSR 8IGLRMUYI 2S  'IRXVI Hv)XYHIW IX HI SJ7XERHEVHWERH8IGLRSPSK]+EMXLIVWFYVK1(7ITX
6IGPMIVGLIWHIPv-RHYWXVMIHY&IXSR1ERYJEGXYVI)TIVRSR *IVVEVMW'*ERH&VS[IV0IHWw'SQTEVMWSRSJ
TT MR*VIRGL 'SRGVIXI6LISQIXIVW-RXIVREXMSREP8IWXWEX1& 'PIZIPERH
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3,97% MR1E]x2-78-62EXMSREP-RWXMXYXI /MVOLEQ6,,ERH;LMXI1+w8LI'SQTEGXMSR


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1SHIPPMRK SJ *VIWL 'SRGVIXI 6LISPSK]x 2-78-6  /MXESNM,8ERMKE[E=1SVM,ERH/YVSOE[E=
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1(*IF 4VSTIVXMIW SJ *VIWL 'SRGVIXIx 8VERWEGXMSRW SJ XLI .ETER
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w.MERK]E(EQ7SQI-RXIVIWXMRK8IGLRMUYIW(IZIPSTIH /SILPIV)4ERH*S[PIV(;w-'%6
JSV ,MKL 5YEPMX] 6'' 'SRWXVYGXMSRx 4VSGIIHMRKW SJ XLI 7YQQEV] SJ 'SRGVIXI ;SVOEFMPMX] 8IWX 1IXLSHWx LXXT
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SJ'SRGVIXIx'MZMP)RKMRIIVMRKERH&YMPHMRK'SRWXVYGXMSR 8IGLRMUYIW.YPMYW,SFER&YHETIWX
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7IVMIW2S%GXE4SP]XIGLRMGE7GERHMREZMGE7XSGOLSPQ XLI (MWXERGI *VSQ E :MFVEXMRK 7SYVGIx 1EXIVMEPW ERH
TT 7XVYGXYVIW{6IWIEVGL ERH 8IWXMRK 4EVMW  :  2S 
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1ERYJEGXYVI SJ 'SRGVIXI 4VSHYGXW ERH 4VIJEFVMGEXIH 0v,IVQMXI6ERH8SYVRSR+w:MFVEXMSRSJ*VIWL
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6IGSQQIRHIH4VEGXMGI+YMHI74
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