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 (1)7TIGMEP)JJIGX3TIVEXMSRW
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(1)7TIGMEP)JJIGX3TIVEXMSRW 
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 (1)7TIGMEP)JJIGX3TIVEXMSRW
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(1)7TIGMEP)JJIGX3TIVEXMSRW 
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 (1)7TIGMEP)JJIGX3TIVEXMSRW
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E 7IXXMRKJSV7(7(
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(1)7TIGMEP)JJIGX3TIVEXMSRW 
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 (1)7TIGMEP)JJIGX3TIVEXMSRW
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(1)7TIGMEP)JJIGX3TIVEXMSRW 
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 (1)7TIGMEP)JJIGX3TIVEXMSRW
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(1)7TIGMEP)JJIGX3TIVEXMSRW 
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 (1)7TIGMEP)JJIGX3TIVEXMSRW
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)RKMRIIVMRKWIXYT *MRIQSHI
 *PEKWIXXMRKW +
)RKMRIIVMRK7IXYTQIRY *PI\WLEHS[WIXXMRKW
)RXIVFYXXSR *PMTXYQFPI +PSFEP
)VVSVQIWWEKIW *P]MRKFEVWIXXMRKW GSSVHMREXIWTEGI
)VVSV-RJSVQEXMSRQIRY *SVQEXXMRKEQIQSV]GEVH )JJIGXQIRY
  IJJIGXSTIVEXMSRW
IVVSVWXEXYWPSK *SVQEXXMRKXLILEVHHMWO +PS[WIXXMRKW
QIWWEKIFS\ *VEQI +4-
)\TPSWMSRWIXXMRKW MRSYX HIZMGIGSRXVSP
)\XIRHIH:86 QIQSV]HEXEI\TSVX SYXTYXTSVXWIXXMRKW
)\XIVREP QIQSV]HEXEMQTSVX XMQIPMRIGVIEXMSRIHMXMRK
FS\WIXXMRK 1IQSV]QIRY 
HIZMGIGSRXVSP *VEQIMRTYXQSHI +4-MRTYXWIXXMRKW
OI] *VEQIQIQSV] JSVGSRXVSPTERIP
)\XIVREPHIZMGIW GPMTJYRGXMSR JSV('9
WLEVIHGSRXVSPJYRGXMSRW GSRXMRYSYWP]GETXYVMRK JSV(1)
 WXMPPMQEKIWVIGSVH  JSVW[MXGLIVTVSGIWWSV
)\XIVREPLEVHHMWOHVMZI  
TEMVJMPITVSGIWWMRK +4-SYXTYX
VIGEPPMRKEGSRXMRYSYW +4-SYXTYXWIXXMRKW
* JSVGSRXVSPTERIP
WIUYIRGISJWXMPPMQEKIW
*EHIVPIZIV ERMQEXMSR  JSV('9
*EHIVPIZIVSTIVEXMSRW *VEQIQIQSV]JSPHIV JSV(1)
*EHIXSFPEGOJYRGXMSR *VEQIQIQSV]STIVEXMSRW JSVW[MXGLIVTVSGIWWSV
*MPIQIRY  
*MPISTIVEXMSRW GETXYVMRKERMRTYXMQEKI +VETLMGW
EYXSPSEHJYRGXMSR  SYXTYXXMRKXSXLIQSRMXSV
FEXGLSTIVEXMSRW GPMT 
GST]MRK MRTYXMQEKIWIPIGXMSR +VETLMGWHMWTPE]
HIPIXMRK QIRYHMWTPE] +VMH
HMVIGXSV]STIVEXMSRW TVITEVEXMSRW
HMWTPE]MRKQIRYW WIPIGXMRKJVEQIQIQSV] ,
MQTSVXI\TSVX 
MRHMZMHYEPJMPIW ,EVHJVII^IIJJIGX
WIPIGXMRKSYXTYXW ,*FYXXSRW
PSEHMRK *VII^IWIXXMRKW
VIREQMRK *YRGXMSR
WEZMRK EWWMKRQIRXYWIV -
WIPIGXMRKEHIZMGI TVIJIVIRGIFYXXSRW -PPIKEPGSPSVPMQMXIV
WIPIGXMRKVIKMSRW FYXXSREVIE -QEKI
ZMI[MRKHIXEMPIH PMROW HEXEQEREKIQIRX
MRJSVQEXMSR WIPIGXMSRFYXXSRW -QEKIJMPI
*MPIW *YRGXMSRWEWWMKREFPIXS HIPIXMSR
EYXSPSEHJYRGXMSR VIREQMRK
HIPIXMRK -RHITIRHIRXOI]XVERWMXMSR
STIVEXMSRW 
VIREQMRK (1)[MTIWIXXMRKW

 -RHI\
 X]TI QSHMJMIVFYXXSRW /I]JVEQI
X]TIWIPIGXMSRFYXXSRW QSHMJMIVW GSRXVSPFPSGO
[MTIQSHMJMIVW QSHMJ]GPIEV GST]MRK
[MTIWIXXMRKW SYXTYXWXEXYWHMWTPE] GVIEXMSR
-RHITIRHIRXOI]XVERWMXMSR TVMSVMX]STIVEXMSRQSHI HIPE]WIXXMRK
I\IGYXMSRWIGXMSR  HIPIXMSR
-RHITIRHIRXOI]XVERWMXMSRVEXI VS[ HYVEXMSR
 WIXXMRKW HYVEXMSRWIXXMRK
WIXXMRKF]EQIRY WMKREPEHNYWXQIRXW IJJIGXVIKMWXIVW
STIVEXMSR WRETWLSXEXXVMFYXIW MRWIVXMSR
WIXXMRKMRXLIRYQIVMG WSYVGIWIPIGXMSR PSST
OI]TEHGSRXVSPFPSGO WXEXYWHMWTPE] QSHMJMGEXMSR
 /I]EGXMZI QSZMRK
-RMXMEPM^EXMSR EHNYWXQIRX STIVEXMSRW
LEVHHMWO /)=FYXXSR TEXLWIXXMRK
-RTYX /I]JMPP TEYWI
WXVMRK WIPIGXMSR VIKMWXIVSTIVEXMSRW
ZEPYI WIPIGXMSRFYXXSRW WXEXYW
-RTYXVIJIVIRGIWMKREP /I]TVMSVMX] WXVSFIWIXXMRKW
-RWXEPPEXMSR HMWTPE] /*FYXXSR
-RXIVTSPEXMSRWIXXMRKW WIPIGXMRK /RSF
-RZIVXWIXXMRKW WIXXMRKF]EQIRY TEVEQIXIVFYXXSRW
-XIQHMWTPE] STIVEXMSR
WIXXMRKMRXLIXVERWMXMSR 0
. GSRXVSPFPSGO
/I]VS[HIPIKEXMSRFYXXSRW 0IJXFYXXSR
.S]WXMGO  0IRWWIXXMRKW
.S]WXMGOWIRWMXMZMX] /I]WIXXMRK 0MKLXMRKWIXXMRKW
YWMRKQIRYW 0MRIJIIHFYXXSR
/ [MXLXLIGVSWWTSMRX 0MRIEVOI]
GSRXVSPFPSGO 0MRO
/EPIMHSWGSTIWIXXMRKW GVSWWTSMRXFYXXSRW
/I] /I]WRETWLSX
FYXXSRW 
EYXSHVST OI]XVERWMXMSR
FSVHIVWIXXMRKW VIGEPPMRK
WEZMRK 1)FEROW
GSRXVSPFPSGO 0SGEPGSSVHMREXIWTEGI
HIJEYPX WIXXMRKFYXXSRW
/I]WSYVGI 0SGEXMSR
HIPIKEXMSRFYXXSRW WM^I
HIPIXMRK REQIHMWTPE]
WIPIGXMSR <=>
HIRWMX]WIXXMRKW 0SGOJYRGXMSR
HMWEFPI WIPIGXMSRFYXXSRW
/I]X]TI 0SGOMRKXLIWIXYTHEXE
IHKIQSHMJMGEXMSRW 0YQMRERGIOI]
 WIPIGXMSRFYXXSRW
*VEQIQIRY WIXXMRK
MRWIVXMRK /I]FSEVH[MRHS[ 1
QEWO /I]IV 1)
QIQSV] GST] GST]
QIQSV]QSHI W[ET W[ET

-RHI\ 
 1)XS1)QIRYW 1EWXIVWRETWLSXGVIEXMSR 1IRYXVII
1EGVS WEZMRK 1IVKMRK
EWWMKRQIRXSJSTIVEXMSR 1EWXIVXMQIPMRIGVIEXMSR 1IXEPWIXXMRKW
FYXXSRW WEZMRK 1MRYWFYXXSR
EXXEGLQIRX [MXLXLIQIRY 1MVVSVWIXXMRKW
EXXEGLQIRXVIQSZEP [MXLXLIRYQIVMGOI]TEH 1MWGQIRYSTIVEXMSRW
EXXEGLQIRXWIXXMRK GSRXVSPFPSGO 1-<
EYXSMRWIVXQSHI 1EXXIHEXE 1M\
GVIEXMRK GST] 1/7
GVIEXMSRIHMXMRK W[ET 1/7
IHMXMRK 1E\QMRZEPYIMRHMGEXMSR 1/7
IZIRXW 1IPXWIXXMRKW 1/7
I\IGYXMSR 1IQSV] 1/7%
I\IGYXMSRF]EXXEGLQIRX GEVHEGGIWWMRHMGEXSV 1/7
 GEVHWPSX WIXXMRKWXEXYW
I\IGYXMSRQSHI VIGEPPFYXXSRW WMQTPIGSRRIGXMSR
JMPIIHMXMRKVYPIW 1IQSV]GEVHJSVQEXXMRK 1SHIWIPIGXMSRFYXXSRW
QIRY 1IQSV]GEVH97&EHETXSV 1SRMXSVSYXTYX
QIRYQEGVS FPSGO KVETLMGW
SJJPMRIIHMXMRK w1IQSV]7XMGOx97& 1SRSWIXXMRKW
SRPMRIIHMXMRK GSRRIGXMSRWFPSGO 136)FYXXSR
SZIVZMI[ w1IQSV]7XMGOWx 1SWEMG
VIKMWXIVVIGEPPMRK 1IRY KPEWWWIXXMRKW
VIKMWXIVW EGGIWWMRK WIXXMRKW
WEZMRK GSRXVSPFPSGO 1SXMSRHIGE]WIXXMRKW
XMQIPMRI HMWTPE] 1SZMRK
1EGVSEXXEGLQIRXPMWX STIVEXMSRW 1YPXM
1EGVSSTIVEXMSRW SVKERM^EXMSR QMVVSVWIXXMRKW
MROI]JVEQIGSRXVSPFPSGO TEKIRYQFIVFYXXSR QSZIWIXXMRKW
 WGVIIR
MRRYQIVMGOI]TEHGSRXVSP WLSVXGYXQIRY 2
FPSGO WLYXXMRKHS[R
1EGVSVIKMWXIV W[MXGLMRKFIX[IIRXLI 2%1
IHMXMRK QEMRQIRYWMXIW 2IKEWIXXMRKW
VIGEPPMRK XMXPIFYXXSR 2IX[SVOWIXXMRKW
1EGVSXMQIPMRI XSTQIRYPMWX 2I\XXVERWMXMSR
1EKRMXYHI 1)29FYXXSR WIPIGXMRK
1EMRQEWO 1IRYQEGVS WIPIGXMSRFYXXSRW
YWMRK GVIEXMSRIHMXMRK 2SREHHMXMZIQM\
1EMRQIRYWMXI IHMXMRKEVIKMWXIV 2SRPMRIEVIJJIGXWWIXXMRKW
1ERYEPXVERWMXMSR I\IGYXMRK 2SR7]RGWXEXI
1EWOTVSGIWWMRKSVHIV VIGEPPMRKEVIKMWXIV 2SVQEP
1EWOWIXXMRKW 1IRYWLSVXGYXEWWMKRQIRX IHKI
1EWOW QIQSV]VIGEPPFYXXSR QM\
1EWXIV YWIVTVIJIVIRGIFYXXSRW 2YQIVMGOI]TEH
VIKMSR  GSRXVSPFPSGO
XMQIPMRIVIKMWXIVW [MRHS[
XMQIPMRIW

 -RHI\
3 4&YW 6IKMWXIVW
EGXMSRWIXXMRK 6IPEXIHQERYEPW
32%-6MRHMGEXSVW
XMQIPMRIGVIEXMSRIHMXMRK 6ITPMGEXMSR
3REMVXEPP]
 6IWIX
3RIWXVSOIQSHI
XVMKKIV 6IWIXMRMXMEPM^EXMSR
3RIXMQIQSHI
4&YWHIZMGIW 6IWM^IV(1)[MTI
3TIVEXMRKFYXXSRW
GSRXVSP 6IWM^IV(1)[MTITEXXIVRW
3TIVEXMSR
GSRXVSPQSHIWIXXMRK 
FYXXSRW
4IVWTIGXMZI 6IWYQIQSHI
QSHIW
4+1478 6MKLXFYXXSR
3TIVEXMSRQSHIWIXXMRK
PSKMGEPEWWMKRQIRXXS1) 6MTTPIWIXXMRKW
3TIVEXMSRWIXXMRKW
 6SXEXMSR
3YXPMRI
QIRY 6SYXIVHIWXMREXMSR
TEVEQIXIVW
4MGXYVIMRTMGXYVI 6SYXIVMRXIVJEGIWIXXMRKW
3YXTYX
4PERIJYRGXMSR 6SYXIVMRXIVJEGIXEPP]WIXYT
HIWXMREXMSRWTIGMJMGEXMSR
4SWMXMSRIV 
FYXXSRW
4SWXIVM^EXMSR 692'860FYXXSR
3:)66-()FYXXSR
4S[IVSRWXEXI 6YRQSHIWIXXMRK
4VIWIXGSPSVQM\
4 4VIWIXGSPSVQM\WIXXMRK 7
4EKIXYVR 4VIZMI[
4VIZMSYWTEKIFYXXSR 7EJIXMXPIWIXXMRKW
WIXXMRKW
4VMQEV]WIXXMRK 7GVIIR
4EMVJMPITVSGIWWMRK
46-367)8FYXXSR WEZIV
4EMVQSHI
478'30361-< 7'9IHMXSVTERIPTSVX
4ERSVEQEWIXXMRKW
7IEVGLHMEP
4EVEPPIP
7ITEVEXIWMHIWWIXXMRKW
MRTYXWIXXMRKW 6 7ITMEWIXXMRKW
SYXTYXWIXXMRKW
6IGSVHMRKXS:86HMWO 7IVMEP
XEPP]WIXXMRKW
VIGSVHIVW TSVXWIXXMRKW
4EVEQIXIVKVSYTFYXXSR
6IJIVIRGI XEPP]WIXXMRK
4EXLWIXXMRK
TLEWIEHNYWXQIRX 7IXYT
4EXLX]TI
6IJIVIRGIVIKMSR JSVGSRXVSPTERIP
JSV'YVZI
6IKMSR JSV('9
JSV,YI
EWWMKRMRK JSVXLI[LSPIW[MXGLIV
JSV<TX
WIPIGXMRK W]WXIQ
4EXLW
6IKMSRW PSGOMRKXLIHEXE
(1)
WIPIGXMSRFYXXSRW 7IXYTHEXEWEZMRKVIGEPPMRK
W[MXGLIV
6IKMWXIV 
X]TIW
HMWTPE]MRKPMWX 7LEHS[
4EXXIVROI]
QIRYQEGVS TEVEQIXIVW
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STIVEXMSRWMRXLIQIRYW
FYXXSRW

WIXXMRKF]EQIRY
VIGEPPMRK
STIVEXMSR
6IKMWXIVIHMXMRK
WIXXMRK[MXLXLIJEHIVPIZIV
QIRYQEGVS

XVERWMXMSR

-RHI\ 
 7LEHS[WIXXMRKW
7LETIHZMHISWIXXMRKW
7,-*8FYXXSR
7LMJXFYXXSR
7LSVXGYX GSRXVSPFPSGO
7LSXFS\
7LSXFS\I\IGYXMSR
2YQIVMG/I]TEH'SRXVSP
&PSGO
7LSXFS\QIRY
7LSXFS\VIKMWXIVGVIEXMSR
MRXLIRYQIVMGOI]TEH
GSRXVSPFPSGO
YWMRKXLIQIRYW
7LSXFS\VIKMWXIVIHMXMRK
7,3;/)=FYXXSR
7LS[OI]JYRGXMSR
7MHIJPEKW
EWTIGXVEXMS
EWWMKRMRKEGVSWWTSMRX
FYXXSR
EYXSGVST
EYXSWMHIJPEKW
GVSTTMRK
(1)[MTIEGXMSR
1-7'QIRY
[MTIEGXMSR
7MKREP
EWWMKRQIRXXSFYXXSRW YWIVXI\XYVITEXXIVRW
REQIHMWTPE]
WIPIGXMSR
7MKREPJSVQEXWIXXMRK
7MKREPMRTYXWIXXMRKW
JSV(1)
JSVW[MXGLIVTVSGIWWSV
 794)61-<
7MKREPSYXTYXWIXXMRKW
JSV(1) WIXXMRKW
JSVW[MXGLIVTVSGIWWSV

7MQTPI447SJX[EVI
7OIXGLWIXXMRKW
7OI[
7PMHI
7RETWLSX QEMRXIRERGI
EXXVMFYXIW WIXXMRKW
QIRY
VIKMWXIVIHMXMRK
 -RHI\
WEZMRKVIGEPPMRK 8
WXEXYWHMWTPE]
8EPP]
7RETWLSXSTIVEXMSRW
GST]WIXXMRKW
JVSQXLIRYQIVMGOI]TEH
KIRIVEXMSRWIXXMRKW
KVSYTWIXXMRKW
MRXLIQIRYW
8ETIXVERWTSVXGSRXVSP
7SJXIHKI
8EVKIXGSSVHMREXIWTEGI
7SJXIRMRK
8&'[MRHS[GIRXIVTSWMXMSR
IHKI

[MTITEXXIVRIHKI
8'FYXXSR
7SJX[EVI
8IQTSVEV]EXXVMFYXIW
MRWXEPPEXMSR

WIXXMRKVIUYMVIH
8LVIIHMQIRWMSREP
7SPEVM^EXMSR
GSSVHMREXIWTEGI
7SYVGI
TEVEQIXIVHMWTPE]
GSSVHMREXIWTEGI
TEVEQIXIVW
REQIHMWTPE]W
XVERWJSVQEXMSRW
7SYVGIREQI
8LVIIHMQIRWMSREPTEVEQIXIVW
7SYVGIWMKREPREQI
HMWTPE]
7TEGIFYXXSR
IRXIVMRK
7TIIH
ZEPYIW
7TLIVIWIXXMRKW
8LVIIHMQIRWMSREP
7TMR
XVERWJSVQEXMSR
7TPMX
8LVSYKLQSHIWIXXMRKW
JEHIVWIXXMRK
8MQI
WIXXMRKW
WIXXMRKW
WPMHIWIXXMRKW
WXVSFIIJJIGX
7TSXPMKLXMRKWIXXMRKW
8MQISJJWIXI\IGYXMSR
8MQIGSHIMRTYXQSHI
7UYII^I
8MQIPMRIQIRY
7XEVXYTWXEXI
QEMRTEVXW
7XEXYWEVIE
VIGEPPMRK
7XEXYWQIRY
8STQIRYPMWX
78342)<8/*FYXXSR
8STQIRYWIPIGXMSRFYXXSRW
7YFWMHMEV]QIRYWMXI


8STQIRY[MRHS[
7YTIVQM\
8SYGLTERIPGEPMFVEXMSR
86%')FYXXSR
7[ET
8VEGOFEPPWIRWMXMZMX]
7[ETTMRK
8VEMPWIXXMRKW
7[MVPWIXXMRKW
86%274:;FYXXSR
7[MXGLIVGSRJMKYVEXMSR
8VERWJSVQEXMSRSTIVEXMSR
7[MXGLIVWIXYT
QSHIW
7]WXIQ
8VERWMXMSR

GSRXVSPFPSGO
I\IGYXMSR
MRHMGEXSV
 QSHI  ;MTIQSHMJMIVW
RI\X ;MTITEXXIVR
TVIZMI[ : EWTIGXVEXMS
TVIZMI[QSHIWIXXMRK IHKIQSHMJMGEXMSR
8VERWMXMSRI\IGYXMSR :/QSHI VITPMGEXMSR
WIGXMSR :IVXMGEPFPEROMRKMRXIVZEP VSXEXMSR
[MXLXLIJEHIVPIZIV EHNYWXQIRX WIPIGXMSR
8VERWMXMSRMRHMGEXSV :*FYXXSRW ;MTITSWMXMSR
JYRGXMSR :MHIS ;MTIWIXXMRKW
8VERWMXMSRVEXI GPMTEHNYWXQIRX JSVMRHITIRHIRXOI]
HMWTPE] TVSGIWWMRK XVERWMXMSRW
WIXXMRKF]EQIRY WMKREPEHNYWXQIRX ;MTIWRETWLSX
STIVEXMSR W[MXGLMRKWIXXMRKW ;MVIJVEQIW
WIXXMRKMRXLI1-7'QIRY W[MXGLMRKXMQMRK ;MVMRKWIXXMRKW
 :MHISTVSGIWW ;SVOMRKFYJJIVGPIEVMRK
WIXXMRKMRXLIRYQIVMG QIQSV] ;VET%VSYRH
OI]TEHGSRXVSPFPSGO WIXXMRKW ;VMXITVSXIGXMRK
 :MHISTVSGIWWQIQSV]
8VERWMXMSRX]TI :MVXYEPMQEKIGERGIPPEXMSR
 <
WIPIGXMRKF]EQIRY
STIVEXMSR :86 <48,30(
WIPIGXMSRFYXXSRW GSRXVSP FYXXSR
8VMQFYXXSR 'YIYT
4PE] <48,30(FYXXSRSTIVEXMSR
8[MWXWIXXMRKW MRJSVQEXMSRGLIGO QSHI
0SST
STIVEXMSRFYXXSR =
9 EWWMKRQIRX
97&HVMZIVVIPSEHMRK VIGSVHMRKXS =FEPERGI
9WIVTVIJIVIRGIFYXXSR 6IGYI EHNYWXQIRX
9WIVTVSKVEQQEFPI(1) XMQIPMRI
 XMQIPMRIIHMXMRK >
2SXIWSROI]JVEQI >EFXSR
GVIEXMSR ; >VMRK
TEXXIVRW
XVERWMXMSRQSHI ;EZIWIXXMRKW
 ;MRHWIXXMRKW
9WIVVIKMSRWIXXMRK ;MRHS[EHNYWXQIRX
9WIVVIKMSRW ;-4)
9WIVHIJMRIHWIXXMRKW ;MTI
9XMPMX] GST]
9XMPMX]I\IGYXMSR QSHMJ]GPIEV
[MXLYWIVTVIJIVIRGI TEXXIVRPMWX
FYXXSRW WIXXMRKW
9XMPMX]WLSXFS\GSRXVSPFPSGO W[ET
;MTI'VSTWIXXMRKW
;MTIHMVIGXMSR
WIPIGXMSRFYXXSRW

-RHI\ 
 -RHI\
8LIQEXIVMEPGSRXEMRIHMRXLMWQERYEPGSRWMWXWSJMRJSV
QEXMSRXLEXMWXLITVSTIVX]SJ7SR]'SVTSVEXMSRERHMW
MRXIRHIHWSPIP]JSVYWIF]XLITYVGLEWIVWSJXLIIUYMT
QIRXHIWGVMFIHMRXLMWQERYEP
7SR]'SVTSVEXMSRI\TVIWWP]TVSLMFMXWXLIHYTPMGEXMSRSJ
ER]TSVXMSRSJXLMWQERYEPSVXLIYWIXLIVISJJSVER]TYV
TSWISXLIVXLERXLISTIVEXMSRSVQEMRXIRERGISJXLI
IUYMTQIRXHIWGVMFIHMRXLMWQERYEP[MXLSYXXLII\TVIWW
[VMXXIRTIVQMWWMSRSJ7SR]'SVTSVEXMSR
1:7
7]WXIQ7=
7SR]'SVTSVEXMSR