Anda di halaman 1dari 39

%'-6

+YMHIJSV7IMWQMG6ILEFMPMXEXMSRSJ
)\MWXMRK'SRGVIXI*VEQI&YMPHMRKW
ERH'SQQIRXEV]

6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
*IFVYEV]
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

+YMHIJSV7IMWQMG6ILEFMPMXEXMSRSJ)\MWXMRK'SRGVIXI*VEQI&YMPHMRKW
ERH'SQQIRXEV]

'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%HQMRMWXVEXMSR 37,% LIEPXL
ERHWEJIX]WXERHEVHW

3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-

1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI 1'4 

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI 
*E\ 
[[[GSRGVIXISVK

-7&2
%'-6

+YMHIJSV7IMWQMG6ILEFMPMXEXMSRSJ)\MWXMRK
'SRGVIXI*VEQI&YMPHMRKWERH'SQQIRXEV]
6ITSVXIHF]%'-'SQQMXXII

/IRRIXL.)P[SSH 7IVKMS*&VIE
'LEMV 7IGVIXEV]

7IVKMS1%PGSGIV 7L]L.MERR,[ERK 0EYVE20S[IW 1EVMS)6SHVMKYI^


.IJJVI].(VEKSZMGL 1SLEQQEH-UFEP /IRRIXL%0YXXVIPP 1YVEX7EEXGMSKPY
1SLEQQEH6)LWERM .SW-^UYMIVHS)RGEVREGMR %HSPJS&1EXEQSVSW ,EPMP7I^IR
7MKQYRH%*VIIQER %JWLEV.EPEPMER %RHVI[(1MXGLIPP 6SFIVXS7XEVO
;EWWMQ1+LERRSYQ 8LSQEW,//ERK .EGO41SILPI 1MGLEIP8:EPPI]
>EVIL&+VIKSVMER (SQMRMG./IPP] 1EVO%1SSVI .EGUYIPMRI:MROPIV
'LEVPIW.,SSOLEQ %RHVIW0ITEKI .SWI%4MRGLIMVE .SLR;;EPPEGI


8EWO+VSYTPIEHIVW

8LMW KYMHI [LMGL [EW HIZIPSTIH FEWIH SR XLI JSVQEX ERH GSRXIRX SJ {4VSTIVXMIWSJMRTPEGIQEXIVMEPWERHGSQTSRIRXW
%7')7)-  'LETXIV  w'SRGVIXIx HIWGVMFIW QIXLSHW JSV IWXM {'SRHMXMSREWWIWWQIRX
QEXMRKXLIWIMWQMGTIVJSVQERGISJFSXLI\MWXMRKERHRI[GSRGVIXIGSQTS
RIRXW MR ER I\MWXMRK FYMPHMRK 8LI KYMHI MW MRXIRHIH XS FI YWIH [MXL XLI
{/RS[PIHKIJEGXSV
EREP]WMW TVSGIHYVIW ERH 6ILEFMPMXEXMSR 3FNIGXMZIW IWXEFPMWLIH MR
%7')7)-  JSV XLI 7]WXIQEXMG 6ILEFMPMXEXMSR 1IXLSH 8LI KYMHI 'LETXIV{+IRIVEPEWWYQTXMSRWERH
TVSZMHIW VIGSQQIRHEXMSRW JSV QSHIPMRK TEVEQIXIVW ERH EGGITXERGI VIUYMVIQIRXWT
GVMXIVME JSV PMRIEV ERH RSRPMRIEV EREP]WMW SJ FIEQW GSPYQRW NSMRXW ERH {1SHIPMRKERHHIWMKR
WPEFGSPYQR GSRRIGXMSRW SJ GSRGVIXI FYMPHMRKW ERH XLI TVSGIHYVIW JSV {7XVIRKXLERHHIJSVQEFMPMX]
SFXEMRMRKQEXIVMEPTVSTIVXMIWRIGIWWEV]JSVWIMWQMGVILEFMPMXEXMSRHIWMKR {*PI\YVIERHE\MEPPSEHW
{7LIEVERHXSVWMSR
/I][SVHW EGGITXERGI GVMXIVME %7')7)-  FIEQW GSPYQRW JVEQIW
NSMRXW QSHIPMRK TEVEQIXIVW VIXVSJMX WIMWQMG VILEFMPMXEXMSR WPEFGSPYQR
{(IZIPSTQIRXERHWTPMGIWSJVIMRJSVGIQIRX
GSRRIGXMSRW {'SRRIGXMSRWXSI\MWXMRKGSRGVIXI
{6ILEFMPMXEXMSRKIRIVEPVIUYMVIQIRXW
'328)287
'LETXIV{-RXVSHYGXMSRERHWGSTIT 'LETXIV{'SRGVIXIQSQIRXJVEQIWT
{-RXVSHYGXMSR {8]TIWSJGSRGVIXIQSQIRXJVEQIW
{7GSTI {6IMRJSVGIHGSRGVIXIFIEQGSPYQRQSQIRXJVEQIW
{4SWXXIRWMSRIHGSRGVIXIFIEQGSPYQRQSQIRXJVEQIW
'LETXIV{1EXIVMEPTVSTIVXMIWERHGSRHMXMSR {7PEFGSPYQRQSQIRXJVEQIW
EWWIWWQIRXT
{+IRIVEP 'LETXIV{2SXEXMSRHIJMRMXMSRWERHEGVSR]QW
T
%'-'SQQMXXII6ITSVXW+YMHIW1ERYEPWERH'SQQIRXEVMIW {2SXEXMSR
EVIMRXIRHIH JSV KYMHERGI MR TPERRMRK HIWMKRMRKI\IGYXMRK {(IJMRMXMSRW
ERHMRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLI {%GVSR]QW
YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRW
ERH[LS [MPPEGGITXVIWTSRWMFMPMX]JSV XLIETTPMGEXMSR SJXLI 'LETXIV{6IJIVIRGIWT
QEXIVMEPMXGSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQW {6IJIVIRGIHWXERHEVHWERHVITSVXW
ER]ERHEPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXI {'MXIHVIJIVIRGIW
WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX %'-6[EWEHSTXIHERHTYFPMWLIH*IFVYEV]
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XLI%VGLMXIGX)RKMRIIV XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW


 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

',%48)6{-2863(9'8-32%2(7'34) EWWIWWQIRXERHVILEFMPMXEXMSRSJGSRGVIXIFYMPHMRKW*SVXLMW
{-RXVSHYGXMSR ZIVWMSRSJXLIKYMHIQSWXWIGXMSRWEVIWMQMPEVXS'LETXIVSJ
)EVXLUYEOIVIGSRREMWWERGILEWGPIEVP]HIQSRWXVEXIHXLEX %7')7)-  7YTTPIQIRX  %7')7)- %H ,SG 'SQQMXXII
I\MWXMRKGSRGVIXIJVEQIFYMPHMRKWHIWMKRIHFIJSVIXLIMRXVS   8LI QSWX VIGIRX ZIVWMSR LS[IZIV HSIW RSX TVSZMHI
HYGXMSR SJ QSHIVR WIMWQMG GSHIW EVI QSVI ZYPRIVEFPI XS QSHIPMRKTVSGIHYVIWEGGITXERGIGVMXIVMEERHVILEFMPMXEXMSR
WIZIVIHEQEKISVGSPPETWI[LIRWYFNIGXIHXSWXVSRKKVSYRH QIEWYVIWJSVTVIGEWXGSRGVIXIJVEQIWMRJMPPJVEQIWFVEGIH
QSXMSR 7IMWQMG VILEFMPMXEXMSR SJ I\MWXMRK FYMPHMRKW [LIVI
JVEQIWWLIEV[EPPWHMETLVEKQWERHJSYRHEXMSRW*YXYVI
RI[ GSQTSRIRXW EVI EHHIH SV I\MWXMRK GSQTSRIRXW EVI
ZIVWMSRW[MPPTVSZMHITVSZMWMSRYTHEXIWJSVGSRGVIXIQSQIRX
QSHMJMIHSVVIXVSJMXXIH[MXLRI[QEXIVMEPWSVFSXLGERFI
JVEQIWERH[MPPEHHTVSZMWMSRWJSVGSRGVIXIGSQTSRIRXWERH
YWIH XS QMXMKEXI XLI VMWO XS HEQEKI MR JYXYVI IEVXLUYEOIW
7IMWQMGVILEFMPMXEXMSRMWIRGSYVEKIHRSXSRP]XSVIHYGIXLI W]WXIQWSQMXXIHMRXLITVIWIRXZIVWMSRSJXLIKYMHI
VMWOSJHEQEKIERHMRNYV]MRJYXYVIIEVXLUYEOIWFYXEPWSXS 8LMWKYMHIWLSYPHFIYWIHMRGSRNYRGXMSR[MXL'LETXIVW
I\XIRHXLIPMJISJI\MWXMRKFYMPHMRKWERHVIHYGIYWMRKRI[ XLVSYKLSJ%7')7)-'LETXIVSJ%7')7)-
QEXIVMEPWMRXLITVSQSXMSRSJWYWXEMREFMPMX]SFNIGXMZIW TVSZMHIWVILEFMPMXEXMSRVIUYMVIQIRXWMRGPYHMRKHIWGVMTXMSR
SJ63W&YMPHMRK4IVJSVQERGI0IZIPWERHWIMWQMGLE^EVH
{7GSTI 'LETXIV  SJ %7')7)-  TVSZMHIW KIRIVEP HIWMKR
8LMWKYMHI HIWGVMFIWQIXLSHWJSVIWXMQEXMRKXLIWIMWQMG VIUYMVIQIRXWMRGPYHMRKHIXIVQMREXMSRSJEWFYMPXMRJSVQEXMSR
TIVJSVQERGISJGSRGVIXIGSQTSRIRXWMRERI\MWXMRKFYMPHMRK PMQMXEXMSRWJSVPMRIEVERHRSRPMRIEVEREP]WMWTVSGIHYVIW
8LIKYMHIMWMRXIRHIHXSFIYWIH[MXLXLIEREP]WMWTVSGIHYVIW HIJMRMXMSR SJ JSVGI ERH HIJSVQEXMSRGSRXVSPPIH EGXMSRW
ERH 6ILEFMPMXEXMSR 3FNIGXMZIW 63W  IWXEFPMWLIH MR TVSGIHYVIWJSVGSRWXVYGXMSRUYEPMX]EWWYVERGIERHQIXLSHW
%7')7)-JSVXLI7]WXIQEXMG6ILEFMPMXEXMSR1IXLSH JSV HIXIVQMRMRK EPXIVREXMZI QSHIPMRK TEVEQIXIVW ERH
8LIQIXLSHWHIWGVMFIHETTP]XSI\MWXMRKGSRGVIXIGSQTSRIRXW EGGITXERGIGVMXIVME'LETXIVSJ%7')7)-TVSZMHIW
SJEFYMPHMRKW]WXIQVILEFMPMXEXIHGSRGVIXIGSQTSRIRXWSJE E HIXEMPIH HIWGVMTXMSR SJ EPPPMRIEV ERH RSRPMRIEV EREP]WMW
FYMPHMRKW]WXIQERHRI[GSRGVIXIGSQTSRIRXWEHHIHXSER TVSGIHYVIWVIJIVIRGIHMR%'-6'LETXIVSJ%7')7)-
I\MWXMRK FYMPHMRK W]WXIQ 4VSZMWMSRW SJ XLMW KYMHI HS RSX  TVSZMHIW KISXIGLRMGEP IRKMRIIVMRK TVSZMWMSRW JSV
ETTP]XSGSRGVIXIIRGEWIHWXIIPGSQTSWMXIGSQTSRIRXW
FYMPHMRK JSYRHEXMSRW ERH EWWIWWQIRX SJ WIMWQMGKISPSKMG
'LETXIV  VIGSQQIRHW HEXE GSPPIGXMSR TVSGIHYVIW JSV WMXI LE^EVHW 6IJIVIRGIW XS XLIWI GLETXIVW GER FI JSYRH
SFXEMRMRK QEXIVMEP TVSTIVXMIW ERH TIVJSVQMRK GSRHMXMSR
XLVSYKLSYXXLIKYMHI8LMWKYMHITVSZMHIWWLSVXHIWGVMTXMSRW
EWWIWWQIRXW 'LETXIVTVSZMHIWKIRIVEPEREP]WMWERHHIWMKR
SJ TSXIRXMEP WIMWQMG VILEFMPMXEXMSR QIEWYVIW JSV IEGL
VIUYMVIQIRXWJSVGSRGVIXIGSQTSRIRXW 'LETXIVTVSZMHIW
GSRGVIXIFYMPHMRKW]WXIQ8LIHIWMKRTVSJIWWMSREPLS[IZIV
QSHIPMRK TVSGIHYVIW GSQTSRIRX WXVIRKXLW EGGITXERGI
GVMXIVME ERH VILEFMPMXEXMSR QIEWYVIW JSV GEWXMRTPEGI MW VIJIVVIH XS XLI *)1% VITSVX *)1%  JSV HIXEMPIH
GSRGVIXIQSQIRXJVEQIW MRJSVQEXMSRSRWIMWQMGVILEFMPMXEXMSRQIEWYVIWJSVGSRGVIXI
FYMPHMRKW6ITEMVXIGLRMUYIWJSVIEVXLUYEOIHEQEKIHGSRGVIXI
'{7GSTI GSQTSRIRXW EVI RSX MRGPYHIH MR %'- 6 8LI HIWMKR
8LMWKYMHILEWFIIRHIZIPSTIHXSTVSZMHIEHSGYQIRXXLEX TVSJIWWMSREP MW VIJIVVIH XS *)1%  *)1%  ERH
GER FI IEWMP] YTHEXIH XS VIJPIGX VIWYPXW JVSQ SRKSMRK *)1%  JSV MRJSVQEXMSR SR IZEPYEXMSR ERH VITEMV SJ
VIWIEVGL SR XLI WIMWQMG TIVJSVQERGI SJ I\MWXMRK GSRGVIXI HEQEKIHGSRGVIXI[EPPGSQTSRIRXW
FYMPHMRKW%'-6GPSWIP]JSPPS[WXLIJSVQEXSJ'LETXIV 'SRGVIXIIRGEWIH WXIIP GSQTSWMXI GSQTSRIRXW JVIUYIRXP]
w'SRGVIXIx SJ %7')7)-  XS QEOI MXVIEHMP] EGGIW FILEZIEWSZIVVIMRJSVGIHWIGXMSRW8LMWX]TISJGSQTSRIRX
WMFPI XS IRKMRIIVW ERH XS JEGMPMXEXI YTHEXIW %PXLSYKL XLI FILEZMSV [EW RSX VITVIWIRXIH MR XLI HEXE WIXW YWIH XS
GSRXIRXMRXLMWZIVWMSRMWWMQMPEVXS'LETXIVSJ%7')7)- HIZIPSTXLIJSVGIHIJSVQEXMSRQSHIPMRKVIPEXMSRWLMTWERH
 XLMW [MPP GLERKI [MXL XMQIP] YTHEXIW WTIGMJMG XS EGGITXERGIGVMXIVMEMRXLMWKYMHI'SRGVIXIIRGEWIQIRXMW
SRKSMRK VIWIEVGL 8LI MRXIRX MW XS TVSZMHI E GSRXMRYSYWP] SJXIRTVSZMHIHJSVJMVITVSXIGXMSRVEXLIVXLERJSVWXVIRKXL
YTHEXIH VIWSYVGI HSGYQIRX JSV JYXYVI QSHMJMGEXMSRW XS SVWXMJJRIWWERHX]TMGEPP]PEGOWXVERWZIVWIVIMRJSVGIQIRX
'LETXIVSJ%7')7)-WMQMPEVXSLS[XLI2EXMSREP -RWSQIGEWIWXLIXVERWZIVWIVIMRJSVGIQIRXHSIWRSXQIIX
)EVXLUYEOI ,E^EVHW 6IHYGXMSR 4VSKVEQ 2),64
HIXEMPMRKVIUYMVIQIRXWMRXLI%QIVMGER2EXMSREP7XERHEVHW
6IGSQQIRHIH4VSZMWMSRWTVSHYGIHF]XLI*IHIVEP)QIV
-RWXMXYXI %27- %QIVMGER -RWXMXYXI SJ 7XIIP 'SRWXVYGXMSR
KIRG] 1EREKIQIRX %KIRG] *)1%  *)1%   LEZI
WIVZIHEWWSYVGIHSGYQIRXWJSVXLI-RXIVREXMSREP&YMPHMRK %-7' 'SHI %27-%-7' 0EGOSJEHIUYEXIGSRJMRIQIRX
'SHI -&' ERHMXWTVIHIGIWWSVFYMPHMRKGSHIW QE]VIWYPXMRI\TERWMSRSJXLIGSVIGSRGVIXI[LMGLI\EGIVFEXI
FSRHWPMTERHGSRWIUYIRXP]YRHIVQMRIWXLIJYRHEQIRXEP
8LIKSEPSJHIZIPSTMRKEKYMHIVEXLIVXLEREWXERHEVHMW
XSJSGYWXLIYTHEXMRKIJJSVXSRMQTVSZMRKXIGLRMGEPGSRXIRX TVMRGMTPIXLEXTPERIWIGXMSRWVIQEMRTPERI
SZIV HIZIPSTQIRX SJ GSHMJMIH PERKYEKI 2I[ VIWIEVGL 8IWXMRK ERH EREP]WMW YWIH XS HIXIVQMRI EGGITXERGI
VIWYPXWVIZMI[IHF]XLIGSQQMXXIIGERRS[FIMQTPIQIRXIH GVMXIVME JSV GSRGVIXIIRGEWIH WXIIP GSQTSWMXI GSQTSRIRXW
QSVI UYMGOP] EGGIPIVEXMRK GSQQYRMGEXMSR FIX[IIR WLSYPH MRGPYHI XLI IJJIGX SJ FSRH WPMT FIX[IIR WXIIP ERH
VIWIEVGLIVW ERH IRKMRIIVW [LMPI TVSZMHMRK HIWMKR TVSJIW GSRGVIXI GSRJMRIQIRX VEXMS GSRJMRIQIRX VIMRJSVGIQIRX
WMSREPW [MXL XLI PEXIWX VIGSQQIRHEXMSRW JSV XLI WIMWQMG HIXEMPMRKOMRIQEXMGWERHETTVSTVMEXIWXVEMRPMQMXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

',%48)6{1%8)6-%04634)68-)7 HMETLVEKQWERHWLIEV[EPPWQE]FITEVXMGYPEVP]HMJJMGYPXXS
%2('32(-8-32%77)771)28 EWWIWWHYIXSGSRGVIXIGSZIVERHSXLIVFEVVMIVWXSMRWTIGXMSR
{+IRIVEP 4VSTIVXMIW SJ [IPHIH [MVI VIMRJSVGIQIRX JSV ZEVMSYW
1IGLERMGEPTVSTIVXMIWSJQEXIVMEPWWLSYPHFISFXEMRIHJVSQ TIVMSHW SJ GSRWXVYGXMSR GER FI SFXEMRIH JVSQ XLI ;MVI
EZEMPEFPI HVE[MRKW WTIGMJMGEXMSRW ERH SXLIV HSGYQIRXW JSV 6IMRJSVGIQIRX-RWXMXYXI ;6- 
XLII\MWXMRKFYMPHMRK;LIVIXLIWIHSGYQIRXWJEMPXSTVSZMHI (SGYQIRXEXMSRSJXLIQEXIVMEPTVSTIVXMIWERHKVEHIWYWIH
EHIUYEXI MRJSVQEXMSR XS UYERXMJ] QEXIVMEP TVSTIVXMIW WYGL MRGSQTSRIRXERHGSRRIGXMSRGSRWXVYGXMSRMWMRZEPYEFPIERH
MRJSVQEXMSR WLSYPH FI WYTTPIQIRXIH F] QEXIVMEPW XIWXMRK GER FI IJJIGXMZIP] YWIH XS VIHYGI XLI EQSYRX SJ MRTPEGI
FEWIHSRVIGSQQIRHEXMSRWSJ'LETXIV8LIGSRHMXMSRSJXLI XIWXMRKVIUYMVIH8LIHIWMKRTVSJIWWMSREPMWIRGSYVEKIHXS
GSRGVIXI GSQTSRIRXW SJ XLI WXVYGXYVI WLSYPH FI HIXIVQMRIH VIWIEVGL ERH EGUYMVI EPP EZEMPEFPI VIGSVHW JVSQ SVMKMREP
YWMRK XLI VIGSQQIRHEXMSRW SJ 'LETXIV  7IGXMSR  SJ GSRWXVYGXMSRMRGPYHMRKTLSXSKVETLWXSGSRJMVQVIMRJSVGIQIRX
%7')7)-TVSZMHIWJYVXLIVKYMHERGISRXLIEWWIWWQIRX HIXEMPWWLS[RSRXLITPERW
SJEWFYMPXMRJSVQEXMSRJSVI\MWXMRKFYMPHMRKWXVYGXYVIW (IWMKR TVSJIWWMSREPW WIIOMRK JYVXLIV KYMHERGI SR XLI
1EXIVMEP TVSTIVXMIW SJ I\MWXMRK GSRGVIXI GSQTSRIRXW GSRHMXMSREWWIWWQIRXSJI\MWXMRKGSRGVIXIFYMPHMRKWWLSYPH
WLSYPHFIHIXIVQMRIHMREGGSVHERGI[MXL7IGXMSR8LI VIJIVXS
YWI SJ HIJEYPX QEXIVMEP TVSTIVXMIW FEWIH SR LMWXSVMGEP e %'-6[LMGLTVSZMHIWKYMHERGISRGSRHYGXMRKE
MRJSVQEXMSRMWTIVQMXXIHMREGGSVHERGI[MXL 7IGXMSR GSRHMXMSRWYVZI]SJI\MWXMRKGSRGVIXIWXVYGXYVIW
'SRHMXMSREWWIWWQIRXTVSGIHYVIWEVIHIWGVMFIHMR7IGXMSR e %'- 6 [LMGL HIWGVMFIW XLI KIRIVEP TVSGIHYVIW
(IJMRMXMSRSJEORS[PIHKIJEGXSVFEWIHSR[LIXLIVQEXIVMEPW YWIH JSV XLI IZEPYEXMSR SJ GSRGVIXI WXVYGXYVIW FIJSVI
XIWXMRK ERH GSRHMXMSR EWWIWWQIRX JSPPS[ XLI wYWYEPx SV VILEFMPMXEXMSRERH
wGSQTVILIRWMZIxTVSGIHYVIWHIWGVMFIHMR7IGXMSRWERH e %'-6[LMGLHIWGVMFIWQIXLSHWJSVWXVIRKXLIZEPYE
MWTVIWIRXIHMR7IGXMSR XMSRSJI\MWXMRKGSRGVIXIFYMPHMRKWMRGPYHMRKEREP]XMGEP
ERHPSEHXIWXQIXLSHW
'{+IRIVEP
'LETXIV  MHIRXMJMIW TVSTIVXMIW VIUYMVMRK GSRWMHIVEXMSR {4VSTIVXMIWSJMRTPEGIQEXIVMEPWERH
ERHTVSZMHIWKYMHIPMRIWJSVHIXIVQMRMRKFYMPHMRKTVSTIVXMIW GSQTSRIRXW
%PWSHIWGVMFIHMWXLIRIIHJSVEXLSVSYKLGSRHMXMSREWWIWWQIRX  1EXIVMEPTVSTIVXMIW
ERHYXMPM^EXMSRSJORS[PIHKIKEMRIHMREREP]^MRKGSQTSRIRX  +IRIVEP{8LIJSPPS[MRKGSQTSRIRXERHGSRRIGXMSR
ERHW]WXIQFILEZMSV4IVWSRRIPMRZSPZIHMRQEXIVMEPTVSTIVX] QEXIVMEPTVSTIVXMIWWLSYPHFISFXEMRIHJSVXLIEWFYMPXWXVYGXYVI
UYERXMJMGEXMSRERHGSRHMXMSREWWIWWQIRXWLSYPHFII\TIVMIRGIH  'SRGVIXIGSQTVIWWMZIWXVIRKXLERH
MR XLI TVSTIV MQTPIQIRXEXMSR SJ XIWXMRK TVEGXMGIW ERH XLI  =MIPH ERH YPXMQEXI WXVIRKXL SJ GSRZIRXMSREP ERH TVI
MRXIVTVIXEXMSRSJVIWYPXW WXVIWWMRKVIMRJSVGMRKWXIIPERHQIXEPGSRRIGXMSRLEVH[EVI
8LI JSVQ ERH JYRGXMSR SJ GSRGVIXI FYMPHMRKW GSRGVIXI ;LIVI QEXIVMEPW XIWXMRK MW VIUYMVIH F] 7IGXMSR  SJ
WXVIRKXL ERH UYEPMX] VIMRJSVGMRK WXIIP WXVIRKXL UYEPMX] ERH %7')7)-XLIXIWXQIXLSHWXSUYERXMJ]QEXIVMEPTVSTIV
HIXEMPMRK JSVQMRK XIGLRMUYIW ERH GSRGVIXI TPEGIQIRX XMIWWLSYPHGSQTP][MXLXLIVIUYMVIQIRXWSJ7IGXMSRSJ
XIGLRMUYIWLEZIGLERKIHSZIVXLITEWXGIRXYV]8LIWIJEGXSVW %'- 6 8LI JVIUYIRG] SJ WEQTPMRK MRGPYHMRK XLI
ERHGLERKIWEWEVIWYPXSJHIXIVMSVEXMSRERHTVMSVPSEHMRK QMRMQYQRYQFIVSJXIWXWJSVTVSTIVX]HIXIVQMREXMSRWLSYPH
LMWXSV]LEZIEWMKRMJMGERXMQTEGXSRXLIWIMWQMGVIWMWXERGISJ GSQTP][MXLXLIVIUYMVIQIRXWSJ7IGXMSR
E GSRGVIXI FYMPHMRK -RRSZEXMSRW WYGL EW TVIWXVIWWIH ERH ' +IRIVEP{3XLIV QEXIVMEP TVSTIVXMIW ERH
TVIGEWXGSRGVIXITSWXXIRWMSRMRKERHPMJXWPEFGSRWXVYGXMSR GSRHMXMSRWSJMRXIVIWXJSVGSRGVIXIGSQTSRIRXWMRGPYHI
LEZIGVIEXIHEHMZIVWIMRZIRXSV]SJI\MWXMRKGSRGVIXIWXVYGXYVIW  8IRWMPIWXVIRKXLERHQSHYPYWSJIPEWXMGMX]SJGSRGVIXI
;LIR QSHIPMRK E GSRGVIXI FYMPHMRK MX MW MQTSVXERX XS  (YGXMPMX]XSYKLRIWWERHJEXMKYITVSTIVXMIWSJGSRGVIXI
MRZIWXMKEXIPSGEPTVEGXMGIWVIPEXMZIXSWIMWQMGHIWMKR7TIGMJMG  'EVFSRIUYMZEPIRXTVIWIRXMRXLIVIMRJSVGMRKWXIIPERH
FIRGLQEVO]IEVWGERFIHIXIVQMRIHJSVXLIMQTPIQIRXEXMSR  4VIWIRGISJER]HIKVEHEXMSRWYGLEWGSVVSWMSRSVHIXIVM
SJIEVXLUYEOIVIWMWXERXHIWMKRMRQSWXPSGEXMSRWFYXGEYXMSR SVEXMSRSJFSRHFIX[IIRGSRGVIXIERHVIMRJSVGIQIRX
WLSYPH FI I\IVGMWIH MR EWWYQMRK STXMQMWXMG GLEVEGXIVMWXMGW 8LI I\XIRX SJ IJJSVX QEHI XS HIXIVQMRI XLIWI TVSTIVXMIW
JSVER]WTIGMJMGFYMPHMRK4EVXMGYPEVP][MXLGSRGVIXIQEXIVMEPW HITIRHWSREZEMPEFMPMX]SJEGGYVEXIYTHEXIHGSRWXVYGXMSRHSGY
XLI HEXI SJ SVMKMREP FYMPHMRK GSRWXVYGXMSR WMKRMJMGERXP] QIRXW ERH HVE[MRKW GSRWXVYGXMSR UYEPMX] ERH X]TI EGGIWWM
MRJPYIRGIWWIMWQMGTIVJSVQERGI;MXLSYXHIPIXIVMSYWGSRHMXMSRW FMPMX]ERHQEXIVMEPGSRHMXMSRW8LIEREP]WMWQIXLSHWIPIGXIH{
SVQEXIVMEPWGSRGVIXIKEMRWGSQTVIWWMZIWXVIRKXLJVSQXLI JSVI\EQTPIPMRIEVWXEXMGTVSGIHYVI 074 SVRSRPMRIEVWXEXMG
XMQI MX MW SVMKMREPP] GEWX ERH MRTPEGI 7XVIRKXLW X]TMGEPP] TVSGIHYVI 274 {QMKLX EPWS MRJPYIRGI XLI XIWXMRK WGSTI
I\GIIH WTIGMJMIH HIWMKR ZEPYIW HE] SV WMQMPEV  )EVP] 'SRGVIXIXIRWMPI WXVIRKXLERHQSHYPYWSJIPEWXMGMX]GERFI
YWIW SJ GSRGVIXI HMH RSX WTIGMJ] HIWMKR WXVIRKXL ERH PS[ IWXMQEXIH FEWIH SR XLI GSQTVIWWMZI WXVIRKXL ERH QE] RSX
WXVIRKXL GSRGVIXI [EW GSQQSR )EVP] YWI SJ GSRGVIXI MR [EVVERXXLIHEQEKIEWWSGMEXIH[MXLER]I\XVEGSVMRKVIUYMVIH
FYMPHMRKW SJXIR IQTPS]IH VIMRJSVGMRK WXIIP [MXL VIPEXMZIP] 8LI WEQTPI WM^I ERH VIQSZEP TVEGXMGIW JSPPS[IH EVI
PS[ WXVIRKXL ERH HYGXMPMX] PMQMXIH GSRXMRYMX] ERH VIHYGIH VIJIVIRGIHMR*)1%7IGXMSRW'ERH'
FSRH HIZIPSTQIRX 'SRXMRYMX] FIX[IIR WTIGMJMG I\MWXMRK %'-6TVSZMHIWKYMHERGISRQIXLSHWXSIWXMQEXIXLI
GSQTSRIRXW ERH IPIQIRXW WYGL EW FIEQW GSPYQRW MRTPEGIWXVIRKXLSJGSRGVIXIMRI\MWXMRKWXVYGXYVIW[LIVIEW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

%'-6TVSZMHIWKYMHERGISRGSVMRKMRI\MWXMRKWXVYGXYVIW 8EFPI{*EGXSVWXSXVERWPEXIPS[IVFSYRH
ERHMRXIVTVIXEXMSRSJGSVIGSQTVIWWMZIWXVIRKXLXIWXVIWYPXW QEXIVMEPTVSTIVXMIWXSI\TIGXIHWXVIRKXLQEXIVMEP
+IRIVEPP] QIGLERMGEP TVSTIVXMIW JSV FSXL GSRGVIXIERH TVSTIVXMIW
VIMRJSVGMRKWXIIPGERFIIWXEFPMWLIHJVSQGSQFMRIHGSVIERH 1EXIVMEPTVSTIVX] *EGXSV
WTIGMQIRWEQTPMRKEXWMQMPEVPSGEXMSRWJSPPS[IHF]PEFSVEXSV] 'SRGVIXIGSQTVIWWMZIWXVIRKXL 
XIWXMRK'SVIHVMPPMRKWLSYPHQMRMQM^IHEQEKIXSXLII\MWXMRK 6IMRJSVGMRKWXIIPXIRWMPIERH]MIPHWXVIRKXL 
VIMRJSVGMRKWXIIP 'SRRIGXSVWXIIP]MIPHWXVIRKXL 
 2SQMREPSVWTIGMJMIHTVSTIVXMIW{2SQMREPQEXIVMEP
TVSTIVXMIWSVTVSTIVXMIWWTIGMJMIHMRGSRWXVYGXMSRHSGYQIRXW  7EQTPMRK{*SV GSRGVIXI QEXIVMEP XIWXMRK XLI
WLSYPH FI XEOIR EW PS[IVFSYRH QEXIVMEP TVSTIVXMIW WEQTPMRK TVSKVEQ WLSYPH MRGPYHI XLI VIQSZEP SJ WXERHEVH
'SVVIWTSRHMRKI\TIGXIHQEXIVMEPTVSTIVXMIWGERFIGEPGYPEXIH GSVIW 'SVI HVMPPMRK WLSYPH FI TVIGIHIH F] RSRHIWXVYGXMZI
F]QYPXMTP]MRKPS[IVFSYRHZEPYIWF]EJEGXSVXEOIR JVSQ PSGEXMSRSJ XLI VIMRJSVGMRK WXIIP ERHGSVI LSPIWWLSYPH FI
8EFPIXSXVERWPEXIJVSQPS[IVFSYRHXSI\TIGXIHZEPYIW PSGEXIHXSEZSMHHEQEKIXSSVHVMPPMRKXLVSYKLXLIVIMRJSVGMRK
%PXIVREXMZIJEGXSVWQE]FIYWIH[LIVINYWXMJMIHF]XIWXHEXE WXIIP 'SVI LSPIW WLSYPH FI JMPPIH [MXL GSRGVIXI SV KVSYX SJ
 'SQTSRIRX TVSTIVXMIW{8LI JSPPS[MRK GSQTSRIRX GSQTEVEFPIWXVIRKXL-JGSRZIRXMSREPVIMRJSVGMRKWXIIPMWXIWXIH
TVSTIVXMIWERHEWFYMPXGSRHMXMSRWWLSYPHFIIWXEFPMWLIH WEQTPMRK WLSYPH MRGPYHI VIQSZEP SJ PSGEP FEV WIKQIRXW ERH
 'VSWWWIGXMSREP HMQIRWMSRW SJ MRHMZMHYEP GSQTSRIRXW MRWXEPPEXMSR SJ VITPEGIQIRX WTPMGIH QEXIVMEP XS QEMRXEMR
ERHSZIVEPPGSRJMKYVEXMSRSJXLIWXVYGXYVI GSRXMRYMX]SJXLIVIMRJSVGMRKFEVJSVXVERWJIVSJFEVJSVGI
 'SRJMKYVEXMSR SJ GSQTSRIRX GSRRIGXMSRW WM^I SJ 6IQSZEPSJGSVIWEQTPIWERHTIVJSVQERGISJPEFSVEXSV]
ERGLSV FSPXW XLMGORIWW SJ GSRRIGXSV QEXIVMEP HIWXVYGXMZI XIWXMRK GER FI YWIH XS HIXIVQMRI I\MWXMRK
ERGLSVEKIERHMRXIVGSRRIGXMSRSJIQFIHQIRXWERHXLI GSRGVIXI WXVIRKXL TVSTIVXMIW 6IQSZEP SJ GSVI WEQTPIW
TVIWIRGISJFVEGMRKSVWXMJJIRMRKGSQTSRIRXW WLSYPH IQTPS] XLI TVSGIHYVIW MRGPYHIH MR %781
 1SHMJMGEXMSRWXSGSQTSRIRXWSVSZIVEPPGSRJMKYVEXMSR ''18IWXMRKWLSYPHJSPPS[XLITVSGIHYVIWGSRXEMRIH
SJXLIWXVYGXYVI MR %781 ''1 %781 ''1 ERH %781
 1SWX VIGIRX TL]WMGEP GSRHMXMSR SJ GSQTSRIRXW ERH ''1'SVIWXVIRKXLWLSYPHFIGSRZIVXIHXSMRTPEGI
GSRRIGXMSRWERHXLII\XIRXSJER]HIXIVMSVEXMSR GSRGVIXI GSQTVIWWMZI WXVIRKXL F] ER ETTVSZIH TVSGIHYVI
 (IJSVQEXMSRW FI]SRH XLSWI I\TIGXIH HYI XS KVEZMX] WYGLEWXLEXMRGPYHIHMR%'-6
PSEHWWYGLEWXLSWIGEYWIHF]WIXXPIQIRXSVTEWXIEVXL 6IQSZEPSJFEVSVXIRHSRPIRKXLWEQTPIWERHTIVJSVQERGI
UYEOIIZIRXWERH SJ PEFSVEXSV] HIWXVYGXMZI XIWXMRK GER FI YWIH XS HIXIVQMRI
 4VIWIRGI SJ SXLIV GSRHMXMSRW XLEX MRJPYIRGI FYMPHMRK I\MWXMRK VIMRJSVGMRK WXIIP WXVIRKXL TVSTIVXMIW 8LI XIRWMPI
TIVJSVQERGI WYGL EW RSRWXVYGXYVEP GSQTSRIRXW XLEX ]MIPHERHYPXMQEXIWXVIRKXLWJSVVIMRJSVGMRKERHTVIWXVIWWMRK
QE]MRXIVJIVI[MXLWXVYGXYVEPGSQTSRIRXWHYVMRKIEVXL WXIIPW WLSYPH JSPPS[ XLI TVSGIHYVIW MRGPYHIH MR %781
UYEOII\GMXEXMSR %4VIWXVIWWMRKQEXIVMEPWWLSYPHQIIXXLIWYTTPIQIRXEP
' 'SQTSRIRX TVSTIVXMIW{'SQTSRIRX TVSTIVXMIW VIUYMVIQIRXWMR%781%%1 %781%%1
QE]FIVIUYMVIHXSTVSTIVP]GLEVEGXIVM^IFYMPHMRKTIVJSVQERGI SV %781 %%1 HITIRHMRK SR QEXIVMEP X]TI
MRWIMWQMGEREP]WMW8LIWXEVXMRKTSMRXJSVEWWIWWMRKGSQTSRIRX 4VSTIVXMIWSJGSRRIGXSVWXIIPWGERFIHIXIVQMRIHF][IXERH
TVSTIVXMIWERHGSRHMXMSRMWVIXVMIZEPSJEZEMPEFPIGSRWXVYGXMSR HV] GLIQMGEP GSQTSWMXMSR XIWXW ERH HMVIGX XIRWMPI ERH
HSGYQIRXW % TVIPMQMREV] VIZMI[ WLSYPH MHIRXMJ] TVMQEV] GSQTVIWWMZI WXVIRKXL XIWXW EW WTIGMJMIH F] %781 %
KVEZMX] ERH PEXIVEPJSVGIVIWMWXMRK IPIQIRXW ERH W]WXIQW ;LIVI WXVIRKXLW SJ IQFIHHIH GSRRIGXSVW EVIVIUYMVIH MR
ERHXLIMVGVMXMGEPGSQTSRIRXWERHGSRRIGXMSRW-JXLIVIEVIRS TPEGIXIWXMRKWLSYPHWEXMWJ]XLITVSZMWMSRWSJ%781)
HVE[MRKW SJ XLI FYMPHMRK XLI HIWMKR TVSJIWWMSREP WLSYPH ' 7EQTPMRK{%'- 6 ERH *)1% 
TIVJSVQ E XLSVSYKL MRZIWXMKEXMSR SJ XLI FYMPHMRK XS MHIRXMJ] TVSZMHI JYVXLIV KYMHERGI SR GSVVIPEXMRK GSRGVIXI GSVI
XLIWIIPIQIRXWW]WXIQWERHGSQTSRIRXW 7IGXMSR  WXVIRKXLXSMRTPEGIWXVIRKXLERHTVSZMHIVIJIVIRGIWJSVZEVMSYW
 8IWXQIXLSHWXSUYERXMJ]QEXIVMEPTVSTIVXMIW XIWXQIXLSHWXLEXGERFIYWIHXSIWXMQEXIQEXIVMEPTVSTIVXMIW
 +IRIVEP{(IWXVYGXMZI ERH RSRHIWXVYGXMZI XIWX 'LIQMGEP GSQTSWMXMSR QE] FI HIXIVQMRIH JVSQ VIXVMIZIH
QIXLSHW YWIH XS SFXEMR MRTPEGI QIGLERMGEP TVSTIVXMIW SJ WEQTPIW XS EWWIWW XLI GSRHMXMSR SJ XLI GSRGVIXI *)1% 
QEXIVMEPWMHIRXMJMIHMR7IGXMSRERHGSQTSRIRXTVSTIVXMIW 7IGXMSR' TVSZMHIWVIJIVIRGIWJSVXLIWIXIWXW
MHIRXMJMIHMR7IGXMSREVIHIWGVMFIHMR7IGXMSR 8LIVIMRJSVGMRKWXIIPW]WXIQYWIHMRXLIGSRWXVYGXMSRSJE
7EQTPIW SJ GSRGVIXI ERH VIMRJSVGMRK ERH GSRRIGXSV WXIIP WTIGMJMGFYMPHMRKMWYWYEPP]EGSQQSRKVEHIERHWXVIRKXL
WLSYPHFII\EQMRIHJSVTL]WMGEPGSRHMXMSREWHIWGVMFIHMR 3RIKVEHISJVIMRJSVGIQIRXMWSGGEWMSREPP]YWIHJSVWQEPP
7IGXMSR HMEQIXIVFEVWPMOIXLSWIYWIHJSVWXMVVYTWERHLSSTWERH
;LIR HIXIVQMRMRK QEXIVMEP TVSTIVXMIW [MXL XLI VIQSZEP ERSXLIV KVEHIJSVPEVKIHMEQIXIV FEVWPMOIXLSWIYWIHJSV
ERH XIWXMRK SJ WEQTPIW JSV PEFSVEXSV] EREP]WMW WEQTPMRK PSRKMXYHMREPVIMRJSVGIQIRX-RWSQIGEWIWHMJJIVIRXGSRGVIXI
WLSYPH XEOI TPEGI MR TVMQEV] KVEZMX] ERH PEXIVEPJSVGI HIWMKRWXVIRKXLWSVGPEWWIWEVIYWIH,MWXSVMGEPVIWIEVGLERH
VIWMWXMRKGSQTSRIRXWMRVIKMSRW[MXLXLIPIEWXWXVIWW MRHYWXV]HSGYQIRXWGSRXEMRMRWMKLXSRQEXIVMEPQIGLERMGEP
;LIVI 7IGXMSRHSIWRSXETTP]ERHXLIGSIJJMGMIRXSJ TVSTIVXMIWYWIHMRHMJJIVIRXGSRWXVYGXMSRIVEW 7IGXMSR 
ZEVMEXMSR MW KVIEXIVXLER  XLII\TIGXIH GSRGVIXI WXVIRKXL 8LMWMRJSVQEXMSRGERFIYWIH[MXLPEFSVEXSV]ERHJMIPHXIWX
WLSYPHRSXI\GIIHXLIQIERPIWWSRIWXERHEVHHIZMEXMSR HEXEXSKEMRGSRJMHIRGIMRMRTPEGIWXVIRKXLTVSTIVXMIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

 1MRMQYQRYQFIVSJXIWXW{1EXIVMEPWXIWXMRKQE]RSX GSIJJMGMIRX SJ ZEVMEXMSR MW IUYEP XS SV PIWW XLER   8LI
FIRIGIWWEV]MJQEXIVMEPTVSTIVXMIWEVIEZEMPEFPIJVSQSVMKMREP RYQFIVSJXIWXWMREWMRKPIGSQTSRIRXWLSYPHFIPMQMXIHWS
GSRWXVYGXMSR HSGYQIRXW XLEX MRGPYHI QEXIVMEP XIWX VIGSVHW SV EWRSXXSGSQTVSQMWIXLIMRXIKVMX]SJXLIGSQTSRIRX
VITSVXW1EXIVMEPXIWXVIGSVHWSVVITSVXWWLSYPHFIVITVIWIRXEXMZI  'SRGVIXI QEXIVMEPW{*SV IEGL GSRGVIXI
SJEPPGVMXMGEPGSQTSRIRXWSJXLIFYMPHMRKWXVYGXYVI IPIQIRX X]TI E QMRMQYQ SJ XLVII GSVI WEQTPIW WLSYPH FI
&EWIHSR'LETXIVSJ%7')7)-HEXEGSPPIGXMSR XEOIRERHWYFNIGXIHXSGSQTVIWWMSRXIWXW%QMRMQYQSJWM\
JVSQQEXIVMEPXIWXWMWGPEWWMJMIHEWIMXLIVGSQTVILIRWMZISV XSXEP XIWXW WLSYPH FI TIVJSVQIH SR E FYMPHMRK JSV GSRGVIXI
YWYEP VIJIVXS(IJMRMXMSRW7IGXMSR 8LIQMRMQYQRYQFIV WXVIRKXL HIXIVQMREXMSR WYFNIGX XS XLI PMQMXEXMSRW SJ XLMW
SJXIWXWJSVYWYEPHEXEGSPPIGXMSRMWTVSZMHIHMR7IGXMSR WIGXMSR-JZEV]MRKGSRGVIXIGPEWWIWKVEHIW[IVIIQTPS]IHMR
8LIQMRMQYQRYQFIVSJXIWXWRIGIWWEV]XSUYERXMJ]TVSTIVXMIW XLIFYMPHMRKGSRWXVYGXMSREQMRMQYQSJXLVIIWEQTPIWERH
F] MRTPEGI XIWXMRK JSV GSQTVILIRWMZI HEXE GSPPIGXMSR MW XIWXWWLSYPHFITIVJSVQIHJSVIEGLGPEWW8LIQSHYPYWSJ
TVSZMHIH MR 7IGXMSR-J XLI I\MWXMRK KVEZMX] SV PEXIVEP IPEWXMGMX] ERH XIRWMPI WXVIRKXL GER FI IWXMQEXIH JVSQ XLI
JSVGIVIWMWXMRK W]WXIQ MW VITPEGIH HYVMRK XLI VILEFMPMXEXMSR GSQTVIWWMZI WXVIRKXL XIWXMRK HEXE 7EQTPIW WLSYPH FI XEOIR
TVSGIWWQEXIVMEPXIWXMRKMWSRP]RIIHIHXSUYERXMJ]TVSTIVXMIWSJ JVSQGSQTSRIRXWHMWXVMFYXIHXLVSYKLSYXXLIFYMPHMRKXLEXEVI
I\MWXMRKQEXIVMEPWEXRI[GSRRIGXMSRTSMRXW GVMXMGEPXSXLIWXVYGXYVEPFILEZMSVSJXLIFYMPHMRK
' 1MRMQYQ RYQFIV SJ XIWXW{8S UYERXMJ] MRTPEGI 8IWXWWLSYPHFITIVJSVQIHSRWEQTPIWJVSQGSQTSRIRXW
TVSTIVXMIWEGGYVEXIP]MXMWIWWIRXMEPXLEXEQMRMQYQRYQFIVSJ XLEXEVIMHIRXMJMIHEWHEQEKIHSVHIKVEHIHXSUYERXMJ]XLIMV
XIWXWFIGSRHYGXIHSRTVMQEV]GSQTSRIRXWSJXLIPEXIVEPJSVGI GSRHMXMSR8IWXVIWYPXWJVSQEVIEWSJHIKVEHEXMSRWLSYPHFI
VIWMWXMRKW]WXIQ8LIQMRMQYQRYQFIVSJXIWXWMWHMGXEXIHF] GSQTEVIH[MXLWXVIRKXLZEPYIWWTIGMJMIHMRXLIGSRWXVYGXMSR
XLIEZEMPEFMPMX]SJSVMKMREPGSRWXVYGXMSRHEXEWXVYGXYVEPW]WXIQ HSGYQIRXW-JXIWXZEPYIWPIWWXLERXLIWTIGMJMIHWXVIRKXLMR
X]TIYWIHHIWMVIHEGGYVEG]UYEPMX]ERHGSRHMXMSRSJMRTPEGI XLI GSRWXVYGXMSR HSGYQIRXW EVI JSYRH JYVXLIV WXVIRKXL
QEXIVMEPW PIZIP SJ WIMWQMGMX] ERH XEVKIX TIVJSVQERGI PIZIP XIWXMRKWLSYPHFITIVJSVQIHXSHIXIVQMRIXLIGEYWISVMHIRXMJ]
%GGIWWMFMPMX]XSXLIWXVYGXYVEPW]WXIQQE]MRJPYIRGIXLIXIWXMRK XLIHIKVIISJHEQEKISVHIKVEHEXMSR
TVSKVEQ WGSTI 8LI JSGYW SJ XIWXMRK WLSYPH FI SR TVMQEV] 8LIQMRMQYQRYQFIVSJXIWXWXSHIXIVQMRIGSQTVIWWMZI
PEXIVEPJSVGIVIWMWXMRKGSQTSRIRXWERHWTIGMJMGTVSTIVXMIWJSV WXVIRKXLWLSYPHGSRJSVQXSXLIJSPPS[MRKGVMXIVME
EREP]WMW8IWXUYERXMXMIWTVSZMHIHMRXLMWWIGXMSREVIQMRMQEP  *SV GSRGVIXIIPIQIRXW JSV [LMGL XLIWTIGMJMIHHIWMKR
XLI HIWMKR TVSJIWWMSREP WLSYPH HIXIVQMRI [LIXLIV JYVXLIV WXVIRKXLMWORS[RERHXIWXVIWYPXWEVIRSXEZEMPEFPIE
XIWXMRKMWRIIHIHXSIZEPYEXIEWFYMPXGSRHMXMSRW QMRMQYQSJXLVIIGSVIWXIWXWWLSYPHFIGSRHYGXIHJSV
8IWXMRK MW KIRIVEPP] RSX VIUYMVIH SR GSQTSRIRXW SXLIV IEGL JPSSV PIZIP  ]H  Q  SJ GSRGVIXI SV
XLERXLSWISJXLIPEXIVEPJSVGIVIWMWXMRKW]WXIQ JX Q SJWYVJEGIEVIE[LMGLIZIVVIUYMVIW
8LIHIWMKRTVSJIWWMSREPERHWYFGSRXVEGXIHXIWXMRKEKIRG] XLIQSWXJVIUYIRXXIWXMRKSV
WLSYPHGEVIJYPP]I\EQMRIXIWXVIWYPXWXSZIVMJ]WYMXEFPIWEQTPMRK  *SVGSRGVIXIIPIQIRXWJSV[LMGLXLIHIWMKRWXVIRKXLMW
ERH XIWXMRK TVSGIHYVIW [IVI JSPPS[IH ERH ETTVSTVMEXI YRORS[RERHXIWXVIWYPXWEVIRSXEZEMPEFPIEQMRMQYQ
ZEPYIWJSVXLIEREP]WMW[IVIWIPIGXIHJVSQXLIHEXE SJ WM\ GSVIWXIWXW WLSYPH FI GSRHYGXIH JSV IEGL JPSSV
9WYEPHEXEGSPPIGXMSR{8LIQMRMQYQRYQFIVSJ PIZIP]H Q SJGSRGVIXISVJX Q
XIWXW XS HIXIVQMRI GSRGVIXI ERH VIMRJSVGMRK WXIIP QEXIVMEP SJWYVJEGIEVIE[LMGLIZIVVIUYMVIWXLIQSWXJVIUYIRX
TVSTIVXMIWJSVYWYEPHEXEGSPPIGXMSRWLSYPHFIFEWIHSRXLI XIWXMRK;LIVIXLIVIWYPXWMRHMGEXIXLEXHMJJIVIRXGPEWWIW
JSPPS[MRKGVMXIVME SJGSRGVIXI[IVIIQTPS]IHXLIHIKVIISJXIWXMRKWLSYPH
 -J XLI WTIGMJMIH HIWMKR WXVIRKXL SJ XLI GSRGVIXI MW FIMRGVIEWIHXSGSRJMVQGPEWWYWI
ORS[REXPIEWXSRIGSVIWLSYPHFIXEOIRJVSQWEQTPIW 5YERXMJMGEXMSRSJGSRGVIXIWXVIRKXLZMEYPXVEWSRMGWSVSXLIV
SJIEGLHMJJIVIRXGSRGVIXIWXVIRKXLYWIHMRXLIGSRWXVYGXMSR RSRHIWXVYGXMZI XIWX QIXLSHW WLSYPH RSX FI WYFWXMXYXIH JSV
SJXLIFYMPHMRK[MXLEQMRMQYQSJXLVIIGSVIWXEOIRJSV GSVIWEQTPMRKERHPEFSVEXSV]XIWXMRK
XLIIRXMVIFYMPHMRK ' 'SRGVIXIQEXIVMEPW{%'- 6 TVSZMHIW
 -JXLI WTIGMJMIH HIWMKR WXVIRKXL SJXLIGSRGVIXIMWRSX KYMHERGISRGSVMRKMRI\MWXMRKWXVYGXYVIWERHMRXIVTVIXEXMSR
ORS[REXPIEWXSRIGSVIWLSYPHFIXEOIRJVSQIEGLX]TI SJGSVIGSQTVIWWMZIWXVIRKXLXIWXVIWYPXW
SJPEXIVEPJSVGIVIWMWXMRKGSQTSRIRX[MXLEQMRMQYQ 9PXVEWSRMGWERHRSRHIWXVYGXMZIXIWXQIXLSHWWLSYPHRSXFI
SJWM\GSVIWXEOIRJSVXLIIRXMVIFYMPHMRK WYFWXMXYXIHJSVGSVIWEQTPMRKERHPEFSVEXSV]XIWXMRKEWXLI]
 -JXLIWTIGMJMIHHIWMKRWXVIRKXLSJXLIVIMRJSVGMRKWXIIP HS RSX ]MIPH EGGYVEXI WXVIRKXL ZEPYIW HMVIGXP] 8LIWI
MWORS[RRSQMREPSVWTIGMJMIHQEXIVMEPTVSTIVXMIWGER QIXLSHWWLSYPHSRP]FIYWIHJSVGSRJMVQEXMSRERHGSQTEV
FIYWIH[MXLSYXEHHMXMSREPXIWXMRKERH MWSR SRP] +YMHERGI JSV RSRHIWXVYGXMZI XIWX QIXLSHW MW
 -JXLIWTIGMJMIHHIWMKRWXVIRKXLSJXLIVIMRJSVGMRKWXIIPMW TVSZMHIHMR%'-6
RSXORS[REXPIEWXX[SWXVIRKXLGSYTSRWSJVIMRJSVGMRK  'SRZIRXMSREP VIMRJSVGMRK ERH GSRRIGXSV
WXIIPWLSYPHFIVIQSZIHJVSQXLIFYMPHMRKJSVXIWXMRK WXIIPW{7IGXMSRMWEKYMHIXSXLIQMRMQYQRYQFIV
'SQTVILIRWMZIHEXEGSPPIGXMSR SJXIWXWVIUYMVIHXSHIXIVQMRIVIMRJSVGMRKERHGSRRIGXSVWXIIP
 'SIJJMGMIRX SJ ZEVMEXMSR{9RPIWW WTIGMJMIH WXVIRKXLTVSTIVXMIW'SRRIGXSVWXIIPMWHIJMRIHEWEHHMXMSREP
SXLIV[MWIEQMRMQYQSJXLVIIXIWXWWLSYPHFIGSRHYGXIHXS WXVYGXYVEPWXIIPSVQMWGIPPERISYWQIXEPYWIHXSWIGYVITVIGEWX
HIXIVQMRI ER] TVSTIVX] -J XLI GSIJJMGMIRX SJ ZEVMEXMSR ERH SXLIV GSRGVIXI WLETIW XS XLI FYMPHMRK WXVYGXYVI 8IWXW
I\GIIHW EHHMXMSREPXIWXWWLSYPHFITIVJSVQIHYRXMPXLI WLSYPH HIXIVQMRI FSXL ]MIPH ERH YPXMQEXI WXVIRKXLW SJ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8EFPI{(IJEYPXPS[IVFSYRHGSQTVIWWMZIWXVIRKXLSJWXVYGXYVEPGSRGVIXITWM 14E
8MQIJVEQI *SSXMRKW &IEQW 7PEFW 'SPYQRW ;EPPW
 XS XS XS XS XS
XS XS XS XS XS
XS XS XS XS XS
 XS XS XS XS XS
 XS XS XS XS XS
XS XS XS XS XS
TVIWIRX XS XS XS XS XS
XS XS XS XS XS

8EFPI{(IJEYPXPS[IVFSYRHXIRWMPIERH]MIPHTVSTIVXMIWSJVIMRJSVGMRKWXIIPJSVZEVMSYWTIVMSHW
7XVYGXYVEPj -RXIVQIHMEXIj ,EVHj
+VEHI    
  
1MRMQYQ]MIPH              
TWM 14E
1MRMQYQXIRWMPI
=IEV TWM 14E              
 \ \ \ \
 \ \ \ \ \ \ \
 \ \ \ \ \
 \ \ \ \ \
 \ \ \ \ \
TVIWIRX \ \ \ \ \ \
%RIRXV]SJw\xMRHMGEXIWXLIKVEHI[EWEZEMPEFPIMRXLSWI]IEVW
j8LIXIVQWwWXVYGXYVEPxwMRXIVQIHMEXIxERHwLEVHxFIGEQISFWSPIXIMR

VIMRJSVGMRKERHGSRRIGXSVWXIIP%QMRMQYQSJXLVIIXIRWMPI QEXIVMEP TVSTIVXMIW QE] FI TSWWMFPI [MXLSYX XIRHSR SV


XIWXWWLSYPHFIGSRHYGXIHSRGSRZIRXMSREPVIMRJSVGMRKWXIIP TVIWXVIWWVIQSZEPF]GEVIJYPWEQTPMRKSJIMXLIVXLIXIRHSR
WEQTPIWJVSQEFYMPHMRKJSVWXVIRKXLHIXIVQMREXMSRWYFNIGX KVMTSVI\XIRWMSRFI]SRHXLIERGLSVEKIMJWYJJMGMIRXPIRKXL
XSWYTTPIQIRXEPGSRHMXMSRW MWEZEMPEFPI
 *SVGSRWXVYGXMSRFIX[IIRERHRSXIWXMRKMW %PPWEQTPIHTVIWXVIWWIHWXIIPWLSYPHFIVITPEGIH[MXLRI[
VIUYMVIHMJSVMKMREPGSRWXVYGXMSRHSGYQIRXWHIJMRIXLI JYPP]GSRRIGXIHERHWXVIWWIHQEXIVMEPERHERGLSVEKILEVH[EVI
VIMRJSVGMRKWXIIPEW%781%%1+VEHIWSV YRPIWW ER EREP]WMW GSRJMVQW VITPEGIQIRX SJ SVMKMREP
ERHGSRRIGXSVWXIIPEW%781%%1 GSQTSRIRXWMWRSXVIUYMVIH
 -JSVMKMREPGSRWXVYGXMSRHSGYQIRXWHIJMRMRKTVSTIVXMIW  (IJEYPX TVSTIVXMIW{(IJEYPX QEXIVMEP TVSTIVXMIW XS
I\MWX XLIR EX PIEWX XLVII WXVIRKXL GSYTSRW WLSYPH FI HIXIVQMRIGSQTSRIRXWXVIRKXLWGERFIYWIHMRGSRNYRGXMSR[MXL
VERHSQP] VIQSZIH JVSQ IEGL IPIQIRX SV GSQTSRIRX XLIPMRIEVEREP]WMWTVSGIHYVIWSJ%7')7)-'LETXIV
X]TIERHXIWXIHSV (IJEYPX PS[IVFSYRH GSRGVIXI GSQTVIWWMZI WXVIRKXLW EVI
 -JSVMKMREPGSRWXVYGXMSRHSGYQIRXWHIJMRMRKTVSTIVXMIW KMZIR MR 8EFPI  (IJEYPX I\TIGXIH GSRGVIXI GSQTVIWWMZI
EVIYREZEMPEFPIFYXXLIETTVS\MQEXIHEXISJGSRWXVYGXMSR WXVIRKXLW GER FI HIXIVQMRIH F] QYPXMTP]MRK PS[IVFSYRH
MWORS[RERHEGSQQSRQEXIVMEPKVEHIMWGSRJMVQIHEX ZEPYIWF]ERETTVSTVMEXIJEGXSVWIPIGXIHJVSQ8EFPIYRPIWW
PIEWX XLVII WXVIRKXL GSYTSRW WLSYPH FI VERHSQP] ERSXLIVJEGXSVMWNYWXMJMIHF]XIWXHEXE8LIETTVSTVMEXIHIJEYPX
VIQSZIH JVSQ IEGL IPIQIRX SV GSQTSRIRX X]TI JSV GSQTVIWWMZIWXVIRKXL{PS[IVFSYRHSVI\TIGXIHWXVIRKXLEW
IZIV]XLVIIJPSSVWSJXLIFYMPHMRKERH WTIGMJMIH MR 7IGXMSR  SJ %7')7)- {WLSYPH FI
 -J XLI GSRWXVYGXMSR HEXI MW YRORS[R EX PIEWX WM\ YWIHXSIWXEFPMWLSXLIVWXVIRKXLERHTIVJSVQERGIGLEVEGXIVMW
WEQTPIWXIWXWJSVIZIV]XLVIIJPSSVWWLSYPHFITIVJSVQIH XMGWJSVXLIGSRGVIXIEWRIIHIHMRXLIWXVYGXYVEPEREP]WMW
%PP WEQTPIH WXIIP WLSYPH FI VITPEGIH [MXL RI[ JYPP] (IJEYPXPS[IVFSYRHZEPYIWJSVVIMRJSVGMRKWXIIPEVIKMZIR
WTPMGIHERHGSRRIGXIHQEXIVMEPYRPIWWEREREP]WMWGSRJMVQW JSVZEVMSYW%781WTIGMJMGEXMSRWERHTIVMSHWMR8EFPIWSV
XLEXVITPEGIQIRXSJSVMKMREPGSQTSRIRXWMWRSXVIUYMVIH  (IJEYPX I\TIGXIH WXVIRKXL ZEPYIW JSV VIMRJSVGMRK WXIIP
 4VIWXVIWWMRK WXIIPW{7EQTPMRK TVIWXVIWWMRK GERFIHIXIVQMRIHF]QYPXMTP]MRKPS[IVFSYRHZEPYIWF]ER
WXIIPXIRHSRWJSVPEFSVEXSV]XIWXMRKWLSYPHSRP]FITIVJSVQIH ETTVSTVMEXI JEGXSV WIPIGXIH JVSQ 8EFPI  YRPIWW ERSXLIV
SRTVIWXVIWWIHGSQTSRIRXWXLEXEVITEVXSJXLIPEXIVEPJSVGI JEGXSV MW NYWXMJMIH F] XIWX HEXE ;LIVI HIJEYPX ZEPYIW EVI
VIWMWXMRKW]WXIQ4VIWXVIWWIHGSQTSRIRXWMRHMETLVEKQWGER EWWYQIHJSVI\MWXMRKVIMRJSVGMRKWXIIP[IPHMRKSVQIGLERMGEP
FII\GPYHIH GSYTPMRK SJ RI[ VIMRJSVGIQIRX XS XLI I\MWXMRK VIMRJSVGMRK
8IRHSRSVTVIWXVIWWVIQSZEPWLSYPHFIEZSMHIHMJTSWWMFPI WXIIPWLSYPHRSXFIYWIH
%R] WEQTPMRK SJ TVIWXVIWWMRK WXIIP XIRHSRW JSV PEFSVEXSV] 8LIHIJEYPXPS[IVFSYRH]MIPHWXVIRKXLJSVWXIIPGSRRIGXSV
XIWXMRKWLSYPHFIHSRI[MXLI\XVIQIGEVI(IXIVQMREXMSRSJ QEXIVMEPGERFIXEOIREWTWM 14E 8LIHIJEYPX
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

8EFPI{(IJEYPXPS[IVFSYRHXIRWMPIERH]MIPHTVSTIVXMIWSJVIMRJSVGMRKWXIIPJSVZEVMSYW%781
WTIGMJMGEXMSRWERHTIVMSHW
7XVYGXYVEPj -RXIVQIHMEXIj ,EVHj
%781KVEHI
      
1MRMQYQ]MIPH              
TWM 14E
1MRMQYQ
XIRWMPITWM 14E              
%781
HIWMKREXMSRk 7XIIPX]TI =IEVVERKI
% &MPPIX  \ \ \
[MXLHVE[R
%
[MXLHVE[R 6EMP  \
%
[MXLHVE[R 6EMP  \

% %\PI  \ \ \


[MXLHVE[R
%
[MXLHVE[R %\PI  \ \ \ \
% ;;6 TVIWIRX \
%
[MXLHVE[R &MPPIX  \ \ \
% &MPPIX  \
%
[MXLHVE[R &MPPIX  \
% ;;6 TVIWIRX \
%%1 &MPPIX  \ \ \
%%1 &MPPIX  \ \
%%1 &MPPIX TVIWIRX \ \ \
``
% 6EMP TVIWIRX \ \
[MXLHVE[R
%
[MXLHVE[R %\PI TVIWIRX \ \

%%1 0S[EPPS] TVIWIRX \
% 7XEMRPIWW TVIWIRX \ \ \
2SXIW
%RIRXV]SJw\xMRHMGEXIWXLIKVEHI[EWEZEMPEFPIMRXLSWI]IEVW
j8LIXIVQWwWXVYGXYVEPxwMRXIVQIHMEXIxERHwLEVHxFIGEQISFWSPIXIMR
k%781WXIIPMWQEVOIH[MXLXLIPIXXIVw;x
6EMPFEVWEVIQEVOIH[MXLXLIPIXXIVw6x
``&EVWQEVOIHwWx %781% [MXLHVE[R LEZIWYTTPIQIRXEV]VIUYMVIQIRXWJSVFIRHXIWXW
%781%%1LEWEQMRMQYQXIRWMPIWXVIRKXLSJOWM 14E FYXRSXPIWWXLERXMQIWXLIEGXYEP]MIPHWXVIRKXL

I\TIGXIH]MIPHWXVIRKXLJSVWXIIPGSRRIGXSVQEXIVMEPGERFI KMZIRVERKI[LIVIHIXIVQMRMRKXLIJSVGIGSRXVSPPIHEGXMSRW
HIXIVQMRIHF]QYPXMTP]MRKPS[IVFSYRHZEPYIWF]ERETTVS SRSXLIVGSQTSRIRXW
TVMEXIJEGXSVWIPIGXIHJVSQ8EFPIYRPIWWERSXLIVZEPYIMW 9RXMPEFSYXEZEVMIX]SJTVSTVMIXEV]VIMRJSVGMRKWXIIPW
NYWXMJMIHF]XIWXHEXE [EW YWIH =MIPH WXVIRKXLW EVI PMOIP] XS FI MR XLI VERKI SJ
(IJEYPX ZEPYIW JSV TVIWXVIWWMRK WXIIP MR TVIWXVIWWIH XSTWM XS14E FYXLMKLIVZEPYIWEVI
GSRGVIXIGSRWXVYGXMSRWLSYPHRSXFIYWIH TSWWMFPI ERH EGXYEP ]MIPH ERH XIRWMPI WXVIRKXLW QE] I\GIIH
' (IJEYPXTVSTIVXMIW{(IJEYPXZEPYIWTVSZMHIHMRXLMW QMRMQYQ ZEPYIW 3RGI GSQQSRP] YWIH XS HIWMKREXI VIMR
WXERHEVHEVIKIRIVEPP]GSRWIVZEXMZI;LIVIEWXLIWXVIRKXL JSVGMRKWXIIPKVEHIXLIXIVQWwWXVYGXYVEPxwMRXIVQIHMEXIx
SJ VIMRJSVGMRK WXIIP QE] FI JEMVP] GSRWMWXIRX XLVSYKLSYX E ERH wLEVHx FIGEQI SFWSPIXI MR  4PEMR ERH X[MWXIH
FYMPHMRK XLI WXVIRKXL SJ GSRGVIXI MR E FYMPHMRK GSYPH FI WUYEVIFEVW[IVISGGEWMSREPP]YWIHFIX[IIRERH
LMKLP]ZEVMEFPIKMZIRZEVMEFMPMX]MRGSRGVIXIQM\XYVIHIWMKRW *EGXSVW XS GSRZIVX HIJEYPX VIMRJSVGMRK WXIIP WXVIRKXL XS
ERH WIRWMXMZMX] XS [EXIVGIQIRX VEXMS [GQ  ERH GYVMRK I\TIGXIH WXVIRKXL MRGPYHI GSRWMHIVEXMSR SJ QEXIVMEP SZIV
TVEGXMGIW%GSRWIVZEXMZIEWWYQTXMSRSJXLIQMRMQYQZEPYI WXVIRKXLERHWXVEMRLEVHIRMRK
SJXLI GSRGVIXIGSQTVIWWMZIWXVIRKXLMRXLIKMZIRVERKIMW
VIGSQQIRHIHYRPIWWELMKLIVWXVIRKXLMWWYFWXERXMEXIHF] {'SRHMXMSREWWIWWQIRX
GSRWXVYGXMSRHSGYQIRXWXIWXVITSVXWSVQEXIVMEPXIWXMRKE  +IRIVEP{% GSRHMXMSR EWWIWWQIRX SJ XLI I\MWXMRK
GSRWIVZEXMZIEWWYQTXMSR[SYPHFIXLIQE\MQYQZEPYIMRE FYMPHMRKERHWMXIGSRHMXMSRWWLSYPHFITIVJSVQIHEWHIWGVMFIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8LIGSRHMXMSREWWIWWQIRXWLSYPHMRGPYHI JVSQXLIHVE[MRKWI\MWXSVMJGSRWMWXIRXHIZMEXMSRWJVSQ
 )\EQMREXMSRSJXLITL]WMGEPGSRHMXMSRSJTVMQEV]ERH XLI HVE[MRKW I\MWX MX MW ETTVSTVMEXI XS GSRWMHIV XLI
WIGSRHEV] GSQTSRIRXW ERH XLI TVIWIRGI SJ ER] WEQTPIEWFIMRKVITVIWIRXEXMZISJMRWXEPPIHGSRHMXMSRW-J
HIKVEHEXMSRWLSYPHFIRSXIH MRGSRWMWXIRXHIZMEXMSRWEVIRSXIHXLIREXPIEWX SJ
 :IVMJMGEXMSR SJ XLI TVIWIRGI ERH GSRJMKYVEXMSR SJ XLI WTIGMJMG GSRRIGXMSR X]TI WLSYPH FI MRWTIGXIH XS
GSQTSRIRXWERHXLIMVGSRRIGXMSRWERHXLIGSRXMRYMX]SJ MHIRXMJ]XLII\XIRXSJHIZMEXMSRSV
PSEHTEXLWFIX[IIRGSQTSRIRXWIPIQIRXWERHW]WXIQW  -R XLI EFWIRGI SJ HIXEMPIH HIWMKR HVE[MRKW EX PIEWX
 % VIZMI[ ERH HSGYQIRXEXMSR SJ SXLIV GSRHMXMSRW XLVII GSRRIGXMSRW SJ IEGL TVMQEV] GSRRIGXMSR X]TI
MRGPYHMRK RIMKLFSVMRK TEVX] [EPPW ERH FYMPHMRKW WLSYPHFII\TSWIHJSVMRWTIGXMSR-JGSQQSRHIXEMPMRK
TVIWIRGISJRSRWXVYGXYVEPGSQTSRIRXWERHQEWWTVMSV EQSRKXLIXLVIIGSRRIGXMSRWMWSFWIVZIHMXMWETTVSTVMEXI
VIQSHIPMRKERHPMQMXEXMSRWJSVVILEFMPMXEXMSRXLEXQE] XSGSRWMHIVXLMWGSRHMXMSREWVITVIWIRXEXMZISJMRWXEPPIH
MRJPYIRGIFYMPHMRKTIVJSVQERGISVWIMWQMGPSEHW GSRHMXMSRW -J ZEVMEXMSRW EVI SFWIVZIH EQSRK PMOI
 'SPPIGXMSRSJMRJSVQEXMSRRIIHIHXSWIPIGXEORS[PIHKI GSRRIGXMSRW EHHMXMSREP GSRRIGXMSRW WLSYPH FI
JEGXSVMREGGSVHERGI[MXL7IGXMSRERH MRWTIGXIH YRXMP ER EGGYVEXI YRHIVWXERHMRK SJ FYMPHMRK
'SRJMVQEXMSRSJGSQTSRIRXSVMIRXEXMSRTPYQFRIWWERH GSRWXVYGXMSRMWKEMRIH
TL]WMGEPHMQIRWMSRWGSRJMVQIH  %HHMXMSREPXIWXMRK{-JEHHMXMSREPHIWXVYGXMZIERH
 7GSTIERHTVSGIHYVIW{8LIWGSTISJXLIGSRHMXMSR RSRHIWXVYGXMZIXIWXMRKMWVIUYMVIHXSHIXIVQMRIXLIHIKVIISJ
EWWIWWQIRXWLSYPHMRGPYHIGVMXMGEPWXVYGXYVEPGSQTSRIRXWEW HEQEKI SV TVIWIRGI SJ HIXIVMSVEXMSR SV XS YRHIVWXERH XLI
HIWGVMFIHMRXLIJSPPS[MRKWYFWIGXMSRW MRXIVREP GSRHMXMSR ERH UYEPMX] SJ GSRGVIXI ETTVSZIH XIWX
 :MWYEP GSRHMXMSR EWWIWWQIRX{(MVIGX ZMWYEP QIXLSHWWLSYPHFIYWIH
MRWTIGXMSR SJ EGGIWWMFPI ERH VITVIWIRXEXMZI TVMQEV] ' %HHMXMSREP XIWXMRK{8LI TL]WMGEP GSRHMXMSR SJ
GSQTSRIRXWERHGSRRIGXMSRWWLSYPHFITIVJSVQIHXS GSQTSRIRXWERHGSRRIGXSVW[MPPEJJIGXXLIMVTIVJSVQERGI8LI
e -HIRXMJ]GSRJMKYVEXMSRMWWYIW RIIHXSEGGYVEXIP]MHIRXMJ]XLITL]WMGEPGSRHMXMSRQE]HMGXEXI
e (IXIVQMRIMJHIKVEHEXMSRMWTVIWIRX XLIRIIHJSVGIVXEMREHHMXMSREPHIWXVYGXMZIERHRSRHIWXVYGXMZI
e )WXEFPMWLGSRXMRYMX]SJPSEHTEXLW XIWX QIXLSHW 7YGL QIXLSHW QE] FI YWIH XS HIXIVQMRI XLI
e )WXEFPMWLXLIRIIH JSV SXLIV XIWX QIXLSHWXLEXGSYPH HIKVII SJ HEQEKI SV TVIWIRGI SJ HIXIVMSVEXMSR ERH XS
UYERXMJ]XLITVIWIRGIERHHIKVIISJHIKVEHEXMSRERH MQTVSZIYRHIVWXERHMRKSJXLIMRXIVREPGSRHMXMSRERHGSRGVIXI
e 1IEWYVI HMQIRWMSRW SJ I\MWXMRK GSRWXVYGXMSR XS UYEPMX] *YVXLIV KYMHIPMRIW ERH TVSGIHYVIW JSV HIWXVYGXMZI
GSQTEVI [MXL EZEMPEFPI HIWMKR MRJSVQEXMSR ERHVIZIEP ERH RSRHIWXVYGXMZI XIWXW XLEX QE] FI YWIH MR XLI GSRHMXMSR
ER]TIVQERIRXHIJSVQEXMSRW EWWIWWQIRXEVITVSZMHIHMR%'-6%'-6*)1%
% ZMWYEP FYMPHMRK MRWTIGXMSR WLSYPH MRGPYHI ZMWMFPI  7IGXMSR' ERH*)1% 7IGXMSR 
TSVXMSRW SJ JSYRHEXMSRW PEXIVEPJSVGIVIWMWXMRK QIQFIVW 8LI RSRHIWXVYGXMZI I\EQMREXMSR 2()  QIXLSHW LEZMRK
HMETLVEKQW WPEFW  ERH GSRRIGXMSRW %W E QMRMQYQ E XLI KVIEXIWX YWI ERH ETTPMGEFMPMX] XS GSRHMXMSR EWWIWWQIRX
VITVIWIRXEXMZIWEQTPMRKSJEXPIEWX SJXLIGSQTSRIRXW EVIPMWXIHFIPS[
ERHGSRRIGXMSRWWLSYPHFIZMWYEPP]MRWTIGXIHEXIEGLJPSSV e 7YVJEGI2()QIXLSHWMRGPYHIMRJVEVIHXLIVQSKVETL]
PIZIP -J WMKRMJMGERX HEQEKI SV HIKVEHEXMSR MW JSYRH XLI HIPEQMREXMSR WSYRHMRK WYVJEGI LEVHRIWW QIEWYVIQIRX
EWWIWWQIRXWEQTPISJEPPWMQMPEVX]TIGVMXMGEPGSQTSRIRXWMR ERHGVEGOQETTMRK8LIWIQIXLSHWQE]FIYWIHXSJMRH
XLIFYMPHMRKWLSYPHFIMRGVIEWIHXS SVQSVIEWRIGIWWEV] WYVJEGI HIKVEHEXMSR MR GSQTSRIRXW WYGL EW WIVZMGI
XS EGGYVEXIP] EWWIWW XLI TIVJSVQERGI SJ GSQTSRIRXW ERH MRHYGIHGVEGOWGSVVSWMSRERHGSRWXVYGXMSRHIJIGXW
GSRRIGXMSRW[MXLHIKVEHEXMSR e :SPYQIXVMG 2() QIXLSHW MRGPYHMRK VEHMSKVETL] ERH
 -J GSZIVMRKW SV SXLIV SFWXVYGXMSRW I\MWX TEVXMEP ZMWYEP YPXVEWSRMGW QE] FI YWIH XS MHIRXMJ] XLI TVIWIRGI SJ
MRWTIGXMSRXLVSYKLXLISFWXVYGXMSRGERFITIVJSVQIHYWMRK MRXIVREP HMWGSRXMRYMXMIW ERH PSWW SJ WIGXMSR -QTEGX
HVMPPIHLSPIWERHEJMFIVWGSTI IGLSYPXVEWSRMGWMWTEVXMGYPEVP]YWIJYPFIGEYWISJIEWI
' :MWYEP GSRHMXMSR EWWIWWQIRX{(IWMKR TVSJIW SJMQTPIQIRXEXMSRERHTVSZIRGETEFMPMX]MRGSRGVIXI
WMSREPW WIIOMRK JYVXLIV KYMHERGI GER GSRWYPX %'- 6 e 3RPMRI QSRMXSVMRK YWMRK EGSYWXMG IQMWWMSRW WXVEMR
[LMGL TVSZMHIW E W]WXIQ JSV VITSVXMRK XLI GSRHMXMSR SJ KEYKIW MRTPEGI WXEXMG SV H]REQMG PSEH XIWXW ERH
GSRGVIXIMRWIVZMGI EQFMIRXZMFVEXMSRXIWXWQE]FIYWIHXSEWWIWWWXVYGXYVEP
 'SQTVILIRWMZIGSRHMXMSREWWIWWQIRX{)\TSWYVIMW GSRHMXMSR ERH TIVJSVQERGI 1SRMXSVMRK MW YWIH XS
HIJMRIHEWPSGEPQMRMQM^IHVIQSZEPSJGSZIVGSRGVIXIERHSXLIV HIXIVQMRI MJ EGXMZI HIKVEHEXMSR SV HIJSVQEXMSRW EVI
QEXIVMEPW XS MRWTIGX VIMRJSVGMRK W]WXIQ HIXEMPW %PP HEQEKIH SGGYVVMRK [LIVIEW RSRHIWXVYGXMZI PSEH XIWXMRK
GSRGVIXI GSZIV WLSYPH FI VITPEGIH EJXIV MRWTIGXMSR 8LI TVSZMHIWHMVIGXMRWMKLXSRPSEHGEVV]MRKGETEGMX]
JSPPS[MRKGVMXIVMEGERFIYWIHJSVEWWIWWMRKTVMQEV]GSRRIGXMSRW e )PIGXVSQEKRIXMGQIXLSHWYWMRKETEGLSQIXIVSVVEHM
MRXLIFYMPHMRKJSVGSQTVILIRWMZIHEXEGSPPIGXMSR SKVETL]QE]FIYWIHXSPSGEXIWM^ISVTIVJSVQERMRMXMEP
-JHIXEMPIHHIWMKRHVE[MRKWI\MWXI\TSWYVISJEXPIEWX EWWIWWQIRX SJ VIMRJSVGMRK WXIIP *YVXLIV EWWIWWQIRX SJ
XLVIIHMJJIVIRXTVMQEV]GSRRIGXMSRWWLSYPHSGGYV[MXL WYWTIGXIHGSVVSWMSREGXMZMX]WLSYPHYWIIPIGXVMGEPLEPJGIPP
XLI GSRRIGXMSR WEQTPI MRGPYHMRK HMJJIVIRX X]TIW SJ TSXIRXMEPERHVIWMWXMZMX]QIEWYVIQIRXWERH
GSRRIGXMSRW JSV I\EQTPI FIEQGSPYQR GSPYQR e 0MJXSJJXIWXMRK EWWYQMRKSVMKMREPHIWMKRERHMRWXEPPEXMSR
JSYRHEXMSR ERH FIEQHMETLVEKQ  -J RS HIZMEXMSRW HEXEEVIEZEMPEFPI SVERSXLIVRSRHIWXVYGXMZIQIXLSH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

WYGL EW XLI wGSVMRK WXVIWW VIPMIJx WTIGMJMIH MR WLSYPH FI EWWIWWIH YWMRK XLI TVSZMWMSRW SJ %'- 6ERH
7)-%7')QE]FIYWIH[LIVIEFWSPYXIP]IWWIRXMEP HIWMKRWLSYPHFITIIVVIZMI[IHEWVIUYMVIHF]XLIEYXLSVMX]
XS HIXIVQMRI XLI PIZIP SJ TVIWXVIWW VIQEMRMRK MR ER LEZMRKNYVMWHMGXMSR
YRFSRHIHTVIWXVIWWW]WXIQ 3VMKMREP ERH VILEFMPMXEXIH GSQTSRIRXW SJ ER I\MWXMRK
 &EWMWJSVXLIQEXLIQEXMGEPFYMPHMRKQSHIP{6IWYPXW FYMPHMRK EVI RSX I\TIGXIH XS WEXMWJ] TVSZMWMSRW SJ %'-
SJXLIGSRHMXMSREWWIWWQIRXEVIYWIHXSUYERXMJ]XLIJSPPS[MRK 1 FYX WLSYPHFI EWWIWWIH YWMRK XLI TVSZMWMSRW SJ
MXIQWRIIHIHXSGVIEXIXLIQEXLIQEXMGEPFYMPHMRKQSHIP %'-6&VMXXPISVPS[HYGXMPMX]JEMPYVIQSHIWWLSYPHFI
'SQTSRIRXWIGXMSRTVSTIVXMIWERHHMQIRWMSRW MHIRXMJMIHEWETEVXSJXLIWIMWQMGIZEPYEXMSR
 'SQTSRIRX GSRJMKYVEXMSR ERH XLI TVIWIRGI SJ ER] )ZEPYEXMSRSJHIQERHWERHGETEGMXMIWSJVIMRJSVGIHGSRGVIXI
IGGIRXVMGMXMIWSVTIVQERIRXHIJSVQEXMSR GSQTSRIRXW WLSYPH MRGPYHI GSRWMHIVEXMSR SJ PSGEXMSRW EPSRK
 'SRRIGXMSR GSRJMKYVEXMSR ERH XLI TVIWIRGI SJ ER] XLIPIRKXL[LIVIPEXIVEPERHKVEZMX]PSEHWTVSHYGIQE\MQYQ
IGGIRXVMGMXMIW IJJIGXW[LIVIGLERKIWMRGVSWWWIGXMSRSVVIMRJSVGIQIRXVIWYPX
 4VIWIRGI ERH IJJIGX SJ EPXIVEXMSRW XS XLI WXVYGXYVEP MRVIHYGIHWXVIRKXLERH[LIVIEFVYTXGLERKIWMRGVSWWWIGXMSR
W]WXIQWMRGISVMKMREPGSRWXVYGXMSRERH SV VIMRJSVGIQIRX MRGPYHMRK WTPMGIW QE] TVSHYGI WXVIWW
 -RXIVEGXMSR SJ RSRWXVYGXYVEP GSQTSRIRXW ERH XLIMV GSRGIRXVEXMSRWXLEXVIWYPXMRTVIQEXYVIJEMPYVI
MRZSPZIQIRXMRPEXIVEPPSEHVIWMWXERGI ' +IRIVEPETTVSEGL{;LIRETTPMIHXSRI[WXVYGXYVIW
%PPHIZMEXMSRWFIX[IIREZEMPEFPIGSRWXVYGXMSRVIGSVHWERH TVSZMWMSRW SJ %'- 1 EVI MRXIRHIH XS TVSZMHI 07
EWFYMPXGSRHMXMSRWSFXEMRIHJVSQZMWYEPMRWTIGXMSRWLSYPHFI TIVJSVQERGIJSVXLIHIWMKRFEWMWIEVXLUYEOI-RQER]GEWIW
EGGSYRXIHJSVMRXLIWXVYGXYVEPEREP]WMW XLMWPIZIPSJTIVJSVQERGIMWETTVSTVMEXIJSVRI[GSQTSRIRXW
9RPIWW GSRGVIXI GVEGOMRK VIMRJSVGIQIRX GSVVSWMSR SV EHHIH XS E FYMPHMRK HYVMRK WIMWQMG VILEFMPMXEXMSR ;LIR
SXLIVQIGLERMWQWSJHIKVEHEXMSREVISFWIVZIHMRXLIGSRHMXMSR EWWIWWMRKXLIFYMPHMRKJSVLMKLIVTIVJSVQERGIPIZIPWWYGLEW
EWWIWWQIRXEWXLIGEYWIJSVHEQEKISVVIHYGIHGETEGMX]XLI -3[LIVIIWWIRXMEPP]IPEWXMGVIWTSRWIMWI\TIGXIHMXQE]RSX
GVSWWWIGXMSREPEVIEERHSXLIVWIGXMSREPTVSTIVXMIWWLSYPHFI FI RIGIWWEV] XS WEXMWJ] EPP TVSZMWMSRW SJ %'- 1
EWWYQIHXSFIXLSWIJVSQXLIHIWMKRHVE[MRKWEJXIVEHNYWXQIRX MRXIRHIHXSTVSZMHIHYGXMPIFILEZMSVSJGSRGVIXIGSQTSRIRXW
JSV EWFYMPX GSRHMXMSRW -J WSQI WIGXMSREP QEXIVMEPPSWW LEW JSV I\EQTPI GSPYQR GSRJMRIQIRX VIUYMVIQIRXW SJ %'-
SGGYVVIHXLIPSWWWLSYPHFIUYERXMJMIHF]HMVIGXQIEWYVIQIRX 1'LETXIV 
ERH WIGXMSREP TVSTIVXMIW VIHYGIH EGGSVHMRKP] YWMRK XLI &VMXXPI SV PS[HYGXMPMX] JEMPYVI QSHIW X]TMGEPP] MRGPYHI
TVMRGMTPIWSJWXVYGXYVEPQIGLERMGW FILEZMSV MR HMVIGX SV RIEVP]HMVIGX GSQTVIWWMSR WLIEV MR
WPIRHIVGSQTSRIRXWERHMRGSQTSRIRXGSRRIGXMSRWXSVWMSR
{/RS[PIHKIJEGXSV MR WPIRHIV GSQTSRIRXW ERH VIMRJSVGIQIRX HIZIPSTQIRX
% ORS[PIHKI JEGXSV  JSV GSQTYXEXMSR SJ GSRGVIXI WTPMGMRKERHERGLSVEKI8LIWXVIWWIWJSVGIWERHQSQIRXW
GSQTSRIRX GETEGMXMIW ERH TIVQMWWMFPI HIJSVQEXMSRW MW EGXMRK XS GEYWI XLIWI JEMPYVI QSHIW WLSYPH FI HIXIVQMRIH
WIPIGXIHMREGGSVHERGI[MXL7IGXMSRSJ%7')7)- JVSQEPMQMXWXEXIEREP]WMWGSRWMHIVMRKTVSFEFPIVIWMWXERGIW
[MXLEHHMXMSREPVIUYMVIQIRXWWTIGMJMGXSGSRGVIXIGSQTSRIRXW EXPSGEXMSRWSJRSRPMRIEVEGXMSR
%ORS[PIHKIJEGXSV IUYEPXSWLSYPHFIYWIHMJER]SJ  7XMJJRIWW{'SQTSRIRXWXMJJRIWWIWWLSYPHFIGEPGYPEXIH
XLIJSPPS[MRKGVMXIVMEEVIQIX GSRWMHIVMRKWLIEVJPI\YVIE\MEPFILEZMSVERHVIMRJSVGIQIRX
 'SQTSRIRXWEVIJSYRHXSFIHEQEKIHSVHIXIVMSVEXIH WPMT HIJSVQEXMSRW 7XVIWW WXEXI SJ XLI GSQTSRIRX GVEGOMRK
HYVMRKEWWIWWQIRXERHJYVXLIVXIWXMRKMWRSXTIVJSVQIH I\XIRX HYI XS ZSPYQIXVMG GLERKIW JVSQ XIQTIVEXYVI ERH
XSUYERXMJ]XLIMVGSRHMXMSRSVNYWXMJ]XLIYWISJ ! WLVMROEKIHIJSVQEXMSRPIZIPWYRHIVKVEZMX]ERHIEVXLUYEOI
 1IGLERMGEP TVSTIVXMIW LEZI E GSIJJMGMIRX SJ ZEVMEXMSR PSEHMRKWLSYPHFIGSRWMHIVIH
I\GIIHMRK ERH ' 7XMJJRIWW{*SVGSPYQRW[MXLPS[E\MEPPSEHW FIPS[
 'SQTSRIRXW GSRXEMR EVGLEMG SV TVSTVMIXEV] QEXIVMEP ETTVS\MQEXIP] %K JG HIJSVQEXMSRWHYIXS FEV WPMT GER
ERHXLIGSRHMXMSRMWYRGIVXEMR EGGSYRX JSV EW QYGL EW   SJ XLI XSXEP HIJSVQEXMSRW EX
]MIPH 8LI HIWMKR TVSJIWWMSREP MW VIJIVVIH XS )P[SSH ERH
)FIVLEVH  JSVJYVXLIVKYMHERGIVIKEVHMRKGEPGYPEXMSR
',%48)6{+)2)6%0%779148-327
%2(6)59-6)1)287 SJXLIIJJIGXMZIWXMJJRIWWSJVIMRJSVGIHGSRGVIXIGSPYQRWXLEX
{1SHIPMRKERHHIWMKR MRGPYHIXLIIJJIGXWSJJPI\YVIWLIEVERHFEVWPMT
 +IRIVEP ETTVSEGL{7IMWQMG VILEFMPMXEXMSR SJ E  0MRIEV TVSGIHYVIW{;LIVI HIWMKR EGXMSRW EVI
GSRGVIXIFYMPHMRK[MPPMRZSPZIXLIHIWMKRSJRI[GSQTSRIRXW HIXIVQMRIHYWMRKPMRIEVTVSGIHYVIW 'LETXIV%7')7)-
GSRRIGXIH XS XLI I\MWXMRK WXVYGXYVI WIMWQMG YTKVEHMRK SJ   GSQTSRIRX IJJIGXMZI WXMJJRIWWIW WLSYPH GSVVIWTSRH XS
I\MWXMRK GSQTSRIRXW SV FSXL 2I[ GSQTSRIRXW X]TMGEPP] XLIWIGERXZEPYIXSXLI]MIPHTSMRXSJXLIGSQTSRIRX,MKLIV
WLSYPHGSQTP][MXL%'-17IMWQMGVILEFMPMXEXMSR WXMJJRIWWIWGERFIYWIH[LIVIMXMWHIQSRWXVEXIHF]EREP]WMW
QIXLSHW GER FI WIPIGXIH XS EGLMIZI ZEVMSYW TIVJSVQERGI XSFIETTVSTVMEXIJSVXLIHIWMKRPSEHMRK)JJIGXMZIWXMJJRIWW
PIZIPW MRGPYHMRK -QQIHMEXI 3GGYTERG] -3  0MJI 7EJIX] ZEPYIWMR8EFPIGEREPWSFIYWIH
07  ERH 'SPPETWI 4VIZIRXMSR '4  ;LIR XLI WXVYGXYVEP ' 0MRIEV TVSGIHYVIW{8LI IJJIGXMZI JPI\YVEP
TIVJSVQERGI PIZIP HMJJIVW JVSQ XLEX MQTPMIH MR %'- VMKMHMX]ZEPYIWMR8EFPIJSVFIEQWERHGSPYQRWEGGSYRX
1'LETXIVRI[GSQTSRIRXWQE]RSXRIIHXS JSVXLIEHHMXMSREPJPI\MFMPMX]JVSQVIMRJSVGIQIRXWPMT[MXLMR
GSQTP][MXL%'-1-RWYGLGEWIWGSQTSRIRXW XLI FIEQGSPYQR NSMRX SV JSYRHEXMSR FIJSVI ]MIPHMRK 8LI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8EFPI{)JJIGXMZIWXMJJRIWWZEPYIW
*PI\YVEP 7LIEV
'SQTSRIRX VMKMHMX] VMKMHMX] %\MEPVMKMHMX]
&IEQW{RSRTVIWXVIWWIH )G-K )G%[ {
&IEQW{TVIWXVIWWIH )G-K )G%[ {
'SPYQRW[MXLGSQTVIWWMSR
HYIXSHIWMKRKVEZMX]PSEHW )G-K )G%[ )G%K
%K JG
'SPYQRW[MXLGSQTVIWWMSR )G %K GSQTVIWWMSR
HYIXSHIWMKRKVEZMX]PSEHW )G-K )G%[
%K JG SV[MXLXIRWMSR )W %W XIRWMSR

&IEQGSPYQRNSMRXW 6IJIVXS7IGXMSR )G%K

*PEXWPEFW{RSRTVIWXVIWWIH 6IJIVXS )G%K {


*MK{+IRIVEPM^IHJSVGIHIJSVQEXMSRVIPEXMSRJSVGSRGVIXI
7IGXMSR IPIQIRXWSVGSQTSRIRXW
*PEXWPEFW{TVIWXVIWWIH 6IJIVXS )G%K {
7IGXMSR
2SXI*SV8FIEQW-KGERFIXEOIREWX[MGIXLIZEPYISJ-KSJXLI[IFEPSRI3XLIV
VIPEXMSRW GER FI YWIH [LIVI RSRPMRIEV VIWTSRWI [MPP RSX
[MWI - K WLSYPH FI FEWIH SR XLI IJJIGXMZI [MHXL EW HIJMRIH MR 7IGXMSR  *SV SGGYV MR XLI GSQTSRIRX 8LI RSRPMRIEV PSEHHIJSVQEXMSR
GSPYQRW[MXLE\MEPGSQTVIWWMSRJEPPMRKFIX[IIRXLIPMQMXWTVSZMHIHJPI\YVEPVMKMHMX] VIPEXMSRWLSYPHFIFEWIHSRI\TIVMQIRXEPIZMHIRGISVXEOIR
WLSYPH FI HIXIVQMRIH F] PMRIEV MRXIVTSPEXMSR -J MRXIVTSPEXMSR MW RSX TIVJSVQIH XLI
QSVIGSRWIVZEXMZIIJJIGXMZIWXMJJRIWWIWWLSYPHFIYWIH JVSQUYERXMXMIWWTIGMJMIHMR'LETXIV*SV274XLIKIRIVEPM^IH
PSEHHIJSVQEXMSRVIPEXMSRWLS[RMR*MKSVSXLIVGYVZIW
ZEPYIW WTIGMJMIH JSV GSPYQRW [IVI HIXIVQMRIH FEWIH SR E HIJMRMRKFILEZMSVYRHIVQSRSXSRMGEPP]MRGVIEWMRKHIJSVQEXMSR
HEXEFEWI SJ  VIGXERKYPEV VIMRJSVGIH GSRGVIXI GSPYQR GERFIYWIH *SVXLI RSRPMRIEVH]REQMGTVSGIHYVI 2(4 
XIWXW [MXLE\MEP PSEHWPIWW XLER %K JG ERHWLIEV WTER PSEHHIJSVQEXMSRVIPEXMSRWWLSYPHHIJMRIFILEZMSVYRHIVQSRS
HITXLVEXMSWKVIEXIVXLER1IEWYVIHIJJIGXMZIWXMJJRIWWIW XSRMGEPP] MRGVIEWMRK PEXIVEP HIJSVQEXMSR ERH YRHIV QYPXMTPI
JVSQXLIPEFSVEXSV]XIWXHEXEWYKKIWXXLEXXLIIJJIGXMZIJPI\YVEP VIZIVWIHHIJSVQEXMSRG]GPIWEWWTIGMJMIHMR7IGXMSR
VMKMHMX]JSVPS[E\MEPPSEHWGSYPHFIETTVS\MQEXIHEW)-K 8LIKIRIVEPM^IHPSEHHIJSVQEXMSRVIPEXMSRWLS[RMR*MK
LS[IZIV GSRWMHIVMRK XLI WGEXXIV MR XLI IJJIGXMZI JPI\YVEP GER FI HIWGVMFIH F] PMRIEV VIWTSRWI JVSQ % YRPSEHIH
VMKMHMX]ERHXSEZSMHYRHIVIWXMQEXMRKXLIWLIEVHIQERHSR GSQTSRIRX XSERIJJIGXMZI]MIPH&XLIREPMRIEVVIWTSRWIEX
GSPYQRW [MXL PS[ E\MEP PSEHW )-K MW VIGSQQIRHIH MR VIHYGIHWXMJJRIWWJVSQTSMRX&XS'XLIRWYHHIRVIHYGXMSRMR
8EFPI )P[SSHIXEP -REHHMXMSRXSE\MEPPSEH PEXIVEPPSEHVIWMWXERGIXSTSMRX(XLIRVIWTSRWIEXVIHYGIH
XLI WLIEV WTERHITXL VEXMS SJ XLI GSPYQR MRJPYIRGIW XLI VIWMWXERGIXS) ERHJMREP PSWW SJ VIWMWXERGIXLIVIEJXIV8LI
IJJIGXMZI JPI\YVEP VMKMHMX] % QSVI VIJMRIH IWXMQEXI SJ XLI WPSTIJVSQTSMRX%XS&WLSYPHFIHIXIVQMRIHEGGSVHMRKXS
IJJIGXMZIJPI\YVEPVMKMHMX]GERFIHIXIVQMRIHF]GEPGYPEXMRK 7IGXMSR8LIWPSTIJVSQTSMRX&XS'MKRSVMRKIJJIGXW
XLI HMWTPEGIQIRX EX ]MIPH HYI XS JPI\YVI WPMT ERH WLIEV SJKVEZMX]PSEHWEGXMRKXLVSYKLPEXIVEPHMWTPEGIQIRXWWLSYPH
)P[SSHERH)FIVLEVH  FIXEOIRFIX[IIR^IVSERH SJXLIMRMXMEPWPSTIYRPIWWER
8LI QSHIPMRK VIGSQQIRHEXMSRW JSV FIEQGSPYQR NSMRXW EPXIVREXIWPSTIMWNYWXMJMIHF]I\TIVMQIRXSVEREP]WMW4SMRX'
7IGXMSR HSRSXMRGPYHIXLIMRJPYIRGISJVIMRJSVGIQIRX WLSYPHLEZIERSVHMREXIIUYEPXSXLIWXVIRKXLSJXLIGSQTSRIRX
WPMT ;LIR XLI IJJIGXMZI WXMJJRIWW ZEPYIW JSV FIEQW ERH ERHEREFWGMWWEIUYEPXSXLIHIJSVQEXMSREX[LMGLWMKRMJMGERX
GSPYQRW JVSQ 8EFPI  EVI YWIH MR GSQFMREXMSR [MXL XLI WXVIRKXL HIKVEHEXMSR FIKMRW 6ITVIWIRXEXMSR SJ XLI PSEH
QSHIPMRK VIGSQQIRHEXMSRW JSV FIEQGSPYQR NSMRXW XLI HIJSVQEXMSRVIPEXMSRF]TSMRXW%&ERH'SRP] VEXLIVXLER
SZIVEPP WXMJJRIWW MW MR GPSWI EKVIIQIRX [MXL VIWYPXW JVSQ EPPTSMRXW%) GERFIYWIHMJXLIGEPGYPEXIHVIWTSRWIHSIW
FIEQGSPYQRWYFEWWIQFP]XIWXW )P[SSHIXEP  RSXI\GIIHTSMRX'2YQIVMGEPZEPYIWJSVXLITSMRXWMHIRXMJMIH
8LIIJJIGXSJVIMRJSVGIQIRXWPMTGERFIEGGSYRXIHJSVF] MR*MKEVITVSZMHIHMR7IGXMSRW FIEQWGSPYQRW
MRGPYHMRK VSXEXMSREP WTVMRKW EX XLI IRHW SJ XLI FIEQ SV ERH NSMRXW  ERH  WPEFGSPYQR GSRRIGXMSRW  3XLIV
GSPYQR IPIQIRXW 7EEXGMSKPY IX EP  -J XLMW QSHIPMRK PSEHHIJSVQEXMSR VIPEXMSRW EVI TIVQMXXIH MJ NYWXMJMIH F]
STXMSR MW WIPIGXIH XLI IJJIGXMZI JPI\YVEP VMKMHMX] SJ XLI I\TIVMQIRXEPIZMHIRGISVEREP]WMW
GSPYQR IPIQIRX WLSYPH VIJPIGX SRP] XLI JPI\MFMPMX] JVSQ ' 2SRPMRIEVTVSGIHYVIW{8]TMGEPP] XLI VIWTSRWI
JPI\YVEPHIJSVQEXMSRW-RXLMWGEWIJSVE\MEPPSEHWPIWWXLER WLS[RMR*MKEVIEWWSGMEXIH[MXLJPI\YVEPVIWTSRWISV
%K JG XLIIJJIGXMZIJPI\YVEPVMKMHMX]GERFIIWXMQEXIHEW XIRWMSRVIWTSRWI-RXLMWGEWIXLIVIWMWXERGIEX55]!MW
)-K [MXLPMRIEVMRXIVTSPEXMSRXSXLIZEPYIKMZIRMR8EFPI XLI ]MIPH ZEPYI ERH WYFWIUYIRX WXVEMR LEVHIRMRK EGGSQQS
JSVE\MEPPSEHWKVIEXIVXLER%K JG  HEXIWWXVEMRLEVHIRMRKMRXLIPSEHHIJSVQEXMSRVIPEXMSREW
(YIXSPS[FSRHWXVIWWFIX[IIRGSRGVIXIERHTPEMRVIMRJSVGI XLI QIQFIV MW HIJSVQIH XS[EVH XLI I\TIGXIH WXVIRKXL
QIRX[MXLSYXHIJSVQEXMSRWGSQTSRIRXW[MXLTPEMRPSRKMXYHMREP ;LIVI XLI VIWTSRWI WLS[R MR *MK  MW EWWSGMEXIH [MXL
VIMRJSVGIQIRX ERH E\MEP PSEHW PIWW XLER %K JG QE] LEZI GSQTVIWWMSR XLI VIWMWXERGI EX 55] !  X]TMGEPP] MW XLI
PS[IVIJJIGXMZIJPI\YVEPVMKMHMX]ZEPYIWXLERMR8EFPI ZEPYI[LIVIGSRGVIXIFIKMRWXSWTEPPERHWXVEMRLEVHIRMRKMR
 2SRPMRIEV TVSGIHYVIW{;LIVI HIWMKR EGXMSRW [IPPGSRJMRIHWIGXMSRWQE]FIEWWSGMEXIH[MXLWXVEMRLEVH
EVIHIXIVQMRIHYWMRKRSRPMRIEVTVSGIHYVIW %7')7)- IRMRKSJXLIPSRKMXYHMREPVIMRJSVGIQIRXERHERMRGVIEWIMR
'LETXIV GSQTSRIRXPSEHHIJSVQEXMSRVIWTSRWIWLSYPHFI WXVIRKXL JVSQ XLI GSRJMRIQIRX SJ GSRGVIXI ;LIVI XLI
VITVIWIRXIHF]RSRPMRIEVPSEHHIJSVQEXMSRVIPEXMSRW0MRIEV VIWTSRWI WLS[R MR *MK  MW EWWSGMEXIH [MXL WLIEV XLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

VIWMWXERGIEX55]!X]TMGEPP]MWXLIZEPYIEX[LMGLXLI ERH8EFPIWXLVSYKL;LIVIPMRIEVERHRSRPMRIEV
HIWMKR WLIEV WXVIRKXL MW VIEGLIH ERH X]TMGEPP] RS WXVEMR EGGITXERGIGVMXIVMEEVIRSXWTIGMJMIHMRXLIXEFPIWEGXMSRWWLSYPH
LEVHIRMRKJSPPS[W FI XEOIR EW JSVGIGSRXVSPPIH YRPIWW GSQTSRIRX XIWXMRK MW
-R *MK  HIJSVQEXMSRW EVI I\TVIWWIH HMVIGXP] YWMRK TIVJSVQIHMREGGSVHERGI[MXL7IGXMSRSJ%7')7)-
XIVQWWYGL EW WXVEMR GYVZEXYVI VSXEXMSR SV IPSRKEXMSR (IWMKR WXVIRKXLW JSV HIJSVQEXMSRGSRXVSPPIH ERH JSVGI
8LITEVEQIXIVWwExERHwFxVIJIVXSHIJSVQEXMSRTSVXMSRW GSRXVSPPIH EGXMSRW WLSYPH FI GEPGYPEXIH MR EGGSVHERGI [MXL
XLEXSGGYVEJXIV]MIPHSVTPEWXMGHIJSVQEXMSR8LITEVEQIXIV 7IGXMSRWERH SJXLMWKYMHIVIWTIGXMZIP]
GMWXLIVIHYGIHVIWMWXERGIEJXIVXLIWYHHIRVIHYGXMSRJVSQ' 'SQTSRIRXWWLSYPHFIGPEWWMJMIHEWLEZMRKPS[QSHIVEXI
XS(4EVEQIXIVWwExwFxERHwGxEVIHIJMRIHRYQIVMGEPP] SVLMKLHYGXMPMX]HIQERHWEGGSVHMRKXS7IGXMSR
MR ZEVMSYW XEFPIW MR %'- 6 %PXIVREXMZIP] TEVEQIXIVW ;LIVIWXVIRKXLERHHIJSVQEXMSRGETEGMXMIWEVIHIVMZIHJVSQ
wExwFxERHwGxGERFIHIXIVQMRIHHMVIGXP]F]EREP]XMGEP XIWXHEXEXLIXIWXWWLSYPHFIVITVIWIRXEXMZISJTVSTSVXMSRWHIXEMPW
TVSGIHYVIWNYWXMJMIHF]I\TIVMQIRXEPIZMHIRGI ERH WXVIWW PIZIPW JSV XLI GSQTSRIRX ERH GSQTP] [MXL
4VSZMWMSRWJSVHIXIVQMRMRKEPXIVREXMZIQSHIPMRKTEVEQIXIVW 7IGXMSR  SJ %7')7)-  *YVXLIV KYMHERGI SR XLI
ERHEGGITXERGIGVMXIVMEFEWIHSRI\TIVMQIRXEPIZMHIRGIEVI XIWXMRKSJQSQIRXJVEQIGSQTSRIRXWGERFIJSYRHMR%'-
KMZIRMR7IGXMSRSJ%7')7)- 8LI WXVIRKXL ERH HIJSVQEXMSR GETEGMXMIW SJ GSRGVIXI
(MWTPEGIQIRXHIQERHWHIXIVQMRIHJVSQRSRPMRIEVH]REQMG QIQFIVW WLSYPH GSVVIWTSRH XS ZEPYIW VIWYPXMRK JVSQ E
EREP]WMW EVI WIRWMXMZI XS XLI VEXI SJ WXVIRKXL HIKVEHEXMSR PSEHMRKTVSXSGSPMRZSPZMRKXLVIIJYPP]VIZIVWIHG]GPIWXSXLI
MRGPYHIHMRXLIWXVYGXYVEPQSHIP9RPIWWXLIVIMWI\TIVMQIRXEP HIWMKR HIJSVQEXMSR PIZIP MR EHHMXMSR XS WMQMPEV G]GPIW XS
IZMHIRGISJWYHHIRWXVIRKXLPSWWJSVETEVXMGYPEVGSQTSRIRX PIWWIVHIJSVQEXMSRPIZIPWYRPIWWEPEVKIVSVWQEPPIVRYQFIV
YRHIV GSRWMHIVEXMSR XLI YWI SJ E QSHIP [MXL E WYHHIR SJHIJSVQEXMSRG]GPIWMWHIXIVQMRIHGSRWMHIVMRKIEVXLUYEOI
WXVIRKXLPSWWJVSQTSMRX'XS(MR *MKGERVIWYPXMRSZIV HYVEXMSRERHH]REQMGTVSTIVXMIWSJXLIWXVYGXYVI
IWXMQEXMSRSJXLIHVMJXHIQERHWJSVEWXVYGXYVEPW]WXIQERH ' +IRIVEP{%7')7)-  ERH XLMW KYMHI GPEWWMJ]
MRHMZMHYEP GSQTSRIRXW % QSVI VIEPMWXMG QSHIP JSV QER] EGXMSRWEWIMXLIVHIJSVQEXMSRGSRXVSPPIHSVJSVGIGSRXVSPPIH
GSRGVIXI GSQTSRIRXW [SYPH LEZI E PMRIEV HIKVEHEXMSR MR %GXMSRW EVI GSRWMHIVIH XS FI HIJSVQEXMSRGSRXVSPPIH [LIVI
VIWMWXERGIJVSQTSMRX'XS) XLI GSQTSRIRX FILEZMSV MW [IPP HSGYQIRXIH F] XIWX VIWYPXW
7XVIRKXLPSWWXLEXSGGYVW[MXLMREWMRKPIG]GPIGERVIWYPXMR ;LIVIPMRIEVSVRSRPMRIEVEGGITXERGIGVMXIVMEEVIXEFYPEXIH
H]REQMG MRWXEFMPMX] SJ XLI WXVYGXYVI [LIVIEW WXVIRKXL PSWW MRXLMWKYMHIXLIGSQQMXXIILEWNYHKIHXLIEGXMSRXSFIHIJSV
XLEXSGGYVWFIX[IIRG]GPIWMWYRPMOIP]XSGEYWIWYGLMRWXEFMPMX] QEXMSRGSRXVSPPIHERHI\TIGXIHQEXIVMEPTVSTIVXMIWWLSYPHFI
*MKYVI  HSIW RSX HMWXMRKYMWL FIX[IIR XLIWI X]TIW SJ YWIH ;LIVI WYGLEGGITXERGI GVMXIVME EVIRSX WTIGMJMIHXLI
WXVIRKXL HIKVEHEXMSR ERH QE] RSX EGGYVEXIP] TVIHMGX XLI EGXMSRWLSYPHFIEWWYQIHJSVGIGSRXVSPPIHXLIVIF]VIUYMVMRK
HMWTPEGIQIRXHIQERHWMJXLIX[SJSVQWSJWXVIRKXLHIKVEHE XLI YWI SJ PS[IVFSYRH QEXIVMEP TVSTIVXMIW SV XLI HIWMKR
XMSREVIRSXTVSTIVP]GSRWMHIVIH TVSJIWWMSREPQE]STXXSTIVJSVQXIWXMRKXSZEPMHEXIXLIGPEWWM
 *PERKIHGSRWXVYGXMSR{-RFIEQWGSRWMWXMRKSJE[IF JMGEXMSRSJHIJSVQEXMSRGSRXVSPPIH7IGXMSRSJ%7')7)-
ERH JPERKI XLEX EGX MRXIKVEPP] XLI GSQFMRIH WXMJJRIWW ERH TVSZMHIWKYMHERGISRTVSGIHYVIWXSFIJSPPS[IHHYVMRK
WXVIRKXLJSVJPI\YVEPERHE\MEPPSEHMRKWLSYPHFIGEPGYPEXIH XIWXMRKERH7IGXMSRSJ%7')7)-TVSZMHIWE
GSRWMHIVMRKE[MHXLSJIJJIGXMZIJPERKISRIEGLWMHISJXLI QIXLSHSPSK] FEWIH SR XLI XIWX HEXE XS HMWXMRKYMWLMRK JSVGI
[IFIUYEPXSXLIWQEPPIVSJ GSRXVSPPIHJVSQHIJSVQEXMSRGSRXVSPPIHEGXMSRW
 8LITVSZMHIHJPERKI[MHXL -RWSQIGEWIWMRGPYHMRKWLSVXTIVMSHFYMPHMRKWERHXLSWI
 )MKLXXMQIWXLIJPERKIXLMGORIWW WYFNIGXIHXSEPSRKHYVEXMSRHIWMKRIEVXLUYEOIEFYMPHMRK
 ,EPJXLIHMWXERGIXSXLIRI\X[IFSV QE] FI I\TIGXIH XS FI WYFNIGXIH XS EHHMXMSREP G]GPIW XS XLI
 3RIJMJXLSJXLIFIEQWTERPIRKXL HIWMKRHIJSVQEXMSRPIZIPWFI]SRHXLIXLVIIG]GPIWVIGSQQIRHIH
;LIVIXLIJPERKIMWMRGSQTVIWWMSRXLIGSRGVIXIERH MR7IGXMSR8LIMRGVIEWIHRYQFIVSJG]GPIWQE]PIEHXS
VIMRJSVGIQIRX[MXLMRXLIIJJIGXMZI[MHXLWLSYPHFIGSRWMHIVIH VIHYGXMSRWMRVIWMWXERGIERHHIJSVQEXMSRGETEGMX]8LIIJJIGXW
IJJIGXMZIMRVIWMWXMRKJPI\YVIERHE\MEPPSEH;LIVIXLIJPERKI SRWXVIRKXLERHHIJSVQEXMSRGETEGMX]SJEHHMXMSREPHIJSVQEXMSR
MWMRXIRWMSRPSRKMXYHMREPVIMRJSVGIQIRX[MXLMRXLIIJJIGXMZI G]GPIWWLSYPHFIGSRWMHIVIHMRHIWMKR
[MHXLSJXLIJPERKIERHHIZIPSTIHFI]SRHXLIGVMXMGEPWIGXMSR  (IJSVQEXMSRGSRXVSPPIHEGXMSRW{7XVIRKXLWYWIHJSV
WLSYPHFIGSRWMHIVIHJYPP]IJJIGXMZIJSVVIWMWXMRKJPI\YVEPERH HIJSVQEXMSRGSRXVSPPIHEGXMSRWWLSYPHFIXEOIREWIUYEPXS
E\MEPPSEHW8LITSVXMSRSJXLIJPERKII\XIRHMRKFI]SRHXLI I\TIGXIHWXVIRKXLW5')SFXEMRIHI\TIVMQIRXEPP]SVGEPGYPEXIH
[MHXL SJ XLI [IF WLSYPH FI EWWYQIH MRIJJIGXMZI MR YWMRKEGGITXIHTVMRGMTPIWSJQIGLERMGW)\TIGXIHWXVIRKXLMW
VIWMWXMRKWLIEV HIJMRIHEWXLIQIERQE\MQYQVIWMWXERGII\TIGXIHSZIVXLI
-R[EPPWIJJIGXMZIJPERKI[MHXLWLSYPHFIGSQTYXIHYWMRK VERKI SJ HIJSVQEXMSRW XLEX E GSRGVIXI GSQTSRIRX MWPMOIP]
'LETXIVSJ%'-1 WYFNIGXIHXS;LIVIGEPGYPEXMSRWEVIYWIHXSHIJMRII\TIGXIH
WXVIRKXLI\TIGXIHQEXIVMEPTVSTIVXMIWWLSYPHFIYWIHEW[IPP
{7XVIRKXLERHHIJSVQEFMPMX] 9RPIWW WTIGMJMIH MR XLMW KYMHI SXLIV TVSGIHYVIW WTIGMJMIH MR
 +IRIVEP{%GXMSRWMREWXVYGXYVIWLSYPHFIGPEWWMJMIH %'- 1XS GEPGYPEXIHIWMKRWXVIRKXLWQE]FIYWIH
EW FIMRK IMXLIV HIJSVQEXMSRGSRXVSPPIH SV JSVGIGSRXVSPPIH I\GITXXLEXXLIWXVIRKXLVIHYGXMSRJEGXSV WLSYPHFIXEOIR
(IJSVQEXMSRGSRXVSPPIHEGXMSRWEVIHIJMRIHF]XLIHIWMKREXMSR IUYEP XS YRMX] (IJSVQEXMSR GETEGMXMIW JSV EGGITXERGI SJ
SJPMRIEVERHRSRPMRIEVEGGITXERGIGVMXIVMEMR8EFPIW HIJSVQEXMSRGSRXVSPPIH EGXMSRW GEPGYPEXIH F] RSRPMRIEV
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

TVSGIHYVIWWLSYPHFIEWWTIGMJMIHMR'LETXIV*SVGSQTSRIRXW 8EFPI{'SQTSRIRXHYGXMPMX]HIQERH
GSRWXVYGXIHSJPMKLX[IMKLXGSRGVIXI5')WLSYPHFIQSHMJMIH GPEWWMJMGEXMSR
MREGGSVHERGI[MXL%'-1TVSGIHYVIWJSVPMKLX[IMKLX 1E\MQYQZEPYISJ('6
GSRGVIXI SVHMWTPEGIQIRXHYGXMPMX] (IWGVMTXSV
' (IJSVQEXMSRGSRXVSPPIH EGXMSRW{)\TIGXIH ]MIPH  0S[HYGXMPMX]HIQERH
WXVIRKXLSJVIMRJSVGMRKWXIIPEWWTIGMJMIHMR7IGXMSRSJ XS 1SHIVEXIHYGXMPMX]HIQERH
" ,MKLHYGXMPMX]HIQERH
XLMWKYMHIMRGPYHIWQEXIVMEPSZIVWXVIRKXLGSRWMHIVEXMSRW
 *SVGIGSRXVSPPIHEGXMSRW{7XVIRKXLWYWIHJSVJSVGI
GSRXVSPPIHEGXMSRWWLSYPHFIXEOIREWPS[IVFSYRHWXVIRKXLW
5'0 SFXEMRIHI\TIVMQIRXEPP]SVGEPGYPEXIHYWMRKIWXEFPMWLIH *SV GSRGVIXI GSPYQRW YRHIV GSQFMRIH E\MEP PSEH ERH
TVMRGMTPIWSJQIGLERMGW0S[IVFSYRHWXVIRKXLMWHIJMRIHEW FME\MEPFIRHMRKXLIGSQFMRIHWXVIRKXLWLSYPHFIIZEPYEXIH
XLIQIERPIWWSRIWXERHEVHHIZMEXMSRSJVIWMWXERGII\TIGXIH GSRWMHIVMRKFME\MEPFIRHMRK;LIRYWMRKPMRIEVTVSGIHYVIW
SZIVXLIVERKISJHIJSVQEXMSRWERHPSEHMRKG]GPIWXS[LMGL XLIHIWMKRE\MEPPSEH49*WLSYPHFIGEPGYPEXIHEWEJSVGI
XLI GSRGVIXI GSQTSRIRX MW PMOIP] XS FI WYFNIGXIH ;LIVI GSRXVSPPIH EGXMSR 7IGXMSR  %7')7)-   8LI
GEPGYPEXMSRWEVIYWIHXSHIJMRIPS[IVFSYRHWXVIRKXLWPS[IV HIWMKR QSQIRXW 19(  WLSYPH FI GEPGYPEXIH EFSYX IEGL
FSYRH IWXMQEXIW SJ QEXIVMEP TVSTIVXMIW WLSYPH FI YWIH TVMRGMTEPE\MW 7IGXMSR%7')7)- %GGITXERGI
9RPIWW SXLIV TVSGIHYVIW EVI WTIGMJMIH MR XLMW WXERHEVH WLSYPHFIFEWIHSR
TVSGIHYVIWWTIGMJMIHMR%'-1XSGEPGYPEXIHIWMKR
1 9(\  1 9(] 
WXVIRKXLW QE] FI YWIH I\GITX XLEX XLI WXVIRKXL VIHYGXMSR 
  
  
JEGXSV  WLSYPH FI XEOIR IUYEP XS YRMX] *SV GSQTSRIRXW Q \ 1 ')\ Q ] 1 ')]
GSRWXVYGXIHSJPMKLX[IMKLXGSRGVIXI5'0WLSYPHFIQSHMJMIH
MR EGGSVHERGI [MXL %'- 1 TVSGIHYVIW JSV PMKLX %PXIVREXMZIETTVSEGLIWFEWIHSRTVMRGMTPIWSJQIGLERMGW
[IMKLXGSRGVIXI GERFIYWIH
 'SQTSRIRXHYGXMPMX]HIQERHGPEWWMJMGEXMSR{8EFPI
TVSZMHIW GPEWWMJMGEXMSR SJ GSQTSRIRX HYGXMPMX] HIQERH EW '{*PI\YVIERHE\MEPPSEHW
PS[QSHIVEXISVLMKLFEWIHSRXLIQE\MQYQZEPYISJXLI 0EFSVEXSV]XIWXWMRHMGEXIXLEXJPI\YVEPHIJSVQEFMPMX]QE]
HIQERH GETEGMX] VEXMS ('6  VIJIV XS 7IGXMSR  SJ FIVIHYGIHEWGSI\MWXMRKWLIEVJSVGIWMRGVIEWI%WJPI\YVEP
%7')7)-   JSV PMRIEV TVSGIHYVIW SV XLI GEPGYPEXIH HYGXMPMX]HIQERHWMRGVIEWIWLIEVGETEGMX]HIGVIEWIW[LMGL
HMWTPEGIQIRXHYGXMPMX]JSVRSRPMRIEVTVSGIHYVIW QE]VIWYPX MRE WLIEV JEMPYVI FIJSVI XLISVIXMGEP JPI\YVEP
HIJSVQEXMSR GETEGMXMIW EVIVIEGLIH 9WI GEYXMSR [LIVIJPI\
{*PI\YVIERHE\MEPPSEHW YVEPHIJSVQEXMSRGETEGMXMIWEVIHIXIVQMRIHF]GEPGYPEXMSR
*PI\YVEPWXVIRKXLSJQIQFIVW[MXLERH[MXLSYXE\MEPPSEHW *)1% 7IGXMSR MWEVIWSYVGIJSVKYMHERGISRXLI
WLSYPHFIGEPGYPEXIHEGGSVHMRKXS%'-1SVF]SXLIV MRXIVEGXMSRFIX[IIRWLIEVERHJPI\YVI
HIQSRWXVEXIH VEXMSREP QIXLSHW WYGL EW WIGXMSREP EREP]WMW  9WEFPIWXVEMRPMQMXW{;MXLSYXGSRJMRMRKXVERWZIVWI
YWMRK ETTVSTVMEXI GSRGVIXI ERH WXIIP GSRWXMXYXMZI QSHIPW VIMRJSVGIQIRX XLI QE\MQYQ YWEFPI WXVEMR EX XLI I\XVIQI
(IJSVQEXMSR GETEGMX] SJ QIQFIVW [MXL ERH [MXLSYX E\MEP GSRGVIXI GSQTVIWWMSR JMFIV WLSYPH RSX I\GIIH  JSV
PSEHW WLSYPH FI GEPGYPEXIH GSRWMHIVMRK WLIEV JPI\YVI ERH GSQTSRIRXWMRRIEVP]TYVIGSQTVIWWMSRERHJSVSXLIV
VIMRJSVGIQIRX WPMT HIJSVQEXMSRW SV QE] FI HIXIVQMRIH GSQTSRIRXW YRPIWW PEVKIV WXVEMRW EVI WYFWXERXMEXIH F]
FEWIHSREGGITXERGIGVMXIVMEKMZIRMR'LETXIVSJ%'-6 I\TIVMQIRXEPIZMHIRGIERHETTVSZIHF]XLIEYXLSVMX]LEZMRK
7XVIRKXLW ERH HIJSVQEXMSR GETEGMXMIW SJ GSQTSRIRXW [MXL NYVMWHMGXMSR 1E\MQYQ YWEFPI GSQTVIWWMZI WXVEMRW JSV
QSRSPMXLMG JPERKIW WLSYPH FI GEPGYPEXIH GSRWMHIVMRK GSRJMRIHGSRGVIXIWLSYPHFIFEWIHSRI\TIVMQIRXEPIZMHIRGI
GSRGVIXI ERH HIZIPSTIH PSRKMXYHMREP VIMRJSVGIQIRX [MXLMR ERHGSRWMHIVPMQMXEXMSRWTSWIHF]XVERWZIVWIVIMRJSVGIQIRX
XLIIJJIGXMZIJPERKI[MHXL 7IGXMSR  JVEGXYVIPSRKMXYHMREPVIMRJSVGIQIRXFYGOPMRKERHHIKVEHEXMSR
7XVIRKXLERHHIJSVQEXMSRGETEGMXMIWWLSYPHFIHIXIVQMRIH SJ GSQTSRIRX VIWMWXERGI EX PEVKI HIJSVQEXMSR PIZIPW
FEWIHSRXLIEZEMPEFPIHIZIPSTQIRXSJPSRKMXYHMREPVIMRJSVGI 1E\MQYQGSQTVIWWMZIWXVEMRWMRPSRKMXYHMREPVIMRJSVGIQIRX
QIRX;LIVIPSRKMXYHMREPVIMRJSVGIQIRXLEWIQFIHQIRXSV WLSYPH RSX I\GIIH  ERH QE\MQYQ XIRWMPI WXVEMRW MR
HIZIPSTQIRX PIRKXL XLEX MW MRWYJJMGMIRX JSV VIMRJSVGIQIRX PSRKMXYHMREPVIMRJSVGIQIRXWLSYPHRSXI\GIIH1SRSXSRMG
WXVIRKXLHIZIPSTQIRXJPI\YVEPWXVIRKXLWLSYPHFIGEPGYPEXIH GSYTSRXIWXVIWYPXWWLSYPHRSXFIYWIHXSHIXIVQMRIVIMRJSVGI
FEWIH SR PMQMXMRK WXVIWW GETEGMX] SJ XLI IQFIHHIH FEV EW QIRXWXVEMRPMQMXW-JI\TIVMQIRXEPIZMHIRGIMWYWIHXSHIXIVQMRI
HIJMRIHMR7IGXMSR WXVEMRPMQMXWXLIIJJIGXWSJPS[G]GPIJEXMKYIERHXVERWZIVWI
;LIVIJPI\YVEPHIJSVQEXMSRGETEGMXMIWEVIGEPGYPEXIHJVSQ VIMRJSVGIQIRXWTEGMRKERHWM^IWLSYPHFIMRGPYHIHMRXIWXMRK
FEWMG TVMRGMTPIW SJ QIGLERMGW VIHYGXMSRW MR HIJSVQEXMSR TVSGIHYVIW &VS[RERH/YRREXL 6IWYPXWEVIWYFNIGX
GETEGMX]HYIXSETTPMIHWLIEVWLSYPHFIGSRWMHIVIH;LIVI XSXLIETTVSZEPSJXLIEYXLSVMX]LEZMRKNYVMWHMGXMSR
YWMRKEREP]XMGEPQSHIPWJSVJPI\YVEPHIJSVQEFMPMX]XLEXHSRSX '9WEFPIWXVEMRPMQMXW{6IMRJSVGIQIRXXIRWMPIWXVEMR
HMVIGXP]GSRWMHIVIJJIGXSJWLIEVERHHIWMKRWLIEVIUYEPWSV PMQMX MW FEWIH SR GSRWMHIVEXMSR SJ XLI IJJIGXW SJ QEXIVMEP
I\GIIHW J G %[ TWM  J G %[14E XLIHIWMKRZEPYI TVSTIVXMIW ERH PS[G]GPI JEXMKYI 0S[G]GPI JEXMKYI MW
WLSYPH RSX I\GIIH   SJ XLI ZEPYI GEPGYPEXIH YWMRK XLI MRJPYIRGIHF]WTEGMRKERHWM^ISJXVERWZIVWIVIMRJSVGIQIRX
EREP]XMGEPQSHIP ERHWXVEMRLMWXSV]9WMRKI\XVETSPEXIHQSRSXSRMGXIWXVIWYPXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

XSHIZIPSTXIRWMPIWXVEMRWKVIEXIVXLERXLSWIWTIGMJMIHEFSZI FYX WLSYPH RSX I\GIIH XLI I\TIGXIH SV PS[IVFSYRH


MWRSXVIGSQQIRHIH8LI'EPMJSVRME(ITEVXQIRXSJ8VERWTSV ]MIPHWXVIRKXLEWETTPMGEFPI
XEXMSR 'EPXVERW  7IMWQMG (IWMKR 'VMXIVME 'EPXVERW  ;LIVIXVERWZIVWIVIMRJSVGIQIRXMWHMWXVMFYXIHEPSRK
VIGSQQIRHWERYPXMQEXIXIRWMPIWXVEMRSJJSV2S XLI HIZIPSTQIRX PIRKXL [MXL WTEGMRK RSX I\GIIHMRK
2S FEVWERHWQEPPIVERHJSV2S 2S FEVW SRIXLMVH SJ XLIIJJIGXMZI GSQTSRIRX HITXL MX GER FI
ERH PEVKIV JSV %781 %%1  OWM  14E EWWYQIH XLEX XLIVIMRJSVGIQIRX VIXEMRW XLI GEPGYPEXIH
VIMRJSVGMRKFEVW%PS[IVFSYRHMWWIPIGXIHLIVIGSRWMHIVMRK QE\MQYQWXVIWWXSLMKLHYGXMPMX]HIQERHW*SVPEVKIV
XLI ZEVMEFMPMX] MR QEXIVMEPW ERH HIXEMPW X]TMGEPP] JSYRH MR WTEGMRKW SJ XVERWZIVWI VIMRJSVGIQIRX XLI HIZIPSTIH
I\MWXMRKWXVYGXYVIW WXVIWW WLSYPH FI EWWYQIH XS HIKVEHI JVSQ JW  EX E
HYGXMPMX] HIQERH SV ('6 IUYEP XS  XS JW EX E
{7LIEVERHXSVWMSR HYGXMPMX]HIQERHSV('6IUYEPXS
7XVIRKXLW MR WLIEV ERH XSVWMSR WLSYPH FI GEPGYPEXIH  7XVIRKXL SJ HIJSVQIH WXVEMKLX HMWGSRXMRYSYW FEVW
EGGSVHMRKXS%'-1I\GITXEWQSHMJMIHMRXLMWKYMHI IQFIHHIHMRGSRGVIXIWIGXMSRWSVFIEQGSPYQRNSMRXW
;MXLMR]MIPHMRKVIKMSRWSJGSQTSRIRXW[MXLQSHIVEXISV [MXLGPIEVGSZIVSZIVXLIIQFIHHIHFEVRSX PIWWXLER
LMKLHYGXMPMX]HIQERHWWLIEVERHXSVWMSREPWXVIRKXLWLSYPH HFWLSYPHFIGEPGYPEXIHEGGSVHMRKXS)U 
FIGEPGYPEXIHEGGSVHMRKXSTVSGIHYVIWJSVHYGXMPIGSQTSRIRXW
WYGLEWXLITVSZMWMSRWMR'LETXIVSJ%'-1 
JW!  I  J] TWMYRMXW
;MXLMR ]MIPHMRK VIKMSRW SJ GSQTSRIRXW [MXL PS[ HYGXMPMX] HF
HIQERHW 8EFPI   ERH SYXWMHI ]MIPHMRK VIKMSRW JSV EPP
HYGXMPMX]HIQERHWTVSGIHYVIWJSVIJJIGXMZIIPEWXMGVIWTSRWI 
WYGLEWXLITVSZMWMSRWMR'LETXIVSJ%'-1
GERFIYWIHXSGEPGYPEXIXLIHIWMKRWLIEVWXVIRKXL 
JW!  I  J] TWMYRMXW
;LIVIXLIPSRKMXYHMREPWTEGMRKSJXVERWZIVWIVIMRJSVGIQIRX HF
I\GIIHWLEPJXLI GSQTSRIRXIJJIGXMZI HITXLQIEWYVIH MR XLI
HMVIGXMSRSJWLIEVXVERWZIVWIVIMRJSVGIQIRXWLSYPHFIEWWYQIH [LIVI JWMWPIWWXLERJ]ERHXLIGEPGYPEXIHWXVIWWMRXLI
RSX QSVI XLER   IJJIGXMZI MR VIWMWXMRK WLIEV SV XSVWMSR FEV HYI XS HIWMKR PSEHW IUYEPW SV I\GIIHW JW  XLI
;LIVI XLI PSRKMXYHMREP WTEGMRK SJ XVERWZIVWI VIMRJSVGIQIRX QE\MQYQ HIZIPSTIH WXVIWW WLSYPH FI EWWYQIH XS
I\GIIHW XLI GSQTSRIRX IJJIGXMZI HITXL QIEWYVIH MR XLI HIKVEHI JVSQ JW XS JW EX E HYGXMPMX] HIQERH SV
HMVIGXMSRSJWLIEVXVERWZIVWIVIMRJSVGIQIRXWLSYPHFIEWWYQIH ('6 IUYEP XS  -R FIEQW [MXL WLSVX FSXXSQ FEV
MRIJJIGXMZIMRVIWMWXMRKWLIEVSVXSVWMSR*SVFIEQWERHGSPYQRW IQFIHQIRXWMRXSFIEQGSPYQRNSMRXWJPI\YVEPWXVIRKXL
PETWTPMGIH XVERWZIVWIVIMRJSVGIQIRXWLSYPH FIEWWYQIHRSX WLSYPHFIGEPGYPEXIHGSRWMHIVMRKXLIWXVIWWPMQMXEXMSRSJ
QSVI XLER   IJJIGXMZI MR VIKMSRW SJ QSHIVEXI HYGXMPMX] )U  
HIQERHERHMRIJJIGXMZIMRVIKMSRWSJLMKLHYGXMPMX]HIQERH  *SVTPEMRWXVEMKLXLSSOIHERHPETWTPMGIHFEVWHIZIP
7LIEVJVMGXMSRWXVIRKXLWLSYPHFIGEPGYPEXIHEGGSVHMRKXS STQIRXERHWTPMGIPIRKXLWWLSYPHFIXEOIREWX[MGIXLI
%'- 1 GSRWMHIVMRK XLI I\TIGXIH E\MEP PSEH JVSQ ZEPYIWHIXIVQMRIHMREGGSVHERGI[MXL%'-1
KVEZMX] ERH IEVXLUYEOI IJJIGXW ;LIVI VILEFMPMXEXMSR YRPIWWSXLIVPIRKXLWEVINYWXMJMIHF]ETTVSZIHXIWXWSV
MRZSPZIW XLIEHHMXMSRSJ GSRGVIXI VIUYMVMRK SZIVLIEH [SVO GEPGYPEXMSRW GSRWMHIVMRK SRP] XLI GLIQMGEP FSRH
[MXLHV]TEGOXLIWLIEVJVMGXMSRGSIJJMGMIRXWLSYPHFIXEOIR FIX[IIRXLIFEVERHGSRGVIXIERH
EWIUYEPXS SJXLIZEPYIWTIGMJMIHF]%'-1  (S[IPIH FEVW EHHIH MR WIMWQMG VILEFMPMXEXMSR GER FI
EWWYQIHXSHIZIPST]MIPHWXVIWW[LIVIEPPXLIJSPPS[MRK
{(IZIPSTQIRXERHWTPMGIWSJVIMRJSVGIQIRX GSRHMXMSRWEVIWEXMWJMIH
(IZIPSTQIRX SJ WXVEMKLX FEVW LSSOIH FEVW ERH PET E (VMPPIHLSPIWJSVHS[IPFEVWEVIGPIERIH[MXLEWXMJJ
WTPMGIHFEVWWLSYPHFIGEPGYPEXIHEGGSVHMRKXSXLITVSZMWMSRW FVYWLXLEXI\XIRHWXLIPIRKXLSJXLILSPI
SJ%'-1[MXLXLIJSPPS[MRKQSHMJMGEXMSRW F )QFIHQIRXPIRKXL IMWRSXPIWWXLERHF
 (IJSVQIHWXVEMKLXLSSOIHERHPETWTPMGIHFEVWWLSYPH G 1MRMQYQHS[IPFEVWTEGMRKMWRSXPIWWXLER IERH
QIIX XLIHIZIPSTQIRX VIUYMVIQIRXW SJ 'LETXIV SJ QMRMQYQIHKIHMWXERGIMWRSXPIWWXLER I(IWMKR
%'-1I\GITXJSVPETWTPMGIW[LMGLWLSYPHFI ZEPYIWJSVHS[IPFEVWRSXWEXMWJ]MRKXLIWIGSRHMXMSRW
XLIWEQIEWXLSWIJSVWXVEMKLXHIZIPSTQIRXSJFEVWMR WLSYPHFIZIVMJMIHF]XIWXHEXE*MIPHWEQTPIWWLSYPH
XIRWMSR[MXLSYXGSRWMHIVEXMSRSJPETWTPMGIGPEWWMJMGEXMSRW FISFXEMRIHXSIRWYVIHIWMKRWXVIRKXLWEVIHIZIPSTIH
3VERKYRIXEP  MREGGSVHERGI[MXL'LETXIV
 ;LIVI I\MWXMRK HIJSVQIH WXVEMKLX FEVW LSSOIH FEVW
ERH PETWTPMGIH FEVW HS RSX QIIX XLI HIZIPSTQIRX '{(IZIPSTQIRXERHWTPMGIWSJVIMRJSVGIQIRX
VIUYMVIQIRXW SJ   EFSZI XLI GETEGMX] SJ I\MWXMRK (IZIPSTQIRXVIUYMVIQIRXWMREGGSVHERGI[MXL'LETXIVSJ
VIMRJSVGIQIRXWLSYPHFIGEPGYPEXIHYWMRK)U  %'-1[MPPFIETTPMGEFPIXSHIZIPSTQIRXSJFEVWMR
EPP GSQTSRIRXW 'LETXIV  SJ %'- 1 TVSZMHIW

HIZIPSTQIRXVIUYMVIQIRXWXLEXEVIMRXIRHIHSRP]JSVYWIMR
J W !  F J ]0  ]MIPHMRKGSQTSRIRXWSJVIMRJSVGIHGSRGVIXIQSQIRXJVEQIW
H XLEX GSQTP] [MXL XLI GSZIV ERH GSRJMRIQIRX TVSZMWMSRW SJ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

'LETXIV  SJ %'- 1 'LETXIV  SJ %'-  'EWXMRTPEGIW]WXIQW{'SQTSRIRXEGXMSRWSRGEWX
1TIVQMXWVIHYGXMSRWMRPIRKXLWMJQMRMQYQGSZIV MRTPEGIGSRRIGXMSRW]WXIQWMRGPYHMRKWLIEVJSVGIWXIRWMSR
ERHGSRJMRIQIRXEVITVIWIRXMRERI\MWXMRKGSQTSRIRX JSVGIW FIRHMRK QSQIRXW ERH TV]MRK EGXMSRW WLSYPH FI
)UYEXMSR  [LMGLMWEQSHMJMIHZIVWMSRSJXLIQSHIP GSRWMHIVIH JSVGIGSRXVSPPIH 0S[IVFSYRH WXVIRKXL SJ
TVIWIRXIHF]'LSERH4MRGLIMVE  VIJPIGXWXLIMRXIRXSJ GSRRIGXMSRW WLSYPH FI YPXMQEXI ZEPYIW EW WTIGMJMIH MR
%'-GSHIHIZIPSTQIRXERHWTPMGIIUYEXMSRWXSHIZIPST %TTIRHM\(SJ%'-1[MXL !
XMQIWXLIRSQMREPFEVWXVIRKXLVIJIVVIHXSMRXLMWKYMHIEW  4SWXMRWXEPPIH ERGLSVW{'SQTSRIRX EGXMSRW SR
XLI PS[IVFSYRH ]MIPH WXVIRKXL 8LI RSRPMRIEV VIPEXMSR TSWXMRWXEPPIHERGLSVGSRRIGXMSRW]WXIQWWLSYPHFIGSRWMHIVIH
FIX[IIR HIZIPSTIH WXVIWW ERH HIZIPSTQIRX PIRKXL VIJPIGXW JSVGIGSRXVSPPIH8LIPS[IVFSYRHGETEGMX]SJTSWXMRWXEPPIH
XLIIJJIGXSJMRGVIEWMRKWPMTERHLIRGIVIHYGIHYRMXFSRH ERGLSVWWLSYPHFIYPXMQEXIZEPYIWEWWTIGMJMIHMR%TTIRHM\(SJ
WXVIRKXLJSVPSRKIVHIZIPSTQIRXPIRKXLW6IJIVXS)P[SSHIX %'- 1 [MXL !  SV QIERPIWW SRI WXERHEVH
EP  JSVQSVIHIXEMPW HIZMEXMSRSJYPXMQEXIZEPYIWTYFPMWLIHMRETTVSZIHXIWXVITSVXW
*SVFYMPHMRKWGSRWXVYGXIHTVMSVXSXLIFSRHWXVIRKXL  5YEPMX] EWWYVERGI{'SRRIGXMSRW FIX[IIR I\MWXMRK
HIZIPSTIH FIX[IIR VIMRJSVGMRK WXIIP ERH GSRGVIXI QE] FI GSRGVIXI GSQTSRIRXW ERH RI[ SRIW EHHIH JSV WXVYGXYVEP
PIWWXLERTVIWIRXHE]WXVIRKXL4VIWIRXIUYEXMSRWJSVHIZIPST WIMWQMGVILEFMPMXEXMSRWLSYPHFIWYFNIGXXSUYEPMX]EWWYVERGI
QIRX ERH WTPMGIWSJVIMRJSVGIQIRX EGGSYRX JSV QIGLERMGEP TVSZMWMSRWWTIGMJMIHMR7IGXMSRSJ%7')7)-8LI
FSRHJVSQHIJSVQEXMSRWTVIWIRXMRHIJSVQIHFEVWEW[IPPEW HIWMKR TVSJIWWMSREP WLSYPH WTIGMJ] XLI VIUYMVIH MRWTIGXMSR
GLIQMGEP FSRH 8LI PIRKXL VIUYMVIH XS HIZIPST TPEMR FEVW ERHXIWXMRKSJGEWXMRTPEGIERHTSWXMRWXEPPIHERGLSVWEWTEVX
[MPPFIQYGLKVIEXIVXLERJSVHIJSVQIHFEVWERHQSVIWIRWMXMZI SJXLIUYEPMX]EWWYVERGITPER
XSGVEGOMRKMRGSRGVIXI8IWXMRKERHEWWIWWQIRXTVSGIHYVIW
JSV XIRWMPI PET WTPMGIW ERH HIZIPSTQIRX PIRKXL JSV TPEMR {6ILEFMPMXEXMSRKIRIVEPVIUYMVIQIRXW
VIMRJSVGMRK WXIIP EVI JSYRH MR 'SRGVIXI 6IMRJSVGMRK 7XIIP 'SRGVIXI GSQTSRIRXW MR ER I\MWXMRK FYMPHMRK XLEX EVI
-RWXMXYXI '67- )RKMRIIVMRK(EXE6ITSVX '67-(%  HIXIVQMRIH HIJMGMIRX JSV XLI WIPIGXIH 63 WLSYPH FI
7UYEVIVIMRJSVGMRKFEVW{7UYEVIVIMRJSVGMRKFEVWMR EHHVIWWIHXLVSYKLWIMWQMGVILEFMPMXEXMSR8LMWQE]MRGPYHI
EFYMPHMRKWLSYPHFIGPEWWMJMIHEWIMXLIVX[MWXIHSVWXVEMKLX VITPEGIQIRXSVVILEFMPMXEXMSRSJXLIGSQTSRIRXSVQSHMJMGEXMSR
8LIHIZIPSTIHWXVIRKXLSJX[MWXIHWUYEVIFEVWWLSYPHFIEW SJXLIWXVYGXYVIWSXLIGSQTSRIRXMWRSPSRKIVHIJMGMIRXJSV
WTIGMJMIHJSVHIJSVQIHFEVWMR7IGXMSRYWMRKERIJJIGXMZI XLIWIPIGXIH63-JGSQTSRIRXVITPEGIQIRXMWWIPIGXIHXLI
HMEQIXIVGEPGYPEXIHFEWIHSRXLIKVSWWEVIESJXLIWUYEVIFEV RI[GSQTSRIRXWLSYPHFIHIWMKRIHMREGGSVHERGI[MXLXLMW
7XVEMKLXWUYEVIFEVWWLSYPHFIGSRWMHIVIHEWTPEMRFEVWERH KYMHI ERH HIXEMPIH ERH GSRWXVYGXIH MR GSQTPMERGI [MXL E
XLIHIZIPSTIHWXVIRKXLWLSYPHFIEWWTIGMJMIHJSVTPEMRFEVW FYMPHMRKGSHIETTVSZIHF]XLIEYXLSVMX]LEZMRKNYVMWHMGXMSR
7IGXMSR  6ILEFMPMXEXMSRQIEWYVIW WLSYPHFIIZEPYEXIHEW VIUYMVIH
F] XLMW KYMHI XS EWWYVI XLEX XLI GSQTPIXIH VILEFMPMXEXMSR
{'SRRIGXMSRWXSI\MWXMRKGSRGVIXI EGLMIZIW XLI WIPIGXIH 63 8LI IJJIGXW SJ VILEFMPMXEXMSR SR
'SRRIGXMSRWYWIHXSGSRRIGXX[SSVQSVIGSQTSRIRXWGER WXMJJRIWW WXVIRKXL ERH HIJSVQEFMPMX] WLSYPH FI XEOIR MRXS
FIGPEWWMJMIHEGGSVHMRKXSXLIMVERGLSVMRKW]WXIQWEWGEWXMR EGGSYRXMREREREP]XMGEPQSHIPSJXLIVILEFMPMXEXIHWXVYGXYVI
TPEGI SV EW TSWXMRWXEPPIH ERH HIWMKRIH EGGSVHMRK XS 8LIGSQTEXMFMPMX]SJRI[ERHI\MWXMRKGSQTSRIRXWWLSYPHFI
%TTIRHM\ (SJ%'-1EWQSHMJMIHMR7IGXMSR GLIGOIH EX HMWTPEGIQIRXW GSRWMWXIRX [MXL XLI WIPIGXIH
8LIWI TVSZMWMSRW HS RSX ETTP] XS GSRRIGXMSRW MR TPEWXMG TIVJSVQERGIPIZIP
LMRKI^SRIW 'SRRIGXMSRWVIUYMVIHFIX[IIRI\MWXMRKERHRI[GSQTSRIRXW
WLSYPH WEXMWJ] XLI VIUYMVIQIRXW SJ 7IGXMSR  ERH SXLIV
'{'SRRIGXMSRWXSI\MWXMRKGSRGVIXI VIUYMVIQIRXWSJXLMWKYMHI
%TTIRHM\(SJ%'-1EGGSYRXWJSVXLIMRJPYIRGISJ
GVEGOMRK SR XLI PSEH GETEGMX] SJ GSRRIGXSVW LS[IZIV ',%48)6{'32'6)8)131)28*6%1)7
GVEGOMRK ERH WTEPPMRK I\TIGXIH MR TPEWXMG LMRKI ^SRIW MW {8]TIWSJGSRGVIXIQSQIRXJVEQIW
PMOIP]XSFIQSVIWIZIVIXLERXLIPIZIPSJHEQEKIJSV[LMGL 'SRGVIXI QSQIRX JVEQIW EVI HIJMRIH EW IPIQIRXW
%TTIRHM\ ( MW ETTPMGEFPI %'-  HIWGVMFIW WMQYPEXIH GSQTVMWIHTVMQEVMP]SJLSVM^SRXEPJVEQMRKGSQTSRIRXWWYGL
WIMWQMG XIWXW XLEX GER FI YWIH JSV UYEPMJMGEXMSR SJ TSWX EW FIEQW ERHWPEFWSVFSXLZIVXMGEPJVEQMRKGSQTSRIRXW
MRWXEPPIHERGLSVW7YGLXIWXWHSRSXWMQYPEXIXLIGSRHMXMSRW WYGL EW GSPYQRW ERH NSMRXW GSRRIGXMRK LSVM^SRXEP ERH
I\TIGXIHMRTPEWXMGLMRKI^SRIW ZIVXMGEPJVEQMRKGSQTSRIRXW8SVIWMWXPEXIVEPJSVGIWXLIWI
%7')7)-  7IGXMSR  VIUYMVIW XLI PSEH IPIQIRXWEGXEPSRISVMRGSRNYRGXMSR[MXLWLIEV[EPPWFVEGIH
GETEGMX] SJ ERGLSVW TPEGIH MR EVIEW [LIVI GVEGOMRK MW JVEQIWSVSXLIVIPIQIRXW
I\TIGXIHXSFIVIHYGIHF]EJEGXSVSJ8LMWTVSZMWMSR[EW *VEQIW XLEX EVI GEWX QSRSPMXLMGEPP] MRGPYHMRK QSRSPMXLMG
MRGPYHIH MR *)1%  JSV FSXL GEWXMRTPEGI ERH TSWX GSRGVIXIJVEQIWGVIEXIHF]XLIEHHMXMSRSJRI[QEXIVMEPEVI
MRWXEPPIHERGLSVWTVMSVXSXLIMRXVSHYGXMSRSJ%'-1 EHHVIWWIHMR'LETXIV*VEQIWEHHVIWWIHMRGPYHIVIMRJSVGIH
%TTIRHM\ ( &IGEYWI GVEGOMRK MW RS[ EGGSYRXIH JSV F] GSRGVIXI FIEQGSPYQR QSQIRX JVEQIW TSWXXIRWMSRIH
%TTIRHM\(XLIJEGXSVMWRSXVIUYMVIHMR7IGXMSRSJ GSRGVIXI FIEQGSPYQR QSQIRX JVEQIW ERH WPEFGSPYQR
%'-6 QSQIRXJVEQIW4VIGEWXGSRGVIXIJVEQIWGSRGVIXIJVEQIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

[MXLMRJMPPWERHGSRGVIXIFVEGIHJVEQIWEVIRSXEHHVIWWIH REVVS[IVGSQTSRIRXJEPPW[MXLMRXLIQMHHPIXLMVHSJXLI
MRXLMWKYMHI EHNEGIRX JVEQMRK GSQTSRIRX QIEWYVIH XVERWZIVWI XS XLI
8LI JVEQI GPEWWMJMGEXMSRW MR 7IGXMSRW  XLVSYKL  JVEQMRKHMVIGXMSRXLMWIGGIRXVMGMX]RIIHRSXFIGSRWMHIVIH
MRGPYHI I\MWXMRK GSRWXVYGXMSR RI[ GSRWXVYGXMSR I\MWXMRK ;LIVI PEVKIV IGGIRXVMGMXMIW SGGYV XLI IJJIGX WLSYPH FI
GSRWXVYGXMSRXLEXLEWFIIRVILEFMPMXEXIHJVEQIWMRXIRHIHEWTEVX VITVIWIRXIH IMXLIV F] VIHYGXMSRW MR IJJIGXMZI WXMJJRIWW
SJXLIPEXIVEPJSVGIVIWMWXMRKW]WXIQERHJVEQIWRSXMRXIRHIHEW WXVIRKXLERHHIJSVQEXMSRGETEGMX]SVF]HMVIGXQSHIPMRKSJ
TEVXSJXLIPEXIVEPJSVGIVIWMWXMRKW]WXIQMRXLISVMKMREPHIWMKR XLIIGGIRXVMGMX]
 6IMRJSVGIH GSRGVIXI FIEQGSPYQR QSQIRX JVEQIW{ 8LIFIEQGSPYQRNSMRXMRQSRSPMXLMGGSRWXVYGXMSRMWXLI
6IMRJSVGIHGSRGVIXIFIEQGSPYQRQSQIRXJVEQIWEHHVIWWIH ^SRI LEZMRK LSVM^SRXEP HMQIRWMSRW IUYEP XS XLI GSPYQR
MR7IGXMSREVIHIJMRIHF]XLIJSPPS[MRKGSRHMXMSRW GVSWWWIGXMSREPHMQIRWMSRWERHZIVXMGEPHMQIRWMSRIUYEPXS
 *VEQMRKGSQTSRIRXWEVIFIEQW [MXLSV[MXLSYXWPEFW  XLIFIEQHITXL%[MHIVNSMRXMWEGGITXEFPI[LIVIXLIFIEQ
GSPYQRWERHXLIMVGSRRIGXMSRW MW[MHIVXLERXLIGSPYQR8LIFIEQGSPYQRNSMRXWLSYPHFI
 *VEQIW EVISJQSRSPMXLMG GSRWXVYGXMSRXLEXTVSZMHIW JSV QSHIPIHEGGSVHMRKXS7IGXMSRSVEWNYWXMJMIHF]I\TIV
QSQIRXERHWLIEVXVERWJIVFIX[IIRFIEQWERHGSPYQRW MQIRXEP IZMHIRGI 8LI QSHIP SJ XLI GSRRIGXMSR FIX[IIR
ERH GSPYQRWERHJSYRHEXMSRWLSYPHFIWIPIGXIHFEWIHSRHIXEMPW
 4VMQEV] VIMRJSVGIQIRX MR GSQTSRIRXW GSRXVMFYXMRK XS SJ XLI GSPYQRJSYRHEXMSR GSRRIGXMSR ERH VMKMHMX] SJ XLI
PEXIVEPPSEHVIWMWXERGIMWRSRTVIWXVIWWIH JSYRHEXMSRWSMPW]WXIQ
7TIGMEP QSQIRX JVEQIWMRXIVQIHMEXI QSQIRX JVEQIWERH %GXMSRSJXLIWPEFEWEHMETLVEKQMRXIVGSRRIGXMRKZIVXMGEP
SVHMREV]QSQIRXJVEQIWEWHIJMRIHMR%7')%'-ERH%'- GSQTSRIRXWWLSYPHFIVITVIWIRXIH%GXMSRSJXLIWPEFEWE
1EVIHIIQIHXSWEXMWJ]XLIEFSZIGSRHMXMSRW GSQTSWMXIFIEQJPERKIWLSYPHFIGSRWMHIVIHMRHIZIPSTMRK
 4SWXXIRWMSRIH GSRGVIXI FIEQGSPYQR QSQIRX WXMJJRIWWWXVIRKXLERHHIJSVQEXMSRGETEGMXMIWSJXLIFIEQ
JVEQIW{4SWXXIRWMSRIH GSRGVIXI FIEQGSPYQR QSQIRX GSQTSRIRXQSHIP 7IGXMSR 
JVEQIW EHHVIWWIH MR 7IGXMSR  EVI HIJMRIH F] XLI -RIPEWXMGEGXMSRWLSYPHFIVIWXVMGXIHXSXLSWIGSQTSRIRXW
JSPPS[MRKGSRHMXMSRW ERHEGXMSRWPMWXIHMR8EFPIW ERHI\GITX[LIVIMXMW
 *VEQMRKGSQTSRIRXWEVIFIEQW [MXLSV[MXLSYXWPEFW  HIQSRWXVEXIHF]I\TIVMQIRXEPIZMHIRGIERHEREP]WMWXLEXSXLIV
GSPYQRWERHXLIMVGSRRIGXMSRW MRIPEWXMGEGXMSRMWEGGITXEFPIJSVXLIWIPIGXIHTIVJSVQERGIPIZIP
 *VEQIWSJQSRSPMXLMGGSRWXVYGXMSRTVSZMHIJSVQSQIRX %GGITXERGIGVMXIVMEEVIWTIGMJMIHMR7IGXMSR
ERHWLIEVXVERWJIVFIX[IIRFIEQWERHGSPYQRWERH ' +IRIVEP GSRWMHIVEXMSRW{2SRWXVYGXYVEP GSQTSRIRXW
 4VMQEV]VIMRJSVGIQIRXMRFIEQWGSRXVMFYXMRKXSPEXIVEP WLSYPHFIMRGPYHIHMRXLIEREP]XMGEPQSHIPMJWYGLIPIQIRXW
PSEHVIWMWXERGI MRGPYHIW TSWXXIRWMSRIH VIMRJSVGIQIRX GSRXVMFYXIWMKRMJMGERXP]XSFYMPHMRKWXMJJRIWWQSHMJ]H]REQMG
[MXLSV[MXLSYXQMPHVIMRJSVGIQIRX TVSTIVXMIWSVLEZIWMKRMJMGERXMQTEGXSRXLIFILEZMSVSJ
 7PEFGSPYQRQSQIRXJVEQIW{7PEFGSPYQRQSQIRX EHNEGIRXWXVYGXYVEPIPIQIRXW%7')7)-7IGXMSR
JVEQIW 7IGXMSR EVIHIJMRIHF]XLIJSPPS[MRKGSRHMXMSRW WYKKIWXWXLEXRSRWXVYGXYVEPGSQTSRIRXWWLSYPHFIMRGPYHIHMJ
*VEQMRKGSQTSRIRXWEVIWPEFW [MXLSV[MXLSYXFIEQWMR XLIMVPEXIVEPWXMJJRIWWI\GIIHW SJXLIXSXEPMRMXMEPPEXIVEP
XLIXVERWZIVWIHMVIGXMSR GSPYQRWERHXLIMVGSRRIGXMSRW WXMJJRIWWSJEWXSV]4EVXMEPMRJMPP[EPPWERHWXEMVGEWIWEVI
 *VEQIW SJ QSRSPMXLMG GSRWXVYGXMSR TVSZMHI JSV I\EQTPIW SJ RSRWXVYGXYVEP IPIQIRXW XLEX GER EPXIV XLI
QSQIRX ERH WLIEV XVERWJIV FIX[IIR WPEFW ERH FILEZMSVSJEHNEGIRXGSRGVIXIWXVYGXYVEPIPIQIRXW
GSPYQRWERH  7XMJJRIWWJSVEREP]WMW
 4VMQEV]VIMRJSVGIQIRXMR WPEFWGSRXVMFYXMRKXSPEXIVEP  0MRIEVWXEXMGERHH]REQMGTVSGIHYVIW{&IEQW
PSEHVIWMWXERGIMRGPYHIWRSRTVIWXVIWWIHVIMRJSVGIQIRX WLSYPHFIQSHIPIHGSRWMHIVMRKJPI\YVEPERHWLIEVWXMJJRIWWIW
TVIWXVIWWIHVIMRJSVGIQIRXSVFSXL MRGPYHMRKXLIIJJIGXSJXLIWPEFEGXMRKEWEJPERKIMRQSRSPMXLMG
GSRWXVYGXMSR 7IGXMSR   'SPYQRW WLSYPH FI QSHIPIH
{6IMRJSVGIHGSRGVIXIFIEQGSPYQRQSQIRX GSRWMHIVMRK JPI\YVEP WLIEV ERH E\MEP WXMJJRIWWIW 6IJIV XS
JVEQIW 7IGXMSR  XS GSQTYXI XLI IJJIGXMZI WXMJJRIWWIW ;LIVI
 +IRIVEPGSRWMHIVEXMSRW{8LIEREP]XMGEPQSHIPJSVE
NSMRXWXMJJRIWWMWRSXQSHIPIHI\TPMGMXP]MXGERFIQSHIPIH
FIEQGSPYQR JVEQI IPIQIRX WLSYPH VITVIWIRX WXVIRKXL
MQTPMGMXP]F]EHNYWXMRKEGIRXIVPMRIQSHIP
WXMJJRIWW ERH HIJSVQEXMSR GETEGMX] SJ FIEQW GSPYQRW
FIEQGSPYQR NSMRXW ERH SXLIV GSQTSRIRXW SJ XLI JVEQI  *SV 1RG 1RF "  GSPYQR SJJWIXW EVI VMKMH ERH
MRGPYHMRKGSRRIGXMSRW[MXLSXLIVIPIQIRXW4SXIRXMEPJEMPYVI FIEQSJJWIXWEVIRSX
MR JPI\YVI WLIEV ERH VIMRJSVGIQIRX HIZIPSTQIRX EX ER]  *SV 1RG 1RF   FIEQ SJJWIXW EVI VMKMH ERH
WIGXMSR EPSRK XLI GSQTSRIRX PIRKXL WLSYPH FI GSRWMHIVIH GSPYQRSJJWIXWEVIRSXERH
-RXIVEGXMSR [MXL SXLIV IPIQIRXW MRGPYHMRK RSRWXVYGXYVEP  *SV  1RG  1RF   LEPJ SJ XLI FIEQ ERH
GSQTSRIRXWWLSYPHFIMRGPYHIH GSPYQRSJJWIXWEVIGSRWMHIVIHVMKMH *MK 
%REP]XMGEP QSHIPW VITVIWIRXMRK E FIEQGSPYQR JVEQI 1RG WLSYPH FI GEPGYPEXIH GSRWMHIVMRK E\MEP JSVGI JVSQ
YWMRKPMRIIPIQIRXW[MXLTVSTIVXMIWGSRGIRXVEXIHEXGSQTSRIRX HIWMKR KVEZMX] PSEHW %W XLMW QSHIPMRK ETTVSEGL EGGSYRXW
GIRXIVPMRIWEVIEGGITXEFPI;LIVIFIEQERHGSPYQRGIRXIVPMRIW SRP]JSVNSMRXWLIEVJPI\MFMPMX]WXMJJRIWWZEPYIWYWIHJSVXLI
HS RSX MRXIVWIGX XLI IGGIRXVMGMX] IJJIGXW FIX[IIR JVEQMRK FIEQWERHGSPYQRWWLSYPHMRGPYHIXLIJPI\MFMPMX]VIWYPXMRK
GIRXIVPMRIWWLSYPHFIGSRWMHIVIH;LIVIXLIGIRXIVPMRISJXLI JVSQFEVWPMT
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8EFPI{1SHIPMRKTEVEQIXIVWERHRYQIVMGEPEGGITXERGIGVMXIVMEJSVRSRPMRIEVTVSGIHYVIW{
VIMRJSVGIHGSRGVIXIFIEQW
1SHIPMRKTEVEQIXIVW %GGITXERGIGVMXIVMEj
4PEWXMGVSXEXMSRWERKPIVEHMERW
4IVJSVQERGIPIZIP
'SQTSRIRXX]TI
4PEWXMGVSXEXMSRWERKPI 6IWMHYEP
VEHMERW WXVIRKXLVEXMS 4VMQEV] 7IGSRHEV]
'SRHMXMSRW E F G -3 07 '4 07 '4
'SRHMXMSRM&IEQWGSRXVSPPIHF]JPI\YVIk
z  8VERWZIVWI : ``
 
FEP VIMRJSVGIQIRXj F[ H J G
 '   ``        
 ' ``        
 
 ' ``        
 
 '   ``        
 2'   ``        
 2'   ``        
 2'   ``        
 2' ``        
 
k
'SRHMXMSRMM&IEQWGSRXVSPPIHF]WLIEV
7XMVVYTWTEGMRK H        
7XMVVYTWTEGMRK"H        
'SRHMXMSRMMM&IEQWGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGMRKEPSRKXLIWTERk
7XMVVYTWTEGMRK H        
7XMVVYTWTEGMRK"H        
'SRHMXMSRMZ&IEQWGSRXVSPPIHF]MREHIUYEXIIQFIHQIRXMRXSFIEQGSPYQRNSMRXk
       

:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j4VMQEV]ERHWIGSRHEV]GSQTSRIRXHIQERHWWLSYPHFI[MXLMRWIGSRHEV]GSQTSRIRXEGGITXERGIGVMXIVME[LIVIXLIJYPPFEGOFSRIGYVZIMWI\TPMGMXP]QSHIPIHMRGPYHMRKWXVIRKXL
HIKVEHEXMSRERHVIWMHYEPWXVIRKXLMREGGSVHERGI[MXL7IGXMSRSJ%7')7)-
k;LIVIQSVIXLERSRISJXLI'SRHMXMSRWMMMMMMERHMZSGGYVJSVEKMZIRGSQTSRIRXYWIXLIQMRMQYQETTVSTVMEXIRYQIVMGEPZEPYIJVSQXLIXEFPI
w'xERHw2'xEVIEFFVIZMEXMSRWJSVGSRJSVQMRKERHRSRGSRJSVQMRKXVERWZIVWIVIMRJSVGIQIRXVIWTIGXMZIP]8VERWZIVWIVIMRJSVGIQIRXMWGSRJSVQMRKMJ[MXLMRXLIJPI\YVEPTPEWXMG
LMRKIVIKMSRLSSTWEVIWTEGIHEX HERHMJJSVGSQTSRIRXWSJQSHIVEXIERHLMKLHYGXMPMX]HIQERHXLIWXVIRKXLTVSZMHIHF]XLILSSTW :W MWEXPIEWXSJXLIHIWMKRWLIEV
3XLIV[MWIXLIXVERWZIVWIVIMRJSVGIQIRXMWGSRWMHIVIHRSRGSRJSVQMRK
``:MWXLIHIWMKRWLIEVJSVGIJVSQ274SV2(4
2SXI JG MRTWM 14E YRMXW

' 0MRIEV WXEXMG ERH H]REQMG TVSGIHYVIW{ QSHIPMRK TEVEQIXIVW JSV FIEQW GSPYQRW ERH FIEQGSPYQR
:EVMSYWETTVSEGLIWXSI\TPMGMXP]QSHIPFIEQGSPYQRNSMRXW NSMRXWEVITVSZMHIHMR8EFPIWERHVIWTIGXMZIP]
EVIEZEMPEFPIMRXLIPMXIVEXYVI )P1IX[EPP]ERH'LIR &IEQWERHGSPYQRWWLSYPHFIQSHIPIHYWMRKGSRGIRXVEXIH
+LSFEVELERH&MHHEL7LMRERH0E*EZI1MXVE SV HMWXVMFYXIH TPEWXMG LMRKI QSHIPW 3XLIV QSHIPW [LSWI
ERH 0S[IW   *SV WMQTPMGMX] MQTPIQIRXEXMSR MR FILEZMSV VITVIWIRXW XLI FILEZMSV SJ VIMRJSVGIH GSRGVIXI
GSQQIVGMEPWXVYGXYVEPEREP]WMWWSJX[EVIERHEKVIIQIRX[MXL FIEQERH GSPYQR GSQTSRIRXW WYFNIGXIHXS PEXIVEPPSEHMRK
GEPMFVEXMSR WXYHMIW TIVJSVQIH MR XLI HIZIPSTQIRX SJ %'- EVI EGGITXEFPI 8LI FIEQ ERH GSPYQR QSHIP WLSYPH FI
6 XLMW WIGXMSR HIJMRIW ER MQTPMGMX FIEQGSPYQR NSMRX GETEFPISJVITVIWIRXMRKMRIPEWXMGVIWTSRWIEPSRKXLIGSQTSRIRX
QSHIPMRKXIGLRMUYIYWMRKGIRXIVPMRIQSHIPW[MXLWIQMVMKMH PIRKXLI\GITX[LIVIMXMWWLS[RF]IUYMPMFVMYQXLEX]MIPHMRK
MW VIWXVMGXIH XS XLI GSQTSRIRX IRHW ;LIVI RSRPMRIEV
NSMRXSJJWIXW*MKYVIWLS[WERI\EQTPISJERI\TPMGMXNSMRX
VIWTSRWIMWI\TIGXIHMREQSHISXLIVXLERJPI\YVIXLIQSHIP
QSHIPERHMPPYWXVEXIWXLIMQTPMGMXNSMRXQSHIPMRKETTVSEGL-R
WLSYPHFIIWXEFPMWLIHXSVITVIWIRXWYGLIJJIGXW
XLIMQTPMGMXNSMRXQSHIPSRP]ETSVXMSRSJXLIFIEQERHGSPYQR
1SRSXSRMG PSEHHIJSVQEXMSR VIPEXMSRW GSMRGMHI [MXL XLI
SVFSXL[MXLMRXLIKISQIXVMGNSMRXVIKMSRMWHIJMRIHEWVMKMH-R
KIRIVEPM^IH PSEHHIJSVQEXMSR VIPEXMSR WLS[R MR *MK 
X]TMGEPGSQQIVGMEPWSJX[EVITEGOEKIWXLMWTSVXMSRGERVERKI [MXL XLI I\GITXMSR XLEX HMJJIVIRX VIPEXMSRW EVI EGGITXEFPI
JVSQMR[LMGLGEWIXLIQSHIPMWEXVYIGIRXIVPMRIQSHIPXS [LIVIZIVMJMIHF]I\TIVMQIRXW8LISZIVEPPPSEHHIJSVQEXMSR
[LIVIXLIIRXMVINSMRXVIKMSRMWVMKMH*YVXLIVGSQQIRXEV] VIPEXMSRWLSYPHFIIWXEFPMWLIHWSXLEXQE\MQYQVIWMWXERGIMW
MW TVSZMHIH MR 7IGXMSR ' ERH FEGOKVSYRH QEXIVMEP MW GSRWMWXIRX [MXL XLI HIWMKR WXVIRKXL WTIGMJMGEXMSRW SJ
TVSZMHIHMR)P[SSHIXEP  ERH&MVIP]IXEP   7IGXMSRWERH
 2SRPMRIEVWXEXMGTVSGIHYVI{2SRPMRIEVPSEHHIJSV *SVFIEQWERHGSPYQRWXLIKIRIVEPM^IHHIJSVQEXMSRMR
QEXMSRVIPEXMSRWWLSYPHGSQTP][MXL7IGXMSR2SRPMRIEV *MKMWTPEWXMGLMRKIVSXEXMSR*SVFIEQGSPYQRNSMRXWXLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

*MK{&IEQGSPYQRNSMRXQSHIPMRK RSXILEXGLIHTSVXMSRWMRHMGEXIVMKMHIPIQIRX 

KIRIVEPM^IH HIJSVQEXMSR MW WLIEV WXVEMR :EPYIW SJ XLI WSQIGSPYQRW[MXL:T:S EWWLIEVJEMPYVIWEPXLSYKL
KIRIVEPM^IHHIJSVQEXMSREXTSMRXW&'ERH(WLSYPHFIHIVMZIH WSQIJPI\YVEP]MIPHMRKQE]SGGYVFIJSVIWLIEVJEMPYVI0MOI
JVSQ I\TIVMQIRXW SV VEXMSREP EREP]WIW ERH WLSYPH XEOI MRXS [MWIGSPYQRW[MXL :T:S QE]MRJEGXI\TIVMIRGI
EGGSYRXXLIMRXIVEGXMSRWFIX[IIRJPI\YVIE\MEPPSEHERHWLIEV JPI\YVEPJEMPYVIW [MXLSYXWLIEVHIKVEHEXMSR FYXLEZIFIIR
'SPYQRWRSXGSRXVSPPIHF]MREHIUYEXIWTPMGIW 'SRHMXMSRM GSRWIVZEXMZIP]GPEWWMJMIHMR7IGXMSREWJPI\YVIWLIEV
MM SV MMM MR 8EFPI   EVI GPEWWMJMIH FEWIH SR :S )U   JEMPYVIWXSIRWYVIGSPYQRWEVIRSXIVVSRISYWP]GPEWWMJMIHMR
7IGXMSR  YWMRK I\TIGXIH QEXIVMEP TVSTIVXMIW  XLI EFIXXIVTIVJSVQMRKGEXIKSV])\TIVMQIRXEPIZMHIRGIQE]FI
TPEWXMGWLIEVHIQERHSRXLIGSPYQR :TMWWLIEVHIQERHEX YWIH XS HIXIVQMRI XLI I\TIGXIH JEMPYVI QSHI ERH WIPIGX XLI
JPI\YVEP ]MIPHMRK SJ TPEWXMG LMRKIW  ERH XLI XVERWZIVWI ETTVSTVMEXIQSHIPMRKTEVEQIXIVW
VIMRJSVGIQIRXHIXEMPMRKEWWLS[RMR8EFPI 8LIEGGITXERGIGVMXIVMEMR8EFPIEVIHIXIVQMRIHFEWIH
' 2SRPMRIEV WXEXMG TVSGIHYVI{8LI QSHIPMRK SRXLIQSHIPMRKTEVEQIXIVWwExERHwFxERHXLIVIUYMVI
TEVEQIXIVW ERH EGGITXERGI GVMXIVME WTIGMJMIH MR 8EFPI 
QIRXWSJ%7')7)-'LETXIV8LIQSHIPMRKTEVEQI
VIJPIGXVIWYPXWJVSQVIGIRXVIWIEVGLSRVIMRJSVGIHGSRGVIXI
XIVWMR8EFPIHIJMRIXLITPEWXMGVSXEXMSRWEGGSVHMRKXS*MK
GSPYQRW6IJIVXS)P[SSHIXEP  JSVEHIXEMPIHHIWGVMTXMSR
%WWLS[RMR*MKQSHIPMRKTEVEQIXIVwExTVSZMHIW
SJXLIHIVMZEXMSRSJXLMWXEFPI7IGXMSRERH8EFPI
XLI TPEWXMG VSXEXMSR EX WMKRMJMGERX PSWW SJ PEXIVEP PSEH
TVSZMHIXLIGVMXIVMEXSHIXIVQMRI[LMGLGSRHMXMSRMR8EFPI
GETEGMX]*SVXLITYVTSWIWSJHIXIVQMRMRKwExZEPYIWFEWIH
WLSYPH FI YWIH XS WIPIGX XLI QSHIPMRK TEVEQIXIVW ERH
EGGITXERGI GVMXIVME *SV GSPYQRW [MXL XVERWZIVWI VIMRJSVGI SR XIWX HEXE MX [EW EWWYQIH XLEX XLMW TSMRX VITVIWIRXIH E
QIRX MRGPYHMRK HIKVII LSSOW XLI WTIGMJMIHGSRHMXMSRW  SVKVIEXIVVIHYGXMSRMRXLIPEXIVEPPSEHVIWMWXERGIJVSQ
ETTVS\MQEXIP]GSVVIWTSRHXSXLIJSPPS[MRKJEMPYVIQSHIW XLIQIEWYVIHTIEOWLIEVGETEGMX]*SVGSPYQRWI\TIGXIHXS
e 'SRHMXMSRM*PI\YVIJEMPYVI I\TIVMIRGI JPI\YVEP JEMPYVIW 'SRHMXMSR M  WYGL PSWW SJ
e 'SRHMXMSR MM *PI\YVIWLIEV JEMPYVI [LIVI ]MIPHMRK MR PEXIVEPPSEHVIWMWXERGIGERFIGEYWIHF]GSRGVIXIGVYWLMRK
JPI\YVIMWI\TIGXIHFIJSVIWLIEVJEMPYVIERH FEVFYGOPMRKERHSXLIVJPI\YVEPHEQEKIQIGLERMWQW*SV
e 'SRHMXMSRMMM7LIEVJEMPYVI GSPYQRWI\TIGXIHXSI\TIVMIRGIWLIEVJEMPYVIWIMXLIVFIJSVI
*SV :T :S XLIGSRHMXMSRMWEHNYWXIHJVSQ'SRHMXMSRM SVEJXIVJPI\YVEP]MIPHMRK 'SRHMXMSRWMMSVMMM PSWWSJPEXIVEP
XS MM JSV GSPYQRW [MXL HIKVII LSSOW SV PETWTPMGIH PSEH VIWMWXERGI MW GSQQSRP] GEYWIH F] WIZIVI HMEKSREP
XVERWZIVWI VIMRJSVGIQIRX XS VIJPIGX XLI SFWIVZEXMSR JVSQ GVEGOMRK MRHMGEXMZI SJ WLIEV HEQEKI 'SRWMWXIRX [MXL
I\TIVMQIRXWXLEXTSSVXVERWZIVWIVIMRJSVGIQIRXHIXEMPWGER %7')7)-  7IGXMSR  QSHIPMRK TEVEQIXIVwFx
VIWYPXMRHIGVIEWIHHIJSVQEXMSRGETEGMX]*SV :T:S" TVSZMHIW ER IWXMQEXI SJ XLI TPEWXMG VSXEXMSR EX XLI PSWW SJ
XLIGSRHMXMSRMWEHNYWXIHJVSQ'SRHMXMSRMMXSMMMSRP]JSV KVEZMX]PSEHWYTTSVXXLEXMWE\MEPPSEHJEMPYVI)\TIVMQIRXEP
PETWTPMGIH XVERWZIVWI VIMRJSVGIQIRX WMRGI XLI HEXEFEWI IZMHIRGIWYKKIWXWXLEXE\MEPPSEHJEMPYVIGERSGGYVWYHHIRP]
YWIH XS IZEPYEXI XLI TEVEQIXIVW JSV 'SRHMXMSR MM MRGPYHIW EJXIVPEXIVEPPSEHJEMPYVIJSVGSPYQRW[MXLE\MEPPSEHWEFSZI
GSPYQRW [MXL XVERWZIVWI VIMRJSVGIQIRX LEZMRK HIKVII %K JG 7I^IRERH1SILPI&E]VEOERH7LIMOL 
LSSOW 8LI GPEWWMJMGEXMSR SJ GSPYQRW FEWIH SR :T:S EW &EWIHSRXLMWSFWIVZEXMSRXLIwExERHwFxTEVEQIXIVWMR
HIWGVMFIH MR 7IGXMSR  QE] GSRWIVZEXMZIP] GPEWWMJ] 8EFPIGSRZIVKIXSEWMRKPIZEPYIJSVLMKLE\MEPPSEHW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8EFPI{1SHIPMRKTEVEQIXIVWERRYQIVMGEPEGGITXERGIGVMXIVMEJSVRSRPMRIEVTVSGIHYVIW{VIMRJSVGIH
GSRGVIXIGSPYQRW
1SHIPMRKTEVEQIXIVW %GGITXERGIGVMXIVMEj
4PEWXMGVSXEXMSRWERKPIVEHMERW
4IVJSVQERGIPIZIP
4PEWXMGVSXEXMSRWERKPI 6IWMHYEP 'SQTSRIRXX]TI
VEHMERW WXVIRKXLVEXMS 4VMQEV] 7IGSRHEV]
'SRHMXMSRW E F G -3 07 '4 07 '4
'SRHMXMSRMk
4   %
 ! Z
%K JG F[ W
         
         
         
         
'SRHMXMSRMMk
4 % : ``
  ! Z 
%K JG F[ W F [ H JG
    ``        
    ``        
  ``        
 
  ``        
 
    ``        
    ``        
    ``        
    ``        
k
'SRHMXMSRMMM
4 %
  ! Z
%K JG F[ W
         
         
         
         
'SRHMXMSRMZ'SPYQRWGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGMRKEPSRKXLIGPIEVLIMKLX k
4 %
  ! Z
%K JG F[ W
         
         
         
         
:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j4VMQEV]ERHWIGSRHEV]GSQTSRIRXHIQERHWWLSYPHFI[MXLMRWIGSRHEV]GSQTSRIRXEGGITXERGIGVMXIVME[LIVIXLIJYPPFEGOFSRIGYVZIMWI\TPMGMXP]QSHIPIHMRGPYHMRKWXVIRKXL
HIKVEHEXMSRERHVIWMHYEPWXVIRKXLMREGGSVHERGI[MXL7IGXMSRSJ%7')7)-
k6IJIVXS7IGXMSRJSVHIJMRMXMSRSJ'SRHMXMSRWMMMERHMMM'SPYQRWEVIGSRWMHIVIHXSFIGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGIW[LIVIXLIGEPGYPEXIHWXIIPWXVIWWEX
XLIWTPMGII\GIIHWXLIWXIIPWXVIWWWTIGMJMIHF])U  ;LIVIQSVIXLERSRISJXLI'SRHMXMSRWMMMMMMERHMZSGGYVWJSVEKMZIRGSQTSRIRXYWIXLIQMRMQYQETTVSTVMEXIRYQIVMGEP
ZEPYIJVSQXLIXEFPI
;LIVI 4"%K JG XLITPEWXMGVSXEXMSRERKPIWWLSYPHFIXEOIREW^IVSJSVEPPTIVJSVQERGIPIZIPWYRPIWWXLIGSPYQRLEWXVERWZIVWIVIMRJSVGIQIRXGSRWMWXMRKSJLSSTW[MXLHIKVII
LSSOWWTEGIHEX HERHXLIWXVIRKXLTVSZMHIHF]XLILSSTW :W MWEXPIEWXSJXLIHIWMKRWLIEV%\MEPPSEH4WLSYPHFIFEWIHSRXLIQE\MQYQI\TIGXIHE\MEPPSEHWHYIXS
KVEZMX]ERHIEVXLUYEOIPSEHW
``
:MWXLIHIWMKRWLIEVJSVGIJVSQ274SV2(4
2SXI JG MWMRTWM 14E YRMXW

8EFPI{8VERWZIVWIVIMRJSVGIQIRXHIXEMPW *SVERETTVSTVMEXIIWXMQEXISJXLIHIJSVQEXMSRGETEGMXMIW
'SRHMXMSRXSFIYWIHJSVGSPYQRWMR8EFPI MRXIVTSPEXMSR FIX[IIR XLI ZEPYIW KMZIR MR 8EFPI  MW
%'-1 3XLIV MRGPYHMRK VIUYMVIH*SV'SRHMXMSRMMXLIMRXIVTSPEXMSRMWTIVJSVQIHSR
GSRJSVQMRKWIMWQMG 'PSWIHLSSTW PETWTPMGIH
HIXEMPW[MXL [MXLHIKVII XVERWZIVWI XLVIIZEVMEFPIWMRER]SVHIV
HIKVIILSSOW LSSOW VIMRJSVGIQIRX 'SRWMHIVEFPI WGEXXIV I\MWXW MR VIWYPXW JVSQ VIMRJSVGIH
:T:S  M MM MM GSRGVIXI GSPYQRW XIWXIH XS PEXIVEP PSEH ERH E\MEP PSEH
 :T:S " MM MM MMM JEMPYVIQEOMRKMXMRETTVSTVMEXIXSWTIGMJ]QIHMERSVQIER
:T:S" MMM MMM MMM ZEPYIW JSV XLI TPEWXMG VSXEXMSRW MR 8EFPI  8LI KSEP MR
 WIPIGXMRKZEPYIWJSVTEVEQIXIVwExKMZIRMR8EFPI[EWXS
8SUYEPMJ]JSV'SRHMXMSRMEGSPYQRWLSYPHLEZI%Z F[W ERHWH [MXLMR
JPI\YVEPTPEWXMGLMRKIVIKMSR3XLIV[MWIXLIGSPYQRMWEWWMKRIHXS'SRHMXMSRMM EGLMIZIELMKLPIZIPSJWEJIX]{TVSFEFMPMX]SJJEMPYVI4JPIWW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

8EFPI{1SHIPMRKTEVEQIXIVWERHRYQIVMGEPEGGITXERGIGVMXIVMEJSVRSRPMRIEVTVSGIHYVIW{
VIMRJSVGIHGSRGVIXIFIEQGSPYQRNSMRXW
1SHIPMRKTEVEQIXIVW %GGITXERGIGVMXIVMEj
4PEWXMGVSXEXMSRWERKPIVEHMERW
4IVJSVQERGIPIZIP
'SQTSRIRXX]TI
4PEWXMGVSXEXMSRWERKPI 6IWMHYEP
VEHMERW WXVIRKXLVEXMS 4VMQEV] 7IGSRHEV]
'SRHMXMSRW E F G -3 07 '4 07 '4
'SRHMXMSRM-RXIVMSVNSMRXW 2SXIJSVGPEWWMJMGEXMSRSJNSMRXWVIJIVXS*MK
4 8VERWZIVWI : ``
 k 
%K JG VIMRJSVGIQIRX :R
 '         
 '         
 '         
 '         
 2'         
 2'         
 2'         
 2'         
'SRHMXMSRMM3XLIVNSMRXW 2SXIJSVGPEWWMJMGEXMSRJSVNSMRXWVIJIVXS*MK
4  k
 8VERWZIVWI :
 ``
%K JG VIMRJSVGIQIRX :R
 '         
 '         
 '         
 '         
 2'         
 2'         
 2'         
 2'         
:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j4VMQEV]ERHWIGSRHEV]GSQTSRIRXHIQERHWWLSYPHFI[MXLMRWIGSRHEV]GSQTSRIRXEGGITXERGIGVMXIVME[LIVIXLIJYPPFEGOFSRIGYVZIMWI\TPMGMXP]QSHIPIHMRGPYHMRKWXVIRKXL
HIKVEHEXMSRERHVIWMHYEPWXVIRKXLMREGGSVHERGI[MXL7IGXMSRSJ%7')7)-
k
4MWXLIHIWMKRE\MEPJSVGISRXLIGSPYQREFSZIXLINSMRXGEPGYPEXIHYWMRKPMQMXWXEXIEREP]WMWTVSGIHYVIWMREGGSVHERGI[MXL7IGXMSRERH%KMWXLIKVSWWGVSWWWIGXMSREPEVIESJ
XLINSMRX
w'xERHw2'xEVIEFFVIZMEXMSRWJSVGSRJSVQMRKERHRSRGSRJSVQMRKXVERWZIVWIVIMRJSVGIQIRX.SMRXXVERWZIVWIVIMRJSVGIQIRXMWGSRJSVQMRKMJLSSTWEVIWTEGIHEX L [MXLMRXLI
G
NSMRX3XLIV[MWIXLIXVERWZIVWIVIMRJSVGIQIRXMWGSRWMHIVIHRSRGSRJSVQMRK
``:MWXLIHIWMKRWLIEVJSVGIJVSQ274SV2(4ERH: MWXLIWLIEVWXVIRKXLJSVXLINSMRX8LIWLIEVWXVIRKXLWLSYPHFIGEPGYPEXIHEGGSVHMRKXS7IGXMSR
R

XLER  {JSV GSPYQRW XLEX QE] I\TIVMIRGI WLIEV JEMPYVIW FIKVIEXIVXLERXLSWIJSVJPI\YVIWLIEVGSPYQRW 1IPIOERH
[LMPIEPPS[MRKEWPMKLXP]PS[IVPIZIPSJWEJIX]4J  JSV ;EPPEGI=SWLMQYVEIXEP 8LIVIJSVIXLIwFx
GSPYQRWI\TIGXIHXSI\TIVMIRGIJPI\YVEPJEMPYVIW+MZIRXLI ZEPYIW JSV 'SRHMXMSR MM EVI GSRWIVZEXMZIP] YWIH JSV EPP
TSXIRXMEP SJ GSPPETWI VIWYPXMRK JVSQ E\MEP PSEH JEMPYVI SJ GSRHMXMSRW 1SWX PEFSVEXSV] XIWXW MKRSVI WSQI JEGXSVW XLEX
MRHMZMHYEP GSPYQRW E LMKL PIZIP SJ WEJIX] 4J    [EW QE]MRJPYIRGIXLIHVMJXGETEGMX]WYGLEWPSEHMRKLMWXSV]XLI
HIWMVIHJSVTEVEQIXIVwFx8EVKIXPMQMXWJSVTVSFEFMPMXMIWSJ TVSFEFMPMXMIWSJJEMPYVIMR8EFPI'QE]XLIVIJSVIFIPEVKIV
JEMPYVI[IVIWIPIGXIHFEWIHSRXLINYHKQIRXSJXLI%7')7)- MJXLIWIJEGXSVWEVIGSRWMHIVIH
7YTTPIQIRX  %H ,SG 'SQQMXXII %7')7)-  %H ,SG 8LIHEXEFEWIJSVQSHIPMRKTEVEQIXIVwExJSV'SRHMXMSRM
'SQQMXXII VIWTSRWMFPIJSVXLIHIZIPSTQIRXSJ8EFPI SRP]GSRWMHIVIHGSPYQRW[MXL%ZF[ W ERHWH 
8SEWWIWWXLIHIKVIISJWEJIX]TVSZMHIHF]8EFPIXLI XLIWI PMQMXEXMSRW XLIVIJSVI LEZI FIIR TPEGIH SR XLI
XEFYPEXIHZEPYIW[IVIMRXIVTSPEXIHERHGSQTEVIH[MXLHEXE ETTPMGEFMPMX]SJXLIQSHIPMRKTEVEQIXIVWJSV'SRHMXMSRM
JVSQPEFSVEXSV]XIWXWSRVIMRJSVGIHGSRGVIXIGSPYQRWETTVS *SVGSPYQRWI\TIGXIHXSI\TIVMIRGIWLIEVJEMPYVIFIJSVI
TVMEXIJSVIEGLSJXLIGSRHMXMSRWHIJMRIHMR7IGXMSR8LI JPI\YVEP ]MIPHMRK 'SRHMXMSR MMM  XLI HIJSVQEXMSR EX WLIEV
VIWYPXW EVI EWWIWWIH ERH WYQQEVM^IH MR 8EFPI ' %GXYEP JEMPYVIMWKMZIRF]XLIIJJIGXMZIWXMJJRIWWSJXLIGSQTSRIRXERH
TVSFEFMPMXMIWSJJEMPYVIEGLMIZIHF]XLIPMQMXWMR8EFPI WLIEVWXVIRKXLSJXLIGSPYQR :SJVSQ)U  7MKRMJMGERX
EVI GSRWMHIVEFP] PS[IV MR QER] GEWIW XLER XLI XEVKIX TPEWXMG HIJSVQEXMSRW GERRSX FI VIPMIH SR FIJSVI WLIEV
TVSFEFMPMXMIWSJJEMPYVIKMZIREFSZI-RWYJJMGMIRXHEXEI\MWXXS JEMPYVI TEVEQIXIV wEx XLIVIJSVI MW WIX XS ^IVS 8LMW
EWWIWW XLI TVSFEFMPMX] SJ JEMPYVI JSV TEVEQIXIV wFx JSV EWWYQTXMSR MW GSRWIVZEXMZI JSV WSQI GSPYQRW FIGEYWI XLI
'SRHMXMSRW M MMM ERH MZ PMQMXIH I\TIVMQIRXEP IZMHIRGI GPEWWMJMGEXMSRQIXLSHMR7IGXMSRQE]VIWYPXMRWSQI
WYKKIWXWLS[IZIVXLEXXLIHVMJXVEXMSWJSVWYGLGSPYQRW[MPP JPI\YVIWLIEVGSPYQRWFIMRKGPEWWMJMIHEW'SRHMXMSRMMMERH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8EFPI'{(EXEFEWIVIWYPXWJSVQSHIPMRKTEVEQIXIVWMR8EFPI
1SHIPMRKTEVEQIXIV 2SSJXIWXW 1IER TQIEW TXEFPI TQIEW TXEFPI 4VSFEFMPMX]SJJEMPYVI
wExJSV'SRHMXMSRM    
wExJSV'SRHMXMSRMM    
wExJSV'SRHMXMSRMMM    
wFxJSV'SRHMXMSRMM    
%WWYQMRKEPSKRSVQEPHMWXVMFYXMSRJSV
TQIEW TGEPG 

SJJEMPYVIJSVEKMZIRRSVQEPM^IHTPEWXMGVSXEXMSRHIQERH
T T XEFPI 2SXI XLEX 4J MW XLI TVSFEFMPMX] SJ JEMPYVI JSV E
GSPYQR KMZIR E TPEWXMG VSXEXMSR HIQERH IUYEP XS T 8LI
TVSFEFMPMX] SJ JEMPYVI GSRWMHIVMRK XLI YRGIVXEMRX] MR XLI
KVSYRHQSXMSRMWQYGLPS[IVXLER4J 
(EXEFEWIWYWIHXSEWWIWWXLIQSHIPGSRWIVZEXMWQGSRWMWXSJ
VIGXERKYPEVGSPYQRWWYFNIGXIHXSYRMHMVIGXMSREPPEXIVEPPSEHW
TEVEPPIPXSSRIJEGISJXLIGSPYQR%GXYEPGSPYQRWLEZIGSRJMK
YVEXMSRWERHPSEHMRKWXLEXHMJJIVJVSQXLSWIYWIHMRXLIGSPYQRW
HEXEFEWIEHHMXMSREPWGEXXIVMRVIWYPXWXLIVIJSVIQE]FIERXMG
MTEXIH 2SXI XLEX FMHMVIGXMSREP PSEHMRK SR GSVRIV GSPYQRW MW
I\TIGXIHXSVIWYPXMRPS[IVHVMJXGETEGMXMIW0MQMXIHHEXEI\MWX
*MK'{*VEKMPMX]GYVZI LS[IZIVXSEWWIWWXLIHIKVIISJVIHYGXMSRERXMGMTEXIH
8LI HIWMKR TVSJIWWMSREP MW VIJIVVIH XS XLI JSPPS[MRK
VITSVXW JSV JYVXLIV KYMHERGI VIKEVHMRK HIXIVQMREXMSR SJ
QSHIPMRKTEVEQIXIVWERHEGGITXERGIGVMXIVMEJSVVIMRJSVGIH
QSWX[MPPLEZIWSQIPMQMXIHTPEWXMGVSXEXMSRGETEGMX]FIJSVI GSRGVIXIGSPYQRW&IVV]ERH)FIVLEVH  )P[SSHERH
WLIEVJEMPYVI)\GITXJSVGSPYQRW[MXLLMKLE\MEPPSEHWERH 1SILPI  EF  *EVHMW ERH &MWOMRMW  
ZIV] PMKLX XVERWZIVWI VIMRJSVGIQIRX HIJSVQEXMSRW FI]SRH &MWOMRMW IX EP   4EREKMSXEOSW ERH *EVHMW  
WLIEVJEMPYVIEVII\TIGXIHFIJSVIE\MEPPSEHJEMPYVI 0]RRIXEP  ERH7I^IR  
)P[SSHERH1SILPI F LEZIHIQSRWXVEXIHXLEXXLI  2SRPMRIEV H]REQMG TVSGIHYVI{*SV 2(4 XLI
HVMJX EX E\MEP JEMPYVI HIGVIEWIW EW XLI RSRHMQIRWMSREP GSQTPIXIL]WXIVIXMGFILEZMSVSJIEGLGSQTSRIRXWLSYPHFI
TEVEQIXIVMRGVIEWIW QSHIPIHYWMRKTVSTIVXMIWZIVMJMIHF]I\TIVMQIRXEPIZMHIRGI
8LI YWI SJ XLI KIRIVEPM^IH PSEHHIJSVQEXMSR VIPEXMSR
4 
!  ' HIWGVMFIHF]*MKXSVITVIWIRXXLIIRZIPSTIVIPEXMSRJSV
% Z J]X HG W XLI EREP]WMW MW EGGITXEFPI 6IJIV XS 7IGXMSR JSV XLI
ETTPMGEXMSR SJ TEVEQIXIVW JSV GSPYQRW MR 8EFPI 
8LI HEXEFEWI YWIH XS EWWIWW XLI TVSFEFMPMX] SJ JEMPYVI JSV 9RPSEHMRKERHVIPSEHMRKTVSTIVXMIWWLSYPHVITVIWIRXWMKRMJMGERX
TEVEQIXIVwFxMRGPYHIWGSPYQRW[MXL 9WIGEYXMSR[LIR WXMJJRIWWERHWXVIRKXLHIKVEHEXMSRGLEVEGXIVMWXMGW
ETTP]MRKXLIZEPYIWJVSQ8EFPIXSGSPYQRW[MXL "  7XVIRKXL{'SQTSRIRX WXVIRKXLW WLSYPH FI GSQTYXIH
8LITVSFEFMPMXMIWSJJEMPYVIMR8EFPI'[IVIHIXIVQMRIH EGGSVHMRK XS XLI KIRIVEP VIUYMVIQIRXW SJ 7IGXMSR  EW
F]GSRWMHIVMRK TQIEW TXEFPI EWEVERHSQZEVMEFPI[MXLE QSHMJMIHMRXLMWWIGXMSR
PSKRSVQEP HMWXVMFYXMSR )UYEXMSR '  EPPS[W JSV XLI 8LIQE\MQYQGSQTSRIRXWXVIRKXLWLSYPHFIHIXIVQMRIH
HIXIVQMREXMSRSJXLII\TIGXIHTPEWXMGVSXEXMSRJSVELMKLIV GSRWMHIVMRK TSXIRXMEP JEMPYVI MR JPI\YVI E\MEP PSEH WLIEV
TVSFEFMPMX]SJJEMPYVI4JRI[ XSVWMSRHIZIPSTQIRX ERH SXLIV EGXMSRWEXEPPTSMRXW EPSRK
XLI PIRKXL SJ XLI GSQTSRIRX YRHIV XLI EGXMSRW SJ HIWMKR
T 4JRI[ ! TXEFPII\T? ? z 4JRI[ z z 4JXEFPI ' KVEZMX]ERHIEVXLUYEOIPSEHGSQFMREXMSRW
 'SPYQRW{*SVGSPYQRWXLIWLIEVWXVIRKXL:RGER

[LIVI  ! PR     MW XLI GSIJJMGMIRX SJ ZEVMEXMSR FIGEPGYPEXIHYWMRK)U  
FEWIHSRXIWXHEXEKMZIRMR8EFPI'4JXEFPIMWXLITVSFEFMPMX]
SJJEMPYVIKMZIRMR8EFPI'ERH zMWXLIMRZIVWIWXERHEVH %Z J ] H  JG 2Y
RSVQEPGYQYPEXMZIHMWXVMFYXMSRJYRGXMSR[MXLE^IVSQIER : R ! O:S ! O 
    
  % K  TWMYRMXW
W 1:H  JG % K
ERH YRMX WXERHEVH HIZMEXMSR 8LI MRZIVWI WXERHEVH RSVQEP
GYQYPEXMZIHMWXVMFYXMSRJYRGXMSR zMWJSYRHMRFEWMGWXEXMWXMGW

XI\XFSSOWERHMWEZEMPEFPIEWEJYRGXMSRMRQSWXWTVIEHWLIIX
TVSKVEQW
% Z J] H  JG 2Y
)UYEXMSR '  GER FI YWIH XS IWXEFPMWL XLI JVEKMPMX] : R ! O: S ! O 
    
 % K  14EYRMXW
W 1:H  J G % K
GYVZI *MK' SJXLIGSPYQR[LMGLTVSZMHIWXLITVSFEFMPMX]
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

MR [LMGL O !  MR VIKMSRW [LIVI HMWTPEGIQIRX HYGXMPMX] )UYEXMSR   WLSYPH RSX FI YWIH XS HIXIVQMRI HMWTPEGI
HIQERH MW PIWW XLER SV IUYEP XS   MR VIKMSRW [LIVI QIRXHYGXMPMX] )P[SSHERH1SILPIE 
HMWTPEGIQIRXHYGXMPMX]MWKVIEXIVXLERSVIUYEPXSERHZEVMIW 8LI HIWMKR TVSJIWWMSREP MW VIJIVVIH XS )EVXLUYEOI )RKM
PMRIEVP]JSVHMWTPEGIQIRXHYGXMPMX]FIX[IIRERH ! RIIVMRK 6IWIEVGL -RWXMXYXI4EGMJMG )EVXLUYEOI )RKMRIIVMRK
JSVPMKLX[IMKLXEKKVIKEXIGSRGVIXIERHJSVRSVQEP[IMKLX 6IWIEVGL ))6-4))6   JSVEGSQTEVMWSRSJXIWXHEXE
EKKVIKEXIGSRGVIXI2YMWXLIE\MEPGSQTVIWWMSRJSVGI WIXXS [MXLWIZIVEPGSPYQRWLIEVWXVIRKXLIUYEXMSRW
^IVSJSVXIRWMSRJSVGI 1:HMWXLIPEVKIWXVEXMSSJQSQIRX  &IEQGSPYQR NSMRXW{*SV FIEQGSPYQR NSMRXW
XSWLIEVXMQIWIJJIGXMZIHITXLYRHIVHIWMKRPSEHMRKWJSVXLI XLIRSQMREPGVSWWWIGXMSREPEVIE%NMWHIJMRIHF]ENSMRXHITXL
GSPYQRFYXWLSYPHRSXFIXEOIRKVIEXIVXLERSVPIWWXLER IUYEPXSXLIGSPYQRHMQIRWMSRMRXLIHMVIGXMSRSJJVEQMRK
HMWXLIIJJIGXMZIHITXLERH%KMWXLIKVSWWGVSWWWIGXMSREP ERHENSMRX[MHXLIUYEPXSXLIWQEPPIVSJ
EVIESJXLIGSPYQR-XMWEGGITXEFPIXSEWWYQIH !L[LIVI  8LIGSPYQR[MHXL
LMWXLIHMQIRWMSRSJXLIGSPYQRMRXLIHMVIGXMSRSJWLIEV  8LIFIEQ[MHXLTPYWXLINSMRXHITXLERH
;LIVIE\MEPJSVGIMWGEPGYPEXIHJVSQXLIPMRIEVTVSGIHYVIWSJ  8[MGI XLI WQEPPIV TIVTIRHMGYPEV HMWXERGI JVSQ XLI
%7')7)-  'LETXIV  XLI QE\MQYQ GSQTVIWWMZI PSRKMXYHMREPE\MWSJXLIFIEQXSXLIGSPYQRWMHI
E\MEP PSEHMR)U  WLSYPHFIXEOIREWIUYEPXSXLIZEPYI (IWMKRJSVGIWWLSYPHFIGEPGYPEXIHFEWIHSRHIZIPSTQIRX
GEPGYPEXIH YWMRK %7')7)-  )U   GSRWMHIVMRK SJ JPI\YVEP TPEWXMG LMRKIW MR EHNEGIRX JVEQMRK QIQFIVW
HIWMKRKVEZMX]PSEHSRP]ERHXLIQMRMQYQGSQTVIWWMSRE\MEP MRGPYHMRKIJJIGXMZIWPEF [MHXL FYX RIIHRSXI\GIIHZEPYIW
PSEH GEPGYPEXIH YWMRK %7')7)-  )U   %PXIVRE GEPGYPEXIHJVSQHIWMKRKVEZMX]ERHIEVXLUYEOIPSEHGSQFM
XMZIP]XLIPMQMXEREP]WMWWTIGMJMIHMR%7')7)-7IGXMSR REXMSRW2SQMREPNSMRXWLIEVWXVIRKXL:RWLSYPHFIGEPGYPEXIH
GERFIYWIHXSHIXIVQMRIHIWMKRE\MEPPSEHW[MXLXLI YWMRKXLIKIRIVEPTVSGIHYVIWSJ%'-1EWQSHMJMIH
PMRIEV EREP]WMW TVSGIHYVIW SJ %7')7)-  'LETXIV  F])U 
%PXIVREXMZIJSVQYPEXMSRW JSV GSPYQRWXVIRKXLXLEX GSRWMHIV
IJJIGXWSJVIZIVWIHG]GPMGMRIPEWXMGHIJSVQEXMSRWERHXLEXEVI
:R! J G %N TWMYRMXW
ZIVMJMIHF]I\TIVMQIRXEPIZMHIRGIEVIEGGITXEFPI
*SV GSPYQRW WEXMWJ]MRK XLI HIXEMPMRK ERH TVSTSVXMSRMRK 
VIUYMVIQIRXW SJ %'- 1 'LETXIV  XLI WLIEV
WXVIRKXLIUYEXMSRWSJ%'-1GERFIYWIH :R! J G %N 14EYRMXW
' 'SPYQRW{*SV XLI EWWIWWQIRX SJ GSPYQRW MR
7IGXMSRSJXLMWKYMHIMXMWYRRIGIWWEV]XSHIXIVQMRIO MR[LMGL !JSVPMKLX[IMKLXEKKVIKEXIGSRGVIXIERH
ERHXLIHMWTPEGIQIRXHYGXMPMX]HIQERH JSV RSVQEP[IMKLX EKKVIKEXI GSRGVIXI %N MW XLI IJJIGXMZI
%W HMWGYWWIH MR 7IGXMSR ' I\TIVMQIRXEP IZMHIRGI LSVM^SRXEPNSMRXEVIE[MXLHMQIRWMSRWEWHIJMRIHEFSZIERH
MRHMGEXIW XLEX JPI\YVEP HIJSVQEFMPMX] GER FI VIHYGIH EW MWHIJMRIHMR8EFPI
GSI\MWXMRK WLIEV JSVGIW MRGVIEWI %W JPI\YVEP HYGXMPMX]  %GGITXERGIGVMXIVME
HIQERHWMRGVIEWIWLIEVGETEGMX]HIGVIEWIW[LMGLGERVIWYPX  0MRIEV WXEXMG ERH H]REQMG TVSGIHYVIW{%PP
MR E WLIEV JEMPYVI FIJSVI XLISVIXMGEP JPI\YVEP HIJSVQEXMSR EGXMSRW WLSYPH FI GPEWWMJMIH EW FIMRK IMXLIV HIJSVQEXMSR
GETEGMXMIW EVI VIEGLIH 'EYXMSR WLSYPH FI I\IVGMWIH [LIR GSRXVSPPIHSVJSVGIGSRXVSPPIHEWHIJMRIHMR7IGXMSR
JPI\YVEPHIJSVQEXMSRGETEGMXMIWEVIHIXIVQMRIHF]GEPGYPEXMSR (IWMKR EGXMSRW SR GSQTSRIRXW WLSYPH FI HIXIVQMRIH
)UYEXMSR   MPPYWXVEXIW XLI VIHYGXMSR MR GSPYQR WLIEV FEWIHSR%7')7)-'LETXIV;LIVIXLIGEPGYPEXIH
GETEGMX][MXLMRGVIEWMRKRSRPMRIEVHIJSVQEXMSRWERHTVSZMHIW ('6 ZEPYIW I\GIIH YRMX] XLI JSPPS[MRK HIWMKR EGXMSRW
ERIWXMQEXISJXLIQIERSFWIVZIHWLIEVWXVIRKXLJSVVIGXER WLSYPHFIHIXIVQMRIHYWMRKXLIPMQMXEREP]WMWTVMRGMTPIWMR
KYPEVVIMRJSVGIHGSRGVIXIGSPYQRWWYFNIGXIHXSYRMHMVIGXMSREP %7')7)-'LETXIV
PEXIVEP PSEHW TEVEPPIP XS SRIJEGI SJ XLIGSPYQR 7I^IR ERH  1SQIRXWWLIEVWXSVWMSRWERHHIZIPSTQIRXERHWTPMGI
1SILPI   8LI GSIJJMGMIRX SJ ZEVMEXMSR JSV XLI VEXMS SJ EGXMSRW GSVVIWTSRHMRK XS HIZIPSTQIRX SJ GSQTSRIRX
QIEWYVIHXSGEPGYPEXIHWLIEVWXVIRKXLMW WXVIRKXLMRFIEQWERHGSPYQRW
*SVEGSPYQRI\TIVMIRGMRKJPI\YVEP]MIPHMRKFIJSVIWLIEV  .SMRXWLIEVWGSVVIWTSRHMRKXSWXVIRKXLHIZIPSTQIRXMR
JEMPYVI :T :S HMWTPEGIQIRXHYGXMPMX]HIQERHMWHIJMRIH EHNEGIRXFIEQWERHGSPYQRWERH
EW XLI VEXMS SJ QE\MQYQ HMWTPEGIQIRX HIQERH XS ]MIPH  %\MEP PSEH MR GSPYQRW ERH NSMRXW GSRWMHIVMRK PMOIP]
HMWTPEGIQIRX8LI]MIPHHMWTPEGIQIRXMWXLIPEXIVEPHMWTPEGIQIRX TPEWXMGEGXMSRMRGSQTSRIRXWEFSZIXLIPIZIPMRUYIWXMSR
SJXLIGSPYQRHIXIVQMRIHYWMRKXLIIJJIGXMZIVMKMHMXMIWJVSQ (IWMKREGXMSRWWLSYPHFIGSQTEVIH[MXLHIWMKRWXVIRKXLW
8EFPIEXEWLIEVHIQERHVIWYPXMRKMRJPI\YVEP]MIPHMRKSJ MREGGSVHERGI[MXL%7')7)-7IGXMSR[MXL
XLITPEWXMGLMRKIW:T8LIQE\MQYQHMWTPEGIQIRXHIQERHJSV XLI QJEGXSVWWIPIGXIHJVSQ8EFPIW  ERHJSVFIEQW
XLI GSPYQR GER FI IWXMQEXIH EW XLI QE\MQYQ MRXIVWXSV] GSPYQRWERHFIEQGSPYQRNSMRXWVIWTIGXMZIP]'SQTSRIRXW
HMWTPEGIQIRX HIQERH %PXIVREXMZIP] XLI MRXIVWXSV] HMWTPEGI WEXMWJ]MRK %7')7)-  )U   SV   EW ETTPM
QIRXHIQERHGERFIVIJMRIHF]EGGSYRXMRKJSVXLIMRXIVWXSV] GEFPIWLSYPHGSQTP][MXLXLITIVJSVQERGIGVMXIVME
HMWTPEGIQIRXW GEYWIH F] VMKMHFSH] VSXEXMSRW EX XLI ;LIVIXLIEZIVEKI('6JSVGSPYQRWEXEPIZIPI\GIIHWXLI
GSPYQRvWFEWIERHXST*YVXLIVHMWGYWWMSRSRHMWTPEGIQIRX EZIVEKIZEPYIJSVFIEQWEXXLIWEQIPIZIPERHI\GIIHWXLI
HYGXMPMX] HIQERH MW JSYRH MR 7I^IR ERH 1SILPI   KVIEXIVSJERHQJSVEPPGSPYQRWEXEPPPIZIPWXLIPIZIP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

*MK{.SMRXGPEWWMJMGEXMSR JSVVIWTSRWIMRXLITPERISJXLITEKI 

8EFPI{:EPYIWSJ JSVNSMRXWXVIRKXLGEPGYPEXMSR
:EPYISJ

'SRHMXMSRMMRXIVMSVNSMRXW 'SRHMXMSRMMSXLIVNSMRXW
-RXIVMSVNSMRX[MXL -RXIVMSVNSMRX[MXLSYX )\XIVMSVNSMRX )\XIVMSVNSMRX[MXLSYX /RIINSMRX[MXLSV
8VERWZIVWIVIMRJSVGIQIRXj XVERWZIVWIFIEQW XVERWZIVWIFIEQW [MXLXVERWZIVWIFIEQW XVERWZIVWIFIEQW [MXLSYXXVERWZIVWIFIEQW
'     
2'     
*SVGPEWWMJMGEXMSRSJNSMRXWVIJIVXS*MK
jw'xERHw2'xEVIEFFVIZMEXMSRWJSVGSRJSVQMRKERHRSRGSRJSVQMRKXVERWZIVWIVIMRJSVGIQIRX.SMRXXVERWZIVWIVIMRJSVGIQIRXMWGSRJSVQMRKMJLSSTWEVIWTEGIHEX LG [MXLMRXLI
NSMRX3XLIV[MWIXLIXVERWZIVWIVIMRJSVGIQIRXMWGSRWMHIVIHRSRGSRJSVQMRK

MWHIJMRIHEWE[IEOWXSV]IPIQIRX*SV[IEOWXSV]IPIQIRXW EPM^IH HIJSVQEXMSR MW WLIEV HMWXSVXMSR SJ XLI FIEQGSPYQR


SRISJXLIJSPPS[MRKWLSYPHFIWEXMWJMIH NSMRXWLIEVERKPIGETEGMXMIWEVIHIJMRIHF]8EFPI;LIVI
 8LIGLIGOSJEZIVEKI('6ZEPYIWEXXLIPIZIPWLSYPHFI MRIPEWXMG EGXMSR MW MRHMGEXIH JSV E GSQTSRIRX SV EGXMSR RSX
VITIEXIH GSRWMHIVMRK EPP TVMQEV] ERH WIGSRHEV] PMWXIHMR8EFPIW ERHXLITIVJSVQERGIMWHIIQIH
GSQTSRIRXWEXXLIPIZIP[MXLE[IEOWXSV]IPIQIRXEX YREGGITXEFPI%PXIVREXMZIETTVSEGLIWSVZEPYIWEVIEGGITXEFPI
XLI PIZIP -J XLI EZIVEKI ('6 ZEPYIW JSV ZIVXMGEP [LIVINYWXMJMIHF]I\TIVMQIRXEPIZMHIRGIERHEREP]WMW
GSQTSRIRXW I\GIIHW XLI EZIVEKI ZEPYI JSV LSVM^SRXEP ' 2SRPMRIEV WXEXMG ERH H]REQMG TVSGIHYVIW{
GSQTSRIRXWEXXLIPIZIPERHI\GIIHWXLIWXVYGXYVI 6IJIVXS'ERH 'JSVHMWGYWWMSRSJ8EFPI
WLSYPH FI VIEREP]^IH YWMRK E RSRPMRIEV TVSGIHYVI SV
ERHEGGITXERGIGVMXIVMEJSVVIMRJSVGIHGSRGVIXIGSPYQRW
VILEFMPMXEXIHXSIPMQMREXIXLMWHIJMGMIRG]
 6ILEFMPMXEXMSR QIEWYVIW{'SRGVIXI FIEQGSPYQR
 8LI WXVYGXYVI WLSYPH FI VIEREP]^IH YWMRK IMXLIV XLI
274SVXLI2(4SJ%7')7)-'LETXIVSV QSQIRXJVEQIGSQTSRIRXWXLEXHSRSXQIIXXLIEGGITXERGI
 8LI WXVYGXYVI WLSYPH FI VILEFMPMXEXIHXSIPMQMREXIXLI GVMXIVMEJSVXLIWIPIGXIH63WLSYPHFIVILEFMPMXEXIH6ILEFMPMXE
[IEOWXSV]IPIQIRXGSRHMXMSR XMSRQIEWYVIWWLSYPHQIIXXLIVIUYMVIQIRXWSJ 7IGXMSR
 2SRPMRIEV WXEXMG ERH H]REQMG TVSGIHYVIW{ ERHSXLIVTVSZMWMSRWSJ%'-6
'EPGYPEXIH GSQTSRIRX EGXMSRW WLSYPH WEXMWJ] XLI VIUYMVI ' 6ILEFMPMXEXMSR QIEWYVIW{'LETXIV  SJ *)1%
QIRXWSJ%7')7)-7IGXMSR;LIVIXLIKIRIV TVSZMHIWHIXEMPIHHIWGVMTXMSRWSJIJJIGXMZIVILEFMPMXEXMSR
EPM^IHHIJSVQEXMSRMWXEOIREWVSXEXMSRMRXLIJPI\YVEPTPEWXMG QIEWYVIW JSV YWI [MXL GSRGVIXI QSQIRX JVEQIW MRGPYHMRK
LMRKI ^SRI MR FIEQW ERHGSPYQRW XLI TPEWXMGLMRKIVSXEXMSR GSRWMHIVEXMSRW WYGL EW GSRWXVYGXMFMPMX] HMWVYTXMSR JSV
GETEGMXMIWEVIHIJMRIHF]8EFPIWERH;LIVIXLIKIRIV FYMPHMRKSGGYTERXWERHGSWXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

8EFPI{2YQIVMGEPEGGITXERGIGVMXIVMEJSVPMRIEVTVSGIHYVIW{VIMRJSVGIHGSRGVIXIFIEQW
QJEGXSVW
4IVJSVQERGIPIZIP
'SQTSRIRXX]TI
4VMQEV] 7IGSRHEV]
'SRHMXMSRW -3 07 '4 07 '4
'SRHMXMSRM&IEQWGSRXVSPPIHF]JPI\YVIj
z :  

 8VERWZIVWI
FEP VIMRJSVGIQIRXk F[ H J G
 '       
 '     
 
 '     
 
 '       
 2'       
 2'     
 
 2'       
 2'       
'SRHMXMSRMM&IEQWGSRXVSPPIHF]WLIEVj
7XMVVYTWTEGMRK H     
7XMVVYTWTEGMRK"H     
j
'SRHMXMSRMMM&IEQWGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGMRKEPSRKXLIWTER
7XMVVYTWTEGMRK H     
7XMVVYTWTEGMRK"H     
'SRHMXMSRMZ&IEQWGSRXVSPPIHF]MREHIUYEXIIQFIHQIRXMRXSFIEQGSPYQRNSMRX j
    
:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j;LIVIQSVIXLERSRISJXLI'SRHMXMSRWMMMMMMERHMZSGGYVWJSVEKMZIRGSQTSRIRXYWIXLIQMRMQYQETTVSTVMEXIRYQIVMGEPZEPYIJVSQXLIXEFPI
kw'xERHw2'xEVIEFFVIZMEXMSRWJSVGSRJSVQMRKERHRSRGSRJSVQMRKXVERWZIVWIVIMRJSVGIQIRX8VERWZIVWIVIMRJSVGIQIRXMWGSRJSVQMRKMJ[MXLMRXLIJPI\YVEPTPEWXMGLMRKIVIKMSR
LSSTWEVIWTEGIHEX HERHMJJSVGSQTSRIRXWSJQSHIVEXIERHLMKLHYGXMPMX]HIQERHXLIWXVIRKXLTVSZMHIHF]XLILSSTW :W MWEXPIEWXSJXLIHIWMKRWLIEV3XLIV[MWIXLI
XVERWZIVWIVIMRJSVGIQIRXMWGSRWMHIVIHRSRGSRJSVQMRK

:MWXLIHIWMKRWLIEVJSVGIGEPGYPEXIHYWMRKPMQMXWXEXIEREP]WMWTVSGIHYVIWMREGGSVHERGI[MXL7IGXMSR
2SXI JG MRTWM 14E YRMXW

 6ILEFMPMXEXMSR QIEWYVIW XLEX GER FI IJJIGXMZI MR VILEFMPM RSRWXVYGXYVEP GSQTSRIRXW MRXIVJIVI [MXL XLI JVEQI
XEXMRKVIMRJSVGIHGSRGVIXIFIEQGSPYQRQSQIRXJVEQIWEVI IPMQMREXI XLMW MRXIVJIVIRGI F] VIQSZMRK SV WITEVEXMRK
.EGOIXMRKI\MWXMRKFIEQWGSPYQRWSVNSMRXW[MXLRI[ XLI RSRWXVYGXYVEP GSQTSRIRX JVSQ XLI JVEQI F
VIMRJSVGIHGSRGVIXIWXIIPSVJMFIVVIMRJSVGIHTSP]QIV ;IEOIRMRK JVSQ GSRGVIXI VIQSZEPSV WIZIVMRK PSRKMXY
[VETSZIVPE]W;LIVIVIMRJSVGIHGSRGVIXINEGOIXWEVI HMREP VIMRJSVGIQIRX XS GLERKI XLI VIWTSRWI JVSQ E
YWIH XLI HIWMKR WLSYPH TVSZMHI HIXEMPMRK XS IRLERGI RSRHYGXMPI XS E QSVI HYGXMPI QSHI JSV I\EQTPI
HYGXMPMX] 'SQTSRIRX WXVIRKXL WLSYPH RSX I\GIIH ER] [IEOIRMRKFIEQWXSTVSQSXIJSVQEXMSRSJEWXVSRK
PMQMXMRKWXVIRKXLSJGSRRIGXMSRW[MXLEHNEGIRXGSQTS GSPYQR[IEOFIEQW]WXIQERHG WIKQIRXMRK[EPPW
RIRXW.EGOIXWWLSYPHFIHIWMKRIHXSTVSZMHIMRGVIEWIH XSGLERKIWXMJJRIWWERHWXVIRKXL
GSRRIGXMSRWXVIRKXLERHMQTVSZIHGSRXMRYMX]FIX[IIR  -QTVSZMRK HIJMGMIRX I\MWXMRK VIMRJSVGIQIRX HIXEMPW
EHNEGIRX GSQTSRIRXW *)1%  7IGXMSRW  6IQSZEPSJGSZIVGSRGVIXIXSQSHMJ]I\MWXMRKVIMRJSVGIQIRX
ERH  HIXEMPWWLSYPHEZSMHHEQEKIXSGSVIGSRGVIXIERHXLI
 4SWXXIRWMSRMRK I\MWXMRK FIEQW GSPYQRW SV NSMRXW FSRH FIX[IIR I\MWXMRK VIMRJSVGIQIRX ERH GSVI
YWMRK I\XIVREP TSWXXIRWMSRMRK VIMRJSVGIQIRX 4SWX GSRGVIXI2I[GSZIVGSRGVIXIWLSYPHFIHIWMKRIHERH
XIRWMSRIHVIMRJSVGIQIRXWLSYPHFIYRFSRHIH[MXLMRE GSRWXVYGXIHXSEGLMIZIJYPP]GSQTSWMXIEGXMSR[MXLXLI
HMWXERGIIUYEPXSX[MGIXLIIJJIGXMZIHITXLJVSQWIGXMSRW I\MWXMRKQEXIVMEPW *)1%7IGXMSRW
[LIVIMRIPEWXMGEGXMSRMWI\TIGXIH%RGLSVEKIWWLSYPH ERH 
FIPSGEXIHE[E]JVSQVIKMSRW[LIVIMRIPEWXMGEGXMSRMW  'LERKMRK XLI FYMPHMRK W]WXIQ XS VIHYGI HIQERHW SR
ERXMGMTEXIH ERH HIWMKRIH [MXL GSRWMHIVEXMSR SJ XLI I\MWXMRK IPIQIRXW )\EQTPIW MRGPYHI EHHMXMSR SJ
TSWWMFPIJSVGIZEVMEXMSRWJVSQIEVXLUYEOIPSEHMRK WYTTPIQIRXEV]PEXIVEPJSVGIVIWMWXMRKIPIQIRXWWYGLEW
 1SHMJ]MRK XLI IPIQIRX F] WIPIGXMZI QEXIVMEP VIQSZEP [EPPWSVFYXXVIWWIWWIMWQMGMWSPEXMSRERHQEWWVIHYGXMSR
JVSQ I\MWXMRK IPIQIRX )\EQTPIW MRGPYHI E  ;LIVI *)1%'LETXIV ERH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8EFPI{2YQIVMGEPEGGITXERGIGVMXIVMEJSVPMRIEVTVSGIHYVIW{VIMRJSVGIHGSRGVIXIGSPYQRW
QJEGXSVW
4IVJSVQERGIPIZIP
'SQTSRIRXX]TI
4VMQEV] 7IGSRHEV]
'SRHMXMSRW -3 07 '4 07 '4
'SRHMXMSRMj
4 k %
 ! Z
%K J G F[ W
      
      
      
      
'SRHMXMSRMMj
4 k % :  

 ! Z
%K J G F[ W F[ H JG
        
      
 
      
 
        
      
 
        
        
        
j
'SRHMXMSRMMM
4 k %
 ! Z
%K J G F[ W
      
      
      
      
'SRHMXMSRMZ'SPYQRWGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGMRKEPSRKXLIGPIEVLIMKLX j
4 k %
 ! Z
%K J G F[ W
      
      
      
      
:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j6IJIVXS7IGXMSRJSVHIJMRMXMSRSJ'SRHMXMSRWMMMERHMMM'SPYQRWEVIGSRWMHIVIHXSFIGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGIW[LIVIXLIGEPGYPEXIHWXIIPWXVIWWEX
XLIWTPMGII\GIIHWXLIWXIIPWXVIWWWTIGMJMIHF])U  ;LIVIQSVIXLERSRISJXLI'SRHMXMSRWMMMMMMERHMZSGGYVWJSVEKMZIRGSQTSRIRXYWIXLIQMRMQYQETTVSTVMEXIRYQIV
MGEPZEPYIJVSQXLIXEFPI
k
;LIVI4"%K JG XLIQJEGXSVWLSYPHFIXEOIREWYRMX]JSVEPPTIVJSVQERGIPIZIPWYRPIWWXLIGSPYQRLEWXVERWZIVWIVIMRJSVGIQIRXGSRWMWXMRKSJLSSTW[MXLHIKVIILSSOW
WTEGIHEX HERHXLIWXVIRKXLTVSZMHIHF]XLILSSTW :W MWEXPIEWXSJXLIHIWMKRWLIEV4MWXLIHIWMKRE\MEPJSVGIMRXLIQIQFIV%PXIVREXMZIP]E\MEPPSEHWHIXIVQMRIHFEWIH
SREPMQMXWXEXIEREP]WMWGERFIYWIH
:MWXLIHIWMKRWLIEVJSVGIGEPGYPEXIHYWMRKPMQMXWXEXIEREP]WMWTVSGIHYVIWMREGGSVHERGI[MXL 7IGXMSR
2SXI JG MWMRTWM 14E YRMXW

 'LERKMRK XLI JVEQI IPIQIRX XS E WLIEV [EPP MRJMPPIH [EPP SV FVEGIH JVEQI XLIWI WLSYPH FI GLIGOIH JSV
JVEQISVFVEGIHJVEQIIPIQIRXF]EHHMRKRI[QEXIVMEP EHIUYEG] GSRWMHIVMRK WXVIRKXL VIMRJSVGIQIRX HIZIPST
'SRRIGXMSRW FIX[IIR RI[ ERH I\MWXMRK QEXIVMEPW QIRX ERH HIJSVQEFMPMX] (METLVEKQW MRGPYHMRK XMIW
WLSYPH FI HIWMKRIH XS XVERWJIV XLI ERXMGMTEXIH JSVGIW ERHGSPPIGXSVWWLSYPH FI IZEPYEXIHERH MJ RIGIWWEV]
FEWIH SR XLI HIWMKRPSEH GSQFMREXMSRW ;LIVI XLI VILEFMPMXEXIHXSIRWYVIEGSQTPIXIPSEHTEXLXSXLIRI[
I\MWXMRK GSRGVIXI JVEQI GSPYQRW ERH FIEQW EGX EW WLIEV [EPP SV FVEGIH JVEQI IPIQIRX *)1% 
FSYRHEV]GSQTSRIRXWERHGSPPIGXSVWJSVXLIRI[WLIEV 7IGXMSRWERH 
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

8EFPI{2YQIVMGEPEGGITXERGIGVMXIVMEJSVPMRIEVTVSGIHYVIW{VIMRJSVGIHGSRGVIXIFIEQGSPYQRNSMRXW
QJEGXSVW
4IVJSVQERGIPIZIP
'SQTSRIRXX]TI
4VMQEV] 7IGSRHEV]
'SRHMXMSRW -3 07 '4 07 '4
'SRHMXMSRM-RXIVMSVNSMRXW 2SXIJSVGPEWWMJMGEXMSRSJNSMRXWVIJIVXS*MK
4  j
 8VERWZIVWI : k

%K JG VIMRJSVGIQIRX :R
 '      
 '      
 '      
 '      
 2'      
 2'      
 2'      
 2'      
'SRHMXMSRMM3XLIVNSMRXW 2SXIJSVGPEWWMJMGEXMSRSJNSMRXWVIJIVXS*MK
4  j
 8VERWZIVWI : k

%K JG VIMRJSVGIQIRX :R
 '      
 '      
 '      
 '      
 2'      
 2'      
 2'      
 2'      
:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j4MWXLIHIWMKRE\MEPJSVGISRXLIGSPYQREFSZIXLINSMRXGEPGYPEXIHYWMRKPMQMXWXEXIEREP]WMWTVSGIHYVIWMREGGSVHERGI[MXL7IGXMSR %
KMWXLIKVSWWGVSWWWIGXMSREPEVIESJXLI
NSMRX
k
:MWXLIHIWMKRWLIEVJSVGIERH:RMWXLIWLIEVWXVIRKXLJSVXLINSMRX8LIHIWMKRWLIEVJSVGIERHWLIEVWXVIRKXLWLSYPHFIGEPGYPEXIHEGGSVHMRKXS7IGXMSRERH7IGXMSR
VIWTIGXMZIP]

w'xERHw2'xEVIEFFVIZMEXMSRWJSVGSRJSVQMRKERHRSRGSRJSVQMRKXVERWZIVWIVIMRJSVGIQIRXVIWTIGXMZIP]8VERWZIVWIVIMRJSVGIQIRXMWGSRJSVQMRKMJLSSTWEVIWTEGIHEX LG
[MXLMRXLINSMRX3XLIV[MWIXLIXVERWZIVWIVIMRJSVGIQIRXMWGSRWMHIVIHRSRGSRJSVQMRK

{4SWXXIRWMSRIHGSRGVIXIFIEQGSPYQR WLSYPHSGGYVSYXWMHILMRKMRKEVIEWSVNSMRXWI\GITXMR
QSQIRXJVEQIW I\MWXMRK GSQTSRIRXW [LIVI I\TIVMQIRXEP IZMHIRGI
 +IRIVEP GSRWMHIVEXMSRW{8LI EREP]XMGEP QSHIP JSV E HIQSRWXVEXIWXLIGSRRIGXMSR[MPPQIIXXLITIVJSVQERGI
TSWXXIRWMSRIHGSRGVIXIFIEQGSPYQRJVEQIIPIQIRXWLSYPHFI SFNIGXMZIWYRHIVHIWMKRPSEHMRKW
IWXEFPMWLIHEWWTIGMJMIHMR7IGXMSRJSVVIMRJSVGIHGSRGVIXI %PXIVREXMZI TVSGIHYVIW WLSYPH FI YWIH [LIVI XLIWI
FIEQGSPYQRQSQIRXJVEQIW-REHHMXMSRXSTSXIRXMEPJEMPYVI GSRHMXMSRWEVIRSXWEXMWJMIH
QSHIW HIWGVMFIH MR 7IGXMSR  XLI EREP]WMW QSHIP WLSYPH  7XMJJRIWW
GSRWMHIVTSXIRXMEPJEMPYVISJXIRHSRERGLSVEKIW  0MRIEV WXEXMGERH H]REQMG TVSGIHYVIW{&IEQW
8LI EREP]WMW TVSGIHYVIW HIWGVMFIH MR %7')7)-  WLSYPHFIQSHIPIHGSRWMHIVMRKJPI\YVEPERHWLIEVWXMJJRIWWIW
'LETXIVETTP]XSJVEQIW[MXLTSWXXIRWMSRIHFIEQWWEXMWJ]MRK MRGPYHMRKXLIIJJIGXSJXLIWPEFEGXMRKEWEJPERKIMRQSRSPMXLMG
XLIJSPPS[MRKGSRHMXMSRW ERH GSQTSWMXI GSRWXVYGXMSR 'SPYQRW WLSYPH FI QSHIPIH
 8LIEZIVEKITVIWXVIWWJTGGEPGYPEXIHJSVEREVIEIUYEPXS GSRWMHIVMRK JPI\YVEP WLIEV ERH E\MEP WXMJJRIWWIW 6IJIV XS
XLITVSHYGXSJXLIWLSVXIWXERHXLITIVTIRHMGYPEVGVSWW 7IGXMSRJSVIJJIGXMZIWXMJJRIWWGSQTYXEXMSRW6IJIVXS
WIGXMSREP HMQIRWMSRW SJ XLI FIEQ HSIW RSX I\GIIH XLI 7IGXMSRJSVQSHIPMRKSJNSMRXWXMJJRIWW
KVIEXIV SJ  TWM  14E  SV JG  EX PSGEXMSRW SJ  2SRPMRIEV WXEXMG TVSGIHYVI{2SRPMRIEV PSEH
RSRPMRIEVEGXMSR HIJSVQEXMSRVIPEXMSRWWLSYPHGSQTP][MXL7IGXMSRERH
 4VIWXVIWWMRK XIRHSRW HS RSX TVSZMHI QSVI XLER SRI VIMRJSVGIHGSRGVIXIJVEQIVIUYMVIQIRXWXS7IGXMSR
UYEVXIVSJXLIWXVIRKXLEXXLINSMRXJEGIJSVFSXLTSWMXMZI :EPYIWSJXLIKIRIVEPM^IHHIJSVQEXMSREXTSMRXW&'ERH
ERHRIKEXMZIQSQIRXWERH (MR*MKWLSYPHFIHIVMZIHIMXLIVJVSQI\TIVMQIRXWSV
 %RGLSVEKIW JSV XIRHSRW EVI HIQSRWXVEXIH XS LEZI JVSQETTVSZIHVEXMSREPEREP]WIWGSRWMHIVMRKXLI MRXIVEGXMSRW
TIVJSVQIHWEXMWJEGXSVMP]JSVWIMWQMGJSVGIWMRGSQTPMERGI FIX[IIRJPI\YVIE\MEPPSEHERHWLIEV%PXIVREXMZIP][LIVI
[MXL %'- 1 VIUYMVIQIRXW 8LIWI ERGLSVEKIW XLIKIRIVEPM^IHHIJSVQEXMSRMWXEOIREWVSXEXMSRMRXLIJPI\YVEP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

TPEWXMGLMRKI^SRIERHXLIXLVIIGSRHMXMSRWSJ7IGXMSR MRGPYHIHMRXLIQSHIPMWEHNYWXIHXSEGGSYRXJSVJPI\MFMPMX]
EVIWEXMWJMIHFIEQTPEWXMGLMRKIVSXEXMSRGETEGMXMIWGERFIEW SJXLIWPEFGSPYQRGSRRIGXMSR
HIJMRIHMR8EFPI'SPYQRWERHNSMRXWWLSYPHFIQSHIPIH  )UYMZEPIRX JVEQI QSHIP 'SPYQRW ERH WPEFW EVI
EWHIWGVMFIHMR7IGXMSR VITVIWIRXIHF]PMRIIPIQIRXWERHWXMJJRIWWSJGSPYQRSV
 2SRPMRIEVH]REQMGTVSGIHYVI{*SVXLI2(4XLI WPEFIPIQIRXWMWEHNYWXIHXSEGGSYRXJSVJPI\MFMPMX]SJXLI
GSQTPIXI L]WXIVIXMG FILEZMSV SJ IEGL GSQTSRIRX WLSYPH FI WPEFGSPYQRGSRRIGXMSRERH
QSHIPIH YWMRK TVSTIVXMIW ZIVMJMIH F] I\TIVMQIRXEP IZMHIRGI  *MRMXIIPIQIRXQSHIP'SPYQRWEVIVITVIWIRXIHF]PMRI
8LI VIPEXMSR SJ *MK  WLSYPH FI XEOIR XS VITVIWIRX XLI IPIQIRXWERHXLIWPEFF]TPEXIFIRHMRKIPIQIRXW
IRZIPSTI VIPEXMSR JSV XLI EREP]WMW 9RPSEHMRK ERH VIPSEHMRK ' +IRIVEP GSRWMHIVEXMSRW{8LI WXMJJRIWW SJ E WPEF
TVSTIVXMIW WLSYPH VITVIWIRX WMKRMJMGERX WXMJJRIWW ERH WXVIRKXL GSPYQRJVEQIMWLMKLP]HITIRHIRXSRXLIVEXMSSJXLIGSPYQR
HIKVEHEXMSRGLEVEGXIVMWXMGWEWMRJPYIRGIHF]TVIWXVIWWMRK GVSWW WIGXMSR HMQIRWMSRW G ERH G   XS XLI WPEF TPER
 7XVIRKXL{'SQTSRIRXWXVIRKXLWWLSYPHFIGSQTYXIH HMQIRWMSRW ERH  
EGGSVHMRKXSXLIKIRIVEPVIUYMVIQIRXWSJ7IGXMSRERH %TTVSEGLIW JSV QSHIPMRK WPEFGSPYQR JVEQI W]WXIQW
EHHMXMSREP VIUYMVIQIRXW SJ 7IGXMSR  )JJIGXW SJ HMJJIVTVMQEVMP]MRLS[WPEFWXMJJRIWWMWMRGSVTSVEXIHMRXLI
TVIWXVIWWMRKSRWXVIRKXLWLSYPHFIGSRWMHIVIH EREP]XMGEPQSHIP
*SV HIJSVQEXMSRGSRXVSPPIH EGXMSRW TVIWXVIWW WLSYPH FI  )JJIGXMZI FIEQ [MHXL QSHIP 7PEF IPIQIRX [MHXL
EWWYQIH IJJIGXMZI XS HIXIVQMRI XLI QE\MQYQ EGXMSRW XLEX VIHYGIHXSEHNYWXXLIIPEWXMGWXMJJRIWWXSQSVIGPSWIP]
GERFIHIZIPSTIHMREWWSGMEXMSR[MXLRSRPMRIEVVIWTSRWISJ QEXGL QIEWYVIH ZEPYIW 4IGORSPH   'SPYQR
XLI JVEQI *SV JSVGIGSRXVSPPIH EGXMSRW XLI IJJIGXW SR FILEZMSVERHWPEFGSPYQRQSQIRXERHWLIEVXVERWJIV
WXVIRKXLSJTVIWXVIWWPSWWWLSYPHFIGSRWMHIVIHEWEHIWMKR EVIQSHIPIHWITEVEXIP]
GSRHMXMSR[LIVIWYGLPSWWIWEVITSWWMFPIYRHIVHIWMKRPSEH  )UYMZEPIRXJVEQIQSHIP7LIEVERHJPI\YVIMRXLIWPEF
GSQFMREXMSRWMRGPYHMRKMRIPEWXMGHIJSVQEXMSRVIZIVWEPW FI]SRH XLI [MHXL SJ XLI GSPYQR EVI EWWYQIH XS FI
 %GGITXERGI GVMXIVME{%GGITXERGI GVMXIVMEJSV TSWX XVERWJIVVIH XS XLI GSPYQRXLVSYKL XSVWMSREP IPIQIRXW
XIRWMSRIH GSRGVIXI FIEQGSPYQR QSQIRX JVEQIW WLSYPH TIVTIRHMGYPEV XS XLI WPEF WTER HMVIGXMSR :ERHIVFMPX
JSPPS[ XLI GVMXIVME JSV VIMRJSVGIH GSRGVIXI FIEQGSPYQR ERH'SVPI] *PI\MFMPMX]SJXLIXSVWMSREPIPIQIRXW
JVEQIWWTIGMJMIHMR7IGXMSR VIHYGIW XLI IPEWXMG WXMJJRIWW SJ XLI SZIVEPP JVEQI
%PXLSYKL MX MW TSWWMFPI XS QSHIP XLIQ WITEVEXIP]
1SHIPMRK TEVEQIXIVW ERH EGGITXERGI GVMXIVME WLSYPH FI
XSVWMSREPIPIQIRXWEVIX]TMGEPP]PYQTIH[MXLGSPYQRW
FEWIHSR8EFPIW  ERH8EFPIWXLVSYKL
SVXLIWPEFXSTVSHYGIEJVEQI[MXLIUYMZEPIRXWXMJJRIWW
 6ILEFMPMXEXMSR QIEWYVIW{4SWXXIRWMSRIH GSRGVIXI 'LETXIV%'-1 ERH
FIEQGSPYQRQSQIRXJVEQIGSQTSRIRXWXLEXHSRSXQIIX  *MRMXIIPIQIRX QSHIP8LI WPEF HMWXSVXMSR MW QSHIPIH
EGGITXERGIGVMXIVMEJSVXLIWIPIGXIH63WLSYPHFIVILEFMPMXEXIH I\TPMGMXP]YWMRKJMRMXIIPIQIRXW
6ILEFMPMXEXMSR QIEWYVIW WLSYPH QIIX XLI VIUYMVIQIRXW SJ )EGL ETTVSEGL MW GSRWMHIVIH EGGITXEFPI JSV EREP]XMGEP
7IGXMSRERHSXLIVTVSZMWMSRWSJXLMWKYMHI QSHIPMRKSJWPEFGSPYQRJVEQIW6IWIEVGLLEWWLS[RXLEX
' 6ILEFMPMXEXMSR QIEWYVIW{6ILEFMPMXEXMSR QIEWYVIW XLI IJJIGXMZI FIEQ ETTVSEGL XIRHW XS SZIVIWXMQEXI PEXIVEP
HIWGVMFIHMR 7IGXMSR 'JSVVIMRJSVGIHGSRGVIXIFIEQ WXMJJRIWW [LIVIEW XLI IUYMZEPIRX JVEQI ETTVSEGL XIRHW XS
GSPYQR QSQIRX JVEQIW GER FI IJJIGXMZI MR VILEFMPMXEXMRK YRHIVIWXMQEXI PEXIVEP WXMJJRIWW SJ WPEFGSPYQR W]WXIQW
TSWXXIRWMSRIH GSRGVIXI FIEQGSPYQR QSQIRX JVEQIW VIWTSRHMRKMRXLIIPEWXMGVERKI ,[ERKERH1SILPI 
*YVXLIVVILEFMPMXEXMSRQIEWYVIWGERFIJSYRHMR*)1% *SVIMXLIVETTVSEGLXLIIPEWXMGWXMJJRIWWWLSYPHFIVIHYGIH
JYVXLIV XS EGGSYRX JSV GVEGOMRK MR WPEFGSPYQR W]WXIQW
{7PEFGSPYQRQSQIRXJVEQIW VIWTSRHMRKMRXLIMRIPEWXMGVERKI ,[ERKERH1SILPI
 +IRIVEPGSRWMHIVEXMSRW{8LIEREP]XMGEPQSHIPJSVE 0YSIXEPERH(SZMGLERH;MKLX 
WPEFGSPYQRJVEQIIPIQIRXWLSYPHVITVIWIRXWXVIRKXLWXMJJRIWW  7XMJJRIWW
ERH HIJSVQEXMSR GETEGMX] SJ WPEFW GSPYQRW WPEFGSPYQR  0MRIEV WXEXMG ERH H]REQMG TVSGIHYVIW{7PEFW
GSRRIGXMSRW ERH SXLIV GSQTSRIRXW SJ XLI JVEQI 8LI WLSYPHFIQSHIPIHGSRWMHIVMRKJPI\YVEPWLIEVERHXSVWMSREP
GSRRIGXMSRFIX[IIRXLIGSPYQRWERHJSYRHEXMSRWLSYPHFI MR XLI WPEF EHNEGIRX XS XLI GSPYQR  WXMJJRIWWIW 'SPYQRW
QSHIPIH FEWIH SR XLI HIXEMPW SJ XLI GSPYQRJSYRHEXMSR WLSYPH FI QSHIPIH GSRWMHIVMRK JPI\YVEP WLIEV ERH E\MEP
GSRRIGXMSRERHVMKMHMX]SJXLIJSYRHEXMSRWSMPW]WXIQ4SXIRXMEP WXMJJRIWWIW7PEFGSPYQRGSRRIGXMSRWWLSYPHFIQSHIPIHEW
JEMPYVI MR JPI\YVI WLIEV WLIEVQSQIRX XVERWJIV TYRGLMRK WXMJJ SV VMKMH GSQTSRIRXW %PXLSYKL IJJIGXMZI GSQTSRIRX
WLIEV ERHVIMRJSVGIQIRXHIZIPSTQIRXEXER]WIGXMSREPSRK WXMJJRIWWIW WLSYPH FI HIXIVQMRIH EGGSVHMRK XS XLI KIRIVEP
XLIGSQTSRIRXPIRKXLWLSYPHFIGSRWMHIVIH8LIIJJIGXWSJ TVMRGMTPIWSJ7IGXMSREHNYWXQIRXWGERFIQEHIFEWIH
GLERKIW MR GVSWW WIGXMSR WPEF STIRMRKW ERHMRXIVEGXMSR [MXL SRI\TIVMQIRXEPIZMHIRGI
WXVYGXYVEPERHRSRWXVYGXYVEPGSQTSRIRXWWLSYPHFIGSRWMHIVIH '0MRIEVWXEXMGERHH]REQMGTVSGIHYVIW
%REREP]XMGEPQSHIPSJXLIWPEFGSPYQRJVEQIFEWIHSR )JJIGXMZIFIEQ[MHXLQSHIP%PPIRERH(EVZEPP 
ER]SJXLIJSPPS[MRKETTVSEGLIWGERFIYWIH TVSZMHI XEFPIW SJ IJJIGXMZI [MHXL GSIJJMGMIRXW JSV HMJJIVIRX
 )JJIGXMZIFIEQ[MHXLQSHIP'SPYQRWERHWPEFWEVI GSQFMREXMSRW SJ TPEXI EWTIGX VEXMSW    ERH GSPYQR
VITVIWIRXIHF]PMRIIPIQIRXWVMKMHP]MRXIVGSRRIGXIHEX [MHXLXSWPEFWTERVEXMSW G SVG  6IWIEVGLMRHMGEXIW
XLI WPEFGSPYQR GSRRIGXMSR [LIVI XLI WPEF [MHXL XLEXXLIIJJIGXMZI[MHXLSJI\XIVMSVFE]WWLSYPHFIPIWWXLERXLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

IJJIGXMZI[MHXLSJMRXIVMSVFE]WHYIXSXLILMKLIVJPI\MFMPMX]SJ GSQTEVMWSRSJXLIQSHIPMRKTEVEQIXIVWMR8EFPIERHXIWX
SRIWMHIHWPEFGSPYQRGSRRIGXMSRWEXXLIJVEQIIRH,[ERK HEXEWYQQEVM^IHF]/ERKERH;EPPEGI  0EXIVEPHVMJX
ERH1SILPI  TVSZMHIIUYEXMSRWJSVIJJIGXMZI[MHXLXLEX VEXMSMWX]TMGEPP]VITSVXIHJSVXIWXHEXEXLIVIJSVITPEWXMG
WLS[XLIVIPEXMSRWLMTFIX[IIRI\XIVMSVERHMRXIVMSVFE]WMW VSXEXMSRW[IVIHIVMZIHJVSQXLIXIWXHEXEEWWYQMRKGSPYQR
EFSYX HIJSVQEXMSRW[IVIRIKPMKMFPIERH]MIPHVSXEXMSRWSJERH
)UYEXMSR ' GERFIYWIHMRWXIEHSJXEFPIWJVSQ%PPIR  VEHMERW JSV VIMRJSVGIH GSRGVIXI ERH TSWXXIRWMSRIH
ERH(EVZEPP  WPEFW VIWTIGXMZIP] 8LI PEVKIV VSXEXMSR ZEPYI JSV TSWX
XIRWMSRIHGSRRIGXMSRWVIJPIGXWXLIPEVKIVWTERXSWPEFXLMGORIWW
*SVMRXIVMSVFE]WFIJJ !G  ' VEXMSW GSQQSR JSV XLMW X]TI SJ GSRWXVYGXMSR 'SRXMRYMX]
*SVI\XIVMSVFE]WFIJJ ! G  VIMRJSVGIQIRXJSVVIMRJSVGIHGSRGVIXIGSRRIGXMSRWMWFEWIHSR
.SMRX%'-%7')'SQQMXXIIVIGSQQIRHEXMSRW %'-6 
[LIVI FIJJ MWXLIIJJIGXMZIWPEF[MHXL
4PEWXMGVSXEXMSRZEPYIWEVIETTVS\MQEXIP]QIERERHQIER
PIWWSRIWXERHEVHHIZMEXMSRZEPYIWJSVGSRRIGXMSRW[MXLERH
8SEGGSYRXJSVGVEGOMRKJVSQXIQTIVEXYVIWLVMROEKISV
[MXLSYX GSRXMRYMX] VIMRJSVGIQIRX VIWTIGXMZIP] 1IER PIWW
RSRPMRIEV VIWTSRWI WPEF WXMJJRIWW HIXIVQMRIH YWMRK KVSWW
SRIWXERHEVHHIZMEXMSRZEPYIWKMZIXSXEP ]MIPHTPYWTPEWXMG
WIGXMSR TVSTIVXMIW FEWIH SR XLI EFSZI KYMHERGI WLSYPHFI
VSXEXMSRZEPYIWXLEXEVIGPSWIXSXLIQE\MQYQHVMJXZEPYIW
VIHYGIHF]ERIJJIGXMZIWXMJJRIWWJEGXSV IJJ8LIVIMWKIRIVEP
EPPS[IHF]%'-17IGXMSR[MXLSYXXLI
EKVIIQIRXXLEX IJJ!MWETTVSTVMEXIJSVRSRTVIWXVIWWIH
YWI SJ WPEF WLIEV VIMRJSVGIQIRX *I[ HEXE I\MWX JSV VIMR
WPEFW :ERHIVFMPXERH'SVPI] 7SQI[LEXLMKLIV]IX
JSVGIH GSRGVIXI GSRRIGXMSRW WYFNIGXIH XS KVEZMX] WLIEV
GSRWIVZEXMZIZEPYIWGERFISFXEMRIHYWMRK)U ' JVSQ
VEXMSWKVIEXIVXLERERH JSVTSWXXIRWMSRIHGSRRIGXMSRW
,[ERKERH1SILPI 
WYFNIGXIH XS VIZIVWI G]GPMG PSEHMRK 8LI VIWMHYEP WXVIRKXL
GETEGMX] JSV TSWXXIRWMSRIH GSRRIGXMSRW MW FEWIH SR XIWX
IJJ!G   '
VIWYPXWVITSVXIHF]5EMWVERM  %PXLSYKLVIPEXMZIP]JI[
XIWXW LEZI FIIR VITSVXIH JSV IHKI GSRRIGXMSRW XLI PMQMXIH
*SV TVIWXVIWWIH TSWXXIRWMSRIH WPEFW MX MW KIRIVEPP] HEXEEZEMPEFPIWYKKIWXXLIVIPEXMSRWLMTFIX[IIRVSXEXMSRERH
EKVIIHXLEXLMKLIVZEPYIWSJ IJJEVIETTVSTVMEXI IJJ ! KVEZMX]WLIEVVEXMSJSVI\XIVMSVGSRRIGXMSRWMWWMQMPEVXSXLI
FIGEYWISJVIHYGIHGVEGOMRKHYIXSTVIWXVIWWMRK /ERKERH XVIRHJSVMRXIVMSVGSRRIGXMSRW
;EPPEGI  1SHIPMRKSJWPEFGSPYQRGSRRIGXMSRWMWGSQQSRP]EGGSQ
 )UYMZEPIRX JVEQI QSHIP 'SPYQR WPEFFIEQ ERH TPMWLIH YWMRK FIEQ IPIQIRXW XS VITVIWIRX XLI WPEF ERH E
XSVWMSREP GSRRIGXMSR IPIQIRX TVSTIVXMIW JSV XLI IUYMZEPIRX VMKMHTPEWXMG XSVWMSREP QIQFIV XS VITVIWIRX QSQIRX ERH
JVEQIQSHIPEVIHIJMRIHMR'LETXIVSJ%'-1 WLIEV XVERWJIV EX XLI GSRRIGXMSR FIX[IIR WPEF ERH GSPYQR
8SEGGSYRXJSVGVEGOMRKHYIXSXIQTIVEXYVIWLVMROEKISV *MK'  )P[SSHIXEP  -JXLITYRGLMRKGETEGMX]SJ
RSRPMRIEVVIWTSRWIXLIWXMJJRIWWSJXLIXSVWMSREPGSRRIGXMSR XLI WPEFGSPYQR GSRRIGXMSR MW MRWYJJMGMIRX XS HIZIPST XLI
IPIQIRX FEWIH SR KVSWW WIGXMSR TVSTIVXMIW HIJMRIH MR %'- RSQMREP GETEGMX] JSV XLI HIZIPSTIH WPEF JPI\YVEP VIMRJSVGI
1WLSYPHFIQYPXMTPMIHF]EJEGXSVSJ QIRX TVSZMHIH [MXLMR XLI GSPYQR WXVMT XLIR EPP ]MIPHMRK MW
 2SRPMRIEV WXEXMG TVSGIHYVI{2SRPMRIEV PSEH EWWYQIHXSSGGYVMRXLIXSVWMSREPIPIQIRXYWMRK XLIQSHIPMRK
HIJSVQEXMSRVIPEXMSRWWLSYPHGSQTP][MXLXLIVIUYMVIQIRXW TEVEQIXIVW TVSZMHIH MR 8EFPI  *SV WXVSRK GSRRIGXMSRW
SJ 7IGXMSR  2SRPMRIEV QSHIPMRK TEVEQIXIVW JSV WPEF [LIVI]MIPHMRKSJWPEFVIMRJSVGIQIRX[MXLMRXLIGSPYQRWXVMT
GSPYQRGSRRIGXMSRWEVITVSZMHIHMR8EFPI MWI\TIGXIHTPEWXMGVSXEXMSRWWLSYPHFIQSHIPIHSRP][MXLMR
2SRPMRIEVWXEXMGQSHIPWWLSYPHFIGETEFPISJVITVIWIRXMRK XLIFIEQIPIQIRXWJVEQMRKMRXSXLIXSVWMSREPIPIQIRXYWMRKXLI
MRIPEWXMGVIWTSRWIEPSRKXLIGSQTSRIRXPIRKXLI\GITX[LIVI TPEWXMGVSXEXMSRQSHIPMRKTEVEQIXIVWTVSZMHIHMR8EFPIXS
MXMWWLS[RF]IUYMPMFVMYQXLEX]MIPHMRKMWVIWXVMGXIHXSXLI HIJMRIXLITPEWXMGLMRKIWEXXLIFIEQIRHW
GSQTSRIRXIRHW  2SRPMRIEVH]REQMGTVSGIHYVI{8LIVIUYMVIQIRXW
-HIEPM^IH PSEHHIJSVQEXMSR VIPEXMSRW WLSYPH FI QSHIPIH SJ 7IGXMSRW  ERH  JSV VIMRJSVGIH GSRGVIXI FIEQ
YWMRKXLIKIRIVEPM^IHVIPEXMSRWLS[RMR*MK8LISZIVEPP GSPYQRQSQIRXJVEQIWETTP]XSWPEFGSPYQRQSQIRXJVEQIW
PSEHHIJSVQEXMSRVIPEXMSRWLSYPHFIIWXEFPMWLIHWSXLEXXLI  7XVIRKXL{'SQTSRIRXWXVIRKXLWWLSYPHFIGSQTYXIH
QE\MQYQ VIWMWXERGI MW GSRWMWXIRX [MXLXLI HIWMKRWXVIRKXL EGGSVHMRK XS XLI KIRIVEP VIUYMVIQIRXW SJ 7IGXMSR  EW
WTIGMJMGEXMSRW SJ 7IGXMSRW  ERH  *SV GSPYQRW XLI QSHMJMIH MR XLMW WIGXMSR *SV GSPYQRW IZEPYEXMSR SJ WLIEV
KIRIVEPM^IHHIJSVQEXMSRWLS[RMR*MKMWJPI\YVEPTPEWXMG WXVIRKXLEGGSVHMRKXS7IGXMSRGERFIYWIH
LMRKIVSXEXMSR[MXLTEVEQIXIVWEWHIJMRIHMR8EFPI*SV 8LI JPI\YVEP WXVIRKXL SJ E WPEF XS VIWMWX QSQIRX HYI XS
WPEFWERHWPEFGSPYQRGSRRIGXMSRWXLIKIRIVEPM^IHHIJSVQE PEXIVEPHIJSVQEXMSRWWLSYPHFIGEPGYPEXIHEW 1R'7z1K'7
XMSRWLS[RMR*MKMWTPEWXMGVSXEXMSR[MXLTEVEQIXIVWEW [LIVI 1R'7 MW XLI HIWMKR JPI\YVEP WXVIRKXL SJ XLI GSPYQR
HIJMRIH MR 8EFPI  (MJJIVIRX VIPEXMSRW EVI EGGITXEFPI WXVMT ERH 1K'7MW XLI GSPYQR WXVMT QSQIRX HYI XS KVEZMX]
[LIVIZIVMJMIH F] I\TIVMQIRXEPP] SFXEMRIHG]GPMG VIWTSRWI PSEHW1K'7WLSYPHFIGEPGYPEXIHEGGSVHMRKXSXLITVSGIHYVIW
VIPEXMSRWSJWPEFGSPYQRWYFEWWIQFPMIW SJ %'- 1 JSV XLI HIWMKR KVEZMX] PSEH WTIGMJMIH MR
' 2SRPMRIEV WXEXMG TVSGIHYVI{8LI ZEPYIW %7')7)-'LETXIV
TVSZMHIHMR8EFPIEVIYWIHXSEWWIWWTYRGLMRKJEMPYVIWEX 7PEFGSPYQR GSRRIGXMSRW WLSYPH FI MRZIWXMKEXIH JSV
WPEFGSPYQR GSRRIGXMSRW )P[SSH IX EP   TVSZMHIW E TSXIRXMEP JEMPYVI MR WLIEV ERH QSQIRX XVERWJIV GSRWMHIVMRK
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

8EFPI{1SHIPMRKTEVEQIXIVWERHRYQIVMGEPEGGITXERGIGVMXIVMEJSVRSRPMRIEVTVSGIHYVIW{X[S[E]
WPEFWERHWPEFGSPYQRGSRRIGXMSRW
1SHIPMRKTEVEQIXIVW %GGITXERGIGVMXIVMEj
4PEWXMGVSXEXMSRERKPIVEHMERW
4IVJSVQERGIPIZIP
6IWMHYEP 'SQTSRIRXX]TI
4PEWXMGVSXEXMSRERKPIVEHMERW WXVIRKXLVEXMS 4VMQEV] 7IGSRHEV]
'SRHMXMSRW E F G -3 07 '4 07 '4
'SRHMXMSRM6IMRJSVGIHGSRGVIXIWPEFGSPYQRGSRRIGXMSRWk
:K 'SRXMRYMX]

:S VIMRJSVGIQIRX``
 =IW        
 =IW        
 =IW        
 =IW        
 2S        
 2S        
 2S        
 2S        
" 2S    { { { { {
'SRHMXMSRMM4SWXXIRWMSRIHWPEFGSPYQRGSRRIGXMSRWk
:K 'SRXMRYMX]

:S VIMRJSVGIQIRX``
 =IW        
 =IW        
" =IW        
 2S        
 2S        
" 2S    { { { { {
'SRHMXMSRMMM7PEFWGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGMRKEPSRKXLIWTERk
       
'SRHMXMSRMZ7PEFWGSRXVSPPIHF]MREHIUYEXIIQFIHQIRXMRXSWPEFGSPYQRNSMRX k
       

:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j4VMQEV]ERHWIGSRHEV]GSQTSRIRXHIQERHWWLSYPHFI[MXLMRWIGSRHEV]GSQTSRIRXEGGITXERGIGVMXIVME[LIVIXLIJYPPFEGOFSRIGYVZIMWI\TPMGMXP]QSHIPIHMRGPYHMRKWXVIRKXL
HIKVEHEXMSRERHVIWMHYEPWXVIRKXLMREGGSVHERGI[MXL7IGXMSRSJ%7')7)-
k;LIVIQSVIXLERSRISJXLI'SRHMXMSRWMMMMMMERHMZSGGYVJSVEKMZIRGSQTSRIRXYWIXLIQMRMQYQETTVSTVMEXIRYQIVMGEPZEPYIJVSQXLIXEFPI
: MWXLIKVEZMX]WLIEVEGXMRKSRXLIWPEFGVMXMGEPWIGXMSREWHIJMRIHF]%'-1ERH: MWXLIHMVIGXTYRGLMRKWLIEVWXVIRKXLEWHIJMRIHF]%'-1
K S
``w=IWxWLSYPHFIYWIH[LIVIXLIEVIESJIJJIGXMZIP]GSRXMRYSYWQEMRFSXXSQFEVWTEWWMRKXLVSYKLXLIGSPYQRGEKIMRIEGLHMVIGXMSRMWKVIEXIVXLERSVIUYEPXS:  J ;LIVIXLI
K ]
WPEFMWTSWXXIRWMSRIHw=IWxWLSYPHFIYWIH[LIVIEXPIEWXSRISJXLITSWXXIRWMSRMRKXIRHSRWMRIEGLHMVIGXMSRTEWWIWXLVSYKLXLIGSPYQRGEKI3XLIV[MWIw2SxWLSYPHFIYWIH
%GXMSRWLSYPHFIXVIEXIHEWJSVGIGSRXVSPPIH

XLIGSQFMRIHEGXMSRSJJPI\YVIWLIEVERHXSVWMSREGXMRKMR
XLIWPEFEXXLIGSRRIGXMSR[MXLXLIGSPYQR
*SV MRXIVMSV GSRRIGXMSRW [MXLSYX XVERWZIVWI FIEQW ERH
I\XIVMSVGSRRIGXMSRW[MXLQSQIRXEFSYXERE\MWTIVTIRHMGYPEV
XSXLIWPEFIHKIXLIWLIEVERHQSQIRXXVERWJIVWXVIRKXLSV
XLI wXSVWMSREPx IPIQIRX WXVIRKXL GER FI GEPGYPEXIH EW XLI
QMRMQYQSJ
 7XVIRKXLGEPGYPEXIHGSRWMHIVMRKIGGIRXVMGMX]SJWLIEVSR
E WPEF GVMXMGEP WIGXMSR HYI XS GSQFMRIH WLIEV ERH
QSQIRX %'-1 ERH
 1SQIRXXVERWJIVWXVIRKXLIUYEPXS 1R J [LIVI 1R
MWXLIWYQSJTSWMXMZIERHRIKEXMZIJPI\YVEPWXVIRKXLWSJ
EWIGXMSRSJWPEFFIX[IIRPMRIWXLEXEVIX[SERHSRILEPJ
WPEFSVHVSTTERIPXLMGORIWWIW L SYXWMHISTTSWMXI
JEGIWSJXLIGSPYQRSVGETMXEP J MWXLIJVEGXMSRSJXLI
QSQIRXVIWMWXIHF]JPI\YVITIV%'-1ERHL
*MK'{1SHIPMRKSJWPEFGSPYQRGSRRIGXMSR MWWPEFXLMGORIWW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

8EFPI{2YQIVMGEPEGGITXERGIGVMXIVMEJSVPMRIEVTVSGIHYVIW{X[S[E]WPEFWERHWPEFGSPYQR
GSRRIGXMSRW
QJEGXSVW
4IVJSVQERGIPIZIP
'SQTSRIRXX]TI
4VMQEV] 7IGSRHEV]
'SRHMXMSRW -3 07 '4 07 '4
'SRHMXMSRM6IMRJSVGIHGSRGVIXIWPEFGSPYQRGSRRIGXMSRWj
:K k 'SRXMRYMX]

:S VIMRJSVGIQIRX
 =IW     
 =IW     
 =IW     
 =IW     
 2S     
 2S     
 2S     
 2S     
" 2S {`` {`` {`` {`` {``
j
'SRHMXMSRMM4SWXXIRWMSRIHWPEFGSPYQRGSRRIGXMSRW
:K k 'SRXMRYMX]

:S VIMRJSVGIQIRX
 =IW     
 =IW     
" =IW     
 2S     
 2S     
" 2S {`` {`` {`` {`` {``
'SRHMXMSRMMM7PEFWGSRXVSPPIHF]MREHIUYEXIHIZIPSTQIRXSVWTPMGMRKEPSRKXLIWTERj
{`` {`` {``  
j
'SRHMXMSRMZ7PEFWGSRXVSPPIHF]MREHIUYEXIIQFIHQIRXMRXSWPEFGSPYQRNSMRX
    

:EPYIWFIX[IIRXLSWIPMWXIHMRXLIXEFPIWLSYPHFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR
j;LIVIQSVIXLERSRISJXLI'SRHMXMSRWMMMMMMERHMZSGGYVJSVEKMZIRGSQTSRIRXYWIXLIQMRMQYQETTVSTVMEXIRYQIVMGEPZEPYIJVSQXLIXEFPI
k: MWXLIXLIKVEZMX]WLIEVEGXMRKSRXLIWPEFGVMXMGEPWIGXMSREWHIJMRIHF]%'-1ERH: MWXLIHMVIGXTYRGLMRKWLIEVWXVIRKXLEWHIJMRIHF]%'-1
K S
w=IWxWLSYPHFIYWIH[LIVIXLIEVIESJIJJIGXMZIP]GSRXMRYSYWQEMRFSXXSQFEVWTEWWMRKXLVSYKLXLIGSPYQRGEKIMRIEGLHMVIGXMSRMWKVIEXIVXLERSVIUYEPXS:  J ;LIVI
K ]
XLIWPEFMWTSWXXIRWMSRIHw=IWxWLSYPHFIYWIH[LIVIEXPIEWXSRISJXLITSWXXIRWMSRMRKXIRHSRWMRIEGLHMVIGXMSRTEWWIWXLVSYKLXLIGSPYQRGEKI3XLIV[MWIw2SxWLSYPHFIYWIH
`` %GXMSRWLSYPHFIXVIEXIHEWJSVGIGSRXVSPPIH

*SVQSQIRXEFSYXERE\MWTEVEPPIPXSWPEFIHKIEXI\XIVMSV SVJSVGIGSRXVSPPIHEWHIJMRIHMR7IGXMSR-RTVMQEV]
GSRRIGXMSRW [MXLSYX XVERWZIVWI FIEQW [LIVI XLI WLIEV SR GSQTSRIRXW HIJSVQEXMSRGSRXVSPPIH EGXMSRW WLSYPH FI
XLIWPEFGVMXMGEPWIGXMSRHYIXSKVEZMX]PSEHWHSIWRSXI\GIIH VIWXVMGXIH XS JPI\YVI MR WPEFW ERH GSPYQRW ERH WLIEV ERH
:G SV XLI WLIEV EX E GSVRIV WYTTSVX HSIW RSX I\GIIH QSQIRXXVERWJIVMRWPEFGSPYQRGSRRIGXMSRW-RWIGSRHEV]
:G XLIQSQIRXXVERWJIVWXVIRKXLGERFIXEOIREWIUYEPXS GSQTSRIRXWHIJSVQEXMSRGSRXVSPPIHEGXMSRWEVIEGGITXEFPI
XLIJPI\YVEPWXVIRKXLSJEWIGXMSRSJWPEFFIX[IIRPMRIWXLEX MR WLIEV ERH VIMRJSVGIQIRX HIZIPSTQIRX 8EFPI   %PP
EVI E HMWXERGI G SYXWMHI STTSWMXI JEGIW SJ XLI GSPYQR SV SXLIVEGXMSRWWLSYPHFIGPEWWMJMIHEWJSVGIGSRXVSPPIH
GETMXEP :GMWXLIHMVIGXTYRGLMRKWLIEVWXVIRKXLHIJMRIHF]
(IWMKR EGXMSRW SR GSQTSRIRXW WLSYPH FI HIXIVQMRIH EW
%'-1
TVIWGVMFIHMR%7')7)-'LETXIV;LIVIXLIGEPGY
' 7XVIRKXL{%PXIVREXMZI I\TVIWWMSRW JSV GEPGYPEXMRK
PEXIH('6ZEPYIWI\GIIHYRMX]XLIJSPPS[MRKHIWMKREGXMSRW
QSQIRXXVERWJIVWXVIRKXLSJMRXIVMSVERHI\XIVMSVWPEFGSPYQR
WLSYPH FI HIXIVQMRIH YWMRK PMQMX EREP]WMW TVMRGMTPIW EW
GSRRIGXMSRW GER FI JSYRH MR 0YS IX EP   ERH HIXEMPIH
QSHIPMRKVIGSQQIRHEXMSRWJSVVIMRJSVGIHERHTSWXXIRWMSRIH TVIWGVMFIHMR%7')7)-'LETXIV
GSRGVIXI WPEFGSPYQR JVEQIW EW [IPP EW GSQTEVMWSRW [MXL  1SQIRXWWLIEVWXSVWMSRWERHHIZIPSTQIRXERHWTPMGI
WLEOIXEFPIXIWXWGERFIJSYRHMR/ERKIXEP   EGXMSRWGSVVIWTSRHMRKXSXLIHIZIPSTQIRXSJGSQTSRIRX
 %GGITXERGIGVMXIVME WXVIRKXLMRWPEFWERHGSPYQRWERH
 0MRIEVWXEXMGERHH]REQMGTVSGIHYVIW{'SQTSRIRX  %\MEPPSEHMRGSPYQRWGSRWMHIVMRKPMOIP]TPEWXMGEGXMSR
EGXMSRWWLSYPHFIGPEWWMJMIHEWFIMRKHIJSVQEXMSRGSRXVSPPIH MRGSQTSRIRXWEFSZIXLIPIZIPMRUYIWXMSR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

(IWMKREGXMSRWWLSYPHFIGSQTEVIH[MXLHIWMKRWXVIRKXLW H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS


MR EGGSVHERGI [MXL %7')7)-  7IGXMSR  ERH Q GIRXVSMHSJXIRWMSRVIMRJSVGIQIRX
JEGXSVW JSV WPEFGSPYQR JVEQI GSQTSRIRXW WLSYPH FI HF ! RSQMREPHMEQIXIVSJFEV)U 
WIPIGXIHJVSQ8EFPIWERH HG ! HITXLSJGSPYQRGSVIMRHMVIGXMSRSJETTPMIHWLIEV
;LIVIXLIEZIVEKI('6WJSVGSPYQRWEXEPIZIPI\GIIHW GIRXIVPMRIXSGIRXIVPMRISJXMIW
XLIEZIVEKIZEPYIJSVWPEFWEXXLIWEQIPIZIPERHI\GIIHWXLI ) ! =SYRKvWQSHYPYWSJIPEWXMGMX]
KVIEXIVSJERHQXLIIPIQIRXWLSYPHFIHIJMRIHEWE )G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXI
[IEOWXSV]IPIQIRXERHIZEPYEXIHF]XLITVSGIHYVIJSV[IEO )W ! QSHYPYWSJIPEWXMGMX]SJVIMRJSVGIQIRX
WXSV]IPIQIRX 7IGXMSR  JG ! GSQTVIWWMZIWXVIRKXLSJGSRGVIXI PS[IVFSYRHSV
 2SRPMRIEV WXEXMG ERH H]REQMG TVSGIHYVIW{ I\TIGXIHWXVIRKXLEWETTVSTVMEXI
-RIPEWXMGVIWTSRWIWLSYPHFIVIWXVMGXIHXSEGXMSRWMR8EFPIW JTG ! EZIVEKI GSQTVIWWMZI WXVIWW MR GSRGVIXI HYI XS
ERH  I\GITX [LIVI MX MW HIQSRWXVEXIH F] I\TIVMQIRXEP IJJIGXMZITVIWXVIWWJSVGISRP] EJXIVEPPS[ERGIJSV
IZMHIRGI ERH EREP]WMW XLEX SXLIV MRIPEWXMG EGXMSRW EVI EPPTVIWXVIWWPSWWIW
EGGITXEFPIJSVXLIWIPIGXIHTIVJSVQERGIPIZIPW3XLIVEGXMSRW JW ! QE\MQYQWXVIWWXLEXGERFIHIZIPSTIHMRXLIFEV
WLSYPHFIHIJMRIHEWJSVGIGSRXVSPPIH JSV WXVEMKLX HIZIPSTQIRX LSSO HIZIPSTQIRX SV
'EPGYPEXIH GSQTSRIRX EGXMSRW WLSYPH WEXMWJ] XLI PETWTPMGIPIRKXL F )U  SVIQFIHHIHPIRKXL
VIUYMVIQIRXW SJ %7')7)-  7IGXMSR  I )U 
1E\MQYQ TIVQMWWMFPI MRIPEWXMG HIJSVQEXMSRW WLSYPH FI J] ! ]MIPHWXVIRKXLSJVIMRJSVGIQIRX
XEOIR JVSQ 8EFPIW  ERH  %PXIVREXMZI ZEPYIW GER FI J]0 ! PS[IVFSYRH]MIPHWXVIRKXLSJVIMRJSVGIQIRX)U 
YWIH[LIVINYWXMJMIHF]I\TIVMQIRXEPIZMHIRGIERHEREP]WMW J]X ! ]MIPH WXVIRKXL SJ XVERWZIVWI VIMRJSVGIQIRX
' 2SRPMRIEV WXEXMG ERH H]REQMG TVSGIHYVIW{ 7IGXMSR'
6IJIV XS 7IGXMSR ' JSV HMWGYWWMSR SJ 8EFPI  ERH LG ! EZIVEKILIMKLXSJXLIFIEQWJVEQMRKMRXSXLINSMRX
EGGITXERGI GVMXIVME JSV VIMRJSVGIH GSRGVIXI WPEFGSPYQR MRXLIHMVIGXMSRSJETTPMIHWLIEV
GSRRIGXMSRW 6IJIV XS 7IGXMSR ' JSV HMWGYWWMSR SJ - ! QSQIRXSJMRIVXME
8EFPI  ERH EGGITXERGI GVMXIVME JSV VIMRJSVGIH GSRGVIXI -K ! QSQIRXSJMRIVXMESJKVSWWGSRGVIXIWIGXMSREFSYX
GSPYQRW GIRXVSMHEPE\MWRIKPIGXMRKVIMRJSVGIQIRX
 6ILEFMPMXEXMSRQIEWYVIW{6IMRJSVGIHGSRGVIXIWPEF O ! HYGXMPMX]VIPEXIH GSIJJMGMIRX YWIH JSV GEPGYPEXMSR
GSPYQR QSQIRX JVEQI GSQTSRIRXW XLEX HS RSX QIIX SJGSPYQRWLIEVWXVIRKXL)U 
EGGITXERGIGVMXIVMEJSVXLIWIPIGXIH63WLSYPHFIVILEFMPMXEXIH 0 ! PIRKXLSJQIQFIVEPSRK[LMGLHIJSVQEXMSRWEVI
6ILEFMPMXEXMSR QIEWYVIW WLSYPH QIIX XLI VIUYMVIQIRXW SJ EWWYQIHXSSGGYV
7IGXMSRERHSXLIVTVSZMWMSRWSJXLMWKYMHI ! GIRXIVXSGIRXIVWTERPIRKXLMRXLIHMVIGXMSRYRHIV

' 6ILEFMPMXEXMSR QIEWYVIW{6ILEFMPMXEXMSR QIEWYVIW GSRWMHIVEXMSR 7IGXMSR
JSVVIMRJSVGIHGSRGVIXIFIEQGSPYQRQSQIRXJVEQIWGERFI  ! GIRXIVXSGIRXIVWTERPIRKXLTIVTIRHMGYPEVXSXLI
IJJIGXMZI MR VILEFMPMXEXMRK VIMRJSVGIH GSRGVIXI WPEFGSPYQR HMVIGXMSRYRHIVGSRWMHIVEXMSR7IGXMSR
QSQIRXJVEQIW*YVXLIVVILEFMPMXEXMSRQIEWYVIWEVIJSYRH ! TVSZMHIH PIRKXL SJ WXVEMKLX HIZIPSTQIRX PET
F
MR*)1% WTPMGISVWXERHEVHLSSO)U  
H ! VIUYMVIHPIRKXLF]'LETXIVSJ%'-1
',%48)6{238%8-32()*-2-8-327 JSVWXVEMKLXFEVHIZIPSTQIRXLSSOHIZIPSTQIRX
%2(%'632=17 SV PET WTPMGII\GITX XLEX VIUYMVIH WTPMGI PIRKXLW
{2SXEXMSR
QE]FIXEOIREWWXVEMKLXFEVHIZIPSTQIRXPIRKXLW
%K ! KVSWWEVIESJGSPYQR)U 
MRXIRWMSR)U 
%N ! IJJIGXMZI GVSWWWIGXMSREP EVIE SJ E FIEQGSPYQR
I ! PIRKXLSJIQFIHQIRXSJVIMRJSVGIQIRX)U 
NSMRXMRETPERITEVEPPIPXSTPERISJVIMRJSVGIQIRX
1R ! RSQMREPHIWMKRQSQIRXWXVIRKXLEXWIGXMSR
KIRIVEXMRKWLIEVMRXLINSMRXEWHIJMRIHMR7IGXMSR
1:H! PEVKIWX VEXMS SJ GSPYQR QSQIRX XS WLIEV XMQIW
)U 
IJJIGXMZIHITXLYRHIVHIWMKRPSEHMRKW)U 
%Z ! EVIESJWLIEVVIMRJSVGIQIRX)U 
1')\ ! I\TIGXIHFIRHMRKWXVIRKXLSJEQIQFIVEFSYXXLI
%[ ! KVSWWEVIESJXLI[IFGVSWWWIGXMSR!F[H \E\MWJSVE\MEPPSEH49* )U 
E ! TEVEQIXIVYWIHXSQIEWYVIHIJSVQEXMSRGETEGMX] 1')] ! I\TIGXIHFIRHMRKWXVIRKXLSJEQIQFIVEFSYXXLI
MRGSQTSRIRXPSEHHIJSVQEXMSRGYVZIW*MK ]E\MWJSVE\MEPPSEH49* )U 
F ! TEVEQIXIVYWIHXSQIEWYVIHIJSVQEXMSRGETEGMX] 1K'7 ! QSQIRX EGXMRK SR XLI WPEF GSPYQR WXVMT HYI XS
MRGSQTSRIRXPSEHHIJSVQEXMSRGYVZIW*MK KVEZMX]PSEHW7IGXMSR
FIJJ ! IJJIGXMZIWPEF[MHXL 19(\ ! HIJSVQEXMSRGSRXVSPPIH HIWMKR FIRHMRK QSQIRX
F[ ! [IF[MHXLSVHMEQIXIVSJGMVGYPEVWIGXMSR HYIXSKVEZMX]ERHIEVXLUYEOIPSEHWEFSYX\E\MW
G ! TEVEQIXIVYWIHXSQIEWYVIVIWMHYEPWXVIRKXL*MK 19(] ! HIJSVQEXMSRGSRXVSPPIH HIWMKR FIRHMRK QSQIRX
G ! GSPYQRHMQIRWMSRTEVEPPIPXSWTER7IGXMSR HYIXSKVEZMX]ERHIEVXLUYEOIPSEHWEFSYX]E\MW
G ! GSPYQR HMQIRWMSR TIVTIRHMGYPEV XS WTER 1R ! WYQSJTSWMXMZIERHRIKEXMZIJPI\YVEPWXVIRKXLWSJE
7IGXMSR WIGXMSRSJWPEFFIX[IIRPMRIWXLEXEVIX[SERHSRI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

LEPJWPEFSVHVSTTERIPXLMGORIWWIWSYXWMHISTTSWMXI J ! JVEGXMSR SJ YRFEPERGIH QSQIRX XVERWJIVVIH F]


JEGIWSJXLIGSPYQRSVGETMXEP7IGXMSR JPI\YVIEXWPEFGSPYQRGSRRIGXMSRW7IGXMSR
1RF ! WYQSJRSQMREPQSQIRXGETEGMXMIWSJEPPFIEQW ! KIRIVEPM^IHHIJSVQEXMSRVEHMERW*MK
JVEQMRKMRXSENSMRX7IGXMSR T ! TPEWXMGVSXEXMSR7IGXMSR'
1RG! WYQSJRSQMREPQSQIRXGETEGMXMIWSJEPPGSPYQRW TXEFPI! TPEWXMGVSXEXMSRGETEGMX]HIXIVQMRIHJVSQ8EFPI
JVEQMRKMRXSENSMRX7IGXMSR 7IGXMSR'
1R'7 ! RSQMREP HIWMKR QSQIRX WXVIRKXL SJ XLI WPEF TQIEW ! QIEWYVIHTPEWXMGVSXEXMSRJVSQXIWXHEXE7IGXMSR
GSPYQRWXVMT7IGXMSR '
19( ! HIJSVQEXMSRGSRXVSPPIH HIWMKR QSQIRX HYI XS ! E ORS[PIHKI JEGXSV YWIH XS VIHYGI GSQTSRIRX
KVEZMX]ERHIEVXLUYEOIPSEHW WXVIRKXLFEWIHSRXLIPIZIPSJORS[PIHKISFXEMRIH
19(\ ! HIJSVQEXMSRGSRXVSPPIH HIWMKR FIRHMRK QSQIRX JSVMRHMZMHYEPGSQTSRIRXWHYVMRKHEXEGSPPIGXMSR
HYIXSKVEZMX]ERHIEVXLUYEOIPSEHWEFSYX\E\MW ! GSVVIGXMSR JEGXSV VIPEXIH XS YRMX [IMKLX SJ
JSVE\MEPPSEH49* )U  GSRGVIXI )U 
19(] ! HIJSVQEXMSRGSRXVSPPIH HIWMKR FIRHMRK QSQIRX ! VEXMS SJ RSRTVIWXVIWWIH XIRWMSR VIMRJSVGIQIRX
HYIXSKVEZMX]ERHIEVXLUYEOIPSEHWEFSYX]E\MW 8EFPI
JSVE\MEPPSEH49* )U  ! VEXMSSJRSRTVIWXVIWWIHGSQTVIWWMSRVIMRJSVGIQIRX
Q ! GSQTSRIRX HIQERH QSHMJMGEXMSR JEGXSV YWIH MR 8EFPI
PMRIEVTVSGIHYVIWXSEGGSYRXJSVI\TIGXIHHYGXMPMX] FEP ! VIMRJSVGIQIRX VEXMS TVSHYGMRK FEPERGIH WXVEMR
EWWSGMEXIH[MXLEREGXMSREXXLIWIPIGXIHWXVYGXYVEP GSRHMXMSRW 8EFPI
TIVJSVQERGIPIZIP ! WXVIRKXLVIHYGXMSRJEGXSV
z ! MRZIVWI WXERHEVH RSVQEP GYQYPEXMZI HMWXVMFYXMSR
Q\ ! QJEGXSVJSVGSPYQRJSVFIRHMRKEFSYX\E\MWMR
EGGSVHERGI[MXL8EFPI )U  JYRGXMSR 7IGXMSR'
Q] ! QJEGXSVJSVGSPYQRJSVFIRHMRKEFSYX]E\MWMR
EGGSVHERGI[MXL8EFPI )U  {(IJMRMXMSRW
2Y ! GSPYQRE\MEPPSEHSGGYVVMRKWMQYPXERISYWP][MXL %'-TVSZMHIWEGSQTVILIRWMZIPMWXSJHIJMRMXMSRWXLVSYKL
XLI GSPYQR WLIEV HIQERH YRHIV GSRWMHIVEXMSR ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x
)U  LXXTXIVQMRSPSK]GSRGVIXISVK(IJMRMXMSRWTVSZMHIHLIVIMR
GSQTPIQIRXXLEXVIWSYVGI
4 ! E\MEPPSEHSRGSPYQR
EGGITXERGI GVMXIVME{PMQMXMRK ZEPYIW SJ TVSTIVXMIW WYGL
4J ! TVSFEFMPMX]SJJEMPYVI7IGXMSR'
EWHVMJXWXVIRKXLHIQERHERHMRIPEWXMGHIJSVQEXMSRYWIHXS
4S ! RSQMREPE\MEPPSEHWXVIRKXLEX^IVSIGGIRXVMGMX]
HIXIVQMRI XLI EGGITXEFMPMX] SJ E GSQTSRIRX EX E KMZIR
49* ! JSVGIGSRXVSPPIH HIWMKR E\MEP JSVGI MR E QIQFIV
TIVJSVQERGIPIZIP
HYI XS KVEZMX] ERH IEVXLUYEOI PSEHW HIXIVQMRIH
EGXMSR{ERMRXIVREPJSVGISVHIJSVQEXMSRGSVVIWTSRHMRKXS
FEWIH SR TVSGIHYVIW HIJMRIH MR 7IGXMSR SJ
EHIQERHHIWMKREXIHEWJSVGISVHIJSVQEXMSRGSRXVSPPIH
%7')7)-
EGXMSR HIJSVQEXMSRGSRXVSPPIH{ER EGXMSR JSV [LMGL
5 ! KIRIVEPM^IHJSVGIMREGSQTSRIRX*MK
EGGITXERGIGVMXIVMEEVIFEWIHSRXLIHIJSVQEXMSRHIQERHWSR
5') ! I\TIGXIHWXVIRKXLSJEGSQTSRIRXEXXLIHIJSVQEXMSR XLIGSQTSRIRX(IJSVQEXMSRGSRXVSPPIHEGXMSRWEVIHIJMRIH
PIZIPYRHIVGSRWMHIVEXMSR MR7IGXMSRSJ%7')7)-
5'0 ! PS[IVFSYRHIWXMQEXISJXLIWXVIRKXLSJEGSQTSRIRX EGXMSRJSVGIGSRXVSPPIH{EREGXMSRJSV[LMGLEGGITXERGI
EXXLIHIJSVQEXMSRPIZIPYRHIVGSRWMHIVEXMSR GVMXIVMEEVIFEWIHSRXLIJSVGIHIQERHWSRXLIGSQTSRIRX
5] ! ]MIPHWXVIRKXLSJEGSQTSRIRX *SVGIGSRXVSPPIH EGXMSRW EVI HIJMRIH MR 7IGXMSR  SJ
W ! WTEGMRKSJWLIEVVIMRJSVGIQIRX %7')7)-
: ! HIWMKRWLIEVJSVGIEXWIGXMSR FVEGIHJVEQI{EZIVXMGEPPEXIVEPJSVGIVIWMWXMRKIPIQIRX
:K ! WLIEVEGXMRKSRWPEFGVMXMGEPWIGXMSRHYIXSKVEZMX] GSRWMWXMRKSJZIVXMGEPLSVM^SRXEPERHHMEKSREPGSQTSRIRXW
PSEHW NSMRIHF]GSRGIRXVMGSVIGGIRXVMGGSRRIGXMSRW
:R ! RSQMREPWLIEVWXVIRKXLEXWIGXMSR)U  WLIEV &YMPHMRK 4IVJSVQERGI 0IZIP{E PMQMXMRK HEQEKI WXEXI
WXVIRKXL SJ XLI FIEQGSPYQR NSMRX )U   JSV E FYMPHMRK GSRWMHIVMRK WXVYGXYVEP ERH RSRWXVYGXYVEP
8EFPIWERH GSQTSRIRXWYWIHMRXLIHIJMRMXMSRSJ63
:S ! RSQMREPGSPYQRWLIEVWXVIRKXLEX^IVSHMWTPEGIQIRX GPSWIHWXMVVYTWSVXMIW{XVERWZIVWIVIMRJSVGIQIRXHIJMRIH
HYGXMPMX])U  HMVIGXTYRGLMRKWLIEVWXVIRKXLEW MR 'LETXIV  SJ %'- 1 GSRWMWXMRK SJ WXERHEVH
HIJMRIHF]%'-18EFPIWERH  WXMVVYTW SV XMIW [MXL HIKVII LSSOW ERH PET WTPMGIW MR E
:T ! GSPYQR WLIEV HIQERH EX JPI\YVEP ]MIPHMRK SJ TEXXIVRXLEXIRGPSWIWPSRKMXYHMREPVIMRJSVGIQIRX
TPEWXMGLMRKIW7IGXMSR GSIJJMGMIRXSJZEVMEXMSR{JSVEWEQTPISJHEXEXLIVEXMSSJ
! GSIJJMGMIRXSJZEVMEXMSR7IGXMSR' XLIWXERHEVHHIZMEXMSRJSVXLIWEQTPIXSXLIQIERZEPYIJSV
IJJ ! IJJIGXMZIWXMJJRIWWJEGXSVJSVWPEFGSPYQRGSRRIG XLIWEQTPI
XMSRW 7IGXMSR' GSQTSRIRX{ETEVXSJXLIWXVYGXYVEPW]WXIQSJEFYMPHMRK
! GSIJJMGMIRXJSVGEPGYPEXMSRSJNSMRXWLIEVWXVIRKXL MRGPYHMRKFIEQWGSPYQRWERHWPEFWHIWMKREXIHEWTVMQEV]
)U  ERH8EFPI SVWIGSRHEV]
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

GSQTSRIRX TVMQEV]{E WXVYGXYVEP GSQTSRIRX XLEX MW QSQIRXJVEQI{EFYMPHMRKJVEQIW]WXIQMR[LMGLPEXIVEP


VIUYMVIHXSVIWMWXWIMWQMGJSVGIWJSVXLIWXVYGXYVIXSEGLMIZI JSVGIW EVI VIWMWXIH F] WLIEV ERH JPI\YVI MR QIQFIVW ERH
XLIWIPIGXIHTIVJSVQERGIPIZIP NSMRXWSJXLIJVEQI
GSQTSRIRXWIGSRHEV]{EWXVYGXYVEPGSQTSRIRXXLEXMW TIVJSVQERGI PIZIP FYMPHMRK{WII &YMPHMRK 4IVJSV
RSXVIUYMVIHXSVIWMWXWIMWQMGJSVGIWMRSVHIVJSVXLIWXVYGXYVI QERGI0IZIP
XSEGLMIZIXLIWIPIGXIHTIVJSVQERGIPIZIP TVMQEV]GSQTSRIRX{WII GSQTSRIRXTVMQEV]
GSQTVILIRWMZI ORS[PIHKI{WII ORS[PIHKI GSQTVI VILEFMPMXEXMSR QIEWYVIW{QSHMJMGEXMSRW XS I\MWXMRK
LIRWMZI GSQTSRIRXWSVMRWXEPPEXMSRSJRI[GSQTSRIRXWXLEXGSVVIGX
GSRRIGXMSR{E PMRO XLEX XVERWQMXW EGXMSRW JVSQ SRI HIJMGMIRGMIW MHIRXMJMIH MR E WIMWQMG IZEPYEXMSR EW TEVX SJ E
GSQTSRIRXSVIPIQIRXXSERSXLIVGSQTSRIRXSVIPIQIRX WGLIQIXSVILEFMPMXEXIEFYMPHMRKXSEGLMIZIEWIPIGXIH63
GSRRIGXSVW{IQFIHHIH WXIIP WIGXMSRW WLIEV TPEXIW VILEFMPMXEXMSRQIXLSH{SRISVQSVIQIEWYVIWERHWXVEXIKMIW
LIEHIH WXYHW ERH [IPHW YWIHXS PMRO GSQTSRIRXW XS SXLIV JSVMQTVSZMRKXLIWIMWQMGTIVJSVQERGISJI\MWXMRKFYMPHMRKW
GSQTSRIRXW 6ILEFMPMXEXMSR 3FNIGXMZI{SRI SV QSVI VILEFMPMXEXMSR
HIJSVQEXMSRGSRXVSPPIHEGXMSR{WII EGXMSRHIJSVQEXMSR KSEPW[MXLIEGLKSEPGSRWMWXMRKSJXLIWIPIGXMSRSJEXEVKIX
GSRXVSPPIH &YMPHMRK 4IVJSVQERGI 0IZIP ERH ER )EVXLUYEOI ,E^EVH
HIQERH{XLIEQSYRXSJJSVGISVHIJSVQEXMSRMQTSWIHSR 0IZIPEWHIJMRIHMR7IGXMSRSJ%7')7)-
ERIPIQIRXSVGSQTSRIRX WIGSRHEV]GSQTSRIRX{WII GSQTSRIRXWIGSRHEV]
HIQERH GETEGMX] VEXMS{VEXMS SJ JSVGI HIQERHW JVSQ WIMWQMG IZEPYEXMSR{E TVSGIWW SV QIXLSHSPSK] SJ
KVEZMX] ERH IEVXLUYEOI PSEHMRK HIXIVQMRIH JVSQ PMRIEV MHIRXMJ]MRK ERH IZEPYEXMRK HIJMGMIRGMIW XLEX MQTEGX XLI
EREP]WMWTVSGIHYVIWMR7IGXMSRSJ%7')7)- XS WIMWQMGTIVJSVQERGISJXLIFYMPHMRK
XLI ]MIPH WXVIRKXL SJ E GSQTSRIRX FEWIH SR I\TIGXIH SV WLIEV[EPP{[EPPXLEXVIWMWXWPEXIVEPJSVGIWETTPMIHTEVEPPIP
PS[IVFSYRHWXVIRKXLWEWETTVSTVMEXI [MXLMXWTPERI
IJJIGXMZIWXMJJRIWW{ERETTVS\MQEXMSRSJXLIIPEWXMGWXMJJRIWW WTIGMEP QSQIRX JVEQI{E QSQIRX JVEQI W]WXIQ XLEX
SJEGSQTSRIRX 8EFPI  QIIXW XLI WTIGMEP VIUYMVIQIRXW JSV JVEQIW EW HIJMRIH MR
IPIQIRX{EREWWIQFP]SJWXVYGXYVEPGSQTSRIRXWXLEXEGX WIMWQMGTVSZMWMSRWJSVRI[GSRWXVYGXMSR
XSKIXLIV MR VIWMWXMRK JSVGIW MRGPYHMRK KVEZMX] JVEQIW WXVIRKXL{XLI QE\MQYQ E\MEP JSVGI WLIEV JSVGI SV
QSQIRXVIWMWXMRK JVEQIW FVEGIH JVEQIW WLIEV [EPPW ERH QSQIRXXLEXGERFIVIWMWXIHF]EGSQTSRIRX
HMETLVEKQW WXVIRKXL I\TIGXIH{XLI QIER QE\MQYQ VIWMWXERGI
I\TIGXIHWXVIRKXL{WIIWXVIRKXLI\TIGXIH I\TIGXIHSZIVXLIVERKISJHIJSVQEXMSRWXS[LMGLEGSQTSRIRX
JSVGIGSRXVSPPIHEGXMSR{WII EGXMSRJSVGIGSRXVSPPIH MW PMOIP] XS FI WYFNIGXIH MRGPYHMRK GSRWMHIVEXMSR SJ XLI
LSSTW{XVERWZIVWIVIMRJSVGIQIRXHIJMRIHMR'LETXIVSJ ZEVMEFMPMX]MRQEXIVMEPWXVIRKXLEW[IPPEWWXVEMRLEVHIRMRK
%'-1GSRWMWXMRKSJGPSWIHXMIW[MXLHIKVII ERHTPEWXMGWIGXMSRHIZIPSTQIRX
LSSOWIQFIHHIHMRXSXLIGSVIERHRSPETWTPMGIW WXVIRKXLPS[IVFSYRH{JSVETSTYPEXMSRSJXIWXVIWYPXWJSV
MRJMPP{ETERIPSJQEWSRV]TPEGIH[MXLMREGSRGVIXIJVEQI WMQMPEV GSQTSRIRXW XLI QIER WXVIRKXL PIWW SRI WXERHEVH
NEGOIXMRK{XLI VITEMV SV WXVIRKXLIRMRK SJ E GSRGVIXI HIZMEXMSR2SQMREPQEXIVMEPTVSTIVXMIWSVTVSTIVXMIWWTIGMJMIH
QIQFIV F] IRGEWIQIRX YWMRK WXIIP GSRGVIXI SV JMFIV MRGSRWXVYGXMSRHSGYQIRXWGERFIYWIHXSHIJMRIPS[IVFSYRH
VIMRJSVGIHTSP]QIV WXVIRKXLW
ORIINSMRX{ENSMRXXLEXLEWSRIGSPYQRERHSRIFIEQMR WXVYGXYVEPGSQTSRIRX{WII GSQTSRIRX
XLIHMVIGXMSRSJJVEQMRK WXVYGXYVEPW]WXIQ{EREWWIQFPEKISJWXVYGXYVEPGSQTSRIRXW
ORS[PIHKIGSQTVILIRWMZI{EPIZIPSJORS[PIHKISJXLI XLEX EVI NSMRIH XSKIXLIV XS TVSZMHI VIKYPEV MRXIVEGXMSR SV
WXVYGXYVEP GSRHMXMSR GSRWMWXIRX [MXL XLEX ORS[R JSV RI[ MRXIVHITIRHIRGI
WXVYGXYVIW (EXE GSPPIGXMSR VIUYMVIQIRXW EVI HIJMRIH MR 7]WXIQEXMG 6ILEFMPMXEXMSR 1IXLSH{ER ETTVSEGL XS
7IGXMSRSJ%7')7)-ERH7IGXMSRWERH VILEFMPMXEXMSRMR[LMGLGSQTPIXIEREP]WMWSJXLIVIWTSRWISJ
 SJXLMWKYMHI XLIFYMPHMRKXSIEVXLUYEOILE^EVHWMWTIVJSVQIHEWHIJMRIHMR
ORS[PIHKI YWYEP{E FEWMG PIZIP SJ ORS[PIHKI SJ XLI 7IGXMSRSJ%7')7)-
WXVYGXYVEPGSRHMXMSRRIIHIHXSTVSGIIH[MXLEWIMWQMGVILEFMPM YWYEPORS[PIHKI{WIIORS[PIHKIYWYEP
XEXMSR FEWIH SR RSRPMRIEV TVSGIHYVIW (EXE GSPPIGXMSR
VIUYMVIQIRXWEVIHIJMRIHMR7IGXMSRSJ%7')7)- {%GVSR]QW
ERHSJXLMWKYMHI %'-{%QIVMGER'SRGVIXI-RWXMXYXI
ORS[PIHKIJEGXSV{EJEGXSVYWIHXSEGGSYRXJSVXLIYRGIV %-7'{%QIVMGER-RWXMXYXISJ7XIIP'SRWXVYGXMSR
XEMRX]MRXLIUYEPMX]SJEWFYMPXHEXE8LIORS[PIHKIJEGXSVMW %27-{%QIVMGER2EXMSREP7XERHEVHW-RWXMXYXI
HIJMRIHMR7IGXMSRSJ%7')7)-ERH7IGXMSR %7'){%QIVMGER7SGMIX]SJ'MZMP)RKMRIIVW
SJXLMWKYMHI %781{%QIVMGER7SGMIX]JSV8IWXMRKERH1EXIVMEPW
PEXIVEPJSVGIVIWMWXMRKW]WXIQ{IPIQIRXWSJXLIWXVYGXYVEP '4{'SPPETWI4VIZIRXMSR
W]WXIQXLEXTVSZMHIMXWFEWMGPEXIVEPWXVIRKXLERHWXMJJRIWW ('6{HIQERHGETEGMX]VEXMS
PMKLX[IMKLXGSRGVIXI{WXVYGXYVEPGSRGVIXIXLEXLEWEREMV ))6-{)EVXLUYEOI)RKMRIIVMRK6IWIEVGL-RWXMXYXI
HV]YRMX[IMKLXRSXI\GIIHMRKPFJX OKQ  *)1%{*IHIVEP)QIVKIRG]1EREKIQIRX%KIRG]
PS[IVFSYRHWXVIRKXL{WII WXVIRKXLPS[IVFSYRH -3{-QQIHMEXI3GGYTERG]
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

07{0MJI7EJIX] % 7TIGMJMGEXMSRJSV(IJSVQIH6EMP7XIIP&EVW


2(){RSRHIWXVYGXMZII\EQMREXMSR JSV'SRGVIXI6IMRJSVGIQIRX[MXLTWM
2(4{RSRPMRIEVH]REQMGTVSGIHYVI 1MRMQYQ=MIPH7XVIRKXL [MXLHVE[R
274{RSRPMRIEVWXEXMGTVSGIHYVI VITPEGIHF]%%1
4))6{4EGMJMG)EVXLUYEOI)RKMRIIVMRK6IWIEVGL % 7TIGMJMGEXMSR JSV %\PI7XIIP &EVW JSV
63{6ILEFMPMXEXMSR3FNIGXMZI 'SRGVIXI6IMRJSVGIQIRX [MXLHVE[R
7)-{7XVYGXYVEP)RKMRIIVMRK-RWXMXYXI VITPEGIHF]%%1
71*{WTIGMEPQSQIRXJVEQI %%1 7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP ;IPHIH
;MVI6IMRJSVGIQIRX4PEMRJSV'SRGVIXI
',%48)6{6)*)6)2')7 % 7XERHEVH8IWX1IXLSHWERH(IJMRMXMSRWJSV
{6IJIVIRGIHWXERHEVHWERHVITSVXW 1IGLERMGEP8IWXMRKSJ7XIIP4VSHYGXW
 8LI WXERHEVHW ERH VITSVXW PMWXIH FIPS[ [IVI XLI PEXIWX % 7TIGMJMGEXMSR JSV 7TIGMEP 0EVKI 7M^I
IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI (IJSVQIH &MPPIX7XIIP &EVW JSV 'SRGVIXI
XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH 6IMRJSVGIQIRX [MXLHVE[R  VITPEGIH
XSGSRXEGXXLITVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIV F]%%1
XSXLIPEXIWXZIVWMSR %%1 7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP 7XVERH
9RGSEXIH7IZIR;MVIJSV4VIWXVIWWIH'SRGVIXI
%QIVMGER'SRGVIXI-RWXMXYXI %%1 7XERHEVH7TIGMJMGEXMSRJSV9RGSEXIH7XVIWW
6 +YMHI JSV 'SRHYGXMRK E :MWYEP -RWTIGXMSR SJ 6IPMIZIH7XIIP;MVIJSV4VIWXVIWWIH'SRGVIXI
'SRGVIXIMR7IVZMGI % 7TIGMJMGEXMSR JSV ,MKL7XVIRKXL (IJSVQIH
6 +YMHI JSV 3FXEMRMRK 'SVIW ERH -RXIVTVIXMRK &MPPIX7XIIP&EVWJSV'SRGVIXI6IMRJSVGIQIRX
'SQTVIWWMZI7XVIRKXL6IWYPXW [MXL  TWM 1MRMQYQ =MIPH 7XVIRKXL
6 -R4PEGI1IXLSHWXS)WXMQEXI'SRGVIXI7XVIRKXL [MXLHVE[RVITPEGIHF]%%1
6 2SRHIWXVYGXMZI8IWX1IXLSHWJSV)ZEPYEXMSRSJ % 7TIGMJMGEXMSR JSV (IJSVQIH &MPPIX 7XIIP
'SRGVIXIMR7XVYGXYVIW &EVW JSV 'SRGVIXI 6IMRJSVGIQIRX [MXL
1 &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP  TWM 1MRMQYQ =MIPH 4SMRX [MXL
'SRGVIXIERH'SQQIRXEV] HVE[RRSVITPEGIQIRX
%%1 7XERHEVH 7TIGMJMGEXMSR JSV 7XIIP ;IPHIH
6 6IGSQQIRHEXMSRWJSV(IWMKRSJ&IEQ'SPYQR
;MVI6IMRJSVGIQIRX(IJSVQIHJSV'SRGVIXI
'SRRIGXMSRWMR1SRSPMXLMG6IMRJSVGIH'SRGVIXI
%%1 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH ERH
7XVYGXYVIW
4PEMR 'EVFSR7XIIP &EVW JSV 'SRGVIXI
 5YEPMJMGEXMSR SJ 4SWX-RWXEPPIH 1IGLERMGEP
6IMRJSVGIQIRX
%RGLSVWMR'SRGVIXIERH'SQQIRXEV]
% 7XERHEVH 7TIGMJMGEXMSR JSV 6EMP7XIIP
6 +YMHI JSV )ZEPYEXMSR SJ 'SRGVIXI 7XVYGXYVIW
(IJSVQIH ERH 4PEMR &EVW JSV 'SRGVIXI
FIJSVI6ILEFMPMXEXMSR
6IMRJSVGIQIRX [MXLHVE[R  VITPEGIH
 %GGITXERGI'VMXIVMEJSV1SQIRX*VEQIW&EWIH F]%%1
SR7XVYGXYVEP8IWXMRKERH'SQQIRXEV]
% 7XERHEVH 7TIGMJMGEXMSR JSV %\PI7XIIP
6 7XVIRKXL)ZEPYEXMSRSJ)\MWXMRK'SRGVIXI&YMPHMRKW (IJSVQIH ERH 4PEMR &EVW JSV 'SRGVIXI
6IMRJSVGIQIRX [MXLHVE[R  VITPEGIH
%QIVMGER2EXMSREP7XERHEVHW-RWXMXYXI%QIVMGER-RWXMXYXISJ F]%%1
7XIIP'SRWXVYGXMSR %%1 7XERHEVH7TIGMJMGEXMSRJSV0S[%PPS]7XIIP
%27-%-7' 7TIGMJMGEXMSRJSV7XVYGXYVEP7XIIP&YMPHMRKW (IJSVQIH ERH 4PEMR &EVW JSV 'SRGVIXI
6IMRJSVGIQIRX
%QIVMGER7SGMIX]SJ'MZMP)RKMRIIVW7XVYGXYVEP)RKMRIIVMRK %%1 7XERHEVH7TIGMJMGEXMSRJSV9RGSEXIH,MKL
-RWXMXYXI 7XVIRKXL 7XIIP &EVW JSV 4VIWXVIWWMRK
 1MRMQYQ(IWMKR0SEHWJSV&YMPHMRKWERH3XLIV 'SRGVIXI
7XVYGXYVI %%1 7XERHEVH 7TIGMJMGEXMSR JSV (IJSVQIH ERH
 7IMWQMG6ILEFMPMXEXMSRSJ)\MWXMRK&YMPHMRKW 4PEMR 7XEMRPIWW7XIIP &EVW JSV 'SRGVIXI
6IMRJSVGIQIRX
%781-RXIVREXMSREP ''1 7XERHEVH 8IWX 1IXLSH JSV 'SQTVIWWMZI
% 7TIGMJMGEXMSR JSV &MPPIX7XIIP &EVW JSV 7XVIRKXLSJ']PMRHVMGEP'SRGVIXI7TIGMQIRW
'SRGVIXI 6IMRJSVGIQIRX [MXLHVE[R ''1 7XERHEVH 8IWX 1IXLSH JSV 3FXEMRMRK ERH
VITPEGIHF]%%1 8IWXMRK(VMPPIH'SVIWERH7E[IH&IEQWSJ
% 7TIGMJMGEXMSR JSV 6EMP7XIIP &EVW SJ 'SRGVIXI
'SRGVIXI6IMRJSVGIQIRX [MXLHVE[R ''1 7XERHEVH8IWX1IXLSHJSV7TPMXXMRK8IRWMPI
VITPEGIHF]%%1 7XVIRKXLSJ']PMRHVMGEP'SRGVIXI7TIGMQIRW
%%1 7XERHEVH7TIGMJMGEXMSRJSV'EVFSR7XVYGXYVEP ) 7XERHEVH 8IWX 1IXLSHW JSV 7XVIRKXL SJ
7XIIP %RGLSVWMR'SRGVIXIERH1EWSRV])PIQIRXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6

'SRGVIXI6IMRJSVGMRK7XIIP-RWXMXYXI *IHIVEP)QIVKIRG]1EREKIQIRX%KIRG]
(% )ZEPYEXMSR SJ 6IMRJSVGMRK 7XIIP 7]WXIQW MR 3PH 43&S\
6IMRJSVGIH 'SRGVIXI 7XVYGXYVIW )RKMRIIVMRK ,]EXXWZMPPI1(
(EXE6ITSVX2S [[[JIQEKSZMRHI\WLXQ

*IHIVEP)QIVKIRG]1EREKIQIRX%KIRG] 7XVYGXYVEP )RKMRIIVMRK -RWXMXYXI%QIVMGER 7SGMIX] SJ 'MZMP


 2),64+YMHIPMRIWJSVXLI7IMWQMG6ILEFMPMXEXMSR )RKMRIIVW
SJ&YMPHMRKW %PI\ERHIV&IPP(VMZI
 2),64 'SQQIRXEV] SR XLI +YMHIPMRIW JSV 6IWXSR:%
7IMWQMG6ILEFMPMXEXMSRSJ&YMPHMRKW LXXTGSRXIRXWIMRWXMXYXISVK
 )ZEPYEXMSRSJ)EVXLUYEOI(EQEKIH'SRGVIXIERH
1EWSRV] ;EPP &YMPHMRKW{&EWMG 4VSGIHYVIW {'MXIHVIJIVIRGIW
1ERYEP %PPIR*ERH(EVZEPP4w0EXIVEP0SEH)UYMZEPIRX
  )ZEPYEXMSRSJ)EVXLUYEOI(EQEKIH'SRGVIXIERH *VEQIx %'-.3962%0 4VSGIIHMRKW:  2S.YP]
1EWSRV];EPP&YMPHMRKW{8IGLRMGEP6IWSYVGIW TT
 6ITEMV SJ )EVXLUYEOI (EQEKIH 'SRGVIXI ERH %7')7)-%H,SG'SQQMXXIIw7YTTPIQIRXXS
1EWSRV];EPP&YMPHMRKW 7IMWQMG 6ILEFMPMXEXMSR SJ )\MWXMRK &YMPHMRKW %7')7)-
 2),64 6IGSQQIRHIH 4VSZMWMSRW JSV 7IMWQMG 7YTTPIQIRX x%7')6IWXSR:%TT
6IKYPEXMSRWJSV2I[&YMPHMRKWERH3XLIV7XVYG &E]VEO 3 ERH 7LIMOL 7 %  w,MKL7XVIRKXL
XYVIW)HMXMSR4EVX4VSZMWMSRWERH4EVX 'SRGVIXI'SPYQRWYRHIV7MQYPEXIH)EVXLUYEOI0SEHMRKx%'-
'SQQIRXEV] 7XVYGXYVEP.SYVREP:2S2SZ(IGTT
 8IGLRMUYIW JSV XLI 7IMWQMG 6ILEFMPMXEXMSR SJ &IVV]1ERH)FIVLEVH1w4VEGXMGEP4IVJSVQERGI
)\MWXMRK&YMPHMRKW 1SHIPJSV&EV&YGOPMRKx.SYVREPSJ7XVYGXYVEP)RKMRIIVMRK
%7')6IWXSR:%:2S.YP]TT
7XVYGXYVEP )RKMRIIVMRK -RWXMXYXI%QIVMGER 7SGMIX] SJ 'MZMP
&MVIP]% 0S[IW 0 2 ERH0ILQER ( )  w%
)RKMRIIVW
4VEGXMGEP1SHIPJSV&IEQ'SPYQR'SRRIGXMSR&ILEZMSVMR
 +YMHIPMRIJSV7XVYGXYVEP'SRHMXMSR%WWIWWQIRXSJ
6IMRJSVGIH'SRGVIXI*VEQIWx4VSGIIHMRKWSJXLI%8'7)-
)\MWXMRK&YMPHMRKW
'SRJIVIRGI SR -QTVSZMRK XLI 7IMWQMG 4IVJSVQERGI SJ
)\MWXMRK&YMPHMRKWERH3XLIV7XVYGXYVIW7ER*VERGMWGS'%
8LIWITYFPMGEXMSRWQE]FISFXEMRIHJVSQXLIWISVKERM^EXMSRW
(IGTT
%QIVMGER'SRGVIXI-RWXMXYXI &MWOMRMW()6SYTEOMEW+/ERH*EVHMW12
'SYRXV]'PYF(VMZI w(IKVEHEXMSR SJ 7LIEV 7XVIRKXL SJ 6IMRJSVGIH 'SRGVIXI
*EVQMRKXSR,MPPW1- 1IQFIVW[MXL-RIPEWXMG']GPMG(MWTPEGIQIRXWx%'-7XVYG
[[[GSRGVIXISVK XYVEP.SYVREP:2S2SZ(IGTT
&VS[R.ERH/YRREXL7/w0S[']GPI*EXMKYI
%QIVMGER-RWXMXYXISJ7XIIP'SRWXVYGXMSR *EMPYVISJ6IMRJSVGMRK7XIIP&EVWx%'-7XVYGXYVEP.SYVREP
3RI)EWX;EGOIV(VMZI7YMXI :2S2SZ(IGTT
'LMGEKS-0 'EPXVERW7IMWQMG(IWMKR'VMXIVME7XEXISJ'EPMJSVRME
[[[EMWGSVK (ITEVXQIRX SJ 8VERWTSVXEXMSR (MZMWMSR SJ 8VERWTSVXEXMSR
%QIVMGER2EXMSREP7XERHEVHW-RWXMXYXI 4PERRMRK177EGVEQIRXS'%
07XVIIX2;XL*PSSV 'LS.=ERH4MRGLIMVE.%w-RIPEWXMG%REP]WMW
;EWLMRKXSR(' SJ 6IMRJSVGIH 'SRGVIXI 'SPYQRW [MXL 7LSVX 0ET 7TPMGIW
[[[ERWMSVK 7YFNIGXIH XS 6IZIVWIH ']GPMG 0SEHWx %'- 7XVYGXYVEP
.SYVREP:2S1EV%TVTT
%QIVMGER7SGMIX]SJ'MZMP)RKMRIIVW (SZMGL 0 1 ERH ;MKLX . /  w)JJIGXMZI 7PEF
%PI\ERHIV&IPP(VMZI ;MHXL1SHIPJSV7IMWQMG%REP]WMWSJ*PEX7PEF*VEQIWx%'-
6IWXSR:% 7XVYGXYVEP.SYVREP:2S2SZ(IGTT
[[[EWGISVK ))6-4))6  2I[ -RJSVQEXMSR SR XLI 7IMWQMG
4IVJSVQERGI SJ )\MWXMRK 'SRGVIXI &YMPHMRKW 7IQMREV
%781-RXIVREXMSREP
2SXIW))6-3EOPERH'%
&EVV,EVFSV(VMZI
;IWX'SRWLSLSGOIR4% )P1IX[EPP] 7 ) ERH 'LIR ; *  w1SQIRX
[[[EWXQSVK 6SXEXMSR 1SHIPMRK SJ 6IMRJSVGIH 'SRGVIXI &IEQ'SPYQR
'SRRIGXMSRWx %'- 7XVYGXYVEP .SYVREP: 2S .YP]
'SRGVIXI6IMRJSVGMRK7XIIP-RWXMXYXI %YKTT
24PYQ+VSZI6SEH )P[SSH / . ERH )FIVLEVH 1 3  w)JJIGXMZI
7GLEYQFYVK-0 7XMJJRIWWSJ6IMRJSVGIH'SRGVIXI'SPYQRWx%'-7XVYGXYVEP
[[[GVWMSVK .SYVREP:2S.YP]%YKTT
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()*367)-71-'6),%&-0-8%8-323*)<-78-2+'32'6)8)*6%1)&9-0(-2+7%2('311)28%6= %'-6 

)P[SSH / . ERH 1SILPI . 4  w)ZEPYEXMSR SJ 1MXVE2ERH0S[IW02w)ZEPYEXMSR'EPMFVEXMSR
)\MWXMRK6IMRJSVGIH'SRGVIXI'SPYQRWx4VSGIIHMRKWSJXLI ERH :IVMJMGEXMSR SJ E 6IMRJSVGIH 'SRGVIXI &IEQ'SPYQR
8LMVXIIRXL ;SVPH 'SRJIVIRGI SR )EVXLUYEOI )RKMRIIVMRK .SMRX 1SHIPx .SYVREP SJ 7XVYGXYVEP )RKMRIIVMRK %7')
:ERGSYZIV&''EREHE%YKTT :2S.ERTT
)P[SSH/.ERH1SILPI.4Ew(VMJX'ETEGMX]SJ 3VERKYR ' 3 .MVWE .3 ERH &VIIR . )  w%
6IMRJSVGIH 'SRGVIXI 'SPYQRW [MXL 0MKLX 8VERWZIVWI 6IIZEPYEXMSR SJ 8IWX (EXE SR (IZIPSTQIRX 0IRKXL ERH
6IMRJSVGIQIRXx )EVXLUYEOI7TIGXVE))6-:2S 7TPMGIWx%'-. 3962%0 4VSGIIHMRKW:2S1EV
*IFTT TT
)P[SSH/.ERH1SILPI.4Fw%\MEP'ETEGMX] 4EREKMSXEOSW8&ERH*EVHMW12w(IJSVQEXMSR
1SHIP JSV 7LIEV(EQEKIH 'SPYQRWx %'- 7XVYGXYVEP SJ 6IMRJSVGIH'SRGVIXI 1IQFIVWEX =MIPHMRK ERH 9PXMQEXIx
.SYVREP:2S.YP]%YKTT %'-7XVYGXYVEP.SYVREP:2S1EV%TVTT
)P[SSH/.1EXEQSVSW%;EPPEGI.;0ILQER 4IGORSPH(%w7PEF)JJIGXMZI;MHXLJSV)UYMZE
(),IMRX^.%1MXGLIPP%(1SSVI1%:EPPI] PIRX *VEQI %REP]WMWx %'- . 3962%0 4VSGIIHMRKW : 
1 8 0S[IW 0 'SQEVXMR ' ERH 1SILPI . 4  2S%TVTT
w9THEXIXS%7')7)-'SRGVIXI4VSZMWMSRWx)EVXLUYEOI 5EMWVERM%2w-RXIVMSV4SWX8IRWMSRIH*PEX4PEXI
7TIGXVE))6-:2S%YKTT 'SRRIGXMSRW 7YFNIGXIH XS :IVXMGEP ERH &ME\MEP 0EXIVEP
*EVHMW 1 2 ERH &MWOMRMW ( )  w(IJSVQEXMSR 0SEHMRKx 4L( XLIWMW (ITEVXQIRX SJ 'MZMP )RKMRIIVMRK
'ETEGMX]SJ6'1IQFIVWEW'SRXVSPPIHF]*PI\YVISV7LIEVx 9RMZIVWMX]SJ'EPMJSVRME&IVOIPI]&IVOIPI]'%TT
3XERM7]QTSWMYQ8SO]S.ETER%YKTT 7EEXGMSKPY 1 %PWM[EX . ERH 3^GIFI + 
+LSFEVEL%ERH&MHHEL%w(]REQMG%REP]WMWSJ w,]WXIVIXMG&ILEZMSVSJ%RGLSVEKI7PMTMR6'1IQFIVWx
6IMRJSVGIH 'SRGVIXI *VEQIW -RGPYHMRK .SMRX 7LIEV (IJSVQE .SYVREPSJ7XVYGXYVEP)RKMRIIVMRK%7'):2S
XMSRx )RKMRIIVMRK7XVYGXYVIW:2S2SZTT TT
,[ERK7.ERH1SILPI.4w1SHIPWJSV0EXIVEPP] 7I^IR ,  w7IMWQMG 6IWTSRWI ERH 1SHIPMRK SJ
0SEHIH7PEF'SPYQR*VEQIWx%'-7XVYGXYVEP.SYVREP: 0MKLXP] 6IMRJSVGIH 'SRGVIXI &YMPHMRK 'SPYQRWx 4L(
2S1EV%TVTT HMWWIVXEXMSR(ITEVXQIRXSJ'MZMPERH)RZMVSRQIRXEP)RKM
/ERK 8 ,/ ERH ;EPPEGI . ;  w(]REQMG RIIVMRK9RMZIVWMX]SJ'EPMJSVRME&IVOIPI]&IVOIPI]'%
6IWTSRWIWSJ*PEX4PEXI7]WXIQW[MXL7LIEV6IMRJSVGIQIRXx 7I^IR,ERH1SILPI.4w7LIEV7XVIRKXL1SHIP
%'-7XVYGXYVEP.SYVREP:2S7ITX3GXTT JSV0MKLXP]6IMRJSVGIH'SRGVIXI'SPYQRWx.SYVREPSJ7XVYG
/ERK8,/ERH;EPPEGI.;w4YRGLMRKSJ XYVEP)RKMRIIVMRK%7'):2S2SZTT
6IMRJSVGIH ERH 4SWX8IRWMSRIH 'SRGVIXI 7PEF'SPYQR 7I^IR , ERH 1SILPI . 4  w7IMWQMG 8IWXW SJ
'SRRIGXMSRWx %'-7XVYGXYVEP.SYVREP:2S.YP] 'SRGVIXI'SPYQRW[MXL0MKLX8VERWZIVWI6IMRJSVGIQIRXx%'-
%YKTT 7XVYGXYVEP.SYVREP:2S2SZ(IGTT
/ERK 8 ,/ ;EPPEGI . ; ERH )P[SSH / .  7LMR1ERH0E*EZI.w1SHIPMRKSJ']GPMG.SMRX
w2SRPMRIEV1SHIPMRKSJ*PEX4PEXI7]WXIQWx.SYVREPSJ7XVYG 7LIEV (IJSVQEXMSR 'SRXVMFYXMSRW MR 6' &IEQ'SPYQR
XYVEP)RKMRIIVMRK%7'):2S*IFTT 'SRRIGXMSRW XS 3ZIVEPP *VEQI &ILEZMSVx 7XVYGXYVEP
0YS=,(YVVERM%.ERH'SRXI.4w)UYMZEPIRX )RKMRIIVMRKERH1IGLERMGW:2STT
*VEQI %REP]WMW SJ *PEX 4PEXI &YMPHMRKW JSV 7IMWQMG :ERHIVFMPX1(ERH'SVPI];+w*VEQI%REP]WMW
0SEHMRKx .SYVREPSJ7XVYGXYVEP)RKMRIIVMRK%7'): SJ'SRGVIXI&YMPHMRKWx'SRGVIXI-RXIVREXMSREP:2S
2S.YP]TT (IGTT
0]RR%'1SILPI.41ELMR7%ERH,SPQIW;8 ;6-  w,MWXSVMGEP (EXE SR ;MVI 8VMERKYPEV ;MVI
w7IMWQMG)ZEPYEXMSRSJ)\MWXMRK6IMRJSVGIH'SRGVIXI *EFVMG1IWL ERH ;IPHIH ;MVI 'SRGVIXI 6IMRJSVGIQIRX
'SPYQRWx )EVXLUYEOI 7TIGXVE ))6- :  2S  TT ;;6 x8*,EVXJSVH'8TT
 =SWLMQYVE 1 8EOEMRI = ERH 2EOEQYVE 8 
1IPIO1ERH;EPPEGI.;w']GPMG&ILEZMSVSJ w%\MEP 'SPPETWI SJ 6IMRJSVGIH 'SRGVIXI 'SPYQRWx
'SPYQRW[MXL7LSVX0ET7TPMGIWx%'-7XVYGXYVEP.SYVREP 4VSGIIHMRKW SJ XL ;SVPH 'SRJIVIRGI SR )EVXLUYEOI
:2S2SZ(IGTT )RKMRIIVMRK4ETIV2S '(631

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW

8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW

7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW

)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI

'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]

7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW

7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME

*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW

4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP

&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'-
QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW

%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI 
*E\ 
[[[GSRGVIXISVK
+YMHIJSV7IMWQMG6ILEFMPMXEXMSRSJ
)\MWXMRK'SRGVIXI*VEQI&YMPHMRKWERH'SQQIRXEV]

8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW

8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR

-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW

1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

Minat Terkait