6IXEQE\MOVMMYWMO

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
YW M\MO\YUYNIVMYX^MFE\M
E\MOO[
[YNN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

%46)2(->%.)
()0%0)'83)7'6-896%

6)8%1%<-/6-97-/-<-/<959.)
6-98>-&%<-/;9.OMGLIGLEFEP

)WXIPMFVSWIIRXVIKEIRJSVQEKVEXYMXEEPEWIWGYIPEWSGMEPIWTEVEIPYWSHIPSWHSGIRXIW
 %YXSVMHEHIW1MRMWXIVMEPIW

0MGIRGMEHE']RXLME'EVSPMREHIPKYMPE1IRHM^jFEP
1MRMWXVEHI)HYGEGMzR

0MGIRGMEHE3PKE)ZIP]R%QEHSHI7IKYVE
:MGIQMRMWXVE8qGRMGE

0MGIRGMEHS%PJVIHS+YWXEZS+EVGuE%VGLMPE
:MGIQMRMWXVS%HQMRMWXVEXMZS

0MGIRGMEHS+YXFIVXS2MGSPjW0IMZEPZEVI^
:MGIQMRMWXVSHI)HYGEGMzR&MPMRKII-RXIVGYPXYVEP

0MGIRGMEHS)PMKMS7MG-\TERGSG
:MGIQMRMWXVSHI(MWIyS]:IVMJMGEGMzRHIPE'EPMHEH)HYGEXMZE

)HMGMzR7STLME1EPHSREHS&SHI]6EUYIP1SRXIRIKVS
6IZMWMzRXqGRMGE*IVRERHS6YFMS7]PZME0MRER8LSQTWSR]4SVJMVMS0SI^E
%YXSVuE+IVEPHMRE'EQEVKS6EUYIP1SRXIRIKVS7STLME1EPHSREHS&SHI].YWXS1EK^YP
(MEKVEQEGMzR3QEV,YVXEHS
'SVVIGGMzRHIIWXMPS&IPMRHE0zTI^

4EVXMGMTERXIWIRIPTVSGIWSHIZEPMHEGMzR
(-+)'%()&VIRHE&SVVE]S'EVPSXE'EPMXS'EVQIR&EVVMSW1EVMPHIP'EVQIR0zTI^
1MKYIPRKIP+Y^QjR3PKEHI1SXXE3VPERHS)WGSFEV:MZMER4EPIRGME4IVEPXE
(-+)&- %
 HVMjR1INuE)QMPMS%NUYINE]*VERGMWGS'LSG1EVuE)WXIPE%PSR^S+YENjR
1EVXE%PMGME3VHzyI^1]VRE<ENTSX2SLIQu1SVEPIW'LEPu
(-+)'96 &VIRHE'EVSPMRE1SVEPIW

)RIWXIPMFVSWILERMRGPYMHSMQjKIRIWHI97%-(6IJSVQE)HYGEXMZEIRIP%YPE]SXVEWPMFVIW
HIHIVIGLSW]HIHSQMRMSTFPMGS

(IVIGLSWVIWIVZEHSW0EVITVSHYGGMzRXSXEPSTEVGMEPHIIWXESFVEWSPSTSHVjLEGIVWIGSR
EYXSVM^EGMzRHIPE%KIRGMEHIPSW)WXEHSW9RMHSWTEVEIP(IWEVVSPPS-RXIVREGMSREP

)WXIQEXIVMEPLEWMHSIPEFSVEHSFENSPE3VHIRHI8VEFENS2S)(,-HIPE%KIRGME
HI PSW )WXEHSW 9RMHSW TEVE IP (IWEVVSPPS -RXIVREGMSREP 1MWMzR +YEXIQEPE 97%-(+  GSR
.YjVI^]%WSGMEHSWTVS]IGXS97%-(6IJSVQE)HYGEXMZEIRIP%YPE]IRETS]SEP'SRZIRMSHI
HSREGMzRHIPSFNIXMZSIWXVEXqKMGS2S -RZIVWMzR7SGMEP TIVWSREWQjWWEREW]GSR
QINSVRMZIPHIIHYGEGMzR

0EW STMRMSRIW I\TVIWEHEW TSV PSW EYXSVIW RS VIJPINER RIGIWEVMEQIRXI PSW TYRXSW HI ZMWXE HI
97%-(SHIP+SFMIVRSHIPSW)WXEHSW9RMHSWHI%QqVMGE

1-2)(9'      -7&2
1MRMWXIVMSHI)HYGEGMzRHI+YEXIQEPE   +YEXIQEPEIRIVSHI
GEPPI^SRE
8IPqJSRS 
[[[QMRIHYGKSFKX[[[QMRIHYGIHYKX

2SXE
0E YXMPM^EGMzR HI YR PIRKYENI UYI RS HMWGVMQMRI RM GSRXIRKE WIWKS HI KqRIVS IW TEVXI HI PEW
TVISGYTEGMSRIWHIPTVS]IGXS97%-(6IJSVQE)HYGEXMZEIRIP%YPE )RIWXIHSGYQIRXSWILE
STXEHSTSVYWEVIPQEWGYPMRSKIRqVMGSGPjWMGSIRXIRHMIRHSUYIIWXIMRGPY]IWMIQTVIELSQFVIW
]QYNIVIWRMySW]RMyEW
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)WXMQEHSWHSGIRXIW

2SWGSQTPEGITSRIVIRWYWQERSWIPPMFVS%TVIRHM^ENIHIPEPIGXSIWGVMXYVEIWXILEWMHSIPE
FSVEHSGSRIPTVSTzWMXSTEVEETS]EVPSWIRPEXEVIEHITVSQSZIV IRWIyEV]HIWEVVSPPEVPE
PIGXSIWGVMXYVEIRWYWIWXYHMERXIW

0EPIGXYVE]PEIWGVMXYVEWSRLIVVEQMIRXEWJYRHEQIRXEPIWTEVEXSHEWPEWTIVWSREWEPSPEVKSHI
WYZMHEPIWTIVQMXIETVIRHIVHIXIQEWQY]HMZIVWSW]HIWEVVSPPEVHIWXVI^EWHITIRWEQMIRXS
GVuXMGSMQTVIWGMRHMFPITEVEIPINIVGMGMSVIWTSRWEFPIHIPEGMYHEHERuE EHIQjWHIHMWJVYXEVHIP
TPEGIVHIPEPIGXYVE

%TVIRHIVEPIIV]IWGVMFMVIWPEFEWITEVEUYIPSWIWXYHMERXIWEHUYMIVERJYXYVSWETVIRHM^ENIW
TSVIWSIWYREWTIGXSJYRHEQIRXEPEPSPEVKSHIWYJSVQEGMzR)WXIIWYRTVSGIWSGSQTPINS
UYIWIGSQTSRIHIZEVMEWIXETEWGEHEYREGSRWYWTVSTMEWGEVEGXIVuWXMGEWVIXSW]TSWMFMPMHE
HIW7IMRMGMEIRPEMRJERGMEGYERHSWIIWTIVEUYIPSWRMySWZE]ERJEQMPMEVM^jRHSWIGSRPSWPMFVSW
YSXVSWQEXIVMEPIWHIPIGXYVEHIQERIVEREXYVEPGSRXMREIRPEWEYPEWHITVITVMQEVMEGYERHS
HIWEVVSPPERPEWHIWXVI^EWUYIPIWTIVQMXIRTVITEVEVWITEVEETVIRHIVEPIIV]IWGVMFMVHIWTYqW
IRPSWKVEHSWMRMGMEPIWTVMQIVS WIKYRHS]XIVGIVKVEHSTVMQEVME ETVIRHIVEPIIV]IWGVMFMV
IWPEXEVIETVMRGMTEP )RPSWKVEHSWWYGIWMZSWPSWIWXYHMERXIWTVSJYRHM^ERIRIPHIWEVVSPPSHI
WYWGSQTIXIRGMEWPIGXSVEW]IWGVMXYVEPIWLEWXEPPIKEVEWIVPIGXSVIWIWXEFPIGMHSW]IWGVMXSVIW
EYXzRSQSW

)RIWXIPMFVS IRGSRXVEVjMRJSVQEGMzRGPEZIWSFVIPSWEWTIGXSWJYRHEQIRXEPIWHIPEPIGXSIW
GVMXYVE IPJYRGMSREQMIRXSHIPGIVIFVSHYVERXIPEPIGXYVE]WYKIVIRGMEWQIXSHSPzKMGEWGY]E
IJIGXMZMHEHWIFEWEIRPSWVIWYPXEHSWTSWMXMZSWSFXIRMHSWIRHMZIVWEWI\TIVMIRGMEWIMRZIWXMKE
GMSRIWWSFVIPEQEXIVME'EHEWIGGMzRHMWTSRIHIYRFERGSHIEGXMZMHEHIWUYITYIHIRWIVPI
XMPIWTEVEKYMEVIPETVIRHM^ENIHIWYWIWXYHMERXIWIRGYEPUYMIVEHIPSWMHMSQEWREGMSREPIWHI
RYIWXVSTEuW%WuTYIWWIIRJEXM^EIRIPETVIRHM^ENIHIPEPIGXSIWGVMXYVEIRIPMHMSQEQEXIVRS
HIPSWRMySW]WYXVERWJIVIRGMEEYRWIKYRHSMHMSQE8EQFMqRXIRHVjEWYHMWTSWMGMzRGPEWIW
QSHIPSTEVEHIWEVVSPPEVPEPIGXSIWGVMXYVEIRTVITVMQEVMETVMQIVGMGPSHITVMQEVME]IRGSRXI\
XSWFMPMRKIW%WMQMWQSLEPPEVjMRWXVYQIRXSWZEVMEHSWUYIPITIVQMXERQSRMXSVIEV]IZEPYEV
IPTVSKVIWSIRIPETVIRHM^ENITEVEXSQEVEGGMSRIWGSVVIGXMZEWIJIGXMZEWIMRQIHMEXEW

)WTIVEQSWUYIIWXIPMFVSWIEYRIWXuQYPSTEVEPPIZEVEPEYPEPEWTVjGXMGEWUYIJEZSVI^GERIP
ETVIRHM^ENIIJIGXMZSHIPEPIGXSIWGVMXYVEIRWYWIWXYHMERXIW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

2(-')

4%68)-0%0)'896%
5YqWMKRMGEPIIV]IWGVMFMV#
 4SVUYqIWMQTSVXERXIUYIPSWIWXYHMERXIWPIER#
 0EPIGXYVEIRPEIVEHMKMXEP
4EVETVEGXMGEV
)XETEWIRIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE
 0IGXSIWGVMXYVEIQIVKIRXI
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVEMRMGMEP
 (IWEVVSPPSHILEFMPMHEHIWHIPIGXSIWGVMXYVE
 0EQIXEPIGXSVIW]IWGVMXSVIWMRHITIRHMIRXIWSEYXzRSQSW
4EVETVEGXMGEV
)PGIVIFVS]PEPIGXSIWGVMXYVE
 %REXSQuEHIPGIVIFVS]PEPIGXYVE
 )PGEQMRSHIPEPIGXYVEEXVEZqWHIPGIVIFVS
 )PGIVIFVS]IPETVIRHM^ENIHIPEPIGXYVE
 )JIGXSWHIPEPIGXYVEIRIPGIVIFVS

4%68)--0)'83)7'6-896%)1)6+)28)
 %TVS\MQEGMzREYREHIRMGMzR
)PTETIPHIPSWTEHVIWIRIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXI
)PTETIPHIPEIWGYIPEIRIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXI
)PIQIRXSWGPEZITEVEIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXI
 (IWEVVSPPSHIPPIRKYENISVEP
 (IWEVVSPPSHIPEGSQTVIRWMzRSVEP
 %RMQEGMzREPEPIGXSIWGVMXYVE
 (IWEVVSPPSHIPEGSRGMIRGMEJSRSPzKMGE
 (IWEVVSPPSHIPEGSRGMIRGMEHIPPIRKYENIIWGVMXS
 (IWEVVSPPSHIZSGEFYPEVMS
 (IWEVVSPPSHIPEKVEJSQSXVMGMHEH
&ERGSHIEGXMZMHEHIW
4EVETVEGXMGEV
(
 IPEXISVuEEPETVjGXMGEQSHIPSHIYREGPEWIHIPIGXSIWGVMXYVETEVETVITVMQEVME 


 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4%68)---0)'83)7'6-896%-2-'-%0
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE
 'SRGMIRGMEJSRSPzKMGE
 'zQSHIWEVVSPPEVPEGSRGMIRGMEJSRSPzKMGE
&ERGSHIEGXMZMHEHIW
4EVETVEGXMGEV
'SRSGMQMIRXSHIPTVMRGMTMSEPJEFqXMGS
 'zQSHIWEVVSPPEVIPTVMRGMTMSEPJEFqXMGS
&ERGSHIEGXMZMHEHIW
4EVETVEGXMGEV
%WTIGXSWHIPPIRKYENIUYIHIFIRXSQEVWIIRGYIRXEEPXVEFENEVIPTVMRGMTMSEPJEFqXMGS
 ]PEGSRGMIRGMEJSRSPzKMGE
 0EWPIXVEW
  0SWWSRMHSWSJSRIQEW
 4EVXMGYPEVMHEHIWHIPIWTEySPTEVEXSQEVWIIRGYIRXEEPIRWIyEVEPIIV]IWGVMFMV 
 *PYMHI^ 
 'zQSHIWEVVSPPEVPEYMHI^
&ERGSHIEGXMZMHEHIW
4EVETVEGXMGEV
 :SGEFYPEVMS
 8MTSWHIZSGEFYPEVMS
 'zQSHIWEVVSPPEVIPZSGEFYPEVMS
&ERGSHIEGXMZMHEHIW
4EVETVEGXMGEV
'SQTVIRWMzRHIPIGXYVE
 'zQSHIWEVVSPPEVPEGSQTVIRWMzRPIGXSVE
 )WXVEXIKMEWHIGSQTVIRWMzRPIGXSVE
 'SQTVIRWMzRHIPIGXYVE]QIXEGSKRMGMzR
&ERGSHIEGXMZMHEHIW
4EVETVEGXMGEV
)WGVMXYVEMRMGMEP
 6IPEGMzRIRXVIPEPIGXYVE]PEIWGVMXYVE 
 4VSGIWSHIEHUYMWMGMzRHIPEPIRKYEIWGVMXE 
 'zQSHIWEVVSPPEVPEIWGVMXYVE
&ERGSHIEGXMZMHEHIW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
4EVETVEGXMGEV
(IPEXISVuEEPETVjGXMGEQSHIPSWTEVEGPEWIWHIPIGXSIWGVMXYVEHITVMQEVME 
'
 SRWINSWTEVEUYIPSWTEHVIWTYIHERETS]EVIPETVIRHM^ENIHI
 PEPIGXSIWGVMXYVEHIPSWRMySW

4%68)-:)27)g%2>%=%46)2(->%.)()0%0)'83)7'6-896%)2'328)<837
&-0-2+i)7
 )PTVMQIVMHMSQEIRUYIETVIRHIRPSWRMySW 
 -QTSVXERGMEHIYWEVIPMHMSQEQEXIVRSIRPEWEYPEW 
 )PFMPMRKMWQS]PEPIGXSIWGVMXYVE 
 -QTSVXERGMEHIPEGYPXYVEIRIPETVIRHM^ENIHIYRWIKYRHSMHMSQE 
 8VERWJIVIRGMEEPWIKYRHSMHMSQE 
 )RWIyER^EHIPEPIGXSIWGVMXYVEIRYRWIKYRHSMHMSQE 
  )WTEySPGSQS0HITVMQIVSEXIVGIVKVEHS 
  (MEKRzWXMGSHIPRMZIPHIHSQMRMSHIPWIKYRHSMHMSQE 
  'zQSXVEFENEVGSRPSWIWXYHMERXIWWIKRIPRMZIPHIHSQMRMS 
&ERGSHIEGXMZMHEHIW
 (IPEXISVuEEPETVjGXMGEQSHIPSHIYREGPEWIHIIWTEySPSVEPGSQSWIKYRHSMHMSQE 
4EVETVEGXMGEV

4%68):132-836)3=):%09%'-2()0%0)'83)7'6-896%
 1SRMXSVIS]IZEPYEGMzR
 'zQSWIQSRMXSVIE]WIIZEPEPEPIGXSIWGVMXYVE 
 ,IVVEQMIRXEWHIQSRMXSVIS]IZEPYEGMzRIRIPEYPE 
 0MWXEHIGSXINS
 )WGEPEHIVERKS
 6FVMGE
  )ZEPYEGMzRFEWEHEIR'YVVuGYPS)&' 
  4VYIFEHIGSQTVIRWMzRPIGXSVETEVETVMQIVKVEHS 
'zQSETS]EVEPSWRMySWUYITVIWIRXERHMGYPXEHIWIRIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE 
4EVETVEGXMGEV
&MFPMSKVEJuE 
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

46-1)6%4%68)
0%0)'896% -
5YqWMKRMGEPIIV]IWGVMFMV#
:MZMQSWMRQIVWSWIRYRQYRHSHIMRJSVQEGMzR GSRWXERXIQIRXIWITYFPMGERPMFVSW VIZMWXEW TIVMzHMGSW
]SXVEZEVMIHEHHIHSGYQIRXSWIRZIVWMSRIWMQTVIWEW]IPIGXVzRMGEW'SRXERXSQEXIVMEPHMWTSRMFPIRI
GIWMXEQSWWEFIVPIIV IWGVMFMV]YXMPM^EVETVSTMEHEQIRXIPEMRJSVQEGMzR 'YERHSPSPSKVEQSWXIRIQSWPE
STSVXYRMHEHHIETVIRHIVQjW]HIWEVVSPPEVRSWQINSVGSQSTIVWSREW]GSQSWSGMIHEH

0IIVWMKRMGEQjWUYIHIWGMJVEVPEWPIXVEWXEQFMqRMQTPMGEGSQTVIRHIVPSUYIWIPIIYWEVPEMRJSVQE
GMzR]HMWJVYXEVHIPEPIGXYVE

7IKR4qVI^ PIIVWYTSRI MRXIVTVIXEV HIWGMJVEVYRQIRWENIGSQTVIRHIV IWYREIW

TIGMIHIHIWGYFVMQMIRXS GSQSMVEPIRGYIRXVSHIYREPMQIRXSIWTMVMXYEP 4SVWYTEVXI'LEVVME
]+SR^jPI^ HIRIRPEPIGXYVEGSQSYRTVSGIWSGSQTPINSIRIPGYEPIPPIGXSVGSRWYI\TIVMIRGME
TVIZMEVIGSRWXVY]IIPXI\XS)WYRTVSGIWSUYIZEQjWEPPjHIYRWMQTPIHIWGMJVEQMIRXSHIWMKRSWIWYR
EGXSHIGSQYRMGEGMzR YRIRGYIRXVSTIVWSREPIRXVIIPPIGXSV]IPIWGVMXSV UYITVSTMGMEYRGEQFMSHI
IWXEHSWMRXIVRSWHIPPIGXSV(IEGYIVHSGSRPEWEYXSVEWERXIWQIRGMSREHEWEXVEZqWHIPEPIGXYVEWII\
TIVMQIRXERIQSGMSRIWWIGSQTEVXIRI\TIVMIRGMEWWIGSRJVSRXERTYRXSWHIZMWXE]WSFVIXSHSWIWMIRXI
TPEGIVIWXqXMGS0IIVIWYREQERIVEHIEGIVGEVWIEPGSRSGMQMIRXS]EPEMRJSVQEGMzRWIGSRSGIRPYKEVIW
EGSRXIGMQMIRXSW WMXYEGMSRIW JYRGMSREQMIRXSWHIWMWXIQEW]IWXVYGXYVEW 0EPIGXYVEIWYRESTSVXYRMHEH
HIGSRSGIV]HMWJVYXEVIPQYRHS

4SVWYTEVXI6SRGEP]1SRXITIUYI TVSTSRIRPEWMKYMIRXIHIRMGMzR0IIVIWYRTVSGIWSMRXIVEG

XMZSUYIGSRWMWXIIRGETXEVI\XVEIVGSQTVIRHIVZEPSVEV]YXMPM^EVIPWMKRMGEHSHIYRXI\XS1MIRXVEWUYI
TEVE&SVVIVS PEPIGXYVEIWIPTVSGIWSHIGSRWXVYGGMzRHIPWMKRMGEHSETEVXMVHIYRXI\XSIWGVMXS

'SRHIQEVuR IRWYWETSVXIWEP4VSKVEQEHI1INSVEQMIRXSHIPE'EPMHEHHIPEW)WGYIPEW&jWMGEW

HI'LMPIMRHMGE0EPIGXYVEIWJYRHEQIRXEPQIRXIIPTVSGIWSHIGSQTVIRHIVIPWMKRMGEHSHIPPIRKYENI
IWGVMXS 4EVEUYMIRIWWEFIRHMWJVYXEVPE GSRWXMXY]IYREI\TIVMIRGMEKS^SWEUYIMPYQMREIPGSRSGMQMIRXS
TVSTSVGMSRE WEFMHYVuE TIVQMXI GSRIGXEVWI GSR EYXSVIW ] TIVWSRENIW PMXIVEVMSW UYI NEQjW GSRSGIVuER
TIVWSREPQIRXI EHIQjWHIETVSTMEVWIHIPSWXIWXMQSRMSWHEHSWTSVZEVMEHEWTIVWSREW IRSXVSWXMIQ
TSW]PYKEVIW:MWXEEWuGSRWXMXY]IMRHYHEFPIQIRXIIPPSKVSEGEHqQMGSQjWMQTSVXERXIIRPEZMHEHIPSW
IWXYHMERXIW 

0EPIGXYVEIWYRTVSGIWSGSQTPINSUYIWIHIWEVVSPPETSVQIHMSHIPEMRXIVEGGMzRHISXVSWWYFTVSGIWSW
GSQSPEEXIRGMzR PEQIQSVME IPPIRKYENI]PEQSXMZEGMzR 0SWRMySWMRMGMERWYETVIRHM^ENIHIPEPIGXYVE
HIWHIQY]XIQTVERSGSRIPYWSHIPPIRKYENISVEP]WIMRGVIQIRXEGYERHSPSWEHYPXSWPIIREPSWRMySW]
PSGSRXMREREPSPEVKSHIWYZMHE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4SVUYqIWMQTSVXERXIUYIPSWIWXYHMERXIWPIER#
)RVIPEGMzRGSRPSWFIRIGMSWUYIFVMRHEPEPIGXYVEEPHIWEVVSPPSHIPETIVWSRE]HIPEGSQYRMHEHTS
HIQSWQIRGMSREVZEVMSWETSVXIWIRXVIIPPSWHIWXEGERPSWHI'SRHIQEVuR 'LEVVME]+SR^jPI^
 ]&SVVIVS 

E0EPIGXYVEIWIPTVMRGMTEPQIHMSTEVEHIWEVVSPPEVIPPIRKYENI
%XVEZqWHIPETVjGXMGEGSRWXERXIHIPEPIGXYVEIPPIGXSVZEEWMQMPERHS]GSQTVIRHMIRHSTEPEFVEWI\TVI
WMSRIWJSVQEWKVEQEXMGEPIWSVXSKVEJuEIRXVISXVEWQYGLEWUYIWIZERGSQTVIRHMIRHSIMRXIKVERHSE
WYWETVIRHM^ENIW0IIVGSRJVIGYIRGMETIVQMXIEPPIGXSVEGYQYPEVYRZSGEFYPEVMSIRGSRWXERXII\TERWMzR

(IMKYEPQERIVEGYERHSPSWRMySWPIIRGYIRXSWHIWHITIUYIySWEHIQjWHIIRVMUYIGIVWYZSGEFYPEVMS
ETVIRHIRTVSKVIWMZEQIRXIPEJSVQEHISVKERM^EVPEWTEPEFVEWIRIPPIRKYENIIWGVMXS+IRIVEPQIRXIPSW
RMySWQYIWXVERIWXIGSRSGMQMIRXSGYERHSMRZIRXERWYWTVSTMSWGYIRXSW

0EPIGXYVEIWPETVMRGMTEPJYIRXIHIIRVMUYIGMQMIRXSHIPPIRKYENIZIVFEPTYIWPEWTEPEFVEW]IWXVYGXYVEW
PMRKuWXMGEWUYIPSWRMySW]NzZIRIWMRXIVMSVM^ERWSRIPQSXSVHIPEGSQTIXIRGMEPMRKuWXMGE]GSRWXMXY]IR
PEJYIRXIHIPEGYEPYMVjWYGETEGMHEHHII\TVIWMzR]GSQTVIRWMzRHIPQYRHS

F0EPIGXYVEIWXMQYPEPEMQEKMREGMzRGVIEHSVE
0ESTSVXYRMHEHHIPIIV]EHIRXVEVWIIRPSWQYRHSWUYISJVIGIPEPMXIVEXYVEIWXMQYPEPEMQEKMREGMzR
GVIEHSVEHIPETIVWSRE%PGSQTVIRHIVIPXI\XS IPPIGXSVHIWEVVSPPEPEGETEGMHEHHIGVIEVWYWTVSTMEW
MQjKIRIWHIPSWTIVWSRENIW PSWIWGIREVMSW]PEWEGGMSRIWUYIWIREVVER8SHEWIWXEWMQjKIRIWVIPEGMS
REHEWWSRGSRWXVYMHEWTSVIPPIGXSVWSFVIPEFEWIHIWYWTVSTMEWI\TIVMIRGMEWIMRXIVEGGMSRIWWSGMEPIW

0EMQEKMREGMzRIWPELEFMPMHEHFjWMGETEVEXSHSTVSGIWSGVIEXMZS HEHSUYIPETSIWuE IPHMFYNS PEIW

GYPXYVEIPHMWIyS]SXVEWEVXIWWIFEWERIRPEGETEGMHEHTEVEGVIEVMQjKIRIWMRXIVREW7MRIQFEVKSPEW
MRZIWXMKEGMSRIWGSRRMySW]EHSPIWGIRXIWHIQYIWXVERUYIEUYIPPSWUYIHITIRHIRRMGEQIRXIHIPEW
MQjKIRIWSJVIGMHEWTSVPSWQIHMSWHIGSQYRMGEGMzRRSHIWEVVSPPERPEMQEKMREGMzRHIPEQMWQEQERIVE

'YERHSPSWIWXYHMERXIWXMIRIREGGIWSEPEPMXIVEXYVEXMIRIRPETSWMFMPMHEHHIYWEVIPPIRKYENIHIHMZIVWEW
QERIVEW]HIVIPEGMSREVSVEGMSRIW]TEPEFVEWGEVKEHEWHIIQSGMzR(IIWXEQERIVEWIGVIERPEWFEWIW
TEVEUYIPSWRMySWHIWEVVSPPIRPEGVIEXMZMHEH]WIJEZSVIGIPEI\TVIWMzR

G0EPIGXYVEHIXIVQMRETVSGIWSWHITIRWEQMIRXS
(IEGYIVHSE'SRHIQEVuR  IRPEWGYPXYVEWSVEPIW PEPMQMXEGMzRHITEPEFVEWWSPSEWSRMHSW IR
YRGSRXEGXSMRXIVTIVWSREPHIXIVQMREQSHSWHII\TVIWMzR]TVSGIWSWHITIRWEQMIRXSIWTIGuGSW0E
TSWMFMPMHEHHIPPIRKYENIIWGVMXS]PEVIXVSEPMQIRXEGMzREPIWGYGLEV LEFPEV]TVSHYGMVXI\XSW MQTPMGEPE
QSHMGEGMzRHIPEWVITVIWIRXEGMSRIW PEGSRGMIRGME]PEEGGMzR TSVPSUYIWIIWXMQYPERLEFMPMHEHIWHI
TIRWEQMIRXSWYTIVMSV

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'LEVVME]+SR^jPI^ ETYRXERUYIGSRPEPIGXYVEWIHIWEVVSPPEIPWIRXMHSGVuXMGS IPGYEPIWTSWMFPI

KVEGMEWEPEMRXIVEGGMzRGSRHMZIVWSWQEXIVMEPIWHIPIGXYVEIPPIGXSVGSRSGI]EREPM^EPEVIEPMHEHGSRJVSRXE
HMZIVWSWEYXSVIWIMHIEW]STMREEGIVGEHIIPPSWHIEGYIVHSGSRWYGzHMKSqXMGS-RHMGEREHIQjWUYIIWXEW
LEFMPMHEHIWHIPTIRWEQMIRXSWSRPSWIPIQIRXSWFjWMGSWHIYREJSVQEGMzRIRPEGYEPPEVII\MzRIPERjPMWMW
PEEGXMXYHGVuXMGEWSRPSWQSXSVIWUYIMQTYPWERPEGSRWXVYGGMzRHIYRGSRSGMQMIRXSZjPMHS]WMKRMGEXMZS

H0EPIGXYVEI\TERHIPEQIQSVME
'YERHSPEWTIVWSREWZMZIRIRGYPXYVEWQE]SVMXEVMEQIRXISVEPIW GYIRXERIRWYLEFIVGSRYREWIVMIHI
VIGYVWSW UYI PIW TIVQMXIR VIXIRIV PE MRJSVQEGMzR IR WY QIQSVMEHI PEVKS TPE^S ] YWEVPE GYERHS WIE
RIGIWEVMS 4SV INIQTPS PE YXMPM^EGMzR HI TEXVSRIW VuXQMGSW UYI JEGMPMXER VIGSHEV PEW PIXVEW HI GERGMSRIW
EHMZMRER^EWJzVQYPEWHINYIKSTSIQEWIXGPEYXMPM^EGMzRHITVSZIVFMSWQj\MQEWVIJVERIWHMGLSW]SXVEW
JzVQYPEWPMRKuWXMGEWUYIWIXVERWQMXIRHIKIRIVEGMzRIRKIRIVEGMzRXVERWQMWMzRUYIWIHEIRWMXYEGMSRIW
GSQYRMGEXMZEWUYIPIFVMRHERWIRXMHS]TIVQMXIREXIWSVEVPEWEFMHYVuETSTYPEV0EEQTPMEGMzRHIPEQIQS
VMELYQEREWILEPSKVEHSEXVEZqWHIPPIRKYENIIWGVMXS]EUYIIWXITIVQMXIIPVIKMWXVS]VIGYTIVEGMzRHI
PEMRJSVQEGMzR(IIWXEQERIVEWII\TERHIPEQIQSVMELYQEREWMXYEGMzRUYIRSIWTSWMFPIRMGEQIRXI
GSRPESVEPMHEH

0ESVEPMHEHETYRXEXERXSEPESVEPMHEHTVMQEVMEGSQSEPEWIGYRHEVME 0ETVMQIVELEGIVIJIVIRGMEEYRE
GYPXYVEXSXEPQIRXIENIREEGYEPUYMIVGSRSGMQMIRXSHIIWGVMXYVEQERYWGVMXESMQTVIWE0ESVEPMHEHWIGYR
HEVMEWIVIIVIEYRERYIZESVEPMHEHETS]EHETSVIPXIPqJSRS PEVEHMS PEXIPIZMWMzR]SXVSWHMWTSWMXMZSW
IPIGXVzRMGSW

I0EPIGXYVEIWXMQYPEPEWIQSGMSRIW]PEEJIGXMZMHEH
0SWXI\XSWREVVEXMZSW]TSqXMGSWEHIQjWHISXVSWXI\XSWPMXIVEVMSWUYIQYIWXVERPEWQSXMZEGMSRIW]GSR
MGXSWHIPELYQERMHEHIRJVIRXERHSPEEHZIVWMHEHEPEREXYVEPI^E]PEMRGIVXMHYQFVITIVQMXIRUYIIPPIGXSV
XSQIGSRGMIRGMEHIWYWTVSTMSWIWJYIV^SW]HIWYVIEPMHEH4SVQIHMSHIIWXSWXI\XSWIPPIGXSVVII\MSRE
EGIVGEWSFVIWuQMWQS PEIQTEXuELEGMESXVSW ETVIRHIEZEPSVEVPEWHMJIVIRGMEW WSPYGMSREVTVSFPIQEW]
ETVIRHIVEI\TPSVEVSTGMSRIWTEVEWuQMWQS]TEVEPEWSGMIHEH0EPIGXYVESJVIGIPESTSVXYRMHEHHIHIWE
VVSPPEVZEPSVIWQIHMERXIPEVII\MzRGSRWXERXIEGIVGEHIIWXSWETEVXMVHIPSWTIVWSRENIWILMWXSVMEWPIuHEW

0SWXI\XSWPMXIVEVMSWIWXMQYPERYREHMZIVWMHEHHIIQSGMSRIWIRIPQYRHSMRXIVMSVHIPPIGXSV)RIPTVSGIWS
EPIRJVIRXEVPEWHMZIVWEWXVEQEWPEWIWGIREW]PEMRXIVEGGMzRGSRPEHMZIVWMHEHHITIVWSRENIWIPPIGXSVEGXMZE
WYWVIGYIVHSW]I\TIVMIRGMEWXIRWMSRIWGSRMGXSWWSPYGMSRIW]IWTSWMFPIUYIIRGYIRXVIVIWTYIWXEWEWYW
TVSTMEWMRXIVVSKERXIWEJIGXMZEW

J0EPIGXYVEHIWEVVSPPEIPWIRXMHSGVuXMGS
4SVQIHMSHIPESVEPMHEHPETIVWSRESFXMIRIMRJSVQEGMzRUYITSHVjVIGSVHEVWIKRPEGETEGMHEH
HIVIXIRGMzR]VIGYTIVEGMzRHIPEQIQSVMELYQEREQMIRXVEWUYIIPPIRKYENIIWGVMXSPITIVQMXI
GSRWXVYMVWYWTVSTMSWWEFIVIWETEVXMVHIYREMRXIVMSVM^EGMzR]WIPIGGMzRHIMRJSVQEGMzRHIHMJI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

VIRXIXMTS]HMZIVWSWTYRXSWHIZMWXE9RFYIRPIGXSVMRXIVEGXEGSRHMJIVIRXIWZSGIWTVSHYGXSHI
WYZEVMEHEPIGXYVEGSRHMZIVWSWTIVWSRENIWTYIHIQSHMGEVWYWGVIIRGMEWTVINYMGMSWSTMRMSRIW]
TYRXSWHIZMWXE'SRIPPSHIWGYFVIUYILE]QPXMTPIWTSWMFMPMHEHIW]VIWSPYGMSRIWJVIRXIEWMXYEGMS
RIWTVSFPIQjXMGEW%XVEZqWHIPQERINSHIWYWZEPSVIWIPPIGXSVTYIHIXSQEVYRETSWXYVEJVIRXIEP
XI\XS]GSQTEVXMVWYSTMRMzRGSREVKYQIRXSWFMIRJYRHEQIRXEHSW0EPIGXYVEIWYRELIVVEQMIRXE
MRWXVYQIRXEPUYIJEZSVIGIIPHIWEVVSPPSHIHIWXVI^EWHITIRWEQMIRXSGVuXMGSMQTVIWGMRHMFPITEVEIP
INIVGMGMSVIWTSRWEFPIHIPEGMYHEHERuE

K0EPIGXYVEIWXMQYPEPEGVIEGMzRHIXI\XSW
%GXYEPQIRXI]ERSWIGSRGMFIRPEPIGXYVE]PEIWGVMXYVEGSQSTVSGIWSWMRHITIRHMIRXIWWMRSGSQS
TVSGIWSWMRXIVEGXMZSWGIRXVEHSWIRIPWMKRMGEHS)WXIRYIZSIRJSUYIQSHMGEPEWGSRGITGMSRIWXVE
HMGMSREPIWIRPEWUYIEPEPIGXYVEWIPIGSRGIFuEGSQSYRTVSGIWSHIHIGSHMGEGMzR]EPEIWGVMXYVE
GSQS YR TVSGIWS HI GSHMGEGMzR )WXE RYIZE GSRGITGMzR XMIRI GSQS QIXE REP PE GSRWXVYGGMzR
HIPWMKRMGEHSHSRHIEQFSWTVSGIWSWIRGSRWXERXIVIPEGMzRIWXMQYPERPEGVIEGMzRHIXI\XSW]PE
RIGIWMHEHHIPIIVQjW

0EHMZIVWMHEHHIIWXYHMSWGSRGPY]IUYIPEPIGXYVE]PEIWGVMXYVEIWXjRMRXIVGSRIGXEHEWETS]EHEWI
MRZSPYGVEHEWHIQERIVEJYRHEQIRXEPGSRIPTIRWEQMIRXS0ETVSHYGGMzRHIHMZIVWMHEHHIXI\XSW
QINSVEPEGSQTVIRWMzRHIPIGXYVE]PEPIGXYVEGSRPPIZEEYRQINSVHIWIQTIySGSQSIWGVMXSV)RPE
IWXMQYPEGMzRHIEQFSWTVSGIWSWEXVEZqWHIYREI\TIVMIRGMEGSQFMREHEPSWIWXYHMERXIWHIWEVVSPPER
RMZIPIWHITIRWEQMIRXSQjWEPXSWUYIWMWITVEGXMGEVERHIQERIVEEMWPEHE

0EIWGVMXYVEXEQFMqRHIWEVVSPPEPEGVIEXMZMHEH]EUYIIWXMQYPEEPSWRMySW]NzZIRIWEI\TVIWEVWY
EJIGXMZMHEH]WYMQEKMREGMzREXVEZqWHITSIQEWGYIRXSWPMFVIXSWHIHVEQEXM^EGMSRIW]SXVSWQIHMSW
HII\TVIWMzR

L0EPIGXYVEHIXIVQMREIPHIWIQTIySIWGSPEV
0EPIGXYVEIWYREGSQTIXIRGMEJYRHEQIRXEPTEVEPEZMHE]WILEGIMRWXVYQIRXEPIRPEGSQYRMGEGMzR
XERXSIRIPjQFMXSIWGSPEVGSQSJYIVEHIqP)RIPGSRXI\XSIWGSPEVPEGSQTVIRWMzRPIGXSVEJEZSVIGI
IPq\MXS]PETIVQERIRGMEHIPSWIWXYHMERXIWIRIPWMWXIQEIHYGEXMZS]WYMRXIKVEGMzRWSGMEPWMRVMIWKS
HII\GPYWMzR

)RPSWTVMQIVSWEySWHIZMHEIWGSPEVPEIRWIyER^EHIPGzHMKSIWGVMXSEFWSVFIYRXMIQTSMQTSVXERXI
HIPEIRWIyER^EPSWQEIWXVSWHIPSWTVMQIVSWKVEHSWWIIWJYIV^ERTEVEUYIPSWIWXYHMERXIWHIW
GMJVIRXI\XSW'SRJSVQIPSWIWXYHMERXIWWIGSRZMIVXIRIRPIGXSVIWMRHITIRHMIRXIWIRVMUYIGIRWY
ZSGEFYPEVMSIWXVYGXYVEWKVEQEXMGEPIW]EYQIRXERWYGSQTIXIRGMESVXSKVjGE)RPEQIHMHEIRUYI
PSWIWXYHMERXIWEWGMIRHIRHIKVEHSTVSKVIWMZEQIRXIPEPIGXYVEWIZEGSRZMVXMIRHSIRPETVMRGMTEP
JYIRXIHIMRJSVQEGMzRHIXSHEWEPEWjVIEW)PETVIRHM^ENIHIRYIZEMRJSVQEGMzRIWGVMXEHITIRHIVj
HIP ZSPYQIR HI PIGXYVE ] HI WY TVSGIWEQMIRXS EGXMZEV GSRSGMQMIRXSW TVIZMSW PIIV ] VIPIIV GSR

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

EXIRGMzRXSQEVRSXEHIPSWHIXEPPIWVIPIZERXIWLEGIVVIWQIRIWIWUYIQEWYSVKERM^EHSVIWKVjGSW
HIPXI\XSIXGqXIVE 

%HIQjW PEPIGXYVEIRVMUYIGI]IWXMQYPEMRXIPIGXYEPQIRXIEPIWXYHMERXI]EUYIGSRJSVQIPII TYIHI

IRVMUYIGIVPSWXI\XSWGSRWYWTVSTMSWETSVXIWERXMGMTEVWIEPGSRXIRMHSJSVNEVLMTzXIWMWGSRVQEVPEWS
HIWGEVXEVPEWTYIHIVE^SREVGVMXMGEVMRJIVMVIWXEFPIGIVVIPEGMSRIW]IPEFSVEVGSRGPYWMSRIW

*MKYVE-QTSVXERGMEHIPEPIGXYVE

(VHOSULQFLSDOPHGLR
SDUDGHVDUUROODU
HOOHQJXDMH

'HWHUPLQD (VWLPXODODLPDJLQDFLyQ
HOGHVHPSHxRHVFRODU FUHDGRUD

(VWLPXODODFUHDFLyQGH 'HWHUPLQDSURFHVRV
WH[WRV GHSHQVDPLHQWR

'HVDUUROOD ([SDQGHODPHPRULD
HOVHQWLGRFUtWLFR
(VWLPXOD
ODVHPRFLRQHV
\ODDIHFWLYLGDG

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0EPIGXYVEIRPEIVEHMKMXEP
0SWVIUYIVMQMIRXSWWSGMEPIW]GYPXYVEPIWHIPEIWGVMXYVEWILERQSHMGEHSEXVEZqWHIPXMIQTS%GXYEP
QIRXIIRPEIVEHIPEMRJSVQjXMGEPIIV]IWGVMFMVWSRLIVVEQMIRXEWMRHMWTIRWEFPIWTEVEGSQYRMGEVWII
MRXIVEGXYEVIRYRQYRHSGEHEZI^QjWKPSFEPM^EHS)RIWXEMRXIVEGGMzRKPSFEPIPPIGXSVXMIRIPESTSV
XYRMHEHHIIRVMUYIGIVWYZSGEFYPEVMSEPMRXIVEGXYEVGSRXI\XSWHIHMZIVWSWSVuKIRIW EHIQjW I\MKI
QjWHIPPIGXSV TYIWPIVIUYMIVIQERINEVTVSGIWSWGSKRMXMZSWGSQTPINSW ]EUYIEPIRJVIRXEVYREKVER
GERXMHEHHIMRJSVQEGMzRHIFITSHIVWMRXIXM^EVPETEVEIZEPYEVPE]NY^KEVWYZIVEGMHEH]VIPIZERGME

0EWTIVWSREWEREPJEFIXEWXMIRIRKVERHIWHIWZIRXENEWJVIRXIEUYMIRIWWuPIIR ]EUYIYWEVPEPIGXYVE
GSRXVMFY]IEPHIWEVVSPPSTIVWSREP]FVMRHESTSVXYRMHEHIWTEVEZMZMVGSRGEPMHEH%HIQjWIWXEGYQTPI
YRVSPMQTSVXERXIIRIPHIWEVVSPPSWSGMEP]GYPXYVEPHIPSWTYIFPSWJSVQETIVWSREWEFMIVXEWEPQYRHS
SVMIRXEHEWLEGMEIPJYXYVSGETEGIWHIZEPSVEVPETPERMGEGMzR]EGITXEVPSWTVMRGMTMSWGMIRXuGSW]XIG
RSPzKMGSWUYIWYVKIRGSRXMRYEQIRXI

0EWTIVWSREWPIGXSVEWWSRXEQFMqRMRHEKEHSVEWHIGSRSGMQMIRXSWUYIPIWTIVQMXIRQINSVEVWYGEPMHEH
HIZMHEEHIQjWHIEHETXEVWIEPSWGEQFMSWWSGMEPIW]GYPXYVEPIW 7EFIVPIIVEFVIXSHEYREKEQEHI
TSWMFMPMHEHIW HIWHIIPTPEGIV]IPIRXVIXIRMQMIRXSLEWXEPEMRZIWXMKEGMzR]IPXVEFENS 7IVYRPIGXSV]
IWGVMXSVGSQTIXIRXIIWYRELIVVEQMIRXEZEPMSWETEVEEHUYMVMVGSRSGMQMIRXSWUYIE]YHEREWIVGSQ
TIXMXMZS]I\MXSWSIRIPQYRHSEGXYEP

)WTVMSVMXEVMSTEVEJEQMPMEWIHYGEHSVIW]WSGMIHEHIWPSKVEVUYIXSHSWWITERPIIVTEVEJSVQEVPIGXSVIW
IWXEEGXMZMHEHHIFIWIVTIVQERIRXI]KVEXMGERXIVIEPM^EHEGSRTPEGIVGSRZEVMIHEHHISTSVXYRMHEHIW
HIPIGXYVEUYIPIWTIVQMXEEPEWTIVWSREWRYXVMVWYWHMZIVWSWMRXIVIWIWIMRHEKEGMSRIW )RSXVEWTEPE
FVEWIWPSKVEVYREETVSTMEGMzRHIPPIRKYENIIWGVMXSEXVEZqWHIPEZEPSVEGMzRHIWYLEFMPMHEHTEVEPIIV
IWGVMFMVEWuGSQSHIQSWXVEVPSEXVEZqWHIWYWEGXMZMHEHIW]LjFMXSWGSXMHMERSW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0IERYIZEQIRXIPEWHIRMGMSRIWHIPIGXYVE]PYIKSIWGVMFEPEWY]E
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

)\TPMUYITSVUYqIWMQTSVXERXIPEPIGXYVETEVEYWXIH
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

+
 IRIVEPQIRXIWIHMGIUYIEPSWRMySW RMyEW]NzZIRIWRSPIWKYWXEPIIV 5YqTVIKYRXEWPIWTPER
XIEVuEEGIVGEHIIWXIXIQEETEHVIW]QEIWXVSWUYMIRIWXMIRIRPEXEVIEHIQSXMZEVPEPIGXYVEHIPSW
IWXYHMERXIW#
 ECCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 FCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6IGYIVHIWYI\TIVMIRGMEGSQSPIGXSV]VIWTSRHE
 E7IGSRWMHIVEYRFYIRPIGXSV#CCCCCCCCCC
 F4SVUYq#CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 G'SRUYqPMFVSSPMFVSWETVIRHMzEPIIV#CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 H5YqXMTSHIPMFVSWPIKYWXEFEPIIVGYERHSIVETIUYIyS#CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 I%UYMqRVIGYIVHEGSQSPETIVWSREUYIPSQSXMZEFEEPIIV#CCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 J5YqLEGuETEVEQSXMZEVPSEPIIV#CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 K5YqI\TIVMIRGMEWMKRMGEXMZE]TPEGIRXIVEVIGYIVHEGSRVIPEGMzREPEPIGXYVE#
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6
 IHEGXI IRYRELSNEEHMGMSREP WYLMWXSVMEGSQSPIGXSV -RGPY]EPSWEWTIGXSWUYIWIMRHMGEREGSRXM
RYEGMzR
 E(
 IWGVMFEEUYIPPEWEGGMSRIWSEGXMXYHIWUYIPSIREQSVEVSR]EUYIPPEWUYIPSHIWMPYWMSREVSRHIPE
PIGXYVE'SPSUYIYRXuXYPSMRKIRMSWSUYIVITVIWIRXIIWXEMHIE
 F(IWGVMFEIPPMFVSUYIQjWPILEKYWXEHS]ERSXIYRESVEGMzRIRPEUYII\TPMUYITSVUYqPIKYWXz
 G) \TPMUYIUYqPIKYWXEVuEGEQFMEVIRWYLMWXSVMEGSQSPIGXSV 6II\MSRIEGIVGEHIPSWQSQIRXSW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

RIKEXMZSWHIWYVIPEGMzRGSRPEPIGXYVE]I\TSRKEUYqLEVuEGSQSHSGIRXITEVEXVERWJSVQEVIWXI
EWTIGXS
 H'
 SQSTEVXIREPHIWY LMWXSVME TVS]IGXIUYqPIKYWXEVuELEGIVTEVEWIKYMVWIJSVQERHSGSQS
PIGXSV

6
 IREWIGSRHSWSXVIWGSQTEyIVSW]HMWGYXERPEWWMKYMIRXIWEVQEGMSRIW)WGVMFERYRTjVVEJSGSR
PSWEVKYQIRXSWUYIWYWXIRXIRPEWMHIEWTVIWIRXEHEW

 E0 EPIGXYVEIWYREGSQTIXIRGMEJYRHEQIRXEPTEVEPEZMHE]WILEGIMRWXVYQIRXEPIRPEGSQYRMGEGMzR
XERXSIRIPjQFMXSIWGSPEVGSQSJYIVEHIqP
 F9RFYIRPIGXSVXMIRIQE]SVGETEGMHEHTEVEGSQTVIRHIVPSWGSRXIRMHSWHIPSWXI\XSW
 G9 RPIGXSVTSGSI\TIVMQIRXEHSXMIRIHMGYPXEHTEVEIWXEFPIGIVVIPEGMSRIWIRXVIPSWGSRGITXSW]
PEWMHIEWHIHMJIVIRXIWXI\XSW
 H0 EPIGXYVEIWYRELIVVEQMIRXEMRWXVYQIRXEPUYIJEZSVIGIIPHIWEVVSPPSHIHIWXVI^EWHITIRWEQMIR
XSGVuXMGSMQTVIWGMRHMFPITEVEIPINIVGMGMSVIWTSRWEFPIHIPEGMYHEHERuE
 I0EPIGXYVEIRPEIVEHMKMXEPVIUYMIVIRYIZEWHIWXVI^EWTSVTEVXIHIPPIGXSV

'
 SQTPIXIIPWMKYMIRXIGYEHVSGSQTEVEXMZSIRXVIPEJSVQEGSQSETVIRHMz]HIWEVVSPPzWYPIGXYVE
]PEJSVQEGzQSWIIRWIyEEGXYEPQIRXI -RGPY]EPEWZIRXENEW]VIXSWUYIIWXSVITVIWIRXETEVEPSW
HSGIRXIW]IWXYHMERXIW

'zQSETVIRHuEPIIV]EIWGVMFMV# 'zQSWIIRWIyEEGXYEPQIRXIEPIIV
]EIWGVMFMV#

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)XETEWIRIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE
)PETVIRHM^ENIHIPEPIGXSIWGVMXYVEMRGPY]IXVIWIXETEWHMJIVIRXIWIQIVKIRXIMRMGMEP]HIHIWEVVSPPS7I
MRMGMEHIWHIQY]XIQTVERS TVMQIVSGSRIPPIRKYENISVEP]WIZEMRGVIQIRXERHSGSRJSVQIPSWRMySW
WSRI\TYIWXSWEHMJIVIRXIWI\TIVMIRGMEWHIPIGXSIWGVMXYVEIRGSRXI\XSWIWGSPEVIW]RSIWGSPEVIW 0E
PIGXYVEWIEHUYMIVIQIHMERXIIPHSQMRMSHIPSWWSRMHSWPIXVEW]ZSGEFYPEVMSTEVEPSKVEVYMHI^]GSQ
TVIRWMzRPIGXSVE 4SWXIVMSVQIRXI WIEZER^EEPEPIGXYVEWMPIRGMSWE WIMRGVIQIRXEIPZSGEFYPEVMS]WI
JSVXEPIGIRPEWHIWXVI^EWHIGSQTVIRWMzR

4EVEJEZSVIGIVIPETVIRHM^ENIHIPEPIGXSIWGVMXYVEIWMQTSVXERXIUYIPSWEHYPXSWPIWPIEREPSWRMySWHIW
HIPSWTVMQIVSWEySWHIZMHE]PIWHIRPESTSVXYRMHEHHINYKEVGSRQEXIVMEPIWIWGVMXSW]LEGIVXVE^SW
GSRHMJIVIRXIWQEXIVMEPIW]WYTIVGMIW0YIKSIWMQTSVXERXIMQTPIQIRXEVQIXSHSPSKuEW]IWXVEXIKMEW
IWTIGuGEWTEVEGEHEIXETEHIPTVSGIWSTEVEPSKVEVUYIXSHSWWIGSRZMIVXERIRPIGXSVIW]IWGVMXSVIW
MRHITIRHMIRXIWEHIQjWUYIYXMPMGIRPEPIGXYVETEVEETVIRHIV]VIGVIEVWI

*MKYVE)XETEWHIPETVIRHM^ENI]HIWEVVSPPSHIPEPIGXSIWGVMXYVE

/HFWRUHV\HVFULWRUHVLQGHSHQGLHQ
WHVRDXWyQRPRV

/HFWRHVFULWXUD
HVWDEOHFLGD

(IWEVVSPPSHILEFMPMHEHIW
HIPIGXSIWGVMXYVEHIGYEVXS
KVEHSIREHIPERXI


    
LyQ
G T XLVLF WHUFHU
$ RD
S U L PHU GR
 JUD
/HFWRHVFULWXUDHPHUJHQWH H
RSUHDOIDEpWLFD

3UHSDUDFLyQ
'HVGHHOQDFLPLHQWRDSUHSULPDULD

0SWRMySWHIFIRETVIRHIVEPIIVIRTVMQIVSTVMQEVME]EER^EVIPETVIRHM^ENIHYVERXIWIKYRHS]XIVGIVS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

%GSRXMRYEGMzRWII\TPMGEVjRFVIZIQIRXIGEHEYREHIPEWIXETEW YREI\TSWMGMzRQjWEQTPMEWIIR
GYIRXVEIRPSWGETuXYPSWWMKYMIRXIW

0IGXSIWGVMXYVEIQIVKIRXI
0EPIGXSIWGVMXYVEIQIVKIRXIWIVIIVIEPTVSGIWSMRMGMEPSTVITEVEXSVMSTEVEPEEHUYMWMGMzRHIPEPIG
XSIWGVMXYVE 7IPPEQEEWuTSVUYIIWGYERHSIQIVKIRSWYVKIRPEPIGXYVE]PEIWGVMXYVE )WXEWIMRMGMEEP
REGIV]IRIPPEWITYIHIRPSKVEVETVIRHM^ENIWUYITVIGIHIR]HIWEVVSPPERPEPIGXSIWGVMXYVE

)RIWXEIXETEWIFYWGEUYIPSWRMySWHIWEVVSPPIRWYPIRKYENISVEP]EQTPuIRWYZSGEFYPEVMSUYIWIJEQM
PMEVMGIRGSRQEXIVMEPIWMQTVIWSWUYIGSRS^GERPEWGSRZIRGMSRIWHIPEIWGVMXYVEPIGXYVEHIM^UYMIVHEE
HIVIGLE]HIEVVMFELEGMEEFENS UYIGSQTVIRHERUYIPEWTEPEFVEWWMVZIRTEVERSQFVEVSFNIXSW]UYI
PSWWSRMHSWWIVIPEGMSRERGSRPEWPIXVEWMQTVIWEWUYIPEWLMWXSVMEWXMIRIRYRMRMGMS]YRREPUYIYWIR
IWXVEXIKMEWTEVEIRXIRHIVVIGSVHEV]GSQYRMGEVPSUYIWIPIISPSUYIIWGYGLER]UYIHIWEVVSPPIRPEW
HIWXVI^EWZMWYEPIWEYHMXMZEW]QSXVMGIWRIGIWEVMEWTEVEPEPIGXSIWGVMXYVE

0E PIGXYVE IQIVKIRXI IW MQTSVXERXI ]E UYI JSVQE PEW FEWIW TEVE IP ETVIRHM^ENI JYXYVS HIP GzHMKS
IWGVMXSUYIIWYRSHIPSWIPIQIRXSWTVMQSVHMEPIWTEVEIPq\MXSIWGSPEV]IRHMJIVIRXIWjQFMXSWHIPE
ZMHE)WXITPERXIEQMIRXSTIVQMXIIWXEFPIGIVUYIRSLE]YRQSQIRXSTVIGMWSIRIPGYEPWIETVIRHIE
PIIV]EIWGVMFMVWMRSUYIIWXIETVIRHM^ENIIWYRTVSGIWSUYIZEGSRWXVY]qRHSWIIRPEQIHMHEIRUYI
GEHERMySSRMyEPSKVEIPHIWEVVSPPSGSKRMXMZSRIGIWEVMS

%TVIRHM^ENIHIPEPIGXSIWGVMXYVEMRMGMEP
0E PIGXSIWGVMXYVE MRMGMEP WI VIIVI EP TVSGIWS HI IRWIyER^E ] ETVIRHM^ENI HI PE PIGXSIWGVMXYVE 4EVE
ETVIRHIVEPIIVIWRIGIWEVMSUYIIPQEIWXVSIRWIyIPEPIGXSIWGVMXYVEHMVIGXEQIRXI]FVMRHIEPSWIWXY
HMERXIWPESTSVXYRMHEHHIPIIVEHMEVMS'YERHSWIIRWIyEEPIIV]EIWGVMFMVIWMQTSVXERXIHIWEVVSPPEV
PSWWMKYMIRXIWEWTIGXSW

'SRGMIRGMEJSRSPzKMGE
)W PE LEFMPMHEH TEVE MHIRXMGEV ] QERMTYPEV WSRMHSW IR IP PIRKYENI SVEP
*SRIQE
'YERHSPSWIWXYHMERXIWPSKVERHSQMREVIWXELEFMPMHEHXMIRIRPEGETEGMHEH 9RMHEHQjWTIUYIyEHI
HIMHIRXMGEVWSRMHSW]TYIHIRGSQTVIRHIVUYIPEWTEPEFVEWIWXjRJSVQE WSRMHSHIPPIRKYENISVEP
HEWTSVWSRMHSW]UYIIWXSWWITYIHIRVITVIWIRXEVGSRPIXVEW]TEPEFVEW

'SRSGMQMIRXSHIPTVMRGMTMSEPJEFqXMGS
7ITVSHYGIGYERHSPSWIWXYHMERXIWWSRGETEGIWHIMHIRXMGEVPEVIPEGMzR
IRXVI WSRMHSW JSRIQEW  ] PIXVEWKVEJuEW  ] PYIKS VIGSVHEVTEXVSRIW] WIGYIRGMEW UYI VITVIWIRXER
IPPIRKYENISVEPHIJSVQEIWGVMXESVXSKVEJuE :EYKLR]8LSQTWSR   PSGYEPIWRIGIWEVMSTEVE
ETVIRHIVEPIIV]IWGVMFMV

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*PYMHI^
7IVIIVIEPIIVGSRZIPSGMHEHTVIGMWMzR]I\TVIWMzREHIGYEHEWMREXIRGMzRGSRWGMIRXIVIEPM^EVQPXM
TPIWXEVIEWHIPIGXYVETSVINIQTPSIPVIGSRSGMQMIRXSHITEPEFVEW]GSQTVIRWMzR EPQMWQSXMIQTS
(MZMWMSRSJ6IWIEVGLERH4SPMG] )WPEGETEGMHEHHIPIIVYRXI\XSGSRIRXSREGMzRVMXQSTVIGM
WMzR]ZIPSGMHEHEHIGYEHE)PTVSTzWMXSHIHIWEVVSPPEVPEYMHI^IWPSKVEVUYIPEHIGSHMGEGMzRWIE
EYXSQjXMGETEVEJEGMPMXEVPEGSQTVIRWMzR

:SGEFYPEVMS
9RETIVWSREGSRYRZSGEFYPEVMSFMIRHIWEVVSPPEHSXMIRIPEGETEGMHEHHITVSHYGMVYRETEPEFVEIW
TIGuGETEVEYRWMKRMGEHSSPELEFMPMHEHHIGSQTVIRHIVTEPEFVEW0MRER8LSQTWSR 4EVE
HIWEVVSPPEVIWXEGETEGMHEHPSWRMySW]PEWRMyEWRIGIWMXEREQTPMEVWYWGSRSGMQMIRXSWHIPEWTEPEFVEW
IWGVMXEW]LEFPEHEWPSUYIIWXEWWMKRMGER]GzQSWIYWER

1ERINSHIIWXVEXIKMEWHIGSQTVIRWMzRHIPXI\XS
0EGSQTVIRWMzRPIGXSVEVIWYPXEHIETPMGEVIWXVEXIKMEWTEVEIRXIRHIV]VIGSVHEV-QTPMGEIWXEVIRGETE
GMHEHHIGSQYRMGEVPSUYIWILEPIuHS]IWGYGLEHS'SQTVIRHIVIWYRTVSGIWSEGXMZS]GSRWXVYGXMZS
UYITIVQMXIIRGSRXVEVWMKRMGEHSEPSUYIWIS]ISWIPII%RXIWHIPEGSQTVIRWMzRPIGXSVEIWXjPE
GSQTVIRWMzRSVEP0EGSQTVIRWMzRHIPIGXYVEXVERWJSVQEEPSWIWXYHMERXIWIRPIGXSVIWEGXMZSW

4EVEPSKVEVPEMRXIVEGGMzRHIPSWRMySW]PEWRMyEWGSRIPXI\XSIWJYRHEQIRXEPUYIVIGSRS^GERGYjRHS
GSQTVIRHIRSRSYRXI\XSQSRMXSVISHIPEGSQTVIRWMzR HIIWXEQERIVETSHVjRWEFIVGYjRHS
YXMPM^EVYREIWXVEXIKMEHIGSQTVIRWMzRTEVEIRXIRHIVQINSVIPXI\XS0EWIWXVEXIKMEWHIGSQTVIRWMzR
WIETPMGERIRXVIWQSQIRXSWERXIWHYVERXI]HIWTYqWHIPEPIGXYVE

)WGVMXYVE
0EIWGVMXYVEWIVIIVIEHSWEWTIGXSWTSVYRETEVXIEVIEPM^EVIPXVE^SHIPEWPIXVEWUYIGSVVIWTSRHIR
EPSWWSRMHSW]TSVSXVEETVSHYGMVXI\XSWFVIZIWTVMQIVSSVEGMSRIW]PYIKSTjVVEJSW TEVEI\TVIWEV
WYWMHIEW

(IWEVVSPPSHILEFMPMHEHIWHIPIGXSIWGVMXYVE
)WPEIXETETSWXIVMSVEPETVIRHM^ENIHIPEPIGXSIWGVMXYVE]WIHEGYERHS]EWILEREPGER^EHSPEWHIWXVI
^EWHIPEPIGXSIWGVMXYVEMRMGMEP(YVERXIIWXEIXETEIWRIGIWEVMSUYIIPHSGIRXIETPMUYIIWXVEXIKMEWUYI
TIVQMXERUYIIPIWXYHMERXIWMKEHIWEVVSPPERHSPEPIGXYVEIWTIGMEPQIRXIEQTPMERHSIPZSGEFYPEVMSPE
GSQTVIRWMzRHIPIGXYVETIVJIGGMSRERHSPEYMHI^IMRGVIQIRXERHSPEZIPSGMHEHPIGXSVE)RIWXEJEWI
WIHIWEVVSPPEPEPIGXYVE]PEIWGVMXYVETEVEETVIRHIVWSFVISXVEWjVIEWGYVVMGYPEVIWSWSFVIIPQYRHS
IRKIRIVEP

0EWLEFMPMHEHIWHIPIGXYVEUYIIPHSGIRXIHIFIHIWEVVSPPEVIRPSWIWXYHMERXIWMRGPY]IR
%QTPMEGMzRHIPZSGEFYPEVMS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

%TPMGEGMzRGSRWGMIRXIHIIWXVEXIKMEWHIGSQTVIRWMzRHIPIGXYVE
+IRIVEGMzRHILMTzXIWMWETEVXMVHIWYWGSRSGMQMIRXSWTVIZMSW]ZIVMGEGMzRHYVERXIPEPIGXYVE
%RjPMWMW]IZEPYEGMzRHIPSUYILEPIuHS]YWSHIPEPIGXYVETEVEETVIRHIV
9XMPM^EGMzRHIPEPIGXYVETEVEVIGVIEVWIQIHMERXIIPHMWJVYXIHIREVVEGMSRIWTSIQEW]SXVSXMTSHIXI\XS
0IGXYVEIRZS^EPXE]GSRYMHI^HIXI\XSWZEVMEHSW
0IGXYVEWMPIRGMSWEGSRZIPSGMHEH]GSQTVIRWMzRETVSTMEHEEWYRMZIPIWGSPEV

4SVSXVETEVXI IRVIPEGMzRGSRPETVSHYGGMzRIWGVMXE PEWLEFMPMHEHIWUYIWIHIFIRHIWEVVSPPEVIRPSW

IWXYHMERXIWMRGPY]IRPSUYI'EVP&IVIMXIV MRHMGE
*PYMHI^IRPETVSHYGGMzRHIPPIRKYENIIWGVMXS
*PYMHI^IRPEKIRIVEGMzRHIMHIEW
9WSHIPEWGSRZIRGMSRIWHIPEIWGVMXYVEKVEQjXMGE]SVXSKVEJuE
,EFMPMHEHTEVEXSQEVIRGYIRXEEPPIGXSV
%TVIGMEGMzR]HMWGVMQMREGMzRPMXIVEVMEHMJIVIRGMEVIRXVIXMTSWHIXI\XS 
9WSHIPTIRWEQMIRXSVII\MZSTEVETVSHYGMVWYWXI\XSW

0EQIXEPIGXSVIW]IWGVMXSVIWMRHITIRHMIRXIWSEYXzRSQSW
7IKR%PPMIRHI]'SRHIQEVuR  PEPIGXYVEVIGVIEXMZEIWZSPYRXEVMESMRHITIRHMIRXI IRPEGYEP
PSWQEXIVMEPIWIWGSKMHSWTSVIPPIGXSVWSRPIuHSWHYVERXIYREGERXMHEHHIXMIQTSMKYEPQIRXIZSPYR
XEVME]EYRVMXQSTIVWSREP%Wu YRPIGXSVMRHITIRHMIRXISEYXzRSQSRSRIGIWMXEWIVSFPMKEHSTEVE
PIIVTSVUYIPIITSVMRMGMEXMZETVSTME]GVIEWYWTVSTMEWSTSVXYRMHEHIWTEVEPIIV]YWEVPEPIGXYVETEVE
WIKYMVWIJSVQERHS]TSVIPHMWJVYXIHILEGIVPS9RPIGXSVMRHITIRHMIRXIIWGETE^HIIPIKMVPMFVIQIRXI
UYqPIIVWIKRWYWMRXIVIWIW9RIWGVMXSVMRHITIRHMIRXITSVWYPEHSIWGSKIZSPYRXEVMEQIRXIWYWXIQEW
HIIWGVMXYVE]FYWGESTSVXYRMHEHIWTEVEHEVEGSRSGIVWYWIWGVMXSW

)PHIWEJuSHIPSWQEIWXVSWIRRYIWXVSWMWXIQEIWGSRXVMFYMVEUYIPSWIWXYHMERXIWWIERPIGXSVIW]IWGVM
XSVIWEYXzRSQSW GETEGIWHIIQSGMSREVWITSVPEFIPPI^EHIYRPMFVSSHIXIRIVYRGVMXIVMSJVIRXIEP
GSRXIRMHSHIPQEXIVMEPUYIPIIREWuGSQSHIHMWJVYXEVEPGSQYRMGEVWITSVIWGVMXSYWERHSPSWVIGYVWSW
HIUYIHMWTSRIR

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 4E
'
 SQTPIXIIPSVKERM^EHSVKVjGSGSRYREHIRMGMzRFVIZIHIGEHEIXETE

0IGXYVE]IWGVMXYVE PIGXYVE]IWGVMXYVE (IWEVVSPPSHIPE

IQIVKIRXI MRMGMEP PIGXSIWGVMXYVE

3
 FWIVZIEXVIWRMySWSRMyEWIRXVI]EySWHIIHEHIMHIRXMUYIPEWEGXMZMHEHIWUYIPIWE]YHEVjR
EETVIRHIVEPIIV]EIWGVMFMV

)HEH %GXMZMHEH 'zQSPIE]YHEVj

(IEEySW

(IEEySW

(IEEySW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

3FWIVZIYREGPEWISIRXVIZMWXIEYRHSGIRXIHITVMQIVSTVMQEVME4uHEPIUYIPII\TPMUYI]HqINIQTPSW
HIPEWEGXMZMHEHIWUYIVIEPM^ETEVEIRWIyEVEPIIV]EIWGVMFMV0YIKSMHIRXMUYIGYjPIWHIPEWEGXMZMHEHIW
UYIVIEPM^EIPHSGIRXIWIVIPEGMSRERGSRIPHIWEVVSPPSHIPSWWMKYMIRXIWEWTIGXSW

%GXMZMHEHIW

 'SRGMIRGMEJSRSPzKMGE

'SRSGMQMIRXSHIPTVMRGMTMS

EPJEFqXMGS

 *PYMHI^

 :SGEFYPEVMS

 'SQTVIRWMzR

 )WGVMXYVE

'
 SQIRXI GSR YR GSQTEyIVS S GSQTEyIVE TSV UYq IW MQTSVXERXI HIWEVVSPPEV PE PIGXYVE TEVE
ETVIRHIV

)\TPMUYIUYqTYIHILEGIVYRHSGIRXITEVEJSVQEVPIGXSVIW]IWGVMXSVIWMRHITIRHMIRXIW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PGIVIFVS]PEPIGXSIWGVMXYVE
)P IWXYHMS HIP GIVIFVS SGYTE YR PYKEV MQTSVXERXI IR IHYGEGMzR IWTIGMEPQIRXI IR IP EFSVHENI HI PE
PIGXSIWGVMXYVE4EVEYRQEIWXVSIWQY]ZEPMSWSGSRSGIVEGIVGEHIPGIVIFVS]WYVIPEGMzRGSRPEPIGXSIW
GVMXYVETSVUYIHIIWXEQERIVETSHVjSVMIRXEVQINSVWYETVIRHM^ENI]ETS]EVEUYMIRIWTVIWIRXEREPKYRE
HMGYPXEHHYVERXIIWXITVSGIWSEHIQjWTSHVjGSQTVIRHIVGzQSPEPIGXSIWGVMXYVEIWXMQYPEIPHIWEVVSPPS
GSKRMXMZSHIPSWIWXYHMERXIW

)WQIVEPHE1EXYXI HSGXSVEIRRIYVSTWMGSPSKuE]RIYVSPMRKuWXMGE]QMIQFVSHIP7MWXIQE2EGMSREP

HI-RZIWXMKEHSVIW2MZIP-- HIPE%GEHIQME1I\MGEREHIPEW'MIRGMEWMRHMGEUYIIWXYHMSWVIEPM^EHSWQYIW
XVERHMJIVIRGMEWIRXVIPEWGETEGMHEHIWGSKRMXMZEW]PESVKERM^EGMzRGIVIFVEPIRXVIPETSFPEGMzREREPJEFIXE]
PSWEHYPXSWUYIWEFIRPIIV]IWGVMFMV'SRFEWIIRWYWIWXYHMSWIPPEEVQEUYIIPETVIRHM^ENIHIPEPIGXYVE
EJIGXEPESVKERM^EGMzRGIVIFVEP]IPHIWEVVSPPSGSKRSWGMXMZS

0EPIGXYVEIWETVIRHMHERSIWIWTSRXjRIEIRIPETVIRHM^ENIHIPEPIGXYVEIPIWXYHMSHIPGIVIFVSLETVS
TSVGMSREHSMRJSVQEGMzRXMP4SVINIQTPSIRPEQIHMHEIRUYIPEWTEPEFVEWXMIRIRWMKRMGEHSWHMJIVIRXIW
WIKRWYIWGVMXYVESTVSRYRGMEGMzRWIVIUYMIVIUYIIPGIVIFVSXVEFENIHIJSVQEHMJIVIRXI0EPIGXYVEVI
UYMIVIHIPEMRXIVEGGMzRHIZEVMEWTEVXIWHIPGIVIFVSUYIEPMRXIVVIPEGMSREVWIJSVQERYRGMVGYMXSGIVIFVEP

%REXSQuEHIPGIVIFVS]PEPIGXYVE
%RXIWHIGSRXMRYEVGSRIPXIQEIWMQTSVXERXII\TPSVEVYRTSGSPEEREXSQuEHIPGIVIFVS)PGIVIFVSWI
GSQTSRIHIHSWTEVXIWQjWSQIRSWWMQqXVMGEWEPEWUYIWIPIWPPEQELIQMWJIVMSHIVIGLSIM^UYMIVHS
GEHEYREGSRJYRGMSRIWHMWXMRXEWIWXEWWIGSQYRMGERIMRXIVGEQFMERMRJSVQEGMzREXVEZqWHIYRHIRWS
LE^HIFVEWRIVZMSWEWPPEQEHSGYIVTSGEPPSWS0EKYVEQYIWXVEPSWIPIQIRXSWQIRGMSREHSW

*MKYVE*YRGMSRIWHIPSWLIQMWJIVMSWGIVIFVEPIW

,IQMWJIVMSM^UYMIVHS ,IQMWJIVMSHIVIGLS
7IIRGEVKEHITVSGIWEV 4IVQMXIZIVPEWGSWEWIRIP
PEWTEPEFVEW]PSWRQIVSW IWTEGMS]GzQSWIGSQFMRER
GETEGMHEHTEVEPEW PEWTEVXIWTEVEJSVQEVIP
QEXIQjXMGEWPEPIGXYVE] XSHS
IWGVMXYVE  4IVQMXITVSGIWEVPEW
4VSGIWEPEMRJSVQEGMzRTEWS QIXjJSVEW]GVIEVRYIZEW
ETEWS GSQFMREGMSRIWHIMHIEW
%REPM^EEFWXVEIGYIRXEQMHI 4VSGIWEPEMRJSVQEGMzRHI
IPXMIQTS QERIVEKPSFEP
3FXMIRIRYIZEMRJSVQEGMzR 4MIRWEIRMQjKIRIW
EPYWEVHEXSWHMWTSRMFPIW WuQFSPSW]WIRXMQMIRXSW
7MRXIXM^EPEMRJSVQEGMzR


-QEKIRXSQEHEHI;MOMQIHME'SQQSRW )PGYIVTSGEPPSWSIWIPLE^HIFVEWRIVZMSWEWUYI
WMVZIGSQSIRPEGIIRXVIPSWLIQMWJIVMSWTEVEUYI
EQFSWXVEFENIRIRJSVQEGSRNYRXE]GSQTPIQIRXEVME

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'qWEV6YM^HI7SQSGYVGMS  IRWYEVXuGYPS%HETXEHSHI.SWWI]&EWW 8LI&VEMRERH0IEVRMRK 

WIyEPEUYIIPWMWXIQEHIPIGXYVEIWXjPSGEPM^EHSIRIPLIQMWJIVMSM^UYMIVHSHIPGIVIFVSTYIWIP HI
PEWTIVWSREWHMIWXVEW]IP HIPEW^YVHEWXMIRIRIPPIRKYENIPEXIVEPM^EHSIRIPLIQMWJIVMSM^UYMIVHS
0EWjVIEWHIIWXILIQMWJIVMSUYIWIIRGEVKERHIPPIRKYENIIWXjRYFMGEHEWIRIPPzFYPSJVSRXEPIPPzFYPS
XIQTSVEP]PEVIKMzRTEVMIXEPGSQSWII\TPMGEEGSRXMRYEGMzR

VIEHI&VSGETEVXMGMTEIRPETVSHYGGMzRHIPLEFPE]WIEGXMZEHYVERXIPEPIGXYVEWMPIRGMSWESIRZS^
EPXE(YVERXIPEPIGXYVEWMPIRGMSWEIRIPGIVIFVSWIKIRIVERTEXVSRIWHITVSRYRGMEGMzRWMQMPEVIWEPSW
HIPEPIGXYVEIRZS^EPXE

 VIEHI;IVRMGOITIVQMXIIRXIRHIVPSUYIPIIQSWIWHIGMVHIWGMJVEIPGzHMKSHIPEPJEFIXS8VEHYGI
PEWPIXVEWIRWSRMHSWTVSGIWSUYIWIHEIRPEPIGXYVEPEIWGVMXYVE]IPLEFPE
 +
 MVS ERKYPEV ZMRGYPE IP LEFPE GSR PEW TEPEFVEW EWSGME TEPEFVEW GSR IP QMWQS WMKRMGEHS ZMWYEPM^E
EPQEGIRE]VIGYTIVEPETEPEFVEGSQTPIXE

0EWMKYMIRXIKYVEQYIWXVEPEPSGEPM^EGMzRHIPEWTEVXIWQIRGMSREHEW

*MKYVEVIEWHIPLIQMWJIVMSM^UYMIVHS

 VIEHI&VSGE +MVSERKYPEV

VIEHI;IVRMGOI

)PGEQMRSHIPEPIGXYVEEXVEZqWHIPGIVIFVS
)RWYPMFVS0EWRIYVSREWHIPEPIGXYVE7XERMWPEW(ILEIRIHIP'SPPrKIHI*VERGIMRHMGEUYIPEWjVIEWGI
VIFVEPIWMQTPMGEHEWIRPEPIGXYVETEVXMGMTEREWuTVMQIVSGYERHSZIQSWYRXI\XSYWEQSWPEGSVXI^EZMWYEP
YFMGEHEIRIPPzFYPSSGGMTMXEP 0YIKSMHIRXMGEQSWPEWPIXVEWIRGEHIREHEW TEVEIPPSWIEGXMZEYRE^SRE
YFMGEHEIRPEJVSRXIVEIRXVIPEWGSVXI^ESGGMTMXEPIMRJIVSXIQTSVEPjVIEHIEWSGMEGMzR UYIIWIPjVIEIW
TIGMEPM^EHEIRTEPEFVEWIWGVMXEW*MREPQIRXIPEMRJSVQEGMzRTYIHIMVEPPzFYPSXIQTSVEPWYTIVMSVM^UYMIVHS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

IRHSRHIWIXVEHYGMVjRPEWTEPEFVEWIRWSRMHSWSMVjEPPzFYPSXIQTSVEPQIHMEPM^UYMIVHSIRHSRHIIR
HSRHIWIHIGSHMGEVjIPWMKRMGEHSHIYRZSGEFPS0EKYVEQYIWXVEIPVIGSVVMHSQIRGMSREHS

*MKYVE4EVXIWHIPLIQMWJIVMSM^UYMIVHSUYIMRXIVZMIRIRIRPEPIGXYVE

6IKMzRXIQTSVEP
6IKMzR WYTIVMSV +MVSWYTVEQEVKMREP
-RWYPE TVIGIRXVEP
ERXIVMSV %XIRGMzREVVMFEEFENS
]PIGXYVEIRWIVMI
%GGIWSETVSRYRGMEGMzR 6IKMzRTEVMIXEP
]EVXMGYPEGMzR TSWXIVMSV

+MVSERKYPEV

6IKMzRXIQTSVEP
QIHME
6IKMzR
SGGMTMXEP

6IKMzRJVSRXEP
MRJIVMSV 6IKMzRSGGMTMXSXIQ )WXuQYPSWZMWYEPIW
TSVEPZIRXVEP
6IKMzRJYWMJSVQI
%GGIWSEWMKRMJMGEHS ERXIVMSV
6IKMzRXIQTSVEP VIEHIPEJSVQEZMWYEP
ERXIVMSV HIPEWTEPEFVEW'ENEHI
PIXVEWHIPGIVIFVS
0EGENEHIPIXVEWHIPGIVIFVSPSGEPM^EHEIRPEVIKMzRSGGMTMXSXIQTSVEPM^UYMIVHEMHIRXMGEPEJSVQE
ZMWYEPHIPSWLMPSWHIPEWPIXVEW0YIKSHMWXVMFY]IIWXEMRJSVQEGMzRZMWYEPERYQIVSWEWVIKMSRIWUYIWI
IWTEVGIRIRIPLIQMWJIVMSM^UYMIVHS UYIGSHMGEIPWMKRMGEHSHIPEWTEPEFVEW TEXVSRIWHIWSRMHS]
EVXMGYPEGMzR8SHEWPEWVIKMSRIWIRZIVHI]GIPIWXIRSWSRIWTIGuGEWTEVEPEPIGXYVEWYJYRGMzRTVM
QEVMEIWGSRXVMFYMVIRIPTVSGIWEQMIRXSHIPPIRKYENIIWGVMXS%TVIRHIVEPIIVGSRWMWXIIRHIWEVVSPPEV
YREMRXIVGSRI\MzRIGMIRXIIRXVIPEWjVIEWZMWYEPIW]jVIEWHIPPIRKYENI 8SHEWPEWGSRI\MSRIWWSR
FMHMVIGGMSREPIW
8SQEHSHI(ILEIRI 8VEHYGGMzRPMFVI

)PGIVIFVS]IPETVIRHM^ENIHIPEPIGXYVE
7IKR(ILEIRI ETVIRHIVEPIIVGSRWMWXIIRGSRIGXEVHSWGSRNYRXSWHIVIKMSRIWHIPGIVIFVSUYI
]EIWXjRTVIWIRXIWIRPEMRJERGME IPWMWXIQEHIVIGSRSGMQMIRXSHISFNIXSW]IPGMVGYMXSHIPPIRKYENI 0E
EHUYMWMGMzRHIPEPIGXYVEXMIRIXVIWJEWIWTVMRGMTEPIW

4MGXzVMGE)WYRFVIZITIVuSHSHSRHIPSWRMySWJSXSKVEJuERYREWTEPEFVEW
*SRSPzKMGE7ITVSHYGIGYERHSPSWRMySWETVIRHIREHIGSHMGEVPIXVEWIRWSRMHSW
3VXSKVjGE)RIWXEIXETEIPVIGSRSGMQMIRXSHIPETEPEFVEWILEGIVjTMHS]EYXSQjXMGS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PTVSGIWSHIPEPIGXYVERSIWMKYEPTEVEXSHEWPEWTIVWSREWEHIQjWPSWGMVGYMXSWGIVIFVEPIWUYIWIEGXMZER
ZEVuERWIKRIPMHMSQE%PKYRSWMHMSQEWVIPEGMSRERYRWSRMHSGSRYREPIXVEGSQSWYGIHIIRIWTEySPIR
PSWMHMSQEWQE]EWSIRIPMXEPMERSHIIWXSWWIHMGIUYIXMIRIRYRESVXSKVEJuEXVERWTEVIRXI1MIRXVEWUYI
SXVSWMHMSQEWGSQSIPJVERGqWEWSGMERZEVMSWWSRMHSWEYREPIXVESZEVMEWPIXVEWEYRWSRMHSTSVPSUYI
WIHMGIUYIXMIRIRSVXSKVEJuESTEGE)RIWXIWIRXMHSIWMQTSVXERXILEGIVRSXEVUYIIWQjWJjGMPETVIRHIV
YREPIRKYEXVERWTEVIRXIUYIYRESTEGE)PIWXYHMERXIUYIETVIRHIYREPIRKYESTEGETYIHIVIUYIVMVHI
SXVSWGMVGYMXSWGIVIFVEPIWHMJIVIRXIWEPSWUYIYXMPM^EUYMIRETVIRHIYREPIRKYEXVERWTEVIRXI

%PPIIVIPGIVIFVSYWEIMRXIKVEQYGLEWIWXVYGXYVEW%PMRKVIWEVPEWTEPEFVEWEPGIVIFVSIWXEWWSRWIKQIR
XEHEWIRWSRMHSW]PYIKSGSRGSRZIVXMHEWIRGzHMKSWJSRSPzKMGSW%PPIIVIRIWTEySPSIRMHMSQEWQE]EW
TSVINIQTPS WIEGXMZERQjWIPjVIEHI;IVRMGOI]IPKMVSERKYPEV HIFMHSEUYIIWXSWWSRMHMSQEWIR
HSRHILE]YREVIPEGMzRIRXVIIPWSRMHS]PEPIXVE]UYIIWXSJEZSVIGIPEGSRWXVYGGMzRHIRYIZEWTEPEFVEW
)RIPGEWSHIPJVERGqWIRHSRHIPEWPIXVEW]WSRMHSWHMIVIRWIEGXMZEQjWIPjVIEPzFYPSXIQTSVEPTSVPS
UYIIWMQTSVXERXIHIWEVVSPPEVIPVIGSRSGMQMIRXSHITEPEFVEWGSQTPIXEWQjWUYIGSRZIVXMVPEWIRWSRMHSW
TEVEIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE

)P(V'EVPSW0SKEXX+VEFRIVWJ IRWYEVXuGYPS'zQSPIIRYIWXVSGIVIFVSLEGIRSXEVGzQSIRPEEG

XYEPMHEHPSWQqXSHSWHMHjGXMGSWTEVEPEIRWIyER^EHIPEPIGXYVEWIFEWERIRPIXVEW]WSRMHSWfPTPERXIE
UYIIWXSWIHIFIEUYI)PGIVIFVSTEVEPIIVYRETEPEFVEPEHIWGSQTSRIIRPEWPIXVEWUYIPEMRXIKVER
TIVSRSHIJSVQEWIGYIRGMEPWMRSIRTEVEPIPS]EKVERZIPSGMHEHEPKSUYIGVIEIRRSWSXVSWPEMPYWMzR
HIUYIPIIQSWPETEPEFVEIRJSVQEGSQTPIXE

 %WuWIVITVIWIRXEPEJSVQEWIGYIRGMEP  %WuIRTEVEPIPS
 F  D  V  D F  D  V  D
  


'YERHSYRETIVWSREEHYPXEPIIRSTIVGMFIIWXEJSVQEIRTEVEPIPSTSVUYI
PSLEGIQY]VjTMHSTIVSWuIWIZMHIRXIGYERHSPSWRMySWMRMGMERWYETVIR
2IYVSGMIRGME
HM^ENI]WIWMIRXIRZMGXSVMSWSWEPMVYRMIRHSPSWWSRMHSW]PEWPIXVEW 0ERIYVSGMIRGMEIWXYHME
PEIWXVYGXYVE]PEJYRGMzR
'SRXMREEVQERHSIP(V0SKEXXWJ UYIGSRFEWIIRPEWVIGMIRXIWMRZIW UYuQMGEJEVQEGSPSKuE
]TEXSPSKuEHIPWMWXIQE
XMKEGMSRIWHIPERIYVSGMIRGMEPEPIGXYVELSPuWXMGEUYIIRWIyEEXVEZqWHITE RIVZMSWS]HIGzQSPSW
PEFVEWGSQTPIXEW TSHVuEWIVTIVNYHMGMEP]EUYIVISVMIRXEVuEIPETVIRHM^ENI HMJIVIRXIWIPIQIRXSWHIP
LEGMEIPLIQMWJIVMSHIVIGLSIRYREVIKMzRUYIIWWMQqXVMGEEPjVIEYFMGEHE WMWXIQERIVZMSWSMRXIVEG
XER]HERSVMKIREPE
IRIPLIQMWJIVMSM^UYMIVHSTIVSUYIIWMREHIGYEHETEVEPPIZEVEGEFSIWXE GSRHYGXE
JYRGMzR HMGYPXERHSEWuIPETVIRHM^ENI )RWYPYKEVTVSTSRIYRQqXSHS
FEWEHSIRWSRMHSW]PIXVEWTYIWIWXIQqXSHSIWIPUYIQINSVKYEVHEGS
VVIPEGMzRGSRIPQSHSUYIXMIRIIPGIVIFVSHIVIGSRSGIVTEPEFVEWIWGVMXEW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)JIGXSWHIPEPIGXYVEIRIPGIVIFVS
%TVIRHIVEPIIVMRY]IIRRYIWXVSGIVIFVS9RKVYTSHIMRZIWXMKEHSVIWIWTEySPIWFVMXjRMGSW]GSPSQFME
RSWHMVMKMHSTSV1ERYIP'EVVIMVEWHMVIGXSVHIP&EWUYI'IRXIVSR'SKRMXMSR&VEMRERH0ERKYEKI&'&0 
VIEPM^EVSRYREMRZIWXMKEGMzRTEVEMHIRXMGEVGzQSMRY]IPEPIGXYVEIRIPGIVIFVS7IKRPSWVIWYPXEHSWHI
IWXEMRZIWXMKEGMzRPEHIRWMHEHHIQEXIVMEKVMWHSRHIWIVIEPM^EIPTVSGIWEQMIRXS IVEQE]SVIRZEVMEW
jVIEWHIEQFSWLIQMWJIVMSWIREUYIPPSWTEVXMGMTERXIWUYILEFuERETVIRHMHSEPIIV)WXEWjVIEWWSRVIW
TSRWEFPIWHIPVIGSRSGMQMIRXSHIPEWPIXVEWHIPEGSRZIVWMzRHIPEWPIXVEWIRPSWWSRMHSWGSVVIWTSRHMIRXIW
]HIPEGGIWSEPWMKRMGEHSHIPEWTEPEFVEW0EPIGXYVEXEQFMqRMRGVIQIRXzPEHIRWMHEHHIPEQEXIVMEFPERGE
]PEJYIV^EHIPEWGSRI\MSRIWIRXVIIWXEWVIKMSRIWHIQEXIVMEKVMW7-2' 

3XVSKVYTSHIMRZIWXMKEHSVIWHMVMKMHSTSV7XERMWPEW(ILEIRIEREPM^zQIHMERXIXqGRMGEWHIVIWSRERGME
JYRGMSREPIPGIVIFVSHIZSPYRXEVMSW )PPSWTYFPMGEVSRWYWVIWYPXEHSWIRPEVIZMWXE7GMIRGI IRHSRHI
VIIVIRUYIWITVSTYWMIVSRSFWIVZEVHMJIVIRGMEWIRIPGIVIFVSHIUYMIRIWWEFIRPIIV]UYMIRIWRSEWu
GSQSIRUYMIRIWETVIRHMIVSRHIEHYPXSW%HIQjWWSWXMIRIRUYIMRHITIRHMIRXIQIRXIHIPEIHEHIR
UYIWIEHUYMIVEPEPIGXYVEVIJYIV^EPEVIWTYIWXEGIVIFVEPTYIWGYERHSVIWTSRHIEJVEWIWIWGVMXEWEGXMZE
XSHEPEVIHHIPPIRKYENILEFPEHS

(ILEIRIXEQFMqREVQEUYIZEVMSWGMVGYMXSWGIVIFVEPIWWIEPXIVEREVEu^HIPEPIGXYVEHERHSPYKEVE
PELMTzXIWMWHIVIGMGPEHSRIYVSREPTEVXMGYPEVQIRXIHIPEGENEHIPIXVEWHIPGIVIFVSSjVIEZMWYEPHI
PEJSVQEHIPETEPEFVEUYIVIWTSRHIHIQERIVEWMWXIQjXMGEWMIQTVIUYIPIIQSWTEPEFVEWZIVKYVE
  )WXEVIKMzRIWXjIWTIGMEPM^EHEIRTEPEFVEW]GEVEGXIVIWIWGVMXSWMRHITIRHMIRXIQIRXIHIPMHMSQE
SQqXSHSGSRIPUYILE]EQSWETVIRHMHS 'YERHSYRETIVWSREIWEREPJEFIXE IWXEVIKMzRQYIWXVE
TVIJIVIRGMETSVHMFYNSWHISFNIXSW]VSWXVSWGYERHSETVIRHIEPIIVPEVIKMzREWYQISXVEJYRGMzRPE
HIVIGSRSGIVPETEPEFVEZMWYEP

8SHSWPSWTVSGIWSWHIPIGXSIWGVMXYVEEFSVHEHSWIRIWXIPMFVSETPMGERETIVWSREWGSRWMWXIQEWTIVGIT
XYEPIWMRXEGXSWEYHMXMZSWSVEPIW]ZMWYEPIW %UYuRSWII\EQMRERPEWHMGYPXEHIWHIPIGXYVE]IWGVMXYVE
GSQS TSV INIQTPS PE HMWPI\ME XEQTSGS IP XVEXEQMIRXS HI PIGXYVE HI TIVWSREW GSR HMWGETEGMHEHIW
WIRWSVMEPIW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

7)+92(%4%68)
0)'83)7'6-896%)1)6+)28) --
%TVS\MQEGMzREYREHIRMGMzR
0SWRMySWWIMRMGMERGSQSPIGXSVIW]IWGVMXSVIWIRPSWTVMQIVSWEySWHIZMHETYIWIWGYERHSEH
UYMIVIRGSRSGMQMIRXSWHIWXVI^EW]EGXMXYHIWVIPEGMSREHSWGSRIPPIRKYENIIWGVMXSUYIWSRPEFEWI
TEVEIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE%IWXITVSGIWSWIPIPPEQEPIGXSIWGVMXYVEIQIVKIRXI%RXIW
HIMRKVIWEVEPEIWGYIPEEPEIHYGEGMzRJSVQEPWIIWTIVEUYIPSWRMySW]EXIRKERRSGMSRIWEGIVGE
HIPPIRKYENIIWGVMXS

0EPIGXYVEIQIVKIRXILEWMHSHIRMHETSVZEVMSWEYXSVIWGSQSPSWGSRSGMQMIRXSWGSRHYGXEW]LEFMPM
HEHIWHIPSWRMySWGYERHSERRSWSREPJEFIXM^EHSWGSRZIRGMSREPQIRXI-RGPY]IRXSHSWWYWMRXIRXSWTEVE
MRXIVTVIXEVWuQFSPSW]TEVEGSQYRMGEVWIQIHMERXIIPPSWMRHITIRHMIRXIHIUYIWIERHMFYNSWKEVEFEXSWS
PIXVEW:IKE 0SWEYXSVIWIRJEXM^ERIRUYIIWXIHIWEVVSPPSEFEVGEIPTIVuSHSUYISGYVVI
IRXVIIPREGMQMIRXS]IPEGGIWSEPEEPJEFIXM^EGMzRGSRZIRGMSREP7YP^F]]8IPIGMXEHSWIR7EMRX
0EYVIRX+MEWWSR]'SYXYVI(M\SR/VEYWW.YWXMGI]/EHIVEZIGO 

0E%WSGMEGMzR)WTEySPEHI4IHMEXVuEHI%XIRGMzR4VMQEVMEWSWXMIRIUYIWMWITVSQYIZIPEPIGXYVE
HIWHIIHEHIWXIQTVEREWWIMRY]IIRPEGETEGMHEHPIGXSVE]WIIWXMQYPEIPHIWEVVSPPSMRXIKVEPHIPSW
RMySW)WXEIRXMHEHEVQEUYI
%RXIWHIPSWHSWEySWPIIVWMKRMGEXIRIVGSRXEGXSGSRIPXI\XSMQTVIWSGSQIR^ERHSEHMJIVIR
GMEVPEWPIXVEWHIPSWHMFYNSW]PSWSFNIXSW'SRSGIRUYIPEWTEPEFVEWIWGVMXEW]PEWMPYWXVEGMSRIWWI
VIPEGMSRERIRXVIWu0YIKSGSRJSVQIWIJEQMPMEVM^ERGSRPEWLMWXSVMEWREVVEHEWIQTI^EVjREGSQ
TVIRHIVUYIIWXEWXMIRIRTVMRGMTMSHIWEVVSPPS]REP

%RMZIPGSKRMXMZSIQSGMSREPPIIVPIWTIVQMXIEGIVGEVWIESXVEWVIEPMHEHIW]EYRUYIPEPIGXYVEIWXj
PMKEHEEPSWWIRXMHSWIWXEHMSWIRWSVMSQSXSV XVERWQMXIIQSGMSRIWTSVQIHMSHIPEZS^IPXSRS
TSVINIQTPS

)WXMQYPEVPEPIGXYVEIQIVKIRXIPITIVQMXIEPRMySJEQMPMEVM^EVWIGSRYRRYIZSSFNIXSPHMGSIPPMFVS
)PRMySNYIKEGSRIWXIRYIZSSFNIXSPSQYIVHIPSLSNIEHYIVQIGSRqPEHIQjWHIHMWJVYXEVHI
WYWLMWXSVMEW

% TEVXMV HI PSW HSW EySWPSW RMySW HIWEVVSPPER IP PIRKYENI ] IRVMUYIGIR WY ZSGEFYPEVMS GSR PEW
I\TIVMIRGMEWUYIPIFVMRHERPSWPMFVSW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PTETIPHIPSWTEHVIWIRIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXI
)P ETS]S UYI TEHVIW ] QEHVIW TYIHIR HEV E PSW RMySW IR IWXE IXETE IW MRZEPYEFPI EP JEGMPMXEV ]
TVSQSZIVWYMRXIVqWIRIPPIRKYENIIWGVMXS)WMQTSVXERXIUYIIRIPLSKEVPSWRMySWTEVXMGMTIRIR
EGXMZMHEHIW]NYIKSWEPVIHIHSVHIPPIRKYENISVEPUYIETVIRHEREIWGYGLEV]XIRKERPESTSVXYRMHEH
HII\TVIWEVWIEHIQjWHIXIRIVGSRXEGXSGSRXI\XSWMQTVIWSW]GSRQEXIVMEPIWIRPSWUYITYIHER
I\TVIWEVWITSVQIHMSHIHMFYNSWKEVEFEXSWIXGqXIVE

7IKRPSWIWXYHMSWVIEPM^EHSWTSV4YVGIPP+EXIW PSWRMySWUYIQjWETVIRHuERWSFVIIPPIRKYENI

IWGVMXSIVEREUYIPPSWIRGY]SWLSKEVIWWITIVQMXuEPEMRXIVEGGMzRTPEGIRXIVE]EKVEHEFPIGSRHMZIVWSW
QEXIVMEPIWMQTVIWSWHIHMJIVIRXIGSQTPINMHEH

9RQIGERMWQSZEPMSWSTEVEIWXMQYPEVIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXIIWQSHIPEVPIWEPSW
RMySWIPYWSHIPEPIGXSIWGVMXYVEIRWMXYEGMSRIWHIPEZMHEHMEVME%HIQjWHIGVIEVLjFMXSW]QSQIRXSW
JEQMPMEVIWIRXSVRSEPSWXI\XSWIWGVMXSW4SVINIQTPSGYERHSPSWEHYPXSWPIIRIPTIVMzHMGSYREVIZMWXE
PEMRJSVQEGMzRIRYRIQTEUYIHIEPMQIRXSWSIRYREZEPPETYFPMGMXEVMESGYERHSIWGVMFIRYRERSXES
YRQIRWENIPIWXVERWQMXIREPRMySPEMHIEHIUYIIPPIRKYENIIWGVMXSIWXjIRXSHEWTEVXIW]UYIWMVZI
TEVEYREZEVMIHEHHITVSTzWMXSW

7YKIVIRGMEWTEVEPSWTEHVIWEREPJEFIXEW
'
 SRZIVWIGSRWYWLMNSWWSFVIPEWMQjKIRIWHIPSWPM
FVSW VIZMWXEW ] TIVMzHMGSW )W MQTSVXERXI UYI IPPSW
TIVGMFERWYWIWJYIV^SWTSVEHUYMVMVPEHIWXVI^EHIPE
PIGXYVE
4
 VSTSVGMSRI IP EGGIWS E HMJIVIRXIW XMTSW HI XI\XSW
PMFVSWVIZMWXEWJSPPIXSW ]QEXIVMEPIWGSQSPjTMGIWGVE
]SRIWLSNEW
4
 VSQYIZEUYIPSWLIVQERSWQE]SVIWYSXVSWJEQMPME
VIWPIWPIERLMWXSVMEWEPSWRMySWTIUYIySW
'
 YqRXIPIWEWYWLMNSWERqGHSXEW]WYGIWSWMQTSVXERXIW
HIPEJEQMPME]HIPEGSQYRMHEH
4
 VSTMGMIUYIIPRMySXIRKEYRXMIQTSIWTIGuGS]YR
IWTEGMSEKVEHEFPITEVEPEPIGXYVEQERMIWXIUYITEVEYWXIHIWMQTSVXERXIPEEGXMZMHEHUYIIWXj
VIEPM^ERHS
(
 IPIWEPSWRMySWPESTSVXYRMHEHHINYKEVLEFPEV]HISuVGYERHSYWXIHPIWLEFPE)WGYGLIPSUYI
XMIRIRUYIHIGMV]GSRXIWXIXSHEWPEWTVIKYRXEWUYIIPPSWLEKER
%
 GqVUYIWIEPSWHSGIRXIWTEVEUYIPIHIRSVMIRXEGMzR]GSRWINSWUYIPIE]YHIRETVSQSZIVPE
PIGXYVEIRIPLSKEV

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PTETIPHIPEIWGYIPEIRIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXI
'YERHSPSWRMySWMRKVIWEREPEIWGYIPEPSWHSGIRXIWIRGSRXVEVjRHMJIVIRGMEWMRHMZMHYEPIWIRIPHIWEVVS
PPSHIPSWRMySWUYIEXMIRHIRTSVPSUYIHIFIRYXMPM^EVHMZIVWMHEHHIIWXVEXIKMEWTEVEETS]EVEGEHEYRS
HIEGYIVHSEWYWMRXIVIWIW]RIGIWMHEHIW%HIQjWPSWQEIWXVSWHIFIRMHIRXMGEVUYqGSRSGMQMIRXSW]
HIWXVI^EWXMIRIRPSWRMySW]XSQEVPSWGSQSFEWITEVEGSRWXVYMVPEWI\TIVMIRGMEWHIETVIRHM^ENI

6MZEPPERH ]1SVVS[ IRJEXM^ERIRUYIIWRIGIWEVMSFVMRHEVXERXSSTSVXYRMHEHIWJSVQE

PIWGSQSMRJSVQEPIWHIETVIRHM^ENI IRPEWUYII\MWXEYRETPERIEGMzRUYIMRZSPYGVIEPSWRMySWIRIP
ETVIRHM^ENIHIPPIRKYENIIRKIRIVEP]HIPPIRKYENIIWGVMXSIRTEVXMGYPEVVIWEPXERHSPEJYRGMSREPMHEHHI
IWXIPXMQS]PSTPEGIRXIVEWUYITYIHIRVIWYPXEVPEWEGXMZMHEHIWVIPEGMSREHEWGSRqP

'SRFEWIIRIPHIWEVVSPPSHIPEEPJEFIXM^EGMzR]HIPEEWIZIVEGMzRUYIIPETVIRHM^ENIHIPEPIGXSIWGVM
XYVEHIFIIWXEVHIFMHEQIRXITPERIEHS PE%WSGMEGMzR-RXIVREGMSREPHI0IGXYVE-6% TSVWYWWMKPEWIR
MRKPqW ]PE%WSGMEGMzRTEVEPE)HYGEGMzRHI2MySW4IUYIySW2%)='  VIGSQMIRHERUYIIR
PEWEYPEWHITVITVMQEVMEPSWHSGIRXIW
0IERTIVMzHMGEQIRXIIRZS^EPXE
)\TSRKEREPSWIWXYHMERXIWEPSWGSRGITXSWHIPPIRKYENIMQTVIWS
6IEPMGIRNYIKSWGSRIPPIRKYENIUYIPIWTIVQMXERHIWEVVSPPEVPEGSRGMIRGMEJSRSPzKMGE]PSWTVMRGMTMSW
EPJEFqXMGSW
4VSQYIZERPEI\TVIWMzRHIPSWRMySWIRJSVQESVEP]EXVEZqWHIPEIWGVMXYVE

)PIQIRXSWGPEZITEVEIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXI
)WRIGIWEVMSXSQEVIRGYIRXEUYIPEPIGXYVE]PEIWGVMXYVEWSRTVSGIWSWUYIMQTPMGERPEMHIEHIUYI
WIXVEFENEGSRYRWMWXIQEHIVITVIWIRXEGMzR]HIWMKRMGEGMzRUYIJYRGMSREEPJEFqXMGEQIRXI ]IWXjR
WSTSVXEHSWTSVPEWPIXVEWSKVEJuEWUYIVITVIWIRXERJSRIQEWSWSRMHSWHMWXMRXSWGEVEGXIVuWXMGSWHIYRE
PIRKYE 0EWPIXVEWWSRYRMHEHIWQuRMQEWHIPWMWXIQEHIPEPIRKYE ]EUYIWSPEWRSWSRIRWuYRMHEHIW
GSRWMKRMGEHS8MIRIRWMKRMGEHSIRPEQIHMHEUYIWIGSQFMRERGSRSXVEWTEVEJSVQEVYRMHEHIWGSR
WIRXMHSPEWTEPEFVEWPEWSVEGMSRIW]PSWXI\XSW4SVPSERXIVMSVIWRIGIWEVMSXIRIVTVIWIRXIIRXSHEWPEW
EGXMZMHEHIWTEVEHIWEVVSPPEVPEQIQSVMEZMWYEP EYHMXMZE]QSXSVEHIPSWIWXYHMERXIW UYIIWXEWWSRYR
QIHMS]RSYRRIRWuQMWQEW)PTVSTzWMXSTVMQSVHMEPIWUYIPSWRMySWHIRWIRXMHSEPSUYIPIIR]
UYIPEIWGVMXYVEWIEYRELIVVEQMIRXETEVEGSQYRMGEVMHIEWGSRGPEVMHEH

0EIWGYIPEIRIP2MZIP4VITVMQEVMSXMIRIPESTSVXYRMHEHHITPERXIEVWIYRTPERHIIWXMQYPEGMzRHIP
PIRKYENIUYITVSQYIZEWYYXMPM^EGMzR EWuGSQSHIWEVVSPPEVHIWXVI^EWRIGIWEVMEWTEVEIPETVIRHM^ENI
HIPEPIGXSIWGVMXYVE%GSRXMRYEGMzRWITVSTSRIRWMIXIIPIQIRXSWGPEZITEVEIPHIWEVVSPPSHIPE
PIGXSIWGVMXYVEIQIVKIRXI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*MKYVE)PIQIRXSWGPEZITEVEIPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXI

&RQFLHQFLD
IRQROyJLFD
$QLPDFLyQD &RQFLHQFLD
ODOHFWXUD\ GHOOHQJXDMH
HVFULWXUD HVFULWR

&RPSUHQVLyQ
RUDO 9RFDEXODULR

/HQJXDMH
RUDO *UDIRPRWULFLGDG

(IWEVVSPPSHIPPIRKYENISVEP
)PPIRKYENISVEPMRGPY]IIPYWSHIPETEPEFVELEFPEHEIMQTPMGETEVEPSWRMySWWEFIVIWGYGLEV]LEFPEV9RE
JSVQEUYIWIYXMPM^ETEVEHIWEVVSPPEVIPPIRKYENISVEPIWQSXMZEVEPSWRMySWETEVXMGMTEVIRGSRZIVWEGMS
RIWIRWMXYEGMSRIWJSVQEPIWUYIPSWQSXMZIRESVKERM^EVWYWMHIEWWIPIGGMSREVPEWTEPEFVEWEHIGYEHEW
YWEV PSW KIWXSW ETVSTMEHSW ] EHIGYEVWI E PE WMXYEGMzR I MRXIVPSGYXSVIW )R IWXEW GSRZIVWEGMSRIW PSW
RMySWTVEGXMGERPEWHIWXVI^EWHILEFPEV]IWGYGLEV

7IKR'LEH[MGO]SXVSW  IWGYGLEVIWYRELEFMPMHEHETVIRHMHE]PEJSVQEQjWETVSTMEHETEVE

HIWEVVSPPEVPE IW VIPEGMSREVPE GSR XSHEW PEW EGXMZMHEHIW HIP PIRKYENI IWTIGMEPQIRXI PEW HI I\TVIWMzR
SVEP]HIHIWEVVSPPSHIPETIVGITGMzREYHMXMZE 0EIWGYGLEVIUYMIVIEXIRGMzREGXMZE]GSRWGMIRXIEPSW
WSRMHSWTEVESFXIRIVWMKRMGEHS3PPMPE ETSVXEGYEXVSHIWXVI^EWUYIHIFIRHIWEVVSPPEVWI]UYI
WSRXVERWJIVMFPIWIMRHMWTIRWEFPIWTEVEPEPIGXYVEIRXIRHIV]VIGSVHEVLIGLSWPSGEPM^EVWYGIWSWIRYRE
WIGYIRGMEWIKYMVMRWXVYGGMSRIWMRXIVTVIXEV]IZEPYEVMHIEWIRPEWLMWXSVMEW

(IWEVVSPPSHIPEGSQTVIRWMzRSVEP
0EGSQTVIRWMzRSVEPIWPEFEWITEVEPEGSQTVIRWMzRHIPEPIGXYVEGSQTVIRHIVIWYRTVSGIWSUYITIV
QMXIIRGSRXVEVWMKRMGEHSEPSUYIWIS]ISPII 0SWRMySWIRIHEHTVIIWGSPEVMRXIVEGXERSVEPQIRXI

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

GSRIPHSGIRXIGSRGSQTEyIVSW]SXVSWQMIQFVSWHIPEGSQYRMHEH]EXVEZqWHIIWGYGLEVPSWHMWGYVWSW
HISXVSW ZERHIWEVVSPPERHSPEGSQTVIRWMzREYHMXMZE )WXEPITIVQMXIWEFIVUYqHMGIRPSWHIQjW GzQS
WIVIPEGMSREPSUYIHMGIYRETIVWSREGSRPSUYIHMGISXVE]TYIHIRXIRIVYRTYRXSHIZMWXEEGIVGEHI
PSUYIIWGYGLER'YERHSIWGYGLERLMWXSVMEWWSRGETEGIWHIWEFIVUYILE]YRMRMGMSYRHIWEVVSPPS]YRE
GSRGPYWMzRUYITEVXMGMTERTIVWSRENIWIRPELMWXSVMEUYIYRSWTIVWSRENIWWSRQjWMQTSVXERXIWUYISXVSW
WSRGETEGIWXEQFMqRHIWYTSRIVUYqTEWEVjHIWTYqW]HIMHIRXMGEVIPXIQE8EQFMqRTYIHIRHIWEVVSPPEV
PEGETEGMHEHHIWIKYMVMRWXVYGGMSRIWSVEPIWWMQTPIW8SHSIWXSIWPEFEWIUYIPYIKSPIWE]YHEVjEHIWEVVS
PPEVPEGSQTVIRWMzRHIPSUYIPIIR

4EVEPEGSQTVIRWMzRSVEPIWJYRHEQIRXEPIWGYGLEVLMWXSVMEWUYIWIERPIuHEWSGSRXEHEW )WMQTSVXERXI
XSQEVIRGYIRXEUYILE]HMJIVIRGMEWIRXVIPIIVYRGYIRXS]GSRXEVPS
%PGSRXEVGYIRXSW
7IHEYREGSQYRMGEGMzRZMWYEPHMVIGXEGSRPSWRMySW
0SWRMySWIWGYGLER]ZIRHMVIGXEQIRXIPEI\TVIWMzRHIPVSWXVSPSWKIWXSW]PEIRXSREGMzRHIPEQEIWXVE
STIVWSREUYIREVVE
0SWRMySWXMIRIRPESTSVXYRMHEHHISFWIVZEVHMVIGXEQIRXIEPEQEIWXVEHIGSQTVIRHIVQINSVIPGSR
XIRMHS]EGPEVEVI\TVIWMSRIW]XqVQMRSWGY]EGSQTVIRWMzRTYIHIVIWYPXEVGSQTPINE
0EREVVEGMzRWIIRVMUYIGITSVPSWIPIQIRXSWRYIZSWUYIWIETSVXEREPREVVEV
7IEHETXERTEPEFVEWI\TVIWMSRIWSEGGMSRIWEPRMZIPHIPSWRMySW
0SWRMySWXMIRIRYRFYIRQSHIPSHII\TVIWMzRSVEPIRPEQIHMHEIRUYIWIPIWREVVEIPGYIRXSGSR
ZEVMIHEHHIIRXSREGMSRIW

%PPIIVGYIRXSW
7IIWXEFPIGIYREVIPEGMzRIQSXMZEIRPEGYEPPSWRMySWEWSGMERPEPIGXYVEGSR
+VEJIQESPIXVE
YRQSQIRXSEKVEHEFPIIRGSQTEyuEHIPEQEIWXVESEHYPXS
)WPEYRMHEHQjWIPI
0SWRMySWVIPEGMSRERPEWTEPEFVEWIWGYGLEHEWGSRPEWIWGVMXEW]HIWGYFVIR QIRXEPHIYRWMWXIQEHI
UYIGEHEPIXVESKVEJIQEXMIRIYRWSRMHS]IRGSRNYRXSYRWMKRMGEHS)W IWGVMXYVE0SWKVEJIQEW
VITVIWIRXERJSRIQEW
EWu GSQS ETVIRHIR RYIZSW WMKRMGEHSW RYIZEW TEPEFVEW ZSGEFYPEVMS  ]
IWXVYGXYVEWSVEGMSREPIWTVSTMEWHIPPIRKYENIIWGVMXS
0SWRMySWWIJEQMPMEVM^ERGSRIPQERINSHIPSWPMFVSWHMVIGGMSREPMHEHEPPIIV
HMJIVIRXIWJSVQEWHIPIXVEW]TEPEFVEWHMJIVIRXIWTVSTzWMXSWIXGqXIVE
0ETIVWSREUYIVIEPM^EPEPIGXYVE WIKRPEGPEVMHEH IPIRXYWMEWQS]PEI\TVIWMzRGSRUYIPIE WIVjYR
FYIRQSHIPS]IWXMQYPEVjIPMRXIVqWTSVPEPIGXYVE

%RMQEGMzREPEPIGXSIWGVMXYVE
0EIWGYIPE]IPEYPEHIFIRSJVIGIVYREQFMIRXIUYIIWXMQYPIPEPIGXYVEGSRHMZIVWMHEHHIQEXIVMEPIW]YR
IWTEGMSJuWMGSUYISJVI^GEZEVMIHEHHISTSVXYRMHEHIWHIPIGXYVEEPSWRMySW0SWPMFVSWHIFIRWIVTVIJIVM
FPIQIRXIPMXIVEVMSWTIVSXEQFMqRHIFIRLEFIVXI\XSWJYRGMSREPIWUYIIWXjRTVIWIRXIWIRIPIRXSVRSHIP
RMySGSQSPSWEGLIWVIGIXEWIRXVISXVSW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0SWRMySWHIFIRXIRIVPESTSVXYRMHEHHIQERMTYPEVPSWPMFVSW LSNIEVPSW HIWGYFVMVGzQSWIYXMPM^ER

TIVSXEQFMqRHIIWGYGLEV]PIIVGYIRXSWSLMWXSVMEW]UYII\TVIWIRSVEPQIRXIWYWI\TIVMIRGMEWGSR
PSWPMFVSWPEWTEPEFVEWUYIQjWPIWKYWXERPEWUYIHIWGSRSGIR8SHSIWXSTEVETVSTMGMEVIPMRXIVqWTSV
ETVIRHIVEPIIV]EIWGVMFMV

(I EGYIVHS GSR HMJIVIRXIW MRZIWXMKEGMSRIW PE QE]SVuE HI FYIRSW PIGXSVIW TVSZMIRI HI LSKEVIW PI
XVEHSW IRHSRHII\MWXIYRETVIWIRGMETIVQERIRXIHIPMFVSW VIZMWXEW TIVMzHMGSW EGLIW IRXVISXVSW
QEXIVMEPIWHIPIGXYVE0EJEQMPMEMRZMIVXIIREHUYMVMVPMFVSWGSQIRXERRSXMGMEWI\TIVMIRGMEW]PSWPMFVSW
UYI PIIR EHIQjW WYIPIR HINEV VIGEHSW IWGVMXSW LEGIR PMWXEW HI RIGIWMHEHIW GSRWYPXER HMGGMSREVMSW
MRXIVRIXYSXVEWJYIRXIWHIMRJSVQEGMzR7SRLSKEVIWMRQIVWSWIRYRQYRHSPIXVEHSHSRHIPSWPMFVSW
SQEXIVMEPIWMQTVIWSWWSRTEVXIREXYVEPHIPEQFMIRXI

4EVEQSXMZEVPEPIGXYVETYIHIRYXMPM^EVWIQIKEPMFVSW )WXSWWITYIHIRIPE
FSVEVYXMPM^ERHSLSNEWHIGEVXYPMREHI\GQETVS\MQEHEQIRXI  IW
1IKEPMFVS
MQTSVXERXIUYITSWIERPEWWMKYMIRXIWGEVEGXIVuWXMGEW
)WYRPMFVSHIXEQEyS
0IRKYENIWIRGMPPSUYIHIWTMIVXIPEMQEKMREGMzRIMRZMXIEWSyEV WIQINERXIEPHIYRTI
)WXVYGXYVEWMQTPIUYIIRPEQIHMHEHIPSTSWMFPIWMKEYRTEXVzRVITIXMXM VMzHMGSHIGYEXVSEHMI
GMWqMWTjKMREWETVS\MQE
ZS]TVIHIGMFPI
HEQIRXITEVEWIVPIuHS
4IVWSRENIWUYIVIEPMGIREGGMSRIWVjTMHEW GSRYRKVYTSKVERHIHI
0YKEVIWGSRGVIXSW IWXYHMERXIW
-PYWXVEGMSRIWUYI EXVEZqWHIWYGSPSV JSVQE]XI\XYVE WIERYRPIRKYENI
IRWuQMWQEW]ETSVXIRWMKRMGEHSEPSWGYIRXSW
0IXVEHIMQTVIRXESWGVMTXIRXEQEySKVERHI
'YFMIVXEPPEQEXMZEUYITYIHIWIVHMWIyEHE]TMRXEHETSVPSWQMWQSWRMySW

*MKYVE1EIWXVEPI]IRHSYRQIKEPMFVSEPSWRMySW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4EVXIHIPEQSXMZEGMzREPEPIGXYVEIWPEHIRSQMREHETSV'SRHIQEVuR NYKEVEPIIV)WXEIWYRE

EGXMZMHEHIRUYIIPRMySWIGSQTSVXEGSQSYRPIGXSVUYIPIIHIGSVVMHS EYRUYIERRSHIGSHMGE
PEWTEPEFVEW EXVEZqWHIWSRSVM^EVWYWPIXVEW 0EMQTSVXERGMEHIIWXEEGXMZMHEHVEHMGEIRUYIIPRMyS
EPQEGIREIRWYQIQSVMEYREKVERGERXMHEHHITEPEFVEW UYIPSKVEQSHYPEVGSRIRXSREGMzR]GSRPE
WMRXE\MWEHIGYEHEEHIQjWHIGETXEVIPWMKRMGEHSHIPXI\XSGSQTPIXS

(IFMHSEUYIIWXEEGXMZMHEHMQTPMGEUYIPSWQEIWXVSWPIWPIERJVIGYIRXIQIRXIGYIRXSWTSIQEWVMQEW
XVEFEPIRKYEW IXG ]UYIPSWRMySWPSWIWGYGLIR]VITMXERQYGLEWZIGIW WIQIQSVM^ERPSWXI\XSW 0EW
PIGXYVEWQjWJjGMPIWHIQIQSVM^EVWSRPEWTVIHIGMFPIWTSVUYIPIWTIVQMXIRERXMGMTEVSEHMZMREVPEWTE
PEFVEWUYIZMIRIREGSRXMRYEGMzR0EWPIGXYVEWTVIHIGMFPIWWIGEVEGXIVM^ERTSVUYI
7IFEWERIRVMQEWXVEFEPIRKYEWEHMZMRER^EWVSRHEWPIXVEWHIGERGMSRIWTSIQEWYSXVSWUYIJSVQER
TEVXIHIPEXVEHMGMzRSVEPHIPEGSQYRMHEHEPEUYITIVXIRIGIR
9XMPM^ERTEXVSRIWVITIXMXMZSWSEGYQYPEXMZSW TSVINIQTPS0EGLMZMXE7EPHIEPPuGLMZEGLMZMXEWEPEPPu
GLMZEGLMZE
4VIWIRXERVMXQSWSWIGYIRGMEWTSVINIQTPS%PEYREWEPIPEPYREEPEWHSWQMVIPSNEPEWXVIWXSQS
YRXVIR

7ITVSTSRIMQTPIQIRXEVPEEGXMZMHEHHINYKEVEPIIVGSRPSWRMySWEPQIRSWHSWZIGIWTSVWIQERE
]EUYIJEZSVIGIPEMRMGMEGMzREPEPIGXYVEHIYREQERIVEIRXVIXIRMHE]KVEXMGERXI4IVQMXIEPSWRMySW
TVEGXMGEVPEGSVVIGXEEVXMGYPEGMzRHIWSRMHSW]TEPEFVEWEPVITIXMVZEVMEWZIGIWPSWGYIRXSWPEWPIXVEWHI
PEWGERGMSRIW TSIQEW IXGqXIVE8EQFMqRIWXMQYPEPEYXMPM^EGMzRHIZSGEFYPEVMS]UYIGSQTVIRHERPE
JSVQEHISVHIREVPEWTEPEFVEWTEVEGSQYRMGEVWIIRWMXYEGMSRIWJSVQEPIWEHIQjWHIXIRIVPESTSVXY
RMHEHHIGSRXVEWXEVPSGSRIPPIRKYENIGSPSUYMEPUYIYXMPM^ERIRPEGSXMHMERMHEH 4SVPXMQS IWXMQYPEPE
XSQEHIGSRGMIRGMEHIPEPIGXYVEGSQSYREEGXMZMHEHTSVXEHSVEHIWMKRMGEHS

(IWEVVSPPSHIPEGSRGMIRGMEJSRSPzKMGE
'LEH[MGO]SXVSWI\TPMGERUYIIWMQTSVXERXIUYIIPIHYGEHSVTVSQYIZEUYIPSWRMySWVIGSRS^GER
]VITVSHY^GERPSWWSRMHSWGSVVIWTSRHMIRXIWEPSWJSRIQEWHIPPIRKYENI )RIWXEIXETEHIHIWEVVSPPS
PSWRMySWHMWJVYXERGYERHSNYIKERGSRTEPEFVEW]WSRMHSWTSVPSGYEPIPHSGIRXIHIFIETVSZIGLEVIWXE
XIRHIRGMEREXYVEP]TVSTMGMEVHMZIVWEWEGXMZMHEHIWUYIQINSVIRPELEFMPMHEHHIHMWGVMQMREV]IQMXMVWS
RMHSW 0SWRMySWTYIHIRGERXEV VITIXMVWuPEFEW]TEPEFVEW IRGSRXVEVVMQEW MRZIRXEVRYIZEWTEPEFVEW]
GSRE]YHEHIQIPSHuEW]VMXQSWEYQIRXEVWYGSRGMIRGMEJSRSPzKMGE

(IWEVVSPPSHIPEGSRGMIRGMEHIPPIRKYENIIWGVMXS
)WPEGETEGMHEHHIGSQTVIRHIVUYIIPPIRKYENIIWGVMXSXMIRIVIPEGMzRGSRIPPIRKYENISVEP]I\TVIWE
QIRWENIW PEWGSRZIVWEGMSRIWTYIHIRIWGVMFMVWI]PIIVWI8SHSPSUYIIWXjIWGVMXSTYIHIWIVPIRKYENI
SVEP]ZMGIZIVWEPEI\XIRWMzRHIPETEPEFVESVEPIWXjVIPEGMSREHEGSRPEI\XIRWMzRHIPETEPEFVEIWGVMXE)P
RMySXEQFMqRHIFIXSQEVGSRGMIRGMEHIUYIPEPIGXYVEWIVIEPM^EHIM^UYMIVHEEHIVIGLEHIEVVMFEEFENS
UYIPEWPIXVEWWITYIHIRPIIV]UYIPEIWXVYGXYVEHIPPIRKYENIIWGVMXSIWHMWXMRXEEPEHIPPIRKYENILEFPEHS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

9R IWXYHMERXI UYI XMIRI GSRGMIRGME HIP PIRKYENI IWGVMXS KIRIVEPQIRXI TYIHI PIIV EPKYRSW WMKRSW ]
PSKSWGSRPSWUYIWIIRGYIRXVEJEQMPMEVM^EHSIRWYIRXSVRS)WXELEFMPMHEHWIHIWEVVSPPEIRPEQIHMHE
UYIPSWRMySWXMIRIRPESTSVXYRMHEHHIEGIVGEVWIEHMZIVWSWQEXIVMEPIWMQTVIWSWHIIWGYGLEVPEPIGXYVE
HIPMFVSWEWuGSQSSFWIVZEVHMZIVWSWVzXYPSWTYFPMGMXEVMSWPSKSWWMKRSWIXMUYIXEWGEVXIPIWGEPIRHEVMSW
IXG 'SRIWXSWVIGYVWSWPEQEIWXVEXMIRISTSVXYRMHEHHIHIQSWXVEVPEHMVIGGMSREPMHEHHIPIGXYVEWI
PIIHIM^UYMIVHEEHIVIGLE QE]WGYPEWQMRWGYPEWHMJIVIRXIWXMTSWHIPIXVEWWMKRSWHITYRXYEGMzR

(IWEVVSPPSHIPZSGEFYPEVMS
7IKRPSWTPERXIEQMIRXSWHI'LEH[MGO]SXVSW HMZIVWSWIWXYHMSWIRXVIIPPSWIPHI,EVVMW 
EPMRKVIWEVEPEIWGYIPEPEQE]SVuEHIRMySWEPVIHIHSVHIPSWWIMWEySW TEVIGIUYIGSRSGIRIPWMKRM
GEHSHIYREWHITEPEFVEW]PSMRGVIQIRXEREPVIHIHSVHITEPEFVEWTSVEySIRPEWTVMQIVEW
IXETEW HITEPEFVEWEPEySIRPEIRWIyER^EQIHME]EWuTVSKVIWMZEQIRXI 2SI\MWXIYRQqXSHS
IWTIGuGSTEVEETVIRHIVPEWTEPEFVEWZEVuEWIKRIPHIWEVVSPPSMRXIPIGXYEP]PEIWXMQYPEGMzRHIPQIHMS

9RJSVQEHITVSTMGMEVIPETVIRHM^ENIHIPZSGEFYPEVMSIWMVMHIRXMGERHSTEPEFVEWRYIZEWIRPEWHMZIVWEW
EGXMZMHEHIWUYIWIVIEPMGIRIRIPEYPE PYIKSQSXMZEVIPGSRSGMQMIRXSHIWYWMKRMGEHS LEGIVUYIPSW
RMySWGSQTVIRHERUYIPSUYILEFPERWITYIHIIWGVMFMV ]XEQFMqRQSWXVEVMPYWXVEGMSRIWVIPEGMSREHEW
IWXSTYIHILEGIVWIGSRGEVXIPIW GLEW MPYWXVEGMSRIWHIYRPMFVS HMFYNSWUYIIPPSWQMWQSWVIEPMGIR
IXG 8EQFMqRIWMQTSVXERXIXIRIVYRIWTEGMSIRIPEYPETEVEGSPSGEVIPRYIZSZSGEFYPEVMS]QSXMZEV
EPSWIWXYHMERXIWTEVEUYIPSYXMPMGIR]WIETVSTMIRHIWYWMKRMGEHS

(IWEVVSPPSHIPEKVEJSQSXVMGMHEH
0EKVEJSQSXVMGMHEHIWPEEGXMZMHEHQSXVM^ZMRGYPEHEEPXVE^STEVEEHUYMVMVHIWXVI^EWQSXSVEWVIPEGMSRE
HEWGSRPEIWGVMXYVE%FEVGEPEGSSVHMREGMzRZMWSQSXSVEYFMGEGMzRIWTEGMEPHMVIGGMSREPMHEHWIKQIRXE
GMzRPIKMFMPMHEH]VETMHI^IRPEIWGVMXYVE

)PETVIRHM^ENIHIPXVE^EHSHIPEWPIXVEWIWEPKSQIGjRMGSUYIVIUYMIVITSRIVIRTVjGXMGELEFMPMHEHIWQS
XSVEWREW]HIQIQSVMEZMWYEP'YERXSQjWEYXSQEXM^EHSIWXqIPXVE^EHSHIPEWPIXVEWQIRSVIWJYIV^S
GSKRMXMZSWIVIUYMIVI]PEGSKRMGMzRIWXEVjQjWPMFVITEVEVIEPM^EVSXVEWEGXMZMHEHIW)PXVE^SHIPEWPIXVEW
]WYVIPEGMzRGSRIPJSRIQEWITYIHIEYXSQEXM^EVSQIGERM^EVQIHMERXIGMIVXEWEGXMZMHEHIWPHMGEWUYI
MQTPMGERVITIXMGMzR4VSTMGMEVUYIPSWIWXYHMERXIWLEKERIPXVE^SHIPEWPIXVEWUYIJSVQERTEVXIHIYRE
TEPEFVETEVEUYIWMIQTVIWIPIWZIEGSQSYRMHEHIWUYINYRXEWMRXIKVEREPKSGSRWIRXMHS SUYILEKER
PSWXVE^SWHIPEWPIXVEWHIXSHEYRETEPEFVEWSREGXMZMHEHIWFjWMGEW6ITIXMVHIXVIWEGMRGSZIGIWEPKR
IPIQIRXSE]YHEEHIWEVVSPPEVPEQIQSVMEZMWYEP]QSXSVE VIPEGMSREHEWGSRIPXVE^S]PEMQEKIRHIPE
PIXVETSVIWXEVE^zRRSIWRIGIWEVMSLEGIVUYIIPRMySGSQTPIXITPEREWHIPIXVEW]TEPEFVEW

0SWNYIKSWUYIHIWEVVSPPERIPIWUYIQEGSVTSVEPE]YHEREMHIEVIWUYIQEWIWTEGMEPIWTEVEXIRIVGPEVEW
PEWRSGMSRIWHIEVVMFEEFENSHIVIGLEM^UYMIVHE NYIKSWHIPSXIVuEXVE^EVGEQMRSWVIGSVXEVTIKEVIXG
WSREGXMZMHEHIWZEPMSWEWIRIPETVIRHM^ENIHIPEPIGXSIWGVMXYVEIQIVKIRXI

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE



(IWEVVSPPSHIPPIRKYENISVEP
1MI\TIVMIRGMEHILS]
4MHEEGEHERMySUYIGYIRXIEGIVGEHIEPKYREWMXYEGMzRHIWYZMHEGSXMHMERETSVINIQTPSHIPRHIWI
QEREHIPHuEHIIWGYIPEEUYqNYKzHYVERXIIPHuESIRIPVIGVIS

2SXMGMIVSHIPHuE
-RHuUYIPIEYRRMySUYIGYIRXIYRERSXMGMEEWYWGSQTEyIVSW4SVINIQTPSIPREGMQMIRXSHIYRLIVQERM
XSSLIVQERMXE)WXEEGXMZMHEHTYIHIVIEPM^EVPEGEHEHuELEGMIRHSTEVXMGMTEVHIJSVQEEPXIVREEPSWRMySW

*IWXMZEPHITSIWuE
7SPMGMXIEPSWRMySWUYIQIQSVMGIR]VIGMXIRYREGSTPEIWXVSJETSIQETIUYIySLEMOEM 
(IWTYqWHIPEMRXIVZIRGMzRHIGEHERMySTuHEPIWEPSWHIQjWRMySWUYIIRGYIRXVIRPEWVMQEW

1MXIQEJEZSVMXS
4MHEEPSWRMySWUYIWIPIGGMSRIRYRXIQETSVINIQTPSQMERMQEPJEZSVMXSQMWNYKYIXIWQMJEQMPMEYSXVSW
-RZuXIPSWETIRWEVUYqTYIHIRHIGMVHIIWIXIQE4uHEPIWUYITEWIREPJVIRXI]LEFPIRHIWYXIQE

.YIKSEWIVTIVMSHMWXE
-RHuUYIPIWUYIWIPIGGMSRIREYREHYPXSHIWYJEQMPME]PSIRXVIZMWXIRWSFVIWYWVIGYIVHSWHIPERMyI^Y
SXVSXIQEMRXIVIWERXITEVEIPPSW0YIKSUYII\TSRKERIRGPEWIPSGSRZIVWEHSGSRIPEHYPXS

=SSTMRS
'YIRXIEPSWRMySWPELMWXSVMEHIPRMySIKSuWXEHSRHIIPTIVWSRENIXMIRIQYGLSWNYKYIXIWTIVSRSWIPSW
TVIWXEEREHMI]TSVIWSRSXMIRIEQMKSWEKVIKYISXVSWHIXEPPIWUYILEKERPELMWXSVMEMRXIVIWERXI 4uHEPIW
UYIHIRWYSTMRMzRWSFVIPEEGXMXYHHIPTIVWSRENI

(IWEVVSPPSHIPEGSQTVIRWMzRSVEP
1MGYIRXSTVIJIVMHS
4MHEEPSWRMySWUYIREVVIRYRGYIRXS YRELMWXSVMESYREERqGHSXE 0YIKSTuHEPIWUYIMHIRXMUYIRPSW
IPIQIRXSWSTIVWSRENIWIRYRELSNEPjQMRESUYIHMFYNIRPSWTIVWSRENIWSPEWIWGIREW

:SPZIVEGSRXEVYRGYIRXS
-RMGMIPEREVVEGMzRHIYRGYIRXSUYI]EPIWLE]EPIuHSSUYIPSWRMySWGSRS^GERIMRZuXIPSWEWIKYMVPE
REVVEGMzRTSVXYVRSW (IIWXEQERIVE RIGIWMXERIWGYGLEVEGXMZEQIRXITEVEPPIZEVPEWIGYIRGMEHIPEW
EGGMSRIW]TSHIVTEVXMGMTEVGYERHSWIPIWSPMGMXI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

7MKEQSWMRWXVYGGMSRIW
4VSTSRKENYIKSWSEGXMZMHEHIWHSRHIWIPPIZIREGEFSXVIWSGYEXVSEGGMSRIWWMQTPIW 4SVINIQTPS
7EPKEEPTEXMSHIPEIWGYIPE&YWUYIYRjVFSP6IGSNEYRELSNEHIIWIjVFSPUYIIWXqIRIPWYIPS
0PqZIPEEPEGPEWI]IRXVqKYIWIPEEPQEIWXVS

-PYWXVIQSWLMWXSVMEW
0qEPIYRGYIRXSEPSWRMySWGSRIRXSREGMzR]KIWXSWETVSTMEHSW,EFPIEGIVGEHIPSUYITEWz]PSUYI
PIWKYWXzHIPGYIRXS0YIKSTuHEPIWUYIMRHMZMHYEPQIRXIMPYWXVIRPSWXVIWTVMRGMTEPIWLIGLSWHIPGYIRXS
IRIPSVHIRGSQSWYGIHMIVSR

%RMQEGMzREPEPIGXSIWGVMXYVE
'VIEGMzRHIEQFMIRXIWPIXVEHSW
4EVEGVIEVIPEQFMIRXIPIXVEHSIRPEWEYPEWHITVITVMQEVMETYIHIXIRIVIRWYEYPE
 0SWRSQFVIWHIPSWIWXYHMERXIWTIKEHSWIRYRETEVIHSIRWYWQIWEWHIXVEFENS
 6zXYPSWGSRIPRSQFVIHIPSWSFNIXSWHIPEYPETYIVXEZIRXERETM^EVVzRGVE]SRIWTPEWXMGMREIXG
 )PLSVEVMSSEKIRHEHMEVMEHIXVEFENS
 9RGEPIRHEVMS
 9RVMRGzRSIWTEGMSHIPIGXYVEGSRPMFVSWHIGYIRXSWIMRJSVQEXMZSWHIEGYIVHSEPEIHEHHIPSW
RMySW
 )WTEGMSTEVEUYIPSWRMySWGSPSUYIRPSUYIHMFYNERSIWGVMFIR

'SRXEV]PIIVGYIRXSWSERqGHSXEW
 0IE]GYIRXILMWXSVMEW]GYIRXSWEPSWRMySW]PEWRMyEWEPQIRSWYREZI^EPHuEEHIQjWTVSQYIZE
GSRZIVWEGMSRIWWSFVIIPGYIRXS 0YIKS TMHEUYIIRTEVINEWZYIPZEREGSRXEVPELMWXSVMEGSRWYW
TEPEFVEW
 1SXMZIEPSWRMySWTEVEUYIMRZIRXIR]GYIRXIRGYIRXSWEWYWGSQTEyIVSW
 -RZMXIETEHVIW QEHVIW RMySWQE]SVIW SXVSWHSGIRXIW]TIVWSREWHIPEGSQYRMHEHTEVEUYIPIW
PIERSGYIRXIRGYIRXSWEPSWRMySW

0IGXYVEGSQTEVXMHE
 'VIIYREQFMIRXIEKVEHEFPITEVEPIIVPIWEPSWRMySW
 7IPIGGMSRIYRPMFVS TVIJIVIRXIQIRXIQIKEPMFVSPMFVSKVERHI  ]EUYITIVQMXIRPEZMWMFMPMHEHHIP
XI\XS]PEWMPYWXVEGMSRIWEYRKVYTSRYQIVSWS
 9FMUYIIPPMFVSJVIRXIEPKVYTSHIRMySWTYIHIGSPSGEVWIIRPEQIWESIRYREXVMP
 *SVQIYRGuVGYPSKVERHIIRHSRHIPSWRMySWEGSQSHEHSWEWYEPVIHIHSVSFWIVZIRIPXI\XSQMIR
XVEWPIWIWXjPI]IRHS
 0IEIPGYIRXSIRZS^EPXEGSRIRXSREGMzR IRXYWMEWQS]GVIEXMZMHEH:E]EQSWXVERHSPEWTEPEFVEW
UYIZEPI]IRHSTEVEUYIPSWRMySWPEWSFWIVZIRGSRJSVQIIWGYGLERPEPIGXYVE]EWuVIPEGMSRIRPSW
WSRMHSWGSRPEWPIXVEW(IIWXEQERIVEHIWGYFVIRUYIPEPIGXYVEWIVIEPM^EHIM^UYMIVHEEHIVIGLE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

]HIEVVMFELEGMEEFENSUYIIPPMFVSXMIRIYRETSVXEHEXuXYPSMPYWXVEGMSRIWIXG
 :YIPZEEPIIVIPGYIRXSGYERXEWZIGIWPSWSPMGMXIRPSWRMySW)WXETVjGXMGEPIWTIVQMXMVjQIQSVM^EVPSW
]ERXMGMTEVPSUYIZMIRIEGSRXMRYEGMzRPYIKSNYKEVjREPIIV
 %TVSZIGLIIPQSQIRXSHIWTYqWHIPEPIGXYVETEVEHIWEVVSPPEVPEI\TVIWMzRSVEP QSXMZjRHSPSWE
GSQIRXEVPELMWXSVME UYIPEVIGSRWXVY]ER UYIGSQIRXIREGIVGEHIPGSRXIRMHS]PEWMPYWXVEGMSRIW
UYIIPEFSVIRHMFYNSWVIPEGMSREHSWGSRIPGYIRXSIRXVISXVSW

.YKEVEPIIV
4VITEVIYRGEVXIPGSRYREVMQEGSQSPEWMKYMIRXI%PEYREWEPIPEPYRE EPEWHSW QMVIPSN EPEWXVIW
XSQSYRXVIR0IEPEVMQEZEVMEWZIGIWWIyEPERHSPEWTEPEFVEWUYIZEPI]IRHS0YIKSPqEPESQMXMIR
HSPEPXMQETEPEFVEHIGEHEZIVWSTEVEUYIPSWRMySWPSGSQTPIXIR

(MWJVYXIHIPEFMFPMSXIGE
4VSQYIZEUYIPSWRMySWHMWJVYXIRPEMRXIVEGGMzRGSRPSWPMFVSW]SXVEWTIVWSREWUYIHMWJVYXERHIPE
PIGXYVEQIHMERXIIPYWSHIPEFMFPMSXIGEHIPEYPEHIPEIWGYIPE]HIPEGSQYRMHEH4EVEIPPSTVSKVEQI
ZMWMXEWTIVMzHMGEWGSRYRTVSTzWMXSIWTIGuGSTSVINIQTPSFYWGEVPMFVSWWSFVIERMQEPIWUYIPSWZIER
]PYIKSGYIRXIRIRGPEWIUYqERMQEPIWZMIVSR UYIEWMWXERTEVEIWGYGLEVYRGYIRXSTSVTEVXIHIPE
FMFPMSXIGEVMESEPKRZSPYRXEVMSWMPSWLE]

(IWEVVSPPSHIPEGSRGMIRGMEJSRSPzKMGE
3RSQEXSTI]EWHIERMQEPIW]SFNIXSWGSQYRIW
0IESMRZIRXIYRGYIRXSIRHSRHIPSWTIVWSRENIWWIERERMQEPIWYSFNIXSWJEQMPMEVIWTEVEPSWRMySW
4SVINIQTPS YRTIVVS YRGEVVS IXG 4uHEPIWUYI QMIRXVEWYWXIHREVVESPII IPPSWLEKERIPWSRMHS
GSVVIWTSRHMIRXIEPTIVWSRENIUYIQIRGMSRI 4SVIWS WMYWXIHQIRGMSREEPTIVVS IPPSWHMVjRKYEY
KYEY8EQFMqRTYIHIHMZMHMVIRHSWPEGPEWI]HEVPIWGMIVXSWWSRMHSWEGEHEKVYTSUYMIRIWHIFIRIWXEV
EXIRXSWEPEREVVEGMzRTEVETEVXMGMTEVGSRPEWSRSQEXSTI]EW

.YKYIQSWEPEVEHMS
0qEPIWYRGYIRXSHSRHIMRXIVZIRKERZEVMSWTIVWSRENIW]UYIWITYIHEHVEQEXM^EV0YIKSEWMKRIEGEHE
YRSYRTIVWSRENI]TMHEUYIPSGYIRXIRGSQSWMIWXYZMIVERIRYREVEHMSIMQMXIRPEZS^HIPTIVWSRENI
EWMKREHS7MIRIPGYIRXSETEVIGIYRERGMERSHIFIVjRLEFPEVGSQSWMJYIVERYRSTSVINIQTPS

4VIKSRIVSW
)RIPXMIQTSHIPE'SPSRMERSLEFuEVEHMSWRMMRXIVRIX4EVEGSQYRMGEVEPKSHIFuEWEPMVYRETIVWSRE
]KVMXEVPSIRGEHEIWUYMRE%IWXETIVWSREWIPIPPEQEFETVIKSRIVS]EWYQIRWENITVIKzR)\TPMUYI
IWXSEPSWRMySW]TuHEPIWUYINYIKYIREWIVTVIKSRIVSWHIYRWSRMHSIRTEVXMGYPEVTSVINIQTPSWM
WSRTVIKSRIVSWGSRTEPEFVEWUYIIQTMIGIRGSRPEPIXVEKIPQEIWXVSIQTI^EVjHMGMIRHS7IGSQ
TSSSSRIIIRKYERXIWPYIKSYRRMySHMVj7IGSQTSSSSRIIIRKEVEFEXSWSXVSHMVj7IGSQTSSSSRIIIR
KYMXEVVEW]EWuWYGIWMZEQIRXI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

:ISZIS
4VIWIRXIEPSWRMySWYREMPYWXVEGMzRKVERHIUYIQYIWXVIQYGLSWSFNIXSW]TIVWSRENIW 0YIKSHMKE
:ISZISIPIQIRXSWGY]SRSQFVIIQTMIGIGSRPEPIXVEWTEVEUYIPSWRMySWHMKERXSHSWPSWUYI
LE]ERIRPEMPYWXVEGMzR'YERHSWIEKSXIRXSHEWPEWTEPEFVEWHMKE]UYqQjWTSHIQSWQIRGMSREV
UYIMRMGMIGSRPEPIXVEW]RSWIIRGYIRXVIEUYu#TEVEUYIPSWRMySWQIRGMSRIRSXVSWSFNIXSWUYI
MRMGMIRGSRIWXEPIXVE0YIKSMRZuXIPSWEUYIMRZIRXIRTEPEFVEWUYIIQTMIGIRGSRPEPIXVEW

(MKSHMKSIPWSRMHSGSRUYIIQTMI^E
4VIWIRXIEPSWRMySWYREMPYWXVEGMzRKVERHIUYIQYIWXVIQYGLSWSFNIXSW]TIVWSRENIW 0YIKS WIyEPI
YREMQEKIR]TMHEEPSWRMySWUYIHMKERIPWSRMHSGSRIPUYIMRMGME(IWTYqWTYIHIHIGMVPIWIPWSRMHS
HIYREPIXVE]TIHMVPIWUYIIRGYIRXVIRIRIPGEVXIPPSWSFNIXSWUYIMRMGMERSXIVQMRERGSRIWXIWSRMHS

1MXVEFEPIRKYEWTVIJIVMHS
'EHEWIQEREIWGVMFEIRIPTM^EVVzRSTIKYIIRPEGPEWIYRGEVXIPGSRYRXVEFEPIRKYEWPqEPSEPSWRMySW
GEHEQEyERE]TMHEUYIPSVITMXER4YIHIQSXMZEVPSWTEVEUYIQMIRXVEWPSVITMXIRLEKERQuQMGEWUYI
VITVIWIRXIRPSUYIHMGIIPXVEFEPIRKYEW

1MRSQFVIWYIRE
9WIIPWSRMHSMRMGMEPHIPRSQFVIHIPSWRMySW]VIPEGMzRIPSGSRSXVEWTEPEFVEWVIJIVMHEWESFNIXSWGS
QYRIWSGSRSGMHSWTSVPSWRMySW4SVINIQTPSWMYRRMySWIPPEQE.YERGSQIRXIUYIPETEPEFVENYKEV
IQTMI^EGSRIPQMWQSWSRMHSHIWYRSQFVIN(MKEUYqSXVETEPEFVELE]UYIXIRKEIPQMWQSWSRM
HS#7MLE]ZEVMSWRMySWGY]SRSQFVIIQTMIGIGSRPEQMWQEPIXVEMRMGMEPTYIHIVIPEGMSREVPSWEXSHSWS
MVVIPEGMSRERHSYRHuEEYRSW]PYIKSESXVSW

1MRSQFVIVMQEGSR
)PEFSVIYRXuXIVIGSRYRGEPGIXuRZMINSSYRQYyIGS0YIKSNYIKYIGSRIPXuXIVI]QSXMZIEPSWRMySWE
IRGSRXVEVTEPEFVEWUYIVMQIRGSRWYWRSQFVIW4SVINIQTPS1MRSQFVIIW%RE7IVjUYIGEQEVMQE
GSR%RE#7IVjUYIFEVGSVMQEGSR%RE#(IIWXEQERIVE TYIHIMVNYKERHSGSRPSWRSQFVIWHIPSW
RMySW]SXVEWTEPEFVEWFYWGERHSPEVMQE

(IWEVVSPPSHIPEGSRGMIRGMEHIPPIRKYENIIWGVMXS
)\TPSVEHSVHIPMFVSW
6IMXIVEHEQIRXI]GSQSYRINIVGMGMSHIMRHEKEGMzRHIPSWXI\XSWTVSQYIZEUYIPSWRMySWMRXIVEGXIR
GSRHMZIVWSWQEXIVMEPIWIWGVMXSW6IGYIVHIUYIIWRIGIWEVMSIWXMQYPEVPEGYVMSWMHEHHIPSWRMySWPSGYEP
WIPSKVEEPTPERXIEVPIWTVIKYRXEWEGIVGEHIPXI\XSSPEWMQjKIRIWHIIWXIUYqHMGIEUYMqRHIHzRHI
TVSZMIRI UYqLEVjHIWTYqW IXG  4EVEPSKVEVPSQYqWXVIPIWYRPMFVSYSXVSQEXIVMEPIWGVMXS]LjKEPIW
TVIKYRXEW4SVINIQTPS(IUYqTSHVuEXVEXEVIWXIPMFVS#5YMqRIWTEVXMGMTERIRPELMWXSVME#)RHzRHI
WYGIHIPELMWXSVME#

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'ENEHIPEPJEFIXS
 )RXVIKYIYREGLEQMXEHHIYRELSNEXEQEySGEVXE UYIGSRXIRKEYREPIXVEHIPEPJEFIXSQE]W
GYPE]QMRWGYPE EGEHERMyS
 4uHEPIWUYIVIGSVXIRHIYRTIVMzHMGSPEWPIXVEWMKYEPIWEPEHIPEGLE]UYIPEWTIKYIRIRIPPE
 4MHEEPSWRMySWUYIIRGYIRXVIRVIGSVXIWHISFNIXSWGY]EWTEPEFVEWMRMGMIRGSRIPWSRMHSHIPEPIXVE
HIPEGLE
 *MREPQIRXIWSPMGuXIPIWUYIWISVHIRIREPJEFqXMGEQIRXIWIKRPEPIXVEHIWYGLE
 +YEVHIRIPEPJEFIXSIRYREGENE]NYIKYIRESVHIREVPEWZEVMEWZIGIWHYVERXIPEWIQERE
8SQEHSHI 0SWJYRHEQIRXSWHIPEPIGXYVE]IWGVMXYVE5YqLEFMPMHEHIWXMIRIRPSWRMySWEW EPMRKVIWEVE
TVMQIVSTVMQEVME#

1IRWENIWEQMEPVIHIHSV
6IREHMZIVWSWQEXIVMEPIWMQTVIWSWSMQjKIRIWVzXYPSWTYFPMGMXEVMSW PSKSW WMKRSW IXMUYIXEW GEVXIPIW
GEPIRHEVMSWIXG 4VIWIRXIYRSHIIWXSWQEXIVMEPIWEPSWRMySW]TuHEPIWUYIHIWGVMFERPSUYIZIRPYIKS
UYIHMKERUYqQIRWENIPIWIWXjXVERWQMXMIRHS (IWTYqW MRHuUYIPIWUYIHIFIRMHIRXMGEVPEWPIXVEW]
TEPEFVEWJEQMPMEVIW,EKEIWXEQMWQETVjGXMGEGSRPSWSXVSWVIGYVWSW]WIPETEVEHIQSWXVEVPEHMVIGGMS
REPMHEHHIPIGXYVEWIPIIHIM^UYMIVHEEHIVIGLE QE]WGYPEWQMRWGYPEWHMJIVIRXIWXMTSWHIPIXVEWIXG

(IWEVVSPPSHIPZSGEFYPEVMS
7S]IPQINSVEGXSV
7IPIGGMSRIYREWIVMIHISGMSWSTVSJIWMSRIWTSVINIQTPSQEIWXVEHSGXSVEZIXIVMREVMSEFSKEHSTI
VMSHMWXEIXG%WMKRIYRTETIPEGEHEIWXYHMERXI]PYIKSMRZuXIPSWEVITVIWIRXEVPS0SWSXVSWRMySWHIFIR
MHIRXMGEVHIUYqTVSJIWMzRWIXVEXE8EQFMqRTYIHILEGIVPSGSRERMQEPIWQIHMSWHIXVERWTSVXI]SXVSW

4EWISTSVIPFEVVMSSPSWEPVIHIHSVIW
3VKERMGIYREZMWMXEEPQIVGEHSYREJjFVMGEIP^SSPzKMGSIPLSWTMXEPPEFMFPMSXIGEIPQYWISIPEIVSTYIVXS
IXG4uHEPIWUYISFWIVZIRIPPYKEVLEFPIRHIPEWTIVWSREWUYIXVEFENEREPPuUYqLEGIRUYqLIVVEQMIRXEW
]QEUYMREVMEYXMPM^ER]TEVEUYq4VSQYIZEIPYWSHITEPEFVEWRYIZEW

4VjGXMGEWWIRGMPPEHIGSGMRE
4PERMUYIPEIPEFSVEGMzRHILIPEHSWHILMIPSNYKSWSVIJVIWGSWYREIRWEPEHEHIJVYXEWYSXVSEPMQIRXS
JjGMPHITVITEVEV4VITEVIPEVIGIXE]PqEPEEPSWRMySWPYIKSIRXVIXSHSWIPEFSVIRPEPMWXEHIMRKVIHMIRXIW
]SVKERuGIPSWTEVEUYIPSWPPIZIREPEGPEWI,EKEUYITVITEVIRPEVIGIXE1SXuZIPSWEMVETVIRHMIRHSQjW
TEPEFVEWETVSZIGLERHSPEI\TIVMIRGMETSVINIQTPSWMZERETVITEVEVYREIRWEPEHETVIKYRXIWSFVISXVSW
MRKVIHMIRXIWUYIWITYIHIRYXMPM^EV

1MERMQEPJEZSVMXS
4MHEEPSWRMySWUYIPPIZIRWYERMQEPJEZSVMXSEPEYPE0YIKSQSXuZIPSWEUYIPETVIWIRXIREWYWGSQTE
yIVSWMRHMGERHSGzQSIWHIUYqWIEPMQIRXEGYjPIWWSRPEWTEVXIWHIWYGYIVTSUYqPIKYWXELEGIVIXG

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

9RSFNIXSGYVMSWS
7SPMGMXIEPSWRMySWUYIPPIZIREPEYPEWYNYKYIXIJEZSVMXSYR^ETEXSYRPMFVSYREGSPIGGMzRHITMIHVEWY
LSNEWSEPKRSFNIXSHIWYTVIJIVIRGME]UYIHIJSVQEEPXIVRELEFPIREGIVGEHIqP1SXMZIEGEHEYRSE
UYILEFPIEWYWGSQTEyIVSWWSFVIIPSFNIXSWIPIGGMSREHS2SIWRIGIWEVMSUYIWITEVIJVIRXIEPEGPEWI
WMRSGVIEVYREQFMIRXIHIGSRER^ETYIHIWIVIRKVYTSW]HIWHIWYIWGVMXSVMS4VSQYIZEUYIGEHERMyS
LEFPIHIYRSFNIXSEPEZI^]UYIIPVIWXSHIPEGPEWILEKETVIKYRXEW]GSQTEVXEWYWGSQIRXEVMSW

4ERXSQMQEW
1SXMZIEPSWRMySWENYKEVUYIWSRQMQSW7SPMGuXIPIWUYIVITVIWIRXIRYRTIVWSRENIFSQFIVSKMKERXI
GEVXIVS VI] TSVINIQTPS  YREEGXMZMHEHTIPEVYREREVERNE QSRXEVFMGMGPIXE PEZEV WYFMVYREIWGEPIVE S
UYITIVWSRMGERYRSFNIXSYRjVFSPYRVIPSNIRXVISXVSW 0YIKSTuHEPIWUYILEKERPEQuQMGE]UYIPSW
GSQTEyIVSWEHMZMRIRHIUYqWIXVEXE

'ERGMSRIWMRJERXMPIW
1SXMZIPEMRXIVTVIXEGMzRHIGERGMSRIWMRJERXMPIWTSTYPEVIWEWuGSQSGERGMSRIWHIQSHE]EWIEIRGSVS
IRJSVQEMRHMZMHYEPSIRKVYTS4SVINIQTPSPEWMKYMIRXIGERGMzRPEHIPIPIJERXI

9RIPIJERXIWIGSPYQTMEFEWSFVIPEXIPEHIYREEVEyEGSQSZIuEUYIVIWMWXuEJYIEFYWGEVESXVSIPI
JERXI(SWIPIJERXIWWIGSPYQTMEFERWSFVIPEXIPEHIYREEVEyEGSQSZIuERUYIVIWMWXuEJYIVSREFYWGEV
ESXVSIPIJERXI8VIWIPIJERXIW

0EGENEHIWSVTVIWEW
4VITEVIYREGENEGSRQPXMTPIWSFNIXSWYRGEPGIXuRYRWSQFVIVSYREIWXVIPPEYRPjTM^YRXVSQTSYRQS
RIHIVSXSHSWPSWUYITYIHE]XIRKEEQERS 0YIKSTuHEPIEYRRMySUYIWEUYIYRSFNIXS]PSHIWGVMFE
HIWTYqWUYISXVSRMySLEKEPSQMWQS(IWTYqWLEKEUYIZE]ERJSVQERHSKVYTSWTSVINIQTPSXSHSWPSW
NYKYIXIWXSHSWPSWUYIWSRHIQEHIVEXSHSWPSWUYIWMVZIRTEVEGSGMREVIXG

(IWEVVSPPSHIPEKVEJSQSXVMGMHEH
4EVEHIWEVVSPPEVPEHIWXVI^EHIPEWQERSW
4MHEEWYWIWXYHMERXIWUYI
 %TPEYHERTVMQIVSPMFVIQIRXI]HIWTYqWWMKYMIRHSYRVMXQS
 0PIZIRYRSSQjWSFNIXSWIRIUYMPMFVMSIRPETEPQEHIPEQERSTVMQIVSIRYREQERSHIWTYqWIR
PEWHSW
 6IEPMGIRKIWXSWGSRPEWQERSWTEVEEGSQTEyEVGERGMSRIWMRJERXMPIW
 +MVIRPEWQERSWWMQYPXjRIEQIRXIIRZEVMEWHMVIGGMSRIWLEGMEEVVMFELEGMEEFENSQSZMQMIRXSGMVGY
PEV 
 -QMXIRQSZMQMIRXSWHIPSWERMQEPIWYWERHSWYWQERSWTSVINIQTPSIPZYIPSHIYRTjNEVS
 %FVERYREQERS]GMIVVIRPESXVEEPQMWQSXMIQTSTVMQIVSHIWTEGMS]PYIKSVjTMHS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

%GXMZMHEHIWTEVEHIWEVVSPPEVPEHIWXVI^EHIPSWHIHSW
-RHuUYIPIWEWYWIWXYHMERXIWUYI
 %FVER]GMIVVIRXSHSWPSWHIHSWHIYREQERSEPQMWQSXMIQTS (IWTYqW TMHEUYIPSWEFVER]
GMIVVIRTVMQIVSPSWHIYREQERS]HIWTYqWPSWHIPESXVE
 .YRXIR]WITEVIRPSWHIHSWTVMQIVSPMFVIQIRXI]HIWTYqWWIKRWYWMRWXVYGGMSRIWuRHMGI]QIHMS
TYPKEVIuRHMGI 
 8SUYIRGEHEHIHSGSRIPTYPKEVHIPEQERSGSVVIWTSRHMIRXI TuHEPIWUYIZE]EREYQIRXERHSPE
ZIPSGMHEH
 4uHEPIWUYIGSRPEQERSGIVVEHEWEUYIRPSWHIHSWYRSXVEWSXVSIQTI^ERHSTSVIPQIyMUYI
 7SPMGuXIPIWUYIGSRPEWHSWQERSWWSFVIPEQIWEPIZERXIRPSWHIHSWYRSHIXVjWHISXVSIQTI^ER
HSTSVIPQIyMUYIHIGEHEQERS

%GXMZMHEHIWTEVEHIWEVVSPPEVPEGSSVHMREGMzRZMWSQERYEP
4MHEEWYWIWXYHMERXIWUYI
 0ERGIRSFNIXSWXERXSGSRYREGSQSGSRSXVEQERSMRXIRXERHSHEVIRIPFPERGSGENETETIPIVESXVS
 )RVSWUYIR]HIWIRVSWUYIRXETEHIVEWFSXIWXYIVGEWIXG
 )RWEVXIRPEREIRGEVXYPMRETIVJSVEHE
 %FVSGLIR]HIWEFVSGLIRFSXSRIW
 %XIR]HIWEXIRGMRXEW
 )RGENIR]HIWIRGENIRSFNIXSW
 1SHIPIRGSRTPEWXMGMREFSPEWGMPMRHVSW
 4IVJSVIRHMFYNSW
 6EWKYIR]VIGSVXIRGSRPSWHIHSW
 (SFPIRTETIP]VEWKYIRTSVPSWHSFPIGIW
 6IGSVXIRGSRXMNIVEW
 1ERMTYPIRSFNIXSWTIUYIySWJVMNSPQEu^TMIHVIGMXEWFSXSRIWIXG
 4EWIRPEWLSNEWHIPMFVSWVIZMWXEW]SXVSW
 1ERMTYPIRXEVNIXEWGLEWTPjWXMGEWYSXVSW]UYIPEWVITEVXER

'SVVISIRIPEYPE
'VIIYRVMRGzRIRIPEYPEHSRHILE]ELSNEWVIGMGPEHEWHIHMWXMRXSWXMTSWHITETIP 1SXMZIEWYWIW
XYHMERXIWEIPEFSVEVXEVNIXEWTEVEWYWGSQTEyIVSWSWYWJEQMPMEVIW%YRUYIEPKYRSWRMySWRSWITER
IWGVMFMVQSXuZIPSWEVIEPM^EVHMFYNSW]EYXMPM^EVPEWPIXVEW]TEPEFVEWUYIGSRSGIRTEVEIWGVMFMVTIUYIySW
QIRWENIW
8SQEHSHI0SWJYRHEQIRXSWHIPEPIGXYVE]IWGVMXYVE5YqLEFMPMHEHIWXMIRIRPSWRMySWEW EPMRKVI
WEVETVMQIVSTVMQEVME#

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

%GXMZMHEHIWTEVEIPHIWEVVSPPS]GSRXVSPHIXVE^SW
0SWQSZMQMIRXSWFjWMGSWIRPSWHMJIVIRXIWXVE^SWKVEJSQSXSVIWWSRHIHSWXMTSWVIGXMPuRISW]GYVZSW
0SWINIVGMGMSWHIFIRVIEPM^EVWIIRWIRXMHSM^UYMIVHEHIVIGLE4MHEEPSWIWXYHMERXIWUYI
 6ITEWIRPuRIEWXVE]IGXSVMEW]HMFYNSW
 8VEGIRPuRIEWZIV XMGEPIWLSVM^SRXEPIW]HMEKSREPIWGVYGIWEWTEWTEVEPIPEWPuRIEWUYIFVEHEW
jRKYPSWJMKYVEWIXG
 0PIRIRGSRPuRIEWIWTEGMSW]JMKYVEW
 8VEGIRPuRIEWGYVZEWGuVGYPSWIXG
 8VEGIRSRHEWHIRXVSHIHSWPuRIEWWSFVIINIWLSVM^SRXEPIWSMRGPMREHSW]XEQFMqREPXIVRERHS
XEQEySW
 8VEGIRzZEPSWHIRXVSHIHSWPuRIEWWSFVIYREPuRIEEWGIRHIRXIWHIWGIRHIRXIW]GSQFMREHSW
EWGIRHIRXIWHIWGIRHIRXIW 
 7MKERTEYXEWSGEQMRSWWSFVIHMJIVIRXIWWYTIVJMGMIWWYIPSTETIPQERMPEJSPMSWGYEHIVRSGSR
PuRIEW ]GSRHMJIVIRXIWMRWXVYQIRXSWGVE]SRIWHIGIVETMRXYVEHIHIHSWQEVGEHSVIWTMRGIPIW
PjTMGIWFSPuKVEJSW 
*MKYVE)NIQTPSWHIXVE^SW

)NIVGMGMSWXSQEHSWHI'SQYRMGEGMzR]0IRKYENIIHMGMzRHIP

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4EVETVEGXMGEV
%
 GSRXMRYEGMzRWITVIWIRXEYRSVKERM^EHSVKVjGS)WGVMFEGSRTEPEFVEWGPEZIIRUYqGSRWMWXIGEHE
IPIQIRXS

'SRGMIRGME
JSRSPzKMGE
%RMQEGMzREPE 'SRGMIRGMEHIP
PIGXYVE] PIRKYENIIWGVMXS
IWGVMXYVE

'SQTVIRWMzR
SVEP :SGEFYPEVMS

0IRKYENISVEP
0IGXSIWGVMXYVE
IQIVKIRXI +VEJSQSXVMGMHEH

) RXVIZMWXIEYRTEHVISQEHVIUYIXIRKERMySWQIRSVIWHIWIMWEySW]EYRHSGIRXIHITVITVMQEVME
4VIKRXIPIWEGIVGEHIPEWEGXMZMHEHIWUYIVIEPM^ERGSRWYWRMySWTEVETVSQSZIVIPKYWXSTSVPEPIGXSIW
GVMXYVE 0YIKSEREPMGIUYqIPIQIRXSWGPEZIIWXjRHIWEVVSPPERHS]IRGYjPIWTYIHIRHIWEVVSPPEVQjW
0YIKSERSXIWYWSFWIVZEGMSRIWIRYRELSNEEHMGMSREP

) PEFSVISFYWUYIYRPMFVS]PqEPSGSRPSWRMySW)\TPMUYIUYqPIKYWXzQjWHIPEI\TIVMIRGME
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0 IEIPFERGSHIEGXMZMHEHIW]WIPIGGMSRIYREHIGEHEIPIQIRXSGPEZI4VEGXuUYIPEWGSRWYWIWXYHMERXIW
]PYIKSGSQTEVXEGSRWYKVYTSPEWI\TIVMIRGMEWZMZMHEW

4
 VSTSRKEYREEGXMZMHEHTEVEHIWEVVSPPEVGEHEYRSHIPSWIPIQIRXSWGPEZIHIPEPIGXSIWGVMXYVEIQIVKIR
XIUYIRSIWXqRMRGPYMHEWIRIWXIPMFVS 

)PIQIRXSGPEZI %GXMZMHEH
0IRKYENISVEP
'SQTVIRWMzRSVEP
%RMQEGMzREPEPIGXSIWGVMXYVE
'SRGMIRGMEJSRSPzKMGE
'SRGMIRGMEHIPPIRKYENI
IWGVMXS
:SGEFYPEVMS
+VEJSQSXVMGMHEH

3
 FWIVZIYREYPESFYWUYIYRPMFVSHITVITVMQEVME%REPMGIUYqIPIQIRXSWGPEZIHIPEPIGXSIWGVMXYVE
IQIVKIRXIHIWEVVSPPEQYGLS]GYjPIWTSGSSREHE

2MZIPHIHIWEVVSPPS
)PIQIRXSGPEZI
1YGLS 4SGS 2EHE
0IRKYENISVEP

'SQTVIRWMzRSVEP

%RMQEGMzREPEPIGXSIWGVMXYVE

'SRGMIRGMEJSRSPzKMGE
'SRGMIRGMEHIPPIRKYENI
IWGVMXS
:SGEFYPEVMS

+VEJSQSXVMGMHEH
(MWGYXEGSRWYKVYTSPSWVIWYPXEHSWHIWYSFWIVZEGMzR

4
 VSTSRKEYREEGXMZMHEHIRPEUYITYIHEMRZSPYGVEVEPSWTEHVIW]QEHVIWHIJEQMPMETEVEUYIQSXMZIR
]GSRXVMFY]EREPHIWEVVSPPSHIPEPIGXSIWGVMXYVEIQIVKIRXIHIWYWLMNSW
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(OSROOLWRFKLTXLWtQ\
HOJDOORFRSHWyQ

(IPEXISVuEEPETVjGXMGEQSHIPSHIYREGPEWIHI
PIGXSIWGVMXYVETEVETVITVMQEVME
%GSRXMRYEGMzRWITVIWIRXEIRQMRMEXYVEIPQIKEPMFVS)PTSPPMXSGLMUYMXuR]IPKEPPS
GSTIXzRUYIIWYXMPM^EHSIRPEGPEWIQSHIPS

'UVGNKDTQUGGPVTGICGPHQTOCITCVWKVCCNCUGUEWGNCURTKOCTKCUQEKCNGURCTCGNWUQFGNQUPKQU[PKCU

(OSROOLWRSUREyPDt]&RPLy
FRPLy\QRFUHFLy

(OFRQHMROHGLMR
&RPLyFRPLy\QRFUHFLy FRPHPXFKRPDt]

   
   

(OSDWROHGLMR (OORUROHGLMR
FRPHORPEULFHV FRPHPXFKDVIUXWDV

(OSROOLWRSUREyIUXWDV
&RPLyFRPLy\QRFUHFLy

(OSROOLWRSUREyORPEULFHV
 &RPLyFRPLy\QRFUHFLy   
   

(OSDWROHSUHJXQWyDOJDOOR (OSROOLWRPX\WULVWHVHGLR 6LFRPLyFRPLy\QRFUHFLyTXH

FRSHWyQTXpSXHGH 4XHKDJD.LNLULNLVL\DFRPLy FXHQWDGHTXHFRPLy WHQJDSDFLHQFLDTXHXQGtDVHUi
FRPHUHOSROOLWR&KLTXLWtQ FRPLy\QRFUHFLy FRPLy\QRFUHFLy FRPR\R
SDUDVHUFRPRW~"

   
   

)HOL]\FRQWHQWRHVWiSRUTXHFRPLy
3RUTXHFRPLyFRPLy
'HVSXpVGHXQWLHPSR FRPLy\FUHFLy
\SRUQFUHFLy
pOHUDHOPiVKHUPRVR
JDOORFRSHWyQ

  
 

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
 
%GSRXMRYEGMzRIRGSRXVEVjIPQSHIPSHIYREGPEWIHITVITVMQEVME IXETEEySW )RIPPEWIMRGPY]IRPSWIPIQIRXSWGPEZIHIPEPIGXSIWGVMXYVE
IQIVKIRXIPEWEGXMZMHEHIW]IPXMIQTSETVS\MQEHSUYIWIVIUYMIVITEVEGEHEYREIWXIXMIQTSRSRIGIWEVMEQIRXIIWGSRXMRYSTYIHIHMWXVM
FYMVWIEPSPEVKSHIPENSVREHEIWGSPEV

'SQTIXIRGMEWUYIWIHIWEVVSPPER
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

VIE'SQYRMGEGMzR]0IRKYENI
6
 IWTSRHIGSRKIWXSWQSZMQMIRXSW]IRJSVQESVEPEQIRWENIWIWGYGLEHSWIRTSIQEWGYIRXSW]XI\XSWHMZIVWSWHIWYGYPXYVE]HISXVEW
GYPXYVEW
VIE(IWXVI^EWHI%TVIRHM^ENI
'
 PEWMGEHMJIVIRXIWIWXuQYPSWZMWYEPIWEYHMXMZSWJSRIQEW]KVEJIQEW ]LjTXMGSWWIKRWYWVEWKSWHMWXMRXMZSW
'
 SSVHMREQSZMQMIRXSWHISNSWQERSW]HIHSWEPVIEPM^EVQSZMQMIRXSWINIVGMGMSWIWTIGuGSWHITVITEVEGMzRTEVEPEIWGVMXYVE

)0)1)283'0%:)=46347-83()
79+)6)2'-%()%'8-:-(%()7
0%7%'8-:-(%()7
 'SRZIVWIGSRPSWRMySWEGIVGEHIPSWERMQEPIW
4VIKYRXIEPSWIWXYHMERXIWUYqERMQEPIWGSRSGIR3VMIRXIPEWVIWTYIWXEWLEGMEIPTSPPS]IPKEPPS4MHEUYI
0IRKYENISVEPQMRYXSW 
QIRGMSRIREPEWEZIWUYIZMZIRIRYREKVERNE
7SPMGMXIUYIHIWGVMFERGzQSWSRYRTSPPS]YRKEPPS
0IGXSIWGVMXYVE 'SRGMIRGME 'YIRXIEWYWRMySWUYILS]ZEREXIRIVPESTSVXYRMHEHHIIWGYGLEVYRGYIRXSQY]HMZIVXMHS]UYIERXIW
QMRYXSW JSRSPzKMGE ZERENYKEVGSRYRWSRMHS
QMRYXSW 4MHEEPSWRMySWUYIMQMXIREPEKEPPMRETSRMIRHSLYIZSW'SSSGSGSGSGSSSSSSSSS
-HIRXMGEVIPWSRMHS 4MHEEPSWRMySWUYIMQMXIREYRRMySWSVTVIRHMHSSSSLLLSSSLLLSSSLLL
S 4MHEEPSWRMySWUYIVITMXERGSRYWXIH]ETPEYHERHMGMIRHSPESHIPEWMKYMIRXIQERIVE
SSSSSSSSSSSSSSSS
4MHEUYIVITMXERGSRYWXIH
SLSLSLSLSL#SL#SLSL#SL#SL
(MKEPEWWMKYMIRXIWTEPEFVEWSWSNYKYIXIHIHSXuXIVIXSWTIPSXESuHSTE]EWSPSXIVuEQjWGENEjVFSPZEWS
TPEXSTSVGIPEREXE^E4MHEUYIHMKERSSSSSSSSSSSGYERHSSMKERIPWSRMHSHIPES
)WGVMFEPESIRIPTM^EVVzR]HuKEPIWUYIIPWSRMHSUYILERIWXEHSETVIRHMIRHSWIIWGVMFIS
+VEJSQSXVMGMHEH 4MHEEPSWIWXYHMERXIWUYISFWIVZIRPES]UYIPEXVEGIRIRIPEMVI
QMRYXSW 7SPMGMXIUYILEKERPEJSVQEHIPESYRMIRHSWYWHIHSWTYPKEVIuRHMGIPYIKSGSRIPTYPKEV]IPHIHSQIHMS
4VEGXMGEVIPXVE^SHI PYIKSGSRIPTYPKEV]ERYPEV]REPQIRXIGSRIPTYPKEV]IPQIyMUYI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
PES 4MHEUYIJSVQIRPESGSRTPEWXMGMRE
1SHIPIGzQSWIXVE^EPES]TuHEPIWUYIPEXVEGIRIRPEEVIREIRIPWYIPSSIRSXVEWYTIVGMI
:SGEFYPEVMS 4MHEEPSWRMySWUYIQIRGMSRIRSXVSWERMQEPIWUYIRSETEVI^GERIRIPPMFVS
QMRYXSW 1SXuZIPSWEHMFYNEVYRERMQEPHMJIVIRXI]PYIKSUYIPSWEKVYTIRWIKRWYWGEVEGXIVuWXMGEWTSVINIQTPSPSW
-HIRXMGEVIPRSQFVI UYIZYIPERPSWUYIGEQMRERPSWUYIGSQIRKVERSWIXG
HIHMZIVWSWERMQEPIW
 %RMQEGMzREPE %28)7()0%0)'896%
PIGXSIWGVMXYVE 1YIWXVIEPSWIWXYHMERXIWPETSVXEHEHIPQIKEPMFVS]PIEIPXuXYPS)PTSPPMXSGLMUYMXuR]IPKEPPSGSTIXzR
0IGXYVEHIXI\XSW ZIVEPREPHIPGYEHVS 
QMRYXSW  4uHEPIWUYIVIWTSRHERTSVUYqUYMWMIVEPIIVIWXIPMFVS#HIUYqTSHVuEXVEXEV#UYMqRIWWIVjRPSW
%GXMZEVPSW TIVWSRENIW#
4MHEEPSWIWXYHMERXIWUYIHIWGVMFERPETSVXEHE
GSRSGMQMIRXSW
4MHEUYIMQEKMRIRHIUYqWIXVEXEVjPELMWXSVME
TVIZMSWWSFVIIP
XIQEHIPEPIGXYVE
'SRGMIRGMEHIP (96%28)0%0)'896%
PIRKYENIIWGVMXS 4MHEEEPKYRSWIWXYHMERXIWUYIGSRWSPSSFWIVZEVPEMQEKIRHIPETSVXEHEGSQIRXIRHIUYqGVIIRUYI
QMRYXSW WIXVEXEVjPELMWXSVME
1SHIPEVPEPIGXYVE 0IEIPGYIRXSYWERHSPEWMKYMIRXIWIGYIRGMEIRGEHETjKMRE
SVEP (IWPMGIPEQERSHIFENSHIGEHEPuRIEQMIRXVEWYWXIHPII
4IVQMXEUYIPSWRMySW]PEWRMyEWLEKERTVIKYRXEWQMIRXVEWYWXIHPII
0IERYIZEQIRXI]HuKEPIWUYIGYERHSIWGYGLIRIPWSRMHSSHMKERSSSSSSSSSSS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
'YERHSXIVQMRILEKEYRETVIKYRXEVIPEGMSREHEGSRIPGSRXIRMHSPIuHS4SVINIQTPS
4jKW%HzRHIZEIPTSPPMXS#
4jKW%UYMqRWIIRGSRXVzIPTSPPMXS#
4jKW(IUYqIWXEVjRTPEXMGERHSIPTEXS]IPKEPPS#
%PREPM^EVXSHEPELMWXSVMEZYIPZEEPIIVPEWMRLEGIVQjWTVIKYRXEWEPSWIWXYHMERXIWTIVSWSPMGMXIUYIIR
GEHETjKMREHMKERIRGSVSIPIWXVMFMPPSGSQMz]GSQMz]RSGVIGMz
)WXVEXIKMEWHI ()749f7()0%0)'896%
GSQTVIRWMzR 4MHEEPSWIWXYHMERXIWUYIGYIRXIRPSUYITEWzIRPELMWXSVMEHIEGYIVHSGSRIWXISVHIREPTVMRGMTMS
QMRYXSW PYIKS]EPREP
4uHEPIWUYISTMRIRWSFVIPSWTIVWSRENIWSWSFVIPSUYILMGMIVSRIRPELMWXSVME)NIQTPSWTSVUYqRS
GVIGuEIPTSPPMXS#GzQSUYMqRUYIVuEWIVIPTSPPMXS#UYqLEGuEIPTSPPMXSTEVEGVIGIV#
*SVQITEVINEW]TuHEPIWUYIGEQFMIRIPREPHIPELMWXSVME
7SPMGuXIPIWUYIHMFYNIRXVIWERMQEPIWUYIMRXIVZIRKERIRIPGYIRXS0YIKSIRTEVINEWUYIGSQIRXIRUYq
PIWKYWXzHIPGYIRXS
)ZEPYEGMzRJSVQEXMZEQMRYXSW (MKETEPEFVEWEPSWIWXYHMERXIW]TuHEPIWUYIETPEYHERGYERHSPETEPEFVEIQTMIGIGSRIPWSRMHSS
4MHEEPSWIWXYHMERXIWUYIMHIRXMUYIRPEPIXVESIRXI\XSWIWGVMXSW
0IEYRGYIRXSGSVXSEPSWIWXYHMERXIW]TuHEPIWUYIMHIRXMUYIRPSWTIVWSRENIWEHIQjWHIPTVMRGMTMS]IP
REPHIPELMWXSVME
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE


%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

8)6')6%4%68)
0)'83)7'6-896%-2-'-%0 ---
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE
7IKR8SVKIWIR PEGSQTVIRWMzRPIGXSVEIWIPVIWYPXEHSHIPEIJIGXMZEIRWIyER^EIRPEPIGXYVE
4EVEEPGER^EVPEIWMQTSVXERXIIRXVISXVSWIPIQIRXSWUYIIPIWXYHMERXIGSRWMKEMHIRXMGEVGSRYMHI^
]EYXSQEXMGMHEHPEWTEPEFVEWIWGVMXEWUYIHSQMRIYREQTPMSZSGEFYPEVMS

)RIPWIPPIZzEGEFSIR)WXEHSW9RMHSWIP4ERIP2EGMSREPHI0IGXYVE2EXMSREP6IEHMRK4ERIP 
UYIVIYRMzEMRZIWXMKEHSVIW]I\TIVXSWIRIPXIQEGSRIPTVSTzWMXSHIMHIRXMGEVPEWQINSVIWTVjGXM
GEWIRPEEHUYMWMGMzRHIPEPIGXYVE )RIPVITSVXIHIIWXEMRZIWXMKEGMzRWIGSRGPY]zUYIPSWRMySWUYI
LERETVIRHMHSEPIIVLERHSQMREHSPSWIPIQIRXSWVIPEGMSREHSWGSRPEPIGXYVEUYIWITVIWIRXERIRPE
WMKYMIRXIKYVEUYIXEQFMqRMRGPY]IIPGSQTSRIRXIHIIWGVMXYVE

*MKYVE)PIQIRXSWGPEZITEVEIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE
&RQFLHQFLD
IRQROyJLFD

*PYMHI^ :SGEFYPEVMS

'SRSGMQMIRXS 1ERINSHI
HIPSW IWXVEXIKMEWHI
TVMRGMTMSW GSQTVIRWMzR
EPJEFqXMGSW HIPXI\XS

)WGVMXYVE
'SRGMIRGME XVE^S]
JSRSPzKMGE TVSHYGGMzR
HIXI\XSW

0EIWGVMXYVEWIZEHIWEVVSPPERHSIRJSVQETEVEPIPEEPEPIGXYVE (YVERXIIWXEIXETE]EWIIWTIVEUYI
PSWRMySWLE]ERHIWEVVSPPEHSPEQSXVMGMHEHEHIGYEHETEVEMRXVSHYGMVIPXVE^SHIPEWPIXVEW%HIQjW PSW
RMySWMRMGMERTVMQIVSPETVSHYGGMzRHISVEGMSRIWGSVXEW]PYIKSHIXI\XSWREVVEXMZSWFVIZIWHIETVS\M
QEHEQIRXIYRTjVVEJS)RIWXEIXETEIPIWXYHMERXIHIWGYFVIUYITYIHIGSQYRMGEVWIYWERHSTEPEFVEW
IWGVMXEW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SRGMIRGMEJSRSPzKMGE
0EGSRGMIRGMEJSRSPzKMGEIWPEGSQTVIRWMzRUYIIPRMySSRMyEEHUYMIVIHIUYIPEWTEPEFVEWLEFPEHEW
IWXjRGSQTYIWXEWHITIUYIySWWIKQIRXSWHIWSRMHSWSJSRIQEW(MZMWMSRSJ6IWIEVGLERH4SPMG]
 0MRER8LSQTWSR )WHIGMVWIVIIVIEPELEFMPMHEHHIIWGYGLEVMHIRXMGEV]QERMTYPEV
WSRMHSWIRIPPIRKYENISVEP

1YGLEWZIGIWWIGSRJYRHIPEGSRGMIRGMEJSRSPzKMGEGSRPEHMWGVMQMREGMzREYHMXMZETIVSWSRHMJIVIRXIW
PEHMWGVMQMREGMzREYHMXMZETIVQMXIVIGSRSGIVWMHSWTEPEFVEWLEFPEHEWWSRMKYEPIWSHMJIVIRXIWSWMHSW
WSRMHSWWSRHMJIVIRXIWTSVINIQTPSPEFSGMREHIYRGEVVS]IPQSXSVHIYREPMGYEHSVEPEGSRGMIRGME
JSRSPzKMGEWIGIRXVEIRIPVIGSRSGMQMIRXSHIPSWJSRIQEWSWSRMHSW]GSRIPPSWIVGETE^HIGEQFMEV
SGSRWXVYMVRYIZEWTEPEFVEWYXMPM^ERHSIWXSWWSRMHSW 7ITYIHIHIGMVUYI YRRMySLEHIWEVVSPPEHSPE
GSRGMIRGMEJSRSPzKMGEWMTSVINIQTPSGSRPETEPEFVEGEWE
-HIRXMGEPSWJSRIQEWUYIPEGSQTSRIRGEWE
-HIRXMGEIPJSRIQEMRMGMEPG
4YIHIRSQFVEVSXVEWTEPEFVEWGSRIPJSRIQEMRMGMEPGEQEGEVVSGjRXEVS
7MTYIHIWYWXMXYMVIPJSRIQEMRMGMEPTSVSXVS]HEVPIYRRYIZSWMKRMGEHSEPETEPEFVEQEWE

0EGSRGMIRGMEJSRSPzKMGEIWYRGSQTSRIRXIYRMZIVWEPHIGYEPUYMIVMHMSQEEPJEFqXMGSWIEIWXIIWTEySP
OMGLIMRKPqWSJVERGqWTSVQIRGMSREVEPKYRSWIRIPUYIPEWPIXVEWMQTVIWEWVITVIWIRXERWMWXIQjXMGE
QIRXIPSWWSRMHSW4EVEHIWEVVSPPEVPEGSRGMIRGMEJSRSPzKMGERSIWRIGIWEVMSUYIPSWRMySWGSRS^GERPEW
PIXVEWHIPEPJEFIXSTSVUYIIWXEWIPSKVEQIHMERXIYRINIVGMGMSTVSTMEQIRXIEYHMXMZS

0EWMRZIWXMKEGMSRIWGSRGPY]IRUYIPEWEGXMZMHEHIWTEVEHIWEVVSPPEVPEGSRGMIRGMEJSRSPzKMGEIR
PSWRMySWHITVMQIVKVEHSHIFIRHYVEVHIEQMRYXSWHMEVMSW)WXEGSRWXERXIINIVGMXEGMzR
PITIVQMXMVjEPRMySIWXEVTVITEVEHSTEVEEWSGMEVYREPIXVEGSRYRWSRMHSIMHIRXMGEVPSERMZIP
EYHMXMZS

0EGSRGMIRGMEJSRSPzKMGEWIHIWEVVSPPEIRJSVQEKVEHYEP]TSVIXETEW-RMGMEPQIRXITEVEIPRMySIWQjW
JjGMPMHIRXMGEVPEWMQMPMXYHIRXVIPSWWSRMHSWREPIWHIYRETEPEFVETSVPSUYIWIWYKMIVIMRMGMEVGSRPEW
TEPEFVEWUYIVMQER'YERHSIPRMyS]EHSQMREIWXETVMQIVEIXETETSHVjMHIRXMGEVWuPEFEW]REPQIRXI
PSWJSRIQEWMRHMZMHYEPIWUYIGSRWXMXY]IRPEWTEPEFVEW

'zQSHIWEVVSPPEVPEGSRGMIRGMEJSRSPzKMGE
4EVETPERIEVYREEGXMZMHEHHIGSRGMIRGMEJSRSPzKMGE1G0EYKLPMR
*MWGLIV TVSTSRIR
 E8SQEVIRGYIRXEUYIPEYRMHEHHIWSRMHSTYIHIWIVYRETEPEFVEWuPEFESJSRIQE
 F-HIRXMGEV]HINEVI\TPuGMXSUYqWIVIUYMIVILEGIVGSRPEYRMHEHHIWSRMHS#WIKQIRXEVPE#GSQ
FMREVPESQERMTYPEVPE#
 G4
 VSKVEQEVYREIRWIyER^EHMVIGXE I\TPuGMXE WMWXIQjXMGE]KVEHYEP IRPEGYEPPEWEGXMZMHEHIWUYIWI
SVKERMGIRXIRKERYREWIGYIRGMEHIRMZIPHIHMGYPXEHHIQIRSVEQE]SV

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 H8
 IRIVGPEVMHEHUYIIPTVSTzWMXSJYRHEQIRXEPIWPEINIVGMXEGMzRHIWSRMHSWMHIRXMGEV GSQFMREV
GEQFMEVEKVIKEV 
 I3 VKERM^EVEPSWIWXYHMERXIW HIXEPQERIVEUYIWIXVEFENIGSRKVYTSWTIUYIySWHIXVIWEGMRGS
MRXIKVERXIW

&SVVIVS TVSTSRIYREWIGYIRGMEHIEGXMZMHEHIWTEVEHIWEVVSPPEVPEGSRGMIRGMEJSRSPzKMGE]WY

KMIVI
 E-RMGMEVGSREGXMZMHEHIWUYITIVQMXERPPIZEVEPRMySTEYPEXMREQIRXIETSRIVEXIRGMzREPEWYRMHEHIW
QuRMQEWHIWSRMHSJSRIQEW 
 F8
 SQEVIRGYIRXEUYIWMYRRMySLEINIVGMXEHSPEGSQFMREGMzR]WIKQIRXEGMzRHIWuPEFEWWIPIJEGM
PMXEVjPEWIKQIRXEGMzR]QERMTYPEGMzRHIJSRIQEW
 G%
 PVIEPM^EVPEWEGXMZMHEHIWHIGSRGMIRGMEJSRqQMGEMRMGMEVGSREGXMZMHEHIWHIGSQFMREGMzRHIJSRI
QEWWIKYMVGSRWIKQIRXEGMzRHIJSRIQEW]REPQIRXIHIQERMTYPEGMzR
 H1 SHIPEV]HEVINIQTPSWTEVEUYIEPRMySGSQTVIRHEPEEGXMZMHEHUYIVIEPM^EVj
 I4 VEGXMGEVPEWIKQIRXEGMzRHISVEGMSRIWIRTEPEFVEWWMQTPIW]PYIKSHMZMHMVTEPEFVEWGSQTYIWXEWIR
PEWHSWUYIPEJSVQER8IRIVGYMHEHSIRVIEPM^EVIWXEEGXMZMHEHERXIWHIWIKQIRXEVJSRIQEW

0MRER8LSQTWSR]:EYKLR TVSTSRIREHIQjWPEHMWGVMQMREGMzR]GSRXIS8SHEWWII\TPMGERIR

PEKYVE]PEXEFPEWMKYMIRXIWHSRHIXEQFMqRWIQYIWXVEPETVSKVIWMzRWMWXIQjXMGEWYKIVMHETSV&SVVIVS
 TEVEPEIRWIyER^EHIPEGSRGMIRGMEJSRSPzKMGE

*MKYVE4VSKVIWMzRTEVEPEIRWIyER^EHIPEGSRGMIRGMEJSRSPzKMGE

(MWGVMQMREGMzR

'SRXIS

'SQFMREGMzR

7IKQIRXEGMzR

1ERMTYPEGMzR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

8EFPE%GXMZMHEHIWTEVEPEIRWIyER^EHIPEGSRGMIRGMEJSRSPzKMGE
,EFMPMHEH %GXMZMHEH )NIQTPS
0SWIWXYHMERXIWIWGYGLERPEWTEPEFVEWTEVE GEWEQEWE
HIXIVQMREVWMHSWTEPEFVEWIQTMI^ERS
(MWGVMQMREGMzR XIVQMRERGSRIPQMWQSWSRMHS QEQjQETE

PMRSTMRS
0SWIWXYHMERXIWETPEYHIRIPRQIVSHI )QEWEPIEPTEXMS
% TEPEFVEWUYIXMIRIYREPESVEGMzR )QEETPEYWS WEPIETPEYWS EPETPEYWS TEXMSETPEYWS

% WuPEFEWIRPETEPEFVE GSQYRMHEH
'SRXIS GSETPEYWS QYETPEYWS RMETPEYWS HEHETPEYWS

%WSRMHSWIRPETEPEFVE QIWE
QETPEYWS IETPEYWS WETPEYWS EETPEYWS

)PQEIWXVSTVITEVEXSHEWPEWTEPEFVEWUYI GEWE GEWE

TYIHERJSVQEVWIYWERHSGSQFMREGMSRIW EWE
'SQFMREGMzR 0SWIWXYHMERXIWVITMXIRPEWTEPEFVEWUYIIP WEGE
QEIWXVSPIWZEHMGMIRHS

0SWIWXYHMERXIWHMGIRPETEPEFVE]HMGIRGEHE QEVMTSWEQEVMTSWE
7IKQIRXEGMzR
WuPEFESWSRMHS QEGIXE QEGIXE
)PMQMRERHS0SWIWXYHMERXIWIWGYGLERPEW EFINE  FINE
TEPEFVEW]PYIKSPEWHMGIRWMRPETVMQIVEWuPEFE EQEVMPPSQEVMPPS
SWSRMHS ERMPPS  RMPPS
RMHS  MHS
TMWS  MWS
1ERMTYPEGMzR %KVIKERHS0SWIWXYHMERXIWIWGYGLERPEW 7SRMHSW7uPEFEW
TEPEFVEW]EKVIKERWuPEFEWSWSRMHSW PERE  TPEREQM  QMWE
IWE  QIWEWEGEWE
%RE  GEREPEPEXE
7YWXMXY]IRHS0SWIWXYHMERXIWIWGYGLER] TETE  TERE
GEQFMERWSRMHSW PSQE  XSQE
PMQE  PMWE
VSWE  6SQE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4EVETVEGXMGEVPEHMWGVMQMREGMzRHIWSRMHSW
4EVINEWHITEPEFVEW
 ,EKEYREPMWXEHITEPEFVEWUYIMRGPY]EEPKYREWTEPEFVEWUYIMRMGMIRSXIVQMRIRGSRIPQMWQSJSRIQE
]SXVEWUYIRS
 (MKEPEWTEPEFVEW]TMHEEPSWIWXYHMERXIWUYIMHIRXMUYIRGYjPIWXIVQMRERGSRIPQMWQSWSRMHSPYIKS
TuHEPIWUYIMHIRXMUYIRGYjPIWMRMGMERGSRIPQMWQSWSRMHS%GSRXMRYEGMzRWISJVIGIRINIQTPSWIR
GYEXVSMHMSQEWQE]EW]IRIWTEySP

)NIQTPSW
  
/EUGLMOIP 1EQ
NYR NYP YP MQYP M\MQ PMTER MGLMP MGL
 
NmP EP XYPYP NIFIP QEQ GLMP GLQER RMQ

5IUGLM /MGLI
RMQ QEQE EQ RYR RER YP RMQ QEQ

QY QIP PSP YYP NYREQ PSP NYR QYN

)WTEySP
QEWE GEWE WETS TETE

WIySV JSWE WMPPE WIyE

'YjPIWIPWSRMHSMRMGMEP]IPWSRMHSREP#
(MKEPEWTEPEFVEW]WSPMGuXIPIWUYIHMKERRMGEQIRXIIPWSRMHSMRMGMEP(IWTYqWVITMXEPEWTEPEFVEWIWXEZI^TMHE
UYIHMKERIPWSRMHSREP

4EVETVEGXMGEVIPGSRXISHIWSRMHSW
'SRXERHSWSRMHSW
0IEYRESVEGMzRHIXVIWEGYEXVSTEPEFVEW]TMHEEPSWRMySWUYIETPEYHERGEHEZI^UYIIWGYGLIRYRETEPEFVE
0YIKSPIEGEHETEPEFVEHIPESVEGMzR]TuHEPIWUYIETPEYHERGEHEZI^UYIIWGYGLIRYREWuPEFE*MREPQIRXIPIE
YRETEPEFVE]TMHEUYIMHIRXMUYIRGYjRXSWWSRMHSWXMIRI4EVEQEVGEVIPGSRXISTYIHIYXMPM^EVYRETERHIVIXE
SYRGLMRGLuR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

%GSRXEVTEPEFVEW
0IEYRESVEGMzR]TMHEEPSWRMySWUYIGYIRXIRIPRQIVSHITEPEFVEWUYIXMIRI GSRPEE]YHEHIXETMXEW
WIQMPPEWXEVNIXEWGLEWTPjWXMGEWYSXVSW

4EVETVEGXMGEVPEGSQFMREGMzRHIWSRMHSW
5YqTEPEFVEIW#
(MKEPIRXEQIRXIYRETEPEFVEWSRMHSTSVWSRMHSIRGjQEVEPIRXESWMQYPERHSWIVYRVSFSX4MHEEPSW
RMySWUYIVITMXERPSWWSRMHSWGSRPEQMWQEHMRjQMGE]EPREPUYITVSRYRGMIRPETEPEFVEGSQTPIXE

)NIQTPSW
'SQFMREGMzROEUGLMOIP
  EPEEPEXYPYPXYPYPVIPIFEPVIPIFEP
'SQFMREGMzROMGLI
 YXYXXIQXIQM\NYXM\NYX
'SQFMREGMzRIWTEySP
  SWSSWS  TMPE TMPE  XSQEXI XSQEXI

'SQFMRIQSWWSRMHSW
 (MKEYRETEPEFVEHIHSWWuPEFEWJSVQEHETSVGSRWSRERXIZSGEPGSRWSRERXIZSGEP]TMHEEPSWRM
ySWUYIIWGYGLIRGSREXIRGMzR0YIKSTuHEPIWUYIHMKERPSWJSRIQEWWSRMHSW HIPETEPEFVEYRS
TSVYRS

)NIQTPSW
/EUGLMOIP
QYRMP  QYRMP
/MGLI
XEXE  XEXE
)WTEySP
WSTE  WSTE

4EVETVEGXMGEVPEWIKQIRXEGMzRHIWSRMHSW
7ITEVEV]YRMVWSRMHSW
(MKEYRETEPEFVE4MHEEPSWIWXYHMERXIWUYIPEVITMXERPYIKSUYIPEHMZMHERIRWuPEFEWGSRTEPQEHEW 
]HIWTYqWTuHEPIWUYIHMKERPSWJSRIQEWUYIMRXIKVERPETEPEFVE

)NIQTPSW
/EUGLMOIP
QIWSNQIWSNQIWSN

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)WTEySP
QIWE  QIWE  QIWE

'YjRXEWWuPEFEW#
(MKEYRETEPEFVE TMHEEPSWRMySWUYIPEVITMXER]UYIPIZERXIRPSWHIHSWHIPEQERSTEVEMRHMGEV
GYjRXEWWuPEFEWXMIRIPETEPEFVE

4EPEFVEWGSQTYIWXEW
)PEFSVIYREPMWXEHITEPEFVEWGSQTYIWXEW(MKEYRETEPEFVE]TuHEPIWEPSWRMySWUYIPEVITMXER0YIKS
WITjVIPEIRPEWHSWTEPEFVEWUYIPEJSVQER

)NIQTPSW
/EUGLMOIP
OM\E[YGLOM\E[YGLOM\E[MOM\E[MOE\PER[m]OE\PER[m]
QIUmR]EQIUmR]ES\PENYNS\PENYNVE\OINVE\OIN

)WTEySP
WEPZEZMHEW  WEPZEZMHEW  GYFVIGEQE GYFVIGEQE
VSQTIGEFI^EW  VSQTIGEFI^EW IWTERXETjNEVSW IWTERXETjNEVSW

7IKQIRXERHSSVEGMSRIW
0IEYRESVEGMzR4uHEPIEPSWRMySWUYIPEVITMXER]UYIZE]ERIPMQMRERHSTEPEFVETSVTEPEFVEIQTI
^ERHSTSVIPREP 

)NIQTPSW
+EFMXMIRIYRFSRMXSKEXS
+EFMXMIRIYRFSRMXS
+EFMXMIRIYR
+EFMXMIRI
+EFM

4EVETVEGXMGEVPEQERMTYPEGMzRHIWSRMHSW
)PMQMREVWSRMHSW
(MKEYRETEPEFVE]YRWSRMHSUYIIPRMySHIFIIPMQMREV4MHEEPSWRMySWUYIHMKERPETEPEFVEWMRIPWSRMHS

)NIQTPSW
QETEIPMQMREVPEQ ETE PEREIPMQMREVPEP ERE
ZISIPMQMREVPES ZI  EWIEIPMQMREVPEE WI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

2YIZEWTEPEFVEW
(MKEYRETEPEFVE]YRWSRMHSUYIIPRMySHIFIEKVIKEVEPMRMGMSIRQIHMSSEPREP4MHEEPSWRMySWUYIHMKER
PERYIZETEPEFVE

)NIQTPSW
EPQEEKVIKEVTEPMRMGMS TEPQE   EQEEKVIKEVGEPMRMGMS GEQE
EPIXEEKVIKEVPIQEPMRMGMS QEPIXE  TEXSEKVIKEVWIRXVIE]X TEWXS

%GEQFMEVWSRMHSW
(MKEYRETEPEFVE]YRWSRMHSUYIIPRMySHIFIGEQFMEV4MHEEPSWRMySWUYIHMKERPERYIZETEPEFVE

)NIQTPSW
TEPSGEQFMEVPEPTSVPEX  TEXS
TMyEGEQFMEVPEyTSVPEX  TMXE
TIPSXEGEQFMEVPEXTSVPER  TIPSRE
FEXEGEQFMEVPEFTSVPET  TEXE

*SVQIQSWTEPEFVEW
3VKERMGIEPSWRMySWIRTEVINEW4uHEPIEYRSHIIPPSWUYIHMKEYRJSRIQEPYIKSIPSXVSGSQTEyIVSHIFIVj
EKVIKEVSXVSJSRIQE4uHEPIWUYIGSRXMRIREWuTSVXYVRSWLEWXEUYINYRXSWJSVQIRTEPEFVEW

)NIQTPS
T
TE
TEX
TEXS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)\TPMUYIUYqIRXMIRHITSVGSRGMIRGMEJSRSPzKMGE
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

4
 VSTSRKEYREEGXMZMHEHUYIPITIVQMXEHIXIVQMREVWMYRRMySSRMyELEHIWEVVSPPEHSPEGSRGMIRGME
JSRSPzKMGE
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

%
 TPMUYIPEEGXMZMHEHTVSTYIWXEIRIPRYQIVEPERXIVMSVGSRHSWRMySWHITVMQIVKVEHS(IWGVMFEWY
I\TIVMIRGME]LEPPE^KSW0YIKSGSQTjVXEPEGSRYRGSQTEyIVS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

) WGVMFEYREEGXMZMHEHHMWXMRXEWEPEWMRHMGEHEWIRIPPMFVS TEVEXVEFENEVGEHEYREHIPEWHIWXVI^EW

VIPEGMSREHEWGSRIPHIWEVVSPPSHIPEGSRGMIRGMEJSRSPzKMGE

(IWXVI^E %GXMZMHEH

 (MWGVMQMREGMzR

 'SRXIS

 'SQFMREGMzR

 7IKQIRXEGMzR

 1ERMTYPEGMzR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SRSGMQMIRXSHIPTVMRGMTMSEPJEFqXMGS
)PTVMRGMTMSEPJEFqXMGSMRXIKVEIPGSRSGMQMIRXSHIPSWRSQFVIW]WSRMHSWHIPEWPIXVEW)WXELEFMPMHEHIWXj
VIPEGMSREHEGSRPEGETEGMHEHHIVIGSVHEVPEWJSVQEWHIPEWPIXVEWIWGVMXEW]WYWRSQFVIW EWuGSQSPSW
WSRMHSW0EGSRGMIRGMEJSRSPzKMGEGSRWXMXY]IYRJEGMPMXEHSVHIPTVMRGMTMSEPJEFqXMGSWMIPIWXYHMERXIWSPS
GSRSGIPEWPIXVEWWMRWEFIVPSUYIVITVIWIRXERRSXIRHVuEWIRXMHS6IPEGMSREVIPWSRMHSJSRIQE GSRPEW
PIXVEWKVEJuE PITIVQMXMVjEPIWXYHMERXIIRGSRXVEVPEWVIPEGMSRIWHIIWXEWIRPETEPEFVE

0EIRWIyER^EWMWXIQjXMGEHIPTVMRGMTMSEPJEFqXMGS GSQSPSEVQE0MRER8LSQTWSRIWYRIRJSUYIHI
PEIRWIyER^EHIPEPIGXSIWGVMXYVEUYIIRJEXM^EIRPEVIPEGMzRHIPIXVE]JSRIQEEWuGSQSPEVIPEGMzRHI
WSRMHSWGSRPEWVIKPEWKIRIVEPIWHISVXSKVEJuE 

7IKR7LEVI
7XVERSZMGL IR&SVVIVS PEQINSVQERIVEHIHIWGMJVEVYRETEPEFVEHIWGS
RSGMHEIWTVSGIWEVZMWYEPQIRXIPEWPIXVEW,EWXEIPPIGXSVI\TIVXSRIGIWMXEZSPZIVEIWXITEWSGYERHSWI
IRJVIRXEGSRTEPEFVEWRYIZEW

)WRIGIWEVMSUYIIPRMySTYIHEMHIRXMGEVZMWYEPQIRXIPEWPIXVEW4EVEIPPSEHIQjWHIEQFMIRXEVIPEYPE
GSRPEWPIXVEWHIPEPJEFIXSSPEWPIXVEWUYIWIIWXqRXVEFENERHS IPRMySHIFIXIRIVPESTSVXYRMHEHHI
QERMTYPEVPIXVEWGSRGVIXEW]EWIEHITPjWXMGSHIQEHIVEHIPMNEHIXEPQERIVEUYIIPRMySTYIHETIVGMFMV
ERMZIPXjGXMPPSWGuVGYPSWEVGSWPuRIEWSWIKQIRXSWHIPuRIEWUYIPEGSRJSVQER)WXEQERMTYPEGMzRHIPEW
PIXVEWIRXVIWHMQIRWMSRIWTIVQMXMVjUYIEPLEGIVPEVIPEGMzRGSRIPJSRIQEPEEFWXVEGGMzRHIPWuQFSPS
WIEQjWEHIGYEHE]JEGMPMXEVjPEMHIRXMGEGMzRHIPEWQMWQEWGYERHSIWXqRMQTVIWEWIRTETIP
  
'zQSHIWEVVSPPEVIPTVMRGMTMSEPJEFqXMGS
0SWIWXYHMERXIWRIGIWMXERETVIRHIVPEWHMJIVIRXIWVIPEGMSRIWIRXVIPSWWSRMHSWHIPLEFPE]PEWHMJIVIRXIW
KVEJuEWPIXVEW YXMPM^EHEWTEVEVITVIWIRXEVIPLEFPEHIYREQERIVEWMQFzPMGETYIWIWXIGSRSGMQMIRXSPS
ETPMGEVjRPYIKSEPEPIGXYVEHITEPEFVEWGSRSGMHEWSHIWGSRSGMHEWHIRXVS]JYIVEHIYRGSRXI\XSEHI
QjWTEVEETVIRHIVEPIIVTEPEFVEWMVVIKYPEVIW

(IFIIRWIyEVWIEPSWRMySWGzQSWSRPEWVIPEGMSRIWIRXVIPEWPIXVEW]PSWWSRMHSWUYIPEWTEPEFVEWIWGVM
XEWWIGSQTSRIRHITEXVSRIWHIPIXVEWIRVITVIWIRXEGMzRHIPSWWSRMHSWHIPEWTEPEFVEWLEFPEHEWUYI
TYIHIGSQFMREVPSWWSRMHSWTEVEPIIVTEPEFVEW]WIKQIRXEVTEPEFVEWIRWSRMHSWTEVEHIPIXVIEV'SRJSV
QIWIETVSTMERHIIWXIGSRSGMQMIRXSTYIHIRGSQFMREV]EKVIKEVWSRMHSWTEVEPIIV]IWGVMFMVTEPEFVEW
MRGPYWSERXIWHIHSQMREVXSHEWPEWTSWMFPIWVIPEGMSRIWIRXVIPEWPIXVEW]PSWWSRMHSW)WMQTSVXERXIUYI
IPIWXYHMERXIGSQTVIRHEUYIGSRJSVQITYIHEHIGSHMGEVSVIGSRSGIVPEWTEPEFVEWGSRVETMHI^]TVI
GMWMzRGSQTVIRHIVjWYWMKRMGEHS

4EVEHIWEVVSPPEVIPTVMRGMTMSEPJEFqXMGSIRPSWRMySWIWMQTSVXERXIXSQEVIRGYIRXEPSWMKYMIRXI
)WRIGIWEVMSIZEPYEVGYjRXEWPIXVEWTYIHIRETVIRHIVEPEWIQERE
)WMQTSVXERXIHEVWIKYMQMIRXSTEVEHIXIGXEVEUYIPPSWRMySWGY]SETVIRHM^ENIIWQjWPIRXS]EXIRHIV

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

PSWHIEGYIVHSEWYWRIGIWMHEHIW
0ESVKERM^EGMzRHIPEIRWIyER^EHIFIWIVWMWXIQjXMGE]I\TPuGMXEIWHIGMVUYIPEWGSVVIWTSRHIRGMEWIR
XVIPEWPIXVEW]PSWWSRMHSWHIFIRIRWIyEVWIIRYREWIGYIRGMENIVjVUYMGEMRMGMERHSTSVPEWQjWWIRGMPPEW
]GSRXMRYERHSGSRPEWGSVVIWTSRHIRGMEWSVIKPEWSVXSKVjGEWGEHEZI^QjWGSQTPINEW
)PETVIRHM^ENIHIGERGMSRIW NYIKSW]SXVEWEGXMZMHEHIWHMRjQMGEW JEZSVIGIRPEMRXIVMSVM^EGMzRHIPEW
JSVQEW]RSQFVIWHIPEWPIXVEW EWuGSQSHMWGVMQMREVPEWHMJIVIRGMEW]WMQMPMXYHIWIRPEWJSVQEW]PE
MHIRXMGEGMzRHIQE]WGYPEW]QMRWGYPEW
0EQEIWXVEHIFIQSXMZEVEPSWRMySWETVEGXMGEVPEIWGVMXYVEHIPEWPIXVEWUYIZERETVIRHMIRHSEHIQjW
UYII\TIVMQIRXIRGSRPEWGSQFMREGMSRIWIRXVIIWXEWTEVEJSVQEVTEPEFVEW]IRZMEVQIRWENIW
'SRJSVQIPSWRMySWWIETVSTMIRHIPEWVIPEGMSRIW VIEPM^EVjRIWXEWGSRI\MSRIWHIQERIVEMRHITIR
HMIRXI]TSGSETSGSHIQERIVEEYXSQjXMGE

&SVVIVS TVIWIRXEYREWIGYIRGMETEVEIPETVIRHM^ENIHIPTVMRGMTMSEPJEFqXMGSUYIWII\TPMGEIRPE

KYVE
*MKYVE7IGYIRGMETEVEIPETVIRHM^ENIHIPTVMRGMTMSEPJEFqXMGS

6IGMXEVSGERXEVIPEPJEFIXS
)RWIyEVIPEPJEFIXSEXVEZqWHIGERGMSRIWVMXQSWSVIGMXjRHSPSTEVE
JEGMPMXEVPEQIQSVMEWMQFzPMGEHIPRSQFVIEWSGMjRHSPSGSRPSWVEWKSW
JuWMGSWIPRSQFVI]IPWSRMHSHIPEPIXVE

%%WSGMEVPSWRSQFVIW &%WMKREVPSWWSRMHSW ')WGVMFMVPEWPIXVEW

EPEWPIXVEW
6IEPM^EVEGXMZMHEHIWTEVEUYI
PSWRMySWWIJEQMPMEVMGIRGSRIP
RSQFVIHIPEWPIXVEWHIPEPJEFIXS
EPEWPIXVEW
-RXIKVEVYREPIXVEEYREMQEKIR
UYIWIEPEGPEZIHIPWSRMHSUYI
VITVIWIRXE4VMQIVSGSRPEWZSGEPIW
]PYIKSPEWGSRWSRERXIW
4VEGXMGEVTVMQIVSIPXVE^SHIPE
PIXVE]PYIKSTYIHITEWEVWIEP
HMGXEHSHIPIXVEW

(IGSHMGEVTEPEFVEWGSRXI\XSGSRXVSPEHS

4VjGXMGEVPEHIGSHMGEGMzRHITEPEFVEWUYIMRXIKVERPEWPIXVEWIRYRXI\XS

)WGVMFMVTEPEFVEWGSRPEWPIXVEWMRXVSHYGMHEW
%7IKQIRXEVSHMZMHMV &%WMKREVYREPIXVEE ') WGVMFMVPEWTEPEFVEW
PETEPEFVEIRWYW GEHEWSRMHS IRPEWIGYIRGMEIR
JSRIQEWSWSRMHSW UYIWIIWGYGLERPSW
JSRIQEW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IEGYIVHSGSRPEWMRZIWXMKEGMSRIWHI=STT
7XETPIXSR YREZI^UYIPEWTIVWSREWHI
WEVVSPPER PE GSRGMIRGME JSRSPzKMGE ] IP TVMRGMTMS EPJEFqXMGS TYIHIR XVERWJIVMVPS EP ETVIRHM^ENI
HISXVSWMHMSQEW%HIQjWETEV XMVHIPSWIWXYHMSWUYIVIPEGMSRERPEGSRGMIRGMEJSRSPzKMGE]IP
TVMRGMTMSEPJEFqXMGSGSRSGMQMIRXSHIPEPIXVE WIMRJMIVIUYIIWXEWHSWLEFMPMHEHIWWSRPSWHSW
QINSVIWTVIHMGXSVIWHIUYIPSWRMySWETVIRHIVjREPIIVIRPSWHSWTVz\MQSWEySW.YIP
7XERSZMGL 4SVIWXSIWMQTSV XERXIIRWIyEVWMWXIQjXMGE]I\TPuGMXEQIRXIEPSWRMySWEEWS
GMEVPSWJSRIQEWGSRPEWPIXVEW

)WMQTSVXERXIUYIPSWQEIWXVSWMHIRXMUYIRPSWGSRSGMQMIRXSW]HIWXVI^EWUYIXMIRIRPSWRMySWEP
MRKVIWEVETVMQIVKVEHS(IIWXEQERIVEWMYRRMySSRMyERSTEWzTSVYRTVSGIWSHIHIWEVVSPPS
HIPEPIGXSIWGVMXYVEIQIVKIRXIIPHSGIRXIIWXEVjIRPEGETEGMHEHHIETS]EVPSGSRIWXVEXIKMEWUYI
PITIVQMXERMRMGMEVIPTVSGIWSHIETVIRHM^ENIHIPEPIGXSIWGVMXYVE)RIPGEWSTEVXMGYPEVHIPTVMRGMTMS
EPJEFqXMGSWIVIUYMIVIUYIIPRMySXIRKEGSRGMIRGMEHIPPIRKYENIIWGVMXS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IWEVVSPPSHIPTVMRGMTMSEPJEFqXMGS
6IGMXEVSGERXEVIPEPJEFIXS
4MHEEWYWIWXYHMERXIWUYIVITMXERPEWPIXVEWHIPEPJEFIXSEXVEZqWHIGERGMSRIWVMXQSWSVIGMXjR
HSPS

%WSGMEVPSWRSQFVIWGSRPEWPIXVEW
4VITEVIYRGEV XIPGSRPEWPIXVEWHIPEPJEFIXSTVMQIVSPEPIXVEWQE]WGYPEW]PYIKSPEWQMRWGYPEW
1YqWXVIPIWIPGEV XIPEPSWRMySW]I\TPuUYIPIWUYIPEWHSWJSVQEWVITVIWIRXERPEQMWQEPIXVE

%WMKREVPSWWSRMHSWEPEWPIXVEW
4VITEVI XEVNIXEW GSR IP EPJEFIXS MPYWXVEHS 'EHE XEVNIXE HIFI XIRIV YRE PIXVE HIP EFIGIHEVMS ]
YREMQEKIRUYIWIEPEGPEZIHIPWSRMHSUYIVITVIWIRXE-RMGMIGSRPEWZSGEPIW]PYIKSTEWIEPEW
GSRWSRERXIW4EVEUYIPSWRMySWEWSGMIRIPWSRMHSGSVVIWTSRHMIRXIEGEHEPIXVETuHEPIWUYITVS
RYRGMIRIPWSRMHSHIGEHEPIXVE

)WGVMFEQSWPEWPIXVEW
 4MHEEPSWRMySWUYITVEGXMUYIRIPXVE^SHIPEPIXVEIRPEEVIREIRIPIWGVMXSVMSIRIPEMVIY
SXVEWWYTIVJMGMIWGSRIWTEGMSWMPMQMXEHSW0YIKSTuHEPIWUYITVEGXMUYIRIPXVE^SHIPEPIXVEIR
TETIPYSXVEWYTIVJMGMI
 6IEPMGIHMGXEHSWHIPEWPIXVEWUYIZERETVIRHMIRHSQMRWGYPEW]QE]WGYPEW 

*SVQIQSWTEPEFVEW
 )NIVGMXIPEIWGVMXYVEHITEPEFVEWGSRQEXIVMEPGSRGVIXSTYIHIYXMPM^EVYREPJEFIXSQzZMPPIXVEW
TPjWXMGEWXEVNIXEWGSRHMZIVWEWPIXVEWIRQE]WGYPEW]QMRWGYPEW
 (MKEYRETEPEFVE]TMHEEPSWIWXYHMERXIWUYIPEJSVQIRGSRWYWEPJEFIXSWQzZMPIW
 (INIUYIIPPSWJSVQIRSXVEWTEPEFVEWPMFVIQIRXI
 4VSTSVGMSRIEPKYREWPIXVEWEPSWRMySWTEVEUYIIPPSWMHIRXMUYIRPETEPEFVEUYIWIJSVQEGSRIPPEW

%TVIRHEQSWEHIGSHMJMGEV
'YERHS PSW PIGXSVIW IQTMI^ER IR IWXE LEFMPMHEH HI HIGSHMJMGEV EP TVMRGMTMS QMIRXVEW PPIKER E
HSQMREVHIPXSHSPEEYXSQEXM^EGMzRHIPTVSGIWSIWRIGIWEVMSFVMRHEVPIWIWXVEXIKMEWHIHIGSHMJM
GEGMzRUYIPIWTIVQMXERETVSTMEVWIHIPTVSGIWS)WXITVSGIWSVIUYMIVIHIZEVMEWIWXVEXIKMEWHI
FMHSEPESV XSKVEJuEHIPEWTEPEFVEW'YERHSIPRMySIRGYIRXVIEPKYREHMJMGYPXEHTEVEHIGSHMJMGEV
IWMQTSV XERXIHEVPIPEWWMKYMIRXIWSVMIRXEGMSRIW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 4VMQIVSTIHMVPIUYIHIPIXVIIPETEPEFVE
 0YIKSTuHEPIUYIMHIRXMJMUYIGYjPIWPIXVEWHIIWXETEPEFVE]EGSRSGI
 4uHEPIUYITMIRWIWMIWETEPEFVEWITEVIGIESXVEUYI]EGSRSGI
 7SPMGMXIUYIHMZMHEPETEPEFVEIRWuPEFEW
 4uHEPIUYITVSRYRGMIIPWSRMHSMRMGMEPHIPETEPEFVE]WMKEPI]IRHSPESVEGMzRTVIKRXIPIUYq
TEPEFVETSHVjWIV#GYjPPIHEWIRXMHSEIWXESVEGMzR#

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(MWGYXEGSRWYWGSQTEyIVSWIRUYqGSRWMWXIIPTVMRGMTMSEPJEFqXMGS]ERSXIEFENSPEWMHIEWTVMRGM
TEPIW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

'SRZIVWIGSRWYWGSQTEyIVSWEGIVGEHIPEVIPEGMzRIRXVIIPTVMRGMTMSEPJEFqXMGS]PEGSRGMIRGME
JSRSPzKMGE%RSXIWYWMHIEWIRPEWWMKYMIRXIWPuRIEW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6IWTSRHETSVUYqIWMQTSVXERXIXVEFENEVIPTVMRGMTMSEPJEFqXMGS]PEGSRGMIRGMEJSRSPzKMGEGSRPSW
RMySW#
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

)RXVIZMWXIEYRHSGIRXIHITVMQIVKVEHSIRVIPEGMzRGSRPEWEGXMZMHEHIWUYIVIEPM^EGSRWYWIWXY
HMERXIWTEVEHIWEVVSPPEVIPTVMRGMTMSEPJEFqXMGSEYRUYIRSPSYXMPMGIGSRIWXIRSQFVI 'SQTEVIPEW
VIWTYIWXEWHIPHSGIRXIGSRPEWIGYIRGMETEVEIPETVIRHM^ENIHIPTVMRGMTMSEPJEFqXMGSUYITVSTSRI
&SVVIVS]UYIWITVIWIRXEIRIWXIGETuXYPS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

7IPIGGMSRIYREHIPEWEGXMZMHEHIWTVSTYIWXEWIRIPFERGSHIEGXMZMHEHIWTEVEHIWEVVSPPEVIPTVMRGMTMS
EPJEFqXMGS%TPuUYIPEGSRIWXYHMERXIWHITVMQIVKVEHS0YIKSHIWGVMFEWYI\TIVMIRGME
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

%
 WTIGXSW HIP PIRKYENI UYI HIFIR XSQEVWI IR GYIRXE EP XVEFENEV IP TVMRGMTMS
EPJEFqXMGS]PEGSRGMIRGMEJSRSPzKMGE
7IVVERS VIIVIUYIWIKRPEWMRZIWXMKEGMSRIWHIPSWPXMQSWEySWPSWWMWXIQEWSVXSKVjGSW
XVERWTEVIRXIWWSRQjWJjGMPIWHIETVIRHIVUYIPSWSTEGSW;MQQIV]1E]VMRKIV>MIKPIV4IVV]
1E;]EXX0EHRIV]7GLYPXI/}VRI 0SWWMWXIQEWGSRSVXSKVEJuEXVERWTEVIRXIWSREUYIPPSWIR
PSWUYITVIHSQMRERPEWGSVVIWTSRHIRGMEWPIXVEWSRMHSYRSEYRSQMIRXVEWUYIIRPSWWMWXIQEWSTE
GSWI\MWXIRQYGLEWPIXVEWEPEWUYIPIWTYIHIRGSVVIWTSRHIVZEVMSWJSRIQEW]ZMGIZIVWE)PIWTEySP]
PSWMHMSQEWQE]EWWSRGSRWMHIVEHSWMHMSQEWXVERWTEVIRXIWERGYERHSWIIRGYIRXVEREPKYRSWGEWSW
IRPSWUYIEYREPIXVEPIGSVVIWTSRHIRHSWJSRIQEWSEYREPIXVERSPIGSVVIWTSRHIRMRKRWSRMHS

)RIPGEWSHIPSWMHMSQEWLEFPEHSWIR+YEXIQEPE-HMSQEWQE]EW\MROEKEVuJYRE]IWTEySP IPWMWXIQE

JSRSPzKMGSIWXjGSQTYIWXSTSVZSGEPIW]GSRWSRERXIW

0EWPIXVEW
+VEJuE IWIPRSQFVIIWTIGMEPM^EHSUYIVIGMFIRPSWWMKRSWKVjGSWUYIGSQRQIRXIPPEQEQSW
PIXVEW4SVPSXERXSIRVMKSVWSPSTYIHIRGSRWMHIVEVWIPIXVEWPSWWMKRSWSVXSKVjGSWWMQTPIW3VXSKVE
JuEHIPEPIRKYEIWTEySPETjK %GSRXMRYEGMzRWITVIWIRXERPEWPIXVEW]WYWVIWTIGXMZSWRSQFVIW

  8EFPE--0IXVEWHIPEPJEFIXSIRIWTEySP]WYWRSQFVIW
0IXVE % & ' ( ) * + , -

2SQFVI E FI GI HI I IJI KI LEGLI M

0IXVE . / 0 1 2 g 3 4 5

2SQFVI NSXE OE IPI IQI IRI IyI S TI GY

0IXVE 6 7 8 9 : ; < = >

HSFPI
2SQFVI IVVI IWI XI Y YZI IUYMW ]I ^IXE
YZI

)RPEXEFPEERXIVMSVRSETEVIGIPEGLTSVINIQTPSIWXSWIHIFIEUYIPEGL
IWYRHuKVEJS0SWHuKVEJSWWSRGSQFMREGMSRIWHIHSWPIXVEWUYIWIIQTPIER (uKVEJS
TEVE VITVIWIRXEV KVjGEQIRXI YR WSRMHS 0E WMKYMIRXI XEFPE QYIWXVE PSW )WYRKVYTSHIHSWPIXVEW
UYIVITVIWIRXERYRWSPS
HuKVEJSWIRIWTEySP WSRMHS)RIWTEySPPSW
HuKVEJSWWSRGLPPUYKY
HIPERXIHIIM ]VV

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

8EFPE---(uKVEJSWIRIWTEySP
(uKVEJS ', 00 66 +9)- 59)-

)NIQTPS GLSQTMTI PPERXE EVVS^ KYMXEVVE UYIWS

)RPEWMKYMIRXIXEFPEWITVIWIRXERPEWPIXVEW]HuKVEJSWIRMHMSQEWQE]EW]\MROE

8EFPE-:0IXVEW]HuKVEJSWIRMHMSQEWQE]EWKEVuJYRE]\MROE
-HMSQE 0IXVEW]HuKVEJSW
%OEXIGS EEEFGLGLIIILMMMNOOPQRSSSTUUVWXXX\X\X^X^YYY[\\L]
%GLM EEEFGLGLIIIMMMNOOPQRSSSTUUVWXXX^X^YYY[\]
%[EOEXIGS EEEFGLGLIIIMMMNOOO]O]PQRSSSTUUVWXXX\X\X^X^YYY[\\L]
/EUGLMOIP EmFGLGLIMxNOOPQRS}TUUVWXXX^X^Y[\]
'LSVXM EFGLGLIMNOOPQRSTVWXXX^X^Y[\]
'LYN EFGLGLILMNOOPQRRLSTVWXXX^X^Y[\]
-X^E EmEEFGLGLHIIIMMMNOOPQRSSSTTVWXXX^X^YYY[\]
-\MP EEEFGLGLHIIIMMMNOOPQRSSSTUVWXXXGLXGLX\X\X^X^YYY[\\L]
.EOEPXIOS EFGLGLILMNOOPQRRLSTUUVWXXX\X\X^X^Y[\\L]
5ERNSFEP EFGLGLILMNOOPQRSTUUVWXXX\X\X^X^Y[\\L]
5IUGLM EEEFGLGLIIILMMMNOOPQRSSSTUUVWXXX^X^YYY[\]
EEEFGLGLIIIMMMNOOO]O]PQRSSSTUUVWWLXXXGLXGLX\X\X^X^Y
1EQ
YY[\\L]
1STER EmEEFGLGLHIIIMMMNOOPQRSSSTTVWXXX^X^YYY[\]
4SOSQEQ EEEFGLGLILMMMMINOOPQRSSSTTVWXXX^X^YYYYE[\]
4SUSQGLM EEEFGLGLIIILMMMNOOPQRSSSTTUUVWXXX^X^YYY[\]
/MGLI EFGLGLIMNOOPQRSTUUVWXXX^X^Y[\]
7EOETYPXIGS EmEEFGLGLIIIMMMNOOPQRRLSSSTUUVWXXX^X^YYY[]
7MTEOETIRWI EEEFGLGLIIIMMMNOOO]O]PQRSSSTUUVWXXX^X^YYY[\]
8IOXMXIOS EEEFGLGLIIIMMMNOOO]O]PQRSSSTUUVWXXX\X\X^X^YYY[\\L]
8^YXYNMP EEEFGLGLIIIMMMNOOPQRSSSTUUVWXXX^X^YYY[\]
9WTERXIOS EEEFGLGLIIIMMMNOOPQRSSSTUUVWXXX^X^YYY[\]
+EVuJYRE EFGLHIJKLMOPQRySTVWXY[]
<MROE EGLIMLOOPQRSTW\XX^Y[]

*YIRXIW TEVEMHMSQEWQE]EW %GYIVHSW+YFIVREXMZSW2S  HIPHIRSZMIQFVIHI]2S  HIPHIQEV^SHI TEVE

KEVuJYRE)WXIVS1EVXuRI^.3 TEVE\MROEMRJSVQEGMzRTYFPMGEHETSVIP'SRWINSHIP4YIFPS<MROEHI+YEXIQEPE
2SWIMRGPY]IIPEPJEFIXS]HuKVEJSWIRGLEPGLMXIOSTSVUYIRSWIGYIRXEGSRPEMRJSVQEGMzRSGMEP

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0SWWSRMHSWSJSRIQEW
%GSRXMRYEGMzRWITVIWIRXEYREXEFPEUYIVIWYQIPEWKVEJuEWSPIXVEW]WYGSVVIWTSRHIRGMEGSRWSRMHSW
IRMHMSQEIWTEySP

8EFPE:'SVVIWTSRHIRGMEIRXVIPIXVEW]WSRMHSWIRIWTEySP
0IXVE *SRIQE )NIQTPS
E E ERXIW
F F FYIRS
G GESY O GEWEGSQIVGYEXVS
GGSRWSRERXI GPEZS

GREP FPSG

H H HIHS
I I IPIJERXI
J J JEPHE
K KESY K KEXS

KIM FMPMRKI
KGSRWSRERXI KVERHI
KEPREP ^MK^EK

KIM N KIWXS

L WMRWSRMHS LSPE
LEWTMVEHEGSQSIPWSRMHSHIPEN LjQWXIV

M M MKPIWME
N N NEQzR
O O OSEPE
P P PSHS
Q Q QE]E
R R RMHS
y y ySyS
S S TSGS
U )RPEWTEPEFVEWTVSTMEQIRXIIWTEySPEWSTPIREQIRXIEHETXEHEW
EPIWTEySPWSPSWIYXMPM^EJSVQERHSTEVXIHIPHuKVEJSUY

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0IXVE *SRIQE )NIQTPS

V V V GEVE
VTVIGIHMHEHIGSRWSRERXI EFVE^S
GSRPEUYIJSVQEWuPEFE
VREPHIWuPEFESHITEPEFVE SPIV
V VV VEQE
VMRMGMSHIWuPEFETVIGIHMHEHI IRVIHS
GSRWSRERXI
W W WjFEHS
X X XEVHI
Y Y YWEV
WMJSVQETEVXIHIPSWHuKVEJSWUY
SKYRSXMIRIWSRMHSTVSTMS
Z F FSRMXS
[ Y [IF
F /Y[EMX

\ \ OW XE\M

\ QM\XS
GSRWSRERXI
\ XzVE\
\ W \MPzJSRS
] M QY]
] FE]E
^ ^SWTEVELEFPERXIWUYIWIWIER ^ETEXS

^ ^ETSXI
%HETXEHEHI3VXSKVEJuEHIPEPIRKYEIWTEySPE )WTEyE%WSGMEGMzRHI%GEHIQMEWHIPE0IRKYE4TE

0EWHMEKSREPIWMRHMGERUYIPSERSXEHSGSVVIWTSRHIEYRWSRMHS

8EFPE:-'SVVIWTSRHIRGMEIRXVIHuKVEJSW]WSRMHSWIRIWTEySP
(uKVEJS *SRIQE )NIQTPS
GL GL GLSQTMTI

KYIM K KYMXEVVE

PP PPS]TEVELEFPERXIW]IuWXEW PPEQEV

UYIM O UYIWS

VV VV GEVVS

%HETXEHEHI3VXSKVEJuEHIPEPIRKYEIWTEySPE )WTEyE%WSGMEGMzRHI%GEHIQMEWHIPE0IRKYE4TE

0EWHMEKSREPIWMRHMGERUYIPSERSXEHSGSVVIWTSRHIEYRWSRMHS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 YjPIWIPSVHIRUYIHIFIWIKYMVWITEVEIRWIyEVPSW
'
WSRMHSW
4EVEHIRMVUYqWSRMHSWIRWIyEVTVMQIVS]GYjPIWHIWTYqWWITYIHIYWEV 'SVTYW
'SRNYRXSSQYIWXVEHI
GSQSGVMXIVMSPEJVIGYIRGMEHIWSRMHSWIWHIGMVGYjPIWWIYWERQjW]GYjPIW XI\XSWTVSGIHIRXIWHIP
QIRSW4SVINIQTPSPEWMKYMIRXIXEFPETVIWIRXEPEJVIGYIRGMEHIJSRIQEWHIP PIRKYENISVEPSIWGVMXS
IWTEySPGSRFEWIIRYRGSVTYWSVEP]YRSIWGVMXSUYITYIHIYWEVWIGSQS VIGSTMPEHSWHIJYIRXIW
ZEVMEHEWSVHIREHSW]
FEWITEVEHIRMVIPSVHIRHIIRWIyER^EHIPIXVEW]WSRMHSWIRPSWTVSGIWSW GPEWMGEHSWWIKRHI
HIEHUYMWMGMzRHIPEPIGXYVE XIVQMREHSWGVMXIVMSWHI
XEPQERIVEUYIWSFVI
IWEQYIWXVEIWTSWMFPI
8EFPE:--*VIGYIRGMEHIJSRIQEWIRIWTEySP VIEPM^EVIWXYHMSWIMRZIW
)WTEySPSVEP )WTEySPIWGVMXS XMKEGMSRIWPMRKuWXMGEWS
PMXIVEVMEW7jRGLI^ 
*SRIQE 'SVTYW *SRIQE 'SVTYW
I  E 
E  I 
S  S 
W  M 
M  W 
R  R 
VV  VV 
X  P 
P  H 
O  X 
H  O 
Q  Y 
Y  Q 
T  T 
F  F 
^  ^ 
K  K 
N  V 
\  J 
J  \ 
V  N 
GL  y 
y  GL 

*YIRXI1SVIRS%8SVVI('YVXS2
HIPE8SVVI6 -RZIRXEVMSHIJVIGYIRGMEWJSRqQMGEW]WMPjFMGEWHIPGEWXIPPERSIWTSRXjRIS]IWGVMXS-:
.SVREHEWIR8IGRSPSKuEHIP,EFPE1EHVMH9RMZIVWMHEH%YXzRSQEHI1EHVMH )RIWXEXEFPEPEJVIGYIRGMEIWXjI\TVIWEHEGSQSTSVGIRXENI 

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4EVXMGYPEVMHEHIWHIPIWTEySPTEVEXSQEVWIIRGYIRXEEPIRWIyEVEPIIV]IWGVMFMV
'YERHSIRWIyEQSWEPIIV]IWGVMFMVHIFIQSWXSQEVIRGYIRXEPEWGEVEGXIVuWXMGEWTVSTMEWHIPMHMSQEIRIP
GYEPIRWIyEQSW)RIPGEWSHIPIWTEySPEZIGIWRSWIRGSRXVEQSWGSREPKYREWTIGYPMEVMHEHIWUYITYIHIR
GSRJYRHMVEPSWRMySWTSVIWSEGSRXMRYEGMzRWIEFSVHEREPKYRSWHIIWXSWEWTIGXSW

0ETVSRYRGMEGMzRHIEPKYRSWWSRMHSW
%TIWEVHIUYIIPIWTEySPIWYRMHMSQEXVERWTEVIRXIIWHIGMVIRKIRIVEPEGEHEPIXVEPIGSVVIWTSRHIYR
WSRMHS]ZMGIZIVWELE]EPKYREWPIXVEWGSQSPE\ UYIXMIRIRZEVMSWWSRMHSW]WSRMHSWUYITYIHIRIWGVM
FMVWIGSRZEVMEWPIXVEWGSQSIPWSRMHSWUYITYIHIVITVIWIRXEVWIGSRPEWPIXVEW^WSG %GSRXMRYEGMzR
WITVIWIRXEYREKVjGEUYIIRYQIVEEPKYRSWGEWSWIWTIGMEPIW1jWEHIPERXIWII\TPMGERGSRQjWHIXEPPI

+VjGE4EVXMGYPEVMHEHIWIRPETVSRYRGMEGMzRHIPIWTEySPIR+YEXIQEPE

4EVXMGYPEVMHEHIWIRPE
TVSRYRGMEGMzRHIP
IWTEySPIR+YEXIQEPE

7IWIS =IuWQS 9RWSRMHSVITVIWIRXEHS

W^GIM GSRYR ]]PPGSRYR TSVZEVMEWPIXVEWSYRE
QMWQSWSRMHSIPHI QMWQSWSRMHSIPHI PIXVEXMIRIZEVMSW
PEW PE] WSRMHSW

)PWIWIS
'SRWMWXIIRUYIRSLEGIQSWHMJIVIRGMEIRXVIIPWSRMHSYXMPM^EHSTEVEVITVIWIRXEVEPEW]PE^8EQ
TSGSHIPEGGYERHSWYIREGSQS^IWHIGMVGYERHSWIEGSQTEyEHIGI]GMTSVINIQTPSGIFSPPE
]GMQMIRXS)RXSHSWPSWGEWSWERXIVMSVIWYWEQSWYRWSPSWSRMHSIPHIPEWTSVIWSWIPPEQEWIWIS

)P]IuWQS
0SWKYEXIQEPXIGSW]SXVSWLEFPERXIWHIPIWTEySPYWEQSWIPWSRMHSHIPE]TEVEPE]]PEPPEIWXSWIPI
PPEQE]IuWQS

0SWWSRMHSWHIPEPIXVE\
3XVETIGYPMEVMHEHHIPIWTEySPUYIWIQERMIWXEIR1q\MGS]+YEXIQEPEIWPEZEVMIHEHHIWSRMHSWUYI
XMIRIPE\PEWMKYMIRXIXEFPEPSWIRYQIVE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

8EFPE:---7SRMHSWHIPE\IRIWTEySP
WSRMHS )NIQTPS
)RTSWMGMzRMRXIVZSGjPMGESEREPHI OW E\MPE
TEPEFVE VIPE\
)RTSWMGMzRREPHIWuPEFEWIKYMHEHI I\GSQFEXMIRXI
GSRWSRERXI 
)REPKYRSWRSQFVIWHIPYKEVIWRSQFVIW] N 1q\MGS3E\EGE8I\EW
ETIPPMHSWWIGSRWIVZEPESVXSKVEJuEEVGEMGE <MQqRI^

)RTSWMGMzRMRMGMEPHITEPEFVE W \MPzJSRS

7SRMHSWHIPE\IRIWTEySPGSRIXMQSPSKuEQE]E
N <MSXISNMSXINMSXI
WL)RXSTzRMQSWHI <IPE
SVMKIRRjLYEXPSQE]E 
WL <SPGSWLSPOS
OW 2M\XEQEP
W 1M\GSWGLMPIW
&EWEHSIRPE3VXSKVEJuEHIPEPIRKYEIWTEySPE)WTEyE%WSGMEGMzRHI%GEHIQMEWHIPE0IRKYE

)PGEWSHIPEL
8EQFMqRHIFIXSQEVWIIRGYIRXEUYIIRKIRIVEPPELRSXMIRIWSRMHS

8EFPE-<)PWSRMHSHIPEL
7I
7YIRE 4SVUYI )NIQTPS
IWGVMFI
L 2SWYIRE 4SVIPSVMKIRHIPETEPEFVE LS]LjFMPI\LMFMVIRPEXuRWIIWGVMFuER
GSRL
LIVVEQMIRXEUYIZMIRIHIJIVVEQMIRXE
]LYVXSHIJYXYQWIIWGVMFuERGSRJIR
PEXuR]WIXVEWJSVQzIRL 
EPLENEEPQSLEHELEWXEHIPjVEFI 
L GSQSN 4VSZMIRIRHISXVSWMHMSQEW LjQWXIVZMIRIHIPEPIQjR
%PKYRSWRSQFVIHIPYKEVIWTSVIP ,E[EM,SRK/SRK
SVMKIRHIPETEPEFVE
LSN 0EQMWQETEPEFVE 7IEGITXEPEIWGVMXYVEGSRNSGSRL NEPEVLEPEVLEPzRNEPzR
TYIHIIWGVMFMVWIGSR
LSN
LYELYI 'SQSK 'EWMXSHEWPEWTEPEFVEWGSRLYE LYIWSLYIZSGLMLYELYELYMTMP
LYM LYILYMWSRTVqWXEQSWHIPIRKYEW LYEGEPELYMWUYMP
EQIVMRHMEW
&EWEHSIRPE3VXSKVEJuEHIPEPIRKYEIWTEySPE)WTEyE%WSGMEGMzRHI%GEHIQMEWHIPE0IRKYE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PWSRMHSF
0SW KYEXIQEPXIGSW IR TEVXMGYPEV ] QYGLSW SXVSW LEFPERXIW HIP IWTEySP IR KIRIVEP YWER F ] Z TEVE
VITVIWIRXEVIPQMWQSWSRMHSF8EQFMqRWIYWEIWIWSRMHSGSRQYGLEWTEPEFVEWUYIWIIWGVMFIRGSR
[4SVSXVETEVXIPEWTEPEFVEWUYIWIIWGVMFIRIRIWTEySPGSR[WMIQTVITVSZMIRIRHISXVSMHMSQE

8EFPE<7SRMHSF
7IIWGVMFIZ ZMPPEZEWSZMREKVI

7IIWGVMFIF FSXEFEPWEFMRKS

7IIWGVMFI[ /Y[EMX,SPP][SSH

)PWSRMHSY
)PJSRIQEYTYIHIVITVIWIRXEVWIGSRPEYSGSRPE[

8EFPE<-)PWSRMHSY
7IIWGVMFI 7ITVSRYRGME )NIQTPSW
Y Y YyEYRSQYyIGEQYIGE
[ Y ;MPJVIHS;EKRIV
YIRKYI]KYM 2SWITVSRYRGME)WYRWMKRS
KVjGSUYIRSVITVIWIRXE KYMXEVVEKYIVVENYKYIXI
0EKYJSVQEYRHuKVEJSUYIWIYRIEIMTEVEJSVQEV
WSRMHSTVSTMSIRKYIKYM
PEWWuPEFEWKYISKYM
7IIWGVMFIIRKIKM PMRKuWXMGEKMWUYMP
Y
ERXMKIHEH
0EHMqVIWMWWMVZITEVEMRHMGEVUYIPEYWuWITVSRYRGME

)PWSRMHSN
0ENXMIRIIPWSRMHSNERXIGYEPUYMIVZSGEPPEKTYIHIWYIREGSQSNGYERHSJSVQEYREWuPEFEGSRPE
ISGSRPEMPEQMWQEKWYIREKGSRPEESY(IXEPQERIVEUYININMKIKMWITVSRYRGMERNINMTSV
IWSQYGLSWIWXYHMERXIWWIGSRJYRHIR0EWMKYMIRXIXEFPEVIWYQIINIQTPMGE]WYFVE]EPSWGEWSWUYI
HERGSRJYWMzR

 8EFPE<--:EVMEGMSRIWHIPEK]N
7IIWGVMFI 7ITVSRYRGME INIQTPSW
XINMHSNIJINMVEJENEFzRNEQzRNS]E
NGSRGYEPUYMIVZSGEP N
XVEFENEVHMNSFSN
KGSRIM N KIRXIKMVEV

KGSRESY K KEXSKSXEKYWXS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PWSRMHSO
8EFPE<---)PWSRMHSO
7IIWGVMFI )NIQTPSW

GERXIWHIESY GEWETSGS

GERXIWHIGYEPUYMIVGSRWSRERXI ERqGHSXEXqGRMGS
GEPREPHIYRETEPEFVEIRZSGIWSRSQEXSTq]MGEWS
GPMGXMGXEGGLMG
XSQEHEWHISXVSWMHMSQEW

UYERXIWHIIM UYIWSUYIVIVIWUYMREQIyMUYI

FMOMRMOqXGLYTHIPMRKPqW
FROIVOjMWIVHIPEPIQjR
OERXIWHIGYEPUYMIVZSGEPIRTEPEFVEWIWTIGMEPQIRXIIR OIVQqW]OMSWGSHIPJVERGqW
RSQFVIWHIPYKEVIW]TIVWSREWXSQEHEWHISXVSWMHMSQEW OEVQEHIPWjRWGVMXS
OM[MOSEPE%PEWOE/IRMEOMPSQIXVSOMPSKVEQS
SXVSWMHMSQEW

UYTEVEVITVIWIRXEVHSWWSRMHSWOYWSPSIRGEWSW
UYzVYQ
I\GITGMSREPIWIREHETXEGMSRIWHITEPEFVEWIRPEXuR

GO]GU
%YRGYERHSIWXIWSRMHSRSIWTVSTMSHIPIWTEySPEZIGIW
VSGO&qGUYIV
WIYWETEVEVITVIWIRXEVIPWSRMHSOTEVEIWGVMFMVTEPEFVEW
UYILERWMHSXSQEHEWHIPMRKPqWEPIQjRJVERGqWIMXEPMERS

'SQFMREGMzRGG
0EGSQFMREGMzRGGWITVSRYRGMEOW GYERHSZEWIKYMHEHIPEMSHIPEIINIQTPSWEGGMzR]EGGIWS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*PYMHI^
0EYMHI^IWYRSHIPSWJEGXSVIWQjWMQTSVXERXIWTEVEHIWEVVSPPEVPEGSQTVIRWMzRHIPIGXYVE 4EVE
6EWMRWOM IR&SVVIVS PEYMHI^GSRUYIWIPIIIWIPTYIRXIIRXVIPEHIGSHMGEGMzR
]PEGSQTVIRWMzRHIPIGXYVE7MRIQFEVKSQYGLEWZIGIWRSWIHIHMGEXMIQTSIRIPEYPETEVEHI
WEVVSPPEVPE)WXEWMXYEGMzRMRGMHIIRIPHIWIQTIySHIPSWIWXYHMERXIWGSQSPIGXSVIW]EUYIWMPIIR
HIPIXVIERHS]WYI\TVIWMzRSIRXSREGMzRIWHIGMIRXIIWHMJuGMPUYIIPRMySGSRWXVY]EIPWMKRMGEHS
VIGYIVHIPSPIuHS]TYIHEVIPEGMSREVPEWMHIEWTVIWIRXEHEWIRIPXI\XSGSRSXVSWGSRSGMQMIRXSW

4EVEHIWEVVSPPEVPEYMHI^PIGXSVEPSWRMySWHIFIRTVMQIVSETVIRHIVEHIGSHMGEV]PYIKSTVEGXMGEV
LEWXEUYIIWXITVSGIWSWIEEYXSQjXMGS7SPSTSHIQSWTVIWXEVEXIRGMzREYREGSWEEPEZI^TIVS
TSHIQSWTVSGIWEVZEVMEWWMHSQMREQSWEYXSQjXMGEQIRXIPEQE]SVuEHIIPPEWTSVPSGYEPRSXIRI
QSWUYITSRIVPIWEXIRGMzR0E&IVKI
7EQYIPW 

9RRMySEPGER^EPEYMHI^PIGXSVEGYERHSPIIGSRTVIGMWMzRI\TVIWMzREHIGYEHEPIIVGSRIRXSRE
GMzR]VMXQS ]ZIPSGMHEH0ETVIGMWMzRMRHMGEIPGSRSGMQMIRXSHIPEVIPEGMzRIRXVIPIXVEW]WSRMHSW
UYITIVQMXIRPEGSHMGEGMzR]HIGSHMGEGMzRPEI\TVIWMzREHIGYEHEMRHMGEUYIIPPIGXSVZEMRXIVEG
XYERHS]GSQTVIRHMIRHSIPXI\XSUYIPII]PEZIPSGMHEHEHIGYEHEIWIPMRHMGEHSVHIPEEYXSQEXM
GMHEHHIPIGXYVE

4EVEUYIYRPIGXSVPIEYMHEQIRXITSVPSQIRSWHIFITSHIVPIIVIP HIPEWTEPEFVEWHIPXI\XS
IWHIGMVWIVGETE^HIPIIVGSRVETMHI^HIJSVQEEYXSQjXMGE]TVIGMWE]IWXSPITIVQMXIGSRGIRXVEV
WIIRIPWMKRMGEHSHIPXI\XS0SWRMySWUYIQYIWXVERHMGYPXEHIWIRPEYMHI^KIRIVEPQIRXIIWXjR
TSGSQSXMZEHSWTEVEPIIV]XMIRIRHMGYPXEHTEVEGSQTVIRHIVXI\XSW

'zQSHIWEVVSPPEVPEYMHI^
4EVEHIWEVVSPPEVPEYMHI^IWRIGIWEVMSUYIPSWRMySWXIRKERPESTSVXYRMHEHHIIWGYGLEVQSHIPSW
HIPIGXSVIWYMHSWQEIWXVSWXI\XSWKVEFEHSWGSQTEyIVSWMRZMXEHSW]SXVSW %HIQjW:EYKLR]
0MRER8LSQTWSR GSQIRXERUYITEVEXVEFENEVPEYMHI^PSWQEIWXVSWRIGIWMXER

 &VMRHEVEPSWIWXYHMERXIWHMZIVWEWSTSVXYRMHEHIWTEVETVEGXMGEVPEPIGXYVESVEPIRJSVQEKYMEHE
]EGSQTEyEHEHIPEVIXVSEPMQIRXEGMzRRIGIWEVME
 (IXIVQMREVPSWRMZIPIWHIPIGXYVEHIPSWKVYTSWHIIWXYHMERXIWTEVESJVIGIVPSWXI\XSWEGSVHIW
EPRMZIPWYWMRXIVIWIW]PSWSFNIXMZSWHIPTVSKVEQE
 3VKERM^EVPETVjGXMGEHIPEYMHI^HIYREQERIVEWMWXIQjXMGE
 7YTIVZMWEV]GSQYRMGEVIPTVSKVIWSHIPIWXYHMERXIHIYREQERIVEGSRWXERXI

'SQSEVQE&SVVIVS YREHIPEWTVjGXMGEWQjWIJIGXMZEWIWPEPIGXYVEVITIXMHEHIYRQMWQS

XI\XS]EUYIIWXETIVQMXIEPGIVIFVSIPEFSVEVVqTPMGEWI\EGXEWHIPEWTEPEFVEWERMZIPRIYVSREPGSQS
WMJYIVERJSXSKVEJuEWPSGYEPJEGMPMXEIPVIGSRSGMQMIRXSMRQIHMEXS)RIWXIWIRXMHSWIGSRGPY]IUYIPE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

TVjGXMGEHIPIGXYVEVITIXMHEHIYRXI\XSGSRPEEHIGYEHEVIXVSEPMQIRXEGMzRHIPTVSGIWSTSVTEVXIHIP
HSGIRXIJEZSVIGIPEEHUYMWMGMzRHIPEYMHI^

0EPIGXYVESVEPKYMEHEIWYREHIPEWXqGRMGEWQjWVIGSQIRHEHEWTEVEHIWEVVSPPEVYMHI^ )WXEMRGPY]I
MRWXVYGGMzR]TVjGXMGEHIHIGSHMGEGMzR]IWXVEXIKMEWHIPIGXYVEGSRPEKYuEHIPQEIWXVS(MZMWMSRSJ
6IWIEVGLERH4SPMG] ,EWMHSHIQSWXVEHSUYIPEPIGXYVEKYMEHEXMIRIIJIGXSWTSWMXMZSWWSFVIPE
GSQTVIRWMzRPIGXSVEIRHMWXMRXSWKVEHSW]IHEHIW.MQqRI^ IXEP   %PKYREWVIGSQIRHEGMSRIW
TEVEVIEPM^EVIWXEPIGXYVEWSRPEWWMKYMIRXIW
 E7 IPIGGMSREVXI\XSWGSVXSWHIETEPEFVEWETVS\MQEHEQIRXI )PIWXYHMERXI]IPHSGIRXI
HIFIRXIRIVYREGSTMEHIPQMWQSXI\XS
 F) RIPTVMQIVQSQIRXSHIPEEGXMZMHEHIPHSGIRXIQSHIPEPIIIPXI\XSIRZS^EPXEGSREHIGYEHE
TVSRYRGMEGMzRZIPSGMHEHIRXSREGMzR]TYRXYEGMzR
 G) RIPWIKYRHSQSQIRXS PYIKSHIIWGYGLEVEPHSGIRXI IPIWXYHMERXIPIIIRZS^EPXEIPXI\XS )P
HSGIRXIIWGYGLEPEPIGXYVE]IRWYGSTMEZEERSXERHSPSWIVVSVIWUYIGSQIXIIPIWXYHMERXIEPPIIV
PEWTEPEFVEW
 H) PXIVGIVQSQIRXSIWPEVIXVSEPMQIRXEGMzRIRIPGYEPIPHSGIRXIGSRZIVWEGSRIPRMyS]PIGSQIRXE
GYjPIWJYIVSRWYWIVVSVIW
 I) RIPGYEVXSQSQIRXSIPRMySPIIRYIZEQIRXIIPXI\XSTSVPSQIRSWYREWGYEXVSZIGIWTSVGEHE
WIWMzRWMIQTVIVIGMFMIRHSVIXVSEPMQIRXEGMzRHIPHSGIRXI%RXIWHIVIXSQEVPEPIGXYVEIWMQTSV
XERXIUYIIPRMySXSQIGSRGMIRGMEHIPEWTEPEFVEWIRPEWUYIXMIRIHMGYPXEHSWMIWEGXMXYHWITSRI
RIVZMSWSWIHMWXVEI TEVEUYIIRGEHETVjGXMGEZIEGzQSZEETVSTMjRHSWIHIPTVSGIWS
 J) R IP TVSGIWS HI VIXVSEPMQIRXEGMzR IW RIGIWEVMS MV GSQIRXjRHSPI IR GEHE PIGXYVE WM LE] EPKR
TVSKVIWSTEVEUYIIPIWXYHMERXIWIWMIRXEQSXMZEHS
 K% PREPM^EVIPQSQIRXSHIPEVIXVSEPMQIRXEGMzR WIWYKMIVIGSRZIVWEVEGIVGEHIPGSRXIRMHSHIPE
PIGXYVE7SFVIUYqXIQEXVEXEIPXI\XS#5YqMRJSVQEGMzRSJVIGIIPXI\XS#)WYRXI\XSREVVEXMZS
MRJSVQEXMZS IXG#5YqEGGMSRIWVIPEXE#5YMqRIWWSRPSWTIVWSRENIW#(IIWEQERIVE IPHSGIRXI
SFXMIRIYREMHIEHIGzQSEZER^EPEGSQTVIRWMzR

3XVEWIWXVEXIKMEWVIGSQIRHEHEWTEVEHIWEVVSPPEVYMHI^WSR
 E0IGXYVEGSVEP
 F8
 IEXVSHIPIGXSVIW:EYKLR
0MRER8LSQTWSR
 G1
 IHMVIPTVSKVIWSHIPSWIWXYHMERXIWGEHEGYEXVSEWIMWWIQEREW]HEVPIWPEVIXVSEPMQIRXEGMzRRI
GIWEVME

0EWTVMQIVEWHSWIWXVEXIKMEWWII\TPMGERIPFERGSHIEGXMZMHEHIW 0EJSVQEQjWIGE^TEVEQIHMVPE
YMHI^IWTIHMVPIEGEHEIWXYHMERXIUYI HYVERXIYRQMRYXS PIEYRXI\XSUYIRSGSRS^GE 1MIRXVEW
IPIWXYHMERXIPIIIPHSGIRXIXSQERSXEHIPSWIVVSVIWHIHIGSHMGEGMzR0YIKSGEPGYPEIPRQIVSHI
TEPEFVEWGSVVIGXEWPIuHEWIRYRQMRYXS)RIPPMFVS,IVVEQMIRXEWHIIZEPYEGMzRIRIPEYPEHIPETjKMRE
E]IRPEUYMRXETEVXIHIIWXIPMFVSWII\TSRIGSQSQIHMVPEYMHI^YWERHSPE)ZEPYEGMzRFEWEHE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

IR'YVVuGYPS'&1'YVVMGYPYQ&EWIH%WWIWWQIRX 
)RPEWMKYMIRXIXEFPEWITVIWIRXERPSWMRHMGEHSVIWIWXMQEHSWHITEPEFVEWGSVVIGXEQIRXIPIuHEWIRZS^
EPXEEPXIVQMREVGEHEKVEHSIWGSPEV

8EFPE<-:-RHMGEHSVIWHIYMHI^WIKRIPKVEHS

+VEHS 4EPEFVEWGSVVIGXEWTSVQMRYXS

 ETEPEFVEWQMRYXS

 ETEPEFVEWQMRYXS

 ETEPEFVEWQMRYXS

8EFPEFEWEHEIRPSWVIWYPXEHSWHIPEETPMGEGMzRTMPSXSHI)&'IRIP]

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IWEVVSPPSHIPEYMHI^
0IGXYVEGSVEP
4VSTSVGMSRIEPSWRMySWYRQMWQSXI\XSTEVEPIIV INIVGMXIPEPIGXYVEIRGSVSIRJSVQEGSRNYRXEGSR
XSHSWPSWRMySW:EVuIPEIWXVEXIKMEIWXEFPIGMIRHSXYVRSWTEVEUYIYRRMySSRMyEHMVMNEPEPIGXYVEGSVEP

8IEXVSHIPIGXSVIW
&YWUYIYRKYMzRXIEXVEPEHIGYEHSEPEIHEHHIPSWRMySW%WuKRIPIYRTIVWSRENIEGEHEUYMqR]TuHEPIW
UYITVEGXMUYIRPEPIGXYVE1SHIPIPEPIGXYVEHIPKYMzRXIEXVEP]I\TPMUYIPEJYRGMzRHIPEWEGSXEGMSRIW]
JSVQEHIPXI\XSTEVEUYIPSWRMySWTYIHERVIGSRSGIVPSW4MHEUYIXSHSWZE]ERPI]IRHSWIKRWYXYVRS

0IGXYVEIRTEVINEW
&YWUYIYRPMFVSHIPIGXYVESPIGXYVEWWYIPXEWUYIWIERETVSTMEHEWTEVEPSWRMySW PYIKSJSVQITEVINEW
HIIWXYHMERXIW4MHEEPSWHSWRMySWUYIWIXYVRIRTEVEPIIV]QSRMXSVIIGSRWXERXIQIRXIPEYMHI^HI
PIGXYVEHIPEWTEVINEW

'EVVIVEHIPIGXYVE
 )PEFSVIXEVNIXEWHIPIXVEW8SQIYRTETIPSXEVNIXE]HMZuHEPSIRHSWGSPYQREW]WIMWPEW IRGEHE
IWTEGMSSGEWMPPEIWGVMFEPIXVEWTIVSIRPEWGEWMPPEWHIEFENSIWGVMFEMRMGMS]IRPESXVER
 )PEFSVIXEQFMqRXEVNIXEWGSRTEPEFVEWHIYRESHSWWuPEFEWGY]EPIXVEMRMGMEPIWXqIRPEWXEVNIXEWHI
PIXVEWHIPSWRMySW
 (IPIEGEHERMySYREXEVNIXEHIPIXVEW]HMI^XEVNIXEWGSRTEPEFVEW
 4uHEPIEGEHERMySUYIGSPSUYIYRETMIHVIGMXEYRKVERSSYRTETIPMXSIRPEGEWMPPEHSRHIHMGI-RMGMS
(uKEPIUYIXSQIYREXEVNIXEHITEPEFVEW]PEPIE PYIKS UYIZE]EPI]IRHSIRZS^EPXEGEHEYREHI
PEWPIXVEWHIWYXEVNIXEHIPIXVEWLEWXEIRGSRXVEVPETVMQIVEPIXVEHIPETEPEFVE'YERHSIRGYIRXVIPE
PIXVETuHEPIUYIPEPIEIRZS^EPXE]UYIGSPSUYIYRETMIHVIGMXEWSFVIPEPIXVE4SVINIQTPSWMXSQE
YREXEVNIXEUYIHMGITMIHIFIPIIVPIXVETSVPIXVEHIPEWGEWMPPEWLEWXEIRGSRXVEVPEPIXVET'YERHS
PPIKYIEPETHIFIHIGMVIRZS^EPXET]GSPSGEVPETMIHVIGMXEIRGMQEHIPEPIXVE'YERHSIPRMyS
PSKVIMHIRXMGEVXSHEWPEWPIXVEWMRMGMEPIWHIPEWHMI^XEVNIXEWGSRGPY]EIPNYIKS
 (IWTYqWLEKEIPQMWQSNYIKSTIVSYXMPM^ERHSWuPEFEW]TEPEFVEW

   

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

W Q


4MI 8 4


WE
1I T %

P 7

1 0

E X

-RMGMS *MR

'SQTIXIRGMEHIMRWXVYGGMSRIW
 4MHEEGEHERMySSRMyEUYIIWGVMFEYREMRWXVYGGMzRHIYRESHSWEGGMSRIWIRYRTETIP1I^GPIPSW
TETIPIW
 *SVQIHSWIUYMTSWHIIWXYHMERXIW UYMIRIWTSVXYVRSW YRSHIGEHEIUYMTS XSQEVjRYRTETIP
HMJIVIRXIPSPIIVjR]HIFIVjRWIKYMVPEWMRWXVYGGMSRIWIWGVMXEW
 )PRMySSRMyEUYIGSQTPIXITVMQIVSPSMRHMGEHSIRPEMRWXVYGGMzRKEREVjYRTYRXSTEVEWYIUYMTS

0IPISEQMJEQMPME
4MHEIRETS]SHIPSWTETjWTEVEUYIGEHEHuEIPRMySPIPIEYRXI\XSGSVXS0YIKSQSXuZIPSWEGSQIR
XEVIPGSRXIRMHSHIPEPIGXYVEIRJEQMPME

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)\TPMUYIGSRWYWTEPEFVEWTSVUYqIWMQTSVXERXIXVEFENEVPEYMHI^PIGXSVEGSRPSWRMySW
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

'VIIUYIWITYIHIXVEFENEVPEYMHI^GSRPSWRMySWHITVMQIVS#CCCCCCCCCCC
7MPEVIWTYIWXEIWWuI\TPMUYIGzQS7MPEVIWTYIWXEIWRSMRHMUYITSVUYq
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6
 IREWIGSRYRGSQTEyIVS 7IPIGGMSRIRYRETjKMREHIIWXIPMFVS]TVEGXMUYIRPEQIHMGMzRHIPE
YMHI^HIPIGXYVESVEP

4
 uHEPIEHSWIWXYHMERXIWHIWIKYRHSSXIVGIVSTVMQEVMEUYIPIERYRXI\XS]IZEPIWYYMHI^HI
PIGXYVE

3FWIVZEGMSRIW
%WTIGXSW
2MySSRMyE 2MySSRMyE

4VIGMWMzR

)\TVIWMzREHIGYEHEPIIV
GSRIRXSREGMzR]VMXQS

:IPSGMHEH

4
 VSTSRKEYREEGXMZMHEHUYIRSIWXqIRIWXIPMFVS TEVEINIVGMXEVPEYMHI^GSRPSWIWXYHMERXIWHI
TVMQIVSWIKYRHS]XIVGIVSTVMQEVME

+VEHS %GXMZMHEHTEVEHIWEVVSPPEVPEYMHI^







 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

:SGEFYPEVMS
7ILEHIQSWXVEHSUYIIPZSGEFYPEVMSIWXEVIPEGMSREHSGSRIPETVIRHM^ENIIRKIRIVEP]JEGMPMXEPEGSQ
TVIRWMzRHIXI\XSW)RSXVEWTEPEFVEWEQE]SVZSGEFYPEVMSSVEPSIWGVMXS QINSVGSQTVIRWMzRHIPXI\XS
.MQqRI^]GSPW )PGSRSGMQMIRXSHIPZSGEFYPEVMSJEZSVIGIPEGSQTVIRWMzRPIGXSVEHIPSWIWXYHMER
XIW]PEPIGXYVEJEZSVIGIPEEHUYMWMGMzRHIPZSGEFYPEVMS

4EVEHIWEVVSPPEVIPZSGEFYPEVMSPSWRMySW]PEWRMyEWRIGIWMXEREQTPMEVWYWGSRSGMQMIRXSWHIPEWTEPEFVEW
IWGVMXEW]LEFPEHEW IPWMKRMGEHSHIIWXEW ]GzQSWIYWER )PZSGEFYPEVMSWIETVIRHIIRPEQIHMHEIR
UYIWILEFPE]WIPIITSVUYIIWXjMQTPuGMXSIRIWXEWEGXMZMHEHIW'SQSMRHMGER0MRER8LSQTWSR]:EYKLR
 PSWIWXYHMERXIWUYIPIIRQjWXMIQTSIWXjRI\TYIWXSWEQjWGERXMHEHHITEPEFVEW]GSRIPPSMR
GVIQIRXERWYZSGEFYPEVMS'YERXSQE]SVWIERPEWMRXIVEGGMSRIWHIGEPMHEHETEVXMVHIPIGXYVEWHIPMFVSW
ERqGHSXEW]WMXYEGMSRIWHIZMHEIRXVIPSWRMySW]PEWTIVWSREWEHYPXEWQE]SVWIVjPEGERXMHEHHITEPEFVEW
RYIZEWETVIRHMHEW

8MTSWHIZSGEFYPEVMS
9RIWXYHMERXIHIFIXIRIVPELEFMPMHEHHITVSHYGMVYRETEPEFVEIWTIGuGETEVEYRWMKRMGEHSTEVXMGYPEV]
IRXIRHIVTEPEFVEWLEFPEHEWSIWGVMXEW (IEPPuUYITSHIQSWIRGSRXVEVGYEXVSXMTSWHIZSGEFYPEVMSUYI
WII\TPMGER]KVEGERQjWEFENS
:SGEFYPEVMSHIIWGYGLEGSVVIWTSRHIEPPIRKYENIHIPEIWGYGLEIWXIWIHIWEVVSPPEERXIWHITSHIVLEFPEV
:SGEFYPEVMSHILEFPEWIHIWEVVSPPEGYERHSIPRMySETVIRHIELEFPEV]HIWEVVSPPEYRZSGEFYPEVMSI\TVI
WMZSTEVEGSQYRMGEVWI
:SGEFYPEVMSHIPIGXYVEWIHIWEVVSPPEGYERHSIPRMySETVIRHIEPIIV
:SGEFYPEVMSIWGVMXSIPGYEPLEGIVIJIVIRGMEEPEWTEPEFVEWUYIWIYXMPM^ERIRPEGSQYRMGEGMzRIWGVMXE

*MKYVE8MTSWHIZSGEFYPEVMS

5HFHSWLYR ([SUHVLYR

(VFXFKD
KD +DEOD

/HFWXUD (VFULWXUD

5HFHSWLYR ([SUHVLYR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)WMQTSVXERXIGSRWMHIVEVUYIIRIPZSGEFYPEVMSHIIWGYGLE]HILEFPEVIGYVVIGSRQYGLEJVIGYIRGMEEP
ZSGEFYPEVMSGSPSUYMEPIWHIGMVIPTVSTMSHIYREGSRZIVWEGMzRMRJSVQEPTSVINIQTPSGLYGLSGLSQTMTI
GLEQFEGLERGIIXG1MIRXVEWUYIIRIPZSGEFYPEVMSHIPIGXSIWGVMXYVEIWYWYEPIPZSGEFYPEVMSQjWJSV
QEPTSVINIQTPSTIVVSTEZSXVEFENSTSWMFMPMHEHIXG0SWIWXYHMERXIWHIFIRTSHIVHMJIVIRGMEVIPYWS
HIYRS]SXVS0EIWGYIPEHIFITVSTMGMEVIWXIETVIRHM^ENIEPMRWMWXMVIRIPHSQMRMSHIPPIRKYENIJSVQEP
UYITVSFEFPIQIRXIIPIWXYHMERXIRSLEEHUYMVMHSIRGEWE

)PZSGEFYPEVMSSVEPWIJSVQEGSRPEWTEPEFVEWUYIPSWRMySWETVIRHIREPIWGYGLEVESXVSWLEFPEVGYER
HSPSWRMySWETVIRHIREPIIVETSVXERWYZSGEFYPEVMSSVEPTEVEGSQTVIRHIVIPIWGVMXS 0SWQEIWXVSW
HIFIRIRWIyEVZSGEFYPEVMSHIJSVQEI\TPuGMXETSVUYIGYERHSPSWIWXYHMERXIWWIIRJVIRXERERYIZEW
TEPEFVEWIWGVMXEW RSPEWIRXMIRHIRJjGMPQIRXI )RIWXEIRWIyER^EIWIWTIGMEPQIRXIXMPPEPIGXYVEHI
PMFVSWMRJERXMPIWTSVUYIWIKRPSWIWXYHMSWHI,E]IW]%LVIRW IWXSWYWERYR HITEPEFVEW
TSGSJVIGYIRXIWHMJIVIRXIWEPEWUYITYIHIRYXMPM^EVWIIRYREGSRZIVWEGMzRIWTSRXjRIEIRXVIEHYPXSW
]IRPSWTVSKVEQEWXIPIZMWMZSW

'zQSHIWEVVSPPEVIPZSGEFYPEVMS
7IKR(EPI LE]GYEXVSIXETEWIRIPGSRSGMQMIRXSHIPEWTEPEFVEW
 E0EWTEPEFVEWUYIRYRGEWILERSuHSERXIW
 F0 EWTEPEFVEWUYILERIWGYGLEHSTIVSUYIRSWIWEFIPSUYIWMKRMGER
 G0 EWTEPEFVEWGY]SWMKRMGEHSKIRIVEPWIGSRSGITIVSRSWITYIHIHIRMVHIYREQERIVEIWTIGu
GE
 H0 EWTEPEFVEWUYIWIGSRSGIRFMIR]WIIRXMIRHIIPWMKRMGEHS ]WITYIHIRYXMPM^EVIRHMJIVIRXIW
GSRXI\XSW

)WRIGIWEVMSTPERMGEV]FVMRHEVEPSWRMySWHMZIVWEWSTSVXYRMHEHIWTEVEETVIRHIVPSWWMKRMGEHSWHI
PEWTEPEFVEW)\MWXIRHSWJSVQEWHIHIWEVVSPPEVZSGEFYPEVMSUYIWIGSQTPIQIRXERIRXVIWu
 -QTPuGMXEQIRXIEXVEZqWHIGSRZIVWEV]HIPIIVXI\XSWEPSWRMySW
 )\TPuGMXEQIRXI EXVEZqWHIIRWIyEVTEPEFVEW TEVXIWHITEPEFVEWTVINSW WYNSW VEu^  GPEZIWHI
GSRXI\XSYSXSVKERHSHIRMGMSRIW

0SWQEIWXVSWHIFIRXSQEVIRGYIRXEUYIPSWIWXYHMERXIWEHUYMIVIRZSGEFYPEVMSJjGMPQIRXIGYERHS
TEVXMGMTEREGXMZEQIRXIIRPEWEGXMZMHEHIWHIETVIRHM^ENIEHIQjWRSXSHEWPEWTEPEFVEWRYIZEWUYITVI
WIRXEYRXI\XSTYIHIRWIVEFSVHEHEWGSRIWXVEXIKMEWIWTIGuGEW]EUYIIPZSGEFYPEVMSIWQY]I\XIRWS

(IELuPEMQTSVXERGMEHIPEWIPIGGMzR]PETVMSVM^EGMzRHITEPEFVEWRYIZEWHIFIGYMHEVWIUYIPEGSQ
TVIRWMzRHIWYWMKRMGEHSJEZSVI^GEPEGSQTVIRWMzRHIPXI\XSSXIQE )WXSTIVQMXMVjXVEFENEVGMIVXEW
TEPEFVEWGSRMRWXVYGGMzRIWTIGuGE QMIRXVEWUYITEVEIRXIRHIVSXVEW IPIWXYHMERXIGSQTVIRHIVjWY
WMKRMGEHSEXVEZqWHIPGSRXI\XSSVIPEGMSRERHSTVINSWSWYNSWMRGPYMHSWIRPETEPEFVETSVINIQTPS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0EIRWIyER^EHMVIGXEHIPZSGEFYPEVMSIWQY]MQTSVXERXITSVUYIEPKYREWTEPEFVEWRSTYIHIRPPIKEVE
WIVTEVXIHIPZSGEFYPEVMSWMRMRWXVYGGMzRHMVIGXEIWXEVIUYMIVIHIIWXVEXIKMEWWMWXIQjXMGEW]IWTIGuGEW
EHIGYEHEWEPEIHEH]EPEGETEGMHEHHIPPIGXSV

0MRER8LSQTWSR WYKMIVIPEWWMKYMIRXIWIWXVEXIKMEWHIIRWIyER^EHIZSGEFYPEVMS

 -RXVSHYGMVTEPEFVEWRYIZEWTVIZMS]HYVERXIYREGPEWISPIGXYVE
 )RWIyEVZSGEFYPEVMSRYIZSWMWXIQjXMGEQIRXI
 (EVSTSVXYRMHEHIWEPRMySHIMRXIVEGXYEVGSRIPXI\XS
 4VSZIIVHIPWMKRMGEHSHITEPEFVEWEXVEZqWHIHMWXMRXSWGEREPIWHIETVIRHM^ENI
 6IZMWEVWMWXIQjXMGEQIRXIIPWMKRMGEHSHITEPEFVEWYWSHIPHMGGMSREVMS 

%IWXSLE]UYIEKVIKEVPEMQTSVXERGMEHIIRWIyEVEPSWRMySWEPKYREWIWXVEXIKMEWUYITIVQMXIRGSQ
TVIRHIV]EQTPMEVIPZSGEFYPEVMS)WXEWWSR
 )RWIyEVTVINSWWYNSW]VEuGIWIMHIRXMGEVPSWIRPEWTEPEFVEWRYIZEW
 9WEVGPEZIWHIGSRXI\XSTEVEMHIRXMGEVIPWMKRMGEHSHITEPEFVEWMRJIVMVPSTSVPEWTEPEFVEWUYI
IWXjREPVIHIHSV 
 9WEVWMRzRMQSW]ERXzRMQSWGSQSYREJSVQEHIGSQTVIRHIVPEWTEPEFVEW
 9WEVQETEWWIQjRXMGSWUYISJVIGIRPETSWMFMPMHEHHIGSQTVIRHIVPEWGEVEGXIVuWXMGEWGPEZIHIYRE
TEPEFVESGSRGITXS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IWEVVSPPSHIPZSGEFYPEVMS
%QTPMEGMzRHIPZSGEFYPEVMSQIHMERXIPEPIGXYVEIRZS^EPXE
 7IPIGGMSRIYRXI\XSGSVXS8EQFMqRIRXVI]TEPEFVEWGPEZIVIPEGMSREHEWGSRIPXIQE
 -RMGMIPEPIGXYVEHIPXI\XSIRZS^EPXETMHEEPSWIWXYHMERXIWUYIIWGYGLIR]UYIPIZERXIRPEQERS
GYERHSSMKEREPKYREHIPEWTEPEFVEWGPEZI
 'YERHSPSWIWXYHMERXIWPIZERXIRPEQERSTuHEPIWUYIHMKERPETEPEFVE]PEHIRER
 %PXIVQMREVHIPIIVIPXI\XSWSPMGuXIPIWUYIHMKERSVEGMSRIWYXMPM^ERHSPEWTEPEFVEWGPEZI

4VIHIGMVGSRZSGEFYPEVMS
)WGSNEHIETEPEFVEWGPEZIHIPXI\XSUYIZEREPIIVTVIKYRXIEPSWIWXYHMERXIWWMPEWGSRSGIR
I\TPMUYIPEWTEPEFVEW0YIKSTMHEUYIIWGVMFERYRTjVVEJSSQjWUYITVIHMKEPEXVEQESXIQEHIP
XI\XSYXMPM^ERHSPEWTEPEFVEWHIPZSGEFYPEVMS

4EPEFEWGSR
 )WGVMFEYREPIXVEIRPETM^EVVE]TMHEUYITSVXYVRSWPSWRMySWZE]ERHMGMIRHSTEPEFVEWUYIIQ
TMIGIRGSRIWEPIXVEWMRVITIXMVPEW7MEPKYMIRVITMXIHIFIWEPMVHIPNYIKS
 6IZMWIPEWTEPEFVEWQEVUYIPEWQjWJVIGYIRXIWPEWGSRSGMHEW]PEWHITSGSYWSSWMKRMGEHSHIW
GSRSGMHS4VIKYRXIEPSWRMySWLERIWGYGLEHSIWXETEPEFVE#GSRUYqPEEWSGMER#UYqWMKRMGE#
UYqSVEGMSRIWTSHIQSWJSVQEVGSRIPPE#
 %RSXIIRYREIWUYMREHIPETM^EVVEXVIWSGMRGSTEPEFVEWHIPEWQIRSWJVIGYIRXIWTEVEUYIPEW
INIVGMXIRHYVERXIPEWIQERE
 )WXEEGXMZMHEHTYIHITVEGXMGEVWIGSRPEWWMKYMIRXIWZEVMERXIWTEPEFVEWUYIGSRXIRKERYREPIXVE
MRMGMEPYREWuPEFEYREPIXVEREPIRXVISXVEW

4EPEFVEWVIPEGMSREHEW
 )WGVMFEYRETEPEFVEIRPETM^EVVE0YIKSTMHEEPSWRMySWUYIHMKERTEPEFVEWUYIEWSGMERGSR
IWXEHYVERXIYRQMRYXS)NIQTPS'EVVSVYIHEWQSZMQMIRXSTEWENIVSWTMPSXSQSXSVZIRXEREW
KEWSPMRE
 4MHEEPSWIWXYHMERXIWUYIIRKVYTSWMRZIRXIRYRELMWXSVMEYXMPM^ERHSIWEWTEPEFVEW

4EPEFVEWETEVXMVHIPEFIGIHEVMS
7IPIGGMSRIYREPIXVEHIPEFIGIHEVMSTEVEUYIPSWRMySWHMKERTEPEFVEWUYIIQTMIGIRGSRIPPE%P
XIVQMREVPEVSRHEWIPIGGMSRISXVEPIXVE]EWuWYGIWMZEQIRXI

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4EVINEWHIERXzRMQSWSWMRzRMQSW
 4VITEVITEVINEWHIERXzRMQSW]WMRzRMQSWIRYRELSNE
 4MHEEPSWIWXYHMERXIWUYIPIERPETVMQIVETEPEFVEHIPEGSPYQREHIPEM^UYMIVHE]UYIFYWUYIR
IRPEGSPYQREHIPEHIVIGLEIPERXzRMQSSWMRzRMQSGSVVIWTSRHMIRXI
 8EQFMqRTYIHITVIWIRXEVIWXEWTEPEFVEWIRXEVNIXEWHITETIPSGEVXYPMREMPYWXVEHEWTEVEUYIIP
RMySPEWETEVII

7MRzRMQSWIROEUGLMOIP
 WmU PS\

 OSSP GLYXMR

 OEXmR QIUmR

 XMNMO [EMO

 GLMGL XI[

%RXzRMQSWIROMGLI
 XI[ OEXER

 TEUMN GLEUEF

 GLSQ FEU

 UIU WEU

%RXzRMQSWIRIWTEySP
 HIWTMIVXS RSGLI

 WYGMS REP

 HuE PMQTMS

 KVERHI HSVQMHS

 TVMRGMTMS TIUYIyS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

1IQSVMEHIWMRzRMQSW
 )PEFSVIXEVNIXEWGSRTEVINEWHIWMRzRMQSW
 *SVQIKVYTSWHIIWXYHMERXIW
 'SPSUYIFSGEEFENSXSHEWPEWXEVNIXEW
 )WXEFPI^GEYRSVHIRHITEVXMGMTEGMzR]HqPEWWMKYMIRXIWMRWXVYGGMSRIW IPRMySEUYMIRPIXSUYIIP
XYVRSPIZERXEYREXEVNIXEPEPII]PIZERXESXVEFYWGERHSIPWMRzRMQS7MEGMIVXEWIUYIHEGSRPETEVINE
HITEPEFVEWWMRSPEWZYIPZIEHINEVFSGEEFENS4EWEIPXYVRSEPWMKYMIRXI]EWuLEWXEUYIWIXIVQMRIR
PEWXEVNIXEW+EREIPUYIXIRKEQjWTEVINEWHITEPEFVEW

&YWGEVXuXYPSW
 4VIWIRXIKVYTSWHITEPEFVEWUYIKYEVHIRVIPEGMzR]TMHEEPSWIWXYHMERXIWUYIIWGVMFERYRXuXYPSTEVE
GEHEKVYTS

/EUGLMOIP

PIN mO GLmN
X^EUSR USSP OMWMW
WYFER TM] VE\GLI
[SX^SX^ QEQE PEQE
TM\XYR XYU X^MXI

)WTEySP

PPERXEW 1EVuE &PERGERMIZIW

XMQzR (ERMIPE 4YPKEVGMXS
FSGMRE 6SWE 'IRMGMIRXE
ZIRXEREW 0YGuE 6ETYR^IP
QSXSV 1EVMWSP

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

:EVuIIWXEEGXMZMHEHIWGVMFMIRHSIPXuXYPSTEVEUYIPSWIWXYHMERXIWFYWUYIRTEPEFVEWUYIWIVIPEGMSRIR
GSRqP

/EUGLMOIP
 5YXYR 7EQENMFmP %NMPEFmP

)WTEySP
 4PERXEW 1IWIW 'SPSVIW

4EPEFVEWVIPEGMSREHEW
)PMNEYRXIQE]IPEFSVIYREPMWXEHITEPEFVEWEPKYREWVIPEGMSREHEWGSRIPXIQE]SXVEWRS4MHEEPSW
IWXYHMERXIWUYIHIPEPMWXEHITEPEFVEWRMGEQIRXIPIEREUYIPPEWVIPEGMSREHEWGSRIPXuXYPS]WISQMXE
PEPIGXYVEHIPEWUYIRSXMIRIRVIPEGMzR
 /EUGLMOIP )WTEySP
'LMOSTM 1WMGE
mO WEUQSPS GERGMzR ZMSPuR
UMN XI[ QMGVzJSRS SVUYIWXE
X^MOMR WSOEN GIMFE \MRGE
QIW GLS] EYXE ZIRXERE
OmV ]E QIWE FSGMREW
FI] NYP GSRGMIVXS 1S^EVX
OYO GLI KYMXEVVE TM^EVVE
YPI[ EP TMERS GSVS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PMQMREVTEPEFVEW
4VIWIRXIZEVMEWWIVMIWHITEPEFVEW4MHEEPSWIWXYHMERXIWUYIHMKERSXEGLIRPETEPEFVEUYIRS
TIVXIRIGIEPEWIVMI

  PYRIWEKSWXSHSQMRKSWjFEHSQEVXIWNYIZIWQMqVGSPIWZMIVRIW

  VSWEKMVEWSPGPEZIPE^YGIRELMIVFIVEHYVE^RSZMSPIXEKIVERMS

  GYEVXSTVMQIVSWI\XSWIKYRHSXIVGIVSUYMRXSRSZIRSXVIW

-PYWXVERHSIPWMKRMGEHS
 )PEFSVI YRE PMWXE HI TEPEFVEW ZSGEFYPEVMS   )R XEVNIXEW GSPSUYI MQjKIRIW UYI INIQTPMUYIR IP
WMKRMGEHS]SXVEWUYIRSXIRKERVIPEGMzRGSRIWXI
 )WGVMFEYRETEPEFVEHIPEPMWXEIRIPTM^EVVzRTSVINIQTPSHMQMRYXS
 (MKEPETEPEFVE]TMHEEPSWIWXYHMERXIWUYIPEVITMXER
 4VIKYRXIEPSWIWXYHMERXIWWMGSRSGIRUYqWMKRMGEPETEPEFVE7MRSWEFIRI\TPMUYI7MPSWIWXYHMERXIW
HERMHIEW GSRVQIIPWMKRMGEHS]INIQTPMUYI 1SHIPIPEVIWTYIWXEGSVVIGXEHMQMRYXSWMKRMGE
QY]QY]TIUYIyS
 1YIWXVIPEWJSXSW]TVIKYRXIMPYWXVEGMzRHIYRELSVQMKE )WHMQMRYXS#7uIWXELSVQMKEIWHMQMRYXE
MPYWXVEGMzRHIYRjKYMPE )WHMQMRYXE#2SIPjKYMPERSIWHMQMRYXE,jKEPSEWuWYGIWMZEQIRXIGSRPEW
XEVNIXEWUYIINIQTPMUYIRIPWMKRMGEHSHIPETEPEFVE3VKERMGIKVYTSW]VITEVXEPEWXEVNIXEWMPYWXVEHEW
 4uHEPIW UYI PEW VIZMWIR ] GPEWMUYIR PS UYI TYIHI WIV HMQMRYXS ] PS UYI RS 0YIKS TuHEPIW UYI
IWGVMFERYRESVEGMzR]PEGSQTEVXERIRGPEWI

1ETEHITEPEFVEW
 )RXVIKYIEGEHEIWXYHMERXIYRQETEGSQSIPHIPETjKMREWMKYMIRXI

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IRMGMzR

7MRzRMQSW %RXzRMQSW

4EPEFVE

3VEGMSRIW

4MHEEPSWIWXYHMERXIWUYIIWGVMFERPEHIRMGMzRTSVINIQTPSUYqWMKRMGEIRSVQI#)PHSGIRXIIWGVMFI
PEWMHIEWIRPETM^EVVE]PSWRMySWPEWIWGVMFIRIRWYQETE
)WGVMFEYRINIQTPSHISVEGMzRIRPETM^EVVE0SWHMRSWEYVMSWWSRIRSVQIW4MHESXVSWINIQTPSW]UYIGEHE
UYMIRIWGVMFEIRWYQETEYRESVEGMzRGSRPETEPEFVE
7SPMGMXIEPSWIWXYHMERXIWUYIHMKERWMRzRMQSW]ERXzRMQSWHIPETEPEFVE9RWMRzRMQSHIIRSVQI#9R
ERXzRMQSHIIRSVQI#
8SQEHSHI6IWIEVGLFEWIHQIXLSHWSJVIEHMRKMRWXVYGXMSRHI0MRER8LSQTWSR]:EYKLR 

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)\TPMUYIGYjPIWPEVIPEGMzRIRXVIPEPIGXYVE]PEEHUYMWMGMzRHIPZSGEFYPEVMS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

)\TPMUYIPEHMJIVIRGMEIRXVIIPZSGEFYPEVMSSVEP]IPIWGVMXS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

)\TPMUYITSVUYqIWMQTSVXERXIHIWEVVSPPEVIPZSGEFYPEVMSHIJSVQEI\TPuGMXEIRPEGPEWI
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

%REPMGIWYTVjGXMGEHSGIRXI]VIWTSRHEPEWWMKYMIRXIWTVIKYRXEW
 'VISYRGSRXI\XSHIETVIRHM^ENIUYITVSQYIZIIPYWSHIZSGEFYPEVMS]IPETVIRHM^ENIHIRYIZEW
TEPEFVEW#

 'VISYRGSRXI\XSHIETVIRHM^ENIUYIFVMRHEPETSWMFMPMHEHHIXIRIVGSRXEGXSGSRZEVMIHEHHI
XI\XSWMRGPY]IRHSI\TSWMXMZSMRJSVQEXMZSWREVVEXMZSW#

 4VSQYIZSUYIPSWIWXYHMERXIWXIRKERSTSVXYRMHEHHIIWGYGLEVEHMJIVIRXIWTIVWSREWUYIYXMPM^ER
ZSGEFYPEVMSJSVQEPEPGSQYRMGEVWI#

 )RWIySZSGEFYPEVMSIRJSVQEVIKYPEVIRQMEYPE#UYqIWXVEXIKMEWYXMPM^S#

 %RMQSEPSWIWXYHMERXIWEYXMPM^EVPEWRYIZEWTEPEFVEWHIPZSGEFYPEVMS#

7 IPIGGMSRIHSWEGXMZMHEHIWTEVEXVEFENEVIPZSGEFYPEVMSUYIRSETPMUYIEGXYEPQIRXI ]ETPuUYIPEWGSR

WYWIWXYHMERXIW'SQIRXIWYI\TIVMIRGME
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SQTVIRWMzRHIPIGXYVE
0EGSQTVIRWMzRPIGXSVEIWIPVIWYPXEHSHIPEETPMGEGMzRHIIWXVEXIKMEWTEVEIRXIRHIVVIGSVHEV]
IRGSRXVEVWMKRMGEHSEPSUYIWILEPIuHSEHIQjWHIIWXEVIRGETEGMHEHHIGSQYRMGEVPS4EVEPSKVEVPS
WIVIUYMIVIUYIIPIWXYHMERXIETVIRHEEHIGSHMGEVIRJSVQEEYXSQjXMGEIWHIGMVPIIVYMHEQIRXIHI
XEPQERIVEUYIWYEXIRGMzRWIGIRXVIIRMRXIVTVIXEVIPWMKRMGEHSHIPSUYIPII %WMQMWQSIWMQTSV
XERXIUYIIPPIGXSVQSRMXSVIIWYGSQTVIRWMzR ]ZE]EYXMPM^ERHSIWXVEXIKMEWUYIPITIVQMXERIRXIRHIV
QINSVIPXI\XS

0IIVIWYRTVSGIWSHIGSRWXVYGGMzRSIPEFSVEGMzRHIWMKRMGEHSETEVXMVHIPEVIPEGMzRHIPPIGXSVGSR
IPXI\XS]IPGSRXI\XS 7IKR1SSVI]0]SR  IRPEGSQTVIRWMzRPIGXSVEMRY]IRPSWWMKYMIRXIW
JEGXSVIW

)PPIGXSV'YERHSUYMIRPIIWIIRJVIRXEEPXI\XSXVEIGSRWMKSYREWIVMIHII\TIVMIRGMEWTVIZMEWGSRSGM
QMIRXSWZEPSVIWGVIIRGMEWPSGYEPGSRWXMXY]IWYPIRKYENITIVWSREPGSRIPGYEPMRXIVTVIXEVj]VIGSRWXVYMVj
IPXI\XS )WXEMRXIVEGGMzRIRXVIPIGXSV]XI\XSWIGEVEGXIVM^ETSVWIVTIVWSREP]RMGE 1MIRXVEWI\MWXER
WIRXMQMIRXSWTSWMXMZSWGSQSEKVEHSGYVMSWMHEHTPEGIVIPPIGXSVVIEPM^EVjQjWGSRI\MSRIW]WITSWMFMPMXE
QE]SVGSQTVIRWMzRHIPIGXYVE0ELEFMPMHEHPIGXSVEHIPETIVWSRETYIHIQSXMZEVSLEGIVQjWGSQTPINS
IPTVSGIWSHIGSQTVIRWMzR

) PXI\XS)PPIGXSVHIFIXIRIVPELEFMPMHEHTEVEGSQTVIRHIVUYIWIKRPEMRXIRGMzR]IWXVYGXYVEHIPXI\XS
GYIRXS RSXMGME TSIQE HMWIVXEGMzRHIXIWMW TSVINIQTPS WIVjPEJSVQEHIIRJVIRXEVWIEqP 2SIWPS
QMWQSPIIVYRTSIQEUYIYRERSXMGME

)PTVSTzWMXSGSRIPGYEPWIPII)WXIHIXIVQMREIPTSVUYqIPTEVEUYq]IPXMTSHIXI\XSUYIWIPII0E
QSXMZEGMzRJEGMPMXEPEEXIRGMzR]IPTVSGIWEQMIRXSHIPEMRJSVQEGMzRHIYREQERIVEEGXMZEIRPEVIPEGMzR
XI\XSPIGXSV)PTVSTzWMXSXEQFMqRHIXIVQMREVjUYqIWXVEXIKMEWHIPIGXYVEWITYIHIRYXMPM^EV7ITYIHI
PIIVGSRIPTVSTzWMXSHIMRJSVQEVWITEVEIRXVIXIRIVWITEVEETVIRHIVVIWSPZIVTVSFPIQEWSVII\MSREV

'zQSHIWEVVSPPEVPEGSQTVIRWMzRPIGXSVE
0SWTVSKVEQEWIJIGXMZSWHIPIGXYVEHIEGYIVHSGSR,SRMK ]GSR(YOI]4IEVWSR MRGPY
]IR
 0IGXYVEEFYRHERXI
 8MIQTSHIHMGEHSEPIIV
 4VSTzWMXSWEYXqRXMGSWHITSVUYq]TEVEUYqWIPII
 %GXMZMHEHIWTEVEHIWEVVSPPEVPEYMHI^
 )RWIyER^EI\TPuGMXEHIPEWIWXVEXIKMEWHIGSQTVIRWMzR
 9WSHIZEVMIHEHHIKqRIVSWPMXIVEVMSW
 (MWGYWMSRIWSGSRZIVWEGMSRIWEGIVGEHIPSWPMFVSW
 )WGVMXYVEHIXI\XSWTEVEUYISXVSWGSQTVIRHER

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

0EW LEFMPMHEHIW HI GSQTVIRWMzR HI PIGXYVE HIFIR WIV IRWIyEHEW HI QERIVE I\TPuGMXE 7IKR
(YOI]4IEVWSR IR&SVVIVS PEWGEVEGXIVuWXMGEWUYIHIFIXIRIVPEIRWIyER^EHI
PEWLEFMPMHEHIWHIPIGXYVEWSR
 &VMRHEVHMZIVWMHEHHISTSV XYRMHEHIWHIPIGXYVEIWHIGMVGVIEVEQFMIRXIWPIXVEHSWIRIPEYPE
]JEGMPMXEVQEXIVMEPIWMQTVIWSW
 )\TSRIVEPSWIWXYHMERXIWEHMJIVIRXIWKqRIVSWPMXIVEVMSW
 0IIVGSRTVSTzWMXSWEYXqRXMGSW
 3VKERM^EVPEIRWIyER^EHIPZSGEFYPEVMS]WYWWMKRMJMGEHSW
 1SXMZEVYRETVjGXMGEEFYRHERXIHIPEPIGXYVEXERXSHIRXVSHIPEYPEGSQSJYIVEHIPEQMWQE
UYITIVQMXEPEMRGVIQIRXEVPEJPYMHI^
 3JVIGIVHIQSWXVEGMSRIWEXVEZqWHIPEXqGRMGETIRWEVIRZS^EPXE
 &VMRHEVQPXMTPIWINIQTPSWHIGzQSEFSVHEVPEPIGXYVE]WYGSQTVIRWMzR
 1SXMZEVHMWGYWMSRIWEPVIHIHSVHIPSWHMZIVWSWXI\XSWPIuHSW

%HIQjW WYKMIVIR IP WMKYMIRXI QSHIPS TEVE PE IRWIyER^E HI IWXVEXIKMEW TEVE PE GSQTVIRWMzR
PIGXSVE
 E)PHSGIRXIHIWGVMFIPEIWXVEXIKME]I\TPMGEIRUYqXI\XSWSWMXYEGMSRIWTYIHIYXMPM^EVPE
 F)PHSGIRXIQYIWXVEPEIWXVEXIKMEEXVEZqWHIPEXqGRMGETIRWEVIRZS^EPXE
 G)PHSGIRXI]PSWIWXYHMERXIWETPMGERPEIWXVEXIKME
 H)PHSGIRXISJVIGISTSV XYRMHEHIWHITVjGXMGEKYMEHEEPSWIWXYHMERXIW
 I0SWIWXYHMERXIWYXMPM^ERPEIWXVEXIKMEHIQERIVEMRHITIRHMIRXI

)WXVEXIKMEWHIGSQTVIRWMzRPIGXSVE
)P 2EXMSREP 6IEHMRK 4ERIP   VIWEPXE PE MQTSV XERGME HI ZSPZIV E PIIV GSQS IWXVEXIKME
MQTSV XERXI TEVE VIGYTIVEV IP WMKRMJMGEHS GYERHS WI TMIVHI IR PE PIGXYVE )WXE IWXVEXIKME IW MR
HMWTIRWEFPI GYERHS WI XVEFENE GSR IWXYHMERXIW GSR HMJMGYPXEHIWHI PIGXYVE TSVUYI PIW TIVQMXI
HYVERXIIPTVSGIWSHIGSRWXVYGGMzRHIPWMKRMJMGEHSHEVWIGYIRXEGYjRHSRSGSQTVIRHMIVSRPS
UYIPI]IVSR]VIEPM^EVEPKYREEGGMzREPVIWTIGXS)RIWXSWGEWSWHIXIRIVWI]ZSPZIVEPIIVIWPS
QjWEHIGYEHS

0EGSQTVIRWMzRPIGXSVESGYVVIERXIWHYVERXI]HIWTYqWHIPEPIGXYVE)PHSGIRXIHIFITVSTMGMEV
PEETPMGEGMzRHIIWXVEXIKMEWHYVERXIPSWXVIWQSQIRXSWUYIWITVIWIRXEREGSRXMRYEGMzR

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*MKYVE)NIQTPSWHIIWXVEXIKMEWHYVERXIPSWXVIWQSQIRXSWHIPEPIGXYVE

%RXIW (YVERXI (IWTYqW

(qIPTVSTzWMXSHIPE (IXIRKEWITSVQSQIRXSW 4MHEUYIVIWYQERIPXI\XS
PIGXYVE TEVEWSPMGMXEVVIEGGMSRIW 4MHEUYIZYIPZEREGSRXEV
%GXMZIGSRSGMQMIRXSW GSQIRXEVMSWLEGIV IPGYIRXS
TVIZMSWHIPSWIWXYHMERXIW TVIKYRXEW]TVIHMGGMSRIW 4MHEUYIMHIRXMUYIRPEW
)RWIyIIPZSGEFYPEVMS ZIVMGEV]LEGIVRYIZEW  MHIEWTVMRGMTEPIW
GVuXMGS 4uHEPIWUYILEKER
4MHEUYITVIHMKER MRJIVIRGMEW
,EKETVIKYRXEWUYI
TVSTMGMIRUYIIWXEFPI^GER
VIPEGMSRIWIRXVIWYW
GMVGYRWXERGMEWTIVWSREPIW
GSRPEPIGXYVE
4uHEPIWUYIGSQTEVXER
STMRMSRIW
4uHEPIWUYIIPEFSVIR
SVKERM^EHSVIWKVjGSW
WMQTPIW

7IKYMHEQIRXIWII\TSRIRPEWIWXVEXIKMEWRSQFVEHEWIRPEKYVE

E-HIRXMGEVIPTVSTzWMXSHIPEPIGXYVE )WMQTSVXERXIUYIERXIWHIPIIVWITVSTMGMIUYIPSWRMySW
MHIRXMUYIRUYqUYMIVIRGSRPEPIGXYVETSHVuEWIVTSVINIQTPSHMZIVXMVWIGSRYRGYIRXSYSFXIRIV
MRJSVQEGMzR )PTVSTzWMXSTYIHIZEVMEVWIKRIPXMTSHIXI\XS TSVPSUYIEGSRXMRYEGMzRWISJVIGI
YREGPEWMGEGMzR8EQFMqRWIMRGPY]IRTEPEFVEWGPEZIYWEHEWIRGEHEYRS

8EFPE<:8MTSWXI\XYEPIW
7MVZIRTEVEETVIRHIVS
8MTSHIXI\XS 4EPEFVEWGPEZI
GSQYRMGEV
'YIRXS )ZIRXSWIRWIGYIRGMETVMRGMTMS LEFuEYREZI^IRSXVSXMIQTSJYIYRHuE
2EVVEXMZS

GSRMGXSVIWSPYGMzR

(IWGVMTXMZS 'zQSIWEPKS (IWGVMFIREYRETIVWSRE PYKEV IZIRXSSGSWEHIQE

RIVEUYIIPPIGXSVTYIHIZMWYEPM^EVPSUYIWIHIWGVMFI
EHNIXMZSW]EHZIVFMSW
-RJSVQEXMZS

7IGYIRGME 'zQSLEGIVEPKS TVMQIVSWIKYRHSIXGERXIWHIHIWTYqWEPQMWQSXMIQ

TSGYERHSTVIZMEQIRXITSVPXMQSREPQIRXI
'EYWEIJIGXS 6E^SRIWTSVPEWGYEPIWEPKSTEWE 4SVUYIIRXSRGIWTSVIWSTSVIWXEVE^zRGSQSGSRWI
GYIRGMEWMIRXSRGIWTSVPSXERXS
'SQTEVEGMzR 'zQSHSWSQjWGSWEWWSRMKYE -KYEPUYIWIQINERXIETEVIGMHSEIRGSRXVEWXIEWuQMW
GSRXVEWXI PIW]HMJIVIRXIW QSEQFSWIRGSRXVEWXIWMRIQFEVKSEYRGYERHS
8EFPEIPEFSVEHEGSRMRJSVQEGMzRTVSTSVGMSREHETSV7]PZME0MRER8LSQTWSR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

F%GXMZEV PSW GSRSGMQMIRXSW TVIZMSW 0SW GSRSGMQMIRXSW TVIZMSW WSR PSW GSRGITXSW ETVIRHMHSW
LIGLSW]EGSRXIGMQMIRXSWPIuHSWGSRZIVWEGMSRIWIWGYGLEHEW]WSWXIRMHEWGSRPEWTIVWSREWGSR
UYMIRIWGSRZMZI4EVEEGXMZEVPSWIWRIGIWEVMSSVMIRXEVEPSWIWXYHMERXIWTEVEUYIXSQIRGSRGMIRGME
HIPSUYI]EWEFIR]GzQSTYIHIRSVKERM^EVWYWGSRSGMQMIRXSWSI\TIVMIRGMEW]VIPEGMSREVPSW
GSRIPXI\XSUYIZEREPIIV4YIHIVIEPM^EVWIQIHMERXITVIKYRXEWWSFVIPSUYIWEFIRHIPXIQE]
UYIVIWTSRHIRHIQERIVEMRHMZMHYEP8EQFMqRTYIHIVIEPM^EVWIYREPPYZMEHIMHIEWGSRIPQMWQS
R

G)RWIyEVIPZSGEFYPEVMSGVuXMGS )WXEIWXVEXIKMEWIYWEGSRPSWIWXYHMERXIWERXIWHIUYIMRMGMIRPE
PIGXYVE'SRERXIVMSVMHEHIPQEIWXVSHIFIWIPIGGMSREVSTEPEFVEWJYRHEQIRXEPIWIRIPXI\XSS
HMJuGMPIWTEVEPSWIWXYHMERXIW0YIKSTVSQYIZIUYIPEWIRXMIRHERQIHMERXIEGXMZMHEHIWUYITYIHIR
ZEVMEVHIYREPIGXYVEESXVETSVINIQTPSYREZI^TYIHIHVEQEXM^EVIPWMKRMGEHSSXVEWTYIHI
I\TPMGEVPETEPEFVEQIHMERXIINIQTPSW

H6IEPM^EV TVIHMGGMSRIW 0EW TVIHMGGMSRIW WSR LMTzXIWMW UYI IP PIGXSV WI TPERXIE WSFVI PS UYI
SGYVVMVjEGSRXMRYEGMzRIRIPXI\XS]WITYIHIRGSRVQEVSVIGLE^EVGSRJSVQIEZER^ERGSRPE
PIGXYVE)WQY]MQTSVXERXIUYIXSQIIRGYIRXEUYIPEWTVIHMGGMSRIWHIFIRFEWEVWIIRIPIQIRXSW
HIPXI\XSGSQSXuXYPSPETSVXEHESPEWMPYWXVEGMSRIWUYIHIFIRZIVMGEVWIHYVERXIPEPIGXYVE]UYI
TYIHIVIWYPXEVGSVVIGXESRS

I)PEFSVEV VIWQIRIW 7I YWE HIWTYqW HI PIIV EP VIWYQMV PSW RMySW HIFIR MRGPYMV MRJSVQEGMzR
TVIWIRXIIRIPXI\XS4EVEIWXSHIFIRVIWEPXEVWIPEWMHIEWQjWMQTSVXERXIW

J:SPZIVEGSRXEVIPGYIRXS(IIWXEQERIVEPSWIWXYHMERXIWXMIRIRPESTSVXYRMHEHHISVKERM^EV
PEMRJSVQEGMzRUYITSWIIR]TVIWIRXEVPEIRJSVQESVEP4YIHIVIEPM^EVWIHIJSVQEMRHMZMHYEPTSV
TEVINEWSIRKVYTS

K-HIRXMGEVPEMHIETVMRGMTEP4EVEIRWIyEVEPSWIWXYHMERXIWEHIXIVQMREVPEMHIETVMRGMTEPTYIHI
YWEVHSWTVIKYRXEW(IUYqSUYMqRWIXVEXEIPGYIRXS#5YqJYIPSQjWMQTSVXERXIUYIPITEWz
EPUYqSUYMqRHIPELMWXSVME#(IWTYqWTYIHIRYWEVPEMRJSVQEGMzRTEVEJSVQEVYRESVEGMzRGSR
PEMHIETVMRGMTEP

L4PERXIEV TVIKYRXEW 4YIHI TPERXIEV TVIKYRXEW I\TPuGMXEW GY]EW VIWTYIWXEW WI IRGYIRXVER
HMVIGXEQIRXIIRIPXI\XS5YMqR#5Yq#(zRHI# MQTPuGMXEWWMWIVIWTSRHIRGSRMRJSVQEGMzR
UYI IWXj IR IP XI\XS TIVS RS IR YR WSPS PYKEV 4SV UYq# 'zQS# = WM#  S MRJIVIRGMEPIW WM
VIUYMIVIRVIPEGMSREVIPGSRXIRMHSHIPXI\XSGSRIPGSRSGMQMIRXSHIPPIGXSV%UYqWITEVIGI#
'zQSEJIGXEVuE# 

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

M)PEFSVEV SVKERM^EHSVIW KVjGSW 0SW SVKERM^EHSVIW KVjGSW WSR LIVVEQMIRXEW ZEPMSWEW TEVE PE
GSQTVIRWMzR PIGXSVE ]E UYI LEGIR ZMWMFPIW PSW TVSGIWSW HI TIRWEQMIRXS WMVZIR TEVE EGXMZEV PSW
GSRSGMQMIRXSWTVIZMSW TEVEGSRWXVYMVIPWMKRMGEHSHYVERXIPEPIGXYVE]TEVEVIKMWXVEVYSVKERM^EVPE
MRJSVQEGMzRSFXIRMHEHIYRXI\XSREVVEXMZSSI\TSWMXMZS

'SQTVIRWMzRHIPIGXYVE]QIXEGSKRMGMzR
0E GETEGMHEH HI GSQTVIRWMzR HI YRE TIVWSRE E SXVE ZEVuE HI EGYIVHS GSR GMIVXSW JEGXSVIW GS
RSGMQMIRXSTVIZMSHIPXIQEQERINSHIZSGEFYPEVMS]HIPKqRIVSPMXIVEVMSRMZIPHIGSRXVSPHIPSW
TVSGIWSWHIQSRMXSVISHIPEGSQTVIRWMzR]HIPEQSXMZEGMzRTEVEPIIV0SWKVERHIWPIGXSVIWXMIRIR
I\GIPIRXIWLEFMPMHEHIWHIHIGSHMGEGMzRHIPIRKYENI]HIQIXEGSKRMGMzR7IKRIPTVSJIWSV4YIRXI
*IVVIVEWT %PLEFPEVHIQIXEGSKRMGMzRIWXEQSWVIVMqRHSRSWEPEVII\MzRUYIPSWPIGXSVIW
LEGIRWSFVIWYTVSTMSTVSGIWSHIPIGXYVEIWXSMQTPMGEPETPERMGEGMzRPEWYTIVZMWMzR]PEIZEPYEGMzR
HIWYWTVSGIWSWHIPIGXYVE

8ERXS PE GSQTVIRWMzR HI PIGXYVE GSQS PE QIXEGSKRMGMzR WSR MRZMWMFPIW TSV IWS IP HSGIRXI HIFI
FYWGEVGzQSLEGIVPSZMWMFPIYREXqGRMGEUYITIVQMXIIWXSIWTIRWEVIRZS^EPXE4IRWEVIRZS^
EPXE GSRWMWXI ZIVFEPM^EV PSW TIRWEQMIRXSW UYI WI KIRIVER ERXIW HYVERXI ] HIWTYqW HI PE PIGXYVE
'SRIWXEXqGRMGEXSHSWPSWTVSGIWSWGSKRMXMZSWUYISGYVVIRIRPEGEFI^EHIPPIGXSVWIVIZIPERIR
PEWGSRZIVWEGMSRIW]HMWGYWMSRIW4SVINIQTPSGYERHSYREHYPXSGSRZIVWEEGIVGEHIPSUYIPI]z
GSQIRXEWSFVIPEWGSRI\MSRIWUYILM^SGSRIPXI\XSLEGIYREWuRXIWMWEREPM^E]IZEPE+IRIVEVIWXI
XMTSHIGSRZIVWEGMSRIW]HMWGYWMSRIWEPVIHIHSVHIYRXI\XSIWYREZEPMSWEIWXVEXIKMETEVEHIWEVVSPPEV
LEFMPMHEHIWHIGSQTVIRWMzRHIPIGXYVE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IWEVVSPPSHIPEGSQTVIRWMzRPIGXSVE

%RXIWHYVERXI]HIWTYqWHIPEPIGXYVE
3VKERM^EHSVIWKVjGSW
4EVEYXMPM^EVPSW
 7IPIGGMSRIYRSVKERM^EHSVKVjGSHIEGYIVHSGSRPEPIGXYVE
 (MFNIPSIRPETM^EVVE]GSQTPqXIRPSIRKVYTS SFMIRWSPMGMXIUYIPSGSTMIRIRWYGYEHIVRS]PS
GSQTPIXIRIRJSVQEMRHMZMHYEP

)NIQTPSWHISVKERM^EHSVIW

(MEKVEQEHIPEMHIETVMRGMTEP 'EHIREHIWIGYIRGMEW

,GHDSULQFLSDO

&RQFOXVLRQHV

1ETEGMVGYPEV
'SQTEVEGMzRHIGYIRXSW

&XHQWR$ &XHQWR%

3HUVRQDMHV

$PELHQWH

3UREOHPDV

6XFHVRV

6ROXFLyQ

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'LDJUDPDGH9HQQ (OHPHQWRV
7HPD &RPXQHVWHPD\
7HPD
(OHPHQWRV
(OHPHQWRV &RPXQHVWHPD\
&RPXQHVWHPD\

7HPD /tQHDFURQROyJLFD
(OHPHQWRV
&RPXQHVGHORVWUHVWHPDV

8SQEHSWHI+YuETEVEIPHSGIRXIHIPPMFVSHI'SQYRMGEGMzR]0IRKYENI

 6IKMWXVSQMWMHIEW
4VITEVIYREPMWXEHITVIKYRXEWTEVEWYWIWXYHMERXIW TEVEUYIZE]ERIWGVMFMIRHSPSUYITMIRWERERXIW
HYVERXI]HIWTYqWHIPEPIGXYVE%PREPM^EV TuHEPIWUYIVIZMWIRWYWVITYIWXEW]PEWGSQTEVXERGSRYR
GSQTEyIVS4YIHIYXMPM^EVIPWMKYMIRXIJSVQEXSGSQSINIQTPS

4VIKYRXEW 1MWMHIEW

5YqWqWSFVIIPXIQE#

5YqQjWUYMWMIVEWEFIV#
'YjPIWWSRPEWMHIEW
GPEZI#
5YqLIETVIRHMHS#

%RXIWHIPEPIGXYVE
0PYZMEHIMHIEW
%RXIWHIPIIVYRXI\XSTMHEEPSWIWXYHMERXIWUYIHMKERSIWGVMFERPSUYIWEFIRHIIWXITYIHIRXVEFE
NEVMRHMZMHYEPQIRXISIRTEVINEW]PYIKSGSQTEVXMVGSRIPKVYTSHIPEGPEWI)PHSGIRXITYIHIIWGVMFMV
PEWMHIEWIRPETM^EVVE]PYIKSQSXMZEVPEGSRZIVWEGMzRSHMWGYWMzREGIVGEHIIPPEW

4VIKYRXEWMRMGMEPIW
1YIWXVIPETSVXEHEHIYRPMFVSPIEWYXuXYPS]LEKETVIKYRXEWTEVEHIWTIVXEVIPMRXIVqWHIPSWRMySWTSV
PEPIGXYVEINIQTPSWUYqTSHVuETEWEV#TSVUYqUYMWMIVEPIIVIWXIPMFVS#HIUYqTSHVuEXVEXEV#UYMqRIW
WIVjRPSWTIVWSRENIW#UYqGSRS^GSWSFVIIPXIQE#UYqUYMIVSETVIRHIV#

%RXIWHI
 1YIWXVIEWYWIWXYHMERXIWPETSVXEHEHIYRPMFVSIRXVqKYIPIWYRELSNE]TuHEPIWUYIHMFYNIRPSUYI
PIWWYKMIVIIPXuXYPS]PETSVXEHEHIPPMFVS
 1YIWXVIPETSVXEHE]TuHEPIWEPSWRMySWUYIGVIIRYRELMWXSVMEUYIGSVVIWTSRHEGSRIPPE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

6IEPM^EVTVIHMGGMSRIW
+YMIEWYWIWXYHMERXIWTEVEUYILEKERTVIHMGGMSRIWSTPERXIIRLMTzXIWMWWSFVIPSUYISGYVVMVjIRIP
XI\XS8SQIIRGYIRXEPSWWMKYMIRXIWEWTIGXSW
 0EWTVIHMGGMSRIWHIFIRFEWEVWIIRIPIQIRXSWHIPXI\XSGSQSXuXYPSPETSVXEHESPEWMPYWXVEGMSRIW
 0EWTVIHMGGMSRIWHIFIRMVWIZIVMGERHSSVIGLE^ERHSHYVERXIPEPIGXYVE
 7IHIFIJSQIRXEVUYIPSWIWXYHMERXIWLEKERRYIZEWTVIHMGGMSRIWGSRJSVQIEZER^ERIRPEPIGXYVE
 %PREPM^EVPEPIGXYVEWIHIFIRZIVMGEV]HMWGYXMVWMPEWTVIHMGGMSRIWVIWYPXERZIVHEHIVEWSRS

4VSTzWMXSHIPEPIGXYVE
)WXEFPI^GEGSRWYWIWXYHMERXIWGYjPIWWSRPSWTVSTzWMXSWHIPEPIGXYVEHIYRXI\XS )PTVSTzWMXSUYI
YRPIGXSVTYIHEXIRIVTEVEEGIVGEVWIEYRXI\XSIWZEVMEFPI EPKYREWZIGIWUYMIVIHMZIVXMVWIGSRYRE
LMWXSVMESFYWGEVYREMRJSVQEGMzRIRYRERSXMGMEEZIGIWIRGSRXVEVPEWMRWXVYGGMSRIWTEVEVIEPM^EVEPKS
)WMQTSVXERXIUYIERXIWHIPIIVWITVSTMGMIUYIPSWRMySWMHIRXMUYIRUYqUYMIVIRSIWTIVERHIPE
PIGXYVE7ITVSTSRIRPSWWMKYMIRXIWTEWSW
 )\EQMRIIPXI\XSUYIPIIVjRTEVEHIXIVQMREVWMGYIRXEEPKYRELMWXSVMESXVERWQMXIMRJSVQEGMzR
 -HIRXMUYIGYjPIWGSRSGMQMIRXSWTVIZMSWVIUYMIVIIPIWXYHMERXITEVEGSQTVIRHIVIPXI\XS
 *SVQYPIYRESZEVMEWTVIKYRXEW TPERXIIYRSFNIXMZSSTVSTzWMXSTEVEPIIVIPXI\XS GSRIPRHI
UYIPSWIWXYHMERXIWTMIRWIRIRIWXIERXIWHIGSQIR^EVEPIIV
 1SXMZIEPSWIWXYHMERXIWEPIIVIPXI\XSTEVEPSKVEVIPTVSTzWMXSTPERXIEHSMRMGMEPQIRXI
 (IWTYqWHIPEPIGXYVEVIGYIVHIIPTVSTzWMXSTEVEUYIPSWIWXYHMERXIWGSQTVYIFIRWYWPSKVSWGSR
IPTVSTzWMXSMRMGMEP]TEVEGSQIRXEVPSWLEPPE^KSWVIPEGMSREHSWGSRPEWMRUYMIXYHIWMRMGMEPIW )WXI
TEWSIWJYRHEQIRXEPTEVEGSRWXVYMVIPWMKRMGEHSHIPXI\XS

(YVERXIPEPIGXYVE
5YqWMKYI
0IEPIWEPSWRMySWYRPMFVSEHIGYEHSEWYIHEH 'EHEZI^UYIXIVQMRIYRETjKMRE VIWYQERNYRXSW
UYqWYGIHMz 0YIKS TVIZMSETEWEVEPEWMKYMIRXITjKMRE TuHEPIWUYIMQEKMRIRUYqTSHVuETEWEV ]EWu
WYGIWMZEQIRXI

(IWTYqWHIPIIV
%HMFYNEV
4MHEEPSWRMySWUYIHMFYNIRPSUYIQjW]QIRSWPIWKYWXz0YIKSUYIPSTVIWIRXIREPEGPEWI]GYIRXIR
TSVUYq7SPEQIRXITEVERMySWHITVMQIVS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

7IGYIRGMEW
4VSTSVGMSRIYRGYIRXSEPSWRMySW]TMHEUYISVHIRPSWTVMRGMTEPIWLIGLSWTVIWIRXEHSWIRIPXI\XS
4YIHIYWEVYRJSVQEXSGSQSIPWMKYMIRXI

4VMQIVS (IWTYqW %PREP

:SPZIVEGSRXEVIPGYIRXS
0YIKSHIPIIVYRGYIRXSTMHEEPSWIWXYHMERXIWUYIGYIRXIRRYIZEQIRXIPELMWXSVMEIRJSVQESVEPEYR
GSQTEyIVSSIRXVIXSHEPEGPEWI

-HIETVMRGMTEP
4VIKYRXIEWYWIWXYHMERXIWHIUYqSUYMqRWIXVEXEIPGYIRXS#UYqJYIPSQjWMQTSVXERXI#EUYMqR
PISGYVVMz#
4uHEPIWUYIYWIRPEWVIWTYIWXEWTEVEJSVQEVYRESVEGMzRGSRPEMHIETVMRGMTEP

)PEFSVEVVIWQIRIW
0YIKSHIPIIVYRXI\XSTMHEEWYWIWXYHMERXIWUYIMHIRXMUYIRSWYFVE]IRPEWMHIEWTVMRGMTEPIW7SPMGuXIPIW
UYIGSRPEMRJSVQEGMzRERXIVMSVLEKERYRVIWYQIRHIPXI\XSPIuHS4YIHIRLEGIVPSIRJSVQEKVYTEPIR
TEVINEWSIRJSVQEMRHMZMHYEP

1ETEWGSRGITXYEPIW
0YIKS HI PIIV YR XI\XS I\TSWMXMZS TMHE E PSW IWXYHMERXIW UYI IPEFSVIR YR QETE GSRGITXYEP TEVE
VIKMWXVEVPEWMHIEWGPEZIHIPXIQE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)RYQIVI PSW EWTIGXSW UYI MRY]IR IR PE GSQTVIRWMzR HI PIGXYVE 0YIKS MRHMUYI GYjPIW HI IWXSW
TVIWIRXERQE]SVHMGYPXEHEWYWIWXYHMERXIW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

%
 REPMGI ] I\TPMUYI UYq IWXVEXIKMEW YXMPM^E YWXIH TEVE GSQTVIRHIV PS UYI PII 0YIKS GSQTEVXE WY
VIWTYIWXEGSRYRGSQTEyIVS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

) \TPMUYIGSRWYWTEPEFVEWTSVUYqPEQIXEGSKRMGMzRIWGPEZIIRIPTVSGIWSHIGSQTVIRWMzRPIGXSVE
'SQTEVXE]GSQIRXIRWYWVIWTYIWXEWGSRYRGSQTEyIVS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

,
 EKE YRE PPYZME HI MHIEW EGIVGE HI UYq TYIHI LEGIV TEVE E]YHEV E WYW IWXYHMERXIW E QINSVEV WY
GSQTVIRWMzRPIGXSVE)WGVuFEPEWEUYu
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

0IEYRXI\XS]ETPMUYIPEIWXVEXIKME4IRWEVIRZS^EPXE(IWGVMFEWYI\TIVMIRGME
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

) WGVMFEHSWEGXMZMHEHIWUYIRSIWXqRIRIWXIPMFVS UYITYIHIVIEPM^EVGSRWYWIWXYHMERXIWERXIW

HYVERXI]HIWTYqWHIPEPIGXYVEHIYRXI\XS

%RXIW
ECCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
FCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(YVERXI
ECCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
FCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

(IWTYqW
ECCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
FCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

)PEFSVIYRSVKERM^EHSVKVjGSIRIPUYIMRGPY]EPEWMHIEWGPEZIHIPXIQE'SQTVIRWMzRHIPIGXYVE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)WGVMXYVEMRMGMEP
'YERHSWILEFPEHIIRWIyEV]ETVIRHIVEIWGVMFMVGSRJVIGYIRGMEWITMIRWEIRIPXVE^SHIPEWPIXVEWWMR
IQFEVKSPEIWGVMXYVEGSQTSWMGMzRSI\TVIWMzRIWGVMXEMQTPMGEXERXSPSWTVSGIWSWQSXVMGIWHITVSHYGMV
YRXI\XSGSQSPSWTVSGIWSWGSKRMXMZSWRIGIWEVMSWTEVEGSQYRMGEVRSW0EPIRKYEIWGVMXEIWXjMRQIVWEIR
PEZMHEGSXMHMEREHIPEWTIVWSREW]WMVZITEVEGSQYRMGEVWI 'YERHSPSWRMySWMRKVIWEREPEIWGYIPE EH
UYMIVIRIPGzHMKSIWGVMXSUYIPIWTIVQMXIGSQYRMGEVWIQIHMERXITEPEFVEWIWGVMXEWQIHMERXIPEIWGVMXYVE
QERYWGVMXETVMQIVS]PYIKSQIHMERXIIPYWSHISXVSWQIHMSWSXIGRSPSKuEW

6IPEGMzRIRXVIPEPIGXYVE]PEIWGVMXYVE
)PTVSGIWSHIEHUYMWMGMzRHIPEPIGXSIWGVMXYVEWYIPIHIWEVVSPPEVWIHIQERIVETEVEPIPE'SRHIQEVuR 
XSQERHSIRGYIRXEPEWMHIEWHI%RHIVWSR1EG+MRMXMI+SSHQER/]=7QMXL*
&MVRFEYQ])QMK  IRGYIRXVEUYIPEPIGXYVE]IWGVMXYVEWSRWIQINERXIWIRZEVMSWEWTIGXSW IRXVI
IPPSWUYIRMRKYREHIPEWHSWWSRMRLIVIRXIWEPWIVLYQERS TSVPSGYEPHIFIRWIVETVIRHMHEW EHIQjW
EQFEWVIUYMIVIRHITVSGIWSWGSQTPINSW]HIYREIXETEHIETVIRHM^ENIUYIPPIZIEPEEYXSQEXM^EGMzRTSV
PSGYEPVIUYMIVIRHITVjGXMGEGSRXMRE

0E EYXSVE VIJIVMHE XEQFMqR SFWIVZE EPKYREW HMJIVIRGMEW TSV INIQTPS UYI IR PE PIGXYVE IP IWXYHMERXI
SFXMIRIPEMRJSVQEGMzRHIYRXI\XS QMIRXVEWUYIIRPEIWGVMXYVE TPEWQEWYWMHIEWIRqP )RYRSVIGMFI
YRQIRWENIIRPESXVEPSIQMXI4SVSXVETEVXIIPPIGXSVTYIHIMRXIVEGXYEVGSRIPXI\XSWMRPERIGIWMHEH
HIPEIWGVMXYVETIVSTEVEIWGVMFMVWIVIUYMIVIGSRWXERXIQIRXIHIPEPIGXYVETSVUYIUYMIRIWGVMFIVIPII
GSRWXERXIQIRXIWYXVEFENS

4VSGIWSHIEHUYMWMGMzRHIPEPIRKYEIWGVMXE
0SWRMySWWIMRMGMERIRIPTVSGIWSHIEHUYMWMGMzRHIPEIWGVMXYVEQIHMERXIIPHMFYNSMRJERXMPGSQSTVMQIV
XVE^SWMKRMGEXMZS 0SWHMFYNSW EHIQjWHIVITVIWIRXEVEPKSWSFVIIPSFNIXSUYIVITVIWIRXER I\TVIWER
YRQIRWENIHIPRMySUYIPSVIEPM^E(IWHITIUYIySWHIWGYFVIUYILE]HMJIVIRGMEEYRUYIWIEQuRMQE 
IRXVIPSUYIHMFYNER]PSUYIIWGVMFIR'SRJSVQIEZER^EIRIPETVIRHM^ENIHIPEIWGVMXYVEWITEVEIWXSW
TVSGIWSWIREGXSWMRHITIRHMIRXIW

*IVVIMVS]8IFIVSWO] EHIQjWHI*IVVIVMVS]+zQI^4EPEGMS MRZIWXMKEVSRPEQERIVEGSQS

PSWRMySWMFERHIWEVVSPPERHSWYWGSRSGMQMIRXSWHIPEPIRKYEIWGVMXEIMRHMGERUYIRSVQEPQIRXIWIWMKYIR
HMZIVWEWIXETEWIRPEGSQTVIRWMzRHIPEWJSVQEWEPJEFqXMGEWHIPEIWGVMXYVE)WXEWIXETEWWIGSRSGIRGSQS
RMZIPIWHIGSRGITXYEPM^EGMzRIRIPTVSGIWSHIEHUYMWMGMzRHIPEPIRKYEIWGVMXE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*MKYVE2MZIPIWHIGSRGITXYEPM^EGMzRIRPEIWGVMXYVE

$OIDEpWLFR

7UDQVLFLyQ
VLOiELFR
DOIDEpWLFR

6LOiELFR

7UDQVLFLyQ
SUHVLOiELFR
3UHVLOiELFR VLOiELFR

2MZIPTVIWMPjFMGS
)RIWXEIXETEPSWRMySWMHIRXMGERUYIPSWHMFYNSW]PEWPIXVEWVITVIWIRXEREPKRSFNIXS]XMIRIRPEMHIEHI
UYIRSIWPSQMWQSHMFYNEVUYIIWGVMFMV(MWXMRKYIRIPHMFYNSHIPEIWGVMXYVEEYRUYIEZIGIWTMIRWIRUYI
WMWIIWGVMFI]RSLE]HMFYNSIPXI\XSRSVIZIPEVjQYGLS(EHSUYIIRIWXEIXETERSLE]YREGSVVIW
TSRHIRGMEIRXVIPSUYIWIKVEGE]PSWWSRMHSWGSRZIRGMSREPIWHIPEPIRKYERMLE]GSRXVSPHIPEWPIXVEWPE
TIVWSREUYIIWGVMFIIWPERMGEGETE^HIWEFIVUYqHMGIWYXI\XS

%PKYRSWRMySWGYERHSIWGVMFIRGSRWMHIVERIPXEQEySHIPVIJIVIRXI4SVINIQTPSWMERSXERIPRSQFVIHI
EPKSKVERHIIWGVMFMVjRQYGLEWPIXVEWWMIPSFNIXSUYIWIXVEXEHIVITVIWIRXEVGSRPEIWGVMXYVEIWTIUYIyS
KVEGEVjRTSGSWIPIQIRXSW

,EGMEIPREPHIIWXEIXETE PSWRMySW]EIQTMI^EREMHIRXMGEVUYITEVEIWGVMFMVEPKSRIGIWMXERZEVMSW
GEVEGXIVIW8EQFMqRTVMRGMTMEREHIRMVEPKYRSWGSRSGMQMIRXSWEGIVGEHIPEPMRIEPMHEH PEWPIXVEWRSWI
GSPSGERYREIRGMQEHISXVEWMRSUYIWIIWGVMFIRYREHIXVjWHIPESXVE ]HIPEHMVIGGMzRHIPEIWGVMXYVE
GSRZIRGMSREPWIIWGVMFIHIM^UYMIVHEEHIVIGLE]HIEVVMFELEGMEEFENS 

)NIQTPS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

2MZIPXVERWMGMzRTVIWMPjFMGSWMPjFMGS
)RIWXIRMZIP IPRMySIQTPIEYRVEWKSKVjGSTEVEGEHEWuPEFE]EYQIRXEPEWPIXVEWUYIMRGSVTSVEEWY
IWGVMXS

)NIQTPS

8SQEHSHI(uE^16]%'EFEPPIVS

2MZIPWMPjFMGS
)RIWXIRMZIP IPRMySGSRWMHIVEUYIEGEHEVEWKSKVjGSPIGSVVIWTSRHIYRZEPSVWSRSVSHIWuPEFE 0SW
IPIQIRXSWKVjGSWUYIYXMPM^ETYIHIRTEVIGIVWISRSEPSWXVE^SWHIPEWPIXVEWUYIXVEXEHIVITVIWIRXEV

)NIQTPS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

2MZIPHIXVERWMGMzRWMPjFMGSEPJEFqXMGS
%PIWGVMFMVIRIWXIRMZIPPSWRMySWJSVQYPEREZIGIWLMTzXIWMWWMPjFMGEW]IRSGEWMSRIWGSRYREMHIEHIPE
IWGVMXYVEGSQSWMWXIQEEPJEFqXMGS
)NIQTPS

8SQEHSHI(uE^16]%'EFEPPIVS 

2MZIPEPJEFqXMGS
)RIWXIRMZIPPSWRMySWTVIWIRXERXI\XSWIWGVMXSWIRPSWUYIEGEHEVEWKSKVjGSPIGSVVIWTSRHIYRZEPSV
WSRSVSHIJSRIQE%PKYREWZIGIWTYIHIRYWEVVEWKSWKVjGSWSPIXVEWUYIRSTIVXIRIGIREPGzHMKSGSR
ZIRGMSREPTIVSIWXIGSRSGMQMIRXSPSEHUYMVMVjRTSGSETSGS%PPPIKEVEIWXEIXETEWIHMGIIRXqVQMRSW
KIRIVEPIWUYIIPRMyS]EWEFIIWGVMFMV'YERHSPSWRMySWPPIKEREIWXIRMZIPIWMQTSVXERXISVMIRXEVPSWIR
PEWGSRZIRGMSRIWHIPEIWGVMXYVE TSVINIQTPS UYIWIIWGVMFIHIM^UYMIVHEEHIVIGLESUYI IRXVIYRE
TEPEFVE]SXVELE]UYIHINEVYRIWTEGMSIRFPERGS

)NIQTPSWIRIWTEySP]OEUGLMOIP

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'zQSHIWEVVSPPEVPEIWGVMXYVE
'SRJVIGYIRGMEIPETVIRHM^ENIHIPEIWGVMXYVEIRTVMQIVKVEHSWIVIWXVMRKIEPSKVEVIPXVE^SGSVVIW
TSRHMIRXIEGEHEWSRMHSWMRIQFEVKSIWJYRHEQIRXEPIRWIyEVEPSWIWXYHMERXIWEJSVQEVTEPEFVEW]
SVEGMSRIWTEVEXVEWQMXMVMHIEWTSVIWGVMXS%GSRXMRYEGMzRWII\TPMGEREPKYREWIWXVEXIKMEWUYIJEZS
VIGIRIPKYWXS]HIWEVVSPPSHIPEGSQYRMGEGMzRIWGVMXEIRPSWIWXYHMERXIW

E1SHIPEVEPSWRMySWGzQSIWGVMFMV
%PEGSQTEyEVIPETVIRHM^ENIHIPEIWGVMXYVEHIPSWRMySWIWMQTSVXERXIQSXMZEVPSWEIWGVMFMVXI\XSW
HIHMJIVIRXIuRHSPI)RIPTVMQIVSQSQIRXSIPQEIWXVSQSHIPEPEIWGVMXYVEHIYRXI\XSJVIRXIEWYW
IWXYHMERXIWIPQEIWXVSZELEFPERHS]IWGVMFMIRHSIRIPTM^EVVzRPSUYIHMGI4SHVuEMVQSHIPERHS
GzQSWIIWGVMFIRHMJIVIRXIWXMTSWHIXI\XSWTSVINIQTPSQSHIPEVGzQSIWGVMFMVYREGEVXEEYR
EQMKSSYREERqGHSXEGSVXE0YIKSEGSQTEyEEPSWIWXYHMERXIWEIWGVMFMVWYTVSTMSXI\XS

F4VSTMGMEVXIQEWEXVEGXMZSWTEVEUYIPSWIWXYHMERXIWIWGVMFER
9RSHIPSWXIQEWUYIMRY]IQYGLSIRIPETVIRHM^ENI]HIWEVVSPPSHIPEIWGVMXYVEIWSJVIGIVEPSW
IWXYHMERXIWXIQEWUYIPIWVIWYPXIREXVEGXMZSW0EQINSVSTGMzRIRIWXIGEWSIWTVSTMGMEVUYIPSW
RMySWWIPIGGMSRIRPSWXIQEWWSFVIPSWGYEPIWZEREIWGVMFMV7IKR+VEZIW 0SWHEXSWQYIW
XVERUYIPSWIWGVMXSVIWUYIETVIRHIREIWGSKIVWYWXIQEWEQTPuERXERXSWYMRJSVQEGMzRGSQSWYW
XqGRMGEWGSRIPQINSVHIPSWXIQEW'SRYRXIQEQY]FYIRSIPRMySINIVGIIPQj\MQSGSRXVSPHINE
FMIRGPEVEPETVSTMIHEHHIWYSFVE]GSRHMGLETVSTMIHEHQYIWXVEWYSVKYPPSTSVPSUYILEVIEPM^E
HST 

G4YFPMGEVPSWXI\XSWIWGVMXSWTSVPSWRMySW
'YERHS IWGVMFMQSW WMIQTVI IWTIVEQSW GSQYRMGEVRSW GSR EPKYMIR -RGPYWS GYERHS WI IWGVMFI YR
HMEVMSTIVWSREPWIIWXjTIRWERHSIREPKYMIRUYITSHVuEPIIVRYIWXVSXI\XS4YFPMGEVPSWXVEFENSWHI
PSWRMySWGSRXVMFY]IEUYIIPPSWIRXMIRHERUYIWIIWGVMFITEVEEPKYMIRQjW]EWYHIWEVVSPPSGSQS
IWGVMXSV:IV TYFPMGEHSW WYW XI\XSW WI GSRZMIVXI TSGS E TSGS IR YRE VE^zR TEVE IWGVMFMV +VEZIW
 HMGIUYI0ETYFPMGEGMzRIWMQTSVXERXITEVEXSHSWPSWRMySW7ITYIHIRTYFPMGEVHMJIVIRXIW
XVEFENSWHIPSWRMySWIRGEVXIPIVEWIRTIVMzHMGSWQYVEPIW]SXVSW

H9WEVYRTVSGIWSWMWXIQjXMGSTEVEIWGVMFMV
4EVEUYIPSWRMySWWIJEQMPMEVMGIRGSRPEIWGVMXYVEHIHMJIVIRXIWXMTSWHIXI\XS]TEVEUYIMQTPIQIR
XERHSYRTVSGIWSHIQSRMXSVISHIWYTVSHYGGMzRIWGVMXEIPHSGIRXITYIHIKYMEVPSWWMKYMIRHSYR
TVSGIWSGSQSIPUYIWIINIQTPMGEIRIPWMKYMIRXIKYVE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*MKYVE4VSGIWSTEVEPETVSHYGGMzRIWGVMXE

4PERMGEGMzR

4VMQIVEZIVWMzR
&SVVEHSV

'SRZIVWEGMzREGIVGEHIPXI\XS
IRXVIIPHSGIRXI]IPIWXYHMERXI

2YIZSFSVVEHSV

6IZMWMzRHIPEJSVQE

4YFPMGEGMzR

%GSRXMRYEGMzRWII\TPMGEFVIZIQIRXIGEHETEWS

4PERMGEGMzRHIPXI\XS
)RIWXITEWSWIPIGGMSRERIPXIQE]HIXIVQMRERIPTVSTzWMXS]PEEYHMIRGME4EVEWIPIGGMSREVIPXIQETYI
HIYWEVZEVMEWIWXVEXIKMEWXEPIWGSQSHMWGYXMVIRIPKVYTSSTVSTMGMEVYREPPYZMEHIMHIEW

)PEFSVEGMzRHIPTVMQIVFSVVEHSV
)RIWXEIXETEWSPMGMXIUYIGEHEIWXYHMERXISVKERMGIPEMRJSVQEGMzR]HIWEVVSPPIIPXIQEHIEGYIVHSGSR
IPXMTSHIXI\XSUYIIWGVMFMVjR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SRZIVWEGMzRWSFVIIPXI\XS
)RIWXETEWSIPRMySGSQTEVXIWYTVMQIVFSVVEHSVGSRIPQEIWXVS]VIGMFIWYVIXVSEPMQIRXEGMzRIRIWXI
GEWSWIGSRZIVWEVjWSFVIIPGSRXIRMHS]PESVKERM^EGMzR 'YERHSIPQEIWXVSSTMRIWSFVIIPXI\XS IW
GSRZIRMIRXIUYIIQTMIGIQIRGMSRERHSEWTIGXSWTSWMXMZSW0SWEWTIGXSWUYIIPQEIWXVSHIFIXIRIVIR
GYIRXEEPFVMRHEVPEVIXVSEPMQIRXEGMzRHIPSWXI\XSWWSR
 6IWEPXEVPSWEWTIGXSWTSWMXMZSWHIPXI\XS
 (EVWYKIVIRGMEWIWTIGuGEWWSFVIIPGSRXIRMHS]SVKERM^EGMzR
 %WIKYVEVUYIPEIWXVYGXYVEHIPXI\XSIWXjEPMRIEHEGSRIPTVSTzWMXSGSRWMWXIRGMEMRXIVRE 
 )WGYGLEVIPTYRXSHIZMWXEHIPEYXSV

2YIZSFSVVEHSV
(IWTYqWIPQEIWXVSTIHMVjEPRMySUYIIWGVMFEYRERYIZEZIVWMzR)WTSWMFPIUYIYRRMySRIGIWMXIIWGVMFMV
ZEVMSWFSVVEHSVIW]VIGMFMVVIXVSEPMQIRXEGMzRZEVMEWZIGIW

6IZMWMzRHIPEJSVQE
0EVIZMWMzRWIFEWEVjIRPEKVEQjXMGEHIPMHMSQESVXSKVEJuE]TYRXYEGMzR)PIWXYHMERXITYIHIEYXSGSVVI
KMVWISVIGMFMVPEWVIGSQIRHEGMSRIWTSVTEVXIHIPQEIWXVS4EVEIWXEVIZMWMzRWITYIHIRYWEVPMWXEWGSXINS
UYIMRGPY]ERTVIKYRXEWTSVINIQTPSGSQIRGqGEHESVEGMzRGSRPIXVEQE]WGYPE#YWqTYRXSSWMKRSEP
REPHIGEHESVEGMzR#GMVGYPqPEWTEPEFVEWUYITYIHIRIWXEVQEPIWGVMXEW#ZIVMUYqGzQSWIHIPIXVIER
PEWTEPEFVEW#

4YFPMGEGMzR
)WXIIWIPTEWSREPHIPTVSGIWSWIPSKVEGYERHSIPIWXYHMERXIGSQTEVXIWYIWGVMXS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IWEVVSPPSHIPEIWGVMXYVE
(MFYNSHIWIGYIRGMEW
)RXVIKYILSNEWIRFPERGSEPSWRMySW]TuHEPIWUYIHMFYNIRWIGYIRGMEWTSVINIQTPSGzQSTVI
TEVEVYRVIJVIWGSHIREVERNE

'SVXS]GSVXS
(q YRE SVEGMzR GSR PEW TEPEFVEW NYRXEW ] TMHE E PSW IWXYHMERXIW UYI VIGSV XIR EP JMREP HI GEHE
TEPEFVE4SVINIQTPS0EGPEWIIWKVERHI0SWIWXYHMERXIWXIRHVuERPEWWMKYMIRXIWTEPEFVEW0EGPEWI
IWKVERHI(IWTYqWTuHEPIWUYIIWGVMFERPESVEGMzR

8MVEWHITETIPTEVEJSVQEVTEPEFVEW
)WGVMFEWuPEFEWIRXVS^SWHITETIP]NYIKYIEGSQFMREVPEW4SVINIQTPSTYIHIHEVPEWWuPEFEWPE
WEGE'SRIWXEWTYIHIJSVQEV

 GEWE WEGE WEPE PEGE GEPE



9RERSXETEVE
(MZMHELSNEWIRTEV XIW]IRXVIKYIYRXVS^SEGEHERMyS0YIKSTuHEPIWUYIIWGVMFERYRERSXEE
WYTETjQEQjYSXVSJEQMPMEV4VSTSRKEXIQEWEXVEGXMZSWEPSWRMySW0YIKSTMHEUYIGSQTEV XER
PERSXEGSRWYJEQMPMEV]GYIRXIRIRGPEWIPEI\TIVMIRGME

)WGVMFMVEGVzWXMGSW
)WGVMFEYRETEPEFVEIRJSVQEZIV XMGEP]TMHEUYIIWGVMFERYRETEPEFVEGSRGEHEPIXVEGSQSIR
PSWWMKYMIRXIWINIQTPSW
    /EUGLMOIP
     )WTEySP
    8EXS
     7EP
    %XI
     3PSV
    8EX
     0MQzR

)PGYEHIVRSZMENIVS
9XMPMGIYRGYEHIVRSTEVEUYIGEHEYRSHIPSWIWXYHMERXIWTSVXYVRSWIWGVMFEIRqPEGIVGEHIYR
XIQEWIPIGGMSREHS4SVINIQTPSQMGYIRXSJEZSVMXSUYqTEWzHYVERXIIPVIGVISQMGYQTPIEySW
IXG'EHEIWXYHMERXIWIPPIZEIPGYEHIVRSYRHuE]IWGVMFIIPXIQEHEHS)RTVMQIVKVEHSEPTVMR
GMTMSIPRMySTYIHII\TVIWEVWIGSRHMFYNSW]I\TPMGEVWYWHMFYNSWIRPEGPEWI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'YIRXSUYIGYIRXS
4MHEEPSWRMySWUYIGVIIRLMWXSVMEWTYIHIRGSRXEVLMWXSVMEWMRHMZMHYEPIWSKVYTEPIW

1MTVSTMSPMFVS
 )RKVETILSNEWXEQEySGEV XETSVYRSHIPSWPEHSW0YIKSGSPSUYIHSWLSNEWHIGEV XYPMRE
SGEV XzRKVYIWS4VSQYIZEUYIPSWRMySWHIGSVIRPETEWXEGSRHMFYNSW]TMHEEPSWTEHVIW
HIJEQMPMEUYIPSJSVVIRGSRTPjWXMGS)WXIWIVjIPPMFVSHIPRMyS
 4VSQYIZEUYIIPIWXYHMERXIIWGVMFELMWXSVMEWERqGHSXEWGLMWXIWTVMQIVSIRYREWSPESVEGMzR
]PYIKSTjVVEJSWGSV XSW]EWuWYGIWMZEQIRXI
 'EHEZI^UYIXIRKERYRXI\XSXIVQMREHSTMHEEPSWIWXYHMERXIWUYIPSIWGVMFERIRWYPMFVS
]PSMPYWXVIR

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

) PEFSVIYRGYEHVSWMRzTXMGSEGIVGEHIPSWRMZIPIWHIGSRGITXYEPM^EGMzRIRIPTVSGIWSHIEHUYMWMGMzR
HIPEPIRKYEIWGVMXE

) RXVIZMWXIEYRHSGIRXIHITVMQIVKVEHSEGIVGEHIPTVSGIWSUYIWMKYITEVEIRWIyEVEIWGVMFMVEWYW
IWXYHMERXIW'SQIRXIPSWVIWYPXEHSWHIPEIRXVIZMWXE
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

1SHIPIEWYWIWXYHMERXIWPEIWGVMXYVEHIYRXMTSHIXI\XS%RSXIWYI\TIVMIRGME
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

6
 IREWIGSRSXVSWXVIWQEIWXVSW]TVSTSRKERYREPMWXEHIXIQEWEXVEGXMZSWTEVEUYIPSWRMySWHI
WIKYRHS]XIVGIVSTVMQEVMEIWGVMFER

 7IKYRHSTVMQEVME   
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 8IVGIVSTVMQEVME
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

4VSTSRKEGMRGSJSVQEWHITYFPMGEVPSWXI\XSWHIPSWRMySW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IPEXISVuEEPETVjGXMGEQSHIPSWTEVEGPEWIWHIPIGXSIWGVMXYVEHITVMQEVME
%PTPERXIEVYREGPEWIQSHIPSHIPIGXSIWGVMXYVEMRMGMEPIWMQTSVXERXIXSQEVIRGYIRXEPSWEWTIGXSWXVEXEHSW
XEPIWGSQSHIWEVVSPPSHIPTVMRGMTMSEPJEFqXMGS GSRGMIRGMEJSRSPzKMGE YMHI^ ZSGEFYPEVMS GSQTVIRWMzR]
IWGVMXYVE%WMQMWQS IWRIGIWEVMSWIyEPEVPEMQTSVXERGMEHIUYIPEIRWIyER^EHIPEPIGXYVEWIEI\TPuGMXE
WMKYMIRHSIWXEWJEWIW

)PQSHIPENI)RIWXEJEWIIPHSGIRXIQYIWXVEQSHIPEGzQSVIEPM^EVIPTVSGIWS7MIWYRTVSGIWSRS
SFWIVZEFPIWIVIGSQMIRHEMVTIRWERHSIRZS^EPXEIWHIGMVI\TVIWEVGzQSWITMIRWEIRPEQIHMHEUYI
WIIRJVIRXEGSRPEWMXYEGMzRHIETVIRHM^ENI

4VjGXMGEKYMEHE'SRPEEWIWSVuESQIHMEGMzRHIPHSGIRXIVIEPM^EVIPTVSGIWS)RIWXETVjGXMGEKYMEHEIP
HSGIRXISFWIVZE]HIXIVQMREUYqEWTIGXSWRIGIWMXEQINSVEVTEVEHSQMREVIPETVIRHM^ENI3JVIGIIWTE
GMSWHIINIVGMXEGMzR

4VjGXMGEMRHITIRHMIRXI)PIWXYHMERXITYIHIVIEPM^EVIPTVSGIWSTSVWuQMWQSWMRQIHMEGMzRSETS]SHIP
HSGIRXI

8EQFMqRIWMQTSVXERXIXIRIVIRGYIRXEPEIZEPYEGMzRTVSGIWYEPUYIGSRWMWXIIRETPMGEVPEIZEPYEGMzRUYI
TIVQMXIHIXIVQMREVWMWIEPGER^EVSRPSWPSKVSWTVSTYIWXSW

%GSRXMRYEGMzRWISJVIGIYRETVSTYIWXEHIHMWXVMFYGMzRHIXMIQTSTEVEIPTVMQIVGMGPSHIP2MZIP4VMQEVMS
)RIWXIWITVSTSRIRIRTIVuSHSWHSFPIWYRHuEWu]SXVSRS SFMIRPETVMQIVELSVEYRHuE]PEWIKYRHE
EPSXVSHuE
8EFPE<:-(MWXVMFYGMzRHIPXMIQTSTEVEPEGPEWIHIPIGXSIWGVMXYVE
TEVEIPTVMQIVGMGPSHIP2MZIP4VMQEVMS

%GXMZMHEH 4VMQIVSTVMQEVME 7IKYRHS]XIVGIVSTVMQEVME

'SRGMIRGMEJSRSPzKMGE QMRYXSW 
4VMRGMTMSEPJEFqXMGS QMRYXSW 
%6IGSRSGMQMIRXSHIPIXVEW]WSRMHSW
%6IGSRSGMQMIRXSHITEPEFVEW]SVXSKVEJuE
0IGXYVEHIXI\XSW QMRYXSW QMRYXSW
%:SGEFYPEVMS]IWXVEXIKMEWHIGSQTVIRWMzR
)WGVMXYVE QMRYXSW QMRYXSW
*PYMHI^ QMRYXSW QMRYXSW
)\TVIWMzRSVEP QMRYXSW QMRYXSW
)ZEPYEGMzR QMRYXSW QMRYXSW
8MIQTSXSXEP LSVEW LSVEW

)RPEWWMKYMIRXIWTjKMREWWITVIWIRXERXVIWGPEWIWQSHIPSTEVEPEIRWIyER^E]HIWEVVSPPSHIPE
PIGXSIWGVMXYVE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 

6YGLSPENMPVYFERMOVMXMNSRxOTEXMNSFmP'LEFmPOEUGLMOIP
6MOEX^MRIP
6MSNUERVMGLMR
RIXEQm\GLYUEVM
ROIXEQENVM
VEQEN\XMOEX^MR 6MWEQENRMWYNETSGLMVIVMXMNSRIP
EO[EPE
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

VMGLMRVMIXEQERxO
6IXEQE\MOVM 6IXEQE\MO 8EFMNETSGLMOIVMEO[EPE TEOEOE VIX^MNVI OEVMXEFMNGLMOIGLMXMOMTEUETEOMUE [MRMOMOE\ENVMNYREROMOS\SQEPVMX^MF
OS\SQmP VYOS\SQEPVMX^MF ]IXMOMV[MIP
GLYXMVEQEN O /SOOYQ1YNNYP/IPOEW4S]FI]
QMRYXSW
8EFMNETSGLMOIVMEO[EPEOMFMVIGLMOSTMVIOEVMOITEI[MRMOMOE\EOVMFMEN]IXMOMVVMOMRVYOS\SQEPVIO
/]INOIPO]IUOYOmO

8EFMNGLMOIVMEO[EPEVINYRX^MNVIREFI]XMOMFMNERMRmUOEVMNYRGLMOFI]\EIUEP
/SOOSOVYOSOEPVMOYQ
6MOMROEVIVYOSOEPVMOYQ
)OSOEVMOER\XMOMOSPOMOETE
/MOSNPMFEPVMmO

8EFMNGLMVINYREO[EPGLMXYWMOMNVIX^MNVIOEVMVMGLEUEGLMOVEGLMFMPXMOMX^IUINOMUEXSU\XMOMOE\ENVYOS\SQEPVMO
6IXEQE\MO 8MOIXEQEN 8EOYXYVY[EGLMFmPVMX^MFO
OMOS\SQEPGLYUE VY[mGLVMX^MFN /ERXEFMNVMVYOS\SQEPVIX^MFOXEFMNVMVYFMOEOSVYGLYXEP 
OMFMVMX^MF VYOS\SQEP 8EFMNGLMOIVMEO[EPEGLMXMOMFEREVY[EGLMFmPVIX^MFVITEOEUMUTEYPI[GLY[mGLVM\ER
GLYXMVEQEN /IEX^MFENVIOYPENXEUX^MNGLY[mGLVMUMRSRX^MFEFmPNYRRMXOMVIPVMOMRVMOVMNYRGLMOQERVMOMRXEVMO
8MOMPEVMX^MN /YQQYN/YPNYR4STOEWPIQ
]IX^MFm\VMOMRVM 
X^MFN 6MEO[EPEOSGLMRMOMOYXVMX^MNEOYGLMIYOYWER[MVMOOEVMOSGLM]IOMX^MFENGLY[mGLNYRVY\EU[YN]ESRGLMOIOEVM
RMOMWMOMNOSRSNIPVMX^MN\IOMX^MFEN
8E]EGLMOIVMXMNS\IPENYRVY\EU[YNEOYGLMX^MFER[MVIX^MNVI

6MOS]OYGLGLYUEVMOIP
6MOS]
 OYGLGLYUEVMOIP
/SNYRFI]GLE \OMOYPOMTEOIGLIPENNYROIPNYROS]GLYUENYROYGL6MOS]\VENS\FIGLMOENTEOEUMUEGLMIPRMOMFmRVM
/SNYRFI]GLE\OMOYPOM
OIPGLYUEVMOYGL TEOIGLIPENNYROIP
TSQER\XMOMVXE VMOYGLGLYUEVMOIP\OMFMNGLMVIGLMVMRE\MOER\E]EPEROE]I[VYQE\E]EPEROEUMU
NYROS]GLYUENYROYGL6MOS]\VENS\FIGLMOENTEOEUMUEGLMIPRMOMFmRVM
OIPGLYUEVMOYGLTSQER\XMOMVXE VMOYGLGLYUEVMOIP\OMFMNGLMVIGLMVMRE\MOER\E]EPEROE]I[VYQE\E]EPEROEUMU
REVY\MOEN6MOS]\E\OMOSXUE\VEOE\ENVM\OMFMNVMVEGLMFMPGLMVI 
REVY\MOEN6MOS]\E\OMOSXUE\VEOE\ENVM\OMFMNVMVEGLMFMPGLMVI
8EOYXYNGLMOIVMXMNS\IPEGLMOIOMOERSNOSRSNIPVMX^MNEOYGLMIYOYWER[MVMOOEVMXMOMNY\YGLYUEOIOMWMOMNOSRSNIPVIX^MFVI

6YWMOM\MO[YN 8MOMPEVMX^MN]EPERI 8EOYXYNGLMOIVMXMNS\IPEGLMXMOMRESNMNEGLMOIRYFMNGLMOIVIOEMS\MX^MNVIMOS]OYQmN

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
GLYXMVEQEN OEX^MRIPIOSGLY 8EFMNGLMOIVMXMNS\IPEGLMVIX^MNVI\E]ISOGLYTEQNYRX^MNSRxOXEFMNGLMOIGLMXMOMFMNEGLMOIOEQM\XMX^MNS\GLYTEQVIX^MNSRxO
TEQNYRX^MNSRxO VIRMFMNVM\#
2MOMOYX GLM \UE\  2EFI]XEUIXEQEFmPTEVY[MVMX^MNSRxO
TEOMNSPSRVMWMOMRxO 8EFEREVIOYXYRMOEGLMIPVIOEMS\MX^MNVIYX^RMRERMXMNVMMOS]#EGLMOIRMRERMXMNVMOYQ#EOYGLMRMFER[MVMX^EOSNMOS]
\OMFmR XSU RMOMX^M OYQGLYUEVMmN#
NSNNYRFI]GLMO
  6YWMOM\MOVMX^MNSRxO
8EWMOMNVMOMRVSRSNIPEOY\VIX^MNSRxOVI.ERXETIXEOYXYNGLMOIVMEO[EPEEGLMOI\XMFEREXmNRMFMNVM\#

.YRUMNVMEO[EPE \OMFmRNYROMX^EOSRGLMVMTEOMXMNSFEP \OMX^mOUEMOS] OYQGLYUEmN )OSEO[EPE \IOMXMNRMQEUXEU

MOS]RMQEUXEUOYQRMQEUXEUmN]EPER\I[EOSRSNIP
)OSQER\IOMXMNXEGLMOVMmN\E\IOMO[ENGLMOEGLSGLOMGLMRVMmOIOSOMOMRXSU\IOM]EGLMOIVMEOVMmNOIVI\OMFMNGLMOI
VMGLMR\IOS]SNOOOOO

 6YWSPMOTEVY[MVMX^MNSRxO
8EFMNGLMOIVMEO[EPEGLMIOEOEXMOMX^MNSNNYRFI]GLMOVMX^MNSRxO\OEOE\EN
8EFMNGLMOIGLMOIX^MNSRTEOM[MEGLMOIOMFERMOMPVMOYQGLYUEVMMOS]

6YX^MFE\MO 2MOMX^MFENNYR 8EFMNGLMOIVMEOE[EPEOMFMVIGLMOSTMEOYGLMRYOYWm\[MVIX^MFO EGLMIPVImOOYGLOIPOS]OEVMXEFMNGLMOIGLM

GLYXMVEQEN X^MNSRxOVM\E\I XMOMFEREOM[EGLMFmPGLY[mGLNYR[YNXMOMX^MFENOEMS\MX^MNTEOM[M
[SSWMPSRX^MNI 8EOYXYGLMOM[mGLVMEO[EPEVY[EGLMFmPNYROYGL
OSGLYTEQ 8EFMNGLMOIGLMNYREROSRSNIPOSGLM\XMOMX^YONYRXMOSSPX^MNSRxOTEVY[MVMOYGL
8EFMNGLMOIGLMXMOMFMNEGLSNGLMOMNXEGLEUEGLMOGLMOSTM[MREUM\XMFER[MVIX^MNSRxOVIGLYUEXEOYXYNGLMOIGLMXMOMFMN

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
EOYGLMXERMFEREXmN[MVIX^MNSRxOVI
/ERXEFEREGLMVMEO[EPEXMOMX^YOYVMX^MNSRxOVMNIRMOMFMNTINEOEVM\XEX^MFENGLY[mGLVMUMRSRX^MFEFmP/ERXEOERYN
VYFI]EPVMX^MNSRxO
/SRSNIPVMEO[EPENYRERRMOMWMOMNVMX^MNSRxOXSUREOYXETSGLMOM[mGLVMNYNYRX^MN
8EX^MFENNYNYRX^MNEOYGLMRYOYWm\[MVMX^MFOVMGLMRVMEO[EPERMOMX^EUEXMWEN
%GLMIPVMTECCEGLTEOEGL
CCCIGLIPENOIGLIPEN
ECCC[EPEEO[EPE

'LSPSPIRWMOMRxO 8MOMGLSPSPINVM 8EX^MFENVINYRX^MNSRxOGLY[mGLNYRRMQVY\EU[YNVMGLMROSRSNIPVMEO[EPERMOMX^IX

GLYXMVEQEN WMOMRxO 8EFMNGLMOIVMEO[EPEGLMXMOMWMOMNVMNYNYRX^MNXSU]IEOYXXEFEREGLMQER]ITEIXEVMEO[EPEXSURMOMFmRVMWMOMRMO

.YRUMNVMEO[EPE\OMFmRNYROMX^EOSRGLMVMTEOMXMNSFEP\OMX^mOUEMOS]OYQGLYUEmN)OSEO[EPE\IOMXMNRMQEU
XEUMOS]RMQEUXEUOYQRMQEUXEUmN\IOMXMN]EPER\I[EOSRSNIP
)OSQE\IOMXMNXEGLMOVMmN\E\IOMO[ENGLMOEGLSGLOMGLMRVMmOIOSOMOMRXSU\IOM]EGLMOIVMEOOIVI\OMFMNGLMOI
VMGLMR\IOS]SNOOOOO

6MGLS[IR /EROSRMOMFMNETS 8EFMNGLMOIVMEO[EPEGLMTEXEUOENOmNOIX^MNSRTEOM[MVMGLMOSTMOIXEQEROM[mGL

GLYXMVEQEN TENYRX^MNSRxO 8MOMOERYNNYRGLMOSTVMOER]EPERYX^RMOMX^IXOEVMXMOMX^MNSNEGLMOIVYQE]EPERYX^RMOMX^IXEGLMOIXERMOMFmRVMGLMRQERXE
]IOMWUEVIGLMOSTMVI
8EFMNGLMOIVMEO[EPEGLMXMOMX^MFENOEMX^MNOMOMRVIX^MFVIOEGLYUEOEMX^MNOMOMRVMOY
)XEFmPRESNMFmP 8EFMNGLMOIVMEO[EPEGLMXMOMX^EUEXMWENVIX^MNQERIX^EUmXXEOMOMRVMX^MFOERIVYOEQSR
GLYXMVEQEN <OMCCYPOMNYRCCCIPNYRCCYGLGLYUENYRCCCS]
6MmCC]IVS]SNVMVEPOIVIOOOOO
8EFMNGLMOIVMEO[EPEGLMXMOMWMOMNGLMYX^MPVIX^MNVI
6MOS]OSTEOIGLIPEN
6MOYGLVMOMRVMOIP]I\MOER
6MOYGLVMOIPGLYUEVMmOIGLMOSTM
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE



1SHIPSHIYREGPEWIHITVMQIVKVEHS
4VSTzWMXSHIPEW
%WTIGXSXVEFENEHS
EGXMZMHEHIW
]XMIQTS %GXMZMHEHIWTVSTYIWXEW
VIUYIVMHS
5YIPSWRMySW
'SRGMIRGME -HIRXMUYIRIPWSRMHS (MKEPSWWMKYMIRXIWTEVIWHITEPEFVEW]TMHEEPSWIWXYHMERXIWUYIETPEYHERGYERHSIWGYGLIRUYIHSWTEPEFVEWMRMGMER
JSRSPzKMGE N GSRIPQMWQSWSRMHS
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

QMRYXSW .EMQI.EMVSQEWENSXENEQzRNEVVzRKMVEWSPQER^ERE

(MKEPSWRSQFVIWHIPSWWMKYMIRXIWQIWIW]TMHEUYIWITEVIRGYERHSIWGYGLIRYRSUYIMRMGMIGSRIPWSRMHSN
QEV^SNYPMSNYRMSHMGMIQFVIJIFVIVSRSZMIQFVI

)RWIyIEPSWIWXYHMERXIWIPWMKYMIRXIXVEFEPIRKYEW]PYIKSTMHEUYIPSVITMXERTVMQIVSVjTMHS]HIWTYqWHIWTEGMS
4IVINMPGSQu
TIVINMPGIRq
HIXERXSTIVINMP
QIIQTIVINMPq
GSRUYqTIVINMPQIHIWIQTIVINMPEVq#

0YIKSTuHEPIEYRRMySUYIPSHMKE]EPSWSXVSWRMySWUYIPIZERXIRPEQERSGEHEZI^UYIIWGYGLERIPWSRMHSN
4VMRGMTMSEPJEFqXMGS 6IGSRS^GERPEPIXVE 4VIWIRXIPEPIXVEN
QMRYXSW UYIVITVIWIRXEIP )RJEXMGIIRIPWSRMHSHIPEN]I\TPMUYIUYIWYRSQFVIIWNSXE
WSRMHSN 4MHEEPSWIWXYHMERXIWUYIVIEPMGIRIPXVE^SHIPEPIXVENWSFVIIPIWGVMXSVMSIRIPEMVIIRPEXMIVVEIRPETEVIH
)WGVMFEPEWWMKYMIRXIWTEVINEWHITEPEFVEWIRIPTM^EVVzRPETVMQIVETEPEFVEGSRN]PESXVEWMRIPPE
6IGSRS^GER .YPMSGEQENYRGSLSPE.YPMEHIHS
TEPEFVEWUYIWI  
IWGVMFIRGSRN 4MHEEPSWIWXYHMERXIWUYIMHIRXMUYIRPEWTEPEFVEWUYIXMIRIRPEPIXVENPEWHMKER]PEWIWGVMFERIRPEWXEVNIXEWUYITVI
ZMEQIRXIPIWJYIVSRIRXVIKEHEWPYIKSHIFIRPIIVPEWIRZS^EPXE
)RXVIKYIEPSWIWXYHMERXIWIRYRELSNEHITETIPPEWMKYMIRXIPIGXYVE
.YPMjR].EGMRXSZERE
HINEVYRTENEVMXSIRIP
TEPSQEVTIVSIPTENEVMXS
UYMIVIZSPEVIRXSRGIW
.YPMjR].EGMRXSEFVIRPE
NEYPE]HINEREPTENEVMXSZSPEV

7SPMGMXIEPSWIWXYHMERXIWUYIWYFVE]IRIRPEPIGXYVEERXIVMSVPEWTEPEFVEWGSRN]PEWPIER

0IGXYVEHIXI\XSW 6IGSRS^GERIP 4VIKYRXIEPSWRMySWWMWEFIRUYqWMKRMGERGEHEYREHIPEWWMKYMIRXIWTEPEFVEWXVSJISNEVMTISNMRIXI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
QMRYXSW ZSGEFYPEVMSGVuXMGS )\TPMUYIPEWTEPEFVEW
UYIWIVjYWEHSIRPE (uKEPIWEPSWRMySWUYIIWXEWTEPEFVEWWSRTEVXIHIYRELMWXSVMEUYIPIWGSRXEVj]TuHEPIWUYIHMKERSIWGVMFERHIUYq
PIGXYVE TSHVuEXVEXEV
1YIWXVIRPEGSQ  4VIPIGXYVE
TVIRWMzRHIPXI\XS *SVQYPITVIKYRXEWGSQSPEWWMKYMIRXIWPIWKYWXERPSWGEFEPPSW#LERMHSEYRNEVMTIS#UYqTVIQMSWHERIRYRNEVMTIS#
GYERHSPSZYIPZIRE HzRHIUYIHE.EPETE].YXMETE#
GSRXEV
  0IGXYVE
0IEIPWMKYMIRXIXI\XSGSRIRXSREGMzRVMXQS]TVIGMWMzR(IXqRKEWIYRTEVHIZIGIWTEVETVIKYRXEVUYqGVIIRUYITEWEVj
HIWTYqW

.YPMSIWYRFYIRNMRIXIPIKYWXETEVXMGMTEVIRPSWNEVMTISWHI.EPETE].YXMETE)RNYRMSTEVXMGMTzGSRYRKVYTSHI
NzZIRIW]WIKERzYRXVSJISHITVMQIVPYKEV4EVEGIPIFVEVWIXSQEVSRYRWEFVSWSJVIWGSHIVSWEHINEQEMGE
1MIRXVEWGIPIFVEFERYREEFINETMGzEYRSHIWYWEQMKSWIRPESVINE 7YSVINEGVIGMzXERXSUYIXSHSWVMIVSRE
GEVGENEHEWNENENENENE

 4SWXPIGXYVE
*SVQITEVINEW]TuHEPIWUYIZYIPZEREGSRXEVPELMWXSVMEYWERHSWYWTEPEFVEW
7SPMGMXIEPSWRMySWUYIGSQIRXIRWSFVIPSWGEFEPPSW
)WGVMXYVE 1IRGMSRIEPSWRMySWIPRSQFVIHIERMQEPIWUYIMRMGMIRGSRPENTSVINIQTPSNMVEJENEKYEVNEFEPuNMPKYIVSPYIKSTMHEUYI
QMRYXSW )WGVMFERYRELMWXSVME MPYWXVIRGEHEERMQEP]UYIIWGVMFERYRESVEGMzREGIVGEHIIPPSW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
HIGMRGSPuRIEW 1YIWXVIEPSWIWXYHMERXIWYRHMFYNSSJSXSKVEJuEHIYRENMVEJE
-RHMUYIUYIIRXVIXSHSWGSRWYE]YHEZEREIWGVMFMVYRELMWXSVMEHIRSQjWHIGMRGSPuRIEW
4MHEUYISFWIVZIRPEKYVE]HMKERUYqTIVWSRENIWXIRHVjPELMWXSVMEGYjPIWWIVjRWYWRSQFVIWIRHSRHIWIVIEPM^EVj
1SXMZIEPSWRMySWTEVEUYIIRXVIXSHSWZE]ERGVIERHSPELMWXSVMEQMIRXVEWYWXIHPEERSXEIRIPTM^EVVzR,EKERXSHEW
PEWQSHMGEGMSRIWUYIGSRWMHIVIRETVSTMEHEW
0IERXSHSWPELMWXSVMEQMIRXVEWYWXIHGSQSHSGIRXIZEWIyEPERHSHSRHIZERPI]IRHS
)WGVMFEIRIPTM^EVVzRSVEGMSRIWUYIGSRXIRKERTEPEFVEWGSRNTIVSMRGSQTPIXEW
*PYMHI^ 4VEGXMUYIRPEPIGXYVE )WGVMFEIRYRGEVXIPPEPIGXYVE]EYWEHEIRIWXEPIGGMzR0YIKSGSPzUYIPSIRIPTM^EVVzR
QMRYXSW YMHE 4MHEEPSWRMySWUYIPSPIERQMIRXVEWYWXIHZEWIyEPERHSPEWTEPEFVEWGSRYREVIKPESPETMGIVSTEVEUYIXSHSWPIERGSR
VETMHI^
)\TVIWMzRSVEP 4EVXMGMTIRIR *SVQIKVYTSWHIRMySW]TMHEUYIGSRZIVWIRWSFVIPSWERMQEPIWUYIGSRSGIR
QMRYXSW GSRZIVWEGMSRIW 0YIKSUYIWIPIGGMSRIRYRERMQEP]PSTVIWIRXIREXSHEPEGPEWI
4VSTMGMIUYIPSWRMySWGSRZIVWIRGYjPHIPSWERMQEPIWTVIWIRXEHSWIWIPUYIPIWKYWXEQjW]TSVUYq

)ZEPYEGMzRHIPETVIRHM^ENI 4MHEEPSWRMySWUYIJSVQIRHSWTEPEFVEWGSRNE]HSWGSRNY
QMRYXSW
4MHEEPSWRMySWUYIGSQTPIXIRPEWWMKYMIRXIWTEPEFVEWGSRPEWPIXVEWUYIJEPXER

)RIP^SSPzKMGSZMQYGLSWERMQEPIW,EFuEYRCCKYEVYRECCVEJE]YRCCFEPu1MWEQMKSW]]SGSQMQSWQYGLSWCCGSXIW
ZIVHIWCCEREWIVuIEGEVGENEHEWEWuCECECE

4MHEEPSWIWXYHMERXIWUYIPIERYMHEQIRXIPEWWMKYMIRXIWSVEGMSRIW
.YIKSGSRNYKYIXIWVSNSW
.EMQIQMLIVQERSGSVVITSVIRYRNEVHuR
0ENMVEJEHIP^SSPzKMGSIWQY]EPXE
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE


 1SHIPSHIYREGPEWIHIWIKYRHS]XIVGIVSTVMQEVME


4VSTzWMXSHI
%WTIGXSXVEFENEHS
PEWEGXMZMHEHIW
]XMIQTS %GXMZMHEHIW
VIUYIVMHS
5YIPSWRMySW
0IGXYVEHIXI\XSW 9XMPMGIRTVINSW )\TPMUYIUYIPETEPEFVEEVGSuVMWIWXjJSVQEHETSVHSWTEPEFVEW%VGSMVMW
QMRYXSW TEVEMHIRXMGEV )\TPMUYIUYIEZIGIWJSVQEQSWTEPEFVEWHISXVEWHSW]UYIIRSXVEWSGEWMSRIWYWEQSWYREWTEVXuGYPEWTEVEJSVQEVPEW]IWXEWWIPPEQER
IPWMKRMGEHS TVINSW4SVINIQTPSTVIUYIWMKRMGEERXIWTSVIWSTSHIQSWHIGMVTVITEKSUYIWMKRMGETEKEHSERXIWSGSRERXMGMTEGMzR4MHEEPSW
HITEPEFVEW RMySWSXVSWINIQTPSW
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)\TPMUYIUYIFMUYIWMKRMGEHSWXVMUYIWMKRMGEXVIW4SVINIQTPSFMGSPSV]XVMGSPSVWMKRMGEUYIXMIRIRHSW]XVIWGSPSVIW
4MHEEPSWRMySWUYIHIRSXVSWINIQTPSW
4MHEUYIHMFYNIRHSWTEPEFVEWGSRFM]XVIWGSRXVM4SVINIQTPSFMGMGPIXE]XVMGMGPS
4MHEUYIIWGVMFERYRESVEGMzRGSRGEHEYREHIPEWTEPEFVEWHMFYNEHEW
0IGXYVE 4VEGXMUYIRPE E4VIPIGXYVE
GSQTVIRWMzR MHIRXMGEGMzR 4MHEEPSWIWXYHMERXIWUYIWISVKERMGIRIRGuVGYPSIRIPTEXMSHIPEIWGYIPESIRIPEYPEIRYRPYKEVETVSTMEHS0YIKSUYIGEHEYRSHIIWGSNE
HIPEMHIE YRSHIPSWWMKYMIRXIWGSPSVIWVSNSE^YPEQEVMPPSZIVHIREVERNEGIPIWXI]QSVEHS'YERHSIPHSGIRXIHMGIEVGSuVMWXSHSWXIRHVjRUYIJSVQEV
TVMRGMTEPHIP YREVGSuVMWUYIXIRKEWMIXIGSPSVIW4YIHIRGEQFMEVHIGSPSVGEHEYRSHIPSWIWXYHMERXIWTEVEWIKYMVPEEGXMZMHEH4EVEVIEPM^EVPEWITYIHIR
XI\XS SVKERM^EVEPSWIWXYHMERXIWTSVKVYTSW]NYKEVGSRYRSWTVMQIVS]HIWTYqWGSRSXVSW4VIKRXIPIWUYqXMTSHIXI\XSTSHVuERPIIVYRSUYI
PIWMRJSVQEGSQSYRERSXMGMESYRSPMXIVEVMSGSQSYRELMWXSVME#
4VIKYRXIEPSWIWXYHMERXIWUYqIWYREVGSuVMW#LERZMWXSYREVGSuVMW#UYqPIWKYWXEHIPSWEVGSuVMW#GzQSWIJSVQEYREVGSuVMW#
6IGYIVHIEPSWIWXYHMERXIWUYILE]HMJIVIRXIWQERIVEWHIPIIVIRZS^EPXEIRWMPIRGMS]IRJSVQEGSQTEVXMHE)\TPMUYIUYIELSVEETVIR
HIVjREMHIRXMGEVPEMHIETVMRGMTEPHIPEPIGXYVE
)WGVMFEIRIPTM^EVVzR)PSVMKIRHIPEVGSuVMW]TMHEEPSWIWXYHMERXIWUYIPSPIER(IGMVEPSWIWXYHMERXIWUYILS]PIIVjRYRELMWXSVMEUYI
WIPPEQE)PSVMKIRHIPEVGSuVMW4MHEEPSWIWXYHMERXIWUYILEKERTVIHMGGMSRIWIWHIGMVUYIHMKERHIUYqTSHVuEXVEXEVPELMWXSVME#UYMqRIW
WIVjRPSWTIVWSRENIW#

F0IGXYVE
)PEFSVIYRGEVXIPGSRPEPIGXYVE)PSVMKIRHIPEVGSuVMW
0IEIRZS^EPXEEWYWIWXYHMERXIWWIyEPERHSPEWTEPEFVEWUYIZEPI]IRHS
4MHEEWYWIWXYHMERXIWUYIPIERYMHEQIRXINYRXSGSRYWXIH
4MHEEWYWIWXYHMERXIWUYIPIERIPXI\XSTSVTEVINEWYRSTVMQIVS]SXVSHIWTYqW
4MHEEWYWIWXYHMERXIWUYIIRJSVQEMRHMZMHYEPPIERYMHEQIRXIIPXI\XS
0IGXYVE 4VEGXMUYIRPE )PSVMKIRHIPEVGSuVMW
GSQTVIRWMzR MHIRXMGEGMzR fVEWIUYIWIIVEYRXMIQTSIRUYIPEWTPERXEWPSWERMQEPIW]PSWLYQERSWIWXEFERQY]GSRXIRXSWGSRIPWSPfWXIFVMPPEFEIRIPGMIPSE^YP]GSR
HIPEMHIE WYWVE]SWEGEVMGMEFEEXSHSWIRPEXMIVVE
TVMRGMTEPHIP 9RERYFIIRZMHMSWEHIPGEVMySUYIPEKIRXIPIXIRuEEPWSPWIUYINEFEGSRXMRYEQIRXI]HIGuE
XI\XS )WXS]LEVXE2SLEKSQjWUYIQSNEVPSW]XSHSWIWXjRELEFPEVHIPWSP(IQuREHEHIREHE
%WuJYIGSQSYRHuEIRIPUYIGSQSXERXSWSXVSWPSWLYQERSWPEWTPERXEW]PSWERMQEPIWIWXEFEREKS^EVHIPGEPSVHIPWSPGYERHSPERYFIWI
TPERXzHIPERXI]HMNS
7IEGEFz(IELSVEIREHIPERXI]ERSWIVjWXIPQjWMQTSVXERXI8IZS]EXETEV]RYRGEQjWTSHVjWZIVPE8MIVVE
4SVQjWUYIIPWSPPIWYTPMGzPERYFIRSPILM^SGEWS0EWTPERXEWJYIVSRTIVHMIRHSWYGSPSV]ERMQEPIW]LYQERSWWIIWXEFERQYVMIRHSHI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
JVuS
9RHuEYRERMyEMHIzYRTPER]LEFPzGSRPERYFI
2YFIQMVEUYIIVIWFSRMXE%QuQIKYWXEWQjWUYIIPWSP
'EHEZI^UYIPERMyEPIHIGuEEPKSFSRMXSEPERYFIqWXEWITSRuEQjW]QjWKSVHEGSRWYZERMHEH(IQERIVEUYIGYERHSPERMyEPIHMNSE
PERYFIUYIRSWIGVIuEUYIIPPEHMIVEPEPPYZMEqWXERSWIPSTIRWzHSWZIGIW]GSQIR^zELEGIVPE
=GYERXSQjWPPSZuEQjWTIUYIyEWIMFELEGMIRHSQjWTIUYIyEQjWTIUYIyE
 
(IIWXEQERIVEIPWSPGSQIR^zEEWSQEVTSVHIXVjW4VMQIVSYRVE]SPYIKSSXVS]SXVS]SXVS
'SRPEQEKMEHIPWSP]PERYFINYRXEWWYVKMzIPEVGSMVMW
(IWHIIRXSRGIWPEWRYFIW]IPWSPWSREQMKEW]GYERHSWINYRXERRSWVIKEPERYREVGSMVMW
0EGSQIXEHIPSWGYIRXSWLXXTGSQIXEGEVQIRPSHIMVSFPSKWTSXGSQGYIRXSIPSVMKIRHIPEVGSMVMWLXQP

G4SWXPIGXYVE
4MHEEPSWIWXYHMERXIWUYIMHIRXMUYIRPETEPEFVESTEPEFVEWUYIQjWWIVITMXIRIRPEPIGXYVEPYIKSUYIPEUYMXIRHIPEPIGXYVE]SFWIVZIRWM
IWXETMIVHIIPWIRXMHS)\TPMGEVUYIIWXSTEWETSVUYIPETEPEFVEIWXjVIPEGMSREHEGSRPEMHIETVMRGMTEP
)\TPMUYIUYISXVEJSVQEHIMHIRXMGEVPEMHIETVMRGMTEPHIYRTjVVEJSIWTSVNYWXMGEGMzRIWHIGMVIRGSRXVEVIPXMTSHIJVEWIWUYIGSRXMIRIR
VE^SRIWSEVKYQIRXSWUYIETS]IRPEEVQEGMzRIWXEFPIGMHEIRPEJVEWITVMRGMTEP9REMHIEWIIRXMIRHIWMWIMHIRXMGERGYjPIWWSRPSWJYRHE
QIRXSWPzKMGSWUYIPEWSWXMIRIR]PEETS]ER
%]YHIEPSWIWXYHMERXIWEIRGSRXVEVPEMHIETVMRGMTEPHIPGYIRXS

)WGVMXYVE )WGVMFERYRE 1YIWXVIEPSWIWXYHMERXIWPEWMKYMIRXIMPYWXVEGMzR]TVIKYRXIUYqQYIWXVEPEMQEKIR#UYqIPIQIRXSWXMIRI#UYqWEFIRWSFVIPSWEVGSuVMW#

QMRYXSW REVVEGMzRHI
GMRGSPuRIEW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN


4MHEEPSWIWXYHMERXIWUYIIWGVMFERIRTEVINEYRGYIRXSSYRELMWXSVMEIRYRELSNEIRRSQjWHIGMRGSPuRIEWETEVXMVHIPEKYVEUYI
SFWIVZERWMRTIVHIVPEVIPEGMzRIRXVIPSUYIIWGVMFIR]IPXuXYPSHIPELMWXSVME)PEVGSuVMW%RXIWHIIWGVMFMVPELMWXSVMESGYIRXSGEHETEVINE
WITSRHVjHIEGYIVHSIRPSWWMKYMIRXIWEWTIGXSW
'YjPIWWIVjRRSQFVIWTEVEGEHETIVWSRENIUYIMRGPYMVjRIRPELMWXSVME
)QTI^EVjRPELMWXSVMEGSRPEJVEWIfVEWIYREZI^
8IVQMRERGSR]EWuWYGIHMz
4MHEEGEHETEVINEUYIIWGVMFEWYLMWXSVME]UYIPEMRXIVGEQFMEGSRSXVEWTEVINEWTEVEVIZMWEVSQINSVEVPEIWGVMXYVEHIPELMWXSVME
'SPSUYIPELMWXSVMEIRPETEVIHHIPEGPEWI
6IZMWIPEIWGVMXYVEHIGEHETEVINE]VIXVSEPMQIRXEVEPSWUYIRIGIWMXER'SVVMNETVMRGMTEPQIRXIIPYWSHIQE]WGYPEW
*PYMHI^ 4VEGXMUYIRPE 7IPIGGMSRIHSWLMWXSVMEWHIPEWTIKEHEWIRPETEVIH]TMHEEHSWRMySWTEVEUYIYRSHIWTYqWHIPSXVSPIERIRZS^EPXETEVEPSWHIQjW
QMRYXSW PIGXYVEYMHE 4MHEEPSWIWXYHMERXIWUYIWIPIGGMSRIRYRXI\XSHIPETEVIH]PSPIERTVMQIVSIRWMPIRGMS]PYIKSSVEPQIRXI]GSRYMHI^
)\TVIWMzRSVEP 4EVXMGMTIRIR 4VSTSRKEEPKYRSWXIQEWEPSWIWXYHMERXIWTSVINIQTPSPSWGSPSVIWPEWQSRXEyEWIPVuSPSWZSPGERIW
QMRYXSW YREI\TSWMGMzR 4uHEPIWUYITSVTEVINEWLEFPIRWSFVIPSWXIQEWHEHSWHYVERXIHSWQMRYXSWGEHEYRS
SVEP
)ZEPYEGMzRHIPETVIRHM^ENI
QMRYXSW 4VSTSVGMSRIYREREVVEGMzREPSWRMySW]TuHEPIWUYIIWGVMFERGYjPIWPEMHIETVMRGMTEP
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE


%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SRWINSWTEVEUYIPSWTEHVIWTYIHERETS]EVIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE
HIPSWRMySW

)RIPVIGYEHVSHIEFENSWIIRYQIVEREPKYRSWINIQTPSWHIEGXMZMHEHIWUYITYIHITVSTSRIVPIWEPSW
TEHVIWTEVEUYIETS]IREWYWLMNSWIRIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE

) RWIyIGSRIPINIQTPS 0IEIRGEWESTVSTMGMIUYIXSHSWPIER 'YERHSPSWRMySWZIRPIIVEPE

JEQMPMERSXERUYIIWXEIWYREEGXMZMHEHGSXMHMERE]TPEGIRXIVETSVPSGYEPPEMQMXER
0 IENYRXSGSRWYWLMNSWPSWVzXYPSWSERYRGMSWGSQIVGMEPIWIRXMIRHEWIPQIVGEHSSIRPEWGEPPIW
7 MLE]FMFPMSXIGEIRPEGSQYRMHEH ZMWuXIPEGSRPSWRMySW TVIWXIPMFVSWTEVEPPIZEVPSW]PIIVPSWIR
GEWE
0 IEIRJEQMPMEGYIRXSWLMWXSVMEWERqGHSXEWRSXMGMEWSXIQEWHIMRXIVqWTEVEPEJEQMPME)WXSEYQIR
XEVjWYMRXIVqWTSVPEPIGXYVE
' YERHSTYIHEGSQTVIPMFVSWUYIWIERHIPMRXIVqWHIPSWRMySW
, EKE TVIKYRXEW E PSW RMySW WSFVI LMWXSVMEW S LIGLSW HI PE ZMHE VIEP TSV INIQTPS UYq TEWz#
GYjRHSTEWS#
1SXuZIPSWEIWGVMFMVRSXEWXEVNIXEWGEVXEWIXG
' SQYRuUYIWIIRJSVQETIVMzHMGEGSRPSWHSGIRXIWTEVEUYIPIHIRMRJSVQEGMzRHIGzQSIWXj
WYLMNSIRIPTVSGIWSHIPETVIRHM^ENIHIPEPIGXSIWGVMXYVE]SVMIRXEGMzRHIGzQSTYIHIYWXIH
ETS]EVPIIRGEWE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'9%68%4%68)
)27)g%2>%=%46)2(->%.)()
0%0)'83)7'6-896%)2'328)<837&-0-2+i)7 -:
)PTVMQIVMHMSQEUYIETVIRHIRPSWRMySW
(IWHIUYIREGIRPSWRMySWWIVIPEGMSRERGSRSXVEWTIVWSREWETVIRHIRETIVGMFMVGSRSGIVIMRXIV
TVIXEVWYQYRHS]IPPIRKYENIWIGSRZMIVXIIRYREHIPEWLIVVEQMIRXEWTVMQSVHMEPIWTEVEGSQYRM
GEVWIIMRXIVEGXYEVGSRPSWSXVSW]WYQIHMS)RWYWTVMQIVSWEySWPSWRMySWETVIRHIRKVEHYEPQIRXI
YRMHMSQEEPUYIWIPIPPEQEMHMSQEQEXIVRSPIRKYEQEXIVRETVMQIVMHMSQES0)R+YEXIQEPE
QYGLSWRMySWETVIRHIRYRMHMSQEQE]E\MROEKEVuJYRESIWTEySPGSQSMHMSQEQEXIVRS+IRIVEP
QIRXIIPMHMSQEQEXIVRSWIETVIRHIIRPEJEQMPMEIRGEWEGSRPSWTEHVIWGSRIPYWSHIPMHMSQEQE
XIVRSWIETVIRHIXSHEYREZMHEIWEXVEZqWHIPMHMSQEUYIPSWRMySWHIWEVVSPPERWYTVSTMEGYPXYVE

-QTSVXERGMEHIYWEVIPMHMSQEQEXIVRSIRPEWEYPEW
7IKRI\TPMGE4EVM IWMQTSVXERXIUYIPSWRMySWETVIRHERIRWYMHMSQEQEXIVRSTSVUYIHI
IWXEJSVQEJSVXEPIGIRWYMHIRXMHEHMRHMZMHYEP]GYPXYVEPEHIQjWIPYWSHIPMHMSQEQEXIVRSHIPSW
RMySWIRPEIWGYIPETVSTSVGMSREYREQFMIRXIWIKYVSUYIVIWTEPHEIPHIWEVVSPPSHIPEEYXSRSQuE
7IKR.SLR(ERMIP IRIPFSPIXuR)HYGEGMzRLS]HIPE92)7'3%ySWHIMRZIWXMKEGMzRLER
HIQSWXVEHSUYIPSWRMySWUYIMRMGMERWYIHYGEGMzRIRPEPIRKYEQEXIVREXMIRIRYRQINSVGSQMIR^S
]I\LMFIRYRQINSVHIWIQTIySUYIEUYIPPSWUYIWSRI\TYIWXSWEYRMHMSQERYIZSEPMRKVIWEVE
PEIWGYIPE

7IKRPE(MVIGGMzR+IRIVEPHI)HYGEGMzR&MPMRKI-RXIVGYPXYVEP(-+)&-)PYWS]HIWEVVSPPSHIP
MHMSQEQEXIVRSIRIPEYPETIVQMXIUYIPEWRMyEW]PSWRMySWWII\TVIWIRPMFVIQIRXIGSRGSRER^E
]WIKYVMHEHIRWuQMWQSWETVIRHERQjWJjGMPQIRXI]ZEPSVIRWYGYPXYVE

4EVEPSWRMySWIWMQTSVXERXIETVIRHIVEPIIVIRWYMHMSQEQEXIVRSTSVUYIWIKRPSI\TPMGE'YQQMRW
GMXEHSTSV4EVM IPYWSHIPTVMQIVMHMSQEJEGMPMXEPEEHUYMWMGMzR]GSQTVIRWMzRHIP
WIKYRHSWMRTIVNYHMGEVPS)WHIGMVUYIPSWTVSGIWSWGSKRMXMZSWYXMPM^EHSWTEVEPEEHUYMWMGMzR]YWS
HIPPIRKYENIQEXIVRSWSRPEFEWITEVEIPETVIRHM^ENIHIPWIKYRHSMHMSQE

)PFMPMRKMWQS]PEPIGXSIWGVMXYVE
1MGLEIP6MGLEVHWIRWY%XPEWPMRKuWXMGSHI+YEXIQEPERSWHMGI+YEXIQEPEIWYRTEuWGSRYREIW
TPqRHMHE]QEVEZMPPSWEVMUYI^EGYPXYVEP]PMRKuWXMGEIRIPUYIWILEFPERMHMSQEWHMJIVIRXIW)P
EYXSVWIVIIVIEPSWMHMSQEWQE]EWIPIWTEySPSGEWXIPPERSIP\MROE]IPKEVuJYRE)RIPWMKYMIRXI
QETEWIQYIWXVEPEHMWXVMFYGMzR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

*MKYVE1ETEPMRKuWXMGSHI+YEXIQEPE

8SQEHSHI%XPEWPMRKuWXMGSHI+YEXIQEPE6MGLEVHW

%PSWMHMSQEWMRGPYMHSWIRIPQETEWIWYQzIPMHMSQEGLEPGLMXIOSTSVPSGYEPIRPEEGXYEPMHEHWI
LEFPERMHMSQEWIR+YEXIQEPE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

6MGLEVHWEVQEUYIGMIRXSWHIQMPIWHITIVWSREWYXMPM^ERIWXSWMHMSQEWMRHuKIREW IRJSVQEGEWM

I\GPYWMZEWMRXIRIVGSQTIXIRGMEGSQYRMGEXMZEIRGEWXIPPERS7MRIQFEVKSIRGEWMXSHSWPSWGIR
XVSWTSFPEHSWMRGPYWSEUYIPPSWIRHSRHIWYWLEFMXERXIWWSREPXEQIRXIQSRSPMRKIWIRYRMHMSQE
MRHuKIREI\MWXIEPKRKVEHSHILEFPEHIPIWTEySP

0EIRWIyER^EHIYRWIKYRHSMHMSQEHIFIIQTI^EVXERXIQTVERSGSQSWIETSWMFPITSVUYIWIKR7SYWE
 SJVIGIQYGLEWZIRXENEWTEVEPSWIWXYHMERXIWIRXVIIPPEW
 'SRXVMFY]IEPHIWEVVSPPSQIRXEP
 0IWHEQE]SVI\MFMPMHEHHITIRWEQMIRXS
 1INSVEWYGSQTVIRWMzRHIPMHMSQEQEXIVRS
 'SRXVMFY]IEMRGVIQIRXEVPELEFMPMHEHTEVEGSQYRMGEVWIGSRSXVEWTIVWSREW
 %]YHEEGSQTVIRHIV]ZEPSVEVEPEWTIVWSREWHISXVEWGYPXYVEW%FVISTSVXYRMHEHIWHIETVIRHM^ENI
]HIHIWEVVSPPSIRHMJIVIRXIWjQFMXSW

0EWZIRXENEWHIPFMPMRKMWQSWSRI\TYIWXEWTSVQYGLSWEYXSVIWIRXVIIPPSW'YQQMRWGMXEHSIR
4EVM UYMIRI\TPMGEUYIIRYRRMySFMPMRKISYRRMySUYIWILEGIFMPMRKIWIHEIPJIRzQI
RSHIRSQMREHSMRXIVHITIRHIRGMEHIHIWEVVSPPSPMRKuWXMGS(MGLSTVMRGMTMSTSWXYPEUYIIPRMySXMIRI
SJSVQEYREIWXVYGXYVEWYF]EGIRXIGSQR IWHIGMVEWTIGXSWUYIWSRGSQTEVXMHSWXERXSTSVPE0
GSQSTSVPE0EPEZI^GSRKYVEEWTIGXSWSIPIQIRXSWPMRKuWXMGSWWYTIVGMEPIWUYIPSWHMJIVIRGMER
EEQFSW7IKRPSI\TYIWXSPSWIWXYHMERXIWRIGIWMXERETVIRHIVSXVSMHMSQEEHIQjWHIPQEXIVRSHI
EPPuPERIGIWMHEHHIPEIHYGEGMzRFMPMRKIMRXIVGYPXYVEP

)PQEIWXVSXEQFMqRHIFIXSQEVIRGYIRXEUYIIRIHYGEGMzRFMPMRKIIPIWXYHMERXIHIFIPPIZEVYR
HIWEVVSPPSTEVEPIPSHIEQFSWMHMSQEWGSQSWIQYIWXVEIRPEKYVEHIEFENS

*MKYVE(IWEVVSPPSTEVEPIPSHIPMHMSQEQEXIVRS]HIPWIKYRHSMHMSQE

-HMSQEQEXIVRS

4IVWSRE
7IKYRHSMHMSQE
FMPMRKI

0IGXSIWGVMXYVE

(MZIVWSWEYXSVIWGSRGYIVHERUYIIRPEWGSQYRMHEHIWMRHuKIREWIWMRHMWTIRWEFPIVIGYVVMVEYREIHYGE
GMzRFMPMRKIMRXIVGYPXYVEP HSRHIIPVIGSRSGMQMIRXSIMRGPYWMzRHIPEHMZIVWMHEH]IPQYPXMGYPXYVEPMWQS
WIERTEVXIHIPGYVVuGYPYQ]PEPIRKYEQEXIVREWIGSRZMIVXEIRIPINITVMRGMTEPHIPEEHUYMWMGMzRHIPGS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

RSGMQMIRXSTEVE TSWXIVMSVQIRXI MRXIKVEVYRWIKYRHSMHMSQE%WuTYIW PEPIGXYVE]PEIWGVMXYVEWSRPSW

QIHMSWIWIRGMEPIWTEVEPEEHUYMWMGMzR]IPHSQMRMSHIPPIRKYENIEGEHqQMGSIRRMySWFMPMRKIWTSVIPPSPSW
GSRXIRMHSWEGEHqQMGSWHIFIRMRXIKVEVWIEPEIRWIyER^EHIPMHMSQEGMXEHSIR*MIP%+ )P
QEIWXVSHIFITPERMGEVETVSTMEHEQIRXIPEQIXSHSPSKuETEVEUYIPSWRMySWEPGERGIRPELEFMPMHEHHIPIIV
]IWGVMFMVIGMIRXIQIRXIIREQFSWMHMSQEW )WMQTSVXERXIVIWEPXEVUYIIPQEIWXVSHIFIGSRSGIVPSW
MHMSQEWUYIIWXjIRWIyERHS

-QTSVXERGMEHIPEGYPXYVEIRIPETVIRHM^ENIHIYRWIKYRHSMHMSQE
7IVFMPMRKIRSWIPMQMXEWSPSEPMHMSQEWMRSUYIMQTPMGEIRTVMQIVPYKEVWIVFMGYPXYVEPSMRXIVGYPXYVEP7I
IRXMIRHIGYPXYVEWIKRPSI\TVIWEHSTSV4SVVMS0SI^EGSQSPSWEGXSWEGGMSRIW]GSQTSVXEQMIRXSW
UYIVMKIRPEGSRHYGXEHIXSHSWIVLYQERS]RSWPPIZEEIRJVIRXEVPSWVIXSW]RIGIWMHEHIWUYIXIRIQSW
)WXSWVIXSWWIQERMIWXERIRGSRHYGXEWIWTIGuGEW]UYII\TVIWERIPWIRXMV]PEJSVQEHIZIVIPQYRHS
HIYRKVYTSUYIGSQTEVXIPEWQMWQEWJSVQEWHIWIV

8VERWJIVIRGMEEPWIKYRHSMHMSQE
)PETVIRHM^ENIHIPTVMQIVMHMSQEWIMRMGMEIRPEGEWE WIGSRWSPMHEIRPEIWGYIPE]IRPEZMHEQMWQE IWXI
ETVIRHM^ENIGSRWXMXY]IPEFEWITEVEIPETVIRHM^ENIHIYRWIKYRHSMHMSQERSIWTSWMFPIPEEHUYMWMGMzRHI
YRWIKYRHSMHMSQEWMRYRTVMQIVMHMSQE'YERHSWIIQTMI^EEEHUYMVMVYRTVMQIVMHMSQEMKYEPQIRXIWI
EHUYMIVIYREIWXVYGXYVEPMRKuWXMGETVSTMEHSQMRERXIIWXEIWXVYGXYVEMRGMHITSWMXMZE]RIKEXMZEQIRXIIR
PEEHUYMWMGMzRHIYRWIKYRHSMHMSQE

'YERHS LE] GSRXEGXS IRXVI HSW PIRKYEW ]E WIE E RMZIP TIVWSREPGYERHS YRE TIVWSRE ETVIRHI SXVS
MHMSQE SERMZIPGSQYRMXEVMSGYERHSYRETSFPEGMzRIRXIVEYWEHSWSQjWMHMSQEW PEWPIRKYEWWIMRY
]IRQYXYEQIRXI EPKYRSWEYXSVIWWILERMRGPMREHSTSVPPEQEVEIWXITVSGIWSXVERWJIVIRGMEPMRKuWXMGES
MRYIRGMEMRXVEPMRKuWXMGEEHIQjWHMJIVIRGMERIRXVIXVERWJIVIRGMETSWMXMZE]RIKEXMZE0ETVMQIVEJEGMPMXEIP
ETVIRHM^ENIHISXVSMHMSQEEPIRGSRXVEVPEWWIQINER^EWIRXVIPE0]PE0QMIRXVEWUYIPEXVERWJIVIRGME
RIKEXMZESMRXIVJIVIRGMEWIQERMIWXEIRPSWPPEQEHSWIVVSVIWIRIPYWSHIPWIKYRHSMHMSQE)RIPGEWSHI
+YEXIQEPEIPQEIWXVSUYIIRWIyEERMySWQE]ELEFPERXIWHIFIXSQEVIRGYIRXEUYITSVIWXEVE^zRPSW
RMySWUYIIWXjRETVIRHMIRHSIWTEySPGSQS0IWXjRFYWGERHSPEWWIQINER^EWGSRWYMHMSQEQEXIVRS]
GSQIRXIREPKYRSWIVVSVIWHIFMHSEPEWHMJIVIRGMEWIRPEWIWXVYGXYVEWHIYRS]SXVSMHMSQE4SVINIQTPS
IRPSWMHMSQEWQE]EWRSI\MWXIPEJ TSVPSUYIIWJVIGYIRXIIRRMySW]TIVWSREWEHYPXEWMRHuKIREWUYI
WYWXMXY]ERIPWSRMHSJ HIPIWTEySPTSVT

4SVVMS0SI^EI\TPMGEUYITEVEPEXVERWJIVIRGMEHIPEPIGXSIWGVMXYVEEPWIKYRHSMHMSQE WITEVXIHIPS
ETVIRHMHSIRIPMHMSQEQEXIVRSHIPIWXYHMERXI]UYITEVEUYIIWXITVSGIWSWIEIGMIRXIIWRIGIWEVMS
WIKYMVVIJSV^ERHS]TVEGXMGERHSPEPIRKYEQEXIVRE

)RWIyER^EHIPEPIGXSIWGVMXYVEIRYRWIKYRHSMHMSQE
%PTIRWEVIRMRXVSHYGMVPEPIGXSIWGVMXYVEIRYRWIKYRHSMHMSQEWYVKIRMRXIVVSKERXIWGSQSIRUYqKVEHS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

LEGIVPS#GzQSLEGIVPS#UYqQEXIVMEPIWWITYIHIRYWEV#%PKYRSWEYXSVIWLERTVSTYIWXSEPKYREWVIWTYIW
XEWTSVINIQTPS6YFMS TPERXIE)PGEWXIPPERSWIIQTMI^EEXVEFENEVHIWHITVITVMQEVMEIRJSVQE
SVEP)PQERINSSVEPWIQERXMIRILEWXETVMQIVKVEHS%REPIWHITVMQIVKVEHSWIHIFIMRMGMEVIPTVSGIWS
HIXVERWJIVIRGMEHIPEWGSQTIXIRGMEWHIPIGXSIWGVMXYVEHIWEVVSPPEHEWIRPEPIRKYEQEXIVREEPGEWXIPPERS
%UYqWIVIIVIIPEYXSVGSRXVERWJIVIRGME#%YWEVPEWGSQTIXIRGMEWPIGXSVEW]EEHUYMVMHEWIRIPMHMSQE
QEXIVRSESXVSYSXVSWMHMSQEWIWHIGMVRSXMIRIUYIZSPZIVEETVIRHIVEPIIVIRGEHEMHMSQERYIZS

)P'YVVuGYPS2EGMSREP&EWIHI+YEXIQEPEIRWYWHMJIVIRXIWRMZIPIWMRGPY]IIPETVIRHM^ENIHIYRWIKYRHS
MHMSQEIRIPWYFjVIEGYVVMGYPEV'SQYRMGEGMzR]0IRKYENI0

)WTEySPGSQS0HITVMQIVSEXIVGIVKVEHS
%GXYEPQIRXI IP1MRMWXIVMSHI)HYGEGMzRHI+YEXIQEPEIWXEFPIGIPERIGIWMHEHHIPETVIRHM^ENIHIPE0
]0%PKYREWEGGMSRIWIWTIGuGEWTEVEXVEFENEVIWTEySPGSQS0HITVMQIVSEXIVGIVSTVMQEVMEWIIRY
QIVEREGSRXMRYEGMzR

4VMQIVKVEHS
 -RMGMIGSRIPHIWEVVSPPSHIPEI\TVIWMzRSVEPIWGYGLE]LEFPE IRIWTEySP
 0IEXI\XSW]GYqRXIPIWLMWXSVMEWIRIWTEySPEPSWRMySW
 6IEPMGIEGXMZMHEHIWGSQSGERXEV HIGPEQEV LEGIVHVEQEXM^EGMSRIW MHIRXMGEGMzRHITEVIWQuRMQSW
ZIRHEZIRXEPETMPE IRXVISXVSW

7IKYRHSKVEHS
 4VSQYIZEUYIWYWIWXYHMERXIWPSKVIRYRHSQMRMSIGMIRXIHIPEPIGXSIWGVMXYVEHITEPEFVEWJVEWIW]
SVEGMSRIWGSRPEWPIXVEWTVSTMEWHIPMHMSQEIWTEySP4EVEIPPS
 )RJEXMGIIRIPETVIRHM^ENIHIPSWWSRMHSWRSGSQYRIW0YIKSIRPEVITVIWIRXEGMzRKVjGEUYIGSVVIW
TSRHIPIXVE 0EWZSGEPIWWSRGSQYRIW]PEWGSRWSRERXIWHMJIVIRXIWWSRLHZGUJKPP^y
 )RJEXMGIIRPEWWMKYMIRXIWGSQFMREGMSRIWUYIUYMKYIKYMKIKMFPEFPIFPMFPSFPYFVGPGVJVKP
KVTPTVJV
 )ZMXIVITIXMVPEIRWIyER^EHIPEWPIXVEWGSQYRIWUYI]EETVIRHMIVSRIRPE0MHMSQEWQE]EW\MRGES
KEVuJYRE 
 )RJEXMGIIRPETVSRYRGMEGMzRGSVVIGXEHIPETEPEFVEWUYIXIVQMRERIRZSGEP]IRTPYVEPIWXSIWYRE
HMJIVIRGMEHIPIWTEySPGSRPSWMHMSQEWQE]EW 
 )NIVGMXIIPYWSGSVVIGXSHIEVXuGYPSWUYIHIRSXERKqRIVSIRPSWMHMSQEWQE]EWPSWEVXuGYPSWWSR
MRHIRMHSW 

8IVGIVKVEHS
 %ERGIPEGETEGMHEHHIPIIV]IWGVMFMVIRIWTEySPGSRINIVGMGMSWHIGSQTVIRWMzRHIPIGXYVEINIVGMGMSW
HITVSRYRGMEGMzRTVjGXMGEHIIWGVMXYVEKVEQEXMGEPHMWGYWMzRETEVXMVHIPSPIuHSIWGIRMGEGMzRHIPSW
GSRXIRMHSWHIPSWXI\XSWXVEFEPIRKYEWVIJVERIW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 4VSQYIZEEGXMZMHEHIWTEVEJSVXEPIGIVPEYMHI^IRPIGXYVEIRIWTEySP
 4VSTMGMIUYIPSWIWXYHMERXIWWIGSQYRMUYIRTSVIWGVMXSIRIWTEySPYWERHSPEWPIXVEWGSQYRIW

7MRIQFEVKSIWRIGIWEVMSGSRWMHIVEVUYIHIRXVSHIYRQMWQSKVEHSIWGSPEVTYIHILEFIVIWXYHMERXIW
GSRHMJIVIRXIWRMZIPIWHIHSQMRMSPMRKuWXMGSHIPWIKYRHSMHMSQE)PWIKYRHSMHMSQEWIETVIRHITEWER
HSPEWIXETEWUYIWMKYIRYRTEXVzRTVSKVIWMZS7IKR/VEWLIR]8IVVIPP I\MWXIRGMRGSIXETEWHI
HIWEVVSPPSHI0TVITVSHYGGMzRTVSHYGGMzRMRMGMEPTVSHYGGMzRYMHI^MRXIVQIHME]YMHI^EZER^EHE

4EVEEXIRHIVEPSWIWXYHMERXIWHIEGYIVHSGSRWYRMZIPWIWYKMIVIVIEPM^EVYRHMEKRzWXMGSEWuGSQSYXMPM
^EVIWXVEXIKMEWIWTIGuGEWEGSVHIWEPQMWQS

(MEKRzWXMGSHIPRMZIPHIHSQMRMSHIPWIKYRHSMHMSQE
4EVEMRMGMEVIPTVSGIWSHIXVERWJIVIRGMEHILEFMPMHEHIWIWRIGIWEVMSVIEPM^EVYRHMEKRzWXMGSUYITIVQMXE
MHIRXMGEVPSWHMJIVIRXIWRMZIPIWHIHSQMRMSHIPWIKYRHSMHMSQE)RIPGEWSHIPIWTEySPGSQS0TEVE
IWXYHMERXIWQE]ELEFPERXIW I\MWXIRGMRGSRMZIPIWUYIXSHSIWXYHMERXIHIFIEXVEZIWEVTEVEPPIKEVEWIV
GSRWMHIVEHSFMPMRKIIRYRMHMSQEMRHuKIRE]IWTEySP

2MZIP4VITVSHYGGMzR0SWIWXYHMERXIWERRSTVSHYGIRIPIQIRXSWGSQYRMGEXMZSWIRIWTEySPWYIR
XIRHMQMIRXSIWPMQMXEHSSRYPSTSVPSUYITYIHII\MWXMVIPHIRSQMREHSTIVuSHSHIWMPIRGMS6IWTSRHIR
IRJSVQERSZIVFEPEMRWXVYGGMSRIWWMQTPIWSTVIKYRXEWWIKREYQIRXEWYGSQTVIRWMzRSVEPIQTMI^ER
EMQMXEVPEWI\TVIWMSRIWHISXVSWYWERHSTEPEFVEW]SVEGMSRIWWMQTPIWYRESHSWTEPEFVEW TSVPSUYIIP
HSGIRXITYIHIEY\MPMEVWIHISXVSWRMySWTEVEUYIWMVZERHIXVEHYGXSVIW0YIKSHIIWXSIPRMySIQTMI^E
EYWEVIPIWTEySPGSRWXVY]IRHSIPWMKRMGEHSHIPEWTEPEFVEWEXVEZqWHIMPYWXVEGMSRIWKVjGEWQETEW]
XEFPEW

2MZIP4VSHYGGMzR0SWIWXYHMERXIWTYIHIRIRXIRHIVTIUYIyEWJVEWIW]SVEGMSRIWHIXVIWEGMRGS
TEPEFVEW  TYIHIRGSQYRMGEVYREGERXMHEHPMQMXEHEHIMRJSVQEGMzRGSXMHMERE]VYXMREVMEYWERHSJVEWIW
QIQSVM^EHEWKVYTSWVIPEGMSREHSWHITEPEFVEW]JVEWIWGSVVIGXEQIRXIIWXVYGXYVEHEW]UYIWIYWERGSR
JVIGYIRGMETSVINIQTPSPSWWEPYHSW4YIHIRYWEVGSVVIGXEQIRXIYRWIPIGXSRQIVSHIIWXVYGXYVEWTIVS
ERTVSHYGIRIVVSVIWFjWMGSWIRJSVQEWMWXIQEXM^EHETSVPSUYIIPHSGIRXIHIFIQSXMZEVPSWTEVEUYI
GSRXMRIRYXMPM^ERHSIPWIKYRHSMHMSQEETIWEVHIRSHSQMREVPS IWTSWMFPIUYIEPIWGVMFMVGSQIXER
IVVSVIWUYIEJIGXIRPEGSQYRMGEGMzR

2MZIP7YVKMQMIRXSHIPLEFPE0SWIWXYHMERXIWTYIHIRIRXIRHIVI\TVIWMSRIWQjWGSQTPINEWHIXVIW
ESGLSTEPEFVEW 9WERIPIWTEySPIWTSRXjRIEQIRXIWYIPIRXIRIVHMGYPXEHI\TVIWERHSXSHEWWYWMHIEW
HIFMHSEPZSGEFYPEVMSVIHYGMHSUYITSWIIR]IPGSRXVSPPMQMXEHSHIGMIVXEWIWXVYGXYVEWPMRKuWXMGEW )R
IWXEIXETETYIHIRTVSHYGMVSVEGMSRIWWMQTPIWHIXVIWESGLSTEPEFVEWQINSVIWXVYGXYVEHEWUYIIRIP
RMZIPERXIVMSVPEWGYEPIWWSRGSQTVIRWMFPIW]ETVSTMEHEWTIVSJVIGYIRXIQIRXIMRGPY]IRIVVSVIWKVEQE
XMGEPIW4EVEJEZSVIGIVPEPIGXYVEWIHIFIRYXMPM^EVXI\XSWHIXIQEWGSRSGMHSW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

2MZIP-RXIVQIHMS0SWIWXYHMERXIWTSWIIRHIWXVI^EWHIPPIRKYENIEHIGYEHEWTEVEPEGSQYRMGEGMzR
GSXMHMERE 7I GSQYRMGER IR IWTEySP IR EQFMIRXIW RYIZSW S HIWGSRSGMHSW EYRUYI XMIRIR HMGYPXEH
SGEWMSREPGSRIWXVYGXYVEWGSQTPINEW]GSRGITXSWEGEHqQMGSWEFWXVEGXSW)RIWXEIXETETSHVuERPIIVGSR
GMIVXEYMHI^IMHIRXMGEVPSWLIGLSWIWTIGuGSWIRYRXI\XSWMRIQFEVKSWYIPIRXIRIVHMGYPXEHTEVE
IRXIRHIVYRXI\XSTVIWIRXEHSIRJSVQEHIWGSRXI\XYEPM^EHE GSRIWXVYGXYVEWKVEQEXMGEPIWGSQTPINEW
GSRZSGEFYPEVMSEFWXVEGXS]GSRWMKRMGEHSWQPXMTPIW)WMQTSVXERXIUYIIRIWXIRMZIPIPHSGIRXIIWXM
QYPIIPYWSJVIGYIRXIHIPWIKYRHSMHMSQE

2MZIP%ZER^EHS0SWIWXYHMERXIWWITYIHIRI\TVIWEVGSRYMHI^]IWTSRXERIMHEHWSFVIYREEQTPME
ZEVMIHEHHIXIQEWTIVWSREPIWKIRIVEPIWEGEHqQMGSWSWSGMEPIW4YIHIRGSQYRMGEVWIIRHMJIVIRXIWGSR
XI\XSWWIEXVIZIREMRXIVEGXYEVGSRLEFPERXIWREXMZSWGSRYRQuRMQSETS]SXMIRIRGSRXVSPHIPZSGEFY
PEVMSXqGRMGS]EGEHqQMGSHSQMRERI\TVIWMSRIWMHMSQjXMGEW]GSPSUYMEPMWQSW]TVSHYGIRI\TVIWMSRIW
KVEQEXMGEPIWGPEVEWYMHEWIWXVYGXYVEHEW]GSRYRRMZIPEPXSHIGSQTPINMHEHPMRKuWXMGE0SWIVVSVIWWSR
QuRMQSWHMJuGMPIWHITIVGMFMV]WIEYXSGSVVMKIRGYERHSWIIUYMZSGER

'zQSXVEFENEVGSRPSWIWXYHMERXIWWIKRIPRMZIPHIHSQMRMS
4SVVMS0SI^EVIGSQMIRHEETPMGEVYRHMEKRzWXMGS]PYIKSYXMPM^EVIWXVEXIKMEWGSQSPEWWMKYMIRXIWTEVE
XVEFENEVGSRPSWIWXYHMERXIWWIKRIPRMZIPHIHSQMRMSUYIQYIWXVERPSWIWXYHMERXIW

8EFPE<:--)WXVEXIKMEWTEVEXVEFENEV0WIKRIPRMZIPHIHSQMRMS
4VMRGMTMERXIW -RXIVQIHMSW %ZER^EHSW
RMZIPIW] RMZIP RMZIPIW]
8VEFENEVIRTEVINEWGSRRMySWUYI 4VSZSGEVVIWTYIWXEWQjWEQTPMEW 3VKERM^EVWYTIVZMWEV]TEVXMGMTEVIR
XIRKERIPQMWQS0 YXMPM^ERHSPEI\TVIWMzRHuKEQI HMjPSKSWI\XIRWSWGSRXSHSIPKVYTS
QjW HIIWXYHMERXIW
4VSZIIVMRWXVYGGMSRIWIR0VIPE )WXVYGXYVEVPEWHMWGYWMSRIWIR 3VKERM^EVTVS]IGXSWHIMRZIWXMKEGMzR
GMSREHEWEPEWRIGIWMHEHIWFjWMGEW IPEYPEYWERHSIWXVEXIKMEWHI ]I\TSWMGMzRIQTPIERHSPEIWXVEXIKME
4YIHSMVEPFEyS#1IHYIPI ETVIRHM^ENIGSSTIVEXMZS HIIWXYHMERXIWQSRMXSVIWEZIRXENEHSW 

%GXMZMHEHIW EFYRHERXIW HI (IWEVVSPPEVTVS]IGXSWUYI 3VKERM^EVGuVGYPSWHIPIGXSVIWYWERHS

IWGYGLE EY\MPMEHEW TSV ETS]SW TIVQMXEREQTPMEVIPZSGEFYPEVMS PMXIVEXYVEEZER^EHEIRIP0
ZMWYEPIWHMFYNSW NYIKSWHIIWGYGLE
EGXMZEGSQS7MQzRHMGI

7IWYKMIVIRSJSV^EVPE 3VKERM^EVI\TSWMGMSRIWSVEPIW 3VKERM^EVGuVGYPSWHIIWGVMXSVIW

TVSHYGGMzRSVEPIR0 TEVEUYIGEHEIWXYHMERXIQYIWXVI TEVETVSHYGMVXI\XSWIRHMJIVIRXIW
WYWRYIZSWETVIRHM^ENIW KqRIVSWWMKYMIRHSXSHSWPSWTEWSWHI
PETVSHYGGMzRPMXIVEVMETPERMGEGMzR
FSVVEHSVIHMGMzRVIZMWMzRTYFPMGEGMzR 
7IIRJEXM^EUYIPEIHMGMzR]PEVIZMWMzR
WIHIFIRVIEPM^EVIRXVIGSQTEyIVSW
GSRWYTIVZMWMzRHIPHSGIRXI

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4VMRGMTMERXIW -RXIVQIHMSW %ZER^EHSW

RMZIPIW]
RMZIP
RMZIPIW]
1SHIPEV]YWEVPIRKYENIGSR
GERXSW]NYIKSWHITEPEFVEW
4PERXIEVTVIKYRXEWEFMIVXEW
4YFPMGEVPETVSHYGGMzRPMXIVEVMEHI
TEVEQSHIPEVEQTPMEVVIEVQEV
IWXYHMERXIW4SVINIQTPSIRJSVQEHI
]IRVMUYIGIVIPPIRKYENIHIPSW
QYVEPIWFSPIXMRIWGEVXIPIWVIZMWXEW
VSRHEW]GERGMSRIWMRJERXMPIW
 IWXYHMERXIWGSRIPRHII\XIRHIV
TIVMzHMGSWWMXMSWIRMRXIVRIX
WYTVSHYGGMzRSVEP

9WEVSVKERM^EHSVIWKVjGSW *SQIRXEVPEPIGXYVEEQTPME]
%GXMZEVIPGSRSGMQMIRXSTVIZMS
QETEHIPELMWXSVMEGEHIREHI I\XIRWEIWTIGMEPQIRXIIRPEWjVIEW
]YXMPM^EVPSUYIWIGSRSGITEVE
WIGYIRGMEWTEVEZSPZIVEGSRXEVIP HIETVIRHM^ENI]XIQEWHIMRXIVqWHIP
EWSGMEVGSRPSUYIZEEGSRSGIV
GYIRXSXSQEVRSXEW]HMWGYXMV IWXYHMERXI

*SQIRXEVPEPIGXYVEHIXI\XSW
4VSTMGMEVVIWTYIWXEWIRGSVS
ZEVMEHSWGSQIVGMEPIWTIVMzHMGSW )PEFSVEVYRFERGSHIPZSGEFYPEVMS
HSRHIXSHSIPKVYTSVIWTSRHEE
VIZMWXEWVIGIXEVMSWIRXVISXVSW UYIIWXjETVIRHMIRHS
PEZI^
TEVEIRVMUYIGIVIPZSGEFYPEVMS

*SVQYPEVTVIKYRXEWYXMPM^ERHS 4VSHYGMVSVEPQIRXIJEQMPMEW
UYMqR]UYq]UYIVIUYMIVER WIQjRXMGEW4SVINIQTPS
VIWTYIWXEWHIWuSRSIWXSS QIRGMSREVXSHSPSUYIPIWLEKE
PSSXVS)WHIGMVVIWTYIWXEWHI VIGSVHEVPETEPEFVEPMQzRjGMHS
YRESHSWTEPEFVEW VIHSRHSZIVHIJVIWGS 

*SVQYPEVTVIKYRXEWYXMPM^ERHS )WGVMFMVJEQMPMEWWIQjRXMGEW
GYjRHS]HzRHI]EGITXEV 'SQSPEJEQMPMEHIPSWQYIFPIW
VIWTYIWXEWHIYRESHSWTEPEFVEW UYIMRGPY]IWMPPEQIWEGEQEIXG

9XMPM^EVXI\XSWUYIWITYIHER
5YIPSWIWXYHMERXIWIPEFSVIR
TVIHIGMVTSVPEMPYWXVEGMzRGSQS
HMEVMSWHIWYWZMZIRGMEW]UYIIP
YRXI\XSUYIXVEXEHIPE0YRE]
HSGIRXIPIWIWGVMFEGSQIRXEVMSW
WIMPYWXVEGSRYREJSXSKVEJuEHIPE
IRIPPSW
0YRE 
9XMPM^EVXI\XSWHIJjGMP
GSQTVIRWMzRUYIXIRKERYRE
LMWXSVMEWMQTPISVEGMSRIWGSVXEW]
ZSGEFYPEVMSVIHYGMHS

2SQFVEV]PIXVEVIPEQFMIRXI
GSRPETEVXMGMTEGMzRHIXSHSW]
XSHEW
6IEPM^EVINIVGMGMSWGSRJVEWIWHI
QEVGSTEVEUYIPSWIWXYHMERXIW
PEWGSQTPIXIR4SVINIQTPS=S
WS]EQuQIKYWXE
4VSRYRGMEVJEQMPMEWHITEPEFVEW
GSRPEQMWQEVEu^QSVJSPzKMGE
4SVINIQTPSPMQSRGMXSPMQSREHE
PMQSR^SXI

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

(IWEVVSPPSHIPWIKYRHSMHMSQE
6ITMXEQMVIIMPYWXVI
 %TPMUYIPEWMKYMIRXIWIGYIRGMEHIEGGMSRIWTEVEHIWEVVSPPEVIPPIRKYENISVEP

 E6ITMXE
  )PQEIWXVSQSHIPEYRETEPEFVEJVEWIYSVEGMzR)NIQTPS&YIRSWHuEWGzQSIWXjR YWXIHIW #
  8SHEPEGPEWIVITMXIIRGSVS&YIRSWHuEWGzQSIWXjYWXIH#
  0YIKS TSV KVYTSW TIUYIySW TSV INIQTPS RMySW RMyEW  ] HIWTYqW IWXYHMERXIW HIWMKREHSW
VITMXIRPETEPEFVEJVEWIYSVEGMzRWIKRIPHSGIRXIPSGSRWMHIVIRIGIWEVMS
  0EGPEWIIRXIVEVITMXIIRGSVS&YIRSWHuEWGzQSIWXjYWXIH#

 F1MVI
  9XMPMGIMPYWXVEGMSRIW]TMWXEWZMWYEPIWTEVEIWGPEVIGIVGSRGITXSW]ZSGEFYPEVMSEWuGSQSTEVE
XVERWQMXMVWMKRMGEHSWGSQTPINSW]QINSVEVPEGSQTVIRWMzR
  3VKERMGIEGXMZMHEHIWTVjGXMGEW]WMQYPEGMSRIWUYIVITVIWIRXIRIPXIQE

 G-PYWXVI
  ,EKEHMFYNSWIRPETM^EVVEUYIVITVIWIRXIRIPGSRGITXSTSVINIQTPSYRWEPYHS
  4MHEEPSWIWXYHMERXIWUYIMPYWXVIRSHMFYNIREPQMWQSXMIQTSUYIIWXjRETVIRHMIRHSIPGSR
GITXS

'SRS^GEQSWPSWWSRMHSWHMJIVIRXIW
 4
 EVEMRXVSHYGMVPSWWSRMHSWUYIWIYWERIRIWTEySPTIVSRSIRMHMSQEWQE]EWTYIHIYWEVYRE
WIGYIRGMEGSQSPEWMKYMIRXI
  -RMGMIPEGPEWITSRMIRHSJEPEWTEPEFVEWUYIHMKE4SVINIQTPSJYIRSWJuEWySWFYIRSWHuEW
RMySW 
  7IKYVEQIRXIPSWRMySWWIWSVTVIRHIVjR)\TPuUYIPIWUYIETVIRHIVjRYRWSRMHSUYIWIYWEIR
IWTEySPIPMHMSQEUYIIWXjRETVIRHMIRHSTIVSRSIRWYMHMSQEQEXIVRS
  (MKEEPSWRMySWEPKYREWTEPEFVEWGSRJJVIuVSVJVYXSJVEQFYIWEJEPHEJSXS ]TuHEPIWUYI
HMKERGSRUYqWSRMHSMRMGMER
  4MHEUYIETPEYHERQMIRXVEWHMGIRPEWWuPEFEW]TEPEFVEWGSRPEJ

   JEJEJIJI    JSJS  JEJEJEPHE  JIJIJIPM^

  (MKEPEWWMKYMIRXIWWuPEFEW]TMHEUYIPEWVITMXERGSRYWXIH
   JYJYVYJYJYJSJEYJJE#JEJYJI#JY#JEJIJJY#EJSJYJ#


6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

  (uKEPIWTEVIWHITEPEFVEW]TuHEPIWEPSWRMySWUYIPEWVITMXER]HMKERGYEPIWXMIRIRIPWSRMHSJ)NIQTPS
   JEPHEGEPHEJIGLEFVIGLEJSXSGSGSRGEKYMRHE
  0IEYRXI\XSHSRHIETEVI^GEQYGLEWZIGIWIPWSRMHSJ]TMHEEPSWRMySWUYIWITSRKERHI
TMIEPIWGYGLEVIPWSRMHSJ)NIQTPS

*YPZMEWIZMWXIGSRYREJEPHESVIEHEUYIGSQTVzPEWIQERETEWEHEIRIPQIVGEHS)PPEIWTIVE
EWYWEQMKSW*IVRERHS]*IHIVMGSQMIRXVEWXSQEGEJqGSRPIGLI7YWEQMKSWPPIKERGSVVMIRHSGSR
WYHSVIRPEJVIRXI]YREWSRVMWEIRPSWPEFMSW

 )RWIyIEPSWRMySWIPXVE^SHIPEPIXVEUYIGSVVIWTSRHIEIWXIWSRMHS]TMHEUYIPSMHIRXMUYIR
IRWYPMFVSSIRLSNEWHITIVMzHMGS

3VEGMSRIWIRQEVGEHEWTEVEEQTPMEVIPZSGEFYPEVMSIRIPWIKYRHSMHMSQE 
0SWQEVGSWSVEGMSREPIWGSRWXMXY]IRYRESVEGMzRIRPEGYEPWISQMXIRTEVXIWTEVEUYIPSWIWXY
HMERXIWPEWGSQTPIXIRGSRPEE]YHEHIPQEIWXVSHIIWXEQERIVEYRETEPEFVEHIWGSRSGMHETEVEIP
IWXYHMERXIEHUYMIVIWMKRMGEHS]IWJjGMPQIRXIGSQTVIRWMFPI

)NIQTPSTEPEFVEWIPIGGMSREHEMQTEGXS
)WGVMFEIRPSWIWTEGMSWIRFPERGSPETEPEFVEMQTEGXS]SXVEWUYIGSQTPIXIRIPWMKRMGEHS
 9RSHIPSWCCCCCCCCUYIXMIRIRPSWI\jQIRIWIRPSWIWXYHMERXIWIWCCCCCCCCCCCCC
 0ETqVHMHEHIWYXEVIETYIHIXIRIVYRCCCCCCCCCCCRIKEXMZSIRWYCCCCCCCCCCCCC

4VEGXMUYIPEYMHI^IRPEPIGXYVEIRIPWIKYRHSMHMSQE
 0IEEPSWRMySWYRGYIRXS
 )WGVMFEIPXI\XSIRYRGEVXIP]PIEEPSWRMySWWIyEPERHSTSVHSRHIZEPI]IRHS
 4MHEEPSWRMySWUYIPIERIPXI\XSNYRXSGSRYWXIH

,EFPSHIQMXIQEJEZSVMXSTEVEHIWEVVSPPEVPEI\TVIWMzRSVEP]IWGVMXE 
*SVQIKVYTSW]TMHEEPSWRMySWUYI
 7IPIGGMSRIRYRXIQEIRGPEWI
 4VITEVIRTVIKYRXEWWSFVIEUYIPPSUYIPIWKYWXEVuEWEFIVHIPXIQE
 &YWUYIRMRJSVQEGMzR
 6IWYQERPEMRJSVQEGMzR
 4VIWIRXIRIPXIQEIRYREGEVXIPIVESIRYREGEVXYPMREYWERHSSVEGMSRIWIRIWTEySP

(VEQEXM^EVGYIRXSWYMHI^PIGXSVE]I\TVIWMzRSVEP 
 0IEPIWYRELMWXSVMEEPSWRMySW
 0IEHIRYIZSPELMWXSVMEIWXEZI^GSRPSWRMySW
 (VEQEXMGIRIPGYIRXSTSVKVYTSW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'SRZIVWEGMSRIWIRTEVINE
0IEGSRWYWIWXYHMERXIWYRXI\XSIRIPWIKYRHSMHMSQE 4uHEPIWUYIJSVQIRTEVINEW]GSRZIVWIRWSFVI
IPXI\XSEWIKYVjRHSWIHIYXMPM^EVTEPEFVEWIR04uHEPIWUYIIWGVMFERSVEGMSRIWUYII\TVIWIRPEWMHIEW
TVMRGMTEPIWHIPXI\XSIWGYGLEHS

(IPEXISVuEEPETVjGXMGEQSHIPSHIYREGPEWIHIIWTEySPSVEPGSQS
WIKYRHSMHMSQE
%GSRXMRYEGMzRIRGSRXVEVjIPQSHIPSHIYREGPEWIHIIWTEySPSVEPGSQSWIKYRHSMHMSQEUYITYIHI
YWEVWIIRTVMQIVSTVMQEVME )RIPPEWIMRGPY]IRPSWIPIQIRXSWGPEZI]IPXMIQTSRIGIWEVMSTEVEGEHE
FPSUYIHIEGXMZMHEHIW

'SQTIXIRGMEWUYIWIHIWEVVSPPERWIKRIPjVIEGYVVMGYPEV'SQYRMGEGMzR]0IRKYENI0
-HIRXMGEZMWYEPQIRXIKYVEWMQjKIRIW]TEPEFVEWHIPZSGEFYPEVMSFjWMGS
-HIRXMGEJSRIQEWWuQFSPSW]KVEJuEWHIPE0IRHMJIVIRXIWGSRXI\XSWGSQYRMGEXMZSW
9XMPM^EPEWIKYRHEPIRKYESVEP]KVjGEQIRXIMHIEW]WIRXMQMIRXSW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

1SHIPSHIYREGPEWIHIIWTEySPSVEPGSQS0
)0)1)283'0%:)
 79+)6)2'-%()%'8-:-(%()7

0IRKYENISVEPQM %)\TPMUYIEPSWIWXYHMERXIWUYIIRIWXEPIGGMzRETVIRHIVjRPSWWSRMHSW]RSQFVIHIIWXEPIXVE\

RYXSW %4MHEEPSWIWXYHMERXIWUYIGYIRXIRWMLERSuHSLEFPEVHI1M\GS<IPE<INY]SHISXVEGSQYRMHEH
IRGY]SRSQFVIWIYXMPM^EPEPIXVE\8EQFMqRUYIGYIRXIRWMGSRSGIRHIGEHEYREHIIWXEW
GSQYRMHEHIW
%4MHE E PSW IWXYHMERXIW UYI TSV KVYTSW IPEFSVIR YRE PMWXE HI PYKEVIW E HSRHI UYMWMIVER MV HI
I\GYVWMzR]I\TPMUYIRTSVUYq

0IGXYVE 'SRGMIRGME %)\TPMUYIEPSWIWXYHMERXIWUYIIPWSRMHSHIPEPIXVE\IRTEPEFVEWUYIWSRHISVMKIRQE]EXMIRIR

JSRSPzKMGE IPWSRMHSWL TEVEINIVGMXEVPETVSRYRGMEGMzRHIIWXEWTEPEFVEWXSHSWNYRXSWHIFIVuERIQMXMVIP
QMRYXSW WSRMHSWLWLWLWLWLWLINIQTPSPEWTEPEFVEW<IPE\IGE<INY]RM\XEQEP
%4VSRYRGMIPSWWSRMHSWHIGEHEYREHIPEWPIXVEWHIPEWWMKYMIRXIWTEPEFVE<IPE<IPE 
\IGE\IGE <INY]<INY] TVMQIVSQSHIPSPYIKSIRJSVQEGSRNYRXE
GSRPSWIWXYHMERXIW]REPQIRXIGEHEYRSHIPSWIWXYHMERXIWIRJSVQEMRHMZMHYEP
%)\TPMUYI E PSW IWXYHMERXIW UYI PE PIXVE \ XEQFMqR XMIRI IWXI WSRMHS OW IR TEPEFVEW GSQS
I\EQIRI\EQIRI\EQIR 'EPM\XS'EPM\XS XI\XSXI\XS q\MXSq\MXS E\MPE
E\MPE 
0IGXYVE )WGVMXYVE %)WGVMFEPEPIXVE\ QMRWGYPE]QE]WGYPEIRPETM^EVVE]TVIKYRXIEPSWIWXYHMERXIWGYjPIWIP
MRMGMEP WSRMHSHIIWXEPIXVE
%4MHEEPSWIWXYHMERXIWUYIJSVQIRPEPIXVE\GSRTEVXIWHIWYGYIVTS FVE^SW HIHSW]UYIPS
QYIWXVIREWYWGSQTEyIVSW
%4uHEPIWUYIXVEGIRIRIPEMVIWSFVIWYIWGVMXSVMS]REPQIRXIIRWYGYEHIVRSPEPIXVE\
%0IEPEWWMKYMIRXIWSVEGMSRIWLEGMIRHSqRJEWMWIRPSWWSRMHSWHIPE\IRGEHEYREHIPEW
0IGXYVE] TEPEFVEW
IWGVMXYVE
MRMGMEP 'EPM\XEIWYRERMyEHIQYGLSq\MXS
QMRYXSW  *qPM\]'EPM\XEXSGERIP\MPzJSRS]IPWE\SJzR
)R1M\GSWIZIRHI\IGEEPQj\MQS
)WI\GIPIRXIKEREVYRI\EQIRIRWI\XS
0IIVYRXI\XSIWYRq\MXSI\XVESVHMREVMS
2IGIWMXEQSWYRXE\MTEVEMVHII\GYVWMzRE1M\GS

%0IEGSRPSWIWXYHMERXIWGEHEYREHIPEWSVEGMSRIWIRJEXM^ERHSIRIPWSRMHSHIPE\IRGEHE
TEPEFVE
%7SPMGMXIEPSWIWXYHMERXIWUYIPIERGEHEYREHIPEWSVEGMSRIWUYIWIPIWTVIWIRXz
ERXIVMSVQIRXI
%)WGVMFEIRIPTM^EVVzRPEWMKYMIRXII\TVIWMzRVIWTIXERHSPSWWMKRSWHITYRXYEGMzREGIRXS]
GSQEWIMRHMGEVPEWTEVXIWHIPGYIVTSUYILEGIVIJIVIRGMEPEWTEPEFVEWHIRXVSHIPEQMWQE
)PXzVE\PEWE\MPEWIPQE\MPEVWYTIVMSV]IPQE\MPEVMRJIVMSVWSRTEVXIWHIRYIWXVSGYIVTS
%1SHIPIEPSWIWXYHMERXIWPEPIGXYVEHIPESVEGMzRERXIVMSVTVMQIVSHIWTEGMSPYIKSGSRYMHI^
%7SPMGMXIEPSWIWXYHMERXIWUYIIRJSVQEGSRNYRXEPIERGSRYMHI^PESVEGMzRERXIVMSV
%4MHEEPSWIWXYHMERXIWIRJSVQEMRHMZMHYEPPIERPEI\TVIWMzRQSWXVERHSPEWTEVXIWHIWY
GYIVTSUYIMRHMGERPEWTEPEFVEW
%4uHEPIWUYIGSQTPIXIRPEWWMKYMIRXIWTEPEFVEWYXMPM^ERHSPE\IRGEHEIWTEGMSPETVMQIVEPIW
WMVZIHIINIQTPSq\MXSECMPE1jCCMQSXSVECCXICCXSSCCuKIRSICCEQIRXzVECC
:SGEFYPEVMS %4MHEEPSWIWXYHMERXIWUYIGSRWXVY]ERSVEGMSRIWIRJSVQESVEPGSRPEWWMKYMIRXIWTEPEFVEW
QMRYXSW  XI\XSq\MXSS\uKIRSVIPE\FS\IS

)ZEPYEGMzRJSVQEXMZE %4MHEEPSWIWXYHMERXIWUYIPIERGSQSQuRMQSHMI^TEPEFVEWIWGVMXEWGSR\'EPM\XE*qPM\WI\XS

QMRYXSW XzVE\QE\MPEVXI\XSq\MXS1M\GS<IPE\IGE
%7SPMGuXIPIWUYIIWGVMFERPEPIXVE\QMRWGYPE]QE]WGYPEIRGMRGSTEPEFVEW
%)WXEFPI^GEYRTPERHIEWMWXIRGMEEPSWIWXYHMERXIWUYIRIGIWMXERVIXVSEPMQIRXEGMzR

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)\TPMUYITSVUYqIWMQTSVXERXIPEIRWIyER^EIRIPMHMSQEQEXIVRS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

)\TPMUYIUYqIWXVERWJIVIRGMEPMRKuWXMGE
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

) RXVIZMWXIEYRHSGIRXIFMPMRKIHITVMQIVSEXIVGIVKVEHSEGIVGEHIWYI\TIVMIRGME]PSWVIXSWUYI
IRJVIRXEEPIRWIyEVYRWIKYRHSMHMSQE )WGVMFEPSUYIGSRWMHIVEQjWVIPIZERXIHIPEIRXVIZMWXE]
PYIKSGSQIRXIWYWVIWTYIWXEWGSRWYKVYTS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

) WGVMFEUYqSTMREEGIVGEHIWMIWRIGIWEVMSSRSIRWIyEVEPIIV]IWGVMFMVIRGEHERYIZSMHMSQEUYI
ETVIRHIVjRPSWRMySW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

3
 FWIVZIEXVIWIWXYHMERXIWHIWIKYRHSSXIVGIVKVEHSTEVEIZEPYEVEWYRMZIPHIHSQMRMSHI0
%RSXIWYWSFWIVZEGMSRIW]PYIKSEREPuGIPEWIRVIPEGMzRGSRPSWRMZIPIWHIHSQMRMSUYIWIMRHMGERIR
IWXIGETuXYPS

)WXYHMERXI 3FWIVZEGMSRIW %RjPMWMW

&

'

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)WGVMFEYRINIQTPSHIIRWIyER^EHIIWTEySPSVEPIRHSRHIWIYWIRPEWVIKPEWVITuXEPSQuVIPSMPWXVIPS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

'
 SQTPIXIIPWMKYMIRXIHMEKVEQEGSRPEWPIXVEWUYIWSRMKYEPIW]HMJIVIRXIWIRXVIPSWMHMSQEWQE]EW
4YIHIYWEVPEWIGGMzRHIIWXIPMFVSHSRHIWIIRGYIRXVERPSWEPJEFIXSW

0IXVEW
IWTEySP QE]E
GSQYRIW

) WGVMFEYRETVSTYIWXEEGIVGEHIPSVHIRTEVEIRWIyEVPSWWSRMHSW]PIXVEWHMJIVIRXIWIRXVIIPIWTEySP
]YRMHMSQEQE]EKEVuJYRES\MRGE4YIHIIPIKMVIPMHMSQEPMFVIQIRXI
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 )PEFSVIQEVGSWSVEGMSREPIWTEVEPEWWMKYMIRXIWTEPEFVEWGSQSHMHEHFEPPIRETMIWERHuEHSVQMHS
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

4VSTSRKEYREEGXMZMHEHTEVEXVEFENEVZSGEFYPEVMSRYIZSIRIWTEySPGSRRMySWQE]ELEFPERXIW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

59-28%4%68)
132-836)3=):%09%'-2
()0%0)'83)7'6-896% :
1SRMXSVIS]IZEPYEGMzR
4EVEEWIKYVEVUYIGEHERMyS]RMyEIWXqREPGER^ERHSPEWGSQTIXIRGMEWVIPEGMSREHEWGSRIPETVIRHM^ENI]
HIWEVVSPPSHIPEPIGXYVEHIEGYIVHSEPKVEHS]RMZIPIHYGEXMZSIWRIGIWEVMSUYIIPHSGIRXIQSRMXSVII]
IZEPIVIKYPEVQIRXIIPEZERGIHIPSWRMySW

4SVQIHMSHIPQSRMXSVISIPHSGIRXITSHVjIZEPYEVIPEZERGISPSKVSIRIPHIWEVVSPPSHIPEWGSQTIXIR
GMEWHIPIGXSIWGVMXYVEHIPSWIWXYHMERXIWHITVITVMQEVME]TVMQIVGMGPSHITVMQEVME%HIQjWGSRWXMXY]IYR
VIJIVIRXIHIPEZERGIHIPSWRMySWTSVUYITVSTSVGMSREMRJSVQEGMzRTVIGMWEEGIVGEHIGEHEYRSTEVEUYI
GSRFEWIIRIPPETYIHEETS]EVEGEHEIWXYHMERXIIREWTIGXSWIWTIGuGSWHIEGYIVHSEWYWRIGIWMHEHIW

7IKRIP'YVVuGYPS2EGMSREP&EWIHI+YEXIQEPE'2&PEIZEPYEGMzRTIVQMXI
)RJEXM^EVPEWJSVXEPI^EW]PSWEWTIGXSWTSWMXMZSWHIPSWIWXYHMERXIW
(IXIVQMREVPEWHIFMPMHEHIW]RIGIWMHEHIWHIPSWIWXYHMERXIWGSRIPTVSTzWMXSHITVSTSVGMSREVIPVIJSV
^EQMIRXSTIVXMRIRXI
8IRIVIRGYIRXEPSWIWXMPSWHIETVIRHM^ENIPEWGETEGMHEHIWPMRKuWXMGEWPEWI\TIVMIRGMEWGYPXYVEPIW]IHY
GEXMZEWHIPSWIWXYHMERXIW

)P'2&XEQFMqRHIWXEGEUYIIPHSGIRXIHIFIWIVGETE^HIETPMGEVYREIZEPYEGMzRHMJIVIRGMEHETVS
GIHMQMIRXSWHIIZEPYEGMzREHIGYEHSWTEVEEXIRHIVEPEHMZIVWMHEH TEVEIZEPYEVEPSWIWXYHMERXIWGSR
RIGIWMHEHIWIHYGEXMZEWIWTIGMEPIWGSRSWMRHMWGETEGMHEHUYIEWMWXIREPEWEYPEWVIKYPEVIW

)RIPTVSGIWSIHYGEXMZSPEIZEPYEGMzRRSWIHEHIQERIVEEMWPEHEIWXjMRXIVVIPEGMSREHEGSRPEIRWIyER^E
]IPETVIRHM^ENI IWXSETPMGE TSVWYTYIWXS EPEPIGXSIWGVMXYVEHIWHIPSWTVMQIVSWKVEHSW 7MIPHSGIRXI
XMIRIIWXSTVIWIRXIQSRMXSVIEGSRWXERXIQIRXIIPEZERGIHIPSWRMySW]ENYWXEWYTVjGXMGEHSGIRXIGSRW
XERXIQIRXIHIEGYIVHSGSRPEWRIGIWMHEHIWHIWYWIWXYHMERXIW(IIWXEQERIVETYIHIIZMXEVUYIYREPXS
TSVGIRXENIHIRMySWRSETVIRHEREPIIV]EIWGVMFMVIRTVMQIVKVEHS]TSVIRHIRSWIERTVSQSZMHSW
 *MKYVE1INSVEQMIRXSHIPSWETVIRHM^ENIW

%TVIRHM^ENI

1INSVEQMIRXSHI
PSWETVIRHM^ENIW

)RWIyER^E )ZEPYEGMzR

8SQEHSHI,IVVEQMIRXEWHI)ZEPYEGMzRTjKMRE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)WRIGIWEVMSXIRIVTVIWIRXIEHIQjWUYIPEIZEPYEGMzRGYQTPIHMJIVIRXIWJYRGMSRIWHMEKRzWXMGEJSV
QEXMZE]WYQEXMZE]HIFIHEVWIEPSPEVKSHIPTVSGIWSIHYGEXMZS

)ZEPYEGMzRHMEKRzWXMGE7IHEEPMRMGMS]WMVZITEVEMHIRXMGEVPEWMXYEGMzRMRMGMEPHIPSWIWXYHMER
XIW]GSRFEWIIRIPPETPERMGEVIMQTPIQIRXEVIWXVEXIKMEWHIIRWIyER^EHIPEPIGXSIWGVMXYVE
UYIWIERIJIGXMZEW
)ZEPYEGMzRJSVQEXMZE7IHEEPSPEVKSHIPTVSGIWS]TIVQMXIHIXIVQMREVIPEZERGIHIPSWIW
XYHMERXIW]PEWEGGMSRIWTEVEJEGMPMXEVIPHIWEVVSPPSHIPEWGSQTIXIRGMEWPIGXSVEW]IWGVMXYVEPIW
)ZEPYEGMzRWYQEXMZE7IHEEPREPHIYREIXETESTVSGIWS]TIVQMXIEREPM^EVIPPSKVSTVSKVI
WMZSHIPEWGSQTIXIRGMEW]HIPSWIWXjRHEVIWIHYGEXMZSWVIPEGMSREHSWGSRPIGXYVE]IWGVMXYVE

)R IWXI RYIZS TEVEHMKQE GYVVMGYPEV IP HSGIRXI VIUYMIVI HI LIVVEQMIRXEW UYI PI TIVQMXER QSRM
XSVIEVIPEZERGIHIPSWIWXYHMERXIWIRIPETVIRHM^ENI]HIWEVVSPPSHIPEPIGXSIWGVMXYVEEWuGSQSHI
LIVVEQMIRXEWUYIPIE]YHIREIZEPYEVSFNIXMZEQIRXIYREINIGYGMzRSYRTVSHYGXSIPEFSVEHSTSVIP
IWXYHMERXI

'zQSWIQSRMXSVIE]WIIZEPEPEPIGXSIWGVMXYVE
)\MWXIRHMZIVWEWJSVQEWHIQSRMXSVIEVIPEZERGIHIPSWIWXYHMERXIWTEVEWEFIVWMIWXjRETVIRHMIRHS
EPIIV]EIWGVMFMV]HIIWXEQERIVEHIXIVQMREVWMEZER^ERIRIPHIWEVVSPPSHIPEPIGXSIWGVMXYVETEVE
GSRZIVXMVWIIRPIGXSVIWMRHITIRHMIRXIW%HIQjWWIYWERLIVVEQMIRXEWHIIZEPYEGMzRHIPEPIGXSIW
GVMXYVE UYI TYIHIR YXMPM^EVWI GSR RIW JSVQEXMZSW ] HI VIWYPXEHSW UYI TVSTSVGMSRER MRJSVQEGMzR
TEVEPEXSQEHIHIGMWMSRIW%GSRXMRYEGMzRWITVIWIRXERINIQTPSWHILIVVEQMIRXEWHIQSRMXSVIS]
IZEPYEGMzRHIPEPIGXSIWGVMXYVE

,IVVEQMIRXEWHIQSRMXSVIS]IZEPYEGMzRHIPEPIGXSIWGVMXYVEIRIPEYPE

0MWXEHIGSXINS
0EPMWXEHIGSXINSIWYRGYEHVSGSRYREPMWXEHIGVMXIVMSWSEWTIGXSWUYIGSRFEWIIRPSWMRHMGEHSVIW
HIPSKVSTPERXIEHSWTIVQMXIRIWXEFPIGIVWYTVIWIRGMESEYWIRGMEIRIPETVIRHM^ENIEPGER^EHSTSVPSW
IWXYHMERXIW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

8EFPE<:---)NIQTPSHIPMWXEHIGSXINSTEVEQSRMXSVISHIPIGXSIWGVMXYVEIQIVKIRXI

%WTIGXSW -RHMGEHSVIWHIPSKVS 7u 2S
%)WGYGLEPSWQIRWENIWSVEPIWHIWYIRXSVRSJEQMPMEV
%%VXMGYPEGSVVIGXEQIRXIPEWTEPEFVEWHIWYMHMSQEQEXIVRS
%7II\TVIWEIRWYMHMSQEQEXIVRSYWERHSIRXSREGMSRIWEHIGYEHEWEP
0IRKYENISVEP
WMKRMGEHSHIPEWTEPEFVEW
%7II\TVIWESVEPQIRXIHIJSVQEPzKMGE]SVHIREHEYXMPM^ERHSXMIQTSW
ZIVFEPIW]TVSRSQFVIWTIVWSREPIW
%6IPEGMSREMQjKIRIWHMFYNSW]WMKRSWGSRXIRMHSWIRPSWXI\XSWHIPIGXYVE
MRJERXMPLEGMIRHSTVIHMGGMSRIWMHIRXMGERHSIPXIQE]IPTIVWSRENITVMR
'SQTVIRWMzR
GMTEP
SVEP
%-RXIVTVIXEIPWMKRMGEHSHIIPIQIRXSW]QIRWENIWKVjGSW]SVEPIWHIP
IRXSVRSMRQIHMEXS
%RMQEGMzREPE %)WGYGLEGSREXIRGMzRPSWXI\XSWUYIPIWSRPIuHSW
PIGXSIWGVMXYVE %9XMPM^EGzHMKSWGSRSGMHSWSHMFYNSWTEVEI\TVIWEVWYWMHIEW
%-HIRXMGEWSRMHSW
'SRGMIRGMEJS %(MWXMRKYIWSRMHSWHMJIVIRXIWIRPEWTEPEFVEW
RSPzKMGE
%-HIRXMGETEPEFVEWUYIIQTMI^ERSXIVQMRERGSRIPQMWQSWSRMHS
%)ZMHIRGMEGSQTVIRWMzRHIPGSRGITXSHIXI\XSMQTVIWSEXVEZqWHIPWI
KYMQMIRXSHIYRXI\XSHIM^UYMIVHEEHIVIGLE]HIEVVMFEEEFENS
%'SQTVIRHIUYIYRWSRMHSSJSRIQEIWXjVITVIWIRXEHSTSVYREPIXVE
'SRGMIRGMEHIP
SKVEJuEUYIEWYZI^WIGSQFMREGSRSXVSWTEVEJSVQEVTEPEFVEW
PIRKYENIIWGVMXS
%-HIRXMGEPSWRSQFVIW]WSRMHSWHIZEVMEWPIXVEW
%-HIRXMGEWYRSQFVI
%-HIRXMGETEPEFVEWUYIRSQFVERSFNIXSWHIWYIRXSVRSMRQIHMEXS
%9XMPM^EIRWYGSQYRMGEGMzRTEPEFVEWHIWYIRXSVRSIWGSPEV]JEQMPMEV]PI
:SGEFYPEVMS WYQEWMKRMGEHSWRYIZSWZEPMqRHSWIHIPGSRXI\XS]HIWYWGSRSGMQMIR
XSWTVIZMSW
%'SSVHMREWYWHIHSWuRHMGI]TYPKEVTEVEVIEPM^EVIPQSZMQMIRXSHITMR
^ETEVEQERMTYPEVSFNIXSWTIUYIySW
%9XMPM^EEHIGYEHEQIRXIWYWQERSWIQTPIERHSIPPjTM^
+VEJSQSXVMGM
%6IEPM^EXVE^SWHIPuRIEWJSVQEW]HMFYNSWWMKYMIRHSYREHMVIGGMzR
HEH
%1ERMIWXELEFMPMHEHIRWYWQERSWEPVIEPM^EVHMZIVWSWXVE^SW
%6ITVIWIRXEKVjGEQIRXILMWXSVMEWERqGHSXEW]WMXYEGMSRIWHIWYQIHMS
JEQMPMEV]IWGSPEV
)PEFSVEHSGSRFEWIIRIP'2&]IWXjRHEVIWIHYGEXMZSWREGMSREPIW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)WGEPEHIVERKS
0EIWGEPEHIVERKSGSRWMWXIIRYREXEFPEUYITVIWIRXEYRGSRNYRXSHIMRHMGEHSVIW]YREIWGEPEKVEHEHE
TEVEIZEPYEVGEHEYRS0EIWGEPEHIGEPMGEGMzRTYIHIWIVRYQqVMGEPMXIVEPKVjGE]HIWGVMTXMZE

)NIQTPSHI)WGEPEHIVERKSTEVEPEHMWGVMQMREGMzRHIJSRIQEWIRTVMQIVSTVMQEVME
+VEHS4VMQIVS4VMQEVME
'SQTIXIRGME)WGYGLEEWYMRXIVPSGYXSVSMRXIVPSGYXSVEHIQSWXVERHSVIWTIXS]GSQTVIRWMzRHIP
QIRWENITSVQIHMSHIKIWXSW]QSZMQMIRXSW
-RWXVYGGMzRGSRFEWIIRIPEWTIGXSMRHMGEHSIRGEHEGEWSQEVUYIHIYRSEGYEXVSQIRSVPSKVS
QE]SVPSKVS WIKRWIPSKVEPSMRHMGEHS

2S %74)'837    

-HIRXMGEWMQMPMXYHIW]HMJIVIRGMEWIRPSWWSRMHSWHIP

PIRKYENI

4IVGMFIHIJSVQEEYHMXMZEPEWWuPEFEWUYIWIVITMXIR

GSRWXERXIQIRXI

 6IGSRSGIJSRIQEWGSQSYRMHEHWSRSVE

 -HIRXMGEPEWTEPEFVEWUYIVMQER

 4IVGMFIHIJSVQEEYHMXMZEIPJSRIQEMRMGMEPHIPEWTEPEFVEW

 4IVGMFIHIJSVQEEYHMXMZEIPJSRIQEREPHIPEWTEPEFVEW

6FVMGE
0EVFVMGEIWYRMRWXVYQIRXSHIIZEPYEGMzRIRIPGYEPWIIWXEFPIGIRPSWGVMXIVMSW]RMZIPIWHIPSKVS
QIHMERXIPEHMWTSWMGMzRHIIWGEPEWTEVEHIXIVQMREVPEGEPMHEHHIINIGYGMzRHIPSWIWXYHMERXIWIR
XEVIEW IWTIGuGEW S TVSHYGXSW UYI IPPSW VIEPMGIR %WMQMWQS TYIHI YXMPM^EVWI TEVE QSRMXSVIEV PE
TVSKVIWMzRHIPSWIWXYHMERXIWIRHIXIVQMREHSWEWTIGXSWHIPEPIGXSIWGVMXYVEEPSPEVKSHIHMJIVIRXIW
RMZIPIWSKVEHSW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

8EFPE<-<)NIQTPSHIVFVMGETEVEIPQSRMXSVISTEVEPEPIGXSIWGVMXYVE
8EFPE<<--)NIQTPSHIVFVMGETEVEQSRMXSVISHIPIGXSIWGVMXYVEMRMGMEPTEVEIPTVMQIVGMGPSHITVMQEVME
-RHMGEHSVIWHIPSKVSTSVKVEHS
%WTIGXSW
4VMQIVSTVMQEVME 7IKYRHSTVMQEVME 8IVGIVSTVMQEVME
'SRGMIR %9RI WSRMHSW S JSRIQEW TEVE JSVQEV %'SQFMREWSRMHSW EyEHI IPMQMRES %=ERSIWRIGIWEVMSXVEFENEVIWXE
GMEJSRS TEPEFVEW WYWXMXY]IWSRMHSWHITEPEFVEW jVIE
PzKMGE %7ITEVETEPEFVEWIRWSRMHSW
%-HIRXMGEPSWWSRMHSWHIYRETEPEFVE

4VMRGMTMS %'SQTVIRHI IP GSRGITXS HI XI\XS %6IGSRSGI TEPEFVEW JEQMPMEVIW HI %=ERSIWRIGIWEVMSXVEFENEVIWXE
EPJEFqXMGS MQTVIWS WIKYMQMIRXS HI YR XI\XS HI QERIVEI\EGXE]EYXSQjXMGE]HI jVIE
M^UYMIVHEEHIVIGLE]HIEVVMFEEFENSI GSHMGETEPEFVEWRYIZEW
MHIRXMGERHSPEWTEVXIWHIPPMFVS %-HIRXMGEPEWPIXVEWUYIXMIRIRQjW
%6IGSRSGI RSQFVE]TVSHYGIIPWSRM HI YR WSRMHS G  ] PEW PIXVEW UYI
HSHIPEWPIXVEWHIPEPJEFIXS TYIHIRXIRIVIPQMWQSWSRMHSNK 
%(MJIVIRGMEPIXVEWQE]WGYPEWHIQMRW
GYPEW
%6IGSRSGI EYXSQjXMGEQIRXI TEPEFVEW
JEQMPMEVIW]HIGSHMGETEPEFVEWRYIZEW
%'SQTVIRHIUYIYRWSRMHSIWXjVITVI
WIRXEHSTSVYREPIXVEUYIWIGSQFMRE
GSRSXVSWTEVEJSVQEVTEPEFVEW

*PYMHI^ %0IIIRZS^EPXEGSRVMXQSIRXSREGMzR %0IIIRZS^EPXE GSRVMXQS IRXSRE %0II IR ZS^ EPXE GSR VMXQS IR
ZIPSGMHEH ] TVIGMWMzR SVEGMSRIW ] Tj GMzR ZIPSGMHEH ] TVIGMWMzR XI\XSW XSREGMzR ZIPSGMHEH ] TVIGMWMzR
VVEJSW GSVXSW XI\XSWMRJSVQEXMZSW]PMXIVEVMSW
%0II GSVVIGXEQIRXI IR ZS^ EPXE IRXVI %0IIGSVVIGXEQIRXIIRZS^EPXEIR %0II GSVVIGXEQIRXI IR ZS^ EPXE
TEPEFVEWIRYRQMRYXS XVITEPEFVEWIRYRQMRYXS IRXVI  TEPEFVEW IR YR
QMRYXS
:SGEFY %9XMPM^E IR WY GSQYRMGEGMzR TEPEFVEW %9XMPM^EIRWYGSQYRMGEGMzRERXzRM %9XMPM^EIRWYGSQYRMGEGMzRTEPE
PEVMS RYIZEWKIRIVEHEWETEVXMVHIGSRXI\XS QSWWMRzRMQSWTEPEFVEWKIRIVEHEW FVEWKIRIVEHEWGSRIPEY\MPMSHI
]HIWYWGSRSGMQMIRXSWTVIZMSW GSRIPEY\MPMSHIGPEZIWHIGSRXI\XS TVINSW]WYNSW YWSWKYVEHSW
]HIPHMGGMSREVMS HIPEWTEPEFVEW]HIPHMGGMSREVMS
%(IRIIPWMKRMGEHSHIPEWTEPEFVEW %(IRIGSRWYWTVSTMEWTEPEFVEW
JEQMPMEVIW IPWMKRMGEHSHIPEWTEPEFVEWEGE
%-HIRXMGE ] JSVQE JEQMPMEW HI TEPE HqQMGEW
FVEW %-HIRXMGE]JSVQEJEQMPMEWHITE
PEFVEW
'SQ %,EGI TVIHMGGMSRIW MHIRXMGERHS IP %,EGI MRJIVIRGMEW ] TVIHMGGMSRIW %,EGI MRJIVIRGMEW MHIRXMGERHS
TVIRWMzR XIQE]IPTIVWSRENITVMRGMTEP]I\TVIWE MHIRXMGEHIXEPPIWMQTSVXERXIWHMJI PEW MHIEW TVMRGMTEPIW WIGYIRGMEW
PIGXSVE WYWTYRXSWHIZMWXEHIPSUYIPII VIRGMEIPTIVWSRENITVMRGMTEPHIPSW HILIGLSW]KIRIVEPM^EGMSRIWHI
WIGYRHEVMSW]PEMHIETVMRGMTEPHIPEW PSWXI\XSWUYIPII
%*SVQYPETVIKYRXEW]HEVIWTYIWXEWWS WIGYRHEVMEW %*SVQYPETVIKYRXEW]HEVIWTYIW
FVIPEPIGXYVEERMZIPPMXIVEP %*SVQYPETVIKYRXEW]HEVIWTYIWXEW XEWWSFVIPEPIGXYVEERMZIPPMXIVEP
WSFVIPEPIGXYVE ERMZIPPMXIVEPIMR MRJIVIRGMEP]GVuXMGS
JIVIRGMEP
)WGVMXYVE %8VE^EPEWPIXVEWHIPEFIGIHEVMS %6IHEGXEXI\XSWMRJSVQEXMZSWGEVXEW %6IHEGXE XI\XSW MRJSVQEXMZSW
%*SVQETEPEFVEW]SVEGMSRIW XIQEW IXG ETEVXMVHIYREPMWXEHI GEVXEW XIQEW IXG  ] GVIEXM
%6IHEGXE REVVEGMSRIW ERqGHSXEW GLMW MHIEW]IPEFSVERHSPSWFSVVEHSVIW ZSW GYIRXSW ERqGHSXEW IXG 
XIW GSR SVEGMSRIW FVIZIW ] GSR PIXVE ]GSVVIGGMSRIWRIGIWEVMEW WMKYMIRHS YR IWUYIQE GSR IP
PIKMFPI %6IHEGXE XI\XSW GVIEXMZSW GYIRXSW JSVQEXSEHIGYEHS
TSIQEW ] SXVSW  E TEVXMV HI YRE %6IHEGXEXI\XSWHIQjWSQIRSW
PMWXEHIMHIEW]IPEFSVERHSPSWFS XVIWTjVVEJSWSIWXVSJEW
VVEHSVIW]GSVVIGGMSRIWRIGIWEVMEW

%HETXEHSHI71EPHSREHSGSRFEWIIRIP'2&IWXjRHEVIWIHYGEXMZSWREGMSREPIWTVMRGMTMSWEPJEFqXMGSWHIP2EXMSREP6IEHMRK4ERIP ]

VIWYPXEHSWHIETPMGEGMzRTMPSXSHI)&'IRIPIRIPHITEVXEQIRXSHI+YEXIQEPE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
 
8EFPE<<)NIQTPSHIVFVMGETEVEQSRMXSVISHIPETVIRHM^ENIHIPIWTEySPGSQS0

2MZIP4VITVSHYGGMzR 2MZIP4VSHYGGMzR 2MZIP7YVKMQMIRXSHIPLEFPE 2MZIP-RXIVQIHMS 2MZIP%ZER^EHS

%6IWTSRHIIRJSVQERS %)RXMIRHITIUYIyEW %)RXMIRHII\TVIWMSRIWGSQTPINEW %4SWIIHIWXVI^EWHIPPIRKYENI %7II\TVIWEGSRYMHI^]
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

ZIVFEPEMRWXVYGGMSRIW JVEWIW]SVEGMSRIWHI HIXVIWESGLSTEPEFVEW  EHIGYEHEWTEVEPEGSQYRMGEGMzR IWTSRXERIMHEHEGIVGEHI

WMQTPIWSTVIKYRXEW XVIWEGMRGSTEPEFVEW  XSHEZuETSHVuERIGIWMXEVEPKYREW GSXMHMERE YREEQTPMEZEVMIHEHHI
VITIXMGMSRIW XIQEWTIVWSREPIWKIRIVEPIW
%-QMXEPEWI\TVIWMSRIW %'SQYRMGEYRE %7IGSQYRMGEIRIWTEySP EGEHqQMGSWSWSGMEPIW
HISXVSWYWERHS GERXMHEHPMQMXEHEHI %9WEIPIWTEySP IREQFMIRXIWRYIZSWS
TEPEFVEW]SVEGMSRIW MRJSVQEGMzRGSXMHMERE IWTSRXjRIEQIRXIEYRUYIGSR HIWGSRSGMHSWEYRUYI %4YIHIGSQYRMGEVWIIR
WMQTPIWYRESHSW ]VYXMREVMEYWERHS EPKYREHMGYPXEH XMIRIHMGYPXEHSGEWMSREP HMJIVIRXIWGSRXI\XSWWI
TEPEFVEW  JVEWIWQIQSVM^EHEW GSRIWXVYGXYVEWGSQTPINEW EXVIZIEMRXIVEGXYEVGSR
KVYTSWVIPEGMSREHSW %4VSHYGISVEGMSRIWWMQTPIW ]GSRGITXSWEGEHqQMGSW LEFPERXIWREXMZSWGSRYR
%9WEIPIWTEySP HITEPEFVEW]JVEWIW HIXVIWESGLSTEPEFVEW EFWXVEGXSW QuRMQSETS]S
GSRWXVY]IRHSIP GSVVIGXEQIRXI QINSVIWXVYGXYVEHEWUYIIR
WMKRMGEHSHIPEW IWXVYGXYVEHEW]UYIWI IPRMZIPERXIVMSVPEWGYEPIWWSR %0IIGSRGMIVXEYMHI^I %8MIRIGSRXVSPHIPZSGEFYPEVMS
TEPEFVEWEY\MPMjRHSWI YWERGSRJVIGYIRGME GSQTVIRWMFPIW]ETVSTMEHEW MHIRXMGEPSWLIGLSWIWTIGuGSW XqGRMGS]EGEHqQMGSHSQMRE
HIMPYWXVEGMSRIW TSVINIQTPSPSW TIVSJVIGYIRXIQIRXIMRGPY]I IRYRXI\XSWMRIQFEVKS I\TVIWMSRIWMHMSQjXMGEW]
KVjGEWQETEW]XEFPEW WEPYHSW IVVSVIWKVEQEXMGEPIW WYIPIXIRIVHMGYPXEHTEVE GSPSUYMEPMWQSW]TVSHYGI
IRXIRHIVYRXI\XSTVIWIRXEHS I\TVIWMSRIWKVEQEXMGEPIW
%4EVXMGMTEIRHMjPSKSW %9WEGSVVIGXEQIRXI %4YIHIPIIVXI\XSWHIXIQEW IRJSVQEHIWGSRXI\XYEPM^EHE GPEVEWYMHEWIWXVYGXYVEHEW

-RHMGEHSVIWHIPSKVS
WIRGMPPSW YRWIPIGXSRQIVSHI GSRSGMHSW GSRIWXVYGXYVEWKVEQEXMGEPIW ]GSRYRRMZIPEPXSHI
IWXVYGXYVEWTIVSER GSQTPINEWGSRZSGEFYPEVMS GSQTPINMHEHPMRKuWXMGE
%-HIRXMGEWSRMHSPIXVE TVSHYGIIVVSVIW EFWXVEGXS]GSRWMKRMGEHSW
WMQTPIWGSQYRIWIRXVI %0II]IWGVMFIXI\XSWFVIZIW QPXMTPIW %0IIGSRYMHI^]IWGVMFI
IPIWTEySP]WYMHMSQE %-HIRXMGEWSRMHSWPIXVEW IRIWTEySPHIQSWXVERHSPE XI\XSWHIXVIWSGYEXVS
QEXIVRS WMQTPIWHMJIVIRXIW XVERWJIVIRGMEHIPEWLEFMPMHEHIW %0IIGSRYMHI^]IWGVMFI TjVVEJSWIRIWTEySP
IRXVIIPIWTEySP]WY UYI]ETSWIIIRWYPIRKYE XI\XSWGSVXSWIRIWTEySP HIQSWXVERHSPEXVERWJIVIRGME
MHMSQEQEXIVRS QEXIVRE HIQSWXVERHSPEXVERWJIVIRGMEHI HIPEWLEFMPMHEHIWUYI]E
PEWLEFMPMHEHIWUYI]ETSWIIIR TSWIIIRWYPIRKYEQEXIVRE
WYPIRKYEQEXIVRE

)PEFSVEHSGSRFEWIIRIP'2&]IWXjRHEVIWIHYGEXMZSWREGMSREPIW]TVSTYIWXEHI4SVVMS0SI^E

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)ZEPYEGMzRFEWEHEIR'YVVuGYPS)&'
)WYRQqXSHSTEVEIZEPYEVWMWXIQjXMGEQIRXIPEEHUYMWMGMzRHIHIWXVI^EWFjWMGEWHIPIGXYVE
QEXIQjXMGESV XSKVEJuE]I\TVIWMzRIWGVMXEHIPSWIWXYHMERXIW)RPIGXYVEIWXETYIHIGSR
WMWXMVIRPEPIGXYVEHIPIXVEWWSRMHSWHIPIXVEWTEPEFVEWSTEWENIWHITIRHMIRHSHIPRMZIPHI
HIWEVVSPPSHIPIWXYHMERXISHIPSWSFNIXMZSWIHYGEXMZSW%PHVMGL
;VMKLX 

0E)&'XMIRIYREJYRGMzRJSVQEXMZE]EUYITSVQIHMSHIIWXEIWTSWMFPIYRMVIPTVSGIWS
HI IZEPYEGMzR GSR IP HI IRWIyER^EETVIRHM^ENI )WXE LIVVEQMIRXE PI TIVQMXI EP HSGIRXI
SFXIRIVVIWYPXEHSWWMWXIQjXMGSWHIPEJPYMHI^PIGXSVEHIWYWIWXYHMERXIWGSRPEJMREPMHEHHI
MHIRXMJMGEVEUYIPPSWIWXYHMERXIWGSRYRRMZIPFENS]XVEFENEVIRIWXVEXIKMEWUYIPIWTIVQMXER
UYIPEHIGSHMJMGEGMzRWIEEYXSQjXMGETEVEJEGMPMXEVPEGSQTVIRWMzR

0IGXYVEWTEVEETPMGEV)&'
4EVE ETPMGEV PE )&' PSW HSGIRXIW HIFIR YXMPM^EV PIGXYVEW UYI GYQTPER GSR GEVEGXIVuWXMGEW
IWTIGuJMGEWVIPEXMZEWEWYHMJMGYPXEH4EVEIPPSIPHSGIRXIEREPM^EVjPEWPIGXYVEWUYIETEVIGIR
IR PSW XI\XSW QjW YXMPM^EHSW IR PSW KVEHSW MRMGMEPIW IR +YEXIQEPE XSQERHS IR GYIRXE PEW
IWTIGMJMGEGMSRIWUYIETEVIGIRIRIPWMKYMIRXIETEV XEHS7MPEWPIGXYVEWUYIXMIRIREWYHMW
TSWMGMzRRSGYQTPIRGSRPEWIWTIGMJMGEGMSRIWVIUYIVMHEWPSWHSGIRXIWTYIHIREHETXEVPEWS
FMIRMRZSPYGVEVWIIRPEGVIEGMzRHIPIGXYVEWRYIZEWXSQERHSIRGYIRXEPEWIWTIGMJMGEGMSRIW
UYIWITVIWIRXEREGSRXMRYEGMzR

)WTIGMGEGMSRIWTEVELMWXSVMEWHIPRMZIP
 E(IFITVIWIRXEVYREWIGYIRGMEHISVEGMSRIWWMQTPIW%TVS\MQEHEQIRXISVEGMSRIW
 F)PQuRMQSHITEPEFVEWIWHI]IPQj\MQSHITEPEFVEWIWHI
 G(MWXVMFYMVYRQj\MQSHIGMRGSTEPEFVEWTSVSVEGMzR
 H0 EWTEPEFVEWYXMPM^EHEWIRPEREVVEGMzRHIFIRXIRIVIRTVSQIHMSPIXVEW]WuPEFEW
 I0 EWTEPEFVEWHIFIRWIVJEQMPMEVIWTEVEPSWRMySWTEPEFVEWUYIWIIRGYIRXVERIRPMFVSW
HIXI\XSHIPSWRMySW 
 J&YWGEVYRXIQEUYIWIEEXVEGXMZSTEVEPSWIWXYHMERXIW
 K0EWIGYIRGMEHIFITVIWIRXEVYREWMXYEGMzRJEQMPMEVTEVEPSWRMySW
 L0SWRSQFVIW]PYKEVIWHIFIRVIJPINEVPEGYPXYVEPSGEP
 M4 VIJIVMFPIQIRXIPSWTIVWSRENIWTVMRGMTEPIWHIFIRWIVRMySW7MRIQFEVKSTYIHIRYXMPM
^EVWITIVWSRENIWMRERMQEHSWSMVVIEPIW
 N)PXIQEHIPEPIGXYVEHIFIWIVVIEPRSYXMPM^EVJMGGMzR
 O2SMRGPYMVMQjKIRIW
 P0 EMQTVIWMzRHIFIWIVKVERHI]GPEVE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)NIQTPS

%YXSVE0IWPMI6SWEPIW

)WTIGMGEGMSRIWTEVEPEWLMWXSVMEWHIPRMZIP
 E( IFIWIVYREREVVEGMzRGSVXEMRMGMSQIHMS]YRREPSYRMRMGMSHIWEVVSPPS]WSPYGMzR %TVS\MQE
HEQIRXISVEGMSRIW
 F) PQuRMQSHITEPEFVEWIWHI]IPQj\MQSHI
 G(MWXVMFYMVYRTVSQIHMSHIWIMWTEPEFVEWTSVSVEGMzR
 H0 EW TEPEFVEW YXMPM^EHEW IR PE REVVEGMzR HIFIR XIRIV IR TVSQIHMS SGLS PIXVEW ] TVIJIVMFPIQIRXI
IRXVIHSWEGYEXVSWuPEFEW
 I0EWSVEGMSRIWHIFIVjRXIRIVPEWWMKYMIRXIWGEVEGXIVuWXMGEW
 3VEGMSRIWWMQTPIWWYNIXS]TVIHMGEHS
 7IYWEVjRJSVQEWZIVFEPIWWMQTPIWRSYWEVTSVINIQTPSLEFIVZIVFS
 2SWIYWEVjRHIVMZEGMSRIW0SWTVINSWWSRYRGSRGITXSKVEQEXMGEPQjWRSHIPIGXYVE
 J2SMRGPYMVQjWHITEPEFVEWGSRSVXSKVEJuEGSQTPINE
 K0SWRSQFVIW]PYKEVIWHIFIRVIINEVPEGYPXYVEPSGEP
 L4 VIJIVMFPIQIRXIPSWTIVWSRENIWTVMRGMTEPIWHIFIRWIVRMySWSRMyEWWMRIQFEVKSTYIHIRYXMPM^EVWI
TIVWSRENIWMRERMQEHSWSMVVIEPIW
 M0EXVEQEHIPELMWXSVMEHIFIWIVVIEPRSGGMzR
 N2SMRGPYMVMQjKIRIW
 O0 EMQTVIWMzRHIFIWIVKVERHI]GPEVE


3VXSKVEJuEGSQTPINEWMKRMGEE TEPEFVEWGSRWSRMHSWSJSRIQEWTSGSJVIGYIRXIWF TEPEFVEWGSRPIXVEWSKVEJuEWGSRZEVMSWWSRMHSW]G HuKVEJSWKVYTSHIHSW
PIXVEWUYIVITVIWIRXERYRWSPSWSRMHSKYUYPPVV 

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)NIQTPS

3HGURYLYHHQXQDDOGHD9LYHFHUFD 
GHXQUR3HGURWLHQHYDULRVDPLJRV 
O \ VXV DPLJRV YDQ D OD HVFXHOD GH 
OD DOGHD /D HVFXHOD HVW FHUFD GHO 
UR(QODHVFXHODDSUHQGHQ\MXHJDQ 
(OORV MXHJDQ WRGRV ORV GDV (OORV 
WDPELQ QDGDQ HQ HO UR (Q HO UR 
QDGDQWRGDVODVWDUGHV(QODHVFXHOD 
MXHJDQ SHORWD \ WURPSR (Q HO UR 
MXHJDQ FRQ ORV SHFHV \ ODV SLHGUDV 
3HGUR SUHILHUH MXJDU SHORWD TXH 
WURPSR 8Q GD TXH MXJ WURPSR 
ROYLG VX SHORWD &XDQGR O \ VXV 
DPLJRV TXLVLHURQ MXJDU SHORWD QR OD 
HQFRQWUDURQ %XVFDURQ OD SHORWD 
GRQGH MXJDURQ WURPSR /D SHORWD 
HVWDEDDOO3HGURVHSXVRIHOL]SRUVX 
SHORWD 7RGRV MXHJDQ PX\ FRQWHQWRV 
FRQODSHORWD 







:EVMSWEYXSVIW

)WTIGMGEGMSRIWTEVELMWXSVMEWHIPRMZIP
 E(  IFIWIVYREREVVEGMzRHIETVS\MQEHEQIRXISVEGMSRIWMRMGMS QIHMS]YRREP SYRMRMGMS
HIWEVVSPPS]WSPYGMzR 
 F)PQuRMQSHITEPEFVEWIWHI]IPQj\MQSHI
 G(MWXVMFYMVYRTVSQIHMSHISGLSTEPEFVEWTSVSVEGMzR
 H%PKYREWHIPEWTEPEFVEWYXMPM^EHEWIRPEREVVEGMzRTYIHIRWIV]EHIPIXVEW]XVIWWuPEFEWSQjW
 I0SW XI\XSW HIFIR GSRXIRIV SVEGMSRIW GSQTYIWXEW 7I IRXMIRHI TSV SVEGMSRIW GSQTYIWXEW PS
WMKYMIRXI
 *SVQEHEWTSVHSWSVEGMSRIWWMQTPIW
 0EWSVEGMSRIWWMQTPIWIWXjRYRMHEWTSVGSRNYRGMSRIWSWMKRSWHITYRXYEGMzR
 'EHESVEGMzRXMIRIYRWYNIXSI\TPuGMXS
 J7ITYIHIRYXMPM^EVZIVFSWGSQTPINSWTSVINIQTPSLEWYFMHS
 K2SMRGPYMVQjWHITEPEFVEWGSRSVXSKVEJuEGSQTPINE
 L4  VIJIVMFPIQIRXIPEXVEQEHIPELMWXSVMEHIFIWIVVIEP7MWIYXMPM^EGGMzRHIFIIZEPYEVWIUYIRSWIE
QY]EFWXVEGXSTEVEPSWIWXYHMERXIW
 M2SMRGPYMVMQjKIRIW
 N0 EMQTVIWMzRHIFIWIVKVERHI]GPEVE


6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)NIQTPS

/D OOXYLD VH DFHUFD FXDQGR HPSLH]D D 

ROHUDWLHUUDPRMDGD/DOOXYLDKDFHTXHODV 
SODQWDV VH YHDQ OLQGDV &XDQGR HV XQD 
OORYL]QD SLHQVR TXH HV XQD OLQGD PVLFD 
3HUR VL OOXHYH IXHUWH D YHFHV PH DVXVWR 
$\HU HQ OD WDUGH OORYL IXHUWH SHUR QR PH 
DVXVW (O DJXD HQWU SRU XQDV JRWHUDV 
&RORFDPRV XQDV FXEHWDV GHEDMR GH ODV 
JRWHUDV/DOOXYLDVHFDOPSURQWR0DP 
GLMR TXH DEULUDPRV OD SXHUWD (QWU DLUH 
IUHVFR 6DO FRQ PLV KHUPDQRV D MXJDU DO 
SDWLR 9LPRV FRPR DOJXQRV ]RPSRSRV 
VDODQ GH OD WLHUUD 1RV JXVWD PRYHU ODV 
UDPDVGHORVUEROHV/DVPRYHPRVIXHUWH 
SDUDTXHQRVVDOSLTXHDJXD'HVSXVGH 
QXHVWUD DYHQWXUD HQWUDPRV D FDVD 0L 
PDPQRVGLFHTXHQRVSRQJDPRVURSD 
VHFD/XHJRWRPDPRVFDIFRQSDQ\OH 
FRQWDPRVQXHVWUDVDYHQWXUDV(VGLYHUWLGR 
MXJDUGHVSXVGHODOOXYLD 
 
 

%YXSVE7ERHVE)GLIZIVVuE

)RPEWMKYMIRXIXEFPEWITVIWIRXEIPRQIVSHITEPEFVEW]XMTSHIPIGXYVETEVEGEHERMZIP

8EFPE<<-:2QIVSHITEPEFVEW]XMTSHIPIGXYVETSVRMZIP

2MZIPIWHIPIGXYVE 2QIVSHITEPEFVEW 8MTSHIPIGXYVE

2MZIP  2EVVEGMzR

2MZIP  2EVVEGMzRTVSWE

2MZIP  2EVVEGMzRTVSWE

8SQEHS]EHETXEHSHI6YFMS]6SWEPIW

0SWRMZIPIWHIPEWPIGXYVEWWIVIIVIRRMGEQIRXIEPRMZIPHIHMGYPXEHIRIPUYIWIGPEWMGERPEWPIGXYVEW
)WHIGMVIPRMZIPIRIPUYIWIIRGYIRXVEPEPIGXYVERSXMIRIVIPEGMzRGSRIPKVEHSUYIGYVWERPSWIWXY
HMERXIW%WuUYIIPIWXYHMERXITYIHIXSQEVPIGXYVEWHIPSWXVIWRMZIPIWLEWXEUYIIPHSGIRXIIRGYIRXVI
IPRMZIPUYIQINSVWIEHIGYIEPEYMHI^HIWEVVSPPEHE4SVINIQTPSYRIWXYHMERXIHITVMQEVMETYIHI
XSQEVPIGXYVEWHIRMZIP ]EUYIPEYMHI^PIGXSVEUYILEHIWEVVSPPEHSGSVVIWTSRHIEIWXIRMZIP (I
PEQMWQEJSVQE IWTSWMFPIUYIYRIWXYHMERXIHITVMQEVME UYMIRERRIGIWMXEHIWEVVSPPEVYMHI^
PIGXSVEXSQIPIGXYVEWHIRMZIP

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'zQSWIETPMGEPE)&'
%TPMGEGMzRHIPIGXYVEW
 'EHERMySHIFIPIIVXVIWPIGXYVEW)PHSGIRXI]IWXYHMERXIHIFIVjRWIRXEVWIYRSJVIRXIEPSXVS)P
HSGIRXIIRXVIKEVjPETVMQIVEPIGXYVEEPIWXYHMERXI]WIUYIHEVjGSRYREGSTMEUYIPIWIVZMVjEP
HSGIRXITEVEVIKMWXVEVPSWIVVSVIWUYIIPIWXYHMERXIGSQIXEEPPIIV0YIKSHIIRXVIKEVPEGSTMEIP
HSGIRXIPIHMVjEPIWXYHMERXI

5YMIVSUYIQIPIEIWXELMWXSVME8IRHVjQMRYXSTEVEPIIVPE'YERHS]SHMKEIQTMI^EMRMGMEPI]IR
HSIRZS^EPXEIRPETEVXIWYTIVMSVHIPETjKMREWIyEPIGSRIPHIHSPETVMQIVETEPEFVEHIPEPIGXYVE
IMRHMUYIGSRIPHIHSUYIWIHIFIPIIVHIM^UYMIVHEEHIVIGLE ,EKEWYQINSVIWJYIV^S7MXMIRI
HMGYPXEHGSREPKYRETEPEFVE]SWIPEPIIVq8MIRIEPKYRETVIKYRXE#4EYWE )QTMIGI

'YERHSIPIWXYHMERXIPIEPETVMQIVETEPEFVEIPHSGIRXIMRMGMEVjGSRXISHIPXMIQTSIRIPGVSRzQIXVSS
VIPSN 7MIPIWXYHMERXIRSPIIPETVMQIVETEPEFVEIRPSWTVMQIVSWXVIWWIKYRHSW IPHSGIRXIWIPEPIIVjI
MRMGMEVjEGSRXEVIPXMIQTS6IGYIVHIUYIIWXSWIXSQEVjGSQSIVVSV(YVERXIPEPIGXYVEIPHSGIRXIMVj
ERSXERHSIRWYGSTMEEUYIPPSWIVVSVIWHITVIGMWMzRPEWMKYMIRXIXEFPEQYIWXVEPSWIVVSVIWQjWJVIGYIRXIW

8EFPE<<-)VVSVIWUYIGSQRQIRXIGSQIRXIRPSWIWXYHMERXIWEPPIIV
)NIQTPSW
8MTSHIIVVSV 3FWIVZEGMzR
)RIPXI\XSHMGI )PIWXYHMERXIPII
4
 EPEFVEWPIuHEW 'IVGEHIGEWETEWEFEYR 'IVGEHIWYGEWETEWEFEYR 'SRXEVGSQSYR
MRGSVVIGXEQIRXI VuSHIEKYEWE^YPIW VuSHIENYEWE^YPIW IVVSV
7YWXMXYGMSRIW 0EGEWEHIQMZIGMREIWHI 0EGEQEHIQMZIGMREIWHI 'SRXEVGSQSYR
GSPSVE^YP GSPSVE^YP IVVSV
3QMWMSRIW )PGSRINSGEJqWEPXEQY] )PGERKYVSWEPXEQY]EPXS 'SRXEVGSQSYR
EPXS IVVSV
8VERWTSWMGMSRIW %'EVQIRPIKYWXEIPTER %'EVQIRPIKYWXEIPHYPGI 'SRXEVGSQSYR
HYPGI TER IVVSVTSVGEHETEV
HITEPEFVEW
7EPXEVWIYREPuRIE ,EFuEYREZI^YRGERKYVS ,EFuEYREZI^YRGERKYVS 7MIPIWXYHMERXI
)PGERKYVSWIPPEQEFE )PGERKYVSIVEGEJq] SQMXIYREPuRIEWI
0EPS)PGERKYVSIVEGEJq] KVERHI VIHMVIGGMSREVjEP
KVERHI IWXYHMERXIEPEPuRIE
GSVVIGXE
'SRXEVGSQSYR
IVVSV
4
 EPEFVEWPIuHEWEP 'SRXEVGSQSYR
IWXYHMERXIHIWTYqW IVVSV
HIWIKYRHSW
8VEHYGMHS]EHETXEHSHI%PHVMGL];VMKLX

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

2SWIGSRWMHIVERIVVSVIW%PHVMGL];VMKLX 
%YXSGSVVIGGMSRIW
6ITIXMGMSRIW
4VSRYRGMEGMzRHMJIVIRXIHITEPEFVEWHIFMHSEPEGIRXSHIPEVIKMzRSEUYIIPGEWXIPPERSRSIWIPMHMSQE
QEXIVRSHIPIWXYHMERXI
4EPEFVEWMRWIVXEHEW)NIQTPS

8I\XS ,EFuEYREZI^YRGERKYVSPPEQEHS0EPS

)WXYHMERXI ,EFuEYREZI^YRGERKYVSKVERHIPPEQEHS0EPS

'YERHSTEWIQMRYXS IPHSGIRXIHMVj4SVJEZSVTEVI LEWXEEPPuIWXjFMIR]QEVGEVjPEPXMQETEPEFVE

UYILE]EPIuHSIPIWXYHMERXIGSRYRGSVGLIXIA  (IWTYqWIPHSGIRXIIZEPYEVjPEGSQTVIRWMzRPIGXSVE
)WMQTSVXERXIVIEPM^EVIWXEIZEPYEGMzRTEVEIZMXEVUYIPSWIWXYHMERXIWPIERHIJSVQEVjTMHEWMRTVIWXEV
PEHIFMHEEXIRGMzREPEPIGXYVEIMHIRXMGEVIWXYHMERXIWGY]EYMHI^RSGSRGYIVHIGSRWYGSQTVIRWMzR
0EWMKYMIRXIXEFPETVIWIRXEPEGERXMHEHHITEPEFVEWGSVVIGXEWTSVQMRYXSUYIWIIWTIVEUYIPSWRMySWPIER
HIETVMQEVME

8EFPE<<--'ERXMHEHHITEPEFVEWGSVVIGXEQIRXIPIuHEWTSVQMRYXS
'ERXMHEHHITEPEFVEWGSVVIGXEQIRXIPIuHEW
+VEHS
TSVQMRYXS

 ETEPEFVEWQMRYXS

 ETEPEFVEWQMRYXS

 ETEPEFVEWQMRYXS

)PEFSVEHSGSRFEWIIRPEETPMGEGMzRTMPSXSHI)&'IR+YEXIQEPE 

0YIKS IPHSGIRXITYIHIIZEPYEVPEGSQTVIRWMzRPIGXSVE TPERXIjRHSPIEPIWXYHMERXITVIKYRXEWHIPE

PIGXYVE7IVIGSQMIRHEIZEPYEVGSQTVIRWMzRPIGXSVEWMIQTVI]GYERHSIPIWXYHMERXILE]EPIuHSHIE
QjWTEPEFVEWGSVVIGXEQIRXIIRYRQMRYXS4'14YIHIHIGMVTSVINIQTPS4SVJEZSVGYqRXIQIPSUYI
EGEFEHIPIIV8VEXIHIGSRXEVQIXSHSPSUYITYIHE)QTMIGI

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

'YERHSIPIWXYHMERXIMRMGMIGSRIPVIPEXSIPHSGIRXIMRMGMEVjEGSRXEVIPXMIQTSIRIPGVSRzQIXVSSVIPSN
'YERHSTEWIQMRYXSIPHSGIRXIHMVj4SVJEZSVTEVIEPPuIWXjFMIR
)PHSGIRXIYXMPM^EVjPEWMKYMIRXIXEFPETEVEEWMKREVPEGEPMGEGMzRHIGSQTVIRWMzRPIGXSVE

8EFPE<<---0MRIEQMIRXSWTEVEGEPMGEVIPVIPEXSSVEP

6IPEXS3VEP 'EPMGEGMzR

2SVIGSVHzRSGSRXIWXz 

EHIXEPPIWWMRMHIESTIVWSRENITVMRGMTEP 

EHIXEPPIWWMRMHIESTIVWSRENITVMRGMTEP 

-HIESTIVWSRENITVMRGMTEPEHIXEPPIW 

-HIESTIVWSRENITVMRGMTEPEHIXEPPIW 

8SQEHS]EHETXEHSHI&EOIVIXEP

9REZI^IPHSGIRXILE]EEWMKREHSYREGEPMGEGMzRETPMGEVjPEWIKYRHEPIGXYVEVITMXMIRHSPEWMRHMGEGMSRIW
HIPEWIGGMzRERXIVMSV7MHIWTYqWHIHEVPEMRWXVYGGMzRIPIWXYHMERXIRSQIRGMSREREHEXVERWGYVVMHSW
WIKYRHSWIPHSGIRXIPIHMVj8VEXIHIGSRXEVQIXSHSPSUYITYIHE

7M IP IWXYHMERXI RS HMGI REHE PYIKS HI IWXSW  WIKYRHSW IP HSGIRXI HIFI WYWTIRHIV PE IZEPYEGMzR
HIGSQTVIRWMzRPIGXSVE]ETPMGEVPEWIKYRHEPIGXYVE VITMXMIRHSPEWMRHMGEGMSRIWHIPEWIGGMzRERXIVMSV
'YERHSIPIWXYHMERXILE]EPIuHSPEWXVIWPIGXYVEW IPHSGIRXIGEPGYPEVjIP4'1 IPGYEPIWIPuRHMGIHI
YMHI^PIGXSVE0EXEFPEEGSRXMRYEGMzRQYIWXVEIPTVSGIHMQMIRXS

8EFPE<<:---4VSGIHMQMIRXSTEVEGEPGYPEVIP4'1
4EWSWTEVEGEHEYREHIPEWPIGXYVEW )NIQTPSW

4EWSWIGYIRXEIPRQIVSXSXEPHITEPEFVEW 0IGXYVE
PIuHEWIRYRQMRYXS)WHIGMVHIWHIIPMRMGMSHI 0IGXYVE
PEPIGXYVELEWXEHSRHIQEVGzIPGSVGLIXIA  0IGXYVE

0IGXYVE
4EWSWIGYIRXEIPRQIVSHIIVVSVIWUYIIP
0IGXYVE
IWXYHMERXIGSQIXMz
0IGXYVE

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

4EWSWTEVEGEHEYREHIPEWPIGXYVEW )NIQTPSW

4EWSWIGEPGYPERPEWTEPEFVEWGSVVIGXEQIRXI 0IGXYVE!
PIuHEW4'17IVIWXEEPXSXEPHITEPEFVEWPIuHEW 0IGXYVE!
IPRQIVSXSXEPHIIVVSVIW 0IGXYVE!

1IHMERE)WIPRQIVSUYIWIIRGYIRXVEIRPETSWMGMzRHIIR
4EWS7ISFXMIRIPEQIHMEREHITEPEFVEW
QIHMSIRYRGSRNYRXSHIHEXSWSVHIREHSWHIQIRSVEQE]SV
GSVVIGXEQIRXIPIuHEWIRYRQMRYXS4'1


1IHMERE)WIPRQIVSUYIWIIRGYIRXVEIRPETSWMGMzRHIIR
4EWS7ISFXMIRIPEQIHMEREHIPSWIVVSVIW
QIHMSIRYRGSRNYRXSHIHEXSWSVHIREHSWHIQIRSVEQE]SV
GSQIXMHSWTSVIPIWXYHMERXI


)PIWXMQEHSQjWTVIGMWSWSFVIPEYMHI^PIGXSVETEVEIP
4EWS7IMRXIVTVIXERPSWVIWYPXEHSW
IWXYHMERXIIWHITEPEFVEWTSVQMRYXS]ETVS\MQEHEQIRXI
GSQIXIIVVSVIWTSVQMRYXS

8SQEHS]EHETXEHSHI;VMKLXWJ

9REZI^SFXIRMHSIP4'1IPHSGIRXIYFMGEVjEPIWXYHMERXIIRPEGEXIKSVuEGSVVIWTSRHMIRXIHIYMHI^
PIGXSVEYXMPM^ERHSPEWMKYMIRXIXEFPE

8EFPE<<-:9FMGEGMzRHIIWXYHMERXIWWIKRIP4'1

2MZIPHIPIGXYVE (IFIQINSVEV 7EXMWJEGXSVMS )\GIPIRXI

   SQjW

   SQjW

   SQjW

8SQEHSHI&EOIV]GSPW

0EYFMGEGMzRRSWSPSPITIVQMXMVjEPHSGIRXIGSRSGIVIRUYqGEXIKSVuEHIHIWIQTIySWIIRGYIRXVE
IPIWXYHMERXIWMRSXEQFMqRSVMIRXEVPEIRWIyER^ETEVEEWuHEVSTSVXYRMHEHEPIWXYHMERXIHIQINSVEVWY
LEFMPMHEHPIGXSVE7IIWTIVEUYIGSRIWXEMRJSVQEGMzRIPHSGIRXITVSTSRKEWMXYEGMSRIWHIIRWIyER^E
ETVIRHM^ENIHMJIVIRGMEHEWUYIVIWTSRHEREPEWRIGIWMHEHIWHIPIWXYHMERXI

4VYIFEHIGSQTVIRWMzRPIGXSVETEVETVMQIVKVEHS
% GSRXMRYEGMzR WI TVIWIRXE YRE TVSTYIWXE UYI WI TYIHI YWEV EP REP HIP TVMQIV KVEHS TEVE IZE
PYEVPEGSQTVIRWMzRPIGXSVE UYIJYIHIWEVVSPPEHEHYVERXIIPTVSKVEQEHI97%-()HYGEXMSR5YEPMX]
-QTVSZIQIRX4VSKVEQ)59-4

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

-RWXVYGXMZSHIPETVYIFEHIGSQTVIRWMzRHIPIGXYVE
0ETVYIFEGSRWXEHIYRGSRNYRXSHIXEVNIXEWRYQIVEHEWHIPEP)RPEWXEVNIXEWEIWXjIWGVMXE
YRESVEGMzRUYIIPIWXYHMERXIHIFIVjPIIV)RPEWXEVNIXEWEIWXjRIWGVMXEWMRWXVYGGMSRIWUYIIPRMyS
SRMyEHIFIVjRWIKYMVHIWTYqWHIPIIVPEWPEWXEVNIXEWHIIWXEWIGGMzRZERIRSVHIRHIHMGYPXEHGSQIR
^ERHSGSRYREWSPEMRWXVYGGMzRLEWXEXIVQMREVGSRXVIWMRWXVYGGMSRIWWMQYPXERIEW

)PQEIWXVSXMIRIXEVNIXEWRYQIVEHEWHIPEP UYIGSVVIWTSRHIREPTVMQIVGSRNYRXSHIXEVNIXEW
UYIXMIRIIPIWXYHMERXIXEVNIXEWHISVEGMSRIW )WXEWXEVNIXEWXMIRIRTVIKYRXEWVIPEGMSREHEWGSRPSUYI
PIIIPRMyS]PEWVIWTYIWXEWGSVVIGXEWIWXjRWYFVE]EHEW%HIQjWHIFIXIRIVEQERSYRPMFVSGYEPUYMIVE
UYIXIRKEEPKYREMPYWXVEGMzR

8EVNIXEWEPTEVEYWSHIPRMySE 
 0EQEQjHI1EVuE].YERMXSPSWPPEQzTEVEUYIGSQTEVXMIVERIPTEWXIPUYIPIVIKEPEVSR
 ) PRMySUYMWSTEWEVIPTYIRXI TIVSIWXEFEUYIFVEHS]PIHMSQMIHSTEWEVTSVUYIIPVuSIWXEFE
GVIGMHS
 9RTEWXSVGMXSKVMXzTMHMIRHSEY\MPMSTIVSREHMIPSE]YHzTSVUYITIRWEVSRUYIIWXEFEQMRXMIRHS
 9RVuSIWYREGSVVMIRXIHIEKYEHYPGIUYIZEEHEVEPQEVSESXVSVuS
 9RZSPGjRIWYREIPIZEGMzRHIXIVVIRSUYIXMIRIIRWYTEVXIQjWEPXEYREKYNIVSPPEQEHSGVjXIV
 0EPYREWEPIHIRSGLIIPWSPWEPIHIHuETSVIWSPEPYREZMZIWMIQTVIGSRPEGEVEJVuE
 4EVEGVIGIVWERSWJYIVXIW]EPIKVIWRIGIWMXEQSWGSQIVEPMQIRXSWRYXVMXMZSW
 )RYRXIVVIQSXSIPWYIPSWIWEGYHIJYIVXIQIRXINYRXSGSRPSWVuSWPSWjVFSPIW]PEWGEWEW
 %ZIGIWPEWIRJIVQIHEHIWIRXVERIRIPGYIVTSTSVPEFSGEGYERHSGSQIQSWGSWEWGSRXEQMREHEW
0SWEPMQIRXSWWSRRIGIWEVMSWTEVEVIGYTIVEVPEWJYIV^EWUYIKEWXEQSWGEHEHuEGYERHSXVEFENEQSW

8EVNIXEWEPTEVEYWSHIPRMySE 
 &YWGEIRIWXIPMFVSPETjKMRE
 7IyEPEHSRHIIWXjPETYIVXE
 )RWqyEQIXYQERSHIVIGLE
 6IGSKIIPPjTM^UYIIWXjIRPEQIWE
 &YWGEIRIWXIPMFVSPETEKMRE]PYIKSQYqWXVEQIPETVMQIVETEPEFVEHIPETjKMRE
 0IIHIWTEGMSIWXESVEGMzR]IRWqyEQIGYjPIWPEPXMQETEPEFVE
 %FVIIWXIPMFVS]FYWGEYRHMFYNS
 %FVIIWXIPMFVSIRPETjKMRE]IRWqyEQIPETjKMREUYIWMKYI
 %FVIIWXIPMFVSIRPETjKMRE]PIIPETVMQIVETEPEFVE]WIyjPEPE
%FVIIWXIPMFVSIRPETjKMRE]WIyEPEPETVMQIVE]PEPXMQETEPEFVEHIIWETjKMRE

8EVNIXEWEPTEVEYWSHIPHSGIRXI 
5YMqRPPEQzE1EVuE]E.YERMXS#60EQEQj
'zQSIWXEFEIPVuS#6'VIGMHS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

5YMqRKVMXzTMHMIRHSEY\MPMS#6)PTEWXSVGMXS
%HzRHIZEEHEVIPVuS#6(YPGI
'zQSWIPPEQEYREIPIZEGMzRHIXMIVVEGSRYRGVjXIVIRPETEVXIQjWEPXE#6:SPGjR
'YjRHSWEPIPEPYRE#6(IRSGLI
5YqRIGIWMXEQSWGSQIVTEVEIWXEVWERSWJYIVXIW]EPIKVIW#6%PMQIRXSWRYXVMXMZSW
5YqWEGYHIJYIVXIQIRXIIPWYIPS#69RXIVVIQSXS
4SVHzRHIIRXVEREPGYIVTSPEWIRJIVQIHEHIW#64SVPEFSGE
5YqWSRRIGIWEVMSWTEVEVIGYTIVEVPEWJYIV^EW#6 0SWEPMQIRXSW

4VSGIHMQMIRXS
7IGGMzR-
4uHEPIEPRMySEUYIPIEIRZS^FENESEPXE GSQSPSTVIIVE PETVMQIVEXEVNIXE IWHIGMVPE ,jKEPIPE
TVIKYRXEUYIXMIRIIRWYXEVNIXE]ERSXIWMPEVIWTYIWXEIWGSVVIGXESMRGSVVIGXE7IVITMXIIWXITVSGI
HMQMIRXSLEWXEGSQTPIXEVPEXEVNIXE

7IGGMzR--
4uHEPIEPRMySEUYIPIEPEXEVNIXE]INIGYXIPEWMRWXVYGGMSRIWUYIIWXjRIWGVMXEW )RIWXIGEWSHIFI
ERSXEVWMIPIWXYHMERXIWMKYMzSRSPEMRWXVYGGMzR(IFIGEPMGEVGSRWMIPIWXYHMERXIEINIGYXEFMIRXSHE
PEMRWXVYGGMzR]GSRWMPEINIGYXETEVGMEPQIRXISWMRSLEGIREHE7IVITMXIIWXITVSGIHMQMIRXSLEWXE
GSQTPIXEVPEXEVNIXE

%PREPM^EVWYQIIPRQIVSHIVIWTYIWXEWGSVVIGXEWIRPEWIGGMzR-]--

'zQS ETS]EV E PSW RMySW UYI TVIWIRXER HMGYPXEHIW IR IP ETVIRHM^ENI HI PE
PIGXSIWGVMXYVE
)WMQTSVXERXIXIRIVTVIWIRXIUYIPSWRMySWETVIRHIREPIIV]EIWGVMFMVEHMJIVIRXIVMXQS)WXSMQTPMGE
UYIIPHSGIRXIHIFITSHIVMHIRXMGEVGYjPIWIPEZERGI]PSWVIXSWHIGEHEIWXYHMERXIIRIWXITVSGIWS]
EWuEXIRHIVPSWWIKRWYWRIGIWMHEHIW)RPEXEFPE<-<WITVIWIRXEYRINIQTPSHIVFVMGEUYIPITIVQMXMVj
IRGSRXVEVPSWEWTIGXSWIWTIGuGSWIRPSWUYIIPRMySVIUYMIVIQE]SVSVMIRXEGMzR]TVjGXMGE

%PKYREWWYKIVIRGMEWTEVEETS]EVERMySWGSRHMGYPXEHIRPEEHUYMWMGMzRHIPEPIGXSIWGVMXYVEWSR
E%
 WIKVIWIUYIPSWIWXYHMERXIWRSXIRKERTVSFPIQEWZMWYEPIWZIVFEPIWSEYHMXMZSWUYIIWXqRTIVNYHM
GERHSWYETVIRHM^ENI
F1 ERXIRKEGSQYRMGEGMzRTIVMzHMGEGSRPSWTEHVIWHIJEQMPMETEVEMRJSVQEVWSFVIPEWMXYEGMzR]IPTVS
KVIWSHIWYWLMNSW%HIQjWWYKMqVEPIWUYIVIEPMGIREGXMZMHEHIW]TVjGXMGEWEHMGMSREPIWIRGEWE
G8
 ERXSTEHVIWGSQSQEIWXVSWTYIHIRXSQEVGSQSVIJIVIRGMEPSWFERGSWHIEGXMZMHEHIWUYIWITVI
WIRXERIRIWXIPMFVSTEVEVIJSV^EVIPETVIRHM^ENIHIPSWIWXYHMERXIW
H*SVQIKVYTSWTIUYIySWGSRPSWIWXYHMERXIWUYIVIUYMIVIRQE]SVETS]STEVEHEVPIWQE]SVEXIRGMzR
I7 SPMGMXIIPETS]SHIZSPYRXEVMSWTEVEUYIQSHIPIRPEPIGXYVE]SVMIRXIRTVjGXMGEWPIGXSVEWHIGEHE
IWXYHMERXIVIWEPXERHSPSWXVMYRJSWUYIZE]ERSFXIRMIRHS

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

) \TPMUYI TSV UYq IW MQTSVXERXI QSRMXSVIEV ] IZEPYEV IP ETVIRHM^ENI HI PE PIGXSIWGVMXYVE HI PSW
IWXYHMERXIW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

%
 REPMGITSVUYqIR+YEXIQEPEYREPXSTSVGIRXENIHIRMySWVITMXIRTVMQIVKVEHS]UYqVIPEGMzRXMIRI
IWXSGSRIPTVSGIWSHIIRWIyER^E ETVIRHM^ENI]IZEPYEGMzRHIPEPIGXSIWGVMXYVE 0YIKS IWGVMFEXVIW
WYKIVIRGMEWVIPEGMSREHEWGSRIWXIXIQETEVEPSWHSGIRXIWHITVMQIVKVEHS'SQTEVXEPSWVIWYPXEHSW
GSRWYWGSQTEyIVSW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

3
 FWIVZIEYRIWXYHMERXIHITVITVMQEVMEIXETEEySW ]EYRSHITVMQIVKVEHS%TPMUYIPEPMWXEHI
GSXINS TEVE QSRMXSVIS HI PIGXSIWGVMXYVE IQIVKIRXI )WGVMFE WY I\TIVMIRGME ] PYIKS GSQTEVXE PSW
VIWYPXEHSWGSRWYWGSQTEyIVSW
 C CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

6
 IZMWIIPINIQTPSHIPEVFVMGETEVEIPQSRMXSVISHIPIGXSIWGVMXYVEMRMGMEPTEVEIPTVMQIVGMGPSHI
TVMQEVME]GSQTEVIPSWVIWYPXEHSWIWTIVEHSWIRGEHEKVEHS 0YIKS IZEPIHSWRMySWHITVMQIVS
WIKYRHSSXIVGIVSMRHMUYIWMGEHERMySIZMHIRGMELEFIVEPGER^EHSPSWMRHMGEHSVIWHIPSKVSIWTIVEHSW
TEVEWYKVEHS )\TPMUYIIRGYjPIWEPGER^zIPPSKVS]IRGYjPIWRIGIWMXEUYIWIPIHqQE]SVETS]S
0YIKSGSQTEVXEWYWVIWYPXEHSW

%
 TPMUYIPELIVVEQMIRXEHI)ZEPYEGMzRFEWEHEIR'YVVuGYPS)&'EHSWIWXYHMERXIWHIWIKYRHSS
XIVGIVKVEHS)WGVMFEWYWVIWYPXEHSWVIPEGMSREHSWGSRYMHI^]GSQTVIRWMzR

)WXYHMERXI % &

*PYMHI^TEPEFVEWTSVQMRYXS

'SQTVIRWMzR

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

&MFPMSKVEJuE
%PHVMGL7
;IMKLX. 'YVVMGYPYQFEWIHEWWIWWQIRX'&% (MVIGXMSRWERHQEXIVMEPWWHI

%GSWXE0YqZERS61WJ 0EIRWIyER^EHIPEPIGXYVE]IWGVMXYVEIRIPTVMQIVKVEHSHI4VMQEVME6IGYTIVEHS

IRNYPMSHIHI9RMZIVWMHEH4IHEKzKMGE2EGMSREPLXXT[[[YTRIHYQ\TYFPMGEGMSRIWVIZMWXEW
942IRPMRIELXQP

%GYIVHSKYFIVREXMZS2SHIPRSZMIQFVIHI+YEXIQEPE

%GYIVHSKYFIVREXMZS2SHIPQEV^SHI+YEXIQEPE

%PJE]E < <   %TVIRHIV IR PE PIRKYE QEXIVRE LXXT[[[KEPMGMEFMPMRKYIIWMQEKIWWXSVMIW
PIRKYE]STMRMSRPIRKYE%46)2()6C)2C0%C0)2+9%C1%8)62%LXQP

%PPMIRHI*]1'SRHIQEVuR 0EPIGXYVEXISVuEIZEPYEGMzR]HIWEVVSPPSXEIH 7ERXMEKSHI'LMPI

'LMPI)HMXSVMEP%RHVqW&IPPS

%VIPPERS3WYRE%WJ 0SWQEIWXVSWFMPMRKIWGSQSGVIEHSVIWHIGSRXI\XSWWSGMSIHYGEXMZSWTEVEIPHIWEVVSPPS

HIPEPIGXYVE6IGYTIVEHSIRRSZMIQFVIHI HI0IGXYVE]ZMHE LXXT[[[PIGXYVE]ZMHEJELGIYRPT
IHYEVRYQIVSWERCC%VIPPERSTHJ

%WSGMEGMzRHI%GEHIQMEWHIPE0IRKYE 3VXSKVEJuEHIPEPIRKYEIWTEySPE)WTEyE)WTEWE'EPTI

%WSGMEGMzR)WTEySPEHI4IHMEXVuEHI%XIRGMzR4VMQEVMELXXT[[[EITIHIWWSGMIHEHIWEITET

&EOIV 7 / IX EP  6IEHMRKYIRG]EWETVIHMGXSVSJVIEHMRKTVSGMIRG]MRPS[TIVJSVQMRK LMKL

TSZIVX]WGLSSPW7GLSSP4W]GLSPSK]6IZMI[

&EVVIVS . 'EWXIPPERSW % ] SXVSW   1IXSHSPSKuE GSQR TEVE I\TPSVEV ] QIHMV IP GSQTSVXEQMIRXS
PIGXSV&SKSXj')60%0'92)7'3

&EXXVS % 2IYVSIHYGEGMzR IP GIVIFVS IR PE IWGYIPE LXXT[IFGEGLIKSSKPIYWIVGSRXIRXGSQ

WIEVGL#U!GEGLI0/0T^>45;9.[MOMPETXSTSVKMQEKIWGGE)PCGIVIFVSCIRCPECIWGYIPEJMREP
HSG
GH!
LP!IW
GX!GPRO
KP!KX

&IVIMXIV' (IZIPSTQIRXMR[VMXMRK-R0;+VIKKERH)67XIMRFIVK)HW 'SKRMXMZITVSGIWWIWMR

[VMXMRKTT ,MPPWHEPI2.0E[VIRGI)VPFEYQ%WWSGMEXIW

&IVREP0(1YyS^1]SXVSW 'SRS^GEQSWPEPMXIVEXYVEMRJERXMP'SPIGGMzR4VSQSGMzRHIPEPIGXYVE

IRPEFMFPMSXIGE]IRIPEYPE&SKSXj'SPSQFME4VSGYPXYVE')60%0'

&SVVIVS0 4IHEKSKuEHIPEPIGXSIWGVMXYVEEPEPY^HIPERIYVSGMIRGME<-'SRKVIWS0EXMRSEQIVMGERS

HI0IGXYVE1EREKYE]HINYRMSHI

CCCCCCCCCC )RWIyERHSEPIIVXISVuETVjGXMGEIMRXIVZIRGMzR&SKSXj+VYTS)HMXSVMEP2SVQE

&VEZS:EPHMZMIWS0 0SWTVSGIWSWGSKRMXMZSWIRIPETVIRHM^ENIHIPEPIGXYVEMRMGMEP)R4IRWEQMIRXS

)HYGEXMZS

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

CCCCCCCCCC3VIPPERE)]SXVSW 4VIHMGXMFMPMHEHHIPVIRHMQMIRXSIRPEPIGXYVEYREMRZIWXMKEGMzRHI

WIKYMQMIRXSIRXVITVMQIV]XIVGIVEyS)R6IZMWXE0EXMRSEQIVMGEREHI4WMGSPSKuE 

CCCCCCCCCC 0EGSRGMIRGMEJSRSPzKMGEGSQSYRETSWMFPI^SREHIHIWEVVSPPSTVz\MQSTEVEIP

ETVIRHM^ENIHIPEPIGXYVEMRMGMEP)R6IZMWXE0EXMRSEQIVMGEREHI4WMGSPSKuE 

'EQEVKS18 8IWMW4VS]IGXSMRXIKVEHSHIPIGXYVEYREEPXIVREXMZEHMHjGXMGETEVEPEJSVQEGMzRHI

PIGXSVIWIRIPRMZIPTVMQEVMSHIPGSPIKMS0MGIS.EZMIV+YEXIQEPE9RMZIVWMHEH6EJEIP0ERHuZEV

'EWXSVMRE . % +SPHMR ( ]SXVSW   'SRZIVWEGMSRIWHI)QMPME*IVVIMVS 1q\MGS *SRHSHI'YPXYVE
)GSRzQMGE

'LEH[MGO]SXVSW 'SQTVIRWMzRHIPEPIGXYVE'LMPI%RHVqW&IPPS

'LEVVME 1 ) ]% +SR^jPI^   ,EGMEYRERYIZETIHEKSKuEHIPEPIGXYVE'SPIGGMzR0EIWGYIPE]

JSVQEGMzRHIPIGXSVIWEYXzRSQSW:SP &SKSXj'SPSQFME4VSGYPXYVE')60%0'

CCCCCCCCCC  )PTPEGIVHIPIIVIRYRTVSKVEQEHIPIGXYVE'SPIGGMzR0EIWGYIPE]JSVQEGMzRHI

PIGXSVIWEYXzRSQSWHEIH &SKSXj'SPSQFME4VSGYPXYVE')60%0'

'SRHIQEVuR1 6IPEGMSRIWIRXVIPEPIGXYVE]PEIWGVMXYVEIRIPHIWEVVSPPSHIPEGSQTVIRWMzRHI

PEPIGXYVE4VMQIV'SRKVIWS0EXMRSEQIVMGERSHI0IGXSIWGVMXYVE'SWXE6MGEHIPEPHINYPMSHI

CCCCCCCCCC .YKYIQSWEPIIV7ERXMEKSHI'LMPI7EPS

CCCCCCCCCC )PTSHIVHIPIIV'LMPI(MZMWMzRHI)HYGEGMzR+IRIVEP1MRMWXIVMSHI)HYGEGMzRHI

PE6ITFPMGEHI'LMPI

'SRWINS )NIGYXMZS 92)7'3  HI 1EV^S HI   4VS]IGXS HI TVSTYIWXE ] TPER HI EGGMzR HI
YR HIGIRMS HI PEW 2EGMSRIW 9RMHEW HI PE EPJEFIXM^EGMzR 6IGYTIVEHS IP  HI EKSWXS HI  HI
3VKERM^EGMzRHIPEW2EGMSRIW9RMHEWTEVEPE)HYGEGMzR PE'MIRGME]PE'YPXYVE LXXTYRIWHSGYRIWGS
SVKMQEKIWWTHJ

(EPI )   :SGEFYPEV]QIEWYVIQIRX8IGLRMUYIWERHQENSVRHMRKW)PIQIRXEV])RKPMWL 



(ERMIP.)HMXSVMEP&SPIXuR)HYGEGMzR,S]92)7'32.YPMSWITXMIQFVI

(ILEIRI7 6IEHMRKMRXLI&VEMR)WXEHSW9RMHSW4IRKYMR:MOMRK

(uE^ 1 6 ]% 'EFEPPIVS )PHIWEVVSPPSHIPEWGSQTIXIRGMEWGSQYRMGEXMZEWIRPEEPJEFIXM^EGMzR

MRMGMEP6IZMWXEHIPE9RMZIVWMHEH'EWXMPPE0E1ERGLE2S%yS<<:---)RIVS(MGMIQFVIHI
fTSGE2QIVS

(MZMWMSRSJ6IWIEVGLERH4SPMG]   7YQQEV]SJXLI97 2EXMSREP6IEHMRK4ERIP6ITSVX8IEGLMRK

'LMPHVIRXS6IEH-RXIVREXMSREP6IEHMRK%WWSGMEXMSR2I[EVO-RXIVREXMSREP6IEHMRK%WWSGMEXMSR

(M\SR/VEYWW 0 %   % QIHMEXMSR QSHIP JSV H]REQMG PMXIVEG] MRWXVYGXMSR .SYVREP SJ 6YWWMER ERH
)EWXIVR)YVSTIER4W]GLSPSK]

(YOI2/
4IEVWSR4( )JJIGXMZI4VEGXMGIWJSV(IZIPSTMRK6IEHMRK'SQTVILIRWMSR)R*EW
XVYT%)
7EQYIPW7.)HW EIHTT 2I[EVO-RXIVREXMSREP6IEHMRK%WWSGMEXMSR

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

)PHMPIQEHIPEPIRKYEQEXIVRE)R&SPIXuR)HYGEGMzR,S]2SNYPMSWITXMIQFVIHI4T

)WXIVS.3 0EPIGXYVE]IWGVMXYVEIRMHMSQEKEVuJYRE]WYIRWIyER^EIRPEIWGYIPETVMQEVMEHIPjVIE

YVFEREHIPQYRMGMTMSHI0MZMRKWXSRHITEVXEQIRXSHI-^EFEP+YEXIQEPE97%'

*IVVIMVS)]%8IFIVWSWO] 0SWWMWXIQEWHIIWGVMXYVEIRIPHIWEVVSPPSHIPRMySIH 1q\MGS(*

1q\MGS7MKPS<<-)HMXSVIW

CCCCCCCCCC +zQI^ 1 ]GSPEFSVEHSVIW   %RjPMWMWHIPEWTIVXYVFEGMSRIWIRIPTVSGIWSIWGSPEVHI

ETVIRHM^ENIHIPEPIGXYVE]PEIWGVMXYVE1q\MGS(MVIGGMzR+IRIVEPHI)HYGEGMzR)WTIGMEPJEWGuGYPSW 

*MIP % +   0E IRWIyER^E ] IP ETVIRHM^ENI IR GSRXI\XSW HI MRXIVEGGMzR FMPMRKI ] QYPXMGYPXYVEP
6IGYTIVEHSIRRSZMIQFVIHIHI6IZMWXE)PIGXVzRMGEHI-RZIWXMKEGMzR)HYGEXMZELXXTVIHMIYEFGQ\
ZSPRSGSRXIRMHSIPLXQP

*SRWIGE 0   0MRIEQMIRXSWTEVETSPuXMGEWFMPMRKIW]QYPXMPMRKIWREGMSREPIWIRGSRXI\XSWIHYGEXMZSW

PMRKuWXMGSWQE]SVMXEVMSWIR'SPSQFME&SKSXj'SPSQFME'IRXVSHI-RZIWXMKEGMzR]*SVQEGMzRIR)HYGEGMzR
9RMZIVWMHEHHIPSW%RHIW

+VEZIW(, (MHjGXMGEHIPEIWGVMXYVE)WTEyE)HMGMSRIW1SVEXE

,ERWIR 1    )P IRVMUYIGMQMIRXS PMRKuWXMGS TYIRXI IRXVI IP PIRKYENI LEFPEHS ] PE IWGVMXYVE HI
XI\XSW)R*+6YMTIVI^)R0IIVIRPEIWGYIPE2YIZEWXIRHIRGMEWIRPEIRWIyER^EHIPEPIGXYVE4jKW
 1EHVMH)WTEyE)HMGMSRIW4MVjQMHI

,E]IW(4
%LVIRW1+ :SGEFYPEV]7MQTPMGEXMSRJSV'LMPHVIR%'EWISJ1SXLIVIWI .SYVREP
SJ'LMPH0ERKYEKI

,IVRjRHI^% )PTETIPHIPZSGEFYPEVMSIRPEIRWIyER^EHIPEGSQTVIRWMzRPIGXSVE]GSQTSWMGMzR

IWGVMXE)R%YPE7EPEQERGE)WTEyE 4jKW

CCCCCCCCCC   >SRE WMGSTIHEKzKMGE 6IGYTIVEHS IR IRIVS HI  LXXT^SRETWMGSTIHEKKMGE
FPSKWTSXGSQGSRGITXYEPM^EGMRHIPEIWGVMXYVE]PELXQP

,IVRjRHI^ '  -RYIRGMEHIPSWQqXSHSWHIIRWIyER^EIRIPHIWEVVSPPSHITVSGIWSWPIGXSVIW9 H

7IVZMGMSHITYFPMGEGMSRIW )H 6IGYTIVEHSIPHIEKSWXSHI HIJXTXIWMWFFXOYPPIWGGWW]LYQ
GWTHJ

,SRMK& 8IEGLMRKSYVGLMPHVIRXSVIEP8LIGSQTSRIRXWSJERIJJIGXMZIGSQTVIRWMZIVIEHMRKTVSKVEQ

RH)H8LSYWERH3EOW'%'SV[MR4VIWW

-XYVVMS^ 4 WJ  0EPIGXYVEIRGSRXI\XSWHIHMZIVWMHEHPMRKuWXMGE]GYPXYVEP6IGYTIVEHSIRRSZMIQFVIHI

HI')60%0'LXXT[[[GIVPEPGSVKVIHTPERIWWIGGMSRIWFMFPMSXIGEPIGXYVECHMZIVWMHEHTHJ

.MQqRI^ '  0EPIGXYVE]IWGVMXYVEMRJERXMP 6IZMWXEHMKMXEP-RRSZEGMzR]I\TIVMIRGMEWIHYGEXMZEW2

3GXYFVI

.MQqRI^ . )  ] 3VXM^ +SR^jPI^ 1 6   'SRGMIRGME JSRSPzKMGE ] ETVIRHM^ENI HI PE PIGXYVE XISVuE
IZEPYEGMzRIMRXIVZIRGMzR1EHVMH7uRXIWMW(0

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

CCCCCCCCCCI- 3WLERER  :EVMEFPIWHIPTVSGIWSHIIRWIyER^EETVIRHM^ENIHIPPIRKYENIIWGVMXSIR

PSWTVMQIVSWRMZIPIWHIPE)+&6IGYTIVEHSIPHIEKSWXSHI

CCCCCCCCCC )RWIyER^EHIPEPIGXYVEHIPEXISVuE]PEMRZIWXMKEGMzREPETVjGXMGEIHYGEXMZE6IZMWXE

-FIVSEQIVMGEREHI)HYGEGMzR 

CCCCCCCCCC :EVMEFPIWHIPTVSGIWSHIIRWIyER^EETVIRHM^ENIHIPPIRKYENIIWGVMXSIRPSWTVMQIVSW

RMZIPIWHIPE)+&'SQYRMGEGMzR0IRKYENI])HYGEGMzR

CCCCCCCCC37LERELER-8EFVEYI1H%VXMPIW'1YyIXSR1+Y^QjR6IXEP )ZSPYGMzRHI

PEIWGVMXYVEHITEPEFVEWHISVXSKVEJuEEVFMXVEVMEIRPIRKYEIWTEySPE4WMGSXLIQE 

.YIP '  0IEVRMRKXS6IEHERH;VMXI%0SRKMXYHMREP7XYH]SJ'LMPHVIR*VSQ*MVWX8LVSYKL

*SYVXL+VEHIW.SYVREPSV)HYGEXMSREP4W]GLSPSK] 

.YWXMGI01
/EHIVEZIO.2 )QFIHHIH)\TPMGMX)QIVKIRX0MXIVEG]-RXIVZIRXMSR-&EGOKVSYRH
ERH(IWGVMTXMSRSJ%TTVSEGL0ERKYEKI7TIIGLERH,IEVMRK7IVZMGIWMR7GLSSPW

/VEWLIR7 7IGSRHPERKYEKIEHUYMWMXMSRERHWIGSRHPERKYEKIPIEVRMRK3\JSVH4IVKEQSR

CCCCCCCCCC
8IVVIPP8 8LI2EXYVEP%TTVSEGL2I[=SVO4IVKEQSR

0E&IVKI(
7EQYIPW7. 8S[EVHEXLISV]SJEYXSQEXMGMRJSVQEXMSRTVSGIWWMRKMRVIEHMRK'SKRMXMZI
4W]GLSPSKMWX

0IzR , ]% 1 1EQERMHIEKSWXSHI  )PTVSGIWSHIETVIRHM^ENIHIPEPIGXYVE]IWGVMXYVEIR

GSRXI\XSWFMPMRKIW6IGYTIVEHSIRRSZMIQFVIHIHI'MFIVHSGIRGMELXXT[[[GMFIVHSGIRGMEKSF
TIMRHI\TLT#MH!
E!EVXMGYPSCGSQTPIXS

0MRER8LSQTWSR7 'SQTSRIRXWSJ)EVP]+VEHI6IEHMRK6IXVMIZIH.ERYEV]JVSQ)HYGEXMSR

HEXEJSVHIGMWMSRQEOMRK)((%8%LXXTW[[[IHHEXEKPSFEPSVKZMHISMRHI\GJQ

0SKEXX'WJ 'zQSPIIRYIWXVSGIVIFVS6IGYTIVEHSIPHIIRIVSHI%WSGMEGMzR)HYGEV'MIRGMEW

]RIYVSGMIRGMEWETPMGEHEWEPHIWEVVSPPSLYQERS[[[EWSGMEGMSRIHYGEVGSQ

1EXYXI) 5YqLEGIPEPIGXYVEEPGIVIFVS]EPEGSKRMGMzR#1q\MGS'IRXVS9RMZIVWMXEVMSHI'MIRGMEW

&MSPzKMGEW]%KVSTIGYEVMEW'9'&% 

1G0EYKLPMR1
*MWLIV0 6IWIEVGLCFEWIH6IEHMRK0IWWSRWJSV/2YIZE=SVO7GLSPEWXMG

1MRMWXIVMS HI )HYGEGMzR HI +YEXIQEPE   %KIRHE TIHEKzKMGE FMPMRKI MRXIVGYPXYVEP +YEXIQEPE
1MRMWXIVMSHI)HYGEGMzRHIPE6ITFPMGEHI+YEXIQEPE

CCCCCCCCCC   4VS]IGXS HI IHYGEGMzR QE]E FMPMRKI MRXIVGYPXYVEP 5YIX^EPXIRERKS +YEXIQEPE
1MRMWXIVMSHI)HYGEGMzRHIPE6ITFPMGEHI+YEXIQEPE

1SSVI4]0]SR% 2I[)WWIRXMEPWJSV8IEGLMRK6IEHMRKMR4VI/2YIZE=SVOWGLSPEWXMG

1SVIRS%8SVVI('YVXS2S
HIPE8SVVI6 -RZIRXEVMSHIJVIGYIRGMEWJSRqQMGEW]WMPjFMGEWHIP
GEWXIPPERSIWTSRXjRIS]IWGVMXS -:.SVREHEWIR8IGRSPSKuEHIP,EFPE 1EHVMH 9RMZIVWMHEH%YXzRSQEHI
1EHVMH

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN
 %TVIRHM^ENIHIPEPIGXSIWGVMXYVE

2EXMSREP 6IEHMRK 4ERIP   6IGYTIVEHS IP  HI EKSWXS HI  HI 2EXMSREP -RWXMXYXI SJ 'LMPH
,IEPXL
,YQER(IZIPSTQIRXLXXT[[[RMGLHRMLKSZVIWIEVGLWYTTSVXIH4EKIWRVTEWT\

3PPMPE0P )RWIyEVEPIIVIRTVIIWGSPEV%VKIRXMRE2EVGIE

4EVM% )RWIyER^EHIPEPIGXYVE]IWGVMXYVEIR5YIGLYE0 IRPEYRMHEHGIRXVEPHIPRGPISHIP6SHIS

6IGYTIVEHSIRRSZMIQFVIHIHI9RMZIVWMHEH1E]SVHI7ER7MQzRLXXTFZMVXYEPTVSIMFERHIWSVK
FZMVXYEPHSGWXIWMWTVSIMF8IWMWC%HERC4EVMTHJ

4qVI^. )PETVIRHM^ENIHIPEPIGXYVEGSQTVIRWMZE]GVuXMGE,EGMEYRQEVGSHIPEGSQTVIRWMzRHIUYq

IWPIGXYVE)WTEyEHSGIRXIW

4VSGIWSWMRMGMEPIWHIPEPIGXSIWGVMXYVEHIEKSWXSHI 6IGYTIVEHSIRRSZMIQFVIHIHI

%RHVIGLMPILXXTERHVIGLMPI[SVHTVIWWGSQTVSGIWSWMRMGMEPIWHIPEPIGXSIWGVMXYVE

4YIRXI % ]18 *IVVERHS0YGEW'IVIFVS]PIGXYVE 'SRKVIWS1YRHMEPHI0IGXSIWGVMXYVE:EPIRGME

HMGMIQFVI

CCCCCCCCCC)ZEPYEGMzRHIPEQIXEGSKRMGMzR]GSQTVIRWMzRPIGXSVE *YRHEGMzRHIRIYVSTWMGSPSKuEGPuRMGE
(MWTSRMFPIIR[[[JRGSVKEVTHJWTYIRXICTHJ

4YVGIPP+EXIW :   7XSVMIW GSYTSRW ERH XLI 8: +YMHI 6IPEXMSRWLMT FIX[IIR LSQI PMXIVEG]
I\TIVMIRGIWERHIQIVKIRXPMXIVEG]ORS[PIHKI6IEHMRK6IWIEVGL5YEVXIVP] 

6EQSW.0WJ 'SRSGMQMIRXSJSRSPzKMGS]HIWEVVSPPSPIGXSIWGVMXSVIRPEIHYGEGMzRMRJERXMP6IGYTIVEHSIP

HINYPMSHIHILXXT[[[YRIHIWIHYGEGMSR<<THJWTHJ

6IGEWIRW1 %GXMZMHEHIWTEVEQINSVEVGSQSPIGXSVIW&EVGIPSRE)WTEyE)HMGMSRIW'IEG

6I]IW= HIEKSWXSHI  0IIVHIWHIFIFqWYRTVS]IGXSEJIGXMZSTSqXMGS]TSPuXMGS 1MRMWXIVMSHI

)HYGEGMzRHI%VKIRXMRE6IGYTIVEHSIRRSZMIQFVIHIHILXXTTSVXEPIHYGEVRSXMGMEWIRXVIZMWXEW
TSWXTLT

6MGLEVHW1 %XPEWPMRKuWXMGSHI+YEXIQEPE+YEXIQEPE97%-(

6MZEPPERH. 0MROMRKPMXIVEG]PIEVRMRKEGVSWWHMJIVIRXGSRXI\XW)R'&EVVEXL4YKL]1EV]6SLPIHW 

0MXIVEG]PIEVRMRKMRXLIIEVP]]IEVW4LMPEHIPTLME3TIR9RMZIVWMX]4VIWW

6SRGEP*]71SRXITIUYI %TVIRHIVEPIIVHIJSVQEGSQTVIRWMZE]GVuXMGEIWXVEXIKMEW]LIVVEQMIRXEW

+YEXIQEPE+YEXIQEPE)HMXSVMEP7EUMP8^MN

6YFMS * ] SXVSW EKSWXS   0SW JYRHEQIRXSW HI PE PIGXYVE ] IWGVMXYVE 5Yq LEFMPMHEHIW XMIRIR PSW
RMySWEW EPMRKVIWEVETVMQIVSTVMQEVME#97%-(+YEXIQEPE6IJSVQE)HYGEXMZEIRIPEYPE97%-(

CCCCCCCCCC]06SWEPIW %TVIRHM^ENIHIPEPIGXSIWGVMXYVE6IWQIRIWHITSPuXMGEW)HYGEXMZEW2S

97%-(6IJSVQE)HYGEXMZEIRIP%YPE

CCCCCCCCCC   )HYGEGMzRFMPMRKIIR+YEXIQEPEWMXYEGMzR]HIWEJuSW +YEXIQEPE &ERGS1YRHMEP

463)-&%RHIW

6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN 
%TVIRHM^ENIHIPEPIGXSIWGVMXYVE

6YM^HI7SQSGYVGMS' 2IYVSGMIRGMEIRIPEYPE0SWEZERGIWHIPERIYVSGMIRGMEUYIETSVXEREPE

TIHEKSKuEIRIPEYPE6IGYTIVEHSIRIRIVSHILXXTETVIRHM^ENIRIYVSGMIRGME]HMZIVWMHEHFPSKWTSX
GSQGSQSJYRGMSRERYIWXVSGIVIFVSHYVERXILXQP

7EMRX0EYVIRX0+MEWWSR8'SYXYVI' 4EVIRXWGLMPHVIRVIEHMRKEGXMZMXMIW!IQIVKIRXPMXIVEG]

8IEGLMRK)\GITXMSREP'LMPHVIR 

7jRGLI^% 'zQSWILEGIYRHMGGMSREVMSIRIPWMKPS<<-+VER(MGGMSREVMSHI9WSHIP)WTEySP%GXYEP

7+)01EHVMH

7EWXVuEW1]SXVSW +YuETEVETVSQSXSVIWHIPIGXYVE1q\MGS-RWXMXYXS2EGMSREPHI&IPPEW%VXIW

7IGVIXEVuEHI)HYGEGMzR4FPMGE 1ERYEPTEVEJEZSVIGIVIPHIWEVVSPPSHIGSQTIXIRGMEWHIPIGXYVE]

IWGVMXYVE 6IGYTIVEHSIPHISGXYFVIHI HILXXTTIQPITIQPITHJI\XVEIHEH
GMGPSTHJ

7IVVERS * ] SXVSW )ZSPYGMzR HI PE VIPEGMzR IRXVI GSRGMIRGME JSRSPzKMGE ] PIRKYENI IWGVMXS IR RMySW
IWTEySPIWHITVMQIVGYVWSHI)HYGEGMzR4VMQEVME7MQTSWMS4VSGIWSWJSRSPzKMGSW]PIGXYVEYRIRJSUYI
XVERWPMRKuWXMGS9RMZIVWMHEHHI+VEREHE

7-2'   (IWGYFVIR PSW GEQFMSW GIVIFVEPIW TVSZSGEHSW TSV PE EPJEFIXM^EGMzR 6IGYTIVEHS
IR RSZMIQFVI HI  HI LXXT[[[EKIRGMEWMRGIW2SXMGMEW(IWGYFVIRPSWGEQFMSWGIVIFVEPIW
TVSZSGEHSWTSVPEEPJEFIXM^EGMSR

7QMXL *   'SQTVIRWMzRHIPEPIGXYVE%RjPMWMWTWMGSPMRKuWXMGSHIPEPIGXYVE]WYETVIRHM^ENI 1q\MGS

)HMXSVMEP8VMPPEW

7SYWE( ,S[XLIFVEMRPIEVRWEIH )WXEHSW9RMHSW'SV[MR4VIWW

7XERSZMGL/ ) ERH 7MIKIP07   %WWIWWMRK TLSRSPSKMGEP E[EVIRIWW MR OMRHIVKEVXIR -WWYIW SJ XEWO
GSQTEVEFMPMX].)\T'LMPH4W]GLSP

97%-(+YEXIQEPE.YPMSHI 6IWYPXEHSWHIETPMGEGMzRHIPETVYIFEHIPIGXYVE]IWGVMXYVEIRIWGYIPEW

HI.S]EFEN]7ER4IHVS.SGSTMPEW5YMGLq4VIWIRXEGMzR

:EYKLR 7
8   6IWIEVGL &EWIH 1IXLSHW SJ 6IEHMRK -RWXVYGGMSR +VEHIW / )WXEHSW 9RMHSW
%WWSGMEXMSRJSV7YTIVZMWMSRERH'YVVMGYPYQ(IZIPSTQIRX

:IKE0]SXVSW %PJEFIXM^EGMzR6IXSW]TIVWTIGXMZEW1q\MGS92%1

;MQQIV,]1E]VMRKIV, -WXLI6IEHMRKVEXITVSFPIQSJ+IVQERH]WPI\MGGLMPHVIRGEYWIHF]

WPS[ZMWYEPTVSGIWWIW#-R1;SPJ)H (]WPI\MEYIRG]ERHXLIFVEMR8MQSRMYQ1(=SVO4VIWW

=IPE7 ,IVVEQMIRXEWHIIZEPYEGMzRIRIPEYPEIH +YEXIQEPE97%-(1MRMWXIVMSHI)HYGEGMzR

=STT ,
7XETPIXSR 0   'SRGMIRGMEJSRqQMGEIRIWTEySP4LSRIQMG%[EVIRIWWMR7TERMWL 8LI
6IEHMRK8IEGLIV 

>MIKPIV . ' 4IVV] ' 1E;]EXX% 0EHRIV (V

7GLYPXIC/}VRI +   (IZIPSTQIRXEPH]WPI\MEMR
HMJJIVIRXPERKYEKIW0ERKYEKIWTIGMGSVYRMZIVWEP#.SYVREPSJ)\TIVMQIRXEPGLMPH4W]GLSPSK]

>[MIVW .   &YMPHMRKEGEHIQMGPIRKYENI)WWIRXMEPTVEGXMGIWJSVGSRXIRXGPEWWVSSQW 9RMXIH7XEXIWSJ

%QIVMGE.SWWI]&EWW

 6IXEQE\MOVMYWMOM\MO\YUYNIVMYX^MFE\MO[YN