-
Please carefully review your Digital Proof download for
formatting, grammar, and design issues that may need to be
corrected.
We recommend that you review your book three times, with each
time focusing on a different aspect.
Once you are satisfied with your review, you can approve your
proof and move forward to the next step in the publishing
process.
To print this proof we recommend that you scale the PDF to fit
the size of your printer paper.
Check the format, including headers, footers, page numbers,
spacing, table of contents, and index.
Review any images or graphics and captions if applicable.
Read the book for grammatical errors and typos.
123
Digital Proofer
Seven KillersAuthored by Hot Rod
5.5" x 8.5" (13.97 x 21.59 cm)Black & White on White
paper204 pages
ISBN-13: 9781512308860ISBN-10: 1512308862
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
WMX*M>
XNQYHQTOEMGRHCOWH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
TNKH YM[HDOQOY)KH EUFR)ORMF EUF EMGRH" R)O QYH" RFM XWH
R)ORFMXNQYHCQOXWH" QFM;" XNQYHQTO EUFR)ORFMXNQYHQTO EMGRHCOWH
=MFM5KHR)OGOTPHC[ZO>??XTHT5PH VTPH5FCQO XNYRHCOWH__VTPHL\KHJ
TFMCWUOHQN LTGHTOL[GHZO[IQPHVTPHWFMNWOGOTPHC[ZOLEKHL\RHQPH
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKHV[FMKHV[FMKHV[FMKH
GOTPHCWUOHYMF;CY)7S*MLEKHGOTPHCWUOHYMF;CY)7S*MLEKHGOTPHCWUOHYMF;CY)7S*MLEKHGOTPHCWUOHYMF;CY)7S*MLEKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKV[FMKV[FMKV[FMKHGOTPHCWUOHYMHGOTPHCWUOHYMHGOTPHCWUOHYMHGOTPHCWUOHYMF;CY)7S*MLEKHF;CY)7S*MLEKHF;CY)7S*MLEKHF;CY)7S*MLEKHXWHYRH\WH"XWHEMGRHCEUOKH"XNQYHQTOEMGRHCOWHXWHYRH\WH"XWHEMGRHCEUOKH"XNQYHQTOEMGRHCOWHXWHYRH\WH"XWHEMGRHCEUOKH"XNQYHQTOEMGRHCOWHXWHYRH\WH"XWHEMGRHCEUOKH"XNQYHQTOEMGRHCOWH
YMEU'>XWHYRH\WHQPHRO[),C[Y)KH5FCG>ZFMXWHWFMIECTOWH/W'YRHEML\KHJVM[HZOQPHVCQVEUOSMFCQOQN>DH\WHXWHL\RHQPHVDHC/WOKHJTUOQN;DH\WHXWHWFMIECTOWHL\KHJVM[HZO[IQGPHTPHQNT3TQFCEUDH\WHXWHWFM
IECTOWHL\KHJ VM[HZOCQOHXPHYMEU'>PO\WHXWHQPHWO
C[IKHTMGH;CLEOWHYRHEMWFM WFMKHZOXUWH5FQPH QN;XWHY)KHT5
TMGH;CLEOWH[TO YMEU'QPH CLEOWHCQ)7WO CVRWHYKHTOXUWH5FQPHYMEU'QPH
GYH[GHM*SMFCQO ROCQOWHSMFKH/W'Z,Y)KHZMFKHCG>QN;C57Y)KHXPH
ROCQOWHROVC\UOHTWOTUORO[),/W'5KHJVL[PHJ5FCG>QMF;OY)KHYMEU'QPHROCQOWHROTUOWFMXPHTRO"VWHWFMXPH
TCQOWHCEU QN;XWHZ,T5 TMGH;CLEOWHWFMQO Y\,JL[' Y\,J
ICG>VCK)7YCZOKHCZOKHZL[' ROEUKJHR\)H ROCWOKHCQOWH\)HTUOWFM ZF[KH
TZF" X5PJH[KHT/WPHJ"ROGHRFYHWNZ,[KHZPHJ[*MTYMEU'QPH QYF/W'QN
YRHCOWH L\RH> VZNQL\KHJ VSF[HEYHL['
XM[H/W*E*TPHWFMRMFFTHCXJ5FQPH QN;Y)WHWFGHQO T5GHE,J[IX3KH QN;WFM
QYHEUKHCQO QMFKHCXOWQOTUO
ZWHTGPH5FCXQPHQPHJYFMKHCVOKHYMEU'WOVQWH5KHXUWH[KH5FCGCQ>CGTKHQPHVCGOWHCIOW4GHQFM;1'YPHCG>VCT5OKHQTHRL[-XOCXL['ZMFR1HT5O[KH
E)OQ*YCL\OKHCL\OKH5KHJ LTKHYRHCWOKH CL[XOQ*WMF /WOXMFWHQPH
GYH[GHM*ROCQOWHSMFKH 5FCQOXTHQPH XNQ)OXNXO TUOCQO XTHT/W' YRHEM
L\RH> QFM;OY)KHLTKHR'XOQNT5O V5FGHWFM TCX3OJCEU V5FGHWFM
TZFGHMFKHCQO LTKHW
XTHCDSMFKHTUOWFMYMFWHEFMWHTFWO\FM\,L\RHQ)OL['CGOWHXTHQ)OXTHXOTUOVX,X,VL[F-L[F-L\RHWMGH/WCXQPHLTKHC[T5
XNQPH [FGH[FGH[I[I5KJH V[H5PHQ)HQN YRHCOWHL\RH> EIY)KH
I5PHYRHXWHZMFZOQL\KHJ QFMKHCXOWQOYRHCOWH L\RHQPHWFM VX)H5KHJ
QFMFKHC[QPH QNQPHGYH[GH*M ROCQOWHSMFKHC57Y)KH LTKHWFM QPHVYMFKH
[RHZOE,JL['
CLEX5THWU,WU,L\KHJROCQOWHSFMKHVY)KHKHXOCXQPHGYH[GH*MROCQOWHSMFKH>VY)KH[FMKHQPH[UO[GHEYHT3X+[H5OSNP*CGCXQPHQMF;OY)KHYMEU'WOTYMGHTX+[HLKFTHQWHR)O
ZMFKHCGCQO YMEU'WFM LTKHXMFWHQPH5KJH KHXOCQOQNQPH
YRHWFMHX*MCYOKJHYKHQ)O> ZMF;CGOWH QWHL[KH5PH/W' YRHEUWHWFM
EUXFMWHL[' YMEU'Z*QMF;
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
CX3OWHX5THQ)OCXQPHVG'QMF; COWHCQOVEIQNQPHYMEU'WFM +YHSWHLEKH
T5F[IYMEU'>IECTOWHWFMX5GHWODH\WHXWHWFMK*M;/WPHJXFMWH>IECTOWH
VM[HZOQPHJCVOWHT5 DH\WHXWHWFM LTKHXFMWHQPH5KHJ ZFMXN> TUWH5O
CQ)SMYHL\.COHQ)OL['CGOWH??TKH[,__=M$X*M$CZ)C)YHXFMWH>YMEU'QPHLKFTHQWHR)O[KHZMFKHCG>QN;EtOWFMHTX+[H5OQXFMQN;[IR[HXPHT\)KHJ[ICEUKHXOQNQPHEI/WOT5IWFMS),ZMYHWOC57THXMFWH>QN;DH\WHXWHWFMQN;=OQNEMYHL\YHXFMWHLEKHL\RHCXQPHCQ)R)GHCGCQOXWHCEUOKH5RHCEUOKHRO[),C[L[-YHWUXO>VYFVWUSMFCQOXWHQN/W)H5KJHXWHQGHCXYMF;L\RHCXQPHL\.S)YHCGCQO
QN;TUWH5OC[Y)KH CE4CRTUO WUXO> GOWUKHT+WFM
V*YKHYKH/WFYHWOCYOKHJE*KHQNWCTXMFWHQPH??CYOHL['XO__YMEU'W
LKFTHQWHR)OZMFKHCGS,QN;EtOWFMH TX+[H5OQXFMQN;[IR[HXPH
T\)KHJ[ICEUEMZWHZFQNRWOYRHX*MT3TSMFCQ[IIWFMKHZOQNW V*WFM
YKHYKH/WFYHWO IL\KHJ YRHEUWH EMYHEUXFMWHL[GHQPHQPHYRH/WFTHY)KHCYOJ
DH\WHXWHL[YHQ)OWO RO[),C[ DMYHWG, WUQ)OCXQPH
QNWZ[HCTXFMWHQPH??CYOHL['XO__YMEU'QPHYRHEUWHT3CROKHK,J/WPHJWOCEIKHYRHEUWHSYHXFMWH>??Q)OCYOJ__QN;RWOYRHE)GH>
VS*MY)KH KHXOQNQPH QWHL[KHYRHEUWH EUXFMWH>
QN;CQ)C/WOTUOWFMQN;=OQN ZMF[FYHWO CGOWHQFM;SMYHQ)OL['CGOWH
EIWFMWFMKHWO ??CWU CLEX5TH=GH" WFMH=GHVCGVZO" IWFM
WFMKHY)H[*MYFM;WFM /WPHJLEKHVOL\KHJ QNQPHQOTP QFMKHQTO T=MYH[,
QN;CGO5KHJQN CVOKHLTKHCWUOH/WOCGQPHJ GOTPHCWUOHQFMKHQTOYRHCOWH
L\RHC/WOKH QFQOC[QPH QFM;CQO XNYRHCOWHQPH VDHC/WOKHJYMEU'>
IECTOWHL\KHJ \M*ZOCQO DH\WHXWHWFM /WPHJXFMWHL['CGOWH
QN;XWHQNEMYHL\YHQGPHEMYHL\YHL['CGOWHQNW[KHVFMVCQC[WOCWUYMGHWU'5KHJYMGHKHYMF;
5RHCOWHTNWOTPHQN;WFMT3VCTRFMWHYMEU'Z*QFM;YGHYGHTYHTYHCX3OWHQ)OWOIECTOWHWFMX5[H/WPJHXFMWH/WL[GHQPHYMEU'>
DH\WHXWHWFM LTKHXFMWHL['QPH5KJH YMGHP'CGOKHQPH YRHCOWHWFM
YRHCOWH/WPHJXMFWHWOL[F-KHYNC)YHXMFWH>??QN[,__YMGHWU'W
XWH5RH\WHWFM SM[HWO EIWFMKHXUWH VFMVCQ
C[XFMWHL['CGOWH??DOTUOVXMF5F[IQX,__=MCTXMFWH>YMEU'QPHY*M2F5DOCLKFTHQWHR)O[KHZMFKHCG>QN;EtOWFMHTX+[H5OQXFMQN;[IR[HXPHT\)KHJ[ICEUYMEU'TX+[H5OQPHJVY)WHYMGHP'CGOKHQPHXPHTX+[H5O*J[ICEUZMFR1HT5O[KHGYH[GH*MROCQOWHSMFKHVY)KHQFM;XN5RHCOWHZ[HT*COWH5FXO>QNYMF;QPHWOTFROI
\GHWGH5KHJ Q*XWHQ' WU-*YYMF; L\RHCXQPH QNYMF;5RHCOWHQPHXPH
YMGHP'CGOKHGPHYN YMEU'> DHXWHWFM X5[H/WPHJXMFWHL['CGOWH EUWHEUKH
VFMVCQC[WO LKFTHQWHR)OCROKHJSMFKHCG>YMEU'W DOT3 TCL[OCEU DOT3XPH
VTFGH;TC[CEU QNW DOT3 TCL[OQPHJVY)WH TPHQNT3TX+[H5O,CEUC6WUO[)YH"
CK)I" TFROI5KHJ Q*XWHQ'YMF;QPH QFMKHCXOWY)KH
GOTPH5FCQOZF[HYGHQFMKHQTOTUO L\RH/WCXQPH EMCYOJ QNYMF;QPH YMEU'>
[IECTOWHCVOWHT5DH\WHXWHWFMYRHEUWH/WPHJL['QPH5KHJC/WOWHNYMGHWOCQ)SMYHL\.COHCG/WQPHVDHC/WOKHJ[IGPH
YMEU'> DHXWHQPH CT5OHVR)TH5FCGQCXO QFM;YPHT=MYH
VX)GHYOC/WOWHTWH\)HCWOKHCQOXWHGWHYRHEMWFMSM[HWFMKHZOQCXOTPHQNT3TQF[ICEUVCT5OKHF[HWQF[HQZWHQF[HQPHXO>ROCQOWHSMFKHVY)KHHT'[*MTUOZ)GHXFMWH/W>T'[*MTUO>VXKHCOKHCVOWHHC6WUO[)YH"CK)I"TFROI5KHJQ*XWHQ'YMF;>CL[OKHXWHCGCQOTUWH5OTUOWFMCWOKHR)OLTKHMFKHQPHCE4CRTUO[YHGHWUKHT5OV[NIYHT5FCQOHXPHC/WOWHRFYHC/WOKHJZ)WHXOCQOCE4CRTUOYMEU'W
TPHQPHJVTFGH;T3 TC[[ICEU KHW,JQFM; YFYHSFYHCGLEKHW[KH
C/WOWHTWH\)HOCWOKHCG>
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
QFM;L\KHJPVEUFGHCOWHXOL['CWOKHWKHY)KH/WHTKHYMF;R*MP'XO>ROCQOWHSMFKH>
VL[KHT5 I[MCX)Q* YRHQ* MYHYWH C[Z)WHXO>
[MCX)Q*QPHYCRYRHCWOKHCVOH=RHXFMWHQXFMRN5WOCGQPHEUWHEUKH[KH
C6WUO[)YH" CK)I" TFROI5KHJ Q*XWHQ'YMF;>
TUWHX*MQNKHVFTHTUOWU1HCLTOKHQ)O/WQPHQFM;OY)KHYMEU'WOTYMGHTX+[HCWUOWHM[HYMEU'TX+[H5OQPHJVY)WHTPHQNT3TX+[H5O/WCEUMYHYWH
ROCQOWHSMFKH> CEIKHTFMC[T5 MGHWG, MGHWG,
/WOXFMWHL['CGOWHVC[IWHCXC[IWH L\RHQ)OCXQPH ZMFVC[IWHCXC[IWHT5
XNQGH/W'CXCOWHEMGHSKHXO/W> ZFMXNQGH/W'TUOQPH
V[HEMGRHC[EGH;LTKHJWO VC[[FMKH $XOWUKHZOL['VG'COKH CDOKHD'TUOWFM
YHSKHZO> QNYMF;> EIY)KH C6EI[YHTUO
YHSKHZOL['CGOWHC6ICWOWHTUOWFMEUFYHS),ZO/W>ZFMXNQGH/W'CXCOWHQPH
VEGHCZOKHJ CXCZOKHJY)KH YFYHSFYHR)O CGONXFMMWH/W>QNYMF;>
X+[H5OT+TUOW LKKHQOL[' I)THXFM C[IJ[IX5QPH QNYMF;> VQ)KHVL[KHT5O
EGH;POL['CXROCXOWH\)HO[KH QMF;CQOH QNYMF;> TUWHGHVFTHTUOQPH
TYPHLKFTH[, C/WOWH)*7T+WFMC\OHL[CG>ZMFR1HT5O[KH [FMEUPHYHR*MWFM
YHWO C6Q\N CSOKHZOCQO QWHXYH[FMKH XNYRHCOWHL\-GHWG, COWH5FXO>
QNQPHXPH EIY)KH C6EI[YHWFM [YHWO C6ICWOWH
YRHXWHWFMEUFYHS),ZOCXQPHQN;TUWH5OQPHSKHR)HW,JQFM;L\.C\)WOXTKHW,JQFM;FMKHGH>ZFMXN
Y*EIC[IWHT5 CX3OWHX5THKHXOQPHWFM TPHQNT3 TCY)7XFMWH/W[I C6WUO[)YH"
CK)I"TFROI5KHJ Q*XWHQ'YMF;QPH QMFKH[PO VCWUOHVCTOHTUO L\RHCQOHXPH
QN TPHW,JQMF;GYH[GH*M ROCQOWHSMFKHZ, COWH5FXOQPHWFM TQF/WC[
CEIKHTFMC[T5
EMGHEUXOLEKHC[CXOQFM;YPHT=MYHL[YKHC[IWHT5EMGHKHXOLEKHC[CXOQNTPHW,JQFM;KHXOQPHWFMTQFCQOHXPHQNTPHQNL\RHQPHWFMTNQF/WC[>CYOKH[KHXHQNC:C6Q\NC6TKHQONWUFL\RHC[TPHYRHWFMHX*M
C6TUOL\KHJ P6YHCGCVOKH SKHZOL[' XNVTUOWFM VTFGH;C[CXJ5FCQOQN
TUOTUOT5FMFKHC[NWUFWFMTLTKH\NQNTUO[KHVEUWHWFMQFMFKHC[QPHQMF;OY)KHYMEU'QPHTYMGHTX+[HZMFKHXUWHQO5FCGCQ>NWUFVO/WPHJ[KHT/WPHJC6TKHQO
NWUFQPH VLEOQNTUO GPHYN[KH YMEU'> IECTOWHWFM
X5GH/WPHJXFMWH>ZMF;CGOWHCX[NYRHEUWHWFMT+YHZMYHWO??YWH[,TKHWFM__=MCL[OXFMWH>TYMFKHEKHY)KH
NWUF>VTNVOQPHY)GH;SMYH C/WOWH)*7T+WFM L[CQOHXPHEMTNWO
NWUFQPHCVCSYPHLKFTHR)OL\KHJ QN> C6EI[YHWFM L\-YHWO VY)KHT5 [MX,
YRHSHJ5RHX*MWFMZMYHXFMWHCXQPH [MX,YRHX*M YRHX*MQPH /W'TOL['
KHXWHCYOWH[CG> NWUFQPH[MX,VOX*MVL[KH EI[YHWFM[I YMEU'> C57T5
RO[),C[YKHXFMWHL['CGOWH ??L['XO__
=MCTXMFWHCX>YMEU'WTPHQPHJRWOT3TCL[OQN;[IR[HWFM\)KHJ[KHT\)KHJ
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
VL[KH\WHT5 [MCX)Q*WEKHWZWH [FMTFMG'W[HXO>EKHWZWH [FMTFM
RN5XO>EKHWZWH[FMTFMLTGHSGHXO>NWUFQPH VOYKHWO
L[**-XFMWHL['CGOWH QN;CEIKHC[T5 C6Q\NWFM L\-YHNXFMWHQPHQ\NQPH
C6QOVYFL\KHJ L[-XM[HZOL[' VX)GHYO VPHCWOKHCQO
CWUOWHRFTHYRHSHJ5RHX*ML\KJH YGHSOSKHZOCXQPH NWUFQPH QN> Q\NWFM
YMEU' C57QMF;
EUC[L['??L['XO__=MCTXFMWHL[GHQPHYMEU'QPHX*MTX+[H5OCEUNWUF>
TUWH5O VGPHKH [UWHXOL['CGOWH QN;EIY)KH [YHZOCQO C6ICWOWHWFM
YMEU'VOC[V[HWO??L['XO__=MSMFXFMWHL[GH>YMEU'WOTX+[H5OCQCEUNWUFW??TKHDOXMFEUKHXFM;X,__=MCVOHCKIWHWOCTXFMWH>QPHCYOJT5YMEU'WSYHWG,CL[OXFMWHQPH??PO\WHXWHT__RWOW
5RHX*MYPHL\RH> QMF;OY)KH /WOQNYMFKH> KHZ,Y)KH
YMGHX+[HQ)O/WQPHPOQGHYRHCOWHVY)WHPO\WHXWHQPHVFWL\RH>XNYRHCOWH>XWHY)KHXWHTQPHVEOL\RH>
PO\WHXWHTWFM VL\YHE*XMFWH[IW IWMFKHFMKHCYOJTPH
T=MYHCEUXWHGWH[MGHTUOWFM[RHX6YHMFKHCYOJTPHX,T=MYHCEUNWUF>TUWH5OTPHCT5OKHQ)O>VL[KH\WHT5
[MCX)Q*W EKHWZWH [FMTFMWUHCXOKHXO> GORPHWFM
V[HWCXTUOL\KJHZFMS)QPJHVXOEKHWZWH[FMTFMRN5XO>NWUFQPH V*WFM
YKHYKH/WFYHWO QN;POXWHWFM XWHTCZOKHWO SGH;YGHL[' ??I__
=MCVOH=RHXFMWH>VEGHCZOKHJT5 XNQGH/W' YRHCOWHQPH EIT5 ICWOWHWFM
ZMYHNWO NWUFZ*QFM;[RHX6KHJXFMWH>C6ICWOWHZ*T5
L\OZ)WHXOCQOC6COKHVXKHYGHTUOQPHWUHGHX5CQOGYH[GH*M ROCQOWHSMFKHWFM
XKHEUKHQ)OCRL['CGOWH C6ICWOWHQPH CXZ,Y)KH
CJ,WOXNQGH/W'S'QFM;L[GHXPHCOWH5FQ)OCXQPHNWUF>PO\WHXWHTQPHDMYHWG,RO[),C[L[-YHWUQ)O>V*WFMYKHYKH/WFYHWOCQ)C/WOTUOWFM\F5F[HZOKHT5NWUFWCTXFMWH>??L['XO__YMEU'WCEIKHYRHEUWHPFYHWONWUFVOX5PHJ/WPHJXMFWHQPH??TKHDOXMFEUKHQX,__??XNYRHCOWHWFMQYHC[\MF;[I__??DHQNX,__??QN,DMKH__??QN,DMKHQN,DMKHKHCYOKHXO__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??=MYH[IYH__QPHJCGOWHY)KHCYOJYMEU'QPHRWOSWHTCL[OCYOJCEULKFTHQWHR)OZMFKHCG>C6WUO[)YH"
CK)I" TFROI5KHJQ*XWHQ'YMF;> TUWH5OTUO L\.COHWO CE4CRTUO
[FMTFMR'WUXO>QN,DMKHKHCYOKHSMFCQOVTPHQPH/WOQNTUO>5X*MCQ)WFM[UWHXMETGHL\RHC>ZMFR1HT5O[KH
[MCX)Q*R1H CL[OKHX,Q)O> XKHCQQ)OCQO TFGHTYRHCOWH
KFMPPHQ*XFM/WOQN>RFYHZ,Y)KHCXX*XOCRQPHNWUFWVQ*YMFMYFML\KJH??T'VFTHCY)WFMLKFTH[RHXFMWH__=MVTFGH;C[XFMWHQPHEUWHEUKH[KH
C6ICWOWH CXXWH CXZ,QFM; X)KHJ,XFM;Q)OQPH EGHTCSOKH/W'VY)KHT5
T'VFTH5RHSHQPHYRHTM=MYHEUKHLKFTHQ)OCX>T'VFTHTUO LKFTHQ)OCQOHXPH
CT5OKHTQ)O[I PVEUFGH COWHCGL[' L\RHQL\KJH
CT5OKHQKHJQPHT=MYH[ICXOZFMR1HT5O[KH VRFTHCOKH T'[*MTUO CXZ,T5
X)KHJ,XOQPHWFM CEUOWHEUOR\)H
LTKHXFMWHCXQPHC6TKHQONWUF>+YHT5C/WOWHXGH;Y/WOC)YHXFMWHTFQPH??QN,DMKHCOWHXOL['__CVRFTHJCQO
PCX> VCVIYHQPH ZWHLTCGCQO IYRHXWH[TO VQPH5X*MZ,QFM;RFTHJKHQ)OQPH
ROCQOWHSMFKHVY)KH5F XNVOX*M> TUWH5OTUOQPH
VRFTHCOKHT'[*MTUOCVOWHH CE4CRTUO L[GHCG/W> [MCX)Q*W EFMWFMOT,J
FPO1HTUO
CVOHPPHQ*W,JQMF;/WOQNWFMCEUOWHEUOCRQPH??=MYHYHKICOWHXOL['__L\-S)YHL['
CQ)YRHRWHT3 T5FCQO TUWH5O/W'WFM S*[KH5PH5PH V/WOT5
LTKHXFMWHCXQPHQN,DMKH KHCYOKHQPH VL\.COKH YHX*M5PH/W'WFM YHZOL['
I[KHYRH[KH[TO =FMQPHFTHZMFCG> VEGHZ,QMF; QNKHXO[*MT5O
XTHCX3OWHXOQPH5KHJTYN[,
CXZ,Y)KHCTUOX)KHJXOQPHJ[TOVQ*TZ)WH[,PKHQOR)OCX3OKHXOCXQPHT'[*MT5
COKHL[GH=[HWOQN,DMKH>TUWHX*MTUOQPHXPH
RFTH\GH;\GH;VCOKHCYOWHCG>QNWNWUFVO/WPHJWOY=O=OCVOHHXFMWHL['CGOWH??TKHCQ\FM;QOL[KH__=MCL[OXFMWHQPHNWUFWCVRWHRWHHCTOXFMWHL['CGOWH??CQT5OWTKH[,__=MSMFXFMWHQPH??KIWCQTH=MYHXO__??=MYHYHKHCYOKHTKHQPHWFMTXOE,JQKHJDNVEMCYOJTKHCQTH__??DHQNWKIJWFMQYHMFKHT5OTFM;XFM;X,TKHXO__??KITKHWFMTQYHMFKH[IDN__??KIJWFMDHQNWQYHMFKHTX,__NWUFQPHYMEU'\WHQFM;CTCKIJL[XFMWH>QPHVEUFGHVZFYMEU'QPHLKFTHQWHR)OZFMKHCGS,[KH5FCQ>
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
YRHEUWHT3TX+[H5OQN;TUWH5OVTNVOQPHXPHTYMGHTX+[HKHCYOKHWYMEU'WFMCQEUOR)ORNRFMMWH/WPHJXMFWHL['CGOWH??TKHWKIJWFMQYHMFKHYHC[IJ__YMEU'WYMFCYOKHR)OCL\XFMWH>??=MYHYH__KHCYOKHWWUHCXOKHR)OHCTOXMFWHL['CGOWH??TKHWKIJWFMDHXFMQYHT5OX,V,QPHIECTOWHG,;QYHT5OXO__YMEU'QPHRWOSWHTCL[OCYOJ[,IECTOWHWFMX5GHWOQN;DHXWHWFML[XFMWHCXQPHIECTOWHCVOWHY)KHYMEU'>DH\WHXWH5F>YMEU'>DHXWHQPHTPHQPHJVOWFMT3SM[HWFMKHTZO[IXWHCEUOKHTUOQPH
5PHXUOL[' XWHYRH\WHX*MQPH TOCWUOX5> OQ'1YMI2HWFM
TT+CQOCWUOWHRFMKHCWUOWHE,TUOW,JQFM;TOCWUO[*MQPHQPHJVL[KHZNLEOEUWHYRHEM5FCG>XWHCEUOKHTUOQPHQOTGHXNTUOW,JQFM;KICEUOKHTW[,EMGRHCEUOKHL\RHCGCXQPH??XWHEMGRHCEUOKHXNQYHQTO__YMEU'>
DHXWHWFM LTKHXFMWHQPH5KJH QN,DMKH KHCYOKHQPH
QN,YRHCWOKHWFMLTKHXMFWHQN[TOL\RHQ)OCXQPHYMEU'QPHTX+[H5OCQ[IQN;[IR[HWMFXPHT\)KHJCQ[IKHCYOKHWVONWOCL[OXFMWHQPH??TKHWFMKIGHT5ODNTKHXPHWFMHJWFRuWFMHXM[H[I__??KIWXPHWFMHJVXM[H[,WFMHXM[HCGYO[I__??TKHVXM[HWDOX,__??TKHZ)WHQ)O\FM;YOGHNZOYH__??ZOXMFWH[ICYOJTKHWQ)OCREUKHYHSMFX,KIZ)WHQ)O[IJTH__??E2CG1'QPHVYMFKHZ)WHQ)OEFMKHYOT=MYHDNTKH,7CEIKHWFMZOE,JL['T5)WHQ)O__KHCYOKH>TUWHRFQNKHVFTHTUOWU1HCLTOKHQ)OL['CGOWH??KIJCEIKHWQPHT5O5FYHTKHXMFEUKHKHXONX5PHJ__??TKH\OQOTKHL\YHL['CYOJKIJCLEKHT5OEUC[KH[FMTCWOKHDNXO__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
KHCYOKHWVNX+FWHQPHX+FWHHCTOXFMWH>HCTOQ* TS*MEKHT5O[KH
QN;WMFHW YCRQN, YRHCWOKH[TO XUKHLTGHR)O
EMGHVM[HXFMWHQPHCXZ,Y)KHQNQPHVRFTHCOKHXWHGWH[MGHYRHSHJ5RHEMWFMXPH[RHX6YHXFMWHCQQPHYMEU'QPH
PO\WHXWHZ,T5 IECTOWHWFM YRHEUWHC57THXFMWHCQOVEI
KHCYOKH>XWHGWH[MGHTUOVOX*MX)KHJR1HQ)OCXQPHZFMR1HT5O[KH
KHCYOKH> PO\WHXWHZ,QMF; CWUOWHRFTHIYRHXWH COWH5FXOWO
YMEU'VOZMF5WHXFMWHL[GHQPHKHCYOKH> IQMFKHQPH QTFMWU T=MYH[,
YTNZNLEOCG>
CZOKHJL\YHEMYHEUEUWHTUOQPHTPHQPHJCGOT5Z)WHC[XOQPHWFMQFGHE,1HX5QPHQPHYKHTWGWHCT5OKHCQOQ*T2FIWFMVCT5OKHY)KHHLTKHGHEWHX5QPHCWUOWHRFTHIC5OKHJWFMQOVRFTHCOKHYGH[TOLTKHCG>YMEU'>DH\WHXWHCLTOWHYWHXOC[L['VRFTHCOKH
IF[HTUO L\OZ)WHWO VM[HTFMQ)OCQOHXPH YMEU'> DWHXWHW
IF[HTUO>VXHT5 ZFME)KHZ)WHQ)O> XNQYHIW)WHTUO /WOT5 YMEU'>
5PHXUOCQOXWHCEUOKHEMGRHCEUOKH5FQPHJ DHXWHW CLTOWHYWHXOQPH IW)WHTUO
XUKHLTGHCQOHXPHYMEU'W[FMXFM;XUKHLTGHCGQPHYMEU'>XWHQPH[*MR*EMGRHTU-FCL[OKHX,L['CGOWHZGHWG,VQ*YRHEUWH
/WOXFMWHL['IF[HTUOC[UOWHW)HQ)OCXQPHKHCYOKH>XWHZ,T5CWUOWHRFTHIQPHYRHWHQOWUGHCYOJ>KHCYOKHQPH
YMGH;SMFKHLEKH VXU1HT5F[, YMEU'> XWHWFM EMYHL\YHXFMWHQPH QN>
I5FGHT5OXUKHLTGH[IDFCYOKHEKHJEKHWQFMKHW)WHTUOZWH[FMTFMXUKHLTGHQPHQFM;OY)KHYMEU'WQN;XWHZ,T5IWU-FWFMKHCYOKHZ*QFM;[RHX6YHXMFWHL['L\RHCG>IWU-F>VXUKHWMFRO\),7L[TMFKHYMEU'>XWHVXUKHQPHTUWHCRJL\KJHTLTKHFMKHCDT5[H/WPHJCGQNVOX*M
XPHTU-FC[IWHQ)OQ*WFM /WOXFMWHL['CGOWH
KHCYOKH>QWHT,JEtOWFMH/W'X,WUQ)OQPHWFMLTKHXFMWH>ZFM;CGOWH
T'VFTHVRFTHTUO LKFTHQ)OL[' CT5OKHVYF WUQ)OCXQPH [YHGHWUKH
YRHEMX*MX,V[HWUQ*WMF/WOTYYHYFYHSFYHQ)O>[FGH[FYHCVOKHCT5OKHCQOVCT5OKHY)KHHVQWH5.Q*WFM[KHT/WOVYGH/WOCQOVEIT5C6TKHQONWUFW??CWUVCT5OKHZMQPHL[GHXPHYFYHSFYHQ)O>VCYOHWCX
/WOCQOVEIT5 GYH[GH*M ROCQOWHSMFKHVY)KH T'VFTHYRHX*M
XKHXO>T'VFTHWFM Z)GHP5FXFMWHQNT5O YMEU'YMF;5KHJ T[YHQWHCQO
ROCQOWHQN YRHCOWH L\RHCXQPHQN,DMKH TCOWHXOT'WYPHW QNQPH
ROCQOWHSMFKH VY)KHY)KH 5FCGL['
VLEOQNTUOZ)WHCL[Q)OCQOHXPHQNWZ)WHTCL[E,J[,L\RH[UWHQT3WFMLTKHCY)7XFMWH>QNQPH
QWHXYH[FMKH V)H5FL[' VTNVOTUOW EGH;PO> ZFMXNW YMEU'WFM
L[*-XUWH/WPHJXFMWHL['CGOWHEU'WU.XFMWHQPH??XWHYRH\WHXNQYHQTOEMGRHCOWHCWUOH/WOYOG,;P'[IC[YH__YMEU'W
RO[),C[T5 YGOTUO5KHJ XWHGWHTUOWFM CWOWHNL['CGOWH VQOVO
Z)WHE)OQ)OGH=GHL[KHXFMWH> QN;VO X5THCL[OXFMWHCQO RWOWFM
T/WOXFMWHQPHJVXO
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
EKHYMGHWXFM[KH 5FTHJEUT+ VL[PHJ5FCQO XN/W'XNCWOKH
=GH[GHL\KHJCL[OXFMWH>??SOYM,7RWOWMF[1uTCLTOWHGIQEKH/W'WFML[GHCL[OL[XFMWH[IJTH__YMEU'>
CLEX5THTUO EUWHEUKH [HYGH;Q)O> QFM;YKHTW QNQPH EUOWG,
X5PHJXOCXQPHQN;TUWH5OQPHZNZNLEOLEORFYHX+[H5O[*MC[CG>??[1uTCLTOWHGIQEKH/W'=MYHXORGH;5THWGI/W'WFMCL[OYOXO__??T5GH[IYHQPHCXOWT5OQNXFMTU-FCGOWHZ[HGIYRHCWOKHT5F[IDN__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
YMEU'WRFYHVOZWHQGHR)OL\KHJ??QNDHCGOT5OX,WU-[HDHWFMXOE,JTX,__??EMGRHX[MFKHSHJKIWHCG;=GHWU-FWGYH[GH*MROCQOWHSFMKHT5O5F[IXFTHJTH__EUWHEUKH[KHYMEU'QPHRFYHVOZWHQGHR)OL\KJH??WU-[HXOE,JTH__=ML[GHCL[OXFMWHCXQPH
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKV[FMKV[FMKV[FMKHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHXWH5RHCEUOKHTFM[U*QNEFMXWH5RHCEUOKHTFM[U*QNEFMXWH5RHCEUOKHTFM[U*QNEFMXWH5RHCEUOKHTFM[U*QNEFM
WMGHR)GHCLTOKH>XWHTUOQPHRO[),C[Y)KHT=MYHCEUEKHSMFE,JCQOYMEU'5KHJVXOYN[KHWMGHR)GHCLTOKHQPHQN;XWHTUOWFMXNLTKHTE*CEUQN;XWHTUOWMFVWUVFYHZ,Y)KHVR1HVLT,5WHZO>VZNQL\KJHQN;POXWHWFMTPHQNT3TCY)7\NCEUWMGHR)GHCLTOKHQPH
M[HPHVOL\KJH ZNLEOQN T=MYHCEU VQ* /QVYHVROW ZNLEOCL[OKHCLTOWHCGM*TW
ZFMXN> VQ)KHWXPH ZNLEOCG> VX)GHYO[FGH[ICQO ZFMXN;Z*Y)KH
CQCW)CQO1'CEIKH" /W'TOCQO 5OCEIKH 5FCXQPH QN;WMFTFYHCS)TUOW
??5OCEIKH/W'Y,J =N__ =M CEL[' TGOXFMQNTUOWTN ??5OCEIKH/W'Y,J
CE)/W'__ =MCE/WCXQPH VC/WOKHT5O QN;5OCEIKHQPH CE)5OCEIKH[TO
XNQOTGHYMF; TCQO
VG*;TUOWFME*MFKHR)TH5FCQOC/WOKHJL\RHQPHEMV/WFTHY)KH QNQPH
YGOVG*;WMF ZO> XNVTUORM TLTKH\NCQO V\MFZMFWH
YGOYRHEMVYFVWUSMFCQOH[MX,YRHX*M5OCEIKH/W'QPHWMGHR)GHCLTOKH>GOGOQFM;W[HWOCXQ*YMFYMFWCXL\KJHCTXFMWH>??VCT5OKHZ,T5OXKHCGY,J[MX,TU-FWFMTKHLTKH\NQXO__WMGHR)GHCLTOKHW+YHETHTUOWFMY)GH7WOL[*-XMFWHL['CGOWHCEIKHEITHXFMWHQPH??TLTKH\NDNLTKHX,TLTKHEUKHDN__??V,QPH[MX,=O
VCT5OKHZ,T5O T5FYHYMYHT5FYHYMYH [MFRMGH/W.XFM XKHYOTU-F
T=MYHDNT'VFTHZ)GHZOQXMF[,ZFGHZFGHXKHYOW)RO\YHXFM;CYOKHYH__??KIRO\YHEUKHKHCG;\WHT5O\YHXFM;[IYHP\WHT5O\YHEUKHKHX,T'E)WHG,;\YHM*C[IJTKH,7[MX,TXFM[IDN__5OCEIKH/W'>TUWH5O+*7T,JQ)O>??V,QPH[MX,WFMTKHKICQTHSFMKHCO__??TKHQPHCXOWHXFMEUKHCGKHTKH=OTKHCVOKHNC[IJ__??KI
TNMFKHXFM; TKHWFMVWNVP' CYOKHCGYOC[IJ [MX,WFMQFTHZOY,JVEGHWDHXFMT5
KHXFM;TDN QN;WFM QFTHZOY,J T'E*CQYOWMFXPH DHXFMT5 \)KHJXFM;TDN
QPHCXOW/W'T5O
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V,QPH[MX,WFMTKHWX),XFM;DHQNT5CVOKHNMFKHT5OT=MYHDN__??CXOW/W'T5OKIWX),XMF;DHQNT5CVOKHTNMFKHDN=MYHXO__5OCEIKH/W'WWMGHR)GHCLTOKHWFMCTXMFWHQPH??TKHG,;KIG,;QFYOV5RHQ*MSHCWUOHL['T=MYHXO__??=MYHYH__??'[MX,WFMTKHKICQXFTHJTHCGOWHYRHCG;XTHTC[T5OKIJVCXOKHWFMTKHLTKHEUKHQXO__??TKHWDOL\RHXFM;CQT5OX,__??V,ISMFKHKIJWFMWNP'[IW)O[MX,WFMCVOKHEFMC[[I__WMGHR)GHCLTOKHQPH
VEUFGHVYGH/WOCVOKH LKFTHQWHQ)OL['CGOWH QN;POXWHWFM
VWUVFYHZ,T5S),ZMYHXFMWH>??KIJPOXWHWFMTKHLTKH\NQXO__WMGHR)GHCLTOKH>
POXWHWMF LTKHXFMWHCQOVEI 5OCEIKH/W'YRHCOWH =OWG,L\RHQ)OCXQPH
WMGHR)GHCLTOKHZ*Y)KH XWHPF-5KHJ XWHTQO WUGHCYOJ>
XWHEXH"XWHQN/W)H5KHJXWHQGHCXYMF;CGOY)KHK*MYFYF5KHJVM[HSMFX5CXQPH??KIJ,7XWHQGHCXDOL\RHXFM;L[YHCGQX,TKHQFQXO__5OCEIKH/W'WCEIKHWFMEITHL[XFMWH>??X)GHE,JY,JQ*M5RHWKIJTFD5RH[IC57T5OVFOIGW*WFMCROKHJZFGH[IJTHXMF;DMOWFMYFMKHYPHL['KIJXWHQGHCXWFM
L\YH[RHXFMWHYH XWHQGHL[YHWFM WFMKHTFYMFKH CGOWHWFM
TEFMCYOJ[IDNXFM;R1HROTFCVOKHC[IJ__RWORL[YHQ)OQL\KJH5OCEIKH/W'WL\PHJC[XFMWHQPH??V,QPHT5O[,TKH,7XWHQN/W)HCXWFML\YHL['QRuOSMFXFMWHYHC[IJ__??VRRH[,KIJXWHQN/W)HCXWFML\YH[RHXFMWHY,JCGOWHKIJ
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??YWHMFKH[IYHC[KISHTCL[OG,;C[EMGRHSHSMFKHX,VCT/W'[IDN__??[MX,WFMQPHVFTH/W'Z,WQ*G,;XM[HZOY,JVEGHZ,T5OZPHJZOYHV,QPHVEGHWX*MX)GHXMF;Q*T2F/W-YHXFM;CE/WYHC=OQPHVFTHT5OCROKHJCGY,JVCROKHJCY)WX),XFM;VZ,T5ODHQNT5T5FDNC[KISHLTKJHY,JG**WFMDHQNT5TYWHMFKHDNXFM;[FMKH5KHWY)WHZOYHCX__WMGHR)GHCLTOKHQPHQFEUKHRFYHWFMTZFGHZOMFKHCYOJ[,X6YHWG,CTXMFWHTFQPH??Q*T2F/W-YHXMF;CEYOV,QPHVEGHYRHEGHX*MWFMQ*L[OCY)G,;WOZOXFM;XO__??VRRH[,
YRHEGHX*MWFM WOZOYOT5O L[YKHC[IWH CQCQCX YRHC[IWH[,
5FYHCXKHC[IWHXFM; CL[OKH [FMT5GHTH V,QPH CXKHC[IWHCXW
YRHC[VWUH5FL['
WFMXWHTLTKJHYHXNYRHCOWH,7CEIKHL[.L['/WPHJM*CXOWH[,TH__??V,QPHCXOWHSMFTSMF[IDN__QFMKHCXOWT5
C[UOWHW)HQ)OQPHT5O /WOLTKJHX5L[' L\RHCQO VFMWU*-7[POWFM
WMGHR)GHCLTOKHYRHCOWHYYHCGQCXO5OCEIKH/W'WSWHCL[OXFMWHQPH??TL['CQDN
VEGHZ,WFM KHMFKHL['[,ZO T'E*CQYOWFM \)KHJ1'TH T'E*CQYOWFM
EYHZOY,JCQOJECXOWH=O QOTGHT=MYHDN VZNL[-XM[HZOY,J CQOJY*G,;T5
\)KHJXFM;TH V,QPHCQOJTU-FWTOC[T5O YRHCEUOKH[,5FYH [FMKH5KHW
CQOJY*WFM YRHCG;YRHEI CGOCL[OKHL['
5WHZOYHDHCG;DHCGOT5O5WHZOTHT5GHDHQNT5/WF-TQFMFKHDN??VZNL[-XM[HZOY,J
CQOJY*WFM Q*MYHSMFM*G,; V,QPHCQOJECXOWHWFM
\)KHJXFM;TDNXFM;TCL[OMFKHCQ[IDN__5OCEIKH/W'WWMGHR)GHCLTOKHWFMCQEUOR)O/WPHJXMFWH>??TKHWV,QPHCQOJECXOWHWFMLTKH\NYHC[IJ__??TLTKH\N[IDNCXOWT5OCQOJY*5FY,JCQOJECXOWHT5GHQT3\)KHJXFM;YH__5OCEIKH/W'WHCTOXFMWHQPHWMGHR)GHCLTOKHWCTXMFWH>??TKHWKIJWFMT*MXFM;XO__??*M[IYH*M[IYHW,KICL[OROCYOJWMGHL['Q)O/WTH__??DHWFMQ)OTXFM;X,__WMGHR)GHCLTOKH>
VQ)KHT5O EKHW5KHJTYN[, CL[OKHX,XO> CGOT5
Z)WHE)OQ)OGHY)GH;SMYHQXFML\RHCGQPH5OCEIKH/W'WQWHL[KHYRHEUWHEUXFMWHL['CGOWHE[HL\PHL\PHCL[OXFMWHQPH??KI
TKHWFM CL[OL[YO QF[HTUOQ)OL[' YWHXFM; TKH QPHVFTHZ, KHL[' Q)OEFMKH
KIJVY)WHTCWOKHL\RHTH QPHY*YMFKHWFM Y)HYWHKHG,; TKH L[-YHWUMFKHYH
VCROKHJCY)W TKHWFM\THTFQ)OMFKHYH L[YKHC[IWHZ,WCG YMFKHKHG,; TKH
CLECY)XWHCY)
P[HQ)OMFKHYHCQOJECXOWHWFM\)KHJXFM;TL\RHMFKHYHL['[,ZOL[GHZ)WH\MF;W5FCQYHYRHEMEML\RHXFMWHYOG,;TKH,7
GOTPHZFEFMWHQ)OXFTHJTH XWH5RHCEUOKH TFM[U*QNEFM,7 M2HQFWuO
ZFEFMWHQ)OKHDHCWOKHTX,__WMGHR)GHCLTOKHWCVRWHR)OHCTOXFMWH>
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??KIJRFYHWFMXOS)TCGG,;TKH,7V/W*WFMKIQFL['QO__??=MYHYHXOKIYMF;L[GH/WTH__ZMFR1HT5O[KH
CGTKHQPH VCGOWHCIOW4GHQFM; )GHRL[-L[' WMGHR)GHCLTOKHW
VCT5OKHF[HZ,QFM;CLEX5THWU,WU,L\KHJKHQ)OKHWX5THCL[OXFMWHQPH??KIJWFMQPHCGOW[,CROKHJYRHGO'VY)KHKIL[GHXOTH__RWOS*MQPH5KHJ
WMGHR)GHCLTOKHQPH G**VGOQMF;W[HL[' CLEYRHEUWHCSOKJHWO
EMGHYWHXFMWH>QFTHR)GH,[TOSHC[VLTKJHQMF;ZMFYWHQ)OL['CGOWHG**WFMXWHTUOL\KJHWMYHY)HZOXFMWHQPHZFM;CGOWH
CYOWHY,JYRHCWOKH[TO G**WFM Y)HYWHXFMWH> YRHE2EUKH[KH
C[KISH5FCQOG**WFMVQOVOCWUOHYWHWOVY)KH\WHQFM;EMGHSKHQ)OQPH5OCEIKH/W'>
+YHETHY)KH VL[*-YRHRW EMFY),XUWH5FQPH QN;VCGL\KJH
WMGHR)GHCLTOKHWFMCVOKHLTKHR)ORPHM*MFKHE,JQPHT=MYH[IXOYRHR*MYRHCOWHWFMCROKHJCGQNV\FM;VEUFGHWWMGHE,X5QPH5OCEIKH/W'YRHCOWH
RFYH[NR L[-XOCXQPH QNQPH WMGHR)GHCLTOKHVC[Y)KH
*M/WPHT+VL[PHJ5FCQOHXPHVEUFGH/WOXOQPH5KHJVT3RFYH[NXO>ZMFR1HT5O[KH
Y*YFMKHZF[HC[T5 XNF[HYRHF[HWFM L\YHWG, LTKHXMFWH> 5OCEIKH/W'
YRHCOWHTUWHX*MWFMVQO[)YHKHVCQVEUOL[GH/WPHJXMFWHCQOVEITCY)7CYOJ[IZFM;CGOWH
MYHYWH CXQ*YRHEUWH /WOXMFWHL[' QN;S'QFM; CL[XOCQO
WMGHR)GHCLTOKHWFMCY)7XFMWHQPH>VQ*E[HVM[HVM[HL\KHJ5OCEIKH/W'CTXFMWHQPH??E,J,7XO__WMGHR)GHCLTOKHW
DOT3TCL[O[, 5OCEIKH/W'WFM S),XUWH XUKHLTGHR)O CL[Z)WHXFMWH>
5OCEIKH/W'WXPHYFYHSFYHR)O[KHWMGHR)GHCLTOKHCL[QPHJVCGOWHQFM;XFMWHCL[QPHQNYMF;5RHCOWHQOVCT5OKHZ,Y)KH
CW)7WOMFWHWOVYGH/WOCVOKH CL[L['CGOWH
5OCEIKH/W'WX5THCTXFMWHQPH??TKHTE,JDNXOVCROKHJCY)XMFWHXFM;VEMXFMCL[CGYOXO__WMGHR)GHCLTOKHW
CL[CGOT5 YMGH;WG[HWO 5OCEIKH/W'WFM X5PHJ/WPHMXMFWH>
T'KHKHCYOWHCGCQOV/WPHJC/WOKHJ5OCEIKH/W'YRHCOWHYGH;WG,L\RHQ)OQPHWMGHR)GHCLTOKHQPH[IR[HWFM=XFMWH>QOTGHVEUFGHTUOY)KH[IR[HWFM=XFMWHLEKHT5ORWOCL[OGHL\RHCQOHXPHEMVEUFGHY)KHCYOJRWOYRHE)GHT3Z)WHTXO[IRWOTCL[OCQOHXPH5OCEIKH/W'WQNXFMEUKHCQOVCL\WFMXMFWH>VC/WOKHT5O
WMGHR)GHCLTOKH [IR[H=XMFWHQPH5KJH [MX,/W'YRHX*M
QN;[IR[HY)KHT5Z)WHXOCQOC/WOKHJL\RHQPH/W'XFMWHQPHJ[MX,XWHYRHIROEGH;/W'TOX5QPHVPHVCQ)WCWOKHXMFWHQPHT5OXCOKHZWH[KHXKHEUKHCG>VCT5OKHZ,Y)KHQN;XWHWFMQNLTKHCGQPH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
5OCEIKH/W'QPH [MX,/W'WFM W[UOWO X5THNWO QN;VFYHZ, ZPHJXFMWHQPH
QPHJYMFKHCVOKH[MX,>VXKHCOKHQPHVWUVFYHWFMC\OWHWOMFYRHILTKHCGCQQPHZMFR1HT5O[KHXWHEM[HXWHIY'WOEU'WU.XFMWHQ*WFM/WOXFMWH>??QPHXMFXWHCEUOKHTU-F5RHCEUOKHWTOC[T5OCGOWHZ[HT5FMFKHDNCWUOH/WOYOG,;P'[IC[YH__RWOQ*S*MQ)OL['CGOWH
XNYRHCOWHW VCT5OKHZ,T5 Z)WHC[XOQPH
QYHXYH[FMKHXN/W'XNCWOKHYRHCOWHL\RHL['L[*-L[*-6KH6KHL\KJHEKHTKH\)HCWOKH[*MQPHZFMXN;WFM
CY)7XMFWHQPH5KHJ 5OCEIKH/W'> VTNVO CL[OKHX,Q)OL['CGOWH
QN;VFYHZ,T5
[MX,WFMZMYHWOZFMXN;WFMX5THC[XFMWH>??QPHT5OEKH$UOXFMEUKHY,J[MX,WU-[HYMF;/WOT5OV+[HV5KHT5FCYOJDNCGOH__QFM;OY)KH
C/W)5KHL\RHQNQPH [MX,/W'WFM X5THTNCEU [MX,WFM X*M VCTZO
/WPHJ[KHT/WPJHCEUZFMXNQPH[MX,WFMXMFEUKH[*MTCEUT3V\MFZMFMWHYGHCQO[MX,WFMVDHC/WOKHJTXFMEUKHQGPHQPHJZWH[FM
CY)EWHCGQPHT5O [MX,WFM TXFMEUKHX3KH VDHC/WOKHJ
5OCEIKH/W'WFMVWU[HWFMKHQGPHVCY)EWHCGR1HT5O[KHZFMXNWRWOSWHCL[OXMFWHQPH??WU-[HGOTPH
N[MCW)[I [MX,WFM NEFMKHYO=O SOWMGHR)GH,7
XWHCEUOKHCXCY)DHXFMVR)TH5FQX, QFCVOKH L\RH[IYH YWHWCYOJ QPH[MX,CO"
\,C/W)
WFRCOWVCT/W'[IDN__WMGHR)GHCLTOKHQPHCVRWHTOCWUOR)OL\KHJL[GHCTXFMWHQPH??ISFMKHEKH$UOWDOXFMEUKHXFM;X,__??SOWMGHR)GHWFMXNYRHCOWHWCY)7EUKHXFM;[I__WMGHR)GHCLTOKHWEUOWG,CWUOEFMKHXFMWH>??WU-[HWCYOJDHQN;WFMT5VCY)7TE*DNRFYHT5F[IG,;__N[MCW)WC)CZ)R)OHCTOXFMWHL['CGOWHCL[OXFMWHL[GHQPH??QPHVY)WHCYOJ
RFYHT[N[IG,; [1uTCLTOWH GIQEKH/W'=O DHQN;WFMT5
VWU[HTWFMKHDNDHVOWFMT5VYKHV/W[HTXM[HEFMKH[IDN__WMGHR)GHCLTOKH>
RFYHZ,Y)KH X+[H5OQ)O> QNQPH EUWHEUKH[KH L[GHX5PHJXOL['
VCXOY/W'L[GHCTXFMWHQPH??GIQEKH/W'=MYHXORGH;5THWGI/W'WFMCL[OYOXO__??QPHWTOC[T5OQN;XFMGICGOWHZ[HYRHCWOKHT5FMFKH[IDN__WMGHR)GHCLTOKH>TUWH5OY)KHTM*MFKHLEKH"RFYHX+[H5OLEKH"YMGHX+[HLEKHYMF;ZKH=[HCGQPH??GIQEKH/W'WWU-[HWFMCY)7EUKHYHC[IJ__??=MYH[IYH__??IC[THJ
GIQEKH/W' DHT5OCGYH DHXFMQ)OXOX+[H5OYHSMFYO DHQNT5
TQFDNWU-[HWDHWFMQ)OCY)7T5OX,__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??EMGRHX[FMKHSHJKIWHCG7=GHWU-FWGYH[GH*MROCQOWHSMFKHT5OGIQEKH/W'5F[IXFTHJTH__WMGHR)GHCLTOKHQPHEUWHEUKH[KHQCDOYNXFMWHQPH??WU-[HXOE,J[IJTH__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
?? ?VXKHE), VF[H\TH" XWHEMGRHCEUOKH XNQYHQTO EMGRHCOWH_
QPHXWH[FMKH5KH=OXNDH5RHCOWHWFM QYHE,J\NQX,SMFYO TKHQFQXO XNQYHKH
DHCXOWH LTGHQX,SMFYOTKHQFQXO__??
?XWH5RHCEUOKHTFM[U*QNEFMXNTQFGYHQF"QNTEFMMFKHYOT5F_QPHXWH[FMKH5KH=OV\FMYGH[RPHVTUO/W'WFM
EFME,J\NYH QN;YRHQWHYOT5O C\OWHE,J\NY,J D2HYMFWHCY)"
GGHCYOHCY)"DHCXOWHTUOYHSMFYOTKHQF,7XOQPHXWH5RHCEUOKH=OCXOWT5ODHCXOWHEWHE,Y,JCQOJCY)"T'E*CQYOCY)WFMC\OWHE,J\NYHSFMYOTKHQFQXO__??
?YGHEUFGHYRHCZOKHCWUOWHXWHI_C/WVEUFGHYRHCZOKHCXY,JCEIKHCXOKHWFMK5WHCT6CXXMFTL['CGOC67[RHE,JYHQPHXWH[MFKH5KHWDHCXOWHVZFQGHTOYHSMFYOTKHQF,7XO__
ROTUWH5OY)KH+
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKV[FMKV[FMKV[FMKHHHHGOTPHCWUOHYMF;CY)7S*MLEKHGOTPHCWUOHYMF;CY)7S*MLEKHGOTPHCWUOHYMF;CY)7S*MLEKHGOTPHCWUOHYMF;CY)7S*MLEKHYGHEUFGHYGHEUFGHYGHEUFGHYGHEUFGHYRHCZOKHCWUOWHD'XNYRHCZOKHCWUOWHD'XNYRHCZOKHCWUOWHD'XNYRHCZOKHCWUOWHD'XN
??CLT[,CX5OH))CX"XWHYRHSM[HROC/WL[O5RHL[O__5'WU-*QPH C/WL[O
VL[OQ*MSH [RHC[XFMWH> ZFM7CGOWH QN;XWHI/W'WFM
L\GH;WOCLT[,TUOWFMSM[HNXFMWHQPHQOTGHXNYRHCOWH XWHYRHSM[HY)KH
CLT[,S* Q*MSHEGH; [IQPHSMF[IW
5'WU-*>XWHYRHSM[HY)KHCLT[,S*EMGRHSHCWUOH[ICVOKHSM[HMFKHQPH5'WU-*>XWHQPHQOTGHXNZWHQ*MSEGH;/W'TOCXQPHC/WL[O
5RHL[OWFM XWHYRHSM[HRO L\RHQL\KHJ C/WL[O VL[OQ*MSHQPH
XWHSHJKISM[HROMFKHC[QPH5'WU-*>XWHIYRHSJHCXSM[HROVL['Y)KHCLT[,$GHYRH$GHXM*MWMGHXMTYYHL\RHQ)OCXQPHCLT[,COKHCQOWCXTCXQPHDOXM[HT5GHTQFCYOJ[,EU-*[),EUKFMEUXMFWHCYOJ>5'WU-*W
Y=O=O HWO QN;XWHZ,T5 CLT[,TUOVOX*MWFM
L[GHX6YHEUC[XFMWHL['X5PHJZ)WHQ)OQPH5'WU-*QPH VX)GHYO
/W'TOQGHR)THCQO XN;D'XN/W'YRHCOWH L\RHQPH QNQPHXNSMFYRHCOWH
T=MYHCQOHXPH XNVTUOWFM VWU'ROQGHQN L\RHQPH VLEOQNTUO
LKFTHLKFTHTCGCVOKHWU'ROCXJ5FQPHCLT[,COKHQNWFM WU'ROL['CGOWH
5'WU-*QPH TPHQN;WFM SWHWU'ROT5GH
TQFL\RHQ)OQPHCGOWHS*MY)KHQNQPHYRHLTF-7X*MWFMWU'ROGHS*ML\YHXFMWH>CGOWHYRHCG;
G*GWHY)KH LTF-7QNLTF-7QO VC[IKHYMF;QPH VX)GHYO ZNLEOCQO
VL\RHWFMCY)7XMFWHQPHLTF-7> VC57\WHT5 CYOKHC[5F
DMGH/W'CWUOKHKHZ,T5 C/WCEIKHCXOKH/W'QPH
LTF-7XHCEIKHCRUVKHY)KHVLTF-KHJQOCOWH5FCGCXQPH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
C/W VEUFGHYRHCZOKH VCXEUFGHR'QPH=M CERT5YH L[-/WCQO
ZMFCEIKHCXOKH/W'WFMXNYRHSHJ5RHCOWHFMKHTX3KHCYOKHC)7\MF;GHTX)HWN[ICEUCEIKHCXOKHQPH
CLECZOWHC[IWHWO CYOKHC[T5 SKHXOQPHT=MYH
YRHR*MYRHCOWHWZFMCEIKHCXOKH/W'WFM PY)KHEUKH CYOKHC[T5 L\-YHWO
LTF-7XHCEIKHCRUC57Y)KH [FYHZOLEKHL\RHQPHTFMCVOWHCLTL[KH
XN;CXOWYRHE)KHH 5'WU-*T5X), T3CXX*CQO
CEIKHCXOKH/W'WFMCGOC67MFKHTPHJQNT5FCEUCEIKHCXOKH/W' [FYHCGQL\KHJ
CRUZ,QFM; TPHQNT3 TKHMFKHCEU
TPHQNT3XPHCOKHHC\OWHWOTCYOJCEU5'WU-*WFM YRHLTF-7X*M
V5*7XMFWH5OL['CGOWH CEIKHCXOKH/W'WFM
\HC[[ITPHJVC/WOKHCYOKH[GH>VR[ZTY)KH 5'WU-*W TQFEUKHCOKHCSOKHWO
LKKHSFMCGCQ> CGOWHS*MY)KH VOX*MWQN;WFM
NCZOWHCYOKH[GHWO CEIKHCXOKH/W'WFM C67C[[ITPHJVC/WOKH
CYOKHSMFCYOJT5 QNWY=O=O HWO ZXOL['CGOWH CEIKHCXOKHWFM
XWH5RH\WHL\KHJ YKH/W[HR)O
SM[HWMFKHL['VOZMYHWOT_NXMFWHCXQPHC/WVEUFGHYRHCZOKH VCXEUFGHR'QPH=M
CL[ORT5YHL[-CQO CEIKHCXOKH/W'QPH
5'WU-*>XWHZ,Y)KHK5WHCT6WCX[TOC[IJ[IR)O[IXO>ZFMR1HT5O[KHXNVM[HZ,T5RN5R)OCVOHCL[OXMFWHQ*YRHEMWFM5'WU-*/WOXFMWHQPH??5'WU-*TKH,7E)GHVOWV*JRO[,GIQEKH/W'WTKHWFMCY)7EUKHQY,J__5'WU-*QPH
SYHWG, L\RHQ)OWO CEIKHCXOKH/W'WFM X6YHEUXFMWHTF> ZMF;CGOWH
VCXOY/W'CTXFMWHQPH??GI/W'DHT5OX,WU-[HDHWFMXOE,JTX,__??EMGRHX[MFKHSHJKIWHCG;=GHWU-FWGYH[GH*MROCQOWHSMFKHT5OCY)7TH__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKV[FMKV[FMKV[FMKHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHEEEEMGRHX[MFKHSHJKIWHCG7XL[PHJPMGRHX[MFKHSHJKIWHCG7XL[PHJPMGRHX[MFKHSHJKIWHCG7XL[PHJPMGRHX[MFKHSHJKIWHCG7XL[PHJP
EMGRHX[MFKHSHJKIWHCG7XL[PHJP=GHWU-FGHT5 GYH[GH*M ROCQOWHSMFKHQPH
EKHCG;TUOXFM[KH RPHWOX5> PCGCROKHL['L\RHQL\KJH PROROGH
XOCOWHQNTUOL\KHJ RPHWOX5CXO CGOX)YH YRHRO[),
GH[KHTX)HWN[ICEUCG;Y)KHXPH EKHCG;TUOWXMF[KH RO[),FMKHVOX*M
L[PHJCG> QFM;OY)KH EKHCG;TUOW5KHJTYNQPHT5O RO[),TUOY)KH
ZMFKHCGQNTUOT5O EKHWXOCGWU C\OWHQPHTUO T=MYH[,
XNRFTHTUOL\RHCGLEKH[KHYPHGYH[GH*M ROCQOWHSMFKHY)KH ROCGWU
M2HZNCSOKH L\RHCQO SO/W'TO QPH[KHX3KHKHE)KHJTCEUSO/W'TO>
TUWH5OQPH CIQL\KHJ G',CG> SO/W'TO YRHCOWH
CIQZ)WHCGQPHT5O*MT5O\)HOT5FCEUSO/W'TOCIQZ)WHX3KHVCLEVCGCWOKHTPHT=MYHCEUGYH[GH*M
ROCQOWHSMFKH [FMKH5KHQPH L[OL[OQX, Z)WHXOL['CGOWH
SO/W'TOWFMCYOKH[GHXFMWHQPHSO/W'TOV/WF-WHS*M2OGH=KHWFMVCWOKHS*M
EUWHL[-YHWOVFTHVZF[FM;C[TPHL\RHC/WOKHCL[OSMFXFMWHQPHZFM;CGOWHSMFKH5KHQPHSO/W'TO>GO_GOQFM;YMFW[HWORWOYRHE)GH
E[HYMFYMF CL[OXFMWHCXQPH ZFMRWOWFM /WOL['QPH5KHJ
SO/W'TOQPHTPHQPHJRWOT3 SWHTCL[OCYOJ[, VQOVO X5PHJL[GHQ)O>
SMFKH[FMKH5KHW
QWHL[KHYRHEUWHEUTL['T'T5O[KHSFMKHC57QMF;XNYRHRMCOWHXOL[GHQPH?CVOKH[),YRHCQOKH_VOTE*XM[HKGH>CEIKHCSOKHL\RHCQOCVOKH[),YRHCQOKHC6IWUGH\GHWGHWFMHYMFKH
PROROGH COWHXOLEKH L\RHQPH WUGH\GHWGHQPH
QMFKHCXOWY)KHGOTPH5FQNYRH1' L\RHQPHJVOCXUOHR)O SO/W'TOW,JQFM;
X)HX)H5KHJ
Z)WHQ)OGHRFYHWNT5F[ICEU??SMFKHZ,T5OXNCY)L[PHJCGKHYRHEU-F7WFML[GHQ)OEMFKHXFMWH[I__QNQPH
XWHYRH\WHWFM C57THWO SMFKH5KHWFM Y)GHZMYHXFMWHL['CGOWH SMFKHZ,QMF;
KHGH=GHL[KHXMFWHQPHZFMR1HT5O[KHVKHXNKH5RH1'WMYHLEPHC[XOL['WUGH\GHWGHWFMYOS'XFMWHCXQPHXNKH
5RHCOWHRX*MQPH KH)HL[' M[HPHQGH;L[GH;/W> CLEVFYH VL\.TUOWFM
YHSKHWO5PHXUOGWHCT5OKHCQO S*5PHTUOWFM Q[H[HR)O RPHC5OKHWO EIXHVZF
L\GH;EUZOQPHQNYMF;5RHCOWHRX*M>EIY)KHCK)EI[YHTUO[YHZO/WCXQPHCVOKH[),YRHCQOKHVOTE*XM[HKGH>CEIKHCSOKHWUGH\GHWGHVCGL\KHJW,JQMF;CQOMM\YH\YHXNKHTUOWYOS'LEKHWFME*TPH=MCT3OHXKHJZOLEKHT5FCEUQ*XWHIR)GH[KHWMYHEUPH[KH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
C57YWHWOZMFXNKHTUOWFMKHSMFKHXFMWHQPH??TKHYMF;CQEUKHQXO__YHM*RFTH
YHSKHZOCQO XNKHYRHCOWHW /WPH6KHR)O
L[*-XFMWHL['CGOWHCEIKHEITHL[XFMWHQPH??WU-[HYMF;TCQEUKH[IDN__??TCQEUKHKHCD\HXFMWHWU-[HYMF;CEIKHCSOKH/W'CY)KHTXFM;__??=KHJVKHCDT\HMFKHDNQPHROCQOWHSMFKHZ,WFMDHQNT5KHE)KHJT5FDN__??DOCL[OYHKIYMF;CEIKHCSOKH/W'WDHQNSMFYOWFMTKHQF,7XO__??WU-[HTQFDNQFXPHTQFEUKHDNWU-[HQFYOWDHQNT5KHE)KHJT5FDNCEIKHCSOKH/W'CQO"CEIKHCSOKHCXCQO"
Y[PHJCQO" CGOWHXFMWHCQO" DHQN[,L\RHL\RH
VCWOKHS*MWROCQOWHSMFKHZ,WMFTKH[,VL[KHT5O[,CG\FM;[,__R)GH[KHWCIQL\KHJCVOHCL[OXFMWHQPH??KIYMF;WVYKHKHTHSMFKHDOL\RHQX,__XN)HWYPHLKFTHR)OL\KHJVCL\C[XFMWHQPH??CEIKHCSOKHCY)WCGVCXOKHCWOKHCY)L\RHQ)OT5OC[IJ__R)GH[KHYRHCOWH
CIQWFM TZFGHMFKHCYOJ[I OWG, TOGHQ)KHCVOH=RHXFMWHWO
CXZ,QMF;EMGHYWHXFMWH> CXZ,Y)KH YRHWFMHX*M> VOWFMNXUWH
XWHIYRHEUWH FMWHZMYHXFMWHQPHQN> XWHCEUOKHKICEUOKHQPH Q*T2FL[O[TO
VL[OXFMWH [NW[HCGCQOHXPH
XWHIT5Z)WHXOCQOVOX+FKHT5OTNIYRHCEUOKH[TOCXZMWFM6'WG,ZMFE),Q)O>R)GH[KH>
Q*XWHI QFMKH[POQPH QFMKHCXOWY)KH VCYOH[KH ZKH5OCXQPH
QFM;OY)KHYHM*RFTHYHZOCQO XN)HWTN YRHEUWHL[*-XFMWHWO QN;XWHWFM
SGH;ZMYHL[' R)GH[KH>XWHCWOWHYHWFMEMYHL\YHXFMWH>R)GH[KHQPH
VQWHSHJEMGRH5RHWYPHW QFMKHCXOWY)KH WUKHXPHXOQN L\RH>
QNQPHX)HX)HWNWNL\KJH CVOKH[),YRHCQOKH VOTE*XM[HKGHY)KH CGOXOQN
T=MYHCEU
QN;DY)KHVQWHXMYMFWH[),C[IKHTUOR)OSKH6,E,J\NL['XNC[IKHTUOR)OQYHE,J\N>QNQPHYMFWH[),VCY)7V/W*-VZN/W)HQNYRH1'L\RHCXQPHR)GH[KH>
[ZTXWHIEUWHQPH YWHJ QYHL\YHW)WH T=MYHCEU YHM*RFTH5KHJ
XNKH>YGHL[GHYFMWHW)WHZ)WHC[XOQPH5KHJR)GH[KH>XWHIQPH1'YPHEUWHCL[OKHX,Q)OL['CGOWHXN)H>TH$FMWHWFMEMYHEUXFMWHCXQPHYFMWHW)WHQPH
QOTP YFMWHW)WHT=MYHCEU R)GH[KH> XWHIQPH
VOTOGHVL[PHJ[I>XN)HWFMQYHL\YHGHVL['V[FMKHS*ML\YHL['CGOWHEMYHEUXFMWHLEKHL\RHCXQPHR)GH[KHW
XUKHLTGHCQOHLKO YHM*RFTH5KHJ XN)HW QOX)GHXUKHLTGHQPH R)GH[KH>
XWHIXTHEMXYHT5O 5FCGS,T5O[KH QN;XWHP-FW C57QMF; YMFZ)WHXOL['
R)GH[KH> XPHTU-FWFMZMFC\OWHXMFWHCXQPH
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
6[HWG, VQ*YRHEUWH /WOXFMWHL['CGOWH XN)H> XWHP-FQPH
R)GH[KH>
XPH[KHCQ)C/WOT/W'WFML\YHCYOWHXFMWHCXQPHR)GH[KHQPHVQ*YRHEUWHT3TZ)WHMFKHC[R)GH[KH>
TUWHX*MTUO L[.Z)WHXOL['CGOWH YRHWFMHX*M SYHWG, YMGHQ)O>
QN;YRHWMFHX*MT5VCQ)" VC/WOTUO [HSMFKHQ)OL['CGOWH TUWHPH" Y*CY)"
CQ)" WUKH/W'"
WUKHKHTUOVOX*MZ)WHWUXO>ZMF;CGOWHVQWHT5FCYOJCQOR)GH[KH>VYCDO/W'QPH
CLTL[KHC[QFM;
$MFKHWG,X,WUQ)OCXQPHYHM*RFTH5KHJXNKHQPHVFYHZ,T5XWHWFMKH[MIVL\.YRHZPHWFMZMYHNWOQN;XWHCEUOKHTUOWFMQMYHXFMWHQPHQNQPHR)GH[KH>VCXOKHWFMYRHEUWHWCXT3[KHCROKHK,J/WPHJLEKHT5FCEUCVOKH[),YRHCQOKH
VOTE*XM[HKGH V\),7QOTUOQPH R)GH[KH> VCXOKHWFM
/WPHJXFMWHL['CGOWHCVOJVGHEUKHRFYHTUO[U-F7YWHXO/W>QNYMF;QPHXNQYH\N/W"XNCQQPHWFM
LTKH\N/WCQOHXPHEMW,JQMF; WUKH/W'WUKHKHTUO Z)WHWUWO CQEUKHSMFL\KJH
CQQPHJ VL\RHWFM
LTKHQPHJVEIYMGHX+[HCLEOWHLEOQ)O/WQPHYHM*RFTH5KHJXNKHQPHQN;XWHT5CQ)TUOWFMQMYH[RHL['CGOWHCVRWHR)OCTXMFWHQPH??EKH$UOYMF;TQ)OCQDNXO__ZMFXNKH>
QFMKH[POQPH VT5GH[KH V*JEU'\)H CWOKHX5C[QPH QFM;OY)KH
QN;RWOVYFMKHX5PHJL[GHQ)OTPH SMF[IX3KH CVOKH[),YRHCQOKH
VOTE*XM[HKGHVCGL\KHJ QFMKHCXOWY)KHTUWH5OC\OHMFKHTPH T=MYHCEU
WUGH\GHWGHQPH QN;VCGL\KHJ SM[HXPHRN"
ROXPHNCQOVL\RHTU-FL\RHCGQPHWFMGOXPHXFMWHQPHZMFVEUFGHT5O[KH
VOTE*V\),7QO5RH1'W Z)WHCL[GH =GHL[KHCGQL\KJH
WUGH\GHWGHWX5THYOXFMWH> QN;RFYHZ,Y)KHTN VSF[HXNCQO ZTKHYRH[),WMF
QFXUWH5KHJ ROTPHW,JQMF;E*ROXFMWH> ZMF;CGOWH QNQPH SMFKHVY)KHQFM;
X5THCT3OH/WPHJ+XFMWHCXQPH
ZFMVEIVX)GHZNLEOCQOVEUWHTUOR)O5FCGQPHWFMQNQYFL[-TFXFMWHCXQPHSMFKHZ,Y)KH
XNC[IKHTUOR)O 5FCG> CGOX)YH YRHCGORO[KH T5FCEU
ZFMXNTUOQPHRWOYCL[OCL[O5KHJROCQOWHCG/WCQOHXPHTPHQNWT3R)GH[KH>VCXOKHWFMX5PHJT/WPHJCEUQNYMF;5KHJTSMFKHQPHJVXOX)YHX)YHX[HX[H[KH5FCG>T3
CLTOWHLTOR)OCQO XNTUOWFM /WPHJKH5KHJ WUGH\GHWGHQPH YRHR*MYRHEM
ZNLEOCGQPHWFMQYFZOXFMWHTFCXQPHQN;RFYHY)KHT5Y'YMFCL[OXFMWHTFQPH??QPHCXOWHTUOY,JXNCY)"
DHQNWT5 CEIKHCSOKHCY)" 1'ZM[HCY)" IECTOWHCY)CSOKHTZODN__XNVOX*MQPH
S*[KHTUOWFM Q[H[HR)O L\'QKHWO CWUOC[Y)KH L\GH;EUZO>
XNVOX*MY)KHYNP'CQO VEUWHT5O CK)COKH/WF-TUOL\KHJ S*[KHWFM RPHC5OKHWO
EIY)KHXPH
CK)EI[YHTUO[YHZOLEKHWFMCY)7XFMWHQPHWUGH\GHWGHQPHVQWH5.GHCTJCXUOJQ)OL['CGOWHVQ*YMFMYFML\KHJCTXFMWHTFQPH??QPHWSO/W',7GOTPHWFMQFMFKH[IQXO__YHM*RFTH5KHJXNKHWYRHEUWHL[*-XFMWH>??WU-[H
QEKH/W',7 GOTPHWFM TCL[OXFM[IDN YRHEMCYOJ CL[OXFMWHTH
QPHROCQOWHSMFKH,7
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
VL[KHT5O QFMKHFM2H/W' EMGRHMF2HG,; QFMKHTFQORM/W' KIEMW
CEIKHCSOKHCY) 5FCG/WYH
IC[THJ DHQNYRH1'YRHCOWHT5 QPHROCQOWHSMFKHZ,WFM KHXOROCQOWHE)KHJ
T5FDNROCQOWHSMFKHZ,WFMCLEYRHX5THKH\MF;/WF-ROYOG,;CQTH__WUGH\GHWGH>EtOWMFHYRHEUWHYMGHQ)OL['CGOWHL[GHCTXFMWHQPH??DOVY)WHC/WOKHJX,__??DOC/WOKHJX,SMFCYOJ
WU-[HQEKH/W'W ]PHJQPHQ*MCOWHWFM ]PHJE*\MF; CROKHJCGYH
V,QPH]PHJQPHQ*MCOWHWX),XFM;DHQN;WFMT5CY)7EUKHRFYHT5FDN__??TKH,7QEKH/W'WDHQNX,__??QPHCXOWHCL[OKHEKH$UOTQFCQDNXOWU-[HCL[OL[\MF;XMFCQXFM;XO__WUGH\GHWGH>
TUWH5OYRHEMX*M CQ)SMYHL\.COHQ)OL['CGOWH VCGOWH\WHQFM;
YCOCQO[ISMYHQ)OTFCXQPH??QNQNXO__XN)HWCEIKHYRHEUWHPFYHWOVCL\C[XFMWH>??=MYHYHQN[,__WUGH\GHWGHQPH
XN)H> VCL\WFM[KH TCROKHJCYOJ[, YCOCQO[I
CL[Z)WHQ)OCXQPHQN;CGOWHT5CVOKH[),YRHCQOKHV\),7QOTUOVCL[VX6OXFMWHQ)O/W>VCYOHCCQFM;COWHCYOJT5V\),7QOTUOWWUGH\GHWGHWFMCTXMFWH/WQPH??V,IDHQNX,SO/W'__WUGH\GHWGHQPH
EUWHEUKH VCL\TC[CQ[, YMGH;SMFKHCG> VYGH/WOCQOVEIT5
QNQPHQWHL[KHYRHEUWHWFMEUXFMWHL['CGOWHL\PHCXR)OCL[OXFMWHCXQPH??YFTHX6O/WOWGYHGIQPHWTOT5OVYMT5F__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKV[FMKV[FMKV[FMKHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHHGOTPHCWUOHYMF;CY)7S*MLEKHYFTHX6O/WOWGYHGIYFTHX6O/WOWGYHGIYFTHX6O/WOWGYHGIYFTHX6O/WOWGYHGI
GYH[GH*MROCQOWHSMFKH>VC[Z[H"VCWOKHS*MVEGH/W'VY)KHHQNZMFKHCG>QN;TUWH5OQPH
L\.COHCGWOQN;WFMHEtOQPHXPH [FGHX5'CG>QN;TUWHX*MTUOQPH
)THGHCQO=GH[GHWFM L[QXUWH 5FQPH QN; YRHWFMHX*MWFM LE*-/WPHJXFMWH[IW
[KH[GH)THGHM*QOTWVOGPHL['COIYRHEM5FCGQPH=MZKHRO[KHEMGRHX[FMKHQPH
C)1'OQ' L\RHQPHJVOCXUOHR)O CGQOM* [NC)> QPHJYMFKHCVOKH
QNQPHWUOQRHQOC EKHZOCQO E*M5PH/W'Y)KH ZMFKHWO CLECZOWHTUOWFMXPH
[I5OYMFKHL[PHL\RHVCWOKHRO CWOHC ZMFCWOHCGYHD'XNYRHCWOKH[TO
VOTOGHVL[PHJ5F> QN;VQWHV)HQPH TKHCYOJCQOHXPHQN;=GH[GHWTN CWQO
QN;TUWHX*MTUOWXPH
CYOWH[WOV/WPHJE*QNWFMROCYOJICYOJTPHW,JQMF;5F>XN/W'QPH
L\.\[HL\.COH L\RHCGCQOXN)HWMF VZNYXPH
CXRO[*M>QNYMF;5RHCOWH>SWHS*CWFM /WPHJL['X3KH XN/W'QPH
EKHYMGHW YMYHL[PHCYOKH[FMKHGH EMGRHGH"CLTOWH[MFKHGH CLEOWHGHT5
THCL[XNSMFTUOWFM 5FTH5KHWO QFMKHCXOW
YRHEMX*MWFMCLEOWHLEOCRE,JCQOLECQ(JTKHXGHZUGHTGHL\RHTPH=MTPHQNT3CY)ZKHTFTPHT=MYHCEUVEGHZ,Y)KHCGOWHZ[HXNYRHCOWH5F[ICQQPHQWHXYH[FMKHV)H5FCQO
ZMFXNQPH YHM*RFTH5KHJ CLEVFYHL\.WFM YHSKHZO>
QN;TUWH5OY)KHTPHQPHJRFYHE*ROT+T3T5FC[TUWH5O\*MYRHEMWFMR)[HZOQW,JQMF;TUWH5OCQWFM[FMKHSFMKHQNL\RHQPHZFMXN/W'QPH
CGTCWOKH L\RHCG[*MCQO XN)HVY)WH XWH\WHPH/WTH
L[KHC[CG>QN;X+[H5OT+TUOQPHVX)GHYO
LKKHQOL['YFWUQPHQN;=GH[GHT5OVT5OYRHR*MYRHO
L\RHTPHWMFRFMFTHQPHJVXOVOVOX*MWFMCQEUOR)OXM[HC[CG>XWH\WHPHWOVY)KHT5
Z)WHXOCQO XWH\WHPH/WTHQPH VCK)7 YCZOKHCZOKHL\KJH[NCXOKHXUWH5FCG>
ZFMXN/W'QPH XWH\WHPH[GHWGHWFM XWH5RH\WHL\KJH
CQEUOR)OSM[HWFMKHZOL['CGOWHVGPHKHCVQ)OCVOKHCROKHJSMFKHL['T5XN)HVOC[XFMWHQPHCOIQPH
XN)HQPH XWH\WHPH[GHWGHWFM X5THNWO YRHK*MCTOJCQOWH
XFMWHCXQPHQN;[*M[GHWQO XNTTO[*M C[IWHCGQPHT=MYH QN;XWHCEUOKHTUO
QPHXPH
CQ)COKHT5F[,L\.COHCG>XWH\WHPH[GHWGHWFMX5THNXFMWHLEKHW[KHQN;VY)WH[KH[GHROL\RHCG[*MQPH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XNTTO[*M C[IWHCGCQO XN)HQPH CXOWY)KH /Q
QN;XWHZ,Y)KHWOV\*MVM[HZOCQOVL\.COKHC/W)
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XGHZUGHTGHWTUWHE*MY)GH7WOCL[OXFMWHQPH??Z)WHQ)ORTH__QFM;CQOHRO[),ZMFXN)HWZ)WHTQ)O[ICEU??T5OZOY,J=KH[),YRH[),XO[FM;YO[I__??]PHJQPHCY)CYOKH
TCOWHCQDN DOXFM; =KH[),XOEUYOX, TKHWFM
DHQNCEXFM;KHXOYOX,__RO[),ZMFXN)HW=WHWG,HXFMWHL['CGOWHYPHLKFTHCQOVQ*L\KJHCL[OXFMWHQPH??]PHJQPHCY)COWHTXOMFKHY,JVY)WHCYOKH[GH[IYH__ZFMRWOWFM
/WOXFMWHQPH5KHJ NX*M> TUWHX*MTUO [)KHJXO> QN;VQ)KHQPH
MYHLEPHCL[OKHX,Q)OL['L\RHCXQPHGOTWUGH[*MTCYOJ[,QN;TUWHX*MTUOQPHIQ)OW,JQMF;RN5X5>NX*MQPH
RO[),ZMFXN)HWFM RNRMFWH/WPHJ+XFMWHQPH ZFMXN)HQPH TUWH5OFMKHMFKH5KHJ
EU-FQOR)OL[*-XUWH5FQPH QN;VQWHWFM EGH;T5GHGH E,1HCQOHXPH
VL[RHWKHRKHCQOWCXKHYRHCOWH[TO5RHXMF\)HCWOKHCXQPHQN;WFM CY)7CQO
XNTUOVCGL\KHJ XNQPH QGO/WKHGOYYHCQO 5X*MQO
5FTPH"TFYHCS)TUOVC[CWOKHTPH"WCXKHTUOWFMEURHYYHTPH=M*M/WPHT5YHNTPHJXNTU-FL\RHQPHQNTU-FWFM
XWHZ[HTFCQO TFGHWCXTUOQPHXPH EUTHCLT7CQO VFTHCZOKHWFM
[FMKHSFMKHWOCGOKHYROVC/WOKHT5FCEUNX*MQPHXN)HWFMRFMWH/WPHJL['CGOWHL\PHPKHR)OCTXFMWHQPH??]PHJQPHCY)TXODNXFM;CL[OXFMWHYOTKHXO__??=MYH[IYH__??TKHDHXFMXM[HQFQX,__RO[),ZMFXN)HQPH
RWOL\KHJ TCL\[, QN;XWHZ,T5 C/W)
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
C/W)DHXWHL[YHT5OTNWOXWHCEUOKHV[FM5RHCEUOKH[I5FCGQPHTFMCVOWHCLTL[KH
WTOYRHE)KH =KH[),ZWH V\MFZMFWHYGHCQO =KH[), 5FTPH
T=MYHCEUC/W)YGH\MFWFMV\MFL\YHTCEUNX*MQPHXWHQ*M\WHWFMLTKHXFMWHL['QPH5KHJQWHL[KHYRHEUWHEUWOCL[OXFMWHQPH??QNYMF;TXOMFKH/WCYOJDNC[IJ__??QNYMF;TXOMFKH/WC[THJWU-[HCOWHXO[IYH__??DOCL[OYH__??QPHXNQ*MCOWH=OEKH$UO,7TFYHCS)CY)T=MYH[IDN__??WU-[HT5OTFYHCS)T5FDN__L[GHCL[OXFMWHCQONX*M>VQ*T5OVOC[UOJ)THGHCGCXQPHRO[),ZFMXN)HWCEIKHYPFYHPFYHL\KHJSWHCL[OXFMWHQPH??TFYHCS)T5FDNSMFKHGHQNXPH5FT5OT=MYHDN__NX*MQPHRO[),ZFMXN)HWFMCGOWHYRH/WFTHCQEUOR)ORMFWH/WPHJXFMWHL[GHQPH??TSMFDN[,__??QPHXNQ*MCOWHWFM\FYHCEYOWFMCZOWHKHEKH$UOT5O/W'TOY,JWFR5FTH__??TSMFDNYWHJWFMTSMFDN[,__RO[),ZFMXN)HWCYOWH[R)OL[*-XFMWHL['CGOWHQN;RWOWFMVS*MQYHXFMWHQPH??QNYMF;Q*MCOWHWFMEFMKHTHJVXM[HWFMWU-[HWFMEFMKHMFKH[IYH__??SMFXFMYOWTKHWYRHCOWHYPHG,;QNYMF;Q*MCOWHROWFMXM[HMFKHYHC[IJ__??WU-[HWVXM[H5OCGY,JXN[IY,JVXM[HWFMXM[HT5O[,__NX*MW
QN;WFMHWFM SGH;XFMWHL['CGOWH ZMFKHE*MY)KH TYHTYH ZFMKHXFMWHQPH
ZMF;CGOWH C/W)
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XTHCDXWH\WHPHSMFKHT5O ZMFKHL[' RWOCL[O/WTH QNYMF;CY)WFM VR1HVLT,
WU-[HLTKHCY)7CGTH DHCXOWH C[UOH\FM; CWOKHTX, RFYHX+[H5O\FM;
CWOKHQX, XNL\RHYOZWHXTHTWUH/W'L\RHYO[FMCWOKHTH__NX*MW HCTOXFMWHQPH
HCTOLEKHQPH WOXVYGH/WOVY)KHH
[ZTS*MCQOHCTOLEKHL\RHQPH??TKHWCYOHCYOHRFYHKHRO\MF;CWOKHY,JCWOKHCX[,__RWOS*MQPH5KHJQN;TUWH5OT5VL[*-C[UOWHW)HQ)OL['CGOWHNX*MWVTFGH;C[XFMWHQPH??QPHCWOKHJWFMQYH[RHXFMWHRTH__NX*M>
[IR[HT5 QYH[RHXFMWHRTHSMFCQO RWOZ)WHXOXOEUKH[KH
XGHZUGHTGHQPHLECQ(JYRHCWOKH[TO EMGHVM[HXMFWH> CWUOWHY*M[TO
LKFTHQWHR)O [HCGQNYRH1'QPH CX>V=MGHL\KHJ EMGHVM[HMFKHQPHT5O
V*J\)HCWOKHX5QPH YRHEUWHEMGHXFMWHQPH5KHJ QN;EtOWFMHQPHXU-FEUGHWU'
C57QFM; COWHQ)OL['CGOWH DHXWHWFM R)GHWMYH[TO CW)WO XU-FEUGHWU'>
KHWFMWMYHS),XFMWHCXQPHLECQ(JXWHQPHWMYHQFMKHW)WHQPHXNYRHCOWH>KHWFME),WO5X*MWFMW),C/WCRMFKHCXQPHXU-FEUGHWU'WEUWHEUKH[KHCDQFM;EMGHZ)WHXFMWH>QN;X+[H5OT+QPHYFWUL['LTGHSGHX5QPHW,JQMF;
C5OKHZ)WHTPHWFM /WF-YKHQF5FCGQPHJVXO XGHZUGHTGHQPH
YMGH;SMFKHT+T5F[,SWHXWHYFMWHEFMWHXFMWH> QN;DHXWHQPH
SGH;Z)WHQ)OWO IQ)O[TO
XU-FEUGHWU'>XPHTU-FWFMEMYHEUXFMWH>MYFQFMKHW)WHQPH[ZTQFMKHW)WHZWH[KH[FMTFMXUKHLTGHCQ>TPHT3XUKHLTGHQGPHSMFCQOHQFMKHW)WHWFMC5OKHYFTHMFKHQNT5FE,JR\NQFM;
SMFQL\KJH [ZTQFMKHW)WHW C[UOJP*JQPH=M TSMFXFM XGHZUGHTGH
VQWHCXSHL[PHJL['QPHJCGOWH LECQ(JXWHQPHWMYH QFMKHW)WHWFM
ZMYHQ*MXMFWHYMFKH YRH\WHGHQNWFMVCQQYHMFKHE,JQPHEUPHL\RH>EMXPH
XU-FEUGHWU'QPH LECQ(JXWHQPHWMYH QFMKHW)WHWFM
C5OKHZ)WHMFKHE,JCQOHXPHXGHZUGHTGHW QN;Z)WHXTHWFM [FYHSFM;WO
XWHICROKHL\KHJ
EMYHEUXFMWHQPHJVY)WHC5OKHZ)WHROXTHT5FCYOJCEULECQ(JTKH XGHZUGHTGHQPH
YYFW)WHCL[OKHWFM ZMYHQ*MRO TXFMT5GH VCQVEUO QF>
MYFW)WHCL[OKHL\KHJ[KHQPHXN)HQPHQN;XWHZ,Y)KHCQTPHVT5GHYWHXPH
YYFW)WHCL[OKHVZF TCOWHXFMWH[I VC/WOKHT5O
MYFW)WHCL[OKHWFMZMYHQ*MXFMWHQPH5KHJ XU-FEUGHWU'> XWHQPH
XGHZUGHTGH> Y*CYOKHSRHFMWFMEUFGH)HZOCQOC/WOKHJ L\RHQPH VWHQO
XGHZUGHTGHQPH SWHXWH
XU-FEUGHWU'WFMEMYH[FMKH[IWQN;XWHIWXU-FEUGHWU'>XPH[KHWFMTEMYHTFEKHQN;Y*CYOKHSRHQPHXU-FEUGHWU'>XWHZ,QFM;COWHQ)OTPHL\RHQPHXWHSGH;WO
EMYHEUCQO QFMKHW)WHY)KH Y*CYOKHSRHQPH C[UOJW)WHL\RH>
VWHQOXU-FEUGHWU'W XGHZUGHTGH> Y*CYOKHSRHWFM
FMWHEU-FMFKHE,J[IX3KH XGHZUGHTGH>
QFMKHW)WHQPHVOCOWHCYOJTPHT=MYHCEU
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XGHZUGHTGH> XWHCTOKH CXZ,Y)KH YMGH;SMFKHQ)OR1HT5O[KH
XU-FEUGHWU'QPH VEGHZ,T5EMGHZ)WHQ)O>NX*MW QN;XWHWFM SGH;YGHWO
XGHZUGHTGHWFM YOS'XFMWHL['CGOWH
XU-FEUGHWU'VOX5THCL[OXFMWHQPH??KHE,J__XU-FEUGHWU'W VEGHZ,QFM;
TKHCQ[, CEUOKH/WPJHXMFWHQPH XGHZUGHTGHQPH NX*M>VCGOWH\WHY)KH
CWUOWHY*MYRHY*M[TO LKFTHQWHR)O [HCGL[GHQPH EMGW
TMGHYMFKH[TOYMFWHEMFWHE,JQPHT5OQNT=MYHQPHJVXO[KHXU-FEUFGHWU'WQYF/W'R)OL\KHJVEGHZ,QFM;X5THKHXMFWHKHWCL[OXFMWHQPH??WU-[HWFM
RFYHKHROROCWOKHY,J CWOKHCXXMF; CL[OL[' QYH\MF;
/WF-ROYOWCYOJTCWOKH[IDN$UO__NX*MWL[GHCL[OXFMWHQPH??TKHW WU-[HWFM
XFTHYHXFM; CL[OYH T5GHYH WU-[H XFTHYH IC[THJ
TKHQFZOT5OWWU-[HWFMXFTHXFM;TDN__??DHQNWXFTHXFM;X,__??TKHC[IJ__??WU-[HWDOXFTHXFM;X,EKH$UOWQOWU-[HWFMXFTHL['QYH\MF;/WF-ROYO__??XU-FEUGHWU'SMFY,JGOTPHWFMQFMKHCXOWT5OYRHEIT5T/WO\NDN__??WU-[HWGOTPHCWUOHT5T=MYH[,__??YMEU'"
WMGHR)GHCLTOKH" 5'WU-* QPHXNCY) VOX*M=O QFMKHCXOWT5O
ZFYHZFYH/W,YWHJZF[HQ'CY)[,QNYFM;CY)WFMGOTPHT5FY,JTKHWVL[YH5KHMFKHYHC[IJ__??GOTPHCWUOHCY)WFMQYH\FM;VY)WHGOTPH5F\FM;TXFM[IDNCX__??XFTHYO__??WU-[HVQWHQ*MSH5FL['WU-[HXFTHL['GOTPH/W'CVOKHXM[HYOSMFKHEKH$UOXN/W',7XWHEUWHG,;VEMGWCQCGCXOWHL['__NX*M>
+YHETHY)KH VL[*-YRHR EFMY),XO> XU-FEUGHWU'> SMFXFMKHWFM QN
CWOKHR)OGOXPHXFMWHCXQPHGOTPHCWUOHGHVY)WH TUOR)O VORFMWH>
QFMKH[PO ZNE4GHGHVY)WH TUOR)O VORFMWH>5RHEMRX*M NMFKHGH
TX)HWN[ICEU XU-FEUGHWU'VCGL\KHJ YRHEMWFMQO C)EUHL['
ZNE4GHCVOKHCXJWUKHJC[TPHXU-FEUGHWU'QPHQFMKH[POWFMQOYRFMWHTYHTYH
CXJWUKJHE,JQL\KHJ GOTPHTCWUOHCQOHLKO
QMFKH[POZNE4GHWOCG;Y)KHVQWH5KHJWFMHVMFROTW),[,5FCGLEKHL\RHQPHNX*MWXWHC57THWOQN;C57Y)KHZMFKHGHVEUWHL[XFMWHQPH??ZMFKH[I__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XU-FEUGHWU'WYRHEUWHYMGH;SMFKHCGL['CGOWHL[GHCTXFMWHQPH??EKH$UOWU-[HWFMQYH\MF;/W*1'T5OXO__??RFYHKHRO\FM;
CWOKHY,JXN 5OYH VQ*MKHY,JXNW [FML[' 5OYH
TKHWCYOJRFYHKHRO\MF;CWOKHL['VQ*MKHY,JXN[,__XU-FEUGHWU'W6KHL[*-R)OCL[OXMFWHQPH??ISFMKHEKH$UOWWU-[HWFMVXM[HC[CYOJTHC[IJ__??TKHWWU-[HVY)WHVXM[HXM[HC[EUKHXFM;XO__??WU-[HW
GOTPHCWUOH T=MYHDN WU-[HT5O [FMWHS*XPH TUOTUO T5FDN '5RHZ,T5O
WU-[HVQWHQ*MSHL[PHJCYOJTH QPHVQWHV)H COWHY,JVEI CXOW/W'T5O5FY,J
VQOTU-FR*MWFME*RO/WPHJEUKHXOYH__??TKHXFMXNTU-FVY)WHVE)KHJVXTHT5O[IDNKIJS'T5OT5DOL\RHXFM;VXM[HXM[HEUKHYOX,__??G*[IYHYRH
WU-[HW KY*MT=MYHDN G*[IYH5RH WU-[HCYOKHTHJ C/WW TUOYH
G*[IYHQ*MWU-[HXFMEUKHY,JC/WWFMEKH$UOWC[MFKHYHG*[IYHCX__NX*MW/WOL\YHYOXFMWHQPH??QPHCXOWHSMFCYOHCXOWH[IL['__??QPHVEUWHQ*MEUWH=OVCV/W'S*MVEUWHT=MYHCQDN__??VKHCL[O[I1'__??VCV/W'S*MWCYOJ
WU-[HVCGG,; CK)VTUO/W' XFMEUKHYH CGOKHYRHEUFGHT5O
XNYWOCL[ORT5YHL[-CXOWHCVOKH /W'WUHY,J VXM[HWFMT5 XM[HEUKHYH YMEU'"
WMGHR)GHCLTOKHG,;5'WU-*MYMF;WFM EKH$UOW\FYHCEL[' WFRYRHEM
EFMKHTHSMFKH V,QPHWFR=O VKHTYGH
/W'WUHY,JWFRL\RHTHXFM;WU-[HZKHYH__NX*M> L\.COHCQO TUWH5OC[Y)KH
VL[*-YRH[)KHJ C[XOL[GHQPH QNQPH XWHWFM
C5;THWO\FYHCEXFMWHL[GHQPH??ZMFKH[I__XU-FEUGHWU'WZMFKHXFMWHL[GHQPHNX*MWVTFGH;C[XFMWHQPH??VWHNE,J[I__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKHGOTPHCWUOHYMF;CY)7S*MLEKH
V[MFKHV[MFKHV[MFKHV[MFKH
WFMHJVQOWFMWFMHJVQOWFMWFMHJVQOWFMWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHHX5'GHQN;WFMV*MQ)KHHX5'GHQN;WFMV*MQ)KHHX5'GHQN;WFMV*MQ)KH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHQ*QVWHQ*QVWHQ*QVWHQ*QVWH
LTKHJTOL['5PHXUOCQOC/WVWHE)WHTUOQPHLTKH*ML\KHJ[KHVCWOKHROVWHE)WHTUOL\RHC/WOKHQFQOC[QPH
E)WHZ,T5 VWHQPHXPH VCWOKHYWOJ VCWOKHS*M 5RHEU-F7VWHL\RH>YHM*RFTH
YHZOCQOXN/W'QPH VWH CLEOWHE)WH K5,;XFMWHCXQPH NX*MW
VWHE)WHTUOWFMXWHL[XFMWHKHWCL[OXFMWHQPH??TKHWXNQ*MCOWHXM[HTHJVXM[HWFMXM[HTHJXNSMFCYOJXNQ*MCOWHROCQOWHC[CYOJ__XU-FEUGHWU'WTHCLTOWHTHQOXWHE*XFMWHQPH??YWHCWOKHY,JVWHSMFKHVCOWHQ*MSHROCQOWHMFKH[I,7__XU-FEUGHWU'QPH
VCL[OQTOT=MYHC[ VCQOWHQTO L\RH> QNQPH VWHCLEOWHE)WHWFMYRHE)WHL['
YRHE)WH CTOJCQOWHXFMWHCXQPH V5RHQ*MSH/WO
QFTHSPHZOCQO5RHEU-F7VWHTUOL\RHQL\KHJVX)GHYOCQOWHCWOKHL['CQOWHY)KHXFMWHCXQPHQOTGHVEUFGHY)KHXU-FEUGHWU'QPHVWHVX)GHCQOWHMFKHQNYRHCOWHL\RH>QFM;OY)KH
TPHT3 VWHCQOWHMFKHQN[KH L\RH[ICR VQPH> CEU\UWHMFKHR)THZWH
[FMTFML['CQOWHTFX3KH]WGHTMEUTNTPHQOL\RHQPHYRHE2EUKHT5O[KHXU-FEUGHWU'YRHCOWHTNWOZFMKHE*MC[T5L[-YHWUQ)OCYOJ>NX*MQPH
XU-FEUGHWU' TNX,Q)OQPHWFM LKFTHQWHR)O /WPHJCGCXQPH
LKFTHQWHR)OCROKHJ/WPHJCGQPHT5O YOZMFKHCGCQO DMGHCYOH/W'
YRH[IW,JQFM; RN5R)O
/WPHJXFMWH[*MT5OXU-FEUGHWU'YRHWFMHX*MWFMC\OWHZ)KHCYOJTYYHVEUFGH/WOLTKHJR)O/WPHJL['CGOWHNX*MWCVOHCL[OXFMWHQPH??QN;WFMCTRTH__XGHZUGHTGHW
MYHLEPH EMGHZ)WHXOL['CGOWH XU-FEUGHWU'WFM MYHT5 WFMKHS),WO
TNXFMWHL['TUWH5OC[WFMVWHTUOCXOKHEUXFMWH>ZNLEOR)O[KHXU-FEUGHWU'>TUWHX*MTUO[)KHJXOCXQPH[IR[HZ,QFM;CXOKHEUXFMWHCQOVWHQPHXNWFM
TNCRYYHCQOHXPH 5OCEIKHZ,QFM; KHQ)OCQO VWHT5OWO XNWFM
TUWHX*MWUHCRYYH>??TKHGOTPHDHXFMCEQX,__XU-FEUGHWU'QPH TUWHX*M
[)KHJXOCQOHXPH VTNCL[CQQPH T=MYH[IVOCXX3OCXL\KHJ
QNWCL\XFMWHQPH??WU-[HGOTPHXU-FEUGHWU'__??TKHDHGHWXOYOX,__??WUGHGGHGHGHXMCWU)O__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??TKHWFMDHQNWQFMKH[POQKHC[YOX,__??WU-[H=OWU-[H QKHYO DHQNT5
WU-[HWFM TQKHC[DN YRHCG;T5O QFMKHWUTHYRHEMWFM
XFM;CXJWUKHJKHG,;QFMKHYYHXOYO__RWOQPH R1HRO\)HCWOKH> QPHRWOWFM
T5OQPH=M X*M1*M CL[O TCEUC5C=OKHQFMKHWUTHTUOQPH XU-FEUGHWU'
CL[OQXFM[KH C[UOWHW)HXFMWH
L[GHC[XOXFMWH5KHJ5FCGQPHT=MYH[IXOXGHZUGHTGHWSWHCTXFMWHQPH??TKHWQFMKH[POVOX*MWFMYYHZOYHC[IJ__??YYHYOC[IJWU-[HWFMKY*MCVOWHCTJXMF;XO__??'CGOWFMXO\FM;TKHWFMDHQNX6YHXFMWHYOX,__??DHQNT5TX6YHDNWU-[H=OWU-[HXOYO[ZTYMGHWCYOJNX*MWFMQYH\FM;R1HROTFCQYHNX*MWFMQYHXFMWHKHWU-[H=OCG;EUKHPEUKHQFMKHCXOWT5OGOTPHVCWUOHS*ML\RHQ)OT5O]WGH[,__??IC[THJNX*MWFMTKHWQYH\FM;T/WF-ROE,J[IXODOC/WOKHJX,__??CL[OL['[I[CWO
WU-[HW KY*M T=MYHDNXFM; QFMKHCXOW,7 MYF L\RHKHX, QF[HTSMF[IDNNX*MW
WU-[HWFM VWHCYOKH YFMWHXFMWHCQYH V,I WU-[H,7 VPHVEUKHWFM
QCDOC[IWHL['WU-[HWFMQCDOWUXFM;C[IJ__XGHZUGHTGHWQN;WFMSWHCTGH[IR[H=XFMWHCQOHXPHNX*MWYOS'XFMWHQPH??CYOHCXOWHL['__??ISFMKHQPHCWOKHJWFMDOSWHXM[HTX,__NX*M>TUWH5OQPHP-FCOHQ)OL[GH>ZFM;CGOWHQNWCVRWHR)OCL[OXFMWHQPH??QPHCWOKHWXNT5GHQNT5GHTQFCVOKHTNCGL['QPHCYOJWODOSWHXM[HTX,TKHQF[IYH__XGHZUGHTGHWCEIKHYRHEUWHPFYHWOXU-FEUGHWU'>G*/WOZ,QFM;XWHQ'L\KHJZFMEUXFMWHCYOJQPH
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHTNEUKHCOKHCSOKHCQOVWHQTOTNEUKHCOKHCSOKHCQOVWHQTOTNEUKHCOKHCSOKHCQOVWHQTOTNEUKHCOKHCSOKHCQOVWHQTO
TFMCWOKHWKHY)KH /WHTUOQPH T5FYHYMYHT5FYHYMYHL\KHJ XKHXWHCGL['
XTKH/W'WCYOJCE,Y*M[TO XKHZFGHCG> XU-FEUGHWU'QPH GOWUKHT+C/WOKHJ
XGH;FMXOEUFGHY)KH TFMRM[HRM[HEU-[HXUWH5FCXL[' QN;WFMHQN
DHCOWHCGQX,=M VCXOY/W' SGHRRHXFMWHCQOVEI
GYH[GH*MROCQOWHSMFKHC57XTHT/W'C[Y)KHX,WUCGT5GHEUWHEUKHQFXFMWHQPHEMGRHX[MFKHPVEIY)KHYMFWHEYHCQOCXQPHVFMZFCVOKHCVCXQPHVC/WOKHT5O
XU-FEUGHWU' WFMHC[T5 YHSKHZOCQO VYHVROTUOQPH VRFYHRFYH
VT6OT6OL\RHCGL[' QN;G*FMTUOQPHXPH WU-FC/WCGL['L\RHQPH QPHYKHTW
QN;[IR[HZ,Y)KH CQ)P'G*;5KHJQPHCLEC VGH\YHTUO COCZ)WO KGHPFPF
EIQWHQWH CVOHX'SGH\FM; CWOKHCGQPHQN;YRHWFMHX*MQPHXPH CQ)TUO5KHJ
VGH\YHTUO C[WU*CGQPHT5O
XTHCDT5,ROCE)YRHCWOKHW,JQFM;5FCYOJQPHGYH[GH*M ROCQOWHSMFKHWFM
X5TH/WPHJXMFWHCQOVEI CT5OKHTPH YFYHSFYH
CGQPHWFMCY)7XFMWH>T'VFTHTUOXPHLKFTHQYHEIY*EITUOXPH[FYHZOL['L\RHCXQPHNX*MDHCOWHQ)OQGPHTPHQNT3TQFCEUVOVOX*MQPH
YFYHSFYHCT5OKHTPHCG> VQ*$X* T5F VXKHCOKH T5F XNQNT5F
[WYFSFYHQM1HCGQPH 5PHXUOCQO XTHT/W'QPH VT+FWHQFMWHTUOL\KHJ
L[PHJCG> XTHT/W'QPHXU-FEUGHWU'W,JQMF;[KH Q*MROTCVOKH
RMYHL[YHQYHCGL[' PVCT5OKHZ,Y)KH
RWHSM[HRO"CVOHWX'SGHROCWOKHCGCXQPHVWH QKHQPH XU-FEUGHWU'
L\RHE,J[ITN TPHW,JQFM; E*ROTPHGPH
XU-FEUGHWU'QPHVXM[HCWOKHCWOKHGHVCWOKHS*M/WF-ROE,J>QNCYOHC/WOKHYYHC/WOKHXNR)THXNRL[E,J>VXM[H5KHL\RHQN>
RTHQ[HT+WFMXPH E*MFKHE,J> QPHJYMFKHCVOKH QN;VO
TXFTHJY[YHL\KHJVWHTNCVOKHYMFWHL['G*FMWU-FCVOKHFMWHQPHWFME*XMFWHQPHXU-FEUGHWU'TPHW,JQFM;E*ROCGTPHZKH[IQGPHXU-FEUGHWU'QPHQN>GOWUPHT+TUOWFMVO[IS,LEKHL\KHJZMYHC\OHL[QXFMWHCXQPH??CE)TQONX*MTKHXFMTU-FCVOWHYGHWUY,JCE)QOTLTKH\NCQDN__T/WO*JTGOQO
SWH S,SFMXFMWHCXQPH YFYHSFYHX5CQO PQGHCEIKHY)KH
VQ*WMGH=RHS,SMFXFMWHQL\KHJ=GHWU-FYRHLTF-7X*M/WOCXOWHC[QPHVCT5
XWHEM[HQ*Q,JQ,JWFM /WOXFMWH> CXPOV[HT5 CVOHCL[OXFMWHCQO
VQ*Q,JQ,JQPHCX=MGHR'XU-FEUGHWU'>GOZ,YMFKHXOCXQPH??CWOKHXFMWHYOW)OTKHS,YOT5GHXFMWHCXLEKH__LTKHE)OQ*TUOWFM
/WOXMFWHL[' YRHE2EUKHT5O[KH LTKHQ*MCWOKHWFM
CY)7XMFWHQPHZMFLTKHTUOQPH XTHT/W'YRHCX3OWH VQOWU 5KHXOL['CGOWH
XU-FEUGHWU' C57Y)KH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
YGH;[HQ)O/W> LTKHC[T5 XNW XU-FEUGHWU'WFM /WPHJWO
HCTOXFMWHL['CGOWH
VOC[RWOCL[OXFMWHQPH??CWOKHYHTKHS,YOVTHVO\MF;CWOKHYH__ZFMXN>
TUWHE*MCT6TUOQPH ZNZ,X5> QN;TMYHSFYHCT6TUOWXPH
ZNZ[HX5QPHQN;WFM/WPHJQPHT5OXNFMKHYRHCOWH5KHJYNCGCQOHXPHQN;TUWHX*MTUOWTNRN5CYOWH[X5QPHXU-FEUGHWU'WZFMXNVOTUWHX*ML[./WPHJWOL[GHCTXFMWHQPH??WU-[HW=FMCE)TQOWFMS,CGYOWFMEKH$UOWQCDOWUYHC[IJ__??QF[HQCDOWUYOC[IJW)OTKHS,YO/WO/WOEUKHKIXOE,JYO[,__??WU-[H=OWU-[HQN;WFMS,CGYOWFMEKH$UOWDOWFRQCDOWUYOX,EKH$UOWWU-[HWFMQFXFM;XO__??=KHJVKH
KI TKHWFM TQF[IDN NX*WMF SGH;WUKH,Y,J XNYRHCOWHWFM
KIWQCDOWUYHTKH=OKIJTFYHCS)[,__??DOWFREKH$UOWWU-[HWMFTFYHCS)XFM;QYHT5YHXFMWHYOX,__??NX*M,7
GHQN=O KIJ,7 TFYHCS)[, TKHW NX*M,7 GHQNSMFCYOJWO TKHW KIJ,7
VCWOKHS*MTFYHCS)C[IJW)O__??EKH$UOWDHQNX,__??KIJGOTPHTKHC\__??QYFE,TKHC\XO__??T5GHYHKI=OCQT5OTC/WOWHY,JQYFE,TKHC\[,__T5GHQPHCQT5OTC/WOWHQNTUOQONX*MWFMSGH;WUKH\FM;RFYHWNZ,ZPHJ*JC[XFTHJTPHXU-FEUFGHWU'YRHCOWH
KMYHYMYH/W' ZMFKHCGQPH QN;KHZ,Y)KH TV'TXPH/W'
E*ROCGL['CGOWHDOSWHXM[HT5GHTQF[,L\RHCGQPHQN;C57Y)KHZMFKHWOQN;WFM/WPHJCGCQOTKHC\WXWHTCZOKHL[WOEU'WU.XFMWHQPH??YWHJXN[,__XU-FEUGHWU'WGOWUPHR)OL[*-XFMWHL['CGOWHQCOHXFMWHQPH??DHXFMWCGDHXFMYWHJXNL\RHQ)OYOX,__??TKHWFM
=FMCE)QOW CQCVOKH FMWHE,JYOCYOKHT5 TKHW QN;WFM TC/WOWH[,
WCXOHS,YOYWHJXNC[IJ__TKHC\W CL[OKHT5 V5FGHYWHXOWO RO[),WFM
XWHIL\KHJ DMGHWG,
ZMXFMWHL['CGOWHCVOHCL[OXFMWHQPH??CE)QOCY)VOX*MWFMYRHCOWHTWUGHVWMGHQYH[RHT5CVTH__XU-FEUGHWU'WVCKYNXFMWHQPH??Q)OQYHCX__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
TKHC\WQWHL[KHYRHEUWHEUXFMWHL['CGOWHL[GHCL[OXFMWHQPH??KITQYHMFKHXFM;C[IJ__??EKH$UOWQYFCWOKHM*YKHTW[)KHJ[)KHJXKHXKH5FQO[,__??KIJT5OQYFWX),XFM;DOT5T5FDNQN;WFMDOT5TXM[HMFKHDN__??ZNSGHXMFWHYO__??DOWFMZNSGHYOX,__??EKH$UOWFMNX*MWGHT5ODNXO__TKHC\W=OYMFWHHCTOWOQCOHXFMWHQPH??=O=O
V,QPHCE)TQOWMYHTOM*YKHTWCWOWHXPHCWOWHWURHYHWU-[HYRHEMEML\RHQ)OYOG,;
XNCY)W QN;WFM VL[RHYKHT5O RMFFTHYHCX XNCY)VLTKHT5O
GOTPHCWOKH\MF;WU-[HVC[T5O QCDOZO /W'L[CGYOC[IJ IC[THJ
QN;RFYHZ,T5OCYOJ
WU-[HWFMVT+GH;/WFYH[RHEUKHT5O[,VXWOCWOKHVKHTYGHCWOWHWURHY,JCE)QO__??YWHWCYOJ
V,QPHCWOKHWFM CE)TQOXMF; S,YO CE)QFWuOWUYH$U
CE)CXOWHCYOKHYGH\FMT5FY,JCWOKH__??T5GHYHTKHCL[OYOQF[HT5GHYHXORTHYRHCOWHYRHE)WHR'CQOWH/WCVOKH__XU-FEUGHWU'VY)WHVWHYRHE)WHK5,;C[KHWTKHC\WCL[OXFMWHQPH??TKH
ZOY,J I2HOCY) C[UOWHY,JVZF QPHT5OCGC[IJ TKHVY)WH CSCWOKH
5RHXWHKIL[KHZOYH__XU-FEUGHWU'WVWHE)WHWFMCTOJCQOWHXFMWHL['CGOWHEGH;T5GHXFMWHQPH??[ZTYRHTU-FWVWHT=MYHXO__??=O=OQF[HT5GHYOC[IJDO[,L\RHCGL\RHCGVWHCWOKHYRHE)WHZ[HCQOWHXFMWHKHDHCYOJT5TT5OMFKHDN__TKHC\QPHRWOWFML\YHWOXU-FEUGHWU'VOCRJCRJ/WPHJXMFWHL['CGOWHSWHCL[OXFMWHQPH??TKHWCYOJ
VWHYRHE)WHCXOWHG,; ZNLEOT5O T=MYH[IDN VE)WHQ*MOCXOWH
CQOWHT5ZNLEOTHJCWOKH__XU-FEUGHWU'WY=O=OHCTOXFMWHL['CGOWHCZOWHE*XMFWHQPH??VWHWCYOJ=MYH[IL['CGOWHZ[HCSCWOKHYRHXWHWDOY,JYMGH__TKHC\WXWHEM[HYRHEUWHY'WOVQOL[*-CGXFMWHQPHQN;VCGL\KHJRWOL\KHJCL\GHTXFM[IXWHEM[HY'Q*VS*MY)KHY*EI[)KHJXOL['TFGHWCXCLEOWHCOWHKHXOCXQPHKH)HM[U-FL['CEUOCTOX5[CQO
TFGHWCXTUOEUPH L\RHQPH CWOJP6YHCGCQO TUWHE*MTUO"
L[*-EU-FCQO+YHETHTUO"L[PHJL\F-CQOKHQOTUO5KHJYKHKHCQOYKH[IFMKHFMKHTUOWFM/WPHJKHXU-FEUGHWU'>TUWHX*MTUOCYOWH[XOQPH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XU-FEUGHWU'QPH TFGHWCX CEUOCEUOLTKHX3KH KTHKTHYWHCQOXNTU-F
L\RHQPHWFM
VZKHQOLTKHMFKHCXQPHTKHC\WY=O=OHWOCL[OXFMWHQPH??DO[,L\RHCGL\RHCGTFGHTCEUOYRHCOWHCDT5O5FKHDHCYOJT5TT5OMFKHDN__XU-FEUGHWU'WHCTOXFMWHWOCZOWHE*XFMWH>??WU-[H,7
VCLEVCGW VCYOHSMFCGCYOJ TFGHWCX YRHCOWHCXOWHG,;CYOJ
T5OT=MYHDNTFGHTCEUOCLEOWHCOWHRX*MWFMXFMTH$U-F7__TKHC\WEUWHEUKHVH[HQ)OL['CGOWHXU-FEUFGHWU'WFMCRJCRJ/WPHJWOCL[OXFMWH>??TKH=OCYOHCYOHQYFCWOKHY,JVCWOKH[,__??DOC/WOKHJX,__??QPHTFGHWCX
CLEOWHCOWHRX*MG,; YL[F-KHYPH [),/WTHYOW NX*MWFM
KHSMFKHYOZWH[FMCYOKH EWHXFTJH1'TH CLEOWHCOWHX*MWFM YL[F-KHYPH
XFMEUKHY,JSFMCYOJ
TKH=OVCYOHQYFCWOKHY,JCWOKH__TKHC\CL[OQPHJVYFMKHCQ)Z)WHCVOKHT5GHCXQPHVWH5KHJTFGHTYMF;QPHXU-FEUGHWU'VY)WHCS\WHKH/W>QN;I2HOTUOLTGHLTGHWUWHQ)OQPHTKHC\CL[OQPHT5OVX),/W'X),>XU-FEUGHWU'QPH
NX*MWFM KHSMFKHOY)KH +*GFTHJE,JCQOHXPH TFGHWCXTUO5KHJ
TPHQMF;KHSMFKHTPHWFMCWOKHR)O QFCXQPHTFGHWCXTUO5KJH
CL[OSMFSWHS*OY)KH +YHX3OQ)WHM*TW
TFGHTTUOWFMTPHQFM;WFMKHY)HTPHWFMCWOKHR)OQFCQOTFGHTWUTHC/WQNYRHCOWHL\RH>TKHC\5KHJ
XU-FEUGHWU'YMF;QPH VWHCQROWFM CQOWHROKHW TFGHWCXTUO5KHJ
C[UOH[I/W>YRHL[F-KHYPHT5O[KH QNYFM;QPH NX*MWFM ROT5FCVOKH
CL[OSMFS,C /WCXQPH QNYMF;WFM/WPHJ+CGQNTUOXPH 5F> QNYMF;WFM
/WPHJ+CGQNTUOQPH NX*M> GHQNTUO[KH
L\RHQPHTKHC\QPHNX*M>GHQNT5GHQT3WFMTFYHCS)\),7WOVWHYFMWH>ZTKHCW4>C[UOH[IGHVY)WHTFGHWCXTUO5OC[>TKHC\WFM
XNVTUOW ?CQT5OTC/WOWHY,J QYFE, TKHC\_ =M CE/W> VC/WOKHT5O
CQT5OTC/WOWHQNTUOQOX3KHNX*MWFMSGH;WUKH*J/WCXQPHVWHCQOWHKHS,XFMWHKHL\KHJ5RHCOWHQOVSKHCL[XUWH5FQPHPGWHXOL['L\RHCQOHXPHTKHC\5KHJ
XU-FEUGHWU'T5O S,CYMFKHZ)O CWOKHS,[KH 5FCQQPH
QNYMF;WFM/WPHJ+VOC[CGQNTUO[KH[GHVF[HKMFWHXOQL\KHJYRHCOWHL['YRHCOWH
L[GHQ)O/WQPHY)KHCGOWHS*MY)KHQNYMF;5RHCOWHQOWUGHCYOJQPHTKHC\WFMXU-FEUGHWU'WC[IJC[IJ[I[I[KHCTXFMWHQPH??CGOKH/W'EKH$UOWFMNX*MWCSOH[CXOHY'\NQXO__??=KHJVKH__??EKH$UO,7XNCY)WFMQYH\NXMF;XOIT5T=MYHQNWEKH$UO,7TFGHTCY)WFMTYOXMN\NXFM;XO__??=KHJVKH__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??ISMFKHDOWFREKH$UOWQN;WMFQPHCXOWHTMGHCGYOX,__??DOXFM;X,SMFCYOJNX*MWCE)TQOTFM;XFM;[,__XU-FEUGHWU'WCEYT3YMGH;SMFKHQ)OL['CGOWHCL[OXFMWHQPH??YWHWCYOJQNWCE)TQOXFM;TCEZMFWH[IDN__??=O=O
TKHCL[OYO =MYHYH CE)XFM;CEKH CE)QFWuOWUTH
NX*MSFMY,JCWOKHWCE)CXOWHCYOKHVSKHJT5FY,JCWOKH__XU-FEUGHWU'WLKFTHQ)OL[GH>ZFM;CGOWHE[HL\PHL\PHCL[OXFMWHQPH??YWHWCYOJQNWCE)ZWHCYOJGPHGPHQO[IYH__TKHC\WXU-FEUGHWU'WFMRMFWH/WPHJXMFWHL['CGOWHQCDOTYNEUKHJYNEUKHL\KHJQCDOYNXFMWHQPH??VKHYRHEU-F7CE)CY)WCYOJQN;ZWHP*JYH__XU-FEUGHWU'W5KHL[XFMWHQPH??LECQ(JTKH
XGHZUGHTGHXFM XNTU-FW QN;CGOWHXFMWHCE) L\RHCGYH
YRHLEOXNCY)VC[T5OTCWOKHC[THJ QN;XNCY)VC[T5OCYOJ QNW CWOKH[*M[IYH
T=MYHKHCYOJ
DHQNWT5QN;CGOWHXFMWHXM[HT5OT=MYHDN__TKHC\WCVRWHR)OL\KJHCL[OXFMWHQPH??QNWTKHWFMWHWHRWHRWHXM[HE,JYOWFMX,TCTJG,;1'__XU-FEUGHWU'WQWHL[KHEUXMFWHL['CGOWHL\PHPKHR)OCL[OXMFWHQPH??YWHWCYOJ
WU-[HW XNRFTHYRHCOWH[I MYHYWH/W' QN\FYHCEZOY,J XNQ*MCOWHWFMQYHL['
VXM[HWFM CYOKHXMFWHY,JVEI QN;VCGG,; WU-[HXFM XNRFTHYRHCOWHWFM
*M/WPH\FM;EWHT5O[,CX__CIQY/W'L\KHJRO[),E*MWFM$MGHWG,ZMXFMWHWOTKHC\WCTXFMWHQPH??DOCL[OYH
TKHWFM QNW TCQM*YTPH FMWH5WHL['CYOJ XTHCDT5O [RHZOE,JYOWFM
TKHWCTJ[RHXMFWHL['CYOJQN;S'T5OVXM[HXM[HEUKHCQXFM;XO__XU-FEUGHWU'WYPHLKFTHR)OL\KJHL[GHCL\XMFWHQPH??WU-[HW
QN;CGOWCG R1HRO/WPHJYO[I NX*M=O RFYHZKHYMFKH XNCY)WFM
MWuC[YYHY,JXNTU-FCYOJT=MYHDNQNWWU-[HWFMQPHXFMXM[HYHSMFYOVC/WOKHYRHEM5FXFM;L\RHTH__TKHC\WCVRWHR)OHXFMWH>??TKHWQN;WFMQ)OCY)7L['CYOJTKHWFMDOL\RHXFM;QPHXFMXM[HQX,XMF;CTEUKHCQXFM;XO__??WU-[HXPHV,IWFM[,R1HROCGYO__TKHC\WQN;VO)*5ORWHSM[HR)O/WPHJWOCL[OXFMWHQPH??Q)ORTH
TKHXMF VT5YHT5FY,J CE)QOTU-F CQKHCYOKH KI THTGPHDN
VEMEUWHEUKHZ)WHQ)ORTH__TKHC\W XU-FEUGHWU'VO Y*EIT5 Z)WHQ)OGH
S,CYMFKHZ)OL[' CL[OXFMWHCXQPHXU-FEUGHWU'QPH RWOYRHE)GHT3
Z[HTCL[OCYOJ[, CEIKHKFMWHRFMWHEUWO TKHC\ P6GHL[CQO Y*EIT5
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
Z)WHXMFWHQPH Y*EIWFM \)KHJL[' YRH\WHQFM; Z)WHXMFWHCQOVEI QN
ZKHZOQXFMCGOWHC\XTH/WOCX T=MYHCEU X5[ETHGOR)O L[KHSKHZOCQO
]PHJEGHYRHEMZ,QFM;QNCOWHQ)OCXQPHZFM]PHJEGHZ,Y)KHXN5RHCOWHZMFKHCG>EKHYMGHWXFM[KH
NX*MQPH WUOQRHQOC\*M E*M/W'C[Y)KH ZMFKHCGQPH QNQPH
CEIKHWFMCGOWHQFM;X5GHWO TUWHX*MTUOWFM T5FYHZOCXQPH
YHX*MRFTH5KHJXN/W'WTN RO[),CDY)KH
[HWOVWH[MXKHTUOWFMVQKHJL[KHXUWH5F>XGHZUGHTGHWFMTNTCY)7CEUNX*MWFMCY)7XMFWHQPHJYMFKHXU-FEUGHWU'>VTNVOQPHTPHQFM;T3CL[OKHX,Q)OLEKHT5FCEUNX*M>TUWHX*MTUO[)KHJXOL['XU-FEUGHWU'WMFL[*-/WPHJXMFWHQPH??TKH,7GOTPHWFMDOL\RHXMF;YRHEIT5T/WO\NQX,SMFYOWU-[HQFL['__XU-FEUGHWU'WLKFTHQWHR)OGOCZOKHCG>??QFMKH[PO
ZNE4GHCVOKH CXJWUKHJYO VKHTYGH EWHE,[KH[GHYH
TFGHTCY)G,;DHXFMSWHS*TX, QF\MF;WX, X)HY,JVXM[H T=MYHDN TKH=O
QPH5RHEMRX*MWFMXFMWHROCGT5CYOJYRHLEOVOCY)VY)WHVEUFGHTC[MFKHCYOJDN__XU-FEUGHWU'WHCTOXFMWHL['CGOWHL[GHCL[OXMFWHQPH??WU-[HW4THWUKHYOCGOWHYRHEM5FCQYH__??DOX,__??VWHCQOWHYO__??VKH=MYHYHTKHCYOHCYOHCQOWHFMKHYH__??L['CYOJWU-[HWX)HX)HG,;TTNYYHDN__??=MYHXO__??VEMWCXYKH
WU-[HG,; TKHC\ CQOWHE,JY,J VWHCY)=O GYH[GH*MT5O
EKH$UOWU-[HWFMYMFWHXMFWHY,JVWHCY)ZWHTUOYHIC[THJWU-[HTTNCQDN__NX*MQPHEUWHEUKH[KHLKFTHQWHQ)OWOXU-FEUGHWU'WFMRN5R)O/WPHJXMFWHQPHQN;V/WPHJQPHIYRHXWH[TOXU-FEUGHWU'>WFMHWFMC\OWHZ)KHQ)OCYOJTPHW,JQFM;ZKH>XU-FEUGHWU'QPHNX*MWFML[GH/WPHJXMFWHQPHQNQPHLKFTHQWHCVCSR)O[HCG>NX*MWXWHL[WOCL[OXFMWHQPH??ZFMKH[I__XU-FEUGHWU'WLKFTHQWHR)OZMFKHXMFWH>NX*MWCL[OXFMWHQPH??KITKHWFMVZKHCQE,JTFYH__??EKH$UOWWU-[HWFMVZKHCQYOT=MYH[IDNWU-[HWFMT*MYO[I__??TKHWXNRFTHYRHCOWH[,TKHGOTPHWFMKIYRHEIT5T/WO\NDN__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??V,QPHCYOJWU-[H,7CGOWHC/WOKHO
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XU-FEUGHWU'WHCTOXFMWH>??WU-[HWEKH$UOWFM\)KHJCL[OYOVC/WOKH5FXFM;[I__??DOVC/WOKHX,__??EKH$UO
WU-[HS'WFM L[GHXOYOWFM /WPHJLEKHVOL\KHJ EKH$UOW WU-[H,7
CGOWHC/WOKHWFMXFMWHCXJXOL['CYOJWU-[HWFMRFYHEUXWHEUEFMKHMFKHYHXFFM;*M/WPHXFM;[,WU-[HCL[OYOT5GH,7XO__??SMFRTH[I1'__??YMEU'YFM;
Q*MCOWHWFM EKH$UO EFMKHEUKHY,J VXM[H=O VKHTYGH VC/W'Y,J VXM[H[,
L\RHTHQPHXFMVC/W'Y,JVXM[HTU-FWFMVWHTNQTOYRHCOWHWFMEMFKHT5OT=MYHDNIC/WOKHJWU-[HWVWHTNEUKHCOWHSWHCSOKHCGKHEKH$UOWWU-[HWFMVXM[HXM[HEFMKHT5OT=MYHDN__??SMFXFMYOWQPHVXM[HWFMTKHXM[HMFKHYHC[IJ__XU-FEUGHWU'WCEIKHPFYHL[XFMWH>??VQWHQ*MSHT5OT5
VXM[H/W'VWFMKH/W' YRHEMEMWFM L['CVOKH TXM[HMFKHKH
DHCYOJT5XM[HMFKHCYOJT5OT=MYHDN__NX*MQPHXU-FEUGHWU'VORFMWH/WPHJCGKHT5MYHYWHL[*-XFMWHQPH??KIYMF;VWHCQOWH/WCVOKH__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHXNTTO5KHJCSCQYOXNTTO5KHJCSCQYOXNTTO5KHJCSCQYOXNTTO5KHJCSCQYO
VWHTUORO[),C[Y)KH5FQPHVSKHQKHJL[KHWOE)WHVL[PHJVWHTUOK5,;ZOL['QOL\RH>NX*MWVWHYRHE)WHWFMCWOWHWMFKHWOCL[OXFMWHQPH??DHQNG,;T5
E)WHEUKHYMFWHL[' VWHTCQOWHL\RHYO VCYOH/WOE,JL[' QPHWCG;CYOJ
TKHVY)WHWU-[HQ*ME)WHCQOWHTH__GIQEKH/W'Z*T5 W,JQMF; EU'WU-RWOTU-F
/WO\FM;T5O X)HWNCQO WFR
T=MYHCEUXU-FEUGHWU'QPHTOGHXPHTYWH"1'XPHTP6YHTFCRGHQN;WFMHQNTGPHZFGHZO>NX*MQPH[ZTS*MVWHE)WHWFMCTOJCQOWHXMFWHL['CGOWHCL[OXFMWHQPH??QPHYRHE)WHW
WU-[H VTHC[UOHY,JVY)WH CQOWHYO TKH=O
QPHWFR/W'WFMR)THCSOKHMFKHTHXFM;WU-[H*M/WPHYH__??VR)TH5FQT3/WF-RO[IJTH__NX*MWCXGWHR)OCL[OXFMWH>??QPHWFR=OVC/W'M*YKHTWVOHXPHTUOYHVTHXPHXU-F75WHTHQPHWCG;X5PHJ\UORRHCSE,JYOCY)=O
TKHWFM WU-[HW T*MXFM; T=MYHDN TKHW
WU-[HVY)WHVXM[HXM[HC[CGYHSMFYODHQNT5QFXFM;TL\RHY,JVY)WHC/WOKHJ[,__XU-FEUGHWU'WLKFTHQWHR)OGOCZOKHCG>NX*MWSWHCL[OXFMWHQPH??VTUOVLTKHT5O
TKH=O WU-[H,7GHQN T5YHZOCGOH TKH=OWU-[HVY)WH
VXM[HXM[HC[CGYHXFM;XNCY)QFXFM;TL\RHDNXNCY)VLTKHT5OTKHWWU-[HWMFVTHTMGHYHWU-[H=OTKH,7GHQN__QPHT5O
GHL\RHEUKHCOKHCSOKHL[' VTUOVLTKHWFM X5PHJROLEKHL\RHQPH
WFMHJVQOWFMHX5'L['GHQN;WFMV*MQ)KHLEKHXPHL\RHQPHXU-FEUGHWU'WL[GHCTXFMWH>??ISFMKHXGHZUGHTGHWFMCYOKHT5VQFTC[DNC[IJ__NX*MWCEIKHPFYHL[XMFWH>??QPHWFRWFM
QFY,JXN GPHCXCX TKHVY)WH VOH GPHCXCX V,ISFMKH
WU-[HYFM;VY)WHCVOKHLTKH\FM;TUOCXCX[,__NX*M> RWOWFM
GOCZOKHLEKHVOL\KHJ WFRWFM QFQNT5O QNYMF;5RHCOWHVL[KH
VEGHZ,5FVRFTHCOKHYHV\FMVMF5KHJVEGHVL[KH\WHT5TKHC\QO5FC/WOKHGOXPHXFMWH>NX*MWSWHCL[OXFMWHQPH??QPHWTOT5OWU-[HVY)WHGHQNSMFYOT5FQXFMTFYHCS)SFMYOX,T5FDNXFM;VKHWCL[OE,J\NYH__XU-FEUGHWU'WCEIKHPFYHGHE*XFMWHQPHZMFRWOWFMNX*MCL[OE,JT5GHQNCQEUOR)OT5YHTF[IQPHNX*M>TUWH5OQPHVX)GHYOGOXPHEWHQ)OL['CGOWHCL[OXFMWHQPH??V,QPHRWOW
VL[PHJV TT5GHDN WU-[HT5O TFYHCS) YRHCOWH5FYH GHQNYRHCOWH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
5FYHL['CYOJWU-[HT5O XU-F75WHEUWHTUOWMF
CTLEKHL\KHJCWOKHCQOXOHTPHT=MYHCEUT3QO CL[OL['CGOWH NX*MQPHXPH
LKFTHQWHQ)OL[GH> NX*M> [IR[HTUO
YKHYKHCRJWOTUWHX*MTUOXPHT5FYHQ)O>QNQPHRWOXPHTCL[O"X+[HXPHTX+[H5OCEUVEUFGHVYGH/WOLKFTHQWHR)OZMFKHCGL['T5QN;TUWHX*MTUOT5FYHXUWHW[KHCTXMFWHQPH??WU-[H,7QFMKH[POWFMTKHLTKH\NQXO__??=KHJVKH__??/WOCO/WO\NQXO__??T/WO\N[IDN__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
NX*MQPH TUWHRFT5YHXUWHW[KH XWHYRH\WHWFM L\PHPKHR)O
SGH;ZMYHXFMWH> QN;XWHIQPHL\.C\)CGL['VX)GHNP*J[*MCXQPHNX*MQPH
CXZ,Y)KH XWHWFM SGH;ZMYHWO XWHIWFM R)GHWMYH[TO CW)XFMWH>
ZMFVEIVEGHCZOKHJ T'\FMVY)KHT5 T',,CYOWHCGCQO T'CQ)Y*MYRHY*MQPH
CXZ,QFM;
X)KHJYWHWONX*M>XWHIVY)KHQFM;COWHQ)O>NX*MQPHT',,CYOWHCGCQOT'CQ)Y*MWFMSM[HWFMKHXMFWHQPHVYGH/WOCQOVEIT5
QN;XWHIWFM L\GH;XFMWHCQOVEI L\.C\)CGCQO
L[OYRHSM[HWFMCY)7XMFWHCXQPH??WU-[H,7 QFMKH[POWFM I/W)O[X6OEUKHXFM;
QPHXFM XM[HL[YO T=MYH[IDN WU-[H CL[OEUKHYO5RHEUWH5FYH__NX*M>
CVRWHCQO VQ*WFM /WOXFMWHL['CGOWH XU-FEUGHWU'QPH YMYHYMYHT3
TX+[H[,GOR)KHJCG>NX*MWCVRWHR)OSWHCL[OXFMWHQPH??G*[IYHYRHWU-[H,7QMFKH[POQPHCXOWHVZFGWH+FKHC[THJXPHDOT3TYYHMFKHDN__ZFM;CGOWH
NX*M> TUWHX*MTUO [)KHJXOWO QN;XWHZ,T5 L[OTUOWFM /WPHJXMFWH>
L[OTUOQPHCVRWHWOVQWHT,JCGCXQPH??G*[IYH5RHWU-[HYMF;5RHCOWH,7
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
GIQEKH/W'NX*MQPHTFMCVOWHCLTL[KHYRHX6OZKH5OX5CQOQN,CWOKHL\RH>CSOKH1'CTEU.=GHC[IKHQPHQPHWTOY)KHVCWUOH/WOS*MTFGHTCEUOL\RH>XU-FEUGHWU'QPH
CSOKH1'CTVC/WOKH QYKHC[IKHTUOR)O"
CWOX=OXC[IKHTUOR)OWFM/WOE,J\NCXQPH /WOE,J\NQT3 VOX*MT5OXPH
CSOKH1'CT> CEUO[*M" X5[*M"
XFTyOCLEO5F[*M"ZWHLTWH[*M"1O2HCWOKH[*MRQL\KJHVCWOKHEUPHQOL\RHQPHQMF;OY)KHCSOKH1'CTWXWHZ[HNQPHJCOWHUOSMFT/WOE,JR\NC[CSOKH1'CT>VEURHWFMGH
/WF-ROKH QNT> CLEKHH QN,CWOKHTUOR)O WU+*E,JQPH QFM;L\KHJ
QNTQPH?VQPHW),C'_=MVTPHY)KHXOE,JQPHQFM;CQOTFGHTYRH1'QPHNX*M>
TFYHCS)XPHL\RH" GHQNXPHL\RH"
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
NX*MQPH VCYRHCGOQFM; CKCT3OH/WPHJCG> QN;TUWH5OY)KH
VZ'WUGHLEKH5KHJ
GOWUKHLEKHWFMVYMFKHQOLTKHMFKHC[QPH=FM'5KHJEUGHVOYMF;>[*ML[KHVS*MY)KHEUGHVOYRHCOWHVZ'WUGHQPH=MXNYMFKHWT5YHZKH/W>=FM'YRHCOWH
TPHW,JQFM; E*ROCGTPHZKHQGPH=FM'WCOVZ'WUGHQPH=M
E*ROCGTPHZKH[IQCXOXU-FEUGHWU'YRHCOWHVCY)GWHCGR1HT5O[KHNX*MWCL[OXFMWHL[GHQPH??V,QPHCS$NWFM
EFMNL['Y,JCGOWHT5O QN=O CGOKHYXPH TDN C/WOWHXPH
TC/WOWHDNV,QPHCS$NG,;WU-[HWFMVWU[HWMFKHL['VXM[HTU-FR*MEFMKHE,JYHCS$NVY)WHG,;WU-[H=OQNEFMKHQT3XM[HE,JYH__NX*M>TUWHX*MTUOQPHCIQL\KHJG',XOL['CGOWHCVOHCL[OXFMWHQPH??WU-[HQPHTE*MFKHCYOJDNV,QPHCS$NWFMCVOKHL[GHNTH__XU-FEUGHWU'WX6YHWG,CTXMFWH>??QNWDHT5OX,__NX*MWQYFC[XFMWHQPH??QPHXFMTU-FVC/W'Y,JCS$NWFMQN;XWHZ,WL[GHN\FM;SFMYOX)HY,JWFRT=MYHDN__VQPHW),C'5KHJKHSMFKHGHT5OX)HWNCQOWFRT=MYHT5GHXU-FEUGHWU'QFL['L\RH[IQPHNX*MWSWHCL[OXFMWHQPH??EU'5CYOKHYGHCY)Z,W
NYRHNT5O CS$NWFM QFTHZOYH V,QPHNWFM ZF[HQ'QFMKHQTOEMGRHCOWHW
CROKHJ/W[HCGYH V,QPHXNCY)=O VC/WOKHVTU-FTU-FG,;
QMFKHCXOWWCGTUWHX*MQNKHVFTHTUOWU1HCLTOKHQ)O>
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XU-FEUGHWU'WCVCSYPHLKFTHR)OL\KHJSWHCL[OXFMWHQPH??WU-[HDT5ODO[,XM[HXM[HVRT5OCYOJCQEUOYHSMFYOT5F[IDN__??SMFXFMYOW
VRT5O TCQEUOC[THJ CGOWHS*MT5OCYOJ TKHW VXM[HCY)WFM
L['CVOKHXM[HMFKHYHC[IJ__??VRT5OTCQEUOY,JVY)WHMRFMWHL['QYFZOYHCX__NX*MWHCTOXFMWHQPH??CWOKHYHMRFMWHL['QYFZOYYHY,JXNCY)WMFKIQCDOWUYH__??EWHCGYOYRHEMWWU-[HDOSWHXM[HT5GHTQFDN$U__??DOCL[OYH__??VQPHW),C'[RPH\)WHZOY,JNWDHGOT5OT5GHT5WU-[HTQFYO__NX*MW
L[*-WO XWHC57THXFMWH> YHM*RFTH5KHJ XN/W'W VGOW[HXOWO
[FMWHS*YRHZ[HWMFRO[),C[YKHXFMWHCXQPH??QPHCK)CY)=OCK)QOKICQOKH\MF5FYHNXFMWH[I__XU-FEUGHWU'WEUWHEUKH[KHCK)XWHT5YHTUOWFMCWOWHNXFMWH>??CK)QOKICQOKHRX*MWMFSHWHVY)KHWMGHCVOKHQ*MMFKH[IJTXO__??WMGH[IYHTFGHTG,;VWHHL['CYOJCXOKHWROHSMFKHWMGHCXOWH[IYH__??CWOKHYH
CK)WFM DHXFML\-GHTX,SMFYO TKH CWOKHCWOKH QFQO[,
QPHVXM[HWFMTXM[HEKHT5O CWOKHCWOKHVGON\MF;XFMYH1'C5OWHWFM
CWOKHCWOKHVGOC[ZOT5
CGOWHWFMEWHEWHE,E,VXM[HCY)XM[HMFKHT5O__??DOEWHEWHE,E,VXM[HX,WU-[HWXGHZUGHTGHXFMTU-FVQWH/W'L['VEUFGHTR'Y,JXNTU-FT=MYHDN__NX*MW
=WH=WH[WH[WH HCTOXFMWH> VG'T5 YHX*MRFTH5KHJ XN/W'W
NX*MWFMX5TH/WPHJXFMWHQPHNX*MYRHCOWH=WH=WH[WH[WHHCTOQPHWFMQNTLTKH\NCEUNX*M>HQ*[HYGH;Q)OL['CGOWHQN;TUWH5OWL[GHXPHP-FCOHQ)OL[GHQPH??SHWH/WOKHTFGHTCY)"VWHCY)G,;CY,JCGOWFMTKHQ)OTH__??SHWH/WOCVOKHTFGHTCY)G,;C[UOH[IL['KHCYOJWU-[HXPHCYOHCYOHCXNCEUOKHCXOWH[IL['__??CWOKHYHSHWH/WOKHTKHDHWFMQ)OTX,SMFYOWU-[HCL[OL[TH__RWOS*MQPH5KHJNX*MQPHX)GHR)O[KH[GHQ)O[*ML['CGOWHXWHC57THWOCL[OXFMWHQPH??TKHQ)OMFKHL['__XU-FEUGHWU'WTYHYYH[HXMFWHQPHNX*MWCTXMFWHQPH??VL[KH\WHWTFGHWCXCLEOWHCOWHWFMTKHDHXFMZKHQX,__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??CYOHCYOHGF[HY,J=OWCXCY)[,__??QNYMF;WFMXFMEUKHKHTKHCEQ)OMFKHYH__??WU-[HT5OCK)5FYHCK)5FKHTFGHTXFMQCXOWHMFKHYH__??T5GHYH__??DOL\RHXFM;V,QPHCLEOWHCOWHWFMZ[HCET5OX,CGOWHZ[HVQRHWCXCY)CET5OC[IJ__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHV[FMKHWFMHJVQOWFMHX5'GHQN;WFMV*MQ)KHWOCTQMWU.X)GHLEKHWOCTQMWU.X)GHLEKHWOCTQMWU.X)GHLEKHWOCTQMWU.X)GHLEKH
XU-FEUGHWU'Z)WHQ)OQPH5KHJ
EUWHEUKHXFMXMF[KHNX*M>VQ)KHVL[KHT5OQ)WHXWHWOTUWHX*MTUOWRN5XO>ZMF;CGOWHMYHYWHCTXMFWH>??QN;WFMDHXFMLTKHQX,__YHM*RFTH5KHJXN/W'WLKFTHQWHR)OR1HROXMFWHL['CGOWHVYGH/WOT5CL\XMFWHQPH??VX)GHVOHTUOY,JXNYRHCOWH[,__ZFMXN/W'QPH
RWOYRHX*MEUKHWFM VEUFGHN R1HROL['T5 CL[OXFMWHLEKH L\RHQPH
RWOTCL[OEKHCQEUOR)OR1HROL['T5CL[OXFMWHLEKHXPHL\RHQPHNX*MWSWHCL[OXFMWHQPH??IQ)O=OX,VOHTUOYO[,T=MYHXO__??=MYHYH
IQ)O=O QNTUOCY)WFMQO EMYHXFM;L[YHYOT=MYHDN WFMHJXWHWFM
EMYHTFKHX,L[YHYYHYH__??TKHWFMIYRHXWHC[THSMFKHCO__??WU-[HWCYOJWFMHJXWHWFMDHCYOJT5EMYHTFT5OT=MYHDN__??WU-[HX,V,QPHXFM[,VOHTUOY,JCY)WFMVQ*MEUC[THJDOT5TL\RHE,J\NDNTKHXWHZ,WIWFMTKHMFKHQXMFC[IJ__??WU-[HGOXPH[IL['__??VKH__NX*MWQN;TUWHX*MTUOWFM
T5FYHXFMWH>ZMF;CGOWHYMYHYMYHT3TX+[H[,
LKFTHQWHR)OZMFKHCGCXQPHQN;VQ)KHWVF[HC[UOHQ)OQPHJVXOZFMVEUFGHY)KHXU-FEUGHWU'QPHTKHC\>VFTH/W'T5VCYOHCQPHJCGOQFM;COWHQ)OCXL['
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XU-FEUGHWU'QPHTKHC\WFMXPHKHTCY)7TFGHWCXTUOWFMXPHXFMWHT5O[ICEUXTHYRHCX3OWHY)KH
XNYRHCOWHWFMT3 TCY)7[I TKHC\QPH QN;WFM
TCY)7EUKHQPHT5OZKH5O[IQPHTPHQNWT3QN;VOXFMWHT5O[ICEUXU-FEUGHWU'WXPHXNVTUO>+YHSWHLEKHWFMTE*XFMQPHJVY)WH=GHWUX5QPHXU-FEUGHWU'QPHXTHYRHCX3OWHV[NV[KHWKHT,JR)O"CVCSR)OCX3OWHX5THXO>QN;Z*Y)KH
CK)QO KICQOKHYGH CK)X6,XWHT5YHTUO [IXO> QN;L[GOT5O
ZMFCK)WFMSHWHVY)KHWMGHCVOKHQ*MGHL\RHCXQPHL[GOTU-FWFM TPHQNT3
LKKH[HTPH T=MYHCEUL[GO5KHJXWHCY)7 T/W*-QL\KHJ
CK)C[WORFYHWN1HQNTUO[KH5FCQQPHKHWFMZ'ZFMQPH=MCECXQPHCK)QOKICQOKHVEUFGHSHWHVEU-F7XNTUOVY)WHVF[H[KHC[UOHTPHT=MYHCEU=GHWU-FLTF-7QPH
Q)WHXWHR)O X+[H5OCGCQO LTF-7YRHLTF-7L\RH> Q)WHXWHR)O
X+[H5OCGCQOLTF-7TUOY)KH CXOKHWROM*TUO5KHJ TFGHWCXTUO 5FRLT, L\RHQPH
5RHHTU-FRX*MQPH
CK)WMGHC/WWUTUOCQOV[GHCL\GPHTUOL\RHQPHVZNQL\KHJCXOKHWROLEKHQPHCK)VWMGHLTGHQPHXU-FEUGHWU'QPH
C/WV/W'S*M VC[UOHTHTUOWFM CEWO C[UOH[IL['CGOWH VWHWFM
TNCVOKHCQOWHQPHZFM;CGOWHCXOKHWROCXQPHVWHTNL[' CXOKHWROLEKHQPH
CEIKHWFM CWUOWHE,5KHJ YMFWHQW,JQFM;
5F>VWHTNCGQNYRHCOWHCXOKHWROX3KHMFKH\FM;OVCYOHEWHCXQPHQFM;OY)KHCXOW/W'ZNSGHCQOVLEKHVOTUOL\RH[)OYYH>XU-FEUGHWU'QPHCXOKHWROKHL\KHJMFKHL['KHMFKHWOQN;XWHZ,Y)KHCK)QOYRHQFGHL\RHQ)O>XU-FEUGHWU'QPHCGOWHZ[HCGOWHZ[HVC[UOHTHTUOWFMCEWOC[UOH[ILEKHL\KHJCK)TUOWFMWMGHCVOKHL\-GH[RHGH
/WF-ROCQQPH QFM;CQOH QPHTFGHWCXTUOWFM T/WF-WHQL\KHJ
CGOWHZ[HZ[HCEQL\KHJ COWHXOCQO TFGHWCXTUOQPH EKHTFGHWCXTUOZWH
[FMSMFCGCQOVEIZ[HCETPHWFM[KHXGH;XOCXQPHQPHT5O COWHUOTUO> L[GO[KH
L\RHQPH VWHTNCGR1H CY)7XFMWHCQO
TFGHTTUOQPHGYHQT'VXOCEUOCTOX5[CQOHXPHVTNCL[Q)OCQOVEICTUOWHVFMT/W'VXOL\RHQ)O>XU-FEUGHWU'>
GYHQT'CXTUOQPHXPH ZFMVYMFKH[KH L\RHQPH PVEUFGHY)KH
X5[CEUOCT)7L['NP*JQCXOWHTGWHTFMXKHCQOVEIM[HSMFL['CVOHX'SGHROCWOKHCGCXQPHXU-FEUGHWU'>
RWOTUOWMF GOCZOKHL['CQOVEI L[PHJYGHSOCEIKH
TFGHT/W'WQWHL[KHEUXMFWHQPH QNT VQWH SHJ5RH5RHWYPHW L[PHJYGHSO
XM[HROXOCQOHXPHEMW,JQMF;VQPH5X*MT5FCQOXNTU-FTCY)7CQ[I=M/QEUNCXQPHXU-FEUGHWU'QPH/QEUCXOWHCQOXNYRHCOWHL\RH>
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XU-FEUGHWU'YRHCOWHGYH[GH*MROCQOWHSMFKHZ,T5Z)WHXOCQOVEICGT)GHYPHJL['L\RH>QNQPH
CK)QO5RHSH VWMGHE* GYH[GH*M ROCQOWHSMFKH> CRUV/W'S*M
?YGO5RH[I_=KH[),VOX*MWFM T5OL[' RO[),VL[PHJEUWO ZMFKH/WPHJE,JQPH
ZMF;CGOWH
CK)QOYRHO;5RHSHWFMRO[),C[[RHEUWOZ)WHXOE,JQPHXU-FEUGHWU'QPH
RO[),VL[PHJ YGO5RH[I =KH[),TUOWFM /WPHJM*QO/WPHJE,JQPH
YRHXM[HT3TROE,JCEU XNEUTHQOTUOQPH =KH[),TUOWFM ROGHVY)WH T=MYH[,
/WPHJGHVY)WHQOT5OYYH/WQXFMQNQPHXPH=KH[),TUOWFM/WPHJM*QO/WPHJL['Z)WHXOE,JQPHW*CWOKHCZOWHTL['
ZFMPYMGHW CXOKHWROXM[HOY)KH VGPHKH
+*Q)OE,JQPHQPHJYMFKHCVOKHQN;VFYHZ,Y)KHCK)QOEMGRHCQOKHYGHXWHT5YHTUO5FCGCQQPHCK)QOKICQOKHWFMSHWHVY)KHWMGHCVOKHQ*MR),GHT5OX)HWNCQOVXM[HT=MYHC[CSOKHVWMGH
C)VWN OQ'1YMQPH YRH5RHX*MY)KH VQOOS*M" /WPHN\)H
VCWOKHS*M"VXGHSGHS*M L\RHCXQPH OQ'1YMQPH L\PHL\PHEUKH
[NC)XOEUFGHY)KH
ZFMC\OWHXOCQOCGTKHVXKHCOKHYMF;WRFYHWFM/WPHXKHCR>XU-FEUGHWU'QPH
LTF-7VL[KH\WHQFM; CLE1'X5PHJXFMWHQPH SKHCLE\*M\WH5F CXMCVCXWFM
E*ROKHVFYHZ,T5CK)TUOWFMDHXFMWMGHCVOKHQ*MTPHWFMR1HROC[1'TPHXU-FEUGHWU'QPHXTHY)KH
[HWO LTKH5RHCWOKHWCQO ZOX*MYRHX*MWFM
HXMFWH>ZFM;CGOWHLTKHX5PHCTOKHGH XNYRHCOWHWFMXPH YRHCG;RO
K5OXFMWHQPH CK)QO YRHCZOKHJKIOQ*ML['CGOWH X)HWNR)OL\KHJ
QN;XFMVKHS}TUO L[PHJQ)OCXQPH CK)5FX3KH
VEUFGHWMGHQWHQOX5QPHQFM;L\KHJXU-FEUGHWU'QPHLTF-7L[KHSKHCLE\*M\WHS'QFM;LTKHX5PHR'KHZ)WHXOE,JQPH=FMVCS'T5T+FKHPF-7PF-7CYOKHYGHTUOQPHTFGHWCXTUO>KHQOTFM;TFM;[TOC\OKHTFM;CGQPHCGOWHYRHE2Y)KH
CWGHYRHEMWFM CY)7CQOVEI XU-FEUGHWU'QPH LTKHX5PHWFM
XTHCDY)KH[HCRXMFWHL[' LTKHX5PHC[T5 SKHWO CWGHWFM [YH XTHCX3OWHCXQPH
ZFME2Y)KHYMFWHEYHXOCQO CXCL[PKHQPH CWGHVY)KHH X+FKHY)GH7WCXTUO
ZQ)OCR>ZMFLTKHW)KHWFM /WPHJKH XU-FEUGHWU'QPH CQWUKHCQO EI5FQPHJ
TFGHWCXTUO>
EUWHYMFKHWFMQYFXFMWHTFQPHXU-FEUGHWU'WQN;WFMHQNL[GHCL[OXFMWHTFQPH??KI=OTFGHTXFMWHROY,JXNYRHCOWH[,__ZFMR1HT5O[KH
QNQPH CGCOKHLEPH" CYOKHWMGHTFM;TFM;5KHJ CWGHX+FKHY)GH;CXTUOZWH
SHS[FMX5[CQOTFGHWCXYRHCOWHWFMCY)7XFMWHCXQPHZFMTFGHWCXQPH
VFTHKHWCXYRHX*M> C57Y)KH[HWO /WWHWCXTUOWFM VROCW4CG>QNTQPH
VWURFTHWCXWFM YHZOWO SGHCRJCXTUOWFM EI[FMWHZ,ZPHJL['
/WWHWCXTUOWFMCESGHCRJTUOCW4CG>/WWHWCXTUOWFM RMYHQ[H CECGCQO
QNT> +YHETHWCXTUO CW)CG[*MT5O GTHRM[HEUKHROCWOKHX5QPHCG;XPHEKH
CG[NZ,Y)KHQNTQPHXPH=MFWH [IX6OCQOVWUYRHZPHWMF YHZOQL\KJH
QNT>L\.C\)CQO XPH[KHQOCXTUOWFM LTKHMFKHC[QPH CLECZOWHY)KHXPH
CLEVFYHT[I[,
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
QRHQO\FG[HCX YRH*WFM R'ZOCXO L\.C\)CQO CLECZOWHWCXTUOWFM
VYMFKHQOLTKHCG>/WO\NCQOW$UOYRHC/WOKHWXU-FEUGHWU'>CEIKHZ,COWHXO>??Z*MXFML\.C\)Y,JTFGHWCXHVZNYXPHVX5L[KHROTXFM[IW)H__ZFMW$UOSOQPH
TFGHWCXTUO VC/WOKHWFM TQFQNQO L\RHTPH TFGHWCXYRHCOWH>L\.C\)CQO
VQOVCWFM Z*M5KHJ T+FKHQKHJC[ FM;5RHCOKH" CWUOWHRFTHL\."
VGPHS*MCYOJ/WWH1VWOYMF;5KHJ+FKH51HQKJHC[QPHXU-FEUGHWU'YRHCOWH
VCY)SGH;CGR1HT5O[KH VFTHWCXVY)KHT5 XNYRHCOWH Z)WHXOQPHZFMXNQPH
VQWH/W'[*ML[' TFGHWCX> YKH[ITUOWFM [MYHWO VFTHVY)KHQMF;
S),CECXQPHTFGHWCXW CEIKHTHWO CGTKH/W'WFM XWHP-FZFML[L[' YRHR*MYRHEM
L[GHCL[O> QNYMF;>=GH[GHWFM /WPHJLEKHVOL\KHJ ZFMXNQPH
TFGHWCX> COWHUOL\RHWO TFGHWCX5KHJWFMHXWH5'C5OGH
/WF-ROCGLEKHL\RHQPH TFGHWCXW CG;XPHCG;EKH/W'Y)KH
XM[HROTUOWFML['CVOKHXM[HTPH=MSMFL['CGKHQPHVZFCROKHJSFMKHGHQN;COWHUOWFMCL[OCGLEKHL\RHQPHPCGCT5OKH'QGHQPH5KHJ
ZMFXNQPH TFGHWCXVO VF[HOZ, S),Q)KHC[CYOJTPH
QPHWFMR1HROTFQPH5KHJXU-FEUGHWU'QPHZFMXN>TUWH5OVOXWHQ'L\KHJS),ZMFEUKHRFYHC[XO>QFM;OY)KH
XU-FEUGHWU'QPH XNYRHCOWHWFM VC/WOKHT5F[, XWHQ'L\KHJ ZFMYYHQN
T=MYHCEUXWHQ'L\KHJZFMEUKHQPHSMFQPHJYMFKHQNQPHXWH[IGHTXFMC[XU-FEUGHWU'QPH
ZOC[ L[GHYWHWO LTF-7Z,QMF; L[GHQ)OL['CGOWH
QN;XWHZ,T5CK)XWHT5YHVOX*MWFM CK)QOTUOL\KHJ X,NXFMWHCXQPH ZFM;CGOWH
CK)QOEMGRHCQOKHYGHCQOCK)Y*MTUOWFMNWOMGHRFMKHL['L[GHXOCXQPHQN
L[GHCOWHCQOVEI TFGHWCXQPH VYHCX3OHCGL['
COWHUOXM[HQNQPHXWH\WHPHCQOWHCGQPHWFM CY)7CXQPH TFGHWCX>
XWHCEUOKHTUOQPH 5PHXUOL['M\YHCG> VWHQO ZFMXWHCEUOKHTUOL\KHJ
COWHUOYRHCOWHWFM
L[-RMTPHSMF[IX3KHVCY)7VZFQPHX)GHR)ONP*JL['CWOKHT)GHC[XFTHJTPHXU-FEUGHWU'QPH
KHY*EIWFM CEIWHXFMWHL['CGOWH VY)KHT5 XO\)KHJC[QPHWFM
TCROKHJCYOJ[,Y)GH\)KHJWOKHQ)OXMFWHQPHCOWHUOXM[HQNQPHXU-FEUGHWU'VOL[./WPHJWOCTXMFWHQPH??TKHDHQNX,DOXOXM[HYOX,__??WU-[HGOTPHXU-FEUGHWU'VXPHXOYO[ICY)7YOTHQO[IYH__??TKHWFMWU-[HTQFDN__XU-FEUGHWU'WL[*-XMFWHL['CGOWHCK)Y*MYRHY*MWFMZMYHL[XFMWH>??IWFMCYOJQFYHT=MYHXO__ZMFXN>
TUWHX*MTUOQPH VCOKHXWHCGCQO CK)Y*MT5 TE)OMFKH[, VZRHZRH
VCKIJCKIJL\KHJCL[OXFMWHQPH??CK)CK)Y*M/W'[IXO__??QPHXMFCK)Y*MTU-FTKHS'T5ODH5RHY*M5FQX,__COWHUOXM[HQNQPH
EUWHEUKH L[GHTCL\MFKHCEU QN;YRHQWHYOY)KH QFM;CQO CK)Y*MTU-F
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
T[FMKHSMFKHE,J\NQPHT5OZKH5OX5QPHZFMR1HT5O[KH TFGHWCXQPH
VGOW[HXOL[' X5TH/WPHJXMFWHQPH QNT QPHXPH
CK)Y*MWFMCKC/WOKHWO/WPHJCGTFCXQPHC6CK)TUOQPH XNTUOWFM
S),CSOKHMFKHR)TH5FCXQPH QNYMF;QPH XNYMF;>
R1HROSKHLEKHMFKHR)THWFMYMGH;SFMKHQ)OCRQPHXU-FEUGHWU'WHCTOXFMWHL['CGOWHXWHC57THXFMWHCQOVEIZOCTOKHQTOQPHCQYO/W'CXX*MWFMYRHX*MR'NXOL['CGOWHQNYMF;C57Y)KHEUZOXMFWH>??CK)Y*MYRHY*MYRHY*M=O
CK)QOKISHYGHYH C=OQPH CQYOYRHX*MYRHX*MT5O CK)Y*MQ*MOR' [IYH
CQYOCXX*M C[IKHXMFWHKH CK)Y*M YRHCZOKHJ5RHO 5FYH
CK)QOCLEOWHCQOKHYGHYH__COWHUOXM[HQN> TUWHX*MTUO L[.WUHQ)O>
TFGHWCX> TUWH5OWCX G',Q)OWOVQWH5.Q*TUO
LTGHSGHXOQPHVEURH1'WFMCY)7XFMWHQNTUOW,JQMF;5X*MEMGHQ*TUOVCOKHCOKHVT5OT5OL\RHQ)OCXQPH??EKH$UOQPHCK)CY)WFMXFMEUKHQXO__COWHUOXM[HQNWXU-FEUGHWU'WFML[./WPHJWOCEIKHPFYHL[XFMWHQPH??EKH$UOXMFEUKHKH
QPHCK)CY)VOX*M EKH$UO1RO[, CQYO5RHX*MWFM
LTKHX5PHC[YKHL['EKH$UO/WF-WHY,JS'WFMQ)OMFKHYHEMGRHWHCGKHL[GHXOE,JEKH$UO/WF-WHY,JS'WFMQ)OMFKHYH__XU-FEUGHWU'QPHTFGHWCXWFMX5TH/WPHJKHWSWHCL[OXFMWHQPH??WUGHY,J
CQYO 5RHX*MWFMCYOJ QPHW EKH$UO TFGHTG,; ZOE,J EMGRHWHCGXMF;
EKH$UOL[GHXOKHQPHCQYO5RHX*MWFMXPHEKH$UOTH__COWHUOXM[HQN>
TUWH5OC[Y)KH CE4Q'CE4C[IWH/W'TUO WUXOL['
TFGHWCXVOX5TH/WPHJXMFWHQPHTFGHWCXQPH QN;VO /WPHJTCG[I QNTQPH
CK)Y*MTUO ZPHJZOCQO
CQYOTUOWFMQORFMWH/WPHJCG>COWHUOXM[HQNQPH+YHETHWFMX3OL\KHJQ[HWOCTXFMWHQPH??TFGHTTKHDHXFMZKHQX,__TFGHWCXQPH
+YHETHWFM WFMWHWO SYHWG, X5PHJL[' VFTHZ,
L[GHKHQ)OCYOJQPHCOWHUOXM[HQNWVZFYHZFYHVL[OL[OL\KHJVCGOWHT5XFMWHQ)O>QFM;CQOH
CCTQ)OL\RH[I XTHYRHWHT5O[KH X5PHJL[GHXOCXQPH
CK)Y*MTUOWQN;VOS),KKHZO>XU-FEUGHWU'WZ[HCL[OXFMWHQPH??EMGRHWH[,EMGRHWHSMFYOQF[HT/WO[IDN__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
ZFMXNQPH CQYOYRHX*MWFM \)KHJWO CK)Y*MYRHY*MWFM CWOWHNL['
WFMWH/WPHJXFMWHQPHCVRWHCQO CK)QOY*M> VZFVCY)7QPH
CK)QOVRRHL\RHC/WOKH ZKH5OCRQPH QNQPHXU-FEUGHWU'> RWOS*MCVOKH
GOTCZOKHCYOJ[, CQYOYRHX*MWFM TMFKHJYRHMFKHTWO
LTKHX5PHC[YKHCXQPHZMF;CGOWHMYFCQYOWFMQHNGHVOT5FCYOJQL\KHJ
LTKHX5PHSOWQN;VOWNP'QPHCK)QOVL[PHJ[ICQO CQYO5RHX*MWFM LTKHX5PHC[
YKHL['CGOWH
C=O=,SMFWHCGCQOCOWHUOXM[HQNQPHLTKHX5PHSOVOCXOCSOHXFMWHQPH??LTGHLTGHCTOKH
LTKHX5PHWFM LTGHLTGHCTOKHRTH[I COWHEUKHOCOWH
CTOKHQOCTOKHCCCOWHCXCWOKHCX[,__XU-FEUGHWU'WVQ*Z)WHCVOKHHCTOXFMWHTFQPHLTKHX5PHW
V5FGHL\KHJ CTOKHZ)WHQ)OQPHWFM XU-FEUGHWU'W /WPHJCGL['T5
WUGHE,JCQOCK)CQYO5RHX*MWFM VFTHVY)KHQFM; C67XFMWHQPH ZFM;CGOWH
VFTHY*EIWFM [FYHWO VY)KHT5TKHYM[HZMFXFMWH>VFTHVY)KH\WHQFM;
X5PHJ/WPHJXMFWHCQOVEI VF[HEGHY*EI [)KHJXUWH5FQPHWFM
CY)7XFMWHQPHEGHS'WCXUOJFCXUOJ,YKHXUWHQO5FQL\KHJVY)KHQFM;LTKHMFKHCXQPHTFGHWCXQPH
VF[HOC[Y)KH ZFMKHXUWH5F> QNT> TUWH5OQPH G',CGL['
+YHETHCXWFMWFMWHZOQPHXU-FEUGHWU'WVEGHY)KHQFM;X5THKHXMFWHKHWCTXFMWHQPH??TKHDOCY)R1HROCGYOX,__??CQOWH1'C5OWHWFMT5FDNCXOW/W'T5OQPHXFMTU-FXM[HYO5KHYRHCOWH[,5FYH__XU-FEUGHWU'WEIQ'R)OHCTOXFMWHL['CGOWHCL[OXFMWHQPH??VEMGWCXW[,
KI R1HROCGYO =N)FVO [IR[HW Z)WHXOTHJ [ZTS*M
RWOX*M=O?CQOWH_L\RHT5L\RH[IJTXOXFM;__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[FMKHGOTPHCWUOHYMF;CY)7S*MLEKH
V[MFKH
WFMHJVQOWFMHX5'GHQN;WFMV*MQ)KH
V[MFKHV[MFKHV[MFKHV[MFKHXTHP6GHL[QLEKHXTHP6GHL[QLEKHXTHP6GHL[QLEKHXTHP6GHL[QLEKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
V[MFKH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[MFKHXTHP6GHL[QLEKHV[MFKHXTHP6GHL[QLEKHV[MFKHXTHP6GHL[QLEKHV[MFKHXTHP6GHL[QLEKHXTKHCQOHYOXTKHCQOHYOXTKHCQOHYOXTKHCQOHYO
TFGHWCX>VTPHQPH=N)FVOL\RHQPHT5OZKH5OQPHQNTWFMXU-FEUGHWU'QFW4THL['L\RHQPHT5OXPHZKH5OX5QPHQFM;SMFX3KH
DTUWH5OWEUWHEUKH[KHCL[OKHX,Q)OL['CGOWHCXGWHR)OCL[OXFMWHQPH??NX*MSMFY,JCWOKH/W'WFM
V*MQ)KH\FM; QPHXFMXM[HXFMWHYO QN;TUWHCRJZ,T5O
TQW(OROX*MT5F\FM;XFMYHQNWVTHYGHEFMZ)OL['CGOYWOT5OQN;XNCY)5FYH__??DOCL[OYH__??XTHWCGKIK5OXOY,JLTKHX5PHQTOWXPHQN;XN[,__??5KHDHXFMQFQX,__??YWHJ
LTKHX5PHQTOSMFKH CK)QOVL[PHJ CQYOCY)WFM CY)7KH =GHCSOKHMFKHT5O
T=MYHDN
IC[THJ KIJ,7 LTKHX5PHSOWCYOJ X5PHJCYOKH T/WPHJDN DH/WPHJTX,
NX*MG,;VXM[HXM[HQNYMFKH=OQPHCXOWHCK)[TO2WFMT/WOE2LTKH\NY,JXNCY)EUPH[,__TFGHWCXWCEYT3LKFTHWOR1HROL['CGOWHRWOXTHC/WOKHCL[OKHXFMWHQPH??5KHVTHC[UOHCGYH/WOYH__XU-FEUGHWU'WTUWH5O+*7T,JWOCL[OXMFWHQPH??QF[HC[UOHROCWOKHYO[,QPHT5O/WPHJKIJ5OCEIKHWUM-FQ)OYH__??TFGHWCXCY)G,;C[UOH[IYO[,YGH[IYHCX__XU-FEUGHWU'WQWHL[KHEUXFMWHL['CGOWHCL[OXFMWHQPH??V,QPHTFGHTCY)YRHCOWHT5TKHG,;51HXMF;TDN__??CYOHRTH[IW4GHTWFMXOX5FTHJTCGG,;QPHWFRTL['L[YHTEUKHW4GHTWFMZF\FM;TR1HROG,;__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??ZFCYOKHTZFDNXO__??TDN QPHCG;WRL[' W4GHTW WMYKHC[T5O VF[HTH
5KHW /WTHC[T5OVF[H P\WHT5OYFYHYFYHWCX WMYKHC[ YWHXOTH SMFKHCYOJ
W4GHTW NX*MS'Q)OL['
5KHJVC/WOKHCY)VWMGHC\OH[RHTH__??TKH=OXNT=MYHDNK,L[PHWX)YHXOY,JQ,T__=N)FVOWSPHXPHQ*CXXFMVQ*X)KHX)KHCXL\KHJHCTOXFMWHL['CGOWHL[GHCL[OXFMWHQPH??5KHWCO
DOZNXFM;X, TFGHTXFMWHROY,J Y25ON/W' QPHT5O ?EUGHWU'_
SMFYOXTHTWUH/W'SMFKH ?)FVO_ SFMY,J W4GHTW XTKHCQOHYOXMF; CEYH
XTKHSMFYOXTHTWUH/W'CY)WFM VXKHCOKHC[YO XTHTWUH/W'CY)W XTKHWFM
DOT5XM[HXFM;
TDNT5YHZO__??TKH=OKIJ,7XWHCZOWHXM[HCGYOZNSGH[IYHCYOJT5YHQO__)FVOWQNT>CEIKHWCXWFMCROKHWOEURHR\)HCL[OXMFWHL[GHQPH??W4GHT=OYGHEFM5KH=N,7QT'VKHTYGHZWHLTWHL['CEUOCTOX5[CQOXTKHWCX=N)FVOTQFYOT5F=N)FVOTXM[HYYHYOT5F=N)FVOTCL\5KHFMKHYOT5F__??=MYH[IJTKH=OCYOHXPHCYOHYHYYHXPHYYHMFKHYHCEUOXPHCEUOYH__=N)FVOWFM
YYHMFKHQPH=M CELEKHT5O GPH[KHGPHCQQPH YGHEFM5KH =N
QPHQFMKHCXOWYRHE)KHWFM\FGH;\FGH;YMGHCRQNYRH1'T=MYH[IXOYGHEFM5KH=N>VTPHWFM
/WOM*L\KHJ[KHC/WOWHNYMGH/W>)FVOWXPHL[GHCL[OXFMWHQPH??W4GHTWXPH
ZNSGHCGYO VC\W CL[OYH 5KH YRHCOWHW[, NX*MWFM
KHSMFKHMFKHTHW4GHTW5KHJWFMWNP'THSMF[,__XU-FEUGHWU'WHCTOXFMWHQPH??IC[IJ
WU-[H,7 QMFKH[PO VSKHJVYGH" 1O2HPH1O2HCQ)G,; XM[HPHWFMKHPHWFM
/WPHJL['CYOJV\MF/W'W QCDOWUQ)OYOC[IJ WU-[H=O DHCYOJT5 T/W)OIE,JXFM;
DHQNT5 WU-[HVC/WOKHTQFC[THJ V\FM/W'WCYOJ QF[*MYH WU-[HT5O VOGPHEUWH
GPHGPH[I[I
5FC[THJVOQOEUWHCY)VTUO/W'5FYHXFM;TKHVC\WFMHYMFKHWU-[HWFMCL[OXFMWHYO[,
/WPHJYOWU-[HWFMQOTWHCYOHEUKH[*MYH__TFGHWCXW+YHETHWCXWFMCZOHWOL[GHCTXFMWHQPH??5KH=OCYOHCYOHVCL[O/W'YO[,\KHTMFKH[,[,/W'=KHTRO[IG,;__CL[OL['QPH5KHJ
QNTW =WH=WH[WH[WH HCTOXFMWHL[GHQPH HL['CQOVEI
QNTWCTXFMWHQPH??NX*MG,;CY)7L['[XO__??CY)7L['L['5RHEICYOKHCY)7XFMWHYH__??ISFMKH
DOL\RHXFM; QN;WFM T\THXFMWHYOX, QPHCXOWHCWOKHY,J VE)KHJVC
CGOWHZ[H[IJTXO__??TKHXMFTU-FKY*MCY)[,V,QPHXFMXM[HTHKIQOQN;WMF\TH\FM;/WF-ROKHCQYO/WOL['__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
??5KHCL[OCYOJ 5KHJ,7 QFMKH[POW VTHZNE4GHYHSMF VC\WCYOKH 5KHJ,7
QFMKH[POVSKHJVYGHTU-F QPHWTOC[T5O CY)7\FM; E,1HYHXFM; CL[OYH
CEIKHCSOKH/W'
THWXPH5KHJ,7CT)ROVC\T=MYHXODHQN;WFMC/WOWHCGYOX,__XU-FEUGHWU'WYPHLKFTHR)OCL\XFMWHQPH??KIWYRHLEOXNCY)WFMTC/WOWH[IDNNX*MWFMQOC/WOWHYO__??QN;,7QMFKH[POWQNTUOCY)CL[OQCXOWHC/WOWH\FM;CWOKHXFM;XO__??QNTUOCY)
CL[OYOZWHCYOKH C/WOWH\FM;CWOKHCQYH QFMKHCXOWZ,T5O
QFMKHMF2H/W'EMGRHFM2HW QFMKHZF[HQ'SO/W'CY) VOX*MZ,T5O
XFMWH5OCYOKHT5 QN;,7 QFMKHW)WH
VW)WH5RHOVZFE*MFKHTHJXNT5FDN??5KHSMFKHCO__ZMFCTE)GHWFMXU-FEUGHWU'WYPHJYPHJTCL\[,CW)7MFWHQ)OQPH??IJVL[KHQN;T5OC/WOWH\MF;CWOKHY,JXNYRHCOWH5FCQYH__??DHQNX,LECQ(JTKHXGHZUGHTGHXO__??LECQ(J/W'W
VFMCG[IL[' CGOWHYRHEMW CX5OKHVFTHZ,T5O CGYO/WOQ)OY,J
LECQ(JCY)=O=FGHXFMWHC=OWHXFMWHG,;V=GH;CWOKHC[THXFM;Q)OCY)WY*MCGYYHYH__=N)FVOWR1HROL['CGOWHCL[OXMFWHQPH??GIQEKH/W'NX*MT5OLECQ(JYRHCWOKH"WUOYRHCWOKHG,;CIKHYRHCWOKH5FYHXFM;/WO\NYH__??LECQ(JWVFMCGL['WUOGWH/W'WVLKFTHRONQ)OL['CIKHWXNTQYHMFKH[IDN__??ISFMKH5KHCL[OY,JXNWQNYMF;Q*MCOWHT=MYHDNC[IJ__??T=MYHDN__??V,ISMFDHQNX,__??QWHXYH[FMKHV)HYHM*RFTHG,;CLEVFYHVL\.YHYHVL[KH[GHT5OCYOJVCRE*XFM[,IC[THJQN;,7QFMKH[POWYVOGWH+FKHYH__??5KHDHXFMQFQX,__??LECQ(JTKH
XGHZUGHTGHG,; WU-[HG,; YMFWHEFMWHY,JVEIT5O YRHEGHX*M
CL[OKHSGHQ)OC[THJV,QPHXN/W'WCYOJ CVCS[, QN;VWURCYOKH TX+[H5ODN
IJVL[KH VWHK5,7XFMWHKHX,QN;XWHW X*M LKFTHYH QPHCXOWHCXY,J
VWHVFM/W'WFM XWHYRH\WHYPHG,; TL['VWHK5,;YOX*MT\FYHDNWCXCXCY)
CRUCOKHYTHCSOJQXFM C[IJC[IJ[I[I
K5,;XFMWHC[THJXWHYRHEUWHTYMGHDNVWHYRHRWHT5T\FYHCRDN__=N)FVOWCQEUOR)OGOCZOKHCGL['CGOWHL[GHCTXFMWHQPH??QN;XWHWFM/WPHJL['CYOJDOXWHGWHQ*MYYHQX,SMFYOQFMFKHQXO__XU-FEUGHWU'WVYGH/WOCVOKHR1HROXFMWHL['CGOWHL[GHCL\XFMWHQPH??TCL[OYYHDN
QN;XWHT5O VTO)YHYWHCGYO TCY)7CYOJ QFMKH[PO YYHYH
XFM;CYOKHCL[OEWHYH__
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
QFMKH[PO CXJWUKHJQNYMFKH XWHY)KH VQOTO YWHC[TPH WFMKHCSOKHCQO
XWHGWHC[TNYPHVTO)YHYWH[*MYWHGPHW)OLEOMFKHCQOHXPHVTO)YHCYOJ5FWFM5FC[TPH??5KHWQN;POXWHWFM[,/WPHJE,JYOT=MYHXOISFMKHDHQGHL\RHTH__??=MYHMFKHYH__??ISFMKHDHQGHQFMKHSO/W'CY)Z,WDHQNL\RHGMFKHTX,__XU-FEUGHWU'WHCTOKHW=N)FVOWFMXWHP-FZFMWOCL[OXFMWHQPH??'CTE)GHWFMCYOJQFMKHCXOW,7V/WOVLTKHVTUOS*M[PO5KHSMFY,J=N)FVOWFM[,CTT5O[,__XU-FEUGHWU'
CL[OQPHJVYMFKH T5GHC[QPH QMFKHCXOWVC/WOKH VQFS*MXNT5O =N)FVO
L\RHQPHQNT> T5YH1O2HT5O VZNCWOKHT)GHL[' QNT> \EKHT5O
YGHEFM5KH=N
L\RHCGQPHJVY)WHQFMKHCXOWY)KHQNTTQFQPHJVO5O[IX5QPHVYGH/WOR1HROL['CGOWH=N)FVOWCL[OXMFWHQPH??DHQGHQFMKHSOCY)Z,T5OEUKH=N=)OWVCYOHS*M[,__??[GHR/WOIQTOEUKH=N=)OXO__??=MYHYHVQWHWFM5RHG,;CLTL[GH;T5OCQOKHWUGHE,JY,JIL[$FMXHWUO/W'WFMQYH[RHE,JQY,J__??VKHV,QPHVC/WOKHWFM/WO\NYH__??VQWHSHJQ*M5RHT5O
[GHR/WOIQMFKHG,; GOTPHCWUOH/WOXOYH VQWHSHJEMGRH5RHT5OCLTL[GH;,7
VCYOHS*M IQTOXFM; VCEE*YH Q*MSHJYRH5RHT5O E*MY*MFM2HEU-[H
L\RHXOYHQFMKHMF2H/W' EMGRHFM2H,7 QTMFKHT5O VQWHVKHS*M FM2HEU-[H[,
V,QPHVEUFGHT5O
QN=ORFGHCE[),C[IKHCLEOWHOJKISHWFMVMFKHE,JL['L['XFM;SFMYH__XU-FEUGHWU'WCZOWHE*XFMWHQPH??QPHXFMXNCYOHTU-FQFMKHCXOWZ,T5OTUOTUOT5FMFKHDN__??KHKHWYPHW
CYOHL['CYOJ /W'XOCYOJ [FMCYOHYH QN;WFMCY)7Y,JXNYMFKH
TEU'WU.[,TCGMFKHDNW4GHTQOV5RH5RHSHCXOWHCROL['CT)E,JKHQNG,;VFTHCZOKHWUCXOWHYH__??CYOHCQYOC[IJTKHCT)YOV5RH5RHSHCGOWHWUQ)OXFM;T=MYHKHWU-[HWQN;WMFRFGHCEL['QNCQWFMHCQYFMWHT5O__=N)FVOWSPHXPHQ*CXL\KHJHCTOXFMWHL['CGOWHSWHCL[OXMFWHQPH??IC[THJNX*MS'T5O5KHCY)7E,JY,JYHM*RFTHG,;XN/W'WEUKH=N=)OTL\RHGMFKHDN__??DOCL[OYH__??EUKH=N=)OXFM
XNYRHCOWHW DOC/WOKHJTFM; QNTUOS'T5O VWHK5,;Y,J VFTHCR VXM[HWFM
XM[HT5OX,EUKH=N=)O QMFKHCXOW C[UOWHW)HQ)OYO /WOX5L[' CQQXO
5KHQXOCYOKH
TQFCYOJDNDHXFM[,L\RHL\RHQNXMFXNTU-F=OQNTUOS'T5OVCRE*XM[HT5OCYOJT=MYHDN__XU-FEUGHWU'WQWHL[KHYRHEUWHEUXMFWH>??TKHCL[OQXFML\RH[ICRWU-[HWXPHEUKH=N=)OG,;KHTSMFKHEUKHCQDN__
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XU-FEUGHWU'>RWOWEUWHEUKH[HYGH;Q)OWO=N)FVOWFMC[)7\WHXFMWHCXQPHXU-FEUGHWU'
W,JQFM; C[)7\WHTPH=M TPHQNWT3 TZKHT5YHZOCEU =N)FVO QPH[KH
TCY)TFCEU=N)FVOQPHMGHKHWGHKHL\KHJCVOH=RHXMFWHQPH??Y25ON/W'5ODN/W'__QNT>+YHETHCXWFMXU-FEUGHWU'WGTHRM[HXFMWHCQOVEI=N)FVOYRHCOWHLKFTHWUQ)OCXQPHEMCYOJQNT>5OCEIKHT5PPHQ*CXTUOQOZ)WHXOMFKHCYOJQPHPPHQ*TUOWFM/WOXMFWHQNYMFKHVCQ)VQOTUOSOCXOKHXOMFKHC[QPH=N)FVOQPH
MGHXFMWHWGHXFMWH ZMF5WHXMFWH XM[HCGCQOHXPH TZFCOWH[ICEU
QNT>XWHTUOWFMXU-FEUGHWU'WEU-[HZOQL\KHJX+[H5OEUKHYMFKHTX+[H5OMFKHCEUQNT>TUWH5OCXQPHXPH,,G'WOYRHWFMHX*MXPH[NCXOKHCGQPHWUGHTOQGHR)THCQO
TFGHWCXYRHCOWHQPH RFYHZ,Y)KH /WFYHL['5RHQWHCGCQOCOWHUOCXYRHCOWH>
KHE)KHZ, COWHCGX3KH TPHQFM;5FTPHGPH =N)FVOQPH
ZMFW,JQMF;[KHE*ROCG>ZMFVEUFGHT5O[KHMGHWG,VQ*YRHEUWHWFM/WOXFMWHL['VFTHY*EI[)KHJZ)WHQ)O>XNYRHCOWHQPHLTKHR'RRHQN,YMF;WFMKHCXJ5FCQOW)THYMFIT/W'WFMWFMKHWOKHXO>ZNSGHQPHT5OZFMXNQPHLTKHX5PHSOL\RHCGCXQPH
-
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
XNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*MXNQYHQTOEMGRHCOWHWMX*M
V[MFKHXTHP6GHL[QLEKHV[MFKHXTHP6GHL[QLEKHV[MFKHXTHP6GHL[QLEKHV[MFKHXTHP6GHL[QLEKHGIWFMCYOHX5GHQNGIWFMCYOHX5GHQNGIWFMCYOHX5GHQNGIWFMCYOHX5GHQN
XU-FEUGHWU'QPH =N)FVOWFM GTH+[HCGLEKHWFM [HXFMWHQPH QFM;CQOH
QNTWFM
C[)7\WHZOS,[KH5FCQ>LTKHX5PHSOQPHY*EIY)KH[HWOQNYMF;VOCVRWHR)O/WPHJCGCXQPHQNQPH
XWHZ,T5 W)THYMFITWFM W4THWUKHR)O WFMKHY)HZO> QN;CLEYRH\WHQPH
C57QFM;E[HCROKHCROKHWCX YWHCGL[' WUGHCLEYRH\WHW CGOWHY)KH
EFMKHLT,R)O CZOWHZO>
QN;WFM/WPHJXFMWHM*L\KHJ[KHVCY)7V/W*-KHJCQOZF[HQ'QFMKHQTOYRHCOWHT5GHQFMFKHC[QPHLTKHX5PHSOWCX5OKHHHXFMWHQPH??QPHCXOWH/WOL['YOCYOKHT5
GTHM*[, GTHC