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VGEJPKECNTGSWKTGOGPVUCRRN[CUHQNNQYU TGUWNVUKPVGTOUQHOGVTKEWPKVU6JGURGEKHKERTQXKUKQPU
QHVJGUGTGSWKTGOGPVUCPFVJGRTKPEKRNGUWRQPYJKEJVJG
C 6QEQOOGTEKCNYGKIJKPICPFOGCUWTKPIGSWKROGPV TGSWKTGOGPVU CTG DCUGF UJCNN DG CRRNKGF VQ OGVTKE
VJCVKUVQYGKIJVUCPFOGCUWTGUCPFYGKIJKPICPF GSWKROGPVKPUQHCTCUCRRTQRTKCVGCPFRTCEVKECDNG6JG
OGCUWTKPIFGXKEGUEQOOGTEKCNN[WUGFQTGORNQ[GF VQNGTCPEGU QP OGVTKE GSWKROGPV YJGP PQV URGEKHKGF
KP GUVCDNKUJKPI VJG UK\G SWCPVKV[ GZVGPV CTGC QT JGTGKPUJCNNDGGSWKXCNGPVVQVJQUGURGEKHKGFHQTUKOKNCT
OGCUWTGOGPV QH SWCPVKVKGU VJKPIU RTQFWEG QT GSWKROGPV EQPUVTWEVGF QT ITCFWCVGF KP VJG KPEJRQWPF
CTVKENGUHQTFKUVTKDWVKQPQTEQPUWORVKQPRWTEJCUGF U[UVGO
QHHGTGFQTUWDOKVVGFHQTUCNGJKTGQTCYCTFQTKP
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TGPFGTGFQPVJGDCUKUQHYGKIJVQTOGCUWTG TGSWKTGOGPVU CTG GPHQTEGCDNG YKVJ TGURGEV VQ CNN
GSWKROGPV4GVTQCEVKXGTGSWKTGOGPVUCTGRTKPVGFJGTGKP
D 6QCP[CEEGUUQT[CVVCEJGFVQQTWUGFKPEQPPGEVKQP KPWRTKIJVTQOCPV[RG
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QRGTCVKQPCHHGEVUVJGCEEWTCE[QHVJGFGXKEG 0QPTGVTQCEVKXGTGSWKTGOGPVUCTGGPHQTEGCDNGCHVGTVJG
GHHGEVKXGFCVGHQT
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WUGHQTVJGGPHQTEGOGPVQHNCYQTHQTVJGEQNNGEVKQP C FGXKEGU OCPWHCEVWTGF YKVJKP C 5VCVG CHVGT VJG
QHUVCVKUVKECNKPHQTOCVKQPD[IQXGTPOGPVCIGPEKGU GHHGEVKXGFCVG

6JGUG TGSWKTGOGPVU UJQWNF DG WUGF CU C IWKFG D[ VJG D DQVJPGYCPFWUGFFGXKEGUDTQWIJVKPVQC5VCVGCHVGT
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EQWTVGU[GZCOKPCVKQPUQHPQPEQOOGTEKCNGSWKROGPVCTG
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CRRN[VQCNNENCUUGUQHFGXKEGUCUEQXGTGFKPVJGURGEKHKE
EQFGU  6JG URGEKHKE EQFG TGSWKTGOGPVU UWRGTUGFG 0QPTGVTQCEVKXG TGSWKTGOGPVU CTG PQV GPHQTEGCDNG YKVJ
)GPGTCN%QFGTGSWKTGOGPVUKPCNNECUGUQHEQPHNKEV TGURGEVVQFGXKEGUVJCVCTGKPEQOOGTEKCNUGTXKEGKPVJG
#OGPFGF 5VCVGCUQHVJGGHHGEVKXGFCVGQTVQPGYGSWKROGPVKPVJG
UVQEMQHCOCPWHCEVWTGTQTCFGCNGTKPVJG5VCVGCUQHVJG
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CU VJG[ CTG ENGCTN[ CRRTQRTKCVG VJG TGSWKTGOGPVU CPF KPKVCNKEV[RG
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CRRN[VQGSWKROGPVHCKNKPID[TGCUQPQHURGEKCNFGUKIPQT
QVJGTYKUG VQ HCNN ENGCTN[ YKVJKP QPG QH VJG RCTVKEWNCT )#  'HHGEVKXG 'PHQTEGOGPV &CVGU QH %QFG
GSWKROGPV ENCUUGU HQT YJKEJ UGRCTCVG EQFGU JCXG DGGP 4GSWKTGOGPVU7PNGUUQVJGTYKUGURGEKHKGFGCEJPGY
GUVCDNKUJGF  9KVJ TGURGEV VQ UWEJ GSWKROGPV EQFG QT COGPFGF EQFG TGSWKTGOGPV UJCNN PQV DG UWDLGEV VQ
TGSWKTGOGPVU CPF RTQXKUKQPU UJCNN DG CRRNKGF YKVJ FWG GPHQTEGOGPVRTKQTVQ,CPWCT[QHVJG[GCTHQNNQYKPIVJG
TGICTFVQVJGFGUKIPKPVGPFGFRWTRQUGCPFEQPFKVKQPUQH CFQRVKQP D[ VJG 0CVKQPCN %QPHGTGPEG QP 9GKIJVU CPF
WUGQHVJGGSWKROGPV /GCUWTGU CPF RWDNKECVKQP D[ VJG 0CVKQPCN +PUVKVWVG QH
5VCPFCTFUCPF6GEJPQNQI[
)#  /GVTKE 'SWKROGPV   'ORNQ[OGPV QH VJG
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)5+FGPVKHKECVKQP#NNGSWKROGPVGZEGRVYGKIJVU 7PFWGUVTGUUGUFGHNGEVKQPUQTFKUVQTVKQPUQHRCTVUUJCNN
CPFUGRCTCVGRCTVUPGEGUUCT[VQVJGOGCUWTGOGPVRTQEGUU PQVQEEWTVQVJGGZVGPVVJCVCEEWTCE[QTRGTOCPGPEGKU
DWVPQVJCXKPICP[OGVTQNQIKECNGHHGEVUJCNNDGENGCTN[ FGVTKOGPVCNN[CHHGEVGF
CPF RGTOCPGPVN[ OCTMGF HQT VJG RWTRQUGU QH
KFGPVKHKECVKQPYKVJVJGHQNNQYKPIKPHQTOCVKQP )5+PVGTEJCPIGQT4GXGTUCNQH2CTVU2CTVUQHC
FGXKEGVJCVOC[TGCFKN[DGKPVGTEJCPIGFQTTGXGTUGFKP
C VJGPCOGKPKVKCNUQTVTCFGOCTMQHVJGOCPWHCEVWTGT VJGEQWTUGQHHKGNFCUUGODN[QTQHPQTOCNWUCIGUJCNNDG
QTFKUVTKDWVQT
C UQEQPUVTWEVGFVJCVVJGKTKPVGTEJCPIGQTTGXGTUCNYKNN
D   C OQFGN FGUKIPCVKQP VJCV RQUKVKXGN[ KFGPVKHKGU VJG PQVCHHGEVVJGRGTHQTOCPEGQHVJGFGXKEGQT
RCVVGTPQTFGUKIPQHVJGFGXKEG
D UQOCTMGFCUVQUJQYVJGKTRTQRGTRQUKVKQPU
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=0QPTGVTQCEVKXGCUQH,CPWCT[?
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CDDTGXKCVKQP QT C U[ODQN VJCV ENGCTN[ KFGPVKHKGU VJG GNGOGPVU CRRTQRTKCVG KP FGUKIP CPF CFGSWCVG KP
PWODGTCUVJGTGSWKTGFUGTKCNPWODGTCPF COQWPV2TKOCT[KPFKECVKQPUCPFTGEQTFGFTGRTGUGPVC
=0QPTGVTQCEVKXGCUQH,CPWCT[? VKQPUUJCNNDGENGCTFGHKPKVGCEEWTCVGCPFGCUKN[TGCF
WPFGT CP[ EQPFKVKQPU QH PQTOCN QRGTCVKQP QH VJG
G  VJG UGTKCN PWODGT UJCNN DG RTGHCEGF D[ VJG YQTFU FGXKEG
5GTKCN 0WODGT QT CP CDDTGXKCVKQP QH VJCV VGTO
#DDTGXKCVKQPUHQTVJGYQTF5GTKCNUJCNNCUCOKPKOWO )5)TCFWCVKQPU+PFKECVKQPUCPF4GEQTFGF
DGIKPYKVJVJGNGVVGT5CPFCDDTGXKCVKQPUHQTVJGYQTF 4GRTGUGPVCVKQPU
0WODGTUJCNNCUCOKPKOWODGIKPYKVJVJGNGVVGT0
GI50505GT0QCPF50Q  )5  #PCNQI +PFKECVKQP CPF
=0QPTGVTQCEVKXGCUQH,CPWCT[? 4GRTGUGPVCVKQP   )TCFWCVKQPU CPF C UWKVCDNG
KPFKECVQT UJCNN DG RTQXKFGF KP EQPPGEVKQP YKVJ
6JG TGSWKTGF KPHQTOCVKQP UJCNN DG UQ NQECVGF VJCV KV KU KPFKECVKQPUFGUKIPGFVQCFXCPEGEQPVKPWQWUN[
TGCFKN[ QDUGTXCDNG YKVJQWV VJG PGEGUUKV[ QH VJG
FKUCUUGODN[ QH C RCTV TGSWKTKPI VJG WUG QH CP[ OGCPU )5  &KIKVCN +PFKECVKQP CPF
UGRCTCVGHTQOVJGFGXKEG 4GRTGUGPVCVKQP  &KIKVCN GNGOGPVU UJCNN DG UQ
#OGPFGFCPF FGUKIPGFVJCV

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OGEJCPKUOU CPF FGXKEGU CVVCEJGF VJGTGVQ QT WUGF KP CITGGYKVJQPGCPQVJGT
EQPPGEVKQPVJGTGYKVJUJCNNDGUQEQPUVTWEVGFCUUGODNGF
CPFKPUVCNNGFHQTWUGUWEJVJCVVJG[FQPQVHCEKNKVCVGVJG D # FKIKVCN XCNWG EQKPEKFGU YKVJ KVU CUUQEKCVGF
RGTRGVTCVKQPQHHTCWF CPCNQI XCNWG VQ VJG PGCTGUV OKPKOWO
ITCFWCVKQP
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OCVGTKCNUFGUKIPCPFEQPUVTWEVKQPCUVQOCMGKVRTQDCDNG E # FKIKVCN XCNWG TQWPFU QHH VQ VJG PGCTGUV
VJCVWPFGTPQTOCNUGTXKEGEQPFKVKQPU OKPKOWO WPKV VJCV ECP DG KPFKECVGF QT
TGEQTFGF
C CEEWTCE[YKNNDGOCKPVCKPGF
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D QRGTCVKPI RCTVU YKNN EQPVKPWG VQ HWPEVKQP CU QHC\GTQHQTCNNRNCEGUVJCVCTGFKURNC[GFVQ
KPVGPFGFCPF VJGTKIJVQHVJGFGEKOCNRQKPVCPFCVNGCUVQPG
RNCEGVQVJGNGHV9JGPPQFGEKOCNXCNWGUCTG
E CFLWUVOGPVUYKNNTGOCKPTGCUQPCDN[RGTOCPGPV


 )GPGTCN%QFG

FKURNC[GFC\GTQUJCNNDGFKURNC[GFHQTGCEJ TGRGCVGF QRGTCVKQP QH C NQEMKPI QT TGNKGXKPI OGEJC

RNCEG QH VJG FKURNC[GF UECNG FKXKUKQP PKUO  CPF QH VJG TGRGCVGF RGTHQTOCPEG QH UVGRU QT
=0QPTGVTQCEVKXGCUQH,CPWCT[? QRGTCVKQPUVJCVCTGGODTCEGFKPVJGVGUVKPIRTQEGFWTG
#OGPFGFCPF
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ITCFWCVKQPU KPFKECVKQPU QT TGEQTFGF XCNWG KPFKECVKQP QP C EQORWVKPIV[RG YGKIJKPI QT
TGRTGUGPVCVKQPU EQTTGURQPFKPI ITCFWCVKQPU CPF OGCUWTKPI FGXKEG WUGF KP TGVCKN VTCFG UJCNN DG KP
WPKVU UJCNN DG WPKHQTO KP UK\G CPF EJCTCEVGT OCVJGOCVKECN CITGGOGPV YKVJ KVU CUUQEKCVGF SWCPVKV[
)TCFWCVKQPU KPFKECVKQPU QT TGEQTFGF TGRTGUGPVCVKQP QT KPFKECVKQP VQ VJG PGCTGUV  EGPV QH
TGRTGUGPVCVKQPUVJCVCTGUWDQTFKPCVGVQQTQHCNGUUGT OQPG[XCNWG6JKUFQGUPQVCRRN[VQCWZKNKCT[FKIKVCN
XCNWG VJCP QVJGTU YKVJ YJKEJ VJG[ CTG CUUQEKCVGF KPFKECVKQPUKPVGPFGFHQTVJGQRGTCVQT UWUGQPN[YJGP
UJCNN DG CRRTQRTKCVGN[ RQTVTC[GF QT FGUKIPCVGF VJGUG KPFKECVKQPU CTG QDVCKPGF HTQO GZKUVKPI CPCNQI
=/CFGTGVTQCEVKXGCUQH,CPWCT[? EWUVQOGTKPFKECVKQPUVJCVOGGVVJKUTGSWKTGOGPV
#OGPFGF
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QT TGEQTFGF TGRTGUGPVCVKQPU CTG KPVGPFGF VQ JCXG )5  4GEQTFGF 4GRTGUGPVCVKQPU   +PUQHCT CU
URGEKHKEXCNWGUVJGUGUJCNNDGCFGSWCVGN[FGHKPGFD[ VJG[CTGCRRTQRTKCVGVJGTGSWKTGOGPVUHQTKPFKECVKPI
CUWHHKEKGPVPWODGTQHHKIWTGUYQTFUU[ODQNUQT CPF TGEQTFKPI GNGOGPVU UJCNN DG CRRNKECDNG CNUQ VQ
EQODKPCVKQPU VJGTGQH WPKHQTON[ RNCEGF YKVJ TGEQTFGFTGRTGUGPVCVKQPU#NNTGEQTFGFXCNWGUUJCNNDG
TGHGTGPEG VQ VJG ITCFWCVKQPU KPFKECVKQPU QT RTKPVGFFKIKVCNN[
TGEQTFGF TGRTGUGPVCVKQPU CPF CU ENQUG VJGTGVQ CU =/CFGTGVTQCEVKXG? #OGPFGF
RTCEVKECDNG DWV PQV UQ RQUKVKQPGF CU VQ KPVGTHGTG
YKVJVJGCEEWTCE[QHTGCFKPI )54GEQTFGF4GRTGUGPVCVKQPQH/GVTKE
7PKVU QP 'SWKROGPV YKVJ .KOKVGF %JCTCEVGT
)5  2GTOCPGPEG   )TCFWCVKQPU 5GVU6JGCRRTQRTKCVGFGHKPKPIU[ODQNUCTGUJQYP
KPFKECVKQPU QT TGEQTFGF TGRTGUGPVCVKQPU CPF VJGKT KP6CDNG
FGHKPKPI HKIWTGU YQTFU CPF U[ODQNU UJCNN DG QH #FFGF
UWEJ EJCTCEVGT VJCV VJG[ YKNN PQV VGPF GCUKN[ VQ
DGEQOGQDNKVGTCVGFQTKNNGIKDNG )5/CIPKHKGF)TCFWCVKQPUCPF+PFKECVKQPU
#NNTGSWKTGOGPVUHQTITCFWCVKQPUCPFKPFKECVKQPUCRRN[
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+PETGOGPVU   +P CP[ UGTKGU QH ITCFWCVKQPU D[CPQRVKECNU[UVGOQTCUOCIPKHKGFCPFRTQLGEVGFQP
KPFKECVKQPUQTTGEQTFGFTGRTGUGPVCVKQPUVJGXCNWGUQH CUETGGP
VJGITCFWCVGFKPVGTXCNUQTKPETGOGPVUUJCNNDGWPKHQTO
VJTQWIJQWVVJGUGTKGU )5/CTMKPI1RGTCVKQPCN%QPVTQNU+PFKECVKQPUCPF
(GCVWTGU   #NN QRGTCVKQPCN EQPVTQNU KPFKECVKQPU CPF
)51P&GXKEGU6JCV+PFKECVGQT4GEQTF HGCVWTGU KPENWFKPI UYKVEJGU NKIJVU FKURNC[U RWUJ 
KP/QTG6JCP1PG7PKV1PFGXKEGUFGUKIPGFVQ DWVVQPUCPFQVJGTOGCPUUJCNNDGENGCTN[CPFFGHKPKVGN[
KPFKECVGQTTGEQTFKPOQTGVJCPQPGWPKVQHOGCUWTG KFGPVKHKGF6JGWUGQHCRRTQXGFRKEVQITCOUQTU[ODQNU
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UJCNN DG ECRCDNG QH TGRGCVKPI YKVJKP RTGUETKDGF DGQHUWEJEJCTCEVGTVJCVVJG[YKNNPQVVGPFVQDGEQOG
VQNGTCPEGU KVU KPFKECVKQPU CPF TGEQTFGF TGRTGUGPVC QDNKVGTCVGFQTKNNGIKDNG
VKQPU6JKUTGSWKTGOGPVUJCNNDGOGVKTTGURGEVKXGQH
TGRGCVGFOCPKRWNCVKQPQHCP[GNGOGPVQHVJGFGXKEGKP )5  2TQXKUKQP HQT 5GCNKPI 'NGEVTQPKE #FLWUVCDNG
C OCPPGT CRRTQZKOCVKPI PQTOCN WUCIG KPENWFKPI %QORQPGPVU  # FGXKEG UJCNN DG FGUKIPGF YKVJ
FKURNCEGOGPV QH VJG KPFKECVKPI GNGOGPVU VQ VJG HWNN RTQXKUKQP U  HQT CRRN[KPI C UGEWTKV[ UGCN VJCV OWUV DG
GZVGPVCNNQYGFD[VJGEQPUVTWEVKQPQHVJGFGXKEGCPF DTQMGPQTHQTWUKPIQVJGTCRRTQXGFOGCPUQHRTQXKFKPI


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6CDNG
4GRTGUGPVCVKQPQH7PKVU

4GRTGUGPVCVKQP

(QTO+ (QTO++
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0COGQH7PKV U[ODQN EQOOQP FQWDNGECUG UKPINGECUGNQYGT UKPINGECUGWRRGT
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PGYVQP 0 0 P 0
RCUECN 2C 2C RC 2#
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XQNV 8 8 X 8
FGITGG%GNUKWU E% E% EE E%

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UGEWTKV[ GI FCVC EJCPIG CWFKV VTCKN CXCKNCDNG CV VJG )00QVGU
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OCFGVQCP[GNGEVTQPKEOGEJCPKUO RCTVKEWNCTRTQXKUKQPUQHVJGUGURGEKHKECVKQPUVQNGTCPEGU
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# FGXKEG OC[ DG HKVVGF YKVJ CP CWVQOCVKE QT C UGOK QTFKPCPEGUTGNCVKPIVQJGCNVJUCHGV[QTHKTGRTGXGPVKQP
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DGKPEQTRQTCVGFKPUKFGVJGFGXKEG#HVGTUGCNKPIPGKVJGT WPVKN EQPHNKEVKPI TGSWKTGOGPVU ECP DG JCTOQPK\GF CPF
VJGOGEJCPKUOPQTVJGECNKDTCVKQPRTQEGUUUJCNNHCEKNKVCVG UWEJ UWURGPUKQP UJCNN PQV CHHGEV VJG XCNKFKV[ QT
HTCWF GPHQTEGOGPVQHVJGTGOCKPKPIRTQXKUKQPUQHVJGUGURGEKH
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6GUVUVQFGVGTOKPGEQPFKVKQPUUWEJCUTCFKQHTGSWGPE[
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GSWKROGPV CPF WPFGT EQPFKVKQPU VJCV CTG WUWCN CPF


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EWUVQOCT[ YKVJ TGURGEV VQ VJG NQECVKQP CPF WUG QH VJG )747UGT4GSWKTGOGPVU
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)66QNGTCPEGU )745WKVCDKNKV[QH'SWKROGPV%QOOGTEKCN
GSWKROGPVUJCNNDGUWKVCDNGHQTVJGUGTXKEGKPYJKEJKV
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VQNGTCPEGUUJCNNCRRN[VQ KPENWFKPIDWVPQVNKOKVGFVQKVUYGKIJKPIECRCEKV[ HQT
YGKIJKPI FGXKEGU  KVU EQORWVKPI ECRCDKNKV[ HQT
C GSWKROGPV VQ DG RWV KPVQ EQOOGTEKCN WUG HQT VJG EQORWVKPI FGXKEGU  KVU TCVG QH HNQY HQT NKSWKF
HKTUVVKOG OGCUWTKPIFGXKEGU VJGEJCTCEVGTPWODGTUK\GCPF
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D GSWKROGPV VJCV JCU DGGP RNCEGF KP EQOOGTEKCN VJGXCNWGQHKVUUOCNNGUVWPKVCPFWPKVRTKEGU
UGTXKEGYKVJKPVJGRTGEGFKPIFC[UCPFKUDGKPI #OGPFGF
QHHKEKCNN[VGUVGFHQTVJGHKTUVVKOG
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E GSWKROGPV VJCV JCU DGGP TGVWTPGF VQ EQOOGTEKCN UWKVCDNG HQT VJG GPXKTQPOGPV KP YJKEJ KV KU WUGF
UGTXKEG HQNNQYKPI QHHKEKCN TGLGEVKQP HQT HCKNWTG VQ KPENWFKPI DWV PQV NKOKVGF VQ VJG GHHGEVU QH YKPF
EQPHQTOVQRGTHQTOCPEGTGSWKTGOGPVUCPFKUDGKPI YGCVJGTCPF4(+
QHHKEKCNN[ VGUVGF HQT VJG HKTUV VKOG YKVJKP  FC[U #FFGF
CHVGTEQTTGEVKXGUGTXKEG
)74  .KSWKF/GCUWTKPI &GXKEGU  6Q DG
F GSWKROGPVVJCVKUDGKPIQHHKEKCNN[VGUVGFHQTVJGHKTUV UWKVCDNGHQTKVUCRRNKECVKQPVJGOKPKOWOFGNKXGT[HQT
VKOGYKVJKPFC[UCHVGTOCLQTTGEQPFKVKQPKPIQT NKSWKFOGCUWTKPI FGXKEGU UJCNN DG PQ NGUU VJCP 
QXGTJCWNCPF FKXKUKQPUGZEGRVVJCVVJGOKPKOWOFGNKXGT[HQTTGVCKN
CPCNQI FGXKEGU UJCNN DG PQ NGUU VJCP  FKXKUKQPU
G GSWKROGPVWPFGTIQKPIV[RGGXCNWCVKQP /CZKOWOFKXKUKQPXCNWGUCPFVQNGTCPEGUCTGUVCVGFKP
#OGPFGF VJGURGEKHKEEQFGU
#FFGF
)6  /CKPVGPCPEG 6QNGTCPEGU  /CKPVGPCPEG
VQNGTCPEGUUJCNNCRRN[VQGSWKROGPVKPCEVWCNWUGGZEGRV )74+PUVCNNCVKQP4GSWKTGOGPVU
CURTQXKFGFKP)6
)74+PUVCNNCVKQP#FGXKEGUJCNNDGKPUVCNNGF
)6  #RRNKECVKQP  6QNGTCPEGU KP GZEGUU CPF KP CEEQTFCPEG YKVJ VJG OCPWHCEVWTGT U KPUVTWEVKQPU
VQNGTCPEGUKPFGHKEKGPE[UJCNNCRRN[VQGTTQTUKPGZEGUU KPENWFKPICP[KPUVTWEVKQPUOCTMGFQPVJGFGXKEG#
CPFVQGTTQTUKPFGHKEKGPE[TGURGEVKXGN[6QNGTCPEGUQP FGXKEGKPUVCNNGFKPCHKZGFNQECVKQPUJCNNDGUQKPUVCNNGF
QXGTTGIKUVTCVKQP CPF VQNGTCPEGU QP WPFGTTGIKUVTCVKQP VJCVPGKVJGTKVUQRGTCVKQPPQTKVURGTHQTOCPEGYKNNDG
UJCNNCRRN[VQGTTQTUKPVJGFKTGEVKQPQHQXGTTGIKUVTCVKQP CFXGTUGN[CHHGEVGFD[CP[EJCTCEVGTKUVKEQHVJGHQWPFC
CPFQHWPFGTTGIKUVTCVKQPTGURGEVKXGN[ 5GG#RRGPFKZ& VKQPUWRRQTVUQTCP[QVJGTFGVCKNQHVJGKPUVCNNCVKQP
&GHKPKVKQPU
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)6  (QT +PVGTOGFKCVG 8CNWGU  (QT C ECRCEKV[ OGPV UJCNN DG KPUVCNNGF KP UWEJ C OCPPGT VJCV CNN
KPFKECVKQPNQCFXCNWGGVEKPVGTOGFKCVGDGVYGGPVYQ TGSWKTGFOCTMKPIUCTGTGCFKN[QDUGTXCDNG
ECRCEKVKGU KPFKECVKQPU NQCFU XCNWGU GVE NKUVGF KP C #FFGF
VCDNG QH VQNGTCPEGU VJG VQNGTCPEGU RTGUETKDGF HQT VJG
NQYGT ECRCEKV[ KPFKECVKQP NQCF XCNWG GVE UJCNN DG )74+PUVCNNCVKQPQH+PFKECVKPIQT4GEQTFKPI
CRRNKGF 'NGOGPV#FGXKEGUJCNNDGUQKPUVCNNGFVJCVVJGTGKU
PQ QDUVTWEVKQP DGVYGGP C RTKOCT[ KPFKECVKPI QT
TGEQTFKPI GNGOGPV CPF VJG YGKIJKPI QT OGCUWTKPI
GNGOGPVQVJGTYKUGVJGTGUJCNNDGEQPXGPKGPVCPFRGT
OCPGPVN[ KPUVCNNGF OGCPU HQT FKTGEV EQOOWPKECVKQP
QTCN QT XKUWCN DGVYGGP CP KPFKXKFWCN NQECVGF CV C
RTKOCT[ KPFKECVKPI QT TGEQTFKPI GNGOGPV CPF CP


)GPGTCN%QFG

KPFKXKFWCNNQECVGFCVVJGYGKIJKPIQTOGCUWTKPIGNG EWUVQOGT CPF QRGTCVQT RQUKVKQP UJCNN DG FGVGTOKPGF KP

OGPV=5GGCNUQ)74? GCEJECUGWRQPVJGDCUKUQHVJGKPFKXKFWCNEKTEWOUVCPEGU
RCTVKEWNCTN[ VJG UK\G CPF EJCTCEVGT QH VJG KPFKECVKPI
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CPF5GCNKPI2WTRQUGU#FGXKEGUJCNNDGNQECVGFQT #OGPFGFCPF
UWEJ HCEKNKVKGU HQT PQTOCN CEEGUU VJGTGVQ UJCNN DG
RTQXKFGFVQRGTOKV )74  4GURQPUKDKNKV[ /QPG[1RGTCVGF
&GXKEGU/QPG[QRGTCVGFFGXKEGUQVJGTVJCPRCTMKPI
C KPURGEVKPICPFVGUVKPIVJGFGXKEG OGVGTUUJCNNJCXGENGCTN[CPFEQPURKEWQWUN[FKURNC[GF
VJGTGQP QT KOOGFKCVGN[ CFLCEGPV VJGTGVQ CFGSWCVG
D KPURGEVKPI CPF CRRN[KPI UGEWTKV[ UGCNU VQ VJG KPHQTOCVKQP FGVCKNKPI VJG OGVJQF HQT VJG TGVWTP QH
FGXKEGCPF OQPKGU RCKF YJGP VJG RTQFWEV QT UGTXKEG ECPPQV DG
QDVCKPGF  6JKU KPHQTOCVKQP UJCNN KPENWFG VJG PCOG
E TGCFKN[ DTKPIKPI VJG VGUVKPI GSWKROGPV QH VJG CFFTGUU CPF RJQPG PWODGT QH VJG NQECN TGURQPUKDNG
YGKIJVU CPF OGCUWTGU QHHKEKCN VQ VJG FGXKEG D[ RCTV[HQTVJGFGXKEG6JKUTGSWKTGOGPVFQGUPQVCRRN[
EWUVQOCT[ OGCPU CPF KP VJG COQWPV CPF UK\G VQ FGXKEGU CV NQECVKQPU YJGTG GORNQ[GGU CTG RTGUGPV
FGGOGFPGEGUUCT[D[UWEJQHHKEKCNHQTVJGRTQRGT CPF TGURQPUKDNG HQT TGUQNXKPI CP[ OQPGVCT[
EQPFWEVQHVJGVGUV FKUETGRCPEKGUHQTVJGEWUVQOGT
#OGPFGF
1VJGTYKUGKVUJCNNDGVJGTGURQPUKDKNKV[QHVJGFGXKEG
QYPGT QT QRGTCVQT VQ UWRRN[ UWEJ URGEKCN HCEKNKVKGU )74/CKPVGPCPEG4GSWKTGOGPVU
KPENWFKPIUWEJNCDQTCUOC[DGPGGFGFVQKPURGEVVGUV
CPF UGCN VJG FGXKEG CPF VQ VTCPURQTV VJG VGUVKPI )74  /CKPVGPCPEG QH 'SWKROGPV  #NN
GSWKROGPVVQCPFHTQOVJGFGXKEGCUTGSWKTGFD[VJG GSWKROGPVKPUGTXKEGCPFCNNOGEJCPKUOUCPFFGXKEGU
YGKIJVUCPFOGCUWTGUQHHKEKCN CVVCEJGFVJGTGVQQTWUGFKPEQPPGEVKQPVJGTGYKVJUJCNN
#OGPFGF DG EQPVKPWQWUN[ OCKPVCKPGF KP RTQRGT QRGTCVKPI
EQPFKVKQP VJTQWIJQWV VJG RGTKQF QH UWEJ UGTXKEG
)747UG4GSWKTGOGPVU 'SWKROGPV KP UGTXKEG CV C UKPING RNCEG QH DWUKPGUU
HQWPF VQ DG KP GTTQT RTGFQOKPCPVN[ KP C FKTGEVKQP
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KPFKECVGF D[ KVU EQPUVTWEVKQP QT VJCV KU KPFKECVGF D[ #OGPFGF
KPUVTWEVKQPUQPVJGGSWKROGPV
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)74  #UUQEKCVGF CPF 0QPCUUQEKCVGF KPFKECVKQPUQTQVJGTCDPQTOCNGSWKROGPVRGTHQTOCPEG
'SWKROGPV  # FGXKEG UJCNN OGGV CNN RGTHQTOCPEG QDUGTXGFFWTKPIQRGTCVKQPUJCNNDGEQTTGEVGFCPFKH
TGSWKTGOGPVU YJGP CUUQEKCVGF QT PQPCUUQEKCVGF PGEGUUCT[ DTQWIJV VQ VJG CVVGPVKQP QH EQORGVGPV
GSWKROGPV KU QRGTCVGF KP KVU WUWCN CPF EWUVQOCT[ UGTXKEGRGTUQPPGN
OCPPGTCPFNQECVKQP #FFGF
#FFGF
)74  7UG QH #FLWUVOGPVU  9GKIJKPI
)74  2QUKVKQP QH 'SWKROGPV  # FGXKEG QT GNGOGPVUCPFOGCUWTKPIGNGOGPVUVJCVCTGCFLWUVCDNG
U[UVGOGSWKRRGFYKVJCRTKOCT[KPFKECVKPIGNGOGPVCPF UJCNNDGCFLWUVGFQPN[VQEQTTGEVVJQUGEQPFKVKQPUVJCV
WUGF KP FKTGEV UCNGU GZEGRV HQT RTGUETKRVKQP UECNGU UWEJGNGOGPVUCTGFGUKIPGFVQEQPVTQNCPFUJCNNPQVDG
UJCNN DG UQ RQUKVKQPGF VJCV KVU KPFKECVKQPU OC[ DG CFLWUVGF VQ EQORGPUCVG HQT FGHGEVKXG QT CDPQTOCN
CEEWTCVGN[ TGCF CPF VJG YGKIJKPI QT OGCUWTKPI KPUVCNNCVKQP QT CEEGUUQTKGU QT HQT DCFN[ YQTP QT
QRGTCVKQP OC[ DG QDUGTXGF HTQO UQOG TGCUQPCDNG QVJGTYKUGFGHGEVKXGRCTVUQHVJGCUUGODN[#P[HCWNV[
EWUVQOGTCPF QRGTCVQT RQUKVKQP6JGRGTOKUUKDNG KPUVCNNCVKQP EQPFKVKQPU UJCNN DG EQTTGEVGF CPF CP[
FKUVCPEGDGVYGGPVJGGSWKROGPVCPFCTGCUQPCDNG FGHGEVKXGRCTVUUJCNNDGTGPGYGFQTUWKVCDN[TGRCKTGF
DGHQTGCFLWUVOGPVUCTGWPFGTVCMGP9JGPGXGTGSWKR
OGPVKUCFLWUVGFVJGCFLWUVOGPVUUJCNNDGUQOCFGCU
VQDTKPIRGTHQTOCPEGGTTQTUCUENQUGCURTCEVKECDNGVQ
\GTQXCNWG


 )GPGTCN%QFG

)74#UUKUVCPEGKP6GUVKPI1RGTCVKQPU+H
VJGFGUKIPEQPUVTWEVKQPQTNQECVKQPQHCP[FGXKEGKU
UWEJCUVQTGSWKTGCVGUVKPIRTQEGFWTGKPXQNXKPIURGEKCN
GSWKROGPVQTCEEGUUQTKGUQTCPCDPQTOCNCOQWPVQH
NCDQTUWEJGSWKROGPVCEEGUUQTKGUCPFNCDQTUJCNNDG
UWRRNKGF D[ VJG QYPGT QT QRGTCVQT QH VJG FGXKEG CU
TGSWKTGFD[VJGYGKIJVUCPFOGCUWTGUQHHKEKCN

)745GEWTKV[5GCN#UGEWTKV[UGCNUJCNNDG
CRRTQRTKCVGN[ CHHKZGF VQ CP[ CFLWUVOGPV OGEJCPKUO
FGUKIPGFVQDGUGCNGF

)746GUVKPI&GXKEGUCVC%GPVTCN.QECVKQP

C 9JGP FGXKEGU KP EQOOGTEKCN UGTXKEG TGSWKTG

URGEKCNVGUVHCEKNKVKGUQTOWUVDGTGOQXGFHTQO
UGTXKEGHQTVGUVKPIQTCTGTQWVKPGN[VTCPURQTVGF
HQT VJG RWTRQUG QH WUG GI XGJKENGOQWPVGF
FGXKEGUCPFFGXKEGUWUGFKPOWNVKRNGNQECVKQPU 
VJGQHHKEKCNYKVJUVCVWVQT[CWVJQTKV[OC[TGSWKTG
VJCVVJGFGXKEGUDGDTQWIJVVQCEGPVTCNNQECVKQP
HQTVGUVKPI6JGFGCNGTQTQYPGTQHVJGUGFGXKEGU
UJCNNRTQXKFGVTCPURQTVCVKQPQHVJGFGXKEGUVQCPF
HTQOVJGVGUVNQECVKQP

D 9JGPVJGTGSWGUVHQTTGOQXCNCPFFGNKXGT[VQC
EGPVTCN VGUV NQECVKQP KPXQNXGU FGXKEGU WUGF KP
UWDOGVGTKPI GIGNGEVTKEJ[FTQECTDQPXCRQT
QTYCVGTOGVGTU VJGQYPGTQTQRGTCVQTUJCNNPQV
KPVGTTWRV VJG WVKNKV[ UGTXKEG VQ VJG EWUVQOGT QT
VGPCPVGZEGRVHQTVJGTGOQXCNCPFTGRNCEGOGPVQH
VJG FGXKEG  2TQXKUKQPU UJCNN DG OCFG D[ VJG
QYPGTQTQRGTCVQTVQOKPKOK\GKPEQPXGPKGPEGVQ
VJG EWUVQOGT QT VGPCPV  #NN TGRNCEGOGPV QT
VGORQTCT[OGVGTUUJCNNDGVGUVGFCPFUGCNGFD[C
YGKIJVUCPFOGCUWTGQHHKEKCNQTDGCTCEWTTGPV
XCNKFCRRTQXCNUGCNRTKQTVQWUG
#FFGF