508
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8FKVT )IWGVMTXMSR ;EPMHMX]
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)+CCCCCCCCCCC+-CCC9.+
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(439741&7*&3*9<470 (&3
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9.2.3,
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):(9.1*4785-*74.)&1(&89.743
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2.8+.7*
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5<25:18*<.)9-24):1&9.43
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)+CCCCCCCCCCC+&CCC9.+
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
;MWGSWMX]
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85*(.+.(&9.438
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9LIJSPPS[MRKW]WXIQWEVIMRZSPZIHMRIRKMRISTIVEXMSR JYIPWYTTP]W]WXIQ EMVWYTTP]W]WXIQ
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I\LEYWXW]WXIQ[MXLGEXEP]XMGGSRZIVXIV JYIPZETSYVVIGMVGYPEXMSRW]WXIQ PYFVMGEXMSRW]WXIQ IRKMRIGSSPMRKW]WXIQ 9LISTIVEXMSRSJXLIWIW]WXIQWMWSTXMQM^IHF]ERIPIGXVSRMGGSRXVSPW]WXIQKSZIVRIHF]EGSRXVSPYRMX WII
WYFYRMX
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JYIPWYTTP]W]WXIQ
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8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
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8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
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(QT )IWGVMTXMSR ;EPMHMX]
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9]TI
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8]WXIQJIEXYVIW
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)+CCCCCCCCC+-CCC9.+
9MQMRKIRHQSYRX ,IEVFS\WMHIQSYRXMRK7IEGXMSRPMRO
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8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
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8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+*CCC9.+
(43897:(9.43+*&9:7*8
9LIIRKMRIFPSGOMWWTLIVSMHEPKVETLMXIGEWXMVSR[MXLLMKLQIGLERMGEPWXVIRKXL9LIGVEROWLEJXMWWYTTSVXIHF]QIERWSJJMZIQEMRFIEVMRKW9LIG]PMRHIVWEVIJSVQIHHMVIGXP]MRXLIIRKMRIFPSGOERHEVIKVEHIHMRXSXLVIIWM^IWTPYWSRISZIVWM^I9LIVIEVIWTIGMEPGLERRIPWMRXLIIRKMRIFPSGO[EPPW[LMGLEPPS[XLIJPS[SJGSSPERXERHPYFVMGEXMRKSMP
)+CCCCCCCCC+&CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43*RKMRIGVEROGEWI
4MPNIXWGSSPXLITMWXSRW
9LIHMEKVEQFIPS[MPPYWXVEXIWXLISMPNIXWJSVGSSPMRKXLITMWXSRW
)+CCCCCCCCC+(CCC9.+
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(SRRIGXMRKVSH5MWXSR
4TIVEXMSR
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)*8(7.59.43&3)45*7&9.43*RKMRIGVEROGEWI
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4MPNIXWJSVGSSPMRKXLITMWXSRW
)+CCCCCCCCC+&CCC9.+
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)*8(7.59.43&3)45*7&9.43(]PMRHIVLIEHW
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8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8(42548.9.4345*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
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9LIG]PMRHIVLIEHMWXLIQSRSPMXLMGX]TIQEHIJVSQEPYQMRMYQEPPS]9LIX[SZEPZIWTIVG]PMRHIVEVIQSYRXIHMRXLIMVVIWTIGXMZIKYMHIWSTIVEXIHF]EGEQWLEJXZMEQIGLERMGEPXETTIXWERHEHNYWXQIRXWLMQW9LIZEPZIKYMHIWEVIMRWXEPPIHF]MRXIVJIVIRGIJMXMRXLIMVWIEXWMRXLIG]PMRHIVLIEH9LIMRRIVHMEQIXIVMWJMRMWLIHSJJEJXIVEWWIQFP]YWMRKEWTIGMJMGVIEQIV9LIG]PMRHIVLIEHKEWOIXMWSJXLI&VEQMHIJMFVIX]TIERHXLIVIMWRSRIIHXSVIXMKLXIRXLIG]PMRHIVLIEHEXEPPHYVMRKXLIPMJISJXLIIRKMRI
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43(]PMRHIVLIEHW
)+CCCCCCCCC+(CCC9.+
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9LIG]PMRHIVLIEHMWXLIXSTTEVXSJXLIIRKMRIWIGYVIHF]FSPXW SVWXYHWXSXLIIRKMRIFPSGO.XMWSJHIXIVQMRMRKMQTSVXERGIJSVXLIGLEVEGXIVMWXMGWSJETVSTYPWMSRYRMXSR[LMGLTIVJSVQERGIGSRWYQTXMSRERHTSPPYXMRKIQMWWMSRWHITIRH9SKIXLIV[MXLXLITMWXSRGVS[RMXHIXIVQMRIWXLIWLETISJXLIGSQFYWXMSRGLEQFIVW.XLSYWIWXLIZEPZIWMRRIEVP]EPPIRKMRIWERHXLIIRXMVIXMQMRKKIEV
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9LILIEHGSRXEMRW MRPIXHYGXW [MXL;IRXYVMTMTIWLETIHTVSJMPI I\LEYWXHYGXW ZEPZIWIEXW GSSPERXHYGXW PYFVMGERXHYGXW XLVIEHIHWTEVOTPYKWIEXW XLILSPIWJSVEXXEGLQIRXXSXLIIRKMRIFPSGOERHXLIGSQFYWXMSRGLEQFIVW
)*8(7.59.43&3)45*7&9.43(]PMRHIVLIEHW
)+CCCCCCCCC+&CCC9.+
45*7&9.43
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)*8(7.59.43&3)45*7&9.43(]PMRHIVLIEHW
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8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*845*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
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9LIWYQTLEWXLIXEWOSJLSYWMRKXLIIRKMRIPYFVMGEXMSRSMP MXMWQEHIJVSQTVIWWIHWXIIPERHMRGPYHIWXLITSVXERHTPYKJSVHVEMRMRKXLISMPERHXLIERXMWTPEWLFEVVMIV9LIWIEP[MXLXLIGVEROGEWIMWIRWYVIHF]EFIEHSJWMPMGSRIWIEPERX9LIXMQMRKWMHIERHJP][LIIPWMHIGSZIVWKYEVERXIIXLIGVEROWLEJXWIEPERHEVIJM\IHXSXLIGVEROGEWIF]FSPXW
(QT )IWGVMTXMSR ;EPMHMX]
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)+CCCCCCCCC+'CCC9.+
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45*7&9.43
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)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
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8:',74:5,7&5-.(.3)*=
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+*CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
& (VEROWLEJX a
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2EHIJVSQWTLIVSMHEPKVETLMXIGEWXMVSRMRHYGXMSRLEVHIRIH.XVIWXWSRJMZIQEMRFIEVMRKW[MXLFIEVMRKWLIPPWKVEHIHMRXSHMJJIVIRXWM^IW9LIGVEROWLEJXIRHJPSEXMWSTXMQM^IHF]X[SXLVYWX[EWLIVWPSGEXIHMRVIPEXMSRXSXLIGIRXVIQEMRFIEVMRK*MKLXGSYRXIV[IMKLXWEVVERKIHEX°IRWYVIXLEXXLIGVEROWLEJXVSXEXMRKQEWWIWEVITIVJIGXP]FEPERGIH&GLERRIPVYRWEPSRKXLIMRWMHISJXLIWLEJXXSPYFVMGEXIXLIQEMRFIEVMRKWERHFMKIRHFIEVMRKW
)+CCCCCC&CC+&CCC9.+
(42548.9.43
9LIGVEROWLEJXGSRWMWXWSJ QEMRNSYVREPW [LMGLVSXEXIHMRXLIQEMRFIEVMRKW[MXLFIEVMRKWLIPPWMRXIVTSWIH GVEROTMRW SZIV[LMGLXLIGSRRIGXMRKVSHFMKIRHWJMX GVEROEVQW XLIWEQILIMKLXEWLEPJXLIXVEZIP[LMGLGSRRIGXXLIQEMRNSYVREPWXSXLIGVEROTMRW
)+CCCCCC&CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
9LIWLEJXMWEPWSTVITEVIHJSVXLIJMXXMRKSJXLIJP][LIIP XLIJMXXMRKSJXLIWTVSGOIX[LMGLZMEEXSSXLIHFIPXXVERWQMXWQSXMSRXSXLIXMQMRKW]WXIQGSQTSRIRXW
45*7&9.43
9LIGVEROWLEJXMWXLIGSQTSRIRX[LMGLZMEXLIGSRRIGXMRKVSHXVERWJSVQWXLIVIGMTVSGEXMRKVIGXMPMRIEVQSXMSRSJXLITMWXSRMRXSEVSXEV]QSXMSR.XMWWYFNIGXIHXSJSVGIW[LMGLZEV]HVEQEXMGEPP]MRXIVQWSJMRXIRWMX]ERHHMVIGXMSRERHQYWXXLIVIJSVIFIWYJJMGMIRXP]WXVSRK
.XWWLETIMWHIWMKRIHEGGSVHMRKXSXLI RYQFIVSJG]PMRHIVW X]TISJIRKMRI MRPMRIEZE[IXG RYQFIVSJQEMRFIEVMRKW RYQFIVSJWXVSOIW WXVSOISVWXVSOI
.RSVHIV XSTVIZIRXHEQEKMRKIRKMRIZMFVEXMSRW XLIGVEROWLEJX WLSYPHFIFSXLWXEXMGEPP]ERHH]REQMGEPP]FEPERGIH9LIWIZMFVEXMSRWEVIHYIXS GIRXVMJYKEPJSVGIWKIRIVEXIHF]XLIQEWWIW[MXLVSXEV]QSXMSR GVEROTMRWFMKIRHWSJXLI[IMKLXSJ
XLIGSRRIGXMRKVSHGVEROEVQW MRIVXMEJSVGIWKIRIVEXIHF]XLIQEWWIW[MXLVIGMTVSGEXMRKVIGXMPMRIEVQSXMSR TMWXSRKYHKISRTMRSJ
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°\XM
[LIVI X"IRKMRIWXVSOIW M"RYQFIVSJG]PMRHIVW.RSYVGEWI WXVSOIIRKMRI[MXLG]PMRHIVW9LIGVEROSJJWIXERKPIMWE"°\"°9LIGVEROWEVIEVVERKIHSRXLIWEQITPERIERHMRTEVEPPIPMRX[SW
)+CCCCCC&CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
9LIVIQE]FIX[SJMVMRKSVHIVWSV XLIQSWXGSQQSRJMVMRKSVHIVMWEWXLIGIRXVMJYKEPJSVGIWERHMRIVXMEJSVGIWEVIQSVIFEPERGIH
)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
'*RKMRIJP][LIIP
(43897:(9.43+*&9:7*8
.RGEWXMVSR[MXLETVIWWJMXXIHWXIIPVMRKKIEV9LIJP][LIIPMWFSPXIHZMEEJPERKIXSXLIGVEROWLEJX
)+CCCCCC'CC+&CCC9.+
45*7&9.43
9LMWQEOIWXLIIRKMRIXYVRWQSSXLP].XEGGYQYPEXIWIRIVK]HYVMRKEGXMZIWXEKIW I\TERWMSRERHVIXYVRWMXHYVMRKTEWWMZIWXEKIW9LIJP][LIIPMWHIWMKRIHXSEPPS[XLIIRKMRIXSMHPI[MXLSYXWXEPPMRKERHXSSZIVGSQIXLIJVMGXMSRHIZIPSTIHF]XLIIRKMRIHYVMRKRSPSEHSTIVEXMSR
)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
5MWXSRWERHGSRRIGXMRKVSHW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC++CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
- 5MWXSRWERHGSRRIGXMRKVSHW a
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
-5MWXSRWERHGSRRIGXMRKVSHW
(43897:(9.43JIEXYVIWHIWGVMTXMSRSJGSRRIGXMRKVSHW
&R]VSH[MXLNSMRXWEXXLIX[SIRHWMWXLYWHIJMRIH.RXLIIRKMRIXLIGSRRIGXMRKVSHWGSRRIGXXLIGVEROWLEJXERHTMWXSRW9LITEVXGSRRIGXIHXSXLIGVEROWLEJXGEPPIHXLIFMKIRHLEWEVSXEV]QSZIQIRX[LMPIXLIYTTIVIRH WQEPPIRHLEWEVIGMTVSGEXMRKVIGXMPMRIEVQSZIQIRXERHMWNSMRIHXSXLITMWXSRZMEXLIKYHKISRTMR
)+CCCCCC-CC+&CCC9.+
(42548.9.434+(433*(9.3,74)8
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
)*8(7.59.434+5.8943
.RXLIQIGLERMWQGEPPIHGVEROKIEV[LMGLGSRZIVXWXLIVIGXMPMRIEVQSXMSRMRXSVSXEV]QSXMSRSJXLIGVEROWLEJXXLITMWXSRWPMHIWVIGMTVSGEPP]MRXLIKYMHIGEPPIHFSVISVG]PMRHIV9LIXSTSJXLITMWXSRSVGVS[RGSRXVMFYXIWXSHIXIVQMRMRKXLIWLETISJXLIGSQFYWXMSRGLEQFIVW9LITEVXMRGSRXEGX[MXLXLIG]PMRHIVMWGEPPIHWOMVXERHEXXLIXSTMXLEWXLIKVSSZIWJSVLSYWMRKXLITMWXSRVMRKW&WQEXIVMEPWERHTVSHYGXMSRXIGLRSPSKMIWEVIMQTVSZMRKXLITMWXSRERHSMPWGVETIVVMRKWLEZIRS[HIGVIEWIHERHMXMWPMOIP]XLEXMRXLIJYXYVIXLI][MPPHIGVIEWIJYVXLIV2SVISZIVMRVEGMRKIRKMRIWXLI]EVIEPVIEH]HS[RXSX[S
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
)+CCCCCC-CC+&CCC9.+
9LI EPYQMRMYQWMPMGSR EPPS] TMWXSRW EVI KVEHIH MRXS XLVII WM^IW XS IRWYVI GSVVIGX EWWIQFP] ER EVVS[ MWWXEQTIHSRXLIGVS[RXSWLS[XLIHMVIGXMSRSJVSXEXMSRSJXLIIRKMRI
)+CCCCCC-CC+'CCC9.+
(42548.9.434+5.8943
9LITMWXSRGSRWMWXWSJX[STEVXW 9LILIEH SVXLIEVIEGSRXEMRMRKXLITMWXSRVMRKWWPMKLXP]WQEPPIVMRHMEQIXIVXLERXLIG]PMRHIVXSEPPS[
JSVXLIXLIVQEPI\TERWMSRSJXLIQIXEP 9LIWOMVX SVKYMHIJSVXLIWQEPPIRH[LMGLWYTTSVXWXLIWMHIXLVYWX9LIWOMVXGSRXEMRWX[SFSWWIWJSV
LSYWMRKXLIKYHKISRTMR
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
)+CCCCCC-CC+&CCC9.+
9LIWITMWXSRWLEZIEWXIIPVMRKMRGSVTSVEXIHFIX[IIRXLIWOMVXERHXLILIEH[LMGLLEWXLIXEWOSJTVIZIRXMRKXLII\TERWMSRSJXLIWOMVXMREXVERWZIVWIHMVIGXMSRMRVIPEXMSRXSXLIKYHKISRTMRE\MW
5.894345*7&9.43
9LMWMWXLIGSQTSRIRX[LMGLHMVIGXP]VIGIMZIWXLIIRKMRIMQTYPWIJVSQXLITVIWWYVISJXLIGSQFYWXMSRKEWZMEXLIGSRRIGXMRKVSHERHXVERWQMXWXLIHVMZIJSVGIXSXLIGVEROWLEJX
.XWLSYPHQIIXXSXLIJSPPS[MRKVIUYMVIQIRXW LMKLQIGLERMGEPVIWMWXERGI[LMGLQEOIWMXTSWWMFPIXS[MXLWXERHXLII\TPSWMSRTVIWWYVIW aOKGQ
ERHXLIH]REQMGWXVIWWIW LMKLVIWMWXERGIXSLIEXERH[IEV KSSHXLIVQEPGSRHYGXMZMX]XSXVERWQMXLIEXJVSQXLILSXEVIEXSXLIGSPHEVIEYRHIVRIEXL PMKLX[IMKLXERHI\XVIQIP]UYMIXSTIVEXMSRFSXL[LIRGSPHERH[LIRLSX.RSVHIVXSLEZIPS[WTIGMJMGTVIWWYVIEXXLIWOMVXMRXLI[SVOMRKHMVIGXMSRERHXLIVIJSVIPS[GSRWYQTXMSRFSXLJSVXLIWOMVXERHXLIG]PMRHIVPMRIVWXLIKYHKISRTMRWLSYPHFISJJWIX F]EFSYXSJXLIFSVIMRVIPEXMSRXSXLITMWXSRE\MWSRXLISTTSWMXIWMHIXSXLIHMVIGXMSRSJVSXEXMSR
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
4.1/*98+47(441.3,9-*5.89438
9LIHMEKVEQFIPS[MPPYWXVEXIWXLITSWMXMSRERHSTIVEXMSRSJXLISMPNIXWJSVGSSPMRKXLITMWXSRW
)+CCCCCC-CC+(CCC9.+
4MPNIX5MWXSRFSVIPMRIV(SRRIGXMRKVSHTMWXSRKYHKISRTMR
(SRRIGXMRKVSH5MWXSR
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
)*8(7.59.43&3)45*7&9.439MQMRKW]WXIQ
9MQMRKW]WXIQ
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=85*(.+.(&9.438(42548.9.4345*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
8TIGMJMGEXMSRW
9LIXMQMRKW]WXIQMWXLIGSPPIGXMSRSJGSQTSRIRXW[LMGLGSRXVSPXLISTIRMRKERHXLIGPSWMRKSJXLIMRPIXERHI\LEYWXZEPZIWEPPS[MRKXLIJPS[SJXLIEMVJYIPQM\XYVIERHFYVRXKEWIW9LIWIGSQTSRIRXWEVISTIVEXIHF]XLIGVEROWLEJXERHXLIQSZIQIRXMWXVERWQMXXIHZMEEXSSXLIHFIPXXSXLIGEQWLEJXW [LMGL MR XYVR EGX SR XLI ZEPZIW 9LI ZEVMSYW GSQTSRIRXW WLSYPH FI TIVJIGXP] W]RGLVSRM^IH 9.2*)MJXLMWMWRSXXLIGEWIXLIZEPZIWGSYPHJSYPEKEMRWXXLIYTTIVTEVXSJXLITMWXSRW
)+CCCCCCCCC+&CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.439MQMRKW]WXIQ
(42548.9.43
9LIVIEVIXLIWEQIRYQFIVSJWYMXEFP]TSWMXMSRIHGEQWEWXLIVIEVIZEPZIWXSSTIVEXI EXXLIJVSRXMXMWTVITEVIHJSVXLIJMXXMRKSJXLIXSSXLIHTYPPI]XLVSYKL[LMGLXLIQSXMSRSJXLIGVEROWLEJXMWVIGIMZIHF]QIERWSJEWYMXEFP]XIRWMSRIHFIPX WIIVITEMVTVSGIHYVIWWIGXMSR
)+CCCCCCCCC+,CCC9.+
(EQWLEJXSMPWIEP(EQWLEJX9ETTIXEHNYWXQIRXWLMQ9ETTTIX(SXXIVW:TTIVWLMQ8TVMRK
4MPWIEP1S[IVWLMQ.RPIXZEPZI*\LEYWXZEPZI;EPZIKYMHI(EQWLEJXTYPPI]
45*7&9.43
9LIGEQWLEJXMWXLIGSQTSRIRX[LMGLXLVSYKLXLIGEQWSTIRWXLIZEPZIWJSVXLIVIUYMVIHXMQI8MRGIMRWXVSOIIRKMRIWXLI[SVOMRKG]GPIXEOIWTPEGIHYVMRKX[SVIZSPYXMSRWSJXLIGVEROWLEJX[LMPWXXLIZEPZIWLEZIXSSTIRSRP]SRGIHYVMRKXLIG]GPIXLIGEQWLEJXSRP]LEWXSVSXEXISRGI XLIVIJSVIXLIXSSXLIHTYPPI]JMXXIHSRXLIGEQWLEJX[MPPLEZIX[MGIXLIRYQFIVSJXIIXLEWXLITYPPI]JMXXIHSRXLIGVEROWLEJX
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
+YIPXEROERHTMTI
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8(42548.9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43JIEXYVIW
9LIJYIPW]WXIQMWXLIVIXYVRPIWWX]TIMI[MXLSRP]SRIGSRRIGXMRKTMTIFIX[IIRXLIJYIPXEROERHIRKMRISREGGSYRXSJ[LMGLXLIVIXYVRTMTIXLIJMPXIVERHXLITVIWWYVIVIKYPEXSVLEZIFIIRHMWTIRWIH[MXL XLIPEXXIVX[SGSQTSRIRXWEVIMRGSVTSVEXIHMRXLITYQTEWWIQFP]
(QT )IWGVMTXMSR ;EPMHMX]
& +YIPXEROERHGSQTSRIRXW a
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
9LMWQEOIWMXTSWMFPI XSQMRMQM^IXLITSWWMFMPMX]SJXLIZILMGPIGEXGLMRKJMVIMRXLIIZIRXSJEREGGMHIRX XSVIHYGIJYIPZETSYVIQMWWMSRWMRXSXLIEXQSWTLIVI9LIJYIPXEROPSGEXIHMRJVSRXSJXLIVIEVE\PIMWQEHIJVSQETPEWXMGQEXIVMEP[MXLLMKLQIGLERMGEPWXVIRKXLERHLEWEGETEGMX]SJPMXVIW
(42548.9.43
9LIJYIPW]WXIQGSRWMWXWSJXLIGSQTSRIRXWMPPYWXVEXIHMRXLIJMKYVIFIPS[
)+CCCCCCCCC+-CCC9.+
+YIPXERO(SQTPIXIMQQIVWIHTYQTEWWIQFP]+YIPJMPPIVTMTI
+YIPQERMJSPH.RNIGXSVW WII
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
&+YIPXEROERHGSQTSRIRXW
(42548.9.43.QQIVWIHTYQTYRMXGSQTPIXI[MXLJYIPKEYKIWIRHIVYRMX
(42548.9.43
.XMWQEMRP]GSQTSWIHSJ ERIPIGXVMGJYIPTYQT EJYIPJMPXIV EJPSEXX]TIJYIPKEYKI EHMETLVEKQTVIWWYVIVIKYPEXSV EQIWLTVIJMPXIV
)+CCCCCC&CC+(CCC9.+
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
,&:,**1*(97.(&1;&1:*8
9LIJMKYVIFIPS[MPPYWXVEXIWXLIIPIGXVMGEPGSRRIGXMSRWSJXLITYQTEWWIQFP][LMPIXLIXEFPIMRHMGEXIWXLIWIRWSVWVIWMWXERGIZEPYIWMRVIPEXMSRXSXLIJYIPPIZIP
)+CCCCCC&CC+*CCC9.+
*PIGXVMGJYIPTYQT
9LIJYIPTYQTGSQTVMWIWETIVQERIRXQEKRIXIPIGXVMGQSXSV [LMGLGSRXVSPWXLITYQTMQTIPPIV ERHEXIVQMREPGEVVMIVGSZIV [LMGLGSRXEMRWXLIIPIGXVMGEPERHL]HVEYPMGGSRRIGXMSRW9LITYQTWXEKIMWXLIWMRKPIX]TI[MXLTIVMTLIVEPJPS[[MXLLMKLTIVJSVQERGIMRPS[ZSPXEKIERHXIQTIVEXYVIGSRHMXMSRW
.XWEHZERXEKIWGSQTEVIH[MXLTYQTWSTIVEXMRKMREGGSVHERGI[MXLXLITSWMXMZIHMWTPEGIQIRXTVMRGMTPIEVI PMKLX[IMKLX WQEPPMRWM^I
)+CCCCCC&CC+'CCC9.+
85*(.+.(&9.438 (ETEGMX]PL 5VIWWYVIFEV ;SPXEKI; (YVVIRX"&
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
.RIVXMEPW[MXGL
9LIMRIVXMEW[MXGLJMXXIHSRXLIVMKLXYRHIVXLIHEWLFSEVHSRXLITEWWIRKIVWMHIMRXIVVYTXWXLIGSRRIGXMSRXSIEVXLJSVXLIJYIPTYQTERHGSRWIUYIRXP]XLIWYTTP]XSXLIMRNIGXMSRW]WXIQMRXLIGEWISJERMQTEGXXSXLIZILMGPI
)+CCCCCC&CC+&CCC9.+
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
3SXI *ZIREJXIVERETTEVIRXP]QMRSVMQTEGXMJXLIVIMWEWQIPPSJJYIPSVPIEOWEVIRSXMGIHJVSQXLIJYIPW]WXIQHSRSXXYVRXLIW[MXGLFEGOSRFYXWIEVGLJSVXLIGEYWISJXLITVSFPIQERHVIQIH]MXXSTVIZIRXXLIVMWOSJJMVI
4XLIV[MWIMJXLIVIEVIRSPIEOWERHXLIZILMGPIGERFIVIWXEVXIHTVIWWXLIFYXXSRXSVIEGXMZEXIXLITYQT
)+CCCCCC&CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
)*8(7.59.43&3)45*7&9.43*RKMRIEMVWYTTP]GMVGYMX
*RKMRIEMVWYTTP]GMVGYMX
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
& ;EGYYQEMVGMVGYMX a
)*8(7.59.43&3)45*7&9.43*RKMRIEMVWYTTP]GMVGYMX
&;EGYYQEMVGMVGYMX
85*(.+.(&9.438
9LIEMVMRXEOIGMVGYMXGSRWMWXWSJZEVMSYWGSQTSRIRXW[LMGLIRWYVIXLEXXLIEMVJPS[VIUYMVIHF]XLIIRKMRIMRXLIZEVMSYWSTIVEXMRKGSRHMXMSRWMWGSVVIGXP]HMVIGXIH
)+CCCCCC&CC+,CCC9.+
.RPIXQERMJSPH*RKMRIGVEROGEWIKEWMRXEOI WII
&MVJMPXIV.RXEOIZIRX
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
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8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*845*7&9.434+9-*.3/*(9.43.,3.9.438>89*2
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*8
9LI2EVIPPM.&<+W]WXIQFIPSRKWXSXLIGEXIKSV]SJW]WXIQWMRXIKVEXIH[MXL MRHYGXMZIHMWGLEVKIHMKMXEPIPIGXVSRMGMKRMXMSR
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
HMWXVMFYXSVPIWW WIUYIRXMEPTLEWIHIPIGXVSRMGMRNIGXMSR
)+CCCCCCCCC+-CCC9.+
+YIPXERO*PIGXVMGJYIPTYQT2YPXMTYVTSWIZEPZI8EJIX]ZEPZI+YIPHIPMZIV]TMTI.RNIGXMSRMKRMXMSR*(:'EXXIV].KRMXMSRW[MXGL.RIVXMEW[MXGL8]WXIQVIPE](PMQEXIGSRXVSPW]WXIQ+YIPZETSYVGYXSJJZEPZI.RKMXMSRMRNIGXMSRW]WXIQJYWI&GXMZEXIHGEVFSRJMPXIV'SH](SQTYXIV XIWXIVGSRRIGXMSRERH+MEX(4)*WMKREP
&FWSPYXITVIWWYVIERHXIQTIVEXYVIWIRWSV7TQERH9)(WIRWSV8TEVOTPYKW(SSPERXXIQTIVEXYVIWIRWSV.RNIGXSVW9LVSXXPIZEPZITSWMXMSRWIRWSV.HPIWTIIHEGXYEXSV+YIPWYTTP]QERMJSPH&MVGPIERIV.KRMXMSRGSMPW1EQFHETVSFI8]WXIQJEMPYVI[EVRMRKPMKLX7IZGSYRXIV(EXEP]XMGGSRZIVXIV1EQFHETVSFI TSWXGEXEP]^IV.RNIGXMSRXMQMRKWIRWSV
4TIVEXMSRSJXLIMRNIGXMSRMKRMXMSRW]WXIQ
)YVMRKMHPMRKXLIGSRXVSPYRMXGLIGOW
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
XLIMKRMXMSRMRWXERX XLIEMVJPS[[MXLXLIFIRIJMXSJQEMRXEMRMRKGSVVIGXSTIVEXMSRSJXLIIRKMRI[LIRXLIIRZMVSRQIRXEPTEVEQ
IXIVWERHETTPMIHPSEHWZEV]9LIGSRXVSPYRMXGSRXVSPWERHQEREKIWJYIPMRNIGXMSRWSXLEXXLIWXSMGLMSQIXVMGVEXMS EMVJYIPMWEP[E]WEXXLISTXMQYQZEPYI
9LIW]WXIQWJYRGXMSRWEVIFEWMGEPP]EWJSPPS[W W]WXIQWIPJEHETXEXMSR WIPJXIWX VIGSKRMXMSRSJ+.&9(4)* GSRXVSPSJGSPHWXEVXMRK GSRXVSPSJGSQFYWXMSR1EQFHEWIRWSVW GSRXVSPSJHIXSREXMSR GSRXVSPSJQM\XYVIIRVMGLQIRXHYVMRKEGGIPIVEXMSR JYIPGYXSJJHYVMRKSZIVVYRRMRK JYIPZETSYVVIGSZIV] PMQMXEXMSRSJXLIQE\MQYQVTQ JYIPTYQTGSRXVSP GSRRIGXMSRXSXLIGPMQEXIGSRXVSPW]WXIQ VIGSKRMXMSRSJG]PMRHIVTSWMXMSR EHNYWXQIRXSJMRNIGXMSRXMQIW EHNYWXQIRXSJMKRMXMSREHZERGIZEPYIW GSRXVSPERHQEREKIQIRXSJXLIMHPIWTIIH GSRXVSPSJIPIGXVMGGSSPMRKJER
+YIPMRNIGXMSRW]WXIQ
9LIIWWIRXMEPGSRHMXMSRWXLEXQYWXEP[E]WFIQIXMRXLITVITEVEXMSRSJXLIEMVJYIPQM\XYVIJSVXLIGSVVIGXSTIVEXMSRSJGSRXVSPPIHMKRMXMSRIRKMRIWEVIQEMRP] XLIQIXIVMRK EMVJYIPVEXMSQYWXGSRWXERXP]FIOITXEWGPSWIEWTSWWMFPIXSXLIWXSMGLMSQIXVMGVEXMSWSEW
XSIRWYVIXLIRIGIWWEV]VETMHMX]SJGSQFYWXMSREZSMHMRKYRRIGIWWEV]JYIPGSRWYQTXMSR XLILSQSKIRIMX]SJXLIQM\XYVIGSRWMWXMRKSJTIXVSPZETSYVWHMJJYWIHEWJMRIP]ERHIZIRP]EWTSWWMFPIMR
XLIEMV9LIMRNIGXMSRMKRMXMSRW]WXIQYWIWERMRHMVIGXQIEWYVMRKW]WXIQORS[REWXLI85**))*38.9>1&2')&X]TIMRSXLIV[SVHWXLIERKYPEVVSXEXMSRWTIIHHIRWMX]SJXLIMRXEOIEMVERHGSRXVSPSJXLIQM\XYVIWXVIRKXL.RTVEGXMGIXLIW]WXIQYWIWHEXESRXLI*3,.3*85**) VTQERH&.7)*38.9> TVIWWYVIERHXIQTIVEXYVIXSQIEWYVIXLIUYERXMX]SJEMVHVE[RMRF]XLIIRKMRI9LIUYERXMX]SJEMVHVE[RMRF]IEGLG]PMRHIVJSVIEGLIRKMRIG]GPIHITIRHWRSXSRP]SRXLIHIRWMX]SJXLIMRXEOIEMVFYXEPWSSRXLIYRMXHMWTPEGIQIRXERHXLIZSPYQIXVMGIJJMGMIRG]9LIHIRWMX]SJXLIEMVVIJIVWXSXLEXSJXLIEMVHVE[RMRF]XLIIRKMRIERHGEPGYPEXIHEGGSVHMRKXSXLIEFWSPYXITVIWWYVIERHXLIXIQTIVEXYVIFSXLHIXIGXIHMRXLIMRPIXQERMJSPH;SPYQIXVMGIJJMGMIRG]VIJIVWXSXLITEVEQIXIVVIPEXMRKXSXLIGSIJJMGMIRXJSVJMPPMRKXLIG]PMRHIVWQIEWYVIHSRXLIFEWMWSJI\TIVMQIRXEPXIWXWGEVVMIHSYXSRXLIIRKMRIXLVSYKLSYXXLIIRXMVISTIVEXMRKVERKIERHXLIRWXSVIHMRXLIIPIGXVSRMGGSRXVSPYRMXQIQSV]-EZMRKIWXEFPMWLIHXLIUYERXMX]SJMRXEOIEMVXLIW]WXIQLEWXSTVSZMHIXLIUYERXMX]SJJYIPEGGSVHMRKXSXLIHIWMVIHQM\XYVIWXVIRKXL9LIIRHSJMRNIGXMSRMQTYPWISVWYTTP]XMQMRKMWGSRXEMRIHMREQETWXSVIHMRXLIGSRXVSPYRMXQIQSV]ERHZEVMIWEGGSVHMRKXSXLIIRKMRIWTIIHERHXLITVIWWYVIMRXLIMRPIXQERMJSPH.RTVEGXMGIMXMRZSPZIWTVSGIWWMRK[LMGLXLIIPIGXVSRMGGSRXVSPYRMXGEVVMIWSYXXSGSQQERHXLIWIUYIRXMEPTLEWIHSTIRMRKSJXLIJSYVMRNIGXSVWSRITIVG]PMRHIVJSVXLIPIRKXLSJXMQIWXVMGXP]RIGIWWEV]XSJSVQXLIEMVTIXVSPQM\XYVI[LMGLMWGPSWIWXXSXLIWXSMGLMSQIXVMGVEXMS9LIJYIPMWMRNIGXIHHMVIGXP]MRXSXLIQERMJSPHRIEVXLIMRPIXZEPZIEXETVIWWYVISJEVSYRHFEV<LMPWXXLIWTIIH VTQERHXLIHIRWMX]SJXLIEMV TVIWWYVIERHXIQTIVEXYVIEVIYWIHXSQIEWYVIXLIUYERXMX]SJ MRXEOIEMV[LMGL[LIRIWXEFPMWLIHEPPS[W XLIUYERXMX]SJ JYIP XSFIQIXIVIHEGGSVHMRK XS XLIHIWMVIHQM\XYVI WXVIRKXL XLI SXLIV WIRWSVW MR XLI W]WXIQ GSSPERX XIQTIVEXYVI FYXXIVJP] ZEPZI TSWMXMSR FEXXIV]ZSPXEKIIXGEPPS[XLIIPIGXVSRMGGSRXVSPYRMXXSGSVVIGXXLIFEWMGWXVEXIK]JSVEPPIRKMRISTIVEXMRKGSRHMXMSRW.XMWZMXEPJSVXLIEMVJYIPVEXMSXSFIEVSYRHXLIWXSMGLMSQIXVMGZEPYIJSVXLIGSVVIGXERHTVSPSRKIHSTIVEXMSRSJXLIGEXEP]XMGWMPIRGIVERHJSVXLIVIHYGXMSRSJTSPPYXERXIQMWWMSRW
.KRMXMSRW]WXIQ
9LI MKRMXMSR MW XLI MRHYGXMZI HMWGLEVKI X]TI MI [MXLSYX E LMKL XIRWMSR HMWXVMFYXSV [MXL TS[IV QSHYPIWPSGEXIHMRXLIIPIGXVSRMGMRNIGXMSRMKRMXMSRGSRXVSPYRMX9LIW]WXIQLEWX[SLMKLXIRWMSRX[MRSYXPIXGSMPWNSMRIHMREWMRKPIGSRXEMRIVERHGSRRIGXIHHMVIGXP]XSXLIWTEVOTPYKW
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
9LITVMQEV][MRHMRKJSVIEGLGSMPMWGSRRIGXIHXSXLITS[IVVIPE] XLIVIF]VIGIMZMRKXLIFEXXIV]ZSPXEKIERHXSXLITMRWJSVXLIIPIGXVSRMGGSRXVSPYRMXJSVGSRRIGXMSRXSIEVXL
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
)MEKVEQSJMRTYXSYXTYXMRJSXSJVSQGSRXVSPYRMX
9LIJYIPPIZIPERHIRKMRISMPTVIWWWYVIHEXEVIEGLXLIGSRXVSPYRMXZMEXLI(&3PMRI
)+CCCCCCCCC+-CCC9.+
*PIGXVSRMGGSRXVSPYRMX8TIIHSQIXIVWIRWSV SV&'8[LIVITVIWIRX'SH](SQTYXIV [MXLFYMPXMR+MEX(4)*GSRXVSPYRMX*RKMRIMHPIWTIIHEGXYEXSV+YIPMRNIGXSVW+YIPZETSYVWSPIRSMHZEPZI)MEKRSWXMGWSGOIX8TEVOTPYKW.KRMXMSRGSMPW
*RKMRIGSSPERXSZIVLIEXMRK[EVRMRKPMKLX.RNIGXMSRJEMPYVI[EVRMRKPMKLX(PMQEXIGSRXVSPW]WXIQ*RKMRIGSSPERXXIQTIVEXYVIWIRWSV.RXOIEMVXIQTIVEXYVIERHTVIWWYVIWIRWSV'YXXIVJP]ZEPZITSWMXMSRWIRWSV)IXSREXMSRWIRWSV7TQERH9)(WIRWSV.KRMXMSRW[MXGL1EQFHEWIRWSV TVIGEXEP]^IV
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
*PIGXVMGJYIPTYQT7EHMEXSVJERLMKLERHPS[WTIIHVIPE]JIIHW8TIIHSQIXIVQMPSQIXIV
1EQFHEWIRWSV TSWXGEXEP]^IV.RNIGXMSRTLEWIWIRWSV+YIPPIZIPWIRWSV
4TIVEXMRKWXVEXIK]
8]WXIQWIPJEHETXMSR
9LIGSRXVSPYRMXLEWEWIPJEHETXMSRJYRGXMSR[LMGLVIGSKRM^IWGLERKIWMRXLIIRKMRI[LMGLSGGYVEWEVIWYPXSJFIHHMRKMRERHEKIMRKTVSGIWWIWSJFSXLGSQTSRIRXWERHXLIIRKMRIMXWIPJ9LIWIGLERKIWEVIWXSVIHMRXLIJSVQSJQSHMJMGEXMSRWXSXLIFEWMGQETTMRKERHXLIMVTYVTSWIMWXSEHETXXLISTIVEXMSRSJXLIW]WXIQXSXLIKVEHYEPEPXIVEXMSRWMRXLIIRKMRIERHGSQTSRIRXWGSQTEVIH[MXLXLIMVGLEVEGXIVMWXMGW[LIRRI[9LMWWIPJEHETXEXMSRJYRGXMSREPWSQEOIWMXTSWWMFPIXSIZIRSYXMRIZMXEFPIHMJJIVIRGIW HYIXSTVSHYGXMSRXSPIVERGIWMRER]VITPEGIHGSQTSRIRXW+VSQXLII\LEYWXKEWEREP]WMWXLIGSRXVSPYRMXGLERKIWXLIFEWMGQETTMRKMRVIPEXMSRXSXLISVMKMREPGLEVEGXIVMWXMGWSJXLIRI[IRKMRI9LIWIPJEHETXEXMSRTEVEQIXIVWEVIRSXGERGIPPIHMJXLIFEXXIV]MWHMWGSRRIGXIH
8IPJXIWXMRK
9LIGSRXVSPYRMXEYXSHMEKRSWXMGW]WXIQGSRXVSPWXLIGSVVIGXSTIVEXMSRSJXLIW]WXIQERHWMKREPWER]JEYPXWF]QIERWSJER 2.1[EVRMRKPMKLXMRXLIMRWXVYQIRXTERIP[LMGLLEWEWXERHEVHM^IH*YVSTIERGSPSYVERHMHISKVEQ9LMW[EVRMRKPMKLXWMKREPWFSXLIRKMRIQEREKIQIRXJEYPXWERHTVSFPIQWHIXIGXIHF]XLI*4')WXVEXIKMIW
9LI 2.1[EVRMRKPMKLXSTIVEXMRKPSKMGMWEWJSPPS[W [MXLXLIMKRMXMSROI]MRXLI43TSWMXMSRXLI[EVRMRKPMKLXGSQIWSRERHVIQEMRWSRYRXMPXLIIRKMRILEW
FIIRWXEVXIHYT 9LIGSRXVSPYRMXWWIPJXIWXW]WXIQGLIGOWXLIWMKREPWGSQMRKJVSQXLIWIRWSVWGSQTEVMRKXLIQ[MXLXLI
TIVQMXXIHPMQMXW
8MKREPPMRKSJJEYPXWHYVMRKIRKMRIWXEVXMRK XLIJEMPYVISJXLI[EVRMRKPMKLXXSKSSYXSRGIXLIIRKMRILEWFIIRWXEVXIHYTQIERWXLEXXLIVIMWERIVVSV
QIQSVM^IHMRXLIGSRXVSPYRMX
+EYPXMRHMGEXMSRHYVMRKSTIVEXMSR XLI[EVRMRKPMKLXJPEWLMRKMRHMGEXIWTSWWMFPIHEQEKIXSXLIGEXEP]^IVHYIXSQMWJMVI MJ XLI [EVRMRK PMKLX GSQIW SR JM\IH MX MRHMGEXIW XLI TVIWIRGI SJ IRKMRI QEREKIQIRX IVVSVW SV *4')
7*(4;*7>HMEKRSWMWIVVSVW+VSQXMQIXSXMQIXLIGSRXVSPYRMXHIJMRIWXLIX]TISJVIGSZIV]EGGSVHMRKXSXLIGSQTSRIRXW[LMGLEVIJEYPX]9LIVIGSZIV]TEVEQIXIVWEVIQEREKIHF]XLSWIGSQTSRIRXW[LMGLEVIRSXJEYPX]
)+CCCCCCCCC+'CCC9.+
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
7IGSKRMXMSRSJ+.&9(4)*
<LIRXLIGSRXVSPYRMXVIGIMZIWXLIMKRMXMSR43WMKREPMXHMEPSKYIW[MXLXLI'SH](SQTYXIV +MEX(4)*JYRGXMSRXSSFXEMRWXEVXMRKIREFPIQIRX(SQQYRMGEXMSRXEOIWTPEGIZMEXLI(&3PMRI[LMGLGSRRIGXWXLIX[SGSRXVSPYRMXW
)+CCCCCCCCC+'CCC9.+
7*(4,3.9.434+(>1.3)*7548.9.43
9LIIRKMRIXMQMRKWMKREPXSKIXLIV[MXLXLIIRKMRIVTQERHXSTHIEHGIRXVI 9)(WMKREPEPPS[WXLIGSRXVSPYRMXXSVIGSKRM^IXLIWYGGIWWMSRSJG]PMRHIVWXSMQTPIQIRXTLEWIHMRNIGXMSR9LMWWMKREPMWKIRIVEXIHF]E-EPPIJJIGXWIRWSVTSWMXMSRIHSRXLIVSGOIVGSZIVRIEVXLITLSRMG[LIIPJSVQIHSRXLIGEQWLEJXTYPPI]
)+CCCCCCCCC+&CCC9.+
(4397414+(42':89.431&2')&574'*8
.R*4')W]WXIQWXLI1EQFHEWIRWSVW[LMGLEVIEPPXLIWEQIX]TIFYXRSXMRXIVGLERKIEFPIEVIPSGEXIHSRIFIJSVI TVIXLIGEXEP]^IVERHSRIEJXIV TSWXXLIGEXEP]^IV9LITVIGEXEP]^IVWIRWSVGEVVMIWSYXXLIGLIGOSRXLIQM\XYVIWXVIRKXLGEPPIHWXPSST GPSWIHPSSTSJXLITVIGEXEP]^IVWIRWSV9LITSWXGEXEP]^IVWIRWSVMWYWIHJSVXLIGEXEP]^IVHMEKRSWMWERHJSVJMRIP]QSHYPEXMRKXLIWXPSSTGSRXVSPTEVEQIXIVW
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
<MXLXLMWMRQMRHXLIEHNYWXQIRXSJXLIWIGSRHPSSTMWHIWMKRIHXSVIGSZIVFSXLTVSHYGXMSRHMJJIVIRGIWERHXLIWPMKLXHIZMEXMSRW[LMGLXLIVIWTSRWIJVSQXLITVIGEXEP]^IVWIRWSVQE]WLS[EWEVIWYPXSJEKIMRKERHTSPPYXMSR9LMWGLIGOMWGEPPIHRHPSSTGSRXVSP GPSWIHPSSTSJTSWXGEXEP]^IVWIRWSV
)+CCCCCCCCC+&CCC9.+
4TIVEXMSR[LIRGSPH
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
)+CCCCCCCCC+'CCC9.+
4TIVEXMSRMRJYPPPSEHGSRHMXMSRW
4TIVEXMSRMRJYPPPSEHGSRHMXMSRWMWHIXIGXIHF]XLIGSRXVSPYRMXXLVSYKLXLIZEPYIWWYTTPMIHF]XLIFYXXIVJP]TSWMXMSRERHEFWSPYXITVIWWYVIWIRWSVW.RJYPPPSEHGSRHMXMSRWXLIFEWMGMRNIGXMSRXMQIQYWXFIMRGVIEWIHXSSFXEMRXLIQE\MQYQTS[IVWYTTPMIHF]XLIIRKMRI
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
)+CCCCCCCCC+'CCC9.+
4TIVEXMSRMRHIGIPIVEXMSRGSRHMXMSRW
)YVMRKXLMWWXEKIXLIIRKMRILEWX[SWXVEXIKMIW &RIKEXMZIXVERWMXSV]WXVEXIK]XSOIITXLIUYERXMX]SJJYIPWYTTPMIHXSXLIIRKMRIEXXLIWXSMGLMSQIXVMGZEPYI
PIWWTSPPYXMSR9LMWWXEKIMWVIGSKRM^IHF]XLIGSRXVSPYRMX[LIRXLIFYXXIVJP]TSXIRXMSQIXIVWMKREPKSIWJVSQELMKLZSPXEKIVIEHMRKXSEPS[IVSRI
&WSJXEGGSQTERMQIRXWXVEXIK]EXXLIPS[IVWTIIH HEWLTSXXSPIWWIRXLIZEVMEXMSRMRXLIXSVUYIWYTTPMIH VIHYGIHIRKMRIFVEOMRK
'EVSQIXVMGGSVVIGXMSR
9LIEXQSWTLIVMGTVIWWYVIZEVMIWEGGSVHMRK XS XLIEPXMXYHIGVIEXMRKEZEVMEXMSR MR XLIZSPYQIXVMGIJJMGMIRG][LMGLVIUYMVIWXLIGSVVIGXMSRSJXLIFEWMGQM\XYVIWXVIRKXL MRNIGXMSRXMQI9LIGSVVIGXMSRSJXLIMRNIGXMSRXMQIHITIRHWSRXLIZEVMEXMSRMREPXMXYHIERHMWEYXSQEXMGEPP]YTHEXIHF]XLIIPIGXVSRMGGSRXVSPYRMXIEGLXMQIXLIIRKMRIMWW[MXGLIHSJJERHMRGIVXEMRFYXXIVJP]TSWMXMSRERHVTQGSRHMXMSRW JSVI\EQTPIEXPS[WTIIHWERH[MXLXLIFYXXIVJP][MHISTIR
4TIVEXMSRHYVMRKGYXSJJ
9LIJYIPGYXSJJWXVEXIK]MWMQTPIQIRXIH[LIRXLIGSRXVSPYRMXVIGSKRM^IWXLIFYXXIVJP]ZEPZIMRXLIMHPITSWMXMSRERHXLIIRKMRIWTIIHMWVTQ ZEVMEFPIMRHMGEXMZIZEPYI9LIGSRXVSPYRMXSRP]IREFPIWXLIGYXSJJ[LIRXLIIRKMRIXIQTIVEXYVII\GIIHW°(9LIGSRXVSPYRMX[MXLIRKMRIWTIIHSJVTQ ZEVMEFPIMRHMGEXMZIZEPYIERHFYXXIVJP]ZEPZIMRSTIRTSWMXMSRVIIREFPIWXLIJYIPWYTTP]XSXLIIRKMRI+SVZIV]LMKLWTIIHWXLIGYXSJJMWMQTPIQIRXIHIZIR[LIRXLIFYXXIVJP]MWRSXGSQTPIXIP]GPSWIHFYX[LIRXLITVIWWYVIMRXLIMRPIXQERMJSPHMWTEVXMGYPEVP]PS[ TEVXMEPGYXSJJ
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
)+CCCCCCCCC+'CCC9.+
4TIVEXMSRMREGGIPIVEXMSRGSRHMXMSRW
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
)+CCCCCCCCC+'CCC9.+
5VSXIGXMSREKEMRWXI\GIWWVTQ
<LIRXLIIRKMRIVSXEXMSRWTIIHI\GIIHWVTQJSVQSVIXLERWIGSRHWSVVIEGLIWXLIPMQMXSJVTQWIXF]XLIQERYJEGXYVIVJSVEQSQIRXXLIIRKMRIMWSTIVEXMRKYRHIVGVMXGEPGSRHMXMSRW
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
<LIRXLIIPIGXVSRMGGSRXVSPYRMXVIGSKRM^IWXLEXXLIEFSZIWTIIHLEWFIIRI\GIIHIHMXTVIZIRXWXLISTIVEXMSRSJXLIMRNIGXSVW<LIRXLIVSXEXMSRWTIIHVIXYVRWXSERSRGVMXMGEPZEPYIXLISTIVEXMSRMWVIWYQIH
)+CCCCCCCCC+'CCC9.+
+YIPTYQTGSRXVSP
9LIIPIGXVMGJYIPTYQTMWGSRXVSPPIHF]XLIIRKMRIGSRXVSPYRMXF]QIERWSJEVIPE]
9LITYQTGYXWSYX MJXLIIRKMRIWTIIHKSIWFIPS[EFSYXVTQ EJXIVEGIVXEMRTIVMSH EFSYXWIGSRHW[MXLXLIMKRMXMSRW[MXGLMRXLI43TSWMXMSR[MXLSYXXLIIRKMRI
FIMRKWXEVXIHYT XMQIHKSELIEH MJXLIMRIVXMEW[MXGLLEWSTIVEXIH
)+CCCCCCCCC+'CCC9.+
.RNIGXSVSTIVEXMSR
9LISTIVEXMSRSJXLIMRNIGXSVWMWXLIWIUYIRXMEPTLEWIHX]TI-S[IZIVHYVMRKWXEVXMRKXLIMRNIGXSVWEVISTIVEXIHSRGIMRTEVEPPIP JYPPKVSYT
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
9LIXMQMRKSJXLIMRNIGXSVSTIVEXMSRZEVMIWEGGSVHMRKXSXLIIRKMRIWTIIHERHTVIWWYVISJXLIMRPIXEMVMRSVHIVXSMQTVSZIXLIJMPPMRKSJXLIG]PMRHIVW[MXLEHZERXEKIWMRXIVQWSJGSRWYQTXMSRHVMZIEFMPMX]ERHTSPPYXMSR
)+CCCCCCCCC+'CCC9.+
0RSGOGSRXVSP
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
)+CCCCCCCCC+'CCC9.+
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
2EREKIQIRXSJVEHMEXSVJER
9LIGSRXVSPYRMXHMVIGXP]GSRXVSPWXLISTIVEXMSRSJXLIVEHMEXSVJEREGGSVHMRKXSXLIXIQTIVEXYVISJXLIIRKMRIGSSPERXERHXLIIRKEKIQIRXSJXLIGPMQEXIGSRXVSPW]WXIQ9LI JER MW W[MXGLIH SR [LIR XLI XIQTIVEXYVI I\GIIHW °( WX WTIIH ERH °( RH WTIIH 9LIW[MXGLMRKSJJXEOIWTPEGI[MXLEL]WXIVIWMWSJ°(FIPS[XLIIRKEKIQIRXXLVIWLSPH
)+CCCCCCCCC+'CCC9.+
2EREKIQIRXSJXLIIRKMRIMHPI
9LIKIRIVEPEMQSJXLMWWXVEXIK]MWXSOIITXLIIRKMRIMHPMRKEXEVSYRHXLIZEPYIQIQSVM^IH IRKMRI[EVQVTQ XLITSWMXMSRSJXLIEGXYEXSVHITIRHWSRXLIJSPPS[MRKIRKMRIGSRHMXMSRW
8XEVXMRKWXEKI
<LIRXLIOI]MWMRWIVXIHXLITSWMXMSRSJXLIEGXYEXSVHITIRHWSRXLIXIQTIVEXYVISJXLIIRKMRIGSSPERXERHXLIZSPXEKISJXLIFEXXIV] STIRPSSTTSWMXMSR
<EVQMRKYTWXEKI
9LIIRKMRIWTIIHMWGSVVIGXIHTEVXMGYPEVP]SRXLIFEWMWSJXLIIRKMRIGSSPERXXIQTIVEXYVI<LIRXLISTXMQYQXIQTIVEXYVIMWVIEGLIHXLIMHPIQEREKIQIRXHITIRHWSRP]SRXLIWMKREPGSQMRKJVSQXLIVTQWIRWSV [LIRI\XIVREPPSEHWEVIW[MXGLIHSRXLIGSRXVSPYRMXGSRXVSPWXLIEGXYEXSVXSEHNYWXXLIVTQXSXLIRI[GSRHMXMSRWERHXSQEREKIXLIIRKMRIPSEH[LMPIQEMRXEMRMRKXLIMHPIWTIIH
4ZIVVYR
.RHIGIPIVEXMSRGSRHMXMSRWSYXWMHISJMHPMRKXLIGSRXVSPYRMXGSRXVSPWXLITSWMXMSRSJXLIIRKMRIMHPIWTIIHEGXYEXSVF]QIERWSJEWTIGMEPJPS[VEXIGYVZI HEWLTSXGYVZIMRSXLIV[SVHWMXWPS[WHS[RXLIVIXYVRSJXLIWLYXXIVXS[EVHWMXWWIEXMRKMQTVSZMRKXLIIRKMRIFVEOMRKIJJIGX JEWXMHPI
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
)+CCCCCCCCC+'CCC9.+
2EREKIQIRXSJJYIPZETSYVVIGMVGYPEXMSR
9LMWWXVEXIK]GSRXVSPWXLITSWMXMSRSJXLIZETSYVGYXSYXWSPIRSMHZEPZIMRXLIJSPPS[MRK[E] HYVMRKWXEVXMRKXLIWSPIRSMHVIQEMRWGPSWIHTVIZIRXMRKXLIJYIPZETSYVWJVSQIRVMGLMRKXLIQM\XYVI XLMW
GSRHMXMSRTIVWMWXWYRXMPXLIXIQTIVEXYVISJXLIGSSPERXVIEGLIW°( [MXLXLIIRKMRIYTXSXSXIQTIVEXYVIXLIIPIGXVSRMGGSRXVSPYRMXWIRHWXLIWSPIRSMHEWUYEVI[EZIWMKREP
HYX]G]GPI[LMGLQSHYPIWMXWSTIRMRK.RXLMW[E]XLIGSRXVSPYRMXGSRXVSPWXLIUYERXMX]SJJYIPZETSYVWWIRXXSXLIMRPIXTVIZIRXMRKGSRWMHIVEFPIZEVMEXMSRWMRXLIQM\XYVIWXVIRKXL
.RXLIGSRHMXMSRPMWXIHFIPS[XLISTIVEXMSRSJXLIWSPIRSMHZEPZIMWMRLMFMXMIHQEMRXEMRMRKXLIWEQIMRXLIGPSWIHTSWMXMSR XLMWMQTVSZIWIRKMRISTIVEXMSR FYXXIVJP]ZEPZIMRGPSWIHTSWMXMSR IRKMRIWTIIHFIPS[VTQ MRPIXQERMJSPHTVIWWYVIFIPS[XLIPMQMXGEPGYPEXIHF]XLIGSRXVSPYRMXHITIRHMRKSRXLIRYQFIVSJVIZW
)+CCCCCCCCC+'CCC9.+
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
2EREKIQIRXSJXLIGPMQEXIGSRXVSPW]WXIQ
9LIMRNIGXMSRMKRMXMSRGSRXVSPYRMXMWGSRRIGXIHXSXLIGPMQEXIGSRXVSPW]WXIQMRXLEX VIGIMZIWXLIVIUYIWXXSW[MXGLSRXLIGSQTVIWWSVERHSTIVEXIXLIVIPEXIHMRXIVZIRXMSRW EHHMXMSREPEMV MXKMZIWXLIKSELIEHXSW[MXGLSRXLIGSQTVIWWSV[LIRXLIGSRHMXMSRWGSZIVIHF]XLIWXVEKIKMIWLEZI
EVMWIR MXVIGIMZIWMRJSVQEXMSRSRXLIWXEXISJXLIJSYVWXEKITVIWWYVIW[MXGLERHQEOIWXLIETTVSTVMEXIMRXIVZIR
XMSRW VEHMEXSVJERSTIVEXMSR.JXLIIRKMRIMWMHPMRKXLIGSRXVSPYRMXMRGVIEWIWXLIJPS[VEXISJXLIEMVTEWWMRKJVSQXLIMHPIEGXYEXSVFIJSVIXLI GSQTVIWWSV MW W[MXGLIH SR ERH ZMGIZIVWE MX VIXYVRW XLI EGXYEXSV XS XLI RSVQEP TSWMXMSR EJXIV XLIGSQTVIWWSVMWW[MXGLIHSJJ
9LIGSRXVSPYRMXHMWIRKEKIWXLIGSQTVIWWSV MJXLIGSSPERXXIQTIVEXYVII\GIIHWEGIVXEMRXLVIWLSPH MJXLIIRKMRIVTQMWFIPS[VTQ
9LIGSRXVSPYRMXXIQTSVEVMP]GSRXVSPWXLIHMWIRKEKIQIRXSJXLIGSQTVIWWSV JSVEJI[WIGSRHW HYVMRKLMKLTS[IVVIUYIWXWJVSQXLIIRKMRI WXVSRKEGGIPIVEXMSR HYVMRKIRKMRITMGOYT
)+CCCCCCCCC+'CCC9.+
VIGSZIV]
&MVXIQTIVEXYVIWIRWSV
.JXLIIVVSVMWTVIWIRXHYVMRKWXEVXMRK MXEWWYQIWEZEPYISJ°( WIPJEHNYWXQIRXSJXLIQM\XYVIWXVIRKXLMWMRLMFMXIH
.JXLIIVVSVMWTVIWIRXMRSXLIVGSRHMXMSRW XLIPEWXZEPMHZEPYIMWQIQSVM^IHERHYTHEXIHEGGSVHMRKXSXLIIRKMRIXIQTIVEXYVI
0RSGOWIRWSV
.JXLIWIRWSVMWJEYPX]XLIIRKMRIGSRXVSPYRMXMQTPIQIRXWQSVIGSRWIVZEXMZIMKRMXMSREHZERGIQETWXSWEJIKYEVHXLIIRKMRI
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
5VIWWYVIWIRWSV
.JXLIJEMPYVIMWTVIWIRXHYVMRKWXEVXMRKMXYWIWEZEPYISJQFEV)YVMRKSTIVEXMSRXLIZEPYIYWIHMWGEPGYPEXIHSRXLIFEWMWSJTEVEQIXIVWWYTTPMIHF]XLIFYXXIVJP]ZEPZITSWMXMSRWIRWSVERHXLIVTQWIRWSV8IPJEHNYWXQIRXSJXLIQM\XYVIWXVIRKXLMWMRLMFMXIH
'YXXIVJP]ZEPZITSWMXMSRWIRWSV
.RXLIGEWISJEJEYPXEZEPYIGEPGYPEXIHJVSQXLIEFWSPYXITVIWWYVIWIRWSVVIEHMRKWMWWIXERHMJXLMWWIRWSVMWFVSOIREJM\IHZEPYIIUYEPXSEFYXXIVJP]STIRMRKSJHIKVIIWMWWIX9LIQM\XYVIWXVIRKXLERHMHPIWIPJEHNYWXQIRXHEWLTSXWXVEXIKMIWEVIWYWTIRHIH
;ILMGPIWTIIHWIRWSV
9LIPEWXZILMGPIWTIIHZEPYIQIQSVM^IHMWEWWYQIH
(SSPERXXIQTIVEXYVIWIRWSV
.RXLIGEWISJEJEYPXXLIGSRXVSPYRMXMRLMFMXWWIPJEHNYWXQIRXSJXLIQM\XYVIWXVIRKXLERHMHPI
.XWIXWXLIPEWXXIQTIVEXYVIZEPYIQIEWYVIH MJXLMWHSIWRSXGSVVIWTSRHXSXLI[SVOMRKXIQTIVEXYVIXLIGSRXVSPYRMXMRGVIEWIWMXKVEHYEPP]MREGGSVHERGIXSXLIXMQIWMRGIXLIIRKMRI[EWWXEVXIHYRXMPXLIXLISVIXMGEP°(MWVIEGLIH.REHHMXMSR[LIR XLI MKRMXMSR MWW[MXGLIHSR XLI VEHMEXSVGSSPMRK JER MWW[MXGLIHSRTIVQERIRXP]EX XLIWIGSRHWTIIH
*RKMRIMHPIWTIIHEGXYEXSV
.RXLIIZIRXSJEJEYPXXLISTIVEXMSRSJXLIEGXYEXSVMWHMWEFPIHERHWIPJEHNYWXQIRXSJXLIMHPIQM\XYVIWXVIRKXLMWWXSTTIH
.&<+MRNIGXMSRMKRMXMSRGSRXVSPYRMX
9LIGSRXVSPYRMXMWJMXXIHMRXLIIRKMRIGSQTEXQIRXSRXLIMRPIXQERMJSPHEMVGLEQFIVERHGER[MXLWXERHLMKLXIQTIVEXYVIW.XMWEHMKMXEPX]TI[MXLEQMGVSTVSGIWWSVJIEXYVMRKELMKLGEPGYPEXMSRGETEGMX]TVIGMWMSRVIPMEFMPMX]ZIVWEXMPMX]ERHPS[IRIVK]GSRWYQTXMSRERHMWQEMRXIRERGIJVII9LIXEWOSJXLIIPIGXVSRMGGSRXVSPYRMXMWXSTVSGIWWXLIWMKREPWGSQMRKJVSQXLIZEVMSYWWIRWSVWXLVSYKLXLIETTPMGEXMSRSJWSJX[EVIEPKSVMXLQWERHGSRXVSPXLISTIVEXMSRSJXLIEGXYEXSVW MRTEVXMGYPEVXLIMRNIGXSVWMKRMXMSRGSMPWERHMHPIEGXYEXSVMRSVHIVXSIRWYVISTXMQYQIRKMRISTIVEXMSR9LIEHSTXMSRSJXLI+MEX(4)*HSIWRSXEPPS[GSRXVSPYRMXWXSFII\GLERKIHFIX[IIRGEVW
)+CCCCCCCCC+&CCC9.+
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
5MRW
9LIHMEKVEQFIPS[WLS[WXLIGSRXVSPYRMXTMRW
)+CCCCCCCCC++CCC9.+
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
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
7TQERHXMQMRKWIRWSVWLMIPHMRK7TQERH9)(WIRWSV (]PMRHIVMRNIGXSVGSRXVSP
(]PMRHIVMRNIGXSVGSRXVSP.KRMXMSRGSMPGSRXVSP G]PMRHIVW
+YIPMRNIGXSVW
8TIGMJMGEXMSRW
9LIMRNIGXSVWEVIXLI TIEOQMRMEXYVIX]TI[MXLEWYTTP]SJ;ERHERMRXIVREPVIWMWXERGISJSLQEX°(9LIMRNIGXSVWEVIJM\IHF]XLIQERMJSPH[LMGLTVIWWIWXLIQMRXSXLIMVLSYWMRKWMRXLIMRPIXQERMJSPHHYGXW[LMPWXX[SVYFFIVWIEPW ERH WIEPXLIMRPIXQERMJSPHERHXLIJYIPQERMJSPH9LIJYIPMWWYTTPMIHJVSQEFSZI XLIMRNIGXSV[LMGLGSRXEMRWXLI[MRHMRK GSRRIGXIHXSXLIXIVQMREPW SJXLIIPIGXVMGEPGSRRIGXSV
3SXI )YVMRKVIQSZEPVIJMXXMRKHSRSXI\IVXJSVGISRXLIJYIPMRNIGXSVQERMJSPHEWXLMWGSYPHEHZIVWIP]EJJIGXMXWSTIVEXMSR
)+CCCCCCCCC+*CCC9.+
4TIVEXMSR
9LIJYIPNIXEXXLIEFWSPYXITVIWWYVISJFEVF]QIERWSJXLIVIXYVRPIWWW]WXIQIQIVKIWJVSQXLIMRNIGXSVERHMWMRWXERXP]EXSQM^IH9LIGSRXVSPPSKMGJSVXLIMRNIGXSVWMWXLIWIUYIRXMEPTLEWIHX]TIMRSXLIV[SVHWXLIJSYVMRNIGXSVWEVISTIVEXIHEGGSVHMRKXSXLIMRPIXWIUYIRGIW
+:*12&3.+41)
85*(.+.(&9.438
9LIJYIPQERMJSPHMWJM\IHXSXLIMRRIVTEVXSJXLIMRPIXQERMJSPHERHMXWJYRGXMSRMWXSWIRHXLIJYIPXSXLIMRNIGXSVW
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
4RXLIJYIPQERMJSPHMREHHMXMSRXSXLIJYIPMRNIGXSVWIEXWXLIVIMWEVETMHEXXEGLQIRXJSVGSRRIGXMSR[MXLXLIJYIPWYTTP]TMTIERHEREXXEGLQIRXJSVGLIGOMRKXLIJYIPWYTTP]TVIWWYVI
)+CCCCCCCCC++CCC9.+
+YIPQERMJSPH.RNIGXSV&XXEGLQIRXJSVJYIPHVEMREKITVIWWYVI
7ETMHEXXEGLQIRX+YIPHIPMZIV]TMTI
*3,.3*(441&39XIQTIVEXYVIWIRWSV
8TIGMJMGEXMSRW
9LMWMWQSYRXIHSRXLIXLIVQSWXEXMGGYTERHMXQIEWYVIWXLIGSSPERXXIQTIVEXYVIF]QIERWSJER39(XLIVQMWXSV[MXLERIKEXMZIVIWMWXERGIGSIJJMGMIRX
*PIGXVMGEPGLEVEGXIVMWXMGW
°( Ω
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
4TIVEXMSR
9LIVIJIVIRGIZSPXEKIJSVXLI39(IPIQIRXJSVXLIMRNIGXMSRW]WXIQMW;SPX EWXLIMRTYXGMVGYMXMRXSXLIGSRXVSPYRMXMWHIWMKRIHEWEZSPXEKIHMZMHIVXLMWZSPXEKIMWHMZMHIHFIX[IIREVIWMWXSVPSGEXIHMRXLIGSRXVSPYRMXERHXLIWIRWSVW39(VIWMWXSV9LIGSRXVSPYRMXMWXLYWEFPIXSEWWIWWXLIGLERKIWMRXLIWIRWSVWVIWMWXERGIZMEXLIGLERKIWMRZSPXEKIERHXLYWSFXEMRXLIXIQTIVEXYVIMRJSVQEXMSR
)+CCCCCCCCC+&CCC9.+
(SQTSRIRXW
9LIGSQTSRIRXW[LMGLQEOIYTXLIWIRWSVEVI
)+CCCCCCCCC+&CCC9.+
39(VIWMWXSV 8IRWSVFSH]*PIGXVMGEPGSRRIGXSV
0RSGOWIRWSV
8TIGMJMGEXMSRW
9LITMI^SIPIGXVMGX]TIHIXSREXMSRWIRWSVMWJMXXIHSRXLIG]PMRHIVFPSGOGVEROGEWIERHHIXIGXWXLIMRXIRWMX]SJXLIZMFVEXMSRWGEYWIHF]XLIHIXSREXMSRMRXLIGSQFYWXMSRGLEQFIVW9LMWTLIRSQIRSRTVSHYGIWEQIGLERMGEPVITIVGYWWMSRSRETMI^SIPIGXVMGGV]WXEP[LMGLWIRHWEWMKREPXSXLIGSRXVSPYRMX SRXLIFEWMWSJXLMWWMKREPXLIGSRXVSPYRMXVIHYGIWXLIMKRMXMSREHZERGIYRXMPXLITLIRSQIRSR HIXSREXMSRLEWHMWETTIEVIH
°( Ω
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
9LIEHZERGIMWXLIRKVEHYEPP]VIWXSVIHXSXLISTXMQYQFEWMGSTIVEXMRKZEPYI
)+CCCCCCCCC+&CCC9.+
4TIVEXMSR
9LIQSPIGYPIWSJEUYEVX^GV]WXEPEVIIPIGXVMGEPP]TSPEVMWIH.RVIWXGSRHMXMSRW &XLIQSPIGYPIWHSRSXLEZIETEVXMGYPEVHMVIGXMSR<LIRXLIUYEVX^GV]WXEPMWWYFNIGXIHXSTVIWWYVISVERMQTEGX 'XLI]EVIHMVIGXIHXLILMKLIVXLITVIWWYVIXS[LMGLXLIGV]WXEPMWWYFNIGXIHXLIQSVIQEVOIHXLIMVHMVIGXMSR9LMWHMVIGXMSRTVSHYGIWEZSPXEKIEXXLIIRHWSJXLIGV]WXEP
)+CCCCCCCCC+&CCC9.+
&7IWXTSWMXMSR'5SWMXMSRYRHIVTVIWWYVI
*PIGXVMGEPGLEVEGXIVMWXMGW
VIWMWXERGISLQEX°(
752WIRWSV
8TIGMJMGEXMSRW
.XMWJMXXIHSRXLIG]PMRHIVFPSGOGVEROGEWIERHJEGIWXLITLSRMG[LIIPSRXLIGVEROWLEJXTYPPI]
.XMWSJXLIMRHYGXMZIX]TIMIMXJYRGXMSRWF]QIERWSJXLIZEVMEXMSRMRXLIQEKRIXMGJMIPHKIRIVEXIHF]XLITEWWEKISJXLIJP][LIIPXIIXL XIIXL
9LIJYIPMRNIGXMSRGSRXVSPYRMXYWIWXLIVTQWIRWSVXS HIXIVQMRIXLIGVEROWLEJXVSXEXMSRWTIIH HIXIVQMRIXLIERKPISJXLIGVEROWLEJX
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
)+CCCCCCCCC+&CCC9.+
(SQTSRIRXW
9LIWIRWSVGSRWMWXWSJEXYFYPEVGEWMRK [LMGLGSRXEMRWETIVQERIRXQEKRIX ERHERIPIGXVMGEP[MRHMRK
)+CCCCCCCCC+&CCC9.+
4TIVEXMSR
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° °HMZMHIHF]XIIXL
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
9LIW]RGLVSRM^EXMSRTSMRXMWVIGSKRM^IHEXXLIIRHSJXLIJMVWXXSSXLEJXIVXLIWTEGIGVIEXIHF]XLIX[SQMWWMRKXIIXL[LIRXLMWTEWWIWYRHIVXLIWIRWSVXLITEMVSJTMWXSRWSJXLIIRKMRIEVIEXHIKVIIWFIJSVI9)(
)+CCCCCCCCC++CCC9.+
8IRWSV4YXTYXWMKREP
8MKREPGSVVIWTSRHMRKXSXLIX[SQMWWMRKXIIXL(VEROWLEJXTYPPI][MXLJP][LIIP
*PIGXVMGEPWTIGMJMGEXMSRW
VIWMWXERGISLQEX°(9LIHMWXERGI KETJSVSFXEMRMRKGSVVIGXWMKREPWFIX[IIRXLIIRHSJXLIWIRWSVERHXLIJP][LIIPWLSYPHFIFIX[IIRERHQQ
9LVSXXPIFSH]
8TIGMJMGEXMSRW
9LMWLEWXLIXEWOSJQIXIVMRKXLIEQSYRXSJEMVWYTTPMIHXSXLIIRKMRI ERHGSRWIUYIRXP]XLITS[IVHIZIPSTIHEGGSVHMRKXSXLIVIUYIWXJVSQXLIHVMZIVZMEXLIEGGIPIVEXSV9LIFYXXIVJP]GEWMRKMWJM\IHXSXLIMRXEOIQERMJSPH XLIFYXXIVJP]MWSTIRIHF]QIERWSJERSRPMRIEVPMROEKI[LMGLHITIRHMRKSRXLITIHEPXVEZIPTVSHYGIWWQEPPFYXXIVJP]STIRMRKERKPIWMRXLIJMVWXWIGXMSRSJXLIEGGIPIVEXSVTIHEPXVEZIPERHGSRZIVWIP]KVIEXIVERKPIW[MXLXLITIHEPZIV]HITVIWWIH<MXLXLITIHEPGSQTPIXIP]VIPIEWIH IRKMRIHIGIPIVEXMRKSVMHPMRKXLIEHHMXMSREPEMVVIUYMVIHMWWYTTPMIHF]XLIIRKMRIMHPIWTIIHEGXYEXSV YRHIVXLIWIGMVGYQWXERGIWXLIXLVSXXPISTIRMRKPIZIVGSQIWYTEKEMRWXERERXMXEQTIVWGVI[[LMGLTVIZIRXWXLIXLVSXXPIJVSQKIXXMRKWXYGOMRXLIGPSWIHTSWMXMSR9LIFYXXIVJP]ZEPZITSWMXMSRWIRWSVERHXLIIRKMRIMHPIWTIIHEGXYEXSVEVIEPWSJMXXIHSRXLIFYXXIVJP]GEWMRK
(42548.9.43
9LIHMEKVEQFIPS[WLS[WXLIQEMRGSQTSRIRXWSJXLIXLVSXXPIFSH]
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
)+CCCCCCCCC+'CCC9.+
*RKMRIMHPIWTIIHEGXYEXSV'YXXIVJP]ZEPZITSWMXMSRWIRWSV GERRSXFIWITEVEXIH'YXXIVJP]ZEPZI
'YXXIVJP]STIRMRKPMROEKI'YXXIVJP]ZEPZIIRHSJXVEZIPSVERXMXEQTIVWGVI[ RSXXSFIXEQTIVIH[MXL
9LIIRHSJXVEZIPWXST MWWIXHYVMRKXLVSYKLJPS[EXXLIJEGXSV]ERHWLSYPHRIZIVFIXEQTIVIH[MXL
FYXXIVJP]ZEPZITSWMXMSRWIRWSV
8TIGMJMGEXMSRW
9LMWWIRWSVGSRWMWXWSJETSXIRXMSQIXIV[LIVIXLIQSZMRKTEVXMWGSRXVSPPIHF]XLIFYXXIVJP]ZEPZIWLEJX9LITSXIRXMSQIXIVMWMRETPEWXMGGSRXEMRIV[LMGLMWHIWMKRIHXSKYEVERXIIXLIQSYRXMRKERHXLIGSVVIGXTSWMXMSRMRKSJXLIWIRWSVMRVIPEXMSRXSXLIFYXXIVJP]ZEPZI
)+CCCCCCCCC+*CCC9.+
(SQTSRIRXW
(SQTSWMXMSRSJXLIPMRIEVX]TITSXIRXMSQIXIV WMRKPIVEQT 9SXEPQIGLERMGEPXVEZIPSJXLITSXIRXMSQIXIV°±° 4TIVEXMRKVERKI°±° 9IQTIVEXYVISTIVEXMRKVERKI°(°(
)*8(7.59.43&3)45*7&9.43+YIPMRNIGXMSRW]WXIQ
)+CCCCCCCCC+&CCC9.+
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)+CCCCCCCCC+'CCC9.+
4TIVEXMSR
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)+CCCCCCCCC+-CCC9.+
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)+CCCCCCCCC+&CCC9.+
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)+CCCCCCCCC+'CCC9.+
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)(VEROGEWIZETSYVKEWVIGMVGYPEXMSRW]WXIQ
(43897:(9.43+*&9:7*8
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
)+CCCCCC)CC+'CCC9.+
45*7&99.43
'PS[F]KEWIWJVSQXLIGVEROGEWIVMWIXSXLIG]PMRHIVLIEHERHEVIGSRZI]IHXSX[SHMJJIVIRXMRXEOIW [MXLQIHMYQLMKLEGGIPIVEXSVXLVSXXPISTIRMRKWXLIKEWIWEVIXEOIRMRXLVSYKLXLITSVXMQQIHMEXIP]HS[R
WXVIEQJVSQXLIEMVGPIERIV [MXLWQEPP XLVSXXPISTIRMRKW TEVXMGYPEVP][LIR XLIIRKMRI MW MHPMRKSV MRSZIVVYRKEWIWEVI XEOIR MR
HS[RWXVIEQSJXLIXLVSXXPI
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
**ZETSVEXMSRGSRXVSPW]WXIQ
(42548.9.43
9LIIZETSVEXMSRGSRXVSPW]WXIQGSRWMWXWSJ JYIPXERO ZETSYVWITEVEXSVW X[SJPSEXZEPZIW EX[S[E]ZIRXMPEXMSRZEPZIMRWMHIXLIJYIPXEROJMPPIVGET EREGXMZIGEVFSRJMPXIV[MXLEJMPXIVJPYWLMRKWSPIRSMHGSRXVSPPIHF]XLI.&<+IRKMRIGSRXVSPYRMX
)+CCCCCC*CC+-CCC9.+
+YIPXERO;ETSYVWITEVEXSV[MXLQYPXMJYRGXMSRZEPZI+PSEXZEPZI5PYK[MXLTVIWWYVIVIPMIJZEPZI
*RKMRIGSRXVSPYRMX&GXMZIGEVFSRJMPXIV(EVFSRJMPXIVJPYWLMRKWSPIRSMH.RXEOIQERMJSPH
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
45*7&99.43
9LIZETSYVWGSQMRKJVSQXLIXEROXLVSYKLXLIX[SJPSEXZEPZIW EVIWIRXXSXLIWITEVEXSV 9LIZETSYVWGSRHIRWIHMRXLIWITEVEXSV JEPPFEGOMRXSXLIJYIPXERO:RGSRHIRWIHZETSYVWEVIWIRXXLVSYKLEQYPXMTYVTSWIZEPZIMRXLIWITEVEXSV ERHXLITMTIXSXLIGERMWXIV [LIVIXLI]EVIEFWSVFIHERHWXSVIHF]XLIEGXMZEXIHGLEVGSEPMRXLIJMPXIV;ETSYVWEVIGSRZI]IHXSXLIIRKMRIMRXEOIHYGXXLVSYKLWSPIRSMH GSRXVSPPIHF]XLIIRKMRIGSRXVSPYRMX
+14&9;&1;*
9LMWX]TISJZEPZIMWYWIHJSVGEVV]MRKSYXXLIJSPPS[MRKJYRGXMSRW TVIZIRXPMUYMHJYIPIQIVKMRKJVSQXLIXEROMRXLIGEWISJVSPPSZIV EPPS[JYIPZETSYVWJVSQXLIXEROXSFIZIRXIHXSXLIWITEVEXSVERHEGXMZEXIHGLEVGSEPJMPXIV EPPS[XEROZIRXMPEXMSRMJXLIVIMWEZEGYYQMRWMHI9LIJPSEXZEPZIGSRWMWXWSJEFSH] ERHEJPSEXRIIHPIZEPZI ;EPZISTIVEXMSRQE]FIWYQQEVMWIHEWJSPPS[W HITIRHMRKSRXLIPIZIPXS[LMGLXLIJYIPXEROMWJMPPIH
2&=.2:29&301*;*1
.JXLIXEROMWJYPPJPSEX FPSGOWTSVX TVIZIRXMRKXLIPMUYMHJYIPJVSQVIEGLMRKXLIWITEVEXSV
)+CCCCCC*CC+'CCC9.+
.39*72*).&9*9&301*;*1
.JXLIPIZIPSJXLIJYIPMRXLIXEROHIGVIEWIWXLIJPSEX HIWGIRHWERHVIWXWZMEMXWWMHIXEFW SRXLIWPMXWMRXLIZEPZIFSH] XSSTIRXLITSVX 9LIKEWVIEGLIWXLITSVXXLVSYKLXLIVMRKWIGXMSRFIX[IIRXLIJPSEX ERHXLIMRRIVWIEXSJZEPZIFSH] 9LMWEPPS[WXLIJYIPZETSYVWXSIWGETIJVSQXLIXEROERHVIEGLXLIWITEVEXSV9LIXEROGERFIZIRXMPEXIHXLVSYKLXLIWEQIGMVGYMX[LIRXLITVIWWYVIMRWMHIMWPIWWXLERXLITVIWWYVISYXWMHI
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
)+CCCCCC*CC+'CCC9.+
8*&1.39-**;*394+74114;*7
MJXLIZILMGPIVSPPWSZIVLS[IZIVJYPPXLIXEROMWJPSEX TVIWWIWHS[RSRLSPI YRHIVMXWS[R[IMKLXERHXLEXSJXLIJYIPXSTVIZIRXEHERKIVSYWSYXJPS[SJJYIPXSXLIEGXMZIGEVFSRJMPXIVERHXLIGSRWIUYIRXVMWOSJXLIZILMGPIGEXGLMRKJMVI
)+CCCCCC*CC+'CCC9.+
+:*1;&54:7+.19*7 (&3.89*7
+MXXIHMRXLIJVSRXVMKLX[LIIPEVGLXLMWGSRWMWXWSJEREGXMZEXIHGLEVGSEPJMPXIVIPIQIRX[LMGLEFWSVFWXLIJYIPZETSYVWGSQMRKJVSQXLIWITEVEXSV&SRI[E]ZEPZI EPPS[WXLIIRXV]SJI\XIVREP WGEZIRKMRKEMV[LMGLGSQIWMRXSGSRXEGX[MXLXLIGEVFSRKVERYPIWVIQSZMRKXLITIXVSPZETSYVWERHHMVIGXMRKXLIQXLVSYKLXLISYXPIX XSXLIMRPIXQERMJSPH[LIRXLIJYIPZETSYVWSPIRSMHZEPZIMWSTIRIHF]XLIIRKMRIGSRXVSPYRMX
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
)+CCCCCC*CC+'CCC9.+
+VSQXLIQYPXMJYRGXMSRZEPZI9SXLIMRPIXQERMJSPH
4RI[E]WGVYFFMRKZEPZI+YIPZETSYVWSPIRSMHZEPZI
&(9.;*(&7'43+.19*78(&;*3,.3,841*34.)
9LMWMWJMXXIHHMVIGXP]XSXLIMRPIXQERMJSPHERHMWGSRXVSPPIHF]XLIJYIPIRKMRIGSRXVSPYRMX9LIJYRGXMSRSJXLIWSPIRSMHMWXSEPPS[JYIPZETSYVWWXSVIHMRXLIIRKMRIMRXEOIGERMWXIVXLVSYKLXSXLIIRKMRIMRXEOI.JXLIVIMWRSWYTTP]XLIWSPIRSMHZEPZIMWGPSWIHXSTVIZIRXXLIJYIPZETSYVWJVSQVIEGLMRKXLIMRXEOIQERMJSPH
)+CCCCCC*CC+&CCC9.+
<LIRXLIIRKMRIGSRXVSPYRMXGSRXVSPWXLIJYIPZETSYVWSPIRSMHWSPIRSMH MWI\GMXIHERHEXXVEGXWTPYRKIV [LMGLSZIVGSQIWXLIPSEHSJPEQMREVWTVMRK XSFVMRKXLIGERMWXIVMRXSGSQQYRMGEXMSR[MXLXLIIRKMRIMRXEOIQERMJSPH
2:19.5:7548*;&1;*
9LIQYPXMTYVTSWIZEPZILEWXLIJSPPS[MRKJYRGXMSRW XSTVIZIRXI\GIWWTVIWWYVIMRXLIXERO XSTVIZIRXEZEGYYQMRXLIXERO XSTVIZIRXJYIPIQIVKMRKMRXLIGEWISJVSPPSZIV
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
)+CCCCCC*CC+&CCC9.+
9&304;*757*88:7*
9LIXEROMWQEMRXEMRIHEXETVIWWYVISJQFEVF]QIERWSJEJPYSVSWMPMGSRIVYFFIVZEPZI[LMGLVIWXWSREWIEPMRKIHKI9LIZEPZIMWWYTTSVXIHF]EWXEMRPIWWWXIIPTPEXIERHGSYRXIVEGXIHF]EWTVMRK<LIRXLITVIWWYVIMRXLIXEROI\GIIHWXLIWTIGMJMIHZEPYIMXSZIVGSQIWXLIVIWMWXERGISJXLIWTVMRKERHXLIZEPZIMWEFPIXSVMWIEPPS[MRKZETSYVWXSJPS[SYXXSXLIGERMWXIV9LIZEPZIGPSWIWEKEMR[LIRXLITVIWWYVIJEPPWFEGOXS[MXLMRXEROTVIWWYVMWEXMSRPMQMXW
9&30;&(::2
:RHIVTEVXMGYPEVHVMZMRKGSRHMXMSRWEZEGYYQGSYPHFIGVIEXIHMRXLIXEROFIGEYWISJ XIQTIVEXYVIGLERKIW JYIPGSRWYQTXMSR:RHIVXLIEFSZIGSRHMXMSRWXLIZEPZIQEOIWYTTVIWWYVIMRXLIJYIPXEROF]EHHMRKI\XVEEMV&JEYPXMRXLMWJYRGXMSRGSYPHGEYWIXLIIRKMRIXSQMWWSVWXEPPFIGEYWISJHMJJMGYPXMIWMRWYTTP]MRKXLIJYIPTYQT9LMWJYRGXMSRMWGEVVMIHSYXF]XLIKSSWIFIEOZEPZIJSVQIHHMVIGXP]SYXSJXLIJPYSVSWMPMGSRIVYFFIV
8*&1.39-**;*394+74114;*7
.JXLIZILMGPIWLSYPHVSPPSZIVSVXMPXXSEKVIEXI\XIRXXLIQYPXMJYRGXMSRZEPZIEGXWXSGSRXEMRXLIIQIVKIRGISJJYIPJVSQXLIXERO)YVMRKRSVQEPHVMZMRKSJXLIZILMGPI FIRHWEGGIPIVEXMSRFVEOMRKIXGXLIJYIPWPSTWEVSYRHERHQE]WTMPPMRXSXLIGERMWXIV9LILMKLWIRWMXMZMX]SJXLIQYPXMJYRGXMSRZEPZITVIZIRXWWYGLWTMPPEKIW;EPZIGPSWYVIERKPIMWEFSYX°
8&+*9>&3);*39.1&9.43;&1;*
9LMWZEPZIMWFYMPXMRXSXLIJYIPJMPPIVGET.XWSTIVEXMSRMWHITIRHIRXYTSRTVIWWYVIMRXLIJYIPXEROERHMWEWJSPPS[W WEJIX]JYRGXMSRHMWGLEVKIWI\GIWWMZITVIWWYVI[LMGLJSVQWMRWMHIXLIXERO XLITVIWWYVIEGXWSRXLITPEXI
ERHSZIVGSQMRKXLIPSEHSJXLIWTVMRK EPPS[WI\GIWWZETSYVWXSFIHMWGLEVKIHSYXWMHI ZIRXMPEXMSRJYRGXMSR
.XEPPS[WI\XIVREPEMVXSJPS[MRXSXLIXERO[LIRERI\GIWWMZIZEGYYQMWGVIEXIHMRXLIXEROJSPPS[MRKXLIGSRWYQTXMSRSJJYIP.RXLMWGEWIXLIZEGYYQSZIVGSQIWXLIPSEHSJWTVMRK XSQSZIZEPZI ERHEPPS[EMVXSFIXEOIRMRXSXLIJYIPXERO
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
)+CCCCCC*CC+(CCC9.+
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
*RKMRIPYFVMGEXMSR
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
(43897:(9.43+*&9:7*8*RKMRISMPWYTTP]GMVGYMX
9LIIRKMRISMPWYTTP]GMVGYMXMWWLS[RMRXLIJSPPS[MRKJMKYVI
)+CCCCCCCCC+-CCC9.+
8YGXMSRTMTI[MXLJMPXIVQIWL4MPTYQT4MPJMPXIVGEVXVMHKI2EMRPSRKMXYHMREPHYGX
/IXW TMWXSRWOMVXGSSPMRK;IVXMGEPHYGX GEQWLEJXWYTTSVXPYFVMGEXMSR4MPVIXYVRXSXLIWYQT8[MXGLJSVIRKMRISMPTVIWWYVI[EVRMRKPMKLX
*RKMRISMPTYQT
9LIIRKMRISMPMWHVE[RMRJVSQXLIWYQTF]QIERWSJXLIZEGYYQFYMPXYTF]XLIVSXEXMSRSJXLIKIEVWJMXXIHSRXLIGVEROWLEJX;EGYYQMWTVIWIRXFIX[IIRXLIKIEVTEVXMXMSR ERHXLISMPWYQTWYGXMSRTMTI5VIWWYVIMRWXIEHHIZIPSTWEJXIVXLIWITEVEXMRK[EPP MREPPXLISMPHIPMZIV]TMTIW <LIRXLITVIWWYVII\GIIHWFEVXLIJSVGII\IVXIHSRXLIPMQMXMRKZEPZI SZIVGSQIWXLIVIEGXMSRSJXLIWTVMRKFIPS[ERHQSZIWXLIZEPZIXSSTIRXLIGSRRIGXMRKTMTIFIX[IIRXLITVIWWYVIGLEQFIV ERHXLIPS[TVIWWYVIGLEQFIV
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
)+CCCCCCCCC+'CCC9.+
1S[TVIWWYVIGLEQFIV8ITEVEXMRK[EPP5VIWWYVIGLEQFIV
4MPHIPMZIV]TMTI5VIWWYVIPMQMXMRKZEPZI
(PSWIHSTIVEXMRKTSWMXMSRSJSMPTVIWWYVIPMQMXMRKZEPZI
9LIJMKYVIWLS[WXLIZEPZIMRGPSWIHTSWMXMSR
)+CCCCCCCCC+&CCC9.+
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
']TEWWSTIVEXMRKTSWMXMSRSJPMQMXMRKZEPZI
9LIJMKYVIWLS[WXLIZEPZIMRSTIRTSWMXMSR
)+CCCCCCCCC+&CCC9.+
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
*RKMRIGSSPMRK
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(42548.9.4345*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
' *RKMRIGSSPMRKXEROVV a
( <EXIVTYQTERHXLIVQSWXEX a
* (SSPERXXIQTIVEXYVIGSRXVSPHIZMGIW a
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
(42548.9.43
9LIIRKMRIGSSPMRKGMVGYMXGSRWMWXWSJ TYQT I\TERWMSRXERO[MXLGETMRGSVTSVEXMRKFEVZIRXZEPZI GSSPMRKVEHMEXSV LSWIW GEVMRXIVMSVLIEXMRKVEHMEXSV ZIRXTPYKW E F G XLIVQSWXEX
)+CCCCCCCCC+-CCC9.+
)*8(7.59.43
9LIIRKMRIGSSPMRKGMVGYMXQEMRXEMRWXLIXIQTIVEXYVIWEXGSRWXERX[SVOMRKXIQTIVEXYVI ≅ °÷ 100° (EPWSWYTTSVXIHF]IRKMRIJERMRWIVXW
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
45*7&9.43
9LIQEMRJYRGXMSRSJXLIIRKMRIGSSPMRKGMVGYMXMWXSHVE[JPYMHJVSQXLIVEHMEXSV ERHWIRHMXXSXLITYQT [LMGLGSPPIGXWXLIJPYMHERHGMVGYPEXIWMXMRXSXLIIRKMRI&JXIVEFWSVFMRKLIEXJVSQXLIIRKMRIXLIJPYMHIQIVKIWERHKSIWXSFSXLXLIVEHMEXSV ERHXLILIEXIV ERHEPWSXLII\TERWMSRXERO XSXSTYTXLIPIZIP4ZIVXLMWVSYXIXLIJPYMHHMWWMTEXIWLIEXXEOIRJVSQXLIIRKMRIERHMWVIEH]JSVERSXLIVIRKMRIGSSPMRKG]GPI&≅ 88°(XLIVQSWXEX FIKMRWXSSTIRYRXMPMXLEWSTIRIHXLVSYKLMXWJYPPXVEZIPXS≅° (:RHIVXLIWIGSRHMXMSRWXLIGSSPERXJPS[WXLVSYKLXLIIRXMVIVEHMEXSV XSHMWWMTEXILIEXXEOIRYTJVSQXLIIRKMRI
)*8(7.59.434++.11.3,4+(441.3,8>89*2
9LIIRKMRKGSSPMRKW]WXIQWLSYPHSRP]FIJMPPIHSVXSTTIHYT[MXLXLIIRKMRIGSPH4TIRFPIIHGET ESRVEHMEXSV JMPP[MXLGSSPERXXLVSYKLXLII\TERWMSRXEROGET YRXMPJPYMHIQIVKIWXLVSYKLGET EXMKLXIRGET EERHJMRMWLJMPPMRKXSXLI2&=PIZIPSRXLII\TERWMSRXERO(SRXMRYEPFPIIHMRK FHYVMRKXLIJMPPMRKWXEKIIRWYVIWEMVMWVIQSZIHJVSQXLIGMVGYMX<EVQYTXLIIRKMRIYRXMPXLIVEHMEXSVJERLEWGSQISRX[MGI EPPS[XLIIRKMRIXSGSSPHS[RXSEQFMIRXXIQTIVEXYVIXLIRGLIGOERHMJRIGIWWEV]XSTYTXLIPIZIPMRXLII\TERWMSRXERO
)+CCCCCCCCC+-CCC9.+
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
'*RKMRIGSSPMRKXEROVV
(43897:(9.43+*&9:7*8*=5&38.439&30
.REHHMXMSRXSWYTTP]MRKXLIGSSPMRKW]WXIQXLII\TERWMSRXEROEPWSEFWSVFWGLERKIWMRZSPYQISJGSSPERXEWXLIIRKMRIXIQTIVEXYVIZEVMIW&ZEPZIWIXXSFEVMRXLIGSSPERXXEROGETEPPS[WEMVMRERHSYXEWXLIIRKMRIXIQTIVEXYVIMRGVIEWIWSVHIGVIEWIW
7&).&947
9LMWGSRWMWXWSJEVEHMEXMRKQEWWERHX[SWMHIXEROWXLEXEPPS[GSSPERXMRERHSYX
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
(<EXIVTYQTERHXLIVQSWXEX
(43897:(9.43+*&9:7*8(441&395:25
.XMWXLIGIRXVMJYKEPX]TI[MXLZERIWJM\IHXSXLIGVEROGEWIERHHMVIGXP]HMVIGXP]F]XLIXMQMRKFIPX
)+CCCCCCCCC+&CCC9.+
9-*72489&9
2SYRXIHSRXLIVIEVSJXLIG]PMRHIVLIEHMXWJYRGXMSRMWXSOIITXLIIRKMRIEXXLISTXMQYQXIQTIVEXYVI [MXLXIQTIVEXYVIPS[IVXLER°( XLIVQSWXEXGPSWIHXLIGSSPERXJPS[MWHMZIVXIHHMVIGXP]YTWXVIEQSJ
XLITYQT [MXLXIQTIVEXYVILMKLIVXLER°(XLIXLIVQSWXEXFIKMRWXSSTIRYRXMPXLIXIQTIVEXYVIMWEFSYX°(
XLIVQSWXEXJYPP]STIR
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
*(SSPERXXIQTIVEXYVIGSRXVSPHIZMGIW
(43897:(9.43+*&9:7*8+&3
9LIX[SWTIIHGSSPMRKJERQEOIWMXTSWWMFPIXSMRGVIEWILIEXHMWWMTEXMSRF]XLIIRKMRIERHSVXLIEMVGSRHMXMSRMRKW]WXIQ9LIJERMWGSRXVSPPIHF]XLIJYIPMRNIGXMSR*(:MREGGSVHERGI[MXLEWXVEXIK]JSVLIEXHMWWMTEXMSRERHQEMRXIRERGISJ[SVOMRKXIQTIVEXYVI JSVSTIVEXMRKPSKMGWII
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
,VSYTMRHI\
,74:5,7&5-.(.3)*=,1488&7>(43897:(9.43+*&9:7*8
8YFKVSYTWMRHI\
8FKVT )IWGVMTXMSR ;EPMHMX]
5S[IVYRMXQSYRXW \
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(]PMRHIVLIEHW \
(VEROGEWIWYQTERHGSZIVW \
(VEROWLEJXERHJP][LIIP \
5MWXSRWERHGSRRIGXMRKVSHW \
9MQMRKW]WXIQ \
9MQMRKW]WXIQ \
+YIPXEROERHTMTI \
+YIPGMVGYMXTYQTWERHHIZMGIW \
*RKMRIEMVWYTTP]GMVGYMX \
)MIWIPMRNIGXMSRW]WXIQ \
*\LEYWXTMTIWERHWMPIRGIVW \
*QMWWMSRGSRXVSPW]WXIQ \
*RKMRIPYFVMGEXMSR \
*RKMRIGSSPMRK \
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+-CCC9.+
,1488&7>-EVHIRIHERHXIQTIVIHWXIIP
-IEXXVIEXQIRXETTPMIHXSWTIGMEPWXIIPWXSMQTVSZIXLIMVQIGLERMGEPGLEVEGXIVMWXMGWMXGSRWMWXWSJLEVHIRMRKJSPPS[IHF]XIQTIVMRKXSMRHYGIEWMKRMJMGERXMRGVIEWIMRXSYKLRIWWSJXLIQEXIVMEP9IQTIVMRKGSRWMWXWSJLIEXMRKXSEXIQTIVEXYVISJ!°(JSPPS[IHF]WPS[GSSPMRKMRSVHIVXSEXXIRYEXIXLIIJJIGXWSJXLILEVHIRMRK[MXLSYXIPMQMREXMRKMXWIJJIGXW9LIQEXIVMEPXLYWVIXYVRWXSEGSRHMXMSREWGPSWIEWTSWWMFPIXSEWXEFPIGLIQMGEPTL]WMGEPFEPERGI-EVHIRMRKXLMWMWSFXEMRIH[LIRXLIWXVYGXYVISJXLIQIXEPEXLMKLXIQTIVEXYVIMWLEVHIVERHWXVSRKIVXLER[LIRGSPH
(439741&7*&3*9<470 (&3
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
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
9LIGMVGYMXXLEXGSRRIGXWXLI*(:XSXLISXLIVXIVQMREPWMWERMRXIKVEXIHGMVGYMXVIJIVVIHXSEWE(&3MRXIVJEGI.XWJYRGXMSRMWXSGSRZIVXQIWWEKIWVIGIMZIHF]ZMEXLIHEXEXVERWQMWWMSRW]WXIQMRXSETTVSTVMEXIJSVQ
(PSWIHHIGO
9LMWMRHMGEXIWXLIX]TISJEWWIQFP]SJXLIG]PMRHIVPMRIVWMRXLIG]PMRHIVFPSGOGPSWIHHIGO.RXLMWGEWIXLIX[SGSQTSRIRXWEVIMRXIKVEPSRP]EXXLIXST
(SRHIRWEXMSR
9LMWXLIVIZIVWISJIZETSVEXMSRMI[LIREWYFWXERGITEWWIWJVSQXLIZETSYVWXEXIXSXLIPMUYMHWXEXI MXXEOIWTPEGIF]GSQTVIWWMSRSVGSSPMRK
):(9.1*4785-*74.)&1(&89.743
(EWXMVSRMWVIJIVVIHXSEWHYGXMPISVWTLIVSMHEP[LIRHYIXSXLIEHHMXMSRSJGIVMYQERHQEKRIWMYQKPSFYPIWSVWTLIVIWSJGEVFSREXXLIKVETLMXIWXEKIEVIGSRXEMRIHMREQEMRP]JIVVMXIQEXVM\&PPXLIQIGLERMGEPERHXIGLRSPSKMGEPTVSTIVXMIWSJXLIQIXEPEVIMQTVSZIHWSMXGERFIJSVKIH[IPHIHERHQEGLMRIH.XWETTPMGEXMSRWEVIZIV][MHIFIGEYWIYRPMOIRSVQEPGEWXMVSRMXSJJIVWETTVIGMEFPIWXVIRKXLERHTIVGIRXEKIPIRKXLIRMRKZEPYIW
*ZETSVEXMSR
&PWSGEPPIHZETSVM^EXMSRXLMWMWXLITEWWEKISJEFSH]JVSQXLIPMUYMHWXEXIXSXLIKEWISYWWXEXI.XSGGYVWEXER]XIQTIVEXYVIFYX[LIREPPSXLIVGSRHMXMSRWEVIXLIWEQIEPPXLIQSVIWPS[P]XLIPS[IVXLIXIQTIVEXYVI
5<25:18*<.)9-24):1&9.43
9LMWMWEJM\IHZSPXEKI[MXLTYPWIWSJQSHYPIHEQTPMXYHIERHJVIUYIRG]KIRIVEXIHF]XLI*(:JSVXLISTIVEXMSRSJXLIEGXYEXSVW&WYTTP][MXL5<2 5YPWI<MHXL2SHYPEXMSRZSPXEKIGSRWMWXWSJEWIVMIWSJWUYEVI[EZIW[MXLWMRKPITSPEVMX][LSWIHYVEXMSRMWZEVMIHF]XLI*(:MRVIWTSRWIXSHIQERH
)+CCCCCCCCCCC+&CCC9.+
&4JJ'4R(1S[VIWYPXMRKGYVVIRX
)2IHMYQVIWYPXMRKGYVVIRX*2E\MQYQVIWYPXMRKGYVVIRX
&TYPWI[MHXLQSHYPEXIHGYVVIRXZEVMIWMRTVSTSVXMSRXSXLIVEXMSFIX[IIR<EZIERH8TEGI9LI<EZI8TEGIVEXMSMWXLIVIPEXMSRWLMTFIX[IIRTIVMSHW[LIRXLITS[IVWYTTP]MWSRERHTIVMSHW[LIRMXMWSJJ9LMWVEXMSQE]FIGSRWMHIVIHEWETIVGIRXEKIERHXLMWMWXLI[E]XLI)YX](]GPIMWQIEWYVIH
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
7IWSRERGI
5LIRSQIRSR MR[LMGL XLIEQTPMXYHISJSWGMPPEXMSRW MRHYGIH MREZMFVEXMRKW]WXIQXIRHWYRHIVTEVXMGYPEVGSRHMXMSRWXSFIGSQIMRXIRWMJMIH EQTPMJMIHFI]SRHEPPPMQMXW
8IRWSV
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
;MWGSWMX]
5VSTIVX]SJQEXXIV[LIVIF]XLITEVXMGPIWSJEFSH]QIIXVIWMWXERGIMRWPMHMRKMRVIPEXMSRXSIEGLSXLIV9LIZEPYISJXLIVIWMWXERGISVMRXIVREPJVMGXMSRHITIRHWSRXLIREXYVISJXLIFSH]PEVKIMRWSPMHWZIV]WQEPPMRZMWGSYWPMUYMHWERHRSRI\MWXIRXMRKEWIW.RPMUYMHWZMWGSWMX]HIGVIEWIWVETMHP]EWXIQTIVEXYVIMRGVIEWIW
(43897:(9.43+*&9:7*8
.XMWERI[.). MRHMVIGXHMIWIPMRNIGXMSRREXYVEPP]EWTMVEXIHIRKMRI[LMGLJSVXLIMWXLIGSRJMVQIHZIVWMSRMRXLIVERKISJHMIWIPIRKMRIW&REXYVEPP]EWTMVEXIHIRKMRILEWFIIRGLSWIRMRSVHIVXSQMRMQM^IJYIPGSRWYQTXMSR !#PTIVOQSREQM\IHVSYXI EPEVKIVG]PMRHIVGETEGMX]LEWFIIRYWIHXSIRWYVISRISJXLIFIWXTIVJSVQERGIWMRXLIGEXIKSV]ERHI\GIPPIRXLERHPMRK9LIQEMRGLERKIWGEVVMIHSYXSRXLMWIRKMRIEQSYRXXSERI[GSQFYWXMSRW]WXIQ9LMWLMKLW[MVPGSQFYWXMSRW]WXIQYWIWERI[GSQFYWXMSRGLEQFIV XSSTXMQMWI JYIPQM\MRK[MXLEMVERHIRWYVIQSVIJEZSYVEFPISTIVEXMRKGSRHMXMSRWJSVVIHYGIHIQMWWMSRWERHRSMWIPIZIPW54<*7'-5O<VTQ9476:*OKQ3QVTQ(>1.3)*7&77&3,*2*39MRPMRI'47*QQ89740*QQ(&5&(.9>GG(>1.3)*7-*&)MREPYQMRMYQ(7&30(&8*GEWXMVSR(7&308-&+9MRHYGXMPIGEWXMVSR[MXLGSYRXIV[IMKLXWERHQEMRFIEVMRKW[MXLXSVWMSREPHEQTIV9.2.3,,*&7SRISZIVLIEHGEQWLEJXZEPZIWTIVG]PMRHIV.3/*(9.438>89*21:(&8*5.(JYPPIPIGXVSRMGGSRXVSP*2.88.43(439741)*;.(*S\MHMWMRKGEXEP]XMGGSRZIVXIV*,7WSPIRSMH1:'7.(&9.43JSVGIH[MXLMRPMRIKIEVTYQT(441.3,PMUYMH[MXLJSVGIHGMVGYPEXMSRZMEEGIRXVMJYKEPTYQTERHWIEPIHGMVGYMX 7EHMEXSVERHEHHMXMSREPI\TERWMSRXERO
9LIJSPPS[MRKW]WXIQWEVIMRZSPZIHMRIRKMRISTIVEXMSR JYIPW]WXIQ EMVWYTTP]W]WXIQ GSSPMRKW]WXIQ I\LEYWXW]WXIQ[MXLGEXEP]XMGGSRZIVXIV SMPZETSYVVIGMVGYPEXMSRW]WXIQ IRKMRIPYFVMGEXMSRW]WXIQ
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
*,7I\LEYWXKEWVIGMVGYPEXMSRW]WXIQ *PIGXVMGEP*PIGXVSRMGW]WXIQ
)+CCCCCCCCCCC+-CCC9.+
+YIPJMPPIV+YIPXERO&Y\MPMEV]HVMZIFIPX.RPIXQERMJSPH*\LEYWXQERMJSPH(SSPMRKW]WXIQTMTIW
*RKMRIQSYRXMRK*\LEYWXTMTI4\MHMWMRKGEXEP]XMGGSRZIVXIV+YIPJMPXIV+YIPHIPMZIV]PMRI+YIPVIXYVRPMRI
9IGLRMGEPEHZERXEKIW
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)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
)*8(7.59.43&3)45*7&9.435S[IVYRMXQSYRXW
5S[IVYRMXQSYRXW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
(43897:(9.43+*&9:7*8
9LITS[IVYRMXQSYRXMRKWTVSZMHIXLIWXVYGXYVEPGSRRIGXMSRFIX[IIRXLITS[IVYRMXERHXLIFSH]WLIPP9LI]EVIVEXIHXSWYTTSVXXLI[IMKLXSJXLITS[IVYRMXERH[MXLWXERHXLIPSEHWVIWYPXMRKJVSQXLIXSVUYIXVERWQMXXIHF]XLIIRKMRI*EGLQSYRXMRKGSQTVMWIWEVYFFIVQIXEPFPSGO[LMGLHEQTIRWXLIZMFVEXMSRWKIRIVEXIHF]XLIIRKMRIPEVKIP]VIHYGMRKXLSWIXVERWQMXXIHXSXLIFSH]WLIPP
9]TI
9LITS[IVYRMXQSYRXMRKW]WXIQMWFEVMGIRXVMG.XGSRWMWXWSJX[SFPSGOWTPYWEVIEGXMSRVSHXLEXEGXWEWEPMRO3I[QSYRXWEVIEPMKRIHEPSRKEGIRXVIPMRITEWWMRKXLVSYKLXLIIRKMRIGIRXVISJKVEZMX]MRSVHIVXSEGLMIZIVIEGXMSRJSVGIW[MXL^IVSSJJWIX
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.435S[IVYRMXQSYRXW
8]WXIQJIEXYVIW
9LMWRI[W]WXIQLEWFVSYKLXEFSYXEVIHYGXMSRSJEFSYX)FMRXLIRSMWI9LMWLEWFVSYKLXTEVXMGYPEVFIRIJMXWMRXIVQWSJLERHPRKERHMRXIVMSVGSQJSVX
)+CCCCCCCCC+-CCC9.+
9MQMRKIRHQSYRX ,IEVFS\WMHIQSYRXMRK7IEGXMSRPMRO
)*8(7.59.43&3)45*7&9.43*RKMRIGVEROGEWI
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8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC++CCC9.+
(43897:(9.43+*&9:7*8
9LIG]PMRHIVFPSGOGVEROGEWIMWQEHIJVSQGEWXMVSR[MXLGPSWIHHIGOX]TIG]PMRHIVPMRIVWFSVIW9LIGVEROWLEJXMWWYTTSVXIHF]JMZIQEMRFIEVMRKW9LIVIEVIWTIGMEPGLERRIPWMRXLIIRKMRIFPSGO[EPPW[LMGLEPPS[XLIJPS[SJGSSPERXERHPYFVMGEXMRKSMP
4MPNIXWGSSPXLITMWXSRW
9LIHMEKVEQFIPS[MPPYWXVEXIWXLISMPNIXWJSVGSSPMRKXLITMWXSRW
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43*RKMRIGVEROGEWI
)+CCCCCCCCC+(CCC9.+
4MPNIX5MWXSRFSVIPMRIV(SRRIGXMRKVSHTMWXSRKYHKISRTMR
(SRRIGXMRKVSH5MWXSR
4TIVEXMSR
9LIVIEVIJSYVSMPNIXW JSVGSSPMRKXLITMWXSRGVS[RPSGEXIHMRXLIPS[IVTEVXSJXLIG]PMRHIVPMRIVFSVI 9LISMP NIX MWHMVIGXIHWS XLEX MXTEVXP] PYFVMGEXIW XLIQEGLMRIHLSYWMRKSJ XLIGSRRIGXMRK VSHERHTMWXSRKYHKISRTMR9LINIXWMRGSVTSVEXIEFEPPZEPZI[LMGLSTIRWEXETVIWWYVISJEFSYXFEV
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4MPNIXWJSVGSSPMRKXLITMWXSRW
)+CCCCCCCCC+&CCC9.+
/IXFSH]8TVMRK;EPZI
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)*8(7.59.43&3)45*7&9.43*RKMRIGVEROGEWI
9LIVIEVIJSYVNIXW MRXLIPS[IVTEVXSJXLIG]PMRHIVPMRIVWFSVIWJVSQ[LMGLSMPMWWTVE]IH XLINIXMWHMVIGXIHMRWYGLE[E]XLEXMXGSSPWXLITMWXSRGVS[RERHPYFVMGEXIWXLIKYHKISRTMRQEGLMRIHLSYWMRK
)+CCCCCCCCC++CCC9.+
/IX 5MWXSR(]PMRHIVFPSGOGVEROGEWI
)*8(7.59.43&3)45*7&9.43*RKMRIGVEROGEWI
)*8(7.59.43&3)45*7&9.43(]PMRHIVLIEHW
(]PMRHIVLIEHW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
(43897:(9.43+*&9:7*8
9LIG]PMRHIVLIEHMWSJEPYQMRMYQERHWMPMGSREPPS]9LIX[SZEPZIWTIVG]PMRHIVTEVEPPIPERHZIVXMGEPEVIJMXXIHMRXLIZEPZIKYMHIWERHEVISTIVEXIHF]EWMRKPISZIVLIEHGEQWLEJX[MXLGEQWEGXMRKSRQIGLERMGEPX]TIXETTIXW9LIZEPZIKYMHIWEVIERMRXIVJIVIRGIJMXMRXLIG]PMRHIVLIEHWIEXWERHXLIMRXIVREPHMEQIXIVMWGSVVIGXIHEJXIVJMXXMRKYWMRKEWTIGMEPVIEQIV
9LILMKLW[MVPGSQFYWXMSRTVIGLEQFIVW 7.(&7)4LEZIFIIRHIWMKRIH 9SVIHYGIVSYKLSTIVEXMSRX]TMGEPSJHMIWIPIRKMRIW 9SSTXMQMWIJYIPQM\XYVI[MXLEMV 9SKYEVERXIIVIHYGIHIQMWWMSRW9LIKEWOIXFIX[IIRXLIG]PMRHIVLIEHERHXLIG]PMRHIVFPSGOGVEROGEWIMWXLIQYPXMPE]IVQIXEPX]TIERHXLIVIMWRSRIIHXSVIXMKLXIRXLIG]PMRHIVLIEHJSVXLIIRXMVIPMJISJXLIIRKMRI9LIXETTIXGSZIVQEHIJVSQEHEQTMRKQEXIVMEPMWHIWMKRIHXSGEVV]SYXXLIJYRGXMSRSJERIRKMRISMPZETSYVWITEVEXSV
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43(]PMRHIVLIEHW
)+CCCCCCCCC+(CCC9.+
7.(&7)457*(-&2'*7
8TIGMJMGEXMSRW
9LMWX]TISJWTLIVMGEPTVIGLEQFIVORS[REPWSEWELMKLXYVFYPIRGITVIGLEQFIVEPPS[WXLIEMVQEWWXSW[MVPERHTYPPXLVSYKLHMIWIPWTVE]IHF]ERMRNIGXSVSRXLITVIGLEQFIVXSQEOIXLIQM\XYVIQSVIIZIRERHEMHGSQFYWXMSR
(YVVIRXHIZIPSTQIRXW
:RPMOIGSRZIRXMSREPFSXXSQMRWIVXIHTVIGLEQFIVWXLI7.(&7)4TVIGLEQFIVMWHIWMKRIHWTIGMJMGEPP]JSVXLI+2&IRKMRIPMRI IRKMRIWFYMPXEX5VEXSPE8IVVE&PXLSYKLXLITVIGLEQFIVMW945.38*79*) MRWIVXIHJVSQXLIXSTSJXLIG]PMRHIVLIEHXLIQEGLMRMRKGIRXVIPMRIWSRXLIG]PMRHIVLIEHVIQEMRYRGLERKIHEWSRGYVVIRXIRKMRIW
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8]WXIQJIEXYVIW
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KIRIVEXIHF]XLITVIGLEQFIV MRGVIEWI EGSYWXMG GSQJSVX HYI XS XLI WTIGMEP X]TI SJ WQSSXL GSQFYWXMSR SJJIVIH F] XLI 7.(&7)4
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)+CCCCCCCCC+'CCC9.+
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(VEROGEWIWYQTERHGSZIVW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43(VEROGEWIWYQTERHGSZIVW
(43897:(9.43+*&9:7*8
9LISMPWYQTMWQEHISJEPYQMRMYQEPPS].XWJYRGXMSRMWXSGSPPIGXSMPJSVPYFVMGEXMRKXLIIRKMRI MXMWFSPXIHXSXLIG]PMRHIVFPSGO9LIWIEPSRXLINSMRMWIRWYVIHF]EFIEHSJWMPMGSRIWIEPERX9LIGSZIVWSRXLIXMQMRKKIEVERHJP][LIIPWMHIWGSQTVMWISMPWIEPWXSWIEPXLIGVEROWLEJX9LIGSZIVSRXLIXMQMRKKIEVWMHIGSRWXMXYXIWXLIQSYRXMRKJSVXLISMPJMPXIVERHMRGSVTSVEXIWXLISMPTYQT WIIWYFKVSYT
)+CCCCCCCCC+(CCC9.+
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)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
(VEROWLEJXERHJP][LIIP
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+*CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
& (VEROWLEJX \
' *RKMRIJP][LIIP \
)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
&(VEROWLEJX
(43897:(9.43+*&9:7*8
9LMWMWSJGEWXMVSRMXMWWYTTSVXIHF]JMZIQEMRFIEVMRKWERHMXWIRHJPSEXMWEHNYWXIHF]X[SXLVYWX[EWLIVWLSYWIHMRXLIVIEVQEMRFIEVMRK*MKLXGSYRXIV[IMKLXWIRWYVIXLEXXLIVSXEXMRKQEWWIWSJXLIGVEROWLEJXEVITVIGMWIP]FEPERGIH&GLERRIPVYRWEPSRKXLIMRWMHISJXLIWLEJXXSPYFVMGEXIXLIQEMRFIEVMRKWERHFMKIRHFIEVMRKW&XXLIVIEVXLIVIMWEJP][LIIP[LMGLGSRXEMRWSTIRMRKWETEVXJSVXLIVTQWIRWSV
)+CCCCCC&CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
'*RKMRIJP][LIIP
85*(.+.(&9.438
.RGEWXMVSR[MXLETVIWWJMXXIHWXIIPVMRKKIEV9LI JP][LIIP MW FSPXIH F] E JPERKI XS XLI GVEROWLEJX 9LI JP][LIIP MW HIWMKRIH XS EPPS[ XLI WTERRIV JSVVIQSZMRKXLISMPWYQTFSPXWXSTEWWXLVSYKL
45*7&9.43
9LMWQEOIWXLIIRKMRIXYVRWQSSXLP].XEGGYQYPEXIWIRIVK]HYVMRKEGXMZIWXEKIW I\TERWMSRWERHVIXYVRWMXHYVMRKTEWWMZIWXEKIW9LIJP][LIIPMWHIWMKRIHXSEPPS[XLIIRKMRIXSMHPI[MXLSYXWXEPPMRKERHSZIVGSQIXLIJVMGXMSRHIZIPSTIHF]XLIIRKMRIHYVMRKRSPSEHSTIVEXMSR
)+CCCCCC'CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43(VEROWLEJXERHJP][LIIP
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
5MWXSRWERHGSRRIGXMRKVSHW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC++CCC9.+
(43897:(9.43+*&9:7*8(SRRIGXMRKVSHW
9LIGSRRIGXMRKVSHWEVIQEHIJVSQLEVHIRHIHERHXIQTIVIHWXIIP[MXLEGSTTIVFYWL JMXXIHJSVQEXGLMRK[MXLXLIKYHKISRTMR 9LIJPSEXMRKKYHKISRTMRWEVIWIGYVIHF]X[SGMVGPMTW WIEXIHMRWTIGMJMGKVSSZIWMRXLITMWXSRWOMVXW
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.435MWXSRWERHGSRRIGXMRKVSHW
)+CCCCCCCCC+'CCC9.+
5MWXSRW
9LIPMKLXEPYQMRMYQWMPMGSREPPS]TMWXSRW[MXLEYXSXLIVQMGMRWIVXWEVIKVEHIHMRXLVIIWM^IW
)+CCCCCCCCC+'CCC9.+
5MWXSR.RNIGXSV-IEXIVTPYK
&MVMRPIX*\LEYWXKEWSYXPIX
)*8(7.59.43&3)45*7&9.439MQMRKW]WXIQ
9MQMRKW]WXIQ
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=85*(.+.(&9.43845*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC++CCC9.+
85*(.+.(&9.438
9LIXMQMRKW]WXIQMWXLIGSPPIGXMSRSJGSQTSRIRXW[LMGLGSRXVSPXLISTIRMRKERHXLIGPSWMRKSJXLIMRPIXERHI\LEYWXZEPZIWEPPS[MRKXLIJPS[SJEMVERHFYVRXKEWIW9LIWIGSQTSRIRXWEVISTIVEXIHF]XLIGVEROWLEJXERHXLIQSZIQIRXMWXVERWQMXXIHZMEEXSSXLIHFIPXXSXLIGEQWLEJXW[LMGLMRXYVREGXSRXLIZEPZIW9LIZEVMSYWGSQTSRIRXWWLSYPHFITIVJIGXP]W]RGLVSRM^IH 9.2*)MJXLMWMWRSXXLIGEWIXLIYTTIVTEVXSJXLITMWXSR[MPPMRXIVJIVI[MXLXLIZEPZIW
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.439MQMRKW]WXIQ
)+CCCCCCCCC+'CCC9.+
*RKMRITYPPI](EQWLEJXTYPPI].RNIGXMSRTYQTTYPPI]<EXIVTYQTTYPPI]
5S[IVHVMZIXSSXLIHFIPX'ERKMRKTVIZIRXMSRFIEVMRK5YPPI]XIRWMSRIV
45*7&9.43
8MRGIMRJSYVWXVSOIIRKMRIWXLI[SVOMRKG]GPIXEOIWTPEGIHYVMRKX[SVIZSPYXMSRWSJXLIGVEROWLEJX[LMPWXXLIZEPZIWLEZIXSSTIRSRP]SRGIHYVMRKXLIG]GPIXLIGEQWLEJXSRP]LEWXSVSXEXISRGI XLIVIJSVIXLIXSSXLIHTYPPI]JMXXIHSRXLIGEQWLEJXLEWX[MGIXLIRYQFIVSJXIIXLGSQTEVIH[MXLXLITYPPI]JMXXIHSRXLIGVEROWLEJX
)*8(7.59.43&3)45*7&9.439MQMRKW]WXIQ
9MQMRKW]WXIQ
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(42548.9.4345*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC++CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.439MQMRKW]WXIQ
(42548.9.43
9LIVI EVI XLI WEQI RYQFIV SJ WYMXEFP] TSWMXMSRIH GEQW EW XLIVIEVI ZEPZIW XS STIVEXI &X XLI JVSRX MX MWTVITEVIHJSVXLIJMXXMRKSJXLIXSSXLIHTYPPI]XLVSYKL[LMGLXLIQSZIQIRXSJXLIGVEROWLEJXMWVIGIMZIHF]QIERWSJEWYMXEFP]XIRWMSRIHFIPX
)+CCCCCCCCC+,CCC9.+
4MPWIEP(EQWLEJX&HNYWXQIRXWLMQ9ETTTIX(SXXIVW:TTIVWLMQWTVMRK
8TVMRK4MPWIEP1S[IVWLMQ.RPIXZEPZI*\LEYWXZEPZI;EPZIKYMHI
45*7&9.43
9LIGEQWLEJXMWXLIGSQTSRIRX[LMGLXLVSYKLXLIGEQWSTIRWXLIZEPZIWJSVXLIVIUYMVIHXMQI8MRGIMRWXVSOIIRKMRIWXLI[SVOMRKG]GPIXEOIWTPEGIHYVMRKX[SVIZSPYXMSRWSJXLIGVEROWLEJX[LMPWXXLIZEPZIWLEZIXSSTIRSRP]SRGIHYVMRKXLIG]GPIXLIGEQWLEJXSRP]LEWXSVSXEXISRGI XLIVIJSVIXLIXSSXLIHTYPPI]JMXXIHSRXLIGEQWLEJX[MPPLEZIX[MGIXLIRYQFIVSJ XIIXLEWXLITYPPI]JMXXIHSRXLIGVEROWLEJX XLIVIJSVI XLIXSSXLIHTYPPI]JMXXIHSRXLIGEQWLEJX[MPPLEZIX[MGIXLIRYQFIVSJXIIXLEWXLITYPPI]JMXXIHSRXLIGVEROWLEJX
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
+YIPXEROERHTMTI
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*845*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*8
9LIJYIPWYTTP]W]WXIQMWHMZMHIHMRXSEPS[TVIWWYVIGMVGYMXERHELMKLTVIWWYVIGMVGYMX
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
9LIPS[TVIWWYVIGMVGYMXGSRWMWXWSJ HMIWIPMRXEOITMTI EGGIPIVEXSVTYQTFYMPXMRXSXLIMRNIGXMSRTYQT VIXYVRTMTI
9LILMKLTVIWWYVIGMVGYMXGSRWMWXWSJ )MIWIPMRNIGXMSRTYQT WIIWYFKVSYT).*8*1.3/*(9.438>89*2 TMTIWERHMRNIGXSVW
)+CCCCCCCCC+-CCC9.+
+YIPXEROPGETEGMX]+YIPJMPPIVTMTI)MIWIPJMPXIVGEVXVMHKI.RNIGXMSRTYQT-MKLTVIWWYVITMTIW
.RNIGXSVW+YIPHIPMZIV]LSWI+YIPVIXYVRLSWI+YIPVIGMVGYPEXMSRZEPZI
45*7&9.43
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
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
9LIJMVWXWXEKIMWGSRXVSPPIHF]XLIXVERWJIVTYQTXLIWIGSRHMWEGLMIZIHEWEVIWYPXSJEZSPYQIXVMGGLERKIMRXLIGSQTVIWWMSRGLEQFIVFVSYKLXEFSYXF]EGEQVMRK
)+CCCCCCCCC+-CCC9.+
+YIPXERO&HZERGIWSPIRSMH+PS[WSPIRSMH)MWXVMFYXSVVSXSV&HZERGITMWXSRVIEGXMSRWTVMRK
5YQTIPIQIRXW(EQVMRK.RNIGXSV9VERWJIVTYQT5VIWWYVIVIKYPEXSV
+:*19&30
(43897:(9.43JIEXYVIW
9LIJYIPXERO[MXLEGETEGMX]SJEFSYXPMXVIWMWQEHISJETPEWXMGQEXIVMEP.XMWJMXXIH[MXLEJPI\MFPIJMPPIVERHMRGPYHIWXLIWIEXMRKJSVJMXXMRKXLIJYIPKEYKI
)*8(7.59.43&3)45*7&9.43+YIPXEROERHTMTI
)+CCCCCCCCC+'CCC9.+
8&+*9>&3);*39.1&9.43;&1;*
4TIVEXMSR
9LMWZEPZIMWFYMPXMRXSXLIJYIPJMPPIVGETERHMXGEVVMIWSYXXLIJSPPS[MRKJYRGXMSRWHITIRHMRKSRXLITVIWWYVITVIWIRXMRXLIXERO MXHMWGLEVKIWXSXLISYXWMHIER]WYVTPYWTVIWWYVI[LMGLMWGVIEXIHMRWMHIXLIXERO WEJIX]JYRGXMSR XLITVIW
WYVIEGXWSRXLITPEXI ERHSZIVGSQMRKXLIPSEHSJXLIWTVMRK EPPS[WXLIWYVTPYWZETSYVWXSFIHMWGLEVKIHXSXLISYXWMHI
MXEPPS[WI\XIVREPEMVXSJPS[MRXSXLIXERO[LIRERI\GIWWMZIZEGYYQMWGVIEXIHMRXLIXEROJSPPS[MRKXLIGSRWYQTXMSRSJJYIP ZIRXMPEXMSRJYRGXMSR.RXLMWGEWI[LIRXLIZEGYYQI\GIIHWXLIPSEHSJXLIWTVMRK MXQSZIWXLIZEPZI EPPS[MRKEMVXSIRXIV
)+CCCCCCCCC+'CCC9.+
)*8(7.59.43&3)45*7&9.43+YIPGMVGYMXTYQTWERHHIZMGIW
+YIPGMVGYMXTYQTWERHHIZMGIW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43+YIPGMVGYMXTYQTWERHHIZMGIW
(43897:(9.43+*&9:7*8
9LIJMPXIVMWXLIGEVXVMHKIX]TI[MXLEJMPXIVIPIQIRX QEHIYTSJETEGOSJTETIVHMWGW[MXLEJMPXIVMRKWYVJEGIEVIESJGQERHEJMPXVEXMSRHIKVIISJQQ&XXLIFSXXSQXLIVIMWETPYK JSVHVEMRMRK[EXIV&XXLIXSTXLIVIEVIX[SUYMGOJMXGSRRIGXMSRW MRPIXJVSQXERO SYXPIXJSVMRNIGXMSRTYQT&XXLIXSTXLIVIMWEXLIVQEPZEPZI XS[LMGLEVIGSRRIGXIHXLIVIXYVRMRPIXTMTI ERHVIXYVRSYXPIXXSXLIXERO
)+CCCCCCCCC+,CCC9.+
+MPXIVIPIQIRX.RPIX HMIWIPHIPMZIV]4YXPIX HMIWIPHIPMZIV]-4HMWGLEVKITPYK JVSQJMPXIV
7IXYVRXLIVQEPZEPZI7IXYVRMRPIX7IXYVRSYXPIX XSXERO[MXLHMIWIP#XIQT°
)*8(7.59.43&3)45*7&9.43+YIPGMVGYMXTYQTWERHHIZMGIW
45*7&9.43<-*3(41) XLIVQEPZEPZI
.JEXXLIHMIWIPJMPXIVXLIXIQTIVEXYVIMW!±2 (°,XLIXLIVQEPZEPZI WLYXWSJJXLIVIXYVRJPS[XSXLITMTI QEOMRKXLIVIXYVR[MXLMRXLIJMPXIV ERHRSXXSXLIXERO XLYWLIPTMRKOIITXLIXIQTIVEXYVIEFSZIXLIHMIWIPWSPMHMJMGEXMSRXLVIWLSPH
)+CCCCCCCCC+,CCC9.+
+MPXIVIPIQIRX.RPIX HMIWIPHIPMZIV]4YXPIX HMIWIPHIPMZIV]-4HMWGLEVKITPYK JVSQJMPXIV7IXYVRXLIVQEPZEPZI
7IXYVRMRPIX7IXYVRSYXPIX XSXERO[MXLHMIWIP#XIQT°+YIPXERO5YQTMRPIX MRNIGXMSR5YQTVIXYVRSYXPIX MRNIGXMSR
)*8(7.59.43&3)45*7&9.43+YIPGMVGYMXTYQTWERHHIZMGIW
45*7&9.43<-*3-49 XLIVQEPZEPZI
.JEXXLIHMIWIPJMPXIVXLIXIQTIVEXYVIMW#±(° XLIXLIVQEPZEPZI OIITWXLITMTI STIRXLYWEPPS[MRKXLIHMIWIPXSJPS[FEGOXSXLIXERO
)+CCCCCCCCC+,CCC9.+
+MPXIVIPIQIRX.RPIX HMIWIPHIPMZIV]4YXPIX HMIWIPHIPMZIV]-4HMWGLEVKITPYK JVSQJMPXIV7IXYVRXLIVQEPZEPZI
7IXYVRMRPIX7IXYVRSYXPIX XSXERO[MXLHMIWIP#XIQT°+YIPXERO5YQTMRPIX MRNIGXMSR5YQTVIXYVRSYXPIX MRNIGXMSR
)*8(7.59.43&3)45*7&9.43*RKMRIEMVWYTTP]GMVGYMX
*RKMRIEMVWYTTP]GMVGYMX
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43*RKMRIEMVWYTTP]GMVGYMX
(43897:(9.43+*&9:7*8
.RXEOIEMVMWJMPXIVIHERHGSRZI]IHXSXLIMRXEOIQERMJSPH
)+CCCCCCCCC+-CCC9.+
(SQTPIXIJMPXIV8PIIZI
9LVSXXPI*;FSH].RXEOIGLEQFIV
9-74991*'4)>
8TIGMJMGEXMSRW
&XLVSXXPPIFSH]MWJMXXIHSRXLIGPIEREMVMRXEOIPMRI9LMWF]TEWWIWXLIEMVJPS[ MREGGSVHERGI[MXLEQETIWXEFPMWLIHI\TIVMQIRXEPP]XSMRGVIEWIXLITIVGIRXEKISJI\LEYWXKEWVIGMVGYPEXIHXSXLIMRXEOIWSXLEXXLII\LEYWXRMXVSKIRS\MHI 34\IQMWWMSRWEVIJYVXLIVVIHYGIH
)*8(7.59.43&3)45*7&9.43*RKMRIEMVWYTTP]GMVGYMX
(SQTSRIRXW
9LIHMEKVEQFIPS[MPPYWXVEXIWXLIGSQTSWMXMSRSJXLIXLVSXXPIFSH]
)+CCCCCCCCC+,CCC9.+
;EGYYQTMTIEXXEGLQIRX FVEOIWIVZS9LVSXXPI5RIYQEXMGEGXYEXSV&MVXIQTIVEXYVIWIRWSV
(SMPJSVSTIRMRKGPSWMRKHYGXW FIX[IIRMRXEOITVIWWYVIERHZEGYYQTYQTTVIWWYVI2MGVSW[MXGL XLVSXXPITSWMXMSRWMKREP
4TIVEXMSR
9LIXLVSXXPISTIRMRKERHGPSWMRKJYRGXMSRMWWYFSVHMREXIXSXLI*,7
<MXLEMVXIQTIVEXYVI#°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
5VIWWYVISTIVEXMSR
<MXLMRXLIXLVSXXPIFSH]XLIVIEVIX[SGLEQFIVWWITEVEXIHF]EHMETLVEKQ [MXLHMJJIVIRXTVIWWYVIW
)*8(7.59.43&3)45*7&9.43*RKMRIEMVWYTTP]GMVGYMX
9LIMRXEOITVIWWYVIGMVGYPEXIWMRXLIGLEQFIV 4REGSQQERHJVSQXLI*(:XLIGLEQFIV GSQQYRMGEXIW[MXLXLIFVEOIWIVZSTVIWWYVIGMVGYMX XLIHMJJIVIRGIMRTVIWWYVIFIX[IIRXLIX[SGLEQFIVWQSZIWEHMETLVEKQ[LMGLF]QIERWSJEPMROVSHQSZIWXLIXLVSXXPI
)+CCCCCCCCC+,CCC9.+
.RXEOITVIWWYVIGLEQFIV 5VIWWYVIGLEQFIV FVEOIWIVZS)METLVEKQ
9-74991**;5.34:9<.9-<.7.3,).8(433*(9*)
9LIHMEKVEQFIPS[WLS[WXLIXLVSXXPIFSH]GSRRIGXSV
)+CCCCCCCCC+&CCC9.+
*EVXL8SPIRSMHGSRXVSP *(:TMR&MVXIQTIVEXYVI *(:TMR
*EVXL *(:TMR9LVSXXPITSWMXMSR *(:TMR
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)MIWIPMRNIGXMSRW]WXIQ
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=85*(.+.(&9.438
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
& )MIWIPMRNIGXMSRTYQTERHGSRXVSP \
, 5VIWWYVITYQTIPIGXVMGGSRXVSP \
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
85*(.+.(&9.438;.*<4+&88*2'1>
9LIJMKYVIFIPS[WLS[WEZMI[SJEWWIQFP]
)+CCCCCCCCC+-CCC9.+
.RNIGXMSRTYQT*,7QSHYPEXMRKWSPIRSMHZEPZI+YIPXERO+YIPJMPXIV'SH]GSQTYXIV,PS[TPYKTVILIEXMRKIPIGXVSRMGGSRXVSPYRMX*PIGXVSRMGGSRXVSPYRMX8]WXIQWYTTP]VIPE]752ERH9)(WIRWSV,PS[TPYK
(SSPERXXIQTIVEXYVIWIRWSV&GGIPIVEXSVTIHEPTSXIRXMSQIXIV'VEOITIHEPW[MXGL (&38[MXGLSRGPYXGLTIHEP.RNIGXSVW9LVSXXPIZEPZI&MVXIQTIVEXYVIWIRWSV.RIVXMEW[MXGL*RKMRIJER*RKMRIJERVIPE]
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
&)MIWIPMRNIGXMSRTYQTERHGSRXVSP
(SRWXVYGXMSRJIEXYVIW1:(&8ITMG).*8*1.3/*(9.43 WXEKI
9LI*5.(TYQTMWSJXLIVSXEV]HMWXVMFYXSVX]TIFEWIHSRXLITYQTMRKHMWXVMFYXMSRTVMRGMTPIERHMXIRWYVIWXLIJSPPS[MRKJYRGXMSRW WYTTP]SJJYIPXSXLIMRNIGXSVW QIXIVMRKSJXLIJYIP MRNIGXMSREHZERGI
(42548.9.43
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
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
9LI )(: EREP]WIW XLI ZEVMSYW MRJSVQEXMSR YWMRK E WTIGMEP ETTPMGEXMSR WSJX[EVI .X XLIR WXEVXW [MXL XLIGSQQERHWXSXLIWSPIRSMHWTVIWIRXSRXLITYQTXSHIXIVQMRIXLIGSVVIGXMSRW
)+CCCCCC&CC+,CCC9.+
45*7&9.43
&QSYRXSJJYIPMRNIGXIHERHMRNIGXMSRWXEVXTSMRXEVIGSRXVSPPIHF]ERIPIGXVSRMGGSRXVSPYRMX9LIIPIGXVSRMGGSRXVSPYRMXEREP]WIWXLIHEXEYWMRKWTIGMEPETTPMGEXMSRWSJX[EVI.XXLIRGSQQYRMGEXIW[MXLXLIGSRXVSPWERHWSPIRSMHWMRXLITYQTXSGSRXVSPTYQTEGXMSRW
9LI*5.(W]WXIQ QIIXWGYVVIRXERHJYXYVIIQMWWMSRGSRXVSPVIKYPEXMSRW VIHYGIWJYIPGSRWYQTXMSR MRGVIEWIWIJJMGMIRG] MQTVSZIWHVMZMRKGSRHMXMSRW EHETXWMXWWTIGMJMGEXMSRWIEWMP]XSHMJJIVIRXETTPMGEXMSRW
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
).&,7&28-4<.3,.39*73&18:551>5:25(.7(:.9(42543*398
)+CCCCCC&CC+-CCC9.+
)VMZIWLEJX)MWXVMFYXSVVSXSV7SXSVGEZMX](SYRXIVWTVMRK5YQTIPIQIRXW&HZERGITMWXSR(EQVMRK9VERWJIVTYQT+YIPJMPXIV9VERWJIVTVIWWYVIVIKYPEXSV7SXSVTSWMXMSRWIRWSV
(EQTSWMXMSRWIRWSV+PS[WSPIRSMH+PS[WSPIRSMH&HZERGIWSPIRSMH8XSTWSPIRSMH.RNIGXSV+YIPXERO(SRXVSPGLEQFIV(EPMFVEXIHLSPI7IEGXMSRWTVMRK
97&38+*75:25
8TIGMJMGEXMSRW
9LIXVERWJIVTYQTPSGEXIHMRWMHIXLIMRNIGXMSRTYQTMWZSPYQIXVMGZERIX]TI.XXEOIWYTJYIPJVSQXLIXEROERHWIRHWMXYRHIVTVIWWYVI XVERWJIVTVIWWYVIXSXLIEGXYEXSVWERHGSQTVIWWMSRGLEQFIVXSQEOIERMRNIGXMSR
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
(SQTSRIRXW
9LIXVERWJIVTYQTMWJMXXIHSRXLIHVMZIWMHISJXLITYQT.XMWZSPYQIXVMGMRXEOIGSQTVIWWMSRX]TI.XGSRWMWXWSJEVSXSV WXEXSV JSYVWXIIPFVYWLIW ERHEWIEPMRKTPEXI
)+CCCCCC&CC+,CCC9.+
4TIVEXMSR
9LIVSXSVMWMRXIKVEP[MXLXLIHVMZIWLEJXERHXYVRWXLIJSYVFVYWLIW SRXLIWXEXSV [LMGLMWWIGYVIHXSXLITYQTGEWI(SRXEGXFIX[IIRXLIFVYWLIWERHWXEXSVGEQTVSJMPIKMZIWVMWIXSZSPYQIGLERKIWXLEXKIRIVEXITVIWWYVIGLERKIW
)7.;*
8TIGMJMGEXMSRW
)VMZIWLEJX IRWYVIWEGSRRIGXMSRFIX[IIRQSXSVHMWXVMFYXMSRERHTYQTL]HVEYPMGLIEH
(SQTSRIRXWSTIVEXMSR
9LIWLEJXHVMZIWXVERWJIVTYQT ERHVSPPIVGEVVMIVVEQT
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+'CCC9.+
97&38+*757*88:7*7*,:1&9.43;&1;*
8TIGMJMGEXMSRW
9LIXVERWJIVTVIWWYVIVIKYPEXMSRZEPZIWGVI[IHMRXSXLITYQTGEWIGSRXVSPWXVERWJIVTVIWWYVIMRVIPEXMSRXSVSXEXMSRWTIIH
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
(SQTSRIRXW
.XGSRWMWXWSJEWGVI[ XLEXGSRXEMRWTMWXSR ERHWTVMRK
)+CCCCCC&CC+-CCC9.+
4TIVEXMSR
5VIWWYVIKIRIVEXIHF]XVERWJIVTYQT I\IVGMWIWEXLVYWXSRXLIFEWISJTMWXSR <LIRXLMWJSVGII\GIIHWXLITVIPSEHSJWTVMRK XLITMWXSRQSZIWERHYRGSZIVWHVEMRLSPI XLYWPMQMXMRKTVIWWYVIXSXLIVIUYMVIHPIZIP2E\MQYQXVERWJIVTVIWWYVIMWEGLMIZIHEXPS[WTIIHW
->)7&:1.(-*&)
8TIGMJMGEXMSRW
9LIL]HVEYPMGLIEHEWWIQFP]TIVJSVQWQIXIVMRKTYQTMRKERHHMWXVMFYXMSRJYRGXMSRW
(SQTSRIRXW
9LMWEWWIQFP]GSRWMWXWSJ EWXEXSV SVWMRKPIL]HVEYPMGLIEH VSXEV]HMWXVMFYXSV [LMGLMRGPYHIWETYQTMRKIPIQIRXQEHIYTSJX[SGSYRXIVEGXMRKTMWXSRW
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
9LIVSXSVMWGSYTPIHXSXLIL]HVEYPMGLIEHERHXLITYQTMRKTMWXSRWEVIGSYTPIHXSXLIVSXSV
)+CCCCCC&CC+,CCC9.+
)MWXVMFYXSVVSXSV
)+CCCCCC&CC+'CCC9.+
4TIVEXMSR
)MIWIPMWHVMZIRF]XLIXVERWJIVTVIWWYVIXSVSXSVGLERRIP ZMEWYTTP]GLERRIP HYVMRKXLIJMPPMRKWXEKI9LITYQTTMWXSRWSTIRXSTYWLVSPPIVGEVVMIVTEHW MRXSGSRXEGX[MXLHVMZIWLEJXVEQTW <LIRXLIVSXSVXYVRWGLERRIP GSQQYRMGEXIW[MXLSRISJXLIHVEMREKILSPIWSRXLIL]HVEYPMGLIEH&XXLIWEQIXMQIXLIVSPPIVWGSQIMRXSGSRXEGX[MXLXLIX[SSTTSWMRKTVSXVYWMSRWSRGEQVMRK 9LMWTVIWWIWXLIX[STMWXSRWEKEMRWXSRIERSXLIVERHTVIWWYVMWIWXLITYQTMRKIPIQIRX9LIG]GPIMWVITIEXIHJSVIEGLI\MXGSVVIWTSRHMRKXSIEGLIRKMRIG]PMRHIV
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
(&27.3,
8TIGMJMGEXMSRW
9LIGEQVMRKEPPS[WXLITYQTIPIQIRXXSGVIEXIELMKLTVIWWYVI
(SQTSRIRXW
9LIGEQVMRKXEOIWXLIJSVQSJEVMRK)MEQIXVMGEPP]STTSWIHTVSXVYWMSRW EVITVIGMWMSRQEGLMRIHMRWMHIXLIVMRK9LIWLETISJXLIWITVSXVYWMSRWHIXIVQMRIWTYQTMRNIGXMSRHYVEXMSRERHGSRXVSPWXLITVSTIVXMIWSJIEGLMRNIGXMSRWXEKI
)+CCCCCC&CC+'CCC9.+
4TIVEXMSR
.RNIGXMSRFIKMRWEXXLIQSQIRXXLIVSPPIVWGSQIMRXSGSRXEGX[MXLXLIGEQTVSXVYWMSRWERHGSRXMRYIWYRXMPXLI]VIEGLXLIIRHSJXLIGEQ <LIRXLIVSXSVXYVRWXLIVSPPIVWEVIRSPSRKIVMRGSRXEGX[MXLXLIGEQVMRK1S[TVIWWYVIMWVIWXSVIHMRWMHIXLIVSXSVERHMXVIJMPPW
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
+YIPMRXEOI
9LIJMKYVIFIPS[WLS[W 89&,*&JYIPMRXEOIMRXSGSQTVIWWMSRGLEQFIV
)+CCCCCC&CC+)CCC9.+
)VMZIWLEJX7SXEV]HMWXVMFYXSV7EQTW7SPPIVW5YQTIPIQIRXW
5EH(EQVMRK(SQTVIWWMSRGLEQFIV(EQW
+YIPMRXEOI
9LIJMKYVIFIPS[WLS[W 8XEKI'JYIPHIPMZIV]XSMRNIGXSV
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+(CCC9.+
-.,-57*88:7*4:91*98
8TIGMJMGEXMSRW
;EPZIWMRXLILMKLTVIWWYVISYXPIXWTVIZIRXXLIMRNIGXSVTMRXPIVMWMRKEWIGSRHXMQI
(SQTSRIRXW
*EGLLMKLTVIWWYVISYXPIXGSRRIGXMSR IRGPSWIWEZEPZI ERHEWTVMRK ERHEHIEHZSPYQIGLEQFIV
)+CCCCCC&CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
4TIVEXMSR
)YVMRKXLIMRNIGXMSRWXEKIXLIZEPZI VMWIWGSQTVIWWMRKXLIWTVMRK 9LITVIWWYVI[EZIWKIRIVEXIHEXXLIIRHSJMRNIGXMSRGSYPHGEYWIXLIMRNIGXSVTMRXPIXSVMWIEKEMRERHWIGSRHEV]MRNIGXMSRWXSXEOITPEGI9LIZEPZIXLIVIJSVIEGXWEWETVIWWYVI[EZIHEQTIVMIMXIRGPSWIWTVIWWYVI[EZIWMRWMHIXLIHIEHZSPYQI SJXLILMKLTVIWWYVISYXPIXJMXXMRK
)+CCCCCC&CC+'CCC9.+
14(&9.434+(42543*398439-*5:25
9LIJMKYVIFIPS[WLS[WXLIPSGEXMSRSJXLITYQTGSQTSRIRXW9LITYQTMWIUYMTTIH[MXLXLIJSPPS[MRKHIZMGIW
)+CCCCCC&CC+,CCC9.+
+YIPXIQTIVEXYVIWIRWSV 8IRWSVQIQSV] 482
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
7SXSVTSWMXMSRWIRWSV(EQTSWMXMSRWIRWSV+PS[WSPIRSMH
+PS[WSPIRSMH&HZERGIWSPIRSMH8XSTWSPIRSMH
.3/*(9.435:255.34:9<.9-(433*(947).8(433*(9*)
9LIJMKYVIWLS[WERMRXIVREPHMEKVEQSJXLIMRNIGXMSRTYQTERHXLIGSRXVSPYRMXTMRSYX
)+CCCCCC&CC+-CCC9.+
&&HZERGIWIRWSV'7SXSVTSWMXMSRWIRWSV(7SXSVJMPPMRKEGXYEXSV )7SXSVIQTX]MRKEGXYEXSV *&HZERGIEGXYEXSV+*848EGXYEXSV8GVIIRIEVXL XS*(:TMR8SPIRSMHGSRXVSP XS*(:TMR(EQWSPIRSMHGSRXVSP XS*(:TMR.KRMXMSRSTIVEXIHTS[IVWYTTP] 8SPIRSMHGSRXVSP XS*(:TMR
9IQTMRXEOIHMIWIP XS*(:TMR)MIWIPERH482XIQTWIRWSVIEVXL XS*(:TMR.RTYXXS482WIRWSVQIQSV] XS*(:TMR7SXSVGSQTIRWEXMSRVIWMWXSV XS*(:TMR7SXSVWIRWSVMRTYX XS*(:TMR*PIGXVSWXSTGSRXVSP XS*(:TMR7SXSVERHGEQTSWMXMSRWIRWSVTS[IVWYTTP] XS*(:TMR(EQWIRWSVMRTYX XS*(:TMR3(
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
<.7.3,5.34:9<.9-(433*(947).8(433*(9*)
9LIJMKYVIWLS[WERMRXIVREPHMEKVEQSJXLIGSRXVSPYRMXERHTMRSYXSJXLIGSRRIGXSV[MVMRKWMHI
)+CCCCCC&CC+-CCC9.+
&&HZERGIWIRWSV'7SXSVTSWMXMSRWIRWSV(7SXSVJMPPMRKEGXYEXSV )7SXSVIQTX]MRKEGXYEXSV *&HZERGIEGXYEXSV+*848EGXYEXSV8GVIIRIEVXL XS*(:TMR8SPIRSMHGSRXVSP XS*(:TMR(EQWSPIRSMHGSRXVSP XS*(:TMR.KRMXMSRSTIVEXIHTS[IVWYTTP] 8SPIRSMHGSRXVSP XS*(:TMR
9IQTMRXEOIHMIWIP XS*(:TMR)MIWIPERH482XIQTWIRWSVIEVXL XS*(:TMR482WIRWSVQIQSV]MRTYX XS*(:TMR7SXSVGSQTIRWEXMSRVIWMWXERGI XS*(:TMR7SXSVWIRWSVMRTYX XS*(:TMR*PIGXVSWXSTGSRXVSP XS*(:TMR7SXSVERHGEQTSWMXMSRWIRWSVTS[IVWYTTP] XS*(:TMR(EQWIRWSVMRTYX XS*(:TMR3(
)*1.;*7>&3))*1.;*7>841*34.)8
8TIGMJMGEXMSRW
9LIHIPMZIV]ERHHIPMZIV]WSPIRSMHWVIKYPEXIHIPMZIV]
(SQTSRIRXW
4YXTYXMWQIXIVIHF]XLIE\MEPTSWMXMSRSJVSXSV 9LMWEPXIVWXLITSWMXMSRSJVSPPIVGEVVMIV MRVIPEXMSRXSHVMZIWLEJXVEQTW XSEHNYWXQE\MQYQTYQTTMWXSRSTIRMRKERHXLYWXLIQIXIVIHHMIWIPUYERXMX]
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
4YXTYXWSPIRSMH ERHSYXTYXWSPIRSMH EVIJEWXIRIHXSXLITYQTGEWIEFSZIXLIL]HVEYPMGLIEHERHGSRRIGXIHIPIGXVMGEPP]XSXLIGSRXVSPYRMX9LI]EVIKSZIVRIHF]ER434++GSRXVSP9LIWIGSRXVSPZSPYQI SJHMIWIPMRXLIVIEVTEVXSJXLIVSXSVERHEVIGPSWIH[LIRWYTTPMIH[MXLIPIGXVMGMX]
4TIVEXMSR
<LIRSYXTYXZEPZIMWSTIRZSPYQIMWMRGVIEWIHZMEXLIXVERWJIVTVIWWYVI9LIVSXSVQSZIWGSQTVIWWMRKXLIWTVMRK MXXLYWEPWSPMQMXWXLIQE\MQYQSTIRMRKSJXLITYQTTMWXSRWERHWSXLIEQSYRXMRNIGXIH4TIRMRKSJ XLIWSPIRSMHGEYWIWE PIEO JVSQVSXSVGSQTEVXQIRX XS[EVHW XLI MRXIVREPTVIWWYVI XLYWVIHYGMRKXLIZSPYQIERHEPPS[MRKXLIVSXSVXSQSZIYRHIVXLIEGXMSRSJWTVMRK XS[EVHWXLIQE\MQYQSYXTYXTSWMXMSR
7IHYGIH4YXTYX
9LIJMKYVIFIPS[WLS[WXLIGMVGYMXMRXLIVIHYGIHSYXTYXWXEKI
)+CCCCCC&CC+-CCC9.+
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
.3(7*&8*)4:95:9
9LIJMKYVIFIPS[WLS[WXLIGMVGYMXMRXLIVIHYGIHSYXTYXWXEKI
)+CCCCCC&CC+-CCC9.+
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
(VSWWWIGXMSRSJHIPMZIV]ERHHIPMZIV]WSPIRSMHW
)+CCCCCC&CC+'CCC9.+
<MRHMRK(SVI
+YIPMRTYX+YIPSYXTYX
74947548.9.438*3847
8TIGMJMGEXMSRW
9LIVSXSVTSWMXMSRWIRWSVVIGSVHWXLIE\MEPTSWMXMSRSJXLIL]HVEYPMGLIEHVSXSVERHWIRHWXLIMRJSVQEXMSRXSXLIGSRXVSPYRMX
(SQTSRIRXW
7SXSVTSWMXMSRWIRWSV MWJEWXIRIHXSXLIL]HVEYPMGLIEHFIX[IIRXLILMKLTVIWWYVISYXTYXW(SVI SJXLMWMRHYGXMZIWIRWSVMWMRXIKVEP[MXLXLIL]HVEYPMGLIEHVSXSVERHQSZIWMRWMHIEGSMPXSEPXIVMXWMRHYGXERGI
4TIVEXMSR
4RIMRNIGXIHSYXTYXZEPYIQYWXGSVVIWTSRHXSIEGLZEPYIQIEWYVIHF]XLIGSQTYXIV+SVXLMWVIEWSRGSVITSWMXMSRMRVIPEXMSRXSXLIVSXSVMWEHNYWXIHF]WLMQ XSEPPS[TVIEHNYWXQIRXSJXLITYQTSYXTYX
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+'CCC9.+
2IQSV]MRXLIWIRWSV 482
9LIWIRWSVQIQSV]JSVQWERMRXIKVEPTEVXSJXLITYQVSXSVWIRWSV9LMWQIQSV]GSRXEMRWXLITYQTWIVMEPRYQFIV ER EHZERGI WIXXMRK QET ER SYXTYX WIXXMRK QET HIPMZIV] VIUYMVIH JSV WXEVXYT ERH VSXSV WIRWSVHIGSHMRKZEPYIW MRQMRMQYQERHQE\MQYQTSWMXMSRW
5VMRGMTPISJGPSWIHPSSTSYXTYXGSRXVSP
&GGSVHMRKXSIRKMRISTIVEXMRKGSRHMXMSRWXLIGSRXVSPYRMXHIXIVQMRIWXLISYXTYXXSFIMRNIGXIHZMEXLIZEVMSYWWIRWSVW9LISYXTYXGSVVIWTSRHWXSEWIXVSXSVTSWMXMSR9LIGSRXVSPYRMXGSQTEVIWXLMWTSWMXMSR[MXLXLIVIUYMVIHTSWMXMSRERHMJRIGIWWEV]GSVVIGXWXLIWIXXMRKF]STIRMRKSRISJXLIX[SSYXTYXSVSYXTYXWSPIRSMHWJSVEGEPGYPEXIHXMQITIVMSH EJI[QMPPMWIGSRHWXSEGLMIZIXLIVIUYMVIHHMWTPEGIQIRX
)+CCCCCC&CC+&CCC9.+
4YXTYXVIUYMVIHJVSQTYQT7IUYMVIHVSXSVTSWMXMSR VSXSVHIQERH
&GXMSRSRSVWSPIRSMH2IEWYVIHVSXSVTSWMXMSR
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
8945841*34.) *848
8TIGMJMGEXMSRW
9LIWXSTWSPIRSMHGYXWSJJJYIPWYTTP]XSXLIL]HVEYPMGLIEHVSXSVERHXLYWWXSTWXLIIRKMRI
(SQTSRIRXW
9LIWXSTWSPIRSMH MWWIGYVIHXSXLITYQTGEWI.XMWVIEGXMZEXEFPIERHXLYWQE]FIGPSWIHERHVISTIRIH[MXLXLIIRKMRIVYRRMRK
)+CCCCCC&CC+'CCC9.+
VYRRMRK
*84TMWXSR MWLIPHMRGPSWIHTSWMXMSRF]EWTVMRK *84GSMP QYWXFII\GMXIHXSPMJXXLITMWXSR
9LI*84TS[IVWYTTP]MW5YPWI<MHXL2SHYPEXIH 5<27IJIVXSXLI,PSWWEV]JSVERI\TPEREXMSRSJ5<29LI*(:QSHMJMIWXLIVEXMSFIX[IIRSRERHSJJTIVMSHWXSTVSZMHIXLIVIUYMVIHGYVVIRXPIZIPHYVMRKXLI*84STIVEXMRKWXEKIW XLIWIWXEKIWEVIEWJSPPS[W *RKMRISJJTERIPSR XLI*(:WIRHWEWPMKLXGYVVIRXXSGLIGOXLIGSRHMXMSRSJXLI*84GMVGYMX <LMPIXLIIRKMRIMWWXEVXMRKYTXLI*(:GLIGOWXLEXXLIVSXSVMWWIXXSXLIVIUYMVIHWXEVXYTTSWMXMSRERH
XVERWQMXWXLIQE\MQYQGYVVIRXJSVVETMH*84STIRMRK <LIRXLI*84MWGSQTPIXIP]STIRPIWWGYVVIRXMWVIUYMVIHJSVOIITMRKMXMRXLMWTSWMXMSR XLI*(:XLIVIJSVI
VIHYGIWXLIGYVVIRXEWVIUYMVIH9SQMRMQM^IFPEGOJYQIWHYVMRKWXEVXMRKEXXIQTIVEXYVIWEFSZI°(XLI*84MWRSXSTIVEXIHYRXMPXLITYQTVSXSV MW MR XLIGSVVIGX TSWMXMSR JSV WXEVXMRK <MXL 9° " °( XLI*84 MW MRWXERXERISYWP] STIVEXIH HYVMRKWXEVXMRK
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+-CCC9.+
&);&3(*)*;.(*
8TIGMJMGEXMSRW
9LIEHZERGIHIZMGIEHNYWXWXLIWXEVXSJMRNIGXMSREGGSVHMRKXSMRJSVQEXMSRKEXLIVIHJVSQXLIZEVMSYWWIRWSVW
(SQTSRIRXW
9LIEHZERGIHIZMGIMWFYMPXMRXSXLIYTTIVTEVXSJXLIGEWI.XGSRWMWXWIWWIRXMEPP]SJEREHZERGIYRMXERHEWSPIRSMH9LIEHZERGIYRMXGSRWMWXWSJTMWXSR GSRRIGXIHXSGEQVMRK ZMEEFEPPLIEHIHWGVI[ 9LITMWXSRMWWYFNIGXXSXVERWJIVTVIWWYVIJVSQWMHI ERHXSXLIJSVGISJWTVMRK JVSQXLISXLIVWMHI&HZERGIWSPIRSMH MWWIGYVIHXSXLIGEWI
)SRSXWYTTP]XLIWSPIRSMH[MXLGSRXMRYSYW;EWXLI[MRHMRKGSYPHWYJJIVHEQEKI
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+(CCC9.+
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
5IVWTIGXMZIZMI[SJXLIEHZERGIHIZMGI
)+CCCCCC&CC+-CCC9.+
45*7&9.43
.RNIGXMSREHZERGIMWHIXIVQMRIHF]XLISJJWIXFIX[IIRXLIWXEVXSJMRNIGXMSRERHIRKMRI9)(9LIIPIGXVSRMGGSRXVSPYRMXGSQTYXIWXLIMRNIGXMSREHZERGIEGGSVHMRKXSVTQWMKREPWEXQSWTLIVMGTVIWWYVIERHSYXTYX.XQEOIWGSVVIGXMSRWFEWIHSREMVXIQTIVIVEXYVIERHIRKMRIXIQTIVEXYVI.RNIGXMSRFIKMRWEXXLIQSQIRX[LIRVSPPIVW SJHMWXVMFYXSVVSXSV GSQIMRXSGSRXEGX[MXLGEQVMRK 9LMW QSQIRX HITIRHW SR XLI TSWMXMSR SJ XLI GEQ VMRK ERH XLI TSWMXMSR SJ XLI VSPPIVTEHTYQT IPIQIRXEWWIQFP][LMGLZEVMIWEGGSVHMRKXSJPS[.RNIGXMSREHZERGIGLERKIWEVIHIXIVQMRIHF]XLIGEQVMRKQSZMRKMRVIPEXMSRXSXLIHMWXVMFYXSVVSXSVHVMZIWLEJX
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+(CCC9.+
&)/:89.3,.3/*(9.43&);&3(*
9LI ERKYPEV TSWMXMSR SJ GEQ VMRK HIXIVQMRIW MRNIGXMSR EHZERGI ERH MW GSRXVSPPIH F] WSPIRSMH GSRXVSPPIHZME5<2F]IRKMRIGSRXVSPYRMX7MRKERKYPEVHMWTPEGIQIRXMWFVSYKLXEFSYXF]XLIJPS[SJJYIPJVSQXVERWJIVTYQT [LMGLMWHMVIGXIHYRHIVTVIWWYVIMRXSGSRXVSPGLEQFIV ERHEGXWSRTMWXSR GSYRXIVIHF]VIEGXMSRWTVMRK 9LIJYIPJPS[TIVQMXXIHF]XLIWSPIRSMHMRGVIEIWXLIMRNIGXMSREHZERGI[LMPIGEPMFVEXIHLSPI EPPS[WJYIPXSJPS[JVSQXLIGSRXVSPGLEQFIVXSVIHYGIXLIEHZERGI(EQ VMRK TSWMXMSR MW VIGSVHIH F] XLI GSRXVSP YRMX ZME E ZEVMEFPI VIPYGXERGI WIRWSV MRXIKVEP [MXL XLIL]HVEYPMGGSRXVSPTMWXSR
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
9LI IRKMRI QEREKIQIRX GSRXVSP YRMX GSQTEVIW EGXYEP MRNIGXMSR EHZERGI [MXL GSQTYXIH EHZERGI ERH MJRIGIWWEV] XLI *(: XLIR MQTPIQIRXW GEQ VMRK TSWMXMSR GSVVIGXMSRW XS IRWYVI EGXYEP ZEPYIW GSMRGMHI [MXLGEPGYPEXIHZEPYIW
)+CCCCCC&CC+-CCC9.+
(&2548.9.438*3847
8TIGMJMGEXMSRW
9LIGEQTSWMXMSRWIRWSVHIXIGXWEHZERGITMWXSRTSWMXMSRERHGEQVMRKTSWMXMSRXLIRWIRHWXLMWHEXEXSXLIGSRXVSPYRMX
(SQTSRIRXW
(EQTSWMXMSRWIRWSV MWJMXXIHMRPMRI[MXLXLIEHZERGIHIZMGI.XGSRWMWXWSJGSVI WIGYVIHXSTMWXSR [LMGLQSZIWXSEPXIVXLIMRHYGXERGISJGSMP
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+&CCC9.+
4TIVEXMSR
9LIWIRWSVMWGSRRIGXIHXSEGSRXVSPYRMXXLEXQIEWYVIWGYVVIRXJSVQEXMSRXMQIWMRXLIGSMPXLEXZEV]EGGSVHMRKXSTMWXSRTSWMXMSR9LITSWMXMSRMRHMGEXIHF]XLIEHZERGIWIRWSVMWGSVVIPEXIH[MXLTMWXSRTSWMXMSRZMEEWLMQ JMXXIHFIX[IIRWIRWSVERHTYQTGEWI&TYQTXIQTIVEXYVIWIRWSVMWFYMPXMRXSXLIGEQTSWMXMSRWIRWSV.XMWER39(X]TIXLIVQMWXSV XLIVIWMWXERGIMRGVIEWIWEWXLIXIQTHIGVIEWIW[LMGLGSQTIRWEXIWJSVXLIIJJIGXSJXIQTIVEXYVISRXLIWIRWSV[LMPIEPWSWIRHMRKTYQTXIQTIVEXYVIHEXEXSXLIGSRXVSPYRMX
)+CCCCCC&CC+(CCC9.+
57.3(51*4+(148*)1445&);&3(*(439741
&GGSVHMRKXSIRKMRIWIVZMGIGSRHMXMSRWEWHIXIGXIHF]XLIZEVMSYWWIRWSVWXLIGSRXVSPYRMXHIXIVQMRIWXLIEHZERGIXSFIEGLMIZIHEXETEVXMGYPEVTMWXSRTSWMXMSR9LIGSRXVSPYRMXGSQTEVIWXLMWTSWMXMSR[MXLXLIVIUYMVIHTSWMXMSRERHMJRIGIWWEV]ETTPMIWEGSVVIGXMSRF]EPXIVMRKXLIGYVVIRX 5<29LMWQSHMJMIWEHZERGIWSPIRSMHSTIRMRKXSEGLMIZIXLIVIUYMVIHQSZIQIRX
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+&CCC9.+
7IUYMVIHEHZERGI7IUYMVIHGEQTSWMXMSR
&GXMSRSREHZERGIWSPIRSMH2IEWYVIHGEQTSWMXMSR
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
,5VIWWYVITYQTIPIGXVMGGSRXVSP
(SRWXVYGXMSRJIEXYVIW
9LI1:(&8*5.(MRNIGXMSRW]WXIQ *1*(9743.(&11>574,7&22*).3/*(9.43(439741JMXXIHXSXLIGEV[MXLMRHMVIGXMRNIGXMSRHMIWIPIRKMRIJIEXYVIWIPIGXVSRMGGSRXVSPSJXLIMRNIGXMSRTYQTERHSXLIVIRKMRIQEREKIQIRXHIZMGIWZMEERIPIGXVSRMGGSRXVSPYRMX *(:
9IGLRMGEPEHZERXEKIW
9LIW]WXIQ QIIXWGYVVIRXERHJYXYVIIQMWWMSRGSRXVSPVIKYPEXMSRW VIHYGIHJYIPGSRWYQTXMSR MQTVSZIWLERHPMRK
4TIVEXMSR
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
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
4:95:9(422&3)8
9LIJMKYVIFIPS[VITVIWIRXWXLIGSRXVSPYRMXWSYXTYXWMKREPW
)+CCCCCC&CC+-CCC9.+
*RKMRIGSSPMRKJER+YIPMRNIGXMSRTYQT*,7ZEPZI'YXXIVJP]WSPIRSMH'SH]GSQTYXIV
&MVGSRHMXMSRMRKGSQTVIWWSVVIPE]-IEXIVTPYKW*(:2EMRVIPE].RIVXMEW[MXGL
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
.35:98.,3&18
9LIJMKYVIFIPS[VITVIWIRXWXLIMRTYXWMKREPWXSXLIGSRXVSPYRMX
)+CCCCCC&CC+-CCC9.+
9LIW]WXIQGER QSRMXSVERHVIKYPEXIMRNIGXMSRTYQTSYXTYX QSRMXSVERHVIKYPEXIMRNIGXMSREHZERGI QSRMXSVERHVIKYPEXIVIGMVGYPEXIHI\LEYWXKEWUYERXMX]ZMEXLI*,7 GSRXVSPFYXXIVJP]WSPIRSMH QSRMXSVERHVIKYPEXIKPS[TPYKTVIERHTSWXLIEXMRK GSRXVSPGPMQEXIGSRXVSPW]WXIQGSQTVIWWSVEGXMZEXMSRHIEGXMZEXMSR GSRXVSPIRKMRIGSSPMRKJEREGXMZEXMSRHIEGXMZEXMSR WIRHERHVIGIMZIEWIXSJMRJSVQEXMSRZMEXLI(&3RIX[SVO XIWXXLIW]WXIQERHWIXVIGSZIV]TEVEQIXIVWMJJEYPXWEVITVIWIRX
9LI*(:QE]FIGEPPIHYTSRXSQEREKIXLIJSPPS[MRKGSRHMXMSRW TVIWXEVXMRK WXEVXMRK STIVEXMSR MHPMRK EGGIPIVEXMSRERHHIGIPIVEXMSR XVERWMXMSRWXEXIW ZILMGPIWXSTTMRK
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
243.947.3,&3)&)/:89.3,.3/*(9.435:254:95:9
2SRMXSVMRKMRNIGXMSRSYXTYX4YXTYXMWGSRXVSPPIHF]EGPSWIHPSSTW]WXIQ JIIHFEGOGSRXVSP
3SXI 'IGEYWIXLIW]WXIQMWJMXXIH[MXLEJPS[GSRXVSPHIZMGIXLIEGGIPIVEXSVTIHEPMWRSPSRKIVGSRRIGXIHHMVIGXP]XSXLITYQTFYXEGXWSREWIRWSVXLEXWIRHWXLITIHEPTSWMXMSRWMKREPXSXLIGSRXVSPYRMX
9LIGSRXVSPYRMXGSQTYXIWXLIVIUYMVIHJPS[ERHHIJMRIWVSXSVTSWMXMSRSRXLIFEWMWSJMRTYXJVSQXLIWIRWSVWERH MXW S[R VIWMHIRX WSJX[EVI WXVEXIKMIW 9LI GSRXVSP YRMX XLIVIJSVI HS[RPSEHW EGXYEP VSXSV TSWMXMSR ERHGSQTEVIWMX[MXLXLIVIUYMVIHTSWMXMSR.JXLIVIMWEHMJJIVIRGIFIX[IIRXLIX[STSWMXMSRWXLIGSRXVSPYRMXHVMZIWXLIVIPIZERXJPS[WSPIRSMHXSWLMJXXLIVSXSV MRXLIVIUYMVIHHMVIGXMSR9LIRI[TSWMXMSRMWVIEHERHGSQTEVIH[MXLXLIVIUYMVIHTSWMXMSR&RI[GSQQERHMWMWWYIHMJXLITSWMXMSRMW[VSRKERHWSSR
.RNIGXMSRSYXTYXGSRXVSPJPS[HMEKVEQ
9LIHMEKVEQFIPS[MPPYWXVEXIWXLITVMRGMTPISJMRNIGXMSRJPS[GSRXVSP
)+CCCCCC&CC+'CCC9.+
7IUYMVIHJPS[(EPGYPEXIHVSXSVTSWMXMSR+PS[WSPIRSMHSTIVEXMSR
2IEWYVIHVSXSVTSWMXMSR+IIHFEGO
9LISYXTYXWSPIRSMHGSRXVSPMW434++;X]TI9LIWXVEXIK]GSRXVSPWIRKMRIWTIIHF]EPXIVMRKSYXTYXXSEZSMHWTIIHJPYGXYEXMSRW
243.947.3,&3)&)/:89.3,.3/*(9.43&);&3(*
.RNIGXMSREHZERGIMWGSRXVSPPIHMRXLIWEQI[E]EWHIWGVMFIHJSVMRNIGXMSRSYXTYXGSRXVSP9LIGSRXVSPYRMXGSQTYXIWXLIEHZERGIVIUYMVIHJSVXLIZEVMSYWWIVZMGITEVEQIXIVWERHXLYWHIXIVQMRIWXLIGSVVIWTSRHMRKGEQTSWMXMSR']QIEWYVMRKEGXYEPGEQTSWMXMSR XLIGSRXVSPYRMX MWEFPI XSHIXIVQMRI XLIIVVSVFIX[IIRFSXLTSWMXMSRW GSQTYXIHIVVSVERHVIEPIVVSVERHXSGSRXVSPXLIWSPIRSMHMRSVHIVXSSFXEMRXLIGSQTYXIHTSWMXMSR9LIWSPIRSMHMWSTIVEXIHMR5<2
)SRSXWYTTP]XLIWSPIRSMH[MXLGSRXMRYSYW; XLI[MRHMRKGSYPHFIHEQEKIH
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
.RNIGXMSREHZERGIGSRXVSPJPS[HMEKVEQ
(SRXVSPSJMRNIGXMSREHZERGI
)+CCCCCC&CC+'CCC9.+
7IUYMVIHEHZERGI(EQTSWMXMSR8SPIRSMHSTIVEXMSR
2IEWYVIHGEQTSWMXMSR(EQTSWMXMSRJIIHFEGO
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243.947.3,&3)&)/:89.3,9-**,7
9LIGSRXVSPYRMXVIKYPEXIWXLIJPS[SJI\LEYWXKEWIWIRXIVMRKXLIMRXEOITSVXZMEE5MIVFYVK*,7WSPIRSMHSRXLIFEWMWSJIRKMRITEVEQIXIVW VTQPSEHXIQTIVEXYVIEXQSWTLIVMGTVIWWYVIEMVXIQTIVEXYVI.XGSQQYRMGEXIWXLITSWMXMSRSJETSXIRXMSQIXIVFYMPXMRXSXLI*,7WSPIRSMHXSXLIGSRXVSPYRMXMXTVSZMHIWXLIGSRXVSPYRMX[MXLEVIXYVRWMKREPSRXLITSWMXMSREWWYQIHF]XLIMRXIVREPTPYRKIVWSXLEXXLIGSRXVSPYRMXGERHIXIVQMRIXLIIVVSVFIX[IIRGEPGYPEXIHTSWMXMSRERHVIEPTSWMXMSRERHXLYWQEOIXLIRIGIWWEV]GSVVIGXMSRW
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)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
XMQIWXLISTIVEXMSRSJXLILIEXIVTPYKWGSRXVSPYRMXEGGSVHMRKXSXLIIRKMRIXIQTIVEXYVIERHXIWXWXLIKPS[TPYKW
(4397411.3,(1.2&9*(4397418>89*2(4257*8847&(9.;&9.43
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(422:3.(&9.43;.&9-*(&33*9<470
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)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
57*89&79.3,
9LIGSRXVSPYRMXTIVJSVQWEWIVMIWSJGLIGOWJVSQXLIXMQIXLIGSRXEGXMWEGXMZEXIHERHFIJSVIXLIIRKMRIWXEVXWYT9LIWIEVIEWJSPPS[W VSXSVQE\MQYQLSQITSWMXMSR EHZERGIQMRMQYQLSQITSWMXMSR
9LIRMXGSQQYRMGEXIW[MXLXLIJSPPS[MRKHIZMGIW WXSTWSPIRSMH HIPMZIV]ERHHIPMZIV]WSPIRSMHW EHZERGIWSPIRSMHW
8XEVXMRK
)YVMRKWXEVXYTXLIVSXSVQSZIWXSXLIVIUYMVIHWXEVXYTTSWMXMSR9LIGSRXVSPYRMXXLIRSTIRWXLIWXSTWSPIRSMHERHXLIVSXSVGLERKIWXSGPSWIHPSSTGSRXVSPTSWMXMSR&XXLIWEQIXMQIXLIEHZERGIHIZMGIEPWSXVERWJIVWXSGPSWIHPSSTSTIVEXMSR
4TIVEXMSR
)YVMRKSTIVEXMSRWIZIVEPWXVEXIKMIWEVIYWIHXSIRWYVIKSSHHVMZMRKUYEPMX]IJJMGMIRG]ERHVIHYGIHIQMWWMSRW
.HPMRK
9LIGSRXVSPYRMXKYEVERXIIWXLIZIV]WQEPPJYIPMRNIGXMSRVIUYMVIHXSQEMRXEMRMHPMRKSRXLIFEWMWSJMRJSVQEXMSRWYTTPMIHF]XLIWIRWSVW9LIGSRXVSPYRMXEPWSGSVVIGXWSYXTYXXSIEGLIRKMRIG]PMRHIVF]QIEWYVMRKMRWXERXERISYWWTIIHGLERKIWXSQEMRXEMREFEPERGI
&GGIPIVEXMSRERHHIGIPIVEXMSR
)YVMRKEGGIPIVEXMSRERHHIGIPIVEXMSRXLIW]WXIQQSHYPEXIWXLIHIPMZIV]ERHWSSTXMQM^IWMXXSEZSMHWYVKMRKXLYWMQTVSZMRKHVMZIEFMPMX]YRHIVGSRHMXMSRWSJWYHHIRXLVSXXPITIHEPVIPIEWIERHWYFWIUYIRVIEGGIPIVEXMSR
8XSTTMRKXLIIRKMRI
<LIRXLIHVMZIVXYVRWSJJXLIMKRMXMSRXLIGSRXVSPYRMXGPSWIWXLIWXSTWSPIRSMHERHXLIRGSRXVSPWVTQPIZIP.JVTQHSIWRSXJEPPEJXIVEWLSVXMRWXERXXLIGSRXVSPYRMXOIITWXLIHIPMZIV]WSPIRSMHSTIRXSWIXXLIVSXSVXS^IVSSYXTYXTSWMXMSR<LIRXLIIRKMRIWXSTWXLIJEYPXLMWXSV]MRXLIRSRIVEWEFPIQIQSV]MWYTHEXIHERHXLIGSRXVSPYRMXWLYXWMXWIPJHS[R
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
<.7.3,5.34:9<.9-(433*(947).8(433*(9*)
9LIJMKYVIFIPS[VITVIWIRXWXLI[MVMRK5.34:9[MXLGSRRIGXSVHMWGSRRIGXIH
)+CCCCCC&CC+*CCC9.+
(&3&(&3'3(&MVXIQTMRTYX3(3(3(&GGIPIVEXSVTIHEP TMR5YQTWIRWSVWLMIPHIEVXL3(*RKMRIVTQWIRWSVMRTYX7SXSVGSQTIRWEXMSRVIWMWXSV(EQWIRWSV7SXSVWIRWSV(EQVSXSVWIRWSVWYTTP]+ERPS[WTIIHVIUYIWX3(4MPTVIWWYVIWIRWSVMRTYX+ERLMKLWTIIHEGXMZEXMSRVIUYIWX3(3(3(+ERWTIIHGSRXVSP3(3(3(3(3('YXXIVJP]WSPIRSMHGSRXVSP*RKMRIWXSTGSRXVSP3(3(1MRI0(SSPERXXIQTMRTYX*,7JIIHFEGO)MIWIPXIQTMRTYX&GGIPIVEXSVTIHEP TMR3(*,7WIRWSVWYTTP]3(&GGIPIVEXSVWIRWSVWYTTP] TMR&GGWIRWSVWYTTP] TMR3(3(3(
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
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
*3,.3*(439741:3.95.34:9<.9-<.7.3,).8(433*(9*)
9LIHMEKVEQFIPS[WLS[WXLIGSRXVSPYRMX5.34:9[MXL[MVMRKHMWGSRRIGXIH
)+CCCCCC&CC+*CCC9.+
(&3&(&3'3(&MVXIQTMRTYX3(3(3(&GGIPIVEXSVTIHEP TMR5YQTWIRWSVWLMIPHIEVXL3(*RKMRIVTQWIRWSVMRTYX7SXSVGSQTIRWEXMSRVIWMWXSV(EQWIRWSV7SXSVWIRWSV(EQVSXSVWIRWSVWYTTP]+ERPS[WTIIHVIUYIWX3(4MPTVIWWYVIWIRWSVMRTYX+ERLMKLWTIIHEGXMZEXMSRVIUYIWX3(3(3(+ERWTIIHGSRXVSP3(3(3(3(3('YXXIVJP]WSPIRSMHGSRXVSP*RKMRIWXSTGSQQERH3(3(1MRI0(SSPERXXIQTIEVXL*,7JIIHFEGO)MIWIPXIQTIEVXL&GGIPIVEXSVTIHEP TMR3(*,7WIRWSVWYTTP]3(&GGIPIVEXSVWIRWSVWYTTP] TMR&GGWIRWSVWYTTP] TMR3(3(3(
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
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
*RKMRIVTQWIRWSV(43897:(9.43JIEXYVIW
9LIJYRGXMSRSJXLMWWIRWSVMWXSHIXIGXXLIIRKMRIWWTIIHSJVSXEXMSRERHERKYPEVTSWMXMSR.XMWEXVERWHYGIV[MXLZEVMEFPIQEKRIXMGVIPYGXERGI TMGOYTQSYRXIHSRXLIG]PMRHIVFPSGOERHMXJEGIWXLITLSRMG[LIIP[MXLLSPIWEX°WIGYVIHXSXLIGVEROWLEJX*PIGXVMGEPGLEVEGXIVMWXMGW<MRHMRKVIWMWXERGI7"Ω±E°(
GSQTSWMXMSR
9LIJMKYVIFIPS[MHIRXMJMIWXLIPSGEXMSRSJXLIIRKMRIVTQWIRWSV
)+CCCCCC&CC+&CCC9.+
9LIJMKYVIFIPS[MHIRXMJMIWXLIGSQTSWMXMSRSJXLIIRKMRIVTQWIRWSV
)+CCCCCC&CC+'CCC9.+
'VEWWFYWL5IVQERIRXQEKRIX5PEWXMGWIRWSVGEWMRK(SMP[MRHMRK
5SPEVGSVI5LSRMG[LIIP(SE\MEPX[S[MVIGEFPISVIPIGXVMGEPGSRRIGXMSR
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
45*7&9.43
&WXLIXIIXLSJXLITLSRMG[LIIP KSTEWXXLIQEKRIXMGJPS[GVIEXIHF]XLIQEKRIX YRHIVKSIWJPYGXYEXMSRWHYIXSXLIGLERKIMRKET9LIWIJPYGXYEXMSRWMRHYGIERIPIGXVSQSXMZIJSVGIMRXLI[MRHMRK EXXLIIRHWSJ[LMGLXLIVIMWEZSPXEKI[LMGLEPXIVREXIWFIX[IIRTSWMXMZIERHRIKEXMZI TYPWIW9LITIEOZEPYISJXLISYXTYXZSPXEKIJVSQXLIWIRWSVTVSZMHIHSXLIVJEGXSVWVIQEMRXLIWEQIHITIRHWSRXLIKET9LIVIEVIJSYVSTIRMRKWMRXLIJP][LIIPWTEGIH°ETEVX9LIHMWXERGI KETJSVSFXEMRMRKXLIGSVVIGXWMKREPWFIX[IIRXLIIRHSJXLIWIRWSVERHXLITLSRMG[LIIPWLSYPHFIQQ9LMWKETMWRSXEHNYWXEFPIWSMJEZEPYISYXWMHIXLIXSPIVERGIVERKIMWQIEWYVIHGLIGOXLIGSRHMXMSRSJXLIWIRWSVERHXLITLSRMG[LIIP
)+CCCCCC&CC+*CCC9.+
&GGIPIVEXSVTIHEPTSXIRXMSQIXIV
(43897:(9.43JIEXYVIW
9LIWIRWSVGSRWMWXWSJEGEWMRK JM\IHXSXLITIHEPWF]EJPERKI[LMGLGSRXEMRWEWLEJX MRERE\MEPTSWMXMSRGSRRIGXIHXSXLIX[STSXIRXMSQIXIVW SRIQEMRERHSRIWEJIX]9LIVIMWEGSMPWTVMRKSRXLIWLEJX[LMGLKYEVERXIIWXLIGSVVIGXVIWMWXERGIXSXLITVIWWYVI[LMPWXEWIGSRHWTVMRKIRWYVIWXLIVIXYVRSRVIPIEWI
)+CCCCCC&CC+'CCC9.+
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
.RXIVREPHMEKVEQSJTSXIRXMSQIXIV
)+CCCCCC&CC+'CCC9.+
4TIVEXMSR
9LITSWMXMSRSJXLIEGGIPIVEXSVTIHEPMWXVERWJSVQIHMRXSERIPIGXVMGEPZSPXEKIWMKREPERHMWWIRXXSXLIJYIPMRNIGXMSRGSRXVSPYRMXF]XLITSXIRXMSQIXIVGSRRIGXIHXSXLIEGGIPIVEXSVTIHEP9LIEGGIPIVEXSVTIHEPTSWMXMSRWMKREPMWTVSGIWWIHXSKIXLIV[MXLXLIMRJSVQEXMSRVIPEXMRKXSXLIVTQXSSFXEMRXLIJYIPMRNIGXMSRXMQIWERHVIPIZERXTVIWWYVI
&XQSWTLIVMGTVIWWYVIWIRWSV
(43897:(9.43JIEXYVIW
.XQIEWYVIWXLIEXQSWTLIVMGTVIWWYVIMRSVHIVXSGSVVIGXXLIQIEWYVIHEMVJPS[VEXIERHXLIVIJIVIRGIEMVJPS[VEXIJSVGSRXVSPSJXLI*,7.RXIKVEXIHMRXLIJYIPMRNIGXMSRGSRXVSPYRMX *(:
*RKMRIGSSPERXXIQTIVEXYVIWIRWSV
(43897:(9.43JIEXYVIW
9LMWQIEWYVIWXLIGSSPERXXIQTIVEXYVIMRSVHIVXSKMZIXLIGSRXVSPYRMXERMRHMGEXMSRSJXLIIRKMRIWXIQTIVEXYVIWXEXYW.XMWER39(WIRWSV[LSWIEGXMZITEVXMWEVIWMWXSV[MXLRIKEXMZIGSIJJMGMIRXTVSHYGIHXLVSYKLWMRXIVMRK XLIRSQMREPVIWMWXERGIMWOΩEX°(.XMWQSYRXIHSRXLIXLIVQSWXEX*PIGXVMGEPGLEVEGXIVMWXMGW;±;WYTTP]7ERKI°°(&PXLSYKLXLIWIRWSVWTIGMJMGEXMSRWEVIRSXPMRIEVXLI]EVIGSRWMHIVIHEWWYGL XLIXIQTIVEXYVIVIEHF]XLIGSRXVSPYRMXHMJJIVWMRVIPEXMSRXSXLIEGXYEPJMKYVI
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+&CCC9.+
9LIXEFPIFIPS[KMZIWXLIZEPYIWSJXLIWIRWSVWVIWMWXERGIMREGGSVHERGI[MXLXLIXIQTIVEXYVIQIEWYVIH
GSQTSWMXMSR
9LIWIRWSVGSRWMWXWSJEFVEWWGEWMRK[LMGLTVSXIGXWXLIEGXYEPVIWMWXMZIIPIQIRX[LMGLGSRWMWXWSJER39(XLIVQMWXSV 3IKEXMZI 9IQTIVEXYVI (SIJJMGMIRX [LSWI IPIGXVMGEP VIWMWXERGI HIGVIEWIW EW XLI XIQTIVEXYVIMRGVIEWIW
':99*7+1>(&8.3,
.RXIVMSVHMEKVEQSJFYXXIVJP]GEWMRK
)+CCCCCC&CC+&CCC9.+
*3,.3*9*25*7&9:7*8*3847
9IQTIVEXYVI °( 7"ΩFIX[IIR5.38ERHSJXLIWIRWSV
+VSQXS
+VSQXS
+VSQXS
+VSQXS
+VSQXS
+VSQXS
+VSQXS
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
&MVFYXXIVJP]GSRXVSPWSPIRSMH .RXEOIEMVXIQTIVEXYVIXLIVQMWXSV&MVFYXXIVJP]W[MXGL
4TIVEXMSR
9LIVIJIVIRGIZSPXEKIMW;SPXEWXLIMRTYXGMVGYMXMRXSXLIGSRXVSPYRMXMWHIWMKRIHEWEZSPXEKIHMZMHIVXLMWZSPXEKIMWHMZMHIHFIX[IIREVIWMWXSVPSGEXIHMRXLIGSRXVSPYRMXERHXLIWIRWSVW39(VIWMWXSV9LIGSRXVSPYRMXMWXLYWEFPIXSEWWIWWXLIGLERKIWMRXLIWIRWSVWVIWMWXERGIZMEXLIGLERKIWMRZSPXEKIERHXLYWSFXEMRXLIXIQTIVEXYVIMRJSVQEXMSRMRXLIVERKI°(
.RXEOIEMVXIQTIVEXYVIWIRWSV
(43897:(9.43JIEXYVIW
9LMWQIEWYVIWXLIXIQTIVEXYVISJXLIMRXEOIEMVXSHIJMRIMXWHIRWMX]ERHVIJIVIRGIEMVJPS[VEXIJSVGSRXVSPPMRKXLI*,7.XMWER39(WIRWSV[LSWIEGXMZITEVXMWEVIWMWXSV[MXLRIKEXMZIGSIJJMGMIRX9LIWIRWSVMWPSGEXIHMRXLIXLVSXXPIFSH]3SQMREPVIWMWXERGIEX°("OΩ9LIXEFPIFIPS[KMZIWXLIZEPYIWSJXLIWIRWSVWVIWMWXERGIMREGGSVHERGI[MXLXLIXIQTIVEXYVIQIEWYVIH
-*&9*751:,8*1*(9743.((439741:3.9
(SQTSRIRXW
9LILIEXIVTPYKWEVIGSRXVSPPIHF]XLILIEXIVTPYKGSRXVSPYRMXYRHIVXLIHMVIGXGSRXVSPSJXLIJYIPMRNIGXMSRGSRXVSPYRMX.RWMHIXLILIEXIVTPYKGSRXVSPYRMXXLIVIMWERMRXIPPMKIRXVIPE][LMGLWIRHWEJIIHFEGOVIWTSRWIXSXLIJYIPMRNIGXMSRGSRXVSPYRMX[LMGLMWXLYWMRJSVQIHSJETSWWMFPIJEYPXMRXLILIEXIVTPYKGSRXVSPYRMXSVWLSVXGMVGYMXXSIEVXLSJXLILIEXIVTPYKW9LIJMKYVIWLS[WXLIGSRRIGXSVWEXXLIFEWISJXLILIEXIVTPYKGSRXVSPYRMXERHXLITMRGSRRIGXMSRW
*3,.3*9*25*7&9:7*8*3847
9IQTIVEXYVI °( 7"ΩFIX[IIR5.38ERHSJXLIXLVSXXPIGEWMRK
+VSQXS
+VSQXS
+VSQXS
+VSQXS
+VSQXS
+VSQXS
+VSQXS
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)+CCCCCC&CC+(CCC9.+
*EVXL*EVXL.KRMXMSRSTIVEXIHTSWMXMZI &GXMZEXMSR
9IWXMRK'EXXIV]TSWMXMZI ,-IEXIVTPYKW
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9LIVIMWEW[MXGLSRXLIFVEOITIHEP[LMGLSTIVEXIWXLIZILMGPIFVEOIPMKLXW XLMWW[MXGLWIRHWEWMKREPXSXLIFSH]GSQTYXIV[LMGLQEOIWMXEZEMPEFPIXSXLI(&3RIX[SVO
9LIFVEOITIHEPTVIWWIHWMKREPMWYWIHF]XLIGSRXVSPYRMXXS TIVGIMZIXLEXXLIVIMWEHIGIPIVEXMSRWMXYEXMSR GLIGOXLITPEYWMFMPMX]SJXLIWMKREPGSQMRKJVSQXLIEGGIPIVEXSVTSXIRXMSQIXIV VIPIEWIHEGGIPIVEXSV.JXLIVIMWEHMWGVITERG]FIX[IIRXLIFVEOIWIRWSVERHEGGIPIVEXSVWIRWSVXLIFVEOITIHEPWIRWSVTVIZEMPWMRXLI*(:
)+CCCCCC&CC+'CCC9.+
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
(PYXGLTIHEPW[MXGL
4RXLIGPYXGLTIHEPXLIVIMWEW[MXGL GSRRIGXIHXSTMRSJXLIJYIPMRNIGXMSRGSRXVSPYRMX9LIGPYXGLTIHEPSTIVEXIHWMKREP MWYWIHF]XLIJYIP MRNIGXMSRGSRXVSPYRMX XSHMWXMRKYMWLXLIKIEVIRKEKIHERHKIEVGLERKIGSRHMXMSRW
)+CCCCCC&CC+'CCC9.+
(PYXGLWIRWSV 'VEOIWIRWSV&GGIPIVEXSVWIRWSV
)*8(7.59.43&3)45*7&9.43)MIWIPMRNIGXMSRW]WXIQ
)*8(7.59.43&3)45*7&9.43*\LEYWXTMTIWERHWMPIRGIVW
*\LEYWXTMTIWERHWMPIRGIVW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*8
9LIIRKMRII\LEYWXKEWIWJPS[XLVSYKLXLIQERMJSPH XSXLIGEXEP]XMGGSRZIVXIV WII&XXLIJVSRXSJXLII\LEYWXTMTIXLIVIMWEJPI\MFPIGSQTSRIRX JSVPMQMXMRKXLIXVERWQMWWMSRSJZMFVEXMSRW9LIVIEVI\LEYWXWIGXMSRGSQTVMWIWEWMRKPIWMPIRGIV 8TIGMEPKYEVHWPMQMXXLIVEHMEXMSRSJLIEXXS[EVHWXLIFSH]WLIPP
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43*\LEYWXTMTIWERHWMPIRGIVW
9LIZEVMSYWGSQTSRIRXWEVIWYTTSVXIHF]QSYRXMRKW ERHVYFFIVVMRKW WIGYVIHXSXLIYRHIVFSH]
)+CCCCCCCCC+-CCC9.+
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
*QMWWMSRGSRXVSPW]WXIQ
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
' *\LEYWXIQMWWMSRGSRXVSPW]WXIQ \
( *\LEYWXKEWVIGMVGYPEXMSRW]WXIQ IKV \
) (VEROGEWIZETSYVKEWVIGMVGYPEXMSRW]WXIQ \
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
'*\LEYWXIQMWWMSRGSRXVSPW]WXIQ
(43897:(9.43+*&9:7*8(EXEP]XMGGSRZIVXIV
9LIS\MHMWMRKGEXEP]XMGGSRZIVXIV MWETSWXXVIEXQIRXHIZMGIJSVS\MHMWMRKXLI(4-(ERHTEVXMGPIW XVERWJSVQMRKXLIQMRXSGEVFSRHMS\MHI (4ERH[EXIVZETSYV -49LIGEXEP]XMGGSRZIVXIVGSRWMWXWSJEGIVEQMGLSRI]GSQFWXVYGXYVIQSRSPMXL [MXLGIPPWMQTVIKREXIH[MXLTPEXMRYQ [LMGLEGXWEWEGEXEP]WXJSVXLIS\MHEXMSRTVSGIWW9LII\LEYWXKEWIW[LMGLTEWWXLVSYKLXLIGIPPWLIEXXLIGEXEP]^IVXVMKKIVMRKXLIGSRZIVWMSRSJXLITSPPYXERXWMRXSMRIVXGSQTSYRHW9LIGLIQMGEPVIEGXMSR[LMGLGEYWIWXLIS\MHEXMSRSJXLI(4-(ERHTEVXMGPIQEXXIVXEOIWTPEGIEXXIQTIVEXYVIWSJFIX[IIRERH°(.RIJJIGXEXXIQTIVEXYVIWEFSZI°(XLIWYPTLYVGSRXEMRIHMRXLIHMIWIPJYIPWXEVXWXSS\MHM^ITVSHYGMRKWYPTLYVHMS\MHIERHWYPTLYVXVMS\MHI
)+CCCCCC'CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
(*\LEYWXKEWVIGMVGYPEXMSRW]WXIQ IKV
(43897:(9.43+*&9:7*8
9LMWW]WXIQHMVIGXWETVSTSVXMSRSJI\LEYWXKEWIWXSXLIMRXEOIYRHIVGIVXEMRWIVZMGIGSRHMXMSRW9LMW PS[IVW XLI XIQTIVEXYVITIEO MR XLIGSQFYWXMSRGLEQFIV XS VIHYGI XLI JSVQEXMSRSJRMXVSKIRS\MHIW 34\
)+CCCCCC(CC+-CCC9.+
(42548.9.43
9LIW]WXIQGSRWMWXWSJ E5MIVFYVK*,7WSPIRSMH XLITMTIGSQMRKJVSQXLII\LEYWXQERMJSPH JVSQ[LMGLXLII\LEYWXKEWIWGSQI XLITMTIGSRRIGXIHXSXLIMRXEOI XLII\LEYWXKEWIWEVIMRXVSHYGIHLIVI
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
45*7&9.43
<LIRGSSPERXXIQTIVEXYVIMW#°(ERHIRKMRIWTIIHMWFIX[IIRERHVTQXLIIRKMRIGSRXVSPYRMXKSZIVRWXLI*,7WSPIRSMHF]QIERWSJE5<2WMKREP
9LIGLERKIMRXLMWWMKREPEPPS[WXLI*,7GSMPXSQSZIETPYRKIVERHXLYWEHNYWXXLIJPS[SJFYVRXKEWIWJVSQXLII\LEYWXQERMJSPHXSXLIMRXEOIQERMJSPH X[SVIWYPXWEVIXLYWSFXEMRIH PIWWEMVMWMRXVSHYGIH GSQFYWXMSRXIQTIVEXYVIMWVIHYGIH HYIXSXLITVIWIRGISJMRIVXKEWIWXSVIHYGI34\ RMXVSKIRS\MHI
TVSHYGXMSR9LIIRKMRIGSRXVSPYRMXMWGSRWXERXP]MRJSVQIHSRXLIFYXXIVJP]TSWMXMSRMRXIVTVIXMRKXLIWMKREPWGSQMRKJVSQXLITSXIRXMSQIXIVMRXLI*,79LIEXQSWTLIVMGTVIWWYVIWMKREPMWYWIH[LIRGSRXVSPPPMRKXLI*,7ZEPZIXSVIGSKRM^I[LIRXLIGEVMWHVMZMRKEXEPXMXYHIERHWSVIHYGIXLIUYERXMX]SJVIGMVGYPEXIHKEWERHTVIZIRXXLIIRKMRIJVSQTVSHYGMRKJYQIW
*,7WSPIRSMH
85*(.+.(&9.438
9LI5MIVFYVK*,7ZEPZIJMXXIHXSXLIMRXEOIQERMJSPHQSHYPEXIWXLIJPS[SJI\LEYWXKEWXSXLIMRXEOIEGGSVHMRKXSEGSQQERHVIGIMZIHJVSQXLIMRNIGXMSRGSRXVSPYRMX2SHYPEXMSRXEOIWTPEGIZMEERMRXIVREPWSPIRSMHGSRXVSPPIHMR5<2F]XLIGSRXVSPYRMX[LMGLSTIVEXIWXLIGSRXVSPVSHJVSQXLIMRXIVREPZEPZI+SVKVIEXIVTVIGMWMSREGSRXVSPVSHTSWMXMSRWIRWSVMRGPYHIHMRXLIZEPZIWIRHWXLIGSRXVSPYRMXEJIIHFEGOWMKREP9LIGSRXVSPYRMXGSRXMRYEPP]GSQTEVIWXLMWWMKREP[MXLXLIWMKREPVIPEXMRKXSVIUYMVIHTMRTSWMXMSRERHQEOIWEYXSQEXMGEHNYWXQIRXW[LIRRIGIWWEV]XSGSVVIGXXLIEMVJPS[
)+CCCCCC(CC+'CCC9.+
*,7ZEPZIFSH].RXIVREPZEPZI
,EWMRXEOIJVSQI\LEYWXQERMJSPH,EWSYXPIXXSMRPIXQERMJSPH
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
)(VEROGEWIZETSYVKEWVIGMVGYPEXMSRW]WXIQ
(43897:(9.43+*&9:7*8
9LISMPZETSYVIQMWWMSRWEVIGSRXVSPPIHF]EWITEVEXSVFYMPXMRXSXLIGEQGSZIV[LMGLGSPPIGXWXLIZETSYVWVIPIEWIHJVSQXLIGVEROGEWIYWMRKXLITMTI 9LIHMJJIVIRGIMRXIQTIVEXYVIFIX[IIRXLIWITEVEXSVERHXLISMPZETSYVWGEYWIWTEVXMEPGSRHIRWEXMSR(SRHIRWIHZETSYVWEVIWIRXXSXLIGVEROGEWIXLVSYKLZIVXMGEPHYGXW:RGSRHIRWIHZETSYVWEVIWIRXXSXLIEMVMRXEOIHYGXWXLVSYKLTEWWEKI
)+CCCCCC)CC+'CCC9.+
)*8(7.59.43&3)45*7&9.43*QMWWMSRGSRXVSPW]WXIQ
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
*RKMRIPYFVMGEXMSR
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=*3,.3*4.18:551>(.7(:.9
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
*3,.3*4.18:551>(.7(:.9(43897:(9.43+*&9:7*8
9LIHMEKVEQFIPS[VITVIWIRXWXLIIRKMRISMPWYTTP]GMVGYMX
)+CCCCCCCCC+-CCC9.+
8YGXMSRTMTI[MXLJMPXIVQIWL4MPTYQT4MPJMPXIVGEVXVMHKI<EXIVSMPLIEXI\GLERKIV2EMRPSRKMXYHMREPHYGX
/IXW TMWXSRWOMVXGSSPMRK;IVXMGEPHYGX GEQWLEJXWYTTSVXPYFVMGEXMSR4MPVIXYVRXSWYQT*RKMRISMPTVIWWYVI[EVRMRKPMKLXW[MXGL
*RKMRISMPTYQT
9LIIRKMRISMPMWHVE[RMRJVSQXLIWYQTF]QIERWSJXLIZEGYYQGVIEXIHF]XLIVSXEXMSRSJXLIWTVSGOIXWJMXXIHSRXLIGVEROWLEJX;EGYYQMWTVIWIRXFIX[IIRXLIWTVSGOIXWITEVEXMRK[EPP ERHXLISMPWYQTWYGXMSRTMTI5VIWWYVIMRWXIEHHIZIPSTWEJXIVXLIWITEVEXMRK[EPP MREPPXLISMPHIPMZIV]TMTIW <LIRXLITVIWWYVII\GIIHWFEVXLIJSVGII\IVXIHSRXLIPMQMXMRKZEPZI SZIVGSQIWXLIVIEGXMSRSJXLIWTVMRKFIPS[ERHQSZIWXLIZEPZIXSSTIRXLIGSRRIGXMRKTMTIFIX[IIRXLITVIWWYVIGLEQFIV ERHXLIPS[TVIWWYVIGLEQFIV
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
)+CCCCCCCCC+'CCC9.+
1S[TVIWWYVIGLEQFIV8ITEVEXMRK[EPP5VIWWYVIGLEQFIV
4MPHIPMZIV]TMTI5VIWWYVIPMQMXMRKZEPZI
(PSWIHSTIVEXMRKTSWMXMSRSJSMPTVIWWYVIPMQMXMRKZEPZI
)+CCCCCCCCC+&CCC9.+
']TEWWSTIVEXMRKTSWMXMSRSJPMQMXMRKZEPZI
)+CCCCCCCCC+&CCC9.+
)*8(7.59.43&3)45*7&9.43*RKMRIPYFVMGEXMSR
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
*RKMRIGSSPMRK
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(42548.9.4345*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(42548.9.43
9LIGSSPMRKGMVGYMXSRXLI)3&9:7&11>&85.7&9*)IRKMRIGSQTVMWIW TYQT
(QT )IWGVMTXMSR ;EPMHMX]
' *RKMRIGSSPMRKXEROVV \
( <EXIVTYQTERHXLIVQSWXEX \
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
I\TERWMSRXERO GSSPMRKVEHMEXSV LSWIW GEVMRXIVMSVLIEXMRKVEHMEXSV ZIRXTPYKW E F G LIEXI\GLERKIV XLIVQSWXEX
)+CCCCCCCCC+-CCC9.+
)*8(7.59.43
9LIIRKMRIGSSPMRKGMVGYMXQEMRXEMRWXLIXIQTIVEXYVIWEXGSRWXERX[SVOMRKXIQTIVEXYVI ° °( JSVLIEXHMWWMTEXMSRMXMWWYTTSVXIHF]XLIIRKMRIVEXMEXSVJERW
45*7&9.43
9LIQEMRJYRGXMSRSJXLIIRKMRIGSSPMRKGMVGYMXMWXSHVE[JPYMHJVSQXLIVEHMEXSV ERHWIRHMXXSXLITYQT [LMGLGSPPIGXWXLIJPYMHERHGMVGYPEXIWMXMRXSXLIIRKMRI&JXIVEFWSVFMRKLIEXJVSQXLIIRKMRIXLIJPYMHIQIVKIWERHKSIWXSFSXLXLIVEHMEXSV ERHXLILIEXIV ERHEPWSXLII\TERWMSRXEROXSXSTYTXLIPIZIP&XEFSYX°(XLIXLIVQSWXEX FIKMRWXSSTIRVIEGLMRKMXWJYPPXVEZIPEXEFSYX°( YRHIVXLIWIGSRHMXMSRWXLIGSSPERXGMVGYPEXIWJYPP]JVSQXLIVEHMEXSV HMWWMTEXMRKXLILIEXEFWSVFIHJVSQXLIIRKMRI9LILIEXI\GLERKIV WIVZIWXSOIITXLIX[SJPYMHW SMPERHGSSPERXEXIUYEPXIQTIVEXYVIW
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
)*8(7.59.434++.11.3,4+(441.3,8>89*2
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
)+CCCCCCCCC+-CCC9.+
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
'*RKMRIGSSPMRKXEROVV
(43897:(9.43+*&9:7*8*\TERWMSRXERO
.REHHMXMSR XSWYTTP]MRK XLIGSSPMRKW]WXIQ XLII\TERWMSR XEROEPWSEFWSVFW XLIZEVMEXMSRW MRZSPYQISJGSSPERXEWXLIIRKMRIXIQTIVEXYVIZEVMIW.RXLII\TERWMSRXEROGETXLIVIMWEWTIGMJMGZEPZIGEPMFVEXIHEXFEV[LMGLEPPS[WEMVXSFSXLKIXSYXERHGSQIMREWXLIIRKMRIXIQTIVEXYVIMRGVIEWIWSVHIGVIEWIW
7&).&947
9LMWGSRWMWXWSJEVEHMEXMRKQEWWERHX[SWMHIGLEQFIVWEGXMRKEWGSSPMRKMRPIXERHSYXPIX
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
(<EXIVTYQTERHXLIVQSWXEX
(43897:(9.43+*&9:7*85YQT
.XMWXLIGIRXVMJYKEPX]TI[MXLZERIWJM\IHXSXLIGVEROGEWIERHSTIVEXIHHMVIGXP]F]XLIXMQMRKFIPX
)+CCCCCC(CC+&CCC9.+
9LIVQSWXEX
+MXXIHSRXLIKIEVFS\WMHISJXLIG]PMRHIVLIEHMXWJYRGXMSRMWXSOIITXLIIRKMRIEXSTXMQYQ[SVOMRKXIQTIVEXYVI&XXIQTIVEXYVIW!°( XLIVQSWXEXGPSWIHXLIGSSPERXJPS[MWHMZIVXIHHMVIGXP]YTWXVIEQSJXLITYQT&XXIQTIVEXYVIWSJ#°(XLIXLIVQSWXEXFIKMRWXSSTIRYTXSEXIQTIVEXYVISJ°( XLIXLIVQSWXEXMWJYPP]STIR
+&3
9LIX[SWTIIHGSSPMRKJERQEOIWMXTSWWMFPIXSMRGVIEWIXLIHMWWMTEXMSRSJXLILIEXTVSHYGIHF]XLIIRKMRIERHSVXLIEMVGSRHMXMSRMRKW]WXIQ9LIJERMWGSRXVSPPIHF]XLIJYIPMRNIGXMSR*(:MREGGSVHERGI[MXLEWXVEXIK]JSVLIEXHMWWMTEXMSRERHQEMRXIRERGISJ[SVOMRKXIQTIVEXYVI STIVEXMRKPSKMG8**8:',74:5+:*1.3/*(9.438>89*2
)*8(7.59.43&3)45*7&9.43*RKMRIGSSPMRK
)*8(7.59.43&3)45*7&9.43(PYXGLYRMX
,VSYTMRHI\
,74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+,CCC9.+
(43897:(9.43+*&9:7*8
9LIGPYXGLMWXLIHV]WMRKPITPEXIX]TI[MXLEXLVYWXFIEVMRKEP[E]WMRGSRXEGX[MXLXLIJPI\MFPIGSYTPMRKWTVMRK
8FKVT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43(PYXGLYRMX
9LIHVMZIRHMWGMWHVMZIRF]XLITVIWWYVII\IVXIHF]EHMETLVEQWTVMRK(PYXGLVIPIEWIMWEGLMIZIHXLVSYKLEJPI\MFPIGEFPISTIVEXIHQIGLERMGEPP]F]XLITIHEPZMEEHEQTIV
)+CCCCCCCCCCC+,CCC9.+
)VMZIRHMWG+PI\MFPIGSYTPMRK9LVYWXFIEVMRK7IPIEWIQIGLERMWQ
+PI\MFPIGEFPI(SRXVSPTIHEP)EQTIV
)*8(7.59.43&3)45*7&9.43(PYXGLYRMX
,VSYTMRHI\
,74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8(42548.9.4345*7&99.43
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*8
9LIGPYXGLMWXLIHV]WMRKPITPEXIX]TI[MXLEXLVYWXFIEVMRKEP[E]WMRGSRXEGX[MXLXLIJPI\MFPIGSYTPMRKWTVMRK9LIHVMZIRHMWGMWHVMZIRF]XLITVIWWYVII\IVXIHF]EHMETLVEQWTVMRK9LIGPYXGLMWVIPIEWIHF]ETIHEPSTIVEXIHL]HVEYPMGW]WXIQ
8FKVT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43(PYXGLYRMX
(42548.9.43
9LIW]WXIQGSRWMWXWSJ EVIWIVZSMV GSQQSRXSXLIFVEOIERHGPYXGLW]WXIQW EGPYXGLTYQT QEWXIVG]PMRHIV [LMGLLEWXLIXEWOSJGSQTVIWWMRKXLIJPYMHERHMWJM\IHXSXLITIHEPW EGSRRIGXMRKTMTI FIX[IIRXLITYQTERHXLIGPYXGLSTIVEXMRKG]PMRHIV EGPYXGLSTIVEXMRKG]PMRHIV JM\IHXSXLIKIEVFS\ PMROEKI STIVEXMRKXLIXLVYWXFIEVMRK EXLVYWXFIEVMRK EGPYXGLHVMTXVE][MXLHMETLVEKQWTVMRKW EGPYXGLTPEXI
)+CCCCCCCCCCC+-CCC9.+
'VEOIGPYXGLJPYMHVIWIVZSMV(PYXGLTYQT(SRRIGXMRKTMTIFIX[IIRTYQTERHG]PMRHIV(PYXGLSTIVEXMRKG]PMRHIV
1MROEKI9LVYWXFIEVMRK)METLVEKQWTVMRK(PYXGLTPEXI
)*8(7.59.43&3)45*7&9.43(PYXGLYRMX
45*7&99.43
9LITYQT STIVEXIHF]XLIGPYXGLTIHEPTVIWWYVM^IWXLIL]HVEYPMGGMVGYMXERHEGXMZEXIWXLIGPYXGLSTIVEXMRKG]PMRHIV 9LIPEXXIVEGXWSRXLISTIVEEXMRKPMROEKI [LMGLTYPPWXLIXLVYWXFIEVMRK SZIVGSQMRKXLIEGXMSRSJXLITVIWWYVITPEXIWTVMRKW 9LMWEGXMSRYRGSYTPIWXLIGPYXGLTPEXI JVSQXLIJP][LIIP<LIRXLITIHEPMWVIPIEWIHXLIEGXMSRSJXLIHMETLVEKQWTVMRKW VIXYVRWXLIQIGLERMWQXSXLISVMKMREPTSWMXMSR
)*8(7.59.43&3)45*7&9.43(PYXGLYRMX
)*8(7.59.43&3)45*7&9.43,IEVFS\YRMX
,VSYTMRHI\
,74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+,CCC9.+
8FKVT )IWGVMTXMSR ;EPMHMX]
2ERYEPKIEVFS\[MXLHMJJIVIRXMEP
2ERYEPKIEVFS\I\XIVREPGSRXVSPW
)*8(7.59.43&3)45*7&9.43,IEVFS\YRMX
(43897:(9.43+*&9:7*8WTIIHKIEVFS\TSWMXMSRIHXVERWZIVWIP]MRXLIIRKMRIGSQTEVXQIRXMRGPYHMRKWLEJXWWYTTSVXIHF]FIEVMRKW[MXLXLIKIEVWEP[E]WQIWLIHERHEJMREPHVMZIVIHYGXMSR9LIX[MRGEFPII\XIVREPGSRXVSPMWQEHIJVSQTPEWXMGQEXIVMEPW[MXLI\GIPPIRXTVSTIVXMIW VIWMWXERGIXSJEXMKYIWIPJPYFVMGEXMSRGETEGMX]VIHYGIH[IMKLX
)+CCCCCCCCCCC+,CCC9.+
2ERYEPKIEVFS\[MXLHMJJIVIRXMEP 2ERYEPKIEVFS\I\XIVREPGSRXVSPW8TIIHSQIXIVWIRWSV
)*8(7.59.43&3)45*7&9.432ERYEPKIEVFS\[MXLHMJJIVIRXMEP
2ERYEPKIEVFS\[MXLHMJJIVIRXMEP
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*8
9LIWXVYGXYVISJXLIKIEVFS\GSRWMWXWSJ EKIEVGEWMRK [LMGLGSRXEMRWERHWYTTSVXWQEMRWLEJX ERHPPE]WLEJX VSHWJSVOWERHXLIKIEV
WIPIGXMSRERHIRKEKIQIRXHIZMGI EVIEVGSZIV XLEXGSRXEMRWXLIXLWTIIHKIEVW TPEXI VIXEMRMRKXLIQEMRWLEJXERHPE]WLEJXVIEVFIEVMRKW GEWMRK NSMRMRKXLIKIEVFS\XSXLIIRKMRI[LMGLGSRXEMRWXLIGPYXGLXLVYWXFIEVMRK ERHGSRXVSP
PMROEKI
'IGEYWIXLIZILMGPIMWJVSRX[LIIPHVMZIXLIVIEVTEVXSJXLIKIEVFS\ GSRWMHIVMRKXLIZILMGPIWHMVIGXMSRSJQSXMSREPWSLSYWIWEHMJJIVIRXMEPGEWI [LMGLGSRXEMRW GVS[R[LIIP GSRRIGXMRKXLIHMJJIVIRXMEPXSXLIPE]WLEJX
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.432ERYEPKIEVFS\[MXLHMJJIVIRXMEP
HMJJIVIRXMEP[LIIPW ERH [MXLXETIVVSPPIVFIEVMRKW ERH ERHWLMQW ERH TPERIX[LIIPW ERH QMPISQIXIVKIEVQIGLERMWQ
)+CCCCCCCCC+-CCC9.+
2EMRWLEJX9LVYWXFIEVMRK5PERIXKIEV8TIIHSQIXIVKIEV)MJJIVIRXMEPKIEV9ETIVVSPPIVFIEVMRK)MJJIVIRXMEPKIEVEHNYWXQIRXWLMQ5PERIXKIEV7MRKKIEV)MJJIVIRXMEPKIEVEHNYWXQIRXWLMQ
9ETIVVSPPIVFIEVMRK)MJJIVIRXMEPKIEV)MJJIVIRXMEPLSYWMRKFIEVMRKEHNYWXQIRXWLMQ1E]WLEJX,IEVGEWMRK7IEVGSZIV7IEVFIEVMRKVIXEMRMRKTPEXI,IEVFS\FIPPLSYWMRK)MJJIVIRXMEPGEWI
2EMRWLEJX
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1E]WLEJX9LIPE]WLEJXWYTTSVXWXLIWXERHRHWTIIHKIEVWSRVSPPIVFIEVMRKW[LMPIXLIVHXLERHXLWTIIHKIEVWEVIJMXXIHXSXLIWLEJXF]QIERWSJKVSSZIHWTYVXSSXLIHGSYTPMRKW
9LIPE]WLEJXMWWYTTSVXIHF] EJVSRXVSPPIVFIEVMRKJMXXIHXSXLIKIEVFS\FIPPLSYWMRK EVIEVFEPPFIEVMRKJMXXIHXSEWTIGMEPWYTTSVXTPEXIWIGYVIHXSXLIKIEVGEWMRK
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,IEVW
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)+CCCCCCCCC+&CCC9.+
)MJJIVIRXMEP9LIHMJJIVIRXMEPYRMXMWPSGEXIHFILMRHXLIKIEVGEWMRKMRVIPEXMSRXSXLIZILMGPIWHMVIGXMSRSJQSXMSR
9LMWGSRWMWXWSJ EGVS[R[LIIPERHTMRMSRVIHYGXMSR X[SLEPJGEWMRKW[LMGLMRGPYHIXLIHMJJIVIRXMEPERHTPERIXKIEVW9LIHMJJIVIRXMEPMWWYTTSVXIHF]X[SXETIVVSPPIVFIEVMRKW[LMGLWLSYPHFITVIPSEHIHFIJSVIJMXXMRK9LIX[SHVMZIWLEJXWXLEXXVERWQMXHVMZIXSXLI[LIIPWWPMHISRXLVIIWTPMRIWMRWMHIXLIHMJJIVIRXMEPKIEVWF]QIERWSJEXVMTSHNSMRX
)*8(7.59.43&3)45*7&9.432ERYEPKIEVFS\[MXLHMJJIVIRXMEP
9LIKIEVXLEXXVERWQMXWQSXMSRXSXLIQMPISQIXIVIPIGXVSRMGWIRWSVMWJMXXIHSRXLISYXWMHISJXLIHMJJIVIRXMEPLSYWMRK
)+CCCCCCCCC+,CCC9.+
'IEVMRKJSVHMJJIVIRXMEPLSYWMRK7MRKKIEV8TIIHSQIXIVKIEV)MJJIVIRXMEPKIEVW
5PERIXKIEVW)MJJIVIRXMEPKIEVEHNYWXQIRXWLMQW)MJJIVIRXMEPLSYWMRKFIEVMRKEHNYWXQIRXWLMQ'IEVMRKJSVHMJJIVIRXMEPLSYWMRK
)*8(7.59.43&3)45*7&9.432ERYEPKIEVFS\I\XIVREPGSRXVSPW
2ERYEPKIEVFS\I\XIVREPGSRXVSPW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
(43897:(9.43+*&9:7*8
9LIWSPYXMSREHSTXIH[MXLFS[HIRGEFPIWQEOIWMXTSWWMFPIXS IPMQMREXIXLIZMFVEXMSRWXVERWQMXXIHF]XLIIRKMRIXSXLIKIEVPIZIV MQTVSZIXLIPE]SYXSJXLIGSQTSRIRXWERHEGGIWWSVMIWMRXLIIRKMRIGSQTEVXQIRXJSVXLIFIWXTSWWMFPI
TSWMXMSRMRKSJXLIGEFPIWMRVIPEXMSRXSXLIVSHW4RISJXLIJPI\MFPIGEFPIWMWYWIHJSVKIEVWIPIGXMSRERHXLISXLIVJSVKIEVIRKEKIQIRX
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.432ERYEPKIEVFS\I\XIVREPGSRXVSPW
9LIJPI\MFPIIRKEKIQIRXGEFPIGSQIW[MXLEREHNYWXEFPIKIEVFS\IRHLIEH XLMWGERRSXFIEHNYWXIHLS[IZIVJSVWIVZMGIVIEWSRW
)+CCCCCCCCC+,CCC9.+
,IEVFS\GSRXVSPPIZIV8YTTSVXJSVKIEVWIPIGXSVERHIRKEKIQIRXGEFPIW,IEVIRKEKIQIRXGEFPI
,IEVWIPIGXSVGEFPI,IEVIRKEKIQIRXPIZIV8IPIGXMSRPIZIV
)*8(7.59.43&3)45*7&9.43&\PI
,VSYTMRHI\
,74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+,CCC9.+
(43897:(9.43+*&9:7*8)VMZIWLEJXW[MXLGSRWXERXZIPSGMX]NSMRXWEXXLI[LIIPIRHERHXVMTSHNSMRXWEXXLIHMJJIVIRXMEPIRHQEOIYTEXVERWQMWWMSREWWIQFP]XLEXXVERWQMXWQSXMSRJVSQXLIKIEVFS\XSXLIHVMZI[LIIPW
)7.;*8-&+989LITS[IVMWXVERWQMXXIHXLVSYKLHVMZIWLEJXW[MXL[LIIPWMHIGSRWXERXZIPSGMX]NSMRXWERHKIEVFS\WMHIXLVIIPSFINSMRXW.RSVHIVXSOIITSMPPIEOWXSEQMRMQYQXLIVIEVIWIEPIHFEPPFIEVMRKW SRXLIKIEVFS\WMHIFSSXWJMXXIHSRXLIEGXYEPHVMZIWLEJXW9LIVIMWEWIEP [LMGLMWERMRXIKVEPTEVXSJXLIFIEVMRK 9LIFIEVMRKERHKEMXIVEVIVITPEGIHEWSRIYRMXHYVMRKWIVZMGI
8FKVT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43&\PI
9LIVMKLXHVMZIWLEJXGSQIW[MXLELSXTVIWWJMXXIHZMFVEXMSRHEQTMRKQEWWXLEXQYWXRIZIVFIVIQSZIH.XMWEHZMWEFPIXSGLIGOXLEXXLITSWMXMSRMWGSVVIGXEXMRXIVZEPWERHVITPEGIXLI[LSPIHVMZIWLEJXMJRIGIWWEV]
)+CCCCCCCCCCC++CCC9.+
8IEPIHFIEVMRK ,EWOIX)EQTIVQEWW
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,74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+,CCC9.+
8FKVT )IWGVMTXMSR ;EPMHMX]
&RXMPSGOFVEOIW]WXIQ EFW
)*8(7.59.43&3)45*7&9.43'VEOIYRMX
(43897:(9.43+*&9:7*89LIZILMGPIMWJMXXIH[MXLWIPJZIRXMPEXIHJVSRXHMWGFVEOIW[MXLJPSEXMRKGEPMTIVWERHVIEVHVYQFVEOIW[MXLWIPJGIRXVMRKWLSIWERHEYXSQEXMGVIGSZIV]SJXLIGPIEVERGI9LIFVEOMRKW]WXIQMWSTIVEXIHF]ETIHEP[MXLEZEGYYQFVEOIWIVZSJSVXLIIRKMRIERHEZEGYYQWIVZSJSVXLI)ZIVWMSRFSXLGSQFMRIH[MXLEQEWXIVG]PMRHIV9LIL]HVEYPMGW]WXIQMWXLIWTPMXX]TI[MXLX[SMRHITIRHIRXGVSWWSZIVGMVGYMXW[MXLEPSEHTVSTSVXMSRMRKZEPZISRXLIVIEVFVEOIGMVGYMX ZIVWMSRW[MXLSYX&'8
)+CCCCCCCCCCC+,CCC9.+
'VEOIJPYMHVIWIVZSVERHTYQTJSVMRHITIRHIRXFVEOIGMVGYMXW;EGYYQFVEOIWIVZS+VSRXHMWGFVEOIW
'VEOITIHEP5EVOMRKFVEOIGSRXVSPPIZIV7IEVHVYQFVEOIW1SEHTVSTSVXMSRMRKZEPZI
9*;*820ERXMPSGOFVEOIW[MXLJSYVEGXMZIWIRWSVWERHJSYVGLERRIPWEVIEZEMPEFPIEWERSTXMSR9LIW]WXIQGSRXVSPYRMXGSRXVSPWXLI*') *PIGXVSRMG'VEOIJSVGI)MWXVMFYXMSRJYRGXMSRJSVHMWXVMFYXMRKXLIFVEOMRKFIX[IIRXLIJVSRXERHVIEVE\PIW MRXLMWGEWIEGSRZIRXMSREPPSEHTVSTSVXMSRMRKZEPZIMWRSXJMXXIH
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)+CCCCCCCCCCC+,CCC9.+
-]HVEYPMGGSRXVSPYRMX2EWXIVG]PMRHIV'VEOIWIVZS'VEOIJPYMHVIWIVZSMV+VSRXVTQWIRWSV
8]WXIQJEYPXMRHMGEXSV SRMRWXVYQIRXTERIP'VEOIPMKLXW[MXGL5EVOMRKFVEOIPIZIV7IEVVTQWIRWSV7IEVHVYQW
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
3SXI .JVITPEGIHXLITEVXWLSYPHFIMRWXEPPIHMREGGSVHERGI[MXLMRWXEPPEXMSRTVSGIHYVIWWLS[RMRXLIVIQSZEPERHVIJMXXMRKTVSGIHYVI
3SXI .J XLI WTVMRK FIGSQIW WITEVEXIH JVSQ XLI PSEH TVSTSVXMSRMRK ZEPZI EW E VIWYPX SJ QEMRXIRERGISTIVEXMSRWSRXLIVIEVE\PIMXWLSYPHFIVIJMXXIHEWHIWGVMFIHMRXLIVIQSZEPVIJMXXMRKTVSGIHYVI
)*8(7.59.43&3)45*7&9.43'VEOIYRMX
)+CCCCCCCCCCC+'CCC9.+
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
)*8(7.59.43&3)45*7&9.43'VEOIYRMX
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)+CCCCCCCCCCC+,CCC9.+
)*8(7.59.43&3)45*7&9.43'VEOIYRMX
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
&RXMPSGOFVEOIW]WXIQ EFW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8(42548.9.4345*7&9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
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
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
4RGIXLMWIJJIGXLEWFIIRVIGSVHIHF]WTIGMEPWIRWSVWFVEOMRKJSVGIGERFIQSHYPEXIHF]XLIEGXMSRSJEWIVMIWSJWSPIRSMHWERHWGEZIRKMRKTYQTWXLEXEGXSRXLIFVEOMRKGMVGYMXERHEVIKSZIVRIHF]ERIPIGXVSRMGGSRXVSPYRMX
(42548.9.43
9LI9*;*820&'8[MXL*')MWMRXIKVEP[MXLXLIFVEOIG]PMRHIV FVEOIWIVZS JVSRXFVEOIGEPMTIVW VIEVHVYQW SJXLIGSRZIRXMSREPFVEOMRKW]WXIQERHGSRWMWXWSJ E GSRXVSP YRMX XLEX GSRXEMRW ER IPIGXVSRMG GSRXVSP YRMX & E L]HVEYPMG WIGXMSR ' XLEX QSHYPEXIW
FVEOMRKTVIWWYVIZMEIMKLXWSPIRSMHWX[STIV[LIIPERHEWGEZIRKMRKTYQT ( E[EVRMRKPMKLX SRXLIGSRXVSPTERIPXLEXMRHMGEXIW[LIXLIVXLIW]WXIQMW[SVOMRKIJJMGMIRXP] JSYVEGXMZIX]TIWIRWSVWX[SEXXLIJVSRX ERHX[SEXXLIVIEV [LMGLHIXIGXXLIERKYPEVVSXEXMSR
WTIIHSJXLI[LIIPW EW[MXGLSRFVEOITIHEP XLEXVIGSVHWFVEOMRKGSRHMXMSR9LIW]WXIQMWGSQTPIXIHF]L]HVEYPMGW]WXIQPMRIWWTIGMEP[MVMRKERHEXIWXIVGSRRIGXMSRTSMRX.JEJEYPXMWTVIWIRXXLI&'8MWMQQIHMEXIP]HIEGXMZEXIH.RJSVQEXMSRSRJEYPXWTVIWIRXQE]FIVIEHF]GSRRIGXMRKEGSQTYXIVMWIHXIWXIVWXEXMSRXSXLIXIWXIVGSRRIGXMSRTSMRX
)+CCCCCCCCC+-CCC9.+
-]HVEYPMGGSRXVSPYRMX'VEOITYQT'VEOIWIVZS'VEOIJPYMHVIWIVZSMV+VSRXEGXMZIWIRWSVW+VSRXHMWGFVEOIW
+EYPX[EVRMRKPMKLX'VEOIPMKLXW[MXGL5EVOMRKFVEOIGSRXVSPPIZIV7IEVEGXMZIWIRWSVW7IEVHVYQFVEOIW
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
(SRXVSPYRMX
9LIIPIGXVSRMGGSRXVSPYRMX *(:GSRWMWXWSJ ERMRTYXGMVGYMX[MXLETMRGSRRIGXSVJSVHS[RPSEHMRKSJHMKMXEPWMKREPWJVSQXLIEGXMZIWIRWSVW MRXIKVEXIHGMVGYMXWJSVTVSGIWWMRKSJMRTYXWMKREPWERHQIQSV]QEREKIQIRX EHEXEQIQSV] ETS[IVWXEKIHIWMKRIHXSGSRXVSPQSHYPEXMSRWSPIRSMHWERHWGEZIRKMRKTYQTQSXSVZMEGSRRIGXSV
ERHXLIJEYPX[EVRMRKPMKLX
)+CCCCCCCCC+&CCC9.+
9IZIW20GSRXVSPYRMXTMRSYX(SRXVSPYRMXWMHIGSRRIGXSV
)+CCCCCCCCC+*CCC9.+
1IJXJVSRXWIRWSVWMKREP1IJXJVSRXWIRWSVTS[IVWYTTP]3(3(1IJXVIEVWIRWSVWMKREP1IJXVIEVWIRWSVTS[IVWYTTP]9IWXIVGSRRIGXMSR8MKREPIEVXL5S[IVWYTTP]JVSQFEXXIV]3(3(3(.KRMXMSRSTIVEXIHTS[IVWYTTP]
3(8]WXIQJEMPYVI[EVRMRKPMKLXW &'8*')3(3('VEOITIHEPW[MXGL7MKLXJVSRXWIRWSVWMKREP7MKLXJVSRXWIRWSVTS[IVWYTTP]3(7MKLXVIEVWIRWSVTS[IVWYTTP]1IJXVIEVWIRWSVWMKREP5S[IVIEVXL5S[IVWYTTP]JVSQFEXXIV]
'7&0*PMKLXW[MXGL9LIFVEOITIHEPSTIVEXMRKWMKREPVIEGLIWXLIGSRXVSPYRMXZMEXLIGSRRIGXMSRSJW[MXGLWIPIGXSV [MLGLGSRXVSPWXLIGEVFVEOIPMKLXW9LMWMRJSVQEXMSRMWYWIJYPJSVGSRXVSPPMRKFVEOMRKYRHIVGIVXEMRGSRHMXMSRWIK[LIRXLIGEVMWWXVSRKP]FVEOIHEJXIVEREFVYTXEGGIPIVEXMSRXLEXQEOIWXLI[LIIPWWOMHSVMRXLIGEWISJMVVIKYPEVVSEHWYVJEGIW GSVVYKEXMSRWWXITWXLEXGERGEYWI[LIIPWTIIHXSGLERKIJSVVIEWSRWYRGSRRIGXIHXSXLIFVEOMRKQERSIZVI
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
:RHIVXLIWIGSRHMXMSRWXLIQMGVSTVSGIWWSVWMQTPIQIRXEWXVEXIK]HITIRHIRXYTSRGLERKIWMR[LIIPWTIIHWEXXLIWIKMZIRQSQIRXWMRSVHIVXSVIWXSVIXLIFVEOMRKQERSIYZVIXS[MXLMRGSVVIGXTEVEQIXIVW8]WXIQIJJMGMIRG]MWRSXEJJIGXIHMJXLIFVEOITIHEPW[MXGLMWRSXGSRRIGXIHXSXLIGSRXVSPYRMXYRHIVXLIWIWTIGMJMGFVEOIGSRXVSPGSRHMXMSRW+SVXLMWVIEWSRXLI[EVRMRKPMKLXHSIWRSXGSQISRERHXLI&'8MWHMWEFPIH
)+CCCCCCCCC+'CCC9.+
&'8JEMPYVI[EVRMRKPMKLX:RHIVGSRHMXMSRWSJMRIJJMGMIRXSTIVEXMSRXLIVIH[EVRMRKPMKLX WLS[RMRXLIJMKYVIKSIWSJJ<LIRXLIMKRMXMSROI]MWXYVRIHXS2&7XSWXEVXXLIGEVXLIGSRXVSPYRMXVYRWEWXEXMGWIPJGLIGOJSVEFSYXWIGSRHWHYVMRK[LMGLXLI[EVRMRKPMKLXVIQEMRWSR9LIMRHMGEXSVKSIWSJJMJRSERSQEPMIWEVIHIXIGXIHEJXIVXLMWXMQI9LIGSRXVSPYRMXVYRWGSRXMRYSYWWIPJGLIGOMRKG]GPIW[LMPIXLIGEVMWMRQSXMSR.JERIVVSVMWHIXIGXIHXLI[EVRMRKPMKLXGSQIWSRERHXLI&'8MWHMWEFPIH9LIGSRZIRXMSREPFVEOMRKW]WXIQ[SVOWEWRSVQEP
)+CCCCCCCCC+'CCC9.+
9LIJEYPXMRHMGEXMSR[EVRMRKPMKLXMWE82&79X]TI9LI[EVRMRKPMKLXXEOIWXLIJSVQSJEPIH )GSRXVSPPIHF]ERIPIGXVSRMGGMVGYMX[LMGLGSRWMWXWSJX[SVIWMWXERGIW7ERH7TVSXIGXIHF]EHMSHI )9LIHMSHIMWQEHIEWWLS[RMRXLIHMEKVEQEPSRKWMHIERHEPPS[WXLI[EVRMRKPMKLXXSGSQISRMJXLI&'8MWJEYPX]SVMJXLIGSRRIGXMSRFIX[IIRTMRSJGSRXVSPYRMX ERHMRWXVYQIRXTERIP MWFVSOIRSVWLSVXGMVGYMXIHXSIEVXL
*')JYRGXMSR9LI9IZIW20&'8YWIHSRXLMWGEVMRGSVTSVEXIWER*')JYRGXMSR *PIGXVSRMG'VEOIJSVGI)MWXVMFYXMSRXLEXHMWXVMFYXIWTVIWWYVIEGXMRKSRXLIFVEOIWSZIVXLIJVSRXERHVIEVE\IWL]HVEYPMGEPP]
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
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
)+CCCCCCCCC++CCC9.+
7IEVE\PIFVEOIJSVGI+VSRXE\PIFVEOIJSVGI&)MWXVMFYXMSRMQTPIQIRXIHF]XLIFVEOMRKW]WXIQ'.HIEPHMWXVMFYXMSR
()MWXVMFYXMSRMQTPIQIRXIHF]XLIQIGLERMGEPPSEHTVSTSVXMSRMRKZEPZI)*')GSRXVSP
&W]SYGERWIIXLI*')JYRGXMSRSJXLI&'8MWEFPIXSEHNYWXXSERMHIEPTVIWWYVIGYZIERHQEOIXLIQSWXSJEZEMPEFPIKVMTYRHIVEPPFVEOMRKGSRHMXMSRW']QEOMRKXLI*')JYRGXMSRTEVXSJXLIRSVQEP&'8STIVEXMRKW]WXIQFSXLWXVEXIKMIWEVIEFPIXS[SVOMRXERHIQ XLIW]WXIQXLIVIJSVI[SVOWRSVQEPP]XSOIITXLIVIEV[LIIPWVSPPMRK[MXLMRPMQMXWZIV]GPSWIXSMHIEPZEPYIW9LI&'8WXVEXIK]GERGYXMR[LIREVIEV[LIIPXIRHWXSPSGO IKGLERKISZIVXSEWYVJEGI[MXLPS[IVKVMT
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
9LIJSPPS[MRKKVETLWLS[WXLIFVEOITVIWWYVIMQTPIQIRXEXMSRWXVEXIK]GSRXVSPPIHF]XLIIPIGXVSRMGGSRXVSPYRMXSRXLIFEWMWSJMRTYXHEXE9LMWMWVITVIWIRXIHF]EWMKREPMRHMGEXMRK[LIIPVSXEXMSRWTIIHSRFSXLE\IW
)+CCCCCCCCC++CCC9.+
*')GSRXVSP&'8GSRXVSP*7IEV[LIIPWTIIH
++VSRX[LIIPWTIIH,+VSRX[LIIPTVIWWYVI-7IEV[LIIPTVIWWYVI
*')W]WXIQJEMPYVI[EVRMRKPMKLX&JEYPX MR XLI*')W]WXIQMW MRHMGEXIHF]XLIFVEOIW]WXIQ[EVRMRK PMKLX ERH&'8JEYPX MRHMEXSV PMKLXMRKYTSRXLIMRWXVYQIRXTERIP.J[EVRMRKPMKLX PMKLXWYTSRXLIMRWXVYQIRXTERIPFYX&'8[EVRMRKPMKLX HSIWRSXGSQISRXSSXLMWHSIWRSXMRHMGEXIEJEYPXMRXLI*')JYGXMSRFYXSRISJXLISXLIVJEYPXWXLI[EVRMRKPMKLXMWHIWMKRIHXSMRHMGEXI PS[FVEOIJPYMHPIZIPLERHFVEOISR.J&'8[EVRMRKPMKLX GSQIWSREPSRI[MXLSYX[EVRMRKPMKLX GSQMRKSRXLMWMRHMGEXIWEJEYPXMRXLI&'8EWHIWGVMFIHMXLIWTIGMJMGGLETXIVFYXXLI*')JYRGXMSRMWRSXEJJIGXIH
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
.JXLI*')JYRGXMSRMWJEYPX]FVEOIJSVGIMWRSPSRKIVHMWXVMFYXIHSZIVXLIJVSRXERHVIEVE\PIW9LMWQIERWXLEXXLIVIEV[LIIPWEVIEXVMWOSJPSGOMRKYRHIVGIVXEMRFVEOMRKGSRHMXMSRW
)+CCCCCCCCC++CCC9.+
&GXMZIWIRWSVW9LI9IZIW20&'8YWIWEGXMZIWIRWSVW XSHIXIGX[LIIPWTIIH9LIWIWIRWSVWEVIJMXXIHMRJVSRXSJXLI[LIIPLYFERHXSXLIVIEVSJXLIHVYQGEWMRK9LI]EVIWYTTPMIHIPIGXVMGEPP]F]XLI&'8
)+CCCCCCCCC++CCC9.+
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
9LIWIRWSVWJEGIEQYPXMTSPEVVMRK [LMGLMWJMXXIHXSXLI[LIIPFIEVMRKWIEPEXXLIJVSRXERHTVIWWJMXXIHXSXLILYFEXXLIVIEV
)+CCCCCCCCC++CCC9.+
9LIYWISJEGXMZIWIRWSVWSJJIVWXLIJSPPS[MRKEHZERXEKIWGSQTEVIH[MXLGSRZIRXMSREPQEKRIXMGMRHYGXMSRWIRWSVW MQTVSZIWXLIRIKEXMZIIJJIGXWSJXLIKETFIX[IIRXLIWIRWSVERHXLIQEKRIXMGVMRK MQTVSZIWMQQYRMX]XSIPIGXVSQEKRIXMGJMIPHW MQTVSZIWWIRWSVHIXIGXMSREFMPMX]EXPS[WTIIHW HS[RXS^IVSOQL VIHYGIWGEV[IMKLXERHFYPO.RSVHIVXSIRWYVIGSVVIGXWMKREPWXLIWTIGMJMIHKETFIX[IIRXLIIRHSJXLIWIRWSVERHXLIQYPXMTSPEVVMRKQYWXFIFIX[IIRERHQQJSVXLIJVSRX[LIIPWERHQQJSVXLIVIEV[LIIPW
3SXI 'IGEYWIXLMWKETGERRSXFIEHNYWXIHSVQIEWYVIHMJQEPJYRGXMSRMWWYWTIGXIHGLIGOWIRWSVGSRHMXMSRZMWYEPP]XSIRWYVIXLI]HSRSXWLS[WMKRWSJ[IEVSVHEQEKI.RXLMWGEWIXLI]QYWXFIVITPEGIH
3SXI <LIRIZIVERVTQWIRWSVMWJMXXIHWTVIEH[MXL[EXIVVITIPPIRXKVIEWIWSXLEXMXMWRSXHIWXVS]IHF]VIQSZEPHYIXSXLIIJJIGXSJXLIVQEPGLERKIW
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
45*7&9.43.RXVSHYGXMSRXSXLIW]WXIQ9LIWMKREPWWIRXF]XLIVTQWIRWSVWSRXLI[LIIPWEVIWUYEVI[EZIWMKREPW
)+CCCCCCCCC+-CCC9.+
*JJIGXMZIGEVWTIIH7IJIVIRGIGEVWTIIH5IVMTLIVEP[LIIPWTIIH<LIIPEGGIPIVEXMSRHIGIPIVEXMSR
'VEOIGMVGYMXTVIWWYVI5IVQMWWMFPIEGGIPIVEXMSRFERH5IVQMWWMFPIHIGIPIVEXMSRFERH
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
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
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
3SXI )YVMRKXLIMRXIVZIRXMSRG]GPIXLIFVEOITIHEPQSZIWWPMKLXP]EGGSVHMRKXSXLIMRGVIEWISVHIGVIEWIMRGSRXVSPPIHTVIWWYVI
.JSRISJXLIX]VIWMWHIJPEXIHXLI&'8GYXWMRXSGSRXVSPFVEOMRKGSRHMXMSRWMJRIGIWWEV]9LI&'8MWEPWSEGXMZI[LIRXLIGEVFVEOIW[LMPIVIZIVWMRK9LIHIZMGIRSVQEPP]GIEWIWXSMRXIVZIRIEXWTIIHWFIPS[OQLXSEPPS[XLI[LIIPWXSPSGOGSQTPIXIP][LIRXLIGEVMWEXEWXERHWXMPP
3SXI 'IGEYWIXLITEVEQIXIVWGSRXVSPPIHF]XLIGSRXVSPYRMX [LIIPWTIIHERHEGGIPIVEXMSREVIMRJPYIRGIHF][LIIPX]VI MRIVXMEGEVW[MXLER&'8WLSYPHFI JMXXIHSRP][MXL VMQW X]VIWERHFVEOI PMRMRKWVIGSQQIRHIHERHETTVSZIHF]XLI2ERYJEGXYVIV
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
*PIGXVSL]HVEYPMGGSRXVSPYRMX9LIIPIGXVSRMGGSRXVSPYRMXMWGSRRIGXIHXSXLIFVEOITYQTERHFVEOIGEPMTIVG]PMRHIVF]FVEOITMTIWERHMWMRXIKVEP[MXLXLIIPIGXVSRMGGSRXVSPYRMX.XWXEWOMWXSEPXIVFVEOIJPYMHTVIWWYVIMRXLIFVEOIGEPMTIVWMRVIWTSRWIXSGSRXVSPWMKREPWJVSQXLIIPIGXVSRMGGSRXVSPYRMX&'8GSRXVSPYRMXGSRRIGXMSRW
)IWGVMTXMSR (SPSYV (SRRIGXMSR
(5 5YQTTVMQEV][MRHMRK 2\
&8 1IJXJVSRX >IPPS[ 2\
5) 7MKLXVIEV 7IH 2\
58 1IJXVIEV 'PYI 2\
&) 7MKLXJVSRX ,VIIR 2\
(8 5YQTWIGSRHEV][MRHMRK 2\
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
3SXI 9LIGSPSYVMWEPWSWLS[RSRXLITMTI
)+CCCCCCCCC++CCC9.+
9LMWGSRWMWXWSJIMKLXX[S[E]WSPIRSMHW X[STIVL]HVEYPMGGMVGYMXERHEHYEPGMVGYMXWGEZIRKMRKTYQTXLEXEVIKSZIVRIHF]XLIIPIGXVSRMGGSRXVSPYRMX.RTEVXMGYPEVXLITYQTEPPS[WFVEOIJPYMHXSFIVIGSZIVIHHYVMRKXLITVIWWYVIVIHYGXMSRWXEKIWSXLEXMXGERFIQEHIEZEMPEFPIEKEMRYTWXVIEQSJXLIWSPIRSMHWJSVXLIWYFWIUYIRXTVIWWYVIMRGVIEWIWXEKI&GGYQYPEXSVWEPPS[FVEOIJPYMHXSFIEFWSVFIHHYVMRKXLITVIWWYVIVIHYGXMSRWXEKI
3SXI 9LIL]HVEYPMGGSRXVSPYRMXGERRSXFIWIVZMGIH9LI[LSPIYRMXQYWXFIVITPEGIHMJEJEYPXMWHIXIGXIH3I[GSRXVSPYRMXWEVIWYTTPMIHEPVIEH]JYPPSJFVEOIJPYMH9LIFVEOIW]WXIQMWFPIHMRXLIWEQI[E]EWEGSRZIRXMSREPW]WXIQ
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
4TIVEXMSRSJ&'89*;*820L]HVEYPMGW]WXIQ9LIGEVWL]HVEYPMGGMVGYMXMWMPPYWXVEXIHMRXLIJSPPS[MRKSTIVEXMRKHMEKVEQ9LIZEVMSYWWXEKIWSJW]WXIQSTIVEXMSREVIXLIRHIWGVMFIH
)+CCCCCCCCC+-CCC9.+
'VEOITYQT'VEOIWIVZS-MKLTVIWWYVIEGGYQYPEXSV HEQTMRKGLEQFIV-MKLTVIWWYVIEGGYQYPEXSV HEQTMRKGLEQFIV8GEZIRKMRKTYQTQSXSV8GEZIRKMRKTYQT8GEZIRKMRKTYQT1S[TVIWWYVIEGGYQYPEXSV VIWIVZSMV-MKLTVIWWYVIEGGYQYPEXSV VIWIVZSMV7ETMHTVIWWYVIVIHYGXMSRZEPZI7MKLXVIEVMRTYXWSPIRSMH7MKLXVIEVSYXTYXWSPIRSMH1IJXJVSRXMRTYXWSPIRSMH1IJXJVSRXSYXTYXWSPIRSMH7MKLXJVSRXSYXTYXWSPIRSMH
7MKLXJVSRXMRTYXWSPIRSMH1IJXVIEVMRTYXWSPIRSMH1IJXVIEVSYXTYXWSPIRSMH7MKLXVIEVFVEOIHVYQ1IJXJVSRXFVEOIGEPMTIV7MKLXJVSRXFVEOIGEPMTIV1IJXVIEVFVEOIHVYQ(5(SRXVSPYRMXTVMQEV][MRHMRKFVERGLWYTTP]GSRRIGXMSR(8(SRXVSPYRMXWIGSRHEV][MRHMRKFVERGLWYTTP]GSRRIGXMSR5)(SRRIGXMSRJSVMRTYXXSVMKLXVIEVGEPMTIV&8(SRRIGXMSRJSVMRTYXXSPIJXJVSRXGEPMTIV&)(SRRIGXMSRJSVMRTYXXSVMKLXJVSRXGEPMTIV58(SRRIGXMSRJSVMRTYXXSPIJXVIEVGEPMTIV
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
4TIVEXMRKGSRHMXMSRW9LIVIWXMRKWXEKIMWHIWGVMFIHFIPS[
)+CCCCCCCCC+,CCC9.+
*PIGXVSRMGGSRXVSP1S[TVIWWYVIEGGYQYPEXSV VIWIVZSMV8GEZIRKMRKTYQTGSRXVSPQSXSV8GEZIRKMRKTYQT-MKLTVIWWYVIEGGYQYPEXSV HEQTMRKGLEQFIV'VEOITYQT'VEOIWIVZS
7ETMHTVIWWYVIVIHYGXMSRZEPZI.QTYXWSPIRSMH &STIR 'GPSWIH4YXTYXZEPZI &GPSWIH 'STIR'VEOIGEPMTIVW&GXMZI[LIIPVTQHIXIGXMSRWIRWSV2YPXMTSPEVVMRK7IWXVMGXMSR
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
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
&GXMZIWIRWSV MRHMGEXIWXLEXXLIRI[HIGIPIVEXMSRZEPYIWEVILKLIRSYKLXSEJJIGX[LIIPKVMTSRXLIKVSYRH &X XLMW TSMRX GSRXVSP YRMX GSRXVSPW XLI L]HVEYPMG YRX WSPIRSMH XS VIHYGI FVEOMRK JSVGI 9LMWQERSIYZVIMRGVIEWIWWTIIHERHXLYWEPPS[WKVMTXSFIVIGSZIVIH
)+CCCCCCCCC+,CCC9.+
&8]WXIQFVERGL[MXLMRGVIEWMRKTVIWWYVI*PIGXVSRMGGSRXVSP1S[TVIWWYVIEGGYQYPEXSV VIWIVZSMV8GEZIRKMRKTYQTGSRXVSPQSXSV8GEZIRKMRKTYQT-MKLTVIWWYVIEGGYQYPEXSV HEQTMRKGLEQFIV'VEOIGSRXVSPTYQT'VEOIWIVZS
7ETMHTVIWWYVIVIHYGXMSRZEPZI.RTYXWSPIRSMH &STIR 'GPSWIH4YXTYXWSPIRSMH &GPSWIH 'STIR'VEOIGEPMTIVW&GXMZI[LIIPVTQHIXIGXMSRWIRWSV2YPXMTSPEVVMRK7IWXVMGXMSR
5VIWWYVIQEMRXIRERGIWXEKI)YVMRKXLMWWXEKIGSRXVSPYRMX IEVXLW MRTYXWSPIRSMH [LMGLGPSWIW[LMPISYXTYXWSPIRSMH MWRSVQEPP]GPSWIHFIGEYWIMXMWRSXIEVXLIH9LIL]HVEYPMGGSRRIGXMSRFIX[IIRFVEOITYQT ERHFVEOIGEPMTIV MWFVSOIRERHGEPMTIVTVIWWYVIZEPYIVIQEMRWEWFIJSVIVIKEVHPIWWSJFVEOITIHEPEGXMSR*ZIRXLSYKLFVEOMRKJSVGIGSRXMRYIWXSI\IVXEWPS[MRKEGXMSR[LIIPWTIIHGERZEV]HITIRHMRKSR[LIIPKVMTSRXLIKVSYRH9LMWGSRXMRYIWYRXMPXLIEGXMZI[LIIPVTQHIXIGXMSRWIRWSV HIXIGXWEZEPYIGSQTEVEFPIXSXLIVIJIVIRGIWTIIHGEPGYPEXIHF]IPIGXVSRMGGSRXVSPYRMX
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
&XXLMWTSMRXXLIGSRXVSPYRMXGLERKIWJVSQXLIQEMRXIRERGIWXEKIXSXLITVIWWYVIMRGVIEWIWXEKI MJXLI[LIIPEGGIPIVEXMSRWSVVIHYGXMSRWXEKI MJXLI[LIIPXIRHWXSPSGO
)+CCCCCCCCC+,CCC9.+
&'VERGLSJW]WXIQ[MXLMRGVIEWMRKTVIWWYVI''VERGLSJW]WXIQ[MXLGSRWXERXTVIWWYVI*PIGXVSRMGGSRXVSP1S[TVIWWYVIEGGYQYPEXSV VIWIVZSMV8GEZIRKMRKTYQTGSRXVSPQSXSV8GEZIRKMRKTYQT-MKLTVIWWYVIEGGYQYPEXSV HEQTMRKGLEQFIV'VEOIGSRXVSPTYQT
'VEOIWIVZS7ETMHTVIWWYVIVIHYGXMSRZEPZI.RTYXWSPIRSMH &STIR 'GPSWIH4YXTYXWSPIRSMH &GPSWIH 'STIR'VEOIGEPMTIV&GXMZI[LIIPVTQHIXIGXMSRWIRWSV2YPXMTSPEVVMRK7IWXVMGXMSR
5VIWWYVIVIHYGXMSRWXEKI*PIGXVSRMGGSRXVSPYRMX HIXIGXWXLI[LIIPWXIRHIRG]XSPSGOERHEGXMZEXIWXLIL]HVEYPMGYRMXXSGSRXEMR[LIIPHIGIPIVEXMSR[MXLMRTIVQMXXIHXLVIWLSPHPMQMXW*PIGXVSRMGGSRXVSPYRMX MWGSRRIGXIHXSIEVXLERHQEMRXEMRWXLIGSRRIGXMSRFIX[IIRFVEOITYQT ERHFVEOIGEPMTIVW YRMRXIVVYTXIH SYXTYXWSPIRSMH STIRWXSIWXEFPMWLEL]HVEYPMGGSRRIGXMSRFIX[IIRFVEOIGEPMTIVW PS[TVIWWYVIEGGYQYPEXSV ERHWGEZIRKMRKTYQT MRSVHIVXSVIQSZITEVXSJXLIJPYMHJVSQFVEOIGEPMTIV ERHVIHYGITVIWWYVIMRXLIGEPPMTIV&XXLIWEQIXMQIGSRXVSPYRMX WYTTPMIWQSXSV SJWGEZIRKMRKTYQT [LMGLEPPS[WJPYMHXEOIRJVSQXLIGEPMTIVXSFIVIXYVRIHXSXLIQEMRGMVGYMX(MVGYMXEGGYQYPEXSV PS[TVIWWYVIXEROWXSVIWTEVXSJXLIFVEOIJPYMHVIQSZIHJVSQXLIGEPMTIVW:RHIVXLIEGXMSRSJWGEZIRKMRKTYQT JPYMHMWXEOIRYTERHWIRXXSXLIQEMRFVEOITYQTGMVGYMX ZMEHEQTMRKGLEQFIVW ERHVIWXVMGXMSR &WIVMIWSJTVIWWYVI[EZIW SVL]HVEYPMGXLVYWXWKIRIVEXIHEXXLMWWXEKIEVIHEQTIHF]XLIHEQTMRKGLEQFIV ERHVIWXVMGXMSR )VYMRKXLMWWXEKIXLI[LIIPXIRHWXSVIXYVRXSXLIVIJIVIRGIWTIIHGEPGYPEXIHF]XLIIPIGXVSRMGGSRXVSPYRMXYRHIVXLIIJJIGXSJEVIHYGXMSRMRXLIFVEOMRKJSVGI9LIFVEOMRKEGXMSRSGGYVWMRXIVQMXXIRXP]SVMRWXITWZMEEWYGGIWWMSRSJWXEKIWHIXIVQMRIHF]XLIVSPPMRKGSRHMXMSRWSJXLIFVEOIH[LIIPERHMREVITIEXIHG]GPI9LIHVMZIVHSIWRSXTIVGIMZIXLIG]GPIWEWNYHHIVWFIGEYWIXLI]SGGYVWSUYMGOP]EXWYGLLMKLJVIUYIRG]ERHFIGEYWIXLI]EVIGSYRXIVIHF][LIIPMRIVXMEXLI[LIIPMWTVIZIRXIHF]VIEGLMRKI\XVIQIWPMTGSIJJMGMIRXWFIGEYWIXLIHIZMGIGYXWMRWSUYMGOP]4RGEVW[MXLSYXER&'8XLIHVMZIVGERSTIVEXIXLIFVEOITIHEPMRXIVQMXXIRXP]EXEVEXISJG]GPIWEXQSWX HITVIWWWMSRWERHVIPIEWIW<MXLER&'8XLIRYQFIVSJG]GPIWGERZEV]JVSQXSHITIRHMRKSRXLIKVMT3SVQEPP]XLI&'8GIEWIWXSGYXMREXWTIIHWPS[IVXLEROQLXSEPPS[XLI[LIIPWXSPSGOGSQTPIXIP][LIRXLIGEVMWEXEWXERHWXMPP
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
3SXI 9LIWGEZIRKMRKTYQTMWHYEPGMVGYMXJVIITMWXSRX]TIERHGSRXVSPPIHF]ERIPIGXVMGQSXSVXLEXVSXEXIWTIVQERIRXP]HYVMRKVIGSZIV]WXEKIW9LITMWXSRWEVIRSXGSYTPIHXSXLIIPIGXVMGQSXSVFYXEVIQSZIHXLVSYKLXLIMVXVEZIPF]EGEQSRP][LIRFVEOIJPYMHEVVMZIW9LITYQTMWXLYWEFPIXSEGLMIZISRP]SRI TVIWWYVI WXVSOI XLI EWTMVEXMSR WXVSOI MW TVIZIRXIH F] XLI PEGO SJ E QIGLERMGEP GSRRIGXMSRFIX[IIRQSXSVERHTYQT
)+CCCCCCCCC+,CCC9.+
&'VERGLSJW]WXIQ[MXLHIGVIEWMRKTVIWWYVI*PIGXVSRMGGSRXVSP1S[TVIWWYVIEGGYQYPEXSV VIWIVZSMV8GEZIRKMRKTYQTGSRXVSPQSXSV8GEZIRKMRKTYQT-MKLTVIWWYVIEGGYQYPEXSV HEQTMRKGLEQFIV'VEOIGSRXVSPTYQT'VEOIWIVZS
7ETMHTVIWWYVIVIHYGXMSRZEPZI.RTYXZEPZI &STIR 'GPSWIH4YXTYXZEPZI &GPSWIH 'STIR'VEOIGEPMTIV&GXMZI[LIIPVTQHIXIGXMSRWIRWSV2YPXMTSPEVVMRK7IWXVMGXMSR
'VEOITIHEPVIPIEWI9LIW]WXIQMWJMXXIH[MXLEGLIGOZEPZI GSRRIGXIHMRTEVEPPIP[MXLMRTYXWSPIRSMH XSEPPS[TVIWWYVIXSFIVETMHP]VIHYGIHMRFVEOIGEPMTIV [LIRXLITIHEPMWVIPIEWIH
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
<LIRXLITIHEPMWVIPIEWIHXLITVIWWYVIMRXLIFVERGLYTWXVIEQSJXLIWSPIRSMHHVSTWERHXLIHS[RWXVIEQFVERGLMWYRHIVLMKLIVTVIWWYVI:RHIVXLIWIGSRHMXMSRWXLIGLIGOZEPZISTIRWERHJPYMHTVIWWYVIMRXLIFVEOIGEPMTIVHVSTW
)+CCCCCCCCC+,CCC9.+
&'VERGLSJW]WXIQ[MXLHIGVIEWMRKTVIWWYVI*PIGXVSRMGGSRXVSP1S[TVIWWYVIEGGYQYPEXSV VIWIVZSMV8GEZIRKMRKTYQTGSRXVSPQSXSV8GEZIRKMRKTYQT-MKLTVIWWYVIEGGYQYPEXSV HEQTMRKGLEQFIV'VEOIGSRXVSPTYQT'VEOIWIVZS
7ETMHTVIWWYVIVIHYGXMSRZEPZI.RTYXZEPZI &STIR 'GPSWIH4YXTYXZEPZI &GPSWIH 'STIR'VEOIGEPMTIV&GXMZI[LIIPVTQHIXIGXMSRWIRWSV2YPXMTSPEVVMRK7IWXVMGXMSR
7YPIWXSFISFWIVZIHSRGEVWIUYMTTIH[MXLER&'8'IJSVIGEVV]MRKSYX[IPHMRK[SVOYWMRKERIPIGXVMGEP[IPHMRKQEGLMRIHMWGSRRIGXXLIGSRXVSPYRMXGSRRIGXSV.JXLIFEXXIV]MWVIQSZIHXMKLXIRMXWXIVQMREPWTVSTIVP]FIJSVIVIJMXXMRK)MWGSRRIGXXLIFEXXIV]RIKEXMZIPIEHFIJSVIVIQSZMRKJVSQXLIL]HVEYPMGGSRXVSPYRMX(LIGOXLIIRXMVIW]WXIQYWMRKE9IWXIVFIJSVIVITPEGMRKER]GSQTSRIRX&JXIVER]VITEMVXSXLI&'8L]HVEYPMGGMVGYMXSVFVEOIW]WXIQJMPPERHSVXSTYT[MXLVIGSQQIRHIHJYIPERHFPIIHXLIW]WXIQ9LIRGLIGOXLIWIEPSJEPPGSRRIGXMSRW3I[L]HVEYPMGGSRXVSPYRMXWEVIWYTTPMIHJYPPSJFVEOIJPYMH[MXLWSPIRSMHWRSXWYTTPMIH'VEOIW]WXIQFPIIHMRKERHVIJMPPMRKSTIVEXMSRWEVIHIWGVMFIHMRXLIVITEMVTVSGIHYVI9LITVSGIHYVIHSIWRSXHMJJIVIWWIRXMEPP]JVSQXLITVSGIHYVIGEVVMIHSYXSREW]WXIQ[MXLSYXER&'8FYXMXXEOIWPSRKIV(LIGOXLEXXLITMTIWHSRSXGSQIMRXSGSRXEGX[MXLXLIFSH]EXER]TSMRX9LMWTVIZIRXWXLIVMWOSJHEQEKIXSXLITMTIWLIEXLWERHEPWSTVIZIRXWRSMWIXVERWQMWWMSRHYVMRK&'8STIVEXMSR
)MEKRSWXMGW
9LIW]WXIQGSQIW[MXLEWIPJHMEKRSWXMGJYRGXMSR[LMGLGLIGOWJSVER]MVVIKYPEVMXMIWMRXLIGSQTSRIRXWPMWXIHFIPS[ [LIIPVTQWIRWSV MRTYXWSPIRSMH SYXTYXWSPIRSMH
)SRSXEHHQMRIVEPSMPXSXLIFVEOIGMVGYMXFIGEYWIXLIKEWOIXW[MPPFIHEQEKIH9LIL]HVEYPMGYRMXFVEOITYQTERHGEPMTIVW[MPPLEZIXSFIVITPEGIHMJSMPMWEHHIHEGGMHIRXEPP]
)*8(7.59.43&3)45*7&9.43&RXMPSGOFVEOIW]WXIQ EFW
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
9LIWEJIX]GMVGYMXGEVVMIWSYXXLIJSPPS[MRKEYXSQEXMGGLIGOW EJXIVXLIMKRMXMSROI]LEWFIIRMRWIVXIHERHJSVEFSYXWIGSRHWMXGLIGOWXLISTIVEXMSRSJXLIGSRXVSP
YRMXWSPIRSMHSTIVEXMRKVIPE]WERHWIRWSVGSRRIGXMSR EJXIVIRKMRIWXEVXYTEWWSSREWXLIGEVMWXVEZIPPMRKJEWXIVXLEROQLMXSTIVEXIWXLIWSPIRSMHWERH
WGEZIRKMRKTYQTXSGLIGOSTIVEXMSR MXEPWSGLIGOWXLEXEPPJSYVWTIIHWMKREPWEVITVIWIRX MXEPWSGLIGOWXLEXEPPJSYVWTIIHWMKREPWEVITVIWIRX[LIRIZIVXLIGEVI\GIIHWOQLFIKMRRMRK[MXL
XLIGEVEXEWXERHWXMPP HYVMRKQSXMSRMXGSRXMRYSYWP]QSRMXSVW[LIIPTIVMTLIVEPWTIIHERHGSQTEVIWMX[XLEGEPGYPEXIHVIJIV
IRGIWTIIH.XGLIGOWQIQSV]WXEXYWERHWYTIVZMWIWWSPIRSMHGSRXVSPVIPE]STIVEXMSR MXGSRWXERXP]GLIGOWXLIFEXXIV]ZSPXEKI[LMPIXLIGEVMWMRQSXMSR9LIW]WXIQGERFIQSRMXSVIHYWMRKE9IWXIVSRP][MXL[LIIPWTIIHPS[IVXLEROQLFEXXIV]ZSPXEKILMKLIVXLERZSPXWERHXLI&'8RSXSTIVEXMSREP+YPPW]WXIQHMEKRSWMWMRZSPZIWXLIJSPPS[MRKXLVIIWXEKIW
EHMWTPE]SJXLIJSPPS[MRKSTIVEXMSREPTEVEQIXIVW MRHMZMHYEP[LIIPWTIIH WGEZIRKMRKTYQTQSXSVWXEXYW FVEOITIHEPW[MXGLWXEXYW JEYPXMRHMGEXMSR[EVRMRKPMKLXWXEXYW
F9LIJSPPS[MRKHMEKRSWXMGTVSGIHYVIW JEYPXHIXIGXMSR IVVSVWXSVEKI IVVSVHIPIXMSR
G&GXMZIHMEKRSWMWSJXLIJSPPS[MRKTEVXW MRTYXWSPIRSMHW SYXTYXWSPIRSMHW JEYPX[EVRMRKPMKLX WGEZIRKMRKTYQTQSXSV
+EYPXHIXIGXMSR9LMWMWGEVVMIHSYXHYVMRKXLII\IGYXMSRSJFEWMGJYRGXMSRWERHHMEKRSWXMGXIWXWSRWIRWSVWEGXYEXSVW
*VVSVWXSVEKIERHIVVSVQIQSV]WXVYGXYVI9LIIVVSVX]TIGSHIERHIVVSVGSYRXIVEVIWXSVIHJSVIEGLIVVSVMRXLISVHIVMR[LMGLXLI]SGGYV9LMWTEVEQIXIVGSRWMWXWSJXLIGSHISJXLIPEWXJEYPXHIXIGXIHERHXLIVIPIZERXGSYRXIV9LMWMWWIXXSMJEJEYPXSGGYVWERHXLIRHIGVIEWIHF]IEGLXMQIXLIGEVMWWXEVXIHYTERHHVMZIREXQSVIXLEROQL[MXLSYXXLIJEYPXSGGYVVMRK
*VVSVHIPIXMSR
*VVSVWEVIHIPIXIH F]EQERYEPGSQQERHJVSQE9IWXIV EYXSQEXMGEPP][LIRXLIIVVSVGSYRXIVVIEGLIW^IVS
3SXI 9LIJEMPYVI[EVRMRKPMKLXWXE]WSRHYVMRKXLIIRXMVITVSGIHYVIFIGEYWIXLIW]WXIQMWHMWEFPIHF]WXEVXMRKXLITVSGIHYVI
9LITVSGIHYVIMWWYWTIRHIHMJGEVWTIIHI\GIIHWOQL
)*8(7.59.43&3)45*7&9.438XIIVMRKYRMX
,VSYTMRHI\
,74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*89LIWXIIVMRKW]WXIQJSVXLIWXERHEVHZIVWMSRWMWXLIQIGLERMGEPP]STIVEXIHVEGOERHTMRMSRX]TI9LIVIEVIEPWSTPERWXSJMXEWWXERHEVHSRXLI)ZIVWMSRERHLEZIEWEREZEMPEFPISTXMSRSRXLIZZIVWMSREL]HVEYPMGX]TITS[IVEWWMWXIHWXIIVMRKYRMX[MXLERSTIVEXMRKVEXMSRSJQQVIZ
.XKYEVERXIIW PMKLXRIWWERHIEW]LERHPMRKSJXLIWXIIVMRKMREPPSTIVEXMRKGSRHMXMSRW TVIGMWMSRERHWEJIX]EXLMKLWTIIHW9LIWXIIVMRKGSPYQRMWGSPPETWEFPIERHQEOIWMXTSWWMFPIXSMQTVSZIWEJIX]JSVXLIHVMZIVMRXLIGEWISJEJVSRXEPMQTEGX
8FKVT )IWGVMTXMSR ;EPMHMX]
8XIIVMRKFS\
5S[IVWXIIVMRK
)*8(7.59.43&3)45*7&9.438XIIVMRKYRMX
&LIMKLXEHNYWXEFPIX]TIWXIIVMRK[LIIPQEHIJVSQQERKRIWMYQXSVIHYGIMXW[IMKLXERHMRGVIEWIMXWWXVIRKXLMWEPWSEZEMPEFPIEWERSTXMSR4RZIVWMSRWJMXXIH[MXLTS[IVEWWMWXIHWXIIVMRKMRSVHIVXSQMRMQM^IXLIL]HVEYPMGMQTYPWIW[LMGLGSYPHGVIEXIRSMWILMKLTVIWWYVISMPTMTIWLEZIFIIRJMXXIH[LSWIPIRKXLERHWLETIEVISTXMQYQ[MXLMRXIVREPVIWSREXSVWERHEGSSPMRKGSMPJSVXLITS[IVEWWMWXIHWXIIVMRKJPYMHXSTVIZIRXGEZMXEXMSR
)+CCCCCCCCCCC+-CCC9.+
8XIIVMRKGSRXVSPERHPMROEKI5S[IVEWWMWXIHWXIIVMRK
)*8(7.59.43&3)45*7&9.438XIIVMRKFS\
8XIIVMRKFS\
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+*CCC9.+
(43897:(9.43+*&9:7*89LIQIGLERMGEPVEGOERHTMRMSRWXIIVMRKFS\MWXLIXVEHMXMSREPX]TIERHJIEXYVIWEJM\IHVEXMSRSJQQVIZ
)+CCCCCCCCC+*CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.438XIIVMRKFS\
)*8(7.59.43&3)45*7&9.435S[IVWXIIVMRK
5S[IVWXIIVMRK
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*8.3974):(9.439LIL]HVEYPMGX]TITS[IVEWWMWXIHWXIIVMRKW]WXIQEHSTXIHSRXLIZILMGPIMWJMXXIHEWWXERHEVHSRXLI)ZIVWMSRERHMWEZEMPEFPIEWERSTXMSRSRXLIZZIVWMSR9LIMQTVSZIQIRXSJXLIVEGOERHTMRMSRGSYTPMRKLEWQEHIMXTSWWMFPIXSEGLMIZIEXVERWQMWWMSRVEXMSSJQQVIZ EJMKYVI[LMGLGSVVIWTSRHWXSI\GIPPIRXQERSIYZVEFMPMX]JSVZILMGPIWMRXLMWGEXIKSV]
89**7.3,(439741&3)1.30&,*
9LITS[IVEWWMWXIHWXIIVMRKW]WXIQGSRWMWXWSJ XLIJPYMHVIWIVZSMVMRXLIIRKMRIGSQTEVXQIRX
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.435S[IVWXIIVMRK
XLIZERITYQTHVMZIRF]XLIIRKMRIMRGPYHMRKXLIQE\MQYQTVIWWYVIERHJPS[VEXIZEPZI EWIVMIWSJTYQTHMWXVMFYXSVZEPZISTIVEXMRKG]PMRHIVVIWIVZSMVGSRRIGXMRKTMTIW EVEGOERHTMRMSRWXIIVMRKFS\[MXLL]HVEYPMGTS[IVEWWMWXERGI
)+CCCCCCCCC+-CCC9.+
5S[IVEWWMWXIHWXIIVMRKTYQT4MPWYTTP]TMTIXSXLITYQT+PYMHVIWIVZSMV4MPVIXYVRTMTIXSXLIVIWIVZSMV
5S[IVEWWMWXIHWXIIVMRKFS\4MPWYTTP]TMTIYRHIVTVIWWYVI-IEXI\GLERKIV
;&3*5:259LIZERITYQTMWHVMZIRHMVIGXP]F]XLIIRKMRIXLVSYKLEFIPXERHMWGETEFPISJTVSZMHMRKXLIW]WXIQ[MXLEWYTTP]TVIWWYVI[LMGLZEVMIWJVSQFEVXSFEV
)+CCCCCCCCC+*CCC9.+
(SRXVSPWLEJX 5YQTGEWMRK
)*8(7.59.43&3)45*7&9.435S[IVWXIIVMRK
.QTIPPIV[MXLZERIW,EWOIX
.QTIPPIVWMHITPEXI7IKYPEXMRKZEPZI
5S[IVEWWMWXIHWXIIVMRKFS\9LITS[IVEWWMWXIHWXIIVMRKFS\MWXLIVEGOERHTMRMSRX]TI MXGSRXEMRWERSTIVEXMRKG]PMRHIV MR[LMGLEHYEPEGXMRKTMWXSR JM\IHXSXLIVEGOVSHWPMHIW9LI[SVQWGVI[LSYWMRKGSRXEMRW EHMWXVMFYXSV ZEPZI 9LI PEXXIV MWGSRXVSPPIH EGGSVHMRK XS XLIIJJSVXHIXIGXIHF]EXSVWMSRHIZMGI PSGEXIHEXXLIIRHSJXLI[SVQWGVI[WXIIVMRKGSPYQRWMHI
)+CCCCCCCCC++CCC9.+
)YEPEGXMSRTMWXSR4TIVEXMRKG]PMRHIV
)MWXVMFYXSVZEPZI9SVWMSRHIZMGI
&GGSVHMRKXSXLIXSVWMSRJSVGIXVERWQMXXIHF]XLIWXIIVMRK[LIIPXSXLIXSVWMSRHIZMGIXLISMPYRHIVTVIWWYVIMWWIRXXSXLIVIWIVZSMV VIGMVGYPEXIHSVXSSRISJXLIX[SGLEQFIVWMRXLISTIVEXMRKG]PMRHIV9LIJSVGITVSHYGIHF]XLITVIWWYVISJXLISMPSRXLIWYVJEGISJXLITMWXSRHIXIVQMRIWXLITS[IVEWWMWXIHIJJIGXTVSZMHIHF]XLIHIZMGIMRTEVXMGYPEVJSVXLIZILMGPIMRUYIWXMSR
)*8(7.59.43&3)45*7&9.435S[IVWXIIVMRK
)*8(7.59.43&3)45*7&9.438YWTIRWMSRERH[LIIPW
,VSYTMRHI\
,74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+-CCC9.+
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
8FKVT )IWGVMTXMSR ;EPMHMX]
+VSRXWYWTIRWMSR
7IEVWYWTIRWMSR
)*8(7.59.43&3)45*7&9.438YWTIRWMSRERH[LIIPW
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
)+CCCCCCCCCCC+,CCC9.+
9LI9LISVIXMGEP)IWMKR1SEHMWSFXEMRIH[MXLXLI[LIIPWJMXXIHERHXLIZILMGPISRXLIKVSYRHFEPPEWXMRKXLIJVSRXJSSX[IPPEVIE[MXLEPSEHSJEFSYXOKSRFSXLXLIVMKLXWMHI ERHXLIPIJXWMHI JSVXLIJVSRXWYWTIRWMSR
3SXI 9LIPSEHWLSYPHFITPEGIHSRXLIJPSSVERHRSXSRXLIWIEXFIGEYWIMJRSXXLIHMWXVMFYXMSRSJXLIPSEHFIX[IIRXLIJVSRXE\PIERHXLIVIEVE\PI[SYPHRSXGSVVIWTSRHXSXLI)IWMKRGSRHMXMSRW
)+CCCCCCCCCCC+*CCC9.+
)*8(7.59.43&3)45*7&9.438YWTIRWMSRERH[LIIPW
+SVXLIVIEVWYWTIRWMSRXLIPSEH WLSYPHFIEVVERKIHIZIRP]RIEVXLIVIEVE\PI EGGSVHMRKXSXLIZIVWMSR[MXLMRWXVYGXMSRWKMZIRMRXLIXEFPIFIPS[
)+CCCCCCCCCCC+*CCC9.+
;*78.43 14&)
5ERSVEQE OK
;ER OK
*\XVEPSEHZER OK
)*8(7.59.43&3)45*7&9.438YWTIRWMSRERH[LIIPW
)*8(7.59.43&3)45*7&9.43+VSRXWYWTIRWMSR
+VSRXWYWTIRWMSR
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
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
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43+VSRXWYWTIRWMSR
9LIJVSRXWXIIVMRKORYGOPIMWQEHIJVSQWXIIPERHXLI[LIIPLYFGSRXEMRWERSFPMUYIFEPPFIEVMRK
)+CCCCCCCCC+,CCC9.+
5VSXIGXMZIGSZIV<EWLIV5EH8LSGOEFWSVFIVQSYRXMRK'YJJIV'IPPS[W(SMPWTVMRK(SMPWTVMRKWYTTSVXTPEXI
8LSGOEFWSVFIV-YF8XIIVMRKORYGOPI'IEVMRK(MVGPMT&VQWYTTSVX9VEGOGSRXVSPEVQ'EVEVQWYTTSVX
)*8(7.59.43&3)45*7&9.437IEVWYWTIRWMSR
7IEVWYWTIRWMSR
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*89LIVIEVWYWTIRWMSRMWXLIVMKMHE\PIX]TIGSRRIGXIHXSXLIFSH]WLIPPF]QIERWSJPSRKMXYHMREPPIEJWTVMRKWJMXXIH[MXL(IPPEWXIRHSJXVEZIPFYJJIVW
9LIEHZERXEKIWSJXLMWWSPYXMSREVI WMQTPIWXVYGXYVIERHXLIVIJSVIIEW]XSQEMRXEMR IGSRSQMGEPGSRWXVYGXMSR GSRWXERX[LIIPGEQFIVMVVIWTIGXMZISJXLIEGXMRKPSEH
4RXLI5ERSVEQEZIVWMSRXLIVIEVIEPWSWSQIWSPYXMSRWEMQIHXSMQTVSZMRKHVMZMRKGSQJSVX XLIEHSTXMSRSJERERXMVSPPFEVGSRRIGXIHXSXLIFSH]WLIPPF]QIERWSJJPI\MFPIQSYRXMRKWERHWIGYVIHXS
XLIVMKMHE\PIF]X[SPIZIVWEXXLIIRH9LMWWSPYXMSRQEOIWMXTSWWMFPIXSVIHYGIXLIVSPPIJJIGXSJXLIFSH]WLIPPEXXLIWEQIXMQIKYEVERXIIMRKMQTVSZIHVSEHLSPHMRK
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.437IEVWYWTIRWMSR
XLIYWISJPIEZIW[MXLWTIGMJMGXETIVMRKQEOIWMXTSWWMFPIXSVIEGLLMKLIVJPI\MFMPMX]ZEPYIWJSVXLIPIEZIW QOKGSQTEVIH[MXLXLSWIJSVXLIZERZIVWMSR QOK
XLIYWISJEWPMHMRKX]TIJVSRXFYWLMRWXIEHSJXLIXVEHMXMSREPX]TIQEOMRKMXTSWWMFPIXSVIHYGIXLIIJJIGXWSJVIFSYRHERHFYQTMRK
)+CCCCCCCCC+-CCC9.+
7IEVE\PI1IEJ8LSGOEFWSVFIV8LEGOPI
+VSRXWYTTSVX JM\IHXSFSH]WLIPP7IEVWYTTSVX JM\IHXSFSH]WLIPP&RXMVSPPFEV 5ERSVEQEZIVWMSRWSRP]
9LIVMKMHE\PIWSPYXMSRHSIWRSXEPPS[JSVEHNYWXQIRXWSJXLI[LIIPKISQIXV] GEQFIVGEWXIVXSIMR MJ[LMPWXGLIGOMRKXLIVIGSQQIRHIHJMKYVIWERHXLSWIKMZIRFIPS[HSRSXGSVVIWTSRHGLIGOXLIFSH]WLIPPERHXLIE\PIERHMJRIGIWWEV]VITPEGIMX
7IEVE\PIKISQIXV] ;EPYI HIKVIIW
7IEV[LIIPXSIMR ±j
7IEV[LIIPGEQFIV ±°
)*8(7.59.43&3)45*7&9.43&Y\MPMEV]YRMXW
,VSYTMRHI\
,74:5,7&5-.(.3)*=
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+,CCC9.+
8FKVT )IWGVMTXMSR ;EPMHMX]
-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
8GVIIR[EWLIVWERHLIEHPEQT[EWL[MTI
)*8(7.59.43&3)45*7&9.43&Y\MPMEV]YRMXW
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
(43897:(9.43+*&9:7*82&3:&11>45*7&9*)&.7(43).9.43.3,-*&9*7&88*2'1>9LI IZETSVEXSV LIEXIV HMWXVMFYXSV EWWIQFP] VITVIWIRXW XLI QEMR GSQTSRIRX MR XLI QERYEPP] STIVEXIHGPMQEXIGSRXVSPERHLIEXMRKW]WXIQ
)+CCCCCCCCC+-CCC9.+
&4YXWMHIEMVMRXEOI'.RWMHIEMVMRXEOI VIGMVGYPEXMSR((SRXVSPYRMX
))IJVSWXIVEMVZIRXJPET*+VSRXEMVZIRXJPET++SSX[IPPEMVZIRXJPET
9LIJSPPS[MRKGSQTSRIRXWHMWXMRKYMWLXLIGPMQEXIGSRXVSPJVSQXLILIEXIV &RIZETSVEXSV RSXTVIWIRXSRXLILIEXIV *PIGXVSRMGXLIVQSWXEX RSXTVIWIRXSRXLILIEXIV (IRXVEPGSQTVIWWSVEGXMZEXMSR1*) EQFIVSRXLIJERWTIIHGSRXVSP RSXTVIWIRXSRXLILIEXIV (SQTVIWWSVEGXMZEXMSRGSRXVSPSRXLIJERWTIIHGSRXVSP RSXTVIWIRXSRXLILIEXIV
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
-*&9*7(4397418
)+CCCCCCCCC++CCC9.+
&7IGMVGYPEXMSRORSF'&MVHMWXVMFYXMSRORSF
(+ERGSQTVIWWSVORSF)<EVQGSPHEMVQM\IVORSF
8]WXIQJYRGXMSRWEVIGSRXVSPPIHF]XLVIIVSXEV]GSRXVSPWERHSRIPS[IVGIRXVIWPMHMRKGSRXVSPEWMPPYWXVEXIHMRXLIJMKYVI&.7(43).9.43*7(4397418
)+CCCCCCCCC++CCC9.+
+PI\MFPIGEFPI<EVQGSPHEMVQM\IVORSF+ERGSQTVIWWSVORSF7IGMVGYPEXMSRORSF
&MVHMWXVMFYXMSRORSF&MVGSRHMXMSRIVW]QFSP&MVGSRHMXMSRIVEGXMZEXMSR1*)
9LIGSRXVSPWJSVXLIEMVXIQTIVEXYVI EMVHMWXVMFYXMSR ERHEMVVIGMVGYPEXMSR EVIGSRRIGXIHXSXLIJPETWZMEJPI\MFPIGEFPIW9LIGIRXVEPJERWTIIHGSRXVSP MWERIPIGXVMGEPHIZMGI[MXLEWPMHMRKGSRXEGX
5VIWWYVIQYWXFII\IVXIHSRXLIEMVWTIIHGSRXVSP XSW[MXGLXLIGSQTVIWWSVSRERHSJJ
4RXLIEMVGSRHMXMSRIHZIVWMSREPSRIXLIEMVWTIIHGSRXVSP MRGSVTSVEXIWEGSQTVIWWSVGSRXVSPERHEGIRXVEPEQFIVGSQTVIWWSVEGXMZEXMSR1*)
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
&PPXLIGSRXVSPWEVIPSGEXIHMRXLIIVKSRSQMGEPP]HIWMKRIHGIRXVIGSRWSPIMRGSVTSVEXIHMRXLIHEWLFSEVHERHXLI]EVIYWIHVIWTIGXMZIP]XSEHNYWXXLI &MVXIQTIVEXYVI F]FPIRHMRK[EVQERHGSPHEMV +ERWTIIH ZMEXLIJSYVWTIIHJER &MVHMWXVMFYXMSR XLMWGSRXVSPMWHIWMKRIHXSEPPS[XLIEMVMRXVSHYGIHMRXSXLIZILMGPIXSVIEGLEPPEVIEW
SJXLITEWWIRKIVGSQTEVXQIRXZMEWTIGMEPZIRXWXLEXEVITVIWIRXMRWSQISYXJMXWERHEFWIRXMRSXLIVW
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
.JSTIVEXMSRWEVIGEVVMIHSYX[LMGLMRZSPZIVITPEGMRKXLIW]WXIQGSQTSRIRXWGLIGOXLIPWTIGMJMGJPYMH )4MPJSV8(4ERH8(8GSQTVIWWSVWMWTVIWIRXMRXLIUYERXMXMIWMRHMGEXIHFIPS[ERHXSTYTMJRIGIWWEV] )VMIVJMPXIVGGSJSMP 5MTIWGGSJSMPTIVQIXVI *ZETSVEXSVGGSJSMP (SRHIRWIVGGSJSMP (SQTVIWWSVGGGGSJSMP UYERXMX]JSVXLIIRXMVIEMVGSRHMXMSRMRKW]WXIQ
5SYVXLIGSQTVIWWSVJPYMH[LMGLWLSYPHFIGLERKIHMRXSXIWXXYFI&7ITIEXXLIWEQISTIVEXMSRJSVXLIRI[GSQTVIWWSVTSYVMRKXLIJPYMHMRXSXIWXXYFI'.RXVSHYGIXLIWEQIUYERXMX]SJJPYMHMRXSXLIRI[GSQTVIWWSVEW[EWVIQSZIHJVSQXLISPHSRI XIWXXYFI&XEOMRKMXJVSQXIWXXYFI'
)+CCCCCCCCC+&CCC9.+
&6YERXMX]SJSMPMRXLISPHGSQTVIWWSV '6YERXMX]SJRI[GSQTVIWWSVJPYMH**\GIWWUYERXMX]SJSMP EPVIEH]GSRXEMRIHMRXLIW]WXIQ
9LIUYERXMX]SJ7EKEWVIUYMVIHJSVXLMWW]WXIQMWKVEQW
.JSRP]XLIGSQTVIWWSVMWFIMRKVITPEGIHGEVV]SYXXLITVSGIHYVIHIWGVMFIHFIPS[
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
(4257*8847
9LIGSQTVIWWSVTIVJSVQWXLIJSPPS[MRKJYRGXMSRW &PPS[WGSSPERXXSGMVGYPEXIXLVSYKLXLIGPMQEXIGSRXVSPW]WXIQ .RGVIEWIWGSSPERXTVIWWYVI .RGVIEWIWGSSPERXXIQTIVEXYVI
9LIGPMQEXIGSRXVSPW]WXIQQE]FIJMXXIH[MXLXLIJSPPS[MRKGSQTVIWWSVW 8(74118([MXLSVFMXEPGSMP ;+.7* 8(74118(8[MXLSVFMXEPGSMP )MIWIP9LIWIGSQTVIWWSVWGSRWMWXSJE JM\IHWGVSPP [LMGL MWER MRXIKVEPTEVXSJ XLIGSQTVIWWSVGEWMRKERHEQSZMRKWGVSPP 9LIQSZMRKWGVSPPMWQEHIXSVIZSPZIF]EGEQWLEJX GSRRIGXIHXSXLITYPPI] [LMGLGVIEXIWEGLEQFIV[LSWIZSPYQIMWVIHYGIHHYVMRKXLISVFMXMRKQSXMSR
)+CCCCCCCCC+-CCC9.+
+M\IHWGVSPP GEWMRK4VFMXMRKWGVSPP(EQWLEJX(EQWLEJXWIEP
,YEVH(SQTVIWWSVIPIGXVMGEPWYTTP]GSRRIGXMSR'EPERGMRKQEWW5YPPI]
9LIEHSTXMSRSJXLIWIGSQTVIWWSVGSRWMWXMRKSJSRP]X[STEVXWLEWPIHXSXLIJSPPS[MRKEHZERXEKIW 3SKEWOIXWEVIVIUYMVIH 9LIVIEVIRSVEHMEPSVE\MEPPIEOW 1S[GLEVKIPSWWHYIXSXLIEFWIRGISJMRXIVREPTMTIWERHZEPZIW &WXLIWGVSPPW[IEVHS[RXLIWMHIWIEPMWMQTVSZIH 9LIEFWIRGISJZEPZIWORSGOMRKERHTYPWMRKVIHYGIWRSMWI
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
(4257*8847*1*(9742&,3*989LIGSQTVIWWSVIPIGXVSQEKRIXGSYTPMRKWYTTP][MVMRKRS[MRGPYHIWERIPIGXVSQEKIXMGHMSHI)ERHEVIWMWXERGI7 MRWIVMIWXSSRIERSXLIVERHMRTEVEPPIPXSXLIIPIGXVSQEKRIXMRSVHIVXSIPMQMREXIKIRIVEXIHIPIGXVSQEKRIXMGMRXIVJIVIRGI
)+CCCCCCCCC+&CCC9.+
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
)+CCCCCCCCC+*CCC9.+
&4MP'4MP(4MPVIXYVRTSVX
)(SRRIGXSV=8EJIX]ZEPZI
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
*=5&38.43;&1;*9LIHMEKVEQFIPS[WLS[WEWIGXMSRSJXLII\TERWMSRZEPZIERHMHIRXMJMIWXLIQEMRGSQTSRIRXW
)+CCCCCCCCC+(CCC9.+
*ZETSVEXSVJPYMHSYXPIXTSVX-IEXWIRWMXMZIIPIQIRX9SXLIGSQTVIWWSVMRPIXGSRRIGXSV5VIWWYVMWIHJPYMH(SYRXIVWTVMRK'EPPERHGEPMFVEXIHTSVX*\TERHIHJPYMH EXIZETSVEXSVMRXEOIGSRRIGXSV
;EPZIGEWMRK7SH(9SGSQTVIWWSV*M*ZETSVEXSVMRTYX*Y*ZETSVEXSVSYXPIX+9SHVMIVJMPXIV
9LMWZEPZITIVJSVQWXLIJSPPS[MRKJYRGXMSRW 8ITEVEXIWXLILMKLTVIWWYVIGMVGYMXJVSQXLIPS[TVIWWYVIGMVGYMX *\TERHWXLIGSSPERX GLERKIJVSQPMUYMHWXEXIXSKEWISYWWXEXI 7IKYPEXIWXLIIZETSVEXMSRTVSGIWW JPS[VEXI 7IKYPEXIWIZETSVEXMSRXIQTIVEXYVI 5VSXIGXWXLIGSQTVIWWSVJVSQXLIGSSPERX9LII\TERWMSRZEPZIGSRXVSPWXLIJPS[SJJPYMHXSXLIIZETSVEXSVXSEGLMIZIQE\MQYQW]WXIQGSSPMRKTS[IV+PYMHJPS[ERHTVIWWYVIEVIQSHYPEXIHEWGSQTVIWWSVVSXEXMRKWTIIHEVIEPXIVIH
9LMWX]TISJZEPZILEWX[SHMJJIVIRXVSYXIWJSVXLIGSSPERX &PS[IVVSYXIEPPS[WXLIIRXV]SJJPYMHYRHIVLMKLTVIWWYVIMRXLIPMUYMHWXEXIJVSQJMPXIV +.XGSRXEMRWVSH
HVMZIRF]LIEXWIRWMXMZIIPIQIRX GSYRXIVWTVMRK ERHEFEPPZEPZILSYWIHMRXLIGEPMFVEXIHTSVX &RYTTIVVSYXIEPPS[WJYIPXSVIXYVRJVSQXLIIZETSVEXSV[LIVIMXVIEGLIWGSQTVIWWSV (MRXLIKEWISYW
WXEXIYRHIVPS[TVIWWYVI.XGSRXEMRWLIEXWIRWMXMZIWIRWSV [LMGLMWGSRRIGXIHEXSRIWMHIXSXLIYTTIVTEVXSJXLIHMETLVEKQMRXLIGETWYPIERHXSXLILSYWMRKSJFEPP SRXLISXLIVMRXEOIWMHI
9LMWZEPZITIVJSVQWXLVIIHMJJIVIRXJYRGXMSRWMRXLIW]WXIQ (SRXVSPWGSSPERXJPS[ 8XEFMPMWIWIZETSVEXMSRXIQTIVEXYVI (SRXVSPWSZIVLIEXMRK
(SRXVSPSJGSSPERXJPS[9LIJPS[VEXIGSRXVSPJYRGXMSRMWI\IVXIHXLVSYKLXLIQSZIQIRXSJXLIFEPP GSRRIGXIHZMEXLIVSH XSXLIXLIVQSWXEXMGWIRWSV 'EPPEGXMSRMWGSYRXIVIHF]WTVMRK 9LITSWMXMSRSJFEPP HITIRHWSRTVIWWYVIHMJJIVIRGIWEGXMRKSREHMETLVEKQPSGEXIHMRWMHIWIRWSV 9LMWMRXYVRHITIRHWSRIZETSVEXSVJPYMHSYXPIXXIQTIVEXYVI-MKLSYXPIXXIQTIVEXYVIWJVSQIZETSVEXSV GSVVIWTSRHMRKXSLMKLLIEXHMWWMTEXMSRPIZIPWMRGVIEWITVIWWYVIMRWMHIXLIVQSWXEXMGWIRWSV XLMWFVMRKWEFSYXQSZIQIRXMRVSH ERHGSRRIGXIHFEPP XSMRGVIEWITEWWEKIGVSWWWIGXMSRERHXLYWMRGVIEWIW]WXIQJPS[
)*8(7.59.43&3)45*7&9.43-IEXMRKZIRXMPEXMSRQMWGIPPERISYW
9LISTTSWMXIXEOIWTPEGI[LIRXLISYXPIXXIQTIVEXYVIEXIZETSVEXSV MWPS[
8XEFMPMWEXMSRSJIZETSVEXMSRXIQTIVEXYVI*ZETSVEXMSRTVIWWYVIMWWXEFMPMWIHEGGSVHMRKXSXLIXIQTIVEXYVIHMJJIVIRGIFIX[IIRIZETSVEXSVMRPIXERHSYXPIXEWJSPPS[WXLIPS[IVTEVXSJXLIHMETLVEKQMWWIRWMXMZIXSXLIXIQTIVEXYVISJGSSPERXEXXLIIZETSVEXSVMRPIXHYIXSETSVXXLEXPMROWXLIMRPIXXSXLIZEPZISYXPIXHS[RWXVIEQSJXLIGEPMFVEXIHTSVX[LMPIXLIYTTIVTEVXMWWIRWMXMZIXSXLIIZETSVEXSVSYXPIXXIQTIVEXYVI5VIWWYVIGLERKIWFIX[IIRIZETSVEXSVMRPIXERHSYXPIXMQTSWIXIQTIVEXYVIGLERKIWXLEXEGXEKEMRWXXLIHMVIGXMSRSJVSH ERHGSRRIGXIHFEPP XLYWLIPTMRKXSHEQTJPYGXYEXMSRW
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)+CCCCCCCCC+&CCC9.+
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)+CCCCCCCCC+'CCC9.+
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9LI'SH](SQTYXIV3SHIV 3'(MWQIGLERMGEPP]JEWXIRIHXSXLIWIGSRHIPIGXVSQIGLERMGEPNYRGXMSRYRMXERHFSXLEVIPSGEXIHYRHIVXLIHEWLFSEVHGSZIVSRXLIHVMZIVWWMHI9LI3'(QEREKIWEWIVMIWSJJYRGXMSRWERHGSRXVSPWVIPEXMRKXSWIZIVEPHIZMGIW 7IEVWMHIPMKLXW 5EVOMRKPMKLXW ;ILMGPIFVEOIPMKLXW I\GITXXLIXLMVHFVEOIPMKLX 7IEVJSKPEQTW +SKPMKLXW VIPE]SRP] )MQHMTPMKLXVIPE] -IEXIHVIEV[MRHWGVIIRXMQIV ERHJEYPXHMEKRSWMW 9YVRWMKREPGSRXVSPERH[EVRMRKPMKLXWSRXLIMRWXVYQIRXTERIP )SSVPSGOVIPIEWIGSRXVSP
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)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
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7IEVGSRRIGXSV
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)+CCCCCC&CC+'CCC9.+
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)+CCCCCC&CC+*CCC9.+
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+YIPPIZIPWMKREPHS[RPSEH
9LI3'(HS[RPSEHWEVIEHMRKJVSQXLIJYIPPIZIPKEYKI (.1(ZMEEHIHMGEXIHMRTYX9LIQMGVSTVSGIWWSVEPPS[WXLIHEXEXSFITVSGIWWIHERHGSRZIVXWMXWSXLEXMXGERFIWIRXXSXLI(&3RIX[SVOJSVXLIYWIF]XLI368 ERH *RKMRI 2EREKIQIRX (SRXVSP :RMX ((2 3SHIW 9[S VIJIVIRGI ZEPYIW GER FI WIX MR XLITVSKVEQQI (YVZI&"PMXVIW (YVZI'"IVVSV
;ILMGPIWTIIHWMKREPHS[RPSEH
9LIZILMGPIWTIIHWMKREPMWEGUYMVIHF]GSRZIVXMRKXLIWMKREPWGSQMRKJVSQXLI WTIIHSQIXIVMQTYPWIKIRIVEXSVSRXLIHMJJIVIRXMEP 8MKREPSFXEMRIHF]EZIVEKMRKWMKREPWJVSQ&'8WIRWSVW9LIQMGVSTVSGIWWSVXSKIXLIV[MXLETVSKVEQQIMRWMHIXLI3'(HIZMGIQEOIWMXTSWWMFPIXSGSRZIVXXLI[LIIPMQTYPWIWMRXSENSYVRI]VIEHMRKI\TVIWWIHEW0QLSYV9LMWHEXEMWQIQSVM^IHERHWIRXXSXLI(&3RIX[SVOJSVYWIF]XLI368ERH*RKMRI2EREKIQIRX(SRXVSP:RMX ((23SHIW
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
)+CCCCCC&CC+*CCC9.+
8TIIHSQIXIVMQTYPWIKIRIVEXSVWTIIHWMKREP&'8WTIIHWMKREP'SH](SQTYXIVRSHI;ILMGPIWTIIHTPEYWMFMPMX]GLIGO;ILMGPIWTIIHSVWTIIHIVVSVWXEXYW2MPISQIXIVZEPYIHMWXERGIXVEZIPPIH
*RKMRI2EREKIQIRX(SRXVSP:RMX.RWXVYQIRXTERIPGSRRIGXSV&ZEMPEFMPMX]SJWTIIHSQIXIVWMKREPSR3682MPISQIXIVWTIIHSQIXIVVIEHMRK(EVWTIIHSVIVVSVWXEXYWJSV377
9YVRWMKREPGLIGO9LI3'(GSRXVSPYRMXEGXMZEXIWERHGLIGOWXLITS[IVYTXEOISJXYVRWMKREPFYPFW9LIGLIGOEPWSI\XIRHWXSXLIVIPE]JIIHXLIGSRXVSPYRMXMWGETEFPISJWIRHMRKXLIWMKREPJSVETSWWMFPIJEYPXZMEXLI(&3PMRIXSFIYWIHF]XLI368PMKLXWJEMPYVIVIEHMRK
.XWLSYPHFIVIQIQFIVIHXLEXMJXLIMRWXVYQIRXTERIPMWFIMRKVITPEGIHXLI368XSXEPOMPSQIXVIWQMPIWWLSYPH349FIYTHEXIHMJXLI3689SXEP0QQMPIZEPYIMWLMKLIVXLERXLI9SXEPOQQMPIZEPYIQIQSVM^IHMRXLI3'(ERHSV((29LI9SXEP0QQMPIQIQSV]MWMRXLIFSH]GSQTYXIVERHXLIMRWXVYQIRXTERIP
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
9VMTGSQTYXIV9VMTGSQTYXIVHEXEJPS[
)+CCCCCC&CC+*CCC9.+
*RKMRIQEREKIQIRX*(:'SH]GSQTYXIVGSRRIGXSV)MWXERGIXVEZIPPIHGSYRXIHF]XLI3'(+YIPGSRWYQTXMSR
+YIPKEYKIERHWIRWSVJEYPX)MWXERGIGSZIVIH.RWXVYQIRXTERIPGSRRIGXSV7IEHMRKHMWTPE]
4TIVEXMRKFILEZMSYV
9LIXVMTGSQTYXIVMWEJYRGXMSRSJXLI368[LMGLQEOIWMXTSWWMFPIXSHMWTPE]XLIJSPPS[MRKMRJSVQEXMSR 9VMTQMPIEKI 9SXEPQMPIEKI &ZIVEKIWTIIH /SYVRI]XMQI &ZIVEKIJYIPGSRWYQTXMSR
9LIWIZEPYIWEVIGEPGYPEXIHYWMRKMRJSVQEXMSRVIGIMZIHF]XLI3'( 'SH](SQTYXIVWYGLEWJSVI\EQTPI )MWXERGIGSZIVIHEXXLIXMQI +YIPPIZIP SJEJYPPXERO 9EROGETEGMX]
9LI*RKMRI2EREKIQIRX(SRXVSP:RMXGSQTYXIWXLIJSPPS[MRK .RWXERXERISYWJYIPGSRWYQTXMSR MRPMXVIWLSYV /SYVRI]XMQIGSYRXIHF]ERMRXIVREPGPSGO
)SSVPSGOVIPIEWI4TIVEXMRKWXVEXIKMIW
9LIGSRXVSPYRMXGSRXVSPW XLIWMQYPXERISYWSTIVEXMSRSJ XLI PSGOQSXSVWSR X[SSVEPP JSYVHSSVWYTSREGSQQERH +VSQXLIOI] +VSQXLIJVSRXHSSVW[MXGLIW ORSFW +VSQXLIVIQSXIGSRXVSP9LIGSRXVSPYRMXQSRMXSVWPSGOWXEXYWF]QIERWSJWMKREPWVIGIMZIHJVSQW[MXGLIWPSGEXIHSRXLIJSYVPSGOW XLIWIWMKREPWEVIEPWSYWIHXSXMQIXLIPMKLXMRK&PSGOGSQQERHMWMWWYIHSRP][LIREPPHSSVWEVITVSTIVP]GPSWIHERHXLIJVSRXPSGOWEVIVIPIEWIH(SRZIVWIP]EVIPIEWIGSQQERHMWMWWYIHSRP][LIRXLIJVSRXGEXGLIWEVIPSGOIH
9LIGSRXVSPYRMXEPWSGEVVMIWSYXEWIVMIWSJWEJIX]GLIGOW 8[MXGLTSWMXMSRMWGLIGOIHEXXLIIRHSJIEGLSTIVEXMSR.JXLMWTSWMXMSRHSIWRSXEKVII[MXLXLIEGXMSR
GEVVMIHSYX IKMJEHSSVMWSTIREVITYPWMSRGSQQERHMWMWWYIHMIXLISTTSWMXIQERSIYZVIMWGEVVMIHSYXXSVIEPMKREPPXLIPSGOW
.JXLIGSRXVSPYRMXHIXIGXWXSSQER]GSQTPIXIGSRWIGYXMZIPSGOVIPIEWIQERSIYZVIWEXPIEWX[MXLMRWIGSRHWXLIW]WXIQGYXWMRXSPMQMXXLIQERSIYZVIWXLIW]WXIQMWMRLMFMXIHMRVIPIEWITSWMXMSRJSVWIGSRHW
.JFEXXIV]ZSPXEKIHVSTWFIPS[;HYVMRKEPSGOVIPIEWISTIVEXMSRXLIW]WXIQWYWTIRHWXLISTIVEXMSR.JFEXXIV]ZSPXEKIMWPS[IVXLER;EXXLISYXWIXRSGSQQERHMWMWWYIH
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
7IQSXIGSRXVSP&VEHMSXVERWQMXXIVMWFYMPXMRXSXLIOI]KVMT[LMGLMWWIEPIH
).&,348.8
8TIGMJMGEXMSRW9LI3'(GSRXVSPYRMXMWGSRRIGXIHXSXLI(&3ZME[LMGLMXGSQQYRMGEXIW[MXLXLI*\EQMRIV*\EQMRIV5PYW.RXLMW[E]EPPVIEHMRKWERHJEYPXWGERFIQEHIEZEMPEFPIXSXLIXIWXIV
9LI3'(GSRXVSPYRMXGLIGOW <LIXLIVXLIW[MXGLGMVGYMXMWEGXMZEXIHSVRSX <LIXLIVXLIVIMWEWLSVXGMVGYMXSVSTIRGMVGYMX <LIXLIVMRGSVVIGXFYPFWLEZIFIIRJMXXIH <MRWXIEHSJ<ERHZMGIZIVWE
9LMWPEWXGLIGOMWGEVVMIHSYXJSVXLIJSPPS[MRKJYRGXMSRW 7IEVJSKPEQTW 7IEVWMHIPMKLXW )MVIGXMSRMRHMGEXSVW ;ILMGPIFVEOIPMKLXW
+MXXMRKMRGSVVIGXTS[IVFYPFWMWWLS[RF]XLIHMEKRSWXMGIUYMTQIRXEXXLI(&3RIX[SVOMRXLIJSPPS[MRK[E] 8-479(.7(:.9MJE<FYPFMWJMXXIHMRTPEGISJE<SRI 45*3(.7(:.9MJE<FYPFMWJMXXIHMRTPEGISJE<SRI
3IX[SVO
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
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
2:19.5:7548*(42543*398
14(&9.434+(42543*39843;*-.(1*9LIPSGEXMSRSJXLIGSQTSRIRXWMWMPPYWXVEXIHMRXLIHMEKVEQFIPS[
)+CCCCCC&CC+,CCC9.+
*RKMRIGSQTEVXQIRXWMHINYRGXMSRYRMX ' 5EWWIRKIVGSQTEVXQIRXWMHINYRGXMSRYRMX '(SRXVSPTERIP
*3,.3*(425&792*398.)*/:3(9.43:3.9 '
;.*<84+/:3(9.43:3.9+VSRXERHVIEVZMI[SJIRKMRIFE]NYRGXMSRYRMX
)+CCCCCC&CC++CCC9.+
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
5749*(9.;*+:8*80*>
7*1&>0*>
(SQTSRIRX (SPSYV (ETEGMX] & 2SHIP )IWGVMTXMSR
+ 'IMKI 2E\M +EGMEGSRXVSPYRMXTS[IVWYTTP]WXERHEVHJYRGXMSRW
+ &QFIV 2E\M +EGMEGSRXVSPYRMXWYTTP]STXMSREPJYRGXMSRW
+ >IPPS[ 2E\M .KRMXMSRW[MXGL
+ 7IH 2E\M &'8TS[IVWYTTP]
+ 'PYI 2E\M 5VILIEXMRK
+ ,VIIR&QFIV 2E\M 7EHMEXSVJERWMRKPIWTIIH ;ZIVWMSR[MXLLIEXIV+MVWXVEHMEXSVJERWTIIH ;ZIVWMSRW[MXLQERYEPGPMQEXIGSRXVSP+MVWXVEHMEXSVJERWTIIH ZIVWMSR)
+ &QFIV'PYI 2E\M 8IGSRHVEHMEXSVJERWTIIH ZIVWMSR)
+ ,VIIR 2MRM 5EWWIRKIVGSQTEVXQIRXJER
+ >IPPS[ 2MRM -IEHPEQT[EWLIV JYRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ 1MKLX'PYI 2MRM -SVR
+ 1MKLX'PYI 2MRM +YIPZETSYVVIGMVGYPEXMSRWSPIRSMH8TIIHSQIXIVKIRIVEXSV1EQFHETVSFIW S\]KIRWIRWSVW
+ 7IH 2MRM 7MKLXQEMRFIEQ
+ 7IH 2MRM 1IJXQEMRFIEQ
+ 'VS[R 2MRM *RKMRIQEREKIQIRX*(: MKRMXMSRSTIVEXIH*RKMRIGSSPMRKW]WXIQVIQSXIGSRXVSPW[MXGL*RKMRIGSRXVSPW]WXIQVIPE]
+ 'VS[R 2MRM *RKMRIGSRXVSPYRMX TS[IVWYTTP])MIWIPTYQTWSPIRSMHYRMX )ZIVWMSRW
+ 'VS[R 2MRM *RKMRIGSRXVSPYRMX FEXXIV]
+ 'VS[R 2MRM 2ERYEPGPMQEXIGSRXVSPW]WXIQGSQTVIWWSV
+ >IPPS[ 2MRM -IEXIHHMIWIPJMPXIV
+ 1MKLX'PYI 2MRM *RKMRIWXSTWSPIRSMH )ZIVWMSRW+YIPTYQT
+ >IPPS[ 2MRM .KRMXMSRGSMPW.RNIGXSVW+YIPTYQT ;ZIVWMSR
+ 7IH 2MRM &YXSQEXMGXVERWQMWWMSR +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ 1MKLX'PYI 2MRM +SKPMKLXW
(SQTSRIRX (SPSYV (ETEGMX] & 2SHIP )IWGVMTXMSR
9 'PEGO 2MGVS -MKLFIEQW
9 'PEGO 2MGVS -SVRW
9 'PEGO 2MGVS -MKLFIEQW
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
(433*(9475.34:90*>(SRRIGXSV ETMR
)+CCCCCC&CC+&CCC9.+
&/YRGXMSRYRMXWYTTP]JVSQFEXXIV]TSWMXMZI 2WXYH(SRRIGXSV JTMRGSPSYV FPEGOTYVTPISVFPYITYVTPI
)+CCCCCC&CC+&CCC9.+
&ZEMPEFPI;;9JYIPJMPXIVTS[IVWYTTP]5VIHMWTSWMXMSRJSVVIPE]9GSMPTS[IVWYTTP]&MVGSRHMXMSRIVGSQTVIWWSVTS[IVWYTTP]&MVGSRHMXMSRIVGSQTVIWWSVVIPE]GSRXVSP;;9LIEXIHJMPXIVVIPE]GSMPTS[IVWYTTP]8YTTP]JSV1EQFHETVSFI(ERMWXIVWSPIRSMHZEPZI8TIIHSQIXIVKIRIVEXSV*RKMRIGSRXVSPW]WXIQVIPE]GSMPWYTTP]
IRKMRIQEREKIQIRXGSRXVSPYRMXOI]WIRWSV*RKMRIGSRXVSPW]WXIQVIPE]GSMPTS[IVWYTTP]+YIPTYQTIPIGXVMGEVVIWXVIPE]GSRXVSP*RKMRIGSRXVSPW]WXIQVIPE]GSRXVSP&ZEMPEFPI&ZEMPEFPI&ZEMPEFPI&ZEMPEFPI
9 7IH 2MGVS +MVWXVEHMEXSVJERWTIIH
9 'PEGO 2MGVS -MKLFIEQW
9 7IH 2MGVS (EVMRXIVMSVJER
9 'PEGO 2MGVS -MKLFIEQW
9 'PEGO 2MGVS +YIPTYQTIPIGXVMGEVVIWX
9 'PEGO 2MGVS -MKLFIEQW
9 'PEGO 2MGVS -IEHPEQT[EWLIV +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
9 'PEGO 2MGVS -MKLFIEQW
9 'PEGO 2MGVS &YXSQEXMGXVERWQMWWMSR +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
(SQTSRIRX (SPSYV (ETEGMX] & 2SHIP )IWGVMTXMSR
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
5VIHMWTSWMXMSRJSVTS[IVWYTTP]JVSQVIPE]95S[IVWYTTP]XSMRNIGXSVWGSMPWJYIPTYQT JMVI;IPIGXVSQEKRIXJSVWXEVXIVQSXSV&ZEMPEFPI7EHMEXSVJERWIGSRHWTIIHVIPE]GSRXVSP;;9LIEXIHJMPXIVVIPE]GSRXVSP*RKMRIGSRXVSPYRMXFEXXIV]TSWMXMZITS[IVWYTTP]&ZEMPEFPI
&ZEMPEFPI&ZEMPEFPI&ZEMPEFPI7EHMEXSVJERWMRKPIJMVWXWTIIHVIPE]GSRXVSP+YIPTYQTIPIGXVMGEVVIWXVIPE]GSMPTS[IVWYTTP]+YIPTYQTIPIGXVMGEVVIWXTS[IVWYTTP]*RKMRIGSRXVSPW]WXIQTVMQEV][MRHMRKGLEVKITS[IVWYTTP]*RKMRIGSRXVSPYRMXTS[IVWYTTP]
(SRRIGXSV GTMRGSPSYV FPEGO
)+CCCCCC&CC+&CCC9.+
&7EHMEXSVWIGSRHWTIIHTS[IVWYTTP] '8YTTP]JSVWMRKPIWXEKIXLIVQSWXEXMGW[MXGLJSVVEHMEXSVJER(8MRKPIWXWTIIHVEHMEXSVJERWYTTP]
(SRRIGXSV HTMRGSPSYVFPYI
)+CCCCCC&CC+&CCC9.+
&*PIGXVMGWXIIVMRKGSRXVSPYRMXWYTTP] '&RXMWOMH &'8GSRXVSPYRMXWYTTP](SRRIGXSV ITMRGSPSYVKVI]
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
)+CCCCCC&CC+&CCC9.+
&)EWLFSEVHGSRXVSPYRMXWYTTP] FEWMG')EWLFSEVHGSRXVSPYRMXWYTTP] STXMSREP(SRRIGXSV FTMRGSPSYVFVS[RTYVTPISVKVIIRTYVTPI
)+CCCCCC&CC+&CCC9.+
-IEHPEQT[EWLIVTYQTQSXSVWYTTP] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV5VIHMWTSWMXMSRJSVTVMQEV][MRHMRKGLEVKIW&ZEMPEFPI1IJXJSKPMKLXWYTTP]7MKLXJSKPMKLXWYTTP]-IEHPEQT[EWLIVVIPE]GSRXVSP &ZEMPEFPI&ZEMPEFPI7IZIVWMRKPMKLXTS[IVWYTTP].39&.39&JSVEMVGSRHMXSRIV.39&TS[IVWYTTP]MRTYX2EMRFIEQVIPE]GSRXVSP&ZEMPEFPI&YXSQEXMGXVERWQMWWMSRVIPE]GSMPTS[IVWYTTP] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEVMKRMXMSRW[MXGL WXEVXYTJYIPTYQTWYTTP]
&YXSQEXMGXVERWQMWWMSRVIPE]GSRXVSP +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV&YXSQEXMGXVERWQMWWMSRVIPE]GSRXVSPTS[IVWYTTP] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV&ZEMPEFPI5VIHMWTSWMXMSRJSVTVMQEV][MRHMRKGLEVKI.39-SVRVIPE]GSRXVSP7MKLXQEMRFIEQTS[IVWYTTP]+SKPEQTVIPE]GSRXVSP5VIHMWTSWMXMSRJSVQEMRFIEQTS[IVWYTTP]1IJXQEMRFIEQLIEHPEQTWYTTP]5EWWIRKIVGSQTEVXQIRXJERVIPE]GSMPIEVXL-MKLXSRIX[SXSRILSVRWYTTP]8YTTP]JSVSRIXSRILSVRPS[XSRIX[SXSRILSVR&ZEMPEFPIMKRXMSRW[MXGL OI].KRMXMSRW[MXGLWYTTP];ILMGPIMRXIVMSVJERTS[IVWYTTP]
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
5&88*3,*7(425&792*398.)*/:3(9.43:3.9 '
;.*<84+/:3(9.43:3.9 '+VSRXZMI[SJNYRGXMSRYRMX
)+CCCCCC&CC++CCC9.+
8TEVIJYWIW-SYWMRKJSVGPMT7IEVZMI[SJNYRGXMSRYRMX
)+CCCCCC&CC++CCC9.+
5749*(9.;*+:8*80*>
(SQTSRIRX (SPSYV (ETEGMX] & 2SHIP )IWGVMTXMSR
+ 7IH 2MRM 7MKLXQEMRFIEQ
+ 7IH 2MRM 1IJXHMTTIHFIEQ-IEHPEQTEPMKRQIRXEHNYWXQIRX
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
7*1&>0*>
+ 'VS[R 2MRM 7IZIVWMRKPMKLXTS[IVWYTTP]&MVGSRHMXMSRIVEGXMZEXMSRGSRXVSP5EWWIRKIVGSQTEVXQIRXLIEXIVJERW]WXIQVIPE]-IEHPEQT[EWLIVVIPE] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ 'PYI 2MRM 1MKLXMRKW]WXIQ
+ ,VIIR 2MRM 1IJXVIEVIPIGXVMG[MRHS[ +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ ,VIIR 2MRM 7MKLXVIEVIPIGXVMG[MRHS[ +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ 7IH 2MRM *PIGXVMGWXIIVMRK +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV&YXSQEXMGXVERWQMWWMSRW]WXIQ +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV9VEGXMSRGSRXVSPW[MXGL +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ 'PYI 2MRM 8YF[SSJIVW]WXIQ +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ 7IH 2MRM .RWXVYQIRXTERIPERH[EVRMRKPMKLXW MKRMXMSRSTIVEXIHTS[IVWYTTP]'VEOIPMKLXW9LMVHFVEOIPMKLX WYTTPIQIRXEV]
+ >IPPS[ 2MRM (IRXVEPPSGOMRK
+ 7IH 2MRM 1YKKEKIGSQTEVXQIRX(SYVXIW]PMKLX8IVZMGIW VEHMSQSFMPITLSRILSVRXIWXIVGSRRIGXMSR
+ ,VIIR 2MRM -IEXIHVIEV[MRHWGVIIR
+ 'VS[R 2MRM *PIGXVMGLIEXIHHSSVQMVVSVW
+ 'VS[R 2MRM &'8GSRXVSPYRMX MKRMXMSRSTIVEXIH
+ 'PYI 2MRM <MRHWGVIIRVIEV[MRHS[[EWLIVTYQT<MRWGVIIR[MTIV
+ >IPPS[ 2MRM (MKEVPMKLXIV
+ 'PYI 2MRM -IEXIHWIEX
+ 3EXYVEP 2MRM 8YRVSSJ +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV
+ ,VIIR 2MRM 1IJXJVSRXIPIGXVMG[MRHS[
+ ,VIIR 2MRM 7MKLXJVSRXIPIGXVMG[MRHS[
+ 'VS[R 2MRM 8IVZMGIW VEHMSQSFMPITLSRIJEGMEGSRXVSPPMKLXMRKIPIGXVMGQMVVSVWXVEMPIVLIEXIHWIEXGSRXVSPPMKLXMRK
+ 'VS[R 2MRM &MV'EK
+ 'VS[R 2MRM 3YQFIVTPEXIPMKLXJEGMEWIVZMGIPMKLXMRKTS[IVWYTTP]
+ 1MKLX'PYI 2MRM 7IEVWGVIIR[MTIV
+ 7IH 2MRM -E^EVH[EVRMRKPMKLX9YVRWMKREPW.RWXVYQIRXERH[EVRMRKPMKLXTERIP FEXXIV]TS[IVWYTTP]
(SQTSRIRX (SPSYV (ETEGMX] & 2SHIP )IWGVMTXMSR
9 'PEGO 2MGVS -MKLFIEQW
9 7IH 2MGVS -IEXIHVIEV[MRHWGVIIR
(SQTSRIRX (SPSYV (ETEGMX] & 2SHIP )IWGVMTXMSR
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
(433*(9475.34:90*>(SRRIGXSV HTMRGSPSYV FPEGOTYVTPISVFPYITYVTPI
)+CCCCCC&CC+&CCC9.+
1IJXVIEVIPIGXVMG[MRHS[WYTTP] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV7MKLXVIEVIPIGXVMG[MRHS[WYTTP] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV8YRVSSJTS[IVWYTTP] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV-IEXIHWIEXTS[IVWYTTP]9LMVHFVEOIPMKLXTS[IVWYTTP]'VEOIWMKREPJSVXVEMPIV7IZIVWMRKWMKREP5EWWIRKIVWMHIVIZIVWMRKPMKLXGSRXVSP7IEVWGVIIR[MTIVFVEOI(&3&PMRI TVIHMWTSWMXMSRJSVVIEVEKKVIKEXIW5S[IVWYTTP]JVSQJYWI+ TVIHMWTSWMXMSR5S[IVTSMRX8YF[SSJIVTS[IVWYTTP] +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV5S[IVTSMRX-IEXIHVIEV[MRHS[TS[IVWYTTP])SSVPSGOGSRXVSP7MKLXJVSRXIPIGXVMG[MRHS[TS[IVWYTTP] TVIHMWTSWMXMSR
)SSVVIPIEWIGSRXVSP*PIGXVMG[MRHS[GSRXVSPERHPMKLXMRKTS[IVWYTTP]7IEV[MTIVQSXSVTS[IVWYTTP]-IEXIHWIEXGSRXVSPPMKLXMRK8IEXFIPX[EVRMRKPMKLXGSRXVSPTVIHMWTSWMXMSR5VIHMWTSWMXMSRJSVVEMRWIRWSVWYTTP]JVSQ+ERHTS[IVTSMRXJSVEJXIVQEVOIX8[MXGLJSVXVEMPIV3YQFIVTPEXIPMKLXTS[IVWYTTP] TVIHMWTSWMXMSR3YQFIVTPEXIPMKLXTS[IVWYTTP]1MKLXTS[IVWYTTP] TVIHMWTSWMXMSR(&3'PMRI TVIHMWTSWMXMSRJSVEKKVIKEXIWEXVIEV&ZEMPEFPI1IJXJVSRXIPIGXVMG[MRHS[TS[IVWYTTP] TVIHMWTSWMXMSR1IJXERHVMKLXLIEXIHQMVVSV+YIPTYQTTS[IVWYTTP]
(SRRIGXSV ETMRGSPSYV FVS[RTYVTPISVFPYITYVTPI
)+CCCCCC&CC+&CCC9.+
1IJXERHVMKLXLIEHPEQTEPMKRQIRXGSVVIGXSVGSRXVSPWMKREP
1IJXERHVMKLXLIEHPEQTEPMKRQIRXGSVVIGXSVWQSXSVTS[IVWYTTP]
9 'PEGO 2MGVS 'EWMGOI]HMWGLEVKI
9 'PEGO 2E\M 459OI]HMWGLEVKI
(SQTSRIRX (SPSYV (ETEGMX] & 2SHIP )IWGVMTXMSR
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
1IJXHMTTIHFIEQTS[IVWYTTP]&YXSQEXMGXVERWQMWWMSR9)8JPYMHPIZIP +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV(MX]3SVQEPIPIGXVMGWXIIVMRKGSRXVSP +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV9)8JPYMHPIZIP +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV.RX&JSVVIPE]GSMPW7IZIVWIGSRXVSPWMKREP+YIPTYQTWYTTP]<MRHWGVIIR[MTIVX[S[E]TYQTTS[IVWYTTP]8[MXGLJSV&'8
7MKLXHMTTIHFIEQTS[IVWYTTP]PMKLXWJSVLIEXIVEMVGSRHMXMSRIVW]WXIQFVEOIPMKLXW[MXGLTS[IVWYTTP]FVEOIPMKLXGSRXVSPWMKREPFVEOIWMKREPJSV&'88[MXGLJSV+SVIPIGXVMGWXIIVMRK +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV8[MXGLJSV9VEGXMSR(SRXVSP +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV&YXSQEXMGXVERWQMWWMSR +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV1IJXERHVMKLXLIEHPEQTGSVVIGXSVIEVXL
(SRRIGXSV FTMRGSPSYV FPYI
)+CCCCCC&CC+&CCC9.+
&'EXXIV]TSWMXMZIJSVWIVZMGIW TVIHMWTSWMXMSR'&ZEMPEFPI(SRRIGXSV GTMRGSPSYV KVI]
)+CCCCCC&CC+&CCC9.+
&'EXXIV]TSWMXMZIJSVFEWMGHEWLFSEVHGSRXVSPYRMX''EXXIV]TSWMXMZIJSVSTXMSREPHEWLFSEVHGSRXVSPYRMX
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
(SRRIGXSV ITMRGSPSYV KVIIRTYVTPISVFPEGOTYVTPI
)+CCCCCC&CC+&CCC9.+
8[MXGLJSV&JVSQMKRMXMSRW[MXGL5EVOMRKPMKLXWGSRXVSPWMKREPJVSQMKRMXMSRW[MXGL8[MXGLJSVJSVVEHMS8[MXGLJSVJSVVEHMSTLSRI TVIHMWTSWMXMSR(&3'VEHMS8[MXGLJSV&MV'EK7EHMSERHVEHMSQIQSV]WYTTP]7EHMSVEHMSTLSRITS[IVWYTTP]5S[IVWYTTP]JSVGMKEVPMKLXIV+EGMEGSRXVSPYRMXTS[IVIEVXL8[MXGLJVSQMKRMXMSRW[MXGL
VEHMSVEHMSTLSRIPMKLXMRK(MKEVPMKLXIVPMKLXMRK.RX&TVSXIGXIHF]+ TVIHMWTSWMXMSR9)8IRKMRISMPPIZIP +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV(MX]3SVQEPIPIGXVMGWXIIVMRKGSRXVSP +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV7EHMS(ER&3SXEZEMPEFPI7MKLXJVSRXIPIGXVMG[MRHS[TS[IVWYTTP]1IJXJVSRXIPIGXVMG[MRHS[TS[IVWYTTP]
(SRRIGXSV JTMRGSPSYV FPEGO
)+CCCCCC&CC+&CCC9.+
&YXSQEXMGXVERWQMWWMSRJPYMHPIZIPWIVMEPPMRI +YRGXMSRRSXMQTPIQIRXIHSRXLMWGEV8[MXGLJVSQ+ TVIHMWTSWMXMSR3SXEZEMPEFPI3SXEZEMPEFPI5VIHMWTSWMXMSRJSVWIEXFIPX[EVRMRKPMKLXJSVMRWXVYQIRXTERIPRSHI
3SXEZEMPEFPI3SXEZEMPEFPI5VIHMWTSWMXMSRJSVLIEHPEQTEPMKRQIRXGSVVIGXSVPMKLXMRK5VIHMWTSWMXMSRJSVPMKLXMRK
(SRRIGXSV KTMRGSPSYV TYVTPI
)+CCCCCC&CC+&CCC9.+
5VIHMWTSWMXMSRJSVLIEHPEQTEPMKRQIRXIEVXL7IEVWGVIIR[MTIVGSRXVSP8[MXGLJSVGSRXVSPTERIPPMKLXWWMKREPJVSQWXIIVMRKGSPYQRW[MXGLYRMX-IEHPEQTEPMKRQIRXGSVVIGXSVTS[IVWYTTP]MRMRWXVYQIRXTERIP
7IEVWGVIIR[MTIVFVEOI1MKLXW]WXIQWYTTP]7IEVWGVIIR[MTIVWYTTP]-IEHPEQTEPMKRQIRXGSVVIGXSVGSRXVSPWMKREP
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
(SRRIGXSV \TMR
)+CCCCCC&CC+&CCC9.+
)SSVPSGOTS[IVWYTTP]'VEOIPMKLXWMKREP7IZIVWMRKGSRXVSPWMKREP3SXEZEMPEFPI(ER'-IEXIHVIEV[MRHWGVIIRVIPE]GSMPGSRXVSP(ER&)MTTIHFIEQVIPE]GSMPGSRXVSP8[MXGLJSVJSVFSH]GSQTYXIV)SSVPSGOGSRXVSP)SSVVIPIEWIGSRXVSP1MKLXMRKW]WXIQTS[IVWYTTP]
8[MXGLTVSXIGXIHJSVMRWXVYQIRXTERIPRSHI4TXMSREPWIVZMGIWVIPE]GSMPSTIVEXMSR3YQFIVTPEXIPMKLXWERHMRXIVMSVPMKLXMRKTS[IVWYTTP]3SXEZEMPEFPI8IVZMGIWTS[IVWYTTP]'SH]GSQTYXIVTS[IVWYTTP] MQQSFMPM^IV(&3WMHIPMKLXWVIEVJSKPEQT5VSXIGXIHWYTTP]JSVHMVIGXMSRMRHMGEXSVWLE^EVH[EVRMRKPMKLXWMRWXVYQIRXTERIPRSHI)SSVPSGOIEVXL
(4397415&3*1
14(&9.434+(4397415&3*19LIJSPPS[MRKJMKYVIWLS[WXLIPSGEXMSRSJXLIGSRXVSPTERIP
)+CCCCCC&CC+,CCC9.+
(SRXVSPTERIP
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
85*(.+.(&9.438
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
(42548.9.43
897:(9:7*9LIJSPPS[MRKJMKYVIWLS[WGSRXVSPTERIPGSRJMKYVEXMSRJSVXLIZEVMSYWSYXJMXWERHEPWSMRHMZMHYEPOI]JYRGXMSRW
)+CCCCCC&CC+,CCC9.+
&'EWMGZIVWMSRTERIP')IPY\IZIVWMSRTERIP-E^EVH[EVRMRKPMKLXW1IJXJVSRXIPIGXVMG[MRHS[7MKLXJVSRXIPIGXVMG[MRHS[+SKPMKLXW
7IEVJSKPEQT5PYK-IEXIHVIEV[MRHS[<LIVIVIUYMVIHXLMWW[MXGLSTIVEXIWEPWSSVSRP] IKJERXLIHSSVQMVVSVHIQMWXIV
+:3(9.438 '&8* )*1:=*
-IEXIHVIEV[MRHWGVIIRSTIVEXMSR = =
7IEVJSKPEQTGSRXVSP = =
-E^EVH[EVRMRKPMKLXWGSRXVSP = =
)VMZIVWIPIGXVMG[MRHS[VIQSXIGSRXVSPW[MXGL[MXLMHISKVEQPMKLX =
5EWWIRKIVIPIGXVMG[MRHS[VIQSXIGSRXVSPW[MXGL[MXLMHISKVEQPMKLX =
-E^EVH[EVRMRKPMKLX[EVRMRKPMKLX = =
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
'EWMGTERIP JSVZIVWMSRW[MXLQIGLERMGEPP]STIVEXIH[MRHS[W7IEVZMI[SJFEWMGTERIP
)+CCCCCC&CC+'CCC9.+
(433*(947&5.34:9
)+CCCCCC&CC+&CCC9.+
1IJXIPIGXVMG[MRHS[WYTTP]1IJXIPIGXVMG[MRHS[GSRXVSPYRMXIEVXL1IJXIPIGXVMG[MRHS[VEMWIGSQQERH1IJXIPIGXVMG[MRHS[PS[IVGSQQERH
7MKLXIPIGXVMG[MRHS[PS[IVGSQQERH7MKLXIPIGXVMG[MRHS[VEMWIGSQQERH7MKLX[MRHS[TS[IVWYTTP]7MKLXIPIGXVMG[MRHS[IEVXL
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
(433*(947'5.34:9
)+CCCCCC&CC+'CCC9.+
-E^EVH[EVRMRKPMKLXPIH[EVRMRKPMKLXW-IEXIHVIEV[MRHWGVIIRSTIVEXMSR3SXGSRRIGXIH7IEVJSKPEQTWGSRXVSP-E^EVH[EVRMRKPMKLXWGSRXVSP5ERIPPIHTS[IVWYTTP](SRXVSPTERIPIEVXL3SXGSRRIGXIH3SXGSRRIGXIH
3SXGSRRIGXIH3SXGSRRIGXIH3SXGSRRIGXIH3SXGSRRIGXIH3SXGSRRIGXIH3SXGSRRIGXIH+SKPMKLXWGSRXVSP3SXGSRRIGXIH3SXGSRRIGXIH
)4472.7747&)/:892*398<.9(-
)*8(7.59.439LIW[MXGLEPPS[WXLIYWIVXSEHNYWXXLIPIJXERHVMKLXHSSVQMVVSVWIPIGXVMGEPP]JVSQXLIHVMZIVWWIEX
.XGSRWMWXWSJ 8IPIGXSVW[MXGLJSVEHNYWXMRKQMVVSVMRFSXLHMVIGXMSRW (YVWSVJSVWIPIGXMRKQMVVSVXSFIEHNYWXIH
)+CCCCCC&CC+*CCC9.+
&7IEVZMI[ GSRRIGXSVEXXEGLQIRX'8MHIZMI[
2MVVSVEHNYWXQIRXGSRXVSPW[MXGL(YVWSVJSVWIPIGXMRKQMVVSVXSFIEHNYWXIH
)*8(7.59.43&3)45*7&9.43.RWXVYQIRXKYEKIIPIGXVMGEP[MVMRK
<.7.3,).&,7&2&3)5.34:99LIJSPPS[MRKHMEKVEQWLS[WXLIMRXIVREP[MVMRKHMEKVEQJSVXLIMRXIVMSVQMVVSVEHNYWXQIRXW[MXGLERHXLITMRSYX
)+CCCCCC&CC+,CCC9.+
)*8(7.59.43&3)45*7&9.43(YVVIRXKIRIVEXMSRPMKLXMRK
(YVVIRXKIRIVEXMSRPMKLXMRK
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=85*(.+.(&9.438
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC++CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43(YVVIRXKIRIVEXMSRPMKLXMRK
85*(.+.(&9.43889&79.3,&3)7*(-&7.3,
14(&9.434+(42543*39843;*-.(1*9LIJSPPS[MRKJMKYVIWLS[WGSQTSRIRXPSGEXMSR
)+CCCCCCCCC+,CCC9.+
8XEVXIVQSXSV &&PXIVREXSV &'EXXIV] &*PIGXVSRMGQEREKIQIRXGSRXVSPYRMX 2 'SH](SQTYXIV
.KRMXMSRPSGOFEVVIP -/YRGXMSRYRMX '.RWXVYQIRXTERIP *
89&79*724947
85*(.+.(&9.438
+:3(9.438
9LIZILMGPIMWIUYMTTIH[MXLEWXEVXMRKERHVIGLEVKMRKW]WXIQ[LMGLLEWXLIJSPPS[MRKJYRGXMSRW 9LIWXEVXMRKGMVGYMXLEWXLIJYRGXMSRSJXYVRMRKXLIIRKMRISZIVEXEGIVXEMRWTIIHXSEPPS[XLIIRKMRI
QEREKIQIRXGSRXVSPYRMXXSXVMKKIVXLIMKRMXMSR 9LIVIGLEVKMRKGMVGYMXLEWXLIJYRGXMSRSJKYEVERXIIMRKEPPXLIIRIVK]VIUYMVIHJSVGSVVIGXSTIVEXMSRJSVXLI
W]WXIQERHXLIMRHMZMHYEPIPIGXVMGEPIPIGXVSRMGSRFSEVHHIZMGIW
)*8(7.59.43&3)45*7&9.43(YVVIRXKIRIVEXMSRPMKLXMRK
)+CCCCCCCCC+'CCC9.+
9]TIWSJWXEVXIVQSXSVWJMXXIHSRXLIZILMGPIEGGSVHMRKXSXLIZIVWMSR
&19*73&947
85*(.+.(&9.438
+:3(9.4389LIEPXIVREXSVMWEVSXEV]QEGLMRI[LMGLXVERWJSVQWQIGLERMGEPIRIVK]MRXSIPIGXVMGEPIRIVK]
)+CCCCCCCCC+'CCC9.+
.JVIGLEVKMRKWMKREPWEVIRSXTVIWIRXSVMVVIKYPEVGEVV]SYXXLIJSPPS[MRKGLIGOWFIJSVIHMWQERXPMRKXLIEPXIVREXSV (LIGOFIPXXIRWMSR (LIGOXLIRYXSRXLITSWMXMZIEPXIVREXSVXIVQMREP 'MWXMKLXERHIRWYVIXLI[EWLIVMWTVIWIRX
*RKMRI 8YTTPMIV 2SHIP 7EXIHTS[IV 7EXIHZSPXEKI
; 2EKRIXM2EVIPPM *22 O< ;
) 'SWGL *2' O< ;
) )IRWS *22 O< ;
)*8(7.59.43&3)45*7&9.43(YVVIRXKIRIVEXMSRPMKLXMRK
(LIGOXLIRYXSRXLII\GMXEXMSRXIVQMREP )MWXMKLXERHIRWYVIXLI[EWLIVMWTVIWIRX (LIGOXLEXXLIRYXWSRXLITSWMXMZINYRGXMSRYRMXMRXLIIRKMRIFE]EVIXMKLX (LIGOXLIFSPXWWIGYVMRKXLIRIKEXMZIXIVQMREPXSXLIFSH]EVIXMKLX (LIGOXLIFEXXIV]XIVQMREPWEVIGPIERERHJYPP]XMKLX9]TIWSJEPXIVREXSVWJMXXIHSRXLIZILMGPIEGGSVHMRKXSXLIZIVWMSR
45*7&9.43
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
3SXI .JXLI'SH](SQTYXIVHSIWRSXTVSZMHIXLIIRIVKM^MRKWMKREPXLIEPXIVREXSVMWIRIVKM^IHEXIRKMRIVTQ EFSYXEPXIVREXSVVTQXSQEOIYWISJXLIVIWMHYEPQEKRIXMGJMIPH
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
)+CCCCCCCCC+,CCC9.+
&PXIVREXSVVSXSV&PXIVREXSVWXEXSV5VIWWJMX?IRIVHMSHIFVMHKI
9.5ZSPXEKIVIKYPEXSV'EXXIV]
*RKMRI )IWGVMTXMSR 8YTTPMIV
;[MXLSYXEMVGSRHMXMSRIV &P;& )IRWS
;[MXLEMVGSRHMXMSRIV &P;& 2EKRIXM2EVIPPM
) &P;& )IRWS
) &P;& )IRWS
)*8(7.59.43&3)45*7&9.43(YVVIRXKIRIVEXMSRPMKLXMRK
.KRMXMSROI]'SH]GSQTYXIV 2
'&99*7>9LIJSPPS[MRKHMEKVEQWLS[WGSVVIGXFEXXIV]IPIGXVSP]XIPIZIPW
)+CCCCCCCCC+'CCC9.+
&2E\MQYQIPIGXVSP]XIPIZIP'2MRMQYQIPIGXVSP]XIPIZIP
*1*(97.(&12*(-&3.(&185*(.+.(&9.4389LVIIHMJJIVIRXFEXXIV]QSHIPWEVIJMXXIHXSXLI)SFP¦
*1*(97.(&185*(.+.(&9.438
3SXI .JMXMWHMWGSZIVIHXLEXXLIIPIGXVSP]XIPIZIPMRSRISVQSVISJXLIFEXXIV]GIPPWMWFIPS[XLIQMRMQYQPIZIPSRXLITPEWXMGGSRXEMRIVSTIRXLIGSZIVERHEHHHMWXMPPIHSVHISMRM^IH[EXIV XLIWEQIEWJSVVIKYPEVFEXXIVMIW
3IZIVWYFNIGXXLIFEXXIV]XSVETMHVIGLEVKMRKEXZSPXEKIWEFSZI;SPXSVXSLMKLVIGLEVKMRKEQTIVEKIW(SVVIGXFEXXIV]HMQIRWMSRWJSVQSHIPXVMQPIZIPLEZIFIIRGEPGYPEXIHXSXEOIMRXSEGGSYRXTS[IVYTXEOI[LIRXLIMKRMXMSRMWW[MXGLIHSJJ9LMWEFWSVTXMSRWLSYPHRSXI\GIIHQ&JSVIEGL&LSJFEXXIV]GETEGMX] 9LMWMWXSIRWYVIXLEXMJXLIZILMGPILEWFIIRPIJXJSVSRIQSRXL[MXLEPPXLIGSRWYQIVWRSXGSRXVSPPIHF]XLIMKRMXMSRW[MXGLIHSRVIWMHYEPFEXXIV]GETEGMX]MWLEPJSJRSQMREPGETEGMX]MIIRSYKLGLEVKIMWPIJXXSWXEVXYTXLIIRKMRIYRHIVRSVQEPIRZMVSRQIRXEPXIQTIVEXYVIGSRHMXMSRW
'EXXIV] 5S[IVYTXEOI2E\ ;SPXEKI .RXIVREPIPIQIRXW
&L & ; 3YQFIVSJTPEXIWTSWMXMZIRIKEXMZI
&L & ; 3YQFIVSJTPEXIWTSWMXMZIRIKEXMZI
&L & ; 3YQFIVSJTPEXIWTSWMXMZIRIKEXMZI
)*8(7.59.43&3)45*7&9.43(YVVIRXKIRIVEXMSRPMKLXMRK
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
*\XIVMSVPMKLXMRK
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=85*(.+.(&9.43845*7&99.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
85*(.+.(&9.43814(&9.434+(42543*39843;*-.(1*
)+CCCCCCCCC+,CCC9.+
+VSRXPMKLXGPYWXIV7MKLXXEMPPMKLXGPYWXIV
9STXLMVHFVEOIPMKLX1IJXXEMPPMKLXGPYWXIV
+:3(9.438
9LIZILMGPIWI\XIVMSVPMKLXMRKW]WXIQLEWFIIRHIWMKRIH[MXLX[SEMQWMRQMRH IRWYVMRKQE\MQYQIJJMGMIRG]MRXIVQWSJGSQTP]MRK[MXLMRXIVREXMSREPVIKYPEXMSRW[LMGLHIJMRIXLIMPPYQM
REXMSRWTIGMJMGEXMSRWSJXLIZEVMSYWGSQTSRIRXW XSFPIRH[MXLXLIHIWMKRSJXLIZILMGPIWSXLEXXLIZEVMSYWGSQTSRIRXWIRLERGIXLISZIVEPPMQEKI.RTEVXMGYPEVXLIJVSRXPMKLXGPYWXIVMRGPYHIWXLIWITEVEXIJYRGXMSRSJXLIWMHIPMKLXHMTTIHLIEHPEQTQEMRFIEQLIEHPEQTJSKPMKLXERHHMVIGXMSRMRHMGEXSVWMREWMRKPIYRMX9LIGPIEVIPIQIRXMWQEHISYXSJSRITMIGISJTPEWXMG
8>89*285*(.+.(&9.43
5*7+472&3(*9LIRSQMREPSTIVEXMRKZSPXEKIJSVXLIW]WXIQGERZEV]JVSQXSZSPXW
(42548.9.43
897:(9:7*9LIJVSRXPMKLXGPYWXIVGSRWMWXWSJXLIJSPPS[MRKGSQTSRIRXW
&PMKLXYRMX[LMGLMRGPYHIW &LSYWMRKJSVXLIJSKPMKLXERHXLIPIRWGSZIV[LMGLJSGYWIWXLIPMKLXFIEQ & LSYWMRK JSV XLI HMTTIH LIEHPEQT ERH XLI PIRW GSZIV [LMGL JSGYWIW XLI PMKLX FIEQ ERH ER MRXIVREP
IPIQIRXJSVEHNYWXMRKXLIPMKLXFIEQKISQIXV]XSQIIXWXERHEVHW &LSYWMRKJSVXLIHMVIGXMSRMRHMGEXSV[MXLERSVERKIVIJPIGXSVPIRWGSZIV &LSYWMRKJSVXLIQEMRFIEQLIEHPEQTERHTEVEFSPE[MXLQMVVSVIHWYVJEGI &LSYWMRKJSVXLIWMHIPMKLXERHXLIVIJPIGXSVPIRWGSZIV1MKLXFIEQZIVXMGEPEHNYWXQIRXHIZMGIMRWMHIXLIPMKLXGPYWXIVSTIVEXIHF]QIERWSJX[SFYXXSRWSRXLIPIJXSJXLIMRWXVYQIRXTERIP
9LIJSPPS[MRKEVIEPWSTVIWIRX &JSKPMKLXFYPF;SPX<EXX
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
&HMTTIHLIEHPEQTFYPF;SPX<EXX &HMVIGXMSRMRHMGEXSVFYPF;SPX<EXX &QEMRFIEQLIEHPEQTFYPF;SPX<EXX &WMHIPMKLXFYPF;SPX<EXX
)+CCCCCCCCC+'CCC9.+
+SKPEQT)MTTIHLIEHPEQTW
9YVRWMKREP2EMRFIEQLIEHPEQTW
45*7&99.4345*7&9.3,57.3(.51*89LIYWIVGERSTIVEXIEVMRKEXXLIIRHSJXLIPIJXWXIIVMRK[LIIPWXEPOXSXYVRSRXLIWMHIPMKLXWHMTTIHFIEQWERHQEMRFIEQW JM\IHSVJPEWLMRKTSWMXMSR9LIWEQIWXEPOEPWSGSRXVSPWXYVRWWMKREPWJSVPERIGLERKIWERHJSKPEQTVIEVJSKPEQTIREFPIQIRX JSVJYVXLIVHIXEMPWWIIWXEPOYRMX&ERH'SH](SQTYXIVHIWGVMTXMSR
+4114<2*-42*+:3(9.439LMWMWEWXVEXIK]EZEMPEFPISRXLI8=XVMQPIZIP[LMGLEPPS[WXLIHMTTIHLIEHPEQTWXSVIQEMRSRIZIR[MXLXLIMKRMXMSRW[MXGLIHSJJJSVETVIWIXXMQI9LMWJYRGXMSRMWTEVXMGYPEVP]YWIJYPJSVI\EQTPIEJXIVTEVOMRKXLIGEVMREKEVEKISVMRTSSVP]PMXEVIEW9LIJYRGXMSRMWEGXMZEXIHEJXIVXLIOI]SJJJSVEQE\MQYQSJQMRYXIW [MXLMRXLMWTIVMSHTYPPMRKXLIPIJXWXIIVMRKGSPYQRW[MXGLYRMXPIZIVMRXLIHMVIGXMSRSJXLIWXIIVMRK[LIIPEGXMZEXIWXLIHMTTIHLIEHPEQTWJSVWIGSRHW IEGLXMQIXLIPIZIVMWSTIVEXIHXLIXMQIMRGVIEWIWF]EJYVXLIVWIGSRHWYTXSEQE\MQYQSJQMRYXIW
5MRW&GSRRIGXMSRSRXLIPMKLXGPYWXIVGEWMRKGSRXVSPWXLIWMHIPMKLXWHMTTIHLIEHPEQTWQEMRFIEQLIEHPEQTWHMVIGXMSRMRHMGEXSVWERHPMKLXFIEQZIVXMGEPEHNYWXQIRX
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
)+CCCCCCCCC+'CCC9.+
GVSWWGSVVIGXSV )ITXL 5SWMXMSR )MVIGXMSR
+SKPEQT (SVVIGXSVGSRXVSP (VSWWTSWMXMSRGSVVIGXSV )MVIGXMSRJSKPEQTHITXL
-*&)1&25&1.,32*39&)/:892*3914(&9.434+-*&)1&25&1.,32*39&)/:892*39(42543*39843;*-.(1*
)+CCCCCCCCC+,CCC9.+
+VSRXPMKLXGPYWXIV1MKLXFIEQEHNYWXQIRXFYXXSRW
85*(.+.(&9.438
4TIVEXMSR9LILIEHPEQTEPMKRQIRXEHNYWXQIRXHIZMGIMWHIWMKRIHXSGSVVIGXP]TSWMXMSRXLIHMTTIHLIEHPEQTPMKLXFIEQMREZIVXMGEPHMVIGXMSRMVVIWTIGXMZISJXLIPSEHSRXLIE\PIW
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
4TIVEXMRKQIXLSHW.XMWTSWWMFPIXSZEV]XLIERKPISJXLIPMKLXGPYWXIVW[MXLWXERHEVHTSWMXMSRWF]EGXMRKSRXLIX[SW[MXGLIWSRXLIPIJXLERHWMHISJXLIMRWXVYQIRXTERIP9LITSWMXMSRWEVIWLS[RMREWTIGMEPHMWTPE]MRXLIMRWXVYQIRXTERIP9LIXEFPIFIPS[MPPYWXVEXIWXLIXLVIITSWMXMSRW[LMGLGERFIWIPIGXIHEGGSVHMRKXSXLIZILMGPIPSEHGSRHMXMSRW
9LIZEVMSYWTSWMXMSRWVIJIVXSEJYPPJYIPXEROERHERMRMXMEPZIVXMGEPEHNYWXQIRXSJXLIPMKLXGPYWXIVSJ
)+CCCCCCCCC+*CCC9.+
9SGEVV]SYXXLILIEHPEQTEPMKRQIRXEHNYWXQIRXTVSGIIHEWHIWGVMFIHFIPS[ 5VIWWFYXXSR&ERHOIITMXTVIWWIHYRXMPXLIVIMWERMRGVIEWIF]SRITSWMXMSR IK## 5VIWWFYXXSR'ERHOIITMXTVIWWIHYRXMPXLIVIMWERMRGVIEWIF]SRITSWMXMSR IK##9LIHMWTPE]([MPPWLS[XLITSWMXMSRW[LMPWXXLIEHNYWXQIRXMWFIMRKQEHI
-IEHPEQTEPMKRQIRXTSWMXMSR
5ERSVEQEZIVWMSR (EVKSZIVWMSR
1SEHWXEXYW 1SEHWXEXYW
IQTX]HVMZIVHVMZIVJVSRXTEWWIRKIV IQTX]HVMZIV
VIPE] EPPWIEXWSGGYTMIH
VIPE] EPPWIEXWSGGYTMIHPYKKEKIGSQTEVXQIRXPSEHIHXSXLIQE\MQYQXIGLRMGEPP]TIVQMWWMFPIPMQMX OK
HVMZIVPYKKEKIGSQTEVXQIRXPSEHIHXSQE\MQYQPMQMXSRXLIVIEVE\PI OK
HVMZIVPYKKEKIGSQTEVXQIRXPSEHIHXSQE\MQYQXIGLRMGEPP]TIVQMWWMFPIPMQMXERHQE\SRXLIVIEVE\PI OK
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
9&.11.,-9(1:89*7;MI[SJXEMPPMKLXGPYWXIV
)+CCCCCCCCC+)CCC9.+
8MHIPMKLXFVEOIPMKLX VIHPIRW9YVRWMKREP GSPSYVPIWWPIRW7IZIVWMRKPMKLX GSPSYVPIWWPIRW
7IEVJSKPEQT PIJX VIHPIRW7IJPIGXSVMRHMGEXSVW VIHPIRW
;MI[SJGSRRIGXSVWERHMRXIVREPHMEKVEQ
)+CCCCCCCCC+'CCC9.+
&7MKLXPMKLX'1IJXPMKLX
5SWMXMSR'VEOIPMKLXW
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
9YVRWMKREP7IZIVWIKIEV
7IEVJSKPEQT*EVXL
;ILMGPIWMHIZMI[
)+CCCCCCCCC+)CCC9.+
9LIZILMGPIWI\XIVMSVPMKLXMRKW]WXIQLEWFIIRHIWMKRIH[MXLX[SEMQWMRQMRH *RWYVMRKQE\MQYQIJJMGMIRG]MRXIVQWSJGSQTP]MRK[MXLMRXIVREXMSREPVIKYPEXMSRW[LMGLHIJMRIXLIMPPYQM
REXMSRWTIGMJMGEXMSRWSJXLIZEVMSYWGSQTSRIRXW 9SFPIRHMR[MXLZILMGPIHIWMKRWSXLEXXLIZEVMSYWGSQTSRIRXWIRLERGIXLIMQEKI9LIGPIEVIPIQIRXMWQEHISYXSJSRITMIGISJTPEWXMG
8>89*285*(.+.(&9.43
5*7+472&3(*9LIRSQMREPSTIVEXMRKZSPXEKIJSVXLIW]WXIQGERZEV]JVSQXSZSPXW5S[IVSJFYPFWJSVFVEOIPMKLXHMVIGXMSRMRHMGEXSVVIZIVWMRKPMKLXVIEVJSKPEQT<EXX;SPX5S[IVSJFYPFJSVWMHIPMKLX<EXX;SPX
(42548.9.43
897:(9:7*
9LIVMKLXVIEVPMKLXGPYWXIVGSRWMWXWSJXLIJSPPS[MRKGSQTSRIRXW &PMKLXYRMX[LMGLMRGPYHIW &LSYWMRKJSVXLIWMHIPMKLX [MXLEVIJPIGXSVPIRWGSZIVERHFVEOIPMKLX &LSYWMRKJSVXLIHMVIGXMSRMRHMGEXSV [MXLEVIJPIGXSVPIRWGSZIV &LSYWMRKJSVXLIVIZIVWMRKPMKLX [MXLEVIJPIGXSVPIRWGSZIV
9LIPIJXVIEVPMKLXGPYWXIVGSRWMWXWSJXLIJSPPS[MRKGSQTSRIRXW &PMKLXYRMX[LMGLMRGPYHIW &LSYWMRKJSVXLIWMHIPMKLX [MXLEVIJPIGXSVPIRWGSZIV &LSYWMRKJSVXLIHMVIGXMSRMRHMGEXSV [MXLEVIJPIGXSVPIRWGSZIV
)*8(7.59.43&3)45*7&9.43*\XIVMSVPMKLXMRK
&LSYWMRKJSVXLIVIEVJSKPEQT [MXLEVIJPIGXSVPIRWGSZIV &LSYWMRKJSVXLIVIZIVWMRKPMKLX
5.389LIVIMWEGSRRIGXMSRSRXLIVIEVPMKLXGPYWXIVGEWMRK(SRRIGXMSR
45*7&9.43
45*7&9.3,57.3(.51*88IIXLIWXIIVMRKGSPYQRW[MXGLYRMXJSVXLISTIVEXMSRSJXLIHMVIGXMSRMRHMGEXSVWERHXLIWMHIPMKLXW8IIXLIWTIGMJMGEWWIQFP]JSVXLISTIVEXMSRSJXLIFVEOIPMKLXWERHXLIVIZIVWMRKPMKLX
5.3 4TIVEXMSR
VIPE] 8MHIPMKLXGSRXVSP
VIPE] 'VEOIPMKLXGSRXVSP
9YVRWMKREPGSRXVSP
7IZIVWMRKPMKLXGSRXVSP
7IEVJSKPEQTIEVXL PIJX
*EVXL
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=85*(.+.(&9.438
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+,CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
85*(.+.(&9.43889&10:3.914(&9.434+(42543*39843;*-.(1*
)+CCCCCCCCC+,CCC9.+
8XIIVMRKGSPYQRW[MXGLYRMX
+:3(9.438
9LIWXIIVMRKGSPYQRW[MXGLYRMXMWHIWMKRIHXSTVSHYGIXLIJSPPS[MRKGSQQERHW 8MHIPMKLXWHMTTIHLIEHPEQTWQEMRFIEQLIEHPEQTW -IEHPEQTJPEWLIV )MVIGXMSRMRHMGEXSVW <MRHWGVIIR[EWL[MTI 7IEVWGVIIR[EWL[MTI
897:(9:7*9LIWXIIVMRKGSPYQRW[MXGLYRMXEWVITVIWIRXIHHMEKVEQQEXMGEPP]FIPS[GSRWMWXWSJXLIJSPPS[MRKGSQTSRIRXW
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
+VSRXZMI[
)+CCCCCCCCC+-CCC9.+
1IJXPIZIV&MV'EKERHLSVRGSRRIGXSV7IPIEWI[LIIPERHGPSGOWTVMRK7MKLXPIZIV(EWMRK
.RXIVREPIPIGXVSRMGQSHYPI(SRRIGXSV&(SRRIGXSV'(SRRIGXSV(
'4)>
+:3(9.438.XMWETEVXSJXLIWXIIVMRKGSPYQRW[MXGLYRMXGSRXEMRMRKXLIIPIGXVMGEPGMVGYMXWERHXLIW[MXGLMRKERHEYXSQEXMGVIPIEWIQIGLERMWQW[LMGLVIXYVRXLIPIJXPIZIVXSXLIVIWXTSWMXMSRSRGIXLIWXIIVMRK[LIIPLEWFIIRVIEPMKRIH
9LIX]TMGEPERKPIWEVIPMWXIHFIPS[ *RKEKQIRXERKPI°±° 7IPIEWIERKPI°±°
(42548.9.439LIJVSRXTEVXSJXLIGEWMRKLSYWIWXLIVIPIEWI[LIIPSVXLIEMVFEKGPSGOWTVMRK[LMGLTVSZMHIWXLIMRXIVJEGI[MXLXLIWXIIVMRK[LIIP&XXLIVIEVMWXLIQERMJSPH[MXLEVIXEMRMRKFERHJSVJEWXIRMRKMXXSXLIWXIIVMRKGSPYQRERHEHHMXMSREPEXXEGLQIRXW[LMGLKYEVERXIIXLIE\MEPERHERKYPEVTSWMXMSRSJ XLIWXIIVMRKGSPYQRW[MXGLYRMXSRXLIWXIIVMRKGSPYQR9LIWXIIVMRKGSPYQRW[MXGLYRMXGEWMRKGSRXEMRWXLIJEWXIRMRKWJSVXLIYTTIVPS[IVLEPJGEWMRKXVMQW9LIVIEVSJXLIGEWMRKGSRXEMRWXLILSYWMKRWJSVXLIIPIGXVMGEPGSRRIGXSVW
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
.39*73&1*1*(9743.(24):1*
+:3(9.438
9LIIPIGXVSRMGQSHYPIMRWMHIXLIWXIIVMRKGSPYQRW[MXGLYRMXGEWMRKLEWXLIXEWOSJGSRXVSPPMRKXLIJSPPS[MRKJYRGXMSRW <MRHWGVIIR[MTIV JVIUYIRG]JSVHIPY\IZIVWMSRSRP] 7IEVWGVIIR[MTIV JVIUYIRG]JSVHIPY\IZIVWMSRSRP] <MRHWGVIIR[EWLIVJYRGXMSR WQEVX[EWLMRKJSVEPPZIVWMSRW 7IEVWGVIIR[EWLIVJYRGXMSR WQEVX[EWLMRKJSVHIPY\IZIVWMSRSRP]
8QEVX[EWLMRK8QEVX[EWLMRKQEOIWMXTSWWMFPIXSSTIVEXIXLI[EXIVNIXERHXLI[MTIVWMRSRIWMRKPIQSZIQIRX XLI[MTIVWWXEVX[SVOMRKWIGSRHEJXIVXLIPIZIV[LMGLGSRXVSPWXLINIXSJ[EXIVMWSTIVEXIHERHXLI]WXST[SVOMRKWXVSOIWEJXIVXLIGSRXVSPLEWFIIRVIPIEWIH9LIWQEVX[EWLMRKJYRGXMSRMWZEPMHJSVFSXLXLI[MRHWGVIIR[EWLIVERHXLIVIEVWGVIIR[EWLIV9LIVIEVIX[SWQEVX[EWLMRKPSKMGWEGGSVHMRKXSXLIXVMQPIZIP WXERHEVHSVHIPY\I[MXLXLISTIVEXMRKQSHIWHIWGVMFIHMRXLIHMEKVEQW'EWMGXVMQPIZIP
)+CCCCCCCCC+*CCC9.+
4TIVEXMSR5YRT<MRHWGVIIRVIEVWGVIIR[MTIV
&WIGSRH'[MRHWGVIIRVIEVWGVIIR[MTIVWXVSOIW
)I1Y\IXVMQPIZIP
)+CCCCCCCCC+*CCC9.+
4TIVEXMSR5YRT<MRHWGVIIRVIEVWGVIIR[MTIV&WIGSRH
'[MRHWGVIIR[MTIVWXVSOIW(WIGSRHW)[MRHWGVIIRVIEVWGVIIR[MTIVWXVSOI
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
(42548.9.43
897:(9:7*9LIIPIGXVSRMGQSHYPIGSRWMWXWSJERIPIGXVSRMGGSRXVSPYRMXIPIGXVMGEPP]GSRRIGXIHXS XLIWXIIVMRKGSPYQRW[MXGLYRMXGEWMRKF]QIERWSJWTIGMEPXIVQMREPWERHQIGLERMGEPP]JEWXIRIHXSMXWSXLEXMXGERFIVITPEGIHMJJEYPX]<.7.3,(.7(:.9).&,7&2
)+CCCCCCCCC+-CCC9.+
&8XIIVMRKGSPYQRW[MXGLYRMX'1MKLXWHMVIGXMSRMRHMGEXSVGSRXVSPW(8MHIPMKLXWGSRXVSP)<MTIVGSRXVSPW*5YQTGSRXVSPW
+*PIGXVSRMGQSHYPI<MRWGVIIR[MTIV7IEVWGVIIR[MTIV*PIGXVMGTYQT
9LIJSPPS[MRKMRXIVJEGIWEVIHIJMRIH[MXLVIJIVIRGIXSXLI[MVMRKHMEKVEQMPPYWXVEXIH
.RXIVJEGI 8MKREP )IWGVMTXMSR
'( 4:9 1IJXHMVIGXMSRMRHMGEXSVSTIVEXMSRVIUYIWXXSFSH]GSQTYXIV
'( 4:9 7MKLXHMVIGXMSRMRHMGEXSVSTIVEXMSRVIUYIWXXSFSH]GSQTYXIV
'( 4:9 )MTTIHLIEHPEQTWSTIVEXMSRVIUYIWXXSFSH]GSQTYXIV
'( 4:9 2EMRFIEQLIEHPEQTWSTIVEXMSRVIUYIWXXSFSH]GSQTYXIV
15 4:9 )MVIGXSTIVEXMSRSJRSTPEXIPMKLXERHTEWWIRKIVGSQTEVXQIRXGSRXVSPWPMKLXWEPWSEGUYMVIHJVSQFSH]GSQTYXIVJSVSTIVEXMRKXLIWMHIPMKLXW
9( 4:9 <MRHWGVIIR[MTIVRHWTIIHGSQQERH3SQMREPEFWSVTXMSRJVSQXS&QTIVI[MXLXLI[MRHWGVIIR[MTIVQSXSVWXSTTIHXLIEFWSVTXMSRMRGVIEWIWXS&QTIVI[MXLEZSPXEKIZEPYISJ;SPX
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
1*+91*;*7
85*(.+.(&9.438+:3(9.438
)+CCCCCCCCC+,CCC9.+
1MKLXWSJJ8MHIPMKLXWSR)MTTIHLIEHPEQTWSR2EMRFIEQLIEHPEQTWSR WXEFPITSWMXMSR-IEHPEQTJPEWLIV YRWXEFPITSWMXMSR
7MKLXHMVIGXMSRMRHMGEXSVW1IJXHMVIGXMSRMRHMGEXSVW&7MRKRYX'1IZIV
9LIPIJXPIZIVLEWXLIXEWOSJGSRXVSPPMRK 9LIQEMRPMKLXWW[MXGL WMHIPMKLXW )MTTIHQEMRFIEQLIEHPEQTWW[MXGL 9LILIEHPEQTJPEWLIVSRQEMRFIEQ )MVIGXMSRMRHMGEXSVWERHPERIGLEKI
9( .3 <MRHWGVIIR[MTIV^IVSMRKGEQXLMWGSRWMWXWSJEW[MXGLJMXXIHSRXLIQSXSV[LMGLMWRSVQEPP]STIR[LIRXLI[MRHWGVIIR[MTIVMWMRXLIVIWXTSWMXMSR [MTIVFPEHIWTEVOIHEXFSXXSQERHMWEGXMZI[LIRIEVXLIH
91 4:9 7IEVWGVIIR[MTIVSTIVEXMSR&FWSVTXMSRJVSQXS&QTIVI[MXLXLI[MRHWGVIIR[MTIVQSXSVWXSTTIHXLIEFWSVTXMSRMRGVIEWIWXS&QTIVI[MXLEZSPXEKIZEPYISJ;SPX
91 .3 7IEVWGVIIR[MTIV IVSMRKGEQXLMWGSRWMWXWSJEW[MXGLJMXXIHXSXLIQSXSV[LMGLMWRSVQEPP]STIR[LIRXLIVIEVWGVIIR[MTIVMWMRXLIVIWXTSWMXMSR [MTIVFPEHIWTEVOIHEXFSXXSQERHMWEGXMZI[LIRIEVXLIH
5 4:9 <MRHWGVIIRVIEVWGVIIR[EWLIVTYQTSTIVEXMSR&FWSVTXMSRJVSQXS&QTIVI[MXLXLI[MRHWGVIIR[MTIVQSXSVWXSTTIHXLIEFWSVTXMSRMRGVIEWIWXS&QTIVI[MXLEZSPXEKIZEPYISJ;SPX
5 4:9 <MRHWGVIIRVIEVWGVIIR[EWLIVTYQTSTIVEXMSR&FWSVTXMSRJVSQXS&QTIVI[MXLXLI[MRHWGVIIR[MTIVQSXSVWXSTTIHXLIEFWSVTXMSRMRGVIEWIWXS&QTIVI[MXLEZSPXEKIZEPYISJ;SPX
( .3 9LMWVITVIWIRXWXLIWIXSJ[MTMRKERH[EWLMRKJYRGXMSRGSQQERHWXSXLIIPIGXVMGQSHYPI
( .3 9LMWVITVIWIRXWXLIWIXSJ[MTMRKERH[EWLMRKJYRGXMSRGSQQERHWXSXLIIPIGXVMGQSHYPI
.RXIVJEGI 8MKREP )IWGVMTXMSR
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
(42548.9.43
897:(9:7*
9LIPIJXPIZIVGSRWMWXWSJX[STEVXW &PIZIVJSVGSRXVSPPMRKXLIQEMRFIEQLIEHPEQTWERHXLIHMVIGXMSRMRHMGEXSV &VMRKRYXEXXLIIRHSJXLIEGXYEPPIZIVJSVGSRXVSPPMRKXLIWMHIPMKLXWERHXLIHMTTIHLIEHPEQTW
45*7&9.43
45*7&9.3,2*9-4)89LISTIVEXMSRSJXLII\XIVMSVPMKLXWMWGSRXVSPPIHF]XLIVMKLXPIZIVEWHIWGVMFIHFIPS[
2EMRPMKLXWW[MXGL9LIPMKLXWGSRXVSPMWEXXLIIRHSJXLIPIZIVERHMWEGXMZEXIHF]VSXEXMRKEVMRKRYX
9LIVIEVIWXEFPITSWMXMSRWJSVXLIVMRKRYX[LIRMXMWVSXEXIHMRERERXMGPSGO[MWIHMVIGXMSR ?IVSTSWMXMSR MRXLMWVIWXTSWMXMSRXLIPMKLXWEVISJJ 5SWMXMSRSRI WMHIPMKLXWSR 5SWMXMSRX[S WMHIPMKLXWERHHMTTIHLIEHPEQTWSRTPYWXLIKSELIEHXSW[MXGLSRSVJPEWLXLIQEMR
FIEQLIEHPEQTWERHXLIVIEVJSKPEQTJSKPMKLX&PPQERSIYZVIWSJXLIVMRKRYX JVSQXSERHZMGIZIVWEEVISRP]TSWWMFPIYWMRKXLIPIJXWXIIVMRKGSPYQRW[MXGLYRMXPIZIVMRXLIHMTTIHLIEHPEQTWTSWMXMSR XLIEFSZIQSZIQIRXWGERRSXFIQEHI[MXLXLIPIZIVMRXLIQEMRFIEQLIEHPEQTWTSWMXMSR
)MTTIHQEMRFIEQLIEHPEQTWW[MXGL']QSZMRKXLIPIZIVWXEVXMRKJVSQTSWMXMSR MRXLISTTSWMXIHMVIGXMSRXSXLIWXIIVMRK[LIIPVMQ QSZIQIRXTIVTIRHMGYPEVXSXLIWXIIVMRK[LIIPTPERITSWMXMSR MWGVIEXIHMIXLIQEMRFIEQLIEHPEQTWWXEFPITSWMXMSR)YVMRKXLMWW[MXGLMRKWXEKIJVSQHMTTIHXSQEMRFIEQLIEHPEQTWERHZMGIZIVWEXLIVIMWRSFVIEOMRXLIIPIGXVMGEPGSRXEGXGEYWMRKXLIPMKLXWXSKSSYX TVIZIRXEXMZIWEJIX]
(SRXVSPJSVLIEHPEQTJPEWLIV']QSZMRKXLIPIZIVWXEVXMRKJVSQTSWMXMSR XS[EVHWXLIWXIIVMRK[LIIPVMQ QSZIQIRXTIVTIRHMGYPEVXSXLIWXIIVMRK[LIIPTPERITSWMXMSR MWTVSHYGIHMIXLIQEMRFIEQLIEHPEQTWYRWXEFPI JPEWLMRKTSWMXMSR[LIRXLIPIZIVMWVIPIEWIHMXVIXYVRWXSXLIVIWXTSWMXMSR
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
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
7.,-91*;*7
85*(.+.(&9.438
+:3(9.4389LIHMEKVEQFIPS[MPPYWXVEXIWXLIJYRGXMSRWTIVJSVQIHF]XLIVMKLXPIZIV
)+CCCCCCCCC+,CCC9.+
<MRHWGVIIR[MTIVW[MXGLIHSJJ.RXIVQMXXIRXSTIVEXMSR WXEFPI(SRXMRYSYWWPS[STIVEXMSR WXEFPI(SRXMRYSYWJEWXSTIVEXMSR WXEFPI&RXMTERMGJYRGXMSR YRWXEFPI7IEVWGVIIR[MTIVSJJ7IEVWGVIIR[MTIVSR WXEFPI
&<MRHWGVIIR[EWLMRKERH[MTMRK YRWXEFPI'7IEVWGVIIR[EWLMRKERH[MTMRK YRWXEFPI(7MRKRYXEHNYWXMRKJVIUYIRG]SJ[MTMRKJVSQ.XS.; SRP]SRHIPY\IZIVWMSR)7MRKRYX*1IZIV
9LIVMKLXPIZIVLEWXLIXEWOSJGSRXVSPPMRK 9LI[MRWGVIIR[MTIV 9LI[MRHWGVIIR[EWLIV 9LIVIEVWGVIIR[MTIV 9LIVIEVWGVIIR[EWLIV 9LIEHNYWXQIRXSJXLIJVIUYIRG]SJXLI[MRHWGVIIRVIEVWGVIIRWXVSOI HIPY\IZIVWMSRSRP]
(42548.9.43
897:(9:7*
9LIPIJXPIZIVGSRWMWXWSJX[STEVXW &PIZIVJSVGSRXVSPPMRKXLIJVSRXERHVIEV[MTIVW &VMRKRYXEXXLIIRHSJXLIPIZIVJSVEHNYWXMRKXLIJVIUYIRG]SJXLIWXVSOIW HIPY\IZIVWMSRSRP]
45*7&9.43
<.3)8(7**3&3)7*&78(7**3<.5*745*7&9.3,2*9-4)89LISTIVEXMSRSJXLI[MRHWGVIIR[MTIVERHXLIVIEVWGVIIR[MTIVMWGSRXVSPPIHF]XLIVMKLXPIZIVEWHIWGVMFIHFIPS[
<MRHWGVIIR[MTIVSTIVEXMSR9LISTIVEXMSRMWEGLMIZIHF]QSZMRKXLIPIZIVSRXLIWXIIVMRK[LIIPXLIVIEVIHMJJIVIRXTSWMXMSRW
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
(SRXVSPJSVEHNYWXMRK[MRHWGVIIR[MTIVMRXIVQMXXIRXJYRGXMSR HIPY\IXVMQPIZIPZIVWMSR9LIGSRXVSPMWEXXLIIRHSJXLIVMKLXPIZIVERHMWSTIVEXIHF]XYVRMRKEWTIGMEPVMRKRYXMREGPSGO[MWIHMVIGXMSRMRWXEFPITSWMXMSRW9LIGSRXVSPLEWX[SWXEFPITSWMXMSRW[LIRQSZIHMREGPSGO[MWIHMVIGXMSRXS[LMGLMRXIVQMXXIRX[MRHWGVIIR[MTIVSTIVEXMRKQSHIWGSVVIWTSRH[MXLMRGVIEWMRKJVIUYIRG]WIIXLIKVETLERHXLIXEFPIFIPS[JSVFIXXIVGPEVMX]
)+CCCCCCCCC+*CCC9.+
4TIVEXMSR&+MVWXMQTYPWI'8IGSRHMQTYPWI9MWXLIMRXIVZPEFIX[IIRX[SWYGGIWWMZI[MRHWGVIIRVIEVWGVIIR[MTIVWXVSOIW
9GMWXLIXMQIQEREKIHF]XLIIPIGXVSRMGQSHYPI9TMWXLIVIWXXMQIFIX[IIRX[SGSRXVSPMQTYPWIWQEREKIHF]XLIIPIGXVSRMGQSHYPI
<MRHWGVIIR[EWLIVGSRXVSP9LI[MRHWGVIIR[EWLIVMWSTIVEXIHF]TYPPMRKXLIPIZIVXS[EVHWXLIWXIIVMRK[LIIPXLIGSRXVSPMW:389&'1*EWEVIWYPXSJ[LMGL[LIRXLIPIZIVMWVIPIEWIHMXVIXYVRWXSXLIVIWXTSWMXMSR9LISTIVEXMSRSJXLIGSRXVSPMRZSPZIWEGXMZEXMRKXLI[MRHWGVIIR[MTIVMREGGSVHERGI[MXLXLIWQEVX[EWLMRKJYRGXMSRHIWGVMFIHYRHIVXLI*1*(9743.(24):1*
7IEVWGVIIR[MTIVGSRXVSP9LIGSRXVSPJSVXLIVIEVWGVIIR[MTIVMWEXXLIIRHSJXLIVMKLXPIZIVERHMWSTIVEXIHF]XYVRMRKEWTIGMEPVMRKRYX9LIGSRXVSPLEWX[S89&'1*TSWMXMSRWERHMWXYVRIHMREGPSGO[MWIHMVIGXMSR
'EWMGXVMQPIZIP 5SW"3SGMVGYMXW[MXGLIHSR 5SW"7IEVWGVIIR[MTIVSTIVEXMRKGSRXMRYSYWP]
)I1Y\IXVMQPIZIP 5SW"3SGMVGYMXW[MXGLIHSR 5SW"7IEVWGVIIR[MTIVSTIVEXMRKMRXIVQMXXIRXP]&PPXLIMRWXVYGXMSRWKMZIRJSVXLISTIVEXMSRSJXLI[MRHWGVIIR[MTIVEVIZEPMH
7IEVWGVIIR[EWLIVGSRXVSP.XMWSTIVEXIHF]TYWLMRKXLIVMKLXPIZIVXS[EVHWXLIHEWLFSEVHXLITSWMXMSRMW:389&'1*EWEVIWYPXSJ[LMGL[LIRXLIPIZIVMWVIPIEWIHMXVIXYVRWXSXLIVIWXTSWMXMSR9LISTIVEXMSRSJXLIGSRXVSPMRZSPZIWXLIEGXMZEXMSRSJXLIVIEVWGVIIR[MTIVMRGSRXMRYSYWQSHISRXLIFEWMGXVMQPIZIPERH[MXLXLIWQEVX[EWLMRKJYRGXMSRHIWGVMFIHYRHIVXLI*1*(9743.(24):1*
548 3SGMVGYMXW[MXGLIHSR WXEFPI @7IWXTSWMXMSRB
548 .RXIVQMXXIRX WXEFPI @GPSGO[MWIHMVIGXMSRB
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548 (SRXMRYSYWRHWTIIH WXEFPI @GPSGO[MWIHMVIGXMSRB
548 &RXMTERMGTSWMXMSR YRWXEFPI @ERXMGPSGO[MWIHMVIGXMSRB
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
7*1*&8*<-**1
5.389LITMRSYXWJSVXLIGSRRIGXSVWSRXLIWXIIVMRKGSPYQRW[MXGLYRMXEVIMPPYWXVEXIHFIPS[
)+CCCCCCCCC+&CCC9.+
(SRRIGXSV&
)+CCCCCCCCC+&CCC9.+
5MR 4TIVEXMSR 7EXIHGYVVIRX &
& -SVRSYXTYX
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)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
(SRRIGXSV'
)+CCCCCCCCC+&CCC9.+
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5MR 4TIVEXMSR 7EXIHGYVVIRX &
' 7MKLXXYVRWMKREPGSRXVSP
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' 8MHIPMKLXWGSRXVSPXS'SH](
5MR 4TIVEXMSR 7EXIHGYVVIRX &
( &ZEMPEFPI
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( 7IEVWGVIIR[MTIVQSXSVWYTTP]
( 7IEVWGVIIR^IVSMRKMRTYX
( 8MKREPIEVXL
( 1IJXLERHXYVRWMKREPGSRXVSP
)*8(7.59.43&3)45*7&9.43<EVRMRKERHQERSIYZVMRKMRHMGEXSVW
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8:',74:5,7&5-.(.3)*=85*(.+.(&9.438
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8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
85*(.+.(&9.438,*3*7&1)*8(7.59.434+9-*8>89*2
36845*7&9.439LIMRWXVYQIRXTERIPMWXLIGSQTSRIRX[LMGLQEOIWMXTSWWMFPIXSHMWTPE]XLIQEMRJYRGXMSREPTEVEQIXIVWSJXLIZILMGPIJSVXLIHVMZIV9LMWMRWXVYQIRXTERIPMRGPYHIWE(&3MRXIVJEGIEXPS[WTIIHWXSEPPS[HMEPSKYI[MXLSXLIVW]WXIQGSRRIGXSVW IKIRKMRIQEREKIQIRXGSRXVSPYRMXHEWLFSEVHGSRRIGXSV9LIMRWXVYQIRXTERIPMWEZEMPEFPIMRJSYVZIVWMSRWERHXLIWITERIPWLEZIETVMRXIHGMVGYMX9LIMRWXVYQIRXTERIPW8-4:1)349FIHMWQERXPIHMRXLIWIVZMGIRIX[SVOFIGEYWIXLIMVEWWIQFP]VIUYMVIWTVIGMWMSRMRWXVYQIRXW SXLIV[MWIWIVMSYWMVVITEVEFPIHEQEKIGERFIGEYWIH
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)*8(7.59.43&3)45*7&9.43.RWXVYQIRXW
9LITERIPLEWWIZIVEPJYRGXMSRW[MXLXLIMKRMXMSRW[MXGLIHSJJWYGLEWXLIEHNYWXQIRXERHHMWTPE]SJXLIGPSGOXLIW[MXGLMRKSRSJXLIEPEVQ[EVRMRKPMKLXEFHXLIW[MXGLMRKSRSJXLIEVVS[[EVRMRKPMKLXWIXG
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9LIMRWXVYQIRXYWEKIJYRGXMSRWJSVXLIFEWMGQSHIPW WXERHEVHGEVKSWXERHEVHTERSVEQEEVI ZILMGPIWTIIH WTIIHSQIXIV QMPIEKI QMPSQIXIVHMWTPE][MXLXSXEPERHXVMTQMPIEKI JYIPPIZIP KEYKIERHVIWIVZI[EVRMRKPMKLX GPSGO LSYVWERHQMRYXIW MRXIKVEXIHMRXLIQMPSQIXIVHMWTPE] [EVRMRKPMKLXW LIEHPEQTEPMKRQIRXGSVVIGXSV[MXLX[SFYXXSRW HMWTPE]SJGSRXVSPTSWMXMSR
)+CCCCCCCCC+-CCC9.+
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)*8(7.59.43&3)45*7&9.43.RWXVYQIRXW
85**)42*9*7 (
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1() ,
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)*8(7.59.43&3)45*7&9.43.RWXVYQIRXW
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9LIQEMRGSQTSRIRXWSJXLIMRWXVYQIRXTERIPJIEXYVI *\XIVREPWGEPIMR[LMXIERHMRXIVREPWGEPIMRVIHERHWIGXSVMRKVI] I\GPYHMRKHIPY\IZIVWMSRW 8IVMKVETL]PMKLXMRKERHMRHI\IWMRSVERKI 7IZGSYRXIV TIXVSPERHHMIWIP[MXLSYXHERKIV^SRI (SSPERXXIQTIVEXYVIKEYKI[MXLHERKIVEVIEMRVIH 1()EP[E]WPMXYTMRSVERKI <EVRMRKPMKLXW
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)+CCCCCCCCC+,CCC9.+
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5.34:9
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TERIPWYTTP]FEXXIV]MRWXVYQIRXTERIPERHGPSGO(&3&(&3'-IEHPEQTEKPMRQIRXWMKREP)MTTIHLIEHPEQTW.RWXVYQIRXTERIPIEVXL4MPTVIWWYVI TVITEVEXMSR(SSPERXXIQTIVEXYVI TVITEVEXMSR)MQQIVPMKLXWMRTYX TVITEVEXMSR
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)MVIGXMRTYXW
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368574,7&22.3,
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
2.142*9*7;MI[SJQMPSQIXIV
)+CCCCCCCCC++CCC9.+
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9LIGPSGOEHNYWXQIRXFYXXSRMWMRXLIMRWXVYQIRXTERIP<LIRMXMWTVIWWIHXLIGPSGOEHNYWXQIRXXEOIWTPEGIEWJSPPS[W 5VIWWMRKXLIFYXXSRJSVWIGSRHWTVSHYGIWERMRGVIEWISJSRIQMRYXI 5VIWWMRKXLIFYXXSRJSVFIX[IIRERHWIGSRHWMRGVIEWIWXLIQMRYXIWEXERMRGVIEWMRKWTIIH[LMGLZEVMIW
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)*8(7.59.43&3)45*7&9.43.RWXVYQIRXW
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85*(.+.(&9.438
QQHMEQIXIVWTIEOIVWPSGEXIHMRXLIHEWLFSEVH 7EXIHMQTIHERGI4LQ 728TS[IV<EXX 2&=TS[IV<EXX
QQHMEQIXIVWTIEOIVWPSGEXIHMRXLIJVSRXHSSVTERIP 7EXIHMQTIHERGI4LQ 728TS[IV<EXX 2&=TS[IV<EXX
1+ VMKLXVIEVWTIEOIV : ;& 8LSVXGMVGYMX9IQTIVEXYVI
17 VMKLXVIEVWTIEOIV : ;& 8LSVXGMVGYMX9IQTIVEXYVI
17 VMKLXVIEVWTIEOIV : ;& 8LSVXGMVGYMX9IQTIVEXYVI
3j (SRRIGXMSRJYRGXMSRW .RTYX4YXTYX
;SPXEKIQE\GYVVIRX 9]TISJTVSXIGXMSR
9IPITLSRI3+MR . ;Q&
9IPITLSRI3+MR . ;Q&
9IPITLSRIQYXI . ;Q&
8MKREPIEVXL .: ;Q&
&8(.':8MR : ;Q&
&8(.':8SYX . ;Q&
&8(.':8*EVXL .: ;&
3j (SRRIGXMSRJYRGXMSRW .RTYX4YXTYX
;SPXEKIQE\GYVVIRX 9]TISJTVSXIGXMSR
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
7*&785*&0*78
85*(.+.(&9.438
\IPMTXMGEPWTIEOIVWPSGEXIHMRXLIVIEVTEVGIPWLIPJQSYRXMRK 7EXIHMQTIHERGI4LQ 728TS[IV<EXX 2&=TS[IV<EXX
&*7.&1
9[SX]TIWSJEIVMEPGERFIJMXXIHSRZILMGPIW[LMGLLEZIEVEHMSHITIRHMRKSRXLIEGGIWWSVMIW SRIQSHIPORS[REWXLIWX]PIEIVMEPMWJMXXIHSRZILMGPIW[LMGLGEREGGSQQSHEXITVITEVEXMSRJSVQSFMPI
TLSRIW SRIQSHIPORS[REWXLIHYEPJYRGXMSREIVMEPMWJMXXIHSRZILMGPIW[LMGLHSRSXLEZITVITEVEXMSRJSVQSFMPI
TLSRIW
+VSRXWIGXMSR
1MKLXMRK9LIPMKLXMRKGSRWMWXWSJER1*)4RP]XLIHMWTPE]PMKLXMRKGERFIEHNYWXIH9LIPMKLXMRKWMKREPMWGSRRIGXIHXLVSYKLTMR&
.JXLIWMKREPMW !;±XLIHE]PMKLXMWEGXMZEXIH QE\MQYQPMKLXMRXIRWMX] #;±XLIRMKLXPMKLXMWEGXMZEXIH XLIPMKLXMRKHITIRHWSRXLIWMKREP*\EQTPISJ9YRIVWGVIIR
)+CCCCCC9CC+*CCC9.+
4TIVEXMSRKIRIVEPJYRGXMSRW
8[MXGLMRKXLIIUYMTQIRXSRYWMRKXLI43FYXXSR9LIIUYMTQIRXMWW[MXGLIHSRF]TVIWWMRKXLI43FYXXSRJSVQSVIXLERQWIGW9LIHMWTPE]WLSYPHVIWTSRHMQQIHMEXIP] [MXLMRWIGPEWXWSYVGIMRHMGEXMSRXLIEYHMSJYRGXMSRWLSYPHYWYEPP]FILIEVH[MXLMRWIGW9SW[MXGLXLIIUYMTQIRXSJJTVIWWXLI43FYXXSRJSVQSSVIXLERWIG
4RSJJPSKMGXMQIQSHI.XW[MXGLIWSJJEYXSQEXMGEPP]QMRYXIWEJXIVXLIMKRMXMSRLEWFIIRW[MXGLIHSJJ9LIVEHMSGERFIW[MXGLIHSRJSVEJYXLIVQMRYXIWEJXIVMXLEWFIIRW[MXGLIHSJJEYXSQEXMGEPP]F]TVIWWMRKXLI4RFYXXSR
1EWXWXEXYW&JXIVXLIVEHMSLEWFIIRW[MXGLIHSRSJJXLIWEQIWIXXMRKWTIVWMWXMJXLIZSPYQIPIZIPMWEFSZIXLIRXLIIUYMTQIRX[MPPVIWYQIEX
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
9LIZEPYIWGERFIQSHMJMIH
((()INIGXMSR9SINIGXXLIGEWWIXXI()TVIWWXLIINIGXFYXXSR∆ SRP]MJXLIVEHMSMWSR9LIGEWWIXXI()[MPPFIINIGXIHERHXLIWSYVGIPMWXIRIHXSFIJSVIXLIGEWWIXXI()[EWTPE]IH[MPPFILIEVH
8[MXGLMRKWSYVGI9SEGGIWWERHGLERKIXLIEZEMPEFPIWSYVGIWTVIWWXLI87(FYXXSRFVMIJP]&JXIVIEGLGLERKISJWSYVGIXLIRI[WSYVGIMWHMWTPE]IHJSVWIGW
)+CCCCCC9CC+&CCC9.+
<LMPWXXLIQIWWEKIMWHMWTPE]IHXLIPEWXWSYVGIMWTPE]IH
&PXIVREXMZIJVIUYIRG]WIEVGL9SEGXMZEXIHIEGXMZEXIXLIWIEVGLJSVEPXIVREXMZIJVIUYIRGMIWJSVXLIWXEXMSRWIPIGXMSRTVIWWXLI&+9&FYXXSRJSVE[LMPI WIGEREYHMXSV]WMKREP[MPPJSPPS[9LIPIXXIVW7)8[MPPWXMPPFIWLS[RSRXLIHMWTPE] MJEZEMPEFPIERHXLI&+W]QFSP[MPPFIHMWTPE]IHMJXLI&+JYRGXMSRLEWFIIREGXMZEXIH.JXLIVEHMSMWMR&2QSHI[LIRXLI&+9&FYXXSRMWTVIWWIHXLI9YRIV[MPPQSZIXSXLI+2FERHJSVXLIPEWXWXEXMSRWIPIGXIH2ERYJEGXYVIVWTVIHIJMRIHWIXXMRK&+SR
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
9VEJJMGRI[WZSPYQI 1MWXIRMRKZSPYQI!9VEJJMGRI[WZSYQI" JM\IHZSPYQI 1MWXIRMRKZSPYQI"9VEJJMGRI[WZSPYQIIUYEPXSPMWXIRMRKZSPYQI
.JXLIZILMGPIPIEZIWXLIEVIEGSZIVIHF]XLIVEHMSWXEXMSRXYRIHMRXSXLMWMW[LEXLETTIRW 9YRIVQSHIE[EVRMRKWMKREP[MPPFIEGXMZEXIHIZIV]WIGSRHW ((SV()QSHISVXIPITLSRIEGXMZEXIHSVQYXIJYRGXMSREGXMZEXIHEXYRMRKWIEVGL[MPPFIPEYRGLIH MX
WLSYPHFITSMRXIHSYXXLEXXLIVI[MPPFIRSZMWYEPSVEGSYWXMGMRJSVQEXMSR.JXLI&+9&FYXXSRMWTVIWWIHFVMIJP] !WIGHYVMRKXLIXVERWQMWWMSRSJEXVEJJMGFYPPIXMRXLIRI[W[MPPRSPSRKIVFIXVERWQMXXIHIZIRMJXLIXVEJJMGRI[WJYRGXMSR 9&GSRXMRYIWXSFIEGXMZEXIH.JEXVEJJMGRI[WJPEWLMWFIMRKXVERWQMXXIHXLIJSPPS[MRK[MPPFIWLS[RSRXLIHMWTPE]
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
)+CCCCCC9CC+&CCC9.+
']TVIWWMRKXLI&+9&FYXXSRFVMIJP] !WIG[LMPWXEXVEJJMGRI[WJPEWLMWFIMRKXVERWQMXXIHMX[MPPFIMRXIVVYTXIHERHXLIXVEJJMGRI[WJYRGXMSR[MPPGSRXMRYIXSFIEGXMZEXIH
,IRIVEPMRJSVQEXMSRSRXVEJJMGRI[W )YVMRKEXVEJJMGFYPPIXMRXLIEYHMSJYRGXMSRGERFIEGXMZEXIHYWMRKXLI&:)FYXXSR 9LIVIEVIRSWITEVEXIEYHMSZEPYIWMRSXLIV[SVHWXLIEYHMS[MPPFIEHSTIHIZIREJXIVXLIXVEJJMGQIWWEKI 9LIEPXIVEXMSRSJXLIZSPYQIHYVMRKEXVEJJMGFYPPIXMR[MPPRSXFIGSRJMVQIHSRXLIHMWTPE]9LIZEPYIVIKY
PEXIHMWSRP]ZEPMHJSVXLIMRHMZMHYEPFYPPIXMR )YVMRKEXVEJJMGFYPPIXMRMXMWTSWWMFPIXSVIGEPPETVSKVEQQYWMRKXLITVIWIPIGXMSRFYXXSRWERHXLIXVEJJMG
FYPPIXMR[MPPFIHIEGXMZEXIH SRP]MRVEHMSQSHI )YVMRKEXVEJJMGFYPPIXMRXLIWSYVGIGERFIGLERKIHYWMRKXLITVIHIJMRIH87(FYXXSR XLIXVEJJMGFYPPIXMR
[MPPFIHIEGXMZEXIH
59>9LI59>TVSGIWW MWWMQMPEV XSXLIXVEJJMGRI[WJYRGXMSRFYX[MXLSYXXLITSWWMFMPMX]SJHIEGXMZEXMRK MXSVGLERKMRKETVIWIPIGXIHWXEXMSR
&YXSWXSVI EYXSQEXMGTVSKVEQQMRK5VIWWXLI'3FYXXSRJSVE[LMPI "WIGEYHMXSV]WMKREPJSPPS[WXSEGXMZEXIXLI&YXSWXSVIJYRGXMSR9LIVEHMSYWIWXLMWJYRGXMSRXSTVSKVEQQIXLIWM\WXEXMSRW[MXLXLIWXVSRKIWXWMKREPMRHIGVIEWMRKSVHIVSJMRXIRWMX]JSVXLIWMKREPSRXLI+29JVIUYIRG]FERH.JXLIXVEJJMGRI[WJYRGXMSRMWEGXMZEXIHSRP]WXEXMSRWFVSEHGEWXMRKXVEJJMGMRJSVQEXMSREVITVSKVEQQIH9LIJSPPS[MRKMRJSVQEXMSRMWWLS[RSRXLIHMWTPE]HYVMRKXLIEYXSQEXMGTVSKVEQQMRKTVSGIWW
)+CCCCCC9CC+&CCC9.+
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
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
.JPIWWXLERWM\WXEXMSRWGERFIVIGIMZIHXLITVIWIPIGXMSRFYXXSRWVIQEMRMRKJVII[MPPFIVITVIWIRXIHF]JSYVLSVM^SRXEPPMRIWJSVWIGWERHXLIPEWXFVSEHGEWXIVPMWXIRIHXS[MPPFIVITVSHYGIH
)+CCCCCC9CC+&CCC9.+
,IRIVEPMRJSVQEXMSR[LIRXLIEYXSWXSVIJYRGXMSRMWEGXMZEXIH &XXLIWXEVXSJXLIEYXSWXSVIJYRGXMSREPPXLISXLIVJYRGXMSRWERHQIRYWEVIHMWEFPIH 5VIWWMRKEFYXXSR[MXLEJYRGXMSRJSVXLIVEHMS IK59>##!!TVIWIPIGXMSRFYXXSRW[MPPMRXIVVYTXXLI
EYXSWXSVIJYRGXMSRXLIPEWXWXEXMSRPMWXIRIHXSFIJSVIXLIWXEVXSJXLITVSGIWW[MPPFIXYRIHMRXSERHXLIJYRGXMSREWWSGMEXIH[MXLXLIFYXXSRWIPIGXIH[MPPFIGEVVMIHSYX
5VIWWMRKXLI9&FYXXSRHYVMRKXLIEYXSWXSVITVSGIWW[MPPMRXIVVYTXXLITVSGIWWXLI9&JYRGXMSR[MPPFIEGXMZEXIHHIEGXMZEXIHERHERI[EYXSWXSVITVSGIWW[MPPFIMRMXMEXIH
(LERKMRKWSYVGI[MPPRSXMRXIVVYTXXLIEYXSWXSVITVSGIWWFYXMX[MPPGSRXMRYIMRXLIFEGOKVSYRH
2YXIJYRGXMSR5VIWWXLI43FYXXSRFVMIJP] !WIGXSEGXMZEXIHIEGXMZEXIXLI2YXIJYRGXMSR.JXLI2YXIJYRGXMSRMWEGXMZEXIHXLIZSPYQI[MPPHIGVIEWIMRQWIGWJVSQXLIGYVVIRXZSPYQIXSXLIZEPYIIXLIHMWTPE][MPPWLS[
)+CCCCCC9CC+&CCC9.+
.JXLI2YXIJYRGXMSRMWHIEGXMZEXIHXLIZSPYQI[MPPMRGVIEWIF]XSXLIZEPYITVIZMSYWP]PMWXIRIHXSMRQWIGWERHXLIHMWTPE][MPPWLS[[LEXIZIV[EWHMWTPE]IHFIJSVIXLIEGXMZEXMSRSJXLI2YXIJYRGXMSR
,IRIVEPMRJSVQEXMSR[LIRXLI2YXIJYRGXMSRMWEGXMZEXIH 5VIWWMRKXLIZSPYQIFYXXSRHIEGXMZEXIWXLI2YXIJYRGXMSRERHEPXIVWXLIPMWXIRMRKZSPYQI &PPXLIJYRGXMSRWERHXLIQIRYGERFIYWIH .JEXVEJJMGFYPPIXMRMWVIGIMZIH [MXLXLI9&JYRGXMSREGXMZEXIHSVE59>QIWWEKIMWVIGIMZIHXLIEGXMZEXIH
2YXIJYRGXMSR[MPPFIFIMKRSVIH
8SJX2YXIJYRGXMSR9LI8SJX2YXIJYRGXMSRMWEGXMZEXIHMJSRISJXLITVIWIPIGXMSRFYXXSRWSVXLI'3FYXXSRSVXLI434++FYXXSRMWYWIH.JSRISJXLIWIFYXXSRWMWTVIWWIHXLIZSPYQIHIGVIEWIW[MXLEWSJXQYXIIJJIGX9LIVEQTMWWIXXSVIEGLZSPYQIJVSQXLIGYVVIRXZSPYQIMRSRIWIG
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
.JXLIFYXXSRMWTVIWWIHJSV !WIGXLIQSQIRXMXMWVIPIEWIHXLIZSPYQIMRGVIEWIW[MXLEWSJXHIQYXI9LMWVEQTMWWIXXSVIEGLXLI
GYVVIRXZSPYQIJVSQZSPYQIMRQWIGW "WIGMJXLIFYXXSRMWTVIWWIHJSVWIGEREGSYWXMGWMKREPMWWSYRHIH WXEXMSRTVSKVEQQMRK&XXLI
IRHSJXLIEGSYWXMGWMKREPXLIZSPYQIMWXLIGYVVIRXZSPYQI RSWSJXHIQYXI
;SPYQI9LIZSPYQIGERFIEHNYWXIHMRWXITWJVSQ;41XS;41YWMRKXLIZSPYQIWFYXXSRW;41ERH;419LIZSPYQIPIZIP[MPPETTIEVSRXLIHMWTPE]JSVWIGSRHW*\EQTPI
)+CCCCCC9CC+&CCC9.+
9LIZSPYQIHMWTPE]HMWETTIEVWEWWSSREWERSXLIVJYRGXMSRMWWIPIGXIH.JXLIZSPYQIPIZIPMWGLERKIHHYVMRKXLIXVERWQMWWMSRSJEXVEJJMGFYPPIXMRSV[LIRXLIXIPITLSRIMWEGXMZEXIHXLMWWIXXMRKSRP]VIQEMRWZEPMHJSVXLIGYVVIRXXVEJJMGFYPPIXMR1EXIVSRXLIIUYMTQIRX[MPPEHNYWXXSXLISVMKMREPPIZIP.JXLIXVEJJMGFYPPIXMRSVXLIXIPITLSRIJYRGXMSRIRHW[LMPWXXLIZSPYQIMWFIMRKGLERKIHXLIPIZIP[MPPGSRXMRYIXSGLERKIWXEVXMRKJVSQXLIWIXXMRKEGXMZEXIHFIJSVIXLIXVERWQMWWMSRSJXLIXVEJJMGFYPPIXMRSVXLIXIPITLSRIJYRGXMSR MRGPYHMRKXLIHMWTPE];SPYQIJYRGXMSR
8TIIHZSPYQIGSRXVSP9LMWGSRXVSPMWYWIHXSEYXSQEXMGEPP]MRGVIEWIXLIZSPYQITVSTSVXMSREPP]EGGSVHMRKXSXLIWTIIHSJXLIZILMGPI9LMWMRJSVQEXMSRMWVIGIMZIHJVSQXLI(&3FYW8TIIHGSRXVSPMRWXITWQIQSVM^IHMRXLI**5742 GERFIGLERKIHHYVMRKHIZIPSTQIRX
9LIWTIIHZSPYQIGSRXVSPGERFIEGXMZEXIHHIEGXMZEXIHMREPPQSHIW 9YRIV((()YWMRKXLIQIRY
.RH' 8[MXGLMRKPIZIPHYVMRKEGGIPIVEXMSR@0QLB 8[MXGLMRKPIZIPHYVMRKZILMGPIFVEOMRK@0QLB
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
'EWW9VIFPI'EPERGIERH+EHIV&JXIVXLIJMVWXFVMIJTVIWW !WIGSJXLI&:)FYXXSRXLIGYVVIRXFEWWWIXXMRKMWHMWTPE]IH*\EQTPI
)+CCCCCC9CC+&CCC9.+
9LIWIXXMRKMWGLERKIHYWMRKXLI;41ERH;41FYXXSRW(SRXVSPVERKI±H'MRWXITWSJH')MWTPE]3SWXSTEX.JXLI&:)FYXXSRMWTVIWWIHEWIGSRHXMQIXLIGYVVIRXXVIFPIPIZIPWIXXMRKMWHMWTPE]IH*\EQTPI
)+CCCCCC9CC+&CCC9.+
9LIWIXXMRKMWGLERKIHYWMRKXLIZSPYQIHMWGIRGSHIV(SRXVSPVERKI±H'MRWXITWSJH')MWTPE]3SWXSTEX']TVIWWMRKXLI&:)FYXXSRJSVEXLMVHXMQIXLIGYVVIRXFEPERGIWIXXMRKPIZIPMWHMWTPE]IH
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
*\EQTPIW
)+CCCCCC9CC+'CCC9.+
9LIWIXXMRKGERFIGLERKIHYWMRKFYXXSR ERH .JXLI&:)FYXXSRMWTVIWWIHJSVEJSYVXLXMQIXLIGYVVIRXJEHIVPIZIPMWHMWTPE]IH*\EQTPIW
)+CCCCCC9CC+'CCC9.+
9LIWIXXMRKGERFIGLERKIHYWMRKXLIZSPYQIHMWGIRGSHIV
.JXLI&:)JYRGXMSRMWHIEGXMZEXIHXLIZEPYIEHNYWXIHMWQIQSVM^IHERHXLIIUYMTQIRXEGXMZEXIWXLIPEWXQSHIYWIH &YXSQEXMGEPP]WIGWEJXIVXLIPEWXEYHMSEHNYWXQIRX ']MRMXMEXMRKEREGXMSRSV HIEGXMZEXMRKEJYRGXMSR[LMGLVIUYMVIWXLIHMWTPE]SJRI[MRJSVQEXMSR <LIRERI[JYRGXMSRSVQSHIMWPEYRGLIH JSVI\EQTPIE9&FVSEHGEWXEXIPITLSRIHIEGXMZEXMSRSVXLI
MRWIVXMSRSJEGEWWIXXISV()2ERYJEGXYVIVWTVIHIJMRIHWIXXMRK'EWW9VIFPI'EPERGI+EHIV"
1SYHRIWW9SEGXMZEXIHIEGXMZEXIXLI1SYHRIWWJYRGXMSRTVIWWXLI&:)FYXXSRJSVQSVIXLERWIG EREGSYWXMGWMKREPMWTVSHYGIH9LIPSYHRIWWQSHIMWHMWTPE]IHJSVWIGW
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
*\EQTPIW
)+CCCCCC9CC+&CCC9.+
9LI[VMXMRKSRXLIHMWTPE]HMWETTIEVWEWWSSREWERSXLIVJYRGXMSRMWWIPIGXIH
7EHMS7IGIMZIV2SHI9LIREQI 7)8WXEXMSRSVXLIJVIUYIRG] RSR7)8WXEXMSRSJXLIWXEXMSRWIPIGXIHETTIEVWSRXLIHMWTPE]ERHXLIJVIUYIRG]PIZIPMWWLS[R*\EQTPIW
)+CCCCCC9CC+)CCC9.+
+VIUYIRG]FERHW[MXGLMRK']TVIWWMRKXLI'3FYXXSRFVMIJP] !WIGMXMWTSWWMFPIXSEGXMZEXIXLIJSPPS[MRKJVIUYIRG]FERHWMRSVHIV+2+2+292<1<+29LIPEWXWXEXMSRWIPIGXIHSRXLIVIWTIGXMZIFER[MPPFIXYRIHMRXS9LI.RJSWIGXMSRSJXLIHMWTPE][MPPWLS[XLIRI[FERH
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
.JXLIWXEXMSRWIPIGXIHMWTVSKVEQIHWIGSRHWPEXIVXLITVIWIPIGXMSRRYQFIV[MPPFIHMWTPE]IHSRXLI.RJSWMHIJSVWIGW*\EQTPISJTVIWIPIGXMSRRYQFIV
)+CCCCCC9CC+&CCC9.+
5VIWIPIGXMSRFYXXSRW JVSQXS
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
)+CCCCCC9CC+&CCC9.+
.JXLI5PQIQSVM^IHGERRSXFIVIGIMZIHSRER]JVIUYIRG]EJXIVLEZMRKWIEVGLIHXLIIRXMVIXLIVEHMS[MPPXYRIMRXSXLITVSKVEQQIHJVIUYIRG]']TVIWWMRKXLITVIWIPIGXMSRFYXXSRJSVPSRKIV WIGXLIWXEXMSRXYRIHMRXS[MPPFITVSKVEQQIH9LIW]WXIQEP[E]WTVSKVEQQIWXLIJVIUYIRG]ERHXLI5PGSHI9LITVSKVEQQMRKTVSGIWWMWGSRJMVQIHF]EREGSYWXMGWMKREP
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
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
.JXLIJVIUYIRG]MWXLIWEQIEWXLIJVIUYIRG]TVSKVEQQIHMRXLITVIWIPIGXMSRSRXLIWEQIFERH +2+2+292<1<XLIRXLITVIWIPIGXMRSRYQFIV[MPPETTIEVSRXLIHMWTPE]JSVWIGW
2ERYEPXYRMRK9SWXEVXXLIKVEHYEPXYRMRKMRXLIHMVIGXMSRWIPIGXIHTVIWWXLIPIJXVMKLXFYXXSR !!##FVMIJP] !WIG.JXLIFYXXSRMWTVIWWIHJSVPSRKIV "WIGXLIVETMHJYRGXMSRMWGEVVMIHSYXEWPSRKEWXLIFYXXSRVIQEMRWTVIWWIH.JXLI59>JYRGXMSRMWEGXMZEXIHXLIRMXQYWXFIHIEGXMZEXIHMRSVHIVXSYWIXLMWJYRGXMSR.JXLI&+JYRGXMSRMWEGXMZEXIHXLIRMXQYWXFIHIEGXMZEXIHMRSVHIVXSYWIXLMWJYRGXMSR.JXLIJVIUYIRG]MWMHIRXMGEPXSXLIJVIUYIRG]TVSKVEQQIHJSVXLITVIWIPIGXMSRSRXLIWEQIFERH +2+2+292<1<XLIRXLITVIWIPIGXMSRRYQFIV[MPPETTIEVSRXLIHMWTPE]JSVWIGW
+2&2WGER.JXLI87(FYXXSRMWTVIWWIHJSVPSRKIV "WIGJSPPS[IHF]EREGSYWXMGWMKREPXLIWGERSJWXEXMSRWSRXLIGYVVIRXJVIUYIRG]FERH +22<1<[MPPFIPEYRGLIH*EGLWXEXMSRJSYRH[MPPFITPE]IHJSVWIGWERHMXWREQISVJVIUYIRG][MPPJPEWLSRXLIHMWTPE])YVMRKXLIWIEVGL QMRWIGWXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
.JXLIXVEJJMGRI[WJYRGXMSRMWEGXMZEXIHXLIW]WXIQ[MPPSRP]WIEVGLJSVWXEXMSRWFVSEHGEWXMRKXVEJJMGRI[W
.JXLI59>JYRGXMSRMWEGXMZEXIHXLIW]WXIQ[MPPSRP]WIEVGLJSV59>WXEXMSRW&XXLIWXEVXSJXLI8(&3EPPXLISXLIVJYRGXMSRWERHXLI2IRYEVIGERGIPPIH
)IEGXMZEXMRK+2&2WIEVGL 9SGSRXMRYIXLIVITVSHYGXMSRSJXLIWXEXMSRGYVVIRXP]WSYKLXTVWWXLI87(FYXXSREKEMR9LMWSTIVEXMSRMW
EPWSZEPMHIZIRMJXLIIUYMTQIRXMWW[MXGLIHSJJ[LMPWXXLI+2&2WIEVGLJYRGXMSRMWMRTVSKVIWW ']TVIWWMRKXLIYTSVHS[RFYXXSR ']TVIWWMRKETVIWIPIGXMRSFYXXSRXLIWXEXMSRTVSKVEQQIHMWXYRIHMRXS ']EGXMZEXMRKXLIEYXSQEXMGQIQSV] ']EGXMZEXMRKHIEGXMZEXMRKXLI59> ']GLERKMRKXLI+2SVFERHPIZIP ']EGXMZEXMRKXLI&:)SV2*3:XLIVITVSHYGXMSRSJXLIGYVVIRXWXEXMSRMWGSRXMRYIH .JXLI+2&2WGERJMRHWEWXEXMSRXVERWQMXXMRKXVEJJMGRI[WERHXLIXVEJJMGRI[WJYRGXMSRMWEGXMZEXIHXLI
WIEVGL[MPPFIGERGIPPIH ']MRWIVXMRKEGEWWIXXI.JRSWXEXMSRMWWIPIGXIHXLIWIEVGLJYRGXMSR[MPPFIHIEGXMZEXIHEJXIVXLIJVIUYIRG]FERHWGER9LIVITVSHYGXMSRSJXLIWXEXMSRWIPIGXIHTVIZMSYWP][MPPFIVIWYQIH
5VIWIPIGXMSRWGER5VIWWXLIFYXXSRJSVPSRKIV 2*3:"WIGXSWXEVXXLITVIWIPIGXMSRWGERSRXLIGYVVIRXJVIUYIRG]FERH+22<1<*EGLTVIWIPIGXMSR[MPPFIVITVSHYGIHJSVWIGW[MXLXLIMVREQISVJVIUYIRG]JPEWLMRKSRXLIHMWTPE])YVMRKXLIXMQI[LIRGLERKMRKJVSQSRITVIWIPIGXMSRXSERSXLIVXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE] 7)8WMHI JSVWIGW
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
)+CCCCCC9CC+&CCC9.+
)YVMRKXLIJMVWXWIGWMR[LMGLXLIRI[TVIWIPIGXMSRWXEXMSRMWPMWXIRIHXSXLIGYVVIRXJVIUYIRG]FERH[MPPFI WLS[R SR XLI .RJS WMHI ERH HYVMRK XLI VIQEMRMRK WGER XMQI XLI TVIWIPIGXMSR FYXXSR RYQFIV [MPP FIHMWTPE]IHEPWSSRXLI.RJSWMHI.JXLIXVEJJMGRI[WJYRGXMSRMWEGXMZEXIHXLIW]WXIQ[MPPSRP]WIEVGLJSVWXEXMSRW[LMGLFVSEHGEWXXVEJJMGRI[W&XXLIWXEVXSJXLI8(&3EPPXLISXLIVJYRGXMSRWERHXLIQIRY[MPPFIGERGIPPIH
)IEGXMZEXMRKTVIWIPIGXIHWXEXMSRWWGERRMRK ']TVIWWMRKXLI87(FYXXSRXLIGYVVIRXVEHMSWXEXMSRGERFIPMWXIRIHXS9LMWSTIVEXMSRMWEPWSZEPMHMJXLI
IUYMTQIRXMWW[MXGLIHSJJ[LMPWXXLIWGERRMRKMWEGXMZEXIH ']TVIWWMRKXLIYTSVHS[RFYXXSR ']TVIWWMRKETVIWIPIGXMSRFYXXSR ']EGXMZEXMRKXLIEYXSQEXMGQIQSV] ']EGXMZEXMRKXLI59> ']GLERKMRKXLIWSYVGI ']GLERKMRKXLI+2PIZIPSVXLIFERH ']EGXMZEXMRKXLI&:)SV2*3:XLIGYVVIRXWXEXMSR[MPPGSRXMRYIXSFIVITVSHYGIH .JXLITVIWIPIGXIHWGERRMRKXYRIWMRXSEWXEXMSR[LMGLMWFVSEHGEWXMRKE9&QIWWEKI[LMPWXXLI9&JYRGXMSR
MWEGXMZEXIHXLIRXLIWGERRMRKMWEFSVXIH ']MRWIVXMRKEGEWWIXXI().JRSTVIWIPIGXMSRMWQEHIXLIVITVSHYGXMSRSJXLIWXEXMSRWIPIGXIH[MPPFIVIWYQIH
5VSKVEQQIX]TIWIPIGXMSR59>9SEGXMZEXIXLI59>JYRGXMSRTVIWWXLI59>FYXXSRFVMIJP] !WIG.JXLI59>JYRGXMSRMWEGXMZEXIHXLI59>W]QFSPETTIEVWSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
*\EQTPIWSJX]TIWSJTVSKVEQQIW
)+CCCCCC9CC+)CCC9.+
9LIREQISJXLIWXEXMSRSVXLIJVIUYIRG]MWHMWTPE]IHEJXIVWIGW9SGLERKIXLIX]TISJ59>TVSKVEQQITVIWWXLI!!##FYXXSRWSVSRISJXLITVIWIPIGXMSRFYXXSRW.JXLIHMWTPE]WLS[WXLIJVIUYIRG]SVXLIREQISJXLIFVSEHGEWXIVTVIWWMRKXLI!!##FYXXSR[MPPHMWTPE]XLIX]TISJGYVVIRXTVSKVEQQI9STVSKVEQQIXLIGYVVIRXX]TISJTVSKVEQQISRSRISJXLITVIWIPIGXMSRFYXXSRWTVIWWXLITVIWIPIGXMSRFYXXSRJSVPSRKIV "WIG9LITVSKVEQQMRKMWGSRJMVQIHF]EREGSYWXMGWMKREP9SHIEGXMZEXIXLI59>JYRGXMSRTVIWWXLI59>FYXXSREKEMR !WIG2ERYJEGXYVIVWTVIHIJMRIHWIXXMRK59>SJJ
8XEXMSR59>X]TISJTVSKVEQQIGLIGO5VIWWXLI59>FYXXSRJSVPSRKIV "WIGJSPPS[IHF]EREGSYWXMGWMKREPXSEGXMZEXIXLIX]TISJTVSKVEQQIGLIGO&JXIVXLIEGSYWXMGWMKREPXLIX]TISJTVSKVEQISJJIVIHF]XLIWXEXMSRGYVVIRXP]VITVSHYGIH[MPPETTIEVSRXLIHMWTPE].JXLIGYVVIRXWXEXMSRLEWRS59>GSHIXLIRXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
8GVSPPMRKXVERQMWWMSRW.XMWTSWWMFPIXSVIGIMZIHMJJIVIRXTVSKVEQQIWSRXLIWEQIRIX[SVOERHWGVSPPXLIQ SRP]SR+29SEGXMZEXIXLMWJYRGXMSRTVIWW&+JSVPSRKIV "WIGXSEGXMZEXIXLI&+JYRGXMSR9LIYWIVGERXLIRWXEVXXLIWGVSPPMRKF]TVIWWMRKXLI##!!FYXXSRW
3SXI 9LIFVSEHGEWXIVWLSYPHLEZIFIIRVIGIMZIHTVIZMSYWP]EXPIEWXSRGI
2*3:
2*3:FYXXSR9SEGXMZEXIXLIQIRYJYRGXMSRTVIWWXLI2*3:FYXXSRFVMIJP] WIG9LIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
&JXIVWIGWXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
9SI\MXXLI2IRYJYRGXMSRTVIWWXLI2*3:FYXXSREKEMR
+YRGXMSRWIPIGXMSR
5VIWWXLIYTHS[RFYXXSR ZXSGLERKIXLIQIRYJYRGXMSRXSFIEPXIVIH9LIJSPPS[MRKJYRGXMSRWGERFIYWIH 'EPERGIVEGXMZEXMSRHIEGXMZEXMSR ZIVWMSR[MXL() 'EPERGIVWIXXMRKW SRP]MJXLIFEPERGIVMWEGXMZEXIH ZIVWMSR[MXL() &GXMZEXMSRHIEGXMZEXMSRSJEPXIVREXMZIJVIUYIRG]JYRGXMSR 7IKMSREP &HNYWXQIRXSJVEHMSVIGIMZIVWIRWMXMZMX] &GXMZEXMSRHIEGXMZEXMSRSJZSPYQIGSRXVSPEGGSVHMRKXSXLIWTIIH &PPSGEXMSRSJREQIWXSXLI()W SRP]MJ()QSHIMWEGXMZEXIH &GXMZEXMSRHIEGXMZEXMSRSJVEHMSGSRXVSPJYRGXMSR 9IPITLSRIZSPYQI -MGYXSRSJJ
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
&GXMZEXMSR SRHIEGXMZEXMSR SJJSJFEPERGIV
9LIYWIVGERYWIXLMWJYRGXMSRXSEGXMZEXISVHIEGXMZEXIXLIMRXIKVEXIHFEPERGIV.JXLMWJYRGXMSRMWRSXEGXMZEXIHXLIYWIVGERSRP]EPXIVXLIEYHMSWIXXMRKWF]GLERKMRKXLIFEWWERHXVIFPI.JSRIFEPERGIVMWEGXMZEXIHMXGERQEOIYWISJWIZIVEPWIXXMRKWXSQSHMJ]XLIEGSYWXMGGYVZIW 5VIWIXWTIGMJMGWSYRHJSVXLIZILMGPI :WIVWTIGMJMGWSYRHJSVXLIZILMGPITPYWFERHWIXXMRKFEPERGIV (PEWWMGJM\IH7SGOEYHMSGYVZI /E^^JM\IH/E^^EYHMSGYVZI.JXLMWJYRGXMSRMWWIPIGXIHSRISJXLIPEWXXLVIITSWWMFMPMXMIWMWWLS[RSRXLIHMWTPE] PEWXWIXXMRK
)+CCCCCC9CC+(CCC9.+
9SGLERKIXLMWJYRGXMSRYWIXLI FYXXSRW.JSRISJXLIFEPERGIVWMWEGXMZEXIHXLI*6W]QFSP[MPPETTIEVSRXLIHMWTPE]
7IKMSREPJYRGXMSR.JXLMWJYRGXMSRMWWIPIGXIHXLIGYVVIRXWIXXMRKSYXSJTSWWMFMPMXMIW[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
:WIXLI!!##FYXXSRWXSGLERKIXLIJYRGXMSR2ERYJEGXYVIVWTVIHIJMRIHWIXXMRK7*,SJJ
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
()HMWTPE]JYRGXMSR.JXLMWJYRGXMSRMWWIPIGXIHXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
:WIXLI!!##FYXXSRWXSGLERKIXLMWJYRGXMSR9LIGYVVIRXWIXXMRK[LMGLMWSRISJXLIJSPPS[MRKX[STSWWMFMPMXMIW[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
&HNYWXQIRXSJVEHMSVIGIMZIVWIRWMXMZMX].JXLMWJYRGXMSRMWWIPIGXIHXLIGYVVIRXWIXXMRKJVSQXLIJSPPS[MRKTSWWMFMPMXMIW[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
:WIXLI!!##FYXXSRWXSGLERKIXLIJYRGXMSR
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
8TIIHZSPYQIGSRXVSPJYRGXMSR.JXLMWJYRGXMSRMWWIPIGXIHXLIHMWTPE][MPPWLS[XLIGYVVIRXWIXXMRKJVSQXLIJSPPS[MRKTSWWMFMPMXMIW
)+CCCCCC9CC+&CCC9.+
:WIXLI!!##FYXXSRWXSGLERKIXLIJYRGXMSR
()REQMRKJYRGXMSR9LMWJYRGXMSRGERSRP]FIWIPIGXIHMJE()MWMRWIVXIH9LIJSPPS[MRKETTIEVWSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
:WIXLI!!##FYXXSRWXSEGXMZEXIXLMWJYRGXMSR.JXLI()EPVIEH]LEWEREQIXLMW[MPPETTIEVSRXLIHMWTPE]*\EQTPI
)+CCCCCC9CC+&CCC9.+
.JXLI()HSIWRSXLEZIEREQIXLIRIMKLXWQEPPPMRIW[MPPETTIEVSRXLIHMWTPE]
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
)+CCCCCC9CC+&CCC9.+
.JRSQIQSV]MWEZEMPEFPIJSVERI[REQIXLIRXLIJMVWXREQIMRXLIQIQSV][MPPFIHMWTPE]IH9SGLERKIXLIREQISVXSEPPSGEXIEREQIXSXLIRI[()TVIWWXLI!!##FYXXSRW5VIWWXLI!!##FYXXSRWEKEMRXSWIPIGXXLITSWMXMSRSJXLIGLEVEGXIVXSGLERKI:WIXLI FYXXSRWXSWIPIGXEPXIVXLIGLEVEGXIV9SQIQSVM^IXLIREQITVIWWXLI2*3:FYXXSREKEMR9LIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
9SGERGIPXLIREQISJE()MRWIVXIHTVIWWXLITVIWIPIGXMSRFYXXSR (17JSVX[SWIGSRHWEJXIVLEZMRKEGXMZEXIHXLI()REQIJYRGXMSR
)+CCCCCC9CC+&CCC9.+
9SGERGIPEPPXLIREQIWTVIWWXLITVIWIPIGXMSRFYXXSR (17JSVIMKLXWIGSRHWEJXIVLEZMRKEGXMZEXIHXLI()REQIJYRGXMSR®SYWXMGWMKREPMWTVSHYGIHFIX[IIRXLIERHWIGSRHWERHXLIJSPPS[MRKETTIEVWSRXLIHMWTPE]JSVWIGSRHW
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
)+CCCCCC9CC+&CCC9.+
7EHMSQSRMXSVJYRGXMSR:WMRKXLMWJYRGXMSRXLIGYWXSQIVGEREGXMZEXISVHIEGXMZEXIXLIVEHMSQSRMXSVJYRGXMSR.JXLIJYRGXMSRMWRSXEGXMZEXIHXLIGYWXSQIVHSIWRSXLIEVXLIGEWWIXXIFIMRK[SYRHJSV[EVHVI[SYRH.JXLIJYRGXMSRMWEGXMZEXIHXLIGYWXSQIV[MPPLIEVXLIPEWXWXEXMSRWIPIGXIHMRXLIVEHMSQSHI.JXLMWJYRGXMSRMWWIPIGXIHXLIGYVVIRXWIXXMRKJVSQXLIJSPPS[MRKTSWWMFMPMXMIW[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
:WIXLI!!##FYXXSRWXSEPXIVXLIJYRGXMSR
9IPITLSRIEHNYWXQIRX9LIGYWXSQIVGERYWIXLMWJYRGXMSRXSEGXMZEXI WIXXMRKSVHIEGXMZEXI SJJWIXXMRKXLIEYHMSI\GPYWMSRJYRGXMSRJSVXLIXIPITLSRI.J XLI XIPITLSRIEYHMSHIEGXMZEXMSR JYRGXMSR MWEGXMZEXIH XLIGYWXSQIVGERWIPIGX ER MRMXMEP&+ XIPITLSRIZSPYQI9LIZSPYQIGERFIEHNYWXIHMRWXITWJVSQ;41SX;41YWMRKXLI;41ERH;41FYXXSRW.JXLMWJYRGXMSRMWWIPIGXIHXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
9SEGXMZEXIXLMWJYRGXMSRTVIWWXLI!!##FYXXSRW9LIHMWTPE][MPPWLS[XLIPEWXWIXXMRK
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
*\EQTPIW
)+CCCCCC9CC+&CCC9.+
-MGYXEHNYWXQIRX WIPIGXMSR[LMGLEPPS[WMRXIVJIVIRGIXSFIGYXSYX9LIGYWXSQIVGERYWIXLMWJYRGXMSRXSEGXMZEXISVHIEGXMZEXIXLI-MGYXJYRGXMSR H]REQMGVIHYGXMSRMRLMKLWSYRHWJSV7+WMKREP.JXLMWJYRGXMSRMWEGXMZEXIHXLIHMWTPE][MPPWLS[SRISJXLITSWWMFMPMXMIWJSVXLIGYVVIRXWXEXYW
)+CCCCCC9CC+&CCC9.+
9SGLERKIXLIWXEXYWYWIXLI!!##FYXXSRW
((2SHI
&GXMZEXMSRSJ((QSHI
&GXMZEXMSRSJ((QSHI .RWIVXEGEWWIXXI MJXLIVEHMSMWSJJXLIVEHMS[MPPGSQISRMRGEWWIXXIQSHI 5VIWWXLI87(FYXXSRYRXMPXLI((QSHIMWEGXMZEXIH SRP]MJXLIVIMWEPVIEH]EGEWWIXXIMRXLITPE]IV.JXLIVIMWEGEWWWIXXIMRWIVXIHXLI((.3W]QFSP[MPPETTIEVSRXLIHMWTPE]ERHXLIW]WXIQ[MPPGLERKIXLIWSYVGIERHEGXMZEXIXLIVITVSHYGXMSRSJXLIGEWWIXXISRWMHI XLIWMHISJXLIGEWWIXXI[MXLXLIPEFIPPIKMFPI[LIRXLIGEWWIXXIMWMRWIVXIH
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
.JXLI((VITVSHYGXMSRQSHIMWEGXMZEXIHSRISJXLIJSPPS[MRKX[STSWWMFMPMXMIW[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
(LERKMRXETIHMVIGXMSR9LIXETIHMVIGXMSRGERFIGLERKIHEYXSQEXMGEPP]SRGIXLIIRHSJXLIXETIMWVIEGLIHSVQERYEPP]F]TVIWWMRKXLIVIZIVWIFYXXSR 9LIVIEHMRKSRXLIHMWTPE][MPPGLERKIEWEVIWYPX
)41'>'RSMWIVIHYGXMSR9SEGXMZEXIHIEGXMZEXIXLI)41'>'RSMWIVIHYGXMSRTVIWWFYXXSRERHXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]JSVWIGW
)+CCCCCC9CC+&CCC9.+
.JXLI)SPF]JYRGXMSRMWEGXMZEXIHXLI)SPF]W]QFSP[MPPETTIEVSRXLIHMWTPE]
288 EPPS[WWIRHJSV[EVHWSVVI[MRHMRKXSJMRHXLITVIZMSYWSVRI\XXVEGO
5VIWWXLIFYXXSRXSGLIGOXLI288WIPIGXMSRMRXLIJSV[EVHWHMVIGXMSR QE\MQYQSJXMXPIWERHXLIZFYXXSRXSGLIGOXLI288WIPIGXMSRMRXLIVIZIVWIHMVIGXMSR QE\MQYQSJXMXPIW0IITXLIFYXXSRTVIWWIHXSGSRXMRYIXLI288WIPIGXMSR<LIRXLI288QSHIWEVIEGXMZEXIHXLIJSPPS[MRKETTIEVWSRXLIHMWTPE]
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
3YQFIVSJXMXPIWXSSQMX
)+CCCCCC9CC+&CCC9.+
288HMVIGXMSR
)+CCCCCC9CC+&CCC9.+
.JXLI288MWEGXMZEXIHXLIJEWXJSV[EVHSVVI[MRH[MPPWXSTEWWSSREWXLIW]WXIQHIXIGXWXLITSWMXMSRSJXLIXETIRSXVIGSVHIHSVEXXLIIRHSJXLIXETI
9LI288WIEVGLMWMRXIVVYTXIHMRXLIJSPPS[MRKGEWIW <LIRXLIWSYVGIMWGLERKIH <LIRXLIGEWWIXXIMWINIGXIH .RGEWISJVIZIVWEP ']MRMXMEXMRKEREGXMSRSVF] HIEGXMZEXMRKEJYRGXMSR[LMGLVIUYMVIWXLIHMWTPE]SJRI[MRJSVQEXMSR <LIRXLIVEHMSMWW[MXGLIHSJJ 9LI9&9IPQYXIERH59>JYRGXMSRWGERGIPXLI288JYRGXMSR&JXIVXLIQIWWEKIXLIIUYMTQIRXVIXYVRW
XSVITVSHYGXMSRQSHI <LIRXLI!!##FYXXSRMWTVIWWIHXLIVITVSHYGXMSRQSHIWXEVXW
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
+EWXJSV[EVHERHJEWXVI[MRH9SWXEVXXLIXETIJEWXJSV[EVHJYRGXMSRTVIWWXLI!!ERHXLI##FYXXSRW9LIHMVIGXMSRWIPIGXIH[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
9LIJEWXJSV[EVHVI[MRHJYRGXMSRMWMRXIVVYTXIHMRXLIJSPPS[MRKGEWIW <LIRXLIWSYVGIMWGLERKIH <LIRXLIGEWWIXXIMWINIGXIH .RXLIGEWISJVIZIVWEP ']MRMXMEXMRKEREGXMSRSVF] HIEGXMZEXMRKEJYRGXMSR[LMGLVIUYMVIWXLIHMWTPE]SJRI[MRJSVQEXMSR <LIRXLIVEHMSMWW[MXGLIHSJJ 9LI9&9IPQYXIERH59>JYRGXMSRWGERGIP XLI JEWX JS[EVHVI[MRH JYRGXMSR&JXIV XLIQIWWEKI XLI
IUYMTQIRXQSZIWXSVITVSHYGXMSRQSHI 5VIWWMRKXLIZFYXXSRWXEVXWXLIVITVSHYGXMSRQSHI
5EYWIJYRGXMSR JSVFSXLQSHIPW5VIWWTVIWIPIGXMSRFYXXSRXSTEYWIXLIGEWWIXXI9LIHMWTPE]WLS[W
)+CCCCCC9CC+&CCC9.+
9SVIQSZIXLITEYWIJYRGXMSRTVIWWFYXXSREKEMR9LITEYWIJYRGXMSR[MPPFIGERGIPPIHF]GLERKMRKXLIWSYVGI
8GERJYRGXMSR JSVFSXLQSHIPW9LI8(&3JYRGXMSRMWSRP]EZEMPEFPIMRTPE]QSHI<LMPWXQSZMRKJVSQSRIXVEGOXSERSXLIVXLIHMWTPE][MPPWLS[ JSVEQMRMQYQSJWIGW
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
)+CCCCCC9CC+&CCC9.+
*EGLXMXPISJXLIGEWWIXXIMWVITVSHYGIHJSVWIGW<LMPWXXLIXVEGOMWTPE]IHXLIHMWTPE][MPPWLS[8(&3
9LIWGERSVHIVMW +VSQXLIXVEGOTPE]IHXSXLIIRHSJXLIWMHI (LERKISJWMHIERHWGERSJWMHI (LERKMRKWMHIEKEMRERHWGERSJWMHI9LIJYRGXMSR[MPPFIHIEGXMZEXIHEXXLIIRHSJXLIWMHI
)IEGXMZEXMRKXLIWGER 5VIWWXLI87(FYXXSREKEMRXSGSRXMRYIPMWXIRMRKXSXLIXVEGOGYVVIRXP]FIMRKTPE]IH9LMWMWEPWSXLIWEQI
MJEGEWWIXXIMWFIMRKTPE]IH &GXMZEXIXLI5EYWIFYXXSR 5VIWWEFYXXSRJSVEWIEVGLMRHMVIGXMSRW 5VIWWXLIVIZIVWIFYXXSR &GXMZEXIXLI&:)FYXXSR .JXLI9&JYRGXMSRMWEGXMZEXIHERHXLIWXEXMSRWIPIGXIHMWFIMRKXVERWQMXXIHXLIWGER[MPPFIMRXIVVYTXIH &GXMZEXIXLI2IRY
()24)*
&GXMZEXMRKXLI()QSHI
&GXMZEXMRKXLI()QSHI .RWIVXE() MJXLIVEHMSMWW[MXGLIHSJJXLI()QSHIGSQIWSR 5VIWWXLI87(FYXXSRYRXMPXLI()QSHIMWEGXMZEXIH
9VEGOWIPIGXMSR JSV[EVHFEGO .RXLI()QSHITVIWWXLI FYXXSRXSVI[MRHERHXLI FYXXSRXSJSV[EVHXLIXVEGOWIPIGXIH+SVXLIVETMHJYRGXMSROIITXLIFYXXSRTVIWWIHJSVWIGSRHW
7ITIEXJYRGXMSR5VIWWTVIWIPIGXMSRFYXXSRXSOIITVITIEXMRKXLIXVEGOGYVVIRXP]WIPIGXIH9LIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]JSVWIGSRHW
)+CCCCCC9CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
9SHIEGXMZEXIXLIVITIEXJYRGXMSRTVIWWTVIWIPIGXMSRFYXXSREKEMR9LIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]JSVWIGSRHW
)+CCCCCC9CC+&CCC9.+
.JXLIVITIEXJYRGXMSRMWEGXMZEXIHXLI8GERERH2M\JYRGXMSRW[MPPFIHIEGXMZEXIH&JXIVXLIVITVSHYGXMSRSJXLIXVEGOWIPIGXIHXLIHMWTPE][MPPWLS[7*5*&9EKEMRJSVWIGSRHW&JXIVGLERKMRKWSYVGIXLIVITIEXJYRGXMSRMWHIEGXMZEXIH
2M\JYRGXMSR5VIWWTVIWIPIGXMSRFYXXSRXSEGXMZEXIXLI()QM\JYRGXMSR&RI[XVEGO[MPPFITPE]IHERHXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]JSVWIGSRHW
)+CCCCCC9CC+&CCC9.+
9SHIEGXMZEXIXLIQM\JYRGXMSRTVIWWTVIWIPIGXMSRFYXXSREKEMR9LIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]JSVWIGSRHW
)+CCCCCC9CC+&CCC9.+
.J XLIQM\ JYRGXMSR MWEGXMZEXIHEPP XLIXVEGOWSRXLIGYVVIRXHMWG[MPPFITPE]IHMRVERHSQSVHIVERHXLI7*5*&9ERH8(&3JYRGXMSRW[MPPFIHIEGXMZEXIH&JXIVTPE]MRKXLIXVEGOXLI[SVH2.=43[MPPETTIEVEKEMRSRXLIHMWTPE]JSVWIGSRHW
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
9IPITLSRI
,IRIVEP.RJSVQEXMSR9S TVIZIRX ER IEVXL GYVVIRX XLI RIKEXMZI XIPITLSRI XIVQMREP SV XLI XIPITLSRI KVSYRH WLSYPH FIGSRRIGXIHXSXLIWTIGMEPMRXEOIJSVXLIGSRRIGXSVXIQTPEXI
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
)+CCCCCC9CC+&CCC9.+
.JXLIXIPITLSRIEYHMSHIEGXMZEXMSRJYRGXMSRMWEGXMZEXIHEPPXLIJYRGXMSRW[MXLXLII\GITXMSRSJXLIEYXSWXSVIERHWIEVGLEVIGERGIPPIH&XVEJJMGFYPPIXMRSV59>ERRSYRGIQIRXMRXIVVYTXWXLIXIPITLSRIEYHMSLS[IZIVXLIXVEJJMGRI[WGERFIHIEGXMZEXIHF]TVIWWMRKXLI9&FYXXSR9LIIUYMTQIRXVIQEMRWSRIZIRMJXLIPSKMGLEWFIIRW[MXGLIHSJJEXXLIIRHSJEGSRZIVWEXMSRXLIIUYMTQIRXW[MXGLIWSJJEYXSQEXMGEPP]
(&3+:3(9.438
(&3FYWJYRGXMSRW 8TIIHZSPYQIGSRXVSP (SHI(SHI[LIRJMXXMRKXLIVEHMSMRERSXLIVZILMGPIIUYMTTIH[MXLE(&3RIX[SVOXLIGSHIIRXIVIHYWMRKXLIVEHMSOI]WWLSYPHFIXVERWQMXXIHXSXLIZILMGPIQMGVSTVSGIWWSVZMEXLI(&3
(SHII\GLERKIZME(&3<LIRVIGSRRIGXMRKXLIVEHMSXSE8GYHMRS(&3RIX[SVOEXEPEXIVWXEKIXLIVEHMSERHXLIEYHMS[MPPGSQTEVIFSXLXLIGSHIWERHXLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
.JXLIGSHIWEVIXLIWEQIXLIRXLIIUYMTQIRX[MPP[SVO
.JXLIGSHIWEVIRSXXLIWEQISVXLIVEHMSLEWFIIRGSRRIGXIHJSVXLIJMVWXXMQIXLIRXLIIUYMTQIRX[MPPRSXMJ]XLIHVMZIVXSIRXIVXLIGSHIJSPPS[MRKXLITVSGIHYVIHIWGVMFIHMRTEVEKVETL:RXMPXLIGSHIMWGSVVIGXXLII\XIVREPHMWTPE][MPPRSXFIWYTTSVXIH<LIRXLIVEHMSMWGSRRIGXIHXSEZILMGPI[MXLSYXE8GYHMRS(&3RIX[SVOXLIIUYMTQIRX[MPPRSX[SVOERHXLIVEHMS[MPPRSX[SVO
5VSGIHYVIJSVIRXIVMRKGSHI<LIRXLIVEHMSMWGSRRIGXIHXSXLITS[IVWYTTP]XLIJSPPS[MRK[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
+SVWIGWERHXLIR
)+CCCCCC9CC+&CCC9.+
9LIJMVWXHMKMXMWWIPIGXIHF]WIPIGXMRKXLIGSVVIWTSRHMRKWXEXMSR &JXIVXLMWXLIHMKMXWJVSQXSEVIWIPIGXIHMRXLIWEQI[E].JXLIJSYVHMKMXWEVIRSXGSQTPIXIH[MXLMRWIGSRHWXLI[SVH(4)*[MPPETTIEVEKEMRSRXLIHMWTPE]JSVWIGSRHWERHXLIR9LMWX]TISJXMQISYXMWRSXGSRWMHIVIHEWLEZMRKIRXIVIHXLIMRGSVVIGXGSHI&JXIVIRXIVMRKXLIJSYVXLHMKMXXLIVEHMS[MPPWXEVXXSTPE]
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
.JERMRGSVVIGXGSHIMWIRXIVIHXLIVEHMS[MPPTVSHYGIEREGSYWXMGWMKREP XLIJSPPS[MRKMRJSVQEXMSR[MPPETTIEVSRXLIHMWTPE]
)+CCCCCC9CC+&CCC9.+
+SVWIGWERHXLIR
)+CCCCCC9CC+&CCC9.+
&HZMWMRKXLIYWIVXSIRXIVERSXLIVGSHI*EGLXMQIXLIYWIVIRXIVWERMRZEPMHGSHIXLI[EMXMRKXMQIMRGVIEWIW QMRQMRQMRQMRQMRQMRLLLLLLYRXMPEQE\MQYQXMQISJL9LI[EMXMRKXMQIMWHMWTPE]IHEWJSPPS[W
)+CCCCCC9CC+&CCC9.+
&JXIVXLMWMXMWTSWWMFPIXSWXEVXXLITVSGIHYVIJSVIRXIVMRKXLIGSHIEKEMR
(SRRIGXSVXIQTPEXITMRGSRRIGXSVXIQTPEXI8IIETTIRHM\(<MXLEYXSQEXMGEIVMEPQE\Q&
)*8(7.59.43&3)45*7&9.43&GGIWWSVMIW
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
8TIGMEPEGGIWWSVMIW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=,1488&7>
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
,1488&7>&+ &19*73&9.;*+7*6:*3(>7EHMSHIZMGI JYRGXMSR[LMGLQEOIW MXTSWWMFPI[LMPWX VIGIMZMRKER7)8TVSKVEQQIFVSEHGEWXF]WIZIVEPXVERWQMXXIVWSRHMJJIVIRXJVIUYIRGMIWXSEYXSQEXMGEPP]W[MXGLXSXLIJVIUYIRG][MXLXLIFIWXVIGITXMSR
'&1&3(*7EHMSHIZMGIJYRGXMSR[LMGLQEOIWMXTSWWMFPIXSEHNYWXXLIWSYRHHMWXVMFYXMSRFIX[IIRXLIPIJXERHVMKLXWMHIWTIEOIVW
'&887EHMSHIZMGIJYRGXMSR[LMGLQEOIWMXTSWWMFPIXSEHNYWXXLIEGSYWXMGW 14<943*8
*437EHMSHIZMGIJYRGXMSR[LMGLQEOIWMXTSWWMFPIXSVIGIMZIMRJSVQEXMSRSRXVEJJMGGSRHMXMSRWJVSQVEHMSGLERRIPWRSXGYVVIRXP]XYRIHMRXSXIQTSVEVMP]MRXIVVYTXMRKXLIWXEXMSRFIMRKPMWXIRIHXS
(QT )IWGVMTXMSR ;EPMHMX]
( &MVFEKW]WXIQ
* &RXMXLIJXHIZMGI
3 .RXIVKVEXIHGSRXVSPW]WXIQ MGWTERIP
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
+&)*77EHMSHIZMGIJYRGXMSR[LMGLQEOIWMXTSWWMFPIXSEHNYWXXLIHMWXVMFYXMSRSJXLIWSYRHFIX[IIRXLIWTIEOIVW
+21SRK[EZIVEHMSXVERWQMWWMSRJVIUYIRG]FIX[IIRERH2-^
,58 ,14'&1548.9.43.3,8>89*28EXIPPMXITSWMXMSRMRKW]WXIQ[LMGLMWHIWMKRIHXSTVSZMHIER]YWIV[MXLXLITSWWMFMPMX]SJHIXIVQMRMRKXLIMVTSWMXMSRSRXLIIEVXLWWYVJEGI
,82(SQQYRMGEXMSRWXERHEVHJSVQSFMPIIUYMTQIRX ,82",PSFEP8]WXIQJSV2SFMPI(SQQYRMGEXMSRGYVVIRXP]YWIHMREFSYXGSYRXMIWIRNS]MRKSTXMQYQGSZIVEKI
14:)3*887EHMSHIZMGIJYRGXMSR[LMGLQEOIWMXTSWWMFPIXSMQTVSZIXLIWSYRHF]MRGVIEWMRKXLIPS[XSRIW
1<1SRK[EZIVEHMSXVERWQMWWMSRJVIUYIRG]FIX[IIRERH0-^
2<1SRK[EZIVEHMSXVERWQMWWMSRJVIUYIRG]FIX[IIRERH0-^
3.99IPIQEXMG.RJS(SRRIGXSV
54. 5SMRXSJMRXIVIWX9LMWGSRWMWXWSJOI]MRKMRERMRJSVQEXMSRWIUYIRGIMRSVHIVXSWIPIGXETEVXMGYPEV54. MRVIPEXMSRXS[LMGLSXLIVMRJSVQEXMSRGERFISFXEMRIH
59>7EHMS HIZMGI JYRGXMSR [LMGL QEOIW MX TSWWMFPI [MXL XLI 7&).4 QSHI EGXMZEXIH XS WIPIGX XLI X]TI SJTVSKVEQQIIK3*<8 RI[WERHGYVVIRXEJJEMVW&++&.78 TSPMXMGWERHIZIRXWIXGJSVXLIVEHMSWXEXMSRW[LMGLTVSZMHIXLMWX]TISJMRJSVQEXMSR
7)8 7&).4)&9&8>89*27EHMSHEXEW]WXIQHIWMKRIHJSVVEHMSXVERWQMWWMSRMRXLIVERKIXS2-^
7, 7SYXI,YMHERGI7SYXIKYMHERGI
9&7EHMSHIZMGIJYRGXMSR[LMGLQEOIWMXTSWWMFPIMJWIXXSVIGIMZIXVEJJMGRI[WFVSEHGEWXWMVVIWTIGXMZISJXLIGYVVIRXVEHMSSTIVEXMRKQSHI9LIVITVSHYGXMSRSJE()MWMRXIVVYTXIHERHXLIZSPYQIMWEYXSQEXMGEPP]MRGVIEWIH
9+9 9-.3+.1297&38.89479IGLRSPSK]YWIHJSVXLIGSRWXVYGXMSRSJPMUYMHGV]WXEPWGVIIRW
95 97&++.(574,7&22*7)8XVERWQMXXIV[MXLXVEJJMGRI[W
97*'1*7EHMSHIZMGIJYRGXMSR[LMGLQEOIWMXTSWWMFPIXSEHNYWXXLIEGSYWXMGW -.,-943*8
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
(&MVFEKW]WXIQ
(43897:(9.43+*&9:7*89LIHMEKVEQFIPS[MPPYWXVEXIWXLI&MV'EKW]WXIQGSQTSRIRXW
3SXI MRSVHIVJSVXLIWEJIX]VIXIRXMSRW]WXIQXS[SVOEWIJJMGMIRXP]EWTSWWMFPIXLISGGYTERXWQYWX[IEVXLIWIEXFIPXW[MXLTVIXIRWMSRIVWGSVVIGXP]
)+CCCCCC(CC+-CCC9.+
TVIXIRWMSRIVWHVMZIVW&MV'EKTEWWIRKIV&MV'EKWMHIFEKGSRXVSPYRMX
78:WEXIPPMXIYRMXWTEWWIRKIV&MV'EKHMWEFPMRKW[MXGLJEMPYVI[EVRMRKPMKLXTEWWIRKIV&MV'EKMRLMFMXSV[EVRMRKPMKLXPMRI0GSRRIGXSV
9LI8EJIX]7IXIRXMSR8]WXIQWEVIWTIGMEPP]HIWMKRIHXS[SVOMRETEVXMGYPEVQEOIERHQSHIPSJZILMGPI9LI]WLSYPHXLIVIJSVIRSXFIXEQTIVIH[MXLEHETXIHSVMRWXEPPIHSRSXLIVX]TIWSJZILMGPIFYXSRP]SRXLISRIJSV[LMGLXLI]LEZIFIIRHIWMKRIHERHQERYJEGXYVIH&R]EXXIQTXXSVIYWIEHETXSVMRWXEPPXLIQSREHMJJIVIRXX]TISJZILMGPIGSYPHGEYWIWIVMSYWSVJEXEPMRNYV]XSXLISGGYTERXWSJXLIZILMGPIIMXLIVHYVMRKRSVQEPYWEKISVXLIZILMGPISVMRXLIIZIRXSJEGVEWL
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
(42548.9.43
4RIWMRKPIGSRXVSPYRMXQEREKIWEPPXLIWIW]WXIQW 8*&9'*1957*9*38.43*78>89*2 8.)*'&,8>89*2 )7.;*78&.7'&,8>89*2 5&88*3,*7&.7'&,8>89*2 WMRKPISVHYEP
(SRXVSPYRMXWJSV97.21*;*1;*78.438
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
)*8(7.59.434+(439741:3.9+&89*3.3,9LITSWMXMSRXLI&.7'&,GSRXVSPYRMXWWLSYPHFIJMXXIHMRMWWLS[RF]EREVVS[ERH2:89FISFWIVZIH
3SXI 9LIEVVS[WLSYPHFITSMRXMRKXS[EVHWXLIJVSRXSJXLIZILMGPI'IJSVIVITPEGMRKXLIGSRXVSPYRMXQEOIWYVIXLEXXLIRI[SRIMWGSQTEXMFPIF]GLIGOMRKXLIHIWMKRRYQFIVSRXLIPEFIP+MXXLIFSPXWERHXMKLXIRXLIQMRSVHIVXLIMPPYWXVEXIHMRXLIHMEKVEQ&PPXLIFSPXWWLSYPHFIXMKLXIRIHMRSVHIVXSEXSVUYISJ3QXSIRWYVIXLEXXLIGSRXVSPYRMXMWGSVVIGXP]WIGYVIHXSXLIFSH]WLIPP
)+CCCCCC(CC+(CCC9.+
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
&.7'&,(439741:3.9(433*(9478
9LIGSRXVSPYRMXGSRRIGXSVWEVIXLIX[MR[MVI\TMR&25X]TI[MXLWLSVXGMVGYMXFEVW9LIVIEVIX]TIWSJGSRRIGXSVSRIJSVIEGLZIVWMSRSJGSRXVSPYRMX[MXLHMJJIVIRXGSPSYVWERHHMJJIVIRXQIGLERMGEPJSSPTVSSJTSPEVMX] (439741:3.9&(:("'1&(0(433*(947 (439741:3.9&(:("'74<3(433*(947 (439741:3.9&(:7"47&3,*(433*(947
8*&9'*1957*9*38.43*78>89*2(VSWWWIGXMSRSJTVIXIRWMSRIVWFIJSVIERHEJXIVEGXMZEXMSR
)+CCCCCC(CC+-CCC9.+
7MRKKIEV7MRKKIEV9SSXLIHFYWL7EGOTMWXSR
5]VSXIGLRMGGLEVKI5VSTIPPERX&'IJSVIEGXMZEXMSR'&JXIVEGXMZEXMSR
(42548.9.439LMWW]WXIQGSRWMWXWSJMRIVXMEVIIPJVSRXWIEXFIPXW[MXLIPIGXVMGEPP]GSRXVSPPIHT]VSXIGLRMGEPP]EGXMZEXIHTVIXIRWMSRIVW9LIRIKEXMZIEGGIPIVEXMSR SVHIGIPIVEXMSRIPIGXVSRMGWIRWSVMWPSGEXIHMRWMHIXLIGSRXVSPYRMX[LMGLQEREKIWXLIMRXIPPMKIRX[EVRMRKPMKLX9LIT]VSXIGLRMGEGXMZEXMSRW]WXIQMWERMRXIKVEPTEVXSJXLIVIIPERHXLIVIF]GVIEXIWEWMRKPIGSQTSRIRX[LMGLMWJMXXIHXSXLIZILMGPITMPPEV
3SXI 9LITSWMXMSRSJXLIGIRXIVMRKTMRQYWXFIGSVVIGX[LIRJMXXMRKXLITVIXIRWMSRIVERHXLIXMKLXIRMRKXSVUYIWLSYPHFIFIX[IIRQERH3Q
9LITSWMXMSRSJXLIJEWXIRMRKSRXLIGIRXVIXYRRIPMRXLITEWWIRKIVGSQTEVXQIRXQYWXFIGSVVIGX[LIRJMXXMRKXLIGSRXVSPYRMXERHXLIXMKLXIRMRKXSVUYIWLSYPHFIFIX[IIRERH3Q
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
45*7&9.439LIQSQIRXEPSRKMXYHMREPRIKEXMZIEGGIPIVEXMSR SVHIGIPIVEXMSRSJWYJJMGMIRXQEKRMXYHIXEOIWTPEGIERIPIGXVSQIGLERMGEPWIRWSVMRXLIGSRXVSPYRMXVIGSVHWXLMWGSRHMXMSRERHWIRHWEGSQQERHJVSQTMRWZMEXLITS[IVGMVGYMXXSXLIHVMZIVWTVIXIRWMSRIVERHJVSQTMRWXSXLITEWWIRKIVTVIXIRWMSRIV9LIIPIGXVMGEPGSRXVSPTVMQIWXLIKEWKIRIVEXSVT]VSXIGLRMGGLEVKIW 9LIFYVRMRKSJXLITVSTIPPERX TVSHYGIWEGLIQMGEPVIEGXMSRGVIEXMRK MRIVXKEW[LSWITVIWWYVIGVIEXIWEJSVGI[LMGLXLVYWXWXLIVEGOTMRMSR YT[EVHW9LIYT[EVHWQSZIQIRXSJXLIVEGOTMRMSR VSXEXIWXLIVMRKKIEV [LMGLMWGSRRIGXIHXSXLIVMRKKIEV 9LIVMRKKIEV QIWLIW[MXLXLIXSSXLIHFYWL GLERKMRKXLIVSXEV]QSZIQIRXSJXLIWTMRHPIXSXLISTTSWMXIHMVIGXMSRXSXLIYR[MRHMRKSJXLIWIEXFIPXVI[MRHMRKMXF]WIZIVEPGIRXMQIXVIW
3SXI &JXIVEGLMQTEGX[LMGLWIXWSJJXLITVIXIRWMSRIVXLIGSRXVSPYRMXERHXLIFIPXWGERRSPSRKIVFIYWIHERHQYWXFIVITPEGIH
+VSRXZMI[SJGSRXVSPYRMX9.2GSRRIGXSV5.34:9
)+CCCCCC(CC+&CCC9.+
3(3(3(3()IHMGEXIHIEVXLJM\IHXSFSH]WLIPPWXYH;'EX GSRXVSPPIHF]MKRMXMSR
)VMZIVWTVIXIRWMSRIVGSRXVSP)VMZIVWTVIXIRWMSRIVGSRXVSP5EWWIRKIVTVIXIRWMSRIVGSRXVSP5EWWIRKIVTVIXIRWMSRIVGSRXVSP+EMPYVI[EVRMRKPMKLX EX0I]SRWIGWQE\3(
9.2(439741:3.9&:949*899LI[EVRMRKPMKLXMRXLIMRWXVYQIRXTERIPGSQIWSREXXLI0I]SRJSVEFSYXWIGWXSMRHMGEXIXLIGSRXVSPYRMXERH[EVRMRKPMKLXEYXSXIWX&JXIVWIGSRHWXLIGSRXVSPYRMXGEVVMIWSYXXLIGSRXMRYSYWHMEKRSWMWSJXLIW]WXIQ
9LI&.7'&,JEMPYVI[EVRMRKPMKLXVIQEMRWSREJXIVXLIWIGSRHWSJXLIGLIGOWXEKI[LIR XLIGSRXVSPYRMXMWRSXGSRRIGXIH SRISJXLIX[STVIXIRWMSRIVWMWRSXGSRRIGXIH XLIWYTTP]ZSPXEKIMWMRXIVVYTXIH EJEYPXMWHIXIGXIHMRXLIX[SWIGSRHWEJXIVXLIGLIGOWXEKI
3SXI 9LIZILMGPIWLSYPHRIZIVFILERHIHSZIVXSEGYWXSQIV[MXLXLI[EVRMRKPMKLXSRXLIIEVXLPIEHMWEHIHMGEXIHGEFPIERHWLSYPHRSXLEZIGSYTPMRKWERHSVWLYRXWSJER]X]TIFIX[IIRTMRSJXLIGSRXVSPYRMXERHXLIFSH]WLIPPWXYHERHWLSYPHRSXFI QQPSRK9LIVIWMWXERGIFIX[IIRXLIZILMGPIIPIGXVMGEPIEVXLERHTMRSJXLIGSRXVSPYRMXWLSYPHFI7"Q4
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
)+CCCCCC(CC+'CCC9.+
)7.;*78&.7'&,8>89*29LIHMEKVEQFIPS[MPPYWXVEXIWXLIHVMZIVW&MV'EKW]WXIQGSQTSRIRXW
)+CCCCCC(CC+-CCC9.+
*PIGXVSRMGGSRXVSPYRMX(PSGOWTVMRK&MV'EKIPIGXVMGEPGSRRIGXMSR-SVRIPIGXVMGEPGSRRIGXMSR
8EJIX]HIZMGI(SZIV'EK'EKVIXEMRMRKVMRK
)*8(7.59.43&3)45*7&9.438TIGMEPEGGIWWSVMIW
,EWKIRIVEXSV -SYWMRK3YXW
(42548.9.43
9LIHVMZIVW&MV'EKW]WXIQGSRWMWXWSJ (SZIV 'EK ,EWKIRIVEXSV (PSGOWTVMRK &(:GSRXVSPYRMX&LSYWMRKGSRXEMRMRKXLIJSPPS[MRKMWJEWXIRIHXSXLIWXIIVMRK[LIIPXLIT]VSXIGLRMGHIZMGI[MXLKEWKIRIVEXSVERHJSPHIHFEKEGSZIV[MXLETVIFVIEOEKIEVIEXSJEGMPMXEXIXLIIWGETISJXLIFEK.RXLIPS[IVTEVXFIX[IIRXLIWXIIVMRK[LIPERHXLIPMKLXWW[MXGLYRMXXLIVIMWEGPSGOWTVMRK[LMGLKYEVERXIIWXLIIPIGXVMGEPGSRRIGXMSRFIX[IIRXLIWXIIVMRK[LIIPERHXLI&(:
45*7&9.43&PPXLIGSQTSRIRXWMRWMHIXLIGSRXVSPYRMXEVIWYFNIGXXSEYXSHMEKRSWMW
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(43897:(9.43+*&9:7*89LIEWW]QIXVMGEPVIEVHSSVWQE]FI[MRHS[PIWWSVKPE^IHEGGSVHMRKXSXLISYXJMX9LIHSSVWXVYGXYVIWEVIMHIRXMGEP*EGLHSSVMWWIGYVIHXSXLITMPPEVF]X[SLMRKIWSRXLISYXWMHI9LIRLMRKIWEPPS[E°FSSOX]TISTIRMRKERHMRGSVTSVEXIEHIXIRXXLEXGERFIEYXSQEXMGEPP]VIPIEWIHXSEPPS[ER°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
(42548.9.43*\TPSHIHZMI[SJEWW]QIXVMGEPHSSVW
)+CCCCCC*CC+-CCC9.+
+EWXIRMRKLMRKIW)SSVSTIRMRKPMQMXIV)SSVSTIRMRKPMQMXIVLSYWMRK(EXGLIW(EXGLGSRXVSPPMRO*\XIVMSVHSSVSTIRMRKLERHPI)SSVPSGOHIZMGI
)*8(7.59.43&3)45*7&9.431SEHGSQTEVXQIRXHSSVW
.RXIVMSVHSSVSTIRMRKLERHPI.RXIVMSVKVEFLERHPI.RXIVMSVTERIPVIEVHSSV9LIJXTVSSJKYEVH
)*8(7.59.43&3)45*7&9.431SEHGSQTEVXQIRXHSSVW
)*8(7.59.43&3)45*7&9.43(SQTEVXQIRXGSZIVWPMHW
(SQTEVXQIRXGSZIVWPMHW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8(42548.9.43
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*89LIFSRRIXPMHLEWFIIRQERYJEGXYVIHXSMRGPYHIZEVMSYWWEJIX]JIEXYVIW 9LIWIMRGPYHITVIWIXGSPPETWIPMRIWXLEXXSKIXLIV[MXLWTIGMEPVIXEMRMRKHIZMGIWTVIZIRXXLIFSRRIXKSMRKXLVSYKLXLI[MRHWGVIIRMRXLIGEWISJMQTEGX9LIFSRRIXMWPMRIHXLVSYKLSYX[MXLETVIJSVQIHTERIPMRWSYRHEFWSVFIRXQEXIVMEP9LMWVIHYGIWRSMWIIQMWWMSRWXSXLISYXWMHISJXLIGEVERHEPWSXSXLIGEVMRXIVMSVXSMRGVIEWITEWWIRKIVGSQJSVX9LITVIJSVQIHTERIPMWWIGYVIHF]EWYJJMGMIRXRYQFIVSJWXYHWXSIRWYVIIJJIGXMZIJEWXIRMRKXSXLIFSRRIXJVEQI
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43(SQTEVXQIRXGSZIVWPMHW
(42548.9.43'SRRIXPMH MWWYTTSVXIHF]X[SLMRKIW XLEXMRGSVTSVEXIELSSO XSWIGYVIXLIFSRRIXMRGEWISJEGSPPMWMSR XLMWLSSOMWQEHIHMVIGXP]SYXSJXLIQSFMPITEVXSJXLILMRKI9LIFSRRIXMWGPSWIHF]QIERWSJEWMRKPIGIRXVEPGEXGLEWWIQFP] GSRXVSPPIHF]FS[HIRGEFPI9LIGEXGLEWWIQFP]MRGSVTSVEXIWEWEJIX]LSSO 9LIMRRIVTEVXSJXLIPMHMWJMXXIH[MXLX[S[MRHWIEPWSRIEXXLIJVSRX ERHSRIEXXLIVIEV 9LIFSRRIXMRXIVMSVGEREPWSFIJMXXIH[MXLEWSYRHTVSSJPMRMRK HITIRHMRKSRXLIZIVWMSR
)+CCCCCCCCC+-CCC9.+
'SRRIXPMH'SRRIXPMHWSYRHTVSSJPMRMRK'SRRIXPMHGEXGL'SRRIXPMHJVSRX[MRHWIEP'SRRIXPMHLMRKIW
8EJIX]LSSO'SRRIXPMHWYTTSVXVSH'SRRIXPMHVIEV[MRHWIEP8EJIX]LSSO
)*8(7.59.43&3)45*7&9.438YRVSSJERHLSSH
8YRVSSJERHLSSH
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
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
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.438YRVSSJERHLSSH
,IRIVEPVITEMVMRWXVYGXMSRW8SQIVITEMVWGERFIGEVVMIHSYXYWMRKWYMXEFPITVSHYGXWFIGEYWIXLIGSQTSWMXMSRSJVIWMRWERHTSP]IWXIVWVIMRJSVGIH[MXLJMFVIKPEWWEVIXIGLRMGEPP]ZIV]WMQMPEVXSXLIGSQTSWMXMSRSJXLIMRMXMEPTEVX
<SVOMRKXIQTIVEXYVI9LIWIVIWMRWQYWXRSX[SVOIHEXXIQTIVEXYVIWFIPS[°Χ&GGIPIVEXMSRSJWIXXMRKXMQI
8IXXMRKXMQIGERFIEGGIPIVEXIH .REHV]MRKGEFMR :RHIVEQSFMPIMRJVEVIHHV]MRKPEQT EXEQMRMQYQHMWXERGISJGQJVSQXLIVITEMVEVIE.RER]GEWI[EMXXSQMRYXIWFIJSVIWYFNIGXMRKXLIVITEMVXSEQE\MQYQXIQTIVEXYVISJ°Χ
(PIERPMRIWWERHTVSXIGXMSR
<LIRWERHMRKYWI &WERHIV[MXLEZEGYYQHIZMGI HYIXSXLIHYWXKIRIVEXIHERHFIGEYWISJXLITVIWIRGISJJMFVIKPEWW 5VSXIGXMZIKSKKPIW 7YFFIVKPSZIW 2EWO XSJMPXIVSYXSVKERMGHYWX <EXIVXMKLXSZIVEPPW 8EJIX]JSSX[IEV STXMSREP
7IFYMPHMRK<LIRXLIVITEMVMWHMJJMGYPXXSFYMPHYTSVTPEGIWHVMZIVWEJIX]EXVMWOXLIHEQEKIHTEVXQYWXFIVITPEGIH9SVITEMVEGVEGOSVHIITWGVEXGL XLEXHSIWRSXKSVMKLXXLVSYKLXLIJYPPXLMGORIWWSJXLIPEQMREXIHTEVXTVSGIIHEWJSPPS[W7IQSZIXLIVSSJWTSMPIVTPEGISRE[SVOFIRGLERHWERHXLIEVIEXSFIVITEMVIHYWMRKEKVMRHMRK[LIIP5
)+CCCCCCCCC++CCC9.+
(LEQJIVXLIHEQEKIHTEVXYWMRKEKVMRHMRK[LIIP EFVEWMZI[LIIP5
)*8(7.59.43&3)45*7&9.438YRVSSJERHLSSH
)+CCCCCCCCC+&CCC9.+
(LEQJIV*\XIVREPTEVX
.RXIVREPTEVX(VEGO
:WIXLIJSPPS[MRKQEXIVMEPJSVXLIVITEMV 5SP]IWXIVVIWMRPSEHIH[MXLJMFVIKPEWW (EXEP]WIV5VITEVIWYJJMGMIRXVIWMRJSVXLIVITEMVERHGEXEP]WI
3SXI (SRWYPXXLITVSHYGXXIGLRMGEPHEXEWLIIXXSJMRHSYXXLIGSVVIGXEQSYRXSJGEXEP]WIV(EVIJYPP]QM\XLITVSHYGXERHGEXEP]WIVERHYWIEWTEXYPEXSGSZIVXLIGLEQJIVIHEVIEIRXMVIP]
)+CCCCCCCCC+&CCC9.+
7IQSZIER]I\GIWWQEXIVMEPYWMRKEKVMRHMRK[LIIP EFVEWMZI[LIIP5&TTP]EPE]IVSJJMRMWLMRKJMPPIV QIXEPJMPPIVXSQEOIXLIWYVJEGIRSRTSVSYWERHYRMJSVQ8ERHYWMRKEFPSGOERHWERHTETIV:WIKVEHIJMVWXERHJMRMWL[MXLKVEHI
)+CCCCCCCCC+&CCC9.+
1EWXP]XSYGLYTXLITEMRXYWMRKTVMQIVERHIREQIP
)*8(7.59.43&3)45*7&9.438YRVSSJERHLSSH
)*8(7.59.43&3)45*7&9.43'SH][MRHS[KPEWWIW
'SH][MRHS[KPEWWIW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=85*(.+.(&9.438
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43'SH][MRHS[KPEWWIW
85*(.+.(&9.438-*&9*)7*&7<.3)8(7**39[SHMJJIVIRXX]TIWSJLIEXIHVIEV[MRHS[QE]FIJMXXIHEGGSVHMRKXSXLIZIVWMSR
)+CCCCCCCCC+*CCC9.+
-IEXIHVIEV[MRHS[JMXXIHXSZIVWMSRW[MXLEVIEVHSSV[MXLX[SEW]QQIXVMGEPJPETW
)+CCCCCCCCC+*CCC9.+
-IEXIHVIEV[MRHS[JMXXIHXSZIVWMSRW[MXLEW[MRKMRKVIEVHSSV
)*8(7.59.43&3)45*7&9.43'SH][MRHS[KPEWWIW
-IEXIHVIEV[MRHS[[MVMRKHMEKVEQ
)+CCCCCCCCC++CCC9.+
)*8(7.59.43&3)45*7&9.43'SH][MRHS[KPEWWIW
)*8(7.59.43&3)45*7&9.43'SH]MRXIVMSVYTLSPWXIV]ERHXVMQ
'SH]MRXIVMSVYTLSPWXIV]ERHXVMQ
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(QT )IWGVMTXMSR ;EPMHMX]
& 5EWWIRKIVGSQTEVXQIRXXVMQ
* .RXIVMSVGSYVXIW]PMKLXW]WXIQ
)*8(7.59.43&3)45*7&9.43'SH]MRXIVMSVYTLSPWXIV]ERHXVMQ
&5EWWIRKIVGSQTEVXQIRXXVMQ
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
(42548.9.43*\TPSHIHZMI[SJXLIJEGME
)+CCCCCC&CC+-CCC9.+
1S[IVWXIIVMRKGSPYQRXVMQ8XEPOYRMX:TTIVWXIIVMRKGSPYQRXVMQ)VMZIVWEMVFEKQSHYPI8XIIVMRK[LIIP8TIEOIVKVMPPI8TIEOIV
9YRRIPXVMQ(SMRLSPHIV:RHIVJEGMEXVMQ8XSVEKIGSQTEVXQIRXJPET(IRXVEPEMVSYXPIXW+EGMEXVMQ.RWXVYQIRXTERIP
)*8(7.59.43&3)45*7&9.43'SH]MRXIVMSVYTLSPWXIV]ERHXVMQ
*.RXIVMSVGSYVXIW]PMKLXW]WXIQ
85*(.+.(&9.43814(&9.434+(42543*39843;*-.(1*
)+CCCCCC*CC+,CCC9.+
+VSRXGSYVXIW]PMKLX
5MRSYX(SRRIGXSV&
45*7&99.4345*7&9.3,57.3(.51*89LIJVSRXGSYVXIW]PMKLXLEWX[SXMQMRKWXVEXIKMIWJSVXLIGSYVXIW]PMKLXW
;ILMGPIIRXV]WXEKI <LIRXLIJVSRXHSSVWEVIYRPSGOIHYWMRKXLIOI]SVXLI7+VIQSXIGSRXVSPERMRMXMEPGSYVXIW]PMKLXXMQIV
MWEGXMZEXIHJSVEFSYXWIGSRHW <LIRSRISJXLIWMHIHSSVWMWSTIRIHEWIGSRHGSYVXIW]PMKLXXMQIVWXEVXWJSVETIVMSHSJEVSYRHQMRYXIW
EJXIV[LMGLXLIGSYVXIW]PMKLXKSIWSYXERHVIQEMRWSJJYRXMPXLIRI\XXMQISRISJXLIHSSVWMWSTIRIHEKEMR .JXLIHSSVMWGPSWIHHYVMRKXLIWIQMRWEXLMVHXMQIVGSQIWSRJSVW9LMWMWMRXIVVYTXIHMJXLITERIP
MKRMXMSROI]MWXYVRIH43
;ILMGPII\MXWXEKI &JXIVLEZMRKI\XVEGXIHXLIMKRMXMSROI]JVSQXLIMKRMXMSRW[MXGLERMRMXMEPTIVMSHSJWIGSRHWMWEGXMZEXIH
MJRSQSVIXLERX[SQMRYXIWLEZIIPETWIHWMRGIXLIZILMGPIMWW[MXGLIHSJJEJXIVXLISTIRMRKSJXLISRISJXLIWMHIHSSVWEWIGSRHTIVMSHSJQMRYXIWMWEGXMZEXIH
<LIRXLIHSSV MWGPSWIHEW PSRKEW MX XEOIWTPEGIHYVMRKXLMWXMQIMRXIVZEPEXLMVHTIVMSHSJEVSYRHWIGSRHWMWEGXMZEXIH
+7439(4:79*8>1.,-9
)+CCCCCC*CC++CCC9.+
1IJXGSYVXIW]PMKLXW[MXGL7MKLXGSYVXIW]PMKLXW[MXGL
1IJXGSYVXIW]PMKLX7MKLXGSYVXIW]PMKLX
5MR )IWGVMTXMSR
VIPE] *EVXL
VIPE] )MVIGXFEXXIV]WYTTP]
9MQIHGSRXVSP
)*8(7.59.43&3)45*7&9.43'SH]MRXIVMSVYTLSPWXIV]ERHXVMQ
8<.9(-548.9.43&ERH'
)+CCCCCC*CC++CCC9.+
&1IJXGSYVXIW]PMKLXW[MXGL'7MKLXGSYVXIW]PMKLXW[MXGL5SW(SYVXIW]PMKLX HSSVPMKLX5SW(SYVXIW]PMKLX SJJ
5SW(SYVXIW]PMKLX SR5SW8TSX SJJ5SW1IJXWTSX SR5SW7MKLXWTSX SR
<.7.3,).&,7&2
)+CCCCCC*CC++CCC9.+
(SYVXIW]PMKLXW[MXGL1IJXWTSX7MKLXWTSX
8TSXW[MXGL8[MXGLSRHSSVTMPPEV
)*8(7.59.43&3)45*7&9.43+VSRXWIEXW
+VSRXWIEXW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-CCC9.+
(43897:(9.43+*&9:7*8'IGEYWIXLIFSH]SJXLMWZILMGPIGSQIWMRWSQER]ZEVMERXWXLIJVSRXWIEXWGERFIEVVERKIHMRQER]HMJJIVIRX[E]W&PPWIEXZIVWMSRWLEZIFIIRHIWMKRIHXSIRWYVIGSQJSVXERHWEJIX][LMPIHVMZMRK9LIWXVYGXYVISJXLIWIEXMRKEVIELEWERERXMWYFQEVMRMRKVMHKIXSTVIZIRXXLITEWWIRKIVJVSQWPMHMRKYRHIVXLIWIGXMSRSJXLIWIEXFIPX[LMGLKSIWVSYRHXLIMVEFHSQIRMRXLIGEWISJWXVSRKHIGIPIVEXMSR WYFQEVMRMRKIJJIGX9LIWUYEFJVEQIGSRWMWXWSJEWXIIPWXVYGXYVIXLEXMWWIGYVIHF]ENSMRXHIWMKRIHXSMQTVSZIWXVIRKXLERHIRIVK]EFWSVFERGIMRXLIGEWISJVIEVMQTEGX
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.43+VSRXWIEXW
)VMZIVWWIEX
)+CCCCCCCCC+)CCC9.+
8PMHMRKWIEX[MXLVIGPMRMRKWUYEFLIMKLXEHNYWXQIRXEVQVIWXPYQFEVEHNYWXQIRXERHWMHIFEK5ERSVEQEZIVWMSRTEWWIRKIVWIEX
)*8(7.59.43&3)45*7&9.43+VSRXWIEXW
)+CCCCCCCCC+)CCC9.+
8PMHMRKWIEX[MXLIEW]IRXV]JYRGXMSR KYMHIW[MXLQIGLERMGEPQIQSV]HIZMGI(EVKSZIVWMSRTEWWIRKIVWIEX
)*8(7.59.43&3)45*7&9.43+VSRXWIEXW
)+CCCCCCCCC+)CCC9.+
+M\IHWIEX(EVKSZIVWMSRTEWWIRKIVWIEX
)+CCCCCCCCC+(CCC9.+
+SPHMRKWIEX
)*8(7.59.43&3)45*7&9.437IEVWIEXW
7IEVWIEXW
8YFKVSYTMRHI\
8:',74:5,7&5-.(.3)*=(43897:(9.43+*&9:7*8
&WWIQFP]HVE[MRKWMRHI\
8:',74:5,7&5-.(.3)*=
)+CCCCCCCCC+-'9.+
(43897:(9.43+*&9:7*8
.RGEWISJVIEVMQTEGXXLIXYFYPEVWIEXWXVYGXYVITVSXIGXWTEWWIRKIVWJVSQGSRXEGX[MXLMXIQWMRXLIPYKKEKIGSQTEVXQIRXERHIRWYVIWXLIFSH]HSIWRSXWYFQEVMRIYRHIVRIEXLXLIWIEXFIPX9LIWIEXQE]FISRITMIGISVWTPMX
(QT )IWGVMTXMSR ;EPMHMX]
)*8(7.59.43&3)45*7&9.437IEVWIEXW
4RITMIGIVIEVWIEX
)+CCCCCCCCC+-'9.+
)*8(7.59.43&3)45*7&9.437IEVWIEXW
8TPMXVIEVWIEX
)+CCCCCCCCC+-'9.+
)*8(7.59.43&3)45*7&9.437IEVWIEXW
)*8(7.59.43&3)45*7&9.43'SH]TERIPERHVIMRJSVGIQIRX
,VSYTMRHI\
,74:5,7&5-.(.3)*=85*(.+.(&9.438
8YFKVSYTWMRHI\
,74:5,7&5-.(.3)*=
)+CCCCCCCCCCC+-CCC9.+
85*(.+.(&9.4389LIZILMGPIWYRMUYIP]HMWXMRGXMZIHIWMKRMWIZMHIRXMREPPXLIFSH]ZEVMERXW[LMGLEVITVSZMHIHXSQIIXMRRYQIVEFPIWIVZMGIVIUYMVIQIRXW&X XLI JVSRX XLIKVMPPIERHLIEHPEQTWEVI WYVVSYRHIH F]TPEWXMGIPIQIRXW XLEXTVSXIGXEKEMRWX PS[WTIIHMQTEGX9LIWMHITERIPWJIEXYVIVSYRHIHJVSRXHSSV[MRHS[WERHKIRIVSYWVIEV[MRHS[WXLEXGVIEXIEWIRWISJPMKLXRIWWXLEXEHHWXSXVEZIPPMRKGSQJSVX
8FKVT )IWGVMTXMSR ;EPMHMX]
7IQSZEPERHVIJMXQIRX
)*8(7.59.43&3)45*7&9.43'SH]TERIPERHVIMRJSVGIQIRX
9LITVIWIRGISJWPMHMRKWMHIHSSVWEW]QQIXVMGEPVIEVW[MRKMRKHSSVWSVEXMPXMRKXEMPKEXIHSRSXEJJIGXXLISZIVEPPLEVQSR]SJXLIQSHIPFYXFPIRHREXYVEPP][MXLXLIZILMGPIWI\XIVMSVHIWMKR
)+CCCCCCCCCCC++CCC9.+
)VEKGSIJJMGMIRX (H
5&88.;*8&+*9>9LIQEMREMQSJTEWWMZIWEJIX]GSQTSRIRXWMWXSGVIEXIEWYVZMZEPGLEQFIVXLEXTVSXIGXWTEWWIRKIVWIJJIGXMZIP]MRXLIGEWISJEGGMHIRX9LIGEVFSH]MWHIWMKRIHXSGVYQTPIMRGSRXVSPPIHJEWLMSRMRXLIGEWISJMQTEGXJVSQXLIJVSRXWMHISVVIEVERHXSEFWSVFMQTEGXIRIVK][MXLSYXEJJIGXMRKTEWWIRKIVGSQTEVXQIRXPMZMRKWTEGI
9478.43&1&3)+1*=:7&17.,.).9>9LIFSH]WLMKLXSVWMSREPERHJPI\YVEPVMKMHMX]KMZIWXLIGEVKSSHUYEPMXMIWSJTEWWMZIWXVIRKXLXSKIRIVEXIEWIRWEXMSRSJWSPMHMX]ERHGSQJSVX[LMPIHVMZMRK9LIWITSWMXMZIUYEPMXMIWLIPTQEMRXEMRXLISVMKMREPFSH]JIEXYVIWERHXLYWIRWYVIXLIEFWIRGISJWXVYGXYVEP[IEOIRMRKXLEXGSYPHEJJIGXWEJIX]
9SVWMSREPVMKMHMX]
+PI\YVEPVMKMHMX]
;*-.(1*4:9+.9 HE3QVEH
:REHSVRIHFSH][MRHWGVIIR
&WVIEVW[MRKMRKHSSVW
&WJVSRXHSSVW
&WWPMHMMRKWMHIHSSVW
;*-.(1*4:9+.9 HE3QQ
:REHSVRIHFSH][MRHWGVIIR
&WVIEVW[MRKMRKHSSVW m
&WJVSRXHSSVW
&WWPMHMRKWMHIHSSVW
)*8(7.59.43&3)45*7&9.43'SH]TERIPERHVIMRJSVGIQIRX
7*8.89&3(*94+7439&1.25&(98
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