(ACI Committee 363) ACI 363R-10 Report On High-St

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WXVIRKXLGSRGVIXIW1ER]IQTMVMGEPIUYEXMSRWYWIHXSTVIHMGX %WT ! EVIE SJ XVERWZIVWI VIMRJSVGIQIRX GVSWWMRK XLI
GSRGVIXI TVSTIVXMIW SV XS HIWMKR WXVYGXYVEP QIQFIVW EVI TSXIRXMEPTPERISJWTPMXXMRKXLVSYKLXLIVIMRJSVGI
FEWIHSRXIWXWYWMRKGSRGVIXI[MXLGSQTVIWWMZIWXVIRKXLWSJ QIRXFIMRKHIZIPSTIHMR QQ
XSTWM XS14E 8LIEZEMPEFMPMX]SJHEXE %WX ! XSXEPEVIESJ RSRTVIWXVIWWIH PSRKMXYHMREPVIMRJSVGI
JSVLMKLIVWXVIRKXLGSRGVIXIWVIUYMVIWEVIEWWIWWQIRXSJXLI QIRXMR QQ
IUYEXMSRW XS HIXIVQMRI XLIMV ETTPMGEFMPMX] [MXL LMKLIV %XV ! XSXEPGVSWWWIGXMSREPEVIESJEPPXVERWZIVWIVIMRJSVGI
WXVIRKXLGSRGVIXIW'SRWIUYIRXP]GEYXMSRWLSYPHFII\IVGMWIH QIRX [MXL WTEGMRK W XLEX GVSWWIW XLI TSXIRXMEP
MRI\XVETSPEXMRKIQTMVMGEPVIPEXMSRWLMTWJVSQPS[IVWXVIRKXL TPERISJWTPMXXMRKXLVSYKLXLIVIMRJSVGIQIRXFIMRK
XS LMKLIVWXVIRKXL GSRGVIXIW -J RIGIWWEV] XIWXW WLSYPH FI HIZIPSTIHMR QQ
6 %'-'311-88))6)4368

%:QMR ! QMRMQYQ EVIE SJ WLIEV VIMRJSVGIQIRX [MXLMR MRMXMEP ! MRMXMEP WXVEMR YTSR ETTPMGEXMSR SJ PSEH MRMR
WTEGMRK WMR QQ QQQQ
& ! [MHXLSJGSQTVIWWMSRJEGISJQIQFIVMR QQ GVIIT ! EHHMXMSREPXMQIHITIRHIRXWXVEMRHYIXSGVIITMRMR
F ! [MHXLSJXLIGVSWWWIGXMSRMR QQ QQQQ
F[ ! [IF[MHXLSVHMEQIXIVSJGMVGYPEVWIGXMSRMR QQ ! QYPXMTPMIV JSV EHHMXMSREP HIJPIGXMSR HYI XS PSRK
'G ! GVIITGSIJJMGMIRX XIVQIJJIGXW
( ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS ! HYGXMPMX]MRHI\
GIRXVSMHSJPSRKMXYHMREPVIMRJSVGIQIRXMR QQ ! XMQIHITIRHIRX JEGXSV JSV WYWXEMRIH PSEH XEOIR
H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS JVSQ%'-
GIRXVSMHSJXIRWMSRVIMRJSVGIQIRXMR QQ MRMXMEP! MRMXMEPWXVIWWHYIXSWYWXEMRIHPSEHTWM 14E
)G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXITWM 14E ! VIMRJSVGIQIRXVEXMSJSVRSRTVIWXVIWWIHGSQTVIWWMSR
J ! GSRGVIXI GSRJMRIQIRX WXVIWW TVSHYGIH F] WTMVEP VIMRJSVGIQIRXVEXMSSJ%W XSFH
TWM 14E GT ! SYXWMHITIVMQIXIVSJGSRGVIXIGVSWWWIGXMSR
JG ! WTIGMJMIH GSQTVIWWMZI WXVIRKXL SJ XLI GSRGVIXI QMR ! QMRMQYQVIMRJSVGIQIRXVEXMSVEXMSSJ%W QMR XSFH
TWM 14E ! VEXMS SJ ZSPYQI SJ WTMVEP VIMRJSVGIQIRX XS XSXEP
W
JG ! GSQTVIWWMZI WXVIRKXL SJ WTMVEPP] VIMRJSVGIH ZSPYQI SJ GSRGVIXI GSVI GSRJMRIH F] XLI WTMVEP
GSRGVIXIGSPYQRTWM 14E QIEWYVIHSYXXSSYXSJWTMVEPW
JG ! GSQTVIWWMZI WXVIRKXL SJ YRGSRJMRIH GSRGVIXI ! GVSWWWIGXMSRGYVZEXYVIEXJEMPYVIPSEH
Y
GSPYQRTWM 14E ! GVSWWWIGXMSR GYVZEXYVI EX XLI PSEH TVSHYGMRK
]
JGV ! VIUYMVIH EZIVEKI GSQTVIWWMZI WXVIRKXL SJ ]MIPHMRKSJXIRWMPIWXIIP
GSRGVIXIYWIHEWXLIFEWMWJSVWIPIGXMSRSJGSRGVIXI ! XIRWMSRVIMRJSVGIQIRXMRHI\
TVSTSVXMSRWTWM 14E
JV ! QSHYPYWSJVYTXYVISJGSRGVIXITWM 14E {(IJMRMXMSRW
JWT ! WTPMXXMRKG]PMRHIVWXVIRKXLSJGSRGVIXITWM 14E %'-TVSZMHIWEGSQTVILIRWMZIPMWXSJHIJMRMXMSRWXLVSYKL
J] ! WTIGMJMIH]MIPHWXVIRKXLSJVIMRJSVGIQIRXTWM 14E ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x LXXT
-GV ! QSQIRX SJ MRIVXME SJ GVEGOIH XVERWJSVQIH XS XIVQMRSPSK]GSRGVIXISVK  %QIVMGER 'SRGVIXI -RWXMXYXI
GSRGVIXIMR QQ  (IJMRMXMSRWTVSZMHIHLIVIGSQTPIQIRXXLEXVIWSYVGI
-K ! QSQIRXSJMRIVXMESJKVSWWGSRGVIXIWIGXMSREFSYX EHQM\XYVI{E QEXIVMEP SXLIV XLER [EXIV EKKVIKEXIW
GIRXVSMHEP E\MW RIKPIGXMRK VIMRJSVGIQIRX MR L]HVEYPMG GIQIRX ERH JMFIV VIMRJSVGIQIRX YWIH EW ER
QQ MRKVIHMIRX SJ E GIQIRXMXMSYW QM\XYVI XS QSHMJ] MXW JVIWLP]
O ! VEXMSSJEZIVEKIXSQE\MQYQGSQTVIWWMZIWXVIWW QM\IHWIXXMRKSVLEVHIRIHTVSTIVXMIWERHXLEXMWEHHIHXS
MRFIEQ XLIFEXGLFIJSVISVHYVMRKMXWQM\MRK
O ! VEXMSSJHITXLXSGSQTVIWWMZIVIWYPXERXXSRIYXVEP EHQM\XYVI EMVIRXVEMRMRK{ER EHQM\XYVI XLEX GEYWIW XLI
E\MWHITXL HIZIPSTQIRX SJ E W]WXIQ SJ QMGVSWGSTMG EMV FYFFPIW MR
O ! VEXMS SJ QE\MQYQ WXVIWW MR FIEQ XS QE\MQYQ GSRGVIXI QSVXEV SV GIQIRX TEWXI HYVMRK QM\MRK YWYEPP] XS
WXVIWWMRGSVVIWTSRHMRKE\MEPP]PSEHIHG]PMRHIV MRGVIEWIMXW[SVOEFMPMX]ERHVIWMWXERGIXSJVII^MRKERHXLE[MRK
1E ! QE\MQYQ QSQIRX MR QIQFIV HYI XS WIVZMGI EHQM\XYVI [EXIVVIHYGMRK LMKLVERKI {E [EXIV
PSEHW EX WXEKI HIJPIGXMSR MW GSQTYXIH MRPF VIHYGMRKEHQM\XYVIGETEFPISJTVSHYGMRKPEVKI[EXIVVIHYGXMSR
2›QQ SVKVIEXJPS[EFMPMX][MXLSYXGEYWMRKYRHYIWIXVIXEVHEXMSRSV
1GV ! GVEGOMRKQSQIRXMRPF 2›QQ IRXVEMRQIRXSJEMVMRQSVXEVSVGSRGVIXI
1R ! RSQMREPJPI\YVEPWXVIRKXLEXWIGXMSRMRPF 2›QQ EKKVIKEXI{KVERYPEV QEXIVMEP WYGL EW WERH KVEZIP
1Y ! JEGXSVIHQSQIRXEXWIGXMSRMRPF 2›QQ GVYWLIH WXSRI GVYWLIH L]HVEYPMGGIQIRX GSRGVIXI SV MVSR
R ! RYQFIVSJWTPMGIHFEVW R!JSVEWMRKPIFEV FPEWXJYVREGIWPEKYWIH[MXLEL]HVEYPMGGIQIRXMRKQIHMYQ
WW ! WEQTPIWXERHEVHHIZMEXMSRTWM 14E XSTVSHYGIIMXLIVGSRGVIXISVQSVXEV
8GV ! GVEGOMRKXSVWMSREPQSQIRXMRPF 2›QQ GSRGVIXI LMKLWXVIRKXL{GSRGVIXI XLEX LEW E WTIGMJMIH
:G ! RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXIPF 2 GSQTVIWWMZI WXVIRKXL JSV HIWMKR SJ  TWM  14E  SV
:Y ! JEGXSVIHWLIEVJSVGIEXWIGXMSRPF 2 KVIEXIV
[G ! YRMX[IMKLXSJRSVQEP[IMKLXGSRGVIXISVIUYMPMFVMYQ GVIIT{XMQIHITIRHIRXHIJSVQEXMSRHYIXSWYWXEMRIHPSEH
HIRWMX]SJPMKLX[IMKLXGSRGVIXIPFJX OKQ LIEXSJL]HVEXMSR{LIEXIZSPZIHF]GLIQMGEPVIEGXMSRW[MXL
[GQ ! [EXIVGIQIRXMXMSYWQEXIVMEPVEXMS [EXIVWYGLEWXLEXIZSPZIHHYVMRKXLIWIXXMRKERHLEVHIRMRKSJ
 ! WXVIWWFPSGOTEVEQIXIVEWHIJMRIHMR*MK TSVXPERHGIQIRXSVXLIHMJJIVIRGIFIX[IIRXLILIEXSJWSPYXMSR
 ! JEGXSV VIPEXMRK HITXL SJ IUYMZEPIRX VIGXERKYPEV SJHV]GIQIRXERHXLEXSJTEVXMEPP]L]HVEXIHGIQIRX
GSQTVIWWMZIWXVIWWFPSGOXSRIYXVEPE\MWHITXL QEXIVMEPW GIQIRXMXMSYW{TS^^SPERW ERH L]HVEYPMG
G ! WTIGMJMGGVIIT YRMXGVIITGSIJJMGMIRX GIQIRXWYWIHMRGSRGVIXIERHQEWSRV]GSRWXVYGXMSR
Y ! FIEQHIJPIGXMSREXJEMPYVIPSEHMR QQ QSHYPYW SJ IPEWXMGMX]{XLI VEXMS SJ RSVQEP WXVIWW XS
] ! FIEQHIJPIGXMSREXXLIPSEHTVSHYGMRK]MIPHMRKSJ GSVVIWTSRHMRKWXVEMRJSVXIRWMPISVGSQTVIWWMZIWXVIWWFIPS[
XIRWMPIWXIIPMR QQ XLI TVSTSVXMSREP PMQMX SJ XLI QEXIVMEP EPWS VIJIVVIH XS EW
,-+,786)2+8,'32'6)8) 6

IPEWXMGQSHYPYW=SYRKvWQSHYPYWERH=SYRKvWQSHYPYWSJ *,;% *IHIVEP,MKL[E]%HQMRMWXVEXMSR


IPEWXMGMX]HIRSXIHF]XLIW]QFSP) ,61 LMKLVIEGXMZMX]QIXEOESPMR
QSHYPYW SJ VYTXYVI{E QIEWYVI SJ XLI PSEHGEVV]MRK ,6;6% LMKLVERKI[EXIVVIHYGMRKEHQM\XYVI
GETEGMX] SJ E FIEQ ERH WSQIXMQIW VIJIVVIH XS EW VYTXYVI ,7' LMKLWXVIRKXLGSRGVIXI
QSHYPYW SV VYTXYVI WXVIRKXL MX MW GEPGYPEXIH JSV ETTEVIRX 16;6% QMHVERKI[EXIVVIHYGMRKEHQM\XYVI
XIRWMPIWXVIWWMRXLII\XVIQIJMFIVSJEXVERWZIVWIXIWXWTIGMQIR 7'1 WYTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEP
YRHIVXLIPSEHXLEXTVSHYGIWVYTXYVI
TIVQIEFMPMX] XS [EXIV GSIJJMGMIRX SJ{XLI VEXI SJ ',%48)6{7)0)'8-323*1%8)6-%0
HMWGLEVKISJ[EXIVYRHIVPEQMREVJPS[GSRHMXMSRWXLVSYKLE {-RXVSHYGXMSR
YRMX GVSWWWIGXMSREP EVIE SJ E TSVSYW QIHMYQ YRHIV E YRMX 4VSHYGMRKLMKLWXVIRKXLGSRGVIXI ,7' XLEXGSRWMWXIRXP]
L]HVEYPMG KVEHMIRX ERH WXERHEVH XIQTIVEXYVI GSRHMXMSRW QIIXWVIUYMVIQIRXWJSV[SVOEFMPMX]ERHWXVIRKXLHIZIPSTQIRX
YWYEPP]”* ”'  TPEGIWWXVMRKIRXVIUYMVIQIRXWSRQEXIVMEPWIPIGXMSRGSQTEVIH
VEXMS4SMWWSRvW{XLIEFWSPYXIZEPYISJXLIVEXMSSJXVERW [MXLGSRZIRXMSREP GSRGVIXIW 5YEPMX] QEXIVMEPW EVI RIIHIH
ZIVWI PEXIVEP WXVEMRXSXLIGSVVIWTSRHMRKE\MEP PSRKMXYHMREP ERH WTIGMJMGEXMSRW VIUYMVI IRJSVGIQIRX ,MKLWXVIRKXL
WXVEMRVIWYPXMRKJVSQYRMJSVQP]HMWXVMFYXIHE\MEPWXVIWWFIPS[ GSRGVIXILEWFIIRTVSHYGIHYWMRKE[MHIVERKISJGSRWXMXYIRX
XLITVSTSVXMSREPPMQMXSJXLIQEXIVMEPXLIZEPYI[MPPEZIVEKI QEXIVMEPW8VMEPFEXGLMRKMRFSXLXLIPEFSVEXSV]ERHJMIPHMW
ETTVS\MQEXIP]JSVGSRGVIXIERHJSVQSWXQIXEPW RIGIWWEV] XS EWWIWW XLI UYEPMX] ERH WYMXEFMPMX] SJ GSRWXMXYIRX
VIWMWXERGIEFVEWMSR{EFMPMX]SJEWYVJEGIXSVIWMWXFIMRK QEXIVMEPWMR,7'8LMWGLETXIVGMXIWXLIWXEXISJORS[PIHKI
[SVRE[E]F]VYFFMRKERHJVMGXMSR VIKEVHMRKQEXIVMEPWIPIGXMSRERHTVSZMHIWEFEWIPMRIJSVXLI
VIWMWXERGIJMVI{XLITVSTIVX]SJEQEXIVMEPSVEWWIQFP]XS WYFWIUYIRXHMWGYWWMSRSJQM\XYVITVSTSVXMSRWMR'LETXIV
[MXLWXERH JMVI SV KMZI TVSXIGXMSR JVSQ MX EW ETTPMIH XS
IPIQIRXW SJ FYMPHMRKW MX MW GLEVEGXIVM^IH F] XLI EFMPMX] XS {'IQIRXMXMSYWQEXIVMEPW
GSRJMRI E JMVI SV [LIR I\TSWIH XS JMVI XS GSRXMRYI XS  4SVXPERHGIQIRX{4SVXPERHGIQIRXMWF]JEVXLIQSWX
TIVJSVQEKMZIRWXVYGXYVEPJYRGXMSRSVFSXL [MHIP]YWIHX]TISJGIQIRXMRXLIQERYJEGXYVISJL]HVEYPMG
WGEPMRK{PSGEPJPEOMRKSVTIIPMRKE[E]SJXLIRIEVWYVJEGI GIQIRXGSRGVIXI ERH ,7' MWRS I\GITXMSR 8LIGLSMGI SJ
TSVXMSR SJ LEVHIRIH GSRGVIXI SV QSVXEV EPWS TIIPMRK SV TSVXPERHGIQIRXJSV,7'MWI\XVIQIP]MQTSVXERX *VIIHQER
JPEOMRKSJEPE]IVJVSQQIXEP ,IWXIV 4SVXPERHGIQIRXJSVYWIMR,7'WLSYPH
WLVMROEKI{HIGVIEWI MR IMXLIV PIRKXL SV ZSPYQI 2SXI FI WIPIGXIH FEWIH SR TIVJSVQERGI RIIHW *SV I\EQTPI
QE]FIVIWXVMGXIHXSXLIIJJIGXWSJQSMWXYVIGSRXIRXSVGLIQMGEP YRPIWWLMKLIEVP]WXVIRKXLMWVIUYMVIHWYGLEWMRTVIWXVIWWIH
GLERKIW GSRGVIXIXLIVIMWRSRIIHXSYWILMKLIEVP]WXVIRKXLTSVXPERH
WXVIRKXL JEXMKYI{XLI KVIEXIWX WXVIWW XLEX GER FI GIQIRXWYGLEW%781''18]TI---*YVXLIVQSVI
WYWXEMRIHJSVEKMZIRRYQFIVSJWXVIWWG]GPIW[MXLSYXJEMPYVI FIGEYWI SJ XLI WMKRMJMGERX ZEVMEXMSRW MR TVSTIVXMIW XLEX EVI
WXVIRKXL WTPMXXMRK XIRWMPI{XIRWMPI WXVIRKXL SJ GSRGVIXI TIVQMXXIH MR GIQIRX WTIGMJMGEXMSRW [MXLMR E KMZIR GIQIRX
HIXIVQMRIHF]EWTPMXXMRKXIRWMPIXIWX X]TIHMJJIVIRXFVERHWSJGIQIRX[MPPLEZIHMJJIVIRXWXVIRKXL
UYEPMX] EWWYVERGI{EGXMSRW XEOIR F] ER SVKERM^EXMSRXS HIZIPSTQIRX GLEVEGXIVMWXMGW (MJJIVIRGIW MR GSQTVIWWMZI
TVSZMHIERHHSGYQIRXEWWYVERGIXLEX[LEXMWFIMRKHSRIERH WXVIRKXL EQSRK QM\XYVIW GSRXEMRMRK HMJJIVIRX GIQIRXW EVI
[LEXMWFIMRKTVSZMHIHEVIMREGGSVHERGI[MXLXLIGSRXVEGX QSVITVSRSYRGIHEXEREKISJHE]XLEREXHE]W 1]IVW
HSGYQIRXWERHWXERHEVHWSJKSSHTVEGXMGIJSVXLI[SVO ERH 'EVVEWUYMPPS   %PWS GIQIRX GLEVEGXIVMWXMGW [MPP
UYEPMX] GSRXVSP{EGXMSRW XEOIR F] ER SVKERM^EXMSR XS KIRIVEPP] LEZI E PEVKIV MRJPYIRGI SR GSQTVIWWMZI WXVIRKXL
TVSZMHIGSRXVSPERHHSGYQIRXEXMSRSZIV[LEXMWFIMRKHSRI XLERQSHYPYWSJIPEWXMGMX] *VI]RIIXEP 
ERH[LEXMWFIMRKTVSZMHIHWSXLEXXLIETTPMGEFPIWXERHEVHSJ -RMXMEPP]QERYJEGXYVIVWvQMPPGIVXMJMGEXIWJSVXLITVIZMSYW
KSSHTVEGXMGIERHXLIGSRXVEGXHSGYQIRXWJSVXLI[SVOEVI XSQSRXLWWLSYPHFISFXEMRIHJVSQTSXIRXMEPWYTTPMIVW
JSPPS[IH 8LMW[MPPKMZIERMRHMGEXMSRSJWXVIRKXLGLEVEGXIVMWXMGWJVSQ
[EXIVGIQIRX VEXMS{XLI VEXMS SJ XLI QEWW SJ [EXIV %781 ''1 QSVXEV GYFI XIWXW ERH QSVI MQTSV
I\GPYWMZI SRP] SJ XLEX EFWSVFIH F] XLI EKKVIKEXIW XS XLI XERXP] MX [MPP TVSZMHI ER MRHMGEXMSR SJ GIQIRX YRMJSVQMX]
QEWWSJTSVXPERHGIQIRXMRGSRGVIXIQSVXEVSVKVSYXWXEXIH 8LIGIQIRXWYTTPMIVWLSYPHFIVIUYMVIHXSVITSVXYRMJSVQMX]MR
EW E HIGMQEP ERH EFFVIZMEXIH EW [G 7II EPWS [EXIV EGGSVHERGI[MXL%781':EVMEXMSRWMRGLIQMGEPERH
GIQIRXMXMSYWQEXIVMEPVEXMS TL]WMGEP TVSTIVXMIW SZIVXMQIWLSYPHFIXMKLXP]GSRXVSPPIH
[EXIVGIQIRXMXMSYWQEXIVMEPVEXMS{XLIVEXMSSJXLIQEWW *SVI\EQTPIMRXLIGEWISJETSVXPERHGIQIRXMJXLIXVMGEP
SJ[EXIVI\GPYWMZISRP]SJXLEXEFWSVFIHF]XLIEKKVIKEXIXS GMYQWMPMGEXIGSRXIRXZEVMIW F]QSVIXLER XLIMKRMXMSR
XLI QEWW SJ GIQIRXMXMSYW QEXIVMEP L]HVEYPMG  MR GSRGVIXI PSWWF]QSVIXLER SVXLIJMRIRIWWF]QSVIXLER
QSVXEVSVKVSYXWXEXIHEWEHIGMQEPERHEFFVIZMEXIHEW[GQ JX PF Q OK  &PEMRI XLIRSFNIGXMSREFPIZEVMEFMPMX]
7IIEPWS[EXIVGIQIRXVEXMS MRWXVIRKXLTIVJSVQERGIQE]VIWYPX ,IWXIV 7YPJYV
XVMS\MHI 73  PIZIPW WLSYPH RSX ZEV] F] QSVI XLER •
{%GVSR]QW TIVGIRXEKITSMRXWJVSQXLEXMRXLIGIQIRXYWIHJSVXLIQM\XYVI
'',6& 'LMGEKS'SQQMXXIISR,MKL6MWI&YMPHMRKW HIZIPSTQIRXTVSGIWW
'7, GEPGMYQWMPMGEXIL]HVEXI %PXLSYKL QSVXEV GYFI XIWXW GER FI E KSSH MRHMGEXSV SJ
'8) GSIJJMGMIRXSJXLIVQEPI\TERWMSR TSXIRXMEPWXVIRKXLQSVXEVGYFIXIWXVIWYPXWEPSRIWLSYPHRSX
6 %'-'311-88))6)4368

FI XLI WSPI FEWMW JSV WIPIGXMRK GIQIRX JSVYWI MR GSRGVIXI GIQIRXL]HVEYPMG7'1WWIXERHLEVHIR[LIRMRGSRXEGX[MXL
TEVXMGYPEVP] MR ,7' % VIPMEFPI IWXMQEXISJGIQIRX TIVJSV [EXIV 4S^^SPERW EVI WMPMGISYW SV WMPMGISYW ERH EPYQMRSYW
QERGIMR ,7' GER FI EGLMIZIH F]EWWIWWMRK XLI GIQIRXWv QEXIVMEPWXLEXF]XLIQWIPZIWTSWWIWWPMXXPISVRSGIQIRXMXMSYW
RSVQEP GSRWMWXIRG] ERH WIXXMRK XMQIW EPSRK [MXL GYFI ZEPYI-RJMRIP]HMZMHIHJSVQERHMRXLITVIWIRGISJQSMWXYVI
WXVIRKXL %781 ' %781 ''1  'SRGVIXI LS[IZIVXLI][MPPGLIQMGEPP]VIEGX[MXLGEPGMYQL]HVS\MHI
XIWXW LS[IZIV WLSYPH FI VYR SR XVMEP FEXGLIW SJ GSRGVIXI VIPIEWIHF]GIQIRXL]HVEXMSRXSJSVQEHHMXMSREPGEPGMYQ
QEHI [MXL TVSTSWIH EKKVIKEXIW WYTTPIQIRXEV] GIQIRXMXMSYW WMPMGEXI L]HVEXI '7,  KIP XLI KPYI XLEX FMRHW EKKVIKEXI
QEXIVMEPW 7'1W ERHGLIQMGEPEHQM\XYVIWERHIZEPYEXIH TEVXMGPIWXSKIXLIV-REHHMXMSRXSXLITS^^SPERMGIJJIGXWSQI
YRHIVWMQYPEXIHNSFGSRHMXMSRW9RPIWWXLISFNIGXMZIMWSRP] 7'1W MQTVSZI XLI TEVXMGPI TEGOMRK SJ XLI FMRHIV W]WXIQ
XSEGLMIZILMKLIEVP]WXVIRKXLMRQSWXGEWIWWXVIRKXLWWLSYPH &VI[IERH1]IVW 
FIHIXIVQMRIHXLVSYKLEXPIEWXHE]W8LIIJJIGXSJGIQIRXM ;MXLEKSSHYRHIVWXERHMRKSJXLIMVMRHMZMHYEPTVSTIVXMIW
XMSYW QEXIVMEP GLEVEGXIVMWXMGW SR [EXIV HIQERH MW QSVI ERH ER YRHIVWXERHMRK SJ LS[ XLIWI QEXIVMEPWMRXIVEGX [MXL
TVSRSYRGIHMR,7'WFIGEYWISJLMKLIVGIQIRXMXMSYWQEXIVMEPW XLISXLIVQM\XYVIGSRWXMXYIRXW %'-6%'-6%'-
GSRXIRXWERHPS[[EXIVGIQIRXMXMSYWQEXIVMEPVEXMSW [GQ  6 ETTVSTVMEXIYWISJ7'1WGERWMKRMJMGERXP]MQTVSZI
8LIX]TIERHEQSYRXSJGIQIRXMXMSYWQEXIVMEPWMRE,7' WXVIRKXLMRGSRGVIXITEVXMGYPEVP],7'-RJEGX[MXLSYXXLIMV
QM\XYVIGERLEZIEWMKRMJMGERXIJJIGXSRXIQTIVEXYVIHIZIPST YWI EGLMIZMRK I\XVIQIP] LMKL WXVIRKXL PIZIPW XLEX EVI
QIRX[MXLMRXLIGSRGVIXI*SVI\EQTPIXLI'LMGEKS'SQQMXXII VSYXMRIP]EZEMPEFPIMRQER]GSRWXVYGXMSRQEVOIXW[SYPHFI
SR ,MKL6MWI &YMPHMRKW '',6&   VITSVXIH XLEX XLI WMKRMJMGERXP]QSVIHMJJMGYPXMJRSXMQTSWWMFPI-RQER]GEWIW
XIQTIVEXYVIMRXLIJX Q WUYEVIGSPYQRWYWIHMR;EXIV [SVOEFMPMX] TYQTEFMPMX] JMRMWLEFMPMX] HYVEFMPMX] ERH
8S[IV4PEGI [LMGL LEHEGIQIRXGSRXIRXSJPF]H IGSRSQ] GER EPWS FI MQTVSZIH XLVSYKL XLI TVSTIV YWI SJ
OKQ VSWIXSJVSQ”* JVSQ”' HYVMRK XLIWIQEXIVMEPW
L]HVEXMSR 8LI LIEX [EW HMWWMTEXIH [MXLMR  HE]W [MXLSYX -XMWMQTSVXERXXLEXEPPGIQIRXMXMSYWQEXIVMEPWFIXIWXIHJSV
LEVQJYPIJJIGXW;LIRXIQTIVEXYVIVMWIMWI\TIGXIHXSFIE EGGITXERGI ERH YRMJSVQMX] ERH GEVIJYPP] MRZIWXMKEXIH JSV
TVSFPIQ LS[IZIV WPS[IVVIEGXMRK PS[LIEXSJL]HVEXMSR WXVIRKXLTVSHYGMRK TVSTIVXMIW ERH GSQTEXMFMPMX] [MXL XLI
QEXIVMEPWWYGLEW8]TI--TSVXPERHGIQIRX7'1WWYGLEW SXLIV QEXIVMEPW MR XLI QM\XYVI TEVXMGYPEVP] GLIQMGEP
WPEKSV'PEWW*JP]EWLSVFPIRHIHL]HVEYPMGGIQIRXWMRGSV EHQM\XYVIWFIJSVIXLI]EVIYWIHMRXLI[SVO
TSVEXMRKWPEKSV'PEWW*JP]EWLGERFIYWIHTVSZMHIHXLI]  *P]EWL{7TIGMJMGEXMSRWJSVJP]EWLEVIGSZIVIHMR
QIIXWXVIRKXLERHLIEXSJL]HVEXMSRVIUYMVIQIRXW%HHMXMSREP %781'8LIVIEVIX[SJP]EWLGPEWWMJMGEXMSRW'PEWW*ERH
TVEGXMGIWXLEXGEREPPIZMEXITVSFPIQWEWWSGMEXIH[MXLXIQTIVE 'PEWW''PEWW*JP]EWLMWRSVQEPP]TVSHYGIHJVSQFYVRMRK
XYVIVMWIERHVIPEXIHLSX[IEXLIVGSRHMXMSRWEVIHMWGYWWIHMR ERXLVEGMXI SV FMXYQMRSYW GSEP ERH LEW WXVSRK TS^^SPERMG
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% JYVXLIV GSRWMHIVEXMSR MW STXMQM^EXMSR SJ XLI GIQIRX MWRSVQEPP]TVSHYGIHJVSQFYVRMRKPMKRMXISVWYFFMXYQMRSYW
EHQM\XYVIW]WXIQ3TXMQM^EXMSRMRXIVQWSJXLIFEPERGISJ GSEP ERH MR EHHMXMSR XS LEZMRK TS^^SPERMG TVSTIVXMIW LEW
GIQIRX ERH EHQM\XYVIW MW XLI PIZIP EX [LMGL XLI GIQIRX WSQI L]HVEYPMG TVSTIVXMIW 8LI QENSV HMJJIVIRGI FIX[IIR
GIQIRXMXMSYW EHQM\XYVIW ERH GLIQMGEP EHQM\XYVIW EVI XLIWIX[SGPEWWIWSJJP]EWLMWXLIEQSYRXWSJWMPMGSRHMS\MHI
QMRMQM^IH JVSQ E GSWX TIVWTIGXMZI 8LI I\EGX IJJIGX SJ E WMPMGE  ERH GEPGMYQ S\MHI XLI] GSRXEMR 'PEWW ' JP] EWL
[EXIVVIHYGMRK GLIQMGEP EHQM\XYVI SR [EXIV VIUYMVIQIRX LEZMRK ER EFYRHERGI SJ FSXL WMPMGE ERH GEPGMYQ S\MHI MW
JSVI\EQTPI[MPPHITIRHSRGIQIRXGLEVEGXIVMWXMGW7XVIRKXL GETEFPISJTVSHYGMRK'7,[LIRMXEPSRIGSQIWMRXSGSRXEGX
HIZIPSTQIRX HITIRHW SR FSXL XLI GLEVEGXIVMWXMGW SJ XLI [MXL [EXIV 'PEWW * JP] EWL XLSYKL LMKL MR WMPMGE PEGOW E
GIQIRXMXMSYWQEXIVMEPWERHXLI[GQ %'-6  WYJJMGMIRXUYERXMX]SJGEPGMYQS\MHIXSTVSHYGI'7,[LIRMX
 7YTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPW{-RXLITEWX EPSRIGSQIWMRXSGSRXEGX[MXL[EXIV'PEWW'JP]EWLMWQSVI
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QEXIVMEPWERHSXLIVWWYGLEWWPEKGIQIRXEVIRS[GSZIVIH SJXLI97ERH'EREHEERH'PEWW'JP]EWLLEWFIIRYWIH
YRHIV XLI XIVQ wWYTTPIQIRXEV] GIQIRXMXMSYW QEXIVMEPWx QSWXP]MRXLI1MH[IWXIVRERH7SYXL'IRXVEPVIKMSRWSJXLI
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XLSWIJSYRHMRTSVXPERHGIQIRXFYXMRHMJJIVIRXTVSTSVXMSRW MXMRXIVEGXW[MXLEHQM\XYVIWERHSXLIVGIQIRXMXMSYWQEXIVMEPW
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GIQIRXMXMSYWQEXIVMEPWEVI[MHIP]YWIHMRXLITVSHYGXMSRSJ HITIRHWXSEPEVKII\XIRXSRXLIXEVKIXWXVIRKXLPIZIPERHXLI
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XLI FMRHMRK TEWXI  W]WXIQ XS EPPS[ EXXEMRQIRX SJ LMKL UYERXMX]SJE'PEWW'JP]EWLMRGSRZIRXMSREPGSRGVIXILEZMRK
WXVIRKXLW EWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJTWM 14E EX
7YTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWGSRWMWXMRKSJGIVXEMR HE]WERHGSRXEMRMRKPF]H OKQ SJGIQIRXMXMSYW
TS^^SPERWSVWPEKWEVII\XVIQIP][IPPWYMXIHJSVYWIMR,7' QEXIVMEPQMKLXFI  F]QEWW SJXLIGIQIRXMXMSYWQEXIVMEP
7YTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWGERFITVIHSQMRERXP] GSRXIRX -R E GSRGVIXI LEZMRK E WTIGMJMIH GSQTVIWWMZI
L]HVEYPMG TS^^SPERMG SV TSWWIWW TVSTIVXMIW SJ FSXL E WXVIRKXLSJTWM 14E EXHE]WERHGSRXEMRMRK
L]HVEYPMG ERH TS^^SPERMG QEXIVMEP 7MQMPEV XS TSVXPERH  PF]H  OKQ  SJ GIQIRXMXMSYW QEXIVMEP XLI
,-+,786)2+8,'32'6)8) 6

STXMQYQUYERXMX]SJXLIWEQIJP]EWLQMKLXFI SVQSVI WMPMGEJYQI GSRGVIXI XS TVIZIRX WYVJEGI HV]MRK %R MRHITXL
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1IXLSHW JSV WEQTPMRK ERH XIWXMRK JP] EWL EVI KMZIR MR 6ERHXLI7MPMGE*YQI9WIVvW1ERYEP ,SPPERH 
%781'ERH':EVMEXMSRWMRGLIQMGEPSVTL]WMGEP  ,MKLVIEGXMZMX] QIXEOESPMR{,MKLVIEGXMZMX]
TVSTIVXMIWEPXLSYKL[MXLMRXLIXSPIVERGIWSJXLIWIWTIGMJM QIXEOESPMR ,61  MW E VIEGXMZI EPYQMRSWMPMGEXI TS^^SPER
GEXMSRWQE]GEYWIETTVIGMEFPIZEVMEXMSRWMR,7'TVSTIVXMIW JSVQIHF]GEPGMRMRKTYVMJMIHOESPMR GLMRE GPE]EXEWTIGMJMG
7YGL ZEVMEXMSRW GER SRP] FI QMRMQM^IH F] GLERKIW MR XLI XIQTIVEXYVIVERKI9RPMOIQSWXSXLIV7'1WWYGLEWJP]EWL
GSEPFYVRMRKERHJP]EWLGSPPIGXMSRTVSGIWWIQTPS]IHEXXLI WPEKGIQIRXERHWMPMGEJYQI[LMGLEVIF]TVSHYGXWSJQENSV
TS[IVTPERX MRHYWXV],61MWEWTIGMJMGEPP]QERYJEGXYVIHQEXIVMEP-XMW
 7MPMGEJYQI{7MPMGEJYQILEWFIIRYWIHMRWXVYGXYVEP RIEVP][LMXIMRGSPSVERHYWYEPP]WYTTPMIHMRTS[HIVJSVQ
GSRGVIXI ERH VITEMV ETTPMGEXMSRW [LIVI LMKL WXVIRKXL PS[ 7TIGMJMGEXMSRW JSV ,61 EVI GSZIVIH YRHIV %781 '
TIVQIEFMPMX]SVLMKLEFVEWMSRVIWMWXERGIEVIEHZERXEKISYW 'PEWW2
1ENSVEHZERGIQIRXWMRXLIEVIEWSJLMKLWXVIRKXLERHLMKL ,MKLVIEGXMZMX]QIXEOESPMR MW ELMKLP] VIEGXMZI TS^^SPER
TIVJSVQERGIGSRGVIXILEZIFIIRPEVKIP]TSWWMFPIXLVSYKLXLI WYMXEFPI JSV ETTPMGEXMSRW [LIVI LMKL WXVIRKXL SV PS[
YWISJWMPMGEJYQI7MPMGEJYQIMWEF]TVSHYGXVIWYPXMRKJVSQ TIVQIEFMPMX] MW VIUYMVIH MR WXVYGXYVEP SV VITEMV QEXIVMEPW
XLIVIHYGXMSRSJLMKLTYVMX]UYEVX^[MXLGSEPMRIPIGXVMGEVG ,MKLVIEGXMZMX] QIXEOESPMR TEVXMGPIW EVI WMKRMJMGERXP] WQEPPIV
JYVREGIWMRXLITVSHYGXMSRSJWMPMGSRERHJIVVSWMPMGSREPPS]W XLERQSWXGIQIRXTEVXMGPIWFYXEVIRSXEWJMRIEWWMPMGEJYQI
8LI JYQI [LMGL LEW LMKL EQSVTLSYW WMPMGSR HMS\MHI 8LIEZIVEKITEVXMGPIWM^ISJE,61TVSHYGIHJSVGSRGVIXI
GSRXIRX ERH GSRWMWXW SJ ZIV] JMRI WTLIVMGEP TEVXMGPIW MW ETTPMGEXMSRWMWETTVS\MQEXIP] QSVETTVS\MQEXIP]XMQIW
GSPPIGXIHJVSQXLIKEWIWIWGETMRKXLIJYVREGIW7TIGMJMGEXMSRW XLIEZIVEKITEVXMGPIWM^ISJWMPMGEJYQI&IGEYWISJMXWPEVKIV
JSV WMPMGE JYQI EVI GSZIVIH MR WXERHEVHW WYGL EW %781 TEVXMGPI WM^I XLI MRGVIEWIH [EXIV HIQERH EWWSGMEXIH [MXL
'ERH)2 ,61MWRSXUYMXIEWLMKLEWMXMW[MXLWMPMGEJYQI 'EPHEVSRI
7MPMGEJYQIMWGSQTSWIHQSWXP]SJEQSVTLSYWWMPMGETEVXMGPIW IXEP LS[IZIVQIEWYVIWXSTVIGPYHIWYVJEGIHV]MRK
ERHMXWWTIGMJMGKVEZMX]MWI\TIGXIHXSFIETTVS\MQEXIP] ERHTPEWXMGGVEGOMRKQE]WXMPPRIIHXSFIIQTPS]IHHYIXSE
XLI QSWX GSQQSRP] EGGITXIH ZEPYI JSV EQSVTLSYW WMPMGE VIHYGXMSR MR FPIIHMRK VEXI ,61 GSRXIRXW X]TMGEPP] VERKI
1EPLSXVEIXEP )0/)1  VITSVXIHXLIWTIGMJMG JVSQ  XS   F] QEWW  SJ XLI GIQIRXMXMSYW QEXIVMEPW
WYVJEGI EVIE SJ WMPMGE JYQI MW SR XLI SVHIV SJ  XS GSRXIRXYWIH8LIWTIGMJMGKVEZMX]SJ,61MWETTVS\MQEXIP]
JXPF XSQOK [LIRQIEWYVIHF]  'EPHEVSRIIXEP 
RMXVSKIREHWSVTXMSRXIGLRMUYIW2IFIWEVERH'EVIXXI   7PEKGIQIRX{7PEKGIQIRXMWTVSHYGIHSRP]MR
VITSVXIHEREZIVEKIZEPYISJJX PF Q OK  GIVXEMREVIEWSJXLI97ERH'EREHEFYXMWKIRIVEPP]EZEMPEFPI
4EVXMGPIWM^IHMWXVMFYXMSRSJX]TMGEPWMPMGEJYQIWLS[WQSWX MRQER]2SVXL%QIVMGERQEVOIXW7TIGMJMGEXMSRWERHGPEWWM
TEVXMGPIW EVI WQEPPIV XLER  QMGVSQIXIV  Q  [MXL XLI JMGEXMSRWJSVXLMWQEXIVMEPEVIGSZIVIHMR%781'7PEK
QENSVMX] FIMRK SR XLI SVHIV SJ  XS  Q [LMGL MW ETTVSTVMEXI JSV YWI MR GSRGVIXI MW XLI RSRQIXEPPMG TVSHYGX
ETTVS\MQEXIP]  XMQIW WQEPPIV XLER XLI EZIVEKI GIQIRX HIZIPSTIHMREQSPXIRGSRHMXMSRWMQYPXERISYWP][MXLMVSRMR
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FYXQE]FIEWLMKLEW8LIFYPOHIRWMX]EWGSPPIGXIHMW WMPMGEXIWERHEPYQMRSWMPMGEXIWSJGEPGMYQERHSXLIVFEWIW
XSPFJX XSOKQ 7MPMGEJYQIJSVGSQQIVGMEP ;LIR TVSTIVP] UYIRGLIH ERH TVSGIWWIH MVSR FPEWX
ETTPMGEXMSRW MW EZEMPEFPI MRIMXLIVHIRWMJMIHSV WPYVV] JSVQ JYVREGIWPEKEGXWL]HVEYPMGEPP]MRGSRGVIXIERHGERFIYWIHEW
7MPMGEJYQIMRWPYVV]JSVQLS[IZIVMWRSXVIEHMP]EZEMPEFPI ETEVXMEPVITPEGIQIRXJSVTSVXPERHGIQIRX%GGSVHMRKXS%'-
MRWSQIQEVOIXW7MPMGEJYQIMWKIRIVEPP]HEVOKVE]XSFPEGO 6QSWXWPEKGIQIRXMWFEXGLIHEWEWITEVEXIGSRWXMXYIRX
MRGSPSV EXXLIGSRGVIXITVSHYGXMSRTPERX&PIRHIHL]HVEYPMGGIQIRXW
7MPMGEJYQIFIGEYWISJMXWI\XVIQIJMRIRIWWERHLMKLWMPMGE EVI EPWS TVSHYGIH GSRWMWXMRK SJ WPEK GIQIRX ERH TSVXPERH
GSRXIRXMWLMKLP]VIEGXMZIERHIJJIGXMZITS^^SPERMGQEXIVMEP GIQIRX TVSHYGIH XLVSYKL MRXIVKVMRHMRK SV MRXIVQM\MRK
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SJWMPMGEJYQIEPWSLIPTWXSMRGVIEWITEWXIHIRWMX]F]JMPPMRK GSRXIRXWX]TMGEPP] VERKI JVSQ  XS   F] QEWW  SJ XLI
ZSMHWFIX[IIRXLIGIQIRXKVEMRWXLIVIF]MQTVSZMRKTEVXMGPI GIQIRXMXMSYW QEXIVMEP GSRXIRX XLSYKL LMKLIV GSRXIRXW EVI
TEGOMRKERHTSVIWM^IHMWXVMFYXMSR &VI[IERH1]IVW  JVIUYIRXP] YWIH JSV WTIGMEP ETTPMGEXMSRW WYGL EW MR QEWW
&IGEYWISJMXWI\XVIQIJMRIRIWWXLIMRGVIEWIH[EXIVHIQERH GSRGVIXI[LIVIQMRMQEPLIEXSJL]HVEXMSRMWHIWMVIH8LIYWI
VIWYPXMRKJVSQMXWYWIMWUYMXILMKLXLIVIJSVIYWMRKELMKL SJ ,7'W GSRWMWXMRK SJ XIVREV] GSQFMREXMSRW SJ TSVXPERH
VERKI [EXIVVIHYGMRK EHQM\XYVI ,6;6%  MW YWYEPP] GIQIRX WPEK GIQIRX ERH TS^^SPERW WYGL EW JP] EWL ERH
VIUYMVIH7MPMGEJYQIGSRXIRXWX]TMGEPP]VERKIJVSQXS WMPMGEJYQIMWEPWSGSQQSR
SJXLIGIQIRXMXMSYWQEXIVMEPWGSRXIRX8LIYWISJWMPMGEJYQI  )ZEPYEXMSRERH WIPIGXMSR{'IQIRXMXMSYW QEXIVMEPW
XS TVSHYGI LMKLWXVIRKXL GSRGVIXI MRGVIEWIH HVEQEXMGEPP] PMOI ER] QEXIVMEP MR E ,7' QM\XYVI WLSYPH FI IZEPYEXIH
WXEVXMRK MR XLI W [MXL QYGL WYGGIWW 0EFSVEXSV] ERH YWMRKPEFSVEXSV]XVMEPFEXGLIWXSIWXEFPMWLSTXMQYQHIWMVEFPI
JMIPHI\TIVMIRGIMRHMGEXIWXLEXGSRGVIXIMRGSVTSVEXMRKWMPMGE UYEPMXMIW 1EXIVMEPW VITVIWIRXEXMZI SJ XLSWI XLEX [MPP FI
JYQI I\LMFMXW VIHYGIH FPIIHMRK FYX LEW ER MRGVIEWIH IQTPS]IH MR XLI EGXYEP GSRWXVYGXMSR WLSYPH FI YWIH 'EVI
XIRHIRG] XS HIZIPST TPEWXMG WLVMROEKI GVEGOW 8LYW MX MW WLSYPH FI XEOIR XS IRWYVI XLEX XLI QEXIVMEPW IZEPYEXIH EVI
RIGIWWEV] XS UYMGOP] GSZIV XLI WYVJEGIW SJ JVIWLP] TPEGIH VITVIWIRXEXMZIGSQIJVSQXLIWEQIWSYVGIERHEVILERHPIH
6 %'-'311-88))6)4368

MR XLI WEQI QERRIV EW XLSWI JSV XLI TVSTSWIH [SVO *SV 6IXEVHMRK EHQM\XYVIW JVIUYIRXP] TVSZMHI E WXVIRKXL
I\EQTPI MJ E GIVXEMR WMPMGE JYQI MW XS FI WYTTPMIH MR FYPO MRGVIEWI TVSTSVXMSREP XS XLI HSWEKI VEXI EPXLSYKL XLI
JSVQXLIQEXIVMEPWLSYPH RSXFIIZEPYEXIHYWMRK EWEQTPI WIPIGXIH HSWEKI VEXI MW WMKRMJMGERXP] EJJIGXIH F] EQFMIRX
XLEXLEWKSRIXLVSYKLEFEKKMRKTVSGIWW8LMWKIRIVEPQIXLSH XIQTIVEXYVIWGSRHMXMSRW %'-6 1M\XYVITVSTSVXMSRW
ETTPMIWXSEPPGSRWXMXYIRXQEXIVMEPWMRGPYHMRKTSVXPERHGIQIRX GER FI XEMPSVIH XS EQFMIRX GSRHMXMSRW [MXL E VERKI SJ
+IRIVEPP] WIZIVEP XVMEP FEXGLIW EVI QEHI YWMRK ZEV]MRK VIXEVHMRKEHQM\XYVIHSWEKIWGSVVIWTSRHMRKXSXLIERXMGMTEXIH
GIQIRXMXMSYW QEXIVMEPW GSRXIRXW ERH GLIQMGEP EHQM\XYVI XIQTIVEXYVIGSRHMXMSRW(YVMRKWYQQIVQSRXLWERMRGVIEWI
HSWEKIW XS IWXEFPMWL GYVZIW XLEX GER FI YWIH XS WIPIGX XLI MR VIXEVHIV HSWEKI GER IJJIGXMZIP] QMXMKEXI XIQTIVEXYVI
STXMQYQ EQSYRX SJ GIQIRXMXMSYW QEXIVMEP ERH EHQM\XYVI MRHYGIH WXVIRKXL VIHYGXMSR (YVMRK [MRXIV QSRXLW HSWEKI
VIUYMVIH XS EGLMIZI HIWMVIH VIWYPXW 3TXMQYQ TIVJSVQERGI VEXIW EVI SJXIR HIGVIEWIH XS TVIZIRX SFNIGXMSREFP] PSRK
VIWYPXW QE] FI GLEVEGXIVM^IH MR XIVQW SJ ER] WMRKPI SV WIXXMRKXMQIW8VERWMXMSRTIVMSHWFIX[IIRWYQQIVERH[MRXIV
QYPXMTPIQIGLERMGEPTVSTIVXMIWQEXIVMEPTVSTIVXMIWSVFSXL GSRHMXMSRWQE]FILERHPIH[MXLEGSVVIWTSRHMRKEHNYWXQIRX
*SV ,7' GSQTVIWWMZI WXVIRKXL MW SJXIR ER STXMQYQ MRXLIVIXEVHMRKEHQM\XYVIHSWEKI
TIVJSVQERGITVSTIVX] ;LIRXLIVIXEVHMRKIJJIGXSJXLIEHQM\XYVILEWHMQMRMWLIH
RSVQEP SV WPMKLXP] JEWXIV VEXIW SJ LIEX PMFIVEXMSR YWYEPP]
{%HQM\XYVIW SGGYV(ITIRHMRKSRXLIX]TIERHHSWEKISJVIXEVHMRKEHQM\
 +IRIVEP{%HQM\XYVIW TEVXMGYPEVP] GLIQMGEP XYVIYWIHIEVP]L]HVEXMSRGERFIIJJIGXMZIP]GSRXVSPPIH[LMPI
EHQM\XYVIWEVI[MHIP]YWIHMRXLITVSHYGXMSRSJ,7''LIQ QEMRXEMRMRKJEZSVEFPILSYVWXVIRKXLW)\XIRHIHVIXEVHEXMSR
MGEPEHQM\XYVIWEVIKIRIVEPP]TVSHYGIHYWMRKPMKRSWYPJSREXIW SVGSSPXIQTIVEXYVIWQE]EHZIVWIP]EJJIGXIEVP]WXVIRKXLW
L]HVS\]PEXIHGEVFS\]PMGEGMHWGEVFSL]HVEXIWQIPEQMRIERH  2SVQEPWIXXMRK GLIQMGEP EHQM\XYVIW %781
RETLXLEPIRI GSRHIRWEXIW ERH SVKERMG ERH MRSVKERMG
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EGGIPIVEXSVWMRZEVMSYWJSVQYPEXMSRW%MVIRXVEMRMRKEHQM\XYVIW
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EVIKIRIVEPP]WYVJEGXERXWXLEX[MPPHIZIPSTEREMVZSMHW]WXIQ
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ETTVSTVMEXI JSV IRLERGIH HYVEFMPMX] 'LIQMGEP EHQM\XYVIW
[LMPI LEZMRK QMRMQEP IJJIGX SR VEXIW SJ LEVHIRMRK 8LIMV
EVIQSWX GSQQSRP] YWIH JSV [EXIV VIHYGXMSR ERHWIX XMQI
WIPIGXMSRWLSYPHFIFEWIHSRWXVIRKXLTIVJSVQERGI(SWEKIW
EPXIVEXMSRERHGEREHHMXMSREPP]FIYWIHJSVTYVTSWIWWYGLEW
MRGVIEWIHEFSZIXLIQERYJEGXYVIVvWVIGSQQIRHIHEQSYRXW
GSVVSWMSRMRLMFMXMSR ZMWGSWMX] QSHMJMGEXMSR ERH WLVMROEKI
KIRIVEPP]MRGVIEWIWXVIRKXLWFYXQE]I\XIRHWIXXMRKXMQIW
GSRXVSP 7IPIGXMSR SJ X]TI FVERH ERH HSWEKI VEXI SJ EPP
EHQM\XYVIWWLSYPHFIFEWIHSRTIVJSVQERGI[MXLXLISXLIV  ,MKLVERKI[EXIVVIHYGMRKGLIQMGEPEHQM\XYVIW
QEXIVMEPWFIMRKGSRWMHIVIHSVWIPIGXIHJSVYWISRXLITVSNIGX %781 ''1 8]TIW * ERH + {3RI TSXIRXMEP
7MKRMJMGERXMRGVIEWIWMRGSQTVIWWMZIWXVIRKXLGSRXVSPSJVEXI EHZERXEKI SJ ,6;6%W MW HIGVIEWMRK XLI [GQ ERH
SJLEVHIRMRKEGGIPIVEXIHWXVIRKXLKEMRMQTVSZIH[SVOEFMPMX] TVSZMHMRK LMKLWXVIRKXL TIVJSVQERGI TEVXMGYPEVP] EX IEVP]
ERHHYVEFMPMX]GERFIEGLMIZIH[MXLXLITVSTIVWIPIGXMSRERH LSYV EKIW 1MRHIWWIXEP 1EXGLMRKXLIGLIQMGEP
YWI SJ GLIQMGEP EHQM\XYVIW 6IPMEFPI TIVJSVQERGI SR EHQM\XYVI XS GIQIRXMXMSYW QEXIVMEPW FSXL MR X]TI ERH HSWEKI
TVIZMSYW[SVOERHGSQTEXMFMPMX][MXLXLITVSTSWIHGIQIRXM VEXIMWMQTSVXERX7PYQTPSWWGLEVEGXIVMWXMGWSJXLIGSRGVIXI[MPP
XMSYWQEXIVMEPW ERH FIX[IIRGLIQMGEPEHQM\XYVIW WLSYPHFI HIXIVQMRI [LIXLIV XLI ,6;6% WLSYPH FI MRXVSHYGIH EX XLI
GSRWMHIVIH HYVMRK XLI WIPIGXMSR TVSGIWW 7TIGMJMGEXMSRW JSV TPERXEXXLIWMXISVEXFSXLPSGEXMSRW;MXLXLIEHZIRXSJRI[IV
GLIQMGEP EHQM\XYVIW ERH EMVIRXVEMRMRK EHQM\XYVIW EVI KIRIVEXMSRTVSHYGXWLS[IZIVWYJJMGMIRXWPYQTVIXIRXMSRGERFI
GSZIVIHYRHIV%'-6%781''1ERH' EGLMIZIHXLVSYKLTPERXEHHMXMSRMRQSWXGEWIW %'-6 
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 6IXEVHMRK GLIQMGEP EHQM\XYVIW %781 ' TYVTSWISJMRGVIEWMRKWXVIRKXLXLVSYKLEVIHYGXMSRMRXLI[GQ
'1 8]TIW & ERH ( {,MKLWXVIRKXL GSRGVIXI QM\XYVIW [LMPI QEMRXEMRMRK IUYEP WPYQT MRGVIEWMRK WPYQT [LMPI
MRGSVTSVEXI LMKLIV GIQIRXMXMSYW QEXIVMEPW GSRXIRXW XLER QEMRXEMRMRK IUYEP [GQ SV E GSQFMREXMSR XLIVISJ 8LI
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QIXLSHWWTIGMQIRWM^IERHXIWXMRKQEGLMRITVSTIVXMIWJSV  3XLIV VIUYMVIQIRXW{-R WSQI WMXYEXMSRW GSRWMHIV
,7' 6IJIV XS %'- 6 JSV EHHMXMSREP MRJSVQEXMSR SR EXMSRW SXLIV XLER GSQTVIWWMZI WXVIRKXL QE] MRJPYIRGI
UYEPMX]GSRXVSPERHXIWXMRKSJ,7' QM\XYVITVSTSVXMSRW%HIXEMPIHHMWGYWWMSRSJXLIQIGLERMGEP
,MKLWXVIRKXLGSRGVIXIMWQSVIWIRWMXMZIXSZEVMEXMSRWMR TVSTIVXMIW SJ ,7' MRGPYHMRK JPI\YVEP WXVIRKXL XIRWMPI
QM\XYVI TVSTSVXMSRW ERH XIWXMRK XLER RSVQEPWXVIRKXL WXVIRKXLQSHYPYWSJIPEWXMGMX]WLVMROEKIERHGVIITMWKMZIR
GSRGVIXIERHMWVIGSKRM^IHXSFIQSVIGLEPPIRKMRKXSIZEPYEXI MR 'LETXIV 'LETXIVEPWSTVIWIRXWEHMWGYWWMSRSRQEXIVMEP
EGGYVEXIP]XLERPS[IVWXVIRKXLGSRGVIXIW%LMKLZEVMEFMPMX] TVSTIVXMIWXLEXMRJPYIRGI,7'
MRXIWXVIWYPXW[MPPHMGXEXIELMKLIVVIUYMVIHEZIVEKIWXVIRKXL
-JZEVMEFMPMX]MWTVIHMGXIHXSFIVIPEXMZIP]PS[FYXTVSZIWXS {8IWXEKI
FILMKLIVXLIJVIUYIRG]SJXIWXVIWYPXWFIPS[XLIWTIGMJMIH 7IPIGXMSRSJQM\XYVITVSTSVXMSRWGERFIMRJPYIRGIHF]XLI
WXVIRKXL QE] FI YREGGITXEFP] LMKL 8LIVIJSVI [LIR XIWXMRKEKISVIEVP]EKIWXVIRKXLVIUYMVIQIRXW8IWXMRKEKI
GSQTYXMRK E WXERHEVH HIZMEXMSR XLI GSRGVIXI TVSHYGIV HITIRHW YTSR GSRWXVYGXMSR VIUYMVIQIRXW 8IWXMRK EKI MW
WLSYPHYWIXLIQSWXVIEPMWXMGXIWXVIGSVH YWYEPP]XLIEKIEX[LMGLEGGITXERGIGVMXIVMEEVIIWXEFPMWLIH
%'-VIGSKRM^IWXLEXWSQIXIWXVIWYPXWEVIPMOIP]XSFI JSV I\EQTPI EX  SV  HE]W 8IWXMRK LS[IZIV GER FI
PS[IV XLER XLI WTIGMJMIH WXVIRKXL %GGITXERGI GVMXIVME EVI GSRHYGXIHFIJSVIXLIEKISJEGGITXERGIXIWXMRKSVEJXIVXLEX
HIWMKRIHXSPMQMXXLIJVIUYIRG]SJXIWXWEPPS[IHXSJEPPFIPS[ EKIHITIRHMRKSRXLIX]TISJMRJSVQEXMSRHIWMVIH
XLIWTIGMJMIHWXVIRKXL%'-7IGXMSRGSRWMHIVW  )EVP] EKI{4VIXIRWMSRIH GSRGVIXI STIVEXMSRW QE]
XLIWXVIRKXLPIZIPSJERMRHMZMHYEPGPEWWSJGSRGVIXIWEXMWJEGXSV] VIUYMVI ZIV] LMKL WXVIRKXLW MR  XS  LSYVW 7TIGMEP
MJFSXLSJXLIJSPPS[MRKVIUYMVIQIRXWEVIQIX ETTPMGEXMSRWJSVIEVP]YWISJQEGLMRIV]JSYRHEXMSRWTEZIQIRX
E  )ZIV] EVMXLQIXMG EZIVEKI SJ ER] XLVII GSRWIGYXMZI XVEJJMGPERIWSVWPMTJSVQIHGSRGVIXILEZIVIUYMVIHLMKLWXVIRKXL
WXVIRKXLXIWXW EZIVEKISJX[SG]PMRHIVW IUYEPWSVI\GIIHW EXIEVP]EKIW4SWXXIRWMSRIHGSRGVIXIMWSJXIRWXVIWWIHEXEKIW
JG ERH SJXSHE]WSVQSVIERHVIUYMVIWLMKLWXVIRKXLEXPEXIVEKIW
F 2SMRHMZMHYEPWXVIRKXLXIWX EZIVEKISJX[SG]PMRHIVW +IRIVEPP] SRGI XLI IJJIGX SJ WIXVIXEVHMRK EHQM\XYVIW LEZI
JEPPWFIPS[JG F]QSVIXLERTWM 14E [LIR JG MW WYFWMHIHIEVP]EKIWXVIRKXLHIZIPSTQIRXGERFIWMKRMJM
TWM 14E SVPIWWSVF]QSVIXLERJG [LIRJG GERX 8LI STXMQYQ QEXIVMEPW ERH QM\XYVI TVSTSVXMSRW
MWQSVIXLERTWM 14E  WIPIGXIH LS[IZIV QE] ZEV] JSV HMJJIVIRX XIWX EKIW *SV
;LIR JG I\GIIHWTWM 14E ERH[LIRWXVIRKXL I\EQTPIQM\XYVIW[MXL8]TI---GIQIRXLEZIFIIRYWIHJSV
HEXE EVI EZEMPEFPI XS IWXEFPMWL E WXERHEVH HIZMEXMSR WW XLI LMKLIEVP]WXVIRKXLGSQTEVIH[MXL8]TIW---SV:GIQIRX
VIUYMVIHEZIVEKIWXVIRKXLJGV YWIHEWXLIFEWMWJSVWIPIGXMSR JSVLMKLPEXIVEKIWXVIRKXL)EVP]EKIWXVIRKXLWQE]FIQSVI
SJQM\XYVITVSTSVXMSRWWLSYPHFIFEWIHSRXLIPEVKIVZEPYI ZEVMEFPIHYIXSXLIMRJPYIRGISJGYVMRKXIQTIVEXYVIERHXLI
GSQTYXIHJVSQXLIJSPPS[MRKIUYEXMSRW %'-8EFPI IEVP]EKIWXVIRKXLHIZIPSTQIRXGLEVEGXIVMWXMGWSJXLIWTIGMJMG
  GIQIRX 7'1 SV GLIQMGEP EHQM\XYVI 8LIVIJSVI QM\XYVI
TVSTSVXMSRWWLSYPHFIIZEPYEXIHJSVELMKLIVVIUYMVIHEZIVEKI
JGV ! JG WW 7%)YRMXWTWM  WXVIRKXL 8LI IJJIGXW SJ 7'1W ERH GLIQMGEP EHQM\XYVIW SR
IEVP]EKI WXVIRKXL EVI EHHVIWWIH JYVXLIV MR 7IGXMSR 
0IQMRKIXEPE>MEIXEPEF%LQEHERH>ME 
JGV !JG WW 7%)YRMXWTWM 
 8[IRX]IMKLX HE]W{% GSQQSR XIWX EKI JSV
GSQTVIWWMZIWXVIRKXLSJRSVQEPWXVIRKXLGSRGVIXIMWHE]W
;LIRWXVIRKXLHEXEEVIRSXEZEMPEFPIXSIWXEFPMWLEWXERHEVH 4IVJSVQERGI SJ WXVYGXYVIW LEW FIIR IQTMVMGEPP] GSVVIPEXIH
HIZMEXMSRXLIVIUYMVIHEZIVEKIWXVIRKXLJGV YWIHEWXLIFEWMW [MXLXLIWXVIRKXLSJQSMWXGYVIHGSRGVIXIG]PMRHIVWYWYEPP]
JSVWIPIGXMSRSJGSRGVIXITVSTSVXMSRW[LIRJG I\GIIHWTWM  \  MR  \  QQ  SV  \  MR  \  QQ
14E WLSYPHFIFEWIHSRXLIJSPPS[MRKIUYEXMSR %'- TVITEVIHEGGSVHMRKXS%781''1ERH''1
8EFPI  8LMW LEW TVSHYGIH KSSH VIWYPXW JSV RSVQEPWXVIRKXL
GSRGVIXIWRSXVIUYMVMRKIEVP]WXVIRKXLSVIEVP]IZEPYEXMSR
JGV !JG  7%)YRMXWTWM   0EXIV EKI{,MKLWXVIRKXL GSRGVIXIW QEHI [MXL
7'1W QE] KEMR GSRWMHIVEFPI WXVIRKXL EX PEXIV EKIW ERH
%'-EPPS[WQM\XYVIWXSFITVSTSVXMSRIHFEWIHSRJMIPH XLIVIJSVIEVIX]TMGEPP]IZEPYEXIHEXPEXIVEKIWWYGLEWSV
I\TIVMIRGISVF]PEFSVEXSV]XVMEPFEXGLIW;LIRXLIGSRGVIXI HE]W[LIRGSRWXVYGXMSRVIUYMVIQIRXWEPPS[XLIGSRGVIXI
TVSHYGIVGLSSWIWXSWIPIGX,7'QM\XYVITVSTSVXMSRWFEWIH QSVI XMQI XS HIZIPST WXVIRKXL FIJSVI PSEHW EVI MQTSWIH
YTSR PEFSVEXSV] XVMEP FEXGLIW QM\XYVI TIVJSVQERGI YRHIV ,MKLWXVIRKXL GSRGVIXI LEW FIIR TPEGIH JVIUYIRXP] MR
JMIPHGSRHMXMSRWWLSYPHEPWSFIGSRJMVQIHFIJSVITVSGIIHMRK GSPYQRWSVWLIEV[EPPWSJLMKLVMWIFYMPHMRKW8LIVIJSVIMX
[MXLXLI[SVO LEWFIIRHIWMVEFPIXSXEOIEHZERXEKISJPSRKXIVQWXVIRKXL
 %'- 6{3RGI WYJJMGMIRX XIWX HEXE LEZI FIIR KEMRW WS XLEX IJJMGMIRX YWI SJ GSRWXVYGXMSR QEXIVMEPW MW
KIRIVEXIH JVSQ XLI TVSNIGX E VIIZEPYEXMSR SJ QM\XYVI EGLMIZIH8LMWLEWSJXIRFIIRNYWXMJMIHMRETTPMGEXMSRWWYGLEW
6 %'-'311-88))6)4368

*MK{)JJIGXWSJZEVMSYWFVERHWSJGIQIRXSRGSRGVIXIGSQTVIWWMZIWXVIRKXL

LMKLVMWI FYMPHMRKW [LIVI JYPPPSEHMRK QE] RSX SGGYV YRXMP MRGVIEWIW [EXIV HIQERH (ITIRHMRK SR TVSTIVXMIW SJ XLI
WMKRMJMGERXP]PEXIVEKIW GIQIRXMXMSYW QEXIVMEPW YWIH MRGVIEWMRK XLI GIQIRXMXMSYW
-RGEWIW[LIVIPEXIVEKIEGGITXERGIGVMXIVMEEVIWTIGMJMIH QEXIVMEP GSRXIRX FI]SRH E GIVXEMR TSMRX LEW RSX EP[E]W
MXQE]FIEHZERXEKISYWJSVXLIGSRGVIXIWYTTPMIVXSHIZIPST VIWYPXIHMRMRGVIEWIHGSQTVIWWMZIWXVIRKXL3XLIVJEGXSVWXLEX
IEVP]EKISVEGGIPIVEXIHWXVIRKXLXIWXHEXEXSIWXMQEXIPEXIVEKI QE]PMQMXQE\MQYQGSRXIRXWSJGIQIRXMXMSYWQEXIVMEPWEVI
WXVIRKXLWVIJIVXS%781'ERH''1-RWYGL HMWGYWWIHMR7IGXMSR8LIYWISJ,6;6%WLEWIREFPIH
GEWIWGSVVIPEXMSRHEXEWLSYPHFIHIZIPSTIHJSVXLIQEXIVMEPW GSRGVIXI XS FI TPEGIH EX JPS[MRK ERH WIPJGSRWSPMHEXMRK
ERHTVSTSVXMSRWXSFIYWIHMRXLI[SVO8LIWIXIWXWQE]RSX GSRWMWXIRGMIW[MXLPS[IV[GQ,6;6%WEVIHMWGYWWIHMR
EP[E]WEGGYVEXIP]IWXMQEXIPEXIVEKIWXVIRKXLWFYXXLI]GER 7IGXMSR
TVSZMHI ER IEVP] MHIRXMJMGEXMSR SJ PS[IVWXVIRKXL XVIRHW ;EXIVGIQIRXMXMSYWQEXIVMEPVEXMSWF]QEWWJSV,7'WLEZI
FIJSVIEPSRKLMWXSV]SJRSRGSQTPMERGIMWVIEPM^IH VERKIH X]TMGEPP] JVSQ  XS  8LI UYERXMX] SJ [EXIV
)\XVEXIWXG]PMRHIVWWLSYPHFITVITEVIHERHLIPHJSVXIWXMRK GSRXEMRIH MR PMUYMH EHQM\XYVIW TEVXMGYPEVP] ,6;6%W
EX EKIW PEXIV XLER XLI WTIGMJMIH EGGITXERGI EKI -R GEWIW WLSYPHEP[E]WFIMRGPYHIHMRHIXIVQMRMRKXLI[GQ
[LIVI XLI WTIGMJMIH GSQTVIWWMZI WXVIRKXL MW RSX EGLMIZIH %W XLI [GQ GLERKIW XLI HIRWMX] SJ XLI GSRGVIXI EPWS
WYFWIUYIRX XIWXMRK SJ PEXIVEKI SV wLSPHx G]PMRHIVW QE] GLERKIW &] MRGVIQIRXEPP] HIGVIEWMRK XLI [GQ PIWW
NYWXMJ]EGGITXERGISJXLIGSRGVIXIMRUYIWXMSR GIQIRXMXMSYWQEXIVMEPMWEZEMPEFPIXSL]HVEXI 1MRHIWWIXEP
 8IWXEKIMRVIPEXMSRWLMTXSGYVMRK{;LIRWIPIGXMRK   %W PSRK EW HIGVIEWMRK XLI [GQ MRGVIEWIW HIRWMX]
QM\XYVITVSTSVXMSRWXLIX]TISJGYVMRKERXMGMTEXIHWLSYPHFI WXVIRKXLWLSYPHEPWSMRGVIEWI%R]YRL]HVEXIHGIQIRXMXMSYW
GSRWMHIVIH EPSRK [MXL XLI XIWX EKI IWTIGMEPP] [LIR QEXIVMEP[MPPQIVIP]EGXEWQMRIVEPJMPPIV
HIWMKRMRKJSVLMKLIEVP]WXVIRKXLW'SRGVIXIKEMRWWXVIRKXLEW
 )WXMQEXMRKGSQTVIWWMZIWXVIRKXL{8LIGSQTVIWWMZI
E JYRGXMSR SJ QEXYVMX] [LMGL MW HIJMRIH EW E JYRGXMSR SJ
WXVIRKXLXLEXEGSRGVIXI[MPPHIZIPSTEXEKMZIR[GQHITIRHW
GYVMRK XMQI ERH GYVMRK XIQTIVEXYVI 8LMW MW TEVXMGYPEVP]
SR XLI GIQIRXMXMSYW QEXIVMEPW EKKVIKEXIW ERH EHQM\XYVIW
MQTSVXERXJSVWXIEQGYVIHTVIGEWXGSRGVIXI
IQTPS]IH
{;EXIVGIQIRXMXMSYWQEXIVMEPVEXMS 4VMRGMTEPGEYWIWSJZEVMEXMSRWMRGSQTVIWWMZIWXVIRKXLWEX
 2EXYVI SJ [GQ MR LMKLWXVIRKXL GSRGVIXI{;LIR EKMZIR[GQMRGPYHIXLIWXVIRKXLTVSHYGMRKGETEFMPMXMIWSJ
7'1WWYGLEWTS^^SPERWSVWPEKGIQIRXEVIYWIHMRGSRGVIXI XLIGIQIRXERHXLIL]HVEYPMGSVTS^^SPERMGEGXMZMX]SJ7'1W
E [GQF]QEWWLEWFIIRGSRWMHIVIHMRTPEGISJXLIXVEHMXMSREP MJ YWIH *MKYVI  WLS[W XLI IJJIGXW SJ ZEVMSYW FVERHW SJ
[GF]QEWW 8]TI-TSVXPERHGIQIRXSRGSQTVIWWMZIWXVIRKXL
8LI VIPEXMSRWLMT FIX[IIR XLI [GQ ERH GSQTVIWWMZI 7TIGMJMGMRJSVQEXMSRTIVXEMRMRKXSXLIVERKISJZEPYIWSJ
WXVIRKXL [LMGL LEW FIIR MHIRXMJMIH MR PS[IVWXVIRKXL GSQTVIWWMZI WXVIRKXLW SJ TSVXPERH GIQIRXW MW TYFPMWLIH MR
GSRGVIXIWMWETTPMGEFPIXSLMKLIVWXVIRKXLGSRGVIXIWEW[IPP %781 ' (ITIRHMRK SR XLIMV GLIQMGEP ERH TL]WMGEP
,MKLIV GIQIRXMXMSYW QEXIVMEPW GSRXIRXW ERH PS[IV [EXIV TVSTIVXMIWJP]EWLIWERHREXYVEPTS^^SPERWQE]ZEV]MRXLIMV
GSRXIRXW LEZI TVSHYGIH LMKLIV WXVIRKXLW -R QER] GEWIW TS^^SPERMGEGXMZMX]MRHI\JVSQXS SVQSVISJXLI
LS[IZIV YWMRK PEVKIV EQSYRXW SJ GIQIRXMXMSYW QEXIVMEP TSVXPERHGIQIRXGSRXVSP8LITS^^SPERMGEGXMZMX]MRHI\JSV
,-+,786)2+8,'32'6)8) 6

JP]EWLERHREXYVEPTS^^SPERWMWWTIGMJMIHMR%781'
7MQMPEVP]XLIWXVIRKXLEGXMZMX]MRHI\IWJSVWMPMGEJYQIERH
ZEVMSYWKVEHIWSJWPEKGIQIRXEVIKMZIRMR%781'ERH
'VIWTIGXMZIP]4VSTVMIXEV]TS^^SPERWGSRXEMRMRKWMPMGE
JYQILEZIFIIRVITSVXIHXSLEZIEGXMZMX]MRHI\IWMRI\GIWW
SJ  +E]RSV 
8LI [EXIV VIUYMVIQIRX SJ XLI TEVXMGYPEV TS^^SPER
IQTPS]IH GER ZEV] WMKRMJMGERXP] ERH KIRIVEPP] MRGVIEWIW
[MXLMRGVIEWMRKJMRIRIWWSJXLITS^^SPER*SVI\EQTPIEWE
VIWYPXSJXLIRIEVP]WTLIVMGEPWLETISJJP]EWLTEVXMGPIWXLI
[EXIVVIUYMVIQIRXJSVGSRGVIXIGSRXEMRMRKJP]EWLMWYWYEPP]
PS[IV XLER JSV GSRGVIXI QEHI SRP] [MXL TSVXPERH GIQIRX
[LMGLLIPTWMRPS[IVMRKXLI[GQ
4IVIRGLMS ERH /PMIKIV   VITSVXIH ZEVMEXMSRW MR
GSQTVIWWMZIWXVIRKXLEXKMZIR [GQMRPEFSVEXSV]TVITEVIH
GSRGVIXIW HITIRHMRK SR XLI EKKVIKEXIW YWIH -R EHHMXMSR
*MK {7XVIRKXL ZIVWYW [GQ SJ ZEVMSYW QM\XYVIW
XLIWI PEFSVEXSV] VIWYPXW HMJJIVIH JVSQ VIWYPXW EGLMIZIH MR EHETXIHJVSQ*MSVEXS?A 
EGXYEPTVSHYGXMSR[MXLQEXIVMEPWJVSQXLIWEQIEVIE-RXSXEP
XLVIIEKKVIKEXIWSYVGIW[IVIYWIHMRXLIMVWXYH]1E\MQYQ
EKKVIKEXIWM^I[EWMR QQ JSVXLI)PKMRERH(VIWWIV
EKKVIKEXIWERHMR QQ JSVXLI6SQISZMPPIPMQIWXSRI
YWIH )\EQTPIW SJ WXVIRKXLW VITSVXIH EX KMZIR [GQ EVI
TVIWIRXIHMR*MK8VMEPFEXGLIW[MXLQEXIVMEPWEGXYEPP]XS
FIYWIHMRXLI[SVO[IVIJSYRHXSFIRIGIWWEV]+IRIVEPP]
PEFSVEXSV]XVMEPFEXGLIWLEZITVSHYGIHWXVIRKXLWLMKLIVXLER
EVIEGLMIZEFPIMRTVSHYGXMSREWWIIRMR*MK

{'IQIRXMXMSYWQEXIVMEPGSRXIRX
8LI UYERXMX] SJ GIQIRXMXMSYW QEXIVMEP TVSTSVXMSRIH MR E
,7'QM\XYVIMWFIWXHIXIVQMRIHF]QEOMRKXVMEPFEXGLIW8LI
VIUYMVIHGSRXIRXSJGIQIRXMXMSYWQEXIVMEPMRE,7'QM\XYVI
MWYWYEPP]KSZIVRIHF]XLIVIUYMVIH[GQ8]TMGEPGIQIRXMXMSYW
QEXIVMEPWGSRXIRXWMR,7'XIWXTVSKVEQWLEZIVERKIHJVSQ
 XS  PF]H  XS  OKQ  -R IZEPYEXMRK
STXMQYQ GIQIRXMXMSYW QEXIVMEPW GSRXIRXW XVMEP QM\XYVIW
YWYEPP]EVITVSTSVXMSRIHXSIUYEPGSRWMWXIRGMIW8LMWGERFI
EGLMIZIH IMXLIV F] EPPS[MRK XLI EHQM\XYVI HSWEKI XS ZEV]
ERHOIITMRKXLI[EXIVGSRXIRXJM\IHSVF]EPPS[MRKXLI[EXIV *MK {0EFSVEXSV]QSPHIH GSRGVIXI WXVIRKXLW ZIVWYW
GSRXIRXXSZEV]ERHOIITMRKXLIEHQM\XYVIHSWEKIJM\IH VIEH] QM\IH JMIPHQSPHIH GSRGVIXI WXVIRKXLW JSV  TWM
14E GSRGVIXI EHETXIHJVSQ1]IVW?A 
 'IQIRX WXVIRKXL{8LI WXVIRKXL JSV ER] KMZIR
GIQIRXSVGIQIRXMXMSYWQEXIVMEPWGSRXIRX[MPPZEV][MXLXLI
[EXIV HIQERH SJ XLI QM\XYVI ERH XLI WXVIRKXLTVSHYGMRK 'SRGVIXIWXVIRKXLHITIRHWSRXLIKIPWTEGIVEXMS[LMGLMW
GLEVEGXIVMWXMGWSJXLITEVXMGYPEVGSQFMREXMSRSJGIQIRXMXMSYW HIJMRIHEWXLIwVEXMSSJXLIZSPYQISJL]HVEXIHGIQIRXTEWXI
QEXIVMEPEWWLS[RMR*MK *MKYVIMPPYWXVEXIWEZEVMEXMSR XSXLIWYQSJXLIZSPYQIWSJXLIL]HVEXIHGIQIRXERHSJXLI
MR GSQTVIWWMZI WXVIRKXL SR XLI SVHIV SJ   [LIR GETMPPEV]TSVIWx 2IZMPPI0IQMRKIXEPF 
GSQTEVMRK HMJJIVIRX GIQIRX FVERHW 7XVIRKXLTVSHYGMRK %PXLSYKLQSVXEVGYFIXIWXW %781''1 GERFI
GLEVEGXIVMWXMGWSJGIQIRXWEXEKMZIREKIGERZEV]HITIRHMRK I\XVIQIP] YWIJYP MR QSRMXSVMRK XLI WXVIRKXL YRMJSVQMX] SJ
SR XLI QM\XYVI TVSTSVXMSRW ERH GSQTEXMFMPMX] [MXL SXLIV GIQIRX SZIV XMQI XLI TIVJSVQERGI SJ GIQIRX MR E QSVXEV
QEXIVMEPWTEVXMGYPEVP]7'1WERHGLIQMGEPEHQM\XYVIW8LI GYFIGERFIUYMXIHMJJIVIRXXLERMXWWXVIRKXLTIVJSVQERGIMR
VIPEXMZIWXVIRKXLTIVJSVQERGISJGIQIRXGERHMJJIVHITIRHMRK GSRGVIXI 8LIVIJSVI WXVIRKXL GLEVEGXIVMWXMGW SJ ZEVMSYW
SRXLIWXVIRKXLPIZIPSJXLIGSRGVIXIEWWLS[RMR*MK GIQIRXWERHGSQFMREXMSRWSJGIQIRXERH7'1WWLSYPHFI
,MKLWXVIRKXL GSRGVIXI MW QSVI WIRWMXMZI XS GIQIRX FVERH IZEPYEXIHMRGSRGVIXIVEXLIVXLERQSVXEV
XLERRSVQEPWXVIRKXLGSRGVIXI8LMWQE]FIEXXVMFYXIHXSXLI  3TXMQM^EXMSR{% TVMRGMTEP GSRWMHIVEXMSR MR
ZEVMIHMRXIVEGXMSRSJXLIGIQIRXERHXLIQM\XYVIGSRWXMXYIRX IWXEFPMWLMRKXLIHIWMVIHGIQIRXMXMSYWQEXIVMEPGSRXIRXMWXLI
GLIQMGEPERHQMRIVEPEHQM\XYVIW*SVI\EQTPIGIQIRXXLEX HIXIVQMREXMSR SJ QEXIVMEP GSQFMREXMSRW XLEX [MPP TVSHYGI
I\LMFMXWSRIPIZIPSJVIPEXMZIWXVIRKXLTIVJSVQERGIMRE STXMQYQ WXVIRKXLW -HIEPP] IZEPYEXMSRW SJ IEGL TSXIRXMEP
TWM 14E GSRGVIXIQM\XYVIQE]TIVJSVQUYMXIHMJJIVIRXP]MR WSYVGISJGIQIRXMXMSYWQEXIVMEPWEKKVIKEXIWERHGLIQMGEP
ETWM 14E QM\XYVI EHQM\XYVIWMRZEV]MRKUYERXMXMIW[SYPHMRHMGEXIXLISTXMQYQ
6 %'-'311-88))6)4368

*MK {)JJIGXW SJ ZEVMSYW FVERHW SJ GIQIRX SR GSRGVIXI GSQTVIWWMZI WXVIRKXL YWMRK
HMJJIVIRXQM\XYVITVSTSVXMSRW 1M\XYVITVSTSVXMSRWWLS[RMR8EFPIW E ERH F 

8EFPI E {0EFSVEXSV]QM\XYVIWYWIHMR*MK 8EFPI F {0EFSVEXSV]QM\XYVIWYWIHMR*MK


WXYH] 97'YWXSQEV]YRMXW WXYH] 7-YRMXW
1M\XYVIRS 1M\XYVIRS
       
7TIGMJMIHWXVIRKXLTWM     7TIGMJMIHWXVIRKXL14E    
8]TI-GIQIRXPF]H     8]TI-GIQIRXOKQ    

'PEWW'JP]EWLPF]H     'PEWW'JP]EWLOKQ    
%781'JMRIEKKVIKEXIPF]H      %781'JMRIEKKVIKEXIOKQ    
         
MRGSEVWIEKKVIKEXIPF]H QQGSEVWIEKKVIKEXIOKQ

MRGSEVWIEKKVIKEXIPF]H     QQGSEVWIEKKVIKEXIOKQ    

8]TI%;6S^]H     8]TI%;6Q0Q    
         
8]TI(;6S^]H 8]TI(;6Q0Q
8]TI*,6;6    :EVMIH 8]TI*,6;6    :EVMIH
;EXIVPF]H :EVMIH :EVMIH :EVMIH  ;EXIVOKQ :EVMIH :EVMIH :EVMIH 
[GQ :EVMIH :EVMIH :EVMIH  [GQ :EVMIH :EVMIH :EVMIH 
8EVKIXWPYQTMR     8EVKIXWPYQTQQ    

GIQIRXMXMSYWQEXIVMEPWGSRXIRXERHSTXMQYQGSQFMREXMSRSJ YWMRKGVYWLIHEKKVIKEXILEZMRKERSQMREPQE\MQYQWM^ISJ
GSRWXMXYIRX QEXIVMEPW 8IWXMRK GSWXW ERH XMQI VIUYMVIQIRXW MR QQ [MXLGSVVIWTSRHMRKGIQIRXMXMSYWIJJMGMIRG]
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LEWZIV]PS[WPYQT EHHIHERHQM\MRKMWGSQTPIXIH8LMWQIXLSHIZSPZIHEWE
WSPYXMSRXSPSRKLEYPWERHTPEGMRKHIPE]WERHMWEHETXEFPIXS
'PSWI NSF GSRXVSP MW IWWIRXMEP JSV LMKLWXVIRKXL VIEH]
XLITVSHYGXMSRSJ,7'[LIVIMXMWHIWMVEFPIXSVIXEMR[SVO
QM\IHGSRGVIXISTIVEXMSRWXSEZSMHI\GIWWMZI[EMXMRKXMQIW
EFMPMX]EWPSRKEWTSWWMFPI*VIIQSMWXYVIMRXLIEKKVIKEXIW
EX XLI NSF WMXI HYI XS WPS[ TPEGMRK STIVEXMSRW ;EXIV
LS[IZIV[LMGLMWTEVXSJXLIQM\MRK[EXIVQE]GEYWIWSQI
VIHYGMRK WIXVIXEVHMRK LMKLVERKI [EXIVVIHYGMRK SV E
L]HVEXMSRXSSGGYVFIJSVIQM\MRK[EXIVMWEHHIH
GSQFMREXMSRSJXLIWIEHQM\XYVIX]TIWLEZIFIIRYWIHIJJIG
XMZIP]XSGSRXVSP[EXIVHIQERHVEXISJL]HVEXMSRERHWPYQT  7XEXMSREV] XVYGO FSH] [MXL ERH [MXLSYXEKMXEXSV{
PSWWERHMRGVIEWIWXVIRKXL;EXIVVIHYGMRKERHWIXVIXEVHMRK 8LIWI XVERWTSVXEXMSR YRMXW YWYEPP] GSRWMWX SJ ER STIRXST
EHQM\XYVIW EVI YWYEPP] MRXVSHYGIH EX XLI FEXGLMRK JEGMPMX] FSH] QSYRXIH SR E XVYGO 8LI WQSSXL WXVIEQPMRIH QIXEP
,MKLVERKI[EXIVVIHYGMRKEHQM\XYVIWLEZIFIIRMRXVSHYGIHEX FSH]MWYWYEPP]HIWMKRIHJSVHMWGLEVKISJXLIGSRGVIXIEXXLI
XLIFEXGLMRKJEGMPMX]SVEXXLIWMXI-JE,6;6%MWEHHIHEX VIEVSVJVSQXLIWMHI[LIRXLIFSH]MWXMPXIH%HMWGLEVKIKEXI
XLI WMXI E XVYGOQSYRXIH HMWTIRWIV SV E JMIPH HMWTIRWIV ERHZMFVEXSVWQSYRXIHSRXLIFSH]EVITVSZMHIHEXXLITSMRX
GETEFPISJQIEWYVMRKXLIUYERXMX]EHHIHMWYWYEPP]VIUYMVIH SJ HMWGLEVKI %R ETTEVEXYW XLEX YRMJSVQP] FPIRHW XLI
 1M\IVTIVJSVQERGI{8LITIVJSVQERGISJQM\IVWMW GSRGVIXIEWMXMWYRPSEHIHMWHIWMVEFPI;EXIVMWRSXEHHIHXS
YWYEPP]HIXIVQMRIHF]EWIVMIWSJYRMJSVQMX]XIWXWTIVJSVQIH XLIXVYGOFSH]LS[IZIVFIGEYWIEHIUYEXIQM\MRKGERRSXFI
MR EGGSVHERGI [MXL %781 ''1 8IWXMRK JSV QM\IV SFXEMRIH[MXLXLIEKMXEXSVEPSRI
YRMJSVQMX]MRZSPZIWSFXEMRMRKERHXIWXMRKWEQTPIWJVSQXLI  4YQTMRK{,MKLWXVIRKXL GSRGVIXI [MPP MR QER]
JMVWXERHPEWX TSVXMSRSJXLIFEXGL7M\XIWXWEVIGSRHYGXIH GEWIW FI ZIV] WYMXEFPI JSV TYQT TPEGIQIRX 4YQTW EVI
HIRWMX]EMVGSRXIRXWPYQTGSEVWIEKKVIKEXIGSRXIRX]MIPH EZEMPEFPI XLEX GER LERHPI PS[WPYQTQM\XYVIW ERH TVSZMHI
ERHHE]GSQTVIWWMZIWXVIRKXL8IWXVIWYPXWGSRJSVQMRKXS LMKLTYQTMRKTVIWWYVI,MKLWXVIRKXLGSRGVIXIMWPMOIP]XS
XLI PMQMXW SJ JMZI SJ XLI WM\ XIWXW PMWXIH MRHMGEXI YRMJSVQ LEZI E LMKL GIQIRXMXMSYW QEXIVMEPW GSRXIRX ERH WQEPP
GSRGVIXI[MXLMRXLIPMQMXWSJ%781''1-XMWMQTSV QE\MQYQWM^I EKKVIKEXI{FSXL JEGXSVW JEGMPMXEXI GSRGVIXI
XERX JSV XLI WYTTPMIV SJ ,7' XS TIVMSHMGEPP] GLIGO QM\IV TYQTMRK'LETXIVSJ%'-6TVSZMHIWKYMHERGIJSVXLI
TIVJSVQERGIERHIJJMGMIRG]FIJSVITVSHYGXMSRQM\MRK YWI SJ TYQTW JSV XVERWTSVXMRK ,7' 8LI TYQT WLSYPH FI
 1M\MRKXMQI{8LIQM\MRKXMQIVIUYMVIHMWFEWIHSR PSGEXIHEWRIEVXSXLITPEGMRKEVIEWEWTVEGXMGEFPI4YQTPMRIW
XLIEFMPMX]SJXLIQM\MRKYRMXXSTVSHYGIYRMJSVQGSRGVIXI WLSYPH FI PEMH SYX [MXL E QMRMQYQ SJ FIRHW JMVQP]
FSXL[MXLMREFEXGLERHFIX[IIRFEXGLIW1ERYJEGXYVIVWv WYTTSVXIH YWMRK EPXIVREXI VMKMH PMRIW ERH JPI\MFPI TMTI SV
VIGSQQIRHEXMSRW%'-6ERHYWYEPWTIGMJMGEXMSRWWYGLEW LSWI XS TIVQMX TPEGMRK SZIV E PEVKI EVIE HMVIGXP] MRXS XLI
QMRYXIJSV]H Q TPYWQMRYXIJSVIEGLEHHMXMSREP JSVQW[MXLSYXVILERHPMRK(MVIGXGSQQYRMGEXMSRFIX[IIRXLI
GYFMG ]EVH SJ GETEGMX] EVI YWIH EW WEXMWJEGXSV] KYMHIW JSV TYQT STIVEXSV ERH XLI GSRGVIXI TPEGMRK GVI[ MW IWWIRXMEP
IWXEFPMWLMRK QM\MRK XMQI 3XLIV[MWI QM\MRK XMQIW GER FI 'SRXMRYSYW TYQTMRK MW HIWMVEFPI FIGEYWI MJ XLI TYQT MW
,-+,786)2+8,'32'6)8) 6

WXSTTIHVIWXEVXMRKXLIQSZIQIRXSJXLIGSRGVIXIMRXLIPMRI VIUYMVMRKZMFVEXMSRWLSYPHFIZMFVEXIHEWUYMGOP]EWTSWWMFPI
QE]FIHMJJMGYPXSVMQTSWWMFPI EJXIV TPEGIQIRX MRXS XLI JSVQW ,MKLJVIUYIRG] ZMFVEXSVW
 &IPX GSRZI]SV{9WMRK FIPX GSRZI]SVW XS XVERWTSVX WLSYPH FI WQEPP IRSYKL XS EPPS[ GPIEVERGI FIX[IIR XLI
GSRGVIXILEWFIGSQIRSVQEPTVEGXMGIMRGSRGVIXIGSRWXVYGXMSR ZMFVEXMRKLIEHERHVIMRJSVGMRKWXIIP'SEVWIWERHWLEZIFIIR
+YMHERGI JSV YWMRK GSRZI]SVW MW KMZIR MR %'- 6 8LI JSYRH XS TVSZMHI XLI FIWX [SVOEFMPMX] &PMGO  2E[]
GSRZI]SVWWLSYPHFIEHIUYEXIP]WYTTSVXIHXSSFXEMRWQSSXL  VIGSQQIRHWEJMRIRIWWQSHYPYWMRXLIVERKISJXS
RSRZMFVEXMRK XVEZIP EPSRK XLI FIPX 8LI ERKPI SJ MRGPMRI SV JSV,7'XSJEGMPMXEXI[SVOEFMPMX]8LIMQTSVXERGISJJYPP
HIGPMRIWLSYPH FI GSRXVSPPIH XS IPMQMREXI XLI XIRHIRG] JSV GSRWSPMHEXMSRGERRSXFISZIVWXEXIHEWMXMWVIUYMVIHJSV,7'
GSEVWI EKKVIKEXI XS WIKVIKEXI JVSQ XLI QSVXEV JVEGXMSR XSEGLMIZIMXWJYPPTSXIRXMEP
&IGEYWI XLI TVEGXMGEP WPYQT VERKI JSV FIPX XVERWTSVX SJ  7TIGMEP GSRWMHIVEXMSRW{;LIVI HMJJIVIRX WXVIRKXL
GSRGVIXIMWXSMR XSQQ FIPXWQE]FIYWIHXS GSRGVIXIWEVIFIMRKYWIH[MXLMRSVFIX[IIRHMJJIVIRXWXVYG
QSZI,7'SRP]JSVVIPEXMZIP]WLSVXHMWXERGIWSJXSJX XYVEPQIQFIVWWTIGMEPTPEGMRKGSRWMHIVEXMSRWEVIVIUYMVIH
XSQ 3ZIVPSRKIVHMWXERGIWSVI\XIRHIHXMQIPETWIW 8S EZSMH GSRJYWMSR ERH IVVSV MR GSRGVIXI TPEGIQIRX MR
XLIVI [MPP FI PSWW SJ WPYQT ERH [SVOEFMPMX] )RGPSWYVIW SV GSPYQRW MX MW VIGSQQIRHIH XLEX [LIVI TVEGXMGEP EPP
GSZIVWEVIYWIHJSVGSRZI]SVW[LIRTVSXIGXMSREKEMRWXVEMR GSPYQRWERHWLIEV[EPPWMRER]KMZIRWXSV]FITPEGIH[MXL
[MRH WYR SV I\XVIQI EQFMIRX XIQTIVEXYVIW MW RIIHIH XS XLI WEQI WXVIRKXL GSRGVIXI *SV JSVQ[SVO IGSRSQ] RS
TVIZIRXWMKRMJMGERXGLERKIWMRXLIWPYQTSVXIQTIVEXYVISJ GLERKIW MR GSPYQR WM^I MR X]TMGEP LMKLVMWI FYMPHMRKW EVI
XLI GSRGVIXI %W [MXL SXLIV QIXLSHW SJ XVERWTSVX TVSTIV VIGSQQIRHIH -R EVIEW [LIVI X[S HMJJIVIRX GSRGVIXIW EVI
TPERRMRKXMQMRKERHUYEPMX]GSRXVSPEVIIWWIRXMEP FIMRKYWIHMRGSPYQRERHJPSSVGSRWXVYGXMSRMXMWMQTSVXERX
XLEXXLI,7'MRERHEVSYRHXLIGSPYQRFITPEGIHFIJSVIXLI
{4PEGMRKTVSGIHYVIW JPSSV GSRGVIXI ;MXL XLMW TVSGIHYVI MJ ER YRJSVIWIIR GSPH
 4VITEVEXMSRW{(IPMZIV]SJGSRGVIXIXSXLINSFWMXI NSMRX JSVQW FIX[IIR XLI X[SGSRGVIXIW WLIEVWXVIRKXL [MPP
WLSYPH FI WGLIHYPIH WS MX [MPP FI TPEGIH TVSQTXP] YTSR WXMPPFIEZEMPEFPIEXXLIGSPYQRMRXIVJEGI '',6& 
EVVMZEP )UYMTQIRX JSV TPEGMRK XLI GSRGVIXI WLSYPH LEZI
EHIUYEXIGETEGMX]XSTIVJSVQMXWJYRGXMSRWIJJMGMIRXP]WSXLEX {'YVMRK
TPEGIQIRX HIPE]W EVI QMRMQM^IH 8LIVI WLSYPH FI EQTPI  2IIHJSVGYVMRK{'YVMRKMWXLITVSGIWWSJQEMRXEMRMRK
ZMFVEXMSR IUYMTQIRX ERH TIVWSRRIP XS GSRWSPMHEXI XLI EWEXMWJEGXSV]QSMWXYVIGSRHMXMSRERHEJEZSVEFPIXIQTIVEXYVIMR
GSRGVIXI UYMGOP] EJXIV TPEGIQIRX MR GSRKIWXIH EVIEW %PP GSRGVIXI HYVMRK XLI L]HVEXMSR TIVMSH SJ XLI GIQIRXMXMSYW
TPEGMRKIUYMTQIRXWLSYPHYRHIVKSVSYXMRIQEMRXIRERGIERH QEXIVMEPW WS XLEX TSXIRXMEP TVSTIVXMIW SJ XLI GSRGVIXI GER
WLSYPHEP[E]WFIMRJMVWXGPEWWSTIVEXMRKGSRHMXMSR&VIEO HIZIPST 'YVMRK MW IWWIRXMEP MR XLI TVSHYGXMSR SJ UYEPMX]
HS[RWSVHIPE]WXLEXWXSTSVWPS[TPEGIQIRXGERWIVMSYWP] GSRGVIXIERHMXMWGVMXMGEPXSXLITVSHYGXMSRSJ,7''YVMRK
EJJIGX [SVO UYEPMX] (IPE]MRK XLI TPEGIQIRX SJ ,7' GER SJ,7'MWIZIRQSVIMQTSVXERXXLERGYVMRKRSVQEPWXVIRKXL
VIWYPXMREKVIEXIVPSWWMR[SVOEFMPMX]SZIVXMQI4VSZMWMSRW GSRGVIXI /SWQEXOEIXEP 9RHIV[EXIVGYVMRKSJZIV]
WLSYPHFIQEHIJSVEREHIUYEXIRYQFIVSJWXERHF]ZMFVEXSVW LMKLWXVIRKXL GSRGVIXI XIWX G]PMRHIVW MW RSX VIUYMVIH EW
XLIVIWLSYPHFIEXPIEWXSRIWXERHF]JSVIEGLXLVIIZMFVEXSVW GYVMRKMREQSMWXVSSQLEWFIIRWLS[RXSFIWYJJMGMIRX &YVK
MR YWI %R ,7' TPEGMRK STIVEXMSR MW MR WIVMSYW XVSYFPI IXEP 8LITSXIRXMEPWXVIRKXLERHHYVEFMPMX]SJGSRGVIXI
IWTIGMEPP] MR LSX [IEXLIV [LIR ZMFVEXMSR IUYMTQIRX JEMPW [MPP FI JYPP] HIZIPSTIH SRP] MJ MX MW TVSTIVP] GYVIH JSV ER
ERHXLIWXERHF]IUYMTQIRXMWMREHIUYEXI EHIUYEXITIVMSHFIJSVIFIMRKTPEGIHMRWIVZMGI%PWSGEWXMR
 )UYMTQIRX{%FEWMGVIUYMVIQIRXJSVTPEGMRKIUYMTQIRX TPEGI ,7' WLSYPH FI [EXIVGYVIH EX ER IEVP] EKI FIGEYWI
MWXLEXXLIUYEPMX]SJXLIGSRGVIXIMRXIVQWSJ[GQWPYQT TEVXMEPL]HVEXMSRQE]QEOIXLIGETMPPEVMIWHMWGSRXMRYSYW3R
EMVGSRXIRXERHLSQSKIRIMX]WLSYPHFITVIWIVZIH7IPIGXMSR VIRI[EPSJGYVMRK[EXIV[SYPHRSXFIEFPIXSIRXIVXLIMRXIVMSV
SJIUYMTQIRXWLSYPHFIFEWIHSRMXWGETEFMPMX]JSVIJJMGMIRXP] SJ XLI GSRGVIXI ERH JYVXLIV L]HVEXMSR [SYPH FI EVVIWXIH
LERHPMRK GSRGVIXI WS XLEX MX GER FI VIEHMP] GSRWSPMHEXIH 2IZMPPI 
'SRGVIXIWLSYPHFIHITSWMXIHEXSVRIEVMXWJMREPTSWMXMSRMR  8]TISJGYVMRK{8LITSXIRXMEPWXVIRKXLERHHYVEFMPMX]
XLI TPEGIQIRX&YKKMIW GLYXIWFYGOIXWLSTTIVW SVSXLIV SJ ,7' [MPPJYPP]HIZIPSTSRP] MJXLIGSRGVIXI MWTVSTIVP]
QIERW QE] FI YWIH XS QSZI XLI GSRGVIXI EW VIUYMVIH GYVIHJSVEREHIUYEXITIVMSH%GGITXEFPIGYVMRKQIXLSHWEVI
&SXXSQHYQTFYGOIXWEVITEVXMGYPEVP]YWIJYPLS[IZIVWMHI HMWGYWWIH MR %'- 6 ,MKLWXVIRKXL GSRGVIXIW EVI
WPSTIW WLSYPH FI ZIV] WXIIT XS TVIZIRX FPSGOEKIW ,MKL I\XVIQIP]HIRWIWSETTVSTVMEXIGYVMRKQIXLSHWJSVZEVMSYW
WXVIRKXLGSRGVIXIWLSYPHRSXFIEPPS[IHXSVIQEMRMRFYGOIXW WXVYGXYVEP IPIQIRXW WLSYPH FI WIPIGXIH MR EHZERGI ;EXIV
JSVI\XIRHIHTIVMSHWSJXMQIEWHIPE]WGERGEYWIHMJJMGYPX] GYVMRKGEWXMRTPEGI,7'MWLMKLP]VIGSQQIRHIHHYIXSXLI
MRHMWGLEVKMRK PS[ [GQ IQTPS]IH %X E [GQ FIPS[  XLI YPXMQEXI
 'SRWSPMHEXMSR{'SRWSPMHEXMSR MW MQTSVXERX MJ XLI HIKVII SJ L]HVEXMSR MW WMKRMJMGERXP] VIHYGIH MJ ER I\XIVREP
TSXIRXMEPWXVIRKXLSJ,7'MWXSFIEGLMIZIH8LITVSZMWMSRW WYTTP]SJ[EXIVMWRSXTVSZMHIH;EXIVGYVMRKEPPS[WQSVI
SJ%'-6WLSYPHFIJSPPS[IH,MKLWXVIRKXLGSRGVIXIGER GIQIRXXSL]HVEXI &YVKIXEP /PMIKIV  VITSVXIH
FIZIV]WXMGO]QEXIVMEPIJJIGXMZIGSRWSPMHEXMSRTVSGIHYVIW XLEXJSVPS[[GGSRGVIXIWMXMWQSVIEHZERXEKISYWXSWYTTP]
QE][IPPWXEVX[MXLQM\XYVITVSTSVXMSRMRK7IPJGSRWSPMHEXMRK EHHMXMSREP[EXIVHYVMRKGYVMRKXLERMWXLIGEWI[MXLLMKLIV[G
QM\XYVIW EVI KEMRMRK MR TSTYPEVMX] TEVXMGYPEVP] MR TVIGEWX GSRGVIXIW*SVGSRGVIXIW[MXLE[GSJXLIWXVIRKXLSJ
ETTPMGEXMSRW ERH VIUYMVI RS ZMFVEXMSR 'SRGVIXI QM\XYVIW WTIGMQIRW QEHI [MXL WEXYVEXIH EKKVIKEXIW ERH GYVIH F]
6 %'-'311-88))6)4368

TSRHMRK[EXIVSRXSTSJXLIWTIGMQIR[EWXSTWM  14E SVLMKLIVSVEXPIEWXTWM 14E LMKLIVXLER


XS14E KVIEXIVEXHE]WXLERXLEXSJGSQTEVEFPIWTIGM TVIZMSYWP]TVSHYGIHMRXLIQEVOIXPSGEPXSXLITVSNIGX5YEPMJMIH
QIRWQEHI[MXLHV]EKKVIKEXIWERHGYVIHYRHIVHEQTFYVPET WYTTPMIVW GER FI WIPIGXIH FEWIH SR XLIMV WYGGIWWJYP
*EVR]ERH4EREVIWI  VITSVXIHXLEXQSMWXGYVMRKJSV TVIGSRWXVYGXMSRXVMEPW
XSHE]WLEWWLS[RXSMRGVIEWIWXVIRKXL/PMIKIVEPWSRSXIH  5YEPMX] EWWYVERGI ERH UYEPMX] GSRXVSP{5YEPMX]
XLEXEPXLSYKLIEVP]WXVIRKXLMWMRGVIEWIHF]IPIZEXIHXIQTIV EWWYVERGI 5%  ERH UYEPMX] GSRXVSP 5'  EVI HIJMRIH EW
EXYVIW HYVMRK QM\MRK ERH IEVP] GYVMRK PEXIV WXVIRKXLW EVI JSPPS[W %QIVMGER'SRGVIXI-RWXMXYXI 
VIHYGIH F] WYGL LMKL XIQTIVEXYVIW ;SVO F] 4JIMJIV ERH UYEPMX] EWWYVERGI{EGXMSRW XEOIR F] ER SVKERM^EXMSR XS
0EHKVIR  LS[IZIVLEWWLS[RXLEXPEXIVWXVIRKXLWQE] TVSZMHIERHHSGYQIRXEWWYVERGIXLEX[LEXMWFIMRKHSRIERH
LEZI SRP] QMRSV VIHYGXMSRWMJ XLI LIEX MWRSXETTPMIH YRXMP [LEXMWFIMRKTVSZMHIHEVIMREGGSVHERGI[MXLXLIGSRXVEGX
EJXIVWIXXMRK3XLIVW 7EYGMIVIXEP4VMGI LEZI HSGYQIRXWERHWXERHEVHWSJKSSHTVEGXMGIJSVXLI[SVO
VITSVXIHXLEXQSMWXGYVMRKJSVHE]WERHXLIVIEJXIVMREMV UYEPMX] GSRXVSP{EGXMSRW XEOIR F] ER SVKERM^EXMSR XS
[EWLMKLP]FIRIJMGMEPMRWIGYVMRK,7'EXHE]W TVSZMHIGSRXVSPERHHSGYQIRXEXMSRSZIV[LEXMWFIMRKHSRI
 1IXLSHWSJGYVMRK{8LIQSWXIJJIGXMZIFYXWIPHSQ ERH[LEXMWFIMRKTVSZMHIHWSXLEXXLIETTPMGEFPIWXERHEVHSJ
YWIHQIXLSHSJ[EXIVGYVMRKGSRWMWXWSJXSXEPMQQIVWMSRSJ KSSHTVEGXMGIERHXLIGSRXVEGXHSGYQIRXWJSVXLI[SVOEVI
XLIJMRMWLIHGSRGVIXIYRMXMR[EXIV4SRHMRKMWERI\GIPPIRX JSPPS[IH
QIXLSH[LIVIZIVETSRHSJ[EXIVGERFIGVIEXIHF]EVMHKI 8LIHYXMIWSJ5%5'TIVWSRRIPWLSYPHFIHIJMRIHGPIEVP]
SVHMOISJMQTIVZMSYWIEVXLSVSXLIVQEXIVMEPEXXLIIHKISJ MRXLIGSRXVEGXHSGYQIRXWFEWIHSRXLITVMRGMTPIWWIXSYXMR
XLI WXVYGXYVI *SK WTVE]MRK SV WTVMROPMRK [MXL RS^^PIW SV XLIHIJMRMXMSRW
WTVE]WTVSZMHIWWEXMWJEGXSV]GYVMRK[LIRMQQIVWMSR MWRSX  'SRGVIXI TPERX{5%5' TIVWSRRIP WLSYPH
JIEWMFPI EX ZIV] IEVP] EKIW 0E[R WTVMROPIVW EVI IJJIGXMZI GSRGIRXVEXIXLIMVIJJSVXWEXXLIGSRGVIXITPERXYRXMPGSRWMWXIRXP]
[LIVI[EXIVVYRSJJMWSJRSGSRGIVR-RXIVQMXXIRXWTVMROPMRK EGGITXEFPITVSHYGXMSRMWEGLMIZIH8LIVIEJXIVWTSXGLIGOMRK
MW RSX EGGITXEFPI MJ HV]MRK SJ XLI GSRGVIXI WYVJEGI SGGYVW XLI TPERX MW VIGSQQIRHIH YRPIWW XLI GSQTPI\MXMIW SJ XLI
7SEOIV LSWIW EVI YWIJYP IWTIGMEPP] SR WYVJEGIW XLEX EVI TVSNIGXHIQERHJYPPXMQIQSRMXSVMRK%XXLIGSRGVIXITPERX
ZIVXMGEP &YVPET GSXXSR QEXW VYKW ERH SXLIV GSZIVMRKW SJ 5%5'TIVWSRRIPWLSYPHIRWYVIXLEXXLIJEGMPMXMIWQSMWXYVI
EFWSVFIRXQEXIVMEPW[MPPLSPH[EXIVSRXLIWYVJEGI[LIXLIV QIXIVW WGEPIW ERH QM\IVW QIIX XLI TVSNIGX WTIGMJMGEXMSR
LSVM^SRXEP SV ZIVXMGEP 0MUYMH QIQFVERIJSVQMRK GYVMRK VIUYMVIQIRXW ERH XLSWI QEXIVMEPW ERH TVSGIHYVIW EVI EW
GSQTSYRHW EWWMWX MR VIXEMRMRK XLI SVMKMREP QSMWXYVI MR XLI IWXEFPMWLIHMRXLITPERRMRKWXEKIW
GSRGVIXI FYX HS RSX TVSZMHI EHHMXMSREP QSMWXYVI RSV  (IPMZIV]{5%5' TIVWSRRIP WLSYPH VIGSKRM^I
GSQTPIXIP] TVIZIRX QSMWXYVI PSWW 1SRSQSPIGYPEV JMPQ XLEX TVSPSRKIH QM\MRK [MPP GEYWI WPYQT PSWW ERH VIHYGIH
JSVQMRKEKIRXWLEZIFIIRIJJIGXMZIP]IQTPS]IHJSVMRXIVMQ [SVOEFMPMX] %HIUYEXI NSF GSRXVSP WLSYPH FI IWXEFPMWLIH XS
GYVMRK FIJSVI HITPS]QIRX SJ JMREP GYVMRK TVSGIHYVIW JSV TVIZIRXHIPE]W8VYGOQM\IVWYWIHXSXVERWTSVX,7'WLSYPHFI
I\TSWIH WYVJEGIW WYWGITXMFPI XS HV]MRK HYVMRK JMRMWLMRK MRWTIGXIHVIKYPEVP]ERHGIVXMJMIHXSGSQTP][MXLXLIGLIGOPMWX
8LIWIWSGEPPIHwIZETSVEXMSRVIHYGIVWxEVIRSXXSFIYWIHEW VIUYMVIQIRXW SJ XLI 261'% 'IVXMJMGEXMSR SJ6IEH]1M\IH
EREMHXSJMRMWLMRK 'SRGVIXI 4VSHYGXMSR *EGMPMXMIW 8VYGO QM\IVW WLSYPH FI
IUYMTTIH[MXLEHVYQVIZSPYXMSRGSYRXIVERHXLIMVJMRWWLSYPH
{5YEPMX]GSRXVSPERHXIWXMRK GSQTP] [MXL 261'% GVMXIVME 8LI GSRGVIXI XVYGO HVMZIV
 -RXVSHYGXMSR{-RTVIZMSYWZIVWMSRWSJXLMWHSGYQIRX WLSYPHTVSZMHIEHIPMZIV]XMGOIXXLEXGSRXEMRWXLIMRJSVQEXMSR
'LETXIVGSZIVIHMRJSVQEXMSRVIPEXIHXSUYEPMX]GSRXVSPERH WTIGMJMIH MR %781 ''1 )ZIV] XMGOIX WLSYPH FI
XIWXMRKTVEGXMGIWJSV,7'WMRGIMXWPEWXVIZMWMSR'SQQMXXII VIZMI[IHF]XLIMRWTIGXSVFIJSVIHMWGLEVKISJGSRGVIXI
LEW TVITEVIH E KYMHI SR UYEPMX] GSRXVSP ERH XIWXMRK ,7'  4PEGMRK{4VITEVEXMSRW EX XLI TVSNIGX WMXI EVI
%'-6 8LIMRJSVQEXMSRMRXLMWWIGXMSRFVMIJP]GSZIVW MQTSVXERX-RTEVXMGYPEVXLIGSRXVEGXSVWLSYPHFIVIEH]JSV
UYEPMX]GSRXVSPERHXIWXMRKTVEGXMGIW*SVEHIXEMPIHHMWGYWWMSR TPEGMRK XLI JMVWX XVYGOPSEH SJ GSRGVIXI 5%5' TIVWSRRIP
SJXLMWWYFNIGXVIJIVXS%'-6 WLSYPH ZIVMJ] XLEX JSVQW VIMRJSVGMRK WXIIP ERH IQFIHHIH
 4PERRMRK{8LSVSYKLTPERRMRKERHXIEQ[SVOF]XLI MXIQWEVIVIEH]ERHXLEXXLITPEGMRKIUYMTQIRXERHZMFVEXMSR
MRWTIGXSV GSRXVEGXSV EVGLMXIGXIRKMRIIV TVSHYGIV ERH IUYMTQIRXEVIMR[SVOMRKSVHIVFIJSVITPEGMRKGSRGVIXI-R
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PS[IVWXVIRKXL GSRGVIXI FIEQ [MXL XLI WEQI UYERXMX] ERH WLS[RFIPS[EW)U  ERH)U  VIWTIGXMZIP]
WXVIRKXL SJ XIRWMSR VIMRJSVGIQIRX XLEX MW E WLEPPS[IV
GSQTVIWWMZIWXVIWWFPSGO[MPPTVSHYGIXLIWEQIGSQTVIWWMZI
: G !  J G F [ H  JG MRTWM
VIWYPXERXJSVGIVIUYMVIHJSVMRXIVREPIUYMPMFVMYQ8LMWWQEPPIV
RIYXVEP E\MW HITXL [MPP PIEH XS LMKLIV TPEWXMGWXVEMRW MRXLI 
XIRWMSR VIMRJSVGIQIRX VIWYPXMRK MR HYGXMPI FILEZMSV
6IWIEVGLWYKKIWXWXLEX,7'QE]I\LMFMXEPS[IVI\XVIQIJMFIV J
: G !  G F [ H  JG MR14E
GSQTVIWWMZIWXVEMREXJEMPYVIFYXXLMWIJJIGXMWGSQTIRWEXIH 
JSVF]XLIVIHYGXMSRMRRIYXVEPE\MWHITXL*SVYRHIVVIMRJSVGIH
,7' FIEQW [MXL UYERXMXMIW SJ VIMRJSVGIQIRX GPSWI XS XLI :Y H
: G !  J G   [  F[H  J G F[ H  JG MRTWM
FEPERGIHWXIIPVEXMSLS[IZIVPMXXPIHYGXMPMX]SVTPEWXMGVSXEXMSR 1Y
GETEGMX]GERFII\TIGXIH*SVSZIVVIMRJSVGIHFIEQWPMXXPIXS

RSHYGXMPMX]WLSYPHFII\TIGXIHVIKEVHPIWWSJXLIGSRGVIXI
GSQTVIWWMZIWXVIRKXL :YH F[ H
:G ! J G   [  
  J G F[ H  JG MR14E
)\TIVMQIRXEPXIWXMRKSJ,7'FIEQWLEWEPWSHIQSRWXVEXIH 1Y 
XLEX [LMPI GSRJMRIQIRX VIMRJSVGIQIRX HSIW MRGVIEWI
HYGXMPMX] ,7' FIEQW EVI PIWW WIRWMXMZI XS GSRJMRIQIRX EVIGSRWIVZEXMZIJSVFSXLRSVQEPERHLMKLWXVIRKXLGSRGVIXI
FIGEYWI SJ PIWW ZSPYQI HMPEXMSR SJ XLI GSRGVIXI MXWIPJ /SRKERH6ERKER1TLSRHIERH*VERX^
4IRH]EPEIXEP 8LMWPIWWIVZSPYQIHMPEXMSRPIEHWXS 4IRH]EPE ERH 1IRHMW  6YWWIPP ERH 6SPPIV  
PIWW IRKEKMRK SJ XLI GSRJMRMRK TVIWWYVI TVSZMHIH F] XLI 6IWIEVGL LEW EPWS MRHMGEXIH LS[IZIV XLEX XLI PIZIP SJ
TEWWMZIGSRJMRMRKVIMRJSVGIQIRX*YVXLIVQSVIMXWLSYPHFI GSRWIVZEXMWQMRXLI%'-:GTVIHMGXMSRHIGVIEWIWEWXLI
RSXIH XLEX EPXLSYKL ,7' FIEQW I\LMFMX EHIUYEXI TPEWXMG GSRGVIXI GSQTVIWWMZI WXVIRKXL MRGVIEWIW 4IRH]EPE ERH
VSXEXMSRGETEGMX]XLI]LEZIKIRIVEPP]FIIRJSYRHXSJEMPMRER 1IRHMW 8LMWXVIRHMWKIRIVEPP]EXXVMFYXIHXSEVIHYGXMSR
I\TPSWMZI QERRIV[LIRXLI I\XVIQIGSRGVIXI GSQTVIWWMSR MR EKKVIKEXI MRXIVPSGO JSV ,7' ,MKLWXVIRKXL GSRGVIXI
JMFIV GVYWLIW 4IRH]EPE IX EP  ;ERK IX EP F  PSEHIHMRYRME\MEPGSQTVIWWMSRJVEGXYVIWWYHHIRP]ERHMRWS
,MKLWXVIRKXL GSRGVIXI FIEQW HS RSXI\LMFMX XLI WSJXIRMRK HSMRKQE]JSVQEJEMPYVIWYVJEGIXLEXMWWQSSXLERHRIEVP]
X]TMGEPSJXLIJEMPYVISJRSVQEPWXVIRKXLGSRGVIXIFIEQW ETPERI 'EVVEWUYMPPSIXEP 8LMWMWMRGSRXVEWXXS
%'-WIXWEPS[IVPMQMXSRXLIEQSYRXSJXIRWMPIVIMRJSVGI XLI VYKKIH JEMPYVI WYVJEGI GLEVEGXIVMWXMG SJ PS[IVWXVIRKXL
QIRXXSKYEVHEKEMRWXWYHHIRJEMPYVISJZIV]PMKLXP]VIMRJSVGIH GSRGVIXI-RFIEQWGSRXVSPPIHF]WLIEVWXVIRKXLXLIWXEXISJ
FIEQW YTSR GSRGVIXI GVEGOMRK [LIR XLI XIRWMSR JSVQIVP] WXVIWW MW FME\MEP GSQFMRMRK HMEKSREP GSQTVIWWMSR MR XLI
GEVVMIHF]XLIGSRGVIXIMWXVERWJIVVIHXSXLIWXIIPVIMRJSVGIQIRX HMVIGXMSR JVSQ XLI PSEH TSMRX XS XLI WYTTSVX [MXL HMEKSREP
8LI%'-I\TVIWWMSRJSVQMRMQYQWXIIPVEXMSMWHIVMZIH XIRWMSRMRXLITIVTIRHMGYPEVHMVIGXMSR(MEKSREPXIRWMSRGVEGOW
SRXLIFEWMWXLEXXLIVIWMWXMRKQSQIRXSJXLIGVEGOIHWIGXMSR MR ,7' FIEQW GER FI I\TIGXIH XS LEZI E WQSSXL WYVJEGI
WLSYPH FI EX PIEWX EW KVIEX EW XLI QSQIRX XLEX GEYWIH XLI [LMGLEVIPMOIP]XSFIHIJMGMIRXMREKKVIKEXIMRXIVPSGO
QIQFIVXSGVEGOFEWIHSRXLIQSHYPYWSJVYTXYVI&IGEYWI 8LMWTSXIRXMEPVIHYGXMSRMRXLIGSRGVIXIGSRXVMFYXMSRXIVQ
XLI PEXXIV MW ORS[R XS FI KVIEXIV JSV ,7' XLER JSV PS[IV JSV,7'GERFIGSQTIRWEXIHJSVF]MRGVIEWMRKXLIQMRMQYQ
WXVIRKXL GSRGVIXI XLI %'-  QMRMQYQ VIMRJSVGIQIRX PIZIP SJXVERWZIVWI WLIEV VIMRJSVGIQIRX JSV LMKLIVWXVIRKXL
VIUYMVIQIRXHITIRHWSRJG GSRGVIXIW8LMWQMRMQYQVIMRJSVGIQIRXPIZIPMWMRXIRHIHXS
TVIZIRXFVMXXPIWLIEVJEMPYVIW[LIRMRGPMRIHGVEGOMRKSGGYVW
 JG -R %'-  ERH IEVPMIV IHMXMSRW GSRGVIXI GSQTVIWWMZI
! 
 
  JG ERHJ]MRTWM
QMR WXVIRKXLW YWIH MR WLIEV HIWMKR [IVI IWWIRXMEPP] PMQMXIH XS
J] J]
TWM 14E EWYRPIWWWYJJMGMIRXEHHMXMSREPXVERWZIVWI
 VIMRJSVGIQIRX[EWTVSZMHIHLMKLIVGSRGVIXIWXVIRKXLW[IVI
XSFIVITPEGIHF]TWM 14E MREPPWLIEVGEPGYPEXMSRW
 J G  )WWIRXMEPP]X[MGIXLIRSVQEPQMRMQYQXVERWZIVWIVIMRJSVGI
QMR ! 
   JG ERHJ]MR14E
J] J] QIRX [EW VIUYMVIH JSV  TWM  14E  GSRGVIXI ERH
XLVII XMQIW XLI RSVQEP QMRMQYQ XVERWZIVWI VIMRJSVGIQIRX
 7LIEVERHHMEKSREPXIRWMSR{-RXLI97HIWMKRJSV [EWVIUYMVIHJSVTWM 14E GSRGVIXI
WLIEVMWFEWIHSRGSRHMXMSRWEXJEGXSVIHPSEHW8LIXSXEPWLIEV %RIZEPYEXMSRSJEZEMPEFPII\TIVMQIRXEPHEXEJVSQWIZIVEP
VIWMWXERGIMWQEHIYTSJX[STEVXW:WTVSZMHIHF]XLIWXMVVYTW VIWIEVGLIVW %RKIPEOSW IX EP  'SPPMRW ERH /YGLQE
,-+,786)2+8,'32'6)8) 6

.SLRWSRERH6EQMVI^/SRKERH6ERKER MRHITIRHIRXSJGSRGVIXIWXVIRKXL8LMWMWGSRWMWXIRX[MXLXLI
3^GIFIIXEP4IRH]EPEERH1IRHMW6YWWIPPERH WTEGIXVYWWQSHIPETTVSEGLYWIHMRXLIHIZIPSTQIRXSJXLI
6SPPIV7EVWEQERH%P1YWE[M=SSRIXEP %'-I\TVIWWMSRMR[LMGLXLIGSRGVIXIMWEWWYQIHRSXXS
PIHXSEQSHMJMGEXMSRMRXLI%'-QMRMQYQWLIEVVIMRJSVGI GSRXVMFYXIXSVWMSREPWXVIRKXLXSXLIWIGXMSREXYPXMQEXI XLEX
QIRX VIUYMVIQIRX %'-  )U   WTIGMJMIW XLI MWXLIVIMWRS8GXIVQGSQTEVEFPIXSXLI:GXIVQJSVWLIEV 
QMRMQYQVIUYMVIHXVERWZIVWIVIMRJSVGIQIRXEW 1MRMQYQVIMRJSVGMRKMWVIUYMVIHWSXLEXEFIEQWYFNIGXIH
XS XSVWMSR HSIW RSX JEMP MQQIHMEXIP] YTSR GVEGOMRK
F[ W F[W 1MRMQYQ VIUYMVIQIRXW JSV XVERWZIVWI ERH PSRKMXYHMREP
%Z QMR !  J G 
   JG ERHJ]MRTWM
 
J] J] VIMRJSVGIQIRXEVIKMZIRF]%'-)U  ERH  
VIWTIGXMZIP] 8LI QMRMQYQ XVERWZIVWI VIUYMVIQIRX [EW

QSHMJMIHMR%'-XSFIGSRWMWXIRX[MXLXLIQMRMQYQ
F[W F[W VIUYMVIQIRXJSVXVERWZIVWIWLIEVVIMRJSVGIQIRXEWHMWGYWWIH
%Z QMR !  J G 
  
   JG ERHJ]MR14E
J] J] MR 7IGXMSR
%PXIVREXMZII\TVIWWMSRWJSVXLIQMRMQYQXSVWMSREPVIMRJSVGI
8LMW QSHMJMGEXMSR TVSZMHIW E WQSSXL XVERWMXMSR MR XLI QIRX VIUYMVIQIRXW LEZI FIIR TVSTSWIH MR XLI PMXIVEXYVI
QMRMQYQXVERWZIVWIVIMRJSVGIQIRXSZIVEVERKISJGSRGVIXI /SYXGLSYOEPMERH&IPEVFM 
WXVIRKXLWFYXWXMPPVIJPIGXWXLIPS[IVGSRWIVZEXMWQSJXLI:G  &SRHERGLSVEKIERHHIZIPSTQIRXPIRKXL{4VIWIRX
XIVQJSYRHMRXLIVIWIEVGLHEXEJSV,7' %'-  QIXLSHW SJ HIWMKR JSV HIZIPSTQIRX PIRKXL ERH
 8SVWMSR{0MQMXIH I\TIVMQIRXEP [SVO LEW FIIR ERGLSVEKI SJ XIRWMPI WXIIP EVI FEWIH SR XIWXW MRZSPZMRK
GSQTPIXIH SR XLI FILEZMSV SJ ,7' FIEQW YRHIV XSVWMSR RSVQEPWXVIRKXL GSRGVIXIW 3ZIV XLI PEWX HIGEHI E WMKRMJM
6EWQYWWIRERH&EOIV   XIWXIH  MHIRXMGEPFIEQW SJ GERXEQSYRXSJVIWIEVGLLEWFIIRHSRIMRSRHIZIPSTQIRX
ZEV]MRKGSRGVIXIWXVIRKXLWERHSFWIVZIHXLEXXLI,7'FIEQW PIRKXLERHERGLSVEKIMR,7' %^M^MREQMQMIXEPEF
I\LMFMXIH LMKLIV GVEGOMRK PSEH ERH XSVWMSREP GETEGMX] XLER )WJELERM ERH 6ERKEREF ,[ERKIX EP  =IVPMGM
MHIRXMGEPRSVQEPWXVIRKXLGSRGVIXIFIEQW8LI]EPWSSFWIVZIH ERH º^XYVER   -R KIRIVEP XLI EZIVEKI FSRH WXVIRKXL
XLEXJSVEKMZIRXSVUYIXLI,7'FIEQWLEHELMKLIVXSVWMSREP FIX[IIR VIMRJSVGIQIRX ERH WYVVSYRHMRK GSRGVIXI LEW FIIR
WXMJJRIWWWQEPPIVGVEGO[MHXLWERHPS[IVVIMRJSVGIQIRXWXVIWWIW WLS[RXSFILMKLIVJSV,7' )WJELERMERH6ERKEREF
/SYXGLSYOEPM ERH &IPEVFM   XIWXIH RMRI VIMRJSVGIH ,[ERKIXEP=IVPMGMERHº^XYVER &SRHJEMPYVIW
GSRGVIXIFIEQWYRHIVTYVIXSVWMSR[MXLGSRGVIXIWXVIRKXLW MR,7'FIEQWLS[IZIVLEZIFIIRJSYRHXSFIQSVIFVMXXPI
VERKMRKJVSQXSTWM XS14E 8LI]JSYRH XLER JSV RSVQEP GSRGVIXI WXVIRKXLW %^M^MREQMQM IX EP
XLEXXLI%'-IUYEXMSRJSVGVEGOMRKXSVUYI
EF XIWXIH,7'FIEQW[MXL2SSV2S 2S
SV 2S   FEV XIRWMSR PET WTPMGIW ERH GSRGPYHIH XLEX XLI

% GT %'-HIZIPSTQIRXPIRKXLIUYEXMSRW[IVIWEXMWJEGXSV]JSV
  JG MRTWM
8 GV !  J G 
T GT TVIHMGXMSRSJWXVIRKXLFYXHMHRSXIRWYVIEHIUYEXIHYGXMPMX]
%X XLMW XMQI %'-  PMQMXW XLI GSRGVIXI GSQTVIWWMZI

WXVIRKXLYWIHMRHIZIPSTQIRXPIRKXLERHERGLSVEKIGEPGYPEXMSRW

% GT XSTWM 14E 3RXLIFEWMWSJSFWIVZIHVIWIEVGLVIWYPXW
  JG MR14E
8 GV !  J G  %^M^MREQMQM IX EP E  VIGSQQIRH XLEX JSV GSQTVIWWMZI
T GT
WXVIRKXLWEFSZITWM 14E XLIQERHEXSV]%'-
PMQMXSRGSQTVIWWMZIWXVIRKXLYWIHMRGEPGYPEXMSRWFIJSPPS[IH
[LIVI %GTMWXLIEVIEIRGPSWIHF]SYXWMHITIVMQIXIVSJGSRGVIXI
SVEPXIVREXMZIP]XLEXXLIEGXYEPGSRGVIXIGSQTVIWWMZIWXVIRKXL
GVSWWWIGXMSRERHTGTMWXLISYXWMHITIVMQIXIVSJGSRGVIXIGVSWW
WIGXMSR  YRHIVIWXMQEXIH XLI I\TIVMQIRXEPP] HIXIVQMRIH FIYWIHERHXLEXEWTIGMJMIHQMRMQYQUYERXMX]SJXVERWZIVWI
GVEGOMRKXSVUYIF]ETTVS\MQEXIP] (IXIVQMREXMSRSJXLI GSRJMRIQIRX VIMRJSVGIQIRX FI TVSZMHIH SZIV XLI XIRWMSR
GVEGOMRKXSVUYIGERFIMQTSVXERXMRHIWMKRFIGEYWI%'- HIZIPSTQIRXSVXIRWMSRWTPMGIPIRKXL
TIVQMXW E VIHMWXVMFYXMSR SJ XSVWMSREP QSQIRX XS EHNSMRMRK
QIQFIVW MR MRHIXIVQMREXI W]WXIQW [LIR XSVWMSR MW HYI XS JG
GSQTEXMFMPMX]XSVWMSR-RWYGLGEWIWXLIQIQFIVMWHIWMKRIH % WT ! R%F 
  JG MRTWM

XSVIWMWXSRP]XLIGVEGOMRKXSVUYI
-RGEWIW[LIVIXSVWMSR MWHYI XS IUYMPMFVMYQXSVWMSRXLI 
QIQFIV WLSYPH FI HIWMKRIH XS VIWMWX XLI JYPP XSVWMSREP JG
QSQIRX-RXLIWEQIWXYH]MX[EWJSYRHXLEXXLII\TVIWWMSR % WT ! R% F 
  JG MRTWM
JSVXLIXSVWMSREPWXVIRKXLSJVIMRJSVGIHGSRGVIXIFIEQWKMZIR 
F]%'-)U  YRHIVIWXMQEXIHXLII\TIVMQIRXEPP]
HIXIVQMRIHXSVWMSREPWXVIRKXLF]ETTVS\MQEXIP] 8LI] [LIVI %WTMW XLI EVIE SJ XVERWZIVWI VIMRJSVGIQIRXGVSWWMRK
GSRGPYHIH XLEX XLI %'-  IUYEXMSR [EW ETTVSTVMEXI JSV XLI TSXIRXMEP TPERI SJ WTPMXXMRK XLVSYKL XLI VIMRJSVGIQIRX
HIWMKR [MXL ,7' 8LI VIWYPXW SJ XLEX MRZIWXMKEXMSR EPWS FIMRKHIZIPSTIHRMWXLIRYQFIVSJWTPMGIHFEVW R!JSVE
MRHMGEXIHXLEXXLIXSVWMSREPWXVIRKXLSJXLIGVSWWWIGXMSR[EW WMRKPIFEV ERH%FMWXLIEVIESJEWMRKPIWTPMGIHFEV
6 %'-'311-88))6)4368

%HHMXMSREPP] MX MW VIGSQQIRHIH XLEX XLI QE\MQYQ IPEWXMGHIJPIGXMSRW%GGSVHMRKXS%'-EHHMXMSREPPSRKXIVQ


WTEGMRKSJXVERWZIVWIVIMRJSVGIQIRX WXMVVYTW RSXI\GIIH HIJPIGXMSRWEVISFXEMRIHYWMRKXLIJSPPS[MRKQYPXMTPMIV
MR QQ 
 'VEGOMRK{8LI QSHYPYW SJ VYTXYVI [LMGL MW XLI
!  
ETTVSTVMEXIQIEWYVISJGSRGVIXIXIRWMPIWXVIRKXLJSVYWIMR   
TVIHMGXMRK JPI\YVEP GVEGOMRK PSEH LEW FIIR VITSVXIH MR
'LETXIVXSFIETTVS\MQEXIP] J G JSVRSVQEP[IMKLX [LIVI  MW XLI VIMRJSVGIQIRX VEXMS JSV RSRTVIWXVIWWIH
GSRGVIXIW[MXLWXVIRKXLWMRXLIVERKIJVSQXSTWM GSQTVIWWMSR VIMRJSVGIQIRX ERH  MW XLI XMQIHITIRHIRX
XS14E 8LI%'-ZEPYISJ J G EWWYQIHJSV JEGXSVXEOIRJVSQ%'-
HIWMKRQE]XLIVIJSVIFIGSRWMHIVIHXSFIEPS[IVFSYRHJSV 8LMWTVSGIHYVIMWKIRIVEPP]ZEPMHJSV,7'QIQFIVWFYX
,7'8LIEWWYQTXMSRSJEQSHYPYWSJVYTXYVIPS[IVXLERXLI I\TIVMQIRXEP HEXE MRHMGEXI XLEX XLI QYPXMTPMIVW EVI WMKRMJM
EGXYEPZEPYIJSVEJPI\YVEPQIQFIVMWRIMXLIVGSRWIVZEXMZIRSV GERXP]PIWWFIGEYWISJXLIPS[IVGVIITGSIJJMGMIRXX]TMGEPSJ
I\EKKIVEXIHFYXWMQTP]VIWYPXWMRERMREGGYVEXITVIHMGXMSRSJ ,7' )\TIVMQIRXEP VIWIEVGL 0IYFOIQER IX EP 
GVEGOMRK PSEH 8LMW [MPP VIWYPX MR MREGGYVEXI IWXMQEXMSR SJ 4EYPWSRIXEP LEWTVSZMHIHERMRHMGEXMSRSJPSRKXIVQ
FSXL IPEWXMG ERH GVIIT HIJPIGXMSRW 8LI GEPGYPEXMSR SJ E QYPXMTPMIVWERHXLIMVZEVMEXMSR[MXLXMQIYTXSEFSYX]IEV
GVEGOMRKPSEHLEWRSIJJIGXSRXLIJPI\YVEPWXVIRKXL EJXIVPSEHMRK6IWYPXWEVIWYQQEVM^IHMR*MKERHWSQI
8LIHMVIGXXIRWMPIWXVIRKXLMWWIPHSQQIEWYVIHFYXMWSJ GPIEVXVIRHWEVIIZMHIRX
MRXIVIWX MR WXYH]MRK [IFWLIEV GVEGOMRK MR TVIWXVIWWIH  *SV TWM  14E  GSRGVIXI FIEQW ]IEV QYPXM
GSRGVIXI QIQFIVW JSV I\EQTPI &SXL QSHYPYW SJ VYTXYVI TPMIVWSJERHJSVFIEQW[MXL  IUYEP
ERH XIRWMPI WTPMXXMRK WXVIRKXL SJ ,7' EVI X]TMGEPP] LMKLIV XSERHVIWTIGXMZIP]EVIPIWWXLERXLI%'-
XLERXLIGSVVIWTSRHMRKZEPYIWJSVPS[IVWXVIRKXLGSRGVIXI-R ]IEVZEPYIWSJERH[LMGL[IVIHIXIV
XLMWVIWTIGXIQTMVMGEPP]HIVMZIHIUYEXMSRWJSVJPI\YVEPWLIEVERH QMRIHJSVPS[IVWXVIRKXLGSRGVIXIW
XSVWMSREPWLIEVWXVIRKXLGSYPHFIYWIHGSRWIVZEXMZIP]JSV,7'  *SV ,7' FIEQW HIJPIGXMSR QYPXMTPMIVW EVI WXMPP PS[IV
GEPGYPEXMSRWFEWIHSRXLIPS[IVWXVIRKXLQEXIVMEP3XLIVEWTIGXW XLERXLI%'-ZEPYIW*SVI\EQTPIJSVLMKLWXVIRKXL
SJGSRGIVREVIHMWGYWWIHMR 7IGXMSRWERH FIEQW[MXLRSGSQTVIWWMSRWXIIPXLIZEPYISJEX
 (IJPIGXMSRW{8LI QEMR YRGIVXEMRX] MR TVIHMGXMRK ]IEVMWSRP] SJXLI%'-ZEPYIERH SJXLI
IPEWXMG HIJPIGXMSRW SJ VIMRJSVGIH GSRGVIXI FIEQW EVI E  XLI I\TIVMQIRXEPZEPYIJSVPS[IVWXVIRKXLGSRGVIXIERH
PSEHMRK QEKRMXYHIW ERH PSEH EVVERKIQIRX F  XLI IPEWXMG  8LIMRJPYIRGISJGSQTVIWWMSRWXIIPQE]FIPIWWMQTSVXERX
QSHYPYW )GERHG IJJIGXMZIQSQIRXSJMRIVXME[LMGLHITIRHW JSV ,7' FIEQW XLER JSV PS[IVWXVIRKXL FIEQW *SV
SRXLII\XIRXSJGVEGOMRKSJXLIFIEQ8LIIJJIGXMZIQSQIRXSJ FIEQWSJPS[IVWXVIRKXLGSRGVIXIEHHMXMSRSJGSQTVIWWMSR
MRIVXMEGERFIIWXMQEXIHEWEJYRGXMSRSJXLIGVEGOMRKQSQIRX WXIIP LEZMRK ER EVIE IUYEP XS XLEX SJ XLI XIRWMPI WXIIP
ERH QE\MQYQ ETTPMIH QSQIRX ERH XLI KVSWW ERH GVEGOIH VIHYGIW]IEVHIJPIGXMSRWF] *SV,7'XLIFIEQ
GVSWW WIGXMSR QSQIRXW SJMRIVXME 8LI IUYEXMSR JSV IJJIGXMZI [MXL GSQTVIWWMSR WXIIP WLS[W ETTVS\MQEXIP] E 
QSQIRXSJMRIVXME-I MRGPYHIHMRXLI%'-MW VIHYGXMSR 8LMW GSYPH FI I\TIGXIH FIGEYWI XLI VSPI SJ
GSQTVIWWMSRWXIIPMWQEMRP]XSVIHYGIXLIGVIITSJXLI
1 GV  1 GV  GSRGVIXIMRXLIGSQTVIWWMSR^SRIYRHIVWYWXEMRIHPSEHW
- I ! 
 -K   z 
 -GV  XLI,7'[MXLPS[IVGVIITGSIJJMGMIRXRIIHWPIWWLIPTMR
1E 1E
XLMWVIWTIGX
&EWIHSRXLIVIWIEVGLTVSKVEQHIWGVMFIHTVIZMSYWP]%'-
[LIVI 1GV MW XLI GVEGOMRK QSQIRX 1E MW XLI QE\MQYQ 6VIGSQQIRHWXLEXXLIPSRKXIVQHIJPIGXMSRQYPXMTPMIV
ETTPMIHQSQIRX-KMWXLIKVSWWQSQIRXSJMRIVXMESJWIGXMSR FIQSHMJMIHF]EJEGXSV JSV,7'
ERH -GVMWXLIQSQIRXSJMRIVXMESJGVEGOIHXVERWJSVQIHWIGXMSR
)\TIVMQIRXEPVIWIEVGLLEWWLS[RXLEX)U  QE]FI !zJG   JG MRTWM
YWIHXSTVIHMGXXLIIPEWXMGHIJPIGXMSRWSJVIMRJSVGIHGSRGVIXI
FIEQW [MXL VIEWSREFPI EGGYVEG] 0IYFOIQER IX EP  
4EWXSVIXEP4EYPWSRIXEP )EGLSJXLIZEPYIWMR !zJG   JG MR14E
)U   [MXL XLI I\GITXMSR SJ XLI QE\MQYQ ETTPMIH
QSQIRXHITIRHWSRGVSWWWIGXMSRHMQIRWMSRWERHQEXIVMEP [LIVI 
TVSTIVXMIW-RTEVXMGYPEVXLIQSQIRXSJMRIVXMESJXLIGVEGOIH &IGEYWISJXLIZEVMEFMPMX]MRXLIEGXYEPGVIITZEPYIWJSVEPP
XVERWJSVQIHWIGXMSRHITIRHWSRXLIIPEWXMGQSHYPYW SJXLI GSRGVIXIWMRGPYHMRK,7'LS[IZIVI\TIVMQIRXEPGVIITHEXE
GSRGVIXIERHXLIGVEGOMRKQSQIRXHITIRHWSRXLIQSHYPYW WLSYPHFIYWIH[LIREZEMPEFPI8LIYWISJ)U  ERH 
SJVYTXYVISJXLIGSRGVIXI WLSYPHSRP]FII\TIGXIHXSTVSZMHIETTVS\MQEXIIWXMQEXIWSJ
8LYWXLIEGGYVEXITVIHMGXMSRSJIPEWXMGHIJPIGXMSRWHITIRHW XLIEGXYEPXMQIHITIRHIRXHIJPIGXMSR
YTSR X[S QEXIVMEP TVSTIVXMIW XLI IPEWXMG QSHYPYW ERH XLI  ']GPMG PSEHMRK{0MQMXIH I\TIVMQIRXEP [SVO LEW
QSHYPYWSJVYTXYVI*SVXLIQSWXEGGYVEXITVIHMGXMSRWXLIWI WLS[R XLEX ,7' FIEQW TIVJSVQ [IPP YRHIV G]GPMG PSEHW
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6 %'-'311-88))6)4368

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GSRGVIXI MR XLMREVGL HEQW [SYPH YWYEPP] VIWYPX MR KVIEXIV
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6 %'-'311-88))6)4368

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3XLIV WTIGMEP ETTPMGEXMSRW MRGPYHI WIZIVEP QSHYPEVFERO E WYFWIUYIRX PSWW SJ PSRKXIVQ WXVIRKXL SV HMJJMGYPXMIW MR
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8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR

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

1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI

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