(ACI Committee 363) ACI 363R-10 Report On High-St
(ACI Committee 363) ACI 363R-10 Report On High-St
(ACI Committee 363) ACI 363R-10 Report On High-St
6ITSVXSR,MKL7XVIRKXL'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
1EVGL
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI
6ITSVXSR,MKL7XVIRKXL'SRGVIXI
'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR37,%
LIEPXL
ERHWEJIX]WXERHEVHW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI1'4
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
-7&2
%'-6
6ITSVXSR,MKL7XVIRKXL'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII
1MGLEIP%'EPHEVSRI .SLR.1]IVW
'LEMV 7IGVIXEV]
'LETXIV{7IPIGXMSRSJQEXIVMEPT6
%'-'SQQMXXII6ITSVXW+YMHIW1ERYEPWERH'SQQIRXEVMIW {-RXVSHYGXMSR
EVIMRXIRHIH JSV KYMHERGI MRTPERRMRK HIWMKRMRKI\IGYXMRK
ERHMRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLI {'IQIRXMXMSYWQEXIVMEPW
YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI {%HQM\XYVIW
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRW {%KKVIKEXIW
ERH[LS [MPPEGGITX VIWTSRWMFMPMX] JSV XLIETTPMGEXMSR SJXLI
QEXIVMEPMXGSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQW {;EXIV
ER]ERHEPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXI
WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX %'-6WYTIVWIHIW%'-6ERH[EWEHSTXIHERHTYFPMWLIH1EVGL
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XLI%VGLMXIGX)RKMRIIV XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
6
6 %'-'311-88))6)4368
'LETXIV{'SRGVIXIQM\XYVITVSTSVXMSRW 'LETXIV{%TTPMGEXMSRWT6
T6 {-RXVSHYGXMSR
{-RXVSHYGXMSR {&YMPHMRKW
{7XVIRKXLVIUYMVIH {&VMHKIW
{8IWXEKI {3JJWLSVIWXVYGXYVIW
{;EXIVGIQIRXMXMSYWQEXIVMEPVEXMS {3XLIVETTPMGEXMSRW
{'IQIRXMXMSYWQEXIVMEPGSRXIRX
{%MVIRXVEMRQIRX 'LETXIV{7YQQEV]T6
{%KKVIKEXITVSTSVXMSRW
{4VSTSVXMSRMRK [MXL WYTTPIQIRXEV] GIQIRXMXMSYW 'LETXIV{6IJIVIRGIWT6
QEXIVMEPWERHGLIQMGEPEHQM\XYVIW {6IJIVIRGIHWXERHEVHWERHVITSVXW
{;SVOEFMPMX] {'MXIHVIJIVIRGIW
{8VMEPFEXGLIW
',%48)6{-2863(9'8-32
'LETXIV{3VHIVMRKFEXGLMRKQM\MRKXVERWTSVXMRK {,MWXSVMGEPFEGOKVSYRH
TPEGMRKGYVMRKERHUYEPMX]GSRXVSPTVSGIHYVIW 8LI YWI ERH HIJMRMXMSR SJ LMKLWXVIRKXL GSRGVIXI ,7'
T6 LEWWIIREKVEHYEPERHGSRXMRYSYWHIZIPSTQIRXSZIVQER]
{-RXVSHYGXMSR ]IEVW-RXLIWGSRGVIXI[MXLEGSQTVIWWMZIWXVIRKXLSJ
{3VHIVMRK TWM 14E
[EW GSRWMHIVIH LMKL WXVIRKXL -R XLI
{&EXGLMRK W GSRGVIXI [MXL GSQTVIWWMZI WXVIRKXLW SJ ERH
{1M\MRK TWMERH14E
[IVITVSHYGIHGSQQIVGMEPP]-RXLI
{8VERWTSVXMRK IEVP] W TWM 14E
GSRGVIXI [EW TVSHYGIH
{4PEGMRKTVSGIHYVIW 8SHE] GSQTVIWWMZI WXVIRKXLW ETTVSEGLMRK TWM
{'YVMRK 14E
LEZI FIIR YWIH MR GEWXMRTPEGI FYMPHMRKW
{5YEPMX]GSRXVSPERHXIWXMRK 0EFSVEXSV]VIWIEVGLIVWYWMRKWTIGMEPQEXIVMEPWERHTVSGIWWIW
'LETXIV{4VSTIVXMIWSJLMKLWXVIRKXLGSRGVIXI LEZI EGLMIZIH wGSRGVIXIWx [MXL GSQTVIWWMZI WXVIRKXLW MR
T6 I\GIWWSJTWM14E
7GLQMHXERH*ILPMRK
{-RXVSHYGXMSR %WQEXIVMEPWXIGLRSPSK]ERHTVSHYGXMSRTVSGIWWIWIZSPZIMXMW
{7XVIWWWXVEMRFILEZMSVMRYRME\MEPGSQTVIWWMSR PMOIP] XLI QE\MQYQ GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI [MPP
{1SHYPYWSJIPEWXMGMX] GSRXMRYIXSMRGVIEWIERH,7'[MPPFIYWIHMRQSVIETTPMGEXMSRW
{4SMWWSRvWVEXMS (IQERHJSVERHYWISJ,7'JSVXEPPFYMPHMRKWFIKERMRXLI
{1SHYPYWSJVYTXYVI W TVMQEVMP] MR XLI 97% ;EXIV 8S[IV 4PEGI MR
{7TPMXXMRKXIRWMPIWXVIRKXL 'LMGEKS-0[LMGL[EWGSQTPIXIHMR[MXLELIMKLXSJ
{*EXMKYIFILEZMSV JX Q
ERH YWIH TWM 14E
WTIGMJMIH
{9RMXHIRWMX] GSQTVIWWMZI WXVIRKXL GSRGVIXI MR XLI GSPYQRW ERH WLIEV
{8LIVQEPTVSTIVXMIW [EPPW 8LI 7SYXL ;EGOIV FYMPHMRK MR 'LMGEKS
{,IEXIZSPYXMSRHYIXSL]HVEXMSR GSQTPIXIH MR [MXL E LIMKLX SJ JX Q
YWIH
{7XVIRKXLKEMR[MXLEKI TWM14E
WTIGMJMIHGSQTVIWWMZIWXVIRKXLGSRGVIXI
{6IWMWXERGIXSJVII^MRKERHXLE[MRK JSVXLIGSPYQRW-RXLIMVXMQIFSXLFYMPHMRKWLIPHXLIVIGSVH
{%FVEWMSRVIWMWXERGI JSVXLI[SVPHvWXEPPIWXGSRGVIXIFYMPHMRK8[S9RMSR7UYEVI
{7LVMROEKI MR7IEXXPI;%GSQTPIXIHMRLSPHWXLIVIGSVHJSVXLI
{'VIIT LMKLIWX WTIGMJMIH GSQTVIWWMZI WXVIRKXL GSRGVIXI YWIH MR E
{4IVQIEFMPMX] FYMPHMRKEXTWM14E
{7GEPMRKVIWMWXERGI ,MKLWXVIRKXLGSRGVIXIMW[MHIP]EZEMPEFPIXLVSYKLSYXXLI
{*MVIVIWMWXERGI [SVPHERHMXWYWIGSRXMRYIWXSWTVIEHTEVXMGYPEVP]MRXLI*EV
)EWXERH1MHHPI)EWX%PPSJXLIXEPPIWXFYMPHMRKWGSRWXVYGXIH
'LETXIV{7XVYGXYVEPHIWMKRGSRWMHIVEXMSRW MRXLITEWX]IEVWLEZIWSQIWXVYGXYVEPGSRXVMFYXMSRJVSQ
T6
{-RXVSHYGXMSR ,7' MR ZIVXMGEP GSPYQR ERH [EPP IPIQIRXW 8LI [SVPHvW
{'SRGIRXVMGEPP]PSEHIHGSPYQRW XEPPIWXFYMPHMRKEXJXQ
MW8EMTIMMR8EM[ER
{&IEQWERHSRI[E]WPEFW GSQTPIXIHMR8LIWXVYGXYVEPW]WXIQYWIWEQM\SJWXIIP
{4VIWXVIWWIHGSRGVIXIFIEQW ERHGSRGVIXIIPIQIRXW[MXLWTIGMJMIHGSRGVIXIGSQTVIWWMZI
{)GGIRXVMGEPP]PSEHIHGSPYQRW WXVIRKXLWYTXSTWM14E
MRGSQTSWMXIGSPYQRW
4IXVSREW 8S[IVW ERH GSQTPIXIH MR MR /YEPE
'LETXIV{)GSRSQMGGSRWMHIVEXMSRWT6 0YQTYV 1EPE]WME YWIH GSRGVIXI [MXL WTIGMJMIH GYFI
{-RXVSHYGXMSR WXVIRKXLWYTXSTWM14E
MRGSPYQRWERHWLIEV
{'SWXWXYHMIW [EPPW%XXLIXMQISJXLMWVITSVXXLIWIXS[IVWEVIXLIWIGSRH
{7IPIGXMSRSJQEXIVMEPW ERHXLMVHXEPPIWXFYMPHMRKWMRXLI[SVPHFSXLEXJXQ
{5YEPMX]GSRXVSP 8LI [SVPHvW XEPPIWX FYMPHMRK GSRWXVYGXIH IRXMVIP] [MXL E
{'SRGPYWMSRW VIMRJSVGIH GSRGVIXI WXVYGXYVEP W]WXIQ MW XLI '-8-' 4PE^E
,-+,786)2+8,'32'6)8) 6
FYMPHMRKMR+YERK^LSY4ISTPIvW6ITYFPMGSJ'LMRE[MXLE QEHIXSHIZIPSTVIPEXMSRWLMTWJSVXLIQEXIVMEPWSVETTPMGEXMSRW
LIMKLXSJJXQ
8VYQT;SVPH8S[IVMR2I[=SVO MRUYIWXMSR
'MX]VITSVXIHP]XLI[SVPHvWXEPPIWXVIWMHIRXMEPFYMPHMRKEX 8LIGSQQMXXIIEPWSVIGSKRM^IHXLEXXLIHIJMRMXMSRSJ,7'
JXQ
ERHGSQTPIXIHMRMWGSRWXVYGXIHYWMRK ZEVMIW SR E KISKVETLMGEP FEWMW -R VIKMSRW [LIVI GSRGVIXI
E GSRGVIXI W]WXIQ EPSRI [MXL GSPYQRW LEZMRK WTIGMJMIH [MXLEGSQTVIWWMZIWXVIRKXLSJTWM14E
MWEPVIEH]
GSQTVIWWMZI WXVIRKXLW YT XS TWM 14E
-R FIMRK TVSHYGIH GSQQIVGMEPP] ,7' QMKLX VERKI JVSQ
GSRWXVYGXMSRFIKERSR&YVN(YFEMXS[IVMR(YFEM9%);MXL XSTWMXS14E
GSQTVIWWMZIWXVIRKXL
ELIMKLXI\GIIHMRKJXQ
XLMWEPPGSRGVIXIVIWMHIRXMEP -RVIKMSRW[LIVIXLIYTTIVPMQMXSRGSQQIVGMEPP]EZEMPEFPI
WXVYGXYVIWGLIHYPIHJSVGSQTPIXMSRMR[MPPYWIGSRGVIXI QEXIVMEPMWGYVVIRXP]TWM14E
GSRGVIXITWM
[MXLWTIGMJMIHGYFIWXVIRKXLWYTXSTWM14E
14E
GSRGVIXI MW GSRWMHIVIH LMKL WXVIRKXL 8LI
8LIYWISJ,7'MRFVMHKIWFIKERMRXLI97MRXLIQMH GSQQMXXII VIGSKRM^IH XLEX QEXIVMEP WIPIGXMSR GSRGVIXI
W XLVSYKL E WIVMIW SJ HIQSRWXVEXMSR TVSNIGXW 8LI QM\XYVITVSTSVXMSRMRKFEXGLMRKQM\MRKXVERWTSVXMRKTPEGMRK
LMKLIWXWTIGMJMIHGSRGVIXIGSQTVIWWMZIWXVIRKXLMWTWM GYVMRKERHUYEPMX]GSRXVSPTVSGIHYVIWEVIETTPMGEFPIEGVSWW
14E
JSV TVIWXVIWWIH GSRGVIXI KMVHIVW SJ XLI 2SVXL E[MHIVERKISJGSRGVIXIWXVIRKXLW8LIGSQQMXXIIEKVIIH
'SRGLS6MZIV3ZIVTEWWMR7ER%RKIPS8<,MKLWXVIRKXL LS[IZIV XLEX QEXIVMEP TVSTIVXMIW ERH WXVYGXYVEP HIWMKR
GSRGVIXILEWEPWSFIIRYWIHMRPSRKWTERFS\KMVHIVFVMHKIW GSRWMHIVEXMSRWKMZIRMRXLMWVITSVXWLSYPHFIGSRGIVRIH[MXL
ERHGEFPIWXE]IHFVMHKIW8LIVIEVIEPWSWSQIZIV]WMKRMJMGERX GSRGVIXIWLEZMRKLMKLGSQTVIWWMZIWXVIRKXLW8LIGSQQMXXII
ETTPMGEXMSRW SJ ,7' MR SJJWLSVI WXVYGXYVIW 8LIWI MRGPYHI LEWXVMIHXSGSZIVFSXLEWTIGXWMRHIZIPSTMRKXLMWVITSVX
TVSNIGXWWYGLEWXLI+PSQEV&IEYJSVX7IE-HVMPPMRKWXVYGXYVI
XLI ,IMHVYR JPSEXMRK TPEXJSVQ MR XLI 2SVXL 7IE ERH XLI {7GSTISJVITSVX
,MFIVRME SJJWLSVI GSRGVIXI TPEXJSVQ MR 2I[JSYRHPERH &IGEYWIXLIHIJMRMXMSRSJ,7'LEWGLERKIHSZIVXLI]IEVW
'EREHE-RQER]SJJWLSVIGEWIW,7'MWWTIGMJMIHFIGEYWISJ XLIJSPPS[MRKWGSTI[EWEHSTXIHF]'SQQMXXIIJSVXLMW
XLILEVWLIRZMVSRQIRXWMR[LMGLXLIWIWXVYGXYVIWEVIPSGEXIH VITSVXw8LIMQQIHMEXIGSRGIVRSJ'SQQMXXIIWLEPPFI
/STG^]RWOM
GSRGVIXIW[MXLWTIGMJMIHGSQTVIWWMZIWXVIRKXLWJSVHIWMKRSJ
TWM 14E
SV KVIEXIV FYX JSV XLI TVIWIRX XMQI
{(IJMRMXMSRSJLMKLWXVIRKXLGSRGVIXI GSRWMHIVEXMSRWWLEPPRSXMRGPYHIGSRGVIXIQEHIYWMRKI\SXMG
-R'SQQMXXIIEHSTXIHXLIJSPPS[MRKHIJMRMXMSR QEXIVMEPWSVXIGLRMUYIWx8LI[SVHwI\SXMGx[EWMRGPYHIHWS
SJ,7' XLEXXLIGSQQMXXII[SYPHRSXFIGSRGIVRIH[MXLGSRGVIXIW
GSRGVIXI LMKLWXVIRKXL{GSRGVIXI XLEX LEW E WTIGMJMIH WYGL EW TSP]QIVMQTVIKREXIH GSRGVIXI ITS\] GSRGVIXI
GSQTVIWWMZI WXVIRKXL JSV HIWMKR SJ TWM 14E
SV YPXVELMKLTIVJSVQERGI GSRGVIXI GSRGVIXI [MXL EVXMJMGMEP
KVIEXIV RSVQEP ERH LIEZ][IMKLX EKKVIKEXIWERH VIEGXMZI TS[HIV
;LIRXLISVMKMREPZIVWMSRSJXLMWVITSVX[EWTVSHYGIHMR GSRGVIXI -R EHHMXMSR XS JSGYWMRK SR GSRGVIXIW QEHI [MXL
%'-'SQQMXXIIEHSTXIHXLIJSPPS[MRKHIJMRMXMSRSJ,7' RSRI\SXMG QEXIVMEPW SV XIGLRMUYIW XLI GSQQMXXII EPWS
GSRGVIXILMKLWXVIRKXL{GSRGVIXIXLEXLEWEWTIGMJMIH EXXIQTXIH XS JSGYW SR GSRGVIXIW XLEX [IVI GSQQIVGMEPP]
GSQTVIWWMZIWXVIRKXL JSV HIWMKRSJ TWM14E
SV ZMEFPIVEXLIVXLERGSRGVIXIWXLEXLEZISRP]FIIRTVSHYGIHMR
KVIEXIV XLIPEFSVEXSV]
8LIRI[ZEPYISJTWM14E
[EWWIPIGXIHFIGEYWI
MXVITVIWIRXIHEWXVIRKXLPIZIPEX[LMGLWTIGMEPGEVIMWVIUYMVIH ',%48)6{238%8-32()*-2-8-327
JSVTVSHYGXMSRERHXIWXMRKSJXLIGSRGVIXIERHEX[LMGLWTIGMEP %2(%'632=17
WXVYGXYVEPHIWMKRVIUYMVIQIRXWQE]FIRIIHIH%WXIGLRSPSK] {2SXEXMSR
TVSKVIWWIWERHXLIYWISJGSRGVIXI[MXLIZIRLMKLIVGSQTVIWWMZI %F ! EVIESJEWMRKPIWTPMGIHFEVSV[MVI
MRQQ
WXVIRKXLW IZSPZIW MX MW PMOIP] XLEX XLI HIJMRMXMSR SJ LMKL %GT ! EVIE IRGPSWIH F] SYXWMHI TIVMQIXIV SJ GSRGVIXI
WXVIRKXLGSRGVIXI[MPPGSRXMRYIXSFIVIZMWIH GVSWWWIGXMSRMRQQ
%PXLSYKL TWM 14E
[EW WIPIGXIH EW XLI PS[IV %K ! KVSWWEVIESJGSRGVIXIWIGXMSRMRQQ
*SVE
PMQMXMXMWRSXMRXIRHIHXSMQTP]XLEXXLIVIMWEHVEWXMGGLERKI LSPPS[WIGXMSR%KMWXLIEVIESJGSRGVIXISRP]ERH
MRQEXIVMEPTVSTIVXMIWSVMRTVSHYGXMSRXIGLRMUYIWXLEXSGGYV HSIWRSXMRGPYHIXLIEVIESJXLIZSMHW
EXXLMWGSQTVIWWMZIWXVIRKXL-RVIEPMX]EPPGLERKIWXLEXXEOI
%W ! EVIE SJ RSRTVIWXVIWWIH PSRKMXYHMREP XIRWMSR
TPEGIEFSZITWM14E
VITVIWIRXETVSGIWWXLEXWXEVXW
VIMRJSVGIQIRXMRQQ
[MXLXLIPS[IVWXVIRKXLGSRGVIXIWERHGSRXMRYIWMRXSLMKLIV
WXVIRKXLGSRGVIXIW1ER]IQTMVMGEPIUYEXMSRWYWIHXSTVIHMGX %WT ! EVIE SJ XVERWZIVWI VIMRJSVGIQIRX GVSWWMRK XLI
GSRGVIXI TVSTIVXMIW SV XS HIWMKR WXVYGXYVEP QIQFIVW EVI TSXIRXMEPTPERISJWTPMXXMRKXLVSYKLXLIVIMRJSVGI
FEWIHSRXIWXWYWMRKGSRGVIXI[MXLGSQTVIWWMZIWXVIRKXLWSJ QIRXFIMRKHIZIPSTIHMRQQ
XSTWMXS14E
8LIEZEMPEFMPMX]SJHEXE %WX ! XSXEPEVIESJ RSRTVIWXVIWWIH PSRKMXYHMREPVIMRJSVGI
JSVLMKLIVWXVIRKXLGSRGVIXIWVIUYMVIWEVIEWWIWWQIRXSJXLI QIRXMRQQ
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 HIZIPSTIHMRQQ
6 %'-'311-88))6)4368
%:QMR ! QMRMQYQ EVIE SJ WLIEV VIMRJSVGIQIRX [MXLMR MRMXMEP ! MRMXMEP WXVEMR YTSR ETTPMGEXMSR SJ PSEH MRMR
WTEGMRK WMRQQ
QQQQ
& ! [MHXLSJGSQTVIWWMSRJEGISJQIQFIVMRQQ
GVIIT ! EHHMXMSREPXMQIHITIRHIRXWXVEMRHYIXSGVIITMRMR
F ! [MHXLSJXLIGVSWWWIGXMSRMRQQ
QQQQ
F[ ! [IF[MHXLSVHMEQIXIVSJGMVGYPEVWIGXMSRMRQQ
! QYPXMTPMIV JSV EHHMXMSREP HIJPIGXMSR HYI XS PSRK
'G ! GVIITGSIJJMGMIRX XIVQIJJIGXW
( ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS ! HYGXMPMX]MRHI\
GIRXVSMHSJPSRKMXYHMREPVIMRJSVGIQIRXMRQQ
! XMQIHITIRHIRX JEGXSV JSV WYWXEMRIH PSEH XEOIR
H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS JVSQ%'-
GIRXVSMHSJXIRWMSRVIMRJSVGIQIRXMRQQ
MRMXMEP! MRMXMEPWXVIWWHYIXSWYWXEMRIHPSEHTWM14E
)G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXITWM14E
! VIMRJSVGIQIRXVEXMSJSVRSRTVIWXVIWWIHGSQTVIWWMSR
J ! GSRGVIXI GSRJMRIQIRX WXVIWW TVSHYGIH F] WTMVEP VIMRJSVGIQIRXVEXMSSJ%W XSFH
TWM14E
GT ! SYXWMHITIVMQIXIVSJGSRGVIXIGVSWWWIGXMSR
JG ! WTIGMJMIH GSQTVIWWMZI WXVIRKXL SJ XLI GSRGVIXI QMR ! QMRMQYQVIMRJSVGIQIRXVEXMSVEXMSSJ%W QMR XSFH
TWM14E
! VEXMS SJ ZSPYQI SJ WTMVEP VIMRJSVGIQIRX XS XSXEP
W
JG ! GSQTVIWWMZI WXVIRKXL SJ WTMVEPP] VIMRJSVGIH ZSPYQI SJ GSRGVIXI GSVI GSRJMRIH F] XLI WTMVEP
GSRGVIXIGSPYQRTWM14E
QIEWYVIHSYXXSSYXSJWTMVEPW
JG ! GSQTVIWWMZI WXVIRKXL SJ YRGSRJMRIH GSRGVIXI ! GVSWWWIGXMSRGYVZEXYVIEXJEMPYVIPSEH
Y
GSPYQRTWM14E
! GVSWWWIGXMSR GYVZEXYVI EX XLI PSEH TVSHYGMRK
]
JGV ! VIUYMVIH EZIVEKI GSQTVIWWMZI WXVIRKXL SJ ]MIPHMRKSJXIRWMPIWXIIP
GSRGVIXIYWIHEWXLIFEWMWJSVWIPIGXMSRSJGSRGVIXI ! XIRWMSRVIMRJSVGIQIRXMRHI\
TVSTSVXMSRWTWM14E
JV ! QSHYPYWSJVYTXYVISJGSRGVIXITWM14E
{(IJMRMXMSRW
JWT ! WTPMXXMRKG]PMRHIVWXVIRKXLSJGSRGVIXITWM14E
%'-TVSZMHIWEGSQTVILIRWMZIPMWXSJHIJMRMXMSRWXLVSYKL
J] ! WTIGMJMIH]MIPHWXVIRKXLSJVIMRJSVGIQIRXTWM14E
ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x LXXT
-GV ! QSQIRX SJ MRIVXME SJ GVEGOIH XVERWJSVQIH XS XIVQMRSPSK]GSRGVIXISVK
%QIVMGER 'SRGVIXI -RWXMXYXI
GSRGVIXIMRQQ
(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
2QQ
SVKVIEXJPS[EFMPMX][MXLSYXGEYWMRKYRHYIWIXVIXEVHEXMSRSV
1GV ! GVEGOMRKQSQIRXMRPF2QQ
IRXVEMRQIRXSJEMVMRQSVXEVSVGSRGVIXI
1R ! RSQMREPJPI\YVEPWXVIRKXLEXWIGXMSRMRPF2QQ
EKKVIKEXI{KVERYPEV QEXIVMEP WYGL EW WERH KVEZIP
1Y ! JEGXSVIHQSQIRXEXWIGXMSRMRPF2QQ
GVYWLIH WXSRI GVYWLIH L]HVEYPMGGIQIRX GSRGVIXI SV MVSR
R ! RYQFIVSJWTPMGIHFEVWR!JSVEWMRKPIFEV
FPEWXJYVREGIWPEKYWIH[MXLEL]HVEYPMGGIQIRXMRKQIHMYQ
WW ! WEQTPIWXERHEVHHIZMEXMSRTWM14E
XSTVSHYGIIMXLIVGSRGVIXISVQSVXEV
8GV ! GVEGOMRKXSVWMSREPQSQIRXMRPF2QQ
GSRGVIXI LMKLWXVIRKXL{GSRGVIXI XLEX LEW E WTIGMJMIH
:G ! RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXIPF2
GSQTVIWWMZI WXVIRKXL JSV HIWMKR SJ TWM 14E
SV
:Y ! JEGXSVIHWLIEVJSVGIEXWIGXMSRPF2
KVIEXIV
[G ! YRMX[IMKLXSJRSVQEP[IMKLXGSRGVIXISVIUYMPMFVMYQ GVIIT{XMQIHITIRHIRXHIJSVQEXMSRHYIXSWYWXEMRIHPSEH
HIRWMX]SJPMKLX[IMKLXGSRGVIXIPFJXOKQ
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 ! WTIGMJMGGVIITYRMXGVIITGSIJJMGMIRX
GIQIRXWYWIHMRGSRGVIXIERHQEWSRV]GSRWXVYGXMSR
Y ! FIEQHIJPIGXMSREXJEMPYVIPSEHMRQQ
QSHYPYW SJ IPEWXMGMX]{XLI VEXMS SJ RSVQEP WXVIWW XS
] ! FIEQHIJPIGXMSREXXLIPSEHTVSHYGMRK]MIPHMRKSJ GSVVIWTSRHMRKWXVEMRJSVXIRWMPISVGSQTVIWWMZIWXVIWWFIPS[
XIRWMPIWXIIPMRQQ
XLI TVSTSVXMSREP PMQMX SJ XLI QEXIVMEP EPWS VIJIVVIH XS EW
,-+,786)2+8,'32'6)8) 6
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
QEXIVMEPW7'1W
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
XIQTIVEXYVIMRXLIJXQ
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
%'-6 TVSTIVXMIWFYXPMXXPISVRSL]HVEYPMGTVSTIVXMIW'PEWW'JP]EWL
% 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
JP]EWLWMPMGEJYQIERHREXYVEPTS^^SPERW[IVIJVIUYIRXP] VIEGXMZIXLER'PEWW*JP]EWL-RKIRIVEP'PEWW*JP]EWLLEW
GEPPIH QMRIVEP EHQM\XYVIW -R 2SVXL %QIVMGE XSHE] XLIWI FIIRYWIHTVIHSQMRERXP]MRXLIIEWXIVRERH[IWXIVRVIKMSRW
QEXIVMEPWERHSXLIVWWYGLEWWPEKGIQIRXEVIRS[GSZIVIH SJXLI97ERH'EREHEERH'PEWW'JP]EWLLEWFIIRYWIH
YRHIV XLI XIVQ wWYTTPIQIRXEV] GIQIRXMXMSYW QEXIVMEPWx QSWXP]MRXLI1MH[IWXIVRERH7SYXL'IRXVEPVIKMSRWSJXLI
7'1W
7YTTPIQIRXEV] GIQIRXMXMSYW QEXIVMEPW JSV YWI MR 97%'-6
GSRGVIXI EVI QEXIVMEPW XLEX LEZI QMRIVEP S\MHIW WMQMPEV XS -REHHMXMSRXSMXWGLIQMGEPERHTL]WMGEPTVSTIVXMIWERHLS[
XLSWIJSYRHMRTSVXPERHGIQIRXFYXMRHMJJIVIRXTVSTSVXMSRW MXMRXIVEGXW[MXLEHQM\XYVIWERHSXLIVGIQIRXMXMSYWQEXIVMEPW
ERH TSWWMFP] HMJJIVIRX QMRIVEP TLEWIW 7YTTPIQIRXEV] MR XLI QM\XYVI XLI STXMQYQ UYERXMX] SJ JP] EWL MR E ,7'
GIQIRXMXMSYWQEXIVMEPWEVI[MHIP]YWIHMRXLITVSHYGXMSRSJ HITIRHWXSEPEVKII\XIRXSRXLIXEVKIXWXVIRKXLPIZIPERHXLI
,7'FIGEYWIXLIMVTVIWIRGIEPXIVWXLIQMRIVEPGSRWXMXYIRXWMR EKIEX[LMGLWXVIRKXLMWHIWMVIH*SVI\EQTPIXLISTXMQYQ
XLI FMRHMRK TEWXI
W]WXIQ XS EPPS[ EXXEMRQIRX SJ LMKL UYERXMX]SJE'PEWW'JP]EWLMRGSRZIRXMSREPGSRGVIXILEZMRK
WXVIRKXLW EWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJTWM14E
EX
7YTTPIQIRXEV]GIQIRXMXMSYWQEXIVMEPWGSRWMWXMRKSJGIVXEMR HE]WERHGSRXEMRMRKPF]HOKQ
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 WXVIRKXLSJTWM14E
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
'EPHEVSRI
HMWGYWWMSRSJWMPMGEJYQIJSVYWIMRGSRGVIXIGERFIJSYRHMR%'-
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]GEPGMRMRKTYVMJMIHOESPMRGLMRE
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]
JXPFXSQOK
[LIRQIEWYVIHF] 'EPHEVSRIIXEP
RMXVSKIREHWSVTXMSRXIGLRMUYIW2IFIWEVERH'EVIXXI
7PEKGIQIRX{7PEKGIQIRXMWTVSHYGIHSRP]MR
VITSVXIHEREZIVEKIZEPYISJJX PFQ 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
TEVXMGPI8LIWTIGMJMGKVEZMX]SJWMPMGEJYQIMWX]TMGEPP] EFPEWXJYVREGI-VSRFPEWXJYVREGIWPEKIWWIRXMEPP]GSRWMWXWSJ
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8LISTXMQYQKVEHEXMSRSJJMRIEKKVIKEXIJSV,7'MW 1E\MQYQEKKVIKEXIWM^IWSJMRQQ
SVWQEPPIV
HIXIVQMRIHQSVIF]MXWIJJIGXSR[EXIVVIUYMVIQIRXXLERSR WM^IWSJGSEVWIEKKVIKEXIERHGVYWLIHGSEVWIEKKVIKEXIEVI
TL]WMGEP TEGOMRK &PMGO
VITSVXIH XLEX WERH [MXL E VIGSQQIRHIH JSV YWI MR ,7' 7QEPPIV WM^IW SJ GSEVWI
JMRIRIWW QSHYPYW FIPS[ KEZI XLI GSRGVIXI E WXMGO] EKKVIKEXI LEZI KVIEXIV WYVJEGI EVIE JSV E KMZIR EKKVIKEXI
GSRWMWXIRG] QEOMRK MX HMJJMGYPX XS GSQTEGX 7ERH [MXL ER GSRXIRX[LMGLMQTVSZIWGSEVWIEKKVIKEXIERHGIQIRXTEWXI
6 %'-'311-88))6)4368
FSRHERHIRLERGIWYPXMQEXIWXVIRKXLTSXIRXMEP8LIGVYWLMRK GSRGVIXI[MXLSYXXIWXMRKJSVGSRJSVQERGIXSXLIVIUYMVIQIRXWSJ
TVSGIWW IPMQMREXIW TSXIRXMEP ^SRIW SJ [IEORIWW [MXLMR XLI %781''1
TEVIRXVSGO[MXLXLIIJJIGXXLEXWQEPPIVTEVXMGPIWEVIPMOIP]XS %WEVIWYPXSJIRZMVSRQIRXEPVIKYPEXMSRWXLEXTVIZIRXXLI
FI WXVSRKIV XLER PEVKIV SRIW HI0EVVEVH ERH &IPPSG
HMWGLEVKISJVYRSJJ[EXIVJVSQTVSHYGXMSRJEGMPMX]TVSTIVXMIW
7QEPPIV EKKVIKEXI WM^IW EVI EPWS GSRWMHIVIH XS TVSHYGI YWISJRSRTSXEFPI[EXIVSV[EXIVJVSQGSRGVIXITVSHYGXMSR
LMKLIVGSRGVIXIWXVIRKXLWFIGEYWISJPIWWWIZIVIGSRGIRXVEXMSRW STIVEXMSRW MW MRGVIEWMRK 2SRTSXEFPI [EXIV MRGPYHIW [EXIV
SJWXVIWWEVSYRHXLITEVXMGPIW[LMGLEVIGEYWIHF]HMJJIVIRGIW GSRXEMRMRKUYERXMXMIWSJWYFWXERGIWXLEXHMWGSPSVMXQEOIMX
FIX[IIRXLIIPEWXMGQSHYPMSJXLITEWXI ERHXLIEKKVIKEXI WQIPP SV LEZI SFNIGXMSREFPI XEWXI ;EXIV JVSQ GSRGVIXI
'SEVWIEKKVIKEXI[MXLEVSYKLWYVJEGIXI\XYVIMWKIRIVEPP] TVSHYGXMSRSTIVEXMSRWMRGPYHIW[EWL[EXIVJVSQQM\IVWSV
QSVIWYMXEFPIJSVYWIMR,7'XLERGSEVWIEKKVIKEXI[MXLE [EXIVXLEX[EWTEVXSJEGSRGVIXIQM\XYVIXLEX[EWVIGPEMQIH
WQSSXLWYVJEGIXI\XYVIFIGEYWISJXLIWYTIVMSVFSRHXLEXMX JVSQEGSRGVIXIVIG]GPMRKTVSGIWW[EXIVGSPPIGXIHMREFEWMR
TVSZMHIW1SOLXEV^EHILIXEP2IZMPPI
EWEVIWYPXSJWXSVQ[EXIVVYRSJJEXEGSRGVIXITVSHYGXMSRJEGMPMX]
3TXMQYQWXVIRKXLMRER,7'QM\XYVIGERQSWXSJXIRFI SV[EXIVXLEXGSRXEMRWUYERXMXMIWSJGSRGVIXIMRKVIHMIRXW;EXIV
EGLMIZIH XLVSYKL XLI YWI SJ WQEPPIVWM^IH EKKVIKEXIW8LI JVSQ XLIWI WSYVGIW WLSYPH RSX FI YWIH XS TVSHYGI ,7'
KSZIVRMRKJEGXSVJSVWIPIGXMRK,7'JSVEWXVYGXYVILS[IZIV YRPIWW MX LEW FIIR WLS[R XLEX XLIMV YWI [MPP RSX EHZIVWIP]
QE]FIETVSTIVX]SXLIVXLERWXVIRKXL*SVI\EQTPIMREXEPP EJJIGXXLITVSTIVXMIWSJXLIGSRGVIXI
FYMPHMRK QSHYPYWSJ IPEWXMGMX] QE] FI XLI TVMQEV]VIEWSR
XLEX,7'MWWTIGMJMIH-RWYGLGEWIWEPEVKIVWM^IHEKKVIKEXI ',%48)6{'32'6)8)1-<896)4634368-327
XLSYKL ]MIPHMRK PS[IV WXVIRKXL QE] TVSZMHI E LMKLIV {-RXVSHYGXMSR
QSHYPYWSJIPEWXMGMX] 'SRGVIXI QM\XYVI TVSTSVXMSRW JSV ,7' LEZI ZEVMIH
[MHIP]*EGXSVWMRJPYIRGMRKQM\XYVITVSTSVXMSRWMRGPYHIXLI
7XYHMIW LEZI WLS[R XLEX GVYWLIH WXSRI TVSHYGIW LMKLIV
WXVIRKXLPIZIPVIUYMVIHXIWXEKIQEXIVMEPGLEVEGXIVMWXMGWERH
WXVIRKXLWXLERVSYRHIHKVEZIP4IVIRGLMS;EPOIVERH
X]TISJETTPMGEXMSR-REHHMXMSRIGSRSQMGWWXVYGXYVEPVIUYMVI
&PSIQ,EVVMW
8LIPMOIP]VIEWSRJSVXLMWMWXLI
QIRXWQERYJEGXYVMRKTVEGXMGEPMX]ERXMGMTEXIHGYVMRKIRZMVSR
KVIEXIVQIGLERMGEPFSRHXLEXGERHIZIPST[MXLERKYPEVTEVXMGPIW
QIRXERHIZIRXLIXMQISJ]IEVLEZIEJJIGXIHXLIWIPIGXMSRSJ
%GGIRXYEXIHERKYPEVMX]LS[IZIVMWXSFIEZSMHIHFIGEYWISJ
QM\XYVI TVSTSVXMSRW 1YGL MRJSVQEXMSR SR TVSTSVXMSRMRK
XLIEXXIRHERXLMKL[EXIVVIUYMVIQIRXERHVIHYGIH[SVOEFMPMX]
GSRGVIXI QM\XYVIW MW EZEMPEFPI MR %'- [LMGL HIEPW
%KKVIKEXIWLSYPHFIGPIERGYFMGEPERKYPEV GVYWLIH
WTIGMJMGEPP][MXLTVSTSVXMSRMRK,7'GSRXEMRMRKJP]EWL
EKKVIKEXI [MXL E QMRMQYQ SJ JPEX ERH IPSRKEXIH TEVXMGPIW
,MKLWXVIRKXL GSRGVIXI QM\XYVI TVSTSVXMSRMRK MW E QSVI
6IJIVXS7IGXMSR
GVMXMGEP TVSGIWW XLER TVSTSVXMSRMRK RSVQEPWXVIRKXL GSRGVIXI
4EWXIEKKVIKEXI LSQSKIRIMX]{2IZMPPI
QM\XYVIW *VIUYIRXP] XLI YWI SJ 7'1W ERH GLIQMGEP
VITSVXIHXLEXHIWMKRMRK,7'XSEGXQSVIPMOIELSQSKIRISYW EHQM\XYVIWERHXLIEXXEMRQIRXSJEPS[[GQEVIGSRWMHIVIH
QEXIVMEPGERIRLERGIYPXMQEXIWXVIRKXLTSXIRXMEP8LMWGERFI IWWIRXMEPMRLMKLWXVIRKXLQM\XYVITVSTSVXMSRMRK1ER]XVMEP
EGLMIZIH F] MRGVIEWMRK XLI WMQMPEVMX] FIX[IIR XLI IPEWXMG FEXGLIW EVISJXIR VIUYMVIH XS KIRIVEXI XLI HEXE XLEXIREFPI
QSHYPM SJGSEVWI EKKVIKEXIERHGIQIRXTEWXI ,EZMRKPMOI STXMQYQQM\XYVITVSTSVXMSRWXSFIMHIRXMJMIH
IPEWXMG QSHYPM [MPP VIHYGI WXVIWW EX XLI TEWXIEKKVIKEXI
MRXIVJEGI9WMRKEGSEVWIEKKVIKEXI[MXLKVIEXIVWXMJJRIWWLEW {7XVIRKXLVIUYMVIH
FIIRJSYRHXSMRGVIEWIXLIIPEWXMGQSHYPYWSJGSRGVIXIFYXMX %'-{%W[MXLQSWXWXVYGXYVEPGSRGVIXIW,7'MW
MWWSQIXMQIWHIXVMQIRXEPXSYPXMQEXIWXVIRKXLTSXIRXMEP'IXMR YWYEPP]WTIGMJMIHMRXIVQWSJMXWGSQTVIWWMZIWXVIRKXL%'-
ERH'EVVEWUYMPPS1]IVW8EHVSWIXEP
WTIGMJMIW GSRGVIXI WXVIRKXL VIUYMVIQIRXW 7XVYGXYVEP
-RXVMRWMG EKKVIKEXI WXVIRKXL{,MKLWXVIRKXL GSRGVIXI MW RSVQEPP] TVSTSVXMSRIH WS XLEX XLI EZIVEKI
GSRGVIXI SJXIR YWIW LMKLIVWXVIRKXL ERH LMKLIVUYEPMX] GSQTVIWWMZI WXVIRKXL XIWX VIWYPXW I\GIIH WTIGMJMIH WXVIRKXL
EKKVIKEXIW XS KIRIVEXI XLI XEVKIXIH GSQTVIWWMZI WXVIRKXL JG F]EREQSYRXWYJJMGMIRXP]LMKLXSQMRMQM^IXLIJVIUYIRG]
PIZIP9WMRKRSVQEPWXVIRKXLSVPS[UYEPMX]EKKVIKEXIW[MPP SJ XIWX VIWYPXW FIPS[ XLI WTIGMJMIH GSQTVIWWMZI WXVIRKXL
VIWYPX MR JVEGXYVI SJ XLI EKKVIKEXI FIJSVI JYPP] HIZIPSTMRK VIJIVXS%'-6
WXVIRKXLTSXIRXMEPSJXLITEWXIQEXVM\SVFSRHWXVIRKXLSJXLI %REZIVEKIZEPYIGERFIGEPGYPEXIHJSVER]WIXSJQIEWYVIQIRX
EKKVIKEXITEWXIXVERWMXMSR^SRI(IZIPSTMRKETEWXIQEXVM\ HEXE8LIJVEGXMSRSJMRHMZMHYEPXIWXZEPYIWXLEXHIZMEXIJVSQ
ERHWIPIGXMRKEREKKVIKEXIX]TIXLEXLEWEGSQTEXMFPIVIPEXMZI XLIEZIVEKIMWYWYEPP]UYERXMJMIHF]XLIWXERHEVHHIZMEXMSR
WXVIRKXLERH WXMJJRIWW [MPP ]MIPH LMKLGSQTVIWWMZIWXVIRKXL 8LI WXERHEVH HIZMEXMSR SJ XIWX VIWYPXW GER FI ZEPYEFPI MR
GSRGVIXIEWJYVXLIVHMWGYWWIHMR7IGXMSR TVIHMGXMRKJYXYVIZEVMEFMPMX]
1ER]JEGXSVWGERMRJPYIRGIXLIZEVMEFMPMX]SJGSQTVIWWMZI
{;EXIV WXVIRKXLXIWXVIWYPXWMRGPYHMRKZEVMEXMSRWMRXIWXMRKIUYMTQIRX
8LIVIUYMVIQIRXWJSVQM\MRK[EXIVUYEPMX]JSV,7'EVIRS ERHTVSGIHYVIWGSRWXMXYIRXQEXIVMEPWTVSHYGXMSRJEGMPMXMIW
QSVIWXVMRKIRXXLERXLSWIJSVGSRZIRXMSREPGSRGVIXI7TIGMJMGE HIPMZIV]IUYMTQIRXMRWTIGXMSREKIRGMIWERHIRZMVSRQIRXEP
XMSRWJSVWXERHEVHERHSTXMSREPGSQTSWMXMSREPERHTIVJSVQERGI GSRHMXMSRW %PP JEGXSVW XLEX QE] EJJIGX XLI ZEVMEFMPMX] SJ
VIUYMVIQIRXW JSV [EXIV YWIH EW QM\MRK [EXIV MR L]HVEYPMG QIEWYVIH WXVIRKXL WLSYPH FI GSRWMHIVIH [LIR WIPIGXMRK
GIQIRX GSRGVIXI EVI GSZIVIH MR %781 ''1 QM\XYVITVSTSVXMSRWERHIWXEFPMWLMRKXLIEGGITXEFPIWXERHEVH
4SXEFPI [EXIV MW TIVQMXXIH XS FI YWIH EW QM\MRK [EXIV MR HIZMEXMSRJSVWXVIRKXLVIWYPXW'EVVEWUYMPPS
MHIRXMJMIH
,-+,786)2+8,'32'6)8) 6
TVMRGMTEPJEGXSVWEJJIGXMRKGSQTVIWWMZIWXVIRKXLWSJRSVQEPERH TVSTSVXMSRWFEWIHSREGXYEPXIWXVIWYPXWMWVIUYMVIH6IJIVXS
LMKLWXVIRKXL GSRGVIXIW MRGPYHMRK WTIGMQIR QSMWXYVI %'- 6 JSV QIXLSHW SJ QSRMXSVMRK WXVIRKXL XIWX VIWYPXW
GSRHMXMSR WTIGMQIR WM^I ERH IRH GSRHMXMSRW &YVK IX EP HYVMRK TVSHYGXMSR %REP]WIW EJJIGXMRK VITVSTSVXMSRMRK SJ
MRZIWXMKEXIH XLI IJJIGX SJ IRH GSRHMXMSRW GYVMRK QM\XYVIWFEWIHYTSRXIWXLMWXSVMIWEVIHIWGVMFIHMR'LETXIV
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
WXVIRKXLXIWXWEZIVEKISJX[SG]PMRHIVW
IUYEPWSVI\GIIHW EXIEVP]EKIW4SWXXIRWMSRIHGSRGVIXIMWSJXIRWXVIWWIHEXEKIW
JG ERH SJXSHE]WSVQSVIERHVIUYMVIWLMKLWXVIRKXLEXPEXIVEKIW
F
2SMRHMZMHYEPWXVIRKXLXIWXEZIVEKISJX[SG]PMRHIVW
+IRIVEPP] SRGI XLI IJJIGX SJ WIXVIXEVHMRK EHQM\XYVIW LEZI
JEPPWFIPS[JG F]QSVIXLERTWM14E
[LIR JG MW WYFWMHIHIEVP]EKIWXVIRKXLHIZIPSTQIRXGERFIWMKRMJM
TWM14E
SVPIWWSVF]QSVIXLERJG [LIRJG GERX 8LI STXMQYQ QEXIVMEPW ERH QM\XYVI TVSTSVXMSRW
MWQSVIXLERTWM14E
WIPIGXIH LS[IZIV QE] ZEV] JSV HMJJIVIRX XIWX EKIW *SV
;LIR JG I\GIIHWTWM14E
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 WW7%)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 WW7%)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]HVEXI1MRHIWWIXEP
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
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MR EGGSVHERGI [MXL %781 ''1 8IWXMRK JSV QM\IV SFXEMRIH[MXLXLIEKMXEXSVEPSRI
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JMVWXERHPEWX TSVXMSRSJXLIFEXGL7M\XIWXWEVIGSRHYGXIH GEWIW FI ZIV] WYMXEFPI JSV TYQT TPEGIQIRX 4YQTW EVI
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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
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XLI GSRGVIXI %W [MXL SXLIV QIXLSHW SJ XVERWTSVX TVSTIV VIGSQQIRHIH -R EVIEW [LIVI X[S HMJJIVIRX GSRGVIXIW EVI
TPERRMRKXMQMRKERHUYEPMX]GSRXVSPEVIIWWIRXMEP FIMRKYWIHMRGSPYQRERHJPSSVGSRWXVYGXMSRMXMWMQTSVXERX
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TPEGMRKIUYMTQIRXWLSYPHYRHIVKSVSYXMRIQEMRXIRERGIERH QEXIVMEPW WS XLEX TSXIRXMEP TVSTIVXMIW SJ XLI GSRGVIXI GER
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GSQTVIWWMZIWXVIWWHMWXVMFYXMSR7YGLERIUYMZEPIRXHMWXVMFYXMSR %'-JYRGXMSRJSV MWTPSXXIHJSVGSQTEVMWSR)UYEXMSRW
MWWTIGMJMGEPP]VIJIVIRGIHERHTIVQMXXIHMR%'-8[S GSVVIWTSRHMRKXSIEGLSJXLIWITVSTSWEPWQE]FIJSYRHF]
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8LIIJJIGXSJXLIWLETISJXLIGSQTVIWWMZIWXVIWWHMWXVMFYXMSR JPI\YVEPWXVIRKXLWJSV,7'FIEQW[MXLGSRGVIXIWXVIRKXLWSJ
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YRHIVVIMRJSVGIH FILEZMSV[MXL WMRKP] VIMRJSVGIHVIGXERKYPEV IWXMQEXI -X MW XLIVIJSVI WYKKIWXIH XLEX XLI I\MWXMRK %'-
WIGXMSRWERHWLS[WXLEXXLIGEPGYPEXIHJPI\YVEPGETEGMX]HIZMEXIW IUYMZEPIRXVIGXERKYPEVWXVIWWFPSGOMWEGGITXEFPIJSVYWIMRXLI
PMXXPIEWXLIWLETISJXLIWXVIWWFPSGOERHGSVVIWTSRHMRKZEPYI HIWMKRSJYRHIVVIMRJSVGIH,7'FIEQW
SJ MWZEVMIH*MKYVIWLS[WEGSQTEVMWSRSJJPI\YVEP *SV SZIVVIMRJSVGIH WIGXMSRW JEMPYVI SGGYVW [LIR XLI
WXVIRKXLWGEPGYPEXIHYWMRKXLI%'-IUYMZEPIRXVIGXERKYPEV GSRGVIXI VIEGLIW MXW YPXMQEXI WXVEMR MR GSQTVIWWMSR FIJSVI
WXVIWWFPSGOEXVMERKYPEVWXVIWWFPSGOERHEWXVIWWFPSGOFEWIH ]MIPHMRKSJXLIXIRWMPIVIMRJSVGIQIRX%WWYGLXLIWIGXMSRMW
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QMRMQYQXVERWZIVWIVIMRJSVGIQIRXSZIVEVERKISJGSRGVIXI /SYXGLSYOEPMERH&IPEVFM
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SVEPXIVREXMZIP]XLEXXLIEGXYEPGSRGVIXIGSQTVIWWMZIWXVIRKXL
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TIVQMXW E VIHMWXVMFYXMSR SJ XSVWMSREP QSQIRX XS EHNSMRMRK
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HIWMKR [MXL ,7' 8LI VIWYPXW SJ XLEX MRZIWXMKEXMSR EPWS FIMRKHIZIPSTIHRMWXLIRYQFIVSJWTPMGIHFEVWR!JSVE
MRHMGEXIHXLEXXLIXSVWMSREPWXVIRKXLSJXLIGVSWWWIGXMSR[EW WMRKPIFEV
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6 %'-'311-88))6)4368
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MRXLMWVITSVX8LIVIEHIVMWVIJIVVIHXS%'-6JSVEQSVI
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XLSVSYKLXVIEXQIRXSJXLIWYFNIGX
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FIEQW VIJPIGXMRK XLI HMJJIVIRX WLETI SJ XLI GSQTVIWWMZI QE] EX PIEWX FI UYIWXMSRIH VIGSKRM^MRK XLI WMKRMJMGERXP]
WXVIWWWXVEMRGYVZIEWWLS[RMR *MK*SVYRHIVVIMRJSVGIH PS[IV GVIIT GSIJJMGMIRX JSV ,7' -R EHHMXMSR GEPGYPEXMSRW
GSRGVIXIFIEQW[MXLWXVIRKXLGSRXVSPPIHF]XLI]MIPHWXVIRKXL WLSYPHMRGSVTSVEXIQIEWYVIHZEPYIWSJXLIQSHYPYWSJIPEWXMGMX]
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XLIRSQMREPJPI\YVEPWXVIRKXLMWSJPMXXPIMQTSVXERGIEWPSRKEW GSRGVIXI GSPYQRW WYTTSVXMRK MHIRXMGEP PSEHW [MPP LEZI
XLIMRXIVREPPIZIVEVQXSXLIGSQTVIWWMZIVIWYPXERXMWGPSWIXS VIHYGIHGVSWWWIGXMSRWERHXLYWEVIQSVIPMOIP]XSVIUYMVI
XLI XVYI ZEPYI 8LI GSRZIRXMSREP VIGXERKYPEV WXVIWW FPSGO GSRWMHIVEXMSRSJWPIRHIVRIWWIJJIGXW
WYKKIWXIH F] %'- ERH HMWGYWWIH MR 7IGXMSR ERH
IUYEXMSRWJSVHIXIVQMRMRKRSQMREPJPI\YVEPWXVIRKXLFEWIHSR ',%48)6{)'3231-''327-()6%8-327
XLIVIGXERKYPEVWXVIWWFPSGO[MPPRSVQEPP]FIWEXMWJEGXSV] {-RXVSHYGXMSR
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JEMPMRKMRJPI\YVEPGSQTVIWWMSRGERRSXFIEZSMHIH*SVQIQFIVW XSFIEWXEXISJXLIEVXQEXIVMEPERHPMOIQSWXWXEXISJXLIEVX
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GSRGVIXIVIEGLMRKMXWPMQMXMRKWXVEMR[LMPIXLIWXIIPSRXLIJEV JSVQER]YWIWXLIFIRIJMXWSJ,7'QSVIXLERGSQTIRWEXI
WMHISJXLIGSPYQRQE]FI[IPPFIPS[XIRWMPI]MIPHMRKSVQE] JSVXLIMRGVIEWIHGSWXWSJVE[QEXIVMEPWERHUYEPMX]GSRXVSP
VIQEMR MR GSQTVIWWMSREX XLI JEMPYVI PSEH *SV WYGL GEWIW SJ 8LMW GLETXIV GSRXEMRW WYQQEVMIW SJ WIZIVEP GSWX WXYHMIW
GSQTVIWWMSRGSRXVSPPIHFILEZMSVEQSVIEGGYVEXIVITVI EFSYXXLIYWISJ,7'EW[IPPEWEHMWGYWWMSREFSYXXLIIJJIGX
WIRXEXMSRSJXLIGSRGVIXIGSQTVIWWMZIWXVIWWFPSGOMWMQTSVXERX SJVE[QEXIVMEPWERHUYEPMX]GSRXVSPSRSZIVEPPGSWXW
WYGLXLEXXLIRIYXVEPE\MWPSGEXMSRXIRWMPIWXIIPWXVEMRERHXIRWMPI
WXIIPWXVIWWEVIEGGYVEXIP]GSQTYXIH {'SWXWXYHMIW
%'- 6 VITSVXW GSRJPMGXMRK I\TIVMQIRXEP VIWYPXW SZIV &YMPHMRKW{-R 'LMGEKSFEWIH WXVYGXYVEP
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GSQTMPIH GLEVXW
FPSGO ETTVSEGL MW EGGYVEXI JSV ,7' GSPYQRW 7SQI MRHMGEXMRK XLI GSWX SJ WYTTSVXMRK PF O2
SJ
VIWIEVGLIVWLEZIJSYRHXLI%'-ETTVSEGLXSSZIVIWXMQEXI WIVZMGIPSEHGEQIXSTIVWXSV][MXLTWM14E
XLI JPI\YVEP WXVIRKXL EX E KMZIR E\MEP PSEH -FVELMQ ERH GSRGVIXI[MXLTWM14E
GSRGVIXIERH
1EG+VIKSV
XIWXIH IGGIRXVMGEPP] PSEHIH ,7' [MXLTWM14E
GSRGVIXI
GSPYQRWERHJSYRHXLEXQSVIXLERLEPJSJXLIQJEMPIHEXJPI\ %VGLMXIGXYVEP6IGSVH
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VITSVXIHXLEX XLIXLVIWLSPHEX[LMGL%'- VIMRJSVGMRKWXIIPIUYEPXS SJXLIGSPYQREVIEJSVEKMZIR
FIGSQIWYRGSRWIVZEXMZIMWETTVS\MQEXIP]TWM14E
PSEH[LIVIEW XLIWEQI GSPYQR MR TWM [SYPH VIUYMVI
7IZIVEP VIJMRIQIRXW XS XLI IUYMZEPIRX VIGXERKYPEV WXVIWW SRP] WXIIP{XLIQMRMQYQEPPS[IHF]GSHIx
FPSGO ETTVSEGL YWIH F] %'- LEZI FIIR TVSTSWIH EW -R1SVIRSGSRHYGXIHETVMGMRKWXYH]HVEQEXMGEPP]
HMWGYWWIHMR7IGXMSR%XXEVHERH7XI[EVX%^M^MR HIQSRWXVEXMRKXLIGSWXEHZERXEKISJVITPEGMRKZIVXMGEPWXIIP
EQMRM IX EP '7% % -FVELMQ ERH 1EG+VIKSV VIMRJSVGIQIRX MR WLSVX XMIHGSPYQRW [MXL,7'8LMW WXYH]
2>7
8LI TVSTSWIH VIJMRIQIRXW KIRIVEPP] [EWQEHIJSVEMRQQ
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