FISCAL YEAR 2020 ANNUAL REPORT
CORPORATE HEADQUARTERS 12010 Sunset Hills Road Reston, VA 20190 www.saic.com
© SAIC. All rights reserved. DEAR FELLOW STOCKHOLDERS,
Nazzic S. Keene Chief Executive Officer
Fiscal year 2020 was an exciting year for SAIC with a refreshed strategy, the addition of Engility, and the continued commitment to make a profound difference supporting our customers’ missions through exceptional talent coupled with new capabilities, solutions, and technologies. With our refreshed strategy to guide us, SAIC took steps to become the $7.1 billion*, 25,500-employee company that we are today. With the addition of Engility and now Unisys Federal, we are well positioned to be the preferred technology partner for our customers powered by the best talent in the industry. In August, following a smooth transition of CEO responsibilities, I assumed the role of leading SAIC’s next steps in our journey to become the leading technology services provider to the U.S. government. I am honored to continue SAIC’s 50-year legacy and to serve our employees, customers, and stockholders. As CEO, I immediately focused on three areas: the successful integration of Engility, accelerating profitable revenue growth, and winning the war for talent. Throughout FY20, we made substantial progress in these areas and are well positioned to achieve our goals. This allowed us to make significant strides towards long-term growth in identified strategic areas, while preserving predictable growth from our core markets.
FY20 ANNUAL REPORT 01 * Pro forma trailing twelve months revenues as of SAIC’s FY20 Q4 and Unisys Federal’s FY19 Q4 Successful Engility Integration, Turning Focus to Unisys Federal PROVEN The successful acquisition and integration of Engility positions us well in the important strategic areas of national security and space. This is clearly PERFORMANCE demonstrated by contract awards, in these markets alone, of more than $2.8 billion Organic and acquisitive growth driven last year. We are essentially complete with the integration of Engility and have by the best talent in the industry, achieved almost all of the $75 million of net cost synergies; we have a few more differentiated solutions, and strategic synergies to realize in fiscal year 2021, but are well in advance of our initial plan. focus on market-driven areas. As I look ahead, I am confident we can successfully integrate Unisys Federal, and further accelerate SAIC’s position as the leader in IT modernization. With Engility and Unisys Federal fully integrated in the SAIC portfolio, we take a dominant SAIC FY20 PRO FORMA* position in two of the fastest growing segments in government—space and digital transformation.
Performance 6.4B $7.1B In FY20, we delivered strong profitability and cash generation that met or exceeded REVENUES REVENUES our performance goals. While revenue was essentially flat primarily due to revenue dis-synergies from the Engility acquisition, we improved adjusted EBITDA margins by 80 basis points and increased our year-over-year free cash flow by $281 million to $437 million. Our $15.3 billion of total contract backlog is the highest in the six-year history of the company and is a strong foundation for revenue growth. FY20’s strong business $437M 25,500 development results has positioned SAIC well for growth in FY21, while increasing FREE CASH FLOW EMPLOYEES our pipeline of opportunities in identified strategic markets. In FY21, I look to continue our accelerated, profitable growth by increasing organic investments in key strategic areas and leveraging our new market access and capabilities from the Engility and Unisys Federal acquisitions. Our work in space and the intelligence community have seen impressive recompete and new business contract wins against the backdrop of the Engility integration. 8.4% 55% It’s a great example of our team’s ability to embrace the exciting, expanded ADJUSTED EBITDA HOLD A SECURITY opportunities that are now available to SAIC, and our laser-focus to bring mission- MARGIN CLEARANCE critical technologies and specialized expertise to our customers.
Employee Experience We are a company of 25,500 talented and dedicated employees. We attract and retain the best talent by fostering a purpose-driven, mission-focused, inclusive, and flexible working environment. We are also proud of our strong culture that encourages our employees to make a difference inside and outside the workplace. In FY20, we laid the foundation for several new or improved programs focused 7,700 on the employee experience to set us apart from our competitors. With our highly TECHNICAL CERTIFICATIONS/ ACCREDITATION skilled technical talent and increased workforce competition across our industry, retention is critical to our company. Our employee experience initiatives reflect an enhanced emphasis on flexibility, and empowering our people to manage their work schedules and leave time, including an optional flexible 9/80 work schedule with alternate Fridays off. We have already seen a positive impact with these initiatives. DOMINANT SAIC is deeply committed to an inclusive and diverse workplace. I am proud to lead a premier technology company with 50 percent of the board of directors consisting of women, and inclusion is encouraged at all levels of the organization. POSITION Our programs provide a voice and sense of community to our diverse population. IN FASTEST GROWING SEGMENTS: SPACE AND DIGITAL We strive for a work environment where employees are engaged, motivated, and TRANSFORMATION fulfilled by their careers at SAIC.
* Pro forma trailing twelve months revenues as of SAIC’s FY20 Q4 and Unisys Federal’s FY19 Q4
The Future The spread of the COVID-19 virus has quickly altered many aspects of our lives, but I am confident that, as a nation, we will remain resilient and will overcome this challenge. Due to the nature of our business, we have seen minimal impact to our operations to date as we leverage our strong IT infrastructure and partner with customers who have largely accommodated our ability to support their missions remotely. The government services market is very resilient to challenges. We have mission-essential work, long-term contracts, a flexible operating model and cost structure, and financially-stable and supportive government customers. Moreover, the cloud-based services, automation capabilities, predictive analytics, and other advanced solutions SAIC provides our government customers are more critical than ever as our nation addresses and eventually recovers successfully from the pandemic. More than ever, we are in a strong position to grow across our portfolio, especially in strategic markets such as space and intelligence, and by driving digital transformation for the U.S. government through IT modernization and digital engineering solutions. With greater customer access and technology leadership in differentiated solutions, we are poised to convert opportunities to revenue growth, capture value from synergies, and substantially increase our profit margins and cash flow generation. We will prioritize the most compelling opportunities by focusing on a few market-driven areas that include:
• Space systems and mission engineering that takes advantage of SAIC’s leadership and ensures our nation’s dominance and resilience in space; • Mission engineering and integration across the Department of Defense’s systems modernization communities to ensure our nation has the most advanced technologies to stay ahead of our adversaries; • And, modernizing and managing our nation’s critical IT and enterprise infrastructure to gain efficiencies with digital transformation and cloud solutions, improve cybersecurity, enable increased analytics, and improve the citizen experience. We are at the forefront of where our customers are going and they look to us to deliver on their important missions. Our strengthened commitment to our refreshed strategy will continue to guide us as we look to make a profound difference for all of our customers, employees, and stockholders.
Nazzic S. Keene CHIEF EXECUTIVE OFFICER PURPOSE-DRIVEN ORGANIZATION A culture that is inclusive, embraces flexible working environment and encourages employees to make a difference inside and outside the workplace. $420K $325K+ $50K RAISED BY HOMES FOR EIGHT WOUNDED VETERAN SCHOLARSHIPS TO SUPPORT CAREERS EMPLOYEES HEROES AND THEIR FAMILIES IN CYBERSECURITY FOR VETERANS #1 LGBTQ INDUSTRY WOMEN ON PUBLIC COMPANY BOARDS IN GREATER D.C. EQUALITY INNOVATOR AWARD BEST PLACE TO WORK INTERNET OF BATTLEFIELD THINGS
SAIC volunteers welcome Lt. Patrick Ferguson and his family to their new home FY20 ANNUAL REPORT in Virginia Beach, Va. at their December 2019 Home Dedication Ceremony. 03 FISCAL YEAR 2020 FINANCIAL HIGHLIGHTS
FISCAL YEAR ENDED January 31, 2020 February 1, 2019 February 2, 2018
Revenues $ 6,379 $ 4,659 $ 4,454
Cost of revenues 5,673 4,195 4,043
Selling, general and administrative expenses 288 158 155
Acquisition and integration costs 48 86 0
Operating income 370 220 256
As a percentage of revenues 5.8% 4.7% 5.7%
Interest expense 90 53 44
Other (income) expense, net (6) (3) (2)
Provision for income taxes (57) (33) (35)
Net income $ 229 $ 137 $ 179
Net income attributable to common stockholders $ 226 $ 137 $ 179
Cash flows from operating activities $ 458 $ 184 $ 217
Total backlog $ 15,317 $ 13,801 $ 10,227
Total stockholders’ equity $ 1,427 $ 1,499 $ 327
Outstanding shares of common stock (1) 57.8 59.3 42.3
Number of employees (approximate) 24,000 (2) 23,000 (2) 15,000
Adjusted EBITDA (3) $ 538 $ 353 $ 313
As a percentage of revenues (3) 8.4% 7.6% 7.0%
Diluted earnings per share $ 3.83 $ 3.11 $ 4.02
(In millions, except employees and per share amounts)
(1) Outstanding shares of common stock is as of March 6, 2020, March 8, 2019, and March 9, 2018 for fiscal 2020, fiscal 2019 and fiscal 2018, respectively. (2) Number of employees include Forfeiture Support Associates, a joint venture between SAIC and Amentum, where SAIC is the majority interest holder and consolidates financials. (3) Adjusted EBITDA and adjusted EBITDA as a percentage of revenues are non-GAAP financial measures. For more information regarding these measures, including a reconciliation to the most directly comparable GAAP financial measure, see Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report. 6/*5&%45"5&4 4&$63*5*&4"/%&9$)"/(&$0..*44*0/ 8BTIJOHUPO %$
'PSN,
.BSL0OF
` "//6"-3&103516346"/5504&$5*0/03 E 0'5)&4&$63*5*&4&9$)"/(&"$50' 'PSUIFGJTDBMZFBSFOEFE+BOVBSZ PS a 53"/4*5*0/3&103516346"/5504&$5*0/03 E 0'5)&4&$63*5*&4&9$)"/(&"$50' 'PSUIFUSBOTJUJPOQFSJPEGSPNUP
4UBUFPSPUIFS KVSJTEJDUJPOPG $PNNJTTJPO &YBDU/BNFPG3FHJTUSBOUBT4QFDJGJFEJOJUT$IBSUFS "EESFTT JODPSQPSBUJPOPS *34&NQMPZFS 'JMF/VNCFS PG1SJODJQBM&YFDVUJWF0GGJDFTBOE5FMFQIPOF/VNCFS PSHBOJ[BUJPO *EFOUJGJDBUJPO/P 4DJFODF"QQMJDBUJPOT %FMBXBSF *OUFSOBUJPOBM$PSQPSBUJPO
4VOTFU)JMMT3PBE 3FTUPO 7"
4FDVSJUJFTSFHJTUFSFEQVSTVBOUUP4FDUJPO C PGUIF"DU
5JUMFPGFBDIDMBTT 5SBEJOH4ZNCPM T /BNFPGFBDIFYDIBOHFPOXIJDISFHJTUFSFE 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO 4"*$ /FX:PSL4UPDL&YDIBOHF $PNNPO4UPDL 1BS7BMVF1FS4IBSF 4FDVSJUJFTSFHJTUFSFEQVSTVBOUUP4FDUJPO H PGUIF"DU/POF
*OEJDBUFCZDIFDLNBSLJGUIFSFHJTUSBOUJTBXFMMLOPXOTFBTPOFEJTTVFS BTEFGJOFEJO3VMFPGUIF4FDVSJUJFT"DU :FT ` /P a *OEJDBUFCZDIFDLNBSLJGUIFSFHJTUSBOUJTOPUSFRVJSFEUPGJMFSFQPSUTQVSTVBOUUP4FDUJPOPS4FDUJPO E PGUIF"DU :FT a /P ` *OEJDBUFCZDIFDLNBSLXIFUIFSUIFSFHJTUSBOU IBTGJMFEBMMSFQPSUTSFRVJSFEUPCFGJMFECZ4FDUJPOPS E PGUIF 4FDVSJUJFT&YDIBOHF"DUPGEVSJOHUIFQSFDFEJOHNPOUIT PSGPSTVDITIPSUFSQFSJPEUIBUUIFSFHJTUSBOUXBT SFRVJSFEUPGJMFTVDISFQPSUT BOE IBTCFFOTVCKFDUUPTVDIGJMJOHSFRVJSFNFOUTGPSUIFQBTUEBZT :FT ` /P a *OEJDBUFCZDIFDLNBSLXIFUIFSUIFSFHJTUSBOUIBTTVCNJUUFEFMFDUSPOJDBMMZFWFSZ*OUFSBDUJWF%BUB'JMFSFRVJSFEUPCF TVCNJUUFEQVSTVBOUUP3VMFPG3FHVMBUJPO45 `PGUIJTDIBQUFS EVSJOHUIFQSFDFEJOHNPOUIT PSGPSTVDI TIPSUFSQFSJPEUIBUUIFSFHJTUSBOUXBTSFRVJSFEUPTVCNJUTVDIGJMFT :FT ` /P a *OEJDBUFCZDIFDLNBSLXIFUIFSUIFSFHJTUSBOUJTBMBSHFBDDFMFSBUFEGJMFS BOBDDFMFSBUFEGJMFS BOPOBDDFMFSBUFEGJMFS TNBMMFSSFQPSUJOHDPNQBOZPSBOFNFSHJOHHSPXUIDPNQBOZ4FFUIFEFGJOJUJPOTPGaMBSHFBDDFMFSBUFEGJMFS baBDDFMFSBUFE GJMFS baTNBMMFSSFQPSUJOHDPNQBOZbBOEaFNFSHJOHHSPXUIDPNQBOZbJO3VMFCPGUIF&YDIBOHF"DU
-BSHFBDDFMFSBUFEGJMFS ` "DDFMFSBUFEGJMFS a /POBDDFMFSBUFEGJMFS a 4NBMMFSSFQPSUJOHDPNQBOZ a &NFSHJOHHSPXUIDPNQBOZ a
*GBOFNFSHJOHHSPXUIDPNQBOZ JOEJDBUFCZDIFDLNBSLJGUIFSFHJTUSBOUIBTFMFDUFEOPUUPVTFUIFFYUFOEFEUSBOTJUJPOQFSJPEGPSDPNQMZJOH XJUIBOZOFXPSSFWJTFEGJOBODJBMBDDPVOUJOHTUBOEBSETQSPWJEFEQVSTVBOUUP4FDUJPO B PGUIF&YDIBOHF"DUa
*OEJDBUFCZDIFDLNBSLXIFUIFSUIFSFHJTUSBOUJTBTIFMMDPNQBOZ BTEFGJOFEJO3VMFCPGUIF"DU :FT a /P ` "TPG"VHVTU UIFMBTUCVTJOFTTEBZPGUIFSFHJTUSBOUcTNPTUSFDFOUMZDPNQMFUFETFDPOERVBSUFS UIFBHHSFHBUFNBSLFUWBMVFPGUIF SFHJTUSBOUcTDPNNPOTUPDL CBTFEVQPOUIFDMPTJOHTUPDLQSJDF IFMECZOPOBGGJMJBUFTXBTCJMMJPO 5IFOVNCFSPGTIBSFTJTTVFEBOEPVUTUBOEJOHPGUIFSFHJTUSBOUcTDPNNPOTUPDLBTPG.BSDI XBT TIBSFT QBS WBMVFQFSTIBSF %0$6.&/54*/$03103"5&%#:3&'&3&/$& 1PSUJPOTPG4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPOcT%FGJOJUJWF1SPYZ4UBUFNFOUGPSUIF"OOVBM.FFUJOHPG4UPDLIPMEFSTBSF JODPSQPSBUFECZSFGFSFODFJO1BSU***PGUIJTSFQPSU 4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ '03., 5"#-&0'$0/5&/54
1BHF 1BSU* *UFN #VTJOFTT *UFN" 3JTL'BDUPST *UFN# 6OSFTPMWFE4UBGG$PNNFOUT *UFN 1SPQFSUJFT *UFN -FHBM1SPDFFEJOHT *UFN .JOF4BGFUZ%JTDMPTVSFT 1BSU** *UFN .BSLFUGPS3FHJTUSBOUcT$PNNPO&RVJUZ 3FMBUFE4UPDLIPMEFS.BUUFSTBOE*TTVFS1VSDIBTFTPG &RVJUZ4FDVSJUJFT *UFN 4FMFDUFE'JOBODJBM%BUB *UFN .BOBHFNFOUc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
J 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
1BSU*
*UFN#VTJOFTT
5IF$PNQBOZ
4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO IFSFJOSFGFSSFEUPBTa4"*$ bUIFa$PNQBOZ baXF baVT bPSaPVSb JTB MFBEJOHQSPWJEFSPGUFDIOJDBM FOHJOFFSJOHBOEFOUFSQSJTFJOGPSNBUJPOUFDIOPMPHZ *5 TFSWJDFTQSJNBSJMZUPUIF 64HPWFSONFOU8FQSPWJEFFOHJOFFSJOH TZTUFNTJOUFHSBUJPOBOEJOGPSNBUJPOUFDIOPMPHZPGGFSJOHTGPSMBSHF DPNQMFYHPWFSONFOUQSPKFDUTBOEPGGFSBCSPBESBOHFPGTFSWJDFTXJUIBUBSHFUFEFNQIBTJTPOIJHIFSFOE EJGGFSFOUJBUFEUFDIOPMPHZTFSWJDFT0VSFOEUPFOEFOUFSQSJTF*5PGGFSJOHTTQBOUIFFOUJSFTQFDUSVNPGPVS DVTUPNFST*5JOGSBTUSVDUVSF
0VSCVTJOFTTIBTBMPOHBOETVDDFTTGVMIJTUPSZPGPWFSZFBSTTFSWJOHBMMCSBODIFT "SNZ "JS'PSDF /BWZ .BSJOFTBOE$PBTU(VBSE BOEBHFODJFTPGUIF%FQBSUNFOUPG%FGFOTF /BUJPOBM"FSPOBVUJDTBOE4QBDF "ENJOJTUSBUJPO /"4" 64%FQBSUNFOUPG4UBUF %FQBSUNFOUPG+VTUJDFBOETFWFSBMTFOTJUJWFJOUFMMJHFODF DPNNVOJUZBHFODJFT0VSMPOHTUBOEJOHDVTUPNFSSFMBUJPOTIJQTIBWFFOBCMFEVTUPBDIJFWFBOJOEFQUI VOEFSTUBOEJOHPGPVSDVTUPNFSTcNJTTJPOTBOEQSPWJEFEJGGFSFOUJBUFETFSWJDFPGGFSJOHTUPNFFUPVSDVTUPNFSTcNPTU DPNQMFYSFRVJSFNFOUT0VSPGGFSJOHTJODMVEFFOHJOFFSJOH UFDIOPMPHZJOUFHSBUJPO NBJOUFOBODFPGHSPVOEBOE NBSJUJNFTZTUFNT MPHJTUJDT USBJOJOHBOETJNVMBUJPO PQFSBUJPOBOEQSPHSBNTVQQPSUTFSWJDFT BOEFOEUPFOE TFSWJDFTTQBOOJOHUIFEFTJHO EFWFMPQNFOU JOUFHSBUJPO EFQMPZNFOU NBOBHFNFOUBOEPQFSBUJPOT TVTUBJONFOU BOETFDVSJUZPGPVSDVTUPNFSTcFOUJSF*5JOGSBTUSVDUVSF8FTFSWFPVSDVTUPNFSTUISPVHIBQQSPYJNBUFMZ BDUJWF DPOUSBDUTBOEUBTLPSEFST8FIBWFBQQSPYJNBUFMZ FNQMPZFFTUIBUBSFMFECZBOFYQFSJFODFEFYFDVUJWF UFBNPGQSPWFOJOEVTUSZMFBEFST
0O+BOVBSZ XFDPNQMFUFEUIFBDRVJTJUJPOPG&OHJMJUZ)PMEJOHT *OD DPMMFDUJWFMZXJUIJUTDPOTPMJEBUFE TVCTJEJBSJFT &OHJMJUZ XIJDIQSPWJEFTJODSFBTFEDVTUPNFSBOENBSLFUBDDFTT BTXFMMBTJODSFBTFETDBMFJO TUSBUFHJDCVTJOFTTBSFBTPGOBUJPOBMJOUFSFTU TVDIBTEFGFOTF GFEFSBMDJWJMJBOBHFODJFT JOUFMMJHFODFBOETQBDF
4VCTFRVFOUUPUIFFOEPGGJTDBM PO.BSDI XFDPNQMFUFEUIFBDRVJTJUJPOPG6OJTZT'FEFSBM BO PQFSBUJOHVOJUXJUIJO6OJTZT$PSQPSBUJPO6OJTZT'FEFSBMJTBQSPWJEFSPGJOGPSNBUJPOUFDIOPMPHZTFSWJDFTUPBWBSJFUZ PG64GFEFSBMHPWFSONFOUDVTUPNFSTJOGFEFSBMDJWJMJBO EFGFOTF BOEJOUFMMJHFODFBHFODJFT5IFBDRVJTJUJPOPG 6OJTZT'FEFSBMFOIBODFTPVSDBQBCJMJUJFTJOHPWFSONFOUQSJPSJUZBSFBT FYQBOETPVSQPSUGPMJPPGJOUFMMFDUVBMQSPQFSUZ BOEUFDIOPMPHZESJWFOPGGFSJOHT BOEJODSFBTFTPVSBDDFTTUPDVSSFOUBOEOFXDVTUPNFST
0VSDPSFTUSFOHUITIBWFTVQQPSUFEPVSTVDDFTTGVMQFSGPSNBODFPOQSPHSBNTPGOBUJPOBMJNQPSUBODF5IPTF TUSFOHUITJODMVEF
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
'VMM-JGF$ZDMF0GGFSJOHT8FJOUFHSBUFUFDIOPMPHJFTBOEEFMJWFSTFSWJDFTUIBUQSPWJEFPVSDVTUPNFSTXJUI TFBNMFTTFOEUPFOETPMVUJPOT0VSFYQFSUJTFJODMVEFTJOJUJBMSFRVJSFNFOUTEFGJOJUJPO EFWFMPQNFOUBOE JOUFHSBUJPOTFSWJDFT USBJOJOH MPHJTUJDTBOETVTUBJONFOU5IFTFGVMMMJGFDZDMFPGGFSJOHT DPNCJOFEXJUIEFFQ DVTUPNFSLOPXMFEHF BMMPXVTUPNPSFFGGFDUJWFMZTVQQPSUPVSDVTUPNFSTcNJTTJPOT
4JHOJGJDBOU4DBMFBOE%JWFSTJGJFE$POUSBDU#BTF8JUIBQQSPYJNBUFMZCJMMJPOJOSFWFOVFJOGJTDBM XF BSFPOFPGUIFMBSHFTUQVSFQMBZUFDIOJDBMTFSWJDFQSPWJEFSTUPUIF64HPWFSONFOU0VSTJHOJGJDBOUTDBMF BEWBOUBHFFOBCMFTVTUPTFSWFBTBQSJNFTZTUFNTJOUFHSBUPSPOMBSHF DPNQMFYQSPHSBNTBOEUPBMMPDBUF SFTPVSDFTUPXBSEGVSUIFSEFWFMPQJOHBOEFYQBOEJOHPVSSFQFBUBCMF QSPWFOTPMVUJPOTBOEEJGGFSFOUJBUFE UFDIOJDBMDBQBCJMJUJFT0VSEJWFSTJGJFESFWFOVFCBTFDPOTJTUTPGQSPHSBNTSBOHJOHGSPNSFTFBSDIBOE EFWFMPQNFOUUPPQFSBUJPOTBOENBJOUFOBODF
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
5FDIOJDBM&YQFSUT-FECZ&YQFSJFODFE.BOBHFNFOU5IFRVBMJUZ USBJOJOHBOELOPXMFEHFPGPVSFNQMPZFFTBSF JNQPSUBOUDPNQFUJUJWFBTTFUT0VSTLJMMFEXPSLGPSDFSBOHFTGSPNFOUSZMFWFMUFDIOJDJBOTUPFYQFSUMFWFM QSPGFTTJPOBMTJOOFUXPSLFOHJOFFSJOH TPGUXBSFEFTJHOBOEEFWFMPQNFOU MPHJTUJDT UFDIOPMPHZJOUFHSBUJPOBOE TZTUFNTFOHJOFFSJOH"EEJUJPOBMMZ UIFNBKPSJUZPGPVSXPSLGPSDFIPMETBOBDUJWFTFDVSJUZDMFBSBODF XIJDIJT SFRVJSFEPONBOZPGPVSFYJTUJOHQSPHSBNTBOEGVUVSFQSPHSBNPQQPSUVOJUJFT
0VSXPSLGPSDFJTMFECZBUBMFOUFEBOEFYQFSJFODFETFOJPSMFBEFSTIJQUFBNXJUIBMPOHIJTUPSZPGTPMWJOHPVS DVTUPNFSTcNPTUEJGGJDVMUDIBMMFOHFT0VSFYFDVUJWFUFBNDPOTJTUTPGNFNCFSTXIPIBWFTFSWFEBTTFOJPS MFBEFSTJOQVCMJDDPNQBOJFTBOEBSFSFDPHOJ[FEBTMFBEFSTJOUIFJSSFTQFDUJWFNBSLFUTCZDVTUPNFSTBOE QBSUOFST
3FQFBUBCMF.FUIPEPMPHJFTBOE$FSUJGJFE1SPDFTTFT0VSUFDIOJDBMFYDFMMFODFJTESJWFOCZPVSQSPWFO SFQFBUBCMF EJTDJQMJOFEQSPDFTTFTGPSNBOBHFNFOU FOHJOFFSJOH UFDIOJDBMTVQQPSUBOETFSWJDFT8FEFQMPZ PVSUPPMTBOEQSPDFTTFTFOUFSQSJTFXJEFBOEFNQIBTJ[FBDPOTJTUFOUBQQSPBDIUPQMBOOJOH EFTJHOJOH BOE EFMJWFSJOHTPMVUJPOTBOETFSWJDFTUPPVSDVTUPNFST8FIPMEDFSUJGJDBUJPOTGSPNUIF*OUFSOBUJPOBM0SHBOJ[BUJPO GPS4UBOEBSEJ[BUJPO JODMVEJOH*40 *40*&$ *40BOE"4% BOE GSPNUIF$BQBCJMJUZ.BUVSJUZ.PEFM*OUFHSBUJPO*OTUJUVUFBTB$..*d%&7.BUVSJUZ-FWFMPSHBOJ[BUJPOBOE $..*d47$.BUVSJUZ-FWFMGPS"SNZ1SPHSBNTXJUI4USBUFHJD(PBMTGPS#FTU1SBDUJDF4FSWJDF%FMJWFSZ
5IF$PNQBOZJTPSHBOJ[FEBTBNBUSJYDPNQSJTFEPGUISFFDVTUPNFSGBDJOHPQFSBUJOHTFHNFOUTTVQQPSUFECZB TPMVUJPOTBOEUFDIOPMPHZHSPVQ5IFUISFFPQFSBUJOHTFHNFOUTBSFSFTQPOTJCMFGPSDVTUPNFSSFMBUJPOTIJQT CVTJOFTT EFWFMPQNFOUBOEQSPHSBNNBOBHFNFOU BOEEFMJWFSZBOEFYFDVUJPO XIJMFUIFTPMVUJPOTBOEUFDIOPMPHZHSPVQ PSHBOJ[BUJPONBOBHFTUIFEFWFMPQNFOUPGPVSPGGFSJOHT TPMVUJPOTBOEDBQBCJMJUJFT&BDIPGUIF$PNQBOZcTUISFF PQFSBUJOHTFHNFOUTJTGPDVTFEPOQSPWJEJOHUIF$PNQBOZcTDPNQSFIFOTJWFUFDIOJDBM FOHJOFFSJOHBOEFOUFSQSJTF*5 TFSWJDFPGGFSJOHTUPPOFPSNPSFBHFODJFTPGUIF64GFEFSBMHPWFSONFOU5IF$PNQBOZTPQFSBUJOHTFHNFOUTBSF BHHSFHBUFEJOUPPOFSFQPSUBCMFTFHNFOUGPSGJOBODJBMSFQPSUJOHQVSQPTFT
'PSBEEJUJPOBMEJTDVTTJPOBOEBOBMZTJTSFMBUFEUPSFDFOUCVTJOFTTEFWFMPQNFOUT TFFa&DPOPNJD0QQPSUVOJUJFT $IBMMFOHFTBOE3JTLTbJOa.BOBHFNFOUcT%JTDVTTJPOBOE"OBMZTJTPG'JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOTb JO1BSU**PGUIJTSFQPSU
,FZ$VTUPNFST
*OFBDIPGGJTDBM BOE PWFSPGPVSUPUBMSFWFOVFTXFSFBUUSJCVUBCMFUPQSJNFDPOUSBDUTXJUIUIF 64HPWFSONFOUPSUPTVCDPOUSBDUTXJUIPUIFSDPOUSBDUPSTFOHBHFEJOXPSLGPSUIF64HPWFSONFOU4VCTUBOUJBMMZ BMMPGPVSSFWFOVFTXFSFFBSOFECZFOUJUJFTMPDBUFEJOUIF6OJUFE4UBUFT
5IF64"SNZBOE64/BWZFBDIHFOFSBUFENPSFUIBOPGPVSSFWFOVFTEVSJOHFBDIPGUIFMBTUUISFFGJTDBM ZFBST5IFQFSDFOUBHFTPGUPUBMSFWFOVFTGPSUIF64HPWFSONFOU JUTBHFODJFTBOEPUIFSDVTUPNFST JODMVEJOH UIPTFDPNQSJTJOHNPSFUIBOPGUPUBMSFWFOVFTGPSFBDIPGUIFQFSJPETQSFTFOUFEXFSFBQQSPYJNBUFMZ
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ 64"SNZ 64/BWZ 0UIFS%P% 0UIFSGFEFSBMHPWFSONFOU 5PUBM64HPWFSONFOU 0UIFS 5PUBM
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
3FHVMBUJPO
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
5IF64HPWFSONFOUIBTUIFBCJMJUZUPDBODFMDPOUSBDUTBUBOZUJNFUISPVHIBUFSNJOBUJPOGPSUIFDPOWFOJFODFPGUIF 64HPWFSONFOU.PTUPGPVSDPOUSBDUTIBWFDBODFMMBUJPOUFSNTUIBUXPVMEQFSNJUVTUPSFDPWFSBMMPSBQPSUJPOPG PVSJODVSSFEDPTUTBOEDPOUSBDUQSPGJUGPSXPSLQFSGPSNFEXIFOUIF64HPWFSONFOUJTTVFTBUFSNJOBUJPOGPS DPOWFOJFODF
4PNFPGPVSPQFSBUJPOTBOETFSWJDFPGGFSJOHTJOWPMWFPVSBDDFTTUPBOEVTFPGQFSTPOBMMZJEFOUJGJBCMFJOGPSNBUJPO BOEQSPUFDUFEIFBMUIJOGPSNBUJPO XIJDIBDUJWJUJFTBSFSFHVMBUFECZFYUFOTJWFGFEFSBMBOETUBUFQSJWBDZBOEEBUB TFDVSJUZMBXTSFRVJSJOHPSHBOJ[BUJPOTUPQSPWJEFDFSUBJOQSJWBDZQSPUFDUJPOTBOETFDVSJUZTBGFHVBSETGPSTVDI JOGPSNBUJPO
*OUFSOBUJPOBMMZ XFBSFTVCKFDUUPGPSFJHOHPWFSONFOUMBXTBOESFHVMBUJPOT BOE64HPWFSONFOUMBXT SFHVMBUJPOT BOEQSPDVSFNFOUQPMJDJFTBOEQSBDUJDFT JODMVEJOHMBXTBOESFHVMBUJPOTSFMBUJOHUPCSJCFSZPGGPSFJHOHPWFSONFOU PGGJDJBMT JNQPSUBOEFYQPSUDPOUSPM JOWFTUNFOUT FYDIBOHFDPOUSPMTBOESFQBUSJBUJPOPGFBSOJOHT 8FBSFBMTP TVTDFQUJCMFUPWBSZJOHQPMJUJDBMBOEFDPOPNJDSJTLT
*OPSEFSUPIFMQFOTVSFDPNQMJBODFXJUIUIFTFDPNQMFYMBXTBOESFHVMBUJPOT XFIBWFFTUBCMJTIFEQPMJDJFTBOE QSPDFEVSFTUIBUBEESFTTPVSBQQSPBDIUPNFFUJOHUIFTFSFRVJSFNFOUTBOEBMTPBENJOJTUFSBSPCVTUFUIJDTBOE DPNQMJBODFUSBJOJOHQSPHSBNUPNBJOUBJOBDPNQMJBODFPSJFOUFEXPSLGPSDF
5IFTFSFHVMBUJPOTBOESJTLTBGGFDUJOHPVSCVTJOFTTBSFEFTDSJCFEJONPSFEFUBJMVOEFSa3JTL'BDUPSTbJOUIJTSFQPSU
$POUSBDUT
8FNVTUDPNQMZXJUIBOEBSFBGGFDUFECZMBXTBOESFHVMBUJPOTSFMBUJOHUPUIFGPSNBUJPO BENJOJTUSBUJPOBOE QFSGPSNBODFPG64HPWFSONFOUBOEPUIFSDPOUSBDUT5IF64HPWFSONFOUQSPDVSFNFOUFOWJSPONFOUIBTFWPMWFE EVFUPTUBUVUPSZBOESFHVMBUPSZQSPDVSFNFOUSFGPSNJOJUJBUJWFT#VEHFUBSZQSFTTVSFTBOESFGPSNTJOUIFQSPDVSFNFOU QSPDFTTIBWFJODSFBTJOHMZDBVTFENBOZ64HPWFSONFOUBHFODJFTUPQVSDIBTFTFSWJDFTBOETPMVUJPOTVTJOH DPOUSBDUJOHQSPDFTTFTUIBUHJWFUIFNUIFBCJMJUZUPTFMFDUNVMUJQMFXJOOFSTPSQSFRVBMJGZDFSUBJODPOUSBDUPSTUP QSPWJEFWBSJPVTTFSWJDFTPSTPMVUJPOTPOFTUBCMJTIFEHFOFSBMUFSNTBOEDPOEJUJPOTSBUIFSUIBOUISPVHITJOHMFBXBSE DPOUSBDUT5IFQSFEPNJOBOUDPOUSBDUJOHNFUIPETUISPVHIXIJDI64HPWFSONFOUBHFODJFTQSPDVSFTFSWJDFTBOE TPMVUJPOTJODMVEFUIFGPMMPXJOH
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
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
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aHPWFSONFOUXJEFBDRVJTJUJPODPOUSBDUTb*%*2DPOUSBDUTPGUFOIBWFNVMUJZFBSUFSNTBOE VOGVOEFEDFJMJOHBNPVOUTUIBUFOBCMF CVUOPUDPNNJU UIF64HPWFSONFOUUPQVSDIBTFTVCTUBOUJBMBNPVOUT PGTFSWJDFTPSTPMVUJPOTGSPNPOFPSNPSFDPOUSBDUPST"UUIFUJNFBO*%*2DPOUSBDUJTBXBSEFE QSJPSUPUIF MFUUJOHPGBOZUBTLPSEFST BDPOUSBDUPSNBZIBWFMJNJUFEPSOPWJTJCJMJUZBTUPUIFVMUJNBUFBNPVOUPGTFSWJDFTPS TPMVUJPOTUIBUUIF64HPWFSONFOUXJMMQVSDIBTFVOEFSUIFDPOUSBDU BOE JOUIFDBTFPGBNVMUJBXBSE*%*2 UIF DPOUSBDUPSGSPNXIJDITVDIQVSDIBTFTNBZCFNBEF
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
$POUSBDU5ZQFT
(FOFSBMMZ UIFUZQFPGDPOUSBDUVTFEGPSUIFBDRVJTJUJPOPGPVSTFSWJDFTBOETPMVUJPOTJTEFUFSNJOFECZPSOFHPUJBUFE XJUIUIF64HPWFSONFOUBOENBZEFQFOEPODFSUBJOGBDUPST JODMVEJOHUIFUZQFBOEDPNQMFYJUZPGUIFXPSLUPCF QFSGPSNFE EFHSFFBOEUJNJOHPGUIFSFTQPOTJCJMJUZUPCFBTTVNFECZUIFDPOUSBDUPSGPSUIFDPTUTPGQFSGPSNBODF UIF FYUFOUPGQSJDFDPNQFUJUJPO BOEUIFBNPVOUBOEOBUVSFPGUIFQSPGJUJODFOUJWFPGGFSFEUPUIFDPOUSBDUPSGPSBDIJFWJOH PSFYDFFEJOHTQFDJGJFETUBOEBSETPSHPBMT8FHFOFSBUFSFWFOVFTVOEFSTFWFSBMUZQFTPGDPOUSBDUT JODMVEJOHUIF GPMMPXJOH
e $PTUSFJNCVSTFNFOUDPOUSBDUTQSPWJEFGPSSFJNCVSTFNFOUPGPVSEJSFDUDPOUSBDUDPTUTBOEBMMPDBCMFJOEJSFDU DPTUT QMVTBGFF DPOUSBDUQSPGJU 5IJTUZQFPGDPOUSBDUJTHFOFSBMMZVTFEXIFOVODFSUBJOUJFTJOWPMWFEJO DPOUSBDUQFSGPSNBODFEPOPUQFSNJUDPTUTUPCFFTUJNBUFEXJUITVGGJDJFOUBDDVSBDZUPVTFBGJYFEQSJDF DPOUSBDU$PTUSFJNCVSTFNFOUDPOUSBDUTVTVBMMZTVCKFDUVTUPMPXFSSJTLBOEHFOFSBMMZSFRVJSFVTUPVTFPVS CFTUFGGPSUTUPBDDPNQMJTIUIFTDPQFPGUIFXPSLXJUIJOBTQFDJGJFEUJNFBOEBNPVOUPGDPTUT
e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
e 'JSNGJYFEQSJDF ''1 DPOUSBDUTQSPWJEFGPSBQSFEFUFSNJOFEQSJDFGPSTQFDJGJDTPMVUJPOT5IFTFDPOUSBDUTPGGFS VTQPUFOUJBMJODSFBTFEQSPGJUTJGXFDBODPNQMFUFUIFXPSLBUMPXFSDPTUTUIBOQMBOOFE8IJMF''1DPOUSBDUT BMMPXVTUPCFOFGJUGSPNDPTUTBWJOHT UIFTFDPOUSBDUTBMTPJODSFBTFPVSFYQPTVSFUPSFEVDFEQSPGJUTPSMPTTFT GSPNJODSFBTFEPSVOFYQFDUFEDPTUT
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a0UIFS,FZ1FSGPSNBODF.FBTVSFTf$POUSBDU5ZQFTbJOa.BOBHFNFOUcT%JTDVTTJPOBOE "OBMZTJTPG'JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOTbJO1BSU**PGUIJTSFQPSU
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
4FMFDUFE'JOBODJBM%BUB
4FFa4FMFDUFE'JOBODJBM%BUBbJO1BSU**PGUIJTSFQPSU
#BDLMPH
#BDLMPHSFQSFTFOUTUIFFTUJNBUFEBNPVOUPGGVUVSFSFWFOVFTUPCFSFDPHOJ[FEVOEFSOFHPUJBUFEDPOUSBDUTBTXPSL JTQFSGPSNFE0VSCBDLMPHDPOTJTUTPGGVOEFECBDLMPHBOEOFHPUJBUFEVOGVOEFECBDLMPH"U+BOVBSZ BOE 'FCSVBSZ PVSUPUBMCBDLMPHXBTCJMMJPOBOECJMMJPO SFTQFDUJWFMZ'PSBDPNQMFUFEFTDSJQUJPOPG PVSCBDLMPH TFFa0UIFS,FZ1FSGPSNBODF.FBTVSFTf/FU#PPLJOHTBOE#BDLMPHbJOa.BOBHFNFOUcT%JTDVTTJPO BOE"OBMZTJTPG'JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOTbJO1BSU**PGUIJTSFQPSU
$PNQFUJUJPO
$PNQFUJUJPOGPSDPOUSBDUTJTJOUFOTFBOEXFPGUFODPNQFUFBHBJOTUBMBSHFOVNCFSPGFTUBCMJTIFENVMUJOBUJPOBM DPNQBOJFTXIJDINBZIBWFHSFBUFSOBNFSFDPHOJUJPO GJOBODJBMSFTPVSDFTBOEMBSHFSUFDIOJDBMTUBGGTUIBOXFEP 8FBMTPDPNQFUFBHBJOTUTNBMMFS NPSFTQFDJBMJ[FEDPNQBOJFTUIBUDPODFOUSBUFUIFJSSFTPVSDFTPOQBSUJDVMBSBSFBT BTXFMMBTUIF64HPWFSONFOUcTPXODBQBCJMJUJFT"TBSFTVMUPGUIFEJWFSTFSFRVJSFNFOUTPGUIF64HPWFSONFOU XFGSFRVFOUMZDPMMBCPSBUFXJUIPUIFSDPNQBOJFTUPDPNQFUFGPSMBSHFDPOUSBDUTBOECJEBHBJOTUUIFTFTBNF DPNQBOJFTJOPUIFSTJUVBUJPOT0VSQSJODJQBMDPNQFUJUPSTJODMVEFUIFGPMMPXJOH
e UIFFOHJOFFSJOHBOEUFDIOJDBMTFSWJDFTEJWJTJPOTPGMBSHFEFGFOTFDPOUSBDUPSTUIBUQSPWJEF*5TFSWJDFTJO BEEJUJPOUPPUIFSIBSEXBSFTZTUFNTBOEQSPEVDUT XIJDIJODMVEFDPNQBOJFTTVDIBT(FOFSBM%ZOBNJDT $PSQPSBUJPO /PSUISPQ(SVNNBO$PSQPSBUJPO BOE3BZUIFPO$PNQBOZ
e DPOUSBDUPSTGPDVTFEQSJODJQBMMZPOUFDIOJDBMBOE*5TFSWJDFT TVDIBT#PP["MMFO)BNJMUPO*OD $"$* *OUFSOBUJPOBM *OD -FJEPT)PMEJOHT *OD .BO5FDI*OUFSOBUJPOBM$PSQPSBUJPO 4FSDP(SPVQQMD BOE1FSTQFDUB *OD
e EJWFSTJGJFEDPNNFSDJBMQSPWJEFSTUIBUBMTPQSPWJEF64HPWFSONFOU*5TFSWJDFT TVDIBT"DDFOUVSFQMDBOE *OUFSOBUJPOBM#VTJOFTT.BDIJOFT$PSQPSBUJPO BOE
e DPOUSBDUPSTQSPWJEJOHTVQQMZDIBJONBOBHFNFOUBOEPUIFSMPHJTUJDTTFSWJDFT TVDIBT"HJMJUZ-PHJTUJDT $PSQPSBUJPOBOE4VQQMZ$PSF
8FDPNQFUFPOWBSJPVTGBDUPST XIJDIJODMVEFPVSUFDIOJDBMFYQFSUJTFBOERVBMJGJFEBOEPSTFDVSJUZDMFBSFE QFSTPOOFM PVSBCJMJUZUPEFMJWFSJOOPWBUJWFDPTUFGGFDUJWFTPMVUJPOTJOBUJNFMZNBOOFS TVDDFTTGVMQSPHSBNFYFDVUJPO POQSFWJPVTQSPHSBNT PVSSFQVUBUJPOBOETUBOEJOHXJUIDVTUPNFST QSJDJOH BOEUIFTJ[FBOEHFPHSBQIJDQSFTFODF PGPVS$PNQBOZ
$PNQFUJUJPOXJUIJOUIFHPWFSONFOUTFSWJDFTJOEVTUSZIBTJOUFOTJGJFEXIJDIIBTMFEUPGFXFSTPMFTPVSDFBXBSETBOE BOJODSFBTFEFNQIBTJTPODPTUDPNQFUJUJWFOFTTBOEBGGPSEBCJMJUZ*OBEEJUJPO QSPDVSFNFOUJOJUJBUJWFTUPJNQSPWF FGGJDJFODZ SFGPDVTQSJPSJUJFTBOEFOIBODFCFTUQSBDUJDFTDPVMESFTVMUJOGFXFSOFXPQQPSUVOJUJFTGPSPVSJOEVTUSZBTB XIPMF XIJDIXPVMEJOUFOTJGZDPNQFUJUJPOXJUIJOUIFJOEVTUSZBTDPNQBOJFTDPNQFUFGPSBNPSFMJNJUFETFUPGOFX QSPHSBNT
1BUFOUTBOE1SPQSJFUBSZ*OGPSNBUJPO
0VSUFDIOJDBMTFSWJDFTBOETPMVUJPOTBSFOPUHFOFSBMMZEFQFOEFOUPOQBUFOUQSPUFDUJPO BMUIPVHIXFEPTFMFDUJWFMZ TFFLQBUFOUQSPUFDUJPO8FDMBJNBQSPQSJFUBSZJOUFSFTUJODFSUBJOPGPVSTPMVUJPOT TPGUXBSFQSPHSBNT NFUIPEPMPHJFT BOELOPXIPX5IJTQSPQSJFUBSZJOGPSNBUJPOJTQSPUFDUFECZDPQZSJHIUT USBEFTFDSFUT MJDFOTFT DPOUSBDUTBOEPUIFS NFBOT8FTFMFDUJWFMZQVSTVFPQQPSUVOJUJFTUPMJDFOTFPSUSBOTGFSPVSUFDIOPMPHJFTUPUIJSEQBSUJFT
*ODPOOFDUJPOXJUIUIFQFSGPSNBODFPGTFSWJDFT UIF64HPWFSONFOUIBTDFSUBJOSJHIUTUPJOWFOUJPOT EBUB TPGUXBSF DPEFTBOESFMBUFENBUFSJBMUIBUXFEFWFMPQVOEFS64HPWFSONFOUGVOEFEDPOUSBDUTBOETVCDPOUSBDUT(FOFSBMMZ UIF64HPWFSONFOUNBZEJTDMPTFPSMJDFOTFTVDIJOGPSNBUJPOUPUIJSEQBSUJFT JODMVEJOH JOTPNFJOTUBODFT PVS DPNQFUJUPST*OUIFDBTFPGTPNFTVCDPOUSBDUTUIBUXFQFSGPSN UIFQSJNFDPOUSBDUPSNBZBMTPIBWFDFSUBJOSJHIUTUP UIFQSPHSBNTBOETPMVUJPOTUIBUXFEFWFMPQVOEFSUIFTVCDPOUSBDU
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
3FTFBSDIBOE%FWFMPQNFOU
'PSJOGPSNBUJPOSFMBUFEUPPVSSFTFBSDIBOEEFWFMPQNFOUBDUJWJUJFT TFF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFE GJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU
4FBTPOBMJUZ
5IF64HPWFSONFOUcTGJTDBMZFBSFOETPO4FQUFNCFS*UJTOPUVODPNNPOGPS64HPWFSONFOUBHFODJFTUP BXBSEFYUSBUBTLTPSDPNQMFUFPUIFSDPOUSBDUBDUJPOTMFBEJOHVQUPUIFFOEPGJUTGJTDBMZFBSJOPSEFSUPBWPJEUIFMPTT PGVOFYQFOEFEGJTDBMZFBSGVOET XIJDINBZGBWPSBCMZJNQBDUPVSUIJSEGJTDBMRVBSUFS*OBEEJUJPO SFWFOVFTNBZCF VOGBWPSBCMZJNQBDUFEEVSJOHPVSGPVSUIGJTDBMRVBSUFSEVFUPBHSFBUFSOVNCFSPGIPMJEBZTBOEIJHIFSVUJMJ[BUJPOPG WBDBUJPOUJNF'PSTFMFDUFERVBSUFSMZGJOBODJBMEBUB TFF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFEGJOBODJBM TUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU
&OWJSPONFOUBM.BUUFST
0VSPQFSBUJPOTBSFTVCKFDUUPWBSJPVTGPSFJHO GFEFSBM TUBUFBOEMPDBMFOWJSPONFOUBMQSPUFDUJPOBOEIFBMUIBOE TBGFUZMBXTBOESFHVMBUJPOT"MUIPVHIXFEPOPUDVSSFOUMZBOUJDJQBUFUIBUDPNQMJBODFDPTUTPSUIFMJBCJMJUJFT BTTPDJBUFEXJUIFOWJSPONFOUBMMBXTXJMMNBUFSJBMMZBOEBEWFSTFMZBGGFDUVT XFDBOOPUFOTVSFUIBUXFXJMMOPUJODVS NBUFSJBMDPTUTPSMJBCJMJUJFTJOUIFGVUVSF5IFTFSFHVMBUJPOTBOESJTLTBSFEFTDSJCFEJONPSFEFUBJMVOEFSa3JTL 'BDUPSTbJOUIJTSFQPSU
&YFDVUJWF0GGJDFST
'PSJOGPSNBUJPOBCPVUPVSFYFDVUJWFPGGJDFST TFFa%JSFDUPST &YFDVUJWF0GGJDFSTBOE$PSQPSBUF(PWFSOBODFbJO1BSU ***PGUIJTSFQPSU
$PNQBOZ8FCTJUFBOE"WBJMBCMF*OGPSNBUJPO
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
:PVNBZBMTPSFRVFTUIBSEDPQJFTPGUIFNBUFSJBMTSFGFSFODFEJOUIFQSFDFEJOHQBSBHSBQI BUOPDPTU CZFNBJMJOH JOWFTUPSSFMBUJPOTBU*OWFTUPS3FMBUJPOT!TBJDDPN
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*UFN"3JTL'BDUPST
*OZPVSFWBMVBUJPOPGPVS$PNQBOZBOECVTJOFTT ZPVTIPVMEDBSFGVMMZDPOTJEFSUIFSJTLTBOEVODFSUBJOUJFT EFTDSJCFECFMPX UPHFUIFSXJUIJOGPSNBUJPOJODMVEFEFMTFXIFSFXJUIJOUIJTSFQPSUBOEPUIFSEPDVNFOUTXFGJMFXJUI UIF4&$5IFTFSJTLT BTXFMMBTBEEJUJPOBMSJTLTBOEVODFSUBJOUJFTOPUDVSSFOUMZLOPXOUPVTPSUIBUXFDVSSFOUMZ CFMJFWFBSFJNNBUFSJBMBMTPNBZNBUFSJBMMZIBSNPVSCVTJOFTT GJOBODJBMDPOEJUJPOPSPQFSBUJOHSFTVMUTBOESFTVMUJOB EFDMJOFJOUIFQSJDFPGPVSTUPDL
3JTLT3FMBUJOHUP0VS#VTJOFTT
8FEFQFOEPO64HPWFSONFOUBHFODJFTBTPVSQSJNBSZDVTUPNFSBOE JGPVSSFQVUBUJPOPSSFMBUJPOTIJQT XJUIUIFTFBHFODJFTXFSFIBSNFE PVSGVUVSFSFWFOVFTBOEDBTIGMPXTXPVMECFBEWFSTFMZBGGFDUFE
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
"EFDMJOFJOUIF64HPWFSONFOUEFGFOTFCVEHFU DIBOHFTJOTQFOEJOHPSCVEHFUBSZQSJPSJUJFT UIFGBJMVSFUP BQQSPWF64HPWFSONFOUCVEHFUTPOBUJNFMZCBTJTPSEFMBZTJODPOUSBDUBXBSETBOEPUIFSQSPDVSFNFOU BDUJWJUZNBZTJHOJGJDBOUMZBOEBEWFSTFMZBGGFDUPVSGVUVSFSFWFOVFT DBTIGMPXBOEGJOBODJBMSFTVMUT
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
*NNJHSBUJPOJTTVFTXFSFUIFSPPUDBVTFPGBGJWFXFFLHPWFSONFOUTIVUEPXOGSPN%FDFNCFSUP+BOVBSZ BOEDPOUJOVFUPCFUIFTPVSDFPGQBSUJTBOEJTQVUFT"OJNQBTTFPWFSJNNJHSBUJPOPSPUIFSQPMJDZJTTVFTDPVME SFTVMUJOBOPUIFSGFEFSBMHPWFSONFOUTIVUEPXO XIJDIDPVMEDBVTFVTUPJODVSMBCPSPSPUIFSDPTUTXJUIPVU SFJNCVSTFNFOUVOEFSDVTUPNFSDPOUSBDUTPSUIFEFMBZPSDBODFMMBUJPOPGLFZQSPHSBNT BOEDPVMEBEWFSTFMZBGGFDU PVSPQFSBUJPOT DBTIGMPXTBOEGJOBODJBMSFTVMUT
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
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
0VSGBJMVSFUPDPNQMZXJUIBWBSJFUZPGDPNQMFYQSPDVSFNFOUSVMFTBOESFHVMBUJPOTDPVMESFTVMUJOPVSCFJOH MJBCMFGPSQFOBMUJFT JODMVEJOHUFSNJOBUJPOPGPVS64HPWFSONFOUDPOUSBDUT EJTRVBMJGJDBUJPOGSPNCJEEJOH POGVUVSF64HPWFSONFOUDPOUSBDUTBOETVTQFOTJPOPSEFCBSNFOUGSPN64HPWFSONFOUDPOUSBDUJOH
8FNVTUDPNQMZXJUIWBSJPVTMBXTBOESFHVMBUJPOTSFMBUJOHUPUIFGPSNBUJPO BENJOJTUSBUJPOBOEQFSGPSNBODFPG64 HPWFSONFOUDPOUSBDUT XIJDIBGGFDUIPXXFEPCVTJOFTTXJUIPVSDVTUPNFSTBOENBZJNQPTFBEEFEDPTUTPOPVS CVTJOFTT
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
5IF64HPWFSONFOUNBZBEPQUOFXDPOUSBDUSVMFTBOESFHVMBUJPOTPSSFWJTFJUTQSPDVSFNFOUQSBDUJDFTJOB NBOOFSBEWFSTFUPVTBUBOZUJNF
0VSJOEVTUSZDPOUJOVFTUPFYQFSJFODFTJHOJGJDBOUDIBOHFTUPCVTJOFTTQSBDUJDFTBTBSFTVMUPGBOJODSFBTFEGPDVTPO BGGPSEBCJMJUZ FGGJDJFODJFTBOESFDPWFSZPGDPTUT BNPOHPUIFSJUFNT64HPWFSONFOUBHFODJFTNBZGBDFSFTUSJDUJPOT PSQSFTTVSFSFHBSEJOHUIFUZQFBOEBNPVOUPGTFSWJDFTUIBUUIFZNBZPCUBJOGSPNQSJWBUFDPOUSBDUPST-FHJTMBUJPO SFHVMBUJPOTBOEJOJUJBUJWFTEFBMJOHXJUIQSPDVSFNFOUSFGPSN NJUJHBUJPOPGQPUFOUJBM0$*cT EFUFSSFODFPGGSBVE BOE FOWJSPONFOUBMSFTQPOTJCJMJUZPSTVTUBJOBCJMJUZDPVMEIBWFBOBEWFSTFFGGFDUPOVT.PSFPWFS TIJGUTJOUIFCVZJOH QSBDUJDFTPG64HPWFSONFOUBHFODJFT TVDIBTJODSFBTFEVTBHFPGGJYFEQSJDFDPOUSBDUT NVMUJQMFBXBSEDPOUSBDUT BOETNBMMCVTJOFTTTFUBTJEFDPOUSBDUT DPVMEIBWFBEWFSTFFGGFDUTPOHPWFSONFOUDPOUSBDUPST JODMVEJOHVT"OZPG UIFTFDIBOHFTDPVMEJNQBJSPVSBCJMJUZUPPCUBJOOFXDPOUSBDUTPSDPOUSBDUSFOFXBMT"OZOFXDPOUSBDUJOH SFRVJSFNFOUTPSQSPDVSFNFOUNFUIPETDPVMECFDPTUMZPSBENJOJTUSBUJWFMZEJGGJDVMUGPSVTUPJNQMFNFOUBOEDPVME BEWFSTFMZBGGFDUPVSGVUVSFSFWFOVFT QSPGJUBCJMJUZBOEQSPTQFDUT
0VSCVTJOFTTJTTVCKFDUUPSFWJFXT BVEJUTBOEDPTUBEKVTUNFOUTCZUIF64HPWFSONFOU XIJDI JGSFTPMWFE VOGBWPSBCMZUPVT DPVMEBEWFSTFMZBGGFDUPVSQSPGJUBCJMJUZ DBTIGMPXTPSHSPXUIQSPTQFDUT
5IF%FGFOTF$POUSBDU"VEJU"HFODZ %$"" %FGFOTF$POUSBDU.BOBHFNFOU"HFODZ %$." BOEPUIFSTSPVUJOFMZ BVEJUBOESFWJFXBDPOUSBDUPScTQFSGPSNBODFPOHPWFSONFOUDPOUSBDUT JOEJSFDUDPTUSBUFTBOEQSJDJOHQSBDUJDFT BOE DPNQMJBODFXJUIBQQMJDBCMFDPOUSBDUJOHBOEQSPDVSFNFOUMBXT SFHVMBUJPOTBOETUBOEBSET5IFZBMTPSFWJFXUIF BEFRVBDZPGUIFDPOUSBDUPScTDPNQMJBODFXJUIHPWFSONFOUTUBOEBSETGPSJUTCVTJOFTTTZTUFNT XIJDIBSFEFGJOFEBT UIFDPOUSBDUPScTBDDPVOUJOH FBSOFEWBMVFNBOBHFNFOU FTUJNBUJOH NBUFSJBMTNBOBHFNFOU QSPQFSUZNBOBHFNFOU BOEQVSDIBTJOHTZTUFNT"GJOEJOHPGTJHOJGJDBOUDPOUSPMEFGJDJFODJFTJOBDPOUSBDUPScTCVTJOFTTTZTUFNTPSBGJOEJOH PGOPODPNQMJBODFXJUI64HPWFSONFOU$PTU"DDPVOUJOH4UBOEBSET $"4 DBOSFTVMUJOEFDSFNFOUFECJMMJOHSBUFTUP 64HPWFSONFOUDVTUPNFSTVOUJMUIFDPOUSPMEFGJDJFODJFTBSFDPSSFDUFEBOEUIFJSSFNFEJBUJPOJTBDDFQUFECZUIF %$."5IFBHFODJFTDPOEVDUJOHUIFTFBVEJUTBOESFWJFXTIBWFDPNFVOEFSJODSFBTFETDSVUJOZ"TBSFTVMU BVEJUT BOESFWJFXTIBWFCFDPNFNPSFSJHPSPVTBOEUIFTUBOEBSETUPXIJDIXFBSFIFMEBSFCFJOHNPSFTUSJDUMZJOUFSQSFUFE XIJDIIBTJODSFBTFEUIFMJLFMJIPPEPGBOBVEJUPSSFWJFXSFTVMUJOHJOBOBEWFSTFPVUDPNF
(PWFSONFOUBVEJUTBOESFWJFXTNBZDPODMVEFUIBUPVSQSBDUJDFTBSFOPUDPOTJTUFOUXJUIBQQMJDBCMFMBXTBOE SFHVMBUJPOTBOESFTVMUJOBEKVTUNFOUTUPDPOUSBDUDPTUTBOENBOEBUPSZDVTUPNFSSFGVOET4VDIBEKVTUNFOUTDBOCF BQQMJFESFUSPBDUJWFMZ XIJDIDPVMESFTVMUJOTJHOJGJDBOUDVTUPNFSSFGVOET3FDFJQUPGBEWFSTFBVEJUGJOEJOHTPSUIF GBJMVSFUPPCUBJOBOaBQQSPWFEbEFUFSNJOBUJPOPOPVSWBSJPVTCVTJOFTTTZTUFNTDPVMETJHOJGJDBOUMZBOEBEWFSTFMZ BGGFDUPVSCVTJOFTTCZ BNPOHPUIFSUIJOHT SFTUSJDUJOHPVSBCJMJUZUPCJEPOOFXDPOUSBDUTBOE GPSUIPTFQSPQPTBMT VOEFSFWBMVBUJPO EJNJOJTIJOHPVSDPNQFUJUJWFQPTJUJPO"EFUFSNJOBUJPOPGOPODPNQMJBODFDPVMEBMTPSFTVMUJOUIF 64HPWFSONFOUJNQPTJOHQFOBMUJFTBOETBODUJPOTBHBJOTUVT JODMVEJOHXJUIIPMEJOHPGQBZNFOUT TVTQFOTJPOPG QBZNFOUTBOEJODSFBTFEHPWFSONFOUTDSVUJOZ*ODSFBTFETDSVUJOZDPVMEBEWFSTFMZJNQBDUPVSBCJMJUZUPQFSGPSNPO DPOUSBDUT BGGFDUPVSBCJMJUZUPJOWPJDFGPSXPSLQFSGPSNFE EFMBZUIFSFDFJQUPGUJNFMZQBZNFOUPODPOUSBDUT BOE XFBLFOPVSBCJMJUZUPDPNQFUFGPSOFXDPOUSBDUTXJUIUIF64HPWFSONFOU
5IFJOEJSFDUDPTUBVEJUTCZUIF%$""PGUIF$PNQBOZcTCVTJOFTTSFNBJOPQFOGPSDFSUBJOQSJPSZFBSTBOEUIFDVSSFOU ZFBS8FIBWFSFDPSEFEDPOUSBDUSFWFOVFTCBTFEPOBOFTUJNBUFPGDPTUTUIBUXFCFMJFWFXJMMCFBQQSPWFEPOGJOBM BVEJU)PXFWFS XFEPOPULOPXUIFPVUDPNFPGBOZPOHPJOHPSGVUVSFBVEJUTPSXIFUIFSGVUVSFBEKVTUNFOUTXJMM FYDFFEPVSSFTFSWFTGPSQPUFOUJBMBEKVTUNFOUT
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
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
0VSCVTJOFTTJTTVCKFDUUPHPWFSONFOUBMSFWJFXBOEJOWFTUJHBUJPOXIJDIDPVMEBEWFSTFMZBGGFDUPVS QSPGJUBCJMJUZ DBTIQPTJUJPOBOEHSPXUIQSPTQFDUT
8FBSFSPVUJOFMZTVCKFDUUPHPWFSONFOUBMJOWFTUJHBUJPOTSFMBUJOHUPPVSDPOUSBDUTBOEPQFSBUJPOT*GBSFWJFXPS JOWFTUJHBUJPOJEFOUJGJFTJNQSPQFSPSJMMFHBMBDUJWJUJFT XFNBZCFTVCKFDUUPDJWJMPSDSJNJOBMQFOBMUJFTPSBENJOJTUSBUJWF TBODUJPOTXIJDIDPVMEJODMVEFUIFUFSNJOBUJPOPGDPOUSBDUT GPSGFJUVSFPGQSPGJUT UIFUSJHHFSJOHPGQSJDFSFEVDUJPO DMBVTFT TVTQFOTJPOPGQBZNFOUT GJOFT BOETVTQFOTJPOPSEFCBSNFOUGSPNEPJOHCVTJOFTTXJUIHPWFSONFOUBM BHFODJFT8FNBZTVGGFSIBSNUPPVSSFQVUBUJPOJGBMMFHBUJPOTPGJNQSPQSJFUZBSFNBEFBHBJOTUVT XIJDIXPVME JNQBJSPVSBCJMJUZUPXJOOFXDPOUSBDUBXBSETPSSFDFJWFDPOUSBDUSFOFXBMT1FOBMUJFTBOETBODUJPOTBSFOPU VODPNNPOJOPVSJOEVTUSZ*GXFJODVSBNBUFSJBMQFOBMUZPSBENJOJTUSBUJWFTBODUJPOPSPUIFSXJTFTVGGFSIBSNUPPVS SFQVUBUJPO PVSQSPGJUBCJMJUZ DBTIQPTJUJPOBOEGVUVSFQSPTQFDUTDPVMECFBEWFSTFMZBGGFDUFE
5IF64HPWFSONFOUNBZUFSNJOBUF DBODFM NPEJGZPSDVSUBJMPVSDPOUSBDUTBUBOZUJNFBOE JGXFEPOPU SFQMBDFUIFN XFNBZCFVOBCMFUPBDIJFWFPSTVTUBJOSFWFOVFHSPXUIBOENBZTVGGFSBEFDMJOFJOSFWFOVFT BOEQSPGJUBCJMJUZ
.BOZPGUIF64HPWFSONFOUQSPHSBNTJOXIJDIXFQBSUJDJQBUFBTBDPOUSBDUPSPSTVCDPOUSBDUPSNBZFYUFOEGPS TFWFSBMZFBSTBOEJODMVEFPOFPSNPSFCBTFZFBSTBOEPOFPSNPSFPQUJPOZFBST6OEFSPVSDPOUSBDUT UIF64 HPWFSONFOUHFOFSBMMZIBTUIFSJHIUOPUUPFYFSDJTFPQUJPOTUPFYUFOEPSFYQBOEPVSDPOUSBDUTBOENBZPUIFSXJTF UFSNJOBUF DBODFM NPEJGZPSDVSUBJMPVSDPOUSBDUTBUJUTDPOWFOJFODF"OZEFDJTJPOCZUIF64HPWFSONFOUOPUUP FYFSDJTFDPOUSBDUPQUJPOTPSUPUFSNJOBUF DBODFM NPEJGZPSDVSUBJMPVSNBKPSQSPHSBNTPSDPOUSBDUTXPVMEBEWFSTFMZ BGGFDUPVSSFWFOVFT SFWFOVFHSPXUIBOEQSPGJUBCJMJUZ
8FIBWFFYQFSJFODFEBOEDPOUJOVFUPFYQFSJFODFQFSJPEJDQFSGPSNBODFJTTVFTVOEFSDFSUBJOPGPVSDPOUSBDUT*GB HPWFSONFOUDVTUPNFSUFSNJOBUFTBDPOUSBDUGPSEFGBVMU XFNBZCFFYQPTFEUPMJBCJMJUZ JODMVEJOHGPSFYDFTTDPTUT JODVSSFECZUIFDVTUPNFSJOQSPDVSJOHVOEFMJWFSFETFSWJDFTBOETPMVUJPOTGSPNBOPUIFSTPVSDF%FQFOEJOHPOUIF OBUVSFBOEWBMVFPGUIFDPOUSBDU BQFSGPSNBODFJTTVFPSUFSNJOBUJPOGPSEFGBVMUDPVMEDBVTFPVSBDUVBMSFTVMUTUP EJGGFSGSPNUIPTFBOUJDJQBUFEBOEDPVMEIBSNPVSSFQVUBUJPO
8FGBDFBHHSFTTJWFDPNQFUJUJPOUIBUDBOJNQBDUPVSBCJMJUZUPPCUBJODPOUSBDUTBOENBZBGGFDUPVSGVUVSF SFWFOVFT QSPGJUBCJMJUZBOEHSPXUIQSPTQFDUT
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
8FDPNQFUFXJUIMBSHFSDPNQBOJFTUIBUIBWFHSFBUFSOBNFSFDPHOJUJPO GJOBODJBMSFTPVSDFTBOEMBSHFSUFDIOJDBM TUBGGTBOEXJUITNBMMFS NPSFTQFDJBMJ[FEDPNQBOJFTUIBUBSFBCMFUPDPODFOUSBUFUIFJSSFTPVSDFTPOQBSUJDVMBSBSFBT "EEJUJPOBMMZ XFNBZDPNQFUFXJUIUIF64HPWFSONFOUcTPXODBQBCJMJUJFT5PSFNBJODPNQFUJUJWF XFNVTU DPOTJTUFOUMZQSPWJEFTVQFSJPSTFSWJDF UFDIOPMPHZBOEQFSGPSNBODFPOBDPTUFGGFDUJWFCBTJTUPPVSDVTUPNFSTBOE UIFSFJTOPBTTVSBODFUIBUXFXJMMEPTP
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
"GBJMVSFUPBUUSBDU USBJO SFUBJOBOEVUJMJ[FTLJMMFEFNQMPZFFTBOEPVSTFOJPSNBOBHFNFOUUFBNXPVME BEWFSTFMZBGGFDUPVSBCJMJUZUPFYFDVUFPVSTUSBUFHZBOENBZEJTSVQUPVSPQFSBUJPOT
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cOFFETBOEVMUJNBUFMZXJOOFX CVTJOFTT BMMPGXIJDIDPVMEBEWFSTFMZBGGFDUPVSGVUVSFSFTVMUT*OBEEJUJPO TBMBSJFTBOESFMBUFEDPTUTBSFB TJHOJGJDBOUQPSUJPOPGUIFDPTUPGQSPWJEJOHPVSTFSWJDFTBOE BDDPSEJOHMZ PVSBCJMJUZUPFGGJDJFOUMZVUJMJ[FPVSXPSLGPSDF JNQBDUTPVSQSPGJUBCJMJUZ*GPVSFNQMPZFFTBSFVOEFSVUJMJ[FE PVSQSPGJUBCJMJUZDPVMETVGGFS
8FCFMJFWFUIBUPVSTVDDFTTBMTPEFQFOETPOUIFDPOUJOVFEFNQMPZNFOUPGBIJHIMZRVBMJGJFEBOEFYQFSJFODFE TFOJPSNBOBHFNFOUUFBNBOEUIBUUFBNcTBCJMJUZUPSFUBJOFYJTUJOHCVTJOFTTBOEHFOFSBUFOFXCVTJOFTT5IFMPTTPG LFZQFSTPOOFMJODSJUJDBMGVODUJPOTDPVMEMFBEUPMBDLPGCVTJOFTTDPOUJOVJUZPSEJTSVQUJPOTJOPVSCVTJOFTTVOUJMXFBSF BCMFUPIJSFBOEUSBJOSFQMBDFNFOUQFSTPOOFM
8FNBZNBLFBDRVJTJUJPOT JOWFTUNFOUT KPJOUWFOUVSFTBOEEJWFTUJUVSFTJOUIFGVUVSFUIBUJOWPMWFOVNFSPVT SJTLT XIJDIJGSFBMJ[FE NBZBEWFSTFMZBGGFDUPVSCVTJOFTTBOEPVSGVUVSFSFTVMUT
8FNBZNBLFTUSBUFHJDBDRVJTJUJPOT FOHBHFJOKPJOUWFOUVSFTPSEJWFTUFYJTUJOHCVTJOFTTFT XIJDIDPVMEDBVTFVTUP JODVSVOGPSFTFFOFYQFOTFTBOEIBWFEJTSVQUJWFFGGFDUTPOPVSCVTJOFTTBOENBZOPUZJFMEUIFCFOFGJUTXFFYQFDU 0VS$SFEJU'BDJMJUZBMTPJNQPTFTMJNJUBUJPOTPOPVSBCJMJUZUPNBLFPUIFSBDRVJTJUJPOT4VCKFDUUPUIPTFMJNJUBUJPOT XF NBZTFMFDUJWFMZQVSTVFBEEJUJPOBMTUSBUFHJDBDRVJTJUJPOT JOWFTUNFOUTBOEKPJOUWFOUVSFTJOUIFGVUVSF"OZGVUVSF BDRVJTJUJPOT JOWFTUNFOUTBOEKPJOUWFOUVSFTNBZQPTFNBOZSJTLTUIBUDPVMEBEWFSTFMZBGGFDUPVSSFQVUBUJPO PQFSBUJPOTPSGJOBODJBMSFTVMUT JODMVEJOH
e XFNBZOPUSFUBJOLFZFNQMPZFFT JODMVEJOHUIPTFXJUIOFFEFETFDVSJUZDMFBSBODFT DVTUPNFSTBOECVTJOFTT QBSUOFSTPGBOBDRVJSFECVTJOFTTJOUIFGVUVSF
e XFNBZGBJMUPTVDDFTTGVMMZJOUFHSBUFBDRVJSFECVTJOFTTFT TVDIBTGBJMJOHUPTVDDFTTGVMMZJNQMFNFOU*5BOE PUIFSDPOUSPMTZTUFNTSFMBUJOHUPUIFPQFSBUJPOTPGBOZBDRVJSFECVTJOFTT
e XFNBZOPUHFOFSBUFTVGGJDJFOUFBSOJOHTUPNFFUUIFSFRVJSFE-FWFSBHF3BUJPVOEFSUIF$SFEJU'BDJMJUZ XIJDI XPVMEHJWFMFOEFSTUIFSJHIUUP BNPOHPUIFSUIJOHT GPSFDMPTFPOPVSBTTFUT
e BDRVJTJUJPOTOPSNBMMZSFRVJSFBTJHOJGJDBOUJOWFTUNFOUPGUJNFBOESFTPVSDFT XIJDINBZEJTSVQUPVSCVTJOFTT BOEEJTUSBDUPVSNBOBHFNFOUGSPNPUIFSJNQPSUBOUSFTQPOTJCJMJUJFT
e XFNBZOPUCFBCMFUPBDDVSBUFMZFTUJNBUFUIFGJOBODJBMFGGFDUPGBOZBDRVJTJUJPOTBOEJOWFTUNFOUTPOPVS CVTJOFTTBOEXFNBZOPUSFBMJ[FBOUJDJQBUFESFWFOVFPQQPSUVOJUJFT DPTUTBWJOHT PSPUIFSTZOFSHJFTPS CFOFGJUT PSBDRVJTJUJPOTNBZOPUSFTVMUJOJNQSPWFEPQFSBUJOHQFSGPSNBODF BOE
e XFNBZBTTVNFLOPXOBTXFMMBTVOLOPXONBUFSJBMMJBCJMJUJFT MFHBMPSSFHVMBUPSZSJTLTUIBUXFSFOPUJEFOUJGJFE BTQBSUPGPVSEVFEJMJHFODFPSGPSXIJDIXFBSFVOBCMFUPSFDFJWFBQVSDIBTFQSJDFBEKVTUNFOUPS SFJNCVSTFNFOUUISPVHIJOEFNOJGJDBUJPO
*GBOZBDRVJTJUJPOT JOWFTUNFOUTPSKPJOUWFOUVSFTGBJM QFSGPSNQPPSMZPSUIFJSWBMVFJTPUIFSXJTFJNQBJSFEGPSBOZ SFBTPO JODMVEJOHDPOUSBDUJPOTJODSFEJUNBSLFUTBOEHMPCBMFDPOPNJDDPOEJUJPOT PVSCVTJOFTTBOEGJOBODJBMSFTVMUT DPVMECFBEWFSTFMZBGGFDUFE
*OBEEJUJPO XFNBZQFSJPEJDBMMZEJWFTUCVTJOFTTFT JODMVEJOHCVTJOFTTFTUIBUBSFOPMPOHFSBQBSUPGPVSPOHPJOH TUSBUFHJDQMBO5IFTFEJWFTUJUVSFTTJNJMBSMZSFRVJSFTJHOJGJDBOUJOWFTUNFOUPGUJNFBOESFTPVSDFTBOENBZEJTSVQUPVS CVTJOFTT EJTUSBDUNBOBHFNFOUGSPNPUIFSSFTQPOTJCJMJUJFTBOENBZSFTVMUJOMPTTFTPOEJTQPTBMPSDPOUJOVFE
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
GJOBODJBMJOWPMWFNFOUJOUIFEJWFTUFECVTJOFTT JODMVEJOHUISPVHIJOEFNOJGJDBUJPO HVBSBOUFFPSPUIFSGJOBODJBM BSSBOHFNFOUT GPSBQFSJPEPGUJNFGPMMPXJOHUIFUSBOTBDUJPO XIJDIDPVMEBEWFSTFMZBGGFDUPVSGJOBODJBMSFTVMUT
8FNBZOPUCFBCMFUPTVDDFTTGVMMZJOUFHSBUFUIFCVTJOFTTPG&OHJMJUZXJUIPVSPXOPSSFBMJ[FUIFBOUJDJQBUFE CFOFGJUTPGUIFNFSHFSJOUIFFYQFDUFEUJNFGSBNF PSBUBMM
0VSBCJMJUZUPSFBMJ[FUIFBOUJDJQBUFECFOFGJUTPGUIFNFSHFSXJMMEFQFOE UPBMBSHFFYUFOU POPVSBCJMJUZUPJOUFHSBUF PVSBOE&OHJMJUZc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
e UIFJOBCJMJUZUPTVDDFTTGVMMZDPNCJOFPVSCVTJOFTTXJUI&OHJMJUZJOBNBOOFSUIBUQFSNJUTUIFDPNCJOFE DPNQBOZUPBDIJFWFUIFGVMMSFWFOVFBOEDPTUTZOFSHJFTBOEPUIFSCFOFGJUTBOUJDJQBUFEUPSFTVMUGSPNUIF NFSHFS
e UIFMPTTPGDVTUPNFSTBOETUSBUFHJDQBSUOFSTXIPNBZOPUXJTIUPDPOUJOVFUIFJSSFMBUJPOTIJQTXJUIUIF DPNCJOFEDPNQBOZ
e SFRVJSFESFHVMBUPSZBQQSPWBMTGSPNHPWFSONFOUBMFOUJUJFTNBZSFTVMUJOMJNJUBUJPOT BEEJUJPOBMDPTUTPS QMBDFNFOUPGSFTUSJDUJPOTPOUIFDPOEVDUPGUIFDPNCJOFEDPNQBOZ JNQPTJUJPOPGBEEJUJPOBMNBUFSJBMDPTUTPO PSNBUFSJBMMZMJNJUJOHUIFSFWFOVFTPGUIFDPNCJOFEDPNQBOZGPMMPXJOHUIFNFSHFS
e DPNQMFYJUJFTBTTPDJBUFEXJUINBOBHJOHUIFDPNCJOFECVTJOFTTFT JODMVEJOHEJGGJDVMUZBEESFTTJOHQPTTJCMF EJGGFSFODFTJODPSQPSBUFDVMUVSFTBOENBOBHFNFOUQIJMPTPQIJFTBOEUIFDIBMMFOHFPGJOUFHSBUJOHDPNQMFY TZTUFNT UFDIOPMPHZ OFUXPSLTBOEPUIFSBTTFUTPGFBDIPGUIFDPNQBOJFTJOBTFBNMFTTNBOOFSUIBU NJOJNJ[FTBOZBEWFSTFJNQBDUPODVTUPNFST TVQQMJFST FNQMPZFFTBOEPUIFSCVTJOFTTQBSUOFST BOE
e QPUFOUJBMVOLOPXOMJBCJMJUJFTBOEVOGPSFTFFOJODSFBTFEFYQFOTFTPSEFMBZTBTTPDJBUFEXJUIUIFNFSHFS .BOZPGUIFTFGBDUPSTXJMMCFPVUTJEFPGPVSDPOUSPMBOEBOZPOFPGUIFNDPVMESFTVMUJOJODSFBTFEDPTUT EFDSFBTFT JOUIFBNPVOUPGFYQFDUFESFWFOVFTBOEEJWFSTJPOPGNBOBHFNFOUc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
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
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aPXOFSTIJQ DIBOHF bUIFDPSQPSBUJPOc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c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c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c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
8FNBZOPUSFBMJ[FUIFHSPXUIPQQPSUVOJUJFTUIBUBSFBOUJDJQBUFEGSPNUIFBDRVJTJUJPOBTXFNBZFYQFSJFODF EJGGJDVMUJFTJOJOUFHSBUJOH6OJTZT'FEFSBM`TCVTJOFTTXJUIPVST
5IFCFOFGJUTUIBUBSFFYQFDUFEUPSFTVMUGSPNUIFBDRVJTJUJPOXJMMEFQFOE JOQBSU POPVSBCJMJUZUPSFBMJ[FBOUJDJQBUFE HSPXUIPQQPSUVOJUJFTBTBSFTVMUPGUIFBDRVJTJUJPO0VSTVDDFTTJOSFBMJ[JOHUIFTFHSPXUIPQQPSUVOJUJFT BOEUIF UJNJOHPGUIJTSFBMJ[BUJPO EFQFOETPOUIFTVDDFTTGVMJOUFHSBUJPOPG6OJTZT'FEFSBMcTCVTJOFTT5IFSFJTBTJHOJGJDBOU EFHSFFPGEJGGJDVMUZBOENBOBHFNFOUEJTUSBDUJPOJOIFSFOUJOUIFQSPDFTTPGJOUFHSBUJOHBOBDRVJTJUJPOBTTJ[BCMFBT UIFBDRVJTJUJPO5IFQSPDFTTPGJOUFHSBUJOHPQFSBUJPOTDPVMEDBVTFBOJOUFSSVQUJPOPG PSMPTTPGNPNFOUVNJO PVS BOE6OJTZT'FEFSBMcTCVTJOFTT.FNCFSTPGPVSTFOJPSNBOBHFNFOUNBZCFSFRVJSFEUPEFWPUFDPOTJEFSBCMF BNPVOUTPGUJNFUPUIJTJOUFHSBUJPOQSPDFTT XIJDIXJMMEFDSFBTFUIFUJNFUIFZXJMMIBWFUPNBOBHFPVS$PNQBOZ
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
TFSWJDFFYJTUJOHDVTUPNFST BUUSBDUOFXDVTUPNFSTBOEEFWFMPQOFXQSPEVDUTPSTUSBUFHJFT*GTFOJPSNBOBHFNFOUJT OPUBCMFUPFGGFDUJWFMZNBOBHFUIFJOUFHSBUJPOQSPDFTT PSJGBOZTJHOJGJDBOUCVTJOFTTBDUJWJUJFTBSFJOUFSSVQUFEBTB SFTVMUPGUIFJOUFHSBUJPOQSPDFTT PVSCVTJOFTTDPVMETVGGFS5IFSFDBOCFOPBTTVSBODFUIBUXFXJMMTVDDFTTGVMMZPS DPTUFGGFDUJWFMZJOUFHSBUF6OJTZT'FEFSBMcTCVTJOFTTPSBUBMM5IFGBJMVSFUPEPTPDPVMEIBWFBNBUFSJBMBEWFSTF FGGFDUPOPVSCVTJOFTT GJOBODJBMDPOEJUJPOPSSFTVMUTPGPQFSBUJPOT
0VSFBSOJOHTBOEQSPGJUBCJMJUZNBZWBSZCBTFEPOUIFNJYPGPVSDPOUSBDUTBOENBZCFBEWFSTFMZBGGFDUFECZ PVSGBJMVSFUPBDDVSBUFMZFTUJNBUFBOENBOBHFDPTUT UJNFBOESFTPVSDFT
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
8FVTFFTUJNBUFTJOSFDPHOJ[JOHSFWFOVFTBOE JGXFNBLFDIBOHFTUPFTUJNBUFTVTFEJOSFDPHOJ[JOH SFWFOVFT PVSQSPGJUBCJMJUZNBZCFBEWFSTFMZBGGFDUFE
"TJHOJGJDBOUQPSUJPOPGPVSSFWFOVFTBSFSFDPHOJ[FEPOQFSGPSNBODFPCMJHBUJPOTTBUJTGJFEPWFSUJNF XIJDISFRVJSFT FTUJNBUFTPGUPUBMDPTUTBUDPNQMFUJPO GFFTFBSOFE PSCPUI1BSUJDVMBSMZEVFUPUIFUFDIOJDBMOBUVSFPGUIFTFSWJDFT CFJOHQFSGPSNFEBOEUIFMFOHUIPGDFSUBJOQFSGPSNBODFPCMJHBUJPOT UIJTFTUJNBUJPOQSPDFTTJTDPNQMFYBOEJOWPMWFT TJHOJGJDBOUKVEHNFOU"EKVTUNFOUTUPPSJHJOBMFTUJNBUFTBSFPGUFOSFRVJSFEBTXPSLQSPHSFTTFT FYQFSJFODFJTHBJOFE BOEBEEJUJPOBMJOGPSNBUJPOCFDPNFTLOPXO FWFOUIPVHIUIFTDPQFPGUIFXPSLSFRVJSFEVOEFSUIFQFSGPSNBODF PCMJHBUJPONBZOPUDIBOHF"OZBEKVTUNFOUBTBSFTVMUPGBDIBOHFJOFTUJNBUFJTSFDPHOJ[FEJNNFEJBUFMZ$IBOHFT JOUIFVOEFSMZJOHBTTVNQUJPOT DJSDVNTUBODFTPSFTUJNBUFTDPVMESFTVMUJOBEKVTUNFOUTUIBUNBZBEWFSTFMZBGGFDU GVUVSFGJOBODJBMSFTVMUT
0VSCVTJOFTTBOEGJOBODJBMSFTVMUTDPVMECFOFHBUJWFMZBGGFDUFECZDZCFSPSPUIFSTFDVSJUZUISFBUT
"TB64HPWFSONFOUDPOUSBDUPSBOEBQSPWJEFSPG*5TFSWJDFTPQFSBUJOHJONVMUJQMFSFHVMBUFEJOEVTUSJFTBOE HFPHSBQIJFT XFIBOEMFBWBSJFUZPGTFOTJUJWFJOGPSNBUJPOJODMVEJOHQFSTPOBMMZJEFOUJGJBCMFJOGPSNBUJPO QSPUFDUFE IFBMUIJOGPSNBUJPO QFSTPOOFMJOGPSNBUJPO DMBTTJGJFEJOGPSNBUJPO BOEGJOBODJBMJOGPSNBUJPO DPODFSOJOHPVSCVTJOFTT BOEFNQMPZFFTBOEUIPTFPGPVSDVTUPNFST8FBSFDPOUJOVPVTMZFYQPTFEUPDZCFSBOEPUIFSTFDVSJUZUISFBUT JODMVEJOHDPNQVUFSWJSVTFT BUUBDLTCZIBDLFST NBMXBSF JOTJEFSUISFBUTBOEQIZTJDBMCSFBLJOT"OZVOBVUIPSJ[FE FMFDUSPOJDPSQIZTJDBMJOUSVTJPOPSPUIFSTFDVSJUZUISFBUNBZKFPQBSEJ[FUIFQSPUFDUJPOPGTFOTJUJWFPSPUIFS JOGPSNBUJPOTUPSFEPSUSBOTNJUUFEUISPVHIPVS*5TZTUFNTBOEOFUXPSLT5IJTDPVMEMFBEUPEJTSVQUJPOTJONJTTJPO DSJUJDBMTZTUFNT VOBVUIPSJ[FESFMFBTFPGTFOTJUJWFJOGPSNBUJPOBOEUIFUIFGUPSDPSSVQUJPOPGEBUB"MUIPVHIXFIBWF JNQMFNFOUFEBOESFHVMBSMZVQEBUFBOEJNQSPWFQPMJDJFT QSPDFEVSFTBOEPUIFSDPOUSPMTUPNPOJUPS QSPUFDUBHBJOTU EFUFDUBOENJUJHBUFDZCFSBOEPUIFSTFDVSJUZUISFBUT BUUFNQUTUPHBJOVOBVUIPSJ[FEBDDFTTUPPVS*5TZTUFNTBOE OFUXPSLTBSFCFDPNJOHNPSFTPQIJTUJDBUFE8F IPXFWFS TFFLUPEFUFDUBOEJOWFTUJHBUFBMMTFDVSJUZFWFOUTBOE QSFWFOUUIFJSPDDVSSFODF
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*OBEEJUJPO XFXPSLXJUIJOEVTUSZBOEUIF64HPWFSONFOUUPTIBSFUISFBUJOUFMMJHFODFBOEQSPNPUFJODSFBTFE BXBSFOFTTBOEFOIBODFEQSPUFDUJPOTBHBJOTUDZCFSTFDVSJUZUISFBUT)PXFWFS CFDBVTFPGUIFFWPMWJOHOBUVSFPG UIFTFTFDVSJUZUISFBUT UIFSFDBOCFOPBTTVSBODFUIBUPVSQPMJDJFT QSPDFEVSFTBOEPUIFSDPOUSPMTXJMMEFUFDUPS QSFWFOUUIFN BOEXFDBOOPUQSFEJDUUIFJSGVMMJNQBDU8FNBZFYQFSJFODFTJNJMBSTFDVSJUZUISFBUTUPUIF*5TZTUFNT UIBUXFEFWFMPQ JOTUBMMPSNBJOUBJOVOEFSDVTUPNFSDPOUSBDUT JODMVEJOHDVTUPNFSDPOUSBDUTVOEFSXIJDIXFNBZ IBWFBDDFTTUPPSNBOBHFNFOUSFTQPOTJCJMJUZGPSDVTUPNFSEBUBCBTFTPSOFUXPSLTUIBUDPOUBJOTFOTJUJWFJOGPSNBUJPO SFMBUJOHUPPVSDVTUPNFST UIFJSFNQMPZFFTPSSFMBUFEUIJSEQBSUJFT"MUIPVHIXFXPSLDPPQFSBUJWFMZXJUIPVS DVTUPNFSTUPTFFLUPNJOJNJ[FUIFJNQBDUTPGDZCFSBOEPUIFSTFDVSJUZUISFBUT XFNVTUVTVBMMZSFMZPOUIF TBGFHVBSETVTFEPSSFRVJSFECZUIPTFDVTUPNFST*OUIFFWFOUPGVOBVUIPSJ[FEBDDFTTUPTFOTJUJWFJOGPSNBUJPOGPS XIJDIBSFSFTQPOTJCMFVOEFSDVTUPNFSDPOUSBDUT PVSDVTUPNFST UIFJSFNQMPZFFT PSUIJSEQBSUJFTNBZTFFLUPIPME VTMJBCMFGPSBOZDPTUTPSPUIFSEBNBHFTBTTPDJBUFEXJUIUIFVOBVUIPSJ[FEBDDFTT*OBEEJUJPO HPWFSONFOUBHFODJFT NBZCSJOHMFHBMBDUJPOTBHBJOTUVTGPSWJPMBUJPOPGPSOPODPNQMJBODFXJUISFHVMBUPSZSFRVJSFNFOUTSFMBUJOHUPBOZ VOBVUIPSJ[FEBDDFTTUPTFOTJUJWFJOGPSNBUJPO"OZSFNFEJBUJPODPTUT EBNBHFTPSPUIFSMJBCJMJUJFTSFMBUFEUP VOBVUIPSJ[FEBDDFTTPGTFOTJUJWFJOGPSNBUJPOPGPVSTPSPVSDVTUPNFSTDBVTFECZDZCFSPSPUIFSTFDVSJUZUISFBUT NBZOPUCFGVMMZJOTVSFEPSJOEFNOJGJFECZPUIFSNFBOT0DDVSSFODFPGBOZVOBVUIPSJ[FEBDDFTTDBVTFECZUIFTF TFDVSJUZUISFBUTDPVMEBEWFSTFMZBGGFDUPVSSFQVUBUJPO CVTJOFTTPQFSBUJPOTBOEGJOBODJBMSFTVMUT
8FGBDFWBSJPVTSJTLTSFMBUFEUPIFBMUIFQJEFNJDT QBOEFNJDTBOETJNJMBSPVUCSFBLT XIJDINBZIBWF NBUFSJBMBEWFSTFFGGFDUTPOPVSCVTJOFTT GJOBODJBMQPTJUJPO SFTVMUTPGPQFSBUJPOTBOEPSDBTIGMPXT
8FGBDFWBSJPVTSJTLTSFMBUFEUPIFBMUIFQJEFNJDT QBOEFNJDTBOETJNJMBSPVUCSFBLT JODMVEJOHUIFHMPCBMPVUCSFBLPG DPSPOBWJSVTEJTFBTF a$07*%b *GTJHOJGJDBOUQPSUJPOTPGPVSXPSLGPSDFBSFVOBCMFUPXPSLFGGFDUJWFMZEVFUP JMMOFTT RVBSBOUJOFT HPWFSONFOUBDUJPOT GBDJMJUZDMPTVSFTPSPUIFSSFBTPOTJODPOOFDUJPOXJUIUIF$07*% QBOEFNJD PVSPQFSBUJPOTXJMMMJLFMZCFJNQBDUFE8FNBZCFVOBCMFUPQFSGPSNGVMMZPOPVSDPOUSBDUTBOETPNFPG PVSDPTUTNBZOPUCFGVMMZSFDPWFSBCMFPSBEFRVBUFMZDPWFSFECZJOTVSBODF*OBEEJUJPO UIFSFTVMUJOHWPMBUJMJUZJOUIF HMPCBMDBQJUBMNBSLFUTDPVMESFTUSJDUPVSBDDFTTUPDBQJUBMBOEPSJODSFBTFPVSDPTUPGDBQJUBM
*UJTQPTTJCMFUIBUUIFDPOUJOVFETQSFBEPG$07*%NBZBMTPGVSUIFSDBVTFEJTSVQUJPOJOPVSTVQQMZDIBJO DBVTF EFMBZ PSMJNJUUIFBCJMJUZPG UIF64(PWFSONFOUBOEPUIFSDVTUPNFSTUPQFSGPSN JODMVEJOHNBLJOHUJNFMZQBZNFOUT UPVT JNQBDUJOWFTUNFOUQFSGPSNBODF BOEDBVTFPUIFSVOQSFEJDUBCMFFWFOUT
8FDPOUJOVFUPXPSLXJUIPVSTUBLFIPMEFST JODMVEJOHDVTUPNFST FNQMPZFFT TVQQMJFSTBOEMPDBMDPNNVOJUJFT UP BEESFTTUIJTHMPCBMQBOEFNJD8FDPOUJOVFUPNPOJUPSUIFTJUVBUJPO UPBTTFTTGVSUIFSQPTTJCMFJNQMJDBUJPOTUPPVS CVTJOFTT TVQQMZDIBJOBOEDVTUPNFST BOEUPUBLFBDUJPOTJOBOFGGPSUUPNJUJHBUFBEWFSTFDPOTFRVFODFT
"UUIJTUJNF XFDBOOPUQSFEJDUUIFJNQBDUPGUIF$07*%QBOEFNJD CVUJUDPVMEIBWFBNBUFSJBMBEWFSTFFGGFDUPO PVSCVTJOFTT GJOBODJBMQPTJUJPO SFTVMUTPGPQFSBUJPOTBOEPSDBTIGMPXT
$VTUPNFSTZTUFNTGBJMVSFTDPVMEEBNBHFPVSSFQVUBUJPOBOEBEWFSTFMZBGGFDUPVSSFWFOVFTBOEQSPGJUBCJMJUZ
.BOZPGUIFTZTUFNTBOEOFUXPSLTUIBUXFEFWFMPQ JOTUBMMBOENBJOUBJOGPSPVSDVTUPNFSTJOWPMWFNBOBHJOHBOE QSPUFDUJOHQFSTPOBMJOGPSNBUJPOBOEJOGPSNBUJPOSFMBUJOHUPOBUJPOBMTFDVSJUZBOEPUIFSTFOTJUJWFHPWFSONFOU GVODUJPOT8IJMFXFIBWFQSPHSBNTEFTJHOFEUPDPNQMZXJUISFMFWBOUQSJWBDZBOETFDVSJUZMBXTBOESFTUSJDUJPOT JGB TZTUFNPSOFUXPSLUIBUXFEFWFMPQ JOTUBMMPSNBJOUBJOXFSFUPGBJMPSFYQFSJFODFBTFDVSJUZCSFBDIPSTFSWJDF JOUFSSVQUJPO XIFUIFSDBVTFECZVT UIJSEQBSUZTFSWJDFQSPWJEFST DZCFSTFDVSJUZUISFBUTPSPUIFSFWFOUT XFNBZ FYQFSJFODFMPTTPGSFWFOVF SFNFEJBUJPODPTUTPSGBDFDMBJNTGPSEBNBHFTPSDPOUSBDUUFSNJOBUJPO"OZTVDIFWFOU DPVMEDBVTFTFSJPVTIBSNUPPVSSFQVUBUJPOBOEQSFWFOUVTGSPNIBWJOHBDDFTTUPPSCFJOHFMJHJCMFGPSGVSUIFSXPSL POTVDITZTUFNTBOEOFUXPSLT0VSFSSPSTBOEPNJTTJPOTMJBCJMJUZJOTVSBODFNBZCFJOBEFRVBUFUPDPNQFOTBUFVT GPSBMMPGUIFEBNBHFTUIBUXFNBZJODVSBOE BTBSFTVMU PVSGVUVSFSFTVMUTDPVMECFBEWFSTFMZBGGFDUFE
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
-FHBMEJTQVUFTDPVMESFRVJSFVTUPQBZQPUFOUJBMMZMBSHFEBNBHFBXBSETBOEDPVMECFDPTUMZUPEFGFOE XIJDIXPVMEBEWFSTFMZBGGFDUPVSDBTICBMBODFTBOEQSPGJUBCJMJUZ BOEDPVMEEBNBHFPVSSFQVUBUJPO
8FBSFTVCKFDUUPBOVNCFSPGMBXTVJUTBOEDMBJNTEFTDSJCFEVOEFSa-FHBM1SPDFFEJOHTb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a-FHBM1SPDFFEJOHTbJO1BSU*PGUIJTSFQPSU BSFTVCKFDUUPJOIFSFOUVODFSUBJOUJFTBOENBOBHFNFOUcT WJFXPGUIFTFNBUUFSTNBZDIBOHFJOUIFGVUVSF
0VSCVTJOFTTJTTVCKFDUUPOVNFSPVTMFHBMBOESFHVMBUPSZSFRVJSFNFOUTBOEBOZWJPMBUJPOPGUIFTF SFRVJSFNFOUTPSBOZNJTDPOEVDUCZPVSFNQMPZFFT TVCDPOUSBDUPST BHFOUTPSCVTJOFTTQBSUOFSTDPVME IBSNPVSCVTJOFTTBOESFQVUBUJPO
*OBEEJUJPOUPHPWFSONFOUDPOUSBDUQSPDVSFNFOUMBXTBOESFHVMBUJPOT XFBSFTVCKFDUUPOVNFSPVTPUIFSGFEFSBM TUBUFBOEGPSFJHOMFHBMSFRVJSFNFOUTPONBUUFSTBTEJWFSTFBTEBUBQSJWBDZBOEQSPUFDUJPO FNQMPZNFOUBOEMBCPS SFMBUJPOT JNNJHSBUJPO UBYBUJPO BOUJDPSSVQUJPO JNQPSUFYQPSUDPOUSPMT USBEFSFTUSJDUJPOT JOUFSOBMBOEEJTDMPTVSF DPOUSPMPCMJHBUJPOT TFDVSJUJFTSFHVMBUJPOBOEBOUJDPNQFUJUJPO$PNQMJBODFXJUIEJWFSTFBOEDIBOHJOHMFHBM SFRVJSFNFOUTJTDPTUMZ UJNFDPOTVNJOHBOESFRVJSFTTJHOJGJDBOUSFTPVSDFT7JPMBUJPOTPGPOFPSNPSFPGUIFTF SFRVJSFNFOUTJOUIFDPOEVDUPGPVSCVTJOFTTDPVMESFTVMUJOTJHOJGJDBOUGJOFTBOEPUIFSEBNBHFT DSJNJOBMTBODUJPOT BHBJOTUVTPSPVSPGGJDFST QSPIJCJUJPOTPOEPJOHCVTJOFTTBOEEBNBHFUPPVSSFQVUBUJPO7JPMBUJPOTPGUIFTF SFHVMBUJPOTPSDPOUSBDUVBMPCMJHBUJPOTSFMBUFEUPSFHVMBUPSZDPNQMJBODFJODPOOFDUJPOXJUIUIFQFSGPSNBODFPG DVTUPNFSDPOUSBDUTDPVMEBMTPSFTVMUJOMJBCJMJUZGPSTJHOJGJDBOUNPOFUBSZEBNBHFT GJOFTBOEPSDSJNJOBMQSPTFDVUJPO VOGBWPSBCMFQVCMJDJUZBOEPUIFSSFQVUBUJPOBMEBNBHF SFTUSJDUJPOTPOPVSBCJMJUZUPDPNQFUFGPSDFSUBJOXPSLBOE BMMFHBUJPOTCZPVSDVTUPNFSTUIBUXFIBWFOPUQFSGPSNFEPVSDPOUSBDUVBMPCMJHBUJPOT
.JTDPOEVDUCZPVSFNQMPZFFT TVCDPOUSBDUPST BHFOUTPSCVTJOFTTQBSUOFSTDPVMETVCKFDUVTUPGJOFTBOEQFOBMUJFT SFTUJUVUJPOPSPUIFSEBNBHFT MPTTPGTFDVSJUZDMFBSBODF MPTTPGDVSSFOUBOEGVUVSFDVTUPNFSDPOUSBDUTBOE TVTQFOTJPOPSEFCBSNFOUGSPNDPOUSBDUJOHXJUIGFEFSBM TUBUFPSMPDBMHPWFSONFOUBHFODJFT BOZPGXIJDIXPVME BEWFSTFMZBGGFDUPVSCVTJOFTTBOEPVSGVUVSFSFTVMUT4VDINJTDPOEVDUDPVMEJODMVEFGSBVEPSPUIFSJNQSPQFS BDUJWJUJFTTVDIBTGBMTJGZJOHUJNFPSPUIFSSFDPSET GBJMVSFUPDPNQMZXJUIPVSQPMJDJFTBOEQSPDFEVSFTPSWJPMBUJPOTPG BQQMJDBCMFMBXTBOESFHVMBUJPOT
(PPEXJMMBOEJOUBOHJCMFBTTFUTSFQSFTFOUBTJHOJGJDBOUBNPVOUPGPVSUPUBMBTTFUTBOEBOZJNQBJSNFOUPG UIFTFBTTFUTXPVMEOFHBUJWFMZJNQBDUPVSSFTVMUTPGPQFSBUJPOT
(PPEXJMMBOEJOUBOHJCMFBTTFUTBSFUFTUFEGPSJNQBJSNFOUBOOVBMMZPSXIFOFWFSFWFOUTPSDIBOHFTJODJSDVNTUBODFT JOEJDBUFUIBUUIFDBSSZJOHWBMVFNBZOPUCFSFDPWFSBCMF&YBNQMFTPGFWFOUTPSDIBOHFTJODJSDVNTUBODFTJOEJDBUJOH UIBUUIFDBSSZJOHWBMVFPGHPPEXJMMNBZOPUCFSFDPWFSBCMFDPVMEJODMVEFBTJHOJGJDBOUBEWFSTFDIBOHFJOMFHBM GBDUPSTPSJOUIFCVTJOFTTDMJNBUF BOBEWFSTFBDUJPOPSBTTFTTNFOUCZBSFHVMBUPS VOBOUJDJQBUFEDPNQFUJUJPO MPTT PGLFZDPOUSBDUT DVTUPNFSSFMBUJPOTIJQT PSQFSTPOOFMUIBUBGGFDUDVSSFOUBOEGVUVSFPQFSBUJOHDBTIGMPXTPGUIF SFQPSUJOHVOJU"OZGVUVSFJNQBJSNFOUPGHPPEXJMMPSPUIFSJOUBOHJCMFBTTFUTXPVMEIBWFBOFHBUJWFJNQBDUPOPVS QSPGJUBCJMJUZBOEGJOBODJBMSFTVMUT
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
8FEFQFOEPOPVSUFBNJOHBSSBOHFNFOUTBOESFMBUJPOTIJQTXJUIPUIFSDPOUSBDUPSTBOETVCDPOUSBDUPST*G XFBSFOPUBCMFUPNBJOUBJOUIFTFSFMBUJPOTIJQT PSJGUIFTFQBSUJFTGBJMUPTBUJTGZUIFJSPCMJHBUJPOTUPVTPSUIF DVTUPNFS PVSSFWFOVFT QSPGJUBCJMJUZBOEHSPXUIQSPTQFDUTDPVMECFBEWFSTFMZBGGFDUFE
8FSFMZPOUFBNJOHSFMBUJPOTIJQTXJUIPUIFSQSJNFDPOUSBDUPSTBOETVCDPOUSBDUPSTJOPSEFSUPTVCNJUCJETGPSMBSHF QSPDVSFNFOUTPSPUIFSPQQPSUVOJUJFTXIFSFXFCFMJFWFUIFDPNCJOBUJPOPGTFSWJDFT QSPEVDUTBOETPMVUJPOTQSPWJEFE CZVTBOEPVSUFBNNBUFTXJMMIFMQVTUPXJOBOEQFSGPSNUIFDPOUSBDU0VSGVUVSFSFWFOVFTBOEHSPXUIQSPTQFDUT DPVMECFBEWFSTFMZBGGFDUFEJGPUIFSDPOUSBDUPSTFMJNJOBUFPSSFEVDFUIFJSDPOUSBDUSFMBUJPOTIJQTXJUIVT PSJGUIF64 HPWFSONFOUUFSNJOBUFTPSSFEVDFTUIFTFPUIFSDPOUSBDUPSTcQSPHSBNT EPFTOPUBXBSEUIFNOFXDPOUSBDUTPS SFGVTFTUPQBZVOEFSBDPOUSBDU$PNQBOJFTUIBUEPOPUIBWFBDDFTTUP64HPWFSONFOUDPOUSBDUTPSFYQFSJFODF XJUIPVSDVTUPNFSTNBZQFSGPSNTFSWJDFTBTPVSTVCDPOUSBDUPSUIBUXFDBOOPUPUIFSXJTFQSPWJEFPVSTFMWFT BOEUIBU FYQPTVSFDPVMEFOIBODFTVDIDPNQBOJFTcQSPTQFDUPGTFDVSJOHBGVUVSFQPTJUJPOBTBQSJNF64HPWFSONFOU DPOUSBDUPSXIJDIDPVMEJODSFBTFDPNQFUJUJPOGPSGVUVSFDPOUSBDUTBOEJNQBJSPVSBCJMJUZUPXJOUIFTFDPOUSBDUT
8IFOFWFSPVSTVCDPOUSBDUPSTGBJMUPUJNFMZNFFUUIFJSDPOUSBDUVBMPCMJHBUJPOT IBWFSFHVMBUPSZDPNQMJBODFPSPUIFS QSPCMFNT PVSBCJMJUZUPGVMGJMMPVSPCMJHBUJPOTBTBQSJNFDPOUSBDUPSPSIJHIFSUJFSTVCDPOUSBDUPSNBZCFKFPQBSEJ[FE *OBEEJUJPO XFIBWFDFSUBJOPCMJHBUJPOTUP-FJEPT)PMEJOHT *OD GPSNFSMZ4"*$ *OD UPQFSNJUJUUPQFSGPSNVQUP POFIVOESFEQFSDFOU PGUBTLPSEFSTBTBTVCDPOUSBDUPSUPVTVOEFSDFSUBJODPOUSBDUTUIBUXFSFOPWBUFEUPVT JOUIFTQJOPGGUSBOTBDUJPO4VCDPOUSBDUPSQFSGPSNBODFEFGJDJFODJFTVOEFSTVCDPOUSBDUTXJUIVTBTUIFQSJNF DPOUSBDUPS JODMVEJOHQFSGPSNBODFCZ-FJEPT)PMEJOHT *OD DPVMEMFBEUPTJHOJGJDBOUMPTTFTJOGVUVSFQFSJPETBOE DPVMESFTVMUJOPVSUFSNJOBUJPOGPSEFGBVMUBTUIFQSJNFDPOUSBDUPSFWFOUIPVHIJUXBTUIFTVCDPOUSBDUPSUIBUGBJMFEUP QFSGPSNBOEOPUPVSQFSTPOOFM
8FIBWFPOMZBMJNJUFEBCJMJUZUPQSPUFDUPVSJOUFMMFDUVBMQSPQFSUZSJHIUT XIJDIBSFJNQPSUBOUUPPVSTVDDFTT 0VSGBJMVSFUPBEFRVBUFMZQSPUFDUPVSQSPQSJFUBSZJOGPSNBUJPOBOEJOUFMMFDUVBMQSPQFSUZSJHIUTDPVME BEWFSTFMZBGGFDUPVSDPNQFUJUJWFQPTJUJPO
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
*OUIFDPVSTFPGDPOEVDUJOHPVSCVTJOFTT XFNBZJOBEWFSUFOUMZJOGSJOHFUIFJOUFMMFDUVBMQSPQFSUZSJHIUTPGPUIFST SFTVMUJOHJODMBJNTBHBJOTUVTPSPVSDVTUPNFST0VSDPOUSBDUTHFOFSBMMZJOEFNOJGZPVSDVTUPNFSTGPSUIJSEQBSUZ DMBJNTGPSJOUFMMFDUVBMQSPQFSUZJOGSJOHFNFOUCZUIFTFSWJDFTBOETPMVUJPOTXFQSPWJEF5IFFYQFOTFPGEFGFOEJOH UIFTFDMBJNTNBZBEWFSTFMZBGGFDUPVSGJOBODJBMSFTVMUT
8FDPVMEJODVSTJHOJGJDBOUMJBCJMJUJFTBOETVGGFSOFHBUJWFQVCMJDJUZJGPVSEFUFDUJPOTZTUFNTGBJMUPPQFSBUFBT JOUFOEFEPSPVSBTTFTTNFOUSFQPSUTQSPWFUPCFJOBDDVSBUF
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
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
0VSTFSWJDFTBOEPQFSBUJPOTTPNFUJNFTJOWPMWFVTJOH IBOEMJOHPSEJTQPTJOHPGIB[BSEPVTTVCTUBODFTPS EBOHFSPVTNBUFSJBMT XIJDIDPVMEFYQPTFVTUPQPUFOUJBMMZTJHOJGJDBOUMJBCJMJUJFT
4PNFPGPVSTFSWJDFTBOEPQFSBUJPOTJOWPMWFUIFVTF IBOEMJOHPSEJTQPTBMPGIB[BSEPVTTVCTUBODFTPSEBOHFSPVT NBUFSJBMT JODMVEJOHFYQMPTJWF DIFNJDBM CJPMPHJDBM SBEJPMPHJDBMPSOVDMFBSNBUFSJBMT5IFTFBDUJWJUJFTHFOFSBMMZ TVCKFDUVTUPFYUFOTJWFGPSFJHO GFEFSBM TUBUFBOEMPDBMFOWJSPONFOUBMQSPUFDUJPOBOEIFBMUIBOETBGFUZMBXTBOE SFHVMBUJPOT XIJDI BNPOHPUIFSUIJOHT SFRVJSFVTUPJODVSDPTUTUPDPNQMZXJUIUIFTFSFHVMBUJPOTBOEDPVMEJNQPTF MJBCJMJUZPOVTGPSIBOEMJOHPSEJTQPTJOHPGIB[BSEPVTTVCTUBODFTPSEBOHFSPVTNBUFSJBMT'VSUIFSNPSF GBJMVSFUP DPNQMZXJUIUIFTFFOWJSPONFOUBMQSPUFDUJPOBOEIFBMUIBOETBGFUZMBXTBOESFHVMBUJPOTDPVMESFTVMUJODJWJM DSJNJOBM SFHVMBUPSZ BENJOJTUSBUJWFPSDPOUSBDUVBMTBODUJPOT JODMVEJOHGJOFT QFOBMUJFTPSTVTQFOTJPOPSEFCBSNFOUGSPN DPOUSBDUJOHXJUIUIF64HPWFSONFOUPSDPVMEDBVTFVTUPJODVSDPTUTUPDIBOHF VQHSBEF SFNFEJBUFBOEPSDMPTF TPNFPGPVSPQFSBUJPOTPSQSPQFSUJFT"MUIPVHIXFEPOPUIBWFFYUFOTJWFSFBMFTUBUFIPMEJOHT PVSPXOFSTIJQBOE PQFSBUJPOPGSFBMQSPQFSUZBMTPTVCKFDUTVTUPFOWJSPONFOUBMQSPUFDUJPOMBXT TPNFPGXIJDIIPMEDVSSFOUPSQSFWJPVT PXOFSTPSPQFSBUPSTPGCVTJOFTTFTBOESFBMQSPQFSUZMJBCMFGPSIB[BSEPVTTVCTUBODFSFMFBTFT FWFOJGUIFZEJEOPU LOPXPGBOEXFSFOPUSFTQPOTJCMFGPSUIFSFMFBTFT*GXFIBWFBOZWJPMBUJPOTPG PSJODVSMJBCJMJUJFTQVSTVBOUUP UIFTF MBXTPSSFHVMBUJPOT PVSGJOBODJBMDPOEJUJPOBOEPQFSBUJOHSFTVMUTDPVMECFBEWFSTFMZBGGFDUFE
8FGBDFSJTLTBTTPDJBUFEXJUIPVSJOUFSOBUJPOBMCVTJOFTT
0VSJOUFSOBUJPOBMCVTJOFTTPQFSBUJPOTNBZCFTVCKFDUUPBEEJUJPOBMBOEEJGGFSFOUSJTLTUIBOPVS64CVTJOFTT 'BJMVSFUPDPNQMZXJUI64HPWFSONFOUMBXTBOESFHVMBUJPOTBQQMJDBCMFUPJOUFSOBUJPOBMCVTJOFTTTVDIBTUIF 'PSFJHO$PSSVQU1SBDUJDFT"DUPS64FYQPSUDPOUSPMSFHVMBUJPOTDPVMEIBWFBOBEWFSTFJNQBDUPOPVSCVTJOFTTXJUI UIF64HPWFSONFOUBOEDPVMEFYQPTFVTUPBENJOJTUSBUJWF DJWJMPSDSJNJOBMQFOBMUJFTBOENBZFYQPTFVTUP QPUFOUJBMMZTJHOJGJDBOUDPOUSBDUMPTTFT*OBEEJUJPO XFQSPWJEFTFSWJDFTBOETPMVUJPOTJOTVQQPSUPG64HPWFSONFOU DVTUPNFSTJODPVOUSJFTXJUIHPWFSONFOUTUIBUNBZCFPSNBZCFDPNFVOTUBCMFPSBSFJOBSFBTPGBDUJWFNJMJUBSZPS JOUFMMJHFODFPQFSBUJPOT0QFSBUJOHJOTVDIFOWJSPONFOUTNBZJODSFBTFUIFSJTLPGBOJODJEFOUSFTVMUJOHJOJOKVSZPS MPTTPGMJGF PSEBNBHFPSEFTUSVDUJPOPGQSPQFSUZ PSJOBCJMJUZUPNFFUPVSDPOUSBDUVBMPCMJHBUJPOT"MUIPVHIPVS JOUFSOBUJPOBMPQFSBUJPOTIBWFIJTUPSJDBMMZHFOFSBUFEBTNBMMQSPQPSUJPOPGPVSSFWFOVFT XFEPOPULOPXUIFJNQBDU UIBUUIFTFSFHVMBUPSZ HFPQPMJUJDBMBOEPUIFSGBDUPSTNBZIBWFPOPVSCVTJOFTTJOUIFGVUVSFBOEBOZPGUIFTFGBDUPST DPVMEBEWFSTFMZBGGFDUPVSCVTJOFTT
'PSXBSE-PPLJOH4UBUFNFOU3JTLT
:PVNBZOPUCFBCMFUPSFMZPOGPSXBSEMPPLJOHTUBUFNFOUT
5IJTSFQPSUDPOUBJOTGPSXBSEMPPLJOHTUBUFNFOUTUIBUBSFCBTFEPOPVSNBOBHFNFOUcTCFMJFGBOEBTTVNQUJPOTBCPVU UIFGVUVSFJOMJHIUPGJOGPSNBUJPODVSSFOUMZBWBJMBCMFUPPVSNBOBHFNFOU*OTPNFDBTFT ZPVDBOJEFOUJGZGPSXBSE MPPLJOHTUBUFNFOUTCZXPSETTVDIBTaNBZ baXJMM baTIPVME baFYQFDUT baQSPKFDUT baJOUFOET baQMBOT baBOUJDJQBUFT b aCFMJFWFT baFTUJNBUFT baQSFEJDUT baQPUFOUJBM baDPOUJOVF baPVUMPPL bBOETJNJMBSXPSETPSQISBTFTPSUIFOFHBUJWFPG UIFTFXPSETPSQISBTFT5IFTFTUBUFNFOUTSFMBUFUPGVUVSFFWFOUTPSPVSGVUVSFGJOBODJBMQFSGPSNBODF BOEJOWPMWF LOPXOBOEVOLOPXOSJTLT VODFSUBJOUJFTBOEPUIFSGBDUPSTUIBUNBZDBVTFPVSBDUVBMSFTVMUT MFWFMTPGBDUJWJUZ QFSGPSNBODFPSBDIJFWFNFOUTUPCFNBUFSJBMMZEJGGFSFOUGSPNBOZGVUVSFSFTVMUT MFWFMTPGBDUJWJUZ QFSGPSNBODFPS BDIJFWFNFOUTFYQSFTTFEPSJNQMJFECZUIFTFGPSXBSEMPPLJOHTUBUFNFOUT"MUIPVHIXFCFMJFWFUIBUUIFFYQFDUBUJPOT SFGMFDUFEJOUIFGPSXBSEMPPLJOHTUBUFNFOUTBSFSFBTPOBCMFXIFONBEF XFDBOOPUHVBSBOUFFGVUVSFSFTVMUT MFWFMT PGBDUJWJUZ QFSGPSNBODFPSBDIJFWFNFOUT5IFSFBSFBOVNCFSPGJNQPSUBOUGBDUPSTUIBUDPVMEDBVTFPVSBDUVBM SFTVMUTUPEJGGFSNBUFSJBMMZGSPNUIPTFSFTVMUTBOUJDJQBUFECZPVSGPSXBSEMPPLJOHTUBUFNFOUT XIJDIJODMVEF CVUBSF OPUMJNJUFEUPUIFSJTLGBDUPSTEJTDVTTFEBCPWF
8FEPOPUVOEFSUBLFBOZPCMJHBUJPOUPVQEBUFPSSFWJTFBOZPGUIFGPSXBSEMPPLJOHTUBUFNFOUTUPSFGMFDUFWFOUT DJSDVNTUBODFT DIBOHFTJOFYQFDUBUJPOT PSUIFPDDVSSFODFPGVOBOUJDJQBUFEFWFOUTBGUFSUIFEBUFPGUIPTF TUBUFNFOUTPSUPDPOGPSNUIFTFTUBUFNFOUTUPBDUVBMSFTVMUT
*UFN#6OSFTPMWFE4UBGG$PNNFOUT
/PJOGPSNBUJPOJTSFRVJSFEJOSFTQPOTFUPUIJTJUFN
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*UFN1SPQFSUJFT
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
*UFN-FHBM1SPDFFEJOHT
8FIBWFQSPWJEFEJOGPSNBUJPOBCPVUMFHBMQSPDFFEJOHTJOXIJDIXFBSFJOWPMWFEJO/PUFPGUIFOPUFTUPUIF DPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU
8FBSFBMTPSPVUJOFMZTVCKFDUUPJOWFTUJHBUJPOTBOESFWJFXTSFMBUJOHUPDPNQMJBODFXJUIWBSJPVTMBXTBOESFHVMBUJPOT "EEJUJPOBMJOGPSNBUJPOSFHBSEJOHTVDIJOWFTUJHBUJPOTBOESFWJFXTJTEFTDSJCFEVOEFSUIFIFBEJOHa(PWFSONFOU *OWFTUJHBUJPOT "VEJUTBOE3FWJFXTbJO/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFE XJUIJOUIJTSFQPSU *UFN.JOF4BGFUZ%JTDMPTVSFT /PJOGPSNBUJPOJTSFRVJSFEJOSFTQPOTFUPUIJTJUFN
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
1BSU**
*UFN.BSLFUGPS3FHJTUSBOU`T$PNNPO&RVJUZ 3FMBUFE4UPDLIPMEFS.BUUFSTBOE*TTVFS1VSDIBTFPG&RVJUZ 4FDVSJUJFT
0VSDPNNPOTUPDLJTMJTUFEPOUIF/FX:PSL4UPDL&YDIBOHFVOEFSUIFUJDLFSTZNCPMa4"*$b"TPG.BSDI UIFSFXFSFBQQSPYJNBUFMZ IPMEFSTPGSFDPSEPGPVSDPNNPOTUPDL5IFOVNCFSPGIPMEFSTPGSFDPSEPGPVS DPNNPOTUPDLNBZOPUCFSFQSFTFOUBUJWFPGUIFOVNCFSPGCFOFGJDJBMPXOFSTEVFUPTIBSFTUIBUNBZCFIFMECZ EFQPTJUPSJFT CSPLFSTPSOPNJOFFT
4UPDL1FSGPSNBODF(SBQI
5IFGPMMPXJOHHSBQIDPNQBSFTUIFUPUBMDVNVMBUJWFSFUVSOPOPVSDPNNPOTUPDL GSPNUIFCFHJOOJOHPGGJTDBMZFBS UISPVHIGJTDBMZFBS UPUISFFJOEJDFT J UIF4UBOEBSE1PPScT 41 .*%$"1*OEFY JJ UIF3VTTFMM *OEFYBOE JJJ UIF%PX+POFT64$PNQVUFS4FSWJDFT*OEFY5IFHSBQIBTTVNFTBOJOJUJBMJOWFTUNFOUPG PO+BOVBSZ BOEUIBUEJWJEFOETIBWFCFFOSFJOWFTUFE5IFDPNQBSJTPOTJOUIFHSBQIBSFSFRVJSFECZUIF 644FDVSJUJFTBOE&YDIBOHF$PNNJTTJPO 4&$ CBTFEVQPOIJTUPSJDBMEBUBBOEBSFOPUJOUFOEFEUPGPSFDBTUPSCF JOEJDBUJWFPGQPTTJCMFGVUVSFQFSGPSNBODFPGPVSDPNNPOTUPDL
%PMMBST
%BUF
4"*$ 41 .*%$"1 *OEFY
3VTTFMM *OEFY %PX +POFT 64 $PNQVUFS 4FSWJDFT *OEFY
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
1VSDIBTFTPG&RVJUZ4FDVSJUJFT
8FNBZSFQVSDIBTFTIBSFTPOUIFPQFONBSLFUJOBDDPSEBODFXJUIFTUBCMJTIFESFQVSDIBTFQMBOT8IFUIFS SFQVSDIBTFTBSFNBEFBOEUIFUJNJOHBOEBNPVOUPGSFQVSDIBTFTEFQFOEPOBWBSJFUZPGGBDUPSTJODMVEJOHNBSLFU DPOEJUJPOT PVSDBQJUBMQPTJUJPO JOUFSOBMDBTIHFOFSBUJPOBOEPUIFSGBDUPST
5IFGPMMPXJOHUBCMFQSFTFOUTSFQVSDIBTFTPGPVSDPNNPOTUPDLEVSJOHUIFUISFFNPOUITFOEFE+BOVBSZ
.BYJNVN 5PUBM/VNCFSPG /VNCFSPG 4IBSFT PS6OJUT 4IBSFT PS6OJUT 1VSDIBTFEBT UIBU.BZ:FU#F 5PUBM/VNCFSPG "WFSBHF1SJDF 1BSUPG1VCMJDMZ 1VSDIBTFE6OEFS 4IBSFT PS6OJUT 1BJEQFS4IBSF "OOPVODFE1MBOT UIF1MBOTPS 1FSJPE 1VSDIBTFE PS6OJU PS1SPHSBNT 1SPHSBNT /PWFNCFS %FDFNCFS f f f %FDFNCFS +BOVBSZ f f f +BOVBSZ +BOVBSZ f 5PUBM f
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
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*UFN4FMFDUFE'JOBODJBM%BUB
0O+BOVBSZ XFBDRVJSFE&OHJMJUZ)PMEJOHT *OD &OHJMJUZ BOEPO.BZ XFBDRVJSFEQSJWBUFMZIFME 4DJUPS)PMEJOHT *OD 4DJUPS 5IFDPOTPMJEBUFETUBUFNFOUPGJODPNFEBUBJODMVEFTUIFSFTVMUTPGPQFSBUJPOT TVCTFRVFOUUPFBDIBDRVJTJUJPO
5IJTJOGPSNBUJPOTIPVMECFSFBEJODPOKVODUJPOXJUIa.BOBHFNFOUcT%JTDVTTJPOBOE"OBMZTJTPG'JOBODJBM$POEJUJPO BOE3FTVMUTPG0QFSBUJPOTbBOEPVSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTBOEUIFOPUFTUIFSFUPDPOUBJOFEXJUIJOUIJT SFQPSU
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ 'FCSVBSZ +BOVBSZ JONJMMJPOT FYDFQUQFSTIBSFEBUB $POTPMJEBUFEBOE$PNCJOFE4UBUFNFOUPG *ODPNF%BUB 3FWFOVFT 0QFSBUJOHJODPNF /FUJODPNF &BSOJOHTQFSTIBSF #BTJD %JMVUFE $BTIEJWJEFOEQFSTIBSF
$POTPMJEBUFEBOE$PNCJOFE#BMBODF4IFFU +BOVBSZ 'FCSVBSZ 'FCSVBSZ 'FCSVBSZ +BOVBSZ %BUB 5PUBMBTTFUT -POHUFSNEFCU JODMVEJOHDVSSFOUQPSUJPO 0UIFSMPOHUFSNMJBCJMJUJFTBOEEFGFSSFEJODPNF UBYFT
'PSNPSFJOGPSNBUJPOPOUIFDBMDVMBUJPOPG#BTJDBOE%JMVUFE&BSOJOHTQFSTIBSFTFF/PUFPGUIFOPUFTUPUIF DPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU &GGFDUJWF'FCSVBSZ UIF$PNQBOZBEPQUFEOFXHVJEBODFPOMFBTFBDDPVOUJOH5IF$PNQBOZFMFDUFEUPBEPQU VTJOHUIFPQUJPOBMUSBOTJUJPONFUIPE4FF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJT SFQPSU 5IF$PNQBOZBEPQUFE"4$ 3FWFOVFGSPN$POUSBDUTXJUI$VTUPNFST PO'FCSVBSZ VTJOHUIFNPEJGJFE SFUSPTQFDUJWFNFUIPEXIFSFCZUIF$PNQBOZSFDPHOJ[FEUIFDVNVMBUJWFFGGFDUPGBEPQUJPOBTBOBEKVTUNFOUUPJUTPQFOJOH CBMBODFPGSFUBJOFEFBSOJOHTPO'FCSVBSZ TFF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT DPOUBJOFEXJUIJOUIJTSFQPSU
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*UFN.BOBHFNFOU`T%JTDVTTJPOBOE"OBMZTJTPG'JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOT
5IFGPMMPXJOHEJTDVTTJPOBOEBOBMZTJTPGPVSGJOBODJBMDPOEJUJPOBOESFTVMUTPGPQFSBUJPOT BOERVBOUJUBUJWFBOE RVBMJUBUJWFEJTDMPTVSFTBCPVUNBSLFUSJTLTIPVMECFSFBEJODPOKVODUJPOXJUIPVSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT BOEUIFSFMBUFEOPUFTJODMVEFEJOUIJT'PSN, BTXFMMBT1BSU** *UFN.BOBHFNFOU`T%JTDVTTJPOBOE"OBMZTJT PG'JOBODJBM$POEJUJPOBOE3FTVMUTPG0QFSBUJPOTaPGPVS'PSN,GPSUIFZFBSFOEFE'FCSVBSZ XIJDI QSPWJEFTBEEJUJPOBMJOGPSNBUJPOPODPNQBSJTPOTPGGJTDBMBOE*UDPOUBJOTGPSXBSEMPPLJOHTUBUFNFOUT XIJDINBZCFJEFOUJGJFECZXPSETTVDIBTUIPTFEFTDSJCFEJOb3JTL'BDUPSTc 'PSXBSE-PPLJOH4UBUFNFOU3JTLTa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b3JTL'BDUPSTaJO1BSU*PGUIJTSFQPSU%VFUPTVDISJTLT VODFSUBJOUJFTBOEBTTVNQUJPOTZPVBSFDBVUJPOFEOPUUPQMBDFVOEVFSFMJBODFPOTVDIGPSXBSEMPPLJOHTUBUFNFOUT XIJDITQFBLPOMZBTPGUIFEBUFIFSFPG8FEPOPUVOEFSUBLFBOZPCMJHBUJPOUPVQEBUFUIFTFGBDUPSTPSUPQVCMJDMZ BOOPVODFUIFSFTVMUTPGBOZDIBOHFTUPPVSGPSXBSEMPPLJOHTUBUFNFOUTEVFUPGVUVSFSFTVMUTPSEFWFMPQNFOUT
8FVTFUIFUFSNT4"*$ UIFb$PNQBOZ abXF abVTaBOEbPVSaUPSFGFSUP4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM $PSQPSBUJPOBOEJUTDPOTPMJEBUFETVCTJEJBSJFT
5IF$PNQBOZVUJMJ[FTBXFFLGJTDBMZFBSFOEJOHPOUIF'SJEBZDMPTFTUUP+BOVBSZ XJUIGJTDBMRVBSUFST UZQJDBMMZDPOTJTUJOHPGXFFLT'JTDBMCFHBOPO'FCSVBSZ BOEFOEFEPO'FCSVBSZ GJTDBM CFHBOPO'FCSVBSZ BOEFOEFEPO'FCSVBSZ BOEGJTDBMCFHBOPO'FCSVBSZ BOE FOEFEPO+BOVBSZ
#VTJOFTT0WFSWJFX
8FBSFBMFBEJOHUFDIOPMPHZJOUFHSBUPSQSPWJEJOHGVMMMJGFDZDMFTFSWJDFTBOETPMVUJPOTJOUIFUFDIOJDBM FOHJOFFSJOH BOEFOUFSQSJTFJOGPSNBUJPOUFDIOPMPHZ *5 NBSLFUT8FEFWFMPQFEPVSCSBOECZBEESFTTJOHPVSDVTUPNFSTc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
&DPOPNJD0QQPSUVOJUJFT $IBMMFOHFTBOE3JTLT
*OGJTDBM XFHFOFSBUFEHSFBUFSUIBOPGPVSSFWFOVFTGSPNDPOUSBDUTXJUIUIF64HPWFSONFOU JODMVEJOH TVCDPOUSBDUTPOXIJDIXFQFSGPSN0VSCVTJOFTTQFSGPSNBODFJTBGGFDUFECZUIFPWFSBMMMFWFMPG64HPWFSONFOU TQFOEJOHBOEUIFBMJHONFOUPGPVSPGGFSJOHTBOEDBQBCJMJUJFTXJUIUIFCVEHFUQSJPSJUJFTPGUIF64HPWFSONFOU "QQSPQSJBUJPOTNFBTVSFTQBTTFEJO%FDFNCFSQSPWJEFGVMMGVOEJOHGPSUIFGFEFSBMHPWFSONFOUUISPVHIUIFFOE PGHPWFSONFOUGJTDBMZFBS (': 5IFTFCJMMTBSFGVOEFEBUJODSFBTFEMFWFMTGPSEFGFOTFBOEOPOEFGFOTF TQFOEJOHCBTFEPOUIF"VHVTU#JQBSUJTBO#VEHFU"DUBHSFFNFOUUIBUSBJTFTUIF#VEHFU$POUSPM"DUTQFOEJOH DBQTFOBDUFEJO"VHVTUBOETVTQFOETUIF'FEFSBMEFCUDFJMJOHVOUJM+VMZ
"EWFSTFDIBOHFTJOGJTDBMBOEFDPOPNJDDPOEJUJPOTDPVMENBUFSJBMMZBGGFDUPVSCVTJOFTT4PNFDIBOHFTUIBUDPVME IBWFBOBEWFSTFJNQBDUPOPVSCVTJOFTTJODMVEFUIFJNQMFNFOUBUJPOPGGVUVSFTQFOEJOHSFEVDUJPOT JODMVEJOH TFRVFTUSBUJPO BOEHPWFSONFOUTIVUEPXOT
5IF64HPWFSONFOUIBTJODSFBTJOHMZSFMJFEPODPOUSBDUTUIBUBSFTVCKFDUUPBDPNQFUJUJWFCJEEJOHQSPDFTT JODMVEJOHJOEFGJOJUFEFMJWFSZ JOEFGJOJUFRVBOUJUZ *%*2 64(FOFSBM4FSWJDFT"ENJOJTUSBUJPO (4" TDIFEVMFTBOE PUIFSNVMUJBXBSEDPOUSBDUT XIJDIIBTSFTVMUFEJOHSFBUFSDPNQFUJUJPOBOEJODSFBTFEQSJDJOHQSFTTVSF8FFYQFDU UIBUBNBKPSJUZPGUIFCVTJOFTTUIBUXFTFFLJOUIFGPSFTFFBCMFGVUVSFXJMMCFBXBSEFEUISPVHIBDPNQFUJUJWFCJEEJOH QSPDFTT
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
%FTQJUFUIFCVEHFUBOEDPNQFUJUJWFQSFTTVSFTJNQBDUJOHUIFJOEVTUSZ XFCFMJFWFXFBSFXFMMQPTJUJPOFEUPQSPUFDU BOEFYQBOEFYJTUJOHDVTUPNFSSFMBUJPOTIJQTBOECFOFGJUGSPNPQQPSUVOJUJFTUIBUXFIBWFOPUQSFWJPVTMZQVSTVFE0VS TDBMF TJ[FBOEQSJNFDPOUSBDUPSMFBEFSTIJQQPTJUJPOBSFFYQFDUFEUPIFMQEJGGFSFOUJBUFVTGSPNPVSDPNQFUJUPST FTQFDJBMMZPOMBSHFDPOUSBDUT8FCFMJFWFPVSMPOHUFSN USVTUFEDVTUPNFSSFMBUJPOTIJQTBOEEFFQUFDIOJDBMFYQFSUJTF QSPWJEFVTXJUIUIFTPQIJTUJDBUJPOUPIBOEMFIJHIMZDPNQMFYNJTTJPODSJUJDBMDPOUSBDUT4"*$cTWBMVFQSPQPTJUJPOJT GPVOEJOUIFQSPWFOBCJMJUZUPTFSWFBTBUSVTUFEBEWJTFSUPPVSDVTUPNFST*OEPJOHTP XFMFWFSBHFPVSFYQFSUJTF BOETDBMFUPIFMQUIFNFYFDVUFUIFJSNJTTJPO
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
0O.BSDI XFDPNQMFUFEUIFBDRVJTJUJPOPG6OJTZT'FEFSBM BOPQFSBUJOHVOJUXJUIJO6OJTZT$PSQPSBUJPO 5IFBDRVJTJUJPOPG6OJTZT'FEFSBM JOBMJHONFOUXJUIPVSMPOHUFSNTUSBUFHZ QPTJUJPOT4"*$BTBMFBEJOHHPWFSONFOU TFSWJDFTUFDIOPMPHZJOUFHSBUPSJOEJHJUBMUSBOTGPSNBUJPO5IFBDRVJTJUJPOPG6OJTZT'FEFSBM FOIBODFT4"*$cT DBQBCJMJUJFTJOHPWFSONFOUQSJPSJUZBSFBT JODMVEJOH*5NPEFSOJ[BUJPO DMPVENJHSBUJPO NBOBHFETFSWJDFT BOE EFWFMPQNFOU TFDVSJUZBOEPQFSBUJPOT FYQBOET4"*$cTQPSUGPMJPPGJOUFMMFDUVBMQSPQFSUZBOEUFDIOPMPHZESJWFO PGGFSJOHTUIBUFOBCMFHPWFSONFOUUBJMPSFE DPNNFSDJBMCBTFETPMVUJPOT JODSFBTFT4"*$cTBDDFTTUPDVSSFOUBOE OFXDVTUPNFSTXJUIBTUSPOHQJQFMJOFPGOFXCVTJOFTTPQQPSUVOJUJFTBOE JTIJHIMZBDDSFUJWFBDSPTTBMMLFZ GJOBODJBMNFUSJDT
4FFa3JTL'BDUPSTbJO1BSU*PGUIJTSFQPSUGPSBEEJUJPOBMEJTDVTTJPOPGPVSJOEVTUSZBOESFHVMBUPSZFOWJSPONFOU
*NQBDUTPGUIF$07*%1BOEFNJD
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
4FFa3JTL'BDUPSTbJO1BSU*PGUIJTSFQPSUGPSBEEJUJPOBMEJTDVTTJPOPGUIFSJTLTBTTPDJBUFEXJUIUIF$07*% QBOEFNJD
.BOBHFNFOUPG0QFSBUJOH1FSGPSNBODFBOE3FQPSUJOH
0VSCVTJOFTTBOEQSPHSBNNBOBHFNFOUQSPDFTTJTEJSFDUFECZQSPGFTTJPOBMNBOBHFSTGPDVTFEPOTBUJTGZJOHPVS DVTUPNFSTCZQSPWJEJOHIJHIRVBMJUZTFSWJDFTJOBDIJFWJOHQSPHSBNSFRVJSFNFOUT5IFTFNBOBHFSTDBSFGVMMZNPOJUPS DPOUSBDUNBSHJOQFSGPSNBODFCZDPOTUBOUMZFWBMVBUJOHDPOUSBDUSJTLTBOEPQQPSUVOJUJFT5ISPVHIFBDIDPOUSBDUcTMJGF DZDMF QSPHSBNNBOBHFSTSFWJFXQFSGPSNBODFBOEVQEBUFDPOUSBDUQFSGPSNBODFFTUJNBUFTUPSFGMFDUUIFJS VOEFSTUBOEJOHPGUIFCFTUJOGPSNBUJPOBWBJMBCMF'PSQFSGPSNBODFPCMJHBUJPOTTBUJTGJFEPWFSUJNF VQEBUFTUP FTUJNBUFTBSFSFDPHOJ[FEPOJODFQUJPOUPEBUFBDUJWJUZ EVSJOHUIFQFSJPEPGBEKVTUNFOU SFTVMUJOHJOFJUIFSBGBWPSBCMF PSVOGBWPSBCMFJNQBDUUPPQFSBUJOHJODPNF
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
8FFWBMVBUFPVSSFTVMUTPGPQFSBUJPOTCZDPOTJEFSJOHUIFESJWFSTDBVTJOHDIBOHFTJOSFWFOVFT PQFSBUJOHJODPNF BOEPQFSBUJOHDBTIGMPXT(JWFOUIBUSFWFOVFTGMVDUVBUFPOPVSDPOUSBDUQPSUGPMJPPWFSUJNFEVFUPDPOUSBDUBXBSET BOEDPNQMFUJPOT DIBOHFTJODVTUPNFSSFRVJSFNFOUT BOEJODSFBTFTPSEFDSFBTFTJOPSEFSJOHWPMVNFPGNBUFSJBMT XFFWBMVBUFTJHOJGJDBOUUSFOETBOEGMVDUVBUJPOTJOUIFTFUFSNT8IFUIFSQFSGPSNFECZPVSFNQMPZFFTPSCZPVS TVCDPOUSBDUPST XFQSJNBSJMZQSPWJEFTFSWJDFTBOE BTBSFTVMU PVSDPTUPGSFWFOVFTBSFQSFEPNJOBOUMZWBSJBCMF8F BMTPBOBMZ[FPVSDPTUNJY MBCPS TVCDPOUSBDUPSPSNBUFSJBMT JOPSEFSUPVOEFSTUBOEPQFSBUJOHNBSHJOCFDBVTF QSPHSBNTXJUIBIJHIFSQSPQPSUJPOPG4"*$MBCPSBSFHFOFSBMMZNPSFQSPGJUBCMF$IBOHFTJODPTUTPGSFWFOVFTBTB QFSDFOUBHFPGSFWFOVFPUIFSUIBOGSPNSFWFOVFWPMVNFPSDPTUNJYBSFOPSNBMMZESJWFOCZGMVDUVBUJPOTJOTIBSFEPS DPSQPSBUFDPTUT PSDVNVMBUJWFSFWFOVFBEKVTUNFOUTEVFUPDIBOHFTJOFTUJNBUFT
$IBOHFTJOPQFSBUJOHDBTIGMPXTBSFEFTDSJCFEXJUISFHBSEUPDIBOHFTJODBTIHFOFSBUFEUISPVHIUIFEFMJWFSZPG TFSWJDFT TJHOJGJDBOUESJWFSTPGGMVDUVBUJPOTJOBTTFUTPSMJBCJMJUJFTBOEUIFJNQBDUTPGDIBOHFTJOUJNJOHPGDBTI SFDFJQUTPSEJTCVSTFNFOUT
3FTVMUTPG0QFSBUJPOT
5IFQSJNBSZGJOBODJBMQFSGPSNBODFNFBTVSFTXFVTFUPNBOBHFPVSCVTJOFTTBOENPOJUPSSFTVMUTPGPQFSBUJPOTBSF SFWFOVFT PQFSBUJOHJODPNFBOEDBTIGMPXTGSPNPQFSBUJOHBDUJWJUJFT5IFGPMMPXJOHUBCMFTVNNBSJ[FTPVSSFTVMUTPG PQFSBUJPOT
:FBS&OEFE +BOVBSZ 1FSDFOU 'FCSVBSZ 1FSDFOU 'FCSVBSZ DIBOHF DIBOHF EPMMBSTJONJMMJPOT 3FWFOVFT $PTUPGSFWFOVFT "TBQFSDFOUBHFPGSFWFOVFT 4FMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT "DRVJTJUJPOBOEJOUFHSBUJPODPTUT f 0QFSBUJOHJODPNF "TBQFSDFOUBHFPGSFWFOVFT /FUJODPNFBUUSJCVUBCMFUPDPNNPOTUPDLIPMEFST $BTIGMPXTQSPWJEFECZPQFSBUJOHBDUJWJUJFT
3FWFOVFT3FWFOVFTJODSFBTFE NJMMJPOGSPNGJTDBMUPGJTDBMQSJNBSJMZEVFUPUIFBDRVJTJUJPOPG &OHJMJUZ"EKVTUJOHGPSUIFJNQBDUPGBDRVJSFESFWFOVFT SFWFOVFTDPOUSBDUFEEVFUPUIFDPNQMFUJPOPGDFSUBJO DPOUSBDUT JODMVEJOHDPOUSBDUTXJUIUIF64.BSJOF$PSQT BOEUIFFGGFDUPGBDRVJTJUJPOSFMBUFEEJTTZOFSHJFT5IFTF EFDSFBTFTXFSFQBSUJBMMZPGGTFUCZOFUJODSFBTFTJOQSPHSBNWPMVNF
$PTUPG3FWFOVFT$PTUPGSFWFOVFTJODSFBTFE NJMMJPOGSPNGJTDBMUPGJTDBMQSJNBSJMZEVFUPUIF BDRVJTJUJPOPG&OHJMJUZ$PTUPGSFWFOVFTBTBQFSDFOUBHFPGSFWFOVFTEFDSFBTFEGSPNJOGJTDBMUP JOGJTDBM QSJNBSJMZESJWFOCZBNPSFQSPGJUBCMFDPTUNJYUISPVHIIJHIFSMBCPSDPOUFOUBOEBDRVJTJUJPOSFMBUFE DPTUTZOFSHJFT
4FMMJOH (FOFSBMBOE"ENJOJTUSBUJWF&YQFOTFT4("JODSFBTFENJMMJPOGSPNGJTDBMUPGJTDBM QSJNBSJMZEVFUPUIFBDRVJTJUJPOPG&OHJMJUZBOESFMBUFEJOUBOHJCMFBTTFUBNPSUJ[BUJPO NJMMJPO BOEIJHIFS CVTJOFTTEFWFMPQNFOUDPTUT QBSUJBMMZPGGTFUCZBDRVJTJUJPOSFMBUFEDPTUTZOFSHJFT
0QFSBUJOH*ODPNF0QFSBUJOHJODPNFBTBQFSDFOUBHFPGSFWFOVFTJODSFBTFEUPGPSGJTDBM DPNQBSFEUP GPSGJTDBM QSJNBSJMZEVFUPMPXFSBDRVJTJUJPOBOEJOUFHSBUJPODPTUT BNPSFQSPGJUBCMFMBCPSNJYBOEDPTU TZOFSHJFT QBSUJBMMZPGGTFUCZJODSFBTFEJOUBOHJCMFBTTFUBNPSUJ[BUJPO
/FU*ODPNF"UUSJCVUBCMFUP$PNNPO4UPDLIPMEFST/FUJODPNFBUUSJCVUBCMFUPDPNNPOTUPDLIPMEFSTJODSFBTFE NJMMJPOGSPNGJTDBMUPGJTDBMQSJNBSJMZEVFUPIJHIFSPQFSBUJOHJODPNF QBSUJBMMZPGGTFUCZIJHIFSJOUFSFTU FYQFOTF
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
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
/PO(""1.FBTVSFT
&BSOJOHTCFGPSFJOUFSFTU UBYFT EFQSFDJBUJPOBOEBNPSUJ[BUJPO &#*5%" BOEBEKVTUFE&#*5%"BSFOPO(""1 GJOBODJBMNFBTVSFT8IJMFXFCFMJFWFUIBUUIFTFOPO(""1GJOBODJBMNFBTVSFTNBZCFVTFGVMJOFWBMVBUJOHPVS GJOBODJBMJOGPSNBUJPO UIFZTIPVMECFDPOTJEFSFEBTTVQQMFNFOUBMJOOBUVSFBOEOPUBTBTVCTUJUVUFGPSGJOBODJBM JOGPSNBUJPOQSFQBSFEJOBDDPSEBODFXJUI(""13FDPODJMJBUJPOT EFGJOJUJPOT BOEIPXXFCFMJFWFUIFTFNFBTVSFT BSFVTFGVMUPNBOBHFNFOUBOEJOWFTUPSTBSFQSPWJEFECFMPX0UIFSDPNQBOJFTNBZEFGJOFTJNJMBSNFBTVSFT EJGGFSFOUMZ
&#*5%"BOE"EKVTUFE&#*5%"5IFQFSGPSNBODFNFBTVSF&#*5%"JTDBMDVMBUFECZUBLJOHOFUJODPNFBOE FYDMVEJOHJOUFSFTUFYQFOTF JOUFSFTUJODPNF QSPWJTJPOGPSJODPNFUBYFT BOEEFQSFDJBUJPOBOEBNPSUJ[BUJPO "EKVTUFE&#*5%"JTDBMDVMBUFECZUBLJOH&#*5%"BOEFYDMVEJOHSFTUSVDUVSJOHDPTUT BOEBDRVJTJUJPOBOEJOUFHSBUJPO DPTUT*OUFHSBUJPODPTUTFYDMVEFEBSFDPTUTUPJOUFHSBUFBDRVJSFEDPNQBOJFTBOEJODMVEFUIFDPTUTPGTUSBUFHJD DPOTVMUJOHTFSWJDFT GBDJMJUZDPOTPMJEBUJPOBOEFNQMPZFFTFWFSBODF5IFBDRVJTJUJPOBOEJOUFHSBUJPODPTUTSFMBUFUP UIF$PNQBOZcTTJHOJGJDBOUBDRVJTJUJPOTPG&OHJMJUZBOE6OJTZT'FEFSBM8FCFHBOFYDMVEJOHSFTUSVDUVSJOHDPTUTJOUIF UIJSERVBSUFSPGGJTDBMBTBSFTVMUPGUIFSFTUSVDUVSJOHEFTDSJCFEJO/PUFUPUIF$POTPMJEBUFE'JOBODJBM 4UBUFNFOUT"EKVTUFE&#*5%"JTBQFSGPSNBODFNFBTVSFUIBUFYDMVEFTDPTUTUIBUXFEPOPUDPOTJEFSUPCF JOEJDBUJWFPGPVSPOHPJOHPQFSBUJOHQFSGPSNBODF
8FCFMJFWFUIBU&#*5%"BOEBEKVTUFE&#*5%"QSPWJEFNBOBHFNFOUBOEJOWFTUPSTXJUIVTFGVMJOGPSNBUJPOJO BTTFTTJOHUSFOETJOPVSPOHPJOHPQFSBUJOHQFSGPSNBODFBOENBZQSPWJEFHSFBUFSWJTJCJMJUZJOVOEFSTUBOEJOHUIFMPOH UFSNGJOBODJBMQFSGPSNBODFPGUIF$PNQBOZ
&#*5%"BOEBEKVTUFE&#*5%"JTDBMDVMBUFEBTGPMMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT /FUJODPNF *OUFSFTUFYQFOTF *OUFSFTUJODPNF 1SPWJTJPOGPSJODPNFUBYFT %FQSFDJBUJPOBOEBNPSUJ[BUJPO &#*5%" &#*5%"BTBQFSDFOUBHFPGSFWFOVFT "DRVJTJUJPOBOEJOUFHSBUJPODPTUT f 3FTUSVDUVSJOHDPTUT ` f %FQSFDJBUJPOJODMVEFEJOSFTUSVDUVSJOHDPTUTBOEBDRVJTJUJPOBOE JOUFHSBUJPODPTUT f 3FDPWFSZPGBDRVJTJUJPOBOEJOUFHSBUJPODPTUT ff "EKVTUFE&#*5%" "EKVTUFE&#*5%"BTBQFSDFOUBHFPGSFWFOVFT
"EKVTUNFOUUPSFGMFDUUIFQPSUJPOPGBDRVJTJUJPOBOEJOUFHSBUJPODPTUTSFDPWFSFEUISPVHIUIF$PNQBOZTJOEJSFDUSBUFTJO BDDPSEBODFXJUI$PTU"DDPVOUJOH4UBOEBSET
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
"EKVTUFE&#*5%"BTBQFSDFOUBHFPGSFWFOVFTJODSFBTFEUPGPSGJTDBM DPNQBSFEUPGPSGJTDBM ESJWFOCZBNPSFQSPGJUBCMFDPTUNJY DPTUTZOFSHJFTSFMBUFEUPUIFBDRVJTJUJPOBOEIJHIFSOFUQSPGJUXSJUFVQT
0UIFS,FZ1FSGPSNBODF.FBTVSFT
*OBEEJUJPOUPUIFGJOBODJBMNFBTVSFTEFTDSJCFEBCPWF XFCFMJFWFUIBUCPPLJOHTBOECBDLMPHBSFVTFGVMNFBTVSFT GPSNBOBHFNFOUBOEJOWFTUPSTUPFWBMVBUFPVSQPUFOUJBMGVUVSFSFWFOVFT8FBMTPDPOTJEFSNFBTVSFTTVDIBT DPOUSBDUUZQFTBOEDPTUPGSFWFOVFTNJYUPCFVTFGVMGPSNBOBHFNFOUBOEJOWFTUPSTUPFWBMVBUFPVSPQFSBUJOH JODPNFBOEQFSGPSNBODF
/FU#PPLJOHTBOE#BDLMPH/FUCPPLJOHTSFQSFTFOUUIFFTUJNBUFEBNPVOUPGSFWFOVFTUPCFFBSOFEJOUIFGVUVSF GSPNGVOEFEBOEOFHPUJBUFEVOGVOEFEDPOUSBDUBXBSETUIBUXFSFSFDFJWFEEVSJOHUIFQFSJPE OFUPGBEKVTUNFOUTUP FTUJNBUFTPOQSFWJPVTMZBXBSEFEDPOUSBDUT8FDBMDVMBUFOFUCPPLJOHTBTUIFQFSJPEcTFOEJOHCBDLMPHQMVTUIF QFSJPEcTSFWFOVFTMFTTUIFQSJPSQFSJPEcTFOEJOHCBDLMPHBOEJOJUJBMCBDLMPHPCUBJOFEUISPVHIBDRVJTJUJPOT
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
8FTFHSFHBUFPVSCBDLMPHJOUPUXPDBUFHPSJFTBTGPMMPXT
e 'VOEFE#BDLMPH'VOEFECBDLMPHGPSDPOUSBDUTXJUIHPWFSONFOUBHFODJFTQSJNBSJMZSFQSFTFOUTFTUJNBUFE BNPVOUTPGSFWFOVFUPCFFBSOFEJOUIFGVUVSFGSPNDPOUSBDUTGPSXIJDIGVOEJOHJTBQQSPQSJBUFEMFTT SFWFOVFTQSFWJPVTMZSFDPHOJ[FEPOUIFTFDPOUSBDUT*UEPFTOPUJODMVEFUIFVOGVOEFEQPSUJPOPGDPOUSBDUTJO XIJDIGVOEJOHJTJODSFNFOUBMMZBQQSPQSJBUFEPSBVUIPSJ[FEPOBRVBSUFSMZPSBOOVBMCBTJTCZUIF64 HPWFSONFOUBOEPUIFSDVTUPNFSTFWFOUIPVHIUIFDPOUSBDUNBZDBMMGPSQFSGPSNBODFPWFSBOVNCFSPG ZFBST'VOEFECBDLMPHGPSDPOUSBDUTXJUIOPOHPWFSONFOUDVTUPNFSTSFQSFTFOUTUIFFTUJNBUFEWBMVFPO DPOUSBDUT XIJDINBZDPWFSNVMUJQMFGVUVSFZFBST VOEFSXIJDIXFBSFPCMJHBUFEUPQFSGPSN MFTTSFWFOVFT QSFWJPVTMZSFDPHOJ[FEPOUIFTFDPOUSBDUT
e /FHPUJBUFE6OGVOEFE#BDLMPH/FHPUJBUFEVOGVOEFECBDLMPHSFQSFTFOUTFTUJNBUFEBNPVOUTPGSFWFOVFUP CFFBSOFEJOUIFGVUVSFGSPNOFHPUJBUFEDPOUSBDUTGPSXIJDIGVOEJOHIBTOPUCFFOBQQSPQSJBUFEPSPUIFSXJTF BVUIPSJ[FEBOEGSPNVOFYFSDJTFEQSJDFEDPOUSBDUPQUJPOT/FHPUJBUFEVOGVOEFECBDLMPHEPFTOPUJODMVEF BOZFTUJNBUFPGGVUVSFQPUFOUJBMUBTLPSEFSTFYQFDUFEUPCFBXBSEFEVOEFS*%*2 (4"4DIFEVMFTPSPUIFS NBTUFSBHSFFNFOUDPOUSBDUWFIJDMFT
8FFYQFDUUPSFDPHOJ[FSFWFOVFGSPNBTVCTUBOUJBMQPSUJPOPGPVSGVOEFECBDLMPHXJUIJOUIFOFYUUXFMWFNPOUIT )PXFWFS UIF64HPWFSONFOUDBOBEKVTUUIFTDPQFPGTFSWJDFTPGPSDBODFMDPOUSBDUTBUBOZUJNF4JNJMBSMZ DFSUBJO DPOUSBDUTXJUIDPNNFSDJBMDVTUPNFSTJODMVEFQSPWJTJPOTUIBUBMMPXUIFDVTUPNFSUPDBODFMQSJPSUPDPOUSBDU DPNQMFUJPO.PTUPGPVSDPOUSBDUTIBWFDBODFMMBUJPOUFSNTUIBUXPVMEQFSNJUVTUPSFDPWFSBMMPSBQPSUJPOPGPVS JODVSSFEDPTUTBOEGFFT DPOUSBDUQSPGJU GPSXPSLQFSGPSNFE
5IFFTUJNBUFEWBMVFPGPVSUPUBMCBDLMPHBTPGUIFEBUFTQSFTFOUFEXBT
+BOVBSZ 'FCSVBSZ JONJMMJPOT 'VOEFECBDLMPH /FHPUJBUFEVOGVOEFECBDLMPH 5PUBMCBDLMPH
8FIBEOFUCPPLJOHTXPSUIBOFTUJNBUFECJMMJPOBOECJMMJPOEVSJOHGJTDBMBOEGJTDBM SFTQFDUJWFMZ'JTDBMUPUBMCBDLMPHIBTJODSFBTFEGSPNUIFQSJPSZFBSQSJNBSJMZEVFUPEVFUPTFWFSBMMBSHF BXBSETSFDFJWFEEVSJOHUIFQFSJPEGSPNDMBTTJGJFEDVTUPNFSTJOUIFJOUFMMJHFODFDPNNVOJUZ UIF64"JS'PSDF /"4" BOEPUIFSWBSJPVTGFEFSBMHPWFSONFOUDVTUPNFST BTXFMMBTJODSFBTFEGVOEJOHPOFYJTUJOHDPOUSBDUT
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
$POUSBDU5ZQFT0VSFBSOJOHTBOEQSPGJUBCJMJUZNBZWBSZNBUFSJBMMZEFQFOEJOHPODIBOHFTJOUIFQSPQPSUJPOBUF BNPVOUPGSFWFOVFTEFSJWFEGSPNFBDIUZQFPGDPOUSBDU'PSBEJTDVTTJPOPGUIFUZQFTPGDPOUSBDUTVOEFSXIJDIXF HFOFSBUFSFWFOVF TFFa#VTJOFTTf$POUSBDU5ZQFTbJO1BSU*PGUIJTSFQPSU5IFGPMMPXJOHUBCMFTVNNBSJ[FTSFWFOVFT CZDPOUSBDUUZQFBTBQFSDFOUBHFPGSFWFOVFTGPSUIFQFSJPETQSFTFOUFE
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ $PTUSFJNCVSTFNFOU 5JNFBOENBUFSJBMT 5. 'JSNGJYFEQSJDF ''1 5PUBM
0VSDPOUSBDUNJYSFGMFDUTBOJODSFBTFJODPTUSFJNCVSTFNFOUUZQFDPOUSBDUTEVFUPUIFBDRVJTJUJPOPG&OHJMJUZ XIJDI IJTUPSJDBMMZIBEBIJHIFSQSPQPSUJPOPGDPTUSFJNCVSTFNFOUUZQFDPOUSBDUT BOEBDIBOHFJODPOUSBDUUZQFPOB TJHOJGJDBOUDPOUSBDUTVQQPSUJOHUIF%FQBSUNFOUPG%FGFOTF
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
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ BTBPGUPUBMDPTUPGSFWFOVFT -BCPSSFMBUFEDPTUPGSFWFOVFT 4VCDPOUSBDUPSSFMBUFEDPTUPGSFWFOVFT 4VQQMZDIBJONBUFSJBMTSFMBUFEDPTUPGSFWFOVFT 0UIFSNBUFSJBMTSFMBUFEDPTUPGSFWFOVFT
$PTUPGSFWFOVFTNJYGPSGJTDBMSFGMFDUTBOJODSFBTFJOMBCPSSFMBUFEDPOUFOUQSJNBSJMZEVFUPUIFBDRVJTJUJPOPG &OHJMJUZ XIJDIIJTUPSJDBMMZIBEBIJHIFSQSPQPSUJPOPGTVDIDPTUT
-JRVJEJUZBOE$BQJUBM3FTPVSDFT
"TBTFSWJDFTQSPWJEFS PVSCVTJOFTTHFOFSBMMZSFRVJSFTNJOJNBMJOGSBTUSVDUVSFJOWFTUNFOU8FFYQFDUUPGVOEPVS POHPJOHXPSLJOHDBQJUBM DPNNJUNFOUTBOEBOZPUIFSEJTDSFUJPOBSZJOWFTUNFOUTXJUIDBTIPOIBOE GVUVSFPQFSBUJOH DBTIGMPXTBOE JGOFFEFE CPSSPXJOHTVOEFSPVSNJMMJPO3FWPMWJOH$SFEJU'BDJMJUZBOENJMMJPOSFDFJWBCMF GBDUPSJOHGBDJMJUZ
8FBOUJDJQBUFUIBUPVSGVUVSFDBTIOFFETXJMMCFGPSXPSLJOHDBQJUBM DBQJUBMFYQFOEJUVSFT BOEDPOUSBDUVBMBOEPUIFS DPNNJUNFOUT8FDPOTJEFSWBSJPVTGJOBODJBMNFBTVSFTXIFOXFEFWFMPQBOEVQEBUFPVSDBTIEFQMPZNFOUTUSBUFHZ XIJDIJODMVEFFWBMVBUJOHDBTIQSPWJEFECZPQFSBUJOHBDUJWJUJFT GSFFDBTIGMPXBOEGJOBODJBMMFWFSBHF8IFOPVSDBTI HFOFSBUJPOFOBCMFTVTUPFYDFFEPVSUBSHFUBWFSBHFNJOJNVNDBTICBMBODF XFJOUFOEUPEFQMPZFYDFTTDBTI UISPVHIEJWJEFOET TIBSFSFQVSDIBTFT EFCUQSFQBZNFOUTPSTUSBUFHJDBDRVJTJUJPOT
6QPOUIFBDRVJTJUJPOPG&OHJMJUZ XFESFXCJMMJPOPOPVSDPNNJUUFEGJWFZFBSTFOJPSTFDVSFEUFSNMPBOGBDJMJUZ TFF/PUFUPUIF$POTPMJEBUFE'JOBODJBM4UBUFNFOUT5IFQSPDFFETXFSFVTFEUPSFQBZ&OHJMJUZTFYJTUJOHDSFEJU GBDJMJUZBOEPVUTUBOEJOHOPUFT*OBEEJUJPO UIF3FWPMWJOH$SFEJU'BDJMJUZJODSFBTFECZBOBEEJUJPOBMNJMMJPOVQPO UIFTVDDFTTGVMDPNQMFUJPOPGUIFBDRVJTJUJPO
6QPOUIFBDRVJTJUJPOPG6OJTZT'FEFSBM XFESFXCJMMJPOPOPVSJODSFNFOUBMTFOJPSTFDVSFE5FSN-PBO#'BDJMJUZ EVF.BSDIBOEJTTVFENJMMJPOPG4FOJPS/PUFTEVF*OBEEJUJPO JO'FCSVBSZXFTPME
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
NJMMJPOPGBDDPVOUTSFDFJWBCMFVOEFSPVSSFDFJWBCMFGBDUPSJOHGBDJMJUZ4FF/PUFUPUIF$POTPMJEBUFE'JOBODJBM 4UBUFNFOUT5IFQSPDFFETXFSFVTFEGPSUIFQVSDIBTFPG6OJTZT'FEFSBM
0VSBCJMJUZUPGVOEUIFTFOFFETXJMMEFQFOE JOQBSU POPVSBCJMJUZUPHFOFSBUFDBTIJOUIFGVUVSF XIJDIEFQFOETPO PVSGVUVSFGJOBODJBMSFTVMUT0VSGVUVSFSFTVMUTBSFTVCKFDUUPHFOFSBMFDPOPNJD GJOBODJBM DPNQFUJUJWF MFHJTMBUJWFBOE SFHVMBUPSZGBDUPSTUIBUNBZCFPVUTJEFPGPVSEJSFDUDPOUSPM"MUIPVHIXFCFMJFWFUIBUUIFGJOBODJOHBSSBOHFNFOUTJO QMBDFXJMMQFSNJUVTUPGJOBODFPVSPQFSBUJPOTPOBDDFQUBCMFUFSNTBOEDPOEJUJPOTGPSBUMFBTUUIFOFYUZFBS PVS GVUVSFBDDFTTUP BOEUIFBWBJMBCJMJUZPGGJOBODJOHPOBDDFQUBCMFUFSNTBOEDPOEJUJPOTXJMMCFJNQBDUFECZNBOZ GBDUPST JODMVEJOHPVSDSFEJUSBUJOH DBQJUBMNBSLFUMJRVJEJUZBOEPWFSBMMFDPOPNJDDPOEJUJPOT 5IFSFGPSF XFDBOOPU FOTVSFUIBUTVDIGJOBODJOHXJMMCFBWBJMBCMFUPVTPOBDDFQUBCMFUFSNTPSUIBUTVDIGJOBODJOHXJMMCFBWBJMBCMFBUBMM /FWFSUIFMFTT XFCFMJFWFUIBUPVSFYJTUJOHDBTIPOIBOE HFOFSBUJPOPGGVUVSFPQFSBUJOHDBTIGMPXT BOEBDDFTTUP CBOLGJOBODJOHBOEDBQJUBMNBSLFUTXJMMQSPWJEFBEFRVBUFSFTPVSDFTUPGVOEPVSTIPSUUFSNMJRVJEJUZBOEMPOHUFSN DBQJUBMOFFET
#PSSPXJOHTVOEFSPVS5FSN-PBO'BDJMJUJFT PVSSFDFJWBCMFGBDUPSJOHGBDJMJUZBOE JGVTFEJOUIFGVUVSF PVS3FWPMWJOH $SFEJU'BDJMJUZJODVSJOUFSFTUBUBWBSJBCMFSBUF*OBDDPSEBODFXJUIPVSSJTLNBOBHFNFOUPCKFDUJWFT XFIPMEGJYFE JOUFSFTUSBUFTXBQBHSFFNFOUTUPIFEHFUIFWBSJBCJMJUZJOJOUFSFTUQBZNFOUDBTIGMPXTPOBTVCTUBOUJBMQPSUJPOPGPVS PVUTUBOEJOHWBSJBCMFSBUFEFCU5IFTFJOTUSVNFOUTBSFBDDPVOUFEGPSBTDBTIGMPXIFEHFT6OEFSUIFTXBQ BHSFFNFOUT XFQBZUIFGJYFESBUFBOEUIFDPVOUFSQBSUJFTUPUIFBHSFFNFOUQBZBGMPBUJOHJOUFSFTUSBUF
0VS$SFEJU'BDJMJUZDPOUBJOTDVTUPNBSZUFSNTBOEDPOEJUJPOTJODMVEJOHGJOBODJBMDPWFOBOUTBOEDPWFOBOUTSFTUSJDUJOH UIF$PNQBOZTBCJMJUZUPNFSHFPSDPOTPMJEBUFXJUIBOPUIFSFOUJUZPSVOEFSUBLFPUIFSGVOEBNFOUBMDIBOHFT FOUFS JOUPQSPQFSUZTBMFBOEMFBTFCBDLUSBOTBDUJPOT BOEJODVSMJFOT5IF$PNQBOZcTEJWJEFOETBOETIBSFSFQVSDIBTFT NBZCFMJNJUFEVOEFSDFSUBJOMFWFSBHFSBUJPT BOEXFNBZCFSFRVJSFEUPNBLFBOBOOVBMEFCUQSFQBZNFOUCBTFE POPVSDBTIGMPXTGSPNPQFSBUJOHBDUJWJUJFT4FF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT DPOUBJOFEXJUIJOUIJTSFQPSUGPSBNPSFDPNQMFUFVOEFSTUBOEJOHPGPVS$SFEJU'BDJMJUZ
8FDVSSFOUMZNBJOUBJODSFEJUSBUJOHTGSPNNBKPS64SBUJOHBHFODJFT'BJMVSFUPNBJOUBJOBDDFQUBCMFSBUJOHTDPVME IBWFBOBEWFSTFFGGFDUPOUIF$PNQBOZcTGVUVSFDPTUPGDBQJUBMBOEBOZTJHOJGJDBOUJODSFBTFJOUIFMFWFMPGPVS CPSSPXJOHTDPVMEOFHBUJWFMZJNQBDUUIFTFSBUJOHT
%VSJOHGJTDBMXFSFQVSDIBTFEBQQSPYJNBUFMZNJMMJPOTIBSFTPGPVSDPNNPOTUPDLGPSNJMMJPOGSPNUIF PQFONBSLFUJODPOOFDUJPOXJUIPVSFYJTUJOHTIBSFSFQVSDIBTFQSPHSBN4JODFUIFQSPHSBNcTJODFQUJPOJO%FDFNCFS PG XFIBWFSFQVSDIBTFENJMMJPOTIBSFTGPSNJMMJPO
)JTUPSJDBM$BTI'MPX5SFOET
5IFGPMMPXJOHUBCMFTVNNBSJ[FTPVSDBTIGMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT /FUDBTIQSPWJEFECZPQFSBUJOHBDUJWJUJFT /FUDBTIVTFEJOJOWFTUJOHBDUJWJUJFT /FUDBTI VTFEJO QSPWJEFECZGJOBODJOHBDUJWJUJFT 5PUBM EFDSFBTF JODSFBTFJODBTI DBTIFRVJWBMFOUTBOESFTUSJDUFEDBTI
$BTI1SPWJEFECZ0QFSBUJOH"DUJWJUJFT3FGFSUPa3FTVMUTPG0QFSBUJPOTbBCPWFGPSBEJTDVTTJPOPGUIFDIBOHFTJO DBTIQSPWJEFECZPQFSBUJOHBDUJWJUJFTCFUXFFOGJTDBMBOEGJTDBM
$BTI6TFEJO*OWFTUJOH"DUJWJUJFT$BTIVTFEJOJOWFTUJOHBDUJWJUJFTEFDSFBTFEJOGJTDBMDPNQBSFEUPUIFQSJPS ZFBSQFSJPEQSJNBSJMZEVFUPDBTIQBJEGPSUIFBDRVJTJUJPOPG&OHJMJUZJOUIFQSJPSZFBS QBSUJBMMZPGGTFUCZQVSDIBTFTPG NBSLFUBCMFTFDVSJUJFT
$BTI6TFE*O1SPWJEFECZ'JOBODJOH"DUJWJUJFT$BTIVTFEJOGJOBODJOHBDUJWJUJFTJODSFBTFEJOGJTDBMDPNQBSFE UPUIFQSJPSZFBSQFSJPEQSJNBSJMZEVFUPQSPDFFETGSPNCPSSPXJOHTJOUIFQSJPSZFBS IJHIFSTIBSFSFQVSDIBTFTBOE BOJODSFBTFJOEJWJEFOEQBZNFOUTUPTUPDLIPMEFST
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
0GG#BMBODF4IFFU"SSBOHFNFOUT
'PSBOVOEFSTUBOEJOHPGPVSPCMJHBUJPOTSFMBUJOHUPTVSFUZCPOET TFF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFE GJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU
$POUSBDUVBM0CMJHBUJPOT
5IFGPMMPXJOHUBCMFTVNNBSJ[FT BTPG+BOVBSZ PVSPCMJHBUJPOTUPNBLFGVUVSFQBZNFOUTQVSTVBOUUP DFSUBJODPOUSBDUTPSBSSBOHFNFOUTBOEQSPWJEFTBOFTUJNBUFPGUIFGJTDBMZFBSTJOXIJDIUIFTFPCMJHBUJPOTBSF FYQFDUFEUPCFTBUJTGJFE
1BZNFOUT%VFCZ'JTDBM:FBS
5PUBM 5IFSFBGUFS JONJMMJPOT $POUSBDUVBMPCMJHBUJPOT -POHUFSNEFCUJODMVEJOHDVSSFOUQPSUJPO *OUFSFTUQBZNFOUTPOMPOHUFSNEFCU 0QFSBUJOHMFBTFPCMJHBUJPOT &TUJNBUFEQVSDIBTFPCMJHBUJPOT 0UIFSMPOHUFSNMJBCJMJUJFT 5PUBMDPOUSBDUVBMPCMJHBUJPOT
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cQBZNFOUFMFDUJPOTPOSFUJSFNFOU BOEFTUJNBUFESFUJSFNFOUBHFT CVUJTTVCKFDUUPBDDFMFSBUJPOPOQBSUJDJQBOUTcUFSNJOBUJPOPGFNQMPZNFOUQSJPSUP SFUJSFNFOU-JBCJMJUJFTGPSVOSFDPHOJ[FEUBYCFOFGJUTBSFBMMPDBUFEUPUIFGJTDBMZFBSTJOXIJDIUIFTUBUVUFPGMJNJUBUJPOTJT DVSSFOUMZFYQFDUFEUPFYQJSF&YQFDUFEDPOUSJCVUJPOTUPGVOEEFGJOFECFOFGJUQMBOTBGUFSGJTDBMBSFOPUFTUJNBCMFBU UIJTUJNF
$PNNJUNFOUTBOE$POUJOHFODJFT
8FBSFTVCKFDUUPBOVNCFSPGSFWJFXT JOWFTUJHBUJPOT DMBJNT MBXTVJUTBOEPUIFSVODFSUBJOUJFTSFMBUFEUPPVS CVTJOFTT'PSBEJTDVTTJPOPGUIFTFJUFNT TFF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT DPOUBJOFEXJUIJOUIJTSFQPSU
$SJUJDBM"DDPVOUJOH1PMJDJFT
0VSEJTDVTTJPOBOEBOBMZTJTPGPVSGJOBODJBMDPOEJUJPOBOESFTVMUTPGPQFSBUJPOTBSFCBTFEPOPVSDPOTPMJEBUFE GJOBODJBMTUBUFNFOUT XIJDIBSFQSFQBSFEJOBDDPSEBODFXJUI64HFOFSBMMZBDDFQUFEBDDPVOUJOHQSJODJQMFT5IF QSFQBSBUJPOPGUIFTFGJOBODJBMTUBUFNFOUTSFRVJSFTNBOBHFNFOUUPNBLFFTUJNBUFTBOEBTTVNQUJPOTUIBUBGGFDUUIF SFQPSUFEBNPVOUTPGBTTFUTBOEMJBCJMJUJFTBOEUIFEJTDMPTVSFPGDPOUJOHFODJFT BTXFMMBTUIFSFQPSUFEBNPVOUTPG SFWFOVFT FYQFOTFT HBJOTBOEMPTTFTEVSJOHUIFSFQPSUJOHQFSJPET.BOBHFNFOUFWBMVBUFTUIFTFFTUJNBUFTBOE BTTVNQUJPOTPOBOPOHPJOHCBTJT0VSFTUJNBUFTBOEBTTVNQUJPOTIBWFCFFOQSFQBSFEPOUIFCBTJTPGUIFNPTU DVSSFOUSFBTPOBCMZBWBJMBCMFJOGPSNBUJPOBOE JOTPNFDBTFT BSFPVSCBTJTGPSNBLJOHKVEHNFOUTBCPVUUIFDBSSZJOH WBMVFTPGBTTFUTBOEMJBCJMJUJFTUIBUBSFOPUSFBEJMZBQQBSFOUGSPNPUIFSTPVSDFT&TUJNBUFTBOEBTTVNQUJPOTNBZ DIBOHFJOUIFGVUVSFBTNPSFDVSSFOUJOGPSNBUJPOJTBWBJMBCMF
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
.BOBHFNFOUCFMJFWFTUIBUPVSDSJUJDBMBDDPVOUJOHQPMJDJFTBSFUIPTFUIBUBSFCPUINBUFSJBMUPUIFQSFTFOUBUJPOPGPVS GJOBODJBMDPOEJUJPOBOESFTVMUTPGPQFSBUJPOTBOESFRVJSFNBOBHFNFOUcTNPTUEJGGJDVMU TVCKFDUJWFBOEDPNQMFY KVEHNFOUT5ZQJDBMMZ UIFDJSDVNTUBODFTUIBUNBLFUIFTFKVEHNFOUTEJGGJDVMU TVCKFDUJWFBOEDPNQMFYIBWFUPEPXJUI NBLJOHFTUJNBUFTBCPVUUIFFGGFDUPGNBUUFSTUIBUBSFJOIFSFOUMZVODFSUBJO5IFTFQPMJDJFTBSFEFTDSJCFECFMPX
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
8FQSPWJEFGPSBOUJDJQBUFEMPTTFTPOMPOHUFSNQSPEVDUJPOUZQFDPOUSBDUTBOETFSWJDFDPOUSBDUTXJUIUIF64 HPWFSONFOUCZSFDPSEJOHBOFYQFOTFGPSUIFUPUBMFYQFDUFEDPOUSBDUMPTTEVSJOHUIFQFSJPEXIFOUIFMPTTJT EFUFSNJOFE$POUSBDUDPTUTJODVSSFEGPS64HPWFSONFOUDPOUSBDUT JODMVEJOHBMMPDBUFEJOEJSFDUDPTUT BSFTVCKFDUUP BVEJUBOEBEKVTUNFOUUISPVHIOFHPUJBUJPOTXJUIHPWFSONFOUSFQSFTFOUBUJWFT3FWFOVFTPO64HPWFSONFOU DPOUSBDUTIBWFCFFOSFDPSEFEJOBNPVOUTUIBUBSFFYQFDUFEUPCFSFBMJ[FEPOGJOBMTFUUMFNFOU
.BOZPGPVSDPOUSBDUTJODMVEFGPSNTPGWBSJBCMFDPOTJEFSBUJPOTVDIBTSFJNCVSTBCMFDPTUT BXBSEBOEJODFOUJWFGFFT VTBHFCBTFEQSJDJOH TFSWJDFMFWFMQFOBMUJFT QFSGPSNBODFCPOVTFT BOEPUIFSQSPWJTJPOTUIBUDBOFJUIFSJODSFBTFPS EFDSFBTFUIFUSBOTBDUJPOQSJDF7BSJBCMFBNPVOUTHFOFSBMMZBSFEFUFSNJOFEVQPOPVSBDIJFWFNFOUPGDFSUBJO QFSGPSNBODFNFUSJDT QSPHSBNNJMFTUPOFTPSDPTUUBSHFUTBOENBZCFCBTFEVQPODVTUPNFSEJTDSFUJPO"UDPOUSBDU JODFQUJPO XFFTUJNBUFUIFUSBOTBDUJPOQSJDFBOENBZJODMVEFWBSJBCMFDPOTJEFSBUJPOJOUIFUSBOTBDUJPOQSJDFPOMZUP UIFFYUFOUJUJTQSPCBCMFUIBUBTJHOJGJDBOUSFWFSTBMPGDVNVMBUJWFSFWFOVFSFDPHOJ[FEXJMMOPUPDDVSXIFOUIF VODFSUBJOUZBTTPDJBUFEXJUIUIFWBSJBCMFDPOTJEFSBUJPOJTSFTPMWFE8IFOEFWFMPQJOHUIFTFFTUJNBUFT XFDPOTJEFS UIFDVTUPNFS DPOUSBDUUFSNT UIFDPNQMFYJUZPGUIFXPSLBOESFMBUFESJTLT UIFFYUFOUPGDVTUPNFSEJTDSFUJPO IJTUPSJDBMFYQFSJFODFBOEUIFQPUFOUJBMPGBTJHOJGJDBOUSFWFSTBMPGSFWFOVF
$IBOHFTJO&TUJNBUFTPO$POUSBDUT$IBOHFTJOFTUJNBUFTPGSFWFOVFT DPTUPGSFWFOVFTPSQSPGJUTSFMBUFEUP QFSGPSNBODFPCMJHBUJPOTTBUJTGJFEPWFSUJNFBSFSFDPHOJ[FEJOPQFSBUJOHJODPNFJOUIFQFSJPEJOXIJDITVDIDIBOHFT BSFNBEFGPSUIFJODFQUJPOUPEBUFFGGFDUPGUIFDIBOHFT$IBOHFTJOUIFTFFTUJNBUFTDBOSPVUJOFMZPDDVSPWFSUIF QFSGPSNBODFQFSJPEGPSBWBSJFUZPGSFBTPOT XIJDIJODMVEFDIBOHFTJOTDPQF DIBOHFTJODPTUFTUJNBUFTEVFUP VOBOUJDJQBUFEDPTUHSPXUIPSSFBTTFTTNFOUTPGSJTLTJNQBDUJOHDPTUT DIBOHFTJOUIFFTUJNBUFEUSBOTBDUJPOQSJDF TVDIBTWBSJBCMFBNPVOUTGPSJODFOUJWFPSBXBSEGFFT BOEQFSGPSNBODFCFJOHCFUUFSPSXPSTFUIBOQSFWJPVTMZ FTUJNBUFE*ODBTFTXIFOUPUBMFYQFDUFEDPTUTFYDFFEUPUBMFTUJNBUFESFWFOVFTGPSBQFSGPSNBODFPCMJHBUJPO UIF $PNQBOZSFDPHOJ[FTUIFUPUBMFTUJNBUFEMPTTJOUIFRVBSUFSJEFOUJGJFE5PUBMFTUJNBUFEMPTTFTBSFJODMVTJWFPGBOZ VOFYFSDJTFEPQUJPOTUIBUBSFQSPCBCMFPGBXBSE POMZJGUIFZJODSFBTFUIFBNPVOUPGUIFMPTT"HHSFHBUFDIBOHFTJO DPOUSBDUFTUJNBUFTJODSFBTFEPQFSBUJOHJODPNFCZNJMMJPOGPSGJTDBM JODSFBTFEPQFSBUJOHJODPNFCZ NJMMJPOGPSGJTDBMBOEEFDSFBTFEPQFSBUJOHJODPNFCZNJMMJPOGPSGJTDBM'PSBEEJUJPOBMJOGPSNBUJPO SFMBUFEUPDIBOHFTJOFTUJNBUFTPODPOUSBDUT JODMVEJOHHSPTTGBWPSBCMFBOEVOGBWPSBCMFBEKVTUNFOUTBTXFMMBTUIF JNQBDUUPFBSOJOHTQFSTIBSF TFF/PUFPGUIFOPUFTUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJT SFQPSU
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
5IFWBMVBUJPOTBSFCBTFEPOJOGPSNBUJPOUIBUFYJTUFEBTPGUIFBDRVJTJUJPOEBUF%VSJOHUIFNFBTVSFNFOUQFSJPEUIBU TIBMMOPUFYDFFEPOFZFBSGSPNUIFBDRVJTJUJPOEBUF XFNBZBEKVTUQSPWJTJPOBMBNPVOUTSFDPSEFEGPSBTTFUT BDRVJSFEBOEMJBCJMJUJFTBTTVNFEUPSFGMFDUOFXJOGPSNBUJPOUIBUXFIBWFTVCTFRVFOUMZPCUBJOFESFHBSEJOHGBDUTBOE DJSDVNTUBODFTUIBUFYJTUFEBTPGUIFBDRVJTJUJPOEBUF
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
"DRVJTJUJPOSFMBUFEDPTUTUIBUBSFOPUQBSUPGUIFQVSDIBTFQSJDFDPOTJEFSBUJPOBSFFYQFOTFEBTJODVSSFE FYDFQUGPS DFSUBJODPTUTUIBUBSFEFGFSSFEJODPOOFDUJPOXJUIUIFJTTVBODFPGEFCU5IFTFDPTUTUZQJDBMMZJODMVEFUSBOTBDUJPO SFMBUFEDPTUT TVDIBTGJOEFScTGFFT BOEMFHBM BDDPVOUJOHBOEPUIFSQSPGFTTJPOBMDPTUT
(PPEXJMMBOE*OUBOHJCMF"TTFUT(PPEXJMMJTSFDPSEFEBTUIFEJGGFSFODFCFUXFFOUIFBHHSFHBUFDPOTJEFSBUJPOQBJEGPS BOBDRVJTJUJPOBOEUIFGBJSWBMVFPGUIFOFUUBOHJCMFBOEJOUBOHJCMFBTTFUTBDRVJSFEBOEMJBCJMJUJFTBTTVNFE(PPEXJMM JTOPUBNPSUJ[FE CVUSBUIFSUFTUFEGPSQPUFOUJBMJNQBJSNFOUBOOVBMMZBUUIFCFHJOOJOHPGUIFGPVSUIRVBSUFS PS XIFOFWFSFWFOUTPSDIBOHFTJODJSDVNTUBODFTJOEJDBUFUIBUUIFDBSSZJOHWBMVFNBZOPUCFSFDPWFSBCMF
5IFHPPEXJMMJNQBJSNFOUUFTUJTQFSGPSNFEBUUIFSFQPSUJOHVOJUMFWFM5IF$PNQBOZFTUJNBUFTBOEDPNQBSFTUIFGBJS WBMVFPGFBDISFQPSUJOHVOJUUPJUTSFTQFDUJWFDBSSZJOHWBMVFJODMVEJOHHPPEXJMM*GUIFGBJSWBMVFJTMFTTUIBOUIF DBSSZJOHWBMVF UIFBNPVOUPGJNQBJSNFOUFYQFOTFJTFRVBMUPUIFEJGGFSFODFCFUXFFOUIFSFQPSUJOHVOJUcTGBJSWBMVF BOEUIFSFQPSUJOHVOJUcTDBSSZJOHWBMVF
%FUFSNJOJOHUIFGBJSWBMVFPGFBDISFQPSUJOHVOJUJOWPMWFTKVEHNFOUBOEUIFVTFPGFTUJNBUFTBOEBTTVNQUJPOT8F FTUJNBUFUIFGBJSWBMVFPGPVSSFQPSUJOHVOJUTVTJOHFJUIFSBNBSLFUBQQSPBDI JODPNFBQQSPBDI PSBDPNCJOBUJPOPG CPUI'PSPVSBOOVBMJNQBJSNFOUBOBMZTJT XFSFDPODJMFUIFBHHSFHBUFGBJSWBMVFPGBMMPGPVSSFQPSUJOHVOJUTUPPVS NBSLFUDBQJUBMJ[BUJPOBTPGUIFNFBTVSFNFOUEBUF
6OEFSUIFJODPNFBQQSPBDI XFFTUJNBUFUIFGBJSWBMVFPGBSFQPSUJOHVOJUVTJOHBNVMUJZFBSEJTDPVOUFEDBTIGMPX NPEFMUIBUJOWPMWFTBTTVNQUJPOTBCPVUQSPKFDUFEGVUVSFSFWFOVFHSPXUI PQFSBUJOHNBSHJOT JODPNFUBYSBUFT DBQJUBMFYQFOEJUVSFT EJTDPVOUSBUFBOEUFSNJOBMWBMVF5IFEJTDPVOUSBUFJTBOFTUJNBUFPGUIFDPTUPGDBQJUBMUIBUB NBSLFUQBSUJDJQBOUXPVMEFYQFDUGPSUIFSFTQFDUJWFSFQPSUJOHVOJU5IFUFSNJOBMWBMVFSFQSFTFOUTUIFQSFTFOUWBMVFJO UIFMBTUZFBSPGUIFQSPKFDUJPOQFSJPEPGBMMTVCTFRVFOUDBTIGMPXTJOUPQFSQFUVJUZ
6OEFSUIFNBSLFUBQQSPBDI XFFTUJNBUFUIFGBJSWBMVFPGBSFQPSUJOHVOJUCBTFEPONVMUJQMFTPGFBSOJOHTEFSJWFE GSPNPCTFSWBCMFNBSLFUEBUBPGDPNQBSBCMFQVCMJDDPNQBOJFT8FFWBMVBUFDPNQBOJFTXJUIJOPVSJOEVTUSZUIBUIBWF PQFSBUJPOTXJUIPCTFSWBCMFBOEDPNQBSBCMFFDPOPNJDDIBSBDUFSJTUJDTBOEBSFTJNJMBSJOOBUVSF TDPQFBOETJ[FUP UIFSFQPSUJOHVOJUCFJOHDPNQBSFE8FBOBMZ[FIJTUPSJDBMBDRVJTJUJPOTJOPVSJOEVTUSZUPFTUJNBUFBDPOUSPMQSFNJVN UIBUXFJODPSQPSBUFJOUPUIFGBJSWBMVFFTUJNBUFPGBSFQPSUJOHVOJUVOEFSUIFNBSLFUBQQSPBDI
%VSJOHUIFGPVSUIRVBSUFSPGGJTDBM XFDPNQMFUFEPVSBOOVBMHPPEXJMMJNQBJSNFOUUFTUJOHBOEEFUFSNJOFEUIBU FBDISFQPSUJOHVOJUTGBJSWBMVFTJHOJGJDBOUMZFYDFFEFEJUTDBSSZJOHWBMVF
*OBEEJUJPO EFUFSNJOJOHUIFDBSSZJOHWBMVFPGFBDISFQPSUJOHVOJUSFRVJSFTKVEHNFOUBOEJOWPMWFTUIFBTTJHONFOUPG BTTFUTBOEMJBCJMJUJFTUPUIFSFQPSUJOHVOJUTCBTFEPOBTZTUFNBUJDBOESBUJPOBMBMMPDBUJPONFUIPEPMPHZ$FSUBJO BTTFUTBOEMJBCJMJUJFTNBZCFTQFDJGJDBMMZJEFOUJGJFEBOEBTTJHOFEUPBSFQPSUJOHVOJUCBTFEPOUIFJOGPSNBUJPO DPOUBJOFEXJUIJOPVSGJOBODJBMTZTUFNT XIFSFBT PUIFSBTTFUTBOEMJBCJMJUJFTNBZCFBMMPDBUFEVTJOHNFBTVSBCMF SFMBUJPOTIJQTPSPUIFSCBTJTGPSBMMPDBUJPO
*OUBOHJCMFBTTFUTXJUIGJOJUFMJWFTBSFBNPSUJ[FEVTJOHUIFNFUIPEUIBUCFTUSFGMFDUTIPXUIFJSFDPOPNJDCFOFGJUTBSF VUJMJ[FEPS JGBQBUUFSOPGFDPOPNJDCFOFGJUTDBOOPUCFSFMJBCMZEFUFSNJOFE POBTUSBJHIUMJOFCBTJTPWFSUIFJS FTUJNBUFEVTFGVMMJWFT*OUBOHJCMFBTTFUTXJUIGJOJUFMJWFTBSFBTTFTTFEGPSJNQBJSNFOUXIFOFWFSFWFOUTPSDIBOHFT JODJSDVNTUBODFTJOEJDBUFUIBUUIFDBSSZJOHWBMVFNBZOPUCFSFDPWFSBCMF
*ODPNF5BYFT0VSJODPNFUBYFYQFOTF EFGFSSFEUBYBTTFUTBOEMJBCJMJUJFT BOEMJBCJMJUJFTGPSVOSFDPHOJ[FEUBY CFOFGJUTSFGMFDUPVSCFTUFTUJNBUFPGDVSSFOUBOEGVUVSFUBYFTUPCFQBJEBOEJODMVEFTKVEHNFOUTSFMBUFEUPNBUUFST GPSXIJDIVMUJNBUFSFTPMVUJPONBZOPUCFDPNFLOPXOVOUJMUIFGJOBMSFTPMVUJPOPGBOFYBNJOBUJPOCZUBYJOHBVUIPSJUJFT PSUIFTUBUVUFPGMJNJUBUJPOTMBQTFT
8FSFDPSEOFUEFGFSSFEUBYBTTFUTUPUIFFYUFOUXFCFMJFWFUIFTFBTTFUTXJMMNPSFMJLFMZUIBOOPUCFSFBMJ[FE*O NBLJOHUIJTEFUFSNJOBUJPO XFDPOTJEFSBMMBWBJMBCMFQPTJUJWFBOEOFHBUJWFFWJEFODF JODMVEJOHGVUVSFSFWFSTBMTPG FYJTUJOHUBYBCMFUFNQPSBSZEJGGFSFODFT QSPKFDUFEGVUVSFUBYBCMFJODPNF UBYQMBOOJOHTUSBUFHJFTBOESFDFOU PQFSBUJOHSFTVMUT*GXFXFSFUPEFUFSNJOFUIBUXFXPVMECFBCMFUPSFBMJ[FPVSEFGFSSFEJODPNFUBYBTTFUTJOUIF GVUVSFJOFYDFTTPGUIFJSOFUSFDPSEFEBNPVOUPSXPVMEOPMPOHFSCFBCMFUPSFBMJ[FPVSEFGFSSFEJODPNFUBYBTTFUT JOUIFGVUVSFBTDVSSFOUMZSFDPSEFE XFXPVMENBLFBOBEKVTUNFOUUPUIFWBMVBUJPOBMMPXBODFXIJDIXPVMEFJUIFS EFDSFBTFPSJODSFBTF SFTQFDUJWFMZ UIFQSPWJTJPOGPSJODPNFUBYFT
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
8FBMTPSFDPHOJ[FMJBCJMJUJFTGPSVODFSUBJOUZJOJODPNFUBYFTXIFOJUJTNPSFMJLFMZUIBOOPUUIBUBUBYQPTJUJPOXJMMOPU CFTVTUBJOFEPOFYBNJOBUJPOBOETFUUMFNFOUXJUIWBSJPVTUBYJOHBVUIPSJUJFT-JBCJMJUJFTGPSBOZVODFSUBJOUZJOJODPNF UBYFTBSFNFBTVSFECBTFEPOPVSFTUJNBUFPGUIFMBSHFTUBNPVOUPGCFOFGJUUIBUJTHSFBUFSUIBOMJLFMZPGCFJOH SFBMJ[FEPOVMUJNBUFTFUUMFNFOU
5IF$PNQBOZSFDPHOJ[FEBUBYCFOFGJUPGNJMMJPOGPSSFTFBSDIBOEEFWFMPQNFOUDSFEJUTBTUIFSFTVMUPGBQSPKFDU XFDPNQMFUFEEVSJOHUIFGPVSUIRVBSUFSPG':UPJNQSPWFUIFNFUIPECZXIJDIXFJEFOUJGZFYQFOEJUVSFTUIBU RVBMJGZGPSUIFSFTFBSDIBOEEFWFMPQNFOUUBYDSFEJU8FSFDPHOJ[FENJMMJPOJOSFTFBSDIBOEEFWFMPQNFOUDSFEJUT SFMBUFEUPGJTDBMZFBSUISPVHIGJTDBMZFBSBOENJMMJPOSFMBUFEUPUIFGJTDBMZFBSUBYZFBSGSPNUIF TUVEZ8IJMFXFFYQFDUUIJTNFUIPEUPQSPWJEFDPOUJOVFECFOFGJUTJOGJTDBM XFFYQFDUPVSFGGFDUJWFUBYSBUFUP JODSFBTFJOSFMBUJPOUPGJTDBMEVFUPUIFSFTFBSDIBOEEFWFMPQNFOUDSFEJUTJOGJTDBMZFBSCFJOHMJNJUFEUPB TJOHMFUBYZFBS'PSBEEJUJPOBMJOGPSNBUJPODPODFSOJOHUIFSFTFBSDIBOEEFWFMPQNFOUUBYDSFEJU TFF/PUFPGUIF OPUFTUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU
3FDFOUMZ*TTVFE#VU/PU:FU"EPQUFE"DDPVOUJOH1SPOPVODFNFOUT 'PSJOGPSNBUJPOPOSFDFOUMZJTTVFECVUOPUZFUBEPQUFEBDDPVOUJOHQSPOPVODFNFOUT TFF/PUFPGUIFOPUFTUPUIF DPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU
&GGFDUTPG*OGMBUJPO
'PSBOZPGUIFNPTUSFDFOUUISFFGJTDBMZFBSTFOEFE+BOVBSZ JOGMBUJPOIBTOPUIBEBTJHOJGJDBOUJNQBDUPO SFWFOVFTPSDPTUT.PTUPGPVSDPOUSBDUTBSFQBJEJO64EPMMBSTBOEPVSDPTUUPQFSGPSNPOUIFTFDPOUSBDUTBSF HFOFSBMMZQBJEJO64EPMMBST TPJOGMBUJPOSJTLJTHFOFSBMMZMJNJUFEUPUIBUXIJDIJTSFMBUFEUPUIF64EPMMBS "QQSPYJNBUFMZPGPVSSFWFOVFTGPSGJTDBMXFSFEFSJWFEGSPNDPTUSFJNCVSTFNFOUUZQFDPOUSBDUT XIJDI IBWFMJNJUFEJOGMBUJPOSJTLCFDBVTFPVSDPOUSBDUTHFOFSBMMZFOUBJMUIFQSPWJTJPOPGMBCPSPOBSFJNCVSTBCMFCBTJT BOE XIFONBUFSJBMTBSFBDRVJSFE UIFZQSPWJEFGPSCJMMJOHUPUIFDVTUPNFSEVSJOHUIFQFSJPEJOXIJDIUIFNBUFSJBMTXFSF SFDFJWFE#JETGPSMPOHFSUFSN''1BOE5.DPOUSBDUTUZQJDBMMZJODMVEFTVGGJDJFOUQSPWJTJPOTGPSMBCPSBOEPUIFSDPTU FTDBMBUJPOTUPDPWFSBOUJDJQBUFEDPTUJODSFBTFTPWFSUIFQFSJPEPGQFSGPSNBODF"TBSFTVMU JGXFXFSFUPFYQFSJFODF TJHOJGJDBOUMFWFMTPGJOGMBUJPO PVSSFWFOVFTBOEDPTUTGPSDPTUUZQFDPOUSBDUTXPVMEHFOFSBMMZCPUIJODSFBTF DPNNFOTVSBUFXJUIJOGMBUJPOBOEPQFSBUJOHJODPNFBTBQFSDFOUBHFPGUPUBMSFWFOVFTXPVMEOPUCFTJHOJGJDBOUMZ BGGFDUFE0QFSBUJOHJODPNFBTBQFSDFOUBHFPGUPUBMSFWFOVFTXPVMEOPUCFTJHOJGJDBOUMZBGGFDUFEGPSMPOHFSUFSN ''1BOE5.DPOUSBDUTUPUIFFYUFOUUIBUCJEDPOUSBDUDPTUFTDBMBUJPOTBSFTVGGJDJFOUUPDPWFSIFJHIUFOFEJOGMBUJPO MFWFMT
*UFN"2VBOUJUBUJWFBOE2VBMJUBUJWF%JTDMPTVSFT"CPVU.BSLFU3JTL
8FBSFFYQPTFEUPDFSUBJONBSLFUSJTLTJOUIFOPSNBMDPVSTFPGCVTJOFTT5IFGPMMPXJOHJOGPSNBUJPOBCPVUPVS NBSLFUTFOTJUJWFGJOBODJBMJOTUSVNFOUTDPOUBJOTGPSXBSEMPPLJOHTUBUFNFOUT
'PSFJHO$VSSFODZ3JTL 4JODFUIFTVCTUBOUJBMNBKPSJUZPGPVSCVTJOFTTJTDPOEVDUFEJO64EPMMBST BDIBOHFJOBOZGPSFJHODVSSFODZ FYDIBOHFSBUFTXPVMEOPUIBWFBNBUFSJBMJNQBDUUPPVSGJOBODJBMDPOEJUJPOPSSFTVMUTPGPQFSBUJPOT
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
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
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
$BTIFRVJWBMFOUT"VOGBWPSBCMFJOUFSFTUSBUFNPWFNFOUGPSJOUFSFTUFBSOFEPOPVSDBTIBOEDBTIFRVJWBMFOUT XPVMEOPUNBUFSJBMMZJNQBDUUIFWBMVFPGPVSDBTIIPMEJOHTBOEXPVMEIBWFBOFHMJHJCMFJNQBDUPOJOUFSFTUJODPNFBU DVSSFOUNBSLFUJOUFSFTUSBUFT
*OGMBUJPO3JTL
8FIBWFHFOFSBMMZCFFOBCMFUPBOUJDJQBUFJODSFBTFTJODPTUTXIFOQSJDJOHPVSDPOUSBDUT#JETGPSMPOHFSUFSN''1 DPOUSBDUTUZQJDBMMZJODMVEFMBCPSBOEPUIFSDPTUFTDBMBUJPOTJOBNPVOUTUIBUIJTUPSJDBMMZIBWFCFFOTVGGJDJFOUUPDPWFS DPTUJODSFBTFTPWFSUIFQFSJPEPGDPOUSBDUQFSGPSNBODF
*UFN'JOBODJBM4UBUFNFOUTBOE4VQQMFNFOUBSZ%BUB
4FFPVSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTBUUBDIFEIFSFUPBOEMJTUFEPOUIFJOEFYGPVOEPOQBHF'PGUIJTSFQPSU
*UFN$IBOHFTJOBOE%JTBHSFFNFOUT8JUI"DDPVOUBOUTPO"DDPVOUJOHBOE'JOBODJBM%JTDMPTVSF
/PJOGPSNBUJPOJTSFRVJSFEJOSFTQPOTFUPUIJTJUFN
*UFN"$POUSPMTBOE1SPDFEVSFT &WBMVBUJPOPG%JTDMPTVSF$POUSPMTBOE1SPDFEVSFT
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
5IFSFIBWFCFFOOPDIBOHFTJOPVSJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHEVSJOHUIFGPVSUIRVBSUFSPGGJTDBM UIBUNBUFSJBMMZBGGFDUFE PSBSFMJLFMZUPNBUFSJBMMZBGGFDU PVSJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOH
.BOBHFNFOUaT3FQPSU0O*OUFSOBM$POUSPM0WFS'JOBODJBM3FQPSUJOH
0VSNBOBHFNFOUJTSFTQPOTJCMFGPSFTUBCMJTIJOHBOENBJOUBJOJOHBEFRVBUFJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOH *OUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHJTBQSPDFTTEFTJHOFEUPQSPWJEFSFBTPOBCMFBTTVSBODFSFHBSEJOHUIF SFMJBCJMJUZPGGJOBODJBMSFQPSUJOHBOEUIFQSFQBSBUJPOPGGJOBODJBMTUBUFNFOUTGPSFYUFSOBMQVSQPTFTJOBDDPSEBODFXJUI (""1
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*OUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHJODMVEFTUIPTFQPMJDJFTBOEQSPDFEVSFTUIBU J QFSUBJOUPUIFNBJOUFOBODFPG SFDPSETUIBU JOSFBTPOBCMFEFUBJM DPNQMFUFMZ BDDVSBUFMZBOEGBJSMZSFGMFDUUIFUSBOTBDUJPOTBOEEJTQPTJUJPOTPGPVS BTTFUT JJ QSPWJEFSFBTPOBCMFBTTVSBODFUIBUUSBOTBDUJPOTBSFSFDPSEFEBTOFDFTTBSZUPQFSNJUQSFQBSBUJPOPGUIF GJOBODJBMTUBUFNFOUTJOBDDPSEBODFXJUI(""1 JJJ QSPWJEFSFBTPOBCMFBTTVSBODFUIBUPVSSFDFJQUTBOE FYQFOEJUVSFTBSFNBEFPOMZJOBDDPSEBODFXJUIUIFBVUIPSJ[BUJPOPGPVSNBOBHFNFOUBOEEJSFDUPST BOE JW QSPWJEF SFBTPOBCMFBTTVSBODFSFHBSEJOHQSFWFOUJPOPSUJNFMZEFUFDUJPOPGVOBVUIPSJ[FEBDRVJTJUJPO VTFPSEJTQPTJUJPOPG BTTFUTUIBUDPVMEIBWFBNBUFSJBMFGGFDUPOUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT*OUFSOBMDPOUSPMPWFSGJOBODJBM SFQPSUJOHJODMVEFTUIFDPOUSPMTUIFNTFMWFT NPOJUPSJOHBOEJOUFSOBMBVEJUJOHQSBDUJDFTBOEBDUJPOTUBLFOUPDPSSFDU EFGJDJFODJFTBTJEFOUJGJFE
0VSNBOBHFNFOU XJUIUIFQBSUJDJQBUJPOPGUIF$IJFG&YFDVUJWF0GGJDFSBOE$IJFG'JOBODJBM0GGJDFS IBTFWBMVBUFEUIF FGGFDUJWFOFTTPGPVSJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHBTPG+BOVBSZ CBTFEPOUIFGSBNFXPSL FTUBCMJTIFEJOUIF*OUFSOBM$POUSPMg*OUFHSBUFE'SBNFXPSLJTTVFECZUIF$PNNJUUFFPG4QPOTPSJOH 0SHBOJ[BUJPOTPGUIF5SFBEXBZ$PNNJTTJPO0VSNBOBHFNFOUIBTBTTFTTFEJOJUTFWBMVBUJPOUIFFGGFDUJWFOFTTPG PVSJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHBTPG+BOVBSZ BOEIBTDPODMVEFEUIBUPVSJOUFSOBMDPOUSPMPWFS GJOBODJBMSFQPSUJOHXBTFGGFDUJWF
&SOTU:PVOH--1 BOJOEFQFOEFOUSFHJTUFSFEQVCMJDBDDPVOUJOHGJSN BVEJUFEPVSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT JODMVEFEJOUIJTSFQPSUBOEPVSJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOH BOEUIFGJSNcTSFQPSUPOPVSJOUFSOBMDPOUSPM PWFSGJOBODJBMSFQPSUJOHBSFTFUGPSUICFMPXUIJTSFQPSU
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
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
3&10350'*/%&1&/%&/53&(*45&3&%16#-*$"$$06/5*/('*3.
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
#BTJTGPS0QJOJPO 5IF$PNQBOZcTNBOBHFNFOUJTSFTQPOTJCMFGPSNBJOUBJOJOHFGGFDUJWFJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHBOEGPS JUTBTTFTTNFOUPGUIFFGGFDUJWFOFTTPGJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHJODMVEFEJOUIFBDDPNQBOZJOH .BOBHFNFOUcT3FQPSUPO*OUFSOBM$POUSPM0WFS'JOBODJBM3FQPSUJOH0VSSFTQPOTJCJMJUZJTUPFYQSFTTBOPQJOJPOPO UIF$PNQBOZcTJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHCBTFEPOPVSBVEJU8FBSFBQVCMJDBDDPVOUJOHGJSN SFHJTUFSFEXJUIUIF1$"0#BOEBSFSFRVJSFEUPCFJOEFQFOEFOUXJUISFTQFDUUPUIF$PNQBOZJOBDDPSEBODFXJUIUIF 64GFEFSBMTFDVSJUJFTMBXTBOEUIFBQQMJDBCMFSVMFTBOESFHVMBUJPOTPGUIF4FDVSJUJFTBOE&YDIBOHF$PNNJTTJPO BOEUIF1$"0# 8FDPOEVDUFEPVSBVEJUJOBDDPSEBODFXJUIUIFTUBOEBSETPGUIF1$"0#5IPTFTUBOEBSETSFRVJSFUIBUXFQMBOBOE QFSGPSNUIFBVEJUUPPCUBJOSFBTPOBCMFBTTVSBODFBCPVUXIFUIFSFGGFDUJWFJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOH XBTNBJOUBJOFEJOBMMNBUFSJBMSFTQFDUT 0VSBVEJUJODMVEFEPCUBJOJOHBOVOEFSTUBOEJOHPGJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOH BTTFTTJOHUIFSJTLUIBUB NBUFSJBMXFBLOFTTFYJTUT UFTUJOHBOEFWBMVBUJOHUIFEFTJHOBOEPQFSBUJOHFGGFDUJWFOFTTPGJOUFSOBMDPOUSPMCBTFEPO UIFBTTFTTFESJTL BOEQFSGPSNJOHTVDIPUIFSQSPDFEVSFTBTXFDPOTJEFSFEOFDFTTBSZJOUIFDJSDVNTUBODFT8F CFMJFWFUIBUPVSBVEJUQSPWJEFTBSFBTPOBCMFCBTJTGPSPVSPQJOJPO %FGJOJUJPOBOE-JNJUBUJPOTPG*OUFSOBM$POUSPM0WFS'JOBODJBM3FQPSUJOH "DPNQBOZcTJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHJTBQSPDFTTEFTJHOFEUPQSPWJEFSFBTPOBCMFBTTVSBODF SFHBSEJOHUIFSFMJBCJMJUZPGGJOBODJBMSFQPSUJOHBOEUIFQSFQBSBUJPOPGGJOBODJBMTUBUFNFOUTGPSFYUFSOBMQVSQPTFTJO BDDPSEBODFXJUIHFOFSBMMZBDDFQUFEBDDPVOUJOHQSJODJQMFT"DPNQBOZcTJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOH JODMVEFTUIPTFQPMJDJFTBOEQSPDFEVSFTUIBU QFSUBJOUPUIFNBJOUFOBODFPGSFDPSETUIBU JOSFBTPOBCMFEFUBJM BDDVSBUFMZBOEGBJSMZSFGMFDUUIFUSBOTBDUJPOTBOEEJTQPTJUJPOTPGUIFBTTFUTPGUIFDPNQBOZ QSPWJEFSFBTPOBCMF BTTVSBODFUIBUUSBOTBDUJPOTBSFSFDPSEFEBTOFDFTTBSZUPQFSNJUQSFQBSBUJPOPGGJOBODJBMTUBUFNFOUTJOBDDPSEBODF XJUIHFOFSBMMZBDDFQUFEBDDPVOUJOHQSJODJQMFT BOEUIBUSFDFJQUTBOEFYQFOEJUVSFTPGUIFDPNQBOZBSFCFJOHNBEF POMZJOBDDPSEBODFXJUIBVUIPSJ[BUJPOTPGNBOBHFNFOUBOEEJSFDUPSTPGUIFDPNQBOZ BOE QSPWJEFSFBTPOBCMF BTTVSBODFSFHBSEJOHQSFWFOUJPOPSUJNFMZEFUFDUJPOPGVOBVUIPSJ[FEBDRVJTJUJPO VTF PSEJTQPTJUJPOPGUIFDPNQBOZcT BTTFUTUIBUDPVMEIBWFBNBUFSJBMFGGFDUPOUIFGJOBODJBMTUBUFNFOUT #FDBVTFPGJUTJOIFSFOUMJNJUBUJPOT JOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHNBZOPUQSFWFOUPSEFUFDUNJTTUBUFNFOUT "MTP QSPKFDUJPOTPGBOZFWBMVBUJPOPGFGGFDUJWFOFTTUPGVUVSFQFSJPETBSFTVCKFDUUPUIFSJTLUIBUDPOUSPMTNBZ CFDPNFJOBEFRVBUFCFDBVTFPGDIBOHFTJODPOEJUJPOT PSUIBUUIFEFHSFFPGDPNQMJBODFXJUIUIFQPMJDJFTPS QSPDFEVSFTNBZEFUFSJPSBUF T&SOTU:PVOH--1 5ZTPOT 7JSHJOJB .BSDI
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*UFN#0UIFS*OGPSNBUJPO
/PJOGPSNBUJPOJTSFRVJSFEJOSFTQPOTFUPUIJTJUFN
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
1BSU***
*UFN%JSFDUPST &YFDVUJWF0GGJDFST BOE$PSQPSBUF(PWFSOBODF
0VSFYFDVUJWFPGGJDFSTBTPG.BSDI BSFMJTUFECFMPX BMPOHXJUIUIFJSBHFTPOUIBUEBUF QPTJUJPOTBOE PGGJDFTIFMEBOECVTJOFTTFYQFSJFODFEVSJOHBUMFBTUUIFQBTUGJWFZFBST"MMTVDIQFSTPOTIBWFCFFOFMFDUFEUP TFSWFVOUJMUIFJSTVDDFTTPSTBSFFMFDUFEBOERVBMJGJFEPSVOUJMUIFJSFBSMJFSSFTJHOBUJPOPSSFNPWBM
/BNFPGPGGJDFS "HF 1PTJUJPO T XJUIUIF$PNQBOZBOEQSJPSCVTJOFTTFYQFSJFODF
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cT(FOFSBMc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c)BSB TFSWFEBT4FOJPS7JDF1SFTJEFOUGPS)VNBO3FTPVSDFT BGUFSTFSWJOHBTIFBEPG UBMFOUTUSBUFHZ UPUBMSFXBSET MFBSOJOHBOEEFWFMPQNFOU EJWFSTJUZ FYFDVUJWF DPNQFOTBUJPO BOEUBMFOUBDRVJTJUJPO1SJPSUPKPJOJOH4"*$ .T0c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cTGPSNFS4FSWJDFTBOE 4PMVUJPOTTFDUPS.S4DBOMPOKPJOFE4"*$JOBTBQSPKFDUFOHJOFFSTVQQPSUJOH 3%PGIZCSJEFMFDUSJDDPNCBUWFIJDMFT%VSJOHUIFFOTVJOHZFBST IFTFSWFEJO WBSJPVTMFBEFSTIJQSPMFT
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
'PSBEEJUJPOBMJOGPSNBUJPOSFRVJSFECZ*UFNXJUISFTQFDUUPFYFDVUJWFPGGJDFSTBOEEJSFDUPST JODMVEJOHBVEJU DPNNJUUFFBOEBVEJUDPNNJUUFFGJOBODJBMFYQFSUT QSPDFEVSFTCZXIJDITUPDLIPMEFSTNBZSFDPNNFOEOPNJOFFTUP UIF#PBSEPG%JSFDUPST BOEDPNQMJBODFXJUI4FDUJPO B PGUIF4FDVSJUJFT&YDIBOHF"DUPG TFFUIF JOGPSNBUJPOTFUGPSUIVOEFSUIFDBQUJPOTa1SPQPTBMf&MFDUJPOPG%JSFDUPST ba$PSQPSBUF(PWFSOBODFbBOEa0UIFS *OGPSNBUJPObJOUIF%FGJOJUJWF1SPYZ4UBUFNFOU XIJDIJOGPSNBUJPOJTJODPSQPSBUFECZSFGFSFODFJOUPUIJTSFQPSU
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a$PSQPSBUF(PWFSOBODFbBOEUIFOa$PEFPG$POEVDUb8FJOUFOEUPQPTUPO PVSXFCTJUFBOZNBUFSJBMDIBOHFTUPPSXBJWFSTGSPNPVSDPEFPGCVTJOFTTFUIJDT5IFJOGPSNBUJPOPOPVSXFCTJUFJT OPUJODPSQPSBUFECZSFGFSFODFJOUPBOEJTOPUBQBSUPGUIJTSFQPSU
*UFN&YFDVUJWF$PNQFOTBUJPO
'PSJOGPSNBUJPOSFRVJSFECZ*UFNXJUISFTQFDUUPFYFDVUJWFDPNQFOTBUJPO TFFUIFJOGPSNBUJPOTFUGPSUIVOEFSUIF DBQUJPOTa$PNQFOTBUJPO%JTDVTTJPOBOE"OBMZTJT ba&YFDVUJWF$PNQFOTBUJPObBOEa$PSQPSBUF(PWFSOBODFbJOUIF %FGJOJUJWF1SPYZ4UBUFNFOU XIJDIJOGPSNBUJPOJTJODPSQPSBUFECZSFGFSFODFJOUPUIJTSFQPSU
'PSJOGPSNBUJPOSFRVJSFECZ*UFNXJUISFTQFDUUPDPNQFOTBUJPODPNNJUUFFJOUFSMPDLTBOEJOTJEFSQBSUJDJQBUJPO TFF UIFJOGPSNBUJPOTFUGPSUIVOEFSUIFDBQUJPOa$PSQPSBUF(PWFSOBODFbJOUIF%FGJOJUJWF1SPYZ4UBUFNFOU XIJDI JOGPSNBUJPOJTJODPSQPSBUFECZSFGFSFODFJOUPUIJTSFQPSU
*UFN4FDVSJUZ0XOFSTIJQPG$FSUBJO#FOFGJDJBM0XOFSTBOE.BOBHFNFOUBOE3FMBUFE4UPDLIPMEFS .BUUFST
'PSJOGPSNBUJPOSFRVJSFECZ*UFNXJUISFTQFDUUPUIFTFDVSJUZPXOFSTIJQPGDFSUBJOCFOFGJDJBMPXOFSTBOE NBOBHFNFOU TFFUIFJOGPSNBUJPOTFUGPSUIVOEFSUIFDBQUJPOa0UIFS*OGPSNBUJPObJOUIF%FGJOJUJWF1SPYZ 4UBUFNFOU XIJDIJOGPSNBUJPOJTJODPSQPSBUFECZSFGFSFODFJOUPUIJTSFQPSU
8FDVSSFOUMZNBJOUBJOGPVSTIBSFIPMEFSBQQSPWFEFRVJUZDPNQFOTBUJPOQMBOTUIBUJTTVFTUPDLCBTFEBXBSET JODMVEJOHUIF&RVJUZ*ODFOUJWF1MBO UIF.BOBHFNFOU4UPDL$PNQFOTBUJPO1MBO UIF&NQMPZFF4UPDL 1VSDIBTF1MBOBOEUIF-POH5FSN1FSGPSNBODF1MBO'PSTVNNBSJFTPGUIFTFQMBOT TFF/PUFUPUIF DPOTPMJEBUFEGJOBODJBMTUBUFNFOUTDPOUBJOFEXJUIJOUIJTSFQPSU
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
5IFGPMMPXJOHUBCMFQSPWJEFTUIFOVNCFSPGTIBSFTPGPVSDPNNPOTUPDLUPCFJTTVFE UIFXFJHIUFEBWFSBHF FYFSDJTFQSJDFPGUIFPVUTUBOEJOHTUPDLPQUJPOTBOEUIFOVNCFSPGTIBSFTSFNBJOJOHGPSGVUVSFBXBSEHSBOUTBTPG +BOVBSZ
&RVJUZ$PNQFOTBUJPO1MBO*OGPSNBUJPO
/VNCFSPG TFDVSJUJFT SFNBJOJOH /VNCFSPG BWBJMBCMFGPS TFDVSJUJFTUPCF 8FJHIUFE GVUVSFJTTVBODF JTTVFEVQPO BWFSBHFFYFSDJTF VOEFSFRVJUZ FYFSDJTFPG QSJDFPG DPNQFOTBUJPO PVUTUBOEJOH PVUTUBOEJOH QMBOT FYDMVEJOH PQUJPOT XBSSBOUT PQUJPOT XBSSBOUT TFDVSJUJFTSFGMFDUF 1MBO$BUFHPSZ BOESJHIUT BOESJHIUT EJODPMVNO B B C D &RVJUZDPNQFOTBUJPOQMBOTBQQSPWFECZTFDVSJUZIPMEFST &RVJUZDPNQFOTBUJPOQMBOTOPUBQQSPWFECZTFDVSJUZIPMEFST f ff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
*UFN$FSUBJO3FMBUJPOTIJQTBOE3FMBUFE5SBOTBDUJPOT BOE%JSFDUPS*OEFQFOEFODF
'PSJOGPSNBUJPOSFRVJSFECZ*UFNXJUISFTQFDUUPDFSUBJOSFMBUJPOTIJQTBOESFMBUFEUSBOTBDUJPOTBOEUIF JOEFQFOEFODFPGEJSFDUPSTBOEOPNJOFFT TFFUIFJOGPSNBUJPOTFUGPSUIVOEFSUIFDBQUJPOa$PSQPSBUF(PWFSOBODFbJO UIF%FGJOJUJWF1SPYZ4UBUFNFOU XIJDIJOGPSNBUJPOJTJODPSQPSBUFECZSFGFSFODFJOUPUIJTSFQPSU
*UFN1SJODJQBM"DDPVOUJOH'FFTBOE4FSWJDFT
'PSJOGPSNBUJPOSFRVJSFECZ*UFNXJUISFTQFDUUPQSJODJQBMBDDPVOUJOHGFFTBOETFSWJDFT TFFUIFJOGPSNBUJPOTFU GPSUIVOEFSUIFDBQUJPOa"VEJU.BUUFSTbJOUIF%FGJOJUJWF1SPYZ4UBUFNFOU XIJDIJOGPSNBUJPOJTJODPSQPSBUFECZ SFGFSFODFJOUPUIJTSFQPSU
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
1BSU*7
*UFN&YIJCJUT 'JOBODJBM4UBUFNFOU4DIFEVMFT
B %PDVNFOUTGJMFEBTQBSUPGUIFSFQPSU
'JOBODJBM4UBUFNFOUT
0VSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTBSFBUUBDIFEIFSFUPBOEMJTUFEPOUIF*OEFYUP$POTPMJEBUFE 'JOBODJBM4UBUFNFOUTTFUGPSUIPOQBHF'PGUIJTSFQPSU
'JOBODJBM4UBUFNFOU4DIFEVMFT
'JOBODJBMTUBUFNFOUTDIFEVMFTBSFPNJUUFECFDBVTFUIFZBSFOPUBQQMJDBCMFPSUIFSFRVJSFE JOGPSNBUJPOJTTIPXOJOPVSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTPSUIFOPUFTUIFSFUP
&YIJCJUT
4FF&YIJCJU*OEFYPOQBHFT'UISPVHI'PGUIJTSFQPSU
5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
*UFN'PSN,4VNNBSZ
/POF
4*(/"563&4
1VSTVBOUUPUIFSFRVJSFNFOUTPG4FDUJPOPS E PGUIF4FDVSJUJFT&YDIBOHF"DUPG UIFSFHJTUSBOUIBTEVMZ DBVTFEUIJTSFQPSUUPCFTJHOFEPOJUTCFIBMGCZUIFVOEFSTJHOFE UIFSFVOUPEVMZBVUIPSJ[FE
4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO
#Z T$IBSMFT".BUIJT
$IBSMFT".BUIJT $IJFG'JOBODJBM0GGJDFS
%BUFE.BSDI
1VSTVBOUUPUIFSFRVJSFNFOUTPGUIF4FDVSJUJFT&YDIBOHF"DUPG UIJTSFQPSUIBTCFFOTJHOFECFMPXCZUIF GPMMPXJOHQFSTPOTPOCFIBMGPGUIFSFHJTUSBOUJOUIFDBQBDJUJFTBOEPOUIFEBUFTJOEJDBUFE
4JHOBUVSF 5JUMF %BUF T/B[[JD4,FFOF 1SJODJQBM&YFDVUJWF0GGJDFSBOE%JSFDUPS .BSDI /B[[JD4,FFOF
T$IBSMFT".BUIJT 1SJODJQBM'JOBODJBM0GGJDFSBOE 1SJODJQBM"DDPVOUJOH0GGJDFS .BSDI $IBSMFT".BUIJT
T%POOB4.PSFB $IBJSPGUIF#PBSE .BSDI %POOB4.PSFB
T3PCFSU"#FEJOHGJFME %JSFDUPS .BSDI 3PCFSU"#FEJOHGJFME
T$BSPM"(PPEF %JSFDUPS .BSDI $BSPM"(PPEF
T+PIO+)BNSF %JSFDUPS .BSDI +PIO+)BNSF
T:WFUUF.,BOPVGG %JSFDUPS .BSDI :WFUUF.,BOPVGG
T%BWJE.,FSLP %JSFDUPS .BSDI %BWJE.,FSLP
T5JNPUIZ+.BZPQPVMPT %JSFDUPS .BSDI 5JNPUIZ+.BZPQPVMPT
T,BUIBSJOB(.D'BSMBOE %JSFDUPS .BSDI ,BUIBSJOB(.D'BSMBOE
T4UFWFO34IBOF %JSFDUPS .BSDI 4UFWFO34IBOF
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ */%&950$0/40-*%"5&%'*/"/$*"-45"5&.&/54
$0/40-*%"5&%'*/"/$*"-45"5&.&/54 1BHF
3FQPSUPG*OEFQFOEFOU3FHJTUFSFE1VCMJD"DDPVOUJOH'JSN ' $POTPMJEBUFE4UBUFNFOUTPG*ODPNF ' $POTPMJEBUFE4UBUFNFOUTPG$PNQSFIFOTJWF*ODPNF ' $POTPMJEBUFE#BMBODF4IFFUT ' $POTPMJEBUFE4UBUFNFOUTPG&RVJUZ ' $POTPMJEBUFE4UBUFNFOUTPG$BTI'MPXT ' /PUFTUPUIF$POTPMJEBUFE'JOBODJBM4UBUFNFOUT ' /PUFf#VTJOFTT0WFSWJFXBOE4VNNBSZPG4JHOJGJDBOU"DDPVOUJOH1PMJDJFT ' /PUFf&BSOJOHT1FS4IBSF 4IBSF3FQVSDIBTFTBOE%JWJEFOET ' /PUFf3FWFOVF ' /PUFf"DRVJTJUJPOT ' /PUFf3FTUSVDUVSJOHBOE*NQBJSNFOU ' /PUFf(PPEXJMMBOE*OUBOHJCMF"TTFUT ' /PUFf1SPQFSUZ 1MBOU BOE&RVJQNFOU ' /PUFf4UPDL#BTFE$PNQFOTBUJPO ' /PUFf3FUJSFNFOU1MBOT ' /PUFf*ODPNF5BYFT ' /PUFf%FCU0CMJHBUJPOT ' /PUFf%FSJWBUJWF*OTUSVNFOUT%FTJHOBUFEBT$BTI'MPX)FEHFT ' /PUFf$IBOHFTJO"DDVNVMBUFE0UIFS$PNQSFIFOTJWF-PTTCZ$PNQPOFOU ' /PUFf0QFSBUJOH-FBTFT ' /PUFf#VTJOFTT4FHNFOU*OGPSNBUJPO ' /PUFf-FHBM1SPDFFEJOHTBOE$PNNJUNFOUTBOE$POUJOHFODJFT ' /PUFf4FMFDUFE2VBSUFSMZ'JOBODJBM%BUB 6OBVEJUFE ' /PUFf4VCTFRVFOU&WFOUT '
'JOBODJBMTUBUFNFOUTDIFEVMFTBSFPNJUUFECFDBVTFUIFZBSFOPUBQQMJDBCMFPSUIFSFRVJSFEJOGPSNBUJPOJTTIPXOJO PVSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTPSUIFOPUFTUIFSFUP
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
3&10350'*/%&1&/%&/53&(*45&3&%16#-*$"$$06/5*/('*3.
5PUIF#PBSEPG%JSFDUPSTBOE4UPDLIPMEFSTPG 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO
0QJOJPOPOUIF'JOBODJBM4UBUFNFOUT
8FIBWFBVEJUFEUIFBDDPNQBOZJOHDPOTPMJEBUFECBMBODFTIFFUTPG4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO UIF$PNQBOZ BTPG+BOVBSZ BOE'FCSVBSZ UIFSFMBUFEDPOTPMJEBUFETUBUFNFOUTPGJODPNF DPNQSFIFOTJWFJODPNF FRVJUZ BOEDBTIGMPXTGPSFBDIPGUIFUXPZFBSTJOUIFQFSJPEFOEFE+BOVBSZ BOE UIFSFMBUFEOPUFT DPMMFDUJWFMZSFGFSSFEUPBTUIFaDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTb *OPVSPQJOJPO UIFDPOTPMJEBUFE GJOBODJBMTUBUFNFOUTQSFTFOUGBJSMZ JOBMMNBUFSJBMSFTQFDUT UIFDPOTPMJEBUFEGJOBODJBMQPTJUJPOPGUIF$PNQBOZBU +BOVBSZ BOE'FCSVBSZ BOEUIFSFTVMUTPGJUTPQFSBUJPOTBOEJUTDBTIGMPXTGPSFBDIPGUIFUXP ZFBSTJOUIFQFSJPEFOEFE+BOVBSZ JODPOGPSNJUZXJUI64HFOFSBMMZBDDFQUFEBDDPVOUJOHQSJODJQMFT
8FBMTPIBWFBVEJUFE JOBDDPSEBODFXJUIUIFTUBOEBSETPGUIF1VCMJD$PNQBOZ"DDPVOUJOH0WFSTJHIU#PBSE 6OJUFE 4UBUFT 1$"0# UIF$PNQBOZcTJOUFSOBMDPOUSPMPWFSGJOBODJBMSFQPSUJOHBTPG+BOVBSZ CBTFEPODSJUFSJB FTUBCMJTIFEJO*OUFSOBM$POUSPM*OUFHSBUFE'SBNFXPSLJTTVFECZUIF$PNNJUUFFPG4QPOTPSJOH0SHBOJ[BUJPOTPGUIF 5SFBEXBZ$PNNJTTJPO GSBNFXPSL BOEPVSSFQPSUEBUFE.BSDI FYQSFTTFEBOVORVBMJGJFEPQJOJPO UIFSFPO
#BTJTGPS0QJOJPO
5IFTFGJOBODJBMTUBUFNFOUTBSFUIFSFTQPOTJCJMJUZPGUIF$PNQBOZcTNBOBHFNFOU0VSSFTQPOTJCJMJUZJTUPFYQSFTTBO PQJOJPOPOUIF$PNQBOZcTGJOBODJBMTUBUFNFOUTCBTFEPOPVSBVEJUT8FBSFBQVCMJDBDDPVOUJOHGJSNSFHJTUFSFEXJUI UIF1$"0#BOEBSFSFRVJSFEUPCFJOEFQFOEFOUXJUISFTQFDUUPUIF$PNQBOZJOBDDPSEBODFXJUIUIF64GFEFSBM TFDVSJUJFTMBXTBOEUIFBQQMJDBCMFSVMFTBOESFHVMBUJPOTPGUIF4FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBOEUIF 1$"0#
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
$SJUJDBM"VEJU.BUUFST
5IFDSJUJDBMBVEJUNBUUFSTDPNNVOJDBUFECFMPXBSFNBUUFSTBSJTJOHGSPNUIFDVSSFOUQFSJPEBVEJUPGUIFGJOBODJBM TUBUFNFOUTUIBUXFSFDPNNVOJDBUFEPSSFRVJSFEUPCFDPNNVOJDBUFEUPUIFBVEJUDPNNJUUFFBOEUIBU SFMBUFUP BDDPVOUTPSEJTDMPTVSFTUIBUBSFNBUFSJBMUPUIFGJOBODJBMTUBUFNFOUTBOE JOWPMWFEPVSFTQFDJBMMZDIBMMFOHJOH TVCKFDUJWFPSDPNQMFYKVEHNFOUT5IFDPNNVOJDBUJPOPGDSJUJDBMBVEJUNBUUFSTEPFTOPUBMUFSJOBOZXBZPVSPQJOJPO POUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT UBLFOBTBXIPMF BOEXFBSFOPU CZDPNNVOJDBUJOHUIFDSJUJDBMBVEJU NBUUFSTCFMPX QSPWJEJOHTFQBSBUFPQJOJPOTPOUIFDSJUJDBMBVEJUNBUUFSTPSPOUIFBDDPVOUTPSEJTDMPTVSFTUPXIJDI UIFZSFMBUF
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
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cTSFTVMUTPGPQFSBUJPOT
"VEJUJOHUIF$PNQBOZcTBDDPVOUJOHGPSSFWFOVFVTJOHUIFDPTUJOQVUNFBTVSFPG QSPHSFTTXBTDPNQMFYEVFUPUIFKVEHNFOUJOWPMWFEJOFTUJNBUJOHUIFUSBOTBDUJPO QSJDFBOEUPUBMFTUJNBUFEDPTUTBUDPNQMFUJPOGPSUIFTFDPOUSBDUT5IFUSBOTBDUJPO QSJDFNBZJODMVEFWBSJBCMFDPOTJEFSBUJPO TVDIBTSFJNCVSTBCMFDPTUT BXBSEBOE JODFOUJWFGFFT PSPUIFSQSPWJTJPOTUIBUDBOFJUIFSJODSFBTFPSEFDSFBTFUIF USBOTBDUJPOQSJDF"EEJUJPOBMMZ NBOBHFNFOUFTUJNBUFTUPUBMDPTUTBUDPNQMFUJPOCZ NBLJOHBTTVNQUJPOTSFHBSEJOHUIFDPNQMFYJUZPGUIFXPSLUPCFQFSGPSNFE UIF TDIFEVMFBOEBTTPDJBUFEUBTLT MBCPSQSPEVDUJWJUZBOEBWBJMBCJMJUZ JODSFBTFTJO XBHFTBOEQSJDFTPGNBUFSJBMT FYFDVUJPOCZTVCDPOUSBDUPST PWFSIFBEDPTUSBUFT BOEPUIFSWBSJBCMFT )PX8F 8FPCUBJOFEBOVOEFSTUBOEJOH FWBMVBUFEUIFEFTJHOBOEUFTUFEUIFPQFSBUJOH "EESFTTFEUIF FGGFDUJWFOFTTPGDPOUSPMTPWFSUIF$PNQBOZcTSFDPHOJUJPOPGSFWFOVFVTJOHUIFDPTU .BUUFSJO0VS JOQVUNFBTVSFPGQSPHSFTT'PSFYBNQMF XFUFTUFEDPOUSPMTPWFSNBOBHFNFOUcT "VEJU SFWJFXPGUIFFTUJNBUFEUSBOTBDUJPOQSJDFBOEFTUJNBUFEDPTUTBUDPNQMFUJPOVTFEJO EFUFSNJOJOHSFWFOVFVTJOHUIFDPTUJOQVUNFBTVSFPGQSPHSFTT8FBMTPUFTUFE JOUFSOBMDPOUSPMTUIBUNBOBHFNFOUFYFDVUFTUPWBMJEBUFUIFEBUBVTFEJOEFUFSNJOJOH UIJTSFWFOVFXBTDPNQMFUFBOEBDDVSBUF
5PUFTUUIFBDDVSBDZPGUIF$PNQBOZcTFTUJNBUFEUSBOTBDUJPOQSJDFBOEFTUJNBUFE DPTUTBUDPNQMFUJPO PVSBVEJUQSPDFEVSFTJODMVEFE BNPOHPUIFST DPNQBSJOH FTUJNBUFTPGMBCPSDPTUT TVCDPOUSBDUPSDPTUT NBUFSJBMTBOEWBSJBCMFDPOTJEFSBUJPO UPIJTUPSJDBMSFTVMUTPGTJNJMBSDPOUSBDUT BOEBHSFFJOHUIFLFZUFSNT JODMVEJOHUIF UFSNTPGUIFWBSJBCMFDPOTJEFSBUJPO UPDPOUSBDUEPDVNFOUBUJPOBOENBOBHFNFOUcT FTUJNBUFT0VSBVEJUQSPDFEVSFTBMTPJODMVEFE BNPOHPUIFST WBMJEBUJOHUIFOBUVSF UJNJOHBOEFYUFOUPGUIFBNPVOUTPGSFWFOVFBOEDPTUTSFDPSEFEUPEBUF JODMVEJOH BOZDIBOHFTJOUSBOTBDUJPOQSJDFPSFTUJNBUFEDPTUTBUDPNQMFUJPOGSPNUIFQSJPS QFSJPE'PSFYBNQMF UPUFTUBDIBOHFJOFTUJNBUF XFJOTQFDUFEVOEFSMZJOH FWJEFODFGPSUIFSFBTPOGPSUIFDIBOHFJOFTUJNBUFBOEUIFUJNJOHPGTVDIDIBOHF BOEXFSFDBMDVMBUFEUIFJODFQUJPOUPEBUFFGGFDUSFDPSEFE8FBMTPFWBMVBUFE XIFUIFSBMBDLPGDIBOHFJOFTUJNBUFXBTBQQSPQSJBUF XIFSFBQQMJDBCMF PO DPOUSBDUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
3FTFSWFTGPSHPWFSONFOUJOWFTUJHBUJPOT BVEJUTBOESFWJFXT %FTDSJQUJPOPG "TEJTDVTTFEJO/PUFUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT 64HPWFSONFOU UIF.BUUFS BHFODJFT JODMVEJOHUIF%FGFOTF$POUSBDU"VEJU"HFODZ %$"" UIF%FGFOTF $POUSBDU.BOBHFNFOU"HFODZ %$." BOEPUIFST SPVUJOFMZBVEJUBOESFWJFXB DPOUSBDUPSc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cTSFTVMUTPGPQFSBUJPOT
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cTBDDPVOUJOHGPSSFTFSWFTGPS .BUUFSJO0VS HPWFSONFOUJOWFTUJHBUJPOT BVEJUTBOESFWJFXT'PSFYBNQMF XFUFTUFEDPOUSPMT "VEJU PWFSNBOBHFNFOUcTSFWJFXPGUIFDBMDVMBUJPOTVTFEUPFTUJNBUFUIFSFTFSWF BNPVOUT8FBMTPUFTUFENBOBHFNFOUcTDPOUSPMTPWFSUIFDPNQMFUFOFTTBOE BDDVSBDZPGUIFEBUBVTFEJOUIFDBMDVMBUJPOPGUIFSFTFSWFTSFDPSEFE
5PUFTUUIFTFSFTFSWFT XFQFSGPSNFEBVEJUQSPDFEVSFTUIBUJODMVEFE BNPOHPUIFST VOEFSTUBOEJOHUIFBTTVNQUJPOTBOESBUJPOBMFVTFECZNBOBHFNFOUBOESFWJFXJOH BQQMJDBCMFMBXTBOESFHVMBUJPOT8FJOTQFDUFEDPNNVOJDBUJPOTXJUIUIF%$""PS %$."JODMVEJOHQSJPSBVEJUSFQPSUTBOETFUUMFNFOUTUIBUXFSFVTFEBTBCBTJTGPS SFTFSWFTSFDPSEFEBOEUFTUFEUIFDMFSJDBMBDDVSBDZPGUIF$PNQBOZcTDBMDVMBUJPOT 0VSHPWFSONFOUDPOUSBDUJOHTQFDJBMJTUTBTTJTUFEVTJOJEFOUJGZJOHUSFOETBOESFDFOU FYQFSJFODFJO%$""BVEJUTUIBUDPVMESFQSFTFOUDPSSPCPSBUJWFPSDPOUSBSZFWJEFODF BOEFWBMVBUJOHUIFEBUBVTFEUPFTUJNBUFUIFSFTFSWFT 6OSFDPHOJ[FEUBYCFOFGJUT %FTDSJQUJPOPG "TEJTDVTTFEJO/PUFTBOEUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT UIF UIF.BUUFS $PNQBOZGJMFTJODPNFUBYSFUVSOTJOUIF64'FEFSBMKVSJTEJDUJPOBOEWBSJPVTTUBUF KVSJTEJDUJPOT5IF$PNQBOZSFDPHOJ[FTMJBCJMJUJFTGPSVODFSUBJOUZJOJODPNFUBYFT XIFOJUJTNPSFMJLFMZUIBOOPUUIBUBUBYQPTJUJPOXJMMOPUCFTVTUBJOFEPO FYBNJOBUJPOBOETFUUMFNFOUXJUIWBSJPVTUBYJOHBVUIPSJUJFT%VSJOHUIFZFBSFOEFE +BOVBSZ UIF$PNQBOZIBTSFDPSEFEBEEJUJPOBMVOSFDPHOJ[FEUBYCFOFGJUT PGNJMMJPOGPSUBYQPTJUJPOTSFMBUFEUPQSJPSZFBSTBOENJMMJPOSFMBUFEUPUBY QPTJUJPOTJOUIFDVSSFOUZFBS$IBOHFTUPUIFMJBCJMJUZSFTVMUJOHGSPNPOHPJOHPSGVUVSF BVEJUTCZUIFUBYJOHBVUIPSJUJFTDPVMEIBWFBNBUFSJBMFGGFDUPOUIF$PNQBOZcT SFTVMUTPGPQFSBUJPOT
"VEJUJOHUIFTFSFTFSWFTXBTFTQFDJBMMZDIBMMFOHJOHEVFUPUIFTJHOJGJDBOUKVEHNFOU JOBQQMZJOHUIFUBYMBXBOEJOIFSFOUVODFSUBJOUZJOWPMWFEJOQSFEJDUJOHUIFVMUJNBUF SFTPMVUJPOPGUIFNBUUFSXJUIUIFUBYJOHBVUIPSJUZ
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
)PX8F 8FPCUBJOFEBOVOEFSTUBOEJOH FWBMVBUFEUIFEFTJHO BOEUFTUFEUIFPQFSBUJOH "EESFTTFEUIF FGGFDUJWFOFTTPGDPOUSPMTPWFSUIF$PNQBOZcTBDDPVOUJOHGPSVODFSUBJOUBYQPTJUJPOT .BUUFSJO0VS 'PSFYBNQMF XFUFTUFEDPOUSPMTPWFSNBOBHFNFOUcTSFWJFXPGUIFBOBMZTJT "VEJU QFSGPSNFEBOEUIFBQQMJDBUJPOPGUIFUBYMBX8FBMTPUFTUFENBOBHFNFOUcTDPOUSPMT PWFSUIFDPNQMFUFOFTTBOEBDDVSBDZPGUIFEBUBVTFEJOUIFDBMDVMBUJPOPGUIF MJBCJMJUJFTSFDPSEFE
5PUFTUUIFVOSFDPHOJ[FEUBYCFOFGJUT XFQFSGPSNFEBVEJUQSPDFEVSFTUIBUJODMVEFE BNPOHPUIFST VOEFSTUBOEJOHUIFBQQMJDBUJPOPGUIFUBYMBXBOESBUJPOBMFVTFECZ NBOBHFNFOUBOEFWBMVBUJOHXIFUIFSUIFVODFSUBJOUBYQPTJUJPONFUUIFaNPSFMJLFMZ UIBOOPUbSFDPHOJUJPOUISFTIPME'PSFYBNQMF XFWFSJGJFEPVSVOEFSTUBOEJOHPGUIF SFMFWBOUGBDUTCZSFBEJOHUIF$PNQBOZTBOBMZTJTPGUIFBQQMJDBUJPOPGUIFUBYMBX 8FJOWPMWFEPVSUBYTVCKFDUNBUUFSSFTPVSDFTJOUIFBTTFTTNFOUPGUIFUFDIOJDBM NFSJUTPGUIF$PNQBOZcTUBYQPTJUJPO DPOTJEFSJOHUIFBQQMJDBCMFUBYMBXT BOEUIF NFUIPEPMPHZBQQMJFE8FBTTFTTFEUIFNBUIFNBUJDBMBDDVSBDZPGNBOBHFNFOUcT DBMDVMBUJPOTBOEQFSGPSNFETFOTJUJWJUZBOBMZTFTSFMBUFEUPNBOBHFNFOUcTFTUJNBUF
T&SOTU:PVOH--1
8FIBWFTFSWFEBTUIF$PNQBOZcTBVEJUPSTJODF
5ZTPOT 7JSHJOJB .BSDI
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/
3&10350'*/%&1&/%&/53&(*45&3&%16#-*$"$$06/5*/('*3.
5PUIF#PBSEPG%JSFDUPSTBOE4UPDLIPMEFSTPG 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO 3FTUPO 7JSHJOJB
0QJOJPOPOUIF'JOBODJBM4UBUFNFOUT
8FIBWFBVEJUFEUIFBDDPNQBOZJOHDPOTPMJEBUFECBMBODFTIFFUPG4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO BOETVCTJEJBSJFT UIF$PNQBOZ BTPG'FCSVBSZ UIFSFMBUFEDPOTPMJEBUFETUBUFNFOUTPGJODPNFBOE DPNQSFIFOTJWFJODPNF FRVJUZ BOEDBTIGMPXT GPSUIFZFBSFOEFE'FCSVBSZ BOEUIFSFMBUFEOPUFT DPMMFDUJWFMZSFGFSSFEUPBTUIFaGJOBODJBMTUBUFNFOUTb *OPVSPQJOJPO UIFGJOBODJBMTUBUFNFOUTQSFTFOUGBJSMZ JOBMM NBUFSJBMSFTQFDUT UIFGJOBODJBMQPTJUJPOPGUIF$PNQBOZBTPG'FCSVBSZ BOEUIFSFTVMUTPGJUTPQFSBUJPOT BOEJUTDBTIGMPXTGPSUIFZFBSFOEFE'FCSVBSZ JODPOGPSNJUZXJUIBDDPVOUJOHQSJODJQMFTHFOFSBMMZBDDFQUFE JOUIF6OJUFE4UBUFTPG"NFSJDB
#BTJTGPS0QJOJPO
5IFTFGJOBODJBMTUBUFNFOUTBSFUIFSFTQPOTJCJMJUZPGUIF$PNQBOZcTNBOBHFNFOU0VSSFTQPOTJCJMJUZJTUPFYQSFTTBO PQJOJPOPOUIF$PNQBOZcTGJOBODJBMTUBUFNFOUTCBTFEPOPVSBVEJU8FBSFBQVCMJDBDDPVOUJOHGJSNSFHJTUFSFEXJUI UIF1$"0#BOEBSFSFRVJSFEUPCFJOEFQFOEFOUXJUISFTQFDUUPUIF$PNQBOZJOBDDPSEBODFXJUIUIF64GFEFSBM TFDVSJUJFTMBXTBOEUIFBQQMJDBCMFSVMFTBOESFHVMBUJPOTPGUIF4FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOBOEUIF 1$"0#
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
T%FMPJUUF5PVDIF--1
.D-FBO 7JSHJOJB .BSDI 8FCFHBOTFSWJOHBTUIF$PNQBOZcTBVEJUPSJOGJTDBM*OXFCFDBNFUIFQSFEFDFTTPSBVEJUPS
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ $0/40-*%"5&%45"5&.&/540'*/$0.&
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT FYDFQUQFSTIBSFBNPVOUT 3FWFOVFT $PTUPGSFWFOVFT 4FMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT "DRVJTJUJPOBOEJOUFHSBUJPODPTUT f 0QFSBUJOHJODPNF *OUFSFTUFYQFOTF 0UIFS JODPNF FYQFOTF OFU *ODPNFCFGPSFJODPNFUBYFT 1SPWJTJPOGPSJODPNFUBYFT /FUJODPNF /FUJODPNFBUUSJCVUBCMFUPOPODPOUSPMMJOHJOUFSFTU ff /FUJODPNFBUUSJCVUBCMFUPDPNNPOTUPDLIPMEFST &BSOJOHTQFSTIBSF #BTJD %JMVUFE
4FFBDDPNQBOZJOHOPUFTUPDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ $0/40-*%"5&%45"5&.&/540'$0.13&)&/4*7&*/$0.&
:FBSFOEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT /FUJODPNF 0UIFSDPNQSFIFOTJWF MPTT JODPNF OFUPGUBY /FUVOSFBMJ[FE MPTT HBJOPOEFSJWBUJWFJOTUSVNFOUT %FGJOFECFOFGJUPCMJHBUJPOBEKVTUNFOU ff 5PUBMPUIFSDPNQSFIFOTJWF MPTT JODPNF OFUPGUBY $PNQSFIFOTJWFJODPNF $PNQSFIFOTJWFJODPNFBUUSJCVUBCMFUPOPODPOUSPMMJOHJOUFSFTU ff $PNQSFIFOTJWFJODPNFBUUSJCVUBCMFUPDPNNPOTUPDLIPMEFST
4FFBDDPNQBOZJOHOPUFTUPDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ $0/40-*%"5&%#"-"/$&4)&&54
+BOVBSZ 'FCSVBSZ JONJMMJPOT "44&54 $VSSFOUBTTFUT $BTIBOEDBTIFRVJWBMFOUT 3FDFJWBCMFT OFU *OWFOUPSJFT OFU 1SFQBJEFYQFOTFT 0UIFSDVSSFOUBTTFUT 5PUBMDVSSFOUBTTFUT (PPEXJMM *OUBOHJCMFBTTFUT OFU 1SPQFSUZ QMBOU BOEFRVJQNFOU OFU 0QFSBUJOHMFBTFSJHIUPGVTFBTTFUT f 0UIFSBTTFUT 5PUBMBTTFUT -*"#*-*5*&4"/%&26*5: $VSSFOUMJBCJMJUJFT "DDPVOUTQBZBCMF "DDSVFEQBZSPMMBOEPUIFSFNQMPZFFCFOFGJUT "DDSVFEWBDBUJPO 0UIFSBDDSVFEMJBCJMJUJFT -POHUFSNEFCU DVSSFOUQPSUJPO 5PUBMDVSSFOUMJBCJMJUJFT -POHUFSNEFCU OFUPGDVSSFOUQPSUJPO 0QFSBUJOHMFBTFMJBCJMJUJFT f 0UIFSMPOHUFSNMJBCJMJUJFT $PNNJUNFOUTBOEDPOUJOHFODJFT /PUF &RVJUZ $PNNPOTUPDL QBSWBMVF CJMMJPOTIBSFTBVUIPSJ[FE NJMMJPOTIBSFT BOENJMMJPOTIBSFTJTTVFEBOEPVUTUBOEJOHBTPG+BOVBSZ BOE 'FCSVBSZ SFTQFDUJWFMZ ` f "EEJUJPOBMQBJEJODBQJUBM 3FUBJOFEFBSOJOHT "DDVNVMBUFEPUIFSDPNQSFIFOTJWFMPTT 5PUBMDPNNPOTUPDLIPMEFSTFRVJUZ /PODPOUSPMMJOHJOUFSFTU 5PUBMTUPDLIPMEFSTFRVJUZ 5PUBMMJBCJMJUJFTBOETUPDLIPMEFSTFRVJUZ
4FFBDDPNQBOZJOHOPUFTUPDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ $0/40-*%"5&%45"5&.&/540'&26*5:
"DDVNVMBUFE 4IBSFTPG "EEJUJPOBM PUIFS /PO DPNNPO QBJEJO 3FUBJOFE DPNQSFIFOTJWF $POUSPMMJOH TUPDL DBQJUBM FBSOJOHT JODPNF MPTT *OUFSFTU 5PUBM JONJMMJPOT #BMBODFBU'FCSVBSZ ` /FUJODPNF f f f f *TTVBODFTPGTUPDL f ff 3FDMBTTJGJDBUJPOPG"0$*EVFUPUIF5BY"DU ff ff 0UIFSDPNQSFIFOTJWFJODPNF OFUPGUBY fff f $BTIEJWJEFOETPGQFSTIBSF f f f f 4UPDLCBTFEDPNQFOTBUJPO f fff 3FQVSDIBTFTPGTUPDL f f #BMBODFBU'FCSVBSZ ` ` $VNVMBUJWFJNQBDUGSPNBEPQUJOH"4$ PO'FCSVBSZ ff f f /FUJODPNFBUUSJCVUBCMFUPDPNNPO TUPDLIPMEFST f f f f *TTVBODFTPGTUPDL f ff 0UIFSDPNQSFIFOTJWFMPTT OFUPGUBY f f f f $BTIEJWJEFOETPGQFSTIBSF f f f f 4UPDLCBTFEDPNQFOTBUJPO f ff 3FQVSDIBTFTPGTUPDL f f 4UPDLJTTVFEGPSUIF&OHJMJUZBDRVJTJUJPO f f f "DRVJSFEOPODPOUSPMMJOHJOUFSFTU f f f f $POUSJCVUJPOGSPNOPODPOUSPMMJOHJOUFSFTU fff f #BMBODFBU'FCSVBSZ /FUJODPNF f f f *TTVBODFTPGTUPDL ff f f 0UIFSDPNQSFIFOTJWFMPTT OFUPGUBY f f f f $BTIEJWJEFOETPGQFSTIBSF f f f f 4UPDLCBTFEDPNQFOTBUJPO ff f f 3FQVSDIBTFTPGTUPDL f f f %JTUSJCVUJPOTUPOPODPOUSPMMJOHJOUFSFTU fff f #BMBODFBU+BOVBSZ
4FFBDDPNQBOZJOHOPUFTUPDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ $0/40-*%"5&%45"5&.&/540'$"4)'-084
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT $BTIGMPXTGSPNPQFSBUJOHBDUJWJUJFT /FUJODPNF "EKVTUNFOUTUPSFDPODJMFOFUJODPNFUPOFUDBTIQSPWJEFECZPQFSBUJOH BDUJWJUJFT %FQSFDJBUJPOBOEBNPSUJ[BUJPO %FGFSSFEJODPNFUBYFT 4UPDLCBTFEDPNQFOTBUJPOFYQFOTF *NQBJSNFOUPGSJHIUPGVTFBTTFUT ff -PTTPOFYUJOHVJTINFOUPGEFCU ` f 1SPWJTJPOTGPSJOWFOUPSZBOEEFGFSSFEDPOUSBDUDPTUT ` f *ODSFBTF EFDSFBTF SFTVMUJOHGSPNDIBOHFTJOPQFSBUJOHBTTFUTBOE MJBCJMJUJFT OFUPGUIFFGGFDUPGUIFBDRVJTJUJPO 3FDFJWBCMFT *OWFOUPSZ QSFQBJEFYQFOTFT BOEPUIFSDVSSFOUBTTFUT 0UIFSBTTFUT "DDPVOUTQBZBCMFBOEBDDSVFEMJBCJMJUJFT "DDSVFEQBZSPMMBOEFNQMPZFFCFOFGJUT 0QFSBUJOHMFBTFBTTFUTBOEMJBCJMJUJFT OFU ff 0UIFSMPOHUFSNMJBCJMJUJFT /FUDBTIQSPWJEFECZPQFSBUJOHBDUJWJUJFT $BTIGMPXTGSPNJOWFTUJOHBDUJWJUJFT &YQFOEJUVSFTGPSQSPQFSUZ QMBOU BOEFRVJQNFOU 1VSDIBTFTPGNBSLFUBCMFTFDVSJUJFT ff 4BMFTPGNBSLFUBCMFTFDVSJUJFT ff 0UIFS f $BTIQBJEGPSBDRVJTJUJPO OFUPGDBTIBDRVJSFE ` f /FUDBTIVTFEJOJOWFTUJOHBDUJWJUJFT $BTIGMPXTGSPNGJOBODJOHBDUJWJUJFT %JWJEFOEQBZNFOUTUPTUPDLIPMEFST 1SJODJQBMQBZNFOUTPOCPSSPXJOHT *TTVBODFTPGTUPDL 4UPDLSFQVSDIBTFEBOESFUJSFEPSXJUIIFMEGPSUBYFTPOFRVJUZBXBSET %JTCVSTFNFOUTGPSPCMJHBUJPOTBTTVNFEGSPN4DJUPSBDRVJTJUJPO ` f 1SPDFFETGSPNCPSSPXJOHT %FCUJTTVBODFDPTUT ` f &RVJUZJTTVBODFDPTUT ` f %JTUSJCVUJPOTUP DPOUSJCVUJPOTGSPNOPODPOUSPMMJOHJOUFSFTU f /FUDBTI VTFEJO QSPWJEFECZGJOBODJOHBDUJWJUJFT /FU EFDSFBTF JODSFBTFJODBTI DBTIFRVJWBMFOUTBOESFTUSJDUFEDBTI $BTI DBTIFRVJWBMFOUTBOESFTUSJDUFEDBTIBUCFHJOOJOHPGQFSJPE $BTI DBTIFRVJWBMFOUTBOESFTUSJDUFEDBTIBUFOEPGQFSJPE
4FFBDDPNQBOZJOHOPUFTUPDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ $0/40-*%"5&%45"5&.&/540'$"4)'-084 $0/5*/6&%
4VQQMFNFOUBSZDBTIGMPXEJTDMPTVSF $BTIQBJEGPSJOUFSFTU $BTIQBJEGPSJODPNFUBYFT
/PODBTIJOWFTUJOHBOEGJOBODJOHBDUJWJUJFT %FDSFBTFJOBDDSVFEQMBOTIBSFSFQVSDIBTFT f *ODSFBTF EFDSFBTF JOBDDSVFEQMBOU QSPQFSUZ BOEFRVJQNFOU 'BJSWBMVFPGFRVJUZDPOTJEFSBUJPOQBJEGPSBDRVJTJUJPO ` f
4FFBDDPNQBOZJOHOPUFTUPDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
/PUF`#VTJOFTT0WFSWJFXBOE4VNNBSZPG4JHOJGJDBOU"DDPVOUJOH1PMJDJFT
0WFSWJFX
%FTDSJQUJPOPG#VTJOFTT4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO DPMMFDUJWFMZ XJUIJUTDPOTPMJEBUFE TVCTJEJBSJFT UIFa$PNQBOZb JTBMFBEJOHQSPWJEFSPGUFDIOJDBM FOHJOFFSJOHBOEFOUFSQSJTFJOGPSNBUJPOUFDIOPMPHZ *5 TFSWJDFTQSJNBSJMZUPUIF64HPWFSONFOU5IF$PNQBOZQSPWJEFTFOHJOFFSJOHBOEJOUFHSBUJPOTFSWJDFTGPS MBSHF DPNQMFYQSPKFDUTBOEPGGFSTBCSPBESBOHFPGTFSWJDFTXJUIBUBSHFUFEFNQIBTJTPOIJHIFSFOE EJGGFSFOUJBUFE UFDIOPMPHZTFSWJDFT5IF$PNQBOZJTPSHBOJ[FEBTBNBUSJYDPNQSJTFEPGUISFFDVTUPNFSGBDJOHPQFSBUJOH TFHNFOUTTVQQPSUFECZBTPMVUJPOTBOEUFDIOPMPHZHSPVQ&BDIPGUIF$PNQBOZcTUISFFDVTUPNFSGBDJOHPQFSBUJOH TFHNFOUTJTGPDVTFEPOQSPWJEJOHUIF$PNQBOZcTDPNQSFIFOTJWFUFDIOJDBM FOHJOFFSJOHBOEFOUFSQSJTF*5TFSWJDF PGGFSJOHTUPPOFPSNPSFBHFODJFTPGUIF64GFEFSBMHPWFSONFOU5IF$PNQBOZTPQFSBUJOHTFHNFOUTBSF BHHSFHBUFEJOUPPOFSFQPSUBCMFTFHNFOUGPSGJOBODJBMSFQPSUJOHQVSQPTFT TFF/PUF
"DRVJTJUJPOT0O+BOVBSZ XFDPNQMFUFEUIFBDRVJTJUJPOPG&OHJMJUZ)PMEJOHT *OD DPMMFDUJWFMZXJUIJUT DPOTPMJEBUFETVCTJEJBSJFT &OHJMJUZ XIJDIQSPWJEFTJODSFBTFEDVTUPNFSBOENBSLFUBDDFTT BTXFMMBTJODSFBTFE TDBMFJOTUSBUFHJDCVTJOFTTBSFBTPGOBUJPOBMJOUFSFTU TVDIBTEFGFOTF GFEFSBMDJWJMJBOBHFODJFT JOUFMMJHFODFBOE TQBDF0O.BZ UIF$PNQBOZBDRVJSFEPGQSJWBUFMZIFME4DJUPS)PMEJOHT *OD 4DJUPS BMFBEJOH HMPCBMQSPWJEFSPGUFDIOJDBMTFSWJDFTUPUIF64JOUFMMJHFODFDPNNVOJUZBOEPUIFS64HPWFSONFOUDVTUPNFST
1SJODJQMFTPG$POTPMJEBUJPOBOE#BTJTPG1SFTFOUBUJPO
3FGFSFODFTUPaGJOBODJBMTUBUFNFOUTbSFGFSUPUIFDPOTPMJEBUFEGJOBODJBMTUBUFNFOUTPGUIF$PNQBOZ XIJDIJODMVEF UIFTUBUFNFOUTPGJODPNFBOEDPNQSFIFOTJWFJODPNF CBMBODFTIFFUT TUBUFNFOUTPGFRVJUZBOETUBUFNFOUTPGDBTI GMPXT5IFTFGJOBODJBMTUBUFNFOUTXFSFQSFQBSFEJOBDDPSEBODFXJUI64HFOFSBMMZBDDFQUFEBDDPVOUJOHQSJODJQMFT (""1 "MMJOUFSDPNQBOZUSBOTBDUJPOTBOEBDDPVOUCBMBODFTXJUIJOUIF$PNQBOZIBWFCFFOFMJNJOBUFE
/PODPOUSPMMJOH*OUFSFTU5IF$PNQBOZIPMETBNBKPSJUZJOUFSFTUJO'PSGFJUVSF4VQQPSU"TTPDJBUFT+7 '4" 5IFSFTVMUTPGPQFSBUJPOTPG'4"BSFJODMVEFEJOUIF$PNQBOZTDPOTPMJEBUFETUBUFNFOUTPGJODPNFBOE DPNQSFIFOTJWFJODPNF5IFOPODPOUSPMMJOHJOUFSFTUSFQPSUFEPOUIFDPOTPMJEBUFECBMBODFTIFFUTSFQSFTFOUTUIF QPSUJPOPG'4"cTFRVJUZUIBUJTBUUSJCVUBCMFUPUIFOPODPOUSPMMJOHJOUFSFTU
6TFPG&TUJNBUFT
5IFQSFQBSBUJPOPGUIFGJOBODJBMTUBUFNFOUTJODPOGPSNJUZXJUI(""1SFRVJSFTNBOBHFNFOUUPNBLFFTUJNBUFTBOE BTTVNQUJPOTUIBUBGGFDUUIFSFQPSUFEBNPVOUTPGBTTFUTBOEMJBCJMJUJFTBOEUIFEJTDMPTVSFPGDPOUJOHFODJFTBUUIFEBUF PGUIFGJOBODJBMTUBUFNFOUT BTXFMMBTUIFSFQPSUFEBNPVOUTPGSFWFOVFTBOEFYQFOTFTEVSJOHUIFSFQPSUJOHQFSJPET 4JHOJGJDBOUFTUJNBUFTJOIFSFOUJOUIFQSFQBSBUJPOPGUIFGJOBODJBMTUBUFNFOUTNBZJODMVEF CVUBSFOPUMJNJUFEUP FTUJNBUFEQSPGJUBCJMJUZPGMPOHUFSNDPOUSBDUT JODPNFUBYFT GBJSWBMVFNFBTVSFNFOUT GBJSWBMVFPGHPPEXJMMBOE PUIFSJOUBOHJCMFBTTFUT QFOTJPOBOEEFGJOFECFOFGJUQMBOPCMJHBUJPOT BOEDPOUJOHFODJFT&TUJNBUFTIBWFCFFO QSFQBSFECZNBOBHFNFOUPOUIFCBTJTPGUIFNPTUDVSSFOUBOECFTUBWBJMBCMFJOGPSNBUJPOBUUIFUJNFPGFTUJNBUJPO BOEBDUVBMSFTVMUTDPVMEEJGGFSGSPNUIPTFFTUJNBUFT
3FQPSUJOH1FSJPET
5IF$PNQBOZVUJMJ[FTBXFFLGJTDBMZFBSFOEJOHPOUIF'SJEBZDMPTFTUUP+BOVBSZ XJUIGJTDBMRVBSUFST UZQJDBMMZDPOTJTUJOHPGXFFLT'JTDBMCFHBOPO'FCSVBSZ BOEFOEFEPO'FCSVBSZ GJTDBM CFHBOPO'FCSVBSZ BOEFOEFEPO'FCSVBSZ BOEGJTDBMCFHBOPO'FCSVBSZ BOE FOEFEPO+BOVBSZ
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
4UPDLCBTFE$PNQFOTBUJPO
5IF$PNQBOZJTTVFTTUPDLCBTFEBXBSETBTDPNQFOTBUJPOUPFNQMPZFFTBOEEJSFDUPST4UPDLCBTFEBXBSET JODMVEFTUPDLPQUJPOT WFTUJOHTUPDLBXBSETBOEQFSGPSNBODFTIBSFBXBSET5IFTFBXBSETBSFBDDPVOUFEGPSBT FRVJUZBXBSET5IF$PNQBOZSFDPHOJ[FTTUPDLCBTFEDPNQFOTBUJPOFYQFOTFOFUPGFTUJNBUFEGPSGFJUVSFTPOB TUSBJHIUMJOFCBTJTPWFSUIFVOEFSMZJOHBXBSEcTSFRVJTJUFTFSWJDFQFSJPE BTNFBTVSFEVTJOHUIFBXBSEcTHSBOUEBUF GBJSWBMVF'PSQFSGPSNBODFTIBSFBXBSET UIF$PNQBOZSFBTTFTTFTUIFQSPCBCJMJUZPGBDIJFWJOHUIFQFSGPSNBODF DPOEJUJPOTBUFBDISFQPSUJOHQFSJPEFOEBOEBEKVTUTDPNQFOTBUJPOFYQFOTFCBTFEPOUIFOVNCFSPGTIBSFTUIF $PNQBOZFYQFDUTUPVMUJNBUFMZJTTVF
*ODPNF5BYFT
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cTUBYQPTJUJPOTBOEEFWFMPQJOHUIFCFTUFTUJNBUFPGUIF UBYFTVMUJNBUFMZFYQFDUFEUPCFQBJE5BYQFOBMUJFTBOEJOUFSFTUBSFJODMVEFEJOJODPNFUBYFYQFOTF
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
5IF$PNQBOZIBTBMTPSFDPHOJ[FEMJBCJMJUJFTGPSVODFSUBJOUZJOJODPNFUBYFTXIFOJUJTNPSFMJLFMZUIBOOPUUIBUBUBY QPTJUJPOXJMMOPUCFTVTUBJOFEPOFYBNJOBUJPOBOETFUUMFNFOUXJUIWBSJPVTUBYJOHBVUIPSJUJFT-JBCJMJUJFTGPS VODFSUBJOUZJOJODPNFUBYFTBSFNFBTVSFECBTFEPOUIFMBSHFTUBNPVOUPGCFOFGJUUIBUJTHSFBUFSUIBOMJLFMZPG CFJOHSFBMJ[FEVQPOVMUJNBUFTFUUMFNFOU%FGFSSFEUBYBTTFUTBOEMJBCJMJUJFTBSFOFUUFECZUBYBCMFKVSJTEJDUJPOBOE DMBTTJGJFEBTOPODVSSFOUPOUIFDPOTPMJEBUFECBMBODFTIFFUT
5IF5BY$VUTBOE+PCT"DU UIFa5BY"DUb XBTFOBDUFEPO%FDFNCFS XIJDIBNFOEFEUIF*OUFSOBM 3FWFOVF$PEFUPSFEVDFUBYSBUFTBOENPEJGZQPMJDJFTGPSJODPNF EFEVDUJPOTBOEDSFEJUTGPSCVTJOFTTFT5IF5BY "DUSFEVDFEUIFDPSQPSBUFGFEFSBMUBYSBUFGSPNBNBYJNVNPGUPBGMBUSBUF FGGFDUJWF+BOVBSZ 5IFSBUFDIBOHFXBTFGGFDUJWFGPSPOFNPOUIPGPVSGJTDBMZFBS SFRVJSJOHUIF$PNQBOZUPVTFBCMFOEFESBUF GPSUIFGJTDBMBOOVBMQFSJPE"TBSFTVMU UIF$PNQBOZTCMFOEFEGFEFSBMTUBUVUPSZUBYSBUFGPSGJTDBMZFBS XBT5IF$PNQBOZIBTBTUBUVUPSZSBUFPGGPSGJTDBMZFBSBOEBMMGVUVSFQFSJPET
$PTUT"MMPDBUFEUP$POUSBDUT
5IF$PNQBOZDMBTTJGJFTJOEJSFDUDPTUTBTPWFSIFBE JODMVEFEJODPTUPGSFWFOVFT PSHFOFSBMBOEBENJOJTUSBUJWF FYQFOTFTJOUIFTBNFNBOOFSBTTVDIDPTUTBSFEFGJOFEJOUIF$PNQBOZcT%JTDMPTVSF4UBUFNFOUTVOEFS64 HPWFSONFOU$PTU"DDPVOUJOH4UBOEBSET $"4
$BTI $BTI&RVJWBMFOUTBOE3FTUSJDUFE$BTI
$BTIBOEDBTIFRVJWBMFOUTBSFDPNQSJTFEPGDBTIJOCBOLTBOEIJHIMZMJRVJEJOTUSVNFOUT XIJDIQSJNBSJMZDPOTJTUPG CBOLEFQPTJUTBOEJOWFTUNFOUTJOJOTUJUVUJPOBMNPOFZNBSLFUGVOET5IF$PNQBOZJODMVEFTPVUTUBOEJOHQBZNFOUT XJUIJODBTIBOEDBTIFRVJWBMFOUTBOEBDDPVOUTQBZBCMFPOUIFDPOTPMJEBUFECBMBODFTIFFUTBOEBTPG+BOVBSZ
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
BOE'FCSVBSZ UIFTFBNPVOUTXFSFNJMMJPOBOENJMMJPO SFTQFDUJWFMZ5IF$PNQBOZEPFTOPU JOWFTUJOIJHIZJFMEPSIJHISJTLTFDVSJUJFT5IFDBTIJOCBOLBDDPVOUTBUUJNFTNBZFYDFFEGFEFSBMMZJOTVSFEMJNJUT
3FTUSJDUFEDBTIDPOTJTUTPGDBTIPOEFQPTJUJOSBCCJUSVTUTUIBUBSFDPOUSBDUVBMMZSFTUSJDUFEGSPNVTFJOPQFSBUJPOT CVUBSFTVCKFDUUPGVUVSFDMBJNTPGDSFEJUPST3FTUSJDUFEDBTIXJMMCFVTFEUPGVOEGVUVSFQBZNFOUPCMJHBUJPOTSFMBUFE UPEFGFSSFEDPNQFOTBUJPOQMBOTBOEPVSWPMVOUBSZEJTBCJMJUZJOTVSBODFQMBOJO$BMJGPSOJB5IFGPMMPXJOHUBCMF QSPWJEFTBSFDPODJMJBUJPOPGDBTI DBTIFRVJWBMFOUTBOESFTUSJDUFEDBTIUPBNPVOUTSFQPSUFEXJUIJOUIFDPOTPMJEBUFE CBMBODFTIFFUTGPSUIFQFSJPETQSFTFOUFE
+BOVBSZ 'FCSVBSZ JONJMMJPOT $BTIBOEDBTIFRVJWBMFOUT 3FTUSJDUFEDBTIJODMVEFEJOPUIFSDVSSFOUBTTFUT f 3FTUSJDUFEDBTIJODMVEFEJOPUIFSBTTFUT $BTI DBTIFRVJWBMFOUTBOESFTUSJDUFEDBTI
3FDFJWBCMFT
3FDFJWBCMFTJODMVEFCJMMFEBOECJMMBCMFSFDFJWBCMFT BOEVOCJMMFESFDFJWBCMFT5IF$PNQBOZcTSFDFJWBCMFTBSF QSJNBSJMZEVFGSPNUIF64HPWFSONFOU PSGSPNQSJNFDPOUSBDUPSTPOXIJDIXFBSFTVCDPOUSBDUPSTBOEUIFFOE DVTUPNFSJTUIF64HPWFSONFOU BOEBSFHFOFSBMMZDPOTJEFSFEDPMMFDUBCMFGSPNUIFQFSTQFDUJWFPGUIFDVTUPNFScT BCJMJUZUPQBZ5IF$PNQBOZEPFTOPUIBWFBNBUFSJBMDSFEJUSJTLFYQPTVSF
6OCJMMFESFDFJWBCMFT TVCTUBOUJBMMZBMMPGXIJDIBSFFYQFDUFEUPCFCJMMFEBOEDPMMFDUFEXJUIJOPOFZFBS BSFTUBUFEBU UIFJSFTUJNBUFESFBMJ[BCMFWBMVFBOEDPOTJTUPGDPTUTBOEGFFTCJMMBCMFPODPOUSBDUDPNQMFUJPOPSUIFPDDVSSFODFPGB TQFDJGJFEFWFOU PUIFSUIBOUIFQBTTBHFPGUJNF-FHBMUJUMFUPUIFSFMBUFEBDDVNVMBUFEDPTUTPGDPOUSBDUTJOQSPHSFTT HFOFSBMMZWFTUTXJUIUIF64HPWFSONFOUPOUIF$PNQBOZc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
*OWFOUPSZ
*OWFOUPSZJTTVCTUBOUJBMMZDPNQSJTFEPGGJOJTIFEHPPETJOWFOUPSZQVSDIBTFEGPSSFTBMFUPDVTUPNFST TVDIBTUJSFT BOEMVCSJDBOUT BOEJTWBMVFEBUUIFMPXFSPGDPTUPSOFUSFBMJ[BCMFWBMVF HFOFSBMMZVTJOHUIFBWFSBHFNFUIPE5IF $PNQBOZFWBMVBUFTDVSSFOUJOWFOUPSZBHBJOTUIJTUPSJDBMBOEQMBOOFEVTBHFUPFTUJNBUFUIFBQQSPQSJBUFQSPWJTJPOGPS PCTPMFUFJOWFOUPSZ
5IF$PNQBOZSFDPHOJ[FEBNJMMJPOQSPWJTJPOGPSJOWFOUPSZXJUIJODPTUPGSFWFOVFTEVSJOHGJTDBMSFMBUFEUP GJSNQVSDIBTFDPNNJUNFOUTPOBGJSNGJYFEQSJDFQSPHSBN
#VTJOFTT$PNCJOBUJPOT
5IF$PNQBOZSFDPSETBMMUBOHJCMFBOEJOUBOHJCMFBTTFUTBDRVJSFEBOEMJBCJMJUJFTBTTVNFEJOBCVTJOFTTDPNCJOBUJPO BUGBJSWBMVFBTPGUIFBDRVJTJUJPOEBUF XIJDIJTEFUFSNJOFEVTJOHBDPTU NBSLFUPSJODPNFBQQSPBDI5IFFYDFTT BNPVOUPGUIFBHHSFHBUFEQVSDIBTFDPOTJEFSBUJPOQBJEPWFSUIFGBJSWBMVFPGUIFOFUPGBTTFUTBDRVJSFEBOE MJBCJMJUJFTBTTVNFEJTSFDPSEFEBTHPPEXJMM"DRVJTJUJPOEBUFGBJSWBMVFSFQSFTFOUTUIFQSJDFUIBUXPVMECFSFDFJWFEUP
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
TFMMBOBTTFUPSQBJEUPUSBOTGFSBMJBCJMJUZJOBOPSEFSMZUSBOTBDUJPOCFUXFFONBSLFUQBSUJDJQBOUTBTNFBTVSFEPOUIF BDRVJTJUJPOEBUF
5IFWBMVBUJPOTBSFCBTFEPOJOGPSNBUJPOUIBUFYJTUFEBTPGUIFBDRVJTJUJPOEBUF%VSJOHUIFNFBTVSFNFOUQFSJPEUIBU TIBMMOPUFYDFFEPOFZFBSGSPNUIFBDRVJTJUJPOEBUF UIF$PNQBOZNBZBEKVTUQSPWJTJPOBMBNPVOUTSFDPSEFEGPS BTTFUTBDRVJSFEBOEMJBCJMJUJFTBTTVNFEUPSFGMFDUOFXJOGPSNBUJPOUIBUUIF$PNQBOZIBTTVCTFRVFOUMZPCUBJOFE SFHBSEJOHGBDUTBOEDJSDVNTUBODFTUIBUFYJTUFEBTPGUIFBDRVJTJUJPOEBUF
"DRVJTJUJPOBOE*OUFHSBUJPO$PTUT
"DRVJTJUJPOSFMBUFEDPTUTUIBUBSFOPUQBSUPGUIFQVSDIBTFQSJDFDPOTJEFSBUJPOBSFHFOFSBMMZFYQFOTFEBTJODVSSFE FYDFQUGPSDFSUBJODPTUTUIBUBSFEFGFSSFEJODPOOFDUJPOXJUIUIFJTTVBODFPGEFCU5IFTFDPTUTUZQJDBMMZJODMVEF USBOTBDUJPOSFMBUFEDPTUT TVDIBTGJOEFScTGFFT BOEMFHBM BDDPVOUJOHBOEPUIFSQSPGFTTJPOBMDPTUT*OUFHSBUJPO SFMBUFEDPTUTUZQJDBMMZJODMVEFTUSBUFHJDDPOTVMUJOHTFSWJDFT FNQMPZFFSFMBUFEDPTUT TVDIBTTFWFSBODF BDDFMFSBUFE WFTUJOHPGBTTVNFETUPDLBXBSET BOEPUIFSOPOSFDVSSJOHJOUFHSBUJPOSFMBUFEDPTUT"DRVJTJUJPOBOEJOUFHSBUJPO DPTUTBSFQSFTFOUFEUPHFUIFSBTBDRVJTJUJPOBOEJOUFHSBUJPODPTUTPOUIFDPOTPMJEBUFETUBUFNFOUTPGJODPNF
(PPEXJMMBOE*OUBOHJCMF"TTFUT
(PPEXJMMJTSFDPSEFEBTUIFEJGGFSFODF JGBOZ CFUXFFOUIFBHHSFHBUFDPOTJEFSBUJPOQBJEGPSBOBDRVJTJUJPOBOEUIF GBJSWBMVFPGUIFOFUUBOHJCMFBOEJOUBOHJCMFBTTFUTBDRVJSFEBOEMJBCJMJUJFTBTTVNFE(PPEXJMMBOEJOEFGJOJUFMJWFE JOUBOHJCMFBTTFUTBSFOPUBNPSUJ[FE CVUSBUIFSBSFUFTUFEGPSQPUFOUJBMJNQBJSNFOUBOOVBMMZBUUIFCFHJOOJOHPGUIF GPVSUIRVBSUFS PSXIFOFWFSFWFOUTPSDIBOHFTJODJSDVNTUBODFTJOEJDBUFUIBUUIFDBSSZJOHWBMVFNBZOPUCF SFDPWFSBCMF5IFSFXFSFOPJNQBJSNFOUTEVSJOHUIFQFSJPETQSFTFOUFE
5IFHPPEXJMMJNQBJSNFOUUFTUJTQFSGPSNFEBUUIFSFQPSUJOHVOJUMFWFM5IF$PNQBOZFTUJNBUFTBOEDPNQBSFTUIFGBJS WBMVFPGFBDISFQPSUJOHVOJUUPJUTSFTQFDUJWFDBSSZJOHWBMVFJODMVEJOHHPPEXJMM5IFGBJSWBMVFPGUIF$PNQBOZcT SFQPSUJOHVOJUTBSFEFUFSNJOFEVTJOHFJUIFSBNBSLFUBQQSPBDI JODPNFBQQSPBDI PSBDPNCJOBUJPOPGCPUI XIJDI JOWPMWFTUIFVTFPGFTUJNBUFTBOEBTTVNQUJPOT JODMVEJOHQSPKFDUFEGVUVSFPQFSBUJOHSFTVMUTBOEDBTIGMPXT UIFDPTU PGDBQJUBM BOEGJOBODJBMNFBTVSFTEFSJWFEGSPNPCTFSWBCMFNBSLFUEBUBPGDPNQBSBCMFQVCMJDDPNQBOJFT*GUIFGBJS WBMVFJTMFTTUIBOUIFDBSSZJOHWBMVF UIFBNPVOUPGJNQBJSNFOUFYQFOTFJTFRVBMUPUIFEJGGFSFODFCFUXFFOUIF SFQPSUJOHVOJUcTGBJSWBMVFBOEUIFSFQPSUJOHVOJUcTDBSSZJOHWBMVF
*OUBOHJCMFBTTFUTXJUIGJOJUFMJWFTBSFBNPSUJ[FEVTJOHUIFNFUIPEUIBUCFTUSFGMFDUTIPXUIFJSFDPOPNJDCFOFGJUTBSF VUJMJ[FEPS JGBQBUUFSOPGFDPOPNJDCFOFGJUTDBOOPUCFSFMJBCMZEFUFSNJOFE POBTUSBJHIUMJOFCBTJTPWFSUIFJS FTUJNBUFEVTFGVMMJWFT*OUBOHJCMFBTTFUTXJUIGJOJUFMJWFTBSFBTTFTTFEGPSJNQBJSNFOUXIFOFWFSFWFOUTPSDIBOHFT JODJSDVNTUBODFTJOEJDBUFUIBUUIFDBSSZJOHWBMVFNBZOPUCFSFDPWFSBCMF
*NQBJSNFOUPG-POHMJWFE"TTFUT
5IF$PNQBOZFWBMVBUFTJUTMPOHMJWFEBTTFUTGPSQPUFOUJBMJNQBJSNFOUXIFOFWFSUIFSFJTFWJEFODFUIBUFWFOUTPS DIBOHFTJODJSDVNTUBODFTJOEJDBUFUIBUUIFDBSSZJOHWBMVFNBZOPUCFSFDPWFSBCMFBOEUIFDBSSZJOHBNPVOUPGUIF BTTFUFYDFFETJUTFTUJNBUFEGVUVSFVOEJTDPVOUFEDBTIGMPXT8IFOUIFDBSSZJOHBNPVOUPGUIFBTTFUFYDFFETJUT FTUJNBUFEGVUVSFVOEJTDPVOUFEDBTIGMPXT BOJNQBJSNFOUMPTTJTSFDPHOJ[FEUPSFEVDFUIFBTTFUcTDBSSZJOHBNPVOU UPJUTFTUJNBUFEGBJSWBMVFCBTFEPOUIFQSFTFOUWBMVFPGJUTFTUJNBUFEGVUVSFDBTIGMPXT
$PNNJUNFOUTBOE$POUJOHFODJFT
"DDSVBMTGPSDPNNJUNFOUTBOEMPTTDPOUJOHFODJFTBSFSFDPSEFEXIFOJUJTCPUIQSPCBCMFUIBUUIFZXJMMPDDVSBOEUIF BNPVOUTDBOCFSFBTPOBCMZFTUJNBUFE*OBEEJUJPO MFHBMGFFTBSFBDDSVFEGPSDBTFTXIFSFBMPTTJTQSPCBCMFBOE UIFSFMBUFEGFFTDBOCFSFBTPOBCMZFTUJNBUFE4JHOJGJDBOUKVEHNFOUJTSFRVJSFEUPEFUFSNJOFCPUIQSPCBCJMJUZBOEUIF FTUJNBUFEBNPVOUPGMPTT5IF$PNQBOZSFWJFXTUIFTFBDDSVBMTRVBSUFSMZBOEBEKVTUTUIFBDDSVBMTUPSFGMFDUUIF JNQBDUPGOFHPUJBUJPOT TFUUMFNFOUT SVMJOHT BEWJDFPGMFHBMDPVOTFMBOEPUIFSVQEBUFEJOGPSNBUJPO
1FOTJPOBOE%FGJOFE#FOFGJU1MBOT
5IF$PNQBOZNFBTVSFTQMBOBTTFUTBOECFOFGJUPCMJHBUJPOTBTPGUIFNPOUIFOEUIBUJTDMPTFTUUPJUTGJTDBMZFBS FOE"DDPVOUJOHBOESFQPSUJOHGPSUIF$PNQBOZTQFOTJPOBOEEFGJOFECFOFGJUQMBOTSFRVJSFTUIFVTFPG
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
BTTVNQUJPOT JODMVEJOHCVUOPUMJNJUFEUP BEJTDPVOUSBUFBOEBOFYQFDUFESFUVSOPOBTTFUT5IFTFBTTVNQUJPOTBSF SFWJFXFEBUMFBTUBOOVBMMZCBTFEPOSFWJFXTPGDVSSFOUQMBOJOGPSNBUJPOBOEDPOTVMUBUJPOXJUIUIF$PNQBOZT JOEFQFOEFOUBDUVBSZBOEUIFQMBOTc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
'BJS7BMVF.FBTVSFNFOUT
5IF$PNQBOZVUJMJ[FTGBJSWBMVFNFBTVSFNFOUHVJEBODFQSFTDSJCFECZ(""1UPWBMVFJUTGJOBODJBMJOTUSVNFOUT5IF BDDPVOUJOHTUBOEBSEGPSGBJSWBMVFNFBTVSFNFOUTFTUBCMJTIFTBUISFFUJFSWBMVFIJFSBSDIZ XIJDIQSJPSJUJ[FTUIF JOQVUTVTFEJONFBTVSJOHGBJSWBMVFBTGPMMPXTPCTFSWBCMFJOQVUTTVDIBTRVPUFEQSJDFTJOBDUJWFNBSLFUT -FWFM JOQVUTPUIFSUIBOUIFRVPUFEQSJDFTJOBDUJWFNBSLFUTUIBUBSFPCTFSWBCMFFJUIFSEJSFDUMZPSJOEJSFDUMZ -FWFM BOE VOPCTFSWBCMFJOQVUTJOXIJDIUIFSFJTMJUUMFPSOPNBSLFUEBUB XIJDISFRVJSFTUIF$PNQBOZUPEFWFMPQJUTPXO BTTVNQUJPOT -FWFM
5IFDBSSZJOHBNPVOUTPGDBTIBOEDBTIFRVJWBMFOUT SFDFJWBCMFT BDDPVOUTQBZBCMFBOEPUIFSBNPVOUTJODMVEFEJO PUIFSDVSSFOUBTTFUTBOEDVSSFOUMJBCJMJUJFTUIBUNFFUUIFEFGJOJUJPOPGBGJOBODJBMJOTUSVNFOUBQQSPYJNBUFGBJSWBMVF CFDBVTFPGUIFTIPSUUFSNOBUVSFPGUIFTFBNPVOUT5IFDBSSZJOHWBMVFPGUIF$PNQBOZcTPVUTUBOEJOHEFCU PCMJHBUJPOTBQQSPYJNBUFTJUTGBJSWBMVF5IFGBJSWBMVFPGMPOHUFSNEFCUJTDBMDVMBUFEVTJOH-FWFMJOQVUT CBTFEPO JOUFSFTUSBUFTBWBJMBCMFGPSEFCUXJUIUFSNTBOENBUVSJUJFTTJNJMBSUPUIF$PNQBOZcTFYJTUJOHEFCUBSSBOHFNFOUT
/POGJOBODJBMJOTUSVNFOUTXFSFNFBTVSFEBUGBJSWBMVFJODPOOFDUJPOXJUIUIFBDRVJTJUJPOPG&OHJMJUZ TFF/PUF5IF GBJSWBMVFTPGUIFBTTFUTBDRVJSFEBOEMJBCJMJUJFTBTTVNFEXFSFQSFMJNJOBSJMZEFUFSNJOFEVTJOHJODPNF NBSLFUBOE DPTUWBMVBUJPONFUIPEPMPHJFT5IFGBJSWBMVFNFBTVSFNFOUTXFSFFTUJNBUFEVTJOHTJHOJGJDBOUJOQVUTUIBUBSFOPU PCTFSWBCMFJOUIFNBSLFUBOEUIVTSFQSFTFOUB-FWFMNFBTVSFNFOU
%FSJWBUJWF*OTUSVNFOUT%FTJHOBUFEBT$BTI'MPX)FEHFT
%FSJWBUJWFJOTUSVNFOUTBSFSFDPSEFEPOUIFDPOTPMJEBUFECBMBODFTIFFUTBUGBJSWBMVF6OSFBMJ[FEHBJOTBOEMPTTFT POEFSJWBUJWFTEFTJHOBUFEBTDBTIGMPXIFEHFTBSFSFQPSUFEJOPUIFSDPNQSFIFOTJWFJODPNF MPTT BOESFDMBTTJGJFE UPFBSOJOHTJOBNBOOFSUIBUNBUDIFTUIFUJNJOHPGUIFFBSOJOHTJNQBDUPGUIFIFEHFEUSBOTBDUJPOT5IFJOFGGFDUJWF QPSUJPOPGBMMIFEHFT JGBOZ JTSFDPHOJ[FEJNNFEJBUFMZJOFBSOJOHT
5IF$PNQBOZcTGJYFEJOUFSFTUSBUFTXBQTBSFDPOTJEFSFEPWFSUIFDPVOUFSEFSJWBUJWFT BOEGBJSWBMVFJTDBMDVMBUFE VTJOHBTUBOEBSEQSJDJOHNPEFMGPSJOUFSFTUSBUFTXBQTXJUIDPOUSBDUVBMUFSNTGPSNBUVSJUJFT BNPSUJ[BUJPOBOE JOUFSFTUSBUFT-FWFM PSNBSLFUPCTFSWBCMFJOQVUT TVDIBTZJFMEBOEDSFEJUDVSWFT BSFVTFEXJUIJOUIFTUBOEBSE QSJDJOHNPEFMTJOPSEFSUPEFUFSNJOFGBJSWBMVF5IFGBJSWBMVFJTBOFTUJNBUFPGUIFBNPVOUUIBUUIF$PNQBOZXPVME QBZPSSFDFJWFBTPGBNFBTVSFNFOUEBUFJGUIFBHSFFNFOUTXFSFUSBOTGFSSFEUPBUIJSEQBSUZPSDBODFMFE4FF/PUF GPSGVSUIFSEJTDVTTJPOPOUIF$PNQBOZcTEFSJWBUJWFJOTUSVNFOUTEFTJHOBUFEBTDBTIGMPXIFEHFT
0QFSBUJOH$ZDMF
5IF$PNQBOZcTPQFSBUJOHDZDMFNBZCFHSFBUFSUIBOPOFZFBSBOEJTNFBTVSFECZUIFBWFSBHFUJNFJOUFSWFOJOH CFUXFFOUIFJODFQUJPOBOEUIFDPNQMFUJPOPGDPOUSBDUT
3FTFBSDIBOE%FWFMPQNFOU
5IF$PNQBOZDPOEVDUTSFTFBSDIBOEEFWFMPQNFOUBDUJWJUJFTVOEFSDVTUPNFSGVOEFEDPOUSBDUTBOEXJUIDPNQBOZ GVOEFEJOEFQFOEFOUSFTFBSDIBOEEFWFMPQNFOU *3% GVOET*3%FGGPSUTDPOTJTUPGQSPKFDUTJOWPMWJOHCBTJD SFTFBSDI BQQMJFESFTFBSDI EFWFMPQNFOU BOETZTUFNTBOEPUIFSDPODFQUGPSNVMBUJPOTUVEJFT$PNQBOZGVOEFE
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
*3%FYQFOTFJTJODMVEFEJOTFMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFTBOEXBTNJMMJPO NJMMJPOBOE NJMMJPOJOGJTDBM BOE SFTQFDUJWFMZ$VTUPNFSGVOEFESFTFBSDIBOEEFWFMPQNFOUBDUJWJUJFTQFSGPSNFE VOEFSDVTUPNFSDPOUSBDUTBSFDIBSHFEEJSFDUMZUPDPTUPGSFWFOVFTGPSUIPTFQBSUJDVMBSDPOUSBDUT
"DDPVOUJOH4UBOEBSET6QEBUFT
*O"VHVTU UIF'"4#JTTVFE"46/P $VTUPNFS`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cTDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
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
"46CFDBNFFGGFDUJWFGPSUIF$PNQBOZJOUIFGJSTURVBSUFSPGGJTDBM5IF$PNQBOZBEPQUFEUIF TUBOEBSEVTJOHUIFPQUJPOBMUSBOTJUJPONFUIPE"DDPSEJOHMZ UIFQSJPSQFSJPETXFSFOPUSFDBTU BOEBMMQSJPSQFSJPE BNPVOUTEJTDMPTFEBSFQSFTFOUFEVOEFS"4$5IF$PNQBOZFMFDUFEDFSUBJOQSBDUJDBMFYQFEJFOUTQSPWJEFE VOEFSUIFTUBOEBSE JODMVEJOHUIFQBDLBHFPGQSBDUJDBMFYQFEJFOUT XIJDIBMMPXTFOUJUJFTOPUUPSFBTTFTTXIFUIFS FYJTUJOHDPOUSBDUTBSFPSDPOUBJOMFBTFT5IFSFGPSF BUBEPQUJPO FYJTUJOHMFBTFTIBWFCFFOJEFOUJGJFEVTJOHUIF DSJUFSJBPG"4$
"TBSFTVMUPGUIFBEPQUJPOPGUIFOFXTUBOEBSE PO'FCSVBSZ UIF$PNQBOZSFDPHOJ[FEBQQSPYJNBUFMZ NJMMJPOPGSJHIUPGVTFPQFSBUJOHBTTFUTBOENJMMJPOPGPQFSBUJOHMFBTFMJBCJMJUJFT PGXIJDINJMMJPOXBT OPODVSSFOU5IFBEPQUJPOEJEOPUIBWFBNBUFSJBMJNQBDUPOSFUBJOFEFBSOJOHT UIFDPOTPMJEBUFETUBUFNFOUTPG JODPNF PSUIFDPOTPMJEBUFETUBUFNFOUTPGDBTIGMPXT
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
*O"VHVTU UIF'"4#JTTVFE"46/P %FSJWBUJWFTBOE)FEHJOH 5PQJD 5BSHFUFE*NQSPWFNFOUT UP"DDPVOUJOHGPS)FEHF"DUJWJUJFT XIJDITJNQMJGJFTUIFBQQMJDBUJPOPGIFEHFBDDPVOUJOHBOEFMJNJOBUFTUIF SFRVJSFNFOUUPTFQBSBUFMZNFBTVSFBOESFQPSUIFEHFJOFGGFDUJWFOFTT5IF$PNQBOZFBSMZBEPQUFEUIFQSPWJTJPOTPG
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
UIFTUBOEBSEJOUIFGJSTURVBSUFSPGGJTDBM"EPQUJPOEJEOPUIBWFBNBUFSJBMJNQBDUPOUIF$PNQBOZTGJOBODJBM TUBUFNFOUT
*O'FCSVBSZ UIF'"4#JTTVFE"46/P 3FDMBTTJGJDBUJPOPG$FSUBJO5BY&GGFDUTGSPN"DDVNVMBUFE 0UIFS$PNQSFIFOTJWF*ODPNF 5PQJD XIJDIBMMPXTBSFDMBTTJGJDBUJPOGSPNBDDVNVMBUFEPUIFSDPNQSFIFOTJWF JODPNF "0$* UPSFUBJOFEFBSOJOHTGPSUIFEFGFSSFEUBYFTQSFWJPVTMZSFDPSEFEJO"0$*UIBUFYDFFEUIFDVSSFOU GFEFSBMUBYSBUFPGSFTVMUJOHGSPNUIFOFXMZFOBDUFEDPSQPSBUFUBYSBUFSFTVMUJOHGSPNUIF5BY"DU5IF$PNQBOZ FBSMZBEPQUFEUIFQSPWJTJPOTPGUIFTUBOEBSEJOUIFGPVSUIRVBSUFSPGGJTDBMBOESFDMBTTJGJFEEFGFSSFEUBYFT SFDPSEFEJO"0$*JOFYDFTTPGUIFOFXMZFOBDUFEDPSQPSBUFUBYSBUFUPSFUBJOFEFBSOJOHT XIJDIBGGFDUTPOMZUIF QFSJPEUIBUUIFFGGFDUTSFMBUFEUPUIF5BY"DUBSFSFDPHOJ[FE5IFFGGFDUPGBEPQUJOHUIF"46SFTVMUFEJOBEFDSFBTF UPSFUBJOFEFBSOJOHTBOEDPSSFTQPOEJOHJODSFBTFUP"0$*PGNJMMJPO BU'FCSVBSZ
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c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
*O+VOF UIF'"4#JTTVFE"46 'JOBODJBM*OTUSVNFOUT$SFEJU-PTTFT 5PQJD .FBTVSFNFOUPG $SFEJU-PTTFTPO'JOBODJBM*OTUSVNFOUT XIJDISFRVJSFTFOUJUJFTUPVTFBGPSXBSEMPPLJOHNPEFMUPFTUJNBUFDSFEJU MPTTFTPWFSUIFDPOUSBDUVBMUFSNPGGJOBODJBMBTTFUT JODMVEJOHTIPSUUFSNUSBEFSFDFJWBCMFTBOEDPOUSBDUBTTFUT5IF $PNQBOZXJMMBEPQU"46JOUIFGJSTURVBSUFSPGGJTDBMVTJOHUIFNPEJGJFESFUSPTQFDUJWFBQQSPBDI5IF BEPQUJPOJTOPUFYQFDUFEUPIBWFBNBUFSJBMJNQBDUPOUIF$PNQBOZcTGJOBODJBMTUBUFNFOUT
0UIFS"DDPVOUJOH4UBOEBSET6QEBUFTFGGFDUJWFBGUFS+BOVBSZ BSFOPUFYQFDUFEUPIBWFBNBUFSJBMFGGFDUPO UIF$PNQBOZcTGJOBODJBMTUBUFNFOUT
/PUF`&BSOJOHT1FS4IBSF 4IBSF3FQVSDIBTFTBOE%JWJEFOET
&BSOJOHTQFS4IBSF &14
#BTJD&14JTDPNQVUFECZEJWJEJOHOFUJODPNFCZUIFCBTJDXFJHIUFEBWFSBHFOVNCFSPGTIBSFTPVUTUBOEJOH %JMVUFE&14JTDPNQVUFETJNJMBSMZUPCBTJD&14 FYDFQUUIFXFJHIUFEBWFSBHFOVNCFSPGTIBSFTPVUTUBOEJOHJT JODSFBTFEUPJODMVEFUIFEJMVUJWFFGGFDUPGPVUTUBOEJOHTUPDLPQUJPOTBOEPUIFSTUPDLCBTFEBXBSET
"SFDPODJMJBUJPOPGUIFXFJHIUFEBWFSBHFOVNCFSPGTIBSFTPVUTUBOEJOHVTFEUPDPNQVUFCBTJDBOEEJMVUFE&14 XBT
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT #BTJDXFJHIUFEBWFSBHFOVNCFSPGTIBSFTPVUTUBOEJOH %JMVUJWFDPNNPOTIBSFFRVJWBMFOUTTUPDLPQUJPOTBOEPUIFSTUPDL CBTFEBXBSET %JMVUFEXFJHIUFEBWFSBHFOVNCFSPGTIBSFTPVUTUBOEJOH
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
5IFGPMMPXJOHTUPDLCBTFEBXBSETXFSFFYDMVEFEGSPNUIFXFJHIUFEBWFSBHFOVNCFSPGTIBSFTPVUTUBOEJOHVTFEUP DPNQVUFEJMVUFE&14
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT "OUJEJMVUJWFTUPDLPQUJPOTFYDMVEFE
4IBSF3FQVSDIBTFT
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
%JWJEFOET
5IF$PNQBOZEFDMBSFEBOEQBJERVBSUFSMZEJWJEFOETFWFSZRVBSUFSGPSUIFZFBSTQSFTFOUFE JODSFBTJOHGSPNUP QFSTIBSFJOUIFGJSTURVBSUFSPGGJTDBM5PUBMEJWJEFOETEFDMBSFEBOEQBJEXFSFQFSTIBSFEVSJOH GJTDBMBOEQFSTIBSFEVSJOHGJTDBMBOEGJTDBM
0O.BSDI UIF$PNQBOZcT#PBSEPG%JSFDUPSTEFDMBSFEBDBTIEJWJEFOEPGQFSTIBSFPGUIF $PNQBOZcTDPNNPOTUPDLQBZBCMFPO"QSJM UPTUPDLIPMEFSTPGSFDPSEPO"QSJM
/PUF`3FWFOVFT
3FWFOVF3FDPHOJUJPO
5IF$PNQBOZQSPWJEFTUFDIOJDBM FOHJOFFSJOHBOEFOUFSQSJTF*5TFSWJDFTVOEFSMPOHUFSNTFSWJDFBSSBOHFNFOUT QSJNBSJMZXJUIUIF64HPWFSONFOUJODMVEJOHTVCDPOUSBDUTXJUIPUIFSDPOUSBDUPSTFOHBHFEJOXPSLGPSUIF64 HPWFSONFOU5IF$PNQBOZBMTPTFSWFTBOVNCFSPGTUBUFBOEMPDBMHPWFSONFOUT GPSFJHOHPWFSONFOUTBOE64 DPNNFSDJBMDVTUPNFST
5IF$PNQBOZQSPWJEFTTFSWJDFTVOEFSWBSJPVTDPOUSBDUUZQFT JODMVEJOHGJSNGJYFEQSJDF ''1 UJNFBOENBUFSJBMT 5. DPTUQMVTGJYFEGFF DPTUQMVTBXBSEGFFBOEDPTUQMVTJODFOUJWFGFFDPOUSBDUT0VSTFSWJDFBSSBOHFNFOUT UZQJDBMMZJOWPMWFBOBOOVBMCBTFQFSJPEPGQFSGPSNBODFGPMMPXFECZSFOFXBMQFSJPETUIBUBSFBDDPVOUFEGPSBT TFQBSBUFDPOUSBDUTVQPOFBDIFYFSDJTF
5IF$PNQBOZSFDPHOJ[FTSFWFOVFXIFO PSBT XFTBUJTGZPVSQFSGPSNBODFPCMJHBUJPOTVOEFSBDPOUSBDU" QFSGPSNBODFPCMJHBUJPOJTUIFVOJUPGBDDPVOUGPSSFWFOVFSFDPHOJUJPOBOESFGFSTUPBQSPNJTFJOBDPOUSBDUUPUSBOTGFS BEJTUJODUTFSWJDFPSHPPEUPUIFDVTUPNFS5IFNBKPSJUZPGUIF$PNQBOZcTDPOUSBDUTDPOUBJOBTJOHMFQFSGPSNBODF PCMJHBUJPOJOWPMWJOHBTJHOJGJDBOUJOUFHSBUJPOPGWBSJPVTBDUJWJUJFTUIBUBSFQFSGPSNFEUPHFUIFSUPEFMJWFSBDPNCJOFE TFSWJDFPSTPMVUJPO1FSGPSNBODFPCMJHBUJPOTNBZCFTBUJTGJFEPWFSUJNFPSBUBQPJOUJOUJNF CVUUIFNBKPSJUZPGUIF $PNQBOZcTQFSGPSNBODFPCMJHBUJPOTBSFTBUJTGJFEPWFSUJNF5IF$PNQBOZTFMFDUTUIFBQQSPQSJBUFNFBTVSFPG QSPHSFTTGPSSFWFOVFSFDPHOJUJPOCBTFEPOUIFOBUVSFPGUIFQFSGPSNBODFPCMJHBUJPO DPOUSBDUUZQFBOEPUIFS QFSUJOFOUDPOUSBDUUFSNT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
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cTQFSGPSNBODF DSFBUFTPSFOIBODFTBOBTTFUUIBUJTDPOUSPMMFECZUIFDVTUPNFS PSXIFOUIF$PNQBOZcTQFSGPSNBODFDSFBUFTBO BTTFUUIBUJTDVTUPNJ[FEUPUIFDVTUPNFScTTQFDJGJDBUJPOTBOEUIF$PNQBOZIBTBSJHIUUPQBZNFOU JODMVEJOHQSPGJU GPSXPSLQFSGPSNFEUPEBUF
'PSSFDVSSJOHTFSWJDFTQFSGPSNBODFPCMJHBUJPOT UIF$PNQBOZNFBTVSFTQSPHSFTTVTJOHFJUIFSBDPTUJOQVUNFBTVSF DPTUUPDPTU BUJNFFMBQTFEPVUQVUNFBTVSF PSUIFBTJOWPJDFEQSBDUJDBMFYQFEJFOU"DPTUJOQVUNFBTVSFUZQJDBMMZ JTBQQMJFEUPUIF$PNQBOZc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cTUJNFBOENBUFSJBMBOEGJYFEQSJDFMFWFMPG FGGPSUDPOUSBDUTHFOFSBMMZRVBMJGZGPSUIFBTJOWPJDFEQSBDUJDBMFYQFEJFOU3FWFOVFJTSFDPHOJ[FEJOUIFBNPVOUUP XIJDIUIF$PNQBOZIBTBDPOUSBDUVBMSJHIUUPJOWPJDF$POUSBDUNPEJGJDBUJPOTUZQJDBMMZDSFBUFOFXFOGPSDFBCMFSJHIUT BOEPCMJHBUJPOT XIJDIBSFBDDPVOUFEGPSQSPTQFDUJWFMZ$IBOHFTUPPVSFTUJNBUFTPGUIFUSBOTBDUJPOQSJDFBSF SFDPHOJ[FEBTBDVNVMBUJWFBEKVTUNFOUUPSFWFOVF
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
'PSQFSGPSNBODFPCMJHBUJPOTJOXIJDIUIF$PNQBOZEPFTOPUUSBOTGFSDPOUSPMPWFSUJNF XFSFDPHOJ[FSFWFOVFBUUIF QPJOUJOUJNFXIFOUIFDVTUPNFSPCUBJOTDPOUSPMPGUIFSFMBUFEBTTFU VTVBMMZBUUIFUJNFPGTIJQNFOUPSVQPO EFMJWFSZ5IF$PNQBOZBDDSVFTGPSTIJQQJOHBOEIBOEMJOHDPTUTPDDVSSJOHBGUFSUIFQPJOUJOUJNFDPOUSPMUSBOTGFSTUP UIFDVTUPNFS
3FDPHOJ[JOHSFWFOVFPOMPOHUFSNDPOUSBDUTJOWPMWFTTJHOJGJDBOUFTUJNBUFTBOEKVEHNFOUT5IFUSBOTBDUJPOQSJDFJT UIFFTUJNBUFEBNPVOUPGDPOTJEFSBUJPOXFFYQFDUUPSFDFJWFGPSQFSGPSNBODFVOEFSPVSDPOUSBDUT$POUSBDUUFSNT NBZJODMVEFWBSJBCMFDPOTJEFSBUJPO TVDIBTSFJNCVSTBCMFDPTUT BXBSEBOEJODFOUJWFGFFT VTBHFCBTFEGFFT TFSWJDFMFWFMQFOBMUJFT QFSGPSNBODFCPOVTFT PSPUIFSQSPWJTJPOTUIBUDBOFJUIFSJODSFBTFPSEFDSFBTFUIF USBOTBDUJPOQSJDF7BSJBCMFBNPVOUTHFOFSBMMZBSFEFUFSNJOFEVQPOPVSBDIJFWFNFOUPGDFSUBJOQFSGPSNBODFNFUSJDT QSPHSBNNJMFTUPOFTPSDPTUUBSHFUTBOENBZCFCBTFEVQPODVTUPNFSEJTDSFUJPO8IFONBLJOHPVSFTUJNBUFT UIF $PNQBOZDPOTJEFSTUIFDVTUPNFS DPOUSBDUUFSNT UIFDPNQMFYJUZPGUIFXPSLBOESFMBUFESJTLT UIFFYUFOUPG DVTUPNFSEJTDSFUJPO IJTUPSJDBMFYQFSJFODFBOEUIFQPUFOUJBMPGBTJHOJGJDBOUSFWFSTBMPGSFWFOVF5IF$PNQBOZ JODMVEFTWBSJBCMFDPOTJEFSBUJPOJOUIFUSBOTBDUJPOQSJDFPOMZUPUIFFYUFOUJUJTQSPCBCMFUIBUBTJHOJGJDBOUSFWFSTBMPG DVNVMBUJWFSFWFOVFSFDPHOJ[FEXJMMOPUPDDVSXIFOUIFVODFSUBJOUZBTTPDJBUFEXJUIUIFWBSJBCMFDPOTJEFSBUJPOJT SFTPMWFE
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
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
$POUSBDUGVMGJMMNFOUDPTUTBSFFYQFOTFEBTJODVSSFEFYDFQUGPSDFSUBJODPTUTJODVSSFEGPSUSBOTJUJPO TFUVQPSPUIFS GVMGJMMNFOUBDUJWJUJFT XIJDIBSFDBQJUBMJ[FEBOEBNPSUJ[FEPOBTUSBJHIUMJOFCBTJTPWFSUIFFYQFDUFEQFSJPEPGCFOFGJU XIJDIHFOFSBMMZJODMVEFTUIFCBTFDPOUSBDUQFSJPEPGQFSGPSNBODFBOEBOUJDJQBUFESFOFXBMQFSJPET5IF$PNQBOZ QSPWJEFTGPSBOUJDJQBUFEMPTTFTPODPOUSBDUTXJUIUIF64HPWFSONFOUCZSFDPSEJOHBOFYQFOTFGPSUIFUPUBM FYQFDUFEMPTTEVSJOHUIFQFSJPEJOXIJDIUIFMPTTFTBSFGJSTUEFUFSNJOFE
'PSDPOUSBDUTXJUINVMUJQMFQFSGPSNBODFPCMJHBUJPOT UIF$PNQBOZBMMPDBUFTUSBOTBDUJPOQSJDFUPFBDIQFSGPSNBODF PCMJHBUJPOCBTFEPOUIFSFMBUJWFTUBOEBMPOFTFMMJOHQSJDFPGFBDIEJTUJODUQFSGPSNBODFPCMJHBUJPOXJUIJOUIFDPOUSBDU #FDBVTFUIF$PNQBOZUZQJDBMMZQSPWJEFTDVTUPNJ[FETFSWJDFTBOETPMVUJPOTUIBUBSFTQFDJGJDUPBTJOHMFDVTUPNFScT SFRVJSFNFOUT TUBOEBMPOFTFMMJOHQSJDFJTNPTUPGUFOFTUJNBUFECBTFEPOFYQFDUFEDPTUTQMVTBSFBTPOBCMFQSPGJU NBSHJO
$IBOHFTJO&TUJNBUFTPO$POUSBDUT
$IBOHFTJOFTUJNBUFTPGSFWFOVFT DPTUPGSFWFOVFTPSQSPGJUTSFMBUFEUPQFSGPSNBODFPCMJHBUJPOTTBUJTGJFEPWFSUJNF BSFSFDPHOJ[FEJOPQFSBUJOHJODPNFJOUIFQFSJPEJOXIJDITVDIDIBOHFTBSFNBEFGPSUIFJODFQUJPOUPEBUFFGGFDUPG UIFDIBOHFT$IBOHFTJOUIFTFFTUJNBUFTDBOSPVUJOFMZPDDVSPWFSUIFQFSGPSNBODFQFSJPEGPSBWBSJFUZPGSFBTPOT XIJDIJODMVEFDIBOHFTJOTDPQF DIBOHFTJODPTUFTUJNBUFTEVFUPVOBOUJDJQBUFEDPTUHSPXUIPSSFBTTFTTNFOUTPG SJTLTJNQBDUJOHDPTUT DIBOHFTJOUIFFTUJNBUFEUSBOTBDUJPOQSJDF TVDIBTWBSJBCMFBNPVOUTGPSJODFOUJWFPSBXBSE GFFT BOEQFSGPSNBODFCFJOHCFUUFSPSXPSTFUIBOQSFWJPVTMZFTUJNBUFE*ODBTFTXIFOUPUBMFYQFDUFEDPTUTFYDFFE UPUBMFTUJNBUFESFWFOVFTGPSBQFSGPSNBODFPCMJHBUJPO UIF$PNQBOZSFDPHOJ[FTUIFUPUBMFTUJNBUFEMPTTJOUIF RVBSUFSJEFOUJGJFE5PUBMFTUJNBUFEMPTTFTBSFJODMVTJWFPGBOZVOFYFSDJTFEPQUJPOTUIBUBSFQSPCBCMFPGBXBSE POMZJG UIFZJODSFBTFUIFBNPVOUPGUIFMPTT
"HHSFHBUFDIBOHFTJOUIFTFFTUJNBUFTSFDPHOJ[FEJOPQFSBUJOHJODPNFXFSF
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT FYDFQUQFSTIBSFBNPVOUT 'BWPSBCMFBEKVTUNFOUT 6OGBWPSBCMFBEKVTUNFOUT /FUGBWPSBCMF VOGBWPSBCMF BEKVTUNFOUT *ODPNFUBYFGGFDU /FUGBWPSBCMF VOGBWPSBCMF BEKVTUNFOUT BGUFSUBY #BTJD&14JNQBDU %JMVUFE&14JNQBDU
3FWFOVFTXFSFNJMMJPOIJHIFSGPSUIFUXFMWFNPOUITFOEFE+BOVBSZ EVFUPOFUSFWFOVFSFDPHOJ[FE GSPNQFSGPSNBODFPCMJHBUJPOTTBUJTGJFEJOQSJPSQFSJPET
%JTBHHSFHBUJPOPG3FWFOVFT
5IF$PNQBOZTSFWFOVFTBSFHFOFSBUFEQSJNBSJMZGSPNMPOHUFSNDPOUSBDUTXJUIUIF64HPWFSONFOUJODMVEJOH TVCDPOUSBDUTXJUIPUIFSDPOUSBDUPSTFOHBHFEJOXPSLGPSUIF64HPWFSONFOU5IF$PNQBOZEJTBHHSFHBUFT SFWFOVFTCZDVTUPNFS DPOUSBDUUZQFBOEQSJNFWTTVCDPOUSBDUPSUPUIFGFEFSBMHPWFSONFOU
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
%JTBHHSFHBUFESFWFOVFTCZDVTUPNFSXBTBTGPMMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ JONJMMJPOT %FQBSUNFOUPG%FGFOTF 0UIFSGFEFSBMHPWFSONFOUBHFODJFT $PNNFSDJBM TUBUFBOEMPDBM 5PUBM
%JTBHHSFHBUFESFWFOVFTCZDPOUSBDUUZQFXBTBTGPMMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ JONJMMJPOT $PTUSFJNCVSTFNFOU 5JNFBOENBUFSJBMT 5. 'JSNGJYFEQSJDF ''1 5PUBM
%JTBHHSFHBUFESFWFOVFTCZQSJNFWTTVCDPOUSBDUPSXBTBTGPMMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ JONJMMJPOT 1SJNFDPOUSBDUPSUPGFEFSBMHPWFSONFOU 4VCDPOUSBDUPSUPGFEFSBMHPWFSONFOU 0UIFS 5PUBM
$POUSBDU#BMBODFT
5JNJOHPGSFWFOVFSFDPHOJUJPONBZEJGGFSGSPNUIFUJNJOHPGCJMMJOHBOEDBTISFDFJQUTGSPNDVTUPNFST"NPVOUTBSF JOWPJDFEBTXPSLQSPHSFTTFT UZQJDBMMZCJXFFLMZPSNPOUIMZJOBSSFBST PSVQPOBDIJFWFNFOUPGDPOUSBDUVBM NJMFTUPOFT8FSFDPSEBDPOUSBDUBTTFUXIFOSFWFOVFJTSFDPHOJ[FEQSJPSUPJOWPJDJOH PSBDPOUSBDUMJBCJMJUZXIFO DBTIJTSFDFJWFEJOBEWBODFPGSFDPHOJ[JOHSFWFOVF"DPOUSBDUBTTFUJTBSJHIUUPDPOTJEFSBUJPOUIBUJTDPOEJUJPOBM VQPOGBDUPSTPUIFSUIBOUIFQBTTBHFPGUJNF$POUSBDUBTTFUTJODMVEFVOCJMMBCMFSFDFJWBCMFTBOEDPOUSBDUSFUFOUJPOT CVUFYDMVEFCJMMFEBOECJMMBCMFSFDFJWBCMFT#JMMFEBOECJMMBCMFSFDFJWBCMFTBSFSJHIUTUPDPOTJEFSBUJPOXIJDIBSF VODPOEJUJPOBMPUIFSUIBOUPUIFQBTTBHFPGUJNF$POUSBDUMJBCJMJUJFTJODMVEFDVTUPNFSBEWBODFT CJMMJOHTJOFYDFTTPG SFWFOVFTBOEEFGFSSFESFWFOVF$POUSBDUBTTFUTBOEMJBCJMJUJFTBSFSFDPSEFEOFUPOBDPOUSBDUCZDPOUSBDUCBTJTBOE BSFHFOFSBMMZDMBTTJGJFEBTDVSSFOUCBTFEPOPVSDPOUSBDUPQFSBUJOHDZDMF%FGFSSFESFWFOVFBUUSJCVUBCMFUPMPOHUFSN DPOUSBDUNBUFSJBMSFOFXBMPQUJPOTNBZCFDMBTTJGJFEBTOPODVSSFOUXIFOUIFPQUJPOSFOFXBMQFSJPEXJMMOPUPDDVS XJUIJOPOFZFBSPGUIFCBMBODFTIFFUEBUF
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
$POUSBDUCBMBODFTGPSUIFQFSJPETQSFTFOUFEXFSFBTGPMMPXT
+BOVBSZ 'FCSVBSZ #BMBODF4IFFUMJOFJUFN JONJMMJPOT #JMMFEBOECJMMBCMFSFDFJWBCMFT OFU 3FDFJWBCMFT OFU $POUSBDUBTTFUTVOCJMMBCMFSFDFJWBCMFT 3FDFJWBCMFT OFU $POUSBDUBTTFUTDPOUSBDUSFUFOUJPOT 0UIFSBTTFUT $POUSBDUMJBCJMJUJFTDVSSFOU 0UIFSBDDSVFEMJBCJMJUJFT $POUSBDUMJBCJMJUJFTOPODVSSFOU 0UIFSMPOHUFSNMJBCJMJUJFT /FUPGBMMPXBODFGPSEPVCUGVMBDDPVOUTPGNJMMJPOBOENJMMJPOBTPG+BOVBSZ BOE'FCSVBSZ SFTQFDUJWFMZ
5IFDIBOHFTJOUIF$PNQBOZTDPOUSBDUBTTFUTBOEDPOUSBDUMJBCJMJUJFTEVSJOHUIFDVSSFOUQFSJPEQSJNBSJMZSFTVMUT GSPNUJNJOHEJGGFSFODFTCFUXFFOUIF$PNQBOZTQFSGPSNBODF JOWPJDJOHBOEDVTUPNFSQBZNFOUT%VSJOHUIFUXFMWF NPOUITFOEFE+BOVBSZ BOE'FCSVBSZ UIF$PNQBOZSFDPHOJ[FESFWFOVFTPGNJMMJPOBOE NJMMJPOSFMBUJOHUPBNPVOUTUIBUXFSFJODMVEFEJOUIFPQFOJOHCBMBODFPGDPOUSBDUMJBCJMJUJFTBTPG'FCSVBSZ BOE'FCSVBSZ SFTQFDUJWFMZ
%FGFSSFE$PTUT
$FSUBJOFMJHJCMFDPTUT UZQJDBMMZJODVSSFEEVSJOHUIFJOJUJBMQIBTFTPGPVSTFSWJDFDPOUSBDUT BSFDBQJUBMJ[FEXIFOUIF DPTUTSFMBUFEJSFDUMZUPUIFDPOUSBDU BSFFYQFDUFEUPCFSFDPWFSFE BOEHFOFSBUFPSFOIBODFSFTPVSDFTUPCFVTFEJO TBUJTGZJOHUIFQFSGPSNBODFPCMJHBUJPO5IFTFDPTUTQSJNBSJMZDPOTJTUPGUSBOTJUJPOBOETFUVQDPTUT$BQJUBMJ[FE GVMGJMMNFOUDPTUTBSFBNPSUJ[FEPOBTUSBJHIUMJOFCBTJTPWFSUIFFYQFDUFEQFSJPEPGCFOFGJU XIJDIHFOFSBMMZJODMVEFT UIFDPOUSBDUCBTFQFSJPEBOEBOUJDJQBUFESFOFXBMT
5IF$PNQBOZEFGFSTGVMGJMMNFOUDPTUTJODVSSFEUPUSBOTGFSTFSWJDFUPBDVTUPNFSQSJPSUPUIFFTUBCMJTINFOUPGB DPOUSBDUQSPWJEFESFDPWFSZJTQSPCBCMF5IFTFQSFDPOUSBDUDPTUTBSFUZQJDBMMZFYQFOTFEVQPODPOUSBDUBXBSEVOMFTT UIFZBSFFMJHJCMFGPSDBQJUBMJ[BUJPO
5IF$PNQBOZQFSGPSNTQFSJPEJDSFWJFXTUPBTTFTTUIFSFDPWFSBCJMJUZPGEFGFSSFEDPOUSBDUUSBOTJUJPOBOETFUVQDPTUT 5IFDBSSZJOHBNPVOUPGUIFBTTFUJTDPNQBSFEUPUIFSFNBJOJOHBNPVOUPGDPOTJEFSBUJPOUIF$PNQBOZFYQFDUTUP SFDFJWFGPSUIFTFSWJDFTUPXIJDIUIFBTTFUSFMBUFT MFTTUIFDPTUTUIBUSFMBUFEJSFDUMZUPQSPWJEJOHUIPTFTFSWJDFTUIBU IBWFOPUZFUCFFOSFDPHOJ[FE*GUIFDBSSZJOHBNPVOUJTOPUSFDPWFSBCMF BOJNQBJSNFOUMPTTJTSFDPHOJ[FE
%FGFSSFEDPTUTGPSUIFQFSJPETQSFTFOUFEXFSFBTGPMMPXT
+BOVBSZ 'FCSVBSZ #BMBODF4IFFUMJOFJUFN JONJMMJPOT 1SFDPOUSBDUDPTUT 0UIFSDVSSFOUBTTFUT 'VMGJMMNFOUDPTUTOPODVSSFOU 0UIFSBTTFUT
1SFDPOUSBDUDPTUTPGNJMMJPOXFSFFYQFOTFEEVSJOHUIFUXFMWFNPOUITFOEFE+BOVBSZ BOENJMMJPO XFSFFYQFOTFEEVSJOHUIFUXFMWFNPOUITFOEFE'FCSVBSZ XIJDIJODMVEFENJMMJPOGPSBDPOUSBDUUIBU XBTOPUBXBSEFE'VMGJMMNFOUDPTUTPGNJMMJPOBOENJMMJPOXFSFBNPSUJ[FEEVSJOHUIFUXFMWFNPOUITFOEFE +BOVBSZ BOE'FCSVBSZ SFTQFDUJWFMZ
3FNBJOJOH1FSGPSNBODF0CMJHBUJPOT
"TPG+BOVBSZ UIF$PNQBOZIBECJMMJPOPGSFNBJOJOHQFSGPSNBODFPCMJHBUJPOT3FNBJOJOH QFSGPSNBODFPCMJHBUJPOTFYDMVEFBOZWBSJBCMFDPOTJEFSBUJPOUIBUJTBMMPDBUFEFOUJSFMZUPVOTBUJTGJFEQFSGPSNBODF PCMJHBUJPOTPOPVSTVQQMZDIBJODPOUSBDUT5IF$PNQBOZFYQFDUTUPSFDPHOJ[FSFWFOVFPOBQQSPYJNBUFMZPGUIF SFNBJOJOHQFSGPSNBODFPCMJHBUJPOTPWFSUIFOFYUNPOUITBOEBQQSPYJNBUFMZPWFSUIFOFYUNPOUIT XJUI UIFSFNBJOJOHSFDPHOJ[FEUIFSFBGUFS
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
/PUF`"DRVJTJUJPOT
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
5IFBDRVJTJUJPOXBTGVOEFEUISPVHIBDPNCJOBUJPOPG4"*$DPNNPOTUPDLBOEBEEJUJPOBMCPSSPXJOHT"UUIF FGGFDUJWFUJNFPGUIFBDRVJTJUJPO FBDIPVUTUBOEJOHTIBSFPG&OHJMJUZDPNNPOTUPDLXBTBVUPNBUJDBMMZDBODFMFEBOE DPOWFSUFEJOUPUIFSJHIUUPSFDFJWFTIBSFTPGUIF4"*$DPNNPOTUPDL5IF$PNQBOZBNFOEFEJUTFYJTUJOH DSFEJUBHSFFNFOUUPQSPWJEFGPSBOFXGJWFZFBSTFOJPSTFDVSFECJMMJPOUFSNMPBOGBDJMJUZ BTEJTDVTTFEJO/PUF 4"*$CPSSPXFEUIFFOUJSFBNPVOUPGUIFUFSNMPBOGBDJMJUZ UIFQSPDFFETPGXIJDIXFSFJNNFEJBUFMZVTFEUP SFQBZ&OHJMJUZcTFYJTUJOHDSFEJUGBDJMJUZBOEPVUTUBOEJOHOPUFTBOEUPQBZGFFTBOEFYQFOTFTBTTPDJBUFEXJUIUIF BDRVJTJUJPO XJUIUIFCBMBODFSFUBJOFECZ4"*$UPCFVTFEGPSHFOFSBMDPSQPSBUFQVSQPTFT
5IFQVSDIBTFDPOTJEFSBUJPOGPSUIFBDRVJTJUJPOPG&OHJMJUZXBTBTGPMMPXT
JONJMMJPOT $PNNPOTUPDLJTTVFEUP&OHJMJUZTIBSFIPMEFST $POWFSUFEWFTUJOHTUPDLBXBSETBTTVNFE $BTIDPOTJEFSBUJPOQBJEUPFYUJOHVJTI&OHJMJUZPVUTUBOEJOHEFCU 1VSDIBTFQSJDF
3FQSFTFOUTBQQSPYJNBUFMZNJMMJPOOFXTIBSFTPG4"*$DPNNPOTUPDLJTTVFEUP&OHJMJUZTIBSFIPMEFSTQSJPSUPUIF NBSLFUPQFOJOHPO+BOVBSZ VTJOHUIF4"*$TIBSFQSJDFPGBUUIFDMPTFPGCVTJOFTTPO+BOVBSZ
3FQSFTFOUTUIFGBJSWBMVFPGUIFDPOWFSUFEWFTUJOHTUPDLBXBSETBTTVNFEBUUSJCVUBCMFUPQSFBDRVJTJUJPOTFSWJDF4FF/PUF
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
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cTIJTUPSJDBMHPWFSONFOUDPNQMJBODFBDDPVOUJOHQSBDUJDFT NJMMJPOJODSFBTFUPDVTUPNFSSFMBUJPOTIJQJOUBOHJCMFBTTFUT NJMMJPOEFDSFBTFUPJOWFOUPSJFT OFU NJMMJPO EFDSFBTFUPSFDFJWBCMFT OFU BOE NJMMJPOJODSFBTFUPEFGFSSFEUBYBTTFUT5IFSFTVMUJOHJNQBDUUPUIF$PNQBOZcT DPOTPMJEBUFETUBUFNFOUTPGJODPNFBOEPGDPNQSFIFOTJWFJODPNFXFSFOPUNBUFSJBM5IF$PNQBOZIBTDPNQMFUFE UIFQVSDIBTFBDDPVOUJOHWBMVBUJPOGPSUIJTUSBOTBDUJPOBOESFDPSEFEGJOBMQVSDIBTFBDDPVOUJOHFOUSJFTBTGPMMPXT
JONJMMJPOT $BTIBOEDBTIFRVJWBMFOUT 3FDFJWBCMFT *OWFOUPSJFT 1SFQBJEFYQFOTFT 0UIFSDVSSFOUBTTFUT 1SPQFSUZ QMBOU BOEFRVJQNFOU %FGFSSFEUBYBTTFUT 0UIFSBTTFUT *OUBOHJCMFBTTFUT (PPEXJMM 5PUBMBTTFUTBDRVJSFE "DDPVOUTQBZBCMF "DDSVFEQBZSPMMBOEPUIFSFNQMPZFFCFOFGJUT "DDSVFEWBDBUJPO 0UIFSBDDSVFEMJBCJMJUJFT 0UIFSMPOHUFSNMJBCJMJUJFT 5PUBMMJBCJMJUJFTBTTVNFE /PODPOUSPMMJOHJOUFSFTU /FUBTTFUTBDRVJSFE "NPVOUPGUBYEFEVDUJCMFHPPEXJMM
(PPEXJMMSFQSFTFOUTJOUFMMFDUVBMDBQJUBMBOEBOBDRVJSFEBTTFNCMFEXPSLGPSDF5IF$PNQBOZJOIFSJUFE&OHJMJUZcT IJTUPSJDBMUBYCBTJTJOEFEVDUJCMFHPPEXJMM DFSUBJOPUIFSJOUBOHJCMFBTTFUT BOEOFUPQFSBUJOHMPTTDBSSZGPSXBSET
5IFGPMMPXJOHUBCMFTVNNBSJ[FTUIFGBJSWBMVFPGJOUBOHJCMFBTTFUTBOEUIFSFMBUFEXFJHIUFEBWFSBHFVTFGVMMJWFT
"NPVOU 8FJHIUFE"WFSBHF"NPSUJ[BUJPO1FSJPE JONJMMJPOT JOZFBST #BDLMPH %FWFMPQFEUFDIOPMPHZ $VTUPNFSSFMBUJPOTIJQT 5PUBMJOUBOHJCMFBTTFUT
5IFCBDLMPHJOUBOHJCMFBTTFUJTDPNQSJTFETPMFMZPGGVOEFECBDLMPHBTPGUIFBDRVJTJUJPOEBUF5IFDVTUPNFS SFMBUJPOTIJQTJOUBOHJCMFBTTFUDPOTJTUTPGVOGVOEFECBDLMPHBTPGUIFBDRVJTJUJPOEBUFBOEFTUJNBUFEGVUVSF SFOFXBMT5IFCBDLMPHBOEDVTUPNFSSFMBUJPOTIJQTJOUBOHJCMFBTTFUTXFSFWBMVFEVTJOHUIFFYDFTTFBSOJOHTNFUIPE JODPNFBQQSPBDI JOXIJDIUIFWBMVFJTEFSJWFEGSPNBOFTUJNBUJPOPGUIFBGUFSUBYDBTIGMPXTTQFDJGJDBMMZ
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
BUUSJCVUBCMFUPCBDLMPHBOEDVTUPNFSSFMBUJPOTIJQT5IFBOBMZTJTJODMVEFEBTTVNQUJPOTGPSQSPKFDUJPOTPGSFWFOVFT BOEFYQFOTFT DPOUSJCVUPSZBTTFUDIBSHFT EJTDPVOUSBUFT BOEBUBYBNPSUJ[BUJPOCFOFGJU
5IFEFWFMPQFEUFDIOPMPHZBTTFUXBTWBMVFEVTJOHUIFSFMJFGGSPNSPZBMUZNFUIPE JODPNFBQQSPBDI JOXIJDIUIF WBMVFJTEFSJWFECZFTUJNBUJPOPGUIFBGUFSUBYSPZBMUZTBWJOHTBUUSJCVUBCMFUPPXOJOHUIFBTTFUT"TTVNQUJPOTJOUIJT BOBMZTJTJODMVEFEQSPKFDUJPOTPGSFWFOVFT SPZBMUZSBUFTSFQSFTFOUJOHDPTUTBWPJEFEEVFUPPXOFSTIJQPGUIFBTTFUT EJTDPVOUSBUFT BUBYBNPSUJ[BUJPOCFOFGJU BOEGVUVSFPCTPMFTDFODFPGUIFUFDIOPMPHZ
%VSJOHGJTDBM UIF$PNQBOZJODVSSFENJMMJPOJOBDRVJTJUJPOSFMBUFEDPTUTBTTPDJBUFEXJUIUIFBDRVJTJUJPOPG &OHJMJUZ JODMVEJOHNJMMJPOPGEFCUJTTVFDPTUT TFF/PUF BOENJMMJPOJOTUPDLJTTVFDPTUT
5IFBNPVOUTSFDPHOJ[FEJOBDRVJTJUJPOBOEJOUFHSBUJPODPTUTPOUIFDPOTPMJEBUFETUBUFNFOUTPGJODPNFBSFBT GPMMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT "DRVJTJUJPO f *OUFHSBUJPO f 5PUBMBDRVJTJUJPOBOEJOUFHSBUJPODPTUT f "DRVJTJUJPOFYQFOTFTSFDPHOJ[FEBSFSFMBUFEUPUIFBDRVJTJUJPOPG6OJTZT'FEFSBM TFF/PUF BOEJOUFHSBUJPOFYQFOTFT SFDPHOJ[FEBSFSFMBUFEUPUIFJOUFHSBUJPOPG&OHJMJUZ *ODMVEFTNJMMJPOBOENJMMJPOPGSFTUSVDUVSJOHDPTUTGPSUIFZFBSFOEFE+BOVBSZ BOE'FCSVBSZ SFTQFDUJWFMZ BOENJMMJPOPGJNQBJSNFOUMPTTGPSSJHIUPGVTFMFBTFBTTFUTGPSGJTDBM4FF/PUFGPSBEEJUJPOBM JOGPSNBUJPOSFMBUFEUPSFTUSVDUVSJOHDPTUTBOEJNQBJSNFOUT
5IFBNPVOUPG&OHJMJUZTSFWFOVFJODMVEFEJOUIFDPOTPMJEBUFETUBUFNFOUTPGJODPNFGPSGJTDBMXBTNJMMJPO BOEUIFBNPVOUPGOFUMPTTJODMVEFEJOUIFDPOTPMJEBUFETUBUFNFOUTPGJODPNFGPSGJTDBMXBTNJMMJPO XIJDI JODMVEFTNJMMJPOPGJOUFHSBUJPOSFMBUFEDPTUT
5IFGPMMPXJOHVOBVEJUFEQSPGPSNBGJOBODJBMJOGPSNBUJPOQSFTFOUTUIFDPNCJOFESFTVMUTPGPQFSBUJPOTGPS&OHJMJUZBOE UIF$PNQBOZGPSUIFZFBSFOEFE'FCSVBSZ BOE'FCSVBSZ SFTQFDUJWFMZ
:FBS&OEFE 'FCSVBSZ 'FCSVBSZ JONJMMJPOT 3FWFOVFT /FUJODPNFBUUSJCVUBCMFUPDPNNPOTUPDLIPMEFST
5IFVOBVEJUFEQSPGPSNB DPNCJOFEGJOBODJBMJOGPSNBUJPOQSFTFOUFEBCPWFIBTCFFOQSFQBSFEGSPNIJTUPSJDBM GJOBODJBMTUBUFNFOUTUIBUIBWFCFFOBEKVTUFEUPHJWFFGGFDUUPUIFBDRVJTJUJPOPG&OHJMJUZBTUIPVHIJUIBEPDDVSSFEPO 'FCSVBSZ 5IFZJODMVEFBEKVTUNFOUTGPSJOUBOHJCMFBTTFUBNPSUJ[BUJPO JOUFSFTUFYQFOTFBOEEFCUJTTVBODF DPTUTPOMPOHUFSNEFCU BDRVJTJUJPO JOUFHSBUJPO BOEPUIFSUSBOTBDUJPODPTUT BOEUIFFMJNJOBUJPOPGJOUFSDPNQBOZ SFWFOVFBOEDPTUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
/PUF`3FTUSVDUVSJOHBOE*NQBJSNFOU
3FTUSVDUVSJOHBOEJNQBJSNFOUDPTUTSFDPHOJ[FEXFSFBTGPMMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT 4FWFSBODFBOEPUIFSFNQMPZFFDPTUT 'BDJMJUJFTDPTUT ` f 0UIFSBTTPDJBUFEDPTUT ff 5PUBMSFTUSVDUVSJOHDPTUT *NQBJSNFOUPGSJHIUPGVTFMFBTFBTTFUT ff 5PUBMSFTUSVDUVSJOHDPTUTBOEJNQBJSNFOU
3FTUSVDUVSJOH
*OGJTDBM UIF$PNQBOZJOJUJBUFESFTUSVDUVSJOHBDUJWJUJFTUPSFBMJ[FDPTUTZOFSHJFTGSPNUIFJOUFHSBUJPOPG&OHJMJUZ XIJDIJODMVEFTFNQMPZFFUFSNJOBUJPODPTUTBOEPUIFSDPTUTBTTPDJBUFEXJUIUIFPQUJNJ[BUJPOBOEDPOTPMJEBUJPO GBDJMJUJFT5PUBMSFTUSVDUVSJOHDPTUTGPSGJTDBMBOEGJTDBMBSFQSFTFOUFEXJUIJOBDRVJTJUJPOBOEJOUFHSBUJPO DPTUTJOUIFDPOTPMJEBUFETUBUFNFOUTPGJODPNF5IF$PNQBOZFYQFDUTUPDPNQMFUFSFTUSVDUVSJOHBDUJWJUJFTJOGJTDBM JODVSSJOHUPUBMSFTUSVDUVSJOHDPTUTPGBQQSPYJNBUFMZNJMMJPO DPNQSJTFEPGNJMMJPOGPSTFWFSBODFBOE PUIFSFNQMPZFFDPTUTBOENJMMJPOPGPUIFSBTTPDJBUFEDPTUT TVDIBTDPOUSBDUUFSNJOBUJPOTBOEDPTUTJODVSSFEGPS GBDJMJUZDPOTPMJEBUJPO$BTIQBJEGPSTFWFSBODFBOEPUIFSFNQMPZFFDPTUTXFSFNJMMJPOBOENJMMJPOEVSJOH GJTDBMBOEGJTDBM SFTQFDUJWFMZ%VSJOHGJTDBM UIF$PNQBOZQBJENJMMJPOGPSPUIFSBTTPDJBUFEDPTUT BOEFYQFDUTUPJODVSBOBEEJUJPOBMNJMMJPOJOGJTDBM
%VSJOHGJTDBM UIF$PNQBOZJOJUJBUFESFTUSVDUVSJOHBDUJWJUJFT UIF3FTUSVDUVSJOH UPJNQSPWFPQFSBUJPOBM FGGJDJFODZ SFEVDFDPTUT BOECFUUFSQPTJUJPOUIF$PNQBOZUPESJWFGVUVSFHSPXUI5IFSFTUSVDUVSJOHBDUJWJUJFT DPOTJTUFEPGJOWPMVOUBSZBOEWPMVOUBSZUFSNJOBUJPOTBOEUIFDPOTPMJEBUJPOPGFYJTUJOHMFBTFEGBDJMJUJFT5IF$PNQBOZ DPNQMFUFEUIF3FTUSVDUVSJOHJOGJTDBMXJUIUPUBMSFTUSVDUVSJOHDPTUTPGBQQSPYJNBUFMZNJMMJPO DPNQSJTFEPGNJMMJPOGPSFNQMPZFFTFWFSBODFBOENJMMJPOPGMFBTFFYJUDPTUT'PSGJTDBM NJMMJPOPG SFTUSVDUVSJOHDPTUTBSFJODMVEFEJODPTUPGSFWFOVFTBOENJMMJPOJOTFMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFTJO UIFDPOTPMJEBUFETUBUFNFOUTPGJODPNF%VSJOHGJTDBMBOEGJTDBM UIF$PNQBOZNBEFDBTIQBZNFOUTPG NJMMJPOBOENJMMJPO SFTQFDUJWFMZ GPSTFWFSBODFBTTPDJBUFEXJUIUIF3FTUSVDUVSJOH"TPG+BOVBSZ UIFSFNBJOJOHMJBCJMJUZBTTPDJBUFEXJUIMFBTFFYJUDPTUTJTNJMMJPOBOEXJMMCFTVCTUBOUJBMMZTFUUMFECZUIFFOE PGGJTDBM
*NQBJSNFOU
%VSJOHGJTDBM UIF$PNQBOZWBDBUFEDFSUBJOMFBTFEGBDJMJUJFTBTQBSUPGJUTSFTUSVDUVSJOHBDUJWJUJFTUPSFBMJ[F DPTUTZOFSHJFTGSPNUIFJOUFHSBUJPOPG&OHJMJUZ5IFNJMMJPOJNQBJSNFOUPGSJHIUPGVTFMFBTFBTTFUTJTQSFTFOUFE XJUIJOBDRVJTJUJPOBOEJOUFHSBUJPODPTUTJOUIFDPOTPMJEBUFETUBUFNFOUTPGJODPNF
/PUF`(PPEXJMMBOE*OUBOHJCMF"TTFUT
(PPEXJMM
(PPEXJMMIBEBDBSSZJOHWBMVFPG NJMMJPOBOE NJMMJPOBTPG+BOVBSZ BOE'FCSVBSZ SFTQFDUJWFMZ5IFSFXFSFOPJNQBJSNFOUTPGHPPEXJMMEVSJOHUIFQFSJPETQSFTFOUFE
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
*OUBOHJCMF"TTFUT *OUBOHJCMFBTTFUT BMMPGXIJDIXFSFGJOJUFMJWFE DPOTJTUFEPGUIFGPMMPXJOH
+BOVBSZ 'FCSVBSZ (SPTTDBSSZJOH "DDVNVMBUFE /FUDBSSZJOH (SPTTDBSSZJOH "DDVNVMBUFE /FUDBSSZJOH WBMVF BNPSUJ[BUJPO WBMVF WBMVF BNPSUJ[BUJPO WBMVF JONJMMJPOT $VTUPNFSSFMBUJPOTIJQT #BDLMPH ``` %FWFMPQFEUFDIOPMPHZ ` f 5PUBMJOUBOHJCMFBTTFUT
*OUBOHJCMFBTTFUTXJUIBHSPTTDBSSZJOHWBMVFPGNJMMJPOCFDBNFGVMMZBNPSUJ[FEEVSJOHGJTDBMBOEBSFOP MPOHFSSFGMFDUFEJOUIFHSPTTDBSSZJOHWBMVFBOEBDDVNVMBUFEBNPSUJ[BUJPOBTPG+BOVBSZ "NPSUJ[BUJPO FYQFOTFSFMBUFEUPJOUBOHJCMFBTTFUTXBTNJMMJPO NJMMJPOBOENJMMJPOGPSGJTDBM BOE SFTQFDUJWFMZ5IFSFXFSFOPJOUBOHJCMFBTTFUJNQBJSNFOUMPTTFTEVSJOHUIFQFSJPETQSFTFOUFE "TPG+BOVBSZ UIFFTUJNBUFEGVUVSFBOOVBMBNPSUJ[BUJPOFYQFOTFSFMBUFEUPJOUBOHJCMFBTTFUTJTBTGPMMPXT
'JTDBM:FBS&OEJOH JONJMMJPOT 5IFSFBGUFS 5PUBM
"DUVBMBNPSUJ[BUJPOFYQFOTFJOGVUVSFQFSJPETDPVMEEJGGFSGSPNUIFTFFTUJNBUFTBTBSFTVMUPGGVUVSFBDRVJTJUJPOT EJWFTUJUVSFT JNQBJSNFOUTBOEPUIFSGBDUPST
/PUF`1SPQFSUZ 1MBOU BOE&RVJQNFOU 1SPQFSUZ QMBOU BOEFRVJQNFOUBSFDBSSJFEBUDPTUOFUPGBDDVNVMBUFEEFQSFDJBUJPOBOEBNPSUJ[BUJPO1VSDIBTFTPG QSPQFSUZ QMBOU BOEFRVJQNFOU BTXFMMBTDPTUTBTTPDJBUFEXJUINBKPSSFOFXBMTBOECFUUFSNFOUT BSFDBQJUBMJ[FE .BJOUFOBODF SFQBJSTBOENJOPSSFOFXBMTBOECFUUFSNFOUTBSFFYQFOTFEBTJODVSSFE8IFOBTTFUTBSFTPMEPS PUIFSXJTFEJTQPTFEPG UIFDPTUBOESFMBUFEBDDVNVMBUFEEFQSFDJBUJPOPSBNPSUJ[BUJPOBSFSFNPWFEGSPNUIF BDDPVOUTBOEBOZSFTVMUJOHHBJOPSMPTTJTSFDPHOJ[FE
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
%FQSFDJBUJPOBOEBNPSUJ[BUJPOJTSFDPHOJ[FEVTJOHUIFNFUIPETBOEFTUJNBUFEVTFGVMMJWFTBTGPMMPXT
%FQSFDJBUJPOPS &TUJNBUFEVTFGVM +BOVBSZ 'FCSVBSZ BNPSUJ[BUJPONFUIPE MJWFT JOZFBST JONJMMJPOT 4USBJHIUMJOFPS $PNQVUFSFRVJQNFOU EFDMJOJOHCBMBODF 4USBJHIUMJOFPS $BQJUBMJ[FETPGUXBSFBOETPGUXBSFMJDFOTFT EFDMJOJOHCBMBODF 4IPSUFSPGMFBTF -FBTFIPMEJNQSPWFNFOUT 4USBJHIUMJOF UFSNPS 4USBJHIUMJOFPS 0GGJDFGVSOJUVSFBOEGJYUVSFT EFDMJOJOHCBMBODF #VJMEJOHTBOEJNQSPWFNFOUT 4USBJHIUMJOF $POTUSVDUJPOJOQSPDFTT -BOE 1SPQFSUZ QMBOU BOEFRVJQNFOU "DDVNVMBUFEEFQSFDJBUJPOBOEBNPSUJ[BUJPO 1SPQFSUZ QMBOU BOEFRVJQNFOU OFU
%FQSFDJBUJPOBOEBNPSUJ[BUJPOFYQFOTFGPSQSPQFSUZ QMBOU BOEFRVJQNFOUXBTNJMMJPO NJMMJPOBOE NJMMJPOJOGJTDBM BOE SFTQFDUJWFMZ
/PUF`4UPDL#BTFE$PNQFOTBUJPO
&OHJMJUZ"DRVJTJUJPO"TTVNFE"XBSET
6QPOUIFBDRVJTJUJPOPG&OHJMJUZ BMM&OHJMJUZPVUTUBOEJOHBOEVOWFTUFEFRVJUZBXBSETXFSFDPOWFSUFEJOUP4"*$ WFTUJOHTUPDLBXBSETVTJOHUIFTBNFFYDIBOHFSBUJPBT&OHJMJUZcTDPNNPOTIBSFIPMEFST 4"*$TIBSFQFS &OHJMJUZTIBSF 5IF$PNQBOZBTTVNFEBQQSPYJNBUFMZ DPOWFSUFEWFTUJOHTUPDLBXBSETXJUIBGBJSWBMVFPG QFSTIBSFGPSBUPUBMPGNJMMJPO XIJDIXBTCJGVSDBUFECFUXFFOQSFBOEQPTUDPNCJOBUJPOQFSJPETPG TFSWJDFJOUIFBNPVOUPGNJMMJPOBOENJMMJPO SFTQFDUJWFMZ5IFBNPVOUBUUSJCVUBCMFUPUIFQSFDPNCJOBUJPO TFSWJDFQFSJPEJTJODMVEFEJOUIFQVSDIBTFDPOTJEFSBUJPOPG&OHJMJUZ5IFSFNBJOJOHNJMMJPOBUUSJCVUBCMFUPUIF QPTUDPNCJOBUJPOTFSWJDFQFSJPEXJMMCFSFDPHOJ[FEBTQPTUDPNCJOBUJPOTFSWJDFFYQFOTFPWFSUIFSFNBJOJOHWFTUJOH QFSJPETPGUIFVOEFSMZJOHBXBSET%VSJOHGJTDBM TVCTFRVFOUUPUIFBDRVJTJUJPO UIF$PNQBOZDPNQMFUFEDFSUBJO JOUFHSBUJPOBDUJWJUJFTUIBUBDDFMFSBUFEUIFSFDPHOJUJPOPGNJMMJPOPGUIFQPTUDPNCJOBUJPOTFSWJDFQFSJPEFYQFOTF XIJDIIBTCFFOJODMVEFEJOUIFBNPVOUTSFQPSUFEXJUIJOBDRVJTJUJPOBOEJOUFHSBUJPODPTUTPOUIFDPOTPMJEBUFE TUBUFNFOUTPGJODPNF
1MBO4VNNBSJFT
$FSUBJOPGUIF$PNQBOZcTFNQMPZFFTQBSUJDJQBUFJOUIFGPMMPXJOHGPVSTUPDLCBTFEDPNQFOTBUJPOQMBOTa&RVJUZ *ODFOUJWF1MBOb &*1 a.BOBHFNFOU4UPDL$PNQFOTBUJPO1MBO ba&NQMPZFF4UPDL1VSDIBTF1MBOb &411 BOEUIF -POH5FSN1FSGPSNBODF1MBO -511 GPS&OHJMJUZBTTVNFEBXBSET XIJDIBSFIFSFJOSFGFSSFEUPUPHFUIFSBT UIFa1MBOTb5IF$PNQBOZJTTVFTOFXTIBSFTPOUIFWFTUJOHPGTUPDLBXBSETPSFYFSDJTFPGTUPDLPQUJPOTVOEFS UIFTF1MBOT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
5IF&*1QSPWJEFTUIF$PNQBOZc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
5IF$PNQBOZHSBOUTQFSGPSNBODFCBTFETUPDLBXBSETUPDFSUBJOPGGJDFSTBOELFZFNQMPZFFTVOEFSUIF&*1 1FSGPSNBODFTIBSFTBSFSJHIUTUPSFDFJWFTIBSFTPGUIF$PNQBOZcTTUPDLPOUIFTBUJTGBDUJPOPGTFSWJDFSFRVJSFNFOUT BOEQFSGPSNBODFDPOEJUJPOT5IFTFBXBSETDMJGGWFTUBUUIFFOEPGUIFUIJSEGJTDBMZFBSGPMMPXJOHUIFHSBOUEBUF TVCKFDUUPNFFUJOHUIFNJOJNVNTFSWJDFSFRVJSFNFOUTBOEUIFBDIJFWFNFOUPGDFSUBJOBOOVBMBOEDVNVMBUJWF GJOBODJBMNFUSJDTPGUIF$PNQBOZcTQFSGPSNBODF XJUIUIFOVNCFSPGTIBSFTVMUJNBUFMZJTTVFE JGBOZ SBOHJOHVQUP PGUIFTQFDJGJFEUBSHFUTIBSFT*GQFSGPSNBODFJTCFMPXUIFNJOJNVNUISFTIPMEMFWFMPGQFSGPSNBODF OPTIBSFT XJMMCFJTTVFE'PSBMMQFSGPSNBODFTIBSFBXBSETHSBOUFE UIFBOOVBMGJOBODJBMNFUSJDTBSFCBTFEPOPQFSBUJOHDBTI GMPXTBOEUIFDVNVMBUJWFGJOBODJBMNFUSJDTBSFCBTFEPOPQFSBUJOHJODPNF
5IF.BOBHFNFOU4UPDL$PNQFOTBUJPO1MBOQSPWJEFTGPSBXBSETJOTIBSFVOJUTUPFMJHJCMFFNQMPZFFT#FOFGJUTGSPN UIFTFQMBOTBSFQBZBCMFJOTIBSFTPGUIF$PNQBOZcTTUPDLUIBUBSFIFMEJOBUSVTUGPSUIFQVSQPTFPGGVOEJOHCFOFGJU QBZNFOUTUPUIFQBSUJDJQBOUT%VSJOHGJTDBMBMMSFNBJOJOHPVUTUBOEJOHBXBSETJOUIF.BOBHFNFOU4UPDL $PNQFOTBUJPO1MBOWFTUFE5IF#PBSEPG%JSFDUPSTNBZBUBOZUJNFBNFOEPSUFSNJOBUFUIF.BOBHFNFOU4UPDL $PNQFOTBUJPO1MBO*OUIFFWFOUPGBDIBOHFJODPOUSPMPGUIF$PNQBOZ BTEFGJOFECZUIF.BOBHFNFOU4UPDL $PNQFOTBUJPO1MBO QBSUJDJQBOUBDDPVOUTXJMMCFJNNFEJBUFMZEJTUSJCVUFE PUIFSXJTFQBSUJDJQBOUBDDPVOUTXJMM HFOFSBMMZCFEJTUSJCVUFEVQPOSFUJSFNFOU CBTFEPOUIFQBSUJDJQBOUcTQBZPVUFMFDUJPO PSVQPOUFSNJOBUJPO5IF .BOBHFNFOU4UPDL$PNQFOTBUJPO1MBOEPFTOPUQSPWJEFGPSBNBYJNVNOVNCFSPGTIBSFTBWBJMBCMFGPSGVUVSF JTTVBODF
5IF$PNQBOZcT&411BMMPXTFMJHJCMFFNQMPZFFTUPQVSDIBTFTIBSFTPGUIF$PNQBOZcTTUPDLBUBEJTDPVOUPGVQUP PGUIFGBJSNBSLFUWBMVFPOUIFEBUFPGQVSDIBTF%VSJOHUIFUISFFZFBSTFOEFE+BOVBSZ UIFEJTDPVOU XBTPGUIFGBJSNBSLFUWBMVFPOUIFEBUFPGQVSDIBTFGPSQVSDIBTFTNBEFVOEFSUIF$PNQBOZcT&411 UIFSFCZ SFTVMUJOHJOUIF&411CFJOHOPODPNQFOTBUPSZ"TPG+BOVBSZ NJMMJPOTIBSFTPGUIF$PNQBOZcTTUPDL BSFBVUIPSJ[FEGPSJTTVBODFVOEFSUIF&411
5IF-511QSPWJEFTDFSUBJOFNQMPZFFTPGUIF$PNQBOZUIFPQQPSUVOJUZUPSFDFJWFWBSJPVTUZQFTPGTUPDLCBTFE DPNQFOTBUJPOBXBSET"TPG+BOVBSZ UIF$PNQBOZIBTWFTUJOHTUPDLBXBSETBTTVNFEGSPNUIF&OHJMJUZ BDRVJTJUJPOVOEFSUIJTQMBO5IFTFSFNBJOJOHPVUTUBOEJOHWFTUJOHTUPDLBXBSETBTTVNFEVOEFSUIF-511XJMM DPOUJOVFUPWFTUVOEFSUIFJSPSJHJOBMWFTUJOHTDIFEVMF XIFOHSBOUFECZ&OHJMJUZQSJPSUPUIFBDRVJTJUJPO BOE HFOFSBMMZDMJGGWFTUBUUIFFOEPGUIFUIJSEGJTDBMZFBSGPMMPXJOHUIFHSBOUEBUF7FTUJOHNBZCFBDDFMFSBUFEGPS FNQMPZFFTNFFUJOHSFUJSFNFOUFMJHJCJMJUZDPOEJUJPOT7FTUJOHTUPDLBXBSETVOEFSUIF-511IBWFGPSGFJUBCMFSJHIUTUP EJWJEFOET
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
&YQFOTFBOE3FMBUFE5BY#FOFGJUT3FDPHOJ[FE
4UPDLCBTFEDPNQFOTBUJPOFYQFOTFBOESFMBUFEUBYCFOFGJUTSFDPHOJ[FEVOEFSUIF1MBOTXFSF
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT 4UPDLCBTFEDPNQFOTBUJPOFYQFOTF 4UPDLPQUJPOT 7FTUJOHTUPDLBXBSET 1FSGPSNBODFTIBSFBXBSET 5PUBMTUPDLCBTFEDPNQFOTBUJPOFYQFOTF 5BYCFOFGJUTSFDPHOJ[FEGSPNTUPDLCBTFEDPNQFOTBUJPO
4UPDL0QUJPOT
4UPDLPQUJPOTBSFHSBOUFEXJUIUIFJSFYFSDJTFQSJDFFRVBMUPUIFDMPTJOHNBSLFUQSJDFPGUIF$PNQBOZcTTUPDLPOUIF MBTUUSBEJOHEBZQSFDFEJOHUIFHSBOUEBUF FYDFQUGPSUIPTFTUPDLPQUJPOTPVUTUBOEJOHBTPG4FQUFNCFS GPS XIJDIUIFFYFSDJTFQSJDFT BOEOVNCFSPGTUPDLPQUJPOT XFSFBEKVTUFEGPSUIFDPOWFSTJPOBUTFQBSBUJPO
4UPDLPQUJPOBDUJWJUZGPSUIFZFBSFOEFE+BOVBSZ XBT
4IBSFTPG 8FJHIUFE 8FJHIUFEBWFSBHF TUPDLTVOEFS BWFSBHFFYFSDJTF SFNBJOJOH "HHSFHBUF TUPDLPQUJPOT QSJDF DPOUSBDUVBMUFSN JOUSJOTJDWBMVF JONJMMJPOT JOZFBST JONJMMJPOT 0VUTUBOEJOHBU'FCSVBSZ 0QUJPOTHSBOUFE 0QUJPOTGPSGFJUFEPSFYQJSFE f f 0QUJPOTFYFSDJTFE 0VUTUBOEJOHBU+BOVBSZ 0QUJPOTFYFSDJTBCMFBU+BOVBSZ 7FTUFEBOEFYQFDUFEUPWFTUBTPG+BOVBSZ "TPG+BOVBSZ UIFSFXBTNJMMJPOPGVOSFDPHOJ[FEDPNQFOTBUJPODPTU OFUPGFTUJNBUFEGPSGFJUVSFT SFMBUFEUPTUPDLPQUJPOT XIJDIJTFYQFDUFEUPCFSFDPHOJ[FEPWFSBXFJHIUFEBWFSBHFQFSJPEPGZFBST
5IFGPMMPXJOHUBCMFTVNNBSJ[FTBDUJWJUZSFMBUFEUPFYFSDJTFTPGTUPDLPQUJPOT
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT $BTISFDFJWFEGSPNFYFSDJTFTPGTUPDLPQUJPOT ` f f 4UPDLFYDIBOHFEBUGBJSWBMVFVQPOFYFSDJTFTPGTUPDLPQUJPOT 5BYCFOFGJUTGSPNFYFSDJTFTPGTUPDLPQUJPOT 5PUBMJOUSJOTJDWBMVFPGPQUJPOTFYFSDJTFE 5IFGBJSWBMVFPGTUPDLPQUJPOBXBSETHSBOUFEVOEFSUIF$PNQBOZcTQMBOXFSFWBMVFEVTJOHUIF#MBDL4DIPMFT PQUJPOQSJDJOHNPEFMCBTFEPOUIFGPMMPXJOHBTTVNQUJPOT
&YQFDUFE5FSN'PSPQUJPOTHSBOUFEEVSJOHGJTDBMBOEBGUFS UIFFYQFDUFEUFSNXBTDBMDVMBUFEGSPNUIF $PNQBOZTIJTUPSJDBMEBUBVTJOHUIFNJEQPJOUNFUIPE'PSPQUJPOTHSBOUFEQSJPSUPGJTDBM UIFFYQFDUFE
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
UFSNXBTDBMDVMBUFEVTJOHUIF644FDVSJUZBOE&YDIBOHF$PNNJTTJPOcTaTJNQMJGJFENFUIPEbBTUIFNJEQPJOU CFUXFFOUIFWFTUJOHUFSNBOEDPOUSBDUVBMUFSN
&YQFDUFE7PMBUJMJUZ'PSPQUJPOTHSBOUFEJOGJTDBMBOEBGUFS UIFFYQFDUFEWPMBUJMJUZJTCBTFEPOUIF IJTUPSJDBMWPMBUJMJUZPGUIF$PNQBOZTJODFUIFTQJOPGGUSBOTBDUJPO'PSPQUJPOTHSBOUFEEVSJOHGJTDBMBOE QSJPS UIFFYQFDUFEWPMBUJMJUZJTCBTFEPOUIFWPMBUJMJUJFTPGTFMFDUFEQFFSHSPVQDPNQBOJFTPWFSBQFSJPE DPOTJTUFOUXJUIUIFFYQFDUFEUFSN1FFSHSPVQDPNQBOJFTXFSFTFMFDUFEGSPNDPNQBOJFTXJUIJOUIF $PNQBOZcTJOEVTUSZUIBUNPTUDMPTFMZNBUDIUIF$PNQBOZcTCVTJOFTT JODMVEJOHTJ[F DBQJUBMTUSVDUVSFBOE DVTUPNFSCBTF
3JTL'SFF*OUFSFTU3BUF5IFSJTLGSFFJOUFSFTUSBUFJTCBTFEPOUIFZJFMEDVSWFPGB[FSPDPVQPO645SFBTVSZ CPOEXJUIBNBUVSJUZFRVBMUPUIFFYQFDUFEUFSNPGUIFTUPDLPQUJPOPOUIFEBUFPGHSBOU
%JWJEFOE:JFME5IFEJWJEFOEZJFMEBTTVNFEPWFSUIFFYQFDUFEUFSNPGUIFPQUJPOJTDBMDVMBUFECBTFEPOUIF NPTUSFDFOUMZBOOPVODFEEJWJEFOEBTPGUIFHSBOUEBUF
5IFXFJHIUFEBWFSBHFHSBOUEBUFGBJSWBMVFBOEBTTVNQUJPOTVTFEUPEFUFSNJOFUIFGBJSWBMVFPGTUPDLPQUJPOT HSBOUFEGPSUIFQFSJPETQSFTFOUFEXFSF
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ 8FJHIUFEBWFSBHFHSBOUEBUFGBJSWBMVF &YQFDUFEUFSN JOZFBST &YQFDUFEWPMBUJMJUZ 3JTLGSFFJOUFSFTUSBUF %JWJEFOEZJFME
7FTUJOH4UPDL"XBSET
7FTUJOHTUPDLBXBSEBDUJWJUZGPSUIFZFBSFOEFE+BOVBSZ XBT
4IBSFTPGTUPDLVOEFSTUPDL 8FJHIUFEBWFSBHFHSBOU BXBSET EBUFGBJSWBMVF JONJMMJPOT 6OWFTUFE'FCSVBSZ "XBSETHSBOUFE "XBSETGPSGFJUFE "XBSETWFTUFE 6OWFTUFE+BOVBSZ 5IFHSBOUEBUFGBJSWBMVFPGWFTUJOHTUPDLBXBSETJTCBTFEPOUIFDMPTJOHNBSLFUQSJDFPGUIF$PNQBOZcTTUPDLPO UIFMBTUUSBEJOHEBZQSFDFEJOHUIFHSBOUEBUF5IFXFJHIUFEBWFSBHFHSBOUEBUFGBJSWBMVFPGUIFWFTUJOHTUPDL BXBSETHSBOUFEGPSGJTDBM GJTDBMBOEGJTDBMXBT BOE SFTQFDUJWFMZ"TPG +BOVBSZ UIFSFXBTNJMMJPOPGVOSFDPHOJ[FEDPNQFOTBUJPODPTU OFUPGFTUJNBUFEGPSGFJUVSFT SFMBUFEUP WFTUJOHTUPDLBXBSET XIJDIJTFYQFDUFEUPCFSFDPHOJ[FEPWFSBXFJHIUFEBWFSBHFQFSJPEPGZFBST5IFGBJS WBMVFPGWFTUJOHTUPDLBXBSETUIBUWFTUFEJOGJTDBM GJTDBMBOEGJTDBMXBTNJMMJPO NJMMJPOBOE NJMMJPO SFTQFDUJWFMZ
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
1FSGPSNBODF4IBSF"XBSET
1FSGPSNBODFTIBSFBXBSEBDUJWJUZGPSUIFZFBSFOEFE+BOVBSZ XBT
4IBSFTPGTUPDLVOEFS 8FJHIUFEBWFSBHFHSBOU QFSGPSNBODFTIBSFT EBUFGBJSWBMVF JONJMMJPOT 6OWFTUFEQFSGPSNBODFTIBSFTBU'FCSVBSZ 1FSGPSNBODFTIBSFTHSBOUFE 1FSGPSNBODFTIBSFTGPSGFJUFE f f 1FSGPSNBODFTIBSFTWFTUFE 1FSGPSNBODFTIBSFTBEKVTUNFOU f f 6OWFTUFEQFSGPSNBODFTIBSFTBU+BOVBSZ 5IFBDUVBMOVNCFSPGTIBSFTUPCFJTTVFEVQPOWFTUJOHSBOHFCFUXFFOPGUIFTQFDJGJFEUBSHFUTIBSFT5IF OVNCFSPGQFSGPSNBODFTIBSFTBSFQSFTFOUFEBUPGUIFTQFDJGJFEUBSHFUTIBSFTJOUIFUBCMFBCPWF FYDFQUGPS QFSGPSNBODFTIBSFTUIBUWFTUFEBOEQFSGPSNBODFTIBSFTBEKVTUNFOU1FSGPSNBODFTIBSFTWFTUFESFGMFDUTUIF OVNCFSPGTIBSFTUPCFJTTVFECBTFEPOUIFBDUVBMBDIJFWFNFOUPGUIFQFSGPSNBODFHPBMTGPSTIBSFTUIBUWFTUFE EVSJOHUIFQFSJPE1FSGPSNBODFTIBSFTBEKVTUNFOUSFGMFDUTUIFJODSFBTFPSEFDSFBTFJOUIFOVNCFSPGQFSGPSNBODF TIBSFTWFTUFEDPNQBSFEUPUIFOVNCFSPGQFSGPSNBODFTIBSFTUIBUXPVMEIBWFWFTUFEBUUBSHFU5IFGBJSWBMVFPG QFSGPSNBODFTIBSFBXBSETUIBUWFTUFEJOGJTDBMXBTNJMMJPO'PSVOWFTUFEQFSGPSNBODFTIBSFTBTPG +BOVBSZ UIF$PNQBOZFYQFDUTUPJTTVFNJMMJPOTIBSFTPGTUPDLJOUIFGVUVSFCBTFEPOFTUJNBUFEGVUVSF BDIJFWFNFOUPGUIFQFSGPSNBODFHPBMT5IFHSBOUEBUFGBJSWBMVFPGUIFQFSGPSNBODFTIBSFBXBSETHSBOUFEGPSGJTDBM GJTDBM BOEGJTDBMXBT BOE SFTQFDUJWFMZ5IFHSBOUEBUFGBJSWBMVFPG QFSGPSNBODFTIBSFBXBSETJTCBTFEPOUIFDMPTJOHNBSLFUQSJDFPGUIF$PNQBOZcTDPNNPOTUPDLPOUIFMBTUUSBEJOH EBZQSFDFEJOHUIFHSBOUEBUF"TPG+BOVBSZ UIFSFXBTNJMMJPOPGVOSFDPHOJ[FEDPNQFOTBUJPODPTU OFUPGFTUJNBUFEGPSGFJUVSFT SFMBUFEUPQFSGPSNBODFTIBSFBXBSET XIJDIJTFYQFDUFEUPCFSFDPHOJ[FEPWFSB XFJHIUFEBWFSBHFQFSJPEPGZFBST
/PUF`3FUJSFNFOU1MBOT
%FGJOFE$POUSJCVUJPO1MBOT
5IF$PNQBOZTQPOTPSTUIF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO3FUJSFNFOU1MBO BRVBMJGJFEEFGJOFE DPOUSJCVUJPO L QMBO BOEBOFNQMPZFFTUPDLPXOFSTIJQQMBO JOXIJDINPTUFNQMPZFFTBSFFMJHJCMFUP QBSUJDJQBUF5IFSFBSFBWBSJFUZPGJOWFTUNFOUPQUJPOTBWBJMBCMF JODMVEJOHUIF$PNQBOZTTUPDL&OHJMJUZTQPOTPSFE UIF&OHJMJUZ.BTUFS4BWJOHT1MBO XIJDIXBTB L QMBOJOXIJDINPTUFNQMPZFFTPG&OHJMJUZXFSFFMJHJCMFUP QBSUJDJQBUF5IF&OHJMJUZ.BTUFS4BWJOHT1MBONFSHFEJOUPUIF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO 3FUJSFNFOU1MBOPO+BOVBSZ
5IF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO3FUJSFNFOU1MBOBMMPXTFMJHJCMFQBSUJDJQBOUTUPDPOUSJCVUFB QPSUJPOPGUIFJSJODPNFUISPVHIQBZSPMMEFEVDUJPOTBOEUIF$PNQBOZNBLFTNBUDIJOHDPNQBOZDPOUSJCVUJPOTBOE NBZBMTPNBLFEJTDSFUJPOBSZDPOUSJCVUJPOT5IF$PNQBOZDPOUSJCVUJPOTFYQFOTFEGPSEFGJOFEDPOUSJCVUJPOQMBOT XFSFNJMMJPO NJMMJPOBOENJMMJPOJOGJTDBM BOE SFTQFDUJWFMZ
%FGFSSFE$PNQFOTBUJPO1MBOT
5IF$PNQBOZIBTFTUBCMJTIFEUIF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO%FGFSSFE$PNQFOTBUJPO1MBO %$1 FGGFDUJWF+BOVBSZ QSPWJEJOHDFSUBJOFMJHJCMFFNQMPZFFTBOEEJSFDUPSTBOPQQPSUVOJUZUPEFGFSTPNFPS BMMPGUIFJSDPNQFOTBUJPOPOBOVOGVOEFE OPORVBMJGJFECBTJT1BSUJDJQBOUEFGFSSBMTBSFGVMMZWFTUFEBOEEJWFSTJGJFEBU UIFQBSUJDJQBOUcTEJSFDUJPOBNPOHUIFJOWFTUNFOUPQUJPOTPGGFSFEVOEFSUIF%$11BSUJDJQBOUBDDPVOUTXJMMCFDSFEJUFE XJUIBSBUFPGSFUVSOCBTFEPOUIFQFSGPSNBODFPGUIFJOWFTUNFOUPQUJPOTTFMFDUFE%JTUSJCVUJPOTBSFNBEFJODBTI %FGFSSFECBMBODFTXJMMCFQBJEPOSFUJSFNFOU CBTFEPOUIFQBSUJDJQBOUcTQBZPVUFMFDUJPO PSVQPOUFSNJOBUJPO5IF $PNQBOZNBZQSPWJEFEJTDSFUJPOBSZDPOUSJCVUJPOTUPQBSUJDJQBOUT CVUOP$PNQBOZDPOUSJCVUJPOTIBWFCFFONBEF
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
5IF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO,FZ&YFDVUJWF4UPDL%FGFSSBM1MBO ,&4%1 XBTDMPTFEPO %FDFNCFS BOEOPGVSUIFSEFGFSSBMTBSFBMMPXFE#FOFGJUTGSPNUIF,&4%1BSFQBZBCMFJOTIBSFTPGUIF $PNQBOZcTTUPDLUIBUNBZCFIFMEJOUSVTUGPSUIFQVSQPTFPGGVOEJOHCFOFGJUQBZNFOUTUP,&4%1QBSUJDJQBOUT 7FTUFEEFGFSSFECBMBODFTXJMMHFOFSBMMZCFQBJEPOSFUJSFNFOU CBTFEPOUIFQBSUJDJQBOUcTQBZPVUFMFDUJPO PSVQPO UFSNJOBUJPO
5IF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO L &YDFTT%FGFSSBM1MBO &YDFTT1MBO XBTBMTPDMPTFEPO %FDFNCFS BOEOPGVSUIFSEFGFSSBMTBSFBMMPXFE1BSUJDJQBOUEFGFSSBMTBSFGVMMZWFTUFEBOEEJWFSTJGJFEBUUIF QBSUJDJQBOUcTEJSFDUJPOBNPOHUIFJOWFTUNFOUPQUJPOTPGGFSFEVOEFSUIF&YDFTT1MBO%FGFSSFECBMBODFTXJMM HFOFSBMMZCFQBJEGPMMPXJOHSFUJSFNFOUPSUFSNJOBUJPO
%FGJOFE#FOFGJU1MBOT
*ODPOOFDUJPOXJUIUIFBDRVJTJUJPOPG&OHJMJUZPO+BOVBSZ 4"*$BTTVNFEUXPEFGJOFECFOFGJUQMBOT TQPOTPSFECZ&OHJMJUZGPSDFSUBJODVSSFOUBOEGPSNFSFNQMPZFFTB%FGJOFE#FOFGJU1FOTJPO1MBO 1FOTJPO1MBO BOE B3FUJSFF)FBMUI3FJNCVSTFNFOU"DDPVOU1MBO 3)3"#FOFGJU1MBO .FNCFSTIJQBOEQBSUJDJQBOUTDBMDVMBUFE QFOTJPOCFOFGJUBSFGSP[FOJOUIF1FOTJPO1MBOBOENFNCFSTIJQJOUIF3)3"#FOFGJU1MBOJTGSP[FO
0VSGVOEJOHQPMJDZJTUPDPOUSJCVUFBUMFBTUUIFNJOJNVNBNPVOUSFRVJSFECZUIF&NQMPZFF3FUJSFNFOUJODPNF 4FDVSJUZ"DUPG"EEJUJPOBMBNPVOUTBSFDPOUSJCVUFEUPBTTVSFUIBUQMBOBTTFUTXJMMCFBEFRVBUFUPQSPWJEF SFUJSFNFOUCFOFGJUT%VSJOHGJTDBM UIF$PNQBOZFYQFDUTUPDPOUSJCVUFNJMMJPOBOENJMMJPOUPGVOEUIF 1FOTJPO1MBOBOE3)3"#FOFGJU1MBO SFTQFDUJWFMZ
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
/FU1FSJPEJD#FOFGJU$PTUT
5IFOFUQFSJPEJDCFOFGJUDPTUXBTBTGPMMPXT
1FOTJPO1MBO 3)3"#FOFGJU1MBO :FBS&OEFE +BOVBSZ +BOVBSZ JONJMMJPOT *OUFSFTUDPTUPOQSPKFDUFECFOFGJUPCMJHBUJPO &YQFDUFESFUVSOPOQMBOBTTFUT ` /FUQFSJPEJDCFOFGJUDPTU `
%VFUPUIFQSPYJNJUZPGUIFBDRVJTJUJPOUPPVSGJTDBMZFBSFOE UIFSFXBTOPOFUQFSJPEJDCFOFGJUDPTUSFDPHOJ[FE EVSJOHUIFZFBSFOEFE'FCSVBSZ
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
0CMJHBUJPOTBOE'VOEFE4UBUVT
5IFQSPKFDUFECFOFGJUPCMJHBUJPO GBJSWBMVFPGQMBOBTTFUT BOEGVOEFETUBUVTGPSFBDIQMBOBSFBTGPMMPXT
1FOTJPO1MBO 3)3"#FOFGJU1MBO +BOVBSZ 'FCSVBSZ +BOVBSZ 'FCSVBSZ JONJMMJPOT $IBOHFJOCFOFGJUPCMJHBUJPO #FOFGJUPCMJHBUJPOBUCFHJOOJOHPGZFBS f f #FOFGJUPCMJHBUJPOBUBDRVJTJUJPO ` ` *OUFSFTUDPTU f f #FOFGJUTQBJE f f "DUVBSJBMMPTT f f #FOFGJUPCMJHBUJPOBUFOEPGZFBS $IBOHFJOQMBOBTTFUT 'BJSWBMVFPGQMBOBTTFUTBUCFHJOOJOHPGZFBS f ` f 'BJSWBMVFPGQMBOBTTFUTBUBDRVJTJUJPO ` ` f "DUVBMSFUVSOPOQMBOBTTFUT f ` f &NQMPZFSDPOUSJCVUJPOT ` f #FOFGJUTQBJE f f 'BJSWBMVFPGQMBOBTTFUTBUFOEPGZFBS ` f 6OGVOEFETUBUVT
"NPVOUTSFDPHOJ[FEJOUIFDPOTPMJEBUFECBMBODFTIFFUTDPOTJTUPG
1FOTJPO1MBO 3)3"#FOFGJU1MBO +BOVBSZ 'FCSVBSZ +BOVBSZ 'FCSVBSZ JONJMMJPOT 0UIFSBDDSVFEMJBCJMJUJFT ` f 0UIFSMPOHUFSNMJBCJMJUJFT /FUBNPVOUSFDPHOJ[FE
"TTVNQUJPOT
5IF$PNQBOZVTFTUIFTQPUSBUFBQQSPBDIUPNFBTVSFMJBCJMJUJFTBOEJOUFSFTUDPTUTGPSEFGJOFECFOFGJUPCMJHBUJPOT 6OEFSUIFTQPUSBUFBQQSPBDI UIF$PNQBOZVTFTJOEJWJEVBMTQPUSBUFTBMPOHUIFZJFMEDVSWFUIBUDPSSFTQPOEXJUI UIFUJNJOHPGFBDICFOFGJUQBZNFOU
5IFEJTDPVOUSBUFTSFQSFTFOUUIFFTUJNBUFESBUFBUXIJDIXFDPVMEFGGFDUJWFMZTFUUMFPVSEFGJOFECFOFGJUPCMJHBUJPOT VTJOHBIJHIRVBMJUZCPOEZJFMEDVSWF
5IFBTTVNFEMPOHUFSNSBUFPGSFUVSOPOQMBOBTTFUT XIJDIJTUIFBWFSBHFSFUVSOFYQFDUFEPOUIFGVOETJOWFTUFEPS UPCFJOWFTUFEUPQSPWJEFGVUVSFCFOFGJUTUPQFOTJPOQMBOQBSUJDJQBOUT JTEFUFSNJOFECZBOBOOVBMSFWJFXPGIJTUPSJDBM SFUVSOTPOQMBOBTTFUT*OTFMFDUJOHUIFFYQFDUFEMPOHUFSNSBUFPGSFUVSOPOBTTFUTVTFEGPSUIF1FOTJPO1MBO UIF $PNQBOZDPOTJEFSFEJUTJOWFTUNFOUSFUVSOHPBMTTUBUFEJOUIF1FOTJPO1MBOTJOWFTUNFOUQPMJDZ5IJTQSPDFTT JODMVEFEEFUFSNJOJOHFYQFDUFESFUVSOTGPSUIFWBSJPVTBTTFUDMBTTFTUIBUDPNQSJTFUIF1FOTJPO1MBOTUBSHFUBTTFU BMMPDBUJPO
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
5IFGPMMPXJOHBTTVNQUJPOTXFSFVTFEUPEFUFSNJOFUIFCFOFGJUPCMJHBUJPOTBOEOFUQFSJPEJDCFOFGJUDPTUT
1FOTJPO1MBO 3)3"#FOFGJU1MBO +BOVBSZ 'FCSVBSZ +BOVBSZ 'FCSVBSZ %JTDPVOUSBUF *OUFSFTUDPTUFGGFDUJWFSBUF /" /" &YQFDUFESBUFPGSFUVSOPOBTTFUT /" /" /"
1FOTJPO1MBO"TTFUT
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
5IFGBJSWBMVFNFBTVSFNFOUPGQMBOBTTFUTCZDBUFHPSZJTBTGPMMPXT
+BOVBSZ 'FCSVBSZ "TTFU$BUFHPSZ 'BJS7BMVF)JFSBSDIZ JONJMMJPOT .VUVBMGVOET &RVJUZ -FWFM 'JYFEJODPNF -FWFM (VBSBOUFFEEFQPTJUBDDPVOU -FWFM 4VCUPUBM $PMMFDUJWFUSVTUGJYFEJODPNF .FBTVSFEBU/"7 f 5PUBM $PMMFDUJWFUSVTUTBSFNFBTVSFEBUGBJSWBMVFVTJOHOFUBTTFUWBMVF /"7 BTBQSBDUJDBMFYQFEJFOUBOEIBWFOPUCFFO DBUFHPSJ[FEJOUIFGBJSWBMVFIJFSBSDIZ
'BJS7BMVF.FBTVSFNFOU6TJOH4JHOJGJDBOU6OPCTFSWBCMF*OQVUT -FWFM
"SFDPODJMJBUJPOPGUIFCFHJOOJOHBOEFOEJOHCBMBODFTPGUIF(VBSBOUFFE%FQPTJU"DDPVOU (%" JTBTGPMMPXT
(VBSBOUFFE %FQPTJU"DDPVOU JONJMMJPOT #BMBODFBU'FCSVBSZ 1VSDIBTFT 4BMFT #BMBODFBU+BOVBSZ
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
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
JODPNFQPSUGPMJPXJUIJO13*"$THFOFSBMBDDPVOU5IFQPSUGPMJPJTJOWFTUFEJOQVCMJDCPOET DPNNFSDJBMNPSUHBHFT BOEQSJWBUFQMBDFNFOUCPOET
&TUJNBUFE'VUVSF#FOFGJU1BZNFOUT
5IFGPMMPXJOHUBCMFTFUTGPSUIUIFFYQFDUFEUJNJOHPGCFOFGJUQBZNFOUTCZGJTDBMZFBS
'JTDBM:FBS 1FOTJPO1MBO 3)3"#FOFGJU1MBO 5PUBM JONJMMJPOT 'JWFTVCTFRVFOUGJTDBMZFBST
/PUF`*ODPNF5BYFT
4VCTUBOUJBMMZBMMPGUIF$PNQBOZcTJODPNFCFGPSFJODPNFUBYFTGPSUIFUISFFZFBSTFOEFE+BOVBSZ JT TVCKFDUUPUBYBUJPOJOUIF6OJUFE4UBUFT5IFQSPWJTJPOGPSJODPNFUBYFTGPSFBDIPGUIFQFSJPETQSFTFOUFEJODMVEFUIF GPMMPXJOH
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT $VSSFOU 'FEFSBM 4UBUF %FGFSSFE 'FEFSBM 4UBUF 5PUBM
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
"SFDPODJMJBUJPOPGUIFQSPWJTJPOGPSJODPNFUBYFTUPUIFBNPVOUDPNQVUFECZBQQMZJOHUIFTUBUVUPSZGFEFSBMJODPNF UBYSBUFUPJODPNFCFGPSFJODPNFUBYFTGPSFBDIPGUIFQFSJPETQSFTFOUFEGPMMPXT
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT 4UBUVUPSZGFEFSBMJODPNFUBYSBUF "NPVOUDPNQVUFEBUUIFCMFOEFETUBUVUPSZGFEFSBMJODPNFUBYSBUF 4UBUFJODPNFUBYFT OFUPGGFEFSBMUBYCFOFGJU 3FTFBSDIBOEEFWFMPQNFOUBOEPUIFSGFEFSBMDSFEJUT 'FEFSBMJODPNFUBYSFEVDUJPOQFSUIF5BY"DU ` f .BOVGBDUVSFSTEFEVDUJPO ` f /POEFEVDUJCMFDPNQFOTBUJPO f /POEFEVDUJCMFBDRVJTJUJPODPTUT ` f &YDFTTUBYCFOFGJUTGPSTUPDLCBTFEDPNQFOTBUJPO 0UIFS 5PUBM &GGFDUJWFJODPNFUBYSBUF
5IFTUBUVUPSZGFEFSBMJODPNFUBYSBUFGPSGJTDBMJTBCMFOEFESBUFEVFUPUIF5BY"DU4FF/PUF
5IFFGGFDUJWFJODPNFUBYSBUFGPSGJTDBMJTDPOTJTUFOUXJUIUIFSBUFJOGJTDBM)PXFWFS UIFSFXFSFTNBMMFS FYDFTTUBYCFOFGJUTGSPNTUPDLCBTFEDPNQFOTBUJPOJOGJTDBM QBSUJBMMZPGGTFUCZJODSFBTFESFTFBSDIBOE EFWFMPQNFOUDSFEJUTJOGJTDBM*OGJTDBM XFSFDPHOJ[FENJMMJPOPGUBYCFOFGJUTSFMBUFEUPSFTFBSDIBOE EFWFMPQNFOUDSFEJUTGPSGJTDBMZFBSTBOENJMMJPOSFMBUFEUPGJTDBMZFBS5IFFGGFDUJWFJODPNFUBY SBUFGPSGJTDBMJTIJHIFSUIBOGJTDBMQSJNBSJMZEVFUPTNBMMFSFYDFTTUBYCFOFGJUTGSPNTUPDLCBTFE DPNQFOTBUJPO NJMMJPOPGUBYFYQFOTFGPSOPOEFEVDUJCMFBDRVJTJUJPOFYQFOTFTUIBUPOMZPDDVSSFEJOGJTDBM BOEJODSFBTFEOPOEFEVDUJCMFFYFDVUJWFDPNQFOTBUJPOJOGJTDBMBTBSFTVMUPGUIF5BY"DU5IFPOFUJNF 'FEFSBMJODPNFUBYSBUFSFEVDUJPOJOGJTDBMXBTMBSHFMZPGGTFUCZUIFCFOFGJUPGUIFMPXFSDPSQPSBUFUBYSBUF XIJDIBQQMJFEJOGJTDBM
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
%FGFSSFEJODPNFUBYFTBSFSFDPSEFEGPSEJGGFSFODFTJOUIFCBTJTPGBTTFUTBOEMJBCJMJUJFTGPSGJOBODJBMSFQPSUJOH QVSQPTFTBOEUBYSFQPSUJOHQVSQPTFT%FGFSSFEUBYBTTFUT MJBCJMJUJFT XFSFDPNQSJTFEPG
+BOVBSZ 'FCSVBSZ JONJMMJPOT "DDSVFEWBDBUJPOBOECPOVTFT "DDSVFEMJBCJMJUJFT %FGFSSFEDPNQFOTBUJPO 4UPDLBXBSET /FUPQFSBUJOHMPTTBOEPUIFSDBSSZGPSXBSET 'JYFEBTTFUCBTJTEJGGFSFODFT -FBTFMJBCJMJUZ f "DDVNVMBUFEPUIFSDPNQSFIFOTJWFMPTT 7BMVBUJPOBMMPXBODF 5PUBMEFGFSSFEUBYBTTFUT %FGFSSFESFWFOVF 1VSDIBTFEJOUBOHJCMFBTTFUT 3JHIUPGVTFBTTFUT f 5PUBMEFGFSSFEUBYMJBCJMJUJFT /FUEFGFSSFEUBYBTTFUT /FUEFGFSSFEUBYBTTFUTBSFQSFTFOUFEJOPUIFSBTTFUTPOUIFDPOTPMJEBUFECBMBODFTIFFUT%FGFSSFEUBYBTTFUTGPS CPUIQFSJPETQSFTFOUFEJODMVEFTUBUFUBYDSFEJUDBSSZGPSXBSETGPSXIJDIUIF$PNQBOZIBTTFUVQBWBMVBUJPO BMMPXBODF
5IFDIBOHFTJOUIFVOSFDPHOJ[FEUBYCFOFGJUT FYDMVEJOHBDDSVFEJOUFSFTUBOEQFOBMUJFT XFSF
:FBS&OEFE +BOVBSZ 'FCSVBSZ 'FCSVBSZ JONJMMJPOT 6OSFDPHOJ[FEUBYCFOFGJUTBUCFHJOOJOHPGUIFZFBS "EEJUJPOTGPSBDRVJSFEVOSFDPHOJ[FEUBYCFOFGJUT ` f "EEJUJPOTGPSUBYQPTJUJPOTSFMBUFEUPQSJPSZFBST "EEJUJPOTGPSUBYQPTJUJPOTSFMBUFEUPUIFDVSSFOUZFBS 3FEVDUJPOTGPSQSJPSZFBSUBYQPTJUJPOTSFMBUFEUPTUBUVUF FYQJSBUJPO ff 6OSFDPHOJ[FEUBYCFOFGJUTBUFOEPGUIFZFBS 6OSFDPHOJ[FEUBYCFOFGJUTUIBU JGSFDPHOJ[FE XPVMEBGGFDUUIF FGGFDUJWFJODPNFUBYSBUF
0WFSUIFOFYUNPOUIT UIF$PNQBOZEPFTOPUFYQFDUBTJHOJGJDBOUJODSFBTFPSEFDSFBTFJOUIFVOSFDPHOJ[FEUBY CFOFGJUTSFDPSEFEBU+BOVBSZ %VSJOHUIFZFBSFOEFE+BOVBSZ XFSFDPHOJ[FEBOJODSFBTFJO VOSFDPHOJ[FEUBYCFOFGJUTPGBQQSPYJNBUFMZNJMMJPOSFMBUFEQSJNBSJMZUPBOJODSFBTFJOBWBJMBCMFSFTFBSDIBOE EFWFMPQNFOUUBYDSFEJUTGPSGJTDBMZFBSTUISPVHIBOENJMMJPOGPSGJTDBMZFBS5IF$PNQBOZ SFDPHOJ[FTOFUJOUFSFTUBOEQFOBMUJFTBTBDPNQPOFOUPGJODPNFUBYFYQFOTFBOEGPSUIFQFSJPETQSFTFOUFE UIFSF XBTOPUBNBUFSJBMBNPVOUPGDVSSFOUJOUFSFTUBOEQFOBMUJFTSFDPHOJ[FE
5IF$PNQBOZIBTGJMFEJODPNFUBYSFUVSOTJOUIF64BOEWBSJPVTTUBUFKVSJTEJDUJPOT XIJDINBZCFTVCKFDUUP SPVUJOFDPNQMJBODFSFWJFXTCZUIF*OUFSOBM3FWFOVF4FSWJDF *34 BOEPUIFSUBYJOHBVUIPSJUJFT8IJMFUIF
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
$PNQBOZCFMJFWFTJUIBTBEFRVBUFBDDSVBMTGPSVODFSUBJOUBYQPTJUJPOT UIFUBYBVUIPSJUJFTNBZEFUFSNJOFUIBUUIF $PNQBOZPXFTUBYFTJOFYDFTTPGSFDPSEFEBDDSVBMTPSUIFSFDPSEFEBDDSVBMTNBZCFJOFYDFTTPGUIFGJOBM TFUUMFNFOUBNPVOUTBHSFFEUPCZUBYBVUIPSJUJFT5IF$PNQBOZcTUBYSFUVSOTGPSGJTDBMZFBSTUISPVHI SFNBJOTVCKFDUUPFYBNJOBUJPOCZUIF*34BOEWBSJPVTPUIFSUBYKVSJTEJDUJPOT5IF$PNQBOZJTDVSSFOUMZVOEFS FYBNJOBUJPOCZUIF*34GPSGJTDBMZFBSTBOE5IF$PNQBOZJTOPUSFTQPOTJCMFGPSBOZUBYMJBCJMJUJFTGPS ZFBSTCFGPSFUIFTFQBSBUJPOGSPN-FJEPT)PMEJOHT *OD FYDFQUGPS4DJUPScTUBYSFUVSOTUIBUSFNBJOTVCKFDUUP FYBNJOBUJPOCZUIF*34BOEWBSJPVTPUIFSUBYKVSJTEJDUJPOTGSPNUISPVHIUIFBDRVJTJUJPO5IF$PNQBOZJTBMTP TVCKFDUUPFYBNJOBUJPOGPSUIFSFUVSOTPG&OHJMJUZGSPNDBMFOEBSZFBSUISPVHIUIFTIPSUQSFBDRVJTJUJPOQFSJPE FOEFE+BOVBSZ 5IF$PNQBOZJTSFTQPOTJCMFGPS&OHJMJUZUBYMJBCJMJUJFTSFMBUJOHUPBMMPQFOQSFBOEQPTU BDRVJTJUJPOZFBST
*OGJTDBMZFBS UIF$PNQBOZBDRVJSFEBMMPG&OHJMJUZcTTUPDLJOBUBYGSFFUSBOTBDUJPOUPUIFTFMMJOHTIBSFIPMEFST 5IF$PNQBOZJOIFSJUFE&OHJMJUZc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aPXOFSTIJQ DIBOHF bUIFDPSQPSBUJPOcTBCJMJUZUPVTFJUTQSFDIBOHFUBYBUUSJCVUFTNBZCFMJNJUFE4VDIBOPXOFSTIJQDIBOHF PDDVSSFEEVSJOHUIFBDRVJTJUJPOPG&OHJMJUZBOE BTBSFTVMUPGUIFTFMJNJUBUJPOT NJMMJPOPGUBYDSFEJUDBSSZGPSXBSET XFSFFMJNJOBUFEJOQVSDIBTFBDDPVOUJOH/PGVSUIFSPXOFSTIJQDIBOHFTIBWFPDDVSSFEUPEBUF
"TPG+BOVBSZ UIF$PNQBOZIBTBQQSPYJNBUFMZNJMMJPOPGGFEFSBMMPTTDBSSZGPSXBSE NJMMJPOPG TUBUFMPTTDBSSZGPSXBSETBOEBQQSPYJNBUFMZNJMMJPOPGTUBUFDSFEJUDBSSZGPSXBSETUIBUXJMMCFHJOUPFYQJSFJOGJTDBM 5IFWBMVBUJPOBMMPXBODFPGNJMMJPOSFMBUFTUPUIFTFTUBUFDBSSZGPSXBSET
/PUF`%FCU0CMJHBUJPOT
5IF$PNQBOZcTMPOHUFSNEFCUBTPGUIFQFSJPETQSFTFOUFEXBTBTGPMMPXT
+BOVBSZ 'FCSVBSZ 6OBNPSUJ[FE 6OBNPSUJ[FE 4UBUFE &GGFDUJWF %FCU %FCU JOUFSFTU JOUFSFTU *TTVBODF *TTVBODF SBUF SBUF 1SJODJQBM $PTUT /FU 1SJODJQBM $PTUT /FU JONJMMJPOT 5FSN-PBO"'BDJMJUZEVF 0DUPCFS 5FSN-PBO#'BDJMJUZEVF 0DUPCFS 5PUBMMPOHUFSNEFCU -FTTDVSSFOUQPSUJPO ` f 5PUBMMPOHUFSNEFCU OFUPG DVSSFOUQPSUJPO
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
"TPG'FCSVBSZ UIF$PNQBOZIBEBCJMMJPODSFEJUGBDJMJUZDPOTJTUJOHPGBNJMMJPOTFDVSFE3FWPMWJOH $SFEJU'BDJMJUZEVF0DUPCFS B NJMMJPOTFDVSFE5FSN-PBO"'BDJMJUZEVF0DUPCFS BOEB NJMMJPOTFDVSFE5FSN-PBO#'BDJMJUZEVF0DUPCFS
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
"TPG'FCSVBSZ UIF$PNQBOZIBEBCJMMJPODSFEJUGBDJMJUZDPOTJTUJOHPGBNJMMJPOTFDVSFE3FWPMWJOH $SFEJU'BDJMJUZEVF"VHVTU BNJMMJPOTFDVSFE5FSN-PBO"'BDJMJUZEVF"VHVTU BOEBNJMMJPO TFDVSFE5FSN-PBO#'BDJMJUZEVF.BZVOEFSUIF'JSTU"NFOENFOUUPUIF4FDPOE"NFOEFEBOE3FTUBUFE $SFEJU"HSFFNFOU 'JSTU"NFOENFOU
0O'FCSVBSZ UIF$PNQBOZFYFDVUFEUIF4FDPOE"NFOENFOUUPUIF4FDPOE"NFOEFEBOE3FTUBUFE$SFEJU "HSFFNFOU 4FDPOE"NFOENFOU SFEVDJOHUIFJOUFSFTUSBUFNBSHJOTCZ BOE BDSPTTBMM MFWFSBHFSBUJPTGPSUIF5FSN-PBO"'BDJMJUZEVF"VHVTU UIF5FSN-PBO#'BDJMJUZEVF.BZ BOEUIF 3FWPMWJOH$SFEJU'BDJMJUZEVF"VHVTU SFTQFDUJWFMZ&GGFDUJWFVQPOFYFDVUJPOPGUIF4FDPOE"NFOENFOU UIF BQQMJDBCMFNBSHJOXJUISFTQFDUUPUIF5FSN-PBO"'BDJMJUZEVF"VHVTUBOECPSSPXJOHTVOEFSUIF3FWPMWJOH $SFEJU'BDJMJUZEVF"VHVTUSBOHFEGSPNUPGPS&VSPDVSSFODZ3BUFMPBOT BOEUPGPS #BTF3BUFMPBOT6OEFSUIF4FDPOE"NFOENFOU JOUFSFTUSBUFNBSHJOTGPSUIF5FSN-PBO#'BDJMJUZEVF.BZ XFSF TVCKFDUUPBGMPPSGPS&VSPDVSSFODZ3BUFMPBOT PSGPS#BTF3BUFMPBOT5IF$PNQBOZ JODVSSFEBOEQBJENJMMJPOJOGFFTBTTPDJBUFEXJUIUIF4FDPOE"NFOENFOU JODMVEJOHNJMMJPOPGEFGFSSFE GJOBODJOHGFFT
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
5IF5FSN-PBO#'BDJMJUZEVF0DUPCFSXBTGVOEFEJOGVMMJO0DUPCFSBOEUIFQSPDFFETXFSFVTFEUP SFQBZBMMJOEFCUFEOFTTPVUTUBOEJOHVOEFSUIF4FDPOE"NFOENFOUBOESFMBUFEFYQFOTFT
0O+BOVBSZ JODPOOFDUJPOXJUIUIFBDRVJTJUJPOPG&OHJMJUZ UIF$PNQBOZGVOEFEUIF5FSN-PBO"'BDJMJUZJO UIFBNPVOUPGCJMMJPOBOEJODSFBTFEUIFFYJTUJOH3FWPMWJOH$SFEJU'BDJMJUZUPNJMMJPO5IFQSPDFFETXFSF VTFEUPQBSUJBMMZGJOBODFUIFBDRVJTJUJPOPG&OHJMJUZBOEGPSHFOFSBMDPSQPSBUFQVSQPTFT
5IF$PNQBOZJODVSSFENJMMJPOPGEFCUJTTVFDPTUTBTTPDJBUFEXJUIUIF5IJSE"NFOEFE$SFEJU"HSFFNFOU5IF $PNQBOZSFDPHOJ[FENJMMJPOJOFYQFOTFTBTTPDJBUFEXJUIUIF5IJSE"NFOEFE$SFEJU"HSFFNFOU XIJDIJT JODMVEFEJOJOUFSFTUFYQFOTFBOEJODMVEFTBNJMMJPOMPTTPOFYUJOHVJTINFOUPGEFCU5IF$PNQBOZEFGFSSFE NJMMJPOJOGJOBODJOHGFFTUIBUBSFBNPSUJ[FEUPJOUFSFTUFYQFOTFVUJMJ[JOHUIFFGGFDUJWFJOUFSFTUNFUIPE
#PSSPXJOHTVOEFSUIF5FSN-PBO"'BDJMJUZEVF0DUPCFSBNPSUJ[FRVBSUFSMZCFHJOOJOHPO+BOVBSZ BUPGUIFPSJHJOBMCPSSPXFEBNPVOUUIFSFVOEFS XJUITVDIRVBSUFSMZBNPSUJ[BUJPOQBZNFOUTJODSFBTJOH UPPO+BOVBSZ BOEUIFOUPPO+BOVBSZ #FHJOOJOH+BOVBSZ 5IF5FSN -PBO#'BDJMJUZEVF0DUPCFSBNPSUJ[FTRVBSUFSMZBUPGUIFPSJHJOBMCPSSPXFEBNPVOU
#FHJOOJOHJOGJTDBMZFBS UIFTDIFEVMFEQSJODJQBMSFQBZNFOUTGPSUIF5FSN-PBO"BOE5FSN-PBO#GBDJMJUJFT NBZCFGVSUIFSSFEVDFEPSFMJNJOBUFECZBOOVBMNBOEBUPSZQSFQBZNFOUTPGBQPSUJPOPG4"*$cT&YDFTT$BTI'MPX BTEFGJOFEJOUIF5IJSE"NFOEFE$SFEJU"HSFFNFOU .BOEBUPSZQSJODJQBMQSFQBZNFOUTBSFBMMPDBUFEUP5FSN-PBO "BOE5FSN-PBO#GBDJMJUJFTPOBQSPSBUBCBTJTBOESFEVDFUIFSFNBJOJOHTDIFEVMFEQSJODJQBMJOTUBMMNFOUTGPSFBDI GBDJMJUZ7PMVOUBSZQSJODJQBMQSFQBZNFOUTNBZCFBQQMJFEUPFJUIFSPSCPUIMPBOTBUUIF$PNQBOZcTEJSFDUJPO%VSJOH GJTDBMZFBS UIF$PNQBOZNBEFNJMMJPOPGWPMVOUBSZQSJODJQBMQSFQBZNFOUTPOUIF5FSN-PBO"'BDJMJUZ EVF0DUPCFS
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
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
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
.BUVSJUJFTPGMPOHUFSNEFCUBTPG+BOVBSZ BSF
'JTDBM:FBS&OEJOH 5PUBM JONJMMJPOT 5IFSFBGUFS 5PUBMQSJODJQBMQBZNFOUT
"TPG+BOVBSZ BOE'FCSVBSZ UIFDBSSZJOHWBMVFPGUIF$PNQBOZcTPVUTUBOEJOHEFCUPCMJHBUJPOT BQQSPYJNBUFEJUTGBJSWBMVF5IFGBJSWBMVFPGMPOHUFSNEFCUJTDBMDVMBUFEVTJOH-FWFMJOQVUT CBTFEPOJOUFSFTU SBUFTBWBJMBCMFGPSEFCUXJUIUFSNTBOENBUVSJUJFTTJNJMBSUPUIF$PNQBOZcT5FSN-PBO'BDJMJUJFT
/PUF`%FSJWBUJWF*OTUSVNFOUT%FTJHOBUFEBT$BTI'MPX)FEHFT
5IF$PNQBOZcTEFSJWBUJWFJOTUSVNFOUTEFTJHOBUFEBTDBTIGMPXIFEHFTDPOTJTUPG
-JBCJMJUZ'BJS7BMVF BU /PUJPOBM "NPVOUBU +BOVBSZ 1BZ'JYFE 3FDFJWF 4FUUMFNFOUBOE +BOVBSZ 'FCSVBSZ 3BUF 7BSJBCMF3BUF 5FSNJOBUJPO JONJMMJPOT JONJMMJPOT
NPOUI .POUIMZUISPVHI+VMZ *OUFSFTUSBUFTXBQT -*#03
NPOUI .POUIMZUISPVHI *OUFSFTUSBUFTXBQT -*#03 0DUPCFS
NPOUI .POUIMZUISPVHI *OUFSFTUSBUFTXBQT -*#03 0DUPCFS 5PUBM 5IFGBJSWBMVFPGUIFGJYFEJOUFSFTUSBUFTXBQTMJBCJMJUZJTJODMVEFEJOPUIFSBDDSVFEMJBCJMJUJFTPOUIFDPOTPMJEBUFECBMBODF TIFFUT
5IF$PNQBOZJTQBSUZUPGJYFEJOUFSFTUSBUFTXBQJOTUSVNFOUTUIBUBSFEFTJHOBUFEBOEBDDPVOUFEGPSBTDBTIGMPX IFEHFTUPNBOBHFSJTLTBTTPDJBUFEXJUIJOUFSFTUSBUFGMVDUVBUJPOTPOBQPSUJPOPGUIF$PNQBOZcTGMPBUJOHSBUFEFCU 5IFDPVOUFSQBSUJFTUPBMMTXBQBHSFFNFOUTBSFGJOBODJBMJOTUJUVUJPOT4FF/PUFGPSUIFVOSFBMJ[FEDIBOHFJOGBJS WBMVFTPODBTIGMPXIFEHFTSFDPHOJ[FEJOPUIFSDPNQSFIFOTJWFJODPNF MPTT BOEUIFBNPVOUTSFDMBTTJGJFEGSPN BDDVNVMBUFEPUIFSDPNQSFIFOTJWFJODPNF MPTT JOUPFBSOJOHTGPSUIFDVSSFOUBOEDPNQBSBUJWFQFSJPETQSFTFOUFE 5IF$PNQBOZFTUJNBUFTUIBUJUXJMMSFDMBTTJGZNJMMJPOPGVOSFBMJ[FEMPTTFTGSPNBDDVNVMBUFEPUIFS DPNQSFIFOTJWFMPTTJOUPFBSOJOHTJOUIFUXFMWFNPOUITGPMMPXJOH+BOVBSZ
0O0DUPCFS UIF$PNQBOZFYJUFEPOFPGJUTJOUFSFTUSBUFTXBQTBOEEJTDPOUJOVFEIFEHFBDDPVOUJOH5IF $PNQBOZSFDFJWFEDBTIQSPDFFETPGNJMMJPOVQPOUIFFBSMZTFUUMFNFOU5IFNJMMJPOPGEFGFSSFEHBJOTJO
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
BDDVNVMBUFEPUIFSDPNQSFIFOTJWFMPTTXJMMCFSFDMBTTJGJFEJOUPJOUFSFTUFYQFOTFPWFSUIFPSJHJOBMDPOUSBDUVBMUFSNPG UIFJOUFSFTUSBUFTXBQT XIJDIIBTBNBUVSJUZEBUFPG.BZ 'PSUIFZFBSTFOEFE+BOVBSZ BOE 'FCSVBSZ UIF$PNQBOZSFDMBTTJGJFENJMMJPOBOENJMMJPO SFTQFDUJWFMZ
/PUF`$IBOHFTJO"DDVNVMBUFE0UIFS$PNQSFIFOTJWF-PTTCZ$PNQPOFOU
5IFGPMMPXJOHUBCMFQSFTFOUTUIFDIBOHFTJOBDDVNVMBUFEPUIFSDPNQSFIFOTJWFMPTTBUUSJCVUBCMFUPUIF$PNQBOZcT EFGJOFECFOFGJUQMBOTBOEGJYFEJOUFSFTUSBUFTXBQDBTIGMPXIFEHFTUIBUBSFEJTDVTTFEJO/PUFBOE/PUF SFTQFDUJWFMZ
6OSFBMJ[FE(BJOT -PTTFT PO'JYFE *OUFSFTU3BUF %FGJOFE#FOFGJU 4XBQ$BTI'MPX 0CMJHBUJPO )FEHFT "EKVTUNFOU 5PUBM JONJMMJPOT 'FCSVBSZ f 0UIFSDPNQSFIFOTJWFJODPNFCFGPSFSFDMBTTJGJDBUJPOT f "NPVOUTSFDMBTTJGJFEGSPNBDDVNVMBUFEPUIFSDPNQSFIFOTJWF MPTT f *ODPNFUBYJNQBDU f /FUPUIFSDPNQSFIFOTJWFJODPNF f #BMBODFBU'FCSVBSZ ` 0UIFSDPNQSFIFOTJWFMPTTCFGPSFSFDMBTTJGJDBUJPOT f "NPVOUTSFDMBTTJGJFEGSPNBDDVNVMBUFEPUIFSDPNQSFIFOTJWF MPTT f *ODPNFUBYJNQBDU f /FUPUIFSDPNQSFIFOTJWFMPTT f #BMBODFBU'FCSVBSZ ` 0UIFSDPNQSFIFOTJWFMPTTCFGPSFSFDMBTTJGJDBUJPOT "NPVOUTSFDMBTTJGJFEGSPNBDDVNVMBUFEPUIFSDPNQSFIFOTJWF MPTT f *ODPNFUBYJNQBDU /FUPUIFSDPNQSFIFOTJWFMPTT #BMBODFBU+BOVBSZ 5IFBNPVOUSFDMBTTJGJFEGSPNBDDVNVMBUFEPUIFSDPNQSFIFOTJWFJODPNF MPTT JTJODMVEFEJOJOUFSFTUFYQFOTF 0QFOJOHCBMBODFSFGMFDUTUIFBNPVOUSFDMBTTJGJFEGSPNBDDVNVMBUFEPUIFSDPNQSFIFOTJWFJODPNFUPSFUBJOFEFBSOJOHT GSPNUIFBEPQUJPOPG"46
/PUF`-FBTFT
5IF$PNQBOZPDDVQJFTNPTUPGJUTGBDJMJUJFTVOEFSPQFSBUJOHMFBTFT$FSUBJOFRVJQNFOUBMTPJTMFBTFEVOEFSTIPSU UFSNPSDBODFMBCMFPQFSBUJOHMFBTFT
&GGFDUJWFVQPOUIFBEPQUJPOPG"46 UIF$PNQBOZSFDPHOJ[FTBSJHIUPGVTF 306 BTTFUBOEBMFBTF MJBCJMJUZVQPOUIFDPNNFODFNFOUPGJUTPQFSBUJOHMFBTFT5IFJOJUJBMMFBTFMJBCJMJUZJTFRVBMUPUIFGVUVSFGJYFE NJOJNVNMFBTFQBZNFOUTEJTDPVOUFEVTJOHUIF$PNQBOZcTJODSFNFOUBMCPSSPXJOHSBUF POBTFDVSFECBTJT5IF MFBTFUFSNJODMVEFTPQUJPOSFOFXBMQFSJPETBOEFBSMZUFSNJOBUJPOQBZNFOUTXIFOJUJTSFBTPOBCMZDFSUBJOUIBUUIF $PNQBOZXJMMFYFSDJTFUIPTFSJHIUT5IFJOJUJBMNFBTVSFNFOUPGUIF306BTTFUJTFRVBMUPUIFJOJUJBMMFBTFMJBCJMJUZ QMVTBOZJOJUJBMEJSFDUDPTUTBOEQSFQBZNFOUT MFTTBOZMFBTFJODFOUJWFT
5IF$PNQBOZSFDPHOJ[FTMFBTFDPTUTPOBTUSBJHIUMJOFCBTJTPWFSUIFSFNBJOJOHMFBTFUFSN FYDFQUGPSWBSJBCMF MFBTFQBZNFOUTUIBUBSFFYQFOTFEJOUIFQFSJPEJOXIJDIUIFPCMJHBUJPOGPSUIPTFQBZNFOUTJTJODVSSFE
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
'PSJUTGBDJMJUZMFBTFT UIF$PNQBOZDPNCJOFTBOEBDDPVOUTGPSMFBTFBOEOPOMFBTFDPNQPOFOUTUPHFUIFSBTB TJOHMFDPNQPOFOU5IF$PNQBOZEPFTOPUSFDPHOJ[FMFBTFMJBCJMJUJFTBOE306BTTFUTGPSGBDJMJUZMFBTFTXJUIPSJHJOBM UFSNTPGNPOUITPSMFTT306BTTFUTBSFFWBMVBUFEGPSJNQBJSNFOUBTBMPOHMJWFEBTTFU
5PUBMPQFSBUJOHMFBTFDPTUJTDPNQSJTFEPGUIFGPMMPXJOH
:FBS&OEFE *ODPNF4UBUFNFOUMJOFJUFN T +BOVBSZ JONJMMJPOT 0QFSBUJOHMFBTFDPTU $PTUPGSFWFOVFTBOETFMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT 0QFSBUJOHMFBTFDPTU "DRVJTJUJPOBOEJOUFHSBUJPODPTUT 7BSJBCMFMFBTFDPTU $PTUPGSFWFOVFTBOETFMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT 4IPSUUFSNMFBTFDPTU $PTUPGSFWFOVFTBOETFMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT 4VCMFBTFJODPNF $PTUPGSFWFOVFTBOETFMMJOH HFOFSBMBOEBENJOJTUSBUJWFFYQFOTFT 5PUBMMFBTFDPTU
5IF$PNQBOZT306BTTFUTBOEMFBTFMJBCJMJUJFTDPOTJTUFEPGUIFGPMMPXJOH
#BMBODF4IFFUMJOFJUFN +BOVBSZ JONJMMJPOT 0QFSBUJOHMFBTF306BTTFU 0QFSBUJOHMFBTFSJHIUPGVTFBTTFUT
0QFSBUJOHMFBTFDVSSFOUMJBCJMJUZ 0UIFSBDDSVFEMJBCJMJUJFT 0QFSBUJOHMFBTFOPODVSSFOUMJBCJMJUZ 0QFSBUJOHMFBTFMJBCJMJUJFT 5PUBMPQFSBUJOHMFBTFMJBCJMJUJFT
0UIFSTVQQMFNFOUBMPQFSBUJOHMFBTFJOGPSNBUJPODPOTJTUTPGUIFGPMMPXJOH
"TPGBOEGPSUIF UXFMWFNPOUITFOEFE +BOVBSZ EPMMBSTJONJMMJPOT $BTIQBJEGPSBNPVOUTJODMVEFEJOUIFNFBTVSFNFOUPGPQFSBUJOHMFBTFMJBCJMJUJFT 306BTTFUTPCUBJOFEJOFYDIBOHFGPSOFXPQFSBUJOHMFBTFPCMJHBUJPOT 8FJHIUFEBWFSBHFSFNBJOJOHMFBTFUFSN ZFBST 8FJHIUFEBWFSBHFEJTDPVOUSBUF
.BUVSJUJFTPGPQFSBUJOHMFBTFMJBCJMJUJFTBTPG+BOVBSZ XFSFBTGPMMPXT
'JTDBM:FBS&OEJOH 5PUBM JONJMMJPOT 5IFSFBGUFS 5PUBMNJOJNVNMFBTFQBZNFOUT -FTTJNQVUFEJOUFSFTU 1SFTFOUWBMVFPGPQFSBUJOHMFBTFMJBCJMJUJFT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
"TPG+BOVBSZ UIF$PNQBOZIBTSFOUBMDPNNJUNFOUTPGNJMMJPOGPSGBDJMJUZMFBTFTUIBUIBWFOPUZFU DPNNFODFE5IFTFPQFSBUJOHMFBTFTBSFFYQFDUFEUPDPNNFODFJOGJTDBMBOEIBWFBXFJHIUFEBWFSBHFMFBTF UFSNPGBQQSPYJNBUFMZZFBST 3FOUBMFYQFOTFGPSGBDJMJUJFTBOEFRVJQNFOUVOEFS"4$XBTNJMMJPOBOENJMMJPOJOGJTDBMBOE SFTQFDUJWFMZ'VUVSFNJOJNVNPQFSBUJOHMFBTFDPNNJUNFOUTVOEFS"4$BU'FCSVBSZ XFSF
'JTDBM:FBS&OEJOH JONJMMJPOT 5IFSFBGUFS 5PUBM
/PUF`#VTJOFTT4FHNFOU*OGPSNBUJPO
5IF$PNQBOZJTPSHBOJ[FEBTBNBUSJYDPNQSJTFEPGUISFFDVTUPNFSGBDJOHPQFSBUJOHTFHNFOUTTVQQPSUFECZB TPMVUJPOTBOEUFDIOPMPHZHSPVQ5IFUISFFPQFSBUJOHTFHNFOUTBSFSFTQPOTJCMFGPSDVTUPNFSSFMBUJPOTIJQT CVTJOFTT EFWFMPQNFOUBOEQSPHSBNNBOBHFNFOU BOEEFMJWFSZBOEFYFDVUJPO XIJMFUIFTPMVUJPOTBOEUFDIOPMPHZHSPVQ PSHBOJ[BUJPONBOBHFTUIFEFWFMPQNFOUPGPVSPGGFSJOHT TPMVUJPOTBOEDBQBCJMJUJFT&BDIPGUIF$PNQBOZcTUISFF PQFSBUJOHTFHNFOUTJTGPDVTFEPOQSPWJEJOHUIF$PNQBOZcTDPNQSFIFOTJWFUFDIOJDBM FOHJOFFSJOHBOEFOUFSQSJTF*5 TFSWJDFPGGFSJOHTUPPOFPSNPSFBHFODJFTPGUIF64GFEFSBMHPWFSONFOU5IF$PNQBOZTPQFSBUJOHTFHNFOUTBSF BHHSFHBUFEJOUPPOFSFQPSUBCMFTFHNFOUCFDBVTFUIFZIBWFTJNJMBSFDPOPNJDDIBSBDUFSJTUJDTBOENFFUUIFPUIFS BHHSFHBUJPODSJUFSJBXJUIJOUIFBDDPVOUJOHTUBOEBSEPOTFHNFOUSFQPSUJOH JODMVEJOHTJNJMBSJUJFTJOUIFOBUVSFPGUIF TFSWJDFTQSPWJEFE NFUIPETPGTFSWJDFEFMJWFSZ DVTUPNFSTTFSWFEBOEUIFSFHVMBUPSZFOWJSPONFOUJOXIJDIUIFZ PQFSBUF
4VCTUBOUJBMMZBMMPGUIF$PNQBOZcTSFWFOVFTXFSFHFOFSBUFECZ BOEUBOHJCMFMPOHMJWFEBTTFUTPXOFECZ FOUJUJFT MPDBUFEJOUIF6OJUFE4UBUFT"TTVDI GJOBODJBMJOGPSNBUJPOCZHFPHSBQIJDMPDBUJPOJTOPUQSFTFOUFE
*OFBDIPGGJTDBM BOEPWFSPGPVSUPUBMSFWFOVFTXFSFBUUSJCVUBCMFUPQSJNFDPOUSBDUTXJUIUIF 64HPWFSONFOUPSUPTVCDPOUSBDUTXJUIPUIFSDPOUSBDUPSTFOHBHFEJOXPSLGPSUIF64HPWFSONFOU
/PUF`-FHBM1SPDFFEJOHTBOE$PNNJUNFOUTBOE$POUJOHFODJFT
-FHBM1SPDFFEJOHT
5IF$PNQBOZJTJOWPMWFEJOWBSJPVTDMBJNTBOEMBXTVJUTBSJTJOHJOUIFOPSNBMDPOEVDUPGJUTCVTJOFTT OPOFPGXIJDI UIF$PNQBOZcTNBOBHFNFOUCFMJFWFT CBTFEPODVSSFOUJOGPSNBUJPO JTFYQFDUFEUPIBWFBNBUFSJBMBEWFSTFFGGFDU POUIF$PNQBOZcTGJOBODJBMQPTJUJPO SFTVMUTPGPQFSBUJPOTPSDBTIGMPXT
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
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
4DJUPS"DRVJTJUJPO 0O.BZ UIF$PNQBOZDPNQMFUFEUIFBDRVJTJUJPOPG4DJUPS BMFBEJOHHMPCBMQSPWJEFSPGUFDIOJDBMTFSWJDFTUP UIF64JOUFMMJHFODFDPNNVOJUZBOEPUIFS64HPWFSONFOUDVTUPNFST1VSDIBTFDPOTJEFSBUJPOQBJEUPBDRVJSF 4DJUPSXBTNJMMJPO OFUPGDBTIBDRVJSFE JODMVEJOHNJMMJPOXIJDIXBTEFQPTJUFEUPFTDSPXBDDPVOUT*O "VHVTU NJMMJPOXBTSFMFBTFEGSPNFTDSPXUPUIFTFMMFSTBGUFSGJOBMJ[JOHUIFXPSLJOHDBQJUBMBEKVTUNFOUBOE BOPUIFSNJMMJPOXBTSFMFBTFEJO4FQUFNCFSUIBUXBTIFMEUPTFDVSFBQPSUJPOPGUIFTFMMFSTcJOEFNOJGJDBUJPO PCMJHBUJPOT%VSJOHUIFGJSTURVBSUFSPGGJTDBM UIF$PNQBOZSFDFJWFEBNJMMJPOEJTUSJCVUJPOGSPNFTDSPXUP TFUUMFBDMBJN XIJDIXBTSFDPHOJ[FEBTBSFEVDUJPOUPTFMMJOH HFOFSBM BOEBENJOJTUSBUJWFDPTUT5IFSFJTOP SFNBJOJOHBNPVOUJOFTDSPX
(PWFSONFOU*OWFTUJHBUJPOT "VEJUTBOE3FWJFXT
5IF$PNQBOZJTSPVUJOFMZTVCKFDUUPJOWFTUJHBUJPOTBOESFWJFXTSFMBUJOHUPDPNQMJBODFXJUIWBSJPVTMBXTBOE SFHVMBUJPOTXJUISFTQFDU JOQBSUJDVMBS UPJUTSPMFBTBDPOUSBDUPSUPGFEFSBM TUBUFBOEMPDBMHPWFSONFOUDVTUPNFST BOEJODPOOFDUJPOXJUIQFSGPSNJOHTFSWJDFTJODPVOUSJFTPVUTJEFPGUIF6OJUFE4UBUFT64HPWFSONFOUBHFODJFT JODMVEJOHUIF%FGFOTF$POUSBDU"VEJU"HFODZ %$"" UIF%FGFOTF$POUSBDU.BOBHFNFOU"HFODZBOEPUIFST SPVUJOFMZBVEJUBOESFWJFXBDPOUSBDUPScTQFSGPSNBODFPOHPWFSONFOUDPOUSBDUT JOEJSFDUSBUFTBOEQSJDJOHQSBDUJDFT BOEDPNQMJBODFXJUIBQQMJDBCMFDPOUSBDUJOHBOEQSPDVSFNFOUMBXT SFHVMBUJPOTBOETUBOEBSET5IFZBMTPSFWJFXUIF BEFRVBDZPGUIFDPOUSBDUPScTDPNQMJBODFXJUIHPWFSONFOUTUBOEBSETGPSJUTCVTJOFTTTZTUFNT"EWFSTFGJOEJOHTJO UIFTFJOWFTUJHBUJPOT BVEJUT PSSFWJFXTDBOMFBEUPDSJNJOBM DJWJMPSBENJOJTUSBUJWFQSPDFFEJOHT BOEUIF$PNQBOZ DPVMEGBDFEJTBMMPXBODFPGQSFWJPVTMZCJMMFEDPTUT QFOBMUJFT GJOFT DPNQFOTBUPSZEBNBHFT BOETVTQFOTJPOPS EFCBSNFOUGSPNEPJOHCVTJOFTTXJUIHPWFSONFOUBMBHFODJFT%VFUPUIF$PNQBOZcTSFMJBODFPOHPWFSONFOU DPOUSBDUT BEWFSTFGJOEJOHTDPVMEBMTPIBWFBNBUFSJBMJNQBDUPOUIF$PNQBOZcTCVTJOFTT JODMVEJOHJUTGJOBODJBM QPTJUJPO SFTVMUTPGPQFSBUJPOTBOEDBTIGMPXT
5IFJOEJSFDUDPTUBVEJUTCZUIF%$""PGUIF$PNQBOZcTCVTJOFTTSFNBJOPQFOGPSDFSUBJOQSJPSZFBSTBOEUIFDVSSFOU ZFBS"MUIPVHIUIF$PNQBOZIBTSFDPSEFEDPOUSBDUSFWFOVFTCBTFEPOBOFTUJNBUFPGDPTUTUIBUUIF$PNQBOZ CFMJFWFTXJMMCFBQQSPWFEPOGJOBMBVEJU UIF$PNQBOZEPFTOPULOPXUIFPVUDPNFPGBOZPOHPJOHPSGVUVSFBVEJUT*G GVUVSFDPNQMFUFEBVEJUBEKVTUNFOUTFYDFFEUIF$PNQBOZcTSFTFSWFTGPSQPUFOUJBMBEKVTUNFOUT UIF$PNQBOZcT QSPGJUBCJMJUZDPVMECFNBUFSJBMMZBEWFSTFMZBGGFDUFE
5IF$PNQBOZIBTSFDPSEFESFTFSWFTGPSFTUJNBUFEOFUBNPVOUTUPCFSFGVOEFEUPDVTUPNFSTGPSQPUFOUJBM BEKVTUNFOUTGPSJOEJSFDUDPTUBVEJUTBOEDPNQMJBODFXJUI$PTU"DDPVOUJOH4UBOEBSET"TPG+BOVBSZ UIF $PNQBOZIBTSFDPSEFEBUPUBMMJBCJMJUZPGNJMMJPO XIJDIJTQSFTFOUFEJOPUIFSBDDSVFEMJBCJMJUJFTPOUIF DPOTPMJEBUFECBMBODFTIFFUT
-FUUFSTPG$SFEJUBOE4VSFUZ#POET
5IF$PNQBOZIBTPVUTUBOEJOHPCMJHBUJPOTSFMBUJOHUPMFUUFSTPGDSFEJUPGNJMMJPOBTPG+BOVBSZ QSJODJQBMMZSFMBUFEUPHVBSBOUFFTPOJOTVSBODFQPMJDJFT5IF$PNQBOZBMTPIBTPVUTUBOEJOHPCMJHBUJPOTSFMBUJOHUP TVSFUZCPOETJOUIFBNPVOUPGNJMMJPO QSJODJQBMMZSFMBUFEUPQFSGPSNBODFBOEQBZNFOUCPOETPOUIF$PNQBOZcT DPOUSBDUT
' 5BCMFPG$POUFOUT
4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ /05&4505)&$0/40-*%"5&%'*/"/$*"-45"5&.&/54
/PUF`4FMFDUFE2VBSUFSMZ'JOBODJBM%BUB 6OBVEJUFE
4FMFDUFEVOBVEJUFEGJOBODJBMEBUBGPSFBDIRVBSUFSPGUIFNPTUSFDFOUUXPGJTDBMZFBSTXBT
'JSTU 4FDPOE 5IJSE 'PVSUI 2VBSUFS 2VBSUFS 2VBSUFS 2VBSUFS JONJMMJPOT FYDFQUQFSTIBSFBNPVOUT 'JTDBM 3FWFOVFT 0QFSBUJOHJODPNF /FUJODPNF #BTJD&14 %JMVUFE&14 'JTDBM 3FWFOVFT 0QFSBUJOHJODPNF /FUJODPNF MPTT #BTJD&14 %JMVUFE&14 /PUF`4VCTFRVFOU&WFOUT
"HSFFNFOUUP"DRVJSF6OJTZT'FEFSBM
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
"DRVJTJUJPOSFMBUFEFYQFOTFTBTTPDJBUFEXJUI6OJTZT'FEFSBMXFSFNJMMJPOGPSGJTDBMBOEBSFJODMVEFEJO BDRVJTJUJPOBOEJOUFHSBUJPODPTUTPOUIFDPOTPMJEBUFETUBUFNFOUTPGJODPNF
%FCU'JOBODJOH
0O.BSDI UPGJOBODFUIFBDRVJTJUJPOPG6OJTZT'FEFSBM UIF$PNQBOZJODVSSFEJOEFCUFEOFTTPG NJMMJPOPG4FOJPS/PUFTEVFUISPVHIBQSJWBUFPGGFSJOHBOEBNFOEFEJUT5IJSE"NFOEFE3FTUBUFE $SFEJU"HSFFNFOUUPBEEBOFXTFWFOZFBSTFOJPSTFDVSFENJMMJPOJODSFNFOUBMUFSNMPBOGBDJMJUZ
"DDPVOUT3FDFJWBCMF'BDJMJUZ
0O+BOVBSZ UIF$PNQBOZFOUFSFEJOUPB.BTUFS"DDPVOUT3FDFJWBCMF1VSDIBTF"HSFFNFOU ."31" 'BDJMJUZ XJUI.6'(#BOL -UE GPSUIFTBMFPGDFSUBJOEFTJHOBUFEFMJHJCMFSFDFJWBCMFTXJUIUIF64HPWFSONFOU5IF ."31"'BDJMJUZIBTBOJOJUJBMUFSNPGPOFZFBS6OEFSUIF."31"'BDJMJUZ UIF$PNQBOZDBOTFMMFMJHJCMF SFDFJWBCMFT VQUPBNBYJNVNBNPVOUPGNJMMJPO*O'FCSVBSZ UIF$PNQBOZTPMEDFSUBJOPGPVS SFDFJWBCMFTGPSBHHSFHBUFQSPDFFETPGBQQSPYJNBUFMZNJMMJPO
' 4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ &9)*#*5*/%&9
&YIJCJU /VNCFS %FTDSJQUJPOPG&YIJCJU
%JTUSJCVUJPO"HSFFNFOUEBUFE4FQUFNCFS CFUXFFOUIF$PNQBOZ GPSNFSMZ4"*$(FNJOJ *OD BOE-FJEPT)PMEJOHT *OD GPSNFSMZ4"*$ *OD *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF $PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO0DUPCFS "HSFFNFOUBOE1MBOPG.FSHFS EBUFE4FQUFNCFS CZBOEBNPOH4DJFODF"QQMJDBUJPOT *OUFSOBUJPOBM$PSQPSBUJPO *OD B%FMBXBSFDPSQPSBUJPO &OHJMJUZ B%FMBXBSFDPSQPSBUJPO BOE 3BQUPST.FSHFS4VC *OD B%FMBXBSFDPSQPSBUJPO 1VSTVBOUUP*UFN C PG3FHVMBUJPO4, UIFSFHJTUSBOUIFSFCZBHSFFTUPTVQQMFNFOUBMMZGVSOJTIUPUIF4FDVSJUJFTBOE&YDIBOHF$PNNJTTJPO VQPOSFRVFTUBOZPNJUUFETDIFEVMFPSFYIJCJUUPUIF"HSFFNFOUBOE1MBOPG.FSHFS *ODPSQPSBUFE CZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO 4FQUFNCFS
"TTFU1VSDIBTF"HSFFNFOU EBUFE'FCSVBSZ CZBOEBNPOH4DJFODF"QQMJDBUJPOT *OUFSOBUJPOBM$PSQPSBUJPO *OD B%FMBXBSFDPSQPSBUJPOBOE6OJTZT$PSQPSBUJPO B%FMBXBSF DPSQPSBUJPO*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZT$VSSFOU3FQPSUPO'PSN, BTGJMFEXJUIUIF4&$PO'FCSVBSZ
"NFOEFEBOE3FTUBUFE$FSUJGJDBUFPG*ODPSQPSBUJPO*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF $PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO0DUPCFS "NFOEFEBOE3FTUBUFE#ZMBXT*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT$VSSFOU 3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO+VOF %FTDSJQUJPOPG4FDVSJUJFT *OEFOUVSF EBUFE.BSDI CZBOEBNPOH4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO UIF HVBSBOUPSTQBSUZUIFSFUPBOE64#BOL/BUJPOBM"TTPDJBUJPO BTUSVTUFF*ODPSQPSBUFECZSFGFSFODF UP&YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,GJMFEXJUIUIF4&$PO.BSDI 5IJSE"NFOEFEBOE3FTUBUFE$SFEJU"HSFFNFOUCZBOEBNPOH4"*$ $JUJCBOL BTBENJOJTUSBUJWF BHFOUBOEDPMMBUFSBMBHFOU BOEDFSUBJOPUIFSBHFOUTBOEMFOEFSTQBSUZUIFSFUP EBUFE0DUPCFS *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,BT GJMFEXJUIUIF4&$PO/PWFNCFS 'JSTU"NFOENFOUUPUIF5IJSE"NFOEFEBOE3FTUBUFE$SFEJU"HSFFNFOUCZBOEBNPOH4"*$ $JUJCBOL BTBENJOJTUSBUJWFBHFOUBOEDPMMBUFSBMBHFOU BOEDFSUBJOPUIFSBHFOUTBOEMFOEFSTQBSUZ UIFSFUP EBUFE'FCSVBSZ *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT $VSSFOU3FQPSUPO'PSN,GJMFEXJUIUIF4&$PO'FCSVBSZ 4FDPOE"NFOENFOU EBUFE.BSDI UP5IJSE"NFOEFEBOE3FTUBUFE$SFEJU"HSFFNFOU EBUFE0DUPCFS CZBOEBNPOH4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO $JUJCBOL /" BTBENJOJTUSBUJWFBHFOUBOEDPMMBUFSBMBHFOU BOEDFSUBJOPUIFSBHFOUTBOEMFOEFSTQBSUZ UIFSFUP*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN, GJMFEXJUIUIF4&$PO.BSDI 4FDPOE"NFOENFOUUPUIF4FDPOE"NFOEFEBOE3FTUBUFE$SFEJU"HSFFNFOU EBUFE'FCSVBSZ CZBOEBNPOHUIF$PNQBOZ $JUJCBOL/"BTBENJOJTUSBUJWFBHFOUBOEDPMMBUFSBMBHFOU BOE DFSUBJOPUIFSMFOEFSTBOEQBSUJFTUIFSFUP*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF $PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO'FCSVBSZ 'JSTU"NFOENFOUUPUIF4FDPOE"NFOEFEBOE3FTUBUFE$SFEJU"HSFFNFOU EBUFE"VHVTU CZBOEBNPOHUIF$PNQBOZ $JUJCBOL/"BTBENJOJTUSBUJWFBHFOUBOEDPMMBUFSBMBHFOU BOEDFSUBJO PUIFSMFOEFSTBOEQBSUJFTUIFSFUP*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT $VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO"VHVTU 4FDPOE"NFOEFEBOE3FTUBUFE$SFEJU"HSFFNFOU EBUFE.BZ CZBOEBNPOHUIF$PNQBOZ $JUJCBOL/"BTBENJOJTUSBUJWFBHFOUBOEDPMMBUFSBMBHFOU BOE#BOLPG"NFSJDB /" BTB TZOEJDBUJPOBHFOU BOEDFSUBJOPUIFSMFOEFSTBOEQBSUJFTUIFSFUP*ODPSQPSBUFECZSFGFSFODFUP &YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO.BZ
' 4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ &9)*#*5*/%&9
&YIJCJU /VNCFS %FTDSJQUJPOPG&YIJCJU
.BTUFS"DDPVOUT3FDFJWBCMF1VSDIBTF"HSFFNFOU EBUFE+BOVBSZ BNPOH4DJFODF "QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO &OHJMJUZ4FSWJDFT --$ BOE.6'(#BOL -UE*ODPSQPSBUFE CZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO 'FCSVBSZ 1FSGPSNBODF6OEFSUBLJOH +BOVBSZ NBEFCZ4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM $PSQPSBUJPOJOGBWPSPG.6'(#BOL -UE*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF $PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO'FCSVBSZ "NFOENFOU/PUP.BTUFS"DDPVOUT3FDFJWBCMF1VSDIBTF"HSFFNFOU EBUFE.BSDI BNPOH4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO &OHJMJUZ4FSWJDFT --$ BOE.6'(#BOL -UE*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,BT GJMFEXJUIUIF4&$PO.BSDI 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO.BOBHFNFOU4UPDL$PNQFOTBUJPO1MBO FGGFDUJWF 4FQUFNCFS *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT3FHJTUSBUJPO 4UBUFNFOUPO'PSN4BTGJMFEXJUIUIF4&$PO4FQUFNCFS 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO,FZ&YFDVUJWF4UPDL%FGFSSBM1MBO FGGFDUJWF 4FQUFNCFS *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT3FHJTUSBUJPO 4UBUFNFOUPO'PSN4BTGJMFEXJUIUIF4&$PO4FQUFNCFS 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO&NQMPZFF4UPDL1VSDIBTF1MBO FGGFDUJWF 0DUPCFS *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT3FHJTUSBUJPO4UBUFNFOU PO'PSN4BTGJMFEXJUIUIF4&$PO4FQUFNCFS 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO L &YDFTT%FGFSSBM1MBO FGGFDUJWF4FQUFNCFS *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT3FHJTUSBUJPO4UBUFNFOUPO 'PSN4BTGJMFEXJUIUIF4&$PO4FQUFNCFS 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO3FUJSFNFOU1MBO FGGFDUJWF4FQUFNCFS *ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT3FHJTUSBUJPO4UBUFNFOUPO'PSN4BT GJMFEXJUIUIF4&$PO4FQUFNCFS 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO"NFOEFEBOE3FTUBUFE&RVJUZ*ODFOUJWF1MBO FGGFDUJWF+VOF *ODPSQPSBUFECZSFGFSFODFUP"QQFOEJY"UPUIF$PNQBOZcT%FGJOJUJWF1SPYZ 4UBUFNFOUPO4DIFEVMF"BTGJMFEXJUIUIF4&$PO"QSJM 'PSNPG3FTUSJDUFE4UPDL6OJU"XBSE"HSFFNFOU .BOBHFNFOU PGUIF4DJFODF"QQMJDBUJPOT *OUFSOBUJPOBM$PSQPSBUJPO&RVJUZ*ODFOUJWF1MBO*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUP UIF$PNQBOZcT2VBSUFSMZ3FQPSUPO'PSN2BTGJMFEXJUIUIF4&$PO%FDFNCFS 'PSNPG3FTUSJDUFE4UPDL6OJU"XBSE"HSFFNFOUPGUIF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM $PSQPSBUJPO&RVJUZ*ODFOUJWF1MBO*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF $PNQBOZcT"OOVBM3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO"QSJM 'PSNPG/POTUBUVUPSZ4UPDL0QUJPO"HSFFNFOUPGUIF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO &RVJUZ*ODFOUJWF1MBO*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT"OOVBM 3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO"QSJM 'PSNPG1FSGPSNBODF4IBSF"XBSE"HSFFNFOUPGUIF4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO &RVJUZ*ODFOUJWF1MBO*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT"OOVBM 3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO"QSJM %FGFSSFE$PNQFOTBUJPO1MBO FGGFDUJWF+BOVBSZ *ODPSQPSBUFECZSFGFSFODFUP&YIJCJU PGUIF$PNQBOZcT"OOVBM3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO.BSDI 4"*$&YFDVUJWF4FWFSBODFBOE$IBOHFPG$POUSPM1PMJDZ FGGFDUJWF"VHVTU *ODPSQPSBUFECZ SFGFSFODFUP&YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO +VOF
' 4$*&/$&"11-*$"5*0/4*/5&3/"5*0/"-$03103"5*0/ &9)*#*5*/%&9
&YIJCJU /VNCFS %FTDSJQUJPOPG&YIJCJU
.BTUFS5SBOTJUJPO4FSWJDFT"HSFFNFOUEBUFE4FQUFNCFS CFUXFFOUIF$PNQBOZ GPSNFSMZ 4"*$(FNJOJ *OD BOE-FJEPT)PMEJOHT *OD GPSNFSMZ4"*$ *OD *ODPSQPSBUFECZSFGFSFODFUP &YIJCJUUPUIF$PNQBOZcT$VSSFOU3FQPSUPO'PSN,BTGJMFEXJUIUIF4&$PO0DUPCFS 4DJFODF"QQMJDBUJPOT*OUFSOBUJPOBM$PSQPSBUJPO5IJSE"NFOEFEBOE3FTUBUFE-POH5FSN 1FSGPSNBODF1MBO*ODPSQPSBUFECZSFGFSFODFUP&YIJCJUUPUIF$PNQBOZT"OOVBM3FQPSUPO 'PSN,BTGJMFEXJUIUIF4&$PO.BSDI .BTUFS5SBOTJUJPOBM$POUSBDUJOH"HSFFNFOUCFUXFFOUIF$PNQBOZ GPSNFSMZ4"*$(FNJOJ *OD BOE -FJEPT)PMEJOHT *OD GPSNFSMZ4"*$ *OD EBUFE4FQUFNCFS *ODPSQPSBUFECZSFGFSFODFUP &YIJCJUUPUIF$PNQBOZc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
$PNQFOTBUJPO1MBOTBOE"SSBOHFNFOUT
' STOCKHOLDER INFORMATION
CORPORATE HEADQUARTERS CERTIFICATIONS Science Applications International Corporation (SAIC) 7KH&(2&)2FHUWLÀFDWLRQVUHTXLUHGWREHÀOHGZLWKWKH 12010 Sunset Hills Road Securities and Exchange Commission pursuant to Section Reston, VA 20190 302 of the Sarbanes-Oxley Act are included as Exhibits 703.676.4300 31.1 and 31.2 on our Annual Report on Form 10-K. In Website: www.saic.com DGGLWLRQDQDQQXDO&(2FHUWLÀFDWLRQZDVVXEPLWWHGE\ the company’s CEO to the NYSE on June 11, 2019 in STOCK LISTING accordance with NYSE’s listing standards. SAIC common stock is traded on the New York Stock Exchange (NYSE) under the trading symbol SAIC. INVESTOR RELATIONS Questions from stockholders, analysts, TRANSFER AGENT AND REGISTRAR and others can be directed to: Computershare Shane P. Canestra Suite 1600 Vice President of Investor Relations 462 S. 4th Street Louisville, KY 40202 SAIC 855.679.7242 12010 Sunset Hills Road Website: www.computershare.com/saic Reston, VA 20190 703.676.2720 INDEPENDENT REGISTERED [email protected] PUBLIC ACCOUNTING FIRM Website: investors.saic.com Ernst & Young LLP 1775 Tysons Boulevard McLean, VA 22102
VIRTUAL ANNUAL MEETING The Annual Meeting of Stockholders is scheduled to be held virtually via webcast on June 3, 2020 (9:00 a.m. ET) at www.virtualshareholdermeeting.com/SAIC2020.
Instructions on how to participate online will be included in the Proxy Statement.
© Science Applications International Corporation. All rights reserved. The SAIC logo is a registered trademark of Science Applications International Corporation in the United States and/or other countries. 3ULQWHGRQSDSHUWKDWFRQWDLQVUHF\FOHGÀEHU CORPORATE DIRECTORY
BOARD OF DIRECTORS
DONNA MOREA JOHN HAMRE KATHARINA MCFARLAND Chair of the Board, Director Director Director
NAZZIC KEENE YVETTE KANOUFF STEVEN SHANE Chief Executive Officer, Director Director Director
BOB BEDINGFIELD DAVID KERKO Director Director
CAROL GOODE TIMOTHY MAYOPOULOS Director Director
EXECUTIVE LEADERSHIP TEAM
NAZZIC KEENE* CHRIS DONAGHEY MICHAEL LAROUCHE* Chief Executive Officer Senior Vice President, Executive Vice President, Corporate Development National Security Group STEVEN MAHON* General Manager Executive Vice President, MARK ESCOBAR General Counsel and Corporate Executive Vice President, JIM SCANLON* Secretary Chief of Business Operations Executive Vice President, Defense Systems Group CHARLIE MATHIS* BOB GENTER* General Manager Executive Vice President, Executive Vice President, Chief Financial Officer Civilian Markets Group General Manager MICHELLE O’HARA* Executive Vice President, JOSH JACKSON Chief Human Resources Officer Executive Vice President, Solutions and Technology Group General Manager
* Section 16 officers FISCAL YEAR 2020 ANNUAL REPORT
CORPORATE HEADQUARTERS 12010 Sunset Hills Road Reston, VA 20190
www.saic.com
© SAIC. All rights reserved.