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"DRVJSFE JNNVOF EFGJDJFODZ TZOESPNF "*%4 JT B TFU PG
EFWBTUBUJOHJOGFDUJPOTUIBUBSFBDPOTFRVFODFPG)*7JOGFDUJPO
"*%4 XBT GJSTU SFDPHOJTFE BT B OFX EJTFBTF JO  XIFO B
OVNCFSPGZPVOHHBZNFOJOUIF6OJUFE4UBUFTXFSFEJBHOPTFE
XJUI TZNQUPNT OPU VTVBMMZ TFFO JO JOEJWJEVBMT XJUI IFBMUIZ
JNNVOFTZTUFNT.BOZOFXDBTFTXFSFTPPOEJTDPWFSFEPGXIBU

BQQFBSFEUPCFBEJTFBTFBTTPDJBUFEXJUIUIFCSFBLEPXOPGUIF
CPEZTJNNVOFPSOBUVSBMEFGFODFTZTUFN8JUIJOBGFXNPOUIT
UIF TBNF TUSBOHF TFU PG TZNQUPNT XBT CFJOH TFFO JO GFNBMF
QBUJFOUTBOEIBFNPQIJMJBDTBOECFGPSFMPOHJOKFDUJPOESVHVTFST
BOE UIFJS OPOESVHVTJOH TFY QBSUOFST BOE DIJMESFO XFSF BMTP
CFJOHEJBHOPTFEXJUI"*%4
 "MUIPVHIMJGFFYUFOEJOHUSFBUNFOUTFYJTU"*%4JTBGBUBMEJTFBTF
3FTFBSDIFSTDPOUJOVFUPUSZUPEFWFMPQWBDDJOFTBOEVMUJNBUFMZB
DVSF'PSUIFNPNFOUIPXFWFSQSFWFOUJPOPGUSBOTNJTTJPOBOE
MJGFMPOHUSFBUNFOUSFNBJOUIFPOMZNFUIPETPGDPOUSPM
(FOEFS
(FOEFS JT OPU B TZOPOZN GPS TFY (FOEFS SFGFST UP UIF XJEFMZ
TIBSFEFYQFDUBUJPOTBOEOPSNTXJUIJOBTPDJFUZBCPVUBQQSPQSJBUF
NBMFBOEGFNBMFCFIBWJPVSBOESPMFT*ONPTUQMBDFTUIFSFJTB
EJTUJODUBOEVOFRVBMEJGGFSFODFCFUXFFOXPNFOBOENFOTSPMFT
BDDFTT UP SFTPVSDFT BOE EFDJTJPONBLJOH BVUIPSJUZ 5ZQJDBMMZ
NFOBSFTFFOBTCFJOHSFTQPOTJCMFGPSUIFQSPEVDUJWFBDUJWJUJFT

PVUTJEFUIFIPNFXIJMFXPNFOBSFFYQFDUFEUPCFSFTQPOTJCMF
GPSBDUJWJUJFTXJUIJOUIFIPNFBOEGBNJMZMJGF
 5IF QPXFS CBMBODF JO HFOEFS SFMBUJPOT UIBU VTVBMMZ GBWPVST
NFOUSBOTMBUFTJOUPBOVOFRVBMQPXFSCBMBODFJOIFUFSPTFYVBM
JOUFSBDUJPOT5IJT SFTVMUT JO NBMF QMFBTVSF TVQFSTFEJOH GFNBMF
QMFBTVSFBOENFOIBWJOHHSFBUFSDPOUSPMUIBOXPNFOPWFSXIFO
XIFSFBOEIPXTFYUBLFTQMBDF"OVOEFSTUBOEJOHPGJOEJWJEVBM
TFYVBMCFIBWJPVSNBMFPSGFNBMFOFDFTTJUBUFTBOVOEFSTUBOEJOH
PGHFOEFSBOETFYVBMJUZBTDPOTUSVDUFECZBDPNQMFYJOUFSQMBZPG
TPDJBMDVMUVSBMBOEFDPOPNJDGPSDFT
4FYVBMJUZ
4FYVBMJUZJTEJTUJODUGSPNHFOEFSZFUDMPTFMZBTTPDJBUFEXJUIJU
*UJTUIFTPDJBMDPOTUSVDUJPOPGBCJPMPHJDBMESJWF"OJOEJWJEVBMµT
TFYVBMJUZ JT EFGJOFE CZ XIPNIF PS TIFIBT TFY XJUIJO XIBU
)*7"*%4TFYVBM
SFQSPEVDUJWFIFBMUIBOESJHIUTBOE
HFOEFS°JOUJNBUFMZSFMBUFE
5)&%"/*4)/(0/&5803,0/"*%4"/%%&7&-01.&/5
"NBOVBMGPS/(0T
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XBZTXIZVOEFSXIBUDJSDVNTUBODFTBOEXJUIXIBUPVUDPNFT
*UJTFYQFSJFODFEBOEFYQSFTTFEJOUIPVHIUTGBOUBTJFTEFTJSFT
CFMJFGT BUUJUVEFT WBMVFT CFIBWJPVST QSBDUJDFT SPMFT BOE
SFMBUJPOTIJQT6MUJNBUFMZTPDJBMSVMFTBTEFGJOFE CZ POFµTTFY
BHFTPDJPFDPOPNJDTUBUVTFUIOJDJUZBOEPUIFSGBDUPSTJOGMVFODF
BOJOEJWJEVBMµTTFYVBMJUZ
3FQSPEVDUJWFIFBMUI
"DDPSEJOH UP UIF *OUFSOBUJPOBM $POGFSFODF PO 1PQVMBUJPO BOE
%FWFMPQNFOU*$1%QMBOPGBDUJPOSFQSPEVDUJWFIFBMUIJT
 " TUBUF PG DPNQMFUF QIZTJDBM NFOUBM BOE TPDJBM XFMM

 CFJOH JO BMM NBUUFST SFMBUJOH UP UIF SFQSPEVDUJWF TZTUFN
 BOE UP JUT GVODUJPOT BOE QSPDFTTFT *U JNQMJFT UIBU QFPQMF
 IBWF UIF DBQBCJMJUZ UP SFQSPEVDF BOE UIF GSFFEPN UP
 EFDJEF JG XIFO BOE IPX PGUFO UP EP TP *NQMJDJU JO UIJT
 JT UIFSJHIUPG NFO BOEXPNFOUP CF JOGPSNFEBOEUPIBWF
 BDDFTT UP TBGF FGGFDUJWF BGGPSEBCMF BOE BDDFQUBCMF
 NFUIPET PG GBNJMZ QMBOOJOH PG UIFJS DIPJDF 3FQSPEVDUJWF
 IFBMUI DBSF BMTP JODMVEFT TFYVBM IFBMUI UIF QVSQPTF PG
 XIJDIJTUIFFOIBODFNFOUPGMJGFBOEQFSTPOBMSFMBUJPOT

"EESFTTJOHUIFSPPUDBVTFTPGHFOEFSJOFRVBMJUZ
BOEQPWFSUZ
*OUIFTFBSDIGPSTVTUBJOBCMFTPMVUJPOTUPUIFDPOUJOVPVTTQSFBE
PG)*7"*%4BOEUIFMBDLPGGVMGJMNFOUPG43)3JUJTJNQPSUBOU
UP JEFOUJGZ BOE BEESFTT UIF SPPU DBVTFT (FOEFS JOFRVBMJUZ
BOE QPWFSUZ BSF UXP FYUSFNFMZ JNQPSUBOU GBDUPST UIBU CPUI
GVFM UIF )*7"*%4 FQJEFNJD BOE BDU BT TUSVDUVSBM CBSSJFST GPS
JNQSPWFNFOUTXJUIJOUIFTFBSFBT
 ²#PUI TFYVBM BOE SFQSPEVDUJWF JMMIFBMUIBOE)*7BSFSPPUFE
 JO UIF TBNF TPDJBM QBUIPMPHJFT JODMVEJOH VOFRVBM HFOEFS
 SFMBUJPOT TFYVBM WJPMFODF EJTDSJNJOBUJPO BHBJOTU TFYVBM
 NJOPSJUJFT DPOGMJDU BOE QPWFSUZ³ TFF XXXDPVOUEPXO
 PSHGPSNPSFJOGPSNBUJPOPOUIJTJTTVF
 (FOEFS OPSNT JO MPXJODPNF DPVOUSJFT PGUFO EJDUBUF UIBU
XPNFOBOEHJSMTTIPVMECFJHOPSBOUBOEQBTTJWFBCPVUTFY5IJT
HSFBUMZDPOTUSBJOT UIFJSBCJMJUZUPOFHPUJBUFTBGFSTFY PS BDDFTT
BQQSPQSJBUFTFSWJDFT%VFUPUIFPGUFOVOFRVBMQPXFSSFMBUJPOT
CFUXFFO NFO BOE XPNFO XPNFO IBWF NVDI MFTT BDDFTT
UIBONFOUPLFZQSPEVDUJWFSFTPVSDFTTVDIBTFEVDBUJPOMBOE
JODPNF DSFEJU BOE FNQMPZNFOU XIJDI TJHOJGJDBOUMZ SFEVDFT

UIFJSMFWFSBHFJOOFHPUJBUJOHQSPUFDUJPOXJUIUIFJSQBSUOFSTBOE
HSFBUMZBGGFDUTUIFJSBCJMJUZUPDPQFXJUIUIFJNQBDUPGJMMIFBMUI
'VSUIFSNPSF NBOZ XPNFO BOE HJSMT FYQFSJFODF B IJHI SJTL
PG VOXBOUFE QSFHOBODJFT WJPMFODF BOE TFYVBMMZ USBOTNJUUFE
JOGFDUJPOT'PSNFOBOECPZTPOUIFPUIFSIBOEHFOEFSOPSNT
DSFBUF TPDJBM QSFTTVSF UP UBLF SJTLT CF TFMGSFMJBOU BOE QSPWF
UIFJSNBOIPPECZIBWJOHTFYXJUINVMUJQMFQBSUOFST4VDIOPSNT
FYQPTFNFOBOECPZTUPUIFSJTLPGJOGFDUJPOBOEDSFBUFCBSSJFST
UPUIFJSVTFPG)*7"*%4QSFWFOUJPODBSFPSTVQQPSUTFSWJDFT
 *O BEEJUJPO UPHFOEFS JOFRVBMJUZ JU JTJNQPSUBOU UPSFDPHOJTF
QPWFSUZ BT BOPUIFS JNQPSUBOU GBDUPS JO UIF DPOUJOVPVT TQSFBE
PG)*7JOGFDUJPOTBOEUIFDVSSFOUSFQSPEVDUJWFIFBMUITJUVBUJPO
1PWFSUZ SFTVMUT JO QPPS MJWJOH DPOEJUJPOT NBMOVUSJUJPO QPPS
IFBMUI TUBUVT BOE MPX MFWFMT PG FEVDBUJPO SFTVMUJOH JO MPX
MFWFMTPGMJUFSBDZXIJDIXIFODPNCJOFEDBOMFBEUPMPXMBCPVS
QSPEVDUJWJUZ 'VSUIFSNPSF MBDL PG FDPOPNJD SFTPVSDFT JT B
IJOESBODF GPS QFPQMF UP TFFL NFEJDBM IFMQ GSPN IFBMUIDBSF
GBDJMJUJFT XIFO SFRVJSFE 5IF DPNCJOBUJPO PG NBMOVUSJUJPO BOE
WJUBNJO" EFGJDJFODZXFBLFOTUIFJNNVOFTZTUFNBOEUIFSFCZ
JODSFBTFTUIFTVTDFQUJCJMJUZUP)*7BOE)*7USBOTNJTTJPO1PWFSUZ
DBO BMTP CF BO JNQPSUBOU CBSSJFS UP CFIBWJPVS DIBOHF GPS )*7
QSFWFOUJPOCFDBVTFJUEJGGJDJMJUBUFTUIFBDRVJTJUJPOPGUIFNFBOTUP
QSPUFDUJPOTVDIBTDPOEPNTPSDMFBOOFFEMFTBOETZSJOHFT1PPS
IPVTFIPMET BSF BMTP PGUFOQPMJUJDBMMZ BOE TPDJBMMZNBSHJOBMJTFE
BOEDBOUIFSFGPSFCFIBSEUPSFBDIXJUIQSPHSBNNFTBEESFTTJOH
TFYVBMCFIBWJPVSDIBOHFBOEIBSNSFEVDUJPO
 'JOBMMZBTBOJODSFBTJOHOVNCFSPGXPNFOCFDPNFJOGFDUFE
TPEPDIJMESFOFJUIFSEVSJOHQSFHOBODZPSUISPVHICSFBTUGFFEJOH
1PPS QFPQMF PGUFO EP OPU BDDFTT BOUFOBUBM DBSF BOE BSF NPSF


)*7"*%4TFYVBMSFQSPEVDUJWFIFBMUIBOESJHIUTBOEHFOEFS°JOUJNBUFMZSFMBUFE

3FTPVSDFT
MJLFMZ UP HJWF CJSUI XJUIPVU BQQSPQSJBUFMZ TLJMMFE BUUFOEBOUT
XIJDINFBOTUIBUNPTUQPPSXPNFOEPOPUSFDFJWFUIFOFDFTTBSZ
USFBUNFOU UP QSFWFOU UIFJS DIJMESFO GSPN CFDPNJOH JOGFDUFE
'VSUIFSNPSF UIFZ DBOOPU BGGPSE UP CVZ GPSNVMB NJML BOE BSF
UIFSFGPSF VOBCMF UP BWPJE UIF SJTL PG USBOTNJUUJOH UIF WJSVT CZ
CSFBTUGFFEJOH "OEJGUIFZEPDIPPTFOPUUPCSFBTUGFFE UIFTF
XPNFO BSF PGUFO TUJHNBUJTFE BT CFJOH CPUI )*7 QPTJUJWF BOE
²CBE³NPUIFST
.BMFJOWPMWFNFOUJOBEESFTTJOHSFQSPEVDUJWF
IFBMUIBOE)*7"*%4
'PSNBOZZFBSTSFQSPEVDUJWFIFBMUIJOJUJBUJWFTGPDVTFEPOXPNFO
BMPOF )PXFWFS EVSJOH UIF MBTU EFDBEF UIF OFFE GPS HSFBUFS
JOWPMWFNFOU PG NFO IBT CFDPNF JODSFBTJOHMZ DMFBS $IBOHJOH
NFOµTBUUJUVEFT BOE CFIBWJPVSCZ JOWPMWJOHUIFN JO )*7"*%4
BOE43)3QSPHSBNNFTJTOPXSFDPHOJTFEBTBLFZTUSBUFHZUP
JNQSPWFUIFIFBMUIPGXPNFOBOEDIJMESFO*UJTIPQFEUIBUUIFTF
QSPHSBNNFTNBZIFMQNFOJNQSPWFUIFJSVOEFSTUBOEJOHPGUIFJS
PXO JEFOUJUZ NBTDVMJOJUZ CFIBWJPVS BOE SFQSPEVDUJWF IFBMUI
OFFET BOE BMTP IFMQ UP QSPNPUF HFOEFS FRVBMJUZ *ODSFBTJOH
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BSUJDMF BMTP EFTDSJCFT PUIFS TFYVBM BOE SFQSPEVDUJWF IFBMUI
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5IJT NFTTBHF JT NVDI FBTJFS UP JOUFSOBMJTF POBDF B TFDUPS
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QSPDFTT BMTP SFRVJSFT FYUSBTUBGG UJNF TFF NPSFBCPVU IPX UP
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UIF TFOJPS NBOBHFNFOU " HFOFSBM DPNNJUNFOU CZ UIF TUBGG
JT DSVDJBM UP JOJUJBUF TVDI B QSPDFTT *UJT JNQPSUBOU GPSTUBGG UP
VOEFSTUBOEUIBUNBJOTUSFBNJOHJTOPUKVTUBOPUIFSBENJOJTUSBUJWF
NBOUSBCVUBDUVBMMZDBOBOEPGUFOXJMMMFBEUPNBOZDIBOHFTJO

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DPNNPOTUSBUFHZIPXFWFSJUJTJNQPSUBOUUIBUJUEPFTOPUUBLF
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DBSSJFE PVU NBOZ TUBGG PSJFOUBUJPOT BOE USBJOJOHT BOE BMTP IBWF
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MJWFMJIPPETQSPHSBNNF*OUIJTQSPHSBNNFUIFTUBGGSFBMJTFEUIBU
DFSUBJOBDUJWJUJFTXFSFOPUBDDFTTJCMFPSSFMFWBOUUPGBNJMJFTCBEMZ
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8PNFOBOEHJSMTJOQBSUJDVMBSCFBSJODSFBTJOHCVSEFOTPGGBSNJOH
BOE DBSJOH GPS PUIFST 4PNF BDUJWJUJFT XFSF UIFSFGPSF NPEJGJFE
UP UBLF JOUP BDDPVOU IPX "*%4 MJNJUT QFPQMFµT BCJMJUZ UP FOHBHF
JOBHSJDVMUVSF'PSFYBNQMFJO SFMBUJPOUPBOJNBMIVTCBOESZ MFTT
FNQIBTJTXBTQVUPOHPBUTBOENPSFPOTNBMMFSMJWFTUPDLXIJDI
BSFFBTJFSUPDBSFGPSDBOCFLFQUOFBSUIFIPNFBOEDSFBUFIJHIFS
SFUVSOTPGGPPEBOEDBTI4JNJMBSMZPUIFSBTQFDUTXFSFNPEJGJFEJO

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JTQPWFSUZ)PXFWFSJUJTBWJDJPVTTQJSBMBTUIFJNQBDUPG"*%4
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QSPHSBNNF QMBOOJOH BOE EPOPS EFDJTJPOT PO )*7 QSFWFOUJPO
BOE BEWPDBUF GPS B DPNQSFIFOTJWF SFTQPOTF UP )*7"*%4 UIBU
JOUFHSBUFTQSFWFOUJPOBOEDBSF
Q /PSEJD"GSJDB*OTUJUVUF.PEFMTGPS-JGF"EWBODJOHBOUJSFUSPWJSBM
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5IJTXPSLJOHQBQFSEJTDVTTFTIPX/(0TDBOQSPNPUFFRVJUBCMF
BDDFTTUPBOUJSFUSPWJSBMUIFSBQZJOTVC4BIBSBO"GSJDB#BTFEPO
UXPXPSLTIPQTPSHBOJTFECZ"JETOFUUIF/PSEJD"GSJDB*OTUJUVUF
BOE 3PTLJMEF 6OJWFSTJUZ UIF QBQFS TIPXT IPX BOUJSFUSPWJSBM
UIFSBQZSFQSFTFOUTBXJOEPXPGIPQFCVUBMTPXIBUBDIBMMFOHFJU
JTUPXPSLXJUIIPMJTUJDBQQSPBDIFTUP)*7"*%4QSFWFOUJPODBSF
BOEUSFBUNFOU
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6TJOH TDJFOUJGJD FWJEFODF )BSN 3FEVDUJPO 2VFTUJPOT BOE
"OTXFST CSJFGMZ FYQMBJOT XIZ IBSN SFEVDUJPO QSPHSBNNFT
FGGFDUJWFMZ SFEVDF UIF JOEJWJEVBM BOE TPDJFUBM EBNBHF DBVTFE
CZ ESVH VTF XJUI UIF NBJO HPBM PG QSFWFOUJOH UIF TQSFBE PG
JOGFDUJPOTFTQFDJBMMZ)*7"*%4

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GVSUIFS JODSFBTFT QPWFSUZ )PVTFIPMET BGGFDUFE CZ "*%4 TVGGFS
UIF MPTT PG QSPEVDUJWF MBCPVS JODPNF BOE GPPE SFTFSWFT BOE
TBWJOHT BSFTQFOUPOIFBMUIDBSFBOEGVOFSBMDPTUT*OHFOFSBM
GJOBODJBM SFTPVSDFT EJNJOJTI BT )*7 QSPHSFTTFT JOUP "*%4 BOE
IPVTFIPMETNJHIUIBWFEJGGJDVMUZJODPOUJOVJOHUPQVSDIBTFTFFET
BOEGFSUJMJ[FSBOENJHIUUBLFUIFJSDIJMESFOPVUPGTDIPPMBTUIF
DIJMESFOBSFSFRVJSFEUPXPSLFJUIFSJOUIFIPNFTPSJOUIFGJFMET
 *O PSEFS UP NJUJHBUF TPNF PG UIF JNQBDUT JU JT OFDFTTBSZ UP
DPOTJEFSXBZTUPSFEVDFUIFPWFSBMMEFNBOEPOMBCPVSCPUIJOUIF
QSPEVDUJPOPGGPPETUVGGTBOEJOPUIFSIPVTFIPMEBDUJWJUJFT4NBMM
MPBOTLOPXOBTNJDSPDSFEJUTDIFNFTDPVMEBMTPCFDPOTJEFSFE
BTBXBZUPIFMQNBJOUBJOSFQBJSBOESFTUPDLCPUIIPVTFIPMEBOE
QSPEVDUJWFTVQQMJFT"OBMZTJOHUIFTQFDJGJDDPOUFYUJTJNQPSUBOU
CFGPSF DIPPTJOH UIF TQFDJGJDTUSBUFHJFTBOEJOUFSWFOUJPOT BT JU
TIPVMEDPSSFTQPOEUPUIFXBZ)*7JTTQSFBEJOHBOEBGGFDUJOHUIF
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BOE QSJWBUF VOJWFSTJUJFT CVTJOFTTFT BOE NJOJTUSJFT ° OFFE UP
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TFYVBMBOESFQSPEVDUJWFSJHIUTBTXFMMBT
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MPPLBUCBTJDHVBSBOUFFESJHIUTCF
UIFZGPSBEPMFTDFOUTTFYVBMNJOPSJUJFT
PSBEVMUTJOEBJMZMJGFPSFNFSHFODZ
TJUVBUJPOT.PTUTDJFOUJTUTBOEBDUJWJTUT
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CFTFFOUISPVHIBNFEJDBMMFOTBMPOF
TPDJFUBMBTQFDUTJODMVEJOHQPWFSUZ
HFOEFSJOFRVJUJFTBOEPUIFSWJPMBUJPOTPG
SJHIUTGPSNUIFVOEFSMZJOHDBVTFTPGUIF
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TPJFPOF GPVOEFEJOOBUJPOBMBOE JOUFSOBUJPOBMMBXCJOEJOH
DPOWFOUJPOT BOE EFDMBSBUJPOT 5IF MFHBM CBTJT GPS FGGFDUJWFMZ
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QSBDUJDFT BOE DFOTPSTIJQ PG )*7"*%4 JOGPSNBUJPO QSPUFDUJOH
QPMJUJDBM GSFFEPNT TP UIBU TPDJFUJFT DBO SFTQPOE FGGFDUJWFMZ UP
UIF FQJEFNJD BOE FOTVSJOH BDDFTT UP )*7"*%4 TFSWJDFT BOE
JOGPSNBUJPOXJUIPVUEJTDSJNJOBUJPOCBTFEPOBHFDMBTTHFOEFS
HFPHSBQIJDMPDBUJPOFUIOJDJUZPSBCJMJUZUPQBZ
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MJTUFEJO#PYNPSFSFDFOUEPDVNFOUTQBSUJDVMBSMZUIF#FJKJOH
1MBUGPSNGPS"DUJPOPGUIF8PSME$POGFSFODFPO8PNFO
UIF %FDMBSBUJPO PG $PNNJUNFOU PG UIF 6/ (FOFSBM "TTFNCMZ
4QFDJBM 4FTTJPO PO )*7"*%4 6/("44 JO  TFF #PY 
BOEUIF6/µT*OUFSOBUJPOBM(VJEFMJOFTPO)*7"*%4BOE)VNBO
3JHIUT SFGMFDU B CSPBE JOUFSOBUJPOBM DPOTFOTVT PO UIF MJOLBHF
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BEESFTTJOHPUIFSBTQFDUTPGFBDIGJFME
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PO 1PQVMBUJPO BOE %FWFMPQNFOU 1SPHSBNNF PG "DUJPO ²UIF

$BJSP1SPHSBNNF³JTUIFLFZJOTUSVNFOUHVJEJOHPSHBOJTBUJPOT
XPSLJOH XJUI TFYVBM BOE SFQSPEVDUJWF IFBMUI BOE SJHIUT BOE
NBSLT BO JNQPSUBOU TUFQ JO SFDPHOJTJOH SFQSPEVDUJWF SJHIUT
JOUFSOBUJPOBMMZ *U VQIPMET UIF SJHIU PG JOEJWJEVBMT UP EFDJEF
GSFFMZ UIF OVNCFSTQBDJOH BOE UJNJOH PG UIFJS DIJMESFOBOE UP
IBWFUIFJOGPSNBUJPOBOENFBOTUPEPTP*UGVSUIFSFYQSFTTFT
UIFSJHIUPGNFOBOEXPNFOUPCFJOGPSNFEBCPVUBOEUPIBWF
BDDFTTUPTBGFFGGFDUJWFBGGPSEBCMFBOEBDDFQUBCMFNFUIPETPG
GBNJMZ QMBOOJOHPGUIFJSDIPJDFXIJDIBSFOPUBHBJOTUUIF MBX
BOETQFDJGJDBMMZBEESFTTFT)*7"*%4UISPVHIPVUUIFEPDVNFOU
 *OTQJUFPGUIFBWBJMBCJMJUZPGUIFTFJOTUSVNFOUTBOEPUIFSTJUDBO
CFEJGGJDVMUGPSOPOQSBDUJUJPOFSTPGIVNBOSJHIUTUPVOEFSTUBOE
JOUFSQSFU BOE BQQMZ UIFN UP DVSSFOU TJUVBUJPOT .BOZ PG UIF
IVNBOSJHIUTHVBSBOUFFTFYQSFTTFEJOJOUFSOBUJPOBMJOTUSVNFOUT
IBWFCFFONPEJGJFEBOEJOUFSQSFUFEUISPVHIDPVSUDBTFTPGGJDJBM
SFWJFXJOHQSPDFTTFTFYDFQUJPOTBOETUBUFQSBDUJDFTPGUFOCVU
OPU BMXBZT OPUFE BU UIF UJNF PG TJHOJOH 8IJMF DPVOUSJFT BSF
HFOFSBMMZ FYQFDUFE UP BEPQU UIF QSPWJTJPOT PG MFHBMMZ CJOEJOH
DPOWFOUJPOT JOUP UIFJS PXO OBUJPOBM MFHJTMBUJPO UIFZ EP OPU
BMXBZTEPTPBOENBZNBLFDIBOHFTFWFOCZJOUFSQSFUJOHUIF
PSJHJOBMMBOHVBHFEJGGFSFOUMZEVSJOHUSBOTMBUJPO/PUBMMDPVOUSJFT
IBWFTJHOFEPSSBUJGJFEJOUFSOBUJPOBMJOTUSVNFOUTBOEJUDBOCF
EJGGJDVMU UP JOUFSQSFU UIF MFHBM PCMJHBUJPOT PG OPOQBSUJFT &WFO
XIFSFDPVOUSJFTIBWFSBUJGJFEDPOWFOUJPOTOPSJHIUTBSF²XSJUUFO
JO TUPOF³ BT UIFZ TIPVME CF BQQMJFE JO UIF OBUJPOBM DPOUFYU
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#PY,FZSJHIUTEPDVNFOUTBOEXIFSFUPGJOEUIFN
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 1SPHSBNNFPG"DUJPOXXXVOGQBPSHJDQETVNNBSZIUN
Q 6OJWFSTBM%FDMBSBUJPOPG)VNBO3JHIUT  

 XXXVOPSH0WFSWJFXSJHIUTIUNM
Q $PWFOBOUPO$JWJMBOE1PMJUJDBM3JHIUT  
 XXXVOIDISDIIUNMNFOVCB@DDQSIUN
Q $PWFOBOUPO&DPOPNJD4PDJBMBOE$VMUVSBM3JHIUT 
 XXXVOIDISDIIUNMNFOVCB@DFTDSIUN
Q $POWFOUJPOPOUIF&MJNJOBUJPOPG"MM'PSNTPG%JTDSJNJOBUJPO
 "HBJOTU8PNFOXXXVOPSHXPNFOXBUDIEBXDFEBX
Q $POWFOUJPOPOUIF3JHIUTPGUIF$IJME  
 XXXVOIDISDIIUNMNFOVCLDSDIUN
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8IBUDBOCFQFSDFJWFEBTBOFOUJUMFNFOUJOPOFDPVOUSZNJHIU
UIFSFGPSFOPUCFBWBJMBCMFJOBOPUIFS
 0OFBEEFEWBMVFPGBSJHIUTCBTFEBQQSPBDIJTUIBU/(0TBOE
JOEJWJEVBMT DBO VTF DFSUBJO QSPDFEVSFT UP IPME HPWFSONFOUT
BOEFWFOTPNFOPOTUBUFBDUPSTBDDPVOUBCMFUPJOUFSOBUJPOBM
IVNBOSJHIUTMBX XIJDI JODMVEFT UIF QSPNJTFT VOEFSUBLFO JO
JOUFSOBUJPOBMDPOWFOUJPOT"NPOHUIFMFHBMMZSFDPHOJTFEIVNBO
SJHIUTHVBSBOUFFTUIBUBSFSFMFWBOUUPUIFJOUFHSBUJPOPG)*7"*%4
BOESFQSPEVDUJWFIFBMUIBSFUIFSJHIUUPJOGPSNBUJPOBCPVUIFBMUI
JTTVFT UIF SJHIU UP FYQSFTT POFTFMG GSFFMZ BCPVU QVCMJD IFBMUI
QPMJDZ JODMVEJOHBCPVU DPOUSPWFSTJBMJTTVFTTVDIBTBCPSUJPO
UIFSJHIUUPDPOGJEFOUJBMJUZBOEWPMVOUBSJOFTTJO)*7UFTUJOHUIF
SJHIUUPOPOEJTDSJNJOBUJPOJOBDDFTTUPIFBMUIJOGPSNBUJPOBOE
TFSWJDFTGSFFEPNGSPNHFOEFSCBTFEWJPMFODFBOEUIFSJHIUUP
CFOFGJUGSPNOFXTDJFOUJGJDUFDIOPMPHJFTBOESFTFBSDIGJOEJOHT
&BDIPGUIFTFSJHIUTJT CPUIHVBSBOUFFE JO JUTFMG BOE MJOLFEUP
UIFSJHIUUPUIFFOKPZNFOUPGUIFIJHIFTUBUUBJOBCMFTUBOEBSEPG
QIZTJDBMBOENFOUBMIFBMUIXIJDIJT TQFDJGJDBMMZSFDPHOJTFEJO

BSUJDMFPGUIF*OUFSOBUJPOBM$PWFOBOUPO&DPOPNJD4PDJBMBOE
$VMUVSBM3JHIUT
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&YBNQMFTPGLFZSJHIUT
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5IFSJHIUUPIFBMUI
"T OPUFE BCPWF UIF SJHIU UP UIF FOKPZNFOU PG UIF IJHIFTU
BUUBJOBCMFTUBOEBSEPGQIZTJDBMBOENFOUBMIFBMUIJTSFDPHOJTFE
JOBSUJDMFPGUIF*OUFSOBUJPOBM$PWFOBOUPO&DPOPNJD4PDJBM
BOE$VMUVSBM3JHIUT*$&4$35IF8PSME)FBMUI0SHBOJ[BUJPOIBT
TJNJMBSMZDBMMFEGPS²UIFBUUBJONFOUCZBMMQFPQMFTPGUIFIJHIFTU
QPTTJCMFMFWFMPGIFBMUI³)FBMUIJTEFGJOFEJO8)0µT$POTUJUVUJPO
 BT ²B TUBUF PG DPNQMFUF QIZTJDBM NFOUBM BOE TPDJBM
XFMMCFJOHBOEOPUNFSFMZUIFBCTFODFPGEJTFBTFPSJOGJSNJUZ³
5IF8)0 $POTUJUVUJPO GVSUIFSTUBUFT UIBU HPWFSONFOUTIBWF B
SFTQPOTJCJMJUZGPSUIFIFBMUIPGUIFJSQFPQMF
 4FYVBM BOE SFQSPEVDUJWF IFBMUI BSF FTTFOUJBM FMFNFOUT PG
UIF SJHIU UP IFBMUI BT UIFZ BSF JOTFQBSBCMF GSPN NFO BOE
XPNFOT PWFSBMMXFMMCFJOH5IF DPOUFOUPGUIFSJHIUUP IFBMUI
JT FMBCPSBUFE JO (FOFSBM $PNNFOU  PG UIF $PNNJUUFF PO
&DPOPNJD4PDJBMBOE$VMUVSBM3JHIUTUIF6/CPEZSFTQPOTJCMF
GPSPWFSTFFJOHJNQMFNFOUBUJPOPGUIF*$&4$3
Q$IJMESFOµTSJHIUT
4UBUFTQBSUJFTUPUIF$POWFOUJPOTMJTUFEJO#PYQBSUJDVMBSMZUIF
$POWFOUJPOPOUIF3JHIUTPGUIF$IJMEBSFPCMJHFEUPQSPUFDUBGVMM
SBOHFPGDIJMESFOµTSJHIUTMJOLFEUPTFYVBMBOESFQSPEVDUJWFIFBMUI
JODMVEJOH UIF DIJMEµT WFSZ SJHIU UP TVSWJWBM BOE EFWFMPQNFOU
$IJMESFO FOKPZ UIF SJHIU UP DPNQMFUF JOGPSNBUJPO BCPVU )*7
"*%4BOETFYVBMIFBMUIUPSFQSPEVDUJWFIFBMUITFSWJDFTXJUIPVU
EJTDSJNJOBUJPO BOE UP QSPUFDUJPO GSPN BCVTF BOE FYQMPJUBUJPO

#PY3JHIUTJOUIF6/("44%FDMBSBUJPO
5IF%FDMBSBUJPOPG$PNNJUNFOUPO)*7"*%4BEPQUFEBUUIF6/
(FOFSBM"TTFNCMZ4QFDJBM4FTTJPOPO)*7"*%46/("44JO+VOF
GVMMZJOUFHSBUFTIVNBO SJHIUT XJUIJO UIF HPBMT BOE UBSHFUT
UIBU.FNCFS4UBUFTIBWFDPNNJUUFEUIFNTFMWFTUPVOEFSUBLFJO
UIF)*7"*%4SFTQPOTF(PWFSONFOUTQMFEHFE
 CZUPFOBDUTUSFOHUIFOPSFOGPSDFBTBQQSPQSJBUFMFH
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 JTMBUJPOSFHVMBUJPOTBOEPUIFSNFBTVSFTUPFMJNJOBUFBMMGPSNT
 PGEJTDSJNJOBUJPOBHBJOTUBOEUPFOTVSFUIFGVMMFOKPZNFOUPG
 BMM IVNBO SJHIUT BOE GVOEBNFOUBM GSFFEPNTCZQFPQMF MJWJOH
 XJUI)*7"*%4BOENFNCFSTPGWVMOFSBCMFHSPVQTJOQBSUJDVMBS
 UP FOTVSF UIFJS BDDFTT UP JOUFS BMJB FEVDBUJPO JOIFSJUBODF
 FNQMPZNFOUIFBMUIDBSFTPDJBMBOEIFBMUITFSWJDFTQSFWFOUJPO
 TVQQPSU USFBUNFOU JOGPSNBUJPO BOE MFHBM QSPUFDUJPO XIJMF
 SFTQFDUJOHUIFJSQSJWBDZBOEDPOGJEFOUJBMJUZBOEEFWFMPQTUSBU
 FHJFT UP DPNCBU TUJHNB BOE TPDJBM FYDMVTJPO DPOOFDUFE XJUI
 UIFFQJEFNJD
'PS GVSUIFS EFUBJMT PG UIF DPNNJUNFOUT NBEF CZ DPVOUSJFT BU
6/("44 TFF XXXVOBJETPSHVOHBTTFOHMPCBMVOHBTT@
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5IFSJHIUTCBTFEBQQSPBDI
UIBUJODSFBTFUIFJS)*7SJTL5IFSJHIUTPGUIFDIJMEUPTVSWJWBMBOE
EFWFMPQNFOUBSFBMTPMJOLFEUPUIFSJHIUTPGXPNFOUIFUISFBU
UP XPNFOT MJWFT QPTFE CZ MBDL PG SFQSPEVDUJWF IFBMUI DBSF
JODMVEJOH QSFWFOUJPO PG NPUIFSUPDIJME USBOTNJTTJPO PG )*7
KFPQBSEJTFTUIFIFBMUIBOEEFWFMPQNFOUPGDIJMESFO
Q"CPMJTIJOHUSBEJUJPOBMQSBDUJDFTQSFKVEJDJBMUPUIFIFBMUIPG
XPNFOBOEDIJMESFO

)VNBOSJHIUTDPOWFOUJPOTSFRVJSFTUBUFTUPUBLFBMMFGGFDUJWFBOE
BQQSPQSJBUF NFBTVSFT UPXBSE BCPMJTIJOH USBEJUJPOBM QSBDUJDFT
UIBUBSFQSFKVEJDJBMUPUIFIFBMUIPGDIJMESFO5IFTFNBZJODMVEF
UIF QSBDUJDF PG GFNBMF HFOJUBM NVUJMBUJPO XIJDI DBO JODSFBTF
CJPMPHJDBMWVMOFSBCJMJUZUP)*7BOEPUIFS45*TBTXFMMBTQSBDUJDFT
UIBUTVCPSEJOBUFXPNFOTVDIBTDIJMENBSSJBHFXJGFJOIFSJUBODF
BOE CSJEF QSJDF 5SBEJUJPOBM JOIFSJUBODF MBXT XIJDI BSF PGUFO
SFJOGPSDFECZOBUJPOBMMBXTBOEDPOTUJUVUJPOTDBOBMTPJODSFBTF
XPNFOµT )*7 SJTL CZ TUSJQQJOH UIFN PG UIFJS QSPQFSUZ PO UIF
EJTTPMVUJPOPGNBSSJBHF8PNFOXIPMBDLBDDFTTUPQSPQFSUZPS
XIPBSFFDPOPNJDBMMZEFQFOEFOUPONFOBSFPGUFOGPSDFEJOUP
SJTLZTFYVBMTJUVBUJPOTUPTVSWJWF
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Q5IFSJHIUPGFRVBMBDDFTTUPIFBMUIDBSF
*ONBOZDPVOUSJFTWJPMFODFEJTDSJNJOBUJPOBOEMBDLPGFDPOPNJD
JOEFQFOEFODF DBO JNQFEF XPNFOµT FRVBM BDDFTT UP IFBMUI
TFSWJDFT BOE JOGPSNBUJPO 0GUFO XPNFO SFGVTF UP TFFL )*7
UFTUJOHPVUPGGFBSPGSFUBMJBUPSZWJPMFODFCZUIFJSIVTCBOETPO
EJTDMPTVSF PG UIFJS )*7 TUBUVT 6OFRVBM BDDFTT UP FEVDBUJPO
NBZ BMTP MJNJU XPNFOµT BOE HJSMTµ IFBMUI TFFLJOH CFIBWJPVS
1BSUJFTUPJOUFSOBUJPOBMIVNBOSJHIUTDPOWFOUJPOTBSFSFRVJSFE
VOEFS JOUFSOBUJPOBM MBX UP UBLF BMM BQQSPQSJBUF NFBTVSFT UP
FMJNJOBUFCBSSJFSTUPIFBMUIDBSFBOEUPFOTVSFXPNFOµTFRVBM
BDDFTTUPIFBMUIDBSFTFSWJDFTJODMVEJOHUIPTFSFMBUJOHUPGBNJMZ
QMBOOJOH
Q5IFSJHIUUPFOKPZUIFCFOFGJUTPGTDJFOUJGJDQSPHSFTT
6OEFSJOUFSOBUJPOBMMBX BMMQFPQMFIBWFUIFSJHIUUPFOKPZUIF
CFOFGJUTPGTDJFOUJGJDQSPHSFTTBOEJUTBQQMJDBUJPOTXIJDITIPVME
CF JOUFSQSFUFE UP JODMVEF SFQSPEVDUJWF IFBMUI UFDIOPMPHJFT
TVDI BT NPEFSO GBNJMZ QMBOOJOH NFUIPET DPOEPNT GPS )*7

QSFWFOUJPO JODMVEJOH GFNBMF DPOEPNTBOE )*7 WBDDJOFT BOE
NJDSPCJDJEFTJGBOEXIFOUIFZCFDPNFBWBJMBCMF
)PXEPZPVFOTVSFSJHIUT 
*
*NQPSUBOUDIBMMFOHFT
5IFSF BSF NBOZ DPOGMJDUJOH PQJOJPOT BCPVU XIBU JT QSPUFDUFE
VOEFSIVNBOSJHIUTMBXBOENPSFPWFSXIBUTIPVMECFQSPUFDUFE
*UJTCFTUUPIBWFBOFYQFSUJOJOUFSOBUJPOBMIVNBOSJHIUTMBXBT
XFMMBTUIFEPNFTUJDMBXPGUIFDPVOUSZJOXIJDIZPVBSFXPSLJOH
SFWJFXZPVSNBUFSJBMBSHVNFOUTXIFOZPVBSFSFGFSSJOHUPMFHBM
SJHIUT /(0TDBOBEWPDBUFGPSUIFSJHIUPG BDDFTTUP WPMVOUBSZ
DPOGJEFOUJBM)*7DPVOTFMMJOHBOEUFTUJOHPSVOJWFSTBMBDDFTTUP
SFQSPEVDUJWF IFBMUIDBSF TFSWJDFT CFDBVTF JU JT SFDPHOJTFE JO
JOUFSOBUJPOBMJOTUSVNFOUTTVDIBTUIF*$1%1SPHSBNNFPG"DUJPO
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