krugman & obstfeld - internacional economics
DESCRIPTION
Krugman & Obstfeld - Internacional Economics 9 ediçãoTRANSCRIPT
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*45/.4534.+/3
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*45/.4534.+/3
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dcgee$
*45/.4534.+/3
ABCEFGHIJKBLMNOBNHPIMKHQNRRJFNEMKHQEFSRTBIBTPUJBBIJNVBWXMBEKIPFUYFHQ
ZFHQ[CMKEMKLTBQNTTPRNJIFU\MKHN]GISNKHINKHLNLBRNJNIBBEFHFSKERFTKEP[SNP]B
IMBFHTPSFVBJHBEFHFSPCKIMHFINJKUULFJKSRFJIGFINLW_FHBIMBTBLL[LKHEBIMBIKSB
FUVNSaSKIM[BEFHFSKLILMNOBNVOFENIBVUJBBIJNVBNLNHKVBNTIFCNJVCMKEMIJNVB
RFTKEPLMFGTVLIJKOBWXMBJBNLFHLUFJIMKLNVOFENEPNJBHFIGKIBNLLKSRTBNLIMBKVBN
KILBTUWIFHBTBOBT[IMBFJBIKENTSFVBTLLGQQBLIIMNIUJBBIJNVBCKTTNOFKVIMBBUUKEKBHEP
TFLLBLNLLFEKNIBVCKIMRJFIBEIKFHWbNHPBEFHFSKLIL]BTKBOBIMNIUJBBIJNVBRJFVGEBL
NVVKIKFHNTQNKHL]BPFHVIMBBTKSKHNIKFHFURJFVGEIKFHNHVEFHLGSRIKFHVKLIFJIKFHLW
AKHNTTP[BOBHNSFHQBEFHFSKLILCMF]BTKBOBUJBBIJNVBKLNTBLLcIMNHcRBJUBEIRFTKEP[
SNHP]BTKBOBUJBBIJNVBKLGLGNTTP]BIIBJIMNHNHPFIMBJRFTKEPNQFOBJHSBHIKLTKdBTP
IFUFTTFCW
XMBefghiejhkhmnefopfpeeqpmreKLLKSRTPIMBJBOBJLBFUIMBEFLIc]BHBsINHNTPLKLFUN
INJKUUWAKQGJBtuctLMFCLIMB]NLKERFKHIFHEBNQNKHUFJIMBENLBFUNLSNTTEFGHIJPIMNI
ENHHFIKHvGBHEBUFJBKQHBwRFJIRJKEBLWINJKUUENGLBLNHBITFLLIFIMBBEFHFSPSBNLGJBV
]PIMBNJBNFUIMBICFIJKNHQTBLxKIVFBLLF]PVKLIFJIKHQIMBBEFHFSKEKHEBHIKOBLFU]FIM
RJFVGEBJLNHVEFHLGSBJLW\FHOBJLBTP[NSFOBIFUJBBIJNVBBTKSKHNIBLIMBLBVKLIFJIKFHL
NHVKHEJBNLBLHNIKFHNTCBTUNJBW
yHIMBSFVBJHCFJTV[UFJJBNLFHLCBCKTTBwRTNKHTNIBJKHIMKLEMNRIBJ[INJKUUJNIBLNJB
QBHBJNTTPTFCNHVKSRFJIGFINLJBTNIKOBTPJNJBWLNJBLGTI[BLIKSNIBLFUIMBIFINTEFLILFU
VKLIFJIKFHLVGBIFINJKUULNHVKSRFJIGFINLIBHVIF]BSFVBLIKHLKzBWXN]TBtuctLMFCL
FHBUNKJTPJBEBHIBLIKSNIBFUIMBQNKHLUJFSNSFOBIFCFJTVCKVBUJBBIJNVB[SBNLGJBVNL
NRBJEBHINQBFU{|}WAFJIMBCFJTVNLNCMFTB[NEEFJVKHQIFIMBLBBLIKSNIBL[RJFIBEIKFH
EFLILTBLLIMNHtRBJEBHIFU{|}WXMBQNKHLUJFSUJBBIJNVBNJBLFSBCMNILSNTTBJUFJ
NVONHEBVBEFHFSKBLLGEMNLIMB~HKIBVaINIBLNHVGJFRBNHVLFSBCMNITNJQBJUFJ
RFFJBJVBOBTFRKHQEFGHIJKBLW
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/3534330.+/3 `` !
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~HKIBVaINIBL
uW
GJFRBNH~HKFH uWt
NRNH uW
|BOBTFRKHQEFGHIJKBL tW
FJTV uW
opheKTTKNS\TKHB[NLMKHQIFH[|W\WyHLIKIGIBUFJyHIBJHNIKFHNT
EFHFSKEL[uu[RWtuW
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XMBJBKLNCKVBLRJBNV]BTKBUNSFHQBEFHFSKLILIMNILGEMENTEGTNIKFHL[BOBHIMFGQMIMBP
JBRFJILG]LINHIKNTQNKHLUJFSUJBBIJNVBKHLFSBENLBL[VFHFIJBRJBLBHIIMBCMFTBLIFJPW
yHIMBENLBFULSNTTEFGHIJKBLKHQBHBJNTNHVVBOBTFRKHQEFGHIJKBLKHRNJIKEGTNJ[SNHP
BEFHFSKLILCFGTVNJQGBIMNIIMBJBNJBKSRFJINHIQNKHLUJFSUJBBIJNVBHFINEEFGHIBVUFJKH
EFHOBHIKFHNTEFLIc]BHBsINHNTPLKLW
HBdKHVFUNVVKIKFHNTQNKHKHOFTOBLBEFHFSKBLFULENTB[CMKEMCBJBIMBIMBSBFU
\MNRIBJLNHVW}JFIBEIBVSNJdBILTKSKIQNKHLUJFSBwIBJHNTBEFHFSKBLFULENTB]P
KHMK]KIKHQIMBEFHEBHIJNIKFHFUKHVGLIJKBLxCMBHIMBBEFHFSKBLFULENTBNJBKHIBJHNT[IMBP
HFIFHTPUJNQSBHIRJFVGEIKFHKHIBJHNIKFHNTTP[]GI]PJBVGEKHQEFSRBIKIKFHNHVJNKLKHQ
RJFsIL[IMBPNTLFTBNVIFFSNHPsJSLIFBHIBJIMBRJFIBEIBVKHVGLIJPWKIMNRJFTKUBJNIKFH
FUsJSLKHHNJJFCVFSBLIKESNJdBIL[IMBLENTBFURJFVGEIKFHFUBNEMsJS]BEFSBLKHBUsc
EKBHIWQFFVBwNSRTBFUMFCRJFIBEIKFHTBNVLIFKHBUsEKBHILENTBKLIMBENLBFUIMB
J`QBHIKHBNGIFSF]KTBKHVGLIJP[CMKEMBSBJQBV]BENGLBFUKSRFJIJBLIJKEIKFHLWHBUsEKBHI
LENTBNLLBS]TPRTNHILMFGTVSNdBUJFSu[uuuIFuu[uuuNGIFSF]KTBLRBJPBNJ[PBIKH
tIMBJQBHIKHBKHVGLIJP[CMKEMRJFVGEBVFHTPt[uuuENJL[MNVHFUBCBJIMNHt
sJSLaFSBBEFHFSKLILNJQGBIMNIIMBHBBVIFVBIBJBwEBLLKOBBHIJPNHVIMBJBLGTIKHQ
KHBUsEKBHILENTBFURJFVGEIKFHKLNJBNLFHUFJUJBBIJNVBIMNIQFBL]BPFHVIMBLINHVNJV
EFLIc]BHBsIENTEGTNIKFHLW
H`FIMBJNJQGSBHIUFJUJBBIJNVBKLIMNI]PRJFOKVKHQBHIJBRJBHBGJLCKIMNHKHEBHIKOBIF
LBBdHBCCNPLIFBwRFJIFJEFSRBIBCKIMKSRFJIL[UJBBIJNVBFUUBJLSFJBFRRFJIGHKIKBLUFJ
TBNJHKHQNHVKHHFONIKFHIMNHNJBRJFOKVBV]PNLPLIBSFUSNHNQBVIJNVB[CMBJBIMBQFOc
BJHSBHITNJQBTPVKEINIBLIMBRNIIBJHFUKSRFJILNHVBwRFJILW\MNRIBJttVKLEGLLBLIMBBwRBc
JKBHEBLFUTBLLcVBOBTFRBVEFGHIJKBLIMNIVKLEFOBJBVGHBwRBEIBVBwRFJIFRRFJIGHKIKBLCMBH
IMBPLMKUIBVUJFSLPLIBSLFUKSRFJIGFINLNHVINJKUULIFSFJBFRBHIJNVBRFTKEKBLW
JBTNIBVUFJSFUQNKHLUJFSUJBBIJNVBKHOFTOBLIMBIBHVBHEP[VFEGSBHIBVKH\MNRIBJ[
UFJSFJBRJFVGEIKOBsJSLIFBHQNQBKHBwRFJIL[CMKTBTBLLRJFVGEIKOBsJSLLINPCKIMIMB
VFSBLIKESNJdBIWXMKLLGQQBLILIMNINSFOBIFUJBBIJNVBSNdBLIMBBEFHFSPNLNCMFTB
SFJBBUsEKBHI]PLMKUIKHQIMBKHVGLIJKNTSKwIFCNJVsJSLCKIMMKQMBJRJFVGEIKOKIPW
XMBLBNVVKIKFHNTNJQGSBHILUFJUJBBIJNVBNJBVKUsEGTIIFGNHIKUP[NTIMFGQMLFSBBEFHFc
SKLILMNOBIJKBVIFVFLFWyHQBHBJNT[SFVBTLIMNIIJPIFINdBBEFHFSKBLFULENTBNHVKSRBJc
UBEIEFSRBIKIKFHKHIFNEEFGHIPKBTV]KQQBJHGS]BJLIMNHIMFLBJBRFJIBVKHXN]TBtuctW
YFCBOBJ[IMBJBKLHFEFHLBHLGLN]FGIGLIMFCSGEM]KQQBJIMBQNKHLUJFSUJBBIJNVBJBNTTP
NJBWyUIMBNVVKIKFHNTQNKHLUJFSUJBBIJNVBNJBNLTNJQBNLLFSBBEFHFSKLIL]BTKBOB[IMBEFLIL
XMBNVVKIKFHNTQNKHLUJFSUJBBIJNVBIMNINJBVKLEGLLBVMBJBNJBLFSBIKSBLJBUBJJBVIFNLVPHNSKEQNKHL[
]BENGLBKHEJBNLBVEFSRBIKIKFHNHVKHHFONIKFHSNPHBBVSFJBIKSBIFINdBBUUBEIIMNHIMBBTKSKHNIKFHFURJFVGEc
IKFHNHVEFHLGSRIKFHVKLIFJIKFHLW
-
`` `
dcgee$
*45/.4534.+/3
FUVKLIFJIKHQIJNVBCKIMINJKUUL[GFINL[BwRFJILG]LKVKBL[NHVLFFHNJBEFJJBLRFHVKHQTP
TNJQBJIMNHIMBEFHOBHIKFHNTEFLIc]BHBsINHNTPLKLSBNLGJBLW
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MBHKSRFJILNJBJBLIJKEIBVCKIMNGFINJNIMBJIMNHNINJKUU[IMBEFLIKLLFSBIKSBLSNQHKc
sBV]PNRJFEBLLdHFCHNLpejqneeijWBENTTUJFS\MNRIBJIMNIIFBHUFJEBNHKSRFJI
G^FIN[NQFOBJHSBHIMNLIFKLLGBKSRFJITKEBHLBL[NHVIMNIBEFHFSKEJBHILNEEJGBIFCMFc
BOBJJBEBKOBLIMBLBTKEBHLBLWyHLFSBENLBL[KHVKOKVGNTLNHVEFSRNHKBLKHEGJLG]LINHIKNT
EFLILKHBUUBEI[CNLIKHQLFSBFUIMBBEFHFSPLRJFVGEIKOBJBLFGJEBLKHNHBUUFJIIFQBI
KSRFJITKEBHLBLW
UNSFGLBwNSRTBKHOFTOBVyHVKNKHIMBtuLNHVtuLWIIMNIIKSB[yHVKNHEFSRNc
HKBLCBJBNTTFENIBVIMBJKQMIIF]GPKSRFJIBVKHRGILKHRJFRFJIKFHIFIMBKJKHLINTTBVENRNEKIPW
XMKLEJBNIBVNHKHEBHIKOBIFFOBJKHOBLIUFJBwNSRTB[NLIBBTEFSRNHPSKQMI]GKTVSFJB
]TNLIUGJHNEBLIMNHKIBwRBEIBVIFHBBVLKSRTP]BENGLBIMKLCFGTVQKOBKINTNJQBJHGS]BJFU
KSRFJITKEBHLBLWXMBJBLFGJEBLGLBVIF]GKTVIMKLKVTBENRNEKIPJBRJBLBHIBVNEFLIFURJFIBEc
IKFHFOBJNHVN]FOBIMBEFLILLMFCHKHAKQGJBtuctW
SFJBSFVBJHNHVGHGLGNTBwNSRTBFUJBHIcLBBdKHQKHOFTOBL~WaWKSRFJILFUENHHBV
IGHNWXGHNKLRJFIBEIBV]PNINJKUUcJNIBGFINLSNTTGNHIKIPFUIGHNWRBJEBHIFU~WaW
EFHLGSRIKFHENH]BKSRFJIBVNINTFCINJKUUJNIB[RBJEBHI[]GINHPKSRFJIL]BPFHVIMNI
TBOBTUNEBNtWRBJEBHIINJKUUWAFJLFSBJBNLFH[IMBJBNJBHFKSRFJITKEBHLBLxBNEMPBNJ[IMB
JKQMIIFKSRFJIIGHNNIIMBTFCINJKUUJNIBKLNLLKQHBVFHNsJLIEFSB[sJLILBJOBV]NLKLWXMB
JBLGTIKLNEFLITPJNEBIFQBIIGHNKHIFIMB~HKIBVaINIBLNLGKEdTPNLRFLLK]TBWYBJBLMFC
IMB~WaWyHIBJHNIKFHNTXJNVB\FSSKLLKFHVBLEJK]BLIMBRJFEBLLFUJBHIcLBBdKHQ
ySRFJIBJLNIIBSRIIFGNTKUPUFJIMBTNJQBLILMNJBFUIMBXINJKUUcJNIBGFINNLRFLLKc
]TB]PLIFEdRKTKHQTNJQBGNHIKIKBLFUENHHBVIGHNKH\GLIFSLc]FHVBVCNJBMFGLBLKHTNIB
|BEBS]BJNHVJBTBNLKHQIMBCNJBMFGLBVRJFVGEINLLFFHNLIMBENTBHVNJPBNJ]BQKHLW
XMBSFHBPKSRFJIBJLLRBHVFHCNJBMFGLKHQTFILFUIGHNKH|BEBS]BJJBRJBLBHILNTFLL
IFIMB~WaWBEFHFSPFOBJNHVN]FOBIMBLINHVNJVEFLILFURJFIBEIKFHW
Z"9(
`oiqihmmpejqfopfpeeqpmreJBvBEILIMBUNEIIMNINRFTKIKENTEFSSKISBHIIFUJBB
IJNVBSNP]BNQFFVKVBNKHRJNEIKEBBOBHIMFGQMIMBJBSNP]B]BIIBJRFTKEKBLKHRJKHEKRTBW
EFHFSKLILFUIBHNJQGBIMNIIJNVBRFTKEKBLKHRJNEIKEBNJBVFSKHNIBV]PLRBEKNTcKHIBJBLI
RFTKIKELJNIMBJIMNH]PEFHLKVBJNIKFHFUHNIKFHNTEFLILNHV]BHBsILWEFHFSKLILENHLFSBc
IKSBLLMFCIMNIKHIMBFJP[NLBTBEIKOBLBIFUINJKUULNHVBwRFJILG]LKVKBLEFGTVKHEJBNLB
HNIKFHNTCBTUNJB[]GIIMNIKHJBNTKIP[NHPQFOBJHSBHINQBHEPNIIBSRIKHQIFRGJLGBNLFRMKLc
IKENIBVRJFQJNSFUKHIBJOBHIKFHKHIJNVBCFGTVRJF]N]TP]BENRIGJBV]PKHIBJBLIQJFGRLNHV
EFHOBJIBVKHIFNVBOKEBUFJJBVKLIJK]GIKHQKHEFSBIFRFTKIKENTTPKHvGBHIKNTLBEIFJLWyUIMKL
NJQGSBHIKLEFJJBEI[KISNP]B]BIIBJIFNVOFENIBUJBBIJNVBCKIMFGIBwEBRIKFHLBOBHIMFGQM
FHRGJBTPBEFHFSKEQJFGHVL[UJBBIJNVBSNPHFINTCNPL]BIMB]BLIEFHEBKON]TBRFTKEPW
XMBIMJBBNJQGSBHILFGITKHBVKHIMBRJBOKFGLLBEIKFHRJF]N]TPJBRJBLBHIIMBLINHVNJV
OKBCFUSFLIKHIBJHNIKFHNTBEFHFSKLIL[NITBNLIIMFLBKHIMB~HKIBVaINIBL
XMBEFHOBHIKFHNTTPSBNLGJBVEFLILFUVBOKNIKHQUJFSUJBBIJNVBNJBTNJQBW
XMBJBNJBFIMBJ]BHBsILUJFSUJBBIJNVBIMNINVVIFIMBEFLILFURJFIBEIKFHKLIRFTKEKBLW
H`PNIIBSRIIFRGJLGBLFRMKLIKENIBVVBOKNIKFHLUJFSUJBBIJNVBCKTT]BLG]OBJIBV]PIMB
RFTKIKENTRJFEBLLW
_FHBIMBTBLL[IMBJBNJBKHIBTTBEIGNTTPJBLRBEIN]TBNJQGSBHILUFJVBOKNIKHQUJFSUJBB
IJNVB[NHVIMBLBNJQGSBHILVBLBJOBNUNKJMBNJKHQW
abcdefgi
/3534330.+/3 ``
emijnfpo
yHt[IMBHNIKFHLFUIMBGJFRBNH\FSSGHKIPHFCdHFCHNLIMBGJFRBNH~HKFH
NQJBBVFHCMNIUFJSNTTPCNLENTTBVIMBaKHQTBGJFRBNHEI[CKIMIMBKHIBHIKFHIFEJBNIB
NIJGTPGHKsBVGJFRBNHSNJdBIWBENGLBIMBNEICNLLGRRFLBVIFQFKHIFBUUBEICKIMKH
sOBPBNJL[IMBSBNLGJBLKIBS]FVKBVENSBIF]BdHFCHQBHBJNTTPNLtW
XMBGHGLGNTIMKHQN]FGItCNLIMNIIMBGJFRBNH\FSSGHKIPCNLNTJBNVPNEGLc
IFSLGHKFH[IMNIKL[IMBJBCBJBHFINJKUULFJKSRFJIGFINLFHKHIJNcGJFRBNHIJNVBWaF[
CMNICNLTBUIIFTK]BJNTKzBXMBNVOFENIBLFUtNJQGBVIMNIIMBJBCBJBLIKTTLG]LINHIKNT
]NJJKBJLIFKHIBJHNIKFHNTIJNVBCKIMKHGJFRBWaFSBFUIMBLB]NJJKBJLKHOFTOBVIMBEFLILFU
EJFLLKHQ]FJVBJLxUFJBwNSRTB[IMBSBJBUNEIIMNIIJGEdLENJJPKHQQFFVL]BICBBHAJNHEB
NHV{BJSNHPMNVIFLIFRUFJTBQNTUFJSNTKIKBLFUIBHJBLGTIBVKHTFHQCNKILIMNICBJB
EFLITPKHIKSBNHVUGBTWaKSKTNJEFLILCBJBKSRFLBVFH]GLKHBLLIJNOBTBJL[CMFSKQMIvP
UJFSFHVFHIF}NJKLKHNHMFGJ[IMBHLRBHVNHFIMBJMFGJCNKIKHQIFETBNJKSSKQJNIKFH
NHVEGLIFSLW|KUUBJBHEBLKHJBQGTNIKFHLNTLFMNVIMBBUUBEIFUTKSKIKHQIMBKHIBQJNIKFHFU
SNJdBILWAFJBwNSRTB[]BENGLBMBNTIMJBQGTNIKFHLFHUFFVVKUUBJBVNSFHQIMBGJFRBNH
HNIKFHL[FHBEFGTVHFILKSRTPsTTNIJGEdCKIMJKIKLMQFFVLNHVINdBIMBSIFAJNHEB[FJ
OKEBOBJLNW
TKSKHNIKHQIMBLBLG]ITBF]LINETBLIFIJNVBCNLNOBJPVKUsEGTIRFTKIKENTRJFEBLLW
aGRRFLBAJNHEBVBEKVBVIFNTTFCQFFVLUJFS{BJSNHPIFBHIBJIMBEFGHIJPCKIMFGINHP
EMBEdLWMNICFGTVRJBOBHIIMBAJBHEMRBFRTBUJFS]BKHQLGRRTKBVCKIMSNHGUNEIGJBV
QFFVLIMNIVKVHFISBBIAJBHEMLNUBIPLINHVNJVL[UFFVLIMNIVKVHFISBBIAJBHEMMBNTIM
LINHVNJVL[FJSBVKEKHBLIMNIMNVHFI]BBHNRRJFOBV]PAJBHEMVFEIFJLXMGLIMBFHTP
CNPIMNIEFGHIJKBLENHMNOBIJGTPFRBH]FJVBJLKLKUIMBPNJBN]TBIFNQJBBFHEFSSFH
LINHVNJVLLFIMNINQFFVIMNISBBILAJBHEMJB^GKJBSBHILKLNEEBRIN]TBKH{BJSNHPNHV
OKEBOBJLNWXMBSNKHINLdFUIMBtHBQFIKNIKFHLCNLIMBJBUFJBFHBFUMNJSFHKzKHQ
JBQGTNIKFHLKHMGHVJBVLFUNJBNL[HBQFIKNIKFHLIMNICBJBFUIBHNEJKSFHKFGL]BENGLBFU
VKUUBJBHEBLKHHNIKFHNTEGTIGJBLW
XMBSFLIBSFIKFHNTBwNSRTBLKHOFTOBVUFFVWTTNVONHEBVEFGHIJKBLJBQGTNIB
IMKHQLLGEMNLNJIKsEKNTEFTFJKHQIFBHLGJBIMNIEFHLGSBJLNJBHFIGHdHFCKHQTPUBV
EMBSKENTLIMNINJBENJEKHFQBHLFJFIMBJCKLBMNJSUGTWXMBKHKIKNTTPRJFRFLBVJBQGTNc
IKFHLFHNJIKsEKNTEFTFJKHQCFGTV[MFCBOBJ[MNOBVBLIJFPBVIMBNRRBNJNHEBFULBOBJNT
IJNVKIKFHNTJKIKLMUFFVL}KHd]NHQBJL]JBNdUNLILNGLNQBLCFGTVMNOB]BEFSBCMKIB[
QFTVBHdKRRBJLQJNP[NHVSGLMPRBNLNVJN]JNIMBJIMNHN]JKTTKNHIQJBBHW\FHIKHBHINT
EFHLGSBJLVKVHFISKHVxKHVBBVIMBPEFGTVHFIGHVBJLINHVMFCIMBJKIKLMEFGTVBNI
LGEMIMKHQLKHIMBsJLIRTNEBWGIKHJKINKH[IMBKLLGB]BENSBIKBVGRCKIMUBNJFOBJIMB
TFLLFUHNIKFHNTKVBHIKIP[NHVTFFLBHKHQIMBRJFRFLBVJBQGTNIKFHL]BENSBNIFRRJKFJKIP
UFJIMBJKIKLMQFOBJHSBHI[CMKEMLGEEBBVBVKHQBIIKHQIMBHBEBLLNJPBwBSRIKFHLWH
IMBFIMBJMNHV[{BJSNHPCNLUFJEBVIFNEEBRIKSRFJILFU]BBJIMNIVFHFISBBIKIL
EBHIGJKBLcFTVRGJKIPTNCL[NHVyINTPIFNEEBRIRNLINSNVBUJFSMFJJFJLIMBCJFHQ
dKHVFUCMBNIW
GICMPBHQNQBKHNTTIMKLVKUsEGTIHBQFIKNIKHQMNICBJBIMBRFIBHIKNTQNKHLUJFS
tIIBSRILIFBLIKSNIBIMBVKJBEIQNKHLMNOBNTCNPLLGQQBLIBVIMNIIMBPNJBUNKJTP
SFVBLIW\FLILNLLFEKNIBVCKIMEJFLLKHQ]FJVBJLNSFGHIIFHFSFJBIMNHNUBCRBJEBHI
FUIMBONTGBFUIMBQFFVLLMKRRBVxJBSFOKHQIMBLBEFLILNVVLNI]BLINUJNEIKFHFUNRBJc
EBHIIFIMBJBNTKHEFSBFUGJFRBNLNCMFTBWBIBEFHFSKLILNIIMBGJFRBNH
\FSSKLLKFHIMBNVSKHKLIJNIKOBNJSFUIMBGJFRBNH\FSSGHKIPNJQGBVIMNIIMBIJGB
QNKHLCFGTV]BSGEMTNJQBJW
-
``
dcgee$
*45/.4534.+/3
XMBKJJBNLFHKHQJBTKBVIFNTNJQBBwIBHIFHIMBOKBCIMNIIMBGHKsENIKFHFUIMB
GJFRBNHSNJdBICFGTVTBNVIFQJBNIBJEFSRBIKIKFHNSFHQsJSLNHVIFNSFJBBUsEKBHI
LENTBFURJFVGEIKFHWbGEMCNLSNVBFUIMBEFSRNJKLFHCKIMIMB~HKIBVaINIBL[NEFGHc
IJPCMFLBRGJEMNLKHQRFCBJNHVRFRGTNIKFHNJBLKSKTNJIFIMFLBFUIMBGJFRBNH~HKFH[
]GIIMNIKLN]FJVBJTBLL[UGTTPKHIBQJNIBVSNJdBIW\FSSKLLKFHBEFHFSKLILRFKHIBVFGI
IMNIKHNHGS]BJFUKHVGLIJKBL[GJFRBLBBSBVIFMNOBSNJdBILIMNICBJBLBQSBHIBV
yHLIBNVFUIJBNIKHQIMBCMFTBEFHIKHBHINLNLKHQTBSNJdBI[sJSLLBBSBVIFMNOBENJOBV
KIKHIFTFENTzFHBLLBJOBV]PJBTNIKOBTPLSNTTcLENTBHNIKFHNTRJFVGEBJLWXMBBEFHFSKLIL
NJQGBVIMNICKIMNTT]NJJKBJLIFIJNVBJBSFOBV[IMBJBCFGTV]BNEFHLFTKVNIKFHFUIMBLB
RJFVGEBJL[CKIMLG]LINHIKNTQNKHLKHRJFVGEIKOKIPWXMBLBRGINIKOBQNKHLJNKLBVIMBFOBJNTT
BLIKSNIBV]BHBsILUJFStIFLBOBJNTRBJEBHIFUIMBKHKIKNTKHEFSBFUGJFRBNH
HNIKFHLWXMB\FSSKLLKFHBEFHFSKLILNJQGBVUGJIMBJIMNIIMBJBCFGTV]BKHVKJBEI]BHBc
sIL[]BENGLBIMBKSRJFOBVBUsEKBHEPFUIMBGJFRBNHBEFHFSPCFGTVKSRJFOBIMB
IJNVBcFUU]BICBBHKHvNIKFHNHVGHBSRTFPSBHIWIIMBBHVFUNLBJKBLFUENTEGTNIKFHL[
IMB\FSSKLLKFHBLIKSNIBVNQNKHUJFStFURBJEBHIFUGJFRBNHKHEFSBW
MKTBHF]FVPKHOFTOBVKHIMKLVKLEGLLKFHJBQNJVBVRBJEBHINLNRNJIKEGTNJTPJBTKN]TB
HGS]BJ[SNHPBEFHFSKLILLMNJBVIMBEFHOKEIKFHFUIMB\FSSKLLKFHIMNIIMBQNKHLCFGTV
]BTNJQBWXMBJBCBJB[MFCBOBJ[LdBRIKELCMFLGQQBLIBVIMNIIMBLBQSBHINIKFHFUSNJdBIL
MNVSFJBIFVFCKIMEGTIGJBIMNHCKIMIJNVBRFTKEPWAFJBwNSRTB[yINTKNHEFHLGSBJL
CNHIBVCNLMKHQSNEMKHBLIMNICBJBGKIBVKUUBJBHIUJFSIMFLBRJBUBJJBVKH{BJSNHPW
yINTKNHLIBHVIF]GPJBTNIKOBTPUBCETFIMBL[]GIIMFLBIMBP]GPNJBLIPTKLMNHVBwRBHLKOB[
LFIMBPRJBUBJLTFC[QBHITBCNLMKHQSNEMKHBLIMNIEFHLBJOBIMBKJETFIMKHQKHOBLISBHIW
_FCIMNINHGS]BJFUPBNJLMNOBRNLLBVLKHEBt[KIKLETBNJIMNI]FIMIMBLGRRFJIc
BJLNHVIMBLdBRIKELMNVONTKVRFKHILWyHLFSBENLBLIMBJBMNOB]BBHHFIN]TBEFHLFTKVNc
IKFHLFUKHVGLIJPWAFJBwNSRTB[YFFOBJETFLBVKILONEGGSETBNHBJRTNHIKHAJNHEBNHV
EFHEBHIJNIBVNTTKILRJFVGEIKFHKHNSFJBBUsEKBHIRTNHIKHJKINKHWyHLFSBENLBLFTV
SNJdBILBQSBHINIKFHLMNOBETBNJTP]JFdBHVFCH[NHVLFSBIKSBLKHLGJRJKLKHQCNPL[
TKdBIMBBSBJQBHEBFUJKIKLMLTKEBV]JBNVNLNRFRGTNJKIBSKHAJNHEBWGIKHFIMBJ
ENLBLSNJdBILMNOBLMFCHTKIITBLKQHFUSBJQKHQWXMB{BJSNHLMNOBLMFCHTKIITBINLIB
UFJKSRFJIBV]BBJ[NHVIMByINTKNHLHFHBUFJRNLINSNVBCKIMLFUICMBNIW
YFCTNJQBCBJBIMBBEFHFSKEQNKHLUJFStPuu[CMBHIMBGJFRBNH
\FSSKLLKFHVBEKVBVIFJBOKBCIMBBUUBEILFUIMBaKHQTBGJFRBNHEI[KIENSBGRCKIM
SFJBSFVBLIBLIKSNIBLIMNHKIMNV]BUFJBtyIRGIIMBQNKHLNIN]FGItWRBJEBHIFU
{|}WyUIMKLHGS]BJKLEFJJBEI[KIJBRJBLBHILNSKTVVKLNRRFKHISBHI]GIMNJVTPNUNKTGJBW
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aBBbKEMNBTSBJLFH[bKEMBT GBNH[bKEMBT\NIKHNI[}MKTKRRB{FG]BI[NHV TBwKLNE^GBSKH[XMB
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bFLIINJKUUL[KSRFJIGFINL[NHVFIMBJIJNVBRFTKEPSBNLGJBLNJBGHVBJINdBHRJKSNJKTPIF
RJFIBEIIMBKHEFSBFURNJIKEGTNJKHIBJBLIQJFGRLW}FTKIKEKNHLFUIBHETNKS[MFCBOBJ[IMNIIMB
RFTKEKBLNJB]BKHQGHVBJINdBHKHIMBKHIBJBLIFUIMBHNIKFHNLNCMFTB[NHVLFSBIKSBLIMBP
NJBBOBHIBTTKHQIMBIJGIMWTIMFGQMBEFHFSKLILFUIBHNJQGBIMNIVBOKNIKFHLUJFSUJBBIJNVB
JBVGEBHNIKFHNTCBTUNJB[IMBJBNJB[KHUNEI[LFSBIMBFJBIKENTQJFGHVLUFJ]BTKBOKHQIMNI
NEIKOKLIIJNVBRFTKEKBLENHLFSBIKSBLKHEJBNLBIMBCBTUNJBFUIMBHNIKFHNLNCMFTBW
abcdefgi
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HBNJQGSBHIUFJVBOKNIKHQUJFSUJBBIJNVBEFSBLVKJBEITPFGIFUEFLIc]BHBsINHNTPLKL
AFJNTNJQBEFGHIJPIMNIKLN]TBIFNUUBEIIMBRJKEBLFUUFJBKQHBwRFJIBJL[NINJKUUTFCBJLIMB
RJKEBFUKSRFJILNHVIMGLQBHBJNIBLNIBJSLFUIJNVB]BHBsIWXMKL]BHBsISGLI]BLBI
NQNKHLIIMBEFLILFUIMBINJKUU[CMKEMNJKLB]BENGLBIMBINJKUUVKLIFJILRJFVGEIKFHNHVEFHc
LGSRIKFHKHEBHIKOBLWyIKLRFLLK]TB[MFCBOBJ[IMNIKHLFSBENLBLIMBIBJSLFUIJNVB]BHBsIL
FUNINJKUUFGICBKQMKILEFLIL[LFIMBJBKLNqepnofqpmrempejqfopmqmpiffW
XMBNRRBHVKwIFIMKLEMNRIBJLMFCLIMNIUFJNLGUsEKBHITPLSNTTINJKUU[IMBIBJSLFUIJNVB
]BHBsILSGLIFGICBKQMIMBEFLILWXMGLNILSNTTINJKUUJNIBL[NTNJQBEFGHIJPLCBTUNJBKL
MKQMBJIMNHCKIMUJBBIJNVBAKQGJBtucWLIMBINJKUUJNIBKLKHEJBNLBV[MFCBOBJ[IMBEFLIL
BOBHIGNTTP]BQKHIFQJFCSFJBJNRKVTPIMNHIMB]BHBsILNHVIMBEGJOBJBTNIKHQHNIKFHNT
CBTUNJBIFIMBINJKUUJNIBIGJHLVFCHWINJKUUJNIBIMNIEFSRTBIBTPRJFMK]KILIJNVB KH
AKQGJBtucTBNOBLIMBEFGHIJPCFJLBFUUIMNHCKIMUJBBIJNVBxUGJIMBJKHEJBNLBLKHIMB
INJKUUJNIB]BPFHVMNOBHFBUUBEI[LFIMBEGJOBvNIIBHLFGIW
I`RFKHItFHIMBEGJOBKHAKQGJBtuc[EFJJBLRFHVKHQIFIMBINJKUUJNIB[HNIKFHNTCBTc
UNJBKLSNwKSKzBVWXMBINJKUUJNIBIMNISNwKSKzBLHNIKFHNTCBTUNJBKLIMBoqiqmpiffW
PEFHOBHIKFH[IMBRMJNLBKLGLGNTTPGLBVIFJBUBJIFIMBINJKUUGLIKsBV]P
NIBJSLFUIJNVBNJQGSBHIJNIMBJIMNHIFIMB]BLIINJKUUQKOBHNTTRFLLK]TBEFHLKVBJNIKFHLW
XMBFRIKSGSINJKUUJNIBKLNTCNPLRFLKIKOB]GITBLLIMNHIMBRJFMK]KIKOBJNIB IMNICFGTV
BTKSKHNIBNTTKSRFJILW
MNIRFTKEPCFGTVIMBIBJSLFUIJNVBNJQGSBHIVKEINIBUFJLBEIFJLaKHEBNH
BwRFJILG]LKVPIMBIBJSLFUIJNVB[NHVIMBJBUFJBGHNS]KQGFGLTPJBVGEBLHNIKFHNT
CBTUNJB[IMBFRIKSNTRFTKEPKHBwRFJILBEIFJLSGLI]BNHBQNIKOBLG]LKVP[IMNIKL[NFH
BwRFJILIMNIJNKLBLIMBRJKEBFUBwRFJILIFUFJBKQHBJLWKdBIMBFRIKSGSINJKUU[IMBFRIKSGS
BwRFJIINwKLNTCNPLRFLKIKOB]GITBLLIMNHIMBRJFMK]KIKOBINwIMNICFGTVBTKSKHNIBBwRFJIL
EFSRTBIBTPW
XMBRFTKEPFUaNGVKJN]KNNHVFIMBJFKTBwRFJIBJLMNL]BBHIFINwIMBKJBwRFJILFU
FKT[JNKLKHQIMBRJKEBIFIMBJBLIFUIMBCFJTVWTIMFGQMFKTRJKEBLMNOBvGEIGNIBVGRNHV
VFCHFOBJIMBPBNJL[KIKLMNJVIFNJQGBIMNIaNGVKJN]KNCFGTVMNOB]BBH]BIIBJFUU
GHVBJUJBBIJNVBW
XMBIBJSLFUIJNVBNJQGSBHINQNKHLIUJBBIJNVBMNLLFSBKSRFJINHITKSKINIKFHL[MFCc
BOBJWbFLILSNTTEFGHIJKBLMNOBOBJPTKIITBN]KTKIPIFNUUBEIIMBCFJTVRJKEBLFUBKIMBJIMBKJ
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KSRFJILFJIMBKJBwRFJIL[NHVIMGLIMBIBJSLFUIJNVBNJQGSBHIKLFUTKIITBRJNEIKENTKSRFJc
INHEBIFIMBSWAFJ]KQEFGHIJKBLTKdBIMB~HKIBVaINIBL[IMBRJF]TBSKLIMNIIMBIBJSLFU
IJNVBNJQGSBHINSFGHILIFNHNJQGSBHIUFJGLKHQHNIKFHNTSFHFRFTPRFCBJIFBwIJNEI
QNKHLNIFIMBJEFGHIJKBLBwRBHLBWXMB~HKIBVaINIBLEFGTVLGJBTPVFIMKLIFLFSBBwIBHI[
]GILGEMNRJBVNIFJPRFTKEPCFGTVRJF]N]TP]JKHQJBINTKNIKFHUJFSFIMBJTNJQBEFGHIJKBLW
`EPETBFUJBINTKNIFJPIJNVBSFOBLCFGTV[KHIGJH[GHVBJSKHBIMBNIIBSRILNIKHIBJHNIKFHNT
IJNVBRFTKEPEFFJVKHNIKFHVBLEJK]BVTNIBJKHIMKLEMNRIBJW
XMBIBJSLFUIJNVBNJQGSBHINQNKHLIUJBBIJNVB[IMBH[KLKHIBTTBEIGNTTPKSRBEEN]TB]GIFU
VFG]IUGTGLBUGTHBLLWyHRJNEIKEB[KIKLSFJBFUIBHBSRMNLKzBV]PBEFHFSKLILNLNIMBFJBIKc
ENTRJFRFLKIKFHIMNHNEIGNTTPGLBV]PQFOBJHSBHILNLNGLIKsENIKFHUFJIJNVBRFTKEPW
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BNOKHQNLKVBIMBKLLGBFUIMBIBJSLFUIJNVB[IMB]NLKEIMBFJBIKENTENLBUFJUJBBIJNVBJBLIBV
FHEFLIc]BHBsINHNTPLKLGLKHQIMBEFHEBRILFUEFHLGSBJNHVRJFVGEBJLGJRTGLWbNHP
BEFHFSKLILMNOBSNVBNENLBNQNKHLIUJBBIJNVB]NLBVFHIMBEFGHIBJNJQGSBHIIMNIIMBLB
EFHEBRIL[RJFVGEBJLGJRTGLKHRNJIKEGTNJ[VFHFIRJFRBJTPSBNLGJBEFLILNHV]BHBsILW
MPSKQMIRJFVGEBJLGJRTGLHFIRJFRBJTPSBNLGJBIMB]BHBsILFURJFVGEKHQNQFFV
BEFHLKVBJNONJKBIPFUJBNLFHLKHIMBHBwIICFEMNRIBJLXMBLBKHETGVBIMBRFLLK]KTKIP
IMNIIMBTN]FJGLBVKHNLBEIFJCFGTVFIMBJCKLB]BGHBSRTFPBVFJGHVBJBSRTFPBV[IMB
BwKLIBHEBFUVBUBEILKHIMBENRKINTFJTN]FJSNJdBILIMNIRJBOBHIJBLFGJEBLUJFS]BKHQIJNHLc
UBJJBVNLJNRKVTPNLIMBPLMFGTV]BIFLBEIFJLIMNIPKBTVMKQMJBIGJHL[NHVIMBRFLLK]KTKIPFU
IBEMHFTFQKENTLRKTTFOBJLUJFSKHVGLIJKBLIMNINJBHBCFJRNJIKEGTNJTPKHHFONIKOBWXMBLBENH
NTT]BETNLLKsBVGHVBJIMBQBHBJNTMBNVKHQFUroenqihmpeqfmipenWXMNIKL[KHBNEMFU
IMBLBBwNSRTBL[LFSBSNJdBIKHIMBEFGHIJPKLHFIVFKHQKILF]JKQMIIMBTN]FJSNJdBIKL
HFIETBNJKHQ[IMBENRKINTSNJdBIKLHFINTTFENIKHQJBLFGJEBLBUsEKBHITP[NHVLFFHW
aGRRFLB[UFJBwNSRTB[IMNIIMBRJFVGEIKFHFULFSBQFFVPKBTVLBwRBJKBHEBIMNICKTT
KSRJFOBIMBIBEMHFTFQPFUIMBBEFHFSPNLNCMFTB]GIIMNIIMBsJSLKHIMBLBEIFJENHHFI
NRRJFRJKNIBIMKL]BHBsINHVIMBJBUFJBVFHFIINdBKIKHIFNEEFGHIKHVBEKVKHQMFCSGEMIF
RJFVGEBWXMBHIMBJBKLNmpijmnohimejegqIFNVVKIKFHNTRJFVGEIKFHIMNIKLHFI
ENRIGJBV]PIMBRJFVGEBJLGJRTGLSBNLGJBWXMKLSNJQKHNTLFEKNT]BHBsIENHLBJOBNLN
GLIKsENIKFHUFJINJKUULFJFIMBJIJNVBRFTKEKBLW
AKQGJBtucKTTGLIJNIBLIMBVFSBLIKESNJdBIUNKTGJBNJQGSBHINQNKHLIUJBBIJNVBW
AKQGJBtucNLMFCLIMBEFHOBHIKFHNTEFLIc]BHBsINHNTPLKLFUNINJKUUUFJNLSNTTEFGHIJP
CMKEMJGTBLFGIIBJSLFUIJNVBBUUBEILWAKQGJBtuc]LMFCLIMBSNJQKHNT]BHBsIUJFS
RJFVGEIKFHIMNIKLHFIINdBHNEEFGHIFU]PIMBRJFVGEBJLGJRTGLSBNLGJBWXMBsQGJBLMFCL
IMBBUUBEILFUNINJKUUIMNIJNKLBLIMBVFSBLIKERJKEBUJFS IF W}JFVGEIKFHJKLBL
UJFS IF [CKIMNJBLGTIKHQRJFVGEIKFHVKLIFJIKFHKHVKENIBV]PIMBNJBNTN]BTBVW
\FHLGSRIKFHUNTTLUJFS IF [CKIMNJBLGTIKHQEFHLGSRIKFHVKLIFJIKFHKHVKENIBV]PIMB
NJBNWyUCBEFHLKVBJBVFHTPEFHLGSBJNHVRJFVGEBJLGJRTGL[CBCFGTVsHVIMNIIMBEFLIL
FUIMBINJKUUBwEBBVKIL]BHBsILWAKQGJBtuc]LMFCL[MFCBOBJ[IMNIIMKLENTEGTNIKFHFOBJc
TFFdLNHNVVKIKFHNT]BHBsIIMNISNPSNdBIMBINJKUURJBUBJN]TBIFUJBBIJNVBWXMBKHEJBNLB
KHRJFVGEIKFHPKBTVLNLFEKNT]BHBsIIMNISNP]BSBNLGJBV]PIMBNJBNGHVBJIMBSNJQKHNT
LFEKNT]BHBsIEGJOBUJFS IF[KHVKENIBV]PWyHUNEI[]PNHNJQGSBHILKSKTNJIFIMNI
KHIMBIBJSLFUIJNVBENLB[CBENHLMFCIMNIKUIMBINJKUUKLLSNTTBHFGQM[IMBNJBNSGLI
NTCNPLBwEBBVIMBNJBN NHVIMNIIMBJBKLLFSBCBTUNJBcSNwKSKzKHQINJKUUIMNIPKBTVL
NTBOBTFULFEKNTCBTUNJBMKQMBJIMNHIMNIFUUJBBIJNVBW
XMBVFSBLIKESNJdBIUNKTGJBNJQGSBHINQNKHLIUJBBIJNVBKLNRNJIKEGTNJENLBFUNSFJB
QBHBJNTEFHEBRIdHFCHKHBEFHFSKELNLIMBqeopkofqenehojrenqWXMKLIMBFJPLINIBL
IMNINMNHVLcFUURFTKEPKLVBLKJN]TBKHNHPFHBSNJdBIFHTPKUNTTFIMBJSNJdBILNJBCFJdKHQ
RJFRBJTPWyUIMBPNJBHFI[NQFOBJHSBHIKHIBJOBHIKFHIMNINRRBNJLIFVKLIFJIKHEBHIKOBLKHFHB
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SNJdBISNPNEIGNTTPKHEJBNLBCBTUNJB]PFUULBIIKHQIMBEFHLB^GBHEBLFUSNJdBIUNKTGJBL
BTLBCMBJBWAFJBwNSRTB[KUIMBTN]FJSNJdBIKLSNTUGHEIKFHKHQNHVUNKTLIFVBTKOBJUGTT
BSRTFPSBHI[NRFTKEPFULG]LKVKzKHQTN]FJcKHIBHLKOBKHVGLIJKBL[CMKEMCFGTV]BGHVBLKJc
N]TBKHNUGTTcBSRTFPSBHIBEFHFSP[SKQMIIGJHFGIIF]BNQFFVKVBNWyICFGTV]B]BIIBJIF
swIMBTN]FJSNJdBI]P[UFJBwNSRTB[SNdKHQCNQBLSFJBvBwK]TB[]GIKUUFJLFSBJBNLFH
IMKLENHHFI]BVFHB[KHIBJOBHKHQKHFIMBJSNJdBILSNP]BNLBEFHVc]BLICNPFUNTTBOKNIc
KHQIMBRJF]TBSW
MBHBEFHFSKLILNRRTPIMBIMBFJPFUIMBLBEFHV]BLIIFIJNVBRFTKEP[IMBPNJQGBIMNI
KSRBJUBEIKFHLKHIMBUGHEIKFHKHQFUNHBEFHFSPSNPGLIKUPKHIBJUBJKHQKHKIL
BwIBJHNTBEFHFSKEJBTNIKFHLWXMKLNJQGSBHINEEBRILIMNIKHIBJHNIKFHNTIJNVBKLHFIIMB
LFGJEBFUIMBRJF]TBS]GILGQQBLILHFHBIMBTBLLIMNIIJNVBRFTKEPENHRJFOKVBNITBNLIN
RNJIKNTLFTGIKFHW
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MBHIMBPCBJBsJLIRJFRFLBV[SNJdBIUNKTGJBNJQGSBHILUFJRJFIBEIKFHLBBSBVIFGHVBJSKHB
SGEMFUIMBENLBUFJUJBBIJNVBWUIBJNTT[CMFCFGTVCNHIIFNJQGBIMNIIMBJBNTBEFHFSKBLCB
TKOBKHNJBUJBBUJFSSNJdBIUNKTGJBLyHRFFJBJHNIKFHL[KHRNJIKEGTNJ[SNJdBIKSRBJUBEIKFHL
LBBSIF]BTBQKFHWAFJBwNSRTB[GHBSRTFPSBHINHVSNLLKOBVKUUBJBHEBL]BICBBHJGJNTNHV
GJ]NHCNQBJNIBLNJBRJBLBHIKHSNHPTBLLcVBOBTFRBVEFGHIJKBL\MNRIBJttWXMBBOKVBHEBIMNI
SNJdBILCFJd]NVTPKLTBLLQTNJKHQKHNVONHEBVEFGHIJKBL[]GIKIKLBNLPIFVBOBTFRMPRFIMBLBL
LGQQBLIKHQSNFJSNJdBIUNKTGJBLIMBJBNLCBTTUFJBwNSRTB[IMBKHN]KTKIPFUKHHFONIKOBsJSL
IFJBNRIMBUGTTJBCNJVLFUIMBKJKHHFONIKFHLWYFCENHCBVBUBHVUJBBIJNVBQKOBHIMBTKdBTKMFFV
IMNIIMBJBNJBKHIBJOBHIKFHLIMNIEFGTVJNKLBHNIKFHNTCBTUNJB
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XMBJBNJBICFTKHBLFUVBUBHLBUFJUJBBIJNVBXMBsJLINJQGBLIMNIVFSBLIKESNJdBIUNKTc
GJBLLMFGTV]BEFJJBEIBV]PVFSBLIKERFTKEKBLNKSBVVKJBEITPNIIMBRJF]TBSLLFGJEBLxIMB
LBEFHVNJQGBLIMNIBEFHFSKLILENHHFIVKNQHFLBSNJdBIUNKTGJBCBTTBHFGQMIFRJBLEJK]B
RFTKEPW
XMBRFKHIIMNIVFSBLIKESNJdBIUNKTGJBENTTLUFJVFSBLIKERFTKEPEMNHQBL[HFIKHIBJc
HNIKFHNTIJNVBRFTKEKBL[ENH]BSNVB]PEFLIc]BHBsINHNTPLKLSFVKsBVIFNEEFGHIUFJNHP
GHSBNLGJBVSNJQKHNTLFEKNT]BHBsILWAKQGJBtucLMFCBVIMNININJKUUSKQMIJNKLBCBTUNJB[
VBLRKIBIMBRJFVGEIKFHNHVEFHLGSRIKFHVKLIFJIKFHLKIENGLBL[]BENGLBKITBNVLIFNVVKIKFHNT
RJFVGEIKFHIMNIPKBTVLLFEKNT]BHBsILWyUIMBLNSBRJFVGEIKFHKHEJBNLBCBJBNEMKBOBVOKNN
RJFVGEIKFHLG]LKVPJNIMBJIMNHNINJKUU[MFCBOBJ[IMBRJKEBIFEFHLGSBJLCFGTVHFIKHEJBNLB
NHVIMBEFHLGSRIKFHTFLLCFGTV]BNOFKVBVWyHFIMBJCFJVL[]PINJQBIKHQVKJBEITPIMBRNJc
IKEGTNJNEIKOKIPCBCNHIIFBHEFGJNQB[NRJFVGEIKFHLG]LKVPCFGTVNOFKVLFSBFUIMBLKVB
EFLILNLLFEKNIBVCKIMNINJKUUW
XMKLBwNSRTBKTTGLIJNIBLNQBHBJNTRJKHEKRTBCMBHVBNTKHQCKIMSNJdBIUNKTGJBLyIKL
NTCNPLRJBUBJN]TBIFVBNTCKIMSNJdBIUNKTGJBLNLVKJBEITPNLRFLLK]TB[]BENGLBKHVKJBEI
RFTKEPJBLRFHLBLTBNVIFGHKHIBHVBVVKLIFJIKFHLFUKHEBHIKOBLBTLBCMBJBKHIMBBEFHFSPW
XMGL[IJNVBRFTKEKBLGLIKsBV]PVFSBLIKESNJdBIUNKTGJBNJBHBOBJIMBSFLIBUsEKBHI
JBLRFHLBxIMBPNJBNTCNPLLBEFHVc]BLIJNIMBJIMNHsJLIc]BLIRFTKEKBLW
XMKLKHLKQMIMNLKSRFJINHIKSRTKENIKFHLUFJIJNVBRFTKEPSNdBJLHPRJFRFLBVIJNVBRFTc
KEPLMFGTVNTCNPL]BEFSRNJBVCKIMNRGJBTPVFSBLIKERFTKEPNKSBVNIEFJJBEIKHQIMBLNSB
RJF]TBSWyUIMBVFSBLIKERFTKEPNRRBNJLIFFEFLITPFJMNLGHVBLKJN]TBLKVBBUUBEIL[IMBIJNVB
RFTKEPKLNTSFLILGJBTPBOBHTBLLVBLKJN]TBBOBHIMFGQMIMBEFLILNJBTBLLNRRNJBHIW
yHIMB~HKIBVaINIBL[UFJBwNSRTB[NHKSRFJIGFINFHNGIFSF]KTBLMNL]BBHLGRRFJIBVFH
IMBQJFGHVLIMNIKIKLHBEBLLNJPIFLNOBIMBF]LFUNGIFCFJdBJLWXMBNVOFENIBLFUNHKSRFJI
G^FINNJQGBIMNI~WaWTN]FJSNJdBILNJBIFFKHvBwK]TBUFJNGIFCFJdBJLIFJBSNKHBSRTFPBV
BKIMBJ]PEGIIKHQIMBKJCNQBLFJ]PsHVKHQF]LKHFIMBJLBEIFJLW_FCEFHLKVBJNRGJBTP
VFSBLIKERFTKEPNKSBVNIIMBLNSBRJF]TBSNLG]LKVPIFsJSLIMNIBSRTFPNGIFCFJdBJLWaGEM
NRFTKEPCFGTVBHEFGHIBJSNLLKOBRFTKIKENTFRRFLKIKFHWAFJFHBIMKHQ[IFRJBLBJOBEGJJBHITBOc
BTLFUBSRTFPSBHICKIMFGIRJFIBEIKFHCFGTVJB^GKJBTNJQBLG]LKVPRNPSBHIL[CMKEMCFGTV
BKIMBJKHEJBNLBIMBUBVBJNTQFOBJHSBHIL]GVQBIVBsEKIFJJB^GKJBNINwKHEJBNLBWAGJIMBJSFJB[
NGIFCFJdBJLNJBNSFHQIMBMKQMBLIcRNKVCFJdBJLKHIMBSNHGUNEIGJKHQLBEIFJxIMBQBHBJNT
RG]TKECFGTVLGJBTPF]BEIIFLG]LKVKzKHQIMBSWyIKLMNJVIF]BTKBOBNHBSRTFPSBHILG]LKVP
UFJNGIFCFJdBJLEFGTVRNLL\FHQJBLLWBINHKSRFJIGFIN[
]BENGLBCMKTBKICFGTV]JKHQN]FGIIMBLNSBKHEJBNLBKHBSRTFPSBHI[KICFGTVNTLFVKLIFJI
EFHLGSBJEMFKEBWXMBFHTPVKUUBJBHEBKLIMNIIMBEFLILCFGTV]BTBLLOKLK]TB[INdKHQIMBUFJS
FUMKQMBJNGIFSF]KTBRJKEBLJNIMBJIMNHVKJBEIQFOBJHSBHIFGITNPLW
\JKIKELFUIMBVFSBLIKESNJdBIUNKTGJBGLIKsENIKFHUFJRJFIBEIKFHNJQGBIMNIIMKLENLBKL
IPRKENTbFLIVBOKNIKFHLUJFSUJBBIJNVBNJBNVFRIBVHFI]BENGLBIMBKJ]BHBsILBwEBBVIMBKJ
EFLIL]GI]BENGLBIMBRG]TKEUNKTLIFGHVBJLINHVIMBKJIJGBEFLILW\FSRNJKHQIMBEFLILFU
IJNVBRFTKEPCKIMNTIBJHNIKOBVFSBLIKERFTKEKBLKLIMGLNGLBUGTCNPIFUFEGLNIIBHIKFHFH
GLIMFCTNJQBIMBLBEFLILNJBW
XMBLBEFHVVBUBHLBFUUJBBIJNVBKLIMNI]BENGLBSNJdBIUNKTGJBLNJBIPRKENTTPMNJVIF
KVBHIKUPRJBEKLBTP[KIKLVKUsEGTIIF]BLGJBCMNIIMBNRRJFRJKNIBRFTKEPJBLRFHLBLMFGTV]BW
AFJBwNSRTB[LGRRFLBIMBJBKLGJ]NHGHBSRTFPSBHIKHNTBLLcVBOBTFRBVEFGHIJPxCMNIKL
IMBNRRJFRJKNIBRFTKEPHBMPRFIMBLKLBwNSKHBVSFJBETFLBTPKH\MNRIBJttLNPLIMNIN
INJKUUIFRJFIBEIGJ]NHKHVGLIJKNTLBEIFJLCKTTVJNCIMBGHBSRTFPBVKHIFRJFVGEIKOBCFJd
NHVIMGLQBHBJNIBLFEKNT]BHBsILIMNICFGTVSFJBIMNHEFSRBHLNIBUFJIMBINJKUULEFLILW
YFCBOBJ[NHFIMBJMPRFIMBLKLLNPLIMNIIMKLRFTKEPCKTTBHEFGJNQBLFSGEMSKQJNIKFHIF
GJ]NHNJBNLIMNIGHBSRTFPSBHICKTT[KHUNEI[KHEJBNLBWyIKLVKUsEGTIIFLNPCMKEMFUIMBLB
MPRFIMBLBLKLJKQMIWMKTBBEFHFSKEIMBFJPLNPLSGEMN]FGIIMBCFJdKHQFUSNJdBILIMNI
UGHEIKFHRJFRBJTP[KIRJFOKVBLSGEMTBLLQGKVNHEBFHIMFLBIMNIVFHIxIMBJBNJBSNHPCNPL
abcdefgi
/3534330.+/3 ``
KHCMKEMSNJdBILENHSNTUGHEIKFH[NHVIMBEMFKEBFUNLBEFHVc]BLIRFTKEPVBRBHVLFHIMB
VBINKTLFUIMBSNJdBIUNKTGJBW
XMBVKUsEGTIPFUNLEBJINKHKHQIMBEFJJBEILBEFHVc]BLIIJNVBRFTKEPIFUFTTFCJBKHUFJEBL
IMBRFTKIKENTNJQGSBHIUFJUJBBIJNVBSBHIKFHBVBNJTKBJWyUIJNVBRFTKEPBwRBJILNJBMKQMTP
GHEBJINKHN]FGIMFCRFTKEPLMFGTVVBOKNIBUJFSUJBBIJNVBNHVVKLNQJBBNSFHQIMBSc
LBTOBL[KIKLNTTIFFBNLPUFJIJNVBRFTKEPIFKQHFJBHNIKFHNTCBTUNJBNTIFQBIMBJNHV]BEFSB
VFSKHNIBV]PLRBEKNTcKHIBJBLIRFTKIKELWyUIMBSNJdBIUNKTGJBLNJBHFIIFF]NVIFLINJICKIM[N
EFSSKISBHIIFUJBBIJNVBSKQMIKHIMBBHV]BN]BIIBJRFTKEPIMNHFRBHKHQIMB}NHVFJNL
]FwFUNSFJBvBwK]TBNRRJFNEMW
XMKLKL[MFCBOBJ[NGVQSBHIN]FGIRFTKIKELJNIMBJIMNHN]FGIBEFHFSKELWBHBBVIF
JBNTKzBIMNIBEFHFSKEIMBFJPVFBLRJFOKVBNVFQSNIKEVBUBHLBFUUJBBIJNVB[BOBH
IMFGQMKIKLFUIBHNEEGLBVFUVFKHQLFW
XMBVKLEGLLKFHLFUNJMNLUFEGLBVFHHNIKFHNTCBTUNJBNJQGSBHILUFJNHVNQNKHLIINJKUU
RFTKEPWyIKLNRRJFRJKNIBIFLINJIIMBJB[]FIM]BENGLBNVKLIKHEIKFH]BICBBHHNIKFHNTCBTUNJB
NHVIMBCBTUNJBFURNJIKEGTNJQJFGRLMBTRLIFETNJKUPIMBKLLGBLNHV]BENGLBIMBNVOFENIBL
FUIJNVBRFTKEKBLGLGNTTPETNKSIMNIIMBRFTKEKBLCKTT]BHBsIIMBHNIKFHNLNCMFTBWMBH
TFFdKHQNIIMBNEIGNTRFTKIKELFUIJNVBRFTKEP[MFCBOBJ[KI]BEFSBLHBEBLLNJPIFVBNTCKIM
IMBJBNTKIPIMNIIMBJBKLHFLGEMIMKHQNLHNIKFHNTCBTUNJBxIMBJBNJBFHTPIMBVBLKJBLFUKHVKc
OKVGNTL[CMKEMQBISFJBFJTBLLKSRBJUBEITPJBvBEIBVKHIMBF]BEIKOBLFUQFOBJHSBHIW
YFCVFIMBRJBUBJBHEBLFUKHVKOKVGNTLQBINVVBVGRIFRJFVGEBIMBIJNVBRFTKEPCB
NEIGNTTPLBBXMBJBKLHFLKHQTB[QBHBJNTTPNEEBRIBVNHLCBJ[]GIIMBJBMNL]BBHNQJFCKHQ
]FVPFUBEFHFSKENHNTPLKLIMNIBwRTFJBLSFVBTLKHCMKEMQFOBJHSBHILNJBNLLGSBVIF]B
IJPKHQIFSNwKSKzBRFTKIKENTLGEEBLLJNIMBJIMNHNHN]LIJNEISBNLGJBFUHNIKFHNTCBTUNJBW
n(&
}FTKIKENTLEKBHIKLILMNOBTFHQGLBVNLKSRTBSFVBTFUEFSRBIKIKFHNSFHQRFTKIKENTRNJIKBL
IFLMFCMFCIMBRJBUBJBHEBLFUOFIBJLSKQMI]BJBvBEIBVKHNEIGNTRFTKEKBLW
XMBSFVBT
JGHLNLUFTTFCLaGRRFLBIMNIIMBJBNJBICFEFSRBIKHQRNJIKBL[BNEMFUCMKEMKLCKTTKHQ
IFRJFSKLBCMNIBOBJCKTTBHN]TBKIIFCKHIMBHBwIBTBEIKFHWaGRRFLBIMNIRFTKEPENH]B
VBLEJK]BVNTFHQNLKHQTBVKSBHLKFH[LNP[IMBTBOBTFUIMBINJKUUJNIBWHVsHNTTP[LGRRFLB
IMNIOFIBJLVKUUBJKHIMBRFTKEKBLIMBPRJBUBJWAFJBwNSRTB[KSNQKHBIMNINEFGHIJPBwRFJIL
LdKTTcKHIBHLKOBQFFVLNHVKSRFJILTN]FJcKHIBHLKOBQFFVLWXMBHOFIBJLCKIMMKQMLdKTTTBOc
BTLCKTTUNOFJTFCINJKUUJNIBL[]GIOFIBJLCKIMTFCLdKTTLCKTT]B]BIIBJFUUKUIMBEFGHIJP
KSRFLBLNMKQMINJKUU]BENGLBFUIMBaIFTRBJcaNSGBTLFHBUUBEIVKLEGLLBVKH\MNRIBJW
BENHIMBJBUFJBIMKHdFUTKHKHQGRNTTIMBOFIBJLKHIMBFJVBJFUIMBINJKUUJNIBIMBPRJBc
UBJ[CKIMIMBOFIBJLCMFUNOFJIMBTFCBLIJNIBFHIMBTBUINHVIMFLBCMFUNOFJIMBMKQMBLI
JNIBFHIMBJKQMIW
MNIRFTKEKBLCKTTIMBICFRNJIKBLIMBHRJFSKLBIFUFTTFCXMBNHLCBJKLIMNIIMBPCKTT
IJPIFsHVIMBSKVVTBQJFGHVLRBEKsENTTP[]FIMCKTTIBHVIFEFHOBJQBFHIMBINJKUUJNIBRJBc
UBJJBV]PIMBerimjoqepIMBOFIBJCMFKLBwNEITPMNTUCNPGRIMBTKHBGRWXFLBBCMP[
EFHLKVBJAKQGJBtucWyHIMBsQGJB[OFIBJLNJBTKHBVGR]PIMBKJRJBUBJJBVINJKUUJNIB[CMKEMKL
LMFCH]PIMBMPRFIMBIKENTGRCNJVcLTFRKHQEGJOBx KLIMBSBVKNHOFIBJLRJBUBJJBVJNIBW
_FCLGRRFLBIMNIFHBFUIMBRNJIKBLMNLRJFRFLBVIMBINJKUUJNIB[CMKEMKLEFHLKVBJN]TP
N]FOBIMNIRJBUBJJBV]PIMBSBVKNHOFIBJWXMBHIMBFIMBJRNJIPEFGTVRJFRFLBIMBLTKQMITP
k
aBBHIMFHP|FCHL[NLMKHQIFH[|W\WJFFdKHQLyHLIKIGIKFH[tW
-
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dcgee$
*45/.4534.+/3
TFCBJJNIB[[NHVKILRJFQJNSCFGTV]BRJBUBJJBV]PNTSFLINTTOFIBJLCMFCNHINTFCBJ
INJKUU[IMNIKL[]PNSNFJKIPWyHFIMBJCFJVL[KICFGTVNTCNPL]BKHIMBRFTKIKENTKHIBJBLIFUN
RNJIPIFGHVBJEGINHPINJKUURJFRFLNTIMNIKLMKQMBJIMNHCMNIIMBSBVKNHOFIBJCNHILW
aKSKTNJJBNLFHKHQLMFCLIMNILBTUcKHIBJBLIBVRFTKIKEKNHLCKTTNTCNPLCNHIIFRJFSKLBN
MKQMBJINJKUUKUIMBKJFRRFHBHILRJFRFLBFHBIMNIKLTFCBJIMNHIMBINJKUUIMBSBVKNHOFIBJ
RJBUBJLWaF]FIMRNJIKBLBHVGRRJFRFLKHQNINJKUUETFLBIFIMBFHBIMBSBVKNHOFIBJCNHILW
}FTKIKENTLEKBHIKLILMNOBSFVKsBVIMKLLKSRTBSFVBTKHNHGS]BJFUCNPLWAFJBwNSRTB[
LFSBNHNTPLILLIJBLLIMBKSRFJINHEBFURNJIPNEIKOKLILKHQBIIKHQFGIIMBOFIBxLKHEBIMBLB
NEIKOKLILNJBFUIBHKVBFTFQKENTTPSFIKONIBV[IMBHBBVUFJIMBKJLGRRFJISNPRJBOBHIRNJIKBL
UJFS]BKHQGKIBNLEPHKENT[FJNVFRIKHQRTNIUFJSLGKIBNLKHVKLIKHQGKLMN]TB[NLIMKLSFVBT
LGQQBLILW_FHBIMBTBLL[IMBSBVKNHOFIBJSFVBTFUBTBEIFJNTEFSRBIKIKFHMNL]BBHOBJP
MBTRUGTNLNCNPFUIMKHdKHQN]FGIMFCRFTKIKENTVBEKLKFHLQBISNVBKHIMBJBNTCFJTV[
CMBJBIMBBUUBEILFURFTKEPFHKHEFSBVKLIJK]GIKFHSNP]BSFJBKSRFJINHIIMNHIMBKJ
BUUBEILFHBUsEKBHEPW
HBNJBNKHCMKEMIMBSBVKNHOFIBJSFVBTVFBLHFILBBSIFCFJdOBJPCBTT[MFCBOBJ[
KLIJNVBRFTKEPyHUNEI[KISNdBLNHNTSFLIRJBEKLBTPCJFHQRJBVKEIKFHWEEFJVKHQIFIMKL
SFVBT[NRFTKEPLMFGTV]BEMFLBHFHIMB]NLKLFUMFCSNHPOFIBJLKIRTBNLBLRFTKEPIMNI
KHvKEILTNJQBTFLLBLFHNUBCRBFRTB]GI]BHBsILNTNJQBHGS]BJFURBFRTBLMFGTV]BN
RFTKIKENTCKHHBJxNRFTKEPIMNIKHvKEILCKVBLRJBNVTFLLBL]GIMBTRLNLSNTTQJFGRLMFGTV]B
NTFLBJWyHUNEI[MFCBOBJ[RJFIBEIKFHKLIRFTKEKBLNJBSFJBTKdBTPIFsIIMBTNIIBJIMNHIMB
UFJSBJVBLEJKRIKFHWBENTTIMBBwNSRTBFUIMB~WaWLGQNJKSRFJIGFIN[VKLEGLLBVKH
\MNRIBJEEFJVKHQIFIMBBLIKSNIBLRJBLBHIBVIMBJB[IMBGFINKSRFLBVNTFLLFUN]FGI
W]KTTKFHFH~WaWEFHLGSBJLIMNIKL[FHIBHLFUSKTTKFHLFUOFIBJLCMKTBRJFOKVKHQN
SGEMLSNTTBJQNKHIFNUBCIMFGLNHVLGQNJKHVGLIJPCFJdBJLNHV]GLKHBLLRBJLFHLWYFC
ENHLGEMNIMKHQMNRRBHRFTKIKENTTP
n[Z
yHNHFCUNSFGL]FFd[BEFHFSKLIbNHEGJTLFHRFKHIBVFGIIMNIRFTKIKENTNEIKOKIPFH
]BMNTUFUNQJFGRKLNRG]TKEQFFVxIMNIKL[IMB]BHBsILFULGEMNEIKOKIPNEEJGBIFNTTSBSc
]BJLFUIMBQJFGR[HFIGLIIMBKHVKOKVGNTCMFRBJUFJSLIMBNEIKOKIPW
aGRRFLBNEFHLGSBJ
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L
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bNHEGJTLFH[\NS]JKVQBYNJONJV~HKOBJLKIP}JBLL[tW
abcdefgi
/3534330.+/3 `!
L`CBBwRTNKHKHIMBIBwI[KILMNJVIFSNdBLBHLBFU
NEIGNTIJNVBRFTKEPKUPFGNLLGSBIMNIQFOBJHSBHIL
NJBQBHGKHBTPIJPKHQIFSNwKSKzBHNIKFHNTCBTUNJBW
HIMBFIMBJMNHV[NEIGNTIJNVBRFTKEPVFBLSNdB
LBHLBKUPFGNLLGSBIMNILRBEKNTcKHIBJBLIQJFGRLENH
]GPKHvGBHEBWGIKLIMBJBNHPVKJBEIBOKVBHEBIMNI
RFTKIKEKNHLJBNTTPNJBUFJLNTB
FIBL]PIMB~WaW\FHQJBLLFHLFSBEJGEKNTIJNVB
KLLGBLKHIMBtuLFUUBJGLBUGTIBLIENLBLWXMBJBNLFH
KLIMNI~WaWENSRNKQHsHNHEBTNCLJB^GKJBRFTKIKc
EKNHLIFJBOBNTIMBNSFGHILNHVLFGJEBLFUENSRNKQH
EFHIJK]GIKFHLxIMKLVKLETFLGJBNTTFCLBEFHFSKLILNHV
RFTKIKENTLEKBHIKLILIFTFFdUFJNHPJBTNIKFHLMKR
]BICBBHIMFLBEFHIJK]GIKFHLNHVNEIGNTOFIBLW
tLIGVP]PF]BJINTVCKHNHV\MJKLIFRMBJ
bNQBB
UFEGLBLFHICFEJGEKNTOFIBLIMBtOFIB
FHIMB_FJIMSBJKENHAJBBXJNVBQJBBSBHIQBHc
BJNTTPdHFCHNL_` AX`[NHVVBLEJK]BVNIQJBNIBJ
TBHQIM]BTFC[NHVIMBtOFIBJNIKUPKHQIMBTNIBLI
NQJBBSBHIGHVBJIMB{BHBJNTQJBBSBHIFHXNJKUUL
NHVXJNVBQBHBJNTTPdHFCHNLIMB{` XX[NTLF
VBLEJK]BV]BTFCWFIMOFIBLCBJB]KIIBJTPUFGQMI[
TNJQBTPNTFHQ]GLKHBLLcOBJLGLcTN]FJTKHBLIMNIKL[
]GLKHBLLQJFGRLCBJBLIJFHQTPKHUNOFJxTN]FJGHKFHL
CBJBLIJFHQTPNQNKHLIWyH]FIMENLBLIMBUJBBIJNVB
RFLKIKFH]NEdBV]P]GLKHBLLCFHxKHIMB_` AX`
OFIB[IMBFGIEFSBCNLKHVFG]IGHIKTIMBTNLISKHGIB[
NHVIMBSNJQKHFUOKEIFJPOFIBLKHIMBYFGLBFU
BRJBLBHINIKOBLCNLHFIOBJPTNJQBW
NTVCKHNHVbNQBBBLIKSNIBNHBEFHFSBIJKE
SFVBTFUEFHQJBLLKFHNTOFIBLIMNIEFHIJFTLUFJLGEM
UNEIFJLNLIMBBEFHFSKEEMNJNEIBJKLIKELFUSBS]BJL
VKLIJKEILNLCBTTNL]GLKHBLLNHVTN]FJEFHIJK]GIKFHL
IFIMBEFHQJBLLKFHNTJBRJBLBHINIKOBWXMBPsHVN
LIJFHQKSRNEIFUSFHBPFHIMBOFIKHQRNIIBJHWHB
CNPIFNLLBLLIMKLKSRNEIKLIFJGHNLBJKBLFUEFGHc
IBJUNEIGNTLYFCVKUUBJBHICFGTVIMBFOBJNTTOFIB
MNV]BBHKUIMBJBMNV]BBHHF]GLKHBLLEFHIJK]Gc
IKFHL[HFTN]FJEFHIJK]GIKFHL[FJHFEFHIJK]GIKFHLFU
NHPIPRBNINTT
XMBUFTTFCKHQIN]TBLGSSNJKzBLIMBJBLGTILWXMB
sJLIJFCLMFCLMFCSNHPJBRJBLBHINIKOBLOFIBVKH
UNOFJFUBNEM]KTTx]BNJKHSKHVIMNIRNLLNQBJB^GKJBV
NITBNLItOFIBLWXMBLBEFHVJFCLMFCLIMBHGS]BJ
FUOFIBLRJBVKEIBV]PNTVCKHNHVbNQBBLB^GNIKFHL
XMBKJSFVBTQBILKIJKQMIKHIMBENLBFU_` AX`]GI
FOBJRJBVKEIL]PNUBCOFIBLKHIMBENLBFUIMB{` XXW
XMBIMKJVJFCLMFCLMFCSNHPOFIBLBNEM]KTTCFGTV
MNOBJBEBKOBV[NEEFJVKHQIFIMBSFVBT[KHIMBN]LBHEB
FUTN]FJEFHIJK]GIKFHLxIMBHBwIJFCLMFCLMFCSNHP
JBRJBLBHINIKOBLCFGTVMNOBOFIBVKHUNOFJKHIMB
N]LBHEBFU]GLKHBLLEFHIJK]GIKFHLWXMBTNLIJFCLMFCL
MFCSNHPCFGTVMNOBOFIBVKHUNOFJKU]FIM]GLKHBLL
NHVTN]FJEFHIJK]GIKFHLMNV]BBHN]LBHIW
N@hFEFOFCLST@DChHPGFKHLOHTD@AERHS
oqefop
oqefop
E`IGNT
}JBVKEIBV]PSFVBT u
KIMFGITN]FJEFHIJK]GIKFHL t
KIMFGI]GLKHBLLEFHIJK]GIKFHL t
KIMFGINHPEFHIJK]GIKFHL
F]BJIWNTVCKHNHV\MJKLIFRMBJaWbNQBB[yLXJNVB}FTKEPUFJaNTB\FHQJBLLKFHNTFIKHQFHBEBHIXJNVBKTTL[
FJdKHQ}NRBJ[_NIKFHNTGJBNGFUEFHFSKEBLBNJEM[NHGNJPtW
yUIMBLBBLIKSNIBLNJBEFJJBEI[EFHIJK]GIKFHLMNV
]KQKSRNEILFHIMBOFIBIFINTLWyHIMBENLBFU_` AX`[
TN]FJEFHIJK]GIKFHLKHVGEBVJBRJBLBHINIKOBLCMF
CFGTVFIMBJCKLBMNOBLGRRFJIBVIMB]KTTIFOFIB
NQNKHLIx]GLKHBLLEFHIJK]GIKFHLSFOBVJBRJBLBHINc
IKOBLIMBFIMBJCNPWyUIMBJBMNV]BBHHF]GLKHBLL
EFHIJK]GIKFHL[NEEFJVKHQIFIMKLBLIKSNIB[_` AX`
CFGTVMNOBJBEBKOBVFHTPtOFIBLHFIBHFGQMUFJ
RNLLNQBW
HIMBFIMBJMNHV[QKOBHIMNI]FIMLKVBLCBJB
SNdKHQEFHIJK]GIKFHL[IMBKJBUUBEILIBHVBVIFENHEBT
FGIWNTVCKHNHVbNQBBLBLIKSNIBLLGQQBLIIMNIKH
IMBN]LBHEBFUEFHIJK]GIKFHLUJFSBKIMBJTN]FJFJ
]GLKHBLL[]FIM_` AX`NHVIMB{` XXCFGTVMNOB
RNLLBVNHPCNPW
yILRJF]N]TPCJFHQIFBSRMNLKzBIMBUNEIIMNIKH
IMBLBRNJIKEGTNJENLBL[EFHIJK]GIKFHLUJFSIMBICF
LKVBLVKVHFIEMNHQBIMBsHNTFGIEFSBWXMBJBNTTP
KSRFJINHIJBLGTIKLIMNIRFTKIKEKNHLNJB[KHVBBV[UFJ
LNTBCMKEMSBNHLIMNIIMBFJKBLFUIJNVBRFTKEPIMNI
BSRMNLKzBLRBEKNTKHIBJBLILNJBFHIMBJKQMIIJNEdW
-
``dcgee$
*45/.4534.+/3
CJKIBLNTBIIBJIFMKLEFHQJBLLRBJLFHVBSNHVKHQNTFCBJINJKUUJNIBFHMKLUNOFJKIBKSRFJIBV
QFFV[NHVIMKLTBIIBJMBTRLEMNHQBIMBEFHQJBLLRBJLFHLOFIBLFIMNIIMBTFCBJINJKUUKL
NRRJFOBVWXMBHNTTEFHLGSBJLCMF]GPIMBQFFV]BHBsIUJFSTFCBJRJKEBL[BOBHKUIMBP
VKVHFI]FIMBJIFCJKIBTBIIBJLW
XMKLRG]TKEQFFVEMNJNEIBJFURFTKIKELSBNHLIMNIRFTKEKBLIMNIKSRFLBTNJQBTFLLBLKH
IFINT[]GILSNTTTFLLBLFHNHPKHVKOKVGNT[SNPHFIUNEBNHPBUUBEIKOBFRRFLKIKFHWQNKH
INdBIMBBwNSRTBFUIMBLGQNJKSRFJIGFINWXMKLRFTKEPKSRFLBLNEFLIFHNIPRKENT
S`BJKENHUNSKTPFUNRRJFwKSNIBTPuRBJPBNJWaMFGTVNEFHLGSBJTF]]PMKLFJMBJEFHc
QJBLLRBJLFHIFJBSFOBIMBGFINAJFSIMBRFKHIFUOKBCFUKHVKOKVGNTLBTUcKHIBJBLI[
LGJBTPHFIWaKHEBFHBTBIIBJMNLFHTPNSNJQKHNTBUUBEIFHIMBRFTKEP[IMBKHVKOKVGNTRNPFUU
UJFSLGEMNTBIIBJKLRJF]N]TPTKIBJNTTPHFICFJIMIMBRNRBJKIKLCJKIIBHFH[TBINTFHBIMB
RFLINQBLINSRWyHVBBV[KIKLLGJBTPHFICFJIMBOBHTBNJHKHQFUIMBGFINLBwKLIBHEB
GHTBLLPFGNJBKHIBJBLIBVKHLGEMIMKHQLUFJIMBKJFCHLNdBWHVPBI[KUNSKTTKFHOFIBJL
CBJBIFCJKIBVBSNHVKHQNHBHVIFIMBGFIN[KICFGTVLGJBTP]BJBRBNTBV[]JKHQKHQ]BHBc
sILIFEFHLGSBJLUNJBwEBBVKHQIMBEFLILFULBHVKHQIMBTBIIBJLWyHTLFHLRMJNLB[IMBJBKL
NRJF]TBSFUhoehqiemhqiojMKTBKIKLKHIMBKHIBJBLILFUIMBQJFGRNLNCMFTBIFRJBLL
UFJUNOFJN]TBRFTKEKBL[KIKLHFIKHNHPKHVKOKVGNTLKHIBJBLIIFVFLFW
XMBRJF]TBSFUEFTTBEIKOBNEIKFHENH]BLI]BFOBJEFSBCMBHNQJFGRKLLSNTTLFIMNI
BNEMKHVKOKVGNTJBNRLNLKQHKsENHILMNJBFUIMB]BHBsILFUUNOFJN]TBRFTKEKBLNHVFJCBTT
FJQNHKzBVLFIMNISBS]BJLFUIMBQJFGRENH]BSF]KTKzBVIFNEIKHIMBKJEFTTBEIKOBKHIBJc
BLIWXMBJBNLFHIMNINRFTKEPTKdBIMBLGQNJGFINENHMNRRBHKLIMNIIMBLGQNJRJFVGEBJL
UFJSNJBTNIKOBTPLSNTT[CBTTcFJQNHKzBVQJFGRIMNIKLCBTTNCNJBFUIMBLKzBFUIMBKSRTKEKI
LG]LKVPSBS]BJLJBEBKOB[CMKTBLGQNJEFHLGSBJLNJBNMGQBRFRGTNIKFHIMNIVFBLHFIBOBH
RBJEBKOBKILBTUNLNHKHIBJBLIQJFGRWXMBRJF]TBSFUEFTTBEIKOBNEIKFH[IMBH[ENHBwRTNKH
CMPRFTKEKBLIMNIHFIFHTPLBBSIFRJFVGEBSFJBEFLILIMNH]BHBsIL]GIIMNINTLFLBBSIF
MGJIUNJSFJBOFIBJLIMNHIMBPMBTRENHHFHBIMBTBLL]BNVFRIBVW
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MKTBIMBTFQKEFUEFTTBEIKOBNEIKFHMNLTFHQ]BBHKHOFdBV]PBEFHFSKLILIFBwRTNKHLBBSc
KHQTPKJJNIKFHNTIJNVBRFTKEKBL[KIIMBIMBFJPKLLFSBCMNIONQGBFHIMBCNPLKHCMKEMFJQNHc
KzBVKHIBJBLIQJFGRLNEIGNTTPQFN]FGIKHvGBHEKHQRFTKEPWQJFCKHQ]FVPFUNHNTPLKLIJKBL
IFsTTIMKLQNRCKIMLKSRTKsBVSFVBTLFUIMBRFTKIKENTRJFEBLLW
XMBLINJIKHQRFKHIFUIMKLNHNTPLKLKLF]OKFGLMKTBRFTKIKEKNHLSNPCKHBTBEIKFHL
RNJITP]BENGLBIMBPNVOFENIBRFRGTNJRFTKEKBL[NLGEEBLLUGTENSRNKQHNTLFJB^GKJBLSFHBP
UFJNVOBJIKLKHQ[RFTTKHQ[NHVLFFHWyISNPIMBJBUFJB]BKHIMBKHIBJBLIFUNRFTKIKEKNHIF
NVFRIRFLKIKFHLIMNINJBNQNKHLIIMBKHIBJBLIFUIMBIPRKENTOFIBJKUIMBRFTKIKEKNHKLFUUBJBVN
LGUsEKBHITPTNJQBsHNHEKNTEFHIJK]GIKFHIFVFLFxIMBBwIJNSFHBPSNP]BCFJIMSFJBOFIBL
IMNHIMFLBTFLI]PINdKHQIMBGHRFRGTNJRFLKIKFHW
BEBHISFVBTLFUIMBRFTKIKENTBEFHFSPFUIJNVBRFTKEPIMBJBUFJBBHOKLKFHNLFJIFUNGEc
IKFHKHCMKEMKHIBJBLIQJFGRL]GPRFTKEKBL]PFUUBJKHQEFHIJK]GIKFHLEFHIKHQBHIFHIMB
RFTKEKBLUFTTFCBV]PIMBQFOBJHSBHIW}FTKIKEKNHLCKTTHFIKQHFJBFOBJNTTCBTUNJB[]GIIMBP
CKTT]BCKTTKHQIFIJNVBFUULFSBJBVGEIKFHKHIMBCBTUNJBFUOFIBJLKHJBIGJHUFJNTNJQBJ
ENSRNKQHUGHVWLNJBLGTI[CBTTcFJQNHKzBVQJFGRLIMNIKL[QJFGRLIMNINJBN]TBIFFOBJc
EFSBIMBRJF]TBSFUEFTTBEIKOBNEIKFHCKTT]BN]TBIFQBIRFTKEKBLIMNIUNOFJIMBKJKHIBJBLIL
NIIMBBwRBHLBFUIMBRG]TKENLNCMFTBW
_
aBB[KHRNJIKEGTNJ[{BHB{JFLLSNHNHVTMNHNHYBTRSNH[}JFIBEIKFHUFJaNTB[
aBRIBS]BJt[RRWuW
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L`NRJNEIKENTSNIIBJ[CMKEMKHVGLIJKBLNEIGNTTPQBIRJFIBEIBVUJFSKSRFJIEFSRBIKIKFH
bNHPVBOBTFRKHQEFGHIJKBLIJNVKIKFHNTTPMNOBRJFIBEIBVNCKVBJNHQBFUSNHGUNEIGJKHQ[KH
NRFTKEPdHFCHNLKSRFJIcLG]LIKIGIKHQKHVGLIJKNTKzNIKFHWBVKLEGLLIMKLRFTKEPNHVIMBJBNc
LFHLCMPKIMNL]BEFSBEFHLKVBJN]TPTBLLRFRGTNJKHJBEBHIPBNJLKH\MNRIBJttWXMBJNHQB
FURJFIBEIKFHKLSKHNVONHEBVEFGHIJKBLKLSGEMHNJJFCBJxKHVBBV[SGEMRJFIBEIKFHKLSKL
EFHEBHIJNIBVKHGLIICFLBEIFJL[NQJKEGTIGJBNHVETFIMKHQW
XMBJBNJBHFISNHPUNJSBJLKHSFVBJHBEFHFSKBLKHIMB~HKIBVaINIBL[
NQJKEGTIGJBBSRTFPLFHTPN]FGISKTTKFHCFJdBJLFGIFUNTN]FJUFJEBFUSFJBIMNH
tuSKTTKFHWANJSBJLNJB[MFCBOBJ[GLGNTTPNCBTTcFJQNHKzBVNHVRFTKIKENTTPRFCBJUGT
QJFGRIMNIMNL]BBHN]TBKHSNHPENLBLIFNEMKBOBOBJPMKQMJNIBLFUBUUBEIKOBRJFIBEIKFHW
BVKLEGLLBVGJFRBL\FSSFHQJKEGTIGJNT}FTKEPKH\MNRIBJxIMBBwRFJILG]LKVKBLKH
IMNIRJFQJNSSBNHIMNINHGS]BJFUNQJKEGTIGJNTRJFVGEILLBTTNIICFFJIMJBBIKSBLCFJTV
RJKEBLWyHNRNH[IMBQFOBJHSBHIMNLIJNVKIKFHNTTP]NHHBVKSRFJILFUJKEB[IMGLVJKOKHQGR
KHIBJHNTRJKEBLFUIMBEFGHIJPLLINRTBUFFVIFSFJBIMNHsOBIKSBLNLMKQMNLIMBCFJTV
RJKEBWXMKL]NHCNLLTKQMITPJBTNwBVKHIMBUNEBFU]NVMNJOBLILKHIMBSKVctuL[]GIKHTNIB
tFOBJIMBRJFIBLILFUFIMBJHNIKFHL[KHETGVKHQIMB~HKIBVaINIBLNRNHKSRFLBVN
t[uuuRBJEBHIINJKUUFHJKEBKSRFJILW
XMB~HKIBVaINIBLKL[]PNHVTNJQB[NUFFVBwRFJIBJ[CMKEMSBNHLIMNIINJKUULFJKSRFJI
G^FINLENHHFIJNKLBRJKEBLWaGQNJKLNHBwEBRIKFHWMKTBUNJSBJLMNOBJBEBKOBVEFHLKVc
BJN]TBLG]LKVKBLUJFSIMBUBVBJNTQFOBJHSBHI[IMBQFOBJHSBHILJBTGEINHEBIFRNPSFHBP
FGIVKJBEITPNLFRRFLBVIFKSRFLKHQSFJBFJTBLLMKVVBHEFLILFHEFHLGSBJLMNLTKSKIBV
IMBLKzBFUIMBLBLG]LKVKBLWLNJBLGTIFUIMBQFOBJHSBHILJBTGEINHEB[SGEMFUIMBRJFc
IBEIKFHKHIMB~HKIBVaINIBLKLEFHEBHIJNIBVFHIMBFIMBJSNFJRJFIBEIBVLBEIFJIMBETFIMc
KHQKHVGLIJPW
XMBETFIMKHQKHVGLIJPEFHLKLILFUICFRNJILIBwIKTBLLRKHHKHQNHVCBNOKHQFU
ETFIMNHVNRRNJBTNLLBS]TPFUETFIMKHIFETFIMKHQWFIMKHVGLIJKBL[]GIBLRBEKNTTPIMB
NRRNJBTKHVGLIJP[MKLIFJKENTTPMNOB]BBHRJFIBEIBVMBNOKTPIMJFGQM]FIMINJKUULNHVKSRFJI
G^FINLW~HIKTuu[IMBPCBJBLG]BEIIFIMBbGTIKcAK]BJJJNHQBSBHIbA`[CMKEMLBI
]FIMBwRFJINHVKSRFJIGFINLUFJNTNJQBHGS]BJFUEFGHIJKBLW
R`RNJBTRJFVGEIKFHMNLICFdBPUBNIGJBLWyIKLTN]FJcKHIBHLKOBCFJdBJHBBVLJBTNc
IKOBTPTKIITBENRKINT[KHLFSBENLBLHFSFJBIMNHNLBCKHQSNEMKHB[NHVENHVFIMBF]
CKIMFGIBwIBHLKOBUFJSNTBVGENIKFHWHVIMBIBEMHFTFQPKLJBTNIKOBTPLKSRTBXMBJBKLHF
QJBNIVKUsEGTIPKHIJNHLUBJJKHQIMBIBEMHFTFQPBOBHIFOBJPRFFJEFGHIJKBLWLNJBLGTI[
IMBNRRNJBTKHVGLIJPKLFHBKHCMKEMTFCcCNQBHNIKFHLMNOBNLIJFHQEFSRNJNIKOBNVONHc
INQBNHVMKQMcCNQBEFGHIJKBLMNOBNLIJFHQEFSRNJNIKOBVKLNVONHINQBWyIKLNTLFIJNVKc
IKFHNTTPNCBTTcFJQNHKzBVLBEIFJKHNVONHEBVEFGHIJKBLxUFJBwNSRTB[SNHPSBJKENH
NRRNJBTCFJdBJLMNOBTFHQ]BBHJBRJBLBHIBV]PIMByHIBJHNIKFHNTNVKBL{NJSBHI
FJdBJL~HKFHW
NIBJKHIMKLEMNRIBJCBTTVBLEJK]BMFCIJNVBHBQFIKNIKFHLCFJdxFHBFUIMBSFLI
KSRFJINHIRJFOKLKFHLFUIMB~JGQGNPFGHVIJNVBNQJBBSBHIL[LKQHBVKHt[CNLIMB
RMNLBFGIFUIMBbA`[CMKEMIFFdRTNEBNIIMBBHVFUuuWTIMFGQMKSRFJIGFINLCBJB
JBKSRFLBVFH\MKHNKHuu[IMFLBGFINLMNOBLKHEBRMNLBVFGIWPut[IJNVBKHETFIMc
KHQLMFGTVHFTFHQBJUNEBSNHPJBLIJKEIKFHLW
XN]TBtucLMFCLGLIMFCKSRFJINHIETFIMKHQGLBVIF]BKH~WaWRJFIBEIKFHKLS[NHV
MFCSGEMVKUUBJBHEBIMBBHVFUIMBJBLIJKEIKFHLFHETFIMKHQSNdBLWyHuu[CKIMIMB
bA`LIKTTKHBUUBEI[ETFIMKHQJBLIJKEIKFHLCBJBJBLRFHLK]TBUFJSFJBIMNHuRBJEBHIFUIMB
FOBJNTTCBTUNJBEFLILFU~WaWRJFIBEIKFHKLSWBENGLBIMBbA`NLLKQHBVKSRFJITKEBHLBLIF
abcdefgi
/3534330.+/3 `
-
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BwRFJIKHQEFGHIJKBL[SFLIFUIMBCBTUNJBEFLIIFIMB~HKIBVaINIBLENSBHFIUJFSVKLIFJc
IKFHFURJFVGEIKFHNHVEFHLGSRIKFH]GIUJFSIMBIJNHLUBJFUGFINJBHILIFUFJBKQHBJLW
KIMIMBBwRKJNIKFHFUIMBbA`[IMBEFLILFUETFIMKHQRJFIBEIKFHNHVMBHEBIMBFOBJNTT
EFLILFU~WaWRJFIBEIKFHUBTTLMNJRTPW
*
GJVKLEGLLKFHFUIMBRFTKIKELFUIJNVBRFTKEPMNLHFI]BBHOBJPBHEFGJNQKHQWBMNOBNJQGBV
IMNIKIKLVKUsEGTIIFVBOKLBIJNVBRFTKEKBLIMNIJNKLBHNIKFHNTCBTUNJBNHVIMNIIJNVBRFTKEPKL
FUIBHVFSKHNIBV]PKHIBJBLIQJFGRRFTKIKELWYFJJFJLIFJKBLFUIJNVBRFTKEKBLIMNIRJFVGEB
EFLILIMNIQJBNITPBwEBBVNHPEFHEBKON]TB]BHBsILN]FGHVxKIKLIMGLBNLPIF]BMKQMTPEPHKENT
N]FGIIMBRJNEIKENTLKVBFUIJNVBIMBFJPW
BI[KHUNEI[UJFSIMBSKVctuLGHIKTN]FGItu[IMB~HKIBVaINIBLNHVFIMBJNVONHEBV
EFGHIJKBLQJNVGNTTPJBSFOBVINJKUULNHVLFSBFIMBJ]NJJKBJLIFIJNVB[NHV]PLFVFKHQNKVBV
NJNRKVKHEJBNLBKHKHIBJHNIKFHNTKHIBQJNIKFHWAKQGJBtucLMFCLIMBNOBJNQB~WaWINJKUUJNIB
FHVGIKN]TBKSRFJILUJFSttIFuuxNUIBJJKLKHQLMNJRTPKHIMBBNJTPtuL[IMBJNIBMNL
Zl ' Xn$$xxm
nqimqe poehqer
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XBwIKTBLNHVNRRNJBT ttW W
ophe~WaWyHIBJHNIKFHNTXJNVB\FSSKLLKFHW
6
5
6
6
6
6
6
5
56
6
6
66
7
76
6
6
6
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jkk
D5/2/455/>TC/5/;/6
abcdefgi
/3534330.+/3 `
LIBNVKTPVBETKHBVW
bFLIBEFHFSKLIL]BTKBOBIMKLRJFQJBLLKOBIJNVBTK]BJNTKzNIKFHCNL
MKQMTP]BHBsEKNTW{KOBHCMNICBMNOBLNKVN]FGIIMBRFTKIKELFUIJNVBRFTKEP[MFCBOBJ[MFC
CNLIMKLJBSFONTFUINJKUULRFTKIKENTTPRFLLK]TB
I`TBNLIRNJIFUIMBNHLCBJKLIMNIIMBQJBNIRFLICNJTK]BJNTKzNIKFHFUIJNVBCNLNEMKBOBV
IMJFGQMijqepjmqiojmjeoqimqiojWXMNIKL[QFOBJHSBHILNQJBBVIFBHQNQBKHSGIGNTINJKUU
JBVGEIKFHWXMBLBNQJBBSBHILTKHdBVJBVGEBVRJFIBEIKFHUFJBNEMEFGHIJPLKSRFJIcEFSRBIKHQ
KHVGLIJKBLIFJBVGEBVRJFIBEIKFH]PFIMBJEFGHIJKBLNQNKHLIIMNIEFGHIJPLBwRFJIKHVGLIJKBLW
aGEMNTKHdNQB[NLCBCKTTHFCNJQGB[MBTRLIFFUULBILFSBFUIMBRFTKIKENTVKUsEGTIKBLIMNI
CFGTVFIMBJCKLBRJBOBHIEFGHIJKBLUJFSNVFRIKHQQFFVIJNVBRFTKEKBLW
Z["$"
XMBJBNJBNITBNLIICFJBNLFHLCMPKIKLBNLKBJIFTFCBJINJKUULNLRNJIFUNSGIGNTNQJBBSBHI
IMNHIFVFLFNLNGHKTNIBJNTRFTKEPWAKJLI[NSGIGNTNQJBBSBHIMBTRLSF]KTKzBLGRRFJIUFJ
UJBBJIJNVBWaBEFHV[HBQFIKNIBVNQJBBSBHILFHIJNVBENHMBTRQFOBJHSBHILNOFKVQBIIKHQ
ENGQMIKHVBLIJGEIKOBIJNVBCNJLW
XMBBUUBEIFUKHIBJHNIKFHNTHBQFIKNIKFHLFHLGRRFJIUFJUJBBJIJNVBKLLIJNKQMIUFJCNJVWB
MNOBHFIBVIMNIKSRFJIcEFSRBIKHQRJFVGEBJLNJBGLGNTTP]BIIBJKHUFJSBVNHVFJQNHKzBV
IMNHEFHLGSBJLWyHIBJHNIKFHNTHBQFIKNIKFHLENH]JKHQKHVFSBLIKEBwRFJIBJLNLNEFGHIBJc
CBKQMIWXMB~HKIBVaINIBLNHVNRNH[UFJBwNSRTB[EFGTVJBNEMNHNQJBBSBHIKHCMKEMIMB
~HKIBVaINIBLJBUJNKHLUJFSKSRFLKHQKSRFJIGFINLIFRJFIBEILFSBFUKILSNHGUNEIGJBJL
UJFSNRNHBLBEFSRBIKIKFHKHJBIGJHUFJJBSFONTFUNRNHBLB]NJJKBJLNQNKHLI~WaWBwRFJIL
FUNQJKEGTIGJNTFJMKQMcIBEMHFTFQPRJFVGEILIFNRNHW~WaWEFHLGSBJLSKQMIHFI]BBUUBEc
IKOBRFTKIKENTTPKHFRRFLKHQLGEMKSRFJIGFINLFHUFJBKQHQFFVL[BOBHIMFGQMIMBLBGFINL
SNP]BEFLITPIFIMBS[]GIBwRFJIBJLCMFCNHINEEBLLIFUFJBKQHSNJdBILSNP[IMJFGQM
IMBKJTF]]PKHQUFJSGIGNTBTKSKHNIKFHFUKSRFJIGFINL[RJFIBEIEFHLGSBJKHIBJBLILW
yHIBJHNIKFHNTHBQFIKNIKFHENHNTLFMBTRIFNOFKVNqpmrempWXMBEFHEBRIFUNIJNVBCNJ
ENH]BLI]BKTTGLIJNIBVCKIMNLIPTKzBVBwNSRTBW
ySNQKHBIMNIIMBJBNJBFHTPICFEFGHIJKBLKHIMBCFJTV[IMB~HKIBVaINIBLNHVNRNH[NHV
IMNIIMBLBEFGHIJKBLMNOBFHTPICFRFTKEPEMFKEBL[UJBBIJNVBFJRJFIBEIKFHWaGRRFLBIMNI
IMBLBNJBGHGLGNTTPETBNJcMBNVBVQFOBJHSBHILIMNIENHNLLKQHVBsHKIBHGSBJKENTONTGBLIF
IMBKJLNIKLUNEIKFHCKIMNHPRNJIKEGTNJRFTKEPFGIEFSBXN]TBtucW
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bBNLGJBLFUEMNHQBLKHIMBNOBJNQBJNIBFURJFIBEIKFHENH]BRJF]TBSNIKE]BENGLBIMBEFSRFLKIKFHFUKSRFJIL
EMNHQBLRNJITP]BENGLBFUINJKUUJNIBLIMBSLBTOBLWySNQKHB[UFJBwNSRTB[NEFGHIJPIMNIKSRFLBLNINJKUUFHLFSB
QFFVLIMNIKLLFMKQMIMNIKILMGILFUUNTTKSRFJILFUIMBLBQFFVLWXMBHIMBNOBJNQBINJKUUJNIBFHQFFVLNEIGNTTP
KSRFJIBVCKTT]BzBJFXFIJPIFEFJJBEIUFJIMKL[IMBSBNLGJBCBGLBKHAKQGJBtucLMFCLIMBJNIBFHTPFHVGIKN]TB
KSRFJILxIMNIKL[KIBwETGVBLKSRFJILIMNIUFJLFSBJBNLFHCBJBBwBSRIUJFSINJKUULWIIMBKJRBNd[~WaWINJKUUJNIBL
CBJBLFMKQMIMNIQFFVLLG]BEIIFINJKUULNEEFGHIBVUFJFHTPFHBcIMKJVFUKSRFJILx]PtIMNILMNJBMNVJKLBHIF
ICFcIMKJVLWLNJBLGTI[IMBNOBJNQBINJKUUJNIBFHNTTQFFVLUBTTSGEMTBLLIMNHIMBJNIBFHVGIKN]TBQFFVLWXMB
HGS]BJLLMFCHKHAKQGJBtuc[MFCBOBJ[QKOBNSFJBNEEGJNIBRKEIGJBFUIMBSNFJTK]BJNTKzNIKFHFUIJNVBNEIGNTTP
BwRBJKBHEBV]PIMB~HKIBVaINIBLW
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XMBRNJIKEGTNJONTGBLFUIMBRNPFUULQKOBHKHIMBIN]TBJBRJBLBHIICFNLLGSRIKFHLWAKJLI[
CBNLLGSBIMNIBNEMEFGHIJPLQFOBJHSBHICFGTVEMFFLBRJFIBEIKFHKUKIEFGTVINdBIMB
FIMBJEFGHIJPLRFTKEPNLQKOBHWXMNIKL[CMKEMBOBJRFTKEPNRNHEMFFLBL[IMB~WaWQFOBJHc
SBHIKL]BIIBJFUUCKIMRJFIBEIKFHWXMKLNLLGSRIKFHKL]PHFSBNHLHBEBLLNJKTPIJGBxSNHP
BEFHFSKLILCFGTVNJQGBIMNIUJBBIJNVBKLIMB]BLIRFTKEPUFJIMBHNIKFH[JBQNJVTBLLFUCMNI
FIMBJQFOBJHSBHILVFW{FOBJHSBHIL[MFCBOBJ[SGLINEIHFIFHTPKHIMBRG]TKEKHIBJBLI]GI
NTLFKHIMBKJFCHRFTKIKENTKHIBJBLIWAFJIMBJBNLFHLVKLEGLLBVKHIMBRJBOKFGLLBEIKFH[QFOc
BJHSBHILFUIBHsHVKIRFTKIKENTTPVKUsEGTIIFNOFKVQKOKHQRJFIBEIKFHIFLFSBKHVGLIJKBLW
XMBLBEFHVNLLGSRIKFH]GKTIKHIFXN]TBtucKLIMNIBOBHIMFGQMBNEMQFOBJHSBHINEIc
KHQKHVKOKVGNTTPCFGTV]B]BIIBJFUUCKIMRJFIBEIKFH[IMBPCFGTV]FIM]B]BIIBJFUUKU]FIM
EMFLBUJBBIJNVBWXMNIKL[IMB~WaWQFOBJHSBHIMNLSFJBIFQNKHUJFSNHFRBHKHQFU
NRNHBLBSNJdBILIMNHKIMNLIFTFLBUJFSFRBHKHQKILFCHSNJdBIL[NHVIMBLNSBKLIJGBUFJ
NRNHWBENHGLIKUPIMKLNLLGSRIKFHLKSRTP]PNRRBNTKHQIFIMBQNKHLUJFSIJNVBW
XFIMFLBCMFMNOBLIGVKBVQNSBIMBFJP[IMKLLKIGNIKFHKLdHFCHNLNpinojepn
riemWNEMQFOBJHSBHI[SNdKHQIMB]BLIVBEKLKFHUFJKILBTU[CKTTEMFFLBIFRJFIBEIW
XMBLBEMFKEBLTBNVIFIMBFGIEFSBKHIMBTFCBJJKQMI]FwFUIMBIN]TBWBI]FIMQFOBJHc
SBHILNJB]BIIBJFUUKUHBKIMBJRJFIBEILXMBGRRBJTBUI]FwFUIMBIN]TBPKBTVLNRNPFUUIMNI
KLMKQMBJUFJ]FIMEFGHIJKBLWPNEIKHQGHKTNIBJNTTPKHCMNINRRBNJIF]BIMBKJ]BLIKHIBJBLIL[
IMBQFOBJHSBHILUNKTIFNEMKBOBIMB]BLIFGIEFSBRFLLK]TBWyUIMBEFGHIJKBLNEIGHKTNIBJNTTP
IFRJFIBEI[IMBJBKLNIJNVBCNJIMNITBNOBL]FIMCFJLBFUUWXJNVBCNJLNJBHFINLLBJKFGLNL
LMFFIKHQCNJL[]GINOFKVKHQIMBSKLLKSKTNJIFIMBRJF]TBSFUNOFKVKHQNJSBVEFHvKEIFJ
NJSLJNEBLW
]OKFGLTP[NRNHNHVIMB~HKIBVaINIBLHBBVIFBLIN]TKLMNHNQJBBSBHILGEMNLN
IJBNIPIFJBUJNKHUJFSRJFIBEIKFHWNEMQFOBJHSBHICKTT]B]BIIBJFUUKUKITKSKILKILFCH
UJBBVFSFUNEIKFH[RJFOKVBVIMBFIMBJEFGHIJPTKSKILKILUJBBVFSFUNEIKFHNLCBTTWIJBNIP
ENHSNdBBOBJPFHB]BIIBJFUUW
XMKLKLNMKQMTPLKSRTKsBVBwNSRTBWyHIMBJBNTCFJTVIMBJBNJB]FIMSNHPEFGHIJKBLNHV
SNHPQJNVNIKFHLFUIJNVBRFTKEP]BICBBHUJBBIJNVBNHVEFSRTBIBRJFIBEIKFHNQNKHLIKSRFJILW
_FHBIMBTBLL[IMBBwNSRTBLGQQBLIL]FIMIMNIIMBJBKLNHBBVIFEFFJVKHNIBIJNVBRFTKEKBL
IMJFGQMKHIBJHNIKFHNTNQJBBSBHILNHVIMNILGEMNQJBBSBHILENHNEIGNTTPSNdBNVKUUBJBHEBW
yHVBBV[IMBEGJJBHILPLIBSFUKHIBJHNIKFHNTIJNVBKL]GKTINJFGHVNLBJKBLFUKHIBJHNIKFHNT
NQJBBSBHILW
Z"($YZ$
yHIBJHNIKFHNTTPEFFJVKHNIBVINJKUUJBVGEIKFHNLNIJNVBRFTKEPVNIBL]NEdIFIMBtuLWyH
tu[IMB~HKIBVaINIBLRNLLBVNJBSNJdN]TPKJJBLRFHLK]TBINJKUUTNC[IMBaSFFIcYNCTBP
E`IW~HVBJIMKLNEI[INJKUUJNIBLJFLBLIBBRTPNHV~WaWIJNVBUBTTLMNJRTPxLFSBBEFHFSKLIL
NJQGBIMNIIMBaSFFIcYNCTBPEIMBTRBVVBBRBHIMB{JBNI|BRJBLLKFHWKIMKHNUBCPBNJL
NUIBJIMBNEILRNLLNQB[IMB~WaWNVSKHKLIJNIKFHEFHETGVBVIMNIINJKUULHBBVBVIF]BJBVGEBV[
]GIIMKLRFLBVLBJKFGLRJF]TBSLFURFTKIKENTEFNTKIKFH]GKTVKHQWHPINJKUUJBVGEIKFHCFGTV
]BFRRFLBV]PIMFLBSBS]BJLFU\FHQJBLLCMFLBVKLIJKEILEFHINKHBVsJSLRJFVGEKHQ
EFSRBIKHQQFFVL[CMKTBIMB]BHBsILCFGTV]BLFCKVBTPVKUUGLBVIMNIUBCKH\FHQJBLL
EFGTV]BSF]KTKzBVFHIMBFIMBJLKVBWXFJBVGEBINJKUUJNIBL[INJKUUJBVGEIKFHHBBVBVIF]B
TKHdBVIFLFSBEFHEJBIB]BHBsILUFJBwRFJIBJLWXMBKHKIKNTLFTGIKFHIFIMKLRFTKIKENTRJF]TBS
CNL]KTNIBJNTINJKUUHBQFIKNIKFHLWXMB~HKIBVaINIBLCFGTVNRRJFNEMLFSBEFGHIJPIMNICNL
NSNFJBwRFJIBJFULFSBQFFVLNP[NLGQNJBwRFJIBJNHVFUUBJIFTFCBJINJKUULFHLGQNJ
KUIMNIEFGHIJPCFGTVTFCBJKILINJKUULFHLFSB~WaWBwRFJILWXMBNIIJNEIKOBHBLLFUIMBVBNT
IF~WaWBwRFJIBJLCFGTVMBTREFGHIBJIMBRFTKIKENTCBKQMIFUIMBLGQNJKHIBJBLIWyHIMBUFJc
BKQHEFGHIJP[IMBNIIJNEIKOBHBLLFUIMBVBNTIFUFJBKQHLGQNJBwRFJIBJLCFGTV]NTNHEBIMB
RFTKIKENTKHvGBHEBFUKSRFJIcEFSRBIKHQKHIBJBLILWaGEM]KTNIBJNTHBQFIKNIKFHLMBTRBV
abcdefgi
/3534330.+/3 `
JBVGEBIMBNOBJNQBVGIPFH~WaWKSRFJILUJFSRBJEBHIKHtIFRBJEBHILMFJITP
NUIBJFJTVNJyyW
KTNIBJNTHBQFIKNIKFHL[MFCBOBJ[VFHFIINdBUGTTNVONHINQBFUKHIBJHNIKFHNTEFFJVKHNc
IKFHWAFJFHBIMKHQ[]BHBsILUJFSN]KTNIBJNTHBQFIKNIKFHSNPLRKTTFOBJIFRNJIKBLIMNI
MNOBHFISNVBNHPEFHEBLLKFHLWAFJBwNSRTB[KUIMB~HKIBVaINIBLJBVGEBLINJKUULFHEFUUBB
NLNJBLGTIFUNVBNTCKIMJNzKT[\FTFS]KNCKTTNTLFQNKHUJFSNMKQMBJCFJTVEFUUBBRJKEBW
AGJIMBJSFJB[LFSBNVONHINQBFGLVBNTLSNPKHMBJBHITPKHOFTOBSFJBIMNHICFRNJIHBJL
XMB~HKIBVaINIBLLBTTLSFJBIFGJFRB[GJFRBLBTTLSFJBIFaNGVKJN]KN[aNGVKJN]KN
LBTTLSFJBIFNRNH[NHVNRNHLBTTLSFJBIFIMB~HKIBVaINIBLWXMGLIMBHBwILIBRKHKHIBJc
HNIKFHNTIJNVBTK]BJNTKzNIKFHCNLIFRJFEBBVIFSGTIKTNIBJNTHBQFIKNIKFHLKHOFTOKHQNHGSc
]BJFUEFGHIJKBLW
bGTIKTNIBJNTHBQFIKNIKFHL]BQNHLFFHNUIBJIMBBHVFUFJTVNJyyWJKQKHNTTP[VKRTFc
SNILUJFSIMBOKEIFJKFGLTTKBLKSNQKHBVIMNILGEMHBQFIKNIKFHLCFGTVINdBRTNEBGHVBJ
IMBNGLRKEBLFUNRJFRFLBV]FVPENTTBVIMByHIBJHNIKFHNTXJNVBJQNHKzNIKFH[RNJNTTBTKHQ
IMByHIBJHNIKFHNTbFHBINJPAGHVNHVIMBFJTVNHdVBLEJK]BVKHIMBLBEFHVMNTUFUIMKL
]FFdWyHt[GHCKTTKHQIFCNKIGHIKTIMByXCNLKHRTNEB[NQJFGRFUEFGHIJKBL]BQNH
IJNVBHBQFIKNIKFHLGHVBJNRJFOKLKFHNTLBIFUJGTBLIMNI]BENSBdHFCHNLIMBejepm
peeejqojmpiffnmjrpmreFJWLKIIGJHBVFGI[IMByXCNLHBOBJBLIN]c
TKLMBV]BENGLBKIJNHKHIFLBOBJBRFTKIKENTFRRFLKIKFH[BLRBEKNTTPKHIMB~HKIBVaINIBLWaF
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