- UCL Discovery

!"#$!%&'()"$%*%+')'(%",%-$./01
2'3%('1'"(45%62%/")'%"117($"2%+"/"4'1
!"#!$%&'()*!+,("-./$!,.'0'1&$.2$+3$!4
!"#$"%&"'("'))*+,$#"-)
.,/))0%+"-))1'#"-+
&0-$)23
589:;<=8=8>8?%@A?
&*!*+211&*"#'5*-58BC8D>89=89%"E:C8FB8%C89%3B<<8?<GH:IJ8?
#$'$!11*6115.4+",
$?<JBJ;J%IK9%09L%;?C%M9KH=8<GHBGHJ8%;?C%#A9C89:<B:JB<GH8%"9GHNADA=B8%
0?B@89<BJNJ%58BC8D>89=
!"#$"%&"'("')1'#"-4"'%0(
&$.2$+3$!4$!1,'"2.$-17"51*+'$-18!.$-'1913*-21:;
-"5)'"*"0'6!
1-)%0+")0**7'#0-)80%06"*
69:;<=<:><)?@)!<AB<CD<=E)
F?:G?=H)II:BJ)IK22
8CBJ8C%>O
$04#$)L"'+0#)M)8"+"')0N)/#(%,*
IK2O
!"#$"%&"'("')1'#"-+4"'%0(
!B8<8<%P;GH%B<J%Q;%>8QB8H8?%>8B
!"#$"%&"'("'))1'#"-+4"'%0(%
58B?9BGHLM;GH<L1J9,%RST%!LUVWXU%58BC8D>89=%
+A<JI:GH%WY%XR%UYT%!LUVYWR%58BC8D>89=
.8C9;GEJ%FBJ%5BDI8%C89%.8<GHZB<J89%PA8H9B?=89%$?=8DH8BF%1JBIJ;?=%IK9%.8B<J8<ZB<<8?<GH:IJ8?%
B?%$?=8DH8BF%:F%(H8B?
&ADCA9E=?PQAR>Q<)#:;9=S?@A9:)B<=)$<G@R>Q<:)&ADCA9@Q<T%
!B8%!8;J<GH8%PB>DBAJH8E%@89Q8BGH?8J%CB8<8%+;>DBE:JBA?%B?%C89%
!8;J<GH8?%2:JBA?:D>B>DBA=9:[HB8\%C8J:BDDB89J8%>B>DBA=9:[HB<GH8%%
!:J8?%<B?C%BF%$?J89?8J%K>89%HJJ[]^^C?>,CC>,C8%:>9;I>:9%
$1P2%V_RLSLVX_``XL`YLY
a%58BC8D>89=89%69B8?J@89D:=%b%#898?:%5;=T%5;>89J%-,%(8??89T%0CA%1BFA?%.C>(%b%XYWS%
"DD8%(8GHJ8%@A9>8H:DJ8?
!9;GE898B%"(3$/%3:9<Q:Z:%XYWS
!B8<8<%P;GH%B<J%:;I %HADQL%;?C%<N;98I98B8FT%:DJ89;?=<>8<JN?CB=8F%+:[B89%=8C9;GEJ
'*3+$18<1%8-'$-',
Acknowledgements
!
Preface
"
Eleanor Guralnick †
The Palace at Khorsabad: A Storeroom Excavation Project
#
David Kertai
The Multiplicity of Royal Palaces. How Many Palaces did an Assyrian King Need?
!!
Steven Lundström
Revising the Building History of the Old Palace in the City of Ashur
$"
Maria G. Masetti-Rouault
Interpreting the Changes in the Plan of the Assyrian Palace in Tell Masaikh
(Lower Middle Euphrates, Syria)
"!
Peter A. Miglus
Considerations on the East Palace at Ashur
%!
Mirko Novák
The Neo-Assyrian Residence at Tall Halaf
#"
Dirk Wicke & Tina Greenfield
The ‘Bronze Palace’ at Ziyaret Tepe
&"
.!*=.1$>%*/*'.8-1#!8?$%',
Riad Duri †, Qais Hussein Rasheed & Hussein A. Hamze
Iraqi Investigations in the Public District of Ashur during the 2002 Season
'"
Muzahim M. Hussein, David Kertai & Mark Altaweel
Nimrud and its Remains in Light of Iraqi Excavations from 1989-2002
(!
BIBLIOGRAPHY
PLATES
!)(
!"#$%&'(!&'")*'$+#("!*'"!',"-.)'/0'"$(1"'+23(4()"/!*'
0$/#'567689::95
#;<=>?@'#A'.;BBC?DE'&=F?G'HCIJ=?'
K'#=IL'(MJ=NCCM
!"#$%&'()))*+,)-+).
!"#$% &'(#)*+% ,'+$+-($% ("+% .'&/#% +0)&1&(#2-$% 3-4+'(&5+-% 67% ("+% 8+,&'(9+-(% 2: % ;-(#/3#(#+$% &-4%
<+'#(&=+>% &-4% *&(+'% ("+% ?(&(+% @2&'4% 2: % ;-(#/3#(#+$% &-4% <+'(#&=+>% ("&(% $(&'(+4% #-% ("+% ABCD$% &-4%
)2-(#-3+4%3-(#*%$"2'(*7%6+:2'+%("+%23(6'+&5%2: %("+%EDDF%G&'H%I"&(%$(&'(+4%&$%,'#9&'#*7%'+$(2'&(#2-%
G2'5% &(% ("+% J2'("G+$(% K&*&)+% #-% J#9'34% &-4% $29+% 2: % ("+% 9&L2'% (+9,*+$% 2-% ("+% )#(&4+*>% $22-%
('&-$:2'9+4%(2%+0)&1&(#2-$%("'23="23(%1&'#23$%,&'($%2: %("+%J#9'34%)#(&4+*>%&$%9&L2'%4#$)21+'#+$>%
#-)*34#-=%("+%M3++-$N%(296$>%G+'+%9&4+H%I+%,'+$+-(%"+'+%("+%'+$3*($%2: %+0)&1&(#2-$%2-%("+%J#9'34%
)#(&4+*%("&(%"&1+%-2(%,'+1#23$*7%6++-%,36*#$"+4%2'%2-*7%,36*#$"+4%#-%$"2'(%4+(&#*%#-%2("+'%12*39+$H
+OP=F=J?QDB'=DG'0?DGB'?D'J>C'*Q;J>CID'R=IJ'QS'J>C'(B>;ID=B?IT=M'""'R=M=PC
!"+%J2'("G+$(%K&*&)+%2:%O&*ʒ3%P924+'-%J#9'34Q%G&$%63#*(%43'#-=%("+%'+#=-%2:%;$"3'-&$#',&*%..%
PCCFRCSB%@TQH%.($%)+-('&*%,&'(%"&4%&*'+&47%6++-%+0)&1&(+4%67%U&7&'4%#-%("+%9#44*+%2:%("+%-#-+(++-("%
)+-(3'7%PU&7&'4%ACVB6W%ACVB)W%U&7&'4%ACSFQH%<#$%+0)&1&(#2-$%G+'+%)2-)+-('&(+4%#-%("+%,&'(%2:%("+%
,&*&)+%("&(%"&4%6++-%)21+'+4%G#("%$(2-+%'+*#+:$>%#H+H>%("+%?(&(+%;,&'(9+-($H%U&7&'4N$%G2'59+-%G+'+%
-2(%7+(%&6*+%(2%('&)+%9346'#)5%G&**$%&-4>%("+'+:2'+>%*+:(%("+%*+$$%92-39+-(&*%,&'($%92$(*7%3-(23)"+4H%
;*92$(%&%)+-(3'7%*&(+'>%X&**2G&-%'+(3'-+4%(2%("+%,&*&)+%(2%+0)&1&(+%&'+&$%(2%("+%-2'("%&-4%$23("%
2:% ("+% ?(&(+% ;,&'(9+-($% PX&**2G&-% ABYYZ% ADCRACFQH% !"+% '+9&#-#-=% $23("+'-% ,&'(% 2:% ("+% ,&*&)+%
G&$%+0)&1&(+4%67%("+%.'&/#%8+,&'(9+-(%2:%;-(#/3#(#+$%P[#=H!AQ%#-%("+%7+&'$%ABCCRABBFH%.-:2'9&(#2-%
&623(%("+$+%+0)&1&(#2-$%"&$%,'+1#23$*7%6++-%,36*#$"+4%67%<3$$+#-HE%;:(+'%92'+%("&-%ASD%7+&'$>%("+%
J2'("G+$(%K&*&)+%#$%2-+%2:%("+%:+G%;$$7'#&-%'27&*%,&*&)+$%(2%"&1+%6++-%92'+%2'%*+$$%)29,*+(+*7%
+0)&1&(+4H%
3Q;IJU=IG'(V
!"+%.'&/#%8+,&'(9+-(%2: %;-(#/3#(#+$%6+=&-%+0)&1&(#2-$%#-%("+%$23("+'-%&'+&%2: %("+%,&*&)+%#-%ABCC>%
G2'5#-=%-+&'%("+%G+**%#-%)23'(7&'4%;\H%!"#$%)23'(7&'4%G&$%$3''23-4+4%67%("+%9&#-%'+$#4+-(#&*%$3#(+$%
2: %("+%,&*&)+H%!"+%*&'=+$(%$3#(+%)2-$#$($%2: %'229$%;[%&-4%SBRYAH%.(%#$%=+-+'&**7%4+$)'#6+4%&$%("+%
M3++-N$%?3#(+H%!"+%+&$(+'-%,&'(%2: %'229%;[%"&4%&*'+&47%6++-%+0)&1&(+4%67%X&**2G&-H%!"+%'+$(%2: %
("+%'229%G&$%("+'+&:(+'%+0)&1&(+4%&$%'229%VE%67%("+%.'&/#%8+,&'(9+-(%2: %;-(#/3#(#+$H
]229% ;[% #$% )2--+)(+4% G#("% )23'(7&'4% ;\% ("'23="% (G2% 422'$H% !"#$% ,*&)+$% ("+% '229% #-% &% $+*+)(%
)&(+=2'7%2: %92-39+-(&*%$,&)+$H%!"+%92$(%92-39+-(&*%'229$>%#H+H>%("+%("'2-+'229%&-4%'229$%IO%
&-4%I^>%,2$$+$$+4%("'++%422'$%2: %G"#)"%("+%)+-('&*%G&$%("+%92$(%92-39+-(&*H%]229$%^%&-4%?%
%!"+%G2'5%&(%J#9'34%G&$%$3,,2'(+4%67%&%='&-(%:'29%("+%_-#(+4%?(&(+$%?(&(+%8+,&'(9+-(%&-4%J&(#2-&*%`-42G9+-(%
:2'%<39&-#(#+$H
A
%<3$$+#-%ABBYW%<3$$+#-%ABBBREDDDW%<3$$+#-%a%?3*+#9&-%EDDDW%<3$$+#-%EDDEW%<3$$+#-%a%;*b^&#*&-#%I+''%EDDCZ%
CFRBAH
E
BE
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
,2$$+$$+4% (G2% +0(+'-&*% +-('&-)+$>% 63(% )23*4% 6+% +-(+'+4% ("'23="% &44#(#2-&*% 422'$% #-% &4L2#-#-=%
1+$(#63*+$H%!"+$+%,'21#4+4%&%92'+%#-4#'+)(%)2--+)(#2-%G#("%("+%23($#4+H%?3)"%&44#(#2-&*%)2--+)(#2-$%
G+'+%*&)5#-=%#-%'229%;[H%
d-+% 2: % ("+% $#4+% +-('&-)+$% (+-4+4% (2% 6+% )2''+*&(+4% (2% ("+% ,*&)+9+-(% 2: % ("+% ("'2-+% G#("#-% ("+$+%
'229$H%!"#$%#$%92$(%)*+&'*7%1#$#6*+%#-%("+%("'2-+'229%G"+'+%("+%*2)&(#2-%2: %("+%("'2-+%#$%$+)3'+4%
67%("+%,'+$+-)+%2: %&%4&#$H%?#9#*&'%422'$%G+'+%,'+$+-(%#-%'229$%?%&-4%;[H%!"+%422'$%$3==+$(%("&(%
("+%G+$(+'-%G&**%2: %'229%;[%:3-)(#2-+4%&$%("+%,'#9&'7%$+&(#-=%*2)&(#2-H%!"#$%$++9$%)2''262'&(+4%
67% ("+% $*#="(*7% G+$(G&'4% ,*&)+9+-(% 2: % ("+% $2b)&**+4% ('&9b'&#*$H% !"+% ('&9b'&#*$% &'+% &-% #-$(&**&(#2-%
#-(+-4+4%:2'%("+%,*&)+9+-(%2: %&%926#*+%6'&c#+'>%G"#)"%G&$%3$+4%(2%"+&(%("+%'229%P!3'-+'%ABeD&Z%
ACY>%-H%VYRVCQH%!"+7%:2'9+4%)2992-%:+&(3'+$%G#("#-%("+%9&#-%'229$%2: %*&'=+'%$3#(+$H%!"+%('&9b
'&#*$%2: %'229%;[%)2-$#$(%2: %+#="(%'+)(&-=3*&'%)&*)#(+%$(2-+$H
@&("'229%SB%G&$%)2--+)(+4%(2%'229%;[%("'23="%'229%YAH%!"+%,*&)+9+-(%2: %&%6&("'229%)*2$+%(2%
9&#-%$+&(#-=%*2)&(#2-%G#("#-%("+%9&#-%'229%:2'+$"&42G$%("+%*2)&(#2-%2: %6&("'229$%#-%*&(+'%,&*&)+$>%
63(%#$%3-)2992-%#-%("+%-#-("%)+-(3'7%G"+'+%6&("'229$%&'+%3$3&**7%*2)&(+4%92'+%#-(+'-&**7>%&$%#-%("+%
O#-=N$%?3#(+>%2'%9#$$#-=%&*(2=+("+'>%&$%#-%("+%!"'2-+'229%?3#(+$H%]229%YA%&*$2%)2--+)(+4%(2%&%*&'=+%
#-(+'-&*%'229%PYDQ>%("+'+67%&**2G#-=%("+%6&("'229%(2%6+%'+&)"+4%#-4+,+-4+-(*7%:'29%'229$%;[%&-4%
YDH%?3)"%#-(+'-&*%)2''#42'$%G+'+%&*$2%)2-$('3)(+4%#-%("+%,&*&)+%2: %!#*%@&'$#,%P!"3'+&3b8&-=#-%ABFAQ>%
63(%42%-2(%$++9%(2%"&1+%=&#-+4%93)"%,2,3*&'#(7%&-4%G+'+%'&'+*7%3$+4%2("+'G#$+H
!"+%422'%6+(G++-%'229$%;[%&-4%YD%)2-(&#-+4%&%*&'=+%("'+$"2*4%&-4%93$(%"&1+%6++-%,'2(+)(+4%67%
&%9&$$#1+%422'%G"2$+%422'%$2)5+($%G+'+%$(#**%,'+$+-(HF%;(7,#)&**7%:2'%&-%#-(+'-&*%'229>%'229%YD%#$%
,&1+4%G#("%6&5+4%6'#)5$%9+&$3'#-=%VV%f%VV%f%C%)9H%!"+%G+$(+'-%,&'(%2: %("+%'229%#$%,&1+4%G#("%
6'25+-%6&5+4%6'#)5$>%$3==+$(#-=%("&(%("+$+%,&1+9+-($%9#="(%"&1+%6++-%&44+4%*&(+'H%;%43)5%G+#="(%
G&$%:23-4%#-%2-+%2: %("+%)2'-+'$%2: %'229%YDH%;%$29+G"&(%$9&**+'%("'+$"2*4%G&$%,*&)+4%#-%("+%422'%
EHWZHHQURRPDQGFRUULGRU&RUULGRUFRQWDLQHGZDOOSDLQWLQJVGHSLFWLQJKXPDQÀJXUHV
@&("'229%SB%#$%,&1+4%G#("%6&5+4%6'#)5$H%;%)&*)#(+%$(2-+%)21+'$%&%4'&#-%("&(%*+&4$%(2%("+%)23'(7&'4%(2%
#($%$23("%P<3$$+#-%ABBYÀJ7KUHHODUJHVWRQHVODEVZHUHSODFHGLQWKHFHQWUHRI WKHURRP/0/1HZ%
ÀJ7KHHDVWHUQPRVWRQHORFDWHGFORVHWRWKHZDOOSRVVHVVHGDGHSUHVVLRQZLWKURXQGHGHGJH
!"+$+%$*&6$%G+'+%)2992-%#-%&**%6&("'229$H%U#5+%("+%2("+'%92-39+-(&*%6&("'229$%2: %("+%,&*&)+%
P'229$%.>%U%&-4%gQ>%&%$+)2-4%$*&6%G&$%,*&)+4%-+0(%(2%#(H
]229$% VF% &-4% VY% :2'9+4% &% $9&**+'>% 63(% $(#**% 92-39+-(&*>% $3#(+% (2% ("+% G+$(% 2: % )23'(7&'4% ;\H% .(%
)2-$#$(+4%2: %&%'+)+,(#2-%'229%G#("%&-%&((&)"+4%6&("'229H%!"+%+-('&-)+%#-(2%("+%$3#(+%G&$%,&1+4%
G#("% &% ("'+$"2*4% 9+&$3'#-=% EHAD% f% AHeS% 9% P[#=H% EH% K*H% hhhg.&Q>% 9&4+% 2: % 6*3#$"% X2$3*% 9&'6*+H%
U&7&'4% #$% *#5+*7% (2% "&1+% +0)&1&(+4% ("+% $&9+% ("'+$"2*4>% G"#)"% "+% 4+$)'#6+4% &$% i2'-&9+-(+4% G#("%
ÁRZHUVDQGVFUROOZRUNµU&7&'4%ACVB)Z%AeQ7KHVHÀQGVZHUHORFDWHG´WRWKHVRXWKRI &KDPEHU
;µU&7&'4%ACSF&Z%BCQH%@&$+4%2-%U&7&'4N$%4+$)'#,(#2->%;*6+-4&%$3==+$(+4%("&(%("+%("'+$"2*4%4&(+4%
(2%("+%'+#=-%2: %?&'=2-%..H%P;*6+-4&%ABeCZ%SQH%!"+%&)(3&*%("'+$"2*4%$3,,2'($%$3)"%&%*&(+%4&(+H%!"+%
("'+$"2*4%#$%4+)2'&(+4%G#("%(+-%'+=#$(+'$%2: %'2$+((+$%#-(+'$,+'$+4%G#("%(G2%'+=#$(+'$%2: %*2(3$b&-4b634%
=&'*&-4$%&-4%2-+%'+=#$(+'%2: %,&*9+((+%=&'*&-4$H%J2%+0&)(%,&'&**+*$%&'+%5-2G->%63(%("+%=+-+'&*%4+$#=-%
#$% (7,#)&*% :2'% ("+% 4+)2'&(+4% ("'+$"2*4$% :'29% ("+% '+#=-% 2: % !#=*&("b,#*+$+'% ...N$% 2-G&'4$% P;*6+-4&%
ABeCQH%!"+%)*2$+$(%,&'&**+*%G&$%*#5+*7%*2)&(+4%&(%&%$"2'(%4#$(&-)+%#-%("+%422'%6+(G++-%)2''#42'%j%
&-4% )23'(7&'4% k>% G"#)"% G&$% 4+)2'&(+4% G#("% ED% '2G$% 2: % '2$+((+$% PK&*+7% a% ?262*+G$5#% ABCAZ% CYQH%
%<3$$+#-%ABBYÀJQRWHWKHVOLJKWGLIIHUHQFHVLQURRPQXPEHULQJ
F
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
[#=H%AH%K*&-%2: %("+%J2'("G+$(%K&*&)+H
[#=H%EH%8'&G#-=%2: %("+%("'+$"2*4%:23-4%#-%'229%VF%2: %("+%J2'("G+$(%K&*&)+H
BF
BV
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
!"+%4+)2'&(#2-$%&'+%)29,&'&6*+%(2%("+%G&**%,&#-(#-=$%:23-4%#-%'229%?%S%2: %[2'(%?"&*9&-+$+'%#-%
("+%U2G+'%!2G-%2: %O&*ʒ3%P0DOORZDQÀJQH%!"+%$23("+'-%422'%2: %'229%VF%&-4%,&'(%
2: % ("+% -+#="623'#-=% G&**% )2-(&#-+4% ,#()"% (2% &% "+#="(% 2: % SD% )9H% !"+% 934% ,*&$(+'% 2-% ("+% G&**$%
"&4%&%("#-%*&7+'%2: %G"#(+%,*&$(+'%G#("%('&)+$%2: %G&**%,&#-(#-=$H%!"+%G+$(+'-%G&**%2: %'229%VF%G&$%
GHFRUDWHGZLWKSDLQWLQJVVKRZLQJWKHNLQJRURWKHUKXPDQÀJXUHVUDLVLQJWKHLUKDQGVDQGRWKHUV
G#("% #-(+'(G#-+4% "&-4$H% !"#$% 9#="(% '+,'+$+-(% &% '2G% 2: % ;$$7'#&-% :3-)(#2-&'#+$% P$#9#*&'% (2% ("2$+%
5-2G-%:'29%'229%?%S%2: %[2'(%?"&*9&-+$+'Q%"+&4+4%67%&%:3-)(#2-&'7%'&#$#-=%"#$%"&-4%&$%&%"&*(#-=%
=+$(3'+%G"+-%'+&)"#-=%("+%5#-=H
!"+$+%,&#-(#-=$%/3#)5*7%4+(+'#2'&(+4%2-)+%+0,2$+4%(2%("+%+*+9+-($H%!"+%G&**%,&#-(#-=$%"&4%6++-%#-%
&%6+((+'%$(&(+%2: %,'+$+'1&(#2-%43'#-=%U&7&'4N$%+0)&1&(#2-$H%<+%4+$)'#6+4%("+%'229$%6+#-=%4+)2'&(+4%
ZLWK RUQDPHQWDO DQG ÀJXUDWLYH SDLQWLQJV WKH ODWWHU VKRZLQJ WKH NLQJ FRXUWLHUV SULVRQHUV DQG
('#63(+% PU&7&'4% ACVB)Z% AYRAeQH% K'#$2-+'$% G+'+% ,'26&6*7% *2)&(+4% &(% ("+% +-4% 2: % ("+% ='23,>% G"#)"%
#$%*#5+*7%(2%"&1+%$(&'(+4%2-%("+%+&$(+'-%G&**>%G"2$+%G&**%,&#-(#-=$%"&1+%-2(%$3'1#1+4H%!"#$%G23*4%
+0,*&#-%("+%&6$+-)+%2: %,'#$2-+'$%:'29%("+%$(#**%1#$#6*+%G&**%,&#-(#-=$%43'#-=%("+%.'&/#%+0)&1&(#2-$H%
!"+%4+)2'&(#2-%2: %("+%'229%'+$+96*+$%("2$+%2: %'229%?%S%#-%[2'(%?"&*9&-+$+'H%!"+%("'+$"2*4%&-4%
G&**%,&#-(#-=$%4&(+%("+%)"&-=+$%(2%("+%'+#=-%2: %?&'=2-%..%2'%("+%,'+)+4#-=%4+)&4+$H
]229%VF%)2-(&#-+4%$+1+'&*%#-$(&**&(#2-$%&$$2)#&(+4%G#("%'+)+,(#2-%'229$H%!'&9b'&#*$%G+'+%*2)&(+4%
#-%("+%)+-('+%2: %("+%'229>%G"#*+%&-%&6*3(#2-%$*&6%PACD%f%BS%)9Q%G&$%,*&)+4%-+0(%(2%("+%G&**H%!"+%
$(2-+%"&4%&%'23-4+4%)2-)&1+%6+-(%G#("%&%4+,("%2: %V%)9H%;%9&)+%PYD%)9Q%9&4+%:'29%-#-+(++-%
)7*#-4'#)&*%6'2-c+%,#+)+$%G&$%:23-4%#-%("+%$23("G+$(+'-%,&'(%2: %("+%'229H%!"+%9&)+%G&$%"+&1#*7%
4&9&=+4%G#("%&%*2-=%)'&)5%&-4%("+'+%G&$%"+&17%4&9&=+%:'29%92#$(3'+H
@&("'229% VY% G&$% )2--+)(+4% (2% ("+% )23'(7&'4% $23("% 2: % #(>% 63(% ("#$% #$% 3-*#5+*7% (2% "&1+% 6++-% &-%
2'#=#-&*%:+&(3'+H%@&("'229$%&'+%-2(%2("+'G#$+%3$+4%&$%1+$(#63*+$H%!"+%$23("+'-%+-('&-)+%G&$%*&(+'%
6*2)5+4%67%&%*#9+$(2-+%6*2)5H%;%$+'#+$%2: %,#,+$%'3--#-=%3-4+'%("+%'229%)2--+)(+4%(2%&%*&'=+'%
-+(G2'5%2: %$+G+'$%#-%("+%$23("+'-%,&'(%2: %("+%,&*&)+H%
)>C'*Q;J>CID'R=IJ'QS 'J>C'R=M=PC
!"+%$23("+'-%,&'(%2: %("+%,&*&)+%)2-$#$($%2: %&%$+'#+$%2: %)23'(7&'4$%$3''23-4+4%67%$#-=*+%'229$%
&-4% &% :+G% $9&**% $3#(+$H% !"+% &'+&% #$% 92$(% :&923$% :2'% ("+% 4#$)21+'7% 2: % ("+% '27&*% ='&1+$% 2: % ("+%
;$$7'#&-%/3++-$%P<3$$+#-%a%?3*+#9&-%EDDDQH%T29#-=%:'29%("+%-2'("+&$(%2-+%G23*4%,&$$%("'23="%
&%$+/3+-)+%2: %)23'(7&'4$%6+:2'+%'+&)"#-=%("+%*&'=+'%)23'(7&'4%CDH%_-4+'-+&("%("#$%)23'(7&'4>%&%
-+(G2'5%2: %4'&#-&=+%,#,+$%G&$%:23-4>%G"#)"%)2-)+-('&(+4%("+%G&(+'%#-%$(2-+%6&$#-$H%!"+$+%6&$#-$%
'+$+96*+%+&)"%2("+'%&-4%*#+%&4L&)+-(%(2%+&)"%2("+'%(2%("+%$23("%2: %'229$%eeReB%P[#=H!AQH%
!"+%G+**%:23-4%#-%)23'(7&'4%CD%G&$%4+$#=-&(+4%&$%("+%"[23'("%;')"&+2*2=#)&*%I+**#%P<3$$+#-%EDDAR
EDDEQ>%&$%("'++%G+**$%"&4%&*'+&47%6++-%:23-4%,'+1#23$*7%#-%("+%J2'("G+$(%K&*&)+%PK*H!hhhg.6QH%
$ODUJHFDOFLWHZKLWHVWRQHFDUYHGFLUFXODUO\WRÀWWKHPRXWKRI WKHZHOOZDVIRXQG3DUWRI WKLV
$(2-+%*#-#-=%"&4%6++-%6'25+-%#-%&-(#/3#(7>%G#("%&%,#+)+%"&1#-=%:&**+-%#-(2%("+%G+**%PK*H!hhhg...&QH%
;-2("+'%*&'=+%)#')3*&'%$(2-+%G&$%:23-4%-+0(%(2%("+%G+**>%&-4%("#$%$(2-+%9&7%"&1+%6++-%3$+4%(2%)*2$+%
WKHZHOODVWKHGLPHQVLRQVRI WKLVFRYHUÀWWKHZHOO·VPRXWK
!"+%G+**%9+&$3'+$%AeD%)9%#-%4#&9+(+'%&(%("+%(2,H%.(%#$%*#-+4%G#("%G+**b)2-$('3)(+4%6&5+4%6'#)5$%
("&(%&'+%G'&,,+4%&'23-4%'2G$%2: %934%*#-#-=H%!"#$%*#-#-=%9&7%"&1+%6++-%3$+4%(2%"+*,%&-)"2'%&-4%
VXSSRUWWKHODUJHFRYHUVWRQHIRUWKHZHOO7KHUHDUHPRUHWKDQEDNHGEULFNVVSHFLÀFDOO\PDGH
G#("%("+%*2G+'%*+-=("%9+&$3'#-=%Ee%)9%&-4%("+%(2,%*+-=("%9+&$3'#-=%FV%)9H%!"+%("#)5-+$$%2: %("+$+%
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
BS
EULFNVLV²FP7KHYDULDWLRQLQVL]HRI WKHVLGHVDFFRXQWVIRUWKHFLUFXODUFRQÀJXUDWLRQRI WKH
)23'$+$%&$%("+7%*#-+%("+%G&**$%2: %("+%G+**H%[2**2G#-=%("+%)29,*+(#2-%2: %("+%G2'5%#-%("+%G+**>%6&5+4%
6'#)5$%G+'+%:23-4%(2%6+%'+$(#-=%2-%&%*&'=+%,#+)+%2: %)&*)#(+%("&(%)#')*+4%("+%)#')39:+'+-)+%2: %("+%G+**%
&-4%"&1#-=%&%"+#="(%2: %SS%)9%&-4%4#&9+(+'%2: %AYD%)9H%!"#$%#$%:2**2G+4%67%&%*&7+'%2: %:'&=#*+%934H%
!"+%G+**%#$%SHES%9%4++,>%'+$+96*#-=%("+%4+,("%2: %("+%2("+'%G+**$%#-%("+%,&*&)+>%&-4%"&$%&%(2(&*%4+,("%
2: %YHEF%9%#: %("+%*&7+'$%9+-(#2-+4%&'+%#-)*34+4H
;%1&3*(+4%)29,*+0%#$%*2)&(+4%3-4+'-+&("%'229$%eV%&-4%eS%PK*H!hhhg..Q%P<3$$+#-%a%;*b^&#*&-#%
I+''%EDDCZ%CFRBDQH%.(%)2-$#$($%2: %&%*2-=%&%-&''2G%'229%)2--+)(+4%(2%("'++%,+',+-4#)3*&'%'229$H%
!"+%+0)&1&(2'$%"&4%+0,+)(+4%("#$%(2%6+%&%,2$$#6*+%='23,%63'#&*%&'+&%43+%(2%("+%$"&,+%2: %("+%$('3)(3'+H%
X&-7%2: %("+%6&5+4%6'#)5$%#-%("+%)2-$('3)(#2-%"&1+%4&'5%9&'5#-=$>%#-4#)&(#-=%("+%3$+%2: %*&9,$%#-%
("+%,&$(%G#("#-%("+%&'+&H
]229$%CV%&-4%CS%,'21#4+4%&))+$$%(2%("+%&'+&%$23("%2: %("+%,&*&)+H%!"+%,&$$&=+%)2-(#-3+4%("'23="%
&% -&''2G% &-4% *2-=% $,&)+% 6+(G++-% ("+% $23("+'-% G&**% 2: % ("+% ,&*&)+% &-4% ("+% -2'("+'-% G&**% 2: % &%
$23("+'-%)29,*+0H%!"23="%-2%63#*4#-=%#$%5-2G-%(2%"&1+%+0#$(+4%$23("%2: %("+%,&*&)+%43'#-=%("+%
'+#=-%2: %;$"3'-&$#',&*>%("+%,&$$&=+%$++9$%(2%"&1+%6++-%,&'(%2: %("+%2'#=#-&*%,&*&)+%)2-$('3)(#2-H%
J2%+1#4+-)+%(2%#-4#)&(+%&%*&(+'%)2-$('3)(#2-%G&$%:23-4H%.-$#4+%("+%)2''#42'>%&%='23,%2: %)+'&9#)%
*&9,$%&-4%=*&c+4%6'#)5%:'&=9+-($%G+'+%:23-4H%!"+%=*&c+4%6'#)5$%$"2G%&%'27&*%$)+-+>%G#("%("+%5#-=%
2'%&%*+&4+'%#-$#4+%&%)"&'#2(%G#("%,+2,*+%6+"#-4%"#9%P<3$$+#-%EDDEÀJ7KHHLJKWVSRNHVRQ
WKH FKDULRW GDWHV WKH EULFN WR WKH VHYHQWK FHQWXU\ 2WKHU EULFNV ZHUH GHFRUDWHG ZLWK ÁRUDO DQG
=+29+('#)%4+$#=-$%#-%4#::+'+-(%)2*23'$H%.-%&44#(#2-%(2%("#$>%&%='23,%2: %9&'6*+%$*&6$l,2*#$"+4%&-4%
9&4+%'+&47%(2%6+%G'#((+-%2->%63(%G#("23(%&-7%G'#(#-=lG+'+%:23-4H
]229%eE%G&$%,&1+4%G#("%6&5+4%6'#)5$%G#("%&%-+(G2'5%2: %4'&#-$%'3--#-=%3-4+'-+&("%#(H%]229%eA%
G&$%,'26&6*7%&%6&("'229>%&$%+1#4+-)+%2: %&%4'&#-%G&$%:23-4%#-%("+%'229H%.-%&44#(#2->%("+%G&**$%&'+%
9&4+%2:>%&-4%,'2(+)(+4%67>%6&5+4%6'#)5$H%
7KHZDOOVRI URRPVKRZFOHDUHYLGHQFHRI ÀUH$VPDOOFKLOGEXULDOZDVIRXQGZLWKLQWKHQLFKH
#-%("+%-2'("+'-%G&**H%!"+%)"#*4%G&$%:23-4%:&)#-=%+&$(%G#("%("'++%,2((+'7%1+$$+*$%6+#-=%,*&)+4%67%
#($%:++(H%.-%("+%$23("G+$(+'-%)2'-+'%2: %("+%'229>%'+9&#-$%2: %&%G&(+'%4'&#-%G+'+%:23-4H%!"+%$3#(+%
LVDOVRDW\SLFDOIRUKDYLQJWZRURRPVWKDWFDQEHFODVVLÀHGDVEDWKURRPVDQG%DWKURRP
eD%#$%+$,+)#&**7%*&'=+H%;*(+'-&(#1+*7>%'229%eD%:3-)(#2-+4%&$%&%$(2'&=+%$,&)+H%J2%4'&#-%G&$%:23-4%
ZLWKLQWKHURRP7KHVRXWKHUQZDOORI URRPKDVDQLFKHLQWKHFHQWUHRI WKHZDOO7KHÁRRU
2: %("+%'229%#$%,&1+4%G#("%6&5+4%6'#)5$%9+&$3'#-=%SD%f%SD%)9H%;%)+'&9#)%$&')2,"&=3$>%9+&$3'#-=%
ïFPZDVIRXQGXQGHUQHDWKLWVÁRRU7KHZHVWHUQZDOORI URRPKDVDQLFKHVWDUWLQJ
&623(%BD!FPDERYHWKHÁRRU7KHORZHUZDOOLVPDGHRI EDNHGEULFNVDQGWKHQRUWKZHVWFRUQHURI WKHURRPRQWKHÁRRUWKHUHLVDZDWHUGUDLQ
7KHÁRRURI FRXUW\DUGLVVWHSSHGZLWKSDUWVEHLQJSDYHG7KHZHOOVXQFRYHUHGLQWKHFRXUW\DUG
G+'+%-#-+%9+('+$%4++,H%?+1+'&*%G&(+'%4'&#-&=+%$7$(+9$%+-4+4%#-%("+$+%G+**$H%;%$9&**%G+**b9&4+%
9&'6*+%62((*+%("&(%"&$%&%$9&**%-+)5%&-4%&%,&#'%2: %"&-4*+$%2-%("+%$"23*4+'%G&$%:23-4%#-%("#$%)23'(7&'4%
PK*$H!hhh.h6QH
T2''#42'% VV%)2--+)(+4%)23'(7&'4%SY%G#("%("+%$23("G+$(+'-%,&'(%2: %("+%,&*&)+H%;%$+G+'%$7$(+9%
)21+'+4%67%6&5+4%6'#)5$%'3-$%3-4+'-+&("%)2''#42'$%VV%&-4%SAH%!"+%*2G+'%,&'($%2: %("+%G&**$%2: %
)2''#42'%VV%&'+%)29,2$+4%2: %6&5+4%6'#)5$%PK*H!hhhg...6QH%K&'($%2: %("+%G&**%$"2G%+1#4+-)+%2: %
G&**%,&#-(#-=$H
BY
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
T2''#42'%SD%*+4%(2%("+%4&9&=+4%G+$(+'-%+4=+%2: %("+%,&*&)+H%!"+%G+$(+'-%422'%2: %)2''#42'%SD%G&$%
,'2(+)(+4%67%&%422'%G"2$+%(G2%422'%$2)5+($>%2-+%2-%+&)"%$#4+%2: %("+%422'G&7>%G+'+%$(#**%/2('/%3H%!"+%
422'%G&$%,&1+4%G#("%(G2%)&*)#(+%$(2-+%$*&6$H%!"+%)2''#42'%#($+*: %G&$%,&1+4%G#("%$#0%&-4%"&*: %)23'$+$%
2: %6&5+4%6'#)5$%("&(%&'+%)2-1+0%(2G&'4%("+%9#44*+%,&'(%2: %("+%6'#)5H%?29+%2: %("+%6&5+4%6'#)5$%"&4%
)'2$$b$"&,+4%+-='&1#-=$>%)21+'#-=%("+%+-(#'+%$3':&)+>%2-%("+9H%
]229%YF%#$%,&'(%2: %&%'2G%2: %'229$%G"2$+%(G2%2("+'%9+96+'$%)2-(&#-+4%'27&*%(296$H%.($%G&**$%&'+%
WKLFNDQGSODVWHUHG$GRRUVRFNHWVLJQDOOHGWKHORFDWLRQRI LWVGRRUZKLFKZDVRWKHUZLVHGLIÀFXOW
WRORFDWH2QO\WKHQRUWKHUQDQGVRXWKHUQSDUWVRI WKHURRPZHUHSDYHG8QGHUQHDWKWKHÁRRU
ÀYHYHU\ODUJHVWRUDJHMDUVZHUHIRXQG3O!hhhg.)QH%!"+%$(2'&=+%L&'$%9+&$3'+4%ASD%f%ADD%)9H%
2QO\ÀQHGLUWGHEULVZDVIRXQGLQVLGHWKHMDUV
5RRPVDEDQGFRQWDLQÁRRUVSDYHGZLWKEDNHGEULFNV%LWXPHQEHWZHHQWKHEULFNVDFW
&$% &% 92'(&'H% @2("% '229$% &'+% *#5+*7% (2% "&1+% :3-)(#2-+4% &$% 6&("'229$H% !"+% G&**$% 2: % '229$% YV&>%
EDQGKDYHQLFKHV$VKDQGWKHUHGGHQHGZDOOVRI URRPDSURYLGHHYLGHQFHRI ÀUHZLWKLQ
("#$%'229H%!"+%G&**$%2: %'229%YS%G+'+%$3''23-4+4%67%6&5+4%)*&7%2'("2$(&($%PVY%f%CD%)9Q>%G"#)"%
&'+%#-$)'#6+4%G#("%("+%?(&-4&'4%.-$)'#,(#2-%2: %;$"3'-&$#',&*%..%P<3$$+#-%ABBYÀJV²7KH
FXQHLIRUPLQVFULSWLRQVRQWKHRUWKRVWDWVDUHFRPSRVHGRI HLJKWÀHOGVïFPDQGH[HFXWHG
#-%&%*&'=+%,'#-(H%?#9#*&'%2'("2$(&($%G+'+%3$+4%#-%;$"3'-&$#',&*N$%d*4%K&*&)+%#-%;$"3'%PU3-4$('m9%a%
d'*&9n-4+%EDAAW%d'*&9n-4+%EDDVQH%.-%("+%+&$(+'-%,&'(%2: %'229%YS>%&%G&(+'%6&$#-%9&4+%2: %G"#(+%
9&'6*+%$(2-+%G&$%*2)&(+4H%
+OP=F=J?QDB'?D'J>C'3CDJI=M'W;?MG?DX
!"+%$2b)&**+4%"T+-('&*%@3#*4#-=#%#$%'23="*7%*2)&(+4%#-%("+%9#44*+%2: %J#9'34N$%)#(&4+*%(2%("+%$23("+&$(%
2: %("+%J2'("G+$(%K&*&)+H%!"+%63#*4#-=%4&(+$%(2%("+%'+#=-%2: %;$"3'-&$#',&*%..H%U&7&'4>%]&$$&9%&-4%
U2:(3$%"&4%&*'+&47%+0)&1&(+4%("+%&'+&H%`0)&1&(#2-$%G+'+%'+$39+4%67%&%K2*#$"%(+&9%#-%("+%ABeD$%
P0HXV]\ľVNLDEQH
!"+%T+-('&*%@3#*4#-=%#$%&%$9&**%)29,*+0%$3''23-4#-=%&%$#-=*+%)23'(7&'4%&$%:&'%&$%#$%5-2G-%P$++%
O+'(&#%#-%("#$%12*39+QH%!"+%.'&/#%(+&9%+0)&1&(+4%("+%T+-('&*%@3#*4#-=%43'#-=%("+#'%AC("%$+&$2-%2: %
H[FDYDWLRQVLQ([FDYDWLRQVSURYHGGLIÀFXOWDVPXFKRI WKHDUFKLWHFWXUHZDVKHDYLO\GDPDJHG
DQGGLIÀFXOWWRWUDFH
!"+%+-('&-)+%=&(+%2: %("+%63#*4#-=%P'229%AQ%G&$%,&1+4%G#("%6&5+4%6'#)5$%P[#=H!FQH%@2("%#($%-2'("+'-%
&-4%$23("+'-%G&**$%)2-(&#-+4%(G2%+-('&-)+$H%!"+%(G2%G+$(+'-%422'$%G+'+%("+%92$(%92-39+-(&*%
+-('&-)+$%&-4%93$(%"&1+%:2'9+4%("+%)+-('&*%,&$$&=+%("'23="%("+%'229%&-4%#-(2%("+%63#*4#-=H%!"+%
-2'("G+$(+'-%422'%G&$%,&1+4%G#("%&%*&'=+%9&'6*+o*#9+$(2-+%("'+$"2*4>%G"+'+&$%("+%$23("G+$(+'-%
422'%G&$%,&1+4%G#("%6&5+4%6'#)5$H%!"+%,'+$+'1+4%&')"#(+)(3'+%$3==+$($%("&(%("+%=&(+%G&$%2'#=#-&**7%
2'=&-#$+4% $799+('#)&**7H% !"+%=&(+%#$>% ("+'+:2'+>% *#5+*7%(2% "&1+%,2$$+$$+4%&% ("#'4% $+(%2: % 422'$% (2%
("+% G+$(% 2: % ("+% 9&#-% +-('&-)+H% !"+% G+$(+'-% ,&'(% 2: % ("+% '229% #$>% "2G+1+'>% 4+$('27+4% 67% *&(+'%
)2-$('3)(#2->%9&5#-=%#(%#9,2$$#6*+%(2%)"+)5%("#$%"7,2("+$#$H
7KHH[WHULRURI WKHVRXWKHUQPDLQHQWUDQFHLVGHFRUDWHGZLWKWZREXWWUHVVHVÁDQNHGE\FRORVVL
2QO\WKHEDVHVRI WKHVHÀJXUHVUHPDLQ3O!hU.&Q%P45H%0HXV]\ľVNLDSO5HDGHSOH%
!"+%)2*2$$#%)*2$+$(%(2%("+%+-('&-)+%&'+%63**%*+==+4>%G"+'+&$%("2$+%,*&)+4%:3'("+'%&G&7%&'+%*#2-%*+==+4H%
!"+%&''&-=+9+-(%'+$+96*+$%("+%("'2-+'229%:&p&4+%2: %("+%J2'("G+$(%K&*&)+HV%_-:2'(3-&(+*7>%("+%
:&p&4+%2: %("+%J2'("G+$(%K&*&)+%#$%'+)2-$('3)(+4%2-%("+%6&$#$%2: %("+%T+-('&*%@3#*4#-=H%!"+%2-*7%
0HXV]\ľVNLZ%FARFS>%,*H%SRYW%K&*+7%a%?262*+G$5#%ABBEZ%FRES>%]3$$+**%ABBCÀJ
V
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
Be
)2*2$$#%2: %("+%J2'("G+$(%K&*&)+%(2%"&1+%6++-%:23-4%#-%$#(3%G+'+%("+%63**%*+==+4%)2*2$$#H%!"+$+%
FUHDWXUHVZHUHDW\SLFDOLQWKDWWKH\LQFOXGHGWKHERG\SDUWVRI DÀVKK&*+7%a%?262*+G$5#%ABBEZ%
²ÀJV²SOV²7KHXSSHUSDUWVRI WKHEXOOFRORVVLRI WKH&HQWUDO%XLOGLQJKDYHQRW
EHHQSUHVHUYHGEXWLWLVSRVVLEOHWKDWWKH\ZHUHÀVKK\EULGVRULJLQDOO\
!"+%.'&/#%(+&9%6+*#+1+4%("+%G&**%$+,&'&(#-=%'229$%E%&-4%F>%&$%('&)+4%67%("+%K2*#$"%(+&9>%(2%6+%&%
,2$(b;$$7'#&-%)2-$('3)(#2-H%J2'("+&$(%2: %'229%F>%&-4%+&$(%2: %'229%Y>%#$%&%$9&**%'229%("&(%42+$%
-2(%"&1+%&-7%)*+&'%+-('&-)+$%&-4%"&$%("#)5%G&**$%$3''23-4#-=%#(H%J2%'+9&#-$%G+'+%:23-4%#-%("#$%
'229%&-4%#(%#$%3-)*+&'%G"&(%#($%:3-)(#2-%G&$H%
7KHFRPSOH[ZDVRUJDQLVHGDURXQGFRXUW\DUG,QWKHHDVWHUQSDUWLWVÁRRULVSDYHGZLWKEDNHG
6'#)5$%("&(%&'+%SD%f%SD%)9H%!"#$%,&'(%2: %("+%)23'(7&'4%"&$%(G2%,"&$+$%2: %,&1+4%6'#)5$H%!"+%G+$(+'-%
,&'(%2: %("+%)23'(7&'4%#$%,&1+4%G#("%6&5+4%6'#)5$%9+&$3'#-=%FY%f%FY%)9H%;%$/3&'+b$"&,+4%)&*)#(+%
$(2-+%26L+)(%G&$%:23-4%#-%("+%&'+&%G#("%$#9#*&'%4#9+-$#2-$%&$%("+%6&5+4%6'#)5$H%K&'($%2: %("+%*2G+'%
G&**$%&*$2%&,,+&'%(2%"&1+%#-)2',2'&(+4%-+#="623'#-=%6&5+4%6'#)5$H%!"+%'+9&#-$%2: %)2*23'+4%6&5+4%
6'#)5%G+'+%:23-4%#-%("+%-2'("+'-%,&'(%2: %("+%)23'(7&'4H%!"+7%"&1+%4#::+'+-(%(7,+$%2: %4+$#=-$%$#9#*&'%
WRZHOONQRZQÀQGVLQWKH1RUWKZHVWSDODFH7KHVHUHPDLQVKRZHYHUDUHLQYHU\SRRUFRQGLWLRQ
!G2%*&'=+%'229$%&'+%*2)&(+4%(2%("+%+&$(%2: %)23'(7&'4%VH%!"+#'%$23("+'-%,&'($%"&4%&*'+&47%6++-%
+0)&1&(+4%67%("+%K2*#$"%(+&9>%G"2%&$$#=-+4%-396+'$%S%&-4%Y%(2%("+9H%!"+%.'&/#%&$$#=-+4%-+G%
-396+'$>%C%&-4%B%'+$,+)(#1+*7>%(2%("+%-2'("+'-%,&'($%2: %("+$+%'229$H%@2("%'229$%&'+%,&1+4%G#("%&%
VWULSRI ÁDWULYHUVWRQHV7KHVHURRP·VDUFKLWHFWXUHLVUHPLQLVFHQFHRI WKHZRUNVKRSVIRXQGLQ)RUW
?"&*9&-+$+'%PX&**2G&-%ABYYZ%,*&-%g...Q>%G"#)"%G+'+%,&1+4%67%$#9#*&'%$('#,$H
!"+% (G2% *&'=+% +-('&-)+$% #-(2% '229% SoC% &'+% ,&1+4% G#("% 9&'6*+o*#9+$(2-+% ("'+$"2*4$H% ;% $9&**%
422'%$2)5+(%G&$%:23-4%-+0(%(2%("+%$23("G+$(+'-%+-('&-)+H%!"+%)+-('&*%+-('&-)+%G&$%)*2$+4%G#("%
9346'#)5$%,*&)+4%2-%(2,%2: %("+%("'+$"2*4%PK*H!hU.6QH%!"#$%)*2$3'+%'+&)"+4%&%"+#="(%2: %A%9%&-4%
9#="(%6+%,2$(b;$$7'#&-H%!"+%("'+$"2*4%&,,+&'$%(2%"&1+%6++-%'+,&#'+4%#-%&-(#/3#(7H%?9&$"+4%L&'$%
G+'+%:23-4%3-4+'%("+%9346'#)5$%6*2)5#-=%("+%+-('&-)+%PK*H!hU.)QH
[#=H%FH%K*&-%2: %("+%T+-('&*%@3#*4#-=H
BC
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
;%='23,%2: %1+$$+*$%G&$%:23-4%#-%("+%)2'-+'%2: %'229%CH%.(%#-)*34+$%G#4+b923("%&-4%*&'=+%L&'$>%
G#("%2-+%2: %("+%$#4+$%2: %("+$+%1+$$+*$%"&1#-=%&%"2*+>%&-4%)+'&9#)%,#,+$%("&(%G+'+%*#5+*7%3$+4%:2'%
4'&#-#-=%G&(+'%#-%("+%&'+&%P[#=H!VQH%!"+%)+'&9#)%9&(+'#&*%2: %("+%1+$$+*$%#$%)2&'$+H%I#("#-%("+%$9&**%
-2'("G+$(+'-%+-('&-)+%2: %'229%SoC%&%='23,%2: %)+'&9#)%1+$$+*$%("&(%#-)*34+$%*&9,$%G#("%(G2%6&$#-$%
&-4%G+**b9&4+%$"&**2G%,*&(+$%G&$%:23-4%PK*H!hU..QH
]229$%AD%&-4%AA%&'+%*2)&(+4%(2%("+%$23("%2: %)23'(7&'4%VH%]229%AA%#$%&%$9&**%'229%("&(%9+&$3'+$%
EHB%f%EHV%9H%!"+%'229%&,,+&'$%(2%"&1+%6++-%3$+4%&$%&%6&("'229H%!"+%G&**$%"&1+%'+9&#-$%2: %,#()"%
DQGWKHKHLJKWRI WKHZDOOVGRHVQRWVXUSDVVFP,WVQRUWKHUQZDOODQGÁRRUDUHKHDYLO\GDPDJHG
WKHODWWHUIURPSUHYLRXVH[FDYDWLRQVLQWKHDUHD7KHÁRRULVSDYHGZLWKEDNHGEULFNVPHDVXULQJ
VV%f%VV%f%FHE%)9%&-4%#-)2',2'&(+$%,#()"H%.-%("+%-2'("+'-%,&'(%2: %("+%'229%("+'+%#$%&%6&5+4%6'#)5%
G#("%&%"2*+%("&(%&,,+&'$%(2%"&1+%6++-%3$+4%:2'%4'&#-&=+H
5RRPLVDODUJHVSDFHZLWKDZLGHHQWUDQFHPHDVXULQJP7KHÁRRULVSDYHGZLWKEDNHG
6'#)5$%&-4%"&$%(G2%G"#(+%)&*)#(+%$(2-+%422'%$2)5+($H%83'#-=%+0)&1&(#2-$>%#(%G&$%-2(#)+4%("&(%("+%
#-$#4+$%2: %("+%G&**$%&*2-=%("+%+-('&-)+%"&4%)2&(#-=$%2: %,#()"%2-%("+9H%]229$%AD%&-4%AA%93$(%
6+*2-=%(2%&%*&(+'%,"&$+%#-%("+%63#*4#-=N$%"#$(2'7H%!"+#'%$23("+'-%G&**%#$%'&("+'%#''+=3*&'*7%$"&,+4%&-4%
("+%G&**$%G+'+%63#*(%2-%(2,%2: %("+%6&5+4%6'#)5$%2: %)23'(7&'4%VH
+OP=F=J?QDB'?D'J>C'%TTCI'3>=@YCIB'Z(G=G[DCI=I?'"""\
.-%ABBF>%("+%?(&(+%@2&'4%2: %;-(#/3#(#+$%&-4%<+'#(&=+%6+=&-%+0)&1&(#2-$%#-%;4&4b-+'&'#%...N$%$2b
)&**+4%q_,,+'%T"&96+'$NH%.(%#$%&$$2)#&(+4%G#("%'229%eF>%G"#)"%'+,'+$+-($%&%$2*#4%9346'#)5%,*&(:2'9>%
$23("%2: %("+%J2'("G+$(%K&*&)+H%!"+%"#="+'%*+1+*%2: %("+%&'+&%)23*4%$3==+$(%("&(%#(%G&$%63#*(%2-%(2,%
2: %&-%+&'*#+'%$('3)(3'+>%&%$3==+$(#2-%G"#)"%G&$%&*'+&47%9&4+%67%U&7&'4%PACSFZ%SFEQH%!"#$%G23*4%
IROORZWKH$VV\ULDQSUDFWLFHRI ÀOOLQJLQURRPVZLWKPXGEULFNVLQRUGHUWRFUHDWHDQHZSODWIRUP
7KHWKRURXJKDQGSUHFLVHZD\LQZKLFKWKLVZDVGRQHPDNHVLWLVYHU\GLIÀFXOWWRWUDFHWKHHDUOLHU
G&**$H%J2%+1#4+-)+%:2'%&-%+&'*#+'%$('3)(3'+%"&$>%"2G+1+'>%$2%:&'%6++-%:23-4H
/D\DUG ZDV WKH ÀUVW WR H[FDYDWH DW WKLV ORFDWLRQ +H IRXQG WKH UHPDLQV RI IRXU URRPV RQ ¶D
)2-$#4+'&6*+%+*+1&(#2-N%PU&7&'4%ACVB)Z%ACQH%U&7&'4N$%4+$)'#,(#2-%2: %("+$+%'229$%&$%3,,+'%)"&96+'$%
"&$%*&(+'%)29+%(2%'+,'+$+-(%#($%-&9+H%!"+'+%"&1+%6++-%9&-7%,'26*+9$%#-%'+)2-$('3)(#-=%("+%_,,+'%
T"&96+'$H
.'&/#%G2'5%#-%("#$%&'+&%*&$(+4%2-*7%:23'%G++5$>%63(%&**2G$%$+1+'&*%2: %("+%3-'+$2*1+4%/3+$(#2-$%(2%6+%
&-$G+'+4H%!"+%G2'5%3-)21+'+4%("+%'+9&#-$%2: %$#0%'229$%P[#=H!SQH%]229$%A>%F%&-4%V%"&4%,'+1#23$*7%
6++-%+0)&1&(+4%67%U&7&'4H%!"+%.'&/#%+0)&1&(#2-$%6+=&-%67%2,+-#-=%&%$23-4#-=>%G"#)"%G&$%+0,&-4+4%
(2%&%('+-)"%2: %AS%f%E%9H%!"#$%*+4%(2%("+%4#$)21+'7%2: %("+%G&**$%2: %'229%AH%!"#$%'229%:3-)(#2-+4%&$%
&%6&("'229%2'#=#-&**7H%!"+%'229%#$%$,*#(%#-(2%(G2%,&'($%67%&%*&(+'%G&**>%)'+&(#-=%&%$9&**+'%'+)(&-=3*&'%
'229%#-%("+%$23("+'-%,&'(%2: %("+%'229H%U&7&'4%93$(%"&1+%9#$(&5+-%("#$%*&(+'%G&**%:2'%("+%2'#=#-&*%
VRXWKHUQZDOORI WKHURRPH[SODLQLQJWKHVWUDQJHIRUPRI KLVURRP&7KHÁRRURI WKHVRXWKHUQ
,&'(%#$%"#="+'%("&-%("+%'+$(%2: %'229%A>%$3,,2'(#-=%("+%*&(+'%4&(+%2: %("#$%,&'(%2: %("+%'229H%!"+%'229%
"&4%2'#=#-&**7%6++-%,&1+4%G#("%6&5+4%6'#)5$%L2#-+4%67%6#(39+->%&*("23="%&%-396+'%2: %("+$+%6'#)5$%
DUHQRZPLVVLQJ$OD\HURI FOHDQVDQGZDVIRXQGXQGHUQHDWKWKHÁRRU
!"+%'229%)2-(&#-$%(G2%-#)"+$%P("+%-2'("+'-%-#)"+%:23-4%67%U&7&'4%G&$%-2(%'+)21+'+4%67%("+%.'&/#%
(+&9QH%!"+%$23("+'-%-#)"+%9+&$3'+$%'23="*7%VD%)9%67%EHS%9H%.(%:2'9$%("+%*2)&(#2-%2: %("+%4'&#-%PK*$H!%
hU...)H%hU.g&QH%!"+%4'&#-&=+%4+$)+-4$%$"&',*7%+&$(G&'4%&-4%+0#($%("+%'229%#-%#($%$23("+&$(+'-%)2'-+'>%
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
[#=H%VH%8'&G#-=$%2: %%,2((+'7%:23-4%#-%'229%C%2: %("+%T+-('&*%@3#*4#-=H
[#=H%SH%K*&-%2: %;4&4b-+'&'#%...N$%K&*&)+%P!"+%_,,+'%T"&96+'$QH
BB
ADD
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
ZKHUHLWLVFRYHUHGE\DQDUFKÀOOHGZLWKPXGEULFNV7KHGUDLQDJHV\VWHPLVPDGHRI IRXUFRXUVHVRI 6&5+4%6'#)5$%)21+'+4%G#("%,#()"%2-%("+%#-$#4+%P[#=$H!YReH%K*H!hU...&QH%;%*&'=+%G2'5+4%$(2-+>%6'25+-%#-%
(G2%&-4%G#("%&%"2*+%#-%("+%)+-('+>%G&$%:23-4%#-%("+%"#="+'>%G+$(+'-%,&'(%2: %("+%$23("+'-%&'+&%2: %'229%AH
K&'($%2: %&%6&("(36b$"&,+4%$(2-+%:23-4%2-%("+%,&1+9+-(%#-%("+%G+$(+'-b+-4%2: %("+%'229%P[#=H!eW%
K*H!hU...4QH%.(%G&$%,'26&6*7%-2%*2-=+'%#-%$#(3>%&$%#(%G&$%*7#-=%2-%(2,%2: %("+%,&1+9+-(%'&("+'%("&-%
6+#-=%,&'(%2: %#(H
!"+%G&**$%&'+%)21+'+4%67%&%*&7+'%2: %934>%G"#)"%)21+'$%,&#-(#-=$%2: %,29+='&-&(+$H%!"+%,&#-(#-=$%
/3#)5*7%:&4+4%#-%("+%$3-%&-4%+*+9+-($H%!"+%*2G+'%,&'($%2: %("+%G&**$%&'+%)21+'+4%67%&%("#-%*&7+'%2: %
,#()"H%!"+%-#)"+%#-%("+%+&$(+'-%G&**%G&$%4+)2'&(+4%G#("%(G2%:'&9+$%G#("%*#-+&'%$('#,$%&-4%)#')3*&'%
IHDWXUHV7KHFRORXUVRI WKHÁRZHUGHVLJQVDUHUHGEODFNDQGEOXH)LJV!eH%BH%K*H!hU...6QH
U&7&'4%4+$)'#6+4%("#$%'229%&$%"&1#-=%6++-%4+)2'&(+4%G#("%63**$%:'&9+4%67%(G2%2'-&9+-(&*%:'#+c+$%
P;*6+-4&% EDDSZ% AS>% ,*H% SQH% <+% 4+$)'#6+4% ("+% +0#$(+-)+% 2: % (G2% ,"&$+$% G#("% 4#::+'#-=% 92(#:$>% 63(%
2-*7%2-+%G&$%4+$)'#6+4%&-4%#**3$('&(+4%67%"#9H%I"+("+'%("+$+%'+,'+$+-(%2-+%2: %("+%(G2%,"&$+$%2'%
&% )296#-&(#2-% 2: % 62("% '+9&#-$% 3-)*+&'H% !"+% ,29+='&-&(+$% 4#$)21+'+4% 67% ("+% .'&/#% +0)&1&(#2-$%
'+$+96*+%("2$+%:23-4%67%U&7&'4%#-%("+%-#)"+%2: %'229%@%PU&7&'4%ACVB&Z%,*$H%AV%&-4%CeRFQ>%/6&6>%'229%
V%2: %("+%.'&/#%+0)&1&(#2-$H
]229%F%#$%)2--+)(+4%(2%'229%A%("'23="%&%G#4+%+-('&-)+%("&(%9+&$3'+$%AVD%)9H%]229%F%:2'9+4%
("+%9&#-%1+$(#63*+%2: %("+%("'++%-2'("+'-%'229$>%,'21#4#-=%&))+$$%(2%'229$%A%&-4%VH%!"+%+-('&-)+%
#-(2%'229%V%#$%)21+'+4%67%&%6*3+%)2*23'+4%9&'6*+o*#9+$(2-+%("'+$"2*4%PK*H!hU.g)QH%;%*&(+'%G&**%
,*&)+4%G#("#-%'229%F%93$(%"&1+%&=&#-%*+4%(2%("+%$('&-=+%'229%$"&,+%2: %U&7&'4N$%'229%;>%63(%
#($%'+)2-$('3)(#2-%#$%*+$$%$('&#="(:2'G&'4%("&-%#-%'229%AH%U&7&'4%&*$2%:23-4%("+%422'%)2--+)(#-=%
'229$%F%&-4%Y%&-4%'+921+4%#($%("'+$"2*4HS%!"+%("'+$"2*4$%6+(G++-%'229%F%&-4%'229$%V%&-4%Y%G+'+%
62("%#-$)'#6+4%G#("%&%=+-+&*2=#)&*%(+0(%P7+89%F%;HDHADVHAQH%!"+%&')"#(+)(3'+%2: %'229%Y%'+9&#-$%
,'26*+9&(#)%P$++%O+'(&#%#-%("#$%12*39+QH%!"#$%'229%G&$%-2(%:3'("+'%+0)&1&(+4%67%("+%.'&/#%(+&9H%
7KHÁRRURI URRPLVSDYHGZLWKEDNHGEULFNVPHDVXULQJïïFP7KHURRPUHSUHVHQWV
/D\DUG·VURRP%/D\DUGGHVFULEHGÀQGLQJDÚHFHVVLQWKHZDOORI FK%µEXWGLGQRWLQGLFDWHLWRQ
"#$%,*&-$%PU&7&'4%ACVB&Z%C>%4+$)'#,(#2-%2: %,*&(+%CeRFQH%.(%)23*4%"&1+%6++-%*2)&(+4%#-%#($%$23("+'-%
G&**>%G"#)"%G&$%*&'=+*7%4+$('27+4%#-%&-(#/3#(7>%,'26&6*7%67%U&7&'4N$%G2'59+-%*225#-=%:2'%&%422'H%
;*6+-4&%$3==+$(+4%("&(%U&7&'4N$%4+$)'#,(#2-%2: %("+%-#)"+%G&$%9#$(&5+-%&-4%#-%:&)(%4+$)'#6+4%("+%
-#)"+%2: %'229%T%P;*6+-4&%EDDSZ%ASQH%`1+-%#: %&%-#)"+%+0#$(+4>%'229%V%#$%*#5+*7%(2%'+,'+$+-(%&%$(2'&=+%
$,&)+H%;-%&$$2)#&(+4%4'&#-&=+%$7$(+9%"&$%-2(%6++-%:23-4%&-4%&%6&("'229%G&$%&*'+&47%,'+$+-(%#-%
("+%:2'9%2: %'229%AH%
]229%E%G&$%"+&1#*7%4&9&=+4>%92$(%,'26&6*7%43+%(2%U&7&'4N$%&-4%U2:(3$N%+0)&1&(#2-$H%!"+%'229%
#$% *#5+*7% (2% "&1+% +0)&1&(+4% 67% U2:(3$% ,'+1#23$*7% P$++% O+'(&#% #-% ("#$% 12*39+QH% .($% -2'("G+$(+'-%
422'G&7%G&$%)21+'+4%67%&%9&'6*+o*#9+$(2-+%("'+$"2*4>%$#9#*&'%(2%("+%2-+%:23-4%6+(G++-%'229$%
F% &-4% VH% U2:(3$% ,'26&6*7% +0)&1&(+4% ("#$% 422'% &$% G+**% P!3'-+'% ABeDZ% ,*H% VFQ>% 63(% &,,&'+-(*7% *+:(%
("+% ("'+$"2*4% #-% $#(3H% !"+% #-$)'#,(#2-% 2: % ("+% $*&6% #$% 4#::+'+-(% :'29% ("&(% :23-4% #-% '229% F% &-4%
)2-(&#-$% &% "#$(2'#)&*% -&''&(#1+% P;"9&4% EDDEQH% ;% $#9#*&'% (+0(% G&$% :23-4% 67% U2:(3$% P7+89% F%
;HDHADVHCQ>%63(%#($%2'#=#-&*%*2)&(#2-%#$%3-)*+&'H%?9&**%4#::+'+-)+$%$3==+$(%("&(%("+%(+0($%)&9+%:'29%
(G2%4#::+'+-(%("'+$"2*4$H%U2:(3$%:23-4%2-+%&44#(#2-&*%+0&9,*+%2: %("+%=+-+&*2=#)&*%(+0(%P]3$$+**%
ABBBZ% CVRCYQ% $3==+$(#-=% ("&(% #(% G&$% &*$2% 3$+4% 23($#4+% '229$% A>% F% &-4% VH% !"+% $3#(+% G&$% ("3$%
#-$)'#6+4%G#("%62("%&%=+-+&*2=#)&*%&$%G+**%&$%&%"#$(2'#)&*%(+0(H%!"+%=+-+&*2=#)&*%(+0(%G&$%,'26&6*7%
%!"+%$*&6%#$%-2G%#-%("+%@'#(#$"%X3$+39%P@X%AACBESQH
S
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
ADA
[#=H%YH%8'&G#-=%2: %4+)2'&(#2-$%2-%$23("+'-%G&**%2: %'229%A%&-4%&%:'2-(%1#+G%2: %G&**%&621+%("+%4'&#-&=+%=2#-=%
("'23="%("+%+&$(+'-%G&**%2: %'229%AH
[#=H%eH%]+)2-$('3)(#2-%2: %("+%$23("+'-%,&'(%2: %'229%AH
ADE
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
#-(+-4+4%:2'%("+%9#-2'%'229$%G"+'+&$%("+%"#$(2'#)&*%-&''&(#1+%G&$%#-$)'#6+4%#-%("+%422'$%2: %("+%
9&#-%'229$H%%%]229%S%G&$%*2)&(+4%G+$(%2: %("+%9&#-%$3#(+%&-4%#$%-+&'%("+%+4=+%2: %("+%)#(&4+*H%
3DUWVRI LWVÁRRUDUHSDYHGZLWKEDNHGEULFNV2QWKHÁRRUSLHFHVRI ORQJDQGJURRYHGVWRQHV
G+'+% :23-4>% G"#)"% :2'9% ,&'(% 2: % ("+% $2b)&**+4% ('&9b'&#*$% )2992-% #-% ("+% 92'+% 92-39+-(&*%
'+)+,(#2-%'229$%PK*H!hU.g6QH%;%6&("'229%9#="(%"&1+%2'#=#-&**7%6++-%*2)&(+4%(2%#($%G+$(>%(3'-#-=%
#(% #-(2% &% (7,#)&*% $9&**% '+)+,(#2-% $3#(+>% -2(% 3-*#5+% '229$% VY% &-4% VF% 2: % ("+% J2'("G+$(% K&*&)+H
@23()"+'N$%,*&-%$"2G$%&(%*+&$(%(G2%:3'("+'%'229$%(2%("+%$23("%2: %'229%EH%!"#$%Ub$"&,+4%&''&-=+9+-(%
2: %'229$%#$%/3#(+%3-)2992-H%;%,2$$#6*+%)29,&'#$2-%)&-%6+%:23-4%#-%'229$%AA%&-4%AS%2: %;4&4b
J+'&'#N$% K8S% K&*&)+% #-% ("+% U2G+'% !2G-% 2: % O&*ʒ3% PX&**2G&-% ABSVZ% ,*H% FSQH% .(% 93$(% 6+% -2(+4>%
"2G+1+'>%("&(%9&-7%2: %("+%'229%)296#-&(#2-$%2-%@23()"+'N$%,*&-%$++9%&(7,#)&*%&-4%,'26*+9&(#)H%
.(%)&--2(%6+%+0)*34+4%("&(%U2:(3$%+0)&1&(#2-$%:&#*+4%(2%)2''+)(*7%('&)+%("+%G&**$%&-4%422'$%2'%("&(%
@23()"+'N$%'+-4+'#-=$%2: %("+9%#-('243)+4%9#$(&5+$H
!"+%)296#-&(#2-%2: %("'++%$9&**%'229$%&((&)"+4>%("'23="%&%)+-('&*%'229%PFQ>%(2%&%$+(%2: %*&'=+'%
'229$%'+$+96*+$%("+%92-39+-(&*%'+)+,(#2-%$3#(+%2: %("+%J2'("G+$(%K&*&)+%P'229$%;>%I^RIO%
&-4%IXQ>%G"#)"%G&$%,&'(%2: %!3'-+'N$%]+)+,(#2-%?3#(+%!7,+%[%P!3'-+'%ABeD&Z%EDVREDBQH%!"+$+%
VXLWHV ZHUH W\SLÀHG E\ WKH SUHVHQFH RI WKUHH SDUDOOHO ODUJH UHFHSWLRQ URRPV RI ZKLFK WKH WZR
+0(+'-&*%2-+$%G+'+%("+%92$(%92-39+-(&*H%[2'%("+%_,,+'%T"&96+'%(2%"&1+%:2'9+4%&%$#9#*&'%$3#(+>%
&-%&44#(#2-&*%*&'=+%'229%G+$(%2: %'229%Y%-++4$%(2%"&1+%+0#$(+4HY%?3)"%'+)2-$('3)(#2-%#$%,'26*+9&(#)H%
]229%Y%$++9$%(22%92-39+-(&*%(2%"&1+%6++-%*2)&(+4%#-%("+%9#44*+%2: %&%$3#(+%&-4%#$%92'+%*#5+*7%(2%
'+,'+$+-(%&-%+0(+'-&*%'229H%[3'("+'92'+>%'+)+,(#2-%$3#(+$%2: %("#$%(7,+%G+'+%-2'9&**7%*2)&(+4%$23("%
2: %("+%!"'2-+'229%?3#(+%&-4%)"&'&)(+'#$+4%67%"&1#-=%62("%2: %#($%$#4+$%:&)+%&%)23'(7&'4H%J2'("%
2: %("+%_,,+'%T"&96+'$>%"2G+1+'>%G&$%("+%+0(+'-&*%G&**%2: %("+%J2'("G+$(%K&*&)+%&-4%("+%*#5+*7%
,'+$+-)+%2: %U2:(3$N%'229$%(2%("+%+&$(%9&5+$%&%4#'+)(%)2--+)(#2-%G#("%&-%+&$(+'-%)23'(7&'4%3-*#5+*7H%
7KH RULJLQDO VXLWH LV WKXV OLNHO\ WR KDYH FRQVLVWHG RI WKH ÀYH URRPV FXUUHQWO\ NQRZQ ,W ZDV
&))+$$#6*+%:'29%&%)23'(7&'4%#-%("+%G+$(%&-4%+-4+4%#-%&%6*&-5%G+**%(2%("+%+&$(H%?3)"%&-%&''&-=+9+-(%
ZDVFDOOHGELWĆQX7\SH$E\0DQXHOOLX&-3+**#%EDDBÀJ5HDGHPDGHDFRPSDULVRQEHWZHHQWKH
_,,+'%T"&96+'$%&-4%'229$%EEREC%2: %("+%,&*&)+%#-%ʑ&4&((3%P]+&4+%ABYCZ%eDQH%?3)"%)29,&'#$2-%
$3==+$($%("&(%&%)2--+)(#2-%6+(G++-%'229%PVQ%&-4%("+%)23'(7&'4%(2%#($%$23("%)23*4%"&1+%+0#$(+4H%
?3)"%422'%"&$%-2(%6++-%:23-4>%63(%#$%-2-+("+*+$$%:+&$#6*+H%!"+%$23("+'-%G&**%2: %("#$%'229%$++9$%
(2%"&1+%6++-%(&5+-%&G&7%67%("+%G2'59+-%2: %U&7&'4W%&(%*+&$(%#(%42+$%-2(%$++9%(2%"&1+%6++-%,'+$+-(%
43'#-=%<3$$+#-N$%+0)&1&(#2-H%?3)"%&%9#$$+4%422'%$3==+$($%("&(%#(%G&$%-2(%,&1+4%G#("%&%("'+$"2*4l&%
:+&(3'+%("&(%G23*4%6+%"&'4%(2%9#$$l)2-('&'7%(2%92$(%422'$%2: %("#$%$3#(+H%!"#$%"7,2("+(#)&*%422'%
)23*4%'+,'+$+-(%("+%'+)+$$%&$%4+$)'#6+4%67%U&7&'4H
!"+%)29,*+0%(2%G"#)"%("+%_,,+'%T"&96+'$%6+*2-=+4%,'26&6*7%)2-$#$(+4%2: %&%$#-=*+%)23'(7&'4%
$3''23-4+4%67%$3#(+$>%(G2%2: %G"#)"%&'+%)3''+-(*7%5-2G-Z%("+%_,,+'%T"&96+'$%&-4%'229%SH%!"#$%
)23'(7&'4%)23*4%"&1+%6++-%2,+-%(2G&'4$%("+%G+$(>%,'21#4#-=%&%1#+G%21+'%("+%,*&#->%63(%93$(%"&1+%
6++-% $3''23-4+4% 67% '229$% 2-% #($% $23("+'-% $#4+H% !"#$% "7,2("+(#)&*% )29,*+0% $++9$% (2% '+$+96*+%
)23'(7&'4$%;\%2: %J2'("G+$(%K&*&)+%&-4%?%Y%2: %[2'(%?"&*9&-+$+'H
,I /D\DUGGLGLQGHHGÀQGWZRVHWVRI WUDPUDLOVWKHZHVWHUQWUDPUDLOVPLJKWKDYHEHORQJHGWRVXFKZHVWHUQURRP
!"#$%G23*4%$3==+$(%("&(%("+%4#1#4#-=%G&**%6+(G++-%62("%'229$%G&$%9#$$+4%67%"#9H%%%%%%
Y
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
[#=H%CH%8'&G#-=%2: %("+%-#)"+%#-%("+%+&$(+'-%G&**%2: %'229%AH
)LJ'UDZLQJVRI EURQ]HÀEXODIRXQGLQWKH8SSHU&KDPEHUV
ADF
ADV
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
"@TQIJ=DJ'(IP>=CQMQX?P=M'0?DGB'?D'J>C'%TTCI'3>=@YCIB
)LQGVLQWKHSDODFHDVPDGHE\WKH,UDTLWHDPLQFOXGHDODUJHFROOHFWLRQRI EURQ]HÀEXOD)LJ!BQH%
7KH ÀEXOD IRXQG DUH PDGH RI YDU\LQJ VL]HV DQG PDQXIDFWXULQJ WHFKQLTXHV )LQGV DOVR LQFOXGH
$,+&'"+&4$%&-4%&''2G"+&4$%9&4+%2: %6'2-c+%&-4%#'2-H%?29+%,2((+'7%6+&5+'$%G+'+%&*$2%:23-4H%d-+%
LQWHUHVWLQJÀQGLVDQLYRU\SLHFHVKRZLQJJD]HOOHVZLWKDWUHHRI OLIHVFHQHLQWKHPLGGOH
+OP=F=J?QDB'?D'J>C'*>=II=J'!?T>?')C@TMC
;$"3'-&$#',&*%..N$%G2'59+-%)2-$('3)(+4%&%-396+'%2: %(+9,*+$%2-%O&*ʒ3N$%)#(&4+*H%!"+%+0&)(%*&723(%
2: %("+%)29,*+0%#$%$(#**%3-)*+&'%P]+&4+%EDDEZ%ABARABFQH%!"+%9&#-%(+9,*+%2: %("+%)#(7%G&$%4+4#)&(+4%(2%
J#-3'(&H%.(%:2'9$%("+%2-*7%(+9,*+%:'29%;$"3'-&$#',&*N$%'+#=-%G"2$+%&')"#(+)(3'+%#$%5-2G-%#-%$29+%
4+(&#*H%?29+%#-:2'9&(#2-%&*$2%+0#$(+4%&623(%("+%?"&''&(%J#,"#%!+9,*+>%G"2$+%)+**&%G&$%+0)&1&(+4%
67%U&7&'4%PU&7&'4%ACSFZ%FSCRFYEW%]+&4+%EDDE²ÀJ
!"+% ?"&''&(% J#,"#% )+**&% #$% *2)&(+4% &623(% FD% 9+(+'$% (2% ("+% +&$(% 2: % ("+% J#-3'(&% !+9,*+H% .'&/#%
H[FDYDWLRQVKDYHQRZHOXFLGDWHGDODUJHSDUWRI LWVRULJLQDOÁRRUSODQ,QWKHPDLQHQWUDQFH
#-(2%("+%)29,*+0%&-4%&%*&'=+%)23'(7&'4%G+'+%3-)21+'+4H%!"+7%&*$2%'+b+0)&1&(+4%("+%(+9,*+N$%9&#-%
)+**&%P[#=H%ADQ%P<3$$+#-%a%;*b^&#*&-#%I+''%EDDCZ%BARBCQH%!"+%$+)2-4%$+&$2-%+0,*2'+4%("+%'+9&#-4+'%
2: %("+%)23'(7&'4>%G"#)"%*+4%(2%("+%4#$)21+'7%2: %&%=&(+%)2--+)(#-=%("+%?"&''&(%J#,"#%)23'(7&'4%(2%
("+%J#-3'(&%!+9,*+H
7KHPDLQHQWUDQFHLQWRWKH6KDUUDW1LSKLFRXUW\DUGLVORFDWHGLQWKHHDVW,WVPDLQJDWHLVÁDQNHGE\
(G2%*#2-$H%!"+$+%&'+%$#9#*&'%(2%("2$+%:23-4%67%U&7&'4%#-%("+%+-('&-)+%2: %("+%9&#-%)+**&%P]+&4+%ABCFZ%
)2-(+-($%,&=+QH%!"+%-+G%*#2-$%&'+%"+&1#*7%4&9&=+4%PK*H!hUg&R6QH%!"+%*#2-$%:&)+%+&$(>%$3==+$(#-=%
("&(%,+2,*+%G+'+%+0,+)(+4%(2%&''#1+%:'29%("+%+&$(H%!"+%23(+'%:&p&4+%2: %("+%?"&''&(%J#,"#%=&(+%G&$%
4+)2'&(+4%G#("%$+9#)#')3*&'%+-=&=+4%)2*39-$%$#9#*&'%(2%("2$+%:23-4%#-%("+%J&6r%!+9,*+%PX&**2G&-%
ABYYZ%ÀJ7KHÁRRUQHDUWKHHQWUDQFHLVSDYHGZLWKEDNHGEULFNVWKDWKDYH$VKXUQDVLUSDO,,·V
-&9+%&-4%"#$%$2-%P?"&*9&-+$+'%...Q%#-$)'#6+4%#-%("+%6'#)5$H%!"+$+%#-$)'#,(#2-$%'&-=+%6+(G++-%F%(2%
e%*#-+$H
@2("%+-('&-)+%*#2-$%G+'+%)21+'+4%G#("%&%*&'=+%#-$)'#,(#2-H%;%9&'6*+%$*&6%G#("%&%"+#="(%2: %AYD%)9%
&-4%G#4("%eA%)9%#$%,*&)+4%&=&#-$(%("+%G&**%#-%:'2-(%2: %("+%$23("+'-%*#2-H%!"+%$*&6%#$%#-$)'#6+4%G#("%
)3-+#:2'9%G'#(#-=H%?#9#*&'*7%*2)&(+4%#-$)'#6+4%$*&6$%G+'+%2'#=#-&**7%:23-4%-+0(%(2%("+%*#2-$%2: %("+%
)+**&%P]+&4+%EDDE$ODUJHXQLQVFULEHGPDUEOHVODELVSODFHGRQWKHÁRRUEHWZHHQWKHOLRQV
!"+%+-('&-)+%*+&4$%#-(2%&%'+)(&-=3*&'%'229>%G"#)"%)2--+)($%(2%("+%9&#-%)23'(7&'4%("'23="%&%G#4+%
,&$$&=+H%!"+%)23'(7&'4%#$%,&1+4%G#("%(G2%$+,&'&(+%)23'$+$%2: %6&5+4%6'#)5$%&$%#$%)2992-%:2'%$3)"%
)23'(7&'4$H%?29+%2: %("+%(2,%6'#)5$%&'+%$#9#*&'*7%#-$)'#6+4%(2%("+%("2$+%:23-4%#-%:'2-(%2: %("+%+&$(+'-%
=&(+H
7KHHQWUDQFHLQWRWKHPDLQFHOODZDVÁDQNHGE\WZROLRQV]+&4+%EDDEÀJ7KHOLRQÁDQNLQJ
("+%G+$(+'-%$#4+%2: %("+%+-('&-)+%#$%-2G%#-%("+%@'#(#$"%X3$+39%P@X%AACCBSQH%!"+%+&$(+'-%*#2-%G&$%
('&-$:+''+4%(2%("+%X2$3*%X3$+39%#-%ABeF%P.X%AAYSVYQ%P;="&%a%;*b.'&/#%ABeYZ%,*H%eQH%!"+%9#$$#-=%
"+&4%2: %("+%+&$(+'-%*#2-%G&$%:23-4%&%:+G%9+('+$%&G&7%G#("#-%("+%)23'(7&'4%PK*$H%hUg)H%hUg.&QH%
7KHHQWUDQFHZDVÁDQNHGE\EDNHGEULFNZDOOVRI DERXWPLQKHLJKW6RPHRI WKHVHEULFNVZHUH
=*&c+4H%!"+7%G+'+%4+)2'&(+4%G#("%,*&-($%&-4%=+29+('#)%4+$#=-$H%!"+7%G+'+%:23-4%(2%("+%+&$(%2: %("+%
422'G&7H%J2%,&'&**+*$%G+'+%:23-4%2-%("+%2("+'%$#4+%2: %("+%+-('&-)+H%!"+%#-)+-$+%63'-+'$%:23-4%
67% U&7&'4% -+0(% (2% ("+% *#2-$% G+'+% -2% *2-=+'% ,'+$+-(H% !G2% #-)+-$+% 63'-+'$% G+'+% :23-4% -+&'% ("+%
$23("G+$(%-#)"+%2: %("+%)23'(7&'4%PK*H!hU.h&QH
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
[#=H%ADH%K*&-%2: %("+%?"&''&(%J#,"#%!+9,*+H
[#=H%AAH%K&1+9+-(%$(2-+%G#("%=+29+('#)&*%4+$#=-$%PG+$(+'-%=&(+%2: %("+%?"&''&(%J#,"#%!+9,*+QH
ADS
ADY
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
7KHWKUHVKROGEHWZHHQWKHWZROLRQVZDVEURNHQIURPWKHOLIWLQJRI WKHOLRQV7KHÁRRURI WKHURRP
#$%,&1+4%G#("%6&5+4%6'#)5$H%!"+%G&**$%&'+%)2&(+4%G#("%)*&7%92'(&'%&-4%,&#-(+4H%!"+%'229%$"2G$%
HYLGHQFHRI DVWURQJÀUH7KHFHQWUHRI WKHFHOODFRQWDLQVDKHDYLO\GDPDJHGODUJHSLHFHRI 0RVXO
9&'6*+>%G"#)"%"&4%,'+1#23$*7%6++-%:23-4%67%U&7&'4%PU&7&'4%ACSFZ%FYAQH%!"#$%*&'=+%$(2-+%)2-(&#-$%
)*+&'%&-4%)29,*+(+%G'#(#-=%G#("%*&'=+%,'#-(H%.(%#$%*#5+*7%(2%"&1+%:2'9+4%&%,*&(:2'9%:2'%$29+("#-=%("&(%
G23*4%"&1+%6++-%1#$#6*+%:'29%("+%)23'(%P]+&4+%EDDEZ%ACVQH
;%$9&**%'229%G&$%3-)21+'+4%#-%("+%G+$(+'-%+-4%2: %("+%'229>%G#("%*&'=+%,#+)+$%2: %9&'6*+%:23-4%2-%
WKHÁRRUWKDWKDYHZULWLQJRQWKHIDFHDQGEDVH7KLVURRPKDGDOUHDG\EHHQH[FDYDWHGE\/D\DUG
&-4%,'26&6*7%'+,'+$+-($%("+%9&#-%$&-)(3&'7%2: %("+%?"&''&(%J#,"#%!+9,*+%PU&7&'4%ACSFZ%FSBQH%;%
$9&**%#$%*2)&(+4%(2%("+%+&$(%2: %("+%)+**&H
!"+%&'+&%(2%("+%-2'("%2: %("+%9&#-%+-('&-)+%#$%$29+G"&(%3-)*+&'H%?29+G"+'+%#-%("#$%&'+&%+&$(%2: %("+%
)+**&%X&**2G&-%+0)&1&(+4%(G2%'229$%PX&**2G&-%ABSEZ%FRVW%X&**2G&-%ABYYZ%BEQH%X&**2G&-%-2(#)+4%
WKDWWKHRULJLQDODUFKLWHFWXUHKDGEHHQUHÀOOHGZLWKPXGDQGPXGEULFNV)XUWKHUKDYRFZDVGRQH
67%("+%-#-+(++-("%)+-(3'7%+0)&1&(#2-$H%!"+%+0&)(%*2)&(#2-%2: %X&**2G&-N$%G2'5%#$%3-)*+&'>%63(%"#$%
4+$)'#,(#2-%,'26&6*7%+0,*&#-$%("+%#''+=3*&'%-&(3'+%2: %("+%&')"#(+)(3'+%-2'("%2: %("+%+&$(+'-%=&(+H
!"#$%-2'("+&$(+'-%&'+&%G&$%)2--+)(+4%(2%("+%9&#-%)23'(7&'4%("'23="%&%$9&**%422'>%G"2$+%)&*)#(+%
$(2-+% ("'+$"2*4% G&$% $(#**% #-% $#(3H% !"+% &$$2)#&(+4% 422'% $2)5+(% G&$% *2)&(+4% #-% ("+% '229H% ;% $9&**%
6&("'229%G&$%*2)&(+4%#-%("+%-2'("+'-%,&'(%2: %("#$%&'+&H%.($%G+$(+'-%422'%G&$%6*2)5+4%67%6&5+4%
EULFNV7KHÁRRULVFRYHUHGE\SLWFK$VHFRQGGRRUWRWKHHDVWKDVDFDOFLWHVWRQHWKUHVKROG7KH
$23("+'-%-#)"+%#$%)21+'+4%67%&%6&5+4%6'#)5%G#("%&%"2*+%("&(%)21+'$%&%4'&#-&=+H%!"#$%&'+&%-2'("%2: %("+%
9&#-%+-('&-)+%G&$%$3==+$(+4%(2%6+%&%*&(+'%&44#(#2-H
7KHVRXWKHUQZDOORI WKHFRXUW\DUGLVÀOOHGZLWKQLFKHVDQGEXWWUHVVHV7KHDUHDVHHPVVRPHZKDW
)"&2(#)%&-4%#(%)&--2(%6+%+0)*34+4%("&(%("+%-#)"+$%'+,'+$+-(+4%422'$%2'#=#-&**7H%!"+%,2$$#6#*#(#+$%:2'%
VXFKGRRUVZHUHLQGLFDWHGRQWKHSODQRI WKHÀUVWVHDVRQ<3$$+#-%a%;*b^&#*&-#%I+''%EDDCÀJ
AE-QH%;44#(#2-&*%-#)"+$%G+'+%:23-4%#-%("+%$+)2-4%$+&$2-H%!"+%("'++%9&#-%-#)"+$>%G#("%("+%)+-('&*%
2-+%6+#-=%("+%*&'=+$(>%)2''+$,2-4%(2%("+%('#,*+%+-('&-)+$%$++-%#-%("+%92$(%92-39+-(&*%:&p&4+$%2: %
("+%J2'("G+$(%K&*&)+H%?3)"%422'$%&*G&7$%'+,'+$+-(%("+%9&#-%+-('&-)+$%&-4%$3==+$(%("&(%("+%9&#-%
921+9+-(%G23*4%"&1+%*+4%:'29%("+%)23'(7&'4%$23("G&'4$H%!"+%-#)"+$%&'+>%("+'+:2'+>%3-*#5+*7%(2%"&1+%
6++-%,&'(%2: %&%=&(+%)2--+)(#-=%G#("%("+%23($#4+H%!"+%-#)"+$%&'+>%92'+21+'>%/3#(+%$9&**%#-%)29,&'#$2-%
(2%("+%2("+'%9&#-%=&(+$%2: %("+%(+9,*+H%I"#*+%#(%)&--2(%6+%+0)*34+4%("&(%("+%-#)"+$%'+,'+$+-(+4%422'$>%
("+%&$$2)#&(+4%'229P$Q%&'+%*#5+*7%(2%"&1+%6++-%'+*&(#1+*7%$9&**%&-4%3-)2--+)(+4%(2%("+%23($#4+H
)>C']CBJCID'-=JC
!"+%9&#-%G+$(+'-%=&(+%G&$%:23-4%#-%("+%$+)2-4%$+&$2-%PEDDEQ%2: %("+%+0)&1&(#2-$%#-%("+%?"&''&(%
1LSKL7HPSOH7KHJDWHLVÁDQNHGE\WZRVPDOOVL]HGEXOOFRORVVLPHDVXULQJRQO\ïP
PK*$H! hUg)RhUg..)QH% !"+% G#-=+4% 63**$% &'+% 3-#/3+% #-% $29+% 2: % ("+#'% 4+(&#*$% &-4% 42% -2(% ,2$$+$$%
&-%#-$)'#,(#2-%67%G"#)"%("+7%)&-%6+%4&(+4H%.(%#$>%-2-+("+*+$$>%*#5+*7%("&(%("+7%4&(+%(2%("+%'+#=-%2: %
;$"3'-&$#',&*% ..H% !"+% 92$(% $('#5#-=% &$,+)(% 2: % ("+$+% )2*2$$#% #$% ("+#'% $9&**% $#c+H% ?3)"% $9&**+'% $#c+%
FRORVVLDUHUDUHDQGVHHPFRQÀQHGWRWKHUHLJQVRI $VKXUQDVLUSDO,,DQGKLVIDWKHU7XNXOWL1LQXUWD
..%PCBDRCCV%@TQH%!"+%:'&=9+-(&'7%'+9&#-$%2: %&%63**%)2*2$$3$%2: %!353*(#bJ#-3'(&%..%G+'+%:23-4%
&(%!+**%M&4"#&"%P;"9&4%EDDDQH%!"23="%-2%9+&$3'+9+-($%G+'+%=#1+->%&%,"2(2%&))29,&-7#-=%("+%
&'(#)*+%$3==+$($%("&(%("+7%G+'+%$#9#*&'*7%$#c+4%(2%("2$+%:23-4%#-%J#9'34H%;-%+1+-%$9&**+'%)2*2$$3$%
G#("%&%"+#="(%2: %)H!eD%)9%G&$%:23-4%#-%;$"3'%PK+44+%a%U3-4$('m9%EDDCÀJ,WSUREDEO\
4&(+$%(2%("+%'+#=-%2: %;$"3'-&$#',&*%..%P$++%6+*2GQH
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$%
ADe
7KHLFRQRJUDSK\RI WKHEXOOFRORVVLÀWVDQ$VKXUQDVLUSDO,,GDWH2QHRI WKHPRUHVWULNLQJGHWDLOVLV
("+%,'+$+-)+%2: %)3'*$%2-%("+%:'2-(%2: %("+%63**$N%*+=$%PK*$H!hUg.6R)H%hUg..)QH%?*#="(*7%*+$$%924+**+4%
)3'*$%G+'+%&*$2%,'+$+-(%2-%("+%63**%)2*2$$#%2: %("+%J2'("G+$(%K&*&)+%P@R6RAoEW%`8RAW%`8RADW%[R:R
AoEW%?R+RAoEQ%&-4%("+%?"&*9&-+$+'%@3#*4#-=%P?262*+G$5#%ABCEÀJ6LPLODUFXUOVVHHPDEVHQW
:'29%("+%)2*2$$#%2: %*&(+'%,+'#24$H%!"+%"+&4>%G#("%2-*7%2-+%"2'-%&-4%&%*2)5%2: %"&#'%'3--#-=%#-%:'2-(%
2: %("+%+&'>%#$%)29,&'&6*+%(2%("+%63**%)2*2$$3$%("&(%$(224%#-%("+%422'%2: %'229%?%2: %("+%J2'("G+$(%
K&*&)+%PU&7&'4%ACVB&Z%,*H%V%s@X%AACCBVtQH%!"+%6+$(%)29,&'#$2-%#$>%"2G+1+'>%G#("%&%:'&=9+-(&'7%
)2*2$$3$%"+&4%:23-4%#-%;$"3'%PK+44+%a%U3-4$('m9%EDDCÀJ7KHKHDGZDVIRXQGRXWRI $#(3>% 63(% )23*4% "&1+% 2'#=#-&**7% $(224% #-% ("+% d*4% K&*&)+% Pd'*&9n-4+% EDDVZ% EAAREAFQH% X2'+% ("&-%
ADD%)2*2$$#%:'&=9+-($%G+'+%:23-4%#-%("+%:23-4&(#2-%2: %("+%("'2-+'229%PEEQ%2: %("+%d*4%K&*&)+%
Pd'*&9n-4+% EDDVZ% EDBREAAW% K+44+% a% U3-4$('m9% EDDCZ% VA>% ,*$H% EeRECQH% J2-+% #$% 4&(+4>% 63(% &-%
&$$2)#&(+4%:'&=9+-(%#$%#-$)'#6+4%G#("%("+%6+=#--#-=%2: %&-%;$"3'-&$#',&*%..%#-$)'#,(#2-%Pd'*&9n-4+%
EDDV ÀJ H% I"#*+% -2(% ,'21#4#-=% "&'4% 4&(#-=% +1#4+-)+>% ("+% ;$"3'% :'&=9+-($% 42% $3,,2'(%
4&(#-=%("+%?"&''&(%J#,"#%)2*2$$#%(2%("+%'+#=-%2: %;$"3'-&$#',&*%..H
7KHHQWUDQFHLVURXJKO\ÀYHPHWUHVZLGH6XFKZLGWKLVTXLWHH[FHSWLRQDODQGVXJJHVWVWKDWWKH
+-('&-)+%4#4%-2(%,2$$+$$%&%422'H%;*(+'-&(#1+*7>%&%422'%)23*4%"&1+%6++-%,*&)+4%#-%&%422'%*2)&(+4%
IXUWKHULQVLGHWKHJDWH7KHÁRRULVSDYHGZLWKVWRQHSLHFHVDQGRQHODUJHFHQWUDOSLHFHKDVJHRPHWULF
4+$#=-$%2-%#(%P[#=H!AAQH
7KHJDWHLVÁDQNHGE\WKHFRPPRQEDNHGEULFNZDOOFRUQHUV3O!hUg..)W%eRC%)23'$+$%"#="QH%]&("+'%
("&-%:2'9#-=%("+%*2G+'%*#-#-=%2: %("+%G&**$>%&$%$3==+$(+4%67%("+%,"2(2$>%("+$+%6&5+4%6'#)5$%9#="(%
'+,'+$+-(%,*&(:2'9$%:2'%("+%,*&)+9+-(%2: %,2*+$>%&$%:23-4%#-%2("+'%,&$$&=+$%2: %("+%(+9,*+%)29,*+0H
!"+%(G2%63**$%$(&-4%2-%$9&**%,*&(:2'9$%9&4+%2: %)&*)#(+%$(2-+$%PK*H!hUg..&QH%]23-4+4%6&5+4%6'#)5$%
G#("%6*&)5%&-4%G"#(+%)2*23'$%$3,,2'(%("+%:'2-(%2: %("+%63**$H%!"+%63**%)2*2$$#%&'+%'&#$+4%)H!VD!)9%
&621+%("+%='23-4H%!"+%)296#-+4%"+#="(%#$%$(#**%92'+%("&-%&%9+('+%*+$$%("&-%("+%"+#="(%2: %("+%*#2-%
)2*2$$#%#-%("+%2("+'%=&(+$%2: %("+%(+9,*+H%!"+%+*+1&(#2-%#$%+0+)3(+4%G#("%)&'+%&-4%9#="(%6+%2'#=#-&*>%
&*("23="%("#$%#$%#9,2$$#6*+%(2%1+'#:7H%
&?BP;BB?QD
]+&4+N$% (+-(&(#1+% '+)2-$('3)(#2-% 2: % ("+% (+9,*+% &'+&% $+,&'&(+$% ("+% ?"&''&(% J#,"#% &-4% J#-3'(&%
!+9,*+%#-(2%(G2%)23'(7&'4$>%63(%#-(+='&(+$%("+9%#-(2%&%$#-=*+%)29,*+0%P]+&4+%EDDEÀJH%
?3)"%2'=&-#$&(#2-%)&-%6+%)29,&'+4%G#("%("+%*&(+'%(+9,*+%)29,*+0%&(%83'b?"&''35+-He%!"+%-+G%
+0)&1&(#2-$%$++9%(2%$3,,2'(%]+&4+N$%"7,2("+$#$H%!"+'+%#$>%"2G+1+'>%$(#**%-2%4#'+)(%+1#4+-)+%("&(%
("+%?"&''&(%J#,"#%&-4%J#-3'(&%!+9,*+$%:2'9+4%&%$#-=*+%)29,*+0H%I"+("+'%("+7%G+'+%)2--+)(+4%
4+,+-4$%2-%("+%-&(3'+%2: %("+%-+G*7%4#$)21+'+4%G+$(+'-%=&(+%2: %("+%?"&''&(%J#,"#%)23'(7&'4H%.(%#$%
7+(%3-5-2G-%G"+'+%("#$%=&(+%*+4H%!"+%92-39+-(&*#(7%2: %("+%+-('&-)+%$3==+$($%("&(%("+%&$$2)#&(+4%
'229%G&$%2: %)2-$#4+'&6*+%#9,2'(&-)+H%.(%)23*4>%("+'+:2'+>%'+,'+$+-(%("+%+-('&-)+%#-(2%&%)+**&H%?3)"%
UHFRQVWUXFWLRQ LV KRZHYHU SUREOHPDWLF &HOODH DUH FRPPRQO\ LGHQWLÀHG E\ LQVFULSWLRQV RQ WKH
&4L&)+-(%)2*2$$#%&-4o2'%,&1+9+-(H%?3)"%#-$)'#,(#2-$%G+'+%*&)5#-=%#-%("+%G+$(+'-%=&(+H
!"+%&6$+-)+%2: %#-$)'#,(#2-$%&-4%("+%3$+%2: %$9&**%)2*2$$#%&'+%-2(%("+%2-*7%&$,+)($%("&(%9&5+%("+%
G+$(+'-%=&(+%&(7,#)&*H%!"+%&,,&'+-(%*&)5%2: %&%422'%#$%+1+-%92'+%,3cc*#-=H%!"+%G#4+-+$$%2: %("+%
=&(+%=#1+$%#(%("+%&,,+&'&-)+%2: %&%,2'(#)2l&-%&')"#(+)(3'&*%:+&(3'+%-2(%2("+'G#$+%&((+$(+4%#-%;$$7'#&%
43'#-=%("#$%,+'#24H%.(%#$%3-)*+&'%G"+("+'%("+%5-2G-%+-('&-)+%'+,'+$+-($%("+%:'2-(%2'%("+%6&)5%2: %("+%
%U234>%['&-5:2'(%a%\&)26$+-%ABFYZ%CDRAEBW%]+&4+%EDDEZ%ABERABFH
e
ADC
X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*
=&(+H%J2'9&**7>%("+%,'+$+-)+%2: %)2*2$$#%G23*4%#4+-(#:7%#(%&$%("+%9&#-%+-('&-)+H%J2%)2*2$$#%G23*4%
6+%+0,+)(+4%2-%("+%2("+'%$#4+%2: %("+%=&(+>%/6&H>%&*2-=%("+%J#-3'(&%)23'(7&'4H%!"+%&6$+-)+%2: %&%422'>%
"2G+1+'>%9&5+$%$3)"%&-%#-(+','+(&(#2-%3-)+'(&#-H
!"+%92$(%)29,+**#-=%&'=39+-(%:2'%'+)2-$('3)(#-=%("+%G+$(+'-%=&(+%&$%"&1#-=%6++-%2'#+-(&(+4%(2%("+%+&$(%
#$% ("+% $#9#*&'% 2'#+-(&(#2-% 2: % ("+% +&$(+'-% =&(+% 2: % ("+% ?"&''&(% J#,"#% )23'(7&'4H% !"+% J#-3'(&% !+9,*+% 42+$%
-2(%)3''+-(*7%,2$$+$$%#($%2G-%+0(+'-&*%+-('&-)+H%.-%,'#-)#,*+%("+%J#-3'(&%)23'(7&'4%)23*4%&*$2%"&1+%6++-%
+-(+'+4%("'23="%("+%92$(*7%3-5-2G-%$23("+'-%&'+&%2: %("+%)23'(7&'4H%]+&4+%'+)2-$('3)(+4%&%:3'("+'%)+**&>%
G"2$+% $"&,+% "+% )2,#+4% :'29% ("+% ?"&''&(% J#,"#% )+**&>% &(% ("#$% *2)&(#2->% 63(% ("+% ,'+$+-)+% 2: % &-% +0(+'-&*%
+-('&-)+%)&--2(%6+%+0)*34+4H%?3)"%=&(+%#$>%"2G+1+'>%3-*#5+*7%43+%(2%("+%*#-+&'%-&(3'+%#-%G"#)"%921+9+-(%
G&$%-2'9&**7%2'=&-#$+4%#-%;$$7'#&-%63#*4#-=$H
;$$7'#&-%(+9,*+$%&-4%,&*&)+$%(+-4%(2%"&1+%2-*7%2-+%9&#-%+-('&-)+H%!"+%=&(+$%2: %("+%?"&''&(%J#,"#%!+9,*+%
$3==+$(%("&(%("+%9&#-%921+9+-(%G&$%:'29%("+%+&$(H%!"+%-&(3'+%2: %("+%)23'(7&'4%+&$(%2: %("+%?"&''&(%J#,"#%
(+9,*+%#$%$(#**%3-)*+&'H%.(%)23*4%'+,'+$+-(%("+%23($#4+>%(3'-#-=%("+%+&$(+'-%?"&''&(%J#,"#%=&(+%#-(2%("+%9&#-%
+0(+'-&*%+-('&-)+>%2'%"&1+%:2'9+4%&%&44#(#2-&*%#-(+'-&*%)23'(7&'4%G#("%("+%23($#4+%6+#-=%*2)&(+4%:&'("+'%&G&7H%
!"+% )29,*+0% &,,+&'$% (2% "&1+% 6++-% 2'=&-#$+4% #-(2% &% $+/3+-)+% 2: % )23'(7&'4$% G#("% ("+% J#-3'(&% !+9,*+%
'+,'+$+-(#-=%("+%+-4%2: %("+%'23(+H%?3)"%$+/3+-)+%G#("%#($%&$$2)#&(+4%"#+'&')"7%2: %&))+$$#6#*#(7%$++9$%3-#/3+H%
;%$#9#*&'%4#$(#-)(#2-%#-%("+%&))+$$#6#*#(7%2: %("+%)+**&+%4#4%-2(%+0#$(%#-%("+%(+9,*+%)29,*+0%&(%O"2'$&6&4H
!"#$%&
!"#$%& $'()$*)"+$,"-'$./+"01$23$4)+'"56$2"-)/$%1$7"+#%8"$9$7%+')+$:;;<=>
!"#$%&''()*"+%,"-".$'
!"#$%&'
!"#$%&((()'
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
D0DUEOHWKUHVKROGEHWZHHQURRPDQGFRXUW\DUG$-
E&RXUW\DUGXQFRYHUHGLQ/RRNLQJVRXWK
*+,-&./+0&$1%&2$#3/4#2%&3-&3$2&-+/$1%#2$%/-&4+/-%/5&61%&
7#"#4%82&%9$%/-#"&,#""&32&2%%-&+-&$1%&"%.$&+. &$1%&71+$+5&
([FDYDWLRQVDUHWDNLQJSODFHLQURRP
F6WRUDJHMDUVIRXQGLQURRP
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
D9LHZRI URRP
E-RLQWLQJRI WKHXQGHUJURXQGKDOO·VURRI
!"#$%&((()''
!"#$%&((()'''
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
#5&61%&:+;/$1&<%""&.+;-*&3-&4+;/$=#/*&>?5
E:DOOVLQFRUULGRUVKRZLQJEDNHGEULFNVDWWKHEDVH
!"#$%&((('(
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
D.HUQRVW\SHSRWWHU\IURPXQGHUJURXQGURRP&EHORZURRP,0
E0DUEOHMDUIRXQGLQFRXUW\DUG
G&XSIRXQGLQWKHÀUVWFKDPEHURI WKHXQGHUJURXQGYDXOW
,0
F7ZRKDQGOHG&\SULRWHMXJIRXQGLQWKHYDXOW
XQGHUURRP,0
H3ODWHPDGHRI (J\SWLDQEOXHIULWIRXQGLQXQGHU@
JURXQGYDXOW,0
!"#$%&(A
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
D&DUYHGVWRQHFXSIRXQGLQZHOO,0
E6PDOOJOD]HGMDUVIRXQGLQWKHYDXOWXQGHUURRP,0
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
!"#$%&(A'
D7KHORZHUSRUWLRQUHPDLQVRI WKHEXOODQGOLRQFRORVVLSODFHGDORQJWKH
VRXWKHDVWHQWUDQFHZD\LQURRP&HQWUDO3DODFH
E%ORFNHGQRUWKHQWUDQFHLQURRP&HQWUDO3DODFH
F6PDVKHGSRWWHU\XQGHUQHDWKDODWHSHUKDSVSRVW1HR$VV\ULDQZDOOLQURRP&HQWUDO3DODFH
!"#$%&(A''
D'UDLQDJHSLSHFHUDPLFVIRXQGLQ
URRP,0
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
E&HUDPLFODPSVIRXQGLQWKH&HQWUDO%XLOGLQJ
F([DPSOHVRI MDUVIRXQGLQWKH&HQWUDO%XLOGLQJ
,0
H-DUVWDQGVIRXQGLQWKH&HQWUDO%XLOGLQJ,0
G3ODWHVIRXQGLQWKH&HQWUDO%XLOGLQJ
I/DUJHFHUDPLFYHVVHOIRXQGLQWKH
&HQWUDO%XLOGLQJ
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
D:DOODERYHWKHGUDLQDJHJRLQJWKURXJKWKH
HDVWHUQZDOORI URRP8SSHU&KDPEHUV
45&61%&2+;$1%/-&7#/$&+. &/++0&B&,3$1&$1%&*/#3-&3-&$1%&
ORZHUULJKWFRUQHU8SSHU&KDPEHUV
!"#$%&(A'''
E*HRPHWULFÁRZHUGHVLJQVLQWKHQLFKHIRXQGLQWKH
HDVWZDOORI URRP8SSHU&KDPEHUV
G7KHVRXWKHUQSDUWRI URRPZLWKDIUDJPHQWRI D
EDWKWXEVODE8SSHU&KDPEHUV
!"#$%&(A')
D3DUWRI WKHGUDLQDJHV\VWHPLQURRP
8SSHU&KDPEHUV
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
E5RRPZLWKRQHRI WKHRULJLQDOWUDPOLQHV
8SSHU&KDPEHUV
F,QVFULEHGWKUHVKROG0RVXOPDUEOHVWRQHIRXQGEHWZHHQURRPVDQG8SSHU&KDPEHUV
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
D/LRQVÁDQNLQJWKHHDVWHUQHQWUDQFHLQWRWKH6KDUUDW1LSKL7HPSOH
E'HWDLORI QRUWKHUQOLRQÁDQNLQJWKHHDVWHUQHQWUDQFHLQWRWKH6KDUUDW1LSKL7HPSOH
F:HVWHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG
!"#$%&(A)
!"#$%&(A)'
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
D:HVWHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG
E'HWDLORI VRXWKHUQEXOOFRORVVLLQWKHZHVWHUQJDWH
RI WKH6KDUUDW1LSKL&RXUW\DUG
F1RUWKHUQEXOOFRORVVLLQWKHZHVWHUQJDWHRI WKH6KDUUDW
1LSKL&RXUW\DUG
!"#$%&(A)''
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
#5&C%$#3"&+. &2+;$1%/-&D;""&4+"+223&3-&$1%&,%2@
WHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG
E+HDGRI WKHEXOOFRORVVLLQWKHZHVWHUQJDWHRI WKH
6KDUUDW1LSKL&RXUW\DUG
F1RUWKHUQEXOOFRORVVLLQWKHZHVWHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG
!"#$%&(A)'''
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
E)UDJPHQWRI DZLQJHGÀJXULQHPDGHRI IULW
EF1#//#$&G3713&6%07"%H5
D)UDJPHQWRI DZLQJHGÀJXULQHPDGHRI EOXHIULW
EF1#//#$&G3713&6%07"%H5
F)UDJPHQWRI ZKLWHPDUEOH6KDUUDW1LSKL7HPSOH
H)UDJPHQWRI DOLRQKHDGRULJLQDOO\SDUWRI WKHHDVWHUQ
"3+-&3-&$1%&%-$/#-4%&3-$+&$1%&F1#//#$&G3713&4%""#5
G3RWWHU\IUDJPHQW6KDUUDW1LSKL7HPSOH
I)UDJPHQWRI ELUG¶VOHJVPDGHRI EURQ]H
EF1#//#$&G3713&6%07"%H5
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-
!"#$%&(A'(
D,QFHQVHEXUQHUIRXQGO\LQJRQLWVVLGHLQWKHVRXWKZHVWHUQQLFKHRI WKH6KDUUDW1LSKLFRXUW\DUG
E)UDJPHQWRI DQLQVFULEHGSULVP6KDUUDW1LSKL7HPSOH
!"!#"$%&'()*
!""#$%&'(&)*+
!"#!
!"#$%&'()!
!*!!
"#$%&'!()#!*#&+,-(.#/$%0,1!23+#4&,!5!6#78!9!:&+,;
"#$%&'!()#!*#&+,-(.#/$%0,1!3+&%+(-+!23+#4&,!5!6#78!9!:&+,;
"<+#&$7,!=.0#,74!.( !"#$%7+.4.1>?!@%+!=.0#,74!.( !-%+!"#$%7+.4.1&$74!A,/-&-0-+!.( !
"<+#&$7!2B+C!D.#E;
!+($,-./00'1! "E%! F0#7--&<! G! H+/! I&'+/! J+! 4KL0M%#7-+N! OP<.&#+/! JK7#$%P.4.1&+! +-! JK%&/-.&#+!
#P1&.,74+/!&,-+#J&/$&M4&,7&#+/!2H>.,;
"EE7J&$7N! FP#&.J&Q0+! R&<+/-#&+4! J+! 47! S.,J7-&.,! "//>#&.4.1&Q0+! 6+.#1+/! T.//&,!
!++/2'3/!
2H.0'7&,;
$O5ĆÀGĆQ-RXUQDORI :HVWHUQ$VLDWLF6WXGLHV7RNLR
$O5ĆÀGĆQ
$QDWROLFD!!
",7-.4&$7N!",,07&#+!&,-+#,7-&.,74!M.0#!4+/!$&'&4&/7-&.,/!J+!4U"/&+!7,-P#&+0#+V!M0R4&P!
/.0/! 4+/! 70/M&$+/! J+! 4UA,/-&-0-! %&/-.#&Q0+! +-! 7#$%P.4.1&Q0+! ,P+#47,J7&/! W! A/-7,R04!
2H+&J+,;
!456$6-778)$ $QFLHQW1HDU(DVWHUQ6WXGLHV6XSSOHPHQW6HULHV/RXYDLQ²3DULV²6WHUOLQJ
!#!9!
"4-+#!*#&+,-!0,J!"4-+/!@+/-7<+,-!2X+'+47+#!5!B+0E&#$%+,GY40>,;
$R)!
"4-.#&+,-74&/$%+!S.#/$%0,1+,!23+#4&,;
$WKHQDHXP
6WXGLGL/HWWHUDWXUDH6WRULDGHOO·$QWLFKLWj&RPR
!:#$
$OWHUWXPVNXQGH GHV 9RUGHUHQ 2ULHQWV $UFKlORJLVFKH 6WXGLHQ ]XU .XOWXU XQG
6+/$%&$%-+!J+/!"4-+,!.#&+,-/!2O),/-+#;
371%J7J+#!S.#/$%0,1+,N!T"AN!"R-+&40,1!371%J7J!2O7&,8;
%D)!
%!;!
3&R4&.-%ZQ0+!7#$%P.4.1&Q0+!+-!%&/-.#&Q0+!2F7#&/;
%$5,QW6HULHV %ULWLVK$UFKDHRORJLFDO3UHVV,QWHUQDWLRQDO6HULHV2[IRUG
%!96;
%HULFKWHGHU$XVJUDEXQJ7DOOãēʒʏDPDG'ŗU.DWOLPPX%HUOLQ²:LHVEDGHQ
%<6=6
%XOOHWLQ7KH&DQGLDQ6RFLHW\IRU0HVRSRWDPLDQ6WXGLHV7RURQWR
%>!!
3044+-&,!.( !-%+!A,/-&-0-+!.( !"#$%7+.4.1>!2H.,J.,;
%>?!
%HLWUlJH]XP,QVFKULIWHQZHUN$VVXUEDQLSDOVGLH3ULVPHQNODVVHQ$%& .'
LV!SV!6V![V!=!0,J!@!/.C&+!7,J+#+!A,/$%#&(-+,!2:&+/R7J+,;\!/++!3.#1+#!]^^_
&XQHLIRUP0RQRJUDSKV*URQLQJHQ
<=
<;!45$
&XOWXUHDQG+LVWRU\RI WKH$QFLHQW1HDU(DVW/HLGHQ²%RVWRQ
@!!!
T+,E<`4+#!7,-&E+#!"#$%&-+E-0#!23+#4&,;!
@/=!
T7<7/8+,+#!O&--+&40,1+,!2O7&,8;
509.
(WXGHVHW7UDYDX[7UDYDX[GX&HQWUHG
$UFKpRORJLH0pGLWHUUDQpHQQHGHO
$FDGpPLH
3RORQDLVHGHV6FLHQFHV:DUV]DZD
;!45=$
[&/-.#>!.( !-%+!",$&+,-!B+7#!L7/-!O.,.1#7M%!2F7J.'7;
;2#$$$ $
[7,JR0$%!J+#!*#&+,-74&/-&E!2H+&J+,!5!3./-.,!5!Xa4,;
><!!45!b!
!!
[N!X)%,+!2+JN;!cddeN!@%+!#+$.,/-#0$-&.,!.( !+,'&#.,<+,-N!B7-0#74!I+/.0#$+/!7,J!!
+XPDQ,QWHUUHODWLRQVWKURXJK7LPH$UW+LVWRU\9LVXDO&RPPXQLFDWLRQ 3URFHHGLQJVRI WKHWK,QWHUQDWLRQDO&RQJUHVVRQWKH$UFKDHRORJ\RI WKH ",$&+,-!B+7#!L7/-!2:&+/R7J+,;
><!!45!_!
FN!O7--%&7+!2+JN;!cd]dN!B+7#!L7/-+#,!"#$%7.4.1>!&,!-%+!M7/-V!M#+/+,-!7,J!(0-0#+N!!
!
!
[+#&-71+!7,J!!AJ+,-&->N!L-%,.7#$%7+.4.1&$74!7,J!&,-+#J&/$&M4&,7#>!7MM#.7$%V!#+/04-/!!
DQGSHUVSHFWLYHV9LVXDOH[SUHVVLRQDQGFUDIWSURGXFWLRQLQWKH
GHÀQLWLRQRI VRFLDOUHODWLRQVDQGVWDWXV3URFHHGLQJVRI WKHWK,QWHUQDWLRQDO
&RQJUHVVRQWKH$UFKDHRORJ\RI WKH$QFLHQW1HDU(DVW:LHVEDGHQ
>./A!
>6>=B
*456$
C!D$ $ $
!!
A#7Q!2H.,J.,;
5HYLVWDVREUH2ULHQWH3Uy[LPR\(JLSWRHQODDQWLJHGDG0DGULG
-RXUQDORI 1HDU(DVWHUQ6WXGLHV&KLFDJR²1HZ<RUN
.HLOVFKULIWWH[WHDXV$VVXUOLWHUDULVFKHQ,QKDOWV:LHVEDGHQ $?:@#E$]]_V!]]fV!!
]c]
=@#E!
0HVRSRWDPLD
#>,
,>;!46
O&--+&40,1+,!J+#!T+0-/$%+,!*#&+,-G6+/+44/$%7(-!23+#4&,;
0HVRSRWDPLD5LYLVWDGL$UFKHRORJLD(SLJUDÀDH6WRULD2ULHQWDOH$QWLFD7RULQR
2ULHQWDO,QVWLWXWH3XEOLFDWLRQV&KLFDJR
3XEOLFDWLRQV GH O
,QVWLWXW +LVWRULTXH HW $UFKpRORJLTXH 1pHUODQGDLV j 6WDPERXO
2H+&J+,;
I+'0+!Jg7//>#&.4.1&+!+-!Jg7#$%P.4.1&+!.#&+,-74+!2F7#&/;
5pSHUWRLUHJpRJUDSKLTXHGHVWH[WHVFXQpLIRUPHV:LHVEDGHQ
I.>74! A,/$#&M-&.,/! .( ! O+/.M.-7<&7N! "//>#&7,! F+#&.J/! 2@.#.,-.! 5! 30((74.! 5!
H.,J.,;\!/++!6#7>/.,!]êfV!]^^]V!]^^_
I.>74!A,/$#&M-&.,/!.( !O+/.M.-7<&7N!37R>4.,&7,!F+#&.J/!2@.#.,-.!5!30((74.!5!
H.,J.,;\!/++!S#7<+!]^^h
I.>74!A,/$#&M-&.,/!.( !O+/.M.-7<&7N!L7#4>!F+#&.J/!2@.#.,-.!5!30((74.!5!H.,J.,;\!
/++!S#7>,+!]^^dV!]^î
@%+!I.>74!A,/$#&M-&.,/!.( !-%+!B+.G"//>#&7,!F+#&.J!2:&,.,7!H7E+;
5HDOOH[LNRQGHU$VV\ULRORJLH/HLS]LJ!9!3+#4&,;
6WDWH$UFKLYHVRI $VV\ULD+HOVLQNL
6WDWH$UFKLYHVRI $VV\ULD%XOOHWLQ3DGRYD
6WDWH$UFKLYHVRI $VV\ULD6WXGLHV+HOVLQNL
6WXGLHQ]XGHQ$VVXU7H[WHQ6DDUEUFNHQ
6XEDUWX(XURSHDQ&HQWUHIRU0HVRSRWDPLDQ6WXGLHV2@0#,%.0-;
F!!
FE9<
F>=!!
F>=%!
F>=5!
F>4!,!
F8!
6!!
6!!%
6!!6
60!9
6-G/.0-$$
6-1&.$
6:! 6XPHU -RXUQDO RI $UFKDHRORJ\ DQG +LVWRU\ LQ ,UDT 7KH 5HSXEOLF RI ,UDT
T&#+$-.#7-+!6+,+#74!.( !",-&Q0&-&+/!2371%J7J;N
6FKULIWHQ]XUYRUGHUDVLDWLVFKHQ$UFKlRORJLH6DDUEUFNHQ
6\QWKHVH
6\QWKHVH(GLWLRQV5HFKHUFKHVXUOHVFLYLOLVDWLRQV3DULV
6H.'/$ $ 6\ULD5HYXHG·DUWRULHQWDOHWG·DUFKpRORJLH3DULV
?!$ $ $
:.#4J!"#$%7+.4.1>!2H.,J.,!5!B+C!D.#E;
?#$
T&+!:+4-!J+/!*#&+,-/N!:&//+,/$%7(-4&$%+!3+&-#`1+!80#!X0,J+!J+/!O.#1+,J47,J+/!
:XSSHUWDO²6WXWWJDUW²*|WWLQJHQ
:&//+,/$%7(-4&$%+! Y+#a((+,-4&$%0,1+,! J+#! T+0-/$%+,! *#&+,-G6+/+44/$%7(-!
/HLS]LJ2VQDEUFN%HUOLQ6DDUEUFNHQ6DDUZHOOLQJHQ:LHVEDGHQ
j+&-/$%#&(-!()#!"//>#&.4.1&+!0,J!Y.#J+#7/&7-&/$%+!"#$%`.4.1&+!2H+&M8&1!9!3+#4&,;
j+&-/$%#&(-!()#!*#&+,-G"#$%`.4.1&+!23+#4&,!5!B+C!D.#E;
?:@#E!
I!!
I#.!$$ $
,&"-&).#'/01
!"#$!%%!&'$!('$")*+*,#-.'$/($0$1-..!*+'$!($*($2345($H7!/-7-0+!J+!@+44!S+E%+#&>P!+-!/.,!&,/$#&M-&.,!
R&4&,10+!7//>#.G7#7<P+,+V!L-0J+/!"//>#&.4.1&Q0+/!fV!F7#&/N
!67!'$!($!($0$!.8-*!9-'$1($%($-($23:;($1LPUXG¶&DODK·%DJKGDG
!71!+'$!($<($5===($([FDYDWLRQ DW 4DGKLDK WKH 7H[WV RI 7XNXOWL1LQXUWD ,, ² %& /8J
5ĆÀGĆQ!c]V!h]5h^N
k! 5==5($$GDG1ēUĆUL,,,·V+LVWRULFDO7H[WVIURP.DOKX6-1&.!hcV!cf5i]N
!.",>+!'$/($234;($7KH 3DODFH RI 6DUJRQ .LQJ RI $VV\ULD 0RQXPHQWDO :DOO 5HOLHIV DW 'XU
6KDUUXNLQIURP2ULJLQDO'UDZLQJV0DGHDWWKH7LPHRI 7KHLU'LVFRYHU\LQ²E\
3.--7!7,J!S47,J&,NV!6\QWKHVH!ccV!F7#&/N!
k! 23:4($$VV\ULDQ&DUSHWVLQ6WRQH-RXUQDORI WKH$QFLHQW1HDU(DVWHUQ6RFLHW\RI &ROXPELD8QLYHUVLW\!
]dV!]5ibN
k! 233?($H+/!J+//&,/!J+!S47,J&,V!&,!S.,-7,!]^^bV!]eb5]^hN
k! 5==@($*#,7<+,-74!:744!F7&,-&,1!&,!-%+!"#-!.( !-%+!"//>#&7,!L<M&#+V!<=!ceV!H+&J+,N
!.",>+!'$/($0$6#*!.>-AB'$,($234;($6RPH )UDJPHQWV RI 6WRQH 5HOLHIV IURP .KRUVDEDG *456!
bh9iV!ci]5cbcN
!.87!<!>-'$7($7($5===($$XV GHQ LUDNLVFKHQ *UDEXQJHQ LQ $VVXU ² 6SlWDVV\ULVFKH
3ULYDWKlXVHULQGHU6WDGWPLWWH=@#E!]icV!hh5_iN!
!>+*!,'$C($23=3($T+#!",0G"J7JG@+<M+4!&,!"//0#V!"#$%&!2=(
k! 232D($T&+!S+/-0,1/C+#E+!'.,!"//0#V!?:@#E!ciN
k! ]îeE523::($T7/!C&+J+#+#/-7,J+,+!"//0#V!3+#4&,9O),$%+,N
!>+*!,'$C($0$.,>F,>'$7($23DD($T&+!F7#-%+#/-7J-!"//0#V$?:@#E$@:(
!>+*G8%!.H->-'$"($233@($I+<7#Q0+/! /0#! 4+/! &,/$#&M-&.,/! J+/! #+4&+(/! J0! M747&/! J+! X%.#/7R7JV! &,!
&DXEHW²
!>>#%'$!($0$.,>F-'$!($5=2=N$/XGOXOEēOQēPHTL7KH6WDQGDUG%DE\ORQLDQ3RHPRI WKH5LJKWHRXV
6XIIHUHU6!!&XQHLIRUP7H[W
"!67+)'!!(!1(!,I$!.($J,+%(K!cdd^N$@+44![747(?!Y.#R+#&$%-+!)R+#!J&+!+#/-+!0,J!8C+&-+!/>#&/$%GJ+0-/$%+!
*UDEXQJVNDPSDJQH 9RUGHUDVLDWLVFKH )RUVFKXQJHQ GHU 0D[ )UHLKHUU YRQ 2SSHQKHLP
6WLIWXQJ,:LHVEDGHQ
"!67+)'$!($,I$!.($J,+%(K$cd]cN!@+44! [747(?! Y.#R+#&$%-! )R+#! J&+! J#&--+! R&/! (),(-+! />#&/$%GJ+0-/$%+!
*UDEXQJVNDPSDJQH 9RUGHUDVLDWLVFKH )RUVFKXQJHQ GHU 0D[ )UHLKHUU YRQ 2SSHQKHLP
6WLIWXQJ,,:LHVEDGHQ
"!*>,II'$*($+($23:;($6FXOSWXUHV IURP WKH 1RUWK 3DODFH RI $VKXUEDQLSDO DW 1LQHYHK ²
%&/RQGRQ
445
!"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&
"!*>,II'$*($+($0$&!.B>,*'$1($23;5N$7KH6FXOSWXUHVRI $ääXUQDʔLUDSOL,,²%&7LJODWK
SLOHVHU,,,²%&DQG(VDUKDGGRQ²%&IURPWKH&HQWUDODQG6RXWK:HVW
F747$+/!7-!B&<#0JV!H.,J.,N
"!II->-'$.($2334($/HVSRUWHVXUEDLQHVGHODFDSLWDOHGH6DUJRQ,,pWXGHVXUODSURSDJDQGHUR\DOHj
WUDYHUVOHVGRQQpHVDUFKpRORJLTXHVHWWH[WXHOOHVLQ-3URVHFNëHG,QWHOOHFWXDO/LIHRI WKH
",$&+,-!B+7#!L7/-V!F7M+#/!F#+/+,-+J!7-!-%+!bi#J!I"AV!F#710+V!=04>!]5hV!]^^_V!b]5hhN
",>,A7'$A($5==D($F#./M+$-&.,/! <71,P-&Q0+/! /0#! 4+! /&-+! J+! @+44! O7/7lE%?! M#+<&+#/! #P/04-7-/V! &,!
I.0704-!m!O.#7!cddiV!hei5hebN
",*6!1->-'$6($233?($©6SROLLV2ULHQWLVRQXVWXVª3DXOePLOH%RWWDHWODGpFRXYHUWHGHODFLYLOLVDWLRQ
7//>#&+,,+V!&,!S.,-7,!]^^bV!_e5ehN
",*I7-,*'$%($5==2N$H+!M+0M4+<+,-!#0#74!+-!4+/!7<P,71+<+,-/!%>J#.71#&$.4+/!J7,/!47!O.>+,,+!'744P+!
GHO
(XSKUDWHHQWUHODÀQGX9,,HHWOH;,9HVLqFOH(WXGHDUFKpRORJLTXHLQ6%HUWKLHU&2N;V!
F+0M4+<+,-!#0#74!+-!7<P,71+<+,-/!%>J#.71#&$.4+/!J7,/!47!O.>+,,+!'744P+!J+!4UL0M%#7-+V!S&,!
GX9,,H²;,;HVLqFOH'DPDV²
".!<.)AB'$%($5==3($7LOOH+|\N7KH,URQ$JH,QWURGXFWLRQ6WUDWLÀFDWLRQDQG$UFKLWHFWXUH
%,$0RQRJUDSK2[IRUG
"LBL><-'$%($233=($@&+#%74-0,1! 0,J! =71JN! @&+#E,.$%+,(0,J+! J+#! "0/1#7R0,1+,! ]^_b! R&/! ]ê]V!
.ĆPLGHO/Ń]%RQQ
"L*B,*8B.M7>'$N($2345($"4-'.#J+#7/&7-&/$%+!3&4J/-+4+,!0,J!'+#14+&$%R7#+!S+4/#+4&+(/V!%D)!bV!O7&,8N
")*6,*'$*($23@;($T&+!A,/$%#&(-+,!"/7#%7JJ.,/!Xa,&1/!'.,!"//>#&+,V!!"#$%&'(&"0$KV!6#78N
k! ]êeN$.|QLJ6DQKHULEV(KHJOFN$QQXDO5HYLHZRI WKH5R\DO,QVFULSWLRQVRI 0HVRSRWDPLD3URMHFW_V!!
h5]]N
k! ]^^_N$%HLWUlJH]XP,QVFKULIWHQZHUN$VVXUEDQLSDOVGLH3ULVPHQNODVVHQ$%& .'()
6V![V!=!0,J!@!/.C&+!7,J+#+!A,/$%#&(-+,V!:&+/R7J+,N
")II!'$/($,($24??($/HWWHUVGH0%RWWDVXUVHVGpFRXYHUVWj1LQLYH6HFRQGHOHWWUH-RXUQDODVLDWLTXH!
]V!^]5]diN
k! ]eb^!N$O.,0<+,-!J+!B&,&'+N!@.<+!A?!"#$%&-+$-0#+!+-!/$04M-0#+V!F7#&/N
k! ]eb^"N$O.,0<+,-!J+!B&,&'+N!@.<+!AA?!"#$%&-+$-0#+!+-!/$04M-0#+V!F7#&/N
k! ]ehdN$0RQXPHQWGH1LQLYH7RPH97H[WH3DULV
"#>>,>%'$6($2335N$0HOERXUQH 8QLYHUVLW\ ([FDYDWLRQV DW 7HOO $KPDU RQ WKH (XSKUDWHV 6KRUW
5HSRUWRQWKH²6HDVRQV!++/2'3/!f^9edV!]5]iN
k! cdddN$(VVD\VRQ6\ULDLQWKH,URQ$JH!456$6-778N!fV!H.0'7&,N
A!#",I'$!($J,+(K$233@($.KRUVDEDGOHSDODLVGH6DUJRQ,,URLG
$VV\ULHDFWHVGXFROORTXHRUJDQLVp
DXPXVpHGX/RXYUHSDUOH6HUYLFHVFXOWXUHOOHVHWMDQYLHU/RXYUHFRQIpUHQFHVHW
$.44.Q0+/V!F7#&/N
A7,H!.-,*'$>($233?($Y&$-.#!F47$+!?!$.,/047-!+-!7#$%P.4.1&+V!&,!S.,-7,!]^^bV!^b5]d]N
A7).-+-%'$>($0$1!*I->'$.($J,+%(K$5=2=N$@+44! [747( ! YN! A<! X#&+1! 8+#/-a#-+! T+,E<`4+#! 0,J! &%#+!
I+/-70#&+#0,1V!3+#4&,9B+C!D.#EN
61731+8('9*0
44:
A-&!*,..-'$1($233@($(QPLW\$OLHQDWLRQDQG$VV\ULDQL]DWLRQ7KH5ROHRI &XOWXUDO'LIIHUHQFHLQWKH
9LVXDODQG9HUEDO([SUHVVLRQRI $VV\ULDQ,GHRORJ\LQWKH5HLJQRI $ääXUQDVLUSDO²
%&*UDGXDWH6FKRRORI $UWVDQG6FLHQFHV'RFWRURI 3KLORVRSK\&RORPELD8QLYHUVLW\
A)..->%'$"($N($5==5N$$QLPDOVLQ+LWWLWH/LWHUDWXUHLQ%-&ROOLQV&2N;V!!"![&/-.#>!.( !-%+!",&<74!
:.#4J!&,!-%+!",$&+,-!B+7#!L7/-V!;2#!AV!_bV!3./-.,V!cif5chdN
A)..)>'$+($5==2($X,.--+J! 6&#-%/V! &,! =NG:N! O+>+#V! ON! B.'nE! m! "N! F#0o! 2+J/);V! 3+&-#`1+! 80#!
'.#J+#7/&7-&/$%+,!"#$%`.4.1&+?!:&,(#&+J!*#-%<7,,!1+C&J<+-V!S#7,E(0#-!7<!O7&,V!hb5_iN
A*!"I*,,'$/($N($233=($=RRDUFKDHRORJ\DQG&RPSOH[6RFLHWLHV6RPH8VHVRI )DXQDO$QDO\VLVIRU
WKH6WXG\RI 7UDGH6RFLDO6WDWXVDQG(WKQLFLW\$GYDQFHVLQ$UFKDHRORJLFDO0HWKRGDQG7KHRU\cV!
]hh5cdhN
+,1!>6,'$&($233?($L01Z,+!S47,J&,V!0,!M+&,-#+!7#$%P.4.10+V!&,!S.,-7,!]^^bV!e_5îN
+,*AB%,>'$N($6($5==?($*4J!"//>#&7,!A,/-&-0-&.,/V!,>;!46!êN
+)>"!F'$H($2335($7KH¶KRXVHRI NLQJV·LQWKH&LW\RI $ääXULQ+2WWHQ&0$/8N!2+J/N;![&--&-+!7,J!
RWKHU$QDWROLDQDQG1HDU(DVWHUQ6WXGLHVLQ+RQRXURI 6HGDW$OS²
+)*>!#,*'$!($5=2=($'LH *HVFKLFKWH YRQ *ŗ]ĆQD LP /LFKWH GHU VFKULIWOLFKHQ =HXJQLVVH LQ 1
&KROLGLV/0DUWLQ²
+#*-'$*($5==5$XVGHQLUDNLVFKHQ*UDEXQJHQLQ$VVXU6SlWQHXDVV\ULVFKH:RKQEHEDXXQJ
M7#-%&/$%+!6#7RR70-+,!0,J!J+#!*/-M747/-V!=@#E!]ibV!ef5]dcN
+#*-'$*('$!.8'$*!%7,,+'$9($7($0$7!1F,'$7($!($cd]]N$7KH,UDTL([FDYDWLRQVLQWKH&LW\RI $VVXU
2]^^^5cddc;V!6-1&.!h_V!]]]5]hd!27#7RN;N
,+F!*+'$+($)N$]^î5]^^fN$VY0XäOĆ40!"N!F%&4.4.1&/$%V!F8!!eV!b^h5b^_N
,>6,.'$"($N($]êfN$T7#/-+440,1+,!'.,!T`<.,+,!0,J!@&+#+,!&,!7//>#&/$%+,!F74`/-+,!0,J!@+<M+4,!
QDFKGHQVFKULIWOLFKHQ4XHOOHQ0|QFKHQJODGEDFK
&-)*->!'$/($5==2($1LPUXGOHVFRTXLOODJHVGH)RUW6DOPDQDVDULQ&%UHQLTXHW&.HSLQVNLHGV
(WXGHV0pVRSRWDPLHQQHV5HFXHLOGHWH[WHVRIIHUWVj-HDQ/RXLV+XRW%LEOLRWKqTXHGHOD
TP4P17-&.,!"#$%P.4.1&Q0+!S#7,p7&/+!+,!A#7Q!]dV!]_i5]fhN
&)>I!>'$,($2,+(;!]^^hN$'H.KRUVDEDGj3DULVODGpFRXYHUWHGHV$VV\ULHQV>H[SRVLWLRQ0XVpHGX
H.0'#+V!TPM7#-+<+,-!J+/!",-&Q0&-P/!*#&+,-74+/V!F7#&/V!cd!,.'N!]^î!5!]b!(P'#N!]^^bqV!1RWHVHW
GRFXPHQWVGHVPXVpHVGH)UDQFHc_N!
&*!71'$,($233:($(LQOHLWXQJLQGLH6DQKHULE,QVFKULIWHQ!"#$%&'()!c_N
k! 5==4($6DQKHULEV%DXEHULFKWDXI GHP7RQSULVPD9$LQ3HGGH/XQGVWU|P²
cdbN
k! cdd^N$+LVWRULVFKHXQGKLVWRULVFKOLWHUDULVFKH7H[WH?:@#E C!D!i;N
&*!1,'$6($233@($5XOHUVRI %DE\ORQLD)URPWKH6HFRQG'\QDVW\RI ,VLQWRWKHHQGRI WKH$VV\ULDQ
'RPLQDWLRQ²%&F>=%N
S*-,+*-A7'$N($,I$!.($]^bdN$'LH,QVFKULIWHQYRP7HOOʏDODI!"#$%&'()!_N
&#A7%'$!($233?($'LH,QVFKULIWHQ6DUJRQV,,DXV.KRUVDEDG*|WWLQJHQ
44;
!"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&
k! ]^êN$'LH $QQDOHQ GHV -DKUHV Y &KU QDFK 3ULVPHQIUDJPHQWHQ DXV 1LQLYH XQG $VVXU
6!!6!eN
k! cddeN$'HU7XUWĆQãDPäĥLOXXQGGLHJURH=HLWGHUDVV\ULVFKHQ*URHQ?#!ieV!_]5]bbN
&#A7%'$!($0$/!*/).!'$%($5==2N$7KH&RUUHVSRQGHQFHRI 6DUJRQ,,3DUW,,,/HWWHUVIURP%DE\ORQLD
7,J!-%+!L7/-+#,!F#.'&,$+/V!6!!!]hN
6!.I,*'$7($+('$.,H->,'$.($+($0$*,!+,'$N($,($234;($7KH&RORVVLRI 6HQQDFKHULE
V3DODFHDQGWKHLU
A,/$#&M-&.,/V!$QQXDO5HYLHZLI WKH5,03URMHFW!bV!cf5icN
6,)*6,'$!($*($234;($6HQQDFKHULEDQGWKH7DEOHWRI 'HVWLQLHV>./A!beV!]ii5]b_N!
6,<,*'$"($0$1)>A7!1",*I'$N(8<($cddiN$H7! R7//+! '744P+! J+! 4UL0M%#7-+! />#&+,! J0! BP.4&-%&Q0+! W!
4U7'Z,+<+,-!J+!4UA/47<V!3+>#.0-%N
6*!<%)>'$!($B($234:($ $VV\ULDQ 5XOHUV RI WKH 7KLUG DQG 6HFRQG 0LOOHQQLD %& WR %& '()*$2(
k! 2332$$VV\ULDQ5XOHUVRI WKH(DUO\)LUVW0LOOHQQLXP%&%&$O$'()*$5(
k! ]^îN$$VV\ULDQ2IÀFLDOVDQG3RZHULQWKH1LQWKDQG(LJKWK&HQWXULHV6!!%!YAA9]V!]^5hcN
k! ]^^_N$$VV\ULDQ5XOHUVRI WKH(DUO\)LUVW0LOOHQQLXP%&%&$ F>=!!iN!
6*!F-)%-'$6($23;:($$UFKLWHWWXUDPHVRSRWDPLFDGDO,;DO9,VHFROR0HVRSRWDPLD!cV!]_h5]eiN
6#*!.>-AB'$,($5==5($1HZ'UDZLQJVRI .KRUVDEDG6FXOSWXUHVE\3DXOePLOH%RWWDF!!^_V!ci5h_N
k! cddeN$$VV\ULDQ&OD\+DQGV)URP.KRUVDEDG*456!_f9bV!cb]5cb_N
k! cd]dN$&RORUDW.KRUVDEDG3DODFHRI 6DUJRQ,,LQ><!!45!_V!fe]5f^]N
k! cd]]N$.KRUVDEDG5HOLHI )UDJPHQW3URMHFWLQ*-6WHLQHG2ULHQWDO,QVWLWXWH$QQXDO5HSRUW!
cd]d5cd]]V!e]5ehN
7!..,*'$!($23@?N$T&+!6#`R+#!0,J!6#)(-+!'.,!"//0#V!?:@#E!_bN
k! 23@@($'LH+HLOLJWPHUGHV*RWWHV$VVXUXQGGHU6LQãDPDä7HPSHOLQ$VVXU?:@#E!_fN
7,->*-A7'$,($234?($T&+!F74`/-+!&<!74-+,!O+/.M.-7<&+,V!@!!!]hN
7,%%,'$"($233=($F&1! H.'+#/! 7,J! F&1! [7-+#/?! F7--+#,/! .( ! F74+/-&,&7,! F.#E! F#.J0$-&.,V! -RXUQDO RI (WKQRELRORJ\]dV!]^h5cchN
7*)#+!'$"($23;5($@+44![747( !AYN!T&+!X4+&,(0,J+!70/!%&/-.#&/$%+#!j+&-V!3+#4&,N
³ ²0XäOĆ40!3N!"#$%`.4.1&/$%V!F8!!eV!b^_N
7#%%,->'$1($1($]^^_N$([FDYDWRLQVLQWKH:HVWHUQ6HFWLRQRI WKH:HVWHUQ3DUWRI WKH3DODFHRI X&,1!"//0#!B7/&#!F74!AAV!6-1&.!beV!_5cb!27#7RN;N
k! ]^^^5cdddN$([FDYDWLRQVLQ1LPUXGWKHWKVHDVRQ6-1&.!hdV!]]]5]b_N
k! cdd]5cddcN$:+44!b!&,!"/%0#,7/&#M74U/!M747$+!&,!B&<#0JV!6-1&.!h]V!]be5]eiN
k! cddcN$([FDYDWLRQVRI WKH'HSDUWPHQWRI $QWLTXLWLHVDQG+HULWDJHDW1LPUXG²LQ
HN!74G67&47,&!:+##!&0$/8)!2+J/;V!*( !F.-/!7,J!F47,/N!F7M+#/!.,!-%+!"#$%7+.4.1>!7,J![&/-.#>!.( !
0HVRSDWDPLDDQG6\ULD3UHVHQWHGWR'DYLG2DWHVLQ+RQRXURI KLVWK%LUWKGD\/RQGRQ
]bi5]hfN
61731+8('9*0
44<
7#%%,->'$1($1($0$!.86!-.!>-$C,**'$.($cddeN$5HFHQW([FDYDWLRQVLQ1LPUXGLQ-&XUWLV&0$/8)!2HGV;V!
1HZ /LJKW RQ 1LPUXG 3URFHHGLQJV RI WKH 1LPUXG &RQIHUHQFH WK²WK 0DUFK H.,J.,V!ei5êN
7#%%,->'$1($1($0$%#.,-1!>'$!($cdddN$1LPUXG $ &LW\ RI *ROGHQ 7UHDVXUHV 'LUHFWRUDWH RI ",-&Q0&-&+/!7,J![+#&-71+V!371%J7JN
N!"*'$1($233:P2334N$B.-+/!.,!-%+!"//>#&7,!F747$+!!3&-!%&47,&"!&,!B&,+'+%N!6-1&.!b^V!]hb5]_h!27#7RN;N
N!1-,%)>'$!($%($5===($,GHQWLI\LQJ 5RRP 8VH DQG 9HVVHO )XQFWLRQ $ &DVH6WXG\ RI ,URQ $JH
3RWWHU\IURP%XLOGLQJ&DW7HOO$KPDU1RUWK6\ULDLQ%XQQHQV²
N)>6%1!86*,,>&-,.+'$I($0$6*,,>&-,.+'$7($5=2D($%URQ]H DQG ,URQ $JH 6XEVLVWHQFH &KDQJHV LQ
WKH8SSHU7LJULV=RRDUFKDHRORJ\RI 2SHUDWLRQ(DW=L\DUHW7HSH6RXWKHDVWHUQ7XUNH\LQ
YN!H&,/++4+!&0$/8HGV3URFHHGLQJVRI WKH,&$=²6:$VLD6\PSRVLXP%UXVVHOV-XQH²
$1(66XSSO/HXYHQ
B,*I!-'$+($5=22($.DOʒX·V3DODFHVRI :DUDQG3HDFH3DODFH$UFKLWHFWXUHDW1LPUXGLQWKH1LQWK
&HQWXU\%&>./A!fiV!f]5ehN
B*!&,.+8+!#67,*I<'$1($]^^bN$:.%,+,!&<!"4-+,!*#&+,-V!!:#!iN
BQ7>,'$7($2343P233=($7DOOãēʒʏDPDG'ŗU.DWOLPPX²!"#!i_5ifV!ide5iciN
k! ]^^hN$@%+!"//>#&7,/!&,!-%+!O&JJ4+!L0M%#7-+/!7,J!-%+![7R0#V!&,!ON!H&'+#7,&!2&2N;V!B+.G"//>#&7,!
6+.1#7M%>V!I.<+V!_^5ehN
.!AB,>"!A7,*'$%($233?($/DFRQVWUXFWLRQGH'XU6KDUUXNLQLQ)RQWDQ²
.!>6,>,66,*'$&('$1Q..,*'$B($0$>!#1!>>'$*($23@=($@+44![747( !AAN!T&+!370C+#E+V!3+#4&,N
.!*%,>'$1($I($233;N$7KH &RQTXHVW RI $VV\ULD ([FDYDWLRQV LQ DQ $QWLTXH /DQG ²
H.,J.,N
.!<!*+'$!($7($24?3!($7KH0RQXPHQWVRI 1LQHYHKIURP'UDZLQJV0DGHRQWKH6SRW/RQGRQ
k! 24?3"($1LQHYHKDQGLWV5HPDLQV:LWKDQ$FFRXQWRI D9LVLWWRWKH&KDOG DQ&KULVWLDQVRI X0#J&/-7,V!7,J!-%+!D+8&J&/V!.#!T+'&4G:.#/%&MM+#/V!7,J!7,!A,Q0&#>!&,-.!-%+!O7,,+#/!7,J!"#-/!
.( !-%+!",$&+,-!"//>#&7,/V!Y.4N!cV!B+C!D.#EN
k! ]eb^$N$1LQHYHKDQGLWV5HPDLQV:LWKDQ$FFRXQWRI D9LVLWWRWKH&KDOG DQ&KULVWLDQVRI X0#J&/-7,V!7,J!-%+!D+8&J&/V!.#!T+'&4G:.#/%&MM+#/V!7,J!7,!A,Q0&#>!&,-.!-%+!O7,,+#/!7,J!"#-/!
.( !-%+!",$&+,-!"//>#&7,/V!Y.4N!]V!B+C!D.#EN
k! ]eh]N$"!F.M047#!"$$.0,-!.( !T&/$.'+#&+/!7-!B&,+'+%V!H.,J.,N
k! ]ehD!N$T&/$.'+#&+/!&,!-%+!#0&,/!.( !B&,+'+%!7,J!37R>4.,V!H.,J.,N
k! ]ehi"N$$6HFRQG6HULHVRI WKH0RQXPHQWVRI 1LQHYHK,QFOXGLQJ%DV5HOLHIVIURPWKH3DODFH
RI 6HQQDFKHULEDQG%URQ]HVIURPWKH5XLQVRI 1LPURXGIURP'UDZLQJV0DGHRQWKH6SRW
GXULQJD6HFRQG([SHGLWLRQWR$VV\ULD/RQGRQ
.,-A7I<'$,($5=22($7KH 5R\DO ,QVFULSWLRQV RI (VDUKDGGRQ .LQJ RI $VV\ULD ² %& 7KH
F>4!,!bV!:&,.,7!H7E+N
.,H8I)H'$N($5==;($@%+!S70,74!I+<7&,/?!",&<74!L$.,.<>!&,!-%+!A#.,!"1+!AV!&,!ON!:N!O++%4V!@N!
'RWKDQ6*LWLQHGV7HO0LTQH(NURQH[FDYDWLRQV²)LHOG,1((DVW6ORSH
A#.,!"1+!A!2L7#4>!F%&4&/-&,+!F+#&.J;V!=+#0/74+<V!cdf5ciiN
44=
!"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&
.)#+'$6($23D;($",!"#$%&-+$-0#74!S.#<047!(.#!"//>#&7,!F47,,&,1V!F!!DD'$2@DP2;=(
.)#+'$6($0$!.I1!>'$A($]îeN$.KRUVDEDG,,7KH&LWDGHODQGWKH7RZQ#>,!bdN
.)#+'$6('$&*!>B&)*I'$7($0$N!A)"%,>'$I($]î_N$.KRUVDEDG3DUW,([FDYDWLRQVLQWKH3DODFHDQG
DWD&LW\*DWH#>,!ieN
.#AB,>"-..'$+($+($235?($7KH$QQDOVRI 6HQQDFKHULE#>,!cN
.#>+%I*L1'$%($5==3N$T&+!Xa,&1/1#)(-+!&<!"4-+,!F747/-!'.,!"//0#V!?:@#E!]ciN
k! ->$/*,%%($T&+!3701+/$%&$%-+!J+/!"4-+,!F747/-+/!'.,!"//0#V!&,!F#.$++J&,1/!.( !-%+!hc+!I+,$.,-#+!
"//>#&.4.1&Q0+!A,-+#,7-&.,74+V!O),/-+#V!=04&!cdd_N
.#>+%I*L1'$%($0$)*.!1Q>+,'$N($5=22($T&+!*#-%./-7-+,M47--+,!@&147-%M&4+/7#/!AN!0,J!"//0#,7/&#M74/!
AAN!70/!J+<!"4-+,!F747/-!'.,!"//0#V!?:@#E!]ihN
1!A6->>-%'$N($5=25($L'&J+,$+! (.#! 7! F+#&M%+#74! H7,1071+! &,! 7! B+.G"//>#&7,! @7R4+-! (#.<! -%+!
*RYHUQRU·V3DODFHLQ7XäKDQ$+,-.$:2E2'$2DP5=(
1!..)C!>'$1($,($.($]^hdN$([FDYDWLRQVDW1LPUXG²>./A!]c9cV!]bf5]eiN
k! ]^hcN$([FDYDWLRQVDW1LPUXG.DOʒX>./A!]b9cV!]5ciN
k! ]^hbN$([FDYDWLRQVDW1LPUXG.DOʒXFRQWLQXHG>./A!]_9cV!]]h5]_iN
k! ]^hfN$([FDYDWLRQVDW1LPUXG.DOʒX>./A!]^9]V!]5chN
k! ]^__N$B&<#0J!7,J!A-/!I+<7&,/V!H.,J.,N
1!>#,..-'$&($5==3N$$VV\ULDDQGWKH3URYLQFHV6XUYLYDORI /RFDO)HDWXUHVDQG,PSRVLWLRQRI 1HZ
F7--+#,/!&,!-%+!F+#&M%+#74!I+1&.,/!.( !-%+!L<M&#+V!0HVRSRWDPLD!bbV!]]i5]ceN
1!*)1'$>($0$F#B,*1!>'$%($5=22($$SSO\LQJ 2Q6LWH $QDO\VLV 2I )DXQDO $QDO\VLV $VVHPEODJHV
)URP 'RPHVWLF &RQWH[WV $ &DVH 6WXG\ )URP 7KH /RZHU &,W\ RI +D]RU LQ $ <DVXU
H7,J70V!=N!IN!LR+4&,1!m!HN!3N!O78.CV![.0/+%.4J!"#$%7+.4.1>!&,!",$&+,-!A/#7+4!7,J!3+>.,JV!
H+&J+,V!if5hbN
1!*I->'$.($0$>)HRB'$1($cd]dN$"#7<`+#!0,J!"//>#+#!70( !J+<!@+44![747(V!$UFKlRORJLHLQ'HXWVFKODQG!
_V!_5]]N
1!%,II-8*)#!#.I'$1($6($]^^^N$"/M+$-/!J0!M7>/71+!/.$&74!+-!M.4&-&Q0+!J0!O.>+,GL0M%#7-+!/>#&+,!W!
4Ur1+!J0!S+#V!&,!HN!O&47,.!&0$/8)!2HGV;V!H7,J/$7M+/N!@+##&-.&#+/V!S#.,-&+#/!7,J![.#&8.,/!&,!-%+!
$QFLHQW1HDU(DVW3DSHUVSUHVHQWHGWRWKH;/,95HQFRQWUH$VV\ULRORJLTXH,QWHUQDWLRQDOH
9HQH]LD²-XO\YRO,,*HRJUDSK\DQG&XOWXUDO/DQGVFDSHV3DGRYD²
k! cdd]N$&XOWXUHV ORFDOHV GX 0R\HQ(XSKUDWH 0RGqOHV HW pYpQHPHQWV ,,H²,HU PLOO DY -&
@0#,%.0-N
k! cddcN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cdd]V!&,!*N!
5RXDXOW & 0RUD HGV ,O 3URJHWWR ¶7HUTD H OD VXD UHJLRQH 6LULD UDSSRUWR SUHOLPLQDUH
cdd]KV!$WKHQDHXP/;;;,;²
k! cddiN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cddcsV!&,!*N!
5RXDXOW&0RUDHGV,O3URJHWWR7HUTDHODVXDUHJLRQH6LULDUDSSRUWRSUHOLPLQDUH
cddcsV!$WKHQDHXP;&,²
61731+8('9*0
44>
k! cddbN$I7MM.#-.! M#+4&<&,7#+! /0&! 47'.#&! J+447! <&//&.,+! ,+4! /&-.! J&! @+44! O7/7lE%! ,+4! cddi?! &4!
FDQWLHUH)LQ25RXDXOW&0RUDHGV,O3URJHWWR7HUTDHODVXDUHJLRQH6LULDUDSSRUWR
M#+4&<&,7#+!cddisV!$WKHQDHXP;&,,²
k! cddhN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cddbsV!&,!*N!
5RXDXOW&0RUDHGV,O3URJHWWR7HUTDHODVXDUHJLRQH6LULDUDSSRUWRSUHOLPLQDUH
2OXd^;sV!$WKHQDHXP;&,,²
k! cdd_N$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cddh!2OX]d;V!
LQ25RXDXOW&0RUDHGV,O3URJHWWR7HUTDHODVXDUHJLRQH6LULDUDSSRUWRSUHOLPLQDUH
cddhsV!$WKHQDHXP;&,9²
k! cddf!($I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cdd_!2OX]];V!
LQ25RXDXOW&0RUDHGV,O3URJHWWR7HUTDHODVXDUHJLRQH6LULDUDSSRUWRSUHOLPLQDUH
cdd_sV!$WKHQDHXP;&9²
k! cddf"($O7#&!+-!4+!O.>+,GL0M%#7-+!70!3#.,8+!IP$+,-!+-!W!4Ur1+!J0!S+#!?!M#.R4Z<+/!%&/-.#&Q0+/V!
!+($,-./00'1!]V!ce]5iddN
k! cddeN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!2OX]c;V!+!/0447!
SURVSH]LRQHQHOOHUHJLRQHGL7HUTDLQ25RXDXOW&0RUDHGV;V!A4!F#.1+--.!s@+#Q7!+!47!/07!
UHJLRQH6LULDUDSSRUWRSUHOLPLQDUH$WKHQDHXP;&9,²
k! cdd^N$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!2OX]i;V!+!/0447!
SURVSH]LRQHQHOODUHJLRQHGL7HUTDLQ25RXDXOW&0RUDHGV;!A4!F#.1+--.!s@+#Q7!+!47!/07!
UHJLRQH6LULDUDSSRUWRSUHOLPLQDUH$WKHQDHXP;&9,,²
k! cd]dN$5XUDO(FRQRP\DQG6WHSSH0DQDJHPHQWLQDQ$VV\ULDQ&RORQ\LQWKH:HVWD9LHZIURP
7HOO 0DVDLNK /RZHU 0LGGOH (XSKUDWHV 6\ULD LQ + .KQH &2 'ŗUNDWOLPPX DQG
3+>.,JV!6WXGLD&KDEXUHQVLD]V!:&+/R7J+,V!]c^5]hdN!
k! ->$/*,%%$!N$5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK6\ULHHQ
cddf!2OX]i;V!!+($,-./00'1!iN
k! ->$/*,%%$"($5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK6\ULHHQ
cdde!2OX]b;V!!+($,-./00'1!bN
k! ->$/*,%%$A($5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK6\ULHHQ
cdd^!2OX]b;V!!+($,-./00'1!bN
k! ->$/*,%%$+($5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK6\ULHHQ
cd]d!2OX]h;V!!+($,-./00'1!bN
k! ->$/*,%%$,($64.R74&87-&.,V!A<M+#&74&/<!7,J!37$E?!F.4&-&$74!7,J!AJ+.4.1&$!I+7$-&.,/!-.!"//>#&7,!
3UHVHQFHLQ6\ULD,;WK²9,,,WKFHQWXU\%&LQ0*HOOHU&2$FWHVGX&ROORTXH,QWHUQDWLRQDO
0HODPPX 9, *OREDOL]DWLRQ LQ WKH )LUVW 0LOOHQQLXP 6L[WK 6\PSRVLXP RI WKH $VV\ULDQ
DQG %DE\ORQLDQ ,QWHOOHFWXDO +HULWDJH 3URMHFW 1HZ %XOJDULDQ 8QLYHUVLW\ 6RÀD %XOJDULD
6HSWHPEHUVW²UG
1!%,II-8*)#!#.I'$1($6('$0$%!.1)>'$%($5=2=!($7KH1HR$VV\ULDQ&RORQ\RI 7HOO0DVDLNKLQWKH
6\ULDQ/RZHU0LGGOH(XSKUDWHV9DOOH\$5HSRUWDERXW/DVW([FDYDWLRQVLQ30DWWKLDH&0$/8)!
2HGV;V!><!!45$_V!ieh5i^_N
4?@
!"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&
k! cd]dRN$/
$VV\ULHHQ6\ULHHWHQ$QDWROLHDXGpEXWGHO
(PSLUHFXOWXUHVHQFRQÁLWFXOWXUHVHQ
FRQWDFWLQ,.ORFN)RQWDQLOOH6%LHWWORW.0HVKRXEHGV;V!AJ+,-&-P!+-!74-P#&-P!$04-0#+44+/N!
/HFDVGHV+LWWLWHVGDQVOH3URFKH2ULHQWDQFLHQ%UX[HOOHV²
1!I>,<'$I($,I$!.($5==5($$UFKDHRORJLFDO([FDYDWLRQVDW=L\DUHW7HSHDQG$QDWROLFD!ceV!
bf5e^N
k! cddfN$5HSRUWRQ([FDYDWLRQVDW=L\DUHW7HSH6HDVRQ$QDWROLFD!iiV!ci5fiN
k! cdd^N$([FDYDWLRQVDW=L\DUHW7HSH²$QDWROLFD!ihV!if5ebN
k! cd]]N$([FDYDWLRQVDW=L\DUHW7HSH'L\DUEDNÖU3URYLQFH7XUNH\²VHDVRQV$QDWROLFD!
ifV!_f5]]bN
1!II7-!,'$/($233;N$HK7#-+!J+14&!"//&#&V!I.<7N
1!II-.!'$*($5===($7KH .LQJ·V 0DJQDWHV $ 6WXG\ RI WKH +LJKHVW 2IÀFLDOV RI WKH 1HR$VV\ULDQ
L<M&#+V!6!!6!]]V![+4/&,E&N
1!<,*'$C($]êiN$6DUJRQV)HOG]XJJHJHQ8UDUWX²Y&KU7H[WXQGhEHUVHW]XQJ=@#E!]hV!
_h5]icN
k! ]^^hN$F.4&-&E!0,J!X#&+1/E0,/-!J+#!"//>#+#V!O),/-+#N
1,.H-..,'$%($A($2333($7KH5ROHRI 1DTLD=DNXWXLQ6DUJRQLG3ROLWLFV6!!6!^N
0(86=<Ĺ6.,$N($23:5($@%+! I+M#+/+,-7-&.,/! .( ! -%+! S.0#GC&,1+J! 6+,&+/! .,! -%+! 37/G#+4&+(/! (#.<!
$ääXUQDʔLUDSOL7LPHV509.!_V!ce5fdN
k! ]^f_!($1HR$VV\ULDQ5HOLHIVIURPWKH&HQWUDO$UHDRI 1LPUXG&LWDGHO>./A!ieV!if5biN
k! ]^ffN$6HFRQG3UHOLPLQDU\5HSRUWRQWKH3ROLVK([FDYDWLRQVDW.DOKX1LPUŗG509.!]dV!b]f5
bcdN
k! ]ê]N$T&+! I+E.,/-#0E-&.,! J+#! I+4&+(J7#/-+440,1+,! 0,J! &%#+#! ",.#J,0,1! &<! B.#JC+/-M747/-!
YRQ.DOʒX1LPUŗG5lXPH%&'()*+/13%D)!cN
1-6.#%'$/($!($234@($j0#!1#.o+,!j&QQ0##7-!&,!"//0#V!=@#E!]]fV!c]5bhN
k! 234;($L&,!<&--+47//>#&/$%+#!",R70!7<!"4-+,!F747/-!&,!"//0#V!=@#E!]]eV!]^]5c]_N
k! 2343($#,-+#/0$%0,1+,!80<!"4-+,!F747/-V!=@#E!]c]V!î5]iiN
k! ]^^_N$'DV:RKQJHELHWYRQ$VVXU6WUDWLJUDSKLHXQG$UFKLWHNWXU?:@#E!îN
k! 5===($T&+!4+-8-+,!@71+!'.,!"//0#!0,J!J&+!j+&-!J7,7$%V!>6>=B!iV!eh5^^N
k! cddi5cddhN$VYF747/-N!3N!"#$%`.4.1&/$%V!F8!!]dV!cii5cfiN
k! cddbN$'LH6lXOHLQ$VV\ULHQLQ-*'HUFNVHQ&2$VV\ULDDQG%H\RQG6WXGLHV3UHVHQWHGWR
O.1+,/!@#.44+!H7#/+,V!,>;!46!]ddV!bc]5bibN
k! cd]dN$)HVWXQJVZHUNHYRQ$VVXULP-DKUWDXVHQGY&KULQ600DXO13+HHHO$VVXU
)RUVFKXQJHQ $UEHLWHQ DXV GHU )RUVFKXQJVVWHOOH ª(GLWLRQ OLWHUDULVFKHU .HLOVFKULIWWH[WH DXV
"//0#t!J+#![+&J+4R+#1+#!"E7J+<&+!J+#!:&//+,/$%7(-V!cc^5cbiN
k! cd]iN$VY7DUELʔXF8!!]cV!bhi5bhfN
1-6.#%'$/($!($-/$*01$5==5N$"//0#!5![+#R/-E7<M71,+!cdd]V!=@#E!]ibV!f5i^N
4?4
61731+8('9*0
1)*!>+-$")>!A)%%-'$+($]^^_N$/DQGVFDSHVRI 3RZHU7KH3ROLWLFDO2UJDQL]DWLRQRI 6SDFHLQWKH
H.C+#!X%7R0#!'744+>!&,!-%+!B+.G"//>#&7,!F+#&.JV!6!!%!]d9cV!]h5b^N
k! cdddN$7KH 6\ULDQ -D]LUHK LQ WKH /DWH $VV\ULDQ 3HULRG $ 9LHZ IURP WKH &RXQWU\VLGH LQ
30,,+,/!cdddV!ib^5i^_N!
1))*I6!I'$!($]^hhN$@+44![747( !AAAN!T&+!3&4JC+#E+V!3+#4&,N
1))*I6!I8A)**,>%'$#($]êeN$L&,!X04-R&4J!B&,0#-7/!70/!,+07//>#&/$%+#!j+&-V!!"#!ihV!]]f5]iiN
k! ]ê^N$(LQHQHXDVV\ULVFKH%URQ]H6WDWXHWWHYRP7HOO+DODI@/=!bV!ii5i^N
>)HRB'$1($233;($T+#!H7,J/$%7(-/R+801!&,!J+#!.#&+,-74&/$%+,!F747/-7#$%&-+E-0#V!$R)!ciV!iih5ifeN
k! ]^^^N$+HUUVFKDIWVIRUP XQG 6WDGWEDXNXQVW 3URJUDPPDWLN
5HVLGHQ]VWDGWEDXYRQ$JDGHELV6XUUDPDQUD"Ć6:!!fN
LP
PHVRSRWDPLVFKHQ
k! cd]dN$I+'&+C!.( !ON!F0$$&!cddeV!I!!]ddV!id^5i]_N
>#>>'$!($]êeN$T&+!:7,J<74+#+&!0,J!J+#!147/&+#-+!:7,J/$%<0$E!&<!"4-+,!*#&+,-V!;2#!YAAV!AN_N
)!I,%'$+($]^h^N$)RUW6KDOPDQHVHU$Q,QWHULP5HSRUW>./A!c]V!ê5]c^N
k! ]^_]N$7KH([FDYDWLRQVDW1LPUXG.DOʒX>./A!ciV!]5]bN
k! ]^_cN$7KH([FDYDWLRQVDW1LPUXG.DOʒX>./A!cbV!]5chN
k! ]^_iN$7KH([FDYDWLRQVDW1LPUXG.DOʒX>./A!chV!_5ifN
)!I,%'$N($0$)!I,%'$+($5==2N$1LPUXGDQ$VV\ULDQ,PSHULDO&LW\5HYHDOHG/RQGRQ
)*.!1Q>+,'$N($5==?($'LH 6WHLQRUWKRVWDWHQ $VVXUQDʔLUSDOV ,, DXV $VVXU (LQ hEHUEOLFN EHU GLH
S0,J+! 70/! J+,! 6#7R0,1+,! J+#! T+0-/$%+,! *#&+,-G6+/+44/$%7(-! ]^di5]^]bV! =@#E! ]i_V!
]^h5c]hN
)*I71!>>'$C($5==cN$'LHDUDPlLVFKDVV\ULVFKH6WDGW*ŗ]ĆQD6DDUEUFNHQ
)II)'$!($cdd_N$$OOWDJXQG*HVHOOVFKDIW]XU6SlWEURQ]H]HLW(LQH)DOOVWXGLHDXV7DOO%D]L6\ULHQ
6-G/.0-;,;
/!.,<'$%($1($2^f_N$.LQJRI WKH:RUOG$VKXUQDVLUSDO,,RI $VV\ULD²%&1HZ<RUN
k! ]êhN$I+$.,/-#0$-&.,!.( !7,!"//>#&7,!F747$+V!%<6=6!]dV!]]5cbN
/!.,<'$%($1($0$%)").,C%B-'$*($/($]ê]N$"! B+C! I+$.,/-#0$-&.,! .( ! I..<! j! &,! -%+! B.#-%G:+/-!
3DODFHRI $ääXUQDʔLUSDO,,DW1LPUXG.DOʒX>./A$bi9cV!eh5^^N
k! ]êfN$@%+!I+$.,/-#0$-&.,!.( !-%+!I+4&+( !I+M#+/+,-7-&.,/!7,J!@%+&#!F./&-&.,/!&,!-%+!B.#-%C+/-!
3DODFHDW.DOʒX1LPUŗG,,%D)!]dN!
k! 2335N$@%+!I+$.,/-#0$-&.,!.( !-%+!I+4&+( !I+M#+/+,-7-&.,/!7,J!-%+&#!F./&-&.,/!&,!-%+!B.#-%C+/-!
3DODFHDW.DOʒX1LPUŗG,,,7KH3ULQFLSDO(QWUDQFHVDQG&RXUW\DUGV%D)!]bN
/!*/).!'$%($234D($/HWWHUVIURP$VV\ULDQ6FKRODUVWRWKH.LQJV(VDUKDGGRQDQG$VVXUEDQLSDO3DUW
,,&RPPHQWDU\DQG$SSHQGLFHV!#!9$h9cN!
k! ]êfN$7KH&RUUHVSRQGHQFHRI 6DUJRQ,,3DUW,/HWWHUVIURP$VV\ULDDQGWKH:HVW6!!!]N
k! ]^^hN$7KH &RQVWUXFWLRQ RI 'XUãDUUXNLQ LQ WKH $VV\ULDQ 5R\DO &RUUHVSRQGHQFH LQ &DXEHW
]^^hV!bf5ffN
4??
!"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&
k! 5==4($&XQHLIRUP7H[WVIURP=L\DUHW7HSH7XäʒDQ'$5==5P5==D'$.**2$2:'$2P22D(
/!*/).!'$%($0$.!>&*!>A7-'$6($"N$]^^dN$I7,$ A)**,%/)>+,>A,$ )&$ %!*6)>$ --'$ /!*I$ --S$ .,II,*%$
&*)1$I7,$>)*I7,*>$!>+$>)*I7,!%I,*>$/*)H->A,%'$.**!3(
/!*/).!'$%($0$/)*I,*'$1($5==2($@%+![+4/&,E&!"-47/!.( !-%+!B+7#!L7/-!&,!-%+!B+.G"//>#&7,!F+#&.JN!
7KH1HR$VV\ULDQ7H[W&RUSXV3URMHFW+HOVLQNL
/,++,'$&($0$.#>+%I*L1'$%($5==eN$T+#! "4-+! F747/-! &,! "//0#N! "#$%&-+E-0#! 0,J! 3701+/$%&$%-+V!
?:@#E!]cdN
/&M.F>,*'$/($5==2($[70/!0,J![70/%74-V!@/=!^V!O7&,8N
/-..,I'$1($23;5($8QSLRQQLHUGHO
DVV\ULRORJLH9LFWRU3ODFHFRQVXOGH)UDQFHj0RVVRXOH[SORUDWHXU
GXSDODLVGH6DUJRQ,,²DY-&j.KRUVDEDG²$YHFOHVSKRWRVRULJLQDOHV
J+!ON!@#7,$%7,JV!F7#&/N
/.!A,'$H($]e_:!N$B&,&'+!+-!4U"//>#&+!]V!F7#&/N
k! 24;:"N$B&,&'+!+-!4U"//>#&+!iV!F7#&/N
k! ]efdN$B&,&'+!+-!4U"//>#&+!cV!F7#&/N
/).-'$/($cddeN$:744!F7&,-&,1/!(#.<!-%+!"//>#&7,!F747$+!.( !@+44!O7/7&E%uV!&,!><!!45!bV!hih5hbbN
k! cd]dN$@%+!B+.G"//>#&7,!64>M-&$!(#.<!@+44!O7/7&E%?!F#+4&<&,7#>!I+/04-/sV!&,!><!!45$_V!^_]5
^fcN
/)%I6!I,'$N($>($2^fhN$([FDYDWLRQVLQ,UDT²>./A!ifV!h_5_fN
k! ]^^cN$@%+!H7,J!.( !"//0#!7,J!-%+!D.E+!.( !"//0#V!?!!ci9iV!cbf5c_iN
k! 233@($@%+![.<+!F#.'&,$+/V!&,!ON!H&'+#7,&!2&2N;V!B+.G"//>#&7,!6+.1#7M%>V!I.<+V!]5]fN
/)%I6!I,'$N($>($0$*,!+,'$N($,($]^f_5]êdN$VY.DOʒXF8!!hV!idi5iciN
/)C,..'$1($!($233=($VYO7//+!0,J!6+C&$%-+V!F8!!fV!bhf5h]fN
/*,#%%,*'$A($23@?($
$A($23@?($
A($23@?($
$23@?($
23@?($$T&+!:.%,%`0/+#!'.,!"//0#'$"#$%&$;?'$",*.->
k! ]^hhN$T&+!F74`/-+!&,!"//0#V!?:@#E!__V!3+#4&,N!
/#AA-'$1($cddeN$)XQFWLRQDO$QDO\VLVRI 6SDFHLQ6\UR+LWWLWH$UFKLWHFWXUH%$5,QW6HULHV]fieN
*!+>,*'$B($2333($L&,!,+07//>#&/$%+/!F#&'7-7#$%&'!J+#!@+<M+4/$%<&+J+!'.,!"//0#V!60!9!]N
k! cddcN$'LH1HXDVV\ULVFKHQ7H[WHDXV7DOOãHK+DPDG%!96;!_N
k! cddbN$'DVPLWWHODVV\ULVFKH7RQWDIHODUFKLYYRQ*LULFDQR'XQQXäDX]LEL6-G/.0-!]bN
*!+>,*'$B($0$%A7!A7>,*'$!($cdd]N$)URP7XäDQWR$PēGL7RSRJUDSKLFDO4XHVWLRQVFRQFHUQLQJ
-%+!vMM+#!@&1#&/!I+1&.,!&,!-%+!"//>#&7,!F+#&.JV!&,!BN!@0,7!&0$/8N!2HGV6DOYDJH3URMHFWRI WKH$UFKDHRORJLFDO+HULWDJHRI WKH,OLVXDQG&DUFKHPLVK'DP5HVHUYRLUV$FWLYLWLHVLQ
",E7#7V!fhi5ff_N
*!->H-..,'$.($cddhN$A,'+/-&17-&,1! vMM+#! O+/.M.-7<&7,! [.0/+%.4J/! 0/&,1! O&$#.G"#$%7+.4.1&$74!
@+$%,&Q0+/V!%$5,QW6HULHV]i_eN!
*,!+,'$N($,($2^_eN$@%+!F747$+!.( !@&147-%GF&4+/+#!AAAV!>./A!idV!_^5fiN
k! ]êiN$"//>#&7,!/$04M-0#+V!H.,J.,N
61731+8('9*0
4?A
k! cdddN$VYB&,+'+%V!F8!!^V!iee5biiN
k! cddcN$@%+!j&110##7-!7,J!@+<M4+/!.( !B&<#0JV!>./A!_bV!]ih5c]_N
*,-IF$,($N($0$C->6'$,($%($cddeN$=RRDUFKDHRORJ\&DPEULGJH
*)!&'$1($23:D($@%+!T&((0/&.,!.( !-%+!w/744+/!7!Q07-#+!/7&447,-/gV!>./A!ihV!ei5^]N
*)#!#.I'$)($2334($Y&44+/V!'&4471+/!$7<M71,+/!+-!/-+MM+!J7,/!47!#P1&.,!J+!@+#Q7!?!J.,,P+/!,.0'+44+/sV!
&,!ON!S.#-&,!m!*N!"0#+,$%+!2HGV(VSDFHQDWXUHOHVSDFHKDELWpHQ6\ULHGX1RUG;H²,,H
PLOOpQDLUHDY-&$FWHVGXFROORTXHGH4XpEHFPDL%<6=67024XpEHF
H>.,V!]^]5]êN
k! cdd]N$7HUTDHWVDUpJLRQH²HUPLOOpQDLUHVDY-&5HFKHUFKHVUpFHQWHV!++/2'3/!]ccV!]5c_N
k! cdd^N$$VV\ULDQV$UDPDHDQVDQG%DE\ORQLDQV7KH6\ULDQ/RZHU0LGGOH(XSKUDWHV9DOOH\DW
-%+!L,J!.( !-%+!3#.,8+!"1+V!6H.'/!e_V!]ii5]i^N
*#%%,..'$N($1($2334($@%+! F#.1#7<! .( ! -%+! F747$+! .( ! "//0#,7/&#M74! AA! 7-! B&<#0J?! A//0+/! &,! -%+!
I+/+7#$%!7,J!F#+/+,-7-&.,!.( !"//>#&7,!"#-V!!*!!]dc9bV!_hh5f]hN
k! ]^^^N$7KH:ULWLQJVRQWKH:DOO7KH$UFKLWHFWXUDO&RQWH[WRI /DWH$VV\ULDQ3DODFH,QVFULSWLRQV
0HVRSRWDPLDQ&LYLOL]DWLRQV:LQRQD/DNH
%A71-+I'$7($]^biN$@+44![747( !AN!T&+!F#`%&/-.#&/$%+,!S0,J+V!3+#4&,N
%A71-+'$N($0$>)HRB'$1($5=2=N$(LQʒLOĆQLLPDVV\ULVFKHQ3DODVW"%HPHUNXQJHQ]XUª1RUGRVW(FNH©
YRQ'ŗU.DWOLPPXLQ-%HFNHU5+HPSHOPDQQ(5HKPHGV.XOWXUODQGVFKDIW6\ULHQ
j+,-#0<!0,J!F+#&M%+#&+V!!#!9!if]V!O),/-+#V!!hc^5hh]
%A)II'$1($.($0$1!A6->>-%'$N($]^^dN$B.-+/!.,!B&,+'+%V!>./A!hcV!_i5fiN
%-1/%)>'$B($]êbN$$UFKDHRORJLFDO6XUYH\LQWKH9LFLQLW\RI 7DOODO·$VKĆUDK!"#!i]V!]eh5]eeN
%1-I7'$6($24:@N$$VV\ULDQ'LVFRYHULHVDQ$FFRXQWRI ([SORUDWLRQVDQG'LVFRYHULHVRQWKH6LWHRI B&,+'+%V!T0#&,1!]efi!7,J!]efbV!H.,J.,N
%)").,C%B-'$*($23:4($3UHOLPLQDU\ 5HSRUW RQ WKH 7KLUG 6HDVRQ RI 3ROLVK ([FDYDWLRQV DW .DOʒX
1LPUŗG0DUFK²$SULO509.$22'$5@DP5;@(
k! ]êcN$7KH3ROLVK:RUNDW1LPUXG7HQ<HDUVRI ([FDYDWLRQDQG6WXG\I!!f]V!cbe5cfiN
k! ]ê5"($7KH6KDOPDQDVHU,,,%XLOGLQJLQWKH&HQWUDO$UHDRI WKH1LPUXG&LWDGHOLQ++LUVFK
m![N![0,1+#!2&2/;V!Y.#-#`1+!1+%74-+,!70( !J+#!ceN!I+,$.,-#+!"//>#&.4.1&Q0+!A,-+#,7-&.,74+!&,!
:&+,!_N5]dN!=04&!]ê]V!!"#$%&'(NV!ic^5iieN
%)").,C%B-'$*($0$1-,*F,N,C%B-'$!N$]êdN$3ROLVK ([FDYDWLRQV DW 1LPUXG.DOKX ²
6RPH3UHOLPLQDU\5HPDUNVRQWKHQHZ'LVFRYHUHG1HR$VV\ULDQ&RQVWUXFWLRQVDQG5HOLHIV
6-1&.!i_V!]h]5]_cN
%I,!*>%'$N($"($]^_]N$I+4&+(/!(#.<!-%+!F747$+!.( !"/%0#,7/&#M74!AAV!!"#$%&'(N!]hV!6#78N
I!+1)*'$7($]^^bN$7KH,QVFULSWLRQVRI 7LJODWKSLOHVHU,,,.LQJRI $VV\ULD&ULWLFDO(GLWLRQZLWK
,QWURGXFWLRQV7UDQVODWLRQVDQG&RPPHQWDU\-HUXVDOHP
I7#*,!#8+!>6->'$&($]î]N$"#/47,!@7/%V!%!;!]_N!
I#*>,*'$6($23:=!($7KH6WDWH$SDUWPHQWVRI /DWH$VV\ULDQ3DODFHV>./A!icV!]fc5c]iN
4?5
!"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&
k! ]^f="($7HOO1HEL<ŗQXV7KHHNDOPĆäDUWLRI 1LQHYHK>./A!icV!_e5ehN
k! ]^f_N$B.-+/!.,!-%+!"#$%&-+$-0#74!I+<7&,/!.( !-%+!B.#-%!F747$+V!&,!IN!TN!37#,+--!2&26FXOSWXUHV
)URP7KH1RUWK3DODFH2I $VKXUEDQLSDO$W1LQHYHK²%&/RQGRQ²
H,**-'$6($5==3($7KH 6SDWLDOO\ 5HVROYHG &KDUDFWHULVDWLRQ RI (J\SWLDQ %OXH +DQ %OXH DQG +DQ
F0#M4+!R>!F%.-.GA,J0$+J!H0<&,+/$+,$+!T&1&-74!A<71&,1V!$QDO\WLFDODQG%LRDQDO\WLFDO&KHPLVWU\!
i^b9bV!]d]]5]dc]N
H,**-'$6($ ,I$ !.($5==3($$VV\ULDQ&RORXUV3LJPHQWVRQD1HR$VV\ULDQ5HOLHI RI D3DUDGH+RUVH
%ULWLVK0XVHXP7HFKQLFDO5HVHDUFK%XOOHWLQiV!hf5_cN
H-.!'$,($5==@($$QDO\VHDUFKp]RRORJLTXHGHODIDXQHGH7HOO6KLXNK)DZTDQLLQ/%DFKHORW)0
S74+/!2HGV7HOO6KLXNK)DZTDQL²;!45=!YA9cV!F7J07V!]de]5]]deN
CM&.,*'$1($]^fhN$B&$%-G"//>#+#!,+07//>#&/$%+#!T7#/-+440,1+,V$!#!9!!c_V!X+'+47+#N
C,*>,*'$/($->$/*,/,*!I-)>($T+#!",0G"J7JG@+<M+4N
C-.B,>%'$"($]^êN$7KH )DXQDO 5HPDLQV LQ 6 0 &HFFKLQL 6 0D]]RQL HGV 7HOO $ÀV 6LULD
6FDYLVXOO·DFURSROL²3LVD²
C->I,*'$-($N($233D($6HDWRI .LQJVKLS$:RQGHUWR%HKROG7KH3DODFHDV&RQVWUXFWLQWKH$QFLHQW
B+7#!L7/-V!$UV2ULHQWDOLV!ciV!cf5hhN
<!%#*8.!>+!#'$!('$,",.->6'$N($,($0$1!F)C'$.($"($J-$.1K$5=22($[.0/+%.4J!"#$%7+.4.1>!&,!",$&+,-!
A/#7+4!7,J!3+>.,JN!<;!45!hdV!H+&J+,N!
F,+,*'$1($!($]^^]N$)HHGLQJ &LWLHV 6SHFLDOL]HG $QLPDO (FRQRP\ LQ WKH $QFLHQW 1HDU (DVW
:7/%&,1-.,N
k! ]^êN$5HJLRQDO3DWWHUQVRI $QLPDO([SORLWDWLRQLQWKH.KDEXU%DVLQWR%&LQ3
",#+&-+#! &0$ /8N! 2HGV 0DQ DQG WKH $QLPDO :RUOG 6WXGLHVLQ $UFKDHR]RRORJ\ $UFKDHRORJ\
$QWKURSRORJ\DQG3DODHROLQJXLVWLFVLQ0HPRULDP6iQGRU%|N|Q\L%XGDSHVW²

Download Report

- UCL Discovery

Paperzz.com

Your Paperzz