0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
1IXLSHWSJ4IVWYEWMSR
&YMPHMRK'VIHMFMPMX]
*EGXSVWSJ'VIHMFMPMX]
8]TIWSJ'VIHMFMPMX]
)RLERGMRK=SYV'VIHMFMPMX]
9WMRK)ZMHIRGI
,S[)ZMHIRGI;SVOW%'EWI7XYH]
8MTWJSV9WMRK)ZMHIRGI
6IEWSRMRK
6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW
6IEWSRMRKJVSQ4VMRGMTPI
'EYWEP6IEWSRMRK
%REPSKMGEP6IEWSRMRK
*EPPEGMIW
%TTIEPMRKXS)QSXMSRW
;LEX%VI)QSXMSREP%TTIEPW#
+IRIVEXMRK)QSXMSREP%TTIEP
)XLMGWERH)QSXMSREP%TTIEP
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
IVWYEWMSRMWFMKFYWMRIWW8LSYWERHWSJEYXLSVWERHGSRWYPXERXWTVSQMWIXSXIEGL
]SY XLI SRI OI] WIGVIX XS TIVWYEHMRK TISTPI XS HS [LEX ]SY [ERX (ER 0SO
GPEMQWXSVIZIEPqJSVFMHHIRTW]GLSPSKMGEPXEGXMGWrXLEX[MPPqKMZI]SYERYRJEMV
EHZERXEKIMRHIEPMRK[MXLTISTPIr7GSXX1SPHIRLEYIV[MPPLIPT]SYYRPSGOqXLIWGM
IRGISJTIVWYEWMSRrXSKIXXLIFYWMRIWWVIWYPXW]SYGVEZI/YVX1SVXIRWIRTVSQMWIWXS
QEOI]SYqEQEWXIVSJTIVWYEWMSRrWS]SYGERqKIX[LEX]SY[ERX[LIR]SY[ERXMXr
/IZMR,SKERHVE[WSRqXLIWGMIRGISJMRJPYIRGIrXSKMZI]SYTIVWYEWMSRXIGLRMUYIW
qXLII\TIVXWHSRtX[ERX]SYXSORS[r8LIWITISTPIEPPGLEVKIXLSYWERHWSJHSPPEVW
JSV XLIMV WIQMREVW LYRHVIHW JSV ZMHISW ERH QSXMZEXMSREP FSSOW 'SQTERMIW ERH
MRHMZMHYEPWJPSGOhERHTE]hXSVIEHERHLIEV[LEXXLI]LEZIXSWE]
4
-X WSYRHW KSSH FYX GER ER] SJ XLIWI TISTPI VIEPP] LEZI XLI qSRI OI]
WIGVIXrXSTIVWYEWMSR#4VSFEFP]RSX4IVWYEWMSRMWXSSGSQTPMGEXIHJSVXLEX=IX
EWXLIRYQFIVSJFSSOWWIQMREVWERHZMHISWSRXLIWYFNIGXWLS[WXLIVIMWE
TIVTIXYEPJEWGMREXMSR[MXLXLIWXVEXIKMIWERHXEGXMGWSJIJJIGXMZITIVWYEWMSR
;LEXQEOIWEWTIEOIVTIVWYEWMZI#;L]HSPMWXIRIVWEGGITXSRIWTIEOIVtW
ZMI[WERHVINIGXXLSWISJERSXLIV#,S[GEREWTIEOIVQSXMZEXIPMWXIRIVWXSEGX
MRWYTTSVXSJEGEYWIEGEQTEMKRSVEGERHMHEXI#4ISTPILEZIFIIRXV]MRKXS
ERW[IV XLIWI UYIWXMSRW JSV XLSYWERHW SJ ]IEVWhJVSQ XLI ERGMIRX +VIIO TLM
PSWSTLIV%VMWXSXPIXSQSHIVRHE]GSQQYRMGEXMSRVIWIEVGLIVW%PXLSYKLQER]
ERW[IVW LEZI FIIR KMZIR [I GER WE] XLEX PMWXIRIVW [MPP FI TIVWYEHIH F] E
WTIEOIVJSVSRISVQSVISJJSYVVIEWSRW
&IGEYWIXLI]TIVGIMZIXLIWTIEOIVEWLEZMRKLMKLGVIHMFMPMX]
&IGEYWIXLI]EVI[SRSZIVF]XLIWTIEOIVtWIZMHIRGI
&IGEYWIXLI]EVIGSRZMRGIHF]XLIWTIEOIVtWVIEWSRMRK
&IGEYWIXLIMVIQSXMSRWEVIXSYGLIHF]XLIWTIEOIVtWMHIEWSVPERKYEKI
-R XLMW GLETXIV [I [MPP PSSO EX IEGL SJ XLIWI ;I [MPP RSX HMWGSZIV ER]
QEKMGEPWIGVIXWXLEX[MPPQEOI]SYERMVVIWMWXMFPITIVWYEWMZIWTIEOIV&YXMJ]SY
PIEVR XLI TVMRGMTPIW HMWGYWWIH MR XLMW GLETXIV ]SY [MPP KVIEXP] MRGVIEWI ]SYV
SHHWSJ[MRRMRKXLIQMRHWERHLIEVXWSJ]SYVPMWXIRIVW
&YMPHMRK'VIHMFMPMX]
,IVIEVIX[SWIXWSJMQEKMREV]WXEXIQIRXW;LMGLSRISJIEGLTEMV[SYPH]SY
FIQSVIPMOIP]XSFIPMIZI#
;IGERI\TIGXXSWIIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI
,MPPEV]'PMRXSR
;I[MPPRSXLEZIQSVIJIQEPIGERHMHEXIWJSV4VIWMHIRXMRXLIJSVIWIIEFPIJYXYVI4I]XSR
1ERRMRK
'LERKIWMRTVSJIWWMSREPJSSXFEPPEVITVSHYGMRKEJEWXIVQSVITEWWSVMIRXIHKEQI
4I]XSR1ERRMRK
'LERKIWMRTVSJIWWMSREPJSSXFEPPEVITVSHYGMRKEWPS[IVQSVIVYRSVMIRXIHKEQI,MPPEV]
'PMRXSR
1SWXPMOIP]]SYGLSWIXLIJMVWXMRIEGLTEMVSJWXEXIQIRXW-JWS]SY[IVI
TVSFEFP]MRJPYIRGIHF] ]SYV TIVGITXMSRSJ XLIWTIEOIV =SY EVIQSVI PMOIP]
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
XS VIWTIGX XLI NYHKQIRX SJ 'PMRXSR [LS EPQSWX GETXYVIH XLI (IQS
GVEXMGTVIWMHIRXMEPRSQMREXMSR[LIRWLIWTIEOWEFSYXJIQEPIGERHMHEXIWJSV
4VIWMHIRXERHXSVIWTIGXXLINYHKQIRXSJ1ERRMRKX[SXMQI2*04PE]IVSJ
XLI=IEV[LIRLIWTIEOWEFSYXXVIRHWMRTVSJIWWMSREPJSSXFEPP7SQIXIEGLIVW
GEPPXLMWJEGXSVWSYVGIGVIHMFMPMX]3XLIVWVIJIVXSMXEWIXLSWXLIREQIKMZIRF] IXLSW
%VMWXSXPI
8LIREQIYWIHF]%VMWXSXPI
*%'83673*'6)(-&-0-8=
JSV[LEXQSHIVRWXYHIRXW
SJGSQQYRMGEXMSRVIJIVXS
EWGVIHMFMPMX]
1ER]XLMRKWEJJIGXEWTIEOIVtWGVIHMFMPMX]MRGPYHMRKWSGMEFMPMX]H]REQMWQTL]W
MGEPEXXVEGXMZIRIWWERHTIVGIMZIHWMQMPEVMX]FIX[IIRWTIEOIVERHEYHMIRGI%FSZI
EPPXLSYKLGVIHMFMPMX]MWEJJIGXIHF]X[SJEGXSVW
'SQTIXIRGIhLS[ ER EYHMIRGI VIKEVHW E WTIEOIVtW MRXIPPMKIRGI I\TIVXMWI
ERHORS[PIHKISJXLIWYFNIGX
'LEVEGXIVhLS[EREYHMIRGIVIKEVHWEWTIEOIVtWWMRGIVMX]XVYWX[SVXLMRIWW
ERHGSRGIVRJSVXLI[IPPFIMRKSJXLIEYHMIRGI
GVIHMFMPMX]
8LIEYHMIRGItWTIVGITXMSRSJ
8LI QSVI JEZSVEFP] PMWXIRIVW ZMI[ E WTIEOIVtW GSQTIXIRGI ERH GLEVEGXIV [LIXLIVEWTIEOIVMWUYEPMJMIH
XLI QSVI PMOIP] XLI] EVI XS EGGITX [LEX XLI WTIEOIV WE]W 2S HSYFX ]SY EVI XSWTIEOSREKMZIRXSTMG8LI
JEQMPMEV [MXL XLMW JVSQ ]SYV S[R I\TIVMIRGI 7YTTSWI ]SY XEOI E GSYVWI MR X[SQENSVJEGXSVWMRJPYIRGMRK
IGSRSQMGW 8LI GSYVWI MW XEYKLX F] E HMWXMRKYMWLIH TVSJIWWSV [LS LEW TYF EWTIEOIVtWGVIHMFMPMX]EVI
PMWLIH[MHIP]MRTVIWXMKMSYWNSYVREPW[LSWMXW SREQENSVMRXIVREXMSREPGSQ GSQTIXIRGIERHGLEVEGXIV
QMWWMSR ERH [LS LEW [SR WIZIVEP E[EVHW JSV SYXWXERHMRK VIWIEVGL -R GPEWW
]SYLERKSRXLMWTVSJIWWSVtWIZIV][SVH3RIHE]XLITVSJIWWSVMWEFWIRXEGSP
PIEKYI JVSQ XLI )GSRSQMGW (ITEVXQIRXhJYPP] UYEPMJMIH FYX RSX EW [IPP
ORS[RhGSQIWXSPIGXYVIMRWXIEH4SWWMFP]XLIJMPPMRMRWXVYGXSVKMZIWXLIWEQI
PIGXYVI XLI HMWXMRKYMWLIH TVSJIWWSV [SYPH LEZI KMZIR FYX ]SY HS RSX TE]
RIEVP]EWGPSWIEXXIRXMSR8LISXLIVMRWXVYGXSVHSIWRSXLEZIEWLMKLGVIHMFMPMX]
EWXLITVSJIWWSV
-XMWMQTSVXERXXSVIQIQFIVXLEXGVIHMFMPMX]MWEREXXMXYHI-XI\MWXWRSXMR
XLIWTIEOIVFYXMRXLIQMRHSJXLIEYHMIRGI%WTIEOIVQE]LEZILMKLGVIHMFMP
MX]JSVSRIEYHMIRGIERHPS[GVIHMFMPMX]JSVERSXLIV%WTIEOIVQE]EPWSLEZI
LMKLGVIHMFMPMX]SRSRIXSTMGERHPS[GVIHMFMPMX]SRERSXLIV0SSOMRKFEGOXS
SYV MQEKMREV] WXEXIQIRXW QSWX TISTPI [SYPH QSVI VIEHMP] FIPMIZI 4I]XSR
1ERRMRKWTIEOMRKEFSYXTVSJIWWMSREPJSSXFEPPXLER4I]XSR1ERRMRKWTIEOMRK MRMXMEPGVIHMFMPMX]
8LIGVIHMFMPMX]SJEWTIEOIV
EFSYXXLIJYXYVISJJIQEPITVIWMHIRXMEPGERHMHEXIW
FIJSVIWLISVLIWXEVXWXS
WTIEO
8=4)73*'6)(-&-0-8=
2SXSRP]GEREWTIEOIVtWGVIHMFMPMX]ZEV]JVSQEYHMIRGIXSEYHMIRGIERHXSTMG
XSXSTMGFYXMXGEREPWSGLERKIHYVMRKXLIGSYVWISJEWTIIGLhWSQYGLWSXLEX
[IGERMHIRXMJ]XLVIIX]TIWSJGVIHMFMPMX]
HIVMZIHGVIHMFMPMX]
8LIGVIHMFMPMX]SJEWTIEOIV
TVSHYGIHF]IZIV]XLMRKWLISV
LIWE]WERHHSIWHYVMRKXLI
WTIIGL
-RMXMEP GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV FIJSVI WLI SV LI WXEVXW XS
XIVQMREPGVIHMFMPMX]
WTIEO
(IVMZIH GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV TVSHYGIH F] IZIV]XLMRK
WLISVLIWE]WERHHSIWHYVMRKXLIWTIIGLMXWIPJ
8LIGVIHMFMPMX]SJEWTIEOIVEX
XLIIRHSJXLIWTIIGL
8IVQMREPGVIHMFMPMX]hXLIGVIHMFMPMX]SJXLIWTIEOIVEXXLIIRHSJXLIWTIIGL
&YMPHMRK'VIHMFMPMX]
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
%PPXLVIIEVIH]REQMG,MKLMRMXMEPGVIHMFMPMX]MWEKVIEXEHZERXEKIJSVER]
WTIEOIVFYXMXGERFIHIWXVS]IHHYVMRKEWTIIGLVIWYPXMRKMRPS[XIVQMREPGVIH
MFMPMX]8LIVIZIVWIGEREPWSSGGYVEWMRXLIJSPPS[MRKI\EQTPI
&EVV](IZMRWMWXLIMRJSVQEXMSRXIGLRSPSK]QEREKIVJSVEQENSVRSRTVSJMXVIWIEVGL
JSYRHEXMSR 7SSR EJXIV XEOMRK XLI NSF LI TYVGLEWIH ER YTKVEHI JSV XLI JSYRHEXMSRtW
IQEMPTVSKVEQ,IEWWYQIHXLIVI[SYPHFIWSQIKPMXGLIWFYXXLI]JEVI\GIIHIHER]
XLMRK LI LEH MQEKMRIH -X XSSO WM\ QSRXLW XS KIX XLI YTKVEHI [SVOMRK TVSTIVP] ERH
IZIRXLIRTISTPIGSRXMRYIHXSKVYQFPIEFSYXQIWWEKIWXLI]LEHPSWXHYVMRKXLITLEWI
MRTIVMSH
%]IEVPEXIVXLIJSYRHEXMSR[EWE[EVHIHEPEVKIGSRXVEGXERHXLITVIWMHIRXHIGMHIH
XSTYVGLEWIEHEXEW]RGLVSRM^EXMSRW]WXIQJSVXLIIRXMVISVKERM^EXMSR7LIEWOIH&EVV]XS
XEOIGLEVKISJFY]MRKXLIW]WXIQERHXVEMRMRKXLIWXEJJMRMXWYWI
;LIR&EVV]SYXPMRIHLMWTPERWEXE[IIOP]WXEJJQIIXMRKLILEHPS[MRMXMEPGVIHMFMPMX]
)ZIV]SRI VIQIQFIVIH XLI IQEMP TVSKVEQ ERH XLI] [IVI VIPYGXERX XS KS XLVSYKL XLI
WEQITVSFPIQWEKEMR&YX&EVV]VIEPM^IHXLMWERH[EWTVITEVIH
,IFIKERF]VIQMRHMRKIZIV]SRIXLEXXLITVIWMHIRXLEHEYXLSVM^IHLMQXSTYVGLEWI
EWXEXISJXLIEVXW]WXIQXLEX[SYPHQEOIXLIMVPMZIWIEWMIVERHMQTVSZISJJMGIGSQQYRMGE
XMSRW ,I XLIR EGORS[PIHKIH XLEX LI LEH XSPH XLIQ XLI WEQI XLMRK EFSYX XLI IQEMP
YTKVEHIhEREHQMWWMSRXLEXHVI[EPEYKLERHLIPTIHIZIV]SRIVIPE\*MREPP]LII\TPEMRIH
XLEX LI LEH GLIGOIH [MXL WIZIVEP SXLIV SVKERM^EXMSRW XLEX LEH MRWXEPPIH XLI WEQI HEXE
W]RGLVSRM^EXMSRW]WXIQLI[EWTYVGLEWMRKERHXLI]EPPLEHXSPHLMQMX[SVOIHJPE[PIWWP]
8LVSYKLSYXLMWTVIWIRXEXMSR&EVV]tWETTVSEGL[EWq-ORS[XLIIQEMPYTKVEHI[EW
EHMWEWXIV ERH -tZI [SVOIHLEVHXS QEOIWYVI MX HSIWRtX LETTIREKEMRr&] XLI XMQILI
JMRMWLIHQSWXWXEJJQIQFIVW[IVIIEKIVXSLEZIXLIHEXEW]RGLVSRM^EXMSRW]WXIQYTERH
VYRRMRK&EVV]LEHEGLMIZIHLMKLXIVQMREPGVIHMFMPMX]
-R IZIV]WTIIGL]SYKMZI]SY[MPPLEZI WSQIHIKVIISJ MRMXMEP GVIHMFMPMX]
[LMGL[MPPFIWXVIRKXLIRIHSV[IEOIRIHF]]SYVQIWWEKIERHLS[]SYHIPMZIV
MX%RH]SYVXIVQMREPGVIHMFMPMX]JVSQSRIWTIIGL[MPPEJJIGX]SYVMRMXMEPGVIHM
FMPMX] JSV XLI RI\X SRI -J ]SYV EYHMIRGI WIIW ]SY EW WMRGIVI ERH GSQTIXIRX
XLI][MPPFIQYGLQSVIVIGITXMZIXS]SYVMHIEW
)2,%2'-2+=396'6)(-&-0-8=
,S[GER]SYFYMPH]SYVGVIHMFMPMX]MR]SYVWTIIGLIW#%XSRIPIZIPXLIERW[IV
MWJVYWXVEXMRKP]KIRIVEP7MRGIIZIV]XLMRK]SYWE]ERHHSMREWTIIGL[MPPEJJIGX
]SYVGVIHMFMPMX]]SYWLSYPHWE]ERHHSIZIV]XLMRKMRE[E]XLEX[MPPQEOI]SY
ETTIEV GETEFPI ERH XVYWX[SVXL] -R SXLIV [SVHWhKMZI E FVMPPMERX WTIIGL ERH
]SY[MPPEGLMIZILMKLGVIHMFMPMX]
8LI EHZMGI MW WSYRH FYX RSX EPP XLEX LIPTJYP 8LIVI EVI LS[IZIV WSQI
WTIGMJMG [E]W ]SY GER FSSWX ]SYV GVIHMFMPMX] [LMPI WTIEOMRK 8LI] MRGPYHI
I\TPEMRMRK]SYVGSQTIXIRGIIWXEFPMWLMRKGSQQSRKVSYRH[MXLXLIEYHMIRGI
ERHWTIEOMRK[MXLKIRYMRIGSRZMGXMSR
)\TPEMR=SYV'SQTIXIRGI
3RI [E] XS IRLERGI ]SYV GVIHMFMPMX] MW XS EHZIVXMWI ]SYV I\TIVXMWI SR XLI
WTIIGLXSTMG(MH]SYMRZIWXMKEXIXLIXSTMGXLSVSYKLP]#8LIRWE]WS(S]SY
LEZII\TIVMIRGIXLEXKMZIW]SYWTIGMEPORS[PIHKISVMRWMKLX#%KEMRWE]WS
,IVIMWLS[X[SWXYHIRXWVIZIEPIHXLIMVUYEPMJMGEXMSRW8LIJMVWXWXVIWWIHLIV
WXYH]ERHVIWIEVGL
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
%WTIEOIVtWGVIHMFMPMX]LEWE
TS[IVJYPMQTEGXSRLS[LIV
SVLMWWTIIGLMWVIGIMZIH3RI
[E]XSFSSWX]SYVGVIHMFMPMX]
MWXSHIPMZIV]SYVWTIIGLIW
I\TVIWWMZIP]ERH[MXLWXVSRK
I]IGSRXEGX
&IJSVI-WXYHMIHERXMFEGXIVMEPTVSHYGXWMRQ]TYFPMGLIEPXLGPEWW-EP[E]WYWIHERXMFEG
XIVMEPWSETW ERHERXMFEGXIVMEP EPPWYVJEGIGPIERIVJSV Q] ETEVXQIRX - EPWS ORS[JVSQ Q]
GPEWWWYVZI]XLEXTIVGIRXSJ]SYYWIERXMFEGXIVMEPWSETWGPIERIVWSVSXLIVTVSHYGXW&YX
EJXIVPIEVRMRKEFSYXXLIWYFNIGXMRGPEWWERHVIEHMRKVIWIEVGLWXYHMIWJSVXLMWWTIIGL-tQ
LIVIXSXIPP]SYXLEXXV]EW[IQMKLX[IGERRSXFYMPHEFYFFPIFIX[IIRSYVWIPZIWERH
KIVQW[MXLERXMFEGXIVMEPTVSHYGXWERHXLEXXLIWITVSHYGXWEGXYEPP]GVIEXIQSVITVSFPIQW
XLERXLI]WSPZI
8LIWIGSRHWXYHIRXIQTLEWM^IHLIVFEGOKVSYRHERHTIVWSREPI\TIVMIRGI
1SWXSJYWLEZIRSMHIE[LEXMXQIERWXSFITSSVERHLYRKV]&YXFIJSVIVIXYVRMRK
XSWGLSSPPEWX]IEV-WTIRXXLVII]IEVW[SVOMRKEXPSGEPEWWMWXERGIGIRXIVW-[SVOIHMRIZIV]
TEVXSJXLIGMX]ERH[MXLIZIV]OMRHSJTIVWSR-GERtXFIKMRXSXIPP]SY[LEX-LEZIWIIRh
LS[TSZIVX]HIWXVS]WTISTPItWWSYPWERHLS[LYRKIVHVMZIWXLIQXSHIWTIVEXMSR&YXSR
XLIFEWMWSJ[LEX-GERXIPP]SY-LSTI]SY[MPPEKVII[MXLQIXLEXKSZIVRQIRXLIPTJSV
XLITSSVERHXLIRIIH]QYWXFIMRGVIEWIH
GSRRIGXPYGEWGSQ
:MI[XLIWII\GIVTXWJVSQ
q&YVWXMRKXLI%RXMFEGXIVMEP
&YFFPIrERHq/IITMRKXLI
7EJIX]2IXJSV8LSWI;LS
2IIH-XrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT
&SXL WTIEOIVW KVIEXP] MRGVIEWIH XLIMV TIVWYEWMZIRIWW F] IWXEFPMWLMRK XLIMV
GVIHMFMPMX]
)WXEFPMWL'SQQSR+VSYRH[MXL=SYV%YHMIRGI
%RSXLIV [E] XS FSPWXIV ]SYV GVIHMFMPMX] MW XS IWXEFPMWL GSQQSR KVSYRH [MXL
]SYV EYHMIRGI =SY HS RSX TIVWYEHI PMWXIRIVW F] EWWEYPXMRK XLIMV ZEPYIW ERH
VINIGXMRK XLIMV STMRMSRW %W XLI SPH WE]MRK KSIW q=SY GEXGL QSVI JPMIW [MXL
LSRI] XLER [MXL ZMRIKEVr 8LI WEQI MW XVYI SJ TIVWYEWMSR 7LS[ VIWTIGX JSV
&YMPHMRK'VIHMFMPMX]
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
GVIEXMRKGSQQSR
KVSYRH
%XIGLRMUYIMR[LMGLE
WTIEOIVGSRRIGXWLMQWIPJSV
LIVWIPJ[MXLXLIZEPYIW
EXXMXYHIWSVI\TIVMIRGIWSJ
XLIEYHMIRGI
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
]SYVPMWXIRIVW=SYGERQEOI]SYVWTIIGLQSVIETTIEPMRKF]MHIRXMJ]MRK]SYV
MHIEW[MXLXLSWISJ]SYVEYHMIRGIhF]WLS[MRKLS[]SYVTSMRXSJZMI[MWGSR
WMWXIRX[MXL[LEXXLI]FIPMIZI
'VIEXMRKGSQQSRKVSYRHMWIWTIGMEPP]MQTSVXERXEXXLIWXEVXSJETIVWYE
WMZIWTIIGL&IKMRF]MHIRXMJ]MRK[MXL]SYVPMWXIRIVW7LS[XLEX]SYWLEVIXLIMV
ZEPYIWEXXMXYHIWERHI\TIVMIRGIW+IXXLIQRSHHMRKXLIMVLIEHWMREKVIIQIRX
ERHXLI][MPPFIQYGLQSVIVIGITXMZIXS]SYVYPXMQEXITVSTSWEP,IVIMWLS[
EFYWMRIWW[SQERJVSQ1EWWEGLYWIXXWLSTMRKXSWIPPLIVTVSHYGXXSEREYHM
IRGISJTISTPIMR'SPSVEHSFIKERLIVTIVWYEWMZIWTIIGL
-LEZIRIZIVFIIRMR'SPSVEHSFIJSVIFYX-VIEPP]PSSOIHJSV[EVHXSQEOMRKXLMWXVMT
% PSX SJ Q] ERGIWXSVW PIJX 1EWWEGLYWIXXW ERH GEQI XS 'SPSVEHS RIEVP] ]IEVW EKS
7SQIXMQIW-LEZI [SRHIVIH [L]XLI]HMHMX8LI]GEQIMRGSZIVIH[EKSRWGEVV]MRK EPP
XLIMVTSWWIWWMSRWERHQER]SJXLIQHMIHSRXLINSYVRI]8LISRIW[LSKSXXLVSYKLVEMWIH
XLIMVLSYWIWERHVEMWIHXLIMVJEQMPMIW2S[XLEX-tZIWIIR'SPSVEHS-YRHIVWXERH[L]XLI]
XVMIHWSLEVH
8LIEYHMIRGIPEYKLIHERHETTPEYHIHERHXLIWTIEOIV[EWSJJXSEKSSHWXEVX
2S[ PSSO EX E HMJJIVIRX ETTVSEGL YWIH MR E GPEWWVSSQ WTIIGL JEZSVMRK E
XYMXMSRMRGVIEWIEXXLIWTIEOIVtWWGLSSPhERYRTSTYPEVTSMRXSJZMI[[MXLLMW
GPEWWQEXIW,IFIKERF]WE]MRK
GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQq0IXtW
4VSXIGXXLI5YEPMX]SJ3YV
)HYGEXMSRrMRXLISRPMRI
1IHME0MFVEV]JSVXLMW
GLETXIV:MHIS'PMT
%W[IEPPORS[XLIVIEVIQER]HMJJIVIRGIWEQSRKXLITISTPIMRXLMWGPEWW&YXVIKEVH
PIWWSJEKIQENSVFEGOKVSYRHSVKSEPW[IEPPWLEVISRIXLMRKMRGSQQSRh[IEVIEPP
GSRGIVRIH[MXLXLIUYEPMX]SJIHYGEXMSREXXLMWWGLSSP%RHXLEXUYEPMX]MWGPIEVP]MRHERKIV
&IGEYWI SJ FYHKIX VIHYGXMSRW JEGYPX] WEPEVMIW LEZI JEPPIR FIPS[ XLSWI EX GSQTEVEFPI
WGLSSPWPMFVEV]LSYVWLEZIFIIRGYXFEGOERHQSVIERHQSVIWXYHIRXWEVIFIMRKGVS[HIH
SYXSJGPEWWIWXLI]RIIHXSXEOI
;LIXLIV[IPMOIMXSVRSX[ILEZIETVSFPIQhETVSFPIQXLEXEJJIGXWIEGLSJYW8LMW
QSVRMRK-[SYPHPMOIXSHMWGYWWXLMWTVSFPIQERH[LIXLIVMXGERFIWSPZIHF]ERMRGVIEWI
MRXYMXMSR
&]WXVIWWMRKGSQQSRTIVGITXMSRWSJXLITVSFPIQXLIWXYHIRXLSTIHXSKIXSJJ
SRXLIVMKLXJSSX[MXLLMWEYHMIRGI3RGIXLEX[EWHSRILIQSZIHKVEHYEPP]
XSLMWQSVIGSRXVSZIVWMEPMHIEW
(IPMZIV=SYV7TIIGLIW*PYIRXP])\TVIWWMZIP]ERH[MXL'SRZMGXMSR
8LIVIMWEKVIEXHIEPSJVIWIEVGLXSWLS[XLEXEWTIEOIVtWGVIHMFMPMX]MWWXVSRKP]
EJJIGXIHF]LMWSVLIVHIPMZIV]1SHIVEXIP]JEWXWTIEOIVWJSVI\EQTPIEVIYWY
EPP] WIIR EW QSVI MRXIPPMKIRX ERH GSRJMHIRX XLER WPS[IV WTIEOIVW 7S XSS EVI
WTIEOIVW[LSYWIZSGEPZEVMIX]XSGSQQYRMGEXIXLIMVMHIEWMREPMZIP]ERMQEXIH
[E] 3R XLI SXLIV LERH WTIEOIVW [LS GSRWMWXIRXP] PSWI XLIMV TPEGI LIWMXEXI
JVIUYIRXP]SVTITTIVXLIMVXEPO[MXLqYLrqIVrERHqYQrEVIWIIREWPIWWGSQ
TIXIRXXLERWTIEOIVW[LSEVITSMWIHERHH]REQMG
%PPSJXLMWEVKYIWJSVTVEGXMGMRK]SYVTIVWYEWMZIWTIIGLJYPP]ELIEHSJXMQI
WS]SYGERHIPMZIVMXJPYIRXP]ERHI\TVIWWMZIP]-REHHMXMSRXSFIMRKFIXXIVTVI
TEVIH]SY[MPPXEOIEQENSVWXITXS[EVHIRLERGMRK]SYV GVIHMFMPMX] 6IZMI[
'LETXIVMJ]SYLEZIUYIWXMSRWEFSYXWTIIGLHIPMZIV]
7TIEOMRK XIGLRMUYIW EWMHI XLI QSWX MQTSVXERX [E] XS WXVIRKXLIR ]SYV
GVIHMFMPMX]MWXSHIPMZIV]SYVWTIIGLIW[MXLKIRYMRIGSRZMGXMSR4VIWMHIRX,EVV]
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
8VYQERSRGIWEMHXLEXMRWTIEOMRKqWMRGIVMX]LSRIWX]ERHEWXVEMKLXJSV[EVH
QERRIVEVIQSVIMQTSVXERXXLERWTIGMEPXEPIRXSVTSPMWLr-J]SY[MWLXSGSR
ZMRGI SXLIVW ]SY QYWX JMVWX GSRZMRGI ]SYVWIPJ -J ]SY [ERX SXLIVW XS FIPMIZI
ERHGEVIEFSYX]SYVMHIEW]SYQYWXFIPMIZIERHGEVIEFSYXXLIQ]SYVWIPJ=SYV
WTMVMXIRXLYWMEWQERHGSRZMGXMSR[MPPGEVV]SZIVXS]SYVPMWXIRIVW
9WMRK)ZMHIRGI
)ZMHIRGI GSRWMWXW SJ WYTTSVXMRK QEXIVMEPWhI\EQTPIW WXEXMWXMGW XIWXMQSR]h
YWIHXSTVSZISVHMWTVSZIWSQIXLMRK%W[IWE[MR'LETXIVQSWXTISTPIEVI
WOITXMGEP 8LI] EVI WYWTMGMSYW SJ YRWYTTSVXIH KIRIVEPM^EXMSRW 8LI] [ERX
WTIEOIVWXSNYWXMJ]XLIMVGPEMQW-J]SYLSTIXSFITIVWYEWMZI]SYQYWXWYTTSVX
]SYVZMI[W[MXLIZMHIRGI;LIRIZIV]SYWE]WSQIXLMRKXLEXMWSTIRXSUYIW
XMSR]SYWLSYPHKMZIIZMHIRGIXSTVSZI]SYEVIVMKLX
)ZMHIRGIMWTEVXMGYPEVP]MQTSVXERXMRGPEWWVSSQWTIIGLIWFIGEYWIJI[WXY
HIRXWEVIVIGSKRM^IHEWI\TIVXWSRXLIMVWTIIGLXSTMGW6IWIEVGLLEWWLS[RXLEX
WTIEOIVW[MXLZIV]LMKLMRMXMEPGVIHMFMPMX]HSRSXRIIHXSYWIEWQYGLIZMHIRGI
EW HS WTIEOIVW [MXL PS[IV GVIHMFMPMX] *SV QSWX WTIEOIVW XLSYKL WXVSRK IZM
HIRGIMWEFWSPYXIP]RIGIWWEV]-XGERIRLERGI]SYVGVIHMFMPMX]MRGVIEWIFSXLXLI
MQQIHMEXI ERH PSRKXIVQ TIVWYEWMZIRIWW SJ ]SYV QIWWEKI ERH LIPT qMRSGY
PEXIrPMWXIRIVWEKEMRWXGSYRXIVTIVWYEWMSR
)ZMHIRGIMWEPWSGVYGMEP[LIRIZIV]SYVXEVKIXEYHMIRGISTTSWIW]SYVTSMRX
SJ ZMI[ %W [I WE[ MR 'LETXIV PMWXIRIVW MR WYGL E WMXYEXMSR [MPP QIRXEPP]
EVKYI[MXL]SYhEWOMRKUYIWXMSRWVEMWMRKSFNIGXMSRWERHGVIEXMRKGSYRXIVEV
KYQIRXW XS qERW[IVr [LEX ]SY WE] 8LI WYGGIWW SJ ]SYV WTIIGL [MPP HITIRH
TEVXP]SRLS[[IPP]SYERXMGMTEXIXLIWIMRXIVREPVIWTSRWIWERHKMZIIZMHIRGI
XSVIJYXIXLIQ
=SYQE][ERXXSVIZMI[ 'LETXIV[LMGLWLS[WLS[XSYWIWYTTSVXMRK
QEXIVMEPW8LIJSPPS[MRKGEWIWXYH]MPPYWXVEXIWLS[XLI][SVOEWIZMHIRGIMRE
TIVWYEWMZIWTIIGL
IZMHIRGI
7YTTSVXMRKQEXIVMEPWYWIH
XSTVSZISVHMWTVSZI
WSQIXLMRK
,3;):-()2');36/7%'%7)789(=
0IXtWWE]SRISJ]SYVGPEWWQEXIWMWXEPOMRKEFSYXXLILEVQJYPIJJIGXWSJVITIEXIH
I\TSWYVIXSPSYHQYWMGERHSXLIVRSMWIW-RWXIEHSJNYWXXIPPMRK]SY[LEXWLI
XLMROWXLIWTIEOIVSJJIVWWXVSRKIZMHIRGIXSTVSZILIVTSMRX2SXMGILS[WLI
GEVVMIWSREQIRXEPHMEPSKYI[MXLLIVPMWXIRIVW7LIMQEKMRIW[LEXXLI]QMKLX
FIXLMROMRKERXMGMTEXIWXLIMVUYIWXMSRWERHSFNIGXMSRWERHKMZIWIZMHIRGIXS
ERW[IVXLIUYIWXMSRWERHVIWSPZIXLISFNIGXMSRW
7LIFIKMRWXLMW[E]
%WGSPPIKIWXYHIRXW[IEVII\TSWIHXSPSYHQYWMGERHSXLIVRSMWIEPPXLIXMQI;IKS
XSTEVXMIWGPYFWERHGSRGIVXW[LIVIXLIZSPYQIMWWSPSYH[ILEZIXSWLSYXWSXLITIVWSR
RI\X XS YW GER LIEV [LEX [I EVI WE]MRK ;I XYVR SYV M4SHW WS LMKL XLI] GER FI LIEVH
LEPJ[E]EGVSWWXLIVSSQ%RH[IWIPHSQKMZIMXEWIGSRHXLSYKLX&YX[IWLSYPHFIGEYWI
I\GIWWMZIRSMWIGERLEZIEWIVMSYWMQTEGXSRSYVLIEPXLERH[IPPFIMRK
,S[HS]SYVIEGX#-J]SYEPVIEH]ORS[EFSYXXLITVSFPIQWGEYWIHF]RSMWI
TSPPYXMSR ]SY TVSFEFP] RSH ]SYV LIEH MR EKVIIQIRX &YX [LEX MJ ]SY HSRtX
9WMRK)ZMHIRGI
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
ORS[#3VHSRtXEKVII#-J]SYIRNS]VSGOGSRGIVXWERHPMWXIRMRKXS]SYVM4SHEX
LMKLZSPYQIW]SYTVSFEFP]HSRtX[ERXXSLIEVEFSYXMX'IVXEMRP]]SY[MPPRSX
FITIVWYEHIHF]EKIRIVEPWXEXIQIRXEFSYXI\TSWYVIXSPSYHQYWMG1IRXEPP]
]SYWE]XSXLIWTIEOIVq,S[HS]SYORS[#'ER]SYTVSZIMX#r
%RXMGMTEXMRKNYWXWYGLEVIWTSRWIXLIWTIEOIVKMZIWIZMHIRGIXSWYTTSVXLIV
TSMRX
8LI %QIVMGER 1IHMGEP %WWSGMEXMSR VITSVXW XLEX QMPPMSR %QIVMGERW LEZI WSQI
HIKVIISJLIEVMRKPSWWERHXLEXQMPPMSRSJXLSWIGEWIWEVIGEYWIHF]XSSQYGLI\TSWYVI
XSPSYHRSMWI
q8LEXtWYRJSVXYREXIr]SYQE]XLMROq&YXIZIV]SRIPSWIWWSQILIEVMRKEW
XLI] KVS[ SPH ;L] WLSYPH - FI GSRGIVRIH EFSYX MX RS[#r 8LI WTIEOIV
ERW[IVW
-REREPEVQMRKXVIRHQSVIERHQSVIZMGXMQWSJRSMWIMRHYGIHHIEJRIWWEVIEHSPIWGIRXW
ERHIZIR]SYRKIVGLMPHVIR%GGSVHMRKXSXLI%QIVMGER%GEHIQ]SJ%YHMSPSK]QMPPMSR
GLMPHVIR MR XLI 97 FIX[IIR EKIW ERH LEZI WSQI LIEVMRK HEQEKI JVSQ EQTPMJMIH
QYWMG ERH SXLIV WSYVGIW %YHMSPSKMWX (IER +EVWIXGOM LIEH SJ XLI LIEVMRKMQTEMVQIRX
TVSKVEQ EX 2SVXL[IWXIVR 9RMZIVWMX] WE]W q;ItZI KSX ]IEVSPHW [EPOMRK EVSYRH [MXL
LIEVMRKPSWWTEXXIVRWSJTISTPI]IEVWXLIMVWIRMSVr
q8LIWIEVIMQTVIWWMZIJEGXWr]SYWE]XS]SYVWIPJq0YGOMP]-LEZIRtXRSXMGIH
ER]TVSFPIQW[MXLQ]LIEVMRK;LIR-HS-tPPNYWXFIGEVIJYPYRXMPMXKIXWFIX
XIVr/IITMRKSRIWXITELIEHSJ]SYXLIWTIEOIVGSRXMRYIW
8LITVSFPIQ[MXLLIEVMRKPSWWMWXLEXMXGVIITWYTSR]SY7MIVVEQEKE^MRIRSXIWXLEX
XSHE]tWLEVHVSGOJERW[SRtXRSXMGIXLIIJJIGXWSJXLIMVLIEVMRKPSWWJSVERSXLIV]IEVW
%RHXLIRMX[MPPFIXSSPEXI
q;LEXHS]SYQIERXSSPEXI#r]SYEWOQIRXEPP]8LIWTIEOIVXIPPW]SY
9RPMOI WSQI TL]WMGEP GSRHMXMSRW LIEVMRK PSWW MW MVVIZIVWMFPI 0SYH RSMWI HEQEKIW
XLI QMGVSWGSTMG LEMVW MR XLI MRRIV IEV XLEX XVERWQMX WSYRH XS XLI EYHMXSV] RIVZI 3RGI
HEQEKIHXLSWILEMVWGERRIZIVVIGSZIVERHGERRIZIVFIVITEMVIH
q-HMHRtXORS[XLEXr]SYWE]XS]SYVWIPJq-WXLIVIER]XLMRKIPWI#r
3RI PEWX TSMRX 6ITIEXIH I\TSWYVI XS PSYH QYWMG ERH SXLIV RSMWI HSIW QSVI XLER
HEQEKI]SYVLIEVMRK8LIPEXIWXMWWYISJ4VIZIRXMSRQEKE^MRIVITSVXWXLEXI\GIWWMZIRSMWI
LEW FIIR PMROIH XS WYGL TVSFPIQW EW WXVIWW LMKL FPSSH TVIWWYVI GLVSRMG LIEHEGLIW
JEXMKYIPIEVRMRKHMWSVHIVWIZIRLIEVXHMWIEWI-XtWIEW]XSWII[L].MPP0MTSXMGLMIJSJ6YX
KIVW9RMZIVWMX]tW2SMWI8IGLRMGEP%WWMWXERGI'IRXIV[EVRWXLEXqRSMWIEJJIGXWQSVITISTPI
XLERER]SXLIVTSPPYXERXr
2S[EVI]SYGSRZMRGIH#'LERGIWEVI]SY[MPPEXPIEWXXLMROEFSYXXLITSW
WMFPIGSRWIUYIRGIWXLIRI\XXMQI]SYEVIWIXXSTYQTYTXLIZSPYQISR]SYV
M4SH 1E]FI ]SY [MPP YWI IEVTPYKW EX E VSGO GSRGIVX =SY QE] IZIR FIKMR XS
VIEWWIWW]SYV[LSPIEXXMXYHIXS[EVHRSMWITSPPYXMSR;L]#&IGEYWIXLIWTIEOIV
WYTTSVXIHIEGLSJLIVGPEMQW[MXLIZMHIRGI=SYWLSYPHXV]XSHSXLIWEQIMR
]SYVTIVWYEWMZIWTIIGLIW
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
4IVWYEWMZIWTIIGLIWRIIH
WXVSRKIZMHIRGIXSGSRZMRGI
WOITXMGEPPMWXIRIVW*MRHMRK
XLIFIWXIZMHIRGISJXIRXEOIW
LEVHHMKKMRKFYXMXMW[IPP
[SVXLXLIIJJSVX
8-47*3697-2+):-()2')
%R] SJXLIWYTTSVXMRKQEXIVMEPWHMWGYWWIHMR'LETXIVhI\EQTPIWWXEXMWXMGW
XIWXMQSR]hGER [SVO EW IZMHIRGI MR E TIVWYEWMZI WTIIGL %W [I WE[ MR XLEX
GLETXIVXLIVIEVIKYMHIPMRIWJSVYWMRKIEGLOMRHSJWYTTSVXMRKQEXIVMEPVIKEVH
PIWWSJXLIOMRHSJWTIIGL]SYEVIKMZMRK,IVI[IPSSOEXJSYVWTIGMEPXMTWJSV
YWMRKIZMHIRGIMRETIVWYEWMZIWTIIGL
9WI7TIGMJMG)ZMHIRGI
2SQEXXIV[LEXOMRHSJIZMHIRGI]SYIQTPS]hWXEXMWXMGWI\EQTPIWSVXIWXMQSR]h
MX[MPPFIQSVITIVWYEWMZIMJ]SYWXEXIMXMRWTIGMJMGVEXLIVXLERKIRIVEPXIVQW-R
XLIWTIIGLEFSYXRSMWITSPPYXMSRJSVMRWXERGIXLIWTIEOIVHMHRSXWE]q0SXWSJ
TISTPIWYJJIVJVSQLIEVMRKPSWWr8LEX[SYPHLEZIPIJXXLIEYHMIRGI[SRHIVMRK
LS[ QER] qPSXWr EQSYRXW XS &] WE]MRK q QMPPMSR %QIVMGERW LEZI WSQI
HIKVIISJLIEVMRKPSWWrXLIWTIEOIVQEHILIVTSMRXQYGLQSVIIJJIGXMZIP]7LI
EPWSIRLERGIHLIVGVIHMFMPMX]F]WLS[MRKWLILEHEJMVQKVEWTSJXLIJEGXW
9WI2SZIP)ZMHIRGI
)ZMHIRGIMWQSVIPMOIP]XSFITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGI=SY[MPP
KEMRPMXXPIF]GMXMRKJEGXWERHJMKYVIWXLEXEVIEPVIEH][IPPORS[RXS]SYVPMWXIR
IVW-JXLI]LEZIRSXTIVWYEHIH]SYVPMWXIRIVWEPVIEH]XLI][MPPRSXHSWSRS[
=SY QYWX KS FI]SRH [LEX XLI EYHMIRGI EPVIEH] ORS[W ERH TVIWIRX WXVMOMRK
RI[IZMHIRGIXLEX[MPPKIXXLIQXSWE]q,QQQ-HMHRtXORS[XLEX1E]FI-
WLSYPHVIXLMROXLIMWWYIr*MRHMRKWYGLIZMHIRGIYWYEPP]VIUYMVIWLEVHHMKKMRK
ERHVIWSYVGIJYPVIWIEVGLFYXXLIVI[EVHWEVI[SVXLXLIIJJSVX
9WI)ZMHIRGIJVSQ'VIHMFPI7SYVGIW
0MWXIRIVWJMRHIZMHIRGIJVSQGSQTIXIRXGVIHMFPIWSYVGIWQSVITIVWYEWMZIXLER
IZMHIRGIJVSQPIWWUYEPMJMIHWSYVGIW%FSZIEPPPMWXIRIVWEVIWYWTMGMSYWSJIZMHIRGI
9WMRK)ZMHIRGI
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
'LIGOPMWX
=)7
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
)ZMHIRGI
23
%VIEPPQ]QENSVGPEMQWWYTTSVXIHF]IZMHIRGI#
(S-YWIWYJJMGMIRXIZMHIRGIXSGSRZMRGIQ]EYHMIRGISJ
Q]GPEMQW#
-W Q] IZMHIRGI WXEXIH MR WTIGMJMG VEXLIV XLER KIRIVEP
XIVQW#
GSRRIGXPYGEWGSQ
8LMWGLIGOPMWXMWEPWSEZEMPEFPI
MRXLISRPMRI7XYH]8SSPWJSV
XLMIGLETXIV
(S-YWIIZMHIRGIXLEXMWRI[XSQ]EYHMIRGI#
-WQ]IZMHIRGIJVSQGVIHMFPIYRFMEWIHWSYVGIW#
(S-MHIRXMJ]XLIWSYVGIWSJQ]IZMHIRGI#
-WQ]IZMHIRGIGPIEVP]PMROIHXSIEGLTSMRXXLEXMXMWQIERX
XSTVSZI#
(S-TVSZMHIIZMHIRGIXSERW[IVTSWWMFPISFNIGXMSRWXLI
EYHMIRGIQE]LEZIXSQ]TSWMXMSR#
JVSQWSYVGIWXLEXETTIEVXSFIFMEWIHSVWIPJMRXIVIWXIH-REWWIWWMRKXLIGYVVIRX
WXEXI SJ EMVPMRI WEJIX] JSV I\EQTPI XLI] EVI QSVI PMOIP] XS FI TIVWYEHIH F]
XIWXMQSR]JVSQMQTEVXMEPEZMEXMSRI\TIVXWXLERJVSQXLITVIWMHIRXSJ%QIVMGER
%MVPMRIW-J]SY[MWLXSFITIVWYEWMZIVIP]SRIZMHIRGIJVSQSFNIGXMZIRSRTEV
XMWERWSYVGIW
1EOI'PIEVXLI4SMRXSJ=SYV)ZMHIRGI
GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQ
q4YXXMRKXLI&VEOIWSR
8IIREKI(VMZMRKrMRXLISRPMRI
1IHME0MFVEV]JSVXLMW
GLETXIV:MHIS'PMT
PSKSW
8LIREQIYWIHF]%VMWXSXPIJSV
XLIPSKMGEPETTIEPSJEWTIEOIV
8LIX[SQENSVIPIQIRXWSJ
EVIIZMHIRGIERH
VIEWSRMRK
;LIRWTIEOMRKXSTIVWYEHI]SYYWIIZMHIRGIXSTVSZIETSMRX=IX]SY[SYPH
FIWYVTVMWIHLS[QER]RSZMGIWTIEOIVWTVIWIRXXLIMVIZMHIRGI[MXLSYXQEOMRK
GPIEVXLITSMRXMXMWWYTTSWIHXSTVSZI%RYQFIVSJWXYHMIWLEZIWLS[RXLEX
]SYGERRSXGSYRXSRPMWXIRIVWXSHVE[SRXLIMVS[RXLIGSRGPYWMSR]SY[ERX
XLIQXSVIEGL;LIR YWMRKIZMHIRGIFIWYVIPMWXIRIVWYRHIVWXERHXLITSMRX
]SYEVIXV]MRKXSQEOI
2SXMGI JSV I\EQTPI LS[ XLI WTIEOIV MR :MHIS 'PMT MR XLI SRPMRI
1IHME0MFVEV]JSVXLMWGLETXIVHVMZIWLSQIXLITSMRXSJLIVIZMHIRGIEFSYXXLI
RYQFIVSJQSXSVZILMGPIJEXEPMXMIWMRZSPZMRKXIIREKIHVMZIVW
%GGSVHMRK XS XLI 2EXMSREP ,MKL[E] 8VEJJMG 7EJIX] %HQMRMWXVEXMSR [LMPI XIIREKIVW
QEOIYTTIVGIRXSJXLIREXMSRtWPMGIRWIHHVMZIVWXLI]VITVIWIRXTIVGIRXSJEPPQSXSV
ZILMGPIJEXEPMXMIW8LI2,87%VITSVXWXLEXPEWX]IEVHVMZIVWEKIHXS[IVIOMPPIH
MREYXSQSFMPIEGGMHIRXW -REHHMXMSRXSOMPPMRKXLIHVMZIVWXLIWIWEQIEGGMHIRXWXSSOXLI
PMZIWSJXIIREKITEWWIRKIVW&YXXLIWIEGGMHIRXWHMHRtXEJJIGXXIIREKIVWEPSRI8LI]
EPWSXSSOXLIPMZIWSJTISTPIEKIHSVSPHIV
7SXLIXSXEPRYQFIVSJTISTPIOMPPIHPEWX]IEVMREYXSQSFMPIEGGMHIRXWMRZSPZMRKXIIR
EKIHVMZIVW[EWhEPQSWXI\EGXP]XLIRYQFIVSJJYPPXMQIWXYHIRXWEXXLMWGEQTYW
)ZMHIRGIMWSRIIPIQIRXSJ[LEX%VMWXSXPIVIJIVVIHXSEWPSKSWhXLIPSKMGEP
ETTIEPSJEWTIEOIV8LISXLIVQENSVIPIQIRXSJPSKSWMWVIEWSRMRK[LMGL[SVOW
MRGSQFMREXMSR[MXLIZMHIRGIXSLIPTQEOIEWTIEOIVtWGPEMQWTIVWYEWMZI
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
6IEWSRMRK
8LI WXSV] MW XSPH EFSYX ,EGO ;MPWSR E LEVHLMXXMRK SYXJMIPHIV JSV XLI &VSSOP]R (SHKIVW
FEWIFEPPXIEQMRXLIW;MPWSR[EWEKVIEXTPE]IVFYXLILEHEJSRHRIWWJSVXLIKSSH
PMJI,MWHVMROMRKI\TPSMXW[IVIPIKIRHEV],I[EWORS[RXSWTIRHXLIIRXMVIRMKLXSRXLI
XS[RWXEKKIVMRXSXLIXIEQtWLSXIPEXXLIFVIEOSJHE[RKVEFEGSYTPILSYVWWPIITERH
KIXXSXLIFEPPTEVONYWXMRXMQIJSVXLIEJXIVRSSRKEQI
8LMWKVIEXP]HMWXVIWWIH1E\'EVI];MPWSRtWQEREKIV%XXLIRI\XXIEQQIIXMRK'EVI]
WTIRXQYGLXMQII\TPEMRMRKXLIIZMPWSJHVMRO8STVSZILMWTSMRXLIWXSSHFIWMHIEXEFPI
SR[LMGLLILEHTPEGIHX[SKPEWWIWERHETPEXISJPMZIERKPI[SVQW3RIKPEWW[EWJMPPIH
[MXL[EXIVXLISXLIV[MXLKMRh;MPWSRtWJEZSVMXIFIZIVEKI;MXLEJPSYVMWL'EVI]HVSTTIH
E[SVQMRXSXLIKPEWWSJ[EXIV-X[VMKKPIHLETTMP]2I\X'EVI]TPYRKIHXLIWEQI[SVQ
MRXSXLIKMR-XTVSQTXP]WXMJJIRIHERHI\TMVIH
%QYVQYVVERXLVSYKLXLIVSSQERHWSQITPE]IVW[IVISFZMSYWP]MQTVIWWIH&YXRSX
;MPWSR ,I HMHRtX IZIR WIIQ MRXIVIWXIH 'EVI] [EMXIH E PMXXPI LSTMRK JSV WSQI HIPE]IH
VIEGXMSR JVSQ LMW [E][EVH WPYKKIV ;LIR RSRI GEQI LI TVSHHIH q(S ]SY JSPPS[ Q]
VIEWSRMRK;MPWSR#r
q7YVI WOMTTIVr ERW[IVIH ;MPWSR q-X TVSZIW XLEX MJ ]SY HVMRO KMR ]SYtPP RIZIV KIX
[SVQWr
%RH[LEXHSIWXLMWWXSV]TVSZI#2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY
[MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVWKVEWT]SYVVIEWSRMRK
6IEWSRMRKMWXLITVSGIWWSJHVE[MRKEGSRGPYWMSRFEWIHSRIZMHIRGI7SQI
XMQIW[IVIEWSR[IPPhEW[LIR[IGSRGPYHIXLEXMGITEVXMGPIWJSVQMRKSRXLI
XVIIWQE]QIERXLIVSEHW[MPPFIWPMTTIV]3XLIVXMQIW[IVIEWSRPIWWIJJIGXMZIP]h
EW[LIR[IGSRGPYHIXLEXWTMPPMRKWEPX[MPPFVMRKFEHPYGO1SWXWYTIVWXMXMSRW
EVIEGXYEPP]RSQSVIXLERMRWXERGIWSJJEYPX]VIEWSRMRK
6IEWSRMRKMRTYFPMGWTIEOMRKMWERI\XIRWMSRSJVIEWSRMRKMRSXLIVEWTIGXW
SJPMJI%WETYFPMGWTIEOIV]SYLEZIX[SQENSVGSRGIVRW[MXLVIWTIGXXSVIE
WSRMRK*MVWX]SYQYWXQEOIWYVI]SYVS[RVIEWSRMRKMWWSYRH7IGSRH]SY
QYWXXV]XSKIXPMWXIRIVWXSEKVII[MXL]SYVVIEWSRMRK0IXYWPSSOXLIREXJSYV
FEWMGQIXLSHWSJVIEWSRMRKERHLS[XSYWIXLIQMR]SYVWTIIGLIW
VIEWSRMRK
8LITVSGIWWSJHVE[MRKE
GSRGPYWMSRSRXLIFEWMWSJ
IZMHIRGI
6)%732-2+*63174)'-*-'-278%2')7
;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY TVSKVIWW JVSQ E RYQFIV SJ VIEWSRMRKJVSQ
WTIGMJMGMRWXERGIW
TEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR*SVI\EQTPI
*EGX 1]TL]WMGEPIHYGEXMSRGSYVWIPEWXXIVQ[EWIEW]
*EGX 1]VSSQQEXItWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW]
6IEWSRMRKXLEXQSZIWJVSQ
TEVXMGYPEVJEGXWXSEKIRIVEP
GSRGPYWMSR
*EGX 1]FVSXLIVtWTL]WMGEPIHYGEXMSRGSYVWI[EWIEW]
'SRGPYWMSR 4L]WMGEPIHYGEXMSRGSYVWIWEVIIEW]
%W XLMW I\EQTPI WYKKIWXW [I YWI VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW HEMP]
EPXLSYKL[ITVSFEFP] HSRtXVIEPM^IMX8LMROJSVEQSQIRXSJEPPXLIKIRIVEP
GSRGPYWMSRW XLEX EVMWI MR GSRZIVWEXMSR 4SPMXMGMERW EVI GSVVYTX 4VSJIWWSVW EVI
FSSOMWL(SVQJSSHMWE[JYP;LIVIHSWYGLGSRGPYWMSRWGSQIJVSQ#8LI]GSQI
JVSQSFWIVZMRKTEVXMGYPEVTSPMXMGMERWTVSJIWWSVWHSVQMXSVMIWERHWSSR
8LI WEQI XLMRK LETTIRW MR TYFPMG WTIEOMRK 8LI WTIEOIV [LS GSRGPYHIW
XLEX YRIXLMGEP FYWMRIWW TVEGXMGIW EVI GSQQSR MR XLI 9RMXIH 7XEXIW FIGEYWI
6IEWSRMRK
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
WIZIVEPQENSVGSVTSVEXMSRWLEZIFIIRKYMPX]SJJVEYHMRVIGIRX]IEVWMWVIEWSR
MRKJVSQWTIGMJMGMRWXERGIW7SMWXLIWTIEOIV[LSEVKYIWXLEXERXM7IQMXMWQMW
MRGVIEWMRKSRGSPPIKIGEQTYWIWFIGEYWIXLIVILEZIFIIR ERYQFIVSJ EXXEGOW
SR.I[MWLWXYHIRXWERHW]QFSPWEXWGLSSPWEGVSWWXLIREXMSR
7YGL GSRGPYWMSRW EVI RIZIV JSSPTVSSJ 2S QEXXIV LS[ QER] WTIGMJMG
MRWXERGIW]SYKMZIERH]SYGERKMZISRP]EJI[MREWTIIGLMXMWEP[E]WTSW
WMFPIXLEXERI\GITXMSRI\MWXW8LVSYKLSYXXLIEKIWTISTPISFWIVZIHGSYRXPIWW
[LMXI W[ERW MR )YVSTI [MXLSYX WIIMRK ER] SJ E HMJJIVIRX GSPSV -X WIIQIH ER
YRHIRMEFPI JEGX XLEX EPP W[ERW [IVI [LMXI 8LIR MR XLI XL GIRXYV] FPEGO
W[ERW[IVIHMWGSZIVIHMR%YWXVEPME
+YMHIPMRIWJSV6IEWSRMRKJVSQ7TIGMJMG-RWXERGIW
LEWX]KIRIVEPM^EXMSR
%RIVVSVMRVIEWSRMRKJVSQ
WTIGMJMGMRWXERGIWMR[LMGLE
WTIEOIVNYQTWXSEKIRIVEP
GSRGPYWMSRSRXLIFEWMWSJ
MRWYJJMGMIRXIZMHIRGI
;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY WLSYPH JSPPS[ E JI[ FEWMG
KYMHIPMRIW
*MVWXEZSMHKIRIVEPM^MRKXSSLEWXMP]&I[EVISJXLIXIRHIRG]XSNYQTXSGSR
GPYWMSRWSRXLIFEWMWSJMRWYJJMGMIRXIZMHIRGI1EOIWYVI]SYVWEQTPISJWTIGMJMG
MRWXERGIWMWPEVKIIRSYKLXSNYWXMJ]]SYVGSRGPYWMSR%PWSQEOIWYVIXLIMRWXERGIW
]SYTVIWIRXEVIJEMVYRFMEWIHERHVITVIWIRXEXMZI%VIXLVIITL]WMGEPIHYGEXMSR
GSYVWIWIRSYKLXSGSRGPYHIXLEXTL]WMGEPIHYGEXMSRGSYVWIWMRKIRIVEPEVIIEW]#
%VIXLIXLVIIGSYVWIWX]TMGEPSJQSWXTL]WMGEPIHYGEXMSRGSYVWIW#
7IGSRH FIGEVIJYP [MXL]SYV [SVHMRK -J ]SYVIZMHIRGI HSIWRSXNYWXMJ] E
W[IITMRKGSRGPYWMSRUYEPMJ]]SYVEVKYQIRX7YTTSWI]SYEVIXEPOMRKEFSYXXLI
GVMWMWMR%QIVMGEtWREXMSREPTEVOW]WXIQFVSYKLXSRF]SZIVYWIERHGSQQIVGMEP
HIZIPSTQIRX=SYHSGYQIRXXLITVSFPIQF]HMWGYWWMRKWSQIWTIGMJMGMRWXERGIWh
=SWIQMXI =IPPS[WXSRI XLI )ZIVKPEHIW 8LIR ]SY HVE[ ]SYV GSRGPYWMSR =SY
QMKLXWE]
%W[I LEZI WIIR %QIVMGEtW REXMSREPTEVOW]WXIQMWWIVZMRK QSVI XLER QMPPMSR
TISTPIE]IEV[MXLXLIVIWYPXXLEXWSQITEVOWEVIFIMRKSZIVGSQI F]XVEJJMGTSPPYXMSR
ERHKEVFEKI;ILEZIEPWSWIIRXLEXQSVIERHQSVITEVOWEVIFIMRKI\TPSMXIHJSVQMRMRK
PSKKMRK ERH SXLIV JSVQW SJ GSQQIVGMEP HIZIPSTQIRX -X GIVXEMRP] WIIQW JEMV XLIR XS
GSRGPYHIXLEXRI[QIEWYVIWEVIRIIHIHXSIRWYVIXLEXXLIFIEYX]WIVIRMX]ERHFMSPSKM
GEPHMZIVWMX]SJ%QIVMGEtWREXMSREPTEVOWEVITVIWIVZIHJSVJYXYVIKIRIVEXMSRWEW[IPPEWJSV
SYVS[R
8LMWMWRSXEWHVEQEXMGEWWE]MRKq%QIVMGEtWREXMSREPTEVOWEVISRXLIFVMROSJ
HIWXVYGXMSRr FYX MX MW QSVI EGGYVEXI ERH [MPP FI QSVI TIVWYEWMZI XS GEVIJYP
PMWXIRIVW
8LMVHVIMRJSVGI]SYVEVKYQIRX[MXLWXEXMWXMGWSVXIWXMQSR]7MRGI]SYGER
RIZIVKMZIIRSYKLWTIGMJMGMRWXERGIWXSQEOI]SYVGSRGPYWMSRMVVIJYXEFPI]SY
WLSYPHWYTTPIQIRXXLIQ[MXLXIWXMQSR]SV WXEXMWXMGWHIQSRWXVEXMRKXLEXXLI
MRWXERGIWEVIVITVIWIRXEXMZI;LIRXEPOMRKEFSYXTVIWGVMTXMSRHVYKEFYWI]SY
QMKLXWE]
4VIWGVMTXMSRHVYKSZIVHSWIWLEZIWO]VSGOIXIHMRVIGIRX]IEVW'SRWMHIVXLIQSWXTYF
PMGM^IH GEWIW -R IEVP] EGXSV ,IEXL 0IHKIV SZIVHSWIH JVSQ E PIXLEP GSGOXEMP SJ WM\
HMJJIVIRXTVIWGVMTXMSRHVYKW%]IEVIEVPMIVQSHIP%RRE2MGSPI7QMXLHMIHJVSQEHERKIV
SYWQM\XYVISJRMRITVIWGVMTXMSRHVYKW%RHJMZIQSRXLWFIJSVIXLEX7QMXLtWWSR(ERMIP
HMIHJVSQEGSQFMREXMSRSJEXPIEWXXLVIITVIWGVMTXMSRHVYKW
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
8LIWIWTIGMJMGI\EQTPIWLIPTQEOIXLIGSRGPYWMSRTIVWYEWMZIFYXEPMWXIRIV
GSYPH IEWMP] HMWQMWW XLIQ EW WIRWEXMSREP ERH EX]TMGEP 8S TVIZIRX XLMW ]SY
QMKLXKSSRXSWE]
8LI TVSFPIQ MW RSX PMQMXIH XS XLI VMGL ERH JEQSYW %W VITSVXIH F] XLI 'IRXIVW JSV
(MWIEWI'SRXVSPXLIRYQFIVSJTVIWGVMTXMSRHVYKSZIVHSWIWLEWEPQSWXHSYFPIHSZIVXLI
TEWXHIGEHIQEOMRKMXXLIWIGSRHPIEHMRKGEYWISJEGGMHIRXEPHIEXLMRXLI9RMXIH7XEXIW
VMKLXFILMRHEYXSQSFMPIEGGMHIRXW)EGL]IEVQSVIXLERTISTPIHMIJVSQEHZIVWI
VIEGXMSRWXSTVIWGVMTXMSRHVYKW%GGSVHMRKXS 0ISREVH4EYPS^^MEQIHMGEPITMHIQMSPSKMWX
[MXLXLI'('q.YHKIHF]ER]QIEWYVIXLITVIWGVMTXMSRHVYKTVSFPIQMWEGVMWMWXLEX
MWWXIEHMP][SVWIRMRKr
;MXL XLMW FEGOYT QEXIVMEP RSX IZIR E WOITXMGEP PMWXIRIV GSYPH VINIGX ]SYV
I\EQTPIWEWMWSPEXIH
;LIR]SYVIEWSRJVSQWTIGMJMGMRWXERGIW]SYGERIMXLIVWXEXI]SYVGSRGPY
WMSRERHXLIRKMZIXLIWTIGMJMGMRWXERGIWSR[LMGLMXMWFEWIHSVKMZIXLIWTIGMJMG
MRWXERGIW ERH XLIR HVE[ ]SYV GSRGPYWMSR 0SSO FEGO EX XLI I\EQTPI EFSYX
REXMSREPTEVOWSRTEKI-RXLEXI\EQTPIXLIWTIEOIVJMVWXKMZIWXLVIIJEGXW
ERHXLIRHVE[WEGSRGPYWMSR-RXLII\EQTPIEFSYXTVIWGVMTXMSRHVYKSZIVHSWIW
XLI GSRGPYWMSR MW WXEXIH JMVWX JSPPS[IH F] XLVII WTIGMJMG MRWXERGIW -X HSIWRtX
QEXXIV[LMGLSVHIV]SYYWIEWPSRKEW]SYVJEGXWWYTTSVX]SYVGSRGPYWMSR
6)%732-2+*63146-2'-40)
6IEWSRMRKJVSQTVMRGMTPIMWXLISTTSWMXISJVIEWSRMRKJVSQWTIGMJMGMRWXERGIW
-XQSZIWJVSQXLIKIRIVEPXSXLIWTIGMJMG;LIR ]SYVIEWSRJVSQTVMRGMTPI
]SYTVSKVIWWJVSQEKIRIVEPTVMRGMTPIXSEWTIGMJMGGSRGPYWMSR;IEVIEPPJEQMP
MEV[MXLXLMWOMRHSJVIEWSRMRKJVSQWXEXIQIRXWWYGLEWXLIJSPPS[MRK
VIEWSRMRKJVSQTVMRGMTPI
6IEWSRMRKXLEXQSZIWJVSQE
KIRIVEPTVMRGMTPIXSEWTIGMJMG
GSRGPYWMSR
%PPTISTPIEVIQSVXEP
7SGVEXIWMWETIVWSR
8LIVIJSVI7SGVEXIWMWQSVXEP
8LMWMWEGPEWWMGI\EQTPISJVIEWSRMRKJVSQTVMRGMTPI=SYFIKMR[MXLEKIRIVEP
WXEXIQIRX q%PP TISTPI EVI QSVXEPr QSZIXS E QMRSV TVIQMWI q7SGVEXIW MW E
TIVWSRrERHIRH[MXLEWTIGMJMGGSRGPYWMSRq7SGVEXIWMWQSVXEPr
7TIEOIVWSJXIRYWIVIEWSRMRKJVSQTVMRGMTPI[LIRXV]MRKXSTIVWYEHIER
EYHMIRGI 3RI SJ XLI GPIEVIWX I\EQTPIW JVSQ %QIVMGER LMWXSV] MW 7YWER &
%RXLSR]tWJEQSYWWTIIGLq-W-XE'VMQIJSV97'MXM^IRWXS:SXI#r(IPMZIVIH
SR RYQIVSYW SGGEWMSRW MR ERH EX E XMQI [LIR [SQIR [IVI
PIKEPP] FEVVIH JVSQ ZSXMRK %RXLSR]tW WTIIGL VIEWSRIH EPSRK XLI JSPPS[MRK
PMRIW
8
LI9RMXIH7XEXIW'SRWXMXYXMSRKYEVERXIIWEPP97GMXM^IRWXLIVMKLXXSZSXI
;SQIREVI97GMXM^IRW
8LIVIJSVI XLI 9RMXIH 7XEXIW 'SRWXMXYXMSR KYEVERXIIW [SQIR XLI VMKLX
XSZSXI
8LMWEVKYQIRXTVSKVIWWIWJVSQEKIRIVEPTVMRGMTPIq8LI9RMXIH7XEXIW'SRWXM
XYXMSRKYEVERXIIWEPP97GMXM^IRWXLIVMKLXXSZSXIrXLVSYKLEQMRSVTVIQMWI
6IEWSRMRK
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
q;SQIR EVI 97 GMXM^IRWr XS E GSRGPYWMSR q8LIVIJSVI XLI 9RMXIH 7XEXIW
'SRWXMXYXMSRKYEVERXIIW[SQIRXLIVMKLXXSZSXIr
+YMHIPMRIWJSV6IEWSRMRKJVSQ4VMRGMTPI
;LIR]SYYWIVIEWSRMRKJVSQTVMRGMTPIMREWTIIGLTE]WTIGMEP EXXIRXMSRXS
]SYV KIRIVEP TVMRGMTPI ;MPP PMWXIRIVW EGGITX MX [MXLSYX IZMHIRGI# -J RSX KMZI
IZMHIRGI XS WYTTSVX MX FIJSVI QSZMRK XS ]SYV QMRSV TVIQMWI =SY QE] EPWS
RIIH XS WYTTSVX ]SYV QMRSV TVIQMWI [MXL IZMHIRGI ;LIR FSXL XLI KIRIVEP
TVMRGMTPI ERH XLI QMRSV TVIQMWI EVI WSYRHP] FEWIH ]SYV EYHMIRGI [MPP FI
QYGLQSVIPMOIP]XSEGGITX]SYVGSRGPYWMSR
7YTTSWIJSVI\EQTPIXLEX]SYTPERXSWTIEOEFSYXI\GIWWMZIWYKEVMRXLI
%QIVMGERHMIX=SYFIKMRF]JSVQYPEXMRKEWTIGMJMGTYVTSWI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXSPMQMXXLIMVGSRWYQTXMSRSJ
WSJXHVMROWHIWWIVXWGERHMIWW[IIXIRIHHEMV]TVSHYGXW
ERHSXLIVJSSHW[MXLLMKLWYKEVGSRXIRX
2I\X ]SY HIGMHI XS YWI VIEWSRMRK JVSQ TVMRGMTPI XS LIPT TIVWYEHI ]SYV
EYHMIRGI=SYVEVKYQIRXPSSOWPMOIXLMW
)\GIWWMZIGSRWYQTXMSRSJVIJMRIHWYKEVMWYRLIEPXL]
7SJXHVMROWHIWWIVXWGERHMIWERHW[IIXIRIHHEMV]TVSHYGXWGSRXEMRI\GIW
WMZIEQSYRXWSJWYKEV
8LIVIJSVI I\GIWWMZI GSRWYQTXMSR SJ WSJX HVMROW HIWWIVXW GERHMIW ERH
W[IIXIRIHHEMV]TVSHYGXWMWYRLIEPXL]
8SQEOIXLIEVKYQIRXTIVWYEWMZI]SYLEZIXSWYTTSVX]SYVKIRIVEPTVMR
GMTPIq)\GIWWMZIGSRWYQTXMSRSJVIJMRIHWYKEVMWYRLIEPXL]r=SYGMXIQIHMGEP
IZMHIRGIERHVIWIEVGLWXYHMIW4EVXSJ]SYVEVKYQIRXQMKLXKSPMOIXLMW
,MKL WYKEV MRXEOI LEW FIIR PMROIH [MXL HMEFIXIW SWXISTSVSWMW GERGIV LMKL FPSSH
TVIWWYVIERHLIEVXHMWIEWIRSXXSQIRXMSRXSSXLHIGE]ERHSFIWMX]-RHIIHXLI,EVZEVH
7GLSSPSJ4YFPMG,IEPXLLEWMHIRXMJMIHWYKEVW[IIXIRIHWSHEWEWEQENSVGEYWISJXLI97
SFIWMX]ITMHIQMGERHXLIEPEVQMRKMRGVIEWIMR8]TI--HMEFIXIW%GGSVHMRKXSXLI%QIVMGER
1IHMGEP%WWSGMEXMSRLMKLWYKEVMRXEOIMWEQSRKXLIQSWXWIVMSYWLIEPXLTVSFPIQWJEGMRK
XLI9RMXIH7XEXIW
,EZMRKWYTTSVXIH]SYVKIRIVEPTVMRGMTPI]SYFSPWXIV]SYVQMRSVTVIQMWI
q7SJXHVMROWHIWWIVXWGERHMIWERHW[IIXIRIHHEMV]TVSHYGXWGSRXEMRI\GIWWMZI
EQSYRXWSJWYKEVr=SYVIZMHIRGIMRGPYHIWXLIJSPPS[MRK
8LI ;SVPH ,IEPXL 3VKERM^EXMSR VIGSQQIRHW XLEX TISTPI GSRWYQI RS QSVI XLER
KVEQWSJVIJMRIHWYKEVEHE]&YXNYWXSRIGERSJ4ITWM9TSV1SYRXEMR(I[HIPMZ
IVWKVEQW%PEVKI1G(SREPHtWQMPOWLEOIGSRXEMRWKVEQWhEWHSIWSRI'MRREFSR
SV SRI WPMGI SJ GLIVV] TMI %HH MGI GVIEQ XS XLI TMI ERH XLI WYKEV GSRXIRX I\GIIHW
KVEQW%SYRGIGERH]FEVLEWKVEQWSJWYKEV)ZIRJSSHWXLEXEVIWYTTSWIHXS
FI RYXVMXMSYW GER GSRXEMR PEVKI EQSYRXW SJ EHHIH WYKEV %R SYRGI WIVZMRK SJ JVYMX
]SKYVXLEWKVEQW[LMPIEKPEWWSJ[LSPIQMPOGSRXEMRWKVEQW2S[SRHIV[ILEZI
EWYKEVSZIVPSEH
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
6IEWSRMRKMWERMQTSVXERX
TEVXSJTIVWYEWMZIWTIEOMRK
-REPIKEPXVMEPJSVI\EQTPI
RIMXLIVXLITVSWIGYXMSRRSV
XLIHIJIRWIMWPMOIP]XSW[E]
XLINYV]YRPIWWXLIMVVIEWSRMRK
MWGPIEVERHGSRZMRGMRK
2S[]SYLEZIWYTTSVXIH]SYVKIRIVEPTVMRGMTPIERH]SYVQMRSVTVIQMWI
=SYGERJIIPGSRJMHIRXMRKSMRKSRXS]SYVGSRGPYWMSR
8LIVIJSVI I\GIWWMZI GSRWYQTXMSR SJ WSJX HVMROW HIWWIVXW GERHMIW ERH W[IIXIRIH
HEMV]TVSHYGXWMWYRLIEPXL]
%RH]SYGERI\TIGX]SYVEYHMIRGIXSXEOI]SYWIVMSYWP];LIRYWIHTVST
IVP]VIEWSRMRKJVSQTVMRGMTPIMWLMKLP]TIVWYEWMZI
'%97%06)%732-2+
8LIVIMWETEXGLSJMGISRXLIWMHI[EPO=SYWPMTJEPPERHFVIEO]SYVEVQ=SY
VIEWSREWJSPPS[Wq&IGEYWIXLEXTEXGLSJMGI[EWXLIVI-JIPPERHFVSOIQ]EVQr
8LMWMWERI\EQTPISJGEYWEPVIEWSRMRKMR[LMGLWSQISRIXVMIWXSIWXEFPMWLXLI
VIPEXMSRWLMTFIX[IIRGEYWIWERHIJJIGXW
%W [MXL VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW [I YWI GEYWEP VIEWSRMRK HEMP]
7SQIXLMRKLETTIRWERH[IEWO[LEXGEYWIHMXXSLETTIR;I[ERXXSORS[
XLIGEYWIWSJGLVSRMGJEXMKYIW]RHVSQISJXLIJSSXFEPPXIEQtWPEXIWXHIJIEXSJ
SYV VSSQQEXItW TIGYPMEV LEFMXW ;I EPWS [SRHIV EFSYX IJJIGXW ;I WTIGYPEXI
EFSYXXLIGSRWIUYIRGIWSJGLVSRMGJEXMKYIW]RHVSQISRPMJII\TIGXERG]SJXLI
WXEVUYEVXIVFEGOtWPIKMRNYV]SJXIPPMRKSYVVSSQQEXIXLEXEGLERKIMWRIIHIH
GEYWEPVIEWSRMRK
6IEWSRMRKXLEXWIIOWXS
IWXEFPMWLXLIVIPEXMSRWLMT
FIX[IIRGEYWIWERHIJJIGXW
+YMHIPMRIWJSV'EYWEP6IEWSRMRK
%WER]WGMIRXMWXSVHIXIGXMZI[MPPXIPP]SYGEYWEPVIEWSRMRKGERFIXVMGO]8LI
VIPEXMSRWLMTFIX[IIRGEYWIWERHIJJIGXWMWRSXEP[E]WGPIEV8LIVIEVIX[SGSQ
QSRIVVSVWXSEZSMH[LIRYWMRKGEYWEPVIEWSRMRK
8LIJMVWXMWXLIJEPPEG]SJJEPWIGEYWI8LMWJEPPEG]MWSJXIRORS[RF]MXW0EXMR
REQITSWXLSGIVKSTVSTXIVLSG[LMGLQIERWqEJXIVXLMWXLIVIJSVIFIGEYWISJ
XLMWr-RSXLIV[SVHWXLIJEGXXLEXSRIIZIRXLETTIRWEJXIVERSXLIVHSIWRSX
QIERXLEXXLIJMVWXMWXLIGEYWISJXLIWIGSRH8LIGPSWIRIWWMRXMQISJXLIX[S
6IEWSRMRK
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
%PXLSYKLMX[EW[VMXXIRQSVIXLER]IEVWEKS%VMWXSXPItW6LIXSVMGVIQEMRWXLI
GPEWWMG [SVO SR XLI QIXLSHW SJ TIVWYEWMSR =SY GER EGGIWW XLI JYPP XI\X SJ XLI
6LIXSVMG SR XLI ;IF EX LXXTGPEWWMGWQMXIHY%VMWXSXPIVLIXSVMGLXQP *SV PMROW
XSQSVIXLERSXLIVIPIGXVSRMGFSSOWPSKSRXS4VSNIGX+YXIRFIVKEX[[[
KYXIRFIVKSVK[MOM1EMRC4EKI
-RXIVRIX
'SRRIGXMSR
[[[GSRRIGXPYGEWGSQ
JEPWIGEYWI
%RIVVSVMRGEYWEPVIEWSRMRKMR
[LMGLEWTIEOIVQMWXEOIRP]
EWWYQIWXLEXFIGEYWISRIIZIRX
JSPPS[WERSXLIVXLIJMVWXIZIRX
MWXLIGEYWISJXLIWIGSRH8LMW
IVVSVMWSJXIRORS[RF]MXW0EXMR
REQI
QIERMRKqEJXIVXLMW
XLIVIJSVIFIGEYWISJXLMWr
%VI ]SY KMZMRK ]SYV TIVWYEWMZI WTIIGL SR E XSTMG GYVVIRXP] MR XLI RI[W# -J WS
]SYQE]FIEFPIXS JMRHQEXIVMEPW SR MX F] PSKKMRKSR XS 2I[W(MVIGXSV] [[[
RI[WHMVIGXSV]GSQ[LMGLTVSZMHIWLYRHVIHWSJPMROWXSRI[WTETIVWQEKE^MRIW
FVSEHGEWXIVWERHRI[WWIVZMGIW[SVPH[MHI
IZIRXWQE] FIIRXMVIP] GSMRGMHIRXEP-J EFPEGOGEXGVSWWIW]SYVTEXLERHJMZI
QMRYXIWPEXIV]SYJEPPERHFVIEO]SYVEVQ]SYRIIHRtXFPEQI]SYVEGGMHIRXSR
XLITSSVGEX
3RI WXYHIRX MR WTIIGL GPEWW EVKYIH XLEX E VMWI MR 7%8 WGSVIW JSV WXYHIRXW
MR LIV WXEXI [EW GEYWIH F] XLI IPIGXMSR SJ E RI[ WYTIVMRXIRHIRX SJ TYFPMG
MRWXVYGXMSRXLITVIZMSYW]IEV,IVVIEWSRMRK#8LIWYTIVMRXIRHIRXLEHTPIHKIH
MR LMW GEQTEMKR XS VIZIVWI XLI WXEXItW VIGIRX HIGPMRI MR 7%8 WGSVIW ;MXLMR E
]IEVEJXIVLIXSSOSJJMGI7%8WGSVIWLEHMQTVSZIH8LIVIJSVIXLIMQTVSZIQIRX
[EW GEYWIH F] XLI RI[ WYTIVMRXIRHIRX 8LI WXYHIRXtW GPEWWQEXIW [IVI RSX
MQTVIWWIH8LI]TSMRXIHSYXXLEXXLIXMQMRKSJXLIX[SIZIRXWHMHRSXTVSZI
XLEXSRIGEYWIHXLISXLIV7%8WGSVIW[SYPHLEZIVMWIRVIKEVHPIWWSJ[LS[SR
XLIIPIGXMSR
% WIGSRH TMXJEPP XS EZSMH [LIR YWMRK GEYWEP VIEWSRMRK MW EWWYQMRK XLEX
IZIRXW LEZI SRP] SRI GEYWI -R JEGX QSWX IZIRXW LEZI WIZIVEP GEYWIW ;LEX
GEYWIW XLI IGSRSQ] XS FSSQ SV FYWX# -RXIVIWX VEXIW# +EW TVMGIW# 8E\ TSPMG]#
0EFSVGSWXW#'SRWYQIVGSRJMHIRGI#;SVPHEJJEMVW#%PPXLIWIJEGXSVWhERHSXLIVWh
EJJIGXXLIIGSRSQ];LIR]SYYWIGEYWEPVIEWSRMRKFI[EV]SJXLIXIQTXEXMSR
XSEXXVMFYXIGSQTPI\IZIRXWXSWMRKPIGEYWIW
=SY GERRSX IWGETI GEYWEP VIEWSRMRK %PP SJ YW YWI MX HEMP] ERH ]SY EVI
EPQSWXGIVXEMRXSYWIMX[LIRWTIEOMRKXSTIVWYEHIhIWTIGMEPP]MJ]SYHIEP[MXL
EUYIWXMSRSJJEGXSVTSPMG]
%2%03+-'%06)%732-2+
;LEXHSXLIWIWXEXIQIRXWLEZIMRGSQQSR#
EREPSKMGEPVIEWSRMRK
6IEWSRMRKMR[LMGLEWTIEOIV
GSQTEVIWX[SWMQMPEVGEWIWERH
MRJIVWXLEX[LEXMWXVYIJSVXLI
JMVWXGEWIMWEPWSXVYIJSVXLI
WIGSRH
-J]SYtVIKSSHEXVEGUYIXFEPP]SYtPPFIKVIEXEX4MRK4SRK
-R+VIEX&VMXEMRXLIKIRIVEPIPIGXMSRGEQTEMKRJSV4VMQI1MRMWXIVPEWXWPIWWXLERXLVII
[IIOW7YVIP][IGERHSXLIWEQI[MXLXLI97TVIWMHIRXMEPIPIGXMSR
&SXLWXEXIQIRXWYWIVIEWSRMRKJVSQEREPSK]&]GSQTEVMRKX[SWMQMPEVGEWIW
XLI]MRJIVXLEX[LEXMWXVYIJSVSRIQYWXFIXVYIJSVXLISXLIV
+YMHIPMRIWJSV%REPSKMGEP6IEWSRMRK
8LIQSWXMQTSVXERXUYIWXMSRMREWWIWWMRKEREPSKMGEPVIEWSRMRKMW[LIXLIVXLI
X[SGEWIWFIMRKGSQTEVIHEVIIWWIRXMEPP]EPMOI-JXLI]EVIIWWIRXMEPP]EPMOIXLI
EREPSK]MWZEPMH-JXLI]EVIRSXIWWIRXMEPP]EPMOIXLIEREPSK]MWMRZEPMH
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
0SSOFEGOXSXLIEREPSKMIWEXXLIWXEVXSJXLMWWIGXMSR-WTPE]MRKVEGUYIXFEPP
XLIWEQIEWTPE]MRK4MRK4SRK#2SXVIEPP]&SXLMRZSPZILMXXMRKEFEPP[MXLE
VEGUYIXSVETEHHPI&YXVEGUYIXFEPPYWIWEWXVMRKIHVEGUYIXERHEVYFFIVFEPP
4MRK4SRKYWIWEWSPMHTEHHPIERHEWQEPPIVPMKLXIVGIPPYPSMHFEPP6EGUYIXFEPP
MWTPE]IHF]LMXXMRKXLIFEPPEKEMRWXXLI[EPPWSVGIMPMRKSJERIRGPSWIHGSYVX
4MRK4SRK MW TPE]IH F] LMXXMRK XLI FEPP FEGO ERH JSVXL SZIV E RIX WXVIXGLIH
EGVSWWEXEFPI7OMPPEXSRIMWRSKYEVERXIISJWOMPPEXXLISXLIV8LIEREPSK]MW
RSXZEPMH
;LEX EFSYX XLI WIGSRH EREPSK]# 8LEX HITIRHW SR LS[ QYGL EPMOI XLI
&VMXMWL ERH %QIVMGER TSPMXMGEP W]WXIQW EVI %VI XLI GSYRXVMIW WMQMPEV MR WM^I
ERH HMZIVWMX]# -W MX TSWWMFPI JSV GERHMHEXIW MR FSXL GSYRXVMIW XS GERZEWW XLI
IRXMVIPERHMRPIWWXLERXLVII[IIOW#(SIWXLITEVX]W]WXIQSTIVEXIXLIWEQI
MRFSXLGSYRXVMIW#-RSXLIV[SVHWEVIXLIJEGXSVWXLEXEPPS[+VIEX&VMXEMRXS
GSRHYGXGEQTEMKRWJSV4VMQI1MRMWXIVMRPIWWXLERXLVII[IIOWEPWSTVIWIRX
MR XLI 9RMXIH 7XEXIW# -J WS XLI EREPSK] MW ZEPMH -J RSX XLI EREPSK] MW
MRZEPMH
6IEWSRMRKJVSQEREPSK]MWYWIHQSWXSJXIRMRTIVWYEWMZIWTIIGLIWSRUYIW
XMSRWSJTSPMG];LIREVKYMRKJSVERI[TSPMG]]SYWLSYPHJMRHSYX[LIXLIV
MXLEWFIIRXVMIHIPWI[LIVI=SYQE]FIEFPIXSGPEMQXLEX]SYVTSPMG][MPP[SVO
FIGEYWIMXLEW[SVOIHMRPMOIGMVGYQWXERGIW,IVIMWLS[SRIWXYHIRXYWIHVIE
WSRMRK JVSQ EREPSK] XS WYTTSVX LIV GPEMQ XLEX GSRXVSPPMRK LERHKYRW [MPP
VIHYGIZMSPIRXGVMQIMRXLI9RMXIH7XEXIW
8LI1G+VE[n,MPP
'SQTERMIW
MRZEPMHEREPSK]
%REREPSK]MR[LMGLXLI
X[SGEWIWFIMRKGSQTEVIH
EVIRSXIWWIRXMEPP]EPMOI
;MPPQ]TSPMG][SVO#8LII\TIVMIRGISJJSVIMKRGSYRXVMIWWYKKIWXWMX[MPP-R)RKPERH
KYRWEVIXMKLXP]VIKYPEXIHIZIRXLITSPMGIEVIYREVQIHERHXLIQYVHIVVEXIMWXVMZMEPF]
%QIVMGERWXERHEVHW-R.ETERXLIS[RIVWLMTSJ[IETSRWMWWIZIVIP]VIWXVMGXIHERHLERH
KYRWEVIGSQTPIXIP]TVSLMFMXIH.ETERMWEREPQSWXKYRJVIIGSYRXV]ERHMXWGVMQIVEXIMW
IZIR PS[IV XLER )RKPERHtW 3R XLI FEWMW SJ XLIWI GSQTEVMWSRW [I GER GSRGPYHI XLEX
VIWXVMGXMRKXLIS[RIVWLMTSJKYRW[MPPGSRXVSPXLIGVMQIERHQYVHIVVEXIWMR%QIVMGE
&] XLI WEQI XSOIR MJ ]SY EVKYI EKEMRWX E GLERKI MR TSPMG] ]SY WLSYPH
GLIGO [LIXLIV XLI TVSTSWIH TSPMG]hSV WSQIXLMRK PMOI MXhLEW FIIR MQTPI
QIRXIHIPWI[LIVI,IVIXSS]SYQE]FIEFPIXSWYTTSVX]SYVGEWIF]VIEWSR
MRKJVSQEREPSK]hEWHMHSRIWXYHIRX[LSSTTSWIHKYRGSRXVSP
%HZSGEXIWSJKYRGSRXVSPTSMRXXSJSVIMKRGSYRXVMIWXSTVSZIXLIMVGEWI8LI]SJXIRGMXI
)RKPERH[LMGLLEWWXVMGXKYRGSRXVSPPE[WERHPMXXPIZMSPIRXGVMQI&YXXLIOI]XSPS[TIV
WSREPZMSPIRGIMR)RKPERHhERHSXLIVJSVIMKR GSYRXVMIWhMWRSXKYRGSRXVSPPE[WFYXXLI
KIRIVEPP]TIEGIJYPGLEVEGXIVSJXLITISTPI*SVI\EQTPI7[MX^IVPERHLEWEQMPMXMEW]WXIQ
EWWEYPXVMJPIWERH QMPMXEV]TMWXSPWEVIWMXXMRKEXXLMWQSQIRX MR 7[MWW LSQIW=IX
7[MX^IVPERHtWQYVHIV VEXIMWSRP] TIVGIRXSJ SYVW -R SXLIV[SVHW GYPXYVEPJEGXSVWEVI
QYGLQSVIMQTSVXERXXLERKYRGSRXVSP[LIRMXGSQIWXSZMSPIRXGVMQI
%WXLIWII\EQTPIWMPPYWXVEXIEVKYQIRXJVSQEREPSK]GERFIYWIHSRFSXL
WMHIWSJERMWWYI=SYEVIQSVIPMOIP]XSTIVWYEHI]SYVEYHMIRGIMJXLIEREPSK]
WLS[WEXVYP]TEVEPPIPWMXYEXMSR
*%00%'-)7
%JEPPEG]MWERIVVSVMRVIEWSRMRK%WEWTIEOIV]SYRIIHXSEZSMHJEPPEGMIWMR
]SYVWTIIGLIW %WEPMWXIRIV ]SYRIIHXSFIEPIVXXSJEPPEGMIWMRXLIWTIIGLIW
]SYLIEV
6IEWSRMRK
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
JEPPEG]
%RIVVSVMRVIEWSRMRK
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
0SKMGMERW LEZI MHIRXMJMIH QSVI XLER HMJJIVIRX JEPPEGMIW )EVPMIV MR
XLMW GLETXIV [I HMWGYWWIH XLVII SJ XLI QSWX MQTSVXERX LEWX] KIRIVEPM^EXMSR
TEKIWiJEPWIGEYWITEKIWiERHMRZEPMHEREPSK]TEKIWi
,IVI[IPSSOEXJMZISXLIVJEPPEGMIW]SYWLSYPHKYEVHEKEMRWX
6IH,IVVMRK
VIHLIVVMRK
%JEPPEG]XLEXMRXVSHYGIWER
MVVIPIZERXMWWYIXSHMZIVX
EXXIRXMSRJVSQXLIWYFNIGX
YRHIVHMWGYWWMSR
8LIREQISJXLMWJEPPEG]GSQIWJVSQERSPHXVMGOYWIHF]JEVQIVWMR)RKPERH
XS OIIT JS\ LYRXIVW ERH XLIMV LSYRHW JVSQ KEPPSTMRK XLVSYKL XLI GVSTW
&] HVEKKMRK E WQSOIH LIVVMRK [MXL E WXVSRK SHSV EPSRK XLI IHKI SJ XLIMV
JMIPHWXLIJEVQIVWGSYPHXLVS[XLIHSKWSJJXVEGOF]HIWXVS]MRKXLIWGIRXSJ
XLIJS\
%WTIEOIV[LSYWIWEVIHLIVVMRKMRXVSHYGIWERMVVIPIZERXMWWYIMRSVHIVXS
HMZIVXEXXIRXMSRJVSQXLIWYFNIGXYRHIVHMWGYWWMSR*SVMRWXERGI
,S[ HEVI Q] STTSRIRXW EGGYWI QI SJ TSPMXMGEP GSVVYTXMSR EX E XMQI [LIR [I EVI
[SVOMRKXSMQTVSZIXLIUYEPMX]SJPMJIJSVEPPTISTPIMRXLI9RMXIH7XEXIW
;LEXHSIWXLIWTIEOIVtWGSRGIVREFSYXXLIUYEPMX]SJPMJIMRXLI97LEZI
XSHS[MXL[LIXLIVLISVWLIMWKYMPX]SJTSPMXMGEPGSVVYTXMSR#2SXLMRK-XMWE
VIHLIVVMRKYWIHXSHMZIVXEXXIRXMSRE[E]JVSQXLIVIEPMWWYI
%H,SQMRIQ
EHLSQMRIQ
%JEPPEG]XLEXEXXEGOWXLITIVWSR
VEXLIVXLIRHIEPMRK[MXLXLI
VIEPMWWYIMRHMWTYXI
0EXMRJSVqEKEMRWXXLIQERrEHLSQMRIQVIJIVWXSXLIJEPPEG]SJEXXEGOMRKXLI
TIVWSRVEXLIVXLERHIEPMRK[MXLXLIVIEPMWWYIMRHMWTYXI*SVMRWXERGI
8LILIEHSJXLIGSQQIVGIGSQQMWWMSRLEWERYQFIVSJMRXIVIWXMRKIGSRSQMGTVSTSW
EPWFYXPIXtWRSXJSVKIXXLEXWLIGSQIWJVSQEZIV][IEPXL]JEQMP]
&]MQTYKRMRKXLIGSQQMWWMSRIVtWJEQMP]FEGOKVSYRHVEXLIVXLERHIEPMRK[MXL
XLI WYFWXERGI SJ LIV IGSRSQMG TVSTSWEPW XLI WTIEOIV MW IRKEKMRK MR ER EH
LSQMRIQEXXEGO
7SQIXMQIW SJ GSYVWI E TIVWSRtW GLEVEGXIV SV MRXIKVMX] GER FI E PIKMXM
QEXIMWWYIhEWMRXLIGEWISJETSPMGIGLMIJ[LSZMSPEXIWXLIPE[SVEGSVTS
VEXI TVIWMHIRX [LS W[MRHPIW WXSGOLSPHIVW -R WYGL GEWIW E WTIEOIV QMKLX
[IPPVEMWIUYIWXMSRWEFSYXXLITIVWSR[MXLSYXFIMRKKYMPX]SJXLIEHLSQMRIQ
JEPPEG]
)MXLIV3V
IMXLIVSV
%JEPPEG]XLEXJSVGIWPMWXIRIVW
XSGLSSWIFIX[IIRX[S
EPXIVREXMZIW[LIRQSVI
XLERX[SEPXIVREXMZIWI\MWX
7SQIXMQIWVIJIVVIHXSEWEJEPWIHMPIQQEXLIIMXLIVSVJEPPEG]JSVGIWPMWXIRIVW
XSGLSSWIFIX[IIRX[SEPXIVREXMZIW[LIRQSVIXLERX[SEPXIVREXMZIWI\MWX*SV
I\EQTPI
8LIKSZIVRQIRXQYWXIMXLIVVEMWIXE\IWSVVIHYGIWIVZMGIWJSVXLITSSV
8LMW WXEXIQIRX SZIVWMQTPMJMIW E GSQTPI\ MWWYI F] VIHYGMRK MX XS E WMQTPI
IMXLIVSVGLSMGI-WMXXVYIXLEXXLISRP]GLSMGIWEVIXSVEMWIXE\IWSVXSVIHYGI
WIVZMGIW JSV XLI TSSV# % GEVIJYP PMWXIRIV QMKLX EWO q;LEX EFSYX GYXXMRK
XLI EHQMRMWXVEXMZI GSWX SJ KSZIVRQIRX SV IPMQMREXMRK TSVOFEVVIP TVSNIGXW
MRWXIEH#r
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
-REHHMXMSRXSYWMRKIZM
HIRGIXSWYTTSVXXLIMVMHIEW
IJJIGXMZIWTIEOIVWWYGLEW
&MPP6MGLEVHWSRXEOIGEVIXS
EZSMHJEPPEGMIWMRVIEWSRMRK
XLEXQE]YRHIVQMRIXLIMV
GVIHMFMPMX]ERHTIVWYEWMZIRIWW
=SY[MPPFIQSVITIVWYEWMZIEWEWTIEOIVERHQSVITIVGITXMZIEWEPMWXIRIV
MJ]SYEVIEPIVXXSXLIIMXLIVSVJEPPEG]
&ERH[EKSR
,S[ SJXIR LEZI ]SY LIEVH WSQISRI WE] q-XtW E KVIEX MHIEhIZIV]SRI EKVIIW
[MXL MXr# 8LMW MW E GPEWWMG I\EQTPI SJ XLI FERH[EKSR JEPPEG] [LMGL EWWYQIW
XLEXFIGEYWIWSQIXLMRKMWTSTYPEVMXMWXLIVIJSVIKSSHGSVVIGXSVHIWMVEFPI
1YGLEHZIVXMWMRKMWFEWIHSR XLI FERH[EKSR JEPPEG]8LIJEGXXLEX QSVI
TISTPI YWI 8]PIRSP XLER %HZMP HSIW RSX TVSZI XLEX 8]PIRSP MW E FIXXIV TEMR
VIPMIZIV8]PIRSPtWTSTYPEVMX]GSYPHFIHYIXSEKKVIWWMZIQEVOIXMRK8LIUYIW
XMSRSJ[LMGLTVSHYGXHSIWEFIXXIVNSFVIHYGMRKTEMRMWEQIHMGEPMWWYIXLEX
LEWRSXLMRKXSHS[MXLTSTYPEVMX]
8LIFERH[EKSRJEPPEG]MWEPWSIZMHIRXMRTSPMXMGEPWTIIGLIW'SRWMHIVXLI
JSPPS[MRKWXEXIQIRX
FERH[EKSR
%JEPPEG]XLEXEWWYQIWXLEX
FIGEYWIWSQIXLMRKMWTSTYPEV
MXMWXLIVIJSVIKSSHGSVVIGXSV
HIWMVEFPI
8LIKSZIVRSVQYWXFIGSVVIGXMRLMWETTVSEGLXSWSGMEPTSPMG]EJXIVEPPXLITSPPWWLS[
XLEXTIVGIRXSJXLITISTPIWYTTSVXLMQ
8LMW WXEXIQIRX MW JEPPEGMSYW FIGEYWI TSTYPEV STMRMSR GERRSX FI XEOIR EW
TVSSJXLEXERMHIEMWVMKLXSV[VSRK6IQIQFIVqIZIV]SRIrYWIHXSFIPMIZIXLEX
XLI[SVPHMWJPEX XLEX WTEGIJPMKLXMWMQTSWWMFPI ERH XLEX[SQIRWLSYPH RSX
EXXIRHGSPPIKI[MXLQIR
7PMTTIV]7PSTI
8LIWPMTTIV] WPSTIJEPPEG]XEOIWMXW REQI JVSQ XLI MQEKI SJ EFSYPHIV VSPPMRK
YRGSRXVSPPEFP] HS[R E WXIIT LMPP 3RGI XLI FSYPHIV KIXW WXEVXIH MX GERtX FI
WXSTTIHYRXMPMXVIEGLIWXLIFSXXSQ
6IEWSRMRK
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
% WTIEOIV [LS GSQQMXW XLI WPMTTIV] WPSTI JEPPEG] EWWYQIW XLEX XEOMRK E
JMVWX WXIT [MPP PIEH MRIZMXEFP] XS E WIGSRH WXIT ERH WS SR HS[R XLI WPSTI XS
HMWEWXIVhEWMRXLIJSPPS[MRKI\EQTPI
WPMTTIV]WPSTI
%JEPPEG]XLEXEWWYQIWXLEX
XEOMRKEJMVWXWXIT[MPPPIEHXS
WYFWIUYIRXWXITWXLEXGERRSX
FITVIZIRXIH
4EWWMRKJIHIVEPPE[WXSGSRXVSPXLIEQSYRXSJZMSPIRGIMRZMHISKEQIWMWXLIJMVWXWXIT
MRETVSGIWWXLEX[MPPVIWYPXMREFWSPYXIKSZIVRQIRXGSRXVSPSJXLIQIHMEERHXSXEPGIRWSV
WLMTSZIVEPPJSVQWSJEVXMWXMGI\TVIWWMSR
-JEWTIEOIVGPEMQWXLEXXEOMRKEJMVWXWXIT[MPPPIEHMRIZMXEFP]XSEWIVMIWSJ
HMWEWXVSYWPEXIVWXITWLISVWLIRIIHWXSTVSZMHIIZMHIRGISVVIEWSRMRKXSWYT
TSVX XLI GPEMQ 8S EWWYQI XLEX EPP XLI PEXIV WXITW [MPP SGGYV [MXLSYX TVSZMRK
XLEXXLI][MPPMWXSGSQQMXXLIWPMTTIV]WPSTIJEPPEG]
%TTIEPMRKXS)QSXMSRW
)JJIGXMZITIVWYEWMSRSJXIRVIUYMVIWIQSXMSREPETTIEP%WXLI6SQERVLIXSVMGMER
5YMRXMPMER WXEXIH q-X MW JIIPMRK ERH JSVGI SJ MQEKMREXMSR XLEX QEOI YW IPS
UYIRXr &] EHHMRK qJIIPMRKr ERH XLI qJSVGI SJ MQEKMREXMSRr XS ]SYV PSKMGEP
EVKYQIRXW]SYGERFIGSQIEQSVIGSQTIPPMRKTIVWYEWMZIWTIEOIV
;,%8%6))138-32%0%44)%07#
TEXLSW
8LIREQIYWIHF]%VMWXSXPIJSV
[LEXQSHIVRWXYHIRXWSJ
GSQQYRMGEXMSRVIJIVXSEW
IQSXMSREPETTIEP
)QSXMSREPETTIEPWh[LEX%VMWXSXPIVIJIVVIHXSEWTEXLSWhEVIMRXIRHIHXSQEOI
PMWXIRIVWJIIPWEHERKV]KYMPX]EJVEMHLETT]TVSYHW]QTEXLIXMGVIZIVIRXSV
XLI PMOI 8LIWI EVI SJXIR ETTVSTVMEXI VIEGXMSRW [LIR XLI UYIWXMSR MW SRI SJ
ZEPYISVTSPMG]%W+ISVKI'EQTFIPP[VSXIMRLMW4LMPSWSTL]SJ6LIXSVMGq;LIR
TIVWYEWMSRMWXLIIRHTEWWMSREPWSQYWXFIIRKEKIHr
&IPS[ MW E PMWX SJ WSQI SJ XLI IQSXMSRW IZSOIH QSWX SJXIR F] TYFPMG
WTIEOIVW*SPPS[MRKIEGLIQSXMSREVIEJI[I\EQTPIWSJWYFNIGXWXLEXQMKLX
WXMVXLEXIQSXMSR
d *IEVhSJ WIVMSYW MPPRIWW SJ REXYVEP HMWEWXIVW SJ WI\YEP EWWEYPX SJ TIVWSREP
VINIGXMSRSJIGSRSQMGLEVHWLMT
d 'SQTEWWMSRhJSVXLITL]WMGEPP]HMWEFPIHJSVFEXXIVIH[SQIRJSVRIKPIGXIH
ERMQEPWJSVWXEVZMRKGLMPHVIRJSVZMGXMQWSJ%-(7
d 4VMHIhMR SRItW GSYRXV] MR SRItW JEQMP] MR SRItW WGLSSP MR SRItW IXLRMG
LIVMXEKIMRSRItWTIVWSREPEGGSQTPMWLQIRXW
d %RKIVhEXXIVVSVMWXWERHXLIMVWYTTSVXIVWEXFYWMRIWWPIEHIVW[LSEGXYRIXL
MGEPP] EX QIQFIVW SJ 'SRKVIWW [LS EFYWI XLI TYFPMG XVYWX EX PERHPSVHW
[LSI\TPSMXWXYHIRXXIRERXWEXZERHEPWERHXLMIZIW
d +YMPXhEFSYX RSX LIPTMRK TISTPI PIWW JSVXYREXI XLER SYVWIPZIW EFSYX RSX
GSRWMHIVMRKXLIVMKLXWSJSXLIVWEFSYXRSXHSMRKSRItWFIWX
d 6IZIVIRGIhJSV ER EHQMVIH TIVWSR JSV XVEHMXMSRW ERH MRWXMXYXMSRW JSV
SRItWHIMX]
8LIVIEVIQER]SXLIVIQSXMSRWERHQER]SXLIVWYFNIGXWXLEXQMKLXWXMVXLIQ
,S[IZIV XLMW FVMIJ WEQTPI WLSYPH KMZI ]SY ER MHIE SJ XLI OMRHW SJ IQSXMSREP
ETTIEPW]SYQMKLXYWIXSIRLERGIXLIQIWWEKISJ]SYVTIVWYEWMZIWTIIGL
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
)QSXMSREPETTIEPWSJXIR
QEOIETIVWYEWMZIWTIIGL
QSVIGSQTIPPMRK7YGL
ETTIEPWWLSYPHEP[E]WFI
YWIHIXLMGEPP]ERHWLSYPH
RSXFIWYFWXMXYXIHJSVJEGXW
ERHPSKMG
)2)6%8-2+)138-32%0%44)%0
+
9WI)QSXMSREP0ERKYEKI
%W[IWE[MR'LETXIVSRI[E]XSKIRIVEXIIQSXMSREPETTIEPMWXSYWIIQSXMSR
PEHIR[SVHW,IVIJSVMRWXERGIMWTEVXSJXLIGSRGPYWMSRJVSQEWXYHIRXWTIIGL
EFSYXXLIGLEPPIRKIWERHVI[EVHWSJ[SVOMRKEWEGSQQYRMX]ZSPYRXIIV[MXL
]SYRKGLMPHVIR
8LI TVSQMWI SJ %QIVMGE WTEVOPIW MR XLI I]IW SJ IZIV] GLMPH 8LIMV HVIEQW EVI XLI
KPMXXIVMRK HVIEQW SJ %QIVMGE ;LIR XLSWI HVIEQW EVI HEWLIH [LIR MRRSGIRX LSTIW
EVI FIXVE]IH WS EVI XLI HVIEQW ERH LSTIW SJ XLI IRXMVI REXMSR -X MW SYV HYX]hXS QI
MX MW E WEGVIH HYX]hXS KMZI EPP GLMPHVIR XLI GLERGI XS PIEVR ERH KVS[ XS WLEVI IUYEPP]
MRXLI%QIVMGERHVIEQSJJVIIHSQNYWXMGIERHSTTSVXYRMX]
8LI YRHIVPMRIH [SVHW ERH TLVEWIW LEZI WXVSRK IQSXMSREP TS[IV ERH MR
XLMWGEWIXLI]TVSHYGIHXLIHIWMVIHIJJIGX&IE[EVILS[IZIVXLEXTEGOMRKXSS
QER]IQSXMSREPP]GLEVKIH[SVHWMRXSSRITEVXSJEWTIIGLGERGEPPEXXIRXMSR
XSXLIIQSXMSREPPERKYEKIMXWIPJERHYRHIVQMRIMXWMQTEGX8LIIQSXMSRVIWXW
MR]SYVEYHMIRGIRSXMR]SYV[SVHW )ZIRXLIGSPHIWXJEGXW GERXSYGLSJJER
IQSXMSREPVIWTSRWIMJXLI]WXVMOIXLIVMKLXGLSVHWMREPMWXIRIV
(IZIPST:MZMH)\EQTPIW
3JXIREFIXXIVETTVSEGLXLERVIP]MRKSRIQSXMSREPP]GLEVKIHPERKYEKIMWXSPIX
IQSXMSREPETTIEPKVS[REXYVEPP]SYXSJXLIGSRXIRXSJ]SYVWTIIGL8LIQSWX
IJJIGXMZI[E]XSHSXLMWMW[MXLZMZMHVMGLP]XI\XYVIHI\EQTPIWXLEXTYPPPMWXIRIVW
MRXSXLIWTIIGL
,IVIMW LS[SRI WTIEOIVYWIH EZMZMH I\EQTPIJSVIQSXMSREPETTIEP 7LI
[EW WTIEOMRK XS E GMXM^IRWt KVSYT SR FILEPJ SJ '%6) E [SVPH LYQERMXEVMER
SVKERM^EXMSR EFSYX XLI QEPEVME ITMHIQMG MR %JVMGE ,IVI MW [LEX WLI QMKLX
LEZIWEMHWXVMTTMRKXLIGSRXIRXSJIQSXMSREPETTIEP
1EPEVMEMWSRISJXLIFMKKIWXTVSFPIQWJEGMRK%JVMGE1ER]HMIJVSQMXIZIV]HE]-JXLI
VIWXSJXLI[SVPHHSIWRtXLIPTXLIQEPEVMEITMHIQMG[MPPSRP]KIX[SVWI
%TTIEPMRKXS)QSXMSRW
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
;LEXWLIEGXYEPP]WEMH[IRXWSQIXLMRKPMOIXLMW
2EXLER[EWSRP]JMZI]IEVWSPH[LIRXLIJIZIVWXVYGOLMQ%XJMVWXRSSRIORI[[LEX
[EW[VSRK2SSRIORI[XLEXTEVEWMXIWMRWMHILMWFSH]LEHMRJIGXIHLMWVIHFPSSHGIPPW
2SSRIORI[XLSWIGIPPW[IVIGPYQTMRKXSKIXLIVGLSOMRKXLIJPS[SJFPSSHXLVSYKLLMW
FSH]ERHHEQEKMRKLMWZMXEPSVKERW2SSRIORI[LMWOMHRI]W[SYPHWSSRJEMPERHWIM^YVIW
[SYPHFIKMR2SSRIORI[LI[SYPH[MRHYTMREGSQE
8LI TEVEWMXIW MR 2EXLERtW FSH] GEQI JVSQ E QSWUYMXS FMXI E FMXI XLEX KEZI LMQ
QEPEVME%RH2EXLERMWRSXEPSRI8LI;SVPH,IEPXL3VKERM^EXMSRXIPPWYWXLILSVVMFPIXVYXL
-R%JVMGEEGLMPHHMIWJVSQQEPEVMEIZIV]WIGSRHW
4ISTPI[LSPMWXIRXSEWTIIGLPMOIXLEX[MPPRSXWSSRJSVKIX MX8LI]QE]
[IPPFIQSZIHXSEGXMSRhEWXLIWTIEOIVMRXIRHW8LIJMVWXWTIIGLLS[IZIVMW
RSXRIEVP]EWGSQTIPPMRK0MWXIRIVWQE][IPPRSHXLIMVLIEHWXLMROXSXLIQ
WIPZIW qKSSH MHIErhERH XLIR JSVKIX EFSYX MX 8LI WXSV] SJ 2EXLER ERH LMW
XVEKMG JEXI KMZIW XLI WIGSRH WTIIGL IQSXMSREP MQTEGX ERH FVMRKW MX LSQI XS
PMWXIRIVWMRTIVWSREPXIVQW
7TIEO[MXL7MRGIVMX]ERH'SRZMGXMSR
6SREPH 6IEKER [EW SRI SJ XLI QSWX IJJIGXMZI WTIEOIVW MR VIGIRX 97 LMWXSV]
)ZIRTISTPI[LSHMWEKVIIH[MXLLMWTSPMXMGEPZMI[WSJXIRJSYRHLMQMVVIWMWXMFPI
;L]#4EVXP]FIGEYWILIWIIQIHXSWTIEO[MXLKVIEXWMRGIVMX]ERHGSRZMGXMSR
;LEX[EWXVYIJSV6IEKERMWXVYIJSV]SYEW[IPP8LIWXVSRKIWXWSYVGISJ
IQSXMSREP TS[IV MW ]SYV GSRZMGXMSR ERH WMRGIVMX] %PP ]SYV IQSXMSRPEHIR
[SVHWERHI\EQTPIWEVIFYXIQTX]XVETTMRKWYRPIWW]SYJIIPXLIIQSXMSR]SYV
WIPJ %RH MJ ]SY HS ]SYV IQSXMSR [MPP GSQQYRMGEXI MXWIPJ XS XLI EYHMIRGI
XLVSYKL IZIV]XLMRK ]SY WE] ERH HShRSX SRP] XLVSYKL ]SYV [SVHW FYX EPWS
XLVSYKL]SYVXSRISJZSMGIVEXISJWTIIGLKIWXYVIWERHJEGMEPI\TVIWWMSRW
)8,-'7%2()138-32%0%44)%0
1YGLLEWFIIR[VMXXIREFSYXXLIIXLMGWSJIQSXMSREPETTIEPMRWTIIGLQEOMRK
7SQITISTPILEZIXEOIRXLII\XVIQITSWMXMSRXLEXIXLMGEPWTIEOIVWWLSYPHEZSMH
IQSXMSREPETTIEPIRXMVIP]8SWYTTSVXXLMWZMI[XLI]TSMRXXSWTIEOIVW[LSLEZI
YWIHIQSXMSREPETTIEPXSJERXLIJPEQIWSJLEXVIHFMKSXV]ERHJEREXMGMWQ
8LIVIMWRSUYIWXMSR XLEXIQSXMSREPETTIEPWGERFIEFYWIHF]YRWGVYTYPSYW
WTIEOIVWJSVHIXIWXEFPIGEYWIW&YXIQSXMSREPETTIEPWGEREPWSFI[MIPHIHF]LSRSV
EFPIWTIEOIVWJSVRSFPIGEYWIWhF];MRWXSR'LYVGLMPPXSVSYWIXLI[SVPHEKEMRWX
%HSPJ,MXPIVERHXLIJSVGIWSJ2E^MWQF]1EVXMR0YXLIV/MRKXSGEPPJSVVEGMEPNYW
XMGI*I[TISTPI[SYPHUYIWXMSRXLIIXLMGWSJIQSXMSREPETTIEPMRXLIWIMRWXERGIW
2SVMWMXEP[E]WTSWWMFPIXSHVE[EWLEVTPMRIFIX[IIRVIEWSRERHIQSXMSREP
ETTIEP8LMROFEGOXSXLIWXSV]SJ2EXLERXLIJMZI]IEVSPHFS][LS[EWMRJIGXIH
[MXLQEPEVME8LIWXSV]GIVXEMRP]LEWWXVSRKIQSXMSREPETTIEP&YXMWXLIVIER]
XLMRK YRVIEWSREFPIEFSYX MX# 3V MW MX MVVEXMSREP JSV PMWXIRIVW XS VIWTSRH XS MX F]
HSREXMRKXSERXMQEPEVMEPGEYWIW#&]XLIWEQIXSOIRMWMXMPPSKMGEPXSFIGSQTEW
WMSREXIJSVZMGXMQWSJXIVVSVMWQ#%RKIVIHF]GSVTSVEXI[VSRKHSMRK#*IEVJYPEFSYX
GYXFEGOWMRWXYHIRXEMH#6IEWSRERHIQSXMSRSJXIR[SVOLERHMRLERH
3RIOI]XSYWMRKIQSXMSREPETTIEPIXLMGEPP]MWXSQEOIWYVIMXMWETTVSTVM
EXIXSXLIWTIIGLXSTMG-J]SY[ERXXSQSZIPMWXIRIVWXSEGXSREUYIWXMSRSJ
TSPMG]IQSXMSREPETTIEPWEVIRSXSRP]PIKMXMQEXIFYXTIVLETWRIGIWWEV]-J]SY
[ERX PMWXIRIVW XS HS WSQIXLMRK EW E VIWYPX SJ ]SYV WTIIGL ]SY [MPP TVSFEFP]
RIIHXSETTIEPXSXLIMVLIEVXWEW[IPPEWXSXLIMVLIEHW
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
)QSXMSREPPERKYEKIERHZMZMH
I\EQTPIWGERLIPTKIRIVEXI
IQSXMSREPETTIEPFYXRIMXLIV
EVIIJJIGXMZIYRPIWWXLI
WTIEOIVXEPOW[MXLKIRYMRI
WMRGIVMX]ERHGSRZMGXMSR
3RXLISXLIVLERHIQSXMSREPETTIEPWEVIYWYEPP]MRETTVSTVMEXIMRETIV
WYEWMZI WTIIGL SR E UYIWXMSR SJ JEGX ,IVI ]SY WLSYPH HIEP SRP] MR WTIGMJMG
MRJSVQEXMSR ERH PSKMG 7YTTSWI WSQISRI GLEVKIW ]SYV WXEXI KSZIVRSV [MXL
MPPIKEP GEQTEMKR EGXMZMXMIW -J ]SY VIWTSRH F] WE]MRK q-tQ WYVI XLI GLEVKI MW
JEPWIFIGEYWI-LEZIEP[E]WEHQMVIHXLIKSZIVRSVrSVq-tQWYVIXLIGLEVKIMW
XVYIFIGEYWI-LEZIEP[E]WHMWPMOIHXLIKSZIVRSVrXLIR]SYEVIKYMPX]SJETTP]
MRKIQSXMSREPGVMXIVMEXSETYVIP]JEGXYEPUYIWXMSR
)ZIR[LIRXV]MRKXSQSZIPMWXIRIVWXSEGXMSR]SYWLSYPHRIZIVWYFWXMXYXI
IQSXMSREP ETTIEPW JSV IZMHIRGI ERH VIEWSRMRK =SY WLSYPH EP[E]W FYMPH ]SYV
TIVWYEWMZIWTIIGLSREJMVQJSYRHEXMSRSJJEGXWERHPSKMG8LMWMWMQTSVXERXRSX
NYWX JSV IXLMGEP VIEWSRW FYX JSV TVEGXMGEP SRIW EW [IPP 9RPIWW ]SY TVSZI ]SYV
GEWIGEVIJYPPMWXIRIVW[MPPRSXFIWXMVVIHF]]SYVIQSXMSREPETTIEPW=SYRIIHXS
FYMPHEKSSHGEWIFEWIHSRVIEWSRERHOMRHPIXLIIQSXMSRWSJ]SYVEYHMIRGI
;LIR]SYYWIIQSXMSREP ETTIEPOIITMRQMRHXLIKYMHIPMRIWJSVIXLMGEP
WTIIGLQEOMRK HMWGYWWIH MR 'LETXIV 1EOI WYVI ]SYV KSEPW EVI IXLMGEPP]
WSYRHXLEX]SYEVILSRIWXMR[LEX]SYWE]ERHXLEX]SYEZSMHREQIGEPPMRK
ERH SXLIV JSVQW SJ EFYWMZI PERKYEKI -R YWMRK IQSXMSREP ETTIEP EW MR SXLIV
VIWTIGXW]SYVGPEWWVSSQWTIIGLIW[MPPSJJIVEKSSHXIWXMRKKVSYRHJSVUYIWXMSRW
SJIXLMGEPVIWTSRWMFMPMX]
7EQTPI7TIIGL[MXL'SQQIRXEV]
8LI JSPPS[MRK TIVWYEWMZI WTIIGL HIEPW [MXL E UYIWXMSR SJ TSPMG] ERH MW SVKE
RM^IH EGGSVHMRK XS 1SRVSItW QSXMZEXIH WIUYIRGI %W ]SY VIEH XLI WTIIGL
RSXMGI LS[ XLI WTIEOIV YXMPM^IW XLI QIXLSHW SJ TIVWYEWMSR HMWGYWWIH MR XLMW
GLETXIVEWWLIQSZIWXLVSYKLIEGLWXITSJXLIQSXMZEXIHWIUYIRGI8LIWTIIGL
EPWSTVSZMHIWERI\GIPPIRXI\EQTPISJLS[EWTIEOIVtWHIPMZIV]GERIRLERGILMW
SV LIV GVIHMFMPMX] ERH IQSXMSREP ETTIEPhEW ]SY GER WII F] [EXGLMRK :MHIS
'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV
GSRRIGXPYGEWGSQ
:MI[q1EOMRKE(MJJIVIRGI
8LVSYKLXLI7TIGMEP3P]QTMGWr
MRXLISRPMRI1IHME0MFVEV]JSV
XLMWGLETXIV:MHIS'PMT
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
1EOMRKE(MJJIVIRGI8LVSYKLXLI7TIGMEP3P]QTMGW
'311)28%6=
74))',
8LI JMVWX WXIT MR 1SRVSItW QSXMZEXIH
WIUYIRGI MW KEMRMRK XLI EXXIRXMSR SJ XLI
EYHMIRGI[LMGLXLIWTIEOIV HSIW[MXLER
I\XIRHIHI\EQTPI-RXLMWGEWIXLII\EQ
TPIEPWSLEWWXVSRKIQSXMSREPETTIEP
-R7IEXXPIRMRI]SYRKEXLPIXIWKEXLIVIHEXXLIWXEVXMRKPMRIJSV
XLI]EVHHEWL%XXLIKYRXLI]EPPWXEVXIHSJJRSXI\EGXP]
MR EHEWLFYX[MXL EHIWMVIXSVYRXLIVEGIXSXLIJMRMWLERH
[MR %PP I\GITX SRI PMXXPI FS] [LS WXYQFPIH SR XLI EWTLEPX
XYQFPIHSZIVEGSYTPISJXMQIWERHFIKERXSGV]8LISXLIV
VYRRIVW LIEVH XLI FS] GV] 8LI] WXSTTIH XLI] PSSOIH FEGO
8LIRXLI]EPP[IRXFEGOXSXLIFS]tWWMHIhIZIV]WMRKPISRISJ
XLIQ 3RI KMVP [MXL (S[R W]RHVSQI OMWWIH LMQ ERH WEMH
q8LMW[MPPQEOIMXFIXXIVr8LIREPPRMRIPMROIHEVQWERH[EPOIH
XSXLIJMRMWLPMRIhXSKIXLIV
8LI WTIEOIV QSZIW JVSQ LIV STIRMRK I\
EQTPIXSVIZIEPXLIXSTMGSJLIVWTIIGL
8LIWIEXLPIXIW[IVIRSXGSQTIXMRKSRREXMSREPXIPIZMWMSR
8LI][IVIRSXWTSRWSVIHSVMHSPM^IH&YXXLI][IVIKMZIRXLI
STTSVXYRMX]XSJPSYVMWLYRHIVXLIKPS[SJXLIMVS[RWTSXPMKLX
XS JIIP XLI FVYWL SJ XLI VMFFSR GVSWW XLIMV GLIWXW EW XLI]
VERXLVSYKLXLIMVS[RJMRMWLPMRIMRXLIMVS[R3P]QTMGWhXLI
7TIGMEP3P]QTMGW
)ZIR XLSYKL EPPQIQFIVW SJLIVEYHMIRGI
ORI[ EFSYX XLI 7TIGMEP 3P]QTMGW FIJSVI
XLI WTIIGL XLI WTIEOIV UYMGOP] VIQMRHW
XLIQSJXLISVKERM^EXMSRtWMHIEPW7LIXLIR
VIPEXIW XLI XSTMGHMVIGXP] XS LIV GPEWWQEXIW
EXETIVWSREPPIZIP
*SYRHIH MR 7TIGMEP 3P]QTMGW MRZMXIH XLI[SVPH XS
PIX KS SJ PMQMXMRK ZMI[W YR]MIPHMRK TVINYHMGIW ERH MKRSVERX
QMWGSRGITXMSRWEFSYXTISTPI[MXLGSKRMXMZIHMWEFMPMXMIWERHXS
IQFVEGIXLIMHIEXLEXXLI]GERFIVIWTIGXIHZEPYIHGSRXVMF
YXMRKQIQFIVWSJWSGMIX].YWXXLMROSRISJXLIOMHW[LSVER
XLVSYKL XLEX JMRMWL PMRI GSYPH LEZI JEPPIR MRXS ]SYV EVQW 3V
QE]FISRIHE]GSYPHFI]SYVS[RGLMPH
8LIWTIEOIVIWXEFPMWLIWLIVGVIHMFMPMX]ERH
TVSZMHIWETVIZMI[WXEXIQIRXXLEXPIEHWMRXS
XLIFSH]SJXLIWTIIGL
%JXIV[SVOMRKEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGWERH
HSMRKEHHMXMSREPVIWIEVGLJSVXLMWWTIIGL-tHPMOIXSIRGSYVEKI
]SYXSFIGSQIMRZSPZIHEWEZSPYRXIIVJSVXLI7TIGMEP3P]QTMGW
;ItPPWXEVXF]PSSOMRKEXXLIRIIHJSVZSPYRXIIVW
2S[XLIWTIEOIVQSZIWMRXSXLIRIIHWXIT
SJ 1SRVSItWQSXMZEXIHWIUYIRGI (VE[MRK
JVSQ XLI 7TIGMEP 3P]QTMGW ;IF WMXI WLI
TVSZMHIWMRJSVQEXMSREFSYXXLIRYQFIVSJ
TEVXMGMTERXW ERH XLI GSRXMRYMRK RIIH JSV
ZSPYRXIIVW
%GGSVHMRKXSXLI7TIGMEP3P]QTMGW;IFWMXIQSVIXLER
QMPPMSR TISTPIGSQTIXIMR7TIGMEP 3P]QTMGWEVSYRHXLI
[SVPH 4EVXMGMTERXW QYWX FI EX PIEWX IMKLX ]IEVW SPH ERH FI
MHIRXMJMIH EW LEZMRK E GSKRMXMZI SV MRXIPPIGXYEP HMWEFMPMX]
8LIVIEVIGYVVIRXP]7TIGMEP3P]QTMGWTVSKVEQWVYRRMRK
MRSZIVGSYRXVMIW
6EXLIVXLERXEPOMRKEFSYXXLIRIIHJSVZSP
YRXIIVWMRKIRIVEPXIVQWXLIWTIEOIVVIPEXIW
XS XLI EYHMIRGI F] JSGYWMRK SR XLI WMXYE
XMSR MR ;MWGSRWMR [LIVI XLI WTIIGL [EW
HIPMZIVIH
%WXLI7TIGMEP 3P]QTMGW GSRXMRYIWXS KVS[ WS HSIW XLI
RIIHJSVZSPYRXIIVW,IVIMR;MWGSRWMRXLIVIEVIEXL
PIXIW ERH ZSPYRXIIV GSEGLIW &YX FIGEYWI SJ EPP XLI
MRHMZMHYEP EXXIRXMSR VIUYMVIH F] 7TIGMEP 3P]QTMGW EXLPIXIW
XLIVItWEP[E]WERIIHJSVQSVIZSPYRXIIVGSEGLIWSVJSVPSEHW
SJSXLIVZSPYRXIIVWEW[IPP
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
8LMW TEVEKVETL FIKMRW [MXL E XVERWMXMSR
MRXSXLIWEXMWJEGXMSRWIGXMSRSJXLIWTIIGL
2SXMGI LS[ XLI WTIEOIV I\TPEMRW XLEX SRI
HSIWRSXRIIHXSFIEKVIEXEXLPIXISVLEZI
TVMSVGSEGLMRKI\TIVMIRGIXSZSPYRXIIVEWE
7TIGMEP3P]QTMGWGSEGL8LMWOMRHSJWTIGM
JMGMX] MW MQTSVXERX [LIRIZIV E WTIEOIV
[ERXW XS TIVWYEHI ER EYHMIRGI XS XEOI
MQQIHMEXIEGXMSR
2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR
XIIVW 7S XLI UYIWXMSR MW ;LEX GER ]SY HS XS LIPT# 8LI
ERW[IV MW &IGSQI E ZSPYRXIIV 8LI QSWX SFZMSYW [E] XS
FIGSQI E ZSPYRXIIV MW XS FIGSQI E GSEGL 2S[ ]SY HSRtX
LEZIXSFIEKVIEXEXLPIXI=SYHSRtXLEZIXSLEZIER]TVMSV
GSEGLMRK I\TIVMIRGI 7TIGMEP 3P]QTMGW SJJIVW E KIRIVEP
GSYVWISRXLITVMRGMTPIWSJGSEGLMRKMREHHMXMSRXSEQIRXSV
MRKTVSKVEQMR[LMGLXLIRI[GSEGLIWVIGIMZIKYMHERGIJVSQ
XLII\TIVMIRGIHGSEGLIW
8LIWTIEOIVTVSZMHIWSTXMSRWJSVLIVPMWXIR
IVW F] RSXMRK XLEX SRI GER ZSPYRXIIV MR
[E]W SXLIV XLER GSEGLMRK ERH XLEX SRItW
GSRXVMFYXMSRWXS7TIGMEP3P]QTMGWGERZEV]
HITIRHMRK SR XLI PIZIP SJ GSQQMXQIRX
E TIVWSR MW EFPI XS QEOI EX E TEVXMGYPEV
XMQI
-J]SYHSRtX[ERXXSFIEGSEGLXLIVIEVISXLIV[E]WXS
LIPTSYXEW[IPP=SYGER[SVOFILMRHXLIWGIRIWF]EWWMWXMRK
[MXL JYRHVEMWMRK SV SVKERM^MRK IZIRXW SV ER] SJ XLI SXLIV
GSYRXPIWWHIXEMPWMRZSPZIHMRVYRRMRKELYKISVKERM^EXMSRWYGL
EW 7TIGMEP 3P]QTMGW -XtW EPWS ZIV] MQTSVXERX XLEX ]SY ORS[
XLEX]SYVGSRXVMFYXMSRXS7TIGMEP3P]QTMGWGERPEWXJVSQEHE]
XSE]IEVXSEPMJIXMQIHITIRHMRKSRXLIPIZIPSJGSQQMXQIRX
XLEX]SYtVIVIEH]XSQEOI
,EZMRK I\TPEMRIH LIV TPER XLI WTIEOIV
QSZIWMRXSXLIZMWYEPM^EXMSRWIGXMSRSJLIV
WTIIGL MR [LMGL WLI HIQSRWXVEXIW XLI
FIRIJMXWSJLIVTPER8LMWMWSRISJXLIQSWX
MQTSVXERXEWTIGXWSJER]TIVWYEWMZIWTIIGL
SREUYIWXMSRSJTSPMG]
2SQEXXIVLS[]SYHIGMHIXSLIPT-KYEVERXII]SYXLEX
[SVOMRK[MXLXLI7TIGMEP3P]QTMGW[MPPFIMQQIRWIP]VI[EVH
MRK %W E GSEGL ]SYV MRWXVYGXMSR ERH WYTTSVX [MPP LIPT ]SYV
EXLPIXIW HIZIPST TL]WMGEP WOMPPW [LMPI ]SYV MRXIVEGXMSR ERH
JVMIRHWLMT[MPPLIPTXLIQHIZIPSTWSGMEPP]6SRRE:ERHIVWPMGI
EYXLSV SJ XLI EVXMGPI q7TIGMEP 3P]QTMGW &IRIJMGMEP XS %PPr
VITSVXWXLEXMRHMZMHYEPW[LSKIXMRZSPZIHMRWTSVXWERHVIGVI
EXMSR XLVSYKL 7TIGMEP 3P]QTMGW HIZIPST PEVKIV RIX[SVOW SJ
JVMIRHW EVI QSVI PMOIP] XS WSGMEPM^I [MXL SXLIVW ERH VIGIMZI
QSVIWSGMEPWYTTSVX
(VE[MRKSRLIVS[RI\TIVMIRGIEWEZSPYR
XIIV FSSWXW XLI WTIEOIVtW GVIHMFMPMX] EW WLI
I\TPEMRWXLITIVWSREPKVEXMJMGEXMSRSJ[SVO
MRK [MXL XLI7TIGMEP 3P]QTMGW%W]SYGER
WIIJVSQXLIZMHISSJXLIWTIIGLMRXLISR
PMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI
WTIEOIVtW WMRGIVMX] EHHW MQQIRWIP] XS XLI
MQTEGXSJLIVMHIEW
&YX MXtW RSX NYWX XLI EXLPIXIW [LS FIRIJMX JVSQ 7TIGMEP
3P]QTMGW-RQ]GEWI[SVOMRK[MXL7TIGMEP3P]QTMGWMWSRISJ
XLIQSWXKVEXMJ]MRKXLMRKW-LEZIIZIVHSRIMRQ]PMJI2SXSRP]
HS - LEZI XLI WEXMWJEGXMSR XLEX GSQIW JVSQ LIPTMRK SXLIVW
MQTVSZIXLIUYEPMX]SJXLIMVPMZIWFYX-tZIQIXWSQER]EQE^MRK
TISTPIERHQIXWSQER]KVIEXJVMIRHWXLEXVIEPP]-[SYPHRSX
XVEHIXLII\TIVMIRGIJSVER]XLMRK
%XVERWMXMSRWMKREPWXLEXXLIWTIEOIVMWQSZMRK
MRXSXLIEGXMSRWIGXMSRSJLIVWTIIGL2SXMGI
LS[ WLI XMIW LIV GEPP JSV EGXMSR HMVIGXP] XS
LIVGPEWWQEXIWF]XEPOMRKMRXIVQWSJq]SYr
ERHq]SYVr
2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR
XIIVW WSQI [E]W XLEX ]SY GER LIPT SYX ERH XLI FIRIJMXW
XSXLIZSPYRXIIVW ERHEXLPIXIWEPMOIWSRS[-tH PMOIXSEWO
]SY XS XEOI XLI WXIT SJ KIXXMRK MRZSPZIH [MXL XLI 7TIGMEP
3P]QTMGW-J]SY[ERXQSVIMRJSVQEXMSR]SYGERGLIGOSYX
XLI ;IF WMXI JSV XLI 7TIGMEP 3P]QTMGW SV ZMWMX XLI PSGEP
LIEHUYEVXIVWPSGEXIH SR1SRSRE(VMZILIVIMR1EHMWSR-
EPWS LEZI FVSGLYVIW [MXL GSRXEGX MRJSVQEXMSR XLEX -tPP FI
LERHMRKSYXEJXIVXLIWTIIGL
7EQTPI7TIIGL[MXL'SQQIRXEV]
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
8LI WTIEOIV EKEMR WXVIWWIW XLEX WXYHIRXW
GER EHNYWX ZSPYRXIIVMRK XS XLIMV TIVWSREP
WGLIHYPIW
-ORS[]SYQE]RSXLEZIEPSXSJXMQIEZEMPEFPIVMKLXRS[
FYX]SYGERZSPYRXIIVJSVXLIXMQIXLEXJMXW]SYVWGLIHYPI8LI
QSWXMQTSVXERXXLMRKMWXSKIXMRZSPZIHMRWSQIGETEGMX]JSV
[LEXIZIVEQSYRXSJXMQI]SYGERQEREKI
&] VIXYVRMRK XS LIV STIRMRK WXSV] XLI
WTIEOIVVIPEXIWSRGIQSVIXSXLIEYHMIRGI
YRMJMIWXLIIRXMVIWTIIGLERHWXVIRKXLIRW
MXW IQSXMSREP ETTIEP &VMIJ ERH TSMKRERX
XLIGPSWMRKUYSXEXMSRTVSZMHIWERI\GIPPIRX
IRHMRK
6IQIQFIVXLIRMRIGLMPHVIR-QIRXMSRIHEXXLIFIKMRRMRK
SJXLMWWTIIGL8LMROSJXLIMVLETTMRIWWERHXLIMVWYTTSVXJSV
SRIERSXLIV8LMROSJLS[QYGLXLI]KEMRIHJVSQVYRRMRKMR
XLEX VEGI %RH XLMRO SJ LS[ ]SY GER LIPT SXLIVW I\TIVMIRGI
XLIWEQIFIRIJMXWEWXLI]WXVMZIXSJYPJMPPXLIQSXXSSJXLI7TI
GMEP3P]QTMGWq0IXQI[MR&YXMJ-GERtX[MRPIXQIFIFVEZI
MRXLIEXXIQTXr
7911%6=
0MWXIRIVW EGGITX E WTIEOIVtW MHIEW JSV SRI SV QSVI SJ JSYV VIEWSRWhFIGEYWI XLI]
TIVGIMZIXLIWTIEOIVEWLEZMRKLMKLGVIHMFMPMX]FIGEYWIXLI]EVI[SRSZIVF]XLI
WTIEOIVtW IZMHIRGI FIGEYWI XLI] EVI GSRZMRGIH F] XLI WTIEOIVtW VIEWSRMRK SV
FIGEYWIXLI]EVIQSZIHF]XLIWTIEOIVtWIQSXMSREPETTIEPW
'VIHMFMPMX]MWEJJIGXIHF]QER]JEGXSVWFYXXLIX[SQSWXMQTSVXERXEVIGSQTI
XIRGIERHGLEVEGXIV8LIQSVIJEZSVEFP]PMWXIRIVWZMI[EWTIEOIVtWGSQTIXIRGIERH
GLEVEGXIVXLIQSVIPMOIP]XLI]EVIXSEGGITXLIVSVLMWMHIEW%PXLSYKLGVIHMFMPMX]
MWTEVXP]EQEXXIVSJVITYXEXMSR]SYGERIRLERGI]SYVGVIHMFMPMX]HYVMRKEWTIIGL
F]IWXEFPMWLMRKGSQQSRKVSYRH[MXL]SYVPMWXIRIVWF]PIXXMRKXLIQORS[[L]]SY
EVI UYEPMJMIH XS WTIEO SR XLI XSTMG ERH F] TVIWIRXMRK ]SYV MHIEW JPYIRXP] ERH
I\TVIWWMZIP]
-J]SYLSTIXSFITIVWYEWMZI]SYQYWXEPWSWYTTSVX]SYVZMI[W[MXLIZMHIRGIh
I\EQTPIWWXEXMWXMGWERHXIWXMQSR]6IKEVHPIWWSJ[LEXOMRHSJIZMHIRGI]SYYWIMX
[MPPFIQSVITIVWYEWMZIMJMXMWRI[XSXLIEYHMIRGIWXEXIHMRWTIGMJMGVEXLIVXLER
KIRIVEPXIVQWERHJVSQGVIHMFPIWSYVGIW=SYVIZMHIRGI[MPPEPWSFIQSVITIVWYE
WMZIMJ]SYWXEXII\TPMGMXP]XLITSMRXMXMWWYTTSWIHXSTVSZI
2SQEXXIVLS[WXVSRK]SYVIZMHIRGI]SY[MPPRSXFITIVWYEWMZIYRPIWWPMWXIRIVW
EKVII [MXL ]SYV VIEWSRMRK -R VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW ]SY QSZI JVSQ E
RYQFIVSJTEVXMGYPEVJEGXWXSEKIRIVEPGSRGPYWMSR6IEWSRMRKJVSQTVMRGMTPIMWXLI
VIZIVWIh]SYQSZIJVSQEKIRIVEPTVMRGMTPIXSETEVXMGYPEVGSRGPYWMSR;LIR]SYYWI
GEYWEP VIEWSRMRK ]SY XV] XS IWXEFPMWL EVIPEXMSRWLMT FIX[IIRGEYWIW ERH IJJIGXW -R
EREPSKMGEPVIEWSRMRK]SYGSQTEVIX[SGEWIWERHMRJIVXLEX[LEXMWXVYIJSVSRIMWEPWS
XVYIJSVXLISXLIV;LEXIZIVOMRHSJVIEWSRMRK]SYYWIEZSMHJEPPEGMIWWYGLEWLEWX]
KIRIVEPM^EXMSRJEPWIGEYWIERHMRZEPMHEREPSK]=SYWLSYPHEPWSFISRKYEVHEKEMRWX
XLIVIHLIVVMRKEHLSQMRIQIMXLIVSVFERH[EKSRERHWPMTTIV]WPSTIJEPPEGMIW
*MREPP]]SY GERTIVWYEHI]SYVPMWXIRIVWF] ETTIEPMRKXSXLIMVIQSXMSRW3RI
[E]XSKIRIVEXIIQSXMSREPETTIEPMWF]YWMRKIQSXMSRPEHIRPERKYEKI%RSXLIVMW
XS HIZIPST ZMZMH VMGLP] XI\XYVIH I\EQTPIW 2IMXLIV LS[IZIV [MPP FI IJJIGXMZI
YRPIWW]SYJIIPXLIIQSXMSR]SYVWIPJERHGSQQYRMGEXIMXF]WTIEOMRK[MXLWMRGIVMX]
ERHGSRZMGXMSR
%W[MXLSXLIVQIXLSHWSJTIVWYEWMSR]SYVYWISJIQSXMSREPETTIEPWLSYPHFI
KYMHIHF]EJMVQIXLMGEPVYHHIV%PXLSYKLIQSXMSREPETTIEPWEVIYWYEPP]MRETTVSTVM
EXIMRWTIIGLIWSRUYIWXMSRWSJJEGXXLI]EVIPIKMXMQEXIhERHSJXIRRIGIWWEV]hMR
WTIIGLIWXLEXWIIOMQQIHMEXIEGXMSRSRUYIWXMSRWSJTSPMG])ZIR[LIRXV]MRKXS
QSZIPMWXIRIVWXSEGXMSRLS[IZIV]SYWLSYPHRIZIVWYFWXMXYXIIQSXMSREPETTIEPW
JSVIZMHIRGIERHVIEWSRMRK
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
/)=8)617
IXLSW
VIEWSRMRKJVSQTVMRGMTPI
GVIHMFMPMX]
GEYWEPVIEWSRMRK
MRMXMEPGVIHMFMPMX]
JEPWIGEYWI
HIVMZIHGVIHMFMPMX]
EREPSKMGEPVIEWSRMRK
XIVQMREPGVIHMFMPMX]
MRZEPMHEREPSK]
GVIEXMRKGSQQSRKVSYRH
JEPPEG]
IZMHIRGI
VIHLIVVMRK
PSKSW
EHLSQMRIQ
VIEWSRMRK
IMXLIVSV
VIEWSRMRKJVSQWTIGMJMG
MRWXERGIW
FERH[EKSR
LEWX]KIRIVEPM^EXMSR
TEXLSW
WPMTTIV]WPSTI
6):-);59)78-327
%JXIVVIEHMRKXLMWGLETXIV]SYWLSYPHFIEFPIXSERW[IVXLIJSPPS[MRKUYIWXMSRW
;
LEXMWGVIHMFMPMX]#;LEXX[SJEGXSVWI\IVXXLIQSWXMRJPYIRGISREREYHMIRGItW
TIVGITXMSRSJEWTIEOIVtWGVIHMFMPMX]#
;
LEXEVIXLIHMJJIVIRGIWEQSRKMRMXMEPGVIHMFMPMX]HIVMZIHGVIHMFMPMX]ERHXIV
QMREPGVIHMFMPMX]#
;
LEXEVIXLVII[E]W]SYGERIRLERGI]SYVGVIHMFMPMX]HYVMRK]SYVWTIIGLIW#
;
LEXMWIZMHIRGI#;L]HSTIVWYEWMZIWTIEOIVWRIIHXSYWIIZMHIRGI#
;
LEXEVIJSYVXMTWJSVYWMRKIZMHIRGIIJJIGXMZIP]MRETIVWYEWMZIWTIIGL#
;
LEXMWVIEWSRMRKJVSQWTIGMJMGMRWXERGIW#;LEXKYMHIPMRIWWLSYPH]SYJSPPS[
[LIRYWMRKXLMWQIXLSHSJVIEWSRMRK#
GSRRIGXPYGEWGSQ
*SVJYVXLIVVIZMI[KSXSXLI
7XYH]5YIWXMSRWMRXLISRPMRI
7XYH]%MHWJSVXLMWGLETXIV
;LEX MW VIEWSRMRK JVSQ TVMRGMTPI# ,S[ MW MX HMJJIVIRX JVSQ VIEWSRMRK JVSQ
WTIGMJMGMRWXERGIW#
;LEX MW GEYWEP VIEWSRMRK# ;LEX X[S IVVSVW QYWX ]SY FI WYVI XS EZSMH [LIR
YWMRKGEYWEPVIEWSRMRK#
;LEXMWEREPSKMGEPVIEWSRMRK#,S[HS]SYNYHKIXLIZEPMHMX]SJEREREPSK]#
;LEXEVIXLIIMKLXPSKMGEPJEPPEGMIWHMWGYWWIHMRXLMWGLETXIV#
;LEX MW XLI VSPI SJ IQSXMSREP ETTIEP MR TIVWYEWMZI WTIEOMRK# -HIRXMJ] XLVII
QIXLSHW]SYGERYWIXSKIRIVEXIIQSXMSREPETTIEPMR]SYVWTIIGLIW
)\IVGMWIWJSV'VMXMGEP8LMROMRK
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
)<)6'-7)7*36'6-8-'%08,-2/-2+
6IWIEVGLLEWWLS[RXLEXEWTIEOIVtWMRMXMEPGVIHMFMPMX]GERLEZIKVIEXMQTEGXSR
LS[XLIWTIEOIVtWMHIEWEVIVIGIMZIHF]PMWXIRIVW6IWIEVGLLEWEPWSWLS[RXLEXE
WTIEOIVtWGVIHMFMPMX][MPPZEV]JVSQXSTMGXSXSTMGERHEYHMIRGIXSEYHMIRGI-R
XLIPIJXLERHGSPYQRFIPS[MWEPMWXSJ[IPPORS[RTYFPMGJMKYVIW-RXLIVMKLX
LERHGSPYQRMWEPMWXSJTSXIRXMEPWTIIGLXSTMGW%WWYQIXLEXIEGLWTIEOIV[MPP
FIEHHVIWWMRK]SYVWTIIGLGPEWW
*SVIEGLWTIEOIVMHIRXMJ]XLIXSTMGMRXLIVMKLXLERHGSPYQRSR[LMGLWLI
SVLI[SYPHLEZIXLILMKLIWXMRMXMEPGVIHMFMPMX]JSV]SYVGPEWW8LIRI\TPEMRLS[
XLIWTIEOIVtWMRMXMEPGVIHMFMPMX]QMKLXFIEJJIGXIHMJXLIWTIEOIV[IVIHMWGYWWMRK
XLIXSTMGMRXLIVMKLXLERHGSPYQRHMVIGXP]EGVSWWJVSQLIVSVLMWREQI
7TIEOIV
8STMG
3TVEL;MRJVI]
8LI'SQIH]SJ4SPMXMGW
&MPP+EXIW
*ERXEW]EW0MXIVEXYVI
%P+SVI
8EPO7LS[W8LIMV6SPIMR7SGMIX]
.SR7XI[EVX
8LI*YXYVISJ'SQTYXIVW
./6S[PMRK
)RZMVSRQIRXEP4SPMXMGW
-HIRXMJ]XLIOMRHSJVIEWSRMRKYWIHMRIEGLSJXLIJSPPS[MRKWXEXIQIRXW;LEX
[IEORIWWIWMJER]GER]SYJMRHMRXLIVIEWSRMRKSJIEGL#
E %GGSVHMRKXSEWXYH]F]XLI%QIVMGER1IHMGEP%WWSGMEXMSRQIR[MXLFEPHWTSXW
LEZIXLVIIXMQIWXLIVMWOSJLIEVXEXXEGOEWQIR[MXLEJYPPLIEHSJLEMV7XVERKI
EWMXQE]WIIQMXPSSOWEWMJFEPHRIWWMWEGEYWISJLIEVXEXXEGOW
F 8LIVIGERFIRSHSYFXXLEXXLIYWISJGIPPTLSRIWF]HVMZIVWMWEQENSVVIEWSRJSV
QSXSVZILMGPIEGGMHIRXW-R2I[=SVOJMZIJVMIRHW[LSLEHNYWXKVEHYEXIHJVSQ
LMKLWGLSSPHMIHMRELIEHSRGSPPMWMSR[MXLEXVYGO[LIRXLIGEVHVMZIVPSWXGSR
XVSP[LMPIYWMRKLIVTLSRIXSWIRHEXI\XQIWWEKI-R'SPSVEHSE]IEVSPH[EW
YWMRK LMW GIPP TLSRI [LIR LI WXVYGO ERH OMPPIH E FMG]GPMWX -R 1EWWEGLYWIXXW E
QERHVMZMRKER79:OMPPIHE]IEVSPHFS]TPE]MRKF]XLIVSEH;LIRTSPMGI
GEYKLXYTXSXLIHVMZIVLIWEMHLI[EWHMWXVEGXIHF]LMWGIPPTLSRIERHXLSYKLX
LILEHLMXEQEMPFS\
G 8LI9RMXIH7XEXIW'SRWXMXYXMSRKYEVERXIIWEPPGMXM^IRWXLIVMKLXXSFIEVEVQW+YR
GSRXVSPPIKMWPEXMSRMRJVMRKIWSRXLIVMKLXSJGMXM^IRWXSFIEVEVQW8LIVIJSVIKYR
GSRXVSPPIKMWPEXMSRMWGSRXVEV]XSXLI'SRWXMXYXMSR
H %PQSWXIZIV]MRHYWXVMEPM^IHREXMSRMRXLI[SVPHI\GITXJSVXLI9RMXIH7XEXIWLEW
EREXMSREPGYVVMGYPYQERHREXMSREPXIWXWXSLIPTIRWYVIXLEXWGLSSPWXLVSYKLSYX
XLIGSYRXV]EVIQIIXMRKLMKLWXERHEVHWSJIHYGEXMSR-JWYGLEW]WXIQGER[SVO
IPWI[LIVIMXGER[SVOMRXLI9RMXIH7XEXIWEW[IPP
3
ZIVXLI]IEVWXLIVILEWFIIRQYGLHIFEXIEFSYXXLIVSPISJIQSXMSREPETTIEP
MRTYFPMGWTIEOMRK(S]SYFIPMIZIMXMWIXLMGEPJSVTYFPMGWTIEOIVWXSYWIIQS
XMSREP ETTIEPW [LIR WIIOMRK XS TIVWYEHI ER EYHMIRGI# (S ]SY JIIP XLIVI EVI
GIVXEMROMRHWSJIQSXMSRWXS[LMGLERIXLMGEPWTIEOIVWLSYPHRSXETTIEP#;L]
SV[L]RSX#&ITVITEVIHXSI\TPEMR]SYVMHIEWMRGPEWW
%
REP]^Iq8LI,SVVSVWSJ4YTT]1MPPWrMRXLIETTIRHM\SJWEQTPIWTIIGLIWXLEX
JSPPS[W'LETXIVTEKIW%i%4E]WTIGMEPEXXIRXMSRXSXLIWTIEOIVtWGVIH
MFMPMX]IZMHIRGIVIEWSRMRKERHIQSXMSREPETTIEP:MI[XLIZMHISSJXLIWTIIGL
MRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIVEXGSRRIGXPYGEWGSQWS]SYGEREPWS
EWWIWWLMWHIPMZIV]ERHYWISJZMWYEPEMHW
',%48)6 1)8,3(73*4)679%7-32
0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
1IXLSHWSJ4IVWYEWMSR
8I\X
8LI1G+VE[n,MPP
'SQTERMIW
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
%W XLI WIVZMGI QEREKIV JSV E PSGEP LSQI MQTVSZIQIRX GSQTER] ]SY LEZI FIIR
TPIEWIH XS WII ]SYV GSQTER] I\TERH MXW WM^I ERH WGSTI FYX ]SY HSRtX [ERX XLEX
KVS[XL XS GSQI EX XLI I\TIRWI SJ GYWXSQIV WIVZMGI -R TEVXMGYPEV ]SYtVI [SVVMIH
EFSYX PSWMRK XSYGL [MXL SRI SJ XLI GSQTER]tW OI] HIQSKVETLMGWh[SQIR [LS
QEOI YT TIVGIRX SJ ]SYV GYWXSQIV FEWI 8S TVIZIRX XLMW JVSQ LETTIRMRK ]SY
LEZIHIZIPSTIHETPERJSVEVERKISJTIVWSREPM^IHWIVZMGIWXEVKIXIHEX[SQIRMRGPYHMRK
SRISRSRIXIEGLMRKSJHSMX]SYVWIPJWOMPPWERHJVIIMRLSQIGSRWYPXEXMSRW
;LIR]SYTVIWIRX]SYVTPEREXEQIIXMRKSJXLIGSQTER]tWQEREKIQIRXXIEQ
]SYPMWXIREWSRII\IGYXMZIEVKYIWMRSTTSWMXMSR%QSRKLMWTSMRXWEVIXLIJSPPS[
MRK -J ]SYV TPER MW EHSTXIH GYWXSQIVW [MPP I\TIGX QSVI ERH QSVI WTIGMEP
WIVZMGIW ERH IZIRXYEPP] [MPP HIQERH JVII MRWXEPPEXMSR SJ JPSSVMRK ERH GEVTIXMRK
&IGEYWIEQENSVMX]SJXLIQEREKIQIRXXIEQSTTSWIW]SYVTPERMXQYWXRSXFI
EKSSHMHIE3RISJ]SYVGSQTIXMXSVWXVMIHEGYWXSQIVWIVZMGITPERWTIGMJMGEPP]
JSV[SQIRFYXMXHMHRSXWYGGIIHXLIVIJSVI]SYVTPERMWHSSQIHXSJEMPYVI
-R]SYVVIWTSRWIXSXLII\IGYXMZI]SY[MPPTSMRXSYXXLIJEPPEG]MRIEGLSJLMW
TSMRXW;LEXEVIXLSWIJEPPEGMIW#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK