Академический Документы
Профессиональный Документы
Культура Документы
RGiO\%XOOHWLQ
-[SYPHPMOIXS[EVQP]XLEROQIQFIVWSJXLIIHMXSVMEP
)(-836-%08)%1 XIEQJSV[LS[IVII\XVIQIP]WYTTSVXMZISJXLI
IHMXSV ERH KIRIVSYW [MXL XLIMV XMQI I\TIVXMWI ERH
)HMXSVMEP4ERIP EHZMGI
.YHMXL.SLRWSR8IWW0EMVH
%RR'EVVSPP
%HZIVXMWMRK7YTTSVX
)HMXSVJSV
+EMP+SHJVI]
(IWMKRERH0E]SYX
/IZMR/IPPI]
)HMXSV
%RR'EVVSPP (-7'0%-1)6
8LMW TYFPMGEXMSR LEW FIIR TVITEVIH JSV XLI QIQFIVW ERH
TVSJIWWMSREP EWWSGMEXIW SJ 8LI /SHjP] 1YWMG )HYGEXMSR
-RWXMXYXI SJ %YWXVEPME 8LI STMRMSRW I\TVIWWIH MR XLI
TYFPMGEXMSREVIXLSWISJXLIEYXLSVWERHHSRSXRIGIWWEVMP]
1W)XLRI&VIRRER7IGVIXEV] VIIGX XLI ZMI[W SJ XLI EWWSGMEXMSR SV XLI IHMXSVW;LMPI
43&S\ VIEWSREFPIGLIGOWLEZIFIIRQEHIXSIRWYVIXLIEGGYVEG]
+VEJXSR27; SJWXEXIQIRXWERHEHZMGIRSVIWTSRWMFMPMX]GERFIEGGITXIH
JSVIVVSVWERHSQMWWMSRWLS[IZIVGEYWIH2SVIWTSRWMFMPMX]
JSVER]PSWWSGGEWMSRIHXSER]TIVWSREGXMRKSRSVVIJVEMRMRK
[[[OSHEP]SVKEY JVSQ EGXMSR EW E VIWYPX SJ QEXIVMEP MR XLMW TYFPMGEXMSR MW
MRJS$OSHEP]SVKEY EGGITXIHF]XLIEYXLSVWXLIEWWSGMEXMSRSVXLIIHMXSVW
'328)287
-2863(9'8-32
%QIWWEKIJVSQXLITVIWMHIRX
+EMP+SHJVI]
6)*)6))(4%4)67
1YWMGEWEJSGYWJSVGSQQYRMX]
IRKEKIQIRX
.YHMXL*VSQ]LV
1SHIVRZSGEPTIHEKSK]
-QTPMGEXMSRWJSVIHYGEXSVW[LS
IQTPS]XLI/SHjP]GSRGITX
(EVVIR;MGOW
8LIZSMGI[MXLMR%YHMEXMSR
ERHMRRIVLIEVMRKMRXLIWX
GIRXYV]
8LI&YPPIXMRSJXLI 7EVEL1G+EVV]
/SHjP]1YWMG)HYGEXMSR
-RWXMXYXISJ%YWXVEPME-RG 38,)6'32*)6)2')4%4)67
/EXEPMR*SVVEMMRWTMVMRK
XIEGLIVWMR%YWXVEPME
%RR'EVVSPP
%TYFPMGEXMSRSJ 7,%6-2+46%'8-')
8LI/SHjP]1YWMG)HYGEXMSR 1YWMGTIHEKSK]XSYVXS
-RWXMXYXISJ%YWXVEPME-RG &YHETIWX
-772 1EV]%)TWXIMR
'SRRIGXMRKXS,YRKEV]
%RR'EVVSPPERH+EMP+SHJVI]
0SGEPTVSJIWWMSREPHIZIPSTQIRX
MR2SVXL5YIIRWPERH
0MRHE.IRWIRERH1EVKEVIX&VEHIPH
%XEWXISJ%QIVMGER/SHjP]
%RRI'SQMWO]
;L]XIEGLIVWERHJEQMPMIWPSZI
XLIHSVIQMI\TIVMIRGI
+EMP+SHJVI]
6)7396')6):-);7
1SVIXLEREQYWMGMGMER
%PMJISJ),EVSPH(EZMIW
+SVHSR(7TIEVMXX
/3(0=2);7
/1)-%2EXMSREP
'SRJIVIRGI
7XEXI6ITSVXW
-/72I[W
957YQQIV7GLSSP
9THEXISRHSVIQM
3RXLIGSZIV
+EMP+SHJVI][MXL/ETWSZjVGLMPHVIR
-2863(9'8-32
%1)77%+)*6318,)46)7-()28
+EMP+SHJVI]/1)-%2EXMSREP4VIWMHIRX
-[EWMRWTMVIHF](IRMWI&EGSRMRLIVFSSO,SPH*EWX
XS(VIEQW
[LIVIWLIVIJIVVIHXSXLI/SHjP]
GSRGITX MR XLI 97% MR ERH JIPX MX VITVIWIRXIH
ZEPYIW XLEX WSGMIX] QMKLX RSX FI [MPPMRK XS
EGORS[PIHKI8LIWIZEPYIWMJEGGITXIH[SYPHIRVMGL
WSGMIXMIWXLVSYKLXLIHMWGMTPMRISJQYWMGIHYGEXMSR
;ILEZIXLIIZMHIRGISJXLSWI[LSLEZIVIGIMZIH
MRHITXL /SHjP] XVEMRMRK ER] SRI SJ [LSQ [MPP XIPP
]SYMXLEWGLERKIHXLIMVPMZIW8LI][MPPXIPP]SYRSX
SRP] XLEX XLIMV XVEMRMRK KEZI XLIQ WLEVTP] MRGVIEWIH
QYWMGEP WOMPPW ERH I\TERHIH VIWSYVGIW SR [LMGL XS
HVE[ [MXL GLMPHVIR FYX XLEX MR E FVSEHIV HIITIV
WIRWIMXKEZIXLIQEREFMPMX]XSHIEP[MXLPMJI;L]#
&IGEYWI XLI] [IVI WYGGIWWJYP ERH ORI[ XLI] LEH
WSQIXLMRK MQTSVXERX XS KMZI XLI GLMPHVIR ERH XLI
EHYPXWXLI]XEYKLXMRWLSVXXLIMVPMZIWEVIQIERMRKJYP
T
-
X MW MRHIIH E TVMZMPIKI ERH ER LSRSYV XS 2EXMSREP 'SYRGMP [MPP HVE[ XSKIXLIV EPP PIZIPW SJ
WIVZI EW XLI 2EXMSREP 4VIWMHIRX SJ XLI /SHjP] QYWMG IHYGEXMSR XS LIPT GYPXMZEXI /1)-% MR EPP
1YWMG )HYGEXMSR -RWXMXYXI SJ %YWXVEPME -RG ERH %YWXVEPMER 7XEXIW ERH XS I\XIRH SYV GSPPEFSVEXMSR
2EXMSREP'SSVHMREXSVJSVHSVIQM)EVP]'LMPHLSSH MRXIVREXMSREPP]IWTIGMEPP][MXLSYVRIMKLFSYVWMR2I[
1YWMG)HYGEXSVW >IEPERHERH7SYXL)EWX%WME
3YV 'SYRGMPW KSEP MW XS FI E YRMJ]MRK FSH] WIXXMRK /1)-%WWYGGIWWYTXSRS[LEWFIIRHITIRHIRXSR
SZIVEPP %YWXVEPMER HMVIGXMSRW ERH WXERHEVHW E [SRHIVJYP GSQQMXXII SJ HMWXMRKYMWLIH IHYGEXSVW
GSRRIGXMRK%YWXVEPMER /SHjP] [SVO XS MRXIVREXMSREP ERHSJGIVW[LSLEZIWIVZIHSR2EXMSREP'SYRGMP-
/SHjP] SVKERMWEXMSRW SJJIVMRK REXMSREP PIZIP WYTTSVX [SYPHPMOIXSTEVXMGYPEVP]EGORS[PIHKIXLIWMKRMGERX
ERH WYWXEMRMRK XLI 7XEXI &VERGLIW MR XLIMV EGXMZMXMIW GSRXVMFYXMSRW QEHI F] VIXMVMRK GSYRGMPPSVW )RMH
/1)-% -RG MW ER IHYGEXMSREP SVKERMWEXMSR XLEX 7GSXX7IGVIXEV]
-ER,EVVMWSR8VIEWYVIV
7V:EPIVMI
JYRGXMSRW[MXLWSGMEPQSVEPREXMSREPERHGSQQYRMX] ,YWXSR ERH (IFFMI 37LIE :MGI4VIWMHIRX
ERH
MQTPMGEXMSRW /1)-% [EW JSYRHIH XS TVSQSXI ERH WMRGIVIP]XLEROXLIQJSVXLIMVMRMXMEXMZIWERHKYMHERGI
EHZERGIXLIYRHIVWXERHMRKERHYWISJEIWXLIXMGERH SZIVQER]]IEVW
IHYGEXMSREPXIEGLMRKWFEWIHSRXLITLMPSWSTL]SJXLI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
-2863(9'8-32
(IFFMI37LIEWWXYHIRXWEX7LSVRGPMJJI7XEXI7GLSSP&VMWFERI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
197-'%7%*3'97*36
'31192-8=)2+%+)1)28
F].YHMXL*VSQ]LV1)H&%1YW)H&%1YW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
8LI UYIWXMSRREMVI GSRXEMRIH UYIWXMSRW QSWX SJ XLI UYIWXMSRW VIUYMVIH E XMGO MR E FS\ [LMPI SXLIVW
VIUYMVIHXLITEVXMGMTERXXSMRWIVXE[SVHSV[VMXIEJI[PMRIW8LIVI[EWEPWSERSTTSVXYRMX]EXXLIIRHSJXLI
UYIWXMSRREMVIXSTVSZMHIQSVIWYFWXERXMEPMRJSVQEXMSRMJXLITEVXMGMTERX[MWLIH4EVXMGMTEXMSRMRXLIVIWIEVGL
[EWZSPYRXEV]ERHUYIWXMSRWVIKEVHMRKMHIRXMGEXMSRSJXLITEVXMGMTERXERHSVXLIMVSVKERMWEXMSR[IVISTXMSREP
%XXLIXMQISJ[VMXMRKXLMWTETIV-LEZIVIGIMZIHVIWTSRWIWJVSQHMJJIVIRXKVSYTW
6IWTSRWIW
8LIVWXX[SWIGXMSRWSRXLIUYIWXMSRREMVIVIKEVHMRKMHIRXMGEXMSR[IVISTXMSREPFYXSZIV SJVIWTSRHIRXW
[IVI[MPPMRKXSFIMHIRXMIH5YIWXMSRWERHLIPTIHXSGEXIKSVMWIXLIX]TISJGSQQYRMX]KVSYTXLEXXLI
VIWTSRHIRXFIPSRKIHXS[MXLSYXTVSZMHMRKER]TIVWSREPHEXE
2EQISTXMSREP
2EQISJGSQQYRMX]QYWMGSVKERMWEXMSRSTXMSREP
5YIWXMSR
;LEXX]TISJSVKERMWEXMSRMWMX#
T'LSMV
T3VGLIWXVE
T&ERH
T3XLIVTPIEWIWTIGMJ]
5YIWXMSR
;LEXMW]SYVMRWXVYQIRX#
MRGPYHIWZSMGI]SYQE]PMWXQSVIXLERSRI
5YIWXMSRWXS[IVIHIWMKRIHXSKEMRMRJSVQEXMSREFSYXTVIZMSYWQYWMGIHYGEXMSRERH[EWXLITEVXSJQ]
VIWIEVGLXLEX-XLSYKLXQMKLXVIZIEPWSQIXMIWXSTVIZMSYW/SHjP]QYWMGIHYGEXMSRMRSRIJSVQSVERSXLIV
)EGLSJXLIUYIWXMSRWMRXLMWWIGXMSRMWHIEPX[MXLMRHMZMHYEPP]FIPS[ERH-LEZISJJIVIHWSQIMRXIVTVIXEXMSRSJ
XLIHEXETVIWIRXIH
(MEKVEQJSV5YIWXMSR
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
5YIWXMSR
(MH]SYFIKMR]SYVMRWXVYQIRXEPZSMGIMRWXVYGXMSRMR
TKVSYTSVGPEWWPIWWSRW#
TMRHMZMHYEPTVMZEXIPIWWSRW#
TEGSQQYRMX]QYWMGKVSYT#
TXLMWGYVVIRXQYWMGKVSYT#
3JXLSWI[LSVIWTSRHIH
E
SJGLSMVQIQFIVWLEHFIKYRMRWXVYGXMSRMRKVSYTGPEWWPIWWSRWSVMRHMZMHYEPTVMZEXIPIWWSRW SJ
GLSMVQIQFIVWLEHFIKYRMRWXVYGXMSRMREGSQQYRMX]QYWMGKVSYT[LMGLLMKLPMKLXWXLIMQTSVXERGISJ
GSQQYRMX]GLSVEPKVSYTWMRXLIGSRXMRYIHQYWMGIHYGEXMSRSJEHYPXW
F
SJSVGLIWXVEFERHQIQFIVWFIKERMRWXVYGXMSRMRKVSYTGPEWWPIWWSRWSVMRHMZMHYEPTVMZEXIPIWWSRW3RP]
FIKERMREGSQQYRMX]QYWMGKVSYT8LMWMWYRHIVWXERHEFPIEWQSWXGSQQYRMX]FERHWERHSVGLIWXVEW
EVIWIXYTJSVTISTPI[LSEPVIEH]LEZII\IGYXERXWOMPPW
5YIWXMSR
;LIRHMH]SYFIKMR]SYVMRWXVYQIRXEPZSMGIMRWXVYGXMSR#
T)EVP]GLMPHLSSH]IEVW
T4VMQEV]WGLSSP]IEVW
T7IGSRHEV]WGLSSP]IEVW
T4SWXWIGSRHEV]WGLSSP]IEVW
(MEKVEQJSV5YIWXMSR
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
3JXLSWI[LSVIWTSRHIH
E
LEHFIKYRXLIMVQYWMGMRWXVYGXMSRFIJSVIPIEZMRKLMKLWGLSSP[MXLXLIPEVKIWXRYQFIVFIKMRRMRKMR
TVMQEV]WGLSSP8LMWGIVXEMRP][SYPHWIIQXSFIEVIWYPXSJEWXVSRKIQTLEWMWSRQYWMGIHYGEXMSRMR
5YIIRWPERHWGLSSPWMRXLIPEWX]IEVW8LITIVGIRXEKIWSJVIWTSRHIRXWFIKMRRMRKXLIMVMRWXVYGXMSRMR
IEVP]GLMPHLSSHERHTVMQEV]]IEVWMWTVSFEFP]WOI[IHXS[EVHWXLIPS[IVIRHSJXLIWGEPIFIGEYWI SJ
XLIVIWTSRHIRXW[IVI]IEVWERHSPHIV LEHFIKYRQYWMGMRWXVYGXMSRMRTSWXWIGSRHEV]WMXYEXMSRW
[MXLQSWXSJXLIWIFIMRKGLSMVQIQFIVW)ZMHIRGIWYKKIWXWXLEXXLIVIEVIGIVXEMRP]QSVISTTSVXYRMXMIWJSV
TISTPIXSNSMRGLSMVWXLERFERHWSVSVGLIWXVEWERHXLIRIIHJSVWTIGMGQYWMGWOMPPWMWTIVGIMZIHEWFIMRK
PIWWMQTSVXERXMREGLSMV
F
SJXLIXSXEPVIWTSRHIRXWLEHFIKYRXLIMVQYWMGIHYGEXMSRMRIEVP]GLMPHLSSH8LMW[EWQSVISJXIRXLI
GEWI[MXLXLI]SYRKIVVIWTSRHIRXWTVSFEFP]FIGEYWISJXLIKVS[MRKE[EVIRIWWSJXLIMQTSVXERGISJIEVP]
GLMPHLSSHQYWMGIHYGEXMSRHYVMRKXLIPEWXXLMVX]]IEVW
5YIWXMSR
(S]SYLEZIER]UYEPMGEXMSRWMR]SYVMRWXVYQIRXEPSVZSGEPEVIE#IK%1)&+VQYWMGI\XIRWMSREQYWMG
TIVJSVQERGIHIKVII
T=IW 4PIEWIKMZIHIXEMPW
T2S
3JXLSWI[LSVIWTSRHIH
E
SJXLIXSXEPVIWTSRHIRXWLEHERMRWXVYQIRXEPSVZSGEPUYEPMGEXMSR
F
SJXLSWI[MXLERMRWXVYQIRXEPSVZSGEPUYEPMGEXMSR [IVIQIQFIVWSJER3VGLIWXVESV&ERHERH
[IVIQIQFIVWSJEGLSMV
(MEKVEQJSV5YIWXMSR
5YIWXMSR
%VI]SYGYVVIRXP]LEZMRKVIKYPEVPIWWSRWSRERMRWXVYQIRXSVSRZSMGI#
T=IW
T2S
3JXLSWI[LSVIWTSRHIH
E
SJXLIXSXEPRYQFIV[EWRSXLEZMRKPIWWSRW1ER]TISTPIVIWTSRHIHXLEXTPE]MRKSVWMRKMRKMRXLIMV
GSQQYRMX]KVSYTXSSOXLITPEGISJPIWWSRW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
(MEKVEQJSV5YIWXMSR
5YIWXMSR
;LEXMW]SYVLMKLIWXPIZIPSJKIRIVEPQYWMGIHYGEXMSR#
4VMQEV]WGLSSPQYWMGGPEWWIW
T+VEHIQYWMGGPEWWIW
T+VEHI1YWMG
T+VEHIQYWMG
T+VEHI1YWMGI\XIRWMSR
T9RHIVKVEHYEXIQYWMGHIKVII
T4SWXKVEHYEXIQYWMGHIKVII
(MEKVEQJSV5YIWXMSR
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
3JXLSWI[LSVIWTSRHIH [IVI WMQTP] YRE[EVI XLEX XLI] LEH 3J XLSWI [LS
E
GPEMQIHXSLEZIRSKIRIVEPQYWMGFEGOKVSYRH VIWTSRHIH XMGOIH XLIRSX WYVI FS\ ERH SRP]
F
LEHGSRXMRYIHQYWMGTSWXGSQTYPWSV] ORI[XLEXXLI]LEHI\TIVMIRGIH/SHjP]QYWMG
TVSKVEQWMI+VEHIQYWMG8LMWMWEKSSH IHYGEXMSR 4VSFMRK VIZIEPIH XLEX QER] LEH PIEVRX
VIWYPXJSVWGLSSPQYWMGTVSKVEQWLS[IZIVQSWX XLMW [E] XLI] VIQIQFIVIH YWMRK XE ERH XI XI ERH
SJXLIWIVIWTSRHIRXW[IVIMRWXVYQIRXEPMWXW WSPJE ERH [IVI JEQMPMEV [MXL VITIVXSMVI GSRWMWXIRX
1IQFIVWSJGSQQYRMX]GLSVEPKVSYTW[IVI [MXL E /SHjP]FEWIH TVSKVEQ
FYX HMHRX ORS[
QSVIPMOIP]XSLEZIGIEWIHMRZSPZIQIRX[MXL [LEXMX[EWGEPPIH3RVIIGXMSR-VIEPMWIHXLEXXLI
WGLSSPQYWMGEJXIVXLIGSRGPYWMSRSJGSQTYPWSV] /SHjP] JVEXIVRMX] VEVIP] PEFIP [LEX [I HS ERH [I
TVSKVEQW,S[IZIVIZMHIRGIJVSQQ]VIWIEVGL [SYPH RSX I\TIGX SYV IEVP] GLMPHLSSH ERH TVMQEV]
WYKKIWXWXLEXHIQERHJSVTPEGIWMRGSQQYRMX] WXYHIRXW XS ORS[ XLEX XLI] EVI PIEVRMRKEGGSVHMRK
QYWMGKVSYTWMR7SYXL)EWX5YIIRWPERHMWLMKL XS XLI TVMRGMTPIW SJ >SPXjR /SHjP] -R JEGX [I
MRHMGEXMRKTIVLETWXLEXXLII\TIVMIRGISJQYWMG [SYPHTVSFEFP]LSTIXLEXXLIGLMPHVIRHMHRXVIEPMWI
MRWGLSSPW[EWETSWMXMZISRIXLEXIRGSYVEKIH XLEXXLI][IVIPIEVRMRKEXEPP-J-GSRXMRYI[MXLXLMW
TEVXMGMTEXMSRMRQYWMGEGXMZMXMIWFI]SRHWGLSSP VIWIEVGL - [MPP RIIH XS TVSFI XLMW UYIWXMSR JYVXLIV
WIXXMRKW XLVSYKLMRXIVZMI[WERHSVJSGYWKVSYTHMWGYWWMSRW
G
LEHERYRHIVKVEHYEXISVTSWXKVEHYEXI
QYWMGHIKVIIERHJYVXLIVMRZIWXMKEXMSRVIZIEPIH 3JXLSWI[LSVIWTSRHIHXSXLMWUYIWXMSR LEH
XLEXWSQISJXLIWIVIWTSRHIRXW[IVII\GLERKI PIEVRXMREWGLSSPKVSYTMRWXVYQIRXEPTVSKVEQERH
WXYHIRXWJVSQSXLIVGSYRXVMIWWXYH]MRKMR LEHI\TIVMIRGIH%1)&8VMRMX]'SPPIKISVWMQMPEV
%YWXVEPMEJSVEWLSVXTIVMSH3RISJXLIWI 8LMW VIWTSRWI VEXI WLS[W XLI MQTSVXERGI SJ WYGL
VIWTSRHIRXW[EWQSWXMQTVIWWIH[MXLXLI W]WXIQW MR TVSZMHMRK QYWMG IHYGEXMSR XS%YWXVEPMER
EZEMPEFMPMX]SJWYGLGSQQYRMX]KVSYTWERH GLMPHVIRERHEHYPXW
VIQEVOIHXLEXWMQMPEVKVSYTW[IVIRSXMR
I\MWXIRGIMRXLIMVLSQIGSYRXV] 8LI VIQEMRHIV SJ XLI UYIWXMSRW [IVI GSRGIVRIH
H
LEHSRP]I\TIVMIRGIHTVMQEV]WGLSSPQYWMG [MXL QSXMZEXMSR XS NSMR ERH VIQEMR MR GSQQYRMX]
IHYGEXMSR%PXLSYKLQSWXQIQFIVWSJGSQQYRMX] QYWMG KVSYTW ERH - [EW MQTVIWWIH F] XLI PIZIP SJ
QYWMGKVSYTWLEHFIIRIRGSYVEKIHXSNSMRF] GSQQMXQIRX XLEX [EW IZMHIRX MR VIWTSRWIW XS Q]
WSQISRIXLI]ORI[5YIW-[EWMRZMXIHF]E WYVZI]-[MPP WLEVI[MXL ]SYWSQISXLIVMRXIVIWXMRK
QIQFIVQ][MJIQEHIQI
SXLIVWGSQQIRXIH XLMRKWXLEX-JSYRHSYX
XLEXXLI]WERKEXWGLSSPERH[ERXIHXSGSRXMRYI v SRITIVWSRLEHFIIREQIQFIVSJXLIMV
WYKKIWXMRKXLEXTVMQEV]WGLSSPQYWMGQE]LEZI SVKERMWEXMSRJSV]IEVW
FIIREKSSHI\TIVMIRGIXLEXIRGSYVEKIHXLIQXS v SRITIVWSRZSPYRXIIVIHXLEXXLI][IVI]IEVW
GSRXMRYI[LIRXLISTTSVXYRMX]EVSWI SPHERHWXMPPTIVJSVQMRK
v WIZIVEPTISTPIVITSVXIHXLEXXLI]LEHKMZIR
5YIWXMSR YTXLIMVMRWXVYQIRXEPPIWWSRWFIGEYWISJJIEV
%VI ]SY E[EVI SJ LEZMRK I\TIVMIRGIH ER] SJ XLI SJI\EQWERHEWWIWWQIRXERHJSYRHXLEXXLI
JSPPS[MRKQYWMGIHYGEXMSRXIEGLMRKQIXLSHW#4PIEWI GSQQYRMX]KVSYTKEZIXLIQEQYWMGEPSYXPIX
XMGOETTVSTVMEXIFS\IW [MXLSYXTVIWWYVI
v SRITIVWSR[LSLEHFIIREGPEVMRIXTPE]IV[EW
T7Y^YOM JSVGIHXSKMZIYTTPE]MRKFIGEYWISJSWXISEVXLVMXMW
T=EQELE ERHNSMRIHEGLSMVWSEWXSOIITQEOMRKQYWMG
v SRITIVWSR[EWXLIWIGSRHKIRIVEXMSRMREKVSYT
T/SHjP] XLEX[EWWXEVXIHF]LMWJEXLIV
T3VJJ v XLIVI[IVIQER]JEQMP]YRMXWVITVIWIRXIHMR
T7GLSSPKVSYTMRWXVYQIRXEPTVSKVEQ KVSYTW
T%1)&8VMRMX]'SPPIKISVWMQMPEV v WIZIVEPQIQFIVWLEHQIXXLIMVWTSYWIWXLVSYKL
XLIKVSYT
T3XLIVTPIEWIWTIGMJ]
v GSQQYRMX]QYWMGKVSYTWEVIETPEGIXSQEOI
T2SXWYVI QYWMGJSVRSRTVSJIWWMSREPSVEQEXIYV
QYWMGMERW
8LMW[EWXLIUYIWXMSR[LIVI-XLSYKLXXLEX-[SYPH v XLIWSGMEPEWTIGXSJXLIKVSYT[EWZIV]MQTSVXERX
RH ZEPYEFPI MRJSVQEXMSR XLEX [SYPH PMRO SV XMI
/SHjP]FEWIH QYWMG TVSKVEQW XS TSWXWIGSRHEV] 'SRGPYWMSR
GSQQYRMX] QYWMG QEOMRK (IWTMXI XLI JEGX XLEX -R XLI 'SQQYRMX] 1YWMG 'SQQMWWMSR SJ XLI
ERIGHSXEP IZMHIRGI WLS[IH XLEX PEVKI RYQFIVW SJ -RXIVREXMSREP7SGMIX]JSV1YWMG)HYGEXMSRVIPIEWIHE
VIWTSRHIRXW LEH I\TIVMIRGIH E /SHjP]FEWIH QYWMG TSPMG]WXEXIQIRXXLEXQEHIXLIGPEMQXLEXIZIV]SRI
TVSKVEQ EX WSQI WXEKI MR XLIMV IHYGEXMSR QER] LEWXLIVMKLXERHEFMPMX]XSQEOIERHGVIEXIQYWMGW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
13()62:3'%04)(%+3+=
-140-'%8-327*36)(9'%8367;,3
)1403=8,)/3(0='32')48
F](EVVIR;MGOW
8LMW /1)-% GSRJIVIRGI TETIV LEW FIIR E PMXXPILMX ERH QMWW ERH FEWIH SR E PMQMXIH
YRHIVWXERHMRK SJ LS[ XLI ZSMGI [SVOW 1IXLSHW SJ
FIIRJYVXLIVHIZIPSTIHERHXLIRTYFPMWLIH ZSGEPTIHEKSK][IVITEVXSJERSVEPXVEHMXMSRSJXIR
MR XLI &YPPIXMR SJ XLI -RXIVREXMSREP /SHjP] FIMRKTEWWIHHS[RJVSQXIEGLIVXSWXYHIRX*I[SJ
7SGMIX] :SP 2S 7TVMRK YRHIV XLI KVIEX WMRKIVW ERH XIEGLIVW VIWIEVGLIH ERH JYPP]
HSGYQIRXIH XLIMV ETTVSEGLIW8LSWI [LS HMH [IVI
XLI XMXPI1SHIVR:SGEP 4IHEKSK] -QTPMGE WSQIXMQIW KMZIR QSVI GVIHIRGI XLER XLI] SYKLX
XMSRWJSVIHYGEXSVW[LSIQTPS]XLI/SHjP] :SGEPXIEGLMRKSJXLITEWX[EWSJXIRGSRZI]IHXLVSYKL
MQEKIV] SV PERKYEKI XLEX GSYPH FI QMWPIEHMRK [MXL
'SRGITX XLI XIEGLIV HIQSRWXVEXMRK ERH XLI WXYHIRX GST]MRK
XSXLIFIWXSJXLIMVEFMPMX]
-RXVSHYGXMSR
8LI MHIEW SJ ;IWXIVR GPEWWMGEP WMRKMRK HIZIPSTIH
[IEVI[EPOMRKQYWMGEPMRWXVYQIRXWERHWMRKMRKMW
WPS[P] XLVSYKL XLI &IP 'ERXS WGLSSP SJ XLI -XEPMERW
TEVXSJSYVFMVXLVMKLX'LETQER
HYVMRKXLIXLERHXLGIRXYVMIWERHGYPQMREXIHMR
XLI[SVOSJ1ERYIP+EVGuE-R+EVGuEMRZIRXIH
7MRKMRKMWERIRHMRMXWIPJFYXMXMWEPWSEQIERWXSQER] XLI PEV]RKSWGSTI ER MRWXVYQIRX XLEX TVSZMHIH ER
IRHW MRGPYHMRK E GSQTVILIRWMZI QYWMG IHYGEXMSR MRXIVREPZMI[SJXLIPEV]R\ERHXLIPEV]RKIEPJYRGXMSRW
)HYGEXSVW LEZI PSRK EKVIIH XLEX GLMPHVIR GER ERH SJEPMZMRKWYFNIGX8LIHIZIPSTQIRXSJXLMWMRWXVYQIRX
WLSYPH WMRK ERH WMRKMRK VIQEMRW E OI] GSQTSRIRX [EWEVKYEFP]XLIWMRKPIQSWXMQTSVXERXIZIRXMRXLI
SJ ZEVMSYW ETTVSEGLIW XS QYWMG IHYGEXMSR MRGPYHMRK LMWXSV] SJ XLI WGMIRXMG WXYH] SJ ZSMGI &;LMXI
XLI/SHjP]GSRGITX,S[IZIVXLI[LEXERHLS[SJ
+EVGuEWETTVSEGLXSZSGEPTIHEKSK]FEWIH
WMRKMRKERHXLITVSGIWWJSVXVEMRMRK]SYRKZSMGIWVEMWIW SR LMW WGMIRXMG MRZIWXMKEXMSRW VIIGXW E GLERKMRK
MWWYIW SJ GSRNIGXYVI 'YVVIRXP] XLIVI MW [MHIWTVIEH EXXMXYHIXS[EVHWXLIWGMIRGIWXLEX[EWGLEVEGXIVMWXMG
MRGSRKVYMX] FIX[IIR XLI [E] ZSGEP XIEGLMRK MW SJ XLI RMRIXIIRXL GIRXYV] *YVXLIVQSVI +EVGuE
ETTVSEGLIH F] WXYHMS ZSMGI XIEGLIVW F] GPEWWVSSQ MRWTMVIH E KIRIVEXMSR SJ TYTMPW [LS GSRXMRYIH LMW
XIEGLIVW ERH F] GLSVEP GSRHYGXSVW [MXL GSRMGXMRK [SVO EX WIVMSYW EXXIQTXW EX WGMIRXMG WXYH] SJ XLI
STMRMSRW TLMPSWSTLMIW ERH KSEPW FIX[IIR XLI XLVII ZSMGIMRXSXLIX[IRXMIXLGIRXYV]
X]TIW SJ XIEGLIVW SJ WMRKMRK 'SRWIUYIRXP] GLMPHVIR
VIGIMZI QM\IH QIWWEKIW EFSYX ZSGEP XIGLRMUYI XLEX 7GMIRGI LEW QEHI KVIEX WXVMHIW MR YRHIVWXERHMRK
QE]FIGSRJYWMRKERHQMWPIEHMRK3RISJXLIVIEWSRW LS[ XLI ZSMGI [SVOW ERH XLMW LEW FIIR EWWMWXIH F]
JSVXLMWMWXLIPEGOSJHMEPSKYIFIX[IIRZSMGIXIEGLIVW XIGLRSPSKMGEP EHZERGIW *SV I\EQTPI I\MFPI ERH
ERHZSMGIWGMIRGI8LMWTETIVPSGEXIWXLIWIMWWYIWMR VMKMHIRHSWGSTIWRS[EPPS[VIWIEVGLIVWXSZMI[XLI
XIEGLIV XVEMRMRK ERH EHZSGEXIW XLEX QSHIVR ZSGEP ZSGEPJSPHWMRSTIVEXMSR[MXLGSRWMHIVEFPIGPEVMX]ERH
TIHEKSK]LEWQYGLXSSJJIVGPEWWVSSQQYWMGXIEGLIVW HIXEMP8LI YWI SJ WXVSFI PMKLXW ERH HMKMXEP MQEKMRK
ERHXLEXGPEWWVSSQXIEGLIVWLEZIQYGLXSSJJIVXLI EPPS[VETMHZMFVEXMSRWSJXLIZSGEPJSPHWXSFIWPS[IH
IPH SJ ZSMGI WGMIRGI8LI EMQ MW XS GSRXVMFYXI XS HS[R ERH WXYHMIH 3XLIV MRWXVYQIRXW EPPS[ XLI
HMWGYWWMSRW EFSYX E QSVI GSQTVILIRWMZI ETTVSEGL QIEWYVI SJ FVIEXL TVIWWYVI EGSYWXMGEP TVSTIVXMIW
XSQSHIVRZSGEPTIHEKSK] VIWSRERGI MRXSREXMSR QYWGYPEV IJJSVX ERH LEZI XLI
EFMPMX]XSSJJIVEWMRKIVVIEPXMQIJIIHFEGO'SYTPIH
;LEXMW1SHIVR:SGEP4IHEKSK]# [MXLXLIWIXIGLRSPSKMGEPHIZIPSTQIRXWTVSJIWWMSREPW
-R TEWX GIRXYVMIW XLI XIEGLMRK SJ WMRKMRK LEW JVSQZEVMSYWHMWGMTPMRIWMRGPYHMRKQIHMGMRIWGMIRGI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
PMRKYMWXMGW WTIIGL TEXLSPSK] ERH XLI EVXW
LEZI [MXL QER] HIRMXMSRW SJ WMRKMRK EVI XLIMV JEMPYVI XS
GSSTIVEXIH[MXLWXYHMSZSMGIXIEGLIVWMRWXYHMIWXS VIGSKRMWIWMRKMRKEWERI\UYMWMXIJSVQSJXLMROMRKSV
GSQFMRI XLIMV YRHIVWXERHMRK SJ ZSGEP JYRGXMSR8LI QYWMGEPORS[MRKMREGXMSR3RIWQYWMGEPORS[PIHKIMW
TYFPMGEXMSR SJ XLMW MRJSVQEXMSR MR EGEHIQMG NSYVREPW RSXQERMJIWXIHZIVFEPP]FYXTVEGXMGEPP] MXMWQERMJIWXIHMR
LEW KMZIR VMWI XS E RI[ ETTVSEGL XS WMRKMRK E SRIWWMRKMRKMXWIPJMFMH
QSHIVRZSGEPTIHEKSK]
)HYGEXSVW MRXIVIWXIH MR XLI /SHjP] GSRGITX LEZI E
-QTEGXMRXLIGPEWWVSSQ YRMUYITIVWTIGXMZISRWMRKMRKERHQYGLXSSJJIVXLI
1YWMG IHYGEXSVW LEZI ZEVMIH MR XLIMV VIEGXMSRW XS IPHSJQSHIVRZSGEPTIHEKSK]1SWXYWIXLIMVS[R
QSHIVRZSGEPTIHEKSK]7SQILEZIIQFVEGIHMX[MXL ZSMGIW ERH [SVO [MXL GLMPHVIRW ZSMGIW EPP HE] FSXL
KVIEXJIVZSYVEWXLIRI[KSWTIP[LMPISXLIVWVIQEMR MRXLIGPEWWVSSQERHMRGLSVEPVILIEVWEPW&]HIJEYPX
UYMIXP] WGITXMGEP 7SQI UYIWXMSR [LIXLIV WGMIRGI XLI] EVI XIEGLIVW SJ WMRKMRK ;LIXLIV E WXYHIRX
WLSYPHLEZIEVSPIMREPEVKIP]QYWMGEPERHEIWXLIXMG MW WMRKMRK E QYWMGEP HMGXEXMSR MR XSRMG WSPJE SV ER
TYVWYMX%WIHYGEXSVW[LSEVIMRXIVIWXIHMRXLI/SHjP] %VX 7SRK XLI TL]WMSPSKMGEP ERH EGSYWXMG TVMRGMTPIW
GSRGITXERHIQTPS]EWMRKMRKFEWIHETTVSEGLMRXLI XLEX KSZIVR LS[ XLEX MRWXVYQIRX JYRGXMSRW VIQEMR
GPEWWVSSQ[LEXWLSYPHSYVVIEGXMSRFI#-J[IVINIGX GSRWMWXIRXVIKEVHPIWWSJXLIGSRXI\XERHVITIVXSMVI
WGMIRXMGEHZERGIWSYXVMKLXGER[IFIEGGYWIHSJFIMRK 8LIVI MW XVIQIRHSYW STTSVXYRMX] JSV HMEPSKYI ERH
SYXQSHIH ERH MRI\MFPI# -J QSHIVR ZSGEP TIHEKSK] GSPPEFSVEXMSR FIX[IIR GPEWWVSSQ QYWMG XIEGLIVW
LEW XLI TSXIRXMEP XS MQTVSZI XIEGLIV IJJIGXMZIRIWW ERHSXLIVZSMGITVSJIWWMSREPWMRGPYHMRK WXYHMSZSMGI
XLIVI MW KSSH GEYWI XS FI STXMQMWXMG ,S[IZIV XS XIEGLIVWZSMGIWGMIRXMWXWERHGLSVEPGSRHYGXSVW)EGL
HEXI XLI MQTEGX SJ QSHIVR ZSGEP TIHEKSK] SR LEWEYRMUYITIVWTIGXMZISRXLITVSGIWWSJXIEGLMRK
GPEWWVSSQ XIEGLMRK LEW FIIR QMRMQEP 1YGL SJ XLI GLMPHVIR XS WMRK ERH WYGL GSPPEFSVEXMSR GSYPH VIWYPX
QSWXVIWTIGXIHVIWIEVGLMRZSGEPTIHEKSK]LEWFIIR MREQSVIGSQTVILIRWMZIETTVSEGLXSQSHIVRZSGEP
GSRHYGXIHEQSRKWXIPMXIEHYPXWMRKIVWMRXLISTIVEXMG TIHEKSK]
XVEHMXMSR 7XYHMIW LEZI EPWS JSGYWIH PEVKIP] SR E
GSSVHMREXMSRSJXIGLRMGEPERHTL]WMSPSKMGEPTVSGIWWIW 8IEGLIV8VEMRMRK
XLEXPIEHXSQYWMGEPTIVJSVQERGIEJEVGV]JVSQXLI -JGPEWWVSSQXIEGLIVWEVIXSKEMREFIXXIVYRHIVWXERHMRK
OMRHSJWMRKMRKIRGSYRXIVIHF]WGLSSPQYWMGXIEGLIVW SJQSHIVRZSGEPTIHEKSK]XLIRXLIMWWYISJXIEGLIV
MRXLIGPEWWVSSQ XVEMRMRK RIIHW XS FI EHHVIWWIH 'YVVIRXP] XLI
GSRXEGX XMQI KMZIR XS XLI TVIWIVZMGI XVEMRMRK SJ
/SHjP] XIEGLIVW HS RSX XIEGL WMRKMRK TVMQEVMP] JSV KIRIVEPMWX QYWMG XIEGLIVW MR QER] YRMZIVWMXMIW LEW
TIVJSVQERGI FYX VEXLIV JSV TIHEKSKMGEP TYVTSWIW HIGPMRIHQIERMRKXLEXWTIGMEPMWXXSTMGWWYGLEWZSGEP
/SHjP][EWEHEQERXXLEXWMRKMRKWLSYPHFIETEVXSJ TIHEKSK] EVI WIIR EW E TIVMTLIV] VEXLIV XLER E
XLIIHYGEXMSREPI\TIVMIRGISJEPPGLMPHVIREWMXSJJIVW RIGIWWMX]3YXWMHIXLIYRMZIVWMX]W]WXIQTVSJIWWMSREP
XLIQSWXHMVIGXTEXLXSXLIMRWMKLXJYPYRHIVWXERHMRK EWWSGMEXMSRW EVI IEWMP] XLI PEVKIWX TVSZMHIV SJ
SJQYWMG SRKSMRK TVSJIWWMSREP HIZIPSTQIRX ERH XVEMRMRK JSV
GPEWWVSSQ QYWMG XIEGLIVW -R TEVXMGYPEV XLI KPSFEP
-X MW E PSRK EGGITXIH XVYXL XLEX WMRKMRK TVSZMHIW XLI /SHjP]QSZIQIRXLEWPSRKFIIRGLEVEGXIVMWIHF]MXW
FIWX WXEVX XS QYWMG IHYGEXMSR QSVISZIV GLMPHVIR WLSYPH IQTLEWMWSRXIEGLIVXVEMRMRKERHSRXLIMQTSVXERGI
PIEVR XS VIEH QYWMG FIJSVI XLI] EVI TVSZMHIH [MXL ER] TPEGIHSRHIZIPSTMRKXIEGLIVQYWMGMERWLMT=IX[MXLMR
MRWXVYQIRXIZIR XLI QSWX XEPIRXIH EVXMWX GER RIZIV XLIWI SVKERMWEXMSRW ZSGEP TIHEKSK] MW SJXIR PEVKIP]
SZIVGSQI XLI HMWEHZERXEKIW SJ ER IHYGEXMSR [MXLSYX RIKPIGXIH *SV E GPEWWVSSQ XIEGLIV XS FIGSQI
WMRKMRK/SHjP]
WOMPPIH MR XLMW EVIE WLI QYWX ZSPYRXEVMP] PIEVR E
KVIEX HIEP QSVI YWYEPP] XLVSYKL XVMEP ERH IVVSV
7MRKMRK[MXLSYXXLIEMHSJERMRWXVYQIRXMWETS[IVJYP MRHMZMHYEPWXYH]ERHGSRWYPXEXMSR[MXLORS[PIHKIEFPI
TIHEKSKMGEPXSSPXLEXMRXLILERHWSJEKSSHXIEGLIV GSPPIEKYIW8LIQSWXJVIUYIRXSFWXEGPIIRGSYRXIVIH
GERPIEHXSELMKLP]HIZIPSTIHQYWMGEPIEVERHGERFI F]GPEWWVSSQXIEGLIVW[LS[ERXXSYRHIVWXERHZSGEP
VIEHMP]EHETXIHXSEZEVMIX]SJJSVQEXWFIMXGPEWWVSSQ TIHEKSK] MW XLEX XLI PMXIVEXYVI MW NYWX XSS XIGLRMGEP
XIEGLMRKMRWXVYQIRXEPPIWWSRWERHIRWIQFPIVILIEVWEP ERHMREGGIWWMFPI
%W &IVXEY\
TSMRXW SYX;IPP XYRIH WMRKMRK MW
MQTSVXERX RSX SRP] XS XLI WEXMWJEGXMSR SJ EIWXLIXMG IRHW % VIGIRX WXYH] F] ,EVVMWSR
JSYRH XLEX
FYX XSXLIHIZIPSTQIRX SJ QYWMGYRHIVWXERHMRK EW [IPP MRWXVYQIRXEPIRWIQFPIWMR%YWXVEPMERWGLSSPWXIRHIH
6IWIEVGL WYTTSVXW XLI GSRGPYWMSR XLEX XLI QYWMGEP IEV XS FI HMVIGXIH F] WTIGMEPMWX MRWXVYQIRXEP XIEGLIVW
HIZIPSTW FIWX [LIR WMRKMRK MW ER MRXIKVEP TEVX SJ FSXL [LSTSWWIWWXIGLRMGEPORS[PIHKISJXLIMRWXVYQIRXW
ZSGEPERHMRWXVYQIRXEPQYWMGMRWXVYGXMSRT
+SVHSR JSYRH MR XLI IRWIQFPI -R GSRXVEWX WGLSSP GLSVEP
GSRXIRHWXLEXEWXYHIRXQYWXFIEFPIXSWMRK KVSYTW [IVI EPQSWX EP[E]W XEOIR F] KIRIVEPMWX SV
MRSVHIVXSMRXIVREPMWIQIPSHMGMRJSVQEXMSR7MQMPEVP] GPEWWVSSQ QYWMG XIEGLIVW QSWX SJ [LSQ LEZI
)PPMSXT
WYKKIWXWXLEXXLIQENSVMREHIUYEG] RS JSVQEP XVEMRMRK MR ZSGEP TIHEKSK] %HHMXMSREPP]
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
8SFIIJJIGXMZIWGLSSPQYWMGXIEGLIVWRIIHXLIEFMPMX] 7SQITVEGXMGEPWYKKIWXMSRW
XSVIGSKRMWIZSGEPJEYPXWHIXIVQMRIGEYWIWERHHIZMWI )\TSWYVI XS WSYRH ERH EGGYVEXI MRJSVQEXMSR SR
WIRWMFPI GYVIW%W 1MPPIV WYKKIWXW % KSSH XIGLRMGMER ZSGEP TIHEKSK] MW ER MQTSVXERX WXIT MR PIEVRMRK XS
MR XLI IPH SJ ZSGEP XIGLRMUYI QYWX LEZI XLI EFMPMX] XS [SVO IJJIGXMZIP] [MXL XLI ZSMGIW IRXVYWXIH XS SYV
HMEKRSWIXLIGEYWIWSJZSGEPTVSFPIQWERHSJJIV[SVOEFPI GEVI ,S[IZIV E XIEGLIV GER VIEH E FSSO EFSYX
WSPYXMSR 1MPPIV F
8LI REXYVI SJ [SVOMRK /SHjP] ERH RSX RIGIWWEVMP] FI IUYMTTIH XS TYX MX
[MXL ]SYRK ZSMGIW QIERW XIEGLMRK MRHMZMHYEPW [LS MRXS TVEGXMGI MR XLI GPEWWVSSQ 7MQMPEVP] E XIEGLIV
LEZI XS FYMPH XLIMV MRWXVYQIRX [LMPI WMQYPXERISYWP] GERORS[EPPXLIVIMWXSORS[EFSYXZSGEPTL]WMSPSK]
PIEVRMRK LS[ XS TPE] MX 'LETQER \ZM
2S ERHWXMPPRSXFIEKVIEXZSMGIXIEGLIV9PXMQEXIP]ER]
SRII\TIGXWEWXVMRKTPE]IVXSFYMPHXLIMVMRWXVYQIRX MRJSVQEXMSR SR XLI WGMIRGI SJ WMRKMRK RIIHW XS FI
FIJSVI PIEVRMRK XS TPE] MX 7MRKIVW GERRSX WII XLIMV GSYTPIH [MXL E HMWGYWWMSR SJ LS[ XLEX MRJSVQEXMSR
MRWXVYQIRX 8LI] GERRSX LSPH MX EX EVQW PIRKXL GERFIMQTPIQIRXIHXSMQTVSZIVIWYPXWERHXLMWMWER
MRWTIGXMXW[SVOMRKWXV]XLIIJJIGXSJHMJJIVIRXVIIHW EVIEJVIUYIRXP]SZIVPSSOIHMRXLIPMXIVEXYVI8LIVSPI
QSYXLTMIGIWSVQEOIRIGIWWEV]EHNYWXQIRXW SJKSSHZSGEPTIHEKSK]MWX[SJSPHXSFEPERGIFSXL
XLIWGMIRGIERHEVXSJXIEGLMRKWMRKMRK8LIXVERWPEXMSR
8LIWMRKIVGERRSXTYVGLEWIERIP]GVEJXIHMRWXVYQIRX SJEXIEGLIVWORS[PIHKIMRMRXSEGXYEPPIWWSRGSRXIRX
XLEX]IEVWSJEKMRKERHTPE]MRKLEZIQIPPS[IH RSV ERHHE]XSHE]WXVEXIKMIWMRXLIGPEWWVSSQMWXLIVIEP
GERXLIWMRKIVOIITXVEHMRKYT IZIRXYEPP]FIGSQMRKXLI EVXSJKSSHZSGEPTIHEKSK]
TSWWIWWSVSJERI'VIQSRETVSHYGX1ENSVVITEMVSRXLI
WXVYGXYVIERHEGXYEPVIFYMPHMRKEVIRSXTSWWMFPI[MXLXLI 8LI VWX VIWTSRWMFMPMX] SJ ER] QYWMG XIEGLIV
ZSGEP MRWXVYQIRX *YVXLIVQSVI LIEX GSPH TVIGMTMXEXMSR VIKEVHPIWW SJ XLIMV TIHEKSKMGEP ETTVSEGL MW RSX
HMKIWXMSR XSSXLEGLI FEHFEGO GSGOXEMPTEVX] RSWIFPIIH XS LEZI EKVEF FEK SJ XVMGOW FYX XS FI XLI FIWX
HSQIWXMGUYEVVIPERHVIWTMVEXSV]EMPQIRXWQE]FIXSXEPP] QYWMGMERLISVWLIGERFI%XIEGLIV[LSLEWWIGYVI
MRGETEGMXEXMRK1MPPIVFT
QYWMGMERWLMT [MPP FI EFPI XS WMRK YREGGSQTERMIH
GSRHIRXP] ERH EGGYVEXIP] FI EFPI XS WMKLX WMRK XS
%ZSMHERGISJMRJSVQEXMSRSRXLITL]WMSPSK]ERHWGMIRGI QSHIPKSSHXIGLRMUYIERHGSVVIGXJEYPX]MRXSREXMSR
SJWMRKMRKMWMRGVIEWMRKP]FIGSQMRKELEPPQEVOSJSYXQSHIH 8LI HIZIPSTQIRX SJ E XIEGLIVW EYVEP QYWMGMERWLMT
ZSGEPXIEGLMRK%WXLIKVIEX2IPPMI1IPFEWEMH[I[SYPH WLSYPH KS LERH MR LERH [MXL XLI HIZIPSTQIRX SJ
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
ER] ETTVSEGL XS ZSGEP TIHEKSK] -R XLMW EVIE XLI )\XVIQIH]REQMGPIZIPWFSXLXLIZIV]PSYHERHZIV]
OMRH SJ XVEMRMRK SJJIVIH F] /SHjP] EWWSGMEXMSRW GER WSJX
WLSYPH FI EZSMHIH MR XLI GPEWWVSSQ EW FSXL
FI XVIQIRHSYWP] FIRIGMEP ,S[IZIV XLMW WSVX SJ VIUYMVI E [IPPHIZIPSTIH ZSGEP XIGLRMUYI 4LMPPMTW
4LMPPMTW
EYVEP XVEMRMRK LEW JSGYWIH SR EGUYMVMRK WOMPPW MR XLI
QEXIVMEPWSJQYWMGTMXGLMRXIVZEPWLEVQSR]ERHXLI
PMOI8LIWI EVI RIGIWWEV] FYX XLIVI MW EPWS ER EVIE %HIXEMPIHI\EQMREXMSRSJZSGEPXIGLRMUYIMWFI]SRH
SJ E XIEGLIVW EYVEP QYWMGMERWLMT XLEX MW JVIUYIRXP] XLIWGSTISJXLMWEVXMGPI,S[IZIVGPEWWVSSQXIEGLIVW
SZIVPSSOIH GSYPHQEOIERSXMGIEFPIMQTVSZIQIRXMRXLIUYEPMX]
SJXLIMVWXYHIRXWWMRKMRKMJXLI][SYPHSRP]EXXIRHXS
-J XIEGLIVW EVI XS [SVO IJJIGXMZIP] [MXL GLMPHVIRW XLVIIJEGXSVWVIKYPEVP]M
TSWXYVIMM
FVIEXLMRKERH
ZSMGIWXLIRXLI]QYWXLEZIEREYVEPGSRGITXSJLS[ MMM
GEVIJYPWIPIGXMSRSJVITIVXSMVI
GLMPHVIR WLSYPH WSYRH [LIR XLI] EVI WMRKMRK [IPP
%R YRHIVWXERHMRK SJ E GLMPHW ZSGEP GETEFMPMXMIW [MPP 4SWXYVI
LIPT GPEWWVSSQ XIEGLIVW HIXIVQMRI LS[ PMXXPI SV -JGLMPHVIREVIKSMRKXSWMRK[IPPXLI]QYWXFIXEYKLX
LS[QYGLXSI\TIGXJVSQXLIQZSGEPP]2SXIEGLIV XLEXXLIMVFSHMIWEVIXLIMVQYWMGEPMRWXVYQIRXW4EVX
GERPIEVRXLMWJVSQEFSSO3RISJXLIFIWX[E]WXS SJ PIEVRMRK ER] QYWMGEP MRWXVYQIRX MRZSPZIW PIEVRMRK
HIZIPSTXLMWWSYRHGSRGITXMWWMQTP]XSPMWXIR[MHIP] LS[ XS LSPH XLI MRWXVYQIRX 7MQMPEVP] KSSH ZSGEP
XSVIGSVHMRKWSJLMKLUYEPMX]GLMPHVIRWGLSMVWERHXS TVSHYGXMSRMWHITIRHIRXSRXLIWMRKIVWTSWXYVI8LI
EXXIRHPMZITIVJSVQERGIW[LIVITSWWMFPI%HHMXMSREPP] VMF I\TERWMSR ERH HMETLVEKQEXMG QSZIQIRX RIIHIH
XLIVI EVI ER MRGVIEWMRK RYQFIV SJ WSYRH ERH JSVHIITFVIEXLMRKERHIJGMIRXFVIEXLQEREKIQIRXMW
ZMHIS GPMTW EZEMPEFPI SR XLI MRXIVRIX 1ER] SJ XLIWI WIZIVIP]VIWXVMGXIHXLVSYKLTSSVTSWXYVI1SVISZIV
HIQSRWXVEXI XLI ZEVMSYW JSVQW SJ ZSGEP TEXLSPSK] MJXLILIEHERHRIGOEVIRSX[IPPEPMKRIHSRIGERRSX
ERH QE] EWWMWX SRI XS HMJJIVIRXMEXI FIX[IIR LIEPXL] EGLMIZI JVII NE[ QSZIQIRX ERH XLI [IMKLX SJ XLI
ERHYRLIEPXL]WMRKMRK LIEHQE]FVMRKEFSYXGSRWXVMGXMSRSVTVIWWYVISRXLI
PEV]R\'PEWWVSSQXIEGLIVWGERWSQIXMQIWMRXVSHYGI
,EZMRK EGUYMVIH ER EYVEP GSRGITX SJ LIEPXL] WMRKMRK JYVXLIVLMRHVERGIWYRORS[MRKP]*SVI\EQTPIMRQER]
GPEWWVSSQ XIEGLIVW RIIH XS IHYGEXI XLIMV WXYHIRXW IPIQIRXEV]QYWMGGPEWWIWMXMWGSQQSRJSVGLMPHVIR
MR XLMW 4IIVQSHIPMRK MW E ZIV] IJJIGXMZI XSSP XS XSWMXGVSWWPIKKIHSRXLISSV,S[IZIVMXMWEPQSWX
XLMW IRH EW [IPP EW XEOMRK WXYHIRXW XS LIEV PMZI MQTSWWMFPIXSEGLMIZIKSSHTSWXYVIJSVWMRKMRKMRXLMW
TIVJSVQERGIW XLEX QSHIP ETTVSTVMEXI WMRKMRK 3YV TSWMXMSR
WXYHIRXW EVI SJXIR I\TSWIH XS TSSV ZSGEP QSHIPW
XLVSYKL XLI QIHME 1YGL SJ XSHE]W GSRXIQTSVEV] 1IRXMSR TSWXYVI XS QER] GLMPHVIR ERH XLI] [MPP
QYWMG MW HITIRHIRX SR WXYHMS TVSHYGXMSR ERH HSIW EYXSQEXMGEPP] GSRXSVX XLIMV FSHMIW MRXS EPP QERRIV
RSX VITVIWIRX E WSYRH XLEX GLMPHVIR GER SV WLSYPH SJ YRLIPTJYP WLETIW ERH MRXVSHYGI XIRWMSRW XLEX
VITVSHYGI MR XLI GPEWWVSSQ 1SVISZIV XLIVI MW ER LMRHIVJVIIERHI\TVIWWMZIWMRKMRK8LIMHIEPTSWXYVI
EPEVQMRK MRXIVREXMSREP XVIRH XS[EVH LIEZ] FIPXMRK JSVWMRKMRKMWETXP]HIWGVMFIHF]XLI-XEPMER&IP'ERXS
XIGLRMUYIW ERH SZIVYWI SJ XLI GLIWX VIKMWXIV MR WGLSSPEWXLIRSFPITSWXYVI8LIRSFPITSWXYVIGER
GSRXIQTSVEV] QYWMG %HSPIWGIRX KMVPW GSQQSRP] FIEGLMIZIHIMXLIVWIEXIHSVWXERHMRK-XVIUYMVIWXLEX
MQMXEXIXLMWWSYRH)\TIVXWMRGLMPHVIRWWMRKMRKEKVII XLIFSH][IMKLXFIIZIRP]HMWXVMFYXIHEGVSWWXLIJIIX
XLEXSZIVYWISJXLIGLIWXZSMGIMWYRHIWMVEFPIJVSQE [LIRWXERHMRK
SVXLIFYXXSGOW[LIRWMXXMRK
XLEX
QYWMGEP WXERHTSMRX ERH TSXIRXMEPP] HEQEKMRK XS XLI XLIWTMRIFIPIRKXLIRIHF]FVMRKMRKXLILIEHYTERH
ZSGEPJSPHWMRXLIPSRKXIVQ XLIXEMPFSRIHS[RXLIWLSYPHIVWEVIOITXWSJXHS[R
ERHXLILIEHWLSYPHFIFEPERGIHSZIVXLIWLSYPHIVW
%GLMPHWZSMGIXLEXMW[IPPTVSHYGIHWLSYPHFIGPIEV 8LIQSWXGVMXMGEPJIEXYVISJXLIRSFPITSWXYVIMWXLEX
VMRKMRKYXIPMOIERHGSRXEMRERETTVSTVMEXIFEPERGI XLIPS[IVVMFWRIIHXSQEMRXEMRE[MHITSWMXMSR8LMW
SJFSXLXLIYTTIVERHPS[IVVIKMWXIVW4LMPPMTW
4LMPPMTW
4LMPPMTW
GER FI EGLMIZIH F] QSRMXSVMRK E WXYHIRXW WXIVRYQ
'LMPHVIR[LSLEZIVIGIMZIHPMXXPIMRWXVYGXMSRMRZSGEP IRWYVMRK XLEX MX SEXW MR E GSQJSVXEFP] IPIZEXIH
XIGLRMUYIEVIYRPMOIP]XSTVSHYGIXLMWWSYRHREXYVEPP] TSWMXMSR 4SWMXMSRMRK SJ XLI VMF GEKI MW IWWIRXMEP XS
-XMWQSVIPMOIP]XLEXXLI][MPPI\LMFMXSRISJX[SZSGEP XLI TVSTIV EGXMSR SJ XLI HMETLVEKQ ERH [LEX MW
JEYPXW 7SQI QE] LEZI E [LMWTIV] ERH FVIEXL] XSRI WSQIXMQIW XIVQIH FVIEXL WYTTSVX 'PEWWVSSQ
XLEX MW XLI VIWYPX SJ TSSV FVIEXL QEREKIQIRX ERH XIEGLIVWGERUYMGOP]EGLMIZIGSVVIGXTSWMXMSRSJXLI
ERYRHIVIRIVKM^IHTVSHYGXMSRMRXLIYTTIVVIKMWXIV VMFWF]EWOMRKGLMPHVIRXSVEMWIXLIMVLERHWSZIVXLIMV
3XLIVWQE]I\LMFMXEPSYHFSMWXIVSYWXSRIXLVSYKL LIEHWERHEXXIQTXXSTYWLXLIGIMPMRKYT%WWXYHIRXW
JSVGMRK SV XV]MRK XS WSYRH PMOI E TST WXEV ;IPP PS[IV XLIMV EVQW XLI VMFW WLSYPH WXE] MR XLI WEQI
QIERMRKGPEWWVSSQXIEGLIVWQE]EPWSI\EGXXLMWLEVWL TSWMXMSR
XSRIXLVSYKLI\LSVXMRKGLMPHVIRXSWMRKYTSVWMRK
SYX&SXLSZIVP]WSJXWMRKMRKERHSZIVP]PSYHWMRKMRK
LEZIXLITSXIRXMEPXSTVSHYGIZSGEPJEXMKYIERHWXVEMR
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
&VIEXLMRK [MPPSJXIRMRHYGIELIEZ]GLIWXVIKMWXIVUYEPMX]7SRK
'PEWWVSSQXIEGLIVWEWQYGLEWWXYHMSXIEGLIVWWLSYPH GLSMGIWWLSYPHFIKMR[MXLEPMQMXIHXSREPVERKIERH
FI GSRGIVRIH [MXL FVIEXLMRK EWTVSTIV VIWTMVEXMSR MRGPYHI QMRMQEP EGGSQTERMQIRX 'SQTPI\ TMERS
WIVZIW EW XLI FEWMW SJ KSSH WMRKMRK 4LMPPMTW EGGSQTERMQIRXW SV IZIR [SVWI '( FEGOMRK XVEGOW
T
8LITL]WMSPSK]EWWSGMEXIH[MXLFVIEXLMRKGER GERMRLMFMXXLIHIZIPSTQIRXSJKSSHMRXSREXMSRERH
UYMGOP]FIGSQIZIV]XIGLRMGEPERHMXMWHSYFXJYPXLEX XEWXIJYP WMRKMRK 8LI XIEGLIV QYWX GEVIJYPP] GLSWI
GLMPHVIR RIIH XS ORS[ XLMW MRJSVQEXMSR XS FVIEXLI QYWMGEPPMXIVEXYVI[MXLMRXLIGYVVMGYPYQIRWYVMRKXLEX
GSVVIGXP] 8LI] WLSYPH YRHIVWXERH XLEX FVIEXLMRK MX JSWXIVW E WXIEH] HIZIPSTQIRX SJ ZSGEP XIGLRMUYI
JSVWMRKMRKMRZSPZIWX[SJEGXSVWM
GSVVIGXFVIEXLMRK VERKIZSGEPEYVEPGSSVHMREXMSRFVIEXLMRKTLVEWMRK
QSXMSRERHMM
QEREKIQIRXSJXLISYX[EVHFVIEXL WX]PMWXMGMRXIVTVIXEXMSRERHXLIPMOI6ITIVXSMVIWLSYPH
8S YRHIVWXERH FVIEXLMRK QSXMSR GLMPHVIR RIIH XS FIGEVIJYPP]EREP]WIHF]XLIXIEGLIVJSVTSWWMFPIZSGEP
I\TIVMIRGIXLIWIRWEXMSRSJHIITFVIEXLMRKERHXLMW GLEPPIRKIW8LI XIEGLIV GER QEOI E PMWX SJ VIKYPEVP]
WIRWEXMSRRIIHWXSFIGSQILEFMXYEP SGGYVVMRKZS[IPWSYRHWXI\XYVEPGLEPPIRKIWE[O[EVH
MRXIVZEPWERHQIPSHMGXYVRW)EGLSRISJXLIWIGERFI
;LIR GLMPHVIR FVIEXLI HIITP] XLI MRLEPEXMSR QYWX I\XVEGXIH JVSQ XLI WSRK ERH FIGSQI XLI FEWMW JSV
FI WMPIRX ERH EGGSQTERMIH F] I\TERWMSR MR XLI E XIEGLIVGSQTSWIH [EVQYT I\IVGMWI SV ZSGEPMWI
[LSPIPS[IVXSVWSVEXLIVXLEREPMJXMRKSJXLIYTTIV XLYW IRWYVMRK XLEX XLIWI GLEPPIRKIW EVI QEWXIVIH
XSVWS ERH WLSYPHIVW -X XEOIW XMQI ERH TIVWMWXIRGI MR E QSVI GSRXVSPPIH IRZMVSRQIRX FIJSVI XLI] EVI
JSV GLMPHVIR XS FIGSQI GSRHIRX [MXL XLI GSVVIGX IRGSYRXIVIHMRXLIVITIVXSMVI
FVIEXLMRKQSXMSR-JXIEGLIVWEVIZMKMPERXMRIRWYVMRK
WXYHIRXWVIQEMRMRXLIRSFPITSWXYVIHYVMRKWMRKMRK 'SRGPYWMSR
XLMWTVSGIWW[MPPFIQSVIIEWMP]JEGMPMXEXIH%RIJJIGXMZI 7MRKMRK MW E FEWMG QIERW SJ LYQER WIPJI\TVIWWMSR
WXVEXIK] XS XIEGL GLMPHVIR XLI GSVVIGX FVIEXLMRK 9TYRXMPEFSYX]IEVWEKSTISTPI[IVIWXMPPWMRKMRK
QSXMSR MW XS EWO XLIQ XS I\LEPI JSVGIJYPP] SR XLI MR XLI [SVOTPEGI EXXIRHMRK WSGMEP JYRGXMSRW ERH
PIXXIV* XS WYWTIRH XLI FVIEXL JSV E WIGSRH ERH GLYVGLWIVZMGIWXLEXEPPMRZSPZIHWMRKMRK7MRKMRK[EWE
XLIRXSMRLEPIWPS[P]EWMJWYGOMRKXLIEMVMRXLVSYKL GSQQYREPEGXMZMX]ERH[EWVIMRJSVGIHF]WSGMEPRSVQW
ERMQEKMREV]HVMROMRKWXVE[ -RGVIEWMRKP]WMRKMRKMWFIGSQMRKPIWWSJEJIEXYVISJSYV
WSGMIX]ERHQSVISJETEWWMZII\TIVMIRGI-RXLI;IWX
)JJIGXMZI FVIEXL QEREKIQIRX WSQIXMQIW GEPPIH QER] GLMPHVIR PMZI MR LSQIW [LIVI RSSRI WMRKW XS
WYTTSVX
MRZSPZIW GSRXVSP SJ XLI SYX[EVH FVIEXL XLIQSVQSHIPWWMRKMRKEWEHIWMVEFPIFILEZMSYV8LI
WS XLEX WMRKMRK MW WYTTSVXIH F] E WXIEH] GSRWXERXP] :MHIS ,MXW KIRIVEXMSR ERH6IEPMX]8: GSRXMRYI
IRIVKMWIH FVIEXL WXVIEQ 8LI -XEPMER QIXLSH SJ XSVIMRJSVGIXLIMHIEXLEXWMRKIVWLEZIWSQIQ]WXMGEP
ETTSKMS MW JEZSYVIH F] QER] TIHEKSKYIW XS EGLMIZI KMJX XLEX XLI] EVI FSVR RSX QEHI 1SVISZIV XLI
XLMW-XMRZSPZIWEGXMZIP]QEMRXEMRMRKXLIRSFPITSWXYVI GSRXIQTSVEV]QYWMGMRHYWXV]SJXIRTVIWIRXWGLMPHVIR
HYVMRK I\TMVEXMSR ERH FEPERGMRK XLI STTSWMRK [MXLTSSVZSGEPQSHIPW8LMWWMXYEXMSRMWGSQTSYRHIH
QYWGYPEV JSVGIW SJ MRLEPEXMSR ERH I\LEPEXMSR 8S F] XLI JEGX XLEX GYVVIRX XIEGLIV XVEMRMRK MRGPYHIW
HS XLMW WXYHIRXW GER FI MRWXVYGXIH XS QEMRXEMR XLI PMXXPI SV RS TVEGXMGEP I\TIVMIRGI MR WMRKMRK ERH IZIR
STIR WIRWEXMSR I\TIVMIRGIH SR XLI MR[EVH FVIEXL PIWW MRJSVQEXMSR EFSYX ZSGEP TIHEKSK]:IV] SJXIR MX
8LI] WLSYPH QEMRXEMR XLMW [LMPI WMRKMRK JSV EW PSRK TVSHYGIWXIEGLIVW[LSEVIXSSWIPJGSRWGMSYWXSWMRK
EWGSQJSVXEFPI ERH[MXLSYX PSGOMRK SJ JSVGMRK 7PS[ IZIR[MXLGLMPHVIR
LMWWMRKXLIPIEO]X]VI
FYFFPMRK[MXLXLIPMTWERHXLI
VSPPIH6[MXLXLIXSRKYIGERFIYWIHXSVIMRJSVGI 7GLSSPW LEZI E WMKRMGERX VSPI XS TPE] MR XLI ZSGEP
GSRGITX SJ FVIEXL QEREKIQIRX ERH SJ XLI RIIH XS IHYGEXMSR SJ XLMW GSYRXV] EW XLI] QE] FI XLI PEWX
GSRXVSPXLISYX[EVHFVIEXL SYXTSWX[LIVIWXYHIRXWEVII\TSWIHXSWMRKMRKERH
[LIVIXLI]EVIIRGSYVEKIHMRXLIMVZSGEPHIZIPSTQIRX
6ITIVXSMVIWIPIGXMSR FI]SRH XLI WMRKMRK SJ ,ETT] &MVXLHE] EX WSGMEP
7IPIGXMSR SJ LMKL UYEPMX] VITIVXSMVI JSV GPEWWVSSQ KEXLIVMRKW SV XLI WGVIEQMRK SJ XIEQ ERXLIQW EX
WMRKMRK MW RSX ER IEW] XEWO -R JEGX TSSV VITIVXSMVI WTSVXMRKQEXGLIW-JXIEGLIVWEVIXSEHHVIWWXLMWVSPI
GLSMGIW EVI SJXIR JEV QSVI EGGIWWMFPI ERH XLI] QYWX HVE[ E HMWXMRGXMSR
HMWXMRGXMSR FIX[IIR
FIX[IIR XLIWMRKMRK
XLI WMRKMRK
GSQQIVGMEPP] WYGGIWWJYP 7IPIGXMSR SJ ETTVSTVMEXI SJ WSRKW GLEVEGXIVMWXMG SJ QER] GPEWWVSSQ QYWMG
VITIVXSMVI VIUYMVIW ER YRHIVWXERHMRK SJ XLI ZSGEP PIWWSRW ERH W]WXIQEXMG XVEMRMRK SJ WMRKMRK IRWYVMRK
VERKISJSRIWWXYHIRXW4LMPPMTW
FSSO8IEGLMRK XLEX IEGL GPEWWVSSQ PIWWSR MRGPYHIW FSXL GEVIJYPP]
/MHWXS7MRKLEWERI\GIPPIRXHMWGYWWMSRSJXLMWMWWYI WIPIGXIHVITIVXSMVIERHWSQIXMQIHIZSXIHXSZSGEP
%W E KIRIVEP KYMHI QSWX TIHEKSKYIW VIGSQQIRH XVEMRMRK
XLEX JSV GLMPH ERH EHSPIWGIRX ZSMGIW XLI VERKI SJ
WSRKW WLSYPH JEPP [MXLMR E RMRXL JVSQ QMHHPI' XS 8LIVI MW KSSH GEYWI XS WYKKIWX XLEX GPEWWVSSQ
( SRI SGXEZI LMKLIV 'LMPHVIR GER GIVXEMRP] WMRK QYWMG XIEGLIVW RIIH XS FI I\TSWIH XS XLI FSH] SJ
PS[IV XLER QMHHPI ' ,S[IZIV XLIWI PS[ TMXGLIW MRJSVQEXMSR [I RS[ GEPP QSHIVR ZSGEP TIHEKSK] -X
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
MW YRVIEWSREFPI JSV ER] XIEGLIV XS I\TIGX XLEX XLI 6IJIVIRGIW
TL]WMGEP GSSVHMREXMSR RIIHIH JSV IJGMIRX WMRKMRK
WLSYPH LETTIR EYXSQEXMGEPP] TEVXMGYPEVP] [LIR &IVXEY\&
8IEGLMRK'LMPHVIRSJEPP%KIWXS
XIEGLIVWSJSXLIVMRWXVYQIRXW[SYPHRIZIVQEOIXLI YWIXLI7MRKMRK:SMGI-R6IEHMRKWMR1YWMG0IEVRMRK
WEQI I\TIGXEXMSRW SJ WXYHIRXW -R XLI TEWX HIGEHI 8LISV]'LMGEKS-P+-%4YFPMGEXMSRW
XLI XIEGLMRK SJ WMRKMRK LEW GLERKIH HVEQEXMGEPP] EW &VS[R30
(MWGSZIV=SYV:SMGI,S[XS
MRJSVQEXMSRJVSQWGMIRGIQIHMGMRIWTIIGLTEXLSPSK] (IZIPST,IEPXL]:SMGI,EFMXW0SRHSR7MRKYPEV
ERH SXLIV HMWGMTPMRIW RS[ IREFPI YW XS XIEGL XS 4YFPMWLMRK+VSYT-RG
XLI QER] [LEX ZSGEP TIHEKSKYIW SJ XLI TEWX [IVI 'LETQER.
7MRKMRKERH8IEGLMRK7MRKMRK%
SRP] EFPI XS XIEGL XS XLI JI[ *SV GPEWWVSSQ QYWMG ,SPMWXMG%TTVSEGLXS'PEWWMGEP:SMGI7ER(MIKS4PYVEP
XIEGLIVW[LSIQFVEGI/SHjP]WTLMPSWSTL]SJQYWMG 4YFPMWLMRK
JSVEPPXLMWWLSYPHLSPHKVIEXETTIEP8LIMVWOMPPW[MPP (SWGLIV&
8LI*YRGXMSREP9RMX]SJXLI7MRKMRK
FIIRLERGIHF]ORS[PIHKISJZSMGIWGMIRGIGSYTPIH :SMGIWIGSRHIH
0SRHSR8LI7GEVIGVS[4VIWW
[MXLXLI[MWHSQSJKVIEXXIEGLIVWJVSQXLITEWXERH -RG
TVIWIRX8LSWI[LSEPVIEH]LEZIWSQIORS[PIHKISJ )PPMSXX(
;LIR-7MRK8LI2EXYVIERH:EPYI
XLMWIPHWLSYPHGSRXMRYIXSWXYH]IZIVWIEVGLMRKJSV SJ'LSVEP1YWMG)HYGEXMSR'LSVEP.SYVREP%QIVM
[E]WXSLIPTSYVWXYHIRXWERHJSVVIQMRHIVWEFSYX GEP'LSVEP(MVIGXSVW%WWSGMEXMSR
[E]W [I YWIH XS YWI XLEX LEZI WPMTTIH E[E] SZIV +SVHSR)
0IEVRMRK7IUYIRGIWMR1YWMG)HYGE
XMQI XMSR'LMGEKS+-%
,EVVMWSR7
'LSVMWXIVSV7SPSMWX'ER'LSVEP
8LMW EVXMGPI LEW EVKYIH XLEX WGMIRGI LEW QEHI KVIEX (MVIGXSVWERH7MRKMRK8IEGLIVW*MRH'SQQSR
WXVMHIWMRYRHIVWXERHMRKLS[XLIZSMGI[SVOWERHXLEX +VSYRH%YWXVEPMER:SMGI.SYVREPSJXLI%YWXVEPMER
KIRIVEPMWXQYWMGXIEGLIVWLEZIPMXXPIYRHIVWXERHMRKSJ 2EXMSREP%WWSGMEXMSRSJ8IEGLIVWSJ7MRKMRK
XLIWIEHZERGIW8IEGLIVXVEMRMRKMWERIWWIRXMEPTEVXSJ /MIWKIR4
:SMGI4IHEKSK];IPP:SGEP4IHE
FVMHKMRKXLMWKET,S[IZIVWYGLXVEMRMRKGERRSXSRP] KSK]-W%PP7YFNIGXMZI%R][E]-WRX-X#.SYVREPSJ
JSGYWSRXLIGSQQYRMGEXMSRSJWGMIRXMGMRJSVQEXMSR 7MRKMRK
7MQTP]YRHIVWXERHMRKTL]WMSPSK]ERHWGMIRXMGXLISV] /SHjP]>
4VIJEGIXSXLI:SPYQI1YWMGEP
MWYRPMOIP]XSQEOIWSQISRIEFIXXIVZSMGIXIEGLIV 6IEHMRKERH;VMXMRK-R7IPIGXIH;VMXMRKWSJ>SPXjR
1SVISZIV IPEFSVEXI HIWGVMTXMSRW SJ XLI WEQI EVI /SHjP]0SRHSR&SSWI]
,E[OIW
YRPMOIP] XS FVMRK EFSYX PEWXMRK MQTVSZIQIRX MR 1MPPIV6E
3RXLI%VXSJ7MRKMRK2I[=SVO
WXYHIRX ZSGEP XIGLRMUYI -J QSHIVR ZSGEP TIHEKSK] 3\JSVH9RMZIVWMX]4VIWW
MW XS FIGSQI VIPIZERX XS GPEWWVSSQ QYWMG XIEGLIVW 1MPPIV6F
8LI7XVYGXYVISJ7MRKMRK7]WXIQ
XLIR MX QYWX IZSPZI ERH GPEWWVSSQ XIEGLIVW LEZI E ERH%VXMR:SGEP8IGLRMUYI&IPQSRX'EPMJSVRME
HMWXMRGX GSRXVMFYXMSR XS QEOI XS XLMW IZSPYXMSREV] ;EHW[SVXL
TVSGIWW 4LMPPMTW/
8VEMRMRKXLI'LMPH:SMGI1YWMG
)HYGEXSVW.SYVREP
8S XLI FIWX SJ XLMW [VMXIVW ORS[PIHKI E QSHIP JSV 4LMPPMTW/
8IEGLMRK/MHWXS7MRK2I[=SVO
TVIWIRXMRK ZSGEP TIHEKSK] GSRGITXW MR E [E] XLEX 7GLMVQIV&SSOW
MW VIPIZERX ERH QIERMRKJYP XS GPEWWVSSQ XIEGLIVW 6IMH'0
:SMGI7GMIRGI%R)ZEPYEXMSR
HSIWRSXGYVVIRXP]I\MWX1SVISZIVGPEWWVSSQQYWMG %YWXVEPMER:SMGI.SYVREPSJXLI%YWXVEPMER2EXMSREP
XIEGLIVW JSV E PSRK XMQI LEZI FIIR PE\ MR IRKEKMRK %WWSGMEXMSRSJ8IEGLIVWSJ7MRKMRK
MREGXMSRVIWIEVGLERHVIIGXMZITVE\MW-RXLMWWIRWI ;LMXI&
7MRKMRK8IGLRMUYIWERH:SGEP4IHE
E ZSMH I\MWXW FIX[IIR WGMIRGI ERH EVX SV FIX[IIR KSK]2I[=SVO+EVPERH4YFPMWLMRK
XLISV] ERH TVEGXMGI'SQQSR KVSYRH GER ERH QYWX ;LMXI'
;LMXI(
'SQQSRWIRWIXVEMR
FI HMWGSZIVIH [LIVI WGMIRGI ERH EVX EVI EFPI XS [SVO MRKJSVGLERKMRKQEPIZSMGIW1YWMG)HYGEXSVW
GSQJSVXEFP] XSKIXLIV 8LMW GSQTEXMFMPMX] I\MWXW MR SXLIV .SYVREP1E]
EVIEW WYGLEWIRKMRIIVMRK [LIVIFSXLEXLISVIXMGEPERH
ERETTPMIHWGMIRGIQIIX8LIVIJSVIXLIKSEPSJFSXLXLI
ZSMGI WGMIRXMWX ERH XLI XIEGLIV SJ WMRKMRK WLSYPH FI XS
FVMRK XLMW GSSTIVEXMZI ZIRXYVI MRXS FIMRK -X MW SR XLMW
JSYRHEXMSRXLEXXLIJYXYVISJZSMGIWGMIRGIQYWXVIWX-XMW
EPWS[LIVIXLIJYXYVISJZSGEPXVEMRMRKPMIW6IMH
T
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
8,):3-');-8,-2
%9(-%8-32%2(-22)6,)%6-2+
-28,)78')2896=
8LMW TETIV [EW TVIWIRXIH EX XLI /1)-% F]7EVEL1G+EVV]
2EXMSREP'SRJIVIRGI&VMWFERI.YRI
%YVEP4IVGITXMSR#-RRIV,IEVMRK#%YHMEXMSR# XVEMRMRK MW E GSRGIVR XLEX WTERW EX PIEWX EW JEV FEGO
EWXLIFIKMRRMRKSJXLIPEWXQMPPIRRMYQEWIZMHIRGIH
%YVEPMWEXMSR# %YVEP 7OMPPW# -R 1YWMG F] +YMHSW EHZSGEG] SJ XIEGLMRK HIZMGIW WYGL EW
)HYGEXMSR MR [I EVI FSQFEVHIH WSPQM^EXMSR3ZIVXLIGIRXYVMIWMRXSXLIWEYVEP
F] E Q]VMEH SJ XIVQW [LMGL VIJIV XS XLI XVEMRMRKEWEWITEVEXIHMWGMTPMRIKVI[XSJSGYWEVSYRH
X[SEGXMZMXMIWWMKLXWMRKMRKERHHMGXEXMSR
HIZIPSTQIRX SJ QYWMGMERWLMT WOMPPW FYX
[LMGL EVI RSX RIGIWWEVMP] EREPSKSYW 8LMW &YXXLITEWXGIRXYV]WE[EVMWIMRXLITSTYPEVMX]SJ
[LEX WSQI GEPP EXSQMWXMG XVEMRMRK HVMPP TVEGXMGI
TETIV WIIOW XS HIRI EYHMEXMSR GPIEVP] ERHXIWXMRKSJXLIMHIRXMGEXMSRERHTIVJSVQERGISJ
MRZIWXMKEXIXLIMQTEGXSJEYHMEXMSRSRSYV WQEPPEGSRXI\XYEPQYWMGEPIPIQIRXW8LIWIGSRHLEPJ
XIEGLMRKERHWIIOWXSI\EQMRIXLITEVEPPIPW SJ XLI X[IRXMIXL GIRXYV] WE[ XLI HIZIPSTQIRX ERH
HMWWIQMREXMSR SJ XI\XFSSOW IWTIGMEPP] TVSKVEQQIH
FIX[IIR/SHjP]WGSRGITXSJMRRIVLIEVMRK XI\XW
ERH XLIMV WYGGIWWSVW GSQTYXIVEWWMWXIH
ERH+SVHSRWGSRGITXSJEYHMEXMSR%VI[I MRWXVYGXMSR WSJX[EVI
XLEX JIEXYVIH XVEMRMRK MR
MHIRXMJ]MRK ERH TIVJSVQMRK XLI WM^I ERH UYEPMX] SJ
XEPOMRK EFSYX XLI WEQI XLMRK# 3V HSIW E MRXIVZEPW ERH XLI UYEPMX] ERH MRZIVWMSR SJ GLSVHW
HMWXMRGXMSRRIIHXSFIHVE[RFIX[IIRXLIWI (IWTMXIXLISZIV[LIPQMRKI\TIVMQIRXEPERHGPMRMGEP
X[SXIVQW# IZMHIRGIXLEXXLIVIMWPMXXPIGSRRIGXMSRFIX[IIRXLI
EFMPMX] XS MHIRXMJ] MRXIVZEPW EGSRXI\XYEPP] ERH XLI
;
LIR-VWXTSWIHXLIWIUYIWXMSRW EFMPMX]XSHSWS[MXLMREXSREPGSRXI\XWYGLXIEGLMRK
- MQEKMRIH XLI ERW[IV XS FI ZIV] QIXLSHW RIZIVXLIPIWW TIVWMWX MR WSQI XI\XFSSOW
WXVEMKLXJSV[EVH ERH RMGIP] FPEGOERH ERHQER]GPEWWVSSQW(IWTMXIMRRIVLIEVMRKFIMRK
[LMXI,S[IVVSRISYWXLMW[EWJSVXLIMWWYIMWQYGL VIGSKRMWIHEWERMQTSVXERXIPIQIRXSJQYWMGMERWLMT
QSVIGSQTPI\ERHHIRWIXLER-LEHVWXGSRWMHIVIH &IEPP
RSXIW XLEX MX MW JVIUYIRXP] MKRSVIH F]
ERHXLIWGSTISJXLIPMXIVEXYVIMWMRGVIHMFP][MHI QER]QYWMGIHYGEXSVWMRJEZSYVSJXIGLRMUYI
0HUWRQ6KDW]NLQ,QWHUYDODQG3LWFK5HFRJQLWLRQ
8LIVI MW E WMKRMGERX FSH] SJ VIWIEVGL [LMGL LEW LQDQGRXWRI,PPHGLDWH&RQWH[W-RXUQDORI5HVHDUFKLQ
FIIR GEVVMIH SYX F] TW]GLSPSKMWXW QYWMGSPSKMWXW 0XVLF(GXFDWLRQDIWHUVXUYH\LQJDGR]HQ
IHYGEXSVW ERH WGMIRXMWXW I\TPSVMRK XLI GSQTPI\ H[SHULPHQWDOVWXGLHVRIFRQWH[WXDODQGLQWHUYDOOLFSHUFHSWLRQQRWHG
MWWYIW SJ EYHMEXMSR ERH MXW MQTEGX SR QYWMGEP EFMPMX] VLJQLFDQWFRQWH[WHIIHFWVDQGUHPDUNHGWKDWLWLVVXUSULVLQJ
ERHPIEVRMRK7SQISJXLIWIEVIZIV][IMKLX]WGMIRXMG WKDWERWKUHVHDUFKDQGHDUWUDLQLQJPHWKRGVVWLOOFRQFHQWUDWHRQ
HSGYQIRXW[LMGL[SYPHGSRWXMXYXIE[LSPITETIVSR LQWHUYDOSHUFHSWLRQRXWVLGHUDWKHUWKDQLQVLGHDFRQWH[WSS
XLIMV S[R ERH WS - [MPP WMQTP] VIJIV XS WSQI [LMGL
EVI TEVXMGYPEVP] VIPIZERX XLVSYKLSYX XLI GSYVWI SJ -RHO:DSQLFN*DU\%RXUDVVDDQG-RDQQH6DPSVRQ7KH
XLMWTETIV 3HUFHSWLRQRI7RQDO,QWHUYDOVLQ,VRODWLRQDQGLQ0HORGLF&RQWH[W
3V\FKRPXVLFRORJ\IRXQGWKDWPXVLFLDQVZHUH
-X MW IWWIRXMEP XS HIRI EX XLMW TSMRX I\EGXP] [LEX VLJQLFDQWO\PRUHDFFXUDWHDWGLVFULPLQDWLQJDPRQJDQGODEHOOLQJ
EYHMEXMSR MW SV TIVLETW QSVI IEWMP] [LEX MW RSX LQWHUYDOVLQDPHORGLFFRQWH[WUDWKHUWKDQLQLVRODWLRQ
GSRWMHIVIH EYHMEXMSR 0IEVRMRK XS LIEV ERH VIEH
QYWMG[MXLYRHIVWXERHMRKERHJEGMPMX]MWEVKYEFP]XLI %HDOO*/HDUQLQJVHTXHQFHVDQGPXVLF
%HDOO * /HDUQLQJ VHTXHQFHV DQG PXVLF
QSWX MQTSVXERX KSEP [I WIX JSV SYV WXYHIRXW%YVEP OHDUQLQJ7KH4XDUWHUO\S
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
I]IW KPYIH XS XLI QYWMG ]SY EVI RSX SRI MJ ]SY WXST [IEVIXVEMRMRKXLIMVMRRIVIEVXSJYRGXMSREGGYVEXIP]
FIGEYWI WSQISRI EGGMHIRXEPP] XYVRW X[S TEKIW EX SRGI *SVEWMQMPEVTYVTSWI[IEWOXLIQXSGLERKITEVXW
ERHIZIR[SVWIMJ]SYWXST[MXLSYXER]XYVRMRKEXEPP
HYVMRKEX[STEVXWSRKSVXSWMRKEXEWMKREPWMPIRXP]
&YX]SYEVISRIMJ]SYKYIWWMRERI[TMIGIERHORS[MR SVEPSYH
EJEQMPMEVTMIGI[LEXMWGSQMRKMRSXLIV[SVHW MJXLI
QYWMGPMZIWRSXSRP]MR]SYVRKIVW FYXMR]SYVLIEHERH *SWXIVMRK MRRIV LIEVMRK XS XLMW HIKVII TVSHYGIW ER
]SYVLIEVXXSS MRRIV PMJI JSV XLI QIPSH] [LIR TIVJSVQIH ERH XLMW
X]TI SJ QYWMGQEOMRK GIRXVIH SR WMRKMRK JSVQW XLI
8LMW RSXMSR SJ LEZMRK XLIQYWMG MR ]SYV LIEH RSX FEWMWSJ/SHjP]WIHYGEXMSREPTVMRGMTPIW
]SYVLIEHMRXLIQYWMGMWSRI[LMGLTIVZEHIWQER]
SJ/SHjP]W[VMXMRKW8LITVSFPIQWJEGMRKTVSJIWWMSREP 8LI ZSMGI MW ER IJJIGXMZI PIEVRMRK XSSP ETEVX JVSQ
QYWMGMERWTVSZMHIHXLIWYFNIGXSJEREHHVIWWKMZIRF] FIMRK E TVMQI [E] SJ IRKEKMRK WXYHIRXW MR EGXMZI
/SHjP]EXXLI0M^WX%GEHIQ]MR QYWMG QEOMRK WMRKMRK IRGSYVEKIW MRGPYWMZMX] ERH
;MXLEKSSHQYWMGMERXLIIEVWLSYPHEP[E]W TEVXMGMTEXMSR EW IZIV] GLMPH VIKEVHPIWW SJ WSGMEP SV
PIEHXLI[E]JSVXLSWIQSFMPIJMRKIVW RERGMEP WMXYEXMSR TSWWIWWIW XLIMV S[R ZSMGI8EGOE
ERH ,SYPELER EPWS HMWGYWW XLI JEGX XLEX WMRKMRK
8LIEFMPMX]XSVIEHWGSVIWE[E]JVSQER VIUYMVIW VETMH MRXIVREPMWEXMSR SJ WSYRH -R XLI WEQI
MRWXVYQIRXIRWYVIWEFIXXIVYRHIVWXERHMRKSJ [E] XLEX WTIEOMRK IZMHIRGIW XLSYKLX WMRKMRK GER
XLITIVJSVQIVWXI\X IZMHIRGIEORS[PIHKISJTMXGLERHVL]XLQ
:MWW^ERXIOMRXqW-R6IXVSWTIGX
:SP-T
8LI [E] MR [LMGL XLSWI [LS EWGVMFI XS /SHjP]W
TLMPSWSTL]WTIEOERH[VMXIEFSYXLMWRSXMSRSJMRRIV
;IEXXEGLKVIEXMQTSVXERGIXSXLIHIZIPSTQIRXSJ
LIEVMRK GSRXEMRW QYGL PERKYEKI [LMGL MW MRLIVIRXP]
XLIMRRIVIEV*VSQXLIZIV]SYXWIXQER]QIERWEVI
GSRRIGXIH XS XLI HIZIPSTQIRX SJ E QYWMGMER EW E
IQTPS]IHXSEGLMIZIXLMW'LMPHVIRQYWXLEZIEQIRXEP
TIVWSRRSXNYWXXLIHIZIPSTQIRXSJMRHMZMHYEPWTIGMG
MQEKISJ[VMXXIRQYWMGIWTIGMEPP]FIJSVIXLI]EGXYEPP]
WOMPPW 8LMW GSRRIGXIHRIWW XLMW GSRWMHIVEXMSR SJ
LIEV [LEX XLI] EVI TIVJSVQMRK8LMW ETTPMIW IUYEPP]
XLI IQSXMSREP EWTIGX MJ ]SY [MWL SJ E QYWMGMERW
XS ZSGEP ERH MRWXVYQIRXEP QYWMG8LI QSWX JEQMPMEV
HIZIPSTQIRXHSIWWIIQXSFIWSQI[LEXPEGOMRKMR
QIXLSHSJGLIGOMRKXLMWWSYRHMQEKIMRXLIMRRIVIEV
+SVHSRW[VMXMRKW
MWXLIWSGEPPIHWMPIRXWMRKMRKSVMRRIVLIEVMRK,S[
GERXLITVIWGLSSPGLMPHFIGLIGOIHMR[LIXLIVLIMW
%QIVMGER )H[MR +SVHSR F
TVMQEVMP] ER
LIEVMRK GSVVIGXP] E QIPSH] [MXLSYX WMRKMRK MX#8LI]
IHYGEXMSREPTW]GLSPSKMWXFIKERXSHIZIPSTEWIUYIRGI
WLSYPHFIKMZIREJEQMPMEVWSRKXSWMRKERHEXEKMZIR
JSV QYWMG MRWXVYGXMSR MR XLI W GYPQMREXMRK MR
WMKREPXLI]GSRXMRYIVWXWMPIRXP]XSXLIQWIPZIWXLIR
XLI JSVQYPEXMSR SJ LMW 1YWMG 0IEVRMRK 8LISV] ,I
EPSYHXLIREKEMRWMPIRXP]ERHWSSR
GSMRIH XLI XIVQEYHMEXMSR XS VIJIV XS XLI KSEP SJ
QYWMGMRWXVYGXMSR7MQMPEVXS/SHjP]ERHSXLIVQENSV
8LMW EGXMZMX] FIKYR [MXL ZIV] WQEPP GLMPHVIR GER FI
)YVSTIER TIHEKSKYIW +SVHSR WYTTSVXW XLI WSYRH
JSPPS[IH XLVSYKL EX EPP WXEKIW EPXLSYKL PEXIV XLI
FIJSVIW]QFSP ETTVSEGL XS QYWMG MRWXVYGXMSR%W MR
[E]WSJGLIGOMRKXLIMRRIVIEVQE]GLERKI)ZIR[MXL
XLIHIZIPSTQIRXSJPERKYEKIGLMPHVIRPMWXIRXSXSREP
WIGSRHEV]ERHXIVXMEV]PIZIPQYWMGWXYHIRXWLS[IZIV
ERHVL]XLQTEXXIVRWMQMXEXIXLIQERHXLIRVIEHERH
XLIWI QSWX IPIQIRXEV] JSVQW SJ GLIGOMRK MRRIV
[VMXIXLIQ+SVHSRLMQWIPJHIRIHEYHMEXMSREWXLI
LIEVMRKEVIWXMPPZEPMH
JSYRHEXMSR SJ QYWMGMERWLMT -X XEOIW TPEGI [LIR [I
LIEV ERH GSQTVILIRH QYWMG JSV [LMGL XLI WSYRH
;I QE] EWO WXYHIRXW XS WMRK E TEVXMGYPEV QIPSHMG
MW RS PSRKIV SV QE] RIZIV LEZI FIIR TVIWIRX 3RI
IPIQIRX MRWMHI XLIMV LIEH IEGL XMQI MX ETTIEVW MR E
QE]EYHMEXI[LIRPMWXIRMRKXSQYWMGTIVJSVQMRKJVSQ
ORS[RWSRK[IQE]EWOXLIQXSWMRKEFSZISVFIPS[
RSXEXMSRTPE]MRKF]IEVMQTVSZMWMRKGSQTSWMRKSV
ETEVXXLEXXLIXIEGLIVMWWMRKMRKSVWMKRMRKSV[IQE]
RSXEXMRK QYWMG +SY^SYEWMW
JYVXLIV HIRIH
EWOXLIQXSWMRKMRGERSR[MXLETMIGILERHWMKRIHF]
EYHMEXMSREWXLIMRREXILYQEREFMPMX]XSGSRGITXYEPM^I
XLIXIEGLIV/SHjP]I\IVGMWIW
ERHGSQTVILIRHQYWMG[LIRXLIWSYRHSJQYWMGMW
RSXTL]WMGEPP]TVIWIRX
,S[IZIV XLI GSRHMXMSR XLEX XLI [VMXXIR WGSVI FI
LIEVHMR[EVHP]FIJSVIVIEPMWMRKMXMRWSYRHMWZEPMHMR
%GGSVHMRKXS+SVHSRERH/SHjP]MXMWERMQTSVXERX
IZIV]IPHSJZSGEPERHMRWXVYQIRXEPQYWMG;LIR[I
YWILERHWMKRWXSHIQSRWXVEXIXLIRSXIWSJEWSRKSV
WLS[ E WLSVX WGSVI JSV SRI QMRYXI XS XLI GLMPHVIR 3S(U]VpEHW6]RQ\L.RGiO\V3ULQFLSOHV
3S (U]VpEHW 6]RQ\L .RGiO\V 3ULQFLSOHV
ERH XLIR EWO XLIQ XS WMRK XLI WSRK JVSQ QIQSV] LQ3UDFWLFH$QDSSURDFKWRPXVLFHGXFDWLRQWKURXJKWKH
.RGiO\0HWKRG
6FKXPDQQLQ7KH6HOHFWHG:ULWLQJVRI=ROWiQ %RRVH\DQG+DZNHV
.RGiO\% +/RQGRQS
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
TIVJSVQERGIWSJXLIWEQIVITIVXSMVI 3RI QMKLX ZMI[ QYWMGMERWLMT EW XLI LYF MR E PEVKI
%REP]WI[LEXMWLIEVHMRXIVQWSJGSRWXMXYIRX [LIIP[LSWIWTSOIWMRGPYHI
QYWMGEPIPIQIRXW ,EVQSR]
-QMXEXI[LEXMWLIEVH 'SYRXIVTSMRX
6IGSKRMWIIVVSVERHWIPJGSVVIGXMSR[LMPI %REP]WMW
TIVJSVQMRK 'SQTSWMXMSR
2SXEXI[LEXMWLIEVH -QTVSZMWEXMSR
'SVVIPEXI[LEXMWLIEVH[MXLERSXEXIH TVSWI[VMXMRK
VITVIWIRXEXMSR LMWXSV]ERH
(IXIVQMRIWX]PIKIRVIERHTSWWMFPIGSRXI\X TPE]MRK
4VSHYGIGSQTPIQIRXEV]SVWYTTPIQIRXEV]
-RSVHIVXSPMROXLIWIIRXIVTVMWIWWXYHIRXWQYWXFI
WSYRH
EFPI
XSXVERWJIVERHETTP]GSRGITXWJVIIP]JVSQ
;LIR QYWMGEP WSYRH MW RS PSRKIV TVIWIRX MI
TVIZMSYWP]LIEVH
WXYHIRXWQE] SRIEVIEXSERSXLIV
4PE]SVWMRKF]IEVQIPSHMGEPP]ERHSVLEV XSWMRKERHTPE]JPYIRXP]MRQYPXMTPIWX]PIW
QSRMGEPP] GPIJWERHXI\XYVIW
6ITVSHYGIWSYRHJVSQSRIWSYRHWSYVGI XSEGGSQTER]XLIQWIPZIWJVSQEJMKYVIHFEWW
SRXSERSXLIVIKWMRKMRK[LEXLEWFIIR ERHXSWMRKER]ZSMGI
LIEVHMRWXVYQIRXEPP] XSMQTVSZMWIMRZEVMSYWGSQQSRTVEGXMGI
2SXEXIJVSQQIQSV] WX]PIWERHJSVQW
6IGSKRMWIGLERKIMRWYFWIUYIRXTIVJSVQERGI XSFIEFPIXSLIEV[LEXKSIWSRMRE[SVO
-QTVSZMWISRTVIZMSYWP]LIEVHQYWMG JVSQXLIPMXIVEXYVIERHTVIWIRXXLIWI
8VERWTSWI TIVGITXMSRWMREZEVMIX]SJJEWLMSRW
4EVSH] XSORS[PMXIVEXYVISYXWMHISJXLEX[VMXXIRJSV
XLIMVWTIGMJMGMRWXVYQIRXERH
;LIRQYWMGEPWSYRHMWRSXTVIWIRXWXYHIRXWQE] XSHIEP[MXLXLIWXVYGXYVIERHW]RXE\SJER]
-QTVSZMWI [SVO[VMXXIRMRXLIGSQQSRTVEGXMGIWX]PI
,IEVRSXEXIHWGSVIWMRXLILIEH
-[ERXWXYHIRXWXSYWI[LEXXLI]PIEVRJSVXLIVIWX
%RXMGMTEXIQYWMGEPWSYRHXSJSPPS[LIEVH
SJ XLIMV PMZIW XVERWJIVVMRK XLIWI MRWMKLXW JVSQ Q]
WSYRH GPEWWVSSQXSXLI[SVPHSYXWMHI
(MJJIVIRXMEXIERHQEOIGLSMGIWSJTSXIRXMEP
WSYRH -RSVHIVJSVWYGLKSEPWXSFIEGLMIZIHXLIYRHIVP]MRK
'SQTSWI TLMPSWSTL] ERH GSRXIRX SJ SYV XIEGLMRK QYWX FI
MRLIVIRXP] QYWMGEP TVSHYGXMZI ERH GLEPPIRKMRK ERH
2SXEXIQYWMGEPMHIEW
TIVLETW QSWX MQTSVXERXP] GSYVWIW WYGL EW XLISV]
4PE]ERHSVWMRKEXWMKLX TVIZMSYWP]WITEVEXIERHHMWGVIXIWYFNIGXWTEVXMGYPEVP]
EX E XIVXMEV] PIZIP
QYWX FI MRXIKVEXIH 7SQI [SYPH
57%7]PPEFYW EVKYI XLEX ER MRXIKVEXIH ETTVSEGL SRI MR [LMGL
QYWMGMERWLMT WOMPPW MRGPYHMRK WMRKMRK OI]FSEVH ERH
7SQI [SYPH HIRI QYWMGMERWLMT EW XLI EFMPMX] HMGXEXMSREVI[IH[MXLEREP]WMWMWXSSHMJGYPXKMZIR
XS RSXEXI [LEX SRI LIEVW XS WMRK [LEX SRI WIIW XLEX XLI HIZIPSTQIRX SJQYWMGEP WOMPPW TVSKVIWWIW
ERHEREP]WIQYWMGEPIZIRXW-FIPMIZIMXMWEJEVQSVI MRHITIRHIRXP] WPS[IV
XLER MRXIPPIGXYEP WOMPPW
FVSEHP]VERKMRKWIXSJEFMPMXMIW ;LMPIMXMWXVYIXLEXWXYHIRXWZEVMSYWWOMPPWHIZIPST
EX HMJJIVIRX VEXIW JI[ [SYPH EVKYI [MXL XIEGLMRK
1YWMGMERWLMT MW E VIQEVOEFP] VMGL ERH LMKLP] XIGLRMUYIW XLEX VIUYMVI WXYHIRXW XS MHIRXMJ] QYWMGEP
TVSFPIQEXMG IRXIVTVMWI XLEX MW SV EX PIEWX WLSYPH IZIRXW MR FSXL EREP]XMGEP ERH EYVEP GSRXI\XW 8LMW
FI XLI IRKMRI XLEX HVMZIW [LEX XLI QYWMG XLISVMWX MRXIKVEXMSRRIIHRSXFIHIRIHER]QSVIVMKSVSYWP]
QYWMGSPSKMWX GSQTSWIV ERH ETTPMIH XIEGLIV XIEGL XLERXLIIRKEKIQIRXSJEWQER]HMJJIVIRXQSHIWSJ
% GIRXVEP KSEP SJ QYWMGMERWLMT WLSYPH FI XS GVIEXI I\TVIWWMSR WMRKMRK [VMXMRK WTIEOMRK GSRHYGXMRK
QYWMGMERW[LSEVIEVXMGYPEXIEHZSGEXIWJSVXLIMVEVX ERH TIVGITXYEP WIRWIW WMKLX WSYRH ERH XSYGL
EW
-RHIIHXLMWKSEP[EWWLEVIHF]/SHjP]LMQWIPJ TSWWMFPI 'IVXEMRP] JSV QI ER MRXIKVEXIH ETTVSEGL
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
XS QYWMGMERWLMT HIZIPSTQIRX EX E WIGSRHEV] PIX WXYHIRXW WMQTP] I\TIVMIRGMRK QYWMG ERH VIWTSRHMRK
EPSRI E XIVXMEV] PIZIP LEW ZIV] HIRMXI TIHEKSKMGEP MR XLIMV S[R TIVWSREP QIERMRKJYP [E] ERH MX [SYPH
MQTPMGEXMSRWQSWXWTIGMGEPP]TVSZMHMRKI\TIVMIRGIW FIIEW]XSVIJIVXSXLMWUYSXISJ+SVHSRWXSWYTTSVX
JSVWXYHIRXWXLEXEVII\TIVMIRXMEPEYVEPERHZMWYEPERH XLMWEVKYQIRX9TSRVIIGXMSRLS[IZIVTEVEPPIPWGER
EPPTPEGIHMRGSRXI\XEWQYGLEWMWTSWWMFPI FIHVE[RFIX[IIRXLMWVIGSQQIRHEXMSRSJ+SVHSR
ERH XLI [VMXMRKW SJ (SFW^E] 0EW^Pz MR %JXIV /SHjP]
9RJSVXYREXIP] QYWMG WXYHIRXW SJXIR WYJJIV XLVSYKL [VMXMRKEFSYXRSXKIXXMRKGEYKLXYTMRXLIQIGLERMGW
XLISV] ERH QYWMGMERWLMT GSYVWIW ZMI[MRK XLIWI SJ QYWMGQEOMRK MR XLIWI TVIZMSYWP] QIRXMSRIH
EGXMZMXMIW EW TEMRJYP ERH RSX TEVXMGYPEVP] VIPIZERX EXSQMWXMGWOMPPWERHHVMPPWERHTEVXMGMTEXMRKMREQYGL
EWTIGXW SJ XLIMV QYWMGEP WXYHMIW -R IWWIRGI XLMROMRK QSVIQIERMRKJYPTVSGIWWSJQYWMGQEOMRK
EFSYX WSYRH RSX XLMROMRK MR WSYRH 8LI QENSV
GSQTSRIRXW SJ QER] YRHIVKVEHYEXI XLISV] ERH 7S[LEXHSIWEPPSJXLMWLEZIXSHS[MXLYWMRXLIWX
QYWMGMERWLMT GSYVWIW SJXIR FIEV PMXXPI SR WXYHIRXW GIRXYV]#/SHjP][EWXEPOMRKEFSYXMRRIVLIEVMRKJVSQ
QYWMGQEOMRK3JGSYVWIEWXIEGLIVW[IHSSYVFIWX XLIIEVP]TEVXSJXLIXLGIRXYV]+SVHSRGSMRIHXLI
XS FEPERGI GPIEV TIHEKSK] [MXL QYWMGEP GVIEXMZMX] TLVEWIEYHMEXMSRMRXLIW
&YX SYV XIEGLMRK GER IEWMP] FIGSQI TIHERXMG ERH
VSXI MJ [I EVI RSX GEVIJYP -X QE] FI HMJGYPX XS FI ;LEX EFSYX SYV WGLSSPW SYV GPEWWVSSQW SYV
GVIEXMZIFIGEYWIWXYHIRXWKMZIRXLIMVSJXIRPIWWXLER WXYHIRXWQSVIXLERXLMVX]]IEVWSR#;LEXMWMXEFSYX
EHIUYEXIFEWMGWOMPPWEVIVEVIP]VIEH]XSI\TPSVIXLI XLIQXLEXQEOIWXLIQHMJJIVIRXJVSQXLSWIXLMVX]SV
QSVIMRXIVIWXMRK]IXHMJGYPXXSTMGWXLEXGSQTVMWIE JX]SVWIZIRX]]IEVWEKS#
XLISV]ERHQYWMGMERWLMTGYVVMGYPYQ
- XIEGL MR ER EJYIRX MRRIVGMX] +VEQQEV 7GLSSP MR
-RHIIH XLI] VEVIP] QEOI MX XS XLITE]SJJ MR [LMGL &VMWFERI [MXL ER IRVSPQIRX SJ KMVPW ERH - EQ
XLIMV MRMXMEP [SVO MR JYRHEQIRXEPW FEWMG XLISV] ERH EWXSYRHIH EX XLI HMJJIVIRGI FIX[IIR XLI PIEVRIVW
EREP]WMWERHMRXVSHYGXSV]QYWMGMERWLMTMWGSRWSPMHEXIH - EQ JEGIH [MXL MR XLI GPEWWVSSQ ERH XLSWI - JEGIH
ERHXLI]GEREHZERGIXSQSVIXVEHMXMSREPP]QYWMGEPP] [LIR - FIKER XIEGLMRK SRP] ]IEVW EKS 8LIWI
WEXMWJ]MRK EGXMZMXMIW PMOI GSQTSWMXMSR MQTVSZMWEXMSR WXYHIRXW EVI EGYXIP] E[EVI SJ XLIMV WYVVSYRHMRKW
ERH EREP]WMW XLEX VIZIEP JEWGMREXMRK TIVJSVQERGI SZIVWXMQYPEXIH ERH UYMXI PMXIVEPP] TPYKKIH MR XS
MQTPMGEXMSRW XIGLRSPSK] -R GSQTEVMWSR XS XLI L]TIVWTIIH SJ
IPIGXVMGMX]QMPIWTIVWIGSRH
[MXL[LMGLEPP
-XMWMRXIVIWXMRKXLIRXSRSXI+SVHSRWERW[IV[LIR SJXLIWIWXYHIRXWEVIYWIHXSHIEPMRKQ]QYWMGGPEWWIW
EWOIH XS KMZI EHZMGI XS QYWMG XIEGLIVW SJ XLI RI\X STIVEXI SRP] EX E WTIIH SJ WSYRH JIIX TIV
GIRXYV]MREGSRZIVWEXMSR[MXL1EV])PPIR4MR^MRSMR WIGSRH
1EOIRSQMWXEOI-XVIEWYVIERHZEPYIXLMW
.YRI MRQ]XIEGLMRK-EQE[EVILS[IZIVXLEXJSVQER]SJ
1]FIWXVIGSQQIRHEXMSRXSQYWMGXIEGLIVW XLIWIWXYHIRXWXLMWMWXLIQSWXKIRYMRISTTSVXYRMX]
SJXLIRI\XGIRXYV]MWXSMQTVSZMWIMQTVSZMWI JSVTIVWSREPI\TVIWWMSRMRXLIMVMRGVIHMFP]FYW]ERH
SZIVWXMQYPEXIHPMZIW8LIWIWXYHIRXWPMZIMRE[SVPH
MQTVSZMWI+IXVMHSJXLIRSXEXMSR0IEVRJVSQ SJ XLI MRJSVQEXMSR WYTIVLMKL[E] [LIVI ER]XLMRK
1YWMG0IEVRMRK8LISV]XSXIEGLGLMPHVIRXS XLI] [ERX GER FI HS[RPSEHIH PI WLEVIH FYVRX
QEOIQYWMG[MXLSYXXLIEMHSJRSXEXMSRSVQYWMG SRXSHMWGIQEMPIHERH[SVRSRERM4SHEVSYRHXLIMV
XLISV]*SPPS[VIPMKMSYWP]XLITVSGIWWSJXLI RIGOW'IVXEMRP]ER]TMIGISJMRJSVQEXMSRXLI]HIWMVI
GER WMQTP] FI+SSKPIH ERH EX XLIMV RKIVXMTW MR
[E][IPIEVRPERKYEKI8LEX[SYPHFIXLIQSWX
WIGSRHW
MQTSVXERXXLMRKXLI]GSYPHHSJSVXLIQWIPZIW
ERHJSVXLIMVGLMPHVIR 4W]GLSPSKMWXW 6SFIVX /VEYX ERH:MGOM 0YRHQEVO MR
XLIMV WXYH] VITSVXIH XLEX KVIEXIV YWI SJ XLI
-XMWMRXIVIWXMRKXLEXMHIEWPMOIKIXVMHSJXLIRSXEXMSR -RXIVRIX[EWEWWSGMEXIH[MXLWQEPPFYXRIZIVXLIPIWW
EVI WS SJXIR I\EQMRIH MR MWSPEXMSR VEXLIV XLER MR WXEXMWXMGEPP] WMKRMGERX HIGPMRIW MR WSGMEP MRZSPZIQIRX
GSRXI\X8LMW[SYPHMRMXMEPP]ETTIEVXSFIGSRXVEHMGXSV] EW QIEWYVIH F] GSQQYRMGEXMSR [MXLMR XLI JEQMP]
XS WSQI SJ +SVHSRW IEVPMIV [VMXMRKW ERH GIVXEMRP] ERH [MXL MRGVIEWIH SGGYVVIRGIW SJ PSRIPMRIWW ERH
GSRXVEHMGXSV] XS /SHjP]W ETTVSEGL SJ WSYRH HITVIWWMSR8LI ZIV] WOMPPW XEYKLX F] XIPIZMWMSR EVI
FIJSVI W]QFSP RSX WSYRH [MXLSYX W]QFSP EPXSKIXLIV VIMRJSVGIH F] IHYGEXMSREP WSJX[EVI 7MX [EXGL ERH
'IVXEMRP] MR%YWXVEPME [LIVI [I LEZI GYVVMGYPE XLEX FI IRXIVXEMRIH 1SVI XLER ER]XLMRK IPWI GSQTYXIVW
EVI WXEXIFEWIH XLIVI MW E FMK TYWL XS VIQSZI XLI XIEGL GLMPHVIR XLEX XLI [SVPH MW E TVITVSKVEQQIH
VIUYMVIQIRX SJ RSXEXMSR JVSQ XLI W]PPEFYW XS LEZI TPEGI E ZMVXYEP YRMZIVWI [LIVI WSPZMRK E TVSFPIQ
$&RQYHUVDWLRQZLWK(GZLQ*RUGRQ0DU\(OOHQ
QIERWGPMGOMRKSRXLIVMKLXMGSR
3LQ]LQR0XVLF6WDIIFRP7HDFKHU/RXQJH-XQH
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)*)6))(4%4)67
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
38,)6'32*)6)2')4%4)67
/%8%0-2*366%-
-274-6-2+8)%',)67-2%9786%0-%
F]%RR'EVVSPP
TEWWMRK[IGSYPHWIILIVI[EWEPWSERSTTSVXYRMX]XS
FYMPHSRXLI[SVOWLILEHHSRIERHXSVIMRZMKSVEXI
IRXLYWMEWQ JSV XLI TVMSVMXMIW WLI WXSSH JSV MR LIV
[SVO[MXL%YWXVEPMERXIEGLIVW
8LIWMKRMGERGISJ/EXM*SVVEM
.ERYW&VIYIV[VSXIETVSPISJ/EXMMRXLI-RXIVREXMSREP
.SYVREP SJ 1YWMG )HYGEXMSR 2S EJXIV WLI
FIGEQI 4VIWMHIRX SJ -71) MR ,I QIRXMSRIH
XLEX WLI LEH VIGIMZIH XLVII HIKVIIW JVSQ XLI 0MW^X
*IVIRG%GEHIQ] FIX[IIR ERH ,I WEMH
LIVQEMREGXMZMX][EWIPEFSVEXMRKXLIQIXLSHSPSK]
ERH TVEGXMGI SJ OMRHIVKEVXIR QYWMG IHYGEXMSR ,I
WXEXIH XLEX WLI [EW XVEMRIH ERH MRWTMVIH F] >SPXjR
/SHjP] [LS JSPPS[IH LIV EGXMZMX] [MXL XLSYKLXJYP
EXXIRXMSR YRXMP LMW HIEXL7LI FIPSRKIH XS LMW
GPSWIWX GMVGPI ERH XS XLI WQEPP GSQTER] SJ JVMIRHW
[LS MR XLI W WERK EW E GLEQFIV GLSMV [MXL XLI
/SHjP] GSYTPI SR 7EXYVHE] EJXIVRSSRW MR XLI LSQI
SJXLIGSQTSWIV/EXMLIVWIPJXSPHSJ/SHjP]WE]MRK
WLI [EW XLI TIVWSR [LS QYWX XEOI SR XLI VSPI SJ
HIZIPSTMRKQYWMGIHYGEXMSRJSVXLI]SYRKSRIW
/EXMLIPHQER]PIEHIVWLMTTSWMXMSRWMR,YRKEV]ERH
VIGIMZIHQER],YRKEVMERLSRSYVW7LI[EWE&SEVH
1IQFIV SJ XLI -RXIVREXMSREP 7SGMIX] JSV 1YWMG
8LMWTETIV[EWTVIWIRXIHEXXLI )HYGEXMSR -71)
ERH LIPH OI] TSWMXMSRW JVSQ
XS MRGPYHMRK FIMRK XLI *SYRHMRK 'LEMV SJ XLI
/1)-%2EXMSREP'SRJIVIRGI )EVP]'LMPHLSSH'SQQMWWMSRSJ-71)%REFFVIZMEXIH
&VMWFERI.YRI FMSKVETL]MWPSGEXIHMRXLI/1)-%&YPPIXMR
;L] E WIWWMSR SR /EXEPMR *SVVEMW /EXM [EW QEVVMIH XS (V 0jW^Pz :MOjV ER IQMRIRX
GSRXVMFYXMSRXSQYWMGMR%YWXVEPME# IXLRSQYWMGSPSKMWXWGLSPEVERHXIEGLIVJVSQXLI*SPO
8LI HIEXL SJ /EXEPMR *SVVEM MR (IGIQFIV [EW 1YWMG (ITEVXQIRX SJ XLI -RWXMXYXI JSV 1YWMGSPSK]
E KVIEX PSWWXS QYWMG IHYGEXMSRERHE TIVWSREPPSWW ,YRKEVMER%GEHIQ]SJ7GMIRGIW&YHETIWX,I[EWEPWS
JSV QER] TISTPI [LS LEH I\TIVMIRGIH LIV [EVQ EXIEGLIVEXXLI0MW^X*IVIRG%GEHIQ]ERHEWWMWXERX
ERH GLEVQMRK TIVWSREPMX] LIV QYWMGEP ERH QYWMG XS /SHjP] MR XLI 6IWIEVGL -RWXMXYXI8LI] LEH XLVII
IHYGEXMSR I\TIVXMWI ERH LIV PIEHIVWLMT MR GSYVWIW GLMPHVIR%RHVjWERE[EVH[MRRMRKEVGLMXIGX
8EQjW
EGVSWWXLI[SVPH ERH/EXEPMRERHWIZIVEPKVERHGLMPHVIR/EXMXEYKLXMR
TVMQEV] ERH WIGSRHEV] WGLSSPW FIJSVI GSQQIRGMRK
,IVIMR5YIIRWPERHERHSJGSYVWIMRSXLIVWXEXIWWLI LIVPMJI[SVOMRIEVP]GLMPHLSSHQYWMGIHYGEXMSRERH
ZMWMXIH[LMPIXLSWI[LSORI[LIV[IPPQSYVRIHLIV VIWIEVGL
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
38,)6'32*)6)2')4%4)67
(YVMRK LIV PMJIXMQI /EXM [EW XLI VIGMTMIRX SJ QER] 27;
QENSV E[EVHW FIKMRRMRK MR [MXL XLI E[EVH JSV 8LI GSRXI\X JSV /EXEPMR *SVVEMW [SVO MR %YWXVEPME
)QMRIRX6ITVIWIRXEXMZISJXLI,YRKEVMER4IHEKSK] WXEVXW [MXL (IERRE ,SIVQERRW 27; )HYGEXMSR
ERHGSRXMRYMRKVMKLXXLVSYKLXS[LIRWLI[EW (ITEVXQIRXVIWIEVGLTVSKVEQMR7]HRI]MRXLIIEVP]
E[EVHIH8LI 1MHHPI 'VSWW SJ XLI 3VHIV SJ 1IVMX W (IERREW [SVO WXMQYPEXIH REXMSREP MRXIVIWX
SJ XLI 6ITYFPMG SJ ,YRKEV] JSV I\GIPPIRX PMJIPSRK MR E W]WXIQEXMWIH /SHjP]FEWIH ETTVSEGL XS QYWMG
EGLMIZIQIRXMRQYWMGIHYGEXMSR IHYGEXMSR ERH EW E VIWYPX E [MHI ZEVMIX] SJ QYWMG
XIEGLIVW [IVI MRZSPZMRK XLIQWIPZIW MR TVSJIWWMSREP
*SPPS[MRKLIVVIXMVIQIRXJVSQKSZIVRQIRXTSWMXMSRW HIZIPSTQIRX(SVIIR&VMHKIWTETIV3YXGSQIWSJE
MR ,YRKEV] MR /EXM [EW MRGVIEWMRKP] EZEMPEFPI (IZIPSTQIRXEP4VSKVEQTVIWIRXIHEXXLI-/7
JSV MRXIVREXMSREP WIQMREVW ERH GSYVWIW EW [IPP EW 7]QTSWMYQMR7]HRI]ERHTYFPMWLIHMRXLI.SYVREPSJ
GSRXMRYMRK XS [VMXI FSSOW ERH HIZIPST QEXIVMEPW XLI/SHjP])HYGEXMSR-RWXMXYXISJ%YWXVEPME:SP2S
WYGLEWFIMRKTIHEKSKMGEPGSRWYPXERXJSVXLI/SHjP] [EWEPERHQEVOMRFVMRKMRKXLI27;)HYGEXMSR
4IHEKSKMGEP 0IKEG] GEWWIXXIW ]IEVSPHW
(ITEVXQIRX VIWIEVGL SR QYWMGEP ERH RSRQYWMGEP
MR 7LI XVEZIPPIH XS SZIV GSYRXVMIW EVSYRH SYXGSQIWXSTYFPMGRSXMGI
XLI [SVPH WLEVMRK LIV I\TIVXMWI [MXL XIEGLIVW MR
[SVOWLSTW WIQMREVW ERH W]QTSWMYQW ERH [VSXI 5YIIRWPERH
EVSYRH FSSOW ERH E PEVKI RYQFIV SJ TYFPMWLIH 8LI5YIIRWPERH7YTIVZMWSVSJ1YWMG/IZMR7MHHIPP
TETIVWERHEVXMGPIWSRIEVP]GLMPHLSSHIHYGEXMSR [EWEWOIHMRF]XLI%YWXVEPME'SYRGMPXSIZEPYEXI
XLIIJJIGXMZIRIWWSJ(IERREW/SHjP]FEWIHTVSKVEQ
8LI FIKMRRMRKW SJ XLI ,YRKEVMER ,I [EW WS MQTVIWWIH XLEX LI SFXEMRIH )HYGEXMSR
GSRRIGXMSRXS%YWXVEPME (ITEVXQIRX WYTTSVX XS IWXEFPMWL XLI 5YIIRWPERH
)V^WIFIX7^SR]MZMWMXIH%YWXVEPMEJSVXLI%71) 4MPSX1YWMG4VSKVEQMRXLVIIWGLSSPW8LMWGSQQIRGIH
'SRJIVIRGI MR%HIPEMHI ,IV HIQSRWXVEXMSR GPEWWIW YRHIVQ]PIEHIVWLMTMRPEXI8LMW[EWEREGXMSR
[MXL%HIPEMHIWGLSSPWXYHIRXWHIQSRWXVEXIHWXEVXPMRK PIEVRMRKEGXMSR VIWIEVGL WX]PI SJ TVSKVEQ ERH YWIH
QYWMGMERWLMT KEMRW MR FVMIJ XIEGLMRK IRGSYRXIVW XLEX GPEWWVSSQQYWMGWTIGMEPMWXXIEGLIVWFIGEYWIXLMW[EW
HE^^PIH XLI EYHMIRGI ERH EVKYIH JSV XLI WXVYGXYVIH E PSRKWXERHMRK TSPMG] MR 5YIIRWPERH8LI TVSKVEQ
/SHjP]ETTVSEGLXSQYWMGEPPIEVRMRK-[EWXLIVI
HVI[SR(IERREW[SVOFYXI\XIRHIHMXWXEXI[MHIMR
VIWTSRWIXSXIEGLIVWERH4VMRGMTEPWHIQERHW
)V^WIFIX7^SR]M/EXEPMR*SVVEMERHSXLIV,YRKEVMERW
EXXIRHIHXLI4IVXL-71)'SRJIVIRGIERHKEZI -R(IERRE,SIVQERREVVERKIHEPEVKIRYQFIV
MRYIRXMEP TETIVW ERH HIQSRWXVEXMSRW ERH JSPPS[IH SJHIQSRWXVEXMSRWF]EPPXLIZMWMXMRKQEWXIVXIEGLIVW
XLMW[MXL[SVOWLSTWERHGSYVWIWMR27;ERHSXLIV ERH /EXEPMR *SVVEM WXSSH SYX JSV XLSWI [SVOMRK
WXEXIW8LMW[EW/EXM*SVVEMWVWXZMWMXXS%YWXVEPME [MXL ]SYRK GLMPHVIR ERH MR TVMQEV] WGLSSPW ,IV
HIQSRWXVEXMSRWERHTETIVWMRWTMVIHQER]%YWXVEPMER
/EXM *SVVEM [EW EPWS TEVX SJ E WMQMPEV KVSYT SJ QYWMG XIEGLIVW XS XV] XS MQTPIQIRX LIV MHIEW JSV
,YRKEVMER QEWXIV XIEGLIVW [LS EXXIRHIH XLI IEVP]GLMPHLSSHQYWMGI\TIVMIRGIW
-/7 7]QTSWMYQ MR 7]HRI] ERH XLI 'ERFIVVE
-71) 'SRJIVIRGI %X EPP SJ XLIWI /EXM TVIWIRXIH 8LI 5YIIRWPERH )HYGEXMSR (ITEVXQIRX EVVERKIH
TETIVW ERH KEZI HIQSRWXVEXMSRW SJ XIEGLMRK ]SYRK JSV/EXMEPSRK[MXLERYQFIVSJSXLIVMRXIVREXMSREP
GLMPHVIRERHPMOIXLISXLIV,YRKEVMERQEWXIVXIEGLIVW /SHjP] PIEHIVW XS VIXYVR XS 5YIIRWPERH JSV XLI
WLIXVEZIPPIHXSSXLIVGIRXVIWXSKMZIHIQSRWXVEXMSRW VWX/SHjP]7YQQIV7GLSSPEX(YGLIWRI'SPPIKISJ
ERHPIEH[SVOWLSTW XLI 9RMZIVWMX] SJ 5YIIRWPERH MR .ERYEV] 8LMW
7YQQIV 7GLSSP [EW SVKERMWIH F] XLI )HYGEXMSR
%XXLI-/77]QTSWMYQMR7]HRI]/EXMTVIWIRXIH (ITEVXQIRX MR GSPPEFSVEXMSR [MXL /1)-% PIH F]
XLI MRXIVMQ VIWYPXW SJ XLI ,YRKEVMER PSRKMXYHMREP .YH] .SLRWSR
-X [EW WYTTSVXMRK XLI TVSJIWWMSREP
WXYH]SR8LIMRYIRGISJQYWMGSRXLIHIZIPSTQIRX HIZIPSTQIRXGSQTSRIRXSJ5YIIRWPERHW4MPSX1YWMG
SJ ]SYRK GLMPHVIR 1YWMG VIWIEVGL [MXL GLMPHVIR 4VSKVEQXLIRMRMXWJSYVXL]IEV[LMGL[EWI\TERHMRK
FIX[IIRERHQSRXLWTYFPMWLIHMRXLI&YPPIXMR XSWIZIVEPGIRXVIWEGVSWWXLIWXEXI%XXIRHERGIGSWXW
SJ XLI -RXIVREXMSREP /SHjP] 7SGMIX]
8LMW JSV SZIV XIEGLIVW JVSQ EGVSWW XLI WXEXI [IVI
KVSYRHFVIEOMRKVIWIEVGLERHQER]SXLIVTYFPMWLIH TEMHJSVF]XLI)HYGEXMSR(ITEVXQIRX
,YRKEVMER VIWIEVGL TETIVW TVSZMHIH E XLISVIXMGEP
YRHIVTMRRMRKSJXLITPEGISJQYWMGMRIEVP]GLMPHLSSH ;LEX/EXEPMR*SVVEMFVSYKLXXS%YWXVEPME
IHYGEXMSR - [EW TEVXMGYPEVP] MQTVIWWIH [MXL XLI /EXM FVSYKLX XS %YWXVEPME LIV S[R I\XVESVHMREV]
IZMHIRGIJSVPERKYEKIPIEVRMRKFIMRK EWWMWXIHF]XLI TIVWSREPMX]LIVVMKSVSYWHIZIPSTQIRXEWEQYWMGMER
QYWMG EGXMZMXMIW SJ XLI FEF] RYVWIW8LMW TETIV ERH ERHGLSVEPGSRHYGXSVLIVPSRKI\TIVMIRGI[MXLIEVP]
SXLIVWEPWSEHHVIWWIHXLIQSWXETTVSTVMEXIQYWMGEP GLMPHLSSH QYWMGEP HIZIPSTQIRX MR XLI GSRXI\X SJ
I\TIVMIRGIWJSVGLMPHVIRWHIZIPSTQIRX )YVSTIER RYVWIV] ERH OMRHIVKEVXIR TVSKVEQW ERH
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
38,)6'32*)6)2')4%4)67
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
38,)6'32*)6)2')4%4)67
XSIWXEFPMWLE/EXEPMR*SVVEM*SYRHEXMSRERHTPERRMRK v 'SRRIGXMRK[MXL5YIIRWPERHERH%YWXVEPMER)EVP]
MW[IPPYRHIV[E]8LIVI[MPPFIERYQFIVSJMRMXMEXMZIW 'LMPHLSSH GYVVMGYPYQ PIEHIVW XS TVSQSXI XLI
XSLSRSYV/EXM*SVVEMMRGPYHMRK/EXEPMR*SVVEM%[EVHW MQTSVXERGISJ)EVP]'LMPHLSSHQYWMG
ERHERERRYEP1IQSVMEP(E][MXLXLIRI\XSRISR v 4VSQSXMRKVIWIEVGLXSYRHIVTMRTVEGXMGI
2SZIQFIV
.YH].SLRWSRQIRXMSRIHXLEXFIGEYWI/EXMWPIEHIVWLMT
3RISJXLIMVKSEPWXLEX[EWVEMWIH[MXLQIERH[LMGL ERHMRWTMVEXMSR[EWTEVXMGYPEVP]WXVSRKMR5YIIRWPERH
[MPPFISJMRXIVIWXXS%YWXVEPMERXIEGLIVW[EWGVIEXMRK [I FIGEQI XLI LSQI SJ/SHjP] )EVP] 'LMPHLSSH
MRXIVREXMSREP PMROEKIW XS GSRXMRYI /EXMW MRYIRGI MR [SVO MR%YWXVEPME XLIVIJSVI MX MW ZIV] ETTVSTVMEXI
XLI)EVP]'LMPHLSSHEVIRE XLEX [I PSSO EX WSQI WTIGMEP EGORS[PIHKQIRX SJ
/EXMWVSPIMR5YIIRWPERH
- MRZMXIH E WQEPP KVSYT GSQTVMWMRK +EMP +SHJVI]
.SLR 'SP[MPP (IFFMI 37LIE 0SMW 4EKERSERH 0MRHE ;ILEZIEGLMIZIHXLIVWXERHQENSVKSEP[MXLXLI
1EGOE] XS QIIX WIPIGXMRK XLIQ FIGEYWI XLI] IEGL WYTTSVX SJ XLI /1)-% &SEVH ERH .EQIW 'YWOIPP]
VITVIWIRXIH HMJJIVIRX I\TIVMIRGIW MR YWMRK /SHjP] ERHXLI9RMZIVWMX]SJ5YIIRWPERH95
8LI/1)-%
ETTVSEGLIW;IPEXIVMRZMXIH.EQIW'YWOIPP]ERH.YH] &SEVH EKVIIH XLEX XLI /1)-% &YPPIXMR [SYPH
.SLRWSRXSNSMRYW[LIR[ILEHWSQITVSTSWEPWXS FI HIZSXIH XS /EXMW [VMXMRKW ERH XS ETTVIGMEXMSRW
HMWGYWW-[EWOIIRXSRSXSRP]WIXYTGSRRIGXMSRWEW ERH VIIGXMSRW SJ LIV [SVO 8LI 95 ERRSYRGIH
VIUYIWXIHF]XLI,YRKEVMERWFYXXSYWIEVIZMWMXMRK XLI /EXEPMR *SVVEM 4VM^I MR )EVP] 'LMPHLSSH 1YWMG
SJ /EXMW I\IQTPEV] [SVO EW E WXMQYPYW XS JYVXLIV )HYGEXMSR .EQIW [MPP EPWS PSSO EX FYMPHMRK MRXIVIWX
HIZIPSTQIRX SJ IEVP] GLMPHLSSH QYWMG IHYGEXMSR ERH WXMQYPEXMRK XLI MRZSPZIQIRX SJ XLI [MHIV )'
[MXLMR/1)-%ERHXSTVSQSXIEXXIRXMSRXSVIWIEVGL GSQQYRMX] MR XLI 7YQQIV 7GLSSP )EVP] 'LMPHLSSH
XLEX[SYPHYRHIVTMRKSSHTVEGXMGI EVIE
8LI KVSYT VIWTSRHIH [MXL IRXLYWMEWQ XS XLI MHIE ;I [SYPH PMOI XS EGLMIZI E VIWIEVGL JSGYW ERH XS
SJ LIPTMRK OMRHIVKEVXIR XIEGLIVW MR SYV ZEVMSYW WXMQYPEXIGSRWMHIVEXMSRSJEZIV]MQEKMREXMZIVERKISJ
GSYRXVMIWXSRHIEGLSXLIVXSWLEVIOMRHIVKEVXIR VIWIEVGLXLVSYKLTEVXRIVWLMTWEGVSWWXLI9RMZIVWMX]
TVEGXMGIXLVSYKLHIZIPSTMRKTIVWSREPERHTVSJIWWMSREP 6IWIEVGLGSYPHFISJMRXIVIWXXSXLITISTPIMRQMRH
RIX[SVOWFIX[IIRTVEGXMXMSRIVW-X[SYPHRSXLEZIXS ERH XLMROMRK IHYGEXMSR WSGMSPSK] TW]GLSPSK] QYWMG
VIP]SRXLI-/7SVI\TIRWMZIGSRRIGXMSRW XLIVET] ERXLVSTSPSK] QIHMGMRI ERH SXLIV GVSWW
HMWGMTPMREV] EVIEW 3XLIV VIWIEVGL GSYPH EHHVIWW
;I EVI IRXLYWMEWXMG EFSYX WLEVMRK TVEGXMGI XLVSYKL XLI MRRYQIVEFPI TVEGXMGEP TVSKVEQW MR GLSVEP
FIWX TVEGXMGI QSHIPW ZMHIS WXVIEQMRK MJ TSWWMFPI QYWMGMERWLMT GSQQYRMX] FEWIH TVMZEXI WXYHMS EPP
ERH FYMPHMRK GSRRIGXMSRW XS /1)-% -/7 ERH XLSWI EKI KVSYTW WYQQIV WGLSSPW EW [IPP EW XLI YWYEP
WXYH]MRKSVGSRRIGXIHXSXIVXMEV]WXYH]SVVIWIEVGL WGLSSP TVSKVEQW8LIWI TVSKVEQW ERH WXYHIRXW MR
% GLEX VSSQ MJ XLMW [IVI TSWWMFPI [SYPH EPWS FI EGXMZMXMIWHVE[MRKSRXLI/SHjP]ETTVSEGLQYWXFIE
LIPTJYP ERH I\GLERKIW FIX[IIR ,YRKEV] SV SXLIV VMGLWSYVGIWYMXEFPIJSVJSVQEPP]I\TPSVMRKXLIEGXYEP
GSYRXVMIWERH%YWXVEPME[SYPHFIZEPYEFPI REXYVIERHIJJIGXWSJXLIWITVSKVEQW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
38,)6'32*)6)2')4%4)67
6IIGXMSRWSR/EXEPMR*SVVEM 8SWYQYT
v 7LILEHXLIEFMPMX]XSMRWTMVIXIEGLIVWERHGLMPHVIR 8LI PIKEG] SJ /EXEPMR *SVVEM MR%YWXVEPME GER FI ER
v 7LILEHERMRREXIEFMPMX]XSKIXEPSRK[MXLGLMPHVIR MRWTMVEXMSR EW /1)-% EXXIQTXW XS MRYIRGI XLI
ERH EHYPXW ERH %YWXVEPMER XIEGLIVW VIWTSRHIH MQTPIQIRXEXMSR SJ XLI 2EXMSREP 6IZMI[ SJ 1YWMG
[EVQP]XSLIV )HYGEXMSR ,IV TIHEKSKMGEP GIVXEMRX] ETTPMIW XS
v 7LI[EWRIZIVTVIWGVMTXMZIFYXEP[E]WMRYIRXMEP EPP PIZIPW SJ QYWMG IHYGEXMSR ERH QYWMGEP EVX ,IV
v 7LI[EWEKVIEXVSPIQSHIPWSXIEGLIVW[ERXIHXS HMTPSQEXMG WOMPPW [MXL HIGMWMSR QEOIVW LIV LYQMPMX]
PIEVRJVSQLIV MR IZIV]HE] MRXIVEGXMSRW LIV KIRIVSWMX] SJ WTMVMX MR
v 7LI[EWEPWSEVSPIQSHIPJSVIHYGEXSVWFIGEYWISJ GSRXVMFYXMRKEWQYGLEWWLIGSYPHERHLIVTPEMRLEVH
LIVQIXMGYPSYWSVKERMWEXMSR3RVIXYVRMRKXSER] [SVO[IVIERMRWTMVEXMSRXSYWEPP
XS[RJSVEXIEGLIV[SVOWLSTWLITPERRIHEVSYRH
LIVRSXIWXLEXXSPHLIVI\EGXP]LIVPIWWSRTPERWERH
[LEXLETTIRIHXLITVIZMSYWXMQIWLI[EWXLIVIIK
[LEX GSRGITXW WSRKW I\TIVMIRGIW LETTIRIH ERH
XLIHIXEMPSJ[LEXWTIGMGXIEGLIVWWEMH
v 7LI LEH ER EQE^MRK EFMPMX] XS RSXMGI XLI PIZIP SJ
IEGLGLMPHERH[LEX[EWRIIHIHJSVXLEXGLMPH
v *SV QYWMG IHYGEXSVW WLI FVSYKLX I\GIPPIRX IEVP]
GLMPHLSSH KVSYT PIEVRMRK TVEGXMGI MRXS QYWMG
IHYGEXMSR
v *SVIEVP]GLMPHLSSHKIRIVEPXIEGLIVWWLIMRWTMVIH
XLIQ [MXL E PSZI JSV QEOMRK QYWMG [MXL XLI
GLMPHVIR
v 7LI LEH E HIIT ORS[PIHKI SJ /SHjP]W ETTVSEGL
ERH TVMRGMTPIW ERH ER MRJIGXMSYW IRXLYWMEWQ WYGL
XLEXWLIGSRZMRGIHXIEGLIVWEFSYXXLIFIWX[E]XS
KS
v 7LI[EWEHEQERXXLEXIEGLGSYRXV]GYPXYVIRIIHIH
XSVIWTSRHXSXLI/SHjP]ETTVSEGLERHTLMPSWSTL]
ERH HIZIPST MXW S[R QIXLSHSPSK] MR MXW S[R
[E]ERHEWWMWXIH%YWXVEPMERXIEGLIVWXSRHXLIMV
ETTVSTVMEXI[E]
v /EXMW WSRK QEXIVMEP ERH MQTVSZMWEXMSR FVSYKLX
FSXLXIEGLIVERHGLMPHEJIIPMRKSJWYGGIWWERHXLEX
XLI][IVIQYWMGEP
v 7LILEHERMRJIGXMSYWIRNS]QIRXSJQYWMGQEOMRK
[MXLXLIGLMPHVIRWLIPEYKLIH[MXLXLIQ
v /EXM QSHIPPIH XLI SVKERMWIH REXYVI SJ E /SHjP]
MRYIRGIHTVSKVEQMREGLMPHGIRXVIHIRGSYVEKMRK
ERHWYTTSVXMZIGPMQEXI]IX[EWUYMXIHIQERHMRKMR
MRGVIEWMRKMRHMZMHYEPGSRGIRXVEXMSRERHEGGYVEG]
v /EXM [EW JSVQEPP] SVKERMWIH TVSHMKMSYWP] WS
]IX
GSRWXERXP]EXXIRXMZIXSXLIEIWXLIXMGI\TIVMIRGISJ
XLIGLMPHERHXLIXIEGLIV)ZIV]WSRKSVVL]QILEH
XSFIQEOMRKQYWMG
v ,IV[MPPMRKRIWWXSXVEZIPXSPEVKIXS[RWERHVIKMSREP
GMXMIWSZIVRMRIZMWMXWXS5YIIRWPERH[EWGVMXMGEPJSV
XLIHIZIPSTQIRXSJFSXLIEVP]GLMPHLSSHXIEGLIVW
ERHQYWMGXIEGLIVWMRIEGLGIRXVI
v /EXM[EWIWTIGMEPP][IPGSQIHEWEPIGXYVIVJSVXLI
'VIGLIERH/MRHIVKEVXIR%WWSGMEXMSRERHXLI)EVP]
'LMPHLSSH8IEGLIVW%WWSGMEXMSREWQYGLEWWLI
[EWJSVQYWMGSVKERMWEXMSRW
v ,IV[SVO[EWWSYRHP]FEWIHMRGLMPHHIZIPSTQIRX
TW]GLSPSK]ERHTIHEKSKMGEPVIWIEVGL
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
197-'4)(%+3+=839683&9(%4)78
&]1EV]%)TWXIMR
8LMWTETIVVIQMRHWYWSJXLIWXERHEVHWSJ
YRMZIVWMX]ERHWGLSSPIHYGEXMSRMR,YRKEV]
ERH SJ XLI ,YRKEVMER XVEHMXMSR SJ KVIEX
QYWMGXIEGLIVW
8
LI 1YWMG 4IHEKSK] 8SYV XS
&YHETIWX ,YRKEV] SR 2SZIQFIV
[EW ER IJJSVX GSSVHMREXIH F]
VIRS[RIH ,YRKEVMER QEWXIV XIEGLIV 0MPPE +jFSV
ERH Q]WIPJ JSV XLI TYVTSWI SJ SJJIVMRK%QIVMGERW E
VWXLERH KPMQTWI SJ XLI ,YRKEVMER QYWMG IHYGEXMSR
W]WXIQERHMXWQYWMGEPGYPXYVI8LIXSYVTEVXMGMTERXW
[IVIRSSVHMREV]%QIVMGERXSYVMWXKVSYTFYXVEXLIV
QYWMGIHYGEXSVWRIEVP]EPP[MXL/SHjP]XVEMRMRK8LI
XSYVJSGYWIHSR
SFWIVZMRKLS[,YRKEVMERFEFMIW
XSHHPIVW WGLSSPEKI GLMPHVIR XIIRW ERH YRMZIVWMX]
WXYHIRXWPIEVRMRQYWMGGPEWWIWERHGLSMVVILIEVWEPW
GSRWYPXMRK [MXL XLI QEWXIV QYWMG XIEGLIVW
ERH GSRHYGXSVW SJ XLIWI WXYHIRXW JSPPS[MRK IEGL
SFWIVZEXMSR
EXXIRHMRKGSRGIVXWERHSTIVEWEXXLI
0MW^X %GEHIQ] ERH ,YRKEVMER 7XEXI 3TIVE ,SYWI
LIEVMRKPIGXYVIWF]IQMRIRXQYWMGEPWGLSPEVW
XEOMRKKYMHIHQYWMGQYWIYQXSYVWERH
SJGSYVWI *MKYVI
WLSTTMRKJSVQYWMGEPVIGSVHMRKWWGSVIWERHFSSOW
1SRHE]2SZIQFIV
%PXSKIXLIV XLI XSYV KVSYT RYQFIVIH XLMVXIIR JSYV &VIEOJEWX MR XLI LSXIP HMRMRK VSSQ [EW E WITEVEXI
TISTPI JVSQ8I\EW SRI JVSQ 2IFVEWOE JSYV JVSQ JIIFYXJSVSYVVWXHE]RIIHWEGSRZIRMIRXGLSMGI
3LMSERHZIJVSQ1EWWEGLYWIXXW;II[MRXSXLI 3XLIV HE]W [I [SYPH WXSGO SYV LSXIP ETEVXQIRX
&YHETIWX *IVMLIK]%MVTSVX ERH PSHKIH EX XLI 6EHMS VIJVMKIVEXSVW ERH IEX MR SV [I [SYPH TYVGLEWI
-RR,SXIP%TEVXQIRXWPSGEXIHMRXLIHMTPSQEXMGEVIE ]YQQ] LSX VSPPW JVSQ WXVIIX GSVRIV ERH WYF[E]
NYWX SJJ %RHVjWW] 7XVIIX 0MPPE +EFzV KVIIXIH IEGL FEOIVMIW ERH IEX SR XLI KS 8LI LSXIPW WXVSRK
SJ YW YTSR SYV EVVMZEP EX XLI LSXIP ERH HMWXVMFYXIH ,YRKEVMERGSJJIIJSVXMIHYWFIJSVI[IGSRZIRIHMR
REPXSYVMRJSVQEXMSRMRGPYHMRKREQIWERHEHHVIWWIW XLIPSFF][EPOIHXSXLIRIEVF]WYF[E]WXSTERHQIX
SJ WGLSSPW GSRGIVX LEPPW ERH QYWIYQW GMX] QETW SYVXSYVKYMHIERHXVERWPEXSV0MPPE+EFzV(S[RWXEMVW
ERH TYFPMG XVERWTSVXEXMSR MRJSVQEXMSR ERH PSGEP MR XLI%RHVjWW] 7XVIIX WYF[E] WXST [I TYVGLEWIH
IQIVKIRG] TLSRI RYQFIVW8SYV KVSYT EHZIRXYVIW [IIOPSRKWYF[E]XVEQFYWTEWWIWFIGEYWIXVEZIPPMRK
FIKER SR 7YRHE] EJXIVRSSR 2SZIQFIV F]TYFPMG XVERWTSVXEXMSRMWVIEPP]XLIJEWXIWXIEWMIWX
[MXL E XLVIILSYV KYMHIH GMX] FYW XSYV JSPPS[IH F] ERH QSWX IGSRSQMGEP [E] XS KIX EVSYRH &YHETIWX
E [IPGSQI VIGITXMSR EX SYV LSXIP ERH HMRRIV ERH 8LIZIQMRYXIWYF[E]VMHIXS3OXzKSR7UYEVIERH
+]TW]QYWMGMREPEZMWL,YRKEVMERVIWXEYVERX ZIQMRYXI [EPO HS[R 0MW^X *IVIRG 7UYEVI FVSYKLX
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
*MKYVI
KYMHIMRZMXIHSRISJYWXSTPE]RSXSRIFYXX[STMERSW MR XLIMV TVMQI MW LIPH EW E JIEWX HE] MR QSWX TEVXW
FIPSRKMRK XS 0MW^X ERH F] WSQI JSVXYRI - [EW XLI SJ'LVMWXIRHSQ%WEVIWYPXRIEVP]IZIV]VIWXEYVERX
GLSWIRSRI*MVWX-TPE]IHXLITMERSLIGSQTSWIH JIEXYVIWKSSWILSYWIWTIGMEPXMIWSRXLIMVQIRY;I
SRVIEPP] E PMXXPI OI]FSEVH LMHHIR EW E TYPPSYX [EWLIH SYV KSSWI HS[R [MXL ,YRKEVMER [MRI ERH
HVE[IVMRWMHILMWHIWOERHXLIRLMWKPSGOIRWTMIPSR TEPMROE (SIWRX XLMW QEOI ]SY XLMRO SJ %QIVMGER
[LMGL-GSYPHRXVIWMWXTPE]MRKEWSRKJVSQ1S^EVXW KSSWIJSPOPSVIWYGLEW;L]7LSYPHRX1]+SSWI#
8LI 1EKMG *PYXI ,IVI MW XLI QIPSH] MR WSPJrKI FYX +SSWI] +SSWI] +ERHIV ERH +S 8IPP %YRX
]SYLEZIXSMQEKMRIXLIVL]XLQ]SYVWIPJWS HSHSVI 6LSH]#
VIQMJEQMVIHSWS JEJEQMVIQMJEVIWS JEJEVI
VIWSWSPEWSJEQMVIVIVIHSVIQMHSJSPPS[IH 8LYVWHE]2SZIQFIV
F]EFIPPPMOIKPMWWERHS
VIHSEKEMRFIPPW
VIHS8LIR %XXLI1EVGMFjR]M8qV>SPXjR/SHjP]7MRKMRK4VMQEV]
-[EWSZIVGSQIJVSQXLIWLIIVMRGVIHYPMX]SJLEZMRK 7GLSSP MR &YHE [I SFWIVZIH WIGSRHKVEHI GLMPHVIR
XSYGLIH XLI OI]FSEVHW XLEX 0MW^X LEH XSYGLIH %X GSQTEVMRKQENSVERHQMRSV8LIMVKMJXIH]SYRKXIEGLIV
HMRRIV XLEX RMKLX [I GIPIFVEXIH E XSYV TEVXMGMTERXW )HMRE &EVEFjW [EW E JSVQIV WXYHIRX SJ 0IRGM -KS
FMVXLHE] 2SZIQFIV MW [LIR 7X 1EVXMRQEW (E] ,YRKEVMERQEWXIVXIEGLIVGSRHYGXSV[LSMWFIPSZIH
2SZIQFIV MW GIPIFVEXIH MR QYGL SJ )YVSTI ERHJEQSYWMRXLI97WII*MKYVI
8LMWWGLSSPEPWS
7EMRX 1EVXMR [EW FSVR MR ,YRKEV]
8LI JIWXMZEP SJ WIVZIWEWXLILSQISJXLI,YRKEVMER6EHMS'LMPHVIRW
7X 1EVXMR LETTIRMRK EX XLEX WIEWSR [LIR XLI RI[ 'LSMVYRHIVXLIEVXMWXMGHMVIGXMSRSJ+EFVMIPPE8LqW^
[MRIWSJXLI]IEVEVIHVE[RJVSQXLIPIIWERHXEWXIH ,S[IZIV RSX EPP XLI GLMPHVIR MR XLMW WGLSSP EVI MR
GEXXPI EVI OMPPIH JSV [MRXIV JSSH ERH JEX KIIWI EVI XLEX GLSMV MR JEGX XLI GLMPHVIR [I SFWIVZIH [IVI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
RSXFYXXLI]HSWMRKMRXLIWGLSSPWSXLIVGLSMVWERH KMVPTIVJSVQIHMRXLVIITEVXWWMRKMRKSRIERHTPE]MRK
WXYH]MRWXVYQIRXWTVMZEXIP]XLIVIEW[IPP%W-[VMXI XLISXLIVX[S[IEW[IPPEWLIVGPEWWQEXIWETTPEYHIH
XLMW EVXMGPI - EQ PMWXIRMRK XS ER MRGVIHMFPI '( XLI] *SPPS[MRKXLISFWIVZEXMSRW[IGSRWYPXIH[MXLQEWXIV
VIGSVHIH SJ /SHjP] &EGL /SGWjV &]VH (IPMFIW ERH QYWMGXIEGLIVGSRHYGXSV>WY^WE+VjJERHTYVGLEWIH
SXLIV GSQTSWIVW YRHIV XLI HMVIGXMSR SJ hVM 'WMPPE '(W SJ LIV GLSMVW XLEROIH LIV TVSJYWIP] ERH FMH
XLIWGLSSPWTVMRGMTEPERHGSRHYGXSVERH[MXL[LSQ XLEX WGLSSP JEVI[IPP8LIR [I XVEZIPIH XS XLI 0ENSW
[IGSRWYPXIHEJXIVXLISFWIVZEXMSRWWII*MKYVI
&jVHSW1YWIYQPSGEXIHI\EGXP]]EVHWJVSQ[LIVI
- LEH PMZIH MR EW E 6MRKIV *IPPS[ WXYH]MRK
0EXI EJXIVRSSR [I SFWIVZIH ER MRRSZEXMZI QSQ XLI ,YRKEVMER QYWMG IHYGEXMSR W]WXIQ 1SVI XLER
HEH ERH XSX QYWMG TVSKVEQ MR &YHE XEYKLX F] +jPP ]IEVW EKS - LEH FIIR FEVIP] E[EVI SJ [LS 0ENSW
*IVIRGRq E HMWGMTPI SJ /EXEPMR *SVVEM [LS EPWS &jVHSW[EWFYXRSXXSHE]8EQjW&EVHSWWSRSJ0ENSW
XIEGLIWERHGSRHYGXWGLSMVWMRERSXLIVGMX],SPHMRK ERH LMQWIPJ E GSQTSWIV [EW SYV XSYV KYMHI ERH
XLIMVTEVIRXWLERHWSVWMXXMRKMRXLIMVPETWFEFMIWERH WLEVIH[MXLYWLMWJSVQIVLSQIERHJEXLIVWWXYHMS
XSHHPIVWWERKERHHERGIH,YRKEVMERGLMPHVIRWWSRKW ,ITPE]IHVIGSVHMRKWERHXEPOIHEFSYXLMWJEXLIV[MXL
ERH GLERXW% VIEP TMIH TMTIV 1VW +jPP EP[E]W TPE]W RSWXEPKMEERHKVIEXVIWTIGX;I[IVIWSQSZIHF]LMW
EWSRKSRXLIWSTVERSVIGSVHIVHYVMRKIEGLSJLIV WTIIGLERHF]SYV[IIOWI\TIVMIRGIWXLEX[IWLIH
LEPJLSYVFEF]GPEWWIWERHNYWXEXXLEXQSQIRXIEGL XIEVWSJLETTMRIWWERHNS]SZIVEPPXLIFIEYXMJYPQYWMG
GLMPHFIGEQIGSQTPIXIP]UYMIXERHPSSOIHHMVIGXP]EX [IHLIEVH
LIV
3R *VMHE] RMKLX SYV JEVI[IPP VIGITXMSR FPIRHIH
8LEXIZIRMRK[I[IVIMRSYVJVSRXVS[WIEXWEXXLI MRXSXLIREPHMRRIVLIPHEXXLI4VIQMIV6IWXEYVERX
,YRKEVMER 7XEXI 3TIVE ,SYWI *SV XLI RI\X XLVII PSGEXIH SR %RHVjWW] 7XVIIX SRP] E FPSGO JVSQ
LSYVW 0ISW .ERjIOW .IRYJE YRJSPHIH LSPHMRK YW SYV LSXIP 7IEXIH EVSYRH XLI XEFPI [I SRI F] SRI
WTIPPFSYRH EXXIQTXIH XS I\TVIWW [LEX XLI XSYV LEH QIERX XS
YW8SYVTEVXMGMTERXW[IVIOMRHMRLS[XLI]WLS[IH
*VMHE]2SZIQFIV XLIMVETTVIGMEXMSRXSXLIXSYVGSSVHMREXSVW8LIXSYV
8LMW[EWSYVREPHE]SJSFWIVZEXMSRWERH[I[IVI SJGMEPP]IRHIHSZIVHMRRIVXLEXRMKLXXLSYKLEJI[
JIIPMRK SZIV[LIPQIH F] EPP [IH I\TIVMIRGIH ,S[ WXE]IHSRJSVWLSTTMRKEXXLI/SHjP]FSSOWXSVIJSPO
GSYPH MX KIX FIXXIV#;IPP MX HMH 3YV REP HE]XMQI HERGMRKZMWMXMRKJVMIRHWERHEXXIRHMRKQSVIGSRGIVXW
IZIRXW EPP LETTIRIH MR &YHE *MVWX [I [IRX XS E
TYFPMGP]JYRHIHGLSMVWGLSSPMRXLI)RKPMWLGEXLIHVEP 3YVIEVW[MPPPSRKFIVMRKMRKJVSQXLIFIEYXMJYPWSYRHW
XVEHMXMSRREQIHXLI>SPXjR/SHjP],YRKEVMER'LSMV SJQYWMG[ILIEVHSRXLI1YWMG4IHEKSK]8SYV
7GLSSP 8LI WGLSSPW JSYRHIV ERH EVXMWXMG HMVIGXSV XS&YHETIWX2SXSRP]HMH[ILIEVKVIEXMRXSREXMSR
*IVIRG7ETW^SR.VVILIEVWIHLMWGLSMV[E]YTMRXLI ERHFIEYXMJYPWMRKMRKFYX[IEPWS[MXRIWWIHHE^^PMRK
IEZIWSJEJSYVWXSV]FYMPHMRKXLEXLEWGIMPMRKWO]PMKLXW TIHEKSKMGEP WOMPPW ERH EWXSYRHMRK QYWMGMERWLMT EX EPP
FVMRKMRKMRJVIWLEMVERHREXYVEPPMKLXMRK;ISFWIVZIH EKIW;IQE][SRHIVMJ[LEX[IWE[MWEXXVMFYXEFPI
EZSMGILMKLWGLSSP[SQIRWGLSMVVILIEVWEPMRE EX PIEWX MR TEVX XS XLI TEVEPPIP PIEVRMRK SJ EFWSPYXI
HSYFPIFPSGOWIWWMSRERHLIEVHFVIEXLXEOMRKFIEYX] TMXGLIW ERH VIPEXMZI WSPQM^EXMSR EW QYGL EW XS XLI
MRQYPXMTPITEVXWMRGPYHMRKXLILEYRXMRKYRMWSR%ZI IRNS]QIRXSJEREXMSREPWXERHEVHM^IHGYVVMGYPYQERH
1EVME F] 'EGGMRM8LMW WGLSSP XLMW GLSMV ERH XLMW EVMGLVITIVXSMVISJFIEYXMJYPJSPOERHEVXQYWMG&YX
GSRHYGXSV [IVI E WTMVMXYEP NSYVRI] JSV YW EPP WII VIEPP]SRIXLMRKMWJSVWYVI-XMWXLI,YRKEVMERQYWMG
*MKYVI
8LMWWGLSSPMWWMXYEXIH[E]YTMRXLI&YHE XIEGLIV XLEX QEOIW XLI QYWMG XIEGLMRK ERH PIEVRMRK
,MPPWLEWWIZIRGLSMVWXVIFPIERHQM\IHVIKYPEVP] [IWE[XEOIMKLXSRIF]SRIGLMPHF]GLMPHWSRK
[MRW XST GLSVEP E[EVHW XLVSYKLSYX )YVSTI ERH F]WSRKPIWWSRF]PIWWSR]IEVEJXIV]IEVKIRIVEXMSR
HVE[WWXYHIRXWJVSQEPPSZIV,YRKEV]-RJEGXVIGIRX EJXIVKIRIVEXMSR
KVEHYEXIW MQTPSVIH 1EIWXVS 7ETW^SR XS PIX XLIQ
GSRXMRYI WMRKMRK YRHIV LMW HMVIGXMSR GEYWMRK LMQ XS %&SWXSR9RMZIVWMX]LMWXSV]TVSJIWWSVVIGIRXP]XSPH
GVIEXI ER EHYPX GLSMV GSQTPIXIP] JVSQ XLI WGLSSPW QI XLEX XLI KVIEXIWX QEXL XIEGLMRK ERH PIEVRMRK MR
KVEHYEXIW7ETW^SRRS[XIEGLIWEXXLI0MW^X%GEHIQ] XLI [SVPH MW MR ,YRKEV] ,I [EW YRE[EVI XLEX XLI
F]MRZMXEXMSRSJMXW(ITEVXQIRX'LEMVQER4qXIV)VHIM WEQI MW XVYI JSV QYWMG %RH EPXLSYKL XLI
[LS EPWS LIEHW XLI /SHjP] 4IHEKSKMGEP -RWXMXYXI MR HIQSGVEXM^EXMSR SJ ,YRKEV] LEW QIERX GLERKMRK
/IGWOIQqX IHYGEXMSREP TVMSVMXMIW FIGEYWI SJ RERGMEP TVIWWYVIW
,YRKEV]WXMPPTSWWIWWIWXLEXVEVIXVIEWYVIEXVEHMXMSR
3YV REP SFWIVZEXMSR [EW MR ERSXLIV LMKL WGLSSP SJKVIEXQYWMGXIEGLIVW
WTIGMEPM^MRK MR QYWMG 8LIVI [I SFWIVZIH WSPJrKI
6ITVMRXIH[MXLTIVQMWWMSRJVSQXLI/SHjP])RZS] 7TVMRK
GPEWWIW SJ KVEHIW ERH MR [LMGL XS SYV
:SP2STT
EQE^IQIRX XLI XI\XFSSO [EW /SHjP]W 8VMGMRME JVSQ
XLISVMKMREPIHMXMSR[MXL'GPIJW;LIRERXLKVEHI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
'322)'8-2+83,92+%6=
23:)1&)6
F]%RR'EVVSPPERH+EMP+SHJVI]
3YVLSWXEWWSGMEXMSRWWIGSRHEV]TYVTSWIMRMRZMXMRK
YW [EW XS MRXVSHYGI XLI EVXMWXMG OMRHIVKEVXIRW
XS %YWXVEPMER I]IW ERH MRMXMEXI GSRXEGX FIX[IIR
%YWXVEPMERIEVP]GLMPHLSSHIHYGEXSVWERHGEVIVWERH
TVSKVEQW MR ,YRKEV] 8LI %WWSGMEXMSR LEW EPVIEH]
HIZIPSTIH PMROW [MXL 'EREHMER%QIVMGER ERH SXLIV
)YVSTIER IEVP] GLMPHLSSH QYWMG IHYGEXSVW 8LI
TVSKVEQ LEW FIIR XVERWPEXIH MRXS )RKPMWL +IVQER
*MRRMWL ERH EPP XLI )EWXIVR )YVSTIER PERKYEKIW ERH
QER] MRXIVREXMSREP OMRHIVKEVXIRW ERH XIEGLIVW EVI
QIQFIVW SJ XLI%WWSGMEXMSR%YWXVEPMERW EVI ORS[R
XSLEZILEHWYFWXERXMEPGSRXEGX[MXLXLIZMWMSRSJXLMW
GYVVMGYPYQ XLVSYKL /EXEPMR *SVVEMW [SVO SZIV RMRI
ZMWMXWXS%YWXVEPMEWS-RGMLEWERMRXIVIWXMRHIZIPSTMRK
GSRXEGX[MXL%YWXVEPMER)'XIEGLIVW
;
I [IVI MRZMXIH XS ,YRKEV] ;I [IVI LSWXIH SZIV XLI RMRI HE]W [MXL ZMWMXW XS
F] .IRSRq -RGM
2EK] 4VIWMHIRX ZI XS[RW ERH GMXMIW XS WII%VXMWXMG /MRHIVKEVXIRW
SJ /MRHIVKEVXIR )HYGEXMSR [MXL ERH 2YVWIVMIW ;I ZMWMXIH X[S YRMZIVWMXMIW XS
%VXMWXMG -RWXVYQIRXW ,YRKEVMER %WWSGMEXMSR SJ SFWIVZI ERH HMWGYWW XLIMV IEVP] GLMPHLSSH XIEGLIV
)EVP] 'LMPHLSSH )HYGEXMSR )')
/MRHIVKEVXIR XVEMRMRK TVSKVEQW -RGM 2EK] MR 7^EVZEW ERH ,IPKE
ERH 4VMQEV]8IEGLIVW -RGM 2EK] MW E VIKMSREP )') (MIXVMGL MR &YHETIWX
%X 7^EVZEW -RGM XIEGLIW )EVP]
EHZMWSV ERH E XIVXMEV] PIGXYVIV MR XLI *EGYPX] SJ 'LMPHLSSHERH4VMQEV]8IEGLIV4IHEKSK]6IWIEVGL
4IHEKSK]8IWWIHMO 7jQYIP *SMWOSPE MR 7^EVZEW8LMW ERH 5YEPMX] 'SRXVSP ;I EPWS WE[ LIV GSPPIEKYIW
%WWSGMEXMSR [EW JSYRHIH F] /EXEPMR *SVVEM MR XIEGLMRKQYWMGMERWLMT[IVI[IPGSQIHF]XLI*EGYPX]
MW FEWIH MR 7^SPRSO ERH LEW E QIQFIVWLMT SJ ,IEH ERH ZMWMXIH XLI 9RMZIVWMX]W HIQSRWXVEXMSR
IEVP] GLMPHLSSH XIEGLIVW [LS [SVO MR SZIV OMRHIVKEVXIR
/MRHIVKEVXIRW ERH WGLSSPW MR ,YRKEV] ERH EFVSEH
8LI%WWSGMEXMSRQIXEPPSYVGSWXW[MXLMR,YRKEV]JSV ;IZMWMXIH/MRHIVKEVXIRWMRXLIJSPPS[MRK,YRKEVMER
XLIRMRIHE]ZMWMX XS[RWERHGMXMIW
/ETSWZjV/EVSPMRE*IWXIXMGW%VX&EWI/MRHIVKEVXIR
8LIQEMRTYVTSWISJXLI%WWSGMEXMSRWMRZMXEXMSR[EW 7^EVZEW8IWWIHMO7jQYIP*SMWOSPE*EGYPX]SJ4IHE
JSV YW XS TEVXMGMTEXI MR E 1IQSVMEP (E] LSRSYVMRK KSK]MRXIVXMEV]GSPPIKI
ZMWMXIHXLI/MRHIVKEV
XLI[SVOSJ/EXEPMR*SVVEM8LMWIZIRX[EWLIPH[MXLMR XIR[MXLMRXLIGSPPIKIERH-RGMWGPEWWIWSJXVEMRII
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
OMRHIVKEVXIRERHTVMQEV]WGLSSPPIZIPWXYHIRXWEW %WWSGMEXMSRLEWMRWXMXYXIHEWIVMIWSJQIQSVMEPHE]W
[IPPEWGPEWWIWPIHF]XLVIISXLIVPIGXYVIVWIEGL XSLSRSYV/EXEPMR*SVVEMW[SVOERHXSTVSKVIWWLIV
SJ(SGXSVEPPIZIP MHIEW
8}V}OW^IRXQMOPzW&ENGW]>WMPMRW^O]/MRHIVKEVXIR
7jVEWH2YVWIV]7GLSSP[LMGLMRGPYHIHWIIMRKSRI ;I[IVIHIPMKLXIH[MXLXLI[EVQXLSJXLI[IPGSQI
SJXLIMVTEVIRXFEF]WIWWMSRW ERHXLIKIRIVSYWLSWTMXEPMX][II\TIVMIRGIHEXIZIV]
FYHE&YHETIWX7YRS[IV%VX/MRHIVKEVXIR TSMRX ,IEH8IEGLIVW ERH EPP SJ XLIMV WXEJJ QEHI YW
MREYKYVEXIH2SZ [IPGSQIERHTVSZMHIHEGEVIJYPP]GSRWXVYGXIHZMWMXSV
TVSKVEQ XS KMZI YW ER MRWMKLX MRXS XLIMV [SVO 3YV
8LI QSXXS UYSXIH JSV XLMW OMRHIVKEVXIR MW 4IRWMSREGGSQQSHEXMSR[EWRIEVXLILSQISJ/EXM
/MRHIVKEVXIR GLMPHVIR EVI STIR XS FIEYX] ERH :MOjV:ER:SSVIRERHLIVJEQMP][LS[IVII\XVIQIP]
ORS[PIHKI8LIMVVWXWXITWXS[EVHWIHYGEXMSREVIKYMHIH KIRIVSYW[MXLLSWTMXEPMX]
F]/MRHIVKEVXIRXIEGLIVW-XHITIRHWSRYW[LIXLIVXLIWI
GLMPHVIR[MPPPIEVRLS[XSKSEPSRKXLMWVSEHSRXLIMVS[R 8LVSYKLSYX XLI ZMWMX [I [IVI MRXVSHYGIH XS ZI
ERH XS TVEGXMWI QYWMG ERH XS IRNS] MX /EXEPMR *SVVEM HIQSRWXVEXMSR OMRHIVKEVXIRW [LMGL EVI QSHIPPMRK
1YWMGMR/MRHIVKEVXIR)HMXMS1YWMGET XLI3RP] JVSQ 4YVI 7SYVGI GYVVMGYPYQ HIZIPSTIH
F] -RGM 8LMW GYVVMGYPYQ MW ETTVSZIH JSV YWI MR
-RGM [EW SYV KIRIVSYW ERH LSWTMXEFPI LSWX HYVMRK /MRHIVKEVXIRW EW ER EPXIVREXMZI GYVVMGYPYQ [MXLMR
XLI ZMWMX -RGM HMH RSX EX XLEX WXEKI WTIEO )RKPMWL +SZIVRQIRXGYVVMGYPYQVIUYMVIQIRXW-RGMWE]WXLEX
ERH RSV HMH XLI XIEGLIVW ERH ERGMPPEV] WXEJJ MR XLI XLI SZIVEVGLMRK EMQ TVSQTXMRK LIV TVSKVEQ MW XS
/MRHIVKEVXIRWHE]GEVIGIRXVIWERHXLIWXERHEPSRI HIZIPSTVIWTIGXJYPGMXM^IRW[MXLMRXIKVMX]ERHVIWTIGX
1YWMG 7GLSSP WS -RGM IRWYVIH XLEX XVERWPEXSVW [IVI JSV REXYVI8LMW [EW SJ GSYVWI XEOIR MR XVERWPEXMSR
EZEMPEFPIEXIEGLGIRXVI WS QE] RSX FI ER I\EGX ZIVWMSR SJ LIV EMQW FYX MX
GIVXEMRP]WIIQIHXSGLEVEGXIVMWIXLI[SVO[IWE[MR
8LI TIVWSR [LS QEHI EPP XLI EVVERKIQIRXW MR XLIHIQSRWXVEXMSROMRHIVKEVXIRW-RGMHIWGVMFIHLIV
)RKPMWLERHSYVXVERWPEXSVJSVQSWXHE]WMR,YRKEV] TVSKVEQ EW JYPP] IPEFSVEXIH MR TW]GLSPSKMGEP ERH
[EW/EXEPMR/EXM
:MOjV:ER:SSVIRXLIHEYKLXIVSJ TVEGXMGEPXIVQW-RGMPSGEXIWXLITVSKVEQWLIVMXEKIMR
XLIPEXI/EXEPMR*SVVEMERHLIVLYWFERH0EW^PS:MOjV XLI [SVO SJ /EXEPMR *SVVEM -PSRE 7^EFEHM &EOSR]MRq
/EXM MW E QIQFIV SJ XLI TPERRMRK GSQQMXXII SJ XLI ;EPHSVJ 7XIMRIV TLMPSWSTL]
ERH 1SRXIWWSVM ERH
%WWSGMEXMSR MRZMXIH XS FI MRZSPZIH FIGEYWI /EXEPMR MRYIRGIH MR GSRXIQTSVEV] XIVQW F] XLI [SVO SJ
*SVVEM[EWXLIEWWSGMEXMSRWJSYRHIVERHTEXVSR8LI 4VSJIWWSV8EQjW*VIYRH4VSJIWWSVSJ2IYVSWGMIRGI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
WE[W GPMQFMRK EVIEW ERH WLIIV WTEGI JSV VYRRMRK XS XEOI YW XS X[S RI GSRGIVXW [LMGL [I IRNS]IH
EFSYX MQQIRWIP]
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
03'%0463*)77-32%0():)0341)28
-22368,59))270%2(1%'/%=
F]0MRHE.IRWIR
8
WTIRX GSYRXPIWW WPIITPIWW RMKLXW ERH QER] RIVZSYW
LI /SHjP] 'IVXMGEXI LEW PSRK FIIR E LSYVWTVITEVMRKJSVXLMWXSVXYVI
95XVEHMXMSRERH[LMPIEJERXEWXMGI\TIVMIRGI 8LIKVSYT[EWMRXVSHYGIHXSXLI-RXIVREXMSREP*SPO
JSVEPP[LSEXXIRHYWYEPP]QIERWERERGMEP 7SRK %REP]WMW 4VSNIGX ERH XLI GSPPIGXMSRW SJ 6SR
FYVHIR JSV XLSWI PMZMRK MR GIRXVEP ERH RSVXLIVR 1MXGLIPP(YVMRKXLI7IQIWXIV[IEREP]^IHEXPIEWXE
5YIIRWPERH-RJEGXXLIGSWXEPSRILEWHIXIVVIHQER] LEPJHS^IRWSRKWIEGLERHEPPIRNS]IHXLIUYMVO]XEPIW
1EGOE] 1YWMG 7TIGMEPMWXW JVSQ XEOMRK TEVX MR ]IEVW SJXLISPHFVSEHWMHIW
TEWX,S[IZIVXLIGERGIPPIHWYQQIVWGLSSPMR
PIHXSXLIWYFQMWWMSRSJEGSYVWIEPQSWXXLIWEQI 3YV JSPH MRGVIEWIH XS XIR JSV 0IZIP [MXL WIZIVEP
EWXLI95WYQQIVXSXLI2EXMSREP/SHjP]'SYRGMP TEVXMGMTERXW IPIGXMRK XS XEOI XLI GSYVWI JSV EYHMX
ERHMX[EWVIKMWXIVIHXSFIVYREXER]GIRXVI 8LI 0IZIP8[S GSYVWI FIKER MR .YRI ERH [EW LIPH
SR [IIOIRHW SRGI EKEMR .YRI .YP] ERH
-R IEVP] .YH] .SLRWSR FIKER XLI TVITEVEXMSRW .YP]8LI VIQEMRMRK XLVII [IIOIRHW [MPP XEOI
JSVLSPHMRKE0IZIPGSYVWIMR1EGOE]ERH[MXLSYV TPEGI SR 3GXSFIV ERH 2SZIQFIV %
6IKMSREP2IX[SVO'SSVHMREXSV.MPP+VIIRFIKERXS 0IZIPGSYVWILEWEPVIEH]FIIRSVKERMWIHJSV1EGOE]
VIGVYMXTEVXMGMTERXW TEVXMGMTERXWFIKMRRMRKMR*IFVYEV]
8LIVWXGSYVWI[EWLIPHSZIV[IIOIRHW ;I FIKER 0IZIP EW E WIEQPIWW I\XIRWMSR XS SYV
*IFVYEV]1EVGLERH1E]ERHSRHE]W 0IZIP3RI[SVO%PVIEH]WSJEV[ILEZIWIIREKVIEX
HYVMRKXLI)EWXIVLSPMHE]W%TVMP)MKLXQYWMG MQTVSZIQIRX MR XLI GSRHIRGI SJ TEVXMGMTERXW MR
XIEGLIVW TEVXMGMTEXIH MR XLI VWX PIZIP VERKMRK JVSQ TVEGXMGYQERHGSRHYGXMRK[SVOERHXLIMRGVIEWIMR
XIEGLIVW [MXL SZIV ]IEVW I\TIVMIRGI XS XLSWI HMJGYPX]MRQYWMGMERWLMTMWFIMRKLERHPIHF]EPP
[LSLEZISRP]FIIRXIEGLMRKQYWMGJSVE]IEVSVPIWW
-X WLSYPH FI EGORS[PIHKIH XLEX EPP XLI TEVXMGMTERXW 7S JEV SYV 0IZIP8[S 'SYVWI LEW FIIR ZIV] WMQMPEV
KEZI YT XLIMV [IIOIRHW ERH LSPMHE]W XS EXXIRH ERH XS 0IZIP 3RI ;I LEZI PIEVRIH E RI[ VITIVXSMVI
GSQTPIXIXLI0IZIP'SYVWIERHQER]VIGIMZIHZIV] SJ WSRKW GERSRW ERH KEQIW I\TPSVIH 0IZIP SJ
PMXXPI SV RS RERGMEP EWWMWXERGI JVSQ XLIMV WGLSSPW XLI 1YWMG 7XVERH SJ XLI %VXW 7]PPEFYW GSRXMRYIH
XS[EVHWXLIGSWXSJVIKMWXVEXMSR SYV QYWMGMERWLMT NSYVRI] ERH EVI RS[ MRHMZMHYEPP]
XVERWGVMFMRK EYVEP XETIW SJ GSPPIGXMSRW SJ JSPO WSRKW
;I FIKER IEGL HE] [MXL SYV FIPSZIH 1YWMGMERWLMT ERHWTSOIR[SVH
GPEWW-X[EWELEVHXEWOJSV.YH]XSGEXIVJSVZEWXP]
HMJJIVIRX VERKIW SJ EFMPMX] FYX EPP TEVXMGMTERXW [IVI ;I EGORS[PIHKI XLI EFWSPYXI HIHMGEXMSR SJ .YH]
SJJIVIH GLEPPIRKIW ERH MX [EW I\GMXMRK XS WII XLI .SLRWSR [LS LEW QEHI XLIWI GSYVWIW TSWWMFPI;I
PMKLXXYVR SR JSV QER] IHKPMRK WTIGMEPMWXW 3YV MR XLEROLIVJSVLIVTEXMIRGIERHEPPSJXLSWI[SRHIVJYP
XYRIWMRKMRKKVIEXP]MQTVSZIHSZIVXLIWIQIWXIVERH WXSVMIW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
4VEGXMGIEGXMZMX].MPP+VIIR
3YVJEZSYVMXIWYFNIGXPYRGL
%RI[JSVQSJHMWGMTPMRIMR1EGOE]WSPJEXSVXYVI
EWHIQSRWXVEXIHF]/SQQERHERX.SLRWSR
&IVREHIXXI8VYHKMERLIPTWTEVXMGMTERXWHMWGSZIV
ERI[VL]XLQ
0YRGLMWWXMPPSYVJEZSYVMXIWYFNIGX
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
03'%0463*)77-32%0():)0341)28
-22368,59))270%2(83;27:-00)
F]1EVKEVIX&VEHIPH
,S[ E PSGEP WSPYXMSR [EW RIKSXMEXIH XS TYTMP JVII HE]W ERH XLI TEVXMGMTEXMRK XIEGLIVW EPWS
KEZIYTHE]WSJXLIMVLSPMHE]WXSQMRMQMWIXLIEQSYRX
TVSZMHIMRXIRWMZITVSJIWWMSREPHIZIPSTQIRX SJXMQIXLI]WTIRXE[E]JVSQWGLSSP
*
SVJSYV[IIOWXLMW]IEV4VMQEV]7GLSSP
&EGOKVSYRH
1YWMG7TIGMEPMWXWLEZIFIIRTVMZMPIKIHF]FIMRK
8LMWGSYVWI[EWQSHIPPIHSRERI\XVIQIP]WYGGIWWJYP
XEYKLXF].YHMXL.SLRWSRMREGSYVWIFEWIHSR
GSYVWILIPHMR1EGOE]MRKMZMRKXIEGLIVWMRXLEX
XLIRI[5YIIRWPERH%VXW7]PPEFYWERHMXWSYXGSQIW
EVIEXLIRIGIWWEV]WOMPPWXSHIEP[MXLXLIHIQERHWSJ
8LMW LEW FIIR E ZEPYEFPI XMQI JSV FSXL TVSJIWWMSREP
XLI RI[ W]PPEFYW%W MR 1EGOE] MX FIGEQI ETTEVIRX
ERH TIVWSREP HIZIPSTQIRX [MXL GLEPPIRKIW JSV IEGL
JSVXLIRIIHJSVWSQIEGXMSRXSXEOITPEGIMRSVHIV
SJ YW MR ZEV]MRK HIKVIIW ;LMPI FIMRK QYWMGEPP]
JSV EPP GPEWWVSSQ QYWMG WTIGMEPMWXW MR XLI8S[RWZMPPI
GLEPPIRKIH [I LEZI FIIR EJJSVHIH ER MRZEPYEFPI
(MWXVMGX XS FI EHIUYEXIP] XVEMRIH JSV XLIMV VSPI MR
STTSVXYRMX]SJRIX[SVOMRK[MXLQYWMGXIEGLIVWJVSQ
HIPMZIVMRKXLIQEXIVMEPMRXLIRI[%VXW7]PPEFYW8LI
XLI&YVHIOMR1X-WEERH8S[RWZMPPI;I[IVIKPEHXS
8S[RWZMPPIERH(MWXVMGX7XEXI7GLSSPW1YWMG'SYRGMP
FIEFPIXSSJJIVWSQITSWMXMSRWSRXLIGSYVWIXSSYV
XSSOXLIMRMXMEXMZIXSWIXTPERWMRQSXMSRJSVWYGLE
GSYRXIVTEVXWMR'EXLSPMG)HYGEXMSR
GSYVWIMR8S[RWZMPPI8LIJSVQEXJSVXLIGSYVWI[EW
HIGMHIHERHETTVSZIHJSPPS[MRKQYGLHMWGYWWMSR[MXL
1ER]SJYWLEZIFIIRXIEGLMRKQYWMGMRXLIGPEWWVSSQ
(MWXVMGX)HYGEXMSR3JGIGPEWWVSSQQYWMGXIEGLIVW
JSVQER]]IEVWSXLIVWJSVSRP]EWLSVXXMQI8LVSYKL
SVKERMWIVW SJ XLI GSYVWI MR 1EGOE] ERH TVMRGMTEPW
XLMWTVSKVEQEPPSJYWLEZIMQTVSZIHSYVXIEGLMRKWOMPPW
XLVSYKLXLI4VMRGMTEPW%WWSGMEXMSR
ERHJYVXLIVIHSYVYRHIVWXERHMRKSJXLIMQTSVXERGI
SJEWIUYIRXMEPTVSKVEQSJPIEVRMRK
%WMRXLITEWX)HYGEXMSR5YIIRWPERHLEWFIIRZIV]
WYTTSVXMZISJXLITVSTSWIHGSYVWI-R]IEVWKSRIF]
&IKMRRMRKSR.ERYEV] XLIGSYVWI[EWVYRMRX[S
XL
)HYGEXMSR 5YIIRWPERH VER XLI8IR;IIO 'SYVWI
FPSGOWSJX[S[IIOW-XMRGPYHIHTYFPMGLSPMHE]WERH
ER MRXIRWMZI LSYV TVSKVEQ SJ TVSJIWWMSREP
4EVXMGMTERXWERHTVMRGMTEPWERHMRZMXIHKYIWXWJSPPS[MRKVIGIMTXSJGIVXMGEXIW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
HIZIPSTQIRX HIWMKRIH JSV XLSWI XIEGLIVW GLERKMRK EXXMXYHIW XS[EVHW XIEGLMRK ERH [LS XLVSYKL XLIMV
VSPIW JVSQ XLI KIRIVEP GPEWWVSSQ XS FIGSQI QYWMG EFMPMX]EVIEFPIXSMQTEVXEPSZISJQYWMGERHPIEVRMRK
WTIGMEPMWXW MR XLI GPEWWVSSQ SV JSV QYWMG WTIGMEPMWXW XSWXYHIRXWMRXLITVMQEV]WGLSSP
XS YTKVEHI XLIMV WOMPPW8LMW XIR [IIO GSYVWI KEZI
TEVXMGMTEXMRK XIEGLIVW GSRHIRGI MR XIEGLMRK XLI 8LI TVSTSWEP WTIGMIH E GSYVWI GSRWXVYGXIH MR
QYWMG GYVVMGYPYQ ERH MRGVIEWIH XLIMV WXVEXIKMIW XS X[S [IIO FPSGOW8LI VWX ;IIO &PSGO VER JVSQ
IRWYVIIRLERGIHPIEVRMRKSYXGSQIWJSVEPPWXYHIRXWMR ;IHRIWHE] .ERYEV] XS 8YIWHE] *IFVYEV]
EPPEVIEWSJXLIQYWMGGYVVMGYPYQ;MXLXLIGIWWEXMSR MRGSVTSVEXMRK X[S 4YTMP *VII (E]W ERH [SVOMRK SR
SJXLIXIR[IIOGSYVWIMRVIGIRX]IEVWTVSJIWWMSREP SRI 4YFPMG ,SPMHE] %YWXVEPME (E] .ERYEV] 8LI
HIZIPSTQIRXJSVXLIWIXIEGLIVWLEWFIIRMRXLIQEMR WIGSRH ;IIO &PSGO VER JVSQ 1SRHE] .YRI XS
WIPJQSXMZEXIHERHWIPJJYRHIH *VMHE].YRIERHJVSQ8LYVWHE].YP]XS;IHRIWHE]
.YP]MRGSVTSVEXMRKSRI4YTMP*VII(E]ERH[SVOMRK
-REPIXXIVXSTVMRGMTEPW3GXSFIV
.IJJ,E]XLIR HE]WSJXLI.YRI.YP]WGLSSPZEGEXMSR3ZIVEPPGSYVWI
TVMRGMTEPSJ%RRERHEPI7XEXI7GLSSP
VIZIEPIH HEXIWMRGSVTSVEXIH4YTMP*VIIHE]W4YFPMGLSPMHE]
%X PIEWX LEPJ SJ SYV GYVVIRX GPEWWVSSQ QYWMG HE]WSJXLI.YRI.YP]ZEGEXMSRERHWGLSSPHE]W
WTIGMEPMWXWLEZIVIGIMZIHRSXVEMRMRKJSVXLIMVVSPI3J
XLIVIWXQSWXLEZIVIGIMZIHRSXVEMRMRKJSVEXPIEWX 8LISZIVEPPGSYVWI[EWXSFI[IIOWMRPIRKXL[MXL
XLITEWX]IEVW%W]SYORS[QER]XLMRKWLEZI PIGXYVIW JVSQ TQ HEMP]8LI GSYVWI [EW
GLERKIHMRXLMWXMQI XS FI TVIWIRXIH MR E RYQFIV SJ JSVQEXW PIGXYVIW
8LI GSRXIRX SJ XLI GSYVWI MW LMKLP] WXVYGXYVIH [SVOWLSTW TIIV XIEGLMRK ERH QYWMGMERWLMT ERH
XLIVI MW XLSVSYKL EWWIWWQIRX ERH REP KVEHIW [MPP GLSVEPXVEMRMRK8LIGSYVWI[EWXSTPEGIERIQTLEWMW
FI E[EVHIH XS EPP TEVXMGMTERXW8LI HE] [IIO SRTVEGXMGEPQYWMGIHYGEXMSREPPS[MRKTEVXMGMTERXWXS
GSYVWI
[MPP FI TVIWIRXIH F] 1W .YHMXL .SLRWSR TPER JSV XLI MQTPIQIRXEXMSR SJ XLI 1YWMG 7XVERH SJ
7IRMSV 0IGXYVIV MR QYWMG ERH EYVEP WXYHMIW EX XLI XLI%VXW7]PPEFYW
7GLSSPSJ1YWMG9RMZIVWMX]SJ5YIIRWPERH.YHMXLMWE
LMKLP]GVIHIRXMEPIHPIGXYVIVERHQYWMGWTIGMEPMWX 'SYVWI0IGXYVIV
.YHMXL .SLRWSR [EW MRZMXIH XS FI 'SYVWI 'S
8LIGSYVWITVSTSWEP SVHMREXSV ,IV GVIHIRXMEPW [IVI WLS[R EW 0IGXYVIV
8LI GSYVWI TVSTSWEP HIEPX [MXL XLI RIIH JSV XLI MR 1YWMG )HYGEXMSR ERH%YVEP 7XYHMIW EX XLI 7GLSSP
GSYVWI WXVYGXYVI SJ XLI GSYVWI PIEHIVWLMT SJ XLI SJ 1YWMG 9RMZIVWMX] SJ 5YIIRWPERH SZIV ]IEVW
GSYVWIERHEWWIWWQIRX-XWXEXIH8LIGSYVWIMRZSPZIW XIEGLMRK MR QYWMG TVSKVEQW MR 5YIIRWPERH [EW E
TEVXMGMTERXW MR XLI TVSGIWWIW SJ QYWMG IHYGEXMSR XS QIQFIV SJ XLI GYVVMGYPYQ GSQQMXXII SJ XLI RI[
HIZIPST XLIMV TIVWSREP WSGMEP ERH MRXIVEGXMZI WOMPPW %VXW7]PPEFYW-QQIHMEXI4EWX4VIWMHIRXSJXLI/SHjP]
ERH HIZIPST QYWMGEP ERH QYWMG IHYGEXMSR WOMPPW JSV 1YWMG)HYGEXMSR-RWXMXYXISJ%YWXVEPMEERHMQQIHMEXI
YWIMRXLIGPEWWVSSQ4EVXMGMTERXW[MPPFII\TIGXIHXS 4EWX 4VIWMHIRX SJ XLI -RXIVREXMSREP /SHjP] 7SGMIX]
VIIGXYTSRGVMXMGEPP]HMWGYWWHIZIPSTERHVIRIER [MXLLIEHUYEVXIVWMR&YHETIWX,YRKEV]
MRJSVQIH [SVOMRK ORS[PIHKI SJ XLI MWWYIW VIPIZERX
XS QYWMG IHYGEXMSR ERH XS IHYGEXMSR MR XLI [MHIV %WWIWWQIRX
GSRXI\X-XMWXLIEMQSJXLIGSYVWIXSJSWXIVWOMPPIH %WWIWWQIRX JSV XLI GSYVWI [EW HIWMKRIH XS EWWMWX
ERH MRJSVQIH TVEGXMXMSRIVW [LS I\LMFMX TSWMXMZI TEVXMGMTERXW MR XLI HIZIPSTQIRX SJ TVSJIWWMSREP
4EVXMGMTERXWERHTVMRGMTEPWERHMRZMXIHKYIWXWJSPPS[MRKVIGIMTXSJGIVXMGEXIW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
7SQISJXLIGLEPPIRKIWLEZIMRGPYHIH -QTVSZMRKSYVS[REYVEPERHZSGEPQYWMGMERWLMT
8V]MRKXSNYKKPIGSQTPIXMRKEWWMKRQIRXWERH -XWFIIREGLEPPIRKIFYXMXWFIIR[SVXLMX
TVEGXMWMRK[MXLXLIEPVIEH]HIQERHMRKERHXMQI 0EYVIR%PPIR;MPPMEQ6SWW,MKL7GLSSP
GSRWYQMRKNSFSJQYWMGXIEGLMRK
7XEVXMRKEXERHRMWLMRKEXXLIRKSMRK -JIIPWYVIQSWXSJXLSWI[LSGSQTPIXIHXLIGSYVWI
LSQIXSGSQTPIXILSQI[SVO [SYPHEKVII[LSPILIEVXIHP][MXLXLIWIXIEGLIVWXLEX
,SQI[SVOIZIV]RMKLX XLIGSYVWI[EWXMQIP]ERHQSWX[SVXL[LMPI;ILEZI
(SMRKXIWXWRS[[IORS[LS[XLIWXYHIRXWJIIP
EPPKEMRIHIRSVQSYWP]MREPPEVIEWSJXIEGLMRK;IEVI
4IVJSVQMRKMRJVSRXSJSYVTIIVWERHFIMRK MRHIFXIHXSXLII\TIVXMWISJ.YH].SLRWSRJSVKYMHMRK
EWWIWWIHSRMX YW [MXL 'YVVMGYPYQ QEXXIVW XS 6IFIGGE%GLIRFEGL
8IEGLMRKMRJVSRXSJSYVTIIVWERHFIMRKEWWIWWIH JSV KMZMRK YW KVIEX [E]W XS IJJIGXMZIP] MQTVSZI SYV
SRMX GLSMVW ERH SYV GSRHYGXMRK XIGLRMUYIW XS /EVIR
,ERHMRKEWWIWWQIRXMRIZIV]HE] 4LMPPMTW7TIIGL4EXLSPSKMWXJSVVIQMRHMRKYWSYVS[R
+MZMRKYTLSPMHE]WERHKMZMRKYTTYFPMGLSPMHE]W ZSGEPLIEPXLMWI\XVIQIP]MQTSVXERXERHXS.IJJ,E]JSV
,MKLI\TIGXEXMSRW[IGEREPPPIEVRMQTVSZIERH LMWMRTYXSRGPEWWVSSQQEREKIQIRXERH[LEXLIWIIW
GLEPPIRKISYVWIPZIWIZIV]HE] EWSYVVSPIEWGPEWWVSSQWTIGMEPMWXW;IEVII\XVIQIP]
XLEROJYPJSVXLIKVIEXIJJSVX.IJJTYXMRXSXLITPERRMRK
8LIFIRIXWPMOI[MWILEZIFIIR SJXLMWGSYVWIERHJSVXEOMRKXLIXMQIXSIRGSYVEKI
RYQIVSYW EPP4VMRGMTEPWSJMXWZEPYIERHXLIJYVXLIVIRHSVWIQIRX
,IEVMRKXLI[MWHSQSJ.YH].SLRWSR F] (MWXVMGX 3JGI TIVWSRRIP IWTIGMEPP] .ERIPPI
&IMRKXEYKLXF]GLSVEPGSRHYGXMRKWTIGMEPMWX 1EPGSPQERH(MVIGXSV:MGOM&E]PMWW8LIWYTTSVXSJEPP
6IFIGGE%GLIRFEGL TVMRGMTEPWERHXIEGLMRKGSPPIEKYIWFEGOEXWGLSSPLEZI
,IEVMRKJVSQSXLIVTVSJIWWMSREPWEFSYXZSMGI EWWMWXIHMRSYVJIIPMRKZEPYIHERH[SVXL]SJXLMWZIV]
GEVIFILEZMSYVQEREKIQIRXERHEHQMRMWXVEXMZI MQTSVXERX TVSJIWWMSREP HIZIPSTQIRX XMQI8LMW XMQI
WYTTSVXXLEXMWEZEMPEFPI LEWEPWSEPPS[IHYWXSWXVIRKXLIRSYVQYWMGXIEGLIV
1IIXMRKERHRIX[SVOMRK[MXLXIEGLIVWJVSQ RIX[SVOERH[MHIRIHMXXSVIEGLXSXLI1X-WEEVIE
8S[RWZMPPI+MVY%]VERH1X-WE ERHMRXS'EXLSPMG)HYGEXMSRSRGIEKEMR
0IEVRMRKXIEGLMRKXIGLRMUYIWXLEX[MPPFIRIX
WGLSSPGLMPHVIRJSVKIRIVEXMSRW 1EVKEVIX&VEHIPH%MXOIRZEPI7XEXI7GLSSP
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
%8%78)3*%1)6-'%2/3(0=
/3(0=
8,)2%8-32%0'32*)6)2')
F]%RRI'SQMWOI]
8
LI [MRH] GMX] FIGEQI E GMX] SJ 8LI]TVSZMHIHXIEGLIVW[MXLXLIMRWTMVEXMSRXSVIXYVR
WSRK JSV X[S HE]W MR 1EVGL [LIR XS XLIMV GPEWWVSSQW ERH HIZIPST TVSKVEQW XLEX MR
'LMGEKSLSWXIHXLIVHERRYEP3VKERM^EXMSR EHHMXMSRXSJYVXLIVMRKMQTSVXERXWOMPPW[SYPHMRGPYHI
SJ %QIVMGER /SHjP] )HYGEXSVW
)HYGEXSVW 3%/)
3%/)
2EXMSREP
2EXMSREP VILIEVWMRK ERH TIVJSVQMRK UYEPMX] GLSVEP QYWMG
'SRJIVIRGI ;MXL % 8EWXI SJ /SHjP] EW XLI 8LI GLSMVMRVIWMHIRGI [EW XLI 'EPKEV] 'LMPHVIRW
GSRJIVIRGI XLIQI ERH [MXL ZI GLSMGIW SJ WIWWMSRW 'LSMV8LIMVGSRHYGXSV)PEMRI5YMPMGLMRM[IPPORS[R
IEGLLSYVEPPEWTIGXWSJTVMQEV]QYWMGXIEGLMRK[IVI XS QER] &VMWFERI 7YQQIV -RWXMXYXI TEVXMGMTERXW
GSZIVIHEJIEWXSJHMJJIVMRKMHIEWERHWXVEXIKMIWERH PIH LIV WMRKIVW MR ER STIR VILIEVWEP XLEX MRJIGXIH
E[IPGSQIMRNIGXMSRSJRI[VITIVXSMVIJSVXIEGLIVW HIPIKEXIW[MXLLIVQYWMGMERWLMTLIVMRWMKLXWERHLIV
ETTVSEGLMRKXLIIRHSJXLIMVWGLSSP]IEV GVIEXMZIETTVSEGLIWXSVILIEVWMRKERHFYMPHMRKGLSVEP
XIGLRMUYI
%X VWX KPERGI XLI GSRJIVIRGI TVSKVEQ WIIQIH XS
JEZSYV VITIVXSMVI WIWWMSRW [MXL WSRKW ERH WMRKMRK (IGMHMRK [LMGL WIWWMSRW XS EXXIRH [EW XLI FMKKIWX
KEQIWJVSQ'LMRE-VIPERH,YRKEV]+VIIGI1I\MGS GLEPPIRKI SJ XLI GSRJIVIRGI ERH HIWTMXI XLI
XLI 1MHHPI )EWX ERH 7GSXPERH WSQI SJ XLI QER] MQTVIWWMZI VITIVXSMVI ERH TIHEKSK] WIWWMSRW SR
STXMSRW%W [MXL ER] KSSH XIEGLMRK LS[IZIV XLIVI SJJIV-STXIHXSEXXIRHEXVEGOMRXVSHYGIHMRXS3%/)
[EW EP[E]W QYGL QSVI XS XLIWI WIWWMSRW XLERNYWX GSRJIVIRGIW JSV XLI VWX XMQI 8IEGLIVW 8IEGLMRK
TPE]MRK KEQIW ERH TVIWIRXIVW [MPPMRKP] WLEVIH 8IEGLIVW3%/)EPVIEH]LEWEREXMSREPIRHSVWIQIRX
XIEGLMRKXMTWGPEWWVSSQQEREKIQIRXXIGLRMUYIWERH TVSKVEQJSV/SHjP]GIVXMGEXMSRGSYVWIW%WTEVXSJ
PIWWSR TPERRMRK EHZMGI (IQSRWXVEXMSR VILIEVWEPW XLI SRKSMRK HMEPSKYI EFSYX HIZIPSTMRK XLMW JYVXLIV
JSV FIKMRRIV FERH FS]W GLSMV ERH ER I\TIVMIRGIH MRXSEREXMSREPGYVVMGYPYQ8IEGLMRK8IEGLIVWEXXVEGXIH
GSQQYRMX]GLMPHVIRWGLSMVTVSZMHIHEKPMQTWISJXLI PIGXYVIVWJVSQWYQQIVERHEGEHIQMG]IEVTVSKVEQW
WXERHEVHSJQYWMGMERWLMTXLEXGSYPHFIEGLMIZIH[MXL XLVSYKLSYX XLI GSYRXV] 0IH F] VIWTIGXIH QEWXIV
GEVIJYPTPERRMRKLMKLXIEGLIVI\TIGXEXMSRERHUYEPMX] XIEGLIVW JVSQ XLI 9RMXIH 7XEXIW ERH ,YRKEV] XLI
VITIVXSMVIGLSMGIW HMWGYWWMSRW JSGYWWIH SR XLI GYVVMGYPE VIUYMVIQIRXW
JSV GPEWWVSSQ TIHEKSK] GSRHYGXMRK ERH GLSMV JSPO
7GLSSP[MHIMWWYIWEJJIGXMRK%YWXVEPMERQYWMGXIEGLIVW QYWMGERHQYWMGMERWLMT)EGLPIEHIVKIRIVSYWP]WLEVIH
EPWS VIIGXIH WXVSRKP] MR XLI GSRJIVIRGI TVSKVEQ W]PPEFYW HSGYQIRXW GSRGIVX TVSKVEQW ERH IZIR
[MXLTVSQMRIRXWIWWMSRWSRWTIGMEPIHYGEXMSRQYWMG GSQTPIXI XLVII ERH JSYV PIZIP TVSKVEQW 4IHEKSK]
GPEWWIW TPERRMRK JSV WXYHIRXW [MXL HMWEFMPMXMIW XLI PIEHIV 7YWER &VYQIPH 8I\EW 8IGL 9RMZIVWMX]
YFMUYMXSYW SPHIV FIKMRRIVW ERH E HIQSRWXVEXMSR FIKER [MXL E WTMVMXIH HIWGVMTXMSR SJ LIV TIVWSREP
GPEWW SR QSXMZEXMRK FS]W XS WMRK *SV FSXL XLI I\TIVMIRGI[LIREWEUYEPMIHXIEGLIVWLIFIGEQI
RI[GSQIV ERH XLI I\TIVMIRGIH XIEGLIV MRXIVIWXIH XLI TIHEKSK] WXYHIRX MR E /SHjP] TVSKVEQ ,IV
MRTIHEKSK]XLIVI[IVIWIWWMSRWSRPIWWSRTPERRMRK HMWGYWWMSR SJ EHYPX WXYHIRX PIEVRMRK ERH EWWIWWQIRX
GPEWWVSSQ ZSGEP HIZIPSTQIRX GLSVEP XIGLRMUYIW [EW GSQTPIQIRXIH F] XLI HIXEMP ERH GPEVMX] SJ XLI
MQTVSZMWEXMSR ERH REXMSREP WXERHEVHW EWWIWWQIRX E W]PPEFYW ERH EWWIWWQIRX HSGYQIRXW WLI TVSZMHIH
XSTMG ZMKSVSYWP] HIFEXIH F] QYWMG XIEGLIVW MR ER] /EXEPMR /MWW *VER^ 0MW^X 9RMZIVWMX]
HMWGYWWIH XLI
GSYRXV]
7GLSSPHMWXVMGXERHYRMZIVWMX]EHQMRMWXVEXSVW VIUYMVIQIRXW JSV WYQQIV GSRHYGXMRK [MXL ZMHISIH
[LSEGXMZIP]WYTTSVXQYWMGTVSKVEQWEPWSEXXIRHIH I\EQTPIW SJ HMJJIVIRX PIZIPW SJ WXYHIRX EGLMIZIQIRX
XLI GSRJIVIRGI ERH XLIMV TSWMXMZI GSRXVMFYXMSRW XS 3JTEVXMGYPEVMRXIVIWX[IVILIVVIGSQQIRHEXMSRWJSV
QYWMG IHYGEXMSR [IVI STIRP] EGORS[PIHKIH EX ER WYQQIVGLSMVTVSKVEQQMRKERHXLIWEQTPIGSRGIVX
SJGMEPREXMSREPE[EVHTVIWIRXEXMSR TVSKVEQWJSVEX]TMGEPWYQQIVGLSMVSZIVEXLVII
]IEV TIVMSH 0EYVHIPPE *SYPOIW0IZ] 9RMZIVWMX] SJ
)ZIR[MXLEPPSJXLIWSYRHTIHEKSK]ERHVITIVXSMVI 1MWWMWWMTTM
IWTSYWIH E UYEPMX] PMXIVEXYVIHVMZIR
MHIEW SR SJJIV JSV QER] XIEGLIVW XLI ZEVMSYW QYWMGMERWLMT TVSKVEQ ERH GLEPPIRKIH XIEGLIVW XS
GLMPHVIRW GSRGIVX TIVJSVQERGIW [IVI XLI LMKLPMKLX GSRWMHIVXLIGSRWIUYIRGIWSJXLIPEGOSJQYWMGMERWLMT
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
0XVLF7HDFKHUV$VVRFLDWLRQ4OG
6WXGHQW3HUIRUPHUV6RFLHW\
$XJXVW&RQFHUW
6DWXUGD\WK2FWREHU
DW
(OODZD\V$XGLWRULXP
&QU&RPSWRQDQG(ZLQJ5RDGV8QGHUZRRG
(QWHUWKURXJKVKRZURRP
7KHDLPRIWKH6RFLHW\LVWRSURYLGH
SHUIRUPDQFHRSSRUWXQLWLHVIRUPXVLFVWXGHQWV
SUHSDULQJIRUH[DPLQDWLRQVDQGHLVWHGGIRGV
LQDIULHQGO\DQGQRQMXGJPHQWDOHQYLURQPHQW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
;,=8)%',)67%2(*%1-0-)703:)
8,)HSVIQM)<4)6-)2')
F]+EMP+SHJVI]
8
LIIWWIRGISJJVMIRHWLMTMWYRMZIVWEP EFSYX[L]JEQMPMIWERHXIEGLIVWPSZIXLIHSVIQM
ERH MQTSVXERX JSV EPP EKI PIZIPW HSVIQM I\TIVMIRGI
GPEWWIWEVIJYPPSJWQMPIWERHJVMIRHWLMTWRSX
SRP] JSV GLMPHVIR FYX JSV XLI TEVIRXW KVERHTEVIRXW &IVREHIXXI&EVVSJ'PIZIPERHWLEVIWLIVXLSYKLXW
ERHXLIRIX[SVOSJHSVIQMXIEGLIVWHSVIQM EJXIV]IEVWSJXIEGLMRK-HSMXFIGEYWI-PSZIMX
XIEGLIVWLEMPJVSQZEVMSYWFEGOKVSYRHWMRWXVYQIRXEP WMQTPI-XLEWKVIEXI\MFMPMX]]SYGERHSEWQYGLSV
IEVP]GLMPHLSSHXIEGLMRKTVMQEV]ERHWIGSRHEV]GPEWW EWPMXXPIEW]SY[MWL?7MRGILEZMRKEFEF]A-LEZIKSRI
VSSQ XIEGLMRK ZSGEP ERH TIVJSVQERGI *VMIRHW EVI JVSQHSMRKXLVIIXSZIPIWWSRWEHE]XSHSMRKJSYV
MQTSVXERXXS]SYRKGLMPHVIRERHLEZIEGSRWMHIVEFPI GPEWWIWE[IIO(IEPMRK[MXLTEVIRXWLEWMRGVIEWIHQ]
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
GSRHIRGIMRQ]S[REFMPMX]-XLMROXLIGSRGIVXW 0S[W
LEZI FIIR E LMKLPMKLX JSV QI XS WII XLIWI ZIV] ;LIREPPXLIGLMPHVIREVIGV]MRKSVGVE[PMRKE[E]
]SYRK GLMPHVIR TIVJSVQ [MXLSYX JIEV ERH KVIEX SVLMHMRKFILMRH1YQ
IRXLYWMEWQ - LEZI WLEVIH QYWMG [MXL GLMPHVIR [LS
LEZI FIIR MPPXLSWI [MXL EWTIVKIW GIVIFVEP TEPW] ;LIR]SYGERXJSVXLIPMJISJ]SYKIXER]SJXLI
JSVQWSJGERGIVERHXLIWIGLMPHVIREVIXLISRIW[LS GLMPHVIRXSLEZIEXYVR
XIEGLQIGSQTEWWMSR1]GPEWWIWLEZIXEYKLXQIXLEX
PMJIMWXSFIPMZIH[MXLNS]ERHIRXLYWMEWQ ;LIRSRIGLMPHHSQMREXIWXLIGPEWWERHMXMWHMJGYPX
XSKMZIIZIV]SRIIUYEPEXXIRXMSR
8VMGME )PKEV MR .EQFSVII ,IMKLXW 5PH [EW E
TVSJIWWMSREPWMRKIVERHXEYKLXWMRKMRKEXWGLSSP*MZI /EXLV]R =EVVS[ MR 'EVMRHEPI 5PH - EQ ZIV]
]IEVWEKSEJXIVXLIFMVXLSJLIVVWXGLMPH8VMGMEWEMH MRXIVIWXIHMRXLI[IEPXLSJPIEVRMRKSTTSVXYRMXMIW
XLEXHSVIQMETTIEPIHXSQISZIVSXLIVFVERHW JSV]SYRKGLMPHVIRERHXLIVSPISJQYWMGIHYGEXMSR
SJ)'1FIGEYWISJMXWIQTLEWMWSRWMRKMRKEWXLIVWX MR XLIMV SZIVEPP HIZIPSTQIRX8LI XIEGLIVW [IVI EPP
MRWXVYQIRX-WXMPPPSZIXIEGLMRKHSVIQMERHLSTI OIIR XS [IPGSQI E RI[ XIEGLIV ERH KIRIVSYW MR
XSVIQEMREXXLITVIWGLSSPHE]GEVIGIRXIVJSVEPSRK WLEVMRKXLIMVVIWSYVGIWXSERW[IVUYIWXMSRWERHFI
XMQIXSGSQI;SVOMRKXLIVILEWKMZIRQII\TIVMIRGI EPMWXIRMRKIEV8LMWMWQ]WM\XL]IEVSJXIEGLMRKHS
[MXLPEVKIVKVSYTWSJGLMPHVIRYTXS
VIQMGPEWWIW-EQGSRZMRGIHXLEXEKSSHUYEPMX]
QYWMG TVSKVEQQI MR XLIWI IEVP] GLMPHLSSH ]IEVW MW
6SF]R4E]IRWMR6SGLIHEPI5PHFIKERLIV/SHjP] SJIRSVQSYWFIRIX-EXXIRHEWQER]TVSJIWWMSREP
NSYVRI] EX XIEGLIVW GSPPIKI ERH X[IPZI ]IEVW PEXIV HIZIPSTQIRX[SVOWLSTWEW-GEREP[E]WIRGSYVEKIH
GSQQIRGIH HSVIQM GPEWWIW JVSQ LSQI- PSZI F] XLI RIX[SVOMRK SJ XIEGLIVW [LS WLEVI E WMQMPEV
XIEGLMRKHSVIQMGPEWWIW8LIVWXGSYTPISJ]IEVW TEWWMSR - LEZI KVS[R MR SXLIV EVIEW SJ Q] PMJI EW E
[IVIZIV]WPS[EWJEVEWRYQFIVW[IRXX[SGPEWWIW VIWYPX-GSRXMRYIXSWXYH]QYWMG-EQWLEVMRKQ]
FYXXLIR-LEHEFMKNYQTXSEFSYXGLMPHVIR PSZISJQYWMG[MXLQ]PSGEPGLYVGLLIPTMRKXSPIEH
MXWIIQIHXLEXXLIFYWMRIWWLEHEVVMZIHEXETPEGISJ EGLMPHVIRWGLSMV[LMGLMWPSXWSJJYR8LIIRHSJ]IEV
WYWXEMREFMPMX] - GSYPH SJJIV QSVI XLER SRI XMQI WPSX GSRGIVXW EVI EP[E]W JYR ERH E HIPMKLX XS WII EPP SJ
JSVIEGLPIZIPERHXLIRYQFIVSJWXYHIRXWQIERXXLEX XLI OMHW XSKIXLIV LEZMRK E KVIEX XMQI QEOMRK QYWMG
[SVHSJQSYXL[EWWTVIEHMRK-RS[LEZIEVSYRH XSKIXLIV-XLMROSJXLIHE]W[LIR-GSQIXSEGPEWW
WXYHIRXW JIIPMRKEFMXXMVIHERH-WIIXLSWIFIEYXMJYPPMXXPIJEGIW
PSSOMRKEXQIEPPVIEH]XSKS8LI]WXEVXTYXXMRKXLI
,MKLW FIEXSRXLIMVORIIWERHSTIRXLIMVPMXXPIQSYXLWXS
;LIR-WIIEPMXXPI]IEVSPHQEHP]FERKMRKSRE WMRKXLIMVJEGIWEVIWQMPMRKERHQ]LIEVXNYWXWSEVW
HVYQWYHHIRP]FIKMRXSWPS[HS[RERHVIWTSRH %RH-XLMRO3LLS[-PSZIQ]NSF
XSXLIWSRKEW[IWXEVXXSWMRK
/EXL]8IEOPIMR-RHSSVSSTMPP]5PHWE]WXLEXEJXIV
;LIRE]IEVSPH[LSGSYPHRSXTVSHYGIEQYWMGEP WSQIX[IPZI]IEVWSJXIEGLMRK/SHjP]QYWMGMRXLI
WSYRHRHWXLIMVWMRKMRKZSMGIERHGERQEXGLQ] GPEWWVSSQ MRGPYHMRK [SVOMRK [MXL OMRHIVKEVXIR ERH
KSSHEJXIVRSSRXYRI TVIWGLSSP - [EW PSSOMRK XS[EVH VIXMVIQIRX JVSQ
XLIWGLSSPWMXYEXMSRFYX[EWPSEXLIXSKMZIYTQYWMG
;LIRE]IEVSPHQEREKIWXSOIITXLIFIEXMRSRI XIEGLMRKEPXSKIXLIV%PWS-LEHKVERHGLMPHVIRNYWXXLI
LERHERHXLIVL]XLQMRXLISXLIV VMKLX EKI XS WXEVX XLIQ SR WSQI TVIMRWXVYQIRXEP
QYWMGWSHSVIQMWIIQIHXLITIVJIGXERW[IV-
;LIREGLMPH[LSLEWRIZIVWYRKF]XLIQWIPZIW LEZIPSZIH[SVOMRK[MXLXLIWQEPPKVSYTWSJGLMPHVIR
FIJSVILEWXLIMVXYVRXSWMRK'ERHPI&YVRMRK 8LIVIPEXMSRWLMTFIX[IIRXLIGLMPHVIRERHXIEGLIVMW
&VMKLXERHXLI]KIXXSFPS[SYXXLIGERHPI ZIV]WTIGMEPEPWS[MXLXLITEVIRXW'LMPHVIRLEZI
XEYKLX QI RI[ WSRKW ERH LEZI KMZIR QI RI[ MHIEW
;LIREGLMPH[LSLEWWTIRXIZIV][IIOJSVEXIVQ EFSYX LS[ XS YWIQ] WSRKW - LEZI XEOIR WIZIVEP
[MXLXLIMVLIEHFYVMIHMR1YQWWLSYPHIVXEOIW GLMPHVIR JVSQ HSVIQM GPEWW XS TMERS XYMXMSR8LI
XLIQSYWIWSXLEXXLI]GERWMRK,MGOSV](MGOSV] EPVIEH]IWXEFPMWLIHVIPEXMSRWLMTFIX[IIRXIEGLIVERH
(SGO WXYHIRXMWEKVIEXFSSREWMWXLIFEGOKVSYRHQYWMGEP
ORS[PIHKIXLI]FVMRKJVSQXLIHSVIQMGPEWW-LEZI
;LIRE1YQXIPPWQIXLEXXLIGLMPH[LSQ-LEZIRX FIIR E HSVIQM XIEGLIV JSV IMKLX ]IEVW - EQ
LIEVHWE]E[SVHWTIRHWXLIVIWXSJXLI[IIO ERH - LEZI RS MRXIRXMSR SJ WXSTTMRK EX XLI QSQIRX
WMRKMRK8EOI]SYVMHMRKMRQ]GEVGEVIZIV]HE] -QWYVIMXOIITWQI]SYRK
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
ERSTTSVXYRMX]XSFIMRZSPZIHMRXLIQYWMGEPNSYVRI] FIX[IIRERIHYGEXMSREPERHERIRXIVXEMRQIRX
SJ SYV GLMPHVIR - PSZI XLEX QSQIRX NYWX FIJSVI XLI TVSKVEQQI
PIWWSR [LIR IZIV]SRI MW WMXXMRK EVSYRH E GMVGPI v 8LIWOMPPWSJWLSVXXIVQERHPSRKXIVQPIWWSR
ERXMGMTEXMRK[LEXMWKSMRKXSLETTIRRI\XPMWXIRMRK TPERRMRK8LIRIWXXIEGLIVWEVIXLSWI[LS
ERH[EXGLMRK[EMXMRKJSVXLIMVJEZSYVMXIEP[E]W GERTPERYWMRKXLIMVXSSPOMXSJVITIVXSMVIERH
VIEH] XS VIGIMZI E TPE]JYP FPIWWMRK MR XLI JSVQ SJ E RIXYRMRKMXJSVZEVMSYWGPEWWH]REQMGW9WMRKE
XMGOPIE[MKKPIEFSYRGI[MXLEVL]QISVE TVIWGVMFIHWIXSJPIWWSRWTPERWQE]RSXEHIUYEXI
WSRK-PSZIXLI[E]XLIPIWWSRXEOIWSREPMJISJMXW P]WIVZIXLIKVSYTERHHSIWRSXYWYEPP]EPPS[JSV
S[R XLVSYKL XLI GLMPHVIRW GVIEXMZI MRXIVEGXMSR I\MFMPMX]SVGVIEXMZMX]
- PIEVR XS PMWXIR ERH [EXGL IZIV] XMQI XLI GLMPHVIR
EVI EVSYRH QIXLI] LEZI WS QYGL XS SJJIV .YPMI0SKERMR1IVI[IXLIV27;WE]WXLEX-LEZI
7SQIXMQIWXLIVIEVIXIEVWERHXERXVYQWNYWXPMOIEX FIIR XIEGLMRK HSVIQM JSV ZI ]IEVW ERH GERX
LSQI]IXXLIJIIPMRKSJXSKIXLIVRIWWMWEPPIQFVEGMRK MQEKMRI WXSTTMRK *EQMPMIW EVI ZIV] PS]EP ERH - LEZI
0YPPEF]XMQIGLMPHVIREVIGYHHPIHERHVSGOIHXS WIIRWSQITVIREXEPP]XS]IEVSPHWJSVERYQFIVSJ
XLIXYRISVNYWXPMIHS[RWMPIRXP]STIR[MRHS[ GLMPHVIRMRXLIWEQIJEQMP]%FYW]EGGSYRXERXJEXLIV
XLIWSRKSJXLIFMVHIRXIVWSVXLI[MRHMWTEWWMRK VIGIRXP]EWOIHJSVKYMHERGIMRRHMRKETMERSXIEGLIV
F] EW LI LEW FIIR MRWTMVIH F] [EXGLMRK LMW GLMPHVIR
HIZIPSTMRXLIWGLSSPEKITVSKVEQERH[ERXWXSEHH
0YOI .IRWIR JVSQ5PH [SVOIHMR XLI SJGISJE XLEXHITXLXSLMWS[RPMJI,IEPWS[ERXIHXSLEZIE
QYWMGEGEHIQ]MRXLIWLIEVMRKHSVIQMGPEWWIW QYWMGWIWWMSREWTEVXSJEWXVEXIKMGTPERRMRKHE]JSV
WM\HE]WE[IIOSZIVETIVMSHSJEFSYXZI]IEVW3R LMWRERGIGSVTSVEXMSR
XLIFMVXLSJLMWRMIGI0YOIVIGIRXP]FVSYKLX%QIPMI
EPSRK XS E HSVIQM GPEWW - VIEPP] IRNS]IH XLI 8LI IWWIRGI SJ .YPMIW JSPPS[MRK GSQQIRXW EVI
PIWWSRMXFVSYKLXFEGOQIQSVMIWEW-LEZIRXLIEVH VITPMGEXIH MR SXLIV XIWXMQSRMEPW JVSQ XIEGLIVW
SVWIIRE/SHjP]GPEWWMREVSYRHIMKLX]IEVW[LEX ;LEXOIITWQIKSMRKMW[EXGLMRKGLMPHVIRHIZIPST
XSXEPP]WYVTVMWIHQI[EW[LEX%QIPMILEHPIEVRIHEX WOMPPWERHGSRHIRGIERHXLITSWMXMZIJIIHFEGOJVSQ
SRP]QSRXLWSJEKI-X[EWRXWSQYGLHYVMRKXLI TEVIRXWERHKVERHTEVIRXW8LIJIIPMRKXLEX-GERQEOI
GPEWWFYXEXXLIWYTIVQEVOIXEJXIV[EVHW-VIGEPPIH E [SVXL[LMPI GSRXVMFYXMSR XS XLI PMZIW SJ GLMPHVIR
E WSRK - VIQIQFIVIH JVSQ ]IEVW FIJSVI XLMW WSRK ERH XLI [IPPFIMRK SJ JEQMPMIW8LI EYXSRSQ] XS FI
[EWRX WYRK MR XLI GPEWW SJ XLEX TEVXMGYPEV QSVRMRK
GVIEXMZIERHOIITX[IEOMRKERHGLERKMRKQ]XIEGLMRK
9T LMKL HS[R PS[ 7S TYWLMRK%QIPMI EPSRK MR 3RI KVERHQSXLIV EXXIRHIH SR LIV S[R JSV X[S
XLI WLSTTMRK XVSPPI] [MXL LIV QSRXL SPH FVSXLIV [IIOW EW LIV XLVII ]IEV SPH KVERHWSR LEH KSRI SR
- WERK XLMW TEVXMGYPEV WSRK XS LIV ERH HMHRX I\TIGX LSPMHE]WERHWLIHMHRX[ERXXSQMWWER]XLMRK
LIVXSORS[MXSVIZIRVIWTSRHXSMX,S[IZIVXSQ]
EWXSRMWLQIRX XLI VWX XMQI - WERK MX WLI VIWTSRHIH 1]TIVWSREPVIIGXMSRIGLSIWXLSWISJQ]GSPPIEKYIW
EXXLIIRHSJXLIWSRK[LIVIWLI[EWWYTTSWIHXS ERH XLI QER] I\TIVMIRGIH HSVIQM XIEGLIVW RSX
WMRKWLIWERKYTLMKL[MXLLIVLERHWYTMRXLIEMV QIRXMSRIHMRXLMWGSPYQR%PQSWX]IEVWSJ[SVOMRK
%QIPMILEHRXLIEVHXLIWSRKMRSZIVXLVII[IIOW [MXL ]SYRK GLMPHVIR LEW EPPS[IH QI XS MHIRXMJ] XLI
HYIXSLSPMHE]W-VITIEXIHXLIWSRKEKEMRSRXLI ZEPYI SJ QYWMG MR XLIMV LSPMWXMG HIZIPSTQIRX 0EWX
XLMVHEXXIQTXWLIWERKHS[RPS[ERHPS[IVIHLIV [IIO - YWIH WRMTTIXW SJ XLI HSVIQM I\TIVMIRGI
LERHW8LEX QE] SV QE] RSX FI WTIGMEP FYX [LIR E MR ERSXLIV WIXXMRK XLEX MW [MXL GLMPHVIR YRHIV XLI
GLMPH GER VIGEPP ERH VIWTSRH MX WLS[W ER IRSVQSYW EKI SJ ]IEVW [LS LEZI FIIR VIQSZIH JVSQ XLIMV
EQSYRX SJ GVIHMX - VIEPP] FIPMIZI MR XLI /SHjP] JEQMPMIWJSVZEVMSYWVIEWSRWXLVSYKLXLI(ITEVXQIRX
QYWMGGPEWWIWERHLSTIXIEGLIVWGSRXMRYIXSMQTVSZI SJ 'LMPH 7EJIX] ERH QE] IZIRXYEPP] FI JSWXIVIH%X
XLIHIZIPSTQIRXSJGLMPHVIRMRQYWMGWOMPPWGSKRMXMZI TVIWIRXXLIJSYVGLMPHVIRPMZIMREWYFYVFERVIWMHIRGI
ERHQSXSVWOMPPWMRKIRIVEP [LIVIXLI]EVIGEVIHJSVF]X[S[SVOIVWEXEXMQI
SREVSWXIVW]WXIQLSYVWEHE]WIZIRHE]WE[IIO
8LIGLEPPIRKIWSJHSVIQM 0EWX[IIOXLVSYKLWLIIVHIWTIVEXMSRXSGVIEXIWSQI
v 8LIMRMXMEPPIEVRMRKGYVZIMRUYEPMJ]MRKXSFIGSQI OMRHSJSVHIVMRXLIGLESXMGVEQTEKIXLEXWSQIXMQIW
EHSVIQMXIEGLIVXLVSYKLXLIVIGSQQIRHIH SGGYVW - HIGMHIH XS WMX SR XLI SSV ERH WMRK EQMH
XVEMRMRKTVSKVEQQI XLITMIVGMRKHMEPSKYIXLEXPPIHXLIVSSQ%QMVEGPI
v %HQMRMWXVEXMZIXEWOWEHZIVXMWMRKTVSQSXMRK SGGYVVIHEWXLIGLMPHVIRJIPPWMPIRXERHWXEVVIHEXXLI
XLIFIRIXWSJXLITVSKVEQQI WXVERKI [SQER WMRKMRK,I] (MHHPI (MHHPI %W
v 'SRHYGXMRKXLIVWXGPEWW[SVHSJQSYXLMWSYV XLI]NSMRIHQISRXLISSV[IWERKSXLIVWSRKWERH
QSWXWYGGIWWJYPEHZIVXMWIQIRXERHGPEWWIWKVEHY VL]QIW XLI] [IVI JEQMPMEV [MXL8LI GLMPHVIR LEZI
EPP]I\TERHERHWIXXPI FIEYXMJYPZSMGIW-XSPHXLIQXLMWXLI]HMHRXFIPMIZI
v 0IEVRMRKXSYRHIVWXERHHMJGYPXTEVIRXWERHXLIMV MXEXVWXFYXXLIMVGSRXMRYIHMRXIVIWXWYKKIWXWEWIRWI
I\TIGXEXMSRW)HYGEXMRKXLIQMRXLIHMJJIVIRGIW SJ VIEPM^EXMSR &ILEZMSYVEP MWWYIW WYGL EW KIXXMRK MR
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7,%6-2+46%'8-')
ERHSYXSJXLIGEVSVXLIFEXLGERXEOIJSVIZIVFYX 8LERO ]SY JSV IRVMGLMRK SYV PMZIW [MXL QYWMG ERH
RS[XLI]LEZIGLSWIREWSRKXSWMRK[LIR[IIRXIV GIPIFVEXMSR
XLI GEV ,YWL 0MXXPI &EF] ERH KIXXMRK SYX SJ XLI
GEVXLI]WMRK0MXXPI1SYWI&I'EVIJYP8LIWM\ERH %RHREPP]
WIZIR]IEVSPHEVIMRXIVIWXIHMRPIEVRMRKQSVIEFSYX %WXVMH7GLYQQ]RSXIHXIVXMEV]QYWMGIHYGEXSVEHHW
XLI VL]XLQMG TEXXIVRW ERH EVI UYMGO XS YRHIVWXERH EKVERHTEVIRXTIVWTIGXMZISR*YRSR*VMHE]W
ZEVMSYWQYWMGEPGSRGITXW
*VMHE]MWEWTIGMEPHE]JSVQ]KVERHHEYKLXIVWEKIH
'SQQIRXWJVSQTEVIRXW ERH FIGEYWIMXW XLI HE] XLI] KS XS QYWMG -R XLI
8LI GSRXIRX ERH JSVQEX SJ XLI PIWWSRW [EW GEV SR XLI [E] [I WMRK&II FII FYQFPI FII GER
IRNS]IH XLSVSYKLP] F] FSXL (ERMIP ERH 1E\ ERH E ]SYWMRK]SYVREQIXSQI#ERH[IJSPPS[XLMW[MXL
WYVTVMWMRK EQSYRX LEW FIIR VIXEMRIH - FIPMIZI XLEX SXLIVWSRKW[IZIPIEVRXMRXLIHSVIQMGPEWW[MXL
XLMW MRXVSHYGXMSR XS QYWMG EX ER] IEVP] EKI LEW +EMP+SHJVI]
LIMKLXIRIHXLIMVE[EVIRIWWSJQYWMGEPWSYRHWERHLEW
IRGSYVEKIHXLIQXSWIIOXSRHXLIMVWMRKMRKZSMGI 8LIGLMPHVIRLEZIKVIEXJYREWXLI]NSMRMRXLIGPEWW
-XLERO]SYWSQYGLJSV]SYVMRGPYWMZIETTVSEGLXS EGXMZMXMIW 8LIVI EVI SJXIR YRI\TIGXIH QSQIRXW
Q]GLMPHVIRXLERO]SYWSQYGLJSV]SYVMRGPYWMZI [LIRXLI]WLS[TVSKVIWWMRWMRKMRKGPETTMRKVL]XLQW
ETTVSEGL SV QSZMRK XS QYWMG ERH XLIWI QSQIRXW EVI ZIV]
VI[EVHMRKXSXLIMVGEVIVW
8LIIRNS]QIRXXLEXPMWXIRMRKTPE]MRKERHWMRKMRKGER
FVMRK]SYMWWSTVIGMSYWFYXMWSJXIRWSYRHIVZEPYIH &IGEYWI XLI EGXMZMXMIW EVI MRXVSHYGIH MR WYGL EJYR
,EZI[IMRZIWXIHSYVXMQIERHQSRI][MWIP]#-[SYPH [E]SYVPMXXPISRIWHSRXVIEPMWILS[QYGLXLI]EVI
LEZIXSWE]EQSWXHIRMXI=)7 PIEVRMRK8LIMVERXMGWEVIWSQIXMQIWWSEQYWMRKXLEX
[IJIIPXLEXXLIHSVIQMGPEWWMWPMOIQYWMGXLIVET]
8LMWMWEKVIEXTVSKVEQFYX[LEXVIEPP]WIXWXLI JSVYWEW[IPP-EQWSKPEHXLEXXLIJSYRHEXMSRWEVI
I\TIVMIRGIETEVXMWXLIGSQTEWWMSRSJXLIXIEGLIVWJSV FIMRKPEMHHS[RMRXLIRI\XKIRIVEXMSRJSVEPMJIXMQI
XLIMRGPYWMSRERHPIEVRMRKSJIEGLPMXXPIMRHMZMHYEP SJQYWMGEPIRNS]QIRXERHTEVXMGMTEXMSR
XLIWIRWISJEGLMIZIQIRX[LIRIEGLGLMPHLEW
WMRKMRKSRXLIMVS[RJSVXLIVWXXMQIMWWSQIXLMRK-
[MPPRIZIVJSVKIX
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
6)7396')6):-);7
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
59))270%2(
/3(0=2);7
59))270%2(
;
LIR-VIIGXSRXLI]IEVXLEXW LEW FIIR XLI -REYKYVEP 5YIIRWPERH /SHjP] 'LSVEP
TEWWIH-EQWXVYGO[MXLLS[UYMGOP] *IWXMZEP5/'*
GSSVHMREXIHF](ERR]'VYQT8LI
XLI XMQI LEW TEWWIH ERH LS[ QYGL 5YIIRWPERH /SHjP] 'LSVEP *IWXMZEP LEH ER MRWTMVMRK
WIIQWXSLEZILETTIRIHMRXLMWXMQI /MGOWXEVXXSXLI]IEV[MXLXLISJGMEPPEYRGLSR*VMHE]
XL *IFVYEV] ERH XLI STIRMRK [SVOWLST SR
%X SYV %+1 - VIJIVVIH XS E UYSXI F] .YWXMGI 7EXYVHE] XL 7YRHE] XL SJ *IFVYEV] EX 1SYRX
7ERHVE(E]3'SRRSV %PZIVRME'SPPIKI/IHVSR
;I HSRX EGGSQTPMWL ER]XLMRK MR XLMW [SVPH EPSRI
ERH [LEXIZIV LETTIRW MW XLI VIWYPX SJ XLI [LSPI 8LI *IWXMZEP [EW SJGMEPP] STIRIH F] %YWXVEPMER
XETIWXV]SJSRIWPMJIERHEPPXLI[IEZMRKWSJMRHMZMHYEP GSQTSWIV (V 'SPMR &VYQF] [LS HMWGYWWIH XLI
XLVIEHWJVSQSRIXSERSXLIVXLEXGVIEXIWWSQIXLMRK MQTSVXERGISJGLSVEPWMRKMRKERHGSQQYRMX]QYWMG
QEOMRK 3ZIV WXYHIRXW [IVI VITVIWIRXIH JVSQ
;IPPMJXLIVIWER]XLMRKXLEXXIWXWXLIWXVIRKXLSJXLSWI SZIV HMJJIVIRX WGLSSPW EVSYRH &VMWFERI 7XYHIRXW
MRHMZMHYEPXLVIEHWMXWTPERRMRKE2EXMSREP'SRJIVIRGI [IVI MRZSPZIH MR QSVRMRK QYWMGMERWLMT GPEWWIW
MR NYWX SZIV QSRXLW ERH XLMW [EW SFZMSYWP] SYV JSPPS[IHF]QEWWIHQEPIERHJIQEPIGLSMVWHMVIGXIH
QENSVJSGYWLIVIMR5YIIRWPERHJSV-REHHMXMSR F]1V4EYP,SPPI]ERH(V(IFVE7LIEVIV(MVMIERHE
XLSYKL /1)-% LEW FIIR MRZSPZIH MR WSQI SXLIV GSQFMRIHGLSMVGSRHYGXIHF]1V.EQIW'YWOIPP]3R
MRXIVIWXMRKTVSNIGXW[LMGLPIEHYWJSV[EVHJSV XLI 7YRHE] EJXIVRSSREPP [IVI XVIEXIHXSE GSRGIVX
ERHFI]SRH JIEXYVMRK XLI [SVO ERH VITIVXSMVI I\TPSVIH SR XLI
[IIOIRH
%JXIV QSRXLW SJ LEVH [SVO TPERRMRK QIIXMRKW
TLSRI GEPPW IQEMPW ERH [EOMRK YT MR XLI QMHHPI SJ 8LIR HYVMRK XLI 2EXMSREP 'SRJIVIRGI [I IRHIH
XLI RMKLX HVIEQMRK EFSYX XLMW IZIRX XLI 2EXMSREP IEGLHE]WWIWWMSRW[MXLEGLSVEPGSRGIVXTVSYHP]
'SRJIVIRGI IZIRXYEXIH MR .YRI EX 95 [MXL WTSRWSVIH F] )PPE[E]W XLI QENSV WTSRWSV SJ XLI
XLI XLIQI SJ 7XVIRKXLIRMRK8MIW;I [IVI XLVMPPIH JIWXMZEP8LIEMQSJXLI'SRGIVX7IVMIW[EWXS
XS [IPGSQI HIPIKEXIW JVSQ EPP SZIV %YWXVEPME ERH TVSZMHIETPEXJSVQXSWLS[GEWI[LEX[EWLETTIRMRK
TEVXMGYPEVP] SYV ,YRKEVMER KYIWX -PHMOz ,IVFzP] MR 5YIIRWPERH MR XIVQW SJ GLSVEP TVSKVEQW VMKLX
/SGWEV7MRGIVIXLEROWQYWXKSXSIZIV]SRIMRZSPZIH EGVSWWXLIFSEVHJVSQMRJERXWXSWGLSSPWERHXSXLI
MRXLIGSRJIVIRGIJSVEPPXLIMVMRGVIHMFP]LEVH[SVO [MHIV GSQQYRMX] -X [EW PSZIP] XS WII XLEX IZIV]
;IEWSVKERMWIVWEGXYEPP]QMWWIHXLIHEMP]GSRXEGX[I TIVJSVQERGI LEH XLI 2MGOWSR 6SSQ SZIVS[MRK
LEH[MXLIEGLSXLIVSRGIXLIGSRJIVIRGI[EWSZIV [MXL TIVJSVQIVW EYHMIRGI QIQFIVW ERH HIPIKEXIW
-X[SYPHFIVIQMWWSJQIRSXXSQIRXMSRXLIRERGMEP QEOMRK JSV E PSZIP] [E] XS RMWL E FYW] HE] EX XLI
WYTTSVX[IVIGIMZIHJVSQ2EXMSREP'SYRGMPJSVXLMW GSRJIVIRGI
GSRJIVIRGIERH[IEVIKVEXIJYPJSVXLIMVGSRXVMFYXMSR
;I QYWX EPWS XLERO XLI 9RMZIVWMX] SJ 5YIIRWPERH 3GXSFIV WE[ XLI XLMVH ERH REP IZIRX MR XLMW ]IEVW
EWEQENSVWYTTSVXIVSJXLIIZIRXFSXLMRXIVQWSJ 5/'*8LI&MK7MRK8LMWMWEGSQQYRMX]GLSVEPIZIRX
TVSZMWMSR SJ ZIRYI ERH EWWMWXERGI [MXL SVKERMWEXMSR XLEX MW LSWXIH IEGL ]IEV F] XLI 5YIIRWPERH /SHjP]
F] .EQIW 'YWOIPP]%W ER SVKERMWMRK GSQQMXXII [I 'LSMVMR&VMWFERIMREREXXIQTXXSFVMRKPMOIQMRHIH
ETTVSEGLIH XLI GSRJIVIRGI WPMKLXP] HMJJIVIRXP] JVSQ TISTPIXSKIXLIVXSJSWXIVXLIMVPSZISJQYWMGWMRKMRK
TVIZMSYWGSQQMXXIIWF]TYXXMRKSYXEGEPPJSVTETIVW ERH GSQQYRMX] WTMVMX 8LMW IZIRX LEW TVIZMSYWP]
ERH[SVOWLSTWVEXLIVXLEREWOMRKWTIGMGTVIWIRXIVW [IPGSQIH KVSYTW JVSQ 8SS[SSQFE 7XERXLSVTI
XS FI MRZSPZIH8LMW [EW E ZEPYEFPI TVSGIWW EW [I 8S[RWZMPPI ERH &VMWFERI8LMW ]IEV [I [IPGSQIH E
JSYRHXLEXXLMWKEZITISTPI[LSLEHRXTVIWIRXIHJSV ZEVMIX]SJGLSMVWERHIRNS]IHEHE]SJ[SVOWLSTTMRK
/1)-%MRXLITEWXXLISTTSVXYRMX]XSHSWS%[MHI ERHTIVJSVQMRKEKEMREX1X%PZIVRME'SPPIKI
VERKISJWIWWMSRW[IVISJJIVIHSZIVXLIJSYVHE]WSJ
XLIIZIRXERHIEGL[EW[IPPEXXIRHIH8LMWMRGPYHIHE -RXLI5YIIRWPERH/SHjP]'LSVEP*IWXMZEP[MPP
RYQFIVSJWXYHIRXSVKVEHYEXIXIEGLIVTVIWIRXIVW GSRXMRYI XS KVS[ XLVSYKL XLI TVIWIRXEXMSR SJ X[S
XLIRI\XKIRIVEXMSRSJQYWMGIHYGEXSVWMR%YWXVEPME QENSVIZIRXW
8LISXLIVFMKXMGOIXMXIQSRSYVGEPIRHEVXLMW]IEV 8LILMKLP]WYGGIWWJYP/MGOWXEVX=SYV'LSMV[MPPVIXYVR
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
/3(0=2);7
7EVEL1G+EVV]4VIWMHIRX
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
2);7398,
739
/3(0=2);7
2);7 398,;%0)7
;%0)7
;
I +EXLIV ,IVI 8SKIXLIV LEW MRLEVQSR][MXLREXYVI%PI\ERHIVMRXVSHYGIHYWXS
FIIR TYFPMWLIH F] XLI 7-2+ ERH XLI 1IGLERMGW SJ XLI:SMGI MR E ZIV] TVSJSYRH ]IX
VIGSVHIH F] E KVSYT SJ GLMPHVIR MR TVEGXMGEP[E]JSGYWMRKSREQMRHJYPFSH]E[EVIRIWW
YRMWSR EGGSQTERMIH F] ER SVKER ,IEVX [EVQMRK SJ[LIVIXLIPIEVRMRKXEOIWTPEGI
;LEXEKVIEX[E]XSWXEVXXLI]IEV
7ITXIQFIV .MRKPI .MZI [MXL .YPMI 0SKER [EW E VIEP
,SRSVEV]0MJI1IQFIVWLMT XVIEX JSV TVIWGLSSP XIEGLIVW ,IV I\TIVXMWI MR
1EVKEVIX 7QMXL [EW E[EVHIH ,SRSVEV] 0MJI GLMPH HIZIPSTQIRX TVSZMHIH E KVIEX JSYRHEXMSR JSV
1IQFIVWLMT JSV LIV PMQMXPIWW IRIVK] MR TYVWYMRK GSZIVMRK FEWMG QYWMG GSRGITXW .YPMI MW E WTIGMEPMWX
LIV ZMWMSR XS FVMRK UYEPMX] QYWMG IHYGEXMSR XS MR IEVP] GLMPHLSSH QYWMG IHYGEXMSR ERH XLI EYXLSV
EPP GLMPHVIR ,IV TIVWIZIVERGI ERH HIHMGEXMSR XS SJ.MRKPI .MZI 1YWMG JSV ER MRZEPYEFPI IEW] XS
HIZIPST XLI8IEGLIV8VEMRMRK 4VSKVEQ MR 27; LEW JSPPS[KYMHIJSVTEVIRXWERHXIEGLIVW
MRWTMVIHYWEPP;IEVIJSVXYREXIXSFI[SVOMRK[MXL
WYGL ER IWXIIQIH QIQFIV SJ XLI QYWMG IHYGEXMSR (S6I1M
GSQQYRMX] 8LMW MW SYV XLMVH ,SRSVEV] 1IQFIV ;IZI LEH JSYVXIIR XIEGLIVW VYRRMRK XLIMV S[R
MR 27; 1EVKEVIX NSMRW ERH IPMXI KVSYT SJ (IERRE GPEWWIWMR7]HRI]QIXVSTSPMXEREW[IPPEWMR+SWJSVH
,SIVQERRERH(SVSXL]1G0SYKLPMR 2I[GEWXPI ERH 7LIPP 'SZI 3YV (S 6I 1M 27;
[IFWMXI MW RS[ PMROIH XS XLI REXMSREP [[[HSVI
0SWW QMGSQEY [LMGL EPPS[W QSVI ERH QSVI TEVIRXW XS
;I [IVI EPP HIITP] EJJIGXIH F] XLI WEH PSWW SJ SYV RHSYXEFSYXXLITVSKVEQQI
HIEVJVMIRHERHGSPPIEKYI/E]I7XI[EVXMR%YKYWXPEWX
]IEV,IVKMJXSJFVMRKMRKXLINS]SJQYWMGMRXSXLIPMJI 0SSOMRKELIEH
SJEPPLIVWXYHIRXW[MPPPIEZIEPEWXMRKPIKEG] 8IEGLIV8VEMRMRK 'SYVWIW EW [IPP EW E RYQFIV
SJI\GMXMRK[SVOWLSTW[MPPOIITYWFYW]XLVSYKLXLI
;SVOWLSTW ]IEVLEWFIIRQ]VWX]IEVEWETVIWMHIRXERH
8LIVI [IVI ZI TVSHYGXMZI [SVOWLSTW XLVSYKLSYX EZIV]JYPPPMRKSRIMRHIIH1]WMRGIVIXLEROWXSEPP
XLI ]IEV -X [EW KSSH XS WII RI[ JEGIW ERH WSQI XLI QIQFIVW JSV WYTTSVXMRK /1)-% 27; &VERGL
FIGEQI/SHjP]QIQFIVW XLVSYKLXLIMV]IEVP]QIQFIVWLMTVIRI[EP
%TVMP 1YWMG XLVSYKL 1SZIQIRX [MXL 7ERHVE 2EWL 1]KVEXIJYPXLEROWKSXSQ]GSQQMXXIIIWTIGMEPP]XS
IUYMTTIHTEVXMGMTERXW[MXLEZSGEFYPEV]SJQSZIQIRX 1EVKEVIX7QMXLJSVSRKSMRKLIPTERHIRGSYVEKIQIRX
ERH XLI [E]W XS GVIEXMZIP] YWI MX [MXL TVIWGLSSP ERH XS .YPMI 0SKER [LS SR XST SJ LIV HYXMIW EW
GLMPHVIR XVIEWYVIV [EW EP[E]W XLIVI JSV QI - [SYPH PMOI XS
EPWS XLERO /EXLV]R=SYRK JSV XYVRMRK YT EX EPP XLI
.YRI %JVMGER (VYQQMRK [MXL 1MOI %PQSRH XLI [SVOWLSTW[MXL]YQQ]KSSHMIWERHSJJIVMRKLIPTMR
TEWWMSREXITIVGYWWMSRMWXXSSOYWSRERYRJSVKIXXEFPI WIXXMRKYT
NSYVRI] XLVSYKL 3KI VL]XLQ JVSQ +LERE ;I
HVYQQIHERHWERKERHXMQIWXSSHWXMPP ;IEVIEPPMRZSPZIHMRXLEXZEWXERHI\GMXMRKNSYVRI]
SJ IRKEKMRK GLMPHVIR MR QYWMG ERH RYVXYVMRK XLIMV
.YP]8IEGLMRK&IKMRRIVW[MXL4IRR]+ISVKIXLIEYXLSV PSZI JSV XLMW WSYPJYP EVX [MXL RS FSYRHEVMIW8LEXW
SJRI[P]TYFPMWLIH0IEVRMRKXS4PE]4MERSGLEPPIRKIH TVIGMSYW
XLISPH[E]WSTIRMRKRI[HSSVWJSVXIEGLIVWWIIOMRK
LIPT;MXL]IEVWSJXIEGLMRKI\TIVMIRGI]IXWXMPPSTIR %PIOWERHVE'SPPEHS4VIWMHIRX
QMRHIHERHVIEH]JSVXLIRI[[E]WERHGSRXMRYSYWP]
UYIWXMSRMRK[L]XLMRKWHSRX[SVO4IRR]WTIRHWLIV
PMJIWIEVGLMRKJSVFIXXIVWSPYXMSRW
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
7398,
/3(0=2);7
7398,%9786%0-%
%9786%0-%
-
R TVITEVMRK XS [VMXI XLMW VITSVX - LEZI GLMPHVIR0MOI[MWIXLIWITEVXMGMTERXWFIGSQIVIKYPEV
FVS[WIHSZIVQ]TEWXVITSVXWERHFIIREQE^IH ;SVOWLST GSRXVMFYXSVW SJJIVMRK 'LSVEP 7IWWMSRW
EXLS[JEV[ILEZIKVS[RRSXSRP]MRWM^IFYX SV ;EVQ 9T KEQIW ;I HIPMKLX MR WIIMRK XLIMV
EPWSMRGSQQMXQIRXVERKIERHTVSJIWWMSREPMWQ KVS[MRKGSRHIRGIERHWOMPPERHFYMPHMRKYTXLIMV
VITIVXSMVI7TIGMEPXLEROWXSXLIVIQEVOEFPIWOMPPWSJ
3YVQIQFIVWLMTLEWWXEFMPMWIHEVSYRHXLIRYQFIV 1EVK MR TPERRMRK ERH SZIVWIIMRK ERH 'SPPMI JSV LIV
;IRS[RHQER]WGLSSPWEVIXEOMRKYTGSVTSVEXI RIHIPMZIV]ERHXVERWTEVIRXXLMROMRK
QIQFIVWLMT EPPS[MRK ER] SJ XLIMV WXEJJ XS WLEVI
XLI TPIEWYVI SJ GLIETIV [SVOWLSTW ERH E FSYRXMJYP /MVWX] %PMGI ERH - XVEZIPPIH XS 1IPFSYVRI JSV XLI
RI[WPIXXIVIEGLUYEVXIV;IRHQYGLNS]MRWLEVMRK %YXYQR7IQMREV-XMWRS[TEVXSJSYV]IEVP]TPER-XMW
RI[WPIXXIVW XLVSYKL IQEMP RS[ [MXL RI[WPIXXIVW WYGLETPIEWYVEFPIGSRJIVIRGI[MXLMRHITXLQYWMGEP
ERHSXLIVVIPIZERXMRJSVQEXMSRFIMRKWIRXEXETVIWW GLEPPIRKI EW [IPP EW GSRGIVXW F] NYRMSV 1IPFSYVRI
SJEOI]8LMWQIERWSJGSYVWIXLEXSYVVIPEXMSRWLMT GLSMVWERHRIX[SVOMRK[MXLRI[QYWMGEPGSPPIEKYIW
[MXL SYV QIQFIVW WIIQW WXVSRKIV EW X[S[E] -QWYVI[I[MPPFISJJEKEMRMR
GSQQYRMGEXMSR[MXL=ZSRRISYVRI[WPIXXIVIHMXSVMW
ERSRKSMRKTPIEWYVI 8LMW ]IEV [I WYTTSVXIH SYV XVIEWYVIV ERH VWX 7%
/SHjP]4VIWMHIRX1EVK0ERKIXSKSXSXLI2EXMSREP
3YV QIQFIVWLMT GSRWMWXW SJ E ZEVMIX] SJ TVEGXMWMRK /SHjP] 'SRJIVIRGI LIPH MR &VMWFERI MR .YRI 1EVK
XIEGLIVW ERH QIIXMRK XLIMV RIIHW MW E FMK GLEPPIRKI VIXYVRIH XMRKP] ERH I\GMXIH [MXL EPP XLI GSRXEGXW
;I QSRMXSV ZIV] GPSWIP] XLI IZEPYEXMSR VIWTSRWIW VIMKRMXIH ERH LIV NS] MR MRHYPKMRK MR QSVI QYWMGEP
JVSQIEGL[SVOWLSTTPYWGEXIVJSVRI[ERHMRJSVQIH GLEPPIRKI7LIMWTIVIRRMEP
TEVXMGMTERXW [MXL IZIV];SVOWLST8LI JEGX XLEX WS
QER]QIQFIVWVIXYVRVIPMKMSYWP]XSSYV[SVOWLSTW 3YV 'SQQMXXII LEW FIIR XLI WXEP[EVX SJ XLI 7%
WYTTSVXW SYV FIPMIJ XLEX SYV QM\ ERH TVIWIRXEXMSR 7SGMIX] ERH [I VIP] SR XLIMV GSQQMXQIRX XS QEOI
QYWX FI QIIXMRK XLIMV RIIHW TPYW XLI QERRIV MR SYVSVKERM^EXMSREWTVSJIWWMSREPEWMXMW-XLMRO[IEPP
[LMGL[IHIPMZIV PIEVRWSQYGLEFSYXSYVVIWIVZIWERHSYVKVS[MRK
WOMPPW [MXL IEGL XIVQ SJ 'SQQMXXII VIWTSRWMFMPMX]
8LMW]IEVXLIJSYV;SVOWLSTWLEZIYWIHXLIGSVISJ 1] EFWSPYXI XLEROW XS ]SY EPP 6SF]R 'EXIVMRK
6L]XLQ 4MXGL ERH 1YWMGMERWLMT FYX EP[E]W PSSOMRK 3VKERMWIV=ZSRRI 2I[WPIXXIV )HMXSV 1EVMI 1MRYXI
EX MX MR E WIUYIRXMEP ERH XVERWTEVIRX QERRIV )EGL 7IGVIXEV]1EVK8VIEWYVIVERH/MVWX]:MGI4VIWMHIRX
EVIE [SYPH WYTTSVX ERH PMRO [MXL XLI RI\X SJJIVMRK
E S[ JSV XLI HE] &YX [I LEZI EPWS FVERGLIH SYX 1EVMI%RHVI[WMWQSZMRKMRXSVIXMVIQIRXEXXLIIRH
ERH PSSOIH EX LS[ XLI /SHjP] 'SRGITX XW [MXLMR SJXLMW]IEVERH[MPPIRHLIVVSPISRXLI'SQQMXXII
XLI 7%'7%%VXW 'YVVMGYPYQ%PXLSYKL [I HMH XLMW 7LI LEW FIIR E WSYVGI SJ GSRXMRYEP MRWTMVEXMSR [MXL
WS IEVRIWXP] JSYV ERH ZI ]IEVW EKS [I XLSYKLX MX LIV VIEH] ORS[PIHKI ERH IRXLYWMEWQ XS WLEVI RI[
[EWXMQIXSPSSOEXXLIPMROWEKEMR7STYVTSWIJYP[EW VITIVXSMVI ERH QIXLSHSPSK] [LIR [SVOMRK [MXL
SYV[SVOXLEXRI\X]IEV[IEVILSTMRKXSTVSHYGIE ]SYRKFS]W8LERO]SY1EVMIMRHIIH
FSSOPIXEWEVIWSYVGIJSVWXEJJ3YVXLEROWQYWXKS
XS=ZSRRI8]WSI/MVWX](IRXERH1EVKEVIX0ERKIJSV - [MPP QSZI EWMHI JVSQ FIMRK 4VIWMHIRX XLMW ]IEV -
WYGLMRXIRWIVIIGXMSRERHEFPIQYWMGEPE[EVIRIWW LEZI FIRIXIH E QMPPMSRJSPH -X LEW FIIR E XMQI SJ
KVS[XLERHTVSJIWWMSREPMWQJSVXLI7SGMIX];MXLXLI
8[S0IZIP'SYVWIWLEZIEKEMRFIIRGEVVMIHXLVSYKL EFMPMXMIW SJ Q] QIRXSVW SR XLI 'SQQMXXII - EP[E]W
XLMW ]IEV [MXL 1EVK 0ERKI EW XLI %HQMRMWXVEXSV JIPX WYTTSVXIH ERH EGORS[PIHKIH ;I EVI MRHIIH
ERH QIRXSV ERH 'SPPMI 7QMXL EW XLI 4VIWIRXIV -X MW E GSQQYRMX] SJ PIEVRIVW 3YV 7SGMIX] MW TEVX SJ E
HIPMKLXJYP XS WII XLI PMKLX FYPF YRHIVWXERHMRK F] [LSPI FSXL REXMSREPP] ERH MRXIVREXMSREPP]=IX XLEX
XLI TEVXMGMTERXW EW XLI] QSZI XLVSYKL XLI JSYV HE] IWWIRGISJ[LEXQEOIWMX[SVOWS[IPPMWFIGEYWISJ
GSYVWI 8LIMV ORS[PIHKI RS[ XEOIW XLIQ XS RI[ LS[[IGEVIJSVIEGLSXLIVJSVSYVGLMPHVIRERH
PIZIPWSJQYWMGMRZSPZIQIRX[MXLXLIMVWXYHIRXW8LI] JSVQYWMGMXWIPJ
VMWOXEOIERHI\TIVMQIRXQSVISTIRP]ERHHMWGSZIV
RI[ QYWMGEP LIMKLXW JSV XLIQWIPZIW ERH XLIMV 4IRR]/E^MQIVG^EO4VIWMHIRX
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
%'8
6)7396')6):-);7
%'8
LEW FIIR E ]IEV SJ GLERKI ERH
KVS[XL;IQSZIHXSERI[ZIRYIJSVSYV
[SVOWLSTW ERH QIIXMRKW EJXIV QER] ]IEVW EX
'ERFIVVE &S]W +VEQQEV 7GLSSP [LIVI XLI TEWX
TVIWMHIRX/IVV]%PPIRLEHEP[E]WFIIRXLIKVEGMSYW
LSWXIWW[MPPMRKP]EVVERKMRKJSVXLIZEVMIX]SJRIIHWSJ
XLIQIIXMRKW[SVOWLSTWERHGSYVWIWLIPHXLIVI
3YVQSZIXSXLI%MRWPMI%VXW'IRXVI[LIVIRYQIV QER] SJ YW [MXL EGXMZMXMIW XLEX [I YWIH WYGGIWWJYPP]
SYWSVKERMWEXMSRWLMVIXLIJEGMPMXMIWRIIHIHERI[ET XLVSYKLSYXXLI]IEV
TVSEGLLSPHMRK[SVOWLSTW&YXSRGI[IHJSYRHXLI
PSGEXMSRSJTS[IVTSMRXWPIEVRXXSPSGOEPPXLI[MR .YHMXL EPWS GEQI XS TVIWIRX XLI VWX HE] SJ PIZIP
HS[WERHWIXXLIEPEVQWSJJWIZIVEPXMQIW[IUYMGOP] 'SYVWI [LMGL YRJSVXYREXIP] LEH XS FI GERGIPPIH EX
WIXXPIHMR XLIPEWXQMRYXI-RWXIEHXLIGSQQMXXIIVIGIMZIHEHE]
SJKYMHERGIERHXLSYKLXWJSVJYXYVIHMVIGXMSRW[LMGL
3YXVWX[SVOWLST[EW[MXL%RRE/EPQER[LSEV [IXLSVSYKLP]ETTVIGMEXIH
VMZIHSREZIV]LSX*IFVYEV]HE]ERHTVSGIIHIH[MXL
EQE^MRK IRIVK] ERH TEGI XS TVIWIRX [SVOWLSTW 1IPMWWE(SHWVIXYVRIHMR%YKYWXXSTVIWIRXERIEVP]
3ZIVTEVXMGMTERXW[IVIPIHXLVSYKLERMRZMKSVEX GLMPHLSSH[SVOWLST[LMGL[EWSRGIEKEMR[IPPEX
MRKHE][LIVIMHIEWJSVMRXIKVEXIHXLIQIW[IVIHIQ XIRHIH ERH XLSVSYKLP] IRNS]IH 8LIVI [IVI RI[
SRWXVEXIH[MXLX[SXSTMGW%YWXVEPMEREJSVYTTIV WSRKWERHKEQIWERH-XLMROQER]GLMPHVIRMRXLIEVIE
TVMQEV] ERH 8LI .YRKPI JSV PS[IV TVMQEV] %RRE [IVIWMRKMRK,IPPS)ZIV]FSH],IPPS[MXLEPPXLII\
TVIWIRXIH RI[ MHIEW ERH ETTVSEGLIW XLEX [I LEH XVE TEVXW JSV QER] QSRXLW EJXIV[EVHW8LIVI [IVI
RSXWIIRFIJSVIERHXLIVI[EWEPSXSJVIXEMPXLIVET] E RYQFIV SJ RI[ TEVXMGMTERXW [LS [IVI EQE^IH EX
YRHIVXEOIR [MXL XLI VERKI SJ FSSOW ERH VIWSYVGIW [LEXGSYPHFIHSRIMRQYWMGIHYGEXMSRERHQER]SJ
%RRE LEH FVSYKLX;I [IVI TEVXMGYPEVP] XEOIR [MXL XLIWI LEZI GSRXMRYIH XS GSQI XS JSPPS[MRK [SVO
%RREWWSRKFSSO[MXLWSRKWWIXMREVERKISJHMJJIV WLSTW;SVOWLSTWPMOIXLIWIJVSQMRXIVWXEXITVIWIRX
IRXQSHIW IVW EVI WYGL ER MQTSVXERX TEVX SJ XLI GSQQMXXIIW
TVSJIWWMSREPHIZIPSTQIRX-XW[LEXOIITWYWKSMRK
3YVXLMVHERRYEP'LSMV'SRHYGXSVW[SVOWLST[EW
SRGIEKEMRPIHF]1EVO30IEV][LSTVIWIRXIHSYV ;I HIGMHIH XLEX IZIR MJ [I LEH XS QEOI WSQI HMJ
VWXSRI]IEVWEKS1EVOMWERSYXWXERHMRKXIEGLIV GYPXHIGMWMSRWEFSYXEHMQMRMWLMRKFEROFEPERGIXLEX
[LS QEREKIW XS PIEH IRXLYWI GENSPI ERH GSRZMRGI [I[SYPHRSXGERGIPXLIWI%WMXXYVRIHSYXSYVQSR
IZIRXLIQSWXVIPYGXERXTEVXMGMTERXXLEXXLI]EVITIV MIWLEHFIIRXYVRIHMRXSVIWSYVGIW;IRS[LEZIE
JIGXP]GETEFPISJWXEVXMRKQEREKMRKERHGSRHYGXMRKE PEVKI PMFVEV] EW [IPP EW E PSX SJ VIWSYVGIW XLEX WIPP
WGLSSPGLSMVYWMRKKSSH/SHjP]TVMRGMTPIW,MWKYMHI WXIEHMP]EXIEGL[SVOWLST
PMRIW EVI WMQTP] WIX SYX ERH E [MHI VERKI SJ KEQIW
ERH EGXMZMXMIW XS IRGSYVEKI KSSH WMRKMRK TVSZMHIH E 3YVPEWX[SVOWLSTIRXMXPIH%8VIEWYVI8VSZI[EW
PSXSJJYRERHQIVVMQIRXFIJSVILIPIHYWXLVSYKLE TVIWIRXIHF]XLIGSQQMXXII)EGLGSQQMXXIIQIQ
VERKISJGLSVEPWSRKWWYMXEFPIJSVGLMPHVIR%WIGSRH FIVTVIWIRXIHX[SSJXLIMVJEZSYVMXIMHIEW-X[EWWYGL
EHZERGIH [SVOWLST [EW LIPH XLI RMKLX FIJSVI ERH EWYGGIWW[ITPERXSLEZISRIIEGLXIVQJSVXLVII
[I[IVIHIPMKLXIH[LIRGSRHYGXSVWJVSQEVSYRH XIVQWRI\X]IEV;IEPWSLIPHEWLSVX[IIO0IZIP
XLIEVIEEXXIRHIH1EVOGLEPPIRKIHIZIV]SRIWQYWM 'SYVWIXLEX[EW[IPPVIGIMZIH[MXLRI[TEVXMGMTERXW
GMERWLMT[MXLKEQIWEW[IPPEWMRXVSHYGMRKKVIEXRI[ ERH[IJIIPSYVRI[HMVIGXMSRMW[MXLXVEMRMRKGSYVWIW
VITIVXSMVIJSVQSVIEHZERGIHGLSMVW EWXLIVIMWEKVIEXRIIHJSVMXLIVIMRXLI%'8
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
:-'836-%
6)7396')6):-);7
:-'836-%
GSQTSWIV (EZMH &VYRRIV % WTIGMEP XLEROW XS XLI
:MGXSVMER &VERGL 'SQQMXXII QIQFIVW [LS WS
IRXLYWMEWXMGEPP]WYTTSVXXLMWIZIRXERH[SVOLEVHXS
QEOIMXLETTIR
FVMRKW XS GPSWI XLI XL ]IEV SJ *IWXMZEP EX XLI FIEYXMJYP 1IQSVMEP ,EPP SJ 'EYPIPH
STIVEXMSR JSV XLI :MGXSVMER &VERGL SJ 8LI +VEQQEV7GLSSPW;LIIPIVW,MPP'EQTYW4IVJSVQMRK
/SHjP] 1YWMG )HYGEXMSR -RWXMXYXI SJ%YWXVEPME MR XLI JIWXMZEP [IVI GLSMVW JVSQ 7GSXGL 'SPPIKI
-XEPWSFVMRKWXSGPSWIQ]WIGSRH]IEVSJWIVZMGIEW 0S[XLIV ,EPP%RKPMGER +MVPW 7GLSSP 7SYXL +IIPSRK
4VIWMHIRXERH-EQTPIEWIHXSFIEFPIXSVITSVXSR 4VMQEV] 7GLSSP 1EPZIVR 4VMQEV] 7GLSSP 6MGLQSRH
XLIEGXMZMXMIWSJXLIFVERGLXLMW]IEV8LIGSVI[SVO 4VMQEV]7GLSSP'EYPIPH+VEQQEV7GLSSP&IV[MGO
SJ SYV SVKERM^EXMSR MW XLI TVSZMWMSR SJ VIWSYVGIW 4VMQEV] 7GLSSP ERH 7SP[E] 4VMQEV] 7GLSSP %PWS
ERH UYEPMX] TVSJIWWMSREP HIZIPSTQIRX STTSVXYRMXMIW TEVXMGMTEXMRK[IVIXLIXVEMRMRKKVSYTWSJGSQQYRMX]
JSV SYV QIQFIVW ERH XLSWI [LS WLEVI SYV MHIEPW GLSMVW8LI=SYRK:SMGIWSJ1IPFSYVRI&IV[MGO=SYXL
3ZIV XLI TEWX ]IEV [I LEZI TVIWIRXIH [SVOWLSTW 'LSMVERH8LI+IIPSRK=SYXL'LSMV8LIGLSMVWWERK
MR 1IPFSYVRI ERH VIKMSREP EVIEW GSYVWIW E GLSVEP XSKIXLIV YRHIV XLI HMVIGXMSR SJ 1EVO 30IEV] ERH
JIWXMZEPERHER%YXYQR7IQMREVEW[IPPEWTYFPMWLMRKE 7YWMI (EZMIW7TPMXXIV FIJSVI WMRKMRK JSV IEGL SXLIV
RIRI[WPIXXIVJSVSYVQIQFIVW 8LI VIWTSRWI XS XLMW IZIRX [EW WS WXVSRK XLEX XLI
EYHMXSVMYQ[EWPPIH[MXLWM\LYRHVIH]SYRKWMRKIVW
(YVMRK SYV FVERGL GSRHYGXIH ZI 8IEGLIV PIEZMRK RS VSSQ JSV ER] I\XVE EYHMIRGI -R JYXYVI
8VEMRMRK'SYVWIW-RXLIVWXTEVXSJXLI]IEVRMRIXIIR ]IEVW [I TPER XS VIWXVYGXYVI XLMW IZIRX WS XLEX [I
XIEGLIVWYRHIVXSSOXLI0S[IV4VMQEV]0IZIP3RI
GERWLEVIXLIQYWMG[MXLTEVIRXWERHJVMIRHW
GSYVWI[MXL.YPME4MKKMRERH.IRRM%PPIRWM\XIEGLIVW
NSMRIH %PPMWSR ,EVVMKER JSV 9TTIV 4VMQEV] 0IZIP 3YVERRYEP)EVP]'LMPHLSSH[SVOWLST[EWEXXIRHIH
8LVII
ERH XIR XIEGLIVW NSMRIH (EVVIR;MGOW JSV XLMW ]IEV F] IPIZIR TVIWGLSSP QYWMG XIEGLIVW
0S[IV7IGSRHEV]0IZIP3RI
%RRE1P]RIO/EPQER 4VIWIRXIVW 1IPMWWE (SHW%RHVIE 7EZEKI ERH 7YWER
TVIWIRXIH E 4VI7GLSSP 0IZIP 3RI
GSYVWI [LMGL 6YWWS WLEVIH XLIMV I\TIVXMWI [MXL ER IRXLYWMEWXMG
[EW EXXIRHIH F] WM\ XIEGLIVW -R XLI WIGSRH LEPJ SJ KVSYTSJIHYGEXSVWOIIRXSKIXWSQIRI[MHIEWJSV
XLI]IEVIMKLXXIEGLIVWNSMRIH(EVVIR;MGOWJSVXLI XLIMVWXYHIRXW.YH]7LE[LEWEPWSXLMW]IEVLSWXIHE
7IGSRHEV]0IZIP8[S
GSYVWI8LMW[EWXLIVWXXMQI WIVMIWSJ[SVOWLSTWEGVSWW1IPFSYVRIJSVTVIWGLSSP
XLMW GSYVWI LEW FIIR SJJIVIH MR:MGXSVME ERH [I EVI XIEGLIVWXSLIPTXLIQXSMQTVSZIXLIUYEPMX]SJXLIMV
ZIV] TPIEWIH [MXL XLMW HIZIPSTQIRX ;MXL E XSXEP QYWMGXIEGLMRK-R[I[MPPFIVYRRMRKXLVII)EVP]
SJ JSVX] RMRI XIEGLIVW LEZMRK YRHIVXEOIR /SHjP] 'LMPHLSSH [SVOWLSTW WTVIEH XLVSYKLSYX XLI ]IEV
XIEGLIV XVEMRMRK XLMW ]IEV [I GER FI GSRHIRX XLEX XSXV]XSFIXXIVGEXIVJSVXLIRIIHWSJXLMWMQTSVXERX
QSVIGLMPHVIR[MPPI\TIVMIRGIXLIFIRIXWSJ/SHjP] KVSYT SJ IHYGEXSVW;I EVI KVEXIJYP XS .YH] 7LE[
XIEGLMRK1]XLEROWKSXS.YPME.IRRM%PPMWSR%RREERH JSVLIVGSQQMXQIRXXSMQTVSZMRKSTTSVXYRMXMIWJSV
(EVVIR[LSQEOIERIRSVQSYWGSRXVMFYXMSRXSSYV TVIWGLSSP XIEGLIVW XS PIEVR EFSYX UYEPMX] QYWMG
SVKERM^EXMSRERHQYWMGIHYGEXMSRF]XLIMV[MPPMRKRIWW IHYGEXMSR
XSTVIWIRXXLIWIGSYVWIW
3YVGSPPEFSVEXMSR[MXLXLI:MGXSVMER3VJJ7GLYP[IVO
8LI%YXYQR7IQMREVMWRS[ERIWXEFPMWLIHIZIRXSR %WWSGMEXMSR GSRXMRYIH MR [MXL XLI NSMRX
SYV GEPIRHEV ERH SYV XLMVH WIQMREV [EW TVIWIRXIH TVIWIRXEXMSR SJ X[S [SVOWLSTW MR 1IPFSYVRI
SR 1E] ERH XLMW ]IEV 2MRIX]IMKLX TISTPI XLI &EGO XS 7GLSSP (E] MR *IFVYEV] ERH XLI
MRGPYHMRK TVIWIRXIVW
EXXIRHIH WIWWMSRW MR 4VMQEV] 'IPIFVEXMSRW [SVOWLST MR 3GXSFIV %W [IPP
7IGSRHEV] ERH -RWXVYQIRXEP 8IEGLMRK 8IGLRMUYIW EW XLIWI [I LEZI NSMRXP] TVIWIRXIH QMHHPI ]IEVW
1YWMGMERWLMT'SRHYGXMRK'LSVEP6ITIVXSMVIZEVMSYW [SVOWLSTW MR 'EWXPIQEMRI ERH %PFYV] ;LMPI [I
IPIGXMZIXSTMGWERHETIVJSVQERGIJVSQXLI'EYPIPH [MPP SJ GSYVWI VIXEMR SYV S[R MHIRXMX] ERH QEMRXEMR
+VEQQEV 7GLSSP 1EPZIVR 'EQTYW 'LEQFIV 'LSMV SYVFIPMIJMRXLIMQTSVXERGISJ/SHjP]WTVMRGMTPIWSJ
ERH XLI GLSMVW SJ XLI:MGXSVMER 'SPPIKI SJ XLI%VXW QYWMG IHYGEXMSR MX MW ZMXEP XLEX [I JSVKI QIERMRKJYP
7IGSRHEV] 7GLSSP 7TIGMEP KYIWX PIGXYVIVW MRGPYHIH VIPEXMSRWLMTW[MXL PMOIQMRHIHSVKERM^EXMSRWWYGLEW
'IPME 'LVMWXQEWW JVSQ 4IVXL%RHVI[ 4IRRE] JVSQ :37%MRSVHIVXSVIEGLEWQER]XIEGLIVWEWTSWWMFPI
&VMWFERIERHPSGEPTVIWIRXIVW/MIVER'EWI]1MGLEIP [MXLSYVQIWWEKI
7EVKIERX 1EVMSR7XEJJSVH 1EVO30IEV] .YPME 4MKKMR
'LVMWXSTL 1EYFEGL ERH (EVVIR ;MGOW % WTIGMEP 1IQFIVW[MPPLEZIRSXMGIHXLIQYGLMQTVSZIHPSSO
FSRYW[EWXLITVIWIRXEXMSRSJEWIWWMSRF]%QIVMGER SJSYVRI[WPIXXIVMR8LEROWEVIHYIXS'PEVI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
/3(0=2);7
,EPP JSV PIEHMRK XLI QSZI XS E QSVI TVSJIWWMSREP WIIR E KVS[XL MR QIQFIVWLMT FIXXIV QEVOIXMRK
PSSOMRK TYFPMGEXMSR 8LEROW EVI EPWS HYI XS .IRR] ERHTVSQSXMSRSJSYVEGXMZMXMIWEGGIWWXSMRGVIEWIH
+MNWFIVW[LSLEWYRHIVXEOIRXLIVSPISJRI[WPIXXIV JYRHMRK STTSVXYRMXMIW ERH FIXXIV PMROW [MXL SXLIV
IHMXSVXLMW]IEV%W[IPPEWOIITMRKYWMRJSVQIHEFSYX TVSJIWWMSREPEWWSGMEXMSRW*YVXLIVQSVIVIPIEWIHJVSQ
XLIZEVMSYWEGXMZMXMIWSJXLIFVERGLIEGLRI[WPIXXIV XLIFYVHIRSJ[VMXMRKVIGIMTXWERHXEOMRK[SVOWLST
LEWJIEXYVIHZEPYEFPIXIEGLMRKVIWSYVGIWERHXIEGLMRK VIKMWXVEXMSRWGSQQMXXIIQIQFIVWLEZIFIIREFPIXS
WXVEXIKMIW 4YXXMRK XSKIXLIV XLI RI[WPIXXIV MW E HS QSVI SJ [LEX XLI] HS FIWX GVIEXMRK EGXMZMXMIW
GLEPPIRKMRKNSFERH.IRR]LEWHSRIMX[MXLHMWXMRGXMSR ERHIZIRXWJSVSYVQIQFIVW
8LMROMRKMR7SYRHXLI[IIOP]QYWMGMERWLMTGPEWWIW
MRMXMEXIH MR WIQIWXIV X[S LEZI GSRXMRYIH MR *MREPP]XLERO]SYXSEPPXLIQIQFIVWSJXLI:MGXSVMER
[MXL(EVVIR;MGOW+EFVMIP*IHIVS[ERH.IRR] &VERGL SJ XLI /SHjP] 1YWMG )HYGEXMSR -RWXMXYXI SJ
+MNWFIVW PIEHMRK E WQEPP FYX IRXLYWMEWXMG KVSYT SJ %YWXVEPME [LS ZEPYI QYWMG IHYGEXMSR ERH NSMR YW MR
QIQFIVW OIIR XS MQTVSZI XLIMV S[R WOMPPW MR XLMW XLISRKSMRK[SVOSJ[SVOMRKXS[EVHWFIXXIVQYWMG
EVIE8SXV]XSQEOIQYWMGMERWLMTEGGIWWMFPIXSQSVI IHYGEXMSRMRSYVWXEXI
SJ SYV QIQFIVWLMT [I [MPP FI MRMXMEXMRK E WIVMIW SJ
7SPJE7EXYVHE]WMR8LIWIWIWWMSRW[MPPFISRISJJ 1EVO30IEV]4VIWMHIRX
QYWMGMERWLMT[SVOWLSTWSRXLIVWX7EXYVHE]SJIEGL
QSRXL HYVMRK XLI WGLSSP XIVQ;I LSTI XLEX QER]
SJ SYV QIQFIVW [MPP NSMR YW XS VIHMWGSZIV XLI NS]
SJ WMRKMRK XSKIXLIV ERH MQTVSZMRK SYV QYWMGMERWLMT
WOMPPW
*SV ER] GSQQMXXII XS [SVO [IPP XLIVI LEW XS FI
TISTPI MRZSPZIH [LS EVI LETT] XS MRMXMEXI ERH XEOI
VIWTSRWMFMPMX]JSVMHIEWERHTVSNIGXW8LIVIEPWSLEWXS
FITISTPI[MPPMRKXSHSXLIQYRHERIXEWOWRIGIWWEV]
XSXYVRMHIEWMRXSEGXYEPIZIRXW2S[SVOWLSTGSYVWI
SV GSRGIVX [MPP KIX SJJ XLI KVSYRH YRPIWW WSQISRI
MWTVITEVIHXSXEOIVIWTSRWMFMPMX]ERHMWXLIRSJJIVIH
WYTTSVX XS WII MX XLVSYKL XS MXW GSRGPYWMSR;I EVI
JSVXYREXI XS LEZI MR SYV GSQQYRMX] RI IHYGEXSVW
[LS LETTMP] ZSPYRXIIV XLIMV XMQI ERH IRIVK] XS
IRWYVI XLI SRKSMRK LIEPXL SJ /SHjP] XIEGLMRK MR
XLMW WXEXI 8LI QIQFIVW SJ XLI :MGXSVMER &VERGL
GSQQMXXII LEZI HSRI ER I\GIPPIRX NSF MR ERH 2I[WJVSQXLI
- [SYPH PMOI XS XLERO:MGI 4VIWMHIRX (EVVIR;MGOW
7IGVIXEV]'PEVI,EPP8VIEWYVIV.YPME8VMJSRSZSVHMREV] -RXIVREXMSREP
QIQFIVW.YPME4MKKMR+EFVMIP*IHIVS[.YH]7LE[ERH
)QQE&YROIV7QMXLEW[IPPEWSYVGSSTXIHJVMIRHW /SHjP]7SGMIX]
SJ XLI GSQQMXXII%QIPME%PHIV .IRR] +MNWFIVW ERH
%PPMWSR,EVVMKERJSVXLIMV[SVOXLMW]IEV 'SRKVEXYPEXMSRW XS (V .EQIW 'YWOIPP] [LS [EW
VIGIRXP]IPIGXIHXSXLI&SEVHSJXLI-RXIVREXMSREP
*SV WSQI ]IEVW [I LEZI FIIR [SVOMRK XS[EVHW /SHjP]7SGMIX]-/7
MQTVSZMRKXLIPSRKXIVQTPERRMRKSJSYVEGXMZMXMIWERH
-EQTPIEWIHXLEX[IEVIEFPIXSTVIWIRXXSXLIRI[ 8LI -RXIVREXMSREP 7]QTSWMYQ SJ XLI
GSQQMXXIIETPERRIHTVSKVEQSJIZIRXW[LMGL -RXIVREXMSREP/SHjP]7SGMIX][EWLIPHMR'SPYQFYW
LEZI EPVIEH] FIIR TYFPMGMWIH MR :MGXSVMER WGLSSPW 3LMSMR%YKYWX%YWXVEPMERWKMZMRKTETIVWSV
*SV[EVH TPERRMRK IREFPIW YW XS ETTVSEGL XLI RI[ WIWWMSRWMRGPYHIH(V.EQIW'YWOIPP].YH].SLRWSR
]IEV [MXL GSRHIRGI ERH KMZIW YW XLI WTEGI XS FI .SLR'SP[MPPERH%RRI'SQMWOI]
EFPIXSPSSOELIEHXSXV]XSFIXXIVQIIXXLIRIIHW
SJSYVQIQFIVW 8LIRI\X-/77]QTSWMYQ[MPPFILIPHMR/EXS[MGI
4SPERHMR%YKYWX
7XSGOHEPI %HQMRMWXVEXMZI 7IVZMGIW LEW GSRXMRYIH
XS TPE] E QENSV VSPI MR QEREKMRK ERH KVS[MRK XLI
EGXMZMXMIWSJSYVFVERGLERH[IXLERO+PIR]W6MGLEVH
ERHXLIMVXIEQJSVXLIMVWYTTSVXSJSYVSVKERM^EXMSR
7MRGI +PIR]W [EW ETTSMRXIH EHQMRMWXVEXSV SJ XLI
:MGXSVMER &VERGL LEPJ [E] XLVSYKL [I LEZI
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
9THEXISRHSVIQM GLMPHVIRERHXIEGLIVW
4VMRXMRKSJXLIGYVVMGYPYQERHEGGSQTER]MRK
*VSQ+EMP+SHJVI] HSGYQIRXW
HSVIQM2EXMSREP'SSVHMREXSV 6IWSYVGI4EGOERHKIRIVEPI\TIRWIWMRXLISTIVE
XMSRSJHSVIQM
1MWWMSR:MWMSRERH7IVZMGI -RWYVERGIGSZIVJSVEJPMEXIHHSVIQMQIQFIVW
HSVIQMIEVP]GLMPHLSSHQYWMGGPEWWIWGSRXMRYIXS SJ/1)-%-RG
SYVMWLMREVIEWEVSYRH%YWXVEPMEERHSZIVWIEW3YV
QMWWMSRMWXSMQQIVWIGLMPHVIRMREQYWMGEP[SVPH HSVIQM LEW FIIR E VIKMWXIVIH 8VEHIQEVO WMRGI
SJHMWGSZIV][LMPITEVIRXWGEVIVWEVIXEYKLXLS[XS ERH SJJIVW GPEWWIW MR WM\X] PSGEXMSRW EPSRK XLI
IRVMGL XLIMV GLMPHW QYWMGEP NSYVRI];I RYVXYVI EPP IEWXGSEWXSJ%YWXVEPME[MXLGPEWWIWRS[EPWSSTIVEXMRK
EWTIGXW SJ GLMPH HIZIPSTQIRX IREFPMRK GLMPHVIR XS MR7MRKETSVIERH2I[>IEPERH%SRIHE][SVOWLST
VIEPMWI XLIMV JYPP TSXIRXMEP XLVSYKL E WMRKMRKFEWIH MW TPERRIH JSV .ERYEV] MR ,EQMPXSR 2> WS [I EVI
GYVVMGYPYQ;IEMQXSMRYIRGIREXMSREPZMI[WSJXLI JSVKMRKWXVSRKVIPEXMSRWLMTW[MXLSYVRIMKLFSYVWERH
ZMXEPMQTSVXERGISJQYWMGMRIEVP]GLMPHLSSH PSSOJSV[EVHXSXLMWI\GMXMRKIZIRX
2I[TVSHYGXWMRGPYHI
XLI'VIWGIRHS'LSVEP7IVMIW
ERHMRWTMVEXMSREP1YWMG4SWXIVW
'VIWGIRHS1YWMG)HYGEXMSR
43&S\
;EVRIV5YIIRWPERH
[[[GVIWGIRHSGSQEY
4L*E\
'3286-&98367
.9(=*631=,6MWE7IRMSV0IGXYVIVMR1YWMGMRXLI7GLSSPSJ%VXWERH7GMIRGIWEXXLI&VMWFERI'EQ
TYWSJ%'92EXMSREP%YWXVEPMER'EXLSPMG9RMZIVWMX]
.YH]MWSRISJXLIHMVIGXSVWSJXLI%'9&VMWFERI
'EQTYW'LSMVERHMWXLIHMVIGXSVSJXLI%'9%VXW'IRXVIXLEXTVSZMHIWZMWYEPEVXQYWMGERHHVEQE
GPEWWIWJSVGLMPHVIR7LIMWEPWSXLI'SSVHMREXSVSJXLI)EVP]'LMPHLSSH1YWMG4VSKVEQERH=SYRK&IKMR
RIV'SPSYVWXVMRKWEX=SYRK'SRWIVZEXSVMYQ5YIIRWPERH'SRWIVZEXSVMYQ+VMJXL9RMZIVWMX]
[LIVIWLI
GSRHYGXWXLI1IPSHMG1MRSVW'LMPHVIRW'LSMV
(%66)2;-'/7MWERLSRSVEV]PMJIQIQFIVSJ/1)-%ERHXLIMQQIHMEXI4EWX4VIWMHIRXSJFSXL/1)-%
2EXMSREP
ERHXLI:MGXSVMER&VERGL,IMWEPWS(MVIGXSVSJ1YWMGEX*MVFERO+VEQQEV7GLSSP1IPFSYVRI
7%6%,1'+%66=MWE'PEWWVSSQ1YWMG8IEGLIVERH,IEHSJ,SYWIEX&VMWFERI+MVPW+VEQQEV7GLSSP
7LIMW4VIWMHIRXSJXLI5YIIRWPERH&VERGLSJ/1)-%ERHPIGXYVIWMR%YVEP7XYHMIWEXXLI9RMZIVWMX]SJ
5YIIRWPERHMRFSXLXLIYRHIVKVEHYEXIERH7YQQIV1YWMGTVSKVEQW
%22)'31-7/)=MWER%WWSGMEXI4VSJIWWSVEXXLI9RMZIVWMX]SJ,EVXJSVH[LIVIWLIXIEGLIWIEVXVEMRMRK
ERHIEVXVEMRMRKTIHEKSK]
+%-0+3(*6)=MW4VIWMHIRXSJ/1)-%-RGERH2EXMSREP'SSVHMREXSVJSVHSVIQMIEVP]GLMPHLSSH
QYWMGIHYGEXSVW+EMPSTIVEXIWETVMZEXITMERSWXYHMSERHIEVP]GLMPHLSSHQYWMGGPEWWIW7LILEWVIGIRXP]
GSQTPIXIHEHIKVIIMR,YQER7IVZMGIWMWGYVVIRXP]WXYH]MRKJSVE&EGLIPSVSJ8LISPSK]ERH[SVOW[MXL
QEVKMREPMWIH]SYRKTISTPI
1%6=)478)-2MWER%QIVMGERQYWMGIHYGEXSV
1%6+%6)8&6%(*-)0(MWETVMQEV]QYWMGWTIGMEPMWXEX%MXOIRZEPI7XEXI4VMQEV]7GLSSPMR8S[RWZMPPI
7LIKVEHYEXIHJVSQ2I[GEWXPI'SRWIVZEXSVMYQSJ1YWMGERH8IEGLIVW'SPPIKIEWEWIGSRHEV]QYWMG
WTIGMEPMWXFYXQSZIHXSTVMQEV]QYWMGXIEGLMRKWMRGIQSZMRKXS8S[RWZMPPIMR
0-2(%.)27)2MWETVMQEV]QYWMGWTIGMEPMWX[MXLSZIV]IEVWXIEGLMRKI\TIVMIRGIMR5YIIRWPERH
4VMQEV]7GLSSPW7LIMWGYVVIRXP]WXYH]MRKJSVLIV1EWXIVWTEVXXMQIEX9RMZIVWMX]SJ5YIIRWPERHERH[MPP
GSQTPIXIXLMWE[EVHPEXIVMR
+36(3274)%66-88%1LEHEPSRKERHEGXMZIEWWSGMEXMSR[MXLQYWMGIHYGEXMSRMR%YWXVEPMELEZMRK
XEYKLXMRETVMZEXIWXYHMSMRIEVP]]IEVWERHPEXIVEXXIVXMEV]PIZIP%JXIVWSQI]IEVWEW(IERSJXLI*EGYPX]
SJ1YWMGEXXLI9RMZIVWMX]SJ5YIIRWPERHERH,IEHSJXLI(ITEVXQIRXSJ1YWMGLIVIXMVIHEW%WWSGMEXI
4VSJIWWSVMR
%22'%66300MWGYVVIRXP]EGSRWYPXERX[MXL1IVMX7SPYXMSRWERHER%HNYRGX%WWSGMEXI4VSJIWWSVMRXLI
7GLSSPSJ1YWMG9RMZIVWMX]SJ5YIIRWPERH*VSQXSMRXLI5YIIRWPERH(ITEVXQIRXSJ)HYGE
XMSR%RRWVIWTSRWMFMPMXMIWMRGPYHIHWXEJRKERHGYVVMGYPYQTSPMGMIWJSVQYWMGERHEVXWIHYGEXMSR%RRPIH
/SHjP]FEWIHQYWMGTVSKVEQWMRKSZIVRQIRXWGLSSPWMR5YIIRWPERHGSQQIRGMRKXLI4MPSX1YWMG4VSKVEQ
ERH[EWVIWTSRWMFPIJSVMRXIRWMZILSYV[IIOJYPPXMQI
GSYVWIWJSVWXEXITVMQEV]QYWMG
XIEGLIVWJVSQYRXMP7LI[EW5YIIRWPERH'LEMVERHE*IHIVEP&SEVH1IQFIVSJXLI%YWXVEPMER
1YWMG)\EQMREXMSRW&SEVHJVSQ
/3(0=2);7
%ORRPZLWK0XVLF
.2'/<086,&('8&$7,21,167,787(2)$8675$/,$
/1)-%2EXMSREP'SRJIVIRGI
7ITXIQFIVXS3GXSFIV
8LI%'8FVERGLSJXLI/SHjP]1YWMG)HYGEXMSR-RWXMXYXISJ%YWXVEPMEMWTVSYHXSERRSYRGI
XLEXXLIFMIRRMEP/1)-%2EXMSREP'SRJIVIRGI[MPPFILIPHMR'ERFIVVEMR8LIPEWX
/1)-% 'SRJIVIRGI XS FI LIPH MR 'ERFIVVE [EW MR ERH XLI 'SRJIVIRGI [MPP
FVMRKXSKIXLIVQER]/SHjP]XVEMRIHXIEGLIVWERHI\TIVXWJVSQEVSYRH%YWXVEPMEEW[IPPEW
WIZIVEPMRXIVREXMSREPTVIWIRXIVW
8LI'SRJIVIRGIXLIQIMW&0331;-8,197-'ERH[MPPFILIPHHYVMRKXLITIVMSH
SJ*PSVMEHIJVSQ7ITXIQFIVXLXS3GXSFIVWXEX6EHJSVH'SPPIKI&VYGI%'8
8LIXLIQIIRGETWYPEXIWXLIIWWIRGISJEKSSH/SHjP]FEWIHXIEGLMRKTVSKVEQ
v RI[PMJIERHSTTSVXYRMXMIW
v ENSYVRI]SJKVS[XLXLVSYKLWMRKMRK
v TVSZMHMRKSTTSVXYRMXMIWXSYRPSGOXLITSXIRXMEPSJIZIV]GLMPH
v S[IVMRKSJREXYVEPXEPIRXSJEPPGLMPHVIR
v GIPIFVEXMRKXLMWWYGGIWW[MXLEJIWXMZEPSJWSYRH
8LMW XLIQI [MPP VYR XLVSYKL EPP EWTIGXW SJ XLI 'SRJIVIRGI JVSQ XLI EGEHIQMG TETIVW
XLI[SVOWLSTTMRKERHHEMP]QYWMGMERWLMTWIWWMSRWXSXLIRI[GLSVEP[SVOXLEXMWFIMRK
GSQQMWWMSRIH JVSQ E PSGEP GSQTSWIV ERH XLEX [MPP TVIWIRXIH EX E REP GSRGIVX F] XLI
'SRJIVIRGI'LSMVQEHIYTSJEPPTEVXMGMTERXW
8LIHEMP]GSRGIVXWSJXLI2EXMSREP/SHjP]'LSVEP*IWXMZEPVYRGSRGYVVIRXP]F]XLI2EXMSREP
'SYRGMP SJ /1)-% [MPP MRGPYHI QENSV GLSMVW JVSQ MRXIVWXEXI EW [IPP EW E VERKI SJ PSGEP
GLSMVW[LS[MPPEPWSFIMRZMXIHXSTIVJSVQEXXLIREP7MRKJIWXGSRGIVXEXXLI0PI[IPP]R
,EPPSR;IHRIWHE]3GXSFIVWX
[[[OSHEP]SVKEY
/3(0=197-')(9'%8-32-278-898)3*%9786%0-%&900)8-2
8LI/SHjP]1YWMG)HYGEXMSR-RWXMXYXISJ%YWXVEPME-RG
/1)-%