Professional Documents
Culture Documents
%6IGSVHSJ1IIXMRKW
EXVYIHIW'SPSRIPW6IREVH
4EVMW
[MXL1QIHI7EP^QERREWWMWXMRK
8LMWTHJGVIEXIHF](MKMXEPWIERGI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
'32 8 )2 8 7
1))8-2+32)
(IGIQFIVXL
5YIWXMSRIV7SQIXLMRKMRXSPIVEFPILETTIRWMRQ][SVO-RWTMXISJQ]IJJSVXW-GERRSX
VIQIQFIVQ]WIPJXSKIXEFIXXIVUYEPMX]-XWYWIPIWWXSWIXQ]WIPJLSYVWSJ[SVOF]XLI
GPSGO-KIXRSVIWYPX;L]#
1))8-2+8;3
5YIWXMSRIV-EQRSXEFPIXSWXSTEWWSGMEXMSRW[LMPI-[SVO
1))8-2+8,6))
5YIWXMSRIV-EQRSXEFPIXSWIRWIQ]WIPJ;LEXGER-HSXSKIXEWIRWEXMSRSJQ]WIPJ#
1))8-2+*396
%TVMPXL
5YIWXMSRIV'ERSRI[SVOMRE8YVOMWLFEXLERH[LEXMWFIWXXSHS#
1))8-2+*-:)
+YVHNMIJJ;LEXMWMQTSVXERXMWXSKEXLIVXLIWSYPSJXLMRKWXLIWTMVMXERHRSXXLIJSVQ
1))8-2+7-<
8LYVWHE].YP]
5YIWXMSRIV-EQZIV]SJXIRHIGIMZIHMRQ]STMRMSRSJSXLIVW8LEXMWFEHJSVQI
1))8-2+7):)2
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV7MRGI-GEQIXSXLI[SVO-LEZIPIEVRIHQER]XLMRKWFYX-LEZIFIIREFPIXS
TYXRSXLMRKMRXSTVEGXMGI
1))8-2+2-2)
7ITXIQFIVXL
5YIWXMSRIV-[MWLXSEWOEFSYX[SVOERHJEXMKYI-XWIIQWXSQIXLEXXLIVIMWE
HMJJIVIRGIFIX[IIRIJJSVXWSJ[SVOERHEYXSQEXMGIJJSVXW
1))8-2+8)2
8LYVHE](IGIQFIVXL
+YVHNMIJJ?PSSOWEXE[SQERWMXMRKSTTSWMXIERHWE]WXSLIVWMWXIVA2S[EJXIVXLI
LSPMHE]W]SYVWMWXIVPSSOWQSVIPMOI]SY%XJMVWXWMKLX-WE[XLEXLIVI\TVIWWMSRLEH
GLERKIH-XLSYKLXMX[EW]SY[LS[EWWMXMRKSZIVXLIVI
1))8-2+)0):)2
7EXYVHE]7ITXIQFIV XL
5YIWXMSRIV-HMHXLIX[SI\IVGMWIWXLEX]SYLEHKMZIRQIHYVMRKXLIZEGEXMSRXLI
I\IVGMWISRXLIHMZMWMSRMRXSX[SERHSRXLIWIRWEXMSRWSJLSXGSPHERHXIEVW
1))8-2+8;)0:)
5YIWXMSRIV-HSRSXWYGGIIHMRLEZMRKIQSXMSR[LIR-GSRGIRXVEXI
1))8-2+8,-68))2
8LYVWHE]7ITXIQFIVXL
5YIWXMSRIV?FIKMRWXSVIEHXLIUYIWXMSRLILEW[VMXXIRA1SVIERHQSVI-JIIPLS[QYGL
Q][SVOMWQIRXEPLS[PMXXPIMXERMQEXIWQI
1))8-2+*3968))2
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ=SYRKQER-RSXMGIH]SYEPMXXPI[LMPIEKSERHXLIR]SYHMWETTIEVIH
1))8-2+*-*8))2
8LYVWHE]3GXSFIVWX
+YVHNMIJJ1SXLIVQE]-WQSOI#
1))8-2+7-<8))2
+YVHNMIJJ%RHRS[WSQISRILEWTIVLETWWSQIXLMRKXSWE][LMGLMRXIVIWXWQIWSXS
WE]EVITSVX[LMGLMRXIVIWXWIZIV]FSH]EPWS#
1))8-2+7):)28))2
8LYVWHE](IGIQFIVXL
0IGXYVI8LI;SVOSJXLI7EMRXWSJ%WLMEXE7LMIQEWL
1))8-2+)-+,8))2
5YIWXMSRIV-RIZIVHSEXEWOXLSVSYKLP]-XLMROEFSYXMX-HSMXFYXSRP]JSVEWIGSRH-
GERRSXLSPHEXLSYKLXSVEJIIPMRK
1))8-2+2-2)8))2
1V+YVHNMIJJLEWKMZIRERI\IVGMWIERHEJXIV[EVHLIWLS[WXLIKVSYTERIRKVEZMRK
VITVIWIRXMRKWIZIR3VMIRXEPHERGIVW[MXLLIEHHVIWWIWPMOIKMKERXMGWTLIVMGEPLEXW
WYVQSYRXIHF]ERXIRREW
1))8-2+8;)28=
.ERYEV] XL
+YVHNMIJJ0MXXPISRI[LEXMW]SYVUYIWXMSR#
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=32)
.ERYEV]XL
5YIWXMSRIV-XMWHMJJMGYPXJSVQIXSWITEVEXI[LEX-WIRWI[LEXMWXVYIJVSQ[LEXMW
MQEKMREV]HMJJMGYPXXSWIIMJ[LEX-WIRWILEWEVIEPFEWMW*SVI\EQTPIMXWIIQW
MQTSWWMFPIMRXLII\IVGMWIXSJMPPQ]EVQW
1))8-2+8;)28=8;3
.ERYEV]XL
5YIWXMSRIV=SYEHZMWIHQIXSQEOIEFVIEOMRQ][SVOXLMW[IIO
1))8-2+8;)28=8,6))
*IFVYEV]XL
5YIWXMSRIV-LEZIPMXXPIORS[PIHKISJQ]WIPJIWTIGMEPP]SJQ]IWWIRGI-RIZIVORS[LS[
XSFIGIVXEMREFSYXQ]WIPJ;LEXQIERWSJMRZIWXMKEXMSRGER-YWIXSORS[MJEXLMRK
GSQIWJVSQQISVRSX#
1))8-2+8;)28=*396
%TVMPXL
5YIWXMSRIV-LEZIXVMIHXSJIIPVIQSVWISJGSRWGMIRGIFYXXLIVIQSVWISZIV[LIPQWQI-
GERRSXJSVKIXXLEXMX[EWJVSQVIQSVWIXLEX.YHEWLERKIHLMQWIPJ
1))8-2+8;)28=*-:)
+YVHNMIJJ;LSLEWEUYIWXMSRXSEWOEFSYX[SVO#
1))8-2+8;)28=7-<
1E] XL
5YIWXMSRIV-HMHVEXLIVVIKYPEVP]XLII\IVGMWISJJMPPMRKYT-XJEXMKYIHQI-LEH
LIEHEGLIWHYVMRKXLIHE]1YWX-GSRXMRYI#
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=7):)2
1QIHI7E^PQERR%VIXLIVIER]UYIWXMSRWXSFIEWOIH#
1))8-2+8;)28=)-+,8
+YVHNMIJJ-X[SYPHMRXIVIWXQIZIV]QYGLXSORS[WSQIXLMRKEFSYX]SYVWIPJ
VIQIQFIVMRK
1))8-2+8;)28=2-2)
5YIWXMSRIV8LMWI\IVGMWILEWWLS[RQIMRERI\XVESVHMREV][E]SRIWMHISJQ]WIPJ
1))8-2+8,-68=
5YIWXMSRIV=SYKEZIQIERI\IVGMWISJWIPJVIQIQFIVMRK[LMGLGSRWMWXIHMRJIIPMRKJSYV
TSMRXW
1))8-2+8,-68=32)
8LYVWHE]1E]XL
5YIWXMSRIV-GERXGSQISR7EXYVHE]WEW]SYTIVQMXXIHFIGEYWISJQ]NSF
1))8-2+8,-68=8;3
+YVHNMIJJ;LS[ERXWXSWE]WSQIXLMRK,S[MWXLII\IVGMWIKSMRK#
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+32)
(IGIQFIVXL
5YIWXMSRIV7SQIXLMRKMRXSPIVEFPILETTIRWMRQ][SVO-RWTMXISJQ]IJJSVXW-GERRSX
VIQIQFIVQ]WIPJXSKIXEFIXXIVUYEPMX]-XWYWIPIWWXSWIXQ]WIPJLSYVWSJ[SVOF]XLI
GPSGO-KIXRSVIWYPX;L]#
+YVHNMIJJ8LEXGSQIWJVSQ]SYVIKSMWQ4EVXMGYPEVP]FMKIKSMWQMR[LMGL]SYLEZIPMZIH
XMPPRS[=SYEVIIRGPSWIHMRMX]SYQYWXKIXSYXSJMX8SKIXSYX]SYQYWXPIEVRXS[SVO
2SXSRP]JSV]SYVWIPJEPSRIFYXJSVSXLIVW=SYFIKER[MXL[SVOSR]SYVTEVIRXW=SY
QYWXGLERKI]SYVXEWO8EOIERI[SRIXLIWEQISRI?FYXA[MXLXLIRIMKLFSVRSQEXIV
[LSEPPFIMRKWSVGLSSWIJVSQXLITISTPIEQSRKWX]SY=SYQYWX[SVOJSV]SYVWIPJ
XLVSYKLXLIEMQSJFIMRKEFPIXSLIPTXLIQ8LMWEPSRI[MPPWXVYKKPIEKEMRWXIKSMWQ-WII
XLEX]SYFSXLLEZIEZIV]FEHTEWXETEVXMGYPEVIKSMWQ%PPXLISPHQEXIVMEPGSQIWXSXLI
JSVI8LEXMW[L]]SYGERHSRSXLMRK-XMWRSVQEPEGGSVHMRKXSSVHIVEGGSVHMRKXSPE[
&IJSVIEXXEMRMRKXLIEMQXLIVIEVIQER]EWGIRXWERHHIWGIRXW8LMWWLSYPHVIEWWYVI
]SY-GSYPHVIEWWYVI]SYGSQTPIXIP]FYX]SYQYWX[SVOJSV]SYVWIPJ
5YIWXMSRIV8SKIXSYXSJXLMWWXEXISJWYJJIVMRKWSZMZMHERHWSRIKEXMZI8[SOMRHWSJ
WYJJIVMRKSRISFNIGXMZISRIWYFNIGXMZI
'ER-QEOIYWISJI\XIVMSVQIERWXEOISTMYQ
JSVMRWXERGI#
+YVHNMIJJ2S]SYQYWX[SVOSR]SYVWIPJ(IWXVS]XLIIKSMWQMR[LMGL]SYLEZIEP[E]W
PMZIH8V][LEX-WE]'LERKI]SYVXEWO-XMWRIGIWWEV]RS[XSVIEGLERI[WXEKI&SXLSJ
]SYEVISRXLI[E]XSXLI+EVIHI0]SRFYX]SYKSF]HMJJIVIRXVSYXIWSRIF]0SRHSR
ERHSRIF]XLI3TIVE=SYEVIFSXLEXEFSYXXLIWEQIHMWXERGI
5YIWXMSRIV - WII Q] TS[IVPIWWRIWW ERH Q] GS[EVHMGI - GER WE] RSXLMRK ERH HS
RSXLMRKJSVERSXLIV&IGEYWIQ]LIEHMWRSXGPIEV-LEZIEWIRWEXMSRSJ[LIXLIVEXLMRK
MWVMKLXSVRSXFYX-GERRSXI\TPEMR[L]GPIEVP]
+YVHNMIJJ=SYGERRSXWE]ER]XLMRKSVHSER]XLMRKJSVERSXLIV=SYHSRSXORS[[LEX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYRIIHJSV]SYVWIPJ]SYGERRSXORS[[LEXLIRIIHW;SVO[MXLTYVTSWIJSVLMQ&YX
TPE]]SYVVSPI&IETEVXMRXIVREPP]7II)\XIVREPP]WTIEOEWLIHSIWWSEWRSXXSLYVX
LMQ=SYQYWXEGUYMVIXLIJSVGIXSHSXLMW4PE]EVSPI&IGSQIHSYFPI*SVXLITVIWIRX
]SY[SVOEWSZIVWIIV(S[LEX-XIPP]SY]SYGERRSXHSQSVI0SZISJ]SYVRIMKLFSVXLEX
MWXLI;E]&VMRKXSIZIV]SRIXLEX[LMGL]SYJIPXJSV]SYVTEVIRXW
5YIWXMSRIV*VSQXLIFIKMRRMRKSJXLI[SVOSRILEWXLMWHIWMVI
+YVHNMIJJ 'IVXEMRP] MX MW XLI WEQI XLMRK EP[E]W XLI WEQI XLMRK XLEX VIXYVRW MR E
HMJJIVIRXHIKVII2S[ERSXLIVHIKVII=SYQYWXSZIVGSQIXLMWGVMWMW)ZIV]XLMRKGSQIW
JVSQJEPWIPSZISJSRIWIPJSJXLISTMRMSRSRILEWSJSRIWIPJ[LMGLMWPMIW
5YIWXMSRIV)ZIV]XLMRKLEWFIIRXYVRIHYTWMHIHS[RMRQIF]XLII\IVGMWIMREPPQ]
[SVO-XLEWXEOIRE[E]XLINS]SJXLI[SVOLEWQEHIMXTEMRJYP[MXLSYXLSTI-JIIPPMOI
EHSROI]TYPPMRKEZIV]LIEZ]GEVXYTELMPP
+YVHNMIJJ-XMWFIGEYWIMR]SYEVISXLIVTEVXW[LMGLEVIXSYGLIH-XMWPMOIETEMRXIV[LS
EP[E]WQM\IWXLIWEQIGSPSVWERHXLIVIMWRIZIVER]VIH;LIRLITYXWVIHMRMXGLERKIW
IZIV]XLMRK=SYQYWXGSRXMRYI
5YIWXMSRIV8LMWI\IVGMWILEWQEHIQIJIIPWSQIXLMRK[LMGLMWRI[JSVQI[LIR-XV]
XSHSMXERHTYXQ]EXXIRXMSRSRXLMWWQEPPQSXMSRPIWWTSMRXERHWIIXLEX-GERRSXLSPH
Q]WIPJMRJVSRXSJMX-LEZIEWIRWEXMSRSJQ]RSXLMRKRIWWERH-WIIQXSYRHIVWXERH
LYQMPMX]FIXXIV8LMWWQEPPTSMRXMWKVIEXIVXLER-
+YVHNMIJJ&IGEYWI]SYLEZIEHSKMR]SYVWIPJ[LMGLLMRHIVW]SYMRIZIV]XLMRK-XMW
GEPPIH MRWSPIRGI XS[EVH SRIWIPJ =SY QYWX HIWXVS] XLMW HSK %JXIV[EVH ]SY [MPP JIIP
QEWXIVSJXLMWTSMRXXLEX]SYEVIWXVSRKIVERHMXMWRSXLMRK-LEZIRSGSRJMHIRGIMRXLI
EVXMWXMGX]TI[LMGLPMZIWMRXLIMQEKMREXMSRLEWMHIEWFILMRHMXWLIEHRSXMRWMHIXLMROW
MXJIIPWERHI\TIVMIRGIWFYXMRVIEPMX]SRP]MWSGGYTMIH[MXLI\XIVMSVXLMRKW-XPMZIWSRP]
SR XLI WYVJEGI SYXWMHI RSX MRWMHI RSX MR MXWIPJ %VXMWXW ORS[ RSXLMRK SJ VIEPMX] ERH
MQEKMRIXLEXXLI]ORS[(SRSXXVYWX]SYVWIPJ)RXIVMRXS]SYVWIPJEPPTEVXWSJ]SYVWIPJ
%FWSPYXIP]RIGIWWEV]XSPIEVRXSJIIPERHXLMROEXXLIWEQIXMQIMRIZIV]XLMRKXLEX]SY
HSMRIZIV]HE]PMJI=SYEVIERIQTX]TIVWSR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV,S[WLSYPHSRITVE]#
+YVHNMIJJ - [MPP I\TPEMR FYX MX MW JSV PEXIV -R SYV WSPEV W]WXIQ GIVXEMR WYFWXERGIW
IQEREXIJVSQXLIWYRERHXLITPERIXWMRXLIWEQI[E]EWXLSWIIQEREXIHF]XLIIEVXL
QEOMRK GSRXEGX EX GIVXEMR TSMRXW MR XLI WSPEV W]WXIQ %RH XLIWI TSMRXW GER VIJPIGX
XLIQWIPZIWMRQEXIVMEPM^IHMQEKIW[LMGLEVIXLIMRZIVXIHMQEKIWSJXLI%PP,MKLIWXXLI
%FWSPYXI
5YIWXMSRIV-[ERXXSORS[MJF]QEXIVMEPM^MRKXLIMQEKISJEWEMRXXLMW[MPPKIXQI[LEX
-TEVXMGYPEVP]HIWMVI
+YVHNMIJJ=SYXLMROPMOIERSVHMREV]TIVWSR=SYLEZIRSXXLIQIERWSJQEXIVMEPM^MRK
ER]XLMRKRS[*SVXLITVIWIRXXEOIEXEWOSJEYXSWYKKIWXMSRWSXLEXSRITEVXGSRZMRGIW
XLISXLIVERHVITIEXWERHVITIEXWXSMX[LEX]SYLEZIHIGMHIH8LIVIMWEWIVMIWSJWIZIR
I\IVGMWIWJSVXLIWYGGIWWMZIHIZIPSTQIRXSJXLIWIZIRGIRXIVW;IGMXIXLIJMVWXXLIFVEMR
XLISRI[LMGLGSYRXWMRSVHMREV]PMJI8LILIEHMWEPY\YV]
8LISXLIVXLIIQSXMSREP
EPWSFYXXLISRP]SRI[LMGLMWRIGIWWEV]MWXLIWTMREPGSVH8LISRI[LMGL]SYQYWXJMVWX
HIZIPSTERHWXVIRKXLIR
5YIWXMSRIV;LIR-[MWLXSQEOIWYGLIJJSVXWJSV[SVOELEVHFEVVMIVJSVQWMRQ]
GLIWXMQTSWWMFPIXSSZIVGSQI;LEXWLSYPH-HS#
+YVHNMIJJ-XMWRSXLMRK=SYEVIRSXMRLEFMXSJYWMRKXLMWGIRXIVMXMWEQYWGPI[LMGL
GSRXVEGXWNYWXQYWGYPEV'SRXMRYIGSRXMRYI
5YIWXMSRIV-LEZIHSRIXLMWI\IVGMWIXMPP-LEHEGLMRKWLSYPHIVW;LMPIHSMRKMX-LEH
XLIWIRWEXMSRSJ-JIPXQ]WIPJETEVXVIEPP]-
+YVHNMIJJ =SY GERRSX LEZI - - MW ZIV] I\TIRWMZI XLMRK =SY EVI GLIET (S RSX
TLMPSWSTLM^IMXHSIWRSXMRXIVIWXQIERHHSRSXWTIEOSJ-(SXLII\IVGMWIEWWIVZMGI
EWERSFPMKEXMSRRSXJSVVIWYPXWPMOI-
6IWYPXW[MPPGSQIPEXIV8SHE]MXMWSRP]WIVZMGI
3RP]XLEXMWVIEP
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-JIIPQSVI[MXLMRQ]WIPJFYXEWMJ-[IVIFIJSVIEGPSWIHHSSV
+YVHNMIJJ-XMWRSXSRIHSSVFYXQER]HSSVW=SYQYWXSTIRIEGLHSSVPIEVRXS
5YIWXMSRIV-LEZI[SVOIHIWTIGMEPP]SRWIPJPSZI
+YVHNMIJJ;MXLSYXWIPJPSZIEQERGERHSRSXLMRK8LIVIEVIX[SUYEPMXMIWSJWIPJPSZI
3RI MW E HMVX] XLMRK 8LI SXLIV ER MQTYPWI PSZI SJ XLI VIEP - ;MXLSYX XLMW MX MW
MQTSWWMFPIXSQSZI%RERGMIRX,MRHYWE]MRK,ETT]MWLI[LSPSZIWLMQWIPJJSVLIGER
PSZI QI - WII JVSQ 1QI HI 7EP^QERRW VITSVX XLEX RS SRI LEW YRHIVWXSSH QI 3RI
RIIHW JMVI ;MXLSYX JMVI XLIVI [MPP RIZIV FI ER]XLMRK 8LMW JMVI MW WYJJIVMRK ZSPYRXEV]
WYJJIVMRK [MXLSYX[LMGL MXMW MQTSWWMFPI XSGVIEXI ER]XLMRK3RI QYWXTVITEVI QYWX
ORS[ [LEX [MPP QEOI SRI WYJJIV ERH [LIR MX MW XLIVI QEOI YWI SJ MX 3RP] ]SY GER
TVITEVISRP]]SYORS[[LEXQEOIW]SYWYJJIVQEOIWXLIJMVI[LMGLGSSOWGIQIRXW
GV]WXEPPM^IWHSIW7YJJIVF]]SYVHIJIGXWMR]SYVTVMHIMR]SYVIKSMWQ6IQMRH]SYVWIPJ
SJ XLI EMQ ;MXLSYX TVITEVIH WYJJIVMRK XLIVI MW RSXLMRK JSV F] EW QYGL EW SRI MW
GSRWGMSYWXLIVIMWRSQSVIWYJJIVMRK2SJYVXLIVTVSGIWWRSXLMRK8LEXMW[L][MXL]SYV
GSRWGMIRGI]SYQYWXTVITEVI[LEXMWRIGIWWEV]=SYS[IXS2EXYVI8LIJSSH]SYIEX
[LMGLRSYVMWLIW]SYVPMJI=SYQYWXTE]JSVXLIWIGSWQMGWYFWXERGIW=SYLEZIEHIFX
ERSFPMKEXMSRXSVITE]F]GSRWGMSYW[SVO(SRSXIEXPMOIERERMQEPFYXVIRHIVXS2EXYVI
JSV [LEX WLI LEW KMZIR ]SY 2EXYVI ]SYV QSXLIV ;SVOE HVST E HVST E HVST
EGGYQYPEXIHHYVMRKHE]WQSRXLW]IEVWGIRXYVMIWTIVLETW[MPPKMZIVIWYPXW
5YIWXMSRIV-ZIEVVMZIHEXXLITSMRX[LIVI-EQZIV]YRLETT]IZIV]XLMRKMWHMWXEWXIJYP
XSQISJRSMRXIVIWX
+YVHNMIJJ%RHXLEXLERHOIVGLMIJEVVERKIHPMOIXLEXMR]SYVTSGOIX#8LEXMRXIVIWXW]SY
;IPP2EXYVI[MWLIW]SY[IPP-EQKPEH7LIFVMRKW]SYXSVIEP[SVOF]QEOMRKEPPXLI
VIWXHMWXEWXIJYPMXWEGIVXEMRGVSWWMRK]SYQYWXQEOI8LIQSVI]SY[SVOXLIQSVI]SY
[MPPGSQISYXSJXLMWHMWGSQJSVXXLMWIQTXMRIWWXLMWPEGO
5YIWXMSRIV)ZIR[SVOMWHMWXEWXIJYPXSQI1QIHI7E^PQERR&IGEYWI]SYHSRSX
[SVO8LIVIMWRIZIVER][SVO[MXL]SYRSXLMRKIZIVFIX[IIRYW[LIR[IEVIXSKIXLIVMX
MW IQTX] 3RI TIVWSR GERRSX GEVV] IZIV]XLMRK EPSRI =SY QYWX QEOI XLI IJJSVX JSV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYVWIPJ8SRMKLXMXMWXLIWEQI2SFSH]MWXLIVIRSFSH]QEOIWXLIIJJSVX
+YVHNMIJJ8LIRSRIQYWXGLERKIXLI[E]SJ[SVOMRK-RWXIEHSJEGGYQYPEXMRKHYVMRK
SRILSYVSRIQYWXXV]XSOIITGSRWXERXP]XLISVKERMGWIRWEXMSRSJXLIFSH]7IRWISRIW
FSH]EKEMRGSRXMRYEPP][MXLSYXMRXIVVYTXMRKSRIWSVHMREV]SGGYTEXMSRWXSOIITEPMXXPI
IRIVK]XSXEOIXLILEFMX-XLSYKLXXLII\IVGMWIW[SYPHEPPS[]SYXSOIITXLIIRIVK]E
PSRKXMQIFYX-WIIMXMWRSXWS;IXELERHOIVGLMIJ[VMRKMXSYXTYXMXSR]SYVWOMR8LI
GSRXEGX [MPP VIQMRH ]SY ;LIR MX MW HV] FIKMR EKEMR 8LI OI] XS IZIV]XLMRK6IQEMR
ETEVX3YVEMQMWXSLEZIGSRWXERXP]EWIRWEXMSRSJSRIWIPJSJSRIWMRHMZMHYEPMX]
8LMWWIRWEXMSRGERRSXFII\TVIWWIHMRXIPPIGXYEPP]FIGEYWIMXMWSVKERMG-XMWWSQIXLMRK
[LMGLQEOIW]SYMRHITIRHIRX[LIR]SYEVI[MXLSXLIVTISTPI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;3
5YIWXMSRIV-EQRSXEFPIXSWXSTEWWSGMEXMSRW[LMPI-[SVO
+YVHNMIJJ-XMWRIGIWWEV]XSTVITEVIFIJSVIXLII\IVGMWISJXV]MRKXSWII[MXLXLVIITEVXW
5YIWXMSRIV%XXLIFIKMRRMRK[LIR-[EW[SVOMRK-JIPXMRQ]WIPJERIQSXMSR2S[-
GERRSXJMRHMXER]QSVI-LEZIEGSRWXERXWIRWEXMSRSJHV]RIWW=IWXIVHE]XLMW[EVQIV
JIIPMRKGEQIFEGOFYXQYGL[IEOIV
+YVHNMIJJ-XMWXLIWMKRSJEGVMWMW-XMWFIGEYWI]SYLEZIEVVMZIHEX?XLIRSXIAQM=SY
QYWXTEWWXLMWMRXIVZEPF]]SYVWIPJERHJMRHMR]SYVWIPJXLIRIGIWWEV]WXVIRKXL=SYV
LIEH[LMGLMWEWXLSYKLWITEVEXIHJVSQ]SYQYWXLIPT]SY*MVWX
5YIWXMSRIV,S[#
+YVHNMIJJ-XQYWXGSRZMRGI]SY-XQYWXEPPS[]SYXSWII]IWXIVHE]ERHXSQSVVS[
5YIWXMSRIV&YXQ]LIEHMW[IEO
+YVHNMIJJ=IWFYX[MXLSYX]SYVLIEH]SYEPWS[SYPHFI[IEO-XMWRIGIWWEV]XSYWIMXMR
XLMW[E]
5YIWXMSRIV%PMXXPI[LMPIEKS-WXEVXIHXSVIEHEKEMRFYX-JMRHMRQ]WIPJXLEX[LMGLLEW
EP[E]WTVIZIRXIHQIJVSQ[SVOMRKEWSVXSJEZMHMX][LMGLPIEZIWQIEXXLIIRHSJEWLSVX
XMQIXMVIHERHLEZMRKVIXEMRIHRSXLMRK1]XMQILEWFIIR[EWXIH
+YVHNMIJJ-XMWFIGEYWI]SYSRP]VIEH[MXL]SYVLIEH(SERI\IVGMWI6IEHSRP]EPMXXPI
ETEKIEXEXMQI%XJMVWX]SYQYWXXV]XSYRHIVWXERH[MXL]SYVLIEHXLIRXSJIIPXLIRXS
I\TIVMIRGI %RH XLIR GSQI FEGO ERH XLMRO )\IVGMWI ]SYVWIPJ XS VIEH [MXL ]SYV XLVII
GIRXIVW-RIEGLFSSOXLIVIMWQEXIVMEPJSVIRVMGLMRKSRIWIPJ-XHSIWRXQEXIV[LEX]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
VIEHERHMXHSIWRXQEXIVXLIUYERXMX]FYXXLIUYEPMX]SJXLI[E]SJVIEHMRK
5YIWXMSRIV*SPPS[MRKEWLSGO-LEZIVIEPP]WIIR[LEXLEWFIIRQ]PMJIIQTX]WXIVMPI
YWIPIWW%RH-HSRX[ERXXSPSWIXLMWZMWMSRXLMWJIIPMRK3XLIV[MWI-JIIPXLEX-[MPPJEPP
EKEMRERHEKEMRPSWIQ]PMJI
+YVHNMIJJ'SWQMGTLIRSQIREJSV[LMGL]SYEVIRSXVIWTSRWMFPIKSEKEMRWX]SYV[SVO
=SYGERSRP]KMZI]SYVWIPJ]SYV[SVHXLEX[LIRPMJIFIGSQIWUYMIX]SY[MPPWIX]SYVWIPJ
XS[SVO
5YIWXMSRIV-JIIPXLEXQ]MRXIPPIGXYEPGIRXIVMWHMJJIVIRXERHXLEX-HSRSXJMRHMRQ]WIPJ
ER]EJJMVQMRKJSVGI;LEXGER-HS#
+YVHNMIJJ8LIVIMWEPMXXPIWIGVIXXLIVI-XMWXLEX]SYEVIEFMKIKSMWX=SYSRP]ORS[
]SYVWIPJ=SYLEZIRSVIWTSRWMFMPMX]-XMWFIGEYWISJXLEX]SYPEGOXLMWEJJMVQEXMZIJSVGI
*SVIZIV]XLMRKXLEX]SYLEZIIZIV]XLMRKXLEXGSRWXMXYXIW]SY]SYEVIYRHIVSFPMKEXMSR
ERH ]SY QYWX VITE] JSV EPP XLMW WS XLEX XLIR SXLIV XLMRKW QE] FI KMZIR XS ]SY &YX
MRWXIEHSJXLMW]SYEVIEWXSRMWLIHRSXXSLEZIVIGIMZIHIZIRQSVI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))
))88-2+
+88,6))
5YIWXMSRIV-EQRSXEFPIXSWIRWIQ]WIPJ;LEXGER-HSXSKIXEWIRWEXMSRSJQ]WIPJ#
+YVHNMIJJ 3RP] ]SYV LIEH [MWLIW XS VIQIQFIV =SYV IJJSVX MW XLISVIXMGEP =SY QYWX
IWXEFPMWLEGSRXEGXFIX[IIR]SYVLIEHERH]SYVFSH]4PEGISRIPIKMRMGIH[EXIVERH
PIEZIMXXLIVIXV]MRKXSIWXEFPMWLXLMWGSRXEGX8LIRHSXLIWEQI[MXLXLISXLIVPIK
5YIWXMSRIV7MRGIXLIXMQIXLEX]SYEHZMWIHQIXSFIIKSMWXMGEP-LEZIHSRIMX&YX-
GSRWXEXI MR Q]WIPJ E HIWMVI XS PMZI SRP] MR XLMW FIXXIV TEVX- [SYPH PMOI XS WXE] XLIVI
EP[E]WERHMKRSVIEPPXLIVIWX-JIIPEKVIEXPE^MRIWWMRZEHMRKQIMRVIPEXMSRXSI\XIVREP
PMJIERHXLIWQEPPIWXXLMRKMWJSVQIEKVIEXIJJSVX
+YVHNMIJJ-XMWZIV]KSSHXLEXXLMWWXEXIETTIEVWMR]SY8LMWTVSZIWXLEXPEXIV]SY[MPP
XVYP]FIGSQIWSQISRIVIWTSRWMFPIPMOIEQERERH-PSZI]SYMREHZERGIJSVXLMW&YX
RS[ MX MW RIGIWWEV] XS WXVYKKPI [MXLSYX VIWX =SY QYWX QEMRXEMR E GSRWXERX GSRJPMGX
FIX[IIRXLMWWXEXIERH]SYVYRHIVWXERHMRK8LIQSVI]SY[MWLXSHSRSXLMRKXLIQSVI
]SYQYWXQEOI]SYVWIPJHS=SYQYWXWXVYKKPIYRQIVGMJYPP]ERHMXMWEWXVYKKPI[LMGL
[MPP TVSHYGI MR ]SY XLI RIGIWWEV] WYFWXERGI XLEX ]SY QE] [MXL Q] LIPT GVIEXI MR
]SYVWIPJEVIEP-
5YIWXMSRIV - WII LS[ - EQ EP[E]W FIEXIR F] Q] JYRGXMSRW 1] LEFMXW JSVQ ER
EYXSQEXMWQ[LMGLMWMRQIPMOIEFPSGOSR[LMGL-GERKIXRSLSPH3RSRIWMHI-LEZIQ]
[SVOERHSRXLISXLIVQ]PMJIMR[LMGLRSXLMRKGLERKIW
+YVHNMIJJ;ILEZIEPVIEH]SJXIRWEMHXLEXMJSRIHIZIPSTWSRIWMHIXLISXLIV[MPPHIZIPST
EPWS3RIQYWXWXVYKKPI
5YIWXMSRIV&YXVMKLXP]-EQRSXEFPIXSLEZIEGSRJPMGXMRQ]WIPJ
+YVHNMIJJ&IGEYWI]SYHSRSXHS-RSVHIVXSXEOIJSVSRIWIPJIZIV]XLMRKJVSQXLMWXEFPI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYLEZIXSKSSZIVXLIXEFPI3XLIV[MWI]SY[MPPRIZIVFIEFPIXSKSJYVXLIV=SYGER
GSRXMRYIXSPMZIPMOIXLMWXIR]IEVWEXLSYWERH]IEVW=SY[MPPRIZIVGLERKI)ZIR+SHMJ
LI [MWLIH MX [SYPH RSX FI EFPI XS LIPT ]SY ,I [SYPH RSX LEZI XLI VMKLX 3RP] ]SY
]SYVWIPJGERWXVYKKPIEKEMRWX]SYVPE^MRIWW8LIVIEVIX[SXIRHIRGMIWMR]SY&YX]SY
]SYWPIIT-XMWRIGIWWEV]JSV]SYXSKIXYTERHJMKLX
5YIWXMSRIV-WXLMWPE^MRIWWFSVRMRQISVEGUYMVIH#
+YVHNMIJJ-XLMROXLEXMXMWEREXYVEPXIRHIRG]8LIQSVI]SYVTW]GLI[MWLIWEGIVXEMR
XLMRKXLIQSVIXLIFSH]VIJYWIW4IVLETWMXLEWFIIRTPEGIHXLIVIF]2EXYVIWSXLEX
XLIVIWLSYPHFIEWXVYKKPI1SVISZIVMXMWEKSSHXLMRK8LIWIEVIGSRHMXMSRWSJ[SVO-JMX
HMHRSXI\MWXMX[SYPHFIRIGIWWEV]XSTPEGIWSQIXLMRKMR]SYMRSVHIVXSVITPEGIMX-XMW
EPWSEJEGXSVJSVVIQIQFIVMRK)EGLXMQIXLEX]SYJIIPMX]SYQYWXXLMROEFSYX]SYV
[SVO-XMWEPWSEKSSHXLMRKXLEX]SYWII]SYVPE^MRIWWFIGEYWIQER]TISTPIEVIPE^]
FYXXLI]HSRSXWIIMX
5YIWXMSRIV-LEZIORS[RMXJSVJMJXIIR]IEVWFYX-LEZIRXQEHIER]LIEH[E]EKEMRWX
MX
+YVHNMIJJ;LEXHMH]SYHSXLIR#=SY[IVIWSVV]EFSYXMX&YXMRXLMW[E]MRELYRHVIH
]IEVWRSXLMRK[MPPGLERKI8LIVIMWRSVIEWSRJSVMXXSGLERKISRP]MJ]SYWIX]SYVWIPJXS
WXVYKKPIGSRWGMIRXMSYWP]
5YIWXMSRIV-RIIHLIPTFIGEYWI-EQKSMRKXLVSYKLEZIV]TVSJSYRHGVMWMWERH-LEZI
IZIRPSWXXLIXEWXISJ[SVO;LIR-[MWLXS[SVO-JEPPMRXSEPIEHIRWPIIT
+YVHNMIJJ7SQIXLMRKMWTVITEVMRKMXWIPJMR]SYFYX]SYHSRSXWIIMXERHXLI[SVOQYWX
FIQSVIERHQSVITEMRJYPJSV]SYWMRGI]SYLEZIPIWWERHPIWWGSRXEGX[MXL]SYVWIPJ-R
WTMXISJXLMW]SYQYWXGSRXMRYIXSJSVGI]SYVWIPJ=SYQYWXXEOIXLMWWXITF]]SYVWIPJ
8LMROXLEXMXMWRSXSRP]JSV]SYXLEX]SY[SVOERHXLEXTIVLETWERHMXMWEFWSPYXIP]
XVYI MR E TVSTSVXMSR SJXIR TIVGIRX
XLI JYXYVI JEXI SJ SXLIVW HITIRHW SR MX MW XMIH XS
]SYVW
5YIWXMSRIV-EQEWOMRKJSVLIPTFIGEYWI-EQRSPSRKIVEFPIXS[SVO%PPXLIWIFEH
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MRXIVMSVXLMRKWEVIXLIVIEKEMR-LEZIERMRXIRWIHIWMVIXS[SVOXSVIQIQFIVQ]WIPJ
FYX-EQYREFPIXSHSMX1]FSH]RSPSRKIVSFI]WQI-XMWXLIFSH][LMGLMWQEWXIV
+YVHNMIJJ-EQZIV]LETT]JSV]SYFIGEYWIXLMWWXEXIMWSFNIGXMZIP]KSSH/IITKSMRK-R
EJI[HE]W-[MPPKMZI]SYWSQILIPT
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+*396
%TVMPXL
5YIWXMSRIV'ERSRI[SVOMRE8YVOMWLFEXLERH[LEXMWFIWXXSHS#
+YVHNMIJJ 8LI LEQQEQ MW ER I\GIPPIRX TPEGI JSV [SVO MJ SRI GER [SVO XLIVI
4EVXMGYPEVP][LIRSRIMWMRXLI[EVQIWXVSSQSVFIX[IIRXLILERHWSJXLIQEWWIYV
7IPJVIQIQFIV[MXLSYXGIEWMRK)ZIRHSI\IVGMWIWXLIVI?%RSXLIVWXYHIRXWE]WXLEXMR
XLI8YVOMWLFEXL[LEXLIJIEVWQSWXMWMQEKMREXMSRMRXLI[SVO1V+YVHNMIJJVITPMIWXS
LMQXLEXIZIRMRXLMWGEWIMX[SYPHRSXFIZIV]HERKIVSYWFIGEYWIXLIXMQITEWWIHXLIVI
MWWLSVXA-RSVHIVXSFIEFPIXS[SVOXLIVIKMZI]SYVWIPJ]SYV[SVHFIJSVIKSMRKXLIVI
8LMRO[LMPIXLIVI7IX]SYVWIPJEXEWOFIGEYWIMRXLIFIKMRRMRKMXMWHMJJMGYPXLS[IZIVMJ
SRI WYGGIIHW SRI GER HS WSQI I\GIPPIRX [SVO XLIVI %RMQEPMWQ I\TERHW SRI MW
GSQTPIXIP]MRWMHILMWEKVIIEFPIGSVTSVIEPWIRWEXMSRWERHXS[SVOLIVISJJIVWHMJJMGYPXMIW
5YIWXMSRIV,S[HSIWSRIYRHIVWXERHXLI[SVHWWEGVMJMGIXL]WYJJIVMRK
+YVHNMIJJ *MVWX [LIVI HS XLIWI [SVHW GSQI JVSQ# ?*VSQ E XEPO [MXL 1V +YVHNMIJJA
7EGVMJMGI]SYVWYJJIVMRKJSV]SYVRIMKLFSV]SYVZSPYRXEV]WYJJIVMRKRSXJSV]SYVWIPJ
FYXJSVSXLIVW8LMWVYPIYWIHXSJSVQTEVXSJXLISEXLTVSRSYRGIHJSVQIVP]F]HSGXSVW
[LIRXLI][IVIEWXVSPSKIVWERHEPSRKXMQIEKS[LIRXLI]LEHXSTVSQMWIXSWEGVMJMGI
XLIMVWPIITXLIMVJEXMKYIXLIMVWYJJIVMRKJSVSXLIVW
5YIWXMSRIV;L]HSIWXLIQENSVTEVXSJLYQERWYJJIVMRKVIZSPZIEVSYRHPSZIERHXLMRKW
SJWI\#
+YVHNMIJJ;L]XLMWUYIWXMSR#-XHSIWRSXGSRGIVR]SYTIVWSREPP]%WOMXMRERSXLIV[E]
5YIWXMSRIV;L]EVIXLIQENSVTEVXSJXLIEWWSGMEXMSRW[LMGLMRXIVJIVI[MXLXLI[SVO
WI\YEPEWWSGMEXMSRW#
+YVHNMIJJ8LMWUYIWXMSRMWWYFNIGXMZI-XMWRSXWSJSVEPPQIR-XMWEREFRSVQEPMX][LMGL
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MW E VIWYPX SJ MRJERXMPI QEWXYVFEXMSR &YX [LEX MW XLI GSRRIGXMSR FIX[IIR XLMW ERH
WYJJIVMRK#8LIVIMWRSXVEGISJWYJJIVMRKLIVI)EGLQERLEWMRLMQXLVIII\GVIQIRXW
[LMGL IPEFSVEXI XLIQWIPZIW ERH [LMGL QYWX FI VINIGXIH 8LI JMVWX MW XLI VIWYPX SJ
SVHMREV] RSYVMWLQIRX ERH IPMQMREXIW MXWIPJ REXYVEPP] ERH XLMW QYWX FI IEGL HE]
SXLIV[MWIXLIVIJSPPS[EPPWSVXWSJMPPRIWW8LITL]WMGMERORS[WXLMW[IPP
*SVXLIWEQI
VIEWSRXLEX]SYKSXSXLIFEXLVSSQJSVXLMWQEMRXIRERGI]SYQYWXKSXSXLIFEXLVSSQ
JSV XLI WIGSRH I\GVIQIRX [LMGL MW VINIGXIH JVSQ ]SY F] XLI WI\YEP JYRGXMSR -X MW
RIGIWWEV]JSVLIEPXLERHXLIIUYMPMFVMYQSJXLIFSH]ERHGIVXEMRP]MXMWRIGIWWEV]MR
WSQIXSHSMXIEGLHE]MRSXLIVWIEGL[IIOMRSXLIVWEKEMRIZIV]QSRXLSVIZIV]WM\
QSRXLW-XMWWYFNIGXMZI*SVXLMW]SYQYWXGLSSWIETVSTIVFEXLVSSQ3RIXLEXMWKSSH
JSV]SY%XLMVHI\GVIQIRXMWJSVQIHMRXLILIEHMXMWVYFFMWLSJXLIJSSHMQTVIWWMSRW
ERHXLI[EWXIWEGGYQYPEXIMRXLIFVEMR8LITL]WMGMERMKRSVIWMXNYWXEWLIMKRSVIWXLI
MQTSVXERXVSPISJXLIETTIRHM\MRHMKIWXMSRERHVINIGXWMXEW[EWXIW
-XMWRSXRIGIWWEV]
XS QMRKPI XLI EGXW SJ WI\ [MXL WIRXMQIRX -X MW WSQIXMQIW EFRSVQEP XS QEOI XLIQ
GSMRGMHI8LIWI\YEPEGXMWEJYRGXMSR3RIGERVIKEVHMXEWI\XIVREPXSLMQEPXLSYKLPSZI
MWMRXIVREP0SZIMWPSZI-XLEWRSRIIHSJWI\-XGERFIJIPXJSVETIVWSRSJXLIWEQIWI\
JSVERERMQEPIZIRERHXLIWI\YEPJYRGXMSRMWRSXQM\IHYTXLIVI7SQIXMQIWMXMWRSVQEP
XSYRMXIXLIQXLMWGSVVIWTSRHWXSSRISJXLIEWTIGXWSJPSZI-XMWIEWMIVXSPSZIXLMW[E]
&YXEXXLIWEQIXMQIMXMWXLIRHMJJMGYPXXSVIQEMRMQTEVXMEPEWPSZIHIQERHW0MOI[MWIMJ
SRIGSRWMHIVWXLIWI\YEPJYRGXMSREWRIGIWWEV]QIHMGEPP][L][SYPHSRIPSZIEVIQIH]
EQIHMGMRI#8LIWI\YEPEGXSVMKMREPP]QYWXLEZIFIIRTIVJSVQIHSRP]JSVXLITYVTSWISJ
VITVSHYGXMSRSJXLIWTIGMIWFYXPMXXPIF]PMXXPIQIRLEZIQEHISJMXEQIERWSJTPIEWYVI-X
QYWX LEZI FIIR E WEGVIH EGX 3RI QYWX ORS[ XLEX XLMW HMZMRI WIIH XLI 7TIVQ LEW
ERSXLIV JYRGXMSR XLEX SJ XLI GSRWXVYGXMSR SJ E WIGSRH FSH] MR YW JVSQ [LIRGI XLI
WIRXIRGI ,ETT] LI [LS YRHIVWXERHW XLI JYRGXMSR SJ XLI I\MSILEV] JSV XLI
XVERWJSVQEXMSRSJLMWFIMRK9RLETT]LI[LSYWIWXLIQMREYRMPEXIVEPQERRIV
5YIWXMSRIV;L]HSVIPMKMSRWJSVFMHXLIWI\YEPEGX#
+YVHNMIJJ&IGEYWISVMKMREPP][IORI[XLIYWISJXLMWWYFWXERGI[LIRGIXLIGLEWXIRIWW
SJ XLI QSROW 2S[ [I LEZI JSVKSXXIR XLMW ORS[PIHKI ERH XLIVI SRP] VIQEMRW XLI
TVSLMFMXMSR [LMGLEXXVEGXW XS XLIQSROW UYERXMXMIWSJ WTIGMJMG HMWSVHIVWERH MPPRIWWIW
0SSOEXXLITVMIWXW[LIVIXLI]KVS[JEXPMOITMKWXLIGSRGIVREFSYXIEXMRKHSQMREXMRK
XLIQ
SV XLI] EVI WOMRR] EW XLI HIZMP ERH XLI] LEZI MRWMHI PMXXPI PSZI JSV XLIMV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
RIMKLFSV XLIJEXEVIPIWWHERKIVSYWERHGIVXEMRP]QSVIKIRXPI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+*-:)
5YIWXMSRIV=SYLEZIEHZMWIHQIXSVIEHXSGSPPIGXMRJSVQEXMSRFYX[LEXXSFIKMR[MXL#
7LSYPHRX-[SVOSRGIVXEMRXLMRKWFIJSVISXLIVW#
+YVHNMIJJ;LEXMWMQTSVXERXMWXSKEXLIVXLIWSYPSJXLMRKWXLIWTMVMXERHRSXXLIJSVQ
*SVKIXXLI[SVHWXLIHIXEMPWXLMWMWRSXLMRKFYXOIITMR]SYVWIPJXLIWYFWXERGI[LEXMW
FILMRH-XMWXLMWXLEX]SYQYWXEGGYQYPEXIMR]SYVWIPJ-XMWXLMW[LMGLHITSWMXMRKMXWIPJ
MR]SY[MPPGVIEXIPMXXPIF]PMXXPIEWYFNIGXMZIYRHIVWXERHMRK[LMGL[MPPVIEPP]FI]SYVW
?8SERSXLIVWXYHIRXA*SVI\EQTPIMR[LEX]SY[VMXIEQSRKWXEPPXLSWI[SVHWEPPXLI
YWIPIWW EPP XLEX [LMGL SFNIGXMZIP] LEW RS ZEPYI TIVLETW XLIVI MW SRI WQEPP JPEWL SJ
HMEQSRHMXMWXLEX[LMGL]SYLEZIXSWIEVGLJSVGSPPIGXERHEGGYQYPEXIMR]SYVWIPJ
5YIWXMSRIV-HSRSXORS[[LEXMWXLIQSWXMQTSVXERXXLMRKXSHSMRQ]WIPJSR[LEX-
QYWXTYXQ]IJJSVXW
+YVHNMIJJ7MRGI]SYLEZIFIIRGSQMRKLIVI]SYEP[E]WLIEVVITIEXIHXLEX]SYQYWX
EGUYMVIER-%GXYEPP]IZIV]XLMRKMR]SYMWMREWXEXISJGLERKIYRWXEFPIMRGSRWMWXIRX
=SYEVIXLIGEVVMEKI[MXLQER]GLERGITEWWIRKIVW=SYQYWXEGUYMVIERYRGLERKIEFPI
-8LMWMWXLIQSWXMQTSVXERXXLMRKSR[LMGL]SYQYWXTYXEPP]SYVIJJSVXW
5YIWXMSRIV7MRGI-LEZIORS[R]SY-LEZII\TIVMIRGIHQER]JIIPMRKW2S[-LEXIEPP
XLIWIJIIPMRKW-[SYPHPMOIXSFIEFPIXSI\TIVMIRGISRIVMKLXJIIPMRK-J-WE]XLMWMXMW
FIGEYWI-JIIPQ]WIPJXLEX-EQGSQMRKRIEVIVXSMX
+YVHNMIJJ2S[-QYWXIRXIVXEMRXLIMHIEXLEX]SYGERFIEGSQVEHIXSQI9TXMPPRS[
MR[EVHP]-[EWMRHMJJIVIRXXS]SYSYX[EVHP]-GSRWMHIVIH]SYXLYWERHXLYWFYXRSXLMRK
MR[EVHP]*MVWX]SYQYWXFIGSQIQ]GSQVEHIWSXLEXPEXIVSRQYGLPEXIV]SYQE]
FIGSQIFVSXLIV2S[-WE]GSQVEHIERHRSXFVSXLIV
5YIWXMSRIV%JI[HE]WEKS[LIR-[EWVIQIQFIVMRKQ]WIPJWSXLEX-GSYPHQEOIE
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
HIGMWMSR[LMGL[EWMQTSVXERXJSVQIWYHHIRP]-LEHEJIIPMRKSJXLIYRVIEPMX]SJQ]PMJI
ERHEXXLIWEQIXMQIXLIYRVIEPMX]SJEPPQ]KSSHQSQIRXWFYXRIZIVXLIPIWW-JIPXMX[EW
XLIFIWXXLEX-LEZILEHERHXLEXEXXLIWEQIXMQIXLI]EPPLEHWSQIXLMRKMRGSQQSR
-R XLI WEQI [E] - RSXMGIH XLEX XMQI RS PSRKIV I\MWXIH MR Q] QIQSV] XLEX XLMRKW SJ
GLMPHLSSH[IVIXLIWEQIEWXLMRKWQYGLQSVIVIGIRX-I\TIVMIRGIXLIWEQIJIIPMRK
+YVHNMIJJ=SYLEZIKVS[RMR[EVHP]FYX[LEXLEWHIZIPSTIHMW[IEO-XMWRIGIWWEV]XS
RSYVMWL MX IMXLIV [MXL MRXIVMSV SV I\XIVMSV QEXIVMEP &YX ]SY LEZI MRXIVMSV QEXIVMEP
QEXIVMEP SJ MRJSVQEXMSR %GGSVHMRK XS [LIXLIV XLMW XLMRK [LMGL MW JSVQIH MR ]SY MW
LIEZMIVSVPMKLXIVMXGSQIWSYXSVIRXIVWMRXS]SY-XVMWIWERHJEPPWEGGSVHMRKXSMXW
[IMKLX4IVLETWSRP]LIMWQ]VIEPTYTMP[LSEXIZIV]QSQIRX[LIRLIWE]W-EQJIIPW
MX VIWSYRH MR XLI WEQI TPEGI MR LMQLI [LS JIIPW LMQWIPJ XS FI XLI WEQI EX EPP XLIWI
QSQIRXW
5YIWXMSRIV-[SYPHPMOIXSORS[MJXLMWXLMRK[LMGL-JIIPMRQ]WIPJWMHIF]WMHI[MXLQ]
[SVOXLMWPSZIXLEX-[SYPHPMOIXSWIIFIGSQIXLIIWWIRGISJQ]IWWIRGI[LMGLWIIQWXS
QIXSGSQIJVSQWSQIXLMRKSXLIVXLERQ] [SVOERHQ]IJJSVXWQYWX-TYWLE[E]
QYWX-RSXFIPMIZIMRMXERHLSPHWXVMGXP]XSXLI[SVOXLEX1V+YVHNMIJJLEWMRHMGEXIH#
+YVHNMIJJ=IW]SYQYWXHSI\EGXP][LEX]SYLEZIFIIRXSPHXSHSERHRSXLMRKIPWI=SY
LEZIRSX]IXEVVMZIHEXXLITPEGISRXLI[E][LIR]SYGERPMWXIRXSXLSWIXLMRKW%PPXLIWI
EVIXIQTXEXMSRWSR]SYV[E]4YWLXLIQE[E]ERHHS]SYV[SVOWXVMGXP]
5YIWXMSRIV-JIIPXLEX-QYWXMRXVSHYGIMRQ]XEWOMRQ][SVOETIVWSRGPSWIXSQI
FYX[LEXEHHWXSXLIHMJJMGYPX]MWXLEX-JIIPMRXLMWTIVWSR[IEORIWWIWWMQMPEVXSQ]S[R
ERHQ][IEORIWWIWVIMRJSVGILIVWERHLIV[IEORIWWIWVIMRJSVGIQMRI-HSRXORS[LS[
XSHIJIRHQ]WIPJEKEMRWXXLMWERH[LEXEXXMXYHIXSXEOI
+YVHNMIJJ=SYQYWXTE]RSEXXIRXMSRXSXLII\XIVMSV8LMWMWI\XIVMSV=SYQYWXSRP]ORS[
]SYVXEWOERHHSMXMRXIVMSV8LISXLIVTIVWSRGSRWGMSYWP]SVRSXTPE]WLIVVSPIEGXW
LIVGLEVEGXIV=SYHSRSXORS[LIV]SYHSRSXORS[[LSWLIMW[LIXLIVMXMW1SWIWSV
WSQISXLIVTIVWSR-XMWRSXMQTSVXERX;LEXMWMQTSVXERXJSV]SYMW]SYVMRRIVXEWO
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+7-<
8LYVWHE].YP]
5YIWXMSRIV-EQZIV]SJXIRHIGIMZIHMRQ]STMRMSRSJSXLIVW8LEXMWFEHJSVQI-KMZI
TISTPIGVIHMXJSVUYEPMXMIWXLI]HSRSXTSWWIWERHEWJSVXLITISTPI[LSHSRSXTSWIW
XLIQ-WIIMXSRP]PEXIV[LIR-ORS[XLIQFIXXIV-HSRXORS[LS[XSHIXIGXL]TSGVMW]
ERH-QEP[E]WWIIMRKMXXSSPEXI-[SYPHPMOIXSLEZIEQIERWSJNYHKMRKTISTPIERH
VIGSKRM^MRK[LSGERFIYWIJYPXSQIERH[LSMWYWIPIWW
+YVHNMIJJ=SYGERRSX]SYQYWXJMVWXTVITEVI]SYVWIPJXSWIIVIEPMX];LMPI[EMXMRKTPE]
EVSPII\XIVMSV-RXIVMSVVIGSKRM^I]SYVRSRIRXMX]RIWW=SYHSRXORS[ER]XLMRK-J]SY
LEZIXLILEFMXSJHSMRKXLMRKWMREGIVXEMR[E]HSXLIQMRXLMW[E]7E]+SSHQSVRMRK
EW]SYEP[E]WWE]KSSHQSVRMRK&YXEXXLIWEQIXMQI[SVOXSOIITYT[MXLXLI[SVO
[IVIHSMRKLIVIERHXLIR]SYPPFIEFPIXSVIGSKRM^ITISTPI%XTVIWIRXIZIV]SRIMWPMOI
]SYRSXLMRK^IVS;LIXLIVLIFIE[SVOQERSVEWIREXSVLIMWQIVHIPMOI]SY+IXXS
[SVOEXRSXFIMRKERSRIRXMX][SVOWSXLEXMREHE]EQSRXLSVE]IEV]SY[MPPRSXFIE
RSRIRXMX](SIZIV]XLMRKI\EGXP]EW]SYEVIEGGYWXSQIHXSHSMRK&YX]SYQYWXTPE]E
VSPI [MXLSYX TEVXMGMTEXMRK [MXLSYX MHIRXMJ]MRK ]SYVWIPJ MRXIVMSV ERH VIQIQFIV [LEX
]SYVZEPYIMWRSXLMRK;SVO[SVOERHEKEMR[SVOMRSVHIVXSGLERKIXLEXRSXLMRKRIWW
MRXSWSQIXLMRKHIJMRMXI)HYGEXMSRQEOIWEQEWO;LIR]SYWIITISTPI]SYFIPMIZIMR
XLMWQEWO%JXIVE[LMPIXLIQEWOJEPPWERH]SYWIIXLEXXLI]EVIXLIWEQIQIVHIEW
]SYVWIPJ2SQEXIV[LSQ]SYWIILIVITVIWIRXWEQEWO-J]SYPSSOEXLMQPSRKIV[MXL
MQTEVXMEPMX]ERHEXXIRXMSR]SYWIIXLEXLIMWRSXEP[E]WEFPIXSOIITLMWQEWOEXXLI
WEQI QSQIRX XLI QIVHI [MPP WLS[ XLVSYKL MX MW XLI WEQI [LMGL MW MR ]SY ,I MW
RSXLMRKEW]SYEVIRSXLMRKIZIRMJLIMWEGSPSRIPWIREXSVSVQMPPMSREMVI-XWSRP]XLI
GSQFMREXMSRWSJPMJIXLEXEVIXLIVI,MWKVERHJEXLIV[EWPMOIXLEXLMWJEXLIV[EWPMOI
XLMWERHLITVSJMXWJVSQMX&YXLILMQWIPJVITVIWIRXWSRP]RSXLMRKRIWW3RP]LIMWRSXE
RSXLMRK[LSLEWYRHIVWXSSHLMWRSXLMRKRIWWERHLEW[SVOIHSRLMQWIPJXSGLERKIMX
8LEXQERMWERSXLIVUYEPMX]SJQIVHI[MXLVSWIW-XMWWXMPPQIVHIFYXMXLEWRSXXLI
WEQISHSV;SVOTYXIZIV]XLMRKXS[EVHMXERHFIWYVIXLEXEPP[LSHSRSX[SVOEVI
RSXLMRKWPMOI]SY=SYEVIRSXLMRKFYXLIMWEPWSRSXLMRK,IMWEKIRIVEPEGSPSRIP
XLIWIEVII\XIVMSVXLMRKWXLI]GSWXRSXLMRK-RPMJIIZIV]XLMRKMWEGGMHIRXEPSGGYTEXMSRW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
TSWMXMSR EPP SFPMKEXMSRW [LIXLIV SRI MW XLI QE]SV SV XLI GSVRIV TSPMGIQER -X MW PMJI
[LMGLGVIEXIWXLIWIEFRSVQEPMXMIW-RXIVMSVIZIV]XLMRKMWEP[E]WXLIWEQIXLMRK)\XIVMSV
XLMRKW HS RSX GLERKI XLI MRXIVMSV XLMRKW 3RP] GSRWGMSYW [SVO MW EFPI XS GLERKI XLI
MRXIVMSVGSRWGMSYWPEFSVERHZSPYRXEV]WYJJIVMRK
5YIWXMSRIV-LEZIRSXMGIHJSVEPSRKXMQIXLEXZIV]SJXIRERHGSRGIVRMRKZIV]HMJJIVIRX
QEXXIVWERMRXIVMSVZSMGIXSPHQI[LEX-LEHXSHS-TIVGIMZIHMX-LIEVH[LEXMXWEMHFYX
[MXLSYXEGXMRKSR[LEXMXXSPHQI-LEZIEGXIHSXLIV[MWIERHEJXIV[EVH-WIIXLIZSMGIMW
EP[E]WVMKLX-[SYPHPMOIXSORS[MJ-WLSYPHTE]RSEXXIRXMSRXSMXSVSRXLIGSRXVEV]
JSPPS[MXQSVI#
+YVHNMIJJ(SRSXLMRKEFSYXEPPXLEX&Y]EPMXXPIRSXIFSSOQEOIEVIGSVH;VMXIHS[R
FYXHSRSXLMRK8LEXZSMGIMW]SYVMRWXMRGXWSQIXMQIWMRWXMRGXGERETTIEVXLVSYKLXLI
GSRWGMSYWRIWWFYXMXMWVEVI4IVLETWMX[MPPTVSZIXLEX]SYLEZIXVYIMRWXMRGX7IIMJ]SYV
VIGSVHW[MPPWLS[XLEX2S[TIVLETW[I[MPPJMRHERI\IVGMWI&YXHSRSXLMRKFIJSVI
5YIWXMSRIV&YXXS[VMXIMX-[MPPLEZIXSHSMXEGXYEPP]
+YVHNMIJJ 1EOI E RSXI - [MPP WTIEO EJXIV[EVH 4IVLETW MXW WYKKIWXMFMPMX] JERXEW]
MHMSG]%GGSVHMRKXSXLIVIWYPX-WLEPPWE][LEXMXMWQEXLIQEXMGEPP]7SQIXMQIWMRWXMRGX
MWEZIV]MRHITIRHIRXXLMRK&YXEWJSV]SY-HSRXORS[-[MPPWTIEOEJXIV[EVH&IJSVI
XLEXGSRXMRYIEW]SYEVIHSMRKFIJSVI]SYRSXMGIHER]XLMRK
5YIWXMSRIV-X[SYPHLEZIFIIRFIXXIVPEXIP]MJ-LEHHSRI[LEXMXXSPHQI
+YVHNMIJJ ;I WLEPP WII =SY XLMRO XLEX FYX TIVLETW MXW XLI GSRXVEV] 4IVLETW MXW
TW]GLSTEXLMG-HSRSX[MWLXSFIPMIZIER]XLMRKI\GITXXLIJEGXWKMZIRF]XLIVIGSVHW=SY
WTIEOWYFNIGXMZIP]8LISFNIGXMZI-HSRSXORS[
5YIWXMSRIV-XV]XSQEMRXEMRXLIJIIPMRKSJRSRIRXMX]RIWWERHZSPYRXEV]WYJJIVMRKEW
SJXIREWTSWWMFPI&YX-RSXMGIMXKMZIWETEVEP]WMWEWJEVEWEGXMSRMWGSRGIVRIH-XWLS[W
XLIJYXMPMX]SJEPPEGXMSRERHFYW]RIWW-JFIJSVI-LEHXSQEOIERIJJSVXXSHSEKMZIR
XLMRKXSHE]-QYWXEPWSGEVV]XLIMVSRGSPPEVSJXLMWRSRIRXMX]RIWW8LIIJJSVXMWHSYFPIH
;LEXWLEPP-HSWSXLEXXLMWJIIPMRKSJRYPPMX]HSIWRSXTEVEP]^IQIHSIWRSXMRXIVJIVI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
[MXLI\XIVMSVPMJI#
+YVHNMIJJ(SEW-LEZIEPVIEH]XSPH]SY3RIQYWX[SVOSRP]XLIXLMVHTEVXSJSRIW
[EOMRKWXEXI1EOIEWTIGMEPXMQIJSVXLI[SVO(SRXQM\XLMRKWJM\EXMQIXSQSVVS[
FIX[IIRXIRERHIPIZIRSGPSGOSVHMREV]PMJI8LISXLIVMHIEWXLI[SVOWIRHXLIQXSXLI
HIZMP
5YIWXMSRIV3RIMWRSPSRKIVJVIIXSHVMZIE[E]XLIJIIPMRKSJSRIWRSXLMRKRIWW
+YVHNMIJJ4YXEWMHI]SYVRI[WXEXI%RHHSEW]SYHMHFIJSVI[LIR]SYLEHRXFIKYRXS
[SVO3RIQYWXRIZIVQM\QEXXIVW(SRSX]IXYWIXLIVIWYPXWSJXLIMRXIVMSV[SVOJSV
I\XIVMSV[SVO2SX]IX=SYEVIEXWGLSSPPMOIEGLMPH-XMWRXJSVPMJIRSXJSVIEVRMRK
QSRI]=SY[SYPHORS[EKVIEXWIGVIX[LMGL]SYWLSYPHRSXYWI8LEXMWSRIXLMRKPMJIMW
ERSXLIVXLMRK;IHRIWHE]*VMHE]7YRHE]]SYHS[LEX]SYPMOIWIRHXSXLIHIZMPEPP
SXLIVXLSYKLXWMJ]SYQM\XLIQSRI[MPPMQTIHIXLISXLIV
5YIWXMSRIV8LIJIIPMRKSJRYPPMX]YRGEPPIH[LMGLGSQIWF]MXWIPJMWMRHIIHEYXSQEXMG
ERHXLIVIJSVIHIWXVYGXMZI
+YVHNMIJJ-RXLIXMQIWIXEWMHIJSVXLI[SVOQEOIEGSQQIRXQSVIPMZIP]8LIVIWXSJ
XLIXMQIXSXLIHIZMP-XMWTW]GLSTEXL]+YVHNMIJJ?XSERSXLIVTIVWSRA-LEZIRIZIVLIEVH
XLIWSYRHSJ]SYVZSMGI-ORS[]SYVZSMGIMRPMJIFYXRSXLIVIMRSYVGMVGPI'ER]SYWE]
ER]XLMRKXSQI#
5YIWXMSRIV-LEZIRX[SVOIHIRSYKL]IXXSEWOEUYIWXMSR
+YVHNMIJJ,S[HS]SYORS[XLEX#
5YIWXMSRIV&IGEYWI-HSRSXHEVI
+YVHNMIJJ8LIR]SYHSLEZIEUYIWXMSR
5YIWXMSRIV2SXXSHE]
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ;IPPXLIR]IWXIVHE]?1QIHI7EP^QERRXIPPW+YVHNMIJJ[LEXUYIWXMSRXLMW
TIVWSRLEWEWOIHLIVA
+YVHNMIJJ,I[LS[SVOWFIGSQIWEREGXSVEVIEPEGXSVMRPMJI8SFIEREGXSVMWXSTPE]E
VSPI0MJIMWEXLIEXIV[LIVIIZIV]QERTPE]WEVSPI)ZIV]HE]XLI]GLERKIMX8SHE]SRI
VSPIXSQSVVS[ERSXLIVVSPI,ISRP]MWEKSSHEGXSV[LSMWEFPIXSVIQIQFIVLMQWIPJ
ERHGSRWGMSYWP]TPE]LMWVSPIRSQEXIV[LEXMXQE]FI
5YIWXMSRIV&YXLS[HSIWSRIORS[XLIVSPISRIQYWXTPE]#
+YVHNMIJJ=SYWTIEO[MXLXLMW[SQER]SYORS[[LSWLIMWLS[SRIQYWXFI[MXLLIV
[LEXWLIPMOIW;IPPXLIRHSMX-RXIVMSVWLIMWRSXLMRKJSVQIWLIMWQIVHIJSVQI7LI
PMOIWTISTPIXSOMWWLIVLERH-HSMXFIGEYWIWLIPMOIWXLEX-EQOMRHXSLIV-RXIVMSV-
[ERX XS MRWYPX LIV FYX - HSRX HS MX - TPE] Q] VSPI 7S XLIR WLI FIGSQIW Q] WPEZI
-RXIVMSV-HSRXVIEGX
5YIWXMSRIV-HSRXWYGGIIHMRFIMRKKSSHXSSXLIVW
+YVHNMIJJ4IVLETW]SYEVIRSX]IXJVII
5YIWXMSRIV-[MWLXSTVSJMXJVSQIZIV]XLMRKIKSXMWXMGEPP]JSVQ]WIPJ
+YVHNMIJJ=SYQYWX[SVO/MPPXLIHSKWMR]SY=SYSRP]TPE]]SYVVSPIXLISVIXMGEPP]FYX
ZIV] UYMGOP] ]SY JSVKIX ERH ]SY VIXYVR XS ]SYV RSXLMRKRIWW =SYV XEWO [MPP FI XS
VIQIQFIVPSRKIV
5YIWXMSRIV;LEXKSSHMWMXXSLEZIWPEZIW#
+YVHNMIJJ*SVPMJIMJ]SYLEZIRXER]WPEZIW]SYEVIXLIWPEZISJWSQISRI
5YIWXMSRIV'ERRSXIZIV]SRIWMQTP]FIIUYEP#
+YVHNMIJJ2IZIV,S[MWMXTSWWMFPI#=SYLEZIJSYVI]IWERH-X[S%PVIEH]XLIVIMWE
HMJJIVIRGI=SYVJEXLIVPSZIH]SYVQSXLIVMJLI[EWP]MRKXSXLIPIJXQ]JEXLIVPSZIHQ]
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QSXLIVMJLI[IVIP]MRKSRXLIVMKLX8LIVIWYPX-EQSRI]SYERSXLIV*SVQISRIPE[
JSV]SYERSXLIV8LI[IPPFIMRKSJQERMWXLEXIZIV]SRIFILMWWPEZIW=SYWE]XLEXXLI
[SVO LEW GLERKIH ]SY 8LEROW XS XLI [SVO ]SY EVI RS PSRKIV E QIVHI XLEROW XS
GSRWGMSYWPEFSVWERHZSPYRXEV]WYJJIVMRK3FNIGXMZIP]]SYHIWIVZIMX
5YIWXMSRIV%XTVIWIRXSYVHSKWSFPMKIYWXSYWISXLIVWJSVSYVIRHW
+YVHNMIJJ8LIVI]SYLEZIKSSHKVSYRHJSVFIMRK[SVO8SHE]]SYEVIERSVHMREV]QER
MR]SYV[SVOXV]XSFIEWYTIVMSVQER%JXIV[EVHTIVLETW]SY[MPPFIEGSQTPIXIQERE
VIEPQER%XXLIQSQIRX[LIR]SYJIIP]SYVHSKWWXVYKKPIEKEMRWXXLIQXLMWGSRJPMGXMW
RIGIWWEV]JSV]SYMRSVHIVXSFIGSQIEVIEPQERMXWKSSHWSMPJSVXLI[SVO%RHXLIVI
EVIWXMPPQSVIHSKWMR]SYXLEXEVIMRZMWMFPI
5YIWXMSRIV&YXWLSYPHRXSRIKMZIYTYWMRKIKSXMWXMGEPP]SRIWTS[IVSZIVSXLIVW#
+YVHNMIJJ8SHE]]SYHSMXYRGSRWGMSYWP]XV]XSHSMXGSRWGMSYWP]8LIRMX[MPPFIKSSH
FSXLJSVXLIQERHJSV]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+7):)2
?6IEHMRKSJGLETXIVSJXLI*MVWX7IVMIWSR%WLMEXE7LMIQEWL(MRRIV%JXIVHMRRIVA
5YIWXMSRIV1V+YVHNMIJJQE]-EWOEUYIWXMSR#
+YVHNMIJJ-LEZIFIIR1V+YVHNMIJJJSVEPSRKXMQI;LEXHS]SY[ERXXSEWOQI#
5YIWXMSRIV7MRGI-GEQIXSXLI[SVO-LEZIPIEVRIHQER]XLMRKWFYX-LEZIFIIREFPIXS
TYXRSXLMRKMRXSTVEGXMGI-LEZIXVMIHWIZIVEPXMQIWFYX-KIXRSVIWYPXVIEPVIWYPXW[LMGL
[SYPHWEXMWJ]QI%RHRS[HYVMRKXLILSPMHE]W-[SYPHPMOIXSXV]WSQIXLMRKXLIQEMR
XLMRKSR[LMGL-GSYPHLERKQ][SVO
+YVHNMIJJ=SYI\TIGXVIWYPXWERH]SYXEOIRSQIEWYVIW;LEXHS]SY[MWL#,EZI]SYE
QIEWYVI#?8SXLISXLIVWA7LIWE]WWLI[SVOWERHXLEXWLIHSIWRSXLMRK
5YIWXMSRIV-[SYPHPMOIXSORS[WSQIXLMRK-X[SYPHFIRIGIWWEV]JSVQIXS[SVOXSLEZI
E WEXMWJEGXSV] VIWYPX *SV MRWXERGI MR XLI VIQIQFIVMRK RIKEXMZI GSRHMXMSRW
MHIRXMJMGEXMSRW-KIXRSVIWYPXW[MXLEPPXLEX-XV]XSHSIZIV]XLMRKXSKIXLIV-[SYPHPMOI
XS[SVOSRNYWXSRIXLMRK
+YVHNMIJJ*SV]SYMJ]SYEVIKSMRKSRELSPMHE]XLMWMWEKSSHUYIWXMSREW-YRHIVWXERH
MX-VIKVIXSRIXLMRK8LIVIMWEREWTIGXSJ]SY[LMGL-HSRSXORS[-ORS[JMZIEWTIGXW
X[S-HSRSXORS[?1QIHI7EP^QERRWTIEOWXS1V+YVHNMIJJMR6YWWMERA
+YVHNMIJJ=SYEVIKSMRKE[E]JSVEPSRKXMQI#
5YIWXMSRIV*SYVSVJMZI[IIOW
+YVHNMIJJ8LIR]SYLEZIEPSRKXMQI-EQKSMRKXSKMZI]SYEZIV]SVMKMREPI\IVGMWI
1ER]TISTPILIVIGERIZIRFIEWXSRMWLIH-EQKSMRKXSKMZI]SYEXEWO%JXIV]SYLEZI
HSRIMX[I[MPPXEPO8LMWMWEZIV]FMKXLMRKERHMQTSWWMFPIXSHSMRJSYVSVJMZI[IIOW-X
RIIHW JSYV SV JMZI QSRXLW TIVLETW PSRKIV 3RP] - GER I\TPEMR MX RS[ 8LMW MW E ZIV]
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
SVMKMREPXEWO-EQWYVIXLEXMJ]SYHSMX]SY[MPPVIGIMZI[LEX]SYEVI[EMXMRKJSV=SY
HIWIVZI]SYLEZIIZIV]VMKLXXSXLIVIWYPXWSJXLMWI\IVGMWI3RP]XLMWGSQTPMGEXIHXLMRK
GERRSXGSQIUYMGOP]
(YVMRK XLI LSPMHE]W HS XLI KVSYRH [SVO JSV MX - EQ XLEX ]SY YRHIVWXERH 2S[
QIHMXEXISRXLIWYFNIGXSJXLMWI\IVGMWI?%RI\IVGMWI[EWKMZIRA
5YIWXMSRIV,S[QER]XMQIWQYWXMXFIHSRI-QIERLS[QER]XMQIWEHE]#
+YVHNMIJJ%PPXLIXMQIMJ]SYGER&YX]SYJSVKIX]SYGERRSX(SMXX[SSVXLVIIXMQIWMR
IEGLX[IRX]JSYVLSYVW;LIR]SY[EOIYT[LIR]SYKSXSWPIITERHMRXLIQMHHPISJXLI
HE]FIJSVIPYRGLSVHMRRIV=SYJM\XLVIITIVMSHWJSVXLMWI\IVGMWI-JFIX[IIR[LMPIW]SY
VIQIQFIVMXIZIREYXSQEXMGEPP]XLIRHSMX2SHERKIVMRXLEX8LMWWLSYPHFI]SYVEPP
QSVIXLER+SHQSVIXLERIZIV]FSH](SRSXLMRKIPWI(SRXQERMTYPEXIRS[MWIEGVMRK
RSTLMPSWSTLM^MRK(SXLMWI\IVGMWIEWEWIVZMGIEWERSFPMKEXMSREWMJ]SY[IVIKSMRKXS
QEOIQSRI]F]HSMRKMX;LIR]SYVIXYVRXLIR-[MPPWTIEOXS]SYEWXSLS[XSGSRXMRYI
2SFSH]EWXSRMWLIH#?%PSRKWMPIRGIA
5YIWXMSRIV1E]-EWOEUYIWXMSRWMV#8LIVIMWSRIXLMRK[LMGLLEWTVISGGYTMIHQIJSV
EPSRKXMQI,S[WLSYPHEQEREGXXS[EVHWE[SQERWSEWXSFILIVQEWXIVERHQEOI
LIVLETT]#8SFIVIEPP]QEWXIVSJXLIWMXYEXMSR#
+YVHNMIJJ=SYVUYIWXMSRMW[LEXMWMXRIGIWWEV]XSHS*MVWXSJEPP]SYQYWXFIEQER
MRWMHI ]SYVWIPJ 8LI QER QYWX FI E QER =SYV UYIWXMSR MW ZIV] SVMKMREP ERH
GLEVEGXIVMWXMGJSVIZIV]FSH]%QERGERHIQERHIZIV]XLMRKSJLMW[MJIFYXLIGERSRP]
HIQERHMJLIMWMRXVYXLEQER-JLIMWEQERSJXLIQMHHPIWI\MXMWMQTSWWMFPI8LMWF]
XLI[E]I\MWXWMREPPPERKYEKIWXLIVIEVIX[SOMRHWSJTVSWXMXYXIWTVSWXMXYXIWMRWOMVXW
ERHTVSWXMXYXIWMRXVSYWIVW-RXVSYWIVWMXMWRIMXLIVQERRSV[SQERQMHHPIWI\;LIXLIV
MXFILMWQSXLIVLMWWMWXIVSVLMW[MJIWLI[MPPEGXEWWLIMWXSPHXS;SQERHSIWRSX
HITIRHYTSRLIVWIPJ-J]SYEVIRSXEQERXLIR]SYEVIETVSWXMXYXIERH]SYWYKKIWXXS
LIVXLEX[LMGLWLIMW=SYEVILEPJEQER?%PPJEPPWMPIRXA
5YIWXMSRIV7MV-I\TIVMIRGIKVIEXHMJJMGYPX][LIXLIVLIVISV[MXLXLSWI[LSEVIRIEV
QIMRI\TPEMRMRKMHIEWERHJIIPMRKW8LMWMWEVIEPTEVEP]WMW-XMWZIV]MQTSVXERXJSVQI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
;LEXGER-HSXSJVIIQ]WIPJJVSQXLMW#
+YVHNMIJJ2IGIWWEV]XSFIMQTEVXMEP8LMWMWJSV]SYSRP]4ISTPI
QYWXRIZIVHSXLEX[LMGL-MRHMGEXIJSVSRITIVWSRSRP]
=SYEVI]SY=SY[MWLXS[SVO
]SY[ERXXSLEZIER-EVIEP-=SYVEMQMW-EQMRHITIRHIRX-EQ2S[MJ]SYHSRSX
]IX LEZI MX ]SY MQEKMRI XLEX ]SY LEZI MX EPVIEH] ,I [LS LEW E VIEP - MW MQTEVXMEP
XS[EVHWEPPSYXWMHIXLMRKW*SVIZIV]FSH]IPWILIMWMQTEVXMEP*SVMRWXERGIXLMWTIVWSR
?LIKPERGIWEXERSXLIVWXYHIRXAMWQEHLIMWQEH2EXYVIQEHILMQXLEX[E]*EXLIV
+VERHJEXLIVLI MW QEHFYX - EQ RSXERRS]IH FIGEYWI LI MWQEH - PSSO SRLMQ EW E
QEHQER-LEZITMX]8LEXMW[LEXMWGEPPIHZIV]MQTEVXMEP=SY?XLISXLIVWXYHIRXAPSSO
SR EPP LMW QERMJIWXEXMSRW MR XLMW [E] [LEX GER FI XLI QERMJIWXEXMSRW SJ E QEHQER#
8LIVIEVIHMJJIVIRXUYEPMXMIW*SVMRWXERGISRIQE]LSPHLMWGMKEVIXXIPMOIXLMW?+YVHNMIJJ
TYXW XLI PMKLXIH IRH MR LMW QSYXLA E RSVQEP TIVWSR GER RIZIV HS XLEX &YX - EQ RSX
GVSWW-LEZITMX]%HMJJIVIRX
5YIWXMSRIV8LIVIEVIX[SUYEPMXMIWSJTMX]3RIGERLEZIGSRXIQTXYSYWTMX]
+YVHNMIJJ=SY]SYLEZIXLMWTMX]FYX-HSRSXLEZIMX)MXLIV-LEZITMX]SV-HSRX)MXLIV
LIMWQEHSVLIMWMRWSPIRX-JLIMWQEH-LEZITMX]-JLIMWMRWSPIRX-HSXLEXEFPS[
ERH-WQEWLLMWJEGEHIMJLIMWMRETPEGI[LIVI-GERHSMXXLEXMWMJLIMWRSXQEHMJLI
MWMRWSPIRX-JLIMWQEH-EXSRGIKMZILMQIZIV]XLMRKLI[ERXW-J-WIIXLEXLIMWMRWSPIRX
ERHXLEXXLIVIEVIRSTSPMGIEFSYXLI[MPPRIZIVJSVKIXQILI[MPPLEZIPSWXXLVIISVJSYV
XIIXL&YXTMX]MWRIGIWWEV])ZIV]FSH]LEWTMX]-J]SYPSSOMRHIXEMP]SY[MPPWIIXLEX
SRITEVXGSQIWJVSQLIVIHMX]ERSXLIVJVSQIHYGEXMSR[LMGLLEWWTSMPIH]SYERHXLI
XLMVHGSQIWJVSQXLIWMRWSJ]SYXL[LMGL]SYLEZIGSQQMXXIH8LIWIUYEPMXMIWXLEX[LMGL
GSQIWJVSQLIVIHMX]-LEZITMX]JSVJSVXLIWIGSRH-LEZILEPJTMX]FYXXLIXLMVH-RIZIV
JSVKMZI-I\TPEMRWYFNIGXMZIXLMRKWXS]SY&YXMJ]SYYWIXLIWIMR]SYVPMJI]SY[MPPRIZIV
HIGIMZI]SYVWIPJ3RITEVXGSQIWJVSQLIVIHMX]XLIWIGSRHJVSQIHYGEXMSRXLIXLMVH
JVSQ]SYVFILEZMSVMR]SYXL
5YIWXMSRIV;SVOMRVIZIEPMRKX[S[SVPHWXSYWLEWVIZIEPIHXSQIX[SHMJJIVIRXOMRHWSJ
XMQI*MVWXXLEXSJXLIFSH]MR[LMGL[IPMZIXLIXMQISJHMWUYMIXSJJIEV%RHXLIXMQISJ
VIQIQFIVMRK[LIRXLIVIMWRIMXLIVHMWUYMIXRSVERKYMWL)ZIV]SRIGSRXEMRWMRLMQWIPJ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
ERI\TPSWMZIJSVGI[LMGLGERGSRXEMRMREZIV]WQEPPTEGOIXEWIGSRHJSVGIVMGLIVXLERXIR
]IEVWSJXLIPMJISJXLIFSH]SJWPIIT-RXLMWXMQISJ[SVOSRILEWRSJIEVSJPSWMRKXMQI
-RQ]SVHMREV]WXEXI-EQEJVEMHSJPSWMRKXMQI-[SYPHPMOIXSORS[[LEXXMQIMW?1QI
HI7EP^QERRXVERWPEXIWXS1V+YVHNMIJJ[LEXXLIUYIWXMSRIV[ERXIHXSWE]A
+YVHNMIJJ)RSYKLWLIHMHRSXXVERWPEXIIZIV]XLMRKFYXWYJJMGMIRXJSVQ]I\TPEREXMSR
=SYRSXMGIXLEXXLIVIEVIX[SHMJJIVIRXXMQIWJSV]SYEWXLIVIEVIX[SWXEXIWXLISVHMREV]
WXEXIXLI LEFMXYEPWXEXIMR PMJIERH XLEXWXEXIMR [LMGL]SYVIQIQFIV ]SYVWIPJ8LEX
QEOIWX[SHMJJIVIRXXMQIWSRIXMQIXS[LMGL]SYEVIYWIHERHERSXLIVXMQI[LIR]SY
GSQIXSVYIHIW'SPSRIPW6IREVH8LIXMQIMR[LMGL]SYEVIYWIHXSYRHIVWXERHMRKERH
VIGIMZMRKIZIV]XLMRKMWXLIXMQISJXLIVYIHIW'SPSRIPW6IREVH2S[MJ]SYVJIEVGSQIW
YTMRXLIWIGSRHXMQIXLEXMWXSWE]MJ]SYEVIEJVEMHWSSRIVSVPEXIVSJPSWMRK]SYV
XMQIXLIRQIEWYVIXMQIF]]SYVWXEXI-EQJSVXLMWXMQILEWEFIMRK-EQ;MXLXLI
LIEH]SYWE]-EQMXQYWXFIJIPX[MXLXLIIRXMVITVIWIRGIMREPPKIWXYVIWERHEXSRGI
MX[MPPGLERKI'SWQMGXMQI[MPPLEZIXSVYREW[MPPFIRIGIWWEV]JSV]SY=SYEVI]SY)ZIR
GSWQMGPE[WWYFQMXXSYRMX]LS[IZIVWQEPPXLEXYRMX]QE]FI
5YIWXMSRIV-WMXRSXEFEHXLMRKXSJIIPWYGLEHMJJIVIRGIFIX[IIRXLIX[SXMQIW#
+YVHNMIJJ8LI]EVIHMJJIVIRX8LMW[MPPLIPT]SYXSTVIWWSRXSHSXLEX[LMGL]SYHMHRSX
HSMR]SYVTEWX-J]SYLEZIXLIHMWIEWISJXSQSVVS[XLEX[MPPRSXLIPT]SY&YX]SY
LEZIYRHIVWXSSHEFSYXXLMWHMWIEWI-EHZMWI]SYXSXEOIIZIV]QIEWYVIXSLEZIXLIXMQI
SJ-EQ[MXLXLIWXEXISJ-EQRSXSRP]XLISVIXMGEPP][LIR]SYVIQIQFIV]SYVWIPJ
FYXXSXLIQSWXGSRGIRXVEXIH[MXLEPPSJ]SYVTVIWIRGI8LMWMWMRXVYXLEKSSHUYIWXMSR
8LIQER[LSORS[WRSXXLIHMJJIVIRGIHSIWRSXORS[[LEXXMQILILEW*SVLI[LSORS[W
MXWIVZIWEWVIQMRHMRKJEGXSVSVHMREV]XMQISVXMQIEWMXTEWWIWEXVYIHIW'SPSRIPW
6IREVH(S]SYYRHIVWXERH#,EZI]SYYRHIVWXSSH[LEXMXMW]SYLEZIXSHS#8LIRHSMX
0EXIV [MPP GSQI E UYIWXMSR [LMGL - [MPP I\TPEMR MR HIXEMP 8LMRO EFSYX XLIVI FIMRK X[S
XMQIW[SVOXMQIERHXLIXMQISJSVHMREV]QER
5YIWXMSRIV'ERSRILEZIEJSVIWMKLXSJXLI[SVOMRXLIVIGSPPIGXMSRWSJSRIWGLMPHLSSH#
+YVHNMIJJ:IVMJ]XLIWXEXIXLEX]SYLEZI[MXL-EQERH]SYVWXEXI[MXLSYX-EQ8LMW
MWXLIQIEWYVI;LIR]SYVIQIQFIV]SYVWIPJSRIUYEPMX];LIR]SYHSRSXVIQIQFIV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYVWIPJERSXLIV-XMWRSXRIGIWWEV]XSLEZIEWTIGMEPETTEVEXYW]SYTIVLETWLEZIE
XEWXISJ-EQSJXLIUYEPMX]SJJIIPMRKXLEX]SYLEZI
5YIWXMSRIV8LMWMWTIVLETWXLISVIXMGEPFYX-RIIHWSQIXLMRKXLISVIXMGEPWSQIQEXIVMEP
SRXMQI1]LIEHRIIHWMX
+YVHNMIJJ%WO1QIHI7EP^QERRXSEVVERKIJSV]SYXSVIEHWTIGMEPP]XLIGLETXIVSR
XMQI -QTSWWMFPI XS I\TPEMR MX FVMIJP] 8MQI JPS[W MR E [E] TVSTSVXMSREXI XS ]SYV
EWWSGMEXMSRW 8MQI JPS[W MR E QERRIV TVSTSVXMSREXI XS ]SYV WXEXI XS XLI UYERXMX] SJ
EWWSGMEXMSRWJPS[MRK-J]SYVIQIQFIV]SYVWIPJXMQITEWWIWWPS[P];LMPWX-EQXLVII
LSYVWLEZIEPVIEH]TEWWIHERHXLI]WIIQIHPMOIJMZIQMRYXIW%XSXLIVXMQIWMXWNYWXXLI
STTSWMXI-LEZIFIIR[EMXMRKJSYVQMRYXIWJSVFPSRHIERH-XLMROMXMWXLVIILSYVW-LEZI
QEHIEVIRHI^ZSYWEXXLIGEJI[MXLSYXPSSOMRKEXER]XLMRK-FIPMIZIXLVIILSYVWKSF]MR
JMZIQMRYXIW;LIR-EQ[MXL-EQXLIRI[XMQISFNIGXMZIXMQIKSIWUYMGOP]=IWXIVHE]
]SYLEHEUYERXMX]SJWYFNIGXMZIXMQI8SHE]MXMWEPWSWYFNIGXMZIFYXSJERSXLIVUYEPMX]
WSQIXLMRK XLEX ]SY QYWX HIWIVZI ERH [MR -J ]SY HSRX HS MX ]SY [MPP FI XLI WEQI EW
]IWXIVHE]
5YIWXMSRIV8LEXMW[LEX-[ERXIHXSORS[?7MPIRGIA
5YIWXMSRIV1E]-EWO]SYEUYIWXMSR#-XLMROXLEXXSVIEGLORS[PIHKISRIQYWXFIEFPI
XSHIGIMZISRIWIPJERHSJXIR-PEGOXLIGSYVEKIXSHIGIMZIQ]WIPJERH-WLYXQ]WIPJYTMR
EVSSQ-[SYPHPMOIXSORS[LS[XSLEZIXLIGSYVEKIXSJEPPMRXSIVVSVERHKSJSV[EVH
XS[EVHWORS[PIHKI
+YVHNMIJJ*SVXLEXRSXRIGIWWEV]FMKXLMRK-JJSVMRWXERGI]SYORS[XLEX]SYEVI^IVSMJ
]SYLEZIYRHIVWXSSHXLEX]SYEVIQIVHIERYPPMX]ERHMJ]SYHSRSX[MWLXSFIQIVHI
ERHMJXLEXMW]SYVWXEVXMRKTSMRXJSVORS[PIHKIXLIR]SYQYWXVMWO8LEXSVRSXLMRK-J
]SYLEZIEPVIEH]JIPXXLEXERHXLEX]SYGERFIWSQIXLMRKSXLIVXLIR]SYVMWORSXLMRK
;L] EVI ]SY EJVEMH# =SY LEZI RSXLMRK XS PSWI (SRX TMX] ]SYVWIPJ *SV QI QIVHI MW
GLIETSRIIZIRTE]WXSLEZIMXXEOIRE[E]%RHRS[Q]HIEVKYIWXWIVMSYWP]LEZI]SY
YRHIVWXSSHQ]VITP]#%VI]SYGSRXIRX[MXLQ]VITP]XS]SYVJMVWXUYIWXMSR#8LIRXEOI
]SYVGLIGOFSSOERH[VMXISRXLIGSZIVRSXMRWMHIMRWMHIMW[MXLSYXGSZIV
FYXSRXLI
SYXWMHI XS VIQMRH ]SYSRI PSSOW ERH SRI EP[E]W VIQIQFIVW -RWMHI MX MW [MXLSYX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
VIWSYVGIW&YX[LIRXLI[EVMWSZIV-[MPPWE]XS]SYPSSOLS[QYGLMXEHHWYTXSSRXLI
GSZIVERH[VMXIXLIXSXEPMRWMHI8LIVIMWEGSWQMGPE[ERSFNIGXMZIPE[[LMGLWE]WXLEX
IEGLWEXMWJEGXMSRQYWXFITEMHJSVF]EHMWWEXMWJEGXMSR%RHIEGLHMWWEXMWJEGXMSREQER
QYWXWSSRIVSVPEXIVTE]JSVF]EWEXMWJEGXMSR;LEXSRIWS[WSRIVIETW8SVIQMRH
LMQWIPJEQER[VMXIWSRLMWGLIGOFSSO8LIVIMWEWXVSRKGSRRIGXMSRFIX[IIRGLIGOFSSO
ERH XLIWI UYIWXMSRW &SSOW RSXIFSSOW SRI PSWIW ERH GLERKIW XLIQ 8LMW HSIWRX
GLERKI ;LIR XLIVI [MPP FI WSQIXLMRK ]SY [MPP FI EFPI XS GSYRX QI X[S XLVII JSYV
^IVSIW8LEXHITIRHWSR]SY8LMWMWTVEGXMGEPXLMWMWPMJI?8SERSXLIVWXYHIRXA-VIKVIX
XLEX]SYLEZIRSXXEFPIHEWEXMWJEGXMSR%XSRGI-[SYPHLEZITYXYTEHMWWEXMWJEGXMSR?8S
ERSXLIV WXYHIRXA ,EZI ]SY YRHIVWXSSH [L] ZIV] SJXIR - VIGEPP GLIGOFSSO# ;L]
GSRWGMSYWP]YRGSRWGMSYWP]EYXSQEXMGEPP]-ORS[LS[XSVIQMRHEFSYXGLIGOFSSO#
5YIWXMSRIV &IJSVI ORS[MRK XLI [SVO - [EW QYGL QSVI VIWXPIWW FIGEYWI - JIPX FEH
XLMRKW SJ [LMGL - XLSYKLX - [SYPH RIZIV FI EFPI XS VMH Q]WIPJ 8LMW OITX YT MR QI E
VIWXPIWWRIWW RSXGSRWXERX TIVLETWFYX ZIV]JVIUYIRX - LEZITIVGIMZIH XLEX[MXL XLI
[SVOXLMWTEWWIHERH-LEZIJIPXGEPQIVMRWMHI-[SYPHPMOIXSJMRHEKEMRQ]WXEXISJ
VIWXPIWWRIWWFIGEYWIXLMWMWPEGOMRKMRQI;LEXGSYPH-XLMROSVHSMRSVHIVXSJMRHMX
EKEMR#
+YVHNMIJJ&IJSVI]SYFIPMIZIHXLEX]SYGSYPHWYGGIIHPMOIXLEX;MXLXLIWIVIWYPXW]SY
GERRIZIVHSER]XLMRK=SYWLEPPWYGGIIHSRP]MJ]SYQEOIERIJJSVXWXVSRKIVXLERXLI
SVHMREV]&YX]SYLEZIRSXIZIRXLIXEWXIJSVMXTIVLETW=SYLEZIEPVIEH]FIIRLIVIE
PSRKXMQI ]SYEVIFSYRHXSYRHIVWXERH[LEXMWIJJSVX7IPJIJJSVX-EQKSMRKXSXIPP]SY
EWIGVIXWIPJIJJSVXMWRIZIVTSWWMFPIEPPEXSRGIETVITEVEXMSRMWRIGIWWEV]7XVYKKPIMW
RIGIWWEV]8MPPSRIWYGGIIHWSRIJSVKIXWSRIVIQIQFIVWSRIJSVKIXWSRIVIQIQFIVW
&YX[LIR]SYEVIWIEXIHGEPQ]SYGERXLMROERHFIKMRXSHSYRXMPRS[]SYWXMPPLEZI
QEHIRSIJJSVX
5YIWXMSRIV8LEXW[L]-EWOXLIUYIWXMSR-EQXLIVIERH-JIIPXSSXVERUYMP
+YVHNMIJJ=SYMQEKMRI]SYFIPMIZIXLEX]SYWLEPPKSHMVIGXP]XS4EVEHMWI2SLIVIXLIVI
QYWX FI IJJSVXW EFSZI XLI SVHMREV] *SV I\EQTPI JSV XLMW TIVWSR ?LI MRHMGEXIW E
RI[GSQIVAMXMWKSSHIRSYKLJSVLIVFYX]SY]SYWLEPPRSXKSJEV[MXLXLMW=SYQYWX
FIKMRXSQEOIEWYTIVIJJSVXERHRS[MJ]SYHSRSXHSMXMXMWFIGEYWI]SYHSRSXLEZI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
EREMQ,S[GER]SYWXE]GEPQ#;MXLXLIIJJSVX]SYEVIQEOMRKXSHE]]SY[MPPRIZIV
WYGGIIH%RSVQEPTIVWSRGSYPHRSXFIGEPQ
5YIWXMSRIV-XMWNYWXJSVXLEXVIEWSRXLEXXLMWQEOIWQIVIWXPIWW
+YVHNMIJJ-XMWRIGIWWEV]LIVIXSQEOIIJJSVXW=SYEVIEGGYWXSQIH
XSTIVJSVQMRKEWFIJSVIMRPMJI&IJSVIXLMW[ERXRS[EPVIEH]MXMWRSXIRSYKL8LIIJJSVX
QYWX WXVEMR EPP ]SYV QYWGPIW EPP ]SYV RIVZIW EPP ]SYV FVEMR IZIR % WMQMPEV
GSRGIRXVEXMSR QYWX FI ]SYVW =SY WLSYPH LEZI FIIR HSMRK MX JSV E PSRK XMQI -R XLI
FIKMRRMRKJSVERI[TIVWSRMXMWTEVHSREFPI*SV]SY]SYLEZIXLIXEWXIJSVVIEP[SVO
=SYQYWXVIEPM^IMXMR]SYVSVHMREV]PMJIEQEP[E]WEQ2IZIVJSVKIX0MXXPIF]PMXXPI
]SYV-WLEPPQEOIEGSRXEGX[MXL]SYVIWWIRGI-XMWRIGIWWEV]XSVITIEXMXQER]XMQIW
5YIWXMSRIV - LEZI GSQI XS TVIJIV ZMSPIRX IQSXMSRW VEXLIV XLER XLI LEFMXYEP ERH
TEWWMZIMRIVXME
+YVHNMIJJ8LMWHSIWRSXI\MWXJSV]SYVVIEPQIEGXMZISVTEWWMZI-XHITIRHWSR]SYV
WXEXI 8LI I\XIVREP XLMRKW EVI MRHMJJIVIRX 6IQIQFIV WSQIXMQIW ]SY XLMRO XLEX MX MW
RIKEXMZIERHMXMWTIVLETWXLIGSRXVEV]-RSVHIVXSLEZIEQEXIVMEPXVYXLHSRSXXLMRO
EFSYX]SYVWXEXI(SRSXTLMPSWSTLM^ISRP]SFWIVZIEMQEX]SYVVIEPQI
5YIWXMSRIV-LEZIQEHIGPSWIXSXLIWEQISFWIVZEXMSRWEWXLITVIGIHMRK
5YIWXMSRIV&YXXLMWMRZMXIWRIKEXMZIIQSXMSRWXSVIXYVRQSVIWXVSRKP]8LMW[IIOLEW
FIIR XLI FIWX FIGEYWI - LEZI LEH WSQI RIKEXMZI IQSXMSRW -X MW HERKIVSYW MX MW VIEP
HIZEWXEXMSRMWTSWWMFPIFYX-LEZILEHXLIXEWXISJ[LEXGERFIEPMJI
+YVHNMIJJ'SRXMRYI&YX[MXLXLIYRHIVWXERHMRKXLEX[LEX]SYEVIEGGYQYPEXMRKMWE
WYFWXERXMEPXLMRKRSXSRP]JSVXLITVIWIRXFYXJSVXLIJYXYVI8LMWMWZIV]MQTSVXERX-XMW
EPVIEH]XMQIXSXLMROSJVIQIQFIVMRKERHEXXLIWEQIXMQISJTMGXYVMRKXS]SYVWIPJMR
JSVQWRSX[SVHW[LEXMWLETTIRMRKXS]SY
5YIWXMSRIV-[EWI\LEYWXIHF]Q]RIKEXMZIIQSXMSRWIZIRSVKERMGEPP]8SHE]-LEZI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
RIZIVJIPXWS[IPPWSERMQEXIH
+YVHNMIJJ2IZIVLEZI]SYLEHTVIZMSYWP]ER]PMUYMHWMPZIV=SYQYWXJIIPXLEX]SYLEZI
XSHE]WSQIPMUYMHWMPZIV
5YIWXMSRIV3RIJIIPWXLEXXLIFSH]MWYRHIVTVIWWYVIXLEXMXMWXLIXLIEXIVSJWYGLE
WXVYKKPIXLEXMXMWKSMRKXSFVIEOMRTMIGIW
+YVHNMIJJ6IQIQFIV-WEMHQERMWRSXETMKLIGERRSXFYVWX[LIRLIIEXW8LITMKLEW
ERSVQEPWXSQEGLMXGERRSXIEXQSVIXLERMXWWXSQEGLTIVQMXWMX[SYPHFYVWXQERMWE
WGSYRHVIPLILEWEWXSQEGLSJ-RHMEVYFFIV,IMW[SVWIXLERXLITMKLIKYPTWHS[RLI
KYPTWHS[R[MXLSYXIZIVFYVWXMRK2SXSRP]XLIWXSQEGLEPPXLISVKERWEVISJVYFFIV
&YXPMXXPIF]PMXXPILILEWHIKIRIVEXIH)ZIRXLIVYFFIVMJSRIHSIWRSXYWIMXWLVMROW-XMW
SRP]MJSRIVIWXSVIWMXEXLSYWERHXMQIWFMKKIVXLEXLIMWPMOILIQYWXFI&YVWXMXMWE
JERXEWXMG[SVH3RP]XLITMKGERFYVWXQERGERRSX8LITMKLEWERSVQEPWXSQEGLLI
GERFYVWX8LIWXSQEGLSJQERMWSJVYFFIVERHEPPLMWSVKERW'SRXMRYI[MXLSYXJIEVMJ
MXMWXIRXMQIWQSVIWXVSRKWSQYGLXLIFIXXIV]SYWLEPPKSXIRXMQIWJEWXIVLIVIMRQ]
KVSYT,EZIRSJIEV]SY[MPPRSXFYVWX-XMWMQEKMREXMSR,S[GERSRIFYVWXMJSRIIEXW
[IPP#=SYEVIYWIHXSKYPTMRKHS[RPMOIETMK2IZIVHS]SYIEX[IPP3RP]RS[]SYFIKMR
XSPIEVR[LEXMWXVYIIEXMRK(SRSXFIEJVEMH'SRXMRYIERHGSRXMRYI0IEZIXLMWWIRWEXMSR
[LMGL GVIEXIW XLEX IEGL XMQI XLMW I\TERHW ]SY EVI I\EGXP] PMOI E GLMPH [LS LEW XLI
LMGGYTW[LIRMXLEWIEXIREKVIEXHIEP2EXYVIIRPEVKIWLMWWXSQEGL%GLMPHGERLEZI
XLILMGGYTWEXLSYWERHXMQIW=SYEVISRXLIJMVWXXMQI(SRSXFIEJVEMH]SYWLEPPLEZI
XLIQRMRILYRHVIHRMRIX]RMRIXMQIWQSVI
5YIWXMSRIV - YRHIVWXERH [IPP XLI WXVYKKPI EKEMRWX XLI RIKEXMZI IQSXMSRW FYX [LEX
XVSYFPIWQIXLIQSWXMWEZIV]PMKLXWMHISJQ]GLEVEGXIV[LMGLNSOIWIZIREFSYXQ]ZIV]
QMWIV]8LMWTVIZIRXWMRQIVIQSVWIERHTMX],S[GER-KIXVMHSJMX#
+YVHNMIJJ 8LMW TVSZIW XLEX ]SY HS RSX ORS[ [LEX ]SY EVI PSSOMRK JSV =SY MRXIVIWX
]SYVWIPJMRXLIWIUYIWXMSRW[MXLSYXTEVXEOMRKSJ]SYVMRWXMRGX=SYLEZIWEMHMXZIV][IPP
-YRHIVWXERH[L]]SYHSRSXEHZERGI-ORS[XLIWIGVIXSJ[L]]SYWXEQTSRXLIWTSX
SRIX[SSRIX[SYTXSRS[]SYVMRWXMRGX[EWMWSPEXIH-XRIZIVXSSOTEVXMR]SYV[SVO
-WLEPPKMZI]SYEWIVMIWSJI\IVGMWIW&YX]SYLEZIYRHIVWXSSH[LEX-I\TPEMRIH=SYLEZI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
JIPX XLEX ]SYV MRXIVMSV MW RIZIV MRXIVIWXIH MR XLIWI XLMRKW JSV [LMGL [I EVI [SVOMRK
7SQIXLMRKMR]SYVIQEMRWETEVXMXPSSOW%RSXLIVTEVXMR]SYHSIWWSQIXLMRKIPWI]SY
[SVO [MXLSYX MRWXMRGX )ZIV]XLMRK [SVOWLIEH JIIPMRK I\GITX XLEX [LMGL QYWX -X LEW
RIZIVHSRIER]XLMRKXSGLERKI
5YIWXMSRIV-LEZIXVMIHXSYWIXLIRIKEXMZIIQSXMSRW-LEZISZIVGSQIXLIQZIV][IPP
FYX-LEZILEHXLIJIIPMRKSJERRMLMPEXMRKXLIQVEXLIVXLERGSRZIVXMRKXLIQ-HSRSX
WYGGIIHMRYWMRKXLIQEWEJSVGI-WYTTIVWXLIQ
+YVHNMIJJ=SYHSRSXWYTTIVWXLIQ;LEXLETTIRWMR]SYMWERSXLIVMQTYPWI[LMGLJSVE
WLSVXXMQIXEOIWXLITPEGISJXLIRIKEXMZIMQTYPWI8LYWEWMHIJSVEQSQIRX&YXMXMWRSX
HIWXVS]IH3RIQYWXHSQER]XMQIWXGLMOXGLMOMRSVHIVXSHIWXVS]XLIQ=SYGERRSX
EWGIVXEMRXLEXMXMWEFWIRXFYXMJ]SYGLERKIWXEXIW]SYWLEPPWIIXLEXMXJYRGXMSRWQSVI
JIIFP]8LYW]SYLEZIETVSKVEQSJ[SVO-J]SYLEZIYRHIVWXSSHGSRXMRYIXSI\XMVTEXI
XSGLEWIE[E]XLIMQTYPWIW&YXHSRXFIXVERUYMP=SYHSMXWIVIRIP]8LMWMWERSXLIV
MQTYPWI[LMGLVITPEGIWXSSJIIFPIJSV]SYXSTIVGIMZIMXERH]SYMQEKMRIXLEX]SYRS
PSRKIVLEZIRIKEXMZIIQSXMSRW3RP]WXVSRKZMFVEXMSRWVIEGL]SYVGSRWGMSYWRIWW
5YIWXMSRIV -R XLI I\IVGMWIW - EQ ZIV] XVSYFPIH F] EWWSGMEXMSRW - GER HS RSXLMRK
EKEMRWXXLIQ;LEXWLEPP-HS#
+YVHNMIJJ%WWSGMEXMSRWEVIETEVXSJSYVTVIWIRGI-JSYVTVIWIRGILEHEREMQMX[SYPH
[ERXWSQIXLMRKXSLETTIR8LMWTVSZIWXLEXSYVTVIWIRGILEWRSEMQ=SYLEZIEREMQ
SRP][MXLSRIGIRXIVLI[ERXWXSEVVMZIEX4EVEHMWI[MXLHMVX]FSSXW
3RIQYWX[MXLEPP
LMWTVIWIRGILEZIEREMQERH[SVOJSVXLMWKSEP2SX[MXLSRITEVXSRIGIRXIVSRP]-
LEZIEWWSGMEXMSRWFYXXLI]HSRSXVIEGLQ]GSRWGMSYWRIWW8LIGMVGYPEXMSRSJXLIFPSSH
MWEPWSHSRIEPPEPSRI-XMWEREYXSQEXMGJYRGXMSR-XHSIWRSXHMWXYVFQI-XKSIWSRRMKLX
ERH HE] 8LIVI EVI EWWSGMEXMSRW EPWS EW Q] LIEVX [SVOMRK ERH XLIVI EVI SXLIV
JYRGXMSRWJSVI\EQTPI-WIIMJ-TE]EXXIRXMSRPMOIXLEX[LMGL-LEZIIEXIRXVEZIPW?MRQ]
WXSQEGLA-GERXLMROEFSYXXLMWEPPIZIRMRKIEGLGIRXMQIXIVKMZIWHMJJIVIRXWIRWEXMSRW
%YXSQEXMGEPP]]SYEVISGGYTMIH[MXLXLMW=SYQYWXLEZIEREMQERHPIEZIEXXLIWMHIXLI
SVKERMGJYRGXMSRW2SXXSLIEVXLIQ[MXLXLIGSRWGMSYWRIWW[MXLXLIXLSYKLX3RIQYWX
PIEVRXSXLMROMQTEVXMEPP]3RP]XLMWEQSYRXSJIJJSVX[MPPFVMRK]SYXSRSVQEPXLSYKLX
8LII\IVGMWIXLEXLIQYWXHS1QIHI7EP^QERRGERJSVQYPEXI+YVHNMIJJ?XSERSXLIV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
WXYHIRXA,EZI]SYYRHIVWXSSH#7XYHIRXERW[IVW2S+YVHNMIJJ?XSEWIGSRHWXYHIRXA(S
]SYYRHIVWXERH#7IGSRHWXYHIRX=IW
+YVHNMIJJ=SYI\TPEMRXSLMQXLMWWLEPPFI]SYVXEWO
5YIWXMSRIV - RSXMGIH XLEX FIJSVI Q] RIKEXMZI IQSXMSRW GEQI QSWX SJ EPP MR Q]
VIPEXMSRW[MXLTISTPI-[EWZMSPIRXERHHMWEKVIIEFPI[LIRWE]MRKXLMRKWXSTISTPI*SV
WSQIXMQI-LEZIFIIRXV]MRKXSWXVYKKPIEKEMRWXXLMW&YX-JEPPMRXSMRHMJJIVIRGIERH-HS
RSXORS[LS[XSGLERKIQ]WXEXI
+YVHNMIJJ -X MW RSX RIGIWWEV] XS GLERKI MX MW ZIV] [IPP -R ]SY MW KVS[MRK E VI
ETTVIGMEXMSRSJZEPYIW&IJSVI]SY[IVIMRXIVIWXIHMRGLIETXLMRKW%RHXLEX[LMGL[EW
RSXMRXIVIWXMRKLEHRSZEPYIXS]SY2S[[LEXLEWZEPYIJSV]SYMWXLEX[LMGL[EWRSX
MRXIVIWXMRKXS]SYFIJSVI8LMWMWXLIVIEWSR
5YIWXMSRIV&YX-[ERXXSGLERKI
+YVHNMIJJ;L]#%PVIEH]]SYVWXEXILEWGLERKIH&IJSVI]SYHMHRSXWIIXLEX]SY[IVI
MRXIVIWXIHMRXLMRKW[MXLSYXZEPYI1SVIWSRS[=SYVWXEXILEWGLERKIH
5YIWXMSRIV&YXMJWSQIXLMRK[SYRHWQIMRWXIEHSJFIMRKERKV]SVSJJIRHIH-EQ
MRHMJJIVIRX
+YVHNMIJJ2SVQEPMXMWWQEPPFYXRSVQEP&IJSVI]SYLEH]SYVS[RPSZI-XMWGLIETMX
MWERSVHMREV]XLMRKRS[]SYLEZIYRHIVWXSSHMX=SYWIIXLEXMXMWMHMSXMGERYPPMX]ER
I\GVIQIRXFIJSVI]SYHMHRSXORS[MX8SHE]]SYWIIMX]SYEVIRSXERKV]=SYWIIXLI
QERMJIWXEXMSRW SJ I\GVIQIRX -J MX MW PMOI XLMW - EQ ZIV] GSRXIRX ;MXLSYX [ERXMRK MX
[MXLSYXORS[MRKMX]SYLEZIEPVIEH]EHZERGISFNIGXMZIP]QIGLERMGEPP]EHZERGI7SSR
]SYGERFISYVIWXMQEFPIGSQVEHI
5YIWXMSRIV-WMXTSWWMFPIMREGXYEPGSRHMXMSRWXSEZSMHEXSSMRLEVQSRMGHIZIPSTQIRXSJ
XLIFSH]MRVIKEVHXSXLIKIRIVEPHIZIPSTQIRX#
+YVHNMIJJ*SVXLITL]WMGEPHIZIPSTQIRXXLIVII\MWXRSWIEWSRW2SXTSPMXMGEPWIEWSRW-X
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MWEP[E]WRIGIWWEV]=SYQYWXIHYGEXI]SYVFSH][MXL]SYVLIEHGSRWGMSYWP]-XMWZIV]
WMQTPI2IZIVEPPS[MXXSHS[LEXMX[ERXW=SYQEOIMXHSIZIV]XLMRKGSRXVEV]XSXLEX
[LMGLMXPSZIW-XPMOIWWYKEV]SYHSRSXKMZIMXER]3RIQYWXMRYVIMXXSWXVYKKPI]SYEVI
EP[E]WVMKLX[LIR]SYVIWMWX]SYVFSH]-XMWWMQTPI)ZIV]XLMRKGSRXVEV]MXMWWSXLEX
+SH GVIEXIH ]SYV FSH] ERH ]SYV MRXIPPIGX -X MW E ZIV] WMQTPI XLMRK *SV XLMW MX MW RSX
RIGIWWEV] XS VIEH 8LI TVSKVEQ MW ZIV] WMQTPI 9RHIV EPP GSRHMXMSRW MR EPP TSPMXMGEP
WMXYEXMSRWQERQYWXIHYGEXILMWFSH]XSFIWYFQMWWMZIXSLMQ=SYVTIVWSREPMX]GER
IHYGEXI]SYVFSH],IMR[LMGLXLIFSH]MWWXVSRKERHLEWXLIMRMXMEXMZISZIVLMQXLMW
SRIMWRYPP,I[LSLEWLMWFSH]IRWPEZIHMWMRXIPPMKIRX=SYYRHIVWXERH[LEXMWQIERXF]
MRXIPPMKIRX# -RXIPPMKIRXQIERW LI [LS HMVIGXW LMWFSH] -J XLI FSH] HMVIGXW]SY EVI E
RYPPMX]ETIEWERXMJ]SYHMVIGX]SYVFSH]]SYEVIMRXIPPMKIRX8LYWGLSSWI[LEX]SY
[ERX-RXIPPMKIRXSVTIEWERX#-J]SY[ERXXSFIETIEWERXPIX]SYVFSH]HMVIGX]SY-J]SY
[ERXXSFIMRXIPPMKIRXPIX]SYVGSRWGMSYWRIWWHMVIGX]SYVFSH]8LIQSVI]SY[ERXXS
HMVIGX]SYVFSH]XLIQSVIMXSTTSWIW]SY%RHMRVIWMWXMRK]SYXLIQSVIWXVIRKXLMX
KMZIW]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+2-2)
7ITXIQFIVXL
5YIWXMSRIV - [MWL XS EWO EFSYX [SVO ERH JEXMKYI -X WIIQW XS QI XLEX XLIVI MW E
HMJJIVIRGIFIX[IIRIJJSVXWSJ[SVOERHEYXSQEXMGIJJSVXW)\XIVMSV[SVOXEOIWSYVIRIVK]
XLISXLIV[SVOSRXLIGSRXVEV]WLSYPHEGGYQYPEXIIRIVK]&YXMXMWXLISTTSWMXI3RIMW
ZIV]XMVIHSRIPSWIWIRIVK]
+YVHNMIJJ%RHMRXLIQIERXMQI]SYOIITMX'SRWGMSYWP]]SYIEXXLIIPIGXVMGMX]XLEX]SY
LEZIMR]SYVFSH]ERH]SYXVERWJSVQMX8LMWGSRWXMXYXIW]SYVJSVGI2SXXLIWEQIOMRHSJ
JEXMKYI 8LI JEXMKYI JVSQ VIEP [SVO LEW E JYXYVI ]SY EVI XMVIH XLEX [MPP KMZI ]SY E
WYFWXERXMEPVIWYPXVIGLEVKI]SYVEGGYQYPEXSV%RHMJ]SYGSRXMRYI]SYEGGYQYPEXIE
WYFWXERXMEP WYFWXERGI [LMGL JMPPW ]SYV EGGYQYPEXSV FEXXIV]
8LI QSVI ]SY XMVI
]SYVWIPJXLIQSVI]SYVSVKERMWQIPEFSVEXIWXLMWWYFWXERGI
5YIWXMSRIV-WMXXLEXJEXMKYIMWJEZSVEFPISVRSXXSIJJSVXWSJGSRGIRXVEXMSR#
+YVHNMIJJ-JMXMWSVHMREV]JEXMKYIMXMWRSX[SVXL[LMPIXSQEOIXLIIJJSVX-XHITIRHWSR
XLISXLIVEGGYQYPEXSV=SY[MPPRSXFIEFPIXSHSIZIRSVHMREV]XLMRKW=SY[MPPPSWI]SYV
ZMXEPJSVGIW&YXJSVERSXLIVWSVXSJJEXMKYIXLIVIMWERSXLIVPE[XLIQSVI]SYKMZIXLI
QSVI]SY[MPPVIGIMZI
5YIWXMSRIV-LEZIRSXMGIHXLEXMRXLIQSVRMRK[LIR-EQVIWXSVIH-GERRSX[SVO-RXLI
IZIRMRKSRXLIGSRXVEV]EJXIVEPPXLIJEXMKYISJXLIHE]-EQQSVIWYGGIWWJYP
+YVHNMIJJ&IGEYWISRITEVXSJ]SYMWXMVIHERHFIGEYWI]SY[SVO[MXLSYXXLEXTEVX=SY
[SVO[MXLSRISVX[SGIRXIVW=SYQYWX[SVO[MXLEPPXLVII-JSRIGIRXIVMWXMVIHMXHSIW
RSXXEOITEVXMRXLI[SVOERH]SYSFXEMRRSVIWYPXW-J]SYXLMRO]SYGER[SVOFIXXIVEX
RMKLXMXMWWYFNIGXMZIRSX[SVXLER]XLMRKMXMWGLIET
5YIWXMSRIV'ERSRIWPIITGSRWGMSYWP]VIQEMRGSRWGMSYWHYVMRKWPIIT
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ-XMWTSWWMFPIFYXRSXJSV]SYRS[3RIGERVIQIQFIVWSQIXLMRKWSXLEXMX
IRXIVWMRXS]SYEYXSQEXMGEPP]%YXSWYKKIWXMSR3RIGERWYKKIWXXSSRIWIPJHYVMRKWPIIT
&IJSVIFIMRKEFPIXSWPIITGSRWGMSYWP]SRIQYWXLEZIEHMJJIVIRXUYEPMX]SJWPIIT8LIVI
EVIKVEHEXMSRW8LIVIEVIJSYVOMRHWSJWPIITSRIGERWPIITEWM\XLEUYEVXIVELEPJSV
GSQTPIXIP] -X HITIRHW SR [LEX ]SYV [EOMRK WXEXI LEW FIIR -J ]SY HVIEQ [LMPI ]SY
WPIIT]SYSRP]WPIITLEPJ=SYXLIRRIIHWIZIRERHELEPJLSYVWWPIIT-J]SYHSRSX
HVIEQJSYVERHELEPJLSYVWEVIIRSYKL-XMWXLIUYEPMX]XLEXMWMQTSVXERX=SYWPIIT
WIZIRERHELEPJLSYVW=SYXEOIX[SLSYVWXSVIPE\EXRMKLXX[SLSYVWXSGSRXVEGXEKEMR
MR XLI QSVRMRK 8LEX PIEZIW ]SY XLVII ERH E LEPJ LSYVW SJ WPIIT =SY HS RSX VIPE\
GSRWGMSYWP]FYXEYXSQEXMGEPP]ERHXLEXXEOIWXMQI=SYGERVIPE\]SYVWIPJGSRWGMSYWP]
YRXMP]SYWPIIT[LMPISRXLISXLIVLERH]SYIWXEFPMWLXLIRIGIWWEV]VIPEXMSRFIX[IIR
]SYVFSH]ERH]SYVGSRWGMSYWRIWW-RXLIQSVRMRK[LIR]SY[EOIHSXLIWEQIXLMRK
1EOIETVSKVEQMQQIHMEXIP]VIJPIGXMRKWYKKIWXMRKXS]SYVWIPJXLI[E]MR[LMGL]SY
EVIHIXIVQMRIHXSWTIRHXLIHE](SXLIWEQI[SVO[LMGL]SYLEZIXLSYKLXEFSYX=SYV
EGXMZMX][MPPHSYFPIMXWIPJ1EOIEVIEPTVSKVEQRSXEJERXEW]=SYQYWXGVIEXIXLILEFMX
=SYGERHSXLMWSRP]PMXXPIF]PMXXPI2SXLMRKLETTIRWEPPEXSRGI'LERKIXLIUYEPMX]SJ
]SYVWPIIT+MZI]SYVWIPJEKSSHGSPHVYFHS[RFIJSVI]SYWPIIT;LIR]SYEVIKSMRKXS
WPIITTVE]JSV]SYVRIEVSRIW[LSEVIHIEH8LIWIXLMRKWEVIEKSSHTVITEVEXMSRJSV
WPIIT3XLIV[MWI]SY[MPPGSRXMRYI]SYVHVIEQWERHJERXEWMIWMRXLIIZIRMRK?8[SSJ
XLSWITVIWIRXWE]XLI]GERRSXWPIITSR8LYVWHE]WXLIHE]SJXLIQIIXMRKWJSVUYIWXMSRW
ERHERW[IVW1V+YVHNMIJJEHHVIWWIWEXLMVHA
+YVHNMIJJ(SIWXLMWLETTIRXS]SYHSGXSV#
5YIWXMSRIV2SEWWSSREW-GPSWIQ]I]IW-JEPPEWPIIT
+YVHNMIJJ;IPPIZIV]SRIMWRSXEGSYWMRPMOI]SY=SYORS[[LEX-GEPPEGSYWMRSJQER
'S[
5YIWXMSRIV,S[GERSRIEGUYMVIHIXEGLQIRX#
+YVHNMIJJ3RIQYWXLEZIERMHIEP'VIEXIERMHIEPJSV]SYVWIPJ8LMW[MPPWEZI]SYJVSQ
EYXSQEXMGEXXEGLQIRXW8LMROEFSYXXLMWGSRWGMSYWP]ERHEYXSQEXMGEPP]XLMW[MPPKVS[
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
ERHJSVQEGIRXIVSJKVEZMX]
5YIWXMSRIV-WMXRSXIEWMIVXSHIXEGLSRIWIPJJVSQQEXIVMEPXLMRKWXLERJVSQJIIPMRKW#
+YVHNMIJJ%PPLEZIXLIWEQIZEPYI=SYEXXEGL]SYVWIPJ[MXLSRIGIRXIVSVXLISXLIV=SY
QYWX PSSO EX XLMW MR XLMW [E] [MXLSYX TLMPSWSTLM^MRK =SY LEZI RIMXLIV ER MHIEP SV E
WIVMSYWEMQ=SYEVIEQIGLERMWQ=SYQYWXLEZIGSRXEGX[MXLWSQIXLMRKFYX]SYLEZI
GSRXEGX[MXLRSXLMRK7SXLEXIZIV]XLMRKLEWGSRXEGXW[MXL]SY]SYEVIEWPEZI=SYQYWX
EGGYWXSQ ]SYVWIPJ XS TVITEVI ]SYVWIPJ JSV [SVO 3RI GIVXEMR XMQI SJ HE] QYWX FI
GSRWIGVEXIHXS[SVO]SYHSRSXLMRKIPWI=SYWEGVMJMGIXLMW%RHMJ]SYGERRSX[SVO]IX
]SYHSRSXLMRK=SYXLMROEFSYXXLI[SVO=SYVIEHWSQIXLMRKGSRRIGXIH[MXLXLI[SVO
%RH]SYEPPS[EPPXLIEWWSGMEXMSRWGSRRIGXIH[MXLXLI[SVOXSJPS[-XMWRSX]IX[SVO&YX
]SYJM\EXMQIMR[LMGLXLIJYXYVI[MPPFIVIWIVZIHJSV[SVO=SYTVITEVIXLIKVSYRH=SY
GSRWIGVEXI XLMW XMQI XS XLI [SVO =SY EGGITX XLI MHIE XLEX E GIVXEMR XMQI QYWX FI
GSRWIGVEXIHXSXLI[SVO%RHMJEXEWOMWKMZIR]SYSVMJ]SYQEOISRIJSV]SYVWIPJ]SY
[MPPHSMXHYVMRKXLIXMQI]SYLEZIEPVIEH]JM\IHJSVXLMW8LITPEGI[MPPFIQEHI-XMWF]
HSMRKXLEXQERYRHIVWXERHW=SY[MPPWIIXLIVIWYPX[LMGLXLMW[MPPFVMRK]SY=SYWE]
]SY[SVO=SYXLMROWS&YXRSSRILIVI[SVOW]IX%PPXLMWMWSRP]GLMPHWTPE]-XMWE
PMXXPIFIXXIVXLERXMXMPPEXMSR-RVIEP[SVOXLIW[IEXVYRWJVSQXLIFVS[MXIZIRVYRWJVSQ
XLILIIPW
5YIWXMSRIV ;LIR - QIIX TISTPI [LS EVI WPMKLXP] MRXIVIWXIH MR XLIWI UYIWXMSRW SV
[SVVMIHF]XLMWWYFNIGXEWWSSREW-TEWWSR[LEXPMXXPII\TIVMIRGI-LEZIEPPXLEX-LEZI
PIEVRIHLIVIHMQMRMWLIWERHEJXIV[EVH-JIIPWQEPPIV
+YVHNMIJJ,IVIXLIVIMWEVYPILIVISYVPMJIMWI\GITXMSREP;LEX[IWE]LIVI[LEX[I
HSRSSRIQYWXORS[
5YIWXMSRIV&YX-WE]RSXLMRKSJ[LEX[IHS
+YVHNMIJJ&YXXLMWVYPIEPWSGSRGIVRWXLIMHIEW;LEXMRXIVIWXW]SYHMQMRMWLIWMJ]SY
KMZIMXXSERSXLIVERH]SYJIIPIQTX]/IITXLIRI[MHIEWJSV]SYVWIPJ-RPMJI]SYGERYWI
XLIMHIEWEWMRWXVYQIRXW&YX[MXLSYXMHIRXMJ]MRK)ZIV]XLMRKGSQIWSYXSJ]SY[MXL]SYV
[SVHW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-XLMRO-EQYVKIHF]Q]JIIPMRKSJWYTIVMSVMX]ERHXLMWMW[L]-HSMX
+YVHNMIJJ-[MPPXIPP]SYWSQIXLMRKIPWI=SYLEZIE[IEORIWW[LMGLLI[LS[SVOW[MXL
QI QYWX HIWXVS] =SY FIPMIZI =SY QYWX RIZIV FIPMIZI =SY QYWX GVMXMGM^I IZIV]XLMRK
EGGITXRSXLMRK[LMGL]SYGERRSXTVSZIPMOIX[SERHX[SQEOIJSYV&IPMIZMRKHSIWRSX
GSYRXMXMW[SVXLRSXLMRK=SYFIPMIZI]SYMHIRXMJ]ERH]SY[MWLXSTEWWSR]SYVFIPMIJ
[MXL]SYVIQEREXMSRW=SYMHIRXMJ]]SYKMZIEPP]SYVIRIVK]-J]SYHSRSXFIPMIZIMJ]SY
VIQEMRUYMXIMQTEVXMEPMR[MWLMRKXSXVERWQMXWSQIXLMRKXSWSQISRI]SYHSMXEWMJ]SY
[IVIVIRHIVMRKXLIQEWIVZMGI?8SWSQISRIIPWIA,EZI]SYI\TIVMIRGIHXLMW#
5YIWXMSRIV-LEZIRSXMGIHXLEXSRIPSWIW[LEXSRILEWMJSRIXLVS[WMXXSSXLIVW
5YIWXMSRIV-LEZIXLIMQTVIWWMSRXLEX-GERRSXTVIZIRXQ]WIPJJVSQYWMRKXLIJSVGIW
KMZIRXSQIF]XLI;SVOMRSVHIVXSFIWYTIVMSV[MXLXLITISTPI[LSQ-QIIX
+YVHNMIJJ=SYEVIEWQEPPTIVWSR3RIEWTIGXMR]SYLEWKVS[R7M\SXLIVWQYWXEPWS
KVS[%JXIVXLMW]SYGERMQEKMRIXLEX]SYEVIRSXEWSXLIVW=SYQYWXRSXJSVKIXXLEX
XLIJMVWXXLMRKXSVIQIQFIVMW]SYVRSXLMRKRIWW=SYLEZIEPSXSJMQEKMREXMSR-J]SY
LEZIXLIORS[PIHKISJ]SYVRSXLMRKRIWWXLMWMHIESJ]SYVWIPJ[MPPWLS[]SYFIXXIVXLEX
XLISXLIVWLEZIWYVTEWWIH]SY
5YIWXMSRIV;LIR-EQEPSRISV[MXLWYFWXERXMEPTISTPI-WIIQ]RSXLMRKRIWW-JSVKIX
MX[LIR-EQ[MXLQIHMSGVITISTPI
+YVHNMIJJ-[MPPKMZI]SYEXEWO;SVOSRXLMW6IGSKRM^I]SYV[IEORIWWERH[SVO-J]SY
QIIXSFWXEGPIWSRXLITEXL-[MPPWYTTSVX]SYF]GSVVIGXMRK]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8)2
8LYVHE](IGIQFIVXL
+YVHNMIJJ ?PSSOW EX E [SQER WMXMRK STTSWMXI ERH WE]W XS LIV WMWXIVA 2S[ EJXIV XLI
LSPMHE]W]SYVWMWXIVPSSOWQSVIPMOI]SY%XJMVWXWMKLX-WE[XLEXLIVI\TVIWWMSRLEH
GLERKIH-XLSYKLXMX[EW]SY[LS[EWWMXMRKSZIVXLIVI?8SXLISXLIVWA-[EWWYVIXLEX
MX[EW&PSRHI[LS[EWSZIVXLIVIFYXMXMWLIVWMWXIV?8SXLI[SQERA9WYEPP]]SYEVI
EP[E]WWMXMRKEXXLIWMHI2S[]SYEVINYWXSTTSWMXI=SYEVIMREKSSHTSWMXMSRXSFIRIJMX
2S[1V(MWXVMGX%XXSVRI]MJRSSRIMWEWOMRKEUYIWXMSR]SYEWOSRI[LMGLHIQERHWER
ERW[IVIEW]XSJSVQYPEXIERERW[IVKSSHJSVIZIV]FSH];VMXIMXERHVIEHMXEJXIV[EVH
?;LMPIXLIQERMW[VMXMRKLMWUYIWXMSR1V+YVHNMIJJEWOWWSQISRIXSXEOIXLIWIEXSJE
WIGSRHTIVWSR[LSMWMRXLIOMXGLIR8LEXTIVWSRGSQIWFEGOJVSQXLIOMXGLIRERHWMXW
FILMRH1V+YVHNMIJJ[LSEWOWEXLMVHTIVWSRXSGLERKITPEGIW[MXLLMQA
+YVHNMIJJ=SYYRHIVWXERH-HSRSXORS[LMQ]IX-JLIEWOWEUYIWXMSRERHLIMWRSX
JEGMRKQI-HSRSXWIILMWJEGIERH-GERRSXQEOIERERW[IVXLEX[MPPFIWYFNIGXMZIP]
KSSHJSVLMQ-XMWEVYPIXLEXLEWRSX]IXFIIRJSVQYPEXIH,IVIMXMWRI[TISTPIWLSYPH
WMXLIVI*SVI\EQTPILILEWRX]IXHVYROER]EPGSLSP%PGSLSPSTIRWMXWLS[WQER]
EWTIGXW SJ ]SYV MRXIVMSV MX MW ZIV] MQTSVXERX JSV ORS[MRK WSQISRI -X MWRX Q] JEYPX
EPGSLSPGSWXWXSSQYGLEPVIEH]JVERGWEFSXXPI,EZI]SY[VMXXIR]SYVUYIWXMSR
1V7TIGMEPMWX#
5YIWXMSRIV 7MV ]SY LEZI IRPMKLXIRIH QI KVIEXP] SR XLI [E] MR [LMGL SRI QYWX
EGGSQTPMWLSRIWXEWO8SEGIVXEMRHIKVII-QWYGGIIHMRK&YXMRXLIGSYVWISJXLIHE]
SRIWEGXMZMXMIWEVIWSQIXMQIWZIV]EFWSVFMRK3RIHSIWRXWIIXLITIVWSR[LSQSRILEW
GLSWIRJSVSRIWXEWOERHEJXIV[EVHSRIWIIWXLEXXLIHE]LEWFIIRIQTX],S[GERSRI
OIITMRXLIEFWIRGISJXLEXTIVWSRXLIJMVIRIGIWWEV]JSVSRIWXEWO#,S[GERSRITYX
WSQIXLMRKMRMXWTPEGI#
+YVHNMIJJ -R KIRIVEP MX MW E ZIV] MQTSVXERX XLMRK =SY LEZI GLSWIR E XEWO XS[EVH
WSQISRI&YX]SYEVIRSXEP[E]W[MXLXLEXTIVWSR8LIVIQYWXFITEYWIW-XMWMQTSWWMFPI
XS[SVOEPPXLIXMQISRERSFNIGX]SYLEZIRXIRSYKLIRIVK]*SVXLMWVIEWSRSRILEPJSJ
]SYVXMQIWLSYPHKSXS]SYVXEWOERHLEPJJSVXLITVITEVEXMSRSJXLIXEWO-XWEZIV]
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
KSSHGSQFMREXMSR=SYQYWXYWIXLIXMQI[LIR]SYEVIRSXWIIMRKXLITIVWSRXSTVITEVI
]SYVWIPJ
5YIWXMSRIV8LIXEWOMWGSQTSWIHSJX[STEVXWMRXLIJMVWX]SYEGGSQTPMWLXLIXEWO[MXL
XLITIVWSR[LSQ]SYLEZIGLSWIRERHMRXLISXLIV]SYTVITEVI]SYVWIPJXSLEZIQSVI
HMVIGXVIPEXMSRW[MXLLMQ
+YVHNMIJJ2SHSGXSV(SRXI\TPEMRPMOIXLEX8LEXMWRSXETEVX8LIVIEVIRSTEVXW,IMW
EFWIRX%PPLMWXMQIMWJVII-J]SYWE]ETEVXMXMWEWMJ]SY[IVIWE]MRKJSVI\EQTPISRI
TEVX]SYXLMROSRITEVX]SYHS(SRXYWIXLMW[SVH,S[HMHLIEWOLMWUYIWXMSR#,I
WEMHWSQIXMQIWLI[EWJEVE[E]ERHLIEWOIHLS[LIWLSYPHIQTPS]LMWXMQI%PPLMW
XMQIJSVXLEXRSXETEVX_(MEPSKYIMR6YWWMERA1QIHI7E^PQERR1V+YVHNMIJJWE]W
[L]HMHLILSSOMRXSXLEX#?7MPIRGIA
5YIWXMSRIV-LEZIRSXMGIHMXMWEZIVMJMGEXMSRXLEXFIWMHIWXLIJEGXXLEX-EQ[SVOMRK
FIXXIVMRVIEPMX]XLIVIEVIEXLSYWERHVIEWSRWXLEX-LEZIRIZIVWIIRERHXLEXETTIEVXS
QIRS[VIEWSRWJSVMRXIVIWXMRXLEXFSSO*MVWXMXJEGMPMXEXIWQ]I\XIVMSV[SVOERHXLEX
KMZIWQIEFIXXIVVIPEXMSR[MXLLMQERHXLIR-HSRSXMHIRXMJ][MXLLMQ-HSRSXKIX
RIVZSYW[MXLLMQ
+YVHNMIJJ&]XLI[E]LEZI]SYRSXMGIHER]XLMRKWTIGMEPWMRGIXLIPEWXXMQI-KEZI]SYE
XEWO#,EWXLMWMRXIVMQFIIRZIV]TVSHYGXMZI#
5YIWXMSRIV'IVXEMRP]]IW
+YVHNMIJJ&YXRSXXLISVIXMGEPP]WIVMSYWP]GSQTEGX#
5YIWXMSRIV=IW
+YVHNMIJJ-J-WE]XLEXMJ]SY[SVOEP[E]WPMOIXLEX]SY[MPPHSMRSRI]IEV[LEX]SY
[SYPHLEZITIVLETWHSRIMRJMJXIIRHS]SYFIPMIZIQI#
5YIWXMSRIV-GERIZIRWE]XLEX-LEZIWIIRMXPMOIERI[HSSV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ&VSXLIVPMWXIRXS[LEXLIWE]W-JLIGSRXMRYIWXS[SVO[IPPXLEXGSYPHLIPT
]SYEPWSXSGSRXMRYI[IPP2S[XEOIEWEXEWOLIPTMRKLMQERHYRHIVWXERH[IPPXLEX]SY
EVILIPTMRKLMQIKSXMWXMGEPP]XLEX]SYEVILIPTMRKLMQJSV]SYVWIPJWSXLEXEJXIV[EVHLI
QE]LIPT]SY%RHJSVXLEXMRSVHIVXLEX]SYQE]VIQIQFIVXLMW-WLEPPKMZI]SYEZIV]
KSSHQIERW-EQKSMRKXSVITIEXXS]SYWSQIXLMRKXLEX&PSRHILEWVIGEPPIHXSQIF]
EWWSGMEXMSR)EGLHE]]SYERH]SYVFVSXLIVWIIIEGLSXLIV8EOIEWEXEWORIZIVXSQIIX
]SYVFVSXLIV[MXLSYXHSMRK[LEX-EQKSMRKXSXIPP]SY=SY[MPPWE]XSLMQ6IQIQFIV
]SYVWIPJ%RH[LIR]SYLEZIWEMHMX]SY[MPPXLMROMRXIVMSV-EQXLSYXLSYEVX-[MXL
EPP]SYVFIMRK%RH]SY[MPPGSRXMRYIXLMWTVSGIWWJSVEWPSRKEW]SYEVIEFPI
5YIWXMSRIV%WPSRKEWLIMWXLIVI#
+YVHNMIJJ=IW%RH[MXLXLIWI[SVHWMXMWRIGIWWEV]XLEX]SYVIQEREXMSRWKSSYXXS[EVH
LMQEPWS1EOIEGSRXEGX[MXL]SYVFVSXLIV,ILEWXLIWEQIFPSSHEW]SYXLVSYKLXLI
FPSSH]SYVFVSXLIV[MPPVIGIMZIXLMWGSRXEGX=SYVLIPTGERGSRWMWXMRXLEX%JXIV[EVHMJLI
KSIWSYXSRFYWMRIWWSVJSVWSQIXLMRKIPWIJVSQXLIQSQIRXLIGSQIWMRHSMXEKEMR
)EGLXMQI]SYWIILMQEKEMREJXIVLILEWFIIREFWIRXIZIRMJMXFISRP]JSVJMZIQMRYXIW
]SY[MPPFIKMREKEMR-JERSYXWMHIVMWTVIWIRX]SYWE]MXWSJXP]FYXMJLIMWEPSRIWE]MX
EPSYH-JWSQISRIMWXLIVI]SYGERIZIRQEOILMQEWMKR=SYGERTVIWWLMWJSSXWLEOI
LERHW=SYGERLEZIERYRHIVWXERHMRKFIJSVILERH[MXLLMQ=SYGERIZIRWPETLMQ%RH
EX SRGI ]SY FIKMR XLI XEWO %RH RIZIV JSVKIX MX XLEX ]SY EVI LIPTMRK RSX LMQ FYX
]SYVWIPJ-JLIGERTYXLMQWIPJWSPMHP]SRLMWJIIXLI[MPPLIPT]SYEJXIV[EVH,IMWXLI
SRP]YRMUYITIVWSR[LSGERLIPT]SY(SGXSVLEZI]SYWSQIXLMRKXSWE]#
5YIWXMSRIV7MVXLITVITEVEXMSR]SY[IVIXEPOMRKEFSYXE[LMPIEKSQYWXSRIXV]XSHS
MXEPPXLIVIWXSJXLIXMQI[LIRSRIMWRSX[MXLXLITIVWSR#
+YVHNMIJJ8LEXHITIRHWSRXLIMRHMZMHYEPLS[FYW]SRIMWMRPMJI[LEXFYWMRIWWEJJEMVW
SRILEW=SYLEZITIVLETWSRILYRHVIHXLMRKWXSHSHMZMHIXLIQMRXSSRILYRHVIHTEVXW
HMZMHI ]SYV XMQI 3RI TEVX SJ XLI XMQI ]SY HS XLEX ERSXLIV TEVX ERSXLIV XLMRK -R
TVMRGMTPI]SYWLSYPHTVITEVI]SYVWIPJ&YXLILEWEXEWO]SYLEZIERSXLIV=SYEVIE
HSGXSV]SYLEZIWSQIXLMRKXSHS]SYLEZIQER]TYVWYMXWLIMWSRP]XLITEVEWMXISJLMW
JEXLIV LI HSIW RSXLMRK =SY ]SY EVI RSX E TEVEWMXI ,I TIVLETW LEW QSVI SJ SXLIV
XLMRKW&YX]SY]SYLEZISGGYTEXMSRW?8S1V7TIGMEPMWXA-J]SYJSVQYPEXI[IPP[LEX-
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
LEZINYWXWEMHXLIVIMWMRMXEKSSHTLMPSWSTL][LMGLGERWIVZIJSVYRHIVWXERHMRKQER]
XLMRKW,I[LSGERKVEWTMX[MPPYRHIVWXERHQER]XLMRKWGSRGIVRMRKIHYGEXMSR7SQI
SXLIV XMQI - WLEPP I\TPEMR XS ]SY [L] ]SY EVI ]SY E TEVEWMXI 7SQISRI IPWI E LEPJ
TEVEWMXI7XMPPERSXLIVESRIJSYVXLTEVEWMXI8LIYRMUYITEVEWMXIHS]SYORS[[LSLI
MW# 3YV +SH -R XLI [SVPH IZIV]SRI MW E TEVEWMXI 8LI SRP] TIVWSR [LS MW RSXSYV
IWXIIQIH1YPPEL2EWV)HHMR,IMWMQTEVXMEP
5YIWXMSRIV;LSMWLI#1QIHI7E^PQERR%[MWIQERSJXLI)EWX[LSQ]SYHSRSX
ORS[ EW ]IX [LS MW WTSOIR SJ MR XLI FSSO ,I EP[E]W LEW ER ETTVSTVMEXI WE]MRK JSV
IZIV]XLMRK
+YVHNMIJJ,IMWE[MWIQERYRMUYISRIEVXL1QIHI7E^PQERR,ILEWEQE\MQJSV
IZIV]GMVGYQWXERGIMRPMJI*SVI\EQTPILIWE]WXLEXMJXLIJEXLIVPMOIWXSHERGIXSXLI
XYRISJXLIZMSPMRXLIWSR[MPPEP[E]WIRHF]FIEXMRKXLIFMKHVYQ
+YVHNMIJJ;IPPHIEVRI[TIVWSR]SYEVIRX]IXWIEXIHMRKEPSWLIW#
5YIWXMSRIV=IW[MXLEJSSXWXSSP
+YVHNMIJJ-HSRXVIQIQFIVXLEXLI[IRXMRIRXMVIP],IMWGERHMHEXIJSVFIMRKTYXMR
KEPSWLIW4IVLETW]SYLEHWSQIXLMRKXSEWO#
5YIWXMSRIV;LIRSRIFIKMRWXS[SVOLIVILIVIERHSYXWMHI
XLIVIPEXMSRWXLEXSRIGER
LEZI[MXLHMJJIVIRXTIVWSRWWIIQEWFIJSVIXSFIQSHMJMIHLEPXMRK1YWXSRIOIITXLI
WEQII\TVIWWMSREWJSVQIVP]ERHSRIMWIQFEVVEWWIHJSVSRIJIIPWSRIWIPJGLERKIH
SV
QYWXSRIGLERKISRIWJEGIERHIRKEKISRIWIPJMREGSRJYWMSRERHERMQTVSZIQIRXXLEX
SRIMWRXGETEFPISJGEVV]MRKSYX#
+YVHNMIJJ ;IPP ]SY LEZIRX YRHIVWXSSH XLI XEWO - KEZI ]SY - XSPH ]SY XS PIEVR XS
TVITEVI]SYVWIPJXSTPE]I\XIVMSVEVSPIERHMRXIVMSVRSXXSMHIRXMJ]]SYVWIPJ-RXIVMSV]SY
HSXLI[SVOKMZIRLIVI)\XIVMSV]SYGLERKIRSXLMRK]SYWLSYPHFIEWFIJSVI&IJSVI]SY
[IVI HSMRK PMOI XLEX RS[ ]SY HS XLI WEQI 4PE] E VSPI [MXLSYX ER]SRI RSXMGMRK XLEX
WSQIXLMRKMWKSMRKSRMR]SY'LERKIRSXLMRK=SYVIQEMREW]SY[IVIFIJSVIFYX]SY
TPE]EVSPI;IPPXLIR]SY[MPPYRHIVWXERH[LEXMXMWXSTPE]EVSPI=SY[MPPHSXLIWEQI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLMRK]SYHMHWM\QSRXLWEKS=SYGLERKISRP]MRXIVMSV
5YIWXMSRIV=SYKEZIQIXLEXEHZMGIJSVSRITIVWSRFYXMXWPMOIXLEXMRKIRIVEP
+YVHNMIJJ*SVXLEXTIVWSREPWSMXWLSYPHFIPMOIXLEX9RXMP]SYEVIMRXIVMSVGLERKIH
GSQTPIXIP]GLERKIH8LIREXXLEXQSQIRXMJXLISXLIVRSXMGIWXLEX]SYLEZIGLERKIHLI
GERSRP]VIWTIGX]SY3XLIV[MWIMJLIVIQIQFIVWMXXSHE]XLEX]SYLEZIGLERKIHLI[MPP
XEOI]SYJSVERMHMSXLI[MPPFIPMIZIXLEX]SYLEZIERI[MHIIJM\I=SY[MPPKMZILMQXLI
MQTVIWWMSRSJKEMIX]WEHRIWWSVMHMSG]SVXLEX]SYZIJEPPIRMRPSZISVXLEX]SYZIPSWXEX
GEVHW4ISTPIQYWXRSXRSXMGI]SYLEZIGLERKIH&IJSVXLIQXLIWEQIEWFIJSVI(SGXSV
]SY LEZI YRHIVWXSSH ,I LEWRX 8LI X[S XLMRKW QYWX FI GSRWMHIVIH MRXIVMSV ERH
I\XIVMSV
5YIWXMSRIV8LIHMJJMGYPX]MWXLEXSRIHSIWRXORS[XLITIVWSRSRI[EWFIJSVI3RI[EW
YRGSRWGMSYW3RIHSIWRXORS[[LEXSRI[EW7MRGISRIHMHRXWIISRIWIPJLS[GERSRI
MQMXEXISRIWJSVQIVWIPJ#
+YVHNMIJJ -J ]SY LEZI ER SFNIGXMZI XEWXI ]SY WLSYPH ORS[ [LEX ]SY EVI =SY GER
VIQIQFIVF]PSSOMRKFEGO[EVH
5YIWXMSRIV &YX SRIW TIVWSREPMX] LEH WSQIXLMRK WTSRXERISYW [LMGL MW MRMQMXEFPI
4IVLETWMRXMQI[I[MPPQEREKIXSMQMXEXIMX&YXMXMWHMJJMGYPX8LIMQMXEXMSRMW[VIXGLIH
+YVHNMIJJ8LIVIMWSRIXLMRKXLEXGERLIPT]SY)EGLQSVRMRKFIJSVIKSMRKXS[SVOWMX
HS[RJSVJMJXIIRQMRYXIWMR]SYVFMHIX?8SERSXLIVUYIWXMSRIV[LSMWPEYKLMRKA%RH
]SYWMWXIVSJGLEVMX]]SYYRHIVWXERH[IPPQIHMGEPQEXIV=SYVHSGXSVQYWXGSRWYPX]SY
SJXIR?8S1V7TIGMEPMWXA(MH]SY[VMXIMXHS[R#%PWS[LEX-WEMHEFSYXXLIFMHIX#&VEZS
3RI[SVHGSRXEMRWQER]I\TPEREXMSRWJSVLMQ[LSMWMRXIPPMKIRX3RI[SVHGERI\TPEMR
QSVIXLEREXLSYWERH[SVHW3RIWMRKPITMGXYVI?8S&PSRHIA&]XLI[E]-LEZINYWX
RSXMGIHWSQIXLMRK%LEPJLSYVLEWTEWWIH-VIQIQFIVXLEXEPMXXPI[LMPIEKS]SYLEH
XLIWEQIGSPSVEW]SYVWMWXIV7MRGILEPJERLSYV]SYLEZIKVS[RTEPI&PSRHI]SYLEZI
VIQEMRIHXLIWEQIEWFIJSVI=SYVWMWXIVLEWTEPIH-XMWZIV]TSWWMFPIXLEXSRLIVVMKLX
SVSRLIVPIJXMWWIEXIHEZEQTMVI[LSMWHVEMRMRKLIV8LEXGERFIJSYRHYTXSJMJX]JSYV
GIRXMQIXIVWXSXLIVMKLXSVPIJX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV;LIR-EQ[MXLXLIQ#
+YVHNMIJJ;MXLSV[MXLSYXXLIQ=SYHSMXMRXIVMSV*SVI\EQTPI
-EQ;LIRXLI]EVIXLIVI]SYPSSOEXXLIQ;LIRXLI]EVIRSXXLIVI]SYVITVIWIRX
XLIQXS]SYVWIPJ=SYWE]XS]SYVWIPJ*SVIEGLSRISJXLIQ-EQXLSYXLSYEVX-=SY
EVI XLI VIWYPX SJ ]SYV TEVIRXW =SY EVI XLI WEQI FPSSH 6IQIQFIV XLEX 0EXIV - [MPP
I\TPEMRXS]SY;LMPI[EMXMRKHSXLMW%GGYWXSQ]SYVWIPJMRXIVMSVXSFIZIV]UYMIXERHXS
WII WMRGIVIP] ERH [MXL EJJIGXMSR ]SYV JEXLIV ]SYV QSXLIV 3FNIGXMZIP] XLI] EVI QSVI
XLER+SH+SHLMQWIPJWEMH%WPSRKEW]SYVJEXLIVERHQSXLIVPMZI-HSRSXI\MWXJSV]SY
5YIWXMSRIV;L]QYWXSRIXLYWVITVIWIRXXSSRIWIPJSRIWJEXLIVERHQSXLIV
+YVHNMIJJ=SYS[I]SYVPMJIXSXLIQ&YXXLEXMWERSXLIVUYIWXMSR[IWLEPPWIIXLEX
PEXIV-XMWEPE[-RXLIQIERXMQIXEOIMXSFNIGXMZIP]=SYVJEXLIVERHQSXLIVEVIQSVI
XLER+SH-J]SYTVE]XS+SH+SHLMQWIPJGERWIRH]SYXSXLIHIZMPEJXIVXLIMVHIEXL]SY
[MPPGSQIXSQIGLI^QSM
-XMWERI\TVIWWMSR-KMZI]SYXLMWI\IVGMWI[LMGLGSRWMWXWSJ
XLMWGSRXEGXMRSVHIVXSTVITEVI]SYJSVERSXLIVI\IVGMWI8LMW[MPPLIPT]SY-XMWHMJJMGYPX
XS VIQIQFIV ]SYVWIPJ =SY GERRSX HS MX XLISVIXMGEPP] JSV MX FIGSQIW EYXSQEXMG
%WWSGMEXMSRW[MPPRSXLIPT]SYMRSVHIVXSVIQIQFIV]SYVWIPJSRIQYWXQEOIERIJJSVX
SJ [MPP =SY YRHIVWXERH [LEX - [MWL XS WE] 2SXLMRK GER FI FSVR WTSRXERISYWP] =SYV
EWWSGMEXMSRWEVIRSX]SYXLI]EVIEYXSQEXMG%JXIV[EVH[LIR]SYLEZI[SVOIH
]SYV
EWWSGMEXMSRW[MPPEP[E]WVIQEMREYXSQEXMGFYX]SYV[SVO[MPPLEZIEVIPEXMSRRSXER]
QSVI[MXL]SYVEWWSGMEXMSRW[MXL]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+)0):)2
7EXYVHE]7ITXIQFIV XL
?%JXIVXLIHMRRIV1V+YVHNMIJJEWOWXLSWI[LSLEZIVIXYVRIHJVSQZEGEXMSRXSKMZILMQ
EREGGSYRXSJXLIMV[SVOA
5YIWXMSRIV - HMH XLI X[S I\IVGMWIW XLEX ]SY LEH KMZIR QI HYVMRK XLI ZEGEXMSR XLI
I\IVGMWISRXLIHMZMWMSRMRXSX[SERHSRXLIWIRWEXMSRWSJLSXGSPHERHXIEVW-GERRSX
WE]XLEX - LEZILEHQYGL VIWYPX JVSQXLIWI I\IVGMWIW FYX-LEZI LEH EVIWYPXMR XLI
YRHIVWXERHMRK*SVXLIHMZMWMSRMRXSX[S-GERRSXWE]XLEX-LEZIWYGGIIHIHMRHSMRKMX
FYXXLI[SVOLEWKMZIRQIEGIRXIVSJKVEZMX]MRQ]LIEH8LMWLEWGLERKIHQER]XLMRKW
JSVQIERHLEWEPPS[IHQIXSHIMHIRXMJ]Q]WIPJEPMXXPIJVSQQ]FSH]ERH-GERWIIQSVI
GPIEVP]MRQ][SVO-ORS[FIXXIV[LEX-EQHSMRKERHLS[-QYWXHSMX8LMWLEWGLERKIH
ZEPYIW
+YVHNMIJJ- EPVIEH]YRHIVWXSSHXLEX]SY LEHETIVWSREPMX]2S[]SY JIIPMR]SYVWIPJ
WSQIXLMRKEWITEVEXMSR8LIFSH]MWSRIXLMRKERH]SYEVIERSXLIVXLMRK
5YIWXMSRIV8LEXMW[LEX-JIIPERHMXMWEXLMRK[LMGLNYHKIW
+YVHNMIJJ=SYQYWXGSRKVEXYPEXI]SYVWIPJ-EQGSRXIRX[MXLEPPQ]FIMRK-XMWXLIJMVWX
XLMRK ;MXLSYX XLMW ]SY GER RIZIV GSRXMRYI ;MXLSYX XLMW JSV XIR ]IEVW SRI LYRHVIH
]IEVW]SYV[SVOWLEPPFISRP]XMXMPPEXMSR
5YIWXMSRIV-XWIIQWXSQIXLEXRS[WSQIXLMRKLEWFIIRWYVQSYRXIH
+YVHNMIJJ2S[]SYQYWXJM\XLMW3RIQYWXRSYVMWLXLIGLMPHWSXLEXLIQMKLXKVS[+MZI
LMQKSSHQMPOWSQIIKKWIZIV]XLMRKXLEXMWRIGIWWEV]JSVEGLMPH;LIRLIMWE]SYRK
FS]LIWLEPPFIEFPIXSXEPOERH-WLEPPFIEFPIXSYRHIVWXERHLMQ*SVQI]SYVEGGSYRX
MWPSRKIRSYKL
5YIWXMSRIV-[ERXIHXSXIPP]SYEPWSXLEXXLII\IVGMWISRXLIWIRWEXMSRWLEHWLS[IHQI
XLEX - [EW PMZMRK MR MQEKMREXMSR FIGEYWI - RSXMGI XLEX MX MW SRP] [LIR - I\TIVMIRGI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
WSQIXLMRKSVKERMGEPP]XLEXMXMWVIEPFYX-EQRSXEFPIXSGSRGIRXVEXIIRSYKLSRXLI
TMGXYVISJXLIMQEKI
+YVHNMIJJ -R KIRIVEP XLMW MW ]SYV [IEORIWW -X MW RSX RIGIWWEV] XS WTIEO SJ MX -X MW
EPVIEH]EWYFNIGXMZIXLMRK2S[MJ-I\TPEMRWSQIXLMRK]SYGERYRHIVWXERH&IJSVI]SY
GSYPHYRHIVWXERHRSXLMRK8LIJMVWXXMQI]SYXSSOSJJIRWI%RHMJ-WE]XLIWEQIXLMRK
RS[]SYGERYRHIVWXERH
5YIWXMSRIV-XVMIHXSGSRXMRYIXLII\IVGMWISJHMZMWMSRMRXSX[SERHWIIMRKXLEX-GSYPH
RSXWYGGIIHMRMX-XLSYKLXXLEXXLMWGEQIEFSYXFIGEYWIXLI-MRQI[EWRSXWXVSRK
IRSYKL%PPQ]EXXIRXMSR[EWQSZIHXS-EQERHMRIJJIGXXLMWLEWHIZIPSTIHPMXXPIF]
PMXXPIEZIV]QYGLWXVSRKIVWIRWEXMSRXLEX-LEHRIZIVLEHSJ--RIJJIGXXLEXXLMW
GLERKIH EPP ZEPYIW JSV QI XLEX [LEX - LEH YRHIVWXSSH XLISVIXMGEPP] YT XMPP RS[ -
YRHIVWXERH RS[ MR E HMJJIVIRX [E] ERH XLMW LEW QEHI QI YRHIVWXERH EPWS QER]
TVSFPIQW [LMGL JM\IH MR QI IWTIGMEPP] XLI RIGIWWMX] JSV QI LEZI GIEWIH JVSQ XLMW
QSQIRXXSTPE]EVSPI&YXEWHYVMRKXLIZEGEXMSR-[EWVEXLIVEPSRIMRXLIVSPIXLEX-LEH
XSTPE]-LEHXSTPE]MX[MXLQ]TEVIRXWERHEFSZIEPPQ]QSXLIVXLIVIMW[LIVIXLI
HMJJMGYPX]EVVMZIH-EWGIVXEMRIHXLEX-[EWGSQTPIXIP]MRGETEFPISJTPE]MRKEVSPIXLEXMX
[EWMQTSWWMFPI
+YVHNMIJJ=SYLEZIYRHIVWXSSH[LEXMX[EWXSTPE]EVSPI]SYLEZIYRHIVWXSSH[LEX
ZEPYIXLMWLEWJSV]SY]SYLEZIXEWXIHMX#&VEZS
5YIWXMSRIV8LIR-WXVSZIJYVXLIV[MXLXLII\IVGMWISJHMZMWMSR-XVMIHXSYRHIVWXERHMX
ERHSRIHE]MRTEWWMRKFIJSVIEQMVVSV-[EWZIV]WYVTVMWIHXSWIIXLEX-WE[Q]WIPJEW
E WXVERKIV - XLSYKLX XLEX - SYKLX XS QEOI YWI SJ XLMW IZMHIRGI MR SVHIV XS HS XLMW
I\IVGMWI%JXIVMRHSMRKXLII\IVGMWI-WE[Q]WIPJEW-LEHWIIRQ]WIPJMRXLIQMVVSV-
LEZI LEH SRP] SRI GSPH TMGXYVI [MXLSYX PMJI - WE[ E FSH] [MXLSYX PMJI ERH - XVMIH XS
IWXEFPMWLVIPEXMSRW[MXLQ]VIEPFSH]-RXV]MRKXSHSMXMXWIIQIHXSQIXLEXXLMWKEZI
QIMREHZERGIEXEWXISJ[LEXQMKLXFIXLIHMZMWMSR-JIPXXLEXSRILEHXSHSXLMW
+YVHNMIJJ-XMWIRSYKL]SYEVIFSVR=SYVMRHMZMHYEPMX]MWFSVR&IJSVI]SY[IVIPMOIER
ERMQEP[MXLSYX-2S[]SYLEZIER-ERHXLITVSTIVXMIWSJEQER8LMWI\IVGMWILEW
KMZIR]SYXLIWI&IJSVI]SYLEHRSMRHMZMHYEPMX]]SY[IVIXLIVIWYPXSJ]SYVFSH]PMOIE
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
HSKEGEXSVEGEQIP2S[MJ]SYLEZILSVRW]SYGERWIIXLIQERHFIEQE^IHEXXLIQ
&IJSVI ]SY GSYPH WII RSXLMRK =SY RS[ LEZI ER MRHMZMHYEPMX] [LMGL ]SY HMH RSX LEZI
?%HHVIWWMRKXLISXLIVWA,ILEWEGUYMVIHERMRHMZMHYEPMX]&IJSVILILEHRSRI,I[EWE
TMIGISJQIEX,IGSYPHLEZI[SVOIHSRIXLSYWERH]IEVWLI[SYPHRIZIVLEZILEHER]
VIWYPX=SYEVIEGSQVEHISJ1QI*VERG&SXLSJ]SYGERFIGSQIMRMXMEXIWEXXLIJMVWX
MRMXMEXMSR-XMWEPMXXPIXLMRKFYXMXMWEFMKXLMRKEKYEVERXIISJXLIJYXYVI-GSRKVEXYPEXI
]SYEPWS*SVXLIJMVWXXMQIMRXLVII]IEVW-EQLETT]MRXIVREPP]-EQLETT]EFSYXQ]
IJJSVXW&IGEYWIXLMWMWRSXF]GLERGIXLEXLIVIEVIEPVIEH]X[S?8SXLIUYIWXMSRIVA
=SYEVIRS[RSPSRKIVFIXVSXLIHRSPSRKIV]SYEVIQ]]SYRKIVFVSXLIV?8SXLIJMVWX
UYIWXMSRIVA=SYEVIQ]WMWXIV;IWLEPPXEPOWITEVEXIP]EJXIV+YVHNMIJJ?XSEWXYHIRXA
=SYEVIRXLETT]#
5YIWXMSRIV=IWERH-GERWE]XLEX[LEX?XLIJMVWXUYIWXMSRIVALEWWEMHWIIQWXSQI
XLEXMX[EWQI[LSWEMHMXFIGEYWIJSVWSQIXMQIXLIVIMWWSQIXLMRKGSQTPIXIP]RI[MR
QIERHXLIVIMWEPWSXLIJIEVSJWIIMRKMXHMWETTIEV&IGEYWIMREKIRIVEP[E]WEZIMR
ZIV] VEVI QSQIRXW XLIVI [EW WSQIXLMRK MR QI XLEX [EW RSX XLIVI TVIZMSYWP] ERH
IWWIRXMEPWSQIXLMRKMRQ]LIEHWSQIXLMRKXLEX-JIPXMRQ]LIEHSR[LMGL-PIERERH
[LMGLWITEVEXIWQIJVSQXLIVIWX[LMGLMWHMWXMRGXJVSQQ]FSH]JVSQEPPXLEX-EQ
JVSQQ]WIRXMQIRX
+YVHNMIJJ=SYGERWE]TIVLETWXLEX]SYEVISRIXLMRKERH]SYVFSH]MWERSXLIVXLMRK
&IJSVI]SYGSYPHRSXWE]MXZIV]WMRGIVIP]
5YIWXMSRIV-XMWEXLMRKXLEXSRIGERQEMRXEMR#
+YVHNMIJJ;ILEZIXLMVX]XLVIIUYEPMXMIWSJPMUYMHXLEX-GERKMZI]SY-XMWRSXRIGIWWEV]
XSYRHIVWXERH]SYLEZIEWOIHQIMJMXMWTSWWMFPIERH-LEZIWEMH]IW-WEMHEPWSXLEX
XLIVIEVIXLMVX]XLVIIUYEPMXMIWSJJPYMH5YIWXMSRIV=SYLEZIQEHIQIJIIPEGGYVEXIP]MR
EQSQIRXQ]EXXMXYHISJXSHE]XS[EVHXLI[SVO-XMW[LIR]SYVIQIQFIVIHHYVMRKXLI
HMRRIVXLIERIGHSXISJXLI/YVH-LEZIXVMIHXSHSXLII\IVGMWIXLEX]SYKEZIQI-XV]XS
HSMXEP[E]WERHXLIQSVI-HSMXXLIQSVIMXFIGSQIWRIEVP]MQTSWWMFPIJSVQIXSHSMX
WEZIMRQSQIRXW[LIR-GERNSMRXSKIXLIVXLIQSWXJEZSVEFPIGSRHMXMSRW&YXXLIPIWW-
NSMRXSKIXLIVXLIQSVI-HIWMVIXSNSMRXSKIXLIVERHXVYP]-GSYPHRSX[ERXXSEFERHSR
XLMWI\IVGMWIFIJSVILEZMRKMRXLIIRHEPMXXPIFIXXIVXEWXISJ[LEX-LEZIHSRI-RXLI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
FIXXIVQSQIRXWSJXLMWI\IVGMWIRSXMRXLIQSWXJEZSVEFPIQSQIRXWFYXMRXLIQSQIRXW
[LIR-[SVO[MXLXLIQSWXMRXIRWMX]XLEXMWXSWE]MRPMJI[LIR-WYGGIIHMRTYVWYMRKXLI
I\IVGMWI[LMPIGSRXMRYMRKQ]SVHMREV]SGGYTEXMSRW-I\TIVMIRGIEXEWXI[LMGLMWIRXMVIP]
HIGITXMZI-LEZIXLIMQTVIWWMSRSJPMZMRKMREHSYFPIHVIEQ3RXLISRILERH-TYVWYI
Q]I\XIVREPPMJIEWMREHVIEQERH-XV]XSTPE]EVSPIMRMXERHSRXLISXLIVLERH-HS
Q][SVOEPWSEWMREHVIEQERH-LEZIXLIMQTVIWWMSRSJEVSPIXLEX-EQKSMRKXSTPE]
MRXIVREPP] &] [E] SJ GSQTIRWEXMSR [LIR - HS XLMW I\IVGMWI SRP] YRHIV GSQJSVXEFPI
GSRHMXMSRWFVYWUYIP]MXLETTIRWXLEX-LEZIEJIIPMRKSJ-[LMGLMWWXVSRKIV]IXMRXLI
I\IVGMWISJHMZMWMSRERH-[SYPHPMOIXSVIGSZIVMRQ]SVHMREV]PMJIXLIXEWXI[LMGL-LEH
EXXLEXQSQIRX
+YVHNMIJJ'SRXMRYIXLMW=SYWLEPPXVEMR]SYVWIPJPMXXPIF]PMXXPI1EOIXLMWJIIPMRK]SYV
TVSTIVX] 3RI QYWX LEZI XLI JIIPMRK JMVWX 8LEX MW XS WE] ]SY RS PSRKIV LEZI ]SYV
EWWSGMEXMSRW8LIJIIPMRKGSQIWMR]SYMXMW]SYVTVSTIVX]FYXMREWTIGMEPWXEXI8LEXMW
XS WE] MX GERRSX GSQI MR PMJI -R E WTIGMEP WXEXI [LIR ]SY VIPE\ E PMXXPI ]SY GER
VIQIQFIVXLMWJIIPMRKERH]SYQYWXWIM^IMX
5YIWXMSRIV%RHEXXLIWEQIXMQI-JIIPXLEXXLIXVYI[SVOMWMRSVHMREV]PMJI1QIHI
7E^PQERR&YXSRIQYWXHSMXFIJSVIXLMWMREWTIGMEPWXEXIERHPMXXPIF]PMXXPI]SYWLEPP
EVVMZIEXMXMRSVHMREV]PMJI
5YIWXMSRIV 8LI WXVSRKIWX JIIPMRK SJ HMZMWMSR MW [LIR - HS MX YRHIV GSQJSVXEFPI
GSRHMXMSRW1QIHI7E^PQERR-XMWRIGIWWEV]JSVXLMWXSKVS[MR]SYMRXLIWIQSQIRXW
%JXIVPMXXPIF]PMXXPI]SYWLEPPFIEFPIXSQEOIXLMWWXEXIPEWX
5YIWXMSRIV7IZIVEPQSRXLWEKS-EWOIH]SYXLMWUYIWXMSR;LIR-LEZIERMQTYPWMSR
SJXVYIPSZIXS[EVHWWSQISRIMXWIIQWXSQIXLEXRSXSRP]HSIWXLMWIWXEFPMWLEVIPEXMSR
FIX[IIRQIERHXLEXTIVWSRFYXXLEXXLMWKMZIWIZMHIRGISJEWYTIVMSVJSVGIMRQI=SY
ERW[IVIHQIEXXLEXXMQIXLEX-[EWRSXXSXLMROEFSYXWYGLXLMRKWEXXLIQSQIRXXLEX
XLMW[EWTW]GLSTEXL]XLEX-LEHXSHSQ][SVOPMOIEWIVZMGI-PMWXIRIHXS]SYERH-
FIKERXSFIEFPIXSHIXEGLQ]WIPJJVSQQ]FSH]2S[IWTIGMEPP]XLEX-LEZIWIIRXLI
HITXLSJQ]TEWWMZMX]ERHXLEX-YRHIVWXERHXLEX-LEHXSGSRGIRXVEXIEPPQ]JSVGIXSTYX
JSVXLEPPQ]IJJSVXMRSTTSWMRKMRQ]WIPJWSQIXLMRK[LMGLMWXSQ]LEFMXYEPRYPPMX]
RS[-LEZIMQTYPWMSRWXSFIGSQIMRHITIRHIRX*SVI\EQTPI-LEZIEWMX[IVIERMQTYPWI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XSWYGGIIHMRTPE]MRKQ]XVYIVSPIMRVIKEVHXSQ]WSRSVQ]JEXLIV-LEZIERMQTYPWIXS
WYGGIIHMRFIGSQMRKEQERMRVIKEVHXSXLIKVSYTFYXMXWIIQWXSQIXLEXIEGLSJXLIWI
MQTYPWMSRWMWRSX]IXTS[IVJYPIRSYKLJSVXLIHIXEGLQIRXXSFIGSQTPIXI-RSRISJQ]
FIXXIVQSQIRXWSJ[SVO-WE[VIGIRXP]EPPQ]FSH]EPPQ]IQSXMSRWEPPQ]WIRXMQIRX
ERHQ]YWYEPHIWMVIWEWXLEX[LMGL-LEHXSWYGGIIHMROMPPMRKMRQIMRSVHIVXSEXXEMR
FMVXLERH-YRHIVWXSSHXLEX-[SYPHWYGGIIHMRFIMRK[LEX-[ERXXSFIMJ-WYGGIIHIHMR
QEOMRKXLEX[LMGL-EQHMI8LYW-EWO]SYRS[-EWOQ]WIPJERH-EWO]SYEPWSMJ-
GSYPHRSXFIEMHIHMRQ]IJJSVXWF]EVIPEXMSRWLMTSJ[LEXXLIVIMWSJER-MRQI[MXLE
WYTIVMSVJSVQMJXLMWMWRSXXLIMQTYPWMSRXLEXMWPEGOMRKMRQI#
+YVHNMIJJ2SGSRXMRYI;L]HS]SYYWIXLI[SVHXVYI#=SYGERRSX]IXLEZIEXVYI
PSZI3RIEWTIGXSJXVYIPSZIQYWXFIXSLEXINYWXP]XSLEXISFNIGXMZIP]RSXXLISFNIGX
FYXMXWQERMJIWXEXMSRW=SYGERRSX]IXYWIXLI[SVHXVYI;LMPI[EMXMRKGSRXMRYIXS
EQEWWQEXIVMEP&YXGIEWIWE]MRKXLI[SVHXVYI3RIQYWXRSXKMZIXLMWZEPYIXSXLMRKW
=SYGERRSX]IXPSZI]SYGERHSRSXLMRK=SYHSRSX]IXLEZIXLIJIIPMRKERH-LEZIRIIH
SJ]SYLEZMRKMX;LIR]SYWLEPPFIEFPIXSLEZIERMQTYPWMSR-WLEPPFIEFPIMXKMZI]SY
WEXMWJEGXMSR,S[XSYWIMXLS[XSHMVIGXMXLS[XSVIEPM^IMX-WIIXLEXXLIJSVQSJ[SVO
[LMGL-LEZIKMZIR]SYLEWLIPTIH]SYERHMJXLMWLEWLIPTIH]SYMXMWRSXRIGIWWEV]XS
GLERKI
5YIWXMSRIV8LMW[SVOLEWFVSYKLXQI[LEXRSXLMRKIPWILEW
+YVHNMIJJ8LIVIWXMW[SVXLRSXLMRK%PXLSYKLXSXLEX[LMGLQMKLXFIXSYWXLIVIMWRSX
]IX IRSYKL SJ MX MR ]SY JSV E XVYI MQTYPWMSR +YVHNMIJJ ?XS ERSXLIV WXYHIRXA =SY
YRHIVWXSSH#*SV]SYEPWSWSQIXLMRKMWSTIRIH#
5YIWXMSRIV-RHIIH[LMPIPMWXIRMRKXSXLISXLIVWWTIEO-[EW[MXLXLIQ
+YVHNMIJJ=SYJIPX[MXL]SYVLIEH[MXL]SYVMRXIPPMKIRGI*SVI\EQTPIJSV?XLIWIGSRH
UYIWXMSRIVAPSRKFIJSVILMQ]SYLEHYRHIVWXSSHLIYRHIVWXERHWPIWWXLER]SYFYXLI
YRHIVWXERHW[MXLLMW[LSPIFIMRK,IYRHIVWXSSH[MXLLMWMRHMZMHYEPMX]]SY[MXL]SYV
FSH]*SVQIXLMWLEWQSVIZEPYIXLER]SYVW
5YIWXMSRIV-JIIPWSQIXLMRKMRQ]LIEHRS[XLEXWXE]WRIEVP]EPPXLIXMQIMXMWRSX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
ZIV]WXVSRKFYXMXMWEPQSWXGSRWXERXWSQIXLMRKXLEXQEOIWQIWIIFIMRKWERHXLMRKWMR
EHMJJIVIRX[E]
+YVHNMIJJ8LMWMWRSVQEP0MXXPIF]PMXXPIIZIV]XLMRKQYWXFIHMJJIVIRX=SYEVIFIKMRRMRK
XSLEZIEXVYIZMI[=SYLEHYTXSXLITVIWIRXEJERXEWXMGTSMRXSJZMI[
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)0:)
5YIWXMSRIV-HSRSXWYGGIIHMRLEZMRKIQSXMSR[LIR-GSRGIRXVEXI-GERQEOIQ]LIEH
JVIIFYX-HSRSXWYGGIIHMRJIIPMRKEWXVSRKIQSXMSR-LEZIXLIMQTVIWWMSRSJVYRRMRK
YTEKEMRWXEFEVVMIVERHRSXFIMRKEFPIXSKSJYVXLIV
+YVHNMIJJ=SYJEPPHS[RVMKLXEXXLIFIKMRRMRKFIGEYWISJSRIWQEPPXLMRK;MXLXLILIEH
RSSRIIZIVGERLEZIIQSXMSR8LILIEHMWSRIXLMRK)QSXMSRMWERSXLIVXLMRK)QSXMSR
MWEJYRGXMSRSJXLIFSH];MXLXLILIEHSRIGERSRP]GSRWXEXISRIGERRSXJIIP-EQ
WMXXMRK-LEZIETEMR,IVI-EQLSXLIVI-EQGSPH-SFWIVZIXLMW[MXLQ]LIEHERH-JIIP
MX[MXLQ]WSPEVTPI\YW-JIIPXLEXLIVI-EQLSXERHXLIVIGSPH%RH-GSRWXEXIMX[MXLQ]
LIEH-J-GSRGIRXVEXIWTIGMEPP]-GERGSRWXEXIMX&YX-FIGSQIMHIRXMJMIHMJ-XLMRO-GERHS
QSVIXLERXLEX-GSRWXEXIXLEX-EQLIVIPMOIXLMWXLIVIPMOIXLEXEWE[LSPI-EQPMOI
XLEX=SYRIZIVRSXMGIER]XLMRK[MXL]SYVLIEH=SYVLIEHMWGETEFPISJGSRWXEXMRKSRP]
MJ ]SY TYX EXXIRXMSR SR WSQIXLMRK -X MW SRP] [MXL WTIGMEP EXXIRXMSR XLEX XLI LIEH GER
GSRWXEXI8LI LIEHMWPMOIER ETTEVEXYWMXTPE]WXLI VSPISJTSPMGI&YX XLIGIRXIVSJ
KVEZMX]SJ]SYVTVIWIRGIMWMR]SYVWSPEVTPI\YW[LMGLMWXLIGIRXIVSJJIIPMRK8LEXMW
[LIVIXLMRKWLETTIR8LILIEHMWPMOIEX]TI[VMXIV=SYYRHIVWXERH[LEX-WE]#=SYV
UYIWXMSRTVSZIWXLEX]SYHSRSX[SVOEW-LEZINYWXFIIRWE]MRKMXMWRIGIWWEV]XSJMRH
XLI[E]XS[SVOPMOIXLEX2SX[MXL]SYVLIEH=SYVLIEHGERSRP]GSRWXEXIRSXMRER]
[E][SVO=SYQYWX[SVO[MXL]SYVWIRWEXMSRERH]SYVJIIPMRK%WJSVXLILIEHMXGERWII
[LIXLIV XLI] EVI XSKIXLIV SV WITEVEXI 8LI LIEH MW RSX E TEVX SJ XLI SVKERMWQ MX MW
WITEVEXIJVSQXLISVKERMWQ8LIFSH]GERHMIXLILIEHEPWS&YXXLILIEHGERHMIERH
XLIVIWXKSSRPMZMRK8LILIEHMWRSXLMRKEJYRGXMSREX]TI[VMXIVERETTEVEXYW;LIR
]SYGSRGIRXVEXI]SYVEXXIRXMSRMR]SYVLIEH]SYGERGSRWXEXI[LEXKSIWSRMR]SY&YX
XLI LIEH MW RSXLMRK MX MW E WXVERKIV XS XLI SVKERMWQ 7LI ?XLI SRI [LS EWOIH XLI
UYIWXMSRA[ERXWXSJIIP[MXLLIVLIEH2IZIV[MPPWLIFIEFPIXS8LILIEHMWEPMIRXSXLI
FSH]8LILIEHGERTPE]XLIVSPISJTSPMGIFYXSRP]SJTSPMGI[LSPSSOWLS[IZIV]XLMRK
KSIWSRPMOIE[EXGLQER-X[EXGLIWLS[XLIJYRGXMSRWSJ]SYVTVIWIRGIEVI[SVOMRK(S
]SYYRHIVWXERHQI#
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV=IW
+YVHNMIJJ=SYYRHIVWXERHXLIVIEWSRJSVSYVFIMRKMRSYVWMXYEXMSRERH[LEX]SYLEZI
XSHS#
5YIWXMSRIV'SYPH]SYWLS[QIEXEWO#-LEZIXVMIHWIZIVEPFYXRSRISJXLIQWYMXWQI
ERH-HSRSXORS[[LMGLSRIXSGLSSWI
+YVHNMIJJ0SSO-XEOIYTERYRYWYEPTSWXYVIETSWXYVI[LMGLMWHMJJMGYPXJSVQ]FSH]
FIGEYWI-EQRSXYWIHXSMX-RQ]WIPJQ]JYRGXMSRWEVI[SVOMRKERHQ]X[SGIRXIVW
JIIPMRKERHWIRWEXMSR-WIRWIXLIE[O[EVHRIWWSJQ]TSWXYVIERH-JIIPXLIE[O[EVHRIWW
SJMX*SV-EQRSXEGGYWXSQIHXSMX;MXLQ]LIEH-PSSOXSWII[LEXMXMW-WXYH]%L]IW
-XMWPMOIXLEX%RHLIVIMXMWPMOIXLEX8LEXMWXLI[E]]SYHSXLMW-XMWEWMQTPIXLMRK=SY
OIITXLIXLVIIGIRXIVWWITEVEXIMR]SY=SYYRHIVWXERHXLMWZIV]WMQTPIXLMRK-XMWER
YRTPIEWERXTSWXYVI-QE]JEPP-PSSO-WIRWIXLMW-JIIPXLEX%L]IWMXMWPMOIXLEX-
SFWIVZI;MXLQ]LIEH-GSPPIGXQEXIVMEP-GSQTEVI;MXLQ]LIEH[MXLQ]PSKMG-JMRH
XLIVIEWSR[L]LS[3RXLISRILERH-WIRWISRERSXLIV-JIIP%RHMRXLMW[E]HS]SY
WII XLI XLVII GIRXIVW EVI SGGYTMIH [MXL XLMW [SVO =SY WITEVEXI ]SYV XLVII GIRXIVW -
EHZMWI]SYXSHSXLMWMRXLIQIER[LMPI;LIR]SYLEZIGSQIXSORS[]SYVGIRXIVWXLIR
[I[MPPXEOIERSXLIVI\IVGMWI-EHZMWI]SYXSXEOIXLMWTSWXYVIEWERI\EQTPI=SYGER
XEOIERSXLIVSRIER]SXLIVYRGSQJSVXEFPITSWXYVI-XMWEZIV]WMQTPIXLMRKERHEZIV]
KSSHSRI%QSRKSXLIVW?XSEWIGSRHWXYHIRXAMXMWEZIV]KSSHI\IVGMWIJSV]SYXSS9T
XSRS[]SYLEZIRSX]IXWITEVEXIH]SYVXLVIIGIRXIVW-RQER]XLMRKW]SYLEZIKSRI
JYVXLIVFYXEWJEVEWXLMWZIV]WMQTPIXLMRKMWGSRGIVRIH]SYEVIERSYXWMHIV)ZIV]QER
QYWXVIGSKRM^IMRLMQWIPJXLVIIUYEPMXMIWSJWIRWEXMSR-RIEGLTIVWSRXLIVIEVIXLVII
GIRXIVWXLVIIHMVIGXSVW%RHXLIWIXLVIIHMVIGXSVWGERKMZIEJSYVXLSRI[LSGERFIXLI
- ?2SMWI SJ FVIEOEKI MR XLI OMXGLIR 1V +YVHNMIJJ WTIEOW MR 6YWWMER XS 1QI HI
7EP^QERRA-EQWE]MRKXS1QIHI7EP^QERRXLEXWLILEWRIZIV]IXGSRWXEXIH[LEX-
LEZINYWXFIIRWE]MRKXSLIV7LILEHRSXYRHIVWXSSHYRXMPRS[2S[WLILEWYRHIVWXSSH
LS[QYGLQ]-RWXMXYXI?-RWXMXYXIJSVXLI,EVQSRMSYW(IZIPSTQIRXSJ1ERAYWIHXSGSWX
IZIV]QSRXLERH[L]-LEHXSTE]IZIV]QSRXLXLVIISVJSYVQMPPMSRJVERGW3RIEWTIGX
EQSRKWX SXLIVW LS[ QER] XLMRKW XLIVI [IVI WTSMPX FVSOIR QIWWIH YT ?1QI HI
7EP^QERRKMZIWEWERI\EQTPIXLIKEVHIRMRKXSSPWA8LIVIMX[EWER-RWXMXYXI-X[EWJSV
XLI;SVO-X[EWXSFII\TIGXIH,IVIMXMWRSXER-RWXMXYXI,IVIMXMWRIGIWWEV]XSLIPT
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QI%RHIZIV]HE]TISTPIFVIEOXLMRKWSJQMRI%RHMXMW-[LSLEZIXSTE]8LIVIMX[EW
SRIXLMRKTISTPI[IVIPIEVRMRK%PIEVRIVHSIWFVIEOXLMRKW,IVIMXMWERSXLIVXLMRK
)EGLSRIQYWXXEOIGEVISJIZIV]XLMRK&YXIEGL[IIO[LEX-LEZIHMQMRMWLIWF]XIRSV
X[IRX]TMIGIW8LI]IEVLEWLS[QER][IIOW#%RHXLI[EVLEWPEWXIHJSVEPSRKXMQI
'ER]SYMQEKMRI#-J]SYGSYRXLS[QYGLWXYJJ-LEZIPSWX#&YXTISTPIHSRXYRHIVWXERH
XLMW?(MEPSKYIMR6YWWMER[MXL1QIHI7EP^QERRA=SYEVIPYGO]=SYEVIPYGO]IRSYKL
XSLEZIEWLSVXQIQSV];LEXLEWNYWXJEPPIRFEGOXLIVI-WLEPPVIQIQFIVJSVXLVII
LSYVW ;LEX E PSX MX GSWXW QI -X LEW XLI IJJIGX SR QI SJ ER IEVXLUYEOI ?1QI HI
7EP^QERRNSOIW[MXLXLIWIGSRHWXYHIRXEFSYX8YVOMWLFEXLWA
5YIWXMSRIV-[SYPHPMOIXSEWOEUYIWXMSREFSYXGSRGIRXVEXMSR;LIR-[ERXXSGSPPIGX
Q]WIPJ ERH - JM\ Q] EXXIRXMSR SR E TSMRX Q] XLMROMRK WIIQW IQTX] -RWXIEH SJ FIMRK
GSRGIRXVEXIHMXMWIQTX]-XMWWXMPPFYXMXMWIQTX]ERHXLMWWXMPPRIWWHSIWRSXI\GPYHI
EWWSGMEXMSRW3RXLISXLIVLERH[LIR-EQLIPHF]ERI\XIVREPSFNIGXQ]XLSYKLXMWRSX
WXMPPFYXMXWIIQWXSQIQYGLQSVIGSRGIRXVEXIH-LEZIRSEWWSGMEXMSRW1]XLSYKLXMW
RIZIVJM\IHFYXMXWIIQWXSQIJEVQSVIGSRGIRXVEXIHXLER[LIRQ]GSRGIRXVEXMSRMW
MRXIRXMSREP XLI WXMPPMRK SJ XLSYKLX - EVVMZI EX WIIQW XS QI XLI STTSWMXI SJ XVYI
GSRGIRXVEXMSR ?;LMPI 1QI HI 7EP^QERR MW XVERWPEXMRK XLI UYIWXMSRIV I\TPEMRW LMW
UYIWXMSRXSERSXLIV WXYHIRXA+YVHNMIJJ?XS XLISXLIVWXYHIRXA;LEXLI MWXIPPMRK]SY
MRXIVIWXWQIZIV]QYGL,S[HS]SYI\TPEMRXLIUYIWXMSR#
5YIWXMSRIV;LIRLIXVMIWXSGSRGIRXVEXILMWXLSYKLXEKKPYXMREXIW
+YVHNMIJJ2S(SRXWE]MXPMOIXLEX-EQKSMRKXSKMZIERI\TPEREXMSR[LMGL[MPPFIZIV]
KSSHJSV]SYXSSERH[LMGL[MPPLIPT]SYZIV]QYGL-GERWE]MXRS[8V]XSYRHIVWXERH
8SFIKMR[MXLXLIWIGVIXMW-EQ=SYFIKMRPMOIXLEX2S[-JIIP-&YXLS[HS-JIIP-#
;LEXMW--JIIPXLMWTPEGI?XLIXSTSJXLIEVQAERHXLMWSRI?WSPEVTPI\YWA8V]XLEX
RS[ %RH EX XLI WEQI XMQI - GSRWXEXI [MXL Q] LIEH (S XLEX -X [MPP QEOI ]SY
YRHIVWXERH-JIIPERHWIRWIXLIWIX[STEVXW?XLIXSTSJXLIEVQERHXLIWSPEVTPI\YWA
ERHEXXLIWEQIXMQI[MXLQ]LIEH-GSRWXEXI[LEXMWKSMRKSR(SXLEXRS[-J]SYHSMX
]SY [MPP YRHIVWXERH [LEX LEW FIIR QMWWMRK MR ]SY YT XMPP RS[ -X MW ZIV] WMQTPI
%JXIV[EVHW[LIR]SYLEZIJIPXXLEX[MXLSRITEVXSJ]SYVEXXIRXMSRERH[MXL]SYVLIEH
]SY[MPPFIEFPIXSXVEZIPMR]SYVWIPJJVIIP]%WWSGMEXMSRWXLEXMWERSXLIVXLMRK0IEZI
XLIQEPSRIXLI]EVIGLIETXLMRKWPMXXPIXLMRKW-EQFMKKIVXLERQ]EWWSGMEXMSRW,I
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
[LSLEWGSRWXEXIHWSQIXLMRKRI[PIXLMQWE]MX7SQIXLMRKQMWYRHIVWXSSHSVTIVLETW
]SYLEZIGSRWXEXIHWSQIXLMRKKSSHJSV]SY?8LIJMVWXUYIWXMSRIVQEOIWEWMKRQIERMRK
RSA?8SWIGSRHWXYHIRXA,EWER]SRIHMWGSZIVIHER%QIVMGE#7IGSRHWXYHIRX2SRSX
]IX
+YVHNMIJJ&PSRHIERH]SY#&PSRHIERW[IVW8LEXVIEPGSRGIRXVEXMSRGSQIWSRP][MXL
WIRWMRK+YVHNMIJJ?XSXLIJMVWXUYIWXMSRIVA,EZI]SYYRHIVWXSSH#
5YIWXMSRIV7IRWMRK]IWFYX-HSRSXYRHIVWXERHXLIJIIPMRKSJXLIFSH]
+YVHNMIJJ8LI[LSPIXMQI]SYJIIPXLMW?WLS[WXLIXSTSJXLIEVQERHWSPEVTPI\YWAERH
]SYSFWIVZI[MXL]SYVLIEH=SYHSXLIWIXLVIIXLMRKWEPPXLIXMQI
5YIWXMSRIVJMRHXLMWMRGVIEWIWXLIWIRWEXMSRSJTVIWIRGI
+YVHNMIJJ8LEROWXSXLMWI\IVGMWI]SY[MPPMRGVIEWI]SYVJSVGISJGSRGIRXVEXMSR-XMW
QEHI JSV XLEX 2S[ I\TPEMR XS LMQ ?XS XLI WIGSRH 5YIWXMSRIVA XLEX LI QYWX HS XLMW
I\IVGMWI8LVSYKLXLMWLI[MPPFIEFPIXSEVVMZIEXWIRWMRK,IMWRSXEFPIXSXSHE]8LMW
I\IVGMWI[MPPLIPTLMQ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8,-68))2
8LYVWHE]7ITXIQFIVXL
5YIWXMSRIV?FIKMRWXSVIEHXLIUYIWXMSRLILEW[VMXXIRA1SVIERHQSVI-JIIPLS[QYGL
Q][SVOMWQIRXEPLS[PMXXPIMXERMQEXIWQI%RH-LEZIYRHIVWXSSHXLEX-XVYP]GERRSX
ETTVSEGLQ][SVO[MXLVIEPJMVIIPER
+YVHNMIJJ)\GYWIQIFYX[LEX]SYLEZINYWXWEMHMWRSXPSKMGEP3RIHIWXVS]WXLISXLIV-
HSRXYRHIVWXERH[LEX]SY[MWLXSWE](SRXVIEHTYX]SYVTETIVE[E]
5YIWXMSRIV-PEGOERMQTYPWIJSVQ][SVO-HSRXWYGGIIHMRETTVSEGLMRKQ][SVOMRE
WEXMWJEGXSV]QERRIVYRPIWWJIIPEGIVXEMRYVKI[LMGLGERSRP]GSQIXSQIJVSQEGPIEV
VIEPM^EXMSRSJQ]TVIWIRXWMXYEXMSRERHQ]TVIWIRXRSXLMRKRIWW-LEZIYRHIVWXSSHXLEX
ZIV]GPIEVP]%RHXLEXQEHIQIYRHIVWXERHXLEX-SYKLXXSLEZIVIQSVWISJGSRWGMIRGI
JSVXLMWRSXLMRKRIWW&YX-GERXKSJYVXLIVXLERXLMWWXEXIQIRX;LEXGER-HSXSLEZI
VIQSVWISJGSRWGMIRGI#
+YVHNMIJJ8LEXUYIWXMSRGEVMIW[MXLMXWIZIREWTIGXWRSXSRIFYXWIZIR3RI-[MPPXIPP
)ZIV] QER [LIR LI GSQIW MRXS XLI [SVPH GSQIW LIVI JSV GIVXEMR VIEWSRW 8LIVI EVI
GEYWIWXLEXMWXSWE]SYXWMHIJSVGIWLEZIGVIEXIHLMQ8LIWIJSVGIWTIVLETW[IVIRSX
SFPMKIHXSKMZI]SYPMJI%VI]SYKPEHXSFIEPMZI#-WPMJI[SVXLWSQIXLMRKXS]SY#;IPP
XLIRMJ]SYEVIEPMZIERHKPEHSJMX]SYWLSYPHTE]WSQIXLMRKMRVIXYVR*SVI\EQTPI-
WII]SYVQSXLIVLIVI&YXJSVLIV]SY[SYPHRIZIVLEZIGSQIMRXSXLI[SVPH-XMWXSLIV
XLEX]SYS[I]SYVPMJI-J]SYEVIKPEHXSPMZI]SYQYWXVITE]LIV=SYEVISJEKIRS[XLI
XMQILEWGSQIXSWIXXPI]SYVHIFXW3RISJXLIGLMIJGEYWIWSJ]SYVFIMRKEPMZIMW]SYV
QSXLIV-XMWFIGEYWISJLIVXLEX]SYLEZI]SYVTPIEWYVIWERHXLEX]SYLEZITSWWMFMPMXMIW
SJHIZIPSTMRK]SYVWIPJ3RISJXLIVIEWSRWSRISJXLIEWTIGXWSJ]SYVGSQMRKMRXSXLMW
[SVPHMWXLIR]SYVQSXLIV%RH-EWO]SYLEZI]SYFIKYRXSTE]]SYVHIFXWXSLIV#
5YIWXMSRIV2S
+YVHNMIJJ8LIVIEVIWXMPPWM\SXLIVEWTIGXW&YX-WTIEOXS]SYSJSRIEWTIGX&IKMRXLIR
F]XLMWJMVWXEWTIGX]SYVQSXLIV6ITE]LIV)ZIRMJWLIMWSFNIGXMZIP]FEHWLIMW]SYV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QSXLIV%RHLS[GER]SYTE]LIV#=SYWLSYPHYRMJ]LIVPMJI&YXMRWXIEHSJXLEX[LEXHS
]SY HS# =SY QEOI LIV PMJI QSVI HMJJMGYPX =SY YRRIVZI LIV ]SY MVVMXEXI LIV
9RGSRWGMSYWP]VIQSVWISJGSRWGMIRGIGSYPHJPS[JVSQXLEX
8EOIXLI]IEVXLEXLEWNYWXTEWWIHVIQIQFIVSJXIR]SYLEZIFIIRZIV]FEH=SYEVI
QIVHI=SYLEZIRSXJYPJMPPIH]SYVSFPMKEXMSRW-J]SYLEZIYRHIVWXSSHXLMWVIQSVWIGER
FIKMRMR]SY8LMWMWFYXSRIEWTIGX-GSYPHI\TPEMRXS]SYWM\SXLIVWFYXJSVKIXXLIQ
&IJSVIORS[MRKXLIQFIKMRF]XLMWSRI*SVXLITEWXX[S]IEVWLS[QER]XMQIWLEZI]SY
FIIRFEHZIV]FEHXSLIV#6IQIQFIVXLMWERHXV]XSVITEMVXLITEWX[MXL]SYVJYXYVIMR
XLITVIWIRX-XMWEZIV]HMJJMGYPXXLMRK-J]SYJSVKIXMJ]SYHSRSXHSMXMXMW]SYVJEYPX
ERHHSYFP]]SYVJEYPXJMVWX]SYEVIXSFPEQIJSVXLITEWXERH]SYEVIEWIGSRHXMQIXS
FPEQIJSVRSXVITEMVMRKMXXSHE]%KSSHERW[IVMWMXRSX#)ZIV]SRILIVIMWKPEH)\GITX
SRITIVWSRHS]SYORS[[LS#=SYVQSXLIV1EHEQIMXMWJSVXLIFIRIJMXSJ]SYVWSR
XLEX-WE]XLMW?,IWTIEOWMR6YWWMER[MXL1QIHI7EP^QERRA1QIHI7EP^QERR?XSXLI
UYIWXMSRIVWQSXLIVA=SYQMKLXXLMROXLEXMJ1V+YVHNMIJJWTIEOWPMOIXLMWMXMWFIGEYWI
LIMWSYVOMRHLSWXERHFIGEYWI]SYEVILIVI&YXMXMWRXJSVXLEX
5YIWXMSRIV-ZIXLSYKLXEFSYX[LEX]SYWEMHXSQIXLISXLIVHE]XLEX-QYWXGLSSWI
EPPSVRSXLMRK-ZIHIGMHIHXSXEOIEXEWOERHWXMGOXSMXRSQEXIV[LEXLETTIRW8LMW
XEWO[EW XSTYX EWMHIE GIVXEMRXMQI SJ XLIHE] XSHS ERI\IVGMWI XLII\IVGMWI SJXLI
I\XIRHIHEVQW%RHMRXV]MRKXSHSXLMWI\IVGMWI-ZIYRHIVWXSSHXVYP]JSVXLIJMVWXXMQI
[LEXMXMWXSFIERSRIRXMX]9RXMPRS[-XLSYKLX-LEHYRHIVWXSSHFYXMX[EWJSVI\XIVMSV
VIEWSRWSRP]-WE[XLEX-[EWMRGETEFPISJHSMRKER]XLMRK[LEXIZIVFIGEYWIWSQIXLMRK
MRQIVIJYWIHXSQEOIERIJJSVX+YVHNMIJJ?JMVWXWTIEOWMR6YWWMERXS1QIHI7EP^QERRA
)\GYWIQI4IVLETW]SYFIPMIZIH-LEHJSVKSXXIR]SY-EWOIH1QIHI7EP^QERR;LIR
IZIV]SRI[IRXE[E]JSVXLILSPMHE]W-KEZIXSIEGLSRIEFSXXPISJQIHMGMRIXSXEOI[LMPI
[SVOMRK-WMXTSWWMFPIXLEX-HMHRSXKMZIMXXS]SY#7LIXIPPWQIXLEX-HMHRSXKMZIMXXS
]SY2S[-YRHIVWXERH [L]]SYEWOIHQIXLEXUYIWXMSR-J]SY LEHXLEXFSXXPI]SY
[SYPHRXLEZIXLSYKLXXLEX[E]EFSYX]SYVRSXLMRKRIWW?,IWTIEOWXSEPPA,IJIPXMR
KIRIVEP E RSXLMRKRIWW &YX XSHE] LI TSWWIWWIW RSXLMRK LI LEW EGGYQYPEXIH RSXLMRK
HYVMRKLMWLSPMHE]=SYSRXLIGSRXVEV]EVIPMXXPIF]PMXXPIVIETMRKXLIVIWYPXWSJ]SYV
[SVO2S[]SYLEZIEFEWMWJSVQIEWYVMRKLS[XLEXGERFIHSRI?8SEHMJJIVIRXTIVWSRA
(S]SYYRHIVWXERHRS[XLIJSVGISJGLIQMWXV]#?8LITIVWSRERW[IVWA-XSSOEFSYXE
XLMVHSJMX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ8LEXMW]SYVFYWMRIWW=SYZILEHSRP]EXLMVHSJXLIJSVGI8LEXMWRSXQ]
JEYPXMJ]SYXEOIEPP]SY[MPPLEZIXLVIIXMQIWQSVIJSVGI-XMWJSVXLEX-WEMHMX4IVLETW
]SYHMHRXKMZIIRSYKLZEPYIXSXLMWQIHMGMRI4IVLETWXLEX[MPPKMZI]SYEVIQSVWISJ
GSRWGMIRGIMRXLIJYXYVIMRSVHIVXSSFXEMRERSXLIVUYEPMX]SJEXXIRXMSR%WXSLMQ?XLI
TVIZMSYWUYIWXMSRIVA-GERWE]-VIKVIXRSXLEZMRKKMZIRLMQXLIFSXXPI-KEZIXSIZIV]SRI
JSV XLI LSPMHE]W 1QI HI 7EP^QERR WE]W - HMH RSX KMZI SRI XS LMQ - YRHIVWXERH XLI
VIEWSRJSVLMWUYIWXMSR-JLILEHLEHLMWFSXXPILI[SYPHLEZIHSRIWSQIXLMRKIPWI[MXL
LMWXMQIHYVMRKXLILSPMHE]WLI[SYPHRSXLEZIEWOIHXLEXUYIWXMSR?8SERSXLIVQERA
=SY YRHIVWXERH# -Q WSVV] LI MW RSX MR XLI 7EXYVHE] KVSYT ,I MWRX ERH MXW JSV XLEX
VIEWSRLIEWOIHXLIUYIWXMSR-JLILEWEWOIHXLEXMHMSXMGUYIWXMSRMXWFIGEYWILILEHRX
LEHLMWFSXXPISJQIHMGMRI-XMW]SYVJEYPXMXWXLIJEYPXSJ1EHEQIXLI4VIWMHIRXERHXLI
JEYPXSJEPPLMWJVMIRHW,IWFIIRLIVIEPSRKXMQILIWFIIR]SYVJVMIRHEPSRKXMQIERH
JSVEPSRKXMQILIWFIIRHITVMZIH-XWXLIJEYPXSJ1QIHI7EP^QERRSJXLI4VIWMHIRXSJ
IZIV]TIVWSRLIVI?,ISJJIVWGMKEVIXXIWXSXLIJMVWXUYIWXMSRIVWQSXLIVA1SXLIV]SY
HIWIVZI XS LEZI IZIV]XLMRK =SY WLSYPH LEZI IZIV]XLMRK =SYV WSRW WLSYPH KMZI ]SY
IZIV]XLMRKERHXLIJVMIRHWSJ]SYVWSRW=SYLEZIFVSYKLXYT]SYVWSRWXSEVIWTSRWMFPI
EKI8LI]WLSYPHKMZI]SY[LEX]SYGEVIJSV-J]SYPMOIGMKEVIXXIW]SYWLSYPHLEZI
GMKEVIXXIW-J]SYLEZIRXER]MXMWXLIJEYPXSJ]SYVX[SVIWYPXWXLI]QYWXFIERRMLMPEXIH
5YIWXMSRIV1E]-JMRMWLQ]UYIWXMSR#
+YVHNMIJJ*MRMWL
5YIWXMSRIV-LEZIRSXMGIHMRHSMRKXLMWI\IVGMWIXLEXJSVXLIJMVWXXMQIERHJSVEZIV]
WLSVXQSQIRX-LEHXLIJIIPMRKSJFIMRKJVIIJVIISJXLMWMRIVXMEEKEMRWX[LMGL-EP[E]W
EQWXVYKKPMRKERHXLEXLEWKMZIRQIXLII\EGXXEWXISJ[LEXGSYPHFIPMFIVX]?1QIHI
7EP^QERRXVERWPEXIWFYX+YVHNMIJJWXSTWLIVA
+YVHNMIJJ-ZIEPVIEH]YRHIVWXSSH-XWXLIWEQIVIEWSR=SYLEZIYRHIVWXSSH[MXL]SYV
LIEHFYX]SYVSVKERMWQLEWRSXXLITSWWMFMPMX]SJFIMRK[LEX]SYVLIEH[MWLIW;IPP
XLIRXLIGLIQMGEPQEXXIVW-WTSOISJGERKMZI]SYXLEXERHEGGYQYPEXIVIWYPXWMR]SY
ERHKMZI]SYXLIJMVIJSVVIZMXEPM^MRK]SYVJYRGXMSRW-XWXLIWEQIVIEWSR;LSWIJEYPXMX
MW-HSRSXORS[FYXJSVXLIJYXYVI]SYWLSYPHXEOIIZIV]QIEWYVIEWOFIKWYTTPMGEXI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1QIHI7EP^QERRXSLIPT]SY1QI4VIWMHIRXEPWSLEWXLITSWWMFMPMX]SJKIXXMRK]SYMRXS
XLI7EXYVHE]KVSYT?8SXLIJMVWXUYIWXMSRIVWQSXLIVA=SYSYKLXXSWIIXSMXXLEX]SYV
XMXPILEWEQIERMRK-RXLIFIKMRRMRK]SYXLSYKLXMX[EWENSOIFYXMXWXEOIREWIVMSYW
XYVR?8SERSXLIVQERA,S[MW]SYVTYTMP#=SYSYKLXXSLIPT]SYVTYTMPIRPMKLXIRLMQ
WSXLEXLIQE]YRHIVWXERH,ILEWEZIV]W]QTEXLIXMGI\XIVMSV-ORS[LMQI\XIVMSVFYX
RSXMRXIVMSV*SVXLEXLIQYWXQERMJIWX[MXLLMWXSRKYI=SYWLSYPHLIPTLMQWS-QE]
YRHIVWXERHLMWMRXIVMSV-RXLIWEQI[E]XLEXXLI4VSWIGYXMRK%XXSVRI]MW+SZIVRSVJSV
LIV?E[SQERMRXLIQIIXMRKA=SYLEZIRSXMGIHXLEX[LIR-ORS[WSQISRI[IPP-EQEFPI
XSKMZIKSSHEHZMGI#2S[-GERRSX-QYWXORS[[MXL[LEXLIMWWXYJJIH%WJSVLIV-ORS[
[MXL[LEXWTMGIWWLIMWWXYJJIH?,INSOIW[MXLXLI[SQERERHERSXLIVTIVWSREFSYX
WEZMRKGMKEVIXXIWMRZMXIWGIVXEMRTISTPIJSV7YRHE]KMZIWFSRFSRWERHHMWQMWWIWXLI
KVSYTA
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+*3968))2
+YVHNMIJJ=SYRKQER-RSXMGIH]SYEPMXXPI[LMPIEKSERHXLIR]SYHMWETTIEVIH-EQ
ZIV]MRXIVIWXIHXSORS[LS[]SYTEWWIH]SYVLSPMHE]WERH[LEX]SYLEZIFVSYKLXFEGO
JSVQ]HMWMPPYWMSRWERHXLIGSRXVEV]SJHMWMPPYWMSRW?%HMWGYWWMSRLIVIEFSYXXLMW[SVHA
;IPP]SYRKQER-QZIV]MRXIVIWXIHXSLIEV]SYVVITSVX)ZIV]SRI[LSLEWVIXYVRIHLEW
QEHILMWVITSVX-ORS[XLIQRS[QSVISVPIWW-RSVHIVXLEX-ORS[]SYFIXXIVMRXLI
JYXYVIJSV]SYVJYXYVIVIPEXMSRW-[MWLXSORS[LS[]SYTEWWIH]SYVXMQIERHEXXLI
WEQIXMQITIVLETWQ]ERW[IVXS]SY[MPPFIYWIJYPJSVWSQIFSH]IPWI7SMJ]SYHSRSX
[MWL XS QEOI XLEX WSQIFSH] LETT] ]SY GER VIJYWI ERH ]SY ERH - GER WTIEO EPSRI
XSKIXLIV&YXMJ]SYHIGMHIXLEX]SYVVITSVXGERFIYWIJYPQEOIMX
5YIWXMSRIV3ZIVXLILSPMHE]WQ][SVOGSRWMWXIHMRTPE]MRKEPPOMRHWSJVSPIW-LEZIXLI
MQTVIWWMSRXLEX-EQEPMXXPIJVIIV[MXLVIWTIGXXSSXLIVTISTPIJVSQQ]WIPJERHJVSQXLI
VIWYPXSJQ]EGXMSRW-RXLIJSYVHE]WWMRGI-VIXYVRIHXS4EVMW-JIIPMRQIEOMRHSJ
ZEKYIJIEVSJEHIJIRWIVIEGXMSR-XWIIQWXSQIXLEXIZIV]XLMRKXLEXMWEVSYRHQIMW
QEHIXSIEXQIYTXLEX-EQQSVIHITIRHIRXSRI\XIVMSVXLMRKWSJWYGGIWWSVJEMPYVIEW
MJ E RI[ JSVGI [ERXIH XS HIWXVS] WSQIXLMRK MR QI %RH - [SYPH EPQSWX WE] XLEX XLMW
XIVVMJMIWQIFIGEYWIMXWIIQWXSQIXSFIWSQIXLMRKIWWIRXMEPERH-WLSYPHPMOIXSORS[
[LEX-GERHSXSWXVYKKPIEKEMRWXMX
+YVHNMIJJ(S]SY[MWLXSLEZIJMVWXERI\TPEREXMSRJSVXLEXERHKSSREJXIV[EVHSVHS
]SY[MWLXSGSRXMRYIRS[#
5YIWXMSRIV-[MWLXSWE]WSQIXLMRKIPWI7IZIVEPQSRXLWEKS]SYEHZMWIHQIXSXV]XS
FIEKSSHIKSMWX2S[MRVIKEVHXSSXLIVW-JIIPQER]EXXMXYHIWMRQIXLEXWIIQXSQIXS
FIXLIVIWYPXSJ[LEX-HMHMRXLILSPMHE]W8LIVIMWXLISPHXLMRK+MZILEZITMX]XLEXMW
EP[E]WXLIVIMRSRIWIRWI8LIVIMWERI[XLMRKXLEXGEYWIWQIXSGSRWMHIVSXLIVWEW
QIERWSVMRWXVYQIRXWERHXLEX-GERWE]XSQ]WIPJPIXXLIQEPPJEPPHIEH[LEXHMJJIVIRGI
HSIWMXQEOIXSQI8LIVIMWEXLMVHEXXMXYHI[LMGLGSRWMWXWSJVYRRMRKE[E]JVSQXLIQ
7SQIXMQIWMXWSRIWSQIXMQIWXLISXLIVWSQIXMQIWEPPXLVIIXSKIXLIV-HSRXQEREKIXS
GSRWSPMHEXIXLIQERHXLEXKMZIWQIEFM^EVVIJIIPMRK%RH[LEX-WE]EFSYXSXLIVW-[SYPH
FI EFPI XS WE] E PMXXPI MR XLI WEQI [E] EFSYX Q]WIPJ 8S GSRWMHIV Q]WIPJ EW ER
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MRWXVYQIRX;MXLXLIWEQIEGXMSRWMRVIWTIGXXSSXLIVW8LEXTVSHYGIWEGIVXEMRJIIPMRK
SJYRIEWMRIWWXLEX-GERRSXLEVQSRM^I?%VEXLIVPSRKWMPIRGIA8LEXWEPP-LEHXSWE]
+YVHNMIJJ8LIVIEVIXLVIIUYIWXMSRWERH]SYYRHIVWXERHXLEX]SYWLSYPHLEZIJVSQQI
XLVIII\TPEREXMSRW*MVWXXLIVI[LIVI]SY[IVIHYVMRKEWTIGMEPTIVMSH]SYGVIEXIHJSV
]SYVWIPJPMJILEFMXWZIV]HMJJIVIRXJVSQXLIYWYEPSRIWUYMXISXLIVGSRHMXMSRWERSXLIV
XIQTSJSV]SYVJYRGXMSRWEREFWSPYXIP]HMJJIVIRXUYEPMX]%RH]SYGSQIFEGOLIVI,IVI
MWERSXLIVWMXYEXMSRSXLIVGSRHMXMSRW[LMGL]SYI\TIVMIRGIHEW]SYVIPEXIH%RHRS[MJ
]SYGSRXMRYIXSFIEJVEMHXLIRXLIWEQIXLMRK[MPPLETTIRXS]SYXLEXLETTIRWXSEQSRO
MREQSREWXIV]-REQSREWXIV]LI[SVOWZIV][IPPEPPEPSRI&YXMRPMJILIKSIWMRUYMXI
ERSXLIVHMVIGXMSREWWSSREWLILEWVIPEXMSRW[MXLSXLIVW;LEX]SYLEZIKEMRIH[LMPI
E[E] ]SYQYWX YWIJM\ MX MR]SYV PMJI &IKMR E ZIV]HMJJMGYPX XEWO (S RSXMHIRXMJ] *M\
IZIV]XLMRKXLEX]SYLEZIEGUYMVIH-J]SYHSRSXQEOIIJJSVXWXSJM\MXMR]SYVWIPJI\EGXP]
[LEXLETTIRWXSXLIQSROW[MPPLETTIRXS]SY%PP[MPPFIPSWX
5YIWXMSRIV8LEXWEPMXXPIPMOI[LEX-JIPXXLIRIIHXSJM\EPPXLEX
+YVHNMIJJ-X[MPPFIEZIV]LEVHXMQISJEXXIRXMSR2SXXSMHIRXMJ]SRIWIPJERHGSRXMRYIXS
TPE]XLIRI[VSPILIVI3YX[EVHP]XSEGXXLIWEQIEW]SYYWIHXSERHMR[EVHP]XSLSPH
]SYVWXEXIERHJM\MXJMVQP]MRXLIGSRHMXMSRWSJ]SYVTVIWIRXPMJI8LYW]SY[MPPLEZIXLI
TVSJMX SJ IZIV]XLMRK XLEX ]SY HMH HYVMRK ]SYV LSPMHE]W -J RSX EPP [MPP FIGSQI E
LSHKITSHKI,IVIEVIQ]MRWXVYGXMSRW,EZIRSQIVG]SR]SYVWIPJHSRXWTEVI]SYVWIPJ
ERHTMXMPIWWP]GV]WXEPPM^IMR]SYVWIPJIZIRMRXLIRI[GSRHMXMSRWSJPMJIXLIMQTVIWWMSRW
ERHEWWSGMEXMSRWSJXLIWYQQIV
5YIWXMSRIV;LEXQEOIWXLI[SVOQSVIHMJJMGYPXMWXLEXHYVMRKXLILSPMHE]W-LEHIEGL
XMQIERI\EGXVSPIXSTPE]LIVI-QYWXJMRHWSQIXLMRKIPWI
+YVHNMIJJ8LEXMWXLIVIEWSRMXMWHMJJMGYPXERH-XSPH]SYXSQEOIERIJJSVX=SYQYWXTPE]
]SYVSPHVSPIERHPIX]SYVMRXIVMSVWXEXIFIXLIRI[GSRHMXMSRXLEX]SYLEZIEGUYMVIH
2I\X]SYEWOIHEWIGSRHUYIWXMSREFSYXIKSMWQ%FSYXXLEX-LEZIWEMHMRKIRIVEPXLEX
LI[LS[MWLIWXSFIEVIEPEPXVYMWXMRXLIJYXYVIWLSYPHFIMRXLITVIWIRXEREFWSPYXI
IKSMWX?&YXXLMWWYQQIV]SYXLSYKLXXLEXQIERXMRGPYHMRK]SYVRIEVSRIW]SYVJEXLIV
ERHQSXLIV&YX[MXLXLIQ]SYGERRSXFIERIKSMWX]SYGERRSXEGXXLEX[E];MXLXLIQ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
2EXYVIHSIWRSXTIVQMXMX;MXLSXLIVW]SYGER*VSQXLEXGSQIWXLIQMWYRHIVWXERHMRK-
HMHRSXWTIGMJ]XLISFNIGXSJXLII\IVGMWIERH]SYXSSO]SYVJEXLIVERHQSXLIV&YXXLEX
HITIRHWSRXLISFNIGX;LIR-WTSOI-HMHRSXWTIEOSJXLIJEXLIVERHQSXLIV-WTSOIMR
KIRIVEP=SYWLSYPHSYX[EVHP]TPE]EVSPIERHMR[EVHP]RSXMHIRXMJ]%RH]SYHMHXLMW
[MXL]SYVQSXLIV-WEMH]SYWLSYPHFIETYVIIKSMWXMRSVHIVXSLEZIXLITSWWMFMPMX]XSFI
EJYXYVIEPXVYMWX&YX]SYGSYPHRSXFIEVIEPIKSMWX[MXL]SYVJEXLIVERHQSXLIVXLMW
WYQQIV8LEXMWXLIVIEWSRMX[EWHMJJMGYPX=SYXSSOXLIQEWXLISFNIGXWSJXLII\IVGMWI
FYX]SYGSYPHRSXHSMXJSVMX[EWEKEMRWX2EXYVI
5YIWXMSRIV8LEXMWGSVVIGX&YXIZIRMRVIWTIGXXSSXLIVWTMX]GEQIMR;LIR-[EW
TPE]MRK Q] VSPI XLIVI [EW TMX] 2SX IWTIGMEPP] JSV IEGL SRI FYX JSV XLI XSXEP SJ
IZIV]XLMRKXSKIXLIVXLEX[EWXLIVIPMOIXLEX
+YVHNMIJJ8LIRMX[EWEP[E]W[LIR]SY[IVIGSQMRKXSWII]SYVJEXLIVERHQSXLIVERH
XLEXGSRXMRYIHEYXSQEXMGEPP]F]XLIKMZIRMQTYPWI=SY[IVIRSXEXTIEGIEJXIV]SYLEH
WIIRXLIQFYX]SYHMHRXLEZIXSLEZITMX]=SYSYKLXXSFIWIPJMWL8LISXLIVWHMHRX
I\MWXJSV]SYMRXLIJYXYVI]SY[MPPFIWXERHMRKSR]SYVS[RJIIX&YXEXTVIWIRX]SY
LEZIRX TMX] MX MW ]SYV XEWO -X MW HMJJIVIRX [LIR ]SY GSQI XS QIIX ]SYV JEXLIV ERH
QSXLIVTMX]GSQIWEYXSQEXMGEPP]ERHIZIRVIQSVWISJGSRWGMIRGI=SYLEZIGSRJYWIH
XLMRKW-HMHRX[EVR]SY[LIR-I\TPEMRIHIKSMWQERH-HMHRXWE]ER]XLMRKWTIGMEPEFSYX
XLMW[LIVITEVIRXWEVIGSRGIVRIH%RHRS[XLIXLMVHUYIWXMSR-WLEPPKMZI]SYEXEWO
ERHMJ]SY[MWLEPP]SYVJYXYVIIZIR[MPPHITIRHSRXLI[E]MR[LMGL]SYTEWW]SYVXMQI
MRXLIQSRXLWXSGSQI3RXLMWHITIRHWEPP]SYVJYXYVI8LMWWYQQIV]SYEGUYMVIHE
KSSHQEXIVMEPJM\MXMR]SYJSVPMJI-XMWZIV]LEVH[SVO6IQIQFIV]SYVWIPJ%PPXLIXMQI
*M\MX[MXL-EQ'SRWXERXP]MRPMJIXV]GSRXMRYIGSQTPIXIP]IKSXMWXMGEPP]2STMX](SRX
LIPTER]SRIERHLEZIEGPIEVGSRWGMIRGI;LIR]SYKVS[WXVSRK]SY[MPPWIIELYRHVIH
XMQIWQSVI2S[]SYEVIRSXWXVSRK]SYGERRSXHSER]XLMRK*SVKIXIZIV]XLMRKJSVXLI
WEOI SJ ]SYV JYXYVI %RH ]SYV JYXYVI HITIRHW SR GSRXMRYMRK XLI IKSMWQ I\IVGMWI 7S
GSRXMRYIXLMW,S[GER]SYQEREKIRSXXSJSVKIX#-EQ-GERFI-GERFIXLEX2SXXSFI
IKSMWX MR XLI JYXYVI 8V] 6IQIQFIV ]SYVWIPJ EW SJXIR EW TSWWMFPI - EQ ,EZI XLI
WIRWMRKSJ]SYVWIPJEWSJXIREWTSWWMFPIERHXLIQSVI]SYEVIEFPIXSVIQIQFIV]SYVWIPJ
MR[EVHP]XLIFIXXIV[MPP]SYVJYXYVIFI
5YIWXMSRIV7SQIXMQIW-EPQSWX[ERXIHRSXXSEPPS[Q]IKSMWQXSFIJVIIFIGEYWI-[EW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
WYVTVMWIHXSJIIPMX[MXLMRQ]WIPJPMOIELYRKV]ERMQEPERH-[EWVEXLIVEJVEMHSJMX
+YVHNMIJJ=SY[IRXE[E]MRSVHIVXSRSYVMWL]SYVWIPJERHVIWX=SYTVITEVIHQEXIVMEP
WS XLEX ]SY GSYPH [SVO 7S IZIR MJ ]SY LEH EGXIH PMOI E ZEQTMVI MX [SYPH LEZI FIIR
I\GYWEFPI=SYLEHXSLEZIRSYVMWLQIRX&]XLI[E]-LEZIGSRWXEXIHXLEXXLIQENSVMX]
SJXLSWI[LSLEZIVIXYVRIHJVSQXLILSPMHE]WEVISJFEPERGI8LMWMWRSVQEPNYWXEWXLI
XMQIFIJSVIKSMRKE[E][EWRSVQEP)ZIV]SRILEWJSVKSXXIRXLEXQERHSIWRSXGSRWMWXSJ
SRITIVWSRFYXSJX[SSVXLVIITIVWSRW8LI]JSVKSXXLMW[LMPIE[E]8LI]EGXIHEWMJXLI]
[IVI SRI TIVWSR &YX XLI] EVI RSX SRI TIVWSR 8LI] LEZI HIZIPSTIH SRI TEVX ERH
JSVKSXXIRXLISXLIVWERHXSHE]XLI]JIIPEHMWLEVQSR]MRXLIQWIPZIW3RIJSVI\EQTPI
LEWHIZIPSTIHLMWFSH]ZIV][IPPERHLEWRIKPIGXIHLMWMRHMZMHYEPMX]%RHIZIV]SRIJIIPW
EHMWLEVQSR]8LI]EVIRSXNYWXSRITIVWSRFYXXLVIIHMJJIVIRXTIVWSRW%PPXLVIIQYWX
FI HIZIPSTIH *SV IEGL SRI SJ XLI XLVII XMQI ERH QIEWYVIW QYWX FI XEOIR -J JSV
I\EQTPI WSQISRI LEW HIZIPSTIH LMW QMRH [IPP ERH RSX LMW FSH] LI MW QSVI SJ E
RSRIRXMX]XLERFIJSVI-J]SY[MWLXSJSVQYPEXIXLEXMXGSYPHFIHSRIPMOIXLMW,ILEW
XLVIITIVWSRWMRLMQSRIMWIMKLX]IEVWSPHERSXLIVMWWM\X]XLISXLIVELYRHVIHERH
JMZI4MGXYVIXLEXXS]SYVWIPJ8LVIITIVWSRWPMOIXLEXPMZIMRSRIVSSQ8LI]GERLEZI
RSXLMRKMRGSQQSR[MXLIEGLSXLIVIMXLIVSJEKVIIQIRXSVER][SVOMRGSQQSR8LI
TIVWSR [LS MW WM\X] GERRSX EGX PMOI E GLMPH SJ IMKLX ERH XLI GLMPH SJ IMKLX GERRSX
YRHIVWXERH [LEX XLI TIVWSR SJ WM\X] GER (S RSX JSVKIX XLEX QER MW QEHI SJ XLVII
TIVWSRW*SVIEGLSJXLIXLVIIXLIVIQYWXFIEHMJJIVIRXI\IVGMWI%PPXLVIIQYWX[SVO
ERHRSXNYWXSRISRP]SRINYWXJVSQSRIWMHI8LEX[SYPHFIPSTWMHIH%PPXLVIIQYWX
EHZERGIXSKIXLIV,I[LSHYVMRKXLILSPMHE]WHIZIPSTIHLMWJIIPMRKGIRXIVMJMXHSIWRSX
GSVVIWTSRH [IPP [MXL LMW FSH] [MPP RSX FI EFPI XS QEOI TVSKVIWW ,I [MPP LEZI XS
HIGV]WXEPPM^IERHHIWXVS]XLI[SVOLILEWHSRI[LMPIE[E]MRSVHIVXSFIEFPIXSHIZIPST
XLIWIGSRHTEVX8LILSPMHE]WLEZIFIIRZIV]KSSHJSVSRIXLMRK8LI]KEZI]SYEXEWXI
JSV YRHIVWXERHMRK [LEX ]SY SYKLX XS YRHIVWXERH %RSXLIV ]IEV MW FIKMRRMRK JSV XLI
[SVO9WI]SYVQMWXEOIWERH]SYVSFWIVZEXMSRWXS[SVORS[WIVMSYWP]ERHXSLEZIKSSH
VIWYPXW&YX]SYGERYWI[LEX]SYKEMRIHHYVMRKXLILSPMHE]WMJ]SYVITEMV?QEOIYTJSVA
[LEX]SYHMHRSXHSTYXEWMHI[LEX]SYHIZIPSTIHTYX]SYVEXXIRXMSRERH[SVOSRXLI
WMHIXLEX[EWRXHIZIPSTIH
;LIRXLIX[SEVILEVQSRM^IHXLI][MPPYRMXI,I[LSHIZIPSTWLMQWIPJSRP][MXLLMW
QMRHMWRSXLMRKMJSRP][MXLXLIFSH]LIEPWSMWRSXLMRK&SXLEVIRIIHIH2S[]SYTSWIW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
EPVIEH]XLIQEXIVMEP[LMGL[MPPKMZI]SYEKSSHGLERGISJWYGGIIHMRKEXEQSVIYWIJYP
ERHKVIEXP]TVSJMXEFPIXEWO=SYFIKMREKEMR[MXLERSXLIVOMRHSJEXXIRXMSRERHERSXLIV
YRHIVWXERHMRK=SYV[SVOQYWXGSRWMWXSJX[SXLMRKW+IXFIXXIVEGUYEMRXIH[MXL]SYV
RSRIRXMX]RIWWERHVIQIQFIV]SYVWIPJSJXIREWSJXIREWTSWWMFPI[MXLXLIWIRWMRKSJ
VIQIQFIVMRK ]SYVWIPJ - EQ ERH SJ I\TIVMIRGMRK ]SYVWIPJ %RH IEGL XMQI XLEX
VIZIVFIVEXIW MR ]SYV GSQQSR TVIWIRGI ]SY VIQIQFIV XLEX ]SY EVI %RH EPP XLI
MQTVIWWMSRW EPP XLI EWWSGMEXMSRW SJ ]SYV LSPMHE]W QEOI XLIQ VIZIVFIVEXI MR ]SYV
GSQQSRTVIWIRGIERHVIQIQFIVXLEX]SYEVI%RH[LIR]SYVIQIQFIVXLIRWE]-EQ
ERHJIIPMREPP]SYVFIMRKXLEX]SYEVI1V%XXSVRI]LEZI]SYYRHIVWXSSH[LEX-WEMH#
%W ER I\IVGMWI GER ]SY VITIEX [LEX - WEMH SV EX PIEWX XLI PEWX TEVX# ?1V %XXSVRI]
ERW[IVWA-ZIFIIRXSSFYW][VMXMRKXSFIEFPIXSVITIEXMXPMOIXLEXRS[
+YVHNMIJJ;IPPPIXWQEOIEGSQTVSQMWI-X[MPPFI]SYVFVSXLIV[LS[MPPWTIEO&VSXLIV
EVI ]SY XLIVI# ;MPP ]SY VITIEX# ?,MW FVSXLIV XVMIWA =SY GERX VITIEX ER]XLMRK 8LEX
TVSZIWXLEX[LEXKSIWMRSRIIEVKSIWSYXSJXLISXLIV2S[]SYEVIWIEXIHMRKEPSWLIW
6IEPP]XLIVIMWSRP]SRITIVWSRLIVI[LSGERLIPTYW-XMWSYVTVSJIWWMSREP[VMXIVQ]
GSPPIEKYI?%RSXLIVWXYHIRXWTIEOWJVSQLMWXI\XA;VMXI1V%XXSVRI];LEXLIWE]W
MRXIVIWXWQIZIV]QYGL-XMWZIV]PMKLX;LEX-WEMH[EWLIEZ]8LERO]SYPMXXPISRI&YX
LEZI]SYJMRMWLIH#4PIEWIKSSR?8LISXLIVWXYHIRXERW[IVWA-XW[LEX-YRHIVWXSSHXLI
FIWX
+YVHNMIJJ(SRX]SY[ERXXSVIRHIVMXWXMPPQSVIGSQTVILIRWMFPI#-WEMHERSXLIVXLMRK
EFSYX VIQIQFIVMRK ]SYVWIPJ 1MWYRHIVWXERHMRK ]SY LEZI TIVLETW WSQIXLMRK XS WE]
[LMGL[MPPQEOILIEZMIV[LEXLILEWWEMH#
5YIWXMSRIV=SYWEMHXLEX[IWLSYPHYWIXLIQEXIVMEP[IEGGYQYPEXIHMRXLILSPMHE]W
ERHXLEXIZIV]XLMRKXLEXEVSWIMRYW[LMGL[EWERSGGEWMSRJSVWIPJVIQIQFIVMRK[I
WLSYPH YWI JSV E QSVI MRXIRWI WIPJVIQIQFIVMRK MR EPP SYV GSQQSR TVIWIRGIW JSV
GV]WXEPPM^MRKXLIVIWYPXWSJSYVLSPMHE]W
+YVHNMIJJ;L]HS]SYYWIQ][SVHW#'V]WXEPPM^IMWQ]S[R[SVH*MRHERSXLIV[SVH
1QIHI7E^PQERR8SGSZIVGPSXLIGSRHIRWIJM\
+YVHNMIJJ=IWGPSXLI;L]HMHRX]SYWE]XLEX#+SSRKSSRXLEX[EWSRP]EVIQEVO
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
?7LI MW WMPIRXA ;IPP MJ WLI GERRSX KS SR 1V %XXSVRI] - EHZMWI ]SY XS TYX SR ]SYV
EQMEFPII\TVIWWMSRERHVIUYIWXXLIHSGXSVXSVITIEX[LEX-LEZIWEMH?1V%XXSVRI]EWOW
XLIHSGXSVA
5YIWXMSRIV=SYWEMHSRIQYWXVIQIQFIVSRIWIPJ[MXLEPPSRIWTVIWIRGIERHXLEXSRI
QYWXTVSJMXJVSQEPPSRIWQMWXEOIWERHYWIEPPSRIWQMWXEOIWERHIZIV]XLMRKXLEXSRI
LEWRSXIHXSQEOISJXLIQJEGXSVWJSVWIPJVIQIQFIVMRK-HMHRXRSXMGIER]XLMRKIPWI
5YIWXMSRIV-XLSYKLX-YRHIVWXSSH]SYXSXIPPYWXSTVSJMXJVSQEPPXLIXMQIW[LIR[I
EVI QSWX EVSYWIH IZIR XEOIR F] ERKIV ERH RIKEXMZI IQSXMSRW XS TVSJMX JVSQ XLMW
GYVVIRXSJJSVGI[LMGLVYRWXLVSYKLYWXSYWIMX4VSJMXJVSQIZIV]XLMRK[LMGLVEMWIWSYV
XIQTIVEXYVI
+YVHNMIJJ8LEXEPWS-LEZIEPWSWEMHXLEX,EWER]SRIER]XLMRKIPWIXSWE]#
5YIWXMSRIV=SYLEZIQER]XMQIWWTSOIRSJWIZIREWTIGXWSJXLIHMJJIVIRXEWTIGXWSJ
SRIUYIWXMSR*SVEPSRKXMQI-HMHRXYRHIVWXERH%JXIV[EVH-YRHIVWXSSHFIXXIV-WE[
XLEX]SY[IVIWIIMRKQER]EWTIGXWMRQI[LMGL[IVIQM\IHYTJSVQIFYX[LMGL]SY[IVI
HMWXMRKYMWLMRK ERH - [ERXIH XS EWO ]SY MJ [I EPWS [IVI EFPI XS HMWXMRKYMWL HMJJIVIRX
EWTIGXW
+YVHNMIJJ4PIEWIHSRSXWE][I7E]-[LIR]SYWTIEOSJ]SYVWIPJERHRSX[I-J
]SYHSRSXORS[]SYVS[REWTIGXWLS[GER]SYRSXIXLIEWTIGXWSJERSXLIVTIVWSR#%WO
QIWSQIXLMRKTVEGXMGEP8LISXLIVMWSRP]GYVMSWMX]
5YIWXMSRIV2SMXMWRXJVSQGYVMSWMX]
+YVHNMIJJ8LIRJSVQYPEXIMXHMJJIVIRXP]8LIVIEVIXLVIIEWTIGXWXLEX]SYEVIEFPIXSWII
MR HMJJIVIRX JVMIRHW SJ ]SYVW[LIVI MW XS FI JSYRH XLIMV GIRXIV SJ KVEZMX] XLIMV
MRHMZMHYEPMX]3J]SYVXLVIIJVMIRHWSRILEWLMWGIRXIVSJKVEZMX]MRLMWQMRHERSXLIVMW
PMOIEGS[[MXLGIRXIVSJKVEZMX]MRLMWFSH]XLIXLMVHMWPMOIERL]WXIVMGEP[SQERLI
QERMTYPEXIWJSVIZIV]XLMRK8LIVIEVIXLVIIEWTIGXWSJMRHMZMHYEPMX]7XYH]XLEXMXWE
KSSHWSMP?8SERSXLIVWXYHIRXA;LEXEVI]SYPEYKLMRKEX#?8LIWXYHIRXA8LIL]WXIVMGEP
[SQER
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ8LIVIMWRXEFIXXIVMPPYWXVEXMSRJSVXLIIQSXMSREPGIRXIVXLERXLIL]WXIVMGEP
[SQER7LIJIIPWIZIV]XLMRKIZIR[LEXHSIWRXI\MWX
5YIWXMSRIV=SYLEZIQEHIQIJIIPXLEX-LEZIQER]EWTIGXW[MXLSYXQ]FIMRKEFPIXS
ORS[XLIQSVIZIRHMWXMRKYMWLXLIQJVSQXLISXLIVW
+YVHNMIJJ&]]SYV[SVO]SYWLSYPHWYGGIIHMRHMWXMRKYMWLMRKXLIQ7ITEVEXIXLIQ=SY
LEZIWIZIREWTIGXWSJHIRWMX]%XXMQIW-EQZIV]LIEZ]EXXMQIWZIV]PMKLX0IEVRXSXIPP
XLIQETEVX;LIR]SYWIIWSQISRI]SY[MPPWII[LEXEWTIGXLILEW%RSXLIVXMQI[I
[MPP FI EFPI XS XEPO EFSYX XLI JYRHEQIRXEP EWTIGXW *MVWX VIGSKRM^I XLI SXLIVW MX MW
YWIPIWWXSXEPOEFSYXXLIVIWXFIJSVI8LIXLISV]WLSYPHKS[MXLXLITVEGXMGI
5YIWXMSRIV1V+YVHNMIJJ
+YVHNMIJJ*EXLIV#8IPPQI[LEXKSIWSR[MXL]SYVFIXXIVLEPJ-LEZIRXWIIRLIVJSVE
PSRKXMQI4IVLETWWLIMWTVITEVMRKEPMXXPIRI[VIWYPXJSV]SY#
5YIWXMSRIV2SRS1V+YVHNMIJJXLIVIMWWSQIXLMRKMRQIXLEXSTTSWIWQ][SVOERH
LIPTWQ]MRIVXME-RKIRIVEP-VIGSKRM^IXLIJEGXXLEXQIVIPMJIGERXKMZIQIER]XLMRK
ERH]IXXLIVIMWWSQIXLMRKMRQIXLEX[EMXWJSVPMJIRSXSRP]WSQIXLMRKI\XIVMSVFYX
WSQIXLMRK MRXIVMSV XLEX WE]W MX [SYPH FI TVIJIVEFPI XS LEZI E GLERKI SJ I\XIVMSV
GSRHMXMSRW[LMGL[SYPHKMZIQIIZIV]XLMRK-PSZIMRKIRIVEP%RHIZIR[LIR-EQWYVI
MRXIPPIGXYEPP]XLEXSRP][SVOMWMQTSVXERXJSVQIERHXLEX-WLSYPHTYXIZIV]XLMRKSRXLI
[SVO-JIIPWSQIXLMRKMRQIXLEXMWGSRZMRGIHSJXLIGSRXVEV]ERH[LMGLXVMIWXSKSMR
XLMWHMVIGXMSR
+YVHNMIJJ;LEXHMVIGXMSR#
5YIWXMSRIV%[E]JVSQXLI[SVO
+YVHNMIJJ=SYHSRSXORS[XLMWHMVIGXMSR
5YIWXMSRIV-XWXLISTTSWMXIHMVIGXMSRJVSQXLI[SVO
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ-WIISRIWQEPPXLMRK-J]SY[MRXLIJMZIQMPPMSRJVERGWMRXLI2EXMSREP0SXXIV]
EPPXLEX[MPPHMWETTIEV-XWXSSFEHXLEXMXHSIWRXHITIRHSRQI2S[EWOQII\EGXP][LEX
]SY[ERXJVSQQI
5YIWXMSRIV-[ERXXSORS[[LEX-GERHSEFSYXXLMW-WRXXLIVIWSQIXLMRKXLEXWLSYPH
FIWEXMWJMIH#7SQIXLMRKNYWX#3V[SYPHXLEXFISRP]ENYWXMJMGEXMSRSJMRIVXME#
+YVHNMIJJ;LEX]SYPEGOMWVIQSVWISJGSRWGMIRGI=SYHSRSXXLMROSJXLEX,EZI]SY
GLMPHVIR#
5YIWXMSRIV=IW
+YVHNMIJJ,S[QER]#
5YIWXMSRIV8LVII
+YVHNMIJJ8LVII;IPPMJ]SYLEZIXLVIIGLMPHVIR]SYWLSYPHORS[XLEX]SYVPMJIHSIWRX
I\MWXER]QSVIJSV]SY]SYVWIPJFYXJSV]SYVGLMPHVIR-WMXJSV]SYVGLMPHVIRXLEX]SYHS
IZIV]XLMRKSVJSV]SYVS[RWEXMWJEGXMSR#%WO]SYVWIPJXLEX-J]SYLEZIEWOIH]SYVWIPJ
XLEX-GERXIPP]SYXLEX]SYLEZIRSVIQSVWISJGSRWGMIRGIXS[EVH]SYVGLMPHVIR8LEX
GERWIVZI]SYEWEVIQMRHMRKJEGXSVXSQEOI]SY[SVOMRSVHIVJSV]SYXSFIGSQIEVIEP
QER=SYLEZIRSVMKLXXS]SYVS[RWEXMWJEGXMSRWXLEXMWJMRMWLIH)ZIV]XLMRKMWJSV]SYV
GLMPHVIRIZIV]XLMRKXLEX]SYLEZIJSVTSWWMFMPMXMIW-XMWERSFNIGXMZIRIGIWWMX]&YX]SY
HSRSXXLMROSJMX]SYGSRXMRYIXSEGXXLIIKSMWX=SYVUYIWXMSRTVSZIWMX7SLEZIVIQSVWI
SJGSRWGMIRGIJSVXLIJYXYVI6ITEMVXLITEWXJSVXLIWEOISJXLIJYXYVI=SYEVISFPMKIHXS
[SVOJSV]SYVGLMPHVIR8LMWMHIELIPHMR]SYGERTPE]XLIVSPISJEJEGXSVEXXMQIWJSV
VIQIQFIVMRK]SYVWIPJEXXMQIWJSVKMZMRK]SYWXVIRKXLJSVXLIJYXYVI%RH[MXLMX]SY[MPP
FIEFPIXSVITEMVXLITEWX=SYHSRSXPMOIXLMWXVYXL&YX-XIPPMXEWERI\EQTPI8LIVIEVI
EXLSYWERHSXLIVXLMRKWXLMWMWERI\EQTPI&YX]SYGERJMRHWSQIXLMRKIPWIXSJYVRMWL
]SY[MXLEQEXIVMEPGETEFPISJQEOMRK]SYJMRHVIQSVWISJGSRWGMIRGI3RP]XLMWVIQSVWI
GER GV]WXEPPM^I XLI JEGXSVW [LMGL [MPP WIVZI ]SY MR VIQIQFIVMRK ]SYVWIPJ 8LI VIWX
GERRSX3RP]VIQSVWISJGSRWGMIRGIGER-XMWLIVIXLEX]SYXEPOERHEJXIV[EVHMRPMJI]SY
JSVKIXIZIV]XLMRK-RPMJI]SYLEZIWM\HE]WX[IRX]XLVIILSYVWERHJMJX]QMRYXIW,IVI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XIRQMRYXIW;LEX]SYHSERHKEMRLIVIHYVMRKXIRQMRYXIW]SYPSWIMRPMJI2IZIVMW
XLIVIEVIQMRHMRKJEGXSVSRP]VIQSVWIGERKMZIMXXS]SY
5YIWXMSRIV-WLSYPHPMOIXSFIEFPIXSSZIVGSQIEJIEVXLEX-LEHEWEGLMPHERH[LMGL
LEWVIXYVRIH7SQIXMQIWEXRMKLX-LEZIEWSVXSJETTVILIRWMSRERERKYMWLXLEXWIM^IW
QIMRXLIFEGOEXXLIWTMREPGSPYQR-GERHSRSXLMRKEKEMRWXMX-LEHMXEWEGLMPHSJ
X[IPZI SV XLMVXIIR FIGEYWI - YWIH XS VIEH HIXIGXMZI WXSVMIW ERH XLMRKW PMOI XLEX
%JXIV[EVH-HMHRXLEZIMXER]QSVIERHRS[MXWGSQIFEGO[SVWIXLERIZIV
+YVHNMIJJ8LEXWEQIHMGEPQEXIV-GERXWE]QYGLEFSYXXLEX-RXLIQIERXMQIFIJSVI
KSMRKXSWPIITKMZI]SYVWIPJEREPGSLSPVYFSV[MXLNYWXGSPH[EXIVSVGSPSKRI8LIR-[MPP
EVVERKIERMRXIVZMI[[MXL]SYERHWSQIHSGXSVERHQ]WIPJERH[IGERXEPOWIVMSYWP]
EFSYX GYVMRK ]SY 5YIWXMSRIV &YX - EQ EPVIEH] HSMRK XLEX ]SY EHZMWIH QI XS XLVII
[IIOWEKSERH-QYWMRKGSPH[EXIV
+YVHNMIJJ8LIRHSMXQSVIXLI[EXIVLEWTVITEVIHXLITSVIWERHRS[]SYQYWXVYF
]SYVWIPJ[MXLEPGSLSP-J]SYLEZIRXER]-PPKMZI]SYEWQEPPFSXXPI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+*-*8))2
8LYVWHE]3GXSFIVWX
+YVHNMIJJ 1SXLIV QE] - WQSOI# ?8S LIV WSRA 2SXI XLMW I\EQTPIWLI MW QSXLIV XLI
QSXLIV SJ XLI LSYWI ]SY VIQIQFIV [LEX - WEMH XLI PEWX XMQI XLEX RS SRI QE] HS
ER]XLMRK[MXLSYXXLIQSXLIVWTIVQMWWMSR8LIQSXLIVMWLIEHSJXLILSYWI?+YVHNMIJJ
NSOIWEFSYXLIVWSRWE]WLIMWNIEPSYWFIGEYWILMWQSXLIVRSPSRKIVFIPSRKWSRP]XSLMQ
FYX XS IZIV]FSH] TVIWIRX ERH [LIR LI PSWIW LIV LI [MPP VIEPM^I XLI ZEPYI SJ [LEX LI
TSWWIWWIHA
+YVHNMIJJ)L%JXIV[LEX[ILEZINYWXVIEHEFSYXXLIGIVIQSR]SJ'LVMWX-XLMROMXMW
HMJJMGYPX JSV ER]SRI XS EWO E UYIWXMSR &YX IZIR WS SRI QYWX XV] IZIR XLSYKL MX FI
IKSXMWXMGEPXSEWOEUYIWXMSR
5YIWXMSRIV7MV-HPMOIXSEWOEUYIWXMSR,EZMRKJMRMWLIHWIZIVEP[IIOWEKSXLIXEWOW-
LEHPEMHSYXJSVQ]WIPJ-JMRHQ]WIPJWMRGIXLIRMRELETT]FEPERGI[MXLSYXELMEXYWERH
[MXLSYXEHIWMVI-[MWLXSKSSR[SVOMRKFIGEYWI-JIIPXLIVIMWEYRMZIVWIEFSZIXLISRI
[LIVI-RS[EQFYX-GERXQEOIER]TVSKVIWWWMRGIXLEXXMQIERH-JIIPXLEXEPSRI-GER
HSRSXLMRK
+YVHNMIJJ-XWEFEHWMKR]SYQYWXPSSOJSVEWLSGOJVSQSYXWMHI=SYEVIGSRXIRXIH[MXL
PMXXPI2S[HYVMRKXLMWTIVMSH]SYWLSYPHQEOIIJJSVX=SYWLSYPHFILEZMRKERMRXIVMSV
WXVYKKPIFIX[IIR]SYVMRHMZMHYEPMX]ERH]SYVJYRGXMSRW=SYQYWXRSXGEPQ]SYVWIPJ8LI
JEGXXLEX]SYGERRSX[SVOMWEZIV]KSSHWMKR=SYQYWXJSVGI]SYVWIPJ-J]SYTEWWXLMW
GVMWMWXLMWWQEPPGVMWMW]SYGERFIKMREKEMREJXIV[EVH
5YIWXMSRIV-HSRXWIII\EGXP][LEXTEXLXSJSPPS[ERH[LEXEMQXSLEZIMRZMI[
+YVHNMIJJ % TEXL MWRX RIGIWWEV] -X MW SRP] RIGIWWEV] XLEX ]SY SFXEMR VIWYPXW MR
]SYVWIPJ'SPPIGXEGGYQYPEXIXLIVIWYPXWSJWXVYKKPI=SY[MPPRIIHXLIQJSVGSRXMRYMRK
=SY QYWX EGGYQYPEXI ]SY LEZI FEXXIVMIW MR ]SY MR [LMGL ]SY QYWX EGGYQYPEXI XLMW
WYFWXERGI PMOI IPIGXVMGMX] 8LMW WYFWXERGI GER SRP] FI EGGYQYPEXIH F] WXVYKKPI
8LIVIJSVIGVIEXIEWXVYKKPIFIX[IIR]SYVLIEHERH]SYVERMQEP-EPVIEH]I\TPEMRIHXLMW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLIPEWXXMQI)\GYWIQI-X[EW7EXYVHE]XLEX-XSPHMX1]QIQSV]MWKIXXMRKSPH-RIZIV
YWIHXSQEOIQMWXEOIWERHRS[-FIKMRXS-EHZMWI]SYRS[XLEX-ORS[]SYEXLSYWERH
XMQIW FIXXIVRSX XS WXST 'SRXMRYI ]SYV WXVYKKPI FYX [MXLSYX [EMXMRK JSV VIWYPXW
%GGYQYPEXI XLI VIWYPXW SJ XLI TVSGIWW SJ WXVYKKPI ;LIR [I WXVYKKPI MRXIVMSV [MXL
XLSYKLXJIIPMRKERHFSH]XLEXKMZIWEWYFWXERGIMRXLITPEGI[LIVIMXFIPSRKW;ILEZI
RSMRXIVIWXXSHE]MRORS[MRK[LIVIXLEXTPEGIMW%GGYQYPEXI-XMWXLMWXLEXMWPEGOMRKMR
]SY =SY EVI ]SYRK =SY LEZIRX I\TIVMIRGI =SY EVI IQTX] 'SRXMRYI XLI WXVYKKPI
EGGMHIRXEPP]FIKYR7SXLEXMJ]SYWE]XLEX]SYEVIWEXMWJMIHXLEXTVSZIW]SYEVISRXLI
VMKLXVSEH&YX]SYQYWXRSXWXST=SYLEHEWETPERXSKSXSXLI)XSMPI=SYEVIMRXLI
VYI H%VQEMPI 8LI )XSMPI MW WXMPP JEV FSYPIZEVH 'EVRSX XLIVI EVI X[IRX] PEQTTSWXW
X[IRX] WXEXMSRW 2S[ XLIR XYVR XS XLI VMKLX 8LEX MW XLI VMKLX VSEH 8LEX MW XS WE]
GSRXMRYI]SYVWXVYKKPI=SYEVIWIEVGLMRKJSVXLIQIERW#;LEX]SYEVIHSMRKLEWRS
MQTSVXERGI ;LEX MW RIGIWWEV] MW XLEX ]SY QYWX LEZI MR ]SY XLI TVSGIWW SJ WXVYKKPI
;LEXQIERWWLEPP]SYIQTPS]#8LEXMWRXMQTSVXERX7XVYKKPI=SYORS[FIXXIVXLER-
[LEX WXVYKKPI *SV I\EQTPI [LEXIZIV ]SYV FSH] PMOIW [LEXIZIV ]SY LEZI XLI LEFMX SJ
KMZMRKMXHSRXKMZIMXER]QSVI8LIMQTSVXERXXLMRKMWXSLEZIEGSRXMRYEPTVSGIWWSJ
WXVYKKPIFIGEYWI]SYRIIHXLIWYFWXERGIXLEXWXVYKKPI[MPPKMZI]SY
5YIWXMSRIV 1V +YVHNMIJJ ]SY KEZI QI EW E XEWO JSV XLI TYVTSWI SJ VIQIQFIVMRK
Q]WIPJXLEXSJ[SVOMRK[MXLWSQISRI[LSMWRIEVXSQI%RH-LEZIRSXMGIHERHWSLEW
Q][MJIXLEXXLMWEMQLEWGLERKIHSYVVIPEXMSRFYXSRP]XSEGIVXEMRTSMRXERHXLEX
XLIVI[EWERSFWXEGPIXLEXRIMXLIVWLIRSV-GSYPHTEWWSZIV%RH]SYXSPHLIVXLEX]SY
[SYPHWE][LEXXSHSXSKIXTEWXXLMWSFWXEGPI
+YVHNMIJJ*MVWXJSVIZIV]TEVIRXSRIQYWXFIKMRF]FVMRKMRKJSV[EVHEUYIWXMSR]SY
ERH ]SYV [MJI LEZI GLMPHVIR ;IPP MJ ]SY LEZI GLMPHVIR XLI] GVIEXI JSV ]SY WTIGMEP
SFPMKEXMSRW 0MZMRK NYWX JSV ]SYVWIPZIW MW JMRMWLIH =SY WLSYPH FI SFPMKIH XS WEGVMJMGI
IZIV]XLMRKJSV]SYVGLMPHVIRMR]SYVSVHMREV]PMJI%XXLMWXMQI]SYERH]SYV[MJISYKLX
XSTPEREWEREMQXSPMZIJSV]SYVGLMPHVIRMXMWXLIEMQSJ]SYERH]SYV[MJI2SXLMRK
WLSYPHMRXIVJIVI[MXL]SYVQYXYEPVIPEXMSRW=SYWLSYPHLEZIXLMWGSQQSREMQFIX[IIR
]SY=SYWLSYPHLEZIEREMQEGSQQSREMQFIX[IIR]SYERHXLMWGSQQSREMQFIX[IIR
]SY[MPPKMZIEGSRXEGXJSVXLI[SVOFIGEYWIMXMWERSFNIGXMZIEMQERHXLI[SVOMWEPWS
SFNIGXMZI &IKMR XLMW (MWGYW MX [MXL ]SYV [MJI ;MXL LIV TPER EW ER EMQ XS WEGVMJMGI
IZIV]XLMRKXS]SYVGLMPHVIR2SXJSVEP[E]WFYXJSVEWTIGMEPTIVMSHSJXMQI%PPJSV]SYV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
GLMPHVIR=SYVEMQ[MPPFIEGSQQSRSRI%RHMR]SYVTIVWSREPVIPEXMSRWXLIVI[MPPFIE
WXVYKKPI JSV MJ ]SY FSXL TPER XLMW EMQ [MXL ]SYV QMRHW WMRGI ]SYV GLEVEGXIVW EVI
HMJJIVIRXIEGLSRI[MPPLEZIFIGEYWIIEGL[MPPLEZIGLSWIRLMWEMQERMRXIVMSVWXVYKKPI
XSWYWXEMRMRLMQWIPJ%RHLI[LS[MPPEXXEMRXLMWEMQ[MPPLEZITEWWIHLMWI\EQMREXMSRMR
SVHIV XS LEZI ERSXLIV SFNIGXMZI [E] XLEX [MPP GSQI EJXIV[EVH -R XLI QIERXMQI WTIEO
UYMIXP]ERHJVEROP][MXL]SYV[MJIERHTPERXLMWEMQ-J]SYHSXLMWJSVSRISVX[S[IIOW
]SY[MPPXLIRHIWIVZIXSORS[XLISFNIGXMZI[E]
5YIWXMSRIV1E]-EWOEUYIWXMSR#
+YVHNMIJJ-J]SYTPIEWI8LMWMWXLIJMVWXXMQI]SYLEZIWTSOIRMWRXMX#
5YIWXMSRIV-WLSYPHPMOIXSORS[[LEXXSHSXSTVIZIRXSYXWMHISJXLI[SVO[LMGLPEWXW
EGIVXEMRPIRKXLSJXMQIQ]MQEKMREXMSRJVSQVYRRMRKE[E][MXLQI
+YVHNMIJJ;IPPJSVXLEX-QKSMRKXSKMZI]SYEZIV]WMQTPIERHZIV]SVHMREV]TMIGISJ
EHZMGI=SYXSSEVISRXLIVMKLXTEXL2S[[LEX-EHZMWI]SYMWEZIV]WMQTPIXLMRK8S
YRHIVWXERHPSKMGEPP]GERKMZI]SYEFWSPYXIP]RSXLMRK=SY[MPPYRHIVWXERHEJXIV[EVHXLEX
SRP]XLMWEHZMGIMWKSSH[LMGL-EQEFSYXXSKMZI]SY?+MZIWGSYRXMRKI\IVGMWIA-KMZI]SY
RSXLMRKIPWI-ORS[EXLSYWERHSXLIVXLMRKW&YX-KMZI]SYXLMWWMQTPIXLMRK?8SXLI
SXLIVWA%RHXLEX[MPPWEZILMQ,MWIRXMVIPMJI[MPPGLERKIERHYRXMPXLILSYVSJLMWHIEXL
LI[MPPXLEROQILI[MPPRIZIVJSVKIXQI(SXLEXERHXLEXMWEPP
5YIWXMSRIV1E]-EWO]SYJSVWSQIEHZMGI#-[EW[ERXMRKXSEWO]SY[LIR-HSQ]
[SVOSJVIQIQFIVMRKQ]WIPJ-EQEP[E]WLEQTIVIHF]XLIWEQIMHIELS[GER-HSQ]
[SVOLS[GER-SVKERM^IQ]HE]WSXLEXIZIV]SRIMRXLILSYWIMWLETT]#%RHHYVMRKXLI
HE]MXWNYWXXLISTTSWMXI-EQLEQTIVIHF]XLIMHIEWXLEXLEZIXSHS[MXLXLI[SVO-
XLMROEFSYX[LEX-ZILIEVHLIVIERHEX1QIHI7EP^QERRWERHXLEXGSRWXERXP]MQTIHIW
QI
+YVHNMIJJ8LEXMWXLIVIWYPXSJXLIHIQERHWSJHEMP]PMZMRK-XLETTIRWXSIZIV]SRI-ZI
SJXIRWEMHXLMW=SYQYWXWIXEWMHIEWTIGMEPXMQIIEGLHE]JSVXLI[SVO2SXEPPXLIXMQI
XLI [SVO MW E ZIV] WIVMSYW XLMRK =SY GERRSX [SVO MRXIVMSV EPP HE] =SY QYWX QEOI E
WTIGMEPXMQIERHMRGVIEWIMXPMXXPIF]PMXXPI8SXLMW[SVO]SYKMZIELEPJLSYVSJXLIX[IRX]
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
JSYVLSYVW(YVMRKXLMWLEPJLSYVJSVKIXEPPXLIVIWXTYXEPPXLIVIWXEWMHI-XWEPMXXPI
XLMRK =SY WEGVMJMGI XS XLMW XMQI EPP ]SYV SGGYTEXMSRW EPP XLI [SVO SJ ]SYV I\XIVMSV
JYRGXMSRW7EGVMJMGIIZIV]XLMRKJSV]SYVMRXIVMSV[SVOERHEJXIV[EVH]SYGERTYXMXEWMHI
JSVXLIXLMRKWSJSVHMREV]PMJI=SYGERRSXHSXLMW[SVOEPPHE]
5YIWXMSRIV-XLMROWS8LEXFIGSQIWQIGLERMGEP-EQ-[MWLXSFI
+YVHNMIJJ=SYQM\]SYQYWXRSX(SRXQM\XLMW[SVO[MXLSVHMREV][SVO;ILEZIX[S
OMRHWSJ[EOMRKWXEXIW*SVXLMW[SVO]SYWLSYPHLEZISRIEGXMZI[EOMRKWXEXI&YXELEPJ
LSYVSJXLMW[EOMRKWXEXIMWIRSYKLJSVXLIVIWXSJXLIHE][LMGL]SYPMZIEW]SYLEZIXLI
LEFMXSJHSMRK=SYGERHSXLMW#%RHMJ]SYGERXHSELEPJLSYVIZIRXIRQMRYXIWMWVMGL
JSVLMQ[LSGER[SVOXIRQMRYXIW=SYQYWXKMZIERHWEGVMJMGIXSXLMW[SVOEWTIGMEPXMQI
=SYGERRSXKMZIEPP]SYVXMQI0MJIMWSRIXLMRKXLI[SVOERSXLIV8LIWYFWXERXMEPMX]SJ
IEGLSRIMWHMJJIVIRXJSVXLMW[SVO]SYQYWXFIQSVIEGXMZI-ZIWEMHXLMWQER]XMQIW
[LIR]SYFIKMR]SYV[SVO]SYVXEWOMXMW]SYV[SVO=SYWLSYPHIZIRFIJSVIFIKMRRMRK
VIPE\ ]SYVWIPJ TVITEVI ]SYVWIPJ GSPPIGX ]SYVWIPJ %JXIV[EVH [MXL EPP ]SYV FIMRK ]SY
EGGSQTPMWL]SYVXEWO-XMWEZIV]GSQTPMGEXIHXLMRK=SYGERRSXHSMXJSVEPSRKXMQI
=SYEVIWSSRXMVIH-XXEOIWEPP]SYVWXVIRKXLMJ]SYHSMXJMZIQMRYXIWXSSQYGL]SYEVI
HVEMRIHSJEPPWXVIRKXL-XWJSVXLEXVIEWSRXLEX-WE]]SYQYWXMRGVIEWIXLIXMQIPMXXPIF]
PMXXPIYRXMP]SYEVIYWIHXSMXJMZIQMRYXIWWM\QMRYXIWXIRQMRYXIW3RP]XLMWW]WXIQ[MPP
EP[E]W KMZI ]SY E KSSH FIKMRRMRK XS TVITEVI ]SY JSV EGUYMVMRK XLI WXEXI XLEX MW
FIGSQMRKXSEVIEPQER%RHMJ]SY[SVOEPSRKXMQIXLEXTVSZIWXLEX]SYHSRSX[SVO
[MXLEPP]SYVFIMRK]SYEVI[SVOMRKSRP][MXL]SYVQMRH&YXEWXSXLEX]SYGERHSMX
JSVEXLSYWERH]IEVW[MXLSYXKEMRMRKER]XLMRKMXMW[SVXLRSXLMRK;SVOEWLSVXXMQI
FYX[SVO[IPP,IVIMXMWRXXLIUYERXMX]FYXXLIUYEPMX]XLEXGSYRXW0MJIMWSRIXLMRK(S
RSXQM\MX[MXLSXLIVXLMRKW*MZIQMRYXIWSJKSSH[SVOMW[SVXLQSVIXLERX[IRX]JSYV
LSYVWSJ ERSXLIVOMRH-J ]SYLEZIRX QYGLXMQI[SVO JMZIQMRYXIW0IX SVHMREV]PMJI
GSRXMRYIEYXSQEXMGEPP]EGGSVHMRKXSLEFMXXLIVIWXSJXLIXMQI;LEX]SYWE]HSIWRSX
GSRGIVRXLI[SVO3YVPMJIMWSRIXLMRKXLI[SVOERSXLIVXLMRK3XLIV[MWI]SY[MPPFIGSQI
E TW]GLSTEXL =SY VIQIQFIV ]SYVWIPJ [MXL ]SYV QMRHMX MW [SVXLPIWW VIQIQFIV
]SYVWIPJ[MXLEPP]SYVFIMRK=SYGERXHSMXJSVPSRK]SYHVEMR]SYVWIPJ(SMXJSVJMZI
QMRYXIWFYXJSVKIXIZIV]XLMRKIPWI&IEREFWSPYXIIKSMWXJSVKIXIZIV]XLMRK]SYV+SH
]SYVLYWFERH]SYVGLMPHVIRQSRI]VIQIQFIVSRP]XLI[SVO7LSVXFYXWYFWXERXMEP
?,IWTIEOWMR6YWWMER[MXL1QIHI7EP^QERRA
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV1E]-EWOEUYIWXMSR#,S[GER-HMWXMRKYMWLFIX[IIRQ]QIRXEPGIRXIVERH
Q]TL]WMGEPGIRXIV#
+YVHNMIJJ 8EOI E WMQTPI XEWO ;LIR ]SY XLMRO ]SY XLMRO %WWSGMEXMSRW KS SR
EYXSQEXMGEPP] XLEX MW ]SYV QMRH ;LIR ]SY JIIP LSX SV GSPH [LIR ]SY EVI RIVZSYW
ERKV][LIR]SYPMOI[LIR]SYHSRXPMOIXLEXMW]SYVJIIPMRK
5YIWXMSRIV&YXMRSRIWEGXMSRWLS[GERSRITVIZIRXXLIGIRXIVWJVSQIRGVSEGLMRKSR
IEGLSXLIVXLMROMRK[MXLQ]JIIPMRKXSLEZIEQIRXEPJIIPMRKERHXSQMWXEOISRIJSVXLI
SXLIV
+YVHNMIJJ=SY[MWLXSWE]XLEX]SYGERXXLMROFIGEYWI]SYEVIJIIPMRK#
5YIWXMSRIV-QIERXLEX-LEZIERIQSXMSREPXLSYKLX
+YVHNMIJJ=SYLEZIE[IEORIWWEWMGOIRW]SYQYWXRSXXLMRO[MXL]SYVJIIPMRK]SY
QYWX XLMRO [MXL ]SYV LIEH 8S XLMRO [MXL ]SYV JIIPMRK MW E [IEORIWW E WMGOIRW 8LI
FIKMRRMRKGSQIWJVSQJIIPMRKERHXLIGIRXIVSJXLSYKLXMWSRP]EJYRGXMSR&YXXLIGIRXIV
SJKVEZMX]QYWXFIXLIXLSYKLX%RHRS[]SYGERORS[[LEXMWMRHMZMHYEPMX]-XMW[LIR
]SYVGIRXIVSJKVEZMX]MWMR]SYVXLSYKLX7SMJ]SYVGIRXIVSJKVEZMX]MWRSXMR]SYV
XLSYKLX ]SY EVI RSX ER MRHMZMHYEP ]SY EVI ER EYXSQEXSR -XW E WMQTPI I\TPEREXMSR
)ZIV]QERWLSYPHXV]XSEGGYWXSQLMQWIPJXSFIMRKERMRHMZMHYEPERMRHITIRHIRXTIVWSR
WSQIXLMRK RSX QIVHI I\GYWI XLI [SVH
RSX ER ERMQEP HSK GEX -X MW E ZIV] WMQTPI
W]QTXSQ-J]SYGSRGIRXVEXI]SYVFIMRKMR]SYVXLSYKLX]SYEVIERMRHMZMHYEPXLIVIEVI
QER]HIKVIIWEQSRKMRHMZMHYEPWFYXXLEXMWRXMQTSVXERXJSVXLIQSQIRX=SYEVIER
MRHMZMHYEP[LIR]SYLEZI]SYVGIRXIVSJKVEZMX]MRXLIXLMROMRKGIRXIV%RHMJMXMWMR
ERSXLIVGIRXIV]SYEVISRP]EREYXSQEXSR-XGERFIMR]SYVFSH]ERHMR]SYVJIIPMRK
FYX[LIR]SY[SVO]SYWLSYPHEP[E]WLEZIJSVEMQXSFIMR]SYVXLSYKLX%RHXLMWHS
GSRWGMSYWP]-J]SYHSRSXIZIV]XLMRKHSIWMXWIPJYRGSRWGMSYWP]MR]SY=SYV[SVOWLSYPH
FII\GPYWMZIP]XSGSRGIRXVEXI]SYVWIPJMR]SYVXLSYKLX-XWEWMQTPII\TPEREXMSR#?8S
ERSXLIVQERA8S]SYEPWSMXWLSYPHI\TPEMRQER]XLMRKW
5YIWXMSRIV8LISVIXMGEPP]-ORS[MX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ&YXJSV]SYVYRHIVWXERHMRKXLMWWLSYPHLEZIKMZIR]SYWSQIXLMRKRI[WSQI
MRXIVIWXMRKGSRGPYWMSRW#
5YIWXMSRIV7MV-EWOIH]SYPEWX8LYVWHE]MJXLIVI[EWE[E]XSHIZIPSTEXXIRXMSR]SY
WEMHXLEXEXXIRXMSR[EWQIEWYVIHMRXLIHIKVIIXLEXSRIVIQIQFIVWSRIWIPJ=SYXSPHQI
XSIWTIGMEPP]PSSOMRXSQ]WIPJ-IWTIGMEPP]EWOIH]SYXLEXFIGEYWI-[EWRXEFPIXSTYXQ]
EXXIRXMSRSRXLIVIEHMRKSJXLI*MVWX7IVMIW(YVMRKXLMW[IIO-YRHIVWXSSHXLEXEXXIRXMSR
[EW[LEX-[EW%WQER]-WEWXLIVI[IVIWSQER]HMJJIVIRXEXXIRXMSRW-[ERXIHXSEWO
]SYMJXLIVI[EWJSVHIZIPSTMRKEXXIRXMSRSRP]XLIQIXLSHSJ-EQSVMJXLIVIEVISXLIV
WTIGMEPQIXLSHW#
+YVHNMIJJ3RIXLMRK-GERXIPP]SY1IXLSHWHSRSXI\MWX-HSRSXORS[ER]&YX-GER
I\TPEMRRS[IZIV]XLMRKWMQTP]*SVI\EQTPIMRXLI*MVWX7IVMIW-ORS[XLIVIMWIZIV]XLMRK
SRIQYWXORS[-XMWEZIV]MRXIVIWXMRKFSSO)ZIV]XLMRKMWXLIVI%PPXLEXI\MWXWEPPXLEX
LEWI\MWXIHEPPXLEXGERI\MWX8LIFIKMRRMRKXLIIRHEPPXLIWIGVIXWSJXLIGVIEXMSRSJ
XLI[SVPHEPPMWXLIVI&YXSRIQYWXYRHIVWXERHERHXSYRHIVWXERHHITIRHWSRSRIW
MRHMZMHYEPMX]8LIQSVIQERLEWFIIRMRWXVYGXIHMREGIVXEMR[E]XLIQSVILIGERWII
7YFNIGXMZIP]IZIV]SRIMWEFPIXSYRHIVWXERHEGGSVHMRKXSXLIPIZIPLISGGYTMIWJSVMXMWER
SFNIGXMZI FSSO ERH IZIV]SRI WLSYPH YRHIVWXERH WSQIXLMRK MR MX 3RI TIVWSR
YRHIVWXERHW SRI TEVX ERSXLIV E XLSYWERH XMQIW QSVI 2S[ JMRH E [E] XS TYX ]SYV
EXXIRXMSRSRYRHIVWXERHMRKEPPSJXLI*MVWX7IVMIW8LMW[MPPFI]SYVXEWOERHMXMWEKSSH
[E]XSJM\EVIEPEXXIRXMSR-J]SYGERTYXVIEPEXXIRXMSRSRXLI*MVWX7IVMIW]SYGERLEZI
EVIEPEXXIRXMSRMRPMJI=SYHMHRXORS[XLMWWIGVIX-RXLI*MVWX7IVMIWXLIVIMWIZIV]XLMRK
-LEZIWEMHMXIZIRLS[XSQEOIERSQIPIX%QSRKSXLIVXLMRKWMXMWI\TPEMRIHERHEXXLI
WEQIXMQIXLIVIMWRXE[SVHMRXLI*MVWX7IVMIWEFSYXGSSOMRK7S]SYTYX]SYVEXXIRXMSR
SRXLI*MVWX7IVMIWERSXLIVEXXIRXMSRXLERXLEXXS[LMGL]SYEVIEGGYWXSQIHERH]SY
[MPPFIEFPIXSLEZIXLIWEQIEXXIRXMSRMRPMJI?%NSOI[MXLERSXLIVQEREFSYXXSFEGGS
ERHLS[XSHV]MXERHXLIREFSYXVMGITS[HIVERHKYRTS[HIVERHEFSYXXLI*VIRGL
PERKYEKI [LMGL MW VMGL SRP] MR XLI MRWYPXW FIX[IIR XE\M HVMZIVWA 1MRI HI 7EP^QERR
6IEPP]RS[LEWRSSRIER]XLMRKQSVIXSWE]#
5YIWXMSRIV1V+YVHNMIJJEPMXXPI[LMPIEKS-[EWZIV]MRXIVIWXIHF]EUYIWXMSRERHF]
]SYVERW[IV-RQ]PMJI[LMGLMWGYWXSQEVMP]ZIV]FYWXPMRKERHZIV]XVMZMEP-SFWIVZILS[
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
PMXXPIVSSQXLIVIMWJSVXLI[SVO%PPXSSSJXIR-JIIPQ]WIPJPSWX;LMGLMWRSVQEP&YX
[LEXMWPIWWRSVQEPMWXLEX-EQEXXEGLIHXSFIPSRKXSXLMWFYWXPIXSXLMWXVMZMEPMX]
[LMGLI\EGXP]JMXWQIXLISVHMREV]QIXLIMRHMZMHYEP[LSMWXLIWXVSRKIWXMRQI%RH-
EWO]SYMJ-WLSYPHRSXETTP]XSQ]S[RGEWIXLIEHZMGI[LMGL]SYKEZIXSXLIQER[LS
EWOIHXLIUYIWXMSRFIGEYWI-FIPMIZIXLEXMXGSRXEMRWWSQIXLMRKGPIEVERHWMQTPI[LMGL
[MPPTYPPQISYXSJXLIWUYMVVIPGEKIMR[LMGL-EQEP[E]WXYVRMRK
+YVHNMIJJ8LEX[SYPHRSXHSJSV]SYEXEPP-XMWHMJJMGYPXXSGSYRXPMOIXLEX?VIJIVWXSXLI
I\IVGMWIKMZIRA-EQKSMRKXSKMZI]SYWSQIXLMRK]IXQSVIWMQTPI=SYLEZIEJEQMP]%
JEXLIV#%QSXLIV#%FVSXLIV#
5YIWXMSRIV%RHEWMWXIV
+YVHNMIJJ%WMWXIVEPWSJMZITIVWSRW&IKMRRMRKXSQSVVS[QSVRMRK]SYXEOIEWEXEWO
IZIV]XIRQMRYXIWEPMXXPIPIWWSVEPMXXPIQSVIEFSYXXIRQMRYXIWMXWXLIWEQIXSQIMJ
MXW IMKLX SV X[IPZIVIQIQFIV ]SYV JEXLIV XIR QMRYXIW PEXIV ]SYV QSXLIV IXG =SY
VIQIQFIVXLIQERH]SYVITVIWIRXXLIQXS]SYVWIPJ%RH[LIR]SYLEZIJMRMWLIH[MXL
XLI JSYV XIR QMRYXIW EJXIV[EVH - EQ - [MWL XS FI [MXL XLI WIRWMRK SJ EPP ]SYV
TVIWIRGIERHXIRQMRYXIWEJXIV[EVH]SYFIKMREKEMR]SYVJEXLIV]SYVQSXLIVIXG%RH
PMOIXLEX]SYTEWWEPP]SYVXMQI-XWQSVIWMQTPIPMOIXLEX=SYYRHIVWXERH#&]XLI[E]
]SYQYWXLEZIERMHIIJM\I;LIR]SYXLMROSJ]SYVQSXLIVIEGLJMJXLXMQIXLMROXLEX
WLIW LIVI [MXL WMPZIV XLMRKW MR LIV IEVW GLIET XLMRKW ERH ]SY KMZI ]SYV [SVH XS
]SYVWIPJXLEX[LIR]SYEVIKVS[RYTERHEVIIEVRMRKQSRI]]SY[MPPXEOIEWEXEWOXS
IEVRLIVKSPHSRIW?8SXLIQSXLIVA8IRTIVGIRXJSVQI?8SXLIUYIWXMSRIVA=SYLEZI
YRHIVWXSSHQI#
5YIWXMSRIV1V+YVHNMIJJ[LIRSRIMWWIM^IH[MXLEJIIPMRKSJTVSJSYRHWEHRIWWJVSQ
[LMGLSRI GERRSXQEREKI XSIQIVKI [MXL[LEX QIGLERMGEPQIERW GERSRI KIXE[E]
JVSQMX#
+YVHNMIJJ-JSRIHSIWRXORS[XLIGEYWISJMX#
5YIWXMSRIV2SSRIHSIWRX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ8LIVIMWRSWYGLWEHRIWWMXMWMHMSG]+SXSWIIEWTIGMEPMWX-GERVIGSQQIRHE
RIYVSTEXLSPSKMWX-ORS[LMQZIV][IPPLIKMZIWQIXIRTIVGIRX
5YIWXMSRIV7SQIXMQIW-RSXMGIMXEJXIVPYRGLISR
+YVHNMIJJ3LSLXLEXWEW]QTXSQ]SYIEXQSVIXLER]SYWLSYPH)EXPIWW(SRXIEX
XLIPEWXTMIGIXLEXWEPP(S]SYYRHIVWXERHXLEX#=SYORS[[LEXMXMWXLIPEWXTMIGI=SY
YRHIVWXERH#8LIRFVEZS8IWXXLMWERHRI\XXMQI[I[MPPWTIEO-XWTSWWMFPIXLIGEYWISJ
MXMWXLIVI-JMXMWRX[IPPJMRHERSXLIV[E]?.SOIW[MXLEWXYHIRXEFSYXQIHMGMRIA
5YIWXMSRIV7MV-HPMOIXSEWOERSXLIVUYIWXMSR-HSRXYRHIVWXERH[LEXGSRWGMSYWPSZI
GERFI-HSRXYRHIVWXERH[L]XLIPYGMHMX][MXL[LMGLSRII\EQMRIWSRIWTEWWMSRERH
HMWGPSWIWMXWGEYWIWHSIWRSXEXSRGIOMPPMX
+YVHNMIJJ ;IPP XLIR WE] XLEX PSZI SRP] MRXIVIWXW XLI JYRGXMSRW -X MW SRP] TL]WMGEP
TSPEVMX]XLEXMW[SVOMRK;LIR]SYLEZIXLSYKLXXLEXPSZI[MPPFIGSQIVITYKRERXXS]SY
8LIPSZIXLEXIZIV]FSH]LEW]SYLEZI&YXGSRWGMSYWPSZIXLEXMWVIEPPSZI=SYLEZISRP]
PSZIFEWIHSRWI\MXMWEWMGOIRWE[IEORIWW=SYGERRSXLEZIPSZI8LEX[LMGLTIVLETW
]SYVKVERHJEXLIVLEH8SHE]JSVIZIV]SRIPSZIMWFEWIHSRWI\ERHWI\SRTSPEVMX]7SMJ
ETIVWSRLEWERSWIPMOIXLMW]SYPSZILIVMJWLILEHRXERSWIPMOIXLEX]SYHSRXPSZI
LIV6IEPPSZIMWSFNIGXMZIFYXMR4EVMWSFNIGXMZIPSZIHSIWRXI\MWX=SYLEZIQEHIXLI
[SVHWIRXMQIRXJSVWI\JSVHMVX]XLMRKW]SYLEZIJSVKSXXIRVIEPPSZI
5YIWXMSRIV&YXQYWXSRIWIIOXSVITVIWWMXJSVXLIWEOISJXLISXLIV#
+YVHNMIJJ6IKEVHMXEWE[IEORIWWERHTYXMXEWMHI%RHEXXLIWEQIXMQIYWIMXJSV
PSSOMRKEX]SYVWIPJ4VSJMXJVSQIZIV]XLMRK%RHJVSQMRWXMRGX]SY[MPPTIVLETWFIEFPIXS
JIIPVIEPPSZI8LIXEWXI[MPPTIVLETWGSQIXS]SY3RGI]SYLEZITMX]JSVETIVWSR[LSWI
RSWI ]SY HSRX PMOI SV JSV ERSXLIV [LS WIIQW MPP JSV E GLMPH [MXLSYX E QSXLIV JSV E
TIVWSR[LSMWLYRKV]JSVEQER[MXLSYXE[MJIXLIRJSVIEGLTIVWSR]SY[MPPFIEFPIXS
IRXIV LMW WMXYEXMSR ,EZI GSRXEGX [MXL ]SYV HMJJIVIRX MQTYPWIW ERH MJ ]SY VIQEMR
MQTEVXMEP]SY[MPPWIIXLEXIZIV]XLMRK]SYLEZILEHMR]SYYRXMPRS[MWQIVHIERHEX
XLIWEQIXMQI]SY[MPPFIEFPIXSXV]XSLEZIXLIXEWXISJERSXLIVUYEPMX]SJPSZI%RHMJXLI
XEWXISJMXGSQIWXS]SY-GERI\TPEMRXLIHIXEMPWXS]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV7MVMRSVHIVXSI\TIVMIRGIXLMWGSRWGMSYWPSZIGERTSPEVMX]FIELIPTSVE
LMRHVERGI#
+YVHNMIJJ%LMRHVERGIREXYVEPP]&YX]SYGERXHSER]XLMRKEFSYXMX=SYEVIEWPEZISJ
XLMWPE[;MWLSVRSX[MWL=SYVFSH]QEOIW]SYPSZISVRSXPSZI'SRWGMSYWP]]SYGERFI
RSPSRKIVXLIWPEZISJ]SYVTSPEVMX]&YXJMVWX]SYQYWXLEZIXLIXEWXI%PP-GERWE]MRXLI
QIERXMQIMWXLEXPSZII\MWXWSFNIGXMZIPSZI&YX]SYQYWXLEZIXLIXEWXISJMX%JXIV[EVH[I
[MPPWTIEOEFSYXMX%PPXLEX[IGERWE]FIJSVILERH[SYPHVIQEMRXLISVIXMGEP%FSYXXLMW
XLI *MVWX 7IVMIW I\TPEMRW QER] XLMRKW 'SRGIVRMRK XLI GSQQERHQIRXW SJ %WLMEXE
7LMIQEWL XLIVI MW XLMW 0SZI SJ GSRWGMSYWRIWW IZSOIW XLI WEQI MR VIWTSRWI 0SZI SJ
JIIPMRKIZSOIWXLISTTSWMXI0SZISJFSH]HITIRHWSRP]SRX]TIERHTSPEVMX]%RHXLIVIMW
EPWSXLMWEFSYXLSTI,STISJGSRWGMSYWRIWWMWWXVIRKXL,STISJJIIPMRKMWWPEZIV],STI
SJXLIFSH]MWHMWIEWI%RHEFSYXJEMXL*EMXLSJGSRWGMSYWRIWWMWJVIIHSQ*EMXLSJJIIPMRKMW
[IEORIWW*EMXLSJXLIFSH]MWWXYTMHMX]%RHRS[(MWXVMGX%XXSVRI]XV]JMVWXXSIEVREPSXERH]SYQSXLIV
GSQIXSWIIQI-ORS[ETPEGI[LIVIXLIVIEVIKSPHIRXLMRKW-LEZIEJVMIRHEXXLITE[RWLST
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+7-<8))2
+YVHNMIJJ%RHRS[WSQISRILEWTIVLETWWSQIXLMRKXSWE][LMGLMRXIVIWXWQIWSXS
WE]EVITSVX[LMGLMRXIVIWXWIZIV]FSH]EPWS#
5YIWXMSRIV-[ERXIHXSEWOEUYIWXMSR+YVHNMIJJ?XSERSXLIVWXYHIRXA4IXMXTPIEWI+S
RS[XSHSXLIGSQQMWWMSR[LMGL-KEZI]SY%JXIV[EVHW-[MPPKMZI]SYXLIVITSVXSJ1V
(MWXVMGX%XXSVRI]?8SXLIUYIWXMSRIVA%RH]SY]SYLEZIPSWX]SYVGSQVEHI8LIVIEKEMR
MXMWQ]JEYPX=SYFIKMRXSWTIEOERHLIKSIWE[E]-HMWXYVF]SY-EQEP[E]WEGXMRK
PMOIXLIHIZMP4PIEWI-EQ[EMXMRK
5YIWXMSRIV-[ERXIHXSEWOEUYIWXMSREFSYXZERMX][L]EP[E]WEXXLIFIWXQSQIRXW
ERHEXXLI[SVWXZERMX]GSQIW-JSRIWYGGIIHWMRHSMRKERI\IVGMWIJSVI\EQTPISVMJ
SRIQMWWIWMX&YXMRIZIV]GEWIXLIVIMWERSTTSVXYRMX]JSVZERMX]
+YVHNMIJJ -X MW E ZIV] WMQTPI XLMRK 4IVLETW ]SY LEH E FEH IHYGEXMSR E FEH
TVITEVEXMSR#8LMWJEGXSVZERMX]LEWFIIRXLISRP]SRI[LMGL]SYLEZIFIIRKMZIRMR]SYV
IHYGEXMSRF]]SYVTEVIRXW]SYVRIEVIWX]SYVJVMIRHWXLMWJEGXSVSRP]%RH[LIRXLIVI
GSQIWMRXS]SYERSXLIVJEGXSVXLEXJMVWXSRIVIXYVRWERHWYFQIVKIWIZIV]XLMRKIPWI8S
FITVIGMWI]SYQYWX[MXLXLMWGSRWXEXEXMSRFIGSQIE[EVIXLEX]SYVKVIEXIRIQ]MWXLMW
JEGXSV GV]WXEPPM^IH MR ]SY ,S[ ]SY LEZI FIIR IHYGEXIH SJ XLEX - ORS[ RSXLMRK &YX
TIVLETWMXMW]SYVIHYGEXMSR[LMGLQEHI]SYPMOIXLMW-XTYXMRXS]SYXLMWGSVRIVWXSRI
8LMW JEGXSV MW XLI JSYRHEXMSR WXSRI SJ ]SYV SVKERMWQ ;LIR ERSXLIV JEGXSV EVVMZIW
ERSXLIVMQTYPWIXLMWJMVWXSRIEPWSJYRGXMSRWERHEWMXMWWXVSRKIVMXWYFQIVKIWERH
HSQMREXIWIZIV]XLMRK8LEXMWEZIV]KSSHGSRWXEXEXMSRJSV]SYERHEPWSJSVLMQ[LS
WXYHMIWXLITW]GLI*SV]SY(SGXSVMXMWZIV]MRXIVIWXMRK-XMWZIV]MQTSVXERXXLMWMR
TW]GLSPSK]7SQIXMQIWEUYMXIWQEPPXLMRKPMOIXLEXGERTVIZIRXSRIJVSQGSRXMRYMRK
3FNIGXMZIP]MXMWEZIV]WQEPPXLMRKFYXJSVLMQ[LSWYFHYIWMXMXMWEFMKIRIQ]ER
SVKERMGIRIQ]=SYGERHSRSXLMRKEKEMRWXMX-XMWEXLSYWERHXMQIWWXVSRKIVXLER]SY
%PPXLIVIWXMW[IEO=SYV[SVOMW[IEOXLMWOMPPWIZIV]XLMRK-XMWRIGIWWEV]XSVIMRJSVGI
EXLSYWERHXMQIW]SYVMRHMZMHYEPMX]]SYV-;LIRMXFIKMRWXSHMVIGX]SYVJYRGXMSRWXLIR
]SY[MPPLEZIXSXV]XSQEOIXGLMOSJ]SYVZERMX]8SHE]MXMWMQTSWWMFPI&YXWXVYKKPIXS
HMQMRMWLMXWWXVIRKXL;MXL-EQSVJEGXSVWPMOIXLEXTEVEPPIPXS-EQ%PPS[XLIWI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
JEGXSVWXSGV]WXEPPM^IMR]SYERHEYXSQEXMGEPP]XLISXLIVJEGXSVGERHMQMRMWL%QSRK
SXLIV XLMRKW ERH XLMW MW FIX[IIR SYVWIPZIW
]SYV UYIWXMSR LIPTW QI ZIV] QYGL XS
YRHIVWXERH]SY2S[-ORS[[LMGLMW]SYVIRIQ][LEXHSK]SYLEZIERH-WLEPPFIEFPI
FIXXIVXSKYMHI]SY1IER[LMPIHS[LEX-XSPH]SYXSHSYRXMPXSHE]ERH-[MPPKMZI]SY
LIRGIJSVXLQER]I\IVGMWIWJSVXLIKIRIVEPJYRGXMSRMRK%QSRKSXLIVXLMRKWMRXVYXLMX
MWXLIFSSOWSJFERXSRXLIFSSOWSJIHYGEXMSR[LMGLXEYKLX]SYXLEXXLMWJEGXSV[EW
RIGIWWEV]MRPMJI-XMWMRGYPGEXIHMRXSGLMPHVIRXLISRI[LSIHYGEXIH]SYHMHIZIV]XLMRK
XSGV]WXEPPM^IZERMX]MR]SY,IRIZIVXLSYKLXXLEXSRIHE][LIR]SY[IVIKVS[RYT]SY
[SYPHGLSSWIERSXLIVVSEH%RHMXMWZIV]HMJJMGYPXXSGLERKISRIWVSEH-J]SYLEHOITX
XSXLIJMVWXVSEHMX[SYPHLEZIFIIREZIV]KSSHXLMRKJSV]SYXLMWZERMX]-J]SYLEH
FIIRERSJJMGMEPEGMZMPWIVZERXEQMRMWXIVERSJJMGIVSJXLIKYEVHWMX[SYPHLEZIFIIR
I\GIPPIRX&YXJSVERSVQEPPMJIMXMW]SYVHSKRYQFIVSRI8SHE]QEVOXLMWHE]PMOIER
ERRMZIVWEV])ZIR-YTXSXLITVIWIRXTIVLETW-LEHRSXYRHIVWXSSH]SYERH-GSYPHRSX
KMZI]SYI\EGXVIEWSRWJSV]SYVMRRIVGSRJYWMSR%RHRS[-WIIIZIV]XLMRK=SYVMRXIVMSV
MWMPPYQMREXIHJSVQIPMOIETMGXYVI]SYLEZILIPTIHQIXSLIPT]SY
5YIWXMSRIV1V+YVHNMIJJMRXLIWIPEWXX[S[IIOW-QEHIEQSVIWYWXEMRIHIJJSVXXLER
FIJSVIERH-LEZIXVMIHXSEGXMRWYGLEQERRIVMRPMJIXLEXXLI-MWWITEVEXIHJVSQXLI
QIXSFIEFPIFIXXIVXSGEVV]SYXXLIHMJJMGYPXMIWSJPMJIEWERI\XIVREPVSPI[LMGL-LEZIXS
GEVV]SYX[MXLSYXFIMRKXSYGLIHMRWMHI8LMWLEWLIPTIHQIZIV]QYGLXSYRHIVWXERH
ZSPYRXEV]WYJJIVMRKFIXXIVERH-LEZIWIIRXLEXMRXLIQSQIRXW[LIR-[EWEFPIXSJIIP
XLI--[EWEFPIXSJEGIIZIV]XLMRKXLEX[EWLETTIRMRKXSQI&YX-WE[EPWSXLEX-LEH
GSRXMRYSYWP]XSXV]XSJIIPMX&IGEYWIMXHMHRXPEWXZIV]PSRK8LIQIQSV]SJMXPEWXIH
QSVIXLERIZIVFIJSVIFYXXSJIIPMXPEWXIHZIV]PMXXPI
+YVHNMIJJ;EMXHSRSXGSRXMRYI-LEZIEPVIEH]YRHIVWXSSHZIV][IPP%RH-EQKSMRKXS
EWO 1QI HI 7EP^QERR F] I\GITXMSR XS I\TPEMR XS ]SY XLI I\IVGMWI RYQFIV SRI SJ
7EXYVHE]?8S1QIHI7EP^QERRA-X[MPPWEZILIVMX[MPPQEOIXLMRKWIEW]JSVLIV3RP]
XLMWI\IVGMWIGERLIPTLIV?8SXLIUYIWXMSRIVA8LMWI\IVGMWI[MPPLIPT]SYXSYRHIVWXERH
MREZIV]HIJMRMXIQERRIV8LMWI\IVGMWI[MPPWITEVEXI]SYJVSQ]SYVWIPJ=SYORS[
[LEXQERMWQEHISJSJMRHMZMHYEPMX]ERHSJJYRGXMSRWSJXLISVKERMWQ9RXMPRS[MR]SY
XLIX[SXLMRKWI\MWXIHPMOIEWMRKPISRISRIJYRGXMSRQM\IH[MXLXLISXLIVSRIJYRGXMSR
MRXIVJIVMRK[MXLXLISXLIV;LIR[IWITEVEXIXLIMRXIVMSVPMJIJVSQXLII\XIVMSVPMJI-MW
XLIMRXIVMSVQIMWXLII\XIVMSVERHMXMWTSWWMFPIXSWITEVEXIXLIQMREHIJMRMXIQERRIV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
8LMWI\IVGMWI[MPPLIPT]SYXSHSXLEX%JXIV[EVHW]SY[MPPFIEFPIXSORS[ERH]SY[MPPFI
VIWTSRWMFPIJSV]SYVJYXYVI8MPPRS[]SY[IVIRSXVIWTSRWMFPI=SY[MPPFI=SY[MPPORS[
ERHMX[MPPFI]SYVJEYPXMJ]SYHSRSXEGX[IPP7YJJIVMRKWSJEPPWSVXW[MPPFIRIGIWWEV]XS
WUYEVI]SYVHIFX+SXLIRXS1QIHI7EP^QERR7LI[MPPI\TPEMR(S[LEXWLIXIPPW]SYJSV
X[S[IIOWERH-[MPPERW[IV]SYVUYIWXMSR
5YIWXMSRIV-[ERXIHXSEWO]SYEUYIWXMSR[LMGLMWWMQMPEVXS?XLIJMVWXUYIWXMSRIVWA
FYX[LEXLETTIRWXSQIMWRSXZERMX]MXMWXLI[MWLXLEXTISTPILEZIEKSSHSTMRMSRSJ
QI
+YVHNMIJJ-XMWXLIWEQIXLMRK-XMWXLIWEQIJEGXSVWLS[MRKSJ
5YIWXMSRIV&YX1V+YVHNMIJJIZIRMJMXFVMRKWQIRSXLMRK#)ZIRMJMXMWYWIPIWW#
+YVHNMIJJ-XMWXLIWEQIXLMRK
5YIWXMSRIV1V+YVHNMIJJ-EWOIH]SYEWMQMPEVUYIWXMSRE]IEVEKSSVEPMXXPIQSVI
XLERE]IEV[LIR-GEQIXS]SYJSVXLIJMVWXXMQI&YXWMRGIMXLEWRSXGLERKIHEXEPP
+YVHNMIJJ=SYLEHRSXXLITSWWMFMPMX]=SYLEHRSXXLIJEGXSVW-XMWHMJJIVIRXRS[
5YIWXMSRIV2S[MXMWPIWWETTEVIRX&IJSVIIZIV]SRIGSYPHWIIMX&YXRS[MXMWQSVI
WYFXPI 8LI SRP] GLERKI MX MW MR XLI QERRIV SJ PSSOMRK JSV XLEX KSSH STMRMSR - LEZI
FIGSQIQYGLQSVIWYFXPI
+YVHNMIJJ;L]HS]SYWE]XLEX#=SYLEZISRP]GSRWXEXIHMX&IJSVIEGXMRKPMOIERSVQEP
TIVWSR ]SY LEZI RSXMGIH XLEX ]SY [IVI ER EFRSVQEP TIVWSR =SYV MQTEVXMEP VIEWSR
RSXMGIHMX-XMWRSXQSVIWYFXPIFYXMXETTIEVWWS
5YIWXMSRIV-XHMVXMIWIZIV]XLMRK-HS
+YVHNMIJJ)ZMHIRXP]-XKMZIWIQEREXMSRW3JE]IPPS[GSPSVJSVMRWXERGI%RHEWMXMWXLI
WXVSRKIWXJEGXSVMR]SYMXKMZIWXLMW]IPPS[GSPSVXSEPP]SYVJYRGXMSRW-XIPP]SYXLIWEQI
XLMRK=SYQYWXGV]WXEPPM^IGSRWGMSYWP]MR]SYVWIPJERSXLIVJEGXSVWXVSRKIVXLERXLMWSRI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
%PVIEH]]SYLEZIQYGLQEXIVMEP*SVI\EQTPI-EQ;LIRSRIFIKMRWXS[SVO[MXL-
EQSRIWYGGIIHWMROMPPMRKXLMWQERMJIWXEXMSR-JSRIWXEVXWEKEMRSRILYRHVIHXMQIW
XLIRMX[MPPFIEFPIXSXVERWJSVQMXWIPJXSHE]XLMWMW]SYVQI-J]SYGV]WXEPPM^IERSXLIV
WXVSRKIVJEGXSVXLMWJMVWXJEGXSV[MPPFIGSQIEWMQTPIJYRGXMSREKEMR&YXXLMWJEGXSVSJ
ZERMX] MW ZIV] KSSH MX QYWX RSX FI OMPPIH -X MW RIGIWWEV] SRP] XLEX MX RIZIV LEW XLI
MRMXMEXMZIMXQYWXRIZIVIRXIVMRXS]SYV--XQYWXVIQEMREJYRGXMSRERH[LIRMXMW
RIGIWWEV]WIRHJSVMXPMOIEJYRGXMSR
5YIWXMSRIV&YXMJ-WIRHJSVMXMXXEOIWEPPXLIVSSQMXMWXLEX[LMGLMWHERKIVSYW
+YVHNMIJJ ;I WTIEO JSV XLI JYXYVI ;I VITEMV XLI TEWX [I [SVO =SY LEZI RSX ]IX
I\TIVMIRGIHXLEX-I\TPEMRMXXS]SYJSV]SYV[SVOERHXLEXMWEPP;MXLXLMW[SVO]SYGER
VITEMV]SYVTEWXERHTVITEVI]SYVJYXYVI-XMWI\EGXP]XLIWEQIXLMRKEWLMQ?XLIJMVWX
UYIWXMSRIVA3RP]XLISYXWMHIMWEPMXXPIHMJJIVIRX8LEXEPWSMWXLIQIVHIIHYGEXMSR'EPP
MXLS[]SYPMOI-SRP]WE]SRI[SVHQIVHI-WTIEOFEH*VIRGLWS-GEPPIZIV]XLMRK[LMGL
MWFEHQIVHI
)ZIV]SRILEWXLMWIHYGEXMSRLIVI%RHWTIGMEPP]MR*VERGI-RSXMGIHXLEX
MREZIV]SVMKMREPI\TIVMIRGI-EP[E]WLEZIFSRFSRWMRQ]TSGOIX;LIR-WIIEGLMPH-
KMZI WSQI XS MX ;MXL E GLMPH XLIVI MW EP[E]W WSQISRI JEXLIV QSXLIV EYRX ;MXLSYX
I\GITXMSRXLI]EPPWE]XLIWEQIXLMRKXSXLIGLMPH;LEXHS]SYWE]#%YXSQEXMGEPP]
PMXXPIF]PMXXPIXLIGLMPHWE]WXLERO]SYXSIZIV]SRIERHJIIPWRSXLMRKER]QSVI8LMWMW
MHMSXXLMRK8LMWMWQIVHI;LIREGLMPH[MWLIWXSWE]XLERO]SYXSQI-YRHIVWXERHMX-X
WTIEOWEPERKYEKI[LMGL-YRHIVWXERH%RHMXMWXLEXPERKYEKI[LMGL-PSZI3RP]XSLIEV
MXSRP]XSWIIMXWMQTYPWIW-WTIRHIZIV]HE]JMZIOMPSWSRFSRFSRWJSV[LMGL-TE]
JVERGWEOMPS3RP]XSWIIXLIWIMQTYPWIW&YX[LIRSRIWE]WXSEGLMPH;LEXHS]SY
WE]#SRIOMPPWIZIV]XLMRK-XMWQIVHIJEXLIVQSXLIV8LI]OMPPXLIGLMPHJSVXLIJYXYVI
ERHXLI]OMPPQ]KSSH[MPP-XMWEKSSHI\EQTPIXLMW]SYORS[-HSRXORS[LS[]SY
YRHIVWXERHMXFYXJSVQIMXMWZIV]GLEVEGXIVMWXMG-WE]MXEWI\EQTPI4ISTPITVITEVI
IZIV]XLMRK EYXSQEXMGEPP] XLI] QEOI GLMPHVIR JYRGXMSR PMOI FIPPW [LMGL VMRK [LIR SRI
TVIWWIWXLIQPMOIERIPIGXVMGTYWLFYXXSR3RITVIWWIWSRIFYXXSRVITVIWIRXXS]SYVWIPJ
]SYVFVSXLIV=SY[MXLETLSXS-RWMHI]SY[MWLJSVLMQKSSHPYGOERHJSV]SYVWMWXIV]SY
[MWLJSVLIVEHMJJMGYPXIRSYKLTVIWIRXXLEXWLIQE]LEZIEKSSHJYXYVI(SXLII\IVGMWI
EW E KSSH WIVZMGI EW E [SVO ERH RSXLMRK IPWI (S XLEX ?8S 1V (MWXVMGX %XXSVRI]W
QSXLIVA =SY YRHIVWXERH XLEX E FEH TVIWIRX GER KMZI E KSSH JYXYVI# 8LEX LEW XLI
ETTIEVERGISJEREFWYVH[MWL&YXEXXLIWEQIXMQI]SYYRHIVWXERHQSXLIVHSRX]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV1V+YVHNMIJJ#
+YVHNMIJJ7LS[]SYVRSWIJMVWX
5YIWXMSRIV-LEZISJXIRLIEVH]SYYWIXLMWI\TVIWWMSRXLEX+SHHMWTSWIWWSXLEXXLI
HIZMPXEOIW]SYERHXLEXXLIHIZMPHMWTSWIWWSXLEX+SHXEOIW]SY-[SYPHPMOIXSORS[
LS[ XS VIGSRGMPI XLIWI X[S XLMRKW ERH [LEX QIEWYVIW XS XEOI XS ORS[ [LIR MX MW
RIGIWWEV]JSV+SHXSXEOI]SYSVXLIHIZMP
+YVHNMIJJ8LEXMWERSFNIGXMZIUYIWXMSR=SYLEZIRSXXLIWYFNIGXMZIHEXEXSYRHIVWXERH
XLMWSFNIGXMZIUYIWXMSR-XMWGYVMSWMX]=SYLEZIEXLSYWERHUYIWXMSRWQSVIMQTSVXERXJSV
]SYVWYFNIGXMZMX]8LEXMWSFNIGXMZIMXMWQYGLXSSWSSRJSV]SY]SYLEZIRSXMR]SYXLI
JEGXSVXSYRHIVWXERHXLEX?+YVHNMIJJXEPOWMR6YWWMERXS1QIHI7EP^QERRA1QIHI
7E^PQERR 1V +YVHNMIJJ WE]W XLEX XLIVI EVI E XLSYWERH WYFNIGXMZI UYIWXMSRW [LMGL
EVMWIJSV]SYERH[LMGL]SYQYWXVIWSPZIFIJSVI]SYEWOEFSYX+SHERHXLIHIZMP=SY
QYWXRSXFIMRXIVIWXIHMRXLIWIXLMRKW-XMWEFWXVEGXMXMWGYVMSWMX]
+YVHNMIJJ-EQRSXLIVIXSWEXMWJ]]SYVGYVMSWMX]Q]XMQIMWXSSI\TIRWMZI
5YIWXMSRIV ;SYPH ]SY FI OMRH IRSYKL XS KMZI QI WSQI EHZMGI LS[ XS KMZI E KSSH
IHYGEXMSRXSXLIGLMPHVIR[LSEVIIRXVYWXIHXSYWWYGLEW[IEVI#
+YVHNMIJJ=SYEWO1QIHI7EP^QERRXSKMZI]SYX[SGLETXIVWSJEFSSO-LEZI[VMXXIR
?1IIXMRKW [MXL 6IQEVOEFPI 1IRA 1] *EXLIV ERH 1] *MVWX 8YXSV - LEZI I\TPEMRIH
XLIVIFVMIJP][LEX]SYEWOQI8LIWIX[SGLETXIVW[MPPKMZI]SYWSQIKSSHMRWXVYGXMSR
5YIWXMSRIV-LEZIEPVIEH]QSHMJMIHQ][E]SJXIEGLMRKWMRGI-GEQILIVI&YX-EQ
SJXIRMRHMJJMGYPXMIW-XLMRO-LEZIRSXMGIHXLEXGLMPHVIREVIWIRWMXMZIXSXLIIJJSVXW[LMGL
SRIQEOIWXSVIQIQFIVSRIWIPJEPWS[LEX-GERFIWXHSMWXSWXVYKKPIEKEMRWXXLIFMK
RIKEXMZIIQSXMSRW-XWIIQIHXSQIXLEXXLIGLMPHVIR[IVIWIRWMXMZIXSMX
+YVHNMIJJ%XLSYWERHXMQIWQSVIXLER]SY-RGLMPHVIRGV]WXEPPM^EXMSRMWEXLSYWERH
XMQIWQSVIXLERMR]SY8LEXMWXLIHERKIVSJWYKKIWXMRKWSQIXLMRKFEHXSEGLMPH[LSWI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
WIRWMXMZIRIWWMWEXLSYWERHXMQIWWXVSRKIVXLER]SYVW
5YIWXMSRIV-LEZIPIWWHMJJMGYPX]MRVIQIQFIVMRKQ]WIPJMRGPEWWMRJVSRXSJGLMPHVIR
XLEREXSXLIVXMQIW
+YVHNMIJJ=SYVGLMPHVIRHSRSXIQEREXI]IX
5YIWXMSRIV -X WIIQW XS QI XLEX XLI GLMPHVIR EVI GEPQIV &IJSVI [LIR XLI] [IVI
RIVZSYW-WLSYXIHXSGEPQXLIQ2S[-XV]XSFIGEPQERHMRXLIMVXYVRXLIGLMPHVIRKIX
GEPQEYXSQEXMGEPP]
+YVHNMIJJ=SYLEZIGSRWXEXIHEKSSHXLMRK-XMWRSX]SYVXIEGLMRK[LMGLQEXXIVWJSVXLI
JYXYVISJXLIGLMPHVIRMXMW]SYVIQEREXMSRW2SXJSVXLITVIWIRXJSVXLIJYXYVI=SYGER
SRP]XIEGL EYXSQEXMGEWWSGMEXMSRWFYX]SYV IQEREXMSRWEVIMQTSVXERXERH WLS[LS[
QYGLYRGSRWGMSYWIHYGEXMSRMWLEVQJYP
5YIWXMSRIV-LEZIRSXMGIHXLEXEGPEWWMWEGEVMGEXYVISJXLIXIEGLIVERHXLEXSRIGER
ORS[LMQXLVSYKLXLIEXQSWTLIVISJLMWGPEWW
+YVHNMIJJ=SYLEZIQEHIWSQIZIV]KSSHSFWIVZEXMSRW3FWIVZIEKEMRERH]SYGERORS[
]SYVWIPJ XLVSYKL XLI GLMPHVIR 8LMRO IKSMWXMGEPP] XLEX ]SY [SVO JSV XLI QSQIRX JSV
]SYVWIPJ;LEX-HS-HSXSFIEFPIXSFIEKSSHEPXVYMWXPEXIV8SHE]-EQQIVHIEPXVYMWX-
[MWLXSFIEKSSHIKSMWXXSTYXQ]WIPJ[IPPSRQ]JIIX
5YIWXMSRIV-[ERXIHEPWSXSEWO]SYVTVIGMWIEHZMGI1]PMXXPIFS][MWLIWXSEJJMVQ
LMQWIPJQSVIERHQSVI,IEP[E]WWE]WRSERHLIMWEP[E]WSTTSWMRK8SQEOILMQKMZI
YT-LEZIX[SQIERW)MXLIVXSWTIEOXSLMQEPSRKXMQIXSVIEWSR[MXLLMQ[LMGLMWRSX
EP[E]W TSWWMFPISVXS HMWXVEGXLMQXS KMZILMQ ETPE]XLMRK[LMGL MWZIV] IEW]FYX
[LMGLHSIWRSXWIIQXSQIZIV]KSSH
+YVHNMIJJ8LIWIGSRHMWFEHERHXLIJMVWXMWKSSH6IEWSR[MXLLMQYWMRKEREPSKMIW
GLMPHVIRPMOIEREPSKMIWZIV]QYGL
5YIWXMSRIV&YXMXMWHMJJMGYPX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ8LEXMWERSXLIVUYIWXMSR=SYQYWXHSMX8LIWIGSRHQIERW]SYQYWXRSXYWI
8LIGLMPHYRHIVWXERHWZIV][IPPMXMWQSVIMRXIPPMKIRXXLERXLIKVS[RYTWFYXMXRIIHWE
ZIV]WMQTPIPSKMG;LEXMXLEWYRHIVWXSSHMXRIZIVJSVKIXW
5YIWXMSRIV-XMWZIV]HMJJMGYPXJSVYW
+YVHNMIJJ&YXMXMWZIV]IEW]JSVMX*SVYWMXMWHMJJMGYPXFYXJSVEGLMPHMXMWZIV]IEW]XS
YRHIVWXERHEKSSHI\TPEREXMSR-XMWHMJJMGYPXJSV]SYXSI\TPEMRFIGEYWI]SYLEZIFIIR
FEHP]IHYGEXIH=SYLEZIFIIRIHYGEXIHRSXXSFIEXIEGLIVFYXJSVORMXXMRKWSGOW%RH
RS[XLIVI]SYEVIEXIEGLIVERH--LEZILSPIWMRQ]WSGOW
5YIWXMSRIV1V+YVHNMIJJ-LEZIEP[E]WFIIRI\XVIQIP]GEVIPIWW?(MWGYWWMSR[MXL1QI
HI7EP^QERRSRXLI[SVHGEVIPIWWERHMXWXVERWPEXMSRA
+YVHNMIJJ7E]]SYEVIGEVIPIWW&YXXLEX-LEZIORS[RJSVEPSRKXMQI8IPYWWSQIXLMRK
RI[
5YIWXMSRIV-WIIMXFIXXIVRS[ERH-WIILS[MXMWWIVMSYWMREPPJMIPHW%RHXMPPRS[
EPXLSYKL-WIIMX-LEHRSXYRHIVXEOIRXLIWXVYKKPIEKEMRWXMXFIGEYWIMXPIHQIXSSJEV
E[E]&YXXSHE]-[ERXIHXSWXVYKKPIFIGEYWIXLMWGEVIPIWWRIWWPIEHWQIE[E]EP[E]W
ERH-EWO]SY[LEXXSHS
+YVHNMIJJ*M\JSV]SYVWIPJEXEWOWTIGMEPP]SRXLEX%WXLMWJEGXSVMWZIV]WXVSRKMR]SY
]SYQYWXJMRHEZIV]WXVSRKQIEWYVI=SYWQSOI#
5YIWXMSRIV2S
+YVHNMIJJ=SYIEX#
5YIWXMSRIV=IW
+YVHNMIJJ8LIRJM\JSV]SYVWIPJEXEWOSRXLEX(SRSXFIGEVIPIWW%RHMJ]SYRSXMGIXLEX
]SYLEZIFIIRGEVIPIWWXLIWEQIHE]]SYKMZI]SYVWIPJ]SYV[SVHRSXXSIEXXLIRI\X
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QIEP8MPPXLIRI\XQIIXMRK-J]SYHSWXVYKKPI]SYIEX-J]SYHSRSXWXVYKKPI]SYHSRSX
IEX-XMWXLISRP]QIEWYVIXLIVIMWRSSXLIVSRI2SXMGI-J]SYEVIEKYIWXWSQI[LIVI
XLMWVYPIHSIWRSXGSYRX-XMWSRP]EXLSQIXLEX]SYHSRXIEX
5YIWXMSRIV,S[MWMXXLEXMHIEWMR[LMGL]SYFIPMIZIERHSJ[LMGL]SYEVIGSRZMRGIHHS
RSXTIRIXVEXITVSJSYRHP]MRXS]SYFYXVIQEMRSRXLIWYVJEGIERHHSRSXEJJIGX]SYVPMJI#
+YVHNMIJJ&IGEYWI]SYEVIGSRZMRGIHEXXLIQSQIRX[LIR]SYWTIEOFYXEJXIV[EVHW
]SYKSMRXSPMJI
5YIWXMSRIV&YXEJXIV[EVHWMRPMJISRIHSIWSXLIVXLMRKWJVSQXLSWISJ[LMGLSRIMW
GSRZMRGIH-EGXEKEMRWX[LEX-FIPMIZI
+YVHNMIJJ&IGEYWI]SYLEZIERIHYGEXMSRSJXLMWOMRH=SYVIHYGEXMSRMWPMOIXLEX;I
LEZIX[SMRHITIRHIRXSVKERMWQW3RIMWXLIVIWYPXSJSYVTVITEVEXMSRXLISXLIVMWSYV
FSH]EXXLIFIKMRRMRK8LMWFSH]GERSRP]JYRGXMSR[LIR-EQVIPE\IHUYMIXERHEPSRI
;LIR-IRXIVMRXSPMJIMXMW[IEO-GERRSXHSER]QSVIERHMXMWXLISXLIV[LMGLKIXWXLI
FIXXIVSJQI-GERRSXHSER]QSVI[LEX-HIGMHIHERHMXMWXLYWXLEX]SYKSSRHSMRK[LEX
]SYLEZIXLILEFMXSJHSMRK=SYLEZIERMHIE&IJSVIQERMJIWXMRK]SYVWIPJMRPMJI[LIR
]SYEVIEPSRIMRXLILSYWI]SYVIPE\]SYVWIPJERH]SYQEOIETVSKVEQLS[]SYQYWX
QERMJIWX]SYVWIPJHYVMRKXLIHE]8LIR]SYWYKKIWXXS]SYVWIPJXSJSPPS[]SYVTVSKVEQ
I\EGXP]=SYJEMPXIRXMQIWX[IRX]XMQIW8LIJMVWXX[IRX]XMQIW]SYJEMPXLIX[IRX]JMVWX
XMQI]SYGERHS[LEX]SYLEZIHIGMHIHXSHS[LIR]SYEVIEPSRI8LIVIMWRSSXLIVQIERW
JSVXLIQSQIRX1EOIETVSKVEQMRXLIWXEXI[LMGL-EHZMWIH]SY1EOI]SYVWIPJUYMIX
GEPQVIPE\IH8LIRJSV]SYVRIEVJYXYVI]SYQEOIXLMWTVSKVEQ=SYIRXIVMRPMJIERH
]SYXV]XSHSEW]SYLEZIHIGMHIH-J]SYHSMXZIV][IPP]SYKMZI]SYVWIPJWSQIXLMRKRMGI
%RHMJ]SYJSVKIX]SYTYRMWL]SYVWIPJ
5YIWXMSRIV3RILEWRSXIRSYKLJSVGISJ[MPPXSTYRMWLSRIWIPJ
+YVHNMIJJ=SYQYWXEGGYWXSQ]SYVWIPJ8LEXKMZIWJSVGIJSVXLIJYXYVI=SYWXVYKKPIERH
XLMWWXVYKKPIKMZIWVIWYPXWPMXXPIF]PMXXPIMXEGGYQYPEXIWXLIQJSV]SY=SYJEMPSRGIXIR
XMQIWFYXIEGLWXVYKKPIKMZIWVIWYPXWPMOIEWYFWXERGI[LMGLEGGYQYPEXIWMR]SYERH
XLIVIWYPXWSJXLIWIEGGYQYPEXMSRWLIPTQIXSEGGSQTPMWLEGSRWGMSYWHIGMWMSR%PPXLEXMW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
SVHMREV]&YXXSLEZISXLIVXLMRKWMXMWRIGIWWEV]XSLEZIQEXIVMEPMXMWRIGIWWEV]XS
ORS[-XMWXLIJMVWXXMQI]SYEVILIVI8LIVIEVIEXLSYWERHHMJJIVIRXI\IVGMWIW&YXJSV
XLIJMVWXXMQI]SYEVILIVI-I\TPEMRMXXS]SYMRKIRIVEP[MXLSVHMREV]XLMRKW8LIVIEVI
SXLIVXLMRKWXSWE]FYXSRIGERRSXWE]IZIV]XLMRKEXSRGI8LIVIEVISXLIVI\IVGMWIW
[LMGL[ILEZIHSRIFYXMXMWRIGIWWEV]XSTVSGIIHPMXXPIF]PMXXPI=SYVEMQMWXLIEMQJSV
IZIV]SRILIVI?1V+YVHNMIJJEWOWJSVRI[WSJ6IRI(EYQEPHVMROWXSXLILIEPXLSJEPP
[MWI QIR NSOIW EFSYX XLI [MWI QIR ERH VSWIW ERH RMGOREQIW ERSXLIV WXYHIRX XLI
RITLI[SJ9RGPI7EQA
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+7):)28))2
8LYVWHE](IGIQFIVXL
0IGXYVI8LI;SVOSJXLI7EMRXWSJ%WLMEXE7LMIQEWL?1V+YVHNMIJJNSOIW[MXL1MWW
+SVHSRERH&SYWMUYISRTIIPMRKVEMWMRW1MWW+SVHSRMWER)RKPMWL[SQEREWXYHIRX
JVSQXLI4VMIYVIHE]W[LSIPIGXIHXSWXE]MR*VERGIHYVMRKXLI3GGYTEXMSR7LI[EW
PEXIVMRXIVRIHMREGSRGIRXVEXMSRGEQT[LIVIWLIHMIH&SYWMUYIMW1QIHI7EP^QERRW
HEYKLXIVA
5YIWXMSRIV1V+YVHNMIJJ-[SYPHPMOIXSEWO]SYEUYIWXMSR
+YVHNMIJJ )\GYWI QI TPIEWIGER ]SY [EMX# - [ERX XS WE] WSQIXLMRK XS XLMW QER
?-RHMGEXIWERSXLIVWXYHIRXA8SHE]-GERZIVMJ]WSQIXLMRK-ORS[LMQ-LEZIWIIRLMQ
QSVIXLERSRGIERHEXXLIWEQIXMQI-[EWRSXWYVIXLEXMX[EWVIEPP]LMQ-XWIIQIHXS
QIXLEXMX[EWRSXLMQ8LEXRIZIVLETTIRWXSQI-TLSXSKVETLTISTPI&YXMRQ]LIEH
XLMWTLSXSSJLMQ[EWSRP]LEPJGPIEVERHJSVWIZIVEPHE]W-WEMHXSQ]WIPJ;L]MWXLMW#
8SHE]-YRHIVWXERH?7XYHIRXVITPMIWA;L]1V+YVHNMIJJ#
+YVHNMIJJ-WII]SYVFVSXLIVSZIVXLIVI-ORI[RSXXLEXLI[EWLIVI-FIPMIZIHXLEX]SYV
FVSXLIV[EW]SYERH]SY[IVI]SY-LEHRSXJM\IH]SYVFVSXLIV&YXXSHE]-WII]SY
MRHITIRHIRXP] SRI SR XLI PIJX XLI SXLIV SR XLI VMKLX ]SY LEZI RSXLMRK MR GSQQSR
I\XIVMSVFYXMRIWWIRGI]SYEVIZIV]WMQMPEV3RIGER[EKIVXLEXMXMWXLIWEQIJEXLIV
;L]MWIZIV]SRIPEYKLMRK#;LEX-WE]MWZIV]RSVQEP,E)RSYKL8SHE]MW8LYVWHE]
ERH EX XLI WEQI XMQI 8LYVWHE] [LMGL FIKMRW MR E RI[ [E] -X MW XLI 8LYVWHE] SJ E
WIUYIRGISJ8LYVWHE]WXLEX[MPPFISJERI[UYEPMX]8LI8LYVWHE]WFIJSVIEVIHIEH;I
GERRIZIVQSVIWXEVXSZIV-XMWEHMJJIVIRXUYEPMX]SJ8LYVWHE][MXLQSVIHIXEMPW%QSRK
SXLIVWJSVXLMW8LYVWHE]WIZIVEPTISTPILEZIWEMHXSQI-GERRSXJYPJMPPXLIGSRHMXMSR
[LMGLLEWFIIRPEMHHS[RXSMRXIVIWXERHXSFVMRKWIZIRTISTPIXSXLI[SVO-LEHPEMH
HS[REWEGSRHMXMSRXLEXSRP]XLSWI[SYPHGSQISR8LYVWHE]W[LSLSTIHXSFIEFPIXS
FVMRK ERH XS MRXIVIWX WIZIR RI[ TISTPI [MXLSYX I\TPEMRMRK XS XLIQ ER]XLMRK WXVERKI
EFSYXXLIMHIEWMRXIVIWXMRKXLIQSRP][MXLXLIMHIEWQ]MHIEW[MXLXLEX[LMGLLILEW
WXYHMIH LIVI HSRI LIVI XLI XSSPW [LMGL [I LEZI KMZIR LMQ ERH RSXLMRK IPWI 7IZIR
TIVWSRWMRWM\QSRXLW8LEX[EWXLIJMVWXGSRHMXMSR%RHGIVXEMRSRIWLEZIQEHISJQI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLMWMRUYMV]ERH-VITP]XLEXLIMWERMHMSX[LSUYIWXMSRWQIXLYW-XMWRSXEUYIWXMSRSJ
FVMRKMRKWIZIRTISTPIMRWM\QSRXLWJSVMJXVYP]SRIMRXIVIWXWEWMRKPITIVWSRMRGSQMRK
XLMWTIVWSRGERLIPT]SYMRFVMRKMRKJSYVXIIR-XMWRSXHMJJMGYPX-XMWRSXEUYIWXMSRSJ
WIZIR 3RI MW IRSYKL XS FIKMR 3RP] MX QYWX FI E TIVWSR [LS WLEPP LEZI FIIR VIEPP]
WXEVXIH[IPPFIKYR[LSGSYPHMRXIVIWXLMQWIPJMRSYVMHIEW%RHEYXSQEXMGEPP]LIWLEPP
FIEFPIXSEWWMWX]SY]SYWLEPPFIXLIR]SYPMOIE*VIRGLTVIWMHIRXXLEXMWXSWE]]SY
[MPPLEZIRSXLMRKXSHS,I[MPPHSIZIV]XLMRK?8SXLIJMVWXUYIWXMSRIVA2S[Q]HIEV
[LEXHMH]SY[MWL#
5YIWXMSRIV -JSYRH Q]WIPJXSS GEPQERH XSSLETT] [MXLSYXHIWMVI XSGSRXMRYI PMOI
WXEKRERX [EXIV %RH ]IX - JIPX XLEX - QYWX HS WSQIXLMRK - GLSWI ER MRXIPPIGXYEP ERH
TVMQMXMZIXEWOERHIWTIGMEPP]YRHIVYRTPIEWERXGSRHMXMSRW-JMRHQ]WIPJRS[I\XVIQIP]
XMVIH%RHQSVIXLEXHSIWRSXEGGSVH[MXLQ][SVO-[SYPHPMOIXSWPIITX[IRX]LSYVWE
HE]MJ-GSYPH-[SYPHPMOIXSORS[RS[LS[XSHMQMRMWLQ]XEWO-RSPSRKIVLEZIXLI
TSWWMFMPMX]SJXLEXERH-HSRSX[ERXMXFYXLS[XSFIEVMXFIXXIVERHXSVIWXFIXXIV
+YVHNMIJJ-RKIRIVEP]SYV[SVOKSIW[IPP#
5YIWXMSRIV-RXIPPIGXYEPP]]IW
+YVHNMIJJ8LIR MJ ]IW HS SRP] SRI XLMRK 3RI XLMRK EHHW XS XLMW JEXMKYI MX MW ER
MRXIVQMXXIRXSFWIWWMSR-XMWIMXLIVLSTISVVIKVIXSJETIVWSREFSYX[LSQ-GERSRP]
XLMROERHXLEXSGGEWMSREPP]HYVMRKWSQILSYVW8LIVIMWXLIVIJSVIRSXLMRKXSI\TPEMR
]SY QYWX HS [LEX - XIPP ]SY &YX EX XLI WEQI XMQI VMKLXP] XLIWI XLMRKW HIQERH ER
I\TPEREXMSR[LMGLGERWIVZIXLI[LSPI[SVPHXLYW-EQKSMRKXSI\TPEMRMXJSV]SYERHEX
XLIWEQIXMQIJSVIZIV]SRI=SYVIQIQFIVXLEXSJXIR-WE]XLEX]SYQYWXFIMRXIVREPP]
JVII=SYYRHIVWXERH[LEXMXMWXSFIJVII8SMHIRXMJ][MXLRSXLMRK8LIQSWXMQTSVXERX
TEVXSJSYVWPEZIV]MWHITIRHIRXYTSRJEGXSVW[LMGLEVIGV]WXEPPM^IHMRYWERH[LMGLEVI
VIPEXIHXSSYXWMHIVWXSVIPEXMSRWLMTW[MXLTISTPIYRJEQMPMEVXSYW%RHMRSVHIVXSFIEFPI
XS FI JVII XLI JMVWX [SVO MR IWSXIVMG WGLSSPW SJ EPP XMQIW FIKMRW I\EGXP] [MXL XLMW
UYIWXMSR8SHIGV]WXEPPM^IEPPXLIJEGXSVW[LMGLEVITIVQMXXIHF]VIPEXMSRW[MXLSXLIVW
I\GITXMSRW QEHI SJ XLI GV]WXEPPM^IH JEGXSVW [LMGL EVI GSRGIVRIH [MXL TIVWSRW SJ XLI
WEQIFPSSHJEXLIVQSXLIVWMWXIVFVSXLIVIXG-XMWXLIWEQIFPSSHXLIWEQIJEQMP]
XLIJEGXSVWQYWXGSRXMRYI
&YXEPPXLISXLIVJEGXSVWQYWXFIHIGV]WXEPPM^IH]SYQYWXFI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
EREFWSPYXIIKSXMWX%PPPSZIEPPVIWTIGXJSV[LSQIZIVMXQE]FI]SYQYWXPMUYMHEXIMXMW
RIGIWWEV] XLEX PSZI FI XVERWJSVQIH MRXS MRHMJJIVIRGI =SY QYWX WTIGMEPP] MRJPYIRGI
]SYVWIPJERH[SVOMRSVHIVXSRIZIVLEZIGPSWIYRMSR[MXLER]SRI=SYQYWXRIMXLIVPSZI
RSV IWXIIQ MRXIVREPP] RSV LEZI ER] W]QTEXL] SV ERXMTEXL] - WE] MRXIVREPP] RSX
I\XIVREPP] )\XIVREPP] ]SY QYWX TPE] ]SYV VSPI &YX RSX MRXIVREPP] )ZIV]SRI [LS MW
WXVERKIXS]SY]SYQYWXVINIGXWEZITIVWSRWSJXLIWEQIFPSSH7XVYKKPIMREPP[E]W=SY
ORS[]SYVWIPZIWFIXXIVXLER-]SYORS[LS[XSMRJPYIRGI]SYVWIPZIWERH[LEXXLSYKLXW
ERHWIRXMQIRXWMXMWRIGIWWEV]XSVIWMWXMRSVHIVXSHIGV]WXEPPM^IXLIWIJEGXSVW=SYFIKMR
EGGSVHMRKP]ERHMJ]SYWIIXLEX]SYGERRSX-[MPPLIPT]SYERH-[MPPXIPP]SY[LEX]SY
QYWXHS8LIXVYXLVIQEMRWXLIXVYXL%PPXLSWI[LSEVIIRKEKIHMRMRXIVREP[SVOQYWX
OIITRSJEGXSVSJGSRXEGXKSSHSVFEH[LEXIZIVMXQE]FISRIQYWXFIJVIIGSQTPIXIP]
JVIIJVSQGSRXEGXW[MXLWXVERKIVW-VITIEXI\GITXJSVTIVWSRWSJXLIWEQIFPSSH*SV
XLIQ SRI QYWX XEOI RS QIEWYVIW XS GLERKI XLSWI UYEPMXMIW SJ VIPEXMSR ;I QYWX RSX
GLERKISYVGSRXEGX[MXLSYVJEXLIVWQSXLIVWIXG3RIWLEPPGLERKISRP]XLIJSVQSJ
GSRXEGX JSV SYV JEXLIVW QSXLIVW YRGPIW IXG -X MW XLI WEQI FPSSH 7XVERKIVW EVI SJ
ERSXLIVFPSSHERSXLIVWSYVGIMRXIVREPP]XLI]QYWXXSYWFIGSQTPIXIP]MRHMJJIVIRX
3RIQYWXFIJVIISJXLIQ;MXLSYXER]WPEZIV])\XIVREPP]]SYGERTPE]EVSPIERHHS
[LEX MX MW RIGIWWEV] XS HS 8LEX MW ]SYV FYWMRIWW 1ER QYWX WXVMZI XS RSX MHIRXMJ]
MRXIVREPP]ERHXSTPE]EVSPII\XIVREPP]
5YIWXMSRIV&YXMJSRIJSVFMHWSRIWIPJW]QTEXL]XS[EVHWIZIV]FSH][MPPXLIVIRSXFI
LIVIMRYWEWIRXMQIRX[LMGLMWPEGOMRKRSXEFP]MRXLIMQTYPWMSRWSJVIQSVWI[LMGLXSYW
QE]VIWXSVISYVTEWXERH[LMGLEVIERMQTSVXERXJEGXSVSJXLI[SVO#
+YVHNMIJJ*SVXLMWTISTPISJXLIWEQIFPSSH[MPPWYJJMGI]SY=SYLEZIGSQQMXXIHQER]
IVVSVWXS[EVHXLIQMXMWXSXLIQXLEX]SYVVIQSVWISJGSRWGMIRGIQYWXKS
5YIWXMSRIV&YX-LEZIRSJEQMP]
+YVHNMIJJ)ZIRSRITIVWSRMWWYJJMGMIRX-R]SYVTEWXPMJI]SYGERQEOIYWISJQYGL
QEXIVMEPJSVXLIVIQSVWISJGSRWGMIRGIXS[EVHXLMWTIVWSRC?8SXLIJMVWXUYIWXMSRIVA
-RXLEXGEWIRS[MJ[IEREP]^I[LEXVIEWSRWHMH]SYLEZIJSVEWOMRK]SYVUYIWXMSR#8LI
VIEWSRMWXLEX]SYLEZILEHEGSRXEGX[MXLWSQISRIEGSRXEGXSJX]TISVTSPEVMX]3RI
QYWX WXVYKKPI EPP XLI QSVI XLEX ]SY QYWX YWI XLMW WXVYKKPI JSV ]SYV [SVO /MPP MR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYVWIPJXLIJEGXSVW[LMGLLEZITIVQMXXIHXLMWGSRXEGX[MXLEWXVERKITIVWSRMJLIMW
WXVERKI-JLIMWSJ]SYVFPSSHHSRSXXSYGLLIVIJSVXLEXMWERSXLIVXLMRK-J]SYLEZIRSX
YRHIVWXSSHQIXEPOXS1QIHI7EP^QERR-LEZII\TPEMRIHXSLIVEPPXLEX[EWRIGIWWEV]
*MVWX
5YIWXMSRIV-[SYPHPMOIEFSZIEPPXSLEZIWSQIXLMRKGSRGVIXIERHLS[XSJVIIQ]WIPJSJ
ELEYRXMRKMQEKI
+YVHNMIJJ(SXLEX[LMGL]SYHSJSVQER]SXLIVXLMRKW&IWIEXIHFIXVERUYMPVIPE\
GEVIJYPP] 8LIR ]SY FIKMR XS WYKKIWX XS ]SYVWIPJ EW XS E WXVERKI TIVWSR ;MXL ]SYV
GSRWGMSYWRIWW]SYI\TPEMRXS]SYVWYFGSRWGMSYWXLEXEPPXLEXMWWPEZIV]ERHXLEXMXMW
MHMSXMGXSLEZIGSRXEGX[MXL[LSQIZIVMXQE]FI=SYI\TPEMRMXEWXSEWXVERKIV8LIR]SY
I\TPEMRMXXS]SYVWIPJ3RIXMQIXIRXMQIW]SYI\TPEMRMXXS]SYVWIPJ%RH]SYWLSYPHFI
EFPIMRJEGXXSVIGIMZIPMOIEWXVERKIVXLIWIXLMRKW[LMGL-EQKSMRKXSXIPP]SYERH
[LMGL]SYWLEPPXIPP]SYVWIPJ0MOIEWXVERKIVXS[LSQSRII\TPEMRWXIRXMQIWXLIWEQI
XLMRK &IGEYWI ]SYV MRHMZMHYEPMX] ERH ]SYV FSH] EVI I\EGXP] PMOI ]SY ERH ERSXLIV
TIVWSREWXVERKIV*SV]SY]SYVFSH]MWEWXVERKITIVWSRXLIHMJJIVIRGIFIMRKXLEXMXMW
IEWMIVXSTYRGLWSQISRI[LSMWRIEVXLERWSQISRI[LSMWJEV2S[]SYVFSH]MWRIEVIV
MXMWXLYWIEWMIV2SXSRGIFYXXIRXMQIWEHE]]SYGERXEPOXS]SYVWIPJ%PPQYWXHS
HMJJIVIRXP]MRXLMW[SVOIZIRWEGVIHGSQTYPWMSRWQYWXFIOMPPIHF]]SYVWIPZIW,I[LS
[ERXWXSLEZIPMFIVX]QYWXOMPPIZIV]XLMRKMRLMQWIPJ)ZIRMJ]SYPSZI+SHSV2SXVI(EQI
]SYQYWXOMPPMXMR]SYVWIPJ)ZIRXLIMHIESJFIPMIZMRKMREWEMRX]SYQYWXWIRHMXXSXLI
HIZMPERHXLIWEMRX[MPPLSPHRSXLMRKEKEMRWX]SYJSVXLEX
5YIWXMSRIV - EQ ZIV] WYVTVMWIH F] [LEX ]SY WE] &IGEYWI - [LS TVMHI Q]WIPJ SR
LEZMRKLEHQER]GSRXEGXWMRQ]PMJI-TIVGIMZIHJMJXIIRHE]WEKSERH-EQ[SVVMIHXLEX-
RS PSRKIV JIIP ER]XLMRK JSV ER]SRI MR VIPEXMSRW [MXL TISTPI - EQ EFWSPYXIP] HV] ERH
MRHMJJIVIRXEPPXLI[LMPIGSRXMRYMRKXSHSXLIXLMRKWXLEX-QYWXHSERH[LMPIKMZMRKXLI
QE\MQYQSJQ]WIPJMRQ]LYQERVIPEXMSRW
+YVHNMIJJ%RH]SYXLMROXLEX]SYLEZIEVVMZIHEXXLEX]SYVWIPJ#
5YIWXMSRIV-XMWXLIVIWYPXSJXLI[SVO
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ&YXTIVLETWLEZI-HSRIWSQIXLMRKWTIGMEPJSV]SYJSV]SYXSEVVMZIEXXLEX#
,IFIPMIZIWXLEXLILEWFIGSQIPMOIXLEXGSQTPIXIP]REXYVEPP]
-QEHISJ]SYEWTIGMEP
GERHMHEXIJSVXLI[SVO-LEZIHSRIMXTYVTSWIP]%WMJ-LEZIKMZIR]SYETMPP=SYEVI
GLERKMRKERH-EQGSRXIRX
5YIWXMSRIV-WTSOIXSWSQISRI[LSXSPHQIXLEXLIRIZIVTIVGIMZIHPSZIJSVER]SRI,MW
LIEHVYPIHLMQ8LIR-HMHRSXORS[LS[XSERW[IVFIGEYWI-EQWXVMGOIR[MXLXLIWEQI
MREFMPMX]7SQIXLMRKMW[IEOMRQI
+YVHNMIJJ;L]HS]SYVIGEPPXLMWTIVWSR#
5YIWXMSRIV-RVIPEXMSRXSXLI[SVO
+YVHNMIJJ%HZMGI[MPPRSXLIPT]SY=SYV[MPPMWRSXWYJJMGMIRXXSGLERKI]SY]SYQYWX
LEZIERI\XIVREPEMH
5YIWXMSRIV-EQWYVISJMX
5YIWXMSRIV8LIVIMWERMQTYPWMSR[LMGL-EQXV]MRKXSGYPXMZEXIJSVQ][SVOERH[LMGL
-FIPMIZIHKSSH-X[EWXSWIEVGLJSVEGPIEVPSKMGEPMRXIPPMKIRGIF]PSKMGXLEXQ]FSH]
SFI]W-LEHEWTIGMEP[E]1]HIXEGLIHXLSYKLXSJQ]TIVWSREP[SVO%RH-JSYRHMR
IEGLQSQIRXERMRGPMREXMSRSVVEXLIVEWYVTVMWISJI\MWXMRKXLEX-FIPMIZIHXSFIEFPIXS
MRXIRWMJ]MRSVHIVXLEXMXQMKLXEMHQIMRFIMRKEFPIXSKMZIEQSVITS[IVJYPIJJSVXMR
VIGEPPMRK&YX-YRHIVWXERHXLEXMXMWSYX[EVHXLEXXLI[SVOMWWITEVEXIHMRXSX[SXLEX
XLI JMVWX TEVX SJ XLI [SVO LEW QSVI WXVIRKXL MR TVSTSVXMSR EW SRI HSIW MX ERH - EWO
Q]WIPJMJMXMWKSSHXSGSRXMRYI
+YVHNMIJJ-GERXIPP]SYSRIXLMRK;ILEZIETVSTIVX]-J]SYEVISREKSSHTEXL2EXYVI
TYXWMQQIHMEXIP]MR]SYERMHIEWLIGV]WXEPPM^IWMR]SYXLII\EGXJEGXSVXLEXMWKSMRKXS
GEPQ]SYMRSVHIVXSTVIZIRX]SYJVSQGSRXMRYMRKSRXLIKSSH[E]8LIQSVI]SYEVISR
XLIVMKLX[E]XLIQSVI2EXYVIYWIWSJXLIWIXLMRKW-XMWXLYWMRPMJI=SYWLEPPHSXLMW
XLIVIJSVI ]SYWLEPP FIGSQIGEPQ MR EKSSH WXEXI]SY WLEPP WMX ZIV]XVERUYMPP] ]SY
WLEPPHSXLMWJSVSRISVX[S[IIOWSJEQSRXL
%RH]SYRSPSRKIVFIPMIZIER]XLMRKSV
ER]SRI=SYQEOI ETVSKVEQ;LIR ]SYLEZIRSTVSKVEQER]XLMRK RSQEXIV[LEX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MHMSG][LEX[SVXLPIWWRIWW[LEXVSXGERVYPI]SY,EZIGSRJMHIRGISRP]MRXLITVSKVEQ
XLEX]SYWLEPPLEZIQEHIMREWTIGMEPWXEXI8LITVMRGMTEPXLMRKMWXSQEOIXLMWTVSKVEQ
LS[]SY[ERXXSFILEZI[LEX]SY[ERXXSHSXLIVIPEXMSRWXLEX]SY[ERXXSLEZI[MXL
IZIV]SRIXLMWMWETVSKVEQ%RH]SYFIPMIZISRP]MRXLMW%RHIZIRMJ+SHGSQIWXSHMWXYVF
]SYERHXSXIPP]SYXSHSWSQIXLMRKIPWI]SYFIPMIZI,MQRSX4IVLETW,ILEWGSQI
VMKLXP]MRSVHIVXSTPE]]SYEHMVX]XVMGO=SYHSSRP]XLEX[LMGL]SYLEZIHIGMHIHMR]SYV
WTIGMEPWXEXI
5YIWXMSRIV &YX MXMWHMJJMGYPX XSFIPMIZIXLEX XLIQSZIQIRXSJ XLSYKLX[MPP WYJJMGIXS
FVMRKEFSYXXLIQYGLWSYKLXEJXIVJMVIXLIMQTYPWMSR
+YVHNMIJJ8LIR]SYWLEPPPSWI]SYVWIPJEP[E]W]SY[MPPEP[E]WFIMR]SYVS[R[E]-XMW
XLIHSKXLIHIZMP[LMGL2EXYVITYXWMR]SY&IGEYWISJXLMW]SYFIPMIZIRSXLMRK&YXSRP]
MRXLITVSKVEQXLEX]SYLEZIHIGMHIHSR=SYYRHIVWXERHXLEX-EQWE]MRKERMQTSVXERX
XLMRK8LMWWXEXIGERRSXGSQISJXIR&YXSRIGERLEZIMXSRGISVX[MGIEQSRXLWIEXIH
GEPQP] ]SY VIEPM^I ]SYV XLVII OMRHW SJ QYWGPIW ERH EJXIV ]SY XLMRO EFWSPYXIP]
MQTEVXMEPP]=SYGSRWMHIV]SYVWXEXI]SYVGPEWW]SYVGLEVEGXIVERHLS[XSHSEPPXLEX
]SYLEZIXSHSMRXLIQSRXLWXLEXEVIKSMRKXSJSPPS[;LEXVIPEXMSRWJSVI\EQTPI]SY
[ERXXSLEZI[MXLXLMWQERSVXLEX[SQER8LITVSKVEQPEMHSYX]SYIRXIVMRXSPMJIERH
]SY HS SRP] XLEX [LMGL GSVVIWTSRHW XS ]SYV TVSKVEQ -R PMJI XLIVI EVI XLSYWERHW SJ
TISTPI[LS[ERXXSVYPI]SY=SYWIRHXLI[LSPI[SVPHXSXLIHIZMP]SYFIPMIZISRP]MR
]SYVTVSKVEQERHMR]SYVS[RHIGMWMSR-XMWXLISRP]I\EGX[E]JSV]SYXLISXLIVWHS
RSXI\MWXRSSXLIV[E]I\MWXWJSVXLIVIEVIQER]HSKW[LMGL2EXYVITYXWMRYWI\TVIWWP]
XSQEOIYW[IEO2EXYVIMWTIVLETWMRXIVIWXIHMRXLIVIFIMRKJI[QIRSRXLIVMKLXTEXL
5YIWXMSRIV 7MV YRXMP WIZIVEP QSRXLW EKS - XVMIH XS JVII Q]WIPJ JVSQ I\XIVREP
MRJPYIRGIW ERH MR TEVXMGYPEV MR Q] VIPEXMSR [MXL SXLIVW &YX - LEZI VYR YT EKEMRWX E
VEXLIVKVEZISFWXEGPIXLIHMJJMGYPX]SJIWXEFPMWLMRKEVIPEXMSRWLMT[MXLTISTPI-WII[IPP
[LEX-SYKLXXSEWOXLIQFYX[LIR-EQMRGSRXEGX[MXLXLIQ-HSRSXWII[LEXXLI]GER
EWOQIERH-GERRIZIVQEOISXLIVXLEREWYTIVJMGMEPGSRXEGX
+YVHNMIJJ8LIRLYVV]YTERHI\TIGXRSXLMRKSJXLI[SVO-XMWSRP]EJXIVXLEX]SY[MPPFI
EFPI XS LEZI VIWYPXW (S IZIV]XLMRK [MXLSYX MHIRXMJ]MRK ]SYVWIPJ MRXIVREPP] ERH
I\XIVREPP]TPE]EVSPI8LMWVSPIMWXSFII\EGXP]EW]SY[IVIFIJSVI%GXEVSYRHIEGLEW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYLEZIHSRIYRXMPRS[[MXLSYXPIXXMRKLMQORS[I\XIVREPP]XLEX]SYEVI[SVOMRK2S
SRI QYWX RSXMGI XLEX ]SY HS WSQIXLMRK )\TIGX RSXLMRK (S SRP] ]SYV XEWO (S RSX
MHIRXMJ]MRXIVREPP][MXLER]SRISVER]XLMRK8LMWMW]SYVXEWO&II\EGXP]EWFIJSVIMXMW
XLIVSPIXLEX]SYQYWXTPE]%YXSQEXMGEPP]]SYLEZIGLERKIHERH]SYGERRSXFIEW]SY
[IVIFIJSVIXLMW[MPPQEOI]SYYRHIVWXERH[LEXXLMWMWERHYRHIVWXERH[L]-GEPPXLMW
XSTPE]EVSPI(SRSXPIXLMQWIIXLEX]SYEVIHSMRKWSQIXLMRKI\GITXMSREP7IEVGLRSX
XS IRPMKLXIR XS WIRH VE]W SYXWMHI ]SY EVI RSX WXVSRK IRSYKL ]SY LEZI RSX XLI
TSWWMFMPMX] SJ HSMRK MX 3RI QYWX RIZIV I\TIGX PIEZI XLMRKW XS FI HSRI EW FIJSVI =SYV
JVMIRH[EWMHMSXMG#0IXLMQFIMHMSXMGERHOIITXLIWEQIVIPEXMSRWLMT,I[EWMRXIPPMKIRX#
0IXLMQFIMRXIPPMKIRX7LS[LMQXLEXRSXLMRKLEWGLERKIH8LMWMWGEPPIHTPE]MRKEVSPI
5YIWXMSRIV8SXIPPXLIXVYXL-LEHYRHIVWXSSHXLMWJSVXLISPHVIPEXMSRWXLEX-ORI[&YX
JSVXLIRI[-HMHRSXORS[XLIQFIJSVIERH-HSRSXORS[LS[XSIWXEFPMWLQ]VSPI
+YVHNMIJJ-XMW]IXIEWMIV=SYVIQIQFIVLS[]SY[IVIWM\QSRXLWTVIZMSYWP]ERH]SYHS
EW]SY[SYPHLEZIHSRIWM\QSRXLWIEVPMIV2SXQSVIRSXPIWW=SYVIQIQFIVLS[]SY
[SYPHLEZIFIIR[MXLLIVWM\QSRXLWEKSERH[LEX]SYLEZIKEMRIH]SYLMHIMXJVSQ
LIV;LIRIZIV]XLMRKWLEPPLEZIFIIRHIGV]WXEPPM^IH]SY[MPPFIEFPIXSFIERI[TIVWSR-
LEZIWEMHEQMPPMSRXMQIWRSXXSYWIXLEX[LMGL]SYLEZIKEMRIHXSHE]FIGSRXIRXXS[SVO
ERHI\TIGXRSXLMRK%RHMJ]SYLEZIKEMRIHWSQIXLMRKHSRSXYWIMXMRPMJI-XMWEWIVMSYW
XEWOXLEX]SYQYWXEGGSQTPMWLXLEXRSSRIRSXMGIWXLEX]SYEVIWSQIXLMRK2SXSRP]
QYWXSRIHSMXFYXIZIREWEXEWOEWEWTIGMEP[SVO[MXLSYXIVVMRK=SYQYWXHSMXPMOIE
XEWOXSGSRXMRYIXSHSXLEX[LMGL]SYHMHFIJSVI
5YIWXMSRIV.YWXRS[MRWTIEOMRKSJXLIJEQMP]]SYIRYQIVEXIHXLIJEXLIVQSXLIV
YRGPIFYXRSXXLI[MJIERHXLIGLMPHVIREVIXLI]SJXLIWEQIFPSSH#8LIGLMPHVIREVIXLI
WEQIFPSSHFYXXLI[MJI#
+YVHNMIJJ-XMWXLIWEQIFPSSHMJ]SYLEZIGLMPHVIRFIGEYWIXLIFPSSHMWXLIRQM\IH[MXL
XLEXSJXLI[MJI&YXMJ]SYQEVV]ERH]SYHSRSXLEZIGLMPHVIRMXMWRSX]SYVFPSSHERH
]SYGERWIRH]SYV[MJIXSXLIHIZMP-J]SYLEZIGLMPHVIRWLIMWSJ]SYVJEQMP];MXL
GLMPHVIR XLI VIPEXMSRW QYWX FI GSQTPIXIP] HMJJIVIRX XLI [LSPI [SVPH ORS[W XLEX 8LI
FPSSHW EVI QM\IH [LIR XLIVI EVI GLMPHVIR -R XLEX [LMGL GSRGIVRW GLMPHVIR MX WIIQW
FIXXIVXSHIGV]WXEPPM^IGIVXEMRJEGXSVWGIVXEMR[IEORIWWIWEFSYXEGLMPH-J]SY[SVO
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYQYWX[SVOSR]SYV[IEORIWW]SYV[IEORIWWGSRWMWXWMRXLSYWERHWSJXLMRKW*SV
I\EQTPI]SYVGLMPHHVE[WEP[E]WSR]SYVPSZITVSTIVEYXSQEXMGEPP]]SYHSRSXPSZIMX
8LMWQYWXRSXI\MWX-J]SY[SVOEPP]SYV[SVOQYWXLEZIXLIWEQIZEPYIJSV]SY8LIWI
PMXXPIXLMRKWTVSZIXSQIXLEX]SY[SVORSXSR]SYVWIPJ]SYQEOIHMJJIVIRGIWFIX[IIR
]SYV GLMPHVIR 3RI SJ ]SYV GLMPHVIR JSV I\EQTPI XSYGLIW YRGSRWGMSYWP] SRI SJ ]SYV
[IEORIWWIW &IGEYWI SJ XLMW ]SY GER EVVMZI EX HIXIWXMRK MX XLMW GLMPH PMXXPI F] PMXXPI
FIKMRWXSSJJIRH]SYMRGSRXMRYMRKMJXLMWVITIEXWMXWIPJMXGERGV]WXEPPM^IMR]SYWSQI
JEGXSVWSJLEXVIHERHMJXLIWIJEGXSVWGSRXMRYIXSGV]WXEPPM^IMXGERLETTIRXLEXEJEXLIV
OMPPWLMWWSR,MW[SVWXIRIQ]GERFILMWWSR=SYQYWXHS]SYV[SVO=SYVGLMPHVIR
QYWXLEZIXLIWEQIZEPYIJSV]SY%PPEVI]SYVFPSSH8LVSYKLXLIQ]SYGERLEZIE
GSRXEGX[MXL]SYV[MJI8LIVII\MWXWTIVXMRIRXXSXLMWMR%WMEERSVMKMREPXLMRK3ZIVXLIVI
SRIGEPPWXLI[MJI*EXQE&YX[LIRWLILEWEGLMPHLIVLYWFERHGEPPWLIV4EHKMXLEXMW
XSWE]WMWXIVERHXLI[MJIGEPPWLIVLYWFERH/EVHEZEXIXLEXMWXSWE]FVSXLIV8LI]
EVIREQIHFVSXLIVERHWMWXIVXLI]EVIRSXPSRKIVLYWFERHERH[MJI-XMWEFWYVHERHEX
XLIWEQIXMQIMXXIEGLIW%RHXLMWGSQIWXSYWJVSQZIV]VIQSXIXMQIW
5YIWXMSRIV-JEGLMPHLEWLSVVSVXLEXXLIJEXLIVIQFVEGIXLIQSXLIVSVXSYGLIWLIV
EVQMRJVSRXSJLMQSRIQYWXEZSMHMXERHRSXXSYGLLMWQSXLIVMRJVSRXSJLMQ#
+YVHNMIJJ=IW
5YIWXMSRIV%RHMXMWVMKLXXLEXXLMWFIZIV]WXVSRKMRXLIGLMPH#
+YVHNMIJJ-EQKSMRKEKEMRXSI\TPEMRXS]SYEQSRKSXLIVXLMRKWWSQIXLMRKSVMIRXEP
;LIREGLMPHEVVMZIWEJXIVXLMWQSQIRXXLIJEXLIVERHQSXLIVQYWXJMKYVIXLEXPMJIMW
JMRMWLIHJSVXLIQXLIMVPMJIXLIMVWEXMWJEGXMSRWEPPMWWEGVMJMGIHJSVXLIMVGLMPHVIR8LI]
HSIZIV]XLMRKJSVXLIMVGLMPHVIRERHVIJYWIXLIQWIPZIWIZIV]XLMRK8LI]EVIJEXLIVERH
QSXLIVXLIMVPMJIMWJMRMWLIH8LIMVEMQMWXLIMVGLMPHXLI]QYWXHSEPPJSVLMQIZIROMPP
IZIRWXIEPWSQIFEHEGXMSRWJSVXLIMVGLMPHVIR
5YIWXMSRIV8LIVIMWEUYIWXMSRSRXLIWEQIWYFNIGXXLEX-[ERXXSEWO]SY3YVEXXMXYHI
XS[EVHWSRIERSXLIV;ILEZIXSEGXEQSRKSYVWIPZIWMRXLIXIEGLMRKEW[MXLXLITISTPI
SYXWMHI#
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ,IVIMXMWRSXXLIWEQIXLMRK,IVIXLIVIEVIGSQVEHIW=SYGERQEOIE
GSQTVSQMWI [MXL ]SYV GSRWGMIRGI =SY ORS[ XLEX XLI JMVWX GSQQERHQIRX MW XLEX XLI
LERH[EWLXLILERH(S]SYYRHIVWXERH#-JXLIVMKLXLERHHSIWRSX[EWLXLIPIJXXLIPIJX
HSIWRSX[EWLXLIVMKLX-JXLIVMKLXHSIWRXHSXLMW?1V+YVHNMIJJQEOIWEKIWXYVISJ
[EWLMRK LMW LERHWA XLI PIJX LERH HSIW RSX HS XLEX -J ]SY HSRX HS KSSH XS ]SYV
GSQVEHIW]SYVGSQVEHIW[MPPRSXHSKSSHXS]SY-J]SYHSKSSHXLI]EVISFPMKIHXSLIPT
]SY
5YIWXMSRIV&IGEYWIJSVQIQ]GSQVEHIWLEZIFIGSQIOMRHVIHERHQSVIHIEVXLERQ]
JEQMP]
+YVHNMIJJ-XMWFIGEYWI]SYRIIHXLIQFYX]SYQYWXRSXFIEWPEZI
5YIWXMSRIV-XMWETVMZMPIKIXLEX-LEZIRIZIVJIPX
+YVHNMIJJ&YX[MXLSYXWIRXMQIRX[MXLSYXMHIRXMJMGEXMSRMXMWXLIXLSYKLXXLEXQYWXFI
PMOIXLEX
5YIWXMSRIV-GERRSXHMWXMRKYMWLMX
+YVHNMIJJ&YX[MXL]SYVGSRWGMSYWRIWW]SYQYWXRSXFIWPEZMWLXLEX[LMGLMWKSSH
XSHE] GER XSQSVVS[ FI FEH 8SQSVVS[ E GSQVEHI GER FILEZI XS[EVH ]SY EW XS E
WXVERKIV%RHXLEX]SYVWMWXIVGERRSXHS
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+)-+,8))2
?7SQIUYIWXMSRWERHERW[IVWJVSQXLI*VIRGLKVSYTA
5YIWXMSRIV-RIZIVHSEXEWOXLSVSYKLP]-XLMROEFSYXMX-HSMXFYXSRP]JSVEWIGSRH-
GERRSX LSPH E XLSYKLX SV E JIIPMRK ?E XEWO IZMHIRXP] QIERW SRI SJ 1V +YVHNMIJJW
I\IVGMWIWA
+YVHNMIJJ=SYJSVKIX]SYLEZIRSXQIQSV]]SYJSVKIX=SYQYWXVITIEXVITIEXVITIEX
=SY[MWLXSWE]XLEX]SYLEZIRSTS[IVSJGSRGIRXVEXMSR-XMWXLIWEQI[MXLIZIV]FSH]
8LMWMWXLIEMQSJXLI[SVO-JEQERGSYPHVIEPP]GSRGIRXVEXIJSVEUYEVXIVSJERLSYV
SRP]LI[SYPHFIFMKKIVXLER]SYV2SXVI(EQIXLER'LVMWX-WLSYPHEWOLMQXSFIQ]
XIEGLIV-JIZIV]FSH]GSYPHHSXLMWIZIV]FSH][SYPHFIWEMRXW-RXLVIIGIRXYVMIWXLIVI
LEZIFIIRTIVLETWSRIERHELEPJWEMRXW=SYQYWXXV]XSEGLMIZIKEMRMRKTIVLETWSRI
WIGSRHEQSRXLF]VITIEXMRKVITIEXMRKVITIEXMRK
5YIWXMSRIV;LIR-WIIERIKEXMZIIQSXMSR-WIIZIV]GPIEVP]XLEXMXMWRSXXLISFNIGX
XLEXGSYRXW-XHSIWRSXI\MWXMXMWXLIGSZIVMRK%WWSSREW-LEZIWIIRMXMXHMWETTIEVW
FYXXLIRIKEXMZIIQSXMSRVIQEMRWERHFIGSQIWSGGYTMIH[MXLERSXLIVSFNIGXRSQEXIV
[LMGLXLIRWSQIXLMRKIPWI-LEZIRSXMGIHXLIWEQIRIKEXMZIIQSXMSRWGSQIFEGOEKEMR
ERHEKEMRF]EWWSGMEXMSRERHXLI]WIIQXSGSVVIWTSRHXSEXIRHIRG]&]WIIMRKXLIQ
GER-XLMROSJXLIQEW-W#
+YVHNMIJJ2SXWSQER]GSQTPMGEXMSRW*SVI\EQTPI]SYEVILYRKV]8LIVIEVIHMJJIVIRX
OMRHWSJLYRKIVXLILYRKIVSJXLIQSVRMRKSJQMHHE]SJXLIIZIRMRK8LI]EVIRSXXLI
WEQI8LI)RKPMWLIEXEPSXMRXLIQSVRMRKXLI*VIRGLEXRMKLX=SYLEZIXLISTTSVXYRMX]
XSLEZIXLMWQEXIVMEP-XMWVIEH]QEHIJSV]SY3XLIVW[MPPLEZIXSQEOIMX1QIHI
7E^PQERR 8LVSYKL ?SFWIVZMRKA RIKEXMZI IQSXMSR SRI ORS[W WSQIXLMRK [LMGL SRI
GERRSX ORS[ [MXLSYX LEZMRK MX )RZ] JIEV ERKIV IXG 3RI QYWX WITEVEXI XLMW JVSQ
SRIWIPJWSXLEXMXHSIWRSXVIQEMRMRXLIIWWIRGIERHGERFIYWIH[LIRRIGIWWEV]F]
VIQEMRMRKETEVX
5YIWXMSRIV-WIILS[IQTX]-EQJYPPSJWQEPPQYRHERIHIWMVIWGSRXVEHMGXMSRWPMOIE
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QMP[LIVIIZIV]XLMRKGSQIWMRERHKSIWSYX-LEZIRS[MPPERH-LEZIRSVIQIH]JSVXLMW
-PEGOJSVGI
+YVHNMIJJ8LIXEWOLEWFIIRKMZIRJSVXLEX-J]SYHSRSXHSXLIXEWOXLIRPIX]SYVWIPJ
KSSTIREZIMRMX[MPPFIIEWMIV-GERKMZI]SYETMPPXSQEOI]SYWPIITJSVIZIV%TMPPMW
GLIETXSWPIIT[IPPEPSRI3RIRMKLXMWQYGLQSVII\TIRWMZI-JSRIWPIITW[IPPJSVSRI
RMKLXSRIGERXLIRLEZIEKSSH[EOMRKWXEXI
5YIWXMSRIV;LIR-WIIQ]RSXLMRKRIWW-EQGSQTPIXIP]HMWGSYVEKIH8LIRXSWIIXLEX-
LEZIWIIRMXKMZIWQIFEGOLSTIERHKVIEXWEXMWJEGXMSRSJQ]WIPJ7LSYPH-EPPS[Q]WIPJ
XLMW#
+YVHNMIJJ2S0SSOEP[E]WPIEVRXSWIIQSVIERHQSVI7IEVGLFEGOMRXS]SYVTEWX-RXS
]SYV[LSPIPMJI7YJJIVJSVEPP]SYVJEMPYVIW8IP]SYVWIPJ]SYEVIEPVIEH]X[IRX]JMZIXLEX
MXMWXSSPEXIXSHSER]XLMRKXLEXXMQIMWQIEWYVIH)ZIR[LIRSRIMWSRI]IEVSPHMXMW
EPVIEH]PEXI%P[E]WWII]SYVQMWXEOIWQSVIERHVITEMV
5YIWXMSRIV-WIIQ]WIPJMRQ]HVIEQW[MXLWYGLGPEVMX][MXLWYGLJSVGIERHHMWKYWX
XLEXMX[EOIWQIYT
+YVHNMIJJ-WTIRXJMJXIIR]IEVWPIEVRMRKRSXXSHVIEQ3RIQYWXRSXHVIEQSRIQYWXHS
8LIVIEVIX[SWXEXIWWPIITERHEWXEXISJ[EOMRK;LIRSRIWPIITWSRIQYWXWPIIT8EOI
E GSPH WLS[IV KMZI ]SYVWIPJ E ZMKSVSYW VYFHS[R WXERH JSV XIR QMRYXIW [MXL EVQW
I\XIRHIHERH]SY[MPPWPIIT-JSRIWPIITW[IPPSRI[EXGLIW[IPP-JSRIHVIEQWIZIV]XLMRK
MWHSRIF]LEPZIW%WWSGMEXMSRWRIZIVWXSTYRXMPXLIIRH8LMWMWPMJI&YXSRIGERWXST
TE]MRKEXXIRXMSRXSEWWSGMEXMSRW8LIHVIEQWSVEWWSGMEXMSRW[LMGLGSRXMRYIEVIXLSWI
[LMGLEVIXLIQSWXLEFMXYEPERHXLIVIJSVI[LMGLVIGYV8LIVIMWEPWSXLI/I]SJ(VIEQW
ERHXLI1SHIPWSJ0SZI0IXXIVW=SYGERGLSSWI
5YIWXMSRIV3RP]Q]LIEHTEVXMGMTEXIWMRXLII\IVGMWIW,S[GER-EZSMHXLMW#
+YVHNMIJJ 8LI LIEH MW SRP] XLI HMVIGXSV -XMW XLI TSPMGIQER [MXL LMW XVYRGLISR [LS
WLS[WXLI[E]3RIQYWXWIRWIERHJIIP;SVOSRJIIPMRKSRWIRWMRK]SYVWIPJ-EQ
QIEQ2SXSRP]]SYVLIEHXLI[LSPIQER6ITIEXVITIEXVITIEX)\IVGMWIWI\IVGMWIW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLSYWERHWERHXLSYWERHWSJXMQIW3RP]XLMW[MPPFVMRKVIWYPXW
5YIWXMSRIV,S[WLSYPHSRIYRHIVWXERHVITEMVXLITEWX#-WMXF]VIQSVWI#
+YVHNMIJJ=SYEVIXSSGSQTPMGEXIH-XMWQYGLQSVIWMQTPI8LITVIWIRXMWXLIVIWYPXSJ
XLITEWX-J]SYLEZIEGUYMVIHEFEHLEFMXMRXLITEWX]SYQYWXWXSTMX-WIIXLEX-LEZI
XLILEFMXSJEP[E]WXYVRMRKQ]XLYQFWMRXLIWEQIHMVIGXMSR7XST8LMWMWVITEMVMRK(S
RSX QEOI XLI WEQI IVVSV EKEMR ERH TVITEVI JSV XLI JYXYVI TVITEVI JSV XLI JYXYVI
4VEGXMGITVEGXMGIEW]SY[SYPHXSTPE]XLITMERS=SYQYWXHIZIPSTXLIWXVIRKXLSJ]SYV
JMRKIVW6ITIEXVITIEX
5YIWXMSRIV-WIILS[-WTIRHLSYVWEHE]SGGYTMIH[MXLZIV]WQEPPTEPXV]JIIPMRKWZIV]
ZMPI7LSYPH-EXXEGLQ]WIPJXSEXEWOXSVIQIH]XLMWSVMWXLIVIER]XLMRKIPWIXSFIHSRI#
+YVHNMIJJ-XMWXLIWEQIJSVIZIV]FSH]-XLEWEP[E]WFIIRWS*SV]SYMXMWSRP]RS[
XLEX]SYWIIXLMW8LMWMW[LEX[I[MWLXSGLERKI(SIZIV]XLMRKXLEX]SYHS[IPP)ZIR
IEXMRK-J]SYIEX[IPP]SYTVE][IPP&I[LSPILIEVXIHMRIZIV]XLMRK]SYHS3RIQYWX
[SVOTVIGMWIP]SRWSQIXLMRKTVIGMWI;SVOWLSYPHRSXFIEHIWMVIFYXERIIHERIIH
;LIRMXFIGSQIWERIIH]SY[MPPLEZIERERW[IV=SYLEZIRSXXLIVMKLXXSLEZIHIWMVI
SRP]8LMWMWRSXIRSYKL-X[MPPKMZIRSXLMRK'VIEXIERIIHMR]SYVWIPJ6ITIEXVITIEX
VITIEX =SY RIZIV VITIEX IRSYKL )ZIV]XLMRK XLEX GSQIW IEWMP] XS ]SY QEOI XGLMO
'LSSWIWSQIXLMRK[LMGLGSWXW]SYWSQIXLMRK[LMGLMWERIJJSVX8LEX[LMGLMWIEW]MW
FEHJSV]SYVMRXIVMSVPMJI%MQ%P[E]WLEZIERMQQIHMEXIEMQ8LMWMW]SYVSFNIGXMZI=SY
QYWXEGLMIZIXLMW8LIVIEVIQER]^MK^EKWSRXLI[E](SRSXHIPE]%P[E]WWIIXLIEMQ
/RS[[LIVI]SYEVIKSMRKERH]SY[MPPJMRHXLIQIERWXSKIXXLIVI0EXIV-[MPPMRHMGEXI
ERSXLIVEMQ=SYQYWXEXXEMRXLIJMVWXSRIJMVWXXLIEMQWLSYPHFIGPIEVERHEP[E]W
FIJSVI]SY
5YIWXMSRIV ;LIR - XV] XS [SVO SR VIQSVWI XLIVI MW EP[E]W WSQI TEVX SJ QI XLEX
VIJYWIWXLEXXIPPWQIXLEXMXMWYWIPIWWXLEXMX[MPPRSXPIEHER][LIVISVXSER]XLMRK-
[MWLXSYRHIVWXERHFIXXIVXLIYWISJVIQSVWIMXWRIGIWWMX]XSIREFPIQIXSGSRZMRGI
Q]WIPJERHWXVYKKPIEKEMRWXXLMWVIJYWEP
+YVHNMIJJ-XMWZIV]WMQTPI0SSOEXXLMW?,IXEOIWEWIGXMSRSJEXERKIVMRIJVSQLMW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
TPEXIA8LMWMWHIWXMRIHXSFIGSQINEQMXLEWXSFIGSQINEQMX[EWQEHIJSVXLEX&YXMXMW
JYPPSJWEPX;LEXWLSYPHFIHSRI#-XQYWXFI[EWLIHWSEOIHGPIERIHXSVIQSZIXLIWEPX
%JXIV[EVH MX GER FIGSQI NEQ ;MXL XLI WEPX MX MW MQTSWWMFPI 6IQSVWI MW XLEX [LMGL
VIQSZIWXLIWEPX8LMWMW[LEXTYVMJMIW=SYYRHIVWXERH#
5YIWXMSRIV;LIR-XEOIQ]GPEWW-LEZIXSWXSTJSVEQSQIRXXSGSPPIGXQ]WIPJ-XWIIQW
XSQIIQTX]YWIPIWWZEMR,S[GER-TVIZIRXXLMW#
+YVHNMIJJ=SYQYWXQEOI]SYVSFPMKEXMSRWIRXIVMRXS]SYV[SVO)ZIV]XLMRKXLEX]SYHS
QYWXFIGSQITEVXSJ]SYV[SVO8LMWQYWXFI]SYVXEWO=SYVGPEWWQYWXFITEVXSJ]SYV
XEWO=SYVXEWOMWXSLIPT=SYQYWXRSXWIIXLIGLMPHVIRMRXLIMVQERMJIWXEXMSRWFYXMR
XLIMV JYXYVI =SY QYWX [MWL XS LIPT XLEX JYXYVI =SY QYWX TYX ]SYVWIPJ MR XLIMV TPEGI
6IQIQFIVLS[]SY[IVIEXXLIMVEKI8LIR]SY[MPPQEOIXLIQWIIHMJJIVIRXP];LIR]SY
XLMRO-EQEXXLIWEQIXMQI[MWLXSLIPT=SY[MPPWIIXLIRLS[XLIGLMPHVIR[MPPPSZI
]SY=SY[MPPXLIRFIEFPIXSXIPPXLIQXSKSOMPPXLIMVJEXLIVWERHQSXLIVWERHXLI][MPP
HSMX-X[MPPFIRSXLMRKJSVXLIQ-LEZIWIIRXLMWSZIVXLIVI[MXLVIEP1EWXIVW?1EKMA
8LMWMWXLI]IEWXSJXLI[SVOXLIGLMPHVIR-XMWERSTTSVXYRMX]JSV]SY=SYQYWXFIGSQI
EKSSHPEFSVIV
5YIWXMSRIV;LIR-XV]XSTYXQ]WIPJMRWSQISRIWTPEGIXLIVIMWEP[E]WSRITEVXSJQI
[LMGLVIJYWIW[LMGLHSIWRSXTEVXMGMTEXI[LMGLLMHIW[LMGLMWSGGYTMIH[MXLMXWIPJERH
[LMGLLEWIRNS]QIRX[MXLMXWIPJ-XMWWSQIXLMRK[LMGLWPMTWE[E]ERH[LMGL-GERRSX
GEXGL3RXLISXLIVLERHEWWSSREW-LEZIEWQEPPVIWYPXMRQ][SVOZERMX]XEOIWLSPH
SJMXMXMW-[LSLEZIHSRIXLMWERHXLMWWTSMPWIZIV]XLMRK
+YVHNMIJJ-[MPPKMZI]SYEWEGVIHWIGVIX=SYVIQIQFIVXLI*MVWX7IVMIWXLIVIEVIX[S
GYVVIRXWX[SVMZIVW=SYLEZIXSGVSWWJVSQSRIXSXLISXLIV]SYEVIPMOIJMWL[LSWI
REXYVEPIPIQIRXMW[EXIVERH[LSEVISFPMKIHXSPMZIMRXLIEMV=SYQYWXRS[PIEVRXSPMZI
MRFSXLGYVVIRXWEXSRGI8LIVIMWXLILEFMXYEPGYVVIRX[LMGLMWSVHMREV]PMJIMR[LMGL]SY
PMZIERH XLIR MR]SYQYWX I\MWX XLISXLIVGYVVIRX XLI WIGSRHGYVVIRX[LMGL MW ]SYV
MRXIVMSVPMJI9TXSRS[]SYLEZILEHGSRXEGX[MXL]SYVWIPJSRP][LIR]SY[IVIEPSRI
UYMIXRS[]SYQYWXPIEVR[MXLSXLIVW;LIR]SYEVI[MXLETIVWSRVIQEMRMR]SYVS[R
GYVVIRXMR]SYVMRXIVMSVGYVVIRX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-RXLIW]WXIQMXWIIQWXLEXWEXMWJEGXMSRWTPIEWYVIWEVIVINIGXIH%VIXLI]
EPP#,EZI-YRHIVWXSSHVMKLXP]#
+YVHNMIJJ%PPTPIEWYVIWEVIQIVHI%PPTPIEWYVIWQEOI]SYEWPEZI=SYVWEXMWJEGXMSR
8LIVIEVIX[SUYEPMXMIWSJTPIEWYVIX[SUYEPMXMIWSJEKVIIEFPIWIRWEXMSRW3RSRIWMHI
SFNIGXMZI TPIEWYVI MJ ]SY [SVO [IPP ERH KIX E VIWYPX ]SY GER LEZI WEXMWJEGXMSR SJ
]SYVWIPJ 8LMW MW KSSH WEXMWJEGXMSR [LMGL GVS[RW IJJSVX 3XLIV QIGLERMGEP TPIEWYVIW
HIWXVS] ]SY =SY EVI PSWX MR XLIQ 8LI] EVI EPP MRNYVMSYW I\GITX JSV KMZMRK SRIWIPJ
ZSPYRXEV]VIPE\EXMSRRIGIWWEV]JSVEREMQ
5YIWXMSRIV - RSXMGI MR Q]WIPJ E HV]RIWW ER EFWIRGI SJ IQSXMSRW - PMZI IMXLIV MR
MRHMJJIVIRGISVLSWXMPMX];LEXMWXSFIHSRI#
+YVHNMIJJ=SYMRXIVIWXQI-[MWLXSLIPT]SY%VI]SYVTEVIRXWWXMPPEPMZI#;ILEZIRSX
ORS[RXLIQFYXTIVLETWXLI]LEHWSYPW4IVLETWXLI]WYJJIVIH8LI]GERRSXHSER]
QSVI[LIVIXLI]EVIXLI]LEZIRSFSHMIW=SYQYWXHSWSQIXLMRKJSVXLIQ=SYQYWX
XLMROSJXLIQ=SYQYWXTMGXYVIXLIQXS]SYVWIPJWIIXLIQEKEMRLEZIXLIMVJEGIWFIJSVI
]SYVI]IW]SYQYWXXLMROSJEPPXLEX]SYS[IXLIQ=SYEVIEWQEPPTMIGISJXLIQSJ
XLIMVPMJI=SYQYWXPSZIXLIQI\TVIWW]SYVKVEXMXYHIXSXLIQ8LMROFEGOSREPPXLI]
LEZIHSRIJSV]SY=SYQYWXWII]SYVQMWXEOIWXS[EVHXLIQ4IVWMWXMRXLMWVIGSRWXVYGX
XLIWGIRIW[LIR]SYQEHIXLIQWYJJIVTIVLETWGV]6IPMZIXLIXMQIW[LIR]SY[IVIE
FEHGLMPH=SYQYWXLEZIVIQSVWISJGSRWGMIRGI6IQSVWI3RIQYWXWYJJIVZSPYRXEVMP]XS
VITEMV3RIQYWXTE]JSVXLITEWX8LITEWXQYWXFIVITEMVIH7IEVGLMR]SYVTEWX'VIEXI
VIQSVWI(SGXSV]SYEPWSHSXLMWI\IVGMWI*SVXLIQSQIRX]SYVTEVIRXWEVI]SYV+SH
=SYGERRSXORS[+SH,IMWXSSJEVE[E]8LIVIMWRSTPEGIJSV,MQMR]SY=SYVTEVIRXW
EVI +SH XLI] EVI XLI JYXYVI TPEGI JSV +SH MR ]SY =SY S[I XLIQ IZIV]XLMRK PMJI
IZIV]XLMRK;SVOJMVWX[MXLXLIQEJXIVXLIVI[MPPFISXLIVI\IVGMWIW
5YIWXMSRIV-LEZIHSRIXLI[SVO[LMGL]SYKEZIYW6IEPP]-PSZIQ]TEVIRXWZIV]QYGL
ERH-LEZIHMWGSZIVIHEZIV]WTIGMEPUYEPMX]SJIQSXMSRHYVMRKSRIWIGSRHTIVLETWSRI
TEVXMGPISJVIEPPSZIEPWSKVIEXWYJJIVMRKEVIEPWYJJIVMRKJSVQ]WMRWXS[EVHXLIQ3J
VIQSVWI 8LI X[S IQSXMSRW [IVI XLIVI EX XLI WEQI XMQI ZIV] ZMZMH WYJJIVMRK ERH
LETTMRIWWKMZIRF]XLIJIIPMRKSJPSZI-X[EWXLIVIQSVWI[LMGLFVSYKLXLETTMRIWWJSV
EJXIVXLEXHMWETTIEVIHXLILETTMRIWWEPWSHMWETTIEVIH7SQIXMQIW[LIR-EQEXXIRHMRK
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
Q]TEXMIRXW-LEZIHMWGSZIVIHMRQ]WIPJJSVEWIGSRHIQSXMSRWSJPSZISJXLIWEQIUYEPMX]
%RHEXXLEXQSQIRX-GSYPHVIPMIZIXLIMVTL]WMGEPWYJJIVMRKWERHFVMRKXLIQEJIIPMRKSJ
LETTMRIWW-WXLIVIEGSRRIGXMSR#
+YVHNMIJJ6IEPPSZIMWXLIFEWMWSJEPPXLIJSYRHEXMSRWXLI7SYVGI8LIVIPMKMSRWLEZI
TIVZIVXIH ERH HIJSVQIH PSZI -X [EW F] PSZI XLEX .IWYW TIVJSVQIH QMVEGPIW 6IEP PSZI
NSMRIH[MXLQEKRIXMWQ%PPEGGYQYPEXIHZMFVEXMSRWGVIEXIEGYVVIRX8LMWGYVVIRXFVMRKW
XLIJSVGISJPSZI6IEPPSZIMWEGSWQMGJSVGI[LMGLKSIWXLVSYKLYW-J[IGV]WXEPPM^IMXMX
FIGSQIW E TS[IVXLI KVIEXIWX TS[IV MR XLI [SVPH 0EXIV ]SY [MPP WXYH] QEKRIXMWQ MR
FSSOWRSQEXIV[LMGLMX[MPPKMZI]SYQEXIVMEP%RH[MXLPSZIEWEFEWMW]SY[MPPFIEFPI
XSGYVITEVEP]XMGWERHQEOIXLIFPMRHWII
5YIWXMSRIV-LEZIFIIRWYVTVMWIHF]XLIEGYXIRIWWSJWIRWEXMSRWSFWIVZIHJSVEPSRK
XMQIWSMRXIRWIWSZMZMH[MXLEPPXLIMQTVIWWMSRW-LEHMRQ]WIPJERH[LMGLGEQIFEGO
+YVHNMIJJ8LMWMWRSVQEP3YVGIRXIVWVIKMWXIVIZIV]XLMRKJVSQXLILSYVSJSRIWFMVXL
-J-TYX]SYMRXSEL]TRSXMGWPIIT]SYGERXIPPQI[LEX[IRXSREVSYRH]SYE[IIOEJXIV
]SYVFMVXL)ZIV]XLMRKMW[VMXXIRIZIV]XLMRKMWXLIVI%WYFNIGXTYXXSWPIITF]QIXSPH
QIXLITYPWIVEXISJXLITIVWSR[LS[EWFIWMHILMQEXXLIQSQIRXMR[LMGL-QEHILMQ
VIPMZI)ZIV]XLMRKMW[VMXXIREWSRETLSXSKVETLFYXEXLSYWERHXMQIWQSVIWIRWMXMZI
8LEXMW[L]]SYQYWXFIGEVIJYPSJXLIMRWGVMTXMSRW'LSSWIXLIQ
5YIWXMSRIV(SIWXLMW[SVOFVMRKWSQIXLMRKXSQ]TEVIRXW#(SIWMXXSYGLXLIQKMZIXLIQWSQIXLMRK#
+YVHNMIJJ=SYQYWXHSXLMWJSV]SYVWIPJJSVVITEMVMRK,EZIVIQSVWI0IX]SYVVIQSVWI
FI EW WXVSRK EW TSWWMFPI -X MW XLMW VIQSVWI [LMGL GSYRXW MX MW XLI WYJJIVMRK [LMGL
QEXXIVWZSPYRXEV]WYJJIVMRK[LMGLTE]WJSVXLITEWX[LMGLVITEMVWXLIIVVSVW
5YIWXMSRIV-LEZIHMWGSZIVIHXLIWEQIUYEPMX]SJIQSXMSRWSJ[LMGL[IWTSOIFYXMX
KMZIWQIWYGLERMRXIVMSVJYPPRIWWWYGLEWIRWEXMSRSJLETTMRIWWXLEX-RSPSRKIVJIIP
VIQSVWI-KVYHKIQ]WIPJXLMWLETTMRIWWJSV-LEZIRSXHIWIVZIHMX
+YVHNMIJJ =SY LEZI MQEKMREXMSR ERH JERXEW] - LEZI EP[E]W WEMH WS =SY EVI E
VITVIWIRXEXMZISJEVX*SYJSY8LIVIMWRS[IMKLX-XMWPMKLX4LMPSWSTL]MQEKMREXMSR%
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
WXEXI MW E VIWYPX -X MW XLMW [LMGL KMZIW [IMKLX 8LMW MW XLI GSYRXIVFEPERGI SJ VIEP
LETTMRIWW[LMGLKSIWMRWXIT[MXLMX%XXLIWEQIXMQIMRSVHIVXLEXMXWLSYPHFIKIRYMRI
SRI QYWX RSX LEZI SRI [MXLSYX XLI SXLIV =SYV REXYVI LEW E XIRHIRG] XLI VIWYPX SJ
MRIVXME
]SYPIX]SYVWIPJKSXS[EVHXLMWXIRHIRG]SJLEZMRKI\XVESVHMREV]WXEXIW[MXLSYX
EVIEPFEWMW[MXLSYX[IMKLX=SYQYWXIPMQMREXIXLMWHVMZIMXE[E]%WWSSREWEWXEXISJ
WEXMWJEGXMSR EVMWIW QEOI XGLMO 'VYWL MX IPMQMREXI MX ;SVO SR VIQSVWI VIQIQFIV
]SYVWIPJVIZMZIXLIWGIRIW[LIR]SY[IVIEFEHGLMPH[LIR]SYQEHI]SYVTEVIRXWGV]
TIVLETW*IIPEKEMRMREPPXLIHIXEMPWJMRH]SYVJEYPXWEKEMR7IEVGLMR]SYVTEWX7YJJIV
-RXLEXWYJJIVMRK]SYGERLEZIVIEPLETTMRIWWKMZIRF]VIEPPSZI
8LIVIEVIX[SHMJJIVIRXXLMRKWYRHIVHMJJIVIRXPE[W
XLISVKERMGFSH]
XLITW]GLMG
FSH] 8LI SVKERMG FSH] SFI]W MXW PE[W -X SRP] [MWLIW XS WEXMWJ] MXW RIIHWIEXMRK
WPIITMRKWI\-XORS[WRSXLMRKIPWI-X[MWLIWRSXLMRKIPWI-XMWEVIEPERMQEP3RIQYWX
JIIPMXEWERERMQEP3RIQYWXJIIPMXEWEWXVERKIV3RIQYWXWYFHYIMXXVEMRMXERH
QEOIMXSFI]MRWXIEHSJSFI]MRKMX8LITW]GLMGFSH]ORS[WWSQIXLMRKSXLIVXLERXLI
SVKERMG FSH] -X LEW SXLIV RIIHW SXLIV EWTMVEXMSRW SXLIV HIWMVIW -X FIPSRKW XS E
HMJJIVIRX[SVPH-XMWSJEHMJJIVIRXREXYVI8LIVIMWEGSRJPMGXFIX[IIRXLIWIX[SFSHMIW
SRI[MWLIWXLISXLIVHSIWRSX-XMWEWXVYKKPI[LMGLSRIQYWXVIMRJSVGIZSPYRXEVMP]&]
SYV[SVOF]SYV[MPP-XMWXLMWJMKLX[LMGLI\MWXWREXYVEPP][LMGLMWXLIWTIGMJMGWXEXISJ
QER[LMGL[IQYWXYWIXSGVIEXIEXLMVHXLMRKEXLMVHWXEXIHMJJIVIRXJVSQXLISXLIV
X[S [LMGL MW XLI 1EWXIV [LMGL MW YRMXIH [MXL WSQIXLMRK IPWI 8LI XEWO MW XLIVIJSVI
WSQIXLMRK TVIGMWI [LMGL VIMRJSVGIW XLMW WXVYKKPI FIGEYWI F] WXVYKKPI ERH SRP] F]
WXVYKKPIGERERI[TSWWMFMPMX]SJFIMRKFIFSVR*SVMRWXERGIQ]SVKERMWQMWMRXLILEFMX
SJWQSOMRK8LEXMWMXWRIIH-HSRSX[MWLXSWQSOI-IPMQMREXIXLMWLEFMX8LIRIIHMW
EP[E]WXLIVIFYX-VIJYWIXSWEXMWJ]MX8LIVIMWEWXVYKKPIEGSRWGMSYWZSPYRXEV]WXVYKKPI
[LMGLGEPPWXLIXLMVHJSVGI-XMWXLIXLMVHJSVGI[LMGL[MPPFIXLIJEGXSV-[LMGL[MPP
GSRGMPMEXIERHQEOIXLIIUYMPMFVMYQ8LIFSH]MWERERMQEP8LITW]GLIMWEGLMPH3RI
QYWXIHYGEXIXLISRIERHXLISXLIV8EOIXLIFSH]QEOIMXYRHIVWXERHXLEXMXQYWX
SFI]RSXGSQQERH4YXIEGLSRIMRMXWTPEGI3RIQYWXORS[SRIWIPJ3RIQYWXWII[LEX
KSIWSR8EOIEXEWO[LMGLMW[MXLMR]SYVTSWWMFMPMX]ZIV]WQEPPXSFIKMR[MXL3RIEXMRK
3RELEFMX)EGLSRIORS[WLMQWIPJERHGERJMRHEXEWOMXMWLMWMRXIVMSVXLMRKE[MPP
[LMGL MW STTSWIH XS E RIIH ERH GVIEXIW WXVYKKPI 8LI SRP] TSWWMFMPMX] SJ GVIEXMRK E
WIGSRH FSH] MW F] ER EGGYQYPEXMSR SJ E HMJJIVIRX WYFWXERGI 8LI SRP] EMQ MW XLEX
IZIV]XLMRKWLSYPHWIVZIXLMWEMQ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-LEZIXLSVSYKLP]YRHIVWXSSHEPPHYVMRKXLI[IIO[LEX]SYXSPHQIPEWX
[IIOEFSYXXLITL]WMGEPFSH]ERHXLITW]GLMGFSH]ERHEPPXLI[IIO-LEZI[SVOIHMRXLMW
HMVIGXMSR-LEZIWXVYKKPIH3RIRMKLX-[EWEWPIIT-[EWE[EOIRIHF]Q]WSR-LEZIE
JSYV]IEVSPHWSR[LSLEHFIIRFMXXIRF]QSWUYMXSIWERH[LS[EWMRTEMRERHFIKERXS
GV] ERHGEPP JSV QI,I [EW WYJJIVMRKERH GV]MRK- [IRX XSLMQ ERH FIGEYWILI [EW
GV]MRKERHWYJJIVMRKFIJSVI-IZIRLEHXLIXMQIXSWIIQ]WIPJ-FIEXLMQ-HMHRSXEPPS[
Q]WIPJXSKSXSWPIITEKEMR,S[GER-GVYWLXLMWZMSPIRGIMRQ]WIPJ#-LEZIWIIR[LEXQ]
FSH]MW[LEXMXMWGETEFPISJERHMXWVIEGXMSREJXIVE[IIOSJ[SVOSRMX
+YVHNMIJJ8LIVIEVIJSVGIWEVSYRH]SYJSVIMKRXS]SY-XMWTSWWMFPIXLEX[LIREQER
VIEPP][SVOWVIEPP][MWLIWXSWXVYKKPIXLI]TVSHYGIERIZIRXPMOIXLMW8LI]GERIZIR
GVIEXIXLIQSWUYMXSIW-RER]GEWI[LIXLIVMX[EWXLMWSVGLERGIRSXLMRKGSYPHLEZI
FIIRFIXXIV8LIVI]SYLEZIJIPX]SYLEZIYRHIVWXSSHRSX[MXL]SYVLIEHSRP]-EQ
ZIV]KPEHERH-EWO]SYRS[XSQEOIRSXIWSJEPPXLEXLETTIRWMR]SYV[SVOJSVE[IIO
X[S[IIOWXLVII[IIOWERH]SY[MPPWTIEOEFSYXMXLIVIFIGEYWIXLMW[MPPFIYWIJYPJSV
]SYVGSQTERMSRW%RHHSRSXJSVKIXXLEXRS[]SYVWSRMW]SYVQEWXIV8LEROLMQ*SV
QILIMWQ]JVMIRH%RH-GLEVKI]SY[MXLEGSQQMWWMSRJSVLMQJMZIGERHMIWEHE]JSVE
]IEV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+2-2)8))2
?1V +YVHNMIJJ LEW KMZIR ER I\IVGMWI ERH EJXIV[EVH LI WLS[W XLI KVSYT ER IRKVEZMRK
VITVIWIRXMRK WIZIR 3VMIRXEP HERGIVW [MXL LIEH HVIWWIW PMOI KMKERXMG WTLIVMGEP LEXW
WYVQSYRXIHF]ERXIRREWXLI]EVIWXVMOMRKMRGEHIRGIXLIMVXEQFSYVMRIWERHFPS[MRK
MRXS TMTIW PMOIJMJIW YRHIV XLI HMVIGXMSRSJ XLIMV GLMIJ [LSLSPHW MR LMW LERHE WSVX SJ
TIRRERX 1V +YVHNMIJJ EWOW IEGL TYTMP XS KMZI ER STMRMSR EW XS [LEX XLMW TMGXYVI
VITVIWIRXW2SSRIORS[W3RI[SQERXLMROWMXMWE8MFIXERHERGIA
+YVHNMIJJ8LEXMWMXXLIWGIRIMWMR8MFIX-XMWEYRMUYIXLMRKEHMZMRIQYWMGXLEX-LIEVH
MRXLIQSYRXEMRWSJ8MFIX%RHEXXLIWEQIXMQI8LIVI[EWRSQYWMG%RH]IXHS[RMRXLI
JSSXLMPPWFIPS[SRILIEVHQYWMG?8LIKVSYTKSIWXSXLIXEFPIERHHMRIW%JXIVHMRRIVE
WXYHIRXWTIEOWXS1V+YVHNMIJJA
5YIWXMSRIV7MV[LEXHSIWXLEXTMGXYVIVITVIWIRXXLEX]SYWLS[IHYWE[LMPIEKS#
+YVHNMIJJ-LEZIXSPH]SY-[EWZIV]EWXSRMWLIH[LIR-WE[XLEXJSVXLIJMVWXXMQI-XMWE
GIVIQSR]XLEXXEOIWTPEGIMR8MFIX8LIVIMREZEPPI]MWETPEGI[LIVIWTIGMEPGIVIQSRMIW
EVILIPHRSXJSVIZIV]SRIRSXJSVNYWXER]FSH]8LI]EVIVIWIVZIHJSVEGIVXEMRGEXIKSV]
SJMRMXMEXIW3RIVIGIMZIWXLIVIXLMWMRMXMEXMSRERH-VIGIMZIHMX8LIVIMWWMQTP]EWQEPPMWL
SVVEXLIVEPEVKILSYWIMREZEPPI]2SXLMRKQSVI-XMWXLIVIXLEXXLMWGIVIQSR]MWLIPH
3RIEVVMZIWMRXLIJSSXLMPPWERHLIEVWXLIQYWMG&YXFIEYXMJYPPMOIXLEXRIZIV8VYP]MX
[EWGIPIWXMEPQYWMG;IPPSRILIEVHXLIQYWMGFYXWE[RSXLMRK)ZIV][LIVIEPPEVSYRH
XLIVI[IVIQSYRXEMRWERHXLEX[EWEPP,S[ERHJVSQ[LIVIGSYPHXLMWQYWMGGSQI#,S[
[EWMXTSWWMFPI#8LIVI[EWRSXELSYWIRIEVF]3RIGSYPHWIIJEVSJERHXLIVI[EWRSSRI
XSFIWIIR;LSGSYPHFITPE]MRKXLMWQYWMG#=SYGERMQEKMRI[LEXERMQTVIWWMSRMX
QEHIERHLS[-[EWEWXSRMWLIH-X[EWSRP]X[S]IEVWEJXIV[EVHXLEX-ORI[XLIWIGVIX
ERHXLEXQYWMGMERW[IVITPE]MRKMRXLIQSYRXEMRW,IXLEX[EPOIHEXXLILIEHSJXLI
WIZIRQYWMGMERW]SYWIIMRXLMWTMGXYVILIPHMRLMWLERHERMRWXVYQIRXXLEX[EWEOMRHSJ
VEHMS(YIXSMXLILIEVW[LEXKSIWSRMRXLIZEPPI]%RHLIHMVIGXW8LIVIMWRSQYWMG
SRP]ZMFVEXMSRWXLEXEVIQEHIF]XLIQSZIQIRXWSJXLIFSH]-RLMWLERHMWEWTIGMEP
MRWXVYQIRX % VEHMS 8LI VEHMS [EW HMWGSZIVIH SRP] X[IRX] ]IEVW EKS ERH - WE[ XLMW
MRWXVYQIRXXLMVX]JMZI]IEVWEKSXLIVEHMSHMHRSX]IXI\MWX=SYYRHIVWXERHMXMW[MXL
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
WTIGMEPQSZIQIRXWXLEXXLIWIZMFVEXMSRWEVITVSHYGIH8LIWIZMFVEXMSRWEVIKEXLIVIHMRXS
XLIKPSFIXLEXXLI]LEZISRXLIMVLIEHWERHWIRXSYXXLVSYKLXLIERXIRREW8LIVIMWMR
XLIZEPPI]EXLMRKWSQIXLMRKPMOIXLIMRWXVYQIRXXLEXXLIPIEHIVLEWMRLMWLERH[MXL
[LMGLLIIWXEFPMWLIWXLIGSRXEGX8LMWMRWXVYQIRXGSPPIGXWIZIV]XLMRKERHXLIZMFVEXMSRW
GSQI JSVXL MR XLI JSVQ SJ QYWMG &YX XLIVI MWRX ER] QYWMG RS MRWXVYQIRX -X MW XLI
XSXEPMX]SJXLIMVMRXIVMSVI\TIVMIRGIW[LMGLTVSHYGIWXLIXVERWQMXXIHVIWYPX
5YIWXMSRIV&YXXLI]LEZIXEQFSYVMRIWERHJMJIW
+YVHNMIJJ8LEXLIPTW-XMWIZIV]XLMRKXSKIXLIVXLEXKMZIWXLEXFYXXLI]HSRXTPE]QYWMG
[MXLXLEX8LIMRXIVIWXMRKXLMRKMWXLEXXLIQSZIQIRXWERHXLIMRXIVMSVI\IVGMWIWEVI[LEX
KMZIXLIQYWMG:IV]MRXIVIWXMRKXLMRK;LEX]SYLEZIEPPHSRINYWXE[LMPIEKSMWGLMPHW
TPE]FIWMHIXLEX%RH[LEXQYWXFIHSRIMWQYGLQSVIHMJJMGYPX&YXMXMW[IPPYRHIVWXSSH
XLEXMRXIVMSVI\TIVMIRGIWGERKMZIZMFVEXMSRWERHXLEXEWXVSRKI\TIVMIRGISJXLEXOMRH
GERKMZIZMFVEXMSRWGETEFPISJTVSHYGMRKHMZMRIQYWMG3RIGEREVVMZIEXWYGLVIWYPXW
XLEROWXSERI\EGXIJJSVXMRXLI[SVO-JIZIV]XLMRKMWRSXEFWSPYXIP]LEVQSRMSYWXLIVI
MWGEGSTLSR]=SYQYWXLEZIXLII\EGXEXXMXYHIRIGIWWEV]JSVXLMWMRSVHIVXSTVSHYGI
GIPIWXMEP QYWMG ;I LEZI VIEH MR E GLETXIV SJ XLI 7IGSRH 7IVMIW ?1IIXMRKW [MXL
6IQEVOEFPI 1IRA EFSYX 4VMRGI 0YFSZIHWO] WSQI HIXEMPW EFSYX XLI XIQTPIW SJ 8MFIX
[LIVIXLITVMIWXIWWIWLEZIWXYHMIHWYGLQSZIQIRXWJVSQMRJERG]FIJSVIXLIFVERGLIH
MRWXVYQIRX[LMGLI\TVIWWIHXLIPE[SJWIZIR8LI][IVIEFPIXSTIVJSVQXLIMVHERGIW
HIJIGXMZIP]SRP]EJXIV]IEVWSJWXYH]-XWXLIWEQIJSVXLIWIHERGIVW8LI]LEZIWXYHMIH
XLIWIQSZIQIRXWJVSQGLMPHLSSHERHSRP][LIRXLI]EVISPHXLI]QE]TEVXMGMTEXIMRXLI
GIVIQSR]=SYGERMQEKMRILS[XLI]LEZILEHXS[SVOMRSVHIVXSFIWTIGMEPMWXW=SYWII
Q]EWXSRMWLQIRX#-LEZIWIIREXLSYWERHEWXSRMWLMRKXLMRKW&YX-VIQIQFIVWXMPPQ]
WXYTIJEGXMSREXXLMW%JXIV[EVH-YRHIVWXSSH&YXHYVMRKX[SSVXLVIIHE]W-GSYPHRSX
WPIIT-[ERXIHXSORS[-LEHLIEVHXLIQYWMGERH-LEHRXWIIRER][LIVIEQERSVE
LSYWI SV E QSZIQIRX 2SXLMRK FYX QSYRXEMRW ERH WRS[ 2SXLMRK QSVI %RH - [EW
LIEVMRKXLEXQYWMG-[EWPMOIEQEHQER%JXIV[EVHMRWXYH]MRKXLMW-UYMIXIHQ]WIPJ
ERHPIEVRIH[LEXMX[EWEFSYX&YX]SYYRHIVWXERHRS[[L]-VITIEXEP[E]WEQSRKSXLIV
XLMRKWHSRSXJSVI\EQTPIQEOIEQSZIQIRX[MXLXLIPIK[LMGLWLSYPHFIQEHISRP]
[MXLXLIJSSX4IVLETW]SY[MPPRIIHXLEXPIKJSVWSQIXLMRKIPWI=SYQYWXHSIZIV]XLMRK
I\EGXP]JVSQXLIFIKMRRMRK&YX]SYQYWXVIWTIGXIEGLHIXEMP;I[MPPRSXTPE]QYWMG-X
MWRXEUYIWXMSRSJQYWMGFYXEVIEPJIIPMRKSJXLI-EQ8LIVIEVIWIZIRI\IVGMWIWJSV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLEX8LMWTVIWIRXI\IVGMWIMWSRISJXLIQ=SYGERVITIEXJSVEXLSYWERH]IEVW-EQ
[MXL]SYVQMRHMX[MPPKMZI]SYRSXLMRKVIEP8LMWI\IVGMWIGERLS[IZIV8LEXMW[L]]SY
QYWXHSMX[MXLI\EGXMXYHIJVSQXLIFIKMRRMRK3RP]ERI\EGXRIWWMR]SYV[SVOGERKMZI
I\EGX VIWYPXW -XW PMOI [LEX - LIEVH MR XLSWI QSYRXEMRW 3RI QSZIQIRX RSX I\EGXP]
I\IGYXIHEQSRKWIZIRTIVWSRWERHXLIVIWYPX[SYPHFIEGEGSTLSR])ZIV]XLMRKHITIRHW
SRXLIXSXEPMX]%RHSYV1V(MWXVMGX%XXSVRI][VMXIWERH[VMXIW,S[GERLIYRHIVWXERH
EPPXLMW[LIR-Q]WIPJHSRSXZIV][IPPYRHIVWXERHEPPXLEX-LEZIFIIRWE]MRK
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=
.ERYEV] XL
?8LI WIGSRH TEVX SJ I\IVGMWI MW HIWGVMFIH XS WSQI TYTMPW ERH WSQI RI[ TISTPI EVI
UYIWXMSRIHERHEHZMWIHA
+YVHNMIJJ0MXXPISRI[LEXMW]SYVUYIWXMSR#
5YIWXMSRIV 8LI I\IVGMWI [LMGL GSRWMWXW MR HIQERHMRK SJ XLI FSH] XLI WYFWXERGIW
RIGIWWEV]XSFVMRKXSXLIJEGII\TVIWWMSRW SJKSSHRIWWNYWXMGILSRIWX]MQTEVXMEPMX]
ERHMRXIPPMKIRGILEWPIHQIXSVIGSRWMHIVIEGLSJXLIWIXIVQWERHTEVXMGYPEVP]LSRIWX]
;LEXMWXLIVIPEXMSRSJLSRIWX]XLIFEPERGIFIX[IIR[LEXSRIXEOIWERH[LEXSRIKMZIW
MRVIXYVR#-LEHQSVIWEXMWJEGXMSR[LIR-[EWIEVRMRKPIWWERHEQIQFEVVEWWIHRS[MRE
QSVIGSQJSVXEFPIERHIEW]WMXYEXMSR
+YVHNMIJJ-LEZIEPVIEH]YRHIVWXSSH]SYVUYIWXMSR+SSR
5YIWXMSRIV-JIIPHSYFXJYPEFSYXQ]LSRIWX]IZIRXLSYKL-KMZIE[E]XLVIIUYEVXIVWSJ
Q]QSRI]-[ERXQ]PMJIJSYRHIHSRWYGLTVMRGMTPIWXLEXQ]QIERWSJPMZIPMLSSHGSYPH
FITYVMJMIH
+YVHNMIJJ%RHRS[[MPP]SYJSVQYPEXI]SYVUYIWXMSR#
5YIWXMSRIV&][LEXGERSRIJIIPXLEXSRIMWLSRIWX#
+YVHNMIJJ8LIVIMWETVMRGMTPIEGVMXIVMSR[LIR]SYLEZIKMZIR]SYVWIPJ]SYV[SVHXSHS
WSQIXLMRKERH]SYLEZIHSRIMX]SYLEZIEGIVXEMRJIIPMRKSJGSRXIRXQIRX-XMWXLMW
JIIPMRKSJWEXMWJEGXMSRMR]SYVWIPJ[LMGLWLS[W]SYXLEX]SYEVILSRIWX=SYYRHIVWXERH
XLMWJIIPMRK#
5YIWXMSRIV=IW&YXRS[MRQ]IZIV]HE]PMJI-LEZIQSVIERHQSVIXSYWIXVMGOWERH
XLEXVIZSPXWQI
+YVHNMIJJ8LEXMWI\XIVMSVPMJI=SYHSXLMWJSVXLIQ-LEZIEPVIEH]WEMHRS[]SYQYWXFI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
EREFWSPYXIIKSMWXEKSSHIKSMWX*SVXLIWEOISJJYXYVIEPXVYMWQ8SHE]]SYGERRSXKMZI
QYGLXSSXLIVWERHMJ]SYXV]XS]SY[MPPRSXFIEFPIXSGLERKI]SYVWIPJ]SY[MPPVIQEMR
[LEX ]SY EVI =SY QYWX QEOI XLI WEGVMJMGI SJ KMZMRK XS ERSXLIV &YX ]SY QYWX KMZI
]SYVWIPJ]SYV[SVHXLEX]SY[MPPQEOIMXYTXSLMQMRJYXYVIXIRJSPH7S]SYGSQTVSQMWI
=SYLEZIX[SGPYIWX[STVMRGMTPIWWEXMWJEGXMSRMR]SYVWIPJERHTVSQMWIXSTE]FEGOQYGL
QSVIPEXIVSR3YX[EVHP]SRITPE]WSRIWVSPIEGGSVHMRKXS[LEXXLIWMXYEXMSRHIQERHW
ERHMR[EVHP]SRIHSIWRSXMHIRXMJ]-J]SYEVI[SVOMRKMR[EVHP]2EXYVI[MPPLIPT]SY*SV
XLIQER[LSMW[SVOMRK2EXYVIMWEWMWXIVSJGLEVMX]WLIFVMRKWLMQ[LEXLILEWRIIHSJ
JSVLMW[SVO-J]SYRIIHQSRI]JSV]SYV[SVOIZIRMJ]SYHSRSXLMRKXSKIXMXXLIQSRI]
[MPPGSQIXS]SYJVSQEPPWMHIW-RERSXLIVGEWI2EXYVI[MPPGYXSJEPPEQERWVIWSYVGIWMJ
MXMWRIGIWWEV]JSVLMW[SVO?8SERSXLIVWXYHIRXA(S]SYYRHIVWXERH#*SVMRWXERGILEH
]SYLEHQSRI]EGIVXEMRIZIRMRK]SY[SYPHLEZIKSRIXSEGEJIFYXLEZMRKRSRI]SY
WXE]IHEXLSQIERH[SVOIH2EXYVIMWQSVIMRXIPPMKIRXXLER]SYWLIORS[WFIXXIVXLER
]SY [LMGL EVI XLI FIWX GSRHMXMSRW JSV ]SYV [SVO ERH MJ ]SY [SVO 2EXYVI GEPPW SR
GSRWGMSYWWTMVMXW[LS[MPPEVVERKIJSV]SYXLIGSRHMXMSRW]SYRIIH*SVSVHMREV]QER
JSVXLIQER[LSHSIWRSX[SVOXLIVIMWRSXLMRKFYXGLERGI&YXJSVXLIQER[LS[SVOW
2EXYVIKMZIWLMQXLVSYKLGSRWGMSYWWTMVMXWEPPXLEXLIRIIHW
5YIWXMSRIV;LEX]SYLEZINYWXWEMHLEWKMZIRQIQSVIXLEREPPXLII\IVGMWIW-JIIPMR
Q]WIPJEXXLMWQSQIRX[LEXWTMVMXMW-JIIPEPMJIMRQI2S[-YRHIVWXERH[LEX-QYWXHS
-QYWXKMZIYTQ]WGEPI-QYWXYRHIVXEOISFPMKEXMSRWKMZIQ]WIPJQ][SVHGSRGIVRMRK
WQEPPXLMRKWRSXFMKSRIW[LMGLEVIXSSJEVJVSQQI
+YVHNMIJJ8LIVIMWEPE[[LMGLMWJSVQYPEXIHZIV]WMQTP]EQERQYWXOIITLMWKMZIR
[SVHMREPPGEWIW[LEXIZIVLETTIRW-XMWEREFWSPYXIGSQQERH-J]SYLEZIKMZIR]SYV
[SVHXSGSQIERHWIIQIEXEGIVXEMRXMQIIZIRMJXLI]GYX]SYMRTMIGIWOMPP]SY]SY
QYWXGSQI%WQEPPXLMRKFYXTIVLETWMXMWGSRRIGXIH[MXLQER]SXLIVW[LMGL]SYHSRSX
ORS[-J]SYHSRSXGSQIMXQE]GSWXEQMPPMSRJVERGW-X[MPPYTWIXXLIETTSMRXQIRX-
LEZIEJXIV]SYVWERHXLEX[MPPQEOIMXRIGIWWEV]XSGLERKIWSQIXLMRKIPWIERHWSSR
XLVSYKLEGLEMRSJIZIRXW]SYGERRSXJSVIWII-JSRIWQEPPXLMRKMWRSXGEVVMIHSYXXLIR
RSFMKXLMRK[MPPFIGEVVMIHSYX;MXLFMKXLMRKWMXMWIEW]XLI]EVIJEVE[E]ERH]SYEVI
SRP]GSRGIVRIH[MXLXLIQJVSQXMQIXSXMQI[LIRMXTPIEWIW]SY&YXWQEPPXLMRKWEVI
RIEV]SYEPPXLIXMQI[LIXLIV]SY[ERXMXSVRSX8V]SRGIXSKMZI]SYVWIPJ]SYV[SVH
EFSYXEWQEPPXLMRK2SXEFSYXIZIV]XLMRKFIGEYWIETVSQMWIKMZIRQYWXFILIPHXSERH
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYQYWXORS[XLEX]SYEVIGETEFPISJOIITMRKMX8EOIEWQEPPXLMRKXLEX]SYGERHS
?%JXIVPYRGLISR1V+YVHNMIJJVITVSEGLIHEWXYHIRXJSVRSXJYPJMPPMRK[IPPLMWHYXMIWLMW
SFPMKEXMSRWEWHMVIGXSVA
+YVHNMIJJ-XMWEWQEPPXLMRKFYXMJSRIYRHIVWXERHWLS[SRIQYWXHMVIGXSRIWEJJEMVWMR
PMJIMXMWEFMKXLMRK8LIVIMWRSXSRIEWTIGXXLIVIEVIWIZIR-J]SYLEZIWIZIRXLMRKWXS
HSERH]SYHSSRI[IPPXLIWM\SXLIVWGERIZIRKS[IPPEYXSQEXMGEPP]=SYRIKPIGXSRI
IZIR XLSYKL JSV XLI JMVWX XMQI MR ]SYV PMJI XLI VIWYPX MW FEH *SV MRWXERGI MJ ]SY
YRHIVXEOIXLISFPMKEXMSRSJHMVIGXMRKXLIWIVZMRK]SYQYWXHMVIGXEPPXLIHIXEMPW*SVKIX
IZIV]XLMRKIZIR]SYV+SHXSWYTIVZMWIEPPHIXEMPW[MXLI\EGXMXYHI-J]SYEVIHMVIGXSV
RSXLMRKI\MWXWFYXXLEXIZIRMJ]SYLEZIEJJEMVW[SVXLQMPPMSRW8LSWI]SYQYWXJSVKIX
(S[IPPXLEX[LMGL]SYLEZIXSHS;LIR]SYVEJJEMVW[SVXLQMPPMSRWGSQIYT]SY[MPPHS
XLIQXLIWEQI[E](SRSXWIINYWXSRIEWTIGXFYXWIZIRERHEPP[MPPFI[IPP-JSRIEWTIGX
MWRSXKSSHRSXLMRKMWKSSH%GGYWXSQ]SYVWIPJXSHS[IPPEPPXLMRKWEXXLIXMQIERH
TEVEPPIP [MXL XLMW ]SY [MPP PIEVR XS HS IZIV]XLMRK [IPP =SY EVI LIVI ]SY WEGVMJMGI
IZIV]XLMRKIPWI%PP]SYVTVIWIRGIEPP]SYVXLSYKLXEPP]SYVEWWSGMEXMSRWQYWXFIHVE[R
XS XLI EJJEMV [LMGL GSRWXMXYXIW ]SYV [SVO -J ]SY HS [IPP [LEX ]SY LEZI XS HS MR XLI
FEXLVSSQ]SY[MPPEPWSHS[IPPXLEX[LMGL]SYLEZIXSHSMRGLYVGL-J]SYHSRSXHS[IPP
[LEX]SYLEZIXSHSMRXLIFEXLVSSQ]SY[MPPRSXHSER]XLMRK[IPPMRGLYVGLIMXLIV-R
XLISVHMREV]XLMRKWSJPMJI]SYQYWXJYPJMPPEPP]SYVSFPMKEXMSRWIZIRXLMROEFSYXXLIQ
X[SSVXLVII[IIOWELIEHERHRIZIVJEMP=SYLEZIXLIXMQI8LMROSJIZIV]XLMRKTVITEVI
IZIV]XLMRK=SYEVIEP[E]WPSWMRKXMQI;MXLWYGLERMRXIVMSVSVKERM^EXMSREQER[MPP
RIZIVKSJEV
5YIWXMSRIV'ER-EWOEUYIWXMSR#
+YVHNMIJJ;L]HS]SYQEOIEJP]JVSQERIPITLERX#-J]SYLEZIEUYIWXMSREWOMX-XMW
Q] WTIGMEPX] XS XEPO XEPO XEPO ,IPT QI XS WXST Q] QEGLMRI JVSQ XEPOMRK %WO ]SYV
UYIWXMSR
5YIWXMSRIV?,IEWOWEFSYXLMWWIEVGLJSV+SHLMWHSYFXWERHWXVYKKPIWA
+YVHNMIJJ-LEZIEPVIEH]ERW[IVIHXLMWUYIWXMSR[LIRWSQISRIEWOIHXLIWEQIXLMRK-
WEMHMJ]SYHSRSXLEZIERMHIEPMJ]SYHSRSXFIPMIZIMR+SHXLIR]SYVJEXLIV]SYV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QSXLIV]SYVXIEGLIVGERWIVZIJSV]SYEWERMHIEP
5YIWXMSRIV-LEZIERMHIEP-LEZIEP[E]WFIIRE'EXLSPMG&YX-RSPSRKIVWII.IWYW
'LVMWXMRXLIWEQI[E]
+YVHNMIJJ-RXLIFIKMRRMRK'EXLSPMGMWQ[EWZIV]KSSHFYXXLIRRSX8LI]WIEVGLIHJSV
QMHHE]EXX[SSGPSGOXLI]HMPYXIHIZIV]XLMRK-RXLIFIKMRRMRKMX[EWWYTIVMSVXSXLI
3VXLSHS\VIPMKMSRERHXSEPPSXLIVW
5YIWXMSRIV-GERRSXVIGETXYVIXLIJEMXLSJQ]GLMPHLSSH
+YVHNMIJJ8LEXMWRSXRIGIWWEV]=SYLEZIPSWXXLEXTSWWMFMPMX]=SYEVIRSPSRKIVEGLMPH
]SY EVI FMK RS[ =SY WLSYPH LEZI PSKMG ERH RSX WIEVGL EYXSQEXMGEPP] 8S LEZI HMVIGX
GSRXEGX[MXL+SHMWMQTSWWMFPI1MPPMSRWERHQMPPMSRWSJRSRIRXMXMIW[MWLXSLEZIVIPEXMSRW
[MXL1V+SHHMVIGX8LMWMWMQTSWWMFPI&YX]SYGERLEZIEVIPEXMSRMRXLMWPMRI;LEX]SY
HSLIVIJSVMRWXERGILEWXLMWGLERKIH]SYVMRXIVMSVMHIEPWMRGI]SYXSSOTEVXMRSYV
GSRZIVWEXMSRW#?=IWA8LIRTIVLETW]SYLEZIGSRJMHIRGIMRXLITIVWSR[LSHMVIGXWLIVI#
?=IWA8LIRLIGERWIVZIEWXIEGLIVMRXLIQIERXMQI
5YIWXMSRIV8LEXHSIWRSXWEXMWJ]QIIRXMVIP]-[ERXWSQIXLMRKIPWI
+YVHNMIJJ 8LIR QEOI E TVSKVEQ =SY HS RSX ORS[ [LEX ]SY [ERX - [MWL ]SY XS
YRHIVWXERHXLEX]SYVRIEVIWXJEXLIVQSXLIVXIEGLIVGERWIVZIEW]SYVMHIEPMRTPEGI
SJ+SH8LIVIEP+SHJSVKIXLMQ%W]SYEVI]SYGERRIZIVLEZIVIPEXMSRW[MXL+SH;LIR
]SYLEZIKVS[RXLMWGSYPHFIFYX]SYEVISRIEQSRKQMPPMSRWSJRSRIRXMXMIW1IERXMQI
XEOIEWERMHIEP[LSIZIVMWRIEVIWXERHXLIR]SYGERTVE]XS+SHFIGEYWIXLMWTIVWSR
LEWERMHIEPEPWSXLMWMHIEPLEWMRXYVRERMHIEPERHWSSRSRXS+SH+SHMWJEVXLIVI
EVIQER]WXEKIWFIJSVI]SYVIEGL,MQHSRSXXLMROEFSYX,MQ=SYVMHIEP[MPPFI]SYV
+SH0EXIV]SYGERLEZIERSXLIVMHIE1QIHI7E^PQERR+SHMWQYGLXSSJEVE[E]=SY
EVIXSSWQEPPXSLEZIHMVIGXGSRXEGX[MXLLMQ3RP]LI[LSMWMQQIHMEXIP]EFSZI]SYGER
FI+SHJSV]SY,IMWE+SH[LSMRLMWXYVRLEWE+SH-XMWEPEHHIVXLIVIMWEP[E]W
WSQIXLMRKEFSZI)EGLHIKVIISVVYRKPIEHW]SYXSERSXLIVERH]SYKIX]SYVERW[IVF]
XLIWEQIGLEMR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ=SYGERRSXTVE]HMVIGXP]XS+SH=SYMQEKMRIWSFYX]SY[EWXI]SYVXMQI-XMW
JVSQ XLIVI XLEX TW]GLSTEXL] GSQIW 0MOI E QSRO ,I WE]W HMVIGXP] +SH ,I
QERMTYPEXIWPMOIXLMW?KIWXYVIWAERHWM\X]]IEVWPEXIVLITIVMWLIWPMOIEHSK[MXLSYXIZIV
LEZMRKVIGIMZIHER]XLMRK,I[ERXIH+SHHMVIGXP]2SSRILEWWIIR,MQJSVXLIPE[SJ
GSRXEGXWMWWXVMGX8LMWPE[I\MWXWIZIV][LIVI=SY[MPPPSSOJSV]SYV+SH[LIR]SYLEZI
JIPX ]SYVWIPJ KYMHIH MR XLI VMKLX HMVIGXMSR SR E KSSH VSEH JSV MRWXERGI F] 1QI HI
7EP^QERR8LIRWLI[MPPFI]SYV+SH7LIMWRSX+SHFYXWLI[MPPFI]SYVJMVWXWXEKI]SY
GERLEZIGSRXEGX[MXL+SHXLVSYKLLIVQEOIEPP]SYVTVE]IVWERHKSSHQERMJIWXEXMSRW
TEWWXLVSYKLLIVERHXLEXMXWIPJ[MPPQEOIGSRXEGX[MXLXLIRI\XWXEKI8LIREXLMVHWXEKI
ERH JMREPP] MX MW TSWWMFPI XLEX ]SYV TVE]IV [MPP VIEGL XLI VIEP +SH )\EGXP] PMOI XLI
XIPIKVETLEQIWWEKIXSEVIPEXMZIMRXLIGSYRX]RIEV0]SRW*MVWXJVSQ4EVMWXS0]SRW
XLIRXSERSXLIVXS[RXLIRXSXLIZMPPEKIXLIRXS]SYVVIPEXMZIWLSYWI&]WXEKIWERHMX
XEOIWWSQIXMQI
5YIWXMSRIV?%WOWEFSYXMRNYWXMGIWA
+YVHNMIJJ=SYORS[.YWXMGIMWEFMK[SVHMXMWEFMKXLMRKMRXLI[SVPH3FNIGXMZIXLMRKW
EVIRSXWQEPPXLMRKWPMOIQMGVSFIWXLI]KSEGGSVHMRKXSPE[EWXLIPE[LEWEGGYWXSQIH
XLIQXSKS 6IQIQFIVEW]SYWS[WS ]SYWLEPPVIET2SXSRP]TISTPI VIETFYXEPWS
JEQMPMIWERHREXMSRW-XSJXIRLETTIRWXLEXXLEX[LMGLLETTIRWSRIEVXLGSQIWJVSQ
WSQIXLMRK[LMGL[EWHSRIF]EJEXLIVSVEKVERHJEXLIV8LIVIWYPXWGSRZIVKISR]SYXLI
WSRSVKVERHWSRMXMW]SY[LSLEZIXSVIKYPEXIXLIQ8LMWMWRSXERMRNYWXMGIMXMWEZIV]
KVIEX LSRSV JSV ]SYMX [MPP FI E QIERW [LMGL [MPP EPPS[ XSVIKYPEXI XLI TEWX SJ ]SYV
JEXLIV KVERHJEXLIV KVIEXKVERHJEXLIV -J QMWJSVXYRIW GSQI XS ]SY MR ]SYV ]SYXL MX
QIERWXLEXWSQISRIFVSYKLXXLIQJSVXLMW]SYQYWXVIET,IMWHIEHMXMWERSXLIVSR
IEVXL[LSVIETW=SYQYWXRSXPSSOEX]SYVWIPJIKSMWXMGEPP]=SYEVIEPMROMRXLIGLEMRSJ
]SYVFPSSH&ITVSYHSJMXMXMWERLSRSVXSFIXLMWPMRO8LIQSVI]SYEVISFPMKIHXS
VITEMV XLI TEWX XLI QSVI ]SY [MPP LEZI VIQSVWI SJ GSRWGMIRGI =SY [MPP WYGGIIH MR
VIQIQFIVMRKEPPXLEX[LMGL]SYLEZIRSXHSRIEW]SYWLSYPHMRXLITEWX8LSWIXLMRKW
[LMGL]SYLEZIHSRIGSRXVEV]XSNYWXMGILEZIQSVXMJMIH]SYVKVERHJEXLIV8LYW]SYGER
LEZIXIRXMQIWQSVIVIQSVWISJGSRWGMIRGIERH]SYV[SVXL[MPPEYKQIRXMRTVSTSVXMSR
=SYEVIRSXXEMPSJEHSROI]=SYLEZIVIWTSRWMFMPMXMIWEJEQMP]%PP]SYVJEQMP]TEWX
ERHJYXYVIHITIRHSR]SY=SYVIRXMVIJEQMP]HITIRHWSRXLI[E]]SYVITEMVXLITEWX-J
]SYVITEMVJSVIZIV]SRIMXMWKSSH-J]SYHSRSXVITEMVJSVIZIV]SRIMXMWFEH=SYWII
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYVWMXYEXMSR0SKMGEPP]HS]SYWII[LEXNYWXMGIMW#.YWXMGIMWRSXSGGYTMIH[MXL]SYV
PMXXPIEJJEMVWYRVIHIIQIHTPIHKIWMXMWSGGYTMIH[MXLFMKXLMRKW-XMWMHMSXMGXSFIPMIZI
+SHXLMROWSJWQEPPXLMRKW-XMWXLIWEQI[MXLNYWXMGI.YWXMGIHSIWRSXXSYGLEPPXLEXERH
EXXLIWEQIXMQIRSXLMRKMWHSRISRIEVXL[MXLSYXMX7IEVGLJSVXLIVIEWSRW=SYEVI
SFPMKIHXSLEZIETSWMXMSRSJVIWTSRWMFMPMX]MRXLIPMRISJ]SYVFPSSH]SYQYWX[SVOQSVI
XSVITEMVXLITEWX-XMWHMJJMGYPXXSYRHIVWXERHEPPEXSRGI
5YIWXMSRIV?%QEREWWIVXWLIGERRSX[SVO[IPPGERHSRSXLMRKXSLMWWEXMWJEGXMSRMW
XVSYFPIHF]GSRWGMIRGIA
+YVHNMIJJ-XMWMQTSWWMFPIXSHSXLMWEPPEXSRGISRIQYWXWIEVGL&IKMR[MXLEWQEPP
XLMRK;LIR]SY[EOIVIQIQFIVGSRWGMSYWP]XSTYXSRPIJXWSGOJMVWXMRWXIEHSJXLI
VMKLXSRIVIQIQFIVMRK]SYVWIPJ;EWLXLIPIJXJMVWXRSXXLISRI]SYEVIMRLEFMXSJ
[EWLMRK1EOIETVSKVEQ%P[E]WIMXLIVEJP]SVWSQIXLMRKIPWI[MPPETTIEVXSTVIZIRX
]SYJVSQGEVV]MRKSYXXLMWTVSKVEQ&YXIZIRMJXLIVIMWEJMVIHS[LEX-XIPP]SY8LIR
[LIR]SYKSSYXMRXSXLIWXVIIXMRWXIEHSJPSSOMRKMRXSXLI[MRHS[SRXLIPIJXEXXLI
FPSRHI[LSMRXIVIWXW]SYPSSOXS[EVHXLI[MRHS[SRXLIVMKLXEXXLIFVYRIXXI%RHWSSR
-J]SYHSRSXWYGGIIHMRXV]MRKXLMWHSRSXWTIEOSJMXER]QSVI-J]SYHSXLMW]SYGER
EWO]SYVUYIWXMSREKEMRERH-[MPPVITP]ERHI\TPEMREXLSYWERHQSVIHIXEMPW
5YIWXMSRIV%XXLIFSXXSQSJEPPQ]RIKEXMZIIQSXMSRWXLIVIEVIX[SXLMRKWSRSRIWMHI
XLISTMRMSR-LEZISJQ]WIPJSRXLISXLIVEGIVXEMRJIEV-J-WYGGIIHMRVIQIQFIVMRKQ]
RSXLMRKRIWWXLISTMRMSRSJQ]WIPJGLERKIWERHRSPSRKIVLMRHIVWQIFYXXLIJIEVKVS[W
ERHHIXIVQMRIWXLIRIKEXMZIIQSXMSRERHTVIZIRXWQIJVSQVIWMWXMRK-LEZIRSXJSYRHE
QIERWSJWXVYKKPMRKEKEMRWXXLMWJIEV
+YVHNMIJJ3RIQYWXHIGMHI%PPSVRSXLMRK-XMWWMQTPIEPPSVRSXLMRK-J]SYORS[]SYV
TEWX RSXLMRKRIWW XLIR HIGMHI IMXLIV ]SY [ERX XS XVERWJIV XLMW RSXLMRKRIWW MRXS
WSQIXLMRKSV]SY[MPPTIVMWL-J]SYHIGMHIEPPSVRSXLMRKEJXIVXLMW]SYVJIEV[MPPFI
PIWW MQTSVXERX -J ]SY HIGMHI XS TIVMWL XLIR XLEX MW ERSXLIV UYIWXMSR =SY EVI RSX
JVMKLXIRIH#2S
8LIRXLIJIEVMWRSXLMRK8LMWMWXLIQIERWSJPMUYMHEXMRK]SYVJIEV
;LEX]SYJMVWXWEMHEFSYX]SYVSTMRMSRSJ]SYVWIPJMWJSYJSY=SYVJEXLIV[EWEPVIEH]
JSYJSY 7S [LEX STMRMSR GER ]SY LEZI# =SY EVI E RSRIRXMX] QIVHI =SY QYWX
YRHIVWXERH XLMW 3FNIGXMZIP] [LEX STMRMSR GER ]SY LEZI# =SY GER HS RSXLMRK -X MW EPP
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MQEKMREXMSR=SYGERRSXIZIRQEOIEGMKEVIXXI=SYQYWXHIGMHI[MXLMRXLIJMIPHSJ]SYV
RSXLMRKRIWW8LIEPPSVRSXLMRKGERIRH]SYVJIEV)MXLIVWSQIXLMRK[MPPLETTIRSV]SY
[MPPTIVMWLPMOIEHSK=SYWLSYPHRSXI\MWXEW]SYEVI=SYEVIEWSYVGISJIZMPMRXLI
[SVPHJSV]SYVRIEVIWXERHJSVIZIV]SRI)MXLIV]SY[MPPGIEWIXSFIWYGLEWSYVGIMR
SVHIVXSEGUYMVIEVIEPMRHMZMHYEPMX]VIEPRSXJERXEW]SVTIVMWL,EZI]SYYRHIVWXSSH#
-XMWERI[.YWXMGIMXLEWERSXLIVHVIWW%FIPXERHELEXEPWSEXEPPLEX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=32)
.ERYEV]XL
5YIWXMSRIV-XMWHMJJMGYPXJSVQIXSWITEVEXI[LEX-WIRWI[LEXMWXVYIJVSQ[LEXMW
MQEKMREV] HMJJMGYPX XS WII MJ [LEX - WIRWI LEW E VIEP FEWMW *SV I\EQTPI MX WIIQW
MQTSWWMFPIMRXLII\IVGMWIXSJMPPQ]EVQW
+YVHNMIJJ-XSPH]SYXSI\TIGXRSXLMRKJVSQXLMWI\IVGMWI-XMWXLII\IVGMWI[LMGL[MPPKMZI
]SY YRHIVWXERHMRK 3XLIVW [MPP GSQI EJXIV 8LIR TIVLETW ]SY [MPP JMRH MX TSWWMFPI XS
YRHIVWXERH[LEXMWJERXEW]ERH[LEXMWVIEP8SYRHIVWXERHMXMWRIGIWWEV]XSHSXSLEZI
I\TIVMIRGI 8LI I\IVGMWIW [MPP KMZI ]SY I\TIVMIRGI 8LIWI I\IVGMWIW [IVI IWXEFPMWLIH
GIRXYVMIWEKSIZIRFIJSVI)YVSTII\MWXIH
5YIWXMSRIV-[SYPHPMOIXSORS[[LIXLIVXLI[SVOMWGSQTEXMFPI[MXLEQFMXMSREHIWMVI
JSVTS[IVMRXLII\XIVREP[SVPH
+YVHNMIJJ -J MX LIPTW ]SY [MXL ]SYV I\IVGMWI ]SY GER HS MX - LEZI KMZIR ]SY XLMW
GEXIKSVMGEP EHZMGI &I ER IKSXMWX =SY GER HS RSXLMRK EX TVIWIRX *MVWX TYX ]SYVWIPJ
WSPMHP]SR]SYVJIIX%JXIVXLEX]SYGERHSWSQIXLMRK=SYVUYIWXMSRMWEFWXVEGX
5YIWXMSRIV-XMWRSXI\EGXP][LEX-[ERXIHXSEWO'ERSRILEZIEQFMXMSRSYXWMHIXLI
[SVO#
+YVHNMIJJ=SYGERKMZIMXXS]SYVWIPJEWEXEWOFYX]SYQYWXRXGSYRXSRWYGGIIHMRK]SY
QE]SVQE]RSX-XQE]TIVLETWFIGSQTEXMFPI[MXLXLI[SVO
5YIWXMSRIV7SMXMWRSXRIGIWWEV]XSXV]ERHHIWXVS]MXVMKLXE[E]#
+YVHNMIJJ2S&YXMJMXYTWIXW]SYVWIVMSYW[SVOMJMXMWE[IEORIWW]SYQYWXOMPPMX-J
]SYGERHSMXGSRWGMSYWP]]SYGEROIITMX
5YIWXMSRIV&YXMJMXMWETL]WMGEPXLMRK
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ-XGERFIETL]WMGEPXLMRKFYXRSXEYXSQEXMG+MZI]SYVWIPJEGSRWGMSYWXEWO
ERHGEVV]MXSYXIZIRF]MRIVXME
5YIWXMSRIV ,S[ GER - ORS[ XLEX Q] HIGMWMSR MW GSRWGMSYW# -J - [ERX QSRI] JSV
MRWXERGIMXMWWYVIP]JVSQGYTMHMX]
+YVHNMIJJ%RSXLIVUYIWXMSR;LEX]SYLEZIEGUYMVIHXLVSYKLXLI[SVOQYWXRSXFIYWIH
MRSVHMREV]PMJI7SPSRKEW]SYLEZIXSHS[MXLQI]SYQYWXSYX[EVHP]TPE]EVSPIFYX
MR[EVHP] ]SY QYWX PIEVR RIZIV XS MHIRXMJ] (YVMRK XLI [SVO WYGL XLMRKW HS GSQI
I\XVESVHMREV]TSWWMFMPMXMIW]SYQYWXRIZIVYWIXLIQJSVSVHMREV]PMJI
5YIWXMSRIV'ERSRIFILIPTIHMR[SVOF]TVE]IVERHLS[GERSRITVE]#
+YVHNMIJJ=SYGERSRP]TVE][MXL]SYVXLVIIGIRXIVWERHEXXLIWEQIXMQIMXMWER
I\IVGMWI;LEXMRXIVIWXWQIMWRSX]SYVTVE]IVMXMW]SYVGSRGIRXVEXMSR[MXL]SYVXLVII
GIRXIVW=SYVTVE]IVKSIWRSJEVXLIVXLER]SYVEXQSWTLIVI;LIR]SYVTVE]IVWGERKS
EWJEVEW%QIVMGE]SY[MPPFIEFPIXSTVE]XSXLI4VIWMHIRX1ERLEWX[SWYFWXERGIWMR
LMQXLIWYFWXERGISJEGXMZIIPIQIRXWSJXLITL]WMGEPFSH]ERHXLIWYFWXERGIQEHIYT
SJXLIEGXMZIIPIQIRXWSJEWXVEPQEXIV8LIWIX[SJSVQEXLMVHWYFWXERGIF]QM\MRK8LMW
QM\IH WYFWXERGI KEXLIVW MR GIVXEMR TEVXW SJ E QER ERH EPWS JSVQW ER EXQSWTLIVI
EVSYRH LMQ PMOI XLI EXQSWTLIVI WYVVSYRHMRK E TPERIX 4PERIXEV] EXQSWTLIVIW EVI
GSRXMRYEPP]KEMRMRKSVPSWMRKWYFWXERGIWFIGEYWISJSXLIVTPERIXW1ERMWWYVVSYRHIH
F]SXLIVQIRNYWXEWTPERIXWEVIWYVVSYRHIHF]SXLIVTPERIXW;MXLMRGIVXEMRPMQMXW
[LIRX[SEXQSWTLIVIWQIIXERHMJXLIEXQSWTLIVIWEVIW]QTEXLIXMGEGSRRIGXMSRMW
QEHI FIX[IIR XLIQ ERH PE[JYP VIWYPXW SGGYV 7SQIXLMRK JPS[W 8LI EQSYRX SJ
EXQSWTLIVIVIQEMRWXLIWEQIFYXXLIUYEPMX]GLERKIW
5YIWXMSRIV,S[GERSRITVE][MXLXLIXLVIIGIRXIVW#
+YVHNMIJJ 2S[ ]SY QYWX HS E WIVMSYW XLMRK 0IEVR JSV XLI WEOI SJ XLI JYXYVI XS
GSRGIRXVEXIRSXSRP][MXLSRIGIRXIVFYX[MXLXLIXLVII=SYQYWXXLMROJIIPERHWIRWI
8LMWMWMQTSVXERX*SVXLMWXLIVIEVIHMJJIVIRXI\IVGMWIW=SYGERTVE]WMRKER]XLMRK]SY
PMOIFYX[MXLXLIXLVIIGIRXIVW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV 8LIVYPI JSVQYPEXIH NYWX RS[ PIEZIW QI [SRHIVMRK -XWIIQW XS QI XLEX
WSQIXMQIWSRIGERXLIPTYWMRKGIVXEMRVIWYPXWSJ[SVO-EQXLMROMRKSJQ]GPEWWERH
LS[HMJJIVIRXP]-QEREKIMXRS[JVSQFIJSVI
+YVHNMIJJ;LEX-[MWLXSXIPP]SYMWWSQIXLMRKHMJJIVIRX;I[IVIRSXWTIEOMRKSJXLEX
8LMWMWEREXYVEPXLMRK=SYGSYPHIZIRLEZIHSRIXLEX[MXLSYXQI)EGL]IEV]SYEVI
SPHIVQSVITVEGXMGIH=SYKEMRI\TIVMIRGIERHGLERKI]SYV[E]SJKSMRKEFSYXXLMRKW
5YIWXMSRIV7SQIXMQIW-WYGGIIHMRVIEGLMRKEOMRHSJXLMROMRK[LMGLMWGPIEVIVERH
FMKKIVMR[LMGL-YRHIVWXERHQER]QSVIXLMRKW'ER-YWIXLMW#
+YVHNMIJJ.YWXHS]SYVI\IVGMWIW)\EGXP]EWSRIPIEVRWXSTPE]XLITMERS*MVWXSJEPP]SY
HS QER]I\IVGMWIW FIJSVITPE]MRK E XYRI 2S[ ]SYQYWX HS ]SYVI\IVGMWI ERHPMZI EW
FIJSVI2SSRIQYWXRSXMGIXLEX]SYEVIMR[EVHP][SVOMRK8LEXMW]SYVEMQMR[EVHP]RSX
XSMHIRXMJ]8STPE]EVSPIMWRSXEREMQFYXEQIERW
5YIWXMSRIV-[ERXIHQSVIHIJMRMXIHMVIGXMSRWSRLS[RSXXSMHIRXMJ]
+YVHNMIJJ)ZIV]XLMRKGSQIWMRMXWXMQISRP]RIGIWWEV]TVEGXMGI=SYEVITLMPSWSTLM^MRK
2S[]SYVEMQMWRSXXSMHIRXMJ]'SRWMHIV]SYVTEWXEGXMSRW;LEXGER]SYWE]SJXLIQ
MQTEVXMEPP]#8LMW[MPPWIVZIEWEGPYIJSV]SYV[SVOERH]SY[MPPVIGSKRM^IXLEX]SY[IVI
EP[E]WMHIRXMJMIH-XMWRIGIWWEV]JSVYWXSFIMR[EVHP]MQTEVXMEP8LMWMWMQTSWWMFPIJSV
XLIQSQIRX;IPSSOEXIEGLXLMRKERMQEXISVMRERMQEXITEVXMEPP]8LMWMW[LIVISYV
[IEORIWWPMIW
5YIWXMSRIV7MV-EQMREFEH[E]EXXLIQSQIRXERH-EQZIV]XMVIH
+YVHNMIJJ-XSPH]SYJVSQXLIWXEVX(SGXSVXLMW[SVOFYVRWEPSXSJIPIGXVMGMX]
5YIWXMSRIV*SVE[IIO-LEZIRXFIIREFPIXSHSQ]I\IVGMWIIZIRXLIWMQTPIIJJSVXXS
VIQIQFIVJSVEUYEVXIVSJERLSYVFIGEYWI-LEZIFIIRMRXS\MGEXIHF]XLIVIWYPXW-LEZI
LEH-XLMROEFSYX[SVOFYX-HSRXWYGGIIHMRHSMRKER]XLMRKHIJMRMXI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ=SYGERRSXI\TIGXVIWYPX]IX=SYGERSRP]HSXLII\IVGMWIW8SFIEFPIXSTPE]
XYRIWXEOIWEPSRKXMQI4IVLETW]SYLEHERMPPYWMSRXLIREHMWMPPYWMSRQIRX-XGSQIW
PMOIXLEX8LMROSRP]SJXLIJYXYVI[LIR]SYVTPE]MRKQE]EGUYMVIEHMJJIVIRXUYEPMX]
ERH]SYQE]FIGSQIETMERMWX
5YIWXMSRIV1][E]SJVIEWSRMRKWSQIXMQIWQEOIWQIXLMROXLEXEPPXLMWMWEHVIEQ
;LIR-HSRXJIIPPMOI[SVOMRK-XIPPQ]WIPJEPPXLMWMWRXXVYI
+YVHNMIJJ=SYLEZIQER]HSKWMR]SY%W1V+YVHNMIJJ-GERRSXLIPT]SYFYXSRP]EWE
HSGXSV&YX-LEZIRSXXLIVMKLXXSTVEGXMGIMR*VERGI-XEOISRSRP])RKPMWLERH%QIVMGER
TEXMIRXW
5YIWXMSRIV8LIR-QMKLXEW[IPPKMZIYT
+YVHNMIJJ=SYQYWXKIXSZIVXLMWGVMWMW2S[MJ]SYLEZIVIGSKRM^IH]SYVRSXLMRKRIWW
]SYGERQEOIEVIEPHIGMWMSRXSGLERKIWSQIXLMRK-J-LEHETMPPXSGEPQ]SY-[SYPHRX
KMZIMXXS]SY=SYQYWXXLERO2EXYVIXLEXXLMWGVMWMWLEWFIKYRERHXLEXMXLEWFIKYR
WSWSSR,I?VIJIVVMRKXSERSXLIVWXYHIRXALEWEGVMWMWPMOIXLEXX[MGIE]IEV=SYRS[
[SVOJSVQI;LIRXLI[EVMWJMRMWLIH-WLEPPKMZI]SYEKSSHGLIGO)ZIR[MXL%QIVMGER
^IVSW,EZIGSRJMHIRGIMRQI
5YIWXMSRIV-WWMRGIVMX]GSQTEXMFPI[MXLWTSRXERIMX]#
+YVHNMIJJ 8LI] GER KS XSKIXLIV FYX MX MW HIWMVEFPI XLEX XLI] HSRX KS XSKIXLIV
7TSRXERIMX]MWRSXGSRXVSPPIH=SYQYWXRSXFIWMRGIVI[MXLSXLIVWFYX[MXL]SYVWIPJ=SY
QYWXXVYWXRSSRIRIMXLIVWMWXIVRSVFVSXLIV=SYQYWXFIWMRGIVI[MXL]SYVWIPJ-J]SY
EVIWMRGIVI[MXLERSXLIV]SYTYXEPP]SYVGEVHWSRXLIXEFPI,I[MPPWMXSR]SYVLIEH
8LMWWMRGIVMX]MWEHMWIEWI4IVLETW]SYLEZIRSXLMRKMRWMHIFYXXLISXLIVMQEKMRIWXLEX
]SYLEZIWSQIXLMRK0IXLMQMQEKMRIMX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=8;3
.ERYEV]XL
5YIWXMSRIV =SY EHZMWIH QI XSQEOI E FVIEO MR Q][SVO XLMW [IIO8LMW FVIEO LEW
WLS[RQIXLEX-[EW[SVOMRKNYWXIRSYKLXSOIITQIWEXMWJMIHERHWYFHYIQ]RIKEXMZI
IQSXMSRW;LIR-HSRSX[SVO-LEZIEJIIPMRKSJVIQSVWIRIKEXMZIIQSXMSRWXEOIYTXLI
[LSPISJQI*SVMRWXERGI-EQWIM^IHGSRWXERXP]F]IRZ]SJSXLIVW
+YVHNMIJJ-XMWRSX]SYVJEYPX-XMWXLIJEYPXSJ]SYVQSXLIVERHJEXLIV;I[MPPHIWXVS]
XLIVIWYPXWSJXLMWYTFVMRKMRK
5YIWXMSRIV-LEZIRSXMGIHXLEX[LIR-[SVOEXXLIWEQIXMQIGIVXEMRGSEVWIXIRHIRGMIW
ERHHIWMVIWGIVXEMRETTIXMXIWJSVPS[XLMRKWFIGSQIWXVSRKIVERHXEOIEQSVIMQTSVXERX
TPEGIXLERFIJSVI
+YVHNMIJJ -R XLMW VSSQ XLIVI EVI X[IPZI TISTPI -J ]SY [ERXIH XS FVMRK MR X[S QSVI
TISTPIMX[SYPHFIRIGIWWEV]JSVX[SSJXLITISTPIEPVIEH]LIVIXSKSSYX-XMWXLIWEQI
JSV]SY6SSQLEWXSFIQEHIERHMRSVHIVXSQEOIVSSQ[LEXIZIVSGGYTMIWXLMWVSSQ
LEWXSKSSYX-JSRITIVWSR[ERXWXSKSSYX[LMPIERSXLIV[MWLIWXSGSQIMRXLI]EVI
WXSTTIH SRI F] XLI SXLIV8LI] LEZI XLIMV I]I SR XLI HSSV 4IVLETW ]SY EVI MR XLEX
WMXYEXMSR-RXLMW[SVOXLIVIQYWXFIRSGSQTVSQMWI0MXXPIF]PMXXPI]SYQEOIVSSQ3RI
TIVWSRKSIWSYXERSXLIVGSQIWMR
5YIWXMSRIV1V+YVHNMIJJ
+YVHNMIJJ-XMWEPSRKXMQIRS[WMRGI-[EW+YVHNMIJJ
5YIWXMSRIV8LMW[IIOXLIVIGEQIXSQIUYMXIETEVXJVSQXLII\IVGMWIWERH[SVOE
GIVXEMRXEWXISJQ]WIPJ[LMGL-LEZIRIZIVJIPXXMPPRS[ERH[LMGLJSVGIWQIXSFIMRETEVX
SJQ]WIPJXLEXYWYEPP]-EQRIZIVMR8LMWXEWXIMWHMWWMTEXIHFIGEYWI-HSRXORS[[LEXXS
HS[MXLMX-HSRX[ERXMXXSFIPSWXFYXLIPTQIXSKSJYVXLIV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ=SYQYWXWXSTEPPXLMRKWERHHSMR[EVHP][LEXLEWXSFIHSRIJSV]SYV[SVO
ERH[LEXGERLIPT]SYJSV]SYVJYXYVI
5YIWXMSRIV &YX XLMW JIIPMRK GSQIW EX E QSQIRX [LIR - EQ HSMRK WSQIXLMRK UYMXI
HMJJIVIRX[LIR-EQFYW][MXLTISTPIERHGERXWXST[LEX-EQHSMRK
+YVHNMIJJ;IEVIRSXWTIEOMRKEFSYXXLMRKWMRPMJI8LMWMWWSQIXLMRKUYMXIHMJJIVIRX=SY
QYWXTPE]EVSPI*SVMRWXERGI]SYWLEOILERHW[MXLXLIVMKLXLERH=SYHSRXRIIHXS
XLMROJSVXLEX
5YIWXMSRIV-JSYRHQ]WIPJXLMW[IIOMREWMXYEXMSR[LIVI-WLSYPHLEZIJIPXVIQSVWIFYX
MRJEGX-JIPXSRP]EWPMKLXX[MRKI[LMGLGSYPHRXFIGSQTEVIHXSXLIVIEPJIIPMRK-[SYPH
PMOIXSORS[[LIXLIVXLIVIEVIWSQIWTIGMEPQIERWJSVI\TIVMIRGMRKVIQSVWI
+YVHNMIJJ8LMROSJEPP]SYLEZIHSRIMR]SYVPMJIEPPQSQIRXW[LIR]SYLEZIRXFIIREW
]SYWLSYPHLEZIFIIR=SYVIQIQFIVERHEXXLIWEQIXMQI]SYLEZIEJIIPMRKSJVIQSVWI
5YIWXMSRIV-LEZIRSXMGIHXLEX-YWIHXSLEZIWXVSRKIVJIIPMRKWSJVIQSVWIXLERRS[
XLEX-EQ[SVOMRK-LEHZMSPIRXJIIPMRKWRS[XLI]EVIMRXIPPIGXYEP-NYHKIQ]EGXMSRWFYX
-HSRXJIIPEW-YWIHXSJIIP
+YVHNMIJJ-XMWUYMXIEWMQTPIXLMRK&IJSVI]SYYWIHXSQEOIIPITLERXJVSQJP]ERHJP]
JVSQIPITLERX8LEXMWXLI[E]]SYEVIF]REXYVI2S[]SYWIIJP]EWEJP]ERHIPITLERX
EWERIPITLERX
5YIWXMSRIV-EQ[SRHIVMRKMJ-WLSYPHOIITSR[MXLXLI[SVO-EQHSMRKSVXEOIYT
WSQIXLMRKIPWIFIXXIVWYMXIHXSQ]GETEGMXMIW-WLSYPHPMOIXSLEZIEREMQMRPMJI
+YVHNMIJJ1]EHZMGIMWHSWSQIXLMRKUYMXIRI[[MXLSYXER]GSRRIGXMSR[MXL[LEX]SY
EVI HSMRK EX TVIWIRX 8LI PIWW ]SY EVI WEXMWJMIH [MXL ]SYV [SVO XLI KVIEXIV ]SYV
TSWWMFMPMX]SJHSMRKQSVI7XEVXEKEMRXSPIEVRJSVXLIJYXYVI%RI[GEVIIVMWXLIZIV]
FIWXXLMRKJSV]SY-RPMJISRIGERQEOIEPPWSVXWSJGSQTVSQMWIWFYX[MXLXLMW[SVO
XLIVIEVIRSRI=SYQYWXGLERKI]SYV[LSPISYXIVPMJIERHFIKMREPPSZIVEKEMR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=8,6))
*IFVYEV]XL
5YIWXMSRIV-LEZIPMXXPIORS[PIHKISJQ]WIPJIWTIGMEPP]SJQ]IWWIRGI-RIZIVORS[LS[
XSFIGIVXEMREFSYXQ]WIPJ;LEXQIERWSJMRZIWXMKEXMSRGER-YWIXSORS[MJEXLMRK
GSQIWJVSQQISVRSX#
+YVHNMIJJ2S[]SYEVITLMPSWSTLM^MRK2IGIWWEV]FIKMRJVSQWSQIXLMRKVIEP2S[XLMWMW
IQTX]JSVQIFIGEYWI]SYEVIIQTX]=SYHMHRSXWXEVXSRXLI[E]SJEVIEPQER8LMWMW
IHYGEXMSR7IZIRJEGXSVW[IVIEFWIRXJVSQ]SYVYTFVMRKMRK-GERXIPP]SYXLIJMVWX=SY
[IVIRSXXEYKLXXLEXJSV]SY]SYVJEXLIVMW]SYV+SH*SVIEGLQERYTXSEGIVXEMREKI
LMWJEXLIVQYWXFILMW+SH+SHPSZIWLMQ[LSIWXIIQWLMWJEXLIV;LIRXLIJEXLIVHMIW
XLIRXLIVIMWETPEGI[LIVI+SHGERIRXIVMR=SYLEZIRSXXLMWVIPEXMSRWLMT[MXL]SYV
JEXLIVERH]SYVUYIWXMSRWTVMRKWJVSQXLEX2S[XEOIEWEXEWOXSTYXHS[REPPXLIWI
JEGXSVW MR ]SYVWIPJ [LMGL LMRHIV ]SY IWXEFPMWL E VIEP VIPEXMSRWLMT [MXL ]SYV JEXLIV
7IGSRH
5YIWXMSRIV&YXMJXLIJEXLIVMWYR[SVXL]PS[#
+YVHNMIJJ)ZIRMJLIMWXLI[SVWXGVMQMREPMJLIMWQIVHIXLIPS[IWXEQSRKQIR]SY
QYWXVIGSKRM^I]SYVSFPMKEXMSR=SYHSRXORS[[L]LILEWFIGSQIPMOIXLEX,IVIMWE
PE[,IGVIEXIH]SY=SYS[I]SYVI\MWXIRGIXSLMQ%RHLIMWERW[IVEFPIJSV]SYVPMJIMR
ERSXLIV[SVPH-JLIMWXLIPS[IWXSJQIRMRXLII]IWSJIZIV]SRIPIXMXFIWSFYXMR[EVHP]
]SYQYWXJIIP]SYVSFPMKEXMSR=SYLEZIXSTE]LMQJSV]SYVI\MWXIRGI*MVWX
5YIWXMSRIV&YXMRSVHIVXSIWXEFPMWLEVMKLXVIPEXMSRWLMT[MXLWSQISRISRILEWXSFI
WYVISJ[LEXSRIMWSRIWIPJ
+YVHNMIJJ=SYHMZMHI]SYVWIPJMRX[STEVXW-R[EVHP]]SYQYWXRSXMHIRXMJ]SYX[EVHP]
]SYQYWXTPE]EVSPI8EOIEPPXLMRKWEW]SYVKYMHI=SYVXEWORS[MWXSEGUYMVIMRRIV
JVIIHSQ8LMWMWXLIWXEVXMRKTSMRXJSVKSMRKJYVXLIV%RHJSVXLEX]SYLEZIXSHS[LEX-
LEZIXSPH]SY;LEXHSIWMXQIERXSTPE]EVSPI#8V]XSYRHIVWXERHMXMREFVSEHIVWIRWI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
(SIZIV]XLMRKXLEXKMZIWLMQTPIEWYVI-JLIPMOIW]SYXSWMXSRLMWVMKLXWMXSRLMWVMKLX
-JEXERSXLIVQSQIRXLITVIJIVWXLISTTSWMXIHSMX7YFNIGXMZIVSPI;MXLIEGLTIVWSRE
HMJJIVIRXVSPI=SYEGGYWXSQ]SYVWIPJXSJYPJMPPSFPMKEXMSRW-XMWSRISJXLIEWTIGXWSJXLI
JYXYVISJEJVIIQER2SXRIGIWWEV]XSTLMPSWSTLM^I%JXIV]IW*MVWXTVITEVIXLIKVSYRH
8LIKVSYRHLEWWIZIREWTIGXW%JXIVXLEX]SYGERKSEW]SYPMOI-RJYXYVI[MXLIEGLQER
]SYQYWXTPE]EVSPIJSV]SYVIKSMWQ8SQEOIIEGLTIVWSR]SYVWPEZI=SYHSRSXHS
[LEX]SYPMOIFYX[LEXLIPMOIW7IGSRH
5YIWXMSRIV8S[EVHWSRIWJEXLIVMWMXERMRRIVSVSYXIVSFPMKEXMSR#
+YVHNMIJJ-WEMHXLEXMR[EVHP]]SYLEZISFNIGXMZISFPMKEXMSRW&YXEXXLIWEQIXMQI]SY
TPE]EVSPI[MXLLMQSYX[EVHP]EW[MXLIZIV]SRI8LMWMWHMJJMGYPXEXXLIFIKMRRMRKFYX
PEXIV]SY[MPPGSQIXSWIILS[IZIV]XLMRKGLERKIW4IVLETWPEXIV]SYVJEXLIV[MPPFIGSQI
]SYVWPEZIIZIR+SHGERFIGSQI]SYVWPEZI
5YIWXMSRIV7SEXTVIWIRX[IWLSYPHRSXHS[LEX[IPMOI#
+YVHNMIJJ=SYLEZIRSXMQIRS[XSWEXMWJ]]SYV[IEORIWW=SYQYWXOMPPMX-J]SY[SVO
]SYQYWXRSXXIQTSVM^I[MXL]SYV[IEORIWW=SYQYWXFIQIVGMPIWW
5YIWXMSRIV)ZIRMJXLISFNIGXMWXSGSQJSVXWSQISRIIPWI#
+YVHNMIJJ;IEVIWTIEOMRKSJSYVWIPZIWEXXLMWQSQIRX
5YIWXMSRIV*SVMRWXERGI-EQPMZMRKEQSRKTISTPI[LSXEPOEP[E]WSJHIZSXMSRERH
QYXYEPLIPT-XYWIHXSFIQ]EMQXSS2S[-VIEPM^ISRIGERHSPMXXPIJSVSXLIVW
+YVHNMIJJ8LEXMWXVYIMXMWEJERXEWXMGMHIE&IJSVI]SYGSYPHRXHSER]XLMRKKSSHJSV
ER]FSH]2S[]SYKMZI]SYV[SVHXSHSRSXLMRKI\GITXJSV]SYVWIPJTYX]SYVWIPJSR]SYV
JIIXTVITEVI]SYVJYXYVI
5YIWXMSRIV2S[TISTPIGSRWMHIVQIMRHMJJIVIRX
+YVHNMIJJ 8LIR ]SY LEZIRX TPE]IH E VSPI 3XLIV[MWI XLI] [SYPHRX LEZI RSXMGIH XLI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
GLERKI=SYEVISTIR3XLIVTISTPIQYWXRSXWII[LEXKSIWSRMRWMHI]SY
5YIWXMSRIV8LIWIEVIXLITISTPI[LSEVIEP[E]WEVSYRHQI
+YVHNMIJJ-XMWI\EGXP][MXLWYGLTISTPI
5YIWXMSRIV-XMWHMJJMGYPX
+YVHNMIJJ&EHXLMRKWEVIIEW]
5YIWXMSRIV;LIR-GSRJMHIXSWSQISRIWSQIXLMRKXLEXLEWLETTIRIHXSQI-JIIPXLEX
[LEX-WE]PSWIWMXWJSVGIJSVQI-JIIP-EJJIGXSXLIVWMRKIXXMRKFEHXLMRKWSJQ]GLIWX
+YVHNMIJJ8LIR]SYTPE]]SYVVSPIFEHP]
5YIWXMSRIV=IWFYXMXXEOIWXLIWXVIRKXLJVSQ[LEXMWFEHMRQI
+YVHNMIJJ8SHE]]SYQYWXWEGVMJMGIIZIV]XLMRKJSVXLIWEOISJXLIJYXYVI%PPTVIWIRX
TPIEWYVIW 3RI GERRSX IRXIV XLI OMRKHSQ SJ LIEZIR ERH EX XLI WEQI XMQI IEX GEOIW
)WXEFPMWLKSSHVIPEXMSRW[MXLIZIV]FSH]ERHPIEVRRIZIVXSMHIRXMJ]8LMW[MPPFIEKSSH
MRWXVYQIRX JSV GLERKMRK ]SYVWIPJ %X XLI WEQI XMQI XLMW [MPP GVIEXI MR ]SY E GIVXEMR
IRIVK][LMGL[MPPEPPS[]SYXS[SVOFIXXIV8LMRKW[LMGLEVIIEW]RIZIVKMZIIRIVK]
5YIWXMSRIV-[SYPHPMOIXSORS[MJXLIVIMWEFIXXIV[E]XSYWITL]WMGEPIRIVK]XLER
HSMRKWTSVXW
+YVHNMIJJ)\IVGMWI[MXLRYQFIVWREQIWERHWSSR8SHSMX[IPPSRIQYWXLEZIJMZI
XMQIWEWQYGLIRIVK]EW]SYLEZI
5YIWXMSRIV&YX[ILEZIRXHSRIXLIQ]IX
+YVHNMIJJ;IPPHSXLISRI[LMGL[EWKMZIRSR7YRHE]-RSRILEPJLSYV-GERTYQTMRXS
]SYXIRXMQIWQSVIIRIVK]XLER]SYLEZI-J]SYJIIPEW]SYWE]MXWLS[W]SYLEZIRX
YRHIVWXSSH
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
[LMGLTVIZIRXWQIJVSQHSMRKMX[IPP#
+YVHNMIJJ(SRXTLMPSWSTLM^I*SV]SYWTIGMEPP]-KMZIERI\IVGMWI)EGLXMQI]SYJIIPXLI
FIKMRRMRKSJ[IEORIWWVIPE\ERHXLIRXLMROWIVMSYWP]-[MWLXLIVIWYPXSJQ][IEORIWW
XSFIGSQIQ]S[RWXVIRKXL8LMW[MPPEGGYQYPEXIMR]SYJSV]SYVJYXYVI[SVO)EGLQER
ORS[W[LMGL[IEORIWWLILEWMRLMQ)EGLXMQIXLMW[IEORIWWETTIEVWMR]SYWXST
]SYVWIPJERHHSXLMWI\IVGMWI-XMWEZIV]RIGIWWEV]I\IVGMWIJSV]SY=SY[MPPXEPOEFSYXMX
WMRGIVIP]SRIHE][MXL1QIHI7EP^QERR
5YIWXMSRIV-LEZIEPMXXPIKMVPJSYV]IEVWSPH;LEXVSPIWLSYPH-TPE][MXLLIV#
+YVHNMIJJ6SPISJJEXLIV
5YIWXMSRIV&YX-JIIP-EQRSXEVIEPJEXLIV
+YVHNMIJJ&IEKSSHJEXLIV(SRSXIRGSYVEKIGVMXMGM^IIZIV]XLMRKWSXLEXXLIGLMPHWLEPP
RSXLEZIMQEKMREXMSR&YXMR[EVHP]SRIPSZIWXLIGLMPH-RXLMW[E]]SYVVIEPPSZI[MPP
GSQIMRXSFIMRK
5YIWXMSRIV8LIVIEVIQSQIRXW[LIR-JIIPXLEXMXMWRIGIWWEV]XSFIWIZIVI%XSXLIV
XMQIW-PIXQ]EJJIGXMSRWLS[XLVSYKL
+YVHNMIJJ -X QYWX RSX WLS[ -X QYWX FI NYWX -J SRGI ]SY WLS[ ]SYV EJJIGXMSR ]SYV
EYXLSVMX][MPPFIGVMTTPIH=SYQYWXRIZIVWLS[EGLMPH]SYVMRRIVWIPJ=SYV[IEORIWWXS
PSZIXSGEVIWERHWSSRPIEZIXLEXXSIZIV]SRIIPWI2SX]SY%JEXLIVWEYXLSVMX]MWE
ZIV]MQTSVXERXXLMRK%RHMRXLMW[E]]SY[MPPFIEVIEPJEXLIV
5YIWXMSRIV-WRXXLIVIEVMWOSJQEOMRKXLIGLMPHXMQMHERHWXMJPMRKMXWTIVWSREPMX]#
+YVHNMIJJ-JLIHSIWEW-LEZII\TPEMRIHXLIGLMPH[MPPRSXFIEJVEMH,I[MPPLEZIVIWTIGX
-XMWERSXLIVUYEPMX]SJJIEV=SYQYWXRSXJVMKLXIRLMQ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=*396
%TVMPXL
5YIWXMSRIV-LEZIXVMIHXSJIIPVIQSVWISJGSRWGMIRGIFYXXLIVIQSVWISZIV[LIPQWQI-
GERRSXJSVKIXXLEXMX[EWJVSQVIQSVWIXLEX.YHEWLERKIHLMQWIPJ
+YVHNMIJJ;L]HS]SYWTIEOSJ.YHEWMRXLMWGEWI#;LEXHS]SYORS[SJ.YHEW#,I[EWE
KVIEXMRMXMEXI,I[EWXLIWIGSRHHMWGMTPIEJXIV7X.SLRXLI&ETXMWX%PPXLEXMWXSPHEFSYX
LMQMWJEPWI-J]SY[MWLXSORS[LI[EWIZIRXLIQEWXIVSJ'LVMWX
5YIWXMSRIV8LIWIEVGLJSVVIQSVWIPIEHWQIXSHITVIWWMSR-QYWXFIHSMRKXLII\IVGMWI
[VSRKP],S[WLSYPH-XV]XSJMRHVIQSVWI#
+YVHNMIJJ -R SVHIV XS I\TIVMIRGI VIQSVWI MX MW RIGIWWEV] XS E[EOIR VIEP [MPP XS
VIQIQFIVVIEPEMQ=SYQYWXHIWXVS]XVERUYMPMX]
5YIWXMSRIV-LEZIJIPXVIQSVWIMRJPEWLIWX[SSVXLVIIXMQIW&YX-HSRSXORS[LS[XS
QEOIMXGSQI;LIR-PSSOJSVMXMRXIRXMSREPP]-HSRSXVIGETXYVIXLMWUYEPMX]FYXJMRHXLI
OMRHXLEXHITVIWWIWQI
+YVHNMIJJ;LIRVIQSVWIGSQIW[MXLSYXWIPJPSZIMXKMZIWYWXLIHIWMVIJSVWSQIXLMRK
FIXXIV&YX[LIRMXMWQM\IH[MXLWIPJPSZIMX[IMKLW]SYHS[R8LIIJJIGXSJXVYIVIQSVWI
MW LEXVIH SJ ]SYVWIPJ VITYKRERGI XS[EVH ]SYVWIPJ 8LIWI X[S XLMRKW QEOI YT XVYI
VIQSVWISJGSRWGMIRGI
5YIWXMSRIV3RIXMQI[LIR-JIPXMX-[EWREYWIEXIHPMXIVEPP]
+YVHNMIJJ=SYLEZIXSJIIPEPSXSJXLEXMRSVHIVXSOMPP]SYVIRIQ];LIR]SYJIIPXLMW
HITVIWWMSR ]SY WLSYPH HS XLI - EQ XLIR ]SY RIIHRX FI EJVEMH SJ FIGSQMRK QSVI
HITVIWWIH3RP]XLVSYKLXLMWMQTYPWIGER]SYXVERWGIRH]SYVRSXLMRKRIWW=SYWLSYPH
VINSMGIXLEXERMQTYPWILEWE[EOIRIHMR]SYEVIEP[MPPXSGLERKI=SYQYWXRSXWXERHSR
GIVIQSR] [MXL WIPJPSZI 7IPJPSZI MW ]SYV KVIEXIWX IRIQ] 3RI QYWX TYRMWL SRIWIPJ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QIVGMPIWWP] EKEMRWX XLMW JMPXL] GVIEXYVI 2SX SRP] ]SYFYX IZIV]FSH] 8LI JIIPMRK SJ
VIQSVWIGERQEOIVITEVEXMSRJSVEPPXLMRKWEPPXLIQMWXEOIWSJSYVTEVIRXWSJ]SYV
IHYGEXSVW]SYVGLMPHLSSHGSQTERMSRW=SYQYWXEGUYMVIXLIMRRIVJVIIHSQ[LMGL[MPP
QEOI]SY[SVXL]XSFIGSQIEGERHMHEXIJSVJYXYVIQER1]HIEVHSGXSVXLMWMW[LEX-
EHZMWIERHMXMWEZIV]HMJJMGYPXXLMRK-XMWRSXTPIEWERXFYXXLEXMWRSXQ]JEYPX-J]SY
[MWL XS LEZI E JYXYVI XV] XLMW MR XLI TVIWIRX 8LI QSVI ]SY I\TIVMIRGI MX XLI QSVI
TSWWMFMPMX]]SYLEZIJSVXLIJYXYVI=SYQYWXWYGGIIHMRFVMRKMRKVIQSVWISJGSRWGMIRGI
XSETSMRX[LIVIMXFIGSQIWLEXVIHSJWIPJERHLEXVIHSJ]SYVTEWXSJ]SYVTEVIRXWSJXLI
YTFVMRKMRK]SYLEZILEH'YVWIIZIV]XLMRK'EPPYTSR]SYVMHIEPXSLIPT]SYXSFIEVXLI
FYVHIRERHXSFIGSQI[SVXL]SJMX3RSRILERH]SYGYVWI]SYVTEWXSRXLISXLIVMR
XLI REQI SJ ]SYV JYXYVI ]SY KMZI ]SYV [SVHEW EKEMRWX XLMW GYVWIXS LIPT XLIQ
?TEVIRXWA EW QYGL EW ]SY GER =SY QYWX VIEGL XLI TSMRX [LIVI GSRWGMIRGI WTIEOW
QIVGMPIWWP]MR]SY
5YIWXMSRIV-LEZII\TIVMIRGIHXLIWEQIHITVIWWMSREWXLIHSGXSVFYX-RSPSRKIVLEZI
MX-JMRHQ]WIPJEW-[EWFIJSVI
+YVHNMIJJ - EQ WYWTMGMSYW SJ WSQIXLMRK TIVLETW ]SY EVI KIXXMRK YWIH XS MX
EYXSQEXMGEPP]8LEXMWEPWSFEHERMHIIJM\I3RIGERRSXFIGSQIEGGYWXSQIHXSVIQSVWI
MXQYWXTIRIXVEXIXSXLIMRRIVWIPJ-J]SYFIGSQIEGGYWXSQIH]SYQEOIMXEYXSQEXMGMX
FIGSQIWI\XIVREP[MXLSYX[IMKLX]SYHSMX[MXL]SYVLIEHSRP]=SYEVI[EWXMRK]SYV
XMQI&IKMREKEMRQSVIQIVGMPIWWP]=SYQYWXHSXLMW[MXLXLIXLVIIGIRXIVWRSXSRP]
[MXL]SYVLIEH
5YIWXMSRIV;LIR-I\EQMRIXLIJI[]IEVW-LEZIFIIRMRXLI[SVO-RSXMGI-LEZIRIZIV
PEGOIHHVMZMRKJSVGIFYXXLEXTEVXSJQILEWEP[E]WVYRE[E]JVSQ[SVO-WE[XLMW[LIR
]SYXSPHQI-PEGOIHTL]WMGEP[MPP;LIVIGER-KIXXLIJSVGI[LMGL[MPPKMZIQITL]WMGEP
[MPP#
+YVHNMIJJ3RP]SRIXLMRKGERLIPT]SY=SYQYWXWYJJIVTL]WMGEPP]*SVMRWXERGIHSRX
IEXIRSYKLFILYRKV]3VMJ]SYVSVKERMWQHSIWRXPMOIGSPH[EXIVQEOI]SYVWIPJFIEV
GSPH[EXIV7EQI[MXLLSX[EXIV(SXLISTTSWMXISJ[LEX]SYVFSH]MWMRXLILEFMXSJ
HSMRK1EOIMXWYJJIV-XMWXLISRIERHSRP][E]XSQEOIXLIJSVGI]SYPEGO2SXEQIRXEP
WYJJIVMRK;ILEZIWIZIROMRHWSJWYJJIVMRK*SV]SYFSHMP]WYJJIVMRKMWRIGIWWEV];MXL
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
]SYVQMRH]SYGERQIVGMPIWWP]KSZIVR]SYVFSH]QEOIMXWYJJIV-R]SYX[STEVXW[SVO
FYXXLIFSH]HSIWRSX,EZI]SYYRHIVWXSSH]SYVIQSXMSRMJ]SYLEZISFWIVZIHMXMJ]SY
FIPMIZIQIHSXLMWWXVYKKPIWYJJIV%JXIV[EVH]SY[MPPFIEFPIXS[SVOSR]SYVWIPJ-EQ
KPEH]SYGEQIXSXLMWUYIWXMSRF]]SYVWIPJ
5YIWXMSRIV-[SYPHPMOIXSEWOEUYIWXMSREFSYXXLII\IVGMWISJXLIWIZIRFVIEXLW-XMW
ERI\IVGMWIXSFIHSRIMRPMJI2S[-GERXIZIRGSYRXGSVVIGXP][LIR-HSMXMRXLIWYF[E]
SV [LIR - EQ [EPOMRK - LEZI RIZIV QEREKIH XS JMRMWL MX - EQ EFWSVFIH MR[EVHP]
[EXGLMRKXLMWI\IVGMWIERHGERRSPSRKIVWIIMXEWE[LSPI
+YVHNMIJJ-XMWZIV]MQTSVXERX4IVLETW]SYLEZIEJM\IHMHIEERHMXMWXLEX[LMGLWXSTW
]SY=SYQYWXJMKLXEW-LEZIEHZMWIH]SY
5YIWXMSRIV-GERRSXQEWXIVXLII\IVGMWI-KIXMHIRXMJMIH
+YVHNMIJJ=SYQYWXHMZMHIXLMWI\IVGMWIMRXLVIIWITEVEXITEVXWERHHSSRITEVXJSVXLVII
HE]WERSXLIVJSVXLVIIHE]WERHXLIRXV]XLIQEPPXSKIXLIV
5YIWXMSRIV;LIR-EQUYMIX-WYGGIIHFIXXIV
+YVHNMIJJ8LIRMXMWPIWWYWIJYP
5YIWXMSRIV%RSXLIVHMJJMGYPX];LIR-ZMWYEPM^IEHIEHTIVWSR-LEZIRSGSRXEGX[MXL
LMQ-IZIRLEZIXLIMQTVIWWMSRSJRIZIVLEZMRKWIIRLMQ
+YVHNMIJJ:IV]KSSHI\EQTPIJSV]SY4IVLETW]SYSRP]ORS[XLEXTIVWSR[MXLSRITEVX
SJ]SYVWIPJXLIMRXIPPIGXYEPTEVXJSVMRWXERGIERHRS[]SY[MWLXSGLERKIERHTMGXYVI
XLIQ[MXLJIIPMRK=SY[MPPLEZIGSRXEGX[MXLEPP]SYVGIRXIVWFYXSRIF]SRI
5YIWXMSRIV-QYWXJMRHWSQISRI[LSJYPJMPPWXLIGSRHMXMSRW
+YVHNMIJJ4IVLETW]SY[MPPRIZIVJMRHWYGLETIVWSR4IVLETW]SYEVISRIWMHIH-J]SY
GERRSXJMRHSRITIVWSRXEOIX[SSVXLVII;MXLSRI]SY[MPPFIMRXLIJIIPMRKTEVX[MXL
ERSXLIVMRXLMROMRKERHWSSR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV - LEZI RSXMGIH XLEX [LIR - [EXGL Q] FVIEXLMRK - EQ FIXXIV EFPI XS
VIQIQFIVQ]WIPJ7LSYPH-HSXLMW#
+YVHNMIJJ2SXMJ]SYXLMROXLIVIMWVMWOSJMXWFIGSQMRKEJM\IHMHIE-JMXLIPTW]SY
GSRXMRYI3RP]]SYGERNYHKI
5YIWXMSRIV,S[[SYPH-ORS[XLEXMXMWEJM\IHMHIE#
+YVHNMIJJ2S[-LEZIYRHIVWXSSH&]]SYVUYIWXMSR-LEZIYRHIVWXSSH]SYVMRRIVWXEXI
;LEXMWXLIGIRXIVSJKVEZMX]SJ]SYV[SVO#
5YIWXMSRIV8LII\IVGMWI[LMGLGSRWMWXWSJJIIHMRKXLI-ERHXLIWIZIRFVIEXLW
+YVHNMIJJ;LMGLMWXLISRIXLEXMRXIVIWXW]SYQSWXKMZIW]SYQSWXGSRJMHIRGI#
5YIWXMSRIV-HSRXHSXLIQMRXLIWEQIGSRHMXMSRW&SXLEVIMQTSVXERXJSVQI
+YVHNMIJJ'LERKIXLIGSRHMXMSRWMR[LMGL]SYHSXLII\IVGMWIW(SMRXLIXMQIWIXEWMHI
JSV[SVOMRKXLISRI[LMGL]SYLEZIFIIRHSMRKMRPMJIERHZMGIZIVWE'LERKIXLIXMQI-
EQEJVEMHSJ]SYVQEOMRKXLIXMQIEX[LMGL]SYHSMXEYXSQEXMGXLEX]SYEVIKIXXMRK
MRXSELEFMXERHXLEX[MPPFIGSQIEJM\IHMHIE&]GLERKMRKXLILSYVTIVLETW]SYGER
IWGETIXLIJM\IHMHIEERHKIXVIWYPX-EQWYWTMGMSYWSJWSQIXLMRKERHXLMWQE]QEOIMX
GPIEVXSQI,EZI]SYYRHIVWXSSH#
5YIWXMSRIV:IV][IPP
5YIWXMSRIV-LEZIQEHIEKVIEXIJJSVXEPP[IIO-LEZIJIPXWSQIXLMRKRI[
+YVHNMIJJ*SVXLIJMVWXXMQIWSQIXLMRKLEWE[EOIRIHMR]SY&YX]SYEVIRSXYWIHXSMX
]IX]SYLEZIRX]IXIRSYKLQEXIVMEP=SYEVISRXLIVMKLXVSEH-J]SYEVIEFPIXSGYVWI
ERHFIHMWKYWXIHF]]SYVTEWXXLEX[MPPLIPT]SY6IEPM^ILS[QYGLXMQI]SYLEZIPSWX
8LEX MW VIQSVWI SJ GSRWGMIRGI -R XLMW [E] ]SY TVITEVI E KSSH JYXYVI ;MXLSYX FEH
XLMRKWKSSHXLMRKWRIZIVGSQI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV8LIVIMWSRITEVXSJQIXLEX-RIZIVWYGGIIHMRFVMRKMRKYTMRXIRXMSREPP]
[LIR-XV]XSVIQIQFIVQ]WIPJ8LMWTEVXSRP]E[EOIWEWEVIWYPXSJERSYXWMHIWLSGO
,S[GER-QEOIMXETTIEV#
+YVHNMIJJ =SY QYWX OMPP WSQIXLMRK MR ]SYVWIPJ =SY LEZI XS QEOI VSSQ JSV XLMW RI[
JIIPMRK;ILEZIMRSYVW]WXIQEHIJMRMXIRYQFIVSJJEGXSVW-R]SYEPPXLIJEGXSVWEVI
EPVIEH][VMXXIRYTSRPMOIKVEQSTLSRIVIGSVHWERHXLIWIMRWGVMTXMSRWEVIEPVIEH]JEPWI
=SYQYWXHIWXVS]SRISJXLIWIVIGSVHWTYXERSXLIVMRMXWTPEGI
5YIWXMSRIV,S[GERSRIHIWXVS]MX#
+YVHNMIJJ&]EHIJMRMXIJSVGI'LSSWIERI\XIVREPMHIEP6IPMKMSYWJEMXLJSVMRWXERGI
7SQIXLMRK[LMGL]SYEVIWYVIEFSYXERH[LMGLMWSYXWMHI]SYVWIPJ8LIRPMUYMHEXIXLMW
FIPMIJHIWXVS]MX=SY[MPPPSWIRSXLMRKJSVMXMWJEPWI7SSRIVSVPEXIVIZIV]XLMRKQYWXFI
RI[MR]SY*SVXLIQSQIRXIZIV]XLMRKMWQIVHI1EOIVSSQWSEWXSGV]WXEPPM^IERI[
JEGXSVJSVERI[PMJI-EHZMWIH]SYXSXEOIJEMXLTIVLETW]SYLEZIERSXLIVJIIPMRKSJ
[LMGL]SYEVIWYVI-RER]GEWIXLIVIMWSRI[LMGL]SYQYWXWYGGIIHMRHIWXVS]MRKERH
VITPEGMRKWSXLEX]SY[MPPLEZIEVIEPGSRXEGX[MXLJIIPMRK
5YIWXMSRIV;LEX[MPPXLIRI[JEGXSVFI#
+YVHNMIJJ'SRWGMIRGI9RXMPRS[]SYLEZISRP]GV]WXEPPM^IHEFRSVQEPMXMIWGSQMRKJVSQ
XLISYXWMHI
5YIWXMSRIV;LEXQYWXSRIHSXSJSPPS[XLIEHZMGI]SYKMZIMR]SYVFSSOXSTIVWYEHI
EPP XLI QEXXIVW EPP XLI YRGSRWGMSYW TEVXW SJ SRIW TVIWIRGI XS [SVO EW MJ XLI] [IVI
GSRWGMSYWERHWSSR
+YVHNMIJJ-XMWRSXQ]FSSOMXMW1V&IIP^IFYFWERHMXMWEHZMGI[LMGLLIMWKMZMRKXSLMW
KVERHWSR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=*-:)
+YVHNMIJJ;LSLEWEUYIWXMSRXSEWOEFSYX[SVO#
5YIWXMSRIV-LEZIEGPEWWMR[LMGL-EQEFPIXSJSPPS[XLITYTMPWJEMVP]MRHMZMHYEPP]
7SQISJXLIQTVEGXMGISRERMWQ,S[GER-XIPPXLIQWXVSRKP]RSXXSGSRXMRYI#
+YVHNMIJJ8LIVIEVIQER]FSSOWMR[LMGLXLMWEJJPMGXMSRMWI\TPEMRIH*MRHXLIWIFSSOW
ERH VIEH XLIQ XS XLIQ =SY GER KIX XLIQ XSKIXLIV SYX SJ GPEWW ERH XIPP XLIQ XLEX
[LSIZIVPIXWLMQWIPJHSXLMW[MPPRIZIVFIEVIEPQERRSVEVIEPLYWFERH6IEHXSXLIQ
ERHEHZMWIXLIQXSKMZIMXWIVMSYWXLSYKLX7YKKIWXERHTVSZIXSXLIQLS[LEVQJYPMXMW-J
XLIVIEVIWSQI[LSEVIEPVIEH]MRXLILEFMXSJMX[LSGERRSXFIGSRZMRGIH[LSGERRS
PSRKIVFIWXSTTIHWIRHXLIQXSQIERHMRX[S[IIOW-[MPPKIXXLIQSZIVMXTVSZMHIH
XLI]LEZIEJEXGLIGOFSSO
5YIWXMSRIV-HSXLII\IVGMWIWXSSQYGL[MXLQ]LIEH3JXIR-WMQTP]LEZIXSWXSTERH
KSSJXSXLIGSYRXV][LIVI-KIXWIRWEXMSRW[LMGLKMZIQIWSQIFEPERGIMRQ]WIPJ%JXIV
XLEX-JMRHMXHMJJMGYPXXSXEOIYT[SVOEKEMRFIGEYWIMXMWLEVHXSLSPHSRXSXLIWIX[S
OMRHWSJPMJIEXXLIWEQIXMQI
+YVHNMIJJ,S[HS]SYORS[XLEX]SYLEZIXLMWRIIH#
5YIWXMSRIV;LIR-TEWWMXSZIV-HSRXJIIPFEPERGIH
+YVHNMIJJ-GERXEHZMWI]SYSRXLMWUYIWXMSR=SYRIIHVMKLXGSRHMXMSRW8LIGSYRXV]MW
RSXRIGIWWEV]EPP]SYRIIHMWEJEXGLIGOFSSOERHEKSSHLYWFERHRSXELYWFERHPMOI
,MKRIXIWTYTMPW8LIRIZIV]XLMRK[MPPKSW[MQQMRKP]*SVXLIQSQIRXHMZMHI]SYVXMQI
5YIWXMSRIV5YMXIVIGIRXP]-HMHXLII\IVGMWISJXLIWIZIRFVIEXLWMRXLI[E]]SYEHZMWIH
QI 8LMW FVSYKLX QI XS E QSQIRX SJ WIPJVIQIQFIVMRK SJ E UYEPMX] XLEX - LEH RIZIV
ORS[R FIJSVI %X XLI WEQI XMQI - I\TIVMIRGIH E PSEXLMRK SJ EPP GSRXEGXW XLVSYKL
WIRWEXMSR ERH JIIPMRK - JIPX EX XLEX QSQIRX XLEX - HMHRX [ERX XS PMZI [MXL XLEX ER]
PSRKIVFYXXSOMPPMX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ/MPP[LEX#
5YIWXMSRIV-WE[XLEXWSQISRIIPWIWWYJJIVMRKQEOIWQIWYJJIVF]EWWSGMEXMSR7S-
XVMIHVIEPP]XSJIIP-EQEXXLIWEQIXMQI3YX[EVHP]-[EWHSMRK[LEXLEHXSFIHSRI-W
XLMWXLIVMKLX[E]XSGSRXMRYISVQYWX-GPIERYTWXMPPQSVI#
+YVHNMIJJ 'SRXMRYI4IVLETW ]SY EVI SRP] HSMRKMX [MXL E TEVX SJ ]SYVWIPJ 2S[ ]SY
FIKMR XS E[EOI XLEX TVSHYGIW E QMWYRHIVWXERHMRK +S SR YRXMP ]SY LEZI ER SFNIGXMZI
GSRXEGX [MXL ]SYV XLVII GIRXIVW 'SRXEGX [MXL SRI SRP] MW L]WXIVME % VIEP TIVWSR MW
LMQWIPJ-EQQI-J-PSZIMXMW[MXLXLI[LSPISJQ]FIMRKMJ-LEXIEPWS
5YIWXMSRIV-HSRX[ERXER]QSVISJXLEX
+YVHNMIJJ8LIRHSMXEPPXLIXMQIJM\ERI[LEFMX%JXIVXLEX-[MPPLIPT]SY
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=7-<
1E] XL
5YIWXMSRIV - HMH VEXLIV VIKYPEVP] XLI I\IVGMWI SJ JMPPMRK YT -X JEXMKYIH QI - LEH
LIEHEGLIWHYVMRKXLIHE]1YWX-GSRXMRYI#
+YVHNMIJJ 'SRXMRYI =SY WLEPP TEWW XLMW GVMWMW ]SYV WEPZEXMSR MW [MXLMR =SY QYWX
WYGGIIH MR FVIEOMRK HS[R WSQIXLMRK (S RSX FI WTEVMRK XLMW JEXMKYI GER KMZI ]SY
WYFXPIX]=SYEVIWXVSRKPMOIETMK&YXJSVSYV[SVOSRIQYWXFIEKSEXE]SYRKKSEXMW
ZIV]KSSHERSPHKSEXEFEHSHSV?8SXLIHSGXSVA-EQWSVV]XLEX]SYEVVMZIHPEXI-
WTSOIGSRGIVRMRKEQIHMGEPUYIWXMSR-HSXLIGSRXVEV]SJXLIYWYEPHSGXSVLIMWRSX
RIVZSYW-QEOILMQRIVZSYWXLIHSGXSVRYVWIWXLMW-EKKVEZEXIMX,ILEWIZIV]XLMRK
I\GITXXLMWXLMRK,IMWEFYPPFYXRSXETYVIFVIHFYPP-XMWRIGIWWEV]XSGLERKIMRXSE
TYVIFVIHFYPP-J]SYHSRSXGLERKI]SY[MPPVIQEMRPMOIERSPHKSEX%QSZIEFPIWSYVGI
SJLSVVMFPIIQEREXMSRW3JXIR]SYWIIHSGXSVEQSRK]SYVTEXMIRXW
5YIWXMSRIV-LEZIXLIMQTVIWWMSRSJLEZMRKQSVIERHQSVIHMJJMGYPX]MRXLII\IVGMWISJ
7YRHE]-HSRSXWYGGIIHMRKMZMRKEWLSGOXSXLIGLIWXERHXLIZIVXIFVEPGSPYQR
+YVHNMIJJ=SYORS[[L]MXMWHMJJMGYPX#
5YIWXMSRIV-HSRXORS[TVSFEFP]FIGEYWI-[SVOXSSQYGL[MXLQ]LIEH
+YVHNMIJJ=SYLEZIRSXMRXIVIWX]SYHSRSX[SVO[MXL]SYVFIMRK=SY[ERXXSHSMXSRP]
XLISVIXMGEPP]RSX]SY=SYLEZIHIGMHIHF]GLERGI[MXL]SYVLIEHFYXMXMWRSX]SY[LS
HIWMVIW-XMWRIGIWWEV]RS[JSV]SYXSLEZISRIEMQ[MXLEPP]SYVFIMRKMJ]SY[SVOPMOI
XLMWXLIR]SYWLEPP[EOIXLMWJYRGXMSRYTEPMXXPI]SYHSRSXJIIPFIGEYWI]SYLEZIRSX
WIRXMQIRX%QSRKSXLIVW-WE]EXLMRKXLEXMWRSXJSV]SYERHEXXLIWEQIXMQIMWJSV
]SY-LEZIEWGIVXEMRIHXLMWEJXIVRSSREXLMRK[LMGLGERVIRHIVKVIEXWIVZMGIXSEPPSJ
]SY -X MW ER MRWXMRGX [LMGL MW RSX HIGE]IH 8LI] EVI SJ KSSH FVIIHMRK =SY EVI SJ E
HIKIRIVEXIGPEWW;LIR]SYWE]WMQTPITIVWSRWMXMWXLEXXLI]EVIRSX]IXHIKIRIVEXIH
=SY HS RSX LEZI XLEX RSVQEP XLMRK XLEX EPP XLI ERMQEPW LEZI =SY RSXMGI MX MW WMQTPI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
TISTPIJSVXLMW-WE]XLI]EVITYVIFVIHRSXHIKIRIVEXIMXMWFEHP]IHYGEXIHMXMWWMQTPI
8LMWXLMRKXLEX[ILEZIFIKYR[MXL]SYMX[SYPHFI[IPPXSVIXYVRXSWSQIXLMRKERGMIRXSV
MX[SYPHFI[IPPJSVWSQIXLMRKRI[XSFIFSVRMR]SY=SYGEREPVIEH]FIKMRXSWIISRXLI
WIZIRXL XMQI XLEX ]SY GSQI XS QI =SY HS RSX LEZI GSRXEGX SV ]SY HS RSX TSMWSR
]SYVWIPJSRISVXLISXLIVMRSVHIVXSKSXS[EVH]SYVEWTMVEXMSRW-XMWTSWWMFPIXSLEZIE
GSQQSRGSRXEGXXLVSYKLXLIEMQ-XMWTSWWMFPI[MXLTVEGXMGI*SVI\EQTPI[LIR]SYEVI
WIEXIHXSKIXLIVHSRSXWTIRH]SYVXMQIMRXIVREPP]PMOIMRPMJI9WIXLMWSGGEWMSRXSHSER
I\IVGMWIWYKKIWXXS]SYVWIPJXLEXXLMWEXQSWTLIVIEFSYX]SY[EOIWYTXLIHIWMVIXSKS
XS[EVHXLIEMQIZIV]FSH]LIVI?HSXLMWA8LMWEXQSWTLIVIMW[EVQMRKJSVEREWTMVMRK
[MXLEPP]SYVFIMRKXS[EVHEGSQQSREMQ;LIR]SYJMRH]SYVWIPZIWXSKIXLIVWYHHIRP]
EYXSQEXMGEPP]MXTVSHYGIWXLMWLIEXMRK=SYGERLEZIEVIGMTVSGEPEGXMSRSRE[LSPIGMX]
4EVMWMWFMKFYXMJ]SYFIKMRMX[MPPFIGSQIPMXXPIF]PMXXPITSWWMFPIXLEXMJSRIQSZIQIRX
MWTVSHYGIHMREGSVRIVSJXLMWEXQSWTLIVIMX[MPPWXEVXERYRVIWX[LMGL[MPPWTVIEHSZIV
EPP=SYLEZIORS[PIHKISJHMJJIVIRXXIPITEXLMGEGXW-XMWEWMJXLIEXQSWTLIVIFIGEQI
PEVKIEQEXIVMEPMWJSVQIHPMOIMRXLI[IFSJEWTMHIV-JMRSRISJXLIQIWLIWERI[
JSVGIIRXIVWXLMWGERGSVVIWTSRHMRXLI[LSPIRIX[SVOPMOIMRERIPIGXVMGGSRHYMX-XMW
RIGIWWEV] [LIR ]SY EVI EGGMHIRXEPP] XSKIXLIV XLEX ]SY HS ER I\IVGMWI =SY GVIEXI E
JEGXSV SJ MRGPMREXMSR JSV WYGGIIHMRK MR ]SYV EMQ [MXL EPP ]SYV QEWW *SV XLMW MX MW
RIGIWWEV] XLEX X[S XLMRKW LETTIR EYXSWYKKIWXMSR ERH VITVIWIRXEXMSR F] JSVQW FYX
WYFNIGXMZI JSVQW -R XLI FIKMRRMRK ]SY [MPP YRHIVWXERH [LEX MW LETTIRMRK MX MW RSX
MQTSVXERXXSTMGXYVIMXXSSRIWIPJI\EGXP]-QEKMRIXLEXMR]SYXLIVIMWERIX[SVO-JSRI
GYVVIRXGSQIWMRSRITSMRXMXWLEPPEVVMZIIZIV][LIVIMJSRIWIRWEXMSRSJ[EVQXLMWMR
SRITSMRXEPPXLITSMRXWWLEPPJIIPXLILIEXXLIGSPH4MGXYVILS[[LEXLETTIRWMRSRI
TPEGILETTIRWIZIV][LIVI
5YIWXMSRIV-RXLI[IIOWXLEXNYWXWPMTTIHE[E]-XVMIHXSQEOIX[STEVXW[IPPGEVZIHMR
Q]PMJI-XVMIHXSEVVERKIQ]I\XIVREPPMJIEWEJYRGXMSRSJXLIMRXIVREP[SVOXLEX-LEH
HIGMHIHSRERHXSRSPSRKIVHSXLMW[SVOMRXLIQSQIRXWPIJXJVIIF]PMJI8LIGIRXIVSJ
XLMW[SVOMWXLII\IVGMWISJJMPPMRKYT[LMGLEPPS[WQIXSVIEGLEJSVQMR[LMGL-GER
EP[E]WJMRHQ]WIPJ&YX-IRGSYRXIVEWWSSREW-LEZIPMJIX[SSFWXEGPIW1]FSH]ERHQ]
LIEH1]FSH]MWERSFWXEGPIXLEX-ORS[-ORS[LS[XSGSRUYIVMX&YX[LEX-GERRSX
GSRUYIVMWQ]LIEHQ]EXXIRXMSR-HSRSXWIILS[XSHIWXVS]XLMWSFWXEGPI-RJSVGMRK-
WYGGIIHEP[E]WMREVIWYPXFYX-JIIPXLEX-JSVGI[VSRK
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ=SYORS[XLEX[MXL]SYVFSH]]SYGSYPHWSSRIVSVPEXIVWYGGIIH8LILIEH
HSIWRSXI\MWXMXMWXLIVIWYPXSJXLIFSH]
5YIWXMSRIV&YX[LIRXLIFSH]MWGSQTPIXIP]TEWWMZI
+YVHNMIJJ;MXL]SYVLIEH]SYGER[MXL]SYVLIEH]SYGERRSXFYXLIEHMWFSH]
5YIWXMSRIV;MXLXLIFSH]-WII[LEXXSHSRSX[MXLXLILIEH
+YVHNMIJJ;SVO[MXLXLIFSH]JSV]SYVFSH]
5YIWXMSRIV=SYJSVKIXXLILIEH
+YVHNMIJJ-JXLIFSH]GLERKIWXLILIEH[MPPGLERKI[MXLERSXLIVFSH]ERSXLIVLIEH-J
]SYJIIPEPVIEH]WSQIXLMRK[MXL]SYVFSH]GSRXMRYI8LILIEHWLEPPJSPPS[XLIFSH]
1QIHI7E^PQERR8LILIEHQYWXHSRSXLMRKMXQYWXFIXLIVIEWE[MXRIWW-XWLEPP
XVEMRMXWIPJXSVIQIQFIV
+YVHNMIJJ-X[MPPWIVZI]SYEWEREMHXSVIGEPP8LIVSPISJ]SYVLIEHMWXSFITVIWIRX8LI
WIVZMGISJ]SYVLIEHMWXSFIEGSRWXERX[MXRIWW&MXF]FMXMX[MPPRSPSRKIVFIE[E];MXL
XLMW]SYGERGLERKI-XMWZIV]KSSHEHZMGI
5YIWXMSRIV - LEZI XLI JIIPMRK SJ XLMW I\IVGMWI - JIIP XLMRKW - JMPIH &YX - PSWI XLI
MRWTMVEXMSR-LEZIRIVZSYWGSRXVEGXMSRW[LMGL-GERRSXGSRUYIV
+YVHNMIJJ=SYHSRSXLEZIXLIVL]XLQ-XMWRIGIWWEV]XSHSHMJJIVIRXXLMRKW
-RLEPI
RSVQEPP]
6IXEMRXLIEMV[LMPIFIGSQMRKHMWGSRXVEGXIH
)\LEPI[MXLSYXFIGSQMRK
GSRXVEGXIH-XMWRSXRIGIWWEV]XSVIPE\[LIR]SYVIXEMR
5YIWXMSRIV-EP[E]WLEZIGSRXVEGXIHI\LEPEXMSRW
+YVHNMIJJ=SYHSRSXLEZIVL]XLQTIVLETW]SYLEZISXLIVHMWLEVQSRMIW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV=SYLEHXSPHQIXSFVIEXLIWSQI[EXIV-LEZIEP[E]WSRIRSWXVMPXLEX
WXSTWYT
+YVHNMIJJ=SYQYWXGSRXMRYI-J]SYLEZIFIIRMPPEPP]SYVPMJIMXMWRSXTSWWMFPIXSVIGSZIV
MRSRI[IIO=SYLEZIEPVIEH]GLERKIFIJSVIMX[EWEP[E]WXLIWEQIRSWXVMPXLEXWXSTTIH
YT(SGXSVMXMWERSVMKMREPXLMRKXLEXXLMWSVKERMGXLMRKHMWETTIEVW-XKSIWXSERSXLIV
TPEGIXLYWXLIVIMWRSMPPRIWWERHRIZIVXLIPIWWMPPRIWW%PPHSGXSVWXLEXLIEVWE]XLIVIMW
WMGORIWW - WE] XLEX XLMW XLMRK GER HMWETTIEV ERH KS IPWI[LIVI LIVI SV LIVI -J RSX
MPPRIWWXLIR[LEXMWMX#-XMWEREFWYVHSVMKMREPXLMRKFYXXLITEXMIRXYRHIVWXERHMX
5YIWXMSRIV%PVIEH]FIJSVI-LEHXLIMQTVIWWMSRXLEXMJ-[EWKYMHIH-[SYPHWYGGIIHMR
QEOMRKXLMWGSRXVEGXMSRHMWETTIEV
+YVHNMIJJ'SRXMRYIXLEXERHHSXLIRI[WTIGMEPI\IVGMWI8SFIKMR]SYXEOI]SYV[EXGL
ERH ]SY HMZMHI ]SYV XMQI I\EGXP] MRXS XLVII TEVXW RSX QSVI XLER XIR WIGSRHW IEGL
FIX[IIRJMZIERHXIRWIGSRHWERHRSXSJXIRX[SSVXLVIIXMQIWMRX[IRX]JSYVLSYVW
5YIWXMSRIV2SXMRPMJI#
+YVHNMIJJ;MXLXLII\IVGMWIMXMWFIWX=SYTYXLEPJXLIEXXIRXMSR
5YIWXMSRIV,S[GER-ORS[ERHHIXIVQMRIMJ-EQMHIRXMJMIH[MXLXLI[SVO#
+YVHNMIJJ =SY QYWX RIZIV [SVO QSVI XLER SRI XLMVH SJ ]SYV WXEXI SJ E[EOIRIWW MJ
HYVMRK XLI SXLIV X[S XLMVHW ]SY XLMRO EFSYX MX XLIR ]SY EVI MHIRXMJMIH -X MW IEW] XS
VIGSPPIGX
5YIWXMSRIV=SYXSPHQIXLEXXLIVIEVIWSQIXMQIWXSHIXIWXQ]TEVIRXWRS[-GERHSMX
2S[-YRHIVWXERHXLEX-QYWXHIXIWXXLIMHIEXLEX-LEZISJXLIQERHXLEX-SYKLXXSPMZI
EWMJ-LEHEP[E]WFIIRERSVTLER
+YVHNMIJJ(S]SYTMX]]SYVWIPJMRXLIWIQSQIRXW#
5YIWXMSRIV3RXLIGSRXVEV]-VIGIMZIWSQIJSVGIJVSQXLIQ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ;LEXJSVGI#
5YIWXMSRIV8LIJSVGISJLEZMRKXSVIP]SRP]SRQ]WIPJ
+YVHNMIJJ =SY LEZI LIEVH Q] I\TPEREXMSR# =SY LEZI JIPX XLEX - [EW GSRXIRX SV RSX
GSRXIRX#
5YIWXMSRIV
7MRGI]SYWTSOIXSQISJMXEPSRKXMQIEKS]SYQYWXORS[[LEXQYWXLETTIR
+YVHNMIJJ6IQIQFIVXSEWO1QIHI7EP^QERR;LEXXMQIMWMX#8V]RS[XSHSXLMW
I\IVGMWISJJSVQMRKE[IF8LI[LSPIFVSXLIVLSSHEPWSHMHXLIWEQIXLMRK=SYORS[XLI
TVSZIVFSRIJSVEPPEPPJSVSRI-RSVHMREV]PMJIXLMWMWEPMIFIGEYWIMXMWRSXVIEPM^EFPI
&YXLIVIMWEFVSXLIVLSSH8LI]EPPLEZISRIGSQQSREMQ3RISJXLIQMWXLIVIFYXLI
QYWXHIWMVIXLEXEPPEXXEMRMXERHMRZIVWIP]XLISXLIVWEVIEPWSSFPMKIHXSLIPTLMQ8LMW
I\EQTPIETTVSEGLIWXLEX[LMGLSRIQYWXHS8LMWWLEPPEWWMWX]SYMRVIGIMZMRKEGSRXEGX
)ZIRIKSMWXMGEPP]SRIQYWXHIWMVIMXFIGEYWIMRIZIV]JIIFPIWXEXISRIWLEPPFIEMHIH3RI
GSYPHWE]XLEX[SVHJSV[SVHMXMWPMOIMREGSF[IF
5YIWXMSRIV'ERXLI[IEOIWXFIEMHIHXLYW#
+YVHNMIJJ8LMWMWRSXXLIWYFNIGX3RIMWSRP]I\GMXIH8LIVII\MWXX[SXLMRKWQEXIVERH
JSVGI8LMWI\IVGMWIMWXSYVKIXSI\GMXIXSERMQEXI?%JXIVHMRRIVA
5YIWXMSRIV-LEZIQSVILIEHEGLIW
+YVHNMIJJ 3RI WSQIXMQIW GEPPW FEH XLEX [LMGL MW KSSH &IJSVI ]SY RIZIV LEH
LIEHEGLIWXLYWMXMWZIV]KSSH4IVLETW[LEX-LEZILEWTVSHYGIHERE[EOIRMRK=SYV
FVEMR LEH RSX FPSSH 8LI FPSSH RIZIV TEWWIH XLVSYKL XLIVI RS[ XLI FPSSH TEWWIW
XLVSYKLERHWS]SYLEZITEMR
5YIWXMSRIV-E[EMX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ-XMRXIVIWXWQIXSORS[XLMW=SYQYWXRSX[EMXWSQIXMQIWXLIYRLETTMRIWWSJ
SXLIVWQEOIWQILETT]
5YIWXMSRIV-JSVKSXXSEWO]SYWSQIXLMRK-RXLII\IVGMWISJJMPPMRK-LEZIHMJJMGYPX]MR
JMPPMRKYTXLIXLMKLW
+YVHNMIJJ ;LEX HMH ]SY GEPP MX# 3L XLIPIKW ;I EVI KSMRK XS WTIEO EFSYX XLI PIKW
'LERKIRSXLMRKMR[LEX-LEZII\TPEMRIH=SYLEZISRP]XSGSRUYIVXLITMKQSVIERHMX
QYWXFIGSQIEKSEX4IVLETWRS[XLITMKMWMREZIV]KSSHTEXL4IVLETWMXSRP]VIQEMRW
JSV XLI PIK XS GLERKI (S RSX TYX WTIGMEP EXXIRXMSR SR XLEX [LMGL GSRGIVRW ]SYV PIK
7SSRIVSVPEXIVMXWLEPPFIHSRI=SYLEZIERSXLIVUYEPMX]RS[HSRSXWITEVEXIXLIXLMKLW
JVSQXLILIEH%PPXLEXWLEPPFIHSRI
5YIWXMSRIV-WYGGIIHMRHSMRKXLIJMPPMRK[MXLEZIV]ZIV]WXVSRKEGYXIRIWW
+YVHNMIJJ-XMWTIVLETWXLIJMVWXXMQIXLEX]SYLEZITYXEPP]SYVGSRWGMIRGIXLIVI&YX
JMVWX[LEXI\IVGMWIEVI]SYHSMRK#
5YIWXMSRIV8LIJMPPMRK
+YVHNMIJJ=SY[IVIXLIVI[LIR-I\TPEMRIHMX#
5YIWXMSRIV2S1QIHI7EP^QERRI\TPEMRIHMXXSQI
+YVHNMIJJ3L1QIHI7EP^QERR8LI[LSPITVSGIWWLETTIRW[MXLSYXQI-EQEWMJ-JIPP
JVSQXLIQSSR
5YIWXMSRIV-JIIPXLII\IVGMWIZIV][IPPFYX-LEZIXLIMQTVIWWMSRXLEXMXMWEHVYHKIV]
-RXLIFIKMRRMRKMXMRXIVIWXIHQIFIGEYWIMX[EWRI[
+YVHNMIJJ(S]SYLEZIEREMQJSV[LMGL]SYEVIHSMRKMRKIRIVEPEPPXLIWIXLMRKW#
5YIWXMSRIV=IW-LEZIEREMQ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ-LEZIEP[E]WVIKEVHIH]SYEWEZMWMXSV-XMWRS[RIGIWWEV]XSLEZIEPMXXPI
ORS[PIHKI;LEXMW]SYVEMQ#
5YIWXMSRIV8SWYGGIIHMRFIMRKSRIWIPJ
+YVHNMIJJ=SYEVIRSX#=SYLEZIEWYWTMGMSRXLEX]SYGERWYGGIIHMRFIMRK#7S-XMWWXMPP
XSSWSSRJSV]SYXSHSERI\IVGMWI=SYGERVIGIMZIQYGLJVSQXLIQFYX]SYHSRSXLEZI
WYJJMGMIRXTVITEVEXMSRXSHSXLIQ=SYWLEPPHSSRP]SRII\IVGMWIX[SSVXLVIIXMQIWMR
X[IRX]JSYVLSYVW6IPE\GSRWGMSYWP]=SYEPPS[]SYVXLSYKLXPMOIETSPMGIQERXSZIVMJ]
IZIV][LIVIXLEX]SYVQYWGPIWEVIRSXGSRXVEGXIH8LIVII\MWXXLVIIUYEPMXMIWSJQYWGPIW
PEVKIQIHMYQWQEPP=SYWLEPPWTIRHE[IIOMRVIPE\MRKIEGLGEXIKSV]SJQYWGPI;LIR
]SYEVIWYVIXLEX]SYGERVIEPP]VIPE\GSQTPIXIP]XLIR]SYWLEPPVIXYVRXSQIERH]SY
WLEPPVIEWO]SYVUYIWXMSR2SXPE]HS[REWO'ER]SYI\TPEMRXSQIMR*VIRGLPE]
HS[RERHEWO#8SPE]HS[RMWEPVIEH]JSVHIJMRMXIMRXIVREPXLMRKW=SYGERRIZIVPE]
HS[REUYIWXMSR%GMKEVIXXIEPSRI]SYGERPE]HS[RRIZIVPE]HS[REUYIWXMSR;I
EVIWTIEOMRKSJ[LEXGSRGIVRWFVIEHPE]HS[RFYXEUYIWXMSRMWSJHMJJIVIRXUYEPMX]
EWOEUYIWXMSRRSXPE]HS[R(IJMRMXIXLMRKW]SYGERPE]HS[R
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=7):)2
1QIHI7E^PQERR%VIXLIVIER]UYIWXMSRWXSFIEWOIH#
5YIWXMSRIV;LMPI-EQ[SVOMRK-LEZIXLIMQTVIWWMSRSJXLIGSQTPIXIHMWETTIEVERGISJ
Q] TL]WMGEP FSH] - JIIP X[S HMWXMRGX XLMRKW SRI [LMGL MW QSVI ZEWX XLER Q] YWYEP
TVSTSVXMSRWERHSJ[LMGL-ORS[RSXXLIPMQMXW8LISXLIVQSVIMRXIVREPQSVIPMQMXIH
GETEFPI SJ HMVIGXMRK QI ERH [LMGL HSIW RSX LEZI E TVIGMWI JSVQ EPXLSYKL MX MW
GSQTEVEFPIXSQ]FSH]
+YVHNMIJJ8LEX[LMGL]SYI\TPEMRRS[HSIWRSXVIWIQFPISYV[SVO-J]SYGSRXMRYI]SY
LEZIEJMRIGLERGISJWSSRFIMRKEGERHMHEXIJSVERMRWERIEW]PYQ-XMWWXEXI[LMGLXLI
WTMVMXYEPMWXWERHXLISWSTLMWXWORS[7XSTMQQIHMEXIP]=SYQYWXRSXJSVKIXXLEX]SYEVI
EFSH]=SYQYWXEP[E]WVIQIQFIV]SYVFSH]=SYLEZIRSXEW]IXER-RSQI(S
RSXJSVKIXMX8LYWSRP]GER]SYLEZIEJYXYVI0EXIV]SYVFSH][MPPLEZIXSLEZIEVIEP-
EVIEPQIEWIZIV]RSVQEPQERWLSYPHLEZI2S[]SYJIIPXLIEFWIRGISJFSH]RS#
5YIWXMSRIV=IW
+YVHNMIJJ;IPP]SYQYWXJIIP]SYVFSH]XIRXMQIWQSVI-XMWRSXRIGIWWEV]XSPIEZI
]SYV FSH] -X MW RIGIWWEV] XS WXVIRKXLIR MX 1ER] TISTPI I\MWX PMOI ]SY XLI] EVI
TW]GLSTEXLW
5YIWXMSRIV,S[GER-MRXIRWMJ]XLIWIRWEXMSRSJQ]FSH][LIR-JIIPXLEXMXMWPIEZMRK#
+YVHNMIJJ;EWL]SYVLIEHMRGSPH[EXIV(SEHMJJMGYPXK]QREWXMG*SVI\EQTPILSPH
]SYVEVQWGVSWW[MWIJMJXIIRX[IRX]QMRYXIWELEPJLSYV[LMPIXLMROMRK-EQ-[ERX
XSFI8LMROMX[MXLXLIFSH]*IIP]SYVFSH](VMZISYXEPPXLITW]GLSTEXLMGEWWSGMEXMSRW
XLIWIEVIWMGORIWW[IEORIWW
5YIWXMSRIV-XWIIQWXSQIXLEX-EQQSVIERHQSVITL]WMGEP1]SRP]GSRWGMSYWRIWWMW
XLEX SJ Q] WIRWEXMSRW -R Q] SVHMREV] PMJI ERH MR Q] I\IVGMWIW - I\TIVMIRGI XLI
HMWGSQJSVXSJFIMRKKPYIHXSQ]JYRGXMSRWERHSJRSXFIMRKEFPIXSHIXEGLQ]WIPJJVSQ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLIQ,S[GER-EXXEMREQSVIWTMVMXYEPPMJI#
+YVHNMIJJ ;LEX ]SY EWO [LEX ]SY [ERX - YRHIVWXERH MX =SY HS RSX LEZI MRXIVREP
TW]GLMWQSJJIIPMRK=SY[ERXXSWXVIRKXLIRXLMW-EQKSMRKXSKMZI]SYX[SI\IVGMWIW
[LMGLEVIJSV]SYSRP]RSSRIIPWI-XMWRIGIWWEV]XSWITEVEXI]SYVSVKERMGJYRGXMSRW
JVSQ]SYVMRHMZMHYEPMX]%XXLIQSQIRX[LIR]SYEVI[SVOMRK[LIR]SYWIPJVIQIQFIV
]SYLEZIERSXLIVWXEXIJVSQXLIYWYEP-XMWRIGIWWEV]XSWITEVEXIXLIWIX[SWXEXIW*SV
XLMWXLIVIMWERI\IVGMWIE[LSPIWIVMIWSJI\IVGMWIWIZIR?1V+YVHNMIJJHMWGYWWIWER
I\IVGMWIA0IEZIEPPXLIVIWX0MZIPMJIEWFIJSVI8LMWMW]SYVSRP]I\IVGMWIFYXHSMXZIV]
WIVMSYWP]WSXLEXEPPSJXLIQSWXGSRGIRXVEXIHQSQIRXWSJ]SYV[SVOFIFEWIHSRXLSWI
WTSXW%JXIV]SYWLEPPLEZIXMXPIXSEVIEPMRHMZMHYEPMX]8LIWIXLMRKWGSYPHSRP]WIVZIEWE
FEVVMIVFIX[IIR]SYVMRHMZMHYEPMX]ERH]SYVI\JYRGXMSRW-WE]I\FIGEYWI]SYQYWX
LEZIERI[UYEPMX]SJJYRGXMSRW8LI[LSPI[SVPHQYWXLEZIERI[UYEPMX]SJJYRGXMSRW
FIGEYWISJEREFRSVQEPPMJIMRXLITEWX-XMWRIGIWWEV]XSGVIEXIEFEVVMIV*SV]SYMX
WLEPP FI XLI VIWYPX SJ XLMW I\IVGMWI ;LIR ]SY JIIP ERH EVI GSRWGMSYW SJ XLMW HIJMRMXI
FEVVMIV]SYVKVSYRHWLEPPFITVITEVIHJSVERI[I\IVGMWIXLIR]SY[MPPFIEFPIXSLEZIE
RI[MRXIVMSVMRHITIRHIRXERHERI[I\XIVMSVMRHITIRHIRX=SYWLEPPLEZIERSVQEPFSH]
ERHERSVQEPTW]GLMWQ[MXLSYXXLIEFRSVQEPI\JYRGXMSRW8LMWMWWSPIP]JSVLIVERHJSV
RSSRIIPWI(SRSXXV]XSHSMXSYXSJGYVMSWMX]-XMWEZIV]HERKIVSYWXLMRK
5YIWXMSRIV-[SYPHPMOIXSEWOLS[-GSYPHFIWYVIXLEX-EQWIPJVIQIQFIVMRKERHXLEX
-EQ[SVOMRK[MXLQ]XLVIIGIRXIVW-LEZIYRHIVWXSSHXLISVIXMGEPP]XLIRIGIWWMX]JSV
XLMWSTIVEXMSRFYX-[SYPHPMOIXSORS[MJXLIVII\MWXWEGVMXIVMSRJSVMX?0EXIVA-X[EW
PIWWEUYIWXMSRXLEREHSYFX-HSRSXORS[MJMXMW[SVXLEWOMRK
+YVHNMIJJ=SYLEZIYRHIVWXSSHXLEXMX[EWEREMZIXLMRK[LMGL]SYEWOIH#2IZIVVIEH
WTMVMXYEPMWXMGFSSOW8LMWPIEHWXSTW]GLSTEXL]XSMRWERIEW]PYQW;LSLEWEUYIWXMSRXS
EWO#
5YIWXMSRIV%JXIVIEGLXMQIXLEX-[SVO-LEZIEFMKVIZSPXERHEXXLIWEQIXMQI-EQ
ZIV]XMVIHMRQ]FSH]8LITL]WMGEPGEVMIWEPSRKXLITW]GLMGEPERH-HSRSXWYGGIIHMR
IQIVKMRKJVSQMX
+YVHNMIJJ-XMWXLIWGEVGMX]SJGSPH[EXIV=SYHSRSXPMOIXSHSXLMW-XMWMQTSVXERXVIEWSR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
JSVFVMRKMRKYTEGSRJPMGX8LISVKERMWQHSIWRSXPMOIMX8LILIEHEPSRITIVLETWEWOWMX
-XMWXLIVIEPVIEWSRJSV]SYVVIZSPX-XHSIWRSXORS[MXTIVLETWFYXXLMWMWWS8LILIEH
PSSOWJSVI\TPEREXMSRWJSVVIEWSRW8LIFSH]MWZIV]WTSMPIHZIV]MRHSPIRX)EGLHE]RS[
]SYLEZIEHMJJIVIRXTW]GLMGWXEXI'SRXMRYIE[IIOERHRS[[MXLXLIGSPHIWX[EXIV
5YIWXMSRIV-KEZIYTIZIV]XLMRKX[SHE]WEKS
+YVHNMIJJ *SVKIX RS[ XLEX ]SY LEZI RSX HSRI MX JSV X[S HE]W =SYV FSH] QYWX EWO
I\GYWIWJVSQ]SYVWTMVMX-JMXTEVHSRW-WLEPPTEVHSREPWS%GXEWMJ]SYLEHFIIRWMGO
HYVMRKXLIWIX[SHE]W2S[-EHZMWIERI[XLMRKIEGLHE]FY]JSVJMZIJVERGWWSQI
JPEGI?WMGAERHTYXMXMR[EXIV
5YIWXMSRIV&YX1V+YVHNMIJJMXWIIQWXSQIXLEXEPPXLMWXLEX-EQHSMRKXLI[LSPI
MRWXVYGXMSRHITIRHW SR XLI[MPPSJ XLI LIEH8LMW KVS[W [IEOIVERHMR E QSQIRXEPP
WRETW
+YVHNMIJJ=SYVLIEHGERRSX[MPPJSVEPSRKXMQI;LIRXLIEGGYQYPEXSVMWHMWGLEVKIH
WXST 3RP] ]SY HIGMHI - HS RSX [ERX XLMW ERMQEP XS HSQMREXI QI 4EVHSR MX MW ]SYV
MRHSPIRXERMQEPMXMWPMOIEGEXEHSKEQSYWI2S[]SYORS[XLEX]SYGERRSXFIMR
]SYVWIPJEPSRKXMQI%PPXLEXMWHMKRMJMIHMRQERMWWYFQMWWMZIXSXLMWERMQEP
5YIWXMSRIV=IX-JMRHKSSHVIEWSRWJSVFIMRKMRVIZSPXEKEMRWXXLI[SVO-PSWIEPPQ]
MPPYWMSRWERH-LEZIRSXLMRKXERKMFPIMRI\GLERKI
+YVHNMIJJ8LI[LSPI[SVPHWYFQMXWXSMX=SYEVITEVXSJ]SYVWXSSPERH]SYEVIRSXWXMPP
WIEXIHSRERSXLIV;IVIKVIXMX-XMWEZIV]FEHWXEXIXSFIFIX[IIRX[SWXSSPW&IPMIZI
QI&Y]EQMVVSVEJXIVXLEXERSXLIVPMJIWLEPPFIKMRERHERSXLIVMPPYWMSR
5YIWXMSRIV-RPMJI[LIRTISTPIHS]SYLEVQQYWXSRIWE]XSSRIWIPJ-HSRXGEVIMXMW
RSXLEVQJYPSVHIJIRHSRIWIPJEKEMRWXXLIQ#
+YVHNMIJJ%FMXSJKSSHEHZMGIPSSOEXIEGLSJXLIWISGGEWMSRWEWE[E]SJ[SVOMRKMR
SVHIV XS IRPEVKI ]SYV [MPP -X MW ZIV] IEW] =SY ORS[ [LEX VIPEXMSRW ]SY YWIH XS LEZI
IEVPMIVEYXSQEXMGEPP]8SHE]VITP]GSRWGMSYWP]QEOI]SYVWIPJORS[RGSRWGMSYWP]
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV&YXMRXLIWEQI[E]#
+YVHNMIJJ %W ]SY [MWL &EH +SSH 8LMW HSIW RSX I\MWX 8LI VIWYPX SJ XLMW WLEPP FI XS
GLEVKI]SYVEGGYQYPEXSVJSVXLIRI\XHIQSRWXVEXMSR8LIQSVIGSRWGMSYWP]]SYHSXLMW
XLIQSVIIRIVK]]SYWLEPPLEZIERHXLEX[LMGLETTIEVIHMQTSWWMFPIXS]SY[MPPETTIEV
FIXXIVXLERI\TIGXIH
5YIWXMSRIV-RHIIHXLIWIPEWXXMQIW-LEZIXVMIHXLEX-EWGIVXEMRIHXLEXEXXLEXXMQI-
LEHRSQSVIMHIRXMJMGEXMSRWSVRIKEXMZIIQSXMSRWXLEX-LEHGPSWIHSJMQTVIWWMSRWSJXLI
SXLIVOMRHERHXLEX-[EWEGGYWMRKQ]WIPJ
+YVHNMIJJ*MVWX]SYQYWXJIIPGPIEVIVERHWXST]SYVMHMSG]8LIR]SY[MPPMRGVIEWIXLI
IRIVK]MR]SYVEGGYQYPEXSV
5YIWXMSRIV'ERIZIV]FSH]HSXLMWI\IVGMWI#
+YVHNMIJJ8LEXMWEKSSHSFNIGX-EQLETT]XLEX]SYTIVGIMZIMX'SRXVSPIEGLEGX-J]SY
VIQIQFIV XS HS MX GSRWGMSYWP] ERH RSX EYXSQEXMGEPP] ]SY WLEPP LEZI E VIWYPX UYMXI
HMJJIVIRX
5YIWXMSRIV-[SYPHPMOIXSEWO]SYEUYIWXMSRSRVIQSVWI-XMWZIV]HMJJMGYPXJSVQIXS
JIIPVIQSVWI)\EQTPISRIMQEKMRIWXLEXLIPSZIWLMWTEVIRXW8LI[SVOWLS[W]SY]SYV
IKSXMWQERH XLMWEWWMWXW ]SYMRWXMVVMRK YTVIQSVWI &YXJSVQI -LEZIRSX LEHER]
MPPYWMSRWQ]WIPJJSVEPSRKXMQIWMRGIXLIEKISJJSYVXIIRSVJMJXIIRTIVLETW8LI[SVO
LEW WLS[R QI XLEX XLIVI [IVI MR WSQI XLMRKW XLEX - FIPMIZIH IRXMVIP] IKSXMWXMGEP
WSQIXLMRKSXLIVXLERIKSXMWQ
+YVHNMIJJ=SYGERRSXLEZIXLIJYXYVIXLEX]SY[ERX[MXLSYXVIXVMIZMRKXLITEWX-J]SY
VIQEMR EW ]SY EVI ]SY GER LEZI RS JYXYVI *SV I\EQTPI ]SY WE] XLEX XLI [SVO LEW
WLS[IH]SYETEVXMR]SYXLEXMWRSXEFWSPYXIP]IKSXMWXMGEP
5YIWXMSRIV-HSRXJIIPXSHE]EKVEMRSJPSZIJSVQ]RIMKLFSV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ%LXLEXMWERSXLIVUYIWXMSR8EOIWSQIXLMRKSXLIVXLERIKSXMWQ
5YIWXMSRIV,EZMRKRIZIVLEHMPPYWMSRWSJXLIZEPYISJQ]WIRXMQIRXWEWEWSREWE
FVSXLIVXLIWIEWGIVXEMRMRKWHSRSXKMZIQIMQTYPWIXSWXMVYTVIQSVWI
+YVHNMIJJ=SYLEZIPSSOIHLIVISRP]EXFMKXLMRKW-XMWRIGIWWEV]XSPSSORS[EXXLI
WQEPP =SYV [SVXLPIWWRIWWMW VIPEXIH XSWQEPP XLMRKW 'IVXEMR TSWMXMZI PMXXPIXLMRKW F]
HIKVIIW3RIQYWXQEOIEFIKMRRMRKIKSXMWQMWEFMKXLMRK
5YIWXMSRIV - HS RSX [ERX XS ZIRXYVI SYX MR E LEGORI]IH [E] 8LMW MW [L] - EWO
EWWMWXERGI
+YVHNMIJJ-YRHIVWXSSHHSGXSV-WMRGIVIP]YRHIVWXSSH]SYVRIIH;LIR]SYGLERKI
[LIR ]SY FIGSQI HMJJIVIRX ]SY GERRSX WII MX ;LIR ]SY WE] GSYPH RSX WII MX [LS
GERRSX[LMGLSRI#=SYEVIQER]MR]SYXLIVIEVIRSXSRIFYXQER]TISTPI8V]XS
QEOIWSQIWXEXMWXMGW=SYEVIJSYVTISTPI;LMGLGERWII[LMGLGERRSX#;LIR#
5YIWXMSRIV-RXLIFMKKIWXQENSVMX]SJGEWIWMXMWXLILEFMXYEPQIXLEXWIIWXLILEFMXYEP
QI
+YVHNMIJJ8LILEFMXYEPQIMWRSXEP[E]WXLIWEQIJSVI\EQTPI[LIR]SYLEZIIEXIR
[IPP9WYEPP][IWTIEOSJXLIXLVIIJYRGXMSRW8SHE]-XIPP]SYXLEX]SYEVIJSYV8LIVIEVI
IZIR WIZIR SJ XLIQ MR EPP -R ]SY XLIVI MW E JYRGXMSR XLEX SJ WI\ 8EOI XLIWI JSYV
JYRGXMSRWXLSYKLXWIQSXMSRWMRWXMRGXWI\;LIRXLISRIMWFSWW[LIRMXHMVIGXWERH
KSZIVRWEPPLS[HSIWMXWIISVHSIWMXRSXWII#
5YIWXMSRIV-HSRSXYRHIVWXERH[IPP
+YVHNMIJJ 6IJPIGX JSV X[S HE]W -X MW RSX RIGIWWEV] XS VITP] MQQIHMEXIP] 9RXMP XLI
TVIWIRX-LEHWTSOIRSJ]SYVXLVIIJYRGXMSRWXSHE]-WTIEOSJXLIJSYVXL[LMGLMRJPYIRGIW
]SY IZIR QSVI XLER ]SYV JSSH *SSH LEW PIWW MRJPYIRGI JSV XLI MRHMZMHYEP XLER XLMW
JSYVXLXLERWI\8SHE]]SYVTS[IVMWFIPS[MXWWYFSVHMREXMSR=SYEVIEJYRGXMSRSJXLMW
XLMRK
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV,S[HSIWSRISZIVGSQIXLMWXLMRK#-WRXXLEXXSWIISRIWIPJ(SGXSV-
WLEPPXEPO[MXL]SYMRE[IIO-EQWYVIXLEX]SY[MPPEKVII[MXL?JSYVXLUYIWXMSRIVA]SY
GERHSWSQIKSSH[SVOJSVQIMJ]SYJSPPS[XLIEHZMGISJXLIQMVVSV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=)-+,8
?%XXLIFIKMRRMRKERI\IVGMWI[LMPI[EMXMRKJSV1V+YVHNMIJJ1V+YVHNMIJJEVVMZIWPEXIV
WTIEOW[MXL1QIHI7EP^QERRA
+YVHNMIJJ -X [SYPH MRXIVIWX QI ZIV] QYGL XS ORS[ WSQIXLMRK EFSYX ]SYV WIPJ
VIQIQFIVMRK ,S[ HSIW XLMW [SVO KS# (S ]SY SJXIR JSVKIX# -W MX IEW]# (MJJMGYPX SV
WSQIXLMRKIPWI#%VI]SYTYPPIHMRXSPMJIERHHS]SYHSMXSJXIR#3VRSXSJXIR#;LSHSIW
MX#,S[#;LEXZEPYIHS]SYKMZIXSWIPJVIQIQFIVMRK#-[SYPHPMOIWSQISRIXSXIPPQI
LS[LIFILEZIWMRVIKEVHXSXLMW
5YIWXMSRIV - LEZI XLI MQTVIWWMSR XLEX Q] WIPJVIQIQFIVMRK MW RSX ZSPYRXEV] -X MW
KMZIRXSQIEXGIVXEMRQSQIRXW-[SYPHPMOIXSHSMXMRXLIQSQIRXW[LIRMXMWHMJJMGYPX
ERH[LIR-EQYREFPIXSHSMX
+YVHNMIJJ-XMWRSXEUYIWXMSRSJXLEX=SYLEZIXLIXEWOSJVIQIQFIVMRK]SYVWIPJ;IHS
MXEWEXEWO(S]SYYRHIVWXERH#
5YIWXMSRIV2SXZIV][IPP
+YVHNMIJJ(S]SYJSVKIX#
5YIWXMSRIV7SQIXMQIW-EQMREKSSHWXEXIERH-HSMX[IPP
+YVHNMIJJ8LIWXEXIMWSRIXLMRKERHWIPJVIQIQFIVMRKERSXLIVXLMRK-XMWXLIFYWMRIWW
SJXLILIEH(S]SYVIQIQFIV]SYVWIPJSJXIRSVJSVKIX]SYVWIPJSJXIR#
5YIWXMSRIV&SXL-HSMXSJXIRHYVMRKXLIHE]%XXMQIW-HIGMHIXSHSMXWYMXEFP]VIWXMRK
ERH-JSVKIX%RHEPWSZIV]SJXIR-HSMX[MXLSYXLEZMRKHIGMHIHMREHZERGI
+YVHNMIJJ -R SXLIV [SVHW ]SY JSVKIX XS VIQIQFIV ]SYVWIPJ [LIR MX MW RIGIWWEV] FYX
[LIRMXMWYWIPIWW]SYVIQIQFIV]SYVWIPJEYXSQEXMGEPP]8LMWMWRSXSYVEMQEXEPP3RI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
QYWXEGGYWXSQSRIWIPJXSWIPJVIQIQFIVMRKGSRWGMSYWP]=SY[MPPRSXWYGGIIHYRPIWW]SY
QEOIXLIXEWOSJVIQIQFIVMRK]SYVWIPJ[MXL]SYV[LSPITVIWIRGIEXJSVI\EQTPIJSYV
SGPSGOJMZISGPSGOERHWM\SGPSGOERHWE]-EQ
5YIWXMSRIV-HSRSXYRHIVWXERHLS[MXMWTSWWMFPIXSVIQIQFIVSRIWIPJMRPMJI%PVIEH]
MRWIPJVIQIQFIVMRKYRHIVXLIFIWXGSRHMXMSRWMRWXSTTMRKQ]WIPJMRUYMIXMRKQ]WIPJ-
VIEGL[MXLWSQYGLHMJJMGYPX]WYGLEPMXXPIXLMRKXLEX-GERWE]-RIZIVVIQIQFIVQ]WIPJ
MRPMJI
+YVHNMIJJ8LIR]SYHSRSXLMRKGSRWGMSYWP]=SYHSEYXSQEXMGEPP]EPPXLEX]SYHS
5YIWXMSRIV8LIR[LEXXSHSWMV#
+YVHNMIJJ+MZI]SYVWIPJEWXEWO%PPSV2SXLMRK-J]SYGERRSXHSXLEX]SYEVIRSXLMRK
=SYQYWXEGLMIZIXLEX
5YIWXMSRIV-LEZIHSRIMX
+YVHNMIJJ3RIQYWXXEOIEWEXEWOXSVIQIQFIVSRIWIPJ
5YIWXMSRIV &YX LS[XS VIQIQFIV SRIWIPJ WMRGI IZIR MR XLIFIWX GSRHMXMSRW - HS RSX
EGLMIZIMX#
+YVHNMIJJ8LI[SVWIXLIGSRHMXMSRWXLIFIXXIVXLIVIWYPX-XMWJSVXLMWXLEXSRIQYWXHS
(SRSXGSRWMHIVXLIGSRHMXMSRWGSRWMHIVXLIQSQIRXSJHIGMWMSR%XIEGLSJXLIXLVII
LSYVW]SYEFWSPYXIP]QYWXVIQIQFIV]SYVWIPJ=SYIRXIVMRXS]SYVWIPJ]SYJIIPXLEX
]SYI\MWX[MXLEPP]SYVTVIWIRGIERHXLMWXLMWMW]SYVXEWO%JXIV[EVHW]SYFVIEOMXEPP
3RI GERRSX EP[E]W WIPJVIQIQFIV ;LEX GSYRXW MW XS HS MX GSRWGMSYWP] ;MXL ER
EYXSQEXMGHIGMWMSRXLEXMW[SVXLRSXLMRK
5YIWXMSRIV - HS RSX YRHIVWXERH WMV LS[ ]SY [MWL QI XS YRHIVWXERH XLI [SVH
GSRWGMSYWP]WMRGIRIZIV1MRIHI7EP^QERR&IGEYWI]SYLEZIHIGMHIHMRXIRXMSREPP]MR
EHZERGI]SYJIIPXLEXMXMWGSRWGMSYW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV&YXXLI[SVHLEWRSQIERMRKJSVQI1QIHI7E^PQERR-RXIRXMSREPP]MR
EHZERGI
5YIWXMSRIV8LIWIRWEXMSRMWRSXWXVSRK-LEZIHSRIMXPMOIXLEX
+YVHNMIJJ =SYV HIGMWMSR MW RSX WXVSRK =SY QYWX HIGMHI QER] XLMRKW =SY QYWX TYX
]SYVWIPJMREUYMIXWXEXIVIPE\IHERHMRXLMWWXEXIWIXXPI]SYVXEWO=SYXV]MX8IRXMQIW
E LYRHVIH XMQIW ]SY JEMP =SY GSRXMRYI =SY XEOI XVSYFPI 0MXXPI F] PMXXPI ]SY XVEMR
]SYVWIPJERH]SYEGLMIZIMX&YXRSXMRSRIIJJSVX8LMWMWEZIV]PMXXPIXLMRKERHMXMWXLI
QSWXMQTSVXERX6IQIQFIV]SYVWIPJGSRWGMSYWP]'SRWGMSYWP]8LEXMWXSWE]F]]SYV
S[R HIGMWMSR 8S VIQIQFIV SRIWIPJ ERH EX XLI WEQI XMQI GSPPIGX SRIWIPJ XSKIXLIV XS
TIRIXVEXI HIITP] MRXS SRIW ZIV] WIPJXLIWI XLIR EVI XLI GSRHMXMSRW -J ]SY GERRSX
GSRXMRYIJSVEPSRKXMQIXV]MXJSVEWLSVXXMQI
5YIWXMSRIV-RIZIVIRXIVHIITP]MRXSQ]WIPJ
+YVHNMIJJ%XXLIWXEVXRIZIV#
5YIWXMSRIV-HSRSXWYGGIIH
+YVHNMIJJ=SYHSRSXHSMX%PVIEH]]SYLEZIRSXYRHIVWXSSHGSRWGMSYWP]]SYLEZIWEMH
WS]SYVWIPJ8LIRHSMX
5YIWXMSRIV;L]#-HSRSXWYGGIIH1V+YVHNMIJJ1QIHI7E^PQERR%XXLIFIKMRRMRK
]SYQYWXHSMXF]]SYVS[RHIGMWMSRRSXF]GLERGIRSXFIGEYWIMXLETTIRIHXSGSQIXS
]SYVQMRH&YX]SYLEZIXEOIRXLIHIGMWMSRXSHSMXEXEGIVXEMRQSQIRXERH]SYHSMX
5YIWXMSRIV&YX-HSMXPMOIXLMW
+YVHNMIJJ=SYHSMXFEHP](SXLMWMRXLIWEQI[E]XLEX]SYLEZIKMZIR]SYVWIPJ]SYV
TVSQMWIXSFILIVIEXWIZIRSGPSGO8LMWMWERI\EQTPI-J]SYHSRSXHSMXPMOIXLMWMXLEW
RSZEPYIEXEPP+MZI]SYVWIPJ]SYVTVSQMWIERHHS=SYKMZI]SYVWIPJ]SYVTVSQMWIMR
XLMW[E]XSVIQIQFIV]SYVWIPJEXEGIVXEMRQSQIRX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-HSMXPMOIXLMWFYX-EGXEYXSQEXMGEPP]1]HIGMWMSRMWEYXSQEXMG-HSRSX
WYGGIIHMRJIIPMRKPMOIELYQERFIMRK
+YVHNMIJJ=SYQYWXHSERI\IVGMWIXSFIQSVIGSPPIGXIH0IEVRXSGSPPIGX]SYVWIPJ'LSSWI
EKSSHQSQIRXXLEXWIIQWTVSTMXMSYW7MXHS[R0IXRSFSH]HMWXYVF]SY6IPE\]SYVWIPJ
%PP ]SYV EXXIRXMSR EPP ]SYV [MPPMW GSRGIRXVEXIH SR ]SYV VIPE\EXMSR =SY UYMIX ]SYV
EWWSGMEXMSRW%JXIVSRP]EJXIV]SYFIKMRXSXLMRO
5YIWXMSRIV=IW-XV]PMOIXLEXERH-HSRSXWYGGIIH
+YVHNMIJJ;EMX(SRSXHMWXYVFQIHSRSXMRXIVVYTXQI=SYLEZIRIZIVHSRIPMOIXLMW
=SYVI\TPEREXMSRWTVSZIMXXSQI%JXIV[LIR]SYLEZIUYMIXIH]SYVEWWSGMEXMSRWSRP]
XLIR FIKMR XLI I\IVGMWIGSRWGMSYWP] [MXL EPP ]SYV EXXIRXMSR EPP ]SYV JEGYPXMIW ?1V
+YVHNMIJJHMWGYWWIWXLII\IVGMWIA8LEXMWLS[SRIQYWXHSXLII\IVGMWI%JXIV[EVHW]SY
VIWX ]SYVWIPJ]SY WIRH XLII\IVGMWI XS XLI HIZMP 6ITIEX MX EJVIWL MRXLI IZIRMRK 8LMW
I\IVGMWIMWHSRIIWTIGMEPP]XSEPPS[SRIXSLEZIEGSPPIGXIHWXEXI-XMWXLIJMVWXI\IVGMWI-X
MWHMJJMGYPXXSTIRIXVEXIMRXS]SYVWIPJEXXLIJMVWXIJJSVX3RIQYWXGSQTIPXLIEXQSWTLIVI
XSVIQEMR[MXLMRMXWPMQMXWRSXEPPS[MXXSKSJYVXLIVXLERMXWLSYPH-XMWXLIJMVWXI\IVGMWI
MRSVHIVXSLEZIEGSPPIGXIHWXEXI8LMWI\IVGMWI-LEZIKMZIRXSIZIV]FSH]2SSRILEW
YRHIVWXSSH[LEXMWGSPPIGXIHRIWWRSVKMZIRMXEXXIRXMSR-LEZIWIIRXLMWJVSQXLI[E]
]SYWTIEO;LIR]SYLEZIWYGGIIHIHMRHSMRKXLEX]SY[MPPFIEFPIXSLEZIEXVYP]KSSH
WXEXIERH]SY[MPPFIEFPIF]]SYV[MPPXSVIIRXIVGSQTPIXIP]MRXS]SYVWIPZIW;LIR]SY
WE]-EQ]SY[MPPWIRWIXLEX]SYEVIMR]SYVWIPJ]SY[MPPWIRWIMRXLI[LSPISJXLIFSH]
XLIIGLSSJ-ERH[LIR]SYWE]EQ]SY[MPPLEZIXLIWIRWEXMSRGSQTPIXIP]XLEX]SY
EVI]SY&YXMJ]SYHSJSVXIR]IEVW-EQ-EQ-EQMX[MPPPIEH]SYXSRSXLMRKFYXXSFI
E GERHMHEXI JSV XLI QEHLSYWI (S XLEX SV RSXLMRK &IKMR IZIV]XLMRK EKEMR [MXL XLEX
I\IVGMWI-XMWXLIJMVWXI\IVGMWIJSVVIQIQFIVMRKSRIWIPJ
5YIWXMSRIV;MPP-VIEPP]JIIPXLMWEXQSWTLIVI[MXLSYXER]HSYFX[MXLSYXEWOMRKQ]WIPJ
MJXLMWMWRSXMQEKMREXMSRFIGEYWI-HSEPPXLII\IVGMWIWPMOIXLMW-KS-KSERH-WXST
Q]WIPJ-EWOQ]WIPJMJ-LEZIRSX[LSPP]MQEKMRIH-HSRSX[MWLER]QSVIXSMQEKMRI
+YVHNMIJJ=SYLEZIRSX]IXHSRIXLMWI\IVGMWI(SMX3RP]LI[LSHSIWGERNYHKIXLI
VIWYPXWMRLMQWIPJ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-LEZIHSRIMX1V+YVHNMIJJLEWKMZIRMXXS?XLIJMVWXUYIWXMSRIVA+YVHNMIJJ
?XSXLIJMVWXUYIWXMSRIVA,EZI-KMZIRMXXS]SY#;LEXVIWYPXWLEZI]SYSFXEMRIH#
5YIWXMSRIV8LIVIQIQFIVMRK[EWFIXXIV-LEZIJIPXFIXXIVXLI-
+YVHNMIJJ=SYLEZIJIPXMX#
5YIWXMSRIV=IWFYXXLIMRXIRWMX]SJVIQIQFIVMRKMRQIHIGVIEWIWZIV]UYMGOP]
+YVHNMIJJ,EZI]SYVIEPP]HSRIXLMWJSVEPSRKXMQIVIKYPEVP]#
5YIWXMSRIV-LEZIRSXHSRIMXSZIVEPSRKXMQI
+YVHNMIJJ=SYLEZIHSRIMXSRP]JSVWIZIVEPHE]W#
5YIWXMSRIV2SPSRKIV
+YVHNMIJJ - HS RSX YRHIVWXERH LS[ MX GER HMQMRMWL ;LIR ]SY EVI MR XLI WXEXI SJ
VIQIQFIVMRKLEPJSJ]SYVEXXIRXMSRQYWXFIGSRGIRXVEXIHSRXLI-EQERHXLISXLIV
LEPJ QYWX GSRXVSP XLI OIITMRKSJ XLI WXEXI =SYV LIEH TPE]WXLI VSPI SJ TSPMGIQER -X
[EXGLIWJSV]SYXSKYEVH]SYVWXEXI-EQ[MXLXLISXLIVLEPJSJXLIEXXIRXMSR8LI
SXLIVTEVXWYTIVZMWIW
5YIWXMSRIV&YXXLITS[IVSJGSRXVSPQSYRXWERHXLIRHIGPMRIW
+YVHNMIJJ=SYLEZIRSXHSRIMXEW-LEZIXSPH]SY,EPJSJ]SYVEXXIRXMSRQYWXWYTIVZMWI
FYX]SYPIEZIXLIEWWSGMEXMSRWXSKSSR=SYVXLSYKLXTEVEHIWMRXLIVSSQMR4EVMW-X
KSIW MRXS ERSXLIV GSYRXV] =SYV EXQSWTLIVI]SYV MQEKMREXMSR PIEZIW ]SY ERH ]SY
VIQEMR[MXL]SYVEYXSQEXMGEXXIRXMSR(SRIMRXLMW[E]MXMWRSVQEPXLEXMXHMQMRMWLIW
3RIQYWXHSXLSYWERHWERHXLSYWERHWSJXMQIW[LEX-XIPP
5YIWXMSRIV3RXLISXLIVLERH-LEZIRSXMGIHXLEXQ]VIQIQFIVMRKMWFIXXIVMJMXMWPIWW
JVIUYIRX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ8LMWMWEWQEPPXLMRK*MVWXSJEPPKIXYWIHXSWXE]MRKEPSRKXMQIMREGSPPIGXIH
WXEXI-XMWXLMWXLEXMWEFWIRXMR]SY;LEX]SYWE]MWEWQEPPXLMRK;LIR]SYLEZIHSRI
[LEX-XIPP]SY]SY[MPPFIEFPIXSHSEXLSYWERHXMQIWQSVI
5YIWXMSRIV1V+YVHNMIJJ-LEZIRSXMGIHXLEXMJ-EGLMIZIZIV]MRXIRWIVIQIQFIVMRK[LIR
- HS XLI I\IVGMWIW XLI STTSWMXI LETTIRW MR SVHMREV] PMJI MJ - XV] XS TPE] E VSPI SV XS
VIQIQFIVQ]WIPJ[LIR-EQ[MXLSXLIVTISTPIXLIVIWYPXMWQYGLQSVIWYTIVJMGMEP
+YVHNMIJJ-LEZII\TPEMRIHMXEXLSYWERHXMQIW=SYQYWXRIZIVYWIMRPMJIXLIVIWYPXWSJ
[SVOWSPSRKEWXLIWIVIWYPXWEVIRSXJM\IHMR]SY9WIRSXLMRKLSTIJSVRSXLMRK?1V
+YVHNMIJJWTIEOWMR6YWWMER[MXL1QIHI7EP^QERRA
5YIWXMSRIV1YWXSRIPMQMXSRIWIPJXSXLII\IVGMWISVQYWXSRIEPWSTPE]EVSPI#
+YVHNMIJJ%PWS%QER[LS[SVOWMWEP[E]WWIIOMRKJSVQIERWXSHS-J]SYQIIXEKVIEX
QER]TISTPI]SYGERQEOIYWISJMX8LMW[MPPQEOIWSQIXLMRKKVS[MR]SYMJ]SYHSMX
[IPP
5YIWXMSRIV;LEXHSIWMXQIERXSTPE]EVSPI#(SIWMXQIERXSFILEZIMRJVSRXSJSXLIV
TISTPI EW XLSYKL SRI HMH RSX [SVO# 1QI HI 7E^PQERR 1V +YVHNMIJJ LEW WEMH MX E
LYRHVIH XMQIW MRXIRXMSREPP] RSX XS MHIRXMJ] I\XIVREPP] XS HS IZIV]XLMRK EW FIJSVI EW
XLSYKLRSXLMRKLEWGLERKIHFYXGSRWGMSYWP]MRWXIEHSJPIXXMRKSRIWIPJFIGEVVMIHEPSRK
+YVHNMIJJ%RHHSMXWSXLEXRSFSH]RSXMGIWER]GLERKIMR]SYERHXLEX]SYEVIHSMRK
WSQIWTIGMEPMRXIVREP[SVO8LIMQTSVXERX[SVOJSV]SYMWXSXV]RSXXSFIMHIRXMJMIH
)\XIVREPP]]SYGSRXMRYIXSHSEPPXLEXPMJIHIQERHW&YX]SYTPE]EVSPI;LEXSGGYTMIW
XLI[LSPISJ]SYMW]SYVMRXIVREP[SVO8SFIEFPIXS[SVOSRIQYWXRSXFIMHIRXMJMIH
MRXIVREPP])\XIVREPP]HSEPP]SYEVISFPMKIHXSHSMRTYFPMG&YXHSRSXGSQISYXJVSQ
[MXLMR]SYVWIPJTPE]EVSPI'SRWGMSYWP]HSEPP]SYLEZIXSHS
5YIWXMSRIV-I\TIVMIRGIMRWIPJVIQIQFIVMRKWSQIXLMRK[LMGL-FIPMIZIMWRSXRI[-
I\TIVMIRGIEQSVIMRXIRWIWIRWEXMSRMRXLIWIRWISJWXVSRKIVEJJMVQEXMSR
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ;LEXHS]SYQIER#
5YIWXMSRIV - QIER XLEX Q] WIPJVIQIQFIVMRK LEW GLERKIH MR XLMW WIRWI 8LIR
WYHHIRP]-WIIQXSFIHITVMZIHSJEPPIRIVK]IQTX]%RH-WPIITPMOIEQEWW
+YVHNMIJJ2S[EMX-[ERXXSXVERWPEXI]SYV[SVH
5YIWXMSRIV%JJMVQEXMSR#
+YVHNMIJJ;LEX#;LEXHSIWMXHS#
5YIWXMSRIV 8LI ZSPYRXEV] MQTYPWI MW QYGLWXVSRKIV ?1QI HI7EP^QERR WTIEOW MR
6YWWMERXS1V+YVHNMIJJA
+YVHNMIJJ=SYHSMXXSSPSRK
5YIWXMSRIV2S
+YVHNMIJJ3RIQYWXRSX[SVOJSVPSRK7XSTERHHSWSQIXLMRKIPWI7XST]SYVWIPJFIJSVI
JEPPMRKEWPIIT-LEZIEPVIEH]WEMHXLEXWXSTEWWSSREW]SYFIKMRXSJIIPXMVIH
5YIWXMSRIV-EQRSXWPIIT][LIR-FIKMRXLII\IVGMWI8LIRWYHHIRP]Q]IRIVK]JEMPW
+YVHNMIJJ%REWWSGMEXMSRXEOIW]SYVIRIVK]
5YIWXMSRIV)ZIV]XLMRKWXSTW
+YVHNMIJJ(SRXHSXSSQYGL(SFIXXIVEWXSUYEPMX]ERHPIWWEWXSUYERXMX]
5YIWXMSRIV&YX-EPVIEH][SVOZIV]PMXXPI
+YVHNMIJJ(SIZIV]XLMRKPMXXPIXLIR]SY[SVOGSRWGMSYWP]ERHIZIRLEPJGSRWGMSYWP]MX
IEXW ]SYV IRIVK] =SY LEZI SRP] SRI EGGYQYPEXSV RSX XIR -X MW VIGLEVKIH [LIR ]SY
WPIIT ERH XLIR ]SY IEX YT XLI IRIVK] -X EPP KSIW 3RI WLSYPH RSX PIEZI XLI PEQTW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
FYVRMRKXSSPSRK
5YIWXMSRIV3RIWLSYPHWTIRHPIWWIRIVK]MRI\XIVREPPMJIXSLEZIQSVIPIJXJSVXLI[SVO
+YVHNMIJJ-XLEWRSXLMRKXSHS[MXLMX(SRXGSRGIVR]SYVWIPJ[MXLXLEX)\XIVREP[SVO
KSIWSRUYMXIEYXSQEXMGEPP]ERHVIUYMVIWZIV]PMXXPIIRIVK]0IXPMJIKSSRF]MXWIPJ/IIT
]SYVIRIVK]JSV[SVO;SVORIIHWEPSXSJIRIVK]
5YIWXMSRIV1V+YVHNMIJJ-XSPH]SYPEWX[IIOXLEX-[EWEWPEZIXSQ]TMX]=SYKEZIQI
ERI\IVGMWIXSVIQIQFIVQ]WIPJ8LVSYKLXLMWI\IVGMWI-QEREKIHXSFIGSQIGEPQIV-
LEHEWIRWEXMSRSJTEMRERHEXXLIWEQIXMQIERSVKERMGWIRWEXMSRSJWIPJVIQIQFIVMRK
]IXRSXZIV]HIIT-HSRXGSSVHMREXI-JIIPRS[SRIRS[XLISXLIV7LSYPH-GSRXMRYI#
+YVHNMIJJ=IWGSRXMRYI%JXIVSRP]E[IIO-GERWE]RSXLMRK7SQIXMQIWE]IEVSVX[S
]IEVWEVIRIGIWWEV]FIJSVISRIGERWE]WSQIXLMRK
5YIWXMSRIV 1V +YVHNMIJJ Q] WIPJVIQIQFIVMRK EW E XEWO MR I\XIVREP PMJI LEW RSX
GLERKIH &YX MR WIPJVIQIQFIVMRK [LIR EPSRI - SFWIVZI XLI WEQI XLMRK EW ?ERSXLIV
WXYHIRXA-KSXSWPIIT1]FSH]IWGETIW-GERXLSPHMX
+YVHNMIJJ =SY QYWX WXVYKKPI [MXL ]SYVWIPJ -R EHHMXMSR XS ]SYV XMQI WTIRX SR XLI
I\IVGMWIHSXIRQMRYXIW[MXL]SYVEVQWMRXLIJSVQSJEGVSWW
5YIWXMSRIV-LEZIHSRIXLEX&YX[LIR-XV]XSHSXLII\IVGMWIWSRGIQSVI-JIIPWPIIT]
EKEMR
+YVHNMIJJ6YF]SYVWIPJ[MXLGSPH[EXIVEJXIV[EVHW-JXLEXHSIWRSXLIPTXIPPQI-WLEPP
KMZI]SYWSQIFMVHWXSRKYI?1V+YVHNMIJJI\TPEMRWXLEXFMVHWXSRKYIMWH[EVJVIH
TITTIVGSVRWA;LIRSRILEWXEWXIHXLIQSRIRIZIVJSVKIXWXLIQ-X[EOIW]SYYTEX
RMKLX-WLEPPKMZI]SYX[SSVXLVIITITTIVGSVRWXSOIITF]&YXFIJSVI]SYXV]MXXV]
VYFFMRK]SYVWIPJ[MXLGSPH[EXIV?'SRZIVWEXMSRMR6YWWMERFIX[IIR1V+YVHNMIJJERH
1QIHI7EP^QERRA1QIHI7E^PQERR-J]SYHMZMHI]SYVEXXIRXMSRVMKLXP]SRITEVXXS
VIPE\ ERSXLIV TEVX XS GSRGIRXVEXI ]SY GSYPHRX KS XS WPIIT 7PIIT GSQIW MJ EPP ]SYV
EXXIRXMSRKSIWSRP]SRVIPE\MRK+YVHNMIJJ-RLIVGEWI?PSSOMRKEXEWXYHIRXAMXMW[SVO
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLEXQEOIWLIVWPIIT]?0SSOMRKEXERSXLIVWXYHIRXA-RLMWGEWIMXMWFIGEYWILIHMZMHIW
FEHP] 3R SRI WMHI LI KMZIW LMW EWWSGMEXMSRW JVIIHSQ XS [EOI YT 8LIWI EVI UYMXI
HMJJIVIRXXLMRKW,IWEMHJSVQIEWJSVLIVFYXXLIVIEWSRMWRSXXLIWEQI7LIVIEPP]
[SVOWERHPSWIWIRIVK]FYXMR]SYVGEWIXLIVIEWSRMWXLEX]SY[SVOFEHP]MRGSVVIGXP]
5YIWXMSRIV 1V +YVHNMIJJ WSQIXMQIW - KIX FSVIH [MXL WIPJVIQIQFIVMRK - [EMX [MXL
MQTEXMIRGIJSVXLIIRHSJXLIXMQI-LEZIWIXJSVXLII\IVGMWI-XMWQSRWXVSYW=IX-GERX
LIPTMX7SQIXMQIW-JIIPE[SRHIVJYPJYPPRIWWFYXEXSXLIVXMQIWEFWSPYXIP]RSXLMRK-
GERXLIPTMXERH[LIRXLMWWXEXIGSQIW-HSRXORS[XS[LEXMXMWHYI
+YVHNMIJJ 8LMW TVSZIW XLEX EYXSQEXMWQ MW ZIV] WXVSRK MR ]SY XLEX ]SY LEZI QER]
[IEORIWWIWQER]HSKWQER]VIWYPXWXSHIWEPX=SYQYWXOMPPXLIQ,S[GERSRIFI
FSVIH[MXLEHMZMRIXLMRK#
5YIWXMSRIV7SQIXLMRKMWPEGOMRKMRQ]WIPJVIQIQFIVMRK
+YVHNMIJJ-XMWEW]QTXSQSJXLIJEGXXLEX]SYLEZIREWX]XLMRKWMR]SY%PPXLMWLEWXS
FIGPIERIHYTXSFIGSQI[SVXL]SJHSMRKXLMWI\IVGMWI4YXXIRXMQIWQSVIEXXIRXMSRSR
GPIERMRKYT]SYVMRWMHIERHQEOMRKMX[SVXL]=SYEVIRSX[SVXL]8LIVIEVIXSSQER]
HSKW(S]SYYRHIVWXERH[LEX-GEPPHSKW#(MJJIVIRXXLMRKWGV]WXEPPM^IHMR]SYF]PMJIF]
IHYGEXMSR%PPXLIWIVIWYPXWTPE]XLIVSPISJJEGXSVWGVIEXMRKEWWSGMEXMSRW[LMGLEVMWI
GSRXMRYEPP]ERHGEVV]YW[MXLXLIQ8LIWIJEGXSVWEVIQER]-XMWMQTSWWMFPIXSOMPPXLIQ
SYXVMKLX&YX[IQYWXXYVRXLIQMRXSJYRGXMSRW%XTVIWIRXSRISJXLIWIJEGXSVWSJXIR
FIGSQIW]SYV-ERHKYMHIW]SY9RXMPVIEP-GSQIWMXWTPEGIQYWXFILIPHF]XLILIEH
XLILIEHQYWXTPE]XLIVSPISJ-
5YIWXMSRIV 1V +YVHNMIJJ [LIR - VIQIQFIV Q]WIPJ - RIZIV I\TIVMIRGI E JIIPMRK SJ
GSQTPIXI WEXMWJEGXMSR 8LI QSVI - GSRGIRXVEXI XLI RIEVIV - JIIP XS MX FYX WSQIXLMRK
WITEVEXIWQIERHMRXLIIRH-LEZIVEXLIVEJIIPMRKSJYRIEWMRIWWERHHMWKYWX
+YVHNMIJJ(MWKYWXSJ[LEX#
5YIWXMSRIV(MWKYWXSJQ]WIPJHMWKYWX?7MPIRGIA
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ'ER]SYWXE]EQSQIRXEJXIVXLIQIIXMRK#-WLEPPXIPP]SY[LEXQEOIW]SY
YRIEW]
5YIWXMSRIV 1V +YVHNMIJJ LS[ XS VIGSKRM^I XLIWI HSKW LS[ XS ORS[ [LMGL EVI XLI
[SVWX#%RHXLIRQYWXSRIEXXEGOXLIQERHLS[#3VWLSYPH-GSRXMRYI[MXLXLIKIRIVEP
TVSGIHYVI#
+YVHNMIJJ+IRIVEPP]MRIZIV]SRIXLIWIHSKWEVIEGGYWXSQIHXSPMZIEVSYRHXLIGIRXIV-X
MWXLIMVTPEGI*EGXSVWFIGSQIGV]WXEPPM^IHEGGSVHMRKXSXLITVIHSQMRERXGIRXIV;ILEZI
JSYVGIRXIVWJSYVPSGEPMXMIWJSYVZMPPEKIW[LIVIXLIWIHSKWPMZI-RSRIZMPPEKIXLI]EVI
QER]MRERSXLIVZMPPEKIJI[IVMR]IXERSXLIVXLI]EVIZIV]JI[-RHMJJIVIRXTISTPIXLIVI
EVI E KVIEXIV SV PIWWIV RYQFIV SJ HSKW MR IEGL ZMPPEKI 8LIWI ZMPPEKIW EVI XLSYKLX
JIIPMRKWIRWEXMSRERHWI\[LMGLMWEZIV]MQTSVXERXZMPPEKI3RITIVWSRLEWQSVIHSKW
MRSRIZMPPEKIERSXLIVMRERSXLIV-XHITIRHWSR[LMGLZMPPEKILEWQSVIMRLEFMXERXW1]
EHZMGI WMRGI ]SY LEZI EWOIH QI 6ITIEX ]SYV UYIWXMSR ?8LI WXYHIRX VITIEXW LMW
UYIWXMSRA-RKIRIVEPMRSVHIVXSOMPPXLIHSKWWSXLEXXLI]HSRSXXVSYFPI]SYER]QSVI
ERHLEZIRSPSRKIVXLITS[IVXSKIXLSPHSJ]SYV-Q]EHZMGIMWXLIJSPPS[MRKMXKSIW
JSVIZIV]FSH]
8LIJMVWXXLMRKMWXSKIXVMHSJXLIHSKWMRXLIZMPPEKISJWI\8LIRMRXLI
SXLIVW&YXJMVWX]SYQYWXPMUYMHEXIXLMWMRXMQEXIERMQEP0EXIV]SY[MPPXVERWJIV]SYV
EXXIRXMSRXSSXLIVZMPPEKIW-J]SYORS[XLMWVYPI]SY[MPPPSSOXSJMRH[MXL[LMGLZMPPEKIXS
GSRXMRYI&YXLS[XSXMIXLIQ#*MVWXSJEPP]SYWIX]SYVWIPJXLIXEWOSJRIZIVPIXXMRKXLI
HSKW KS SR EW FIJSVI ,MX XLIQ EX SRGI SR XLI LIEH 3RGI ]SY LEZI VIGSKRM^IH ]SYV
IRIQ] ]SYV XEWO MW XS JMKLX MX 4IVLETW MX MW ]SYV VIEP IRIQ] 3RI EJXIV ERSXLIV ]SY
QEWXIV EPP XLIWI HSKW %RH XLIR ]SY TEWW SR XS ERSXLIV ZMPPEKI -R XLMW [E] ]SY [MPP
KVEHYEPP]SZIVGSQIEPP]SYVIRIQMIW-VITIEXMXMWRSXEUYIWXMSRSJOMPPMRKXLIQ-J
WSQIXLMRK MW GV]WXEPPM^IH MX MW JSVIZIV -X QE] IZIR TVSZI ER EWWIX MJ ]SY YWI MX EW
QEXIVMEP EW JYRGXMSR &YX XLI] QYWX RIZIV XEOI XLI YTTIV LERH XLI] QYWX RIZIV FI
EPPS[IHXSJM\]SYV-ERHKIXTSWWIWWMSRSJMX8LMWWLSYPHFI]SYVXEWO%RHXLMWETTPMIW
XSEPPSJ]SYLIVI
5YIWXMSRIV1V+YVHNMIJJXLMWWI\JYRGXMSRMWEJYRGXMSR#-XMWRSXWSQIXLMRKSRIQYWX
VIHYGIERHJPEXXIREWQYGLEWTSWWMFPI#
+YVHNMIJJ;IEVIRSXWTIEOMRKSJXLIJYRGXMSRW[LMGLEVITEVXWSJYWFYXSJHSKWXLEX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MW SJ [IEORIWWIW EVSYRH SYV JYRGXMSRW*YRGXMSRW EVI XLI ZMPPEKIWSRI GERRSX GLERKI
XLIQ%WXSHSKW]IWSRIQYWXGLERKIXLIMVFVIIH
5YIWXMSRIV-WYTTSWIXLIVIEVIQSVIHSKWMRE[IEOIVZMPPEKI-WMXWS#
+YVHNMIJJ4IVLETWXLIZMPPEKIFIGSQIW[IEOFIGEYWIMXLEWQER]HSKWXS[IEOIRMX
)EGLHSKLEWEREQIMRXLSWIZMPPEKIW-ORS[EPPXLIMVREQIW?1V+YVHNMIJJNSOIWEFSYX
XLIHSKWREQIWA
5YIWXMSRIV1YWXSRIPMWXIRPSRKJSVXLIFVIEXLMRK#3RIXIRHWXSHSMX[MXLFVIEXLMRK
+YVHNMIJJ (SRX HS MX [MXL FVIEXLMRK -X [SYPH KMZI ]SY E [VSRK XIQTS 8EOI XLI
RIGIWWEV] XMQI JSV FVIEXLMRK ERH JSV WIRWMRK -X [MPP XLIR FI ]SYV QIEWYVI =SY
YRHIVWXERH#
5YIWXMSRIV;SYPHRXMXFIFIXXIVMRWXIEHSJHSMRKEPPXLII\IVGMWIWXSHSSRP]XLMWSRI
JSVI\EQTPIJSVE[IIO#
+YVHNMIJJ-JMXMWQSVIGSRZIRMIRXJSV]SY-HSRXORS[]SYVJEQMP]GMVGYQWXERGIW&YX
XLIWIX[SI\IVGMWIWEVIKSSHJSV]SY8LIWIX[SI\IVGMWIW[MPPEPPS[]SYVIEPP]XSFIKMR
5YIWXMSRIV-LEZISFWIVZIHX[SXLMRKW8LIMHIEWTVSHYGIZIV]WXVSRKJIIPMRKWMRQI
&YX-WIIZIV]SJXIRXLEXPMZMRKFIMRKWLEZIRSMHIEW%RHXLIR-RSXMGIXLEX-LEZIRS
JIIPMRKWJSVXLIQ
+YVHNMIJJ;LEXMW]SYVUYIWXMSR#
5YIWXMSRIV1]UYIWXMSRMRE[SVHMWLS[XSI\TIVMIRGIJIIPMRKLS[XSFILYQER#
+YVHNMIJJ *MVWX SJ EPP ]SY QYWX JIIP XLEX XLIVI EVI MHIEW ERH MHIEW *SV MRWXERGI E
QEHQERQE]LEZIXLIMHIEXLEXLIMW2ETSPISRSVWSQIWMQMPEVFMKXLMRK,ILEWER
MHIE;LEXXLIREVI]SYVMHIEW#-J]SYLEZIMHIEWXLI]EVIMHIEWSJEQEHQER%QER
[LSLEWRSVQEPQIRXEXMSR[MPPWIIXLEX]SYVMHIEMWRSXEVIEPMHIE,ILEWVIEPMHIEW
=SYQYWXYRHIVWXERHXLMWXVYXL
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-HSRXYRHIVWXERHZIV][IPP1QIHI7E^PQERR1V+YVHNMIJJQIERWXLEX
]SYFIPMIZIMR]SYVMHIEW=SYFIPMIZIXLEXXLI]EVIMHIEW=SYHSRXXLMROXLEXSXLIVW
QSVIRSVQEPLEZIVIEPMHIEW
5YIWXMSRIV&YXXLITVIWIRGISJERMHIEMRERSXLIVQEREP[E]WQSZIWQI1QIHI
7E^PQERR%RH1V+YVHNMIJJERW[IVW]SYXLEX]SYEVIQSZIHSRP]MJXLMWMHIEMW]SYVW
+YVHNMIJJ%QEHQER[LSXLMROWLIMW2ETSPISRPMOIWSXLIVQEHQIR[LSFIPMIZIXLI]EVI
2ETSPISRW 8LI] YRHIVWXERH IEGL SXLIV XLI] GSRJIV XSKIXLIV 2S 8LMRO MQTEVXMEPP]
EFSYX ]SYV MHIE ;LEX MW XLI UYEPMX] SJ ]SYV MHIE# ;L] [MXL E GIVXEMR TIVWSR MX
IWXEFPMWLIWEHIWMVEFPIGSRXEGXFIX[IIR]SY[LMPI[MXLSXLIVTISTPIMXIWXEFPMWLIWE
GSRXEGX XLEX MW RSX HIWMVEFPI# %REP]^I XLMW MQTEVXMEPP] [LIR ]SY LEZI QEXIVMEP
GSRGIVRMRKXLMWUYIWXMSR[IWLEPPWTIEOEFSYXMXERH-WLEPPWE]QER]YWIJYPXLMRKWXS
]SY-LEZIWSQIQEXIVMEPVIKEVHMRK]SYVUYIWXMSR-RXLIGSYVWISJQ]PMJI-[SVOIHJSV
JMJXIIR]IEVWMREPYREXMGEW]PYQ[LIVIXLIVI[IVIJSYVXLSYWERHQEHQIRXLIPEVKIWX
EW]PYQMRXLI[SVPHRIEV8EWLOIRX
5YIWXMSRIV - LEZI QEHI XLMW SFWIVZEXMSR XS EWO ]SY XLMW UYIWXMSR LS[ XS HIZIPST
JIIPMRK#
+YVHNMIJJ(S[LEX-XIPP]SY8LMW[MPPE[EOIREPPXLIJEGXSVWSJ]SYVJIIPMRKTVSZMHIH
]SYEVIWMRGIVIWMRGIVI[MXL]SYVWIPJ%RHTVSZMHIH]SYEREP]^IMQTEVXMEPP]
5YIWXMSRIV-HSRXUYMXIYRHIVWXERH-QTEVXMEPEREP]WMWSJ[LEX#1QIHI7E^PQERR
8V]XSYRHIVWXERHXLVSYKLMQTEVXMEPEREP]WMW[LEXGEYWIW]SYXSIWXEFPMWLGSRXEGX[MXL
WSQIERHRSX[MXLSXLIVW%REP]^IMXWMRGIVIP]MR]SYVWIPJ-XMWXMQI1V+YVHNMIJJKMZIW
]SYPIEZIXSKS
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8;)28=2-2)
5YIWXMSRIV8LMWI\IVGMWILEWWLS[RQIMRERI\XVESVHMREV][E]SRIWMHISJQ]WIPJ-
LEHRIZIVQIXQ]QIGLERMWQMRQ]WIPJEW-LEZIHSRIMRXLMWI\IVGMWI1]EYXSQEXMWQ
Q]ERMQEP8LIJMVWXJI[XMQIW-KSXXLIQSWXJVSQMX0EXIV-IRGSYRXIVIHHMJJMGYPXMIW-R
XLIFIKMRRMRKXLMWI\IVGMWIWLS[IHQIXLMRKWMRQ]WIPJ[LMGL-LEZIRSXFIIREFPIXS
JMRHPEXIVEWMJXLISFWXEGPIWEGGYQYPEXIHEJXIV[EVHW1QIHI7E^PQERR=SYRSPSRKIV
[MWLXSHSMX#
5YIWXMSRIV%XJMVWXMXKEZIQIERMRXIPPIGXYEPWLSGO-X[EWTIVLETWSRP]MRXIPPIGXYEP
&YX-LEZIRSXVIEPP]WYGGIIHIH[MXLXLII\IVGMWI1QIHI7E^PQERR(S]SYGSRXMRYI#
5YIWXMSRIV2SXWIVMSYWP]-LEZIRSXWYGGIIHIHMRXEOMRKQ]QIEPWEPSRI%RHMXMW
MQTSWWMFPIXSXLMROSJHSMRKMXMRGSQTER]
5YIWXMSRIV-RHSMRKXLII\IVGMWI-JIPXXLITSMRXSJETTPMGEXMSR[LMGLGSRWXMXYXIWXLI
JSSHXLIGSRWSPEXMSRXLIWEXMWJEGXMSRMXKMZIWXSXLIPS[IVREXYVI3RIGSRWSPIWSRIWIPJ
JSVQER]XLMRKW[LIRIEXMRK-LEZIRSXMGIHXSSXLIEZMHMX][MXL[LMGLSRIIEXW%RHXLMW
I\IVGMWILEWEPWSQEHIQITEVXMGMTEXIMREPP2EXYVI-WEMHXSQ]WIPJ[LEX-IEXMWTEVXSJ
2EXYVI[LSGVIEXIHXLMW2EXYVI#;LSGVIEXIH[LEX-IEX#-JIPXYRMXIH[MXLIZIV]XLMRK
8LMWKEZIQIMRXIVMSVMQTVIWWMSRW%VIWXXSSEJSVXMJMGEXMSREJIIPMRKSJYRMSR-XHMHSRI
KSSHXSJIIPXLEXSRIGERXEOIMQTVIWWMSRW[LMPIIEXMRKEWVIEPEWXLSWISRIXEOIW[MXL
SRIWQMRH1MRIHI7EP^QERR-XKEZI]SYWSQIXLMRK#
5YIWXMSRIV%KVIEXHIEP1QIHI7E^PQERR%RHEP[E]WMRETSWMXMZI[E]#2SXLMRKMR
]SYVIJYWIH#
5YIWXMSRIV 8LIVI MW WYGL E HMJJIVIRGI FIX[IIR SRIW LEFMXW ERH XLMW MX MW WS
GSRWMHIVEFPI-HSRSXWE]XLEX-GSYPHRIZIVFISXLIV[MWIFYXER][E]-WLEPPEP[E]W
JSVGIQ]WIPJXSFIPMOIXLMW1QIHI7EP^QERR?XSERSXLIVA%RH]SY#
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV -X LEW FIIR VEXLIV HMJJMGYPX -X KMZIW QI E JIIPMRK SJ GEPQ -J - GSYPH
GSRGIRXVEXIEJXIV[EVHWMX[SYPHEHHXSQ]TVIWIRGI-JIIPXLIJSSHTEWWMRKPMOIXLIEMV-X
KMZIWQIEWIRWEXMSRSJQ]WIPJWYGLEW-LEZIRIZIVLEH1QIHI7EP^QERR?XSERSXLIVA
%RH]SYEPWS#
5YIWXMSRIV-GERRSXWE]XLEX%L-LEHJSVKSXXIRMXHIWXVS]WKVIIH3RIPIEVRWXSXEOI
JVSQXLIJSSHWWSQIXLMRKSXLIVXLERTPIEWYVI1QIHI7E^PQERR%XXLIWEQIXMQIMX
VIMRJSVGIWXLMW
5YIWXMSRIV-LEZIRSXMGIHXLEXMXKMZIWQSVIZEPYIXS[LEXSRIIEXW-LEZIYRHIVWXSSH
XLEX-IEXXSSJEWX-XLEWKMZIRQIQSVIGEPQ3RIETTVIGMEXIWQSVI3RIMWQSVIE[EVI
SJXLIUYEPMX]&YXMXMWQSVIHMJJMGYPXXSKIXXLIWIRWEXMSRMRXLIIWSTLEKYW-GERMRXLI
QSYXL2SXMRXLIIWSTLEKYW?1V+YVHNMIJJGSQIWMRERH1QIHI7EP^QERRXVERWPEXIWA
+YVHNMIJJ-J-GERWTIEOF]EREPSK]-WLSYPHWE]XLEX]SYGSQIXSXLIGVY\SJXLIMHIE
XLEXFIJSVI]SY[IVIRSHMJJIVIRXJVSQ1V(SKSV1V'EX%RHRS[]SYGSRWXEXIXLEX
]SYEVIEPMXXPIHMJJIVIRX
5YIWXMSRIV%ZIV]FMKHMJJIVIRGI
+YVHNMIJJ%HMJJIVIRGI]SYEVIELYQERFIMRKRSXEHSK1ERORS[WLS[XSIEX,S[#
'SRWGMSYWP],IORS[WLS[XSHMVIGXEWWMQMPEXIRSXPMOIEHSK3RP]EJXIVXLMWQERGER
GIEWIXSFIGEPPIHEJEGXSV]JSVQIVHIYRXMPXLIRIZIV]SRIMWEJEGXSV]JSVQIVHI%WJSV
]SYHSGXSV[LEX]SYWE]XLEX]SYRS[JIIPXLEXMXMWERMQTVIWWMSRXLMWMWI\EGXP][LEX-
QIER[LIR-WE][ILEZIEXLMVHJSSH8LEXMWMX=SYLEZIEXEWXISJ[LEXXLMVHJSSHMW
8LIVIMWXLIJSSH[LMGLIRXIVWF]XLIQSYXL8LEX[LMGLIRXIVWF]XLIRSWIERHXLEX
[LMGLIRXIVWF]XLI?1V+YVHNMIJJMRHMGEXIWLMWLIEHAXLIWIEVIXLIMQTVIWWMSRWXLI
XLMVHJSSH;MXLSYXXLIWIQERMWEHSKEREYXSQEXSR,IVIEPP]MWEHSK)ZIV]HE]LI
RIIHWXLIJSSHSJMQTVIWWMSRW7S]SYGERRS[WE][MXLSYXER\MIX]XLEX]SYEVIRSXE
HSKFYXXLEX]SYEVIMRXLIMQEKISJ+SH+YVHNMIJJ?XSERSXLIVA(S]SYGSRXMRYI#
5YIWXMSRIV%XJMVWXMX[IRXZIV][IPPERHRS[MXKSIWZIV]FEHP]8LIJMVWXXMQIPMOIXLI
HSGXSV-[EWWEXMWJMIH
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ(S]SYGSRXMRYI#
5YIWXMSRIV%JXIV[EVHW-HMHRSXXEOIQ]QIEPWEPSRI-XMWZIV]HMJJMGYPXXSHSMXMR
TYFPMGQ]LIEHVIZSPXIH
+YVHNMIJJ%P[E]W[LIRSRIXLMRKKSIW[IPPXLIVIETTIEVEXSRGIMRQERWSQIJEGXSVWSJ
STTSWMXMSR3RIQYWXWXVYKKPI8LIKSSHJSVGIMWXLIERKIP8LIVIZSPXMWXLIHIZMP-XMWER
EYXSQEXMGTVSGIWWSJWXVYKKPI=SYQYWXIRXIVMRXSXLMWEYXSQEXMGTVSGIWWERHLIPTXLI
ERKIPSVXLIHIZMP=SYLEZIXLIXEWXISJ[LEXMWXLIKSSHERKIPJEZSVXLIERKIP3XLIV[MWI
]SY[MPPWIPP]SYVWIPJXSXLIHIZMP
5YIWXMSRIV ;LEX LEW [SVVMIH QI XLMW [IIO MW XLEX - QEHI GEXIKSVMGEP HIGMWMSRW
GSRGIVRMRKXLVIIXLMRKW8LIJSSHI\IVGMWIXLISXLIVI\IVGMWIWERH
+YVHNMIJJ8LMWMWGLIETEPPXLIWIHIGMWMSRW%P[E]WQERHIGMHIWFYXLMW[SVHMW[SVXL
XYTTIRGI(S[LEX-WE]TVSKVIWWMZIP]-ORS[XLEX]SYHSRSXI\MWX-XLEWXSFIHSRIPMXXPI
F]PMXXPI-ORS[]SYV[IEORIWWIW3RIHE]]SYV[SVH[MPPFIXVYI8SHE]]SYGERRSXOIIT
]SYV[SVH8LIWIGEXIKSVMGEPHIGMWMSRW#=SYGERHIGMHIRSXLMRKGEXIKSVMGEPP]-JEXXLI
FIKMRRMRK]SYLEHHSRIXLII\IVGMWI[IPP]SYWLSYPHLEZIGSRXMRYIHXSHE]]SYGSYPH
LEZIHSRIWSQIXLMRKIPWI&YX]SYVHIGMWMSRER]SRIGERQEOIXLIWEQI
5YIWXMSRIV;LEX-HSRSXYRHIVWXERHMWXLEX-LEZIRSXFIIRXLIWEQI
+YVHNMIJJ=SYQYWXGSRXMRYI-J]SYWXSTXLITVSGIWW]SYHIWXVS]EPPXLIVIWYPXW]SY
LEZIEGUYMVIH6IHSIZIV]XLMRK-XMWTSWWMFPIXLEXMX[MPPFIGSQIXIRXMQIWQSVIHMJJMGYPX
-XMW]SYVJEYPX=SYWXSTTIH]SYVWIPJ=SYQYWXGSQIXSXLIWXEXI[LMGL]SYLEHEXXLI
FIKMRRMRKSJXLII\IVGMWI;MXLSYXXLMWWXEXI]SYGERHSRSXLMRK0IXYWTYXXLMWUYIWXMSR
EWMHI;LSLEWWSQIMRXIVIWXMRKUYIWXMSR#-XLMROXSHE]MWXLIHE]JSVUYIWXMSRW1QI
HI7E^PQERR=SYKEZIERSXLIVI\IVGMWIXLISRISJJIIPMRKXLI-MRXLIWIZIRTEVXWSJ
XLIFSH]
+YVHNMIJJ(MH]SYHSXLMWI\IVGMWI#=SYQYWXLEZIFIIRWYVTVMWIHMRXLIFIKMRRMRK,S[
GERSRIJIIPSRIW-MRXLIPIK#;LSGERWE]XLEXXLMWMWTSWWMFPI#3RP]LI[LSLEWHSRI
MXGERWE];MXLSYXTVEGXMGIMXMWEFWYVH;LSLEWHSRIMX#
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV-
+YVHNMIJJ7E]RS[
5YIWXMSRIV-RXLIFIKMRRMRKMX[EWZIV]HMJJMGYPXXSJIIPXLI-MX[EWZIV]PSRKERH
XLIRSRGI-JIPXMXMRXLIVMKLXPIKMX[EWIEWMIVMRXLISXLIVTEVXW
+YVHNMIJJ(MHMXRS[WLS[]SYER]XLMRKRI[SVWYKKIWXEUYIWXMSRXS]SY#
5YIWXMSRIV=IWMX[EWXLEXQ]PIKWXSSOPMXXPITEVXMRXLII\IVGMWIXLEXXLIWIRWEXMSREX
XLIWSPEVTPI\YW[EWWXVSRKIVXLERMRXLIVIWXSJXLIFSH]
+YVHNMIJJ;IPPXLIR]SYHSRSXRIIHLIPTWYTTPIQIRXEV]HIXEMPW#8LIRGSRXMRYI
5YIWXMSRIV-LEZIVIEPP]XVMIHFYX-LEZIRSXWYGGIIHIH-HMHRSXWYGGIIHMRVIPE\MRK
Q]WIPJ%WWSSREW-XVMIHXSJIIPQ]-MRXLIFEGOSJQ]LIEH-RSPSRKIVJIPXVIPE\IH-
RSPSRKIVLEHXLIWIRWEXMSRSJVIPE\EXMSR
+YVHNMIJJ8LIVIEWSRMXMWXLEX]SYGERRSXVIPE\]SYVWIPJ[IPP&IJSVIIEGLI\IVGMWI]SY
QYWXXEOIXIRQMRYXIWXSVIPE\]SYVWIPJ
5YIWXMSRIV-XVMIH;MXLXLIJEGI-WYGGIIHIH
+YVHNMIJJ8LIJEGIMWEWQEPPXLMRK=SYQYWXVIPE\]SYV[LSPITVIWIRGIRSXSRP]SRI
TEVXXSUYMIXEWWSGMEXMSRW
5YIWXMSRIV-XLSYKLXXLEX]SYLEHXSVIPE\SRITEVXEJXIVERSXLIVFIKMRRMRK[MXLXLI
XST
+YVHNMIJJ-XMWNYWXXLISTTSWMXI=SYQYWXFIKMR[MXLXLIJIIXERHKSYT[EVHW8V]PMOI
XLEX =SY FIKMR [MXL XLI LIEH ERH MX GSRXVEGXW EKEMR ERH XLI GSRXVEGXMSR HIWGIRHW
IZIV][LIVI&IKMREKEMRERHVIPE\JVSQ]SYVJIIX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV 8LMW I\IVGMWI LEW HIJMRIH JSV QI E WIRWEXMSR [LMGL - LEH FIKYR XS
I\TIVMIRGI [MXL SXLIV I\IVGMWIW XLI WIRWEXMSR SJ LEZMRK ER MRXIVMSV EVQEXYVI MR Q]
[LSPIFSH]%RHEXXLIWEQIXMQI
+YVHNMIJJ)\GYWIQII\TPEMRFIXXIVEVQEXYVI#-RIPIGXVMGMX]XLI[LSPISJXLI[MVIWERH
PEQTWMWGEPPIHEVQEXYVI-WMXXLMW#
5YIWXMSRIV2S-QIEREJSVGIMRXLIMRXIVMSVSJQ]FSH][LMGLQEOIWQIJIIPXLI[LSPI
JSVQSJQ]FSH]?(MWGYWWMSRJSPPS[WSRXLI[SVHEVQEXYVIA
+YVHNMIJJ%WOIPIXSR#
5YIWXMSRIV2SJMRIVXLERXLIFSRIW[MXLEGMVGYPEXMSRMRWMHIXLMWXLMRK
+YVHNMIJJ;LSYRHIVWXERHWLIVIYWIERSXLIV[SVH%RSXLIV
5YIWXMSRIV %R MRXIVREP WSPMHMX] SJ XLI FSH] &IJSVI - HMH RSX JIIP MX 2S[ - JIIP E
XLMGORIWWQSVI[IMKLX+YVHNMIJJ?XSXLIJSVQIVUYIWXMSRIVA-WMXXLMW#(S]SYJIIP]SYV
FSH]MWXLMGOIV#
5YIWXMSRIV-XMWHMJJMGYPXXSI\TPEMREPPXLEX-I\TIVMIRGIH-GERRSXWE]XLMGOXLIX[MGI
XLEX-HMHMX-LEHEWIRWEXMSRSJLIEXPMKLXFYXGPIEV%RHXLEXIREFPIHQIXSHSXLI
I\IVGMWI[MXLPMKLXIVFVIEXLMRK
+YVHNMIJJ&YX]SYWTIEOSJWYFNIGXMZIXLMRKW8LEX[SYPHPEWXXLVIIIZIRMRKWMJIEGLSRI
HMHEWQYGL
5YIWXMSRIV-XMWERI[WIRWEXMSR-[MWLXSORS[MJMX[EWVMKLX
+YVHNMIJJ8LIVIMWEW]IXRSVIWYPX-GERRSXWE]ER]XLMRK-LEZIRSXYRHIVWXSSH-
GERRSXLIPT]SY%WOQIWSQIHIXEMPW&YXXLIWXSV]SJ]SYVWYFNIGXMZIGSRWXEXEXMSRWHSIW
RSXMRXIVIWXER]SRILIVI
5YIWXMSRIV-LEZIEUYIWXMSR-[MWLXSEWO
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ;IPPFIKMR[MXLSYXEHZIVXMWIQIRXERHHSRSX[EWXIXMQI
5YIWXMSRIV-[ERXIHXSEWO]SYMJSRIWLSYPHHSPMOIXLMW&IJSVIJIIPMRKQ]-MRXLI
WIZIRTEVXWSJXLIFSH]-EQSFPMKIHXSJIIPMXMRQ][LSPITVIWIRGI3XLIV[MWIXLIIGLS
SJ XLI - VIQEMRW MRXIPPIGXYEP - LEZI XVMIH XS HS MX HMVIGXP] ERH XLI IGLS VIQEMRIH
MRXIPPIGXYEP-LEZIXVMIHXSJIIPXLI-MREPPQ]TVIWIRGI8LIIGLSGEQIFIXXIV7LSYPH
SRIHSMXPMOIXLMW#
+YVHNMIJJ2SPMIHS[R[IPPVIPE\IHMREPP]SYVTEVXWERH]SYFIKMR
5YIWXMSRIV%XSRGI#
+YVHNMIJJ%JXIV]SYEVIIRXMVIP]VIPE\IH]SYHSXLII\IVGMWIJIIP]SYV-MRIEGLTEVX
%RH IZIV][LIVI XLIVI WLSYPH FI XLI WEQI MRXIRWMX] XLI WEQI UYERXMX] XLI WEQI
VL]XLQ SJ FVIEXLMRK 7S XLEX XLIVI MW RS HMJJIVIRGI ER][LIVI 3RGI ]SY GER HS MX
WITEVEXIP]MRIEGLTEVXXLIR]SYGERQSFMPM^IXLI[LSPI-EQ=SYGERVITIEXXLMW
QER]XMQIW(SRSXTLMPSWSTLM^I-XMWUYMXIWMQTPI3RIGERSRP]YRHIVWXERHMXERHHSMX
[IPP[LIRSRIMWGSQTPIXIP]VIPE\IH1ER]TISTPILEZIFEHGLEVEGXIVWERHEVIRIVZSYW
8LMWVIPE\EXMSR[MPPUYMIXXLIQERH[MPPXEOIE[E]EPPXLI]LEZIMRXLIQ[LMGLMWJYXMPI
ERHMHMSXMG
5YIWXMSRIV=SYEPWSKEZIYWXLII\IVGMWISJVIXEMRMRKSYVIQEREXMSRWEVSYRHYW;IPP-
GERRSXHSXLMW-WIILS[QER]XLMRKWIWGETIJVSQQI1]XLSYKLXKSIWMRGIWWERXP]
JVSQXLIWTLIVI[LMGL-XV]XSJSVQ)ZIR[LIR-EQGEPQWXVIXGLIHSYXEPSRIIZIRXLIR
XLMRKWIWGETIJVSQXLIWTLIVI
+YVHNMIJJ-XMWEHMJJMGYPXI\IVGMWI3RIQYWXVIPE\ERHUYMIXSRIWIPJ-JQER]EWWSGMEXMSRW
TVIWIRXXLIQWIPZIWSRIQYWXGSRXMRYIXSVIPE\ERHWIRHE[E][MXLSYXTEYWMRKEPPXLI
EWWSGMEXMSRWGSRRIGXIH[MXLFYWMRIWW[MXLI\XIVMSVXLMRKW%RHIZIR[LIR]SYEVIUYMIX
]SYGERRSXHSMXGSQTPIXIP]EPPEXSRGI-XMWSRP]XLIRXLEXXLII\IVGMWIFIKMRW
5YIWXMSRIV8LMWI\IVGMWILEWWLS[RQIXLEX-LEZIRIZIVORS[RLS[XSVIPE\8LMW[SVH
LEWLEHRSQIERMRKJSVQIYRXMPRS[8LIVIPE\EXMSRHITIRHWSRXLI[LSPI-MXMWRSX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
SRP]TL]WMGEP
+YVHNMIJJ =IW MX MW RSX SRP] TL]WMGEP MX MW XLI [LSPI TVIWIRGI [LMGL MW QEHI YT SJ
HMJJIVIRXTEVXW;LIR-WE]XLI[LSPITVIWIRGI-QIERXLI[LSPISVKERMWQXLIRIVZSYW
W]WXIQ XLI TL]WMGEP QIGLERMWQ %PP XLEX SRI QYWX UYMIX MX GSRWGMSYWP] -X MW SRP]
TSWWMFPIGSRWGMSYWP]7YFGSRWGMSYWP]SRIWXEVXW[MXLEWWSGMEXMSRWMR%WMESV%QIVMGE
3RIXVEZIPWSRIMWLIVISVXLIVI8V]RSXXSWXEVX[MXL]SYVXLSYKLXMRMQEKMREXMSR8V]
WXE]LIVI)ZIV]XLMRK[LMGLMRXIVVYTXW]SYWIRHXSXLIHIZMP)ZIR+SHXLIERKIPXLI
HIZMPEPPXLEXXSXLIHIZMP0SSOYTSRXLI[SVOSJUYMIXMRK]SYVWIPJEWXLIQSWXMQTSVXERX
XLMRK -X MW SRP] [MXL XLMW EXXMXYHI XLEX ]SY [MPP SFXEMR E VIWYPX =SY [MPP EVVMZI EX
WSQIXLMRK=SY[MPPSRP]KIXXLIVIF]VITIXMXMSRF]FIKMRRMRKEKEMREKVIEXRYQFIVSJ
XMQIW
5YIWXMSRIV 8LIVI MW ERSXLIV SFWXEGPI [LMGL - IRGSYRXIV MR EPP XLI I\IVGMWIW -
QIGLERM^IXLIQEPP*SVMRWXERGIMRXLII\IVGMWISJ-MRWIZIRTEVXW-QEOIEVIGOSRMRK
-WE]XSQ]WIPJ-FVIEXLIXLVIIXMQIWJSVXLIJSSXWIZIRXMQIWJSVXLIPIK8LMWQEOIWXLI
I\IVGMWIIEWMIVFYXMXGEYWIWQIXSPSWIEPPXLIFIRIJMX%RHMRPMJI-HSXLIWEQIXLMRK
*SVIZIV]XLMRK[LMGL-HS-QEOIEVIGOSRMRKMREHZERGI
+YVHNMIJJ 8LMW MW XLI JEYPX SJ ]SYV TVSJIWWSVW SJ QEXLIQEXMGW [LS XEYKLX ]SY
IZIV]XLMRKF]VITIXMXMSRERHRSXLMRKF]GSQTVILIRWMSR=SYQYWXGLERKIXLMW-RSVHIV
XSHSXLMWMXMWRIGIWWEV]XSHSERSXLIVI\IVGMWI-RWXIEHSJXLIVIGOSRMRKHSWSQIXLMRK
IPWI[LMGLMWQSVIHMJJMGYPXJSV]SYVLIEH-XMWETMX]]SYHSRSXGSQISR1SRHE]WXSXLI
7EPI4PI]IP;LEX[IHSXLIVI[SYPHFVIEO]SYVLEFMX%YXSQEXMWQQYWXHSJSYVGSYRXW
EXSRGI=SY]SYLEZIXLILEFMXSJHSMRKSRI8LIVI[IHSJSYV-J]SYLEZIXSHSJSYVMX
[SVOWSYXMRXLMW[E]XLEXSRIREMPGLEWIWERSXLIV
5YIWXMSRIV8LMWI\IVGMWISJOIITMRKQ]EXQSWTLIVIJSVQ]WIPJLEWKMZIRQIEZIV]
WXVSRKWIRWEXMSRSJQ]TVIWIRGI&YX-JIIPXLMWTVIWIRGIJSVEZIV]PSRKXMQIMRXLIHE]
[LIRXLII\IVGMWIMWJMRMWLIH8LMWLIPTWQIZIV]QYGLMR[LEX-LEZIXSHS&YX]SYWEMH
SRIWLSYPHRSXQM\XLI[SVO[MXLPMJI7LSYPH-WXSTXLMW#
+YVHNMIJJ(SRSXYWIXLMWJSVGI0IXPMJIJPS[EWFIJSVI(SRSXQM\XLIX[SWXEXIW-RPMJI
HSRSX[SVOFI]SRHXLIXMQIIWTIGMEPP]GSRWIGVEXIHXSXLII\IVGMWIW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV,S[HS-WXSTXLMWWIRWEXMSRSJQ]TVIWIRGI#
+YVHNMIJJ6IQMRH]SYVWIPJSJVIQSVWISJGSRWGMIRGI1EOIEZS[FIJSVI]SYVMHIEPXLEX
]SY[MPPRSXYWIXLMWJSVGIMRPMJI-J-HSMXGEYWIETMQTPIXSKVS[SRQ]RSWI%XXLI
WEQIXMQI]SYTVEGXMGIOIITMRK]SYV[SVH4YRMWL]SYVWIPJ3RIHE]X[SHE]WXIR
HE]W[MXLSYXJSSH&IXLMVWX]1EOI]SYVFSH]WYJJIV-XQYWXHS&YX[LIRMXLEWHSRI
[LEX]SYLEZISVHIVIHMXXSHSXLIRVI[EVHMXPMOIEGLMPHIRGSYVEKIMXKMZIMXXIRXMQIW
[LEXMXRIIHW
5YIWXMSRIV-LEHXLIMQTVIWWMSRXLEXXLMW[SVOLEHKMZIRQIEKVIEXIVGEPQRIWWMRPMJI
&YX-WIIXLEXXLITIVMSHWSJHITVIWWMSRERHI\YPXEXMSREVIWXVSRKIVXLERFIJSVI-GSQI
XSXLITSMRXSJRSXWIIMRKXLMRKWEWXLI]EVI8SSVSW]SVXSSFPEGO,S[GER-WIIXLMRKW
EWXLI]EVI#
+YVHNMIJJ8EOIEXEWO-XHSIWRSXQEXIV[LEX&IKMRXLIVIERHJSPPS[MXXSXLIIRH%RH
[LIR]SYLEZIEGGSQTPMWLIHMXXEOIERSXLIV
5YIWXMSRIV-LEZIEPVIEH]XEOIRSRI
+YVHNMIJJ;IPPXEOIEQSVIHMJJMGYPXSRIMJ]SYLEZIHSRIEWQEPPXLMRK8LMWXEWO[MPP
LIPT ]SY XS VIQIQFIV ]SYVWIPJ 8EOI E XEWO [LMGL WIVZIW EW E JEGXSV JSV WIPJ
VIQIQFIVMRK =SY LEZI JSV MRWXERGI VIPEXMZIW E JEXLIV E QSXLIV E FVSXLIV +MZI
]SYVWIPJ ]SYV [SVH XLEX ]SY [MPP HMVIGX XLIQ XS HS XLMRKW [LMGL [MPP WSSRIV SV PEXIV
FVMRKXLIQXSEHMJJIVIRXWXEXIJVSQXLEXMR[LMGLXLI]RS[EVI=SYQYWXHS[LEXMW
RIGIWWEV]XSGLERKIXLIMVWXEXI
5YIWXMSRIV8LEXQIERW[SVOXSGLERKIQ]TEVIRXW#
+YVHNMIJJ%R]JIEXYVIMRXLIQ*SVMRWXERGI[MXL]SYVFVSXLIV]SYVWMWXIVSV]SYV
JEXLIV WSQISRI [LSQ ]SY WII JVIUYIRXP] )ZIR E WIVZERX MJ ]SY PMOI -X QYWX FI
IWXEFPMWLIHMR]SYMRWYGLE[E]XLEXWIIMRKXLMWTIVWSRGVIEXIWEVIQMRHIVJSV]SYF]
EWWSGMEXMSR7YKKIWXXS]SYVWIPJXLEXSRWIIMRKXLMWTIVWSRMXVIQMRHW]SYSJ]SYV[SVO
8LIR]SY[MPPVIQIQFIVEYXSQEXMGEPP]&IMXYRHIVWXSSHXLEX]SYWYKKIWXXS]SYVWIPJ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
KSSHJIIPMRKWXS[EVHXLMWTIVWSR-XMWXSSIEW]XSHSIZMP-XMWIEW]XSWYKKIWXIZMPXS
ERSXLIV
5YIWXMSRIV-[ERXXSORS[WSQIXLMRKIPWILS[PSRKWLSYPHSRIWTIRHSRI\IVGMWIWSR
MRRIV[SVO[LIRSRIMWEPSRIEXLSQI#-[ERXXSORS[EFEWMWSJXMQIERLSYVLEPJER
LSYV,S[PSRK#
+YVHNMIJJ8LIVIMWEKIRIVEPVYPISRIWLSYPHRSX[SVOJSVQSVIXLEREXLMVHSJSRIW
[EOMRKXMQI8LISXLIVX[SXLMVHWWLSYPHFIWTIRXMRPMZMRKEYXSQEXMGEPP]EW]SYEVI
EGGYWXSQIHXS*SVXLI[SVOXLISXLIVXLMVHSRP]XLEX2IZIVQSVI7XEVXJVSQXLIVI-J
]SY[SVOJSVXLVIILSYVW]SYGERWTVIEHXLIQSZIVXLIQSVRMRKXLIEJXIVRSSRERHXLI
IZIRMRKFYXHMZMHI]SYV[EOMRKXMQIMRXSXLVIITEVXW8[SJSVSVHMREV]PMJISRIJSVXLI
[SVO8LEXMWXLIVYPI
5YIWXMSRIV-J-[SVOJSVJSYVLSYVWEHE]-VIQEMRYRHIVXLIMQTVIWWMSRWSJ[SVOERH
-HSRSXWYGGIIHMRFIMRKEW-[EWFIJSVIMRJMRHMRKEKEMR[LEX-[EWFIJSVI
+YVHNMIJJ4PE]]SYVVSPIGSRWGMSYWP]-RXIVREPP]HSRSXMHIRXMJ]I\XIVREPP]TPE]EVSPI
8LMWTLVEWI[LMGL-SJXIRVITIEXMW[SVO-RXIVREPP]]SYGERRSXFIEW]SY[IVIFIJSVI
&YXPMOIEREGXSV]SYTPE]XLIVSPISJ[LEX]SY[IVIFIJSVI?1V+YVHNMIJJPIEZIWXLI
VSSQA1QIHI7E^PQERR2SSRILEWER]QSVIUYIWXMSRW#
5YIWXMSRIV-[MWLXSORS[LS[SRIGERWIIXLIUYERXMX]SJXLIJSVGIXLEXSRIHMWTIRWIW
MRPMJI#1QIHI7E^PQERR;L]XLEXUYIWXMSR#%WOXLIFYVRMRKUYIWXMSRSJ[LMGL]SY
EVIMRRIIH
5YIWXMSRIV-XVMIHXSJIIPHIXEGLIHJVSQSXLIVW;LIR-EQ[MXLEWMGOTIVWSR-XV]XS
JIIPMRHITIRHIRXSJLMQ8SJIIPXLEX-EQRSXLMQ%RH-EQRSXHITIRHIRXSRLMQ8LMW
HSIWRSXTVIZIRXQIJVSQFIMRKXSEGIVXEMRI\XIRXHITIRHIRXSRLMQMJMXMWSRP]XSIEVR
Q]PMZMRK-EQSFPMKIHXSLEZIEWTIGMEPEXXMXYHI-WIIQ]JMRERGMEPHITIRHIRGI;LMGL
QIERW XLEX - GERRSX JIIP EX XLI WEQI XMQI Q] QEXIVMEP HITIRHIRGI ERH Q] VIEP
MRHITIRHIRGI;IPPXLIRXLMWQEOIWQ]VIPEXMSRW[MXLSXLIVWMQTSWWMFPI-XWTSMPWQ]
JIIPMRKWSJKSSHRIWWSJVIEPMRXIVIWXJSVSXLIVW)ZIV]XLMRKKIXWQM\IH-TVIJIVXLSWI
[LSQ - EQ RSX HITIRHIRX SR EX EPP -J - [IVI MRHITIRHIRX MR PMJI MX [SYPH FI UYMXI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
HMJJIVIRX8LMWMWRSXXLIGEWI-HITIRHSRQ]FSH]7X*VERGMWHMHRSXJIIHLMWFSH]-X
[EWEPPXLIWEQIXSLMQ?%XXLMWQSQIRX1V+YVHNMIJJGEQIFEGOERH1QIHI7EP^QERR
XVERWPEXIHXLIWXYHIRXWUYIWXMSRA
+YVHNMIJJ-J]SYTPE]]SYVVSPI]SYJIIPJVIIERH]SYJYPJMPP]SYVSFPMKEXMSRWFIXXIV%X
XLI WEQI XMQIMRXIVREPP] ]SY EVI QSVI TEXMIRX *SV MRWXERGI [MXL IEGLTIVWSR - EQ
HMJJIVIRX-EQHMJJIVIRX[MXLIZIV]FSH]%XXLIWEQIXMQIJSVQIIZIV]FSH]MWXLIWEQI
QIVHIXLIWEQIWXMROMRKRIWW8LIMVIQEREXMSRWEVIIUYEPP]FEHWXMROMRK;IPPXLIR
JSV ]SY ]SYV TEXMIRXW ]SYV GPMIRXW EPP SJ XLIQ ]SY QYWX PSSO EX SFNIGXMZIP] EW
RSRIRXMXMIW-XHSIWRSXHITIRHSRXLIQXLEX]SYIEVRQSRI]=SYGERIEVRMXNYWXEW[IPP
JVSQSXLIVW=SYGERRSXQEOIMXEXLSQI=SYXEOIMXJSV]SYVI\XIVMSVPMJI-RXIVREPP]]SY
EVIJVII]SYEVI]SYVWIPJ=SYWLSYPHFITVSYH,IMWTIVLETWRSX]IXPMOI]SY8LIVIEVI
QMPPMSRW SJ GPMIRXW PMOI LMQ =SY EVI EPSRI MR FIMRK EW ]SY EVI 8LMW [MPP FVMRK ]SY
JVIIHSQ
5YIWXMSRIV8LMWHSIWRSXTVIZIRXXLIJEGXXLEXSREGIVXEMRTPERI-HITIRHSRLMQ
+YVHNMIJJ2S-JMXMWRSXLIMXMWERSXLIV-XMWGPIEV-JMXMWRSXLIXLIVIEVIQMPPMSRWSJ
SXLIVW=SYQYWXRSXMHIRXMJ][MXLXLMW
5YIWXMSRIV'IVXEMRP]-YRHIVWXERH&YXMJ-EQJVIIJVSQLMQMRXIVREPP]I\XIVREPP]-
HITIRHSRLMQ
+YVHNMIJJ)\GYWIQI-J]SYTPE]]SYVVSPIGSRWGMSYWP]]SYEVIJVII=SYEVIEHSGXSV
]SYHS[LEXMWRIGIWWEV]JSVLMQ8LIRMJ]SYHSRSXMHIRXMJ]MRXIVREPP]]SYEVIJVII
%RHMJ]SYTPE]]SYVVSPIGSRWGMSYWP]]SYEVIJVII8LIWIX[SXLMRKWKSXSKIXLIV(SHS
ERHFIKMREKEMR,S[GERSRIFIHITIRHIRX#-EQRSXHITIRHIRX
5YIWXMSRIV&YXXLMWSRI[LSMWMRJVSRXSJSRIHSIWLIRSXJIIPXLEXSRIMWKMZMRKLMQ
RSXLMRK#(SIWLIRSXI\TIGXEJIIPMRKXLEXSRIKMZIWLMQ#;MPPLIRSXJIIPXLIPEGOSJXLMW#
+YVHNMIJJ?PEYKLMRKA8LMWMWJSVTW]GLSTEXL],S[GERXLMWRSRIRXMX]JIIP#-JWLI[ERXWMX
MXMWEYXSQEXMWQWLIMQEKMRIW-XMWQIVHI-XGSWXWRSXLMRK2SSRIGERJIIPMXVIUYMVIWE
WTIGMEPWXEXI -ORS[ WSQISRI [LSMW GETEFPISJ JIIPMRKFYX MRSVHIV XSJIIP LIQYWX
MWSPEXILMQWIPJERHTVITEVILMQWIPJ,IRIIHWGSRHMXMSRW&YXPMOIXLMWRSSRIGERJIIP
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
)EGLQERWYKKIWXWXSLMQWIPJ=SYRIZIVYRHIVWXERHIMXLIVLMQSVQI=SYYRHIVWXERH
[LEX]SYWYKKIWXXS]SYVWIPJ8LEXMWTW]GLSTEXL]=SYWE]XS]SYVWIPJLIMWPMOIXLMWLI
MWPMOIXLEXLIMWERKV]&YXRSMXMW]SYVS[RMHMSG][LMGLWYKKIWXWXS]SY1QIHI
7E^PQERR-XMWGPIEVXS]SY#=SYHSRSXYRHIVWXERHERSXLIV]SYWYKKIWXXS]SYVWIPJ
5YIWXMSRIV%RHMJLILMXWQI#-HSRSXWYKKIWXXLMWXSQ]WIPJEPPXLIWEQI-XMWXVYI
+YVHNMIJJ4IVLETWMXMWMRTEVX]SYVJEYPXEW[IPP=SYWYKKIWXIHXS]SYVWIPJ%RH]SY
WYKKIWXIHXSLMQ4IVLETWLI[SYPHRSXLEZIHSRIMXMJ]SYLEHRSXWYKKIWXIHXSLMQ
5YIWXMSRIV;LIR-EQ[MXLEWMGOTIVWSRERH-XV]XSWII[LSLIMWXLEXLIMWRSXLMRK
ERH-HSRSXHITIRHSRLMQXLEXLIMWQIVHI-I\TIVMIRGITMX]=SY[SYPHWE][LSEQ-
XSEPPS[Q]WIPJXSI\TIVMIRGITMX]#&YXMJ-XV]XSTPE]EVSPIXLEXMWXSWE]XSTPIEWILMQ
FIGEYWI YRJSVXYREXIP] MX MW XLI WXEXI SJ QIHMGMRI XLEX MX XVMIW XS TPIEWI XLI GPMIRX -J -
TPIEWILMQ[IPPXLIR-KIXXLIMQTVIWWMSRSJWMROMRKMRXSLMWRSXLMRKRIWWERHXLEXRS-
GERRSXHS-GERRSX
+YVHNMIJJ ;MXL VIKEVH XS XLMW [I LEZI SJXIR WTSOIR SJ NYWXMGI 3R SRI WMHI XLIVI MW
NYWXMGISRXLISXLIVIKSMWQ8LIWMGOTIVWSRMWERSFNIGXJSVQ]IKSMWQ-LEZIEPVIEH]
LEHQMPPMSRWSJTEXMIRXWPMOIXLEX-PSSOIHEXXLIQEWSFNIGXW[LMGL-YWIHMRSVHIVXS
YRHIVWXERHFIXXIV8LI]MRXIVIWXIHQIMRSVHIVXSMRGVIEWIQ]GSQTVILIRWMSRXLI]KEZI
QIIPIQIRXWJSVQ]ORS[PIHKI8LEX[LMGLKMZIWQIORS[PIHKIMWERSFNIGXJSVQI-
RYVWILMQMRSVHIVXSGYVILMQFYXMXMWRSXLI[LSMRXIVIWXWQI-GSRXMRYIXSPIEVR-
QEOII\TIVMQIRXW%XXLIWEQIXMQI-HSRSXJSVKIXNYWXMGI-RIZIVHSIZMP-XEOIGEVISJ
LMQ0SSOEXMXMRXLMWQERRIV=SY[SVOJSV]SYVI\TIVMIRGIJSVXLIJYXYVI=SYGERIZIR
I\TIVMIRGITMX]&YXPSSOEXLMQEWERSFNIGX=SYGERHSXLMWMJ]SYXEOIEWEXEWOXSPSSO
EXLMQEWEJMIPHSJI\TIVMIRGI8LIVIEVIX[SWMHIWJMVWXXSPIEVRXLVSYKLLMQWIGSRHP]
MRXIVREPP]RSXXS MHIRXMJ]ERHI\XIVREPP]TPE]]SYV VSPI8LIVIMWEXLMVH WMHIMRXLI
JYXYVI]SYTVSQMWI]SYVWIPJXSHSFIXXIV[MXLXLIRI\XTIVWSRXLEX]SYWII=SYTVSQMWI
]SYVWIPJXSHSFIXXIVXSQSVVS[XLERXSHE]-J]SYHSXLIWIXLVIIXLMRKW[IPP]SY[MPPKIX
EUYMXIHMJJIVIRXJIIPMRK
5YIWXMSRIV - XLMRO - WLSYPH QEOI VIEP TVSKVIWW MJ - WXSTTIH FIMRK TEWWMZI FIJSVI
IZIV]SRI)ZIV]SRIMWQ]QEWXIV-EP[E]WKMZI[E]-LEZIQMPPMSRWSJQEWXIVWIZIV]SRI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
-QIIX,S[XLIRGSYPH-FIGSQIQ]QEWXIV#-HSRSX[MWLER]QSVIXSFITEWWMZIFIJSVI
Q]WIPJERHSXLIVWFYXXSMQTSWIQ][MPPSRSXLIVWXSFIEGXMZI
+YVHNMIJJ=SYQYWXFIGSQI]SYVWIPJ3RP]EJXIVXLMWMW]SYV[SVOTSWWMFPI
5YIWXMSRIV,S[GER-WXSTLEZMRKXLMWEXXMXYHI[LIVIF]W]WXIQEXMGEPP]ERHFIJSVILERH
-EGGITX[LEXIZIVSXLIVWMQTSWIYTSRQI*SVMRWXERGIXSWE]2S-EQMRGETEFPISJ
HSMRKXLMW
+YVHNMIJJ )\GYWI QI HS RSX KIX ERKV] FYX JSV QI XLVII WI\IW I\MWX QEWGYPMRI
JIQMRMRIERHMRXIVQIHMEXIWI\)\GYWIQIFYXJVSQXLIFIKMRRMRK]SYLEZIFIIRSRXLI
PMWXSJXLIXLMVHWI\8LIVIEVIJMZISVWM\TISTPIPMOIXLMWRIMXLIVQIRRSV[SQIR
5YIWXMSRIV(S-LEZIXSVIQEMRPMOIXLMWXSXLIIRHSJQ]HE]W#
+YVHNMIJJ2S
5YIWXMSRIV ;LEX WLEPP - HS# ;LEX - EQ PSSOMRK JSV MW RSX XS MQTSWI Q] [MPP PMOI E
WSVGIVIV-XMWXSMQTSWIQ][MPPSRQ]WIPJWSXLEX-GERFIWIIREW-EQGETEFPISJ
ERW[IVMRK]IWSVRS
+YVHNMIJJ-TMX]]SY-XMWRSX]SYVJEYPX-XMWXLIJEYPXSJ]SYVIHYGEXMSRIHYGEXMSRMW
QIVHI=SYVWSGMIX]]SYVGYWXSQWXLI[LEX[MPPXLI]WE]#8LI]SRP]KMZI]SYI\XIVMSV
XLMRKW?1V+YVHNMIJJXIPPWSJLMWERKIV[LIRLIKMZIWEW[IIXXSEGLMPHMRXLIWXVIIXERH
XLIJEXLIVSVQSXLIVSFPMKIWXLIGLMPHXSWE]XLERO]SYWE]MRKXSLMQ;LEXHSIWSRI
WE]#A ;MXL ]SY MX LEW FIIR PMOI XLMW 8LI VIWYPX MW I\XVESVHMREV] RIMXLIV QER RSV
[SQERFYX?1V+YVHNMIJJYWIWE6YWWMER[SVH[LMGLRSSRIWYGGIIHWMRXVERWPEXMRK
ERH[LMGLWMKRMJMIWTVSWXMXYXIMRXVSYWIVWA-J]SY[MWLXSORS[[LEXXSHSGSQIERHWII
QI
5YIWXMSRIV=SYXSPHQIXLEX-PEGOIHSVKERMG[MPP*VSQ[LIVIGER-KIXXLMWMQTIXYW
[LMGL[MPPKMZIQIERSVKERMG[MPP#
+YVHNMIJJ3RP]SRIQIERWGERLIPT]SY]SYQYWXWYJJIVSVKERMGEPP]JSVMRWXERGIRSX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
IEXIRSYKL3VXLMW]SYVSVKERMWQHSIWRSXPMOIXLIGSPHIRHYVIGSPH[EXIV8LIWEQI
XLMRK[MXLLSX[EXIV(SXLISTTSWMXIJVSQXLEXXS[LMGL]SYVSVKERMWQMWEGGYWXSQIHXS
HS1EOIMXWYJJIV-X[MPPRSXFIETW]GLMGWYJJIVMRK;ILEZIWIZIRUYEPMXMIWSJWYJJIVMRK
JSVYWSVKERMGWYJJIVMRKMWRIGIWWEV][MXL]SYVMRXIPPIGX]SYGERHMVIGX]SYVSVKERMWQ
[MXLSYXQIVG]JSVGIMXXSWYJJIV-XMWXLIYRMUYIQIERWSJKIXXMRKXLMWXLMRK[LMGL]SY
PEGO-R]SYX[STEVXW[SVOFYXRSXXLISVKERMWQ,EZI]SYYRHIVWXSSH]SYVIQSXMSR#-J
]SYLEZIGSRWXEXIHMJ]SYFIPMIZIQIHSXLMWWXVYKKPIWYJJIV%JXIV[EVHW[I[MPPWTIEO
EKEMR8LIR]SY[MPPFIGETEFPISJ[SVOMRKSR]SYVWIPJ-EQKPEHXLEX]SYLEZIGSQIXS
XLMWUYIWXMSRF]]SYVWIPJ
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8,-68=
5YIWXMSRIV=SYKEZIQIERI\IVGMWISJWIPJVIQIQFIVMRK[LMGLGSRWMWXIHMRJIIPMRKJSYV
TSMRXW-X[EWZIV]HMJJMGYPXEXXLIFIKMRRMRKRS[MXMWEWXVSRKJIIPMRKFYXMWSPEXIH&YX
Q]TEWXJIEVQ]XMQMHMX]Q][IEORIWWLEZIXEOIRLSPHSJQIEKEMR7LSYPH-GSRXMRYI
XLMWI\IVGMWI[LMGL-LEZIXLIMQTVIWWMSRFVMRKWQIRSXLMRK
+YVHNMIJJ(S]SYLEZIEWYWTMGMSR[L]XLIWIXLMRKWJVSQ]SYVTEWXLEZIVIXYVRIH#
5YIWXMSRIV%W-WYJJIVJVSQQYGLTVIWIRXGSRJYWMSR-LEHXLSYKLXXLEXXLEXI\IVGMWI
[SYPHLIPT
+YVHNMIJJ(S]SYFIKMRXSWII[LEXXLIWI[IEORIWWIWEVIMR]SY[LMGLFVMRKEFSYXXLMW
WXEXISJGSRJYWMSR#-J]SYEWOQIWMRGIVIP]GSRXMRYIXLMWI\IVGMWIEPMXXPIPSRKIVFYXXLMW
XMQI-QEOIEREFWSPYXIGSRHMXMSRGEXIKSVMGEP-XMWXSHSMX[MXLEWIVMSYWWXVYKKPI-J
]SYHSMXMRXLMW[E]JSVEQSRXL-TVSQMWI]SYXLEXEJXIVXLEXMRSRI[IIO]SY[MPPFI
VMHSJEPP]SYVTEWXQMWYRHIVWXERHMRKW&YXXLEXMJ]SYGSRXMRYI
5YIWXMSRIV *SV UYMXI WSQI XMQI - LEZI FIIR PIH F] IKSMWQ MR Q] VIPEXMSRW [MXL Q]
TISTPI
+YVHNMIJJ&YXMXMWEP[E]WXLIVI
5YIWXMSRIV-LEZIXLIWEQIXLMRKXSWE]EFSYXJIEVEWQEMXVI
+YVHNMIJJ2S=SYVWMWWSQIXLMRKUYMXIHMJJIVIRX
5YIWXMSRIV - WII XLMW JIEV KSIW XLVSYKL EPP Q] QERMJIWXEXMSRW %RH MXW GEYWI MW E
GIVXEMRGSQTPEGIRG]XS[EVHQ]WIPJ+YVHNMIJJ?WTIEOMRKXSEWXYHIRXA=SYWII(SGXSV
XLIWIEVIUYMXIHMJJIVIRXREXYVIW-RSVHIVXSXVIEXXLIQSRILEWXSXEOIUYMXIHMJJIVIRX
QIEWYVIW?8SXLIWIGSRHUYIWXMSRIVA=SYVKVERHJEXLIVGSQIWJVSQ%YZIVKRILIMWE
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
.I[8LIVIEVIWYFXPIHMJJIVIRGIWMRXLIQERMJIWXEXMSRW2IZIVXEOIWSQISRIIPWIWMHIEXS
QEOI]SYVUYIWXMSR
5YIWXMSRIV-LEZIXVMIHXSWXVYKKPIEKEMRWXGSQTPEGIRG]ERH-LEZITEVXP]WYTTVIWWIH
XLIJIEV&YXXLEXMWRSXIRSYKL8LIVIMWGIVXEMRP]WSQIXLMRK[LMGL-HSRSXWII
+YVHNMIJJ+MZIFMVXLMR]SYVWIPJXS[LEX]SYLEZIYRHIVWXSSH[MXL]SYVLIEH-RXVSHYGIMX
TVEGXMGEPP]MR]SYVPMJI
5YIWXMSRIV-XMW[LEX-XV]XSHS
+YVHNMIJJ-XMWSVKERMGEPP]XLEXSRIQYWXGLERKI%JXIVXLEXLI[MPPFIEFPIXSGSRXMRYI
SYV[E]5YIWXMSRIV?XLIHSGXSVA7MV-VIEPM^IXLEX-EQMRGETEFPISJXEOMRKEHIGMWMSR
EFWSPYXIP]MRGETEFPI-EQRSXEFPIXSGLSSWI-[EMXXSFIJSVGIHF]PMJIXLIR-EHETX
Q]WIPJXSXLIWMXYEXMSR
+YVHNMIJJ=SYQYWXPIEVRXSGSQIXSEHIGMWMSRERHXSGEVV]MXSYXERHFIKMRXLVSYKL
PMXXPIXLMRKW-J]SYHSRSXLEZIKVIEXTS[IV]SYQYWXHIGMHISRPMXXPIXLMRKW-XMWEZIV]
MQTSVXERXGSRHMXMSR3RIQYWXLEZIXLIGSVVIWTSRHMRKWXEXI-XLETTIRWXS]SYIZIRRS[
XSLEZIWSQIXMQIWXLMWWXEXIEVXMJMGMEPP]-XMWRIGIWWEV]XSOIITEWMHIX[SSVXLVIILSYVW
JVII 6IPE\ ]SYVWIPJ 4YX EPP ]SYV EXXIRXMSR EPP ]SYV TSWWMFMPMX] SR VIPE\MRK XLI XLVII
GPEWWIW SJ QYWGPIW *YVXLIV [LIR ]SY LEZI WITEVEXIH ]SYVWIPJ XLEX MW XS WE] XLI
QEGLMRIMWSRIXLMRKERHXLITW]GLIERSXLIV[MXLSYXPIXXMRKXLIQJYWIEKEMR
GLSSWI
ERHHIGMHI=SYLEZITVITEVIHETETIVSR[LMGL]SY[VMXI]SYVHIGMWMSR'SRXMRYIXS
KYEVHSVKERMGEPP]XLMWWXEXI;VMXIHS[R]SYVHIGMWMSRERHEXXLIWEQIXMQI[VMXIHS[R
HMJJIVIRXVIQEVOWSR]SYVWXEXI8LIR]SYGERGSQIFEGOXS]SYVTVIZMSYWWXEXI*SVKIX
[LEXXSSOTPEGI*SVSRISVX[SHE]WHSRXXSYGLMX-J]SYVIQIQFIVXLMWWXEXIXV]XS
VIQIQFIVXLIXEWXISJMXFYX[MXLSYXXLMROMRKEFSYX[LEXLEWFIIR[VMXXIR8LIRFIPMIZI
[LEX]SYLEZI[VMXXIRERHWXSTFIPMIZMRKMR]SYVWIPJ=SYVTETIVWLSYPHFIJSV]SYELSP]
MQEKI]SYVKSWTIPFYXVIQIQFIVXLEX]SYEVIWXMPPWQEPPERHXLEX]SYGERSRP]HSPMXXPI
XLMRKW%JXIV]SY[MPPFIEFPIXSLEZIJEMXLMRXLIJYXYVI
5YIWXMSRIV;LEXXSVQIRXWQIMWQ]WXEXISJEKMXEXMSR8VYP]-XLMROEFSYXXLIW]QFSP
SJ XLI [ERHIVMRK .I[ - RIZIV JIIP MRXIVMSV TIEGI %RH - [SYPH EPWS PMOI XS EWO 1V
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ?EWA-HSRSXORS[LS[XSVIEHMWXLIVIERI\IVGMWIJSVPIEVRMRKXSVIEH#
+YVHNMIJJ=SYQIERXSYRHIVWXERH[LEXMW]SYVJSVQSJHMWLEVQSR]#-[MPPKMZI]SYE
TEKISJXLI*MVWX7IVMIWERH]SY[MPPXEOIMXEWEXEWOXSVIEHFIKMRRMRKJVSQXLIIRH
FEGO[EVHWXLIRVIVIEHMXXLIVMKLX[E]VSYRH
5YIWXMSRIV-LEZIFIIREWOMRKQ]WIPJMJ-WLSYPHRXHSXVERWPEXMSRW
+YVHNMIJJ2S2SXXVERWPEXMSRW-RSVHIVXSXVERWPEXISRIRIIHW]IEVWSJTVITEVEXMSR
=SY[MPPXEOIXLMWQEXIVMEPMRXLMWTEKIERH]SY[MPPQEOIEREVXMGPISVEPIGXYVISYXSJMX
5YIWXMSRIV-ORS[XLEX-LEZILEHXLMWLEFMXWMRGIQ]GLMPHLSSH
+YVHNMIJJ2SXSRP]WMRGI]SYVGLMPHLSSH7MRGIXLIGLMPHLSSHSJ]SYVJEXLIVERHSJ]SYV
QSXLIV
5YIWXMSRIV-LEZIXEOIRMXEWEXEWOXSTPE]EVSPI[MXLQ]TEVIRXW-LEZIXEOIRMXZIV]
WIVMSYWP]ERHJSVEPSRKXMQI;LEX-JSYRHSYXFVSYKLXQIEJIIPMRKSJWEHRIWW[LMGL
RS[LMRHIVWQIJVSQ[SVOMRK-XMWE[IMKLX[LMGL[MPPXVSYFPIQIEPPQ]JYXYVIYRPIWW-
GERSZIVGSQIMX
+YVHNMIJJ=SYQMKLXWE]XLEX]SYLEZIVIQSVWISJGSRWGMIRGIGSRGIVRMRK]SYVTEWX
VIPEXMSRW[MXL]SYVTEVIRXW
5YIWXMSRIV2S-GERRSXWE]XLMWFIGEYWI-LEZIWIIRXLEX-EQRSXVIWTSRWMFPIJSV
[LEXLEWLETTIRIH
+YVHNMIJJ8LITEWX]SYQYWXJSVKIXMX=SYEVIEVIWTSRWMFPIQERERH]SYQYWXFIKMR
XSTE]JSV]SYVI\MWXIRGI8LIJMVWXGEYWISJ]SYVI\MWXIRGIEVI]SYVTEVIRXWJEXLIVERH
QSXLIV8LI]EVIJSV]SYPMOI+SH%WPSRKEW]SYVTEVIRXWPMZIXLIVIMWRS+SH+SHSRP]
ETTIEVW[LIR]SYVTEVIRXWLEZIHMIH+SHPSZIWLMQ[LSPSZIWLMWJEXLIVERHQSXLIV
;L]#&IGEYWILITVITEVIWETPEGIJSV+SH2S[[MXLSYXQERMTYPEXMSRMJ]SYFIKMRXS
YRHIVWXERHXLEXMXMWRIGIWWEV]XSTE]HSRXXLMROER]PSRKIVEFSYXXLITEWX-JMXMWFEH
XLEXWFEHPYGO&YXJEXLIVERHQSXLIVVIQEMR+SHJSV]SY&IRS[EWSYVGISJVIWXJSV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
XLIQXLEXXLI]QE]PMZITIEGIJYPP]*SVX[IRX]]IEVWXLI]LEZIFIIRWYJJMGMIRXP][SVVMIH
ERHRIVZSYWXLVSYKL]SY8LI]LEZIEVMKLXXSVIWX=SYEVISFPMKIHXSFIGSQIJSVXLIQE
WSYVGI SJ VIWX *VSQ SRI WMHI HS IZIV]XLMRK RSX XS QEOI XLIQ RIVZSYW ERH JVSQ
ERSXLIV WMHI IZIV]XLMRK XLEX [SYPH QEOI XLIQ LETT] 1EOI MX EW E XEWO XLEX ]SYV
TEVIRXWWLSYPHPSZI]SY[MXLEVIEPPSZI8LI]GERSRP]PSZI]SYMJ]SYMRGEVREXIXLIMV
MHIEP-J]SYVJEXLIVPMOIWWXIEPMRKXSFIHSRI[IPP]SYQYWXPIEVRXSWXIEPERHXSFIE
KSSHXLMIJ
5YIWXMSRIV&YXWMVXLMWFVMRKWYTZIV]WIVMSYWUYIWXMSRW;LEXMJXSTPIEWILIV-LEH
XSFIGSQIWSQIXLMRKLSVVMFPIEFSQMREFPI#
+YVHNMIJJ-R[EVHP]SRI[SYPHLEZIXSLEXILIVJSVXLEXFYXSYX[EVHP]SRI[SYPHLEZIXS
HSMX
5YIWXMSRIV3YX[EVHP]MRJVSRXSJLIVFYXRSXMRVIEPMX]#
+YVHNMIJJ3JGSYVWI-XMWEGVMQMREPEHZMGIXSGVIEXIWYGLXLMRKWMREGLMPH
5YIWXMSRIV,S[XSPSZITEVIRXWMJSRIQYWXLEXIXLIQ#
+YVHNMIJJ=SYEVISFPMKIH-XMW]SYVHYX]=SYVMRHMZMHYEPMX]QYWXHSMX
5YIWXMSRIV&IGEYWIMXMWWXYTMHXS[MWLXSGSVVIGXSRIWTEVIRXWMXMWMQTSWWMFPI
+YVHNMIJJ-XMWTSWWMFPI[LIR]SYEVIZIV]WXVSRK&YX]SYQYWXSRP]HS]SYVS[RHYX]
-XMWMHMSG]EP[E]WXS[MWLXSGLERKISXLIVW[LIR]SYGERXGLERKI]SYVWIPJ-R[EVHP]
JVSQSRIWMHIHS]SYVHYX]JVSQERSXLIVWMHIVITEMV]SYVTEWXERHTVITEVIEFIXXIV
JYXYVI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8,-68=32)
8LYVWHE]1E]XL
5YIWXMSRIV-GERXGSQISR7EXYVHE]WEW]SYTIVQMXXIHFIGEYWISJQ]NSF-LEZIJSYRH
ERMQTYPWIJSV[SVOMRKMRXLIHE]XMQIFYX-JMRHQ]WIPJMRXVSYFPI[MXLXLII\IVGMWISJ
VIQIQFIVMRKQ]WIPJMRXLIWEQIHMJJMGYPXMIWEWEXXLIFIKMRRMRK-JEPPEWPIIT[LIR-HS
XLIVIPE\MRKI\IVGMWI?+YVHNMIJJXIPPW1QIHI7EP^QERRXSGSRXMRYI[MXLXLIVIEHMRKA
5YIWXMSRIV8LIXIEGLMRKLEWGEYWIHXSFIFSVRMRQIEOMRHSJ[MXRIWW[LSSFWIVZIW
QIQIVGMPIWWP]ERHXLEXMQTIHIWQIKVIEXP]-LEZIXSWXVYKKPIEKEMRWXXLMW[MXRIWW-
GERRSXHSWIPJVIQIQFIVMRKER]QSVI-GERXVIPE\ER]QSVI-EQMREWXEXISJEFWSPYXI
VIZSPX
+YVHNMIJJ%PSRK[MXLXLMW[MXRIWWTIVLETWWSQIXLMRKIPWILEWGPSWIHYTMR]SY#
5YIWXMSRIV=IW8LIVIWEWXVYKKPIFIX[IIRX[SXLMRKW8LI[MXRIWWQEOIWQIWIIXS
WYGLETSMRX[LEX-EQXLEX-EQHMWKYWXIH&YX-LEZIRXER]WXVIRKXL
+YVHNMIJJ-WXLI[MWLXSGLERKIEXER]TVMGIGV]WXEPPM^IHMR]SY#
5YIWXMSRIV=IW&YXRSXWXVSRKP]IRSYKL&IJSVI-GSYPH2S[-GERX
+YVHNMIJJ=SYQYWX[SVOLEVH,EVHIV-RSVHIVXSWII[LEXERSRIRXMX]]SYEVI=SY
JIIPXLEXXLIVII\MWXWETSWWMFMPMX]SJGLERKMRK=SYTIVLETWLEZIXLIXEWXI8SGLERKIMW
SRP]TSWWMFPIXLEROWXSLEVHMRXIVMSVPEFSV-J]SYHSRX[MWLJSVMX]SYEVI[EWXMRKXMQI
=SYQYWXRSXKSSR
5YIWXMSRIV&YXXLEXWTVIGMWIP][LEX-[MWLXSHS
+YVHNMIJJ8LIR[SVO7XVYKKPIWXVYKKPI
5YIWXMSRIV1][SVOMWXLISVIXMGEPEXXLMWXMQI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
+YVHNMIJJ8LIRWXVYKKPI=SYLEZIYRHIVWXSSHXLEX]SYEVIX[STIVWSRW8LIVIWYPXSJ
]SYVWXVYKKPI[MPPFIEWYFWXERGI[LMGL[MPPGV]WXEPPM^IHMJJIVIRXJEGXSVWMR]SYJSVEVIEP
JYRGXMSRSJEWWSGMEXMSRW?WTIEOWMR6YWWMERA
1QIHI7E^PQERR'SRWGMSYWEWWSGMEXMSRW
+YVHNMIJJ =SY LEZI QIGLERMGEP JEGXSVW =SY EVI E QEGLMRI 2S[ ]SY GER GV]WXEPPM^I
JEGXSVW JSV GSRWGMSYW EWWSGMEXMSRW ?WTIEOW MR 6YWWMERA 1QI HI 7E^PQERR
'SRWGMSYWRIWWMWETVSTIVX]SJQER[MXLSYXUYSXEXMSRQEVOW
5YIWXMSRIV=SYLEZIEHZMWIHQIMRSVHIVXSHSXLIVIQIQFIVMRKI\IVGMWIFIXXIVXS
LSPHSYXQ]EVQWERHXS[EXGLEKEMRWXVIPE\MRKTVMRGMTEPP]MRXLIRETISJXLIRIGO-R
Q] RETI XLIVI EVI QER] GVEGOMRKW ?1V +YVHNMIJJ MW EWXSRMWLIH EX XLI [SVH
GVEGOMRKW ERHXIPPW XLI UYIWXMSRIV XLEXWLI MW YWMRKWPERK I\TVIWWMSRWA%RH IEGL
XMQI-KSHS[RMRXSEPE]IVSJEWWSGMEXMSRWHIITIVXLERFIJSVI2S[-EP[E]WGSQIXSXLI
WEQIPE]IV[LMGL-HSRXQEREKIXSFVIEO
+YVHNMIJJ;L]FVIEO#
5YIWXMSRIV-[MWLXSKSHIITIV
+YVHNMIJJ8LMWMWRXSYVEMQ%WWSGMEXMSRWGERRSXGLERKI8LI]SRP]WXSTEXSYVHIEXL
;LIR]SYVEXXIRXMSRMWGSRWGMSYWP]FYW][MXLWSQIXLMRKMXHSIWRXWIIXLIQ8LMWMWE
KSSHI\EQTPI=SYVEWWSGMEXMSRWKSSRQSVIJVIIP]&YXMRXLMWGEWI]SYVGSRWGMSYWRIWW
MWEFWSPYXIP]EXEWXERHWXMPP-XHSIWRXRSXIER]XLMRK(YVMRKXLIHE]MXMWXLIWEQI
XLMRK=SYVEXXIRXMSRMWSGGYTMIH[MXLE[SVO[LMGL]SYLEZIRIIHSJJIV]SYVEMQ-J]SY
HS[SVOGSRWGMSYWP]MJ]SYHSRSXQEWXYVFEXIXLIREWWSGMEXMSRW[MPPRSXHMWXYVF]SY
8LI] I\MWX JSV XLIQWIPZIW =SY GER IZIR JSVQYPEXI PMOI XLMW XLI SFWXEGPI FVSYKLX F]
EWWSGMEXMSRW MW TVSTSVXMSREP XS XLI HIKVII SJ GSRWGMSYW GSRGIRXVEXMSR ?7TIEOW MR
6YWWMERA1QIHI7E^PQERR8LI]LMRHIV]SYMRWSJEVEW]SYEVIPIWWGSRGIRXVEXIH
5YIWXMSRIV2IZIVXLIPIWW-EP[E]WIRHF]HVIEQMRK
+YVHNMIJJ=SYHSMXXSSQYGL
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
5YIWXMSRIV=IW-Q[SVRSYX
+YVHNMIJJ-WEMHMRXLIFIKMRRMRKQEOIETVSKVEQ;SVORSQSVIXLERIPIZIRX[IPZI
QMRYXIW7SQIXMQIWEGGMHIRXEPP]]SYIEXWSQIXLMRKXLEXTIVQMXW]SYXS[SVOSRILSYV
(SRXHSMX]SYGSYPHFVIEOWSQIXLMRK(SRXYWITSWWMFMPMXMIW[LIRXLI]GSQIEPSRK*SV
I\EQTPIF]GLERGI]SYXEOIGSJJII[MXLQI8LMWGSJJIIWXMVW]SYYT=SYGSYPH[SVOER
LSYV=SYWLSYPHRSXHSMX=SYWLSYPHRSXYWIXLMWJSVGI=SYVTVSKVEQMWSRP]IPIZIR
QMRYXIW
5YIWXMSRIV1V+YVHNMIJJMREGGSQTPMWLMRKQ]XEWOXLIVIEVIQSQIRXW[LIR-JEMPERH
[LIR-WYJJIVJVSQLEZMRKJEMPIH
+YVHNMIJJ-XWERSVQEPXLMRK&YX]SYWLSYPHLEZILSTIPMXXPIF]PMXXPIQEOIKVS[XLI
WYFWXERGI[LMGL-LEZI-X[MPPWIVZIXSQEOIGV]WXEPPM^IMR]SYXLIJEGXSVWJSVFIMRKEVIEP
QER 7XVYKKPI 7XVYKKPI [MXLSYX EGGITXMRK ER]XLMRK (S MX EW MJ MX [IVI E WIVZMGI JSV
WSQISRI
5YIWXMSRIV=IWFYXIZIR[LIR-WXVYKKPIPMOIXLEX-HSMX[MXLETVIHIXIVQMRIHEMQ-
JYPJMPPEXEWO%RH-EQWYVIXLEXMJ-QEOISRIQSVIIJJSVX-[SYPHRSXWYGGYQF
+YVHNMIJJ -X MWRX PMOI XLEX ]SY GER VIPE\ =SY GER WXVYKKPI GSRWGMSYWP] SRP] MR
TVSTSVXMSRXSXLIIRIVK]]SYTSWIW=SYLEZIFEXXIVMIW-JXLI]EVIIQTX]]SYGERHS
RSXLMRK
5YIWXMSRIV8LIRSRIQYWXRXWXVYKKPI
+YVHNMIJJ )PIZIR QMRYXIW RS QSVI 8LI JSPPS[MRK [IIO X[IPZI QMRYXIW ;I RIIH XLI
VIWYPXXLMWWYFWXERGI0EXIV[I[MPPFIEFPIXSYWIMX2S[]SYEVIIQTX];LIR]SYLEZI
MX-[MPPKMZI]SYWSQIXLMRKQSVIERHMX[MPPFIGV]WXEPPM^IH=SYQYWXLEZIEVIEPHIWMVIE
HIWMVISJEPPXLIGIRXIVW2SXSRP][MXLXLIQMRH-XMWRIGIWWEV]XSLEZIEHIWMVIJSVVIEP
[SVO[MXLEPP]SYVFIMRK=SYEVI]SYRK=SYQYWXKIXEGGYWXSQIHXSMXPMXXPIF]PMXXPI'LM
ZETMERSZEWERS?;LSKSIWWPS[P]KSIWWEJIP]A8LIWIUYIWXMSRWEVIRSXZIV]HIWMVEFPI
%PPXLEXJMPPWQ]LIEH1]LIEHMWEPVIEH]JYPPSJ[SVVMIW0MJIMWHMJJMGYPXEXXLMWXMQIERH
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MJQ]EXXIRXMSRKSIWE[E]XSXLIWIHMJJMGYPXMIWMXGERRSXKSXSERW[IVMRKXLIWIUYIWXMSRW
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
1))8-2+8,-68=8;3
+YVHNMIJJ ;LS [ERXW XS WE] WSQIXLMRK ,S[ MW XLI I\IVGMWI KSMRK# -X MRXIVIWXW QI XS
ORS[[LEX]SYLEZIEWGIVXEMRIH1QIHI7E^PQERR;LSLEWEWGIVXEMRIHWSQIXLMRK
XLEXQMKLXFIMRXIVIWXMRKXSXLISXLIVWGSRGIVRMRKXLII\IVGMWI#
+YVHNMIJJ8LEXGERWLS[[LS[SVOW[LEX#1QIHI7E^PQERR8LIRHS]SY[ERXXSWE]
MJ]SYLEZIWSQIXLMRKXSEWO#3RIEXEXMQI
+YVHNMIJJ8LIRMJ]SYLEZIEWGIVXEMRIHRSXLMRKMXMWFIGEYWI]SYLEZIRSX[SVOIH-J
]SYLEZIRSX[SVOIH[LEXLEZI]SYHSRI#1QIHI7E^PQERR1EWXYVFEXIH+YVHNMIJJ
?XS1QIHI7EP^QERRA'ERSRIWE]MX#)ZIRSZIVEKEMRWXKSSHXEWXI#1QIHI7E^PQERR
=IW[L]RSXMRXLMWGEWI#+YVHNMIJJ?XSEWXYHIRXA=SYLEZINYWXEVVMZIHTIVLETW]SY
LEZIWSQIXLMRKXSWE]#,EZI]SYEWGIVXEMRIHWSQIXLMRK#
5YIWXMSRIV-EWGIVXEMREVIWYPXMRXLIJMVWXTEVXSJXLII\IVGMWI7SQIXLMRKXYVRWYTMR
IEGLPMQF;LEX-HSRXORS[LS[XSEGUYMVIMWXLIMRGPMREXMSR;LIR-JIIPWSQIXLMRKMXMW
MQEKMREV]-LEZIVIRSYRGIHEPPZSPYRXEV]EGXMSR&IJSVI-QEHIIJJSVX[MXLQ]LIEH-
HSMXRSPSRKIV
+YVHNMIJJ=SYVLIEHQYWXFIPMOIETSPMGIQER8LEXMWEPP-XQYWXVITIEXXS]SYEPPXLI
XMQIXLEX]SYEVISGGYTMIHF]XLMW[SVO-XQYWXRSXKSE[E]
5YIWXMSRIV8LIR-[EMXJSVWSQIXLMRKXSLETTIR
+YVHNMIJJ&]QIERWSJWIRWEXMSR#
5YIWXMSRIV=IWVEXLIVXLERXSQERYJEGXYVIEVXMJMGMEPP]8LIRJSVQIXSI\LEYWX-HS
RSXWIIZIV][IPP[LEXXLEXGERFI-JIIPWSQIXMQIWWSQIXLMRK[LMGLWXMVW-JIIPMXMRXLI
TPEGI [LIVI SRI TYPPW WSQIXLMRK 8LI WIGSRH TLEWI MW QSVI HMJJMGYPX %JXIV - ORS[
RSXLMRKXSHSEFSYXMX
+YVHNMIJJ8LIMQTSVXERGIEXXLIFIKMRRMRKMWXLIWIRWEXMSR8LIRMJ]SYLEZIGSRXEGX
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
[MXLXLIWIRWEXMSRMJ]SYZIVMJ]LS[]SYJIIPXLIREWIGSRHXLMRKMWMQTSVXERXMXMWXLI
[E]F][LMGL]SYTSYVSYX9TXMPPRS[RSSRILEWWTSOIRSJXLMWMQTSVXERXUYIWXMSR
XLMW[E]
5YIWXMSRIV-LEZIEWGIVXEMRIHEKVIEXIVRIIHXSVIPE\MRPMJI
+YVHNMIJJ-JMXMWXLYW]SYLEZIXLIMRGPMREXMSR-XMWSRP][LIR]SYVIPE\GSRWGMSYWP]
ERH[LIR]SYVLIEHVIXEMRWMXWVSPISJTSPMGIQERXLEXXLIVIPE\EXMSRLEWZEPYI-J]SY
VIPE\KIRIVEPP]MXMW[IEORIWW
5YIWXMSRIV-EQGSRWGMSYWSJFIMRKVEXLIVXIRWIMRKIRIVEP
+YVHNMIJJ =SY QYWX RSX VIPE\ YRGSRWGMSYWP] =IX [LIR ]SY EVI MR ]SYV WXEXI SJ
E[EOIRMRK]SYQYWXVIPE\GSRWGMSYWP];LIR]SYWPIITIZIV]XLMRKVIPE\IW[MXLSYX]SY
XLEXLEWRSZEPYI-XMW]SYVFSRHEKI
5YIWXMSRIV7MVMRXLMWI\IVGMWIXLIHMJJMGYPX]JSVQIMWEP[E]WXLIXYVRMRKSJXLIPMQFW
3RXLIGSRXVEV]XLIWYGOEKI?WYGOMRKMRAERHXLIJPS[MRKSYXEVIIEW]-EQLETT]XSHS
MX8LIKVIEXIJJSVXMWXLIFIKMRRMRKSJXLII\IVGMWI-RPMJI-JPS[SYXKIRIVEPP]QYGLQSVI
ZMXEPMX]ERHJSVGIERH-LEZIWSQIXLMRKSJEFIRXJSVXLII\IVGMWIERHXLEX-LEZIZIV]
SJXIR SV IPWI EPP MW SR XLI GSRXVEV] QEH GEGSTLSRSYW QYGL QEHHIV XLER FIJSVI -
QEHIEREWGIVXEMRMRK-XMWXLIRIIHMJ-EQMRFIHSJGPSWMRKEGMVGYMXF]TYXXMRKXLI
VMKLXPIKEKEMRWXXLIPIJXXLIVMKLXEVQEKEMRWXXLIPIJX
+YVHNMIJJ,S[XSGPSWIEGMVGYMXLS[XSYRHIVWXERH#-XIPP]SYXLIWEQIXLMRKHSRSX
KMZI]SYVLIEHTIVQMWWMSRXS[ERHIV
5YIWXMSRIV8LMWMWHSRI[MXLSYXER][MPP
+YVHNMIJJ8LIR[L]ZIVMJ]MX#;L]WTIEOSJMX#-XMWERSFWIWWMSR8LMWGERSRP]KMZI]SY
QER]GLERGIWSJIRXIVMRKERMRWERIEW]PYQ=SYQYWXRIZIVHSYRGSRWGMSYWP])ZIRLEPJ
GSRWGMSYWP] - EHZMWI ]SY %PP SV RSXLMRK &IX[IIR XLI X[S MW SRP] TW]GLSTEXL]
SFWIWWMSR2IZIVFIPMIZI(SRSXLEZIGSRJMHIRGI=SYEVIEZIV][IEOTIVWSR-JHYVMRK
SRIQSQIRX]SYVGIRXIVSJKVEZMX]MWMR]SYVLIEHXLIRMJMXQSZIWXS]SYVTPI\YWIXG
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
MX MW QEWXYVFEXMSR 8LI GSRWGMSYW IJJSVX GSRWMWXW MR KMZMRK XLI MRMXMEXMZI XS EPP ]SYV
GIRXIVW 8LEX MW EGXMZMX] %PP XLI VIWX MX MW QEXIVMEP JSV FIMRK E GERHMHEXI JSV MRWERI
EW]PYQW
5YIWXMSRIV-RWTMXISJ[LEX]SYLEZINYWXWEMH-XLMROXLEXMXMWFSYRHYT[MXL[SVO
+YVHNMIJJ-ORS[RSX&YX-ORS[XLEXXLEXQYWXRSXLETTIR2SX]IX)\TIGXRSXLMRK
7IRHXLIVIWXXSXLIHIZMP*SV]SYXLIVII\MWXWSRP]]SYVI\IVGMWI(SMXYRXMP]SYEVI
IRXMVIP]GSRXIRX%PPXLIWIGSQFMREXMSRWERHQERMTYPEXMSRWGERGSQIEJXIVFYXRSX]IX
3RIQYWXRSXPIXLMQWIPJFIGEVVMIHE[E]-XMWEZIV]HERKIVSYWQSQIRX3RSRIWMHI
]SYLEZIXLIWXVIRKXLXSJM\ERHWSQIXLMRKGERIRXIVJSVIZIVMRXS]SY8LIR]SY[SYPH
FISFPMKIHXSFIGSQIQ]GPMIRXERH-GERRIZIVHSJSVPIWWXLERXLVII)RKPMWL^IVSWERH
XLIVII\MWXWSRP]SRIVIQIH]XSVYPIXLIWIXLMRKWL]TRSXMWQ%RH-EHZMWIMXRSX?%
WXYHIRXFIKMRWXSEWOEUYIWXMSRA1V+YVHNMIJJMRXIVVYTXW=SYVUYIWXMSRGSWXWRSXLMRK
;EMX =SY HS RSX GSQI IRSYKL =SY GSQI LIVI SRGI MR XLVII QSRXLW 'SPPIGX WSQI
QEXIVMEP*SV]SYXLMW[SVOMWSRIXLMRKEQSRKSXLIVW=SYHMWXYVF[MXL]SYVUYIWXMSR
,IVIXLIVIMWERSXLIVHIKVIISJGSQTVILIRWMSR;LEX]SYWE]MRXIVIWXWRSSRI8LIWI
TISTPIQEOIIJJSVXWJSV]IEVWERH[SVOWIVMSYWP];MXL]SYVUYIWXMSR]SYSRP]GEYWI
HMWXYVFERGI?1V+YVHNMIJJHMWGYWWIWERI\IVGMWIA8LIWIXLMRKWEVIZIV]MQTSVXERX-XMW
RIGIWWEV]RS[XSXVEMRSRIWIPJIWTIGMEPP]XSJIIPERHXSIWXEFPMWLEGSRXEGX[MXLXLMWTEXL
%JXIVMX[MPPFIIEW]JSV]SYXSWIRHWSQIXLMRKF]XLIWITEXLW4EVEPPIP[MXLI\IVGMWIW
SRIXLMRKMWRIGIWWEV]-XMWTSWWMFPIXLEXWSQISRISFXEMRWEVIWYPX&YXXLIRXLMWVIWYPX
MWKSMRKXSHMWETTIEV-RSVHIVXLEXMXQE]GSRXMRYIXSI\MWXSRIQYWXHSEWTIGMEPXLMRK
[MXLXLIZSPYRXEV]XLSYKLX%XXLIFIKMRRMRKERHEXXLIIRHSJIEGLI\IVGMWI]SYQYWX
TVIXIRHFIGSQTIPPIHXSGPSWIEKEMR8LMROXLEX[LEX]SYLEZIHSRIWXE]W[MXL]SYYRXMP
XLIRI\XXMQIERHXLEXXLIRI\XXMQI]SY[MPPSFXEMRQSVI=SYQYWXFIGIVXEMRXLEX[LEX
]SYLEZIMWRSXWYJJMGMIRX8LIRGSRWGMSYWP]]SYGPSWIEKEMR-RWXMRGXMZIP]]SYGERJIIPMX
ERH EPVIEH] XLEX [MPP LIPT ]SY %RH MX MW HIWMVEFPI XLEX ]SY [SYPH VIQIQFIV XS HS
RSXLMRK[LMGLQMKLXGEYWI]SYXSIQEREXIEKVIEXHIEP-J]SYVIEPP][ERXXSEGGYQYPEXI
XLMWXLMRK]SYQYWXLEZIEPPXLIXMQIEGSRGIRXVEXIHWXEXIGSRWGMSYWP]YRGSRWGMSYWP]
MRWXMRGXMZIP] 7SQIXLMRK GER FI SFXEMRIH XLIR HMWETTIEVW -X RIZIV EGGYQYPEXIW RSV
WIXXPIWHS[R3RXLISRILERHXLMWGSQIWERHSRXLISXLIVXLMWIZETSVEXIWXSXLIHIZMP
0MOIXLIWQSOISJEGMKEVIXXI
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
-X[MPPIZIRFIZIV]YWIJYPMRJMRMWLMRKXLII\IVGMWIJSVIEGLXSTVSRSYRGILMWWYFNIGXMZI
TVE]IVERHEWOLMWMHIEPXSLIPTLMQXSKYEVHXLMWXLMRKYRXMPXLIJSPPS[MRKI\IVGMWI-J
F]GLERGI]SYVIQIQFIVFIX[IIRX[SI\IVGMWIW]SYGERVITIEX]SYVTVE]IV8LIR]SY
[MPPFIMRYVIH=SYWLEPPFIEFPIXSEP[E]WVIQIQFIV=SYWLEPPIZIRFIEFPIXSWYGGIIHMR
QEOMRKETTIEVEJEGXSVSJVIGEPP-RKIRIVEPMXMWRIGIWWEV]XSGVIEXIWSQIEYXSQEXMG
JEGXSVWSJVIGEPP-XMWRIGIWWEV]JSV]SYXSYRHIVXEOIXLMWUYEPMX]SJ[SVO-XMWZIV]IEW]
*SVI\EQTPILS[HS]SYWMXHS[RXSXLIXEFPI#=SYLEZIRIZIVEWGIVXEMRIH[MXL[LMGLJSSX
]SY WMX HS[R =SY SFWIVZI XLEX XLIVI EPWS ]SY LEZI EYXSQEXMWQ =SY [MPP GSRRIGX
WSQIXLMRK[MXLXLMWEYXSQEXMWQJSVEVIQMRHIVSJ]SYV[SVO;MXLIEGLXMQIXLEX]SY
WMXHS[RXSXLIXEFPIXLMWXLMRK[MPPFIEFPIXSEGXEWEJEGXSVSJVIGEPP%RSXLIVI\EQTPI
[LIR]SY[EWL]SYXEOIEXS[IP0SSOXSWII[MXL[LMGLLERH7IILS[]SYEYXSQEXM^I
=SY[MPPWIIXLEXIEGLXMQI]SYHSXLIWEQIXLMRK(SMXGSRWGMSYWP]XEOIMX[MXLXLIPIJX
LERHMRWXIEHSJXLIVMKLX-RXLMWQERRIV]SYQEOIEGSRXEGX[MXL]SYV[SVOMRSVHIVXS
WIPJVIQIQFIV%RSXLIVI\EQTPI]SYHVIWWMRXLIQSVRMRK;LMGLWSGOHS]SYTYXSR
JMVWX# 8LIVMKLX SVXLI PIJX#=SY LEZIRSX RSXMGIH# 3FWIVZIRS[ =SYJMRH SYXXLEX ]SY
FIKMR[MXLXLIPIJXEP[E]W7IXEXEWOFIKMR[MXLXLIVMKLX%RHGSRRIGXXLMWRI[[E]SJ
HSMRK[MXLXLIVIGEPPSJ]SYV[SVO;LIXLIV]SY[ERXIHMXSVRSX]SYEVISFPMKIHXSTYX
SR ]SYV WSGOW -J ]SY GLERKI XLI [E] SJ HSMRK MX ]SY WIPJVIQIQFIV 8LIR ]SY JMRH
WSQIXLMRKIPWIIXG8LIR]SY[MPPFIEFPITIVLETWXSWIPJVIQIQFIVJMZIQMRYXIW2S[
]SY GER SRP] HS MX SRI WIGSRH ;I XV] XS EVVMZI EX JMZI QMRYXIW ;LIR ]SY GER HS MX
TIVLETW]SY[MPPFIGETEFPISJWIRHMRKFEGOXLMWMRWXVYQIRX?7MPIRGIA
+YVHNMIJJ7TIEO8EPOEFSYXWSQIXLMRK
5YIWXMSRIV-YRHIVWXERH[IPPIZIV]XLMRKXLEXGSRGIVRWXLIGSRWIVZEXMSRSJGSRGIRXVEXIH
WXEXI&YX1V+YVHNMIJJ[SYPHLI[ERXXSI\TPEMRQSVIXLERXLEX[LMGLMWJM\IHMREPMQF#
1QIHI7E^PQERR*SVXLIQSQIRXXLIRIGIWWEV]XLMRKMWXSJIIPXLITEXLEPSRK[LMGL
WSQIXLMRKQYWXQSZIERHXLEX]SYKVS[JEQMPMEV[MXLXLIWIRWEXMSRSJXLMWTEXL
5YIWXMSRIV8LIVIMWRSJPS[MRKMRXLIHMJJIVIRXGIRXIVW#3RP]XLIPIKERHXLIWI\YEP
SVKER#
+YVHNMIJJ-XMWXLIWEQIXLMRK8SQSVVS[]SYWLEPPHSXLMWI\IVGMWIXSXLIIRH+VEHYEPP]
EW]SYLEZIRIIHSJMX]SYWLEPPYWIXLMWTEXL1QIHI7E^PQERR-XMWJSVXVEMRMRKJSV
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
I\IVGMWMRKMRJIIPMRKXLIWITEWWEKIW=SYQYWXORS[LS[]SYGERJPS[
+YVHNMIJJ-XMWMQTSVXERXXSORS[XLIWITEXLW0EXIV[IWLEPPWTIEOSJWXEXMSRWERHSJ
JSVOW*VSQLIVIXSXLIVIXLIVIEVIXLVIIWXEXMSRW*VSQIEGLWXEXMSRSRIQYWXKSMRSRI
HMVIGXMSRERHRSXMRERSXLIV-J]SYKSXSXLIPIJXMRWXIEHSJKSMRKXSXLIVMKLX]SYGER
GVYWLEHSKSVFVIEXLIXLIWXMROSJEWI[IV
5YIWXMSRIV(SIWXLI[E]SJXLIWSPEVTPI\YWGSQTVSQMWIXLIPYRKWERHXLIMRXIVMSVSJ
XLIGLIWX#3VQYWXSRIJIIPXLMWTEWWEKI#
+YVHNMIJJ8LITPI\YWMWEWTLIVI;IHSRSXQIHHPI[MXLXLISVKERW-RXLITPI\YWXLIVI
EVIQER]RIVZIWSJ[LMGLXLIXSXEPGSRWXMXYXIWEFVEMR4VIZMSYWP]EPPXLIGSPPIGXMSR[EW
LIVI ?1V +YVHNMIJJ WLS[W XLI ETTVS\MQEXI LIMKLX SJ XLI HMETLVEKQA &YX [I LEZI
HIKIRIVEXIH -X MW RSX UYMXI HMWTIVWIH 8LMW MW HMWXVMFYXIH MR HMJJIVIRX TPEGIW ?1V
+YVHNMIJJWLS[WXLIGMVGYQJIVIRGISJXLIGLIWXJVSQXLIFIKMRRMRKSJXLIRIGOMRFEGOSJ
XLIGPEZMGPIXSEPMXXPIEFSZIXLIWXIVRYQA8LIR[IWLEPPFIEFPIXSWXYH]HIXEMPW*SV
I\EQTPISRITSMRXMW]SYVETTIXMXIERSXLIV]SYVPSZIERSXLIVWXMPPEPP]SYVMQTYPWIW
0MOIMRERIPIGXVMGWXEXMSR8LIGSQQERHMRKTSWXSJ]SYVMRXIVREPPMJIMWXLIVI-XMWPMOI
QEGLMRIV]
5YIWXMSRIV1V+YVHNMIJJWTIEOWSJ[E]WJSVJPS[MRK%RHMRSVHIVXSWYGOMRLS[HSIW
SRIHSMX#
+YVHNMIJJ-QEKMRIXLEX]SYXEOIMREMV'SRWGMSYWP]MJ]SYHSMXGSRWGMSYWP]]SYJIIP
XLEX]SYWYGOMR-XMWXLIWEQISGGEWMSR+SSHFVIEXLMRKPIEHWXSFIXXIVWYGOMRKMR+SSH
WYGOMRKMRPIEHWXSFIXXIVFVIEXLMRK
1QIHI7E^PQERR8LMWMWHSRIEPPEPSRI
5YIWXMSRIV%PPXLEXSRIWYGOWMRMWGSRGIRXVEXIHMRXLIPYRKW#1QIHI7E^PQERR8LEX
QMRKPIW
+YVHNMIJJ-XMWXVERWJSVQIHEXXLIWEQIXMQI8LIVIEVIQMPPMSRWSJXLMRKW1ER]HIXEMPW
-XMWQYGLQSVIGSQTPMGEXIHXLER]SYVGEV*IIPXLIWTLIVISRP](SRSXQERMTYPEXI(S
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
RSXLMRKMRXLIWTLIVI'SRGIVR]SYVWIPJSRP][MXLXLI[E]SJSRIWTLIVIMRXLISXLIV
?5YIWXMSRIVEWOWJSVI\TPEREXMSRSRXLIGMVGYQJIVIRGISJXLIWTLIVISJXLIWSPEVTPI\YWA
+YVHNMIJJ-XMWPMOIMRWYVKIV]?1V+YVHNMIJJWLS[WXLIGMVGYQJIVIRGISJXLIWMHIW8SXLI
LIMKLXSJXLIHMETLVEKQXLIPMRIHIWGIRHWSRXLIWXSQEGLERHVIQSYRXWXLIQXSNSMR
XLIWMHIWA
5YIWXMSRIV(SXLIX[SPMRIWVIQEMRMRXLIWTLIVI#
+YVHNMIJJ2S3RP]XLIWTLIVI-WLS[IHXLIGMVGYQJIVIRGISJXLIWTLIVI;LIRMXMW
IRXIVIHMXHSIWRSXQEXIVQYGL
5YIWXMSRIV(SXLIX[STEXLWNSMRIEGLSXLIVFIJSVIIRXIVMRKMRXSXLIWSPEVTPI\YW#
+YVHNMIJJ2S8LI]IRXIVMRHITIRHIRXP]8LIRXLI]PIEZIEPWSWITEVEXIP]0MOIMREGMX]
8[S[E]WJSVIRXIVMRKX[S[E]WJSVPIEZMRK
5YIWXMSRIV-JXLIVIMWEWSQI[LEXFEHGSRXVEGXMSRSRSRISJXLIX[STEXLWQYWXSRI
EFWXEMRJVSQWYFHYMRKXLIGSRXVEGXMRK#
+YVHNMIJJ4E]RSEXXIRXMSRXSXLMW(SXLII\IVGMWI(SRSXLMRKWTIGMEPJSVXLMW
5YIWXMSRIV8LIWLSYPHIVWQYWXFIPIJXSRXLISYXWMHI#
+YVHNMIJJ=SYTEWWEPSRKLIVISRP]?7LS[WXLITEXLWMXYEXIHRIEVXLIRIGOEPMXXPI
EFSZIXLIGPEZMGPIA*SVXLIWLSYPHIVMXMWXLIZIVXIFVEPGSPYQR8LIVIMWXLIGSQQERH
TSWX
5YIWXMSRIV-GERLEZIXLIWIRWEXMSRSJXLIWSPEVTPI\YWERHJIIPXLEXQ]WIRXMQIRXMW
RSXXLIVI%XXLEXXMQI-[SYPHPMOIXSYRHIVWXERH[IPP[LEX1V+YVHNMIJJWE]W
+YVHNMIJJ 8LMW MW RSVQEP -J ]SY LEZI XLI WIRWEXMSR SJ ]SYV WSPEV TPI\YW ]SY LEZI
EPVIEH]QSFMPM^IHXLITPEGISJWIRXMQIRX-XMWSGGYTMIH=SYGERRSXJIIPMX=SYQYWXRSX
JIIPMXI\GITXMRLEZMRKXLIWIRWEXMSR-JJVSQXLMWTPEGI]SY[ERXXSJIIP]SYVZIVXIFVEP
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH
GSPYQR]SYGERVII\TIVMIRGIXLIMRMXMEXMZIJVSQXLIVIFYXGERRSXI\TIVMIRGIMX-RSVHIV
XSI\TIVMIRGIMXMXMWRIGIWWEV]XLEXXLIXLMRKJIPXFIGEPQERHRSXJYRGXMSR
5YIWXMSRIV8LIRMXMWRSXTSWWMFPIXLEXXLIXLVIIGIRXIVWQMKLXFITVIWIRX[LIR-LEZI
XLIWIRWEXMSRSJXLIXLVIIPSGEPM^EXMSRW
+YVHNMIJJ2S
5YIWXMSRIV8LIRLS[GER-FIEXXIRXMZI#
+YVHNMIJJ3RIQYWXLEZIXLIWIRWEXMSRSJXLVIIXLMRKW)MXLIVWIIXLIQSVJIIPXLIQ8LI
MQTSVXERXXLMRKMWEGSRXEGX%XIEGLQSQIRX=SYSFWIVZIHMJJIVIRXJSVQWSJGSRXEGX3RI
XMQI]SYJIIP%RSXLIVXMQI]SYLEZIXLIWIRWEXMSR)MXLIV]SYQMKLXWIISV]SYQMKLX
KYIWWEXXLIQ-XMWRIGIWWEV]XLEX]SYFISGGYTMIHEPPXLIXMQIXLEX]SYSGGYT]]SYVWIPJ
[MXLXLMWSFPMKEXMSR-J]SY[ERXMXMJ]SYHIGMHIMXXLITEVXSJ]SYXLEX]SYIWXIIQMW
SFPMKIHXSHS3XLIV[MWI]SYTYRMWL]SYVWIPJ-J]SYHSRSXHSMXMXMWXLIJEYPXSJ]SYV
MRHMZMHYEPMX]=SYQYWXIHYGEXI]SYVMRHMZMHYEPMX]6IJYWIMXXLEX[LMGLMXPMOIW+MZIMX
RSXLMRK3TTSWI]SYVWIPJMREPPXLMRKW*SVI\EQTPIXLEX[LMGL]SYHSXSXLIVMKLXHSXS
XLI PIJX )ZIV]XLMRK XS STTSWI MX %RH ]SYV MRHMZMHYEPMX] GER JMRH MXWIPJ MR E ZIV] FEH
WMXYEXMSR;SVWIXLERTVMWSR1QIHI7E^PQERR8LIVIMWRS[SVWIWYJJIVMRK
+YVHNMIJJ-XMWHMJJMGYPXFYXYWIJYP
7KLVHOHFWURQLFYHUVLRQFUHDWHGE\GLJLWDOVHDQFH