%'--8+6

6ITSVXSR7XVYGXYVEP(IWMKRERH
(IXEMPMRKJSV,MKL7XVIRKXL'SRGVIXIMR
1SHIVEXIXS,MKL7IMWQMG%TTPMGEXMSRW

6ITSVXIHF]%'--RRSZEXMSR8EWO+VSYT
ERH3XLIV'SRXVMFYXSVW

7IGSRH4VMRXMRK
(IGIQFIV
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

6ITSVXSR7XVYGXYVEP(IWMKRERH(IXEMPMRKJSV,MKL7XVIRKXL'SRGVIXI
MR1SHIVEXIXS,MKL7IMWQMG%TTPMGEXMSRW
'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR37,% LIEPXL
ERHWEJIX]WXERHEVHW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI1'4 
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI

*E\


[[[GSRGVIXISVK
-7&2

%'--8+6

6ITSVXSR7XVYGXYVEP(IWMKRERH(IXEMPMRKJSV
,MKL7XVIRKXL'SRGVIXIMR1SHIVEXIXS
,MKL7IMWQMG%TTPMGEXMSRW
6ITSVXIHF]%'--RRSZEXMSR8EWO+VSYTERH3XLIV'SRXVMFYXSVW
%'--RRSZEXMSR8EWO+VSYT
7/+LSWL
'LEMV
.SWITL1&VEGGM
1MGLEIP%'EPHEVSRI

(/MVO,EVQER
(ERMIP'.ERWIR

%HSPJS1EXEQSVSW
%RHVI[;8E]PSV

(SQMRMG./IPP]

3XLIVGSRXVMFYXSVW
%RHVIW0ITEKI

,IRV]+6YWWIPP

%'- -8+6 TVIWIRXW E PMXIVEXYVI VIZMI[ SR WIMWQMG HIWMKR YWMRK LMKL
WXVIRKXL GSRGVIXI 8LI HSGYQIRX MW SVKERM^IH MR GLETXIVW EHHVIWWMRK XLI
WXVYGXYVEP HIWMKR SJ GSPYQRW FIEQW FIEQGSPYQR NSMRXW ERH WXVYGXYVEP
[EPPWQEHI[MXLLMKLWXVIRKXLGSRGVIXIERHJSGYWIWSREWTIGXWQSWXVIPIZERX
JSV WIMWQMGHIWMKR )EGL GLETXIV GSRGPYHIW [MXL E WIVMIW SJ VIGSQQIRHIH
QSHMJMGEXMSRWXS%'-FEWIHSRXLIJMRHMRKWSJXLIPMXIVEXYVIVIZMI[
8LIVIGSQQIRHEXMSRWMRGPYHITVSTSWEPWJSVXLIQSHMJMGEXMSRSJXLIIUYMZE
PIRX VIGXERKYPEV WXVIWW FPSGO IUYEXMSRW XS GEPGYPEXI XLI E\MEP WXVIRKXL SJ
GSPYQRW WYFNIGXIH XS GSRGIRXVMG PSEHMRK GSPYQR GSRJMRIQIRX VIUYMVIQIRXW

-8+6w6ITSVXSR7XVYGXYVEP(IWMKRERH(IXEMPMRKJSV
,MKL7XVIRKXL'SRGVIXIMR1SHIVEXIXS,MKL7IMWQMG%TTPMGE
XMSRWxTVIWIRXWEPMXIVEXYVIVIZMI[SRWIMWQMGHIWMKRYWMRKLMKL
WXVIRKXL GSRGVIXI ERH TVSZMHIW VIGSQQIRHEXMSRW JSV GSHI
GLERKIW FEWIH SR XLI XIWXW VITSVXIH MR XLMW PMXIVEXYVI *SV
I\EQTPI GSPYQR GSRJMRIQIRX VIGSQQIRHEXMSRW EVI QEHI SR
XLIFEWMWXLEXEXEVKIXHIWMKRWXSV]HVMJXVEXMSMW 
%'-  w&YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
'SRGVIXIxKSZIVRWJSVXLIHIWMKRERHGSRWXVYGXMSRSJFYMPHMRKW
ERH MW ETTPMGEFPI JSV HIWMKRW YWMRK LMKLWXVIRKXL GSRGVIXI MR
QSHIVEXI XS LMKL WIMWQMG ETTPMGEXMSRW -8+ 6 HSIW RSX
WYTIVWIHI%'-
9WIVWSJ-8+6WLSYPHRSXMRJIVXLEXXLIVIGSQQIRHEXMSRW
MXGSRXEMRWEVIJYXYVI%'-'SHIVIUYMVIQIRXW
-WWYIH(IGIQFIV

PMQMXW SR XLI WTIGMJMIH ]MIPH WXVIRKXL SJ GSRJMRIQIRX VIMRJSVGIQIRX WXVYX
JEGXSVWERHTVSZMWMSRWJSVXLIHIZIPSTQIRXSJWXVEMKLXFEVWERHLSSOW
%REGGSQTER]MRKWXERHEVH-8+MW[VMXXIRMRQERHEXSV]PERKYEKI
MREJSVQEXXLEXGERFIEHSTXIHF]PSGEPNYVMWHMGXMSRWERH[MPPEPPS[FYMPHMRK
SJJMGMEPW XSETTVSZIXLIYWISJLMKLWXVIRKXLGSRGVIXI SR TVSNIGXWXLEXEVI
FIMRK GSRWXVYGXIH YRHIV XLI TVSZMWMSRW SJ %'-  w7TIGMJMGEXMSRW JSV
7XVYGXYVEP 'SRGVIXIx ERH %'-  w&YMPHMRK 'SHI 6IUYMVIQIRXW JSV
7XVYGXYVEP'SRGVIXIx
-8+LEW EPWSHIZIPSTIHERSXLIVRSRQERHEXSV] PERKYEKI HSGYQIRX
-8+6-XEHHVIWWIWQEXIVMEPWERHUYEPMX]GSRWMHIVEXMSRWERHMWXLI
WYTTSVXMRKHSGYQIRXJSV-8+
/I][SVHWFSRHGSRJMRIQIRXHVMJXJPI\YVILMKLWXVIRKXLGSRGVIXILMKL
]MIPHWXVIRKXLVIMRJSVGIQIRXWIMWQMGETTPMGEXMSRWLIEVWXVIWWFPSGOWXVYX
ERHXMI

'328)287
'LETXIV{-RXVSHYGXMSRT-8+6
{&EGOKVSYRH
{7GSTI
'LETXIV{2SXEXMSRT-8+6
'LETXIV{(IJMRMXMSRWT-8+6

%'- 'SQQMXXII 6ITSVXW +YMHIW 7XERHEVH 4VEGXMGIW ERH

'SQQIRXEVMIW EVI MRXIRHIH JSV KYMHERGI MR TPERRMRK
HIWMKRMRK I\IGYXMRK ERH MRWTIGXMRK GSRWXVYGXMSR 8LMW
HSGYQIRX MW MRXIRHIH JSV XLI YWI SJ MRHMZMHYEPW [LS EVI
GSQTIXIRX XS IZEPYEXI XLI WMKRMJMGERGI ERH PMQMXEXMSRW SJ MXW
GSRXIRX ERH VIGSQQIRHEXMSRW ERH [LS [MPP EGGITX
VIWTSRWMFMPMX] JSV XLI ETTPMGEXMSR SJ XLI QEXIVMEP MX GSRXEMRW
8LI %QIVMGER 'SRGVIXI -RWXMXYXI HMWGPEMQW ER] ERH EPP
VIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPPRSX
FIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF]
XLI%VGLMXIGX)RKMRIIV

'LETXIV{(IWMKRJSVJPI\YVEPERHE\MEPPSEHW
YWMRKIUYMZEPIRXVIGXERKYPEVWXVIWWFPSGO
T-8+6
{4EVEQIXIVWSJIUYMZEPIRXVIGXERKYPEVWXVIWWFPSGO
{7XVIWWMRXIRWMX]JEGXSV 
{7XVIWWFPSGOHITXLTEVEQIXIV 
{7XVIWWFPSGOEVIE 
%'--8+6[EWTYFPMWLIHERHFIGEQIIJJIGXMZI%YKYWX
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW

-8+6

-8+6

%'-'311-88))6)4368

{0MQMXMRKWXVEMR GY
{%\MEPWXVIRKXLSJLMKLWXVIRKXLGSRGVIXIGSPYQRW
{'SQTEVMWSR SJ HMJJIVIRX TVSTSWEPW JSV VIGXERKYPEV
WXVIWWFPSGO
{6IGSQQIRHEXMSRW
'LETXIV{'SRJMRIQIRXVIUYMVIQIRXWJSVFIEQW
ERHGSPYQRWT-8+6
{'SRWXMXYXMZIQSHIPWJSVGSRJMRIHGSRGVIXI
{4VIZMSYWVIWIEVGLERHKIRIVEPSFWIVZEXMSRW
{)UYEXMSRW XS HIXIVQMRI EQSYRX SJ GSRJMRIQIRX
VIMRJSVGIQIRXVIUYMVIHMRGSPYQRW
{(IJMRMXMSRSJPMQMXMRKHVMJXVEXMSSRFEWMWSJI\TIGXIH
HVMJXHIQERH
{9WI SJ LMKL]MIPHWXVIRKXL VIMRJSVGIQIRX JSV
GSRJMRIQIRX
{1E\MQYQLSSTWTEGMRKVIUYMVIQIRXWJSVGSPYQRW
{'SRJMRIQIRXVIUYMVIQIRXWJSVLMKLWXVIRKXLGSRGVIXI
FIEQW
{1E\MQYQ LSST WTEGMRK VIUYMVIQIRXW JSV LMKL
WXVIRKXLGSRGVIXIFIEQW
{6IGSQQIRHEXMSRW
'LETXIV{7LIEVWXVIRKXLSJVIMRJSVGIHGSRGVIXI
JPI\YVEPQIQFIVWT-8+6
{7LIEV WXVIRKXL SJ JPI\YVEP QIQFIVW [MXLSYX WLIEV
VIMRJSVGIQIRX
{)JJIGXSJGSQTVIWWMZIWXVIRKXLSRMRGPMRIHGVEGOMRK
PSEHSJJPI\YVEPQIQFIVW
{)JJIGXSJGSQTVIWWMZIWXVIRKXLSRJPI\YVEPQIQFIVW
[MXL MRXIVQIHMEXI XS LMKL EQSYRXW SJ XVERWZIVWI
VIMRJSVGIQIRX
{7LIEV WXVIRKXL SJ QIQFIVW [MXL PS[ WLIEV WTER
HITXLVEXMSW
{'EPGYPEXMSRSJWLIEVWXVIRKXLSJQIQFIVWWYFNIGXIH
XSWIMWQMGPSEHMRK
{9WISJLMKLWXVIRKXLXVERWZIVWIVIMRJSVGIQIRX
{6IGSQQIRHEXMSRW
'LETXIV{(IZIPSTQIRXPIRKXLWTPMGIW
T-8+6
{(IWMKRIUYEXMSRWJSVHIZIPSTQIRXPIRKXLSJFEVWMR
LMKLWXVIRKXLGSRGVIXI
{(IWMKRIUYEXMSRWJSVHIZIPSTQIRXPIRKXLSJLSSOIH
FEVWMRLMKLWXVIRKXLGSRGVIXI
{6IGSQQIRHEXMSRW
'LETXIV{(IWMKRSJFIEQGSPYQRNSMRXW
T-8+6
{'SRJMRIQIRXVIUYMVIQIRXWJSVFIEQGSPYQRNSMRXW
{7LIEVWXVIRKXLSJI\XIVMSVNSMRXW
{7LIEVWXVIRKXLSJMRXIVMSVNSMRXW
{)JJIGX SJ XVERWZIVWI VIMRJSVGIQIRX SR NSMRX WLIEV
WXVIRKXL
{(IZIPSTQIRXPIRKXLVIUYMVIQIRXWJSVFIEQGSPYQR
NSMRXW
{6IGSQQIRHEXMSRW

'LETXIV{(IWMKRSJWXVYGXYVEP[EPPWT-8+6
{&SYRHEV]IPIQIRXVIUYMVIQIRXW
{7LIEVWXVIRKXLSJ[EPPW[MXLPS[EWTIGXVEXMSW
{1MRMQYQXIRWMPIVIMRJSVGIQIRXVIUYMVIQIRXWMR[EPPW
{6IGSQQIRHEXMSRW
'LETXIV{0MWXSJTVSTSWIHQSHMJMGEXMSRWXS
%'-T-8+6
{4VSTSWIH QSHMJMGEXMSRW XS IUYMZEPIRX VIGXERKYPEV
WXVIWWFPSGO
{4VSTSWIHQSHMJMGEXMSRW VIPEXIHXS GSRJMRIQIRX SJ
TSXIRXMEPTPEWXMGLMRKIVIKMSRW
{4VSTSWIHQSHMJMGEXMSRWVIPEXIHXSFSRHERHHIZIPST
QIRXSJVIMRJSVGIQIRX
{4VSTSWIH QSHMJMGEXMSRW VIPEXIH XS WXVYXERHXMI
QSHIPW
%GORS[PIHKQIRXWT-8+6
'LETXIV{'MXIHVIJIVIRGIWT-8+6
',%48)6{-2863(9'8-32
{&EGOKVSYRH
8LISVMKMRSJ%'--RRSZEXMSR8EWO+VSYT-8+ ,MKL
7XVIRKXL 'SRGVIXI JSV 7IMWQMG %TTPMGEXMSRW GER FI XVEGIH
FEGO XS XLI -RXIVREXMSREP 'SRJIVIRGI SJ &YMPHMRK 3JJMGMEPW
-'&3 RS[-RXIVREXMSREP'SHI'SYRGMP?-''A )ZEPYEXMSR
6ITSVX)6w7IMWQMG(IWMKR9XMPM^MRK,MKL7XVIRKXL
'SRGVIXIx-'&3 )ZEPYEXMSR6ITSVXW)6 EVIMWWYIH
F])ZEPYEXMSR7IVZMGIWYFWMHMEVMIWSJQSHIPGSHIKVSYTW%R
)6 IWWIRXMEPP] WXEXIW XLEX EPXLSYKL E TEVXMGYPEV QIXLSH
TVSGIWWSVTVSHYGXMWRSXWTIGMJMGEPP]EHHVIWWIHF]ETEVXMGYPEV
IHMXMSRSJEGIVXEMRQSHIPGSHIMXMWMRGSQTPMERGI[MXLXLI
VIUYMVIQIRXWSJXLEXTEVXMGYPEVIHMXMSRSJXLEXQSHIPGSHI
)6 -'&3   JMVWX MWWYIH MR %TVMP  [EW
KIRIVEXIHF] )RKPIOMVO 7]WXIQW (IZIPSTQIRX -RGJSV XLI
WIMWQMG HIWMKR SJ QSQIRXVIWMWXMRK JVEQI IPIQIRXW YWMRK
LMKLWXVIRKXLGSRGVIXI,MKLWXVIRKXLGSRGVIXI[EWHIJMRIH
EW wRSVQEP[IMKLX GSRGVIXI [MXL E HIWMKR GSQTVIWWMZI
WXVIRKXL KVIEXIV XLER  TWM  14E  ERH YT XS E
QE\MQYQSJTWM14E x-X[EWFEWIHSRVIWIEVGL
GEVVMIHSYXEXXLI9RMZIVWMX]SJ7SYXLIVR'EPMJSVRMEERHXLI
9RMZIVWMX] SJ 'EPMJSVRME EX 7ER (MIKS XS WYTTSVX FYMPHMRK
GSRWXVYGXMSR MR 7SYXLIVR 'EPMJSVRME YWMRK GSRGVIXI [MXL
GSQTVIWWMZIWXVIRKXLWKVIEXIVXLERTWM14E 
8LI4SVXPERH'IQIRX%WWSGMEXMSRTIVJSVQIHEVIZMI[SJ
)6ERHFVSYKLXYTWIZIVEP GSRGIVRW XLEXJSGYWIH SR
MRGSRWMWXIRGMIW FIX[IIR XLI IZEPYEXMSR VITSVX ERH I\MWXMRK
MRHYWXV] HSGYQIRXW MR X[S TVMQEV] EVIEW QEXIVMEP ERH
WXVYGXYVEP(IWTMXIXLSWIGSRGIVRWMX[EWIZMHIRXXLEXXLI
IZEPYEXMSRVITSVXLEHFIIRGVIEXIHFIGEYWIUYEPMX]EWWYVERGI
ERHHIWMKRTVSZMWMSRW[IVIRIIHIHF]PSGEPNYVMWHMGXMSRWWYGL
EWXLI'MX]SJ0SW%RKIPIWXSEPPS[XLIYWISJLMKLWXVIRKXL
GSRGVIXI [MXLSYX YRHYI VIWXVMGXMSRW %'- LEW EWWYQIH E
TVSEGXMZIVSPIMRXLIHIZIPSTQIRXSJWYGLTVSZMWMSRW[MXLXLI
KSEPSJGVIEXMRKEHSGYQIRXXLEXGERFIEHSTXIHREXMSR[MHI

9RTYFPMWLIHVITSVXEZEMPEFPIJVSQ4'%7OSOMI-PP%YK

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

%'- GSRWMHIVIH MXW S[R 'SQQMXXII  ,MKL 7XVIRKXL

'SRGVIXIXSFIXLIFIWXGLSMGIXSEHHVIWWXLIQEXIVMEPWERH
UYEPMX]EWTIGXWSJXLIHSGYQIRX[LMPI%'-7YFGSQQMXXII
, 7XVYGXYVEP 'SRGVIXI &YMPHMRK 'SHI{7IMWQMG
4VSZMWMSRW [EW GSRWMHIVIH XLI FIWX GLSMGI XS EHHVIWW XLI
WIMWQMGHIXEMPMRKEWTIGXW&IGEYWI,MWEWYFGSQQMXXII
SJ E GSHI[VMXMRK FSH] XLI HIZIPSTQIRX SJ E XIGLRMGEP
HSGYQIRXSJXLMWOMRHMWRSXTEVXSJMXWMRXIRHIHQMWWMSR-R
EHHMXMSR TVSHYGMRK E HSGYQIRX XLVSYKL E XIGLRMGEP
GSQQMXXIIGERFIEPIRKXL]TVSGIWW&EWIHSRXLIWIPMQMXE
XMSRWEVIUYIWX[EWQEHIXSJSVQER-8+XLEX[SYPHLEZIXLI
EHZERXEKI SJ JSPPS[MRK E WLSVXIV XMQIPMRI XS GSQTPIXMSR -R
VIWTSRWIXSXLIVIUYIWXXLI8IGLRMGEP%GXMZMXMIW'SQQMXXII
8%' SJ%'-ETTVSZIHXLIJSVQEXMSRSJ -8+ERH IWXEF
PMWLIHMXWQMWWMSR8LIQMWWMSR[EWXSHIZIPSTER%'-HSGY
QIRXXLEXEHHVIWWIHXLIETTPMGEXMSRSJLMKLWXVIRKXLGSRGVIXI
MRWXVYGXYVIWPSGEXIHMREVIEWSJQSHIVEXIERHLMKLWIMWQMGMX]
8LIHSGYQIRX[EWMRXIRHIHXSGSZIVWXVYGXYVEPHIWMKRQEXI
VMEP TVSTIVXMIW GSRWXVYGXMSR TVSGIHYVIW ERH UYEPMX]GSRXVSP
QIEWYVIW-X[EWXSGSRXEMRPERKYEKIMREJSVQEXXLEXEPPS[IH
FYMPHMRKSJJMGMEPWXSETTVSZIXLIYWISJLMKLWXVIRKXLGSRGVIXI
MRTVSNIGXWFIMRKGSRWXVYGXIHYRHIVXLITVSZMWMSRWSJ%'-
w7TIGMJMGEXMSRW JSV 7XVYGXYVEP 'SRGVIXIx ERH %'- 
w&YMPHMRK'SHI6IUYMVIQIRXWJSV7XVYGXYVEP'SRGVIXIx
8LIGSRGITXSJwQSHIVEXIXSLMKLWIMWQMGETTPMGEXMSRWx
WXEXIHMRXLIQMWWMSRSJXLIHSGYQIRXHEXIWFEGOXS[LIR
97WIMWQMGGSHIWHMZMHIHXLIGSYRXV]MRXSWIMWQMG^SRIW
8LIWI WIMWQMG ^SRIW [IVI HIJMRIH EW VIKMSRW MR [LMGL
WIMWQMGKVSYRHQSXMSRSRVSGOGSVVIWTSRHMRKXSEGIVXEMR
TVSFEFMPMX] SJ SGGYVVIRGI VIQEMRIH [MXLMR GIVXEMR VERKIW
4VIWIRXHE] WIMWQMG GSHIW %7')7)-   JSPPS[ E
HMJJIVIRXETTVSEGLXSGLEVEGXIVM^MRKEWIMWQMGLE^EVH+MZIR
XLEXTYFPMGWEJIX]MWETVMQEV]GSHISFNIGXMZIERHXLEXRSXEPP
FYMPHMRKW MR E KMZIR WIMWQMG ^SRI EVI IUYEPP] GVYGMEP XS
TYFPMG WEJIX] E RI[ QIGLERMWQ JSV XVMKKIVMRK WIMWQMG
HIWMKR VIUYMVIQIRXW ERH VIWXVMGXMSRW GEPPIH XLI WIMWQMG
TIVJSVQERGI GEXIKSV] 74'  [EW HIZIPSTIH 8LI 74'
GPEWWMJMGEXMSRMRGPYHIWRSXSRP]XLIWIMWQMGMX]EXXLIWMXIFYX
EPWSXLISGGYTERG]SJXLIWXVYGXYVI
6IGSKRM^MRKXLEX FYMPHMRKTIVJSVQERGIHYVMRKE WIMWQMG
IZIRXHITIRHWRSXSRP]SRXLIWIZIVMX]SJFIHVSGOEGGIPIVEXMSR
FYX EPWS SRXLIX]TISJWSMPXLEX EWXVYGXYVI MW JSYRHIHSR
WIMWQMG HIWMKR GVMXIVME MR QSVI VIGIRX WIMWQMG GSHIW EVI
FEWIH SR WIMWQMG HIWMKR GEXIKSVMIW 7('  8LI 7(' MW E
JYRGXMSR SJ PSGEXMSR FYMPHMRK SGGYTERG] ERH WSMP X]TI
8LI8%'8IGLRSPSK]8VERWJIV'SQQMXXII888' IWXEF
PMWLIH QMWWMSR SJ -8+  [EW MRXIVTVIXIH XS QIER XLEX XLI
8EWO+VSYT[EWXSEHHVIWWXLIETTPMGEXMSRSJLMKLWXVIRKXL
GSRGVIXIMRWXVYGXYVIWXLEXEVI
e 0SGEXIH MR 7IMWQMG >SRIW   SV  SJ XLI w9RMJSVQ
&YMPHMRK'SHIx-'&3  SV
e %WWMKRIHXS7(''(SV)SJw8LI&3'%2EXMSREP
&YMPHMRK'SHIx&3'%ERHWYFWIUYIRXIHMXMSRW
SVXLIw7XERHEVH&YMPHMRK'SHIx7&''- SV
e 7(''()SV*SJXLIw-RXIVREXMSREP&YMPHMRK'SHIx
-&' SVXLI2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR
2*4% 2*4%w&YMPHMRK'SRWXVYGXMSRERH7EJIX]
'SHIx 

-8+6

74' SV 7(' ' MW EPWS VIJIVVIH XS EW XLI wMRXIVQIHMEXIx
GEXIKSV]7MQMPEVP]74'(ERH)SV7('()ERH*EVI
VIJIVVIHXSEWwLMKLxGEXIKSVMIW8LIXIVQMRSPSK]wQSHIVEXI
XSLMKLWIMWQMGETTPMGEXMSRWxLS[IZIVMWYWIHXLVSYKLSYX
XLMWHSGYQIRX
{7GSTI
8LMWHSGYQIRXEHHVIWWIW XLI QEXIVMEP ERH HIWMKR GSRWMHIV
EXMSRW[LIRYWMRKRSVQEP[IMKLXGSRGVIXIWLEZMRKWTIGMJMIH
GSQTVIWWMZI WXVIRKXLW SJ  TWM  14E  SV KVIEXIV MR
WXVYGXYVIWHIWMKRIHJSVQSHIVEXIXSLMKLWIMWQMGETTPMGEXMSRW
-VVIWTIGXMZISJWIMWQMG^SRI74'SV7('XLMWHSGYQIRXMW
EPWS ETTPMGEFPI XS RSVQEP[IMKLX LMKLWXVIRKXL GSRGVIXI MR
MRXIVQIHMEXISVWTIGMEPQSQIRXJVEQIWERHMRXIVQIHMEXISV
WTIGMEP WXVYGXYVEP [EPPW EW HIJMRIH MR %'-  %''SQQMXXII 
8LIXIVQwLMKLWXVIRKXLGSRGVIXIxEWHIJMRIHF]%'-6
%'-'SQQMXXII VIJIVWXSGSRGVIXILEZMRKEWTIG
MJMIHGSQTVIWWMZIWXVIRKXLJSVHIWMKRSJTWM14E SV
KVIEXIV8LITWM14E XLVIWLSPHXLEX[EWGLSWIRJSV
XLMWHSGYQIRXMWWMQMPEVXSXLEXEHSTXIHF]%'-'SQQMXXII
)ZIRXLSYKLLMKLWXVIRKXLGSRGVIXIMWHIJMRIHFEWIHSRE
XLVIWLSPHGSQTVIWWMZIWXVIRKXLXLIGSRGITXSJLMKLWXVIRKXL
MWVIPEXMZI8LIPMQMXEX[LMGLGSRGVIXIMWGSRWMHIVIHXSFI
LMKLWXVIRKXLHITIRHWPEVKIP]SRXLIPSGEXMSRMR[LMGLMXMW
FIMRKYWIH-RWSQIVIKMSRWWXVYGXYVIWEVIVSYXMRIP]HIWMKRIH
[MXL GSRGVIXI LEZMRK WTIGMJMIH GSQTVIWWMZI WXVIRKXLW SJ
 TWM  14E  SV LMKLIV [LIVIEW MR SXLIV VIKMSRW
GSRGVIXI[MXLEQYGLPS[IVWTIGMJMIHGSQTVIWWMZIWXVIRKXLMW
GSRWMHIVIHLMKLWXVIRKXL)WWIRXMEPP]XLIWXVIRKXLXLVIWLSPH
EX [LMGL GSRGVIXI MW GSRWMHIVIH LMKL WXVIRKXL HITIRHW SR
VIKMSREPJEGXSVWWYGLEWXLIGLEVEGXIVMWXMGWERHEZEMPEFMPMX]
SJVE[QEXIVMEPWTVSHYGXMSRGETEFMPMXMIWXIWXMRKGETEFMPMXMIW
ERHI\TIVMIRGISJXLIVIEH]QM\IHGSRGVIXIWYTTPMIV
-8+TVSHYGIHXLVIIHSGYQIRXW-8+MWEVIJIVIRGI
WTIGMJMGEXMSRXLEXGERFIGMXIHMRXLITVSNIGXWTIGMJMGEXMSRW
-8+6EHHVIWWIWQEXIVMEPWERHUYEPMX]GSRWMHIVEXMSRWXLEX
EVIXLIFEWMWJSVXLI-8+WTIGMJMGEXMSRERH-8+6XLMW
HSGYQIRXEHHVIWWIWWXVYGXYVEPHIWMKRERHHIXEMPMRK'IVXEMR
QSHMJMGEXMSRW SJ %'-  VIUYMVIQIRXW EVI TVSTSWIH MR
'LETXIVSJ-8+6
*VSQ E QEXIVMEPW TIVWTIGXMZI XLIVI EVI JI[ HMJJIVIRGIW
FIX[IIR XLI TVSTIVXMIW SJ LMKLWXVIRKXL GSRGVIXI YWIH MR
WIMWQMG ETTPMGEXMSRW ERH XLSWI SJ LMKLWXVIRKXL GSRGVIXI
YWIHMRRSRWIMWQMGETTPMGEXMSRWXLIVIJSVIXLIMRJSVQEXMSR
TVIWIRXIHMR-8+ERH-8+6MWKIRIVEPP]ETTPMGEFPIXS
EPPLMKLWXVIRKXLGSRGVIXI;LIRWTIGMEPGSRWMHIVEXMSRWEVI
[EVVERXIH HYI XS WIMWQMG ETTPMGEXMSRW XLI] EVI EHHVIWWIH
WTIGMJMGEPP] 9RPMOI -8+ ERH -8+6 QSWX SJ XLI
QEXIVMEP GSRXEMRIH MR -8+6 MW WTIGMJMG XS WIMWQMG
ETTPMGEXMSRWSJLMKLWXVIRKXLGSRGVIXIWXVYGXYVEPQIQFIVW
8LIMRJSVQEXMSRMR'LETXIVWXLVSYKLSJXLMWHSGYQIRX
MW TVIWIRXIH MR E VITSVX JSVQEX 'LETXIV  GSRXEMRW
WYKKIWXIHQSHMJMGEXMSRWXSHIWMKRERHHIXEMPMRKVIUYMVIQIRXW
MR%'-
7SQI XSTMGW WYGL EW GSQTVIWWMZI WXVIWW FPSGO ERH
GSRJMRIQIRXSJFIEQGSPYQRWEVIQSVIHIZIPSTIHXLERSXLIVW
FIGEYWIXLIVIMWWMKRMJMGERXP]QSVIPMXIVEXYVIEZEMPEFPISRXLIWI

-8+6

%'-'311-88))6)4368

XSTMGW*SVEPPXSTMGWEREXXIQTX[EWQEHIXSFIEWXLSVSYKLEW
TSWWMFPI MR WYQQEVM^MRK XLI QSWX VIPIZERX MRJSVQEXMSR
TIVXEMRMRK XS XLI HIWMKR SJ QIQFIVW [MXL LMKLWXVIRKXL
GSRGVIXI *SV XSTMGW [MXL PMQMXIH MRJSVQEXMSR MR XLI PMXIVE
XYVILS[IZIVVIGSQQIRHEXMSRW[IVIQEHI[MXLXLIMRXIRX
SJTVIZIRXMRKTSXIRXMEPP]YRWEJIHIWMKR
%FQE\
%GG
%GL
%GZ
%K
%WL
%WT
%WX
%WZ
%W[F
%W[[
%XI
%XV

%Z
%[
EZ

F
FG

',%48)6{238%8-32
! GVSWWWIGXMSREP EVIE SJ PEVKIWX FEV FIMRK
HIZIPSTIHSVWTPMGIHMRQQ
! GVSWWWIGXMSREP EVIE SJ WXVYGXYVEP QIQFIV
QIEWYVIH GIRXIVXSGIRXIV SJ XVERWZIVWI
VIMRJSVGIQIRXMRQQ
! GVSWWWIGXMSREP EVIE SJ WXVYGXYVEP QIQFIV
QIEWYVIHSYXXSSYXSJXVERWZIVWIVIMRJSVGIQIRX
MRQQ
! KVSWWEVIESJGSRGVIXIWIGXMSRFSYRHIHF][IF
XLMGORIWWERHPIRKXLSJWIGXMSRMRHMVIGXMSRSJ
WLIEVJSVGIGSRWMHIVIHMRQQ
! KVSWWEVIESJGSRGVIXIWIGXMSRMR QQ  *SV
LSPPS[WIGXMSR%K MWEVIESJGSRGVIXISRP]ERH
HSIWRSXMRGPYHIEVIESJZSMHW
! XSXEPGVSWWWIGXMSREPEVIESJXVERWZIVWIVIMRJSVGI
QIRXMRGPYHMRKGVSWWXMIW [MXLMRWTEGMRK WERH
TIVTIRHMGYPEVXSHMQIRWMSRFG MRQQ
! GVSWWWIGXMSREP EVIE SJ XVERWZIVWI VIMRJSVGI
QIRX GVSWWMRK TSXIRXMEP TPERI SJ WTPMXXMRK SJ
FEVWFIMRKHIZIPSTIHSVWTPMGIHMRQQ
! XSXEP EVIE SJ RSRTVIWXVIWWIH PSRKMXYHMREP
VIMRJSVGIQIRXFEVWSVWXIIPWLETIW MRQQ
! XSXEPEVIESJZIVXMGEPVIMRJSVGIQIRXMRWXVYGXYVEP
[EPPMRQQ
! XSXEPEVIESJZIVXMGEPVIMRJSVGIQIRXMRFSYRHEV]
IPIQIRXSJWXVYGXYVEP[EPPMRQQ
! XSXEPEVIESJZIVXMGEPVIMRJSVGIQIRXMR[IFSJ
WXVYGXYVEP [EPP I\GPYHMRK XLI FSYRHEV]
IPIQIRXWMRQQ
! WYQSJEVIEWSJXMIPIKWYWIHXSTVSZMHIPEXIVEP
WYTTSVXEKEMRWXFYGOPMRKJSVPSRKMXYHMREPFEVW
SJGSPYQRMRQQ
! XSXEP GVSWWWIGXMSREP EVIE SJ EPP XVERWZIVWI
VIMRJSVGIQIRX [MXLMR WTEGMRK W XLEX GVSWWIW
TSXIRXMEPTPERISJWTPMXXMRKXLVSYKLVIMRJSVGIQIRX
FIMRKHIZIPSTIHMRQQ
! EVIESJWLIEVVIMRJSVGIQIRX[MXLWTEGMRKWMR
QQ
! KVSWW GVSWWWIGXMSREP EVIE SJ WXVYGXYVEP [EPP
MRQQ
! WLIEV WTER IUYEP XS HMWXERGI JVSQ GIRXIV SJ
GSRGIRXVEXIHPSEHXSIMXLIVE JEGISJWYTTSVXJSV
GSRXMRYSYWSVGERXMPIZIVQIQFIVWSVF GIRXIVSJ
WYTTSVX JSV WMQTP] WYTTSVXIH QIQFIVW MR
QQ
! [MHXLSJGSQTVIWWMSRJEGISJQIQFIVMRQQ
! GVSWWWIGXMSREP HMQIRWMSR SJ GSPYQR GSVI
QIEWYVIH GIRXIVXSGIRXIV SJ SYXIV PIKW SJ
XVERWZIVWIVIMRJSVGIQIRXGSQTVMWMRKEVIE%WL
MRQQ

F[

G

G

GF

GG
GGF

!
!

GQE\
GQMR

!
!

GT
GW

!
!

GWJ[

GWM
GWS

!
!

(6PMQ
H

!
!

HF

HW

))T

)W

JG

JGS

!

JT
JTG

!
!

JW

[IF[MHXLSVHMEQIXIVSJGMVGYPEVWIGXMSRMR
QQ
HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS
RIYXVEPE\MWMRQQ
GQMRHF !WTEGMRKSVGSZIVHMQIRWMSRMR
QQ
HMQIRWMSRSJVIGXERKYPEVSVIUYMZEPIRXVIGXER
KYPEVGSPYQRGETMXEPSVFVEGOIXQIEWYVIHMR
HMVIGXMSRSJWTERJSV[LMGLQSQIRXWEVIFIMRK
HIXIVQMRIHMRQQ
HMQIRWMSRSJVIGXERKYPEVSVIUYMZEPIRXVIGXER
KYPEVGSPYQRGETMXEPSVFVEGOIXQIEWYVIHMR
HMVIGXMSRTIVTIRHMGYPEVXSGMRQQ
WQEPPIV SJ E  HMWXERGI JVSQ GIRXIV SJ FEV SV
[MVIXSRIEVIWXGSRGVIXIWYVJEGISVF SRILEPJ
GIRXIVXSGIRXIVWTEGMRKSJFEVWSV[MVIWFIMRK
HIZIPSTIHMRQQ
GPIEVGSZIVSJVIMRJSVGIQIRXMRQQ
PIEWXHMWXERGIJVSQWYVJEGISVVIMRJSVGIQIRXXS
XIRWMSRJEGIMRQQ
QE\MQYQSJGGF ERHGW  MRQQ
QMRMQYQGSZIVYWIHMRI\TVIWWMSRWJSVFSRH
WXVIRKXL SJ FEVW RSX GSRJMRIH F] XVERWZIVWI
VIMRJSVGIQIRX7QEPPIVSJGGFERHGWMRQQ
ZVJ]X JG !ZSPYQIXVMGGSRJMRIQIRXMRHI\
QMRMQYQSJGWSERHGWM MR?GWM
QQAMRQQ
JPI\YVEP WXVIWW MRHI\ JSV WXVYGXYVEP [EPP XLEX
VITVIWIRXW QIEWYVI SJ VEXMS SJ RIYXVEP E\MW
HITXLXSPIRKXLSJ[EPPMRQQ
SRILEPJSJGPIEVWTEGMRKFIX[IIRFEVWMRQQ
GPIEV WMHI GSRGVIXI GSZIV JSV VIMRJSVGMRK FEV
MRQQ
 PMQ LGSP !PMQMXMRKHVMJXVEXMS
HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS
GIRXVSMHSJPSRKMXYHMREPXIRWMSRVIMRJSVGIQIRX
MRQQ
RSQMREPHMEQIXIVSJFEV[MVISVTVIWXVIWWMRK
WXVERHMRQQ
RSQMREP HMEQIXIV SJ FEV YWIH EW XVERWZIVWI
VIMRJSVGIQIRXMRQQ
PSEH IJJIGXW SJ IEVXLUYEOI SV VIPEXIH MRXIVREP
QSQIRXWERHJSVGIW
?1GEPGz1I\T 1I\TA!TEVEQIXIVYWIH
XS GLEVEGXIVM^I EGGYVEG] SJ RSQMREP QSQIRX
WXVIRKXLSJGSPYQR
QSHYPYW SJ IPEWXMGMX] SJ VIMRJSVGIQIRX ERH
WXVYGXYVEPWXIIPTWM14E
WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM
14E
MRTPEGI WXVIRKXL SJ YRGSRJMRIH GSRGVIXI MR
GSPYQRWTWM14E SJXIREWWYQIHEWJG
4%K JG !E\MEPPSEHVEXMS
4%GL JG ! E\MEP PSEH VEXMS FEWIH SR EVIE SJ
GSRJMRIHGSVI
GEPGYPEXIH XIRWMPI WXVIWW MR VIMRJSVGIQIRX EX
WIVZMGIPSEHWTWM14E

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

JXP

JXX

JY

J]P

J]X

J]XP

J]XX

LE
LGSP
L[

!
!
!

L\

/XV

/XV

O

O

O

OGG

!

OH

!

ON

!

OW

!

PF

WXVIWW MQTSWIH SR GSRGVIXI F] GSQTVIWWMSR

JMIPHEWWSGMEXIH[MXLVIMRJSVGIQIRXSVMIRXIHMR
HMVIGXMSR TEVEPPIP XS JPI\YVEP VIMRJSVGIQIRX
PSGEXIHEXIHKISJGSQTVIWWMSRJMIPHTWM14E
WXVIWW MQTSWIH SR GSRGVIXI F] GSQTVIWWMSR
JMIPHEWWSGMEXIH[MXLVIMRJSVGIQIRXSVMIRXIHMR
HMVIGXMSRTIVTIRHMGYPEVXSJPI\YVEPVIMRJSVGIQIRX
PSGEXIHEXIHKISJGSQTVIWWMSRJMIPHTWM14E
QE\MQYQXIRWMPIWXVIWWXLEXGERFIHIZIPSTIH
MRFEV[MXLHIKVIILSSOTWM14E
WTIGMJMIH]MIPHWXVIRKXLSJPSRKMXYHMREPVIMRJSVGI
QIRXTWM14E
WTIGMJMIH]MIPHWXVIRKXLSJXVERWZIVWIVIMRJSVGI
QIRXTWM14E
WTIGMJMIH ]MIPHWXVIRKXL SJXVERWZIVWI VIMRJSVGI
QIRXSVMIRXIHTEVEPPIPXSJPI\YVEPVIMRJSVGIQIRX
PSGEXIHEXIHKISJYRMJSVQGSQTVIWWMSRJMIPH
TWM14E
WTIGMJMIH]MIPHWXVIRKXLSJXVERWZIVWIVIMRJSVGI
QIRX SVMIRXIH TIVTIRHMGYPEV XS JPI\YVEP
VIMRJSVGIQIRX PSGEXIH EX IHKI SJ YRMJSVQ
GSQTVIWWMSRJMIPHTWM14E
GSVI HMQIRWMSR TIVTIRHMGYPEV XS XVERWZIVWI
VIMRJSVGIQIRXTVSZMHMRKGSRJMRIQIRXQIEWYVIH
XSSYXWMHISJLSSTWMRQQ
XMIHITXLMRQQ
GPIEVGSPYQRLIMKLXMRQQ
LIMKLXSJIRXMVI[EPPJVSQFEWIXSXSTSVLIMKLX
SJWIKQIRXSJ[EPPGSRWMHIVIHMRQQ
QE\MQYQ GIRXIVXSGIRXIV LSVM^SRXEP WTEGMRK
SJGVSWWXMIWSVLSSTPIKWSREPPJEGIWSJGSPYQR
MRQQ
VEXMSSJMRXIVREPPIZIVEVQXSIJJIGXMZIHITXLSJ
FIEQ
%XV J]X WR  ! XVERWZIVWI VIMRJSVGIQIRX
MRHI\VIJIVXS%'-7IGXMSR
XH%XV WR JG  ! XVERWZIVWI VIMRJSVGIQIRX
MRHI\JSV'SQQMXXIIHIZIPSTQIRXPIRKXL
I\TVIWWMSRMRQQ
VEXMS SJ EZIVEKI XS QE\MQYQ WXVIWW MR
GSQTVIWWMSR^SRISJJPI\YVEPQIQFIV
VEXMS SJ HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR
JMFIV XS PSGEXMSR SJ GSQTVIWWMSR VIEGXMSR XS
HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS
PSGEXMSRSJRIYXVEPE\MWMRJPI\YVEPQIQFIV
VEXMSSJQE\MQYQWXVIWWMRGSQTVIWWMSR^SRI
SJJPI\YVEPQIQFIVXSG]PMRHIVWXVIRKXL
GSZIV JEGXSV MR GEPGYPEXMSR SJ HIZIPSTQIRX
PIRKXLSJLSSOIHFEVW
HIZIPSTQIRX PIRKXL JEGXSV MR GEPGYPEXMSR SJ
HIZIPSTQIRXPIRKXLSJLSSOIHFEVW
HIZIPSTQIRXPIRKXLERHPIZIVEVQJEGXSVMRGEPGY
PEXMSRSJHIZIPSTQIRXPIRKXLSJLSSOIHFEVW
XVERWZIVWI VIMRJSVGIQIRX FEV HMEQIXIV JEGXSV
JSVGEPGYPEXMSRSJHIZIPSTQIRXPIRKXLSJLSSOIH
FEVW
HMQIRWMSRSJPSEHMRKTPEXISVWYTTSVXMRE\MEP
HMVIGXMSRSJQIQFIVMRQQ

PH
PHL

PS
P[
1
1I\T
1RGSP
Q

R
R0
4
4S
W

WS
8F
8W
XH
:
:E

:EPP
:G
:R
:W
:XP

:XX

-8+6

HIZIPSTQIRXPIRKXLMRXIRWMSRSJHIJSVQIHFEV
HIJSVQIH [MVITPEMR SVHIJSVQIH [IPHIH [MVI
VIMRJSVGIQIRXSVTVIXIRWMSRIHWXVERHMRQQ
! HIZIPSTQIRX PIRKXL MR XIRWMSR SJ HIJSVQIH
FEV SV HIJSVQIH [MVI [MXL WXERHEVH LSSO
QIEWYVIHJVSQGVMXMGEPWIGXMSRXSSYXWMHIIRHSJ
LSSOMRQQ
! PIRKXLQIEWYVIHJVSQNSMRXJEGIEPSRKE\MWSJ
WXVYGXYVEPQIQFIVSZIV[LMGLWTIGMEPXVERWZIVWI
VIMRJSVGIQIRXQYWXFITVSZMHIHMRQQ
! PIRKXLSJIRXMVI[EPPSVPIRKXLSJWIKQIRXSJ[EPP
GSRWMHIVIHMRHMVIGXMSRSJWLIEVJSVGIMRQQ
! QE\MQYQ YRJEGXSVIH QSQIRX HYI XS WIVZMGI
PSEHWMRGPYHMRK4 IJJIGXWMRPF2QQ
! QIEWYVIH JPI\YVEP WXVIRKXL SJ GSPYQR MRPF
2QQ
! RSQMREP JPI\YVEP WXVIRKXL SJ GSPYQR MRPF
2QQ
! J]P JG !VEXMSSJRSQMREP]MIPHWXVIRKXLSJ
PSRKMXYHMREPVIMRJSVGIQIRXXSRSQMREPWXVIRKXL
SJGSRGVIXIMRGSPYQR
! RYQFIVSJFEVWFIMRKWTPMGIHSVHIZIPSTIHMR
TPERISJWTPMXXMRK
! RYQFIVSJPIKWSJVIMRJSVGIQIRXMRLSSTWERHXMIW
! YRJEGXSVIHE\MEPPSEHPF2
! RSQMREPE\MEPWXVIRKXLEX^IVSIGGIRXVMGMX]PF2
! GIRXIVXSGIRXIVWTEGMRKSJMXIQWWYGLEWPSRKM
XYHMREPVIMRJSVGIQIRXXVERWZIVWIVIMRJSVGIQIRX
TVIWXVIWWMRKXIRHSRW[MVIWSVERGLSVWMRQQ
! GIRXIVXSGIRXIVWTEGMRKSJXVERWZIVWIVIMRJSVGI
QIRX[MXLMRPIRKXLPSMRQQ
! XSXEPFSRHJSVGISJHIZIPSTIHSVWTPMGIHFEV
PF2
! WXIIPGSRXVMFYXMSRXSXSXEPFSRHJSVGIEHHMXMSREP
FSRHWXVIRKXLTVSZMHIHF]XVERWZIVWIWXIIPPF2
! XIVQVITVIWIRXMRKIJJIGXSJFEVWM^ISR8W
! QE\MQYQ YRJEGXSVIH WLIEV JSVGI EX WIVZMGI
PSEHWMRGPYHMRK4 IJJIGXWPF2
! RSQMREP WLIEV WXVIRKXL TVSZMHIH F] WXVYX
WTERRMRK FIX[IIR PSEH TSMRX ERH WYTTSVX MR
VIMRJSVGIHGSRGVIXIQIQFIVW[MXLWLIEVWTER
HITXLVEXMSWFIPS[PF2
! EPPS[EFPIWLIEVJSVGIYRHIVWIVZMGIPSEHWPF2
! RSQMREPWLIEVWXVIRKXLTVSZMHIHF]XLIGSRGVIXI
PF2
! RSQMREPWLIEVWXVIRKXLPF2
! RSQMREP WLIEV WXVIRKXL TVSZMHIH F] WLIEV
VIMRJSVGIQIRXPF2
! RSQMREP WLIEV WXVIRKXL TVSZMHIH F] YRMJSVQ
GSQTVIWWMSR JMIPH EWWSGMEXIH [MXL XVERWZIVWI
VIMRJSVGIQIRX SVMIRXIH TEVEPPIP XS JPI\YVEP
VIMRJSVGIQIRXPSGEXIHEXIHKISJGSQTVIWWMSR
JMIPHPF2
! RSQMREP WLIEV WXVIRKXL TVSZMHIH F] YRMJSVQ
GSQTVIWWMSR JMIPH EWWSGMEXIH [MXL XVERWZIVWI
VIMRJSVGIQIRXSVMIRXIHTIVTIRHMGYPEVXSJPI\YVEP
VIMRJSVGIQIRXPSGEXIHEXIHKISJGSQTVIWWMSR
JMIPHPF2

-8+6

ZGEPP
[WX


G
P

WL

WX
X


JG

RPWXVYX

RPXVYWW

WG

XE

PMQ
]MIPH
Y

GY
PMQ

%'-'311-88))6)4368

! EPPS[EFPIWLIEVWXVIWWMRGSRGVIXI
! WXVYX[MHXLMRQQ
! JEGXSV VIPEXMRK QEKRMXYHI SJ YRMJSVQ WXVIWW MR
IUYMZEPIRXVIGXERKYPEVGSQTVIWWMZIWXVIWWFPSGO
XSWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXI
! GSIJJMGMIRX HIJMRMRK VIPEXMZI GSRXVMFYXMSR SJ
GSRGVIXIXSRSQMREP[EPPWLIEVWXVIRKXL
! ERKPIFIX[IIRWXVYXWERHJPI\YVEPVIMRJSVGIQIRX
JSV E GSQTVIWWMSR JMIPH EWWSGMEXIH [MXL
XVERWZIVWIVIMRJSVGIQIRXSVMIRXIHMRHMVIGXMSR
TEVEPPIPXSJPI\YVEPVIMRJSVGIQIRX
!  ?1:H A !JEGXSVXSEGGSYRXJSV
IJJIGX SJ WLIEV WTERHITXL VEXMS SR EPPS[EFPI
WLIEVWXVIWWGEVVMIHF]GSRGVIXI
! WQEPPIWX ERKPI FIX[IIR WXVYX ERH XMIW XLEX MX
MRXIVWIGXWEXMXWRSHIW
! ERKPIFIX[IIRWXVYXWERHJPI\YVEPVIMRJSVGIQIRX
JSVGSQTVIWWMSRJMIPHEWWSGMEXIH[MXLXVERWZIVWI
VIMRJSVGIQIRXSVMIRXIHMRHMVIGXMSRTIVTIRHMGYPEV
XSJPI\YVEPVIMRJSVGIQIRX
! JEGXSVVIPEXMRKHITXLSJIUYMZEPIRXVIGXERKYPEV
GSQTVIWWMZIWXVIWWFPSGOXSRIYXVEPE\MWHITXL
! JEGXSV XS EGGSYRX JSV IJJIGX SJ GSRGVIXI
GSQTVIWWMZIWXVIRKXLSRIJJIGXMZIGSQTVIWWMZI
WXVIRKXLSJGSRGVIXIMRWXVYX
! JEGXSV XS EGGSYRX JSV IJJIGX SJ VITIEXIH PSEH
VIZIVWEPW MRXS RSRPMRIEV VERKI SJ VIWTSRWI SR
IJJIGXMZIGSQTVIWWMZIWXVIRKXLSJGSRGVIXIMRWXVYX
! JEGXSV XS EGGSYRX JSV IJJIGX SJ VITIEXIH PSEH
VIZIVWEPW MRXS RSRPMRIEV VERKI SJ VIWTSRWI SR
WLIEVWXVIRKXLEWWSGMEXIH[MXLGSQTVIWWMSRJMIPH
! JEGXSV XS EGGSYRX JSV IJJIGX SJ GVEGOMRK ERH
GSRJMRMRK VIMRJSVGIQIRX SR IJJIGXMZI
GSQTVIWWMZIWXVIRKXLSJGSRGVIXIMRWXVYX
! JEGXSV XS EGGSYRX JSV IJJIGX SJ PSEH VIZIVWEPW
GSRGVIXI GSQTVIWWMZI WXVIRKXL GSRJMRMRK
VIMRJSVGIQIRX ERH GVEGOMRK SR IJJIGXMZI
GSQTVIWWMZIWXVIRKXLSJGSRGVIXIMRWXVYX
! JEGXSV XS EGGSYRX JSV IJJIGX SJ MRXIVEGXMSR
FIX[IIRXVYWWERHEVGLQIGLERMWQWSRIJJIGXMZI
GSQTVIWWMZIWXVIRKXLSJGSRGVIXIMRWXVYX
! JEGXSVXSEGGSYRXJSVIJJIGXSJERKPISJMRGPMREXMSR
SJWXVYX W SRIJJIGXMZIGSQTVIWWMZIWXVIRKXLSJ
GSRGVIXIMRWXVYX
! VEXMS SJ QIER GSRGVIXI GSQTVIWWMZI WXVIWW
GSVVIWTSRHMRKXSQE\MQYQE\MEPPSEHVIWMWXIH
F] GSRGIRXVMGEPP] PSEHIH GSPYQR XS WTIGMJMIH
GSQTVIWWMZIWXVIRKXLSJGSRGVIXI
! PEXIVEPHVMJXGSVVIWTSRHMRKXS VIHYGXMSRMR
PEXIVEPVIWMWXERGIMRQQ
! PEXIVEP HVMJX GSVVIWTSRHMRK XS ]MIPHMRK SJ
PSRKMXYHMREPVIMRJSVGIQIRXMRQQ
! HIWMKRHMWTPEGIQIRXMRQQ
! TVMRGMTEPXIRWMPIWXVEMRMRWXVYX
! QE\MQYQWXVEMREXI\XVIQIGSQTVIWWMSRJMFIV
EXSRWIXSJGVYWLMRKSJGSRGVIXI
! GSRGVIXI WXVEMR EX I\XVIQI GSQTVIWWMSR JMFIV
GSVVIWTSRHMRKXSPMQMXWXEXIFIMRKGSRWMHIVIH

S
W
]
PMQ
Y
]
ZN
T

T
EVIE

XG

XP

XX

ZSP

ZV

[X
G

I
W
X

!
!
!
!
!
!

WXVEMRMRGSRGVIXI[LIRMXVIEGLIWTIEOWXVIWW
WXVEMRHIQERHSRVIMRJSVGIQIRX
WXVEMRMRVIMRJSVGIQIRXEX]MIPH
WXVIRKXLVIHYGXMSRJEGXSV
PMQMXMRKGYVZEXYVISJVIMRJSVGIHGSRGVIXI[EPP
GYVZEXYVIEXPMQMX WXEXISJVIMRJSVGIHGSRGVIXI
WIGXMSR
! GYVZEXYVIEX]MIPHMRKSJJPI\YVEPVIMRJSVGIQIRX
SJVIMRJSVGIHGSRGVIXIWIGXMSR
! NSMRXWLIEVGSIJJMGMIRX
! JEGXSVXSEGGSYRXJSVIJJIGXSJE\MEPPSEHVEXMS
SR WXVIRKXLSJGSQTVIWWMSRJMIPHWYFNIGXIH XS
VITIEXIHPSEHVIZIVWEPWMRXSRSRPMRIEVVERKISJ
VIWTSRWI
!  PMQ  ]MIPH !HMWTPEGIQIRXHYGXMPMX]VEXMS
! I\TIGXIH VSXEXMSR MR TPEWXMG LMRKI VIKMSR SJ
JPI\YVEPQIQFIVVEHMERW
! VEXMSSJEVIESJHMWXVMFYXIHXVERWZIVWIVIMRJSVGI
QIRX %WL XSKVSWWEVIESJGSRGVIXITIVTIRHMGYPEV
XSXLEXVIMRJSVGIQIRXMRQIQFIVW[MXLVIGXMPMRIEV
ERHGMVGYPEVXVERWZIVWIVIMRJSVGIQIRX
! VEXMSSJEVIESJHMWXVMFYXIHPSRKMXYHMREPVIMRJSVGI
QIRX XS KVSWW GSRGVIXI EVIE TIVTIRHMGYPEV XS
XLEXVIMRJSVGIQIRX
! VEXMSSJZSPYQISJWTMVEPVIMRJSVGIQIRXXSXSXEP
ZSPYQI SJ GSVI GSRJMRIH F] WTMVEP QIEWYVIH
SYXXSSYXSJWTMVEPW
! VEXMSSJEVIESJHMWXVMFYXIHXVERWZIVWIVIMRJSVGI
QIRX XS KVSWW GSRGVIXI EVIE TIVTIRHMGYPEV XS
XLEXVIMRJSVGIQIRX
! %WL FGW!VEXMSSJEVIESJHMWXVMFYXIHXVERWZIVWI
VIMRJSVGIQIRX %WLXSEVIESJGSVITIVTIRHMGYPEV
XSXLEXXVERWZIVWIVIMRJSVGIQIRX
! VEXMS SJ EVIE SJ HMWXVMFYXIH VIMRJSVGIQIRX
SVMIRXIHMRHMVIGXMSRTEVEPPIPXSJPI\YVEPVIMRJSVGI
QIRXSJGSQTVIWWMSRJMIPHXSKVSWWGSRGVIXIEVIE
TIVTIRHMGYPEVXSXLEXVIMRJSVGIQIRX
! VEXMS SJ EVIE SJ HMWXVMFYXIH VIMRJSVGIQIRX
SVMIRXIH MR HMVIGXMSR TIVTIRHMGYPEV XS JPI\YVEP
VIMRJSVGIQIRX SJ GSQTVIWWMSR JMIPH XS KVSWW
GSRGVIXIEVIETIVTIRHMGYPEVXSXLEXVIMRJSVGIQIRX
! VEXMS SJ ZSPYQI SJ VIGXMPMRIEV SV GMVGYPEV
XVERWZIVWI VIMRJSVGIQIRX XS ZSPYQI SJ GSVI
GSRJMRIHF]XLEXXVERWZIVWIVIMRJSVGIQIRX
! VEXMS SJ ZSPYQI SJ VIGXMPMRIEV XVERWZIVWI
VIMRJSVGIQIRXXSZSPYQISJGSVIGSRJMRIHF]
XLEXXVERWZIVWIVIMRJSVGIQIRX
! VEXMSSJXSXEPEVIESJZIVXMGEPVIMRJSVGIQIRXXS
KVSWWEVIESJWXVYGXYVEP[EPP
! GQE\GQMR  !JEGXSVXSEGGSYRX
JSV VEXMS SJ QE\MQYQ XS QMRMQYQ GSZIV SR
HIZIPSTQIRXPIRKXLSJWXVEMKLXFEV
! JEGXSV YWIH XS QSHMJ] HIZIPSTQIRX PIRKXL
FEWIHSRVIMRJSVGIQIRXGSEXMRK
! JEGXSV YWIH XS QSHMJ] HIZIPSTQIRX PIRKXL
FEWIHSRVIMRJSVGIQIRXWM^I
! JEGXSV YWIH XS QSHMJ] HIZIPSTQIRX PIRKXL
FEWIHSRVIMRJSVGIQIRXPSGEXMSR

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

',%48)6{()*-2-8-327
EVIE XVERWZIVWIVIMRJSVGIQIRX VEXMS{VEXMSSJ XLIEVIE
SJXVERWZIVWIVIMRJSVGIQIRXGVSWWIHF]ETPERITIVTIRHMGYPEV
XSXLIPIKWSJXLIXVERWZIVWIVIMRJSVGIQIRXXSXLIEVIESJ
VIMRJSVGIHGSRGVIXIEPSRKXLEXTPERI
E\MEP PSEH VEXMS{VEXMS SJ E\MEP PSEH XS XLI TVSHYGX SJ
GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI ERH XLI KVSWW EVIE SJ
GSRGVIXIGVSWWWIGXMSR
GSRJMRIQIRXMRHI\{TVSHYGXSJXVERWZIVWIVIMRJSVGIQIRX
VEXMSIMXLIVF]EVIESVF]ZSPYQI ERHXLI]MIPHWXVIRKXLSJ
XLI XVERWZIVWI VIMRJSVGIQIRX HMZMHIH F] XLI GSQTVIWWMZI
WXVIRKXLSJGSRGVIXI
GYVZEXYVI HYGXMPMX] VEXMS{VEXMS SJ QIER GYVZEXYVI EX
JEMPYVIMRXLITPEWXMGLMRKIPIRKXLXSGYVZEXYVIEXXLISRWIXSJ
WIGXMSR]MIPHMRK-RXLIGEWISJVIMRJSVGIHGSRGVIXIGSPYQRW
XLI QENSVMX] SJ VIWIEVGLIVW VIJIVIRGIH MR XLMW HSGYQIRX
HIJMRIJEMPYVIEWE VIHYGXMSRMRPEXIVEPPSEHVIWMWXERGI
HMWTPEGIQIRX HYGXMPMX] VEXMS{VEXMS SJ HMWTPEGIQIRX EX
JEMPYVIXSHMWTPEGIQIRXEXXLISRWIXSJQIQFIV]MIPHMRK-R
XLI GEWI SJ VIMRJSVGIH GSRGVIXI GSPYQRW XLI QENSVMX] SJ
VIWIEVGLIVWVIJIVIRGIHMRXLMWHSGYQIRXHIJMRIJEMPYVIEWE
 VIHYGXMSRMRPEXIVEPPSEHVIWMWXERGI
HYGXMPMX]{EFMPMX] SJ E VIMRJSVGIH GSRGVIXI QIQFIV XS
QEMRXEMRMXWWXVIRKXL[LIRWYFNIGXIHXSVITIEXIHPSEHVIZIVWEPW
FI]SRHXLIPMRIEVVERKISJVIWTSRWI
MRXIVWXSV] HVMJX{VIPEXMZI PEXIVEP HMWTPEGIQIRX FIX[IIR
X[S EHNEGIRX WXSVMIW SJ E FYMPHMRK MQTSWIH F] XLI HIWMKR
IEVXLUYEOI
MRXIVWXSV] HVMJX VEXMS{VEXMS SJ MRXIVWXSV] HVMJX XS WXSV]
LIMKLX
OMPPIHWXIIP{WXIIPQEHIF]GSQTPIXIP]VIQSZMRKSVX]MRK
YT XLI S\]KIR MR XLI PMUYMH WXIIP XLVSYKL XLI EHHMXMSR SJ
IPIQIRXW WYGL EW EPYQMRYQ SV WMPMGSR FIJSVI XLI MRKSX
WSPMHMJMIW[MXLXLISFNIGXMZISJEGLMIZMRKQE\MQYQYRMJSVQMX]
MRXLIWXIIP
PMQMXMRK HVMJX{HVMJX GSVVIWTSRHMRK XS E   VIHYGXMSR MR
PEXIVEPPSEHVIWMWXERGISJEVIMRJSVGIHGSRGVIXIQIQFIVWYFNIGXIH
XSPSEHVIZIVWEPW[MXLMRGVIEWMRKQE\MQYQHMWTPEGIQIRXW
PMQMXMRK HVMJX VEXMS{VEXMS SJ PMQMXMRK HVMJX XS GSPYQR
LIMKLX
PMQMXMRKWXVEMR{QE\MQYQWXVEMREXXLII\XVIQIGSRGVIXI
GSQTVIWWMSR JMFIV SJ E JPI\YVEP QIQFIV EX XLI SRWIX SJ
GSRGVIXIGVYWLMRK GY
ZSPYQIXVMGXVERWZIVWIVIMRJSVGIQIRXVEXMS{VEXMSSJ XLI
ZSPYQISJXVERWZIVWIVIMRJSVGIQIRXGSRJMRMRKXLIGSRGVIXI
GSVI SJ E TSXIRXMEP TPEWXMG LMRKI VIKMSR XS XLI ZSPYQI SJ
GSRGVIXIMRWMHIXLIGSRJMRIHGSVI
',%48)6{()7-+2*36*0)<96%0
%2(%<-%003%(797-2+)59-:%0)28
6)'8%2+90%6786)77&03'/
-X MW GSQQSR TVEGXMGI JSV WXVYGXYVIW EWWMKRIH XS E LMKL
7IMWQMG(IWMKR'EXIKSV]7(' XSTVSTSVXMSRXLIQENSVMX]
SJXLIWXVYGXYVEPIPIQIRXWSJXLIPEXIVEPJSVGIVIWMWXMRKW]WXIQ
WS XLEXXLIE\MEP PSEH HIQERHVIQEMRWFIPS[XLIFEPERGIH
E\MEPPSEH*SVXLIWIIPIQIRXWZEVMEXMSRWMRXLIWLETISJXLI
WXVIWW FPSGO VIPEXIH XS XLI GSQTVIWWMZI WXVIRKXL SJ XLI
GSRGVIXI HS RSX LEZI E WMKRMJMGERX IJJIGXSR XLI GEPGYPEXIH

-8+6

WXVIRKXL8LIVIEVIMRWXERGIWLS[IZIVMR[LMGLMXMWHMJJMGYPX
JSVIRKMRIIVWXSEZSMHTVSTSVXMSRMRKGSPYQRW[MXLLMKLE\MEP
PSEHHIQERHWWYGLEWPS[IVWXSV]GSPYQRWMRXEPPFYMPHMRKW
PS[IVWXSV] GSPYQRW MR REVVS[ QSQIRXVIWMWXMRK JVEQIW
ERHGSPYQRWWYTTSVXMRKXLIIRHWSJHMWGSRXMRYSYW[EPPW*SV
XLIWI IPIQIRXW XLI WLETI SJ XLI WXVIWW FPSGO QE] LEZI E
WMKRMJMGERXIJJIGXSRXLIIWXMQEXIHWXVIRKXL8LIWXVIWWFPSGO
JSVQIQFIVW[MXLLMKLWXVIRKXLGSRGVIXIMWEPWSEGSRGIVRMR
QSHIVEXIWIMWQMGETTPMGEXMSRW-RXLIWIGEWIWWXVYGXYVIWEVI
TVSTSVXMSRIHJSVWIMWQMGIZIRXWXLEXMQTSWIPS[IVJSVGIERH
HIJSVQEXMSRHIQERHWXLERLMKLWIMWQMGETTPMGEXMSRWEPPS[MRK
XLIYWISJQSVIWPIRHIVGSPYQRW
8LI EGGYVEG] SJ XLI WXVIWW FPSGO MW SJ GSRGIVR MR IEVXL
UYEOIVIWMWXERX HIWMKR FIGEYWI SZIVIWXMQEXMRK XLI JPI\YVEP
WXVIRKXL SJ GSPYQRW PIEHW XS SZIVIWXMQEXMRK XLI VEXMSW SJ
GSPYQRXSFIEQ QSQIRX WXVIRKXLW [LMGL MRGVIEWIW XLI
TVSFEFMPMX]SJLMRKMRKMRXLIGSPYQRWHYIXSXLIHIZIPSTQIRX
SJEWXVSRKFIEQ[IEOGSPYQRQIGLERMWQ
%PXLSYKLXLIWXVIWWWXVEMRGLEVEGXIVMWXMGWSJLMKLWXVIRKXL
GSRGVIXI EVI HMJJIVIRX JVSQ XLSWI SJ RSVQEPWXVIRKXL
GSRGVIXI XLIVI MW RS [IPPHIJMRIH GSQTVIWWMZI WXVIRKXL
FSYRHEV]FIX[IIRXLIX[SXLIVIMWMRWXIEHEKVEHYEPGLERKI
[MXL MRGVIEWMRK GSRGVIXI WXVIRKXLW %'- -RRSZEXMSR 8EWO
+VSYT    8LI EWGIRHMRK FVERGL SJ XLI WXVIWWWXVEMR
VIPEXMSRWLMTMWWXIITIVJSVLMKLIVWXVIRKXLGSRGVIXIWMRHMGEXMRK
LMKLIV IPEWXMG QSHYPYW -X GLERKIW JVSQ ETTVS\MQEXIP] E
WIGSRHSVHIV TEVEFSPE JSV GSRGVIXIW [MXLMR XLI RSVQEP
WXVIRKXL VERKI XS EPQSWX E WXVEMKLX PMRI EW XLI WXVIRKXL
ETTVSEGLIWTWM14E [LMGLQE]FIGSRWMHIVIH
EW XLIPMQMXJSVLMKLWXVIRKXL GSRGVIXI QEHI [MXL SVHMREV]
PMQIWXSRIEKKVIKEXIW8LIWXVEMREXTIEOGSRGVIXIWXVIWW S
MRGVIEWIW [MXL WXVIRKXL EW [IPP ZEV]MRK ETTVS\MQEXIP]
FIX[IIRERHJSVXSTWMERH
14E GSRGVIXIVIWTIGXMZIP]*EMPYVIFIGSQIWQSVIWYHHIR
ERH FVMXXPI EW XLI GSRGVIXI WXVIRKXL MRGVIEWIW ERH YRPSEHMRK
FI]SRH XLITIEO FIGSQIW QSVI VETMH-R WYQQEV]GSRGVIXI
FIGSQIWQSVIVMKMHERHQSVIFVMXXPI[MXLMRGVIEWMRKWXVIRKXL
7IZIVEPVIWIEVGLIVWHIZIPSTIHGSRWXMXYXMZIQSHIPWJSVXLI
WXVIWWWXVEMR VIPEXMSRWLMT SJ GSRGVIXI XLEX EVI ETTPMGEFPI XS
LMKLWXVIRKXL GSRGVIXI [MXL TVSTIV EHNYWXQIRXW XS XLI
KSZIVRMRK TEVEQIXIVW 4STSZMGW  =SRK IX EP 
,WY ERH ,WY  %^M^MREQMRM IX EP  'YWWSR ERH
4EYPXVI   )\TVIWWMSRW ETTPMGEFPI WTIGMJMGEPP] XS LMKL
WXVIRKXLGSRGVIXILEZIEPWSFIIRHIZIPSTIH1EVXMRI^IXEP
*EJMXMWERH7LEL&NIVOIPMIXEP1YKYVYQE
ERH;EXEREFI0M 
1IQFIVW WYFNIGXIH XS YRMJSVQ GSQTVIWWMSR EXXEMR XLIMV
QE\MQYQ WXVIRKXL [LIR GSRGVIXI VIEGLIW E WXVEMR PIZIP
GSVVIWTSRHMRK XS TIEO WXVIWW S 9RHIV E WXVEMR KVEHMIRX
QE\MQYQ WXVIRKXL MW EXXEMRIH EX ER I\XVIQI GSQTVIWWMZI
JMFIVWXVEMRLMKLIVXLERXLEXEXTIEOWXVIWW PMQ,SKRIWXEH
 8LMWZEPYIGLERKIW[MXLXLIKISQIXVMGWLETISJXLI
GSQTVIWWMSR ^SRI ERH QE] EPWS ZEV] WMKRMJMGERXP] [MXL
GSRGVIXIWXVIRKXLERHGSRJMRIQIRX%JXIVXLIPMQMXMRKWXVEMR
LEWFIIRIWXEFPMWLIHXLIWIGXMSREPWXVIRKXLGERFIGSQTYXIH
F] IZEPYEXMRK MRXIVREP JSVGIW MRGPYHMRK XLI GSQTVIWWMZI
JSVGI MR XLI GSRGVIXI 8LI QEKRMXYHI SJ XLI GSQTVIWWMZI
JSVGI MR XLI GSRGVIXI GER FI IWXEFPMWLIH F] VIP]MRK SR XLI

-8+6

%'-'311-88))6)4368

*MK{4EVEQIXIVWJSVVIGXERKYPEVWXVIWWFPSGO
EWWYQTXMSR XLEX TPERI WIGXMSRW VIQEMR TPERI EJXIV FIRHMRK
ERHF]GEPGYPEXMRKXLIWXVIWWIWGSVVIWTSRHMRKXSXLIWXVEMRWMR
XLI GSQTVIWWMSR ^SRI JVSQ XLI WXVIWWWXVEMR VIPEXMSRWLMT
&IGEYWI MX MW GYQFIVWSQI XS YWI E RSRPMRIEV WXVIWWWXVEMR
VIPEXMSRWLMT%'-TVSZMHIWERIUYMZEPIRXWXVIWWFPSGO
JSVIEWIMRHIWMKRGEPGYPEXMSRW8LMWWXVIWWFPSGOMWHIVMZIH
WYGL XLEX FSXL XLI EVIE YRHIV XLI EGXYEP RSRPMRIEV WXVIWW
HMWXVMFYXMSR JSVGI  ERH XLI GIRXVSMH SJ XLMW EVIE TSMRX SJ
ETTPMGEXMSRSJJSVGI GSVVIWTSRHXSXLSWISJXLIWXVIWWFPSGO
EWGPSWIP]EWTSWWMFPI8LIWXVIWWFPSGOEHSTXIHF]%'-
MW SJ VIGXERKYPEV KISQIXV] 3XLIV IUYMZEPIRX WXVIWW FPSGOW
[MXLZEVMSYWHMJJIVIRXWLETIWWYGLEWXVMERKYPEVERHXVETI
^SMHEP LEZI FIIR TVSTSWIH MR XLI PMXIVEXYVI % LMWXSVMGEP
VIZMI[SJXLMWXSTMGLEWFIIRTVIWIRXIHF],SKRIWXEH 
{4EVEQIXIVWSJIUYMZEPIRXVIGXERKYPEV
WXVIWWFPSGO
8LIGSPYQRHIWMKRTVSZMWMSRWSJ%'-EVIFEWIHSR
ERI\XIRWMZIGSPYQRMRZIWXMKEXMSRGSRHYGXIHNSMRXP]F]XLI
9RMZIVWMX] SJ -PPMRSMW 0ILMKL 9RMZIVWMX] ERH %'- 8LI
MRMXMEPVIWYPXWSJXLIWXYH][IVITYFPMWLIHMR7PEXIVERH
0]WIEF [MXLEQSVIGSQTVILIRWMZIJSPPS[YTVITSVX
MR  6MGLEVX ERH &VS[R   7YFWIUYIRXP]
,SKRIWXEH GSRHYGXIHEPEVKIRYQFIVSJGSPYQRXIWXW
ERHHIZIPSTIHXLITEVEQIXIVWJSVEVIGXERKYPEVWXVIWWFPSGO
*MKYVIWLS[WXLITEVEQIXIVWXLEXHIJMRIXLIIUYMZEPIRX
VIGXERKYPEVWXVIWWFPSGOEGGSVHMRKXS%'-%TEVEFSPMG
WXVIWWHMWXVMFYXMSRWLS[RMR*MKF VIWYPXWMRZEPYIWSJ
O!  ! ERHO! !O %PMRIEV
WXVIWWHMWXVMFYXMSR]MIPHWZEPYIWSJ O! !
ERH O! !O %'-WXMTYPEXIWXLEXXLI
EZIVEKIWXVIWWJEGXSV MWRSXWIRWMXMZIXSGSQTVIWWMZIWXVIRKXL
ERHVIQEMRWGSRWXERXEX[LMPIXLI JEGXSVHIGVIEWIW
JVSQOO! JSVEGSQTVIWWMZIWXVIRKXLSJ
TWM  14E  XS  OO !   JSV E GSQTVIWWMZI
WXVIRKXLSJTWM14E %GGSVHMRKXS%'-XLI
WXVEMREXXLII\XVIQIGSQTVIWWMSRJMFIVMRXLIGSRGVIXIEXXLI
SRWIXSJGVYWLMRKMW*MKE 
*EWGLMRK ERH *VIRGL   TVIWIRXIH E WYQQEV] SJ
WIZIVEPTVSTSWEPWJSVQSHMJ]MRKXLITEVEQIXIVWSJXLIIUYMZEPIRX

*MK{:EVMEXMSRSJO[MXLGSRGVIXIWXVIRKXL3^FEOOEPSKPY
ERH7EEXGMSKPY 
VIGXERKYPEV WXVIWW FPSGO JSV LMKLWXVIRKXL GSRGVIXI 8LI]
VITSVXIHEZIVEKIZEPYIWSJO! ! ERHOO
!    !   JVSQ XIWXW SJ 'WLETIH WTIGMQIRW
GSPYQR WTIGMQIRW MR [LMGL E\MEP PSEH ERH FIRHMRK EVI
MRHYGIH F] ETTP]MRK E PSEH IGGIRXVMGEPP] EX FSXL IRHW  F]
WIZIVEPVIWIEVGLIVWMR[LMGLGSQTVIWWMZIWXVIRKXLWZEVMIH
JVSQXSTWMXS14E 8LIEJSVIQIRXMSRIH
ZEPYIWEVIZIV]GPSWIXSXLSWIGSVVIWTSRHMRKXSETEVEFSPMG
HMWXVMFYXMSR 7TIGMQIRW [MXL LMKLIV WXVIRKXLW XIWXIH F]
-FVELMQ ERH 1EG+VIKSV  E  [MXL GSRGVIXI
GSQTVIWWMZIWXVIRKXLWVERKMRKFIX[IIRERHTWM
XS14E LEHZEPYIWSJO! ! ERH
OO! ! GPSWIXSXLSWIGSVVIWTSRHMRKXSE
PMRIEV HMWXVMFYXMSR 3^FEOOEPSKPY ERH 7EEXGMSKPY 
WYQQEVM^IHXLIZEVMEXMSRSJI\TIVMQIRXEPP]SFXEMRIHZEPYIW
JSV O ERH XLI TVSHYGX OO [MXL GSRGVIXI GSQTVIWWMZI
WXVIRKXL 8LI] EPWS TVIWIRXIH E GSQTEVMWSR [MXL ZEVMSYW
HIWMKRI\TVIWWMSRWMRGPYHMRKXLSWISJ%'-ERH'7%
%'EREHMER7XERHEVHW%WWSGMEXMSR 8LIWIEVI
WLS[RMR*MKERHERHMRHMGEXIEKVEHYEPVIHYGXMSRMR
OERHOO[MXLMRGVIEWMRKGSRGVIXIWXVIRKXL

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

;LMPIXLITVSHYGXSJXLIXIVQWOERHOMWSJXIRYWIHEWE
WMRKPITEVEQIXIVMRXLIJSVQYPEXMSRSJERIUYMZEPIRXVIGXER
KYPEV WXVIWW FPSGO VIWIEVGLIVW MR XLI TEWX MHIRXMJMIH XLI
ZEPYIW JSV O WITEVEXIP] 8LI TEVEQIXIV O VITVIWIRXW XLI
VEXMS SJ XLI MRTPEGI WXVIRKXL SJ GSRGVIXI MR E WXVYGXYVEP
QIQFIVXSXLIGSQTVIWWMZIWXVIRKXLQIEWYVIHYWMRKWXERHEVH
G]PMRHIVXIWXW7EEXGMSKPYIXEP VITSVXIHZEPYIWSJXLI
O JEGXSV JSV LMKLWXVIRKXL GSRGVIXI QIEWYVIH F] WIZIVEP
VIWIEVGLIVW JSV YRGSRJMRIH GSRGVIXI QIQFIVW WYFNIGXIH XS
GSRGIRXVMG PSEHMRK 8[S  MR  QQ  WUYEVI GSPYQRW
[MXLGSQTVIWWMZIWXVIRKXLWSJERHTWMERH
 14E  XIWXIH F] 7EEXGMSKPY ERH 6E^ZM   LEH O
JEGXSVW SJ  ERH  VIWTIGXMZIP] 8LI EZIVEKI ZEPYI
VITSVXIHF]'YWWSRERH4EYPXVI [EWJSVGSPYQRW
[MXLGSQTVIWWMZIWXVIRKXLWSJTWM14E 8IWXWF]
=SRK IX EP   MRHMGEXIH ZEPYIW SJ  ERH  JSV
GSQTVIWWMZIWXVIRKXLWSJERHTWMERH
 14E  VIWTIGXMZIP] 7YR ERH 7EOMRS   SFXEMRIH
ZEPYIWSJERHJSVGSQTVIWWMZIWXVIRKXLWSJ 
ERHTWMERH14E VIWTIGXMZIP]7EEXGMSKPY
ERH 6E^ZM   MRHMGEXIH XLEX WMQMPEV ZEPYIW SJ O [IVI
SFXEMRIHYRHIVIGGIRXVMGPSEHMRK
3XLIVXIWXWTIVJSVQIHXSQIEWYVIXLIZEPYISJOMRGPYHI
XLSWIF]-FVELMQERH1EG+VIKSVF /EEVIXEP
 7GLEHI ERH7[EVX^IXEP 8LIEJSVI
QIRXMSRIH WIVMIW SJ XIWXW VIWYPXIH MR EZIVEKI O ZEPYIW SJ
   ERH  VIWTIGXMZIP] -FVELMQ ERH
1EG+VIKSVF VITSVXIHQIEROZEPYIWSJ
JSVWTIGMQIRW[MXLGSRGVIXIGSQTVIWWMZIWXVIRKXLWFIX[IIR
ERHTWMERH14E ERHJSVWTIGM
QIRW [MXL LMKLIV GSQTVIWWMZI WXVIRKXLW VERKMRK FIX[IIR
ERHTWMERH14E 
{7XVIWWMRXIRWMX]JEGXSV 
%GGSVHMRK XS *EWGLMRK ERH *VIRGL   I\TIVMQIRXEP
VIWYPXWWLS[XLEXXLIRSQMREPWXVIRKXLSJFIEQWGEPGYPEXIH
YWMRKXLIWXVIWWMRXIRWMX]JEGXSV SJ%'-MWGSRWIV
ZEXMZIJSVLMKLWXVIRKXLGSRGVIXI(EXEVITSVXIHF]/EEVIX
EP LEHEQIERZEPYISJ !ERHXLIHEXEVITSVXIH
F]7[EVX^IXEP LEHEQIERZEPYISJ  !
-FVELMQERH1EG+VIKSVE GSRHYGXIHI\XIRWMZI
XIWXWSJGSRGIRXVMGEPP]ERHIGGIRXVMGEPP]PSEHIHLMKLWXVIRKXL
GSRGVIXIGSPYQRWERHHIZIPSTIHERI\TVIWWMSRJSV 8LI]
JSYRHPS[IVWXVIWWMRXIRWMX]JEGXSVWMRGSRGIRXVMGEPP]PSEHIH
GSPYQRW[LMGLVIWYPXIHMRXLIJSPPS[MRKI\TVIWWMSRJSVXLI
WXVIWWMRXIRWMX]JEGXSV

J G
!  z 




!  z J G

  JG MRTWM



  JG MR14E

8LIIUYEXMSRF]-FVELMQERH1EG+VIKSV[EWYWIHEWXLI
FEWMWJSVXLI'EREHMER7XERHEVH'7%%'EREHMER
7XERHEVHW%WWSGMEXMSR [LIVIXLIZEPYISJXLIWXVIWW
MRXIRWMX]JEGXSVMW

-8+6

*MK {:EVMEXMSR SJ OO [MXL GSRGVIXI WXVIRKXL

3^FEOOEPSKPYERH7EEXGMSKPY 

J G
!  z 






!  z J G

 JG MRTWM



  JG MR14E

4EVOIXEP HIWGVMFIHXLIFEGOKVSYRHGSRWMHIVEXMSRW

SJXLI2>7HIWMKRTVSZMWMSRW7XERHEVHW%WWSGM
EXMSR SJ 2I[ >IEPERH   VIKEVHMRK XLI WLETI SJ XLI
IUYMZEPIRXVIGXERKYPEVWXVIWWFPSGO[LMGLMWZIV]WMQMPEVXS
XLEXYWIHMR%'-%WWXEXIHTVIZMSYWP]JSVEPMRIEV
WXVIWWHMWXVMFYXMSRXLIIUYMZEPIRXVIGXERKYPEVWXVIWWFPSGOLEW
ZEPYIWSJO! ! ERHO! !O 8LI
JSPPS[MRKI\TVIWWMSRJSVXLIWXVIWWJEGXSVMW YWIHMRXLI2I[
>IEPERH 7XERHEVH [LMGL MW GPSWI XS XLEX GSVVIWTSRHMRK XS E
PMRIEVWXVIWWHMWXVMFYXMSRJSVLMKLWXVIRKXLGSRGVIXI
!JSVJG

TWM14E

  JG z 

!z 



JSVJG "JG MRTWM

!zJG z 




JSVJG " JG MR14E

%^M^MREQMRMIXEP MRZIWXMKEXIHGSPYQRWWYFNIGXIH

XSE\MEPPSEHERHJPI\YVIERHSFWIVZIHXLEXXLI%'-
IUYMZEPIRXWXVIWWFPSGOVIWYPXIHMRGSRWIVZEXMZIIWXMQEXIWSJ
WXVIRKXLJSVGSPYQRW[MXLRSVQEPWXVIRKXLGSRGVIXI[LMPIMX
SZIVIWXMQEXIH XLI WXVIRKXL SJ GSPYQRW [MXL LMKLWXVIRKXL
GSRGVIXI &EWIH SR XLMW SFWIVZEXMSR XLI] VIGSQQIRHIH
QEMRXEMRMRKXLIZEPYISJ !JSVJG TWM14E
ERH GLERKMRK MX JSV JG  "  TWM  14E  YWMRK XLI
JSPPS[MRKI\TVIWWMSR
  J G z 


!z 

JSVJG "JG MRTWM

!zJG z 



JSVJG "JG MR14E

&EI ERH &E]VEO   HIZIPSTIH E TVSTSWEP FEWIH SR

WXVIWWWXVEMR VIPEXMSRWLMTW JSV LMKLWXVIRKXL GSRGVIXI 8LI

-8+6

%'-'311-88))6)4368

% WMQMPEV GSRGPYWMSR [EW HIVMZIH F] -FVELMQ ERH

1EG+VIKSV [LSTVSTSWIHXLIJSPPS[MRKI\TVIWWMSR
JSV 

JG
!  z 




  JG MRTWM



  JG MR14E

!  z JG

8LITVIZMSYWIUYEXMSRWIVZIHEWXLIFEWMWJSVERHMWZIV]
WMQMPEVXSXLIIUYEXMSREHSTXIHMR'7%%'EREHMER
7XERHEVHW%WWSGMEXMSR

*MK {'SQTEVMWSR SJ TVSTSWIH I\TVIWWMSRW JSV WXVIWW

MRXIRWMX]JEGXSV 

WXVIWWMRXIRWMX]JEGXSV [EWHIVMZIHF]JMRHMRKXLIXSXEPEVIE
YRHIVRIEXLXLIXLISVIXMGEPWXVIWWWXVEMRGYVZI%GGSVHMRKXS
&EIERH&E]VEO
!z

zJ

G z 

!z JG

z 

JG MRTWM



JG MR14E

3^FEOOEPSKPYERH7EEXGMSKPY HIZIPSTIHEVIGXER

KYPEV WXVIWW FPSGO JSV LMKLWXVIRKXL ERH RSVQEPWXVIRKXL
GSRGVIXIWFEWIHSREPEVKIZSPYQISJI\TIVMQIRXEPHEXEERHER
EREP]XMGEP WXVIWWWXVEMR VIPEXMSRWLMT 8LI] WYKKIWXIH ZEV]MRK
[MXLGSRGVIXIGSQTVIWWMZIWXVIRKXLXSVIJPIGXXLIGLERKIMR
XLIWLETISJXLIWXVIWWWXVEMRVIPEXMSRWLMT%GGSVHMRKP]
!z JG

z z 

!z JG

z 

JG MRTWM




JG MR14E

%GSQTEVMWSRSJXLI%'-WXVIWWMRXIRWMX]JEGXSV 
ERHXLIEJSVIQIRXMSRIHVIGSQQIRHIHGLERKIWJSVXLIWXVIWW
MRXIRWMX]JEGXSVMWWLS[RMR*MK
{7XVIWWFPSGOHITXLTEVEQIXIV 
8LI TEVEQIXIV  HIJMRIW XLI VEXMS SJ XLI HITXL SJ XLI
IUYMZEPIRXVIGXERKYPEVWXVIWWFPSGOXSXLEXSJXLIRIYXVEPE\MW
*SV E GSRWXERX ZEPYI SJ XLI WXVIWW MRXIRWMX] JEGXSV  XLI
IJJIGXSJEWWYQMRKEXLISVIXMGEPZEPYISJ WQEPPIVXLERXLI
EGXYEP ZEPYI MW XLEX XLI GEPGYPEXIH PIZIV EVQ MW MRGVIEWIH
VIWYPXMRKMRYRGSRWIVZEXMZIIWXMQEXIWSJXLIQSQIRXWXVIRKXL
*EWGLMRK ERH *VIRGL   IZEPYEXIH XLI %'- 
I\TVIWWMSR WEQI EW MR %'-   JSV JEGXSV  YWMRK
I\TIVMQIRXEP VIWYPXW VITSVXIH F] -FVELMQ ERH 1EG+VIKSV
 /EEVIXEP ERH7[EVX^IXEP *EWGLMRK
ERH *VIRGL GSRGPYHIH XLEX XLI %'-  I\TVIWWMSR JSV 
YRHIVIWXMQEXIH XLI I\TIVMQIRXEPP] SFWIVZIH ZEPYIW MR XLI
HEXEWIXYWIHJSVXLIIZEPYEXMSR

JG
!  z 




  JG MRTWM

!  z JG



  JG MR14E

8LIWXVIWWFPSGOHITXLTEVEQIXIVVIGSQQIRHIHF]4EVO
 ERHWYFWIUYIRXP]EHSTXIHMR2>7HIWMKR
TVSZMWMSRW 7XERHEVHW %WWSGMEXMSR SJ 2I[ >IEPERH  
LEW XLI WEQI HIJMRMXMSR EW XLI HITXL TEVEQIXIV  MR %'7MQMPEVP]%^M^MREQMRMIXEP VIGSQQIRHIH
RS GLERKI XS XLI HIJMRMXMSR SJ  YWIH MR %'-  -R
IJJIGXXLIWIEYXLSVWMQTPMIHXLEXGLERKMRKXLIPSGEXMSRSJXLI
IUYMZEPIRX JSVGI 'G *MK   VIPEXMZI XS XLI I\XVIQI
GSQTVIWWMSR JMFIV LEW E RIKPMKMFPI IJJIGX SR XLI RSQMREP
QSQIRX WXVIRKXL FIGEYWI XLI XIVQ  G MW WQEPP MR
GSQTEVMWSR XS XLI QSQIRX EVQ NH ! H z ?A G  -R
GSPYQRW [MXL WQEPP IGGIRXVMGMXMIW XLI TVIGMWMSR SJ  [MPP
LEZIEQSVIWMKRMJMGERXMRJPYIRGISRXLIQSQIRXEVQERH
GSRWIUYIRXP]SRXLIRSQMREPQSQIRXWXVIRKXL8LISZIVEPP
IJJIGX SJ VIHYGMRK XLI WXVIWW MRXIRWMX] JEGXSV  [LMPI
QEMRXEMRMRKXLITEVEQIXIV WMQMPEVXSXLEXMR%'-
MWXLEX EPEVKIVRIYXVEPE\MW HITXL MW GEPGYPEXIHJSV EKMZIR
EQSYRXSJVIMRJSVGIQIRXERHE\MEPPSEHVIHYGMRKXLIPIZIV
EVQERHXLIRSQMREPQSQIRXWXVIRKXLSJXLIWIGXMSR
&EIERH&E]VEO WYKKIWXIHXLIJSPPS[MRKI\TVIWWMSR
JSVXLITEVEQIXIV F]JMRHMRKXLIPSGEXMSRSJXLIGSQTVIWWMSR
VIWYPXERXJSVXLIXLISVIXMGEPWXVIWWWXVEMRGYVZI
!z

zJ

G z 

!zJG

z 

JG MRTWM



JG MR14E

3^FEOOEPSKPY ERH 7EEXGMSKPY   VIGSQQIRHIH E

KVEHYEPGLERKIMR  WXEVXMRKEXTWM14E XSVIJPIGX
XLIZEVMEXMSRMRMRXIVREPPIZIVEVQ[MXLXLIGLERKMRKWLETISJ
XLIWXVIWWWXVEMRVIPEXMSRWLMTSJGSRGVIXI8LIMVVIGSQQIRHIH
VIPEXMSRWLMTJSV MW
!z

z

JG z 

!zJG

z 

JG MRTWM



JG MR14E

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

-8+6

*MK {'SQTEVMWSR SJ TVSTSWIH I\TVIWWMSRW JSV WXVIWW

FPSGOHITXLJEGXSV 
% GSQTEVMWSR SJ XLI %'-  WXVIWW FPSGO HITXL
TEVEQIXIV ERHXLIEJSVIQIRXMSRIHVIGSQQIRHIHGLERKIW
XSXLIHITXLTEVEQIXIVEVIWLS[RMR*MK
{7XVIWWFPSGOEVIE  
8LITVSHYGX  MWERMRHMGEXMSRSJXLIEVIESJXLIWXVIWW
FPSGO *EWGLMRK ERH *VIRGL   YWMRK XLI HEXE JVSQ
-FVELMQ ERH 1EG+VIKSV   /EEV IX EP   ERH
7[EVX^IXEP WLS[IHXLEXXLITVSHYGX  HIGVIEWIH
[MXL MRGVIEWMRK GSQTVIWWMZI WXVIRKXL 8LI HIGVIEWI [EW
ETTVS\MQEXIP] PMRIEV JVSQ E ZEPYI SJ  JSV  TWM
14E XSJSVTWM14E 8LITVSZMWMSRWMR
%'-  MRGPYHI EWXIITIV HIWGIRXMRXLITVSHYGX  
JVSQXSTWMXS14E XLERVIWYPXWJVSQWXVIWW
FPSGOTEVEQIXIVWTVSTSWIHF]WIZIVEPEYXLSVWJSVLMKLWXVIRKXL
GSRGVIXI &EI ERH &E]VEO  -FVELMQ ERH 1EG+VIKSV
 3^FEOOEPSKPY ERH 7EEXGMSKPY   *EWGLMRK ERH
*VIRGL   MRHMGEXIH XLEX XLI WXIITIV HIWGIRX MR XLI
TVSHYGX   VIWYPXIH MR YRHIVIWXMQEXMRK XLI EVIE SJ XLI
GSQTVIWWMSRFPSGOJSVWTIGMQIRW[MXLGSRGVIXIGSQTVIWWMZI
WXVIRKXLWYTXSTWM14E ERHSZIVIWXMQEXMRKXLI
EVIESJXLIGSQTVIWWMSRFPSGOJSVWTIGMQIRW[MXLGSRGVIXI
GSQTVIWWMZIWXVIRKXLWSJTWM14E *SVGSRGVIXI
GSQTVIWWMZIWXVIRKXLWSRXLISVHIVSJTWM14E 
XLIMRJIVVIHZEPYIWSJXLIGSIJJMGMIRXW ERH [IVIWMQMPEV
XSXLSWIGSVVIWTSRHMRKXSEPMRIEVWXVIWWHMWXVMFYXMSR
{0MQMXMRKWXVEMR GY
8LIPMQMXMRKWXVEMREXXLII\XVIQIGSQTVIWWMSRJMFIVEXXLI
SRWIXSJGSRGVIXIGVYWLMRK GYMWEWMKRMJMGERXTEVEQIXIVJSV
GEPGYPEXMRK XLI RSQMREP QSQIRX WXVIRKXL SJ GSPYQRW
FIGEYWIMX HIJMRIW XLIWXVEMRW XLVSYKLSYX XLIGVSWW WIGXMSR
TEVXMGYPEVP] XLI WXVEMRW MR XLI PSRKMXYHMREP VIMRJSVGIQIRX
'EPGYPEXIH WXVEMRW LEZI E HMVIGX IJJIGX SR XLI GEPGYPEXIH
WXVIWWIW MR XLI PSRKMXYHMREP VIMRJSVGIQIRX ERH EPWS SR XLI
QEKRMXYHI SJ XLI WXVIRKXL VIHYGXMSR JEGXSV  %'- 
MRHMGEXIW XLEX XLI QEKRMXYHI SJ XLI WXVEMR EX XLI I\XVIQI
GSQTVIWWMSR JMFIV GY MW MRHITIRHIRX SJ GSQTVIWWMZI

*MK{'SZIVWTEPPMRKWXVEMRWJSVLMKLWXVIRKXLGSRGVIXI
GSPYQRW&EIERH&E]VEO 

WXVIRKXL ERH WLSYPH FI XEOIR EW  8LI QENSVMX] SJ

HIWMKR TVSZMWMSRW ERH TVSTSWEPW TVIWIRXIH -FVELMQ ERH
1EG+VIKSV  7XERHEVHW %WWSGMEXMSR SJ 2I[ >IEPERH
%^M^MREQMRMIXEP3^FEOOEPSKPYERH7EEXGMSKPY
 EHSTXXLIWEQIPMQMXMRKWXVEMRSJEW%'-
[LIVIEW'7%%EHSTXWEPMQMXMRKWXVEMRSJ
*EWGLMRKERH*VIRGL MRHMGEXIHXLEXTEWXVIWIEVGLSR
XLIQEKRMXYHISJ GYJSVLMKLWXVIRKXLGSRGVIXIVIWYPXIHMR
QM\IHGSRGPYWMSRW[MXLWSQIVIWIEVGLIVWMRHMGEXMRKXLEXXLI
PMQMXMRKWXVEMRMRGVIEWIW[MXLGSQTVIWWMZIWXVIRKXLERHSXLIVW
MRHMGEXMRKXLEXMXHIGVIEWIW%VIZMI[SJXIWXHEXEF]*EWGLMRK
ERH*VIRGLWLS[IHXLEXXLIPMQMXMRKWXVEMR[EWQSVIWIRWM
XMZIXSXLIX]TISJEKKVIKEXIXLERXLIGSRGVIXIGSQTVIWWMZI
WXVIRKXL [MXL PMQMXMRK WXVEMRW VERKMRK FIX[IIR  ERH
JSVGSQTVIWWMZIWXVIRKXLWKVIEXIVXLERTWM14E 
%ZIVEKIZEPYIWJSVIEGLX]TISJEKKVIKEXI[IVIEPPEFSZI
ERHXLIEZIVEKIJSVEPPX]TIWSJEKKVIKEXI[EW
&EIERH&E]VEO WYKKIWXIHEHSTXMRKEPS[IVZEPYI
SJ GY HYI XS SFWIVZIH WTEPPMRK EX PS[IV WXVEMRW MR LMKLP]
GSRJMRIH LMKLWXVIRKXL GSRGVIXI GSPYQRW *MK   8LI]
TVSTSWIH YWMRK E PMQMXMRK WXVEMR SJ  JSV GSRGVIXI
GSQTVIWWMZIWXVIRKXLWKVIEXIVXLERTWM14E ERH
JSVPS[IVGSQTVIWWMZIWXVIRKXLW

-8+6

%'-'311-88))6)4368

*MK{:EVMEXMSRSJYPXMQEXIWXVEMR[MXLGSRGVIXIWXVIRKXL
EGGSVHMRKXSZEVMSYWHIWMKRGSHIWERHEYXLSVW
3^FEOOEPSKPYERH7EEXGMSKPY VITSVXIHXLEX[LMPI
XLIGVYWLMRKWXVEMRYRHIVYRMJSVQGSQTVIWWMSR SMRGVIEWIW
[MXLMRGVIEWMRKGSRGVIXIWXVIRKXLXLIGVYWLMRKWXVEMRYRHIV
WXVEMR KVEHMIRX GY  HIGVIEWIW [MXL MRGVIEWMRK GSRGVIXI
WXVIRKXLFIGEYWISJXLIFVMXXPIRIWWSJLMKLWXVIRKXLGSRGVIXIW
&EWIH SR QSQIRXGYVZEXYVI EREP]WIW SJ GSPYQRW YRHIV
HMJJIVIRX PIZIPW SJ E\MEP GSQTVIWWMSR XLI VIWIEVGLIVW
GSRGPYHIH XLEX GY ZEVMIH FIX[IIR  ERH  JSV
XSTWMERH14E GSRGVIXIWVIWTIGXMZIP]
8LMWMWWLS[RMR*MK8LIWEQIVIWIEVGLIVWLS[IZIV
EPWSGSRGPYHIHXLEXXLIZEVMEXMSRMR GYHMHRSXETTVIGMEFP]
EJJIGXWIGXMSREPWXVIRKXLGEPGYPEXMSRWERHLIRGIVIGSQQIRHIH
XLI YWI SJ E GSRWXERX EZIVEKI ZEPYI SJ GY !  JSV
QIQFIVWYRHIVWXVEMRKVEHMIRX
{%\MEPWXVIRKXLSJLMKLWXVIRKXL
GSRGVIXIGSPYQRW
8LIHIWMKRI\TVIWWMSRYWIHMR%'-XSGEPGYPEXIXLI
WXVIRKXLSJGSRGIRXVMGEPP]PSEHIHGSPYQRWWMQMPEVMRJSVQXS
)U   MW FEWIH SR ER I\XIRWMZI GSPYQR MRZIWXMKEXMSR
XLEX [EW GSRHYGXIH NSMRXP] F] XLI 9RMZIVWMX] SJ -PPMRSMW
6MGLEVX ERH &VS[R   0ILMKL 9RMZIVWMX] 7PEXIV ERH
0]WIEF ERH%'-3RISJXLIQEMRGSRGPYWMSRWSJXLMW
VIWIEVGL[EWXLEXMX[EWTSWWMFPIXSI\TVIWWXLIWXVIRKXLSJ
GSPYQRWWYFNIGXIHXSGSRGIRXVMG PSEHMRKMRE WMQTPIJSVQ
GSRWMWXMRKSJGSRXVMFYXMSRWJVSQ GSRGVIXIEXTIEOWXVIWW
ERH PSRKMXYHMREPWXIIPEX]MIPH
4S!JG %Kz%WX %WX J]



8LIGSRGVIXIGSRXVMFYXMSRMWFEWIHSRXLIMRTPEGIWXVIRKXL
ERH XLI RIX EVIE SJ GSRGVIXI MRGPYHMRK XLI GSZIV 8LI MR
TPEGI WXVIRKXL SJ GSRGVIXI MW EWWYQIH XS FI   SJ XLI
G]PMRHIVWXVIRKXL8LIVIHYGXMSRMRWXVIRKXLMWEXXVMFYXIHXS
XLIHMJJIVIRGIWMRWM^IWLETIERHGSRGVIXIGEWXMRKTVEGXMGI
FIX[IIREWXERHEVHG]PMRHIVERHEREGXYEPGSPYQR8LMWVEXMS
SJMRTPEGIWXVIRKXLXSG]PMRHIVWXVIRKXLHIJMRIHEWXLIGSIJ
JMGMIRX OMR7IGXMSRMWSRISJXLITEVEQIXIVWRIGIWWEV]
XSHIJMRIXLIVIGXERKYPEVWXVIWWFPSGO)\TIVMQIRXEPHEXEEVI
EZEMPEFPIJSVMRTPEGIWXVIRKXLSJLMKLWXVIRKXLGSRGVIXIEW

*MK {-RWXEFMPMX] SJ GSZIV GSRGVIXI YRHIV GSRGIRXVMG

GSQTVIWWMSR 7EEXGMSKPY ERH 6E^ZM   8LI FSXXSQ
TLSXSKVETL WLS[W WIGXMSR SJ XLI GSZIV XLEX WTEPPIH SJJ
HYVMRKXLIXIWXW
MRHMGEXIHMR7IGXMSR6IWIEVGLIVWJSYRHXLEXXLIGSIJJMGMIRX
OJSVLMKLWXVIRKXLGSRGVIXIZEVMIHFIX[IIRERH
FEWIHSRGSRGIRXVMGEPP]XIWXIHGSPYQRW=SRKIXEP
7YRERH7EOMRS'YWWSRERH4EYPXVI7EEXGMSKPYERH
6E^ZM %WMQMPEVZEVMEXMSR[EWSFXEMRIHJVSQGSPYQR
XIWXWYRHIVIGGIRXVMGPSEHMRK/EEVIXEP7[EVX^IXEP
7GLEHI-FVELMQERH1EG+VIKSVF 
,EZMRK VIZMI[IH XLI TVIZMSYW I\TIVMQIRXEP HEXE
3^FEOOEPSKPYERH7EEXGMSKPY GSRGPYHIHXLEXO!
TVSZMHIW E VIEWSREFPI IWXMQEXI JSV XLI VEXMS SJ GSRGVIXI
WXVIRKXLMREWXVYGXYVEPQIQFIVXSXLEXHIXIVQMRIHF]WXERHEVH
G]PMRHIVXIWXW
-RWTMXISJXLIJEZSVEFPIMRTPEGIWXVIRKXLSJLMKLWXVIRKXL
GSRGVIXII\TIVMQIRXEPP]VIGSVHIHGSPYQRWXVIRKXLWLEZIFIIR
WLS[RXSFIFIPS[XLIGSQTYXIHZEPYIWFEWIHSR)U
YRPIWW XLI GSPYQRW EVI GSRJMRIH F] TVSTIVP] HIWMKRIH
XVERWZIVWI VIMRJSVGIQIRX 8LI WXVEMR HEXE VIGSVHIH F]
7EEXGMSKPY ERH 6E^ZM   HYVMRK XLIMV XIWXW SJ LMKL
WXVIRKXLGSRGVIXIGSPYQRWMRHMGEXIHXLEXTVIQEXYVIWTEPPMRK
SJ GSZIV GSRGVIXI SGGYVVIH MR QSWX GSPYQRW FIJSVI XLI
HIZIPSTQIRX SJ WXVEMRW EWWSGMEXIH [MXL GSRGVIXI GVYWLMRK
8LMW SFWIVZEXMSR GSQFMRIH [MXL ZMWYEP SFWIVZEXMSRW SJ
GSZIV WTEPPMRK HYVMRK XIWXW EW WLS[RMR *MK WYKKIWXW
XLEX XLI GSZIV GSRGVIXI MR LMKLWXVIRKXL GSRGVIXI GSPYQRW
WYJJIVWWXEFMPMX]JEMPYVIVEXLIVXLERGVYWLMRK

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

7EEXGMSKPYERH6E^ZM L]TSXLIWM^IHXLEXXLITVIWIRGI

SJGPSWIP]WTEGIHPSRKMXYHMREPERHXVERWZIVWIWXIIPJSVQMRK
EQIWLSJVIMRJSVGIQIRXTVSHYGIHEREXYVEPTPERISJWITEVEXMSR
FIX[IIR XLI GSZIV ERHXLI GSVI 8LI WITEVEXMSR EPSRK XLMW
TPERI[EWXVMKKIVIHF]LMKLGSQTVIWWMZIWXVIWWIWEWWSGMEXIH
[MXL LMKLWXVIRKXL GSRGVIXI EW [IPP EW XLI HMJJIVIRGIW MR
QIGLERMGEPTVSTIVXMIWSJGSVIERHGSZIVGSRGVIXIW6MGLEVX
IXEP6S]ERH7S^IR 'SPYQRWXIWXIHF]6ERKER
IXEP ERHWSQISJXLIGSPYQRWXIWXIHF]=SRKIXEP
 GSRXEMRIH[MHIP]WTEGIHXVERWZIVWIVIMRJSVGIQIRXSJ
PS[ZSPYQIXVMGVEXMS[MXLSYXEWYJJMGMIRXQIWLSJVIMRJSVGIQIRX
XSWITEVEXIXLIGSZIVJVSQXLIGSVI8LIWIGSPYQRW[IVIEFPI
XSHIZIPSTYRGSRJMRIHGSPYQRWXVIRKXLW4SGEPGYPEXIHYWMRK
)U   'SPYQRWXIWXIHF] -XEOYVEERH=EKIRNM 
[MXLSYXER]GSZIVGSRWMWXIRXP]WLS[IHLMKLIVWXVIRKXLWXLER
XLSWIGSQTYXIHSRXLIFEWMWSJKVSWWGVSWWWIGXMSREPEVIEERH
YRGSRJMRIHGSRGVIXIFIGEYWIXLI]HMHRSXWYJJIVWXVIRKXLPSWW
HYI XS GSZIV WTEPPMRK 'SPYQRW XLEX [IVI WYJJMGMIRXP]
GSRJMRIHXSSJJWIXXLIIJJIGXWSJGSZIVWTEPPMRKGSRWMWXIRXP]
HIZIPSTIH LMKLIV WXVIRKXLW XLER 4S 8LI KVSYT XLEX
GSRXEMRIHERMRWYJJMGMIRXZSPYQIXVMGVEXMSSJGPSWIP]WTEGIH
XVERWZIVWI VIMRJSVGIQIRX LS[IZIV GSYPH RSX WYWXEMR
WXVIRKXLWGSQTYXIHSRXLIFEWMWSJXSXEPGVSWWWIGXMSREPEVIE
ERHYRGSRJMRIHGSRGVIXIWXVIRKXL
%GGSVHMRK XS 7EEXGMSKPY ERH 6E^ZM   KMZIR XLI
YRJEZSVEFPIGMVGYQWXERGIWHIWGVMFIHTVIZMSYWP]XLITVIQEXYVI
WTEPPMRK SJ GSZIV GSRGVIXI GSYPH PIEH XS VIHYGIH WXVIRKXL SJ
GSRGIRXVMGEPP]PSEHIHLMKLWXVIRKXLGSRGVIXIGSPYQRWVIPEXMZI
XS XLSWI TVIHMGXIH F] )U   8LI IJJIGX SJ TVIQEXYVI
GSZIV WTEPPMRK [EW MRXVSHYGIH MRXS )U   F]
3^FEOOEPSKPYERH7EEXGMSKPY XLVSYKLEGSIJJMGMIRXO
F] HIJMRMRK XLI MRTPEGI WXVIRKXL SJ GSRGVIXI EW OO JG
MRWXIEH SJ O JG  [LIVI O !  *MKYVI  WLS[W XLI
ZEVMEXMSRSJXLITVSHYGXOO[MXLGSRGVIXIWXVIRKXLSFXEMRIH
JVSQEPEVKIZSPYQISJXIWXHEXE8LIXIWXHEXEEPWSMRGPYHIH
QSHIVEXIP]GSRJMRIHGSPYQRWJSV[LMGLLMKLZEPYIWSJXLI
TVSHYGX [IVI SFXEMRIH 8LI WXVIRKXL PSWW EWWSGMEXIH [MXL
GSZIVWTEPPMRKMWEJYRGXMSRSJXLIEVIESJYRGSRJMRIHGSZIV
GSRGVIXI *SV XLMW VIEWSR XLMW IJJIGX GER FI UYERXMJMIH MR
XIVQWSJXLIVEXMSSJGSVIEVIEXSKVSWWEVIE%G %K SJXLI
GSPYQR%WXLMWVEXMSHIGVIEWIWGSZIVXLMGORIWWMRGVIEWIW 
XLIWXVIRKXLPSWWMRGVIEWIW*MKYVIMPPYWXVEXIWXLIZEVMEXMSR
SJXLITVSHYGXOO[MXLVIWTIGXXSXLI%G %KVEXMS8LITVSHYGX
OOMR*MKYVIMRHMGEXIWXLIHIKVIISJTVIQEXYVIPSWWSJ
WXVIRKXL MR LMKLWXVIRKXL GSRGVIXI GSPYQRW EW E JYRGXMSR SJ
GSRGVIXIGSQTVIWWMZIWXVIRKXLERHXLI%G %KVEXMS8LMWTVIQE
XYVIWTEPPMRKIJJIGXGERFIUYMXIWMKRMJMGERXMRWQEPPWGEPIXIWX
GSPYQRW[MXLXLMRGSZIVW3^FEOOEPSKPYERH7EEXGMSKPY 
&IGEYWIXLIWXEFMPMX]SJXLIGSZIVMQTVSZIWEWXLIGSZIV
XLMGORIWWMRGVIEWIWGSPYQRW[MXLXLMGOGSZIVWEVIPIWWPMOIP]
XSFIWYWGITXMFPIXSTVIQEXYVIWTEPPMRKXLERXLSWI[MXLXLMR
GSZIVW+MZIRXLIHMJJMGYPXMIWEWWSGMEXIH[MXLXIWXMRKPEVKI
WGEPI GSPYQRW [MXL ZIV] LMKL GSRGVIXI GSQTVIWWMZI
WXVIRKXLWYRHIVGSRGIRXVMGGSQTVIWWMSRXLIVIMWETEYGMX]SJ
I\TIVMQIRXEP VIWYPXW JSV PEVKIWGEPI LMKLWXVIRKXL GSRGVIXI
GSPYQRW[MXLXLMGOGSRGVIXIGSZIVW*SVXLMWVIEWSRMX[EW
WYKKIWXIHF]3^FEOOEPSKPYERH7EEXGMSKPY XLEXYRXMP
QSVIHEXEFIGSQIEZEMPEFPIXLIVEXMS%G %KWLSYPHRSXFI

-8+6

*MK {:EVMEXMSR SJ OO [MXL GSRGVIXI GSQTVIWWMZI

WXVIRKXL3^FEOOEPSKPYERH7EEXGMSKPY 

*MK {:EVMEXMSR SJ OO [MXL GSVIXSKVSWW EVIE VEXMS

3^FEOOEPSKPYERH7EEXGMSKPY 
XEOIR PIWW XLER  MVVIWTIGXMZI SJ MXW EGXYEP ZEPYI MR
EWWIWWMRKXLITVIQEXYVIGSZIVWTEPPMRKIJJIGX
8LIXIWXHEXEMR*MKERH[IVIJYVXLIVI\EQMRIH
EJXIVVIQSZMRKGSRJMRIHGSPYQRHEXEERHKVSYTMRKXLIQSR
XLIFEWMWSJGSRGVIXIWXVIRKXL3^FEOOEPSKPYERH7EEXGMSKPY
  % VIKVIWWMSR EREP]WMW [EW GSRHYGXIH XS JMRH ER
I\TVIWWMSRJSVXLIGSIJJMGMIRXO8LIVIWIEVGLIVWWYKKIWXIH
XLI JSPPS[MRK I\TVIWWMSRW JSV GSQTYXMRK GSRGIRXVMG E\MEP
WXVIRKXLSJLMKLWXVIRKXLGSRGVIXIGSPYQRW
4S!OO JG %Kz%WX %WX J]



O!



%
O! Gz G G
%K
%
G
%K









-8+6

%'-'311-88))6)4368

JG


G!z  

JG


JG MRTWM

G!z  



JG MR14E

8LITVSHYGXOOGERFIEWPS[EWJSVTWM
14E GSRGVIXIERH%G %K![LMGLMW FIPS[
XLIZEPYIWYKKIWXIHF]%'-JSVRSVQEPWXVIRKXL
GSRGVIXI GSPYQRW EW VITVSHYGIH MR )U   -RWXIEH SJ
HIXEMPIH GSQTYXEXMSR SJ XLI GSIJJMGMIRX O  EW SYXPMRIH
TVIZMSYWP] E GSRWIVZEXMZI FYX WMQTPI ETTVSEGL [EW
VIGSQQIRHIHJSVGSRZIRMIRGIMRHIWMKRF]3^FEOOEPSKPY
ERH7EEXGMSKPY 8LI]WYKKIWXIHXLEXXLITVSHYGXOO
FIXEOIREWJSVJG SJYTXSTWM14E ERHFI
VIHYGIHF]JSVIZIV]TWM14E MRGVIEWISZIV
 TWM  14E  YT XS  TWM  14E  8LI
VIWIEVGLIVW MHIRXMJMIH XLI TVIQEXYVI GSZIV WTEPPMRK EW E
TLIRSQIRSRXLEXMWTVIZEPIRXMRGSRGIRXVMGEPP]PSEHIHLMKL
WXVIRKXLGSRGVIXIGSPYQRW*SVGSPYQRWWYFNIGXIHXSFIRHMRK
ERHE\MEPPSEH3^FEOOEPSKPYERH7EEXGMSKPY MRHMGEXIH
XLEXXLIGVMXMGEPGSQTVIWWMSRWMHISJXLIGSZIV[SYPHHIJSVQ
XS[EVH XLI GSVI GSRGVIXI [LMGL [SYPH VIWXVEMR XLI GSZIV
EKEMRWXFYGOPMRK
4EVO IX EP   MRHMGEXIH XLEX XLI E\MEP WXVIRKXL SJ
GSPYQRWWYFNIGXIHXSGSQTVIWWMSRMW
4S!  JG %Kz%WX J] %WX



8LI] TSMRXIH SYX XLEX XLI O ZEPYIW XLEX LEZI FIIR
QIEWYVIHYRHIVGSRGIRXVMGGSQTVIWWMSREVIKVIEXIVXLERXLI
ZEPYI SJ  MR XLI 2>7  TVSZMWMSRW 7XERHEVHW
%WWSGMEXMSR SJ 2I[ >IEPERH   ERH EW E VIWYPX XLI
RSQMREP E\MEP WXVIRKXL GEPGYPEXIH YWMRK XLEX WXERHEVH MW
GSRWIVZEXMZI%^M^MREQMRMIXEP TVSTSWIHGEPGYPEXMRK
XLI E\MEP WXVIRKXL SJ GSPYQRW MR XLI WEQIQERRIV EW 2>7
 F] YWMRK)U   8LI TVIQEXYVIWTEPPMRK SJ
GSZIVGSRGVIXI[EWVIGSKRM^IHF]'7%%'ERE
HMER 7XERHEVHW %WWSGMEXMSR   ERH )U   [EW
EHSTXIH [MXL XLI WXVIWW MRXIRWMX] JEGXSV  HIGVIEWMRK EW E
JYRGXMSRSJGSRGVIXIWXVIRKXLVIHYGMRKXSJSVTWM
14E GSRGVIXI
{'SQTEVMWSRSJHMJJIVIRXTVSTSWEPW
JSVVIGXERKYPEVWXVIWWFPSGO
*EWGLMRK ERH *VIRGL   GEVVMIH SYX E GSQTEVMWSR
FIX[IIRXLIQIEWYVIHJPI\YVEPWXVIRKXLWSJFIEQQIQFIVW
ERH XLSWI GEPGYPEXIH EGGSVHMRK XS HMJJIVIRX WXVIWW FPSGO
TVSTSWEPWJSVLMKLWXVIRKXLGSRGVIXI8LI]JSYRHEWPMKLXP]
LMKLIVPIZIPSJGSRWIVZEXMWQJSVXLIWXVIWWFPSGOTVSTSWEPW
JSVLMKLWXVIRKXLGSRGVIXIXLEXXLI]IZEPYEXIHGSQTEVIH[MXL
XLIWXVIWWFPSGOHIJMRIHMR%'-8LI2I[>IEPERH
ERH'EREHMERTVSTSWEPWVIWYPXIHMRRIEVP]MHIRXMGEPEZIVEKI
VEXMSWSJI\TIVMQIRXEPXSGEPGYPEXIHWXVIRKXLWSJ[LMPI
XLIWXVIWWFPSGOSJ%'-VIWYPXIHMREREZIVEKIVEXMSSJ
&IGEYWIXLIHITXLSJXLIGSQTVIWWMSR^SRIMRFIEQWMW
WQEPP GSQTEVIH [MXL XLI HITXL SJ XLI QIQFIV MX [EW

*MK {'SQTEVMWSR SJ WXVIWW FPSGO TEVEQIXIVW  ERH

MRJIVVIHJVSQI\TIVMQIRXEPVIWYPXWERHZEVMSYWI\TVIWWMSRW
TVSTSWIHJSVLMKLWXVIRKXLGSRGVIXI&EIERH&E]VEO 
ERXMGMTEXIH XLEX XLI TVSTSWIH QSHMJMGEXMSRW XS XLI WXVIWW
FPSGO [SYPH LEZI E WQEPP IJJIGX SR XLI RSQMREP QSQIRX
WXVIRKXLSJFIEQW*EWGLMRKERH*VIRGL VIGSQQIRHIH
XLEXXLIWXVIWWFPSGOWLSYPHFIQSHMJMIHXSEZSMHYRGSR
WIVZEXMZIIWXMQEXIWSJGSPYQRWXVIRKXL
&EIERH&E]VEO GSQTEVIHXLIQIEWYVIHWXVIRKXLW
SJGSPYQRW[MXLXLIWXVIRKXLWGEPGYPEXIHYWMRKXLI%' VIGXERKYPEV WXVIWW FPSGO ERH SXLIV WXVIWW FPSGOW
SYXPMRIH MR XLMW VIZMI[ *MK  ERH   *MKYVI 
WLS[WXLIZEVMEXMSRSJXLIJEGXSVW ERH ERHXLITVSHYGX
  TVSTSWIH F] WIZIVEP MRZIWXMKEXSVW [MXL VIWTIGX XS
GSRGVIXIGSQTVIWWMZIWXVIRKXL
8SIWXMQEXIXLIEGGYVEG]SJQSQIRXERHE\MEPWXVIRKXLW
&EIERH&E]VEO HIZIPSTIHX[SHMJJIVIRXIVVSVMRHMGEXSVW
8LI]HIJMRIHXLIIVVSVFEWIHSRXLII\TIVMQIRXEPE\MEPJSVGI
))TEWXLIVEXMSSJXLIHMJJIVIRGIFIX[IIRXLIRSQMREPERH
I\TIVMQIRXEP QSQIRX WXVIRKXLW XS I\TIVMQIRXEP QSQIRX
WXVIRKXL*MK  ))TMWGEPGYPEXIHEW
1R GSP z 1 I\ T
)) T ! 
 
1 I\ T



%RIKEXMZI))TZEPYIMQTPMIWXLEXXLIGEPGYPEXIHWXVIRKXL
[EWFIPS[XLIQIEWYVIHZEPYIERHGSRWIUYIRXP]XLIIWXMQEXI
[EWGSRWIVZEXMZI
8LIWIGSRHIVVSVMRHMGEXSV[EWFEWIHSRXLII\TIVMQIRXEP
IGGIRXVMGMX] &EI ERH &E]VEO   &EWIH SR FSXL IVVSV
MRHMGEXSVW&EIERH&E]VEOGSRGPYHIHXLEXIWXMQEXIWYWMRK
XLI IUYMZEPIRX VIGXERKYPEV WXVIWW FPSGO SJ %'- 
FIGEQI MRGVIEWMRKP] YRGSRWIVZEXMZI [MXL MRGVIEWMRK
GSQTVIWWMZI WXVIRKXL TEVXMGYPEVP] [MXL GSRGVIXI WXVIRKXLW
I\GIIHMRKTWM14E 
8LI WXVIWW FPSGOW TVSTSWIH F] -FVELMQ ERH 1EG+VIKSV
  4EVO IX EP   7XERHEVHW %WWSGMEXMSR SJ 2I[
>IEPERH   ERH &EI ERH &E]VEO   EPP TVSHYGIH

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

-8+6

*MK{)VVSVTEVEQIXIV))TMRIWXMQEXIWSJGSPYQRWXVIRKXL&EIERH&E]VEO 
WMQMPEVPIZIPWSJGSRWIVZEXMWQJSVEPPPIZIPWSJGSRGVIXIWXVIRKXL
8LIQSHIPTVSTSWIHF]%^M^MREQMRMIXEP MRGVIEWMRKP]
YRHIVIWXMQEXIHXLIGSPYQRWXVIRKXLWJSVGSRGVIXIGSQTVIWWMZI
WXVIRKXLWFI]SRHTWM14E &EIERH&E]VEORSXIH
XLEX XLI HEXE XLI] YWIH PEGOIH E WMKRMJMGERX RYQFIV SJ XIWX
VIWYPXW [MXL LMKL E\MEP PSEHW WQEPP IGGIRXVMGMXMIW  ;LIR
E\MEPPSEHWEVILMKLXLIHMJJIVIRXQSHIPWTVSZMHIWMKRMJMGERXP]
HMJJIVIRX TVIHMGXMSRW 8LI] EPWS RSXIH XLEX MR WIMWQMG
ETTPMGEXMSRW XLI GSRGIVR MW RSX [MXL LMKL E\MEP PSEHW FYX
[MXLVIPEXMZIP]PS[E\MEPPSEHWLMKLIGGIRXVMGMXMIW 
3^FEOOEPSKPY ERH 7EEXGMSKPY   GSQTEVIH GSPYQR
MRXIVEGXMSRHMEKVEQWFEWIHSRXLIVIGXERKYPEVWXVIWWFPSGOW
SJ %'-  '7% % ERH XLSWI TVSTSWIH F]
-FVELMQ ERH 1EG+VIKSV   ERH 3^FEOOEPSKPY ERH
7EEXGMSKPY 
8LI GSQTEVMWSRW WLS[R MR *MK  MRHMGEXI XLEX XLI
MRXIVEGXMSRHMEKVEQWKIRIVEXIHF]XLIIUYMZEPIRXVIGXERKYPEV
WXVIWW FPSGO SJ %'-  ERH XLEX TVSTSWIH F]

3^FEOOEPSKPYERH7EEXGMSKPYEVIMHIRXMGEPJSVGSPYQRW[MXL
EGSRGVIXIGSQTVIWWMZIWXVIRKXLSJTWM14E [LIVIEW
XLI IUYMZEPIRX VIGXERKYPEV WXVIWW FPSGOW VIGSQQIRHIH F]
'7% % ERH -FVELMQ ERH 1EG+VIKSV TVSHYGI WPMKLXP]
PS[IV IWXMQEXIW SJ WXVIRKXL XLER %'-  %W GSRGVIXI
WXVIRKXLMRGVIEWIH3^FEOOEPSKPYERH7EEXGMSKPYGSRGPYHIH
XLEX XLI %'-  WXVIWW FPSGO PIEH XS SZIVIWXMQEXMRK
GSPYQR WXVIRKXLW SFXEMRIH JVSQXIWX VIWYPXW 3^FEOOEPSKPY
ERH7EEXGMSKPYMRHMGEXIHXLEXXLIQEKRMXYHISJXLISZIVIWXMQE
XMSR [EW ZIV] WMKRMJMGERX JSV E GSPYQR [MXL E GSRGVIXI
GSQTVIWWMZIWXVIRKXLSJTWM14E *SVXLMWWEQI
GSPYQRXLIVIGXERKYPEVWXVIWWFPSGOWTVSTSWIHF]-FVELMQ
ERH1EG+VIKSVERH3^FEOOEPSKPYERH7EEXGMSKPYTVSHYGIH
WMQMPEVMRXIVEGXMSRHMEKVEQWERHXLI'7%%WXVIWWFPSGO
VIWYPXIHMREQSVIGSRWIVZEXMZIIWXMQEXISJWXVIRKXL8LIJEGX
XLEXXLIVIWYPXWSFXEMRIHYWMRKXLIVIGXERKYPEVWXVIWWFPSGOMR
'7%%[IVIGSRWMWXIRXP]QSVIGSRWIVZEXMZI[EWEXXVMFYXIH
XSXLIYWISJEPS[IVWXVIWWMRXIRWMX]JEGXSV 

-8+6

%'-'311-88))6)4368

*MK{'SQTEVMWSRSJMRXIVEGXMSRHMEKVEQWJSVGSPYQRW
[MXL HMJJIVIRX GSRGVIXI WXVIRKXLW 3^FEOOEPSKPY ERH
7EEXGMSKPY   %G % K !   !   F ! L !
MR?QQA 
3^FEOOEPSKPY ERH 7EEXGMSKPY   EPWS TVSZMHIH
GSQTEVMWSRWSJMRXIVEGXMSRHMEKVEQWHVE[RSRXLIFEWMWSJ
XLIMV TVSTSWIH WXVIWW FPSGO ERH XLEX SJ %'-  %''SQQMXXII [LMGLMWXLIWEQIYWIHMR%'-
JSVGSPYQRWXIWXIHF]0PS]HERH6ERKER -FVELMQERH
1EG+VIKSV    ERH *SWXIV ERH %XXEVH  
YRHIVHMJJIVIRXPIZIPWSJIRHIGGIRXVMGMX]*MK 
8LI]GSRGPYHIHXLEXXLIWXVIWWFPSGOSJ%'-SZIV
IWXMQEXIHGSPYQRE\MEPERHQSQIRXWXVIRKXLWVIWYPXMRKMR
YRWEJIWXVIRKXLZEPYIWJSVGSPYQRW[MXLGSRGVIXIWXVIRKXLWMR
I\GIWWSJTWM14E [LIVIEWXLIMVTVSTSWIHWXVIWW
FPSGO 3^FEOOEPSKPY ERH 7EEXGMSKPY   TVSZMHIH ZIV]
KSSHEKVIIQIRX[MXLI\TIVMQIRXEPWXVIRKXLZEPYIW
%TEVEQIXVMGWXYH][EWGEVVMIHSYXEWTEVXSJXLMWVITSVXXS
TVSZMHI JYVXLIV MRWMKLX MRXS XLI HMJJIVIRGIW EQSRK ZEVMSYW

*MK {'SQTEVMWSR SJ GSQTYXIH MRXIVEGXMSR HMEKVEQW

[MXLXIWXHEXE3^FEOOEPSKPYERH7EEXGMSKPY 

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

-8+6

8EFPI{7YQQEV]SJTEVEQIXIVW ERH HIJMRMRKHMJJIVIRXVIGXERKYPEVWXVIWWFPSGOWMRZIWXMKEXIHMR

TEVEQIXVMGWXYH]
'SRGVIXIGSQTVIWWMZIWXVIRKXLTWM14E
)UYMZEPIRXVIGXERKYPEVWXVIWWFPSGOTEVEQIXIV
%'-
-FVELMQERH1EG+VIKSV
4EVOIXEP
%^M^REQMRMIXEP






















TVSTSWEPW 'SPYQR MRXIVEGXMSR HMEKVEQW [IVI GEPGYPEXIH

[MXLERH[MXLSYXWXVIRKXLVIHYGXMSRJEGXSVW XSGSQTEVIXLI
%'-WXVIWWFPSGO[MXLXLITVSTSWEPWF]-FVELMQERH
1EG+VIKSV 4EVOIXEP ERH%^M^MREQMRMIXEP
 8LIGSPYQRGVSWWWIGXMSRXLEX[EWEREP]^IHMWWLS[R
MR*MK[MXLXLIFIRHMRKQSQIRXEFSYXXLI==E\MW
8LIGSPYQR[EWEREP]^IHJSVWXIIPVEXMSWSJERH ERH
JSV GSRGVIXI GSQTVIWWMZI WXVIRKXLW SJ   
ERHTWMERH
14E 8LIWXVIWWFPSGOTEVEQIXIVWJSVXLIGSQTEVIHQSHIPW
EVIKMZIRMR8EFPIERHXLIVIWYPXWSJXLITEVEQIXVMGWXYH]
EVIKMZIRMR*MK
*VSQ *MKERH8EFPIMXGERFIWIIRXLEXJSVGSRGVIXI
GSQTVIWWMZIWXVIRKXLWSJERHTWM
ERH 14E  XLI SRP] QSHIP XLEX VIWYPXIH MR IWXMQEXIW SJ
WXVIRKXLXLEX[IVIRSXMGIEFP]HMJJIVIRXJVSQXLSWISFXEMRIH
[MXL XLI %'-  WXVIWW FPSGO [EW XLEX TVSTSWIH F]
-FVELMQERH1EG+VIKSV 
8LI -FVELMQ ERH 1EG+VIKSV   QSHIP VIWYPXIH MR
TVSKVIWWMZIP] WQEPPIV IWXMQEXIW SJ RSQMREP WXVIRKXL EW
GSRGVIXI GSQTVIWWMZI WXVIRKXL MRGVIEWIH [LMGL MRHMGEXIW
XLEXXLIMVQSHIP[EWXLIQSWXGSRWIVZEXMZIMRXLMWVERKI*SV
EGSRGVIXIGSQTVIWWMZIWXVIRKXLSJTWM14E XLI
%'-WXVIWWFPSGOERHXLEXTVSTSWIHF]%^M^MREQMRM
IXEP TVSHYGIHWMQMPEVVIWYPXW[LIVIEWXLITVSTSWEPW
F] -FVELMQ ERH 1EG+VIKSV   ERH 4EVO IX EP 
TVSHYGIH QSVI GSRWIVZEXMZI IWXMQEXIW SJ WXVIRKXL *SV E
GSRGVIXIGSQTVIWWMZIWXVIRKXLSJTWM14E XLI
QSHIPWF]4EVOIXEPERH%^M^MREQMRMIXEPLEZIMHIRXMGEP
WXVIWW FPSGO TEVEQIXIVW 'SRWIUYIRXP] WXVIRKXL IWXMQEXIW
SFXEMRIH[MXLXLIWIX[SQSHIPW[IVIMHIRXMGEPERHETTVS\
MQEXIP]XLIWEQIEWXLIRSQMREPWXVIRKXLGEPGYPEXIHYWMRKXLI
QSHIP F] -FVELMQ ERH 1EG+VIKSV *MREPP] JSVE GSRGVIXI
GSQTVIWWMZIWXVIRKXLSJTWM14E XLIQSHIPW
F]-FVELMQERH1EG+VIKSVERH4EVOIXEP]MIPHIHWMQMPEV
VIWYPXW ERH [IVI WPMKLXP] QSVI GSRWIVZEXMZI XLER XLI
IUYMZEPIRX VIGXERKYPEV WXVIWW FPSGO SJ %'-  8LI
QSHIPF]%^M^MREQMRMIXEP VIWYPXIHMRWMKRMJMGERXP]
PS[IVIWXMQEXIWSJWXVIRKXLXLERXLISXLIVQSHIPW
{6IGSQQIRHEXMSRW
-XMWETTEVIRXJVSQEVIZMI[SJXLIEZEMPEFPIPMXIVEXYVIXLEX
[LIRXLIIUYMZEPIRXVIGXERKYPEVWXVIWWFPSGOSJ%'-
MW YWIH JSV QIQFIVW [MXL E\MEP PSEHW EFSZI XLEX GSVVI
WTSRHMRKXSFEPERGIHJEMPYVIERHLMKLWXVIRKXLGSRGVIXIXLI
VEXMSSJRSQMREPXSI\TIVMQIRXEPGSPYQRWXVIRKXLHIGVIEWIW
EWXLIE\MEPPSEHMRGVIEWIW)\TIVMQIRXEPVIWYPXW*MKE
MRHMGEXI XLEX XLI RSQMREP QSQIRX ERH E\MEP WXVIRKXLW SJ


























































*MK{'SPYQRGVSWWWIGXMSRYWIHMRTEVEQIXVMGWXYH]
GSPYQRWGEPGYPEXIH[MXLXLI%'-WXVIWWFPSGOQE]FI
YRGSRWIVZEXMZI JSV GSQTVIWWMZI WXVIRKXLW KVIEXIV XLER
ETTVS\MQEXIP]TWM14E 
8[S GSRWIUYIRGIW SJ SZIVIWXMQEXMRK XLI JPI\YVEP
WXVIRKXLW SJ GSPYQRW EVI XLEX XLI WLIEV HIQERH SR XLI
GSPYQRGEPGYPEXIHSRXLIFEWMWSJXLITVSFEFPIJPI\YVEPWXVIRKXL
MW SZIVIWXMQEXIH ERH XLEX XLI VEXMS SJ GSPYQRXSFIEQ
QSQIRX WXVIRKXLW MW SZIVIWXMQEXIH 3ZIVIWXMQEXMRK XLI
WLIEV HIQERH MW GSRWIVZEXMZI FIGEYWI MX PIEHW XS E LMKLIV
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX 'SRZIVWIP] SZIVIWXM
QEXMRK XLI VEXMS SJ GSPYQRXSFIEQ QSQIRX WXVIRKXLW LEW E
RIKEXMZIIJJIGXFIGEYWIMXMRGVIEWIWXLITVSFEFMPMX]SJLMRKMRKMR
XLI GSPYQRW %'-  VIUYMVIW E QMRMQYQ VEXMS SJ
GSPYQRXSFIEQ QSQIRX WXVIRKXLW SJ  3ZIVIWXMQEXMRK
GSPYQRJPI\YVEPWXVIRKXLHIGVIEWIWXLEXVEXMSERHQE]IZIR
VIWYPXMREWXVSRKFIEQ[IEOGSPYQRQIGLERMWQ
&IGEYWII\TIVMQIRXEPVIWYPXWWLS[IHXLEXXLIIUYMZEPIRX
VIGXERKYPEV WXVIWW FPSGO SJ %'-  MW ETTVSTVMEXI JSV
RSVQEPWXVIRKXLGSRGVIXIEVIGSQQIRHEXMSR[EWHIZIPSTIH
JSGYWMRK SR GSPYQRW [MXL GSQTVIWWMZI WXVIRKXLW KVIEXIV
XLERTWM14E 8LMW[EWHSRIF]WYKKIWXMRKEWXVIWW
FPSGO[MXLEZEVMEFPIWXVIWWMRXIRWMX]JEGXSV JSVGSRGVIXI
GSQTVIWWMZI WXVIRKXLW KVIEXIV XLER  TWM  14E 
%GGSVHMRKP] MR MRGLTSYRH YRMXW MX MW VIGSQQIRHIH XLEX
wJEGXSV WLEPPFIXEOIREWJSVGSRGVIXIWXVIRKXLWJG YT
XSERHMRGPYHMRKTWM*SVWXVIRKXLWEFSZITWM 
WLEPPFIVIHYGIHGSRXMRYSYWP]EXEVEXISJJSVIEGL
TWMSJWXVIRKXLMRI\GIWWSJTWMFYX WLEPPRSXFIXEOIR
PIWW XLER x -R 7- YRMXW XLI VIGSQQIRHEXMSR MW XLEX

-8+6

%'-'311-88))6)4368

*MK{'SPYQRWXVIRKXLMRXIVEGXMSRHMEKVEQWGSQTEVMRKHMJJIVIRXWXVIWWFPSGOW
XLITVSTSWIHWXVIWWFPSGO[MXLXLSWITVSTSWIHF]SXLIVWEW
[IPP EW [MXL XLI VIWYPXW SJ WEQTPI XIWXW SR GSPYQRW YWMRK
GSRGVIXIWXVIRKXLWSJYTXSTWM14E 
8LI WXVIRKXLMRXIRWMX] JEGXSV MWEPWSVIGSQQIRHIHXS
GEPGYPEXI XLI WXVIRKXL SJ GSPYQRW WYFNIGXIH XS GSRGIRXVMG
PSEHMRK8LIWMQMPEVMXMIWMRXLIZEPYIWSJ ERHXLIGSIJJMGMIRX
XLEX HIJMRIW XLI MRTPEGI WXVIRKXL SJ GSRGVIXI MR GSPYQRW
YRHIVGSRGIRXVMGGSQTVIWWMSR QEOIWMXTSWWMFPIXSYWIXLI
WEQIZEPYIMRGSQTYXMRKGSPYQRGSRGIRXVMGWXVIRKXL4SJSV
GSRZIRMIRGI MR HIWMKR 8LI VIGSQQIRHEXMSRW XVERWPEXI MRXS
)U   ERH   JSV WTMVEPP] VIMRJSVGIH ERH XMIH
GSPYQRWVIWTIGXMZIP]
*MK {'SQTEVMWSRW SJ GSPYQR MRXIVEGXMSR HMEKVEQW
ERHXIWXHEXEJG !TWM?14EA\MR
\QQ  ! %G %K! 
wJEGXSV WLEPPFIXEOIREWJSVGSRGVIXIWXVIRKXLWJG YT
XSERHMRGPYHMRK14E*SVWXVIRKXLWEFSZI14E 
WLEPPFIVIHYGIHGSRXMRYSYWP]EXEVEXISJJSVIEGL
14ESJWXVIRKXLMRI\GIWWSJ14EFYX WLEPPRSXFI
XEOIRPIWWXLERx
% RYQFIV SJ VIZMWMSRW XS %'-  EVI TVSTSWIH MR
'LETXIVSJXLMWHSGYQIRX
8LITEVEQIXIV [LMGLHIJMRIWXLIHITXLSJXLIWXVIWWFPSGO
[EWRSXGLERKIH*MKYVIWXSWLS[XLIGSVVIPEXMSRSJ

4RQE\! ?  JG %Kz%WX J] %WXA



4RQE\! ?  JG %Kz%WX J] %WXA



%GGSVHMRKP]MRMRGLTSYRHYRMXWMXMWVIGSQQIRHIHXLEX
wJEGXSV WLEPPFIXEOIREWJSVGSRGVIXIWXVIRKXLWJG YT
XSERHMRGPYHMRKTWM*SVWXVIRKXLWEFSZITWM 
WLEPPFIVIHYGIHGSRXMRYSYWP]EXEVEXISJJSVIEGLTWM
SJWXVIRKXLMRI\GIWWSJTWMFYX WLEPPRSXFIXEOIR
PIWW XLER x -R 7- YRMXW XLI VIGSQQIRHEXMSR MW XLEX
wJEGXSV WLEPPFIXEOIREWJSVGSRGVIXIWXVIRKXLWJG YT
XSERHMRGPYHMRK14E*SVWXVIRKXLWEFSZI14E 

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

-8+6

TEVEQIXIVWMR%'-VIWYPXMRYRGSRWIVZEXMZIIWXMQEXIW
SJWXVIRKXLJSVGSPYQRW[MXLRSVQEPWXVIRKXLGSRGVIXI*SV
XLMW VIEWSR XLI WXVIWW FPSGO TEVEQIXIVW TVSTSWIH F] XLI
GSQQMXXII[IVIWIPIGXIHWSXLEXXLIVI[SYPHFIRSGLERKIMR
XLIWXVIWWFPSGOTEVEQIXIVWSJ%'-JSVGSPYQRW[MXL
RSVQEPWXVIRKXLGSRGVIXI

*MK{'SQTEVMWSRSJGSPYQRMRXIVEGXMSRHMEKVEQWERH
XIWXHEXEJG !TWM?14EA\MR\
QQ  ! %G %K! 

*MK{'SQTEVMWSRSJGSPYQRMRXIVEGXMSRHMEKVEQWERH
XIWXHEXEJG !TWM?14EA\MR\
QQ  ! %G %K! 

*MK{3FWIVZIHWXVIWWMRXIRWMX]JEGXSVWJSVGSRGIRXVMGEPP]
PSEHIHGSPYQRW
WLEPP FIVIHYGIH GSRXMRYSYWP] EX E VEXI SJ  JSV IEGL
14E SJ WXVIRKXL MR I\GIWW SJ  14E FYX WLEPP RSX FI
XEOIRPIWWXLERx
*MKYVITVSZMHIWEGSQTEVMWSRSJXLIEJSVIQIRXMSRIH
VIGSQQIRHEXMSRW [MXL I\TIVMQIRXEP HEXE ERH XLI RSQMREP
WXVIRKXLWGEPGYPEXIHYWMRKXLITVSZMWMSRWMR%'-8LI
TVSTSWIHTEVEQIXIVW  ERH [IVIWIPIGXIHFEWIHSR
[LEX[EWHIIQIHEREGGITXEFPIPIZIPSJGSRWIVZEXMWQMRXLI
NYHKQIRXSJXLIGSQQMXXII%RSXLIVJEGXSVGSRWMHIVIHF]XLI
GSQQMXXIIMRWIPIGXMRKXLIEJSVIQIRXMSRIHTEVEQIXIVW[EW
XLEX XLIVI MW RS I\TIVMQIRXEP IZMHIRGI XS WYKKIWX XLEX XLI

',%48)6{'32*-2)1)286)59-6)1)287
*36&)%17%2('309127
8LIMRGVIEWIHWXVIRKXLERHIRLERGIHTIVJSVQERGISJLMKL
WXVIRKXL GSRGVIXI EVI EHZERXEKISYW JIEXYVIW JSV WXVYGXYVEP
ETTPMGEXMSRW 8LI MRGVIEWMRK FVMXXPIRIWW SJ GSRGVIXI [MXL
LMKLIVGSQTVIWWMZIWXVIRKXLMWEQENSVGSRGIVRJSVWIMWQMG
ETTPMGEXMSRWLS[IZIV[LIVIXSYKLRIWWYRHIVVITIEXIHPSEH
VIZIVWEPWMWSJTEVEQSYRXMQTSVXERGI*SVXLMWVIEWSRTVSTIV
GSRJMRIQIRXSJGSRGVIXIMWIWWIRXMEPJSVXLIWEJIYWISJLMKL
WXVIRKXLGSRGVIXIMRQSHIVEXIXSLMKLWIMWQMGETTPMGEXMSRW
8LMWGLETXIVEHHVIWWIWGSRGVIXIGSRJMRIQIRXJSVFIEQERH
GSPYQR IPIQIRXW -R 'LETXIV  SJ %'-  [LMGL
MRGPYHIWWIMWQMGHIWMKRTVSZMWMSRWGSPYQRWEVIHIJMRIHEW
QIQFIVW[MXLERE\MEPPSEHVEXMS4Y JG %K KVIEXIVXLER
8LIWEQIHIJMRMXMSRMWEHSTXIHXLVSYKLSYXXLMWHSGYQIRXXS
HMJJIVIRXMEXI FIX[IIR FIEQW ERH GSPYQRW 'SRWXMXYXMZI
QSHIPW JSV GSRJMRIH GSRGVIXI WEPMIRX JIEXYVIW SJ TVIZMSYW
VIWIEVGLERH HIWMKRVIGSQQIRHEXMSRWEVI TVSZMHIH MR XLI
JSPPS[MRKWIGXMSRW
{'SRWXMXYXMZIQSHIPWJSVGSRJMRIHGSRGVIXI
7IZIVEPVIWIEVGLIVWLEZIMRHMGEXIHXLEXGSRWXMXYXMZIQSHIPW
HIZIPSTIHJSVRSVQEPWXVIRKXLGSRGVIXIHSRSXSJJIVEKSSH
VITVIWIRXEXMSRSJXLIFILEZMSVSJLMKLWXVIRKXLGSRGVIXI
IWTIGMEPP]MRXLIGEWISJGSPYQRW[LIVIXLIGLEVEGXIVMWXMGWSJ
XLIGSRWXMXYXMZIQSHIPLEZIXLILMKLIWXMQTEGXSRXLIGEPGYPEXIH
VIWTSRWI 8LIVIJSVI TVIZMSYWP] HIZIPSTIH GSRWXMXYXMZI
QSHIPW LEZI FIIR QSHMJMIH XS VIJPIGX XLI HMJJIVIRGIW MR
FILEZMSVERHERYQFIVSJEHHMXMSREPEREP]XMGEPQSHIPWLEZI
FIIRHIZIPSTIHWTIGMJMGEPP]JSVLMKLWXVIRKXLGSRGVIXI
%LQEH ERH 7LEL   1EVXMRI^ IX EP   ERH
*EJMXMW ERH 7LEL   [IVI EQSRK XLI JMVWX XS HIZIPST
QSHIPWJSVLMKLWXVIRKXLGSRJMRIHGSRGVIXIFEWIHSRXIWXWSJ
WTMVEPP]VIMRJSVGIHWQEPPG]PMRHIVW8LIWIQSHIPWMRGSVTSVEXI
XLIIJJIGXSJGSRJMRIQIRXXLVSYKLEPEXIVEPGSRJMRMRKTVIWWYVI
XLEXHIZIPSTWYRHIVLSSTXIRWMSR8LIQSHIPW[IVIWLS[RXS
TVSHYGI KSSH GSVVIPEXMSRW [MXL XIWXW SJ WTMVEPP] GSRJMRIH
GMVGYPEVG]PMRHIVWJSVGSRGVIXIWXVIRKXLWSJYTXSTWM
14E 
=SRKIXEP HIZIPSTIHEQSHIPFEWIHSRWQEPPWGEPI
WUYEVIGSPYQRXIWXW[MXLGSRGVIXIWXVIRKXLWVERKMRKFIX[IIR
ERHTWMERH14E 8LIMVETTVSEGL[EW
WMQMPEVXSXLEXSVMKMREPP]TVSTSWIHF]7EVKMRIXEP JSV
RSVQEPWXVIRKXL GSRGVIXI%^M^MREQMRMIXEP  WYFWI
UYIRXP] QSHMJMIH XLI QSHIP SR XLI FEWMW SJ PEVKIWGEPI
GSPYQRXIWXWYRHIVVIZIVWIHG]GPMGPSEHMRK
&NIVOIPM IX EP   TVSTSWIH E KIRIVEPM^IH QSHIP JSV
RSVQEP[IMKLX ERH PMKLX[IMKLX EKKVIKEXI GSRJMRIH GSRGVIXIW
[MXLGSQTVIWWMZIWXVIRKXLWSJYTXSERHTWM
ERH14E VIWTIGXMZIP]8LIMVQSHIPMWETTPMGEFPIXSIPIQIRXW
[MXLGMVGYPEVWUYEVIERHVIGXERKYPEVWIGXMSRKISQIXV]

-8+6

%'-'311-88))6)4368

%RYQFIVSJGSRJMRIQIRXQSHIPW[IVIHIZIPSTIHMR.ETER
FEWIH SR I\TIVMQIRXEP VIWYPXW JVSQ XLI 2I[ 6' TVSNIGX
1YKYVEQE ERH ;EXEREFI  1YKYVEQE IX EP 
2EKEWLMQEIXEP 
'YWWSR ERH 4EYPXVI   TVSTSWIH E QSHIP FEWIH SR
XIWXW SJ PEVKIWGEPI LMKLWXVIRKXL GSRGVIXI GSPYQRW 8LIMV
QSHIPYWIWXLIIJJIGXMZIP]GSRJMRIH GSVIEVIEGSRGITXXLEX
[EWSVMKMREPP]TVSTSWIHF]7LIMOLERH9^YQIVM ERH
QSHMJMIH F] 1ERHIV IX EP   8LIWI VIWIEVGLIVW PEXIV
MQTVSZIHXLIMVQSHIPF]MRXVSHYGMRKERMXIVEXMZITVSGIHYVI
XSGSQTYXIXLIWXVEMRMRXVERWZIVWIGSRJMRIQIRXVIMRJSVGIQIRX
'YWWSRERH4EYPXVI 
0M   HIZIPSTIH E GSRWXMXYXMZI QSHIP JSV GSRJMRIH
GSRGVIXIXLEXGSZIVIHE[MHIVERKISJGSRGVIXIGSQTVIWWMZI
WXVIRKXLWFIX[IIRERHTWMERH14E 
8LI QSHIP [EW UYMXI GSQTVILIRWMZI ERH IPEFSVEXI MRGSVTS
VEXMRKWIZIVEPTEVEQIXIVWXSVIJPIGXXLIIJJIGXWSJGSRJMRIQIRX
6E^ZM ERH 7EEXGMSKPY   HIZIPSTIH E KIRIVEPM^IH
GSRJMRIQIRX QSHIP SR XLIFEWMW SJ XLIIUYMZEPIRXYRMJSVQ
PEXIVEP TVIWWYVI GSRGITX XLEX XLI] TVSTSWIH IEVPMIV JSV
GSRJMRIQIRX SJ RSVQEPWXVIRKXL GSRGVIXI 7EEXGMSKPY ERH
6E^ZM   8LI QSHIP GSZIVW E [MHI VERKI SJ GSRGVIXI
GSQTVIWWMZIWXVIRKXLWFIX[IIRERHTWMERH
14E ERHMRGSVTSVEXIWXLIIJJIGXWSJHMJJIVIRXVIMRJSVGI
QIRXKISQIXV]ERHEVVERKIQIRX[LMPIEPWSMRGSVTSVEXMRKXLI
IJJIGXSJLMKLWXVIRKXLXVERWZIVWIVIMRJSVGIQIRX
{4VIZMSYWVIWIEVGLERHKIRIVEPSFWIVZEXMSRW
3RI SJ XLI QSWX GLEPPIRKMRK EWTIGXW EFSYX MRXIVTVIXMRK
VIWYPXWJVSQFIEQERHGSPYQRWXYHMIWJSYRHMRXLIPMXIVEXYVI
MW XLEX XLIVI EVI HMJJIVIRGIW EQSRK XLI PSEHMRK TVSXSGSPW
PSEHMRK GSRJMKYVEXMSRW WGEPI ERH JEMPYVI GVMXIVME YWIH F]
HMJJIVIRX VIWIEVGLIVW 8LIWI HMJJIVIRGIW EVI WYGL XLEX 4
IJJIGXWVITSVXIHWLIEVWXVIRKXLWERHHVMJXWEXJEMPYVIEVIRSX
HMVIGXP] GSQTEVEFPI MR WSQI MRWXERGIW &VEGLQERR IX EP
EF -RWTMXISJXLIWIHMJJIVIRGIWXLIVIEVIWSQI[IPP
IWXEFPMWLIHGSQQSRXVIRHWXLEXLEZIFIIRSFWIVZIHEFSYXXLI
FILEZMSVSJFIEQWERHGSPYQRW[MXLLMKLWXVIRKXLGSRGVIXI
8LIHYGXMPI FILEZMSV SJ LMKLWXVIRKXL GSRGVIXIFIEQW MW
[IPP HSGYQIRXIH MR WIZIVEP I\TIVMQIRXEP WXYHMIW JSYRH MR
XLIPMXIVEXYVI&EWIHSREWIVMIWSJFIEQXIWXWGSRHYGXIHEX
'SVRIPP9RMZIVWMX]2MPWSR SFWIVZIHXLEXEPXLSYKLXLI
YPXMQEXI GSQTVIWWMZI WXVEMR [EW WQEPPIV JSV LMKLWXVIRKXL
GSRGVIXIWIGXMSRERHQIQFIVHMWTPEGIQIRXHYGXMPMXMIW[IVI
PEVKIVXLERMRRSVQEPWXVIRKXLGSRGVIXIIPIQIRXW2MPWSREPWS
SFWIVZIHXLEXWTMVEPVIMRJSVGIQIRX[EWPIWWIJJIGXMZIMRLMKL
WXVIRKXL GSRGVIXI GSPYQRW WYFNIGXIH XS E\MEP GSQTVIWWMSR
VIWYPXMRKMREWQEPPIVHMWTPEGIQIRXHYGXMPMX]
%WXYH]SRXLIJPI\YVEPHYGXMPMX]SJLMKLWXVIRKXLGSRGVIXI
FIEQW 7LMR IX EP   MRHMGEXIH XLEX HYGXMPMX] VEXMSW
MRGVIEWIH[MXLGSRGVIXIWXVIRKXLJSVWTIGMQIRW[MXLWMQMPEV
EQSYRXWSJPSRKMXYHMREPERHXVERWZIVWIVIMRJSVGIQIRX8LMW
[EWSFWIVZIHJSVFSXLQSRSXSRMGERHG]GPMGPSEHMRK
7IZIVEPVIWIEVGLIVW<MESERH=YR%^M^MREQMRMIX
EP1EXEQSVSWERH7S^IR LEZIWLS[RFEWIHSR
XIWXWSJGSPYQRWWYFNIGXIHXSG]GPMGPSEHMRKYRHIVGSRWXERX
E\MEPPSEHXLEXHVMJXVEXMSWI\GIIHMRK GERFIVIEGLIH[MXL
HIXEMPMRKGSRJSVQMRKXSXLII\MWXMRKTVSZMWMSRWMR'LETXIV

SJ%'-MJXLIE\MEPPSEHHIQERHSRXLIGSPYQRWMW
FIPS[ JG %K ETTVS\MQEXIP]  SJ XLI FEPERGIH E\MEP
PSEH )ZIREXXLIWIPS[PIZIPWSJE\MEPPSEH1EXEQSVSWERH
7S^IR SFWIVZIHXLEXXLIHIKVEHEXMSRSJXLIGSRJMRIH
GSVIEWMRHMGEXIHF]XLIWXVEMRHIQERHMRXLIPEXIVEPVIMRJSVGI
QIRXMRGVIEWIHQSVIVETMHP][MXLHVMJXJSVLMKLIVZEPYIWSJ
E\MEP PSEH <MES ERH 1EVXMVSWW]ER   ERH 1EXEQSVSW
ERH7S^IR SFWIVZIHEWMQMPEVXVIRH[MXLMRGVIEWMRK
GSQTVIWWMZIWXVIRKXL
% WXYH] SR XLI TVSTIVXMIW SJ LMKLWXVIRKXL GSRGVIXI
QIQFIVW &NIVOIPM IX EP   GSRGPYHIH XLEX TVSTIVP]
GSRJMRIH GSPYQRW GER LEZI HYGXMPI FILEZMSV ERH WYWXEMR
PEVKI E\MEP WXVEMRW 8LI ZEVMEFPIW SJ XLI WXYH] [IVI XLI
GSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI[MXLZEPYIWSJ
ERHTWMERH14E ERHXLIWLETI
SJ XLI WTIGMQIR [MXL GMVGYPEV ERH VIGXERKYPEV WIGXMSREP
WLETIWMRGPYHIH'SRGVIXIGSQTVIWWMZIWXVIRKXLWVITSVXIHMR
XLMWWXYH][IVIQIEWYVIHYWMRKMRQQ GYFIW7QEPP
WGEPI WTIGMQIRW  \  MR ? \  QQA VIGXERKYPEV
GSPYQRWERHMR?QQAHMEQIXIVGMVGYPEVGSPYQRW [IVI
WYFNIGXIHXSIGGIRXVMGEPP]ETTPMIHQSRSXSRMGPSEHMRK&SXL
XLI IJJIGXMZIRIWW SJ GSRJMRIQIRX ERH XLI YPXMQEXI WXVEMR
YRHIV GSRGIRXVMG PSEHMRK HIGVIEWIH [MXL MRGVIEWIW MR
GSRGVIXIWXVIRKXL%GGSVHMRKXSXLIEYXLSVWWTIGMQIRW[MXL
EZSPYQIXVMGXVERWZIVWIVIMRJSVGIQIRXVEXMSHIJMRIHEWXLI
VEXMSSJXLIZSPYQISJXVERWZIVWIVIMRJSVGIQIRXXSXLIGSVI
ZSPYQI GSRJMRIH F] XLI XVERWZIVWI VIMRJSVGIQIRX  ZV SJ
 VIWYPXIHMRMREHIUYEXIHYGXMPMX][LMPIXLIFILEZMSVSJ
WTIGMQIRW [MXL ZV SJ   [EW WEXMWJEGXSV] 'MVGYPEV
GSPYQRW[MXLXVERWZIVWIVIMRJSVGIQIRXMRXLIJSVQSJWTMVEPW
WLS[IHPEVKIVZEPYIWSJQE\MQYQWXVIWWERHWXVEMREXTIEO
WXVIWW XLER VIGXERKYPEV GSPYQRW [MXL WMQMPEV ZSPYQIXVMG
VEXMSW SJ LSST VIMRJSVGIQIRX 8LI HMJJIVIRGI FIX[IIR XLI
X[SMRGVIEWIH[MXLXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRX
-RXLIWIXSJWTIGMQIRW[MXL ZVSJ XLIVEXMSSJWXVEMREX
TIEOWXVIWWJSVXLIGSRJMRIHGEWIXSWXVEMREXTIEOWXVIWWJSV
XLIYRGSRJMRIHGEWI[EWETTVS\MQEXIP]JSVXLIVIGXERKYPEV
GSPYQR [MXL LSSTW ERH  JSV XLI GMVGYPEV GSPYQR [MXL
WTMVEPVIMRJSVGIQIRX8LIVEXMSSJTIEOWXVIWWJSVXLIGSRJMRIH
GEWI XS TIEO WXVIWW JSV XLI YRGSRJMRIH GEWI [EW ETTVS\M
QEXIP]JSVXLIVIGXERKYPEVGSPYQR[MXLLSSTWERH
JSVXLIGMVGYPEVGSPYQR[MXLWTMVEPVIMRJSVGIQIRX-RXLIWIX
SJ WTIGMQIRW [MXL ZV SJ   XLI VEXMS SJ WXVEMR EX TIEO
WXVIWW JSV XLI GSRJMRIH GEWI XS WXVEMR EX TIEOWXVIWW JSVXLI
YRGSRJMRIHGEWI[EWETTVS\MQEXIP]JSVXLIVIGXERKYPEV
GSPYQR [MXL LSSTW ERH  JSV XLI GMVGYPEV GSPYQR [MXL
WTMVEPVIMRJSVGIQIRX8LIVEXMSSJTIEOWXVIWWJSVXLIGSRJMRIH
GEWIXSTIEOWXVIWWJSVXLIYRGSRJMRIHGEWI[EWETTVS\MQEXIP]
JSVXLIVIGXERKYPEVGSPYQR[MXLLSSTWERHJSVXLI
GMVGYPEVGSPYQR[MXLWTMVEPVIMRJSVGIQIRX
6E^ZM ERH 7EEXGMSKPY   GSRHYGXIH ER MRZIWXMKEXMSR
SRXLIWXVIRKXLERHHIJSVQEFMPMX]SJLMKLWXVIRKXLGSRGVIXI
GSPYQRW FEWIH SR XLI VIWYPXW SJ  XIWXW F] ZEVMSYW
VIWIEVGLIVW8LI]GSRGPYHIHXLEXXLIZSPYQISJVIMRJSVGIQIRX
VIUYMVIH JSV TVSTIV GSRJMRIQIRX SJ LMKLWXVIRKXL GSPYQRW
QE]FIVIHYGIH[MXLXLIYWISJLMKLWXVIRKXLWXIIPEWXVERWZIVWI
VIMRJSVGIQIRXTEVXMGYPEVP]JSVLMKLE\MEPPSEHW8LI]MRHMGEXIH
XLEX XLI YWI SJ LMKLWXVIRKXL WXIIP HMH RSX MQTVSZI

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

FILEZMSV [LIR PS[ E\MEP PSEHW [IVI TVIWIRX 8LI] EPWS

SFWIVZIH XLEX GSPYQR HIJSVQEFMPMX] HIGVIEWIH [MXL
MRGVIEWMRK E\MEP GSQTVIWWMSR % WTIGMQIR XIWXIH YRHIV
E\MEP XIRWMSR WLS[IH MQTVSZIH HIJSVQEFMPMX] GSQTEVIH
[MXLWTIGMQIRWPSEHIHMRGSQTVIWWMSR
7EEXGMSKPYIXEP VIZMI[IHXLIIJJIGXSJGSRJMRIQIRX
SRGSRGIRXVMGEPP]PSEHIHGSPYQRWXIWXIHF]WIZIVEPHMJJIVIRX
MRZIWXMKEXSVW8LI]GSRGPYHIHXLEXXLIWXVIRKXLSJGSRJMRIH
GSRGVIXIMRGVIEWIH[MXLXLIEQSYRXSJGSRJMRIQIRXMRHITIR
HIRXP] SJ YRGSRJMRIH GSQTVIWWMZI WXVIRKXL 8LI] EPWS
SFWIVZIH XLEX JSV E WMQMPEV TIVGIRX MRGVIEWI MR WXVIRKXL
LMKLIV GSRJMRIQIRX TVIWWYVI MW VIUYMVIH JSV LMKLWXVIRKXL
GSRGVIXIXLERJSVRSVQEPWXVIRKXLGSRGVIXI8LI]MRHMGEXIH
XLEXZEPYIWJSVXLIGSRJMRIQIRXMRHI\HIJMRIHEWXLITVSHYGX
SJ XLI ZSPYQIXVMG XVERWZIVWI VIMRJSVGIQIRX VEXMS ERH XLI
]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRXHMZMHIHF]XLI
GSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI VIGSQQIRHIHMRXLI
PMXIVEXYVIXSIRWYVIHYGXMPIFILEZMSVYRHIVGSRGIRXVMGPSEHMRK
VERKIHFIX[IIRERH8LIHMWXVMFYXMSRERHWTEGMRK
SJXLIXVERWZIVWIVIMRJSVGIQIRXMWERSXLIVMQTSVXERXTEVEQIXIV
XLEX EJJIGXW FILEZMSV %PXLSYKL LMKLWXVIRKXL VIMRJSVGIQIRX
QE]FIYWIHXSHIGVIEWIXLIZSPYQIXVMGXVERWZIVWIVIMRJSVGIQIRX
VEXMS XLI IJJIGXMZIRIWW SJ XLI GSRJMRMRK VIMRJSVGIQIRX
HIGVIEWIW EW WTEGMRK MRGVIEWIW 7EEXGMSKPY IX EP 
MRHMGEXIHXLEXXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
QE] RSX FI VIEGLIH JSV GSPYQRW MR [LMGL XLI ZSPYQIXVMG
VIMRJSVGIQIRXVEXMSXLIE\MEPPSEHSVFSXLMWPS[
/EXSIXEP VIZMI[IHXIWXWGEVVMIHSYXMR.ETERSR
 WUYEVIGSPYQRWERHGMVGYPEVGSPYQRWYRHIVGSRGIRXVMG
PSEHMRK8LIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXIMRXLI
WTIGMQIRWVERKIHFIX[IIRERHTWMERH
14E [LMPIXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGI
QIRX VERKIH FIX[IIR  ERH  TWM  ERH
 14E  8LIMV GSRGPYWMSRW [IVI WMQMPEV XS XLSWI F]
7EEXGMSKPYIXEP 8LI]MRHMGEXIHXLEXXLIQE\MQYQ
WXVIWW MRGVIEWI MR XLI GSPYQRW [EW MRHITIRHIRX SJ XLI
GSQTVIWWMZI WXVIRKXL ERH TVSTSVXMSREP XS XLI WXVIRKXL SJ XLI
XVERWZIVWI VIMRJSVGIQIRX %R YTTIV PMQMX SJ  TWM
 14E SRXLIWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
[EWWYKKIWXIHFIGEYWIGEPGYPEXMSRWYWMRKXLIGSRGVIXIQSHIPW
HIVMZIHJVSQXLIXIWXWWYKKIWXIHXLEXXLIVIMRJSVGIQIRXQMKLX
RSXFIIJJIGXMZIFI]SRHXLEXTSMRX-REHHMXMSRXLI]GSRGPYHIH
XLEXMRGVIEWMRKXLIWTEGMRKSJXLIXVERWZIVWIVIMRJSVGIQIRXF]
YWMRKLMKLWXVIRKXLVIMRJSVGIQIRXMRGVIEWIHXLITVSFEFMPMX]SJ
JEMPYVIHYIXSFYGOPMRKSJXLIPSRKMXYHMREPVIMRJSVGIQIRX
7EEXGMSKPY ERH 6E^ZM   XIWXIH  PEVKIWGEPI LMKL
WXVIRKXLGSRGVIXIGSPYQRW[MXLEWUYEVIGVSWWWIGXMSRYRHIV
GSRGIRXVMGGSQTVIWWMSR8LIGSRGVIXIGSQTVIWWMZIWXVIRKXL
YWIHZEVMIHFIX[IIRERHTWMERH14E 
8LIVIWIEVGLIVWMRZIWXMKEXIHXLIIJJIGXWSJZEVMSYWGSRJMRIQIRX
TEVEQIXIVW MRGPYHMRK XLI YWI SJ LMKLKVEHI XVERWZIVWI
VIMRJSVGIQIRX -X [EW GSRGPYHIH XLEX XLI PEXIVEP TVIWWYVI
VIUYMVIHXSGSRJMRILMKLWXVIRKXLGSRGVIXIGSPYQRWGERFI
EGLMIZIHF]YWMRKLMKLWXVIRKXLXVERWZIVWIVIMRJSVGIQIRX-X
[EWGEYXMSRIHLS[IZIVXLEXXLMWQE]RSXFIEGLMIZIHYRPIWW
EWYJJMGMIRXP]LMKLZSPYQIXVMGVEXMSSJXVERWZIVWIVIMRJSVGIQIRX
MWYWIH8LIVIWIEVGLIVWJYVXLIVVITSVXIHTVIQEXYVIWTEPPMRK
SJGSZIVGSRGVIXIYRHIVGSRGIRXVMGPSEHMRKXLEX[EWSFWIVZIH

-8+6

FIJSVI VIEGLMRK XLI GVYWLMRK WXVIRKXL SJ YRGSRJMRIH

GSRGVIXI 8LMW [EW EXXVMFYXIH XS XLI WXEFMPMX] JEMPYVI SJ XLI
GSZIVWLIPPYRHIVLMKLGSQTVIWWMZIWXVIWWIW[LIREQIWLSJ
VIMRJSVGIQIRX GSRWMWXMRK SJ PSRKMXYHMREP FEVW ERH GPSWIP]
WTEGIHXVERWZIVWI VIMRJSVGIQIRX WITEVEXIH XLI GSZIV JVSQ
XLI GSVI 7MQMPEV GSRGPYWMSRW [IVI SFXEMRIH F] 6E^ZM ERH
7EEXGMSKPY   [LS XIWXIH  PEVKIWGEPI GMVGYPEV LMKL
WXVIRKXLGSRGVIXIGSPYQRWYRHIVGSRGIRXVMGGSQTVIWWMSR
0MTMIRERH7EEXGMSKPY ERH7EEXGMSKPYERH&EMRKS
 VITSVXIHXIWXVIWYPXWSJPEVKIWGEPIWUYEVIERHGMVGYPEV
GSPYQRWVIWTIGXMZIP]YRHIVGSRWXERXE\MEPGSQTVIWWMSRERH
MRGVIQIRXEPP]MRGVIEWMRKPEXIVEPHIJSVQEXMSRVIZIVWEPW8LI
PIZIPSJE\MEPGSQTVIWWMSRZEVMIHFIX[IIRERH SJXLI
GSPYQRWXVIRKXLYRHIVGSRGIRXVMGPSEHMRK4S ERHXLIGSRGVIXI
WXVIRKXLZEVMIHFIX[IIRETTVS\MQEXIP]ERHTWM
ERH14E 8LIVIWIEVGLIVWVITSVXIHXLEXEQMRMQYQ
SJ HVMJXGETEGMX]GERFIEXXEMRIHMRGMVGYPEVGSPYQRWMJXLI
ZSPYQIXVMGVEXMSSJWTMVEPVIMRJSVGIQIRXMWEXPIEWXIUYEPXS
JG J]X ERH XLI PMQMX SR XLI ]MIPH WXVIRKXL SJ XVERWZIVWI
VIMRJSVGIQIRXMWMRGVIEWIHXSTWM14E 8LIWEQI
VIUYMVIQIRXWTVSHYGIHETTVS\MQEXIP]  PEXIVEP HVMJX [LIR
XLIPIZIPSJE\MEPGSQTVIWWMSR[EWVIHYGIHJVSQ4SXS
4S-X[EWJYVXLIVGSRGPYHIHXLEXMRHMZMHYEPGMVGYPEVXMIW
[MXLHIKVIILSSOW[IPPERGLSVIHMRXSXLIGSVIGSRGVIXI
TIVJSVQIHEW[IPPEWGSRXMRYSYWWTMVEPVIMRJSVGIQIRXLEZMRK
XLIWEQIQEXIVMEPTVSTIVXMIW7MQMPEVSFWIVZEXMSRW[IVIQEHI
JSVWUYEVIGSPYQRW[MXLSZIVPETTMRKLSSTWERHGVSWWXMIW
7LIMOL IX EP   XIWXIH JSYV  MR  QQ  WUYEVI
GSPYQRW[MXLGSRGVIXIWXVIRKXLWSJETTVS\MQEXIP]TWM
 14E  YRHIV GSRWXERX E\MEP GSQTVIWWMSR ERH PEXIVEP
QSQIRX VIZIVWEPW 8LI PIZIP SJ E\MEP GSQTVIWWMSR VERKIH
FIX[IIR 4S ERH 4S 7LIMOL IX EP   VITSVXIH
HMWTPEGIQIRXHYGXMPMX]VEXMSWEXE VIHYGXMSR MRPEXIVEP
VIWMWXERGI  JSV XLI LMKLWXVIRKXL GSRGVIXI GSPYQRWVERKMRK
FIX[IIR  ERH  JSV WTIGMQIRW [MXL ZSPYQIXVMG
GSRJMRIQIRXMRHI\IWVERKMRKFIX[IIRERH8LI
GSVVIWTSRHMRK GYVZEXYVI HYGXMPMX] VEXMSW VERKIH FIX[IIR 
ERH  -X [EW GSRGPYHIH XLEX XLI VIUYMVIH EQSYRX SJ
GSRJMRIQIRX VIMRJSVGIQIRX [EW TVSTSVXMSREP XS GSRGVIXI
WXVIRKXL8LIMQTVSZIQIRXMRGSPYQRHYGXMPMX]ETTIEVIHXSFI
TVSTSVXMSREPXSXLIEQSYRXSJGSRJMRIQIRXWXIIP
%^M^MREQMRMIXEP XIWXIHRMRIMRQQ
WUYEVI GSPYQRW YRHIV 4S  4S ERH 4S 8LI
WTIGMQIRW GSRWMWXIH SJ E GIRXVEP WXYF VITVIWIRXMRK XLI NSMRX
VIKMSR SJ E JVEQI [MXL X[S GSPYQRW I\XIRHMRK SYX[EVH
0EXIVEPPSEHW[IVIETTPMIHEXXLIGIRXIVSJXLIWXYF[LMPIXLI
GSPYQRW[IVIWYFNIGXIHXSEGSRWXERXE\MEPPSEH8LIXVERWZIVWI
VIMRJSVGIQIRXLEH]MIPHWXVIRKXLWSJERHOWMERH
 14E  [MXL ZSPYQIXVMG GSRJMRIQIRX MRHI\IW VERKMRK
FIX[IIRERH8LIGSRGVIXIGSQTVIWWMZIWXVIRKXLW
VERKIH FIX[IIR  ERH  TWM  ERH  14E 
%^M^MREQMRM IX EP  VITSVXIH XLEX XLI QE\MQYQ HVMJX
VEXMSWHIJMRIHF]XLIEYXLSVWEWXLIQE\MQYQHVMJXVEXMSEX
[LMGL XIWX GSPYQRW [IVI GETEFPI SJ [MXLWXERHMRK X[S
GSQTPIXIG]GPIWSJLSVM^SRXEPHMWTPEGIQIRXVERKIHFIX[IIR
 ERH   8LI XIWX HEXE MRHMGEXIH XLEX ER MRGVIEWI MR
GSRGVIXIWXVIRKXLHMHRSXRIGIWWEVMP]VIWYPXMRVIHYGXMSRWMR
XLI GSPYQR HMWTPEGIQIRX HYGXMPMX] VEXMS 6IHYGMRK XLI

-8+6

%'-'311-88))6)4368

WTEGMRK SJ XLI XMIW LS[IZIV VIWYPXIH MR PEVKIV HYGXMPMX]

VEXMSW ;LIR GSQTEVMRK XLI FILEZMSV SJ WTIGMQIRW [MXL
WMQMPEV EQSYRXW SJ XVERWZIVWI VIMRJSVGIQIRX ERH HMJJIVIRX
]MIPH WXVIRKXLW %^M^MREQMRM IX EP   GSRGPYHIH XLEX
MRGVIEWMRKXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
LEHRSWMKRMJMGERXIJJIGXSRXLIQE\MQYQHVMJXVEXMS8LI]
EPWS I\TVIWWIH GSRGIVR XLEX FIGEYWI SJ FYGOPMRK SJ XLI
PSRKMXYHMREPVIMRJSVGIQIRXMRGVIEWMRKXLIWTEGMRKFIX[IIR
LSSTW[LMPIMRGVIEWMRKXLI]MIPHWXVIRKXLSJXLIXVERWZIVWI
VIMRJSVGIQIRXXSEGLMIZIEWMQMPEVGSRJMRIQIRXMRHI\[SYPH
RSXFIJYPP]IJJIGXMZI8IWXVIWYPXWJVSQX[SWTIGMQIRW[MXL
ERHMRERHQQ LSSTWTEGMRKERHXVERWZIVWI
VIMRJSVGIQIRX]MIPHWXVIRKXLWSJERHOWMERH
14E VIWTIGXMZIP]WLS[IHXLEXXLIWTIGMQIR[MXLXLI
GPSWIVLSST WTEGMRK ERHPS[IV]MIPH WXVIRKXL LEHELMKLIV
QE\MQYQ HVMJX VEXMS   XLER XLI WTIGMQIR [MXL XLI
LMKLIV]MIPHWXVIRKXLERHPEVKIVWXMVVYTWTEGMRK 8LI]
EXXVMFYXIHXLIHMJJIVIRGIMRFILEZMSVXSTVIQEXYVIFYGOPMRK
SJXLIPSRKMXYHMREPVIMRJSVGIQIRXSFWIVZIHMRXLIWTIGMQIR
[MXLXLIPEVKIVWXMVVYTWTEGMRK
8LSQWIRERH;EPPEGI XIWXIHX[IPZIMRQQ
WUYEVI GSPYQR WTIGMQIRW [MXL E GSRGVIXI GSQTVIWWMZI
WXVIRKXLSJETTVS\MQEXIP]TWM14E 8LIWTIGMQIRW
GSRWMWXIHSJGERXMPIZIVGSPYQRW[MXLEJSYRHEXMSRFPSGOXLEX
[EWERGLSVIHXSXLIVIEGXMSRJPSSV8LIE\MEPERHPEXIVEPPSEHW
[IVI ETTPMIH EXXLI JVII IRH SJXLI GERXMPIZIV8IWX ZEVMEFPIW
[IVIXLIWTEGMRKERHGSRJMKYVEXMSRSJXLIXVERWZIVWIVIMRJSVGI
QIRXXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
ERHOWM?ERH14EA ERHXLIE\MEPPSEHVEXMS
ERH 1IEWYVIQIRXWMRHMGEXIHXLEXXLIPSRKMXYHMREP
VIMRJSVGIQIRXWXEVXIHXS]MIPHEXEHVMJXVEXMSSJ 7LIEVERH
JPI\YVEPWXVIRKXLWHIXIVMSVEXIHEXHVMJXVEXMSWI\GIIHMRK 
ERHWIZIVIHEQEKISGGYVVIHEXHVMJXVEXMSWLMKLIVXLER 
8LIPSRKMXYHMREP VIMRJSVGIQIRX FYGOPIHMR WTIGMQIRW[MXL
E\MEPPSEHVEXMSWSJERHEXHVMJXVEXMSWKVIEXIVXLER 8LI
QEMRGSRGPYWMSRSJXLIWXYH]F]8LSQWIRERH;EPPEGI[EW
XLEXLMKLWXVIRKXLVIMRJSVGIQIRXQE]FIYWIHIJJIGXMZIP]XS
GSRJMRILMKLWXVIRKXLGSRGVIXI
%WMKRMJMGERXEQSYRXSJI\TIVMQIRXEPHEXEJVSQGSPYQRW
[MXLE\MEPPSEHVEXMSWJT!4JG %KI\GIIHMRKMWEZEMPEFPI
JVSQ ER I\XIRWMZI WXYH] SR XLI FILEZMSV SJ GSRGVIXI
QIQFIVW [MXL LMKLWXVIRKXL QEXIVMEPW WTSRWSVIH F] XLI
1MRMWXV] SJ 'SRWXVYGXMSR MR .ETER %S]EQE IX EP  
&IGEYWIXLIQE\MQYQRYQFIVSJWXSVMIWMRLMKLVMWIFYMPHMRKW
MWPMQMXIHF]GSRGVIXIWXVIRKXL.ETERIWIIRKMRIIVWFIPMIZI
XLEXWXVIRKXLWLMKLIVXLERTWM14E [SYPHFIIWWIRXMEP
XSXLIGSRWXVYGXMSRSJFYMPHMRKWXEPPIVXLERWXSVMIW
8IWXWGSRHYGXIHMR.ETERJSGYWIHSRGSPYQRWWYFNIGXIHXS
E\MEPPSEHVEXMSWEFSZI%S]EQEIXEP7EOEKYGLM
IX EP1YKYVYQEERH ;EXEREFI7YKERSIX EP
 /MQYVE IX EP  ,MFM IX EP   8LIWI XIWXW
WLS[IH E WXVSRK GSVVIPEXMSR EQSRK E\MEP PSEH EQSYRX SJ
GSRJMRIQIRXERHXLIHVMJXGETEGMX]HVMJXPMQMX SJGSPYQRW
%PEVKIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRX[EWVIUYMVIHXS
SFXEMRHYGXMPIFILEZMSVMRGSPYQRWWYFNIGXIHXSE\MEPPSEHW
KVIEXIV XLER XLI FEPERGIH PSEH .ETERIWI VIWIEVGLIVW
EHHVIWWIHXLMWTVSFPIQF]MRGSVTSVEXMRKLMKLWXVIRKXLWXIIP
EWXVERWZIVWIVIMRJSVGIQIRX

7EOEKYGLM IX EP   VITSVXIH XIWX VIWYPXW JVSQ IMKLX

LMKLWXVIRKXLGSRGVIXIGSPYQRW[MXLGSQTVIWWMZIWXVIRKXLW
SJERHTWMERH14E ERHEWLIEVWTER
HITXLVEXMSSJ8LIWTIGMQIRWGSRWMWXIHSJGSPYQRW[MXL
VMKMHFPSGOW EX XLI XSTERH FSXXSQ 8LI FSXXSQ FPSGO[EW
EXXEGLIHXSXLIVIEGXMSRJPSSV[LMPIXLIXSTFPSGO[EWYWIH
XSETTP]XLIPEXIVEPERHZIVXMGEPPSEHW8LIGSPYQRWTIGMQIRW
[IVIHIJSVQIHMRHSYFPIGYVZEXYVI%PPWTIGMQIRWLEHXVERW
ZIVWI VIMRJSVGIQIRX [MXL E ]MIPH WXVIRKXL SJ  TWM
14E 8LIZEVMEFPIWSJXLIWXYH][IVIXLIEQSYRXSJ
XVERWZIVWI VIMRJSVGIQIRX [MXL ZSPYQIXVMG GSRJMRIQIRX
MRHI\IWVERKMRKFIX[IIRERHERHXLIE\MEPPSEHVEXMS
[LMGL[EWWIXXSSV8LIQENSVMX]SJXLIGSPYQRW[IVI
XIWXIH[MXLERE\MEPPSEHVEXMSSJ&IGEYWIXLIQEMRXLVYWXSJ
XLIWXYH][EWXSMRZIWXMKEXIXLIWLIEVWXVIRKXLSJXLIGSPYQRW
RSPMQMXMRKHVMJXZEPYIW[IVIVITSVXIH7EOEKYGLMIXEP
GSRGPYHIHXLEXMRWTIGMQIRW[MXLZIV]PMKLXEQSYRXWSJXVERW
ZIVWIVIMRJSVGIQIRXEWLIEVWPMTJEMPYVISGGYVVIHWSSREJXIVXLI
JSVQEXMSRSJERMRGPMRIHGVEGO-RWTIGMQIRW[MXLMRXIVQIHMEXI
ERHLMKLEQSYRXWSJXVERWZIVWIVIMRJSVGIQIRXWLIEVWXVIRKXL
MRGVIEWIH[MXLXLIEQSYRXSJVIMRJSVGIQIRX8LI]MRHMGEXIHXLEX
E VIPEXMZIP] LMKL EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX [EW
RIIHIH XS QEMRXEMR HYGXMPI FILEZMSV EJXIV XLI JSVQEXMSR SJ
MRGPMRIHGVEGOWMRPMKLXSJXLIPS[WLIEVWTERHITXLVEXMS
1YKYVYQEERH;EXEREFI XIWXIHIMKLXWTIGMQIRW
ZEV]MRKXLIXVERWZIVWIVIMRJSVGIQIRX]MIPHWXVIRKXLFIX[IIR
ERHTWMERH14E [LMPIQEMRXEMRMRK
E GSRWXERX ZSPYQIXVMG VEXMS ZV SJ   8LI WTIGMQIRW
GSRWMWXIH SJ E GIRXVEP WXYF [MXL X[S GSPYQRW I\XIRHMRK
SYX[EVH 8LI PEXIVEP PSEH [EW ETTPMIH EX XLI GIRXIV SJ XLI
WXYFHIJSVQMRKXLIWTIGMQIRWMRWMRKPIGYVZEXYVI[LMPIXLI
E\MEP PSEH [EW QEMRXEMRIH GSRWXERX *SYV XIWXW [IVI
GSRHYGXIH SR WTIGMQIRW [MXL E GSRGVIXI GSQTVIWWMZI
WXVIRKXLSJTWM14E EXE\MEPPSEHVEXMSWJTSJ
ERH*SVXLIWIWTIGMQIRWXLIPMQMXMRKHVMJXVEXMSHIJMRIH
EW XLI HVMJX VEXMS EXXEMRIH [MXLSYX E WMKRMJMGERX PSWW MR
WXVIRKXLVERKIHFIX[IIRERH 8LIVI[EWEWXVSRK
GSVVIPEXMSREQSRKXLIPMQMXMRKHVMJXVEXMSE\MEPPSEHERHXLI
]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX8LIPMQMXMRK
HVMJX VEXMS HIGVIEWIH EW XLI E\MEP PSEH VEXMS MRGVIEWIH
-RGVIEWMRKXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
LEHXLISTTSWMXIIJJIGX8LIPMQMXMRKHVMJXVEXMSMRGVIEWIHF]
EJEGXSVEWLMKLEW[LIRXLI]MIPHWXVIRKXLSJXLIXVERWZIVWI
VIMRJSVGIQIRX [EW MRGVIEWIH JVSQ  XS  TWM
 ERH  14E  8LI X[S WTIGMQIRW [MXL E ZSPYQIXVMG
GSRJMRIQIRX MRHI\ GT HIJMRIH EW ZV J]X JG  SJ  LEH
PMQMXMRKHVMJXVEXMSWSJ JSVJT!ERH JSVJT!
 ;LIR XLI ZSPYQIXVMG VIMRJSVGIQIRX MRHI\ [EW
MRGVIEWIHXSXLVSYKLXLIYWISJLMKLWXVIRKXLXVERWZIVWI
VIMRJSVGIQIRXXLIPMQMXMRKHVMJXVEXMSMRGVIEWIHXSSZIV
JSV JT!ERH JSVJT!8LIVIQEMRMRKJSYVWTIG
MQIRWLEHEGSRGVIXIGSQTVIWWMZIWXVIRKXLSJTWM
14E ERH[IVIXIWXIHEXE\MEPPSEHVEXMSWSJERH
 0MQMXMRK HVMJX VEXMSW JSV XLIWI WTIGMQIRW ZEVMIH
FIX[IIRERH %ZSPYQIXVMGGSRJMRIQIRXMRHI\SJ
[EWWYJJMGMIRXXSEXXEMREPMQMXMRKHVMJXVEXMSSJ JSV
ER E\MEP PSEH VEXMS SJ  8LI EYXLSVW GSRGPYHIH MX [EW
TSWWMFPI XS EGLMIZI E LMKL HYGXMPMX] VEXMS MR GSPYQRW [MXL

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

LMKLWXVIRKXL GSRGVIXI XLVSYKL XLI YWI SJ LMKLWXVIRKXL

XVERWZIVWIVIMRJSVGIQIRX
%VIWIEVGLTVSKVEQQSXMZEXIHF]XLIRIIHXSYWILMKL
WXVIRKXLQEXIVMEPWMRLMKLVMWIWXVYGXYVIW[EWGEVVMIHSYXMR
8SO]S-XGSQTVMWIHEJMVWXWIVMIWSJIMKLXGSPYQRXIWXWERH
FIEQXIWXW7YKERSIXEP ERHEWIGSRHWIVMIWSJJMZI
GSPYQR XIWXW /MQYVE IX EP   8LI WTIGMQIRW IEGL
GSRWMWXIHSJEGSPYQR[MXLVMKMHFPSGOWEXXLIXSTERHFSXXSQ
8LIWTIGMQIRW[IVIHIJSVQIHMRHSYFPIGYVZEXYVI[LMPIXLI
E\MEPPSEH[EWQEMRXEMRIHGSRWXERX8LIJMVWXXIWXWIVMIWWLS[IH
I\GIPPIRXFILEZMSVJSVGSPYQRWTIGMQIRW[MXLERE\MEPPSEH
VEXMSSJ[LMGLEGLMIZIHPMQMXMRKHVMJXVEXMSWSJ 8LI
PMQMXMRKHVMJXVEXMSMRGVIEWIHMRTVSTSVXMSRXSXLI]MIPHWXVIRKXL
SJXLIXVERWZIVWIVIMRJSVGIQIRXRSVQEPM^IHF]XLIGSRGVIXI
GSQTVIWWMZIWXVIRKXL8LIEYXLSVWWYKKIWXIHEQMRMQYQ
GSRJMRIQIRXMRHI\SJXSEGLMIZIPMQMXMRKHVMJXVEXMSWSJ
 EXERE\MEPPSEHVEXMSSJ8LIFIEQWXLEX[IVIXIWXIH
LEHWTERHITXLVEXMSWSJGSRGVIXIGSQTVIWWMZIWXVIRKXLW
VERKMRKJVSQXSTWMXS14E PSRKMXYHMREP
VIMRJSVGIQIRX VEXMSW SJ  ERH   XVERWZIVWI VIMRJSVGI
QIRX [MXL ]MIPH WXVIRKXLW SJ  ERH OWM 
ERH14E ERHGSRJMRIQIRXMRHI\IWVERKMRKJVSQ
 XS&IEQW [MXL LMKL GSRJMRIQIRX MRHI\IW EFSZI
 LEHPMQMXMRKHVMJXVEXMSWEFSZI XLIPMQMXMRKHVMJXVEXMS
[EWRSXZIV]WIRWMXMZIXSXLIEQSYRXSJXVERWZIVWIVIMRJSVGI
QIRXSVGSRGVIXIGSQTVIWWMZIWXVIRKXL8LIWIGSRHWIVMIWMR
XLIWXYH]GSRGPYHIHXLEXXLIHYGXMPMX]SJLMKLWXVIRKXLGSRGVIXI
GSPYQRW [EW WXVSRKP] EJJIGXIH F] FSXL XLI PIZIP SJ E\MEP
GSQTVIWWMSRERHXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGI
QIRX8LIEYXLSVWWXEXIHXLEXXLI]MIPHWXVIRKXLSJXLIXVERW
ZIVWIVIMRJSVGIQIRXRSVQEPM^IHF]XLIGSQTVIWWMZIWXVIRKXL
SJXLIGSRGVIXI[EWERETTVSTVMEXIMRHI\XSIZEPYEXIHYGXMPMX]
%WIVMIWSJJMZIXIWXWEXXLI9RMZIVWMX]SJ8SO]SJSGYWIHSR
GSPYQR FILEZMSV EJXIV JPI\YVEP ]MIPHMRK ,MFM IXEP  
8LIWTIGMQIRWIEGLGSRWMWXIHSJEGSPYQR[MXLVMKMHFPSGOW
EX XLI XST ERH FSXXSQ 8LI WTIGMQIRW [IVI HIJSVQIH MR
HSYFPI GYVZEXYVI [LMPI XLI E\MEP PSEH [EW QEMRXEMRIH
GSRWXERX8LIGSPYQRWLEHE\MEPPSEHVEXMSWSJERH
ERH E WLIEV WTERHITXL VEXMS SJ  8LI EQSYRX ERH XLI
WXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX[IVIZEVMIH[LMPI
XLI UYERXMX] X J]X [EW QEMRXEMRIH ETTVS\MQEXIP] GSRWXERX
8LIXIWXWWLS[IHEWXVSRKGSVVIPEXMSRFIX[IIRXSYKLRIWWERH
E\MEP PSEH 8LI FILEZMSV SJ WTIGMQIRW [MXL ER E\MEP PSEH
VEXMSSJ[EWZIV]HYGXMPIEGLMIZMRKPMQMXMRKHVMJXVEXMSW
I\GIIHMRK 7TIGMQIRW[MXLLMKLIVE\MEPPSEHWJEMPIHMR
WLIEV[MXLPMQMXMRKHVMJXVEXMSWSRXLISVHIVSJ %XHVMJX
VEXMSWFIPS[ XLI9RMZIVWMX]SJ8SO]SXIWXWMRHMGEXIHXLEX
XLI WLIEV GSQTSRIRX SJ XLI PEXIVEP HIJPIGXMSR [MXLMR XLI
TPEWXMGLMRKIVIKMSR[EWWMQMPEVJSVEPPWTIGMQIRWVIKEVHPIWW
SJE\MEPPSEH-XQYWXFITSMRXIHSYXLS[IZIVXLEXRSRISJ
XLIWTIGMQIRWVIEGLIH]MIPHMRKSJXLIXVERWZIVWIVIMRJSVGIQIRX
XLYWPMQMXMRKXLIHIKVEHEXMSRSJXLIGSRJMRIHGSVI[MXLMRXLI
TPEWXMGLMRKIVIKMSR
%PPSJXLIWIXIWXVIWYPXWWLS[IHXLEXFIEQWERHGSPYQRW
QEHI [MXL LMKLWXVIRKXL GSRGVIXI GER FI YWIH WEJIP] MR
WIMWQMGHIWMKRJSVE[MHIVERKISJE\MEPPSEHWTVSZMHIHXLEX
EREHIUYEXIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXMWTVSZMHIH
XSGSRJMRIXLIGSVIGSRGVIXI

-8+6

{)UYEXMSRWXSHIXIVQMRIEQSYRXSJ
GSRJMRIQIRXVIMRJSVGIQIRXVIUYMVIHMRGSPYQRW
7IGXMSR  SJ %'-  WTIGMJMIW XLI QMRMQYQ
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX JSV GSRJMRMRK XLI GSVI
GSRGVIXI ERH TVSZMHMRK PEXIVEP WYTTSVX XS XLI PSRKMXYHMREP
VIMRJSVGIQIRX MR GSPYQRW WYFNIGXIH XS G]GPMG PSEHMRK
)UYEXMSR   MR %'-  WTIGMJMIW XLI QMRMQYQ
ZSPYQIXVMGVEXMSSJWTMVEPSVGMVGYPEVLSSTVIMRJSVGIQIRXJSV
GMVGYPEVGSPYQRWEW
W!JG J]X

%'-)U

*SVVIGXERKYPEVGSPYQRWXLIQMRMQYQEQSYRXSJVIMRJSVGI
QIRXVIUYMVIHF]%'-MWKMZIRF])U ERH
JG % K
  z 
%WL!WFG 
J ]X % GL

%'-)U

JG

%WL!WFG 
J ]X

%'-)U

%'-)U GSRXVSPW[LIRXLIVEXMSSJKVSWW

EVIE %KXSEVIESJXLIGSRJMRIHGSVI%GLMWKVIEXIVXLER
%WEVIWYPX%'-)U MWPMOIP]XSGSRXVSPJSV
WQEPP GSPYQRW 8LIWI VIUYMVIQIRXW [IVI HIZIPSTIH XS
IRWYVIXLEXXLIWXVIRKXLSJXLIGSRJMRIHGSVI[SYPHFIWYJJMGMIRX
XSGSQTIRWEXIJSVXLIPSWWMRE\MEPWXVIRKXLXLEXSGGYVW[LIR
XLI GSRGVIXIMRXLI I\XIVMSV WLIPP SJ XLI GSPYQR WTEPPW SJJ
%'-)U ERH MQTP]XLEXXLIGSRJMRMRK
WXVIWW TVSZMHIH F] VIGXERKYPEV LSSTW MW PIWW IJJIGXMZI XLER
XLEXTVSZMHIHF]EWMQMPEVZSPYQISJWTMVEPVIMRJSVGIQIRX%
GSQTEVMWSR FIX[IIR XLI ZSPYQIXVMG VIMRJSVGIQIRX VEXMS
VIUYMVIHXSGSRJMRIEWMQMPEVZSPYQISJGSRGVIXIMREGMVGYPEV
GSPYQR[MXLWTMVEPVIMRJSVGIQIRXEGGSVHMRKXS%'-
)U ERHEVIGXERKYPEVGSPYQR[MXLVIGXERKYPEVLSSTW
EGGSVHMRKXS)U MRHMGEXIWXLEXWTMVEPVIMRJSVGIQIRXMW
GSRWMHIVIH XS FI ETTVS\MQEXIP]   QSVI IJJIGXMZI XLER
LSSTVIMRJSVGIQIRX8LIGSQQIRXEV]MR%'-MRHMGEXIW
XLEX EPXLSYKL XLI WXVIRKXL ERH HYGXMPMX] SJ GSPYQRW EVI
EJJIGXIH F] XLI EQSYRX SJ E\MEP PSEH XLI E\MEP PSEHW ERH
HIJSVQEXMSRHIQERHWHYVMRKERIEVXLUYEOIEVIRSXORS[R
[MXL WYJJMGMIRX EGGYVEG] XS NYWXMJ] XLI GEPGYPEXMSR SJ XLI
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX EW E JYRGXMSR SJ XLIWI
TEVEQIXIVW
)\TIVMQIRXEPVIWYPXW1EXEQSVSWERH7S^IR  LEZI
WLS[RXLEXXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXVIUYMVIH
F]%'-)U XS [MPPVIWYPXMRPMQMXMRK
HVMJXVEXMSWI\GIIHMRK JSVGSRGVIXIGSQTVIWWMZIWXVIRKXLW
YT XS  TWM  14E  ERH E\MEP PSEH VEXMSW FIPS[
JG %K8LIQEMRGSRGIVRWEFSYX%'-)U XS
  EVI [LIXLIV XLI] TVSZMHI WYJJMGMIRX XVERWZIVWI
VIMRJSVGIQIRX XS TVSTIVP] GSRJMRI LMKLWXVIRKXL GSPYQRW
[MXLE\MEPPSEHWKVIEXIVXLERXLIFEPERGIHJEMPYVIPSEHERH
XLEXXLI]VIUYMVII\GIWWMZIEQSYRXWSJXVERWZIVWIVIMRJSVGIQIRX
JSVQIQFIVW[MXLPS[IVE\MEPPSEHPIEHMRKXSGSRKIWXMSRSJ
VIMRJSVGIQIRX ERH GSRGVIXI TPEGIQIRX TVSFPIQW %RSXLIV
GSRGIVRFVSYKLXXSEXXIRXMSRF]&E]VEOERH7LIMOL 

-8+6

%'-'311-88))6)4368

MW XLEX MR XLI GEWI SJ LMKLWXVIRKXL GSRGVIXI QIQFIVW XLI
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX VIUYMVIH JSV TVSTIV
GSRJMRIQIRX[MPPGVIEXIETPERISJ[IEORIWWXLEXQE]PIEHXS
PSWWSJXLIWLIPPSJXLIGSPYQRFIJSVIERE\MEPWXVEMRSJ
MWEXXEMRIH
'SRJMRIQIRX TVSZMWMSRW MR XLI 2I[ >IEPERH GSRGVIXI
HIWMKRWXERHEVH2>7VIGSKRM^IXLIIJJIGXSJE\MEP
PSEHSRGSPYQRFILEZMSV-RTSXIRXMEPTPEWXMGLMRKIVIKMSRW
[LIR LSST VIMRJSVGIQIRX MW YWIH XLI HIWMKR WXERHEVH
VIUYMVIWXLEXXLIXSXEPEVIESJXVERWZIVWIFEVW%WLMRIEGLSJ
XLIXVERWZIVWIHMVIGXMSRW[MXLMRWTEGMRKW WLSYPHRSXFIPIWW
XLERXLEXKMZIRF]XLIJSPPS[MRKXLVIIIUYEXMSRW
% WL
 z P Q % K J G 4

 ! 
  

WL
% GL J]X J G %K
% WL !

% XI





8LIEVIESJEXMIPIK%XIVIUYMVIHXSXMIXLIPSRKMXYHMREPFEVW
VIPMERXSRMXMWHIJMRIHEW
% WX J ]P
% XI !  
W %WXMRMR WMRMR
J ]X



 %
WX J ]P W
% XI ! 

  %WXMRQQ WMRQQ
 J ]X 
[LIVI
%WX %K!PSRKMXYHMREPVIMRJSVGIQIRXVEXMS
XSXEPEVIESJRSRTVIWXVIWWIHPSRKMXYHMREPVIMRJSVGI
QIRXFEVWSVWLETIW 
Q
! J]P JG 
%K ! KVSWWEVIESJGSRGVIXIWIGXMSR
%GL ! GVSWWWIGXMSREPEVIESJWXVYGXYVEPQIQFIVQIEWYVIH
SYXXSSYXSJXLIXVERWZIVWIVIMRJSVGIQIRX
W
! GIRXIVXSGIRXIVWTEGMRKSJLSSTWIXW
! GSVI HMQIRWMSR TIVTIRHMGYPEV XS XVERWZIVWI
L
VIMRJSVGIQIRX TVSZMHMRK GSRJMRIQIRX QIEWYVIH
XSSYXWMHISJLSSTW
J]P
! WTIGMJMIH]MIPHWXVIRKXLSJPSRKMXYHMREPVIMRJSVGI
QIRX
! WTIGMJMIH ]MIPH WXVIRKXL SJ XVERWZIVWI VIMRJSVGI
J]X
QIRX
! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXI
JG
4
! YRJEGXSVIHE\MEPPSEH
! WXVIRKXLVIHYGXMSRJEGXSV HIJMRIHMRXLMWGEWI EW
MJTPEWXMGLMRKMRKGERSGGYVSVSXLIV[MWI
%XI ! WYQSJEVIEWSJPIKWVIUYMVIHXSXMIXLIPSRKMXYHMREP
FEVWERH
%F ! WYQSJEVIEWSJPSRKMXYHMREPFEVWXMIHXSXLILSST
JSVPEXIVEPWYTTSVX
8LIJSPPS[MRKPMQMXWETTP]
P

%WX

!
!

%K%GL 



PQ



J]X TWM14E

JG

TWM14E





*SV VIGXERKYPEVWLETIH XVERWZIVWI VIMRJSVGIQIRX XLI

GIRXIVXSGIRXIV WTEGMRK MR TSXIRXMEP TPEWXMG LMRKI VIKMSRW
WLSYPHRSXI\GIIHXLIWQEPPIVSJSJXLIWQEPPIVHMQIRWMSR
SJXLIGVSWWWIGXMSRSVWM\PSRKMXYHMREPFEVHMEQIXIVW8LI
WTEGMRKFIX[IIREHNEGIRXLSSTPIKWSVGVSWWXMIWWLSYPHRSX
I\GIIHMRQQ SVSJXLIHMQIRWMSRSJXLIWIGXMSR
TEVEPPIPXSXLIHMVIGXMSRSJXLIWTEGMRK
8LI TVIZMSYW IUYEXMSRW [IVI FEWIH SR XLI VIWYPXW SJ
XLISVIXMGEP G]GPMG QSQIRXGYVZEXYVI EREP]WIW 4EVO IX EP
 JSVGSQTVIWWMZI WXVIRKXLW YTXSTWM 14E 
%GGSVHMRKXS4EVOIXEPEREP]WIWF]0M WLS[IHXLEX
XLI IUYEXMSRW GER FI TVSNIGXIH XS GSPYQRW [MXL GSRGVIXI
GSQTVIWWMZIWXVIRKXLWYTXSTWM14E TVSZMHIH
XLEXXLIQE\MQYQZEPYISJ]MIPHWXVIRKXLSJXLIXVERWZIVWI
VIMRJSVGIQIRXYWIHMRXLIGEPGYPEXMSRWMWPMQMXIHXSTWM
14E 
0MERH4EVO GEVVMIHSYXETEVEQIXVMGWXYH]XSZIVMJ]
[LIXLIVXLITVSZMWMSRWJSVGSRJMRMRKVIMRJSVGIQIRXMR%'ERH2>7[IVIETTPMGEFPIXSLMKLWXVIRKXL
GSRGVIXI GSPYQRW 8LI] MRZIWXMKEXIH XLI IJJIGX SJ WIZIVEP
TEVEQIXIVWSRXLIEZEMPEFPIWXVIRKXLERHGYVZEXYVIHYGXMPMX]
SJTPEWXMGLMRKIVIKMSRWSJGSPYQRW8LITEVEQIXIVWMRZIWXM
KEXIH F]0M ERH 4EVO [IVI GSRGVIXI GSQTVIWWMZI WXVIRKXL
E\MEPPSEHPIZIP]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
ZSPYQIXVMGVEXMSSJXLIXVERWZIVWIVIMRJSVGIQIRXTIVGIRXEKISJ
PSRKMXYHMREP VIMRJSVGIQIRX ERH VEXMS SJ XLI EVIE SJ XLI
GSRJMRIH GSVI XS XLI XSXEP EVIE SJ XLI GVSWW WIGXMSR 8LI]
TIVJSVQIH E WIVMIW SJ G]GPMG QSQIRXGYVZEXYVI EREP]WIW
FEWIH SR WXVIWWWXVEMR VIPEXMSRWLMTW TVIZMSYWP] HIVMZIH JSV
LMKLWXVIRKXLGSRGVIXIXSHIZIPSTEWIXSJHIWMKRIUYEXMSRW
VIPEXMRKXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXXSXLIGYVZE
XYVIHYGXMPMX]VEXMS
0M ERH 4EVO   JSYRH XLEX GSRGVIXI GSQTVIWWMZI
WXVIRKXLERHXLIVEXMSSJXLIEVIESJGSRJMRIHGSVIXSEVIESJ
XLIGVSWWWIGXMSRLEHEGSRWMHIVEFPIMRJPYIRGISRXLIUYERXMX]
SJ GSRJMRMRK VIMRJSVGIQIRX RIIHIH XS EGLMIZI E KMZIR
HYGXMPMX]VEXMS8LI]EPWSJSYRHXLEXXLIVIUYMVIHEQSYRXSJ
XVERWZIVWIVIMRJSVGIQIRXRIIHIHXSEGLMIZIEKMZIRGYVZEXYVI
HYGXMPMX]VEXMSMRGVIEWIHWMKRMJMGERXP]EWXLIE\MEPPSEHVEXMS
MRGVIEWIHERHXLEXXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRX
MRGVIEWIH EW XLI TIVGIRXEKI SJ PSRKMXYHMREP VIMRJSVGIQIRX
MRGVIEWIH8LI]EHSTXIHEGYVZEXYVIHYGXMPMX]VEXMSSJEW
MRHMGEXMZISJEHIUYEXIGSPYQRXSYKLRIWW8LI]WXEXIHXLEXE
GYVZEXYVIHYGXMPMX]VEXMSSJ[EWPMOIP]XSVIWYPXMRHMWTPEGIQIRX
HYGXMPMX]VEXMSWJSVXLISZIVEPPWXVYGXYVISRXLISVHIVSJXS
8LI]EPWSWYKKIWXIHEGYVZEXYVIHYGXMPMX]VEXMSSJEXPIEWX
JSVJVEQIW[LIVIPMQMXIHHYGXMPMX][SYPHFIWYJJMGMIRX
0MERH4EVO JSYRHXLEXXLII\TVIWWMSRWMR%'-
TVSHYGIHGSPYQRW[MXLEHIUYEXIXSYKLRIWWJSVPS[PIZIPWSJ
E\MEPPSEHFYX[IVIYRGSRWIVZEXMZIJSVLMKLPIZIPWSJE\MEP
PSEH;MXLMRXLIHEXEWIXYWIHMRXLIMVWXYH]XLIVI[IVIJSYV

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

LMKLWXVIRKXL GSRGVIXI GSPYQRW [MXL VIGXMPMRIEV RSVQEP

WXVIRKXL VIMRJSVGIQIRX  J]X   TWM ? J]X   14EA
XLEXGSRXEMRIHERH SJXLIGSRJMRMRKXVERW
ZIVWIVIMRJSVGIQIRXVIUYMVIHF]%'-8LIWIGSPYQRW
EGLMIZIH GYVZEXYVI HYGXMPMX] VEXMSW SJ    ERH 
VIWTIGXMZIP]{EPPFIPS[SVZIV]GPSWIXSXLIPMQMXSJXLEX
XLI]WYKKIWXIHEWETIVJSVQERGIGVMXIVMSR
-X[EWGSRGPYHIHF]0MERH4EVO XLEXXLIEQSYRXSJ
GSRJMRMRK VIMRJSVGIQIRX VIUYMVIH F] %'-  [EW
MREHIUYEXIXSEGLMIZIGYVZEXYVIHYGXMPMX]VEXMSWSJYRHIV
LMKLE\MEPPSEHW
0M ERH 4EVO TVSTSWIH XLI JSPPS[MRK I\TVIWWMSR JSV XLI
EQSYRXSJGSRJMRIQIRXRIIHIHJSVGSPYQRW[MXLVIGXMPMRIEV
RSVQEP]MIPHWXVIRKXL J]X TWM? J]X 14EA
VIMRJSVGIQIRX
%WL
% K  Y k ] z  P Q   J G 4 Y
 ! 
   
WF G
% GL
J ]X J G % K

ERH
!zJG JG MR14E
*SV GSPYQRW GSRJMRIH F] GMVGYPEV LMKL]MIPHWXVIRKXL
VIMRJSVGIQIRXXLI]TVSTSWIH
% WL
%K  Y k ] z  P Q   JG 4 Y
 ! 
   
WF G
% GL
J]X JG % K




-R)U XS XLIJSPPS[MRKPMQMXEXMSRWETTP]

M J G


J ]X



[LIVI

-8+6

%
K
%GL









ERHXLIWTIGMJMIH]MIPHWXVIRKXLJ]XMWPMQMXIHXS
![LIRJG  TWM14E



J]X TWM14E



ERH
JG
! 



JG
z 
   [LIRJG JG MRTWM 


! JG zJG [LIRJG

JG MR14E

*SV GSPYQRW GSRJMRIH F] GMVGYPEV RSVQEP]MIPHWXVIRKXL

WXIIPXLI]TVSTSWIHXLIJSPPS[MRK
% WL
 !
WF G

%  Y k ] z  P Q   JG 4 Y
K 
   z 
% GL
J ]X JG % K




[LIVI
![LIRJG  TWM14E



![LIRJG



ERH
TWM14E

%GGSVHMRKXS0MERH4EVO XLITVSTSWIHIUYEXMSRW

IWXMQEXIH[MXLVIEWSREFPIEGGYVEG]XLIGYVZEXYVIHYGXMPMX]
VEXMSSJ  LMKLWXVIRKXL GSRGVIXI GSPYQRW VITSVXIH MR XLI
PMXIVEXYVI
(YIXSXLIIQTLEWMWTPEGIHSRTIVJSVQERGIFEWIHHIWMKR
QSVI VIGIRX WXYHMIW JSGYW SR UYERXMJ]MRK XLI VIPEXMSRWLMT
FIX[IIRPMQMXMRKHVMJXSVHYGXMPMX]VEXMS E\MEPPSEHERHXLI
EQSYRX SJ GSRJMRIQIRX 7EEXGMSKPY ERH 6E^ZM 
HIZIPSTIHETVSGIHYVIXSIWXMQEXIXLIEQSYRXSJXVERWZIVWI
VIMRJSVGIQIRX RIIHIH XS WYWXEMR E KMZIR HVMJX HIQERH MR
GSPYQRW WYFNIGXIH XS G]GPMG PSEHMRK 8LIMV TVSGIHYVI [EW
HIVMZIHFEWIHSRRSRPMRIEVWXEXMGEREP]WIWYWMRKEGSQTYXIV
TVSKVEQ XLEX MRGSVTSVEXIH EREP]XMGEP QSHIPW JSV GSRGVIXI
GSRJMRIQIRXWXIIPWXVEMRLEVHIRMRKFEVFYGOPMRKJSVQEXMSR
ERHTVSKVIWWMSRSJTPEWXMGLMRKMRKERHERGLSVEKIWPMT8LI]
MRHMGEXIHXLEXXLIMVGSQTYXIVTVSKVEQ[EWZIVMJMIHI\XIRWMZIP]
EKEMRWXEPEVKIZSPYQISJGSPYQRXIWXHEXE8LI]TVSTSWIH
XLI JSPPS[MRK I\TVIWWMSR JSV XLI XVERWZIVWI VIMRJSVGIQIRX
EVIE VEXMS XG RIIHIH XS EXXEMR E KMZIR PMQMXMRK HVMJX VEXMS
YRHIVEWTIGMJMIHPIZIPSJE\MEPPSEH

*SV GSPYQRW GSRJMRIH F] VIGXMPMRIEV LMKL]MIPHWXVIRKXL

 14EA  XLI]
VIMRJSVGIQIRX J]X   TWM ? J]X
TVSTSWIHXLIJSPPS[MRK
% WL
% K  Y k ] z  P Q   J G 4Y
 ! 
   
WF G
% GL
J ]X J G %K

JG %K
4
  
!  
  z  
4
J ]X % GL
O ZI S



[LIVI



FG
O ZI !  
WL \

[LIVI
JG
!z 
   JG MRTWM


XG



4

4S







-8+6

%'-'311-88))6)4368

*MK{'SQTEVMWSRSJGSRJMRIQIRXWXIIPVIUYMVIQIRXWXS
TVSTSWEPF]7EEXGMSKPYERH6E^ZM 
%K

z
% GL





8LIXVERWZIVWIEVIEVEXMS XGMRIEGLGVSWWWIGXMSREPHMVIGXMSR
MWGSQTYXIHEWXLIVEXMSSJXSXEPXVERWZIVWIWXIIPMRIEGLHMVIGXMSR
HMZMHIHF]XLIGSRGVIXIEVIEHIJMRIHF]GSVIHMQIRWMSR FG
XMQIWXLIZIVXMGEPWTEGMRKSJXLIXVERWZIVWIVIMRJSVGIQIRXW
8LI GSVI HMQIRWMSR MW HIJMRIH EW XLI GIRXIVXSGIRXIV
HMQIRWMSRSJXLITIVMQIXIVXMILSSTSVWTMVEPTIVTIRHMGYPEV
XS XLI GSRJMRIQIRX VIMRJSVGIQIRX YRHIV GSRWMHIVEXMSR -R
)U   FG W MW XLI VEXMS SJ GSVI HMQIRWMSR XS ZIVXMGEP
WTEGMRKSJXLIXVERWZIVWIVIMRJSVGIQIRXERHFG L\MWXLIVEXMS
SJGSVIHMQIRWMSRXSXLIGIRXIVXSGIRXIVHMWXERGIFIX[IIR
PEXIVEPP]WYTTSVXIHPSRKMXYHMREPVIMRJSVGIQIRX8LIGSIJJMGMIRX
OZIVIJPIGXWXLIIJJMGMIRG]SJVIMRJSVGIQIRXEVVERKIQIRXEWE
JYRGXMSRSJXLIWTEGMRKSJXLIXVERWZIVWIVIMRJSVGIQIRXEPSRK
XLIGSPYQRLIMKLXERHXLIHMWXERGIFIX[IIRPEXIVEPP]WYTTSVXIH
PSRKMXYHMREPFEVW%ZEPYIOZI!VITVIWIRXWXLIQSWXIJJMGMIRX
EVVERKIQIRX SJ GPSWIP] WTEGIH GMVGYPEV LSSTW [MXL ERGLSVIH
LSSOWERHWTMVEPW8LI44SVEXMSHIJMRIWXLIPIZIPSJE\MEPPSEH
VIPEXMZIXSGSPYQRGSRGIRXVMGGETEGMX]4SERH HIJMRIWXLIHVMJX
VEXMSEWVIPEXMZIGSPYQRHMWTPEGIQIRXHMZMHIHF]GSPYQRLIMKLX
%KERH%GLEVIGVSWWWIGXMSREPEVIEWFEWIHSRKVSWWWIGXMSREP
HMQIRWMSRWERHGSVIHMQIRWMSRWVIWTIGXMZIP]
7EEXGMSKPY ERH 6E^ZM   MRHMGEXIH XLEX FIGEYWI XLI
WXSV]HVMJXVEXMSMWPMQMXIHXSXS F]GYVVIRXFYMPHMRK
GSHIW )U GERFIWMQTPMJMIHJSVYWIMRLMKLWIMWQMG
ETTPMGEXMSRW F] EWWYQMRK E TIVQMWWMFPI HVMJX VEXMS SJ 
ERHVITPEGMRKXLIVEXMS44SF]4Y  4SMR)U  ERH 
8LMWVIWYPXWMR)U [MXLXLIPMQMXWWTIGMJMIHEWMR
)U ERH

XG

JG % K
4
  
!  
  z  
4
J ]X % GL
O ZI 



4Y MW XLI QE\MQYQ E\MEP GSQTVIWWMZI JSVGI XLEX GER

TSWWMFP] FI ETTPMIH SR XLI GSPYQR HYVMRK E WXVSRK IEVXL

UYEOI8LMWUYERXMX]QE]FIGSQTYXIHEWXLIJEGXSVIHE\MEP
PSEHGEPGYPEXIHMREGGSVHERGI[MXL%'-SVXLIE\MEP
JSVGI EWWSGMEXIH [MXL XLI JSVQEXMSR SJ TVSFEFPI QSQIRX
VIWMWXERGIW EX XLI IRHW SJ XLI JVEQMRK FIEQW HMGXEXIH F]
GETEGMX]HIWMKRVIUYMVIQIRXW8LIGETEGMX]VIHYGXMSRJEGXSV
QE]FIXEOIREWXSVIJPIGXXLIMQTVSZIHHYGXMPMX]MRXLI
GSPYQRHYIXSIJJIGXWSJGSRJMRIQIRX
7EEXGMSKPY ERH 6E^ZM   FEWIH SR E GSQTEVMWSR SJ
XLIMVTVSTSWIHIUYEXMSRW[MXLXLSWIMR%'-*MK 
GSRGPYHIH XLEX %'-  TVSZMWMSRW VIWYPX MR SZIVP]
GSRWIVZEXMZI VIUYMVIQIRXW JSV WTMVEP GSPYQRW ERH WSQI
VIGXERKYPEVGSPYQRWWYFNIGXIHXSPS[PIZIPWSJE\MEPPSEHW
8LI] EPWS GSRGPYHIH XLEX%'-  VIUYMVIQIRXW GER FI
YRWEJI[LIRXLIE\MEPPSEHPIZIPMWEFSZIETTVS\MQEXIP] SJ
XLIGSPYQRWXVIRKXLYRHIVGSRGIRXVMGPSEHMRK4S  TEVXMGYPEVP]JSV
GSPYQRW[MXLMRIJJMGMIRXEVVERKIQIRXWSJXVERWZIVWIVIMRJSVGI
QIRX7EEXGMSKPYERH6E^ZM TSMRXIHSYXXLEXYRPMOIXLIMV
TVSTSWIH IUYEXMSRW XLI 2I[ >IEPERH WTIGMJMGEXMSR HSIW RSX
MRGPYHI ER IJJMGMIRG] TEVEQIXIV JSV XLI EVVERKIQIRX SJ
XVERWZIVWIVIMRJSVGIQIRXVIWYPXMRKMRSZIVP]GSRWIVZEXMZIHIWMKRW
JSVGSPYQRW[MXLWYTIVMSVEVVERKIQIRXWSJVIMRJSVGIQIRX
&VEGLQERRIXEPEF VIZMI[IHXIWXVIWYPXWJVSQ
VIGXERKYPEV GSPYQRW WYFNIGXIH XS WLIEV VIZIVWEPW YRHIV
GSRWXERXE\MEPPSEH[MXLE\MEPPSEHVEXMSWVERKMRKJVSQXS
8LIHEXEFEWIYWIHF]&VEGLQERR IXEPMRGPYHIHXIWXW
GEVVMIH SYX MR .ETER [MXL LMKLWXVIRKXL GSRGVIXI ERH LMKL
E\MEPPSEHVEXMSW8LIIUYEXMSRTVSTSWIHF]&VEGLQERRIXEP
[EWHIVMZIHF]EREP]^MRKXLIIJJIGXSJGSRJMRIQIRXSRXLI
PMQMXMRKHVMJXVEXMSSJQIQFIVW[MXLSYXE\MEPPSEH8LIIJJIGX
SJ XLIE\MEP PSEH VEXMS SRXLI IJJIGXMZIRIWWSJ GSRJMRIQIRX
[EW HIXIVQMRIH F] KVSYTMRK XIWX VIWYPXW EGGSVHMRK XS XLI
PIZIP SJ E\MEP PSEH ERH GSQTEVMRK XLI IWXMQEXIHHVMJX VEXMS
[MXLXLEXSJQIQFIVW[MXLSYXE\MEPPSEH8LMWMWMPPYWXVEXIHMR
*MK[LMGLWLS[WXLEXMRGVIEWMRKXLIPIZIPSJE\MEPPSEH
VIWYPXWMREHIGVIEWISJXLIPMQMXMRKHVMJXVEXMS&VEGLQERRIX
EPF TVSTSWIHXLIJSPPS[MRKVIPEXMSRWLMTFIX[IIRHVMJX
PMQMXE\MEPPSEHERHEQSYRXSJGSRJMRIQIRXEWEREPXIVREXMZI
XS)U SJ%'-

XV

(6 PMQ  J G

 
 z JT J]X



[LIVIXLIZEPYIJSVXLIGSIJJMGMIRX MWKMZIRMR8EFPI
8LI XIVQ XV VIJIVW XS XLI XVERWZIVWI VIMRJSVGIQIRX VEXMS
[LMGLQE]FII\TVIWWIHMRXIVQWSJXLIZSPYQIXVMGSVEVIE
XVERWZIVWIVIMRJSVGIQIRXVEXMSHITIRHMRKSRXLIZEPYISJ 
&VEGLQERIXEPF VIGSQQIRHIHQSHMJ]MRK)U
F]VITPEGMRKXLIE\MEPPSEHVEXMSJTF]XLIGSVIE\MEPPSEHVEXMS
JTGXSEWWYVIEHIUYEXIGSRJMRIQIRXSJXLIGSVIJSVGSPYQRW
[MXLXLMGOGSZIV

XV

(6 PMQ  J G
! 
 
 z J TG J ]X



[LIVI JTG!4JG %GL8LITVIZMSYWIUYEXMSRW[IVIGEPMFVEXIH

WSXLEXXLITVSFEFMPMX]SJSZIVIWXMQEXMRKXLIPMQMXMRKHVMJXMR
E GSPYQR [MXL XLI EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

-8+6

8EFPI{:EPYIWSJGSIJJMGMIRX JSVTVSTSWIH
HIWMKR )U ERH
8VERWZIVWI
VIMRJSVGIQIRXVEXMS

'SIJJMGMIRX 
GMVGYPEVWIGXMSRW

'SIJJMGMIRX WUYEVIERH
VIGXERKYPEVWIGXMSRW

ZV





XV

8EFPI{:EPYIWSJGSIJJMGMIRX JSV)U

8VERWZIVWI
'SIJJMGMIRX 
8]TISJWIMWQMG VIMRJSVGIQIRX 'SIJJMGMIRX  WUYEVIERHVIGXERKYPEV
VEXMS XV
ETTPMGEXMSR
GMVGYPEVGSPYQRW
GSPYQRW
1SHIVEXI
,MKL

ZV









ZV









*MK{)JJIGXSJE\MEPPSEHSRGSPYQRPMQMXMRKHVMJXVEXMS
&VEGLQERRIXEPE 

TVSZMHIHMREGGSVHERGI[MXLXLITVIZMSYWIUYEXMSRW[SYPHFI
 SRIWXERHEVHHIZMEXMSRJVSQXLIQIER %GSQTEVMWSRSJ
QIEWYVIHERHGEPGYPEXIHPMQMXMRKHVMJXVEXMSWMWTVIWIRXIHMR
*MK&IGEYWIXLIIUYEXMSRVIPEXIWXLIEQSYRXSJGSRJMRIQIRX
XS XLI PMQMXMRK HVMJX VEXMS SJ E GSPYQR MX GER FI YWIH F]
HIWMKRIVWWIIOMRKHMJJIVIRXPIZIPWSJTIVJSVQERGISVI\TIGXIH
HVMJXHIQERHW
6IGSQQIRHEXMSRW JSV HIWMKR JSV HMJJIVIRX PIZIPW SJ
WIMWQMG ETTPMGEXMSRW GER FIHIVMZIH F] WTIGMJ]MRK WYMXEFPI
ZEPYIWJSVXLIPMQMXMRKHVMJXVEXMS%GGSVHMRKXS&VEGLQERRIX
EPE ]MIPHMRKSJXLIWTIGMQIRWSGGYVVIHEXEHVMJXVEXMS
SJETTVS\MQEXIP] 'SRWIUYIRXP]XLIHMJJIVIRGIFIX[IIR
XLIWTIGMJMIHPMQMXMRKHVMJXVEXMSERHEHVMJXVEXMSSJ MWER
MRHMGEXMSR SJ XLI GETEFMPMX] SJ E GSPYQR XS HIJSVQ MR XLI
MRIPEWXMGVERKISJVIWTSRWI[MXLSYXWMKRMJMGERXPSWWMRPEXIVEP
VIWMWXERGI 4VIWGVMTXMZI GSRJMRIQIRX VIUYMVIQIRXW JSV
VIKMSRW SJ QSHIVEXI ERH LMKL WIMWQMG ETTPMGEXMSRW GER FI
IWXEFPMWLIHF]GSRWIVZEXMZIP]EWWYQMRKPMQMXMRKHVMJXVEXMSW
SJERH 8LIVIWYPXMRKHIWMKRI\TVIWWMSRJSVXLIX[S
HMJJIVIRXHIJMRMXMSRWSJXLIXVERWZIVWIVIMRJSVGIQIRXVEXMSMW

XV

J
G
!  

 z JT G J ]X



[LIVIXLIZEPYIWSJ EVIKMZIRMR8EFPI
)UYEXMSR   VIUYMVIW XLI WEQI EQSYRX SJ XVERWZIVWI
VIMRJSVGIQIRX EW %'-  )U   MR VIGXERKYPEV
GSPYQRW SJ WTIGMEP QSQIRX JVEQIW [MXL E GSVI E\MEP PSEH
VEXMS JTG SJ  -R XLI GEWI SJ GMVGYPEV GSPYQRW XLI WEQI
EQSYRXSJXVERWZIVWIVIMRJSVGIQIRXMWVIUYMVIHEXEGSVIE\MEP
PSEH VEXMS JTG SJ  *SV E VIGXERKYPEV GSPYQR [MXL X[S
W]QQIXVMGPE]IVWSJVIMRJSVGIQIRXERE\MEPPSEHVEXMSSJ
GSVVIWTSRHWETTVS\MQEXIP]XSXLIFEPERGIHJEMPYVIGSRHMXMSR
8LIWXYH]F]&VEGLQERRIXEPEERHF [EWFEWIHSR
HEXEJVSQVIGXERKYPEVGSPYQRW)UYEXMSRW ERH
SJ %'-  MQTP] XLEX XLI IJJIGXMZIRIWW SJ VIGXERKYPEV
LSSTW MW ETTVS\MQEXIP]  XLEX SJ WTMVEP VIMRJSVGIQIRX
&VEGLQERR IX EP F  FEWIH XLIMV VIGSQQIRHEXMSR JSV
GMVGYPEVGSPYQRWSREWMQMPEVEWWYQTXMSR

*MK{1IEWYVIHERHGEPGYPEXIHPMQMXMRKHVMJXVEXMSPMQMX
ZIVWYWZSPYQIXVMGGSRJMRIQIRXMRHI\GT! ZTJ]X JG EGGSVHMRK
XS )U 
8IWXHEXEMRXLIWXYH]F]&VEGLQERRIXEPEF LEH
GSQTVIWWMZIWXVIRKXLWVERKMRKJVSQXSTWM
XS  14E  YRMJSVQ JEGXSVW SJ WEJIX] JSV GSPYQRW [IVI
SFXEMRIHXLVSYKLSYXXLIVERKISJGSQTVIWWMZIWXVIRKXLW
{(IJMRMXMSRSJPMQMXMRKHVMJXVEXMSSRFEWMWSJ
I\TIGXIHHVMJXHIQERH
8LIWIMWQMGHIWMKRTVSZMWMSRWMR%7')7)-%7')
7)- VIUYMVIMR7IGXMSRXLEXFIEQWERHGSPYQRW
SJQSQIRXVIWMWXMRKJVEQIWFITVSTSVXMSRIHJSVWXMJJRIWWWS
XLEX XLI MRXIVWXSV] HVMJX HIQERH KIRIVEXIH F] XLI HIWMKR
IEVXLUYEOI JSVGIW MW PMQMXIH XS   SJ WXSV] LIMKLX JSV
WXERHEVHSGGYTERG] FYMPHMRKW 7IMWQMG 3GGYTERG] 'EXIKSV]
--- 8LIHIWMKRIEVXLUYEOIMWHIJMRIHMR7IGXMSRSJ
%7')7)-EWXLEX[MXLEWIMWQMGHIQERHIUYEPXS
SJ XLI WIMWQMG HIQERH GSVVIWTSRHMRK XS XLI QE\MQYQ
GSRWMHIVIHIEVXLUYEOI1') [LMGLLEWE TVSFEFMPMX]
SJFIMRKI\GIIHIHMRETIVMSHSJ]IEVW8LIVIMWETVSFE
FMPMX]XLEXXLIHVMJXHIQERHWI\TIVMIRGIHHYVMRKXLIPMJIG]GPI
SJEWXERHEVHSGGYTERG]WXVYGXYVIQE]I\GIIHXLI PMQMX
IWXEFPMWLIHMR%7')7)-
(VMJXHIQERHGER FIKVIEXIVXLERXLEX GSQTYXIHMREGGSV
HERGI [MXL 7IGXMSRW  ERH  SJ %7')7)- 

-8+6

%'-'311-88))6)4368

FIGEYWISJXLIHVMJXGSQTYXEXMSRTVSGIHYVIXLEXMWMQTPIQIRXIH
MR%7')7)-8LIQSWXJVIUYIRXP]YWIHHVMJXGSQTYXEXMSR
TVSGIHYVI MR %7')7)-  7IGXMSR   MRZSPZIW ER
IPEWXMG EREP]WMW SJ XLI FYMPHMRK WXVYGXYVI YWMRK HIWMKRPIZIP
IEVXLUYEOI JSVGIW 8LI HIWMKRPIZIP IEVXLUYEOI JSVGIW
WTIGMJMIH MR 7IGXMSR  SJ %7')7)-  EVI SFXEMRIH
JVSQ ER IPEWXMG HIWMKR VIWTSRWI WTIGXVYQ XLEX TVSHYGIW E
WIMWQMG VIWTSRWI GSIJJMGMIRX 'W 7IGXMSR   [LMGL MW
MRZIVWIP]TVSTSVXMSREPXSXLIVIWTSRWIQSHMJMGEXMSRJEGXSV6
&IGEYWITVSTSVXMSRMRKXLIWXVIRKXLSJXLIWXVYGXYVISRXLI
FEWMWSJVIHYGIHIEVXLUYEOIJSVGIWHSIWRSXVIHYGIXLIHVMJX
HIQERHW 7LMQE^EOM ERH 7S^IR  7LMQE^EOM 
0ITEKI&VS[RMRK1EXEQSVSWIXEP XLI
VIHYGIH HMWTPEGIQIRX HIQERHW GSQTYXIH FEWIH SR XLI
JSVGIWWTIGMJMIHMR7IGXMSRSJ%7')7)-[MXLXLI
MRGPYWMSR SJ XLI GSIJJMGMIRX 6 QYWX FI EHNYWXIH XS SFXEMR
VIEWSREFPIIWXMQEXIWSJXLIHMWTPEGIQIRXHIQERHWGEYWIHF]
XLI HIWMKR IEVXLUYEOI 8LMW MW EGGSQTPMWLIH MR 7IGXMSRW
ERHSJ%7')7)-XLVSYKLXLIYWISJXLI
HIJPIGXMSREQTPMJMGEXMSRJEGXSV'H'YVVIRXZEPYIWSJ6ERH
'HWTIGMJMIHMR8EFPISJ%7')7)-JSVWTIGMEP
VIMRJSVGIHGSRGVIXIQSQIRXVIWMWXMRKJVEQIWEVIERH
VIWTIGXMZIP]8LIVIMWEWMKRMJMGERXFSH]SJVIWIEVGLFEWIHSR
RSRPMRIEVEREP]WIWSJVIMRJSVGIHGSRGVIXIJVEQIWERHTL]WMGEP
XIWXW SJ WQEPPWGEPI WTIGMQIRW MR IEVXLUYEOI WMQYPEXSVW
WLS[MRKXLEXXLIWIX[SJEGXSVWEVIETTVS\MQEXIP]IUYEPJSV
WTIGMEP VIMRJSVGIHGSRGVIXI QSQIRXVIWMWXMRK JVEQIW MJ XLI
WXMJJRIWWIW SJ XLI JVEQIW YWIH MR XLI PMRIEV EREP]WMW EVI
GEPGYPEXIHSRXLIFEWMWSJGVEGOIHWIGXMSRTVSTIVXMIW7LMFEXE
ERH7S^IR7LMQE^EOMERH7S^IR0ITEKI
&VS[RMRK1EXEQSVSWIXEP 'SRWIUYIRXP]HVMJX
HIQERHW MR WTIGMEP QSQIRXVIWMWXMRK JVEQIW GEPGYPEXIH
YWMRK XLI 6 ERH 'H JEGXSVW WTIGMJMIH MR 8EFPI  SJ
%7')7)-QE]YRHIVIWXMQEXIXLIHVMJXHIQERHEWWSGMEXIH
[MXLXLIHIWMKRIEVXLUYEOIF]EWQYGLEW 
%PWSEWLMRKIWJSVQMRGSPYQRWXLIRSRPMRIEVVIWTSRWI
XIRHW XS GSRGIRXVEXI HVMJX HIQERHW MR XLI WXSVMIW FIX[IIR
TPEWXMG LMRKIW MR GSPYQRW VEXLIV XLER HMWXVMFYXMRK XLIQ
IZIRP]SZIVXLILIMKLXSJEFYMPHMRKEWERIPEWXMGEREP]WMW
[SYPH MRHMGEXI -R WTIGMEP VIMRJSVGIH GSRGVIXI QSQIRX
JVEQIW LS[IZIV XLI WXVSRK GSPYQR[IEO FIEQ TVSZMWMSR
KYEVHW EKEMRWX TPEWXMG LMRKIW [MXLMR GSPYQRW JVSQ FIMRK
GPSWIXSSRIERSXLIVXLEXMWTPEWXMGQIGLERMWQWSZIVSRP]E
JI[WXSVMIW[LIVIPEVKIHVMJXWEVIGSRGIRXVEXIH
3RISJXLIGVMXIVMEXLEXQYWXFIGSRWMHIVIHMRIWXEFPMWLMRK
EPMQMXMRKHVMJXJSVXLITYVTSWISJHIXIVQMRMRKXLIEQSYRXSJ
GSRJMRIQIRX MR GSPYQRW MW XLI TIVJSVQERGI SFNIGXMZI
SYXPMRIH F] HIWMKR GSHIW 8LI KIRIVEP KSEPW SJ XLI GSHI
TVSZMWMSRWXLSYKLRSXWTIGMJMGEPP]WXEXIHEVIXSTVSZMHIPMJI
WEJIX]MRXLIHIWMKRPIZIPIEVXLUYEOIERHGSPPETWITVIZIRXMSR
JSVXLI1')&77' 8LIEQSYRXSJGSRJMRIQIRXMW
TVMQEVMP]HIXIVQMRIHF]XLIRIIHJSVTVSZMHMRKPMJIWEJIX]MR
XLIHIWMKRIEVXLUYEOI[LMPIGSRWMHIVMRKGSPPETWITVIZIRXMSR
MRXLI1')8LIHVMJXHIQERHJVSQXLI1')QE]FIEWLMKL
EW KVIEXIVXLERXLIHVMJXHIQERHJVSQXLIHIWMKRPIZIP
IEVXLUYEOI
8LIQSWXGSQQSRJEMPYVIGVMXIVMSREHSTXIHF]VIWIEVGLIVW
MRZIWXMKEXMRKXLIVIPEXMSRWLMTFIX[IIRGSPYQRTIVJSVQERGI

ERHXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXYWIHXSGSRJMRI
XLI GSRGVIXI LEW FIIR XLI TSMRX MR XLI L]WXIVIWMW GYVZI
GSVVIWTSRHMRKXSE VIHYGXMSRMRXLI QE\MQYQ PEXIVEP
PSEH XLEX [EW QIEWYVIH -J XLI TIVJSVQERGI SJ E JVEQI
I\TIGXIHMRXLI1')MWGSRWMHIVIHXLIEQSYRXSJGSRJMRIQIRX
QYWX FI EHIUYEXI XS EGLMIZI GSPPETWI TVIZIRXMSR EX HVMJX
HIQERHWETTVS\MQEXIP] KVIEXIVXLERXLI MRXIVWXSV]
HVMJXPMQMXIWXEFPMWLIHMR7IGXMSRSJ%7')7)-
)\TIVMQIRXEP VIWYPXW JVSQ GSPYQRW XIWXIH XS E\MEP PSEH
JEMPYVI EX XLI 9RMZIVWMX] SJ 'EPMJSVRME 0]RR  7I^IR
 WLS[XLEXWTIGMQIRW[MXLWMKRMJMGERXP]PIWWXVERWZIVWI
VIMRJSVGIQIRXXLERXLEXWTIGMJMIHF]XLITVSTSWEPWWYQQEVM^IH
MR7IGXMSR[IVIEFPIXSWYWXEMRHVMJXHIQERHWFIJSVIE\MEP
PSEHJEMPYVII\GIIHMRK SJXLIWXSV]LIMKLX-XQYWXFI
RSXIHLS[IZIVXLEXEPPGSPYQRWXIWXIHF]0]RR ERH
7I^IR [IVIQEHI[MXLRSVQEPWXVIRKXLGSRGVIXIERH
XLEXXLIVI[IVIRSVIJIVIRGIWJSYRHEHHVIWWMRKXLIE\MEPPSEH
JEMPYVISJGSPYQRW[MXLLMKLWXVIRKXLGSRGVIXI
{9WISJLMKL]MIPHWXVIRKXLVIMRJSVGIQIRX
JSVGSRJMRIQIRX
&IGEYWIXLIEQSYRXSJGSRJMRIQIRXVIUYMVIHMRGSPYQRWMW
TVSTSVXMSREP XS XLI GSQTVIWWMZI WXVIRKXL SJ XLI GSRGVIXI
GSRKIWXMSRTVSFPIQWEVMWIMRTSXIRXMEPTPEWXMGLMRKIVIKMSRW
SJGSPYQRW[MXLLMKLWXVIRKXLGSRGVIXITEVXMGYPEVP]MRXLI
FIEQGSPYQR NSMRXW 'SRZIVWIP] XLI EQSYRX SJ VIUYMVIH
GSRJMRIQIRX VIMRJSVGIQIRX MWMRZIVWIP] TVSTSVXMSREPXS XLI
]MIPHWXVIRKXLSJXLIVIMRJSVGIQIRX[LMGLTVIWIRXWXLITSWWM
FMPMX]SJHIGVIEWMRKXLIZSPYQISJXVERWZIVWIVIMRJSVGIQIRX
XLIVIF]VIPMIZMRKGSRKIWXMSR
7IZIVEP WXYHMIW HSRI EX XLI 9RMZIVWMX] SJ 3XXE[E LEZI
MRZIWXMKEXIHXLIYWI SJLMKLWXVIRKXLVIMRJSVGIQIRXJSVXLI
GSRJMRIQIRXSJLMKLWXVIRKXLGSRGVIXIGSPYQRW7EEXGMSKPY
ERH 6E^ZM  6E^ZM ERH 7EEXGMSKPY  0MTMIR ERH
7EEXGMSKPY  7EEXGMSKPY ERH &EMRKS  7EEXGMSKPY
ERH6E^ZM 8LIVIWIEVGLIVWXIWXIHEXSXEPSJRIEVP]
JYPPWM^IGMVGYPEVERHWUYEVIGSPYQRW[MXLGSRGVIXIWXVIRKXLW
VERKMRKFIX[IIRERHTWMERH14E YRHIV
IMXLIVQSRSXSRMGEPP]MRGVIEWMRKGSRGIRXVMGGSQTVIWWMSRSVE
GSRWXERX GSQTVIWWMSR EGGSQTERMIH F] MRGVIQIRXEPP]
MRGVIEWMRK PEXIVEP HIJSVQEXMSR VIZIVWEPW 8LVII HMJJIVIRX
KVEHIW SJ XVERWZIVWI VIMRJSVGIQIRX [IVI YWIH [MXL ]MIPH
WXVIRKXLWSJERHTWMERH
14E 8LIVIWIEVGLIVWGSRGPYHIHXLEXKMZIRXLIVMKLX
GSQFMREXMSR SJ TEVEQIXIVW XVERWZIVWI VIMRJSVGIQIRX [MXL
]MIPHWXVIRKXLWYTXSTWM14E GERFIIJJIGXMZI
MRGSRJMRMRKLMKLWXVIRKXLGSRGVIXIGSPYQRWMRGVIEWMRKXLI
GSPYQRPEXIVEPHVMJXVEXMSYTXSEQMRMQYQSJ MRLIEZMP]
PSEHIHGSPYQRW4S ERH MRPMKLXP]PSEHIHGSPYQRW
4S 8LIVIWIEVGLIVWJSGYWIHSRJMRHMRKLS[QYGLSJ
XLIEHHMXMSREPWXVIRKXLEZEMPEFPIMRXVERWZIVWIVIMRJSVGIQIRX
[MXLLMKLIVRSQMREP]MIPHWXVIRKXLWGSYPHFIQSFMPM^IHF]E
VIPEXMZIP]FVMXXPIQEXIVMEPPMOILMKLWXVIRKXLGSRGVIXIFIJSVI
WMKRMJMGERX WXVIRKXL HIKVEHEXMSR 8LI] SFWIVZIH XLEX XLI
IJJIGXMZIRIWW SJ XVERWZIVWI VIMRJSVGIQIRX MRGVIEWIH [MXL
GSRJMRIQIRXIJJMGMIRG]XLIZSPYQIXVMGVEXMSSJWXIIPERHXLI
PIZIPSJE\MEPGSQTVIWWMSR8LIIJJMGMIRG]SJGSRJMRIQIRXMW
MQTVSZIHF]WIPIGXMRKEWYTIVMSVVIMRJSVGIQIRXEVVERKIQIRX

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

IMXLIVMRXLIJSVQSJGMVGYPEVLSSTWSVWTMVEPW[LIVILSST
XIRWMSR VIWYPXW MR YRMJSVQ GSRJMRIQIRX TVIWWYVI SV F]
WIPIGXMRK [IPPHMWXVMFYXIH PSRKMXYHMREP VIMRJSVGIQIRX PEXIVEPP]
WYTTSVXIHF]TIVMQIXIVERHSZIVPETTMRKLSSTWGVSWWXMIWSV
FSXL%GGSVHMRKXSXLIVIWIEVGLIVWEWUYEVIGSPYQR[MXL
PSRKMXYHMREPFEVWMR[LMGLIEGLFEVMWWYTTSVXIHF]XLI
GSVRIV SJ E LSST SV XLI LSSO SJ E GVSWWXMI TVSZMHIW ER
I\EQTPISJEWYTIVMSVEVVERKIQIRX[LMPIEWUYEVIGSPYQR
[MXLJSYVGSVRIVFEVWXMIHF]TIVMQIXIVLSSTWI\IQTPMJMIWE
TSSVVIMRJSVGIQIRXEVVERKIQIRXJSVVIGXMPMRIEVVIMRJSVGIQIRX
7MQMPEVP]XLIWTEGMRKSJXVERWZIVWIVIMRJSVGIQIRXEPSRKXLI
GSPYQR LIMKLX EJJIGXW XLI IJJMGMIRG] SJ GSRJMRIQIRX UYMXI
WMKRMJMGERXP] -X [EW WLS[R XLEX E WTEGMRK SJ  SJ XLI
WQEPPIVGVSWWWIGXMSREPHMQIRWMSR[EWEHIUYEXIXSTVSZMHI
WYJJMGMIRXGSRJMRIQIRXIJJMGMIRG][MXLVIHYGXMSRWMRIJJMGMIRG]
SGGYVVMRK EW XLI WTEGMRK ETTVSEGLIH  SJ XLI WQEPPIV
GVSWWWIGXMSREP HMQIRWMSR 8LI GSRJMRIQIRX IJJMGMIRG] [EW
UYERXMJMIH IQTMVMGEPP] F] 6E^ZM ERH 7EEXGMSKPY  
%GGSVHMRKP] XLI GSRJMRIQIRX IJJMGMIRG] TEVEQIXIV OZI
IUYEPWJSVGPSWIP]WTEGIHGMVGYPEVLSSTWSVWTMVEPWERHGER
FIGSQTYXIHF])U JSVVIGXMPMRIEVVIMRJSVGIQIRX
8IWXWSJGSPYQRWYRHIVGSRGIRXVMGGSQTVIWWMSRMRHMGEXIH
XLEXWUYEVIGSPYQRW[MXLXSTWMXS14E
GSRGVIXIERHGSRJMRIQIRXIJJMGMIRG]TEVEQIXIVOZI 
I\TIVMIRGIH]MIPHMRKSJXVERWZIVWIVIMRJSVGIQIRX[MXL]MIPH
WXVIRKXLSJOWM14E [LIRXLIZSPYQIXVMGVEXMSSJ
VIMRJSVGIQIRX [EW ETTVS\MQEXIP]   'MVGYPEV GSPYQRW
[MXLWMQMPEVTVSTIVXMIWVIUYMVIHEWQEPPIVZSPYQIXVMGVEXMSSJ
 XSXVMKKIVXLI]MIPHMRKSJOWM14E VIMRJSVGIQIRX
[LIRWTMVEPVIMRJSVGIQIRXOZI! [EWYWIH8LI]MIPHMRK
SJLMKLWXVIRKXLXVERWZIVWIVIMRJSVGIQIRX[EWVIGSVHIHEXSV
MQQIHMEXIP] EJXIV GSPYQR WXVIRKXL SJXIR NYWX FIJSVI XLI
SRWIX SJ WMKRMJMGERX WXVIRKXL HIKVEHEXMSR 8LI JSPPS[MRK
I\TVIWWMSR[EW WYKKIWXIH F]6E^ZM ERH 7EEXGMSKPY
JSVXLIGSQTYXEXMSRSJXVERWZIVWIWXIIPWXVIWWEXSVWLSVXP]EJXIV
XLIEXXEMRQIRXSJWXVIRKXLYRHIVGSRGIRXVMGGSQTVIWWMSR
O ZI XG
J W ! ) W    

J GS

J ]X



[LIVI XGMWXLIEVIEVEXMSSJXVERWZIVWIVIMRJSVGIQIRXJGS MW
XLIMRTPEGIWXVIRKXLSJYRGSRJMRIHGSRGVIXIMRXLIGSPYQRMR
TWMSJXIRXEOIREWJG ERH)WMWXLIQSHYPYWSJIPEWXMGMX]
SJVIMRJSVGMRKWXIIP
%GGSVHMRKXS6E^ZMERH7EEXGMSKPY XLIYTTIVPMQMX
SRXLI]MIPHWXVIRKXLSJWXIIPQE]FIXEOIREWTWM
14E FIGEYWIXLMW[EWXLIQE\MQYQ]MIPHWXVIRKXLSJ
XVERWZIVWIVIMRJSVGIQIRXYWIH2EKEWLMQEIXEP MRXLI
LMKLWXVIRKXLGSRGVIXIGSPYQRXIWXWIZEPYEXIH
8LIPIZIPSJE\MEPPSEH[EWJSYRHXSFIERSXLIVTEVEQIXIV
XLEX EJJIGXW XLI IJJIGXMZIRIWW SJ LMKLWXVIRKXL XVERWZIVWI
VIMRJSVGIQIRX JSV GSPYQRW WYFNIGXIH XS PEXIVEP PSEHMRK
7EEXGMSKPYERH&EMRKS 7TMVEPW[MXLOWM14E
]MIPH WXVIRKXL HIZIPSTIH XLIMV XIRWMPI WXVIRKXL MR GSPYQRW
[MXL  TWM  14E  GSRGVIXI FIJSVI WMKRMJMGERX
WXVIRKXL HIGE] [LIR XLI PIZIP SJ E\MEP PSEH [EW 4S

-8+6

;LIRXLIPIZIPSJE\MEPGSQTVIWWMSRHVSTTIHXS4SXLI
WXVIWW MR WTMVEPW HMH RSX I\GIIH ETTVS\MQEXIP] TWM
14E 7XIIP[MXLOWM14E ]MIPHWXVIRKXL[EW
IJJIGXMZIMREPPGSPYQRWXIWXIH7EEXGMSKPYERH6E^ZM
VIGSQQIRHIH E PMQMX SJ  OWM  14E  SR XLI ]MIPH
WXVIRKXLSJXVERWZIVWIVIMRJSVGIQIRXJSVGSRJMRIQIRXHIWMKR
[LIRGSPYQRE\MEPGSQTVIWWMSRMWEXPIEWX SJMXWWXVIRKXL
YRHIVGSRGIRXVMGPSEHMRKERHOWM14E SXLIV[MWI
3XERMIXEP ERH3XERM HIWGVMFIHXLIYWISJ
LMKLWXVIRKXLVIMRJSVGIQIRXMRXLIWIMWQMGHIWMKRKYMHIPMRIW
JSVLMKLVMWIVIMRJSVGIHGSRGVIXIFYMPHMRKWMR.ETER
%GGSVHMRKXS3XERM LMKL]MIPHWXVIRKXLMWRSVQEPP]
EXXEMRIH F] LIEX XVIEXQIRX SJ LSXVSPPIH GLIQMGEPP]
GSRXVSPPIHOMPPIHWXIIP8LIGLIQMGEPGSQTSWMXMSRSJXLI
VIMRJSVGMRK WXIIP QYWX FI GEVIJYPP] GSRXVSPPIH XS HIZIPST
PEVKI IPSRKEXMSRW EX JVEGXYVI IWTIGMEPP] [LIR [IPHMRK MW
YWIHXSWTPMGIGPSWIHLSSTWERHWXMVVYTW7LIEVVIMRJSVGIQIRX
MWTVSZMHIHMRXLIJSVQSJVIGXERKYPEVLSSTWERHWXMVVYTW[MXL
HIKVIILSSOWGMVGYPEVSVVIGXERKYPEVWTMVEPWWYTTPIQIRXEV]
XMIW[MXLSVHIKVIILSSOWSV[IPHIHGPSWIHLSSTW
ERH WXMVVYTW 8LI ]MIPH WXVIRKXL MW HIJMRIH F] XLI 
TIVQERIRX SJJWIX 8LI JVEGXYVI WXVEMR MW QIEWYVIH SZIV E
KEYKIPIRKXL SJIMKLXXMQIWXLIRSQMREPFEVHMEQIXIVERH
QYWXRSXFIPIWWXLEREXER]VIKMSRSJXLIFEVMRGPYHMRK
WIGXMSRW[LIVIFEVWLEZIFIIRGSRRIGXIHXLVSYKL[IPHMRK
*SYV X]TIW SJ LMKL]MIPHWXVIRKXL FEVW [IVI HIZIPSTIH MR
.ETEREWTEVXSJXLI 2I[ 6'TVSNIGXJSV YWIEWXVERWZIVWI
VIMRJSVGIQIRX[MXL]MIPHWXVIRKXLWVERKMRKJVSQXS
TWMXS14E 8LIWIEVI 9,=
 /77 746ERH 7&4(WXIIPFEVW
+VEHI  WXIIP FEVW{1IGLERMGEP GLEVEGXIVMWXMGW SJ
9,=VIMRJSVGIQIRX,SOYIXWY 1IXEP'S EVI
E QMRMQYQ]MIPHWXVIRKXLSJTWM14E F QMRMQYQ
XIRWMPIWXVIRKXLSJTWM14E ERHG QMRMQYQ
JVEGXYVIWXVEMRSJ8LIRSQMREPHMEQIXIVWSJXLIWIFEVW
EVI    ERH  MR    ERH
QQ [LMGLKMZIRSQMREPGVSWWWIGXMSREPEVIEWSJ
  ERH  MR     ERH 
QQ VIWTIGXMZIP]3XERM %GGSVHMRKXS3XERMIXEP
  E WIGSRH X]TI SJ +VEHI  VIMRJSVGIQIRX
97(& [EWHIZIPSTIHJSVYWIEWPSRKMXYHMREPVIMRJSVGI
QIRX MR TPEWXMG LMRKI VIKMSRW 8LI ]MIPH WXVIRKXL SJ
97(& VIMRJSVGIQIRX QYWX VERKI FIX[IIR  ERH
 TWM  ERH  14E  ERH XLI VEXMS SJ ]MIPH
WXVIRKXLXSXIRWMPIWXVIRKXLQYWXFIPIWWXLERSVIUYEPXS
8LMW X]TI SJ VIMRJSVGIQIRX QYWX LEZI E WXVEMR SJ EX PIEWX
EXXLIYTTIVFSYRH]MIPHWXVIWWSJTWM14E
XSIRWYVIEREHIUYEXI]MIPHTPEXIEY
/77 WXIIP FEVW{1IGLERMGEP GLEVEGXIVMWXMGW SJ
/77 VIMRJSVGIQIRX /SFI 7XIIP 0XH  7YQMXSQS
)PIGXVMGEP-RHYWXVMIW0XH7YQMXSQS1IXEP-RHYWXVMIW0XH
 EVIE QMRMQYQ]MIPHWXVIRKXLSJTWM14E 
F QMRMQYQXIRWMPIWXVIRKXLSJTWM14E ERH
G QMRMQYQJVEGXYVIWXVEMRSJ2SQMREPHMEQIXIVWSJXLIWI
FEVWEVIERHMRERH
QQ [LMGLKMZIRSQMREPGVSWWWIGXMSREPEVIEWSJ
ERHMRERHQQ 

-8+6

%'-'311-88))6)4368

*MK {6EXMS SJ QIEWYVIH XS GEPGYPEXIH PMQMXMRK HVMJX

VEXMS ZIVWYW ]MIPH WXVIRKXL SJ XLI XVERWZIVWI VIMRJSVGIQIRX
EGGSVHMRKXS)U 2SXI=MIPHWXVIRKXLSJXVERWZIVWI
VIMRJSVGIQIRX[EWPMQMXIHXSTWM?14EAMRXLI
GEPGYPEXMSRSJXLIPMQMXMRKHVMJXVEXMSVIKEVHPIWWSJXLIEGXYEP
]MIPHWXVIRKXL
746WXIIPFEVW{1IGLERMGEPGLEVEGXIVMWXMGWSJ746
VIMRJSVGIQIRX 8SO]S 7XIIP 'S   EVI E  QMRMQYQ
]MIPHWXVIRKXLSJTWM14E F QMRMQYQXIRWMPI
WXVIRKXLSJTWM14E ERHG QMRMQYQJVEGXYVI
WXVEMR SJ  2SQMREP HMEQIXIVW SJ XLIWI FEVW EVI 
 ERH  MR   ERH  QQ  [LMGL KMZI
RSQMREP GVSWWWIGXMSREP EVIEW SJ   ERH  MR 
ERHQQ VIWTIGXMZIP]
7&4(WXIIPFEVW{8[STVSHYGIVW2IYXVIR'S
0XH/E[EWEOI7XIIP8IGLRS[MVI'S QERY
JEGXYVI8]TI(7&4(20 FEVWGSRJSVQMRKXS
XLI VIUYMVIQIRXW SJ XLI .ETERIWI 7XERHEVHW %WWSGMEXMSR
  .-7 +  w7QEPP 7M^I(IJSVQIH 7XIIP &EVW JSV
4VIWXVIWWIH'SRGVIXIx[LMGLVIUYMVIWE EQMRMQYQ]MIPH
WXVIRKXLSJTWM14E F EQMRMQYQXIRWMPI
WXVIRKXL SJ  TWM  14E  ERHG  E QMRMQYQ
JVEGXYVI WXVEMR SJ  8LI .-7 +  WTIGMJMGEXMSR [EW
MRWXMXYXIH JSPPS[MRK XLI IWXEFPMWLQIRX SJ -73  
7XIIPJSVXLI4VIWXVIWWMRKSJ'SRGVIXI4EVX5YIRGLIHERH
8IQTIVIH;MVIERH4EVX,SX6SPPIH7XIIP&EVW[MXLSV
[MXLSYX7YFWIUYIRX4VSGIWWMRK FYXXLI.-7VIUYMVIWQSVI
VMKSVSYW GSRXVSP SJ XLI GLIQMGEP GSQTSWMXMSR SJ XLI WXIIP
*YVXLIVQSVIXLIEQSYRXSJMQTYVMXMIWMR7&4(
LMKLWXVIRKXLWLIEVVIMRJSVGIQIRXMWGSRXVSPPIHQSVIVMKSVSYWP]
XLERVIUYMVIHF]XLI.-7+WTIGMJMGEXMSR8LIQMRMQYQ
WXVEMREXJVEGXYVIMWWIXXSFIGEYWIXLIFEVWEVIRSVQEPP]
FIRX IMXLIV  SV  HIKVIIW EX XLI GSVRIVW ERH IRHW
2SQMREPFEVHMEQIXIVWEZEMPEFPIEVI
ERHMRERHQQ [LMGLGSVVI
WTSRHXSRSQMREPGVSWWWIGXMSREPEVIEWSJ
ERHMRERHQQ VIWTIGXMZIP]
3XERMIXEP HIWGVMFIHXLIKYMHIPMRIWJSVXLIHIWMKR
SJLMKLVMWIWXVYGXYVIWYWMRKLMKLWXVIRKXLQEXIVMEPWHIZIP
STIH EW TEVX SJ XLI VIWIEVGL MRMXMEXMZI WTSRWSVIH F] XLI
1MRMWXV] SJ 'SRWXVYGXMSR MR .ETER .ETER -RWXMXYXI SJ
'SRWXVYGXMSR)RKMRIIVMRK %GGSVHMRKXS3XERMIXEP

  XLIWI WIMWQMG HIWMKR KYMHIPMRIW PMQMX XLI ]MIPH

WXVIRKXLSJXLIPSRKMXYHMREPVIMRJSVGIQIRXXSTWM
14E ERHXLIGSRGVIXIGSQTVIWWMZIWXVIRKXLXSTWM
14E 8LIQE\MQYQ]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMR
JSVGIQIRXEPPS[IHF]XLIHSGYQIRXMWTWM14E 
8LI HEXEFEWI YWIH MR XLI WXYH] F] &VEGLQERR IX EP
EF  LEH WTIGMQIRW [MXL XVERWZIVWI VIMRJSVGIQIRX
]MIPHWXVIRKXLWVERKMRKFIX[IIRERHTWM
ERH  14E  ERH ZSPYQIXVMG XVERWZIVWI VIMRJSVGIQIRX
VEXMSWVERKMRKJVSQXS &IGEYWIWTIGMQIRW[MXL
XVERWZIVWIVIMRJSVGIQIRX[MXL]MIPHWXVIRKXLWSJTWM
 14E  LEH WMKRMJMGERXP] PS[IV XIWXGEPGYPEXIH VEXMSW
XLI]VIGSQQIRHIHIWXEFPMWLMRKERYTTIVPMQMXSJTWM
14E SRXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGI
QIRX8LIVEXMSSJQIEWYVIHXSGEPGYPEXIHPMQMXMRKHVMJXVEXMS
EGGSVHMRK XS XLI IUYEXMSR TVSTSWIH F] &VEGLQERR IX EP
F ZIVWYWXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
MWWLS[RMR*MK[LIVIXLI]MIPHWXVIRKXLSJXVERWZIVWI
VIMRJSVGIQIRX[EWPMQMXIHXSTWM14E MRXLI
GEPGYPEXMSRSJXLIPMQMXMRKHVMJXVEXMSVIKEVHPIWWSJXLIEGXYEP
]MIPHWXVIRKXL8LIFVSOIRPMRIMR*MKVITVIWIRXWEPMRIEV
VIKVIWWMSRFIX[IIRXLIVEXMSSJQIEWYVIHXSGEPGYPEXIHHVMJX
GSQTYXIHPMQMXMRKXLI]MIPHWXVIRKXLSJXLIVIMRJSVGIQIRXXS
TWM?14EA ERHXLIEGXYEP]MIPHWXVIRKXLSJXLI
VIMRJSVGIQIRX
8LIWYKKIWXMSRF]&VEGLQERRIXEPEF XSPMQMXXLI
]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRXXSTWM
14E MWGSRWMWXIRX[MXLXLISFWIVZEXMSRWF]7EEXGMSKPY
IX EP   ERH /EXS IX EP   XLEX XLI IJJIGXMZI
GSRJMRMRKTVIWWYVIHIGVIEWIWERHXLITVSFEFMPMX]SJFYGOPMRK
SJXLIPSRKMXYHMREPVIMRJSVGIQIRXMRGVIEWIW[MXLMRGVIEWMRK
LSST WTEGMRK 7MQMPEVP] XLI 2>7  HIWMKR TVSZMWMSR
IWXEFPMWLIWERYTTIVPMQMXSJTWM14E JSVXLI
RSQMREP]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
{1E\MQYQLSSTWTEGMRKVIUYMVIQIRXW
JSVGSPYQRW
7IGXMSR  SJ %'-  EPPS[W E QE\MQYQ
WTEGMRKSJXVERWZIVWIVIMRJSVGIQIRXMRVIKMSRWSJTSXIRXMEP
TPEWXMGLMRKMRKSJSJXLIQMRMQYQQIQFIVHMQIRWMSR
WM\XMQIWXLIHMEQIXIVSJXLIPSRKMXYHMREPVIMRJSVGIQIRXERH
MRQQ 8LIMRQQ WTEGMRKVIUYMVIQIRXQE]
FIMRGVIEWIHPMRIEVP]YTXSMRQQ EWXLIWTEGMRKSJ
GVSWWXMIWSVPIKWSJSZIVPETTMRKLSSTWHIGVIEWIWJVSQXS
MRXSQQ 8LI-'&3)6HSGYQIRX
WYKKIWXWXLEXXLIQE\MQYQWTEGMRKSJLSSTW[MXLMRTPEWXMG
LMRKIVIKMSRWWLSYPHFIMRQQ 8LIVEXMSREPIJSVXLMW
TVSZMWMSR WXIQW JVSQ XLI JEGX XLEX MR XLI I\TIVMQIRXEP
VIWIEVGLYWIHEWXLIFEWMWJSVXLIEJSVIQIRXMSRIHHSGYQIRX
''SQQMXXII WEXMWJEGXSV]FILEZMSV[EWSFWIVZIHMR
WTIGMQIRW[MXLEQE\MQYQLSSTWTEGMRKSJMRQQ 
)RKPIOMVOERH4SYV^ERNERMMRHMGEXIMRXLI'VITSVX 
LS[IZIV XLEX XIWX VIWYPXW F] %^M^MREQMRM IX EP 
GSRXVEHMGXXLMWSFWIVZEXMSR-RWTIGMQIRW[MXLERE\MEPPSEH
VEXMSSJERHGSRGVIXIGSQTVIWWMZIWXVIRKXLSJETTVS\MQEXIP]
TWM14E %^M^MREQMRMIXEPSFWIVZIHXLEXXLI
QSHISJJEMPYVIGLERKIHJVSQ]MIPHMRKSJXLIXVERWZIVWI
VIMRJSVGIQIRXXSFYGOPMRKSJXLIPSRKMXYHMREPVIMRJSVGIQIRX

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

EW XLI LSST WTEGMRK [EW MRGVIEWIH JVSQ  MR  QQ
[LMGLVITVIWIRXWELSSTWTEGMRKSJHPSRKMXYHMREP
FEVHMEQIXIVWERHXVERWZIVWIFEVHMEQIXIVW XSMR
 QQ  [LMGL VITVIWIRXW E LSST WTEGMRK SJ H 
PSRKMXYHMREPFEVHMEQIXIVWERHWIZIRXVERWZIVWIFEVHMEQIXIVW 
ERHXLIWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRXJVSQ
XS  TWM  XS  14E  8LI HEXEFEWI YWIH F]
&VEGLQERRIXEPEF LEHGSPYQRW[MXLLSSTWTEGMRK
VERKMRKFIX[IIRERHMRXSQQ ;LIRWTIGMQIRW
[MXLGSRGVIXIGSQTVIWWMZIWXVIRKXLWSJTWM14E SV
EFSZI SRP] [IVI GSRWMHIVIH LS[IZIV XLI QENSVMX] SJ XLI
HEXELEHEQE\MQYQLSSTWTEGMRKFIPS[MRQQ 
8LIHEXEHSRSXWLS[EHIGVIEWIMRXLIJEGXSVSJWEJIX][MXL
MRGVIEWIHWTEGMRKERHX[SWTIGMQIRW[MXLLSSTWTEGMRKWSJ
ETTVS\MQEXIP]MRQQ WLS[IHEHIUYEXITIVJSVQERGI
3R XLMW PMQMXIH FEWMW XLIVI WIIQW XS FI RS GSRGPYWMZI
I\TIVMQIRXEPIZMHIRGINYWXMJ]MRKXLIVIHYGXMSR MR QE\MQYQ
LSSTWTEGMRKJVSQXSMRXSQQ EPXLSYKLXLI
TEYGMX] SJI\TIVMQIRXEP HEXE [MXLQE\MQYQLSSTWTEGMRK
EFSZIMRQQ MWEGSRGIVR
{'SRJMRIQIRXVIUYMVIQIRXWJSVLMKLWXVIRKXL
GSRGVIXIFIEQW
8LISRP]GSRJMRIQIRXVIUYMVIQIRXWJSVGSRGVIXIMRTPEWXMG
LMRKI VIKMSRW SJ FIEQW IWXEFPMWLIH MR %'-  EVI MR
XIVQWSJXLIQE\MQYQWTEGMRKEPPS[IHFIX[IIRLSSTW
9RPMOIMRXLIGEWISJ%'-)U XS JSV
GSPYQRW XLIVI EVI RS IUYEXMSRW XLEX WIX XLI QMRMQYQ
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX XLEX QYWX FI YWIH MR
FIEQW7YGL EPEGOSJVIUYMVIQIRXMWSJWSQIGSRGIVRJSV
LMKLWXVIRKXLGSRGVIXIFIEQWFIGEYWIXIWXVIWYPXWTVIZMSYWP]
WYQQEVM^IH WLS[ XLEX XLI PMQMXMRK HVMJX VEXMS SJ FIEQW MW
TVSTSVXMSREPXSXLIZSPYQIXVMGGSRJMRIQIRXMRHI\GT*MK 
8LI HEXE MR *MK  MRHMGEXI XLEX XS QEMRXEMR E PIZIP SJ
HIJSVQEFMPMX]XLITVSHYGXSJ ZV J]XQYWXMRGVIEWI[MXLXLI
GSRGVIXIGSQTVIWWMZIWXVIRKXL
+LSWLERH7EEXGMSKPY WYQQEVM^IHXIWXVIWYPXWJVSQ
LMKLWXVIRKXL GSRGVIXI FIEQW YRHIV QSRSXSRMG ERH G]GPMG
PSEHMRKF]WIZIVEPVIWIEVGLIVW&EWIHSRXIWXWF]*ENEVHSERH
4EWXSV 4EWXSV IX EP   YRHIV QSRSXSRMG PSEHMRK XLI]
GSRGPYHIHXLEXXLIEHHMXMSRSJPEXIVEPXMIWXIIPMRGVIEWIWXLI
HMWTPEGIQIRXHYGXMPMX]SJFIEQWTVSZMHIHXLEXXLIZSPYQIXVMG
GSRJMRIQIRXMRHI\MWKVIEXIVXLER8LIHIJMRMXMSRSJXLI
ZSPYQIXVMGGSRJMRIQIRXMRHI\YWIHF]+LSWLERH7EEXGMSKPY
LS[IZIVMRGPYHIHXLIIJJIGXWSJXLIGSQTVIWWMSRVIMRJSVGIQIRX
J
GT! ZV ]X
JG



% ZSPYQIXVMG GSRJMRIQIRX MRHI\ SJ  GEPGYPEXIH EW

HIJMRIH MR )U   GSVVIWTSRHIH XS E HMWTPEGIQIRX
HYGXMPMX] SJ ETTVS\MQEXIP]  *SV FIEQW [MXL ZSPYQIXVMG
GSRJMRIQIRXMRHI\IWFIPS[MRGVIEWMRKXLIZSPYQIXVMG
GSRJMRIQIRX MRHI\ MR XLI TPEWXMG LMRKI VIKMSR VIWYPXIH MR
WQEPPMRGVIEWIWMRHMWTPEGIQIRXHYGXMPMX]-RGEWIW[LIVIXLI
ZSPYQIXVMGGSRJMRIQIRXMRHI\I\GIIHIHMRGVIEWMRKXLI
ZSPYQIXVMG GSRJMRIQIRX MRHI\ VIWYPXIH MR WMKRMJMGERX

-8+6

*MK {0MQMXMRK HVMJX VEXMS ZIVWYW GSRJMRIQIRX MRHI\ GT

JSVFIEQWTIGMQIRWMRHEXEFEWIYWIHF]&VEGLQERRIXEP
E 
MRGVIEWIW MR HMWTPEGIQIRX HYGXMPMX] +LSWL ERH 7EEXGMSKPY
  EXXVMFYXIH XLI PS[ HIJSVQEFMPMX] SJ XLI FIEQW [MXL
PS[IV EQSYRXW SJ XVERWZIVWI VIMRJSVGIQIRX XS XLI PEGO SJ
GSRJMRIQIRXSJXLIGSRGVIXIMRXLIGSQTVIWWMSR^SRI
&VEGLQERR IX EP E  TVSTSWIH ER IUYEXMSR JSV XLI
QMRMQYQEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXJSVEHIUYEXI
GSRJMRIQIRXSJVIMRJSVGIHGSRGVIXIFIEQWFEWIHSRI\TIVM
QIRXEP VIWYPXW *SV QIQFIVW [MXLSYX E\MEP PSEH XLI
QMRMQYQEQSYRXSJGSRJMRMRKVIMRJSVGIQIRXMWKMZIRF]

ZV

J
!  (6 PMQ G
J ]X

JG
 

J ]X



)UYEXMSR [EWGEPMFVEXIHWSXLEXXLITVSFEFMPMX]SJ

SZIVIWXMQEXMRKXLIPMQMXMRKHVMJXMREFIEQ[MXLXLIEQSYRX
SJ XVERWZIVWI VIMRJSVGIQIRX TVSZMHIH MR EGGSVHERGI XS
)U [SYPHFI JSVXLIHEXEWIXYWIHSRIWXERHEVH
HIZMEXMSR JVSQ XLI QIER  *MKYVI  WLS[W XLI QIEWYVIH
PMQMXMRKHVMJXVEXMSWERHXLSWIGEPGYPEXIH[MXL)U JSV
 WTIGMQIRW [MXL JT   ERH GSRGVIXI GSQTVIWWMZI
WXVIRKXLWVERKMRKJVSQXSTWMXS14E 
8LIEZIVEKI VEXMS SJ QIEWYVIHXSGEPGYPEXIH HVMJX [EW 
[MXLEGSIJJMGMIRXSJZEVMEXMSRSJ&EWIHSRXLIWEQTPI
SJWTIGMQIRWGSRWMHIVIHXLITVSFEFMPMX]SJYRHIVIWXMQEXMRK
XLI PMQMXMRK HVMJX SJ FIEQ IPIQIRXW [MXL )U   [EW
ETTVS\MQEXIP] 
)UYEXMSR   VIUYMVIW E LMKLIV EQSYRX SJ XVERWZIVWI
VIMRJSVGIQIRX JSV LMKLWXVIRKXL GSRGVIXI FIEQW XLER XLEX
GEPGYPEXIHYWMRKXLIGYVVIRX%'-ETTVSEGLSJTVSTSV
XMSRMRKXLIXVERWZIVWIVIMRJSVGIQIRXXSVIWMWXMRQSWXTVEG
XMGEPGMVGYQWXERGIW SJXLIWLIEVHIQERH%'-
7IGXMSR %GSQTEVMWSRFEWIHSREWWYQTXMSRWSJE
WTER PIRKXL XS FIEQ HITXL VEXMS SJ  ER IJJIGXMZI HITXL
IUYEPXS SJXLIFIEQLIMKLXE[MHXLLIMKLXVEXMSSJXLI
GSVIIUYEPXSERHEPMQMXMRKHVMJXVEXMSSJ MRHMGEXIWXLEX
XLIEQSYRXSJVIMRJSVGIQIRX[SYPHMRGVIEWIF]EJEGXSVSJ
ETTVS\MQEXIP] JG  P J]P  [LIVI P MW XLI PSRKMXYHMREP
VIMRJSVGIQIRXVEXMSERHJ]PMWXLI]MIPHWXVIRKXLSJXLIPSRKMXY

-8+6

%'-'311-88))6)4368

HMREP VIMRJSVGIQIRX 8LI HMJJIVIRGI MW QSWX WMKRMJMGERX JSV

PMKLXP] VIMRJSVGIH FIEQW *SV FIEQW [MXL RSVQEPWXVIRKXL
GSRGVIXIXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRX[SYPHFI
ETTVS\MQEXIP] XLI WEQI EW VIUYMVIH F] XLI GYVVIRX GSHI
[LMPIMRXLIGEWISJFIEQW[MXLLMKLWXVIRKXLGSRGVIXIXLI
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX [SYPH MRGVIEWI F] EW
QYGLEWEJEGXSVSJ&IJSVIEGSHIGLERKIMWMQTPIQIRXIH
WYGLERMRGVIEWIMRXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRX
WLSYPH FI NYWXMJMIH SR XLI FEWMW SJ I\TIVMQIRXEP IZMHIRGI
WLS[MRKMREHIUYEXITIVJSVQERGISJLMKLWXVIRKXLGSRGVIXI
FIEQWYRHIVG]GPMGPSEHMRK
)\TIVMQIRXEPVIWIEVGLSRGSPYQRGSPPETWIMRHMGEXIWXLEX
ZIVXMGEPPSEHGEVV]MRKGETEGMX]MWPSWXWSSREJXIVXLIPEXIVEP
PSEHGEVV]MRKGETEGMX]LEWHIKVEHIHXS^IVS=SWLMQYVEERH
2EOEQYVE  )P[SSH ERH 1SILPI   ERH XLEX XLI
PEXIVEPHVMJXEXE\MEPJEMPYVIHIGVIEWIW[MXLE\MEPPSEH)P[SSH
 ERH)P[SSHERH1SILPI HIZIPSTIHEQSHIP
GSRWMWXIRX[MXLXLISFWIVZEXMSRJVSQI\TIVMQIRXEPVIWIEVGL
XLEXXLIHVMJXVEXMSEXE\MEPJEMPYVIMWMRZIVWIP]TVSTSVXMSREPXS
XLIE\MEPPSEHHIQERH*VSQXLMWVIWIEVGLMXJSPPS[WXLEXXLI
VMWOSJGEXEWXVSTLMGJEMPYVIEXHVMJXWWPMKLXP]LMKLIVXLERXLI
PMQMXMRKHVMJXVEXMSHIJMRIHEWXLEXGSVVIWTSRHMRKXSE
VIHYGXMSRMRWXVIRKXL HIGVIEWIWEWXLIEQSYRXSJE\MEPPSEH
SRXLIQIQFIVHIGVIEWIW*SVXLMWVIEWSRMXMWVIEWSREFPIXS
EHSTXEPS[IVQEVKMRSJWEJIX]JSVTVSTSVXMSRMRKXLIEQSYRX
SJXVERWZIVWIVIMRJSVGIQIRXRIIHIHXSVIEGLEXEVKIXPMQMXMRK
HVMJX VEXMS MR FIEQW XLER MR GSPYQRW &VEGLQERR IX EP
E  TVSZMHIHI\TVIWWMSRW[MXLZEVMSYWTVSFEFMPMXMIWSJ
SZIVIWXMQEXMRK XLI PMQMXMRK HVMJX VEXMS 8LI I\TVIWWMSR
GSVVIWTSRHMRKXSXLIQIERVIWTSRWIWYGLXLEXXLITVSFEFMPMX]
SJSZIVIWXMQEXMRKXLIPMQMXMRKHVMJXVEXMSMREFIEQ[MXLXLI
EQSYRXSJXVERWZIVWIVIMRJSVGIQIRXTVSZMHIHMREGGSVHERGI
XS)U [SYPHFI MWKMZIRF]

ZV

J
!  (6 PMQ G
J ]X

J
 G
J ]X



&IGEYWIXLIZSPYQISJXVERWZIVWIVIMRJSVGIQIRXVIUYMVIH
F] )U   MW   SJ XLEX VIUYMVIH F] )U   XLI
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX VIUYMVIH MR FIEQW MW
GPSWIVXSXLEXGEPGYPEXIHYWMRKXLIETTVSEGLMR%'-
% GSQTEVMWSR FEWIH SR EWWYQTXMSRW SJ E WTER PIRKXL XS
FIEQHITXLVEXMSSJERIJJIGXMZIHITXLIUYEPXS SJ
XLIFIEQLIMKLXE[MHXLLIMKLXVEXMSSJXLIGSVIIUYEPXS
ERHEPMQMXMRKHVMJXVEXMSSJ MRHMGEXIWXLEXXLIEQSYRXSJ
VIMRJSVGIQIRX[SYPHMRGVIEWIF]EJEGXSVSJETTVS\MQEXIP]
JG  P J]P[LIVI PMWXLIPSRKMXYHMREPVIMRJSVGIQIRXVEXMS
ERH J]PMWXLI]MIPHWXVIRKXLSJXLIPSRKMXYHMREPVIMRJSVGIQIRX
-RXLMWGEWIXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXVIUYMVIH
F])U MRPMKLXP]VIMRJSVGIHFIEQW P! [SYPH
VERKI FIX[IIR ETTVS\MQEXIP]  XLI EQSYRX GYVVIRXP]
VIUYMVIH F] %'-  JSV FIEQW [MXL RSVQEPWXVIRKXL
GSRGVIXIERHX[SXMQIWXLIEQSYRXGEPGYPEXIHYWMRK%'-
JSVFIEQW[MXLLMKLWXVIRKXLGSRGVIXI
{1E\MQYQLSSTWTEGMRKVIUYMVIQIRXW

JSVLMKLWXVIRKXLGSRGVIXIFIEQW
%GGSVHMRK XS 7IGXMSR  SJ %'-  XLI
QE\MQYQ LSST WTEGMRK MR JPI\YVEP QIQFIVW SJ WTIGMEP
QSQIRXJVEQIWQYWXRSXI\GIIHHIMKLXXMQIWXLIHMEQIXIV
SJXLIWQEPPIWXPSRKMXYHMREPFEVXMQIWXLIHMEQIXIVSJXLI
LSSTFEVWERHMRQQ %WMQMPEVWTEGMRKVIUYMVIQIRX
MWIWXEFPMWLIHMR7IGXMSRSJ%'-JSVFIEQW
SJMRXIVQIHMEXIQSQIRXJVEQIW%PXLSYKLXLIYTTIVPMQMXJSV
XLILSSTWTEGMRKMWMRQQ MXMWMQTSVXERXXSRSXI
XLEXXLIVIUYMVIQIRXWVIPEXIHXSFEVWM^IERHHEVIPMOIP]XS
VIWYPX MR WMKRMJMGERXP] WQEPPIV YTTIV PMQMXW SR WTEGMRK
'SRWIUYIRXP]XLIMRQQ WTEGMRKPMQMXMWRSXXLI
GSRXVSPPMRKGVMXIVMSRJSVQSWXTVEGXMGEPGEWIW*SVMRWXERGIE
GVSWWWIGXMSR[MXLERIJJIGXMZIHITXLSJMRQQ 2S
PSRKMXYHMREPFEVWERH2SLSSTW[SYPHLEZIEQE\MQYQ
LSSTWTEGMRKSJMRQQ WMKRMJMGERXP]PS[IVXLERXLI
RSQMREPMRQQ PMQMXIWXEFPMWLIHF]%'-
8LI-'&3)6HSGYQIRX TVSTSWIHERYTTIV
PMQMX SJ  MR  QQ  JSV XLI WXMVVYT WTEGMRK MR FIEQW
[LMGLMQTPMIWEWMKRMJMGERXVIHYGXMSRJVSQXLIMRQQ
PMQMX GYVVIRXP] EHSTXIH MR %'-  8LI TEYGMX] SJ
I\TIVMQIRXEPVIWYPXWJVSQFIEQW[MXLLSSTWTEGMRKPEVKIV
XLERMRQQ MWEGSRGIVRMRHIXIVQMRMRK[LIXLIVXLI
VIHYGXMSRJVSQXSMRXSQQ MWNYWXMJMIH
8LILMKLWXVIRKXLGSRGVIXIFIEQWXIWXIHF]4EWXSVIXEP
 XLEXTVSZMHIHXLIFEWMWJSVXLIWXYH]F]+LSWLERH
7EEXGMSKPY LEHWXMVVYTWTEGMRKVERKMRKJVSQXSMR
XSQQ 8LI[MHXLSJXLIXIWXVIKMSRVERKIHFIX[IIR
 ERH  MR  XS  QQ  ERH XLI HITXL [EW
ETTVS\MQEXIP]MRQQ &IEQW[MXLELSSTWTEGMRK
SJ  MR  QQ  I\LMFMXIHXLI [SVWXTIVJSVQERGI[MXL
HYGXMPMX]VEXMSWSRXLISVHIVSJSV%PPFIEQW[MXLEWXMVVYT
WTEGMRKSJMRQQ SVPIWWI\LMFMXIHHMWTPEGIQIRX
HYGXMPMXMIW LMKLIV XLER  8LMW SFWIVZEXMSR VEMWIW GSRGIVRW
EFSYXXLIMRQQ WTEGMRKPMQMXEHSTXIHF]%'-
TEVXMGYPEVP]FIGEYWIXLIWIFIEQW[IVIRSXWYFNIGXIHXSXLI
HIXIVMSVEXMSR SJ XLI GSVI XLEX [SYPH SGGYV YRHIV PSEH
VIZIVWEPW 8LI GSRGPYWMSRW F] +LSWL ERH 7EEXGMSKPY 
EFSYXXLIIJJIGXWSJGSRJMRIQIRXEPWSWIIQXSMRHMGEXIXLEXXLIVI
MW RS GSQTIPPMRK VIEWSR XS LEZI HMJJIVIRX TVSGIHYVIW XS
HIXIVQMRIXLIEQSYRXWSJGSRJMRIQIRXMRFIEQWERHGSPYQRW
{6IGSQQIRHEXMSRW
8LIVIEVIWIZIVEPVIGSQQIRHEXMSRWHIIQIHRIGIWWEV]JSV
TVSTIVGSRJMRIQIRXSJWIGXMSRW[MXLLMKLWXVIRKXLGSRGVIXI
6IWIEVGLF]&VEGLQERIXEPEF ERH7EEXGMSKPYERH
6E^ZM   LEW MRHMGEXIH XLEX XLI GYVVIRX TVSZMWMSRW JSV
GSRJMRIQIRXMR%'-IZIRXLSYKLXLIIJJIGXSJE\MEP
PSEHMWRIKPIGXIHVIWYPXMRWYJJMGMIRXEQSYRXWSJGSRJMRIQIRX
XSEGLMIZIPMQMXMRKHVMJXVEXMSWSJEXPIEWX MRQSWXGEWIW
8LIQEMRHMWEHZERXEKISJXLIGYVVIRXTVSZMWMSRWMWXLEXXLI
WEJIX] EJJSVHIH MW RSX YRMJSVQ JSV EPP GSPYQRW ERH XLI
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX VIUYMVIH MR QIQFIVW
[MXL PS[IV PIZIPW SJ E\MEP PSEH MW SZIVP] GSRWIVZEXMZI
%PXLSYKL I\GIWWMZI GSRWIVZEXMWQ HSIW RSX TSWI E WEJIX]
GSRGIVR MX GVIEXIW WMKRMJMGERX GSRKIWXMSR TVSFPIQW XLEX
LMRHIVXLIYWISJLMKLWXVIRKXLGSRGVIXI

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

)\TIVMQIRXEP VIWIEVGL WLS[W XLEXEZMEFPIEPXIVREXMZI XS

VIHYGIGSRKIWXMSRMRTPEWXMGLMRKIVIKMSRWMWXLIYWISJLMKL
WXVIRKXLXVERWZIVWIVIMRJSVGIQIRX8LIVIMWGSRWIRWYWEQSRK
VIWIEVGLIVWXLEXXLIVIWLSYPHFIERYTTIVPMQMXXSXLIRSQMREP
]MIPH WXVIRKXL SJ XLI XVERWZIVWI VIMRJSVGIQIRX YWIH JSV
GSRJMRIQIRXTYVTSWIWSJETTVS\MQEXIP]OWM14E 
8LI I\TIVMQIRXEP HEXE XLEX [IVI VIZMI[IH HMH RSX
WYFWXERXMEXIXLIRIIHXSVIHYGIXLIQE\MQYQLSSTWTEGMRK
MRFIEQWSVGSPYQRW%PXLSYKLXLIVI[EWEKVIEXIVGSRGIVR
MRXLIGEWISJFIEQWFIGEYWIXLIYTTIVPMQMXJSVLSSTWTEGMRK
IWXEFPMWLIH F] %'-  MW  MR  QQ  E GPSWIV
VIZMI[WLS[WXLEXWTEGMRKPMQMXWMRXIVQWSJXLIHMEQIXIVSJ
XLI PSRKMXYHMREP ERH XVERWZIVWI VIMRJSVGIQIRX WLSYPH FI
EHIUYEXIXSTVIZIRXFYGOPMRKSJXLIPSRKMXYHMREPVIMRJSVGIQIRX
6IWIEVGLVIWYPXWERHI\TIVMQIRXEPIZMHIRGIMRHMGEXIXLEXXLI
EQSYRXSJGSRJMRIQIRXEJJSVHIHF]XLIGYVVIRXWTEGMRKPMQMXW
WLSYPH FI WYJJMGMIRX XS EGLMIZI HVMJX VEXMSW ETTVS\MQEXIP]
WMQMPEVXSXLIVSXEXMSRSJXLITPEWXMGLMRKIMRYRMXWSJVEHMERW
SRXLISVHIVSJ[MXLSYXGEXEWXVSTLMGJEMPYVI*SVXLIWI
VIEWSRWMX[EWHIIQIHYRRIGIWWEV]XSMRXVSHYGIGSRJMRIQIRX
VIUYMVIQIRXWJSVFIEQW[MXLLMKLWXVIRKXLGSRGVIXI
8LIJSPPS[MRKVIGSQQIRHIHQSHMJMGEXMSRWXS%'-
TVIWIRXIHMRKVIEXIVHIXEMPMR'LETXIVSJXLMWHSGYQIRX
EVIQEHIJSVEHIUYEXIGSRJMRIQIRXSJLMKLWXVIRKXLGSRGVIXI
GSPYQRWMRWTIGMEPQSQIRXJVEQIW71* 8LIFEWMWJSVXLI
TVSTSWIHIUYEXMSRWMWXLIETTVSEGLF]7EEXGMSKPYERH6E^ZM
  [MXL WSQI QMRSV GSRWIVZEXMZI QSHMJMGEXMSRW XS
WMQTPMJ]XLIMVYWI
-RMRGLTSYRHYRMXW
e 8LI YWI SJ XVERWZIVWI VIMRJSVGIQIRX [MXL E WTIGMJMIH
]MIPHWXVIRKXLSJYTXSTWMWLEPPFIEPPS[IHXS
QIIX XLI GSRJMRIQIRX VIUYMVIQIRXW JSV LMKLWXVIRKXL
GSRGVIXIGSPYQRW8LI]MIPHWXVIRKXLSJXLIVIMRJSVGI
QIRXGERFIQIEWYVIHF]XLISJJWIXQIXLSHSJ%781%
YWMRK TIVQERIRXSJJWIX
e 8VERWZIVWI VIMRJSVGIQIRX VIUYMVIH EW JSPPS[W MR E
XLVSYKLG WLEPPFITVSZMHIHYRPIWWEPEVKIVEQSYRXMW
VIUYMVIHF]%'-7IGXMSRWSV
E 8LIEVIEVEXMSSJXVERWZIVWIVIMRJSVGIQIRXWLEPPRSX
FIPIWWXLERXLEXVIUYMVIHF])U

JG %K
4Y
  
!  
  z  
J ]X % GL
O ZI %K J G

-8+6

GSPYQRW [MXL GMVGYPEV KISQIXV] WLEPP FI MR XLI

JSVQSJWTMVEPWSVLSSTWJSV[LMGLOZI!6IMR
JSVGIQIRXJSVGSPYQRW[MXLVIGXERKYPEVKISQIXV]
WLEPPFITVSZMHIHMRXLIJSVQSJWMRKPISVSZIVPET
TMRK LSSTW 'VSWWXMIW SJ XLI WEQI FEV WM^I ERH
WTEGMRKEWXLILSSTWWLEPPFITIVQMXXIH)EGLIRH
SJXLIGVSWWXMIWLEPPIRKEKIETIVMTLIVEPPSRKMXY
HMREP VIMRJSVGMRKFEV'SRWIGYXMZIGVSWWXMIWWLEPP
FIEPXIVREXIHIRHJSVIRHEPSRKXLIPSRKMXYHMREP
VIMRJSVGIQIRX 8LI TEVEQIXIV OZI JSV VIGXERKYPEV
LSSTVIMRJSVGIQIRXWLEPPFIHIXIVQMRIHF])U
F
O ZI ! G
WL \





G -J XLI XLMGORIWW SJ XLI GSRGVIXI SYXWMHI XLI

GSRJMRMRKXVERWZIVWIVIMRJSVGIQIRXI\GIIHWMR
EHHMXMSREP XVERWZIVWI VIMRJSVGIQIRX WLEPP FI
TVSZMHIH EX E WTEGMRK RSX I\GIIHMRK  MR
'SRGVIXI GSZIV SR XLI EHHMXMSREP VIMRJSVGIQIRX
WLEPPRSXI\GIIHMR
-R7-YRMXW
e 8LI YWI SJ XVERWZIVWI VIMRJSVGIQIRX [MXL E WTIGMJMIH
]MIPHWXVIRKXLSJYTXS14EWLSYPHFIEPPS[IHXS
QIIX XLI GSRJMRIQIRX VIUYMVIQIRXW JSV LMKLWXVIRKXL
GSRGVIXIGSPYQRW8LI]MIPHWXVIRKXLSJXLIVIMRJSVGI
QIRXGERFIQIEWYVIHF]XLISJJWIXQIXLSHSJ%781%
YWMRK TIVQERIRXSJJWIX
e 8VERWZIVWI VIMRJSVGIQIRX VIUYMVIH EW JSPPS[W MR E
XLVSYKLG WLEPPFITVSZMHIHYRPIWWEPEVKIVEQSYRXMW
VIUYMVIHF]%'-17IGXMSRWSV
E 8LIEVIEVEXMSSJXVERWZIVWIVIMRJSVGIQIRXWLEPPRSX
FIPIWWXLERXLEXVIUYMVIHF])U

JG % K
4Y
  
!  
  z  
J ]X % GL
%
O ZI K JG



[LIVI
%K

 z 
% GL





ERH

[LIVI
%K

 z 
% GL



ERH
4Y

%K JG





F 8VERWZIVWIVIMRJSVGIQIRXWLEPPLEZIIMXLIVGMVGYPEV
SV VIGXERKYPEV KISQIXV] 6IMRJSVGIQIRX JSV

4Y

% K JG





F 8VERWZIVWIVIMRJSVGIQIRXWLEPPLEZIIMXLIVGMVGYPEV
SV VIGXERKYPEV KISQIXV] 6IMRJSVGIQIRX JSV
GSPYQRW [MXL GMVGYPEV KISQIXV] WLEPP FI MR XLI
JSVQSJWTMVEPWSVLSSTWJSV[LMGLOZI!6IMR
JSVGIQIRXJSVGSPYQRW[MXLVIGXERKYPEVKISQIXV]
WLEPPFITVSZMHIHMRXLIJSVQSJWMRKPISVSZIVPET
TMRK LSSTW 'VSWWXMIW SJ XLI WEQI FEV WM^I ERH
WTEGMRKEWXLILSSTWWLEPPFITIVQMXXIH)EGLIRH

-8+6

%'-'311-88))6)4368

SJXLIGVSWWXMIWLEPPIRKEKIETIVMTLIVEPPSRKMXYHMREP
VIMRJSVGMRKFEV'SRWIGYXMZIGVSWWXMIWWLEPPFIEPXIV
REXIHIRHJSVIRHEPSRKXLIPSRKMXYHMREPVIMRJSVGI
QIRX 8LI TEVEQIXIV OZI JSV VIGXERKYPEV LSST
VIMRJSVGIQIRXWLEPPFIHIXIVQMRIHF])U 
F
O ZI ! G
WL \





G -J XLI XLMGORIWW SJ XLI GSRGVIXI SYXWMHI XLI

GSRJMRMRKXVERWZIVWIVIMRJSVGIQIRXI\GIIHWQQ
EHHMXMSREP XVERWZIVWI VIMRJSVGIQIRX WLEPP FI
TVSZMHIH EX E WTEGMRK RSX I\GIIHMRK  QQ
'SRGVIXI GSZIV SR XLI EHHMXMSREP VIMRJSVGIQIRX
WLEPPRSXI\GIIHQQ
8LIXIVQL\ MWHIJMRIHEWXLIQE\MQYQLSVM^SRXEPWTEGMRK
SJLSSTSVGVSWWXMIPIKWTIVTIRHMGYPEVXSFG  MR
7IGXMSR  SJ %'-  VIUYMVIW XLEX XLI HIWMKR
WLIEV WXVIRKXL :R SJ FIEQW ERH GSPYQRW SJ MRXIVQIHMEXI
QSQIRXJVEQIWFIRSPIWWXLERE XLIWYQSJXLIWLIEVEWWS
GMEXIH[MXLHIZIPSTQIRXSJRSQMREPQSQIRXWXVIRKXLWSJXLI
QIQFIVEXIEGLVIWXVEMRIHIRHSJXLIGPIEVWTERERHXLIWLIEV
GEPGYPEXIHJSVJEGXSVIHKVEZMX]PSEHWERHF XLIQE\MQYQ
WLIEVSFXEMRIHJVSQHIWMKRPSEHGSQFMREXMSRWXLEXMRGPYHI
) [MXL ) EWWYQIH XS FI X[MGI XLEX TVIWGVMFIH F] XLI
KSZIVRMRKGSHIJSVIEVXLUYEOIVIWMWXERXHIWMKR
-JXLIHMQIRWMSRWSJEGSPYQREVIQEMRXEMRIHGSRWXERXXLI
VEXMSSJE\MEPPSEHHIQERHXSFEPERGIHJEMPYVIPSEHHIGVIEWIW
EW GSRGVIXI GSQTVIWWMZI WXVIRKXL MR XLI GSPYQR MRGVIEWIW
9RHIV XLI GYVVIRX HIWMKR TVSZMWMSRW MR 7IGXMSR  SJ
%'-  XLI EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX
MRGVIEWIW [MXL XLI RSQMREP JPI\YVEP WXVIRKXL SJ GSPYQRW
[LMGLHIGVIEWIWEWXLIVEXMSSJE\MEPPSEHXSFEPERGIHPSEH
HIGVIEWIW EWWYQMRK XLEX XLI GSPYQR MW RSX GSQTVIWWMSR
GSRXVSPPIH *SVXLMWVIEWSRMXMWTSWWMFPIXLEXXLIEQSYRXSJ
XVERWZIVWI VIMRJSVGIQIRX VIUYMVIH F] XLI EJSVIQIRXMSRIH
TVSZMWMSR FI WMQMPEV SV IZIR PIWW JSV GSPYQRW [MXL LMKL
WXVIRKXLGSRGVIXIXLERMXMWJSVGSPYQRW[MXLWMQMPEVHMQIRWMSRW
QEHI [MXL RSVQEPWXVIRKXL GSRGVIXI 8LMW MW MRGSRWMWXIRX
[MXLXLIGSRGPYWMSRWJVSQXLIPMXIVEXYVIVIZMI[TVIWIRXIHMR
7IGXMSRW  ERH  SJ XLMW VITSVX [LMGL MRHMGEXI XLEX XLI
EQSYRXSJGSRJMRIQIRXRIIHIHJSVHYGXMPIFILEZMSVMRGSPYQRW
MRGVIEWIW[MXLMRGVIEWMRKGSRGVIXIGSQTVIWWMZIWXVIRKXL
8S TVIZIRX XLI WYHHIR JEMPYVI SJ GSPYQRW [MXL LMKL
WXVIRKXLGSRGVIXIMRMRXIVQIHMEXIQSQIRXJVEQIW-1* MXMW
VIGSQQIRHIH XLEX E QMRMQYQ EQSYRX SJ GSRJMRIQIRX
VIMRJSVGIQIRXFIEHHIHXSXLITVSZMWMSRWMRXLIGSHI8LI
GSRJMRIQIRXVIMRJSVGIQIRXVIUYMVIQIRXJSV-1*GSPYQRWMR
-8+6MWFEWIHSREHIWMKRI\TVIWWMSRHIZIPSTIHF]
7EEXGMSKPYERH6E^ZM ERHQSHMJMIHF]%'--8+XS
JEGMPMXEXI MXW YWI JSV HIWMKR 3RI SJ XLI OI] EWWYQTXMSRW
EHSTXIHF]%'--8+MRHIVMZMRKXLMWVIUYMVIQIRXMWXLEXE
  VIHYGXMSR MR PEXIVEP WXVIRKXL EX E HVMJX VEXMS SJ 
GSVVIWTSRHWXSEXSPIVEFPIPIZIPSJHEQEKIJSVMRXIVQIHMEXI
QSQIRX JVEQIW 8LMW GVMXIVMSR MW VIPEXIH XS XLI PIZIP SJ
HEQEKIHIIQIHVIEWSREFPIJSVXLMWX]TISJEPEXIVEPJSVGI
VIWMWXMRKW]WXIQERHWLSYPHRSXFIMRXIVTVIXIHXSQIERXLEX

MRXIVQIHMEXIQSQIRX JVEQIW QYWX FI TVSTSVXMSRIH WS XLEX

HVMJXVEXMSWEVIOITXFIPS[ 8LMWEWWYQTXMSRMWGSRWMWXIRX
[MXLXLIJEGXXLEXXLI6JEGXSVJSVXLI-1*XVEHMXMSREPP]LEW
FIIRWIXF]FYMPHMRKGSHIWXSETTVS\MQEXIP]XS SJ
XLEXJSVE71**SVI\EQTPIEGGSVHMRKXS%7')XLI6
JEGXSVJSVER-1*MW[LMPIXLEXJSVE71*MW-JXLI 6
JEGXSV MW XEOIR EW E QIEWYVI SJ XLI HYGXMPMX] HIQERHW
MRGPYHMRKMRLIVIRXSZIVWXVIRKXL ERHMXMWEWWYQIHXLEXXLI
QE\MQYQRSRPMRIEVHMWTPEGIQIRXMWETTVS\MQEXIP]IUYEPXS
XLI QE\MQYQ HMWTPEGIQIRX SJE PMRIEV W]WXIQ 7LMQE^EOM
0ITEKI&VS[RMRK MQTP]MRKXLEX'H 6 
XLIHMJJIVIRGIMR6JEGXSVWMQTPMIWXLEXXLI71*MWI\TIGXIH
XSI\TIVMIRGIRIEVP]SVXMQIW EWQYGLTPEWXMGVSXEXMSR
HIQERHWEWXLI-1*0S[IVTPEWXMGVSXEXMSRHIQERHWMQTP]
PS[IVWXVEMRHIQERHWSRXLIGSRGVIXIERHEVIHYGXMSRMRXLI
EQSYRXSJGSRJMRIQIRXVIMRJSVGIQIRXVIUYMVIH8LMWVIHYGXMSR
MWMRHMVIGXP]VIGSKRM^IHMRXLIWIVIGSQQIRHEXMSRWF]YWMRK
 HVMJXVEXMSMRWXIEHSJ [LIRHIVMZMRKXLIVIUYMVIQIRXW
JSV GSRJMRIQIRX VIMRJSVGIQIRX JSV XLI -1* 8S JYVXLIV
WMQTPMJ]XLIGEPGYPEXMSREZEPYISJOZI!MWEHSTXIHJSV
GSPYQRW[MXLVIGXMPMRIEVXVERWZIVWIVIMRJSVGIQIRX'SRWMHIVMRK
XLEXEZEPYISJOZI!MWYWIHMRGSPYQRW[MXLWTMVEPVIMRJSVGI
QIRX XLMW EWWYQTXMSR MQTPMIW XLEX XLI VIGXMPMRIEV GSRJMRMRK
VIMRJSVGIQIRXEVVERKIQIRXFIMRKYWIHMW EWIJJIGXMZIEW
XLEXSJWTMVEPVIMRJSVGIQIRX
8LIJSPPS[MRKGLERKIWXS%'-EVIVIGSQQIRHIH
JSVGSPYQRWSJ-1*W-RMRGLTSYRHYRMXW
e 8LI YWI SJ XVERWZIVWI VIMRJSVGIQIRX [MXL E WTIGMJMIH
]MIPHWXVIRKXLSJYTXSTWMWLEPPFIEPPS[IHXS
QIIX XLI GSRJMRIQIRX VIUYMVIQIRXW JSV LMKLWXVIRKXL
GSRGVIXIGSPYQRW8LI]MIPHWXVIRKXLSJXLIVIMRJSVGI
QIRXGERFIQIEWYVIHF]XLISJJWIXQIXLSHSJ%781%
YWMRK TIVQERIRXSJJWIX
e *SVGSPYQRW[MXLGSRGVIXIGSQTVIWWMZIWXVIRKXLKVIEXIV
XLERTWMERHVIGXMPMRIEVXVERWZIVWIVIMRJSVGIQIRXXLI
EVIEVEXMSSJXVERWZIVWIVIMRJSVGIQIRXWLEPPRSXFIPIWW
XLERXLEXVIUYMVIHF])U

JG %K
4Y
!  
  z  
J ]X % GL
% K JG



[LIVI
%K

 z 
% GL



ERH
4Y

%K J G
e





*SV GSPYQRW [MXL GSRGVIXI GSQTVIWWMZI WXVIRKXL

KVIEXIV XLER  TWM ERH XVERWZIVWI VIMRJSVGIQIRX MR
XLIJSVQSJGMVGYPEVLSSTWSVWTMVEPWXLIEVIEVEXMSSJ
XVERWZIVWI VIMRJSVGIQIRX WLEPP RSX FI PIWW XLER XLEX
VIUYMVIHF])U

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

J %K
4Y
!  G 
 z  
J]X % GL
%K J G



[LIVI
%K

 z 
% GL



ERH
4Y

%K JG





-R7-YRMXW
8LI YWI SJ XVERWZIVWI VIMRJSVGIQIRX [MXL E WTIGMJMIH
]MIPHWXVIRKXLSJYTXS14EWLSYPHFIEPPS[IHXS
QIIX XLI GSRJMRIQIRX VIUYMVIQIRXW JSV LMKLWXVIRKXL
GSRGVIXIGSPYQRW8LI]MIPHWXVIRKXLSJXLIVIMRJSVGI
QIRXGERFIQIEWYVIHF]XLISJJWIXQIXLSHSJ%781%
YWMRK TIVQERIRXSJJWIX
e *SVGSPYQRW[MXLGSRGVIXIGSQTVIWWMZIWXVIRKXLKVIEXIV
XLER14EERHVIGXMPMRIEVXVERWZIVWIVIMRJSVGIQIRXXLI
EVIEVEXMSSJXVERWZIVWIVIMRJSVGIQIRXWLEPPRSXFIPIWW
XLERXLEXVIUYMVIHF]XLIJSPPS[MRKIUYEXMSR
e

JG %K
4Y
!  
  z  
J]X % GL
%K J G



[LIVI
%K

 z 
% GL





4Y

%K JG





*SV GSPYQRW [MXL GSRGVIXI GSQTVIWWMZI WXVIRKXL

KVIEXIV XLER  14E ERH XVERWZIVWI VIMRJSVGIQIRX MR
XLIJSVQSJGMVGYPEVLSSTWSVWTMVEPWXLIEVIEVEXMSSJ
XVERWZIVWI VIMRJSVGIQIRX WLEPP RSX FI PIWW XLER XLEX
VIUYMVIHF]XLIJSPPS[MRKIUYEXMSR

JG %K
4Y
!  
  z  
J]X % GL
%K J G



',%48)6{7,)%6786)2+8,3*
6)-2*36')('32'6)8)*0)<96%01)1&)67
 -R JPI\YVEP QIQFIVW QEHI [MXL LMKLWXVIRKXL GSRGVIXI
XLIWXVIRKXLSJXLITEWXIMWWMQMPEVXSSVLMKLIVXLERXLEXSJXLI
EKKVIKEXIW%WEVIWYPXGVEGOWXIRHXSTVSTEKEXIXLVSYKLXLI
EKKVIKEXIW ERH LEZI E WQSSXLIV WYVJEGI XLER MR RSVQEP
WXVIRKXLGSRGVIXI%'-'SQQMXXII %WQSSXLIV
GVEGO WYVJEGI VIHYGIW XLI IJJIGX SJ EKKVIKEXI MRXIVPSGO SR
WLIEVWXVIRKXL[LMGLXLISVIXMGEPP]MQTPMIWEVIHYGXMSRMRXLI
GSRGVIXIGSQTSRIRXSJXLIXSXEPWLIEVWXVIRKXL
8LI IJJIGX SJ GSQTVIWWMZI WXVIRKXL SR XLI WLIEV JSVGI
GEVVMIH F] XLI XVERWZIVWI VIMRJSVGIQIRX GER FI EREP]^IH
YWMRKE ZEVMEFPIERKPI XVYWW QSHIP *MK  8LIIUYMPMF
VMYQ IUYEXMSRW JSV E ZEVMEFPI ERKPI XVYWW QSHIP [MXL E
YRMJSVQ GSQTVIWWMSR JMIPH .SMRX %'-%7') 'SQQMXXII
 MRHMGEXIXLEXXLIEZIVEKIWLIEVWXVIWW GEVVMIHF]
XLIXVYWWQIGLERMWQMWKMZIRF]
:W
%Z JW N 
 ! 
 
ZW ! 
F[ H
F [ W XER X



[LIVI N MW XLI VEXMS SJ MRXIVREP PIZIV EVQ XLI HMWXERGI
FIX[IIR XLI XIRWMSR JSVGI MR XLI VIMRJSVGIQIRX ERH XLI
GSQTVIWWMSRJSVGIGEVVMIHF]XLIGSRGVIXI XSXLIIJJIGXMZI
HITXLERH XMWXLIERKPISJMRGPMREXMSRSJXLIGSQTVIWWMZI
WXVYX)UYEXMSR WLS[WXLEXMJEPPSXLIVTEVEQIXIVWMRE
FIEQVIQEMRGSRWXERXXLIWLIEVWXVIWWGEVVMIHF]XLIXVYWW
QIGLERMWQMRGVIEWIWEWXLIERKPISJMRGPMREXMSRSJXLIWXVYX
XHIGVIEWIW8LIWEQIQSHIPMRHMGEXIWXLEXXLIGSQTVIWWMZI
WXVIWWMRXLIWXVYXWSJXLIGSQTVIWWMSRJMIPHJGMWKMZIRF]
ZW
J G ! 

GSW X WMR X

ERH

4Y

% K JG

-8+6



8LI EZIVEKI GSQTVIWWMZI WXVIWW EGXMRK SR XLI WXVYXW

MRGVIEWIW EW XLI EZIVEKI WLIEV WXVIWW ZW MRGVIEWIW ERH XLI
ERKPI SJ MRGPMREXMSR SJ XLI WXVYXW X HIGVIEWIW 8LIWI X[S
IUYEXMSRW WLS[XLEX SRXLI FEWMWSJE ZEVMEFPIERKPI XVYWW
QSHIP MX WLSYPH FI I\TIGXIH XLEX MJ GSRGVIXI WXVIRKXL
MRGVIEWIW E XVYWW QIGLERMWQ [MXL E WLEPPS[IV ERKPI SJ
MRGPMREXMSRSJXLIWXVYXWGERFIHIZIPSTIHHYIXSXLILMKLIV



[LIVI
%K

 z 
% GL
ERH


*MK{:EVMEFPIERKPIXVYWWQSHIP[MXLYRMJSVQGSQTVIWWMSR
JMIPH

-8+6

%'-'311-88))6)4368

*MK {)JJIGX SJ HMJJIVIRX TEVEQIXIVW SR XIWXIWXMQEXI VEXMSW JSV WLIEV WXVIRKXL YWMRK
%'-)U (EXEWIXGSQTMPIHF]6IMRIGOIXEP 2SXI8LIGEPGYPEXIH
%'-WLIEVWXVIRKXLWHMHRSXGSRWMHIVXLIPMQMXSJTWM14E SRXLIXIVQ J G 8LI
HEWLIHPMRIMRIEGLJMKYVIVITVIWIRXWPMRIEVVIKVIWWMSRFIWXJMXSJXLIHEXE
GETEGMX]SJXLIWXVYXW)UYEXMSR WLS[WXLEXEVIHYGXMSR
MR XLI WXVYX ERKPI PIEHW XS ER MRGVIEWI MR XLI WLIEV JSVGI
GEVVMIHF]XLIVIMRJSVGIQIRXMRGVIEWMRKXLIIJJIGXMZIRIWWSJ
XLIXVERWZIVWIVIMRJSVGIQIRX
%JXIV MRGPMRIH GVEGOMRK SGGYVW XLI JSVGI GEVVMIH F] XLI
GSRGVIXIMWI\TIGXIHXSHIGVIEWI[MXLMRGVIEWMRKGSQTVIWWMZI
WXVIRKXL HYI XS VIHYGIH EKKVIKEXI MRXIVPSGO 8LI STTSWMXI
SGGYVW[MXLXLIJSVGIGEVVMIHF]XLIVIMRJSVGIQIRXXLVSYKL
XLIXVYWWQIGLERMWQ[LMGLMWI\TIGXIHXSMRGVIEWIHYIXSXLI
LMKLIVWXVIRKXLSJXLIGSRGVIXIMRXLIWXVYXWSJXLI[IF'SRWI
UYIRXP]SRISJXLIQSWXWMKRMJMGERXGSRGIVRWMRGEPGYPEXMRKXLI
WLIEV WXVIRKXL SJ QIQFIVW [MXL LMKLWXVIRKXL GSRGVIXI MW
TVIZIRXMRKXLIWYHHIRJEMPYVISJQIQFIVW[MXLVIPEXMZIP]WQEPP
EQSYRXWSJXVERWZIVWIVIMRJSVGIQIRXJSV[LMGLXLIQE\MQYQ
WLIEV JSVGI XLEX GER FI GEVVMIH F] XLI XVYWW QIGLERMWQ MW
WMQMPEV XS SV WQEPPIV XLER XLI WLIEV JSVGI GSVVIWTSRHMRK XS
MRGPMRIHGVEGOMRK-RQIQFIVW[MXLLMKLEQSYRXWSJXVERWZIVWI
VIMRJSVGIQIRXXLISV]WYKKIWXWXLEXXLIVIHYGXMSRMRXLIWLIEV
JSVGIGEVVMIH F] XLI GSRGVIXI MWSJJWIX F] ERMRGVIEWIMRXLI
IJJIGXMZIRIWWSJXLIXVERWZIVWIVIMRJSVGIQIRX
{7LIEVWXVIRKXLSJJPI\YVEPQIQFIVW[MXLSYX
WLIEVVIMRJSVGIQIRX
*MKYVIWERH WLS[XLIIJJIGXWSJHMJJIVIRXTEVEQIXIVW
SRXLIXIWXGEPGYPEXIHVEXMSSFXEMRIH[MXL)U ERH
SJ%'-JSVRSRTVIWXVIWWIHFIEQW[MXLSYXXVERWZIVWI
VIMRJSVGIQIRX
: G !  J G F [ HJ G MRTWM
: G !  J G F [ HJ G MR14E

%'-)U

: G !  J G  

:Y H
[ 
1Y

F[H

:Y H
: G !  J G   [ 
 F[ H
1Y

 J G F [ H  J G MRTWM

%'-)U
 J G F [ H  J G MR14E

8IWXVIWYPXWTVIWIRXIHMR*MKERHEVIJVSQXLIHEXE
FEWI SJ WLIEV XIWXW HIZIPSTIH F] 6IMRIGO IX EP  
%PXLSYKL XLI JMKYVIW MRHMGEXI XLEX XLIVI MW RS FMEW [MXL
VIWTIGXXSXLIGSQTVIWWMZIWXVIRKXLSJGSRGVIXIXLI]WLS[E
WMKRMJMGERX TVSFPIQ JSV QIQFIVW [MXL PMKLX EQSYRXW SJ
PSRKMXYHMREPVIMRJSVGIQIRX
'SPPMRWERH/YGLQE 2MPWSR %LQEHIXEP
  ERH %LQEH ERH 0YI   TSMRX SYX XLEX XLMW
TVSFPIQMWSJQSWXWMKRMJMGERGIJSVPMKLXP]VIMRJSVGIHWPIRHIV
FIEQW[MXLLMKLWXVIRKXLGSRGVIXI*MKYVIWERHEPWS
WLS[XLEXXLIWLIEVWXVIRKXLSJQIQFIVW[MXLSYXXVERWZIVWI
VIMRJSVGIQIRXQE]FIEJJIGXIHF]XLIIJJIGXMZIHITXLSJXLI
QIQFIV.SMRX%'-%7')'SQQMXXII %PXLSYKL
XLIVIMWGSRWMHIVEFPIHIFEXIEFSYXXLITVSTIVQSHIPXSUYERXMJ]
XLIIJJIGXSJWM^I.SMRX%'-%7')'SQQMXXII 
'SPPMRW IX EP   WXEXIH XLEX XIWXW SJ LMKLWXVIRKXL
GSRGVIXIFIEQWGSRHYGXIHF]/YGLQEIXEP WLS[IH
XLEXXLMWIJJIGXMWRSXWMKRMJMGERXMJPSRKMXYHMREPVIMRJSVGIQIRX
MWHMWXVMFYXIHXLVSYKLSYXXLIHITXLSJXLIQIQFIV8LIVITSVX
F] .SMRX %'-%7') 'SQQMXXII    WYQQEVM^IW
WIZIVEPIUYEXMSRWXLEXLEZIFIIRTVSTSWIHXSQSVIEGGYVEXIP]
VIJPIGX XLI IJJIGXW SJ GSQTVIWWMZI WXVIRKXL PSRKMXYHMREP
VIMRJSVGIQIRXVEXMSERHIJJIGXMZIHITXLSRWLIEVWXVIRKXLSJ
QIQFIVW[MXLSYXXVERWZIVWIVIMRJSVGIQIRX

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

-8+6

*MK {)JJIGX SJ HMJJIVIRX TEVEQIXIVW SR XIWXIWXMQEXI VEXMSW JSV WLIEV WXVIRKXL YWMRK
%'-)U (EXEWIXGSQTMPIHF]6IMRIGOIXEP 2SXI8LIGEPGYPEXIH
%'-WLIEVWXVIRKXLWHMHRSXGSRWMHIVXLIPMQMXSJTWM14E SRXLIXIVQ J G 8LI
HEWLIHPMRIMRIEGLJMKYVIVITVIWIRXWPMRIEVVIKVIWWMSRFIWXJMXSJXLIHEXE

-RWIMWQMGHIWMKRQSWXJPI\YVEPQIQFIVWEVIVIUYMVIHXS
LEZIXVERWZIVWIVIMRJSVGIQIRXERHXLYWXLIIJJIGXSJWM^IMW
RSX E WMKRMJMGERX GSRGIVR 1IQFIVW MR [LMGL XVERWZIVWI
VIMRJSVGIQIRXMWRSXYWIHEVITVMQEVMP]WPEFWERHJSSXMRKW
ERH MX MW YRPMOIP] XLEX WYGL QIQFIVW [MXL PEVKI IJJIGXMZI
HITXLW ERH LMKLWXVIRKXL GSRGVIXI [SYPH FI YWIH MR LMKL
WIMWQMGETTPMGEXMSRW
{)JJIGXSJGSQTVIWWMZIWXVIRKXLSRMRGPMRIH
GVEGOMRKPSEHSJJPI\YVEPQIQFIVW
%'-%'-'SQQMXXII TPEGIHERYTTIV
PMQMXSJTWM14E SRXLIXIVQ J G JSVGEPGYPEXMRK
XLIWLIEVWXVIRKXLSJVIMRJSVGIHGSRGVIXIFIEQWNSMWXWERH
WPEFW 8LMW YTTIV PMQMX [EW FEWIH SR I\TIVMQIRXEP VIWYPXW
1TLSRHI ERH *VERX^  )P^EREX] IX EP   [LMGL
MRHMGEXIH XLEX XLI VEXMS SJ QIEWYVIH XS GEPGYPEXIH MRGPMRIH
GVEGOMRKPSEHMRFIEQWMRGVIEWIH[MXLXLIGSQTVIWWMZIWXVIRKXL
SJGSRGVIXIEXEPS[IVVEXIXLERMRHMGEXIHF])U SV
 SJ%'-7MQMPEVFILEZMSV[EWSFWIVZIHMRE
WXYH]SRXLIWLIEVWXVIRKXLSJLMKLWXVIRKXLGSRGVIXIFIEQW
[MXLSYX XVERWZIVWI VIMRJSVGIQIRX F] 8LSVIRJIPHX ERH
(VERKWLSPX   8LI MRGPMRIH GVEGOMRK PSEH VIQEMRIH
EPQSWX GSRWXERX MR WTMXI SJ ER MRGVIEWI MR GSQTVIWWMZI
WXVIRKXLJVSQXSTWMXS14E 
8LIWIERHSXLIVXIWXVIWYPXWVEMWIHGSRGIVRWEFSYXXLIWLIEV
WXVIRKXL SJ LMKLWXVIRKXL GSRGVIXI JPI\YVEP QIQFIVW [MXL
WQEPP EQSYRXW SJ XVERWZIVWI VIMRJSVGIQIRX %'- 
EPPS[IHXLIPMQMXSJTWM14E SRXLIXIVQ J G XSFI
I\GIIHIH MJ XVERWZIVWI VIMRJSVGIQIRX WYJJMGMIRX XS GEVV] E

RSQMREPWLIEVWXVIWWSJTWM14E QYPXMTPMIHF]XLI

JEGXSV JG  JG MRTWM JG  ?JG MR14EA [EW
TVSZMHIH XS TVIZIRX WYHHIR WLIEV JEMPYVIW EX XLI SRWIX SJ
MRGPMRIHGVEGOMRK8LIYWISJXLIJEGXSVJG  VIWYPXIH
MRE WXIT[MWI MRGVIEWIMRXLIEQSYRX SJXVERWZIVWI VIMRJSVGI
QIRX[MXLGSQTVIWWMZIWXVIRKXLVIUYMVMRKXLEXXLITVSHYGX
SJXLIXVERWZIVWIVIMRJSVGIQIRXVEXMSERHXLI]MIPHWXVIRKXLSJ
XLIXVERWZIVWIVIMRJSVGIQIRX X J]X FIEXPIEWXTWM14E
JSVGSRGVIXIGSQTVIWWMZIWXVIRKXLWFIPS[TWM14E 
ERH HSYFPI XLEX EQSYRX  X J]X !  TWM ? 14EA  JSV
GSRGVIXIGSQTVIWWMZIWXVIRKXLWWPMKLXP]LMKLIVXLERTWM
14E 8LIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXMRGVIEWIH
PMRIEVP][MXLGSQTVIWWMZIWXVIRKXLYTXSEQE\MQYQ X J]XSJ
TWM14E JSVEGSRGVIXIGSQTVIWWMZIWXVIRKXLSJ
 TWM  14E  )\TIVMQIRXEPVIWYPXW F]6SPPIVERH
6YWWIPP WLS[IHXLEXXLIEQSYRXSJXVERWZIVWIVIMRJSVGI
QIRX XLEX VIWYPXIH MR E RSQMREP WLIEV WXVIWW SJ  TWM
14E [EWFEVIP]WYJJMGMIRXXSIRWYVIEWEJIIWXMQEXISJ
WXVIRKXL YWMRK XLI %'-  IUYEXMSR JSV WLIEV WXVIRKXL
*MK &EWIHSRI\TIVMQIRXEPVIWYPXWF]WIZIVEPEYXLSVW
.SLRWSRERH6EQMVI^3^GIFIIXEP,SJFIGOIX
EP1EXXSGOIXEP;EPVEZIRIXEP6SPPIV
ERH6YWWIPP ERI[JSVQSJ%'-)U [EW
MRXVSHYGIHMR%'-XSIWXMQEXIXLIQMRMQYQEQSYRX
SJ XVERWZIVWI VIMRJSVGIQIRX MR FIEQW [MXL XLI KSEPW SJ
MRGVIEWMRK XLI WEJIX] SJ XLI IWXMQEXIW ERH IPMQMREXMRK XLI
WXIIT MRGVIEWI XLEX SGGYVVIH EX E GSRGVIXI GSQTVIWWMZI
WXVIRKXLSJTWM14E 8LIQMRMQYQEQSYRXSJ
XVERWZIVWIVIMRJSVGIQIRXMWKMZIRF]

-8+6

%'-'311-88))6)4368

%WSFWIVZIHMR*MKXLIVEXMSSJQIEWYVIHXSRSQMREP
WLIEV WXVIRKXL SJ XLI FIEQW [MXL  TWM  14E
GSRGVIXIMRXLIWXYH]F]6SPPIVERH6YWWIPP [EWRSX
ZIV]WIRWMXMZIXSXLIRSQMREPWXVIRKXLTVSZMHIHF]XLIXVERW
ZIVWI VIMRJSVGIQIRX [LMPI XLI STTSWMXI [EW XVYI JSV XLI
FIEQW[MXLTWM14E GSRGVIXI;LMPITVSZMHMRK
ZW!TWM14E VIWYPXIHMREREHIUYEXIIWXMQEXISJ
WXVIRKXLJSVFIEQW[MXLEGSRGVIXIGSQTVIWWMZIWXVIRKXLSJ
TWM14E XLIWEQIEQSYRXVIWYPXIHMRERYRGSR
WIVZEXMZI IWXMQEXI SJ WXVIRKXL JSV XLI FIEQW [MXL GSRGVIXI
GSQTVIWWMZI WXVIRKXLW SJ  ERH  TWM  ERH
14E -RFSXLGEWIWXIWXWWLS[IHXLEXEQMRMQYQZWSJ
ETTVS\MQEXIP]TWM14E [SYPHLEZIFIIRRIGIWWEV]
XSSFXEMREWXVIRKXLEFSZIXLIRSQMREPZEPYIKMZIRF])U
SJ%'-
*MK {6EXMS SJ QIEWYVIH XS RSQMREP WXVIRKXL ZIVWYW
GEPGYPEXIHWLIEVWXVIRKXLTVSZMHIHF]XVYWWQIGLERMWQJSV
FIEQW [MXL LMKLWXVIRKXL GSRGVIXI XIWXIH F] 6SPPIV ERH
6YWWIPP 
F[ W
% Z QMR !  J G 
 JG MRTWM
J ]X
% Z QMR

%'-)U
F[ W
!  J G  JG MR14E
J ]X

{)JJIGXSJGSQTVIWWMZIWXVIRKXLSRJPI\YVEP
QIQFIVW[MXLMRXIVQIHMEXIXSLMKLEQSYRXWSJ
XVERWZIVWIVIMRJSVGIQIRX
8LI  FIEQW XIWXIH F] 6SPPIV ERH 6YWWIPP 
MRGPYHIHXLVIIHMJJIVIRXKVSYTW[MXLGSRGVIXIGSQTVIWWMZI
WXVIRKXLWSJERHTWMERH
 14E  8LIVI [IVI JMZI FIEQW [MXL GSQTVIWWMZI
WXVIRKXLWSJTWM14E JSV[LMGLXLIHIWMKRWLIEV
WXVIWW ZWIUYEPXSXLITVSHYGXSJXLIXVERWZIVWIVIMRJSVGIQIRX
VEXMS XERHXLI]MIPHWXVIRKXLSJXLILSSTWJ]X GEVVMIHF]XLI
XVYWW QIGLERMWQ VERKIH JVSQ  J G XS  J G  TWM
 J G XS J G ?14EA 8LIFIEQ[MXLXLIPMKLXIWX
EQSYRXSJXVERWZIVWIVIMRJSVGIQIRXZW! JG TWM ?ZW!
 J G 14E A LEHEWLIEVWXVIRKXLFIPS[XLIRSQMREP
ZEPYIGEPGYPEXIHEGGSVHMRKXSXLITVSZMWMSRWSJ%'-
%'- 'SQQMXXII    8LI VIQEMRMRK JSYV FIEQW
*MK [MXLGSQTVIWWMZIWXVIRKXLWSJTWM14E 
LEHQIEWYVIHWLIEVWXVIRKXLWEFSZIXLIRSQMREPZEPYIW:R
GEPGYPEXIH YWMRK %'-  )U   :G XIVQ  ERH %')U :WXIVQ SJXLI%'-%PXLSYKLJSV
XLIWIJSYVFIEQWXLIVEXMSSJQIEWYVIHXSRSQMREPWXVIRKXL
HIGVIEWIH[MXLXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXXLI
XIWXW[IVI[MXLMRXLIVERKIEPPS[IHF]%'-[LMGLTPEGIW
ERYTTIVPMQMXSJZW! J G TWM ZW! J G ?14EA SR
XLIRSQMREPWLIEVWXVIRKXLEXXVMFYXIHXSXLIXVYWWQIGLERMWQ
8LI X[S VIQEMRMRK WIVMIW SJ XIWXW [MXL GSQTVIWWMZI
WXVIRKXLWSJERHTWMERH14E [IVI
TVMQEVMP] EMQIH EX HIXIVQMRMRK XLI QMRMQYQ EQSYRX SJ
XVERWZIVWIVIMRJSVGIQIRXRIIHIHXSTVIZIRXWYHHIRJEMPYVIW
EJXIVMRGPMRIHGVEGOMRK

{7LIEVWXVIRKXLSJQIQFIVW[MXLPS[WLIEV
WTERHITXLVEXMSW
%WIVMIWSJXIWXW[EWGSRHYGXIHMR.ETERXSMRZIWXMKEXIXLI
WLIEV WXVIRKXL SJ LMKLWXVIRKXL GSRGVIXI QIQFIVW
7EOEKYGLMIXEP 8LIWIVMIWMRGPYHIHWM\FIEQW[MXL
WLIEV WTERHITXL VEXMSW VERKMRK FIX[IIR  ERH  ERH
HMJJIVIRXEQSYRXWSJXVERWZIVWIVIMRJSVGIQIRX8LITYVTSWI
SJXLIXIWXW[EWXSHIXIVQMRIXLIMRGPMRIHGVEGOMRKPSEHERH
YPXMQEXIWLIEVWXVIRKXLSJXLIFIEQW'SRGVIXIGSQTVIWWMZI
WXVIRKXL[EWQEMRXEMRIHGSRWXERXEXETTVS\MQEXIP]TWM
14E 8LITVMRGMTEPZEVMEFPI[EWXLITVSHYGX X J]X [LIVI X
MWXLIXVERWZIVWIVIMRJSVGIQIRXVEXMSHIJMRIHEW X!%Z F[WERH
J]X MWXLI]MIPHWXVIRKXLSJXLIXVERWZIVWIVIMRJSVGIQIRX
%GGSVHMRKXSXLIXVYWWQSHIPEHSTXIHMR%'-XLI
TVSHYGX X J]XVITVIWIRXW XLIEZIVEKIWLIEV WXVIWWGEVVMIH F]
XLI VIMRJSVGIQIRX MR WPIRHIV FIEQW  X J]X  ! ZW ! :W F[H 
XLEXMRXLIXIWXWF]7EOEKYGLMIXEP VERKIHJVSQXS
TWM14E -RFIEQW[MXL X J]X PS[IVXLERTWM
 14E   X J]X JG  !   MRGPMRIH GVEGOMRK TVSTEKEXIH
VETMHP]PIEHMRKXSEWYHHIRWLIEVJEMPYVI-RWTIGMQIRW[MXL
X J]X SJERHTWMERH14E  X J]X JG LMKLIVXLER
 FSXLXLIWLIEVERHPSRKMXYHMREPVIMRJSVGIQIRX]MIPHIH
FIJSVIJEMPYVIEXEPSEHGSRWMHIVEFP]I\GIIHMRKXLIMRGPMRIH
GVEGOMRK WXVIRKXL 8LI GSRGPYWMSRW JVSQ XLI WXYH] F]
7EOEKYGLMIXEP FEWIHSRXIWXWSJHIITFIEQWHMJJIV
JVSQ XLSWI F] 6SPPIV ERH 6YWWIPP   7EOEKYGLM IX EP
JSGYWIHSRXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRXRIIHIHXS
TVIGPYHIJEMPYVIEXXLISRWIXSJMRGPMRIHGVEGOMRKERHEGLMIZI
]MIPHMRKSJXLIXVERWZIVWIVIMRJSVGIQIRXFIJSVIJEMPYVI8LI]
JSYRHXLEXJSVFIEQW[MXLEGSQTVIWWMZIWXVIRKXLSJETTVS\M
QEXIP]TWM14E XLIEQSYRXSJXVERWZIVWIVIMR
JSVGIQIRXRIIHIHXSHIZIPSTEXVYWWQIGLERMWQERHTVIZIRX
WYHHIRJEMPYVIEJXIVMRGPMRIHGVEGOMRK[EWETTVS\MQEXIP]ZW
! X J]X !TWM14E XMQIWTWM [LMGLGSVVI
WTSRHW XS  J G  TWM   J G  ?14EA  WMKRMJMGERXP]
LMKLIV XLER XLI X J]X !  J G  TWM   J G  ?14EA
VIUYMVIHF]%'-JSVJPI\YVEPQIQFIVW
8LIWXYH]F]7EOEKYGLMIXEP VEMWIWGSRGIVRWEFSYX
XLIFILEZMSVSJQIQFIVW[MXLPS[WLIEVWTERHITXLVEXMSW
WYFNIGXIHXSG]GPMGPSEHMRK%'-VIUYMVIWXLEXWYGL
QIQFIVW FI TVSTSVXMSRIH YWMRK RSRPMRIEV EREP]WMW SV MR

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

EGGSVHERGI [MXL %TTIRHM\ % SJ XLI 'SHI [LMGL SYXPMRIW

TVSZMWMSRWJSVXLIYWISJWXVYXERHXMIQSHIPW
7XVYXERHXMI QSHIPW EVI E QIXLSHSPSK] JSV QIQFIV
HIWMKR XLEX GER FI ETTPMIH XS HMJJIVIRX X]TIW SJ WXVYGXYVEP
QIQFIVW MRGPYHMRK HIIT FIEQW ERH WXVYGXYVEP [EPPW
%PXLSYKL 'LETXIVSJXLMWHSGYQIRXEHHVIWWIWWLIEVHIWMKR
ERH 'LETXIVEHHVIWWIWXLIHIWMKRSJWXVYGXYVEP[EPPWWSQI
SJXLIVIJIVIRGIQEXIVMEPTVIWIRXIHMRXLMWGLETXIVEFSYXXLI
FILEZMSVERHHIWMKRSJQIQFIVW[MXLPS[WLIEVWTERHITXL
VEXMSW MW FEWIH SR WXYHMIW SJ HIIT FIEQW ERH [EPPW 7YGL
QEXIVMEPMWMRGPYHIHMRXLMWGLETXIVSRP][LIRMXMWVIPIZERXXS
XLIXSTMGSJWXVYXERHXMIQSHIPW
0MXXPIVIJIVIRGIQEXIVMEP MW EZEMPEFPI SRXLIYWISJ WXVYX
ERHXMIQSHIPWJSVXLIWIMWQMGHIWMKRSJHIITFIEQWQEHI
[MXL LMKLWXVIRKXL GSRGVIXI 8LI %VGLMXIGXYVEP -RWXMXYXI SJ
.ETER %-.  WIMWQMG HIWMKR KYMHIPMRI   MRGPYHIW E
HIWMKRTVSGIHYVIJSVFIEQWXLEXMWFEWIHSRXLIWYTIVTSWMXMSRSJ
X[SHMJJIVIRXWXVYXERHXMIQSHIPW8LI%-.QSHIPMWMRGSRWMWXIRX
[MXLXLITVSZMWMSRWMR%TTIRHM\%SJ%'-8LI%-.
TVSGIHYVI MRGPYHIW X[S VIHYGXMSR JEGXSVW ETTPMIH XS XLI
GSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXIWXVYXWXLEX%TTIRHM\%
SJ%'-HSIWRSXMRGPYHI
8LIJMVWXJEGXSV[EWSVMKMREPP]TVSTSWIHF]2MIPWIR
ERH [EW HIZIPSTIH FEWIH SR XIWX VIWYPXW JVSQ FIEQW [MXL
YRMJSVQWXVIWWJMIPHWWYFNIGXIHXSQSRSXSRMGPSEHMRK-XMWE
JYRGXMSRSJXLIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXIERHMX
HIGVIEWIWPMRIEVP]EWXLIGSQTVIWWMZIWXVIRKXLMRGVIEWIW

JG
!  z 
 JG MRTWM

JG
!  z 
 J G MR14E




8LIWIGSRHJEGXSVMWEJYRGXMSRSJXLIEQSYRXSJVSXEXMSR
TI\TIGXIHMRETPEWXMGLMRKIVIKMSRSJEJPI\YVEPQIQFIV-X
MWKMZIRF]
WG!z T W

 W


!  JG MRTWM
 J
G

-8+6


!  JG MR14E
 J
G



:SR6EQMRERH1EXEQSVSW HIJMRIHXLIWXVYX

WXVIRKXLEWXLITVSHYGXSJJEGXSVWVIPEXIHXSXLIGSQTVIWWMZI
WXVIRKXLSJXLIGSRGVIXI JG XLIERKPISJMRGPMREXMSRSJXLI
WXVYX  X ERH MRXLI GEWISJQIQFIVW MR [LMGL XLIWXVYX
MRXIVEGXW[MXLEXVYWWQIGLERMWQEREHHMXMSREPJEGXSV XE 
8LIWXVYXJEGXSVMWHIJMRIHEW
W! JG

X XE



8LI[SVOF]:SR6EQMRERH1EXEQSVSW SR

QIQFIVW [MXL PS[ WLIEV WTERHITXL VEXMSW [EW GEPMFVEXIH
YWMRK I\TIVMQIRXEP HEXE JVSQ HIIT FIEQW ERH WXVYGXYVEP
[EPPW [MXL GSRGVIXI GSQTVIWWMZI WXVIRKXLW VERKMRK JVSQ
XSTWMXS14E :SR6EQMRHIZIPSTIH
E FEWI I\TVIWWMSR JSV XLI WXVYX JEGXSV YWMRK I\TIVMQIRXEP
VIWYPXWJVSQIPIQIRXWWYFNIGXIHXSQSRSXSRMGPSEHMRK8LI
IJJIGXSJPSEHVIZIVWEPW[EWPEXIVMRXVSHYGIHF]GSQTEVMRK
XLIFEWIJEGXSVWJSVXLIQSRSXSRMGPSEHMRKGEWIXSVIHYGIH
ZEPYIW SJ WXVIRKXL SJ GSPYQRW ERH [EPPW WYFNIGXIH XS
VITIEXIHPSEHVIZIVWEPWMRXSXLIRSRPMRIEVVERKISJVIWTSRWI
*SPPS[MRK XLMW QIXLSHSPSK] :SR 6EQMR ERH 1EXEQSVSW
   TVSTSWIH XLI JSPPS[MRK I\TVIWWMSRW JSV XLI
GSQTVIWWMZIWXVIRKXLJEGXSV
JG

!  z JG k 

JG

!  z J G

J G MRTWM
J G MR14E



8LI]TVSTSWIHXLIJSPPS[MRKI\TVIWWMSRJSVXLIWXVYXERKPI
JEGXSVMRQIQFIVW[MXLSYXXVERWZIVWIVIMRJSVGIQIRX


! 


  GSX WX




ERHMRQIQFIVW[MXLXVERWZIVWIVIMRJSVGIQIRX

%S]EQE GEVVMIHSYXEGSQTEVMWSRSJQIEWYVIHERH

GEPGYPEXIHWLIEVWXVIRKXLWJSVFIEQWERHGSPYQRWWYFNIGXIH
XSG]GPMGPSEHMRKJSPPS[MRKXLITVSGIHYVIMRXLI.ETE
RIWIHIWMKRKYMHIPMRI,IGSRGPYHIHXLEXXLIQIXLSHMRXLI
.ETERIWI KYMHIPMRI VIWYPXIH MR EGGYVEXI IWXMQEXIW SJ XLI
VIHYGIHWLIEVWXVIRKXLSJFSXLFIEQWERHGSPYQRWWYFNIGXIH
XS G]GPMG PSEHMRK [MXL ZEVMSYW WLIEV WTERHITXL VEXMSW ,I
MRHMGEXIHLS[IZIVXLEXXLIQIXLSHHMHRSXTIVJSVQ[IPPJSV
QIQFIVW [MXL LMKLWXVIRKXL GSRGVIXI *YVXLIV VIWIEVGL EX
/]SXS 9RMZIVWMX] WLS[IH XLEX XLI TIVJSVQERGI SJ XLI
QIXLSH[EWMQTVSZIHF]EHSTXMRKXLIWXVYXJEGXSVTVSTSWIH
MRXLIHVEJXSJXLI')&*-4QSHIPGSHI'SQMX)YVS-RXIVRE
XMSREPHY&XSR [LMGLMWTVSTSVXMSREPXSXLIVIGMTVSGEP
SJ XLI GYFMG VSSX SJ XLI GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI
;EXEREFIERH/EFI]EWE[E


! 


  GSX WX



[LIVI WXMWXLIERKPISJMRGPMREXMSRSJXLIWXVYX[MXLXLIQEMR
PSRKMXYHMREPXMI*MK XLEXMRXLIGEWISJWXVYGXYVEP[EPPW
MWSVMIRXIHMRXLIZIVXMGEPHMVIGXMSR:SR6EQMRERH1EXEQSVSW
  MRHMGEXIH XLEX XLI ERKPI SJ MRGPMREXMSR SJ XLI QEMR
WXVYXMRQIQFIVW[MXLPS[WLIEVWTERHITXLVEXMSWQE]FI
ETTVS\MQEXIHEW
GSX WX!EZ H



*SVQIQFIVW[MXLPS[WLIEVWTERHITXLVEXMSWMR[LMGLE
XVYWWQIGLERMWQMWWYTIVMQTSWIHSREWXVYX*MK :SR

-8+6

%'-'311-88))6)4368

%WMQMPEVETTVSEGL[EWTVSTSWIHF];EXEREFIERH-GLMRSWI
 ERHMQTPIQIRXIHMRXLIWIMWQMGHIWMKRKYMHIPMRIWSJ
XLI%VGLMXIGXYVEP-RWXMXYXISJ.ETER 
:SR 6EQMR ERH 1EXEQSVSW    WYKKIWXIH XLI
JSPPS[MRKPMQMXWJSVXLIERKPISJMRGPMREXMSRSJXLIWXVYXWSJ
XLIGSQTVIWWMSRJMIPHW
GSX P GSW WX *MKE



GSX
GSX X  WX *MKF




ERH
*MK{7XVYXERHGSQTVIWWMSRJMIPHERKPIWJSVWXVYGXYVEP
[EPPWEWHIJMRIHF]:SR6EQMRERH1EXEQSVSW 
6EQMR ERH 1EXEQSVSW    MRHMGEXIH XLEX XLI
WXVIRKXL SJ XLI WXVYX QYWX FI VIHYGIH XS VIJPIGX MRXIVEGXMSR
[MXL XLI XMI :SR 6EQMR ERH 1EXEQSVSW  
TVSTSWIHXLIJSPPS[MRKI\TVIWWMSRJSVXLIMRXIVEGXMSRJEGXSV

XE

W J G z J X X  W J G z J X P
! 

 W J G z J X X J X P

8LI]EPWSWYKKIWXIHEPS[IVPMQMXSJHIKVIIWJSVFSXL
ERKPIW 8LI WXVIRKXL TVSZMHIH F] XLIX[S SVXLSKSREP XVYWW
QIGLERMWQWMWKMZIRF]



:XP! XP J]XP F EXER P *MKE



:XX! XX J]XX F NHXER X *MKE



ERH

[LIVI JXPERHJXXEVIXLIWXVIWWIWMQTSWIHSRXLIGSRGVIXIF]
XLI GSQTVIWWMSR JMIPHW EWWSGMEXIH [MXL VIMRJSVGIQIRX
SVMIRXIH MR HMVIGXMSRW TEVEPPIP XS ERH TIVTIRHMGYPEV XS XLI
QEMRPSRKMXYHMREPXMI8LIWIWXVIWWIWEVIGEPGYPEXIHFEWIHSR
XLIEWWYQTXMSRSJEYRMJSVQGSQTVIWWMSRJMIPH:SR6EQMR
ERH1EXEQSVSW EW

8LI RSQMREP WLIEV WXVIRKXL SJ QIQFIVW [MXL PS[ WLIEV

WTERHITXLVEXMSWMWGEPGYPEXIHEW
:R:E:XX:XP

X X J ]X X
J X X ! 

WMR X



ERH
J X P !

X P J ]X P


GSW P

[LIVI :E MW XLI GSQTSRIRX SJ XLI WLIEV WXVIRKXL VIWYPXMRK
JVSQEVGLEGXMSR8LIXIVQ:E[EWHIJMRIHSRXLIFEWMWSJXLI
WXVIRKXLSJEWXVYXWTERRMRKJVSQPSEHTSMRXXSWYTTSVXEW
:E! W JG [WXFWMR WX



[LIVI XXMWXLIXVERWZIVWIVIMRJSVGIQIRXVEXMSJSVXLIXVERWZIVWI
VIMRJSVGIQIRXSVMIRXIHTIVTIRHMGYPEVXSXLIQEMRPSRKMXYHMREP
XMI J]XX MW XLI WTIGMJMIH ]MIPH WXVIRKXL SJ XLI XVERWZIVWI
VIMRJSVGIQIRXSVMIRXIHTIVTIRHMGYPEVXSXLIQEMRPSRKMXYHMREP
XMI XPMWXLIXVERWZIVWIVIMRJSVGIQIRXVEXMSJSVXLIXVERWZIVWI
VIMRJSVGIQIRXSVMIRXIHMRXLIHMVIGXMSRTEVEPPIPXSXLIQEMR
PSRKMXYHMREPXMIJ]XPMWXLIWTIGMJMIH]MIPHWXVIRKXLSJXLI
VIMRJSVGIQIRXSVMIRXIHTEVEPPIPXSXLIQEMRPSRKMXYHMREPXMI
X MW XLI ERKPI FIX[IIR XLI QEMR PSRKMXYHMREP XMI [LMGL MW
SVMIRXIH MR XLI ZIVXMGEP HMVIGXMSR MR XLI GEWI SJ WXVYGXYVEP
[EPPW ERHXLIWXVYXWSJXLIGSQTVIWWMSRJMIPHMRHYGIHF]XLI
XVERWZIVWI VIMRJSVGIQIRX SVMIRXIH TIVTIRHMGYPEV XS XLI QEMR
PSRKMXYHMREPXMI *MK ERH PMWXLIERKPIFIX[IIRXLI
QEMRPSRKMXYHMREPXMIERHXLIWXVYXWSJXLIGSQTVIWWMSRJMIPH
MRHYGIHF]XLIXVERWZIVWIVIMRJSVGIQIRXSVMIRXIHTEVEPPIPXS
XLIQEMRPSRKMXYHMREPXMI
)UYEXMSR SVMKMREXIWJVSQEPS[IVFSYRHTPEWXMGMX]
WSPYXMSRSJEWXVYXERHXMIQSHIPTVSTSWIHF]2MIPWIR  





[LIVI [WXMWXLIWXVYX[MHXLERHFMWXLI[MHXLSJXLIWXVYGXYVEP
QIQFIV&EWIHSRXLIKISQIXVMGGSRJMKYVEXMSRSJXLIRSHI
XLI[MHXLSJXLIWXVYX[MWKMZIRF]
[WX!LEGSW WX PFWMR WX



[MXL LE!GF!X[MGIXLIGSZIVSJXLIPSRKMXYHMREPVIMRJSVGI
QIRXERHPFMWXLIHMQIRWMSRSJXLIPSEHMRKTPEXISVWYTTSVX
MRXLIE\MEPHMVIGXMSRSJXLIQIQFIV
-RXLIGEWISJWUYEX[EPPWMR[LMGLHIWMKRIVWMRGPYHIXLI
WXVIRKXLTVSZMHIHF]XLIXVERWZIVWIVIMRJSVGIQIRXGSRXVEV]
XSI\TIGXEXMSRW)U [MPPVIWYPXMREWMKRMJMGERXVIHYGXMSR
MRXLIGEPGYPEXIHWXVIRKXLSJXLIWXVYX-RWXVYGXYVEP[EPPW[MXL
XLSWIGLEVEGXIVMWXMGWXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRX
RIIHIHXSEZSMHEVIHYGXMSRMRWLIEVWXVIRKXLEJXIVMRGPMRIH
GVEGOMRKMWZIV]PEVKI%PEVKIVRSQMREPWLIEVWXVIRKXLQE]
FISFXEMRIHF]RIKPIGXMRKXLIIJJIGXSJXLIXVERWZIVWIVIMRJSVGI
QIRXMRXLIGEPGYPEXMSRSJXLIWXVIRKXLSJXLI[EPP[LMGLMW
GSRWMWXIRX[MXLXLIFILEZMSVSFWIVZIHMRXIWXW-RXLSWIGEWIW
EPXLSYKL XLI EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX HSIW RSX

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

EJJIGXXLIRSQMREPWLIEVWXVIRKXLEQMRMQYQEQSYRXSJ
VIMRJSVGIQIRXWLSYPHFITVSZMHIHEWHMGXEXIHF]%'-
:SR6EQMRERH1EXEQSVSW MRHMGEXIHXLEX
JSV[EPPW[MXL[IPPGSRJMRIHFSYRHEV]IPIQIRXW)U
VIWYPXIH MR GSRWIVZEXMZI IWXMQEXIW SJ WXVIRKXL ERH XLEX E
FIXXIVIWXMQEXISJXLIWLIEVWXVIRKXLMWSFXEMRIHF]EHHMRKXLI
WLIEV WXVIRKXL SJ XLI FSYRHEV] IPIQIRX GEPGYPEXIH EW MJ MX
[IVIEGSQTVIWWMSRQIQFIV
&EWIHSRXIWXVIWYPXWJVSQGSPYQRWERHFIEQWWYFNIGXIHXS
PSEHVIZIVWEPW:SR6EQMRERH1EXEQSVSW WYKKIWXIH
XLIJSPPS[MRKI\TVIWWMSRJSVXLIVIHYGXMSRMRXLIWXVIRKXLSJ
XLI WXVYX EW E VIWYPX SJ VITIEXIH PSEH VIZIVWEPW MRXS XLI
RSRPMRIEVVERKISJVIWTSRWI

[LIVI  MWXLITVMRGMTEPXIRWMPIWXVEMRMRXLIWXVYX&EWIHSR
WXVEMRGSQTEXMFMPMX]XLITVMRGMTEPXIRWMPIWXVEMRMWI\TVIWWIH
EWEJYRGXMSRSJXLIWXVEMRMRXLIXMI W EW
! W W XER

(6 PMQ
!  z 

 X J ]X J G  



8LI WXVYX JEGXSV MR QIQFIVW WYFNIGXIH XS VITIEXIH PSEH

VIZIVWEPWMRXSXLIRSRPMRIEVVERKISJVIWTSRWIMWKMZIRF]
WG! RPWXVYX W



:SR 6EQMR ERH 1EXEQSVSW   MRHMGEXIH XLEX XLI

WXVIRKXLSJXLIXVYWWQIGLERMWQWLSYPHFIVIHYGIHEW[IPPF]
XLIJSPPS[MRKJEGXSV

R P X VYWW


! 
   (6 PMQ  T



[LIVI
T!4%K JG





;EV[MGO ERH *SWXIV   EPWS RSXIH XLI IJJIGX SJ

GSQTVIWWMZIWXVIRKXLERHWLIEVWTERHITXLVEXMSSRXLIWXVYX
JEGXSV8LI]TVSTSWIHXLIJSPPS[MRKWXVYXJEGXSVI\TVIWWMSR
JSV GSRGVIXI GSQTVIWWMZI WXVIRKXLW VERKMRK FIX[IIR 
ERHTWMERH14E

JG
E 
E
!  z 
 z  Z   Z  JG MRTWM

H
H

JG
EZ 
EZ
W !  z  z       J G MR14E

H
H

8LI'7%7XERHEVHEHSTXWEWXVYXJEGXSVXLEXGSRWMHIVWXLI
WXVEMRGSQTEXMFMPMX]SJXLIWXVYXWERHXLIWXVEMRWSJXIRMRKSJ
XLIHMEKSREPP]GVEGOIHGSRGVIXI8LII\TVIWWMSRJSVXLIWXVYX
JEGXSVMW


! 
   



WX



8LIWXVEMRMRXLIXMI W MWYWYEPP]XEOIREWXLI]MIPHWXVEMRSJ
XLIVIMRJSVGIQIRX ]
% QSHMJMGEXMSR SJ )U   [EW PEXIV TVSTSWIH F]
:IGGLMS IX EP   JSV LMKLWXVIRKXL GSRGVIXI [MXL
GSQTVIWWMZIWXVIRKXLVERKMRKYTXSTWM14E

RP WXVYX

-8+6


! 
   



{'EPGYPEXMSRSJWLIEVWXVIRKXLSJQIQFIVW
WYFNIGXIHXSWIMWQMGPSEHMRK
'YVVIRX TVSZMWMSRW MR 7IGXMSR  SJ %'-  JSV
TVSTSVXMSRMRK XLI EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX MR
FIEQWJPI\YVEPQIQFIVW SJWTIGMEPQSQIRXJVEQIWVIUYMVI
XLEX XLI HIWMKR WLIEV JSVGI FI GEPGYPEXIH SR XLI FEWMW SJ
STTSWMRK TVSFEFPI JPI\YVEP WXVIRKXLW EXXLINSMRX JEGIW ERH
XLIJEGXSVIHXVMFYXEV]KVEZMX]PSEHEPSRKXLIWTER8LIWLIEV
WXVIRKXL QYWX FI GEPGYPEXIH EGGSVHMRK XS XLI TVSGIHYVIW
SYXPMRIHMR'LETXIVSJ%'-[LMGL[IVIGEPMFVEXIH
FEWIHSRXIWXWSJQIQFIVWWYFNIGXIHXSQSRSXSRMGPSEHMRK
8LIIJJIGXSJVITIEXIHWLIEVVIZIVWEPWMWEGGSYRXIHJSVMRXLEX
XLIXIVQVIPEXIHXSXLIGSRXVMFYXMSRSJXLIGSRGVIXI:G QYWXFI
RIKPIGXIHMJXLIIEVXLUYEOIMRHYGIHWLIEVMWSVQSVISJXLI
HIWMKRWLIEVJSVGIERHXLIE\MEPJSVGIMWPIWWXLER%K JG 
%HHMXMSREP VIUYMVIQIRXW JSV XLI EQSYRX SJ XVERWZIVWI
VIMRJSVGIQIRX EVI KMZIR MR 7IGXMSR  SJ %'- 
[LMGLPMQMXWXLIQE\MQYQLSSTWTEGMRKXSXLIWQEPPIWXSJH
IMKLXXMQIWXLIHMEQIXIVSJXLIWQEPPIWXPSRKMXYHMREPFEV
XMQIWXLIHMEQIXIVSJXLILSSTFEVERHMRQQ 
% WMQMPEV X[SXMIV ETTVSEGL MW YWIH XS HIXIVQMRI XLI
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX MR GSPYQRW QIQFIVW
WYFNIGXIHXSFIRHMRKERHE\MEPPSEH SJWTIGMEPQSQIRXJVEQIW
8LI WLIEV HIQERH QYWX FI GEPGYPEXIH SR XLI FEWMW SJ XLI
TVSFEFPIQSQIRXWXVIRKXLWEXXLINSMRXWERHXLIEQSYRXSJ
VIMRJSVGIQIRXVIUYMVIHJSVWLIEVWXVIRKXLQYWXFIGEPGYPEXIHMR
EGGSVHERGI[MXL'LETXIVSJ%'-%WMRXLIGEWISJ
FIEQWXLIXIVQVIPEXIHXSXLIGSRXVMFYXMSRSJXLIGSRGVIXI:G 
QYWX FI RIKPIGXIH MJ XLI IEVXLUYEOIMRHYGIH WLIEV MW  SV
QSVISJXLIHIWMKRWLIEVJSVGIERHXLIE\MEPJSVGIMWPIWWXLER
%K JG *SVXLIQENSVMX]SJTVEGXMGEPHIWMKRGEWIWXLIXIVQ:G
HSIWRSXLEZIXSFIRIKPIGXIHMRGSPYQRWFIGEYWIXLIE\MEPJSVGI
MW RSX PIWW XLER %K JG  1SVISZIV XLI WLIEV WXVIRKXL SJ E
GSPYQRMRGVIEWIWEWXLIGSQTVIWWMZIE\MEPPSEHSRMXMRGVIEWIW
-REHHMXMSRHIWMKRIVWQYWXZIVMJ]XLEXXLIEQSYRXSJXVERWZIVWI
VIMRJSVGIQIRXTVSZMHIHMWKVIEXIVXLERXLEXVIUYMVIHF])U
SV   SJ%'- 8LIWI X[S IUYEXMSRW WTIGMJ]XLI
EQSYRXSJXVERWZIVWIVIMRJSVGIQIRXJSVEHIUYEXIGSRJMRIQIRX
SJXLIGSPYQRGSVIYRHIVG]GPMGPSEHMRK8LIPEXXIVGVMXIVMSR
GSRXVSPWJSVQSWXTVEGXMGEPWMXYEXMSRW

-8+6

%'-'311-88))6)4368

{9WISJLMKLWXVIRKXLXVERWZIVWI
VIMRJSVGIQIRX
8LI YWI SJ LMKLWXVIRKXL XVERWZIVWI VIMRJSVGIQIRX MW
EHZERXEKISYW JSV GSPYQR GSRJMRIQIRX 8LMW XSTMG MW
EHHVIWWIHMRHIXEMPMR'LETXIV SJXLMWVITSVX7IGXMSR
SJ%'-PMQMXWXLI]MIPHWXVIRKXLSJWLIEVVIMRJSVGI
QIRX XS E QE\MQYQ SJ  TWM  14E  [LMGL MW
MRGVIEWIH XS  TWM  14E  MR XLI GEWI SJ [IPHIH
HIJSVQIH[MVIVIMRJSVGIQIRX-XMWWXEXIHMRXLIGSQQIRXEV]
XSXLIGSHIXLEXXLMWTVSZMWMSRMWMRXIRHIHXSPMQMXXLI[MHXL
SJMRGPMRIHGVEGOWEXWIVZMGIPSEHPIZIPW
3XERM   HIWGVMFIH XLI ETTVSEGL JSPPS[IH F] XLI
.ETERIWI GSHI JSV WLIEV HIWMKR YWMRK LMKL]MIPHWXVIRKXL
XVERWZIVWI VIMRJSVGIQIRX 8LI SFNIGXMZI SJ XLI .ETERIWI
7XERHEVHMWXSPMQMXXLI[MHXLSJWLIEVGVEGOWYRHIVPSRKXIVQ
PSEHW XS ER EGGITXEFPI ZEPYI TEVXMGYPEVP] MR XLI GEWI SJ
GSPYQRWERHXSTVSZMHIEWEJIIWXMQEXISJWXVIRKXL JEMPYVI
VEXMSSRXLIFEWMWSJXIWXHEXE JSVWLSVXXIVQPSEHW
-RXLIGEWISJFIEQWWYFNIGXIHXSPSRKXIVQPSEHMRKXLI
QE\MQYQEPPS[EFPIWLIEVJSVGIMWKMZIRF]
:EPP!FN? WLZGEPPJ]X Xz A



*SVGSPYQRWWYFNIGXIHXSPSRKXIVQPSEHMRKXLIEPPS[EFPI
WLIEVJSVGIMWKMZIRF]
:EPP!FN WL J]X



-RXLIGEWISJFIEQWYRHIVWLSVXXIVQWIVZMGIPSEHWXLI
EPPS[EFPIWLIEVJSVGIMWKMZIRF]
:EPP!FN? WLZGEPPJ]X Xz A



*SV GSPYQRW WYFNIGXIH XS WLSVXXIVQ WIVZMGI PSEHW XLI

EPPS[EFPIWLIEVJSVGIMWKMZIRF]
:EPP!FN?ZGEPPJ]X Xz A



[LIVI
WL!

[LIVI
ZGEPP
1

!
!

F
N

!
!




1 k :H  





EPPS[EFPIWLIEVWXVIWWMRGSRGVIXI
QE\MQYQ QSQIRX MR XLI QIQFIV HYI XS
WIVZMGIPSEHW
QE\MQYQ WLIEV JSVGI MR XLI QIQFIV HYI XS
WIVZMGIPSEHWEXXLIWEQIPSGEXMSREW1 
[MHXLSJGSQTVIWWMSRJEGISJQIQFIV
VEXMSSJMRXIVREPPIZIVEVQXSIJJIGXMZIHITXLSJ
FIEQYRHIVFIRHMRKN!H 
HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS
GIRXVSMHSJPSRKMXYHMREPXIRWMSRVIMRJSVGIQIRX
ERH
VEXMSSJEVIESJHMWXVMFYXIHXVERWZIVWIVIMRJSVGI
QIRX XS KVSWW GSRGVIXI EVIE TIVTIRHMGYPEV XS

XLEXVIMRJSVGIQIRXXLIRSQMREPZEPYISJ XLEW

ERYTTIVPMQMXSJJSVPSRKXIVQPSEHWERH
JSVWLSVXXIVQPSEHW 
8LIEPPS[EFPIWLIEVWXVIWWMRXLIGSRGVIXIMWKMZIRF]XLI
QMRMQYQSJ JG ERH JG TWM  JG ERH
 JG ?14EA JSVRSVQEP[IMKLXGSRGVIXIYRHIVPSRKXIVQ
PSEHMRK *SV WLSVXXIVQ PSEHMRK XLI EPPS[EFPI WXVIWW MW
MRGVIEWIH F] E JEGXSV SJ  *SV PMKLX[IMKLXEKKVIKEXI
GSRGVIXI E VIHYGXMSR JEGXSV SJ  QYWX FI ETTPMIH 8LI
QE\MQYQEPPS[EFPIXIRWMPIWXVIWWMRXLIWLIEVVIMRJSVGIQIRX
MW PMQMXIH F] XLI .ETERIWI (IWMKR 7XERHEVH XS  TWM
14E YRHIVPSRKXIVQPSEHWERHTWM14E
YRHIVWLSVXXIVQPSEHW8LIVIEWSRWJSVIWXEFPMWLMRKERYTTIV
PMQMXSRXLIEPPS[EFPIXIRWMPIWXVIWWMRGPYHI WIVZMGIEFMPMX]
GSRGIVRW ERH   I\TIVMQIRXEP IZMHIRGI JVSQ FIEQW [MXL
LMKLWXVIRKXL XVERWZIVWI VIMRJSVGIQIRX XIWXIH MR .ETER
WLS[MRK XLEX ]MIPHMRK SJ XLI XVERWZIVWI VIMRJSVGIQIRX [EW
RSXVIEGLIHEXWLIEVJEMPYVI
{6IGSQQIRHEXMSRW
&EWIHSRXLIFSH]SJVIWIEVGLXLEX[EWVIZMI[IHXLIVIEVI
RS WTIGMJMG VIGSQQIRHEXMSRW HIIQIH RIGIWWEV] JSV XLI
HIWMKRSJWPIRHIVLMKLWXVIRKXLGSRGVIXIQIQFIVWJSVWLIEV
8LIQSHMJMGEXMSRXS)U SJ%'-XSQEOIXLI
QMRMQYQ EQSYRX SJ VIMRJSVGIQIRX E JYRGXMSR SJ XLI
GSQTVIWWMZIWXVIRKXLSJGSRGVIXITVSZMHIWEREHIUYEXIWSPYXMSR
XS TVIZIRX WYHHIR WLIEV JEMPYVIW EJXIV MRGPMRIH GVEGOMRK MR
QIQFIVW[MXLPMKLXEQSYRXWSJXVERWZIVWIVIMRJSVGIQIRX
%WXYH]F]7EOEKYGLMIXEP VEMWIWGSRGIVRWEFSYX
XLIFILEZMSVSJQIQFIVW[MXLPS[WLIEVWTERHITXLVEXMSW
WYFNIGXIHXSG]GPMGPSEHMRK8LIVIMWIZMHIRGI7EOEKYGLMIX
EP  /EFI]EWE[E ERH ,MVEMWLM  :SR 6EQMR ERH
1EXEQSVSW    XLEX XLI ETTPMGEXMSR SJ XLI WXVYX
JEGXSVWWTIGMJMIHMR%TTIRHM\%SJ%'-XSXLIHIWMKR
SJLMKLWXVIRKXLGSRGVIXIQIQFIVWQE]FIYRGSRWIVZEXMZI
FIGEYWIXLIWIJEGXSVW[IVIGEPMFVEXIHFEWIHSRXIWXVIWYPXWSJ
IPIQIRXWPSEHIHQSRSXSRMGEPP]XSJEMPYVI
-R IPIQIRXW WYFNIGXIH XS PSEH VIZIVWEPW GSRGVIXI QE]
EPXIVREXIFIX[IIRWXEXIWSJXIRWMSRERHGSQTVIWWMSRHYIXS
GLERKIWMRXLIHMVIGXMSRSJPSEHMRK-JXLIIPIQIRXVIQEMRWMR
XLI IPEWXMG VERKI SJ VIWTSRWI XLI [MHXL SJ XLI GVEGOW XLEX
JSVQ[LMPIGSRGVIXIMWWYFNIGXIHXSXIRWMPIWXVEMRWMWRSXPEVKI
IRSYKLXSGEYWIWIZIVIHEQEKIERHXLIYWISJWXVYXJEGXSVW
HIVMZIHJSVXLIQSRSXSRMGPSEHMRKGEWIMWEGGITXEFPI8LMW
X]TI SJ FILEZMSV [EW SFWIVZIH MR XIWXW SJ HIIT FIEQW
WYFNIGXIHXSPSEHVIZIVWEPWGSRHYGXIHF]9VMFIERH%PGSGIV
  MR [LMGL JEMPYVI XSSO TPEGI TVMSV XS WMKRMJMGERX
MRIPEWXMG HIJSVQEXMSRW MR XLI JPI\YVEP VIMRJSVGIQIRX TIEO
VIGSVHIHWXVEMRWMRXLIJPI\YVEPVIMRJSVGIQIRXEXJEMPYVI[IVI
SRXLISVHIVSJ 
;LIR IPIQIRXW YRHIVKS I\GYVWMSRW MRXS XLI MRIPEWXMG
VERKISJVIWTSRWIGVEGO[MHXLWEVIWMKRMJMGERXP]PEVKIVXLER
XLSWISFWIVZIHMRXLIPMRIEVVERKISJVIWTSRWIHYIXSPEVKIV
HIJSVQEXMSRWEWWSGMEXIH[MXL]MIPHMRKSJXLIVIMRJSVGIQIRX
-J GSRGVIXI MW RSX TVSTIVP] GSRJMRIH XLMW X]TI SJ FILEZMSV
PIEHWXSVETMHHIKVEHEXMSRSJWXVIRKXL*YVXLIVQSVIMRWSQI
MRWXERGIW XLI GSQTVIWWMSR JSVGI QE] RSX FI WYJJMGMIRX XS
JYPP]GPSWIGVEGOWJSVQIH[LMPIGSRGVIXIERHVIMRJSVGIQIRX

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

[IVI WYFNIGXIH XS XIRWMSR 8LIWI IJJIGXW QE] VIWYPX MR

VIHYGIH WXVIRKXL JSV GSRGVIXI MR XLI WXVYXW SV QE] VIRHIV
WXVYXW MRIJJIGXMZI HYI XS GLERKIW MR XLI PSEH TEXL MR XLI
IPIQIRX8SEHHVIWWXLIEJSVIQIRXMSRIHTVSFPIQWGEYWIHF]
PSEH VIZIVWEPW MRXS XLI MRIPEWXMG VERKI SJ VIWTSRWI WIZIVEP
TVSTSWEPW MR XLI PMXIVEXYVI WYKKIWX XLEX MX MW RIGIWWEV] XS
EHNYWXWXVYXJEGXSVWJSVQSRSXSRMGPSEHMRK[LIRYWMRKXLIQ
JSVWIMWQMGHIWMKR9VMFIERH%PGSGIV MRHMGEXIHXLEX
TVSGIHYVIW JSV WIMWQMG HIWMKR YWMRK WXVYXERHXMI QSHIPW
WLSYPHEGGSYRXJSVXLIVIHYGXMSRMRWXVIRKXLSJXLIGSRGVIXI
MRXLIWXVYXWEW[IPPEWTSXIRXMEPVIHYGXMSRWMRFSRHWXVIRKXL
HYI XS PSEH VIZIVWEPW 8LI] EPWS WYKKIWXIH XLEX TVSTIV
HIXEMPMRKWLSYPHMRGPYHIXLIYWISJGPSWIP]WTEGIHLSSTWXS
PMQMXXLI[MHXLSJXLIGVEGOWYRHIVXIRWMSRERHXSTVSZMHI
GSRJMRIQIRX XS GSRGVIXI MR XLI WXVYXW )\TVIWWMSRW JSV XLI
VIHYGXMSR MR WXVIRKXL [MXL MRIPEWXMG HIJSVQEXMSRW EVI
TVIWIRXIHMRXLI.ETERIWI(IWMKR'SHI%-. ERHF]
:SR6EQMRERH1EXEQSVSW -RXLI.ETERIWI(IWMKR
'SHI%-. XLIGETEGMX]SJWXVYXWMWVIHYGIHEWEJYRGXMSR
SJ XLI TPEWXMG VSXEXMSR[LMPI MRXLI TVSTSWEPHIZIPSTIH F]
:SR6EQMRERH1EXEQSVSW XLIVIHYGXMSRMRWXVIRKXL
MWEJYRGXMSRSJHIJSVQEXMSRHIQERHEQSYRXSJGSRJMRMRK
VIMRJSVGIQIRXERHXLIE\MEPWXVIWWSRXLIIPIQIRX
&IGEYWIXLIWXVYXJEGXSVWMR%TTIRHM\%SJ%'-HS
RSXEGGSYRXJSVXLIIJJIGXWSJPSEHVIZIVWEPWXLIGSQQMXXII
VIGSQQIRHWXLEXXLI]SRP]FIYWIHXSTVSTSVXMSRIPIQIRXW
MRXIRHIHXSVIQEMRIPEWXMGJSVXLIHIWMKRIEVXLUYEOI
7TIGMJMGVIGSQQIRHEXMSRWJSVXLIHIWMKRSJQIQFIVW[MXL
PS[ WLIEV WTERHITXL VEXMSW YWMRK WXVYXERHXMI QSHIPW EVI
TVIWIRXIH MR XLI JSPPS[MRK -R XLI GEWI SJ FSXXPIWLETIH
WXVYXW E VIGSQQIRHEXMSR MW QEHI FEWIH SR XLI WXVYX JEGXSVW
WYKKIWXIH F] :SR 6EQMR ERH 1EXEQSVSW   
8LIWIJEGXSVW[IVIGEPMFVEXIHYWMRKHIITFIEQWERH[EPPW
ERHEHNYWXIHXSEGGSYRXJSVXLIJEGXSVMRGPYHIHMR)U%
SJ%TTIRHM\%SJ%'-
W! JG





   JG MRTWM



[LIVI
JG!z J G

JG!z JG

  JG MR14E


! 


  GSX WX



[LIVI WXMWXLIERKPISJMRGPMREXMSRSJXLIWXVYX[MXLVIWTIGX
XSXLIQEMRXMI
-RXLIGEWISJQIQFIVWWYFNIGXIHXSTSMRXPSEHW[MXLWMRKPI
WXVYXWVYRRMRKFIX[IIRXLIPSEHERHVIEGXMSRTSMRXWXLIERKPI
SJMRGPMREXMSRSJXLIWXVYXQE]FIETTVS\MQEXIHEW
GSW

WX

E
! Z
H



-8+6

*MK {'SQTEVMWSR FIX[IIR WXVYX JEGXSVW TVSTSWIH ERH

XLEXMR%TTIRHM\%JSV%'-JSVFSXXPIWLETIHWXVYXW
[MXLSYXXVERWZIVWIVIMRJSVGIQIRX

% GSQTEVMWSR FIX[IIR XLI TVSTSWIH WXVYX JEGXSV ERH XLEX

GSVVIWTSRHMRK XS FSXXPIWLETIH WXVYXW MR %TTIRHM\ % SJ %'MWTVIWIRXIHMR*MK%WWLS[RMR*MK[LIRXLI
ERKPISJMRGPMREXMSRSJXLIWXVYXMWHIKVIIWXLITVSTSWIHWXVYX
JEGXSV FIGSQIW IUYEP XS XLEX MR %'-  EX E GSRGVIXI
GSQTVIWWMZIWXVIRKXLSJETTVS\MQEXIP]TWM14E 
*SV WXVYXW [MXL YRMJSVQ GVSWWWIGXMSREP EVIE SZIV XLIMV
PIRKXLXLIWXVIWWGSRHMXMSRWEVIZIV]WMQMPEVXSXLSWIMRXLI
GSQTVIWWMSR^SRISJQIQFIVWWYFNIGXIHXSJPI\YVIERHE\MEP
PSEH*SVXLMWVIEWSRMXMWVIGSQQIRHIHXLEXXLIWXVYXJEGXSV
FI WMQMPEV XS XLI  JEGXSV HIJMRIH SJ 7IGXMSR  SJ XLMW
VITSVXEHNYWXIHJSVXLIJEGXSVMR%'-)U% -R
MRGLTSYRH YRMXW MX MW VIGSQQIRHIH XLEX wJSV WXVYXW [MXL
YRMJSVQGVSWWWIGXMSREPEVIESZIVXLIMVPIRKXLXLIJEGXSV W
WLEPP FI XEOIR EW  JSV GSRGVIXI WXVIRKXLW JG YT XS ERH
MRGPYHMRKTWM*SVWXVIRKXLWEFSZITWM WWLEPPFI
VIHYGIHGSRXMRYSYWP]EXEVEXISJJSVIEGLTWMSJ
WXVIRKXLMRI\GIWWSJTWMFYX WWLEPPRSXFIXEOIRPIWW
XLER x -R 7- YRMXW XLI VIGSQQIRHEXMSR MW XLEX wJSV
WXVYXW[MXLYRMJSVQGVSWWWIGXMSREPEVIESZIVXLIMVPIRKXLXLI
JEGXSV WWLEPPFIXEOIREWJSVGSRGVIXIWXVIRKXLWJG YTXS
ERHMRGPYHMRK14E*SVWXVIRKXLWEFSZI14E WWLEPP
FIVIHYGIHGSRXMRYSYWP]EXEVEXISJJSVIEGL14ESJ
WXVIRKXLMRI\GIWWSJ14EFYX WWLEPPRSXFIXEOIRPIWW
XLERx
&IGEYWIVIWIEVGLSRXLIIJJIGXSJVITIEXIHPSEHVIZIVWEPW
MRXSXLIRSRPMRIEVVERKISJVIWTSRWISRWXVYXJEGXSVWMWEXER
IEVP]WXEKIMXMWVIGSQQIRHIHXLEXXLIYWISJWXVYXERHXMI
QSHIPWFI PMQMXIHXSHIWMKRSJQIQFIVW[LIVIWMKRMJMGERX
HIKVEHEXMSR SJ WXVIRKXL YRHIV PSEH VIZIVWEPW MRXS XLI
RSRPMRIEVVERKIMWRSXI\TIGXIHXSXEOITPEGI
6IGSQQIRHEXMSRWEFSYXXLIEQSYRXSJXVERWZIVWIVIMRJSVGI
QIRXRIIHIHJSVTVSTIVGSRJMRIQIRXSJXLIGSRGVIXIYRHIV
RSRPMRIEV HIJSVQEXMSRW EVI EHHVIWWIH MR 'LETXIV  SJ XLMW
VITSVX

-8+6

%'-'311-88))6)4368

',%48)6{():)0341)280)2+8,740-')7
%GGSVHMRK XS %'-  XLI HIZIPSTQIRX PIRKXL SJ
HIJSVQIHFEVWSVHIJSVQIH[MVIWMRXIRWMSRQE]FIGEPGYPEXIH
EGGSVHMRKXSXLIJSPPS[MRKVIUYMVIQIRXW*SVGEWIWMR[LMGL
 XLIGPIEVWTEGMRKSJXLIFEVWFIMRKHIZIPSTIHSVWTPMGIHMW
RSXPIWWXLERHFXLIGSZIVMWRSXPIWWXLERHFERHXLIWXMVVYTW
SVXMIWXLVSYKLSYXPHSVXLIWTPMGIPIRKXLEVIRSXPIWWXLERXLI
GSHI QMRMQYQ SV   XLI GPIEV WTEGMRK SJ XLI FEVW FIMRK
HIZIPSTIHSVWTPMGIHMWRSXPIWWXLERHFERHXLIGSZIVMWRSX
PIWWXLERHF
P
J] X I
H ! 
 JSV2SERHWQEPPIVFEVWJG ERHJ ] MRTWM
HF
 JG
P
J ] X I
H ! 
 JSV2SERHWQEPPIVFEVWJ G ERHJ ] MR14E
HF
 J G
P
J] X I
H ! 
 JSV2SERHPEVKIVFEVWJ G ERHJ] MRTWM
HF
 J G
J ] X I
P
H ! 
 JSV2SERHPEVKIVFEVWJ G ERHJ ] MR14E
HF
 JG





*SVGEWIWRSXQIIXMRKXLIEJSVIQIRXMSRIHWTEGMRKGSZIV
ERHGSRJMRIQIRXGVMXIVME
P
J ] X I
H ! 
 JSV2SERHWQEPPIVFEVWJ G ERHJ ] MRTWM
HF
 JG
P
J ] X I
H ! 
 JSV2SERHWQEPPIVFEVWJ G ERHJ ] MR14E
HF
 J G
P
J] X I
H ! 
 JSV2SERHPEVKIVFEVWJG ERHJ] MRTWM
HF
 J G
P
J ] X I
H ! 
 JSV2SERHPEVKIVFEVWJ G ERHJ ] MR14E
HF
 J G





%PXIVREXMZIP]XLIHIZIPSTQIRXPIRKXLSJHIJSVQIHFEVWSV
HIJSVQIH [MVIW MR XIRWMSR QE] FI GEPGYPEXIH [MXL E QSVI
GSQTPI\IUYEXMSR%'-)U
P
 J]
X I W
H !  
 
J G ERHJ ] MRTWM
 J G G F  /X V
HF

HF
P
J]
 
X I W
H ! 
 J
G ERHJ ] MR14E
HF
 J G G F  / X V

HF

%'-)U

MR [LMGL XLI XIVQ GF  /XV HF   8LI HIZIPSTQIRX
PIRKXLGEPGYPEXIH[MXLER]SJXLITVIZMSYWJSVQYPEWQYWXFI
RSXPIWWXLERMRQQ 
(YI XS E PEGO SJ XIWX HEXE SR FEVW IQFIHHIH MR LMKL
WXVIRKXLGSRGVIXI%'-TPEGIWERYTTIVPMQMXSJTWM
14E SRXLIXIVQ JG MRXLITVIZMSYWIUYEXMSRW8LMW
PMQMX HSIW RSX EPPS[ HIWMKRIVW XS XEOI EHZERXEKI SJ ER]
MRGVIEWI MR FSRH WXVIRKXL EWWSGMEXIH [MXL MRGVIEWIW MR
GSRGVIXIGSQTVIWWMZIWXVIRKXLFI]SRHTWM14E 
6IWIEVGL SR FSRH SJ VIMRJSVGIQIRX MR LMKLWXVIRKXL
GSRGVIXI LEW WLS[R XLEX XLIVI MW E WMKRMJMGERX HMJJIVIRGI
FIX[IIRXLIFILEZMSVSJQIQFIVW[MXLERH[MXLSYXXVERWZIVWI

VIMRJSVGIQIRXMRXLIWTPMGIVIKMSR1G'EFI>YSERH
(EV[MR  %^M^MREQMRM IX EP   -R LMKLWXVIRKXL
GSRGVIXIQIQFIVW[MXLSYXXVERWZIVWIVIMRJSVGIQIRXXLIVIMW
EKVIEXIVXIRHIRG] JSVXLIGVEGOW XS TVSTEKEXI XLVSYKL XLI
EKKVIKEXIVIWYPXMRKMRWQSSXLIVJEMPYVIWYVJEGIWXLERXLSWI
JSYRH MR RSVQEPWXVIRKXL GSRGVIXI 1G'EFI   ;LIR
XLI GVMXMGEP JEMPYVI WXVIWW MW VIEGLIH XLIVI MW SRP] PMQMXIH
VIHMWXVMFYXMSRSJWXVIWWIWERHEWEVIWYPXJEMPYVIXIRHWXSFI
QSVI WYHHIR ERH FVMXXPI MR REXYVI XLER MR RSVQEPWXVIRKXL
GSRGVIXI>YSERH(EV[MR SFWIVZIHFVMXXPIJEMPYVIWMR
LMKLWXVIRKXL GSRGVIXI [MXLSYX WMKRMJMGERX HEQEKI XS XLI
GSRGVIXIEXXLIMRXIVJEGIFIX[IIRXLIFEVERHXLIGSRGVIXI
%^M^MREQMRMIXEPF EPWSMRHMGEXIHXLEXXLIWXVIRKXL
SJWTIGMQIRW[MXLSYXXVERWZIVWIVIMRJSVGIQIRXGERRSXFI
IWXMQEXIH[MXLQYGLEGGYVEG]FIGEYWIXLIVI EVIWMKRMJMGERX
ZEVMEXMSRW MR QIEWYVIH WXVIRKXL JSV WMQMPEV WTIGMQIRW
1G'EFI WXEXIHXLEXMRQIQFIVW[MXLSYXXVERWZIVWI
VIMRJSVGIQIRX XLI QE\MQYQ WXVIWW FIJSVI WTPMXXMRK
JEMPYVIMWVIPEXIHXSXLIJVEGXYVITVSTIVXMIWSJXLIGSRGVIXI
ERH RSX WSPIP] XS XLI GSQTVIWWMZI WXVIRKXL &IGEYWI XLI
JVEGXYVIIRIVK]HSIWRSXMRGVIEWITVSTSVXMSREPP]XSXLIWUYEVI
VSSXSJXLIGSQTVIWWMZIWXVIRKXLHIWMKRI\TVIWWMSRWFEWIHSR
XLI WUYEVI VSSX JYRGXMSR QE] FI YRGSRWIVZEXMZI JSV
GSQTVIWWMZI WXVIRKXLW KVIEXIV XLER  TWM  14E
1G'EFI >YSERH(EV[MR TVSTSWIHEVIPEXMSR
WLMTFIX[IIRFSRHJSVGIERHGSQTVIWWMZIWXVIRKXLXSXLI
TS[IVFEWIHSREWXEXMWXMGEPWXYH]SJQSRSXSRMGXIWXW
SJ FIEQW [MXLSYX XVERWZIVWI VIMRJSVGIQIRX ERH [MXL
GSRGVIXIGSQTVIWWMZIWXVIRKXLWYTXSTWM14E -X
LEWEPWSFIIRWYKKIWXIHXLEXXLIPS[IV[EXIVGIQIRXMXMSYW
QEXIVMEPVEXMSWSJLMKLWXVIRKXLGSRGVIXIVIWYPXMRPIWWFPIIHMRK
ERH WIHMQIRXEXMSR [LMGL QEOIW XLI XST FEV IJJIGX PIWW
WMKRMJMGERX XLER MR RSVQEPWXVIRKXL GSRGVIXI *YNMM IX EP
%^M^MREQMRMIXEPF 
{(IWMKRIUYEXMSRWJSVHIZIPSTQIRXPIRKXLSJ
FEVWMRLMKLWXVIRKXLGSRGVIXI
(IWMKR IUYEXMSRW ETTPMGEFPI XS LMKLWXVIRKXL GSRGVIXI
LEZIFIIRTVSTSWIHMR%'-6FEWIHSRXLIWXEXMWXMGEP
EREP]WMWF]>YSERH(EV[MR -XMWTVSTSWIHMRXLI%''SQQMXXII  VITSVX XLEX )U   SJ %'-  FI
VITPEGIHF]XLIJSPPS[MRK
J]

z 
X I

PH
JG
 !  J G ERHJ] MRTWM
HF
G  /X V
 

HF
J ]

z 
X I

JG
PH
 !  JG ERHJ ] MR14E
HF
G  /X V
 

HF



[LIVI
G !GQMRHF



7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

GQE\
! 
  
GQM R
/XV !XH%XVWR J G XHMRMRGLIW%XVMRMRERH JG MRTWM 

/XV !XH%XV WR



VIPEXMSRWLMTFIX[IIRXLIEQSYRXSJXVERWZIVWIVIMRJSVGIQIRX
ERHXLIXSXEPFSRHJSVGIMWKMZIRF]



% WT
8F! XH 
   J G
R
X H % WT
8F! 
    J G
 R

J G XHMRQQ%XVMRQQERH JG MR14E

XH!HFHFMRMRGLIW



XH!HFHFMRQQ
ERH
G /XV HF 



8LIWMQTPMJMIHI\TVIWWMSRWTVSZMHIHMR7IGXMSRSJ
%'-EVITVSTSWIHXSFIVITPEGIHF]XLIJSPPS[MRKJSV
GEWIWMR[LMGL XLIGPIEVWTEGMRKSJXLIFEVWFIMRKHIZIPSTIH
SVWTPMGIHMWRSXPIWWXLERHFXLIGSZIVMWRSXPIWWXLERHFERH
XLIWXMVVYTWSVXMIWXLVSYKLSYXPHTVSZMHIEZEPYISJ/XV HF 
SV XLIGPIEVWTEGMRKSJXLIFEVWFIMRKHIZIPSTIHSVWTPMGIHMW
RSXPIWWHFERHXLIGSZIVMWRSXPIWWXLERHF
P
J]
H ! 
 z 

HF
J G
J ]
P
H ! 
z 

HF
JG

J G ERHJ ] MRTWM

J G ERHJ ] MR14E


X

*SVGEWIWRSXQIIXMRKXLIEJSVIQIRXMSRIHWTEGMRKGSZIV
ERHGSRJMRIQIRXGVMXIVME
P
J]
H ! 
 z 

HF
J G
P
J ]
H ! 
z 
 
HF
JG

J G ERHJ ] MRTWM

J G ERHJ ] MR14E


X

-8+6

8LIYWISJXVERWZIVWIVIMRJSVGIQIRXWMKRMJMGERXP]GLERKIW
FILEZMSV%^M^MREQMRMIXEPF FIGEYWIXLIGSRJMRIQIRX
TVSZMHIH F] XLI XVERWZIVWI VIMRJSVGIQIRX VIWXVEMRW XLI
HIZIPSTQIRXSJWTPMXXMRKGVEGOW*YVXLIVQSVIXLIFILEZMSV
FIGSQIWWMKRMJMGERXP]QSVIHYGXMPI>YSERH(EV[MR
WLS[IHXLIWMKRMJMGERXIJJIGXSJXVERWZIVWIVIMRJSVGIQIRXSR
FSRHWXVIRKXL8LIMVWXYH]WLS[IHXLEXXLIFIWXJMXFIX[IIR
FSRH JSVGI ERH GSQTVIWWMZI WXVIRKXL JSV QIQFIVW [MXL
XVERWZIVWIVIMRJSVGIQIRX[EWSFXEMRIHJSVETS[IVGSIJJMGMIRX
SJ  GSQTEVIH [MXL E GSIJJMGMIRX SJ  JSV QIQFIVW
[MXLSYXXVERWZIVWIVIMRJSVGIQIRX
%REPXIVREXMZIHIWMKRTVSGIHYVI[EWTVSTSWIHF]%^M^MREQMRM
IXEPE 6EXLIVXLERMRXVSHYGMRKRI[HIWMKRIUYEXMSRW
XLI TVSGIHYVI VIPMIW SR E QMRMQYQ EQSYRX SJ XVERWZIVWI
VIMRJSVGIQIRXSZIVXLIWTPMGIVIKMSRXSXEOIEHZERXEKISJXLI
GSRGVIXIGSQTVIWWMZIWXVIRKXLERHMQTVSZIXLIHYGXMPMX]SJ
XLI WTPMGIW %^M^MREQMRM IX EP E  8LI ETTVSEGL
TVSTSWIHF]%^M^MREQMRMIXEPMWFEWIHSREREREP]WMWSJXIWX
VIWYPXW F] (EV[MR IX EP   [LMGL GSRGPYHIH XLEX XLI





8FMRPFXHMRMR%WTMRMRERHJG MRTWM 

8FMRO2XHMRQQ%WTMRQQERHJG MR14E

[LIVI 8FMWXLIFSRHJSVGI%WTMWXLIGVSWWWIGXMSREPEVIESJ
XVERWZIVWI VIMRJSVGIQIRX GVSWWMRK XLI TSXIRXMEP TPERI SJ
WTPMXXMRKEPSRKXLIPIRKXLSJWTPMGI RMWXLIRYQFIVSJFEVW
FIMRKWTPMGIHERHJG MWXLIWTIGMJMIHGSQTVIWWMZIWXVIRKXL
8LMWIUYEXMSR[EWYWIHXSIWXMQEXIXLIEQSYRXSJXVERWZIVWI
VIMRJSVGIQIRX VIUYMVIH XS EGLMIZI ER MRGVIEWI MR FSRH
WXVIRKXLTVSTSVXMSREPXSXLIWUYEVIVSSXSJXLIGSQTVIWWMZI
WXVIRKXL*SVXIWXHEXE[MXLEGSRGVIXIGSQTVIWWMZIWXVIRKXL
SJTWM14E XLIEQSYRXSJXVERWZIVWIVIMRJSVGI
QIRXRIIHIH XS SFXEMR E WEJI IWXMQEXISJ XLI HIZIPSTQIRX
PIRKXLSJE2S2S FEV[MXLXLI%'-IUYEXMSRW
[EWETTVS\MQEXIP]
%WT!R%FQE\



[LIVI RMWXLIRYQFIVSJFEVWFIMRKWTPMGIH%PMRIEVEHNYWXQIRX
[EW TVSTSWIH XS IWXMQEXI XLI EQSYRX SJ XVERWZIVWI VIMRJSVGI
QIRX VIUYMVIH JSV QIQFIVW [MXL GSRGVIXI GSQTVIWWMZI
WXVIRKXLWSXLIVXLERTWM14E ERHLMKLIVXLER
TWM14E
% WT ! R% F QE\  J G k  J G
% WT ! R% F QE\  J G k  J G

J G MRTWM
JG MR14E



)UYEXMSR [EWGEPMFVEXIHSRXLIFEWMWSJI\TIVMQIRXW

[MXL GSRGVIXI GSQTVIWWMZI WXVIRKXLW SJ YT XS  TWM
14E 
%HHMXMSREPVIUYMVIQIRXWEVIXLEXXLIQE\MQYQWTEGMRKSJ
WXMVVYTW MR XLI PSRKMXYHMREP HMVIGXMSR RSX I\GIIH  MR
QQ EQMRMQYQSJXLVIIWXMVVYTWFIYWIHXLVSYKLXLI
PIRKXLSJXLIWTPMGIERHXLEXXLIFEVWM^IJSVXLIWXMVVYTWFIEX
PIEWX 2S  2S   8LI TVSTSWEP F] %^M^MREQMRM IX EP
E VIUYMVIWXLEXXLIHIZIPSTQIRXPIRKXLFIGEPGYPEXIH
YWMRKXLIIUYEXMSRWMR7IGXMSRWSVSJ%'-
EWWYQMRKEZEPYISJ/XV!&IGEYWIXLIGYVVIRXVIWXVMGXMSRMR
XLI GSHIETTPMIW XS GSRGVIXI GSQTVIWWMZI WXVIRKXLW KVIEXIV
XLERTWM14E XLIEQSYRXSJXVERWZIVWIVIMRJSVGI
QIRX TVSTSWIH TVIZMSYWP] [SYPH FI VIUYMVIH [LIR XLI
GSQTVIWWMZI WXVIRKXL I\GIIHW XLEX XLVIWLSPH 8LI QEMR
EHZERXEKISJXLITVSGIHYVITVSTSWIHF]%^M^MREQMRMIXEP
E MWXLEXMXHSIWRSXVIUYMVIEHSTXMRKRI[IUYEXMSRWJSV
HIZIPSTQIRXPIRKXL8LIVIQE]LS[IZIVFIEHHMXMSREPGSWX
MJEHHMXMSREPXVERWZIVWIVIMRJSVGIQIRXMWVIUYMVIH
{(IWMKRIUYEXMSRWJSVHIZIPSTQIRXPIRKXLSJ
LSSOIHFEVWMRLMKLWXVIRKXLGSRGVIXI
8LIVIMWPMXXPII\TIVMQIRXEPHEXESRXLIFILEZMSVSJLSSOIH
FEVWMRLMKLWXVIRKXLGSRGVIXI*YNMMIXEP WYQQEVM^IH
VIWIEVGLSRLSSOIHFEVWMRI\XIVMSVNSMRXWGEVVMIHSYXMR.ETER

-8+6

%'-'311-88))6)4368

EW TEVX SJ XLI VIWIEVGL TVSKVEQ SR LMKLWXVIRKXL QEXIVMEPW

'SQTVIWWMZIWXVIRKXLSJGSRGVIXIMRXLIWTIGMQIRWXIWXIHEW
TEVX SJ XLIWXYH]VERKIHJVSQXS TWMXS
14E %PPWTIGMQIRWMRXLIXIWXMRKTVSKVEQJEMPIHHYI
XSWTPMXXMRKSJXLIWMHIGSZIVGSZIVXSXLIWMHISJXLIFEV 
*YNMMIXEP MRHMGEXIHXLEXFSRHJSVGI[EWTVSTSVXMSREP
XSXLIGYFMGVSSXSJXLIGSQTVIWWMZIWXVIRKXLVEXLIVXLERXLI
WUYEVIVSSXSJJ G -RGVIEWMRKWMHIGSZIVPIHXSMRGVIEWIWMR
WXVIRKXLYTXSEGSZIVSJWM\FEVHMEQIXIVW8LIQE\MQYQ
WXVIWWHIZIPSTIHMRWTIGMQIRW[MXLGPSWIP]WTEGIHFEVWFEV
WTEGMRKW VERKMRK FIX[IIR X[S ERH  FEV HMEQIXIVW  [EW
ETTVS\MQEXIP] SJXLEXSFWIVZIHMRFEVWWTEGIHJEVXLIV
ETEVXXLERFEVHMEQIXIVW8LIQE\MQYQWXVIWWMRGVIEWIH
MRTVSTSVXMSRXSXLIHIZIPSTQIRXPIRKXLYTXSEHIZIPSTQIRX
PIRKXLSJFEVHMEQIXIVWEJXIV[LMGLXLISFWIVZIHMRGVIEWI
MRQE\MQYQWXVIWW[EWRIKPMKMFPI8LIQE\MQYQFEVWXVIWW
EPWS MRGVIEWIH TVSTSVXMSREPP] XS XLI VEXMS SJ HIZIPSTQIRX
PIRKXLXSXLIPIZIVEVQFIX[IIRXLIXIRWMSRERHXLIGSQTVIWWMSR
VIWYPXERXWMRXLIFIEQ*MREPP]XLIQE\MQYQWXVIWWMRXLIFEV
[EWJSYRHXSMRGVIEWI[MXLXLIEQSYRXSJXVERWZIVWIVIMRJSVGI
QIRX8LIMRGVIEWI[EWTVSTSVXMSREPXSXLIVEXMS%WT J]X W[LIVI
%WT MW XLI GVSWWWIGXMSREP EVIE SJ XVERWZIVWI VIMRJSVGIQIRX
GVSWWMRKXLITSXIRXMEPWTPMXXMRKTPERIJ]XMWXLI]MIPHWXVIRKXL
SJ XLI XVERWZIVWI VIMRJSVGIQIRX ERH W MW XLI WTEGMRK 8LI
MRGVIEWI[EWETTVS\MQEXIP]PMRIEV[MXLEQE\MQYQSJ
JSVER%WT J]X WVEXMSSJPFMRO2QQ 
*YNMMIXEP TVSTSWIHXLIJSPPS[MRKI\TVIWWMSRJSV
XLIQE\MQYQXIRWMPIWXVIWWXLEXGERFIHIZIPSTIHMREFEV
[MXLHIKVIILSSO



GPIEVGSZIVSJVIMRJSVGIQIRXWMHIGSZIVMRXLMW
GEWI XSXLISYXIVQSWXERGLSVIHFEV
RSQMREPHMEQIXIVSJXLIERGLSVIHFEV

-RMRGLTSYRHYRMXW
0ET WTPMGIW SJ JPI\YVEP VIMRJSVGIQIRX WLEPP FI TIVQMXXIH
SRP]MJLSSTSVWTMVEPVIMRJSVGIQIRXMWTVSZMHIHSZIVXLIPET
PIRKXL;LIRXLIZEPYISJ JG I\GIIHWTWMPHWLEPPFI
GEPGYPEXIH JVSQ IMXLIV  SV  [MXL /XV !  ERH



JY!OGG ON OH OWJG  JYERHJG MR14E

[LIVI OGG MW XLI GSZIV JEGXSV ON ERH OH EVI HIZIPSTQIRX
PIRKXLJEGXSVWERHOWMWXLIXVERWZIVWIVIMRJSVGIQIRXJEGXSV
8LIJEGXSVWEVIEWJSPPS[W
O GG !   G

HF



P H L
ON !   
  ON 
NH



P HL
  
O H !  
HF





H
OW !   W

HF

HF

{6IGSQQIRHEXMSRW
6IWIEVGL MR FSRH ERH HIZIPSTQIRX SJ VIMRJSVGIQIRX
1G'EFI MRHMGEXIWXLEXHIWMKRI\TVIWWMSRWFEWIHSR
XLIWUYEVIVSSXSJXLIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI
QE] FI YRGSRWIVZEXMZI JSV GSQTVIWWMZI WXVIRKXLW KVIEXIV
XLER  TWM  14E  6IWIEVGL F]%^M^MREQMRM IX EP
F ERH>YSERH(EV[MR WLS[IHXLEXXLI
X[S QEMR EPXIVREXMZIW XS GSVVIGXMRK XLMW TVSFPIQ [IVI XS
MRGVIEWIXLIHIZIPSTQIRXPIRKXLSVXSEHHXVERWZIVWIVIMRJSVGI
QIRX 8LI QEMR EHZERXEKI SJ XLI PEXXIV ETTVSEGL MW XLEX MX
MQTVSZIW XLI FILEZMSV SJ XLI WTPMGIH SV HIZIPSTIH FEVW
FIGEYWIJEMPYVIMWWMKRMJMGERXP]QSVIHYGXMPI8LMWMWTEVXMGYPEVP]
EHZERXEKISYWMRWIMWQMGHIWMKR
>YSERH(EV[MR TVSTSWIHEVIPEXMSRWLMTFIX[IIR
FSRHJSVGIERHGSQTVIWWMZIWXVIRKXLXSXLITS[IVFEWIH
SR EWXEXMWXMGEP WXYH] SJ QSRSXSRMGXIWXW SJ FIEQW [MXLSYX
XVERWZIVWI VIMRJSVGIQIRX ERH [MXL GSRGVIXI GSQTVIWWMZI
WXVIRKXLWYTXSTWM14E 8LIMVWXYH]GSRGPYHIH
XLEXXLIFIWXJMXFIX[IIRFSRHJSVGIERHGSQTVIWWMZIWXVIRKXL
JSVQIQFIVW[MXLXVERWZIVWIVIMRJSVGIQIRX[EWSFXEMRIHJSV
GSQTVIWWMZIWXVIRKXLVEMWIHXSXLITS[IVSJGSQTEVIH
[MXLXLIGSQTVIWWMZIWXVIRKXLVEMWIHXSXLITS[IVSJJSV
QIQFIVW[MXLSYXXVERWZIVWIVIMRJSVGIQIRX
&IGEYWIHYGXMPIFILEZMSVMWTVIJIVEFPIMRIEVXLUYEOIVIWMWXERX
HIWMKRMX[EWHIGMHIHXLEXXLIYWISJXVERWZIVWIVIMRJSVGIQIRX
[SYPHFIXLITVIJIVEFPISJXLIX[SEPXIVREXMZIW8LIVIJSVI
XLI VIGSQQIRHEXMSR F] %^M^MREQMRM IX EP E  [EW
EHSTXIHEWXLIFEWMWJSVXLITVSTSWIHEHHMXMSRXS'LETXIV
SJ%'-'SRWMWXIRX[MXLXLIETTVSEGLEHSTXIHMR%' XLI HIWMKR VIGSQQIRHEXMSR EHSTXIH F] XLI
GSQQMXXIIHMHRSXMRGPYHIER]PMQMXEXMSRWXSMXWETTPMGEFMPMX]
VIPEXIH XS YWI SJ ITS\] GSEXMRK -X MW MQTSVXERX XS RSXI
LS[IZIV XLEX XLI VIGSQQIRHEXMSR F] %^M^MREQMRM IX EP
E [EWFEWIHTVMQEVMP]SRXIWX VIWYPXWJVSQ YRGSEXIH
FEVWTPMGIWMRIPIQIRXW[MXLGSRGVIXIGSQTVIWWMZIWXVIRKXLSJ
YTXSTWM14E %XXLIXMQIXLIVIGSQQIRHEXMSR
[EW EHSTXIH F] XLI GSQQMXXII XLIVI [EW E TEYGMX] SJ
I\TIVMQIRXEPVIWYPXWJVSQWTPMGIWSJITS\]GSEXIHFEVW[MXL
XVERWZIVWI VIMRJSVGIQIRX MR IPIQIRXW [MXL LMKLWXVIRKXL
GSRGVIXIERHJVSQYRGSEXIHERHITS\]GSEXIHFEVWXIVQMREXIH
YWMRKWXERHEVHLSSOWMRLMKLWXVIRKXLGSRGVIXI
8LITVSTSWIHVIGSQQIRHEXMSRMWWXEXIHMRXLIJSPPS[MRK

JY!OGG ON OH OWJG  JYERHJG MRTWM

[LIVI
GG

HIZIPSTQIRXPIRKXLMRXIRWMSRSJHIJSVQIHFEV
SVHIJSVQIH[MVI[MXLWXERHEVHLSSOQIEWYVIH
JVSQGVMXMGEPWIGXMSRXSSYXWMHIIRHSJLSSO
N
! VEXMSSJMRXIVREPPIZIVEVQXSIJJIGXMZIHITXLSJ
XLIFIEQWIGXMSREXXLIGSPYQRJEGIERH
HW
! RSQMREP HMEQIXIV SJ FEV YWIH EW XVERWZIVWI
VIMRJSVGIQIRXTSWMXMSRIHEXXLILSSO 
8LIGSRJMKYVEXMSRSJXLILSSOQYWXWEXMWJ]XLIVIUYMVIQIRXW
SJ%'-

PHL



7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

-8+6

XVERWZIVWI VIMRJSVGIQIRX GVSWWMRK XLI TSXIRXMEP TPERI SJ

WTPMXXMRKWLEPPFITVSZMHIHSZIVXLIXIRWMSRWTPMGIPIRKXL[MXL
EQMRMQYQXSXEPGVSWWWIGXMSREPEVIE%WTKMZIRF]%'-
)U%% 
%WT!R%FQE\JG 

%'-)U%%

[LIVI RMWXLIRYQFIVSJFEVWSV[MVIWFIMRKWTPMGIHEPSRK
XLITPERISJWTPMXXMRK
1E\MQYQ WTEGMRK SJ XLI XVERWZIVWI VIMRJSVGIQIRX
IRGPSWMRKXLIPETTIHFEVWWLEPPRSXI\GIIHHSVMRERH
XLI QMRMQYQ LSST SV WTMVEP FEV WM^I WLEPP FI 2S  0ET
WTPMGIWWLEPPRSXFIYWIH
E [MXLMRNSMRXW
F [MXLMREHMWXERGISJX[MGIXLIQIQFIVHITXLJVSQXLI
JEGISJXLINSMRXERH
G [LIVIEREP]WMWMRHMGEXIWJPI\YVEP]MIPHMRKMWGEYWIHF]
MRIPEWXMGPEXIVEPHMWTPEGIQIRXWSJXLIJVEQI
-R7-YRMXW
0ET WTPMGIW SJ JPI\YVEP VIMRJSVGIQIRX WLEPP FI TIVQMXXIH
SRP]MJLSSTSVWTMVEPVIMRJSVGIQIRXMWTVSZMHIHSZIVXLIPET
PIRKXL;LIRXLIZEPYISJ J G I\GIIHW14EPHWLEPP
FIGEPGYPEXIHJVSQIMXLIVSV[MXL/XV!ERH
XVERWZIVWI VIMRJSVGIQIRX GVSWWMRK XLI TSXIRXMEP TPERI SJ
WTPMXXMRKWLEPPFITVSZMHIHSZIVXLIXIRWMSRWTPMGIPIRKXL[MXL
E QMRMQYQXSXEP GVSWWWIGXMSREPEVIE%WTEW KMZIRF] %'1)U%% 
%WT!R%FQE\JG 

%'-1)U%%

[LIVI RMWXLIRYQFIVSJFEVWSV[MVIWFIMRKWTPMGIHEPSRK
XLITPERISJWTPMXXMRK
1E\MQYQ WTEGMRK SJ XLI XVERWZIVWI VIMRJSVGIQIRX
IRGPSWMRKXLIPETTIHFEVWWLEPPRSXI\GIIH HSVQQ
ERHXLIQMRMQYQLSSTSVWTMVEPFEVWM^IWLEPPFI2S0ET
WTPMGIWWLEPPRSXFIYWIH
E [MXLMRXLINSMRXW
F [MXLMREHMWXERGISJX[MGIXLIQIQFIVHITXLJVSQXLI
JEGISJXLINSMRXERH
G [LIVIEREP]WMWMRHMGEXIWJPI\YVEP]MIPHMRKMWGEYWIHF]
MRIPEWXMGPEXIVEPHMWTPEGIQIRXWSJXLIJVEQI
'SRGPYWMSRWJVSQ>YSERH(EV[MR JSVWTPMGIWEVI
GSRWMWXIRX[MXLXLSWIF]*YNMMIXEP JSVLSSOIHFEVW
*YNMMIXEP WYQQEVM^IHVIWIEVGLSRLSSOIHFEVWMR
I\XIVMSV NSMRXW GEVVMIH SYX MR .ETER EW TEVX SJ XLI VIWIEVGL
TVSKVEQ SRLMKLWXVIRKXLQEXIVMEPW 'SRGVIXIGSQTVIWWMZI
WXVIRKXLWSJXLIWTIGMQIRWXIWXIHEWTEVXSJXLIWXYH]VERKIH
JVSQXSTWMXS14E %PPWTIGMQIRWMR
XLIXIWXMRKTVSKVEQJEMPIHHYIXSWTPMXXMRKSJXLIWMHIGSZIV
GSZIVXSXLIWMHISJXLIFEV *YNMMIXEPGSRGPYHIHXLEXFSRH
JSVGI[EWTVSTSVXMSREPXSXLIGYFMGVSSXSJXLIGSQTVIWWMZI
WXVIRKXLVEXLIVXLERXLIWUYEVIVSSXSJJG 
-XMWEGSRGIVRXLEXXLIGYVVIRXIUYEXMSRJSVXLIHIZIPSTQIRX
PIRKXLSJLSSOIHFEVWMRXIRWMSRSJ%'-)U
QE] VIWYPX MR YRGSRWIVZEXMZI IWXMQEXIW JSV GSQTVIWWMZI

*MK{4VSTSWIHQSHMJMGEXMSRJSVHIZIPSTQIRXPIRKXLSJ
LSSOW
WXVIRKXLWEFSZITWM14E ;LMPIXLIXIVQ J G
LEWERYTTIVPMQMXSJTWM14E MR'LETXIVSJ%'XLIVIMWRSWYGLPMQMXSR'LETXIV+MZIRXLEXRS
PMXIVEXYVI[EWJSYRHIZEPYEXMRK XLI YWISJXLI GYVVIRX %'TVSZMWMSRW JSV XLI HIZIPSTQIRX PIRKXL SJ LSSOIH FEVW MR
QIQFIVW [MXL LMKLWXVIRKXL GSRGVIXI E QSHMJMGEXMSR XS
)U SJ%'-MWTVSTSWIHMRXLMWVITSVXXSVIHYGI
XLI PMOIPMLSSH SJ YRGSRWIVZEXMZI IWXMQEXIW 8LI TVSTSWIH
QSHMJMGEXMSRMWEWJSPPS[W
-RMRGLTSYRHYRMXW
 8LI HIZIPSTQIRX PIRKXL PHL JSV E FEV [MXL E
WXERHEVH HIKVII LSSO MR RSVQEP[IMKLX EKKVIKEXI
GSRGVIXIWLEPPRSXFIPIWWXLERXLIPEVKIWXSJHFMRSVXLI
PIRKXLWVIUYMVIHF]%'-)U ERH&&
J] H F
PHL! 

 JG
J ] HF
PHL! 

k
  J G

%'-)U

%'-)U&&

JSVFEVWM^IW2SXLVSYKL
-R7-YRMXW
8LIHIZIPSTQIRXPIRKXLPHL JSVEFEV[MXLE
WXERHEVH  HIKVII LSSO MR RSVQEP[IMKLX EKKVIKEXI
GSRGVIXIWLEPPRSXFIPIWWXLERXLIPEVKIWXSJHFQQSV
XLIPIRKXLWVIUYMVIHF]%'-1)U ERH&&
J ] H F
PHL! 

 JG
J] H F
PHL! 

k
  J G
JSVFEVWM^IW2SXLVSYKL

%'-)U

%'-1)U&&

-8+6

%'-'311-88))6)4368

*MK {4IVGIRXEKI GLERKI MR PHL EGGSVHMRK XS TVSTSWIH

QSHMJMGEXMSRJSVHIZIPSTQIRXPIRKXLSJLSSOW
8LI TVSTSWIH QSHMJMGEXMSR VIWYPXW MR XLI WEQI HIZIPST
QIRXPIRKXLWEWKMZIRF]%'-*MK JSVGSRGVIXI
GSQTVIWWMZI WXVIRKXLW YT XS  TWM  14E  *SV
WXVIRKXLWKVIEXIVXLERTWM14E XLIHIZIPSTQIRX
PIRKXL SJ E LSSOIH FEV PHL MRGVIEWIW MR TVSTSVXMSR XS XLI
JSYVXL VSSX SJ XLI GSQTVIWWMZI WXVIRKXL VIWYPXMRK MR ER
MRGVIEWIMRHIZIPSTQIRXPIRKXL*MK XLEXZEVMIWJVSQ
EXTWM14E XSETTVS\MQEXIP] EXTWM
14E 
',%48)6{()7-+23*&)%1'30912.3-287
 8LI TVSZMWMSRW JSV XLI HIWMKR SJ NSMRXW MR %'- 
VIUYMVI XLEX XLI LSVM^SRXEP WLIEV WXVIWW MR XLI NSMRX FI
GSQTEVIH[MXLXLIRSQMREPWLIEVWXVIRKXL*MK [LMGL
MWGEPGYPEXIHEW
:R! ZN J G %N JG MRTWM



:R! ZN JG %N JG MR14E EHHJEGXSVMRIUYEXMSR

[LIVI %NMWXLIIJJIGXMZIGVSWWWIGXMSREPEVIE[MXLMRENSMRXMR
E TPERI TEVEPPIP XS XLI TPERI SJ VIMRJSVGIQIRX KIRIVEXMRK
WLIEVMRXLINSMRXERH ZNMWEGSRWXERXIUYEPXSSV
JSVNSMRXWGSRJMRIHSREPPJSYVJEGIWX]TMGEPP]MRXIVMSVNSMRXW 
NSMRXW GSRJMRIH SR XLVII JEGIW SV X[S STTSWMXI JEGIW X]TM
GEPP]I\XIVMSVNSMRXW ERHEPPSXLIVX]TMGEPP]GSVRIV NSMRXW
VIWTIGXMZIP]%GSPYQRJEGIMWGSRWMHIVIHGSRJMRIHMJEFIEQ
JVEQIWMRXSMXERHXLIFIEQMW[MHIIRSYKLXSGSZIVSJ
XLIGSPYQRJEGI
8LILSVM^SRXEPWLIEVJSVGIMRXLINSMRXQYWXFIGEPGYPEXIH
FEWIHSRXLIEWWYQTXMSRXLEXXLIWXVIWWMRXLIJPI\YVEPXIRWMPI
VIMRJSVGIQIRXSJXLIFIEQWJVEQMRKMRXSXLINSMRXMWJ]
*MK 
{'SRJMRIQIRXVIUYMVIQIRXWJSV
FIEQGSPYQRNSMRXW
*SVWTIGMEPQSQIRXVIWMWXMRKJVEQIW%'-VIUYMVIW
XLI WEQI EQSYRX SJ XVERWZIVWI LSST VIMRJSVGIQIRX EW XLEX

*MK{.SMRXWLIEVWXVIWW
VIUYMVIHMRTSXIRXMEPTPEWXMGLMRKIVIKMSRWSJGSPYQRWYRPIWW
XLINSMRXMWGSRJMRIHF]WXVYGXYVEPQIQFIVWSREPPJSYVWMHIW
*SVVIGXERKYPEVGSPYQRWXLIEQSYRXSJXVERWZIVWIVIMRJSVGI
QIRXXLVSYKLXLINSMRXQYWXFIEXPIEWX
%
JG
% WL !  K z  WF G 

% GL
J ]X

JG
WF G 

J ]X



:IVXMGEP WTEGMRK SJ XVERWZIVWI VIMRJSVGIQIRX [MXLMR XLI

PIRKXL S RIEV XLI XST ERH FSXXSQ SJ GSPYQRW QE] RSX
I\GIIHSJXLIQMRMQYQGSPYQRHMQIRWMSRWM\XMQIWXLI
HMEQIXIVSJGSPYQRPSRKMXYHMREPFEVWERHXLIPSRKMXYHMREP
WTEGMRK WS8LIWIGVMXIVMEVIWYPXMRLSSTWTEGMRKKIRIVEPP]MR
XLIVERKISJXSMRERHQQ 8LMWVIUYMVIQIRX
MWWMQMPEVXSXLEXMRGPYHIHMRXLIHIWMKRTVSZMWMSRWHIZIPSTIH
F].SMRX%'-%7')'SQQMXXII 
-R XLI GEWI SJ NSMRXW XLEX EVI GSRJMRIH F] WXVYGXYVEP
QIQFIVWJVEQMRKMRXSEPPJSYVWMHIWSJXLINSMRX[MXLIEGL
QIQFIVLEZMRKE[MHXLSJEXPIEWXSJXLIGSPYQR[MHXL
7IGXMSRSJ%'-VIUYMVIWEQMRMQYQSJ
XLIEQSYRXSJVIMRJSVGIQIRXMR)U ERHEQE\MQYQ
LSSTWTEGMRKSJMRQQ 
8LI EJSVIQIRXMSRIH VIUYMVIQIRXW ETTP] XS NSMRXW SJ
WTIGMEP QSQIRX JVEQIW SRP] 8LIVI EVI RS WTIGMJMG GSHI
VIUYMVIQIRXW JSV NSMRXW SJ JVEQIW XLEX EVI RSX TEVX SJ XLI

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

PEXIVEP JSVGIVIWMWXMRK W]WXIQ SJ E FYMPHMRK EWWMKRIH XS

7IMWQMG'EXIKSV](SVLMKLIV7YGLNSMRXWERHNSMRXWSJMRXIV
QIHMEXIQSQIRXJVEQIWQYWXGSQTP][MXL7IGXMSRSJ
%'-MRXLIGEWISJWTMVEPP]VIMRJSVGIHGSPYQRWERH
7IGXMSRMRXLIGEWISJXMIHGSPYQRW
7IGXMSRVIUYMVIWXLEXZIVXMGEPWTEGMRKSJXMIWWLEPP
RSXI\GIIHPSRKMXYHMREPFEVHMEQIXIVWXMIFEVSV[MVI
HMEQIXIVW SV XLI PIEWX HMQIRWMSR SJ XLI GSQTVIWWMSR
QIQFIV7IGXMSRVIUYMVIWXLEXXMIWGSQTP]MRK[MXL
XLIEJSVIQIRXMSRIHPMQMXEXMSRQYWXFITVSZMHIHEXRSQSVI
XLERSJEXMIWTEGMRKFIPS[XLIPS[IWXLSVM^SRXEPVIMRJSVGI
QIRXMRWPEFSVHVSTTERIPEFSZI-XEPWSVIUYMVIWXLEX XMIW
QYWXFIPSGEXIHZIVXMGEPP]RSXQSVIXLERSJEXMIWTEGMRK
EFSZIXLIXSTSJJSSXMRKSVWPEFMRER]WXSV];LIVIFIEQW
SV FVEGOIXW JVEQI JVSQ JSYV HMVIGXMSRW MRXS E GSPYQR
XIVQMREXMSRSJXMIWRSXQSVIXLERMRQQ FIPS[XLI
PS[IWX VIMRJSVGIQIRX MR XLI WLEPPS[IWX SJ WYGL FIEQW SV
FVEGOIXWMWTIVQMXXIH
7IGXMSRVIUYMVIWXLEXWTMVEPWMREWTMVEPP]VIMRJSVGIH
GSPYQRQYWXI\XIRHJVSQXLIXSTSJXLIJSSXMRKSVWPEFXSXLI
PIZIP SJ XLI PS[IWX LSVM^SRXEP VIMRJSVGIQIRX MR QIQFIVW
WYTTSVXIHEFSZI
7IGXMSRVIUYMVIWXLEX[LIVIFIEQWSVFVEGOIXWHS
RSXJVEQIMRXSEPPWMHIWSJEGSPYQRXMIWQYWXI\XIRHEFSZI
XIVQMREXMSRSJ XLI WTMVEP XS XLI FSXXSQSJ XLI WPEF SV HVST
TERIP2SQE\MQYQWTEGMRKJSVWYGLXMIWMWWTIGMJMIH
;MXLMRXLIVIKMSRWSJTSXIRXMEPTPEWXMGLMRKMRKEXXLIIRHW
SJGSPYQRWSJMRXIVQIHMEXIQSQIRXJVEQIWRSRWTMVEPXVERW
ZIVWIVIMRJSVGIQIRXQYWXFIMRXLIJSVQSJLSSTWERHQYWX
FI TVSZMHIH EX E WTEGMRK RSX XS I\GIIHE  IMKLXXMQIWXLI
HMEQIXIV SJ XLI WQEPPIWX PSRKMXYHMREP FEV F   XMQIW XLI
HMEQIXIV SJ XLI LSST FEV G   SJ XLI WQEPPIWX GVSWW
WIGXMSREPHMQIRWMSRSJGSPYQRERHH MRQQ 8LI
SRP]VIUYMVIQIRXGSRGIVRMRKXVERWZIVWINSMRXVIMRJSVGIQIRX
LS[IZIVMWMR7IGXMSR[LMGLVIUYMVIWWYGLVIMR
JSVGIQIRX XS GSRJSVQ XS 7IGXMSR  8LEX WIGXMSR
VIUYMVIWXVERWZIVWIVIMRJSVGIQIRXLEZMRKEQMRMQYQGVSWW
WIGXMSREPEVIEIUYEPXS JG GWJ]X GWJ]XJSV
JG MR14E XSFITVSZMHIHSZIVEHITXLRSXPIWWXLERXLEXSJ
XLI HIITIWX JVEQMRK QIQFIV +LSWL IX EP   VIGSQ
QIRHIH XLEX XLI GSPYQR IRH XVERWZIVWI VIMRJSVGIQIRX EW
VIUYMVIHF]7IGXMSRFIGSRXMRYIHXLVSYKLNSMRXWSJ
MRXIVQIHMEXI QSQIRX JVEQIW MVVIWTIGXMZI SJ [LIXLIV XLI]
EVIGSRJMRIHSVYRGSRJMRIH
{7LIEVWXVIRKXLSJI\XIVMSVNSMRXW
7EUER ERH /VIKIV   IZEPYEXIH XIWX VIWYPXW JVSQ 
FIEQGSPYQRGSRRIGXMSRWXIWXIHMR.ETERERHXLI97[MXL
GSRGVIXI GSQTVIWWMZI WXVIRKXLW VERKMRK JVSQ  XS
TWMXS14E 8LIQE\MQYQNSMRXWLIEV[EW
GEPGYPEXIHFEWIHSRXLIWXSV]WLIEVWMRXLIWTIGMQIRWEXHVMJX
VEXMSWSJ 
-RXLIGEWISJI\XIVMSVNSMRXWSRP]X[SSJXLIWTIGMQIRW
GSRWMHIVIHF]7EUERERH/VIKIV LEHWLIEVWXVIRKXLW
PIWWXLERXLSWIGEPGYPEXIHTIV%'-7EUERERH/VIKIV
  EXXVMFYXIH XLI PS[IV WXVIRKXLW SFWIVZIH MR XLI X[S
WTIGMQIRW XS LMKL FSRH WXVIWWIW XLEX HIKVEHIH XLI WLIEV
WXVIRKXL SJ XLI NSMRXW TVIQEXYVIP] 8LI VEXMSW SJ GSPYQR

-8+6

HITXLXSFIEQFEVHMEQIXIVMRXLIWIX[SXIWXW[IVIERH
FIPS[XLIPMQMXSJWTIGMJMIHF]XLIHIWMKRTVSZMWMSRW
SJ%'-ERH.SMRX%'-%7')'SQQMXXII 
8LI EZIVEKI VEXMS SJ QIEWYVIH XS GEPGYPEXIH WXVIRKXL [EW
 JSV XLI IRXMVI KVSYT SJ I\XIVMSV NSMRX XIWXW ERH XLI
EZIVEKINSMRXWLIEVGSIJJMGMIRX ZN[EWGSQTEVIH[MXL
XLIZEPYISJKMZIRMR%'-ERHXLIHIWMKRTVSZMWMSRW
SJ'SQQMXXII
3J XLI  WTIGMQIRW IZEPYEXIH XLI QENSVMX] HMH RSX
GSQTP][MXLXLIGSHIVIUYMVIQIRXWJSVI\XIVMSVGSRRIGXMSRW
REQIP] XLEX XLIVI WLSYPH FI E QMRMQYQ SJ X[S FIEQW SR
STTSWMXIWMHIWSJXLIGSPYQR[MXL[MHXLWSJEXPIEWX SJ
XLIGSPYQR[MHXL8LIWXVMGXMRXIVTVIXEXMSRSJXLMWVIUYMVIQIRX
[SYPH LEZI PIH XS GPEWWMJ]MRK XLI WTIGMQIRW EW GSVRIV
GSRRIGXMSRWERHEHSTXMRKEWLIEVGSIJJMGMIRX ZNSJ
2SKYGLMIXEP TVIWIRXIHERSZIVZMI[SJI\TIVMQIRXEP
VIWIEVGL SR GSRRIGXMSRW MR .ETER 8LI XSXEP RYQFIV SJ
WTIGMQIRW[MXLGSRGVIXIGSQTVIWWMZIWXVIRKXLSZIVTWM
14E [EW[MXLWMQYPEXMRKMRXIVMSVGSRRIGXMSRW
ERH WTIGMQIRW WMQYPEXMRK I\XIVMSV NSMRXW[MXLSYX XVERW
ZIVWIFIEQW
2SKYGLM IX EP   GSRGPYHIH XLEX XLI TVSZMWMSRW JSV
GEPGYPEXMRKNSMRXWLIEVWXVIRKXLMR%'-WEQIEWXLSWI
MR %'-   TVSZMHIH GSRWIVZEXMZI VIWYPXW JSV XLI XIWXW
GEVVMIH SYX MR .ETER 8LI QIER ZEPYI SJ XLI NSMRX WLIEV
WXVIRKXL QIEWYVIH I\TIVMQIRXEPP] [EW ETTVS\MQEXIP]
TVSTSVXMSREPXSXLIGSQTVIWWMZIWXVIRKXLVEMWIHXSXLITS[IV
 8LI %'- TVSZMWMSRW [LMGL EWWYQI XLEX NSMRX WLIEV
WXVIRKXLMRGVIEWIW [MXL XLIWUYEVI VSSXSJXLI GSQTVIWWMZI
WXVIRKXLVIWYPXIHMREWEJIPS[IVFSYRHIWXMQEXISJWXVIRKXL
{7LIEVWXVIRKXLSJMRXIVMSVNSMRXW
7EUERERH/VIKIV LEHSRP]JSYVXIWXVIWYPXWJVSQ
WTIGMQIRW WMQYPEXMRK MRXIVMSV NSMRXW %PP WTIGMQIRW
WYWXEMRIH NSMRX WLIEV WXVIRKXLW LMKLIV XLER XLI RSQMREP
ZEPYIWGEPGYPEXIHEGGSVHMRKXS%'-HIWTMXILEZMRK
PS[IVEQSYRXWSJXVERWZIVWIVIMRJSVGIQIRXXLERHMGXEXIHF]
%'-  ERH XLI HIWMKR TVSZMWMSRW SJ 'SQQMXXII 
ERHHIWTMXIRSXQIIXMRKXLIVIUYMVIQIRXXLEXFIEQWI\XIRH
SZIV EX PIEWX   SJ XLI [MHXL SJ EPP GSPYQR JEGIW 8LI]
GSRGPYHIH XLEXSRXLIPMQMXIHFEWMWSJXLIWIJSYVXIWXW XLI
HIWMKRTVSZMWMSRWJSVNSMRXWLIEVWXVIRKXLMR%'-ERH
XLSWITVSTSWIHF]'SQQMXXIITVSZMHIHWEJIIWXMQEXIWSJ
WXVIRKXLJSVGSRGVIXIGSQTVIWWMZIWXVIRKXLWSJYTXSTWM
14E 8LIIZEPYEXMSRSJXIWXVIWYPXWF]2SKYGLMIXEP
 EPWSPIHXSXLIGSRGPYWMSRXLEXXLI%'-HIWMKRTVSZMWMSRW
]MIPHIH GSRWIVZEXMZI IWXMQEXIW SJ WXVIRKXL JSV GSRGVIXI
GSQTVIWWMZIWXVIRKXLWYTXSTWM14E 
{)JJIGXSJXVERWZIVWIVIMRJSVGIQIRXSR
NSMRXWLIEVWXVIRKXL
8LI EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX MR XLI I\XIVMSV
NSMRX WTIGMQIRW VIZMI[IH F] 7EUER ERH /VIKIV 
VERKIH JVSQ  XS  XMQIW XLI EQSYRX VIUYMVIH F]
%'-8LI]JSYRHRSHMWGIVRMFPIGSVVIPEXMSRFIX[IIR
NSMRX WLIEV WXVIRKXL SV QSHI SJ JEMPYVI ERH XLI EQSYRX SJ
XVERWZIVWIVIMRJSVGIQIRX3JXLIWTIGMQIRWIZEPYEXIHF]
7EUER ERH /VIKIV SRP] JMZI LEH ER EQSYRX SJ XVERWZIVWI

-8+6

%'-'311-88))6)4368

VIMRJSVGIQIRX LMKLIV XLER VIUYMVIH F] %'-  8LI

VIQEMRMRKWTIGMQIRWLEHEREZIVEKIEQSYRXSJVIMRJSVGIQIRX
XLEX[EW SJXLIQMRMQYQVIUYMVIHERHLEHNSMRXWLIEV
WXVIRKXLWXLEX[IVI LMKLIVXLERXLIGEPGYPEXIHRSQMREP
WXVIRKXL&EWIHSRXLMW7EUERERH/VIKIVMRHMGEXIHXLEXXLI
EQSYRX SJ XVERWZIVWI VIMRJSVGIQIRX MR XLI NSMRX GSYPH FI
VIHYGIHJSVNSMRXW[MXLLMKLWXVIRKXLGSRGVIXIEPXLSYKLXLI
IJJIGXSJE\MEPPSEHWLSYPHFIEWWIWWIHFIJSVIWYGLEVIHYGXMSR
MWTYXMRTPEGI
2SKYGLMIXEP GSRGPYHIHXLEXXVERWZIVWIVIMRJSVGIQIRX
[EWQEVKMREPP]IJJIGXMZIMRMRGVIEWMRKNSMRXWLIEVWXVIRKXL
ERHXLEXXLIIJJIGXSJXVERWZIVWIVIMRJSVGIQIRXSRNSMRXWLIEV
WXVIRKXL[EWRSXWIRWMXMZIXSGSRGVIXIGSQTVIWWMZIWXVIRKXL
8LI]EPWSJSYRHXLEXXLIIJJIGXSJXVERWZIVWIVIMRJSVGIQIRX
[EWWPMKLXP]QSVIWMKRMJMGERXJSV I\XIVMSVNSMRXWXLERJSV
MRXIVMSVNSMRXW
%PXLSYKLI\TIVMQIRXEPVIWYPXWWLS[IHXLEXFIEQGSPYQR
NSMRXW [MXL PS[ EQSYRXW SJ XVERWZIVWI VIMRJSVGIQIRX [IVI
EFPIXSEXXEMRWLIEVWXVIRKXLWGSQTEVEFPI[MXLXLSWISJ[IPP
VIMRJSVGIHNSMRXWSRIMQTSVXERXEHHMXMSREPGSRWMHIVEXMSRMW
XLEXXLIWEQIGERRSXFIGSRGPYHIHEFSYXXLIXSYKLRIWWSJXLI
NSMRXW 8LI XIVQ wXSYKLRIWWx MR XLMW GEWI VIJIVW XS LS[
WYWXEMREFPI XLI TIEO WLIEV WXVIRKXL [EW YTSR JYVXLIV PSEH
VIZIVWEPWYTXSWMQMPEVSVKVIEXIVNSMRXHMWXSVXMSRW.SMRX%'-
%7') 'SQQMXXII    2SKYGLM IX EP 
GSRGPYHIH XLEX XLI TPEWXMG HIJSVQEXMSR GETEGMX] ERH XLI
HYGXMPMX] SJ NSMRXW [IVI IRLERGIH F] XVERWZIVWI VIMRJSVGI
QIRXMREQERRIVGSRWMWXIRX[MXLXLIFILEZMSVSJNSMRXW[MXL
RSVQEPWXVIRKXLGSRGVIXI
{(IZIPSTQIRXPIRKXLVIUYMVIQIRXWJSV
FIEQGSPYQRNSMRXW
%'-  GVMXIVME JSV XLI HIWMKR SJ MRXIVMSV FIEQ
GSPYQRNSMRXWMRWTIGMEPQSQIRXJVEQIWWYFNIGXIHXSWIMWQMG
PSEHMRKMRGPYHIXLIVIUYMVIQIRXXLEXXLIGSPYQRHMQIRWMSR
TEVEPPIPXSXLIFIEQVIMRJSVGIQIRXQYWXFIRSPIWWXLERXMQIW
XLIHMEQIXIVSJXLIPEVKIWXPSRKMXYHMREPFEVJSVRSVQEP[IMKLX
GSRGVIXI RSV  XMQIW XLI FEV HMEQIXIV JSV PMKLX[IMKLX
GSRGVIXI 8LIWI GVMXIVME EVI FEWIH SR ER IZEPYEXMSR SJ XIWX
VIWYPXW >LY ERH .MVWE   JSV FIEQGSPYQR NSMRXW QEHI
[MXLRSVQEPWXVIRKXLGSRGVIXIWYFNIGXIHXSPSEHVIZIVWEPW>LY
ERH.MVWE GSRGPYHIHXLEXXLIVEXMSWSJGSPYQR[MHXLXS
FEV HMEQIXIV SJ  XS  [IVI ETTVSTVMEXI XS EZSMH FSRH
HEQEKIEXERMRXIVWXSV]HVMJXSJ 
8LIWPMTSJFEVWMRFIEQGSPYQRNSMRXWYRHIVPSEHVIZIVWEPW
TPE]WERMQTSVXERXVSPIMRXLIEFMPMX]SJVIMRJSVGIHGSRGVIXI
JVEQIWXSVIWMWXWIMWQMGPSEHMRK(YVVERMERH;MKLX
>LYERH.MVWE'MEQTMIXEP &EWIHSRTYWLTYPP
XIWXWSJFEVWIQFIHHIHMRFIEQGSPYQRNSMRXW[MXLRSVQEP
WXVIRKXL GSRGVIXI 'MEQTM IX EP   JSYRH XLEX XS PMQMX
FSRH HEQEKI YRHIV G]GPMG PSEHMRK ERGLSVEKI PIRKXLW
FIX[IIRERHFEVHMEQIXIVWERHFIX[IIRERHFEV
HMEQIXIVW[IVIRIGIWWEV]JSV+VEHIERHERH
14E HIJSVQIHFEVWVIWTIGXMZIP]8LIGVMXIVMEYWIHXS
HIJMRI WEXMWJEGXSV] TIVJSVQERGI [IVI   XLEX XLI FSRH
HEQEKI FI PMQMXIH XS XLI IRH VIKMSR SJ XLI IQFIHQIRX
PIRKXL   XLEX XLI L]WXIVIXMG PSSTW SJ XLI ERGLSVIH FEV
VIQEMR WXEFPI ERH   XLEX XLI WXVIRKXL SJ XLI ERGLSVEKI

GSRXMRYIW XS MRGVIEWI JSV WPMT ZEPYIW PEVKIV XLER XLI TIEO
ZEPYIW HYVMRK XLI TVIZMSYW G]GPIW 8LI IZEPYEXMSR SJ XIWX
VIWYPXWF]>LYERH.MVWE VIWYPXIHMRXLIWQEPPIVZEPYIW
RS[ YWIH MR %'-  1SVI VIGIRX XIWXW LS[IZIV
WYTTSVXXLIIEVPMIVSFWIVZEXMSRWERHMRHMGEXIXLEXXLIGYVVIRX
HIWMKRGVMXIVME[MPPRSXTVIZIRXFSRHWPMTIZIRMRXLIIEVPMIWX
WXEKIWSJG]GPMGPSEHMRKERHXLEXWMKRMJMGERXFSRHWPMT[MPP
SGGYVIZIRYRHIVQSVIWXVMRKIRXVIUYMVIQIRXWXLERXLSWIMR
%'-5YMRXIVS*IFVIWERH;MKLX.SMRX%'-
%7')'SQQMXXII 
(IZIPSTQIRXPIRKXLVIUYMVIQIRXWJSVFIEQGSPYQRNSMRXW
HMJJIVWMKRMJMGERXP]EQSRKXLI%'-%'-'SQQMXXII
   XLI %-. (IWMKR +YMHIPMRI %-.   ERH XLI
2>7  7XERHEVHW %WWSGMEXMSR SJ 2I[ >IEPERH  
;LMPI XLI QMRMQYQ GSPYQR HMQIRWMSR VIUYMVIQIRX MR
%'-  MW MRWIRWMXMZI XS QEXIVMEP TVSTIVXMIW HIWMKR
TVSZMWMSRW MR XLI%-. (IWMKR +YMHIPMRI%-.   ERH MR
2>7IWXEFPMWLXLIVEXMSSJFEVHMEQIXIVXSGSPYQRHITXL
EWEJYRGXMSRSJXLIWUYEVIVSSXSJXLIGSRGVIXIGSQTVIWWMZI
WXVIRKXL ERH XLI ]MIPH WXVIRKXL SJ XLI VIMRJSVGIQIRX 8LI
TLMPSWSTL]FILMRHXLMWVIUYMVIQIRXMWXLEXFSRHHIXIVMSVEXMSR
GERGEYWIWMKRMJMGERXPSWWMRXLIGETEGMX]SJXLIGSRRIGXMSRXS
HMWWMTEXIIRIVK]TMRGLMRKFILEZMSV 2SKYGLMIXEP 
FEWIH SR XLI XIWXW SJ FIEQGSPYQR NSMRXW [MXL GSRGVIXI
GSQTVIWWMZI WXVIRKXLW KVIEXIV XLER  TWM  14E
GEVVMIHSYXMR.ETEREWTEVXSJXLI2I[6'TVSNIGXGSRGPYHIH
XLEX WTIGMQIRW [MXL LMKLWXVIRKXL GSRGVIXI ERH LMKL
WXVIRKXL VIMRJSVGIQIRX HIQSRWXVEXIH WMKRMJMGERXP] VIHYGIH
EFMPMX] XS HMWWMTEXI IRIVK] GSQTEVIH [MXL FIEQGSPYQR
NSMRXWQEHI[MXLRSVQEPWXVIRKXL GSRGVIXI8LI]MRHMGEXIH
XLEX[LMPIWTIGMQIRWXLEXQIXXLI.ETERIWIHIWMKRKYMHIPMRI
LEH EHIUYEXI FILEZMSV MX MW RSX GPIEV MJ E PIWW WXVMRKIRX
VIUYMVIQIRXWYGLEWXLEXSJ%'-[SYPHFIWYJJMGMIRX
JSV EHIUYEXI XSYKLRIWW YRHIV G]GPMG PSEHMRK 8LI]
GSRGPYHIH XLEX JYVXLIV IZEPYEXMSR SJ XLI .ETERIWI HIWMKR
KYMHIPMRI[EWRIIHIHJSVLMKLWXVIRKXLQEXIVMEPW
{6IGSQQIRHEXMSRW
&IGEYWIVIWIEVGLMRHMGEXIWXLEXXLIIUYEXMSRWJSVGEPGYPEXMRK
XLIWLIEVWXVIRKXLSJNSMRXWEVIGSRWIVZEXMZIJSVLMKLWXVIRKXL
GSRGVIXIRSGLERKIXSXLIGSHITVSZMWMSRWMWVIGSQQIRHIH
8LIVI EVI WMKRMJMGERX HMJJIVIRGIW MR XLI TVSZMWMSRW JSV XLI
VEXMSSJGSPYQRHMQIRWMSRTEVEPPIPXSXLIFIEQVIMRJSVGIQIRXXS
XLI HMEQIXIV SJ XLI PEVKIWX PSRKMXYHMREP FIEQ FEV [LMGL
IJJIGXMZIP]HIJMRIWXLIQMRMQYQMRXIVMSVGSPYQRHMQIRWMSR
FIX[IIR %'-  ERH FSXL XLI %-. (IWMKR +YMHIPMRI
  ERH 2>7  7XERHEVHW %WWSGMEXMSR SJ 2I[
>IEPERH   %'-  VIUYMVIW WMKRMJMGERXP] WQEPPIV
GSPYQR HMQIRWMSRW JSV NSMRXW [MXL LMKLWXVIRKXL GSRGVIXI
%PXLSYKL XLIVI MW GSRWIRWYW MR XLI PMXIVEXYVI XLEX XLI
QMRMQYQGSPYQRHMQIRWMSRWTIGMJMIHMR%'-MWRSX
WYJJMGMIRXXSTVIZIRXWPMTSJXLIVIMRJSVGIQIRXXLMWWMXYEXMSR
MWRSXWTIGMJMGXSLMKLWXVIRKXLGSRGVIXI8LIQEMRHMJJMGYPX]
JEGIH F]XLI -8+ [EW XLEX XLIVI[IVIRSVIJIVIRGIW JSYRH
IZEPYEXMRK XLI QMRMQYQ GSPYQR HMQIRWMSR WTIGMJMIH MR
%'-[LIRLMKLWXVIRKXLGSRGVIXI[EWYWIH%PXLSYKL
XLIVI MW I\TIVMQIRXEP IZMHIRGI JVSQ VIWIEVGL GEVVMIH SYX MR
.ETER XLEX XLI XSYKLRIWW SJ NSMRXW WYFNIGXIH XS VITIEXIH PSEH

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

VIZIVWEPW HIGVIEWIW [MXL MRGVIEWMRKGSQTVIWWMZI WXVIRKXLXLI

VIWIEVGLGSRHYGXIHMR.ETER[EWEMQIHEXIZEPYEXMRKXLITIVJSV
QERGISJNSMRXWTVSTSVXMSRIHEGGSVHMRKXSXLI.ETERIWIHIWMKR
TVSZMWMSRW*SVXLEXVIEWSRRSGSRWIRWYW[EWJSYRHSRLS[XS
QSHMJ]XLI%'-TVSZMWMSRWXSEGGSYRXJSVXLMWIJJIGX
',%48)6{()7-+23*7869'896%0;%007
7IMWQMGHIWMKRSJWXVYGXYVEP[EPPWMWGSZIVIHMR7IGXMSR
SJ%'-*SV[EPPW[MXLPS[EWTIGXVEXMSWXLITVMQEV]
HIWMKR GSRWMHIVEXMSR MW WLIEV WXVIRKXL %GGSVHMRK XS %'XLIRSQMREPWLIEVWXVIRKXLSJ[EPPWMWKMZIRF]
:R!%GZ G J G  X J]

%'-)U

[LIVIXLIGSIJJMGMIRX G!JSVL[ P[ JSVL[ P[

 JG ERHJ]MRTWM [LIVIXLIGSIJJMGMIRX G!JSV
L[ P[ JSVL[ P[ JG ERHJ] MR 14E  ERH
ZEVMIWPMRIEVP]MRFIX[IIR
8LIQMRMQYQEQSYRXSJ[IFVIMRJSVGIQIRXVIUYMVIHF]
XLI GSHI MW P ! X !  [MXL E QE\MQYQ WTEGMRK
FIX[IIRFEVWSJMRQQ 
-RWPIRHIV[EPPWXLIJPI\YVEPFILEZMSVSJXLI[EPPWMWQSWX
MQTSVXERX8LIQMRMQYQEQSYRXSJPSRKMXYHMREPVIMRJSVGIQIRX
MWWTIGMJMIHXSTVIZIRXTVIQEXYVIJEMPYVIHYIXSVYTXYVISJXLI
VIMRJSVGIQIRX8LIWMKRMJMGERGISJXLMWTVSFPIQMWKVIEXIVJSV
[EPPWQEHI[MXLLMKLWXVIRKXLGSRGVIXIFIGEYWIXLIHITXLSJ
XLI RIYXVEP E\MW HIGVIEWIW ERH XLI WXVEMR HIQERH MR XLI
VIMRJSVGIQIRXMRGVIEWIW[MXLGSQTVIWWMZIWXVIRKXL
%RSXLIVQSHISJJEMPYVIXLEXXLIGSHIMRXIRHWXSTVIZIRX
SV EX PIEWX TSWXTSRI XLVSYKL XLI YWI SJ WTIGMEP FSYRHEV]
IPIQIRXWEXXLIIHKIWSJWXVYGXYVEP[EPPWMWGVYWLMRKSJXLI
GSRGVIXIMRXLIGSQTVIWWMSR^SRIHYIXSJPI\YVEPHIQERHW
%GGSVHMRK XS %'-  GSQTVIWWMSR ^SRIW WLEPP FI
VIMRJSVGIH[MXLWTIGMEPFSYRHEV]IPIQIRXWMREVIEW[LIVI

P[


  Y k L [

L[





[LIVI GGSVVIWTSRHWXSXLIPEVKIWXRIYXVEPE\MWHITXLGEPGYPEXIH
JSV XLI JEGXSVIH E\MEP JSVGI ERH RSQMREPQSQIRX WXVIRKXL
GSRWMWXIRX [MXL XLI HIWMKR HMWTPEGIQIRX Y  MR 8LIWI
IPIQIRXWEPPS[TVSTIVGSRJMRIQIRXERHHYGXMPIFILEZMSVSJ
XLI GSQTVIWWMSR ^SRI (YI XS XLI EQSYRX SJ XVERWZIVWI
VIMRJSVGIQIRX VIUYMVIH LS[IZIV XLI YWI SJ FSYRHEV]
IPIQIRXWWMKRMJMGERXP]MRGVIEWIWXLIGSWXSJXLI[EPPW
{&SYRHEV]IPIQIRXVIUYMVIQIRXW
8LIIUYEXMSRXSHIXIVQMRI[LIXLIVFSYRHEV]IPIQIRXWEVI
VIUYMVIH WXIQW JVSQ IWXEFPMWLMRK E PMQMXMRK WXVEMR HIQERH
PMQXLEX XLI [EPP GER WYWXEMR [MXLSYX WTIGMEP GSRJMRIQIRX
WYGLXLEX
PMQ
G! 

PMQ



-8+6

*VSQ VIWIEVGL F] ;EPPEGI ERH 1SILPI   XLI

JSPPS[MRKI\TVIWWMSR[EWTVSTSWIHJSVXLIPMQMXMRKGYVZEXYVI

  P [ z L [   Y
P[
L[

PMQ! 



&IGEYWIXLIJMVWXXIVQ[MXLMRXLIWUYEVIFVEGOIXWMWWQEPP
GSQTEVIH [MXL XLI WIGSRH MX GER FI GSRWIVZEXMZIP]
RIKPIGXIHXSGEPGYPEXIXLIHITXLSJXLIRIYXVEPE\MW
P[
P[
PMQ
 ! 
 ! 

G! 
 Y
PMQ


 Y
L[
PMQ L [



8LI TVIZMSYW I\TVIWWMSR [EW HIVMZIH F] EWWYQMRK E

PMQMXMRKWXVEMRSJERHVSYRHMRKXLIXIVQ!
HS[R XS  8LI HIWMKR I\TVIWWMSR MQTPIQIRXIH MR %'MWXLYWMRXIRHIHXSVIUYMVIWTIGMEPFSYRHEV]IPIQIRXW
MJ XLI WXVEMR MR XLI I\XVIQI GSQTVIWWMSR JMFIV SJ E [EPP
I\GIIHW  JSV XLI HIWMKR HVMJX HIQERH -R XLI GYVVIRX
HIWMKR TVSGIHYVI XLI PMQMXMRK WXVEMR MW MRHITIRHIRX SJ XLI
GSRGVIXIGSQTVIWWMZIWXVIRKXL%PMQMXMRKWXVEMRSJLEW
FIIRWLS[RXSFIEWEJIPMQMXJSVRSVQEPWXVIRKXLGSRGVIXI
;EPPEGI 8LIQEMRGSRGIVRMRETTP]MRKXLMWTVSZMWMSR
XSLMKLWXVIRKXLGSRGVIXI[EPPWMW[LIXLIVEPMQMXMRKWXVEMRSJ
 VIQEMRW E WEJI ZEPYI EW XLI GSRGVIXI GSQTVIWWMZI
WXVIRKXLMRGVIEWIW
;EPPEGI WYKKIWXWXLEXEWMQMPEVPMQMXMRKWXVEMRJSV
RSVQEPERHLMKLWXVIRKXLGSRGVIXIGERFIEHSTXIHEPXLSYKL
KVIEXIV GSRWIVZEXMWQ QE] FI TVYHIRX JSV LMKLWXVIRKXL
GSRGVIXIKMZIRXLIVIPEXMZIP]FVMXXPIFILEZMSVSJYRGSRJMRIH
LMKLWXVIRKXLGSRGVIXI
%WTVIZMSYWP]WXEXIHMR7IGXMSR*EWGLMRKERH*VIRGL
  MRHMGEXI XLEX STMRMSRW EFSYX XLI PMQMXMRK WXVEMR JSV
LMKLWXVIRKXL GSRGVIXI EVI ZEVMIH 8LI XIWX HEXE WIX XLI]
GSQTMPIHLEHPMQMXMRKWXVEMRWVERKMRKJVSQERH
[MXLEREZIVEKIZEPYISJ%ZIVEKIZEPYIWJSVHEXEWIXW
[MXLXLIWEQIX]TISJEKKVIKEXI[IVIEPPEFSZI
&EI ERH &E]VEO   WYKKIWXIH EHSTXMRK E PS[IV
PMQMXMRK WXVEMR HYI XS SFWIVZIH WTEPPMRK EX PS[IV WXVEMRW MR
LMKLP] GSRJMRIH LMKLWXVIRKXL GSRGVIXI GSPYQRW 8LI]
EXXVMFYXIXLITVIQEXYVIWTEPPMRKSFWIVZIHMRXLIWIGSPYQRWXS
XLII\MWXIRGISJEJEMPYVITPERIGVIEXIHF]GPSWIP]WTEGIHLSSTW
3^FEOOEPSKPY ERH 7EEXGMSKPY   TVSTSWIH SR XLI
FEWMW SJ QSQIRXGYVZEXYVI EREP]WIW XLEX XLI PMQMXMRK
GSRGVIXIWXVEMRFIPMRIEVP]VIHYGIHJVSQJSVTWM
 14E  GSRGVIXI XS  JSV  TWM  14E
GSRGVIXI8LIMVEREP]WMWGSRWMWXIHSJJMRHMRKXLIQE\MQYQ
QSQIRXVIWMWXERGIERHXLIGSVVIWTSRHMRKI\XVIQIGSQTVIWWMSR
JMFIV WXVEMR JVSQ E WIVMIW SJ QSQIRXGYVZEXYVI HMEKVEQW
8LI]GSRGPYHIHXLEXEPXLSYKLXLISTXMQEPZEPYIWSJJPI\YVEP
WXVIRKXL [IVI SFXEMRIH F] ZEV]MRK XLI PMQMXMRK WXVEMR EW
TVSTSWIH XLI GEPGYPEXIH JPI\YVEP WXVIRKXL [EW RSX ZIV]
WIRWMXMZIXSXLIPMQMXMRKWXVEMRERHVIGSQQIRHIHEHSTXMRKE
GSRWXERXZEPYISJ

-8+6

%'-'311-88))6)4368

7EEXGMSKPYERH6E^ZM SFWIVZIHTVIQEXYVIWTEPPMRK

SJ GSZIV GSRGVIXI MR QSWX SJ XLI GSRGIRXVMGEPP] PSEHIH
GSPYQRWXLEXXLI]XIWXIHTVMSVXSXLIHIZIPSTQIRXSJWXVEMRW
EWWSGMEXIH [MXL GSRGVIXI GVYWLMRK 7MQMPEV XS &EI ERH
&E]VEO   XLI] EXXVMFYXIH XLI TVIQEXYVI WTEPPMRK MR
XLIWIGSPYQRWXSEWXEFMPMX]JEMPYVIGEYWIHF]EJEMPYVITPERI
MRHYGIHF]XLITVIWIRGISJGPSWIP]WTEGIHPSRKMXYHMREPERH
XVERWZIVWI WXIIP *YVXLIVQSVI XLI] MRHMGEXIH XLEX XLMW
TVSFPIQ[EW RSX SFWIVZIHMR GSPYQRW[MXL [MHIP]WTEGIH
XVERWZIVWIVIMRJSVGIQIRXXIWXIHF]6ERKERIXEP ERH
=SRKIXEP 
{7LIEVWXVIRKXLSJ[EPPW[MXLPS[EWTIGXVEXMSW
8IWXWSJPS[VMWI[EPPW[MXLLMKLWXVIRKXLGSRGVIXIGEVVMIH
SYXMR2SVXL%QIVMGEEVIWGEVGI;EPPEGI TIVJSVQIH
EREREP]WMWGSQTEVMRKXLIWXVIRKXLIWXMQEXIHYWMRKXLIWLIEV
HIWMKRIUYEXMSRMR%'-[MXLXIWXVIWYPXWSJPS[VMWI
[EPPWQEHISJ LMKLWXVIRKXLGSRGVIXIGEVVMIHSYX MR.ETER
8LIEREP]WMWF];EPPEGIWLS[IHXLEXXLIVEXMSSJQIEWYVIH
XSIWXMQEXIHWXVIRKXLHIGVIEWIH[MXLXLIVEXMS R J]JG 8LI
WXVIRKXLSJWIZIVEPWTIGMQIRW[MXL R J]JG [EWSZIV
IWXMQEXIH YWMRK XLI %'-  IUYEXMSR ,I GEVVMIH SYX E
WIGSRH GSQTEVMWSR YWMRK E HIWMKR TVSGIHYVI TVSTSWIH F]
;SSH %GGSVHMRKXS;SSHXLIWLIEVWXVIRKXLSJXLI
[EPPWMWKMZIRF]
:R!%WZ J]
 JG %GZ

:R  J G %GZ JG MRTWM

 J G %GZ




:R  J G %GZ JG MR14E

[LIVI %WZ MWXLIXSXEPEVIESJZIVXMGEPVIMRJSVGIQIRXERH%GZ

MWXLIEVIESJXLI[EPPFSYRHIHF]XLI[IFXLMGORIWWERHXLI
[EPPPIRKXL;EPPEGIJSYRHXLEXJSVXLILMKLWXVIRKXL[EPPW
[MXL HMJJIVIRX EQSYRXW SJ ZIVXMGEP VIMRJSVGIQIRX XIWXIH MR
.ETERXLIIUYEXMSRTVSTSWIHF];SSHTVSZMHIHEYRMJSVQ
VEXMSSJQIEWYVIHXSGEPGYPEXIHWLIEVWXVIRKXL8LIEZIVEKI
VEXMS SJ QIEWYVIH XS GEPGYPEXIH WXVIRKXL [EW  [MXL E
GSIJJMGMIRXSJZEVMEXMSRSJ ;EPPEGIEPWSWLS[IHXLEXJSV
LMKLWXVIRKXLGSRGVIXI[EPPWWLIEVWXVIRKXL[EWRSXWIRWMXMZIXS
XLI EQSYRX SJ [IF VIMRJSVGIQIRX ERH WYKKIWXIH YWMRK E
WLIEVWXVIRKXLSJ J G %GZMRTWM  J G %GZ?MR14EA
EWEWEJIPS[IVFSYRH
/EFI]EWE[EERH,MVEMWLM TVIWIRXIHEWYQQEV]SJ
XIWXWSRLMKLWXVIRKXLGSRGVIXI[EPPWGSRHYGXIHMR.ETER
[MXLGSQTVIWWMZIWXVIRKXLWVERKMRKJVSQXSTWM
 XS  14E  8LI TEVEQIXIVW SJ XLI I\TIVMQIRXEP
TVSKVEQ[IVIXLIGSRGVIXIGSQTVIWWMZIWXVIRKXLXLIXVERW
ZIVWIERHPSRKMXYHMREPVIMRJSVGIQIRXVEXMSWXLIE\MEPPSEH
XLIX]TISJFSYRHEV]IPIQIRXERHXLIWLIEVWTERHITXLVEXMS
7M\ SJ XLI WTIGMQIRW [IVI HIWMKRIH XS VIEGL JPI\YVEP
]MIPHMRKFIJSVIWLIEVJEMPYVI
7TIGMQIRWHIWMKRIHXSJEMPMRWLIEVLEHHMJJIVIRXEQSYRXW
SJ [IF VIMRJSVGIQIRX %PP WLIEVGVMXMGEP WTIGMQIRW JEMPIH
HYI XS GVYWLMRK SJ XLI GSRGVIXI MR XLI [IF SJ XLI [EPP

7TIGMQIRW[MXLPS[IVEQSYRXWSJ[IFVIMRJSVGIQIRXJEMPIH
EJXIV]MIPHMRKSJXLEXVIMRJSVGIQIRXERHXLIMVWXVIRKXL[EW
WEJIP]IWXMQEXIHF]XLI.ETERIWIWIMWQMGHIWMKRKYMHIPMRI-R
WTIGMQIRW [MXL LMKL EQSYRXW SJ XVERWZIVWI VIMRJSVGIQIRX
JEMPYVISGGYVVIHHYIXSGVYWLMRKSJXLI[IFGSRGVIXIFIJSVI
]MIPHMRK SJ XLI [IF VIMRJSVGIQIRX ERH XLIMV WXVIRKXL [EW
SZIVIWXMQEXIHF]XLI.ETERIWIHIWMKRKYMHIPMRI8LI.ETERIWI
KYMHIPMRIMWFEWIHSREWXVYXERHXMIETTVSEGLMR[LMGLXLI
XSXEPWXVIRKXLMWXLIWYQSJXLIWXVIRKXLGSRXVMFYXMSRWJVSQ
XVYWWERHEVGLEGXMSR8LITVSGIHYVIMWFEWIHSRIWXMQEXMRK
XLIHIQERHSRXLIGSRGVIXITPEGIHF]XLIXVYWWQIGLERMWQ
ERH[LEXIZIVGETEGMX]MWPIJXMJER]MWEWWMKRIHXSXLIHMVIGX
WXVYX QIGLERMWQ /EFI]EWE[E ERH ,MVEMWLM   EPWS
MRHMGEXIHXLEXEPXLSYKLXLI[EPPWHIWMKRIHXSJEMPMRJPI\YVI
[IVIEFPIXSWYWXEMRHIJSVQEXMSRWTEWXXLI]MIPHTSMRXSJXLI
JPI\YVEPVIMRJSVGIQIRXXLIIRIVK]HMWWMTEXIHEWMRHMGEXIHF]
XLIL]WXIVIWMWPSSTW[EWVIPEXMZIP]PS[8LI]MRHMGEXIHXLEX
IUYMZEPIRX HEQTMRK GSIJJMGMIRXW JSV XLI LMKLWXVIRKXL
GSRGVIXI [EPPW [IVI SR XLI SVHIV SJ  XS   [LMPI XLIWI
ZEPYIWJSVRSVQEPWXVIRKXL[EPPWEVIGSRWMHIVEFP]LMKLIVSR
XLISVHIVSJ -REHHMXMSRXLIL]WXIVIWMWPSSTWI\LMFMXIH
TMRGLMRKFILEZMSV
{1MRMQYQXIRWMPIVIMRJSVGIQIRXVIUYMVIQIRXW
MR[EPPW
*EMPYVISJPMKLXP]VIMRJSVGIHWXVYGXYVEP[EPPWQE]SGGYVMR
WSQIMRWXERGIWEXVIPEXMZIP]PS[PIZIPWSJHVMJXHYIXSJVEGXYVI
SJ XLI XIRWMPI VIMRJSVGIQIRX ;SSH   % HSGYQIRXIH
GEWISJXLMWX]TISJJEMPYVISGGYVVIHMRERIMKLXWXSV]WXVYGXYVEP
[EPPFYMPHMRKXLEXWYJJIVIHWIZIVIHEQEKIERHJVEGXYVISJXLI
XIRWMPI VIMRJSVGIQIRX RIEV XLI FEWI SJ XLI WXVYGXYVEP [EPPW
HYVMRK XLI  'LMPIER IEVXLUYEOI ;SSH  
%GGSVHMRKXS;SSHXLIHEQEKIH[EPPWLEHGEPGYPEXIHXIRWMPI
WXVEMRW MR XLI FSYRHEV] VIMRJSVGIQIRX XLEX [IVI X[MGI XLI
QIEWYVIHJVEGXYVIWXVEMRSJXLIVIMRJSVGIQIRX
8LMW TVSFPIQ GER FI I\EGIVFEXIH F] XLI YWI SJ LMKL
WXVIRKXLGSRGVIXIFIGEYWIXLIHITXLSJXLIGSQTVIWWMSR^SRI
RIIHIHXSIUYMPMFVEXIXLIJSVGIMRXLIXIRWMPIVIMRJSVGIQIRXMW
GSRWMHIVEFP]PIWWXLERMR[EPPW[MXLRSVQEPWXVIRKXLGSRGVIXI
&EWIH SR VIWYPXW JVSQ  WXVYGXYVEP [EPP XIWXW ;SSH
TVSTSWIHX[SHMJJIVIRXGVMXIVMEXLEXQE]FIYWIHXSHIXIVQMRI
XLI ZYPRIVEFMPMX] SJ [EPPW XS JEMPYVI HYI XS JVEGXYVI SJ XLI
XIRWMPIVIMRJSVGIQIRX8LIJMVWXGVMXIVMSRYWIWXLIGEPGYPEXIH
WXIIP WXVEMR MR XLI I\XVIQI PE]IV SJ VIMRJSVGIQIRX EX XLI
RSQMREP JPI\YVEP WXVIRKXL SJ XLI GVSWW WIGXMSR EW ER MRHI\
ZEPYI&IGEYWIXLIVI[IVIWIZIVEP[EPPW[MXLMRXLIWIX[MXL
GEPGYPEXIHWXIIPWXVEMRWKVIEXIVXLER XLEXJEMPIHMRWLIEV
LS[IZIV ;SSH GSRGPYHIH XLEX XLI GEPGYPEXIH WXIIP WXVEMR
GERRSX FI YWIH EW XLI WSPI GVMXIVMSR JSV HIXIVQMRMRK XLI
WYWGITXMFMPMX]SJE[EPPXSJVEGXYVISJXLIVIMRJSVGIQIRX
-X[EWSFWIVZIHXLEXSJXLIWYFWIXSJ[EPPW[MXLEWLIEV
WXVIWWMRHI\KVIEXIVXLERJEMPIHMRWLIEVERHSJXLI
[EPPWXLEXHIZIPSTIHEWLIEVWXVIWWMRHI\PIWWXLER
JEMPIHMRJPI\YVI8LIWLIEVWXVIWWMRHI\[EWHIJMRIHF]
;SSHEWZQE\ ZR [LIVIZQE\MWXLIQE\MQYQWLIEVWXVIWW
HIQERHSRXLI[EPPERH

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

ZR! J G  R J]  J G TWM



ZR! JG  R J]  J G 14E

;MXLMRXLIWYFWIXSJ[EPPW[MXLWLIEVWXVIWWMRHI\IWFIPS[
 ;SSH SFWIVZIH XLEX  SJ XLI  [EPPW [MXL XSXEP
ZIVXMGEPVIMRJSVGIQIRXVEXMSW [XPIWWXLER [IVIWYWGITXMFPI
XS JVEGXYVI SJ XLI XIRWMPI VIMRJSVGIQIRX *VEGXYVI SJ XLI
VIMRJSVGIQIRX [EW SFWIVZIH MR [EPPW [MXL GEPGYPEXIH WXIIP
WXVEMRWMRXLII\XVIQIPE]IVSJVIMRJSVGIQIRXEWPS[EW 
%PMQMXSJ [EWTVSTSWIHEW EVIEWSREFPI FSYRHEV] JSV
MHIRXMJ]MRK[EPPWXLEXEVIPMOIP]XSJEMPHYIXSJVEGXYVISJXLI
VIMRJSVGIQIRX
8LIWIGSRHGVMXIVMSRMWFEWIHSRXLIJPI\YVEPWXVIWWMRHI\
GJW[[LMGLMWVITVIWIRXEXMZISJXLIVEXMSSJRIYXVEPE\MWHITXL
XS[EPPPIRKXLERHMWKMZIRF]
[X J ]P  4 k % [
G JW[ ! 

JG



[LIVI

[X

% W[F  % W[[
! 

%[



[LIVI
XSXEPZIVXMGEPVIMRJSVGIQIRXVEXMSSJXLI[EPP
KVSWWEVIESJXLI[EPP
EVIESJZIVXMGEPVIMRJSVGIQIRXMRXLIFSYRHEV]
IPIQIRX SJ XLI [EPP XLI TEVXMGMTEXMSR SJ XLI
WXIIPMRXLIGSQTVIWWMSRFSYRHEV]IPIQIRXMW
MKRSVIH MR XLI JSVQYPEXMSR FIGEYWI MX [EW
EWWYQIHXLEXXLIRIYXVEPE\MWHITXLMWWQEPP 
%W[[
! XSXEPEVIESJZIVXMGEPVIMRJSVGIQIRXMRXLI[IF
SJXLI[EPPI\GPYHMRKFSYRHEV]IPIQIRXWERH
4
! E\MEP PSEH SR XLI [EPP [MXL E TSWMXMZI ZEPYI
VITVIWIRXMRKEGSQTVIWWMZIJSVGI
;SSHRSXIHXLEXSJXLIWTIGMQIRWMR[LMGLXLIQEMR
VIMRJSVGIQIRXHMHRSXJVEGXYVILEHJPI\YVEPWXVIWWMRHI\IW
KVIEXIVXLER ERHWYKKIWXIHXLEXWXVYGXYVEP[EPPWWYWGIT
XMFPIXSJVEGXYVISJXLIXIRWMPIVIMRJSVGIQIRXEVIXLSWI[MXLE
JPI\YVEPWXVIWWMRHI\FIPS[ 
&SXLSJXLIX[SVIUYMVIQIRXWTVSTSWIHF];SSHQE]FI
MRXIVTVIXIH EW TVIWGVMFMRK E QMRMQYQ EQSYRX SJ XIRWMPI
VIMRJSVGIQIRXMRWXVYGXYVEP[EPPW
[X

%[
%W[F

!
!
!

{6IGSQQIRHEXMSRW
8LIPMXIVEXYVIWYVZI]MRHMGEXIWXLEXHIWMKRTVSZMWMSRWJSV
XLIHIXEMPMRKSJFSYRHEV]IPIQIRXWMRWPIRHIV[EPPWMR%' EVI EHIUYEXI JSV LMKLWXVIRKXL GSRGVIXI ERH RS
WMKRMJMGERXGLERKIMWRIGIWWEV]8LIXIGLRMGEPVIJIVIRGIWMR
[LMGLEPS[IVPMQMXMRKGSQTVIWWMZIWXVEMR[EWWYKKIWXIHJSV
LMKLWXVIRKXL GSRGVIXI GSPYQRW EXXVMFYXIH XLI RIIH JSV E
PS[IV PMQMXMRK WXVEMR XS XLI I\MWXIRGI SJ E JEMPYVI TPERI
GEYWIHF]GPSWIP]WTEGIHXMIWSVXSERSZIVIWXMQEXMSRSJXLI

-8+6

JPI\YVEPWXVIRKXL8LIJSVQIVMWRSXEGSRGIVRMRXLIGEWISJ
IRHVIKMSRWSJ[EPPW[MXLSYXFSYRHEV]IPIQIRXW[LMPIXLI
PEXXIV MW RSX E GSRGIVR FIGEYWI XLI PMQMXMRK WXVEMR SJ XLI
GSRGVIXI MW RSX PMOIP]XS LEZI E WMKRMJMGERX IJJIGX SR XLI
GEPGYPEXIHJPI\YVEPWXVIRKXLSJWPIRHIV[EPPW
3RIEVIESJGSRGIVRMWXLIFILEZMSVSJ[EPPW[MXLZIV]PMKLX
EQSYRXWSJPSRKMXYHMREPVIMRJSVGIQIRX%WMQTPITVSGIHYVI
[EWTVSTSWIHF];SSHXSTVIZIRX[EPPJEMPYVIHYIXSJVEGXYVI
SJXLIXIRWMSRVIMRJSVGIQIRX
-RXLIGEWISJ[EPPW[MXLPS[EWTIGXVEXMSWXLIWXYH]F]
;EPPEGI WLS[IHXLEXWLIEVWXVIRKXLIUYEXMSRWMR%'FIGSQIPIWWGSRWIVZEXMZIEWXLIEQSYRXSJXVERWZIVWI
VIMRJSVGIQIRX MRGVIEWIW MR [EPPW [MXL LMKLWXVIRKXL
GSRGVIXI*SVLMKLEQSYRXWSJXVERWZIVWIVIMRJSVGIQIRXXLI
IUYEXMSRJSVWLIEVWXVIRKXLMR%'-[EWJSYRHXSFI
YRGSRWIVZEXMZI3RIZMEFPISTXMSRXSSFXEMREYRMJSVQPIZIP
SJWEJIX]MWXSEHSTXXLIIUYEXMSRWTVSTSWIHF];SSH8LI
QEMRHMWEHZERXEKISJXLMWSTXMSRMWXLEXXLIPIZIPSJGSRWIV
ZEXMWQ [EW JSYRH XS FI UYMXI PEVKI JSV LMKLWXVIRKXL
GSRGVIXI %RSXLIV EPXIVREXMZI MW XS VIGSQQIRH XLI YWI SJ
WXVYXERHXMIQSHIPWJSPPS[MRKXLIVIGSQQIRHEXMSRWTVIWIRXIH
MR'LETXIV
8LI WXYH] F] ;EPPEGI MRHMGEXIH XLEX XLI GYVVIRX %'TVSGIHYVI [EW YRGSRWIVZEXMZI JSV WIZIVEP LMKLWXVIRKXL
GSRGVIXI[EPPW[MXL R J] JG 8LIWIGEWIWLS[IZIV
EVI VEVI MR IEVXLUYEOIVIWMWXERX GSRWXVYGXMSR 8LMW GSRGIVR
QE]FIEHHVIWWIH[MXLEREHHMXMSRXSXLIGSQQIRXEV]XS
%'-  7IGXMSR  MRHMGEXMRK XLEX XLI GYVVIRX
HIWMKR IUYEXMSRW QE] ]MIPH YRGSRWIVZEXMZI IWXMQEXIW SJ
WLIEV WXVIRKXL JSV LMKLWXVIRKXL GSRGVIXI [EPPW [MXL LMKL
EQSYRXWSJXVERWZIVWIVIMRJSVGIQIRX
',%48)6{0-783*463437)(
13(-*-'%8-32783%'-
3RISJXLIQEMRKSEPWSJXLMWVITSVX[EWXSTVIWIRXEWIVMIW
SJVIGSQQIRHEXMSRWJSVXLIYWISJLMKLWXVIRKXLGSRGVIXIMR
WIMWQMG HIWMKR 8LI QEMR TYVTSWI SJ XLI PMXIVEXYVI VIZMI[
TVIWIRXIHMRXLITVIZMSYWGLETXIVWSRWXVYGXYVEPHIWMKR[EW
XS MHIRXMJ] WTIGMJMG WIGXMSRW SJ %'- XLEX WLSYPH FI
VIZMWIH XS EPPS[ JSV XLI YWI SJ LMKLWXVIRKXL GSRGVIXI MR
WIMWQMG HIWMKR %PXLSYKL WSQI SJ XLI GLERKIW XLEX [IVI
TVSTSWIH [IVI MRXIRHIH XS JEGMPMXEXI E WQSSXL XVERWMXMSR
FIX[IIRRSVQEPERHLMKLWXVIRKXLGSRGVIXIXLIQENSVMX]SJ
XLIQ WTIGMJMGEPP] EHHVIWW WXVYGXYVEP HIWMKR YWMRK LMKL
WXVIRKXLGSRGVIXI
8LIJSPPS[MRK EVI WTIGMJMG QSHMJMGEXMSRWXS%'-
MRXIRHIHJSVXLIWEJIYWISJLMKLWXVIRKXLGSRGVIXIMRWIMWQMG
HIWMKR7IGXMSRRYQFIVWEVIRSXIH[LIVIETTPMGEFPI7-YRMXW
EVI RSX VITIEXIH MR XLMW 'LETXIV JSV GPEVMX] 7II TVIZMSYW
GLETXIVWJSV7-IUYMZEPIRXW
{4VSTSWIHQSHMJMGEXMSRWXSIUYMZEPIRX
VIGXERKYPEVWXVIWWFPSGO
8LIJSPPS[MRK GLERKIW EVITVSTSWIHXS XLIIUYMZEPIRX
VIGXERKYPEVWXVIWWMR%'-
'LERKIWERHEHHMXMSRWXS7IGXMSR{
! JEGXSVVIPEXMRKQEKRMXYHISJYRMJSVQWXVIWWMR

XLI IUYMZEPIRX VIGXERKYPEV GSQTVIWWMZI WXVIWW

-8+6

%'-'311-88))6)4368

FPSGO XS WTIGMJMIH GSQTVIWWMZI WXVIRKXL SJ

GSRGVIXIEWHIJMRIHMR'LETXIV
!
JEGXSVVIPEXMRKHITXLSJIUYMZEPIRXVIGXERKYPEV

GSQTVIWWMZIWXVIWWFPSGOXSRIYXVEPE\MWHITXL
WII   'LETXIVW  
%TTIRHM\&
! JEGXSV VIPEXMRK QIER GSRGVIXI GSQTVIWWMZI

WXVIWW EX E\MEP PSEH JEMPYVI SJ GSRGIRXVMGEPP]
PSEHIH GSPYQRW XS WTIGMJMIH GSQTVIWWMZI
WXVIRKXL SJ GSRGVIXI EW HIJMRIH MR 
'LETXIV
'LERKIWXS7IGXMSR{
 'SRGVIXIWXVIWWSJ JG WLEPPFIEWWYQIH
YRMJSVQP]HMWXVMFYXIHSZIVERIUYMZEPIRXGSQTVIWWMSR^SRI
FSYRHIH F] IHKIW SJ XLI GVSWW WIGXMSR ERH E WXVEMKLX PMRI
PSGEXIHTEVEPPIPXSXLIRIYXVEPE\MWEXEHMWXERGIE! GJVSQ
XLIJMFIVSJQE\MQYQGSQTVIWWMZIWXVEMR
 *SV JG FIX[IIRERHTWM WLEPPFI
XEOIR EW*SV JG  EFSZITWM WLEPP FI VIHYGIH
PMRIEVP]EXEVEXISJJSVIEGL TWMSJWXVIRKXL MR
I\GIWWSJTWMFYX WLEPPRSXFIXEOIRPIWWXLER
 (MWXERGIJVSQXLIJMFIVSJQE\MQYQ
WXVEMRXSXLIRIYXVEPE\MWGWLEPPFIQIEWYVIHMREHMVIGXMSR
TIVTIRHMGYPEVXSXLEXE\MW
 *SVJG FIX[IIRERHTWM 
WLEPP FIXEOIR EW  *SV JG EFSZI  TWM WLEPP FI
VIHYGIHPMRIEVP]EXEVEXISJJSVIEGLTWMSJWXVIRKXL
MRI\GIWWSJTWMFYX WLEPPRSXFIXEOIRPIWWXLER
'LERKIWXS7IGXMSR{
 *SV RSRTVIWXVIWWIH QIQFIVW [MXL WTMVEP
VIMRJSVGIQIRXGSRJSVQMRKXSSVGSQTSWMXIQIQFIVW
GSRJSVQMRK XS  SV GSRJMRIH GSPYQRW GSRJSVQMRK XS
XLVSYKLJSVXLIJYPPLIMKLXSJXLIGSPYQR
4RQE\! ?JG %Kz%WX J]%WXA



4RQE\! ? JG %Kz%WX J]%WXA



 *SVRSRTVIWXVIWWIHQIQFIVW[MXLXMIVIMRJSVGIQIRX
GSRJSVQMRKXS
4RQE\! ?JG %Kz%WX J]%WXA



4RQE\! ? JG %Kz%WX J]%WXA



 *SVTVIWXVIWWIHQIQFIVWHIWMKRE\MEPWXVIRKXL
4RWLEPPRSXFIXEOIRKVIEXIVXLERJSVQIQFIVW[MXL
WTMVEP VIMRJSVGIQIRX  SV  JSV QIQFIVW [MXL XMI VIMR
JSVGIQIRX SJXLIHIWMKRE\MEPWXVIRKXLEX^IVSIGGIRXVMGMX]
4S GEPGYPEXIH EWWYQMRK GSRGVIXI WXVIWW SJ JG YRMJSVQP]
HMWXVMFYXIHEGVSWWXLIIRXMVIHITXLSJXLIWIGXMSR
 *SV JG FIX[IIRERHTWM WLEPP
FI XEOIR EW  *SV JG EFSZI  TWM  WLEPP FI
VIHYGIH PMRIEVP] EX E VEXI SJ  JSV IEGL  TWM SJ
WXVIRKXLMRI\GIWWSJTWMFYX WLEPPRSXFIXEOIR
PIWWXLER

{4VSTSWIHQSHMJMGEXMSRWVIPEXIHXS
GSRJMRIQIRXSJTSXIRXMEPTPEWXMGLMRKIVIKMSRW
%HHMXMSRXS7IGXMSR{
OZI
! GSRJMRIQIRXIJJMGMIRG]JEGXSV7II)U==
'LERKIWXS7IGXMSR{
 6IMRJSVGIQIRX MR QIQFIVW VIWMWXMRK IEVXLUYEOI
MRHYGIH JSVGIW{6IMRJSVGIQIRX VIWMWXMRK IEVXLUYEOI
MRHYGIHJPI\YVEPERHE\MEPJSVGIWMRJVEQIQIQFIVWERHMR
WXVYGXYVEP[EPPFSYRHEV]IPIQIRXWWLEPPGSQTP][MXL%781
%%781%+VEHIWERHERH14E
VIMRJSVGIQIRXWLEPPFITIVQMXXIHMRXLIWIQIQFIVWMJ
E 8LIEGXYEP]MIPHWXVIRKXLFEWIHSRQMPPXIWXWHSIWRSX
I\GIIH J]F]QSVIXLERTWMVIXIWXWWLEPPRSXI\GIIH
XLMWZEPYIF]QSVIXLEREREHHMXMSREPTWM ERH
F  8LI VEXMS SJ XLI EGXYEP XIRWMPI WXVIRKXL XS XLI EGXYEP
]MIPHWXVIRKXLMWRSXPIWWXLER
8LI ZEPYI SJ J]X JSV XVERWZIVWI VIMRJSVGIQIRX MRGPYHMRK
WTMVEPVIMRJSVGIQIRXWLEPPRSXI\GIIHTWM 8LIYWISJ
XVERWZIVWIVIMRJSVGIQIRX[MXLEWTIGMJMIH]MIPHWXVIRKXLRSX
I\GIIHMRKTWMWLEPPFITIVQMXXIH[LIRVIUYMVIHXS
QIIXXLIGSRJMRIQIRXVIUYMVIQIRXWKMZIRF])U<< 
8LI]MIPHWXVIRKXLSJXLIVIMRJSVGIQIRXWLEPPFIQIEWYVIHF]
XLI SJJWIX QIXLSH SJ %781 %  YWMRK  TIVQERIRX
SJJWIX8LIVIUYMVIQIRXSJ7IGXMSRWLEPPFIMRETTPM
GEFPIXSWYGLLMKLWXVIRKXLXVERWZIVWIVIMRJSVGIQIRX
6ITPEGI7IGXMSR[MXLXLIJSPPS[MRK{
 8VERWZIVWI VIMRJSVGIQIRX EW VIUYMVIH MR E
XLVSYKL G  WLEPP FI TVSZMHIH YRPIWW E PEVKIV EQSYRX MW
VIUYMVIHF]SV
E 8LIEVIEVEXMSSJXVERWZIVWIVIMRJSVGIQIRXWLEPPRSXFI
PIWWXLERXLEXVIUYMVIHF])U<<

JG %K
4Y
  
!  
  z  
J ]X %GL
%
OZI K J G

<<

[LIVI %K %GLz ERH4Y %K JG 

F 8VERWZIVWIVIMRJSVGIQIRXWLEPPLEZIIMXLIVGMVGYPEVSV
VIGXERKYPEV KISQIXV] 6IMRJSVGIQIRX JSV GSPYQRW [MXL
GMVGYPEVKISQIXV]WLEPPFIMRXLIJSVQSJWTMVEPWSVLSSTWJSV
[LMGL OZI !6IMRJSVGIQIRXJSVGSPYQRW[MXLVIGXERKYPEV
KISQIXV]WLEPPFITVSZMHIHMRXLIJSVQSJWMRKPISVSZIVPETTMRK
LSSTW 'VSWWXMIW SJ XLI WEQI FEV WM^I ERH WTEGMRK EW XLI
LSSTW WLEPP FI TIVQMXXIH )EGL IRH SJ XLI GVSWWXMI WLEPP
IRKEKIETIVMTLIVEPPSRKMXYHMREPVIMRJSVGMRKFEV'SRWIGYXMZI
GVSWWXMIWWLEPPFIEPXIVREXIHIRHJSVIRHEPSRKXLIPSRKMXYHMREP
VIMRJSVGIQIRX 8LI TEVEQIXIV OZI JSV VIGXERKYPEV LSST
VIMRJSVGIQIRXWLEPPFIHIXIVQMRIHF])U==
F
O ZI ! G
WL \



==

G -JXLIXLMGORIWWSJXLIGSRGVIXISYXWMHIXLIGSRJMRMRK
XVERWZIVWIVIMRJSVGIQIRXI\GIIHWMREHHMXMSREPXVERWZIVWI
VIMRJSVGIQIRXWLEPPFITVSZMHIHEXEWTEGMRKRSXI\GIIHMRK
MR'SRGVIXIGSZIVSRXLIEHHMXMSREPVIMRJSVGIQIRXWLEPP
RSXI\GIIHMR

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

'LERKIWXS7IGXMSR{
'SPYQRWWLEPPFIWTMVEPP]VIMRJSVGIHMREGGSV
HERGI [MXL  SV WLEPP GSRJSVQ XS  XLVSYKL
 7IGXMSR  WLEPP ETTP]
XSEPPGSPYQRW
%X FSXL IRHW SJ XLI QIQFIVLSSTW WLEPP FI
TVSZMHIHEXWTEGMRK WSSZIVEPIRKXLPSQIEWYVIHJVSQXLI
NSMRXJEGI7TEGMRKWSWLEPPRSXI\GIIHXLIWQEPPIWXSJE F 
G  ERH H  E  IMKLX XMQIW XLI HMEQIXIV SJ XLI WQEPPIWX
PSRKMXYHMREPFEVIRGPSWIHF XMQIWXLIHMEQIXIVSJXLILSST
FEVG SJXLIWQEPPIWXGVSWWWIGXMSREPHMQIRWMSRSJXLI
JVEQIQIQFIVH MRPIRKXLPSWLEPPRSXFIPIWWXLERXLI
PEVKIWX SJ I  J  ERH K  I   SJ XLI GPIEV WTER SJ XLI
QIQFIV J  QE\MQYQ GVSWWWIGXMSREP HMQIRWMSR SJ XLI
QIQFIVERHK MR
*SVQIQFIVWMR[LMGLXLIWTIGMJMIHGSRGVIXI
GSQTVIWWMZI WXVIRKXL MW KVIEXIV XLER  TWM XVERWZIVWI
VIMRJSVGIQIRXEWVIUYMVIHMRE ERHF WLEPPFITVSZMHIHEX
FSXLIRHWSJXLIQIQFIVSZIVEPIRKXLPSQIEWYVIHJVSQXLI
NSMRXJEGI
E 1IQFIVW[MXLXVERWZIVWIVIMRJSVGIQIRX[MXLVIGXMPMRIEV
KISQIXV]WLEPPRSXFIPIWWXLERXLEXVIUYMVIHF])U>>

J %
4Y
!  G K z  
J ]X %GL
% K JG

>>

F  1IQFIVW [MXL XVERWZIVWI VIMRJSVGIQIRX [MXL GMVGYPEV

KISQIXV]WLEPPRSXFIPIWWXLERXLEXVIUYMVIHF])U;;

JG %K
4Y
!  
  z  
J ]X % GL
%K JG

;;

[LIVI %K %GLz ERH4Y %K JG 

 8LI JMVWX LSST WLEPP FI PSGEXIH RSX
QSVIXLERWSJVSQXLINSMRXJEGI
 3YXWMHI XLI PIRKXL PS WTEGMRK SJ
XVERWZIVWIVIMRJSVGIQIRXWLEPPGSRJSVQXSERH
.SMRXXVERWZIVWIVIMRJSVGIQIRXWLEPP
GSRJSVQXS
{4VSTSWIHQSHMJMGEXMSRWVIPEXIHXSFSRHERH
HIZIPSTQIRXSJVIMRJSVGIQIRX
%HHMXMSRWXS7IGXMSR{
%WT
! XSXEP GVSWWWIGXMSREP EVIE SJ EPP XVERWZIVWI
VIMRJSVGIQIRXXLEXMW[MXLMRXLIWTPMGISVHIZIP
STQIRX PIRKXL ERH XLEX GVSWWIW XLI TSXIRXMEP
TPERI SJ WTPMXXMRK XLVSYKL XLI VIMRJSVGIQIRX
FIMRKWTPMGIHSVHIZIPSTIHMR
%FQE\ ! GVSWWWIGXMSREPEVIESJPEVKIWXFEVFIMRKWTPMGIH
SVHIZIPSTIHMR
'LERKIWXS'LETXIV{
 0ET WTPMGIWSJJPI\YVEP VIMRJSVGIQIRX WLEPP FI
TIVQMXXIH SRP] MJ LSST SVWTMVEP VIMRJSVGIQIRX MW TVSZMHIH
SZIVXLIPETPIRKXL;LIRXLIZEPYISJ J G I\GIIHWTWM
PHWLEPPFIGEPGYPEXIHYWMRKIMXLIVSV[MXL/XV!
 ERHXVERWZIVWIVIMRJSVGIQIRXGVSWWMRKXLITSXIRXMEPTPERI
SJWTPMXXMRKWLEPPFITVSZMHIHSZIVXLIXIRWMSRWTPMGIPIRKXL

-8+6

[MXL E QMRMQYQ XSXEP GVSWWWIGXMSREP EVIE %WT KMZIR F]

)U %%
%WT!R%FQE\JG 

%%

[LIVI RMWXLIRYQFIVSJFEVWSV[MVIWFIMRKWTPMGIHEPSRK
XLITPERISJWTPMXXMRK
1E\MQYQ WTEGMRK SJ XLI XVERWZIVWI VIMRJSVGIQIRX
IRGPSWMRKXLIPETTIHFEVWWLEPPRSXI\GIIHHSVMR ERH
XLI QMRMQYQ LSST SV WTMVEP FEV WM^I WLEPP FI 2S  0ET
WTPMGIWWLEPPRSXFIYWIH
E [MXLMRXLINSMRXW
F [MXLMREHMWXERGISJX[MGIXLIQIQFIVHITXLJVSQXLI
JEGISJXLINSMRXERH
G [LIVIEREP]WMWMRHMGEXIWJPI\YVEP]MIPHMRKMWGEYWIHF]
MRIPEWXMGPEXIVEPHMWTPEGIQIRXWSJXLIJVEQI
 1IGLERMGEPWTPMGIWWLEPPGSRJSVQXSERH
[IPHIHWTPMGIWWLEPPGSRJSVQXS0ETWTPMGIWWLEPPFI
TIVQMXXIHSRP][MXLMRXLIGIRXIVLEPJSJXLIQIQFIVPIRKXL
0ETWTPMGIWWLEPPFIHIWMKRIHEWXIRWMSRPETWTPMGIWMREGGSV
HERGI[MXL ERHWLEPPFIIRGPSWIH[MXLXVERWZIVWI
VIMRJSVGIQIRXGSRJSVQMRKXSERHERHXLI
QE\MQYQWTEGMRKSJXVERWZIVWIVIMRJSVGIQIRXMRPETWTPMGIW
WLEPPFIEWKMZIRF]8LIXVERWZIVWIVIMRJSVGIQIRX
EPWSWLEPPGSRJSVQXS
 8LI HIZIPSTQIRX PIRKXL PHL JSV E FEV [MXL E
WXERHEVH HIKVII LSSO MR RSVQEP[IMKLX EKKVIKEXI
GSRGVIXIWLEPPRSXFIPIWWXLERXLIPEVKIWXSJHFMRERH
XLIPIRKXLWVIUYMVIHF])U ERH&&
J]HF
P HL ! 

 J G



J] HF
P H L ! 

k
J G

&&

JSVFEVWM^IW2SXLVSYKL
 6IMRJSVGIQIRX MR WXVYGXYVEP [EPPW WLEPP FI
HIZIPSTIH SV WTPMGIH JSV J] MR XIRWMSR MR EGGSVHERGI [MXL
'LETXIVI\GITX
E  8LI IJJIGXMZI HITXL SJ XLI QIQFIV VIJIVIRGIH MR
WLEPPFITIVQMXXIHXSFIP[JSV[EPPW
F 8LIVIUYMVIQIRXWSJERHRIIHRSX
FIWEXMWJMIH
G %XPSGEXMSRW[LIVI]MIPHMRKSJPSRKMXYHMREPVIMRJSVGI
QIRXMWPMOIP]XSSGGYVEWEVIWYPXSJPEXIVEPHMWTPEGIQIRXW
HIZIPSTQIRXPIRKXLWSJPSRKMXYHMREPVIMRJSVGIQIRXWLEPPFI
XMQIWXLIZEPYIWGEPGYPEXIHJSVJ]MRXIRWMSR;LIRXLI
ZEPYISJ J G I\GIIHWTWMXVERWZIVWIVIMRJSVGIQIRX[MXL
EQMRMQYQXSXEPGVSWWWIGXMSREPEVIE%WTEWKMZIRF])U%%
WLEPPFITVSZMHIHSZIVXLIHIZIPSTQIRXSVWTPMGIPIRKXL
H 1IGLERMGEPWTPMGIWSJVIMRJSVGIQIRXWLEPPGSRJSVQXS
ERH[IPHIHWTPMGIWSJVIMRJSVGIQIRXWLEPPGSRJSVQXS
ERH
I  ;LIRXLIZEPYISJ J G I\GIIHW TWMPHWLEPPFI
GEPGYPEXIH[MXL/XV!

-8+6

%'-'311-88))6)4368

 1IGLERMGEPERH[IPHIHWTPMGIWSJPSRKMXYHMREP
VIMRJSVGIQIRXSJFSYRHEV]IPIQIRXWWLEPPGSRJSVQXS
ERH  0ET WTPMGIW WLEPP FI HIWMKRIH EW XIRWMSR PET
WTPMGIW MR EGGSVHERGI [MXL  I\GITX XLEX XLI
QE\MQYQ WTEGMRK SJ XVERWZIVWI VIMRJSVGIQIRX WLEPP FI EW
KMZIRF]ERHXLIXVERWZIVWIVIMRJSVGIQIRXWLEPPEPWS
GSRJSVQXS
%HHMXMSRXS7IGXMSR{
! WQEPPIWX ERKPI SJ MRGPMREXMSR SJ E WXVYX [MXL
WX
VIWTIGXXSXLIXMIWXLEXMXMRXIVWIGXWMRFSXLSJMXW
RSHIW
!
JEGXSV XS EGGSYRX JSV XLI IJJIGX SJ GSRGVIXI
JG
GSQTVIWWMZI WXVIRKXL SR XLI IJJIGXMZI
GSQTVIWWMZIWXVIRKXLSJGSRGVIXIMREWXVYX
! JEGXSVXSEGGSYRXJSVXLIIJJIGXSJXLIERKPISJ
X
MRGPMREXMSR SJ XLI WXVYX WX SR XLI IJJIGXMZI
GSQTVIWWMZIWXVIRKXLSJGSRGVIXIMREWXVYX
{4VSTSWIHQSHMJMGEXMSRWVIPEXIHXS
WXVYXERHXMIQSHIPW
'LERKIWXS%TTIRHM\%{
%8LIIJJIGXMZIGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI
JGIMREWXVYXWLEPPFIXEOIREW
JGI! W JG

%

%*SVEWXVYXSJYRMJSVQGVSWWWIGXMSREPEVIESZIVMXW
PIRKXL W!JSVJG FIX[IIRERHTWM W WLEPPFI
XEOIR EW  JSV JG EFSZI  TWM W WLEPP FI VIHYGIH
PMRIEVP] EX E VEXI SJ  JSV IEGL  TWM SJ WXVIRKXL MR
I\GIWWSJTWMFYX WWLEPPRSXFIXEOIRPIWWXLER
% *SV WXVYXW PSGEXIH WYGL XLEX XLI [MHXL SJ XLI
QMHWIGXMSRSJXLIWXVYXMWPEVKIVXLERXLI[MHXLEXXLIRSHIW
FSXXPIWLETIHWXVYXW 
E [MXLVIMRJSVGIQIRXWEXMWJ]MRK% W!ERH
F [MXLSYXVIMRJSVGIQIRXWEXMWJ]MRK% W!WLEPP
FIXEOIREWXLIWQEPPIVSJE  ERHF XLITVSHYGXSJ
JG X  [LIVI
JG !z JG FYX JGWLEPP RSX FI XEOIR PIWW XLER



! 


  GSX WX

ERH MWKMZIRMR
-RXLIGEWISJQIQFIVWWYFNIGXIHXSTSMRXPSEHW[MXLWMRKPI
WXVYXWGSRRIGXMRK XLI PSEH ERH VIEGXMSR TSMRX XLI ERKPI SJ
MRGPMREXMSRSJXLIWXVYXQE]FIETTVS\MQEXIHEW
GSX

E
! Z
H

% *SV WXVYXW MR XIRWMSR QIQFIVW SV XLI XIRWMSR

JPERKIWSJQIQFIVW W!
%*SVEPPSXLIVGEWIW W!

%GORS[PIHKQIRXW
8LEROWEVIHYIXSXLI'EVTIRXIVW'SRXVEGXSVW'SSTIVEXMSR
'SQQMXXII -RG SJ 0SW %RKIPIW 'EPMJ JSV WTSRWSVMRK
-RRSZEXMSR8EWO+VSYTERHXS.SWITL'7ERHIVWJSVEGXMRK
EW PMEMWSR [MXL XLEX KVSYT 8LI QIQFIVW SJ -8+  EVI
MRHIFXIH XS XLI JSPPS[MRK MRHMZMHYEPW JSV XLIMV VIZMI[ SJ
TSVXMSRW SJ XLMW HSGYQIRX ERH JSV XLIMV GSRWXVYGXMZI
GSQQIRXW6.*VSWGL1)/VIKIV(%/YGLQE.1
0E*EZI.%6EQMVI^.;;EPPEGIERH70;SSH3
&E]VEOMWS[IHQER]XLEROWJSVLMWMRTYXVIPEXIHXSWXVIWW
FPSGOTEVEQIXIVW17EEXGMSKPYQEHIRYQIVSYWGSRXVMFYXMSRW
VIPEXIHXSWXVIWWFPSGOTEVEQIXIVWERHGSPYQRGSRJMRIQIRX
[LMGLEVIKVEXIJYPP]EGORS[PIHKIH
',%48)6{'-8)(6)*)6)2')7
%FVEQW(4w-RJPYIRGISJ%\MEP*SVGI:EVMEXMSRW
SR*PI\YVEP&ILEZMSVSJ6IMRJSVGIH'SRGVIXI'SPYQRWx%'7XVYGXYVEP.SYVREP:2S1E].YRITT
%'-'SQQMXXIIw7TIGMJMGEXMSRWJSV7XVYGXYVEP
'SRGVIXI %'-  x %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
%'-'SQQMXXIIw&YMPHMRK'SHI6IUYMVIQIRXW
JSV6IMRJSVGIH'SRGVIXI%'- x%QIVMGER'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%'-'SQQMXXIIw&YMPHMRK'SHI6IUYMVIQIRXW
JSV 6IMRJSVGIH 'SRGVIXI %'-   ERH 'SQQIRXEV]
6 x%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1MGLTT
%'-'SQQMXXIIw&YMPHMRK'SHI6IUYMVIQIRXW
JSV 7XVYGXYVEP 'SRGVIXI %'-   ERH 'SQQIRXEV]
6 x%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1MGLTT
%'-'SQQMXXIIw&YMPHMRK'SHI6IUYMVIQIRXW
JSV 7XVYGXYVEP 'SRGVIXI %'-   ERH 'SQQIRXEV]
6 x%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1MGLTT
%'- 'SQQMXXII   w6ITSVX SR ,MKL7XVIRKXL
'SRGVIXI %'- 6 x %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
%'- 'SQQMXXII   w&SRH ERH (IZIPSTQIRX SJ
7XVEMKLX6IMRJSVGMRK&EVWMR8IRWMSR%'-6 x%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%'- -RRSZEXMSR 8EWO +VSYT   w1EXIVMEPW ERH
5YEPMX] 'SRWMHIVEXMSRW JSV ,MKL7XVIRKXL 'SRGVIXI MR
1SHIVEXI XS ,MKL 7IMWQMG %TTPMGEXMSRW -8+6 x
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
%LQEH 7 , /LEPSS % 6 ERH 4SZIHE % 
w7LIEV 'ETEGMX] SJ 6IMRJSVGIH ,MKL7XVIRKXL 'SRGVIXI
&IEQWx %'- .3962%0 4VSGIIHMRKW :  2S  1EV
%TVTT
%LQEH7,ERH0YI(1w*PI\YVI7LIEV-RXIV
EGXMSRSJ6IMRJSVGIH,MKL7XVIRKXL'SRGVIXI&IEQWx%'7XVYGXYVEP.SYVREP:2S.YP]%YKTT
%LQEH7,ERH7LEL7w7XVIWW7XVEMR'YVZIW
SJ 'SRGVIXI 'SRJMRIH F] 7TMVEP 6IMRJSVGIQIRXx %'.3962%0  4VSGIIHMRKW:2S2SZ(IGTT
%S]EQE ,  w(IWMKR 4LMPSWSTL] JSV 7LIEV MR
)EVXLUYEOI6IWMWXERGIMR.ETERx)EVXLUYEOI6IWMWXERGI

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

SJ 6IMRJSVGIH 'SRGVIXI 7XVYGXYVIW % :SPYQI ,SRSVMRK

,MVS]YOM%S]EQE9RMZIVWMX]SJ8SO]STT
%S]EQE , 1YVSXE 8 ,MVEMWLM , ERH &IWWLS 7
 w3YXPMRI SJ XLI .ETERIWI 2EXMSREP 4VSNIGX SR
%HZERGIH 6IMRJSVGIH 'SRGVIXI &YMPHMRKW [MXL ,MKL
7XVIRKXL ERH ,MKL5YEPMX] 1EXIVMEPWx 4VSGIIHMRKW SJ XLI
7IGSRH-RXIVREXMSREP7]QTSWMYQSR,MKL7XVIRKXL'SRGVIXI
74 ; 8 ,IWXIV IH %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
%VGLMXIGXYVEP-RWXMXYXISJ.ETER%-. w(IWMKRJSV
)EVXLUYEOI6IWMWXERX6IMRJSVGIH'SRGVIXI&YMPHMRKW&EWIH
SR9PXMQEXI7XVIRKXL'SRGITX[MXL'SQQIRXEV]xTT
%7')7)-w1MRMQYQ(IWMKR0SEHWJSV&YMPHMRKW
ERH 3XLIV 7XVYGXYVIW %7')7)-  x 7XVYGXYVEP )RKM
RIIVMRK -RWXMXYXI %QIVMGER 7SGMIX] SJ 'MZMP )RKMRIIVW
6IWXSR:ETT
%^M^MREQMRM % &EYQ /YWOE 7 &VYRKEVHX 4 ERH
,EXJMIPH )  w7IMWQMG &ILEZMSV SJ 7UYEVI ,MKL
7XVIRKXL'SRGVIXI'SPYQRWx%'-7XVYGXYVEP.SYVREP:
2S1E].YRITT
%^M^MREQMRM%(EV[MR()PMKILEYWIR64EZIP6
ERH+LSWL7/Ew4VSTSWIH1SHMJMGEXMSRWXS%' 8IRWMSR (IZIPSTQIRX ERH 0ET 7TPMGI JSV ,MKL
7XVIRKXL 'SRGVIXIx %'- 7XVYGXYVEP .SYVREP : 2S
2SZ(IGTT
%^M^MREQMRM%4EZIP6,EXJMIPH)ERH+LSWL7/
F w&ILEZMSV SJ 0ET7TPMGIH 6IMRJSVGMRK &EVW
)QFIHHIH MR ,MKL7XVIRKXL 'SRGVIXIx %'- 7XVYGXYVEP
.SYVREP:2S7ITX3GXTT
%^M^MREQMRM%7XEVO16SPPIV..ERH+LSWL7/
w&SRH4IVJSVQERGISJ6IMRJSVGMRK&EVW)QFIHHIHMR
,MKL7XVIRKXL 'SRGVIXIx %'- 7XVYGXYVEP .SYVREP : 
2S7ITX3GXTT
&EI7ERH&E]VEO3w7XVIWW&PSGO4EVEQIXIVW
JSV ,MKL7XVIRKXL 'SRGVIXI 1IQFIVWx %'- 7XVYGXYVEP
.SYVREP:2S7ITX3GXTT
&EWWETE 6 , ERH 6ERKER & :  w7XVIRKXL SJ
,MKL7XVIRKXL'SRGVIXI'SPYQRWYRHIV)GGIRXVMG'SQTVIW
WMSRx 6IWIEVGL 6ITSVX 2S  7GLSSP SJ 'MZMP )RKM
RIIVMRK'YVXMR9RMZIVWMX]SJ8IGLRSPSK]4IVXL%YWXVEPME
&E]VEO3w7IMWQMG4IVJSVQERGISJ6IGXMPMRIEVP]
'SRJMRIH,MKL7XVIRKXL'SRGVIXI'SPYQRWx4L(HMWWIVXEXMSR
9RMZIVWMX]SJ8SVSRXS8SVSRXS3RXEVMS'EREHE
&E]VEO3ERH7LIMOL7w'SRJMRIQIRX6IMRJSVGI
QIRX (IWMKR 'SRWMHIVEXMSRW JSV (YGXMPI ,7' 'SPYQRWx
.SYVREPSJ7XVYGXYVEP)RKMRIIVMRK:2STT
&NIVOIPM 0 8SQEW^I[MG^ %ERH .IRWIR % % 
w(IJSVQEXMSR 4VSTIVXMIW ERH (YGXMPMX] SJ ,MKL 7XVIRKXL
'SRGVIXIx 4VSGIIHMRKW 7IGSRH -RXIVREXMSREP 7]QTSWMYQ
SR,MKL7XVIRKXL'SRGVIXI74;8,IWXIVIH%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
&3'%  w8LI &3'% 2EXMSREP &YMPHMRK 'SHIx
&YMPHMRK 3JJMGMEPW ERH 'SHI %HQMRMWXVEXSVW -RXIVREXMSREP
'SYRXV]'PYF,MPPW-PP
&VEGLQERR-&VS[RMRK.ERH1EXEQSVSW%E
w(VMJX(ITIRHIRX 'SRJMRIQIRX 6IUYMVIQIRXW JSV 6IMR
JSVGIH 'SRGVIXI 'SPYQRW YRHIV ']GPMG 0SEHMRKx %'7XVYGXYVEP.SYVREP:2S7ITX3GXTT

-8+6

&VEGLQERR-&VS[RMRK.ERH1EXEQSVSW%F
w6IPEXMSRWLMT&IX[IIR(VMJXERH'SRJMRIQIRXMR6IMRJSVGIH
'SRGVIXI 'SPYQRW 9RHIV ']GPMG 0SEHMRKx 4VSGIIHMRKW
XL ;SVPH 'SRJIVIRGI MR )EVXLUYEOI )RKMRIIVMRK
:ERGSYZIV&VMXMWL'SPYQFME'EREHETT
&VS[RMRK .  w4VSTSVXMSRMRK SJ )EVXLUYEOI
6IWMWXERX 6' &YMPHMRK 7XVYGXYVIWx .SYVREP SJ 7XVYGXYVEP
)RKMRIIVMRK%7'):2STT
&77'w2),646IGSQQIRHIH4VSZMWMSRWJSV2I[
&YMPHMRKWERH3XLIV7XVYGXYVIW4EVX'SQQIRXEV]*)1%
 x  )HMXMSR &YMPHMRK 7IMWQMG 7EJIX] 'SYRGMP
2EXMSREP-RWXMXYXISJ&YMPHMRK7GMIRGIW;EWLMRKXSR('
' 'SQQMXXIIw,MKL7XVIRKXL'SRGVIXI6IWIEVGLx
'EVTIRXIVW'SRXVEGXSVW 'SSTIVEXMSR 'SQQMXXII -RG 0SW
%RKIPIW'EPMJ
'EREHMER 7XERHEVHW %WWSGMEXMSR  w(IWMKR SJ
'SRGVIXI 7XVYGXYVIW JSV &YMPHMRKW '%2% x
6I\HEPI3RXEVMS'EREHE
'MEQTM:)PMKILEYWIR6&IVXIVS::ERH4STSZ
) 4  w%REP]XMGEP 1SHIP JSV (IJSVQIH &EV &SRH
9RHIV +IRIVEPM^IH )\GMXEXMSRWx 9'&))6' 6ITSVX 2S 
)EVXLUYEOI)RKMRIIVMRK6IWIEVGL'IRXIV9RMZIVWMX]SJ
'EPMJSVRMEEX&IVOIPI]&IVOIPI]'EPMJ
'SPPMRW1ERH/YGLQE(w,S[7EJI%VI3YV
0EVKI 0MKLXP] 6IMRJSVGIH 'SRGVIXI &IEQW 7PEFW ERH
*SSXMRKW#x%'-7XVYGXYVEP.SYVREP:2S.YP]%YK
TT
'SPPMRW 1 4 1MXGLIPP ( ERH 1EG+VIKSV . + 
w7XVYGXYVEP(IWMKR'SRWMHIVEXMSRWJSV,MKL7XVIRKXL'SRGVIXIx
'SRGVIXI-RXIVREXMSREP:2S1E]TT
'SQMX)YVS-RXIVREXMSREPHY&XSR')& w')&*-4
1SHIP'SHI{*MVWX4VIHVEJX x&YPPIXMRHv-RJSV
QEXMSR2SEF0EYWERRI7[MX^IVPERH
'SQMX)YVS-RXIVREXMSREPHY&XSR')& w')&*-4
1SHIP 'SHI x &YPPIXMR Hv-RJSVQEXMSR 2S 
0EYWERRI7[MX^IVPERH
'YWWSR(ERH4EYPXVI4w,MKL7XVIRKXL'SRGVIXI
'SPYQRW 'SRJMRIH F] 6IGXERKYPEV 8MIWx .SYVREP SJ 7XVYG
XYVEP)RKMRIIVMRK%7'):2STT
'YWWSR(ERH4EYPXVI4w7XVIWW7XVEMR1SHIPJSV
'SRJMRIH ,MKL7XVIRKXL 'SRGVIXIx .SYVREP SJ 7XVYGXYVEP
)RKMRIIVMRK%7'):2STT
(EV[MR(>YS.8LSPIR10ERH-HYR)/
w(IZIPSTQIRX 0IRKXL 'VMXIVME JSV 'SRZIRXMSREP ERH ,MKL
6IPEXMZI 6MF %VIE 6IMRJSVGMRK &EVWx %'- 7XVYGXYVEP
.SYVREP:2S1E].YRITT
(YVVERM%.ERH;MKLX./w)\TIVMQIRXEPERH
%REP]XMGEP7XYH]SJ-RXIVREP&IEQXS'SPYQR'SRRIGXMSRW
7YFNIGXIHXS6IZIVWIH']GPMG0SEHMRKx6ITSVX 2S91))
6 (ITEVXQIRX SJ 'MZMP )RKMRIIVMRK 9RMZIVWMX] SJ
1MGL%RR%VFSV1MGLTT
)P[SSH /  w7LEOI 8EFPI 8IWXW ERH %REP]XMGEP
7XYHMIW SR XLI +VEZMX] 0SEH 'SPPETWI SJ 6IMRJSVGIH
'SRGVIXI *VEQIWx 4L( HMWWIVXEXMSR (ITEVXQIRX SJ 'MZMP
ERH)RZMVSRQIRXEP)RKMRIIVMRK9RMZIVWMX]SJ'EPMJSVRMEEX
&IVOIPI]&IVOIPI]'EPMJ

-8+6

%'-'311-88))6)4368

)P[SSH/ERH1SILPI.w%\MEP'ETEGMX]1SHIPJSV
7LIEV(EQEKIH 'SPYQRWx %'- 7XVYGXYVEP .SYVREP : 
2S.YP]%YKTT
)P^EREX] % , 2MPWSR % , ERH 7PEXI * 3 
w7LIEV'ETEGMX]SJ6IMRJSVGIH'SRGVIXI&IEQW9WMRK,MKL
7XVIRKXL'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S
1EV%TVTT
*EJMXMW%ERH7LEL74w0EXIVEP6IMRJSVGIQIRX
JSV ,MKL 7XVIRKXL 'SRGVIXI 'SPYQRWx ,MKL 7XVIRKXL
'SRGVIXI 74 , + 6YWWIPP IH %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
*EWGLMRK'.ERH*VIRGL')w)JJIGXSJ,MKL
7XVIRKXL 'SRGVIXI ,7'  SR *PI\YVEP 1IQFIVWx ,MKL
7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';*VIRGL
ERH1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI*EVQ
MRKXSR,MPPW1MGLTT
*SWXIV7.ERH%XXEVH11w)\TIVMQIRXEP8IWXW
SR)GGIRXVMGEPP]0SEHIH,MKL7XVIRKXL'SRGVIXI'SPYQRWx
%'-7XVYGXYVEP.SYVREP:2S1E].YRITT
*YNMM72SKYGLM,ERH1SVMXE7  w&SRHERH
%RGLSVEKI SJ 6IMRJSVGIQIRX MR ,MKL7XVIRKXL 'SRGVIXIx
,MKL7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';
*VIRGLERH1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
+LSWL 7 / (SQIP % ; ERH *ERIPPE ( % 
(IWMKRSJ'SRGVIXI&YMPHMRKWJSV)EVXLUYEOI
;MRH*SVGIW
RH)HMXMSR4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-PP
+LSWL 7 / ERH 7EEXGMSKPY 1  w(YGXMPMX] ERH
7IMWQMG&ILEZMSVx,MKL4IVJSVQERGI'SRGVIXI4VSTIVXMIW
ERH %TTPMGEXMSRW 7 4 7LEL ERH 7 , %LQEH IHW
1G+VE[,MPPTT
,MFM . 1MLEVE = 3XERM 7 ERH %S]EQE , 
w&ILEZMSV SJ 6IMRJSVGIH 'SRGVIXI 'SPYQRW 9WMRK ,MKL
7XVIRKXL'SRGVIXIEJXIV*PI\YVEP=MIPHMRKx8VERWEGXMSRWSJ
XLI.ETER'SRGVIXI-RWXMXYXI:TT
,SJFIGO.%-FVELMQ-3ERH1EXXSGO%,
w7LIEV 8VERWJIV MR 6IMRJSVGIH 'SRGVIXIx %'- .3962%0 
4VSGIIHMRKW:2S*IFTT
,SKRIWXEH)w%7XYH]SJ'SQFMRIH&IRHMRKERH
%\MEP 0SEH MR 6IMRJSVGIH 'SRGVIXI 1IQFIVWx &YPPIXMR
7IVMIW 2S9RMZIVWMX]SJ-PPMRSMW)RKMRIIVMRK)\TIVMQIRX
7XEXMSR 9RMZIVWMX] SJ -PPMRSMW EX 9VFERE'LEQTEMKR
9VFERE-PPTT
,SKRIWXEH),ERWSR2;ERH1G,IRV](
w'SRGVIXI7XVIWW(MWXVMFYXMSRMR9PXMQEXI7XVIRKXL(IWMKRx
%'-.3962%0 4VSGIIHMRKW:TT
,SOYIXWY 1IXEP 'S  w(IWMKR ERH 'SRWXVYGXMSR
+YMHIPMRIW JSV 6IMRJSVGIH 'SRGVIXI &IEQW ERH 'SPYQRW
YWMRK,MKL7XVIRKXL7LIEV6IMRJSVGIQIRX9,=,SSTWxMR
.ETERIWI
,WY 0 7 ERH,WY ' 8 w'SQTPIXI 7XVIWW7XVEMR
&ILEZMSV SJ ,MKL7XVIRKXL 'SRGVIXI 9RHIV 'SQTVIWWMSRx
1EKE^MRISJ'SRGVIXI6IWIEVGL:2STT
-&'w-RXIVREXMSREP&YMPHMRK'SHIxTYFPMWLIH
MRGSSTIVEXMSRF]&3'%-'&3ERH7&''--RXIVREXMSREP
'SHI'SYRGMP*EPPW'LYVGL:ETT
-FVELMQ,ERH1EG+VIKSV.w*PI\YVEP&ILEZMSV
SJ ,MKL7XVIRKXL 'SRGVIXI 'SPYQRWx 6ITSVX 2S 

(ITEVXQIRX SJ 'MZMP )RKMRIIVMRK 9RMZIVWMX] SJ %PFIVXE

)HQSRXSR%PFIVXE'EREHETT
-FVELMQ,ERH1EG+VIKSV.Ew8IWXWSJ)GGIRXVM
GEPP] 0SEHIH ,MKL7XVIRKXL 'SRGVIXI 'SPYQRWx %'7XVYGXYVEP.SYVREP:2S7ITX3GXTT
-FVELMQ,ERH1EG+VIKSV.Fw*PI\YVEP&ILEZMSV
SJ0EXIVEPP]6IMRJSVGIH,MKL7XVIRKXL'SRGVIXI7IGXMSRWx
%'-7XVYGXYVEP.SYVREP:2S2SZ(IGTT
-FVELMQ , ERH 1EG+VIKSV .  w1SHMJMGEXMSR SJ
XLI %'- 6IGXERKYPEV 7XVIWW &PSGO JSV ,MKL7XVIRKXL
'SRGVIXIx %'-7XVYGXYVEP.SYVREP:2S.ER*IF
TT
-'&39RMJSVQ&YMPHMRK'SHI;LMXXMIV'EPMJ
-'&3  w7IMWQMG (IWMKR 9XMPM^MRK ,MKL7XVIRKXL
'SRGVIXIx-'&3)6-'&3)ZEPYEXMSR7IVZMGI-RG
;LMXXMIV 'EPMJ LXXT[[[MGGIWSVKVITSVXWTHJCJMPIW
9&'THJ
-73w7XIIPWJSVXLI6IMRJSVGIQIRXERH4VIWXVIWWMRK
SJ'SRGVIXIx7XERHEVH
-XEOYVE=ERH=EKIRNM%w'SQTVIWWMZI8IWXSR
,MKL7XVIRKXL 6' 'SPYQRWERH 8LIMV %REP]WMW &EWIHSR
)RIVK]'SRGITXx4VSGIIHMRKWSJXL;SVPH'SRJIVIRGISR
)EVXLUYEOI)RKMRIIVMRK1EHVMH7TEMRTT
.ETER -RWXMXYXI SJ 'SRWXVYGXMSR )RKMRIIVMRK (IWMKR
+YMHIPMRIW 'SQQMXXII  w2I[ 6' 7XVYGXYVEP (IWMKR
+YMHIPMRIW ERH 'SQQIRXEV]x %RRYEP 6ITSVX SJ 2I[ 6'
4VSNIGXMR.ETERIWI
.ETERIWI 7XERHEVHW %WWSGMEXMSR  w7QEPP 7M^I
(IJSVQIH 7XIIP &EVW JSV 4VIWXVIWWIH 'SRGVIXIx .-7 +

.SLRWSR 1 / ERH 6EQMVI^ . %  w1MRMQYQ
%QSYRXSJ7LIEV6IMRJSVGIQIRXMR,MKL7XVIRKXL'SRGVIXI
1IQFIVWx %'-7XVYGXYVEP.SYVREP:2S.YP]%YK
TT
.SMRX %'-%7') 'SQQMXXII   w6IGSQQIRHE
XMSRWJSV(IWMKRSJ&IEQ'SPYQR'SRRIGXMSRWMR1SRSPMXLMG
6IMRJSVGIH 'SRGVIXI 7XVYGXYVIW %'- 6 x %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
.SMRX %'-%7') 'SQQMXXII   w6IGIRX
%TTVSEGLIWXS7LIEV(IWMKRSJ7XVYGXYVEP'SRGVIXIx.SYVREP
SJ7XVYGXYVEP)RKMRIIVMRK:2STT
/EEV4,ERWSR2ERH'ETIPP,w7XVIWW7XVEMR
'LEVEGXIVMWXMGW SJ ,MKL7XVIRKXL 'SRGVIXIx 6ITSVX
6((4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-PP
/EFI]EWE[E8ERH,MVEMWLM,w8IWXWERH%REP]WIW
SJ ,MKL7XVIRKXL 6IMRJSVGIH 'SRGVIXI 7LIEV ;EPPW MR
.ETERx ,MKL7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74
' ; *VIRGL ERH 1 ) /VIKIV IHW %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
/EXS (  w7XVIWW7XVEMR &ILEZMSVW SJ 7UYEVI
'SRJMRIH 6IMRJSVGIH 'SRGVIXI 'SPYQRWx .SYVREP SJ
7XVYGXYVEPERH'SRWXVYGXMSR)RKMRIIVMRK2STT
/EXS(ERH;EOEXWYOM/w)JJIGXWSJ,SST8MIW
SR XLI 7XVIWW7XVEMR 6IPEXMSR SJ 7UYEVI 'SRJMRIH 6'
'SPYQRWx 7YQQEVMIW SJ 8IGLRMGEP 4ETIVW SJ %RRYEP
1IIXMRK%VGLMXIGXYVEP-RWXMXYXISJ.ETERTT
/EXS ( ;EXEREFI * 2MWLM]EQE 1 ERH 7EXS ,
 w'SRJMRIH 'SRGVIXI [MXL ,MKL7XVIRKXL 1EXIVMEPWx

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

,MKL7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';
*VIRGLERH1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
/E[EWEOI 7XIIP 8IGLRS[MVI 'S  w(IWMKR ERH
'SRWXVYGXMSR +YMHIPMRIW SJ 6IMRJSVGIH 'SRGVIXI 1IQFIVW
YWMRK,MKL7XVIRKXL 7LIEV 6IMRJSVGIQIRX 6MZIV &SRx MR
.ETERIWI
/MQYVE,7YKERS7ERH2EKEWLMQE8w7XYH]
SJ *PI\YVEP 7XVIRKXL ERH (YGXMPMX] SJ 6' 'SPYQRW 9WMRK
,MKL 7XVIRKXL 'SRGVIXIx 8EOIREOE 8IGLRMGEP 6IWIEVGL
6ITSVX2STT
/YGLQE ( :IKL 4 7MQMSRSTSYPSYW / 7XERRMO &
ERH'SPPMRW14w8LI-RJPYIRGISJ'SRGVIXI7XVIRKXL
(MWXVMFYXMSR SJ 0SRKMXYHMREP 6IMRJSVGIQIRX ERH 1IQFIV
7M^ISRXLI7LIEV7XVIRKXLSJ6IMRJSVGIH'SRGVIXI&IEQWx
&YPPIXMRHv-RJSVQEXMSR2S0EYWERRI7[MX^IVPERH
/SFI 7XIIP 0XH  w(IWMKR ERH 'SRWXVYGXMSR +YMHI
PMRIW JSV 6IMRJSVGIH 'SRGVIXI &IEQW ERH 'SPYQRW YWMRK
,MKL7XVIRKXL7LIEV6IMRJSVGIQIRX(,SSTWxMR.ETERIWI
0ITEKI%w%1IXLSHJSV(VMJX'SRXVSPMR)EVXL
UYEOI6IWMWXERX (IWMKR SJ 6IMRJSVGIH 'SRGVIXI &YMPHMRK
7XVYGXYVIWx 4L( XLIWMW 9RMZIVWMX] SJ -PPMRSMW EX 9VFERE
'LEQTEMKR9VFERE-PP
0IKIVSR * ERH 4EYPXVI 4  w&ILEZMSV SJ ,MKL
7XVIRKXL 'SRGVIXI 'SPYQRW YRHIV ']GPMG *PI\YVI ERH
'SRWXERX%\MEP0SEHx%'-7XVYGXYVEP.SYVREP:2S
.YP]%YKTT
0M &  w7XVIRKXL ERH (YGXMPMX] SJ 6IMRJSVGIH
'SRGVIXI 1IQFIVW ERH *VEQIW 'SRWXVYGXIH 9WMRK ,MKL
7XVIRKXL 'SRGVIXIx 6IWIEVGL 6ITSVX  (ITEVXQIRX SJ
'MZMP)RKMRIIVMRK9RMZIVWMX]SJ'ERXIVFYV]'LVMWXGLYVGL
2I[>IEPERH
0M&ERH4EVO6w'SRJMRMRK6IMRJSVGIQIRXJSV
,MKL7XVIRKXL'SRGVIXI'SPYQRWx%'-7XVYGXYVEP.SYVREP
:2S1E].YRITT
0MTMIR ; ERH 7EEXGMSKPY 1  w8IWXW SJ 7UYEVI
,MKL7XVIRKXL 'SRGVIXI 'SPYQRW 9RHIV 6IZIVWIH ']GPMG
0SEHMRKx 6IWIEVGL 6ITSVX 2S 3'))6'  3XXE[E
'EVPIXSR)EVXLUYEOI)RKMRIIVMRK6IWIEVGL'IRXVI9RMZIVWMX]
SJ3XXE[E3XXE[E3RXEVMS'EREHETT
0PS]H 2 ERH 6ERKER &  w7XYHMIW SR ,MKL
7XVIRKXL'SRGVIXI'SPYQRWYRHIV)GGIRXVMG'SQTVIWWMSRx
%'-7XVYGXYVEP.SYVREP:2S2SZ(IGTT
0]RR%'w7IMWQMG)ZEPYEXMSRSJ)\MWXMRK6IMR
JSVGIH 'SRGVIXI &YMPHMRK 'SPYQRWx 4L( HMWWIVXEXMSR
(ITEVXQIRX SJ 'MZMP ERH )RZMVSRQIRXEP )RKMRIIVMRK
9RMZIVWMX]SJ'EPMJSVRMEEX&IVOIPI]&IVOIPI]'EPMJ
1ERHIV.4VMIWXPI]2ERH4EVO6w8LISVIXMGEP
7XVIWW7XVEMR1SHIPJSV'SRJMRIH'SRGVIXIx.SYVREPSJ7XVYG
XYVEP)RKMRIIVMRK%7'):2STT
1EVXMRI^ 7 2MPWSR % ERH 7PEXI *  w7TMVEPP]
6IMRJSVGIH ,MKL7XVIRKXL 'SRGVIXI 'SPYQRWx %'.3962%0  4VSGIIHMRKW:2S7ITX3GXTT
1EXEQSVSW%&VS[RMRK.ERH0YJX1w)ZEP
YEXMSRSJ7MQTPI1IXLSHWJSV)WXMQEXMRK(VMJXSJ6IMRJSVGIH
'SRGVIXI&YMPHMRKW7YFNIGXIHXS)EVXLUYEOIWx)EVXLUYEOI
7TIGXVE:2STT

-8+6

1EXEQSVSW%+EVGME0)&VS[RMRK.ERH0ITEKI
%  w8LI *PEX6EXI (IWMKR 1IXLSH JSV 0S[ ERH
1IHMYQ6MWI6IMRJSVGIH'SRGVIXI7XVYGXYVIWx %'-7XVYG
XYVEP.SYVREP:2S.YP]%YKTT
1EXEQSVSW % ERH 7S^IR 1  w(VMJX 0MQMXW SJ
,MKL7XVIRKXL 'SRGVIXI 'SPYQRW 7YFNIGXIH XS 0SEH
6IZIVWEPWx .SYVREPSJ7XVYGXYVEP)RKMRIIVMRK%7'):
2STT
1EXXSGO%,0M;/ERH;ERK8'w7LIEV
8VERWJIVMR0MKLX[IMKLX6IMRJSVGIH'SRGVIXIx4'-.SYVREP
:2STT
1G'EFI7w&SRHERH(IZIPSTQIRXSJ7XIIP6IMR
JSVGIQIRX MR ,MKL7XVIRKXL 'SRGVIXI{%R 3ZIVZMI[x
,MKL7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';
*VIRGLERH1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
1TLSRHI%+ERH*VERX^+'w7LIEV8IWXWSJ
,MKL ERH 0S[7XVIRKXL 'SRGVIXI &IEQW [MXLSYX 7XMV
VYTWx %'-.3962%0 4VSGIIHMRKW:2S.YP]%YK
TT
1YKYQYVE , 2MWLM]EQE 1 ;EXEREFI * ERH
8EREOE ,  w(YGXMPI &ILEZMSV SJ ,MKL7XVIRKXL
'SRGVIXI 'SPYQRW 'SRJMRIH F] ,MKL7XVIRKXL 8VERWZIVWI
6IMRJSVGIQIRXx )ZEPYEXMSRERH6ILEFMPMXEXMSRSJ'SRGVIXI
7XVYGXYVIW ERH -RRSZEXMSRW MR (IWMKR 74 : 1
1EPLSXVE IH %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR
,MPPW1MGLTT
1YKYVYQE,2MWLM]EQE1ERH;EXEREFI*
w7XVIWW7XVEMR 'YVZI JSV 'SRGVIXI [MXL E ;MHI6ERKI SJ
'SQTVIWWMZI7XVIRKXLx4VSGIIHMRKW7]QTSWMYQSR,MKL
7XVIRKXL'SRGVIXI2SV[E]TT
1YKYVYQE , ERH ;EXEREFI *  w(YGXMPMX]
-QTVSZIQIRX SJ ,MKL7XVIRKXL 'SRGVIXI 'SPYQRW [MXL
0EXIVEP 'SRJMRIQIRXx 4VSGIIHMRKW 7IGSRH -RXIVREXMSREP
7]QTSWMYQ SR ,MKL7XVIRKXL 'SRGVIXI 74 ; 8
,IWXIVIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1MGLTT
2EKEWLMQE87YKERS7/MQYVE,ERH-GLMOE[E%
w1SRSXSRMG%\MEP'SQTVIWWMSR8IWXSR9PXVE,MKL
7XVIRKXL'SRGVIXI8MIH'SPYQRWx4VSGIIHMRKWXL;SVPH
'SRJIVIRGI SR )EVXLUYEOI )RKMRIIVMRK 1EHVMH 7TEMR
TT
2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR  w2*4%
{2*4% &YMPHMRK 'SRWXVYGXMSR ERH 7EJIX] 'SHIx
5YMRG]1EWWTT
2IHHIVQER ,  w*PI\YVEP 7XVIWW (MWXVMFYXMSR MR
:IV],MKL7XVIRKXL'SRGVIXIx 1%7G 8LIWMW (ITEVXQIRX
SJ'MZMP)RKMRIIVMRK9RMZIVWMX]SJ8I\EW%VPMRKXSR8I\
2IYXVIR 'S 0XH  w(IWMKR 7XERHEVH 9WMRK ,MKL
8IRWMPI7XIIP90&32EW7LIEV6IMRJSVGIQIRXMR6IMRJSVGIH
'SRGVIXI&IEQWERH'SPYQRWx
2MIPWIR14w0MQMX%REP]WMWERH'SRGVIXI4PEW
XMGMX]x 2I[ (MVIGXMSRW MR 'MZMP )RKMRIIVMRK RH )HMXMSR
'6'4VIWW&SGE6EXSR*PETT
2MPWSR %  w(IWMKR -QTPMGEXMSRW SJ 'YVVIRX
6IWIEVGL SR ,MKL7XVIRKXL 'SRGVIXIx ,MKL7XVIRKXL
'SRGVIXI 74 , + 6YWWIPP IH %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT

-8+6

%'-'311-88))6)4368

2MPWSR %  w7XVYGXYVEP 1IQFIVWx ,MKL 4IVJSV

QERGI 'SRGVIXI 4VSTIVXMIW ERH %TTPMGEXMSRW 7 4 7LEL
ERH7,%LQEHIHW1G+VE[,MPP
2MWLM]EQE1*YOYWLMQE-;EXEREFI*ERH1YKY
VYQE ,  w%\MEP 0SEHMRK 8IWXW SR ,MKL7XVIRKXL
'SRGVIXI 4VMWQW 'SRJMRIHF] 3VHMREV] ERH ,MKL7XVIRKXL
7XIIPx 4VSGIIHMRKW SJ XLI 7]QTSWMYQ SR ,MKL7XVIRKXL
'SRGVIXI2SV[E]TT
2SKYGLM , *YNMM 7 ERH 8IVESOE 1  w7LIEV
7XVIRKXL SJ &IEQ'SPYQR .SMRXW [MXL ,MKL7XVIRKXL
1EXIVMEPWx ,MKL7XVIRKXL 'SRGVIXI MR 7IMWQMG 6IKMSRW
74 ' ; *VIRGL ERH 1 ) /VIKIV IHW %QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
3XERM7w9WISJ,MKL7XVIRKXL0EXIVEP6IMRJSVGIQIRX
MR .ETERIWI 6' 'SRWXVYGXMSRx 4VSGIIHMRKW 7EQWYRK
*SVYQSR8EPP&YMPHMRKW7ISYP/SVIE
3XERM78IWLMKE[EVE11YVEOEQM1ERH3OEHE8
w2I[6'(IWMKR+YMHIPMRIWJSV,MKL6MWI6IMRJSVGIH
'SRGVIXI &YMPHMRKW YWMRK ,MKL7XVIRKXL 1EXIVMEPWx ,MKL
7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';*VIRGL
ERH 1 ) /VIKIV IHW %QIVMGER 'SRGVIXI -RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
3^FEOOEPSKPY8ERH7EEXGMSKPY1w6IGXERKYPEV
7XVIWW &PSGO JSV ,MKL7XVIRKXL 'SRGVIXIx %'- 7XVYGXYVEP
.SYVREP:2S.YP]%YKTT
3^GIFI+)VWS]9ERH8EROYX8w)ZEPYEXMSR
SJ1MRMQYQ7LIEV6IMRJSVGIQIRX6IUYMVIQIRXWJSV,MKLIV
7XVIRKXL 'SRGVIXIx %'- 7XVYGXYVEP .SYVREP : 2S
1E].YRITT
3^HIR 7  w&ILEZMSV SJ ,MKL7XVIRKXL 'SRGVIXI
YRHIV7XVEMR +VEHMIRXx 1% XLIWMW9RMZIVWMX]SJ 8SVSRXS
8SVSRXS3RXEVMS'EREHE
4EVO 6  w(IWMKR ERH &ILEZMSV SJ 6' 'SPYQRW
-RGSVTSVEXMRK ,MKL7XVIRKXL 1EXIVMEPWx 'SRGVIXI-RXIV
REXMSREP:2S2SZTT
4EVO 6 ERH 4VMIWXPI] 1 . 2  w(YGXMPMX] SJ
7UYEVI'SRJMRIH'SRGVIXI'SPYQRWx.SYVREPSJXLI7XVYGXYVEP
(MZMWMSR%7'):2STT
4EVO68EREOE,ERH0M&w*PI\YVEP7XVIRKXL
ERH (YGXMPMX] SJ ,MKL7XVIRKXL'SRGVIXI 'SPYQRWx ,MKL
7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';*VIRGL
ERH1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI*EVQ
MRKXSR,MPPW1MGLTT
4EWXSV . 2MPWSR % ERH 7PEXI *  w&ILEZMSV SJ
,MKL7XVIRKXL'SRGVIXI&IEQWx6IWIEVGL6ITSVX2S
(ITEVXQIRX SJ 7XVYGXYVEP )RKMRIIVMRK 'SVRIPP 9RMZIVWMX]
-XLEGE2=
4STSZMGW 7  w%REP]XMGEP %TTVSEGL XS 'SQTPIXI
7XVIWW7XVEMR'YVZIWx'IQIRXERH'SRGVIXI6IWIEVGL:
2STT
5YMRXIVS*IFVIW'+ERH;MKLX./w)\TIVM
QIRXEP7XYH]SJ6IMRJSVGIH'SRGVIXI-RXIVMSV;MHI&IEQ
'SPYQR 'SRRIGXMSRW 7YFNIGXIH XS 0EXIVEP 0SEHMRKx %'7XVYGXYVEP.SYVREP:2S.YP]%YKTT
6ERKER&:7EYRHIVW4ERH7IRK)w(IWMKR
SJ,MKL7XVIRKXL'SRGVIXI'SPYQRWx)ZEPYEXMSRERH6ILE
FMPMXEXMSRSJ'SRGVIXI7XVYGXYVIWERH-RRSZEXMSRWMR(IWMKR

74:11EPLSXVEIH%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
6E^ZM 7 ERH 7EEXGMSKPY 1  w7XVIRKXL ERH
(IJSVQEFMPMX] SJ 'SRJMRIH ,MKL7XVIRKXL 'SRGVIXI
'SPYQRWx %'-7XVYGXYVEP.SYVREP:2S2SZ(IG
TT
6E^ZM7ERH7EEXGMSKPY1w'MVGYPEV,MKL7XVIRKXL
'SRGVIXI 'SPYQRW YRHIV 'SRGIRXVMG 'SQTVIWWMSRx %'7XVYGXYVEP.SYVREP:2S7ITX3GXTT
6IMRIGO/ /YGLQE( 7MQ/ ERH1EV\ 7
w7LIEV(EXEFEWIJSV6IMRJSVGIH'SRGVIXI1IQFIVW[MXLSYX
7LIEV6IMRJSVGIQIRXx%'-7XVYGXYVEP.SYVREP:2S
1EV%TVTT
6MGLEVX *) &VERHX^EIK % ERH&VS[R 6 0 
w8LI *EMPYVI SJ 4PEMRERH 7TMVEPP] 6IMRJSVGIH'SRGVIXI MR
'SQTVIWWMSRx &YPPIXMR2S 9RMZIVWMX]SJ-PPMRSMW)RKM
RIIVMRK)\TIVMQIRX7XEXMSR9VFERE-PPTT
6MGLEVX*)ERH&VS[R60w%R-RZIWXMKEXMSRSJ
6IMRJSVGIH'SRGVIXI'SPYQRWx&YPPIXMR 2S9RMZIVWMX]SJ
-PPMRSMW)RKMRIIVMRK)\TIVMQIRX7XEXMSR9VFERE-PPTT
6SPPIV..ERH6YWWIPP,+w7LIEV7XVIRKXLSJ
,MKL7XVIRKXL 'SRGVIXI &IEQW [MXL ;IF 6IMRJSVGIQIRXx
%'-7XVYGXYVEP.SYVREP:2S1EV%TVTT
6S],),ERH7S^IR1%w%1SHIPXS7MQY
PEXI XLI 6IWTSRWI SJ 'SRGVIXI XS 1YPXM%\MEP 0SEHMRKx
7XVYGXYVEP 6IWIEVGL 7IVMIW 2S  (ITEVXQIRX SJ 'MZMP
)RKMRIIVMRK9RMZIVWMX]SJ-PPMRSMW
7EEXGMSKPY 1 ERH &EMRKS (  w'MVGYPEV ,MKL
7XVIRKXL 'SRGVIXI 'SPYQRW 9RHIV 7MQYPEXIH 7IMWQMG
0SEHMRKx .SYVREPSJ7XVYGXYVEP)RKMRIIVMRK%7'):
2STT
7EEXGMSKPY 1 ERH 3^GIFI +  w6IWTSRWI SJ
6IMRJSVGIH'SRGVIXI'SPYQRWXS7MQYPEXIH7IMWQMG0SEHMRKx
%'-7XVYGXYVEP.SYVREP:2S.ER*IFTT
7EEXGMSKPY 1 ERH 6E^ZM 7  w7XVIRKXL ERH
(YGXMPMX] SJ 'SRJMRIH 'SRGVIXIx .SYVREP SJ 7XVYGXYVEP
)RKMRIIVMRK%7'):2STT
7EEXGMSKPY 1 ERH 6E^ZM 7  w,MKL7XVIRKXL
'SRGVIXI 'SPYQRW [MXL 7UYEVI 7IGXMSRW YRHIV 'SRGIRXVMG
'SQTVIWWMSRx .SYVREP SJ 7XVYGXYVEP )RKMRIIVMRK %7')
:2STT
7EEXGMSKPY1ERH6E^ZM7w(MWTPEGIQIRX&EWIH
(IWMKRSJ6IMRJSVGIH'SRGVIXI'SPYQRWJSV'SRJMRIQIRXx
%'-7XVYGXYVEP.SYVREP:2S.ER*IFTT
7EEXGMSKPY 1 4EYPXVI 4 ERH +LSWL 7 / 
w'SRJMRIQIRX SJ ,MKL7XVIRKXL 'SRGVIXIx ,MKL7XVIRKXL
'SRGVIXIMR7IMWQMG6IKMSRW74';*VIRGLERH
1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1MGLTT
7EOEKYGLM 2 =EQERSFI / /MXEHE = /E[EGLM 8
ERH /SHE 7  w7LIEV 7XVIRKXL SJ ,MKL7XVIRKXL
'SRGVIXI1IQFIVWx4VSGIIHMRKWSJXLI 7IGSRH-RXIVREXMSREP
7]QTSWMYQ SR ,MKL7XVIRKXL 'SRGVIXI 74 ; 8
,IWXIVIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW
1MGLTT
7EOEM = ,MFM . 3XERM 7 ERH %S]EQE , 
w)\TIVMQIRXEP 7XYH] SJ *PI\YVEP &ILEZMSV SJ 6IMRJSVGIH

7869'896%0()7-+2%2(()8%-0-2+*36,-+,786)2+8,'32'6)8)-27)-71-'%440-'%8-327

'SRGVIXI'SPYQRW9WMRK,MKL7XVIRKXL'SRGVIXIx 8VERW
EGXMSRWSJXLI.ETER'SRGVIXI-RWXMXYXI:TT
7EUER)-ERH/VIKIV1)w)ZEPYEXMSRSJ97
7LIEV 7XVIRKXL 4VSZMWMSRW JSV (IWMKR SJ &IEQ'SPYQR
'SRRIGXMSRW 'SRWXVYGXIH [MXL ,MKL7XVIRKXL 'SRGVIXIx
,MKL7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';
*VIRGLERH1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI
*EVQMRKXSR,MPPW1MGLTT
7EVKMR1+LSWL7/ERH,ERHE:w)JJIGXSJ
0EXIVEP6IMRJSVGIQIRX9TSRXLI7XVIRKXLERH(IJSVQEXMSR
4VSTIVXMIWSJ'SRGVIXIx1EKE^MRISJ'SRGVIXI6IWIEVGL
:2STT
7&''-  w7XERHEVH &YMPHMRK 'SHIx 7SYXLIVR
&YMPHMRK'SHI'SRKVIWW&MVQMRKLEQ%PE
7GLEHI . )  w*PI\YVEP 'SRGVIXI 7XVIWW MR ,MKL
7XVIRKXL'SRGVIXI'SPYQRWx1%7GXLIWMW(ITEVXQIRXSJ
'MZMP)RKMRIIVMRK9RMZIVWMX]SJ'EPKEV]'EPKEV]%PFIVXE
'EREHETT
7I^IR ,  w7IMWQMG 6IWTSRWI ERH 1SHIPMRK SJ
6IMRJSVGIH'SRGVIXI&YMPHMRK'SPYQRWx4L(HMWWIVXEXMSR
(ITEVXQIRX SJ 'MZMP ERH )RZMVSRQIRXEP )RKMRIIVMRK
9RMZIVWMX]SJ'EPMJSVRMEEX&IVOIPI]&IVOIPI]'EPMJ
7LIMOL77LEL(ERH/LSYV]7w'SRJMRIQIRX
SJ ,MKL7XVIRKXL 'SRGVIXI 'SPYQRWx %'- 7XVYGXYVEP
.SYVREP:2S.ER*IFTT
7LIMOL7%ERH9^YQIVM71w%REP]XMGEP1SHIP
JSV'SRGVIXI'SRJMRIQIRXMR8MIH'SPYQRWx.SYVREPSJ7XVYG
XYVEP)RKMRIIVMRK%7'):2STT
7LMFEXE % ERH 7S^IR 1  w7YFWXMXYXI7XVYGXYVI
1IXLSH JSV 7IMWQMG (IWMKR MR 6IMRJSVGIH 'SRGVIXIx
.SYVREPSJ7XVYGXYVEP(MZMWMSR%7'):2S78
TT
7LMQE^EOM /  w7XVSRK +VSYRH 1SXMSR (VMJX ERH
&EWI 7LIEV 7XVIRKXL 'SIJJMGMIRX JSV 6' 7XVYGXYVIWx
4VSGIIHMRKWSJXLI 2MRXL;SVPH'SRJIVIRGISR)EVXLUYEOI
)RKMRIIVMRK8SO]SERH/]SXS.ETERTT
7LMQE^EOM / ERH 7S^IR 1  w7IMWQMG (VMJX SJ
6IMRJSVGIH 'SRGVIXI 7XVYGXYVIWx 8IGLRMGEP 6IWIEVGL
6ITSVXSJ,E^EQE+YQM0XHTT
7LMR7;/EQEVE1ERH+LSWL7/w*PI\YVEP
(YGXMPMX] 7XVIRKXL 4VIHMGXMSR ERH ,]WXIVIXMG &ILEZMSV SJ
9PXVE,MKL7XVIRKXL 'SRGVIXI 1IQFIVWx 4VSGIIHMRKW SJ
XLI 7IGSRH -RXIVREXMSREP 7]QTSWMYQ SR ,MKL7XVIRKXL
'SRGVIXI 74 ; 8 ,IWXIV IH %QIVMGER 'SRGVIXI
-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
7PEXIV ; ERH 0]WI - E w4VSKVIWW 6ITSVX SR
'SPYQR 8IWXW EX 0ILMKL 9RMZIVWMX]x %'- .3962%0
4VSGIIHMRKW:2S.YRITT
7PEXIV ; ERH 0]WI - F w4VSKVIWW 6ITSVX SR
'SPYQR 8IWXW EX 0ILMKL 9RMZIVWMX]x %'- .3962%0
4VSGIIHMRKW:2S.YP]TT
7XERHEVHW%WWSGMEXMSRSJ2I[>IEPERHw'SRGVIXI
(IWMKR 7XERHEVH 2>7  4EVX xERH w'SQQIR
XEV]SRXLI'SRGVIXI(IWMKR7XERHEVH2>74EVX
x;IPPMRKXSR2I[>IEPERH
7YKERS72EKEWLMQE8/MQYVE,8EQYVE%ERH
-GLMOE[E %  w)\TIVMQIRXEP 7XYHMIW SR 7IMWQMG
&ILEZMSVSJ6IMRJSVGIH'SRGVIXI1IQFIVWSJ,MKL7XVIRKXL

-8+6

'SRGVIXIx 4VSGIIHMRKW SJ XLI 7IGSRH -RXIVREXMSREP 7]QTS

WMYQSR,MKL7XVIRKXL'SRGVIXI74;8,IWXIVIH
%QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1MGL
TT
7YQMXSQS )PIGXVMGEP -RHYWXVMIW 0XH  w(IWMKR ERH
'SRWXVYGXMSR+YMHIPMRIWJSV6IMRJSVGIH'SRGVIXI&IEQWERH
'SPYQRW YWMRK ,MKL7XVIRKXL 7LIEV 6IMRJSVGIQIRX 7YQM
,SSTWxMR.ETERIWI
7YQMXSQS 1IXEP -RHYWXVMIW 0XH  w(IWMKR ERH
'SRWXVYGXMSR+YMHIPMRIWJSV6IMRJSVGIH'SRGVIXI&IEQW
ERH'SPYQRWYWMRK,MKL7XVIRKXL7LIEV6IMRJSVGIQIRX
(,SSTWxMR.ETERIWI
7YR=4ERH7EOMRS/w(YGXMPMX]-QTVSZIQIRX
SJ 6IMRJSVGIH 'SRGVIXI 'SPYQRW [MXL ,MKL7XVIRKXL
1EXIVMEPWx 8VERWEGXMSRWSJXLI.ETER'SRGVIXI-RWXMXYXI
:TT
7YR=4ERH7EOMRS/w)JJIGXSJ'SRJMRIQIRX
SJ 8VERWZIVWI 6IMRJSVGIQIRX SR XLI %\MEP &ILEZMSV SJ
'SRGVIXIx 4VSGIIHMRKWSJXLI.ETER'SRGVIXI-RWXMXYXI:
2STT
7[EVX^ 7 2MOEIIR % &EFY , 4IVM]EOEVYTTER 2
ERH 6IJEM 8  w7XVYGXYVEP &IRHMRK 4VSTIVXMIW SJ
,MKLIV7XVIRKXL'SRGVIXIx,MKL7XVIRKXL'SRGVIXI74
,+6YWWIPPIH%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR
,MPPW1MGLTT
8LSQWIR . ERH ;EPPEGI .  w0EXIVEP 0SEH
&ILEZMSV SJ 6IMRJSVGIH 'SRGVIXI 'SPYQRW 'SRWXVYGXIH
9WMRK,MKL7XVIRKXL1EXIVMEPWx%'-7XVYGXYVEP.SYVREP:
2S7ITX3GXTT
8LSVIRJIPHX ) ERH (VERKWLSPX +  w7LIEV
'ETEGMX] SJ 6IMRJSVGIH ,MKL7XVIRKXL 'SRGVIXI &IEQWx
4VSGIIHMRKW SJ XLI 7IGSRH -RXIVREXMSREP 7]QTSWMYQ SR
,MKL7XVIRKXL'SRGVIXI74;8,IWXIVIH%QIVMGER
'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
8SO]S7XIIP'Sw(IWMKRERH'SRWXVYGXMSR+YMHI
PMRIW JSV 6IMRJSVGIH 'SRGVIXI &IEQW ERH 'SPYQRW YWMRK
,MKL7XVIRKXL7LIEV6IMRJSVGIQIRX746xMR.ETERIWI
9VMFI ' ERH %PGSGIV 7  w'SQTSVXEQMIRXS HI
:MKEW 4IVEPXEHEW (MWIEHEW GSR IP 1SHIPS HI 4YRXEPIW ]
8IRWSVIWx -RJSVQI 8GRMGS '-)-+ 'IRXVS
2EGMSREPHI4VIZIRGMRHI(IWEWXVIW1\MGSTTMR
7TERMWL
:IGGLMS * 'SPPMRW 1 ERH %WTMSXMW .  w,MKL
7XVIRKXL'SRGVIXI)PIQIRXW7YFNIGXIHXS7LIEVx%'-7XVYG
XYVEP.SYVREP:2S.YP]%YKTT
:SR 6EQMR 1 ERH 1EXEQSVSW %  w7LIEV
7XVIRKXL SJ 6IMRJSVGIH 'SRGVIXI 1IQFIVW 7YFNIGXIH XS
1SRSXSRMGERH']GPMG0SEHWx716ITSVX2S9RMZIVWMX]
SJ/ERWEW'IRXIVJSV6IWIEVGL-RG0E[VIRGI/ERWTT
:SR 6EQMR 1 ERH 1EXEQSVSW % &  w7LIEV
7XVIRKXL SJ 6IMRJSVGIH 'SRGVIXI 1IQFIVW 7YFNIGXIH XS
1SRSXSRMG0SEHWx%'-7XVYGXYVEP.SYVREP:2S
.ER*IFTT
;ELMHM 7 %  w7XVIRKXL ERH &ILEZMSV SJ 6IMR
JSVGIH 'SRGVIXI 'SPYQRW 1EHI JVSQ ,MKL 4IVJSVQERGI
1EXIVMEPWx4L(HMWWIVXEXMSR9RMZIVWMX]SJ8I\EWEX%YWXMR
%YWXMR8I\TT

-8+6

%'-'311-88))6)4368

;EPPEGI . ;  w&ILEZMSV ERH (IWMKR SJ ,MKL

7XVIRKXL 6' ;EPPWx ,MKL7XVIRKXL 'SRGVIXI MR 7IMWQMG
6IKMSRW74 ';*VIRGLERH1)/VIKIVIHW%QIV
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
;EPPEGI . ; ERH 1SILPI . 4  w(YGXMPMX] ERH
(IXEMPMRK 6IUYMVIQIRXW SJ &IEVMRK ;EPP &YMPHMRKWx
.SYVREPSJ7XVYGXYVEP)RKMRIIVMRK%7'):2S
TT
;EPVEZIR.*VIRE].ERH4VYMNWWIVW%w-RJPYIRGI
SJ'SRGVIXI7XVIRKXLERH0SEH,MWXSV]SRXLI7LIEV*VMGXMSR
'ETEGMX]SJ'SRGVIXI1IQFIVWx4'-.SYVREP:2S
.ER*IFTT
;EV[MGO ; & ERH *SWXIV 7 .  w-RZIWXMKEXMSR
MRXSXLI)JJMGMIRG]*EGXSV9WIHMR2SR*PI\YVEP6IMRJSVGIH
'SRGVIXI 1IQFIV (IWMKRx 92-'-: 6ITSVX 2S 6
7GLSSP SJ 'MZMP )RKMRIIVMRK 9RMZIVWMX] SJ 7SYXL ;EPIW
/IRWMRKXSR
;EXEREFI * ERH -GLMRSWI 8  w7XVIRKXL ERH
(YGXMPMX] (IWMKR SJ 6' 1IQFIVW 7YFNIGXIH XS 'SQFMRIH
&IRHMRKERH7LIEVx4VIPMQMREV] 4VSGIIHMRKW-RXIVREXMSREP
;SVOWLSTSR'SRGVIXI7LIEVMR)EVXLUYEOIW9RMZIVWMX]SJ
,SYWXSR,SYWXSR8I\TT-:XS-:
;EXEREFI*ERH/EFI]EWE[E8w7LIEV7XVIRKXL
SJ 6' 1IQFIVW [MXL ,MKL7XVIRKXL 'SRGVIXIx ,MKL
7XVIRKXL'SRGVIXIMR7IMWQMG6IKMSRW74';*VIRGL
ERH1)/VIKIVIHW%QIVMGER'SRGVIXI-RWXMXYXI*EVQ
MRKXSR,MPPW1MGLTT
;EXEREFI * ERH 1YKYVYQE ,  w8S[EVH XLI
(YGXMPMX] (IWMKR SJ 'SRGVIXI 1IQFIVW 3ZIVZMI[ SJ
6IWIEVGLIW MR /]SXS 9RMZIVWMX] x 4VSGIIHMRKW SJ 4EGMJMG
'SRGVIXI'SRJIVIRGI2I[>IEPERHTT

;SSH70w7LIEV7XVIRKXLSJ0S[6MWI6IMRJSVGIH
'SRGVIXI;EPPWx%'-7XVYGXYVEP.SYVREP:2S.ER
*IFTT
;SSH 70  w1MRMQYQ 8IRWMPI 6IMRJSVGIQIRX
6IUYMVIQIRXWMR;EPPWx%'-7XVYGXYVEP.SYVREP:2S
7ITX3GXTT
<MES=ERH1EVXMVSWW]ER%w7IMWQMG4IVJSVQERGI
SJ,MKL7XVIRKXL'SRGVIXI'SPYQRWx.SYVREPSJ7XVYGXYVEP
)RKMRIIVMRK%7'):2S1EVTT
<MES=ERH=YR,w*YPP7GEPI)\TIVMQIRXEP
7XYHMIW SR ,MKL7XVIRKXL 'SRGVIXI 7LSVX 'SPYQRWx
6ITSVX 2S 97'7)64  9RMZIVWMX] SJ 7SYXLIVR
'EPMJSVRMETT
=SRK = / 2SYV 1 + ERH 2E[] ) + 
w&ILEZMSV SJ 0EXIVEPP] 'SRJMRIH ,MKL7XVIRKXL 'SRGVIXI
YRHIV %\MEP 0SEHWx .SYVREP SJ 7XVYGXYVEP )RKMRIIVMRK
%7'):2STT
=SWLMQYVE1ERH2EOEQYVE8w%\MEP'SPPETWI
SJ6IMRJSVGIH'SRGVIXI7LSVX'SPYQRWx4VSGIIHMRKWSJXLI
*SYVXL97.ETER;SVOWLSTSR4IVJSVQERGI&EWIH)EVXL
UYEOI )RKMRIIVMRK 1IXLSHSPSK] JSV 6IMRJSVGIH 'SRGVIXI
&YMPHMRK7XVYGXYVIW8SFE.ETER6ITSVX2S4))6
4EGMJMG)EVXLUYEOI)RKMRIIVMRK6IWIEVGL'IRXIV9RMZIVWMX]
SJ'EPMJSVRMEEX&IVOIPI]&IVOIPI]'EPMJ3GXTT
>LY7ERH.MVWE.3w%7XYH]SJ&SRH(IXIVMS
VEXMSR MR 6IMRJSVGIH 'SRGVIXI &IEQ'SPYQR .SMRXWx
41*7)0 6ITSVX 2S  4LMP 1 *IVKYWSR 7XVYGXYVEP
)RKMRIIVMRK 0EFSVEXSV] 9RMZIVWMX] SJ 8I\EW EX %YWXMR
%YWXMR8I\.YP]TT
>YS . ERH (EV[MR (  w7TPMGI 7XVIRKXL SJ
'SRZIRXMSREPERH,MKL6IPEXMZI6MF %VIE &EVW MR2SVQEP
ERH,MKL7XVIRKXL'SRGVIXIx%'-7XVYGXYVEP.SYVREP:
2S.YP]%YKTT

%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]
7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW
4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI

*E\


[[[GSRGVIXISVK

6ITSVXSR7XVYGXYVEP(IWMKRERH(IXEMPMRKJSV,MKL7XVIRKXL
'SRGVIXIMR1SHIVEXIXS,MKL7IMWQMG%TTPMGEXMSRW

8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI