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NATIONAL BUILDING CODE

OF INDIA 2016
VOLUME 2

Hkkjrh; ekud C;wjks

BUREAU OF INDIAN STANDARDS
SP 7 : 2016

FIRST PUBLISHED 1970

FIRST REVISION 1983
SECOND REVISION 2005
THIRD REVISION 2016

© BUREAU OF INDIAN STANDARDS

ICS 01.120; 91.040.01

PRICE `

PUBLISHED BY BUREAU OF INDIAN STANDARDS, MANAK BHAVAN, 9 BAHADUR SHAH ZAFAR

MARG, NEW DELHI 110002; TYPESET AT SUNSHINE GRAPHICS, 263, TELIWARA, SHAHDARA, DELHI
110032; PRINTED AT J. J. OFFSET PRINTERS, A-24, SECTOR 68, NOIDA, GAUTAM BUDH NAGAR, UTTAR
PRADESH (INDIA).
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YIYP9JYPKIKO9JV9TLJH9JYPKIKOb
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GLTJ9\P9G9RJ\ILP9MKIH9RJMKHPN9JK9HVGILPVT9JV9HVMQ]T@9JV
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+JKTHVMQHIJK9YLGKKIKO9GKN9TIHP9RGKGOPRPKH@9YLG_T9GK
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GKN9HPQSKIaMPT9HJ9GQSIPXP9HSP9J\ZPQHIXPT9J^9G9NP^IKPN
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IK9 GQQJVNGKQP9 `IHS9 HSP9 OJJN9 YVGQHIQP9 k-U.Wlb
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PKTMVIKO9 HSGH9 HSP9 GNXPVTP9 IRYGQH9 J^9 MKQPVHGIKHIPT9 IT
JXPVQJRP9GH9PGQS9THGOP9IK9HSP9YVJOVPTTb96QQJVNIKOL_@
HSP9VPTYJKTI\ILIHIPT9J^9YVJZPQH9HPGR9TSJMLN9\P9NP^IKPN
GKN9RPGTMVPN9^JV9GQQPYHGKQP@9GKN9LIG\ILIHIPT9NPHPVRIKPN
J\ZPQHIXPL_b
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IK9 HSP9 GYYVGITGL9 THGOP@9 GVP9 GQSIPXPN9 YVJOVPTTIXPL_
HSVJMOS9PGQS9J^9HSP9YVJZPQH9LI^P9Q_QLP9THGOPTb9/SP9THGOPg
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GKN9GMHSJVIcGHIJK9HJ9YVJQPPN9^MVHSPV9IK9HSP9KPhH9THGOP
TSJMLN9\P9THVMQHMVPN9QJRYVPSPKTIXPL_9HSVJMOS9XGVIJMT
THGOPT9J^9LI^P9Q_QLPb9$GQS9THGOP9J^9QJKTHVMQHIJK9YVJZPQH
LI^P9 Q_QLP9 RG_9 \P9 QJKTINPVPN9 GT9 G9 TM\YVJZPQH@9 HSMT
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GNRIKITHVGHIJK9 QGVVIPN9 JMHb9 1H9 GLTJ9 NPHPVRIKPT9 HSP
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GKN9VPTYJKTI\ILIHIPT9J^9PGQS9J^9HSP9G\JXP9YGVHIPTb9/SP
RGIK9H_YPT9J^9YVJZPQH9NPLIXPV_9RJNPLT9HSGH9GVP9IK9XJOMP
IK9QJKTHVMQHIJK9YVJZPQHT9GVPe9UGW9/VGNIHIJKGL9NPTIOKg\INg
\MILN@9U\W9&PTIOKg\MILN9`IHS9XGVIGKHT@9UQW9/MVKg]P_9GKN
UNW9BMILN@9JYPVGHP9GKN9HVGKT^PV9GKN9IHT9XGVIGKHTb9$GQS
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11
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YVGQHIQPT9 IKQLMNIKO9 HPQSKIQGL9 GKN9 JVOGKIcGHIJKGL
IKHPV^GQPTb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U7Wlb
;=:=!(!"#&+"%*%/'(?-/-4%*%/'
,VJQMVPRPKH9 RGKGOPRPKH9 IKQLMNPT9 YVJQPTTPT9 ^JV
YMVQSGTP9J^9RGHPVIGLT@9PaMIYRPKH@9YVJNMQHT@9TJLIQIHIKO
TPVXIQPT9 J^9 QJKTMLHGKHT9 GKN9 PKOGOIKO9 GOPKQIPT9 ^JV
PhPQMHIJK9 J^9 `JV]T9 MKNPV9 G9 QJKHVGQHb9 ,VJZPQH
YVJQMVPRPKH9 YVJQPTTPT@9 `SIQS9 NPYPKN9 JK9 H_YP9 J^
YVJZPQH9 NPLIXPV_9 RJNPL9 IKQLMNP9 INPKHI^IQGHIJK9 J^
YVJQMVPRPKH9 KPPNT@9 YVPYGVGHIJK9 ^JV9 YVJQMVPRPKH@
TJLIQIHIKO9YVJYJTGLT@9TPLPQHIJK9J^9TMYYLIPVTdQJKTMLHGKHTd
`JV]T9QJKHVGQHJVT@9GNRIKITHPVIKO9J^9QJKHVGQH@9QJKHVGQH
RGKGOPRPKH9GKN9QLJTMVP9J^9QJKHVGQHb9,VJZPQH9RGKGOPV
IT9QSGVOPN9`IHS9HSP9VPTYJKTI\ILIH_9HJ9SPLY9THVMQHMVP9GKN
NPXPLJY9QJKHVGQH9HJ9TMIH9HSP9TYPQI^IQ9KPPNT9J^9HSP9YVJZPQHb
6T9QJKHVGQH@9`SIQS9IT9GK9JMHYMH9J^9YVJZPQH9YVJQMVPRPKH
RGKGOPRPKH9 YVJQPTTPT@9 IT9 G9 LPOGL9 NJQMRPKH@9 HSP
YVJQMVPRPKH9 YVJQPTTPT9 TSJMLN9 ^JLLJ`9 NPHGILPN
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
YVJQPNMVPT9 `IHS9 GNPaMGHP9 VPXIP`9 GKN9 THG]PSJLNPV
GYYVGITGL9JYYJVHMKIHIPTb
"KP9J^9HSP9^MKNGRPKHGL9ITTMPT9IK9QJKTHVMQHIJK9YVJZPQHT@
RGKGOPN9 HSVJMOS9 YVJZPQH9 RGKGOPVT@9 IT9 HJ9 NPHPVRIKP
`SGH9KPPNT9RG_9\P9RPH9\_9YVJQMVIKO9YVJNMQHT@9TPVXIQPT
GKN9`JV]T9^VJR9PhHPVKGL9GOPKQIPT9GKN9`SGH9TSJMLN9\P
GQQJRYLITSPN9\_9HSP9YVJZPQH9HPGRb9/SIT9NPQITIJK9IT9\PTH
GVVIXPN9GH9HSP9PGVLIPV9THGOPT9J^9HSP9YVJZPQH9UTJ9HSGH9HSP
JYYJVHMKIHIPT9J^9YVJQMVPRPKH9IKIHIGHIJK9GH9PGVLIPV9THGOPT
IT9KJH9LJTHW9GKN9VPXIP`PN9GH9PGQS9J^9HSP9TM\TPaMPKH9LI^P
Q_QLP9THGOPT9J^9HSP9YVJZPQHb9*MQS9NPQITIJKT9TSJMLN9NVG`
IKYMHT9 ^VJR9 HSP9 HIRP@9 QJTH@9 aMGLIH_9 GKN9 TQJYP
RGKGOPRPKH9 YVJQPTTPTb9 DGVIJMT9 YVJQMVPRPKH9 VJMHPT
TSJMLN9\P9GKGL_TPN9JK9HSPIV9TMIHG\ILIH_9HJ9\JHS9HIRP9GKN
QJTH9QVIHPVIG9J^9YVJZPQHb96T9G9THVGHPO_9^JV9YVJQMVPRPKH@
G9 YVJZPQH9 YVJQMVPRPKH9 RGKGOPRPKH9 YLGK9 TSJMLN9 \P
NPXPLJYPN9 HJ9 NJQMRPKHe9 QJKHVGQH9 H_YPT9 HJ9 \P9 MTPN[
YVJQMVPRPKH9NJQMRPKHT[9QJJVNIKGHIJK9J^9YVJQMVPRPKH
`IHS9 TQSPNMLPT[9 QJKTHVGIKHT9 GKN9 GTTMRYHIJKT[9 VIT]
RIHIOGHIJK9GQHIXIHIPT9UYPV^JVRGKQP9\JKNT@9IKTMVGKQPT@
PHQW[9 GKN9 YVPgaMGLI^IQGHIJK9 J^9 TMYYLIPVTb9 1K9 GNNIHIJK@
TYPQI^IQGHIJKT@9aMGLIH_9THGKNGVNT@9YPV^JVRGKQP9NGHG9GH
`JV]9 LJQGHIJKT@9 PHQ@9 `SIQS9 GVP9 YGVH9 J^9 YVJZPQH9 TQJYP
THGHPRPKH@9TSJMLN9\P9NPTQVI\PNb91KXPKHJV_9RGKGOPRPKH
YLG_T9GK9IRYJVHGKH9VJLP9IK9HSP9YVJQMVPRPKH9RGKGOPRPKH
YVJQPTTb
,VJXITIJK9J^9PTHG\LITSRPKH9J^9TMIHG\LP9NITYMHP9VPNVPTTGL
T_THPR9TSJMLN9\P9IK\MILH9HJ9HG]P9QGVP9J^9GK_9NITYMHPT
HSGH9RG_9GVITPb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U<Wlb
;=:=:(5.*%(?-/-4%*%/'
/IRP9RGKGOPRPKH9GIRT9HJ9QJRYLPHP9HSP9YVJZPQH9`IHSIK
HSP9THIYMLGHPN9HIRP9YPVIJNb9/IRP9RGKGOPRPKH9PTTPKHIGLL_
IKXJLXPT9HSP9^JLLJ`IKO9YVJQPTTPTe
GW &P^IKIKO9YVJZPQH9TQJYP9IK9HSP9^JVR9J^9`JV]
\VPG]NJ`K9 THVMQHMVP9 HJ9 OPKPVGHP9 GQHIXIH_
INPKHI^IQGHIJK9GKN9LITHIKO@
\W 6QHIXIH_9NMVGHIJK9PTHIRGHIKO@
QW 6QHIXIH_9 TPaMPKQIKO9 `IHS9 IKHPVGQHIXIH_
NPYPKNPKQIPT@
NW ,VJZPQH9TQSPNMLP9NPXPLJYRPKH@9GKN
PW ,VJZPQH9TQSPNMLP9QJKHVJLb
%JV]9\VPG]NJ`K9THVMQHMVP9TSJMLN9\P9MTPN9GT9G9HJJL9HJ
YVPYGVP9 HSP9 YVJZPQH9 TQSPNMLP9 \_9 NP^IKIKO9 HSP9 YVJZPQH
TQJYP9GKN9INPKHI^_IKO9GKN9LITHIKO9J^9HSP9GQHIXIHIPT9IK9HSP
`JV]9YGQ]GOPTb9!JV9HSP9aMGKHMR9J^9`JV]9IKXJLXPN9IK
HSP9GQHIXIHIPT@9HSP9GQHIXIH_9NMVGHIJKT9GVP9PTHIRGHPN9\GTPN
JK9HSP9THGKNGVN9YVJNMQHIXIH_9KJVRT9^JV9NI^^PVPKH9HVGNPT
J^9 `JV]b9 ,GTHgNJQMRPKHPN9 PhYPVIPKQP9 GKN9 PhYPVHITP
TSJMLN9GLTJ9\P9MTPN9^JV9NPHPVRIKGHIJK9J^9HSP9GQHIXIH_
NMVGHIJKT9`IHS9HSP9QJKTHVMQHIJK9HPQSKJLJO_9GNJYHPN9GKN
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
RGKYJ`PV9GKN9PaMIYRPKH9VPTJMVQPT9MTPNb9BGTPN9JK9HSP
QJKTHVMQHIJK9 RPHSJNJLJO_9 YVJYJTPN9 `IHS9 HSP
QJKTINPVGHIJK9 J^9 YVJZPQH9 TYPQI^IQ9 QJKTHVGIKHT@9 HSP
TPaMPKQIKO9GKN9IKHPVNPYPKNPKQIPT9J^9HSP9GQHIXIHIPT9GVP
NPHPVRIKPN9GKN9HSP9OVGYSIQGL9VPYVPTPKHGHIJK9J^9GQHIXIHIPT
IK9HSP9^JVR9J^9KPH`JV]9TSJMLN9\P9YVPYGVPNb9/SP9KPH`JV]
HSMT9YVPYGVPN9TSJMLN9\P9GKGL_TPN9HJ9NPXPLJY9HSP9YVJZPQH
TQSPNMLP9`IHS9IK^JVRGHIJK9JK9PGVL_9GKN9LGHP9THGVH9GKN
^IKITSIKO9 J^9 GQHIXIHIPT9 `IHS9 HSPIV9 GXGILG\LP9 ^LJGHT9 GKN
HSP9 QVIHIQGL9 YGHSdQVIHIQGL9 GQHIXIHIPT9 JK9 HSP9 KPH`JV]b
1KQJVYJVGHIKO9HSP9QGLPKNGV9NGHPT@9HSP9\GTPLIKP9TQSPNMLP
RG_9\P9^IKGLIcPN9`IHS9HSP9IKQJVYJVGHIJK9J^9RILPTHJKPT
^JV9 TM\TPaMPKH9 TQSPNMLP9 RJKIHJVIKO9 GKN9 QJKHVJL
YVJQPTTPTb
&MVIKO9 HSP9 QJKTHVMQHIJK9 THGOP@9 TQSPNMLP9 RJKIHJVIKO
IKXJLXPT9RPHSJNT9J^9HVGQ]IKO9GKN9QJRYGVIKO9HSP9GQHMGL
TQSPNMLP9 `IHS9 HSP9 \GTPLIKP9 TQSPNMLP9 GKN9 TQSPNMLP
QJKHVJL9GQHIXIHIPT9TSJMLN9PKTMVP9HJ9VPRJXP9NP^IQIPKQIPT
GKN9TLIYYGOPT9QJVVPQHPN9HJ9GQQPYHG\LP9LPXPLTb
,VJZPQH9TQSPNMLIKO9GKN9RJKIHJVIKO9IT9G9N_KGRIQ9YVJQPTT
GKN9 YPVIJNIQ9 TQSPNMLP9 MYNGHIKO9 TSJMLN9 \P9 NJKP9 ^JV
P^^PQHIXP9RJKIHJVIKO9GKN9QJKHVJL9YVJQPTTb91K9HSP9YVJQPTT@
HSP9 THGHMT9 J^9 PGQS9 GQHIXIH_9 TSJMLN9 \P9 PhGRIKPNb9 !JV
QJRYLPHPN9 GQHIXIHIPT@9 GQHMGL9 NMVGHIJKT9 MHILIcPN@9 GVP
IKQJVYJVGHPN[9GKN9^JV9GQHIXIHIPT9IK9YVJOVPTT@9\GLGKQP9HJ
QJRYLPHP9VPXITPN9NMVGHIJKT9GKN9PTHIRGHPN9^IKITS9NGHPT
GVP9NPHPVRIKPN9GKN9IKQJVYJVGHPNb91^9HSP9GQHMGL9TQSPNMLP
LGOT9 \PSIKN9 HSP9 \GTPLIKP9 TQSPNMLP@9 XGVIJMT9 JYHIJKT
TSJMLN9 \P9 QJKTINPVPN9 HJ9 QJKHVJL9 GKN9 \VIKO9 \GQ]9 HSP
TQSPNMLP9 HJ9 GQQPYHG\LP9 LPXPLTb9 /SP9 YJTTI\LP9 QJKHVJL
GQHIJKT@9 `SIQS9 RG_9 \P9 QJKTINPVPN@9 GVPe9 YJTTI\LP
VPNMQHIJK9IK9GQHIXIH_9NMVGHIJK9J^9^MHMVP9GQHIXIHIPT9`IHS
GLHPVKGHP9HPQSKJLJO_9JYHIJKT@9IKQVPGTIKO9HSP9VPTJMVQPT@
GLHPVGHIJK9 IK9 HSP9 QJKTHVMQHIJK9 LJOIQ9 GKN9 GQHIXIH_
TPaMPKQIKO@9PHQb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U=Wlb
;=:=;(6#2'(?-/-4%*%/'
/SP9 J\ZPQHIXP9 J^9 HSP9 YVJZPQH9 QJTH9 RGKGOPRPKH9 IT9 HJ
PKTMVP9 HSGH9 HSP9 YVJZPQH9 IT9 QJRYLPHPN9 `IHSIK9 HSP
GMHSJVIcPN9 \MNOPHb9 /SP9 RGZJV9 YVJQPTTPT9 IKXJLXPN9 IK
HSP9 QJTH9 RGKGOPRPKH9 GVPe9 VPTJMVQP9 YLGKKIKO@9 QJTH
PTHIRGHIJK@9 QJTH9 \MNOPHIKOdQJTH9 YLGKKIKO9 GKN9 QJTH
RJKIHJVIKO9GKN9QJKHVJLb9/SP9VPTJMVQP9YLGKKIKO9IKXJLXPT
NPHPVRIKGHIJK9 J^9 XGVIJMT9 H_YPT9 J^9 VPTJMVQPT@9 TMQS9 GT
GYYVJYVIGHP9 HPQSKJLJO_@9 `JV]^JVQP@9 RGHPVIGLT@
PaMIYRPKH9GKN9IK^VGTHVMQHMVP9^GQILIHIPT@9HSPIV9aMGKHMR
GKN9HSPIV9VPaMIVPRPKHT9NMVIKO9NI^^PVPKH9THGOPT9J^9HSP
YVJZPQHb9,VPLIRIKGV_9QJTH9PTHIRGHP9`IHS9NP^IKPN9TQJYP
J^9`JV]9IT9VPaMIVPN9^JV9J\HGIKIKO9HSP9YVJZPQH9TGKQHIJKb
&PHGILPN9IHPR9`ITP9QJTH9PTHIRGHPT9`IHS9\ILL9J^9aMGKHIHIPT
GKN9TYPQI^IQGHIJKT9TSJMLN9\P9RGNP9^JV9HPKNPVIKO9GKN
TM\TPaMPKH9 YVJZPQH9 PhPQMHIJKb9 /SP9 H_YP9 J^9 QJKHVGQH
1:
GNJYHPN9TMQS9GT9IHPR9VGHP@9YPVQPKHGOP9VGHP@9LMRY9TMR
GKN9QJTH9YLMT@9IK^LMPKQPT9HSP9QJTH9RGKGOPRPKH9THVGHPO_b
0JTH9J^9HSP9QJTH9JYHIRIcGHIJK9HPQSKIaMPT9HSVJMOS9XGLMP
PKOIKPPVIKO9 THMNIPT9 GVP9 GQSIPXPN9 NMVIKO9 HSP
YVPQJKTHVMQHIJK9THGOP9J^9HSP9YVJZPQHb9DGLMP9PKOIKPPVIKO
IT9 G9 MTP^ML9 HPQSKIaMP9 ^JV9 GYYLIQGHIJK9 IK9 QJTH
RGKGOPRPKHb91H9IT9G9T_THPRGHIQ9RMLHIgNITQIYLIKGV_9P^^JVH
NIVPQHPN9HJ`GVNT9GKGL_cIKO9HSP9^MKQHIJKT9J^9YVJZPQH9JV
IHPR9^JV9HSP9YMVYJTP9J^9GQSIPXIKO9HSP9\PTH9XGLMP9GH9HSP
LJ`PTH9JXPVGLL9LI^P9Q_QLP9YVJZPQH9QJTHb91H9IT9GK9PTHG\LITSPN
HPQSKIaMP9^JV9NPHPVRIKIKO9XGLMP9\GTPN9NPQITIJKT9VGHSPV
HSGK9QJTH9VPNMQHIJK9\GTPN9JK9QSGKOP9IK9TYPQI^IQGHIJKTb
*MIHG\ILIH_9 J^9 QJKTHVMQHIJK9 HPQSKIaMPT@9 TPLPQHIJK9 J^
PaMIYRPKH9 ^JV9 TYPQI^IQ9 YMVYJTPT@9 QJKTINPVIKO
GLHPVKGHIXP9RGHPVIGLT9GKN9JHSPV9NPTIOK9QSGKOPT9GVP9TJRP
J^9HSP9GVPGT9J^9GYYLIQGHIJK9J^9XGLMP9PKOIKPPVIKOb
&MVIKO9 QJKTHVMQHIJK9 THGOP@9 HSP9 P^^JVHT9 GVP9 RJVP9 JK
QJKHVJL9RJNP9^JV9GNSPVPKQP9HJ9HSP9\MNOPHPN9QJTHb9!JV
HSP9YMVYJTP9J^9QJTH9QJKHVJL9NMVIKO9PhPQMHIJK@9HSP9HIRP
\GTPN9QJTH9\GTPLIKP9J^9HSP9YVJZPQH9`SIQS9^JVRT9HSP9\GTIT
^JV9 HSP9 RPGTMVPRPKH9 GKN9 RJKIHJVIKO9 J^9 QJTH
YPV^JVRGKQP@9TSJMLN9\P9OPKPVGHPNb9/SP9QJTH9\GTPLIKP
IT9OPKPVGHPN9\_9GLLJQGHIKO9HSP9JXPVGLL9QJTH9PTHIRGHP9HJ
IKNIXINMGL9 YVJZPQH9 GQHIXIHIPT9 \GTPN9 JK9 HSP9 YVJZPQH
TQSPNMLPb9 8TIKO9 HSP9 QJTH9 \GTPLIKP@9 HSP9 QJTH9 QJKHVJL@
`SIQS9QJRYVITPT9HSP9^JLLJ`IKO@9TSJMLN9\P9PhPVQITPNe
GW ,PVIJNIQGL9QJTH9VPYJVHIKO@
\W +JRYGVITJK9 J^9 HSP9 GQHMGL9 QJTH9 GOGIKTH9 HSP
YLGKKPN9QJTH@
QW "\HGIKIKO9PGVL_9`GVKIKO9^JV9QJVVPQHIXP9GQHIJKT@
NW +JKHVJL9GKN9RJKIHJVIKO9QJTH9QSGKOPT@
PW !JVPQGTHIKO9J^9^IKGL9QJTH9GH9QJRYLPHIJK9\GTPN
JK9QJTH9HVPKN9GKN9QJTH9QSGKOPT@9GKN
^W 0JNI^IQGHIJK9 J^9 HSP9 QJTH9 \GTPLIKP9 ^JV
GMHSJVIcPN9 QJTH9 QSGKOPT9 GKN9 YVPYGVGHIJK9 J^
VPXITPN9PTHIRGHPTb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U-Wlb
;=:=<(Q+-,.'E(?-/-4%*%/'
EMGLIH_9RGKGOPRPKH9IK9QJKTHVMQHIJK9GIRT9HJ9GQSIPXP
VPaMIVPN9 ^MKQHIJKGL9 GKN9 YS_TIQGL9 QSGVGQHPVITHIQT9 J^9 G
QJKTHVMQHPN9 ^GQILIH_9 HSVJMOS9 RGKGOPRPKH9 GQHIJKT
IKQLMNIKO9 YLGKKIKO@9 NIVPQHIJK9 GKN9 QJKHVJLb9 EMGLIH_9 IT
HSP9]P_9NPHPVRIKGKH9J^9VPaMIVPRPKHT9`SIQS9IT9PhYVPTTPN
HSVJMOS9NVG`IKOT9GKN9TYPQI^IQGHIJKTb90GIK9^MKQHIJK9J^
aMGLIH_9RGKGOPRPKH9IT9HJ9GQSIPXP9aMGLIH_9J\ZPQHIXP9J^
TGHIT^_IKO9VPaMIVPRPKHT9HSVJMOS9YPV^JVRGKQP9PXGLMGHIJK
J^9 QJKTHVMQHIJK9 YVJQPTTPT9 GKN9 PKTMVP9 HSGH9 HSP_9 GVP
NIVPQHPN9HJ`GVNT9JXPVGLL9aMGLIH_b9EMGLIH_9RGKGOPRPKH
NMVIKO9QJKTHVMQHIJK9THGOP9GTTMRPT9HSGH9HSP9NPTIOK9GKN
TYPQI^IQGHIJKT9 QJRYVPSPKTIXPL_9 IKQJVYJVGHP
VPaMIVPRPKHT9J^9MTPVT9GKN9JHSPV9THG]PSJLNPVTb9,VIJV9HJ
1;
TPHHIKO9 JMH9 ^JV9 HSP9 QJKTHVMQHIJK@9 HSP9 QLIPKH9 TSJMLN
QJRYLPHPL_9MKNPVTHGKN9HSP9IRYLIQGHIJKT9J^9QSGKOPT9HJ
HSP9NPTIOK9GKN9TYPQI^IQGHIJKT9NMVIKO9HSP9QJKTHVMQHIJK
THGOP@9`SIQS9RG_9G^^PQH9aMGLIH_b
6LHSJMOS9aMGLIH_9IT9GK9GLLgPKQJRYGTTIKO9QJKQPYH9`SIQS
GLTJ9SGT9\PGVIKO9JK9HIRP9GKN9QJTH9GTYPQHT@9HSP9TYPQI^IQ
TQJYP9J^9aMGLIH_9RGKGOPRPKH9RG_9\P9LIRIHPN9HJ9IHT9]P_
^MKQHIJKT9 J^9 aMGLIH_9 YLGKKIKO@9 aMGLIH_9 GTTMVGKQP9 GKN
aMGLIH_9 QJKHVJLb9 EMGLIH_9 YLGKKIKO9 VP^PVT9 HJ9 HSP
INPKHI^IQGHIJK9 J^9 VPLPXGKH9 aMGLIH_9 THGKNGVNT9 GKN
NPHPVRIKIKO9 SJ`9 HJ9 TGHIT^_9 HSPRb9 EMGLIH_9 GTTMVGKQP
GQHIXIHIPT9 IKQLMNP9 QJKTITHPKH9 PXGLMGHIJK9 J^9 YVJZPQH
YPV^JVRGKQP9 HJ9 YVJXINP9 QJK^INPKQP9 HSGH9 HSP9 YVJZPQH
TGHIT^IPT9HSP9VPLPXGKH9aMGLIH_9THGKNGVNTb9EMGLIH_9QJKHVJL
RJKIHJVT9YVJZPQH9VPTMLHT9VPLGHPN9HJ9HSP9QJRYLIGKQP9HJ
aMGLIH_9THGKNGVNT9GKN9INPKHI^_IKO9RPGKT9HJ9PLIRIKGHP
KJKgQJK^JVRIH_b
"KgTIHP9JYPVGHIJKT9QJKTHIHMHP9RJTH9J^9HSP9QJKTHVMQHIJK
YVJQPTTPTb9 *QJYP9 J^9 aMGLIH_9 RGKGOPRPKH9 ^JV9 JKgTIHP
JYPVGHIJKT9RG_9\P9QGHPOJVIcPN9\VJGNL_9IK9HSVPP9NITHIKQH
THGOPTb91K9HSP9VPQPIXIKO9THGOP@9RGHPVIGLT9GKN9TMYYLIPT
GVP9 IKTYPQHPN9 GKN9 HPTHPN9 ^JV9 QJK^JVRGKQP9 HJ9 HSP
TYPQI^IPN9THGKNGVNTb9&MVIKO9iIKgYVJQPTT9THGOPj@9RGHPVIGLT
GKN9 TMYYLIPT9 GVP9 YVJQPTTPN9 HJ9 ^JVR9 YVJZPQH9 YVJNMQH
QJRYJKPKHT9 `SPVPIK9 YVJQPTT9 QJKHVJL9 PKTMVPT
QJK^JVRGKQP9HJ9HSP9TYPQI^IPN9THGKNGVNTb91K9HSP9i^IKGL
THGOPj@9IKTYPQHIJKT9GKN9HPTHT9RJKIHJV9HSP9^MKQHIJKGL9GKN
YS_TIQGL9YPV^JVRGKQP9J^9HSP9YVJNMQHdTPVXIQP9HJ9PKTMVP
HSGH9HSP_9TGHIT^_9HSP9VPaMIVPRPKHTb
,LGKKIKO9 \PIKO9 GK9 IKHPOVGL9 YGVH9 J^9 HSP9 aMGLIH_
RGKGOPRPKH@9 RG_9 GLTJ9 QJKTINPV9 P^^IQIPKH9 TIHP9 LG_JMH
GKN9IHT9RGKGOPRPKH9^JV9JKgTIHP9JYPVGHIJKTb91K9GNNIHIJK
HJ9HIRP9GKN9QJTH9IRYLIQGHIJKT9J^9HSP9TIHP9RGKGOPRPKH@
HSP9 aMGLIH_9 YPV^JVRGKQP9 IRYVJXPT9 \_9 P^^IQIPKH
JVOGKIcGHIJK9J^9GQHIXIHIPT9\_9`G_9J^9YVJXINIKO9GNPaMGHP
GKN9GYYVJYVIGHP9QJKNIHIJKT9^JV9HSP9`JV]9YVJQPTTPTb9*IHP
RGKGOPRPKH9KPPNT9HJ9QJKTINPV9QJKTHVMQHIJK9HPQSKJLJO_
QJKTHVGIKHT9`IHS9VP^PVPKQP9HJ9GTYPQHT9VPLGHPN9HJ9TYGQP
GXGILG\ILIH_9TMQS9GT9YPVRGKPKH9TPVXIQPT@9GQQPTT9HJ9TIHP@
HPRYJVGV_9TPVXIQPT@9LJQGHIJK9J^9RGHPVIGL9THJVPT@9THGQ]IKO
GKN9 THJVGOP9 GVPGT9 GKN9 YLGKHT@9 ^PKQIKO9 GKN9 JHSPV
HPRYJVGV_9THVMQHMVPTb
/SP9XGVIJMT9JVOGKIcGHIJKT9QJKKPQHPN9`IHS9HSP9YVJZPQH
TSJMLN9SGXP9HSPIV9J`K9aMGLIH_9RGKGOPRPKH9T_THPRTb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U;Wlb
;=:=2(>.2C(?-/-4%*%/'
,VJZPQH9VIT]T9SGXP9GK9IRYGQH9JK9HSP9YVJZPQH9J\ZPQHIXPT
GKN9KPPN9G9YLGKKPN9VPTYJKTPb9,VJZPQH9VIT]9RGKGOPRPKH
YVJQPTTPT9 PKTMVP9 YVJYPV9 YLGKKIKO@9 INPKHI^IQGHIJK@
GKGL_TIT@9RJKIHJVIKO9GKN9QJKHVJL9HJ9HSP9\PTH9IKHPVPTH9J^
HSP9YVJZPQHb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
#IT]9 RGKGOPRPKH9 YLGKKIKO9 YVJQPTTPT9 NPXPLJY9 GK
GYYVJGQS9HJ9VIT]9RGKGOPRPKH9GQHIXIHIPT9`SIQS9IKQLMNP
YLGKKIKO@9PhPQMHIJK9GKN9RJKIHJVIKOb969VIT]9RGKGOPRPKH
YLGK9TSJMLN9NP^IKP9LPGN9GKN9TMYYJVH9VJLP9VPTYJKTI\ILIHIPT
J^9YVJZPQH9HPGR9IK9VPLGHIJK9HJ9RGKGOPRPKH@9\MNOPHIKO@
VIT]9 VPTYJKTIXP9 TQSPNMLIKO@9 QLGTTI^IQGHIJK9 J^9 VIT]
GQHIXIHIPT9 \GTPN9 JK9 VIT]9 \VPG]gNJ`K9 THVMQHMVP9 GKN
PhYLGKGHIJK9J^9YVJ\G\ILIH_9GKN9IRYGQH9^JV9VIT]9QJKHPhHb
#IT]9VPTYJKTP9YLGKKIKO9NPHPVRIKPT9GQHIJKT9VPaMIVPN9^JV
VPNMQIKO9IRYGQH9J^9VIT]Tb9#IT]9VPTYJKTPT9GVP9PTHG\LITSPN
GKN9 GTTIOKPN9 HJ9 GYYVJYVIGHP9 YVJZPQH9 YGVHIQIYGKHTb
*MIHG\LP9VIT]9RIHIOGHIJK9RPGTMVPT9TSJMLN9\P9PXJLXPN
^JV9INPKHI^IPN9VIT]Tb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U>Wlb
;=:=5(6#**+/.&-'.#/(?-/-4%*%/'
!JV9 QJRRMKIQGHIJK9 RGKGOPRPKH@9 0GKGOPRPKH
1K^JVRGHIJK9*_THPR9U01*W9IT9MTPN9GT9GK9IRYJVHGKH9HJJL
^JV9 T_THPRIcPN9 GYYVJGQS9 HJ9 ^MVKITS9 IK^JVRGHIJKb9 1H
QJRYVITPT9 G9 T_THPR9 HSGH9 QJLLPQHT@9 THJVPT@9 TJVHT9 GKN
GKGL_TPT9NGHG9HJ9OPKPVGHP9GKN9QJRRMKIQGHP9IK^JVRGHIJKb
1H9RG_9\P9G9QJR\IKGHIJK9J^9RGKMGL9GKN9QJRYMHPVIcPN
T_THPRTb
6H9HSP9QJKTHVMQHIJK9THGOP9J^9G9YVJZPQH@9HSPVP9GVP9RGK_
GOPKQIPT9 IKXJLXPN9 LI]P9 QLIPKH@9 GVQSIHPQH@9 PKOIKPPV@
YVJZPQH9 RGKGOPV@9 XGVIJMT9 QJKTMLHGKHT@9 RGHPVIGL
TMYYLIPVT@9QJKTHVMQHIJK9GOPKQIPT9GKN9TM\gQJKHVGQHJVTb
$GQS9 GOPKQ_9 IT9 NIXINPN9 IKHJ9 HJY9 LPXPL9 RGKGOPRPKH
HG]IKO9 YJLIQ_9 NPQITIJKT@9 RINNLP9 LPXPL9 RGKGOPRPKH
RJKIHJVIKO9 HSP9 YVJZPQH9 GKN9 LJ`PV9 LPXPL9 RGKGOPRPKH
IKXJLXPN9IK9NG_9HJ9NG_9JYPVGHIJKT9J^9HSP9YVJZPQHb
$GQS9 LPXPL9 J^9 RGKGOPRPKH9 VPaMIVPT9 IK^JVRGHIJK9 J^
XGV_IKO9NPHGILT@9GH9NI^^PVPKH9YPVIJNIQIHIPT9GKN9IK9NI^^PVPKH
^JVRGHTb9,VJZPQH9YVJOVPTT9IK^JVRGHIJK9^LJ`T9^VJR9LJ`PV
LPXPL9HJ9HSP9HJY9LPXPL9RGKGOPRPKH9GKN9YJLIQ_9NPQITIJKT
^LJ`9^VJR9HJY9LPXPL9HJ9HSP9LJ`PV9LPXPL9RGKGOPRPKHb
01*9IKHPOVGHPT9HSP9`JV]9GKN9IK^JVRGHIJK9^LJ`9`IHSIK
PGQS9GOPKQ_9GKN9^LJ`9J^9IK^JVRGHIJK9\PH`PPK9NI^^PVPKH
GOPKQIPTb
1K9QJKTHVMQHIJK9THGOP9J^9HSP9YVJZPQHT@9HSP9IK^JVRGHIJK
RG_9\P9IK9HSP9^JVR9J^9NGHG9VP^LPQHIKO9THGHMT9J^9YVJZPQH
IK9HPVRT9J^9GQHMGL9PhPQMHIJK9HIRP9^JV9PGQS9GQHIXIH_@9QJTH
IKQMVVPN@9 VPTJMVQPT9 MTPN@9 aMGLIH_9 QJKHVJL@9 RGHPVIGL
RGKGOPRPKH@9\ILLT@9JVOGKIcGHIJK9RGKGOPRPKH9GKN9JHSPV
GNRIKITHVGHIXP9GTYPQHT9LI]P9NITYMHPT9HSGH9RG_9QJRP9MYb
/SIT9NGHG9TSJMLN9\P9GKGL_TPN9HJ9MKNPVTHGKN9HSP9JXPVGLL
YVJOVPTT9 GQSIPXPN9 GKN9 HJ9 MYNGHP9 TQSPNMLPT9 J^9 HSP
YVJZPQHb
BGTIQ9J\ZPQHIXPT9J^901*9J^9G9QJKTHVMQHIJK9YVJZPQH9RG_
\P9TMRRGVIcPN9GTe
GW ,VJXINIKO9 \PKQSRGV]9 GOGIKTH9 `SIQS9 HJ
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
RPGTMVP9JV9QJRYGVP9YVJOVPTT9GKN9QJTHT@9LI]P
HIRP9 KPH`JV]9 TQSPNMLPT@9 QJTH9 PTHIRGHPT@
RGHPVIGL9GKN9LG\JMV9TQSPNMLPT@9TYPQI^IQGHIJKT@
`JV]IKO9NVG`IKOTb
\W ,VJXINIKO9 GK9 JVOGKIcPN9 GKN9 P^^IQIPKH9 RPGKT
J^9 RPGTMVIKO@9 QJLLPQHIKO@9 XPVI^_IKO9 GKN
VP^LPQHIKO9HSP9YVJOVPTT9GKN9THGHMT9J^9JYPVGHIJKT
JK9HSP9YVJZPQH9`IHS9VPTYPQH9HJ9YVJOVPTT@9QJTH@
VPTJMVQPT9GKN9aMGLIH_b
QW ,VJXINIKO9GK9JVOGKIcPN@9GQQMVGHP9GKN9P^^IQIPKH
RPGKT9J^9QJKXPVHIKO9HSP9NGHG9^VJR9JYPVGHIJKT
IKHJ9IK^JVRGHIJKb
NW #PYJVHIKO9 HSP9 QJVVPQH9 GKN9 KPQPTTGV_
IK^JVRGHIJK9IK9HSP9VPaMIVPN9^JVRGH9GKN9GH9HSP
VPaMIVPN9 LPXPL9 J^9 NPHGIL9 HJ9 RGKGOPVT9 GH9 GLL
LPXPLT9GKN9HJ9HSP9TMYPVXITJVTb
PW 1NPKHI^_IKO9GKN9ITJLGHIKO9HSP9RJTH9IRYJVHGKH
GKN9QVIHIQGL9IK^JVRGHIJK9GH9XGVIJMT9THGOPT9HJ
\P9 QJRRMKIQGHPN9 HJ9 HSP9 RGKGOPVT9 GKN
TMYPVXITJVT9^JV9HG]IKO9NPQITIJKTb
^W +JRRMKIQGHIKO9 HSP9 IK^JVRGHIJK9 HJ9 HSP
RGKGOPVT9 GKN9 TMYPVXITJVT9 IK9 HIRP9 TJ9 HSGH
NPQITIJKT9RG_9\P9HG]PK9GH9HSP9VIOSH9HIRPb
/JHGL901*9QJK^IOMVGHIJK9J^9HSP9QJKTHVMQHIJK9YVJZPQH9RG_
\P9NIXINPN9IKHJ9HSP9^JLLJ`IKO9RJNMLPTe
)W ,LGKKIKO9GKN9TQSPNMLIKO9RJNMLP@
.W +JTH9QJKHVJL9GKN9GQQJMKHIKO9RJNMLP@
(W /VPKN9GKN9^JVPQGTH9RJNMLP@
7W ,VJZPQH9GNRIKITHVGHIXP9GKN9^IKGKQIGL9RJNMLP@
GKN
<W AITHJVIQGL9GKN9NJQMRPKHGHIJK9RJNMLPb
6LL9 RJNMLPT9 TSJMLN9 \P9 IKHPVLIK]PN9 IK9 ^LJ`9 J^
IK^JVRGHIJK9GKN9OPKPVGHIJK9J^9VPYJVHTb
!JV9LGVOP9YM\LIQ9YVJZPQHT@9TMIHG\LP9RPQSGKITR9RG_9\P
PTHG\LITSPN9^JV9QJRRMKIQGHIJK9J^9VPLPXGKH9IK^JVRGHIJK
HJ9YM\LIQ9GH9LGVOPb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U)CWlb
;=:=Q(;+*-/(>%2#+"&%(?-/-4%*%/'
6LL9 QJKTHVMQHIJK9 YVJZPQHT9 IKXJLXP9 LGVOP9 KMR\PV9 J^
T]ILLPNdMKT]ILLPN9YPVTJKTb9AMRGK9VPTJMVQPT9IK9G9YVJZPQH
TSJMLN9\P9GNPaMGHPL_9aMGLI^IPN@9HVGIKPN9GKN9QJRYPHPKHb
EMGLIH_9J^9QJKTHVMQHIJK9`JV]9NPYPKNT9JK9HSP9aMGLIH_9J^
LG\JMV9VPTJMVQPb9!JV9T]ILLPN9GKN9MKgT]ILLPN9LG\JMV@9HSP
VPaMIVPRPKH9^JV9HPQSKIQGL9]KJ`LPNOP@9T]ILL9GKN9OPKPVGL
G`GVPKPTT9 GVP9 XGVIPN9 ^JV9 NI^^PVPKH9 QJKTHVMQHIJK
YVJQPTTPTb93G\JMVPVT9GVP9VPaMIVPN9HJ9MKNPVTHGKN9HSPIV
VPTYPQHIXP9VPTYJKTI\ILIHIPT9PTYPQIGLL_9HJ`GVNT9HSP9`JV]b
/SPVP^JVP@9QJKTHVMQHIJK9RGKGOPRPKH9YVGQHIQPT9TSJMLN
PRYSGTIcP9 JK9 NPXPLJYRPKH9 J^9 QJRYPHPKQP9 J^9 HSIT
QVIHIQGL9SMRGK9VPTJMVQP9HSVJMOS9HVGIKIKO9YVJOVGRRPTb
1<
/SP9QVIHIQGL9GQHIXIHIPT9TSJMLN9\P9INPKHI^IPN9^VJR9HSP9YJIKH
J^9XIP`9J^9HPQSKJLJOIQGL9IKKJXGHIJKT@9`JV]RGKTSIY9GKN
PKXIVJKRPKHGL9 QJKNIHIJKT9 `SIQS9 NPHPVRIKP9 LG\JMV
\PSGXIJMV9 GKN9 YPV^JVRGKQPb9 1K9 PGQS9 QJKTHVMQHIJK
YVJZPQH@9 HSPVP9 GVP9 QPVHGIK9 `JV]9 VPLGHPN9 YPQMLIGVIHIPT
`SIQS9QGLL9^JV9ZJ\9TYPQI^IQ9JVIPKHGHIJKb9/SPVP9TSJMLN
\P9G9QLPGVL_9NP^IKPN9QJRYPHPKQP9VPaMIVPRPKH9^JV9HSP
`JV]PVTb9,VJOVPTTIXPL_@9G9^JVRGL9HVGIKIKO9JV9G9QPVHI^IPN
QJMVTP9 MKNPVHG]PK9 TSJMLN9 \P9 G9 YVP^PVVPN9 TPLPQHIJK
QVIHPVIJK9^JV9HSP9`JV]PVTb96LL9P^^JVHT9TSJMLN9GLTJ9\P9RGNP
HJ9 IRYGVH9 JK9 TIHP9 T]ILLIKOdHVGIKIKO9 J^9 QJKTHVMQHIJK
`JV]PVT9 ^JV9 TYPQI^IQ9 HGT]Tb9 69 YPVIJNIQ9 VPXIP`9 J^9 HSP
YPV^JVRGKQP9RG_9\P9RGNP9HJ9PTHG\LITS9HSP9KGHMVP9J^
HVGIKIKO9VPaMIVPN9GKN9RPHSJNT9^JV9IRYGVHIKO9HVGIKIKOb
/SPVP9IT9G9KPPN9HJ9GNNVPTT9HSP9RJHIXGHIJKGL9GTYPQHT@9^JV
\PHHPV9YPV^JVRGKQPb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U))Wlb
;=:=R(;%-,'7(-/0(@-)%'E(?-/-4%*%/'
;=:=R=19APGLHS9RGKGOPRPKH9ITTMPT9IKQLMNP9LJJ]IKO9IKHJ
HSP9VIT]9^GQHJVT9HJ9SPGLHS9J^9QJKTHVMQHIJK9YPVTJKKPL9GKN
YVJXINIKO9S_OIPKIQ9QJKNIHIJKT9GH9QJKTHVMQHIJK9TIHPT9GKN
RPHSJNT9J^9HSPIV9RGKGOPRPKHb91H9IKQLMNPT9RGKGOIKO@
GW JQQMYGHIJKGLdYS_TIQGL9SPGLHS9SGcGVNTb
\W TSJVH9HPVR9GT9`PLL9GT9LJKOgHPVR9ILL9P^^PQHT9J^
HSP9GQHIXIHIPT9GKN9HSP9`JV]IKO9PKXIVJKRPKH9J^
HSP9QJKTHVMQHIJK9TIHPTb
QW YVJXITIJK9 J^9 YPVTJKGL9 YVJHPQHIXP9 PaMIYRPKH
VPaMIVPN9^JV9TYPQI^IQ9SPGLHS9SGcGVNTb
NW LG_IKO9NJ`K9J^9QJKTHVMQHIJK9S_OIPKP9QJKHVJL
RPHSJNTb
;=:=R=!(*G^PH_9 RGKGOPRPKH9 ITTMPT9 IKQLMNP9 RGKGOIKO
`JV]9 YVJQPTTPT@9 PaMIYRPKH9 GKN9 RGHPVIGL9 SGKNLIKO9 GH
TIHP9^JV9THVIXIKO9HJ9GQSIPXP9cPVJ9GQQINPKH9THGHMT9GH9TIHPb
!JV9YVPXPKHIJK9GKN9RGKGOPRPKH9J^9GQQINPKHT@9G9YVJYPV
JVOGKIcGHIJKGL9 GKN9 GNRIKITHVGHIXP9 RPQSGKITR9 IT
VPaMIVPNb9!JLLJ`IKO9THPYT9TSJMLN9\P9HG]PK9^JV9GQSIPXIKO
HSP9TGRPe
GW 3G_IKO9 NJ`K9 J^9 TG^PH_9 VPOMLGHIJKT9 JV
RGKNGHJV_9YVPTQVIYHIJKT9QJKQPVKIKO9NI^^PVPKH
`JV]9YVJQPTTPTb
\W *HGKNGVNIcGHIJK9 J^9 `JV]9 YVJQPTTPT9 GKN
RGKGOPRPKH9GQHIJKTb
QW #POMLGV9GKN9THIYMLGHPN9IKTYPQHIJK9J^9`JV]T9GKN
RGQSIKPV_dPaMIYRPKH9 ^JV9 PK^JVQPRPKH9 J^
RGKNGHJV_9VPOMLGHIJKTb
NW ,VJXINIKO9PNMQGHIJK9GKN9HVGIKIKO9HJ9`JV]PVT
JK9TG^PH_9ITTMPTb
PW ,M\LIQIH_9 GKN9 GYYPGL9 HJ9 NPXPLJY9 TG^PH_
QJKTQIJMTKPTTb
^W 1KTMVGKQP9 J^9 \MILH9 ^GQILIHIPT@9 QJKTHVMQHIJK
YPVTJKKPL9GKN9HSIVN9YGVH_b
12
OW #POMLGV9TG^PH_9GMNIH9J^9QJKTHVMQHIJK9TIHPT9GKN
YJTH9GMNIH9GQHIJKTb
SW $^^PQHIXP9 YJTHgGQQINPKH9 GQHIJK9 IKQLMNIKO
GQQINPKH9GKGL_TIT9GKN9VPYJVHIKOb
ZW $^^PQHIXP9YJTHgGQQINPKH9RGKGOPRPKH9IKQLMNIKO
QJVVPQHIXP9RPGTMVPT9HJ9GXJIN9VPYPHIHIJK9J^9TMQS
GQQINPKHTb
*G^PH_9"^^IQPV9TSGLL9\P9GYYJIKHPN9IK9GQQJVNGKQP9`IHS
HSP9 QJKQPVKPN9 YVJXITIJKT9 J^9 HSP9 A+.,0./4( -/0( <'7%"
6#/2'"+&'.#/(B#"C%"2(L>%4+,-'.#/(#)(8*1,#E*%/'(-/0
6#/0.'.#/2(#)(@%"3.&%M(H&'@9)>>=b9*G^PH_9J^^IQPV9`SJ9IT
YJTHPN9GH9G9RPNIMR9HJ9RGZJV9QJKTHVMQHIJK9TIHP9TSGLLe
)W 3JJ]9 G^HPV9 HSP9 TG^PH_9 J^9 HSP9 YPVTJKKPL@9 TG^P
SGKNLIKO9 J^9 RGHPVIGLT9 GKN9 RGQSIKPV_@9 TG^P
`JV]9 YVGQHIQPT9 GKN9 THGKNGVN9 JYPVGHIKO
YVJQPNMVPTb
.W BP9VPTYJKTI\LP9^JV9QJRYLIGKQP9J^9GLL9THGHMHJV_
J\LIOGHIJKT9J^9HSP9PRYLJ_PV9IK9VPOGVN9HJ9TG^PH_
J^9YPVTJKKPL9GKN9THVMQHMVPTb
(W 4MINP9GKN9GTTITH9HSP9TIHP9RGKGOPVTdPKOIKPPVT
HJ9RG]P9HSPIV9TIHPT9TG^P9GKN9GQQINPKH9^VPPb
7W /VGIK9YPVTJKKPL9IK9QJKTHVMQHIJK9TG^PH_@9QJKNMQH
TG^PH_9TMVXP_T9GKN9NPTIOK9TMIHG\LP9NJQMRPKHT
^JV9VPQJVNIKO9GKN9YVJRJHIKO9TG^PH_9JK9TIHPT
GKN9IK9HSP9QJKTHVMQHIJK9IKNMTHV_b
<W 6VVGKOP9^JV9TG^PH_9\VIP^IKO9^JV9GLL9HSP9YPVTJKT
PKHPVIKO9HSP9QJKTHVMQHIJK9GVPGb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U).Wlb
;=:=10(@+2'-./-J.,.'E(?-/-4%*%/'
;=:=10=19*MTHGIKG\ILIH_9RGKGOPRPKH9ITTMPT9IKQLMNP9HSP
^JLLJ`IKOe
GW 0IKIRIcIKO9GNXPVTP9PKXIVJKRPKHGL9IRYGQH9J^
GQHIXIHIPT@9YVJNMQHT9GKN9TPVXIQPTb
\W 93IRIHIKO9GK_9GNXPVTP9IRYGQH9`IHSIK9HSP9LG`Td
YVPTQVI\PN9KJVRT9GKN9HSPIV9RJKIHJVIKOb
QW *G^PH_9 J^9 PKXIVJKRPKH9 `SILP9 `JV]IKO9 `IHS
SGcGVNJMT9RGHPVIGLT9GKN9RGIKHGIKIKO9RGHPVIGL
TG^PH_9NGHG9TSPPHTb
NW 0GKGOPRPKH9 J^9 NITYJTGL9 J^9 `GTHP9 ^VJR9 HSP
QJKTHVMQHIJK9TIHPTb
PW +JKTINPVIKO9 YJTIHIXP9 PKXIVJKRPKHGL
QJKHVI\MHIJK9YGVHIQMLGVL_9G^HPV9QJRYLPHIJK9J^
QJKTHVMQHIJKb
^W 0PQSGKITR9HJ9VPXIP`9QJKQPVKT9J^9IKHPVPTHPN
YGVHIPTb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U)(Wlb
;=:=11(R/'%4"-'.#/(?-/-4%*%/'
1KHPOVGHIJK9 RGKGOPRPKH9 GIRT9 HJ9 YVJXINP9 YVJQPTTPT
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
KPQPTTGV_9 ^JV9 QJJVNIKGHIJK9 GRJKOTH9 XGVIJMT
JVOGKIcGHIJKT9GKN9HSPIV9HPGRT9IKXJLXPNb91H9PKTMVPT9HSGH
XGVIJMT9JVOGKIcGHIJKGL9HPGRT9YPV^JVR9IK9GK9IKHPOVGHPN
RGKKPV@9`IHS9HSPIV9GQHIJKT9QJJVNIKGHPN9HJ9HSP9RMHMGL
IKHPVPTHT9HJ`GVNT9HSP9YVJZPQHb91KHPOVGHPN9RGKGOPRPKH
YVJQPTTPT9YVJXINP9JYYJVHMKIHIPT9^JV9VPTJLXIKO9QJK^LIQHT
GKN9QJRYPHIKO9IKHPVPTHT9HSVJMOS9GYYVJYVIGHP9HVGNPJ^^Tb
1KHPOVGHIJK9 IT9 KPQPTTGV_9 `SPVP9 YVJQPTTPT9 IKHPVGQH@
PTYPQIGLL_9 `SPK9 YVJQPTT9 VPTYJKTI\ILIHIPT9 \PLJKO9 HJ
NI^^PVPKH9 JVOGKIcGHIJKGL9 OVJMYTb9 *MQS9 YVJQPTT
IKHPVGQHIJKT9KPPN9JVOGKIcGHIJKGL9IKHPV^GQPT9HJ9\P9NP^IKPN
GKN9VPTJLXPN9GH9GK9JXPVGLL9LPXPLb
1KHPOVGHIJK9 RGKGOPRPKH9 RG_9 GLTJ9 \P9 VPaMIVPN9 ^JV
TYPQI^IQ9 TIHMGHIJKT9 `SPK9 IRYGQH9 J^9 JKP9 RGKGOPRPKH
^MKQHIJK9IT9G9QGMTP9^JV9QJKQPVK9^JV9JHSPV9RGKGOPRPKH
^MKQHIJKTb9 !JV9 PhGRYLP@9 I^9 HSPVP9 IT9 G9 HIRP9 NPLG_9 IK
YPV^JVRIKO9 G9 YGVHIQMLGV9 QJKTHVMQHIJK9 YVJQPTT@9 IH9 RG_
J^HPK9SGXP9IRYGQH9JK9HSP9QJTH9GTYPQHT9J^9KJH9JKL_9HSGH
YVJQPTT9 \MH9 JHSPV9 YVJQPTTPT9 IKXJLXIKO9 JHSPV
JVOGKIcGHIJKGL9 OVJMYT[9 HSP9 VPTQSPNMLIKO9 RG_9 G^^PQH
QJJVNIKGHIJK9GRJKOTH9YPV^JVRIKO9OVJMYT9IK9HSP9NJ`Kg
THVPGR9YVJQPTTPT9GKN9GQHIXIHIPTb
!JV9NPHGILPN9OMINPLIKPT@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U)7Wlb
'&!%(#$"/"!#$'%*+!%(#$"01-$$($.
-$2"'(%&",-$-.&,&$%
<(3'#""%",(#63.-$6
+JKTHVMQHIJK9 YLGKKIKO9 GTYPQHT9 GIR9 HJ9 INPKHI^_9 GKN
NPXPLJY9 XGVIJMT9 THGOPT9 J^9 YVJZPQH9 PhPQMHIJK9 JK9 TIHP
`SIQS9 TSJMLN9 \P9 QJKTITHPKH9 `IHS9 HSP9 RGKGOPRPKH
QJKTINPVGHIJKTb9 ,LGKKIKO9 GTYPQHT9 PXJLXP9 JMH9 J^9 HSP
J\ZPQHIXPT9 J^9 YVJZPQH9 GKN9 VPaMIVPRPKHT9 J^9 HSP9 ^IKGL
QJRYLPHPN9QJKTHVMQHPN9^GQILIH_b9/SPTP9J\ZPQHIXPT9QJMLN
VPLGHP9 HJ9 HSP9 HIRP9 QJKTHVGIKHT@9 QJTH9 QJKTINPVGHIJKT@
aMGLIH_9 THGKNGVNT@9 TG^PH_9 THGKNGVNT@9 PKXIVJKRPKHGL
QJKTINPVGHIJKT9GKN9SPGLHS9QJKTINPVGHIJKTb9+JKTHVMQHIJK
YVGQHIQPT9`JMLN@9HSPK9SGXP9HJ9TGHIT^_9HSPTP9J\ZPQHIXPT
NMVIKO9QJKTHVMQHIJK9YSGTP9J^9HSP9YVJZPQHb
AGXIKO9PTHG\LITSPN9J\ZPQHIXPT9J^9HSP9QJKTHVMQHIJK9YSGTP@
YLGKKIKO9 NPHPVRIKPT9 YVJQPTTPT@9 VPTJMVQPT9 UIKQLMNIKO
RGHPVIGLT@9PaMIYRPKH@9SMRGK9GKN9PKXIVJKRPKHGLW9GKN
RJKIHJVIKO9 T_THPR9 HJ9 PKTMVP9 HSGH9 HSP9 YVGQHIQPT9 GVP
GYYVJYVIGHPL_9 GLIOKPNb9 6NPaMGHP9 ]KJ`LPNOP9 G\JMH
YVPQJKTHVMQHIJK9YSGTP9PXJLMHIJK9J^9YVJZPQH@9PTYPQIGLL_
VPLGHPN9 HJ9 QMTHJRPVjT9 VPaMIVPRPKHT@9 IT9 GK9 PTTPKHIGL
YVPVPaMITIHP9^JV9QJKTHVMQHIJK9YLGKKIKOb
<=1(3BNMAHK?B>M?CAH(3@FKN
<=1=19BPTINPT9HSP9NPTIOK9GTYPQHT@9YVPQJKTHVMQHIJK9YSGTP
TSJMLN9 GLTJ9 GNNVPTT9 GLL9 HSP9 ITTMPT9 VPLGHPN9 HJ9 HSP
IRYLPRPKHGHIJK9J^9HSP9NPTIOK9GH9HSP9TIHP9HSVJMOS9TMIHG\LP
QJKTHVMQHIJK9THVGHPO_b9&MVIKO9HSP9NPTIOK9THGOP@9HSP9TIHP
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
QJKNIHIJKT9TSJMLN9\P9^MLL_9MKNPVTHJJN9`IHS9GKHIQIYGHPN
NI^^IQMLHIPT9GKN9GXJIN9HSP9VIT]9J^9TM\TPaMPKH9NPLG_T9GKN
QSGKOPT9G^HPV9HSP9QJKTHVMQHIJK9SGT9THGVHPNb
<=1=!9/SP9TPLPQHIJK9J^9QJKTHVMQHIJK9RPHSJNT@9\MILNIKO
T_THPRT9 GKN9 RGHPVIGLT@9 QJRYJKPKHT@9 RGKYJ`PV9 GKN
PaMIYRPKH9 GKN9 HPQSKIaMPT9 GVP9 \PTH9 NJKP9 IK9 HSP
YVPQJKTHVMQHIJK9YSGTPb9*MQS9TPLPQHIJK9IT9IK^LMPKQPN9\_
HSP9LJQGL9QJKNIHIJKT9LI]P9HPVVGIK@9QLIRGHP@9XMLKPVG\ILIH_
^JV9NITGTHPVT@9PHQb
<=1=:9 +JKTHVMQHIJK9 IK9 \MT_9 LJQGLIHIPT9 J^9 QIHIPT9 KPPNT
TYPQIGL9QJKTINPVGHIJKT9GKN9RPHIQMLJMT9YLGKKIKO9NMP9HJ
VPTHVIQHPN9 TYGQP@9 GNZJIKIKO9 THVMQHMVPT@9 MKNPVOVJMKN
MHILIHIPT@9 HVG^^IQ9 VPTHVIQHIJKT@9 KJITP9 GKN9 PKXIVJKRPKHGL
YJLLMHIJK9GKN9JHSPV9TYPQI^IQ9TIHP9QJKTHVGIKHTb
<=1=;9 /SP9 QJKTHVMQHG\ILIH_9 GTYPQHT9 J^9 HSP9 YVJYJTPN
QJKTHVMQHIJK9RPHSJNT9KPPNT9HJ9\P9QGVP^MLL_9PXGLMGHPN
GH9 HSP9 YLGKKIKO9 THGOP9 HJ9 PKTMVP9 PGTP9 J^9 QJKTHVMQHIJK
\PTINPT9 JYHIRIcIKO9 HSP9 QJKTHVMQHIJK9 TQSPNMLP9 GKN
GQSIPXIKO9aMGLIH_@9VPLIG\ILIH_9GKN9RGIKHGIKG\ILIH_9J^9HSP
QJKTHVMQHPN9^GQILIHIPTb
<=1=<9+JKTHVMQHIJK9YVGQHIQPT9IK9SILL_9VPOIJKT9KPPNT9HJ
HG]P9IKHJ9QJKTINPVGHIJKT9HSP9YVJ\LPR9J^9LGKNTLINPT@9TLJYP
THG\ILIH_@9 NVGIKGOP@9 PHQ@9 \PTINPT9 PKTMVIKO9 KJ9 GNXPVTP
IRYGQH9JK9HSP9^VGOILP9PKXIVJKRPKHGL9QJKNIHIJKTb
<=1=29 &MVG\ILIH_9 J^9 QJKTHVMQHIJKT9 IK9 QJVVJTIXP
GHRJTYSPVIQ9 QJKNIHIJKT9 LI]P9 QJGTHGL9 VPOIJKT9 GKN
GOOVPTTIXP9OVJMKN9TIHMGHIJKT9`IHS9SIOS9QSLJVINPT9GKN
TMLYSGHPT9TSJMLN9GLTJ9\P9HG]PK9QGVP9J^9`IHS9GYYVJYVIGHP
QJKTHVMQHIJK9YVGQHIQPTb
<=1=59+JKTHVMQHIJK9YVGQHIQPT9IK9NITGTHPV9YVJKP9GVPGT9KPPN
TYPQI^IQ9 YLGKKIKOb9 /SP9 H_YP9 J^9 QJKTHVMQHIJK@9 MTP9 J^
RGHPVIGLT@9 QJKTHVMQHIJK9 HPQSKIaMPT9 VPaMIVP9 TYPQIGL
QJKTINPVGHIJKT9IK9TMQS9GVPGTb
<=1=Q96NXPVTP9`PGHSPV9QJKNIHIJKT9SGXP9THVJKO9\PGVIKO
JK9QJKTHVMQHIJK9YSGTPb9*IHMGHIJKT9`SPVPIK9QJKTHVMQHIJKT
GVP9 HJ9 \P9 QGVVIPN9 JMH9 IK9 GNXPVTP9 `PGHSPV9 QJKNIHIJKT@
TMQS9GT9SPGX_9GKN9QJKHIKMJMT9VGIK9^GLL@9PhHVPRP9SJH9JV
QJLN9 `PGHSPV@9 NMTH9 THJVRT@9 PHQ@9 HSP9 YVGQHIQPT9 SGXP9 HJ
GNNVPTT9HSP9VPLPXGKH9GTYPQHTb96QQJVNIKOL_@9TMIHIKO9HSP
TIHP9QJKNIHIJKT@9HSP9NPTIOK9GKN9^IPLN9JYPVGHIJKT9TSJMLN
\P9GNGYHPN9JV9VPNP^IKPN9\GTPN9JK9QJKTINPVGHIJKT@9TMQS
GT9HSP9^JLLJ`IKOe
GW *IHP9 LG_JMH9 `SIQS9 PKG\LPT9 GQQPTTI\ILIH_9 IK
GNXPVTP9`PGHSPVb
\W 6NPaMGHP9 YVJHPQHPN9 THJVGOP9 ^JV9 `PGHSPV
TPKTIHIXP9RGHPVIGLTdPaMIYRPKHb
QW ,VJHPQHIJK9HJ9YPVTJKKPL9^VJR9PhHVPRP9SJHdQJLN
QJKNIHIJKTb
NW *QSPNMLIKO9HJ9GLLJ`9RGhIRIcGHIJK9J^9JMHNJJV
GQHIXIHIPT9NMVIKO9^GIV9`PGHSPV9QJKNIHIJKTb
PW *YPQIGL9NPTIOK9GKN9QJKTHVMQHIJK9YVJXITIJKT9^JV
15
 GQHIXIHIPT9IK9PhHVPRP9HPRYPVGHMVP9QJKNIHIJKT
LI]P9SJH9JV9QJLN9`PGHSPV9QJKQVPHIKO@9THG\ILIH_
J^9 ^GLTP9 `JV]9 IK9 PhHVPRP9 `IKN9 QJKNIHIJKT
UOMTHTWb
^W 6NPaMGHP9LIOSHIKO9^JV9TSJVHPV9NG_T9IK9`IKHPVd
KIOSH9`JV]b
OW &PTIOK9^JV9PGVL_9PKQLJTMVPb
<=!(4NKA>BMN(3PFHHCHI
#PTJMVQP9 YLGKKIKO9 GIRT9 HJ9 INPKHI^_9 VPaMIVPRPKH@
GXGILG\ILIH_9GKN9VPOMLGHJV_dQJKHVJL9YVJQPTTPT9VPLGHPN9HJ
VPTJMVQPTb9#PTJMVQP9YLGKKIKO9IT9G9OPKPVIQ9PhYVPTTIJK
\MH9 HSP9 GQHMGL9 YVJQPTT9 J^9 YLGKKIKO9 IT9 TYPQI^IQ9 HJ9 HSP
VPTJMVQPT9QJKTINPVPN9U2%%(-,2#9;=!=:=!=:Wb
1K9 QJKTHVMQHIJK9 YSGTPT@9 HSP9 VPTJMVQPT9 QJMLN9 \P
QGHPOJVIcPN9 GT9 RGHPVIGLT@9 RGKM^GQHMVPN9 YVJNMQHT@
PaMIYRPKH9^JV9QJKTHVMQHIJK@9IKTHGLLGHIJK9GKN9^G\VIQGHIJK@
SMRGK9 VPTJMVQPT9 GT9 G9 YGVH9 J^9 JXPVGLL9 JVOGKIcGHIJK@
IK^JVRGHIJK9VPTJMVQPT9TMQS9GT9VP^PVPKQP9THGKNGVNT9GKN
JHSPV9YVGQHIQP9NJQMRPKHT@9PKXIVJKRPKHGL9QJKNIHIJKT9^JV
`JV]9 JK9 TIHP@9 IK^VGTHVMQHMVP9 ^GQILIHIPT9 GKN9 QGTS9 ^LJ`b
/SPVP^JVP@9 HSP9 VPTJMVQP9 YLGKKIKO9 PKQJRYGTTPT
INPKHI^IQGHIJK@9PTHIRGHIJK@9TQSPNMLIKO9GKN9GLLJQGHIJK9J^
VPTJMVQPTb9 #PTJMVQP9 YLGKKIKO9 KPPNT9 HJ9 PTHG\LITS9 G
QJKHVJL9T_THPR9^JV9QJKHVJLLIKO9QJKTMRYHIJK9RJKIHJVIKO@
QJVVPQHIXP9GQHIJK9GKN9VPTJMVQP9VPGYYVJYVIGHIJK9IK9HSP
PXPKH9 J^9 ^GXJMVG\LP9 NPXIGHIJKb9 "VOGKIcGHIJKGL
QGYG\ILIH_@9QJRRIHRPKH9HJ9HSP9YVJZPQH9VPaMIVPRPKHT9GKN
JHSPV9 QJKTHVGIKHT9 TMQS9 GT9 HIRP9 GKN9 QJTH@9 KPPN9 HJ9 \P
QJKTINPVPN9 GT9 IKYMHT9 `SILP9 YLGKKIKO9 VPTJMVQPTb
/PQSKIaMPT9 J^9 RGKGOPRPKH9 GKN9 YLGKKIKO9 TMQS9 GT
,VJOVGRRP9$XGLMGHIJK9GKN9#PXIP`9/PQSKIaMP9U,$#/W
GKN9+VIHIQGL9,GHS90PHSJN9U+,0W9RG_9\P9MTPNb
2JKgGXGILG\ILIH_9 J^9 \GTIQ9 \MILNIKO9 RGHPVIGLT9 U\VIQ]@
THJKP@9 GOOVPOGHP@9 PHQW9 `IHSIK9 VPGTJKG\LP9 LPGN9 `JMLN
IK^LMPKQP9 HSP9 QJKTHVMQHIJK9 YVGQHIQP9 \_9 GLHPVKGHIXP
RGHPVIGLTb9/SP9QJKTHVMQHIJK9YVGQHIQPT9GLTJ9OPH9NPQINPN
\_9HSP9LJQGL9T]ILLT9J^9HSP9RGKYJ`PV9^JV9QJKTHVMQHIJK
GQHIXIHIPTb9 /SP9 PaMIYRPKH9 TPLPQHIJK9 `JMLN9 GLTJ9 \P
OJXPVKPN9\_9HSP9TIHP9QJKTHVGIKHTb9*JMVQP9J^9^MKNIKO9J^
HSP9 YVJZPQH9 GKN9 IHT9 HIRPLIKPTT9 `IHS9 VP^PVPKQP9 HJ
VPaMIVPRPKH9 J^9 QGTS9 ^LJ`9 TSJMLN9 GLTJ9 RPVIH
QJKTINPVGHIJKb9/SPVP^JVP@9GT@9HSP9VPTJMVQP9YLGKKIKO9IT
QVIHIQGL9HJ9HSP9YVJZPQH9XIG\ILIH_9IHTPL^@9HSP9IKYMHT9HJ9HSP
VPTJMVQP9YLGKKIKO9KPPN9HJ9\P9XGLINGHPN9GYYVJYVIGHPL_
GKN9 PTHG\LITSPN9 ^JV9 TMQS9 RGKGOPRPKHb9 #PTJMVQP
YLGKKIKO9 TSJMLN9 PTHG\LITS9 G9 YVJYPV9 T_THPR9 J^9 NGHG
QJLLPQHIJK9TJ9GT9HJ9^GQILIHGHP9P^^PQHIXP9VPTJMVQPT9QJKHVJL
RPQSGKITRb9#PTJMVQP9YLGKKIKO9VPTYJKTI\ILIH_9SGT9HJ9\P
TYPQI^IQGLL_9NP^IKPN9IK9HSP9JXPVGLL9JVOGKIcGHIJKGL9TPHMYb
<=:(-AHK?B>M?CAH(3@FKN
<=:=19<"4-/.G-'.#/-,(@'"+&'+"%
/SP9 TIHP9 RGKGOPRPKH9 TSJMLN9 \P9 QGVVIPN9 JMH9 HSVJMOS
1Q
TMIHG\LP9 TIHP9 JVOGKIcGHIJK9 THVMQHMVP9 `IHS9 VJLPT9 GKN
VPTYJKTI\ILIHIPT9GTTIOKPN9HJ9HSP9QJKTHVMQHIJK9YPVTJKKPL
^JV9XGVIJMT9QJKTHVMQHIJK9VPLGHPN9^MKQHIJKTb
<=:=!9@.'%(?-/-4%*%/'
<=:=!=1(@.'%(,-E#+'
/SP9LG_JMH9J^9HSP9QJKTHVMQHIJK9TIHP9TSJMLN9\P9QGVP^MLL_
YLGKKPN9]PPYIKO9IK9XIP`9HSP9XGVIJMT9VPaMIVPRPKHT9J^
QJKTHVMQHIJK9GQHIXIHIPT9GKN9HSP9TYPQI^IQ9QJKTHVGIKHT9IK
HPVRT9J^9IHT9TIcP@9TSGYP@9HJYJOVGYS_@9HVG^^IQ@9GKN9JHSPV
VPTHVIQHIJKT@9IK9YM\LIQ9IKHPVPTHb969`PLL9YLGKKPN9TIHP9LG_JMH
`JMLN9PKG\LP9TG^P9TRJJHS9GKN9 P^^IQIPKH9QJKTHVMQHIJK
JYPVGHIJKTb9 /SP9 TIHP9 LG_JMH9 TSJMLN9 HG]P9 IKHJ
QJKTINPVGHIJKT9HSP9^JLLJ`IKO9^GQHJVTe
GW $GT_9GQQPTT9GKN9PhIH@9`IHS9YVJYPV9YGV]IKO9J^
XPSIQLP9GKN9PaMIYRPKH9NMVIKO9QJKTHVMQHIJK
\W ,VJYPVL_9 LJQGHPN9 RGHPVIGL9 THJVPT9 ^JV9 PGT_
SGKNLIKO9GKN9THJVGOPb
QW 6NPaMGHP9 THGQ]9 GVPGT9 ^JV9 \ML]9 QJKTHVMQHIJK
RGHPVIGLTb
NW "YHIRMR9 LJQGHIJK9 J^9 YLGKHT9 GKN9 PaMIYRPKH
U\GHQSIKO9YLGKHT@9PHQWb
PW 3G_JMH9J^9HPRYJVGV_9TPVXIQPT9U`GHPV@9YJ`PV@
YJ`PV9 TMYYVPTTIJK9 MKIH@9 SJITHT@9 QVGKPT@
PLPXGHJVT@9PHQWb
^W 6NPaMGHP9_GVN9LIOSHIKO9GKN9LIOSHIKO9^JV9KIOSH
TSI^HTb
OW /PRYJVGV_9\MILNIKOT[9TIHP9J^^IQP9GKN9TSPLHPV
^JV9 `JV]PVT9 U2%%9 1;W9 `IHS9 MTP9 J^9 KJKg
QJR\MTHI\LP9 RGHPVIGLT9 GT9 ^GV9 GT9 YJTTI\LP
IKQLMNIKO9PRPVOPKQ_9RPNIQGL9GINTb
SW #JGNT9^JV9XPSIQMLGV9RJXPRPKH9`IHS9P^^PQHIXP
NVGIKGOP9YLGKb
ZW +JKTHVMQHIJK9 TG^PH_9 `IHS9 PRPVOPKQ_9 GQQPTT
GKN9PXGQMGHIJKT9GKN9TPQMVIH_9RPGTMVPTb
]W !G\VIQGHIJK9_GVNT9^JV9VPIK^JVQPRPKH9GTTPR\L_@
QJKQVPHP9YVPQGTHIKO99GKN9TSMHHPVIKO9RGHPVIGLTb
RW !PKQIKO@9\GVVIQGNPT9GKN9TIOKGOPTb
<=:=!=!(H&&%22()#"()."%).47'./4(%9+.1*%/'(3%7.&,%2
6QQPTT9^JV9^IVP^IOSHIKO9PaMIYRPKH9TSGLL9\P9YVJXINPN9HJ
HSP9 QJKTHVMQHIJK9 TIHP9 GH9 HSP9 THGVH9 J^9 QJKTHVMQHIJK9 GKN
RGIKHGIKPN9 MKHIL9 GLL9 QJKTHVMQHIJK9 `JV]9 IT9 QJRYLPHPNb
!VPP9GQQPTT9^VJR9HSP9THVPPH9HJ9^IVP9S_NVGKHTdTHGHIQ9`GHPV
HGK]T@9 `SPVP9 GXGILG\LP@9 TSGLL9 \P9 YVJXINPN9 GKN
RGIKHGIKPN9GH9GLL9HIRPTb92J9RGHPVIGLT9^JV9QJKTHVMQHIJK
TSGLL9\P9YLGQPN9`IHSIK9(9R9J^9S_NVGKHTdTHGHIQ9`GHPV9HGK]Tb
&MVIKO9\MILNIKO9JYPVGHIJKT@9^VPP9GQQPTT9HJ9YPVRGKPKH@
HPRYJVGV_9JV9YJVHG\LP9^IVTHgGIN9^IVP^IOSHIKO9PaMIYRPKH
TSGLL9\P9RGIKHGIKPN9GH9GLL9HIRPTb
<=:=!=:(H&&%22('#('7%(+11%"(),##"2(0+"./4(&#/2'"+&'.#/
1K9 GLL9 \MILNIKOT9 JXPV9 H`J9 THJVP_T9 SIOS@9 GH9 LPGTH9 JKP
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
THGIV`G_9 TSGLL9 \P9 YVJXINPN9 IK9 MTG\LP9 QJKNIHIJK9 GH9 GLL
HIRPTb9/SIT9THGIV`G_9TSGLL9\P9PhHPKNPN9MY`GVN9GT9PGQS
^LJJV9 IT9 QJRYLPHPNb9 /SPVP9 TSGLL9 \P9 G9 SGKNVGIL9 JK9 HSP
THGIVQGTPb
<=:=!=;(8,%&'".&-,(./2'-,,-'.#/2
$LPQHVIQGL9IKTHGLLGHIJKT@9\JHS9YPVRGKPKH9GKN9HPRYJVGV_@
^JV9 QJKTHVMQHIJK9 GKN9 NPRJLIHIJK9 TIHPT@9 IKQLMNIKO
PLPQHVIQGL9 IKTHGLLGHIJKT9 ^JV9 HVGKTYJVHG\LP9 QJKTHVMQHIJK
\MILNIKOT9UTIHP9TSPNTW9TSGLL9\P9IK9GQQJVNGKQP9`IHS91!9J^
,GVH9 ;9 iBMILNIKO9 *PVXIQPT@9 *PQHIJK9 .9 $LPQHVIQGL9 GKN
6LLIPN91KTHGLLGHIJKTj9J^9HSP9+JNPb
<=:=:9 6#/2'"+&'.#/( @'"-'%4E( -/0( 6#/2'"+&'.#/
@%9+%/&%
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\P9PXJLXPN9GH9HSP9YLGKKIKO9GKN9NPTIOK9THGOP9TYPQI^IQ9HJ
HSP9QJKNIHIJKT9GKN9QJKTHVGIKHT9J^9HSP9YVJZPQH9TIHP9GKN
IRYLPRPKHPN9 \_9 HSP9 TIHP9 RGKGOPRPKH9 YPVTJKKPL9 HJ
PKTMVP9 PGTP9 J^9 QJKTHVMQHIJK9 GKN9 TRJJHS9 ^LJ`9 J^
QJKTHVMQHIJK9 GQHIXIHIPTb9 *IHPT9 J^9 SIOS9 `GHPV9 HG\LP
QJKNIHIJKT9`IHS9GOOVPTTIXP9QSPRIQGL9QJKHPKHT9J^9TM\TJIL
KPPNT9 TYPQIGL9 NPTIOK9 QJKTINPVGHIJKTb9 BMILNIKOT9 `IHS
\GTPRPKH9IK9TIHPT9J^9SIOS9`GHPV9HG\LP9TSJMLN9\P9YLGKKPN
`IHS9NP`GHPVIKO9TQSPRP9`IHS9GYYVJYVIGHP9QJKTHVMQHIJK
TPaMPKQPb9&MVGHIJK9J^9NP`GHPVIKO9TSJMLN9QJKHIKMP9HILL
TM^^IQIPKH9 NPGN9 LJGNT9 GVP9 GQSIPXPN9 HJ9 THG\ILIcP9 HSP
\MJ_GKQ_9 LJGNT9 `IHS9 GNPaMGHP9 ^GQHJV9 J^9 TG^PH_b9 /SP
QJKTHVMQHIJK9TPaMPKQP9TSJMLN9\P9YLGKKPN9HG]IKO9IKHJ
QJKTINPVGHIJK9HSP9^JLLJ`IKO9GTYPQHTe
GW 6XGILG\ILIH_9J^9VPTJMVQPT9URPK@9RGHPVIGL9GKN
PaMIYRPKHW[
\W +JKTHVMQHIJK9 RPHSJNT9 PRYLJ_PN9 IKQLMNIKO
YVP^G\VIQGHIJK[
QW ,LGKKPN9QJKTHVMQHIJK9HIRP[
NW &PTIOK9 VPaMIVPRPKHT9 GKN9 LJGN9 HVGKT^PV
RPQSGKITR[
PW *HG\ILIH_9J^9OVJMKN9LI]P9IK9SILL_9HPVVGIK[
^W $KTMVIKO9 TLJYP9 THG\ILIH_9 `IHS9 VPHGIKIKO
THVMQHMVP9\P^JVP9HSP9RGIK9QJKTHVMQHIJK[
OW 1KTHGLLGHIJK9 GKN9 RJXPRPKH9 J^9 SPGX_
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SW $^^PQH9J^9`PGHSPV[9GKN
ZW 0IKIRMR9HIRP9HJ9\P9TYPKH9JK9`JV]IKO9\PLJ`
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YLGKKIKO@9 NPTIOKIKO9 GKN9 TMYPVXITIJK9 J^9 \MILNIKO
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
QJKTHVMQHIJK9`JV]@9PHQ9GKN9HSGH9J^9HSP9J`KPV9TSGLL9\P9IK
GQQJVNGKQP9`IHS9,GVH9.9i6NRIKITHVGHIJKj9J^9HSP9+JNPb
6LL9GYYLIQGHIJKT9^JV9YPVRIHT9GKN9ITTMGKQP9J^9QPVHI^IQGHPT@
PHQ9TSGLL9\P9GT9OIXPK9IK9,GVH9.9i6NRIKITHVGHIJKj9J^9HSP
+JNPb9 $RYLJ_RPKH9 J^9 HVGIKPN9 `JV]PVT9 TSGLL9 \P
PKQJMVGOPN9^JV9\MILNIKO9QJKTHVMQHIJK9GQHIXIH_b
2=!(6C?N(3BNUFBF?CAH
2=!=19%SILP9YVPYGVIKO9HSP9TIHP9^JV9QJKTHVMQHIJK@9\MTS
GKN9 JHSPV9 `JJN@9 NP\VIT@9 PHQ@9 TSGLL9 \P9 VPRJXPN9 GKN
YVJRYHL_9NITYJTPN9J^9TJ9GT9HJ9RIKIRITP9HSP9GHHPKNGKH
SGcGVNTb
2=!=!9/PRYJVGV_9\MILNIKOT9^JV9QJKTHVMQHIJK9J^^IQPT9GKN
THJVGOP9TSGLL9\P9TJ9LJQGHPN9GT9HJ9QGMTP9HSP9RIKIRMR
^IVP9 SGcGVNT9 GKN9 TSGLL9 \P9 QJKTHVMQHPN9 ^VJR9 KJKg
QJR\MTHI\LP9RGHPVIGLT9GT9^GV9GT9YJTTI\LPb
2=:(EFVC?F?(OAB(-AHK?B>M?CAH(WABXNBK(F?(6C?N
/SP9SG\IHGH9GKN9JHSPV9`PL^GVP9RPGTMVPT9^JV9QJKTHVMQHIJK
`JV]PVT9TSGLL9RPPH9HSP9VPaMIVPRPKHT9TYPQI^IPN9IK91;b
2=;(-AHK?B>M?CAH(AO(#PP(.PNTNH?K
2=;=19+JKTHVMQHIJK9J^9GLL9PLPRPKHT9J^9G9\MILNIKO9TSGLL
\P9IK9GQQJVNGKQP9`IHS9OJJN9YVGQHIQP9k-U)<Wlb91H9TSGLL
GLTJ9\P9PKTMVPN9HSGH9HSP9PLPRPKHT9J^9THVMQHMVP9TGHIT^_
HSP9GYYVJYVIGHP9^IVP9VPTITHGKQP9VPaMIVPRPKHT9GT9TYPQI^IPN
IK9,GVH979i!IVP9GKN93I^P9*G^PH_j9J^9HSP9+JNP@9GKN9aMGLIH_
J^9 \MILNIKO9 RGHPVIGLTdQJRYJKPKHT9 MTPN9 TSGLL9 \P9 IK
GQQJVNGKQP9 `IHS9 ,GVH9 <9 iBMILNIKO9 0GHPVIGLTj9 J^9 HSP
+JNPb
2=;=!(+JKTHVMQHIJK9J^9GLL9GQQPTTI\ILIH_9^PGHMVPTdPLPRPKHT
IK9G9\MILNIKO9GKN9IHT9\MILH9PKXIVJKRPKH9TSGLL9\P9GT9YPV
HSP9VPaMIVPRPKHT9OIXPK9IK91:9J^9,GVH9(9i&PXPLJYRPKH
+JKHVJL9#MLPT9GKN94PKPVGL9BMILNIKO9#PaMIVPRPKHTj9J^
HSP9+JNPb
2=;=:(6LL9RPQSGKIQGL@9PLPQHVIQGL9GKN9YLMR\IKO9U0$,W
GKN9 JHSPV9 TPVXIQPT9 IK9 G9 \MILNIKO9 TSGLL9 \P9 IKTHGLLPN9 IK
GQQJVNGKQP9 `IHS9 GYYVJXPN9 NPTIOKT9 GT9 YPV9 ,GVH9 ;
iBMILNIKO9*PVXIQPTj9J^9HSP9+JNP9GKN9,GVH9>9i,LMR\IKO
*PVXIQPT9 IKQLMNIKO9 *JLIN9 %GTHP9 0GKGOPRPKHj9 J^9 HSP
+JNPb9 ,VJYPV9 TPaMPKQIKO9 J^9 IKTHGLLGHIJK9 J^9 XGVIJMT
TPVXIQPT9TSGLL9\P9NJKP9^JV9PKTMVIKO9TRJJHS9QJKTHVMQHIJK
GQHIXIHIPTb
2=;=;(2PQPTTGV_9HPRYJVGV_9`JV]T9VPaMIVPN9HJ9PKG\LP
YPVRGKPKH9 `JV]T@9 TSGLL9 \P9 PhPQMHPN9 IK9 GQQJVNGKQP
`IHS 5b
2=<('AY(%HMATN(EA>KCHI
!JV9 LJ`9 IKQJRP9 SJMTIKO@9 GYYVJYVIGHP9 YLGKKIKO9 GKN
TPLPQHIJK9 J^9 \MILNIKO9 RGHPVIGLT9 GKN9 HPQSKIaMPT9 J^
QJKTHVMQHIJK9SGXP9HJ9\P9ZMNIQIJMTL_9NJKP9GKN9GYYLIPN
IK9 YVGQHIQPb9 #PaMIVPRPKHT9 J^9 LJ`9 IKQJRP9 SJMTIKO
TYPQI^IPN9 IK9 ,GVH9 (9 i&PXPLJYRPKH9 +JKHVJL9 #MLPT9 GKN
1R
4PKPVGL9BMILNIKO9#PaMIVPRPKHTj9J^9HSP9+JNP9TSGLL9\P
^JLLJ`PNb9 AJ`PXPV@9 GLL9 VPaMIVPRPKHT9 VPOGVNIKO
THVMQHMVGL9TG^PH_@9SPGLHS9TG^PH_9GKN9^IVP9TG^PH_9TSGLL9\P
IK9GQQJVNGKQP9`IHS9HSIT9,GVHb
2=2(*KN(AO("NYZ#P?NBHF?CGN(-AHK?B>M?CAH($NM@HC[>NK
/SP9YVJXITIJKT9J^9HSIT9,GVH9GVP9KJH9IKHPKNPN9HJ9YVPXPKH
MTP9 J^9 GK_9 QJKTHVMQHIJK9 HPQSKIaMPT9 IKQLMNIKO9 GK_
GLHPVKGHIXP9RGHPVIGLT@9KJH9TYPQI^IQGLL_9YVPTQVI\PN9\_9HSP
+JNP@9YVJXINPN9GK_9TMQS9GLHPVKGHIXP9SGT9\PPK9GYYVJXPNb
/SP96MHSJVIH_9RG_9GYYVJXP9GK_9TMQS9GLHPVKGHIXP@9TMQS
GT@9 ^PVVJQPRPKH9 QJKTHVMQHIJK[9 THVPHQSPV9 \JKN9 IK9 ^ILLPV
TLG\[9 OLGTT9 ^I\VP9 VPIK^JVQPN9 O_YTMR9 U4!#4W9 YGKPL
T_THPR9MTIKO9QJRYJTIHP9J^94!#49YGKPL9GKN9VPIK^JVQPN
QJKQVPHP[9 YVPgPKOIKPPVPN9 THPPL9 THVMQHMVPT9 `IHS
VPIK^JVQPN9QJKQVPHP9PhYGKNPN9YJL_TH_VPKP9QJVP9\GTPN
YGKPLdJHSPV9 IKg^ILL9 `GLLT[9 LIOSH9 OGMOP9 THPPL9 ^VGRPN
THVMQHMVPT9`IHS9TMIHG\LP9`GHPV9VPTITHGKH9`GLL9YGKPLT9LI]P
QPRPKH9\JKNPN9YGVHIQLP9\JGVN@9YVJXINPN9IH9IT9^JMKN9HSGH
HSP9YVJYJTPN9GLHPVKGHIXP9IT9TGHIT^GQHJV_9GKN9QJK^JVRT
HJ9HSP9YVJXITIJKT9J^9VPLPXGKH9YGVHT9VPOGVNIKO9RGHPVIGL@
NPTIOK9GKN9QJKTHVMQHIJK9GKN9HSGH9RGHPVIGL@9RPHSJN@9JV
`JV]9 J^^PVPN9 IT@9 ^JV9 HSP9 YMVYJTP9 IKHPKNPN@9 GH9 LPGTH
PaMIXGLPKH9 HJ9 HSGH9 YVPTQVI\PN9 IK9 HSP9 +JNP9 IK9 aMGLIH_@
THVPKOHS@9 QJRYGHI\ILIH_@9 P^^PQHIXPKPTT@9 ^IVP9 GKN9 `GHPV
VPTITHGKQP@9NMVG\ILIH_9GKN9TG^PH_b
2=5( *BVFH( 4AFLKZ-C?D( 4AFLK( 3PFHHCHI( FHL
-AHK?B>M?CAH
2=5=1(/SP9MV\GK9VJGNT@9`SIQS9GVP9QJRRJKL_9]KJ`K9GT
QIH_9 VJGNTdTHVPPHT9 SGXP9 \PPK9 MKNPV9 QJKTHGKH
NPXPLJYRPKHb9 /SP9 PRYSGTIT9 SGT9 \PPK9 YVIRGVIL_9 JK
YVJXINIKO9PTTPKHIGLL_9VPaMIVPN9`INHS9J^9RPHGLLPN9TMV^GQP
^JV9HSP9RJXPRPKH9J^9XPSIQLPT9U\JHS9RJHJVIcPN9GKN9KJKg
RJHJVIcPNWb9!JJHYGHST9J^9XGVIJMT9`INHST9GKN9SPIOSHT
GVP9VPaMIVPN9HJ9\P9YVJXINPNb
/SP9 TYGQP9 \PH`PPK9 HSP9 \MILNIKOT9 GKN9 HSP9 QIH_9 VJGNT
TSJMLN9 \P9 HVPGHPN9 GT9 XGLMG\LP9 GKN9 IRYJVHGKH9 TYGQP
GLLJ`IKO9 ^JV9 G9 QJR^JVHG\LP9 GKN9 TG^P9 MTP9 \_9 HSP
YPNPTHVIGKT@9SG`]PVT@9Q_QLITHT9IKQLMNIKO9KJKgRJHJVIcPN
XPSIQLP9 U20DW9 NVIXPVT@9 GKN9 GNPaMGHP9 TYGQP9 ^JV
NVGIKGOP@9 MHILIHIPT@9 THVPPH9 LIOSHIKO9 YJLPT@9 HVGKT^JVRPVT
GKN9HVPPTb9/SMT@9HSP9J\ZPQHIXP9TSJMLN9\P9HJ9QVPGHP9MV\GK
THVPPHTdVJGNT9 HSGH9 GVP9 P^^IQIPKHL_9 YLGKKPN@9 TG^P9 ^JV
XPSIQLPT9GT9`PLL9GT9YPNPTHVIGKT@9MKIXPVTGLL_9MTPV9^VIPKNL_@
GKN9TMTHGIKG\LPb
/SP9PLPRPKHT9VPaMIVPN9IK9GK9P^^IQIPKHL_9YLGKKPN9THVPPH@
TMQS9GT@9]PV\9THJKPT[9]PV\9QSGKKPLT[9]PV\9VGRYT[9HGQHILP
OVJMKN9TMV^GQP9IKNIQGHJVT[9TILH9QSGR\PVT9`IHS9RGKSJLP
QJXPV[9NVGIK9QJXPV9TLG\T[9NVGIK9RGKSJLP9QJXPVT[9TPVXIQP
YIYPT[9RGKSJLP9QJXPVT9^JV9PLPQHVIQGL9TPVXIQPT[9RGKSJLP
QJXPVT9 ^JV9 HPLPQJR9 TPVXIQPT[9 Q_QLP9 HVGQ]T9 U20DW[
\JLLGVNT9GQVJTT9YPNPTHVIGK9YGHST[9HVPP9OVGHIKOT[9LIOSHIKO
YJLPT9JK9RGIK9VJGNT9GKN9TPVXIQP9VJGNT[9HG\LP9HJYT9JK
^VPP9 LP^H9 HMVKT[9 YPNPTHVIGK9 YGHST9 GH9 IKHPVTPQHIJKTd
!0
/gZMKQHIJKT[9 YPNPTHVIGK9 YGHST9 JK9 HVG^^IQ9 ITLGKNT[
YPNPTHVIGK9YGHST9GQVJTT9QPKHVGL9XPVOP[9YPNPTHVIGK9YGHST
KPGV9 VJHGVIPT9 UMKgTIOKGLPNW[9 YPNPTHVIGK9 YGHST9 \PLJ`
^L_JXPVT[9 TIOKGOPT[9 HVG^^IQ9 TIOKGLT[9 QG\LP9 NMQHIKO9 \_
NITQJRT[9QPKHVGL9XPVOP9IVVIOGHIJK9T_THPR[9QPKHVGL9XPVOP@
^JJHYGHS9GKN9HVG^^IQ9ITLGKNT9YLGKHGHIJK[9THVPPH9^MVKIHMVP[
\MT9aMPMP9TSPLHPVT[9YM\LIQ9GVH@9YM\LIQ9HJILPHT@9PHQb9TSJMLN
\P9INPKHI^IPNb9/SPTP9PLPRPKHT9TSJMLN9\P9IKHPOVGHPN9GH
HSP9 YLGKKIKO9 THGOP@9 IKNIQGHIKO9 HSP9 RPHSJNJLJO_9 J^
PhPQMHIJK@9HG]IKO9QGVP9J^9HSP9^JLLJ`IKO9`SILP9QJRYL_IKO
`IHS9HSP9VPLPXGKH9VMLPTdVPOMLGHIJKTe
GW #JGN9QVJTTgTPQHIJK9YLGKKIKO9\GTPN9JK9LGKNg
MTP9 `IHS9 PRYSGTIT9 JK9 TRJJHS9 XPSIQMLGV
RJXPRPKHTb
2"/$9f9/SIT9RG_9\P9GQSIPXPN9\_9VGHIJKGLIcIKO9LGKP9`INHST
\GTPN9JK9KJVRT9LGIN9NJ`K9\_91KNIGK9#JGNT9+JKOVPTTb
\W &PTIOK9 J^9 VJGN9 IKHPVTPQHIJKT@9 ^IhIKO9 J^
OPJRPHVIQT9J^9VJGNT@9YVJXINIKO9YVJXITIJK9J^
PKHV_9GKN9PhIHT9^VJR9HSP9TPVXIQP9VJGNTb
QW +JJVNIKGHIJK9 \PH`PPK9 HSP9 HVG^^IQ9 YJLIQP@
HVGKTYJVH9 GMHSJVIHIPT9 GKN9 HSP9 PhPQMHIKO
GOPKQIPT9HJ9\P9PKTMVPN9^JV9P^^IQIPKH9LJQGHIJK
J^9HVG^^IQ9TIOKGLT@9cP\VG9QVJTTIKOT9GKN9HSP9\MT
aMPMP9TSPLHPVT9GKN9HSP9YIQ]MY9THGKNT9^JV9HSP
YGVGgHVGKTYJVHb
NW *HGKNGVNIcGHIJK9J^9]PV\9THJKPT@9]PV\9VGRYT9GKN
]PV\9QSGKKPLTb
PW 6YYVJYVIGHP9TPLPQHIJK9J^9RGHPVIGLT@9LI]P@9YGXPV
\LJQ]T@9 HILPT@9 THJKP9 TLG\T9 JV9 YLGIK9 QPRPKH
QJKQVPHP9^JV9^JJHYGHST@9YLGcGT@9PHQ@9TJ9HSGH9HSP_
GNN9HJ9GPTHSPHIQT9J^9\MILNIKOT9GKN9VJGNTb
^W *HGKNGVNIcGHIJK9J^9GQQPTT9RGKSJLP9QJXPVT9^JV
XGVIJMT9MHILIHIPTb
OW ,VJXINIKO9^JJHYGHS9GH9JKP9LPXPL9\_9GNZMTHIKO
HSP9NVGIK9QJXPV9TLG\9LPXPLTb
SW 1KHPOVGHIJK9 J^9 \MT9 aMPMP9 TSPLHPVT9 `IHS9 HSP
^JJHYGHSb
ZW ,PNPTHVIGK9^VIPKNL_9GQQPTT9GQVJTT9HSP9VJGNT9HJ
HSP9 ^JJHgJXPV9 \VINOPT@9 TM\`G_T9 GKN9 YM\LIQ
HJILPHTb
]W 6QQPTT9 HJ9 OGHPT9 J^9 VPTINPKHIGLdQJRRPVQIGL
YVJYPVHIPT9IKHPOVGHPN9`IHS9HSP9VJGN9HSVJMOS9HSP
^JJHYGHS9IK9^VJKHb
RW *SGVIKO9J^920D9`IHS9^JJHYGHS9KPQPTTGV_9GH
RGK_9LJQGHIJKTb
KW 6NPaMGHP9 YVJXITIJK9 J^9 YM\LIQ9 QJKXPKIPKQPT
GKN9NMTH9\IKTb
YW *HVPPH9LIOSHIKO9^JV9YVJYPV9ILLMRIKGHIJK9J^9VJGNT
GKN9TPVXIQP9VJGNT9IKQLMNIKO9RJNI^IQGHIJKT9J^
THVPPH9LIOSHIKO9GLJKO9`IHS9QPKHVGL9XPVOP9GKN9HSP
TPVXIQP9VJGNT9\LJQ]PN9\_9PhITHIKO9HVPPTb
aW 3J`9 SPIOSH9 YLGKHGHIJK9 JK9 QPKHVGL9 XPVOPT@
GXJINIKO9YLGKHGHIJK9J^9HVPPTb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 VW #PRJXGL9 J^9 QVJJ]PN9 HVPPT9 JK9 ^JJHYGHST9 ^JV
YVJYPV9GKN9TG^P9MHILIcGHIJK9J^9^JJHYGHSb
TW #PRJXGL9J^9HVPPT9J\THVMQHIKO9HSP9QGVVIGOP9`G_T
GKN9HSPIV9VPYLGKHGHIJK@9`SPVPXPV9^PGTI\LPb
HW !VPPIKO9J^9HVPPT9PR\PNNPN9IK9HSP9QJRYJMKN
`GLLdN`GV^9`GLLT9JK9^JJHYGHST9HJ9TGXP9\JHS9HSP
HVPPT9GKN9HSP9`GLLTb
MW ,VJXINIKO9YLGKHPVT9IK9HSP9QPKHVGL9XPVOP9IK9HSP
NPQ]9YJVHIJK9J^9^L_JXPV9HJ9PKTMVP9YVJYPV9OLGVP
QMHHIKO9 NMVIKO9 KIOSH9 SJMVT9 GKN9 IRYVJXIKO
GPTHSPHIQT9NMVIKO9HSP9NG_b
`W ,VJYPV9LJQGHIJK9J^9TIOKGOP9\JGVNT9TJ9GT9HJ9\P
TG^P9 ^VJR9 RJXIKO9 HVG^^IQ9 KPGV9 HSP9 ^JJHYGHS
PNOPT9GKN9OIXP9QLPGV9XITI\ILIH_b
_W *PLPQHIJK@9 YVJQMVPRPKH9 GKN9 IKTHGLLGHIJK9 J^
THVPPH9^MVKIHMVPb
cW *PLPQHIJK@9 YVJQMVPRPKH9 GKN9 IKTHGLLGHIJK9 IK
VPTYPQH9 J^9 GQQPTTI\ILIH_9 ^PGHMVPT9 GT9 YPV9 HSP
VPaMIVPRPKHT9 OIXPK9 IK9 1:9 J^9 ,GVH9 (
i&PXPLJYRPKH9 +JKHVJL9 #MLPT9 GKN9 4PKPVGL
BMILNIKO9#PaMIVPRPKHTj9J^9HSP9+JNPb
2"/$9f9/SP9VPLPXGKH9THGKNGVNTdYM\LIQGHIJKT9J^91KNIGK9#JGNT
+JKOVPTT9RG_9\P9VP^PVVPN9HJb
2=5=!(/SP9VJGN9`JV]9cJKPT9GVP9GVPGT9J^9QJK^LIQH9\PH`PPK
KJVRGL9 JYPVGHIKO9 HVG^^IQ@9 QJKTHVMQHIJK9 `JV]PVT@9 VJGN
\MILNIKO9RGQSIKPVIPT9GKN9QJKTHVMQHIJK9HVG^^IQb91^9IH9IT9G
QJKTHVMQHIJK9J^9KP`9VJGN@9KJVRGL9JYPVGHIKO9HVG^^IQ9`ILL
KJH9\P9HSPVP9\MH9HSP9QGVP9SGT9HJ9\P9HG]PK9HJ9GXJIN9GKN9JV
VPRJXP9 QJK^LIQHT9 \PH`PPK9 `JV]PVT9 GKN9 QJKTHVMQHIJK
RGQSIKPVIPT9GKN9QJKTHVMQHIJK9HVG^^IQb9,VJ\LPR9\PQJRPT
RJVP9 TPVIJMT9 I^9 IH9 IT9 GK9 MV\GK9 VJGN9 `IHS9 TIOKI^IQGKH
YVJYJVHIJK9 J^9 XMLKPVG\LP9 VJGN9 MTPVTb9 /SP9 VJGN9 `JV]
cJKPT9GKN9HSP9HVG^^IQ9GVJMKN9HSPR9TSJMLN9\P9TJ9YLGKKPN
GKN9 RGKGOPN9 TJ9 GT9 HJ9 PKTMVP9 HVG^^IQ9 TG^PH_@9 ^GQILIHGHP
TRJJHS9GKN9P^^IQIPKH9^LJ`9J^9HVG^^IQ9GKN9GLTJ9YVJXINP
TG^P9`JV]IKO9PKXIVJKRPKH9^JV9HSP9`JV]PVTb
2"/$9f9!JV9OMINGKQP9JK9RGKGOPRPKH9J^9YPNPTHVIGKTdQ_QLITHTd
XPSIQLPT9KPGV9VJGN9QJKTHVMQHIJK9TIHPT@9VP^PVPKQP9RG_9\P9RGNP
HJ91#+9*,9<< e9.C)79i4MINPLIKPT9JK9HVG^^IQ9RGKGOPRPKH9IK9`JV]
cJKPTjb
2=Q90PGTMVPT9GOGIKTH9YJLLMHIJK9GKN9SGcGVN9NMP9HJ9NMTH@
TRJ]P9GKN9NP\VIT@9TMQS9GT9TQVPPKT9GKN9\GVVIQGNIKO9TSGLL
\P9 IKTHGLLPN9 GH9 HSP9 TIHP9 NMVIKO9 QJKTHVMQHIJKb9 ,LGTHIQd
HGVYGMLIK9 TSPPH9 QJXPVT9 TSGLL9 \P9 MTPN9 ^JV9 HVMQ]T
HVGKTYJVHIKO9^IKP9RGHPVIGLT9LIG\LP9HJ9QGMTP9PKXIVJKRPKHGL
YJLLMHIJKb
5($.73&4#49(W&4\6
5=1(/SP9QJKTHVMQHIJK9J^9RJTH9H_YPT9J^9YPVRGKPKH9`JV]T
VPaMIVPT9 HSP9 MTP9 J^9 TJRP9 ^JVR9 J^9 HPRYJVGV_9 `JV]Tb
/PRYJVGV_9`JV]T9GVP9HSP9YGVHT9J^9G9QJKTHVMQHIJK9YVJZPQH
HSGH9GVP9KPPNPN9HJ9PKG\LP9HSP9YPVRGKPKH9`JV]T9HJ9\P
\MILHbn98TMGLL_9HSP9HPRYJVGV_9`JV]T9GVP9VPRJXPN9G^HPV
MTP@9 ^JV9 PhGRYLP@9 GQQPTT@9 TQG^^JLNT@9 YVJYT@9 TSJVIKO@
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
PhQGXGHIJK9 TMYYJVH@9 ^GLTP9 `JV]9 GKN9 ^JVR`JV]@
PHQbn*JRPHIRPT9HSP9HPRYJVGV_9`JV]T9GVP9IKQJVYJVGHPN
IKHJ9 HSP9 YPVRGKPKH9 `JV]T@9 ^JV9 PhGRYLP@9 SGML9 VJGN
^JMKNGHIJKT9GKN9QVGKP9JV9YILIKO9YLGH^JVRT9`SIQS9RG_
\P9MTPN9^JV9SGVN9THGKNIKO9JV9VJGN9^JMKNGHIJKTb9/SP9TGRP
NPOVPP9 J^9 QGVP9 GKN9 GHHPKHIJK9 TSJMLN9 \P9 OIXPK9 HJ9 HSP
NPTIOK9GKN9QJKTHVMQHIJK9J^9HPRYJVGV_9`JV]T9GT9HJ9HSP
NPTIOK9 GKN9 QJKTHVMQHIJK9 J^9 HSP9 YPVRGKPKH9 `JV]Tbn
+JKTINPVIKO9HSGH9GT9HPRYJVGV_9`JV]T9RG_9\P9IK9YLGQP
^JV9JKL_9G9TSJVH9`SILP@9HSPVP9IT9G9HPKNPKQ_9HJ9GTTMRP
HSP_9GVP9LPTT9IRYJVHGKH@9`SIQS9IT9IKQJVVPQHbn3GQ]9J^9QGVP
IK9NPTIOK@9TPLPQHIJK@9GTTPR\L_@9PHQ@9LPGXPT9HPRYJVGV_
`JV]T9LIG\LP9HJ9^GIL9JV9QJLLGYTPbn%SILP9JVOGKIcIKO9HSP
HPRYJVGV_9 `JV]T@9 GTYPQHT9 GT9 OIXPK9 \PLJ`9 TSJMLN9 \P
^JLLJ`PNe
GW /SP9YPVTJK9JVOGKIcIKO9HSP9HPRYJVGV_9`JV]T
TSJMLN9\P9G`GVP9J^9HSP9YVJ\LPRT9HSGH9QGK9JQQMV
GH9PGQS9THGOP9J^9HSP9YVJQPTT9GKN9SJ`9HJ9YVPXPKH
HSPTPbn9 /SP_9 KPPN9 HJ9 QJJVNIKGHP9 NPTIOK@
TPLPQHIJK9 J^9 PaMIYRPKH@9 GYYJIKHRPKH9 J^
QJKHVGQHJVT@9 TMYPVXITIJK9 J^9 `JV]@9 QSPQ]IKO
QJRYLPHIJK@9 GMHSJVIcGHIJK9 HJ9 LJGN9 GKN
VPRJXGLbn
\W 1^9TJ9VPaMIVPN@9G9HPRYJVGV_9`JV]T9QJgJVNIKGHJV
U/%+W9RG_9\P9PRYLJ_PN9IK9QGTP9J^9RPNIMR
GKN9 LGVOP9 YVJZPQHT@9 `SJTP9 VPaMITIHP
aMGLI^IQGHIJK9 GKN9 PhYPVIPKQP9 TSJMLN9 \P
TYPQI^IPNb9 /SP9 VJLP9 J^9 /%+9 GKN9 TMYPVXITJV
TSJMLN9\P9NPQINPNb9/SP9QJJVNIKGHJV9TSGLL9SGXP
GNPaMGHP9^IPLN9HVGIKIKO9^JV9HPRYJVGV_9`JV]Tb
/SP9 QJKHVGQHJV9 TSGLL9 PKTMVP9 HSGH9 `JV]9 IT
GLLJQGHPN9GKN9QGVVIPN9JMH9IK9G9RGKKPV9HSGH9NJPT
KJH9 QVPGHP9 MKGQQPYHG\LP9 VIT]9 J^9 SGVR9 HJ
`JV]PVT9 JV9 RPR\PVT9 J^9 HSP9 YM\LIQbn9 "K
YVJZPQHT9 `IHS9 VPLGHIXPL_9 TIRYLP9 HPRYJVGV_
`JV]T9 KPPNT@9 G9 /%+9 RG_9 \P9 GXJINPN@
SJ`PXPV@9 IH9 TSGLL9 \P9 PKTMVPN9 HSGH9 HPRYJVGV_
`JV]T9GVP9YVJYPVL_9RGKGOPNb
QW /SP9QJTH9J^9GK_nHPRYJVGV_9`JV]T9IT9OPKPVGLL_
IKQLMNPN9IK9HSP9\MILNgMY9J^9HSPnHPKNPVb
NW /PRYJVGV_9`JV]T9GVP9J^HPK9HG]PK9^VJR9TIHP9HJ
TIHP9GKN9VPgMTPN9GKN9IH9IT9IRYJVHGKH9HJ9QJKTINPV
HSP9VJ\MTHKPTT9J^9QJRYJKPKHT9IK9HSPIV9NPTIOKb
AJ`PXPV@nHPRYJVGV_9`JV]TnHSGH9GVP9NPTIOKPN
JKL_9HJ9\P9MTPN9NMVIKO9QJKTHVMQHIJK9TSGLL9KJH
\P9VPRJXPN9MKHIL9HSP9TGHIT^GQHJV_9TG^PH_9QVIHPVIG
^JV9HSPIV9MTP9SGT9\PPK9RPHb
PW ,VJYPV9YLGKKIKO9GKN9QJgJVNIKGHIJK9TSJMLN9\P
NJKP9 IK9 VPTYPQH9 J^9 TPaMPKQP9 GKN9 HIRPL_
PhPQMHIJK9 J^9 HPRYJVGV_9 `JV]T@9 GT9 GLTJ9 ^JV
PKTMVIKO9HSGH9HSP_9GVP9QJVVPQHL_9IKTHGLLPN@9MTPN@
QSPQ]PN9GKN9RGIKHGIKPNbn
^W 1K9PGQS9J^9HSP9QGTPT9J^9HPRYJVGV_9`JV]T@9HSP
YPVTJK9JVOGKIcIKO9HSP9HPRYJVGV_9`JV]T9TSJMLN
GTTPTT9HSP9TJIL9QJKNIHIJKT9HJ9\P9TMVP9HSGH9IH9IT
!1
 TMIHG\LP9^JV9HSP9PaMIYRPKH9IKXJLXPN@9GKN9QSPQ]
HSGH9GK_9GTTMRYHIJKT9RGNP9IK9HSP9QGLQMLGHIJKT
^JV9 HSP9 THGKNGVN9 TJLMHIJK9 GVP9 XGLIN9 ^JV9 HSIT
YGVHIQMLGV9TIHMGHIJK9GKN9HSP9QJKNIHIJKT9JK9TIHPbn
"K9G9TIRYLP9ZJ\@9HSP9TMYYLIPVjT9NGHG9`ILL9GLLJ`
GK9 PhYPVIPKQPN9 YPVTJK9 HJ9 QJKTINPV9 HSP
KPQPTTGV_9ITTMPT9`IHSJMH9^MVHSPV9QGLQMLGHIJKbn
OW ,VJYYIKO9 MTIKO9 THGKNGVN9 PaMIYRPKH9 TMQS9 GT
TQVP`9 YVJYT9 UGQVJ`TW9 KPPNT9 QGVP^ML
QJKTINPVGHIJKbn9/J9TPLPQH9HSP9H_YP@9TIcP@9KMR\PV
GKN9 NPQINP9 TYGQIKO@9 IK^JVRGHIJK9 IT9 KPPNPN
G\JMH9HSP9LJGNT9HSGH9`ILL9GQH9JK9HSP9YVJYTbn9/SIT
`ILL9IKQLMNP9HSP9`GLL9G\JXP9GKN9HSP9GNNIHIJKGL
LJGN9^VJR9GK_9JHSPV9^LJJV9JV9VJJ^9\PGRT@9PHQ@
HSGH9 PKHPV9 HSP9 `GLL9 G\JXP9 JV9 QLJTP9 HJ9 HSP
JYPKIKObn9$XPK9`IHS9YVJYVIPHGV_9PaMIYRPKH@
HSP9TMYYJVH9T_THPR9TSGLL9\P9`JV]PN9JMHb
SW 69 LJQGL9 ^GILMVP9 `IHSIK9 HSPnHPRYJVGV_
`JV]TnTSJMLN9KJH9IKIHIGHP9G9OLJ\GL9QJLLGYTP9J^
HSP9THVMQHMVPb9/SPVP^JVP@9GNNIHIJKGL9QGVP9TSJMLN
\P9HG]PK9`SILP9VPRJXIKO9HPRYJVGV_9`JV]Tb
/SP9 NI^^PVPKH9 H_YPT9 J^9 HPRYJVGV_9 `JV]T9 QGK9 \P
TQG^^JLNIKO@9QVGKP9TMYYJVHT@9^GLTP`JV]@9^JVR`JV]@9GKN
HVPKQS9TMYYJVHb9&PHGILPN9]KJ`LPNOP9G\JMH9PGQS9H_YP9J^
HPRYJVGV_9`JV]9IT9KPQPTTGV_9^JV9TG^P9QJKTHVMQHIJKb9/SP
VPaMIVPRPKHT9GT9OIXPK9IK95=!9HJ95=29TSGLL9\P9TGHIT^IPN9IK
QGTP9J^9HPRYJVGV_9`JV]Tb
,VJYVIPHGV_9PaMIYRPKH9TMYYLIPV9TSJMLN9\P9INPKHI^IPN9GKN
GYYVJXPNb91H9TSJMLN9\P9GTQPVHGIKPN@9`SPHSPV9^JLLJ`IKO
SGT9\PPK9YPV^JVRPNe
)W /SP_9SGXP9NPTIOKPN9HSP9^JMKNGHIJKT@
.W 6K_9 GTTMRYHIJK9 RGNP9 HSGH9 SGXP9 HJ9 \P
QJK^IVRPNdIKXPTHIOGHPN@
(W 1KNPYPKNPKH9QSPQ]IKO9NJKP9GKN9\_9`SJR@
7W *HGHMT9J^9NVG`IKOT@9GKN
<W ,VJQPNMVPT9QSPQ]PN9GH9TIHPb
1K9RGKGOPRPKH9J^9HPRYJVGV_9`JV]T@9HSP9J`KPVdQLIPKH
SGT9HJ9PKTMVP@
IW QSPQ]T9JK9QJRYPHPKQP9JK9NPTIOKPVT[
IIW THPYT9HG]PK9HJ9PKTMVP9QJgJYPVGHIJK9\PH`PPK9HSP
YPVRGKPKH9GKN9HPRYJVGV_9`JV]T9NPTIOKPVT[
IIIW QJJVNIKGHIJK9GH9TIHP9RPPHIKOT[9GKN
IXW GNXITP9QLIPKHT9JK9HSP9TMIHG\ILIH_9J^9HSP9IKIHIGL
QJKTHVMQHIJK9 YSGTP9 YLGK@9 HSGH9 IT@9 HSP
GVVGKOPRPKHT9^JV9QJKHVJLLIKO9TIOKI^IQGKH9TIHP
VIT]Tb
5=!(6MFOOAPLCHI
*QG^^JLNIKO9 IKQLMNPT9 YVJXINIKO9 G9 HPRYJVGV_9 TG^P
`JV]IKO9 YLGH^JVR9 ^JV9 PVPQHIJK@9 RGIKHPKGKQP@
QJKTHVMQHIJK@9VPYGIV@9GQQPTT@9GKN9IKTYPQHIJKb9*QG^^JLNIKO
GKN9HSPIV9PVPQHIJK9TSGLL9\P9IK9GQQJVNGKQP9`IHS9HSP9OJJN
YVGQHIQP9k-U)=Wlb
!!
5=:($AYNB(-BFHNK
/J`PV9QVGKPT9GVP9MTMGLL_9TMYYLIPN9JK9G9SIVP9\GTIT@9`IHS
HSPnQLIPKHn\PIKO9 VPTYJKTI\LP9 ^JV9 HSP9 NPTIOK9 GKN
QJKTHVMQHIJK9J^9HSP9\GTP9MYJK9`SIQS9HSP9QVGKP9IT9PVPQHPNb
&PHGILT9J^9LJGNIKO9GVP9YVJXINPN9\_9HSP9QVGKP9TMYYLIPV
GKN9HSP9\GTP9IT9RJTH9QJRRJKL_9NPTIOKPN9GT9G9HPRYJVGV_
THVMQHMVP@9 HSJMOS9 TJRPHIRPT9 G9 QVGKP9 \GTP9 IT
IKQJVYJVGHPN9IKHJ9HSP9YPVRGKPKH9THVMQHMVP9HJ9TGXP9JK
QJTH9GKN9HIRPb
3JGNT9GVP9OIXPK9IK9H`J9^JVRT@9iIK9TPVXIQPj9LJGNT@9`SPVP
HSP9QVGKP9IT9^MKQHIJKIKO9GKN9`IKN9TYPPNT9GVP9VPTHVIQHPN
UHSGH9IT@9QVGKPT9`ILL9KJH9JYPVGHP9GH9SIOS9`IKN9TYPPNTW@
GKN9iJMH9J^9TPVXIQPj9LJGNT@9`SPVP9HSP9QVGKP9IT9KJH9\PIKO
MTPN9\MH9RGhIRMR9`IKN9TYPPNT9RG_9JQQMVb
/SP9LJQGHIJK9^JV9G9QVGKP9TSJMLN9\P9QGVP^MLL_9TPLPQHPN
HJ9YVJXINP9G9RGhIRMR9`JV]IKO9VGNIMT@9GKN9`SPK9H`J
QVGKPT9GVP9\PIKO9MTPN9JK9HSP9TGRP9TIHP@9RGTH9SPIOSHT
GKN9ZI\9LPKOHST9TSGLL9\P9QJKTINPVPNb
+VGKPT9TSJMLN9H_YIQGLL_9\P9THVMQHMVPN9GVJMKN9H`J9VGILT
GH9HSPIV9\GTP9\PH`PPK97b<9R9GKN9)C9R9GYGVH9`IHS9`SPPLT
IK9 PGQS9 QJVKPVb9 +VGKPT9 TSJMLN9 KJH9 KJVRGLL_9 \P9 HIPN
NJ`K@9TJ9TM^^IQIPKH9]PKHLPNOP9TSJMLN9\P9YVJXINPN9TJ9GT
HJ9PKTMVP9HSGH9XPVHIQGL9LJGNIKO9^VJR9HSP9QVGKP9YGTTPT
HSVJMOS9 HSP9 VGILT9 GKN9 IKHJ9 HSP9 ^JMKNGHIJKb
/SPn^JMKNGHIJKnTSGLL9\P9TJ9NPTIOKPN9HSGH9HSP9MK^GQHJVPN
LJGNIKO9^VJR9HSP9QVGKP9GKN9HSP9MK^GQHJVPN9YVPTTMVP9IT
LPTT9HSGK9HSP9GLLJ`G\LP9\PGVIKO9YVPTTMVP9J^9HSP9TJILb
DGVIJMTn^JMKNGHIJKnH_YPT9QGK9\P9TPLPQHPN9NPYPKNIKO9JK
HSP9OVJMKN9QJKNIHIJKTb9%SPVP9YJTTI\LP9G9THVMQHMVGL9^ILL
QGK9\P9QJRYGQHPN9GKN9MTPN9HJ9TMYYJVH9G9QVGKP9`IHS9HSP
LJGN9TYVPGNIKO9HSVJMOS9LG_PVT9J^9HVGQ]9TMYYJVH9GH97<o
IK9HJ9HSP9TJIL9THVGHG9\PLJ`b9%SPK9LJGNT9^VJR9HSP9QVGKP
IKQVPGTP@9 VPIK^JVQPNnQJKQVPHPn^JMKNGHIJKTnRG_9 \P
VPaMIVPNb9 /SIT9 QGK9 IKXJLXP9 G9 TPVIPT9 J^9 VPIK^JVQPN
QJKQVPHP9\PGRT9MTPN9HJ9TMYYJVH9LIKP9LJGNT9GT9G9VPTMLH9J^
HSP9QVGKP9LJGNIKOb
%SPK9 OVJMKN9 QJKNIHIJKT9 GVP9 YGVHIQMLGVL_9 YJJV@
YILPn^JMKNGHIJKTnRG_9 \P9 KPQPTTGV_b9 /SP9 NPTIOK9 TSGLL
PKTMVP9 HSGH9 VPIK^JVQPRPKH9 GH9 HSP9 HJY9 J^9 HSP9 YILP9 HJY
TSJMLN9KJH9QGMTP9YVJ\LPRT9^JV9YJTIHIJKIKO9HSP9RGTH9\GTP
TPQHIJK9J^9HSP9QVGKPb
/J`PV9QVGKPT9TSGLL9PR\JN_9GLL9^MKNGRPKHGL9YVIKQIYLPT
J^9NPTIOK9IK9GQQJVNGKQP9`IHS9HSP9OJJN9YVGQHIQP9k-U)-Wl
TJ9GT9HJ9TPQMVP9VPLIG\ILIH_9GKN9TG^PH_9IK9JYPVGHIJKb9/SP
YGVHIQMLGV9VPaMIVPRPKHT9^JV9QJKHVJLT9^JV9HJ`PV9QVGKPT
GKN9 HSP9 GVVGKOPRPKH9 J^9 \GTIQ9 QJKHVJL9 MTPN9 ^JV
YJTIHIJKIKO9LJGNT9TSGLL9\P9IK9GQQJVNGKQP9`IHS9HSP9OJJN
YVGQHIQP9k-U);Wlb
5=;(/FPKNYABX
!GLTP`JV]nIKXJLXPT9 G9 HPRYJVGV_9 THVMQHMVP9 MTPN9 HJ
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
TMYYJVH9 JHSPV9 YPVRGKPKH9 THVMQHMVPT9 MKHIL9 HSP_9 QGK
TMYYJVH9HSPRTPLXPTb9!GLTP`JV]9TSGLL9\P9NPTIOKPN9GKN
PVPQHPN9IK9GQQJVNGKQP9`IHS9HSP9OJJN9YVGQHIQP9k-U)>Wlb
5=<9/ABTYABX
!JVR`JV]nIT9HSP9HPVR9MTPN9^JV9G9HPRYJVGV_9RJMLN9IKHJ
`SIQSnQJKQVPHPnIT9 YJMVPN9 GKN9 ^JVRPNb9 /VGNIHIJKGL
^JVR`JV]nIT9^G\VIQGHPN9MTIKOnHIR\PV@9\MH9IH9QGK9GLTJ9\P
QJKTHVMQHPN9^VJR9THPPL@9OLGTT9^I\PV9VPIK^JVQPN9YLGTHIQT
GKN9JHSPV9RGHPVIGLTb
/IR\PVn^JVR`JV]nIT9 KJVRGLL_9 QJKTHVMQHPN9 JK9 TIHP
MTIKOnHIR\PVnGKN9 YL_`JJNb9 1H9 IT9 PGT_9 HJ9 YVJNMQP@
GLHSJMOS9IH9QGK9\P9HIRP9QJKTMRIKO9^JV9LGVOPV9THVMQHMVPTb
#PgMTG\LP9YLGTHIQn^JVR`JV]nIT9OPKPVGLL_9MTPN9^JV9aMIQ]
YJMVT9J^nQJKQVPHPb9/SPn^JVR`JV]nIT9GTTPR\LPN9PIHSPV
^VJR9IKHPVLJQ]IKO9YGKPLT9JV9^VJR9G9RJNMLGV9T_THPR9GKN
IT9MTPN9^JV9VPLGHIXPL_9TIRYLPnQJKQVPHPnTHVMQHMVPTb91H9IT
KJH9 GT9 XPVTGHILP9 GTnHIR\PVn^JVR`JV]nNMP9 HJ9 HSP
YVP^G\VIQGHIJK9VPaMIVPRPKHT9GKN9IT9\PTH9TMIHPN9^JV9LJ`g
QJTH@9 VPYPHIHIXP9 THVMQHMVPT9 TMQS9 GT9 RGTT9 SJMTIKO
TQSPRPTb
*HG_gIKgYLGQP9 THVMQHMVGL9 ^JVR`JV]9 IT9 OPKPVGLL_
GTTPR\LPN9JK9TIHP9MTIKO9YVP^G\VIQGHPN9^I\VPgVPIK^JVQPN
YLGTHIQb91H9IT9MTPN9^JV9QJKQVPHP9QJLMRKT9GKN9YIPVT9GKN
THG_T9 IK9 YLGQP@9 GQHIKO9 GT9 YPVRGKPKH9 GhIGL9 GKN9 TSPGV
VPIK^JVQPRPKH9 ^JV9 HSP9 THVMQHMVGL9 RPR\PVb9 1H9 GLTJ
YVJXINPT9VPTITHGKQP9HJ9PKXIVJKRPKHGL9NGRGOP9HJ9\JHS
HSP9QJKQVPHP9GKN9VPIK^JVQIKO9\GVTb9,VJYVIPHGV_9T_THPRT
GVP9MTPN9HJ9TMYYJVH9XPVHIQGL9^JVR`JV]9`SILP9QJKQVPHP
QMVPT@9QJKTITHIKO9J^9TPVIPT9J^9HM\PT9GKN9HIPTb
%SPK9 TPLPQHIKO9 ^JVR`JV]9 HSP9 H_YP9 J^9 QJKQVPHP9 GKN
HPRYPVGHMVP9J^9HSP9YJMV9GVP9IRYJVHGKH9QJKTINPVGHIJKT
GT9 HSP_9 \JHS9 P^^PQH9 HSP9 YVPTTMVP9 PhPVHPN9 JK9 HSP
^JVR`JV]b9*HVI]IKO9J^9^JVR`JV]9TSGLL9\P9OJXPVKPN9\_
,GVH9 =9 i*HVMQHMVGL9 &PTIOK@9 *PQHIJK9 <9 +JKQVPHPe
*M\TPQHIJK9<69,LGIK9GKN9#PIK^JVQPN9+JKQVPHPj9J^9HSP
+JNPb
AIOS9 aMGLIH_n`JV]RGKTSIYnGKNnIKTYPQHIJKnGVP
KPQPTTGV_9HJ9PKTMVP9G9SIOS9THGKNGVN9J^9`JV]9IKQLMNIKO
^IKITSb
5=2($BNHM@(6>UUAB?
69HVPKQS9IT9NP^IKPN9GT9GK9PhQGXGHIJK9`SPK9IHT9LPKOHS
OVPGHL_9PhQPPNT9IHT9NPYHSb9*SGLLJ`9HVPKQSPT9GVP9MTMGLL_
QJKTINPVPN9HJ9\P9LPTT9HSGK9=9R9NPPY9GKN9NPPY9HVPKQSPT
SGXP9 NPYHS9 OVPGHPV9 HSGK9 =9 Rb9 &PYPKNIKO9 JK9 HSP
NIRPKTIJKT9J^9G9HVPKQS@9PhQGXGHIJK9QGK9PIHSPV9\P9QGVVIPN
JMH9\_9SGKN9JV9\_9MTIKO9G9RPQSGKIQGL9NIOOPVb9/VPKQSPT
GVP9 QJRRJKL_9 VPaMIVPN9 HJ9 GLLJ`9 TPVXIQPT@9 YIYPLIKPT
JVn^JMKNGHIJKT9HJ9\P9LGINb
%GHPV9IKOVPTT9IKHJ9HSP9HVPKQS9IT9J^HPK9G9RGZJV9ITTMP9GKN
OVJMKN9`GHPV9HG\LP9LJQGHIJKT9GKN9TJIL9THVGHG9TSJMLN9\P
IKXPTHIOGHPN9 \P^JVP9 GK_9 PhHPKTIXP9 PhQGXGHIJK9 HG]PT
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
YLGQPb9"XPV9TSJVH9YPVIJNT9J^9HIRP@9^JV9VPLGHIXPL_9TSGLLJ`
NPYHST9 RJTH9 TJIL9 H_YPT9 `ILL9 THGKN9 GLRJTH9 XPVHIQGLL_
`IHSJMH9GK_9YVJ\LPRTb9AJ`PXPV@9HVPKQSPT9JHSPV9HSGK
HSJTP9`SIQS9GVP9VPLGHIXPL_9TSGLLJ`9RG_9VPaMIVP9GnHVPKQS
TMYYJVHnTQSPRPb9 /VGNIHIJKGLL_@9 HVPKQSIKO9 IKXJLXPN
MTIKOnHIR\PVnHJ9 TMYYJVH9 SJVIcJKHGL9 GKN9 XPVHIQGL9 TJIL
LJGNT9 GKN9 HSIT9 HPQSKIaMP9 IT9 THILL9 MTPN9 HJNG_b9 /IR\PV
HVPKQSIKO9 IT9 OPKPVGLL_9 MTPN9 ^JV9 LJ`9 VIT]@9 KGVVJ`
HVPKQSPT@9 TSG^HT9 JV9 SPGNIKOTb9 /SP9 HIR\PV9 TJLMHIJKT
VPaMIVP9OJJNn`JV]RGKTSIYnGKN9GVP9VPGTJKG\L_9LG\JMVg
IKHPKTIXP[9 SJ`PXPV@9 HSP_9 GVP9 XPVTGHILP9 GKN9 HSP
PaMIYRPKHnVPaMIVPN9IT9PGT_9HJ9SGKNLP9GKN9HVGKTYJVHb
/VPKQS9 \JhPT9 GVP9 TMIHG\LP9 ^JV9 LJ`gVIT]9 TIHMGHIJKT9 IK
THG\LP@9NV_9OVJMKN9GKN9QGK9\P9YLGQPN9IK9YVPgPhQGXGHPN
HVPKQSPT9JV9IKTHGLLPN9MTIKO9HSP9iNIO9GKN9YMTSj9HPQSKIaMPb
/SP9T_THPR9VPaMIVPT9GH9LPGTH9H`J9THVMHT9GH9PGQS9YGKPL
^JV9THG\ILIH_9`SIQS9TSJMLN9\P9QJKTINPVPN9`SPK9GQQPTT
IT9VPaMIVPN9^JV9QJKTHVMQHIJK9`JV]9JV9YIYIKOb
/VPKQS9TSPPHT9GVP9HSP9RJTH9GNGYHG\LP9J^9HSP9T_THPRT
GXGILG\LP@9GKN9GVP9RJTH9QJRRJKL_9MTPN9HJ9VPHGIK9YJJVPV
TJILb9 /SP_9 QGK9 TMYYJVH9 NPPYPV9 HVPKQSPT9 `IHS9 LGVOPV
TMVQSGVOPT9 GKN9 YVJXINP9 G9 QJKHIKMJMT9 TMYYJVHb9 /SP_
VPaMIVP9 RMLHIYLP9 LPXPLT9 J^9 THVMH9 TMYYJVH9 GKN9 HSP
TLPKNPVKPTT9J^9HSP9TSPPHT9QGK9J^HPK9LIRIH9HSP9NPYHS9J^
HSP9HVPKQS9GT9HSP_9GVP9IKTHGLLPN9\_9LIOSH9RGQSIKPV_9GKN
QJMLN9\MQ]LP9MKNPV9LGVOP9XPVHIQGL9LJGNTb
%SILP9 RG]IKO9 NPPY9 PhQGXGHIJK9 KPGV9 GK9 PhITHIKO
THVMQHMVP@9IH9IT9KPQPTTGV_9HSGH9HSP9LGHPVGL9^JVQP9QGMTPN
\_9HSP9PhITHIKO9THVMQHMVP9TSJMLN9\P9HG]PK9QGVP9J^b
/VPKQS9TMYYJVHT9TSGLL9\P9YVJXINPN9IK9GQQJVNGKQP9`IHS
HSP9OJJN9YVGQHIQP9k-U.CWlb
Q( 6$&4#,.8( 6$#-\%",( #"+( E#"+'%",
34#-$%-.6
Q=1(,NHNBFP
Q=1=1(!,-//./4(-/0(@'#"-4%(D-E#+'
Q=1=1=1(!JV9GK_9TIHP@9HSPVP9TSJMLN9\P9YVJYPV9YLGKKIKO
J^9 HSP9 LG_JMH9 ^JV9 THGQ]IKO9 GKN9 THJVGOP9 J^9 NI^^PVPKH
RGHPVIGLT@9 QJRYJKPKHT9 GKN9 PaMIYRPKH9 `IHS9 YVJYPV
GQQPTT9 GKN9 YVJYPV9 RGKJPMXVG\ILIH_9 J^9 HSP9 XPSIQLPT
QGVV_IKO9HSP9RGHPVIGLb9%SILP9YLGKKIKO9HSP9LG_JMH@9HSP
VPaMIVPRPKHT9 J^9 XGVIJMT9 RGHPVIGLT@9 QJRYJKPKHT9 GKN
PaMIYRPKH9GH9NI^^PVPKH9THGOPT9J^9QJKTHVMQHIJK9TSGLL9\P
QJKTINPVPNb
Q=1=1=!(0GHPVIGLT9TSGLL9\P9TPOVPOGHPN9GT9HJ9]IKN@9TIcP
GKN9 LPKOHS9 GKN9 YLGQPN9 IK9 KPGH@9 JVNPVL_9 YILPT9 HSGH9 GVP
TG^P9 GOGIKTH9 ^GLLIKOb9 1^9 YILPT9 GVP9 SIOS9 HSP_9 TSGLL9 \P
THPYYPN9 \GQ]9 GH9 TMIHG\LP9 IKHPVXGLT9 IK9 SPIOSHb9 ,ILPT9 J^
RGHPVIGLT9TSGLL9\P9GVVGKOPN9TJ9GT9HJ9GLLJ`9G9YGTTGOP`G_
J^9KJH9LPTT9HSGK9)9R9`INHS9IK9\PH`PPK9HSP9YILPT9JV9THGQ]T
^JV9 IKTYPQHIJK9 JV9 VPRJXGLb9 6LL9 YGTTGOP`G_T9 TSGLL9 \P
]PYH9QLPGV9J^9NV_9XPOPHGHIJKb
!:
Q=1=1=:90GHPVIGLT9TSGLL9\P9THJVPN@9THGQ]PN9GKN9SGKNLPN
IK9TMQS9G9RGKKPV9GT9HJ9YVPXPKH9NPHPVIJVGHIJK9JV9IKHVMTIJK
J^9^JVPIOK9RGHHPV9GKN9HJ9PKTMVP9HSP9YVPTPVXGHIJK9J^9HSPIV
aMGLIH_9GKN9^IHKPTT9^JV9HSP9`JV]b
Q=1=1=;(0GHPVIGLT9TSGLL9\P9THGQ]PN9JK9`PLL9NVGIKPN@9^IVR
GKN9MK_IPLNIKO9TMV^GQPb90GHPVIGLT9TSGLL9KJH9\P9THGQ]PN
TJ9GT9HJ9IRYJTP9GK_9MKNMP9THVPTTPT9JK9`GLLT9JV9JHSPV
THVMQHMVPTb
Q=1=1=<(0GHPVIGLT9TSGLL9\P9THGQ]PN9IK9TMQS9G9RGKKPV9GT
KJH9HJ9QJKTHIHMHP9G9SGcGVN9HJ9YGTTPV\_b96H9TMQS9YLGQPT
HSP9THGQ]T9TSGLL9SGXP9TMIHG\LP9`GVKIKO9TIOKT9IK9NG_9HIRP
GKN9VPN9LIOSHT9JK9GKN9GVJMKN9HSPR9GH9KIOSHb
Q=1=1=2(*HGIV`G_T@9YGTTGOP`G_T9GKN9OGKO`G_T9TSGLL9KJH
\PQJRP9 J\THVMQHPN9 \_9 THJVGOP9 J^9 \MILNIKO9 RGHPVIGLT@
HJJLT9JV9GQQMRMLGHPN9VM\\ITSb
Q=1=!(!"#'%&'.#/(H4-./2'(H'*#217%".&(H4%/&.%2
0GHPVIGLT9THJVPN9GH9TIHP@9NPYPKNIKO9MYJK9HSP9IKNIXINMGL
QSGVGQHPVITHIQT@9 TSGLL9 \P9 YVJHPQHPN9 ^VJR9 GHRJTYSPVIQ
GQHIJKT@9TMQS9GT9VGIK@9TMK@9`IKNT9GKN9RJITHMVP@9HJ9GXJIN
NPHPVIJVGHIJKb
Q=1=:(!"#'%&'.#/(H4-./2'(:."%(-/0(<'7%"(;-G-"02
Q=1=:=1( 0GHPVIGLT@9 LI]P9 HIR\PV@9 \GR\JJ@9 QJGL@9 YGIKHT@
PHQ@9TSGLL9\P9THJVPN9IK9TMQS9G9`G_9HSGH9HSPVP9RG_9KJH9\P
GK_9YJTTI\ILIH_9J^9^IVP9SGcGVNTb91K^LGRRG\LP9RGHPVIGLT
LI]P9]PVJTPKP9GKN9YPHVJL@9TSGLL9\P9THJVPN9IK9GQQJVNGKQP
`IHS9HSP9VPLPXGKH9VMLPT9GKN9VPOMLGHIJKT9TJ9GT9HJ9PKTMVP
HSP9NPTIVPN9TG^PH_9NMVIKO9THJVGOPb9*HGQ]T9TSGLL9KJH9\P
YILPN9 TJ9 SIOS9 GT9 HJ9 RG]P9 HSPR9 MKTHG\LP9 MKNPV9 ^IVP
^IOSHIKO9QJKNIHIJKT9GKN9IK9OPKPVGL9HSP_9TSGLL9KJH9\P9RJVP
HSGK9 7b<9 R9 IK9 SPIOSHb9 /SP9 YVJXITIJKT9 OIXPK9 IK9 OJJN
YVGQHIQP9 k-U.)Wl9 TSGLL9 \P9 ^JLLJ`PNb9 $hYLJTIXPT9 LI]P
NPHJKGHJVT9 TSGLL9 \P9 THJVPN9 IK9 GQQJVNGKQP9 `IHS9 HSP
PhITHIKO9VPOMLGHIJKT9J^957%(8S1,#2.3%2(H&'@9);;7b
Q=1=:=!9 0GHPVIGLT9 `SIQS9 GVP9 LI]PL_9 HJ9 \P9 G^^PQHPN9 \_
TM\TINPKQP9J^9TJIL9LI]P9YVPQGTH9\PGRT@9TLG\T9GKN9HIR\PV
J^9TIcPT9TSGLL9\P9THJVPN9\_9GNJYHIKO9TMIHG\LP9RPGTMVPT
HJ9PKTMVP9MK_IPLNIKO9TMYYJVHTb
Q=1=:=:90GHPVIGLT9LIG\LP9HJ9\P9G^^PQHPN9\_9^LJJNT@9HINPT@
PHQ@9 TSGLL9 \P9 TMIHG\L_9 THJVPN9 HJ9 YVPXPKH9 HSPIV9 \PIKO
`GTSPN9G`G_9JV9NGRGOPN9NMP9HJ9^LJJNT@9HINPT@9PHQb
Q=1=;(?-/+-,(;-/0,./4
%SPK9 SPGX_9 RGHPVIGLT9 SGXP9 HJ9 \P9 SGKNLPN9 RGKMGLL_
PGQS9`JV]RGK9TSGLL9\P9IKTHVMQHPN9\_9SIT9^JVPRGK9JV
TMYPVXITJV9 ^JV9 HSP9 YVJYPV9 RPHSJN9 J^9 SGKNLIKO9 TMQS
RGHPVIGLTb9 $GQS9 `JV]RGK9 TSGLL9 \P9 YVJXINPN9 `IHS
TMIHG\LP9PaMIYRPKH9^JV9SIT9YPVTJKGL9TG^PH_9GT9KPQPTTGV_b
6LL9 `JV]PVT9 TSGLL9 `PGV9 GNPaMGHP9 QLJHSIKO9 HJ9 YVJHPQH
HSPRTPLXPT9 ^VJR9 NIVPQH9 TMKgVG_T9 GKN9 JHSPV9 IVVIHGKHTb
*MYPVXITJVT9TSGLL9GLTJ9HG]P9QGVP9HJ9GTTIOK9PKJMOS9RPK
HJ9 PGQS9 TMQS9 ZJ\9 NPYPKNIKO9 JK9 HSP9 `PIOSH9 GKN9 HSP
NITHGKQP9IKXJLXPNb
!;
Q=!(6?ABFIN8(6?FMXCHI(FHL(EFHLPCHI(AO(7F?NBCFPK
Q=!=1(/SP9THJVGOP@9THGQ]IKO9GKN9SGKNLIKO9J^9RGHPVIGLT
OPKPVGLL_9MTPN9IK9QJKTHVMQHIJK9TSGLL9\P9GT9OIXPK9IK9Q=!=!
HJ9Q=!=:1@9`SIQS9SGXP9\PPK9TMRRGVIcPN9IK9HSP9^JVR9J^
G9QSPQ]9LITH9IK96KKPh96b9$hYJTMVP9HJ9GT\PTHJT9^I\VPTd
NMTH9IT9]KJ`K9HJ9\P9SGVR^ML9HJ9SPGLHS9J^9SMRGK9\PIKOTb
,VPTQVI\PN9OMINPLIKPT9IK9GQQJVNGKQP9`IHS9OJJN9YVGQHIQP
k-U..Wl9 TSGLL9 \P9 ^JLLJ`PN9 ^JV9 SGKNLIKO9 GKN9 MTGOP9 J^
GT\PTHJT9QPRPKH9YVJNMQHTb
Q=!=!(6%*%/'
GW9@'#"-4%(-/0(2'-&C./49f9+PRPKH9TSGLL9\P9THJVPN9GH
HSP9`JV]9TIHP9IK9G9\MILNIKO9JV9G9TSPN9`SIQS9IT9NV_@9LPG]g
YVJJ^9GKN9GT9RJITHMVPgYVJJ^9GT9YJTTI\LPb9/SP9\MILNIKO
JV9TSPN9^JV9THJVGOP9TSJMLN9SGXP9RIKIRMR9KMR\PV9J^
`IKNJ`T9GKN9QLJTP9^IHHIKO9NJJVT9GKN9HSPTP9TSJMLN9\P
]PYH9QLJTPN9GT9^GV9GT9YJTTI\LPb
+PRPKH9VPQPIXPN9IK9\GOT9TSGLL9\P9]PYH9IK9TMQS9G9`G_
HSGH9HSP9\GOT9GVP9]PYH9^VPP9^VJR9HSP9YJTTI\ILIH_9J^9GK_
NGRYKPTT9 JV9 RJITHMVP9 QJRIKO9 IK9 QJKHGQH9 `IHS9 HSPRb
+PRPKH9\GOT9TSGLL9\P9THGQ]PN9J^^9HSP9^LJJV9JK9`JJNPK
YLGK]T9IK9TMQS9G9`G_9GT9HJ9]PPY9HSPR9G\JMH9)<C9RR9HJ
.CC9RR9QLPGV9G\JXP9HSP9^LJJVb9/SP9^LJJV9RG_9QJRYVITP
LPGK9QPRPKH9QJKQVPHP9JV9H`J9LG_PVT9J^9NV_9\VIQ]T9LGIN
JK9 G9 `PLL9 QJKTJLINGHPN9 PGVHSb9 69 TYGQP9 J^9 =CC9 RR
RIKIRMR9TSGLL9\P9LP^H9GVJMKN9\PH`PPK9HSP9PhHPVIJV9`GLLT
GKN9HSP9THGQ]T9U2%%9!IOb9(Wb91K9HSP9THGQ]T9HSP9QPRPKH
\GOT9TSGLL9\P9]PYH9QLJTP9HJOPHSPV9HJ9VPNMQP9QIVQMLGHIJK
J^9GIV9GT9RMQS9GT9YJTTI\LPb9"`IKO9HJ9YVPTTMVP9JK9\JHHJR
LG_PV9J^9\GOT9TJRPHIRPT9i`GVPSJMTP9YGQ]j9IT9NPXPLJYPN
IK9HSPTP9\GOTb9/SIT9QGK9\P9VPRJXPN9PGTIL_9\_9VJLLIKO
HSP9 \GOT9 `SPK9 QPRPKH9 IT9 HG]PK9 JMH9 ^JV9 MTPb9 3MRYPN
\GOT@9I^9GK_9TSJMLN9\P9VPRJXPN9GKN9NITYJTPN9J^b
/SP9SPIOSH9J^9THGQ]9TSGLL9KJH9\P9RJVP9HSGK9)C9\GOT9HJ
YVPXPKH9HSP9YJTTI\ILIH_9J^9LMRYIKO9MY9MKNPV9YVPTTMVPb
/SP9`INHS9J^9HSP9THGQ]9TSGLL9\P9KJH9RJVP9HSGK9^JMV9\GOT
LPKOHS9 JV9 (9 Rb9 1K9 THGQ]T9 RJVP9 HSGK9 ;9 \GOT9 SIOS@9 HSP
QPRPKH9\GOT9TSGLL9\P9GVVGKOPN9GLHPVKGHPL_9LPKOHSg`ITP
GKN9 QVJTTg`ITP9 TJ9 GT9 HJ9 HIP9 HSP9 THGQ]T9 HJOPHSPV9 GKN
RIKIRITP9HSP9NGKOPV9J^9HJYYLIKO9JXPVb9+PRPKH9\GOT9TSGLL
\P9THGQ]PN9IK9G9RGKKPV9HJ9^GQILIHGHP9HSPIV9VPRJXGL9GKN
MTP9 IK9 HSP9 JVNPV9 IK9 `SIQS9 HSP_9 GVP9 VPQPIXPN[9 G9 HG\LP
TSJ`IKO9NGHP9J^9VPQPIYH9J^9QPRPKH9TSGLL9\P9YMH9JK9PGQS
THGQ]9HJ9]KJ`9HSP9GOP9J^9QPRPKHb
!JV9PhHVG9TG^PH_9NMVIKO9RJKTJJK@9JV9`SPK9IH9IT9PhYPQHPN
HJ9THJVP9^JV9GK9MKMTMGLL_9LJKO9YPVIJN@9HSP9THGQ]9TSGLL9\P
QJRYLPHPL_9 PKQLJTPN9 \_9 G9 `GHPV9 YVJJ^IKO9 RPR\VGKP
TMQS9GT9YJL_PHS_LPKP@9`SIQS9TSGLL9QLJTP9JK9HSP9HJY9J^
HSP9 THGQ]b9 +GVP9 TSGLL9 \P9 HG]PK9 HJ9 TPP9 HSGH9 HSP
`GHPVYVJJ^IKO9 RPR\VGKP9 IT9 KJH9 NGRGOPN9 GK_9 HIRP
NMVIKO9HSP9MTPb
+PRPKH9IK9OMKK_9\GOT@9YGYPV9\GOT9GKN9YJL_PHS_LPKP
\GOT9TSGLL9\P9THJVPN9TPYGVGHPL_b
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 !14 b9(9/5,1+6396##624$0$2/912 9+$0$2/94"&"%2
1K9 QGTP9 QPRPKH9 IT9 VPQPIXPN9 IK9 NVMRT@9 HSPTP9 TSGLL9 \P
THJVPN9JK9YLGKP9LPXPL9OVJMKN@9GT9^GV9GT9YJTTI\LP9KPGV
HSP9QJKQVPHP9RIhIKO9YLGQPb96^HPV9HG]IKO9JMH9HSP9VPaMIVPN
aMGKHIH_9J^9QPRPKH@9HSP9LIN9J^9HSP9NVMR9TSGLL9\P9TPQMVPL_
HIPN9HJ9YVPXPKH9IKOVPTT9J^9RJITHMVPb
1K9QGTP9QPRPKH9IT9VPQPIXPN9IK9TILJT@9HSP9TILJT9TSGLL9\P
YLGQPN9KPGV9HSP9QJKQVPHP9\GHQSIKO9YLGKHb9,VJYPV9GQQPTT
TSGLL9\P9YVJXINPN9^JV9HSP9VPYLGQPRPKH9J^9TILJTb
&I^^PVPKH9H_YPT9J^9QPRPKHT9TSGLL9\P9THGQ]PN9GKN9THJVPN
TPYGVGHPL_b
\W9;-/0,./49f9AJJ]T9TSGLL9KJH9\P9MTPN9^JV9SGKNLIKO
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
QPRPKH9 \GOT9 MKLPTT9 TYPQI^IQGLL_9 YPVRIHHPN9 \_9 HSP
PKOIKPPVgIKgQSGVOPb9BGOT9TSGLL9\P9VPRJXPN9MKI^JVRL_
^VJR9HSP9HJY9J^9HSP9YILPT9HJ9GXJIN9HIYYIKO9J^9HSP9THGQ]b
!JV9 IK^JVRGHIJK9 VPOGVNIKO9 \ML]9 SGKNLIKO9 J^9 QPRPKH
U2%% Q=!=;]b
Q=!=:((D.*%
Q=!=:=19Q+.&C,.*%(J%)#"%(2,-C./4
GW @'#"-4%(-/0(2'-&C./49f9EMIQ]LIRP9TSJMLN9\P
TLG]PN9GT9TJJK9GT9YJTTI\LPb91^9MKGXJING\LP9IH
RG_9\P9THJVPN9IK9QJRYGQH9SPGYT9SGXIKO9JKL_
HSP9RIKIRMR9J^9PhYJTPN9GVPGb9/SP9SPGYT9TSGLL
!<
 \P9THJVPN9JK9G9TMIHG\LP9YLGH^JVR9GKN9QJXPVPN
HJ9 GXJIN9 NIVPQH9 QJKHGQH9 `IHS9 VGIK9 JV9 \PIKO
\LJ`K9G`G_9\_9`IKNb91K9QGTP9aMIQ]9LIRP9IT
THJVPN9IK9G9QJXPVPN9TSPN@9G9RIKIRMR9TYGQP9J^
(CC9 RR9 TSJMLN9 \P9 YVJXINPN9 GLLgVJMKN9 HSP
SPGYT9HJ9GXJIN9\MLOIKO9J^9`GLLTb
8KTLG]PN9 LIRP9 TSGLL9 \P9 THJVPN9 IK9 G9 YLGQP
IKGQQPTTI\LP9 HJ9 `GHPV9 GKN9 \PQGMTP9 J^9 ^IVP
SGcGVNT@9 TSGLL9 \P9 TPOVPOGHPN9 ^VJR9 HSP
QJR\MTHI\LP9RGHPVIGLTb
\W ;-/0,./4(f9@%%9Q=!=;b
Q=!=:=!(;E0"-'%0(,.*%
GW @'#"-4%( -/0( 2'-&C./49 f9 A_NVGHPN9 LIRP9 IT
OPKPVGLL_9TMYYLIPN9IK9QJKHGIKPVT@9TMQS9GT9ZMHP
\GOT9 LIKPN9 `IHS9 YJL_PHS_LPKP9 JV9 QVG^H9 YGYPV
\GOTb9 1H9 TSJMLN9 \P9 THJVPN9 IK9 G9 \MILNIKO9 HJ
YVJHPQH9 HSP9 LIRP9 ^VJR9 NGRYKPTT9 GKN9 HJ
RIKIRITP9`GVPSJMTP9NPHPVIJVGHIJKb
/SP9\MILNIKO9TSJMLN9\P9`IHS9G9QJKQVPHP9^LJJV
GKN9 SGXIKO9 LPGTH9 XPKHILGHIJK9 HJ9 PLIRIKGHP
NVGMOSHT9 HSVJMOS9 HSP9 `GLLT9 GKN9 VJJ^b9 1K
OPKPVGL@9HSP9VPQJRRPKNGHIJKT9OIXPK9IK9Q=!=!
^JV9THJVIKO9J^9QPRPKH9TSGLL9\P9GYYLIQG\LP9^JV
S_NVGHPN9LIRPb9%SPK9GIV9RJXPRPKH9IT9VPNMQPN
HJ9G9YVGQHIQGL9RIKIRMR@9S_NVGHPN9LIRP9QGK9\P
THJVPN9 ^JV9 MY9 HJ9 HSVPP9 RJKHST9 `IHSJMH
GYYVPQIG\LP9QSGKOPb
\W ;-/0,./49f9@%%9Q=!=;b
Q=!=:=: F"E(2,-C%0(,.*%
GW @'#"-4%( -/0( 2'-&C./4( f9 /SP9 LIRP9 TSGLL9 \P
THJVPN9IK9G9NV_9GKN9QLJTPN9OJNJ`Kb
\W ;-/0,./49f9@%%(Q=!=;b
Q=!=;(;-/0,./4(#)(6%*%/'(-/0(D.*%
%JV]PVT@9 SGKNLIKO9 \ML]9 QPRPKH9 JV9 LIRP9 TSGLL9 `PGV
YVJHPQHIXP9QLJHSIKO@9VPTYIVGHJVT@9GKN9OJOOLPT[9TSGLL9\P
IKTHVMQHPN9 IK9 HSP9 KPPN9 J^9 QLPGKLIKPTT9 HJ9 YVPXPKH
NPVRGHIHIT@9 GKN9 TSGLL9 \P9 YVJXINPN9 `IHS9 SGKN9 QVPGR@
YPHVJLPMR9ZPLL_@9JV9TIRILGV9YVPYGVGHIJK9^JV9YVJHPQHIJK
J^9 PhYJTPN9 T]IKb9 %JV]PVT9 SGKNLIKO9 QPRPKH@9 `SJ9 GVP
QJKHIKMGLL_9PhYJTPN9HJ9IH@9TSGLL@9IK9GNNIHIJK9HJ9HSP9G\JXP
\P9PaMIYYPN9`IHS9SGKN9OLJXPT9GKN9NMTH9RGT]b
BML]9QPRPKH9THJVPN9IK9TILJT9JV9\IKT9RG_9^GIL9HJ9^PPN9HJ
HSP9PZPQHIJK9T_THPRb9%SPK9KPQPTTGV_9HJ9PKHPV9G9TILJ9JV
\IK9^JV9GK_9YMVYJTP@9HSP9PZPQHIJK9T_THPR9PRYLJ_PN9TSGLL
\P9 TSMH9 NJ`K9 GKN9 LJQ]PN9 JMH9 PLPQHVIQGLL_9 GT9 `PLL9 GT
RPQSGKIQGLL_b9%SPK9KPQPTTGV_9^JV9G9`JV]RGK9HJ9PKHPV
TMQS9THJVGOP9GVPG@9SP9TSGLL9`PGV9G9LI^PgLIKP@9`IHS9GKJHSPV
`JV]RGK9JMHTINP9HSP9TILJ9JV9SJYYPV9GHHPKNIKO9HSP9VJYPb
Q=!=<(?-2#/"E(T/.'2
GW @'#/%2(N(*HJKPT9J^9NI^^PVPKH9TIcPT@9H_YPT9GKN
!2
QLGTTI^IQGHIJK9TSGLL9\P9THJVPN9TPYGVGHPL_b9*HJKPT
TSGLL9\P9THGQ]PN9JK9NV_9^IVR9OVJMKN9IK9G9VPOMLGV
SPGY9KJH9RJVP9HSGK9)9R9IK9SPIOSHb9DPKPPVIKO
THJKPT9TSGLL9\P9THGQ]PN9GOGIKTH9XPVHIQGL9TMYYJVH
JK9G9^IVR9NV_9OVJMKN9IK9HIPVT@9MYHJ9G9SPIOSH9J^
)b.9Rb969NITHGKQP9J^9G\JMH9Cb;9R9TSGLL9\P9]PYH
\PH`PPK9H`J9GNZGQPKH9THGQ]Tb
\W A".&C2(N9BVIQ]T9TSGLL9\P9THGQ]PN9IK9VPOMLGV
HIPVT9 GT9 GKN9 `SPK9 HSP_9 GVP9 MKLJGNPN9 HJ
RIKIRITP9 \VPG]GOP9 GKN9 NP^GQPRPKHb9 /SPTP
TSGLL9 KJH9 \P9 NMRYPN9 GH9 TIHPb9 1K9 HSP9 QGTP9 J^
\VIQ]T9 RGNP9 ^VJR9 QLG_T9 QJKHGIKIKO9 LIRP
U-/C-"@9 HSP9 \VIQ]T9 IK9 THGQ]9 TSJMLN9 \P
HSJVJMOSL_9 TJG]PN9 IK9 `GHPV9 UNJQ]PNW9 HJ
YVPXPKH9LIRP9\MVTHIKOb
BVIQ]T9TSGLL9\P9THGQ]PN9JK9NV_9^IVR9OVJMKNb
!JV9YVJYPV9IKTYPQHIJK9J^9aMGLIH_9GKN9PGTP9IK
QJMKHIKO@9HSP9THGQ]T9TSGLL9\P9<C9\VIQ]T9LJKO@
)C9\VIQ]T9SIOS9GKN9KJH9RJVP9HSGK979\VIQ]T9IK
`INHS@9HSP9\VIQ]T9\PIKO9YLGQPN9JK9PNOP@9H`J9GH
G9 HIRP9 GLJKO9 HSP9 `INHS9 J^9 HSP9 THGQ]b9 +LPGV
NITHGKQP9\PH`PPK9GNZGQPKH9THGQ]T9TSGLL9KJH9\P
LPTT9HSGK9Cb;9Rb9BVIQ]T9J^9PGQS9HVMQ]9LJGN9TSGLL
\P9YMH9IK9JKP9THGQ]b9BVIQ]T9J^9NI^^PVPKH9H_YPT@
TMQS9GT@9QLG_9\VIQ]T@9QLG_9^L_9GTS9\VIQ]T@9^L_
GTS9LIRP9\VIQ]T@9TGKN9LIRP9UQGLQIMR9TILIQGHPW
\VIQ]T9TSGLL9\P9THGQ]PN9TPYGVGHPL_b9BVIQ]T9J^
NI^^PVPKH9 QLGTTI^IQGHIJKT9 ^VJR9 THVPKOHS
QJKTINPVGHIJK9GKN9TIcP9QJKTINPVGHIJK9UTMQS9GT@
QJKXPKHIJKGL9 GKN9 RJNMLGVW9 TSGLL9 \P9 THGQ]PN
TPYGVGHPL_b96LTJ9\VIQ]T9J^9NI^^PVPKH9H_YPT@9TMQS
GT@9 TJLIN@9 SJLLJ`9 GKN9 YPV^JVGHPN9 TSGLL9 \P
THGQ]PN9TPYGVGHPL_b
QW A,#&C2(f9BLJQ]T9GVP9GXGILG\LP9GT9SJLLJ`9GKN
TJLIN9QJKQVPHP9\LJQ]T@9SJLLJ`9GKN9TJLIN9LIOSH
`PIOSH9 QJKQVPHP9 \LJQ]T@9 GMHJQLGXPN9 GPVGHPN
QJKQVPHP9 \LJQ]T@9 QJKQVPHP9 THJKP9 RGTJKV_
\LJQ]T9GKN9TJIL9\GTPN9\LJQ]Tb9BLJQ]T9TSGLL9\P
MKLJGNPN9JKP9GH9G9HIRP9GKN9THGQ]PN9IK9VPOMLGV
HIPVT9 HJ9 RIKIRITP9 \VPG]GOP9 GKN9 NP^GQPRPKHb
/SPTP9TSGLL9KJH9\P9NMRYPN9GH9TIHPb9/SP9SPIOSH
J^9HSP9THGQ]9TSGLL9KJH9\P9RJVP9HSGK9)b.9R@9HSP
LPKOHS9 J^9 HSP9 THGQ]9 TSGLL9 KJH9 \P9 RJVP9 HSGK
(bC R@9GT9^GV9GT9YJTTI\LP9GKN9HSP9`INHS9TSGLL
\P9 J^9 H`J9 JV9 HSVPP9 \LJQ]Tb9 2JVRGLL_9 \LJQ]T
QMVPN9^JV9.;9NG_T9JKL_9TSJMLN9\P9VPQPIXPN9GH
TIHPb91K9QGTP9\LJQ]T9QMVPN9^JV9LPTT9HSGK9.;9NG_T
GVP9VPQPIXPN@9HSPTP9TSGLL9\P9THGQ]PN9TPYGVGHPL_b
6LL9\LJQ]T9TSJMLN9\P9`GHPV9QMVPN9^JV9)C9HJ9)7
NG_T9GKN9GIV9QMVPN9^JV9GKJHSPV9)<9NG_T[9HSMT
KJ9\LJQ]T9`IHS9LPTT9HSGK9.;9NG_T9QMVIKO9TSGLL
\P9MTPN9IK9\MILNIKO9QJKTHVMQHIJKb9BLJQ]T9TSGLL
\P9YLGQPN9QLJTP9HJ9HSP9TIHP9J^9`JV]9TJ9HSGH9LPGTH
P^^JVH9IT9VPaMIVPN9^JV9HSPIV9HVGKTYJVHGHIJKb9/SP
NGHP9 J^9 RGKM^GQHMVP9 J^9 HSP9 \LJQ]T9 TSGLL9 \P
TMIHG\L_9 RGV]PN9 JK9 HSP9 THGQ]T9 J^9 \LJQ]T
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 RGKM^GQHMVPN9GH9^GQHJV_9JV9TIHPb
NW ;-/0,./4(f9BVIQ]9THGQ]T9TSGLL9\P9YLGQPN9QLJTP
HJ9 HSP9 TIHP9 J^9 `JV]9 TJ9 HSGH9 LPGTH9 P^^JVH9 IT
VPaMIVPN9 HJ9 MKLJGN9 GKN9 HVGKTYJVH9 HSP9 \VIQ]T
GOGIK9 \_9 LJGNIKO9 JK9 YGLLPHT9 JV9 IK9 \GVVJ`Tb
8KLJGNIKO9J^9\MILNIKO9\VIQ]T9JV9SGKNLIKO9IK
GK_9JHSPV9`G_9LI]PL_9HJ9NGRGOP9HSP9QJVKPVT9JV
PNOPT9 JV9 JHSPV9 YGVHT9 J^9 \VIQ]T9 TSGLL9 KJH9 \P
YPVRIHHPNb
Q=!=2(:,##"2P(B-,,(-/0(>##)(5.,%2
GW @'#"-4%(-/0(2'-&C./49f9!LJJV@9`GLL9GKN9QLG_
VJJ^9HILPT9J^9NI^^PVPKH9H_YPT@9TMQS9GT@9QPRPKH
QJKQVPHP9 HILPT9 UYLGIK@9 QJLJMVPN9 GKN9 HPVVGccJW
GKN9QPVGRIQ9HILPT9UOLGcPN9GKN9MKOLGcPNW9TSGLL
\P9 THGQ]PN9 JK9 VPOMLGV9 YLGH^JVR9 GT9 ^GV9 GT
YJTTI\LP9MKNPV9QJXPV9IK9YVJYPV9LG_PVT9GKN9IK
HIPVT9GKN9HSP_9TSGLL9KJH9\P9NMRYPN9IK9SPGYTb
1K9HSP9THGQ]@9HSP9HILPT9TSGLL9\P9TJ9YLGQPN9HSGH
HSP9RJMLN9TMV^GQP9J^9JKP9^GQPT9HSGH9J^9GKJHSPVb
APIOSH9J^9HSP9THGQ]9TSGLL9KJH9\P9RJVP9HSGK9JKP
RPHVPb
/ILPT9J^9NI^^PVPKH9aMGLIH_@9TIcP9GKN9HSIQ]KPTT
TSGLL9\P9THGQ]PN9TPYGVGHPL_9HJ9^GQILIHGHP9PGT_
VPRJXGL9^JV9MTP9IK9`JV]b9/ILPT9`SPK9TMYYLIPN
\_9 RGKM^GQHMVPVT9 YGQ]PN9 IK9 `JJNPK9 QVGHPT
TSGLL9\P9THJVPN9IK9QVGHPTb9/SP9QVGHPT9TSGLL9\P
JYPKPN9 JKP9 GH9 G9 HIRP9 GT9 GKN9 `SPK9 VPaMIVPN
^JV9MTPb
\W ;-/0,./4(f9+PVGRIQ9HILPT9GKN9VJJ^9HILPT9GVP
OPKPVGLL_9TMYYLIPN9IK9QGVHJKT9`SIQS9TSGLL9\P
SGKNLPN9 `IHS9 QGVP9 HJ9 GXJIN9 \VPG]GOPb9 1H9 IT
YVP^PVG\LP9 HJ9 HVGKTYJVH9 HSPTP9 GH9 HSP9 TIHP9 JK
YLGH^JVR9HVJLLP_Tb
Q=!=5(H44"%4-'%
GW @'#"-4%(-/0(2'-&C./49f96OOVPOGHPT9TSGLL9\P
THJVPN9GH9TIHP9JK9G9SGVN9NV_9GKN9LPXPL9YGHQS9J^
OVJMKNb91^9TMQS9G9TMV^GQP9IT9KJH9GXGILG\LP@9G
YLGH^JVR9 J^9 YLGK]T9 JV9 JLN9 QJVVMOGHPN9 IVJK
TSPPHT@9JV9G9^LJJV9J^9\VIQ]T@9JV9G9HSIK9LG_PV9J^
LPGK9QJKQVPHP9TSGLL9\P9RGNP9TJ9GT9HJ9YVPXPKH
HSP9RIhIKO9`IHS9QLG_@9NMTH@9XPOPHG\LP9GKN9JHSPV
^JVPIOK9RGHHPVb
*HGQ]T9J^9^IKP9GKN9QJGVTP9GOOVPOGHP9TSGLL9\P
]PYH9 IK9 TPYGVGHP9 THJQ]9 YILPT9 TM^^IQIPKHL_
VPRJXPN9 ^VJR9 PGQS9 JHSPV9 HJ9 YVPXPKH9 HSP
RGHPVIGL9GH9HSP9PNOPT9J^9HSP9YILPT9^VJR9OPHHIKO
IKHPVRIhPNb9"K9G9LGVOP9ZJ\9IH9IT9NPTIVG\LP9HJ
QJKTHVMQH9NIXINIKO9`GLLT9HJ9OIXP9PGQS9H_YP9J^
GOOVPOGHPT9 IHT9 J`K9 QJRYGVHRPKHb9 !IKP
GOOVPOGHPT9TSGLL9\P9THGQ]PN9IK9G9YLGQP9`SPVP
LJTT9NMP9HJ9HSP9P^^PQH9J^9`IKN9IT9RIKIRMRb
\W ;-/0,./4( f9 %SPK9 `IHSNVG`GLT9 GVP9 RGNP
^VJR9 THJQ]9 YILPT@9 KJ9 JXPVSGKO9 TSGLL9 \P
YPVRIHHPNb
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
$RYLJ_PPT9VPaMIVPN9HJ9PKHPV9SJYYPVT9TSGLL9\P
PaMIYYPN9 `IHS9 TG^PH_9 \PLHT9 GKN9 LI^PgLIKPT@
GHHPKNPN9\_9GKJHSPV9YPVTJKb90GQSIKP9NVIXPK
SJYYPVT@9^PPNPVT@9GKN9LJGNPVT9TSGLL9\P9LJQ]PN
IK9HSP9J^^9YJTIHIJK9YVIJV9HJ9PKHV_@9PLPQHVIQGLL_
GT9`PLL9GT9RPQSGKIQGLL_b
Q=!=Q(!+,3%".G%0(:+%,(H27V:,E(H27V@.,.&-
GW @'#"-4%(-/0(2'-&C./49f9!L_9GTSd*ILIQG9^MRP
TSGLL9\P9THJVPN9IK9TMQS9G9RGKKPV9GT9HJ9YPVRIH
PGT_9 GQQPTT9 ^JV9 YVJYPV9 IKTYPQHIJK9 GKN
INPKHI^IQGHIJK9J^9PGQS9QJKTIOKRPKHb9!L_9GTS9IK
\ML]9aMGKHIHIPT9TSGLL9\P9THJVPN9IK9THGQ]9TIRILGV
HJ9^IKP9GOOVPOGHPT@9GXJINIKO9GK_9IKHVMTIJK9J^
^JVPIOK9RGHHPVb9!L_9GTS9IK9\GOT9TSGLL9\P9THJVPN
IK9THGQ]T9KJH9RJVP9HSGK9)C9\GOT9SIOSb9*ILIQG
^MRP@9 IK9 OPKPVGL@9 TSGLL9 \P9 THJVPN9 TIRILGV9 HJ
QPRPKHd^L_9 GTS9 THJVGOP9 NPYPKNIKO9 MYJK9 HSP
THJVGOP9VPaMIVPRPKHT9IK9\GOTd\ML]9^JVRb
\W ;-/0,./4(f9@%%9Q=!=;b
Q=!=R(6./0%"
+IKNPV9TSGLL9\P9THJVPN9IK9\ML]9aMGKHIHIPT9IK9THGQ]T9TIRILGV
HJ9QJGVTP9GOOVPOGHPT9GXJINIKO9GK_9PhHVMTIJK9J^9^JVPIOK
RGHHPVb
Q=!=10(5.*J%"
GW @'#"-4%( -/0( 2'-&C./49 f9 /IR\PV9 TSGLL9 \P
THJVPN9IK9THGQ]T9MYJK9`PLL9HVPGHPN9GKN9PXPK
TMV^GQPN9 \PGRT@9 TLPPYPVT9 JV9 \VIQ]9 YILLGVT9 TJ
GT9 HJ9 \P9 G\JXP9 HSP9 OVJMKN9 LPXPL9 \_9 GH9 LPGTH
)<C9RR9HJ9PKTMVP9HSGH9HSP9HIR\PV9`ILL9KJH9\P
G^^PQHPN9 \_9 GQQMRMLGHIJK9 J^9 `GHPV9 MKNPV9 IHb
DGVIJMT9 RPR\PVT9 TSGLL9 YVP^PVG\L_9 \P9 THJVPN
TPYGVGHPL_9 IK9 NI^^PVPKH9 LPKOHST@9 GKN9 RGHPVIGL
J^9 PaMGL9 LPKOHST9 TSGLL9 \P9 YILPN9 HJOPHSPV9 IK
LG_PVT9`IHS9`JJNPK9\GHHPKT@9QGLLPN9QVJTTPVT@
TPYGVGHIKO9 JKP9 LG_PV9 ^VJR9 GKJHSPVb9 /SP
QVJTTPVT9TSGLL9\P9J^9TJMKN9`JJN@9THVGIOSH9GKN
MKI^JVR9IK9HSIQ]KPTTb91K9QGTP@9`SPVP9TPYGVGHP
QVJTTPVT9GVP9KJH9GXGILG\LP9TRGLLPV9TPQHIJKT9J^
HSP9 GXGILG\LP9 THVMQHMVGL9 HIR\PV9 RG_9 \P
PRYLJ_PN9IK9HSPIV9YLGQPb91K9GK_9LG_PV9GK9GIV
TYGQP9 J^9 G\JMH9 .<9 RR9 TSGLL9 \P9 YVJXINPN
\PH`PPK9GNZGQPKH9RPR\PVTb9/SP9LJKOPV9YIPQPT
TSGLL9\P9YLGQPN9IK9HSP9\JHHJR9LG_PVT9GKN9TSJVHPV
YIPQPT9IK9HSP9HJY9LG_PVT9\MH9JKP9PKN9J^9HSP9THGQ]
TSGLL9\P9IK9HVMP9XPVHIQGL9GLIOKRPKHb9/SP9QVJTTPVT
IK9 NI^^PVPKH9 LG_PVT9 TSGLL9 \P9 IK9 XPVHIQGL
GLIOKRPKHb9/SP9RJTH9TMIHG\LP9`INHS9GKN9SPIOSH
J^9G9THGQ]9GVP9VPQJRRPKNPN9HJ9\P9G\JMH9)b< R
GKN9.bC9Rb9&ITHGKQP9\PH`PPK9GNZGQPKH9THGQ]T
IT9VPQJRRPKNPN9HJ9\P9GH9LPGTH97<C9RRb91K9QGTP
HSP9 THGQ]IKO9 `IHS9 HSP9 SPLY9 J^9 \GHHPKT9 IT9 KJH
YJTTI\LP@9 HSP9 HIR\PV9 RG_9 \P9 QLJTP9 YILPN9 IK
SPGYT9 JK9 VGITPN9 ^JMKNGHIJKT9 `IHS9 HSP
!5
 YVPQGMHIJKT9TYPQI^IPN9G\JXPb
/SP9 THGQ]T9 TSGLL9 \P9 YVJHPQHPN9 ^VJR9 SJH9 NV_
`IKNT9JV9NIVPQH9TMK9GKN9VGIKb9APGX_9`PIOSHT@
TMQS9GT9RPHGL9VGILT9JV9LGVOP9TPQHIJKT9J^9`JJN@
GVP9VPQJRRPKNPN9HJ9\P9YLGQPN9JK9HSP9HJY9J^
HSP9THGQ]9HJ9YVPXPKH9NITHJVHIJK9JV9`GVYIKO9J^
HSP9HIR\PV9IK9HSP9THGQ]b91K9QGTP9HIR\PV9IT9HJ9\P
THJVPN9^JV9G\JMH9G9_PGV9JV9RJVP@9HJ9YVPXPKH9PKNg
QVGQ]IKO9IK9HSP9RGHPVIGL@9HSP9PKNT9J^9GLL9RPR\PVT
TSGLL9\P9QJGHPN9`IHS9QJGL9HGV@9GLMRIKIMR9LPG^
YGIKHT9 USGVNPKPN9 OLJTT9 JILW@9 RIQVJQV_THGLLIKP
`Gh9JV9GK_9JHSPV9TMIHG\LP9RGHPVIGLb
\W +GVP9RMTH9\P9HG]PK9HSGH9SGKNLPV9JV9`JV]PVT
GVP9KJH9IKZMVPN9\_9VGILT@9THVGYT@9PHQ@9GHHGQSPN
HJ9HSP9MTPN9HIR\PVb9/SIT9GYYLIPT9YGVHIQMLGVL_
HJ9YLGK]T9GKN9^JVR`JV]9^JV9TSMHHPVIKOb
Q=!=11(A-*J##
Q=!=11=1(/SP9TIHP9TSGLL9\P9YVJYPVL_9IKTYPQHPN9GKN9HPVRIHP
QJLJKIPT9JV9RJMKNT@9I^9NPHPQHPN@9TSGLL9\P9NPTHVJ_PNb
6LL9 VP^MTP9 GKN9 MTPLPTT9 QPLLMLJTIQ9 RGHPVIGLT9 TSGLL9 \P
VPRJXPN9 ^VJR9 HSP9 TIHPb9 /SP9 OVJMKN9 RG_9 HSPK9 \P
NITIK^PQHPN9 \_9 TMIHG\LP9 IKTPQHIQINPTb9 /SP9 GVPG9 TSJMLN
SGXP9OJJN9NVGIKGOPb
Q=!=11=!9BGR\JJ9RG_9YVP^PVG\L_9\P9THGQ]PN9JK9SIOS
T]INT9JV9VGITPN9YLGH^JVR9GH9LPGTH9(CC9RR9G\JXP9OVJMKNb
*HJVGOP9 MKNPV9 QJXPV9 VPNMQPT9 HSP9 LIG\ILIH_9 HJ9 ^MKOGL
GHHGQ]b9 4JJN9 XPKHILGHIJK9 GKN9 ^VPaMPKH9 IKTYPQHIJK9 GVP
IRYJVHGKHb
Q=!=11=:9BGR\JJ9NVIPT9\_9GIVgTPGTJKIKO9MKNPV9QJXPV
IK9HSP9THJVGOP9_GVNT9^VJR9=9HJ9).9`PP]Tj9HIRPb
Q=!=11=;9 ,VJYS_LGQHIQ9 HVPGHRPKH9 J^9 \GR\JJ9 NMVIKO
THJVGOP9YVPXPKHT9LJTTPT9NMP9HJ9^MKOI9GKN9IKTPQHT9PXPK
MKNPV9 JYPK9 THJVGOPb9 !JLLJ`IKO9 QSPRIQGLT9 SGXP9 \PPK
^JMKN9TMIHG\LP9GH9G9QJXPVGOP9VGHP9J^9.79LIHVP9YPV9HJKKPe
GW *JNIMR9 YPKHGQSLJVJYSPKGHP9 e9 )9 YPVQPKH
TJLMHIJKb
\W BJVIQ9GQIN9p9\JVGh9U)e)W9e9.9YPVQPKH9TJLMHIJKb
QW *JNIMR9 YPKHGQSLJVJYSPKGHP9 e9 .b<9 YPVQPKH
TJLMHIJK9p9\JVIQ9GQIN9p9\JVGh9U<e)e)Wb
69RIhHMVP9J^9HSPTP9QJRYJMKNT9_IPLNT9HSP9\PTH9VPTMLHTb
2"/$9f9!JV9\PHHPV9YVJHPQHIJK9J^9THVMQHMVGL9\GR\JJ9UI^9THJVPN
JMHTINPW@9VPYPHIHIJK9J^9HSP9HVPGHRPKH9G^HPV9^JMV9HJ9TIh9RJKHST9IT
NPTIVG\LPb
Q=!=1!( !-"'.-,,E( !"%)-J".&-'%0( B-,,( -/0( >##)
6#*1#/%/'2
GW @'#"-4%(-/0(2'-&C./49f9/SP9`GLL9QJRYJKPKHT
QJRYVITP9\LJQ]T@9TILLT@9LIKHPLT@9PHQb9/SP9\LJQ]T
TSGLL9\P9THGQ]PN9IK9GQQJVNGKQP9`IHS9Q=!=<9UQWb
/SPTP9TSGLL9\P9THGQ]PN9JK9YLGKP9LPXPL9OVJMKN
SGXIKO9G9^LJJV9J^9\VIQ]T9JV9G9HSIK9LG_PV9J^9LPGK
QJKQVPHPb
!Q
/SP9 VJJ^9 QJRYJKPKHT9 TMQS9 GT9 YVPQGTH9 #+
ZJITHT@9YVP^G\VIQGHPN9\VIQ]9YGKPLT@9#+9YLGK]T@
QSGKKPL9 MKIHT@9 QJVPN9 MKIHT@9 `G^^LP9 MKIHT@
3gYGKPL@9 TIKOLP9 HPP9 GKN9 NJM\LP9 HPP9 TPQHIJKT@
^PVVJQPRPKH9YGKPLT@9PHQ9TSGLL9\P9MKLJGNPN9GT
IKNIXINMGL9QJRYJKPKHTb9/SPTP9TSGLL9\P9THGQ]PN
JK9YLGKP9LPXPL9OVJMKN9SGXIKO9G9^LJJV9J^9\VIQ]T
JV9G9HSIK9LG_PV9J^9LPGK9QJKQVPHPb9#+9YLGK]T@
YVP^G\VIQGHPN9 \VIQ]9 YGKPLT9 GKN9 ^PVVJQPRPKH
YGKPLT9TSGLL9\P9THGQ]PN9GOGIKTH9G9\VIQ]9RGTJKV_
`GLL9IK9TLIOSHL_9IKQLIKPN9YJTIHIJK9JK9\JHS9TINPT
J^9 HSP9 `GLLb9 +SGKKPL9 MKIHT@9 QJVPN9 MKIHT9 GKN
3gYGKPLT9TSGLL9\P9THGQ]PN9JKP9JXPV9HSP9JHSPV
MY9 HJ9 ^IXP9 HIPVTb9 /SP9 `G^^LP9 MKIHT9 TSGLL9 \P
THGQ]PN9MYTINP9NJ`K9GT9IKNIXINMGL9MKIHTb9/SP
#+9ZJITHT@9TIKOLP9HPP9GKN9NJM\LP9HPP9TPQHIJKT
TSGLL9 \P9 THGQ]PN9 GT9 IKNIXINMGL9 MKIHT9 JKP
GNZGQPKH9 HJ9 HSP9 JHSPVb9 /SP9 NITHGKQP9 \PH`PPK
GK_9H`J9GNZGQPKH9THGQ]T9TSGLL9KJH9\P9LPTT9HSGK
7<C9RRb
\W ;-/0,./49f9/SP9QJRYJKPKHT9TSGLL9\P9SGKNLPN
\_9 SJLNIKO9 HSP9 IKNIXINMGL9 QJRYJKPKHT9 GH
TYPQI^IPN9 YJIKHT9 TJ9 HSGH9 HSP9 THVPTTPT9 NMP9 HJ
SGKNLIKO9GVP9RIKIRITPNb
Q=!=1:(@'%%,
GW @'#"-4%( -/0( 2'-&C./49 f9 !JV9 PGQS
QLGTTI^IQGHIJK9J^9THPPL@9TPYGVGHP9GVPGT9TSGLL9\P
PGVRGV]PNb91H9IT9NPTIVG\LP9HSGH9PKNT9J^9\GVT9GKN
TPQHIJKT9 J^9PGQS9QLGTT9\P9YGIKHPN9 IK9NITHIKQH
TPYGVGHP9QJLJMVTb9*HPPL9VPIK^JVQPRPKH9TSGLL9\P
THJVPN9IK9G9`G_9GT9HJ9YVPXPKH9NITHJVHIJK9GKN
QJVVJTIJKb91H9IT9NPTIVG\LP9HJ9QJGH9VPIK^JVQPRPKH
`IHS9QPRPKH9`GTS9\P^JVP9THGQ]IKO9HJ9YVPXPKH
TQGLIKO9GKN9VMTHIKOb
BGVT9 J^9 NI^^PVPKH9 QLGTTI^IQGHIJK@9 TIcPT9 GKN
LPKOHST9TSGLL9\P9THJVPN9TPYGVGHPL_9HJ9^GQILIHGHP
ITTMPT9IK9TMQS9TIcPT9GKN9LPKOHST9GT9HJ9RIKIRITP
`GTHGOP9IK9QMH9^VJR9THGKNGVN9LPKOHSTb
1K9 QGTP9 J^9 LJKO9 THJVGOP9 JV9 IK9 QJGTHGL9 GVPGT@
VPIK^JVQPRPKH9 \GVT9 TSGLL9 \P9 THGQ]PN9 G\JXP
OVJMKN9LPXPL9\_9GH9LPGTH9)<C9RR9GKN9G9QJGH9J^
QPRPKH9`GTS9TSGLL9\P9OIXPK9HJ9YVPXPKH9TQGLIKO
GKN9VMTHIKOb
*HVMQHMVGL9THPPL9J^9NI^^PVPKH9TPQHIJKT@9TIcPT9GKN
LPKOHST9TSGLL9\P9THJVPN9TPYGVGHPL_b91H9TSGLL9\P
THJVPN9G\JXP9OVJMKN9LPXPL9\_9GH9LPGTH9)<C9RR
MYJK9 YLGH^JVRT@9 T]INT9 JV9 GK_9 JHSPV9 TMIHG\LP
TMYYJVHT9HJ9GXJIN9NITHJVHIJK9J^9TPQHIJKTb91K9QGTP
J^9 QJGTHGL9 GVPGT9 JV9 IK9 QGTP9 J^9 LJKO9 THJVGOP@
TMIHG\LP9 YVJHPQHIXP9 QJGHIKO9 J^9 QPRPKH9 `GTS
TSGLL9\P9OIXPK9HJ9YVPXPKH9TQGLIKO9GKN9VMTHIKOb
\W ;-/0,./4(f9/GO9LIKPT9TSGLL9\P9MTPN9HJ9QJKHVJL
HSP9 LJGN9 IK9 SGKNLIKO9 VPIK^JVQPRPKHT9 JV
THVMQHMVGL9 THPPL9 `SPK9 G9 QVGKP9 IT9 PRYLJ_PNb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 APGX_9 THPPL9 TPQHIJKT9 GKN9 \MKNLPT9 TSGLL9 \P
LI^HPN9GKN9QGVVIPN9`IHS9HSP9SPLY9J^9TLIKOT9GKN
HGQ]LPT9 GKN9 TSGLL9 KJH9 \P9 QGVVIPN9 JK9 HSP
TSJMLNPVT9J^9HSP9`JV]PVTb
Q=!=1;(H,+*./.+*(@%&'.#/2
GW @'#"-4%(-/0(2'-&C./49f96LMRIKIMR9TPQHIJKT
J^9 NI^^PVPKH9 QLGTTI^IQGHIJK@9 TIcPT9 GKN9 LPKOHST
TSGLL9\P9THJVPN9TPYGVGHPL_@9JK9G9LPXPL9YLGH^JVR
MKNPV9QJXPVb
\W ;-/0,./4(f9/SP9GLMRIKIMR9TPQHIJKT9TSGLL9KJH
\P9YMLLPN9JV9YMTSPN9^VJR9HSP9THGQ]9KJV9TSGLL
\P9 TLIN9 JXPV9 PGQS9 JHSPV@9 HJ9 YVJHPQH9 HSP
GKJNIcIKO9LG_PVb
Q=!=1<(F##"2P(B./0#K2(-/0(W%/'.,-'#"2
GW @'#"-4%( -/0( 2'-&C./49 f9 0PHGL9 GKN9 YLGTHIQ
NJJVT@9 `IKNJ`T9 GKN9 XPKHILGHJVT9 TSGLL9 \P
THGQ]PN9MYVIOSH9UJK9HSPIV9TILLTW9JK9LPXPL9OVJMKN
YVP^PVG\L_9 JK9 `JJNPK9 \GHHPKT9 GKN9 TSGLL9 KJH
QJRP9IK9QJKHGQH9`IHS9NIVH9JV9GTSPTb91^9VPQPIXPN
IK9 QVGHPT9 HSP_9 TSGLL9 \P9 THGQ]PN9 GQQJVNIKO9 HJ
RGKM^GQHMVPVjT9IKTHVMQHIJKT9GKN9VPRJXPN9^VJR
HSP9QVGHPT9GT9GKN9`SPK9VPaMIVPN9^JV9HSP9`JV]b
0PHGL9GKN9YLGTHIQ9^VGRPT9J^9NJJVT@9`IKNJ`T
GKN9XPKHILGHJVT9TSGLL9\P9THGQ]PN9MYTINP9NJ`K
`IHS9HSP9]IQ]9YLGHPT9GH9HSP9HJYb9/SPTP9TSGLL9KJH
\P9GLLJ`PN9HJ9THGKN9^JV9LJKO9IK9HSIT9RGKKPV
\P^JVP9 \PIKO9 ^IhPN9 TJ9 GT9 HJ9 GXJIN9 HSP9 NJJV
^VGRPT9OPHHIKO9JMH9J^9TSGYP9GKN9SIKOPT9\PIKO
THVGIKPN9GKN9TSMHHPVT9NVJJYIKOb
&MVIKO9 HSP9 YPVIJN9 J^9 THJVGOP9 J^9 GLMRIKIMR
NJJVT@9`IKNJ`T9GKN9XPKHILGHJVT@9HSPTP9TSGLL9\P
YVJHPQHPN9 ^VJR9 LJJTP9 QPRPKH9 GKN9 RJVHGV9 \_
TMIHG\LP9 QJXPVIKO@9 TMQS9 GT9 HGVYGMLIKb9 /SP
HGVYGMLIK9TSGLL9\P9SMKO9LJJTPL_9JK9HPRYJVGV_
^VGRIKO9HJ9YPVRIH9QIVQMLGHIJK9J^9GIV9HJ9YVPXPKH
RJITHMVP9QJKNPKTGHIJKb
6LL9HIR\PV9GKN9JHSPV9LIOKJQPLLMLJTIQ9RGHPVIGL
\GTPN9^VGRPT9GKN9TSMHHPVT9TSGLL9\P9THJVPN9IK9G
NV_9GKN9QLPGK9QJXPVPN9TYGQP9G`G_9^VJR9GK_
IK^PTHGHIJK9GKN9NGRYKPTTb9/SP9THJVGOP9TSGLL
YVP^PVG\L_9 \P9 IK9 `PLLgXPKHILGHPN9 NV_9 VJJRTb
/SP9 THJVGOP9 TSGLL9 YVP^PVG\L_9 \P9 IK9 `PLLg
XPKHILGHPN9 NV_9 VJJRTb9 /SP9 ^VGRPT9 TSGLL9 \P
THGQ]PN9JKP9JXPV9HSP9JHSPV9IK9XPVHIQGL9THGQ]T
`IHS9QVJTT9\GHHPKT9GH9VPOMLGV9NITHGKQPT9HJ9]PPY
HSP9 THGQ]9 XPVHIQGL9 GKN9 THVGIOSHb9 /SPTP9 QVJTT
\GHHPKT9 TSJMLN9 \P9 J^9 MKI^JVR9 HSIQ]KPTT9 GKN
YLGQPN9XPVHIQGLL_9JKP9G\JXP9HSP9JHSPVb9/SP9NJJV
TSMHHPVT9TSGLL9\P9THGQ]PN9IK9HSP9^JVR9J^9QLPGK
XPVHIQGL9THGQ]T9JKP9JXPV9HSP9JHSPV9GKN9GH9LPGTH
;C9 RR9 G\JXP9 OVJMKN9 JK9 YGLLPHT9 JV9 TMIHG\LP
\PGRT9JV9VG^HPVTb9/SP9HJY9J^9HSP9THGQ]9TSGLL9\P
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
QJXPVPN9\_9G9YVJHPQHIKO9QJXPV9GKN9`PIOSHPN
NJ`K9\_9RPGKT9J^9TQGKHLIKOT9JV9JHSPV9TMIHG\LP
`PIOSHTb9/SP9TSMHHPV9THGQ]9TSGLL9VPTH9JK9SGVN
GKN9LPXPL9TMV^GQPb
1^9GK_9HIR\PV9JV9JHSPV9LIOKJQPLLMLJTIQ9RGHPVIGL
\GTPN9 ^VGRP9 JV9 TSMHHPV9 \PQJRPT9 `PH9 NMVIKO
HVGKTIH@9 IH9 TSGLL9 \P9 ]PYH9 TPYGVGHP9 ^VJR9 HSP
MKNGRGOPN9 RGHPVIGLb9 /SP9 `PH9 RGHPVIGL9 RG_
\P9NVIPN9\_9THGQ]IKO9IK9TSGNP9`IHS9\GHHPKT9IK
\PH`PPK9GNZGQPKH9\JGVNT9`IHS9^VPP9GQQPTT9J^
NV_9GIVb9*PYGVGHP9THGQ]T9TSGLL9\P9\MILH9MY9^JV
PGQS9 TIcP@9 PGQS9 OVGNP9 GKN9 PGQS9 H_YP9 J^
RGHPVIGLb9 %SPK9 RGHPVIGLT9 J^9 NI^^PVPKH9 TIcPT@
OVGNPT9GKN9H_YPT9GVP9HJ9\P9THGQ]PN9IK9JKP9THGQ]
NMP9HJ9TSJVHGOP9J^9TYGQP@9HSP9\IOOPV9TIcP9TSGLL
\P9THGQ]PN9IK9HSP9LJ`PV9YJVHIJK9J^9HSP9THGQ]Tb
*MIHG\LP9YGLLPHT9JV9TPYGVGHIKO9\GHHPKT9TSGLL9\P
]PYH9IK9\PH`PPK9HSP9H`J9H_YPT9J^9RGHPVIGLb
,VPQGTH9 QJKQVPHP9 NJJV9 GKN9 `IKNJ`9 ^VGRPT
TSGLL9 \P9 THJVPN9 IK9 MYVIOSH9 YJTIHIJK9 GNJYHIKO
TMIHG\LP9RPGTMVPT9GOGIKTH9VIT]9J^9TM\TINPKQP
J^9TJILdTMYYJVHb
\W ;-/0,./4( f9 %SILP9 MKLJGNIKO@9 TSI^HIKO@
SGKNLIKO9 GKN9 THGQ]IKO9 HIR\PV9 JV9 JHSPV
LIOKJQPLLMLJTIQ9 RGHPVIGL9 \GTPN@9 RPHGL9 GKN
YLGTHIQ9NJJV9GKN9`IKNJ`9^VGRPT9GKN9TSMHHPVT@
QGVP9 TSGLL9 \P9 HG]PK9 HSGH9 HSP9 YIPQPT9 GVP9 KJH
NVGOOPN9 JKP9 JXPV9 HSP9 JHSPV9 GT9 IH9 RG_9 QGMTP
NGRGOP9HJ9HSPIV9TMV^GQP9YGVHIQMLGVL_9IK9QGTP9J^
HSP9NPQJVGHIXP9TSMHHPVTb9/SP9YIPQPT9TSJMLN9\P
LI^HPN9 GKN9 QGVVIPN9 YVP^PVG\L_9 ^LGH9 GXJINIKO
NGRGOP9HJ9QJVKPVT9JV9TINPTb
Q=!=12(>##)./4(?-'%".-,2
Q=!=12=19#JJ^IKO9TSPPHT9TSGLL9\P9THJVPN9GKN9THGQ]PN9IK
TMQS9G9RGKKPV9GT9KJH9HJ9NGRGOP9HSPR9IK9GK_9`G_b
Q=!=12=!9H2J%2'#2(&%*%/'(27%%'
GW @'#"-4%( -/0( 2'-&C./49 f9 6T\PTHJT9 QPRPKH
TSPPHT9TSGLL9\P9THGQ]PN9SJVIcJKHGLL_9HJ9G9SPIOSH
J^9 KJH9 RJVP9 HSGK9 )9 R9 JK9 G9 ^IVR9 GKN9 LPXPL
OVJMKN@9`IHS9HIR\PV9JV9JHSPV9YGQ]IKO9\PKPGHS
HSPRb91^9THGQ]PN9IK9PhYJTPN9YJTIHIJK@9HSP_9TSGLL
\P9YVJHPQHPN9^VJR9NGRGOP9\_9`IKNb96T\PTHJT
QPRPKH9TSPPHT9J^9TGRP9XGVIPH_9GKN9TIcP9TSGLL
\P9THGQ]PN9HJOPHSPVb9&GRGOPN9TSPPHT9TSGLL9KJH
\P9THGQ]PN9`IHS9TJMKN9RGHPVIGLTb96LL9NGRGOPN
TSPPHT9TSGLL9\P9TGLXGOPN9GT9PGVL_9GT9YJTTI\LPb
\W ;-/0,./49f92JH9RJVP9HSGK9H`J9TSPPHT9TSGLL
\P9^IVTH9YMTSPN9^JV`GVN9GLJKO9HSP9XGLLP_9LIKP
TG_9G\JMH9JKP9^JMVHS9J^9HSP9TSPPH9LPKOHS9GKN
YVP^PVG\L_9QGVVIPN9\_9H`J9`JV]PVTb96T\PTHJT
QPRPKH9TSPPHT9TSGLL9\P9LJ`PVPN9JV9VGITPN9OPKHL_
GKN9KJH9HSVJ`Kb
!R
Q=!=12=:( 6#""+4-'%0( 4-,3-/.G%0( ."#/( 27%%'2( -/0
-,+*./.+*(27%%'2
GW @'#"-4%( -/0( 2'-&C./49 f9 +JVVMOGHPN
OGLXGKIcPN9IVJK9TSPPHT9GKN9GLMRIKIMR9TSPPHT
TSGLL9\P9THGQ]PN9SJVIcJKHGLL_9HJ9G9SPIOSH9J^9KJH
RJVP9HSGK9Cb<9R9JK9G9^IVR9GKN9LPXPL9OVJMKN@
`IHS9HIR\PV9JV9JHSPV9YGQ]IKO9\PKPGHS9HSPRb
/J9YVJHPQH9HSPR9^VJR9NMTH9GKN9VGIK9`GHPV@9HSPTP
TSGLL9\P9QJXPVPN9`IHS9HGVYGMLIK9JV9YJL_PHS_LPKP
TSPPHTb
\W ;-/0,./4(f91K9\ML]9SGKNLIKO9J^9+419TSPPHT@
`JV]PVT9TSGLL9\P9YVJXINPN9`IHS9TMIHG\LP9SGKN
YVJHPQHIJKb
Q=!=12=;( !,-2'.&( 27%%'2( -/0( 4,-22( "%./)#"&%0( 1,-2'.&
U=>!W(27%%'2
GW @'#"-4%( -/0( 2'-&C./49 f9 ,LGTHIQ9 TSPPHT9 GKN
OLGTT9VPIK^JVQPN9YLGTHIQ9U4#,W9TSPPHT9TSGLL9\P
THGQ]PN9MKNPV9G9TSPN9HJ9G9SPIOSH9J^9KJH9RJVP
HSGK9Cb<9R9JK9G9^IVR9GKN9LPXPL9OVJMKN9`IHS
HIR\PV9JV9JHSPV9YGQ]IKO9\PKPGHS9HSPRb
\W ;-/0,./4(f9AGKNLIKO9TSGLL9\P9NJKP9HJ9GXJIN
GK_9NGRGOP9HJ9HSP9TSPPHTb
Q=!=15(A#-"02
Q=!=15=19=E12+*(J#-"02
GW @'#"-4%(-/0(2'-&C./49f94_YTMR9\JGVNT9TSGLL
\P9THJVPN9^LGH9IK9G9QJXPVPN9QLPGK9GKN9NV_9YLGQPb
\W ;-/0,./4(f9@%%9Q=!=15=!(U\Wb
Q=!=15=!(!,EK##0P().J"%(J#-"0P(1-"'.&,%(J#-"0P( J,#&C
J#-"0P(%'&
GW @'#"-4%(-/0(2'-&C./49f9,L_`JJN@9^I\VP9\JGVN@
YGVHIQLP9\JGVN@9\LJQ]9\JGVN@9PHQ@9TSGLL9KJH9\P
THJVPN9IK9HSP9JYPK9GKN9PhYJTPN9HJ9NIVPQH9TMK
GKN9VGIKb9/SP9\JGVNT9TSGLL9\P9THGQ]PN9JK9G9^LGH
NMKKGOP@9JK9HSP9HJY9J^9`SIQS9G9`JJNPK9^VGRP
TSGLL9 \P9 QJKTHVMQHPN9 `IHS9 \GHHPKT9 J^
<C RR q .<9RR9U?./W9IK9TMQS9G9`G_9HSGH9IH
TMYYJVHT9 GLL9 ^JMV9 PNOPT9 GKN9 QJVKPVT9 J^9 HSP
\JGVNT9 `IHS9 IKHPVRPNIGHP9 \GHHPKT9 YLGQPN9 GH
TMIHG\LP9IKHPVXGLT9HJ9GXJIN9`GVYIKOb91^9VPaMIVPN@
HSP9 THGQ]9 TSGLL9 \P9 GNPaMGHPL_9 VGITPN9 G\JXP
OVJMKN9 LPXPL9 HJ9 PKTMVP9 HSGH9 IH9 `ILL9 KJH9 \P
G^^PQHPN9\_9GQQMRMLGHIJK9J^9`GHPV9MKNPV9IHb
/SP9\JGVN9TSGLL9\P9THGQ]PN9IK9G9TJLIN9\LJQ]9IK
G9 QLPGV9 XPVHIQGL9 GLIOKRPKHb9 /SP9 HJY9 TSPPH9 J^
PGQS9THGQ]9TSGLL9\P9TMIHG\L_9`PIOSPN9NJ`K9HJ
YVPXPKH9`GVYIKO@9`SPVPXPV9KPQPTTGV_b
\W ;-/0,./4(f9/SP9\JGVN9TSGLL9\P9MKLJGNPN9GKN
THGQ]PN9`IHS9MHRJTH9QGVP9GXJINIKO9NGRGOP9HJ
HSP9QJVKPVT9GKN9TMV^GQPb91K9QGTP9J^9NPQJVGHIXP
YL_`JJN9GKN9NPQJVGHIXP9\JGVNT@9HSP9TMV^GQPT
:0
J^9`SIQS9GVP9LI]PL_9HJ9OPH9NGRGOPN9\_9NVGOOIKO
JKP9 TSPPH9 JXPV9 GKJHSPV@9 IH9 IT9 GNXITG\LP9 HSGH
HSPTP9GVP9LI^HPN9GT9^GV9GT9YJTTI\LP9IK9YGIVT9^GQIKO
PGQS9JHSPVb
Q=!=1Q(!,-2'.&(-/0(>+JJ%"(:,##"./4(@7%%'2(-/0(5.,%2
GW @'#"-4%( -/0( 2'-&C./49 f9 ,LGTHIQ9 GKN9 VM\\PV
TSPPHT9 SGXP9 HPKNPKQ_9 HJ9 \VPG]gNJ`K9 NMVIKO
THJVGOPb9 ,LGTHIQ9 GKN9 VM\\PV9 TSPPHT9 TSGLL9 \P
THJVPN9 GQQJVNIKO9 HJ9 RGKM^GQHMVPVjT
IKTHVMQHIJKTb
/SP9 QJJLPTH9 THJVP9 VJJR9 GXGILG\LP9 TSGLL9 \P
MHILIcPN9^JV9HSP9THJVGOP9J^9HSP9TSPPHTb9/SP9THJVP
VJJRT9`SPVP9HSP9TSPPHT9GVP9THJVPN9TSGLL9\P9`PLL
XPKHILGHPN9 GKN9 NIVPQH9 LIOSH9 TSJMLN9 KJH9 \P
GLLJ`PN9HJ9^GLL9JK9HSPRb
/SP9TSPPHT9TSGLL9\P9THJVPN9G`G_9^VJR9PLPQHVIQ
OPKPVGHJVT@9PLPQHVIQ9RJHJVT@9T`IHQSOPGVT9GKN
JHSPV9 TMQS9 PLPQHVIQGL9 PaMIYRPKH9 GT9 HSP_
YVJNMQP9SGVR^ML9JNJMVdOGTPTb
+JKHGRIKGHIJK9 J^9 HSP9 TSPPHT9 `IHS9 XPOPHG\LP
GKN9 RIKPVGL9 JILT[9 OVPGTPT[9 JVOGKIQ9 TJLXPKHT[
GQINT9GKN9HSPIV9^MRPT[9GL]GLIPT[9NMTH9GKN9OVIH
TSGLL9 \P9 YVPXPKHPNb9 %SPVP9 OVPGT_
QJKHGRIKGHIJK9JQQMVT@9HSIT9TSGLL9\P9VPRJXPN
IRRPNIGHPL_9 `IHS9 YPHVJL9 GKN9 HSP9 TSPPHT9 GKN
HILPT9 HSJVJMOSL_9 `IYPN9 NV_9 GKN9 NMTHPN9 `IHS
QSGL]b
8KNMP9THVPHQS9GKN9THVGIK@9]IK]T@9TSGVY9\PKNT
JV9^JLNT9J^9HSP9TSPPHT9GKN9HILPT9TSGLL9\P9GXJINPNb
1K9 QGTP9 J^9 LJKO9 THJVGOP@9 HSP9 TSPPHT9 TSGLL9 \P
HMVKPN9JXPV9YPVIJNIQGLL_9GKN9HVPGHPN9`IHS9QSGL]
YJ`NPV@9I^9KPQPTTGV_b
\W ;-/0,./4( f9 %SILP9 SGKNLIKO9 YLGTHIQ9 GKN
VM\\PV9TSPPHT@9`JV]PVT9TSGLL9LI^H9HSP9TSPPHT9GKN
QGVV_9HSPR9^LGH9HJ9GXJIN9TSGVY9\PKNT9JV9^JLNT
J^9HSP9TSPPHTb
Q=!=1R(=,-22(@7%%'2
GW @'#"-4%(-/0(2'-&C./49f9/SP9TYPQIGL9OLGTTPT
TSGLL9 \P9 THJVPN9 GKN9 SGKNLPN9 GT9 YPV
RGKM^GQHMVPVjT9 IKTHVMQHIJKTb9 1H9 IT9 IRYJVHGKH
HSGH9GLL9OLGTT9TSPPHT9`SPHSPV9THJVPN9IK9QVGHPT
JV9 KJH9 TSGLL9 \P9 ]PYH9 NV_b9 *MIHG\LP9 QJXPVPN
THJVGOP9TYGQP9TSGLL9\P9YVJXINPN9^JV9HSP9TG^P
THJVGOP9J^9HSP9OLGTT9TSPPHTb9/SP9OLGTT9TSPPHT
TSGLL9\P9LI^HPN9GKN9THJVPN9JK9HSPIV9LJKO9PNOPT
GKN9TSGLL9\P9YMH9IKHJ9THGQ]T9J^9KJH9RJVP9HSGK
.<9YGKPT@9TMYYJVHPN9GH9H`J9YJIKHT9\_9^ILLPHT9J^
`JJN9GH9G\JMH9(CC9RR9^VJR9PGQS9PKNb9/SP
^IVTH9YGKP9LGIN9IK9PGQS9THGQ]9TSGLL9\P9TJ9YLGQPN
HSGH9IHT9\JHHJR9PNOP9IT9G\JMH9.<9RR9^VJR9HSP
\GTP9J^9HSP9`GLL9JV9JHSPV9TMYYJVH9GOGIKTH9`SIQS
HSP9 THGQ]9 VPTHTb9 /SP9 `SJLP9 THGQ]9 TSGLL9 \P9 GT
QLJTP9GKN9GT9MYVIOSH9GT9YJTTI\LPb9/J9YVPXPKH
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 TLIYYIKO9 JK9 TRJJHS9 ^LJJV@9 HSP9 ^LJJV9 TSGLL9 \P
QJXPVPN9`IHS9OMKK_9\GOTb9/SP9OLGTT9TSPPHT9J^
NI^^PVPKH9 TIcPT@9 HSIQ]KPTT9 GKN9 H_YP9 TSGLL9 \P
THGQ]PN9TPYGVGHPL_b9/SP9NITHGKQP9\PH`PPK9GK_
H`J9THGQ]T9TSGLL9\P9J^9HSP9JVNPV9J^97CC9RRb
\W ;-/0,./4(f9%JV]PVT9SGKNLIKO9OLGTT9YGKPT@
`GTHP9 OLGTT9 YIPQPT9 GKN9 ^I\VP9 OLGTT9 TSGLL9 \P
YVJXINPN9 `IHS9 TMIHG\LP9 SGKN9 YVJHPQHIJKb9 1K
VPRJXIKO9OLGTT9TSPPHT9^VJR9QVGHPT@9NMP9QGVP
TSGLL9\P9HG]PK9HJ9GXJIN9NGRGOPTb94LGTT9PNOPT
TSGLL9 \P9 QJXPVPN9 JV9 JHSPV`ITP9 YVJHPQHPN9 HJ
YVPXPKH9 IKZMVIPT9 HJ9 `JV]PVTb9 *YPQIGL9 OLGTTPT
TSGLL9 \P9 THJVPN9 GKN9 SGKNLPN9 GT9 YPV
RGKM^GQHMVPVjT9IKTHVMQHIJKTb
Q=!=!0(6-2'(R"#/P(=-,3-/.G%0(R"#/(-/0(H2J%2'#2(6%*%/'
!.1%2(-/0(:.''./42
GW @'#"-4%( -/0( 2'-&C./49 r9 /SP9 YIYPT9 TSGLL9 \P
MKLJGNPN9`SPVP9HSP_9GVP9VPaMIVPN@9`SPK9HSP
HVPKQSPT9GVP9VPGN_9HJ9VPQPIXP9HSPRb
*HJVGOP9TSGLL9\P9YVJXINPN9GH9HSP9\JHHJR9LG_PV
HJ9]PPY9HSP9THGQ]9THG\LPb9/SP9THGQ]9TSGLL9\P9IK
Y_VGRIN9TSGYP9JV9HSP9YIYPT9YLGQPN9LPKOHS`ITP
GKN9QVJTT`ITP9IK9GLHPVKGHP9LG_PVTb9/SP9Y_VGRIN
THGQ]9IT9GNXITG\LP9IK9TRGLLPV9NIGRPHPV9YIYPT
^JV9 QJKTPVXIKO9 TYGQP9 IK9 THJVIKO9 HSPRb9 /SP
SPIOSH9J^9HSP9THGQ]9TSGLL9KJH9PhQPPN9)b<9Rb
$GQS9THGQ]9TSGLL9QJKHGIK9JKL_9YIYPT9J^9TGRP
QLGTT9 GKN9 TIcP@9 `IHS9 QJKTIOKRPKH9 JV9 \GHQS
KMR\PV9 RGV]PN9 JK9 IH9 `IHS9 YGVHIQMLGVT9 JV
TMYYLIPVT9`SPVPXPV9YJTTI\LPb
+GTH9IVJK9NPHGQSG\LP9ZJIKHT9GKN9^IHHIKOT9TSGLL
\P9 THGQ]PN9 MKNPV9 QJXPV9 GKN9 TPYGVGHPN9 ^VJR
HSP9GT\PTHJT9QPRPKH9YIYPT9GKN9^IHHIKOTb
#M\\PV9VIKOT9TSGLL9\P9]PYH9QLPGK@9G`G_9^VJR
OVPGTP@9JIL@9SPGH9GKN9LIOSHb
\W ;-/0,./49 f9 ,IYPT9 IK9 HSP9 HJY9 LG_PV9 TSGLL9 \P
SGKNLPN9^IVTHb96H9G9HIRP9JKL_9JKP9YIYP9TSGLL9\P
SGKNLPN9 \_9 H`J9 LG\JMVPVT9 `SILP9 QGVV_IKO9 HJ
HSP9 GQHMGL9 TIHP9 GKN9 TSGLL9 \P9 QGVVIPN9 JK
TSJMLNPVTb9 !IHHIKOT9 TSGLL9 \P9 SGKNLPN
IKNIXINMGLL_b
Q=!=!1(!#,E%'7E,%/%(!.1%2
GW @'#"-4%(-/0(2'-&C./49f9BLGQ]9YJL_PHS_LPKP
YIYPT9RG_9\P9THJVPN9PIHSPV9MKNPV9QJXPV9JV9IK
HSP9 JYPKb9 2GHMVGL9 YJL_PHS_LPKP9 YIYPT@
SJ`PXPV@9 TSJMLN9 \P9 THJVPN9 MKNPV9 QJXPV9 GKN
YVJHPQHPN9^VJR9NIVPQH9TMKLIOSHb
+JILT9RG_9\P9THJVPN9PIHSPV9JK9PNOP9JV9THGQ]PN
^LGH9JKP9JK9HJY9J^9HSP9JHSPV@9\MH9IK9PIHSPV9QGTP
HSP_9 TSJMLN9 KJH9 \P9 GLLJ`PN9 HJ9 QJRP9 IKHJ
QJKHGQH9 `IHS9 SJH9 `GHPV9 JV9 THPGR9 YIYPT9 GKN
TSJMLN9\P9]PYH9G`G_9^VJR9SJH9TMV^GQPb
*HVGIOSH9LPKOHST9TSJMLN9\P9THJVPN9JK9SJVIcJKHGL
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
VGQ]T9OIXIKO9QJKHIKMJMT9TMYYJVH9HJ9YVPXPKH9HSP
YIYP9 HG]IKO9 JK9 G9 YPVRGKPKH9 TPHb9 *HJVGOP9 J^
YIYPT9IK9SPGHPN9GVPGT9PhQPPNIKO9.-o+9TSJMLN
\P9GXJINPNb
\W ;-/0,./4(f9#PRJXGL9J^9YIYP9^VJR9G9YILP9TSGLL
\P9GQQJRYLITSPN9\_9`JV]IKO9^VJR9HSP9PKNT9J^
HSP9YIYPb
Q=!=!!(T/1,-2'.&.G%0(!W6(!.1%2
GW @'#"-4%( -/0( 2'-&C./49 f9 ,IYPT9 TSJMLN9 \P
THJVPN9JK9G9VPGTJKG\L_9^LGH9TMV^GQP9^VPP9^VJR
THJKPT9GKN9TSGVY9YVJZPQHIJKT9TJ9HSGH9HSP9YIYP
IT9TMYYJVHPN9HSVJMOSJMH9IHT9LPKOHSb9/SP9YIYP
TSJMLN9\P9OIXPK9GNPaMGHP9TMYYJVH9GH9GLL9HIRPTb
1K9THJVGOP@9YIYP9VGQ]T9TSJMLN9\P9GXJINPNb9,IYP
TSJMLN9KJH9\P9THGQ]PN9IK9LGVOP9YILPT9PTYPQIGLL_
MKNPV9 `GVR9 HPRYPVGHMVP9 QJKNIHIJKT9 GT9 HSP
\JHHJR9YIYPT9RG_9NITHJVH9HSMT9OIXIKO9VITP9HJ
NI^^IQMLH_9IK9ZJIKHIKOb9*JQ]PH9GKN9TYIOJH9YIYPT
TSJMLN9\P9THGQ]PN9IK9LG_PVT9`IHS9TJQ]PHT9YLGQPN
GH9GLHPVKGHP9PKNT9J^9HSP9THGQ]T9HJ9GXJIN9LJYTINPN
THGQ]Tb
1H9IT9VPQJRRPKNPN9KJH9HJ9THJVP9G9YIYP9IKTINP
GKJHSPV9YIYPb9"K9KJ9GQQJMKH9TSJMLN9YIYPT9\P
THJVPN9IK9G9THVPTTPN9JV9\PKN9QJKNIHIJK9JV9KPGV
G9TJMVQP9J^9SPGHb9,IYPT9TSJMLN9KJH9\P9THGQ]PN
RJVP9HSGK9)b<9R9SIOSb9,IYPT9J^9NI^^PVPKH9TIcPT
GKN9QLGTTPT9TSJMLN9\P9THGQ]PN9TPYGVGHPL_b
1K9HVJYIQGL9QJKNIHIJKT@9YIYPT9TSJMLN9\P9THJVPN
IK9 TSGNPb9 1K9 XPV_9 QJLN9 `PGHSPV@9 HSP9 IRYGQH
THVPKOHS9J^9,D+9IT9VPNMQPN9RG]IKO9IH9\VIHHLPb
/SP9 PKNT9 J^9 YIYP9 TSJMLN9 \P9 YVJHPQHPN9 ^VJR
G\VGTIJK9YGVHIQMLGVL_9HSJTP9TYPQIGLL_9YVPYGVPN
^JV9 ZJIKHIKO9 PIHSPV9 TYIOJH9 JV9 TJQ]PH9 TJLXPKH
`PLNPN9 ZJIKHT9 JV9 TJLNPVPN9 ^JV9 MTP9 `IHS
QJMYLIKOTb
1^9NMP9HJ9MKTGHIT^GQHJV_9THJVGOP9JV9SGKNLIKO@9G
YIYP9 \PQJRPT9 ]IK]PN@9 HSP9 NGRGOPN9 YJVHIJK
TSJMLN9\P9QMH9JMH9QJRYLPHPL_b9?IK]IKO9IT9LI]PL_
HJ9JQQMV9JKL_9JK9XPV_9HSIK9`GLLPN9YIYPTb
\W ;-/0,./49f94VPGH9QGVP9TSGLL9\P9PhPVQITPN9IK
SGKNLIKO9HSPTP9YIYPT9IK9`IKHV_9QJKNIHIJKT9GT
HSPTP9\PQJRP9\VIHHLP9IK9XPV_9QJLN9`PGHSPVb
Q=!=!:(!.1%2(#)(6#/0+&'./4(?-'%".-,2
GW @'#"-4%(-/0(2'-&C./49f9,IYPT9TSGLL9\P9THGQ]PN
JK9TJLIN9LPXPL9TILLT9GKN9QJKHGIKPN9IK9G9RGKKPV
HJ9 YVPXPKH9 TYVPGNIKO9 JV9 VJLLIKO9 J^9 HSP9 YIYPb
%SPVP9aMGKHIH_9THJVGOP9IT9KPQPTTGV_@9TMIHG\LP
YGQ]IKO9TSGLL9\P9YLGQPN9\PH`PPK9TMQQPPNIKO
LG_PVT9 HJ9 VPNMQP9 HSP9 YVPTTMVP9 GKN9 VPTMLHIKO
TYVPGNIKO9J^9HSP9YILPb
1K9THGQ]IKO9GKN9SGKNLIKO9J^9YIYPT9GKN9JHSPV
QJKNMQHIKO9RGHPVIGLT@9HSP9^JLLJ`IKO9RIKIRMR
TG^PH_9 NITHGKQPT9 TSGLL9 \P9 PKTMVPN9 ^VJR9 HSP
:1
 JXPVSPGN9YJ`PV9LIKPTe
)W ))9]D9GKN9\PLJ` e )b7C9R
.W 6\JXP9))9GKN9\PLJ`9((9]D e (b=C9R
(W 6\JXP9((9GKN9\PLJ`9)(.9]D e 7b-C9R
7W 6\JXP9)(.9GKN9\PLJ`9.-<9]D9e <b-C9R
<W 6\JXP9.-<9GKN9\PLJ`97CC9]D9e =b<C9R
\W ;-/0,./4( f9 #PRJXGL9 J^9 YIYPT9 ^VJR9 G9 YILP
TSGLL9\P9GQQJRYLITSPN9\_9`JV]IKO9^VJR9HSP
PKNT9 J^9 HSP9 YIYPb9 &MVIKO9 HVGKTYJVHGHIJK@9 HSP
YIYPT9TSGLL9\P9TJ9TPQMVPN9GT9HJ9PKTMVP9GOGIKTH
NITYLGQPRPKHb
Q=!=!;(!.,%2(-/0(!#,%2
GW @'#"-4%(-/0(2'-&C./49f9,ILPT9GKN9YJLPT9TSGLL
\P9QGVP^MLL_9THGQ]PN9JK9TJLIN@9LPXPL9TILLT9TJ9GT
HJ9YVPXPKH9VJLLIKO9JV9TYVPGNIKO9J^9HSP9YILPb
/SP9THJVGOP9GVPG9TSGLL9\P9RGIKHGIKPN9^VPP9J^
XPOPHGHIJK9GKN9^LGRRG\LP9RGHPVIGLTb
\W ;-/0,./4(f9%SPK9YLGQIKO9YILPT9JV9YJLPT9JK
HSP9THGQ]@9`JV]PVT9TSGLL9`JV]9^VJR9HSP9PKNT
J^9 HSP9 YILPTdYJLPTb9 *IRILGV9 YVPQGMHIJKT9 TSGLL
\P9 J\TPVXPN9 IK9 VPRJXGL9 J^9 YILPTdYJLPT9 ^VJR
HSP9THGQ]b9/GO9LIKPT9TSGLL9\P9MTPN9HJ9QJKHVJL
YILPT9GKN9YJLPT9`SPK9SGKNLIKO9^JV9GK_9YMVYJTPb
1K9THGQ]IKO9GKN9SGKNLIKO9J^9YILPT9GKN9YJLPT@9YVPQGMHIJKT
GT9LGIN9NJ`K9IK9Q=!=1Q(UGW9TSGLL9\P9^JLLJ`PNb
Q=!=!<(!-./'2P(W-"/.27%2(-/0(57.//%"2
GW @'#"-4%( -/0( 2'-&C./49 f9 ,GIKHT@9 XGVKITSPT@
LGQaMPVT@9 HSIKKPVT9 GKN9 JHSPV9 ^LGRRG\LP
RGHPVIGLT9TSGLL9\P9]PYH9IK9YVJYPVL_9TPGLPN9JV
QLJTPN9QJKHGIKPVTb9/SP9QJKHGIKPVT9TSGLL9\P9]PYH
IK9 G9 `PLL9 XPKHILGHPN9 LJQGHIJK@9 ^VPP9 ^VJR
PhQPTTIXP9SPGH@9TRJ]P@9TYGV]T9JV9^LGRPb9/SP
^LJJV9J^9HSP9YGIKH9THJVPT9TSGLL9\P9RGNP9MY9J^
)CC9RR9HSIQ]9LJJTP9TGKNb
,GIKH9 RGHPVIGLT9 IK9 aMGKHIHIPT9 JHSPV9 HSGK
VPaMIVPN9^JV9NGIL_9MTP9TSGLL9\P9]PYH9THJQ]PN
MKNPV9VPOMLGV9THJVGOP9YLGQPb
%SPVP9HSP9YGIKH9IT9LI]PL_9HJ9NPHPVIJVGHP9`IHS
GOP@9 HSP9 RGKKPV9 J^9 THJVGOP9 TSGLL9 ^GQILIHGHP
VPRJXGL9GKN9MTP9J^9LJHT9IK9HSP9TGRP9JVNPV9IK
`SIQS9HSP_9GVP9VPQPIXPNb
/PRYJVGV_9PLPQHVIQGL9`IVIKOTd^IHHIKOT9TSGLL9KJH
\P9IKTHGLLPN9IK9HSP9YGIKH9THJVPb9%SPK9PLPQHVIQ
LIOSHT@9 T`IHQSPT9 JV9 PLPQHVIQGL9 PaMIYRPKH9 GVP
KPQPTTGV_@9 HSP_9 TSGLL9 \P9 J^9 PhYLJTIJK9 YVJJ^
NPTIOKb
\W ;-/0,./4(f 96NPaMGHP9XPKHILGHIJK9HJ9YVPXPKH
HSP9 GQQMRMLGHIJK9 J^9 ^LGRRG\LP9 XGYJMVT9 HJ
SGcGVNJMT9 LPXPLT9 J^9 QJKQPKHVGHIJK9 TSGLL9 \P
YVJXINPN9IK9GLL9GVPGT9`SPVP9YGIKHIKO9IT9NJKPb
:!
%SPK9 YGIKHIKO9 IT9 NJKP9 IK9 QJK^IKPN9 TYGQPT9 `SPVP
^LGRRG\LP9 JV9 PhYLJTIXP9 XGYJMVT9 RG_9 NPXPLJY@9 GK_
KPQPTTGV_9 SPGH9 TSGLL9 \P9 YVJXINPN9 HSVJMOS9 NMQH9 `JV]
VPRJHP9^VJR9HSP9TJMVQP9J^9^LGRPb
*JMVQPT9J^9IOKIHIJK@9TMQS9GT9JYPK9^LGRP9GKN9PhYJTPN
SPGHIKO9PLPRPKHT@9TSGLL9KJH9\P9YPVRIHHPN9IK9GVPG9JV9VJJRT
`SPVP9 TYVG_9 YGIKHIKO9 IT9 NJKP9 KJV9 TSGLL9 TRJ]IKO9 \P
GLLJ`PN9HSPVPb
+GVP9TSJMLN9\P9HG]PK9KJH9HJ9MTP9GK_9KG]PN9^LGRP9IKTINP
HSP9YGIKH9THJVPb9BMQ]PHT9QJKHGIKIKO9TGKN9TSGLL9\P9]PYH
VPGN_9^JV9MTP9IK9QGTP9J^9^IVPb9!IVP9PhHIKOMITSPVT9`SPK
VPaMIVPN9TSGLL9\P9J^9^JGR9H_YP9QJK^JVRIKO9HJ9GQQPYHPN
THGKNGVNT9k-U.(Wl9s2%%(-,2#9OJJN9YVGQHIQP9k-U.7Wltb
$GQS9 `JV]RGK9 SGKNLIKO9 LPGN9 \GTPN9 YGIKHT9 TSGLL9 \P
ITTMPN9 u9 LIHVP9 RIL]9 YPV9 NG_9 ^JV9 SIT9 YPVTJKGL
QJKTMRYHIJKb
Q=!=!2(A.'+*%/P(>#-0(5-"P(H217-,'P(%'&
GW @'#"-4%(-/0(2'-&C./49r9&VMRT9JV9QJKHGIKPVT
QJKHGIKIKO9 GLL9 H_YPT9 J^9 \IHMRPK@9 VJGN9 HGV@
GTYSGLH@9PHQ@9TSGLL9\P9THGQ]PN9XPVHIQGLL_9JK9HSPIV
\JHHJRT9IK9MY9HJ9(9HIPVTb93PG]_9NVMRT9TSGLL9\P
TPOVPOGHPNb9 $RYH_9 NVMRT9 TSGLL9 \P9 THJVPN9 IK
Y_VGRINGL9THGQ]T9KPGHL_9IK9VJ`Tb
\W ;-/0,./49f9@%%(R=1:=:=1=!9GKN9R=1:=:=;b
Q=!=!5(A.'+*./#+2(>##)./4(:%,'2
GW @'#"-4%(-/0(2'-&C./49f9BIHMRIKJMT9VJJ^IKO
^PLHT9 TSGLL9 \P9 THJVPN9 G`G_9 ^VJR9 JHSPV
QJR\MTHI\LP9RGHPVIGLT9GKN9TSGLL9\P9]PYH9MKNPV
TSGNPb
\W ;-/0,./49f9BIHMRIKJMT9VJJ^IKO9^PLHT9TSJMLN
\P9SGKNLPN9IK9G9RGKKPV9HJ9YVPXPKH9QVGQ]IKO
GKN9JHSPV9NGRGOPTb
Q=!=!Q(:,-**-J,%(?-'%".-,2
GW @'#"-4%( -/0( 2'-&C./49 f9 1K9 GNNIHIJK9 HJ9 HSP
VPaMIVPRPKHT9 GT9 LGIN9 NJ`K9 IK9 Q=1=:@9 HSP
^JLLJ`IKO9YVJXITIJKT9TSGLL9GLTJ9GYYL_e
)W "MHNJJV9THJVGOP9J^9NVMRT9VPaMIVPT9TJRP
QGVP9 HJ9 GXJIN9 QJKHGRIKGHIJK9 \PQGMTP
RJITHMVP9GKN9NIVH9IK9S_NVGMLIQ9\VG]P9GKN
HVGKTRITTIJK9^LMIN@9OGTJLIKP@9JV9LM\VIQGKHT
RG_9 QGMTP9 RGL^MKQHIJK9 JV9 ^GILMVP9 J^
PaMIYRPKH@9 `IHS9 YJTTI\LP9 NGKOPV9 HJ
YPVTJKKPLb9/SP9THJVGOP9GVPG9TSJMLN9\P9^VPP
J^9 GQQMRMLGHIJKT9 J^9 TYILLPN9 YVJNMQHT@
NP\VIT9GKN9JHSPV9SGcGVNTb
.W +JRYVPTTPN9 OGTPT9 GKN9 YPHVJLPMR
YVJNMQHT9TSGLL9KJH9\P9THJVPN9IK9HSP9TGRP
\MILNIKO9JV9QLJTP9HJ9PGQS9JHSPVb9*HJVGOP
J^9YPHVJLPMR9YVJNMQHT9TSJMLN9\P9GT9YPV
!%'"#,%+*(>+,%2@9.CC.@9GT9GRPKNPN9^VJR
HIRPgHJgHIRPb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 \W ;-/0,./49N9,PHVJLPMR9YVJNMQHT9NPLIXPVPN9HJ
HSP9ZJ\9TIHP9GKN9THJVPN9HSPVP9IK9NVMRT9TSGLL9\P
YVJHPQHPN9NMVIKO9SGKNLIKO9HJ9YVPXPKH9LJTT9J^
INPKHI^IQGHIJK9 HSVJMOS9 NGRGOP9 HJ9 NVMR
RGV]IKOT@9HGOT@9PHQb98KINPKHI^IG\LP9YPHVJLPMR
YVJNMQHT9 RG_9 VPTMLH9 IK9 IRYVJYPV9 MTP@9 `IHS
YJTTI\LP9^IVP9SGcGVN@9NGRGOP9HJ9PaMIYRPKH9JV
JYPVGHIKO9^GILMVPb
%JV]PVT9 TSGLL9 \P9 VPaMIVPN9 HJ9 OMGVN9 QGVP^MLL_9 GOGIKTH
GK_9YGVH9J^9HSPIV9QLJHSIKO9\PQJRIKO9QJKHGRIKGHPN9`IHS
^LGRRG\LP9^LMINTb9/SP_9TSGLL9KJH9\P9GLLJ`PN9HJ9QJKHIKMP
`JV]9`SPK9HSPIV9QLJHSIKO9\PQJRPT9TJ9QJKHGRIKGHPNb
Q=!=!R(B-'%"
%GHPV9HJ9\P9THJVPN9^JV9QJKTHVMQHIJK9YMVYJTPT9TSGLL9\P
THJVPN9IK9YVJYPV9HGK]T9HJ9YVPXPKH9GK_9IKOVPTT9J^9JVOGKIQ
IRYMVIHIPTb9/SP9GOOVPOGHP9QGYGQIH_9J^9THJVGOP9HGK]T9TSGLL
\P9 NPHPVRIKPN9 G^HPV9 HG]IKO9 IKHJ9 GQQJMKH9 HSP
VPaMIVPRPKHT9J^9^IVP^IOSHIKOb
Q=!=:0(@-/.'-"E(H11,.-/&%2
GW @'#"-4%( -/0( 2'-&C./49 f9 6LL9 TGKIHGV_
GYYLIGKQPT9 TSGLL9 \P9 QGVP^MLL_9 THJVPN9 MKNPV
QJXPV9HJ9YVPXPKH9NGRGOPb9%SPK9GQQPYHIKO9GKN
THJVIKO9 GYYLIGKQPT@9 QJKTINPVGHIJK9 TSGLL9 \P
OIXPK9 HJ9 HSP9 TPaMPKQP9 J^9 VPRJXGL9 ^VJR9 HSP
THJVP9 HJ9 HSP9 GTTPR\L_9 YJTIHIJKTb9 DIHVPJMT
^IHHIKOT9TSGLL9\P9THGQ]PN9TPYGVGHPL_9^VJR9HSP
RPHGL9JKPTb
\W ;-/0,./49f9BIOOPV9TGKIHGV_9GYYLIGKQPT9TSGLL
\P9SGKNLPN9JKP9GH9G9HIRPb9/VGYT@9`GHPV9TPGLT
GKN9OMLLIPT9TSGLL9\P9SGKNLPN9TPYGVGHPL_b9%SILP
SGKNLIKO9 TGKIHGV_9 ^IHHIKOT9 HSP_9 TSGLL9 \P9 ^VPP
^VJR9 GK_9 JIL9 TYILLIKO@9 PHQb9 /SP9 SGKNT9 J^9 HSP
`JV]PVT9 TSGLL9 GLTJ9 \P9 ^VPP9 ^VJR9 GK_9 JIL_
TM\THGKQPb9BP^JVP9LJ`PVIKO9HSP9GYYLIGKQPT9IK
HSPIV9 YJTIHIJK9 HSP9 TMYYJVHIKO9 \VGQ]PHT@
YPNPTHGLT@9 PHQ@9 TSGLL9 \P9 QSPQ]PN9 ^JV9 HSPIV
TJMKNKPTT9 GKN9 HSPK9 JKL_9 HSP9 ^IhHMVPT9 \P
GHHGQSPNb
Q=!=:1(<'7%"(?-'%".-,2
,JL_RPVIQ9 RGHPVIGLT9 TMQS9 GT9 QJGHIKOT@9 TSPPHIKO@
VP^LPQHIXP9TMV^GQIKOdTSPPHIKO@9PHQ@9TSGLL9\P9THJVPN9GT9YPV
HSP9 RGKM^GQHMVPVTj9 IKTHVMQHIJKTb9 *YPQIGL9 YVPQGMHIJKT
TSGLL9\P9HG]PK9IK9QGTP9J^9THJVGOP@9SGKNLIKO9GKN9MTGOP9J^
HJhIQ9RGHPVIGLTb
*RGLL9GVHIQLPT9LI]P9TQVP`T@9\JLHT@9KMHT@9NJJV9GKN9`IKNJ`
^IHHIKOT@9 YJLITSIKO9 THJKPT@9 YVJHPQHIXP9 QLJHSIKO@9 TYGVP
YGVHT9J^9RGQSIKPV_@9LIKIKOT@9YGQ]IKOT@9`GHPV9TMYYL_9GKN
TGKIHGV_9^IHHIKOT@9GKN9PLPQHVIQGL9^IHHIKOT@9IKTMLGHIJK9\JGVN@
PHQ@9 TSGLL9 \P9 ]PYH9 IK9 TMIHG\LP9 GKN9 YVJYPVL_9 YVJHPQHPN
QJKHGIKPVT9JV9THJVP9VJJRTb9DGLMG\LP9TRGLL9RGHPVIGLT9TSGLL
\P9]PYH9MKNPV9LJQ]9GKN9]P_b
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
Q=!=:!(@1%&.-,(6#/2.0%"-'.#/2
Q=!=:!=190GHPVIGLT9QJKTHGKHL_9IK9MTP9TSGLL9\P9VPLGHIXPL_
KPGVPV9HJ9HSP9YLGQP9J^9MTPb
Q=!=:!=!9 APGX_9 MKIHT9 LI]P9 YVPQGTH9 QJKQVPHP9 RPR\PVT
TSGLL9\P9THGQ]PN9KPGV9HSP9SJITH9JV9HSP9VGRYb
Q=!=:!=:(0GHPVIGLT9`SIQS9KJVRGLL_9NPHPVIJVGHP9NMVIKO
THJVGOP9TSGLL9\P9]PYH9QJKTHGKHL_9RJXIKO@9\_9VPYLGQIKO
JLN9 RGHPVIGLT9 `IHS9 ^VPTS9 THJQ]Tb9 !VPTSL_9 GVVIXPN
RGHPVIGLT9TSGLL9KPXPV9\P9YLGQPN9JXPV9RGHPVIGLT9`SIQS
SGN9GVVIXPN9PGVLIPVb
Q=!=:!=;96YYVJYVIGHP9H_YPT9J^9^IVP9PhHIKOMITSPVT9TSGLL
\P9YVJXINPN9GH9JYPK9TIHPT9`SPVP9QJR\MTHI\LP9RGHPVIGLT
GVP9 THJVPN9 GKN9 ^JV9 PGQS9 THJVGOP9 TSPNdVJJR9 `SPVP
^LGRRG\LPdQJR\MTHI\LP9 RGHPVIGLT9 GVP9 THJVPNb9 !JV
OMINGKQP9VPOGVNIKO9TPLPQHIJK9J^9HSP9GYYVJYVIGHP9H_YPT
J^9^IVP9PhHIKOMITSPVT9VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U.7Wlb91H9IT9NPTIVG\LP9HSGH9G9RIKIRMR9J^9H`J
PhHIKOMITSPVT9GVP9YVJXINPN9GH9PGQS9TMQS9LJQGHIJKb
Q=!=:!=<9 %JV]PVT9 SGKNLIKO9 PhQGXGHPN9 PGVHS9 ^VJR
^JMKNGHIJK@9 YGVHIQMLGVL_9 I^9 HSP9 TIHP9 SGYYPKT9 HJ9 \P
VPQLGIRPN9 GVPG9 JV9 RGVTS_9 GVPG9 JV9 GK_9 JHSPV9 IK^PQHPN
GVPG@9TSGLL9\P9YVJHPQHPN9GOGIKTH9IK^PQHIJK9G^^PQHIKO9HSPIV
PhYJTPN9\JN_9YJVHIJKTb
Q=!=:!=29;#+2%(C%%1./4
*HGIV`G_T@9`GL]`G_T@9TQG^^JLNT@9GKN9GQQPTT9`G_T9TSGLL
\P9]PYH9^VPP9J^9RGHPVIGLT@9NP\VIT9GKN9J\THVMQHIJKTb9/SP
PKOIKPPVgIKgQSGVOPdHSP9^JVPRGK9TSGLL9IKIHIGHP9GKN9QGVV_
JMH9G9YVJOVGRRP9VPaMIVIKO9VJMHIKP9VPRJXGL9J^9TQVGY
GKN9NP\VIT9^VJR9TQG^^JLNT9GKN9`GL]`G_Tb
Q=!=:!=59%SPVP9THGQ]IKO9J^9HSP9RGHPVIGLT9IT9HJ9\P9NJKP
JK9VJGN9TINP9\PVRT9IK9HSP9THVPPH9GKN9JHSPV9YM\LIQ9YLGQP@
HSP9J`KPV9TSGLL9TPP]9YPVRITTIJK9^VJR9HSP96MHSJVIH_9^JV
TMQS9THGQ]IKO9GKN9GLTJ9^JV9VPRJXIKO9HSP9VPRKGKHT9J^
HSP9TGRP9G^HPV9HSP9QJKTHVMQHIJK9IT9JXPV@9TJ9GT9HJ9GXJIN
GK_9SGcGVN9HJ9HSP9YM\LIQb
Q=:( *HPAFLCHI( 4FCPZ4AFL( WFIAHK( FHL( 7A?AB
^N@CMPNK
Q=:=1(D#-0./4(-/0(+/,#-0./4()"#*("-.,V"#-0(K-4#/2
Q=:=1=196YYVJYVIGHP9`GVKIKO9TIOKGLT9TSGLL9\P9NITYLG_PN
HJ9 IKNIQGHP9 HSGH9 HSP9 `GOJKT9 TSGLL9 KJH9 \P9 QJMYLPN9 JV
RJXPNb
Q=:=1=!9/SP9`SPPLT9J^9`GOJKT9TSGLL9GL`G_T9\P9TYVIOOPN
JV9QSGIKPN9`SILP9HSP9`GOJKT9GVP9\PIKO9MKLJGNPNb9/SP
\VG]PT9GLJKP9TSGLL9KJH9\P9NPYPKNPN9MYJKb
Q=:=1=:9*YPQIGL9LPXPL9\GVT9TSGLL9YVP^PVG\L_9\P9MTPN9^JV
RJXIKO9VGIL9`GOJKT9VGHSPV9HSGK9JVNIKGV_9QVJ`9\GVTb
Q=:=1=;9%SPVP9OGKOYLGK]T9GVP9MTPN9\PH`PPK9`GOJKT
GKN9YLGH^JVRT9J^9YILPT9USPGYTW@9QLPGHT9GH9LJ`PV9PKN9J^
::
OGKOYLGK]@9JV9YIK9HSVJMOS9PKN9J^9OGKOYLGK]T@9TSGLL9\P
MTPN9HJ9YVPXPKH9TLINIKOb91^9OGKOYLGK]9IT9JK9G9OVGNIPKH@
QLPGHT9JV9G\VGTIXP9TMV^GQP9TSGLL9\P9YVJXINPN9^JV9HSP9PKHIVP
LPKOHSb
Q=:=1=<9 %SPK9 VGILdVJGN9 `GOJKT9 GVP9 \PIKO9 LJGNPN9 JV
MKLJGNPN9 KPGV9 YGTTGOP`G_T9 JV9 `GL]`G_T@9 GNPaMGHP
`GVKIKO9 TIOKGLT9 TSGLL9 \P9 YLGQPN9 JK9 PGQS9 PKN9 J^9 HSP
`GOJK9HJ9`GVK9YPNPTHVIGKTb
Q=:=!(D#-0./4(-/0(T/,#-0./4()"#*(?#'#"(W%7.&,%2
Q=:=!=19/SP9RJHJV9XPSIQLPT9TSGLL9\P9YVJYPVL_9\LJQ]PN
`SILP9\PIKO9LJGNPN9JV9MKLJGNPN[9\VG]PT9GLJKP9TSGLL9KJH
\P9NPYPKNPN9MYJK9HJ9SJLN9HSPRb
Q=:=!=!9 %SPK9 RJHJV9 XPSIQLPT9 GVP9 \PIKO9 LJGNPN9 JV
MKLJGNPN9 KPGV9 YGTTGOP`G_T9 JV9 `GL]`G_T@9 GNPaMGHP
`GVKIKO9TIOKT9TSGLL9\P9YLGQPN9JK9PGQS9PKN9J^9HSP9XPSIQLP
HJ9`GVK9HSP9YPNPTHVIGKTb
Q=:=!=:9 6NPaMGHP9 LIOSHIKO9 TSGLL9 \P9 YVJXINPN9 `SILP
LJGNIKOdMKLJGNIKOb
Q=:=:(;-/0,./4(;%-3EVD#/4(R'%*2
Q=:=:=1(3JGNIKO9GKN9MKLJGNIKO9J^9SPGX_9IHPRT@9TSGLL@
GT9^GV9GT9YJTTI\LP@9\P9NJKP9`IHS9QVGKPT9JV9OGKHVIPTb9/SP
`JV]RGK9TSGLL9THGKN9QLPGV9J^9HSP9RGHPVIGL9\PIKO9RJXPN
\_9RPQSGKIQGL9PaMIYRPKHb9/SP9TLIKOT9GKN9HSP9VJYPT9MTPN
TSGLL9\P9J^9GNPaMGHP9LJGN9QGVV_IKO9QGYGQIH_@9TJ9GT9KJH
HJ9OIXP9`G_9GKN9VPTMLH9IK9GQQINPKHTb
Q=:=:=!9%SILP9SPGX_9GKN9LJKO9QJRYJKPKHT9GVP9\PIKO
RGKMGLL_9LJGNPN9IKHJ9RJHJV9XPSIQLP@9`GOJKT@9HVGILPV@
PHQ@9PIHSPV9`JJNPK9TLPPYPVT9JV9THPPL9VGILT9J^9TM^^IQIPKH
LPKOHS9GKN9YVJYPVL_9TPQMVPN9IK9YJTIHIJK9TSGLL9\P9YMH9IK
G9OPKHLP9TLJYP9GOGIKTH9HSP9\JN_9J^9HSP9`GOJKdXPSIQLP9GH
(9 JV9 79 YLGQPT9 ^JV9 LJGNIKOb9 /SPTP9 LJKO9 IHPRT9 TSGLL9 \P
NVGOOPN@9JKP9\_9JKP@9OPKHL_9GKN9MKI^JVRL_9GLJKO9HSPTP
TMYYJVHT9\_9RPGKT9J^9VJYPT@9\PIKO9YMLLPN9\_9RPK9`IHS
^PPH9YVJYPVL_9GKQSJVPN9GOGIKTH9^IVR9TMV^GQPb96T9TJJK
GT9HSP9IHPRT9QJRP9JK9HSP9^LJJV9J^9HSP9XPSIQLP@9HSP9TGRP
RG_9\P9TSI^HPN9\_9QVJ`\GVT9GKN9JHSPV9TMIHG\LP9LPXPVGOP
RPQSGKITR@9\MH9KJH9\_9SGKNT9HJ9GXJIN9QGMTIKO9GQQINPKH
HJ9HSP9`JV]PVTb
Q=:=:=:9*IRILGV9YVJQPNMVP9GT9JMHLIKPN9MKNPV9Q=:=:=!9TSGLL
\P9 ^JLLJ`PN9 ^JV9 RGKMGL9 MKLJGNIKO9 J^9 LJKO9 JV9 SPGX_
IHPRTb
'&!%(#$"4"'-5&%6"($"!#$'%*+!%(#$
R(6#/.$9(%"(-&"6$4*-$%&"(&/(.'.7."$6
&/(#()*%'+%",
R=1(,NHNBFP
R=1=1(/SP9YVJXITIJKT9J^9HSIT9TPQHIJK9TSGLL9GYYL_9HJ9HSP
PVPQHIJKdGLHPVGHIJK9J^9HSP9XGVIJMT9YGVHT9J^9G9\MILNIKO9JV
TIRILGV9 THVMQHMVPb9 /SP9 QJKTHVMQHIJK9 J^9 HSP9 NI^^PVPKH
PLPRPKHT9TSGLL9QJK^JVR9HJ92=;b
:;
R=1=!(<'7%"(D-K2
2JHSIKO9SPVPIK9THGHPN9TSGLL9\P9QJKTHVMPN9HJ9KMLLI^_9GK_
VMLPT@9 VPOMLGHIJKT@9 TG^PH_9 THGKNGVNT9 JV9 THGHMHPT9 J^9 HSP
LJQGL9 THGHP9 OJXPVKRPKHT9 JV9 HSJTP9 QJKHGIKPN9 IK9 HSP
XGVIJMT96QHT9J^9HSP94JXPVKRPKH9J^91KNIGb9/SP9TYPQI^IQ
VMLPT@9VPOMLGHIJKT9GKN9GQHT9YPVHGIKIKO9HJ9HSP9YVJHPQHIJK
J^9HSP9YM\LIQ9JV9`JV]PVT9^VJR9SPGLHS9GKN9JHSPV9SGcGVNT@
`SPVPXPV9TYPQI^IPN9\_9HSP93JQGLd*HGHP96MHSJVIH_9JV9IK
HSP9 6QHT9 J^9 HSP9 4JXPVKRPKH9 HG]P9 YVPQPNPKQP9 JXPV
`SGHPXPV9 IT9 SPVPIK9 TYPQI^IPN9 IK9 QGTP9 J^9 G9 NJM\H9 JV
NITYMHPb
R=1=:(@-)%'E(?-/-4%*%/'
R=1=:=19 /SP9 TG^PH_9 J^9 YPVTJKKPL9 PKOGOPN9 IK9 \MILNIKO
QJKTHVMQHIJK9TSJMLN9\P9PKTMVPN9HSVJMOS9G9`PLL9YLGKKPN
GKN9 `PLL9 JVOGKIcPN9 RPQSGKITR9 \_9 PRYLJ_IKO9 HSP
OMINPLIKPT9OIXPK9IK9OJJN9YVGQHIQP9k-U).Wlb
R=1=:=!92JH`IHSTHGKNIKO9HSP9OMINPLIKPT9OIXPK9IK9R=1=:=1@
GLL9YVJXITIJKT9OIXPK9IK9VPLPXGKH96QHd#MLPTd#POMLGHIJKT
GT9GRPKNPN9^VJR9HIRP9HJ9HIRP9TSGLL9\P9^JLLJ`PN[9IK9HSIT
VPOGVN@9 VP^PVPKQP9 TSGLL9 GLTJ9 \P9 RGNP9 HJ9 HSP9 A+.,0./4
-/0( #'7%"( 6#/2'"+&'.#/( B#"C%"2( L>%4+,-'.#/( #)
8*1,#E*%/'(-/0(6#/0.'.#/2(#)(@%"3.&%M(H&'@9)>>=9GKN
HSP9VMLPTdVPOMLGHIJKT9^VGRPN9HSPVPMKNPVb
R=!($NTUABFBD(-AHK?B>M?CAH8(*KN(AO(6CLN(WFPPK(FHL
$NTUABFBD(.HMBAFM@TNH?K
R=!=1(5%*1#"-"E(6#/2'"+&'.#/
/SP9 YLGKT9 GKN9 TYPQI^IQGHIJKT9 J^9 HPRYJVGV_
QJKTHVMQHIJKT@9`SIQS9GVP9LI]PL_9HJ9IKHPV^PVP9`IHS9^GQILIHIPT
JV9 VIOSH9 J^9 `G_9 YVJXINPN9 \_9 HSP9 6MHSJVIH_@9 TSGLL9 \P
TM\RIHHPN9HJ9HSP96MHSJVIH_9^JV9GYYVJXGL9TSJ`IKO9QLPGVL_
HSP9LG_JMH@9NPTIOK9GKN9QJKTHVMQHIJKb
R=!=1=19/PRYJVGV_9THVMQHMVP9VP^PVVPN9HJ9IK9R=!=19TSGLL
GYYL_9HJ9HSP9^JLLJ`IKO9H_YPT9J^9THVMQHMVPT9e
GW *HVMQHMVPT9`IHS9VJJ^9JV9`GLLT9RGNP9J^9THVG`@
SG_@9 MLMOVGTT@9 OJLYGHHG@9 SJOLP@9 NGVRG@9 RGH@
QGKXGT9 QLJHS9 JV9 JHSPV9 LI]P9 RGHPVIGLT9 KJH
GNJYHPN9 ^JV9 YPVRGKPKH9 JV9 QJKHIKMJMT
JQQMYGKQ_b
\W *IHPg`JV]9TSPNT@9HVMQ]gVMK`G_T@9HVPTHLPT@9^JJHg
\VINOPT@9PHQb
R=!=!( !JV9 NPHGILPN9 IK^JVRGHIJK9 VPOGVNIKO9 ^IVP9 TG^PH_
GTYPQHT9 IK9 VPTYPQH9 J^9 QJKTHVMQHIJK@9 LJQGHIJK@
RGIKHPKGKQP9 GKN9 MTP9 J^9 HPRYJVGV_9 THVMQHMVPT
kRPKHIJKPN9 IK9 R=!=1=1UGWl9 IKQLMNIKO9 YGKNGLT9 MTPN9 \_
YM\LIQ9^JV9JMHNJJV9GTTPR\L_@9VP^PVPKQP9RG_9\P9RGNP
HJ9OJJN9YVGQHIQP9k-U.<Wlb
R=!=:99*YPQIGL9YPVRIHT9TSGLL9\P9J\HGIKPN9^JV9HSP9THJVGOP
J^9HSP9RGHPVIGLT9JK9TINP9`GL]T9GKN9SIOS`G_Tb91H9TSGLL9\P
PKTMVPN9HSGH9HSP9RGHPVIGL9NMRY9JV9HSP9THJVGOP9TSPN9NJPT
KJH9QVPGHP9G9HVG^^IQ9SGcGVN@9KJV9IH9TSGLL9IKHPV^PVP9`IHS
HSP9^VPP9^LJ`9J^9HSP9YPNPTHVIGK9HVG^^IQb9*YPQIGL9YPVRIHT
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
TSGLL9GLTJ9\P9J\HGIKPN9^JV9HSP9MTP9J^9`GHPV9GKN9PLPQHVIQIH_
^VJR9HSP9YM\LIQ9^GQILIHIPTb9%SPKPXPV9TMQS9MHILIHIPT9GVP
RGNP9 MTP9 J^@9 GNPaMGHP9 TG^PH_9 YVPQGMHIJKT9 VPOGVNIKO
NVGIKGOP9GKN9PLIRIKGHIJK9J^9QJKHGRIKGHIJK9GKN9SGcGVNT
^VJR9PLPQHVIQIH_9TSGLL9\P9HG]PKb
R=!=;( 1K9 JVNPV9 HJ9 PKTMVP9 TG^PH_9 ^JV9 HSP9 GNZJIKIKO
YVJYPVH_@9GNPaMGHP9HPRYJVGV_9YVJHPQHIXP9OMGVNT9GVP9HJ
\P9YVJXINPNb91K9QGTP9HSPTP9YVJHPQHIXP9NPXIQPT9YVJZPQH
\P_JKN9HSP9YVJYPVH_@9HSP9QJKTPKH9J^9HSP96MHSJVIH_9GKN
HSGH9 J^9 HSP9 J`KPV9 J^9 HSP9 GNZJIKIKO9 YVJYPVH_9 TSGLL9 \P
J\HGIKPNb
R=:($NK?CHI
R=:=1(5%2'2
2J9 THVMQHMVP@9 HPRYJVGV_9 TMYYJVH@9 TQG^^JLNIKO9 JV9 GK_
QJKTHVMQHIJK9 PaMIYRPKH9 NMVIKO9 HSP9 QJKTHVMQHIJK9 JV
NPRJLIHIJK9J^9GK_9\MILNIKO9JV9THVMQHMVP9TSGLL9\P9LJGNPN
\P_JKN9 HSP9 GLLJ`G\LP9 LJGNT9 GKN9 `JV]IKO9 THVPTTPT9 GT
YVJXINPN9^JV9IK9,GVH9=9i*HVMQHMVGL9&PTIOKj9J^9HSP9+JNP
s2%%(-,2#9OJJN9YVGQHIQPT9k-U.=Wltb
R=:=1=1(%SPKPXPV9GK_9NJM\H9GVITPT9G\JMH9HSP9THVMQHMVGL
GNPaMGQ_9 J^9 G9 TQG^^JLNIKO@9 TMYYJVH9 JV9 GK_9 JHSPV
QJKTHVMQHIJK9PaMIYRPKH@9IH9TSGLL9\P9HPTHPN9HJ9H`J9GKN9G
SGL^9HIRPT9HSP9TMYPVIRYJTPN9NPGN9GKN9IRYJTPN9LJGNT
HJ9`SIQS9HSP9RGHPVIGL9JV9HSP9PaMIYRPKH9IT9TM\ZPQHPN9HJ
GKN9 HSP9 RPR\PVdRGHPVIGL9 TSGLL9 TMTHGIK9 HSP9 HPTH9 LJGN
`IHSJMH9^GILMVP9I^9IH9IT9HJ9\P9GQQPYHPNb
R=:=!(2JH`IHSTHGKNIKO9HSP9HPTH9RPKHIJKPN9G\JXP@9I^9GK_
NITHVPTT9IK9GK_9RPR\PV9IT9XITI\LP@9HSP9RPR\PV9TSGLL9\P
VPZPQHPNb
R=;( %HKUNM?CAH( FHL( 4NM?COCMF?CAH( AO( EF_FBLA>K
+NONM?K
R=;=1(R/21%&'.#/
/SP96MHSJVIH_9TSGLL9IKTYPQH9HSP9QJKTHVMQHIJK9PaMIYRPKH
GKN9I^9NMVIKO9HSP9IKTYPQHIJK@9IH9IT9VPXPGLPN9HSGH9MKTG^Pd
ILLPOGL9QJKNIHIJKT9PhITH@9HSP96MHSJVIH_9TSGLL9IKHIRGHP9HSP
J`KPV9 GKN9 NIVPQH9 SIR9 HJ9 HG]P9 IRRPNIGHP9 VPRPNIGL
RPGTMVPT9HJ9VPRJXP9HSP9SGcGVNdXIJLGHIJKb
R=;=!(>%&'.).&-'.#/
/SP9J`KPV9TSGLL9YVJQPPN9HJ9VPQHI^_9HSP9NP^PQH@9SGcGVNJMT
QJKNIHIJK9JV9XIJLGHIJK9`IHSIK9.79S9J^9HSP9VPQPIYH9J^9HSP
KJHIQP9^VJR9HSP96MHSJVIH_b9/SP96MHSJVIH_9TSGLL9SGXP9^MLL
YJ`PVT9HJ9VPQHI^_9HSP9MKTG^P9QJKNIHIJK9GKN9GLL9PhYPKTPT
IKQMVVPN9IK9HSIT9QJKKPQHIJK9IT9YG_G\LP9\_9HSP9J`KPV9J^
HSP9YVJYPVH_b91LLPOGL9PKQVJGQSRPKHT9GKN9KJKgYG_RPKH
J^9RJKP_9NMP@9IK9VPTYPQH9J^9HSP9VPQHI^IQGHIJK9J^9MKTG^P
QJKNIHIJKT9 RG_9 XPTH9 G9 LIPK9 JK9 HSP9 YVJYPVH_9 `IHS9 HSP
6MHSJVIH_9U2%%(-,2#9,GVH9.9i6NRIKITHVGHIJKj9J^9HSP9+JNPWb
R=;=:(%SPK9HSP9THVPKOHS9GKN9GNPaMGQ_9J^9GK_9TQG^^JLN
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
JV9JHSPV9QJKTHVMQHIJK9PaMIYRPKH9IT9IK9NJM\H9JV9`SPK
GK_9QJRYLGIKH9IT9RGNP@9HSP96MHSJVIH_9TSGLL9OPH9HSP9TGRP
IKTYPQHPN9\P^JVP9MTPb
R=<(/A>HLF?CAHK
R=<=1(=%/%"-,
/SP9NITHVI\MHIJK9J^9HSP9TMYYJVHIKO9^JMKNGHIJK9TSGLL9\P
TMQS9GT9HJ9GXJIN9GK_9SGVR^ML9NI^^PVPKHIGL9TPHHLPRPKH9J^
HSP9THVMQHMVPb9/SP9H_YP9GKN9NPTIOK9J^9HSP9^JMKNGHIJK
GNJYHPN9 TSGLL9 PKTMVP9 TG^PH_9 HJ9 `JV]PVT9 NMVIKO
QJKTHVMQHIJK9GKN9VPTINPKHT9J^9HSP9KPIOS\JMVIKO9YVJYPVH_b
*M^^IQIPKH9QGVP9TSGLL9\P9HG]PK9IK9GVPGT@9`SPVP9`IHSNVG`GL
J^9OVJMKN9`GHPV9^VJR9TMVVJMKNIKO9GVPGT9QJMLN9VPTMLH9IK
NGRGOPT9HJ9TMQS9^JMKNGHIJKTb9&MVIKO9HSP9QJKTHVMQHIJK
J^9HSP9^JMKNGHIJK@9IH9TSGLL9\P9PKTMVPN9HSGH9HSP9GNZJIKIKO
YVJYPVHIPT9GVP9KJH9G^^PQHPN9\_9GK_9SGVR^ML9P^^PQHTb
R=<=!(H0$#././4(!"#1%"'.%2
/SP9 YPVTJK9 QGMTIKO9 PhQGXGHIJK9 TSGLL@9 \P^JVP9 THGVHIKO
HSP9`JV]@9OIXP9GNPaMGHP9KJHIQPT9IK9`VIHIKO9HJ9HSP9J`KPV
J^9HSP9GNZJIKIKO9YVJYPVHIPT@9TG^PH_9J^9`SIQS9IT9LI]PL_9HJ
\P9G^^PQHPN9NMP9HJ9PhQGXGHIJKb96^HPV9SGXIKO9OIXPK9TMQS
KJHIQPT@9`SPVPIK9NPHGILT9VPOGVNIKO9HSP9H_YP9J^9YVJHPQHIXP
`JV]T9 HSGH9 GVP9 GKHIQIYGHPN9 HJ9 \P9 IKQJVYJVGHPN9 IK9 HSP
PhQGXGHIJK9 GVP9 TSJ`K@9 `VIHHPK9 YPVRITTIJK9 TSGLL9 \P
J\HGIKPN9 ^JV9 TMQS9 PhQGXGHIJK9 ^VJR9 HSP9 GNZJIKIKO
YVJYPVH_9J`KPVTb9%SPVP9KPQPTTGV_@9HSP9YPVTJK9QGMTIKO
PhQGXGHIJK9 TSGLL9 RG]P9 GNPaMGHP9 YVJXITIJK9 HJ9 YVJHPQH
HSP9TG^PH_9J^9GNZGQPKH9YVJYPVH_b91^9JK9OIXIKO9TMQS9KJHIQPT
GKN9HSP9YVPQGMHIJKGV_9RPGTMVPT9SGXIKO9\PPK9GYYVJXPN
\_9 HSP9 6MHSJVIH_@9 HSP9 GNZJIKIKO9 YVJYPVH_9 J`KPV9 THILL
VP^MTPT9HJ9OIXP9KPQPTTGV_9^GQILIHIPT9HJ9HSP9YPVTJK9QGMTIKO
PhQGXGHIJK9^JV9YVJHPQHIKOdYVJXINIKO9\JHS9HPRYJVGV_9GKN
YPVRGKPKH9TMYYJVHT9HJ9TMQS9YVJYPVH_@9HSP9VPTYJKTI\ILIH_
^JV9GK_9NGRGOP9HJ9HSP9GNZJIKIKO9YVJYPVH_9TSGLL9\P9HSGH
J^9HSP9GNZJIKIKO9YVJYPVH_9J`KPVb9/SP9YPVTJK9QGMTIKO
PhQGXGHIJK9TSGLL9\P9G\TJLXPN9J^9VPTYJKTI\ILIH_9^JV9GK_
LJTT9J^9YVJYPVH_9JV9LI^P9IK9HSP9GNZJIKIKO9YVJYPVH_b
R=<=!=19 !"#'%&'.#/( '#( /%.47J#+"./4( 2'"+&'+"%2( -/0
-0$#././4(2%"3.&%2
1K9 NVIXPK9 YILPT@9 XI\VGHIJK9 IT9 TPH9 MY9 `SIQS9 RG_9 QGMTP
NGRGOP9 HJ9 GNZJIKIKO9 THVMQHMVPT9 JV9 TPVXIQP9 LIKPT
NPYPKNIKO9 JK9 HSP9 KGHMVP9 J^9 TJIL9 QJKNIHIJK9 GKN9 HSP
QJKTHVMQHIJK9 THGKNGVN9 J^9 TMQS9 THVMQHMVPT9 GKN9 TPVXIQP
LIKPTb9 ,JTTI\LP9 PhHPKH9 J^9 GLL9 TMQS9 NGRGOPT9 TSGLL9 \P
GTQPVHGIKPN9 IK9 GNXGKQP9 GKN9 JYPVGHIJK9 GKN9 RJNP9 J^
NVIXIKO9TSGLL9\P9YLGKKPN9`IHS9GYYVJYVIGHP9RPGTMVPT9HJ
PKTMVP9TG^PH_b
%SPVPXPV9IK9HSP9XIQIKIH_9J^9G9TIHP9`SPVP9\JVPN9JV9NVIXPK
YILIKO9`JV]T9GVP9HJ9\P9QGVVIPN9JMH9HSPVP9GVP9JLN9THVMQHMVPT
`SIQS9GVP9LI]PL_9HJ9\P9NGRGOPN@9HPLLgHGLPT9TSGLL9\P9^IhPN
JK9TMQS9THVMQHMVPT9HJ9`GHQS9HSPIV9\PSGXIJMV9GKN9HIRPL_
YVPQGMHIJKT9HG]PK9GOGIKTH9GK_9MKNPTIVG\LP9P^^PQHb
1K9QGTP9J^9\JVPN9YILPT@9RPGTMVPT9TSGLL9\P9HG]PK9HJ9PKTMVP@
:<
HSGH9HSPVP9IT9KJ9GYYVPQIG\LP9RJXPRPKH9J^9TJIL9RGTT9IKHJ
HSP9 \JVPSJLP9 `SIQS9 RG_9 QGMTP9 TM\TINPKQP9 HJ9 GK_
PhITHIKO9^JMKNGHIJK9IK9HSP9QLJTP9YVJhIRIH_b91K9`PH9SJLPT
`SPVP9TMQS9YJTTI\ILIHIPT9GVP9LI]PL_9HJ9\P9HSPVP9HSP9TGRP
TSGLL9 \P9 RIKIRITPN9 \_9 GYYVJXPN9 HPQSKIaMP9 GKN9 HSP
JYPVGHIJK9TSJMLN9\P9YLGKKPNb
R=<=:(&MVIKO9QJKTHVMQHIJK@9IKTYPQHIJK9TSGLL9\P9RGNP9\_
HSP9 PKOIKPPVgIKgQSGVOP9 HJ9 PKTMVP9 HSGH9 GLL9 YVJHPQHIXP
`JV]T9QGVVIPN9JMH9HJ9TG^PgOMGVN9HSP9GNZJIKIKO9YVJYPVH_
GVP9 TM^^IQIPKH9 GKN9 IK9 OJJN9 JVNPV9 HJ9 PKTMVP9 TG^PH_
U2%% ,GVH9.9i6NRIKITHVGHIJKj9J^9HSP9+JNPWb
R=<=;( BP^JVP9 QGVV_IKO9 JMH9 GK_9 PhQGXGHIJK9 `JV]dYILP
NVIXIKO@9 HSP9 YJTIHIJK@9 NPYHS9 GKN9 TIcP9 J^9 MKNPVOVJMKN
THVMQHMVPT@9TMQS9GT9`GHPV9YIYPT@9RGIKT@9QG\LPT9JV9JHSPV
TPVXIQPT9IK9HSP9XIQIKIH_9HJ9HSP9YVJYJTPN9`JV]@9RG_9\P
J\HGIKPN9 ^VJR9 HSP9 6MHSJVIH_9 HJ9 YVPXPKH9 GQQINPKHT9 HJ
`JV]PVT9PKOGOPN9IK9PhQGXGHIJK9`JV]9GKN9QGLGRIHIPT9^JV
HSP9OPKPVGL9YM\LIQb
,VIJV9HJ9QJRRPKQPRPKH9J^9PhQGXGHIJK9NPHGILPN9NGHG9J^
HSP9H_YP9J^9TJILT9HSGH9GVP9LI]PL_9HJ9\P9RPH9`IHS9NMVIKO
PhQGXGHIJK9TSGLL9\P9J\HGIKPN9GKN9HSP9H_YP9J^9YVJHPQHIXP
`JV]T9\_9`G_9J^9TSJVIKO9HIR\PVIKO@9PHQ@9TSGLL9\P9NPQINPN
MYJK9 ^JV9 HSP9 XGVIJMT9 THVGHG9 HSGH9 GVP9 LI]PL_9 HJ9 \P
PKQJMKHPVPN9NMVIKO9PhQGXGHIJKb9!JV9NPHGILPN9IK^JVRGHIJK
VPOGVNIKO9 TG^PH_9 VPaMIVPRPKHT9 NMVIKO9 PhQGXGHIJK
VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN9YVGQHIQP9k-U.CWlb
R=2(,NHNBFP(4N[>CBNTNH?K(FHL(-ATTAH(EF_FBLK
+>BCHI(.`MFGF?CAH
R=2=1(D#&-'.#/(#)(?-&7./%"E(-/0(5##,2
$hQGXGHIKO9 RGQSIKPV_9 QJKTITHIKO9 J^9 \JHS9 SPGX_9 GKN
LIOSH9H_YPT9TSGLL9\P9]PYH9\GQ]9^VJR9HSP9PhQGXGHIJK9TIHP
GH9 G9 NITHGKQP9 `SIQS9 `JMLN9 \P9 TG^P9 ^JV9 TMQS9 H_YP9 J^
PaMIYRPKHb9 APGX_9 PaMIYRPKH@9 TMQS9 GT9 PhQGXGHIKO
RGQSIKPV_9GKN9VJGN9HVG^^IQ9TSGLL9\P9]PYH9\GQ]9^VJR9HSP
PhQGXGHPN9TIHPT9GH9G9NITHGKQP9J^9KJH9LPTT9HSGK9HSP9NPYHS
J^9HVPKQS9JV9GH9LPGTH9=9R9^JV9HVPKQS9NPPYPV9HSGK9=9Rb
+GVP9TSGLL9GLTJ9\P9HG]PK9HJ9]PPY9PhQGXGHIKO9HJJLT9GKN
RGHPVIGLT9^GV9G`G_9^VJR9HSP9PNOP9J^9HVPKQS9HJ9YVPXPKH
TMQS9IHPRT9\PIKO9IKGNXPVHPKHL_9]KJQ]PN9IKHJ9HSP9HVPKQSb
R=2=!(8S&-3-'%0(?-'%".-,2
$hQGXGHPN9RGHPVIGLT9TSGLL9\P9]PYH9\GQ]9^VJR9HSP9PNOPT
J^9HSP9HVPKQS9HJ9YVJXINP9QLPGV9\PVR9J^9TG^P9`INHSb9%SPVP
HSIT9IT9KJH9^PGTI\LP@9HSP9YVJHPQHIXP9`JV]T9NPTIOKPN9^JV
HSP9HVPKQSPT9TSGLL9HG]P9IKHJ9QJKTINPVGHIJK@9HSP9GNNIHIJKGL
LJGN9NMP9HJ9JXPV\MVNPK9J^9RGHPVIGLTb
R=2=!=19<'7%"(2+"&7-"4%2
,VJhIRIH_9J^9\MILNIKOT@9YILPT9J^9LMR\PV@9QVMTSPN9VJQ]T@
TGKN9GKN9JHSPV9QJKTHVMQHIJK9RGHPVIGLT@9LGVOP9HVPPT@9PHQ@
RG_9IRYJTP9TMVQSGVOPT9JK9HSP9TINP9J^9HSP9HVPKQS9HJ9QGMTP
TLINIKO@9 PHQb9 8KNPV9 HSPTP9 QJKNIHIJKT9 GNNIHIJKGL
YVJHPQHIXP9`JV]T9TSGLL9\P9YVJXINPN9HJ9TMYYJVH9HSP9TINPT
J^9HSP9HVPKQSb
:2
R=2=:(5E1%(#)(@'"-'-
6NPaMGHP9YVPQGMHIJKT@9NPYPKNIKO9MYJK9HSP9H_YP9J^9THVGHG
RPH9`IHS9NMVIKO9PhQGXGHIJK9ULI]P9aMIQ]9TGKN@9LJJTP9^ILLT
GKN9LJJTP9\JMLNPVW9TSGLL9\P9HG]PK9HJ9YVJHPQH9HSP9`JV]PVT
NMVIKO9 PhQGXGHIJKb9 $^^PQH9 J^9 QLIRGHIQ9 XGVIGHIJKT9 GKN
RJITHMVP9 QJKHPKH9 XGVIGHIJKT9 JK9 HSP9 RGHPVIGLT9 MKNPV
PhQGXGHIJK9TSGLL9\P9QJKTHGKHL_9`GHQSPN9GKN9YVPQGMHIJKT
HG]PK@9 `SPVP9 KPQPTTGV_@9 IRRPNIGHPL_9 HJ9 YVPXPKH
GQQINPKHT9GH9`JV]9TIHPb
R=2=;(<3%"7-/4(-/0(@,#1%2
&MVIKO9GK_9PhQGXGHIJK@9TM^^IQIPKH9TLJYPT9HJ9PhQGXGHPN
TINPT9\_9`G_9J^9YVJXITIJK9J^9THPYT9JV9OVGNMGL9TLJYPT
TSGLL9 \P9 YVJXINPN9 HJ9 PKTMVP9 HSP9 TG^PH_9 J^9 RPK9 GKN
RGQSIKP9`JV]IKO9IK9HSP9GVPGb
R=2=<9BLGTHIKO9^JV9^JMKNGHIJK9J^9\MILNIKO9IT9YVJSI\IHPN
MKLPTT9 TYPQIGL9 YPVRITTIJK9 IT9 J\HGIKPN9 ^VJR9 HSP
6MHSJVIH_b9%SPVP9\LGTHIKO9HPQSKIaMP9SGT9HJ9\P9VPTJVHPN
HJ@9YVIJV9IKTYPQHIJK9^JV9HSP9THG\ILIH_9J^9TLJYPT9TSGLL9\P
QGVVIPN9JMHb96^HPV9\LGTHIKO@9JXPVSGKOT9JV9LJJTP9\JMLNPVT
TSGLL9\P9QLPGVPN9\_9PhYPVH9`JV]PVT9QGVV_IKO9JMH9\LGTHIKO
YVIJV9 HJ9 QJKHIKMGHIJK9 J^9 HSP9 PhQGXGHIJK9 \_9 KJVRGL
`JV]IKO9YGVHIPTb
R=2=<=1( BMVVJ`IKO9 JV9 RIKIKO9 JV9 `SGH9 IT9 ]KJ`K9 GT
iOJYSPVIKOj9TSGLL9KJH9\P9GLLJ`PNb91K9GK_9HVPKQS9`SPVP
TMQS9RPHSJNT9SGXP9\PPK9^JLLJ`PN@9HSP9QGXIHIPT9^PLH9TSGLL
\P9 PLIRIKGHPN9 \_9 QMHHIKO9 \GQ]9 HSP9 \GVP9 TLJYP9 \P^JVP
VPRJXIKO9GK_9^MVHSPV9RGHPVIGL9^VJR9HSP9TPQHIJK9J^9HSP
HVPKQSb
R=2=2(;%-,'7(;-G-"02
%SPVP9 OGTPT9 JV9 ^MRPT9 GVP9 LI]PL_9 HJ9 \P9 YVPTPKH9 IK
HVPKQSPT@9TM^^IQIPKH9RPQSGKIQGL9XPKHILGHIJK@9HJ9YVJHPQH
HSP9SPGLHS9GKN9TG^PH_9J^9YPVTJKT9`JV]IKO9HSPVP@9TSGLL9\P
YVJXINPNb9 1^9 KPQPTTGV_@9 HSP9 YPVTJKKPL9 `JV]IKO9 HSPVP@
TSGLL9\P9YVJXINPN9`IHS9VPTYIVGHJV_9YVJHPQHIXP9PaMIYRPKH
`SPK9 `JV]9 IK9 TMQS9 MKSPGLHS_9 QJKNIHIJKT9 SGT9 HJ9 \P
QGVVIPN9JMHb9/SP9YVPQGMHIJKGV_9RPGTMVPT9YVJXINPN9TSGLL
\P9 IKTYPQHPN9 \_9 HSP9 LJQGL9 SPGLHS9 GMHSJVIHIPT9 YVIJV9 HJ
QJRRPKQPRPKH9J^9HSP9`JV]b
R=2=5(@-)%'E(#)(?-'%".-,2
0GHPVIGLT9VPaMIVPN9^JV9PhQGXGHIJK@9LI]P9VJYPT@9YLGK]T
^JV9 OGKO`G_T9 GKN9 `GL]`G_T@9 LGNNPVT@9 PHQ@9 TSGLL9 \P
IKTYPQHPN9\_9HSP9PKOIKPPVgIKgQSGVOP9`SJ9TSGLL9PKTMVP
HSGH9KJ9GQQINPKH9TSGLL9JQQMV9NMP9HJ9HSP9^GILMVP9J^9TMQS
RGHPVIGLT9U2%%(,GVH9<9iBMILNIKO90GHPVIGLTj9J^9HSP9+JNPWb
R=2=Q(:%/&./4(-/0(B-"/./4(@.4/-,2
%SPVP9PhQGXGHIJK9IT9OJIKO9JK@9^JV9HSP9TG^PH_9J^9YM\LIQ
GKN9HSP9`JV]PVT@9^PKQIKO9TSGLL9\P9PVPQHPN@9I^9HSPVP9IT
LI]PLISJJN9J^9HSP9YM\LIQ9IKQLMNIKO9QGHHLP9^VPaMPKHIKO9HSP
GVPGb9 *M^^IQIPKH9 KMR\PV9 J^9 KJHIQP9 \JGVNT9 GKN9 NGKOPV
TIOK9LIOSHT9TSGLL9\P9YVJXINPN9IK9HSP9GVPG9HJ9GXJIN9GK_
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
RPR\PV9J^9YM\LIQ9^VJR9IKGNXPVHPKHL_9^GLLIKO9IKHJ9HSP
PhQGXGHIJKb9%SPK9PhQGXGHIJKT9GVP9\PIKO9NJKP9JK9VJGNT@
NIXPVTIJK9J^9HSP9VJGNT9TSGLL9\P9YVJXINPN9`IHS9GNPaMGHP
KJHIQP9\JGVN9GKN9LIOSHT9IKNIQGHIKO9HSP9NIXPVTIJK9`PLL
GSPGNb9 %SPVP9 KPQPTTGV_@9 VPQJMVTP9 RG_9 \P9 SGN9 ^JV
GNNIHIJKGL9YVPQGMHIJKGV_9RPGTMVPT9\_9`G_9J^9`GHQSRPK
HJ9 YVPXPKH9 GQQINPKH9 HJ9 HSP9 OPKPVGL9 YM\LIQ@9 PTYPQIGLL_
NMVIKO9SJMVT9J^9NGV]KPTTb
R=2=R(8))%&'(#)(:"%%G./4(-/0(57-K./4
&MP9 HJ9 PhYGKTIJK9 J^9 `GHPV9 `SPK9 ^VPPcIKO@9 VJQ]
^VGORPKHT@9 \JMLNPVT@9 PHQ@9 GVP9 ^VPaMPKHL_9 LJJTPKPNb
/SPVP^JVP@9 HSP9 TINP9 `GLLT9 J^9 HSP9 PhQGXGHIJK9 TSGLL9 \P
QJKTHGKHL_9`GHQSPN9^JV9TIOKT9J^9QVGQ]T9NMVIKO9G9HSG`b
%SPK9 NPYPKNIKO9 IK9 `SJLP9 JV9 IK9 YGVH9 JK9 ^VPPcIKO9 HJ
TMYYJVH9HSP9TINP9`GLLT@9OVPGH9QGVP9TSGLL9\P9HG]PK9NMVIKO
HSG`T9 HJ9 YVJXINP9 TMIHG\LP9 \VGQIKO9 JV9 VPRPN_9 HSP
QJKNIHIJK9\_9TQGLIKO9J^9HSP9LJJTP9RGHPVIGL9^VJR9HSP9TINPTb
R=2=10(W.J"-'.#/2()"#*(O%-"JE(@#+"&%2
DI\VGHIJK9 NMP9 HJ9 GNZGQPKH9 RGQSIKPV_@9 XPSIQLPT@9 VGILg
VJGNT@9 \LGTHIKO@9 YILIKO9 GKN9 JHSPV9 TJMVQPT9 VPaMIVP
GNNIHIJKGL9YVPQGMHIJKT9HJ9\P9HG]PKb
R=2=11( !"%&-+'.#/2( B7.,%( T2./4( !%'"#,%+*( !#K%"%0
89+.1*%/'
6H9 HSP9 TIHP9 J^9 PhQGXGHIJK@9 `SPVP9 YPHVJLPMR9 YJ`PVPN
PaMIYRPKH9 IT9 MTPN@9 YPHVJLPMR9 XGYJMVT9 GVP9 LI]PL_9 HJ
GQQMRMLGHP9GH9LJ`PV9LPXPLT9GKN9RG_9QGMTP9^IVP9PhYLJTIJK
MKNPV9^GXJMVG\LP9QIVQMRTHGKQPTb9+GVP9TSJMLN@9HSPVP^JVP@
\P9HG]PK9HJ9GXJIN9GLL9TJMVQPT9J^9IOKIHIJK9IK9TMQS9YLGQPTb
R=5(3CPCHI(FHL(&?@NB(+NNU(/A>HLF?CAHK
R=5=1((=%/%"-,
R=5=1=1(@-)%'E(1"#4"-**%
6LL9JYPVGHIJKT9TSGLL9\P9QGVVIPN9JMH9MKNPV9HSP9IRRPNIGHP
QSGVOP9J^9G9YVJYPVL_9aMGLI^IPN9GKN9QJRYPHPKH9^JVPRGK
`SJ9 TSGLL9 GLTJ9 \P9 VPTYJKTI\LP9 ^JV9 HSP9 TG^PH_
GVVGKOPRPKHT9J^9HSP9`JV]b
R=5=1=!( !JV9 `JV]9 NMVIKO9 KIOSH@9 LIOSHIKO9 J^9 GH9 LPGTH
)CC LMh9IKHPKTIH_9TSGLL9\P9YVJXINPN9GH9HSP9`JV]9TIHPb
R=5=1=:(BGVVIQGNIKOd^PKQIKO9TSGLL9\P9YVJXINPN@9`SPVPXPV
KPQPTTGV_@9GVJMKN9HSP9`JV]IKO9GVPG9JV9HSP9`GHQSRPK
YVJXINPN9 HJ9 YVPXPKH9 JKLJJ]PVT9 ^VJR9 HVPTYGTTIKO9 IKHJ
HSP9QJKTHVMQHIJK9TIHPTb91K9QGTP9J^9NIOOIKO9G9\JVP9SJLP@
YVPQGMHIJKT9TSGLL9\P9HG]PK9HSGH9IH9IT9YVJYPVL_9\GVVIQGNPN
GKN9 IT9 KJH9 LP^H9 JYPK9 HJ9 GXJIN9 GQQINPKHGL9 ^GLL9 IKHJ9 HSP
\JVP9`PLLb
R=5=1=;9 /SP9 `JV]IKO9 GVPG9 TSGLL9 \P9 IKXPTHIOGHPN9 HJ
GTQPVHGIK9HSP9YVPTPKQP9J^9GK_9\MVIPN9J\THVMQHIJK9GKN
GQHMGL9YJTIHIJK9J^9GLL9TPVXIQP9LIKPT9YGTTIKO9HSVJMOS9HSP
`JV]9TIHP9TSGLL9\P9]KJ`K9\P^JVP9HSP9`JV]9QJRRPKQPTb
,GVHIQMLGV9GHHPKHIJK9TSGLL9\P9OIXPK9IK9QGTP9LIXP9PLPQHVIQGL
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
QG\LPT9YGTT9MKNPVOVJMKN@9`SIQS9RG_9IKHPV^PVP9`IHSIK
HSP9NPYHS9J^9HSP9^JMKNGHIJKb
R=5=1=<9/SP9TG^PH_9YVJXITIJKT9TSGLL9\P9\VJMOSH9HJ9HSP
KJHIQP9 J^9 GLL9 QJKQPVKPN9 GKN9 RGHHPVT9 KPPNIKO9 TYPQIGL
GHHPKHIJK9TSGLL9\P9NITYLG_PN9GH9G9YVJRIKPKH9YLGQP9GH9HSP
`JV]9TYJHb
R=5=1=296LL9KPQPTTGV_9YPVTJKGL9YVJHPQHIXP9PaMIYRPKH9LI]P
^MLL9\JN_9SGVKPTTPT@9TG^PH_9SPLRPHT9GKN9TG^PH_9TSJPT@
GT9QJKTINPVPN9TMIHG\LP@9TSGLL9\P9]PYH9GXGILG\LP9^JV9HSP
MTP9J^9YPVTJKT9PRYLJ_PN9JK9HSP9TIHP9GKN9RGIKHGIKPN9IK
QJKNIHIJK9TMIHG\LP9^JV9IRRPNIGHP9MTPb
R=5=1=59 69 ^IVTHgGIN9 ]IH9 TSGLL9 \P9 RGIKHGIKPN9 GH9 HSP9 TIHP
KPGV9HSP9YLGQP9J^9`JV]@9HJ9QJRYL_9`IHS9HSP9VPaMIVPRPKHT
GKN9YVJXITIJKT9^JV9HSP9`JV]b
R=5=1=Q9/SJTP9PKOGOPN9IK9RIhIKO9GKN9THGQ]IKO9J^9QPRPKH
\GOT9 JV9 GK_9 JHSPV9 RGHPVIGL9 IKZMVIJMT9 HJ9 SMRGK9 \JN_
TSGLL9\P9YVJXINPN9`IHS9YVJHPQHIXP9`PGV9TMIHG\LP9^JV9HSP
YMVYJTPb9%PLNPVT9PKOGOPN9IK9HSP9`JV]9J^9`PLNIKO9TSGLL
MTP9`PLNIKO9OJOOLPTdTSIPLNT@9SPLRPHT9GKN9OLJXPTb
R=5=1=R9 $XPV_9 QVGKP9 NVIXPV9 JV9 SJITHIKO9 GYYLIGKQP
JYPVGHJV9TSGLL9\P9QJRYPHPKH9HJ9HSP9TGHIT^GQHIJK9J^9HSP
PKOIKPPVgIKgQSGVOP9 GKN9 KJ9 YPVTJK9 MKNPV9 HSP9 GOP9 J^
.) _PGVT9TSJMLN9\P9IKgQSGVOP9J^9GK_9SJITHIKO9RGQSIKP
IKQLMNIKO9 GK_9 TQG^^JLNIKO9 `IKQS@9 JV9 OIXP9 TIOKGLT9 HJ
JYPVGHJVb9+VGKP9NVIXPV9GKN9SJITHIKO9GYYLIGKQP9JYPVGHJV
TSGLL9YJTTPT9HSP9]KJ`LPNOP9J^9IKSPVPKH9VIT]T9IKXJLXPN
IK9HSP9JYPVGHIJK9J^9LI^HIKO9GYYLIGKQPT9\_9MKNPVOJIKO9G
^JVRGL9HVGIKIKO9GH9GK_9IKTHIHMHIJK9J^9KGHIJKGL9IRYJVHGKQP
GQQPYHG\LP9HJ9HSP9PRYLJ_PV9GKN9IT9RPNIQGLL_9PhGRIKPN
YPVIJNIQGLL_9IKQLMNIKO9IK9QJRYLIGKQP9HJ9HSP9VPaMIVPRPKH
GT9 RG_9 \P9 TYPQI^IPN9 IK9 HSP9 A+.,0./4( -/0( #'7%"
6#/2'"+&'.#/(B#"C%"2X(L>%4+,-'.#/(#)(8*1,#E*%/'(-/0
6#/0.'.#/2(#)(@%"3.&%(6%/'"-,M(>+,%2@9)>>;b
R=5=1=109%JV]IKO9IK9QJRYVPTTPN9GIV@9IK9QGTP9J^9NPPY
^JMKNGHIJKT@9VPaMIVPT9TPXPVGL9YVPQGMHIJKT9HJ9\P9J\TPVXPN
HJ9TG^POMGVN9HSP9`JV]PVT9GOGIKTH9TPXPVP9SGcGVNT9HJ9LI^P@
QJRYVPTTPN9 GIV9 NITPGTP9 GKN9 VPLGHPN9 GILRPKHTb9 !JV
NPHGILPN9 IK^JVRGHIJK9 VPOGVNIKO9 TG^PH_9 VPaMIVPRPKHT@
VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN9YVGQHIQP9k-U.-Wlb
R=5=!(!.,./4(>.4
R=5=!=1(/SPVP9GVP9KMRPVJMT9H_YPT9J^9YILIKO9VIOT9IK9YILIKO
`JV]@9NPYPKNIKO9JK9HSP9KPPN9^JV9HSP9TIHP9QJKNIHIJKTb
%SILP9MHILIcIKO9TYPQIGLIcPN9VIOT9HSP9IKTHVMQHIJKT9ITTMPN
\_9HSP9TMYYLIPVT9TSGLL9\P9]PYH9IK9XIP`b
R=5=!=1=19,ILP9NVIXPVT9TSGLL9KJH9\P9PVPQHPN9IK9NGKOPVJMT
YVJhIRIH_9HJ9PLPQHVIQ9QJKNMQHJVTb
R=5=!=1=!91^9H`J9YILP9NVIXPVT9GVP9PVPQHPN9GH9JKP9YLGQP
HSPTP9TSGLL9\P9TPYGVGHPN9\_9G9NITHGKQP9GH9LPGTH9PaMGL9HJ
HSP9LJKOPTH9LPO9IK9PIHSPV9VIOb
R=5=!=!(/SP9^VGRP9J^9GK_9VIO9TSGLL9\P9THVMQHMVGLL_9TG^P
:5
^JV9GLL9GKHIQIYGHPN9NPGN@9LIXP9JV9`IKN9LJGNTb9%SPKPXPV
HSPVP9IT9GK_9NJM\H9G\JMH9HSP9THVMQHMVGL9THVPKOHS@9TMIHG\LP
HPTH9TSGLL9\P9QGVVIPN9JMH9\_9HSP9^JVPRGK9GKN9HSP9VPTMLHT
J^9HSP9HPTH9VPQJVNPNb92J9YILPgNVIXIKO9PaMIYRPKH9TSGLL
\P9HG]PK9IKHJ9MTP9MKHIL9IH9SGT9\PPK9IKTYPQHPN9GKN9^JMKN
HJ9\P9TG^Pb
R=5=!=:(,ILP9NVIXPVT9TSGLL9\P9^IVRL_9TMYYJVHPN9JK9SPGX_
HIR\PV9TILLT@9QJKQVPHP9\PNT9JV9JHSPV9TPQMVP9^JMKNGHIJKb
1^9 KPQPTTGV_@9 HJ9 YVPXPKH9 NGKOPV@9 YILP9 NVIXPVT9 TSGLL9 \P
GNPaMGHPL_9OM_PNb
%SPK9HSP9VIO9IT9KJH9IK9MTP@9PhHVG9YVPQGMHIJKGV_9RPGTMVPT
^JV9THG\ILIH_@9TMQS9GT9TPQMVIKO9HSPR9`IHS9RIKIRMR9^JMV
OM_T@9TSGLL9\P9GNJYHPN9HJ9YVPXPKH9GK_9GQQINPKHT9NMP9HJ
`IKN@9THJVR@9OGLPT9GKN9PGVHSaMG]Pb
R=5=!=;96QQPTT9HJ9`JV]IKO9YLGH^JVRT9GKN9HSP9HJY9YMLLP_
TSGLL9\P9YVJXINPN9\_9LGNNPVTb9%JV]IKO9YLGH^JVRT9TSGLL
\P9YVJHPQHPN9GOGIKTH9HSP9`PGHSPVb
R=5=!=;=1( 1K9 HGLL9 NVIXPK9 YILIKO9 VIOT9 JV9 VIOT9 J^9 TIRILGV
KGHMVP9`SPVP9G9LGNNPV9IT9KPQPTTGV_9^JV9VPOMLGV9MTP@9HSP
LGNNPV9TSGLL9\P9TPQMVPL_9^GTHPKPN9GKN9PhHPKNPN9^JV9HSP
^MLL9SPIOSH9J^9HSP9VIOb9/SP9LGNNPV9TSGLL9GLTJ9\P9RGIKHGIKPN
IK9OJJN9QJKNIHIJK9GH9GLL9HIRPTb
R=5=!=<($hYJTPN9OPGVT@9^L_9`SPPLT@9PHQ@9TSGLL9\P9^MLL_
PKQLJTPNb9BJILPVT@9SJITHIKO9NVMRT9GKN9\VG]PT9TSGLL9\P
]PYH9 IK9 OJJN9 QJKNIHIJK9 GKN9 TSPLHPVPN9 ^VJR9 `PGHSPV@
`SPVPXPV9YJTTI\LPb
R=5=!=29,ILP9NVIXIKO9PaMIYRPKH9IK9MTP9TSGLL9\P9IKTYPQHPN
\_9 G9 QJRYPHPKH9 PKOIKPPV9 GH9 VPOMLGV9 IKHPVXGLT9 KJH
PhQPPNIKO9 HSVPP9 RJKHSTb9 6LTJ9 G9 VPOITHPV9 TSGLL9 \P
RGIKHGIKPN9GH9HSP9TIHP9J^9`JV]9^JV9VPQJVNIKO9HSP9VPTMLHT
J^9TMQS9IKTYPQHIJKTb9,ILP9LIKPT9GKN9YMLLP_9\LJQ]T9TSGLL
\P9IKTYPQHPN9\_9HSP9^JVPRGK9\P^JVP9HSP9\POIKKIKO9J^
PGQS9TSI^H9^JV9GK_9PhQPTT9`PGV9JV9GK_9JHSPV9NP^PQHb
R=5=!=2=19 &P^PQHIXP9 YGVHT9 J^9 YILP9 NVIXPVT@9 TMQS9 GT
TSPGXPT@9RPQSGKITR9TLIKOT9GKN9SJTP9TSGLL9\P9VPYGIVPN
\_9 JKL_9 QJRYPHPKH9 YPVTJK9 GKN9 NML_9 IKTYPQHPN9 \_
^JVPRGKgIKgQSGVOP9J^9HSP9VIO9GKN9HSP9VPTMLHT9VPQJVNPN
IK9 HSP9 VPOITHPVb9 2J9 THPGR9 JV9 GIV9 PaMIYRPKH9 TSGLL9 \P
VPYGIVPN9 `SILP9 IH9 IT9 IK9 JYPVGHIJK9 JV9 MKNPV9 YVPTTMVPb
AJITHIKO9 VJYPT9 JK9 YILP9 NVIXPVT9 TSGLL9 \P9 RGNP9 J^
OGLXGKIcPN9THPPLb
R=5=!=596LL9\JLHT9GKN9KMHT9`SIQS9GVP9LI]PL_9HJ9\P9LJJTPKPN
NMP9HJ9XI\VGHIJK9NMVIKO9YILP9NVIXIKO9TSGLL9\P9QSPQ]PN
VPOMLGVL_9GKN9HIOSHPKPNb
R=5=!=Q9*HPGR9GKN9GIV9LIKPT9TSGLL9\P9QJKHVJLLPN9\_9PGTIL_
GQQPTTI\LP9TSMHgJ^^9XGLXPTb9/SPTP9LIKPT9TSGLL9QJKTITH9J^
GVRJMVPN9SJTP9JV9IHT9PaMIXGLPKHb9/SP9SJTP9J^9THPGR9GKN
GIV9SGRRPVT9TSGLL9\P9TPQMVPL_9LGTSPN9HJ9HSP9SGRRPV9TJ
GT9HJ9YVPXPKH9IH9^VJR9`SIYYIKO9I^9G9QJKKPQHIJK9\VPG]Tb
+JMYLIKOT9 J^9 TPQHIJKT9 J^9 SJTP9 TSGLL9 \P9 GNNIHIJKGLL_
TPQMVPN9\_9VJYPT9JV9QSGIKTb
R=5=!=R(%SPK9KJH9IK9MTP@9HSP9SGRRPV9TSGLL9\P9IK9NVJYYPN
:Q
YJTIHIJK9GKN9TSGLL9\P9SPLN9IK9YLGQP9\_9G9QLPGH@9HIR\PV9JV
GK_9JHSPV9TMIHG\LP9RPGKTb
R=5=!=10(!JV9PXPV_9SJITHIKO9RGQSIKP9GKN9^JV9PXPV_9QSGIK
VIKO9SJJ]@9TSGQ]LP@9T`IXPL9GKN9YMLLP_9\LJQ]@9MTPN9IK
SJITHIKO9JV9GT9RPGKT9J^9TMTYPKTIJK@9HSP9TG^P9`JV]IKO
LJGNT9TSGLL9\P9GTQPVHGIKPNb91K9QGTP9J^9NJM\H9GQHMGL9HPTHIKO
TSGLL9\P9QGVVIPN9JMH9GKN9HSP9`JV]IKO9LJGN9TSGLL9\P9HG]PK
GT9SGL^9J^9HSP9HPTHPN9LJGNb9$XPV_9SJITHIKO9RGQSIKP9GKN
GLL9OPGVT9VP^PVVPN9HJ9G\JXP9TSGLL9\P9YLGIKL_9RGV]PN9`IHS
HSP9TG^P9`JV]IKO9LJGNb91K9QGTP9J^9G9SJITHIKO9RGQSIKP
SGXIKO9G9XGVIG\LP9TG^P9`JV]IKO9LJGN@9PGQS9TG^P9`JV]IKO
LJGN9 HJOPHSPV9 `IHS9 HSP9 QJKNIHIJKT9 MKNPV9 `SIQS9 IH9 IT
GYYLIQG\LP9 TSGLL9 \P9 QLPGVL_9 IKNIQGHPNb9 2J9 YGVH9 J^9 GK_
RGQSIKP9JV9GK_9OPGV9TSGLL9\P9LJGNPN9\P_JKN9HSP9TG^P
`JV]IKO9LJGN9PhQPYH9^JV9HSP9YMVYJTP9J^9HPTHIKOb
6LL9SJITHIKO9GYYLIGKQPT9TSJMLN9\P9^IHHPN9`IHS9GMHJRGHIQ
TG^P9LJGN9IKNIQGHJV@9\JJR9GKOLP9IKNIQGHJV@9T`IKO9GLGVR@
\GQ]9 SJVK@9 JXPV9 LI^H9 \JJR9 GLGVRb9 69 VPOITHPV9 TSGLL9 \P
RGIKHGIKPN9QJKHGIKIKO9G9T_THPR9J^9INPKHI^IQGHIJK9J^9GLL
HJJLT9GKN9HGQ]LPT@9HSPIV9NGHP9J^9YMVQSGTP@9TG^P9`JV]IKO
LJGN9GKN9NGHP9J^9PhGRIKGHIJK9\_9QJRYPHPKH9YPVTJKb96LL
LJGNT9TSGLL9SGXP9HGOgLIKPT9GHHGQSPN9IK9JVNPV9HJ9PKTMVP
HSGH9HSP9LJGN9QGK9\P9QJKHVJLLPN9GH9GLL9HIRPTb
R=5=!=1190JHJV9OPGVIKO@9HVGKTRITTIJK@9PLPQHVIQGL9`IVIKO
GKN9JHSPV9NGKOPVJMT9YGVHT9J^9SJITHIKO9GYYLIGKQPT9TSJMLN
\P9 YVJXINPN9 `IHS9 P^^IQIPKH9 TG^POMGVNTb9 AJITHIKO
GYYLIGKQPT9TSGLL9\P9YVJXINPN9`IHS9TMQS9RPGKT9GT9`ILL
VPNMQP@9HJ9HSP9RIKIRMR@9HSP9VIT]9J^9GQQINPKHGL9NPTQPKH
J^9HSP9LJGN9GKN9GNPaMGHP9YVPQGMHIJKT9TSGLL9\P9HG]PK9HJ
VPNMQP9 HJ9 HSP9 RIKIRMR@9 HSP9 VIT]9 J^9 GK_9 YGVH9 J^
TMTYPKNPN9LJGN9\PQJRIKO9GQQINPKHGLL_9NITYLGQPNb9%SPK
`JV]PVT9GVP9PRYLJ_PN9JK9PLPQHVIQGL9IKTHGLLGHIJKT9`SIQS
GVP9 GLVPGN_9 PKPVOIcPN@9 IKTMLGHIKO9 RGHT9 GKN9 `PGVIKO
GYYGVPL@9TMQS9GT9OLJXPT@9PHQ@9GT9RG_9\P9KPQPTTGV_@9TSGLL
\P9YVJXINPNb9*SPGXPT9JK9YILP9NVIXPVT9TSGLL9\P9OMGVNPN
TJ9HSGH9`JV]PVT9RG_9KJH9\P9NVG`K9IKHJ9HSPRb
%SPK9 LJGNT9 SGXP9 HJ9 \P9 IKQLIKPN@9 HSP_9 TSGLL9 \P
GNPaMGHPL_9QJMKHPVg\GLGKQPN9GKN9HSP9HILHIKO9NPXIQP9TSGLL
\P9TPQMVPN9GOGIKTH9TLIYYIKOb
R=5=!=1!96NPaMGHP9YVPQGMHIJKT9TSGLL9\P9HG]PK9HJ9YVPXPKH
G9YILP9NVIXPV9^VJR9JXPVHMVKIKO@9I^9G9`SPPL9\VPG]Tb
R=5=!=1:9 6NPaMGHP9 YVPQGMHIJKT9 TSGLL9 \P9 HG]PK9 \_
YVJXINIKO9 THIVVMYT9 JV9 \_9 JHSPV9 P^^PQHIXP9 RPGKT@9 HJ
YVPXPKH9HSP9VJYP9^VJR9QJRIKO9JMH9J^9HSP9HJY9YMLLP_9JV
`SPPLb
R=5=!=1;96NPaMGHP9YVPQGMHIJKT9TSGLL9\P9HG]PK9HJ9YVPXPKH
HSP9SGRRPV9^VJR9RITTIKO9HSP9YILPb
R=5=!=1<(1^9KPQPTTGV_9HJ9YVPXPKH9NGKOPV@9LJKO9YILPT9GKN
SPGX_9TSPPH9YILIKO9TSJMLN9\P9TPQMVPN9GOGIKTH9^GLLIKOb
R=5=!=129%SPVPXPV9THPGR9\JILPVT9GVP9MTPN@9HSP9TG^PH_
VPOMLGHIJKT9J^9\JILPV9TSGLL9\P9THVIQHL_9^JLLJ`PN9GKN9TG^PH_
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
XGLXPT9TSGLL9\P9GNZMTHPN9HJ9CbC-92dRR.9IK9PhQPTT9J^
`JV]IKO9YVPTTMVP9GQQMVGHPL_b
R=5=!=159%SPVP9PLPQHVIQIH_9IT9MTPN9GT9YJ`PV9^JV9YILIKO
VIO@9 JKL_9 GVRJMVPN9 QG\LP9 QJK^JVRIKO9 HJ9 HSP9 VPLPXGKH
1KNIGK9*HGKNGVN9TSGLL9\P9MTPN9GKN9HSP9QG\LP9TSGLL9\P
HSJVJMOSL_9`GHPVYVJJ^PNb
R=5=:(<1%"-'.#/(#)(89+.1*%/'
R=5=:=1(%JV]PVT9PRYLJ_PN9IK9HSP9XIQIKIH_9J^9YILP9NVIXPVT
TSGLL9 `PGV9 SPLRPHT9 QJK^JVRIKO9 HJ9 GQQPYHPN
THGKNGVN k-U.;Wlb
R=5=:=!9 ,ILPT9 TSGLL9 \P9 YVPYGVPN9 GH9 G9 NITHGKQP9 GH9 LPGTH
PaMGL9HJ9H`IQP9HSP9LPKOHS9J^9HSP9LJKOPTH9YILP9^VJR9HSP
YILP9NVIXPVb
R=5=:=:9,ILPT9\PIKO9SJITHPN9IK9HSP9VIO9TSJMLN9\P9TJ9TLMKO
HSGH9HSP_9NJ9KJH9SGXP9HJ9\P9T`MKO9VJMKN@9GKN9RG_9KJH
IKGNXPVHPKHL_@9T`IKO9JV9`SIY9VJMKNb969SGKN9VJYP9TSGLL
\P9^GTHPKPN9HJ9G9YILP9HSGH9IT9\PIKO9SJITHPN9HJ9QJKHVJL9IHT
RJXPRPKHb9%SILP9G9YILP9IT9\PIKO9OMINPN9IKHJ9YJTIHIJK
IK9HSP9LPGNT@9`JV]PVT9TSGLL9KJH9YMH9HSPIV9SGKNT9JV9GVRT
\PH`PPK9HSP9YILP9GKN9HSP9IKTINP9OMINP9JV9JK9HJY9J^9HSP
YILP@9\MH9TSGLL9MTP9G9VJYP9^JV9OMINIKOb
R=5=:=;9%SILP9G9YILP9IT9\PIKO9SJITHPN9GLL9`JV]PVT9KJH
GQHMGLL_9PKOGOPN9IK9HSP9JYPVGHIJK9TSGLL9]PPY9GH9G9NITHGKQP
`SIQS9 PKTMVPT9 TG^PH_b9 ,ILPT9 TSGLL9 KJH9 \P9 TLP`PN9 JXPV
YM\LIQ9GVPGT9`IHSJMH9THJYYIKO9HSP9YPNPTHVIGKT9GKN9VJGN
HVG^^IQ9^IVTHb
R=5=:=<9BP^JVP9G9`JJN9YILP9IT9SJITHPN9IKHJ9YJTIHIJK9IH
TSGLL9 \P9 YVJXINPN9 `IHS9 GK9 IVJK9 VIKO9 JV9 QGY9 JXPV9 HSP
NVIXIKO9PKN9HJ9YVPXPKH9\VJJRIKOb
R=5=:=29%SPK9QVPJTJHPN9`JJN9YILPT9GVP9\PIKO9NVIXPK@
GNPaMGHP9 YVPQGMHIJKT9 TSGLL9 \P9 HG]PK@9 TMQS9 GT9 HSP
YVJXITIJK9J^9YPVTJKGL9YVJHPQHIXP9PaMIYRPKH9GKN9\GVVIPV
QVPGRT9HJ9YVPXPKH9`JV]PVT9VPQPIXIKO9P_P9JV9T]IK9IKZMVIPT
^VJR9TYLGTSPT9J^9QVPJTJHPb
R=5=:=59%SPK9YILPT9GVP9NVIXPK9GH9GK9IKQLIKGHIJK9HJ9HSP
XPVHIQGL@9I^9KPQPTTGV_9HJ9YVPXPKH9NGKOPV@9HSPTP9TSJMLN
VPTH9IK9G9OMINPb
R=5=:=Q92J9THPGR9JV9GIV9LIKP9TSGLL9\P9\LJ`K9NJ`K9MKHIL
GLL9`JV]PVT9GVP9GH9G9TG^P9NITHGKQPb
R=5=;9@7%%'(!.,./4
R=5=;=1(1^9 KPQPTTGV_9 HJ9 YVPXPKH9 NGKOPV9 ^VJR9 `IKN9 JV
JHSPV9TJMVQPT@9G9SGKN9VJYP9TSGLL9\P9MTPN9HJ9QJKHVJL9HSP
RJXPRPKH9 J^9 THPPL9 TSPPH9 TPQHIJKT9 HSGH9 GVP9 \PIKO
HVGKTYJVHPNb
R=5=;=!9%JV]PVT9`SJ9SGXP9HJ9TIH9JK9G9THPPL9TSPPH9TPQHIJK
HJ9IKHPVLJQ]9TSPPHT9TSGLL9\P9YVJXINPN9`IHS9THIVVMYT9JV
JHSPV9NPXIQPT9HJ9G^^JVN9HSPR9G9TG^P9TPGHb9%JV]PVT9TSGLL
KJH9THGKN9JV9TIH9JK9TSPPH9YILIKO9`SILP9IH9IT9\PIKO9VPLPGTPN
^VJR9HSP9TLIKOT@9LJ`PVPN9JV9RJXPN9IKHJ9YJTIHIJKb
R=5=;=:9%JV]PVT9SGKNLIKO9TSPPHT9TSJMLN9`PGV9OLJXPTb
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
R=5=;=;9 1^9 KPQPTTGV_9 HJ9 YVPXPKH9 NGKOPV9 ^VJR
NITYLGQPRPKH9\_9HSP9QMVVPKH@9THPPL9TSPPH9TPQHIJKT9TSGLL
\P9\VGQPN9MKHIL9HSP_9GVP9^IVRL_9IK9YJTIHIJKb91^9KPQPTTGV_
HJ9YVPXPKH9NGKOPV9^VJR9MKNPVQMHHIKO9J^9HSP9QJ^^PVNGR
\_9 HSP9 QMVVPKH9 G9 TM\THGKHIGL9 \PVR9 TSGLL9 \P9 IKTHGLLPN
MYTHVPGRb
R=5=;=<96NPaMGHP9YMRYIKO9^GQILIHIPT9TSGLL9\P9GXGILG\LP
GH9QJ^^PVNGRT9HJ9]PPY9HSPR9QLPGV9J^9`GHPVb96LTJ9GNPaMGHP
RPGKT9 J^9 PTQGYP@9 TMQS9 GT9 LGNNPVT9 GKN9 \JGHT9 TSGLL9 \P
YVJXINPN9GH9QJ^^PVNGRT9^JV9HSP9YVJHPQHIJK9J^9`JV]PVT
IK9QGTP9J^9^LJJNIKOb
R=5=;=2( 6NPaMGHP9 TMYYLIPT9 J^9 LI^PgTGXIKO9 PaMIYRPKH
TSGLL9\P9YVJXINPN9^JV9`JV]PVT9PRYLJ_PN9JK9QJ^^PVNGRTb
R=5=;=59%SPK9TSPPH9TPQHIJKT9GVP9\PIKO9VPRJXPN@9HSPIV
RJXPRPKHT9 TSGLL9 \P9 QJKHVJLLPN9 \_9 QG\LPT9 JV9 JHSPV
P^^PQHIXP9RPGKTb
R=Q(WFPPK
R=Q=1(=%/%"-,
&PYPKNIKO9JK9HSP9H_YP9J^9`GLL9HJ9\P9QJKTHVMQHPN9HSP
SPIOSH9 J^9 QJKTHVMQHIJK9 YPV9 NG_9 TSGLL9 \P9 VPTHVIQHPN9 HJ
PKTMVP9HSGH9HSP9KP`L_9QJKTHVMQHPN9`GLL9NJPT9KJH9QJRP
NJ`K9 NMP9 HJ9 LGQ]9 J^9 THVPKOHS9 IK9 HSP9 LJ`PV9 LG_PVTb
*IRILGVL_@9IK9LJKO9`GLLT9GNPaMGHP9PhYGKTIJKdQVMRYLP
ZJIKHT9TSGLL9\P9YVJXINPN9HJ9PKTMVP9TG^PH_b
R=Q=!(@&-))#,0
,VJYPVL_9NPTIOKPN9GKN9QJKTHVMQHPN9TQG^^JLNIKO9\MILH9\_
QJRYPHPKH9 `JV]PVT9 TSGLL9 \P9 YVJXINPN9 NMVIKO9 HSP
QJKTHVMQHIJK9J^9HSP9`GLLT9HJ9PKTMVP9HSP9TG^PH_9J^9`JV]PVTb
/SP9 TQG^^JLNIKO9 RG_9 \P9 J^9 HIR\PV@9 RPHGL9 JV9 \GR\JJ
TPQHIJKT9 GKN9 HSP9 RGHPVIGLT9 IK9 TQG^^JLNIKO9 TSGLL9 \P
IKTYPQHPN9 ^JV9 TJMKNKPTT@9 THVPKOHS@9 PHQ@9 GH9 TIHP9 \_9 HSP
PKOIKPPVgIKgQSGVOP9YVIJV9HJ9PVPQHIJK9J^9TQG^^JLNTb9*HPPL
TQG^^JLNT9 IKHPKNPN9 ^JV9 MTP9 IK9 KJVRGL9 \MILNIKO
QJKTHVMQHIJK9`JV]9TSGLL9QJK^JVR9HJ9GQQPYHPN9THGKNGVN
k-U.>Wlb9BGR\JJ9GKN9HIR\PV9TQG^^JLNT9TSGLL9\P9YVJYPVL_
HIPN9HJ9HSP9ZMKQHIJKT9`IHS9QJIV9VJYPT9J^9TM^^IQIPKH9THVPKOHS
JV9RPQSGKIQGL9ZJIKHT9HJ9PKTMVP9HSGH9ZJIKHT9NJ9KJH9OIXP
`G_9NMP9HJ9HSP9LJGN9J^9`JV]PVT9GKN9RGHPVIGLb9:JIKIKO
HSP9 RPR\PVT9 J^9 TQG^^JLNT9 JKL_9 `IHS9 KGILT9 TSGLL9 \P
YVJSI\IHPN9GT9HSP_9GVP9LI]PL_9HJ9OPH9LJJTP9MKNPV9KJVRGL
`PGHSPVIKO9QJKNIHIJKTb91K9HSP9PVPQHIJK9JV9RGIKHPKGKQP
J^9 HGLL9 \MILNIKOT@9 TQG^^JLNIKOT9 TSGLL9 \P9 J^9 KJKg
QJR\MTHI\LP9RGHPVIGL9PTYPQIGLL_9`SPK9HSP9`JV]9IT9\PIKO
NJKP9 JK9 GK_9 \MILNIKO9 IK9 JQQMYGHIJKb9 6^HPV9 IKIHIGL
QJKTHVMQHIJK9J^9HSP9TQG^^JLNIKO@9^VPaMPKH9IKTYPQHIJKT9J^
TQG^^JLNIKO9TSGLL9\P9QGVVIPN9JMH9VPOMLGVL_b9/SP9YLGH^JVRT@
OGKO`G_T9GKN9VMK`G_T9YVJXINPN9JK9HSP9TQG^^JLNIKOT
TSGLL9\P9J^9TM^^IQIPKH9THVPKOHS9GKN9`INHS9HJ9PKTMVP9TG^P
YGTTGOP9^JV9HSP9`JV]PVT9`JV]IKO9JK9HSP9TQG^^JLNIKOb
/SP9ZJIKHT9YVJXINPN9IK9HSPTP9OGKO`G_T@9YLGH^JVRT@9PHQ@
TSGLL9 \P9 TMQS9 GT9 HJ9 PKTMVP9 G9 ^IVR9 ^JJHgSJLN9 HJ9 HSP
`JV]PVTb9%SPVP9KPQPTTGV_@9QVJTT9\GVT9TSGLL9\P9YVJXINPN
:R
HJ9 HSP9 ^MLL9 `INHS9 J^9 OGKO`G_9 JV9 VMK`G_9 HJ9 ^GQILIHGHP
TG^P9`GL]IKOb9!JV9NPHGILPN9IK^JVRGHIJK9VPOGVNIKO9TG^PH_
VPaMIVPRPKHT9 ^JV9 PVPQHIJK@9 MTP9 GKN9 NITRGKHLIKO9 J^
TQG^^JLNT@9 VP^PVPKQP9 RG_9 \P9 RGNP9 HJ9 OJJN9 YVGQHIQPT
k-U(CWlb
R=Q=!=19/SP9PKOIKPPVgIKgQSGVOP9TSGLL9PKTMVP9\_9^VPaMPKH
IKTYPQHIJKT9 HSGH9 OGKO`G_T9 J^9 TQG^^JLNIKO9 SGXP9 KJH
\PQJRP9 TLIYYPV_9 NMP9 HJ9 TYILLGOP9 J^9 RGHPVIGLb9 3JJTP
RGHPVIGLT9 TSGLL9 KJH9 \P9 GLLJ`PN9 HJ9 VPRGIK9 JK9 HSP
OGKO`G_Tb9 %SPVP9 KPQPTTGV_@9 \PQGMTP9 J^9 SPIOSH9 JV
VPTHVIQHPN9`INHS@9SGKNgVGILT9TSGLL9\P9YVJXINPN9JK9\JHS
TINPTb9 %JV]PVT9 TSGLL9 KJH9 \P9 GLLJ`PN9 HJ9 `JV]9 JK9 HSP
TQG^^JLNIKO9NMVIKO9\GN9`PGHSPV9GKN9SIOS9`IKNTb
R=Q=!=!9 1K9 HSP9 JYPVGHIJKT9 IKXJLXPN9 IK9 HSP9 PVPQHIJK9 JV
RGIKHPKGKQP9 J^9 JMHTINP9 `GLLT@9 ^IHHIKOT@9 PHQ@9 J^9 HGLL
\MILNIKOT@9IH9IT9NPTIVG\LP9HJ9MTP9JKP9JV9RJVP9KPHUTW9^JV
HSP9TG^PH_9J^9HSP9`JV]PVT9`SPK9HSP9`JV]PVT9GVP9VPaMIVPN
HJ9`JV]9JK9TQG^^JLNIKOTb
R=Q=:(D-00%"2
6LL9LGNNPVT9TSGLL9\P9QJKTHVMQHPN9J^9TJMKN9RGHPVIGLT9GKN
TSGLL9\P9QGYG\LP9J^9QGVV_IKO9HSPIV9IKHPKNPN9LJGNT9TG^PL_b
/SP9LGNNPVT9TSGLL9SGXP9KJH9JKL_9GNPaMGHP9THVPKOHS9\MH
VIOINIH_9GT9`PLLb91^9G9LGNNPV9TSJ`T9HPKNPKQ_9HJ9TYVIKO@9G
\VGQP9TSGLL9\P9GHHGQSPN9HJ9IHT9RINNLP9GKN9TMYYJVHPN9^VJR
TJRP9JHSPV9KJKg_IPLNIKO9^IhPN9J\ZPQHb92J9LGNNPV9SGXIKO
G9RITTIKO9JV9NP^PQHIXP9VMKO9JV9JKP9`SIQS9NPYPKNT9^JV
IHT9TMYYJVH9TJLPL_9JK9KGILT@9TSGLL9\P9MTPNb93GNNPVT9TSGLL
KJH9\P9MTPN9GT9OM_T@9\VGQPT9JV9T]INT9JV9^JV9GK_9JHSPV
YMVYJTP9 ^JV9 `SIQS9 HSP_9 GVP9 KJH9 IKHPKNPNb9 /SP_9 TSGLL
KJH9\P9MTPN9IK9SJVIcJKHGL9YJTIHIJK9GT9VMK`G_Tb9/SP_
TSGLL9KJH9\P9JXPVQVJ`NPNb9%SPVPXPV9YJTTI\LP@9LGNNPVT
TSGLL9KJH9\P9TYLIQPNb9%SPVP9TYLIQIKO9IT9MKGXJING\LP@9IH
TSGLL9\P9NJKP9JKL_9MKNPV9HSP9TMYPVXITIJK9J^9PKOIKPPVg
IKgQSGVOPb9 3GNNPVT9 LPGNIKO9 HJ9 LGKNIKOT9 JV9 `GL]`G_T
TSGLL9PhHPKN9GH9LPGTH9)9R9G\JXP9HSP9LGKNIKO9GKN9TSGLL9\P
TPQMVPN9GH9HSP9MYYPV9PKNb9/J9YVPXPKH9TLIYYIKO@9G9LGNNPV
TSGLL9\P9TPQMVPN9GH9HSP9\JHHJR9PKNb91^9HSIT9QGKKJH9\P
NJKP@9G9YPVTJK9TSGLL9\P9THGHIJKPN9GH9HSP9\GTP9`SPKPXPV
IH9IT9IK9MTPb96T9G9^MVHSPV9YVPQGMHIJK@9HSP9YIHQS9GH9`SIQS9G
LPGKgHJgLGNNPV9IT9MTPN9TSGLL9\P9TMQS9HSGH9HSP9SJVIcJKHGL
NITHGKQP9J^9IHT9^JJH9^VJR9HSP9XPVHIQGL9YLGKP9J^9IHT9HJY
TSGLL9\P9KJH9RJVP9HSGK9JKP9aMGVHPV9J^9IHT9LPKOHSb91^9HSP
TMV^GQP9J^9HSP9^LJJV9JK9`SIQS9HSP9LGNNPV9VPTHT9IT9TRJJHS
JV9TLJYIKO@9HSP9LGNNPV9TSGLL9\P9YVJXINPN9`IHS9KJKgTLIY
\GTPTb91^9HSP9MTP9J^9G9LGNNPV9IT9PTTPKHIGL9NMVIKO9THVJKO
`IKNT@9IH9TSGLL9\P9TPQMVPL_9LGTSPN9IK9YJTIHIJKb92J9LGNNPV
TSGLL9\P9YLGQPN9JV9LPGKH9GOGIKTH9`IKNJ`9YGKP@9TGTSPT
JV9TMQS9JHSPV9MKTG^P9JV9_IPLNIKO9J\ZPQHT@9KJV9YLGQPN9IK
^VJKH9J^9NJJVT9JYPKIKO9HJ`GVNT9IHb91^9TPH9MY9IK9NVIXP`G_T@
YGTTGOP`G_T9JV9YM\LIQ9`GL]`G_T@9IH9TSGLL9\P9YVJHPQHPN
\_9TMIHG\LP9\GVVIQGNPTb9%SPK9GTQPKNIKO9JV9NPTQPKNIKO@
HSP9MTPV9TSGLL9^GQP9HSP9LGNNPV@9MTP9\JHS9SIT9SGKNT9GKN
YLGQP9 SIT9 ^PPH9 KPGV9 HSP9 PKNT9 J^9 HSP9 VMKOT9 VGHSPV9 HSGK
KPGV9HSP9RINNLPb91H9IT9NGKOPVJMT9HJ9LPGK9RJVP9HSGK9(C QR
;0
HJ9 TINP9 IK9 JVNPV9 HJ9 VPGQS9 G9 LGVOPV9 GVPG9 ^VJR9 G9 TIKOLP
TPHHIKO9J^9HSP9LGNNPVb91KTHPGN@9HSP9MTPV9TSGLL9OPH9NJ`K
GKN9TSI^H9HSP9LGNNPV9HJ9HSP9VPaMIVPN9YJTIHIJKb
0PHGL9 LGNNPVT9 TSGLL9 KJH9 \P9 MTPN9 GVJMKN9 PLPQHVIQGL
PaMIYRPKH9 JV9 QIVQMIHT9 J^9 GK_9 ]IKN9 `SPVP9 HSPVP9 IT9 G
YJTTI\ILIH_9J^9QJRIKO9IK9QJKHGQH9`IHS9HSP9QMVVPKHb90PHGL
LGNNPVT9TSGLL9\P9RGV]PN9`IHS9TIOKT9VPGNIKO9i+68/1"2f
&"92"/98*$92$6#9$3$+/#1+639$E81,0$2/jb
%JJNPK9LGNNPVT9TSGLL9\P9IKTYPQHPN9GH9LPGTH9JKQP9IK9G
RJKHS9 ^JV9 NGRGOP9 GKN9 NPHPVIJVGHIJKb9 +LJTP9 XITMGL
IKTYPQHIJK9 IT9 VPQJRRPKNPN9 IK9 YVP^PVPKQP9 HJ9 LJGN
HPTHIKOb9/SIT9QJKNIHIJK9IT9YGVHIQMLGVL_9GYYLIQG\LP9HJ9VJYP
GKN9 \GR\JJ9 LGNNPVT9 `SPVPIK9 ^VG_IKO9 J^9 VJYPT9 GKN
NGRGOP9HJ9\GR\JJ9IT9LI]PL_9HJ9JQQMV9NMP9HJ9RGHPVIGLT
^GLLIKO9JK9HSPRb9%SPK9G9LGNNPV9SGT9\PPK9GQQINPKHGLL_
NVJYYPN9IH9TSGLL9\P9IKTYPQHPN9\_9HSP9PKOIKPPVgIKgQSGVOP
YVIJV9HJ9VPgMTPb9"XPVSPGN9YVJHPQHIJK9TSGLL9\P9YVJXINPN
^JV9 `JV]PVT9 MKNPV9 LGNNPVb9 !JV9 NPHGILPN9 IK^JVRGHIJK
VPOGVNIKO9 TG^PH_9 VPaMIVPRPKHT9 ^JV9 MTP9 J^9 LGNNPVT@
VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN9YVGQHIQP9k-U()Wlb
R=Q=;(<1%/./4(./(B-,,2
%SPKPXPV9RG]IKO9J^9GK9JYPKIKO9IK9HSP9PhITHIKO9`GLL9IT
QJKHPRYLGHPN@9GNPaMGHP9TMYYJVHT9GOGIKTH9HSP9QJLLGYTP
JV9 QVGQ]IKO9 J^9 HSP9 `GLL9 YJVHIJK9 G\JXP9 JV9 VJJ^9 JV
GNZJIKIKO9`GLLT9TSGLL9\P9YVJXINPNb
R=Q=;=1(=+-"0./4(#)(K-,,(#1%/./42(-/0(7#,%2
%GLL9 JYPKIKO9 \GVVIPVT9 GKN9 TQVPPKT9 TSGLL9 \P9 J^9 TMQS
QJKTHVMQHIJK9 GKN9 RJMKHIKO9 HSGH9 HSP_9 GVP9 QGYG\LP9 J^
`IHSTHGKNIKO9 HSP9 IKHPKNPN9 LJGNT9 TG^PL_b9 !JV9 NPHGILPN
IK^JVRGHIJK9VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN9YVGQHIQP
k-U(.Wlb9$XPV_9`GLL9JYPKIKO9^VJR9`SIQS9HSPVP9IT9G9NVJY
J^9RJVP9HSGK9)9.CC9RR9TSGLL9\P9OMGVNPN9\_9JKP9J^9HSP
^JLLJ`IKOe
GW >-.,P( "#,,%"P( 1.&C%'( )%/&%P( 7-,)( 0##"( #"
%9+.3-,%/'( J-"".%"9 f9 /SP9 OMGVN9 RG_9 \P
VPRJXG\LP9\MH9TSJMLN9YVP^PVG\L_9\P9SIKOPN9JV
JHSPV`ITP9RJMKHPN9TJ9GT9HJ9\P9QJKXPKIPKHL_
VPYLGQPG\LPb9%SPVP9HSPVP9IT9NGKOPV9HJ9YPVTJKT
`JV]IKO9JV9YGTTIKO9\PLJ`9JK9GQQJMKH9J^9HSP
^GLLIKO9RGHPVIGLT@9G9VPRJXG\LP9HJP9\JGVN9JV9HSP
PaMIXGLPKH9TSGLL9GLTJ9\P9YVJXINPNb9%SPK9HSP
JYPKIKO9IT9KJH9IK9MTP9^JV9SGKNLIKO9RGHPVIGLT@
HSP9OMGVNT9TSGLL9\P9]PYH9IK9YJTIHIJK9VPOGVNLPTT
J^9G9NJJV9JK9HSP9JYPKIKOb91K9GNNIHIJK@9G9OVG\
SGKNLP9TSGLL9\P9YVJXINPN9JK9PGQS9TINP9J^9HSP
JYPKIKOb9/SP9JYPKIKO9TSJMLN9SGXP9G9TILL9HSGH
YVJZPQHT9G\JXP9HSP9^LJJV9LPXPL9GH9LPGTH9.<9RRb
\W $hHPKTIJK9YLGH^JVR@9IKHJ9`SIQS9RGHPVIGLT9RG_
\P9SJITHPN9^JV9SGKNLIKO@9TSGLL9\P9J^9^MLL9LPKOHS
J^9 HSP9 JYPKIKO9 GKN9 TSGLL9 SGXP9 TINP9 VGILT9 JV
PaMIXGLPKH9OMGVNTb
R=Q=;=!($XPV_9QSMHP9`GLL9JYPKIKO9^VJR9`SIQS9HSPVP9IT9G
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
NVJY9J^9RJVP9HSGK9)9.CC9RR9TSGLL9\P9OMGVNPN9\_9JKP
JV9RJVP9J^9HSP9\GVVIPVT9TYPQI^IPN9IK9R=Q=;=19JV9GT9VPaMIVPN
\_9HSP9QJKNIHIJKTb
R=Q=<(!"#$%&'.#/()"#*(B-,,2
%SPKPXPV9 YVJZPQHIJKT9 QGKHILPXPV9 JMH9 J^9 HSP9 `GLLT@
HPRYJVGV_9 ^JVR`JV]9 TSGLL9 \P9 YVJXINPN9 ^JV9 TMQS
YVJZPQHIJKT9GKN9HSP9TGRP9TSGLL9KJH9\P9VPRJXPN9HILL9`GLLT
JXPV9HSP9YVJZPQHIKO9TLG\T9YVJXINIKO9THG\ILIH_9LJGN9GOGIKTH
JXPVHMVKIKO9GVP9QJRYLPHPL_9QJKTHVMQHPNb
R=R(-ATTAH(EF_FBLK(+>BCHI(WFPPCHI
R=R=1(D.)'./4(#)(?-'%".-,2()#"(6#/2'"+&'.#/
1RYLPRPKHT9MTPN9^JV9QGVV_IKO9RGHPVIGLT9HJ9HSP9HJY9J^
TQG^^JLNIKOT9TSGLL9\P9J^9GNPaMGHP9THVPKOHS9GKN9TSGLL9KJH
\P9JXPVLJGNPN9NMVIKO9HSP9`JV]b9%SPVP9`JV]PVT9SGXP
HJ9 `JV]9 \PLJ`9 TQG^^JLNIKOT9 JV9 LGNNPV@9 JXPVSPGN
YVJHPQHIJK9 GOGIKTH9 HSP9 ^GLLIKO9 RGHPVIGLT9 TSGLL9 \P
YVJXINPNb9+GVP9TSGLL9\P9HG]PK9IK9QGVV_IKO9LGVOP9\GVT@
VJNT@9PHQ@9NMVIKO9QJKTHVMQHIJK9J^9HSP9`GLLT9HJ9YVPXPKH
GK_9NGRGOP9HJ9YVJYPVH_9JV9IKZMV_9HJ9`JV]PVTb
R=R=!(;-+,-4%(#)(?-'%".-,2
R=R=!=19 1K9 QGTP9 J^9 YVPQGTH9 QJLMRKT@9 THPPL9 \PGRT@9 PHQ@
YVJYPV9YVPQGMHIJKT9TSGLL9\P9HG]PK9HJ9QJVVPQHL_9SGKNLP@
MTP9GKN9YJTIHIJK9HSPR9`IHS9HPRYJVGV_9GVVGKOPRPKH9J^
OM_T9HILL9OVJMHIKO9J^9HSP9\GTPb
R=R=!=!90GKILG9JV9TITGL9VJYP9TSGLL9KJH9\P9MTPN9IK9VGIK_
TPGTJK9^JV9SJITHIKO9J^9SPGX_9RGHPVIGLT9GT9HSP_9LJTP9HSPIV
THVPKOHS9`IHS9GLHPVKGHP9`PHHIKO9GKN9NV_IKOb
R=R=:(8,%&'.&-,(;-G-"02
2J9 TQG^^JLNIKO@9 LGNNPV@9 `JV]IKO9 YLGH^JVR@9 OGKO`G_
VMKT@9PHQ@9TSGLL9PhITH9`IHSIK9(9R9^VJR9GK_9MKIKTMLGHPN
PLPQHVIQ9`IVPb
R=R=;(:."%(;-G-"02
4GKO`G_T9GKN9HSP9OVJMKN9\PLJ`9HSP9TQG^^JLNIKO9TSGLL
\P9 ]PYH9 ^VPP9 ^VJR9 VPGNIL_9 QJR\MTHI\LP9 RGHPVIGLT
IKQLMNIKO9`GTHP9GKN9NV_9XPOPHGHIJK9GH9GLL9HIRPTb
%SPVP9PhHPKTIXP9MTP9J^9\LJ`9HJVQS9JV9JHSPV9^LGRP9IT
GKHIQIYGHPN9 TQG^^JLNIKOT@9 OGKO`G_T@9 PHQ@9 TSGLL9 \P
QJKTHVMQHPN9`IHS9^IVP9VPTITHGKH9RGHPVIGLTb969YJVHG\LP9NV_
YJ`NPV9 PhHIKOMITSPV9 J^9 (9 ]O9 QGYGQIH_9 TSGLL9 \P9 ]PYH
SGKN_b
R=R=<(?%&7-/.&-,(;-G-"02
+GVP9TSGLL9\P9HG]PK9HJ9TPP9HSGH9KJ9YGVH9J^9TQG^^JLNIKO9JV
`GLLT9IT9THVMQ]9\_9HVMQ]9JV9SPGX_9RJXIKO9PaMIYRPKH
GKN9 KJ9 RGHPVIGLT9 TSGLL9 \P9 NMRYPN9 GOGIKTH9 HSPR9 HJ
YVPXPKH9GK_9NGRGOPb9%SPK9TMQS9TQG^^JLNIKOT9GVP9IK9JV
KPGV9 G9 YM\LIQ9 HSJVJMOS^GVP@9 TM^^IQIPKH9 `GVKIKO9 LIOSHT
GKN9 \JGVNT9 TSGLL9 \P9 YVJXINPN9 JK9 HSP9 TQG^^JLNIKOT9 HJ
RG]P9HSPR9QLPGVL_9XITI\LP9HJ9HSP9YM\LIQb
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
R=R=2(:"-4.,%(?-'%".-,2
&MVIKO9OLGcIKO9JYPVGHIJKT@9GNPaMGHP9YVPQGMHIJKT9TSGLL
\P9HG]PK9HJ9PKTMVP9HSGH9HSP9^VGORPKHT9J^9^VGOILP9RGHPVIGLT
NJ9KJH9QGMTP9GK_9IKZMV_9HJ9`JV]PVT9JV9OPKPVGL9YM\LIQ9IK
HSGH9GVPG9\_9`G_9J^9YVJXINIKO9QJXPVIKO9HJ9TMQS9RGHPVIGL@
TINP9YVJHPQHIJK9GH9`JV]9TIHP@9PHQb
R=10(4AAOCHI
R=10=19 ,VPXPKHIJK9 J^9 GQQINPKHGL9 ^GLLIKO9 J^9 `JV]PVT
NMVIKO9 HSP9 QJKTHVMQHIJK9 J^9 VJJ^T9 TSGLL9 \P9 PKTMVPN9 \_
YVJXINIKO9YLGH^JVRT@9QGHQS9VJYPT@9PHQb91^9HSP9RGHPVIGLT
GVP9HJ9\P9SJITHPN9^VJR9HSP9OVJMKN9LPXPL9HJ9HSP9VJJ^9LPXPL@
GNPaMGHP9YVPQGMHIJKT9TSGLL9\P9HG]PK9\_9`G_9J^9QJVVPQH
HPQSKIaMP9J^9SGKNLIKO@9SJITHT9J^9TM^^IQIPKH9THVPKOHS9HJ
QGHPV9 ^JV9 HSP9 aMGKHIH_9 J^9 THJVPT9 HJ9 \P9 SJITHPN9 GKN
YVPXPKHIJK9 J^9 JXPVLJGNIKO9 TMQS9 SJITHT9 JV9 \MQ]PHT@
YVPXPKHIJK9J^9JXPVHMVKIKO9J^9SJITHT9JV9\MQ]PHTb9%SPVP
IK9G9RMLHIgTHJVP_PN9\MILNIKO@9HSP9^LJJV9J^9JKP9THJVP_9IT
HJ9\P9MTPN9^JV9THJVGOP9J^9RGHPVIGLT9^JV9HSP9QJKTHVMQHIJK
J^9VJJ^T@9IH9TSGLL9\P9PKTMVPN9HSGH9HSP9aMGKHMR9J^9THJVPT
]PYH9JK9HSP9^LJJV9GLJKO9`IHS9HSP9LJGN9NMP9HJ9YPVTJKKPL
PKOGOPN9IK9HSP9QJKTHVMQHIJK9`JV]9TSGLL9KJH9PhQPPN9HSP
VGHPN9QGYGQIH_9J^9HSP9^LJJVTb
R=10=!( %SILP9 VJJ^IKO9 `JV]9 IT9 \PIKO9 NJKP9 `IHS
QJVVMOGHPN9OGLXGKIcPN9IVJK9JV9GT\PTHJT9QPRPKH9TSPPHT@
IH9TSGLL9\P9PKTMVPN9HSGH9ZJIKHT9GVP9]PYH9TPQMVPN9IK9YJTIHIJK
GKN9NJ9KJH9TLIY@9HSMT9QGMTIKO9IKZMV_9HJ9`JV]PVTb9%JV]PVT
TSJMLN9KJH9\P9GLLJ`PN9HJ9`GL]9JK9GT\PTHJT9QPRPKH9TSPPHT
\MH9 TSJMLN9 \P9 YVJXINPN9 `IHS9 `GL]IKO9 \JGVNTb9 %SILP
`JV]IKO9`IHS9HILPT@9IH9TSGLL9\P9PKTMVPN9HSGH9HSP_9GVP9KJH
]PYH9LJJTP9JK9HSP9VJJ^9TIHP9VPTMLHIKO9IK9^GLLIKO9J^9HILPT
JK9`JV]PVT9IK9LJ`PV9GVPGb91K9TLJYPT9J^9RJVP9HSGK9(Co9HJ
HSP9SJVIcJKHGL@9HSP9`JV]PVT9TSGLL9MTP9LGNNPVT9JV9JHSPV
TG^PH_9NPXIQPT9HJ9`JV]9JK9HSP9VJJ^b
R=10=:91^9GK_9OLGTT9`JV]9IT9HJ9\P9QGVVIPN9JMH9IK9HSP9VJJ^@
IH9 TSGLL9 \P9 PKTMVPN9 HSGH9 IKZMV_9 HJ9 YGTTPV\_9 NMP9 HJ
\VPG]IKO9J^9OLGTT9IT9YVPXPKHPNb9&MVIKO9`PH9QJKNIHIJKT@
HSP9`JV]PVT9TSGLL9\P9GLLJ`PN9HJ9YVJQPPN9HJ9`JV]9JK9G
TLJYIKO9VJJ^@9JKL_9I^9HSP9PKOIKPPVgIKgQSGVOP9SGT9TGHIT^IPN
SIRTPL^9HSGH9HSP9`JV]PVT9GVP9KJH9LI]PL_9HJ9TLIY9NMP9HJ
`PH9QJKNIHIJKTb
R=10=;(:,-'(>##)
1K9 GK_9 H_YP9 J^9 ^LGH9 VJJ^9 QJKTHVMQHIJK@9 GK_9 ^JVR`JV]
YVJXINPN9TSGLL9\P9YVJYPVL_9NPTIOKPN9GKN9PhPQMHPN9HJ
PKTMVP9 HSGH9 IH9 NJPT9 KJH9 QJLLGYTP9 NMVIKO9 QJKTHVMQHIJKb
&MVIKO9GQHMGL9QJKTHVMQHIJK9J^9VJJ^@9^VPaMPKH9IKTYPQHIJK
J^9HSP9^JVR`JV]9TSGLL9\P9QGVVIPN9JMH9HJ9PKTMVP9HSGH9KJ
NGRGOP9SGT9JQQMVVPN9HJ9IHb
R=10=<9%SILP9MTIKO9VPIK^JVQPRPKH9IK9VJJ^T@9IH9TSGLL9\P
PKTMVPN9HSGH9PKJMOS9`GL]IKO9YLGH^JVRT9GVP9YVJXINPN9IK
HSP9VPIK^JVQPRPKH9GVPG9HJ9PKTMVP9TG^P9`GL]IKO9HJ9HSP
QJKQVPHIKO9GVPGb93JJTP9`IVPT9GKN9MKYVJHPQHPN9VJN9PKNT
TSGLL9\P9GXJINPNb
;1
R=10=2(=+-"0./4(#)(:,##"(<1%/./42(-/0(:,##"(;#,%2
R=10=2=19 $XPV_9 HPRYJVGV_9 ^LJJV9 JYPKIKO9 TSGLL9 SGXP
VGILIKOT@9JV9TSGLL9\P9QJKTHGKHL_9GHHPKNPN9\_9TJRPJKPb
$XPV_9^LJJV9SJLP9IKHJ9`SIQS9YPVTJKT9QGK9GQQINPKHGLL_
^GLL9TSGLL9\P9OMGVNPN9\_9PIHSPV@
GW G9VGILIKO9`IHS9HJP9\JGVN9JK9GLL9PhYJTPN9TINPT[
JV
\W G9^LJJV9SJLP9QJXPV9J^9GNPaMGHP9THVPKOHS9GKN9IH
TSJMLN9\P9SIKOPN9IK9YLGQPb9%SPK9HSP9QJXPV9IT
KJH9IK9YLGQP@9HSP9^LJJV9SJLP9TSGLL9\P9QJKTHGKHL_
GHHPKNPN9\_9TJRPJKP9JV9TSGLL9\P9YVJHPQHPN9\_
G9VPRJXG\LP9VGILIKOb
R=10=2=!9$XPV_9THGIV`G_9^LJJV9JYPKIKO9TSGLL9\P9OMGVNPN
\_9G9VGILIKO9JK9GLL9PhYJTPN9TINPT@9PhQPYH9GH9PKHVGKQP9HJ
THGIV`G_b9$XPV_9LGNNPV9`G_9^LJJV9JYPKIKO9JV9YLGH^JVR
TSGLL9\P9OMGVNPN9\_9G9OMGVN9VGILIKO9`IHS9HJP9\JGVN9JK
GLL9PhYJTPN9TINPT9UPhQPYH9GH9PKHVGKQP9HJ9JYPKIKOW@9`IHS
HSP9YGTTGOP9HSVJMOS9HSP9VGILIKO9PIHSPV9YVJXINPN9`IHS9G
T`IKOIKO9OGHP9JV9TJ9J^^TPH9HSGH9G9YPVTJK9QGKKJH9`GL]
NIVPQHL_9IKHJ9HSP9JYPKIKOb
R=10=2=:(=+-"0./4(#)(#1%/I2.0%(),##"2(-/0(1,-')#"*
$XPV_9JYPKgTINPN9^LJJV9JV9YLGH^JVR9)9.CC9RR9JV9RJVP
G\JXP9GNZGQPKH9^LJJV9JV9OVJMKN9LPXPL9TSGLL9\P9OMGVNPN
\_9G9VGILIKO9UJV9HSP9PaMIXGLPKHW9JK9GLL9JYPK9TINPT@9PhQPYH
`SPVP9 HSPVP9 IT9 PKHVGKQP9 HJ9 VGRY@9 THGIVg`G_@9 JV9 ^IhPN
LGNNPVb9/SP9VGILIKO9TSGLL9\P9YVJXINPN9`IHS9G9HJP9\JGVN
\PKPGHS9HSP9JYPK9TINPT9`SPVPXPV@
GW YPVTJKT9RG_9YGTT[
\W HSPVP9IT9RJXIKO9RGQSIKPV_[9JV
QW HSPVP9IT9PaMIYRPKH9`IHS9`SIQS9^GLLIKO9RGHPVIGLT
QJMLN9QVPGHP9G9SGcGVNb
!JV9 NPHGILPN9 IK^JVRGHIJK@9 VP^PVPKQP9 RG_9 \P9 RGNP9 HJ
OJJN9YVGQHIQP9k-U(.Wlb
R=11(#LLC?CAHFP(6FON?D(4N[>CBNTNH?K(OAB(.BNM?CAH
AO( -AHMBN?N9 /BFTNL( 6?B>M?>BNK( aECI@b4CKN
)>CPLCHIK]
R=11=1(;-/0,./4(#)(!,-/'
R=11=1=19?.S%"2
6LL9OPGVT@9QSGIKT9GKN9VJLLPVT9J^9RIhPVT9TSGLL9\P9YVJYPVL_
OMGVNPNb91^9HSP9RIhPV9SGT9G9QSGVOIKO9T]IY9HSP9JYPVGHJV
TSGLL9PKTMVP9HSGH9HSP9`JV]PVT9GVP9JMH9J^9NGKOPV9\P^JVP
HSP9T]IY9IT9LJ`PVPNb9#GILIKOT9TSGLL9\P9YVJXINPN9JK9HSP
OVJMKN9HJ9YVPXPKH9GK_JKP9`GL]IKO9MKNPV9HSP9T]IY9`SILP
IH9IT9\PIKO9LJ`PVPNb
6LL9 QG\LPT@9 QLGRYT@9 SJJ]T@9 `IVP9 VJYPT@9 OPGVT9 GKN
QLMHQSPT@9PHQ@9J^9HSP9RIhPV@9TSGLL9\P9QSPQ]PN9GKN9QLPGKPN@
JILPN9GKN9OVPGTPN@9GKN9TPVXIQPN9JKQP9G9`PP]b969HVIGL
VMK9 J^9 HSP9 RIhPV9 TSGLL9 \P9 RGNP9 GKN9 NP^PQHT9 TSGLL9 \P
VPRJXPN9\P^JVP9JYPVGHIKO9G9RIhPVb
;!
%SPK9 `JV]PVT9 GVP9 QLPGKIKO9 HSP9 IKTINP9 J^9 HSP9 NVMRT@
JYPVGHIKO9YJ`PV9J^9HSP9RIhPV9TSGLL9\P9LJQ]PN9IK9HSP9J^^
YJTIHIJK9GKN9GLL9^MTPT9TSGLL9\P9VPRJXPN9GKN9G9TMIHG\LP
KJHIQP9SMKO9GH9HSP9YLGQPb
R=11=1=!96"-/%2
+VGKP9VGILT9`SPVP9MTPN9TSGLL9\P9IKTHGLLPN9JK9^IVR9OVJMKN
GKN9TSGLL9\P9YVJYPVL_9TPQMVPNb91K9QGTP9J^9HJ`PV9QVGKPT@
IH9TSGLL9\P9PKTMVPN9HSGH9HSP9LPXPL9NI^^PVPKQP9\PH`PPK9HSP
H`J9VGILT9VPRGIKT9`IHSIK9HSP9LIRIHT9YVPTQVI\PN9\_9HSP
RGKM^GQHMVPV9HJ9TG^POMGVN9GOGIKTH9HJYYLIKO9J^9HSP9QVGKPb
#PaMIVPRPKHT9 ^JV9 HJ`PV9 QVGKPT9 GT9 OIXPK9 IK9 5=:9 TSGLL
GLTJ9\P9QJRYLIPN9`IHSb
$LPQHVIQGL9`IVIKO9`SIQS9QGK9YJTTI\L_9HJMQS9HSP9QVGKP
JV9GK_9RPR\PV9\PIKO9LI^HPN9TSGLL9\P9VPRJXPN@9JV9RGNP
NPGN9 \_9 VPRJXIKO9 HSP9 QJKHVJLLIKO9 ^MTPT9 GKN9 IK9 HSPIV
G\TPKQP9QJKHVJLLIKO9T`IHQSPTb
6LL9YVGQHIQGL9THPYT9TSGLL9\P9HG]PK9HJ9YVPXPKH9HSP9QVGKPT
\PIKO9 JYPVGHPN9 IK9 NGKOPVJMT9 YVJhIRIH_9 HJ9 G9 LIXP
JXPVSPGN9YJ`PV9LIKPb91K9YGVHIQMLGV@9KJ9RPR\PV9J^9HSP
QVGKP9 TSGLL9 \P9 YPVRIHHPN9 HJ9 GYYVJGQS9 `IHSIK9 HSP
RIKIRMR9TG^PH_9NITHGKQPT9GT9LGIN9NJ`K9IK9Q=!=!:(UGWb
1^9 IH9 \PQJRPT9 KPQPTTGV_9 HJ9 JYPVGHP9 HSP9 QVGKPT9 `IHS
QLPGVGKQPT9LPTT9HSGK9HSJTP9TYPQI^IPN9G\JXP@9IH9TSGLL9\P
PKTMVPN9HSGH9HSP9JXPVSPGN9YJ`PV9LIKPT9TSGLL9IKXGVIG\L_
\P9TSMH9J^^9NMVIKO9HSP9YPVIJN9J^9JYPVGHIJK9J^9QVGKPTb
3JQGHIJK9J^9GK_9MKNPVOVJMKN9YJ`PV9QG\LPT9IK9HSP9GVPG
J^9 JYPVGHIJK9 TSGLL9 GLTJ9 \P9 GTQPVHGIKPN9 GKN9 KPQPTTGV_
TG^PH_9YVPQGMHIJKT9TSGLL9\P9HG]PKb
+VGKPT9TSGLL9KJH9\P9MTPN9GH9G9TYPPN9`SIQS9QGMTPT9HSP
\JJR9HJ9T`IKOb
69QVGKP9TSGLL9\P9HSJVJMOSL_9PhGRIKPN9GH9LPGTH9JKQP9IK9G
YPVIJN9J^9=9RJKHST9\_9G9QJRYPHPKH9YPVTJK9`SJ9TSGLL
VPQJVN9G9QPVHI^IQGHP9J^9HSP9QSPQ]b
/SP9JYPVGHJV9J^9HSP9QVGKP9TSGLL9^JLLJ`9HSP9TG^P9VPGQS9J^
HSP9QVGKP9GT9TSJ`K9\_9HSP9RGKM^GQHMVPVb
2J9YPVTJK9TSGLL9\P9LI^HPN9JV9HVGKTYJVHPN9\_9HSP9QVGKP
JK9IHT9SJJ]9JV9\JJRb
/JP9\JGVNT9GKN9LIRIH9THJYT9TSJMLN9\P9YVJXINPN9^JV9`SPPL
\GVVJ`T9JK9HSP9LJGNIKOdMKLJGNIKO9YLGH^JVRTb90GHPVIGL
TSJMLN9\P9LJGNPN9TPQMVPL_9`IHS9KJ9YVJZPQHIJKTb
+JKQVPHP9 \MQ]PHT9 SGKNLPN9 \_9 QVGKP9 JV9 JXPVSPGN
QG\LP`G_9TSGLL9\P9TMTYPKNPN9^VJR9NPPY9HSVJGHPN9SJJ]T@
YVP^PVG\L_9PaMIYYPN9`IHS9T`IXPL9GKN9TG^PH_9LGHQSb91K
HSP9QJKQVPHP9\MQ]PHT@9\JHS9\JHHJR9NVJY9H_YP9GKN9TINP
NVJY9H_YP@9QLJTIKO9GKN9LJQ]IKO9J^9HSP9PhIH9NJJV9J^9HSP
\MQ]PH9TSGLL9GL`G_T9\P9QSPQ]PN9\_9HSP9RGKgIKgQSGVOP
J^9LJGNIKO9QJKQVPHP9IK9HSP9\MQ]PH9HJ9GXJIN9GQQINPKHGL
JYPKIKO9 J^9 HSP9 PhIH9 NJJV9 GKN9 QJKTPaMPKH9 ^GLLIKO9 J^
QJKQVPHPb
1KHPVLJQ]IKO9JV9JHSPV9TG^PH_9NPXIQPT9TSJMLN9\P9IKTHGLLPN
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
GH9 GLL9 THJYYIKO9 YJIKHT9 J^9 HSP9 SJITHTb9 /SP9 SJITHT9 TSG^H
`G_9TSJMLN9\P9^PKQPN9YVJYPVL_b
%SPK9HSP9\MQ]PH9JV9JHSPV9RPR\PVT9\PIKO9LI^HPN9GVP9JMH
J^9 TIOSH9 J^9 HSP9 QVGKP9 JYPVGHJV@9 G9 TIOKGLRGK9 TSGLL9 \P
YJTHPN9IK9QLPGV9XIP`9J^9HSP9VPQPIXIKO9GVPG9GKN9HSP9QVGKP
JYPVGHJVb
69THGKNGVN9QJNP9J^9SGKN9TIOKGLT9TSGLL9\P9GNJYHPN9IK
QJKHVJLLIKO9HSP9RJXPRPKHT9J^9HSP9QVGKP@9GKN9\JHS9HSP
NVIXPV9 GKN9 HSP9 TIOKGLLPV9 TSGLL9 \P9 HSJVJMOSL_9 ^GRILIGV
`IHS9HSP9TIOKGLTb
/SP9NVIXPV9J^9HSP9QVGKP9TSGLL9VPTYJKN9HJ9TIOKGLT9JKL_
^VJR9HSP9GYYJIKHPN9TIOKGLPV9\MH9TSGLL9J\P_9THJY9TIOKGL
GH9GK_9HIRP9KJ9RGHHPV9`SJ9OIXPT9IHb
1^9G9HVGXPLLIKO9OGKHV_9QVGKP9IT9JYPVGHIKO9JXPV9QGTHIKO
\PNT@9 G9 `GVKIKO9 TIOKGL9 `SIQS9 TJMKNT9 GMHJRGHIQGLL_
NMVIKO9HVGXPL9TSJMLN9\P9YVJXINPN9HJ9GXJIN9GQQINPKHT9HJ
`JV]PVT9QVJTTIKO9JV9THGKNIKO9IK9HSP9YGHS9J^9HSP9RJXIKO
LJGNTb
R=11=1=:(5"+&C2
%SPK9HVMQ]T9GVP9\PIKO9MTPN9JK9HSP9TIHP@9HVG^^IQ9YVJ\LPRT
TSGLL9 \P9 HG]PK9 QGVP9 J^b9 69 VPGTJKG\L_9 TRJJHS9 HVG^^IQ
TMV^GQP9TSGLL9\P9YVJXINPNb91^9YVGQHIQG\LP@9G9LJJY9VJGN
TSGLL9 \P9 YVJXINPN9 HJ9 YPVRIH9 QJKHIKMJMT9 JYPVGHIJK9 J^
XPSIQLPT9GKN9HJ9PLIRIKGHP9HSPIV9\GQ]IKOb91^9G9QJKHIKMJMT
LJJY9 IT9 KJH9 YJTTI\LP@9 G9 HMVKJMH9 TSGLL9 \P9 YVJXINPNb
BGQ]IKO9JYPVGHIJKT9TSGLL9\P9QJKHVJLLPN9\_9G9TIOKGLRGK
YJTIHIJKPN9TJ9GT9HJ9SGXP9G9QLPGV9XIP`9J^9HSP9GVPG9\PSIKN
HSP9HVMQ]9GKN9HJ9\P9QLPGVL_9XITI\LP9HJ9HSP9HVMQ]9NVIXPVb
0JXPRPKH9J^9`JV]PVT9GKN9YLGKH9TSGLL9\P9VJMHPN9HJ9GXJIN
QVJTTIKO@9GT9RMQS9GT9YJTTI\LP@9HSP9HVMQ]9LGKPTb
R=11=1=;(6#/&"%'%(1+*12(LH."(&#*1"%22#"(#1%"-'%0M
*G^PH_9VPaMIVPRPKHT9IK9GQQJVNGKQP9`IHS9OJJN9YVGQHIQP
k-U((Wl9TSGLL9\P9^JLLJ`PNb
R=11=!(:#"*K#"C
R=11=!=19!JVR`JV]9TSGLL9\P9NPTIOKPN9G^HPV9HG]IKO9IKHJ
QJKTINPVGHIJK9TYGKT@9TPHHIKO9HPRYPVGHMVP9J^9QJKQVPHP@
NPGN9LJGN9GKN9`JV]IKO9LJGN9HJ9\P9TMYYJVHPN9GKN9TG^PH_
^GQHJV9^JV9HSP9RGHPVIGLT9MTPN9^JV9^JVR`JV]9s2%%(-,2#
`IHS9OJJN9YVGQHIQP9k-U.=Wltb
R=11=!=!9 6LL9 HIR\PV9 ^JVR`JV]9 TSGLL9 \P9 QGVP^MLL_
IKTYPQHPN9\P^JVP9MTP9GKN9RPR\PVT9SGXIKO9QVGQ]T9GKN
PhQPTTIXP9]KJHT9TSGLL9\P9NITQGVNPNb
R=11=!=:96T9HIR\PV9QPKHPVIKO9MTMGLL_9HG]PT9GK9IKIHIGL9TPH
`SPK9 XPVHIQGL9 LJGN9 IT9 GYYLIPN@9 HSP9 NPTIOK9 J^9 HSIT
QPKHPVIKO9TSGLL9RG]P9GLLJ`GKQP9^JV9HSIT9^GQHJVb
R=11=!=;9 /SP9 XPVHIQGL9 TMYYJVHT9 TSGLL9 \P9 GNPaMGHPL_
\VGQPN9JV9JHSPV`ITP9TPQMVPN9IK9YJTIHIJK9HSGH9HSPTP9NJ
KJH9^GLL9`SPK9HSP9LJGN9OPHT9VPLPGTPN9JV9HSP9TMYYJVHT9GVP
GQQINPKHL_9SIHb
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
R=11=!=<( /M\MLGV9 THPPL9 QPKHPVIKO9 TSGLL9 \P9 MTPN9 IK
GQQJVNGKQP9`IHS9HSP9RGKM^GQHMVPVjT9IKTHVMQHIJKTb9%SPK
HM\MLGV9 THPPL9 GKN9 HIR\PV9 QPKHPVIKO9 IT9 HJ9 \P9 MTPN9 IK
QJR\IKGHIJK9 KPQPTTGV_9 YVPQGMHIJKT9 TSGLL9 \P9 HG]PK9 HJ
GXJIN9GK_9MKPaMGL9TPHHLPRPKH9MKNPV9LJGNb
R=11=!=2969HSJVJMOS9IKTYPQHIJK9J^9HM\MLGV9THPPL9QPKHPVIKO
IT9KPQPTTGV_9\P^JVP9IHT9PVPQHIJK9GKN9RPR\PVT9TSJ`IKO
PXINPKQP9J^9PhQPTTIXP9VPTHIKO@9]IK]T@9NPKHT9JV9NGRGOPN
`PLNT9TSGLL9\P9NITQGVNPNb9BMQ]LPN9JV9\VJ]PK9RPR\PVT
TSGLL9\P9VPYLGQPNb9+GVP9TSGLL9GLTJ9\P9HG]PK9HSGH9LJQ]IKO
NPXIQPT9GVP9IK9OJJN9`JV]IKO9JVNPV9GKN9HSGH9QJMYLIKO
YIKT9GVP9P^^PQHIXPL_9GLIOKPN9HJ9^VGRPTb
R=11=!=59 6^HPV9 GTTPR\LIKO9 HSP9 \GTIQ9 MKIH@9 GNZMTHRPKH
TQVP`T9TSGLL9\P9TPH9HJ9HSPIV9GYYVJhIRGHP9^IKGL9GNZMTHRPKH
GKN9 HSP9 MKIH9 TSGLL9 \P9 LPXPL9 GKN9 YLMR\9 TJ9 HSGH9 `SPK
GNNIHIJKGL9 ^VGRPT9 GVP9 IKTHGLLPN9 HSP9 HJ`PV9 TSGLL9 \P9 IK
LPXPL9 GKN9 YLMR\b9 /SP9 QPKHPVIKO9 ^VGRPT9 TSGLL9 \P9 HIPN
HJOPHSPV9`IHS9TM^^IQIPKH9\VGQPT9HJ9RG]P9G9VIOIN9GKN9TJLIN
MKIHb91H9TSGLL9\P9PKTMVPN9HSGH9THVMHT9GKN9NIGOJKGLT9\VGQPT
GVP9IK9YVJYPV9YJTIHIJK9GKN9GVP9TPQMVPN9TJ9HSGH9^VGRPT
NPXPLJY9 ^MLL9 LJGN9 QGVV_IKO9 QGYGQIH_b9 6T9 PVPQHIJK
YVJOVPTTPT@9GLL9QJKKPQHIKO9NPXIQPT9TSGLL9\P9IK9YLGQP9GKN
TSGLL9\P9^GTHPKPN9^JV9^MLL9THG\ILIH_9J^9ZJIKHT9GKN9MKIHTb
R=11=!=Q91K9QGTP9J^9HIR\PV9YJTHT@9XPVHIQGL9ZJIKHT9TSGLL9\P
YVJYPVL_9NPTIOKPNb9/SP9QJKKPQHIJKT9TSGLL9KJVRGLL_9\P
`IHS9\JLHT9GKN9KMHTb98TP9J^9VMTHPN9JV9TYJILPN9HSVPGNPN
\JLHT9GKN9KMHT9TSGLL9\P9GXJINPNb
R=11=!=R98KLPTT9HSP9HIR\PV9QPKHPVIKO9IT9TMYYJVHPN9\_9G
RGKM^GQHMVPVjT9QPVHI^IQGHP9G\JMH9HSP9LJGNT9IH9QGK9THGKN@
QPKHPVIKO9TSGLL9\P9NPTIOKPN9\_9G9QJRYPHPKH9PKOIKPPVb
R=11=!=109+PKHPVIKO9LG_JMH9TSGLL9\P9RGNP9\_9G9aMGLI^IPN
PKOIKPPV9 GKN9 TSGLL9 \P9 THVIQHL_9 ^JLLJ`PNb9 /SP9 \PGVIKO
QGYGQIH_9 J^9 HSP9 TJIL9 TSGLL9 \P9 ]PYH9 IK9 XIP`9 ^JV9 PXPV_
QPKHPVIKO9ZJ\b9/SP9P^^PQH9J^9`PGHSPV9QJKNIHIJKT9GT9NV_
QLG_9RG_9\PQJRP9XPV_9YLGTHIQ9G^HPV9G9VGIK^GLL9GKN9TSJ`
RGV]PN9NPQVPGTP9IK9IHT9\PGVIKO9QGYGQIH_b
R=11=!=119*ILLT9MKNPV9HSP9TMYYJVHT9TSGLL9\P9TPH9JK9^IVR
TJIL9JV9JHSPV9TMIHG\LP9RGHPVIGL9IK9G9YGHHPVK9`SIQS9GTTMVPT
GNPaMGHP9THG\ILIH_9^JV9GLL9YVJYTb9+GVP9TSGLL9\P9HG]PK9KJH
HJ9NITHMV\9HSP9TJIL9MKNPV9HSP9TMYYJVHTb96NPaMGHP9NVGIKGOP
TSGLL9\P9YVJXINPN9HJ9NVGIK9G`G_9`GHPV9QJRIKO9NMP9HJ
VGIKT@9 `GTSIKO9 J^9 ^JVRT9 JV9 NMVIKO9 HSP9 QMVIKO9 J^9 HSP
QJKQVPHP9HJ9GXJIN9TJ^HPKIKO9J^9HSP9TMYYJVHIKO9TJIL9THVGHGb
R=11=!=1!9 6LL9 QPKHPVIKO9 TSGLL9 \P9 ^IKGLL_@9 IKTYPQHPN9 HJ
PKTMVP9HSGH@
GW ^JJHIKOT9 JV9 TILLT9 MKNPV9 PXPV_9 YJTH9 J^9 HSP
QPKHPVIKO9GVP9TJMKNb
\W GLL9 LJ`PV9 GNZMTHRPKH9 TQVP`T9 JV9 `PNOPT9 GVP
TMKO9GOGIKTH9HSP9LPOT9J^9HSP9YGKPLTb
QW GLL9MYYPV9GNZMTHRPKH9TQVP`T9JV9SPGNT9J^9ZGQ]T
GVP9IK9^MLL9QJKHGQH9`IHS9HSP9^JVR`JV]b
;:
 NW YGKPLT9GVP9YLMR\9IK9\JHS9NIVPQHIJKTb
PW GLL9 QVJTT9 \VGQPT9 GVP9 IK9 YLGQP9 GKN9 LJQ]IKO
NPXIQPT9GVP9IK9QLJTPN9GKN9TPQMVP9YJTIHIJKb
^W 1K9QGTP9J^9677-$-29GKN9\GLQJKIPT@9HSP9YVJYT
TSGLL9\P9GNPaMGHP9HJ9HVGKT^PV9HSP9LJGN9HJ9HSP
TMYYJVHIKO9YJIKHb
R=11=!=1:9&MVIKO9YJMVIKO9J^9HSP9QJKQVPHP@9HSP9QPKHPVIKO
TSGLL9 \P9 QJKTHGKHL_9 IKTYPQHPN9 GKN9 THVPKOHSPKPN@9 I^
VPaMIVPN@9`PNOPT9\PLJ`9HSP9XPVHIQGL9TMYYJVHT9HIOSHPKPN
GKN9GNZMTHRPKH9TQVP`T9YVJYPVL_9GNZMTHPN9GT9KPQPTTGV_b
6NPaMGHP9YVJHPQHIJK9J^9QPKHPVIKO9TSGLL9\P9TPQMVPN9^VJR
RJXIKO9XPSIQLPT9JV9T`IKOIKO9LJGNTb
%SILP9YJMVIKO9QJKQVPHP@9IH9TSJMLN9\P9YLGQPN9IK9TMQS9G
RGKKPV9 HSGH9 HSP9 LJGN9 TSJMLN9 \P9 HVGKTRIHHPN9 HJ9 HSP
TMYYJVH9J^9^JVR`JV]9MKI^JVRL_9`IHSJMH9QGMTIKO9SIOS
PQQPKHVIQ9LJGNb
+GMHIJK9 TSGLL9 \P9 PhPVQITPN9 HJ9 GXJIN9 SPGY9 THJVGOP9 J^
\VIQ]TdTGKN9IK9VJJ^d^LJJV9TLG\9GT9IH9RG_9LPGN9HJ9^GILMVP
J^9TLG\b
R=11=!=1;9!JVRT9TSGLL9KJH9\P9VPRJXPN9PGVLIPV9HSGK9GT
LGIN9NJ`K9IK9HSP9TYPQI^IQGHIJKT9GKN9MKHIL9IH9IT9QPVHGIK
HSGH9HSP9QJKQVPHP9SGT9NPXPLJYPN9TM^^IQIPKH9THVPKOHS9HJ
TMYYJVH9IHTPL^9GKN9GLL9LJGNT9HSGH9`ILL9\P9IRYJTPN9JK9IHb
"KL_9 `JV]PVT9 GQHMGLL_9 PKOGOPN9 IK9 VPRJXIKO9 HSP
^JVR`JV]9 TSGLL9 \P9 GLLJ`PN9 IK9 HSP9 GVPG9 NMVIKO9 HSPTP
JYPVGHIJKTb9/SJTP9PKOGOPN9IK9VPRJXIKO9HSP9^JVR`JV]
TSGLL9`PGV9SPLRPHT@9OLJXPT9GKN9SPGX_9TJLPN9TSJPT9GKN
GYYVJXPN9TG^PH_9\PLHT9I^9GNPaMGHP9^JJHIKO9IT9KJH9YVJXINPN
G\JXP9 .9 R9 LPXPLb9 %SILP9 QMHHIKO9 GK_9 H_IKO9 `IVPT9 IK
HPKTIJK@9QGVP9TSGLL9\P9HG]PK9HJ9YVPXPKH9\GQ]LGTS9`SIQS
RIOSH9SIH9G9`JV]RGKb
R=11=!=1;=19/SP9YGVHIQMLGV9JVNPV9IK9`SIQS9HSP9TMYYJVHT
GVP9HJ9\P9NITRGKHLPN9TSJMLN9\P9^JLLJ`PN9GQQJVNIKO9HJ
HSP9IKTHVMQHIJKT9J^9HSP9TIHP9PKOIKPPVb
R=11=:(>-*12(-/0(=-/4K-E2
R=11=:=19 #GRYT9 GKN9 OGKO`G_T9 TSGLL9 \P9 J^9 GNPaMGHP
THVPKOHS9GKN9PXPKL_9TMYYJVHPNb9/SP_9TSGLL9PIHSPV9SGXP
G9TM^^IQIPKHL_9^LGH9TLJYP9JV9TSGLL9SGXP9QLPGHT9^IhPN9HJ9HSP
TMV^GQP9 HJ9 YVPXPKH9 TLIYYIKO9 J^9 `JV]PVTb9 #GRYT9 GKN
OGKO`G_T9TSGLL9\P9]PYH9^VPP9^VJR9OVPGTP@9RMN@9TKJ`9JV
JHSPV9TLIYYIKO9SGcGVNT9JV9JHSPV9J\THVMQHIJKT9LPGNIKO9HJ
HVIYYIKO9GKN9GQQINPKHGL9^GLL9J^9G9`JV]RGKb
R=11=:=1=19#GRYT9GKN9OGKO`G_T9RPGKH9^JV9HVGKTYJVHIKO
RGHPVIGLT9TSGLL9SGXP9PXPK9TMV^GQP9GKN9\P9J^9TM^^IQIPKH
`INHS9GKN9YVJXINPN9`IHS9T]IVH9\JGVNT9JK9JYPK9TINPTb
R=11=;(?-'%".-,2(;#.2'2
R=11=;=19/SP9SJITH9TSJMLN9\P9PVPQHPN9JK9G9^IVR9\GTP@
GNPaMGHPL_9 TMYYJVHPN9 GKN9 TPQMVPNb9 6LL9 RGHPVIGLT
TMYYJVHIKO9 HSP9 SJITH9 TSGLL9 \P9 GYYVJYVIGHPL_9 NPTIOKPN
GKN9THVJKO9PKJMOS9^JV9HSP9`JV]9IKHPKNPN9GKN9^VPP9^VJR
NP^PQHTb
;;
R=11=;=!9/SP9TIcP9J^9HSP9NVMR9TSGLL9RGHQS9HSP9TIcP9J^
HSP9VJYPb92JH9LPTT9HSGK9H`J9^MLL9HMVKT9J^9VJYP9TSGLL9VPRGIK
JK9 HSP9 NVMR9 GH9 GLL9 HIRPTb9 #JYPT9 TSGLL9 \P9 TPQMVPL_
GHHGQSPN9HJ9HSP9NVMRb
R=11=;=:96LL9VJYPT@9QSGIKT9GKN9JHSPV9LI^HIKO9OPGV9TSGLL
\P9YVJYPVL_9RGNP9J^9TJMKN9RGHPVIGLT@9^VPP9^VJR9NP^PQHT
GKN9THVJKO9PKJMOS9^JV9HSP9`JV]9IKHPKNPNb9/SP_9TSGLL
\P9PhGRIKPN9\_9G9QJRYPHPKH9YPVTJK9`SJ9TSGLL9QLPGVL_
QPVHI^_9 HSP9 TG^P9 `JV]IKO9 LJGN9 JK9 PGQS9 IHPR9 GKN9 HSP
T_THPRb
R=11=;=;9AJITH`G_T9TSGLL9\P9YVJHPQHPN9\_9G9TM\THGKHIGL
PKQLJTMVP9 GH9 OVJMKN9 LPXPL@9 GH9 GLL9 GQQPTT9 YJIKHT9 GKN
`SPVPXPV9YPVTJKT9RG_9\P9THVMQ]9\_9GK_9RJXIKO9YGVHb
R=11=;=<94GHPT9GH9GQQPTT9YJIKHT9TSJMLN9\P9GH9LPGTH9.9R
SIOS@9`SPVPXPV9YJTTI\LPb94GHPT9TSGLL9\P9]PYH9QLJTPN9GH
GLL9 HIRPT9 PhQPYH9 `SPK9 VPaMIVPN9 JYPK9 ^JV9 IRRPNIGHP
RJXPRPKH9J^9RGHPVIGLT9GH9HSGH9LGKNIKO9YLGQPb
R=11=;=29 6LL9 OGHPT9 TSGLL9 \P9 ^IHHPN9 `IHS9 PLPQHVJKIQ9 JV
RPQSGKIQGL9IKHPVLJQ]T9HJ9YVPXPKH9RJXPRPKH9J^9HSP9SJITH
IK9HSP9PXPKH9J^9G9OGHP9\PIKO9JYPKPNb
R=11=;=59%IKQSPT9MTPN9^JV9SJITHT9TSGLL9\P9TJ9QJKTHVMQHPN
HSGH9G9\VG]P9IT9GYYLIPN9`SPK9HSP9QJKHVJL9LPXPV9JV9T`IHQS
IT9 KJH9 SPLN9 IK9 HSP9 JYPVGHIKO9 YJTIHIJK9 UNPGNgRGKjT
SGKNLPWb
R=11=;=Q9/SP9SJITH9HJ`PV9TSGLL9\P9HIPN9HJ9G9\MILNIKO9JV
THVMQHMVP9GH9PXPV_9^LJJV9LPXPL9JV9GH9LPGTH9PXPV_9(9Rb9/SP
SPIOSH9J^9HSP9HJ`PV9TSGLL9KJH9PhQPPN9=9R9G^HPV9HSP9LGTH
HIP9 JV9 G9 LPTTPV9 SPIOSH9 GT9 VPQJRRPKNPN9 \_9 HSP
RGKM^GQHMVPVb96LL9HIPT9JK9G9SJITH9HJ`PV9TSGLL9\P9TPQMVPN
MTIKO9VIOSH9GKOLPN9QJMYLPTb
R=11=;=R9/SP9SJITH9TSGLL9\P9QGYG\LP9J^9\PIKO9JYPVGHPN
JKL_9^VJR9JKP9YJTIHIJK9GH9G9HIRPb91H9TSGLL9KJH9\P9JYPVGHPN
^VJR9HSP9QGOPb9/SP9JYPVGHJV9TSGLL9SGXP9G9QLPGV9XIP`9J^
GLL9LPXPLT9JV@9I^9SP9SGT9KJH@9G9QLPGV9GKN9NITHIKQH9T_THPR9J^
TIOKGLIKO9TSGLL9\P9PRYLJ_PNb
R=11=;=1096LL9SJITH9YLGH^JVR9TSGLL9\P9^IHHPN9`IHS9OMGVNT
GKN9OGHPT9HJ9G9SPIOSH9J^9GH9LPGTH9)9R@9HJ9YVPXPKH9RGHPVIGLT
VJLLIKOd^GLLIKO9^VJR9HSP9YLGH^JVRb
R=11=;=119 %SPVP9 RGHPVIGLT9 PhHPKN9 JXPV9 HSP9 SPIOSH9 J^
HSP9 YLGH^JVR9 OMGVNT@9 G9 ^VGRP9 TSGLL9 \P9 ^IHHPN9 GKN9 HSP
RGHPVIGLT9TPQMVPN9HJ9IH9NMVIKO9SJITHIKOdLJ`PVIKOb9+GVP
TSJMLN9\P9HG]PK9HJ9PKTMVP9HSGH9KPIHSPV9HSP9^VGRP9KJV
RGHPVIGLT9 IKHPV^PVP9 JV9 HJMQS9 GK_9 YGVH9 J^9 HSP9 SJITHIKO
RPQSGKITRb
R=11=;=1!9/SP9YLGH^JVR9J^9G9OJJNT9SJITH9TSGLL9QGVV_9G
KJHIQP9THGHIKO@
GW HSP9TG^P9`JV]IKO9LJGN[9GKN
\W HSGH9YGTTPKOPVT9TSGLL9KJH9VINP9JK9HSP9SJITHb
R=11=;=1:(6LL9SJITH9JYPVGHJVT9TSGLL9\P9GNPaMGHPL_9HVGIKPN
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
GKN9QJRYPHPKH@9GKN9TSGLL9\P9VPTYJKTI\LP9^JV9PKTMVIKO
HSGH9HSP9SJITH9IT9KJH9JXPVLJGNPN9JV9JHSPV`ITP9RITMTPNb
R=11=;=1;9 6LL9 SJITHT9 TSGLL9 \P9 HPTHPN9 GKN9 HSJVJMOSL_
PhGRIKPN9\_9G9QJRYPHPKH9YPVTJK9\P^JVP9MTP9JK9G9TIHP@
G^HPV9 TM\THGKHIGL9 GLHPVGHIJK@9 RJNI^IQGHIJK9 JV9 VPYGIV9 J^
SJITHT@9GKN9GH9LPGTH9PXPV_9=9RJKHSTb
R=11=;=1<9$XPV_9SJITH9TSGLL9\P9IKTYPQHPN9GH9LPGTH9JKQP
PGQS9`PP]9\_9G9QJRYPHPKH9YPVTJK9GKN9G9VPQJVN9J^9HSPTP
IKTYPQHIJKT9]PYHb
R=11=<(!"%2'"%22%0(6#/&"%'%
R=11=<=19 1K9 YVPgTHVPTTIKO9 JYPVGHIJKT@9 JYPVGHIKO@
RGIKHPKGKQP9 GKN9 VPYLGQPRPKH9 IKTHVMQHIJKT9 J^9 HSP
TMYYLIPV9J^9HSP9PaMIYRPKH9TSGLL9\P9THVIQHL_9GNSPVPN9HJb
R=11=<=!9 $hHVPRP9 QGMHIJK9 TSGLL9 \P9 PhPVQITPN9 IK9 GLL
JYPVGHIJKT9IKXJLXIKO9HSP9MTP9J^9THVPTTIKO9PaMIYRPKH9GT
`IVPTdTHVGKNT9MKNPV9SIOS9HPKTILP9THVPTTPT9\PQJRP9G9LPHSGL
`PGYJKb
R=11=<=:9&MVIKO9HSP9ZGQ]IKO9JYPVGHIJK9J^9GK_9HPKTIJKIKO
PLPRPKHUTW9HSP9GKQSJV9TSGLL9\P9]PYH9HMVKPN9MY9QLJTP9HJ
GKQSJV9 YLGHP@9 `SPVPXPV9 YJTTI\LP@9 HJ9 GXJIN9 TPVIJMT
NGRGOP@9I^9G9S_NVGMLIQ9LIKP9^GILTb
R=11=<=;( ,MLLIKOgSPGNPVT@9 \JLHT9 GKN9 S_NVGMLIQ9 ZGQ]Td
VGRT9TSGLL9\P9IKTYPQHPN9^JV9TIOKT9J^9NP^JVRGHIJK9GKN
^GILMVPb9/SVPGNT9JK9\JLHT9GKN9KMHT9TSJMLN9\P9^VPaMPKHL_
IKTYPQHPN9^JV9NIRIKITSIKO9QVJTT9TPQHIJKb9+SJ]PN9MKIHT
TSGLL9\P9QGVP^MLL_9QLPGKPNb
R=11=<=<9+GVP9TSGLL9\P9HG]PK9HSGH9KJ9JKP9THGKNT9IK9LIKP
`IHS9 HSP9 HPKTIJKIKO9 PLPRPKHT9 GKN9 ZGQ]IKO9 PaMIYRPKH
NMVIKO9 HSP9 HPKTIJKIKO9 JYPVGHIJKT9 GKN9 HSGH9 KJ9 JKP9 IT
NIVPQHL_9JXPV9HSP9ZGQ]IKO9PaMIYRPKH9`SPK9NP^LPQHIJK9IT
\PIKO9 NJKPb9 *IOKT9 GKN9 \GVVIPVT9 TSGLL9 \P9 YVJXINPN9 HJ
YVPXPKH9`JV]PVT9^VJR9`JV]IKO9\PSIKN9HSP9ZGQ]T9`SPK
HSP9THVPTTIKO9JYPVGHIJK9IT9IK9YVJOVPTTb
R=11=<=29 2PQPTTGV_9 TSIPLNT9 TSJMLN9 \P9 YMH9 MY
IRRPNIGHPL_9 \PSIKN9 HSP9 YVPTHVPTTIKO9 ZGQ]T9 NMVIKO
THVPTTIKO9JYPVGHIJKTb
R=11=<=59%PNOPT9GKN9JHSPV9HPRYJVGV_9GKQSJVIKO9NPXIQPT
TSGLL9\P9IKTYPQHPN9\P^JVP9MTPb
R=11=<=Q9 /SP9 YVPTHVPTTIKO9 ZGQ]T9 TSGLL9 \P9 YPVIJNIQGLL_
PhGRIKPN9^JV9`PGV9GKN9HPGVb
R=11=<=R(,VPTHVPTTIKO9TSGLL9\P9NJKP9IK9GQQJVNGKQP9`IHS
,GVH9=9i*HVMQHMVGL9&PTIOK@9*PQHIJK9<9,LGIK@9#PIK^JVQPN
GKN9,VPTHVPTTPN9+JKQVPHP@9*M\TPQHIJK9<B9,VPTHVPTTPN
+JKQVPHPj9J^9HSP9+JNPb
R=11=2(8"%&'.#/(#)(!"%)-J".&-'%0(?%*J%"2
R=11=2=19 69 TYVPGNPV9 \PGR9 TSGLL9 \P9 MTPN9 `SPVPXPV
YJTTI\LP9TJ9HSGH9HSP9QG\LP9QGK9\P9GT9YPVYPKNIQMLGV9HJ
HSP9 RPR\PVT9 \PIKO9 LI^HPN9 GT9 YVGQHIQGLb9 /SP9 GKOLP
\PH`PPK9HSP9QG\LP9GKN9HSP9RPR\PVT9HJ9\P9LI^HPN9TSGLL
KJH9\P9LPTT9HSGK9=Cob
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
R=11=2=!9/SP9LI^HIKO9`IVPT9TSGLL9\P9HPTHPN9^JV9NJM\LP9HSP
LJGN9HJ9\P9SGKNLPN9GH9LPGTH9JKQP9IK9TIh9RJKHSTb9/SP9OM_
LIKP9TSGLL9\P9J^9GNPaMGHP9THVPKOHS9HJ9YPV^JVR9IHT9^MKQHIJK
J^9QJKHVJLLIKO9HSP9RJXPRPKH9J^9RPR\PVT9\PIKO9LI^HPNb
R=11=2=:9/PRYJVGV_9 TQG^^JLNIKO9 J^9 GNPaMGHP9 THVPKOHS
TSGLL9 \P9 MTPN9 HJ9 TMYYJVH9 YVPQGTH9 RPR\PVT9 GH
YVPNPHPVRIKPN9 TMYYJVHIKO9 YJIKHT9 `SILP9 LI^HIKO9 GKN
YLGQIKO9HSPR9IK9YJTIHIJK9GKN9QJKKPQHIKO9HSPR9HJ9JHSPV
RPR\PVTb
R=11=2=;96^HPV9PVPQHIJK9J^9HSP9RPR\PV@9IH9TSGLL9\P9OM_PN
GKN9\VGQPN9HJ9YVPXPKH9IH9^VJR9\PIKO9HIYYPN9JV9NITLJNOPN
\_9GQQINPKHGL9IRYGQH9`SPK9TPHHIKO9HSP9KPhH9RPR\PVb
R=11=2=<9 ,VPQGTH9 QJKQVPHP9 MKIHT9 TSGLL9 \P9 SGKNLPN9 GH
TYPQI^IQ9 YIQ]IKO9 YJIKHT9 GKN9 `IHS9 TYPQI^IQ9 NPXIQPTb
4IVNPVT9GKN9\PGRT9TSGLL9\P9\VGQPN9NMVIKO9HVGKTYJVHGHIJK
GKN9 SGKNLPN9 IK9 TMQS9 G9 `G_9 GT9 HJ9 ]PPY9 HSP9 RPR\PVT
MYVIOSHb9 3I^HIKO@9 SGKNLIKO9 GKN9 IKTHGLLGHIJK9 J^
YVP^G\VIQGHPN9 RPR\PVT9 TSGLL9 \P9 IK9 GQQJVNGKQP9 `IHS
,GVH =9i*HVMQHMVGL9&PTIOK@9*PQHIJK9-9,VP^G\VIQGHIJK9GKN
*_THPRT9 BMILNIKOe9 *M\TPQHIJK9 -69 ,VP^G\VIQGHPN
+JKQVPHPj9J^9HSP9+JNPb
R=11=2=290PHSJNT9J^9GTTPR\L_9GKN9PVPQHIJK9TYPQI^IPN
\_9 HSP9 NPTIOKPV@9 TSGLL9 \P9 THVIQHL_9 GNSPVPN9 HJ9 GH9 TIHPb
1RRPNIGHPL_9JK9PVPQHIKO9GK_9MKIH9IK9YJTIHIJK@9HPRYJVGV_
QJKKPQHIJKT9JV9TMYYJVHT9GT9TYPQI^IPN9TSGLL9\P9YVJXINPN
\P^JVP9VPLPGTIKO9HSP9LI^HIKO9PaMIYRPKHb9/SP9YPVRGKPKH
THVMQHMVGL9QJKKPQHIJKT9TSGLL9\P9PTHG\LITSPN9GH9HSP9PGVLIPTH
JYYJVHMKIH_b
R=11=5(;%-'%0(6#/&"%'%
%SPK9 SPGHPVT9 GVP9 \PIKO9 MTPN9 HJ9 SPGH9 GOOVPOGHPT9 GKN
JHSPV9 RGHPVIGLT9 GKN9 HJ9 RGIKHGIK9 YVJYPV9 QMVIKO
HPRYPVGHMVPT@9HSP9SPGHPVT9TSGLL9\P9^VPaMPKHL_9QSPQ]PN
^JV9^MKQHIJKIKO9GKN9YVPQGMHIJKT9TSGLL9\P9HG]PK9HJ9GXJIN
SGcGVNT9IK9MTIKO9QJGL@9LIaMIN@9OGT9JV9GK_9JHSPV9^MPLb
R=11=Q(@'"+&'+"-,(6#//%&'.#/2
R=11=Q=19 %SPK9 VPLIGKQP9 IT9 YLGQPN9 JK9 \JKN9 \PH`PPK
YVPQGTH9GKN9./I2.'+9QJKQVPHP9HSP9QJKHGQH9TMV^GQP9J^9HSP
YVPQGTH9MKIHT9TSGLL9\P9TMIHG\L_9YVPYGVPN9IK9GQQJVNGKQP
`IHS9HSP9TYPQI^IQGHIJKTb
R=11=Q=!9/SP9YGQ]IKO9J^9ZJIKHT9TSGLL9\P9QGVVIPN9JMH9IK
GQQJVNGKQP9`IHS9HSP9GTTPR\L_9IKTHVMQHIJKTb
R=11=Q=:93PXPLLIKO9NPXIQPT@9TMQS9GT9`PNOPT9GKN9KMHT
`SIQS9SGXP9KJ9LJGN9\PGVIKO9^MKQHIJK9IK9HSP9QJRYLPHPN
THVMQHMVP9TSGLL9\P9VPLPGTPN9JV9VPRJXPN9GT9KPQPTTGV_9YVIJV
HJ9IKHPOVGHIKO9HSP9ZJIKHTb
R=11=Q=;91^9IH9\PQJRPT9KPQPTTGV_9HJ9MTP9PLPQHVIQ9YJ`PV
^JV9./I2.'+9`JV]@9HSP9TGRP9TSJMLN9\P9THPYYPN9NJ`K9HJ9G
TG^P9LPXPL9GT9^GV9GT9YJTTI\LPb
R=11=R(%JV]PVT9`JV]IKO9IK9GK_9YJTIHIJK9`SPVP9HSPVP9IT
G9^GLLIKO9SGcGVN9TSGLL9`PGV9TG^PH_9\PLHT9JV9JHSPV9GNPaMGHP
;<
YVJHPQHIJK9TSGLL9\P9YVJXINPNb
R=1!(#LLC?CAHFP(6FON?D(4N[>CBNTNH?K(OAB(.BNM?CAH
AO(6?B>M?>BFP(6?NNP(WABX
R=1!=1(@-)%'E(<"4-/.G-'.#/
/SP9 GOPKQ_9 VPTYJKTI\LP9 ^JV9 PVPQHIKO9 HSP9 THPPL9 `JV]
TSJMLN9GKGL_cP9HSP9YVJYJTPN9PVPQHIJK9TQSPRP9^JV9TG^PH_[
HSP9PVPQHIJK9TQSPRP9TSJMLN9QJXPV9TG^PH_9GTYPQHT9VIOSH
^VJR9HSP9YLGKKIKO9THGOP9MY9HJ9HSP9GQHMGL9PhPQMHIJK9J^
HSP9`JV]b
R=1!=!(@-)%'E(#)(B#"C1%"2#/2
R=1!=!=19=%/%"-,
%SILP9 PKOGOIKO9 YPVTJKT9 ^JV9 HSP9 ZJ\9 HSP9 TMYPVXITJV
TSJMLN9QSPQ]9MY9GKN9RG]P9TMVP9HSGH9HSP_9GVP9T]ILLPN9IK
HSP9YGVHIQMLGV9ZJ\9HSP_9SGXP9HJ9YPV^JVRb
/SP9 SPLRPHT9 TSGLL9 \P9 `JVK9 YVJYPVL_9 GKN9 GH9 GLL9 HIRPT
NMVIKO9 HSP9 `JV]9 GKN9 TSGLL9 QJK^JVR9 HJ9 HSP9 GQQPYHPN
THGKNGVN9k-U.;Wlb
/SP9 TG^PH_9 OJOOLPT9 TSGLL9 \P9 MTPN9 `SILP9 YPV^JVRIKO
NMHIPT9`SIQS9GVP9SGcGVNJMT9HJ9P_P9LI]P9NVILLIKO@9QMHHIKO
GKN9`PLNIKOb9/SP9OJOOLPT9MTPN9TSGLL9QJK^JVR9HJ9HSP
GQQPYHPN9 THGKNGVN9 k-U(7Wl9 GKN9 TSJMLN9 TMIH9 IKNIXINMGL
`JV]PVTb
/SP9 `PLNPVT9 GKN9 OGT9 QMHHPVT9 TSGLL9 \P9 PaMIYYPN9 `IHS
YVJYPV9YVJHPQHIXP9PaMIYRPKH9LI]P9OLJXPT@9TG^PH_9\JJHT@
GYVJKT9GKN9SGKN9TSIPLNT9k2%%9GQQPYHPN9THGKNGVN9-U(<Wlb
/SP9^ILHPV9OLGTT9J^9HSP9SGKN9TSIPLN9TSGLL9QJK^JVR9HJ9HSP
GQQPYHPN9THGKNGVN9k-U(7Wl9GKN9TSJMLN9\P9TMIHG\LP9HJ9HSP
P_PT9J^9HSP9YGVHIQMLGV9`JV]PVb
%SPK9HSP9`JV]9IT9IK9YVJOVPTT@9HSP9GVPG9TSGLL9\P9QJVNJKPN
J^^9\_9\GVVIQGNPT9HJ9YVPXPKH9YPVTJKT9^VJR9SIHHIKO9GOGIKTH
THVMQHMVGL9 QJRYJKPKHT@9 JV9 ^GLLIKO9 IKHJ9 PhQGXGHPN
HVPKQSPT9JV9OPHHIKO9IKZMVPN9\_9^GLLIKO9J\ZPQHTb
%GVKIKO9TIOKT9TSGLL9\P9NITYLG_PN9`SPVP9KPQPTTGV_9HJ
IKNIQGHP9SGcGVNT@9^JV9PhGRYLP9UGW9i77C9Dj@9U\W9i&"92"/
*0"?$j@9UQW9i0$29%"#?12496A$6&j@9PHQb9AGKN
LGRYT9TSGLL9\P9J^9LJ`9XJLHGOP9YVP^PVG\L_9.79D9HJ9YVPXPKH
PLPQHVIQGL9SGcGVNTb
6LL9PLPQHVIQGLL_9JYPVGHPN9SGKN9HJJLT9TSGLL9\P9YVJXINPN
`IHS9NJM\LP9PGVHSIKOb
R=1!=!=!96KQSJVT9^JV9OM_T9JV9HIPT9TSGLL9\P9QSPQ]PN9^JV
YVJYPV9YLGQPRPKHb9/SP9`PIOSH9J^9QJKQVPHP9IK9`SIQS9HSP
GKQSJVT9GVP9PR\PNNPN9TSGLL9\P9QSPQ]PN9^JV9MYLI^H9GKN
TLINIKOb9 *YLIHgPKN9 P_P9 GKQSJVT9 TSGLL9 JKL_9 \P9 MTPN9 IK
OJJN@9TJLIN9VJQ]b9/SP9^IVTH9LJGN9LI^HPN9\_9G9OM_9NPVVIQ]
TSGLL9\P9]PYH9GH9G9TRGLL9SPIOSH9^JV9G\JMH9)C9RIK9GKN9HSP
GKQSJVT9 IRRPNIGHPL_9 IKTYPQHPN9 ^JV9 GK_9 TIOKT9 JV
IKNIQGHIJKT9J^9^GILMVPb
R=1!=!=:9%SPK9G9KMR\PV9J^9HVMTTPT9JV9NPPY9OIVNPVT9GVP
LJGNPN9IK9JKP9QGV9JV9JK9JKP9HVMQ]@9GLL9\MH9JKP9\PIKO
;2
LI^HPN9TSGLL9\P9HIPN9\GQ]9MKLPTT9HSP_9SGXP9\PPK9HIPN9JV
\VGQPN9HJ9YVPXPKH9HSPIV9^GLLIKO9JXPV9GKN9PKNGKOPVIKO
RPK9MKLJGNIKOb
R=1!=!=;9/SP9PVPQHIJK9OGKO9TSGLL9SGXP9GNPaMGHP9TMYYL_
J^9\JLHT@9`GTSPVT@9VIXPHT@9YIKT@9PHQ@9J^9HSP9QJVVPQH9TIcPb
$KJMOS9KMR\PV9J^9\JLHT9TSGLL9\P9MTPN9IK9QJKKPQHIKO
PGQS9YIPQP9MTIKO9G9RIKIRMR9J^9H`J9\JLHT9IK9G9YGHHPVK
HJ9PKTMVP9HSGH9HSP9ZJIKH9`ILL9KJH9^GIL9NMP9HJ9NPGN9LJGN
GKN9PVPQHIJK9LJGNTb96LL9TYLIQP9QJKKPQHIJKT9IK9QJLMRKT@
QVGKP9OIVNPVT@9PHQ@9TSGLL9\P9QJRYLPHPL_9\JLHPN9JV9VIXPHPN
JV9`PLNPN9GT9TYPQI^IPN9IK9HSP9NVG`IKO9\P^JVP9PVPQHIJKb
R=1!=!=<94IVNPVT9GKN9JHSPV9SPGX_9QJRYLIQGHPN9THVMQHMVGL
RPR\PVT9 RG_9 VPaMIVP9 TYPQIGL9 PVPQHIJK9 NPXIQPT9 LI]P
QLPGHT9 GKN9 SJJ]T@9 `SIQS9 QGK9 \P9 TSJY9 GTTPR\LPN9 GKN
\JLHPN9JV9VIXPHPN9JV9`PLNPN9HJ9HSP9YIPQP9GKN9RG_9\P
LP^H9YPVRGKPKHL_9IK9HSP9YLGQP9G^HPV9HSP9`JV]b
R=1!=!=291^9G9YIPQP9IT9LGHPVGLL_9MKTHG\LP9`SPK9YIQ]PN9GH
IHT9QPKHVP@9MTP9J^9G9\GLGKQP9\PGR9IT9GNXITG\LP@9MKLPTT9G
YGIV9J^9\VINLPT9TLIKOT9QGK9\P9YLGQPN9^GV9PKJMOS9GYGVH@
^JV9HSPR9HJ9GQH9GT9TG^P9LI^HIKO9YJIKHTb9/SP9HJY9^LGKOP9J^
G9 HVMTT@9 OIVNPV9 JV9 LJKO9 \PGR9 RG_9 \P9 HPRYJVGVIL_
VPIK^JVQPN9`IHS9G9THVMQHMVGL9RPR\PV9LGIN9^LGH9JK9HJY9J^
HSP9RPR\PV9GKN9TPQMVPN9HPRYJVGVIL_b
R=1!=!=59"K9NPPY9OIVNPVT@9GKN9PXPK9JK9TJRP9HVMTTPT@9G
TG^PH_9i\GVj9VMKKIKO9HSPIV9^MLL9LPKOHS9`ILL9GIN9HSP9VIOOPVT@
^IHHPVT9 GKN9 JHSPVT9 PRYLJ_PN9 JK9 HSP9 \JHHJR9 ^LGKOP9 JV
\JHHJR9QSJVN9HJ9`JV]9`IHS9OVPGHPV9TG^PH_b9/SIT9QGK9\P
G9 TIKOLP9 )=9 RR9 NIGRPHPV9 `IVP9 VJYP9 HSVJMOS9 XPVHIQGL
THI^^PKPVT9J^9TMQS9RPR\PVT9G\JMH9)9R9G\JXP9HSP9\JHHJR
^LGKOP9GKN9QLGRYPN9GH9HSP9PKNT9`IHS9`IVP9VJYP9QLGRYTb
1^9HSP9SJLPT9QGKKJH9\P9YVJXINPN@9TSJVH9P_P9\JLHT9QGK9\P
`PLNPN9 HJ9 HSP9 `P\T9 J^9 HSP9 OIVNPV9 GH9 IKHPVXGLT9 HJ9 \P
VPRJXPN9GKN9HSP9TMV^GQP9QSIYYPN9JV9OVJMKN9HJ9LPGXP9IH
TRJJHS9G^HPV9GLL9`JV]9JK9HSP9YIPQP9SGT9\PPK9QJRYLPHPNb
R=1!=!=Q9*G^PH_9\PLHT9TSGLL9GL`G_T9\P9GXGILG\LP9GH9`JV]
TYJH9HJ9\P9MTPN@9`SPKPXPV9KPQPTTGV_b9/SP9VJYP9TSGLL9\P
QSPRIQGLL_9HVPGHPN9HJ9VPTITH9NP`9GKN9VJHHIKOb9/SPTP9TSGLL
KJH9\P9HIPN9JK9TSGVY9PNOPT9J^9THPPL9THVMQHMVPTb9/SP_9TSGLL
\P9HIPN9OPKPVGLL_9KJH9RJVP9HSGK9.9R9HJ9(9R9G`G_9^VJR
HSP9\PLHb
R=1!=!=R9"K9G9OM_9NPVVIQ]9JV9QLIR\IKO9QVGKP9ZJ\@9HSP
HJJL9\JhPT9MTPN9\_9HSP9PVPQHIJK9THG^^9TSGLL9\P9RJXPN9HJ
HSP9KP`9`JV]IKO9^LJJV9PGQS9HIRP9HSP9VIO9IT9QSGKOPNb9"K
G9RJ\ILP9QVGKP9ZJ\@9HSP9\JhPT9TSGLL9\P9RJXPN9GT9TJJK
GT9HSP9QVGKP9THGVHT9JYPVGHIKO9IK9G9KP`9GVPG9KJH9HJJ9^GV
G`G_9^JV9HSP9RPK9HJ9VPGQS9HSP9\JhPT9QJKXPKIPKHL_b9%SILP
`JV]IKO9G9HGLL9GKN9SPGX_9OM_9NPVVIQ]@9IH9IT9GNXITG\LP9HJ
QJKHVJL9HPKTIJK9IK9OM_T9\_9SGKN9`IKQSPT9HJ9GXJIN9ZPV]T@
`SIQS9RG_9QGMTP9GK9GQQINPKHb
R=1!=!=109/SP9YVJYPV9TIcP@9KMR\PV9GKN9TYGQIKO9J^9`IVP
VJYP9QLGRYT9TSGLL9\P9MTPN@9NPYPKNIKO9JK9HSP9NIGRPHPV
J^9 HSP9 `IVP9 VJYPb9 /SP_9 TSGLL9 \P9 YVJYPVL_9 ^IhPN9 IK
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
GQQJVNGKQP9`IHS9HSP9YVJQPNMVP9OIXPK9IK9HSP9GQQPYHPN
THGKNGVN9k-U(=Wlb9/SP_9TSGLL9\P9QSPQ]PN9GT9TJJK9GT9HSP
VJYP9SGT9\PPK9THVPHQSPN@9GT9HSP9VJYP@9PTYPQIGLL_9I^9KP`@
HPKNT9HJ9THVPHQS9MKNPV9HSP9GYYLIPN9LJGN@9`SIQS9IK9HMVK
RG_9QGMTP9IH9HJ9TSVIK]9TLIOSHL_9IK9NIGRPHPVb9/SP9QLGRYT
TSGLL9HSPK9\P9YVJRYHL_9HIOSHPKPN9HJ9HG]P9QGVP9J^9HSIT
KP`9 QJKNIHIJKb9 1K9 GNNIHIJK@9 HSP9 QLGRYT9 TSGLL9 \P
IKTYPQHPN9 ^VPaMPKHL_9 HJ9 \P9 TMVP9 HSGH9 HSP_9 SGXP9 KJH
TLIYYPN9GKN9GVP9HIOSH9PKJMOSb
R=1!=!=119%SPK9HSP9RPK9QGK9`JV]9TG^PL_9^VJR9HSP9THPPL
THVMQHMVP9IHTPL^@9HSIT9IT9YVP^PVG\LP9HJ9SGKOIKO9YLGH^JVRT
JV9 TQG^^JLNT@9 GT9 IH9 PLIRIKGHPT9 GNNIHIJKGL9 JYPVGHIJKT@
`SIQS9IK9HMVK@9VPNMQPT9HSP9SGcGVN9J^9GK9GQQINPKHb9/J
GIN9RPK9`JV]IKO9JK9^LJGHT9JV9TQG^^JLNT@9GT9`PLL9GT9RPK
IK9PVPQHIJK9OGKOT@9JV9JHSPV9OGKOT9MTIKO9TRGLL9RGHPVIGL@
TMQS9GT9\JLHT9GKN9NVI^H9YIKT@9GNPaMGHP9\JLH9\GT]PHT9JV
TIRILGV9QJKHGIKPVT9`IHS9SGKNLPT9J^9TM^^IQIPKH9THVPKOHS
GKN9GHHGQSRPKH9HJ9QGVV_9HSP9LJGNPN9QJKHGIKPVT@9TSGLL9\P
YVJXINPNb9 /SP9 RPK9 TSJMLN9 \P9 HVGIKPN9 HJ9 MTP9 TMQS
QJKHGIKPVT@9 GKN9 HJ9 ]PPY9 TRGLL9 HJJLT9 OGHSPVPN9 MY9 GKN
YMH9G`G_9IK9HJJL9\JhPT9`SPK9KJH9IK9MTPb90GHPVIGL9TSGLL
KJH9 \P9 NMRYPN9 JXPV\JGVN9 `SPK9 G9 TQG^^JLN9 IT9 HJ9 \P
RJXPNb9 #IXPH9 SPGHPVT9 TSGLL9 SGXP9 TG^P9 QJKHGIKPVT9 JV
\MQ]PHT9^JV9SJH9VIXPHT9LP^H9JXPV9GH9HSP9PKN9J^9HSP9NG_b
R=1!=!=1!9 &MVIKO9 HSP9 PVPQHIJK9 J^9 HGLL9 \MILNIKOT@9 IH9 IT
NPTIVG\LP9HJ9MTP9K_LJK9KPHT9J^9TM^^IQIPKH9`INHS9GH9G9SPIOSH
J^9(9R9HJ979R9^VJR9OVJMKN9HJ9YVJXINP9TG^PH_9HJ9YPJYLPb
/SP9 TG^PH_9 KPH9 TSJMLN9 \P9 RGNP9 ^VJR9 RGKgRGNP9 JV
RGQSIKPgRGNP9^I\VP9VJYPT9`SIQS9GVP98D9THG\ILIcPN9GKN
QJK^JVRIKO9HJ9HSP9GQQPYHPN9THGKNGVN9k-U(-Wlb
R=1!=!=1:9@-)%'E(-4-./2'()."%
69^IVP9YVJHPQHIJK9YVJQPNMVP9IT9HJ9\P9TPH9MY9I^9HSPVP9IT9HJ
\P9GK_9^LGRP9QMHHIKO@9\MVKIKO@9SPGHIKO@9VIXPHIKO9JV9GK_
JYPVGHIJK9HSGH9QJMLN9THGVH9G9^IVPb9!JV9YVPQGMHIJKT9HJ9\P
J\TPVXPN9 NMVIKO9 `PLNIKO9 GKN9 QMHHIKO9 JYPVGHIJKT@
VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN9YVGQHIQP9k-U(;Wlb9/SP
`JV]PVT9TSJMLN9\P9IKTHVMQHPN9KJH9HJ9HSVJ`9J\ZPQHT9LI]P
SJH9 VIXPHT@9 QIOGVPHHP9 THM\T@9 PHQ@9 GVJMKNb9 *M^^IQIPKH9 ^IVP
PhHIKOMITSPVT9 TSGLL9 \P9 YLGQPN9 GH9 THVGHPOIQ9 YJIKHTb
$hHIKOMITSPVT9TSGLL9GL`G_T9\P9YLGQPN9IK9QVGKPT@9SJITHT@
QJRYVPTTJVT9 GKN9 TIRILGV9 YLGQPTb9 %SPVP9 PLPQHVIQGL
PaMIYRPKH9GVP9IKXJLXPN@9+".9JV9NV_9YJ`NPV9PhHIKOMITSPVT
TSGLL9\P9YVJXINPN9s2%%(-,2#9OJJN9YVGQHIQP9k-U.7Wltb
R=1!=!=1;9#INIKO9JK9G9LJGN@9HGQ]LP9JV9VMKKPV9TSGLL9\P
YVJSI\IHPNb
R=1!=!=1<9/SP9LJGN9TSGLL9KPXPV9\P9GLLJ`PN9HJ9VPTH9JK
`IVP9VJYPTb9#JYPT9IK9JYPVGHIJK9TSJMLN9KJH9\P9HJMQSPNb
%IVP9 VJYP9 `IHS9 \VJ]PK9 THVGKN9 TSGLL9 KJH9 \P9 MTPN9 ^JV
PVPQHIJK9`JV]b9%IVP9VJYPTdRGKILG9VJYPT9QJK^JVRIKO9HJ
GQQPYHG\LP9THGKNGVNT9k-U(>Wl9TSGLL9\P9MTPN9^JV9OM_IKOb
R=1!=!=129D.)'./4(-11,.-/&%2
,VPQGMHIJKT9GT9LGIN9NJ`K9IK9R=11=1=!9TSGLL9\P9^JLLJ`PNb
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
R=1!=!=159@,./4./4
+SGIKT9TSGLL9KJH9\P9ZJIKPN9\_9\JLHIKO9JV9`IVIKO9LIK]T
HJOPHSPVb9/SP_9TSGLL9KJH9\P9TSJVHPKPN9\_9H_IKO9]KJHTb96
QSGIK9IK9`SIQS9HSP9LIK]T9GVP9LJQ]PN@9THVPHQSPN9JV9NJ9KJH
RJXP9^VPPL_9TSGLL9KJH9\P9MTPNb9/SP9QSGIK9TSGLL9\P9^VPP
J^9]IK]T9GKN9H`ITHTb9,VJYPV9P_P9TYLIQPT9TSGLL9\P9MTPN9HJ
GHHGQS9HSP9QSGIK9SJJ]Tb
,MLLP_9\LJQ]T9J^9HSP9YVJYPV9TIcP9TSGLL9\P9MTPN9HJ9GLLJ`
HSP9VJYP9^VPP9YLG_9IK9HSP9TSPGXP9OVJJXPT9GKN9HJ9YVJHPQH
HSP9`IVP9VJYP9^VJR9TSGVY9\PKNT9MKNPV9LJGNb91NLP9TLIKO
TSJMLN9KJH9\P9QGVVIPN9JK9HSP9QVGKP9SJJ]9GLJKO`IHS9G
LJGNPN9TLIKOb9%SPK9INLP9TLIKOT9GVP9QGVVIPN9HSP_9TSGLL9\P
SJJ]PNb
%SILP9MTIKO9RMLHILPOOPN9TLIKOT@9PGQS9TLIKO9JV9LPO9TSGLL
\P9LJGNPN9PXPKL_9GKN9HSP9TLIKOT9TSGLL9\P9J^9TM^^IQIPKH
LPKOHS9HJ9GXJIN9G9`INP9GKOLP9\PH`PPK9HSP9LPOTb
R=1!=!=1Q9>.3%'./4(#1%"-'.#/2
R=1!=!=1Q=19;-/0,./4(".3%'2
+GVP9TSGLL9\P9HG]PK9`SILP9SGKNLIKO9VIXPHT9TJ9HSGH9HSP_
NJ9KJH9^GLL@9THVI]P9JV9QGMTP9IKZMV_9HJ9RPK9GKN9RGHPVIGL
\PLJ`b9#IXPH9QGHQSPVT9TSGLL9SGXP9^GLTP9`JJNPK9\JHHJRT
HJ9YVPXPKH9VIXPHT9^VJR9VP\JMKNIKOb
R=1!=!=1Q=!9>.3%'./4(0#,,.%2
+GKXGT@9LPGHSPV9JV9VJYP9TLIKOT9TSGLL9\P9MTPN9^JV9VIXPHIKO
NJLLIPTb9+SGIK9TSGLL9KJH9\P9MTPN9^JV9HSP9YMVYJTPb
R=1!=!=1Q=:(>.3%'./4(7-**%"2
*KGYT9 GKN9 YLMKOPVT9 J^9 YKPMRGHIQ9 VIXPHIKO9 SGRRPVT
TSGLL9\P9TPQMVPN9HJ9YVPXPKH9HSP9TKGY9^VJR9NVJYYIKO9JMH
J^9YLGQPb9/SP9KJccLP9J^9HSP9SGRRPV9TSGLL9\P9IKTYPQHPN
YPVIJNIQGLL_9 GKN9 HSP9 `IVP9 GHHGQSRPKH9 VPKP`PN9 `SPK
\JVKb
R=1!=!=1Q=;9:."%(1"#'%&'.#/
/SP9 VIXPH9 SPGHIKO9 PaMIYRPKH9 TSJMLN9 \P9 GT9 KPGV9 GT
YJTTI\LP9 HJ9 HSP9 YLGQP9 J^9 `JV]b9 69 YGIL9 J^9 `GHPV9 TSGLL
GL`G_T9 \P9 ]PYH9 VPGN_9 ^JV9 aMPKQSIKO9 HSP9 ^IVP9 NMVIKO
VIXPHIKO9JYPVGHIJKT9GKN9HJ9YVPXPKH9^IVPT9`SPK9`JV]IKO
KPGV9IK^LGRRG\LP9RGHPVIGLTb
R=1!=!=1R9B%,0./4(-/0(4-2(&+''./4
R=1!=!=1R=19 !JV9 TG^PH_9 GKN9 SPGLHS9 VPaMIVPRPKHT9 IK
PLPQHVIQ9OGT9`PLNIKO9GKN9QMHHIKO9JYPVGHIJKT@9VP^PVPKQP
RG_9 \P9 RGNP9 HJ9 OJJN9 YVGQHIQP9 k-U7CWlb9 /SP
VPQJRRPKNGHIJKT9OIXPK9IK9R=1!=!=1R=!9HJ9R=1!=!=1R=;
GVP9GLTJ9GYYLIQG\LPb
R=1!=!=1R=!96LL9OGT9Q_LIKNPVT9TSGLL9\P9MTPN9GKN9THJVPN
IK9HSP9MYVIOSH9YJTIHIJK9JKL_9GKN9TSGLL9\P9QJKXP_PN9IK
HVJLLP_Tb9%SILP9SGKNLIKO9\_9QVGKPT9HSP_9TSGLL9\P9QGVVIPN
IK9QGOPTb9/SP9Q_LIKNPVT9TSGLL9\P9RGV]PN9i^MLLj9JV9iPRYH_j
GT9HSP9QGTP9RG_9\Pb94GT9Q_LIKNPVT9TSGLL9\P9THJVPN9G`G_
;5
^VJR9JYPK9^LGRPT9GKN9JHSPV9TJMVQPT9J^9SPGHb9"h_OPK
Q_LIKNPVT9TSGLL9KJH9\P9THJVPN9KPGV9QJR\MTHI\LP9OGT@9JIL@
OVPGTP9 GKN9 TIRILGV9 QJR\MTHI\LP9 RGHPVIGLTb9 %SPK9 HSP
Q_LIKNPVT9GVP9IK9MTP@9Q_LIKNPV9XGLXP9]P_9JV9`VPKQS9TSGLL
\P9 YLGQPN9 IK9 YJTIHIJKb9 BP^JVP9 G9 Q_LIKNPV9 IT9 RJXPN@
Q_LIKNPV9XGLXP9TSGLL9\P9QLJTPNb96LL9Q_LIKNPV9XGLXPT9TSGLL
\P9 QLJTPN9 `SPK9 HSP9 HJVQSPT9 GVP9 \PIKO9 VPYLGQPN9 JV
`PLNIKO9IT9THJYYPN9^JV9TJRP9VPGTJKb9/SP9Q_LIKNPV9XGLXP
GKN9QJKKPQHIJKT9TSGLL9KJH9\P9LM\VIQGHPNb
R=1!=!=1R=:94GT9QMHHIKO9GKN9`PLNIKO9HJVQSPT9TSGLL9\P
LIOSHPN9 \_9 RPGKT9 J^9 TYPQIGL9 LIOSHPVT9 GKN9 KJH9 `IHS
RGHQSPTb9/SP9QG\LPT9^VJR9`PLNIKO9PaMIYRPKH9TSJMLN
\P9YLGQPN9IK9TMQS9G9`G_9HSGH9HSP_9GVP9KJH9VMK9JXPV9\_
HVG^^IQb9 &JM\LP9 PGVHSIKO9 TSGLL9 \P9 YVJXINPNb9 BP^JVP
MKNPVHG]IKO9 `PLNIKO9 JYPVGHIJKT9 KPGV9 QJR\MTHI\LP
RGHPVIGLT@9TMIHG\LP9\LGK]PHIKO9TSGLL9\P9YVJXINPN9GKN9^IVP
PhHIKOMITSPVT9 ]PYH9 KPGV\_b9 %PLNIKO9 TSGLL9 KJH9 \P
MKNPVHG]PK9 IK9 GVPGT9 `SPVP9 IK^LGRRG\LP9 LIaMINT9 GKN
OGTPT9GVP9THJVPNb
R=1!=!=1R=;9 4GT9 LIKPT9 GKN9 QJRYVPTTPN9 GIV9 LIKPT9 TSGLL
\P9 INPKHI^IPN9 \_9 TMIHG\LP9 QJLJMV9 QJNPT9 ^JV9 PGT_
INPKHI^IQGHIJK@9HJ9GXJIN9QJK^MTIJK9GKN9HJ9YVPXPKH9^IVP
GKN9PhYLJTIJK9SGcGVNTb
R=1!=:(@-)%'E(#)(@'"+&'+"%
R=1!=:=19=%/%"-,
/SP9THVMQHMVP9IHTPL^9TSJMLN9\P9TG^POMGVNPN9NMVIKO9IHT
PVPQHIJKb9/SP9^IVTH9HVMTT9J^9HSP9VJJ^9T_THPR9TSGLL9\P9OM_PN
JK9PGQS9TINP9\P^JVP9HSP9SJITHIKO9VJYP9IT9NPHGQSPN9^VJR
IHb9 6^HPV9 HSP9 TM\TPaMPKH9 HVMTTPT9 GKN9 VJJ^9 YMVLIKT9 GVP
PVPQHPN@9YVJHPQHIXP9OMINPT9TSGLL9\P9^IVRL_9PTHG\LITSPN
GKN9 HSP9 VPaMIVPN9 `IKN9 \VGQIKOT9 TSGLL9 \P9 PVPQHPN9 HJ
YVPXPKH9 HSP9 `SJLP9 THVMQHMVP9 \PIKO9 \LJ`K9 JXPV9 \_9 G
TMNNPK9OGLP9GH9KIOSHb9BVGQIKO9GKN9OM_IKO9YVPQGMHIJKT
TSGLL9\P9HG]PK9JK9PXPV_9THVMQHMVP9MKHIL9IH9IT9QJRYLPHPb
4M_IKO9 TSGLL9 \P9 TYPQI^IQGLL_9 NJKP9 ^JV9 HVMTTPT9 GKN
THVMQHMVGL9QJRYJKPKHT9`SIQS9G^HPV9HSPIV9PVPQHIJK9^JVR
GK9PVPQHIJK9NPXIQPb9"K9THVMQHMVPT9MTPN9^JV9HPRYJVGV_
RGHPVIGL9THJVGOP9JXPVLJGNIKO9TSGLL9\P9GXJINPNb
R=1!=:=1=19$VPQHIJK9J^9QJLMRKT9TSGLL9\P9IRRPNIGHPL_
^JLLJ`PN9\_9XPVHIQGL9\VGQIKO9\PH`PPK9QJLMRKT9\P^JVP
HSP9VJJ^9THVMQHMVP9IT9PVPQHPNb
R=1:(7CKMNPPFHNA>K(%?NTK
R=1:=1(@'-."&-2%(6#/2'"+&'.#/
%SILP9 THGIVQGTP9 IT9 MKNPV9 QJKTHVMQHIJK@9 NPYPKNIKO9 JK
HSP9H_YP9J^9QJKTHVMQHIJK@9KGRPL_@9QJKQVPHP9JV9\VIQ]`JV]@
PHQ@9 TMIHG\LP9 YVPQGMHIJKT9 TSGLL9 \P9 HG]PK9 \_9 `G_9 J^
TMYYJVH@9 ^JVR`JV]T@9 PHQ@9 HJ9 YVPXPKH9 GK_9 QJLLGYTPb
%JV]PVT9JV9GK_9JHSPV9YPVTJK9TSGLL9KJH9\P9GLLJ`PN9HJ
MTP9TMQS9THGIVQGTPT9HILL9HSP_9GVP9HPTHPN9GKN9^JMKN9^IH9^JV
MTGOP9 \_9 HSP9 6MHSJVIH_dPKOIKPPVgIKgQSGVOPb9 /ILL9 HSP
YPVRGKPKH9SGKNVGILT9GVP9YVJXINPN@9HPRYJVGV_9YVJXITIJKT
;Q
LI]P9VJYPT@9PHQ@9TSGLL9\P9YVJXINPN9JK9THGIVQGTPT9YVIJV9HJ
QJRRPKQPRPKH9J^9MTP9J^9TMQS9THGIVQGTPTb
R=1:=!(D.)'(B%,,2
/ILL9HSP9IKTHGLLGHIJK9J^9HSP9LI^H9IT9QJRYLPHPN@9LI^H9`PLLT
TSGLL9\P9YVJHPQHPN9`IHS9QSPQ]9\JGVNT9JV9VGILIKOT9HJOPHSPV
`IHS9KJHIQP9\JGVNT@9NGKOPV9LIOSHT@9PHQ@9HJ9YVPXPKH9YPVTJKT
GQQINPKHGLL_9 ^GLLIKO9 IKHJ9 HSP9 `PLLTb9 /SP9 SGKNVGILT
YVJXINPN9 TSGLL9 \P9 QGYG\LP9 J^9 `IHSTHGKNIKO9 YVPTTMVP
PhPVHPN9NMP9HJ9KJVRGL9\MRYIKO9J^9GK9IKNIXINMGL9GOGIKTH
HSP9TGRPb
R=1:=:( 6#/2'"+&'.#/( R/3#,3./4( '7%( T2%( #)( ;#'
A.'+*./#+2(5-"(?-'%".-,2
R=1:=:=19@-)%'E(1"#4"-**%
R=1:=:=1=19=%/%"-,
"K9 GLL9 RGZJV9 `JV]T@9 GK9 PhYPVIPKQPN9 GKN9 QJRYPHPKH
^JVPRGK9JV9TMYPVXITJV9TSGLL9\P9YLGQPN9IKgQSGVOP9J^9HSP
`JV]@9 GKN9 TSGLL9 \P9 RGNP9 VPTYJKTI\LP9 ^JV9 HSP9 THVIQH
J\TPVXGKQP9 J^9 HSP9 TG^PH_9 VMLPTb9 AP9 TSGLL9 THJQ]9 HSP
KPQPTTGV_9 YVJHPQHIXP9 PaMIYRPKH@9 ^IVP9 PhHIKOMITSIKO
PaMIYRPKH@9^IVTHgGIN9]IH@9PHQb9AP9TSGLL9GLTJ9]PPY9G9VPQJVN
J^9HSP9GQQINPKHT9HG]IKO9YLGQP9JK9GK_9YGVHIQMLGV9ZJ\@9`IHS
VPGTJKT9 HSPVPJ^@9 GKN9 TSGLL9 TMOOPTH9 TMIHG\LP9 VPRPNIGL
RPGTMVPT9HJ9HSP9RGKGOPRPKH9^JV9YVPXPKHIJK9HSPVPJ^b
R=1:=:=1=!9!"#'%&'.3%(&#3%"./4
%JV]PVT9 PKOGOPN9 JK9 ZJ\T9 IKXJLXIKO9 SGKNLIKO9 J^9 SJH
\IHMRPK@9 HGV@9 GKN9 \IHMRIKJMT9 RIhHMVPT9 TSGLL9 MTP
YVJHPQHIXP9`PGVT@9TMQS9GT9\JJHT9GKN9OLJXPT@9YVP^PVG\L_
J^9GT\PTHJT9JV9JHSPV`ITP9J^9VM\\PV[9OJOOLPT9GKN9SPLRPHb
2J9`JV]PVT9TSGLL9\P9YPVRIHHPN9HJ9SGKNLP9TMQS9RGHPVIGLT
`IHSJMH9`PGVIKO9HSP9KPPNPN9YVJHPQHIXP9QJXPVIKOb
R=1:=:=1=:9:."%().47'./4(-""-/4%*%/'2
%SPK9SPGHIKO9GKN9SGKNLIKO9J^9SJH9\IHMRIKJMT9RGHPVIGLT
IT9HJ9\P9NJKP9IK9HSP9JYPK@9TM^^IQIPKH9THJQ]T9J^9QLPGK9NV_
TGKN9JV9LJJTP9PGVHS9TSGLL9\P9RGNP9GXGILG\LP9GH9HSP9`JV]
TIHP9HJ9QJYP9`IHS9GK_9VPTMLHGKH9^IVPTb9%SPK9KPIHSPV9TMQS
RGHPVIGLT9GVP9GXGILG\LP@9KJV9GVP9GK_9TMIHG\LP9H_YP9J^9^IVP
PhHIKOMITSPVT9 YVJXINPN9 GH9 HSP9 `JV]9 TIHP9 IK9 HSP9 JYPK@
GKN9VPLIGKQP9SGT9HJ9\P9JK9MTIKO9`GHPV9^JV9^IOSHIKO9GK_
^IVP@9HSP9`GHPV9TMYYL_9GXGILG\LP9TSJMLN9\P9IK9G\MKNGKQP
GKN9HSP9`GHPV9TSGLL9\P9GYYLIPN9HJ9HSP9^IVP9IK9HSP9^JVR9J^
TYVG_b9%SPK9SPGHIKO9J^9\IHMRIKJMT9RGHPVIGLT9IT9QGVVIPN
JMH9IK9PKQLJTPN9TYGQPT@9TM^^IQIPKH9KMR\PV9J^9YVJYPVL_
RGIKHGIKPN9 NV_9 YJ`NPV9 ^IVP9 PhHIKOMITSPV9 JV9 ^JGR
PhHIKOMITSPV9QJK^JVRIKO9HJ9GQQPYHPN9THGKNGVNT9k-U.(Wl
TSGLL9\P9]PYH9IK9VPGNIKPTT9JK9HSP9`JV]9TIHPb
R=1:=:=!9@1"-E%"P(21"%-0%"V1-3%"
R=1:=:=!=19@1"-E%"
/SP9 TYVG_PV9 TSGLL9 \P9 YVJXINPN9 `IHS9 G9 ^IVP9 VPTITHIKO
TQVPPKb9/SP9TQVPPK9TSGLL9SGXP9GK9J\TPVXGHIJK9`IKNJ`b
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
,IYIKO9 ^JV9 SJH9 HGV9 GKN9 \IHMRPK9 TSGLL9 \P9 GNPaMGHPL_
IKTMLGHPN9 HJ9 YVJHPQH9 `JV]PVT9 ^VJR9 IKZMV_9 \_9 \MVKTb
!LPhI\LP9YIYIKO9`JV]9MKNPV9YJTIHIXP9YVPTTMVP9TSGLL9\P
J^9RPHGL9`SIQS9TSGLL9\P9GNPaMGHPL_9IKTMLGHPNb9%JV]PVT
TSGLL9KJH9THGKN9^GQIKO9HSP9`IKN9NIVPQHIJKT9`SILP9TYVG_IKO
SJH9\IKNPV@9LPTH9IH9RG_9^GLL9JK9HSPR9QGMTIKO9\MVKTb
R=1:=:=!=!9@1"%-0%"V!-3%"
*YVPGNPVT9IK9JYPVGHIJK9TSGLL9\P9YVJHPQHPN9\_9TIOKGLT@
TIOKT9JV9JHSPV9P^^PQHIXP9RPGKTb9,PJYLP9TSJMLN9\P9`GVKPN
GOGIKTH9`GL]IKO9JXPV9SJH9RIhHMVP9LGINb94VGXPL9TYVPGNPVT
TSGLL9GL`G_T9]PPY9G9TG^P9NITHGKQP9^VJR9TYVG_PVb9$LPXGHPN
YLGH^JVRT9JK9TYVPGNPVT9TSGLL9\P9YVJHPQHPN9\_9TMIHG\LP
VGILIKO9GKN9\P9YVJXINPN9`IHS9GK9GQQPTT9LGNNPVb
R=1:=:=:989+.1*%/'()#"(7%-'./4(#)(J.'+*%/(-/0('-"2
R=1:=:=:=19/GK]T@9XGHT@9]PHHLPT@9YJHT@9NVMRT9GKN9JHSPV
XPTTPLT9^JV9SPGHIKO9HGV@9\IHMRPK9GKN9JHSPV9\IHMRIKJMT
RGHPVIGLT9TSGLL9\P@
GW GNPaMGHPL_9 VPTITHGKH9 HJ9 NGRGOP9 \_9 SPGH@
HVGKTYJVHGHIJK@9PHQ[
\W QGYG\LP9J^9SJLNIKO9G9^MLL9LJGN9`IHSJMH9NGKOPV
J^9QJLLGYTP@9\MVTHIKO9JV9NITHJVHIJK[
QW YVJXINPN9`IHS9G9QLJTP9^IHHIKO9QJXPV9TMIHG\LP9^JV
TRJHSPVIKO9G9^IVP9IK9HSP9XPTTPL9JV9YVJHPQHIJK
^VJR9VGIK[9GKN
NW LPG]9YVJJ^@9GKN9YVJXINPN9`IHS9TMIHG\LP9JMHLPHT
`SIQS9QGK9\P9QJKHVJLLPN9^JV9HG]IKO9JMH9HSP9SJH
RGHPVIGLb
R=1:=:=:=!9*MIHG\LP9IKNIQGHJV9OGMOPT9TSGLL9\P9MTPN9HJ
GTQPVHGIK9LPXPL9GKN9HPRYPVGHMVP9J^9HSP9RGHPVIGL9IK9HSP
\JILPVb9"K9KJ9GQQJMKH9TSGLL9`JV]PVT9\P9GLLJ`PN9HJ9YPPY
IKHJ9HSP9\JILPV9^JV9HSIT9YMVYJTPb9!JV9GTQPVHGIKIKO9LPXPLT@
IK9TRGLL9YLGKHT@9NIYTHIQ]9RG_9GLTJ9\P9MTPNb
R=1:=:=:=:94GT9GKN9JILg^IVPN9\IHMRPK9GKN9HGV9]PHHLPT9JV
YJHT9 TSGLL9 \P9 PaMIYYPN9 `IHS9 \MVKPVT@9 VPOMLGHJVT9 GKN
TG^PH_9 NPXIQPT9 J^9 H_YPT9 GYYVJXPN9 \_9 HSP9 6MHSJVIH_b
APGHIKO9GYYLIGKQPT9^JV9XPTTPLT9TSGLL9NITHVI\MHP9HSP9SPGH
MKI^JVRL_9 JXPV9 HSP9 SPGHIKO9 TMV^GQP9 TJ9 GT9 HJ9 GXJIN
JXPVSPGHIKOb9 1K9 QGTP9 J^9 \IHMRIKJMT9 RIhHMVPT9 MTIKO
RIKPVGL9GOOVPOGHPT9^ILLPV9HJOPHSPV9`IHS9\IHMRPK@9IH9IT
YVP^PVG\LP9HJ9SGXP9TJRP9RPGKT9^JV9THIVVIKO9GT9`PLLb9"KL_
XPTTPLT9 SPGHPN9 \_9 PLPQHVIQIH_9 TSGLL9 \P9 MTPN9 IKTINP
\MILNIKOTb9 /GV9 \JILPVT9 TSGLL9 KPXPV9 \P9 MTPN9 JK
QJR\MTHI\LP9VJJ^b
R=1:=:=:=;9 BMQ]PHT9 ^JV9 SJH9 \IHMRPK@9 \IHMRIKJMT
RGHPVIGLT9J^9HGV9TSGLL9SGXP@
GW HSP9\GIL9JV9SGKNLP9^IVRL_9TPQMVPN[9GKN
\W G9TPQJKN9SGKNLP9KPGV9HSP9\JHHJR9^JV9HIYYIKOb
R=1:=:=:=<9BIHMRPK9JV9HGV9\JILPVT9RJMKHPN9JK9`SPPLT
^JV9PGT_9HVGKTYJVH9JV9HJ`IKO9TSGLL9YVP^PVG\L_9\P9YVJXINPN
`IHS9SGKN9YMRYT9^JV9TYVG_IKO9YMVYJTPTb
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
R=1:=:=:=29DPTTPLT9IK9JYPVGHIJK9TSGLL9\P9]PYH9GH9G9TG^P
NITHGKQP9^VJR9QJR\MTHI\LP9RGHPVIGLTb9%SPK9XPTTPLT9GVP
MTPN9IK9QJK^IKPN9TYGQPT@9HSP9OGTPT@9^MRPT9GKN9TRJ]P
OPKPVGHPN9TSGLL9\P9VPRJXPN9\_9PhSGMTH9XPKHILGHIJK9JV
\_9 ^JVQPN9 XPKHILGHIJKTb9 DPTTPLT9 HSGH9 GVP9 \PIKO9 SPGHPN
TSGLL9 KJH9 \P9 LP^H9 MKGHHPKNPNb9 ,IPQPT9 J^9 \IHMRIKJMT
RGHPVIGL9TSGLL9KJH9\P9HSVJ`K9IKHJ9HSP9SJH9XPTTPLT9TJ9GT
HJ9QGMTP9TYLGTSIKOb9+JXPVT9TSGLL9\P9]PYH9QLJTPN9`SPK
XPTTPLT9 GVP9 KJH9 IK9 MTPb9 +JKHGIKPVT9 TSGLL9 KJH9 \P9 ^ILLPN
`IHS9SJH9\IHMRPK9JV9HGV9HJ9G9LPXPL9HSGH9RIOSH9QGMTP9NGKOPV
`SPK9HSP_9GVP9QGVVIPN9JV9SJITHPNb9$KJMOS9TYGQP9TSGLL
\P9LP^H9IK9XPTTPLT9^JV9PhYGKTIJK9J^9\IKNPV@9`SPK9SPGHPNb
R=1:=:=:=59BIHMRPKdHGV9TSGLL9\P9]PYH9NV_9GKN9HJ9GXJIN
^IVP9 NMP9 HJ9 ^JGRIKO@9 \JILPV9 TSGLL9 SGXP9 G9 NPXIQP9 HSGH
YVPXPKHT9 ^JGR9 ^VJR9 VPGQSIKO9 HSP9 \MVKPVT9 JV9 GKHIg
^JGRIKO9 GOPKHT9 TSGLL9 \P9 MTPN9 HJ9 QJKHVJL9 HSP9 TGRPb
6LHPVKGHIXPL_@9HJ9GXJIN9^IVP9NMP9HJ9^JGRIKO@9HSP9SPGHIKO
TSGLL9\P9GH9LJ`9HPRYPVGHMVP9HILL9HSP9`GHPV9PKHVGYYPN@9I^
GK_@9 IT9 QJRYLPHPL_9 PXGYJVGHPNb9 6K_9 `GHPV9 YVPTPKH9 IK
HSP9 \JILPV9 TSGLL9 GLTJ9 \P9 NVGIKPN9 \P^JVP9 MTIKO9 IH9 ^JV
SPGHIKO9 \IKNPVTb9 2J9 JYPK9 LIOSH9 TSGLL9 \P9 MTPN9 ^JV
GTQPVHGIKIKO9HSP9LPXPL9J^9\IKNPV9IK9\JILPVTb91^9G9\MVKPV
OJPT9JMH@9HSP9^MPL9TMYYL_9TSGLL9\P9QMH9J^^9GKN9HSP9SPGHIKO
HM\P9TSGLL9\P9HSJVJMOSL_9\LJ`K9JMH9\_9HSP9^GK9TJ9GT9HJ
YVPXPKH9G9\GQ]9^IVPb
R=1:=:=:=Q9+MH\GQ]T9TSGLL9KJH9\P9SPGHPN9JXPV9GK9JYPK
^LGRP9MKLPTT9G9`GHPV9ZGQ]PH9IT9MTPNb9%SILP9HSP_9GVP9\PIKO
SPGHPN9HSP9XPTTPL9TSGLL9\P9]PYH9JYPKb
R=1:=:=:=R9,IYIKO9TSGLL9KJH9\P9`GVRPN9`IHS9\MVKIKO9VGOT
GKN9IKTHPGN9\LJ`gLGRYT9JV9TIRILGV9NPXIQPT9TSGLL9\P9MTPNb
R=1:=:=:=109*YILLPN9\IHMRPK9JV9HGV9TSGLL9\P9YVJRYHL_
QLPGKPN9MY9GVJMKN9\JILPVTb
R=1:=:=:=119 1KTYPQHIJK9 JYPKIKOT9 TSGLL9 KJH9 \P9 JYPKPN
`SILP9HSPVP9IT9GK_9YVPTTMVP9IK9HSP9\JILPVb
R=1:=:=:=1!9%SPK9HGK]T9GVP9QLPGKPN9\_9THPGR@9GNPaMGHP
YVPQGMHIJKT9TSGLL9\P9HG]PK9HJ9YVPXPKH9GK_9\MILN9MY9J^
YVPTTMVPb
R=1:=:=;9;-/0,./4(J.'+*%/V'-"
BIHMRPKdHGV9TSGLL9KJH9\P9SPGHPN9\P_JKN9HSP9HPRYPVGHMVP
VPQJRRPKNPN9 \_9 HSP9 RGKM^GQHMVPV9 J^9 HSP9 YVJNMQHb
%SILP9 NITQSGVOIKO9 SPGHPN9 \IKNPV9 ^VJR9 HSP9 \JILPV@
`JV]PVT9TSGLL9KJH9THGKN9JYYJTIHP9HJ9HSP9ZPH9TJ9GT9HJ9GXJIN
HSP9 YJTTI\ILIH_9 J^9 SJH9 \IKNPV9 ^GLLIKO9 JK9 HSPRb9 /SP
QJKHGIKPV9TSGLL9\P9SGKNLPN9JKL_9G^HPV9QLJTIKO9HSP9QJKHVJL
XGLXPb9%SILP9SGKNLIKO9SJH9\IHMRPKdHGV@9`JV]PVT9TSGLL
PhPVQITP9TQVMYMLJMT9QGVP9HJ9YVPXPKH9GQQINPKHGL9TYILLGOP
HSPVPJ^b9/SP9\MQ]PHT9GKN9QGKT9IK9`SIQS9HSP9SJH9RGHPVIGL
IT9QGVVIPN9^VJR9\JILPV9TSGLL9\P9QSPQ]PN9\P^JVP9MTP9HJ
PKTMVP9HSGH9HSP_9GVP9IKHGQH9GKN9TG^Pb90JYT9GKN9JHSPV
GYYLIQGHJVT9 QJKHGRIKGHPN9 `IHS9 \IHMRIKJMT9 RGHPVIGLT
TSGLL9KJH9\P9THJVPN9IKTINP9\MILNIKOTb
;R
R=1:=:=<9A.'+*%/(1,-/'2
*G^PH_9VPaMIVPRPKHT9TSGLL9\P9IK9GQQJVNGKQP9`IHS9OJJN
YVGQHIQP9k-U7)Wlb
R=1:=;(5.*J%"(@'"+&'+"%
,VPXPKHIXP9 RPGTMVPT9 GOGIKTH9 SGcGVNT9 IK9 `JV]9 YLGQPT
IKXJLXIKO9 QJKTHVMQHIJK9 J^9 HIR\PV9 THVMQHMVPT9 TSGLL9 \P
HG]PK9IK9GQQJVNGKQP9`IHS9OJJN9YVGQHIQP9k-U7.Wlb
R=1;(/CHCK@NK
R=1;=1(!-./'./4P(!#,.27./4(-/0(<'7%"(:./.27%2
"KL_9HSP9aMGKHIH_9J^9YGIKH@9HSIKKPV9GKN9YJLITS9VPaMIVPN
^JV9HSP9NG_jT9`JV]9TSJMLN9\P9]PYH9GH9HSP9`JV]9TYJHb
R=1;=1=19 6LL9 QJKHGIKPVT9 J^9 YGIKH@9 HSIKKPV9 GKN9 YJLITS
`SIQS9GVP9KJH9IK9GQHMGL9MTP9TSJMLN9\P9QLJTPN9`IHS9HIOSH
^IHHIKO9LINT9GKN9]PYH9GH9G9TG^P9YLGQP9G`G_9^VJR9HSP9GQHMGL
`JV]9TIHPb
R=1;=1=!9 69 <9 ]O9 NV_9 YJ`NPV9 ^IVP9 PhHIKOMITSPV
QJK^JVRIKO9HJ9HSP9GQQPYHPN9THGKNGVN9k-U7(Wl9TSGLL9\P
]PYH9SGKN_b
R=1;=1=:90PHGL9VPQPYHGQLPT9`IHS9YPNGL9JYPVGHPN9RPHGL
LINT9TSGLL9\P9]PYH9SGKN_9GH9HSP9`JV]9TIHP9^JV9NPYJTIHIKO
MTPN9QJHHJK9VGOTd`GTHPb9/SP9QJKHPKHT9J^9TMQS9VPQPYHGQLPT
TSGLL9\P9NITYJTPN9J^^9\P^JVP9HSP9PKN9J^9PGQS9NG_jT9`JV]
GH9 G9 TG^P9 YLGQP@9 YVP^PVG\L_9 \_9 \MVKIKO9 MKNPV9 YVJYPV
TMYPVXITIJKb
R=1;=1=;96LL9QJKHGIKPVT9J^9YGIKH9TSGLL9\P9VPRJXPN9^VJR
HSP9`JV]9TIHP9GKN9NPYJTIHPN9IK9HSP9YGIKH9THJVP9\P^JVP
HSP9QLJTP9J^9NG_jT9`JV]b98TPN9YGIKH9\VMTSPT9TSGLL9\P
QLPGKPN9 GKN9 NPYJTIHPN9 IK9 HSP9 THJVP9 GLJKO9 `IHS9 HSP
QJKHGIKPVTb
R=1;=1=<9*JRP9YGIKHTdYJLITSIKO9GKN9^IKITSIKO9RGHPVIGLT
GVP9 IKZMVIJMT9 HJ9 HSP9 SPGLHS9 J^9 `JV]PVTb9 6NPaMGHP
YVJHPQHIXP9 QLJHSIKO@9 VPTYIVGHJV_9 PaMIYRPKH@9 PHQ@9 TSGLL
\P9 YVJXINPN9 ^JV9 HSP9 MTP9 J^9 `JV]PVT9 NMVIKO9 TMQS
JYPVGHIJKT9`SPVP9KPQPTTGV_b
R=1<(/BFICPN(/C`?>BNK
1H9TSGLL9\P9PKTMVPN9HSGH9TM^^IQIPKH9KMR\PV9J^9`JV]PVT
GKN9PaMIYRPKH9GVP9YVJXINPN9HJ9QGVV_9HSP9^VGOILP9^IhHMVPT
LI]P9TGKIHGV_9^IHHIKOT@9OLGTT9YGKPT@9PHQ@9HJ9YVPXPKH9IKZMV_
HJ9`JV]PVT9NMP9HJ9GQQINPKHGL9NVJYYIKO9J^9TMQS9^IhHMVPTb
R=12(6FON?D(CH(6UNMCFP(&UNBF?CAHK
*G^PH_9IK9QJRYVPTTPN9GIV9`JV]@9NVILLIKO@9\LGTHIKO9GKN
`PLNIKO9JYPVGHIJKT9TSGLL9\P9IK9GQQJVNGKQP9`IHS9OJJN
YVGQHIQPT9k-U77Wlb
R=15(.PNM?BCMFP(%HK?FPPF?CAHK(FHL('CO?K
R=15=1(5%*1#"-"E(8,%&'".&-,(B."./4
R=15=1=19!VG_PN9GKNdJV9\GVP9`IVPT9TSGLL9KJH9\P9MTPN9^JV
HPRYJVGV_9PLPQHVIQGL9QJKKPQHIJKT9NMVIKO9QJKTHVMQHIJKb
<0
6LL9HPRYJVGV_9`IVIKO9TSGLL9\P9IKTHGLLPN9GKN9TMYPVXITPN
\_9G9QJRYPHPKH9PLPQHVIQIGKb96NPaMGHP9YVJHPQHIJK9TSGLL
\P9YVJXINPN9^JV9GLL9PLPQHVIQGL9`IVIKO9LGIN9JK9^LJJV9`SIQS
RG_9SGXP9HJ9\P9QVJTTPN9JXPV9\_9QJKTHVMQHIJK9RGQSIKPV_
JV9\_9HSP9`JV]PVTb96LL9^LPhI\LP9`IVIKO9QJKKPQHIKO9HSP
PLPQHVIQGL9GYYLIGKQPT9TSGLL9SGXP9GNPaMGHP9RPQSGKIQGL
THVPKOHS9GKN9TSGLL9YVP^PVG\L_9\P9PKQLJTPN9IK9G9^LPhI\LP
RPHGL9TSPGHSb9"XPVSPGN9`IVPTdQG\LPT9TSGLL9\P9TJ9LGIN
HSGH9HSP_9LPGXP9GNPaMGHP9SPGN9VJJRb
R=15=1=!96LL9PLPQHVIQGL9QIVQMIHT@9JHSPV9HSGK9HSJTP9VPaMIVPN
^JV9ILLMRIKGHIJK9J^9HSP9TIHP9GH9KIOSH@9TSGLL9\P9T`IHQSPN
J^^9GH9HSP9QLJTP9J^9NG_jT9`JV]b9/SP9RGIK9T`IHQS9\JGVN
^VJR9`SIQS9QJKKPQHIJKT9GVP9HG]PK9^JV9LIOSHIKO@9YJ`PV
JYPVGHPN9RGQSIKPV_@9PHQ@9TSGLL9\P9LJQGHPN9IK9GK9PGTIL_
GQQPTTI\LP9GKN9YVJRIKPKH9YLGQPb92J9GVHIQLPT9J^9QLJHSIKO
KJV9THJVPT9TSGLL9\P9]PYH9GH9HSP9\GQ]9J^9JV9JXPV9HSP9\JGVN
JV9GK_`SPVP9KPGV9IHb9"KP9(9]Od7b<9]O9+".9PhHIKOMITSPV
JV9JKP9<9]O9NV_9YJ`NPV9PhHIKOMITSPV9QJK^JVRIKO9HJ9HSP
GQQPYHPN9THGKNGVN9k-U7(Wl9TSGLL9\P9YVJXINPN9KPGV9HSP
T`IHQS9\JGVNb
R=5=1=:9#PaMIVPRPKHT9GT9OIXPK9IK91!9J^9,GVH9;9iBMILNIKO
*PVXIQPT@9*PQHIJK9.9$LPQHVIQGL9GKN96LLIPN91KTHGLLGHIJKTj
J^9HSP9+JNP9TSGLL9GLTJ9\P9QJRYLIPN9`IHSb
R=15=!(!%"*-/%/'(8,%&'".&-,(R/2'-,,-'.#/2
BPTINPT9 HSP9 ^IVP9 TG^PH_9 RPGTMVPT9 ^JV9 PLPQHVIQGL
IKTHGLLGHIJKT9 QJXPVPN9 MKNPV9 R=15=1@9 TG^PH_9 IK9 PLPQHVIQ
IKTHGLLGHIJKT9IK9\MILNIKOT9GKN9IKTHGLLGHIJKT9J^9LI^HT9TSGLL
\P9IK9GQQJVNGKQP9`IHS91!9J^9,GVH9;9iBMILNIKO9*PVXIQPT@
*PQHIJK9 .9 $LPQHVIQGL9 GKN9 6LLIPN9 1KTHGLLGHIJKTj9 J^9 HSP
+JNP@9 GKN9 ,GVH9 ;9 iBMILNIKO9 *PVXIQPT@9 *PQHIJK9 <
1KTHGLLGHIJK9J^93I^HT@9$TQGLGHJVT9GKN90JXIKO9%GL]Tj9J^
HSP9+JNP@9VPTYPQHIXPL_b
R=1Q(,NHNBFP(6FON?D(4N[>CBNTNH?K(OAB(WABXUPFMN
R=1Q=1(@-/.'-'.#/
GW 6NPaMGHP9HJILPH9^GQILIHIPT9TSGLL9\P9YVJXINPN9^JV
HSP9`JV]PVT9`IHSIK9PGT_9GQQPTT9J^9HSPIV9YLGQP
J^9`JV]b9/SP9HJHGL9KMR\PV9HJ9\P9YVJXINPN9TSGLL
\P9KJH9LPTT9HSGK9JKP9YPV9(C9PRYLJ_PPT9IK9GK_
JKP9TSI^Hb
\W /JILPH9^GQILIHIPT9TSGLL9\P9YVJXINPN9^VJR9HSP9THGVH
J^9 \MILNIKO9 JYPVGHIJKT@9 GKN9 QJKKPQHIJK9 HJ9 G
TP`PV9TSGLL9\P9RGNP9GT9TJJK9GT9YVGQHIQG\LPb
QW $XPV_9HJILPH9TSGLL9\P9TJ9QJKTHVMQHPN9HSGH9HSP
JQQMYGKH9IT9TSPLHPVPN9^VJR9XIP`9GKN9YVJHPQHPN
^VJR9HSP9`PGHSPV9GKN9^GLLIKO9J\ZPQHTb
NW /JILPH9 ^GQILIHIPT9 TSGLL9 \P9 RGIKHGIKPN9 IK9 G
TGKIHGV_9 QJKNIHIJKb9 69 TM^^IQIPKH9 aMGKHIH_9 J^
NITIK^PQHGKH9 TSGLL9 \P9 YVJXINPNb9 2GHMVGL9 JV
GVHI^IQIGL9ILLMRIKGHIJK9TSGLL9\P9YVJXINPNb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 PW 6K9GNPaMGHP9TMYYL_9J^9NVIK]IKO9`GHPV9TSGLL
\P9 YVJXINPN@9 GKN9 MKLPTT9 QJKKPQHPN9 HJ9 G
RMKIQIYGL9`GHPV9TMYYL_@9TGRYLPT9J^9HSP9`GHPV
TSGLL9 \P9 HPTHPN9 GH9 ^VPaMPKH9 IKHPVXGLT9 \_9 HSP
6MHSJVIH_b
R=1Q=!(:."%(!"#'%&'.#/
R=1Q=!=191K9GNNIHIJK9HJ9HSP9YVJXITIJK9J^9^IVP9PhHIKOMITSPVT@
GT9TYPQI^IPN9IK9HSIT9YGVH9J^9HSP9+JNP@9JHSPV9^IVP9PhHIKOMITSIKO
PaMIYRPKH9TSGLL9GLTJ9\P9YVJXINPN9GKN9QJKXPKIPKHL_9LJQGHPN
`IHSIK9HSP9\MILNIKO9MKNPV9QJKTHVMQHIJK9JV9JK9HSP9\MILNIKO
TIHP@9GT9VPaMIVPN9\_9HSP96MHSJVIH_b
R=1Q=!=1=196LL9^IVP9PhHIKOMITSPVT9TSGLL9\P9RGIKHGIKPN9IK
G9TPVXIQPG\LP9QJKNIHIJK9GH9GLL9HIRPT9IK9GQQJVNGKQP9`IHS
OJJN9 YVGQHIQP9 k-U.7Wl9 GKN9 GLL9 KPQPTTGV_9 OMINPLIKPT
VPOGVNIKO9 ^IVP9 YVJHPQHIJK9 GH9 `JV]YLGQPT9 ^JLLJ`PN9 IK
GQQJVNGKQP9`IHS9OJJN9YVGQHIQP9k-U.)Wlb
R=1Q=!=1=!9 1H9 TSGLL9 \P9 PKTMVPN9 HSGH9 GLL9 `JV]PVT9 GKN
TMYPVXITJV_9THG^^9GVP9^MLL_9QJKXPVTGKH9`IHS9HSP9QJVVPQH
JYPVGHIJK9GKN9MTP9J^9^IVP9PhHIKOMITSPVT9YVJXINPN9GH9HSP
QJKTHVMQHIJK9TIHPb
R=1Q=!=1=:9 /PLPYSJKP9 KMR\PV9 J^9 LJQGL9 ^IVP9 \VIOGNP
TSJMLN9\P9YVJRIKPKHL_9NITYLG_PN9KPGV9PGQS9HPLPYSJKP
YVJXINPN9GH9QJKTHVMQHIJK9TIHPb
R=1Q=!=1=;9%GHQS9GKN9`GVN9TPVXIQPT9TSJMLN9\P9YVJXINPN
GH9QJKTHVMQHIJK9TIHPT9NMVIKO9SJLING_T9GKN9KIOSHTb
R=1Q=!=!96QQPTT9TSGLL9\P9YVJXINPN9GKN9RGIKHGIKPN9GH
GLL9HIRPT9HJ9GLL9^IVP9^IOSHIKO9PaMIYRPKH@9IKQLMNIKO9^IVP
SJTP@9PhHIKOMITSPVT@9TYVIK]LPV9XGLXPT9GKN9S_NVGKHTb
R=1Q=!=!=1(6YYVJGQS9VJGNT9^JV9^IVP9^IOSHIKO9TSJMLN9\P
YLGKKPN@9 YVJYPVL_9 RGIKHGIKPN9 GKN9 ]PYH9 ^VPP9 ^VJR
\LJQ]GOPb9%INHS9J^9GYYVJGQS9VJGN9TSJMLN9\P9KJH9LPTT
HSGK9<9R9HJ9^GQILIHGHP9^IVP9^IOSHIKO9JYPVGHIJKTb
R=1Q=!=!=!9$RPVOPKQ_9YLGK9GKN9^IVP9JVNPV9TYPQI^_IKO
HSP9IKNIXINMGL9VPTYJKTI\ILIH_9IK9HSP9PXPKH9J^9^IVP9TSJMLN
\P9 ^JVRMLGHPN9 GKN9 RJQ]9 NVILLT9 TSJMLN9 \P9 YVGQHITPN
YPVIJNIQGLL_9IK9QGTP9J^9LGVOP9GKN9IRYJVHGKH9QJKTHVMQHIJK
TIHPT9HJ9PKTMVP9MY]PPY9GKN9P^^IQIPKQ_9J^9^IVP9^IOSHIKO
GYYLIGKQPTb
R=1Q=!=!=:9,PVIJNIQGL9IKTYPQHIJK9TSJMLN9\P9QGVVIPN9JMH
HJ9INPKHI^_9GK_9SGcGVN9GKN9YVJYPV9VPQJVNT9RGIKHGIKPN
GKN9^JLLJ`9MY9GQHIJK9HG]PKb
R=1Q=!=!=;9 $XGQMGHIJK9 ^GQILIHIPT9 GKN9 ^IVP9 PhIHT9 TSJMLN
\P9YVJXINPN9GH9GLL9LJQGHIJKT9TMTQPYHI\LP9HJ9^IVP9SGcGVNTb
R=1Q=!=:9 %SPVP9 HSP9 \MILNIKO9 YLGKT9 VPaMIVP9 HSP
IKTHGLLGHIJK9J^9^IhPN9^IVP9^IOSHIKO9PaMIYRPKH@9TMQS9GT
S_NVGKHT@9THGKN9YIYPT@9TYVIK]LPVT9GKN9MKNPVOVJMKN9`GHPV
RGIKT9JV9JHSPV9TMIHG\LP9GVVGKOPRPKHT9^JV9YVJXITIJK9J^
`GHPV9TSGLL9\P9IKTHGLLPN@9QJRYLPHPN9GKN9RGNP9GXGILG\LP
^JV9YPVRGKPKH9MTP9GT9TJJK9GT9YJTTI\LP@9\MH9IK9GK_9QGTP
KJH9LGHPV9HSGK9HSP9THGOP9GH9`SIQS9HSP9S_NVGKHT@9PHQ@9GVP
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
VPaMIVPN9^JV9MTP9GT9TYPQI^IPN9IK9R=1Q=!=:=19HJ9R=1Q=!=:=;b
R=1Q=!=:=19 69 THGKN9 YIYP9 T_THPR9 ULGKNIKO9 XGLXPTW@
YPVRGKPKH9 IK9 KGHMVP9 TSGLL9 \P9 IKTHGLLPN9 GKN9 RGNP
GXGILG\LP9\P^JVP9HSP9\MILNIKO9SGT9VPGQSPN9HSP9SPIOSH9J^
)<9R9G\JXP9HSP9OVGNP@9GKN9QGVVIPN9MY9`IHS9PGQS9^LJJVb
R=1Q=!=:=!9 /SP9 THGKNYIYP9 ULGKNIKO9 XGLXPdIKHPVKGL9 ^IVP
S_NVGKHW9 GKN9 IHT9 IKTHGLLGHIJK9 TSGLL9 QJK^JVR9 HJ9 HSP
GQQPYHPN9THGKNGVNT9k-U7<Wlb
R=1Q=!=:=:9/SP9THGKNYIYP9TSGLL9\P9QGVVIPN9MY9`IHS9PGQS
^LJJV9GKN9TPQMVPL_9QGYYPN9GH9HSP9HJYb9/JY9SJTP9JMHLPHT@
TSJMLN9GH9GLL9HIRPT@9\P9KJH9RJVP9HSGK9JKP9^LJJV9\PLJ`
HSP9^LJJV9MKNPV9QJKTHVMQHIJKb
R=1Q=!=:=;969TM\THGKHIGL9\Jh@9YVP^PVG\L_9J^9RPHGL@9TSJMLN
\P9YVJXINPN9GKN9RGIKHGIKPN9KPGV9PGQS9SJTP9JMHLPHb9/SP
\Jh9TSJMLN9QJKHGIK9GNPaMGHP9LPKOHST9J^9SJTP9HJ9VPGQS
GLL9 YGVHT9 J^9 HSP9 ^LJJV9 GT9 `PLL9 GT9 G9 TSJVH9 \VGKQS9 ^IHHPN
`IHS9).9RR9JV9.C9RR9KJccLPb
R=1Q=!=;9+LJTP9LIGITJK9TSGLL9\P9RGIKHGIKPN9`IHS9HSP9LJQGL
!IVP9BVIOGNP@9NMVIKO9QJKTHVMQHIJK9J^9GLL9\MILNIKOT9G\JXP
)<9 R9 IK9 SPIOSH9 GKN9 TYPQIGL9 JQQMYGKQIPT@9 LI]P
PNMQGHIJKGL@9GTTPR\L_@9IKTHIHMHIJKGL@9IKNMTHVIGL@9THJVGOP@
SGcGVNJMT9 GKN9 RIhPN9 JQQMYGKQIPT9 `IHS9 GK_9 J^9 HSP
G^JVPTGIN9JQQMYGKQIPT9SGXIKO9GVPG9RJVP9HSGK9<CC9R.
JK9PGQS9^LJJVb
R=1Q=!=<(1H9IT9NPTIVG\LP9HSGH9HPLPYSJKP9T_THPR9JV9JHSPV
RPGKT9 J^9 IKHPVgQJRRMKIQGHIJK9 T_THPR9 \P9 YVJXINPN
NMVIKO9HSP9QJKTHVMQHIJK9J^9GLL9\MILNIKOT9JXPV9)<9R9IK
SPIOSH9 JV9 \MILNIKOT9 SGXIKO9 G9 YLIKHS9 GVPG9 IK9 PhQPTT
J^ ) CCC9R.b
R=1Q=!=296LL9`JV]9`GTHP@9TMQS9GT9TQVGY9HIR\PV@9`JJN
TSGXIKOT@9TG`NMTH@9YGYPV@9YGQ]IKO9RGHPVIGLT9GKN9JIL_
`GTHP9TSGLL9\P9QJLLPQHPN9GKN9NITYJTPN9J^9TG^PL_9GH9HSP
PKN9J^9PGQS9NG_jT9`JV]b9,GVHIQMLGV9QGVP9TSGLL9\P9HG]PK
HJ9VPRJXP9GLL9`GTHP9GQQMRMLGHIJK9IK9JV9KPGV9XPVHIQGL
TSG^H9JYPKIKOT9LI]P9THGIV`G_T@9LI^HgTSG^H@9PHQb
R=1Q=!=596K9IKNPYPKNPKH9`GHPV9THJVGOP9^GQILIH_9TSGLL9\P
YVJXINPN9 \P^JVP9 HSP9 QJRRPKQPRPKH9 J^9 QJKTHVMQHIJK
JYPVGHIJKT9 ^JV9 ^IVPg^IOSHIKO9 YMVYJTPTb9 1H9 TSGLL9 \P
RGIKHGIKPN9GKN9\P9GXGILG\LP9^JV9MTP9GH9GLL9HIRPTb
R=1Q=!=Q9:."%(&+'I#))2
!IVP9`GLLT9GKN9PhIH9THGIV`G_T9VPaMIVPN9^JV9G9\MILNIKO
TSJMLN9\P9OIXPK9QJKTHVMQHIJK9YVIJVIH_b9%SPVP9^IVP9NJJVT@
`IHS9JV9`IHSJMH9GMHJRGHIQ9QLJTIKO9NPXIQPT@9GVP9THIYMLGHPN
IK9HSP9\MILNIKO9YLGKT9HSP_9TSJMLN9\P9SMKO9GT9TJJK9GT
YVGQHIQG\LP9 GKN9 \P^JVP9 GK_9 TIOKI^IQGKH9 aMGKHIH_9 J^
QJR\MTHI\LP9RGHPVIGL9IT9IKHVJNMQPN9IK9HSP9\MILNIKOb
R=1Q=!=Q=19 6T9 HSP9 `JV]9 YVJOVPTTPT@9 HSP9 YVJXITIJK9 J^
YPVRGKPKH9THGIV`G_T@9THGIV`G_9PKQLJTMVPT@9^IVP9`GLLT9GKN
JHSPV9 ^PGHMVPT9 J^9 HSP9 QJRYLPHPN9 THVMQHMVP9 `SIQS9 `ILL
YVPXPKH9HSP9SJVIcJKHGL9GKN9XPVHIQGL9TYVPGN9J^9^IVP9TSJMLN
\P9PKTMVPNb
<1
R=1Q=:(6,#'7./4
R=1Q=:=191H9TSGLL9\P9PKTMVPN9HSGH9HSP9QLJHSPT9`JVK9\_
HSP9 `JV]PVT9 \P9 KJH9 J^9 TMQS9 KGHMVP9 GT9 HJ9 IKQVPGTP9 HSP
QSGKQPT9 J^9 HSPIV9 OPHHIKO9 IKXJLXPN9 IK9 GQQINPKH9 HJ
HSPRTPLXPT9JV9HJ9JHSPVTb96T9G9VMLP@9`PGVIKO9J^967-00-"2
JV9LJJTP9OGVRPKHT9TSGLL9\P9YVJSI\IHPNb
R=1Q=:=!9%JV]PVT9PKOGOPN9IK9YVJQPTTPT9`SIQS9TYLGTS
LIaMIN9JV9JHSPV9RGHPVIGLT9`SIQS9`ILL9IKZMVP9HSP9T]IK9TSGLL
SGXP9PKJMOS9YVJHPQHIXP9QLJHSIKO9HJ9QJXPV9HSP9\JN_b
R=1Q=:=:91KNIXINMGLT9PKOGOPN9IK9`JV]9IKXJLXIKO9MTP9J^
KG]PN9^LGRPT9UTMQS9GT9`PLNIKOW9TSGLL9KJH9`PGV9T_KHSPHIQ
^I\VP9JV9TIRILGV9QLJHSIKO9`SIQS9IKQVPGTPT9HSP9VIT]9J^9^IVP
SGcGVNTb
R=1Q=;(@-)%'E(?%-2+"%2(H4-./2'(:-,,(!"%3%/'.#/
,PVTJKT9`JV]IKO9GH9SPIOSHT9RG_9MTP9TG^PH_9\PLHT9GKN
SGVKPTTPTb9,VJXITIJK9J^9QGHg`GL]T@9`IVP9RPTS@9VGILIKOT
VPNMQPT9 QSGKQPT9 J^9 ^GLLgLGNNPV9 GKN9 TQG^^JLNIKOT@
THGOIKOT@9PHQ@9TSJMLN9\P9GKQSJVPN9JK9^IVR9^JJHIKO9GKN
TSJMLN9\P9TPQMVPN9GKN9VGILIKO9TSJMLN9\P9YVJXINPN9GT
^GV9GT9YJTTI\LPb96LL9GQQPTTPT9TSJMLN9\P9\GVVIQGNPN9HJ
YVPXPKH9GQQINPKHGL9^GLLb9!JV9NPHGILT9GT9^GLL9YVPXPKHIJK
VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN9YVGQHIQP9k-U7=Wlb
R=1Q=<(:-,,./4(?-'%".-,2(;-G-"0(!"%3%/'.#/
,VPXPKHIXP9RPGTMVPT9GOGIKTH9^GLLIKO9RGHPVIGLT9SGcGVNT
IK9`JV]9YLGQPT9TSGLL9\P9HG]PK9IK9GQQJVNGKQP9`IHS9OJJN
YVGQHIQP9k-U7-Wlb
R=1Q=2(F.21#2-,(#)(F%J".2
,VPXPKHIXP9RPGTMVPT9GOGIKTH9SGcGVNT9VPLGHIKO9HJ9NITYJTGL
J^9NP\VIT9TSGLL9\P9HG]PK9IK9GQQJVNGKQP9`IHS9k-U7;Wlb
R=1R(-AHK?B>M?CAH(7FM@CHNBD
R=1R=1(*YPQI^IQGHIJK9GKN9VPaMIVPRPKHT9J^9QJKTHVMQHIJK
RGQSIKPV_9MTPN9IK9QJKTHVMQHIJK9JV9NPRJLIHIJK9`JV]9TSGLL
QJK^JVR9HJ9GQQPYHPN9THGKNGVNT9k-U7>Wlb
R=1R=!9 !JV9 TG^PH_9 VPaMIVPRPKHT9 ^JV9 `JV]IKO9 `IHS
QJKTHVMQHIJK9RGQSIKPV_@9VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U<CWlb
R=1R=:9 ,PHVJLPMR9 YJ`PVPN9 GIV9 QJRYVPTTJVT@9 SJITHT@
NPVVIQ]T@9 YMRYT@9 PHQ@9 TSGLL9 \P9 TJ9 LJQGHPN9 HSGH9 HSP
PhSGMTHT9 GVP9 `PLL9 G`G_9 ^VJR9 QJR\MTHI\LP9 RGHPVIGLTb
%SPVP9HSP9PhSGMTHT9GVP9YIYPT9HJ9JMHTINP9HSP9\MILNIKO
MKNPV9QJKTHVMQHIJK@9G9QLPGVGKQP9J^9GH9LPGTH9)<C9RR9TSGLL
\P9RGIKHGIKPN9\PH`PPK9TMQS9YIYIKO9GKN9QJR\MTHI\LP
RGHPVIGLb
R=1R=;( $GVHSIKOdOVJMKNIKO9 J^9 PLPQHVIQGLL_9 YJ`PVPN
PaMIYRPKHdHJJLT9 TSGLL9 \P9 PKTMVPNb9 6LTJ9 GLL9 PLPQHVIQ
YJ`PVPN9PaMIYRPKH9TSJMLN9\P9T`IHQSPN9J^^9^VJR9RGIKT@
G^HPV9QJRYLPHIJK9J^9NG_jT9ZJ\b
<!
10(6#/.$9(%"(+.7&'%$%&"(&/()*%'+%",6
10=1( /SP9 TG^PH_9 VPaMIVPRPKHT9 ^JV9 QGVV_IKO9 JMH
NPRJLIHIJKdNITRGKHLIKO9`JV]9TSGLL9\P9GT9OIXPK9IK910=!
HJ910=1<b
10=!(3PFHHCHI
BP^JVP9 \POIKKIKO9 HSP9 GQHMGL9 `JV]9 J^9 NPRJLIHIJK9 G
QGVP^ML9THMN_9TSGLL9\P9RGNP9J^9HSP9THVMQHMVP9`SIQS9IT9HJ
\P9YMLLPN9NJ`K9GKN9GLTJ9J^9GLL9IHT9TMVVJMKNIKOTb9/SIT
TSGLL@9IK9YGVHIQMLGV@9IKQLMNP9THMN_9J^9HSP9RGKKPV9IK9`SIQS
HSP9XGVIJMT9YGVHT9J^9HSP9\MILNIKO9HJ9\P9NPRJLITSPN9GVP
TMYYJVHPN9GKN9SJ`9^GV9HSP9THGOP9\_9THGOP9NPRJLIHIJK
`ILL9 G^^PQH9 HSP9 TG^PH_9 J^9 HSP9 GNZJIKIKO9 THVMQHMVPb9 6
NP^IKIHP9 YLGK9 J^9 YVJQPNMVP9 ^JV9 HSP9 NPRJLIHIJK9 `JV]@
NPYPKNIKO9MYJK9HSP9RGKKPV9IK9`SIQS9HSP9LJGNT9J^9HSP
XGVIJMT9THVMQHMVGL9YGVHT9GVP9TMYYJVHPN@9TSGLL9\P9YVPYGVPN
GKN9GYYVJXPN9\_9HSP9PKOIKPPVgIKgQSGVOP9GKN9HSIT9TSGLL
\P9^JLLJ`PN9GT9QLJTPL_9GT9YJTTI\LP@9IK9GQHMGL9PhPQMHIJK
J^9HSP9NPRJLIHIJK9`JV]b9BP^JVP9HSP9QJRRPKQPRPKH9J^
PGQS9THGOP9J^9NPRJLIHIJK@9HSP9^JVPRGK9TSGLL9\VIP^9HSP
`JV]PVT9IK9NPHGIL9VPOGVNIKO9HSP9TG^PH_9GTYPQHT9HJ9\P9]PYH
IK9XIP`b
1H9TSJMLN9\P9PKTMVPN9HSGH9HSP9NPRJLIHIJK9JYPVGHIJKT9NJ
KJH@9 GH9 GK_9 THGOP@9 GKN9 PKNGKOPV9 HSP9 TG^PH_9 J^9 HSP
GNZJIKIKO9\MILNIKOTb90JVPJXPV@9HSP9KMITGKQP9P^^PQH9J^
HSP9 NPRJLITSIKO9 `JV]9 JK9 HSP9 MTP9 J^9 HSP9 GNZGQPKH
\MILNIKOT9TSJMLN9\P9]PYH9HJ9HSP9RIKIRMRb
2J9 THVMQHMVP9 JV9 YGVH9 J^9 HSP9 THVMQHMVP9 JV9 GK_9 ^LJJV9 JV
HPRYJVGV_9TMYYJVH9JV9TQG^^JLN@9TINP9`GLL9JV9GK_9NPXIQP
^JV9 PaMIYRPKH9 TSGLL9 \P9 LJGNPN9 IK9 PhQPTT9 J^9 HSP9 TG^P
QGVV_IKO9QGYGQIH_@9IK9IHT9HSPK9PhITHIKO9QJKNIHIJKb
$LPQHVIQGL9IKTHGLLGHIJKT9^JV9NPRJLIHIJK9TIHPT9TSGLL9\P9IK
GQQJVNGKQP9 `IHS9 1!9 J^9 ,GVH9 ;9 iBMILNIKO9 *PVXIQPT@
*PQHIJK9 .9 $LPQHVIQGL9 GKN9 6LLIPN9 1KTHGLLGHIJKTj9 J^9 HSP
+JNPb
10=:(3BNMF>?CAHK(3BCAB(?A(+NTAPC?CAH
10=:=19"K9PXPV_9NPRJLIHIJK9ZJ\@9NGKOPV9TIOKT9TSGLL9\P
QJKTYIQMJMTL_9YJTHPN9GLL9GVJMKN9HSP9THVMQHMVP9GKN9GLL
NJJVT9GKN9JYPKIKOT9OIXIKO9GQQPTT9HJ9HSP9THVMQHMVP9TSGLL
\P9]PYH9\GVVIQGNPN9JV9RGKKPN9PhQPYH9NMVIKO9HSP9GQHMGL
YGTTGOP9J^9`JV]PVT9JV9PaMIYRPKHb9AJ`PXPV@9YVJXITIJKT
TSGLL9 \P9 RGNP9 ^JV9 GH9 LPGTH9 H`J9 IKNPYPKNPKH9 PhIHT9 ^JV
PTQGYP9J^9`JV]PVT9NMVIKO9GK_9PRPVOPKQ_b
10=:=!9&MVIKO9KIOSHT@9VPN9LIOSHT9TSGLL9\P9YLGQPN9JK9JV
G\JMH9GLL9HSP9\GVVIQGNPTb
10=:=:9%SPVP9IK9GK_9`JV]9J^9NPRJLIHIJK9IH9IT9IRYPVGHIXP@
\PQGMTP9 J^9 NGKOPV9 PhITHIKO@9 HJ9 PKTMVP9 HSGH9 KJ
MKGMHSJVIcPN9YPVTJK9TSGLL9PKHPV9HSP9TIHP9J^9NPRJLIHIJK
NMVIKO9 HSP9 JMHTINP9 SJMVT[9 G9 `GHQSRGK9 TSJMLN9 \P
PRYLJ_PNb91K9GNNIHIJK9HJ9`GHQSIKO9HSP9TIHP9SP9TSGLL9GLTJ
\P9VPTYJKTI\LP9^JV9RGIKHGIKIKO9GLL9KJHIQPT@9LIOSHT9GKN
\GVVIQGNPTb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
10=:=;9 6LL9 HSP9 KPQPTTGV_9 TG^PH_9 GYYLIGKQPT9 TSGLL9 \P
ITTMPN9HJ9HSP9`JV]PVT9GKN9HSPIV9MTP9PhYLGIKPNb91H9TSGLL
\P9 PKTMVPN9 HSGH9 HSP9 `JV]PVT9 GVP9 MTIKO9 GLL9 HSP9 TG^PH_
GYYLIGKQPT9`SILP9GH9`JV]b
10=:=<9/SP9YJ`PV9JK9GLL9PLPQHVIQGL9TPVXIQP9LIKPT9TSGLL
\P9TSMH9J^^9GKN9GLL9TMQS9LIKPT9QMH9JV9NITQJKKPQHPN9GH9JV
JMHTINP9HSP9YVJYPVH_9LIKP@9\P^JVP9HSP9NPRJLIHIJK9`JV]
IT9THGVHPNb9,VIJV9HJ9QMHHIKO9J^9TMQS9LIKPT@9HSP9KPQPTTGV_
GYYVJXGL9 TSGLL9 \P9 J\HGIKPN9 ^VJR9 HSP9 PLPQHVIQGL
GMHSJVIHIPT9QJKQPVKPNb9/SP9JKL_9PhQPYHIJK9`ILL9\P9GK_
YJ`PV9LIKPT9VPaMIVPN9^JV9NPRJLIHIJK9`JV]9IHTPL^b
10=:=296LL9OGT@9`GHPV9THPGR9GKN9JHSPV9TPVXIQP9LIKPT9TSGLL
\P9TSMH9J^^9GKN9QGYYPN9JV9JHSPV`ITP9QJKHVJLLPN9GH9JV
JMHTINP9 HSP9 \MILNIKO9 LIKP@9 \P^JVP9 NPRJLIHIJK9 `JV]9 IT
THGVHPNb
10=:=596LL9HSP9RGIKT9GKN9RPHPVT9J^9HSP9\MILNIKO9TSGLL
\P9VPRJXPN9JV9YVJHPQHPN9^VJR9NGRGOPb
10=:=Q91^9G9THVMQHMVP9HJ9\P9NPRJLITSPN9SGT9\PPK9YGVHIGLL_
`VPQ]PN9 \_9 ^IVP@9 PhYLJTIJK9 JV9 JHSPV9 QGHGTHVJYSP@9 HSP
`GLLT9 GKN9 NGRGOPN9 VJJ^T9 TSGLL9 \P9 TSJVPN9 JV9 \VGQPN
TMIHG\L_b
10=:=R(!"#'%&'.#/(#)('7%(!+J,.&
10=:=R=19*G^PH_9NITHGKQPT9HJ9PKTMVP9TG^PH_9J^9HSP9YM\LIQ
TSGLL9\P9QLPGVL_9RGV]PN9GKN9YVJRIKPKHL_9TIOK9YJTHPNb
$XPV_9TINP`GL]9JV9VJGN9GNZGQPKH9HJ9HSP9`JV]9TSGLL9\P
QLJTPN9JV9YVJHPQHPNb96LL9RGIK9VJGNT@9`SIQS9GVP9JYPK9HJ
HSP9YM\LIQ@9TSGLL9\P9]PYH9JYPK9HJ9HSP9YM\LIQ9QLPGV9GKN
MKJ\THVMQHPN9 GH9 GLL9 HIRPTb9 &IXPVTIJKT9 ^JV9 YPNPTHVIGKT
TSGLL9\P9QJKTHVMQHPN@9`SPVP9KPQPTTGV_9^JV9TG^PH_b
10=:=R=!91^9HSP9THVMQHMVP9HJ9\P9NPRJLITSPN9IT9RJVP9HSGK
H`J9THJVP_PN9JV9-b<9R9SIOS@9RPGTMVPN9^VJR9HSP9TINP
`GL]9JV9THVPPH9`SIQS9QGKKJH9\P9QLJTPN9JV9TG^PL_9NIXPVHPN@
GKN9 HSP9 SJVIcJKHGL9 NITHGKQP9 ^VJR9 HSP9 IKTINP9 J^9 HSP
TINP`GL]9HJ9HSP9THVMQHMVP9IT97b<9R9JV9LPTT@9G9TM\THGKHIGL
TINP`GL]9TSPN9TSGLL9\P9QJKTHVMQHPN9JXPV9HSP9PKHIVP9LPKOHS
J^9HSP9TINP`GL]9GNZGQPKH9HJ9HSP9THVMQHMVP@9J^9TM^^IQIPKH
`INHS9 `IHS9 G9 XIP`9 HJ9 GQQJRRJNGHIKO9 HSP9 YPNPTHVIGK
HVG^^IQ9`IHSJMH9QGMTIKO9QJKOPTHIJKb9/SP9TINP9`GL]9TSPN
TSGLL9\P9LIOSHPN9TM^^IQIPKHL_9HJ9PKTMVP9TG^PH_9GH9GLL9HIRPTb
!JV9NPHGILPN9IK^JVRGHIJK9VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN
YVGQHIQP9k-U<)Wlb
69HJP9\JGVN9J^9GH9LPGTH9)9R9SIOS9G\JXP9HSP9VJJ^9J^9HSP
TSPN9TSGLL9\P9YVJXINPN9JK9HSP9JMHTINP9PNOP9GKN9PKNT9J^
HSP9 TINP`GL]9 TSPNb9 *MQS9 \JGVNT9 RG_9 \P9 XPVHIQGL9 JV
IKQLIKPN9JMH`GVN9GH9KJH9RJVP9HSGK97<ob
$hQPYH9`SPVP9HSP9VJJ^9J^9G9TINP`GL]9TSPN9TJLINL_9G\MHT
HSP9THVMQHMVP@9HSP9^GQP9J^9HSP9TINP`GL]9TSPN9HJ`GVNT9HSP
\MILNIKO9 TSGLL9 \P9 QJRYLPHPL_9 QLJTPN9 \_9 YVJXINIKO
TSPPHIKOdYLGK]IKO9 HJ9 YVPXPKH9 ^GLLIKO9 RGHPVIGL9 ^VJR
YPKPHVGHIKO9IKHJ9HSP9TSPNb
/SP9 VJJ^9 J^9 TINP`GL]9 TSPNT9 TSGLL9 \P9 QGYG\LP9 J^
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
TMTHGIKIKO9 G9 LJGN9 J^9 -(9 2dRR.b9 "KL_9 IK9 PhQPYHIJKGL
QGTPT@9 TG_9 NMP9 HJ9 LGQ]9 J^9 JHSPV9 TYGQP@9 HSP9 THJVIKO9 J^
RGHPVIGL9JK9G9TINP`GL]9TSPN9RG_9\P9YPVRIHHPN9IK9`SIQS
QGTP9HSP9TSPN9TSGLL9\P9NPTIOKPN9^JV9G9LJGN9J^9)7=92dRR.b
#JJ^9J^9TINP`GL]9TSPN9TSGLL9\P9NPTIOKPN9HG]IKO9IKHJ
GQQJMKH9HSP9IRYGQH9J^9HSP9^GLLIKO9NP\VITb9B_9^VPaMPKH
VPRJXGL9J^9LJGNT9IH9TSGLL9\P9PKTMVPN9HSGH9HSP9RGhIRMR
LJGN@9GH9GK_9HIRP@9JK9HSP9VJJ^9J^9`JV]9TSPN9IT9KJH9RJVP
HSGK9=9CCC92dR.b9/SP9SPIOSH9J^9TINP`GL]9TSPN9TSGLL9\P
TMQS9GT9HJ9OIXP9G9RIKIRMR9QLPGVGKQP9J^9.b79Rb
*INP`GL]9TSPN9JYPKIKO@9^JV9LJGNIKO9YMVYJTPT@9TSGLL9\P
]PYH9 QLJTPN9 GH9 GLL9 HIRP9 PhQPYH9 NMVIKO9 GQHMGL9 LJGNIKO
JYPVGHIJKTb
/SP9NPQ]9^LJJVIKO9J^9HSP9TINP`GL]9TSPN9TSGLL9QJKTITH9J^
YLGK]9J^9KJH9LPTT9HSGK9<C9RR9IK9HSIQ]KPTT9QLJTPL_9LGIN
GKN9 NPQ]9 RGNP9 `GHPVHIOSHb9 6LL9 RPR\PVT9 J^9 HSP9 TSPN
TSGLL9 \P9 GNPaMGHPL_9 \VGQPN9 GKN9 QJKKPQHPN9 HJ9 VPTITH
NITYLGQPRPKH9J^9RPR\PVT9JV9NITHJVHIJK9J^9^VGRP`JV]b
10=:=R=:9%SPK9HSP9SJVIcJKHGL9NITHGKQP9^VJR9HSP9IKTINP
J^9HSP9TINP`GL]9HJ9HSP9THVMQHMVP9IT9RJVP9HSGK97b<9R9GKN
LPTT9HSGK9-b<9R@9G9TINP`GL]9TSPN9JV9^PKQP9JV9G9TM\THGKHIGL
VGILIKO9TSGLL9\P9QJKTHVMQHPN9JK9HSP9IKTINP9J^9HSP9TINP`GL]
JV9VJGN`G_9GLJKO9HSP9PKHIVP9LPKOHS9J^9HSP9NPRJLIHIJK
TINP9 J^9 HSP9 YVJYPVH_9 `IHS9 RJXG\LP9 \GVT9 GT9 RG_9 \P
KPQPTTGV_9^JV9HSP9YVJYPV9PhPQMHIJK9J^9HSP9`JV]b
2"/$9f9!JV9OMINGKQP9JK9RGKGOPRPKH9J^9YPNPTHVIGKTdQ_QLITHTd
XPSIQLPT9KPGV9VJGN9QJKTHVMQHIJK9TIHPT@9VP^PVPKQP9RG_9\P9RGNP
HJ91#+9*,9<<9e9.C)79i4MINPLIKPT9JK9HVG^^IQ9RGKGOPRPKH9IK9`JV]
cJKPTjb
10=;(3BNMF>?CAHK(+>BCHI(+NTAPC?CAH
10=;=1(,VIJV9HJ9QJRRPKQPRPKH9J^9`JV]@9GLL9RGHPVIGL9J^
^VGOILP9KGHMVP9LI]P9OLGTT9TSGLL9\P9VPRJXPNb
10=;=!96LL9JYPKIKOT9TSGLL9\P9\JGVNPN9MYb
10=;=:9&MTH9TSGLL9\P9QJKHVJLLPN9\_9TMIHG\LP9RPGKT9HJ
YVPXPKH9SGVR9HJ9`JV]PVTb
10=;=;9*HGQ]IKO9J^9RGHPVIGLT9JV9NP\VIT9TSGLL9\P9`IHSIK
TG^P9 LIRIHT9 J^9 HSP9 THVMQHMVGL9 RPR\PVb9 6NNIHIJKGL
TMYYJVHT@9`SPVP9KPQPTTGV_@9TSGLL9\P9OIXPKb
10=;=<9 6NPaMGHP9 KGHMVGL9 JV9 GVHI^IQIGL9 LIOSHIKO9 GKN
XPKHILGHIJK9TSGLL9\P9YVJXINPN9^JV9HSP9`JV]PVTb
10=<(6N[>NHMN(AO(+NTAPC?CAH(&UNBF?CAHK
10=<=19/SP9NPRJLIHIJK9`JV]9TSGLL9\P9YVJQPPNPN9`IHS9IK
TMQS9G9`G_9HSGH@
GW IH9QGMTPT9HSP9LPGTH9NGRGOP9GKN9KMITGKQP9HJ9HSP
GNZJIKIKO9 \MILNIKO9 GKN9 HSP9 RPR\PVT9 J^9 HSP
YM\LIQ[9GKN
\W IH9TGHIT^IPT9GLL9TG^PH_9VPaMIVPRPKHT9HJ9GXJIN9GK_
GQQINPKHTb
10=<=!96LL9PhITHIKO9^IhHMVPT9VPaMIVPN9NMVIKO9NPRJLIHIJK
<:
JYPVGHIJKT9 TSGLL9 \P9 `PLL9 YVJHPQHPN9 `IHS9 TM\THGKHIGL
QJXPVIKO9 HJ9 HSP9 PKHIVP9 TGHIT^GQHIJK9 J^9 HSP9 VMLPT9 GKN
VPOMLGHIJKT9 J^9 HSP9 MKNPVHG]IKOT9 JV9 HSP_9 TSGLL9 \P
HPRYJVGVIL_9VPLJQGHPNb
10=<=:9BP^JVP9NPRJLIHIJK9`JV]9IT9THGVHPN@9OLGcPN9TGTS@
OLGcPN9NJJVT9GKN9`IKNJ`T@9PHQ@9TSGLL9\P9VPRJXPNb96LL
^VGOILP9GKN9LJJTP9^IhHMVPT9TSGLL9\P9VPRJXPNb9/SP9LGHS
GKN9GLL9LJJTP9YLGTHPV9TSGLL9\P9THVIYYPN9J^^9HSVJMOSJMH
HSP9 PKHIVP9 \MILNIKOb9 /SIT9 IT9 GNXGKHGOPJMT9 \PQGMTP9 IH
VPNMQPT9 OLGTT9 \VPG]GOP9 GKN9 GLTJ9 PLIRIKGHPT9 G9 LGVOP
GRJMKH9 J^9 NMTH9 YVJNMQIKO9 RGHPVIGL9 \P^JVP9 RJVP
TM\THGKHIGL9YGVHT9J^9HSP9\MILNIKOT9GVP9VPRJXPNb
10=<=;96LL9`PLL9JYPKIKOT9`SIQS9PhHPKN9NJ`K9HJ9^LJJV
LPXPL9TSGLL9\P9\GVVIQGNPN9HJ9G9SPIOSH9J^9KJH9LPTT9HSGK
JKP9RPHVP9G\JXP9HSP9^LJJV9LPXPLb9/SIT9YVJXITIJK9TSGLL
KJH9GYYL_9HJ9HSP9OVJMKN9LPXPL9^LJJVb
10=<=<9 6LL9 ^LJJV9 JYPKIKOT9 GKN9 TSG^HT9 KJH9 MTPN9 ^JV
RGHPVIGL9QSMHPT9TSGLL9\P9^LJJVPN9JXPV9GKN9\P9PKQLJTPN
`IHS9OMGVN9VGILT9GKN9HJP9\JGVNTb
10=<=29 /SP9 NPRJLIHIJK9 TSGLL9 GL`G_T9 YVJQPPN
T_THPRGHIQGLL_9THJVP_9\_9THJVP_9IK9NPTQPKNIKO9JVNPVb96LL
`JV]9 IK9 HSP9 MYYPV9 ^LJJV9 TSGLL9 \P9 QJRYLPHPN9 GKN
GYYVJXPN9\_9HSP9PKOIKPPVgIKgQSGVOP9YVIJV9HJ9NITHMV\GKQP
HJ9 GK_9 TMYYJVHIKO9 RPR\PV9 JK9 HSP9 LJ`PV9 ^LJJVb
&PRJLIHIJK9J^9HSP9THVMQHMVP9IK9TPQHIJKT9RG_9\P9YPVRIHHPN
IK9PhQPYHIJKGL9QGTPT@9I^9YVJYPV9YVPQGMHIJKT9GVP9PKTMVPN
HJ9YVPXPKH9IKZMVIPT9HJ9YPVTJKT9GKN9NGRGOP9HJ9YVJYPVH_b
10=2(WFPPK
10=2=19%SILP9`GLLT9J^9TPQHIJKT9J^9RGTJKV_9GVP9\PIKO
NPRJLITSPN@9IH9TSGLL9\P9PKTMVPN9HSGH9HSP_9GVP9KJH9GLLJ`PN
HJ9^GLL9GT9TIKOLP9RGTT9MYJK9HSP9^LJJVT9J^9HSP9\MILNIKO
HSGH9 GVP9 \PIKO9 NPRJLITSPN9 TJ9 GT9 HJ9 PhQPPN9 HSP9 TG^P
QGVV_IKO9QGYGQIH_9J^9HSP9^LJJVTb9"XPVLJGNIKO9J^9^LJJVT
TSGLL9\P9YVPXPKHPN9\_9VPRJXIKO9HSP9GQQMRMLGHIKO9NP\VIT
HSVJMOS9 QSMHPT9 JV9 \_9 JHSPV9 RPGKT9 IRRPNIGHPL_b9 /SP
^LJJV9TSGLL9\P9IKTYPQHPN9\_9HSP9PKOIKPPVgIKgQSGVOP9\P^JVP
MKNPVHG]IKO9NPRJLIHIJK9`JV]9GKN9I^9HSP9TGRP9IT9^JMKN
HJ9\P9IKQGYG\LP9HJ9QGVV_9HSP9LJGN9J^9HSP9NP\VIT@9KPQPTTGV_
GNNIHIJKGL9YVPQGMHIJKT9TSGLL9\P9HG]PK9TJ9GT9HJ9YVPXPKH
GK_9YJTTI\LP9MKPhYPQHPN9QJLLGYTP9J^9HSP9^LJJVb
10=2=!(%GLLT9TSGLL9\P9VPRJXPN9YGVH9\_9YGVHb9*HGOPT9TSGLL
\P9YVJXINPN9^JV9HSP9RPK9HJ9`JV]9JK9I^9HSP9`GLLT9GVP9LPTT
HSGK9JKP9GKN9G9SGL^9\VIQ]9HSIQ]9GKN9NGKOPVJMT9HJ9`JV]
\_9THGKNIKO9JXPV9HSPRb
10=2=:96NPaMGHP9LGHPVGL9\VGQIKO9TSGLL9\P9YVJXINPN9^JV
`GLLT9 `SIQS9 GVP9 MKTJMKNb9 !JV9 NPHGILPN9 IK^JVRGHIJK
VP^PVPKQP9RG_9\P9RGNP9HJ9OJJN9YVGQHIQP9k-U<)Wlb
10=5(/PAABCHI
10=5=1(,VIJV9HJ9VPRJXGL9J^9RGTJKV_9JV9QJKQVPHP9^LJJV
GNPaMGHP9TMYYJVH9QPKHPVIKO9TSGLL9\P9YVJXINPNb
<;
10=5=!9%SPK9^LJJVT9GVP9\PIKO9VPRJXPN@9KJ9`JV]PV9JV
YPVTJK9TSGLL9\P9GLLJ`PN9HJ9`JV]9IK9HSP9GVPG@9NIVPQHL_
MKNPVKPGHS9GKN9TMQS9GVPG9TSGLL9\P9\GVVIQGNPN9HJ9YVPXPKH
GQQPTT9HJ9IHb
10=5=:9,LGK]T9J^9TM^^IQIPKH9THVPKOHS9TSGLL9\P9YVJXINPN
HJ9 OIXP9 `JV]PVT9 ^IVR9 TMYYJVH9 HJ9 OMGVN9 GOGIKTH9 GK_
MKPhYPQHPN9^LJJV9QJLLGYTPb
10=Q(+NTAPC?CAH(AO(6?NNP(6?B>M?>BNK
10=Q=1(%SPK9G9NPVVIQ]9IT9MTPN@9QGVP9TSGLL9\P9HG]PK9HJ
TPP9 HSGH9 HSP9 ^LJJV9 JK9 `SIQS9 IH9 IT9 TMYYJVHPN9 IT9 GRYL_
THVJKO9^JV9HSP9LJGNIKO9TJ9IRYJTPNb91^9KPQPTTGV_9SPGX_
YLGK]IKO9TSGLL9\P9MTPN9HJ9NITHVI\MHP9HSP9LJGN9HJ9^LJJV
\PGR9GKN9OIVNPVTb
10=Q=!9"XPVLJGNIKO9J^9PaMIYRPKH9TSGLL9KJH9\P9GLLJ`PNb
10=Q=:9/GO9LIKPT9TSGLL9\P9MTPN9JK9GLL9RGHPVIGLT9\PIKO
LJ`PVPN9JV9SJITHPN9MY9GKN9G9THGKNGVN9TIOKGL9T_THPR9TSGLL
\P9MTPN9GKN9HSP9`JV]PVT9IKTHVMQHPN9JK9HSP9TIOKGLTb
10=Q=;92J9YPVTJK9TSGLL9\P9YPVRIHHPN9HJ9VINP9HSP9LJGN
LIKPb
10=Q=<92J9\PGRT9TSGLL9\P9QMH9MKHIL9YVPQGMHIJKT9SGXP
\PPK9 HG]PK9 HJ9 YVPXPKH9 IH9 ^VJR9 T`IKOIKO9 ^VPPL_9 GKN
YJTTI\L_9THVI]IKO9GK_9`JV]PV9JV9PaMIYRPKH9JV9HJ9GK_
YGVH9J^9HSP9THVMQHMVP9\PIKO9NPRJLITSPNb
10=Q=296LL9THVMQHMVGL9THPPL9RPR\PVT9TSGLL9\P9LJ`PVPN
^VJR9HSP9\MILNIKO9GKN9TSGLL9KJH9\P9GLLJ`PN9HJ9NVJYb
10=R(-F?M@(3PF?OABT
10=R=1( 1K9NPRJLIHIJK9J^9PhHPVIJV9`GLLT9J^9RMLHITHJVP_
THVMQHMVPT@9 QGHQS9 YLGH^JVR9 J^9 TM^^IQIPKH9 THVPKOHS9 HJ
YVPXPKH9IKZMVIPT9HJ9`JV]PVT9\PLJ`9GKN9YM\LIQ9TSGLL9\P
YVJXINPN@9`SPK9HSP9PhHPVKGL9`GLLT9GVP9RJVP9HSGK9.C9R
IK9SPIOSHb
10=R=!9 *MQS9 QGHQS9 YLGH^JVR9 TSGLL9 \P9 QJKTHVMQHPN9 GKN
RGIKHGIKPN9KJH9RJVP9HSGK9(9THJVP_T9\PLJ`9HSP9THJVP_
^VJR9`SIQS9PhHPVIJV9`GLL9IT9\PIKO9NPRJLITSPNb9%SPK
NPRJLIHIJK9SGT9YVJOVPTTPN9HJ9`IHSIK9(9THJVP_T9J^9OVJMKN
LPXPL@9QGHQS9YLGH^JVR9`ILL9KJH9\P9QJKTINPVPN9KPQPTTGV_b
10=R=:9+GHQS9YLGH^JVR9TSGLL9\P9QGYG\LP9J^9TMTHGIKIKO9G
LIXP9LJGN9J^9KJH9LPTT9HSGK9=9)CC92dR .b
10=R=;9 0GHPVIGLT9 TSGLL9 KJH9 \P9 NMRYPN9 JK9 HSP9 QGHQS
YLGH^JVR9KJV9TSGLL9HSP_9\P9MTPN9^JV9THJVGOP9J^9RGHPVIGLTb
10=10(6?FCBK8(3FKKFINYFDK(FHL('FLLNBK
10=10=1(*HGIVT9`IHS9VGILIKOT@9YGTTGOP`G_T9GKN9LGNNPVT
TSGLL9\P9LP^H9IK9YLGQP9GT9LJKO9GT9YJTTI\LP9GKN9RGIKHGIKPN
IK9G9TG^P9QJKNIHIJKb
10=10=!96LL9LGNNPVT9TSGLL9\P9TPQMVPN9GOGIKTH@9TLIYYIKO
JMH9GH9HSP9\JHHJR9GKN9GOGIKTH9RJXPRPKH9IK9GK_9NIVPQHIJK
GH9HSP9HJYb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
10=11(7NM@FHCMFP(+NTAPC?CAH
%SPK9 NPRJLIHIJK9 IT9 HJ9 \P9 YPV^JVRPN9 \_9 RPQSGKIQGL
NPXIQPT@9 TMQS9 GT9 `PIOSH9 \GLL9 GKN9 YJ`PV9 TSJXPLT@9 HSP
^JLLJ`IKO9GNNIHIJKGL9YVPQGMHIJKT9RG_9\P9J\TPVXPNe
GW /SP9GVPG9TSGLL9\P9\GVVIQGNPN9^JV9G9RIKIRMR
NITHGKQP9J^9)u9HIRPT9HSP9SPIOSH9J^9HSP9`GLL[
\W %SILP9HSP9RPQSGKIQGL9NPXIQP9IT9IK9JYPVGHIJK@
KJ9 `JV]PV9 TSGLL9 \P9 GLLJ`PN9 HJ9 PKHPV9 HSP
\MILNIKO9\PIKO9NPRJLITSPN[
QW /SP9 NPXIQP9 TSGLL9 \P9 TJ9 LJQGHPN9 GT9 HJ9 GXJIN
^GLLIKO9NP\VIT[9GKN
NW /SP9RPQSGKIQGL9NPXIQP@9`SPK9\PIKO9MTPN@9TSGLL
KJH9QGMTP9GK_9NGRGOP9HJ9GNZGQPKH9THVMQHMVP@
YJ`PV9LIKP@9PHQb
10=1!( +NTAPC?CAH( AO( -NB?FCH( 6UNMCFP( $DUNK( FHL
.PNTNH?K(AO(6?B>M?>BNK
10=1!=1(>##)(5"+22%2
1^9G9\MILNIKO9SGT9G9YIHQSPN9VJJ^@9HSP9THVMQHMVP9TSJMLN9\P
VPRJXPN9HJ9`GLL9YLGHP9LPXPL9\_9SGKN9RPHSJNTb9*M^^IQIPKH
YMVLIKT9GKN9\VGQIKO9TSJMLN9\P9VPHGIKPN9HJ9PKTMVP9THG\ILIH_
J^9HSP9VPRGIKIKO9VJJ^9HVMTTPT9`SILP9PGQS9IKNIXINMGL9HVMTT
IT9VPRJXPN9YVJOVPTTIXPL_b
10=1!=1=19/PRYJVGV_9\VGQIKO9TSJMLN9\P9GNNPN@9`SPVP
KPQPTTGV_@9HJ9RGIKHGIK9THG\ILIH_b9/SP9PKN9^VGRP9JYYJTIHP
HJ9 HSP9 PKN9 `SPVP9 NITRGKHLIKO9 IT9 QJRRPKQPN@9 JV9 G
QJKXPKIPKH9IKHPVRPNIGHP9^VGRP9TSJMLN9\P9IKNPYPKNPKHL_
GKN9 TPQMVPL_9 OM_PN9 IK9 \JHS9 NIVPQHIJKT9 \P^JVP9 `JV]
THGVHTb
10=1!=1=!9"K9KJ9GQQJMKH9TSJMLN9HSP9\JHHJR9HIP9J^9VJJ^
HVMTTPT9\P9QMH9MKHIL9HSP9YVIKQIYGL9VG^HPVT9GVP9YVPXPKHPN
^VJR9RG]IKO9JMH`GVN9RJXPRPKHb
10=1!=1=:96NPaMGHP9SJITHIKO9OPGVT9TMIHG\LP9^JV9HSP9LJGNT
TSGLL9\P9YVJXINPNb91^9NMVIKO9NPRJLIHIJK9GK_9HSIKO9IT9HJ
\P9YMH9JK9HSP9^LJJV9\PLJ`9HSP9LPXPL9J^9HSP9HVMTT@9IH9TSGLL
\P9PKTMVPN9HSGH9HSP9^LJJV9IT9QGYG\LP9J^9HG]IKO9HSP9LJGNb
10=1!=!(;%-3E(:,##"(A%-*2
APGX_9 \GML]T9 J^9 HIR\PV9 GKN9 THPPL9 \PGRT9 TSJMLN9 \P
TMYYJVHPN9\P^JVP9QMHHIKO9GH9HSP9PhHVPRIHIPT9GKN9TSJMLN
HSPK9\P9LJ`PVPN9OPKHL_9HJ9G9TG^P9`JV]IKO9YLGQPb
10=1!=:(Y-&C(H"&7%2
%SPVP9HIP9VJNT9GVP9YVPTPKH9\PH`PPK9RGIK9TMYYJVHIKO
\PGRT@9HSPTP9TSJMLN9KJH9\P9QMH9MKHIL9G^HPV9HSP9GVQS9JV
TPVIPT9J^9GVQSPT9IK9HSP9^LJJV9SGXP9\PPK9VPRJXPNb9/SP
^LJJV9TSJMLN9\P9NPRJLITSPN9IK9THVIYT9YGVGLLPL9HJ9HSP9TYGK
J^9 HSP9 GVQS9 VIKOT9 UGH9 VIOSH9 GKOLPT9 HJ9 HSP9 RGIK9 ^LJJV
\PGRTWb
10=1!=;(A".&C(H"&7%2
$hYPVH9GNXIQP9TSJMLN9\P9J\HGIKPN9GKN@9GH9GLL9THGOPT9J^
HSP9NPRJLIHIJK@9HSP9QLJTPTH9TMYPVXITIJK9TSJMLN9\P9OIXPK
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
\_9YPVTJKT9^MLL_9PhYPVIPKQPN9GKN9QJKXPVTGKH9IK9HSP9H_YP
J^9`JV]9HJ9PKTMVP9HSGH9HSP9THVMQHMVP9IT9THG\LP9GH9GLL9HIRPTb
AJ`PXPV@9HSP9^JLLJ`IKO9YJIKHT9RG_9\P9]PYH9IK9XIP`e
GW "K9KJ9GQQJMKH9TSJMLN9HSP9VPTHVGIKIKO9IK^LMPKQP
J^9HSP9G\MHRPKHT9\P9VPRJXPN9\P^JVP9HSP9NPGN
LJGN9J^9HSP9TYGKNVPL9^ILL9GKN9HSP9GVQS9VIKOT9GVP
VPRJXPNb
\W 69TIKOLP9TYGK9GVQS9QGK9\P9NPRJLITSPN9\_9SGKN
\_9 QMHHIKO9 KGVVJ`9 TPORPKHT9 YVJOVPTTIXPL_
^VJR9PGQS9TYVIKOIKO9YGVGLLPL9HJ9HSP9TYGK9J^9HSP
GVQS@9 MKHIL9 HSP9 `INHS9 J^9 HSP9 GVQS9 SGT9 \PPK
VPNMQPN9 HJ9 G9 RIKIRMR9 `SIQS9 QGK9 HSPK9 \P
QJLLGYTPNb
QW %SPVP9 NPLI\PVGHP9 QJLLGYTP9 IT9 ^PGTI\LP@9 HSP
QVJ`K9RG_9\P9\VJ]PK9\_9HSP9NPRJLIHIJK9\GLL
RPHSJN9`JV]IKO9YVJOVPTTIXPL_9^VJR9PNOPT9HJ
HSP9QPKHVPb
NW +JLLGYTP9 J^9 HSP9 THVMQHMVP9 QGK9 \P9 G^^PQHPN9 IK
JKP9GQHIJK9\_9HSP9MTP9J^9PhYLJTIXPTb9+SGVOPT
TSJMLN9\P9IKTPVHPN9IKHJ9\JVP9SJLPT9NVILLPN9IK
\JHS9GVQS9GKN9G\MHRPKHTb
PW 1K9RMLHIgTYGK9GVQSPT@9\P^JVP9IKNIXINMGL9GVQSPT
GVP9 VPRJXPN@9 LGHPVGL9 VPTHVGIKH9 TSJMLN9 \P
YVJXINPN9 GH9 HSP9 TYVIKOIKO9 LPXPLb9 &PRJLIHIJK
RG_9HSPK9YVJQPPN9GT9^JV9TIKOLP9TYGK[9`SPVP
PhYLJTIXPT9GVP9MTPN9IH9IT9YVP^PVG\LP9HJ9PKTMVP
HSP9 QJLLGYTP9 J^9 HSP9 `SJLP9 THVMQHMVP9 IK9 JKP
JYPVGHIJK9 HJ9 J\XIGHP9 HSP9 QSGKQP9 J^9 LPGXIKO
MKTHG\LP9YJVHIJK9THGKNIKOb
10=1!=<(6-/'.,%3%"(LO#'(!-"'(#)(-(:"-*%0(@'"+&'+"%M
+GKJYIPT@9QJVKIQPT@9THGIVQGTPT9GKN9\GLQJKIPT9TSJMLN9\P
NPRJLITSPN9JV9TMYYJVHPN9\P^JVP9HGILIKO9NJ`K9LJGN9IT
VPRJXPNb
10=1!=2(R/I2.'+(>%./)#"&%0(6#/&"%'%
BP^JVP9 QJRRPKQIKO9 NPRJLIHIJK@9 HSP9 KGHMVP9 GKN
QJKNIHIJK9J^9HSP9QJKQVPHP@9HSP9QJKNIHIJK9GKN9YJTIHIJK
J^9 VPIK^JVQPRPKH@9 GKN9 HSP9 YJTTI\ILIH_9 J^9 LGQ]9 J^
QJKHIKMIH_9J^9VPIK^JVQPRPKH9TSJMLN9\P9GTQPVHGIKPNb
&PRJLIHIJK9 TSJMLN9 \P9 QJRRPKQPN9 \_9 VPRJXIKO
YGVHIHIJKT9GKN9PhHPVKGL9KJKgLJGN9\PGVIKO9QLGNNIKOb
10=1!=2=19>%./)#"&%0(&#/&"%'%(J%-*2
69TMYYJVHIKO9VJYP9TSJMLN9\P9GHHGQSPN9HJ9HSP9\PGRb9/SPK
HSP9 QJKQVPHP9 TSJMLN9 \P9 VPRJXPN9 ^VJR9 \JHS9 PKNT9 \_
YKPMRGHIQ9 NVILL9 GKN9 HSP9 VPIK^JVQPRPKH9 PhYJTPNb9 /SP
VPIK^JVQPRPKH9TSJMLN9HSPK9\P9QMH9IK9TMQS9G9`G_9GT9HJ
GLLJ`9HSP9\PGR9HJ9\P9LJ`PVPN9MKNPV9QJKHVJL9HJ9HSP9^LJJVb
10=1!=2=!9>%./)#"&%0(&#/&"%'%(&#,+*/2
/SP9VPIK^JVQPRPKH9TSJMLN9\P9PhYJTPN9GH9HSP9\GTP9G^HPV
VPTHVGIKIKO9`IVP9OM_9VJYPT9SGXP9\PPK9YLGQPN9VJMKN9HSP
RPR\PV9GH9HSP9HJYb9/SP9VPIK^JVQPRPKH9TSJMLN9HSPK9\P
<<
QMH9IK9TMQS9G9`G_9GT9HJ9GLLJ`9IH9HJ9\P9YMLLPN9NJ`K9HJ9HSP
^LJJV9MKNPV9QJKHVJLb
10=1!=2=:9>%./)#"&%0(&#/&"%'%(K-,,2
/SPTP9TSJMLN9\P9QMH9IKHJ9THVIYT9GKN9NPRJLITSPN9GT9^JV
QJLMRKTb
10=1!=2=;9@+21%/0%0(),##"2(-/0("##)2
/SP9TLG\9TSJMLN9\P9QMH9IKHJ9THVIYT9YGVGLLPL9HJ9HSP9RGIK
VPIK^JVQPRPKH9 GKN9 NPRJLITSPN9 THVIY9 \_9 THVIYb9 %SPVP
VI\\PN9 QJKTHVMQHIJK9 SGT9 \PPK9 MTPN@9 HSP9 YVIKQIYLP9 J^
NPTIOK9 GKN9 RPHSJN9 J^9 QJKTHVMQHIJK9 TSJMLN9 \P
NPHPVRIKPN9 \P^JVP9 NPRJLIHIJK9 IT9 QJRRPKQPNb9 +GVP
TSJMLN9\P9HG]PK9KJH9HJ9QMH9HSP9VI\T9IKGNXPVHPKHL_b
10=1!=5(!"%&-2'(>%./)#"&%0(6#/&"%'%
&MP9YVPQGMHIJKT9TSGLL9\P9HG]PK9HJ9GXJIN9HJYYLIKO9JXPV
J^9YVP^G\VIQGHPN9MKIHT9JV9GK_9JHSPV9YGVH9J^9HSP9THVMQHMVP
GKN9`SPKPXPV9KPQPTTGV_9HPRYJVGV_9TMYYJVHT9TSGLL9\P
YVJXINPNb
10=1!=Q(!"%2'"%22%0(>%./)#"&%0(6#/&"%'%
BP^JVP9QJRRPKQIKO9J^9HSP9NPRJLIHIJK9`JV]@9GNXIQP9J^
GK9 PKOIKPPVIKO9 PhYPVH9 IK9 TMQS9 NPRJLIHIJK9 TSGLL9 \P
J\HGIKPN9GKN9^JLLJ`PNb
10=1:('AYNBCHI8(4NTAGFP(FHL(+CKUAKFP(AO(7F?NBCFPK
10=1:=19 &ITRGKHLPN9 RGHPVIGLT9 RG_9 \P9 HSVJ`K9 HJ9 HSP
OVJMKN9 JKL_9 G^HPV9 HG]IKO9 GNPaMGHP9 YVPQGMHIJKTb9 /SP
RGHPVIGL9TSGLL9YVP^PVG\L_9\P9NMRYPN9IKTINP9HSP9\MILNIKOb
2JVRGLL_9TMQS9RGHPVIGLT9TSGLL9\P9LJ`PVPN9HJ9HSP9OVJMKN
JV9HJ9HSP9HJY9J^9HSP9TINP`GL]9TSPN9`SPVP9YVJXINPN9\_
RPGKT9J^9VJYPT9JV9TMIHG\LP9HGQ]LPTb
10=1:=!(57"#+47(67+'%2
10=1:=!=19 %JJNPK9 JV9 RPHGL9 QSMHPT9 RG_9 \P9 YVJXINPN
^JV9VPRJXGL9J^9RGHPVIGLTb9/SP9QSMHPT9TSGLL9YVP^PVG\L_
\P9YVJXINPN9GH9HSP9QPKHVP9J^9HSP9\MILNIKO9^JV9P^^IQIPKH
NITYJTGL9J^9NP\VITb
10=1:=!=!9+SMHPT@9I^9YVJXINPN9GH9GK9GKOLP9J^9RJVP9HSGK
7<o9^VJR9HSP9SJVIcJKHGL@9TSGLL9\P9PKHIVPL_9PKQLJTPN9JK
GLL9HSP9^JMV9TINPT@9PhQPYH9^JV9JYPKIKO9GH9JV9G\JMH9HSP
^LJJV9LPXPL9^JV9VPQPIXIKO9HSP9RGHPVIGLTb
10=1:=!=:9/J9YVPXPKH9HSP9NPTQPKNIKO9RGHPVIGL9GHHGIKIKO
G9 NGKOPVJMT9 TYPPN@9 QSMHP9 TSGLL9 KJH9 PhHPKN9 IK9 GK
MK\VJ]PK9LIKP9^JV9RJVP9HSGK9H`J9THJVP_Tb969OGHP9JV9THJY
TSGLL9 \P9 YVJXINPN9 `IHS9 TMIHG\LP9 RPGKT9 ^JV9 QLJTIKO9 GH
HSP9\JHHJR9J^9PGQS9QSMHP9HJ9THJY9HSP9^LJ`9J^9RGHPVIGLTb
10=1:=!=;96K_9JYPKIKO9IKHJ9`SIQS9`JV]PVT9NMRY9NP\VIT
GH9HSP9HJY9J^9QSMHP9TSGLL9\P9OMGVNPN9\_9G9TM\THGKHIGL
OMGVN9VGIL9PhHPKNIKO9GH9LPGTH9JKP9RPHVP9G\JXP9HSP9LPXPL
J^9 HSP9 ^LJJV9 JV9 JHSPV9 TMV^GQP9 JK9 `SIQS9 RPK9 THGKN9 HJ
NMRY9HSP9RGHPVIGLT9IKHJ9HSP9QSMHPb
10=1:=!=<969HJP9\JGVN9JV9\MRYPV@9KJH9LPTT9HSGK9<C9RR
<2
HSIQ]9GKN9)<C9RR9SIOS9TSGLL9\P9YVJXINPN9GH9PGQS9QSMHP
JYPKIKOT@9 I^9 HSP9 RGHPVIGL9 IT9 NMRYPN9 ^VJR9 HSP9 `SPPL
\GVVJ`Tb96K_9TYGQP9\PH`PPK9HSP9QSMHP9GKN9HSP9PNOP9J^
HSP9JYPKIKO9IK9HSP9^LJJV9HSVJMOS9`SIQS9IH9YGTTPT9TSGLL
\P9TJLINL_9YLGK]PN9JXPVb
10=1:=:(57"#+47(;#,%2(./('7%(:,##"2
10=1:=:=19&P\VIT9RG_9GLTJ9\P9NVJYYPN9HSVJMOS9SJLPT
IK9HSP9^LJJV9`IHSJMH9HSP9MTP9J^9QSMHPTb91K9TMQS9G9QGTP9HSP
HJHGL9GVPG9J^9HSP9SJLP9QMH9IK9GK_9IKHPVRPNIGHP9^LJJV@9JKP
`SIQS9LIPT9\PH`PPK9^LJJV9HSGH9IT9\PIKO9NPRJLITSPN9GKN
HSP9THJVGOP9^LJJV9TSGLL9KJH9PhQPPN9.<9YPVQPKH9J^9TMQS
^LJJV9GVPGb91H9TSGLL9\P9PKTMVPN9HSGH9HSP9THJVGOP9^LJJV9IT
J^9 GNPaMGHP9 THVPKOHS9 HJ9 `IHSTHGKN9 HSP9 IRYGQH9 J^9 HSP
^GLLIKO9RGHPVIGLb
10=1:=:=!96LL9IKHPVRPNIGHP9^LJJV9JYPKIKOT9^JV9YGTTGOP
J^9 RGHPVIGLT9 TSGLL9 \P9 QJRYLPHPL_9 PKQLJTPN9 `IHS
\GVVIQGNPT9JV9OMGVN9VGILT9KJH9LPTT9HSGK9JKP9RPHVP9SIOS
GKN9GH9G9NITHGKQP9J^9KJH9LPTT9HSGK9)9R9^VJR9HSP9PNOP9J^
OPKPVGL9JYPKIKOb92J9\GVVIQGNPT9JV9OMGVN9VGILT9TSGLL9\P
VPRJXPN9MKHIL9HSP9THJVP_9IRRPNIGHPL_9G\JXP9SGT9\PPK
NPRJLITSPN9NJ`K9HJ9HSP9^LJJV9LIKP9GKN9GLL9NP\VIT9QLPGVPN
^VJR9HSP9^LJJVb
10=1:=:=:9%SPK9HSP9QMHHIKO9J^9G9SJLP9IK9GK9IKHPVRPNIGHP
^LJJV9\PH`PPK9HSP9THJVGOP9^LJJV9GKN9HSP9^LJJV9`SIQS9IT
\PIKO9NPRJLITSPN9RG]PT9HSP9IKHPVRPNIGHP9^LJJV9JV9GK_
YJVHIJK9J^9IH9MKTG^P@9HSPK9TMQS9IKHPVRPNIGHP9^LJJV9TSGLL
\P9 YVJYPVL_9 TSJVPNb9 1H9 TSGLL9 GLTJ9 \P9 PKTMVPN9 HSGH9 HSP
TMYYJVHIKO9`GLLT9GVP9KJH9]PYH9`IHSJMH9GNPaMGHP9LGHPVGL
VPTHVGIKHTb
10=1:=;(>%*#3-,(#)(?-'%".-,2
10=1:=;=196T9NPRJLIHIJK9`JV]9YVJQPPNT@9HSP9VPLPGTPN
TPVXIQPG\LP9 RGHPVIGLT9 J^9 NI^^PVPKH9 H_YPT9 TSGLL9 \P
TPYGVGHPN9^VJR9HSP9MKTPVXIQPG\LP9LJH9USPVPIKG^HPV9QGLLPN
i?-,J-jW9GH9TMIHG\LP9HIRP9IKHPVXGLT9GKN9YVJYPVL_9THJQ]PN
QLPGV9J^9HSP9TYJHT9`SPVP9NPRJLIHIJK9`JV]9IT9\PIKO9NJKPb
10=1:=;=!9/SP(?-,J-9J\HGIKPN9NMVIKO9NPRJLIHIJK9TSGLL
\P9QJLLPQHPN9IK9`PLLg^JVRPN9SPGYT9GH9YVJYPVL_9TPLPQHPN
YLGQPT@9]PPYIKO9IK9XIP`9TG^P9QJKNIHIJKT9^JV9`JV]PVT9IK
HSP9GVPGb9/SP9SPIOSH9J^9PGQS9?-,J-9SPGY9TSGLL9\P9LIRIHPN
HJ9PKTMVP9IHT9HJYYLIKO9JXPV9JV9JHSPV`ITP9PKNGKOPVIKO
HSP9TG^PH_9J^9`JV]PVT9JV9YGTTPVT\_b
10=1:=;=:9 /SP9 ?-,J-9 TSGLL9 \P9 VPRJXPN9 ^VJR9 HSP
NPRJLIHIJK9TIHP9HJ9G9LJQGHIJK9GT9VPaMIVPN9\_9HSP9LJQGL
QIXIL9GMHSJVIH_b9&PYPKNIKO9JK9HSP9TYGQP9GXGILG\LP9GH9HSP
NPRJLIHIJK9TIHP@9HSIT9JYPVGHIJK9J^9QJKXP_IKO9?-,J-9HJ
IHT9^IKGL9NITYJTGL9LJQGHIJK9RG_9SGXP9HJ9\P9QGVVIPN9JMH9G
KMR\PV9J^9HIRPT9NMVIKO9HSP9NPRJLIHIJK9`JV]b91K9GK_
QGTP@9HSP9NPRJLIHIJK9`JV]9TSGLL9KJH9\P9QJKTINPVPN9GT
QJRYLPHPN9 GKN9 HSP9 GVPG9 NPQLGVPN9 ^IH9 ^JV9 ^MVHSPV
JQQMYGHIJK9 HILL9 GLL9 HSP9 ?-,J-9 SGT9 \PPK9 QGVVIPN9 HJ9 IHT
^IKGL9NITYJTGL9LJQGHIJK9GKN9HSP9NPRJLIHIJK9GVPGT9HINIPN
MYb
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
10=1:=;=;9 0GHPVIGLT9 `SIQS9 GVP9 LI]PL_9 HJ9 QGMTP9 NMTH
KMITGKQP9JV9MKNMP9PKXIVJKRPKHGL9YJLLMHIJK9IK9GK_9JHSPV
`G_@9TSGLL9\P9VPRJXPN9^VJR9HSP9TIHP9GH9HSP9PGVLIPTH9GKN
HILL9HSPK9HSP_9TSGLL9\P9TMIHG\L_9QJXPVPNb9*MQS9RGHPVIGLT
TSGLL9\P9QJXPVPN9NMVIKO9HVGKTYJVHGHIJK9GLTJb
10=1:=;=<(!JLLJ`IKO9JHSPV9VPaMIVPRPKHT9TSJMLN9GLTJ9\P
RPHe
GW 4LGTT9GKN9THPPL9TSJMLN9\P9NMRYPN9JV9\MVIPN
TPYGVGHPL_9HJ9YVPXPKH9IKZMV_b
\W %JV]RGK9 TSJMLN9 \P9 YVJXINPN9 `IHS9 TMIHG\LP
YVJHPQHIXP9 OPGVT9 ^JV9 YPVTJKGL9 TG^PH_9 NMVIKO
`JV]T@9LI]P9TG^PH_9SPLRPHT@9\JJHT@9SGKN9OLJXPT@
OJOOLPT@9TYPQIGL9GHHIVP@9PHQb
QW %JV]9J^9VPRJXGL9J^9NP\VIT9TSJMLN9\P9QGVVIPN
JMH9 NMVIKO9 NG_b9 1K9 QGTP9 J^9 YJJV9 XITI\ILIH_
GVHI^IQIGL9LIOSH9RG_9\P9YVJXINPNb
NW &P\VIT9TSJMLN9^IVTH9\P9VPRJXPN9^VJR9HJYb9$GVL_
VPRJXGL9^VJR9\JHHJR9JV9TINPT9J^9NMRY9RG_
QGMTP9QJLLGYTP9J^9NP\VIT@9QGMTIKO9IKZMVIPTb
10=1;(7CKMNPPFHNA>K
10=1;=1( 2J9 NPRJLIHIJK9 `JV]9 TSJMLN9 \P9 QGVVIPN9 JMH
NMVIKO9 KIOSH9 GT9 ^GV9 GT9 YJTTI\LP@9 PTYPQIGLL_9 `SPK9 HSP
THVMQHMVP9HJ9\P9NPRJLITSPN9IT9IK9GK9IKSG\IHPN9GVPGb91^
TMQS9KIOSH9`JV]9SGT9HJ9\P9NJKP@9GNNIHIJKGL9YVPQGMHIJKT
\_9`G_9J^9GNNIHIJKGL9VPN9`GVKIKO9TIOKGLT@9`JV]IKO9LIOSHT
GKN9`GHQSRPK@9TSGLL9\P9YVJXINPN9HJ9GXJIN9GK_9IKZMV_
HJ9`JV]PVT9GKN9YM\LIQb9&PRJLIHIJK9`JV]9TSGLL9KJH9\P
QGVVIPN9JMH9NMVIKO9THJVR9GKN9SPGX_9VGIKb
10=1;=!9%GVKIKO9NPXIQPT9TSGLL9\P9IKTHGLLPN9IK9HSP9GVPG
HJ9`GVK9HSP9`JV]PVT9IK9QGTP9J^9GK_9NGKOPVb
10=1;=:9 *G^PH_9 NPXIQPT9 LI]P9 IKNMTHVIGL9 TG^PH_9 SPLRPHT
QJK^JVRIKO9 HJ9 HSP9 GQQPYHPN9 THGKNGVNT9 k-U.;Wl9 GKN
OJOOLPT9RGNP9J^9QPLLMLJIN9LPKT@9TSGLL9\P9ITTMPN9HJ9HSP
`JV]PVTb9 !JVPRGKgIKgQSGVOP9 J^9 HSP9 `JV]9 GVPGT9 TSGLL
PKTMVP9 HSGH9 GLL9 HSP9 `JV]PVT9 GVP9 `PGVIKO9 HSP9 TG^PH_
NPXIQPT9\P^JVP9QJRRPKQIKO9GK_9`JV]b
10=1;=;9+JKTHVMQHIJK9TSPNT9GKN9HJJL9\JhPT9TSGLL9\P9TJ
LJQGHPN9 GT9 HJ9 YVJHPQH9 `JV]PVT9 ^VJR9 IKZMVIPT9 ^VJR9 HSP
^GLLIKO9NP\VITb
10=1;=<9%SPVP9HSPVP9IT9G9LI]PLISJJN9J^9IKZMVIPT9HJ9SGKNT
J^9`JV]PVT9`SPK9NPRJLITSIKO9#++@9THPPL9THVMQHMVPT@9PHQ@
OLJXPT9J^9TMIHG\LP9RGHPVIGLT9TSGLL9\P9`JVK9\_9`JV]PVTb
10=1;=29*M^^IQIPKH9YVJHPQHIJK9\_9`G_9J^9\JHS9JXPVSPGN
QJXPV9GKN9TQVPPKT9TSGLL9\P9YVJXINPN9HJ9YVPXPKH9IKZMVIPT
HJ9HSP9`JV]PVT9GKN9HSP9YM\LIQb
10=1;=59*G^PH_9\PLHT9JV9VJYPT9TSGLL9\P9MTPN9\_9`JV]PVT
`SPK9`JV]IKO9GH9SIOSPV9LPXPLTb
10=1;=Q(="-0./4(#)(!,#'
%SPK9G9\MILNIKO9SGT9\PPK9NPRJLITSPN9GKN9KJ9\MILNIKO
JYPVGHIJK9SGT9\PPK9YVJZPQHPN9JV9GYYVJXPN@9HSP9XGQGKH
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
YLJH9TSGLL9\P9^ILLPN@9OVGNPN9GKN9RGIKHGIKPN9IK9QJK^JVRIH_
HJ9HSP9PTHG\LITSPN9THVPPH9OVGNPT9GH9]PV\9LPXPLb9/SP9YLJH
TSGLL9 \P9 RGIKHGIKPN9 ^VPP9 ^VJR9 HSP9 GQQMRMLGHIJK9 J^
VM\\ITS9GKN9GLL9JHSPV9MKTG^P9GKN9SGcGVNJMT9QJKNIHIJKT
`SIQS9PKNGKOPVT9HSP9LI^P9JV9SPGLHS9J^9HSP9YM\LIQ[9GKN
YVJXITIJKT9TSGLL9\P9RGNP9HJ9YVPXPKH9HSP9GQQMRMLGHIJK
J^9`GHPV9JV9NGRGOP9HJ9GK_9^JMKNGHIJKT9JK9HSP9YVPRITPT
JV9HSP9GNZJIKIKO9YVJYPVH_b
10=1<(/CBK?b#CL
10=1<=1969QJY_9J^9GLL9YPVHIKPKH9VPOMLGHIJKT9GKN9KJHIQPT
QJKQPVKIKO9 GQQINPKHT@9 IKZMV_9 GKN9 ^IVTHgGIN9 TSGLL9 \P
YVJRIKPKHL_9PhSI\IHPN9GH9HSP9`JV]9TIHPb
10=1<=!9&PYPKNIKO9JK9HSP9TQJYP9GKN9KGHMVP9J^9HSP9`JV]@
G9YPVTJK@9aMGLI^IPN9IK9^IVTHgGIN9TSGLL9\P9GXGILG\LP9GH9`JV]
TIHP9HJ9VPKNPV9GKN9NIVPQH9^IVTHgGIN9HJ9QGTMGLHIPTb9AP9TSGLL
RGIKHGIK9G9LITH9J^9IKNIXINMGLT9aMGLI^IPN9HJ9TPVXP9IK9^IVTHg
GIN9`JV]b9$KJMOS9^IVTHgGIN9]IH@9IKQLMNIKO9G9THVPHQSPV9GKN
G9 QJH9 `IHS9 GQQPTTJVIPT9 TSGLL9 \P9 YVJXINPN9 GH9 TIHPb9 6
HPLPYSJKP9RG_9\P9YVJXINPN9HJ9^IVTHgGIN9GTTITHGKH9`IHS
HPLPYSJKP9 KMR\PVT9 J^9 HSP9 SJTYIHGLT9 YVJRIKPKHL_
NITYLG_PNb
+JRYLPHP9 VPYJVHT9 J^9 GLL9 GQQINPKHT9 GKN9 GQHIJK9 HG]PK
HSPVPJK9TSGLL9\P9^JV`GVNPN9HJ9HSP9QJRYPHPKH9GMHSJVIHIPTb
'&!%(#$"7"*&0-(*'8"*&%*#5(%%($."-$2
'%*&$.%9&$($."#5":+(12($.'
11(7#%"$."#"-.(7#"#,.7."$
0GIKHPKGKQP9 RGKGOPRPKH9 J^9 \MILNIKO9 IT9 HSP9 GVH9 J^
YVPTPVXIKO9 JXPV9 G9 LJKO9 YPVIJN9 `SGH9 SGT9 \PPK
QJKTHVMQHPNb9%SPVPGT9QJKTHVMQHIJK9THGOP9LGTHT9^JV9G9TSJVH
YPVIJN@9RGIKHPKGKQP9QJKHIKMPT9^JV9QJRYGVGHIXPL_9XPV_
LGVOP9 YPVIJN9 NMVIKO9 HSP9 MTP^ML9 LI^P9 J^9 \MILNIKOb
1KGNPaMGHP9JV9IRYVJYPV9RGIKHPKGKQP9GNXPVTPL_9G^^PQHT
HSP9PKXIVJKRPKH9IK9`SIQS9YPJYLP9`JV]@9HSMT9G^^PQHIKO
HSP9JXPVGLL9JMHYMHb91K9HSP9YJTH9QJKTHVMQHIJK9THGOP9HSP
NG_9HJ9NG_9RGIKHPKGKQP9JV9MY]PPY9J^9HSP9\MILNIKO9TSGLL
QPVHGIKL_9 NPLG_9 HSP9 NPQG_9 J^9 HSP9 \MILNIKO9 THVMQHMVPb
/SJMOS9HSP9\MILNIKO9RG_9\P9NPTIOKPN9HJ9\P9XPV_9NMVG\LP
IH9KPPNT9RGIKHPKGKQP9HJ9]PPY9IH9IK9OJJN9QJKNIHIJKb9/SP
RGIKHPKGKQP9RGKGOPRPKH9J^9\MILNIKOT9TSGLL9\P9NJKP
IK9 GQQJVNGKQP9 `IHS9 ,GVH9 ).9 i6TTPH9 GKN9 !GQILIH_
0GKGOPRPKHj9J^9HSP9+JNPb
1!(34.^."$%&"(&/(-4#-\6
1!=1(+VGQ]T9IK9\MILNIKOT9GVP9J^9QJRRJK9JQQMVVPKQPb96
\MILNIKO9QJRYJKPKH9NPXPLJYT9QVGQ]T9`SPKPXPV9THVPTT
IK9 HSP9 QJRYJKPKH9 PhQPPNT9 IHT9 THVPKOHSb9 *HVPTT9 IK9 G
\MILNIKO9 QJRYJKPKH9 QJMLN9 \P9 QGMTPN9 \_9 PhHPVKGLL_
GYYLIPN9^JVQPT@9TMQS9GT9NPGN@9IRYJTPN@9`IKN9JV9TPITRIQ
LJGNT@9JV9^JMKNGHIJK9TPHHLPRPKH9JV9IH9QJMLN9\P9IKNMQPN
IKHPVKGLL_9NMP9HJ9HSPVRGL9RJXPRPKHT@9RJITHMVP9QSGKOPT@
QSPRIQGL9GQHIJK@9PHQb
<5
1!=!(+VGQ]T9QJMLN9\P9\VJGNL_9QLGTTI^IPN9GT9THVMQHMVGL
JV9KJKgTHVMQHMVGLb9*HVMQHMVGL9QVGQ]T9GVP9HSJTP9`SIQS9GVP
NMP9 HJ9 IKQJVVPQH9 NPTIOK@9 ^GMLH_9 QJKTHVMQHIJK9 JV
JXPVLJGNIKO9 GKN9 HSPTP9 RG_9 PKNGKOPV9 HSP9 TG^PH_9 J^9 G
\MILNIKOb9 $hHPKTIXP9 QVGQ]IKO9 J^9 GK9 #++9 \PGR9 IT9 GK
IKTHGKQP9J^9THVMQHMVGL9QVGQ]IKOb92JKgTHVMQHMVGL9QVGQ]T
GVP9RJTHL_9NMP9HJ9IKHPVKGLL_9IKNMQPN9THVPTTPT9IK9\MILNIKO
RGHPVIGLT9GKN9HSPTP9OPKPVGLL_9NJ9KJH9NIVPQHL_9VPTMLH9IK
THVMQHMVGL9 `PG]PKIKOb9 1K9 QJMVTP9 J^9 HIRP@9 SJ`PXPV@
TJRPHIRP9 KJKgTHVMQHMVGL9 QVGQ]T9 RG_@9 \PQGMTP9 J^
YPKPHVGHIJK9J^9RJITHMVP9HSVJMOS9QVGQ]T9JV9`PGHSPVIKO
GQHIJK@9VPTMLH9IK9QJVVJTIJK9J^9VPIK^JVQPRPKH9GKN9HSMT
RG_9VPKNPV9HSP9THVMQHMVP9MKTG^Pb9DPVHIQGL9QVGQ]T9IK9G
LJKO9 QJRYJMKN9 `GLL9 NMP9 HJ9 TSVIK]GOP9 JV9 HSPVRGL
RJXPRPKH9 IT9 GK9 IKTHGKQP9 J^9 KJKgTHVMQHMVGL9 QVGQ]IKOb
2JKgTHVMQHMVGL9QVGQ]T@9KJVRGLL_9NJ9KJH9PKNGKOPV9HSP
TG^PH_9J^9G9\MILNIKO@9\MH9RG_9LJJ]9MKTIOSHL_@9JV9RG_
QVPGHP9 GK9 IRYVPTTIJK9 J^9 ^GMLH_9 `JV]9 JV9 RG_9 OIXP9 G
^PPLIKO9J^9IKTHG\ILIH_b91K9TJRP9TIHMGHIJKT@9QVGQ]T9RG_@
\PQGMTP9J^9YPKPHVGHIJK9J^9RJITHMVP9HSVJMOS9HSPR@9TYJIL
HSP9IKHPVKGL9^IKITS@9HSMT9GNNIKO9HJ9QJTH9J^9RGIKHPKGKQPb
1H9 IT@9 HSPVP^JVP@9 KPQPTTGV_9 HJ9 GNJYH9 RPGTMVPT9 J^
YVPXPKHIJK9JV9RIKIRIcGHIJK9J^9HSPTP9QVGQ]Tb
1!=:9!JV9QJRYLPHP9NPHGILT9JK9QGMTPT9GKN9YVPXPKHIJK9J^
KJKgTHVMQHMVGL9QVGQ]T@9VP^PVPKQP9TSGLL9\P9RGNP9HJ9OJJN
YVGQHIQP9 *,9 .<e)>;79 iAGKN\JJ]9 JK9 QGMTPT9 GKN
YVPXPKHIJK9J^9QVGQ]T9IK9\MILNIKOTjb
1:(4.3#%46(#"+(6.%67%-(6$4.",$E."%",
&/()*%'+%",6
1:=1(,NHNBFP(3BCHMCUPNK(FHL(-AHMNU?K
1:=1=19O#/I2'"+&'+"-,VH"&7.'%&'+"-,(>%1-."2
1:=1=1=19 /SP9 \MILNIKOT9 G^^PQHPN9 \_9 PGVHSaMG]P9 RG_
TM^^PV9\JHS9KJKgTHVMQHMVGL9GKN9THVMQHMVGL9NGRGOPTb92JKg
THVMQHMVGL9VPYGIVT9RG_9QJXPV9HSP9NGRGOPT9HJ9QIXIL9GKN
PLPQHVIQGL9IHPRT@9IKQLMNIKO9HSP9TPVXIQPT9IK9HSP9\MILNIKOb
#PYGIVT9HJ9KJKgTHVMQHMVGL9QJRYJKPKHT9KPPN9HJ9\P9HG]PK
MY9G^HPV9HSP9THVMQHMVGL9VPYGIVT9GKN9VPHVJ^IHHIKO9`JV]9GVP
QGVVIPN9JMHb9+GVP9TSJMLN9\P9HG]PK9G\JMH9HSP9QJKKPQHIJK
NPHGILT9 J^9 GVQSIHPQHMVGL9 QJRYJKPKHT9 HJ9 HSP9 RGIK
THVMQHMVGL9QJRYJKPKHT9HJ9PKTMVP9HSPIV9THG\ILIH_b
1:=1=1=!92JKgTHVMQHMVGL9GKN9GVQSIHPQHMVGL9QJRYJKPKHT
OPH9PGTIL_9G^^PQHPNd9NITLJQGHPN9NMVIKO9HSP9PGVHSaMG]Pb
/SPTP9VPYGIVT9IKXJLXP9JKP9JV9RJVP9J^9HSP9^JLLJ`IKOe
GW ,GHQSIKO9MY9J^9NP^PQHT9TMQS9GT9QVGQ]T9GKN9^GLL
J^9YLGTHPV[
\W #PYGIVIKO9 NJJVT@9 `IKNJ`T@9 VPYLGQPRPKH9 J^
OLGTT9YGKPT[
QW +SPQ]IKO9 GKN9 VPYGIVIKO9 PLPQHVIQ9 QJKNMIHTd
`IVIKO[
NW +SPQ]IKO9GKN9VPYGIVIKO9OGT9YIYPT@9`GHPV9YIYPT
GKN9YLMR\IKO9TPVXIQPT[
PW #P\MILNIKO9 KJKgTHVMQHMVGL9 `GLLT@9 TRJ]P
<Q
QSIRKP_T@9YGVGYPH9`GLLT@9PHQ[
^W #PYLGTHPVIKO9J^9`GLLT@9GT9VPaMIVPN[
OW #PGVVGKOIKO9NITHMV\PN9VJJ^IKO9HILPT[
SW #PLG_IKO9QVGQ]PN9^LJJVIKO9GH9OVJMKN9LPXPL[9GKN
ZW #PNPQJVGHIJK9r9`SIHP9`GTSIKO@9YGIKHIKO@9PHQb
/SP9GVQSIHPQHMVGL9VPYGIVT9GT9THGHPN9G\JXP9NJ9KJH9VPTHJVP
HSP9JVIOIKGL9THVMQHMVGL9THVPKOHS9J^9THVMQHMVGL9QJRYJKPKHT
IK9HSP9\MILNIKO9GKN9GK_9GHHPRYH9HJ9QGVV_9JMH9JKL_9VPYGIVT
HJ9GVQSIHPQHMVGLdKJKgTHVMQHMVGL9PLPRPKHT@9KPOLPQHIKO9HSP
VPaMIVPN9 THVMQHMVGL9 VPYGIVT@9 RG_9 SGXP9 TPVIJMT
IRYLIQGHIJKT9JK9HSP9TG^PH_9J^9HSP9\MILNIKOb9/SP9NGRGOP
`JMLN9\P9RJVP9TPXPVP9IK9HSP9PXPKH9J^9HSP9\MILNIKO9\PIKO
TSG]PK9 \_9 G9 TIRILGV9 TSJQ]9 \PQGMTP9 JVIOIKGL9 PKPVO_
G\TJVYHIJK9QGYGQIH_9J^9HSP9\MILNIKO9`JMLN9SGXP9\PPK
VPNMQPNb
1:=1=!9@'"+&'+"-,(>%1-."2V>%2'#"-'.#/
1:=1=!=19,VIJV9HJ9HG]IKO9MY9J^9HSP9THVMQHMVGL9VPYGIVT9^JV
VPTHJVGHIJK9J^9JVIOIKGL9THVPKOHS9GKN9GK_9THVPKOHSPKIKO
RPGTMVPT@9IH9IT9KPQPTTGV_9HJ9QJKNMQH9NPHGILPN9NGRGOP
GTTPTTRPKH9HJ9NPHPVRIKP@
GW HSP9 THVMQHMVGL9 QJKNIHIJK9 J^9 HSP9 \MILNIKO9 HJ
NPQINP9 `SPHSPV9 G9 THVMQHMVP9 IT9 GRPKG\LP9 ^JV
VPYGIV[9 `SPHSPV9 QJKHIKMPN9 JQQMYGHIJK9 IT
YPVRIHHPN[9HJ9NPQINP9HSP9THVMQHMVP9GT9G9`SJLP
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QW HJ9`JV]9JMH9HSP9NPHGILT9J^9HPRYJVGV_9TMYYJVHIKO
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SPGLHS9GMHSJVIHIPTb
^W %GHPV9TPGL9LGXGHJVIPT9RG_9\P9YVJXINPN9JK9HSP
\GTIT9J^9QJRRMKIH_9HJILPHT9JV9TSGVPN9HJILPHT9GT
YPV9 HSP9 VPQJRRPKNGHIJK9 OIXPK9 IK9 OJJN
YVGQHIQP9k-U<=Wlb
OW %GHPV9TSGLL9\P9YVJXINPN9\_9RPGKT9J^9G9HGY9JV
JHSPV`ITP9TJ9GT9HJ9\P9QJKXPKIPKHL_9GQQPTTI\LP
IK9JV9KPGV9PXPV_9LGXGHJV_9JV9MVIKGLb
SW /SP9 `GLLT@9 QPILIKOT9 GKN9 YGVHIHIJKT9 J^9 PXPV_
LGXGHJV_9 JV9 MVIKGL9 TSGLL9 \P9 `SIHPg`GTSPN9 JV
QJLJMVg`GTSPN9 JKQP9 IK9 PXPV_9 YPVIJN9 J^9 TIh
RJKHSTb
ZW %GTHP9`GHPV9^VJR9`GTS9GVPGT@9\GHSVJJRT9GKN
HJILPHT9 TSGLL9 \P9 NVGIKPN9 IK9 TPYHIQ9 HGK]TdTJG]
YIHT9 GKN9 TMIHG\L_9 NITYJTPN9 IK9 RMKIQIYGL
TP`PVGOP9 T_THPRTb9 !JV9 XPV_9 LGVOP9 SG\IHGH@
TP`GOP9HVPGHRPKH9YLGKH9RG_9\P9IKTHGLLPNb92J
`GTHP9`GHPV9TSGLL9\P9NITQSGVOPN9HJ9OVJMKN9JV
JHSPV9TJMVQPT9`IHSJMH9YVJYPV9HVPGHRPKHb
]W *PYHIQ9 HGK]TdTJG]9 YIHT9 TSGLL9 \P9 LJQGHPN9 GH9 G
RIKIRMR9 NITHGKQP9 J^9 );9 R9 ^VJR9 HSP9 `PLLTb
3JQGHIJK9 J^9 TPYHIQ9 HGK]9 TSGLL9 RPPH9 HSP
VPaMIVPRPKHT9J^9OJJN9YVGQHIQP9k-U<-Wlb
3#4$( 5(-&"6$*4-$%&"(7#"#,.7."$8(34#-$%-.6(#"+(6#/.$9
1;=5(+BCHXCHI(WF?NB(4N[>CBNTNH?K
1;=5=1( *M^^IQIPKH9 aMGKHIH_9 J^9 YJHG\LP9 `GHPV9 TSGLL9 \P
RGNP9GXGILG\LP9^JV9NVIK]IKOb9&VIK]IKO9`GHPV9TSGLL9RPPH
HSP9VPaMIVPRPKHT9J^9HSP9GQQPYHPN9THGKNGVN9k-U<;Wl9GKN
`GHPV9aMGLIH_9TSGLL9\P9RJKIHJVPN9VPOMLGVL_b
1;=5=!(&VIK]IKO9`GHPV9JMHLPH9TSGLL9\P9TJ9LJQGHPN9TMQS
HSGH9HSP9NITHGKQP9HJ9HVGXPL9HJ9KPGVPTH9JMHLPH9TSGLL9KJH9\P
RJVP9HSGK9(C9Rb9&VIK]IKO9`GHPV9HGK]T9TSJMLN9\P9LPOI\L_
RGV]PN9i&VIK]IKO9%GHPVj9IK9G9LGKOMGOP9MKNPVTHJJN9\_
G9 RGZJVIH_9 J^9 HSP9 `JV]PVT9 GKN9 TSGLL9 \P9 LJQGHPN9 GH
LPGTH = R9G`G_9^VJR9`GTSIKO9YLGQP@9MVIKGL9JV9LGXGHJV_b
1;=5=:( *GRYLIKO9 GKN9 HPTHIKO9 J^9 NVIK]IKO9 `GHPV9 ^JV
QSPQ]IKO9 IHT9 QJK^JVRIH_9 HJ9 RPPH9 HSP9 VPaMIVPRPKHT
J^ 1;=5=19 TSJMLN9 \P9 QGVVIPN9 JMH9 aMGVHPVL_9 HSVJMOS
GQQVPNIHPN9LG\JVGHJV_b
1;=5=;(*HJVGOP9HGK]T9TSGLL9\P9QLPGKPN9GT9YGVH9J^9VPOMLGV
RGIKHPKGKQP9YVJQPNMVP9HJ9YVPXPKH9OVJ`HS9J^9TLIRP9GKN
QJLLPQHIJK9J^9TPNIRPKHTb
1;=Q(/CBK?(#CL(FHL(7NLCMFP(/FMCPC?CNK
1;=Q=1(!IVTH9GIN9QPKHVP9TSGLL9\P9PTHG\LITSPN9IK9HSP9SG\IHGH
`IHS9HSP9VPaMIVPN9RPNIQGL9^GQILIHIPTb9/VGIKPN9^IVTH9GINPVTd
RGLP9KMVTPdNJQHJV9TSGLL9\P9PRYLJ_PN9IK9HSP9!IVTH96IN
+PKHVP9 NPYPKNIKO9 JK9 HSP9 KMR\PV9 J^9 `JV]PVT
GQQJRRJNGHPNb9 *M^^IQIPKH9 KMR\PV9 J^9 ^IVTHgGIN9 \JhPT
TSGLL9\P9YVJXINPN9GKN9RGIKHGIKPN9GKN9HSP9\Jh9TSGLL9\P
NITHIKQHL_9RGV]PN9i!IVTHgGINj9GKN9TSGLL9\P9PaMIYYPN9`IHS
TYPQI^IPN9GVHIQLPTb
1;=Q=!(6K9PRPVOPKQ_9XPSIQLP9TSGLL9\P9YVJXINPN9JV9GK
GVVGKOPRPKH9TSGLL9\P9RGNP9`IHS9GK9INPKHI^IPN9KPGV\_
SJTYIHGL9^JV9YVJXINIKO9GR\MLGKQP9^JV9HVGKTYJVHGHIJK9J^
TPVIJMT9QGTPT9J^9GQQINPKH9JV9TIQ]KPTT9J^9`JV]PVT9HJ9HSP
SJTYIHGL9YVJRYHL_b9*MQS9XPSIQLP9TSJMLN9\P9RGIKHGIKPN
IK9OJJN9VPYGIV9GKN9TSJMLN9\P9PaMIYYPN9`IHS9THGKNGVN
^GQILIHIPTb9/SP9QJKHGQH9NPHGILT@9IKQLMNIKO9YSJKP9KMR\PVT
J^9TMQS9KPGV\_9SJTYIHGLT9TSGLL9\P9VPGNIL_9GXGILG\LP9HJ
NI^^PVPKH9 RGKGOPVTdTMYPVXITJVTd^IVTHgGIN9 ^GQILIH_9 IKg
QSGVOPb9 /SPTP9 YSJKP9 KMR\PVT9 TSGLL9 GLTJ9 \P9 TMIHG\L_
NITYLG_PN9GH9TIHPb
1;=Q=:( &PHGILT9 J^9 GLL9 HSP9 ^IVTHgGINdRPNIQGL9 HVPGHRPKHT
TSGLL9\P9LJOOPN9IK9HSP9^IVTH9GIN9VPOITHPVb
1;=Q=;(3IOSHIKO9J^9(CC9LMh9TSGLL9\P9RGIKHGIKPN9IK9HSP
^IVTH9GIN9QPKHVPb
1;=Q=<(APGLHS9QSPQ]gMY9J^9GLL9HSP9`JV]PVT9TSGLL9\P9NJKP
GH9 LPGTH9 JKQP9 IK9 TIh9 RJKHST9 \_9 G9 VPOITHPVPN9 RPNIQGL
YVGQHIHIJKPVb
1;=Q=29/SP9RPNIQGL9^GQILIHIPT9TSGLL9RPPH9HSP9YVJXITIJKT
J^9 A+.,0./4( -/0( #'7%"( 6#/2'"+&'.#/( B#"C%"2
L>%4+,-'.#/(#)(8*1,#E*%/'(-/0(6#/0.'.#/2(#)(@%"3.&%M
H&'P()>>=9GKN9VMLPT9^VGRPN9HSPVPMKNPVb
21
1;=R(-AAXCHI(#BNF
+JJ]IKO9 TSGLL9 KJH9 \P9 YPVRIHHPN9 IK9 HSP9 LIXIKO9 GVPGb
*PYGVGHP9NPTIOKGHPN9]IHQSPK9TSGLL9\P9YVJXINPN9RPPHIKO
HSP9RIKIRMR9GVPG9VPaMIVPRPKHT9OIXPK9IK91;=:b9+GKHPPK
GKN9QJJ]IKO9^GQILIHIPT9TSJMLN9YVJXINP9TM^^IQIPKH9TYGQP
^JV9YVPYGVIKO9^JJN9GKN9PGHIKO@9GT9`PLL9GT9QJK^JVR9HJ
S_OIPKP9GKN9TG^PH_9VPaMIVPRPKHTb9%SPK9`JV]PVT9QGK
IKNIXINMGLL_9QJJ]9HSPIV9RPGLT@9HSP_9TSJMLN9\P9YVJXINPN
`IHS9G9TYGQP9TPYGVGHP9^VJR9HSP9TLPPYIKO9GVPGTb9!GQILIHIPT
RMTH9\P9]PYH9IK9G9QLPGK9GKN9TGKIHGV_9QJKNIHIJKb
1;=10(-BeM@NK
1K9PXPV_9YLGQP9`SPVPIK9RJVP9HSGK9^I^H_9^PRGLP9\MILNIKO
`JV]PVT9 GVP9 JVNIKGVIL_9 PRYLJ_PN@9 HSPVP9 TSGLL9 \P
YVJXINPN9GKN9RGIKHGIKPN@9G9TMIHG\LP9VJJR9JV9VJJRT9^JV
HSP9MTP9J^9QSILNVPK9MKNPV9HSP9GOP9J^9TIh9_PGVT9J^9TMQS
^PRGLP9`JV]PVTb9*MQS9VJJRT9TSGLL@
GW YVJXINP9GNPaMGHP9GQQJRRJNGHIJK[
\W \P9GNPaMGHPL_9LIOSHPN9GKN9XPKHILGHPN[n
QW \P9 RGIKHGIKPN9 IK9 G9 QLPGK9 GKN9 TGKIHGV_
QJKNIHIJK[nGKN
NW \P9MKNPV9HSP9QSGVOP9J^9`JRPK9HVGIKPN9IK9HSP
QGVP9J^9QSILNVPK9GKN9IK^GKHTb
1;=11(EFVC?F?(&UNBF?CAH(FHL(7FCH?NHFHMN
1;=11=1( 69 NPHGILPN9 YLGK9 TSGLL9 \P9 YVPYGVPN9 ^JV9 HSP
JYPVGHIJK9GKN9RGIKHPKGKQP9J^9HSP9SG\IHGH9^GQILIHIPTb9/SP
YLGK9TSGLL9QJXPV9GLL9GTYPQHT9J^9HSP9JYPVGHIJK@9YVPXPKHIXP
GKN9VJMHIKP9RGIKHPKGKQPb
1;=11=!(EMGLI^IPN9GKN9PhYPVIPKQPN9IKgSJMTP9PLPQHVIQGLd
RGIKHPKGKQP9YPVTJKKPL9TSGLL9\P9YVPTPKH9GKN9GXGILG\LPb
69TMYPVXITJV9TSGLL9\P9GYYJIKHPN9HJ9TMYPVXITP9S_OIPKP
IK9 HSP9 SG\IHGH9 ^GQILIHIPTb9 *M^^IQIPKH9 QLPGKPVT9 TSGLL9 \P
PRYLJ_PN9 HJ9 PKTMVP9 HSGH9 HSP9 \MILNIKOT9 GKN9 TGKIHGV_
^GQILIHIPT9GVP9GL`G_T9QLPGK9GKN9S_OIPKIQb
1;=11=:(#POMLGV9YPTH9GKN9IKTPQH9QJKHVJL9RPGTMVPT9TSGLL
\P9HG]PK9MY9HJ9GXJIN9RJTaMIHJdYPTH9\VPPNIKOb9/SIT9RG_
\P9NJKP9HSVJMOS9GK9GYYVJXPN9GOPKQ_b
1;=11=;( %JV]PVjT9 HVGKTYJVHGHIJK9 RG_9 \P9 NJKP9 `IHS
THGKNGVN9YGTTPKOPV9XPSIQLPd\MT@9`SPVP9VPaMIVPNb
1;=1!(/CBN(3BNGNH?CAH
1;=1!=1(!IVP9PhHIKOMITSPVT9TSGLL9\P9YVJXINPN9TMQS9HSGH
JKP9TSJMLN9KJH9SGXP9HJ9HVGXPL9RJVP9HSGK9)<9R9NITHGKQP
HJ9GQQPTT9G9^IVP9PhHIKOMITSPVb
1;=1!=!(&IPTPL9OPKPVGHJV9TSPN9GKN9IK^LGRRG\LP9LIaMIN
THJVGOP9 GVPGT9 TSGLL9 \P9 YVJXINPN9 `IHS9 ^JGR9 H_YP9 ^IVP
PhHIKOMITSPVT9GKN9^IVP9\MQ]PHTb
1;=1!=:($LPQHVIQGL9^IHHIKOT9IK9HSP9IK^LGRRG\LP9THJVGOP
GVPGT9TSGLL9\P9^LGRP9YVJJ^b
1;=1!=;9i2J9*RJ]IKOj9\JGVNT9TSGLL9\P9NITYLG_PN9IK9OGT
Q_LIKNPV9GKN9^LGRRG\LP9LIaMIN9THJVGOP9GVPGTb
2!
1;=1!=<( 6LL9 HSP9 TPQMVIH_9 GKN9 SG\IHGH9 RGIKHPKGKQP
YPVTJKKPL@9SG\IHGH9VPTINPKHT9GKN9TIHP9`JV]PVT9TSGLL9\P
HVGIKPN9JK9MTP9J^9^IVP9PhHIKOMITSPVTb
1;=1:(4NMBNF?CAH
1KHPVKGL9GKN9PhHPVKGL9VPQVPGHIJKGL9^GQILIHIPT9RG_9\P9RGNP
GXGILG\LP9NPYPKNIKO9JK9HSP9KMR\PV9J^9`JV]PVT9HJ9\P
GQQJRRJNGHPNb9 #PGTJKG\LP9 GQQPTT9 HJ9 HPLPYSJKP9 JV
JHSPV9RJNPT9J^9QJRRMKIQGHIJKT@9`IHS9GK_9QSGVOPT9^JV
HSP9MTP9J^9HSPTP9TPVXIQPT9\PIKO9VPGTJKG\LP9IK9GRJMKH@
TSGLL9\P9YVJXINPNb
1;=1;(6NM>BC?D
1;=1;=1(6NPaMGHP9KMR\PV9J^9TPQMVIH_9YPVTJKKPL9TSGLL
\P9 NPYLJ_PNb9 *YPQI^IQ9 TPQMVIH_9 YPVTJKKPL9 TSGLL9 \P
NPYLJ_PN9 GH9 HSP9 RGIK9 PKHV_9 OGHP9 ^JV9 VPTHVIQHIKO
MKGMHSJVIcPN9PKHV_9GKN9QSPQ]IKO9XPSIQLPdRGHPVIGL9PhIH
GKN9PKHV_b
1;=1;=!(*PQMVIH_9THG^^9TSGLL9VPQPIXP9GNPaMGHP9HVGIKIKO
JK9^IVTH9GIN@9^IVP^IOSHIKO9GKN9PRPVOPKQ_9YVPYGVPNKPTTb
*PQMVIH_9THG^^9TSGLL9SGXP9G9OJJN9MKNPVTHGKNIKO9G\JMH
HSP9IRYJVHGKQP9J^9VPTYPQHIKO9`JV]PVTj9VIOSHT9GKN9HSP
VIOSHT9J^9HSP9QJRRMKIHIPTb9*PQMVIH_9THG^^9TSGLL9SGXP9HSP
PRPVOPKQ_9 LIOSHT@9 HJVQSPT9 GKN9 JHSPV9 GQQPTTJVIPT
VPaMIVPN9HJ9^GQILIHGHP9NMVIKO9PRPVOPKQ_9TIHMGHIJKTb
1;=1;=:( 69 RIKIRMR9 J^9 <C9 LMh9 LIOSHIKO9 TSGLL9 \P
RGIKHGIKPN9IK9HSP9VJGNT@9YGV]IKO9GVPG@9\JMKNGV_9`GLL
GKN9JHSPV9OPKPVGL9GVPGT9J^9HSP9SG\IHGHb
1;=1<(&?@NB(/FMCPC?CNK
"HSPV9 ^GQILIHIPT9 LI]P9 YVJXITIJKGL9 THJVPT9 `IHS9 TPYGVGHP
QJMKHPVT9^JV9XPOPHG\LPT@9PHQ@9RG_9GLTJ9\P9YVJXINPN9IK9G
QJKTHVMQHIJK9`JV]PVT9SG\IHGHb
!GQILIHIPT9LI]P9IKNMQHIJKdIKIHIGHIJK9VJJR9RG_9\P9YLGKKPN
GT9HSP9YGVH9J^9SG\IHGH9^JV9G`GVPKPTT@9PNMQGHIJK9GKN9JHSPV
VPLGHPN9`JV]9TIHP9VPaMIVPRPKHTb
1;=12(EFVC?F?(%HKUNM?CAH
,PVIJNIQGL9IKTYPQHIJK9J^9HSP9SG\IHGH9TSGLL9\P9QGVVIPN9JMH
\_9GK9INPKHI^IPN9HPGR9YVP^PVG\L_9JKQP9IK9G9RJKHSb9/SP
HPGR9TSGLL9VPQJVN9HSPIV9^IKNIKOT9JK9HSP91KTYPQHIJK9#PYJVH
^JVR9 GKN9 HPGR9 TSGLL9 GLTJ9 VPXIP`9 GKN9 ^JLLJ`gMY
IRYLPRPKHGHIJK9J^9HSP9TMOOPTHPN9RPGTMVPTb9/SP9G\JXP
YPVIJNIQ9 IKTYPQHIJK9 VPYJVH9 J^9 HSP9 SG\IHGH9 TSJMLN9 \P
TM\RIHHPN9HJ9,VJZPQHgIKg+SGVOPb
1;=15(2JH`IHSTHGKNIKO9HSP9VPaMIVPRPKHT9OIXPK9IK91;=1
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1:
 Table 4 Recommended Values of lliuminance
(Clauses 4.1.3.1, 4.1.4, 4.1.4.2, 4.3.2 and 4.3.2.1)

SINo. Type of Interior or Activity Range of Quality Class Remarks

Service or Direct
IDwninance Glare
(See Note) Limitation
lux (See Note)

(1) (2) (3) (4) (5)

1 AGRICULTUREAND
HORTICULTURE
1.1 Inspection of Farm Produce where 300-500-750 Local lighting may be appropriate
Colour is Important
Other Important Tasks 200-300-500 2 Local lighting may be appropriate
1.2 Farm Workshops
1.2.1 General 50-100-150 3
1.2.2 Workbench or machine 200-300-500 2 Local or portable lighting may be appropriate
1.3 Milk Premises 50-100-150 3
1.4 Sick Animal Pets, Calf Nurseries 30-50-100 3
1.5 Other Firm and Horticultural Buildings 20-30-50 3
2 COAL MINING (SURFACE
BUILDINGS)
2.1 Coal Preparation Plant
2.1.1 Walkways, floors under conveyors 30-50-100 3
2.1.2 Wagon loading, bunkers 30-50-100 3
2.1.3 Elevators, chute transfer pits, wash box 50-100-150 3
area
2.1.4 Drum filters, screen, rotating shafts 100-150-200 3
2.1.5 Picking belts 150-200-300 3 Directional and colour properties of lighting
may be important for easy recognition of coal
and rock
2.2 Lamp Rooms
2.2.1 Repair section 200-300-500 2
2.2.2 Other areas 100-150-200 3
2.3 Weight Cabins, Fan Houses 100-150-200 3
2.4 Winding Houses 100-150-200 3
3 ELECTRICITY GENERATION,
TRANSMISSION AND
DISTRIBUTION
3.1 General Plant
3.1.1 Turbine houses (operating floor) 150-200-300 2
3.1.2 Boiler and turbine house basements 50-100-150 3
3.1.3 Boiler houses, platforms, areas around 50-100-150 3
burners
3.1.4 Switch rooms, meter rooms, oil plant 100-150-200 2
rooms, HV substations (indoor)
3.1.5 Control rooms 200-300-500 Localized lighting of control display and the
control desks may be appropriate
3.1.6 Relay and telecommunication rooms 200-300-500 2
3.1.7 Diesel generator rooms, compressor 100-150-200 3
rooms
3.1.8 Pump houses, water treatment plant 100-150-200 3
houses
3.1.9 Battery rooms, chargers, rectifiers 50-100-150 3
3.1.10 Precipitator chambers, platforms, etc 50-100-150 3
3.1.11 Cable tunnels and basements, 30-50-100 3
circulating water culverts and screen
chambers, storage tanks (indoor),
operating areas and fIlling points at
outdoor tanks
3.2 Coal Plant
3.2.1 Conveyors, gantries, junction towers, 50-100-150 3
unloading hoppers, ash handling plants,
settling pits, dust hoppers outlets
3.2.2 Other areas where operators may be in 100-150-200 3
attendance

14 NATIONAL BUILDING CODE OF INDIA 2016

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 Table 4 - (Concludelf)
(I) (2) (3) (4) (S)
22.2.7 Time table IS0-200-300 2 Localized lighting may be appropriate
22.2.8 Ticket barriers ISO-200-300 2 Localized lighting may be appropriate
22.2.9 Platforms (covered) 30-S0-100 2 Care should be taken to light and mark the
edge of the platform clearly
22.2.10 Platforms (open) 20 Care should be taken to light and mark the
edge of the platform clearly
22.3 Coach Stations
22.3.1 Ticket offices 300-S00-7S0 2 Localized lighting over the counter may be
appropriate
22.3.2 Information offices 300-S00-7S0 2 Localized lighting over the counter may be
appropriate
22.3.3 Left luggage office
22.3.3.1 General SO-I00-IS0 3
22.3.3.2 Counter ISO-200-300 3 Localized lighting is appropriate
22.3.4 Waiting rooms IS0-200-300 2
22.3.5 Concourse IS0-200-300 2
22.3.6 Time tables ISO-200-300 2 Local lighting is appropriate
22.3.7 Loading areas l00-IS0-200 3
23 GENERAL BUILDING AREAS
23.1 Entrance
23.1.1 Entrance halls, lobbies, waiting rooms ISO-200-300 2
23.1.2 Enquiry desks 300-S00-7S0 2 Localized lighting may be appropriate
23.1.3 Gatehouses IS0-200-300 2
23.2 Circulation Areas
23.2.1 Lifts SO-I00-IS0
23.2.2 Corridors, passageways, stairs SO-I00-ISO 2
23.2.3 Escalators, revelators I 00-1 S0-200
23.3 Medical and First Aid Centres
23.3.1 Consulting rooms, treatment rooms 300-S00-7S0 1
23.3.2 Rest rooms 100-1S0-200 I
23.3.3 Medical stores I 00-1 SO-200 2
23.4 Staff Rooms
23.4.1 Changing, locker and cleaners rooms, SO-I00-IS0
cloakrooms, lavatories
23.4.2 Rest rooms lOO-ISO-200
23.5 Staff Restaurants
23.5.1 Canteens, cafeterias, dining rooms, IS0-200-300 2
mess rooms
23.5.2 Servery. vegetable preparation, 200-300-S00 2
washing-up area

23.5.3 Food preparation and cooking 300-S00-7S0 2

23.5.4 Food stores, cellars l00-IS0-200 2
23.6 Communications
23.6.1 Switchboard rooms 200-300-S00 2
23.6.2 Telephone apparatus rooms 100-ISO-200 2
23.6.3 Telex room, post room 300-S00-7S0 2
23.6.4 Reprographic room 200-300-S00 2
23.7 Building Services
23.7.1 Boiler houses
23.7.1.1 General SO-I00-IS0 3
23.7.1.2 Boiler front 100-1S0-200 3
23.7.1.3 Boiler control room 200-300-S00 2 Localized lighting of the control display and
the control desk may be appropriate
23.7.1.4 Control rooms 200-300-S00 2 Localized lighting of the control display and
the control desk may be appropriate
23.7.1.5 Mechanical plant room l00-IS0-200 2
23.7.1.6 Electrical power supply and l00-IS0-200 2
distribution rooms
23.7.1.7 Storerooms SO-IOO-ISO 3
23.8 CarParks
23.8.1 Covered car parks
23.8.1.1 Floors S-20
23.8.1.2 Ramps and comers 30
23.8.1.3 Entrances and exits SO-I00-IS0
23.8.1.4 Control booths ISO-200-300
23.8.1.5 Outdoor car parks S-20
NOTE - For details on use of the ranges of illumination given in three steps in this table, reference shall be made to 4.1.4.2.
4.1.4.2.1 and 4.1.4.2.2. For details on quality class of direct glare limitation, reference shall be made to 4.1.3.1.

PART 8 BUILDING SERVICES - SECTION 1 LIGHTING AND NATURAL VENTILATION 25

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WEGGE\DFJ7RKLEMMKFIBCDEFPb
BT 1F7EWWDLK7XHDGIDFJP7\DFIE\P7EW7OKDJOC7)Y.7M
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XDGBCKRBG7GDJOCDFJY
LT 1C7DP7IKPDRBXGK7CE7OBUK7B7\ODCK7WDFDPO7WER7LKDGDFJ
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RKLEMMKFIKIb
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temperature. Bedfort (1946) proposed the use of globe
temperature reading instead of the air temperature
reading to make allowance for the radiant heat. This
scale is known as the corrected effective temperature
(CET) scale. No allowance, however, was made for
the different rates of energy expenditure. The scale was
compiled only for men either seated or engaged in light
activity.
Figure 5 represents the corrected effective temperature
nomogram. The CET can be obtained by connecting
the appropriate points representing the dry bulb (or
globe) and wet bulb temperatures and reading the CET
value at the intersection of this line with the relevant
air velocity curve from the family of curves for various
air velocities running diagonally upwards from left to
right.
The effective temperature scale may be considered to
be reasonably accurate in warm climates where the heat
stress is not high but it may be misleading at high levels
of heat stress. There appears to be an inherent error in
this scale if used as an index of physiological strain,
the error increasing with the severity of the
environmental conditions. For low and moderate
degrees of heat stress, the effective temperature scales
FIG. 5 C ORRECTED EFFECTIVE TEMPERATURE NOMOGRAM
PART 8 BUILDING SERVICES — SECTION 1 LIGHTING AND NATURAL VENTILATION
appear to assess climatic heat stress with an accuracy
which is acceptable for most practical purposes.
5.2.3.1.2 Tropical summer index (TSI)
The TSI is defined as the temperature of calm air,
at 50 percent relative humidity which imparts the same
thermal sensation as the given environment. The
50 percent level of relative humidity is chosen for this
index as it is a reasonable intermediate value for the
prevailing humidity conditions. Mathematically, TSI
(°C) is expressed as:
TSI ! 0.745tg " 0.308tw # 2.06 v " 0.841
where
tw = wet bulb temperature, in °C;
tg = globe temperature, in °C; and
V = air speed, in m/s.
The thermal comfort of a person lies between TSI
values of 25°C and 30°C with optimum condition at
27.5°C. Air movement is necessary in hot and humid
weather for body cooling. A certain minimum desirable
wind speed is needed for achieving thermal comfort at
different temperatures and relative humidities. Such
37
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-T 1F7 REEMP7 EW7 FERMBG7 PDeK7 OBUDFJ7 DIKFCDLBG
\DFIE\P7EF7E__EPDCK7\BGGP7COK7BUKRBJK7DFIEER
BDR7P_KKI7DFLRKBPKP7RB_DIG[7X[7DFLRKBPDFJ7COK
\DICO7EW7\DFIE\7H_7CE7C\EgCODRI7EW7COK7\BGG
\DICOc7 XK[EFI7 COBC7 COK7 DFLRKBPK7 DP7 DF7 MHLO
PMBGGKR7 _RE_ERCDEF7 COBF7 COK7 DFLRKBPK7 EW7 COK
\DFIE\7\DICOY7/OK7BDR7MECDEF7DF7COK7\ERZDFJ
eEFK7 DP7 MBfDMHM7 \OKF7 \DFIE\7 OKDJOC7 DP
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XHC7IEKP7FEC7LEFCRDXHCK7BIIDCDEFBG7XKFKWDCP7BP
RKJBRIP7BDR7MECDEF7DF7COK7ELLH_BFL[7eEFKP7DF
XHDGIDFJPY
?T 4RKBCKPC7 WGE\7 _KR7 HFDC7 BRKB7 EW7 E_KFDFJP7 DP
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POE\F7 DF7 !DJY7 ?Y7 1F7 WBLCN! KUKF7 HFIKR7 MEPC
WBUEHRBXGK7LEFIDCDEFP7COK7MBfDMHM7BUKRBJK
DFIEER7\DFI7P_KKI7IEKP7FEC7KfLKKI7;a7_KRLKFC
EW7EHCIEER7UKGELDC[Y
:T %OKRK7COK7IDRKLCDEF7EW7\DFI7DP7VHDCK7LEFPCBFC
BFI7IK_KFIBXGKN7COK7PDeK7EW7COK7DFGKC7POEHGI
XK7ZK_C7\DCODF7(a7CE7-a7_KRLKFC7EW7COK7CECBG
BRKB7EW7E_KFDFJP7BFI7COK7XHDGIDFJ7POEHGI7XK
ERDKFCKI7_KR_KFIDLHGBR7CE7COK7DFLDIKFC7\DFIY
%OKRK7IDRKLCDEF7EW7COK7\DFI7DP7VHDCK7UBRDBXGK
COK7E_KFDFJP7MB[7XK7BRRBFJKI7PE7COBC7BP7WBR7BP
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BGG7 PDIKPY7 /OHP7 FE7 MBCCKR7 \OBC7 COK7 \DFI
IDRKLCDEF7XKN7COKRK7\EHGI7XK7PEMK7E_KFDFJP
IDRKLCG[7Kf_EPKI7CE7\DFI7_RKPPHRK7BFI7ECOKRP
CE7 BDR7 PHLCDEF7 BFI7 KWWKLCDUK7 BDR7 MEUKMKFC
COREHJO7COK7XHDGIDFJ7\EHGI7XK7BPPHRKIY
AT %DFIE\P7EW7GDUDFJ7REEMP7POEHGI7E_KF7IDRKLCG[
CE7 BF7 E_KF7 P_BLKY7 1F7 _GBLKP7 \OKRK7 XHDGIDFJ
PDCKP7BRK7RKPCRDLCKIN7E_KF7P_BLK7MB[7OBUK7CE
XK7 LRKBCKI7 DF7 COK7 XHDGIDFJP7 X[7 _REUDIDFJ
BIKVHBCK!LEHRC[BRIPY
)aT 1F7 COK7 LBPK7 EW7 REEMP7 \DCO7 EFG[7 EFK7 \BGG
Kf_EPKI7CE7EHCPDIKN7_REUDPDEF7EW7C\E7\DFIE\P
EF7 COBC7 \BGG7 DP7 _RKWKRRKI7 CE7 COBC7 EW7 B7 PDFJGK
\DFIE\Y
))T %DFIE\P7GELBCKI7IDBJEFBGG[7E__EPDCK7CE7KBLO
ECOKR7 \DCO7 COK7 \DFI\BRI7 \DFIE\7 FKBR7 COK
H_PCRKBM7LERFKR7JDUK7XKCCKR7_KRWERMBFLK7COBF
ECOKR7\DFIE\7BRRBFJKMKFCP7WER7MEPC7EW7COK
XHDGIDFJ7ERDKFCBCDEFPY
).T <ERDeEFCBG7 GEHUKRPN7 COBC7 DPN7 PHFPOBIKP7 BCE_
\DFIE\P7IKWGKLC7COK7DFLDIKFC7\DFI7H_\BRI7BFI
RKIHLK7BDR7MECDEF7DF7COK7eEFK7EW7ELLH_BFL[Y76
OERDeEFCBG7PGEC7XKC\KKF7COK7\BGG7BFI7OERDeEFCBG
GEHUKR7_RKUKFCP7H_\BRI7IKWGKLCDEF7EW7BDR7DF7COK
DFCKRDER7EW7REEMPY7,REUDPDEF7EW7DFUKRCKI737C[_K
QΓT7 GEHUKR7 DFLRKBPKP7 COK7 REEM7 BDR7 MECDEF
_REUDIKI7COBC7COK7UKRCDLBG7_REdKLCDEF7IEKP7FEC
EXPCRHLC7COK7DFLDIKFC7\DFI7Q$--7!DJY7`TY
)(T ,REUDPDEF7EW7OERDeEFCBG7PBPOKP7DFLGDFKI7BC7BF
BFJGK7EW7;-j7DF7B__RE_RDBCK7IDRKLCDEF7OKG_P7CE
_REMECK7 COK7 DFIEER7 BDR7 MECDEFY7 *BPOKP
_REdKLCDFJ7 EHC\BRI7 BRK7 MERK7 KWWKLCDUK7 COBF
_REdKLCDFJ7DF\BRIY
);T 6DR7MECDEF7BC7\ERZDFJ7_GBFK7aY;7M7BXEUK7COK
WGEER7LBF7XK7KFOBFLKI7X[7(a7_KRLKFC7HPDFJ7B
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;1

! 14Y7`73g/5,$73"9=$#
)-T #EEW7EUKROBFJP7OKG_7_REMECDFJ7BDR7MECDEF7DF
COK7\ERZDFJ7eEFK7DFPDIK7XHDGIDFJPY
)?T 1F7LBPK7EW7REEM7\DCO7\DFIE\P7EF7EFK7\BGGN
\DCO7PDFJGK7\DFIE\N7COK7REEM7\DFI7UKGELDC[
DFPDIK7 COK7 REEM7 EF7 COK7 \DFI\BRI7 PDIK7 DP
)a _KRLKFC7EW7EHCIEER7UKGELDC[7BC7_EDFCP7H_7CE
B7IDPCBFLK7EW7EFKgPDfCO7EW7REEM7\DICO7WREM7COK
\DFIE\7BFI7COKF7IKLRKBPKP7RB_DIG[7BFI7OBRIG[
BF[7BDR7MEUKMKFC7DP7_REIHLKI7DF7COK7GKK\BRI
OBGW7_ERCDEF7EW7COK7REEMY7/OK7BUKRBJK7DFIEER
\DFI7UKGELDC[7DP7JKFKRBGG[7GKPP7COBF7)a7_KRLKFC
EW7EHCIEER7UKGELDC[Y7%OKF7C\E7\DFIE\P7BRK
_REUDIKI7 BFI7 \DFI7 DM_DFJKP7 EXGDVHKG[7 EF
COKMN7 COK7 DFPDIK7 UKGELDC[7 DFLRKBPKP7 H_7 CE
)- _KRLKFC7EW7COK7EHCIEER7UKGELDC[Y
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PDIK7 EW7 COK7 XHDGIDFJ7 CE7 COK7 ECOKRN7 DF7 LBPK7 EW
FBRRE\7XHDGIDFJP7\DCO7COK7\DICO7LEMMEF7DF
COK7 MHGCDPCERK[KI7 C[_K7 X[7 COK7 _REUDPDEF7 EW
GBRJK7 BFI7 PHDCBXG[7 _GBLKI7 \DFIE\P7 ER
LEMXDFBCDEF7EW7\DFIE\P7BFI7\BGG7UKFCDGBCERP
WER7COK7DFWGE\7BFI7EHCWGE\7EW7BDRY
):T P-,(/0(67E_KF7EF7CORKK7PDIKP7DP7CE7XK7_RKWKRRKI
PDFLK7 DC7 LBHPKP7 BF7 DFLRKBPK7 DF7 COK7 REEM7 BDR
MECDEF7 WER7 MEPC7 EW7 COK7 ERDKFCBCDEFP7 EW7 COK
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)AT 67_BRCDCDEF7_GBLKI7_BRBGGKG7CE7COK7DFLDIKFC7\DFI
OBP7 GDCCGK7 DFWGHKFLK7 EF7 COK7 _BCCKRF7 EW7 COK7 BDR
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MBDF7WGE\N7COK7PBMK7_BRCDCDEF7LRKBCKP7B7\DFI
POBIE\Y7,REUDPDEF7EW7B7_BRCDCDEF7\DCO7P_BLDFJ
EW7 aY(7 M7 HFIKRFKBCO7 OKG_P7 BHJMKFCDFJ7 BDR
MECDEF7 FKBR7 WGEER7 GKUKG7 DF7 COK7 GKK\BRI
LEM_BRCMKFC7EW7\DIK7P_BF7XHDGIDFJPY
.aT 6DR7MECDEF7DF7B7XHDGIDFJ7HFDC7OBUDFJ7\DFIE\P
CBFJKFCDBG7CE7COK7DFLDIKFC7\DFI7DP7BLLKGKRBCKI
\OKF7BFECOKR7HFDC7DP7GELBCKI7BC7KFIgEF7_EPDCDEF
EF7IE\FPCRKBM7PDIK7QP--7!DJY7ATY
.)T 6DR7MECDEF7DF7C\E7\DFJP7ERDKFCKI7_BRBGGKG7CE
COK7_RKUBDGDFJ7XRKKeK7DP7_REMECKI7X[7LEFFKLCDFJ
COKM7\DCO7B7XGELZ7EF7IE\FPCRKBM7PDIKY
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012

! 14Y7A7/%"7921/*73"+6/$&76/7/<$7$ 2&g"27,"*1/1"2
..T 6DR7 MECDEF7 DF7 B7 XHDGIDFJ7 DP7 FEC7 BWWKLCKI7 X[
LEFPCRHLCDFJ7 BFECOKR7 XHDGIDFJ7 EW7 KVHBG7 ER
PMBGGKR7OKDJOC7EF7COK7GKK\BRI7PDIKc7XHC7DC7DP
PGDJOCG[7 RKIHLKI7 DW7 COK7 GKK\BRI7 XHDGIDFJ7 DP
CBGGKR7COBF7COK7\DFI\BRI7XGELZY
.(T 6DR7MECDEF7DF7B7PODKGIKI7XHDGIDFJ7DP7GKPP7COBF
COBC7DF7BF7HFEXPCRHLCKI7XHDGIDFJY7/E7MDFDMDPK
PODKGIDFJ7 KWWKLCN7 COK7 IDPCBFLKP7 XKC\KKF7 C\E
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BFI7)a7:7WER7GEFJ7RE\P7OEHPKPY7<E\KUKRN7WER
PMBGGKR7 P_BLDFJ7 COK7 PODKGIDFJ7 KWWKLC7 DP7 BGPE
IDMDFDPOKI7 X[7 RBDPDFJ7 COK7 OKDJOC7 EW7 COK
PODKGIKI7XHDGIDFJY
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COK7 DFGKC7 E_KFDFJP7 BFI7 LBHPK7 B7 RKIHLCDEF7 DF
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XK7_GBFCKI7BC7B7IDPCBFLK7EW7BXEHC7:7M7WREM7COK
XHDGIDFJ7 XKLBHPK7 COK7 DFIHLKI7 BDR7 MECDEF7 DP
RKIHLKI7CE7MDFDMHM7DF7COBC7LBPKY7<E\KUKRN
BDR7MECDEF7DF7COK7GKK\BRI7_BRC7EW7COK7XHDGIDFJ
LBF7XK7KFOBFLKI7X[7_GBFCDFJ7B7GE\7OKIJK7BC7B
IDPCBFLK7EW7.7M7WREM7COK7XHDGIDFJY
.-T /RKKP7 \DCO7 GBRJK7 WEGDBJK7 MBPP7 OBUDFJ7 CRHFZ
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IKWGKLC7 COK7 EHCIEER7 \DFI7 IE\F\BRIP7 BFI
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XHDGIDFJPN
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BMKGDERBCKI7X[7LEFPCRHLCDFJ7XHDGIDFJP7EF7KBRCO
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MEHFI7OBUDFJ7B7PGBFC7PHRWBLK7\DCO7B7PGE_K7EW
)aj7EF7H_PCRKBM7PDIKY
.`T 1F7 LBPK7 EW7 DFIHPCRDBG7 XHDGIDFJP7 COK7 \DFIE\
OKDJOC7POEHGI7XK7BXEHC7)Y?7M7BFI7\DICO7BXEHC
C\EgCODRI7 EW7 \BGG7 \DICOY7 /OKPK7 POEHGI7 XK
GELBCKI7BC7B7OKDJOC7EW7)Y)7M7BXEUK7COK7WGEERY
1F7BIIDCDEF7CE7CODPN7E_KFDFJP7BREHFI7aYA7M7ODJO
POEHGI7XK7_REUDIKI7EUKR7C\EgCODRI7GKFJCO7EW
COK7JGBeKI7BRKB7DF7COK7REEW7GDJOCPY
.:T <KDJOC7 EW7 DFIHPCRDBG7 XHDGIDFJPN7 BGCOEHJO
IKCKRMDFKI7X[7COK7RKVHDRKMKFCP7EW7DFIHPCRDBG
_RELKPPKP7 DFUEGUKIN7 JKFKRBGG[7 ZK_C7 GBRJK
KFEHJO7 CE7 _RECKLC7 COK7 \ERZKRP7 BJBDFPC7 OEC
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COK7 LEFLKFCRBCDEF7 EW7 LEFCBMDFBFC7 DFPDIKY
<E\KUKRN7 DW7 ODJO7 GKUKG7 E_KFDFJP7 DF7 REEW7 ER
\BGGP7 BRK7 _REUDIKIN7 XHDGIDFJ7 OKDJOC7 LBF7 XK
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COK7UKFCDGBCDEF7_KRWERMBFLKY
.AT /OK7MBfDMHM7\DICO7H_7CE7\ODLO7XHDGIDFJP7EW
OKDJOC7 HPHBGG[7 WEHFI7 DF7 WBLCERDKPN7 XKDFJ
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6__REfDMBCKG[7 OBGW7 COK7 UKFCDGBCDFJ7 BRKB7 EW
E_KFDFJP7POEHGI7XK7XKC\KKF7WGEER7GKUKG7BFI7B
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2"/$7h7!ER7IBCB7EF7EHCIEER7\DFI7P_KKIP7BC7B7_GBLKN7RKWKRKFLK
MB[7XK7MBIK7CE7]/OK7+GDMBCDL7&BCB7<BFIXEEZ^7_RK_BRKI7X[
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EHCPDIKY7 /OHP7 DF7 OKBCKI7 XHDGIDFJP7 ER7 DF7 XHDGIDFJP
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XHDGIDFJP7 IHRDFJ7 PHMMKR7 FDJOCP7 BFI7 IHRDFJ7 _RKg
MEFPEEF7_KRDEIPN7COK7DFPDIK7CKM_KRBCHRK7DP7ODJOKR7COBF
COBC7EW7EHCPDIKN7LEEG7EHCPDIK7BDR7\DGG7CKFI7CE7KFCKR7COREHJO
E_KFDFJP7BC7GE\7GKUKG7BFI7\BRM7BDR7\DGG7CKFI7CE7GKBUK
COREHJO7E_KFDFJP7BC7ODJO7GKUKGY71C7\EHGIN7COKRKWERKN7XK
BIUBFCBJKEHP7CE7_REUDIK7UKFCDGBCERP7BP7LGEPK7CE7LKDGDFJP
BP7_EPPDXGKY7=KFCDGBCERP7LBF7BGPE7XK7_REUDIKI7DF7REEWP
BPN7WER7KfBM_GKN7LE\GN7UKFC7_D_KN7LEUKRKI7REEW7BFI7RDIJK
UKFCY
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/OK7RKVHDRKMKFCP7EW7MKLOBFDLBG7UKFCDGBCDEF7POBGG7XK7DF
BLLERIBFLK7\DCO7,BRC7:7]8HDGIDFJ7*KRUDLKPN7*KLCDEF7(
6DR7+EFIDCDEFDFJN7<KBCDFJ7BFI70KLOBFDLBG7=KFCDGBCDEF^
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;:
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EW7\DFI7EHCPDIK7Q\DFI7BLCDEFT7BFISER7LEFUKLCDEF7KWWKLCP
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QER7XECOT7XKC\KKF7DFPDIK7BFI7EHCPDIK7EW7COK7XHDGIDFJ
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!ER7IKCKRMDFDFJ7COK7RBCK7EW7UKFCDGBCDEF7XBPKI7EF7\DFI
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COK7 XHDGIDFJ7 MB[7 XK7 LEM_HCKI7 X[7 COK7 WEGGE\DFJ
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0 1 = 0O 1 + 05 1
\OKRK
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MDFc7BFI
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DFIEER7IDPCRDXHCDEF7LBFFEC7XK7_RKIDLCKI7\DCO7LKRCBDFC[N
BFI7RKWDFKMKFC7DF7LBGLHGBCDEF7DP7FEC7dHPCDWDKIY767PDM_GK
MKCOEI7DP7CE7LBGLHGBCK7COK7PHM7EW7COK7WGE\P7_REIHLKI
X[7KBLO7WERLK7PK_BRBCKG[Y7/OKF7HPDFJ7COK7RBCDE7EW7COK
WGE\7_REIHLKI7X[7COKRMBG7WERLKP7CE7COK7BWERKMKFCDEFKI
PHMN7COK7BLCHBG7WGE\7IHK7CE7COK7LEMXDFKI7WERLKP7LBF7XK
B__REfDMBCKI7WREM7!DJY7)aY7%OKF7COK7C\E7WGE\P7BRK
KVHBGN7COK7BLCHBG7WGE\7DP7BXEHC7(a7_KRLKFC7JRKBCKR7COBF
COK7WGE\7LBHPKI7X[7KDCOKR7WERLK7BLCDFJ7DFIK_KFIKFCG[
Q$--7!DJY7)aTY

08 = 727*7U7 ( 7 (4 9 − 44 )

\OKRK
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DF7Mc
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EW7E_KFDFJPY7/ODP7POEHGI7XK7RKIHLKI7CE7aY-aN7DW7LEFIDCDEFP7BRK
FEC7WBUEHRBXGKY

<=2=1=:7 %OKF7 BRKBP7 EW7 DFGKC7 BFI7 EHCGKC7 E_KFDFJP7 BRK

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 6ASWITCH
SOCKET OUTLET

6ASWITCH
6ASWITCH
SOCKET OUTLET

6ASWITCH

16A SWITCH
SOCKET OUTLET

2 - WAY SWITCH OUTLET 16A SWITCI-

SOCKET OUTL

16A SWITCH
SOCKET OUTLET

NEUTRAL BUS

DISTRIBUTION BOARD
FOR THE FLAT
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DP MCB's
L N
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E
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10. 3 conductors including 21 . Capacitance, capacitor
neutral 220 V
2N --220V

11 . Underground cable --- 22 . Earth

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23. Fault
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24. 35.
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® 38. Star-delta starter

28. Motor

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29. Synchronous motor

C§ 40. Rheostatic starter

30. Mechanically coupled machines

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33.
Transformers with
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45. One - way switch , three pole / 56. Relay T

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co 64.
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67. Combined Switch and

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76. Power factor meter

8 87. Wiring under the surface LL/ LL/

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 SINo. Details Symbol SINo. Details Symbol

LL/OLL/ 101 . Storage type water heater

89. Concealed conduit
I1111

90. Wiring in conduit Q 102. Bell

Tr
91 . Lamp
X 103. Buzzer
R
92 . Lamp mounted on a ceiling
:x: 104. Siren

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93. Lamp, mounted on a wall 105. Ceiling fan 0<)

94. Emergency lamp

X 106. Exhaust fan
(§
95. Panic lamp
X 107. Fan regulator

CSJ
96. Water-tight lighting fitting WT 108. Aerial
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97. Battem lamp holder BH 109. Radio receiving set
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98. Spot light
cg= 110. Television receiving set
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99. Flood light Manually operated fire alarm
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100. Heater
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$),&6*#-,,$-6-,!6,!-)6,06"6-"((!%6,%6#)!/#"-
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/!+!&-6 /,&/%!-!6 ),-!#6 *#-,,$-6 #-!)#86 -$.$-"%6 ),-!#8
*,,(!&6#$)),%-#6*#-,,$-6#-!)#86]`#!/-#,&#6"&(6/,"&&!-#h
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/-#+.!(6$),&A
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aJ6 X,6 $&(!%+%,$&(6 ),*!%6 /".-!6 ,06 D,--"+!
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+#&#+$+6$&(!%+%,$&(6(!)-,6,06JAL6+!-!%#A
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#,"--6.!6-"#(6*#-,,$-6"6+#&#+$+6#!)"%"-#,&
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 ANNEX C
[Clauses 4.2.1 (26) and 4.2.2.2]
AREA REQUIRED FOR TRANSFORMER ROOM AND SUBSTATION FOR
DIFFERENT CAPACITIES
C-1 The requirement for area for transformer room and substation for different capacities of transformers is
given below for guidance:

Sl Capacity of Total Transformer Total Substation Area (Incoming, Suggested

No. Transformer(s) Room Area, Min HV Panels, MV Panels, Transformer Minimum Face
Roof but Without Generators), Min Width
kVA m2 m2 m
(1) (2) (3) (4) (5)

i) 1 × 160 14.0 90 9.0

ii) 2 × 160 28.0 118 13.5
iii) 1 × 250 15.0 91 9.0
iv) 2 × 250 30.0 121 13.5
v) 1 × 400 16.5 93 9.0
vi) 2 × 400 33.0 125 13.5
vii) 3 × 400 49.5 167 18.0
viii) 2 × 500 36.0 130 14.5
ix) 3 × 500 54.0 172 19.0
x) 2 × 630 36.0 132 14.5
xi) 3 × 630 54.0 176 19.0
xii) 2 × 800 39.0 135 14.5
xiii) 3 × 800 58.0 181 14.0
xiv) 2 × 1 000 39.0 149 14.5
xv) 3 × 1 000 58.0 197 19.0
NOTES
1 The areas given in respect of the different categories of rooms hold good, if they are provided with independent access doors in
accordance with local regulations.
2 The minimum height of substation room/HV switch room/MV switch room shall be arrived at considering 1 200 mm clearance
requirement from top of the equipment to the below of the soffit of the beam. In case cable entry/exit is from above the equipment
(transformer, HV switchgear, MV switchgear), height of substation room/HV switch room/MV switch room shall also take into
account requirement of space for turning radius of cable above the equipment height
3 Additional space will be required in cases where the load requirement calls for redundancy for enhanced reliability through
addition of switchgear, such as, bus couplers, etc.
4 For transformers of other capacity, it may lead to some minor changes in dimensioning.

ANNEX D
(Clause 4.3.2)
ADDITIONAL AREA REQUIRED FOR GENERATOR IN ELECTRIC SUBSTATION
D-1 The requirement of additional area for generator in electric substation for different capacities of generators
is given in the table below for guidance.
NOTES
1 The space requirements vary for specific installations due to factors such as derating due to site conditions (temperature, altitude etc);
type of cooling (radiator, heat exchanger, cooling tower, etc); type of ventilation; noise suppression system and special characteristics of
loads, if any.

150 NATIONAL BUILDING CODE OF INDIA 2016

 2 If the generator is located away from the substation, then additional switchgear will be required, area requirement for which can be
estimated from the norms given in Annex C.
3 The area requirement suggested below covers the space requirement for day-tank and not the space for the bulk fuel storage.

Sl Capacity Area Clear Height below the Soffit of the Beam

No. kVA m2 m
(1) (2) (3) (4)

i) 25 56 3.6
ii) 48 56 3.6
iii) 100 65 3.6
iv) 150 72 3.6
v) 248 100 4.2
vi) 350 100 4.2
vii) 480 100 4.2
viii) 600 110 4.6
ix) 800 120 4.6
x) 1 010 120 6.5
xi) 1 250 120 6.5
xii) 1 600 150 6.5
xiii) 2 000 150 6.5
NOTE ! The area and height required for generating set room given in the above table are for general guidance only and may be
finally fixed according to actual requirements.

ANNEX E
(Clause 9.4)
CHECKLIST FOR INSPECTION, HANDING OVER AND COMMISSIONING OF
VARIOUS EQUIPMENT OF SUBSTATION
E-1 Typical format for checklist for inspection, handing over and commissioning of HV cables is given below.
NOTE ! Format given below covers a basic minimum check list; it should be augmented for specific and special cases. The checklist
has to be repeated for each HV cable.

HV CABLE INSPECTION, HANDING OVER AND COMMISSIONING DETAILS

A) DETAILS OF WORK
1) Scope of works :
2) Handed over by :
3) Taken over by :
4) Date of commissioning :
5) Date of handing over :
6) Details of enclosures :

Sl Description Applicable Not Applicable

No.
(1) (2) (3) (4)

i) Quality check list

ii) Site test report

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 151

 Sl Description Applicable Not Applicable
No.
(1) (2) (3) (4)
iii) As built GA drawing/layout
iv) Manufacturer’s test certificates
v) Operation and maintenance manual

Handed over by Taken over by

Authorized signatory Authorized signatory

B) QUALITY CHECK LIST

Item: Installation of HV Cables
Make:

Sl No. Tests Parameters Bench Actual Remark

Mark Observations
(1) (2) (3) (4) (5)
i) Cable size
ii) Voltage grade
iii) Type of material
iv) Check for routing
v) Meggering using 2.5 kV insulation tester
R-Y
Y-B
B-R
R-E
Y-E
B-E
vi) Minimum width of trench
vii) Minimum depth of trench
viii) Hume pipes used
ix) Hume joints with collar properly aligned and packed with
75 mm of cement concrete
x) Cable laying with suitable rollers
xi) Bending radius
xii) Cable tagging
xiii) Hi-Pot test (18 kV)
xiv) Sealing of cable ends, if not being terminated immediately
xv) Trench closing

C) HI-POT TEST REPORT

1) Date of testing:
2) Equipment details:
Cable details
Location :
Panel No. :
Size :

152 NATIONAL BUILDING CODE OF INDIA 2016

3) Insulation Resistance Test (Value in M", using 5 kV Megger):

Reference Measured Values M!

Before After
R-E
Y-E
B-E
R-Y
Y-B
B-R
4) Winding Resistance Test:
Applied Voltage Measured Current
kV mA
R=Y+B+E
Y=B+R+E
B=R+Y+E
5) Remarks

E-2 Typical format for checklist for handing over and commissioning of HV panels is given below.
NOTE ! Format given below covers a basic minimum check list; it should be augmented for specific and special cases. The checklist
has to be repeated for each HV panel.

HV PANEL INSPECTION, HANDING OVER AND COMMISSIONING DETAILS

Project:
Owner:
Package:
Contractor:

A) HANDING OVER DETAILS

1) Scope of works :
2) Panel name and number :
3) Location :
4) Handed over by :
5) Taken over by :
6) Date of commissioning :
7) Date of handing over :
8) Details of enclosures :

Sl Description Applicable Not Applicable

No.
(1) (2) (3) (4)

i) Quality check list

ii) Site test report
iii) As built GA drawing/layout

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 153

 Sl Description Applicable Not Applicable
No.
(1) (2) (3) (4)
iv) Manufacturer’s test certificates
v) Operation and maintenance manual

Handed over by Taken over by

Authorized signatory Authorized signatory

B) QUALITY CHECK LIST

Item: HV panel
Make:
Relevant Indian Standard:
As-built Drawing No:

Sl No. Test Parameters Bench Actual

Mark Observations
(1) (2) (3) (4)
Physical Checks for:
Circuit Breaker
i) Dimension enclosure
ii) Gauge
iii) Paint
iv) Degree of protection
v) Front doors
vi) Back cover
vii) Extension type enclosure
viii) Type of circuit breaker
ix) Number of circuit breakers
x) Type of surge arresting device included in the circuit
breakers
xi) Earthing terminal
xii) Front plate with view glass
xiii) Space for mounting of current transformers
xiv) Space for mounting of potential transformers
xv) Cable entry
xvi) Interlocking with isolator
xvii) Earthing switch for cable in cable chamber
xviii) Earthing switch interlock with circuit breaker only it can be
operated in ‘OFF’ condition
xv) Low voltage plug and socket
xvi) Vents for breaker/busbar/cable chambers
xvii) Insulation level
xviii) Toggle switch
xix) Ammeter selector switch
xx) Voltmeter selector switch
xxi) Trip/Neutral/Close
xxii) Local/remote selector switch
xxiii) LED lamps
xxiv) Mechanical operation

154 NATIONAL BUILDING CODE OF INDIA 2016

 Sl No. Test Parameters Bench Actual
Mark Observations
(1) (2) (3) (4)
xxv) Remote operation
xxvi) Local operation
xxvii) Interlocking with isolator
Meters
xxviii) Voltmeter
xxix) Ammeter
xxx) Tri vector meter
xxxi) Power factor meter
xxxii) Frequency meter
Specification Checks for
xxxiii) Rated current
xxxiv) Rated voltage
xxxv) Rated short circuit breaking capacity
xxxvi) Contact resistance
xxxvii) Control wiring
xxxviii) All control circuits
Alarm and trip for OTI/WTI/Buchholz/ PRV
xxxix) SF6 pressure alarm and trip operation test

C) COMMISSIONING REPORT
Customer:
Project:
Contractor:
Panel Name:
Location:
Breaker Details:
INSULATION TEST (M!):
R-Y Y-B B-R R-E Y-E B-E R-N Y-N B-N

RELAY SETTINGS:

Over Current, Earth Fault and Undervoltage Relay

CT ratio:
Earth fault >Settings:
Io> Settings:
Under voltage relay:

GENERAL CHECKS:

Breaker ‘ON’/’OFF’
Meters reading
Indicating lamps
Control supply

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 155

E-3 Typical format for checklist for handing over and commissioning of transformers is given below.
NOTE ! Format given below covers a basic minimum check list; it should be augmented for specific and special cases. The
checklist has to be repeated for each transformer.

TRANSFORMER INSPECTION, HANDING OVER AND COMMISIONING DETAILS

Project:
Owner:
Package:
Contractor:

A) HANDING OVER DETAILS

1) Scope of works :
2) Transformer No. :
3) Location :
4) Handed over by :
5) Taken over by :
6) Date of commissioning :
7) Date of handing over :
8) Details of enclosures :

Sl No. Description Applicable Not Applicable

(1) (2) (3) (4)
i) Quality check list
ii) Site test report
iii) As built GA drawing/layout
iv) Manufacturer’s test certificates
v) Operation and maintenance manual

Handed over by Taken over by

Authorized signatory Authorized signatory

B) QUALITY CHECK LIST

Item: Transformer
Make:
Relevant Indian Standard:
As-built Drawing No:

Sl Test Parameters Bench Mark Actual Observation

No.
(1) (2) (3) (4)

Physical Checks for:

i) Transformer Sl No.
ii) Dimension of enclosure
iii) Enclosure – Degree of protection
iv) Gauge
v) Paint

156 NATIONAL BUILDING CODE OF INDIA 2016

 Sl Test Parameters Bench Mark Actual Observation
No.
(1) (2) (3) (4)
vi) Provision for lifts and jacking
vii) Wheels
viii) Locking facility for wheel
ix) Enclosure door (if applicable)
x) Enclosure door interlock wiring
xi) Removable case for access of taps
xii) Earthing terminal
xiii) Disconnecting type chamber for cable termination
xiv) LT side flanges (Bus ducts/Cables/ Overhead)
xv) Oil temperature indicator (relay unit)
xvi) Winding temperature indicator (relay unit)
xvii) Marshalling box winding and door switch
xviii) Thermistors for alarm and trip
xix) Separate neutral earthing chamber
xx) Rating and diagram plate
xxi) Tap changing options name plate
xxii) Oil level in conservator tank
xxiii) Oil level in breather cup
xxiv) Operation of PRV
xxv) Oil leakage (if applicable)
xxvi) Clearances around transformer
xxvii) Body earthing resistance
xxviii) Neutral earthing resistance
Specification checks for:
xxix) Rating of transformer
xxx) Type
xxxi) Winding conductor
xxxii) Primary voltage
xxxiii) HV winding connections
xxxiv) Secondary voltage
xxxv) LV side connections
xxxvi) Vector symbol
xxxvii) System of supply
xxxviii) Impedance percentage
xxxix) Oil temperature rise
xl) Winding temperature rise
xli) Tap changing
xlii) Tapping range
xliii) Insulation type
xliv) Type of cooling
xlv) Vector group test
xlvi) Polarity test
xlvii) Magnetizing test
xlviii) Tan delta test (as per capacity)

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 157

 Sl Test Parameters Bench Mark Actual Observation
No.
(1) (2) (3) (4)
xlix) Breakdown voltage test:
Oil sample – I (Top)
Oil sample – II (Bottom)

C) COMMISSIONING REPORT
Customer:
Project:
Contractor:
Transformer Number:
Location:
Rating:

INSULATION TEST (M"):

R-Y Y-B B-R R-E Y-E B-E R-N Y-N B-N

RELAY SETTINGS:

Transformer Protection Relay

(WTI Scanner):
Winding temperature alarm set
Winding temperature trip set
(OTI Scanner):
Oil temperature alarm set
Oil temperature trip set
Buchholz Relay

GENERAL CHECKS:

Breaker ‘ON’/’OFF’
Meters reading
Indicating lamps
Control supply

E-4 Typical format for checklist for handing over and commissioning of MV/LV panel is given below.
NOTE ! Format given below covers a basic minimum check list; it should be augmented for specific and special cases. The
checklist has to be repeated for each MV/LV panel.

158 NATIONAL BUILDING CODE OF INDIA 2016

 MV/LV PANEL INSPECTION, HANDING OVER AND COMMISIONING DETAILS
Project:
Owner:
Package:
Contractor:
A) HANDING OVER DETAILS
1) Scope of works :
2) Panel name :
3) Location :
4) Handed over by :
5) Taken over by :
6) Date of commissioning :
7) Date of handing over :
8) Details of enclosures :

Sl Description Applicable Not Applicable

No.
(1) (2) (3) (4)
i) Quality check list
ii) Site test report
iii) As built GA drawing
iv) Manufacturer’s test certificates
v) Operation and maintenance manual

Handed over by Taken over by

Authorized signatory Authorized signatory

B) QUALITY CHECK LIST

Item: MV/LV Panel
Make:
Relevant Indian Standard:
As-built Drawing No:

Sl Test Parameters Bench Mark Actual Observation

No.
(1) (2) (3) (4)

Physical Checks for:

i) Dimension enclosure
ii) Paint
iii) Degree of protection

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 159

 Sl Test Parameters Bench Mark Actual Observation
No.
(1) (2) (3) (4)
iv) Front doors
v) Back cover
vi) Earthing terminal
vii) Front plate with view glass
viii) Cable entry
ix) Indication lamps
x) Check for any damages
xi) Check for rubber beading for the panel sections
xii) Coupling of panel
xiii) Coupling of busbars
xiv) Coupling of earth bus
xv) Number of shipping sections
xvi) Fish plate tightening
xvii) Any damages in busbar supports
xviii) Make of MCCB
Specification Checks For
xix) Rated current
xx) Rated voltage
xxi) Rated short circuit capacity
Circuit Breaker:
xxii) Current rating
xxiii) Interlocks with other CB/relay
xxiv) Compartment
xxv) End terminals segregation
Bus bar:
xxvi) Earth bus bar
xxvii) Main bus bar
xxviii) Link bus bar
xxix) Bus bar sleeve
3 Phase – Potential transformer:
xxx) Make
xxxi) Ratio
xxxii) Class
xxxiii) Serial Nos.
Current transformer:
xxxiv) Make
xxxv) Ratio
xxxvi) Class
xxxvii) Serial No’s
Multi digital meter:
xxxviii) Make
xxxix) Input voltage
xl) Input current

160 NATIONAL BUILDING CODE OF INDIA 2016

 Sl Test Parameters Bench Mark Actual Observation
No.
(1) (2) (3) (4)
Wiring:
xli) For potential transformer
xlii) For current transformer
xliii) Incomer
xliv) Outgoing

C) COMMISSIONING REPORT

Customer:

Project:

Contractor:

Panel Name:

Location:

Breaker Details:

INSULATION TEST (M !):

R-Y Y-B B-R R-E Y-E B-E R-N Y-N B-N

RELAY SETTINGS:

GENERAL CHECKS:
Breaker ‘ON’/’OFF’
Meters reading
Indicating lamps
Control supply

ANNEX F
(Clause 9.4)

CHECKLIST FOR INSPECTION, HANDING OVER AND COMMISSIONING OF EARTHING PITS

F-1 Typical format for checklist for inspection, handing over and commissioning of earthing pits is given
below:
Project:
Owner:
Package:
Contractor:

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 161

A) HANDING OVER DETAILS
1) Scope of works :
2) Handed over by :
3) Taken over by :
4) Date of commissioning :
5) Date of handing over :
6) Details of enclosures :

Sl Description Applicable Not Applicable

No.
(1) (2) (3) (4)
i) Quality check list
ii) Site test report
iii) As built GA drawing/layout

Handed over by Taken over by

Authorized signatory Authorized signatory

B) QUALITY CHECK LIST

Item: Installation of earthing pit
As-built Drawing No:

Sl Test Parameters Bench Actual Remarks

No. Mark Observations
(1) (2) (3) (4) (5)
1) Material (Cu/GI/Copper bonded) and size
2) Depth of the pit
3) Check for length of pipe/rod and size of the plate and strip
4) For copper earthing, brazing done on both surfaces before
jointing; and on one side in case of exothermic welding
5) Packing of pit by sand, salt and charcoal/earth enhancing
material
6) Check connection for tightness
7) Check for distance between earth pits
8) Interconnection of earth strips
9) Earth enhancing material used in earth pits

C) TEST REPORT: EARTH PIT

Date of testing :
Equipment details :
Earth pit
1) Location :
2) Serial No. :

162 NATIONAL BUILDING CODE OF INDIA 2016

 3) Earth pit No. :
4) Type of earthing :
5) Description :
6) Size of earth conductor :
Earth Pit Test: Values (")

Ref Measured Values !

Pit
Width grid

ANNEX G
(Clause 9.3.2.6)
FORM OF COMPLETION CERTIFICATE
I/ We certify that the installation detailed below has been installed by me/us and tested and that to the best of
my/our knowledge and belief, it complies with Central Electricity Authority (Measures Relating to Safety and
Electricity Supply) Regulations, 2010 as amended up-to-date.
Electrical Installation at .........................................................................................................................................

A) INSTALLATION DATA
Voltage and system of supply ................................................................................................................................
a) Particulars of Works:
1) Internal electrical installation
Sl No. Description No. Total Load Type of System of
Wiring
i) Light point
ii) Fan point
iii) Plug point
3-pin 6 A
3-pin 16 A
5-pin 6 A
6-pin 16 A

2) Others
Sl No. Description HP/kW Type of Starting
i) Motors
1)
2)
3)
ii) Other plants
1)
2)
3)

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 163

 3) If the work involves installations of overhead line and/or underground cable
i) 1) Type and description of over headline
2) Total length and No. of spans
3) No. of street lights and its description
ii) 1) Total length of underground cable and its size
2) No. of joints:
End joint:
Tee joint:
Straight through joint:

b) Earthing:

i) Description of earthing electrode

ii) No. of earth electrodes
iii) Size of main earth lead
iv) Earth electrode resistance

The date on which the measurements for item (iv) was taken has to be recorded.
NOTE ! The above data should be supported by an appropriate drawing and tables indicating the reference points at which the
measurements were taken at the construction/installation stage.

B) PRE-COMMISSIONING TEST DATA

a) Test Results:
1) Appropriate drawings showing the points at which the measurements were taken should accompany
this report.
2) Environmental notes pertaining to the day on which the tests are conducted:
i) Temperature:
ii) Date and time:
iii) Previous day/days history from the aspect of rain (as it would affect the test results):
3) List of test instruments used:
(Please record the calibration certificate date, calibration authority and the validity date of each
instrument listed.)
i) ....................................
ii) ....................................
4) Results:
i) Insulation resistance
a) Insulation resistance of the whole system of conductors to earth ………… Megaohm
b) Insulation resistance between the phase conductor and neutral:
Between phase R and neutral ………… Megaohm
Between phase Y and neutral ………… Megaohm
Between phase B and neutral ………… Megaohm
c) Insulation resistance between the phase conductors in case of polyphase
supply
Between phase R and phase Y ………… Megaohm
Between phase Y and phase B ………… Megaohm
Between phase B and phase R ………… Megaohm
d) Insulation resistance between neutral conductor and earth in case of ………… Megaohm
systems with neutral solidly earthed at the source

164 NATIONAL BUILDING CODE OF INDIA 2016

 ii) Polarity test:
Polarity of non-linked single pole branch switches:
iii) Earth continuity test:
Maximum resistance between any point in the earth continuity conductor including metal conduits
and main earthing lead ……………Ohm.
iv) Earth electrode resistance:
a) Resistance of each earth electrode:
1) ……………. Ohm
2) ……………. Ohm
3) ……………. Ohm
4) ……………. Ohm
b) Resistance of each earth grid:
1) ……………. Ohm
2) ……………. Ohm
3) ……………. Ohm
4) ……………. Ohm
v) Lightning protective system:
a) Designed lightning protection level (LPL) ……

b) Total roof area (L X W) …… m2

c) Air-termination mesh size (L X W) …… mxm
d) Number of vertical rods/terminal (Down-conductors) ……
e) Distance between down-conductors …… m
f) Impulse current rating of SPD, if provided …… kA
g) Voltage protection level of incoming SPD …… kV
h) Resistance of down-conductor for reinforced concrete …… ohm
structure/PEB structures, if natural components are used as per
National Building Code of India (Part 8/Section 2) ‘Building
Services, Electrical and Allied Installations’
j) Resistance of the whole of lightning protective system to earth ……. ohm
before any bonding is effected with earth electrode and metal
in/on the structure

Signature of Supervisor Signature of Contractor

Name and Address Name and Address
---------------------------------- ------------------------------
---------------------------------- -------------------------------
---------------------------------- -------------------------------
---------------------------------- -------------------------------

Persons witnessing the test:

Name Designation/Address Signature Remarks
--------- --------------------------------- ------------ -------------

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 165

 LIST OF STANDARDS
The following list records those standards which are
acceptable as ‘good practice’ and ‘accepted
standards’ in the fulfillment of the requirements of
the Code. The latest version of a standard shall be
adopted at the time of enforcement of the Code. The
standards listed may be used by the Authority for
conformance with the requirements of the referred
clauses in the Code.
In the following list, the number appearing in the first
column within parenthesis indicates the number of
the reference in this Section.
Sl
No. IS No. Title
(1) IS 8270 (Part 1) : Guide for preparation of
1976 diagrams, charts and
tables for electrotechno-
logy: Part 1 Definitions
and classification
IS 1885 Electrotechnical
vocabulary
(Part 16/Sec 3) : Lighting, Section 3 Lamps
1967 and auxiliary apparatus
(Part 17) : 1979 Switchgear and control-
gear (first revision)
(Part 32) : 1993 Electrical cables (first
revision)
(Part 78) : 1993 Generation, transmission
and distribution of electri-
city — General
IS 12032 Graphical symbols for
diagrams in the field of
electrotechnology
(Part 6) : 1987 Protection and conversion
of electrical energy
(Part 7) : 1987 Switchgear, controlgear
and protective devices
(2) IS 16246 : 2015 Specification of elastomer
insulated cables with
limited circuit integrity
when affected by fire
(3) IS 694 : 2010 Polyvinyl chloride insula-
ted unsheathed and
sheathed cables/cords with
rigid and flexible conduc-
tor for rated voltages up to
and including 450/750 V
(fourth revision)
166
Sl
No. IS No. Title
(4) IS/IEC 62271-202 : High-voltage switchgear
2014 and controlgear—Part 202:
High-voltage/low-voltage
prefabricated substation
(5) IS/IEC 60947-1 : Low-voltage switchgear
2007 and controlgear — Part 1:
General rules (first
revision)
IS/IEC 60947-2 : Low-voltage switchgear
2003 and controlgear — Part 2 :
Circuit breakers
IS/IEC 60947-3 : Low-voltage switchgear
1999 and controlgear — Part 3:
Switches, disconnectors,
switch-disconnectors and
fuse combination units
IS/IEC 60947-4-1 : Low-voltage switchgear
2000 and controlgear — Part 4 :
Contractors and motor-
starters — Section 1 :
Electromechanical contac-
tors and motors-starters
IS/IEC 60947-4-2 : Low-voltage switchgear
1999 and controlgear : Part 4 —
Contractors and Motor-
Starters, Section 2 A.C.
Semiconductor Motor
Controllers and Starters
IS/IEC 60947-4-3 : Low-voltage switchgear
1999 and controlgear — Part 4:
A.C. semiconductor con-
trollers and contactors for
non-motor loads
IS/IEC 60947-5-1 : Low-voltage switchgear
2003 and controlgear — Part 5 :
Control circuit devices
and switching elements,
Section 1 : Electromecha-
nical control circuit
devices
IS/IEC 60947-5-2 : Low-voltage switchgear
2007 and control gear — Part 5:
Control circuit devices
and switching elements,
Section 2 Proximity
switches
(6) IS/lEC 60529 : 2001 Degrees of protection
provided by enclosures
(IP code)
NATIONAL BUILDING CODE OF INDIA 2016
Sl Sl
No. IS No. Title No. IS No. Title

(7) IS 7752 (Part 1) : Guide for improvement of IS/IEC 62271-104 : High-voltage switchgear
1975 power factor in consumer 2009 and controlgear —
installation: Part 1 Low Part 104: Alternating
and medium supply current for rated voltages
voltages of 52 kV and above
(8) IS 5216 Recommendations on IS/IEC 62271-105 : High-voltage switchgear
safety procedures and 2002 and controlgear —
practices in electrical Part 104: Alternating cur-
work rent switch-fuse combina-
tions
(Part 1) : 1982 General (first revision)
IS/IEC 62271-111 : High-voltage switchgear
(Part 2) : 1982 Life saving techniques
2012 and controlgear —
(first revision)
Part 104: Automatic circuit
(9) IS 10028 (Part 2) : Code of practice for reclosers and fault inter-
1981 selection, installation and rupters for alternating
maintenance of transfor- current systems up to 38 kV
mers: Part 2 Installation
IS/IEC 62271-200 : High-voltage switchgear
(10) IS 10118 (Part 3) : Code of practice for 2003 and controlgear —
1982 selection, installation and Part 104: a.c. metal-
maintenance of switchgear enclosed switchgear and
and controlgear: Part 3 controlgear for rated
Installation voltages above 1 kV and
up to and including 52 kV
(11) IS 732 : 1989 Code of practice for
electrical wiring installa- IS/IEC 62271-201 : High-voltage switchgear
tions (third revision) 2006 and controlgear —
Part 104: a.c. insulation-
(12) IS 10118 (Part 2) : Code of practice for
enclosed switchgear and
1982 selection, installation and
control-gear for rated
maintenance of switchgear
voltages above 1 kV and
and controlgear: Part 2
up to and including 52 kV
Selection
IS/IEC 62271-203 : High-voltage switchgear
(13) IS 1646 : 2015 Code of practice for fire
2003 and controlgear —
safety of buildings
Part 203: Gas-insulated
(general): Electrical instal-
metal-enclosed switchgear
lations (third revision)
for rated voltages above
(14) IS/IEC 60470 : 2000 High-voltage switchgear 52 kV
alternating current contac-
(15) IS 1255 : 1983 Code of practice for
tors and contactor-based
installation and mainte-
motor starters
nance of power cables (up
IS/IEC 62271-1 : High-voltage switchgear to and including 33 kV
2007 and controlgear — Part 1: rating) (second revision)
Common specifications
(16) IS 8084 : 1976 Specification for intercon-
IS/IEC 62271-100 : High-voltage switchgear necting bus-bars for a.c.
2008 and controlgear — voltage above 1 kV up to
Part 100: Alternating- and including 36 kV
current circuit-breakers
(17) IS 1180 (Part 1) : Specification for outdoor
IS/IEC 62271-103 : High-voltage switchgear 2014 type oil immersed distri-
2011 and controlgear — bution transformers up to
Part 103: Switches for and including 2 500 kVA,
rated voltages above 1 kV 33kV: Part 1 Mineral oil
up to and including 52 kV immersed (fourth revision)

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 167

Sl
No. IS No. Title
IS 2026 Power transformers
(Part 1) : 2011 General (second revision)
(Part 2) : 2010 Temperature-rise (first
revision)
(Part 3) : 2009 Insulation levels, dielec-
IEC 60076-3 : tric tests and external
2000 clearances in air (third
revision)
(Part 4) : 1977 Terminal marking, tap-
pings and connections
(first revision)
(Part 5) : 2011 Ability to withstand short
circuit (first revision)
(Part 7) : 2009 Loading guide for oil-
IEC 60076-7 : immersed power transfor-
2005 mers
(Part 8) : 2009 Applications guide
IEC 60076-8 :
1997
(Part 10) : 2009 Determination of sound
IEC 60076-10 : levels
2001
IS 11171 : 1985 Dry-type power transfor-
mers
(18) IS 8623 (Part 1) : Low-voltage switchgear
1993 and controlgear assemb-
lies: Part 1 Requirements
for type-tested and parti-
ally type-tested assemblies
IS/IEC 60947-1 : Low-voltage switchgear
2007 and controlgear — Part 1:
General rules (first
revision)
IS/IEC 60947-2 : Low-voltage switchgear
2003 and controlgear — Part 2:
Circuit breakers
IS/IEC 60947-3 : Low-voltage switchgear
1999 and controlgear — Part 3:
Switches, disconnectors,
switch-disconnectors and
fuse combination units
IS/IEC 60947-4-1 : Low-voltage switchgear
2000 and controlgear — Part 4:
Contractors and motor-
starters, Section 1 Electro-
mechanical contactors and
motors-starters
168
Sl
No. IS No. Title
IS/IEC 60947-4-2 : Low-voltage switchgear
2011 and controlgear — Part 4:
Contractors and motor-
starters, Section 2 a.c.
semiconductor motor
controllers and starters
(first revision)
IS/IEC 60947-4-3 : Low-voltage switchgear
2011 and controlgear — Part 4:
Contractors and motor-
starters, Section 3 a.c.
semiconductor motor
controllers and contactors
for non-motor loads (first
revision)
IS/IEC 60947-5-1 : Low-voltage switchgear
2003 and controlgear — Part 5:
Control circuit devices
and switching elements,
Section 1 Electromecha-
nical control circuit devi-
ces
IS/IEC 60947-5-2 : Low-voltage switchgear
2007 and control gear — Part 5:
Control circuit devices
and switching elements,
Section 2 Proximity swit-
ches
IS/IEC 61439 Low-voltage switchgear
(Part 0) : 2014 and controlgear assem-
blies — Part 0 Guidance
to specifying assemblies
(19) IS 11353 : 1985 Guide for uniform system
of marking and identifica-
tion of conductors and
apparatus terminals
(20) IS 8623(Part 2) : Specification for low-
1993 voltage switchgear and
controlgear assemblies:
Part 2 Particular require-
ments for busbar trunking
systems (busways) (first
revision)
(21) IS 13010 : 2002 Specification for a.c.
watthour meters, class 0.5,
1 and 2 (first revision)
IS 13779 : 1999 Specification for a.c. static
watthour meters, class 1
and 2 (first revision)
IS 8530 : 1977 Specification for maxi-
mum demand indicators,
class 1
NATIONAL BUILDING CODE OF INDIA 2016
Sl
No. IS No. Title
IS 14372 : 1996 Specification for volt-
ampere hour meters for
full power factor range
IS 14415 : 1997 Specification for volt-
ampere hour meters for
restricted power factor
range
IS 14697 : 1999 Specification for a.c. static
transformer operated watt-
hour and var-hour meters,
class 0.2 S and 0.5 S
IS 15844 : 2010 Specification for
alternating current direct
connected static prepay-
ment meters for active
energy (Class 1 and 2)
IS 16444 : 2015 Specification for a.c. static
direct connected watthour
smart meter class 1 and 2
(22) IS 15707 : 2006 Code of practice for
testing, evaluation, instal-
lation and maintenance of
a.c. electricity meters
(23) IS/IEC 60079-1 : Explosive atmospheres —
2007 Part 1 : Equipment protec-
tion by flameproof enclo-
sures “d”
(24) IS 5578 : 1984 Guide for marking of
insulated conductors (first
revision)
IS 11353 : 1985 Guide for uniform system
of marking and identifi-
cation of conductors and
apparatus terminals
(25) lS/lEC 60309-1 : Plugs, socket-outlets and
2002 couplers for industrial
purposes — Part 1:
General requirements
(first revision)
lS/lEC 60309-2 : Plugs, socket-outlets and
2002 couplers for industrial
purposes — Part 2:
Dimensional
interchangeability
requirements for pin and
contact-tube accessories
(first revision)
PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS
Sl
No. IS No. Title
(26) IS 2206(Part 1) : Flameproof electric ligh-
1984 ting fittings: Part 1 Well-
glass and bulkhead types
(first revision)
IS 3528 : 1966 Specification for water-
proof electric lighting
fittings
IS 3553 : 1966 Specification for water-
tight electric lighting
fittings
IS 5077 : 1969 Specification for decora-
tive lighting outfits
IS 10322 (Part 5/ Luminaires: Part 5
Sec 5) : 2013 Particular requirements,
Section 5 Flood lights
(first revision)
(27) IS 12640 (Part 1) : Residual current operated
2016 circuit- breakers without
IEC 61008-1 : 2012 integral overcurrent pro-
tection for household and
similar uses (RCCBs) —
Part 1: General rules
(second revision)
IS 12640 (Part 2) : Residual current operated
2016 circuit- breakers with
IEC 61009-1 : 2012 integral overcurrent pro-
tection for household and
similar uses (RCBOs) —
Part 2: General rules
(second revision)
IS 14614 : 1998 Residual current operated
IEC 1543 : 1995 protective devices (RCDs)
for household and similar
use — Electromagnetic
compatibility
IS/IEC 60898-1 : Electrical accessories —
2002 Circuit breakers for over
current protection for
household and similar
installations — Part 1:
Circuit breakers for a.c.
operation
IS/IEC 60947-1 : Low-voltage switchgear
2007 and controlgear — Part 1:
General rules (first
revision)
IS/IEC 60947-2 : Low-voltage switchgear
2003 and controlgear — Part 2:
Circuit breakers
169
Sl Sl
No. IS No. Title No. IS No. Title

IS/IEC 60947-3 : Low-voltage switchgear (Part 6) : 2016 Crosslinked polyethylene

1999 and controlgear — Part 3:
Switches, disconnectors,
switch-disconnectors and
fuse combination units
IS/IEC 60947-4-1 : Low-voltage switchgear
2000 and controlgear — Part 4:
Contractors and motor-
starters, Section 1 Electro-
mechanical contactors and
motors-starters
IS/IEC 60947-4-2 : Low-voltage switchgear
2011 and controlgear — Part 4:
Contractors and motor-
starters, Section 2 a.c.
semiconductor motor
controllers and starters
(first revision)
IS/IEC 60947-4-3 : Low-voltage switchgear
2011 and controlgear — Part 4:
Contractors and motor-
starters, Section 3 a.c.
semiconductor motor
controllers and contactors
for non-motor loads (first
revision)
IS/IEC 60947-5-1 : Low-voltage switchgear
2003 and controlgear — Part 5:
Control circuit devices and
switching elements,
Section 1 Electro-
mechanical control circuit
devices
IS/IEC 60947-5-2 : Low-voltage switchgear
2007 and control gear — Part 5:
Control circuit devices
and switching elements,
Section 2 Proximity
switches
insulated PVC sheathed
cables
(29) IS 2086 : 1993 Specification for carriers
and bases used in
rewirable type electric
fuses for voltages up to
650 V (third revision)
IS 13703(Part 1) : Specification for low-
1993 voltage fuses for voltages
not exceeding 1 000 V a.c.
or 1 500 V d.c.: Part 1
General requirements
(30) IS 2672 : 1966 Code of practice for
library lighting
IS 4347 : 1967 Code of practice for
hospital lighting
IS 6665 : 1972 Code of practice for
industrial lighting
IS 8030 : 1976 Specification for luminai-
res for hospitals
(31) IS 4648 : 1968 Guide for electrical layout
in residential buildings
(32) IS 900 : 1992 Code of practice for
installation and
maintenance of induction
motors (second revision)
(33) IS 3480 : 1966 Specification for flexible
steel conduits for electri-
cal wiring
IS 3837 : 1976 Accessories for rigid steel
conduits for electrical
wiring (first revision)
IS 3419 : 1989 Fittings for rigid non-
metallic conduits (second
revision)

(28) IS 3961 Recommended current IS 9537 Conduits for electrical

ratings for cables installations
(Part 1) : 1980 General requirements
(Part 1) : 1967 Paper insulated lead
sheathed cables (Part 2) : 1981 Rigid steel conduits
(Part 2) : 1967 PVC insulated and PVC (Part 3) : 1983 Rigid plain conduits of
sheathed heavy duty insulating materials
cables
IS 14768 Conduit fittings for
(Part 3) : 1968 Rubber insulated cables electrical installations
(Part 5) : 1968 PVC insulated light duty (Part 1) : 2000 General requirements
cables (Part 2) : 2003 Metal conduit fittings

170 NATIONAL BUILDING CODE OF INDIA 2016

Sl Sl
No. IS No. Title No. IS No. Title

IS 14772 : 2000 General requirements for lations

enclosures for accessories
(40) IS 13021(Part 1) : Specification for a.c.
for household and similar
1991 supplied electronic bal-
fixed electrical instal-
lasts for tubular florescent
lations
lamps: Part 1 General and
(34) IS 14930 Conduit systems for safety requirements
electrical installations
(41) IS 1258 : 2005 Bayonet lamp holders
(Part 1) : 2001 General requirements (fourth revision)
(Part 2) : 2001 Particular requirements —
conduit systems buried (42) IS 418 : 2004 Tungsten filament lamps
underground for domestic and similar
general lighting purposes
(35) IS 14927 Cable trunking and
ducting systems for (fourth revision)
electrical installations IS 1569 : 1976 Capacitors for use in
(Part 1) : 2001 General requirements tubular fluorescent high
(Part 2) : 2001 Cable trunking and pressure mercury and low
ducting systems intended pressure sodium vapour
for mounting on walls or discharge lamp circuit
ceiling (first revision)

(36) IS 9537 Conduits for electrical IS 2215 : 2006 Specification for starters
installations for fluorescent lamps
(third revision)
(Part 1) : 1980 General requirements
IS 2418 Specification for tubular
(Part 2) : 1981 Rigid steel conduits fluorescent lamps for
(37) IS 3837 : 1976 Accessories for rigid steel general lighting service
conduits for electrical (Part 1) : 1977 Requirements and tests
wiring (first revision) (first revision)
(Part 2) : 1977 Standard lamp data sheets
IS 14768 Conduit fittings for (first revision)
electrical installations
(Part 3) : 1977 Dimensions of G-5 and
(Part 1) : 2000 General requirements G-13 bi-pin caps (first
revision)
(Part 2) : 2003 Metal conduit fittings
(Part 4) : 1977 Go and no-go gauges for
IS 14772 : 2000 General requirements for G-5 and G-13 bi-pin caps
enclosures for accessories (first revision)
for household and similar
fixed electrical instal- IS 3323 : 1980 Bi-pin lampholders for
lations tubular fluorescent lamps
(first revision)
(38) IS 9537 Conduits for electrical
installations IS 3324 : 1982 Holders for starters for
tubular fluorescent lamps
(Part 1) : 1980 General requirements (first revision)
(Part 3) : 1981 Rigid plain conduits of
insulating materials IS 9900 Specification for high
pressure mercury vapour
(39) IS 3419 : 1989 Fittings for rigid non- lamps
metallic conduits (second (Part 1) : 1981 Requirements and tests
revision)
(Part 2) : 1981 Standard lamp data sheets
IS 14772 : 2000 General requirements for (Part 3) : 1981 Dimensions of lamp caps
enclosures for accessories (Part 4) : 1981 Go and no-go gauges of
for household and similar lamp caps
fixed electrical instal-

PART 8 BUILDING SERVICES — SECTION 2 ELECTRICAL AND ALLIED INSTALLATIONS 171

Sl Sl
No. IS No. Title No. IS No. Title

(43) IS 374 : 1979 Electric ceiling type fans (48) IS/IEC 62305-4 : Protection against
and regulators (third 2010 lightning — Part 4: Elec-
revision) trical and electronic
systems within structures
(44) IS 3043 : 1987 Code of practice for earth-
ing (49) IS 16463 (Part 11) : Low-voltage surge
2016 IEC 61643-11 : protective devices: Part 11
(45) IS/IEC 62305-3 : Protection against light-
2011 Surge protective devices
2010 ning — Part 3: Physical
connected to low-voltage
damage to structures and
power systems —
life hazard
Requirements and test
(46) IS/IEC 62305-1 : Protection against light- methods
2010 ning — Part 1: General
(50) IS 8437 (Part 1) : Guide on effects of
principles
1993 current passing through
(47) IS/IEC 62305-2 : Protection against light- IEC Pub 479-l the human body: Part 1
2010 ning — Part 2: Risk (1984) General aspects (first
management revision)

172 NATIONAL BUILDING CODE OF INDIA 2016

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E*! +,-"..,/0,09 :9 ;5<8,9%(9 SPHeN9GI9OESN9H[9[GUNQ9]NIFGJEFGHI9H\NIGIMSQ
01.,/21"/29 "39 H\NIGIMS9 GI9 FRN9 PEORGIN9 UHHP9 [JHHU9 [HU
0B.<?51!,79813!29 OHIINOFGIM9JG[F9OHP\HINIFS9SKOR9ES9UH\NSQ
OEWJNSQ9NFO_
WX 0EORGIN9UHHPgJNSS9JG[FSf WX I3,)(3**>#+;4*%.+/#?+**#h91I9OESN9H[9\EUFGEJJ^
NIOJHSNL9JG[F9YNJJS9KSNL9[HU9E\\JGOEFGHIS9[HU
%*! +,-"..,/0,09 :9 ;5<8,9%H9
NdEP\JNQ9HWSNU]EFGHI9JG[FS9GI9OHIINOFGHI9YGFR
01.,/21"/29 "39
MEJJNUGNS9 HU9 EFUGKPSQ9 NFOQ9 FRN9 YNJJ9 LHNS9 IHF
4522,/6,79813!29F+G9
&*! +,-"..,/0,09 :9 ;5<8,9%A9 INNL9 FH9 WN9 FHFEJJ^9 NIOJHSNLQ9 \UH]GLNL9 FRN
01.,/21"/29 "39 RNGMRF9 H[9 FRN9 NIOJHSKUN9 EF9 \JEONS9 IHUPEJJ^
2!7,!-=,7>="241!589 813!29 EOONSSGWJN9FH9\NUSHIS9GS9SK[[GOGNIF9FH9\UN]NIF
F+G9 SKOR9\NUSHISf
)*! I1!9 0,4!=9 3"79 :9 ;5<8,9&#9 )X WNGIM9NILEIMNUNL9W^9PH]GIM9\EUFS9H[9FRN
4522,/6,7>9 JG[Fc9EIL
2!7,!-=,7>="241!589 813!29 .X GIFNU[NUGIM9YGFR9FRN9SE[N9H\NUEFGHI9H[9FRN
F+G9 JG[F9W^9UNEORGIM9JG[F9NZKG\PNIF9YGFRGI9FRN
@*! J9,7=,509 =,16=!9 3"79 :9 ;5<8,9&%9 YNJJ9 NGFRNU9 LGUNOFJ^9 HU9 YGFR9 REIL9 RNJL
4522,/6,79 5/09 HWbNOFS_
2!7,!-=,7>="241!589 813!29
/RN9RNGMRF9H[9FRN9NIOJHSKUN9SREJJ9WN9PGIGPKP
F+G9
(_-9P9EF9FRN9JEILGIM9LHHU9SGLN_9/RN9RNGMRF9H[
'*! +,-"..,/0,09 :9 ;5<8,9&&9
NIOJHSKUN9 EF9 HFRNU9 SGLNS9 SREJJ9 WN9 ._-9 P
01.,/21"/29 "39 6""029
813!29F+G9 PGIGPKP9 YRNI9 FRN9 RHUGmHIFEJ9 LGSFEION
E*! +,-"..,/0,09 :9 ;5<8,9&)9 WNFYNNI9 FRN9 PH]GIM9 \EUFS9 H[9 FRN9 JG[F9 EIL
01.,/21"/29 "39 NIOJHSKUN9GS97_-9P9PGIGPKP_9/RN9RNGMRF9H[
5B!"."<18,9813!29F+G9 NIOJHSKUN9 EF9 HFRNU9 SGLNS9 PE^9 WN9 UNLKONL9 FH
)_)9P9\UHMUNSSG]NJ^9G[9FRN9RHUGmHIFEJ9LGSFEION
9@10@;@!9O(;(212#B*%%,#)%#B*%%,#A+(@A) WNFYNNI9 FRN9 PH]GIM9 \EUFS9 H[9 FRN9 JG[F9 EIL
NIOJHSKUN9GIOUNESNS9FH9.9P_9/RN9NIOJHSKUN9SREJJ
0GIGPKP9[JHHU9FH9[JHHU9RNGMRF9[HU9JEILGIMS9HI9SEPN
WN9JHOEFNL9YGFRGI9)-79PP9H[9FRN9NLMN9H[9FRN
SGLN9[HU9RHUGmHIFEJJ^9SJGLGIM9LHHU9GS9B#t>-79PPQ9YRNUN
[JHHU_9/RN9NIOJHSKUN9SREJJ9WN9GP\NU[HUEFN9EIL
`Ba9GS9OJNEU9NIFUEION9RNGMRFQ9GI9PP_
PELN9H[9IHI9OHPWKSFGWJN9PEFNUGEJ_

3#4$(5()*%'+%",(6.47%-.6(8(6.-$%&"(9(%"6$#''#$%&"(&/('%/$6:(.6-#'#$&46(#"+ !9
<&7%",(=#'>6?(9#('%/$6
N
0'1 Table 12 Recommended Dimensions of Passenger Lifts and Service Lifts
(Clause 5.10.3.1)
All dimensions in millimetrcs.

t.lAOiINE- ROOM 'MOTH

C
HOiSTWAY BELOW
.
""" -
"BEAMS/HOO+<S

J-

,\TRAP DOOR
i'"
Ii::
c

8'
c
w

I"
I

0 8'"
'"

MACHlNE- ROOM PLAN

: «
I" '"
1
i
I"l
,

, 0:
)
Q.
000 CI
m

Z
G:

Sl - E
ENTRANCE
ELEY.AIIllli
I. CAR • I
C
I tOTAL FINISHED PLU I.4B HO!STWAY 'MOTH I
.... HOISTWAY PLAN
'"
 Table 12 - (Concluded)
;:;j'"l
SI No. of Rated Car SIze COPD Passenger and Service Lifts with Machine Room: Shaft Sizes
2:""
1;')= No. Passengers Load Door
Rated speed 1.0 mls::; 3.0 mls::; Rated 4.0 mls ::; Rated Rated Speed = 7.0 mls::; Rated 9.0mls::;
< 1 mls Rated Speed ::; Speed::; 3.5 Speed::; 5.0 6.0 nVs Speed::; 8.0 Rated Speed
1;J$!
•• I;')
2.5 mls nVs mls mls ::; 10.Omls
"'<7J Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size
>l"l

kg Width Depth Width Width Depth Width Depth Width Depth Width Depth Width Depth Width Depth Width Depth
'"In
<7Jl"l (I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20)
<7J
I i) 4 272 1100 700 800 1900 1300 1900 1300
<7J

..
l"l
n
'"l

iv)
ii)
iii)
6
8
10
408
544
680
1100
1300
1300
1000
1100
1350
800
800
800
1900
1900
1900
1700
1900
2150
1900
1900
1900
1700
1900
2150
'"$! v) 13 884 2000 1100 900 2600 1900 2600 1900
<7J
vi) 14 952 1600 1400 900 2200 2100 2200 2100 2200 2150 2250 2150 2250 2250 2300 2300 2300 2450
vii) 16 1088 1600 1600 1000 2300 2300 2300 2300 2300 2350 2300 2350 2300 2450 2300 2500 2300 2650

..
t"'
viii)
ix)
18
20
1224
1360
2000
2000
1400
1500
1100
1100
2600
2600
2100
2100
2600
2600
2150
2250
2600
2600
2150
2250
2600
2600
2250
2350
2700
2700
2300
2400
2700
2700
2450
2550
x) 22 1496 2100 1600 1100 2700 2300 2700 2350 2700 2350 2700 2450 2800 2500 2800 2550
51 xi) 26 1768 2350 1600 1200 3000 2300 3000 2350 3000 2350 3000 2450 3050 2550 3050 2550
t"'
xii) 29 1972 2350 1700 1200 3000 2500 3000 2500 3000 2550 3050 2600 3050 2700
!/' NOTES
l"l
<7J 1 All dimensions given above for lifts having centre opening power operated doors (COPD) with cOImterwcight at rear, are recommended dimensions primarily for architects and building planners.
Any variations mutually agreed between the manufacturer and the purchaser are permitted. However, variation in,
a) car inside dimensions shall be within the rnininrum and maximum area limits specified in accordance with accepted standards [8-5A(6)].
0 b) entrance width on higher side is pemritted.
c) entrance width on lower side is permitted up to 100 rnrn subject to minimum of700 rnrn.
2 The minimum size of the lift car and all other requirements relating to accessibility, in all public buildings shall be in accordance with 13 of Part 3 'Development Control Rilles and General Building
Requirements' of the Code.

-..l
N
OC Table 13 Recommended Dimensions of Stretcher/Hospital Lifts
(Clause 5.10.3.1)
All dimensions in millirnetres.

MACHINE- ROOM WIDTH

C
HOlST1\'A Y BELOW

] B
'"

>I
0
0

'"
I'" 0:

..

MACHINE- ROOM PLAN

g -

:1•
-", F'
:

i
I"l

Sl
r
BO'ITOM FLOOR

!:
0.
, 't

E
ENTRANCE
IiI=
II
A
CAR WlDTH
I. .1
.... TOTAL FINISHED PLUMB HOISTWAY 'MOTH

'" HOISTWAY PLAN

 Table 13 - (Concluded)
SI No. of Rated Rounded Car Size 2P Hospital Bed I Stretcher Lifts with Machine Room: Shaft Sizes
No. Passengers Load off Rated TSPD
Load Door
Rated Speed 0.6 mls Rated 3.0 mls Rated 4.0 mls Rated Rated Speed 7.0 mls Rated 9.0 mls Rated
I mls Speed Speed Speed 5.0 mls =6.0mls Speed 8.0 mls Speed 10.0
..
til 'I'
2.5 mls 3.5 mls mls
>- l'"l Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size

""n
'l'l'"l kg kg Width Depth Width Depth Width Depth Width Depth Width Depth Width Depth Width Depth Width Depth Width
'I'
(I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21)
I
n i) 15 1020 1000 2400 800 1800 3000 1800 3000
ii) 20 1360 1300 2400 1200 2300 3000 2350 3000 2350 3000 2350 3000 2500 3000 2500 3000
iii) 26 1768 1800 1400 2550 1200 2500 3050 2500 3050 2500 3050 2500 3050 2600 3150 2650 3150
til
iv) 29 1972 2000 1500 2700 1400 2650 3200 2600 3200 2600 3200 2600 3200 2700 3200 2700 3200
v) 36 2448 2500 1800 2700 1400 2800 3150 2900 3200 2900 3200 2900 3200 3000 3200 3000 3200

t"'
NOTES
1 All dimensions given above for lifts having two panel telescopic doors (2P TSPD) witb counterweight at side, are recommended dimensions primarily for architects and building planners. Any
variations mutually agreed to between the manufacturer and the purchaser are permitted. However, variation in:
S; a) car inside dimensions shall be within the maximum area limits specified in accordance with accepted standards [8-5A(6)].
§ b) entrance width on higher side is permitted.
c) entran.ce width on lower side is permitted up to 100 mm subject to minimum of 700 mm.
Y'
l'"l 2 Car depth of 2 100 mm may be considered in residential/commercial buildings, where use of only ambulance stretcher is envisaged. The hoist-way depth maybe reduced accordingly.

N
\C
= Table 14 Recommended Dimensions of Goods Lifts with Machine Room
(Clause 5.l0.3.l)
All dimensions are in millimetres.
IlACHlNE- ROOM WIDTH

J
HOISTWAY BELOW

g
'i'

i ' \ 4i
"al
0

I
'"
u
<
"
t
,
MACHINE ROOM PLAN

l( . ""- "
o

i BOITOM FLOOR

t::
0.

I ENTRANCE I
l
I CAR I
C

...S TOTAL FI NISHED PLUl.48 HO STWAY WIDTH

HOISTWAY PLAN
 Table 14 - (Concluded)

Sl Rated Car Size COPD 0.6 mls :s; Rated 3.0 mls :s; Rated 4.0 mls:S; Rated Rated Speed 7.0 mls:s; Rated 9.0 mls :s; Rated
c;'l= No. Load Door =6.0 mls
Speed :s; 2.5 mls Speed :s; 3.5 mls Speed ,.;; 5.0 mls Speed :s; 8.0 mls Speed :s; 10.0 mls

1;]2
•• c;'l Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size Shaft Size
UI",
>t"l
kg Width Depth Width Depth Width Depth Width Depth Width Depth Width Depth Width Depth Width

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
'"I i) 1000 1400 1800 2P-tel-1200 2300 2350
'".., ii) 1500 1700 2000 4P-1500 2750 2550
iii) 2000 1700 2500 4P-1500 2800 3050 2800 3050 2900 3050 3000 3050 3000 3050 3000 3050
UI iv) 2500 2000 2500 4P-1700 3100 3200 3200 3200 3050
3000 3050 3000 3050 3050 3050 3050
v) 3000 2000 3000 4P-1700 3000 3550 3000 3550 3100 3550 3200 3550 3200 3550 3200 3550
vi) 4000 2500 3000 6P-2100 3700 3650 3700 3650

5 vii) 5000 2500 3600 6P-2100 3850 4250 3850 4250

NOTE - All dimensions given above for lifts having centre opening power operated doors (COPD) with counterweight at side, are recommended dimensions primarily for architects and building

e
t""
planners. Any variations mutually agreed to between the manufacturer and the purchaser are permitted. However, the minimum rated load for the goods lift shall be based on a load of not less than
3.45 kN/m' of the net inside car area.

l"'l

aGl

....
(M
 Table 15 Recommended Dimensions of Machine Room Height, Overhead, Pit Depth for Passenger, Goods, Stretcher/Hospital Lifts with Machine Room
(Clause 5.l0.3.l)
All dimensions in millimetres.

For speed up to 3.5 mls

SI No. of Rated Dimensions of Pit Depth, Overhead Height (DR) and Machine Room Height (MR)
No. Passengers Load
0.7 mls 1.0 m1s 1.6 mls 2 mls 2.5 mls 3 mls 3.5 mls

Pit HR MR Pit HR MR Pit HR MR Pit HR MR Pit HR MR Pit HR MR Pit HR MR

kg Depth Depth Depth Depth Depth Depth Depth
(I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (I I) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)
i) 4 272 1 350 CH + 2500 1 500 CH + 2 500 1 600 CH + 2 500 2 200 CH + 2 500
1900 1950 2400 2800
ii) 6 408 1 350 CH + 2500 1 500 CH + 2 500 1 600 CH + 2 500 2 200 CH + 2 500
1900 1950 2400 2800
iii) 8 544 1 350 CH + 2 500 1 500 CH + 2 500 1 600 CH + 2 500 2 200 CH + 2 500
1900 1950 2400 2800
iv) 10 680 1 350 CH + 2500 1 500 CH + 2 500 1 600 CH + 2 500 2 200 CH + 2 500
1900 1950 2400 2800
v) 13 884 1 350 CH + 2 500 1 500 CH + 2 500 1 600 CH + 2 500 2 200 CH + 2 500
1900 1950 2400 2800
vi) 14 952 1 500 CH + 2 500 1 800 CH + 2 500 2 200 CH + 2 500 2 500 CH + 2 500 3 000 CH + 3 000 4 500 CH + 3 000
1950 2400 2800 3000 3000 3450
vii) 16 1088/ 1 500 CH + 2 500 1 800 CH + 2 500 2 200 CH + 2 500 2 500 CH + 2 500 3 000 CH + 3 000 4 500 CH+ 3000
1000 1950 2400 2800 3000 3000 3450
viii) 18 1224 1 500 CH + 2 500 1 800 CH + 2 500 2 200 CH + 2 500 2 500 CH + 2 500 3 000 CH + 3 000 4 500 CH+ 3000
2: 1950 2400 2800 3000 3000 3450
ix) 20 1360 1 500 CH + 2 500 1 800 CH + 2 500 2 200 CH+ 2500 2 500 CH + 3 000 3 000 CH + 3 000 4 500 CH+ 3000
1950 2400 2800 3000 3000 3450
x) 22 1496/ 1 500 CH + 2 500 1 800 CH + 3 000 2 200 CH+ 3000 2 500 CH + 3 000 3 000 CH + 3 000 4 500 CH+ 3000
1500 1950 2400 2800 3000 3000 3450

i
xi) 26 1768 1 500 CH + 3 000 1 800 CH + 3 000 2 200 CH+ 3000 2 500 CH + 3 000 3 000 CH + 3 000 4 500 CH + 3 000
1950 2400 2800 3000 3450 3450
xii) 29 1972 / 1 600 CH + 3 000 1 800 CH + 3 000 2 200 CH+ 3000 2 500 CH + 3 000 3 000 CH + 3 000 4 600 CH + 3 000
2000 1950 2400 2800 3000 3450 3450
xiii) 2500 1800 CH+ 4000 1 800 CH + 4 000 2 200 CH+ 4000 2 500 CH + 4 000 3 000 CH + 4 000 4 600 CH + 4 000
1950 2400 2800 3000 3450 3450
xiv) 3000 1 800 CH + 4 000 1 800 CH + 4 000 2 200 CH+ 4000 2 500 CH + 4 000 3 200 CH + 4300 4 600 CH + 4 300
1950 2400 2800 3000 3450 3600
xv) 4000 1 800 CH + 4 300 1 800 CH + 4 300 2 200 CH+ 4300 2 500 CH + 4 300 3 200 CH + 4300 4 600 CH + 4300

i....
S
xvi) 5000 1 800
2200
CH +
2200
4 500 1 800
2400
CH +
2400
4 500 2 200
2800
CH +
2800
4 500 2 500
3000
CH +
3000
5 000 3 200
3450
CH +
3450
5 000 4 600
3600
CH +
3600
5 000

Q"\
 Table 15 - (Concluded)
For speed from 4 m/s to 10 mls
(;'l=
SI No. of Rated Passenger, Goods, Stretcher/Hospital Lifts With Machine Room: Dimensions of Pit Depth, Overhead Height (HR) and Machine Room Height (MR)
No. Passengers Load
4 mls 5 mls 6 mls 7 mls 8 mls 9 mls 10 mls
!:[{i kg Pit HR MR Pit HR MR Pit HR MR Pit HR MR Pit HR MR Pit HR MR Pit HR MR
Depth Depth Depth Depth Depth Depth Depth
..,n
ool"'l
00 (I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (II) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)
I
[(i i) 14 952 4600 CH + 4000 4700 CH + 4000 5500 CH + 4300 5900 CH + 4300 6500 CH + 4300 7 100 CH + 5000 7500 CH + 5000
3 450 3 450 3 800 5 000 5 800 6 500 6 900
ii) 16 1 088/ 4600 CH + 4000 4700 CH + 4000 5500 CH + 4300 5900 CH + 4300 6500 CH + 4300 7 100 CH + 5000 7500 CH + 5000
I 000 3 450 3 450 3 800 5 000 5 800 6 500 6 900
UI
iii) 18 I 224 4 600 CH + 4 000 4 700 CH + 4 000 5 500 CH + 4 300 5900 CH + 4300 6500 CH + 4300 7 100 CH + 5000 7 500 CH + 5 000
3 450 3 450 3 800 5 000 5 800 6 500 6900
iv) 20 I 360 4600 CH + 4 000 4 700 CH + 4 000 5 500 CH + 4 300 5900 CH + 4300 6500 CH + 4300 7 100 CH + 5000 7 500 CH + 5 000
t"" 3 450 3 450 3 800 5 000 5 800 6 500 6900
v) 22 I 496/ 4600 CH + 4 000 4 700 CH + 4 000 5 500 CH + 4 300 5900 CH + 4300 6500 CH + 4300 7 100 CH + 5000 7 500 CH + 5 000
I 500 3 450 3 450 3 800 5 000 5 800 6 500 6900
vi) 26 I 768 4600 CH + 4 000 4 700 CH + 4 300 5 500 CH + 4 300 5900 CH + 4300 6500 CH + 4300 7100 CH + 5000 7 500 CH + 5 000
3 450 3 450 3 800 5 000 5 800 6 500 6900
vii) 29 I 972/ 4600 CH + 4 000 4 700 CH + 4 300 5 500 CH + 4 300 5900 CH + 5000 6500 CH + 5000 7100 CH + 5000 7 500 CH + 5 000
2 000 3 450 3 450 3 800 5 000 5 800 6 500 6900
l"'l viii) 2 500 4600 CH + 4 300 4 700 CH + 5 000 5 500 CH + 5 000 5900 CH + 5000 6500 CH + 5000 7100 CH + 5000 7 500 CH + 5 000
00
n 3 450 3 450 3 800 5 500 6 300 7 000 7500
ix) 3 000 4600 CH + 4 300 4 700 CH + 5 000 5 500 CH + 5 000 5900 CH + 5000 6500 CH + 5000 7 100 CH + 5000 7 500 CH + 5 000
3 600 3 600 4 000 5 500 6 300 7 000 7500

1;l
CH - Car clear inside height measured from ear fInished floor level to false ceiling.
NOTES
1 Recommended dimensions for pit depth, overhead and machine-room for different lift speeds are given in the table above. These dimensions may differ in practice as per individual manufacturer's
design depending upon load, speed and drive. However, the pit depth and overhead shall be such as to conform to the requirements of bottom clearance and top clearance in accordance with the accepted
standards [8-5A(7)].
2 In case of goods lifts minimum pit depth required is I 600 mm.
3 In case of lift speeds 3.5 rnJs and 4 mls with rear counterweight the pit depth requirement could be less by about 500 mm to I 000 mm.

eM
eM
(M
Table 16 Recommended Dimensions of Automobile Lifts with Machine Room - Through Type Car (Rated Speed = 0.6 m/s or 1.0 m/s)
"" (Clause 5.10.3.1)
All dimensions in millimetres.

El"EhYJJOIl HOI2J..1lYA bI'VJ\

I 101'70 MOR'lo'RfA

- I
C':' t::

ji c-

- r-
r-- 11;
)'< • I"" l-

IM
IW
IH
1\-1 .
L
•
,
.
I[::
1-

I'IYCHIlIE- HOO I'! bI'VJ\

#t "
2 l(':o tfOOb

o
lo't o 0000
!

" I=F--
(

I
!
, ID [

l'"l C"

o L/ /
= j
t"l

e -
WI t=

]
JJL +1 I
I
...5: t i I

=
....
=- I
" ' ,'<2

VAO lfOI 2 1,·'I ,,:f). 8E r Q;'.".

" (;tQ H;.1[
 Table 16 - (Concluded)

SIND. Rated Load Car Size COPDDoor Shaft Size Car Overhead Height Pit Depth Machine Room
c:'lt= Height Height
Width Depth Width Width Depth CH HR PH MR
kg
•• c:'l (I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (II)

i) 2500 2500 5300 4P-2400 4000 6100

§Q 00
ii)
iii)
iv)
3000
4000
5000
2700
3000
3000
5400
5800
6000
4P-2400
6P-3000
6P-3000
4000
4300
4300
6200
6700
6900
2400 5200
1800

2000
4000

4500
I

:l
NOTES
til 1 All dimensions given above for lifts having centre opening power operated doors (CaPO) with counterweight at side, are recommended dimensions primarily for architects and building planners.
51
00
Any variations mutually agreed to between the manufacturer and the purchaser are permitted. However, the minimum rated load for the automobile lift shall be based on a load of not less than 1.45kNl
m2 of the net inside car area.
2 Dimensions of machine room height, pit depth and overhead may differ in practice as per individual manufacturer's design depending upon load, speed and drive. However, the pit depth and overhead
t"'
shall be such as to conform to the requirements of bottom clearance and top clearance in accordance with the accepted standards [8-5A(7)].
J The lift car width should be selected such that in case of emergency while the automobile is in the car-lift the driver should be able to open the automobile door and come out of the automobile.

§
S!'
toJ
00
C"l

5
o

w
Ul
 $EZFB(1O(4BQLGGBCTBT(+JGBCHJLCH(LM(+SGZWEJIBD('JMIH
K:*31.+9!"#$"%"#&
'((9)*+,-.*/-.9*-9+*((*+,01,."

./( >%+#( 6+$(;-'8#"( >84,(="//( E-,$+-:"(

0%1( (
9 239 *# 8# !# "# ## $#
49+9 45+9 40+9 46+9 42+9 47+9 48+9 49+9

-+9 9889 9 98889 9 98889 9 99889 9958899 9 9:889 9 98889

--+9 9289 9 99889 9 99889 9 9:889 990889 998889 9 99889
---+9 5889 9 9:8899 9 9:8899 9988899 996889 999889 9 9:8899
-;+9 5289 9988899 9988899 9958899 992889 995889 9988899

<=>?9@9?-01A-B,99C*)0D99EGF99*.99GA.,)99/-99A..H+I0*/-9/J99I1/!"#"$%9$&9!'()"*+,9-".+()"%/90$$(#91%$9*+(90$$(9"#9%$(2+,,39.($!"0'045

;2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 $EZFB(15(4BQLGGBCTBT(+JGBCHJLCH(LM(3EHHBCKBD('JMIH(<4'(-&3+
1:*31.+9657859574
:,,90"2'%#"$%#9"%92",,"2')('#5

./( 0%1(%4( B+,"#( 6+$(.8I"( A((( (@1F(&G'(!(B+,"#( (B+,"#(.*""#( B+,"#(.*""#(

0%1( (+''"-9"$'( >%+#(( 6+(C( .*""#(!"A1F(&G'( (H(A1D(&G'( H(B1F(&G'(
( C%%$( (
;<!"%9;-='9 ;<!"%9;-='9 ;<!"%9;-='9
(
9
>39 ?-!%<9 @'#%<9 ?-!%<9 ?-!%<9 @'#%<9 ?-!%<9 @'#%<9 ?-!%<9 @'#%<9
49+9 4A+9 40+9 4B+9 42+9 4C+9 4D+9 4E+9 4F+9 498+9 499+9 49A+9
-+9 B9 ADA9 F889 E289 D889 99C889 992289 9 9 9 9
--+9 C9 B8E9 998889 999889 E889 A98889 99D889 9 9 9 9
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 8 A load plate giving the rated load of the lift shall be filled in
each lift car in a conspicuous position. For passenger lifts, the
rated load shall be given in number of person and kg. For goods
lifts, the rated load shall be given in kg or other convenient
units and in persons. For the purpose of this clause, a person
shall be regarded as weighing 68 kg.
Table 24 Minimum-Maximum Net Car Areas for
Various Rated Loads
(Clause 8.3)
Sl No. of Minimum Minimum Maximum
No. Passengers Rated Net Inside Net Inside
Load Car Area Car Area
kg m2 m2
(1) (2) (3) (4) (5)
i) 4 272 0.68 0.77
ii) 5 340 0.85 0.95
iii) 6 408 1.00 1.12
iv) 7 476 1.16 1.28
v) 8 544 1.311) 1.45 FIG. 7 MINIMUM RATED LOADS FOR
vi) 9 612 1.46 1.60
vii) 10 680 1.61 1.76 PASSENGER LIFT CAR
viii) 11 748 1.77 1.91 8.4 Other Technical and Safety Requirements
ix) 12 816 1.92 2.05
x) 13 884 2.06 2.20 8.4.1 Passenger lifts shall be provided with power
xi) 14 952 2.23 2.34
xii) 15 1 020 2.35 2.47
operated doors which are imperforate.
xiii) 16 1 088 2.48 2.61
xiv) 17 1 156 2.62 2.74
8.4.2 Power operated car doors on automatically
xv) 18 1 224 2.75 2.87 operated lifts shall be so designed that their closing
xvi) 19 1 292 2.88 3.00 and opening is not likely to injure a person. The power
xvii) 20 1 360 3.01 3.13 operated car door shall be provided with a sensitive
xviii) 21 1 428 3.14 3.25
xix) 22 1 496 3.26 3.38 device which shall automatically initiate reopening of
xx) 23 1 564 3.39 3.50 the door in the event of a passenger being struck or is
xxi) 24 1 632 3.51 3.61 about to be struck by the door, while crossing the
xxii) 25 1 700 3.62 3.73
xxiii) 26 1 768 3.74 3.85 entrance during closing movement. The effect of the
xxiv) 27 1 836 3.86 3.96 device may be neutralized,
xxv) 28 1 904 3.97 4.07
xxvi) 29 1 972 4.08 4.18 a) during the last 58 mm of travel of door panel
1)
Minimum net car inside area for fireman lift is 1.43 m .2 in case of side opening doors;

NET INSIDE CAR AREA = A × B NET INSIDE CAR AREA = A × B

F IG. 8 NET INSIDE C AR AREA FOR PASSENGER LIFTS

PART 8 BUILDING SERVICES — SECTION 5 INSTALLATION OF LIFTS, ESCALATORS AND 59

MOVING WALKS: 5A LIFTS
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 ANNEXA
(Clause 15.5)
TYPICAL CHECKLIST OF VISUAL AND FUNCTIONAL CHECKS INVOLVED IN THE
INSTALLATION OF LIFTS

A·I MACHINE ROOM

SI Requirement Result Remarks

No.
i) There shall be easy access from the top landing to the machine room Accessible I Not
accessible
ii) Steps along with handrail for the access to machine room to be Provided I Not
provided provided
iii) Locking arrangement shall be provided and machine room shall be kept Provided I Not
locked provided
iv) The machine room shall be used for the purpose of lift machinery only Yes INo
v) Machine room should be free from water entry Yes INo
vi) Rope hitches on the machine room are flxed as required and locked YeslNo
with nuts and split pins
vii) The hoisting beams or hooks provided as per the required load and Provided I
marked Not provided
viii) Trap door at the top of the lift well to lift the machine up or down from Provided I
the machine room and to be located vertically below the hook provided Not provided
in the machine room ceiling
ix) Rescue chart to be pasted in the machine room with proper
Yes INo
identiflcation
x) The correct capacity main switch and protective device to be provided Provided I
as per the !All It Not
xi) Grounding conductor is provided and of correct size Provided I
Not provided
xii) Provision of log card pocket Provided I
Not provided -
t-
xiii) Guards to be provided for moving parts such as over speed governor Provided I
(OSG), machine sheave, etc Not provided
xiv) Three pin socket with switch and lighting arrangements Provided I
Not
xv) The machine room is painted and windows to be provided Provided I
Not provided
xvi) There shall be adequate ventilation Provided I
Not l ..., ...
xvii) Machine room shall be kept in clean condition Clean I Unclean
xviii) Provision of caution notice indicating 'DANGER' on machine room Displayed I
door Not displayed

A-2 POWER SUPPLY

Sl Requirement Result Remarks

No.
i) Incoming power supply to be 415 V ± 10 percent or as specifled in R-Y:
the contract agreement Y-B:
R-B:

82 NATIONAL BUILDING CODE OF INDlA 2016

 Sl Requirement Result Remarks
No.

Ok/NotOk
ii) Neutral- Earth Ideal condition Value:
voltage within (0- 3) V
Ok/NotOK
iii) Neutral- Earth Running condition Value:
voltage within (0- 3) V
Ok/NotOK
iv) Separate supply Three phase supply Provided I Not
withMCB provided
Single phase supply (For car lighting and Provided I Not
shaft lighting) provided
t- t-
v) Check whether the power cables are connected with lugs for Connected / Not
termination connected
vi) Shaft lighting to be provided Provided I Not
provided

A·3 MACHINE AND BRAKE ASSEMBLY

Sl Requirement I Result Remarks

No.

Make: SINo.: Rating.

i) Is the machine flxation as per the installation manual Yes/No
ii) Are the electrical connections of the machine routed and well tightened Yes/No
iii) Machine earthing is done, routed and properly tightened Yes/No
iv) Are the machine isolation pads installed correctly (if applicable) Yes/No
v) Are the rope openings below the machine closed adequately as required Yes/No
vi) If applicable, is the machine lubricated as required Yes/No
vii) The height of the machine room shall not be less than 2 100 mm at working Yes/No
areas
viii) The clear height for the movement shall not be less than 1 800 mm Yes/No
ix) The width of the clear space around the machine from any two sides shall not Yes/No
be less than 500 mm
x) Clear vertical distance of at least 300 mm is available above rotating Yes / No
equipment
xi) Are all the components of the brake installed, nuts tightened and locked Yes/No
xii) Is the routing of the machine brake cables free from any moving parts Yes/No
xiii) Is the machine brake and switches . adjusted with correct clearance Yes/No
xiv) Is the brake assembly clean, no debris and oil on disk or drum Yes/No
xv) Is the manual brake release device is available and easily accessible Yes/No

PART 8 BUILDING SERVICES - SECTION S INSTALLATION OF LIFTS, ESCALATORS AND 83

MOVING WALKS: SA LIFTS
A·4 CONTROLLER

SINo. Requirement Result Remarks

Type: SINo.: Wiring drawing No:

i) Is the controller fixed as per the GAD (General

Yes/No
Arrangement Drawing)
ii) Is the controller identified with the correct contract number Yes/No
iii) The controller should have an easy access to open and
Yes/No
close with lock
iv) The required warning stickers to be pasted ProvidedINot provided

v) All extra cables to be neatly arranged Yes/No

vi) Are the battery terminals covered Yes/No

vii) The field and controller wiring to be properly routed Yes/No

A·5 OVER SPEED GOVERNOR

SINo. Requirement Result Remarks

Make: Model: SlNo: Tripping speed:

i) Is the correct over speed governor provided and installed as per layout Yes/No

ii) The sticker/painted indication represents the down direction of rotation Yes/No
which will facilitate the safety gear actuation
iii) Check whether the OSG is calibrated and sealed Yes INo
iv) The governor is aligned and the rope passes through the holes without Yes INo
any obstruction
v) The governor rope runs free does not contact any with any object in the Yes I No
hoist-way
vi) The governor tripping mechanism is free and clean Yes I No
vii) The electrical switch is provided and operates in both the directions Yes I No
viii) All fixation bolts are provided and adequately tightened Yes/No

A·6 GENERAL INSPECTION ON CAR ROOF

SINo. I Requirement I Result I Remarks

Instructions before entering to the car top:
a) Allow the lift to move in down direction from the top terrninallanding with no load.
b) Stop the lift from the controller by changing to maintenance mode, such that easy access to enter the car
top from the top terminal landing.
c) Switch on the shaft lighting.
d) Use the door open key to open the top terminal landing door.
e) Switch on the car top stop switch from the landing to enable the 'STOP' mode.
f) And then enter into the car top and switch on the light point there.
g) Switch to maintenance mode from the car top and release the stop switch to move the lift in maintenance
mode.

84 NATIONAL BUILDING CODE OF INDIA 2016

SINo. Requirement Result Remarks
i) Barricade on car roof to be provided Provided !Not provided
ii) Adequate lighting with proper protection is Provided !Not provided
provided on the car roof
iii) Wires and trunking are properly routed and does Yes/No
not hinder with any maintenance related
equipment
iv) The car fan is properly fixed with isolation Yes/No
v) Three pin plug socket with switch is available Yes/No
and is in working condition
vi) The emergency stop switch that should be easily Yes/No
accessible from outside the lift is provided of
manually opened and closed type
vii) Check whether the top car clearance meets the Value measured:- - -
requirement.
Value required: Ok/Not Ok
viii) Overhead dimension in WxHxD Value measured: - - -
Value reoclIlirf'Ai'
-.- Ok/Not Ok
ix) If overhead height is less, then the indication to Provided I Not provided
be provided with ZEBRA PAINTING in the
overhead
x) Floor levelling switches are fixed as per Yes/No
requirement
xi) Rope hitches on car roof are fixed as required Yes/No
and locked with nuts and split pins
xii) Car sheave if available is adequately guarded Yes/No
from accidental contact
xiii) The junction box is fixed securely and all wires Yes/No
are adequately protected
xiv) The car shoe liners / rollers are fixed as per Yes/No
requirement and adjusted properly
xv) Oil tank are provided and fixed with proper oil Yes/No
levels
xvi) Engagement of the car door coupler with the Ok/NotOk
landing door at every landing
xvii) Engagement of shaft limit switches Ok/Not Ok
xviii) The governor rope and linkage is correctly Yes/No
connected to the car
xix) The guide rail clips are fixed as per requirements Yes/No
and in the correct directions
xx) The safety gear assembly and connecting rod Yes/No
should be free from external disturbances
xxi) The safety switches have been verified for Yes/No
correct operation during travel
xxii) The safety gear linkages is checked for Yes/No
operation and actuation and actuation of
switches
xxiii) Clearance between the car door coupler and the Ok/NotOk
landing sill to be as per the manufacturer design
at every landing
xxiv) Clearance between the landing rollers with the Ok/Not Ok
car sill to be as per the manufacturer design at
every landing

PART 8 BUILDING SERVICES - SECTION S INSTALLATION OF LIFTS, ESCALATORS AND 85

MOVING WALKS: SA LIFTS
A· 7 PIT INSPECTION

Sl Requirement Result Remarks

No.
Instructions before entering to the pit:
a) Allow a person in the car top and ask him to move the lift to the top most landing.
b) Open the bottom terminal landing door with door open key.
c) Switch on the pit stop switch from outside the pit.
d) Enter in to the pit.
i) • It should be clean and dry Yes INo
ii) Pit ladder to be provided if the pit depth exceeds Provided /Not provided
1 500 mm as measured below the bottom most
landing sill
iii) Oil trays are available at the bottom of each guide rail Provided /Not provided
iv) Two pit stop switches to be provided and one should Provided /Not provided
be easily accessible from the bottom terminal landing
v) Pit stop switches to be verified with the electrical Ok/NotOk
circuit such that lift should not move further after the
activation of pit stop switches
vi) Counterweight screen should be provided and fixed Provided / Not provided
vii) Buffers provided for car and counterweight are Ok I Not Ok
correctly fixed and aligned and the electrical switch to
be verified, if provided
viii) The governor tension pulley is fixed at the correct Ok/Not Ok
height from the pit floor as per the manufacturer
recommendation
ix) The electrical switch for the tension pulley is verified, Ok/NotOk
if provided
x) Check whether the bottom car clearance meets the Value measured: - - -
requirement
Value required: Ok I Not Ok
xi) Check for the provision of car bottom light and its Okl Not ok
function
xii) Is the travelling cable below car secured and correctly Ok/NotOk
fixed and the excess cable is not secured below car
xiii) The travelling cable is adjusted and clear of the pit Ok/NotOk
floor with the car at the lowest position
xiv) The bottom guide shoes or rollers are fixed as per Ok/NotOk
requirement and adjusted for smooth travel
xv) The car safety gear is properly adjusted as per the Ok/NotOk
installation manual
xvi) The compensation chain fixing arrangement is fixed Ok/Not Ok
as per requirement

A·8 EARTHING

Sl Requirement Result Remarks

No.
i) Separate earth bar to be provided in the machine Provided /Not provided
room
ii) Earthing to be done for all controllers and the Yes/No
machine

86 NATIONAL BUILDING CODE OF INDIA 2016

 Sl Requirement Result Remarks
No.
iii) Earthing to be done for the shaft equipment and Yes/No
car top components
iv) Earthing from controller to car top components Yes/No
to be linked through the travelling cable
v) Routing of the earth from the controller to the Okl Not Ok
main earth bar
vi) Connection of the lift earth bar to main earth bar Ok/NotOk

A-9 INSPECTION FROM THE LIFT CAR

SINo. Requirement Result Remarks

Instructions:
a) No one should be present in the pit as well as in the car top.
b) Make sure the lift to run in normal mode.
c) Enter the lift car from any of the landing.
i) Car inside width Value at site:

Value required: Ok/NotOk

ii) Car inside depth Value at site:

Value required: Okl Not Ok

iii) Height below false ceiling. Value at site:

Value ''''fUll' Ok/NotOk

iv) Door opening width Value at site:

Value required: Ok/NotOk

v) Door opening height Value at site:

Value required: Ok I Not Ok

vi) Car capacity to be displayed inside the lift car Yes/No
vii) Safety warning plate to be displayed (see Note) Yes/No
viii) Functioning of car display Functioning I Not
functioning
Ix) Functioning of floor announcement, ARD Functioning I Not
announcement, etc (if applicable) functioning
DO button and DC button functional check:

x) For power operated door: Functioning I Not

1) Press the DO button at level- Door should open functioning
2) Press the DO button during running - Door should
not open
3) While closing press the DO button at level- Door
should open
4) DC button at level when the door is in open
condition - Door should close

PART 8 BUILDING SERVICES - SECTION S INSTALLATION OF LIFTS, ESCALATORS AND 87

MOVING WALKS: SA LIFTS
 SINo. Requirement Result Remarks
xi) For manual operated door:
1) Lift should not move if any of the door carllanding Functioning!
in open condition Not functioning
2) IT door is opened during run, lift should stop and
should not move further
xii) Car alarm should function even though there is no Functioning I
power supply to the lift Not functioning
xiii) Functioning of intercom (see Note) Functioning I
Not functioning
xiv) Functioning of car call buttons and landing call buttons Ok I Not ok
(see Note)
xv) Provision of fan and its operations Provided!
Not provided
xvi) Provision and working of cabin lights and shaft lights Provided !
Not provided
xvii) Provision of emergency light and its functions Provided !
Not provided
xviii) Doors are verified for smooth opening and closing at Ok I Not ok
each level
xix) Riding comfort - No rail knocks and vibrations are Ok I Not ok
heard while travelling several times in either directions
xx) Lift should not move for any safety failure Ok I Not ok
xxi) Provision of grab bars inside the lift car (see Note) Provided I
Not provided
xxii) Provision of buffer rail (applicable only for service Provided !
lifts) at the rear panel of the lift car Not provided

NOTE - Lifts open to public use shall also be inspected for requirements as per 13 of Part 3 'Development Control Rules and General
Building Requirements' of the Code, including those relating to lift closing time, finishes of interior surfaces, etc.

A·IO INSPECTION FROM THE FLOOR LANDINGS

Sl Requirement Result Remarks

No.
i) Provision and functioning of landing door de-locking at Functioning I Not
every landing functioning
ii) Condition of landing door at every floor Ok I Not ok
iii) Functioning of landing display at every floor Functioning I Not
functioning
iv) Functioning of landing call button Functioning I Not
functioning
v) Functioning of duplex/group operation at every landing (if Functioning I Not
applicable) functioning

88 NATIONAL BUILDING CODE OF INDIA 2016

A·ll RESCUE OPERATIONS

Sl Requirement Result Remarks

No.
i) Is the automatic rescue device (ARD) installed and Yes INo
operating as per the instructions
ii) Does visual indicator and audible alarm function during Yes INo
operation
iii) Is the floor level acceptable during the automatic rescue Yes INo
operation
iv) Whether the lift moves when the brake is opened depending Yes INo
upon the inertia
v) Provision of emergency electrical rescue device and its Functioning I Not
functioning (if applicable) functioning

A·12 FIRE OPERATION

SI Requirement Result Remarks

No.
-

i) Phase I Functioning I
a) When the fireman switch is activated, all the landing calls to be Not functioning
inoperative and the car shall report to the evacuation floor and
the lift doors to be in opened condition
b) If the lift is moving away from the evacuation floor, then it shall
reverse its direction at the nearest floor landing without opening
its door, and return back to the evacuation floor and remains
there itself with the doors open
ii) Phase II ( if applicable) Functioning I
a) It will be started after the completion of Phase I along with the Not functioning
fireman switch in ON position
b) In Phase II, lift should not respond to landing call and when the
car call button is pressed, the door should start closing. If the
button is released before the full closure of doors, then the doors
should open automatically
c) After the full close of door, the lift should move on to the floor of
registered car call
d) The doors should only open if the open button is pressed after
reaching the level. If the open button is released before the full
opening of doors, then the doors should reclose automatically

A·13 SAFETY DEVICES

SI Requirement Result Remarks

No.
Instructions:
a) The lift is in ideal condition and the following safety devices get activated, then it should not move
further.
b) If the lift is in running condition and the following safety devices get activated, then the lift shall stop and
should not move further.
i) OSG - Over speed governor Functioning I
Not functioning
ii) Car door contact Functioning I
Not functioning
ill) Landing door contact Functioning I
Not functioning

PART 8 BUILDING SERVICES - SECTION SINSTALLATION OF LIFTS, ESCALATORS AND 89

MOVING WALKS: SA LIFTS
 Sl Requirement Result Remarks
No.
iv) Car top stop switches Functioning I
Not functioning
v) Pit stop switches Functioning /
Not functioning
vi) Functioning of screen sensors and door safety edge: Functioning /
1) Door should reopen, if we cut the screen. Not functioning
2) Door should reopen, if it hit any object.
vii) Check whether the car and counter buffers are installed as per Yes/No
the requirement
viii) Functioning of limit switches so that lift should not travel Functioning /
beyond the limit Not fllnctioninp'
ix) Brake on its own shall be capable of stopping the machine Ok ! Not Ok
when the car is travelling downward at rated speed and with
the rated load plus 25 percent
-

x) Safety gear test: Stopping

1) Lift car safety gear to be tested in down direction with 100 distance:
percent rated load in the lift car (during maintenance it
shall be tested only in inspection speed) Ok/Not Ok
2) If provided, counterweight safety gear to be tested in up
direction of lift car with no load
Lift stopping distance depends upon the tripping speed of the
governor and is to be within the range as per the Indian
Standard.

A-14 LEVELLING ACCURACY AND RUNNING CLEARANCE TEST

Instructions:
a) The levelling accuracy shall be within ±5 mm of the fInished floor level.
b) The running clearance between the lift car threshold and landing door sill should be 30 nun.
No. offloors:

Floors Levelling Accuracy Running Clearance

(Landing)
UP DN LH Centre RH
1st
2nd
3rd
4th
5th

6th

...

...
RESULT
Ok! Not Ok

90 NATIONAL BUILDING CODE OF INDIA 2016

A-IS LOAD TEST

Sl Load in Percent Direction of Travel Voltage CUlTent

No.
V A
Instructions:
a) With balanced load, the current value in both the up and down directions to be same.
b) Check the current only after the lift reaches its rated speed.
UP
i) No load
DN
UP
ii) Half load
DN
UP
iii) Full load
DN

ANNEXO
[Clause 16.3.3.3 (a)]
TYPICAL EXAMPLES OF CHECKS TO BE TAKEN INTO ACCOUNT IN
MAINTENANCE INSTRUCTIONS

B-1 ELECTRIC LIFTS

Item Checks
General Check all components are clean and kept free from dust
and corrosion
Pit area Check for excess oil/grease at bottom of guides.
Check the pit area is clean, dry and free from debris
Anti-rebound device and switch (where fitted) Check for free movement and operation
Check for equal tension of ropes
Check switch where fitted
Check lubrication
Buffers Check oil level
Check lubrication
Check switch where fitted
Check fixings
Drive motor/generator Check bearings for wear
Check lubrication
Check condition of commutator
Gear box Check gear for wear
Check lubrication
Traction sheave Check condition and grooves for wear
Brake Check braking system
Check parts for wear
Check stopping accuracy
PART 8 BUILDING SERVICES - SECTION SINSTALLATION OF LIFTS, ESCALATORS AND 91
MOVING WALKS: SA LIFTS
 Item
Controller
Overspeed governor and tension pulley
Main rope diverter pulley(s)
Car/counterweight guides
Car/counterweight guide shoes
Electric wiring
Lift car
Safety gear(s)/ascending car over speed
protection means
Suspension ropes/chains
Rope/chains terminations
Landing entrances
Car door
Floor level
Final limit switches
Motor run time limiter
Electric safety devices
Checks
Check cabinet is clean, dry and free from dust
Check moving parts for free movement and wear
Check operation
Check switch
Check condition and grooves for wear
Check bearings for abnormal noise andlor vibrations
Check guarding
Check lubrication
Check for film of oil where required on all guide surfaces
Check fixings
Check guide shoes/rollers for wear
Check fixings
Check lubrication, where necessary
Check insulation
Check emergency lighting, car buttons, key switches
Check fixings of panels and ceiling
Check moving parts for free movement and wear
Check lubrication
Check fixings
Check operation
Check switch
Check for wear, elongation and tension
Check lubrication only where intended
Check for deterioration and wear
Check fixings
Check operation of landing locks
Check doors for free running
Check door guiding
Check door gaps
Check wire rope, chain or belt when used for integrity
Check emergency unlocking device
Check lubrication
Check door closed contact or lock
Check doors for free running
Check door guiding
Check door gaps
Check wire rope or chain when used for integrity
Check passenger door protective device
Check lubrication
Check stopping accuracy at landing
Check operation
Check operation
Check operation
Check electric safety chain

92 NATIONAL BUILDING CODE OF INDIA 2016

 Item Checks
Check correct fuses are fitted
Emergency alarm device Check operation
Landing controls and indicators Check operation
Well lighting Check operation

D-2 HYDRAULIC LIFTS

Item Checks
General Check all components are clean and kept free from dust and
corrosion
Pit area Check for excess oil/grease at bottom of guides
Check the pit area is clean, dry and free from debris
Buffers Check oil level
Check lubrication
Check switch where fitted
Check fixings
Tank unit Check hydraulic fluid level
Check tank and valve unit for leakage
Jack Check for oil leakage
Telescopic jack Check for synchronization
Controller Check cabinet is clean, dry and free from dust
Overspeed governor and tension Check moving parts for free movement and wear
pulley Check operation
Check switch
Main rope pulley(s) Check condition and grooves for wear
Check bearings for abnormal noise and/or vibrations
Check guarding
Check lubrication
Carlbalancing weigh1fjack guides Check for film of oil where required on all guide surfaces
Check fixings
Carlbalancing weigh1fjack guide shoes Check guide shoes/rollers for wear
Check fixings
Check lubrication where necessary
Electric wiring Check insulation
Lift car Check emergency lighting, car buttons, key switches
Check fixings of panels and ceiling
Safety gear/pawl clamping Check moving parts for free movement and wear
devices Check lubrication
Check fixings
Check operation
Check switch
Suspension ropes/chains Check for wear, elongation and tension
Check lubrication only where intended
RopeS/chains terminations Check for deterioration and wear
Check fixings

PART 8 BUILDING SERVICES - SECTION S INSTALLATION OF LIFTS, ESCALATORS AND 93

MOVING WALKS: SA LIFTS
Landing entrances Check operation of landing locks
Check doors for free running
Check door guiding
Check door gaps
Check wire rope, chain or belt when used, for integrity
Check emergency unlocking device
Check lubrication
Car door Check door closed contact or lock
Check doors for free running
Check door guiding
Check door gaps
Check wire rope or chain when used for integrity
Check passenger door protective device
Check lubrication
Floor level Check stopping accuracy at landing
Final limit switch Check operation
Motor run time limiter Check operation
Electric safety devices Check operation
Check electric safety chain
Check correct fuses are fitted
Emergency alarm device Check operation
Landing controls and indicators Check operation
Well lighting Check operation
Anti-creep device Check operation
Rupture valve/one way restrictor Check operation
Pressure relief valve Check operation
Manual lowering valve Check operation
Hand pump Check operation
Hose/pipe work Check for damage and leakage

94 NATIONAL BUILDING CODE OF INDIA 2016

 ANNEXC
(Clause 16.4.1)
EXAMPLES OF ELEMENTS TO BE TAKEN IN TO ACCOUNT IN ANY RISK
ASSESSMENT FOR MAINTENANCE OPERATIONS

Elements Car Machinery Pulley Area Pit Car

Spaces Spaces Outside the Roof
Lift
Unsuitable access (ladders not secure, no NR R R R R R
hand rails, unsuitable trap door, obstacle
on car roof, etc)
Unauthorized entry NR R R R R R
Inadequate lighting (including access) R R R R R R
Uneven floor surface (holes, projections) R R R R R R
Slippery floor surface R R R R R R
Strength of floor R R R R R R
Unsuitable dimensions (passages, main- R R R R R R
tenance spaces)
Identification of car position R R NR NR NR NR
Indirect contact with electricity R R R R R R
Switches NR R R R R R
Contact with moving parts (ropes, NR R R R R R
pulleys)
Unexpected movements R R R R R R
Crushing by moving parts (car, counter- NR R R R R R
weight)
Voids between car and well NR R R NR NR R
More than one lift in same area NR R R R R R
Overhead beams and sheaves NR R R R R R
Refuge volume(s) NR R R NR R R
Manual handling NR R R R R R
More than one maintenance person NR R R R R R
working
Absence of means of communication R R R R R R
Ventilation and temperature for persons R R R R R R
Dangerous substances R R R R R R
Falling objects R R R R R R
Entrapment R R R R R R
Means/controls for rescue operations R R R R R R
Fire R R R R R R
'R' =Relevant and 'NR' =Not relevant.

PART 8 BUILDING SERVICES - SECTION 5 INSTALLATION OF LIFTS, ESCALATORS AND 95

MOVING WALKS: SA LIFTS
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 ANNEX A
(Clause 14.5)
TYPICAL ESCALATOR SITE CHECKLIST/INSPECTION LIST

Sl Items Frequency Requirement Value Value Result

No. and Method Required Measured

(1) (2) (3) (4) (5) (6) (7)

i) Definition of datum 100 percent Check whether YES/NO
and installation of (Visual check) metal
bearing plate plate and
isolation rubber
pad provided at
both top and
bottom escalator
support notches
ii) Intermediate 100 percent Check whether
support (Visual check) both support
points are loaded
by ensuring: YES/NO

a) Tightness of
bolts and locking
of check-nut
b) Check for any YES/NO
sag by holding a
thread from the
nose of top-most
step to the nose
of bottom-most
step (excluding
flat steps)
iii) Alignment of truss 100 percent Check horizontal
and end supports (Visual check) level using spirit-
level on step:
a) Top support OK/NOT OK
b) Bottom OK/NOT OK
support
c) Middle level OK/NOT OK
iv) Alignment of drive Random Alignment : OK/NOT OK
top/reverse/bottom/ (Visual check) Factory setting
tension carriage Check tightness OK/NOT OK
of
nuts and bolts
v) Alignment of track Random Alignment : OK/NOT OK
brackets (Visual check) Factory
setting
Check tightness OK/NOT OK
of
nuts and bolts
vi) Alignment of Random (Visual Alignment : OK/NOT OK
inclined tracks check) Factory setting

36 NATIONAL BUILDING CODE OF INDIA 2016

 ANNEX A — (Continued)

Sl Items Frequency Requirement Value Value Result

No. and Method Required Measured

(1) (2) (3) (4) (5) (6) (7)

Check tightness OK/NOT OK
of nuts and bolts
vii) Installation Random (Visual Alignment : OK/NOT OK
and alignment of check) Factory
upper and setting
lower newel wheels Check tightness OK/NOT OK
of
nuts and bolts
viii) Alignment of Randomly at a) Clearance 2 mm, Max
skirting brackets and number of between comb
panels locations plate and skirt
(Measure using b) Distance (1 000 + 7) mm
taper gauge/ between skirt
tape) panel
c) Clearance One side 4
between skirt and mm, both sides
step total 7 mm
d) Levelness of 0.5 mm, Max
skirt joint
e) Clearance of 0.5 mm, Max
skirt joint
ix) Installation of step Randomly at a) Visual check OK/NOT OK
chain and steps number of chain joint —
locations (Visual Step chain joint
check) link plate fixed
properly
b) Step assembly OK/NOT OK
(random check
10 pieces) —
Circlip of step
chain is properly
secured in its
position
c) No step OK/NOT OK
transverse
movement
(random check
10 pieces)
d) Colour on YES/NO
Step, As per
specifications
x) Installation of Randomly at Check tightness
balustrade number of of nuts and bolts OK/NOT OK
steelworks locations (Visual
check and by
using
spanner/screw
driver)

PART 8 BUILDING SERVICES — SECTION 5 INSTALLATION OF LIFTS, ESCALATORS AND MOVING WALKS: 37
5B ESCALATORS AND MOVING WALKS
 ANNEX A — (Continued)

Sl Items Frequency Requirement Value Value Result

No. and Method Required Measured

(1) (2) (3) (4) (5) (6) (7)

xi) Glass balustrade 100 percent a) Gap between 4 mm
(Measure the glass panels OK/NOT OK
using tapper
gauge/visual
check)
b) Provision of YES/NO
rubber pad
between the glass
xii) Stainless steel 100 percent a) Gap between OK/NOT OK
balustrade (Measure using the panel (inner)
feeler)
gauge)
b) Visual check OK/NOT OK
the outer
cladding
xiii) Alignment of Randomly at Handrail guide OK/NOT OK
handrail tracks number of joints fitted
locations (By without sharp
feeling the edges edges
at joints)
xiv) Installation of 100 percent Check whether OK/NOT OK
top decking panels, (Visual check) all decking and
inner panels, skirting skirt panels are
returns and kick provided
plates properly
xv) Installation of upper 100 percent Check whether OK/NOT OK
and (Visual check) comb plates and
lower comb plates floor plates are
and provided
access floor covers properly
xvi) Floor plate 100 percent a) No tripping YES/NO
(Visual hazard on floor
check/tape/ plate
stainless steel b) Clearance 2 mm, Max.
ruler) between floor YES/NO
plate and frame
c) Clearance 6-8 mm
between comb YES/NO
plate and floor
plate
xvii) Alignment of main 100 percent Sagging of 10-20 mm
drive chain, handrail (Tape/stainless handrail drive YES/NO
drive chains steel ruler) chain
Sagging of drive 10-20 mm
chain YES/NO
xviii) Alignment of ‘over 100 percent Check whether YES/NO
speed / under speed’ (Visual check) the ‘over speed’
detection unit drive ‘under speed’
chain sensor is
provided

38 NATIONAL BUILDING CODE OF INDIA 2016

 ANNEX A—
ANNEX A — (Continued)
(Concluded)

Sl Items Frequency Requirement Value Value Result

No. and Method Required Measured

(1) (2) (3) (4) (5) (6) (7)

xix) Cables are 100 percent Check provision YES/NO
properly laid in (Visual check) of proper
raceway and arranged cable
properly dressed. tray (or) flexible
The power and hose
control wiring is Check provision YES/NO
done properly with of labels/
ferruling and ferruling
identification tags
Check for proper YES/NO
dressing of cables
xx) Installation of 100 percent Safety switches
switches and wiring (Visual check) and limits
switches and its YES/NO
location fixing
arrangement to
be checked
xxi) Installation of 100 percent Check whether
lubrication system (Visual check) automatic
lubrication YES/NO/NA
system is
provided
xxii) Earthing has 100 percent Check tightness YES/NO
been extended to all (Visual check) of earthing
relevant locations strips/wires
xxiii) Installation of 100 percent Check, if YES/NO
controller (Visual check) controller is fixed
properly(for
tightness,
straightness)
xxiv) Installation of 100 percent Check whether YES/NO
escalator cladding (Visual check) cladding and
and decking decking have
been provided
properly
xxv) Others: 100 percent YES/NO
Over lapped type (Visual check)
joints of
drip pan
xxvi) The clear height Measuring tape At all points shall YES/NO
above the steps be not less than
2.30 m

PART 8 BUILDING SERVICES — SECTION 5 INSTALLATION OF LIFTS, ESCALATORS AND MOVING WALKS: 39
5B ESCALATORS AND MOVING WALKS
 ANNEX B
(Clause 14.6.4)
TYPICAL CHECK LIST FOR FUNCTIONAL TESTS ON SAFETY SWITCHES AND DEVICES

Sl Check Point Method Value Measured Result

No. Required Value

(1) (2) (3) (4) (5) (6)

i) The over speed protection Tripping the over speed OK/NOT OK
devices device manually
ii) The handrail Test operation of handrail OK/NOT OK Left:
tension malfunction tension/broken handrail OK/NOT OK Right:
devices/broken handrail switch
monitor
iii) The broken drive chain Tripping the broken drive OK/NOT OK
protection chain device manually by
hand
iv) Broken step chain monitor Tripping the broken step OK/NOT OK Left:
chain device manually under OK/NOT OK Right:
the step chain spring at 2
locations in the bottom pit
v) Emergency stop switch Push the button OK/NOT OK Top:
OK/NOT OK Intermediate
level:
OK/NOT OK Bottom:
vi) Direction key switch OK/NOT OK Top:
(Start switch) OK/NOT OK Bottom:
vii) Traffic bollard OK/NOT OK
viii) Traffic light working Check for correct movement OK/NOT OK Top:
indication OK/NOT OK Bottom:
(Up/Down) visual check
ix) Provision of Visual check OK/NOT OK
comb light
x) Phase failure/ Visual check simulate the OK/NOT OK
Phase reversal protection function device
xi) Hand rail inlet monitor In the handrail inlet at 4 OK/NOT OK Bottom Left:
locations; trip manually OK/NOT OK Bottom Right:
OK/NOT OK Top Right:
OK/NOT OK Top Left:
xii) Skirt panel deflection Trip manually OK/NOT OK Bottom Left:
safety switch OK/NOT OK Bottom Right:
OK/NOT OK Top Right:
OK/NOT OK Top Left:
xiii) Step sag monitor Trip manually OK/NOT OK Top:
OK/NOT OK Bottom:
xiv) Comb plate safety device Trip manually OK/NOT OK Top Left:
OK/NOT OK Top Right:
OK/NOT OK Bottom Left:

40 NATIONAL BUILDING CODE OF INDIA 2016

 ANNEX B — (Concluded)

Sl Check Point Method Value Measured Result

No. Required Value

(1) (2) (3) (4) (5) (6)

OK/NOT OK Bottom Right:
xv) Floor plate open switch Open floor plate- manually OK/NOT OK Top:
OK/NOT OK Bottom:
xvi) Step missing monitor Simulate function of sensor OK/NOT OK Top:
- manually OK/NOT OK Bottom:
xvii) Float safety switch Trip manually OK/NOT OK
xviii) Handrail speed monitor Simulate change in speed OK/NOT OK Left:
manually OK/NOT OK Right:
xix) Step up-thrust monitor Trip manually OK/NOT OK Top:
OK/NOT OK Bottom:
xx) Brake open detect switch Trip manually OK/NOT OK Left:
OK/NOT OK Right:
xxi) Provision to measure the Visual check, provision of Yes/No
braking distance sensor/encoder
xxii) Sprinkler:
a) Connected to main Yes/No/NA
system
b) Number of sprinkler Yes/No/NA
heads provided
xxiii) Hand winding unit (Check Escalators should move Yes/No
for proper operation) easily in downward
direction
xxiv) Details of gear box:
a) Gear box make
b) Sl No.
c) Reduction ratio
d) Check gear oil level
xxv) Details of motor:
a) Manufacturer
b) Motor Sl No.
c) kW Rating
d) Current rating
e) RPM
f) Insulation class

PART 8 BUILDING SERVICES — SECTION 5 INSTALLATION OF LIFTS, ESCALATORS AND MOVING WALKS: 41
5B ESCALATORS AND MOVING WALKS
 ANNEX C
[(Clause 15.3.3(a)]
TYPICAL EXAMPLES OF MAINTENANCE CHECKS TO MAINTAIN THE INSTALLATION

C-1 ESCALATORS AND MOVING WALKS

Sl Component Checks
No.
(1) (2) (3)
i) Controller Check cabinet is clean, dry and free from dust
ii) Gear box Check gear and associated parts
Check lubrication
iii) Drive motor Check bearings for wear
Check lubrication
iv) Brake Check braking system
Check parts for wear
v) Auxiliary brake Check braking system
Check parts for wear
vi) Intermediate gear box Check gear and associated parts
Check lubrication
vii) Main drive chain Check for tension and wear
Check lubrication
viii) Step/pallet chain Check for tension and wear
Check lubrication
ix) Step/pallet Check step/pallet and step/pallet wheels for integrity
x) Conveyor belt Check for condition and tension
xi) Drive belt Check for condition and tension
xii) Clearances Check step to step and step to skirting clearances
xiii) Combs Check condition
Check meshing with steps, pallets or belt
xiv) Comb plate Check clearances and operation
xv) Handrails Check for free running and condition
Check tension
Check synchronization between step/pallet band and the handrail
xvi) Track system Check for condition and wear
Check fixings
xvii) Safety devices Check operation
xviii) Deflector devices Check condition
xix) Lighting Check operation
xx) Display Check operation
xxi) Signs/pictograms Check condition
xxii) Balustrade Check condition of panels
Check fixings of interior claddings

42 NATIONAL BUILDING CODE OF INDIA 2016

 ANNEX D
(Clause 15.5.1)
EXAMPLES OF ELEMENTS TO BE TAKEN INTO ACCOUNT IN ANY RISK ASSESSMENT
FOR MAINTENANCE OPERATIONS

D-1 ESCALATORS/MOVING WALKS

Elements Machinery On Inside Upper Control Machine

Spaces Step/ Step/ and Cabinet Room
Pallet Pallet Lower (External
Band Band Landing Drives)
Access and entry R R R R R R
Inadequate lighting (including R R R R R R
access)
Falls/slips R R R R R R
Falling on machine NR R NR R NR NR
Falling over balustrade NR R NR R NR NR
Contact with moving machinery R R R R R R
Indirect contact with machinery R R R R R R
Crushing and shearing (step to R R R NR NR NR
step or comb/step to skirting )
Gaps in balustrade NR R NR NR NR NR
Intersection between floors NR R NR NR NR NR
and/or escalators
Persons on the step band NR R NR R NR NR
Safety switches and emergency R R R R R R
stopping device(s)
Inspection control R R R R R R
Intersection between fixed and NR R NR NR NR NR
moving parts
Unintentional start/stop R R R R R R
Machine moving (other than on R R R R R R
power)
More than one maintenance R R R R R R
person working
Manual operation R NR R R R R
Falling objects R R R R NR R
Unexpected water/dirt R R R R R R
Contamination by oil and grease R R R R NR R
Dangerous substances R R R R R R
Fire R NR R NR R R
Missing step/pallet R R R R NR NR

‘R’ = Relevant and ‘NR’ = Not relevant

PART 8 BUILDING SERVICES — SECTION 5 INSTALLATION OF LIFTS, ESCALATORS AND MOVING WALKS: 43
5B ESCALATORS AND MOVING WALKS
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!=Q(+CDL@DR?(d(&TCEGCLM8ER8DQM8GCDJTCH8FT8CTDEYENECH
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M`ERDEGL8FT8WTFWFRMK8YMCDJTM]
!=11( .CETLE@( d8 %MCTEGL8 CXC[8 FY8 RFEHRP8 TFNaRP
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XQENQ8ED8ER8WHCGDMK]
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MCTDQP8 FT8 CG[8 FDQMT8 LMFDMNQGENCH8 MGLEGMMTEGL^TMHCDMK
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!=12(,?EW$?UOLK?(d86G[8WMTOMC\HM(DM`DEHM8FT8YC\TEN
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YEHDMT8 CGK8 KTCEG8 XCDMT8 CR8 CG8 EGDMLTCH8 WCTD8 FY8 WTFgMNDP
RDTJNDJTM8FT8R[RDMO8RJNQ8CR8DMTTCNM8LCTKMGP8MDN]
!=1P(,LCOX(EB($C??(d84ETDQ8ER8C8OMCRJTMOMGD8FY8DQM
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\TMCRD8QMELQD8S)];8O8C\FVM8LTFJGK8HMVMHU]
!=1Q(,CDV?(d(/QM8RHFWM8FT8HC[8FY8DQM8HCGK8CR8EGKENCDMK
\[8C8TMHCDMK8RMTEMR8FY8MHMVCDEFGR]
!=1Q=18'()*!(+,-!(&"8d84TCKM8NFGRERDEGL8FY8NFGDFJTR
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FG8WHCG8CR8WTFWFRMK8NFGDFJTR8FT8RWFD8HMVMHR]
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!=!!( ,CDTT( 3D>?C( d8 4TCRR8 WCVMT8 ER8 C8 WMTOMC\HM
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!=!J( ,C??@( YDKKT( d8 68 RJWWFTDEGL8 RDTJNDJTM
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ER8LTFXG8XEDQ8RFEH8FT8LTFXEGL8OMKEJO]81D8NCG8\M8MEDQMT
YTMM8 RDCGKEGL8 FT8 WCTD8 FY8 C8 RDTJNDJTM]8 /QM[8 EGNHJKM
NHEO\EGL8WHCGDR8RJNQ8CR8VEGMR8DQCD8LTFX8KETMNDH[8FG8DQM
XCHHP8 FT8 XCHHR8 DQCD8 NFOWTERM8 FY8 OFKJHCT8 WCGMHRP
NFGDCEGMTR8CGK8CG8EGDMLTCDMK8ETTELCDEFG8R[RDMO]
!=!<( ,CEA@V( -E>?C( d8 /QM8 WHCGDEGL8 OCDMTECH8 DQCD
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TFCKRP8 TMDCEGEGL8 XCHHRP8 RNJHWDJTMRP8 RDTMMD8 COMGEDEMRP
YFJGDCEGR8CGK8FDQMT8MHMOMGDR8FY8DQM8\JEHD8MGVETFGOMGD]
!=!P( ZDCVG(3KD@O(d8,HCGDR8DQCD8NCG8XEDQRDCGK8QCTRQ
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FT8YHFFKEGL]
!=!Q8 Z?DO(%TKD@V(.BB?IO(d(68WQMGFOMGFG8EG8XQENQ
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GMCT\[8 CTMCR8 KJM8 DF8 DQM8 TMWHCNMOMGD8 FY8 GCDJTCH8 HCGK
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!=!S( Z?VR?(d(*QTJ\R8FT8DTMMR8SJRJCHH[8FY8DQM8RCOM
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NFGYELJTCDEFG]8 68 QMKLM8 OC[8 \M8 WTJGMK8 DF8 RQCWM8 FT
CHHFXMK8DF8LTFX8DF8CRRJOM8EDR8GCDJTCH8RQCWM]
!=;0( Z?CN8 d8 68 WHCGD8 XEDQ8 C8 GFG^XFFK[8 FT8 YHMRQ[
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FT8FY8QELQ8OMKENEGCH8VCHJM]
!=;1( %@RC?TT8d(68XC[8EGP8FT8MGDTCGNM]
!=;!( %@>?CO8 d8 /QM8 HFXMRD8 EGREKM8 WFEGD8 FY8 C8 WEWMP
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!=;J( [?CN( d( 68 NFGNTMDM8 FT( RDFGM8 FT8 REOEHCT8 QCTK
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YTFO8DQM8RJTTFJGKEGL8CTMCR]8/QM8DMTO8OC[8TMYMT8DF8CTMCR
CR8ROCHH8CR8C8YMX8RZJCTM8OMDTMR8FT8CR8HCTLM8CR8OCG[
RZJCTM8aEHFOMDTMR]
!=;2( 7EA@V(d868ROCHH8QEHH8FT8\CGa8FY8MCTDQP8KMVMHFWMK
CR8C8NQCTCNDMTERDEN8YMCDJTM8EG8HCGKRNCWM]
2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
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RDTCXP8WHCNMK8CTFJGK8WHCGDR8DF8TMDCEG8OFERDJTMP8EOWTFVM
RFEH8NFGKEDEFGR8CGK8WTMVMGD8DQM8LTFXDQ8FY8XMMKR]
!=;Q( 3?CM?DNK?(3D>L@R(d8,CVEGL8RJTYCNMR8DQCD8TMKJNM
TJGFYY8\[8CHHFXEGL8TCEGXCDMT8DF8RFCa8DQTFJLQ8DQM8RJTYCNM
EGDF8DQM8JGKMTH[EGL8RJ\^\CRM8XQMTM8DQM8XCDMT8ER8RDFTMK
DMOWFTCTEH[8\MYFTM8CHHFXEGL8ED8DF8RMMW8EGDF8DQM8LTFJGK
FT8YHFX8DF8DQM8KTCEGR]
!=;S((3KD@OT(d8/QM8HEVEGL8\MEGLR8NFGRERDEGL8FY8DTMMRP
RQTJ\RP8 QMT\RP8 LTCRRMRP8 YMTGRP8 OFRRMRP8 MDNP8 D[WENCHH[
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NI\\PV8IK8QJKHPdH8GKN8QJKHPKH8\VJR8VPOIJK8HJ8VPOIJK_
9(b+JRYJKPKHT8J\8PQJT^THPRc8IKQLMNPT8YLGKHT8GKN8GKIRGLT?8GT
]PLL8GT8SMRGKT8GKN8HSPIV8YS^TIQGL8PKXIVJKRPKH_8!JV8SMRGKT?
HSIT8 IKQLMNPT8 G8 [GLGKQIKO8 J\8 eP^8 PLPRPKHT8 J\8 SMRGK8 KPPNT
KGRPL^8 HSP8 PQJKJRIQ?8 PKXIVJKRPKHGL?8 TJQIGL8 GKN8 QMLHMVGL
QJKNIHIJKT8\JV8TJQIPHIPTc8PdITHPKQP_
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RIKIRI`IKO8 NITHMV[GKQP8 HJ8 GKN8 IRYVJXIKO8 HSP
\MKQHIJKIKO8 J\8 LJQGL?8 VPOIJKGL?8 GKN8 OLJ[GL8 PQJT^THPR
[JHS8 NMVIKO8 GKN8 G\HPV8 IHT8 QJKTHVMQHIJK8 GKN8 TYPQI\IPN
TPVXIQP8LI\P_
2"/$8 i8 68 TMTHGIKG[LP8 [MILNIKO8 JYHIRI`PT8 P\\IQIPKQIPT8 IK
VPTJMVQP8 RGKGOPRPKH8 GKN8 JYPVGHIJKGL8 YPV\JVRGKQPf8 GKN?
RIKIRITPT8VITeT8HJ8SMRGK8SPGLHS8TG\PH^8GKN8HSP8PKXIVJKRPKH_
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HSGH8 RPPHT8 HSP8 KPPN8 J\8 HSP8 YVPTPKH8 ]IHSJMH
QJRYVJRITIKO8HSP8G[ILIH^8J\8\MHMVP8OPKPVGHIJKT8HJ8RPPH
HSPIV8J]K_
!<8!( $EDFG?H(#TPIF@ABCBAL(i868\GQHJV8IKNIQGHIKO8HSP
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QJRYGVPN8HJ8GK8G[TJV[IKO8[LGQe8[JN^8MKNPV8HSP8TGRP
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JV8RPNIMR_
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MTP_
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J\8HSP8QJMKHV^?8HSPVP8IT8GK8IKQVPGTIKO8HVPKN8HJ8QJKTMRP
RJVP8KGHMVGL8VPTJMVQPT8YPV8QGYIHG_8/SIT8IT8PXINPKH8\VJR
HSP8GTYIVGHIJKGL8LI\PTH^LPT8GKN8VPTMLHIKO8QSGKOIKO8HGTHPT
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VPQJOKI`PT8YPV\JVRGKQP8HJ8[P8RJVP8IRYJVHGKH8HSGK8IKHPKHf8GKN
KPQPTTIHGHPT8HSP8MTP8J\8QJRRJK8eKJ]LPNOP8GKN8QJRRJK8TPKTP
IK8NPTIOK8NPQITIJKT_8"K8HSP8QJKHVGTH?8HSP8bHJY8NJ]K8GYYVJGQSc
QJKQPKHVGHPT8RJVP8JK8SJ]8RMQS8PKPVO^8IT8TGXPNf8GQQPYHT8HSP
MKNPVTHGKNIKO8 J\8 TMTHGIKG[ILIH^?8 RG^8 KJH8 [P8 NPXPLJYPN
IKNIOPKJMTL^?8RJVP8VPGNIL^f8MTPT8SIOS8HPQSKJLJO^8IKKJXGHIJKT?
RGHPVIGLT8 GKN8 YVGQHIQPTf8 IT8 NVIXPK8 [^8 OVPPK8 [VGKN8 GKN
GQQJRYGK^IKO8 VPQJOKIHIJKT8 [GTPN8 JK8 IKHPKHf8 GKN8 KPQPTTIHGHPT
PdYPVH8IKYMHT8GKN8TIRMLGHIJKT_
/SP8NPTIOK8YVJQPTT8IHTPL\8QGK8YLG^8G8TIOKI\IQGKH8VJLP8IK
QVPGHIKO8[MILH8PKXIVJKRPKH8VPTYPQHIKO8GLL8YVIKQIYLPT8J\
TMTHGIKG[LP8NPXPLJYRPKH_8/SIT8SGT8HJ8HGeP8IKHJ8GQQJMKH
XGVIJMT8 QLIRGHIQ8 `JKPT8 ULIeP8 SJHFNV^?8 ]GVRFSMRIN?
QJRYJTIHP?8HPRYPVGHP8GKN8QJLN8QLIRGHPTW8GT8]PLL8GT8TMK
YGHS8RJXPRPKHT?8LJQGHIJK8UYVJKP8HJ8HTMKGRI?8SMVVIQGKP?
PHQW?8GKKMGL8]IKN8NIVPQHIJKT8GKN8OPJLJOIQGL8QJKNIHIJKT
IK8HSP8NPTIOK8J\8[MILNIKO?8IHT8JVIPKHGHIJKT?8]GLL8GKN8VJJ\
RGHPVIGLT8QJR[IKGHIJKT?8TYGQP8LG^JMH?8\PKPTHVGHIJKT8GKN
LGKNTQGYP_8 68 TJLGV8 YGTTIXP8 GVQSIHPQHMVP8 HSGH8 YLGQPT
RIKIRMR8 PKPVO^8 NPRGKN8 IK8 RGIKHGIKIKO8 HSPVRGL
QJR\JVH8TSJMLN8[P8PdYLJVPN8\JVPRJTH_
/SP8TMTHGIKG[LP8NPTIOK8YVJQPTT8TSJMLN8[P8[GTPN8JK8HSP
YVIKQIYLPT8 J\8 MKIXPVTGL8 NPTIOK8 GT8 YPV8 ,GVH8 (
b&PXPLJYRPKH8 +JKHVJL8 #MLPT8 GKN8 4PKPVGL8 :MILNIKO
#PZMIVPRPKHTc8 J\8 HSP8 +JNP?8 TJ8 GT8 HJ8 GNNVPTT
GQQPTTI[ILIH^8 KPPNT8 J\8 YPVTJKT8 ]IHS8 NITG[ILIHIPT8 GKN
YPVTJKT8J\8NI\\PVPKH8GOP8OVJMYT_
!MKQHIJKGL8 VPZMIVPRPKHT8 J\8 [MILNIKOT8 SGXP8 HJ8 GLTJ
RPGTMVP8MY8HJ8HSP8VPZMIVPN8QJR\JVH8LPXPLT8NPRGKNPN
\JV8GLL8H^YPT8J\8MTPV8VPZMIVPRPKHT_
8<8( 'BJD(-LQHD(6KPADM?MQD
/SP8YVJQPTT8\LJ]8\VJR8QJKQPYH?8NPTIOK?8QJKTHVMQHIJK?
QJRRITTIJKIKO?8JYPVGHIJK8GKN8RGIKHPKGKQP?8GKN8GLTJ
NPQJRRITTIJKIKO8GKN8NITYJTGL8GH8HSP8PKN8J\8MTP\ML8LI\P
J\8 THVMQHMVP?8 TSJMLN8 [P8 YLGKKPN8 GKN8 IRYJVHGKH8 THPYT
3#4$(11(#334&#-5($&(6*6$#%"#)%'%$7
QSGLePN8JMH8\JV8TMTHGIKG[LP8NPXPLJYRPKH_8/SIT8TSJMLN
GLTJ8HGeP8QGVP8J\8YJTTI[LP8VPMTPgVPQ^QLP8J\8RGHPVIGLTg
QJRYJKPKHTgTHVMQHMVP8JV8YGVHT8HSPVPJ\_81NPGLL^8QLJTP8HSP
LJJY8 UQVGNLP8 HJ8 OVGXPW8 ]IHS8 VPOGVNT8 HJ8 VPTJMVQPT
JVIOIKGLL^8MTPN_
8<9( $DQEMIHINL(&@ABIMP
/SP8 QJKTPZMPKHIGL8 [MILNIKO8 PKXPLJYP8 HJ8 QVPGHP
SGVRJKIJMT8 NPXPLJYRPKH8 GKN8 YVJNMQHIXP8 LIXIKO
PKXIVJKRPKH8 ]IHS8 KPIOS[JMVSJJN8 GKN8 [MILNIKO
PKXIVJKRPKHT8YJTPT8JKP8J\8HSP8[IOOPTH8QSGLLPKOPT8IK
TPLPQHIJK8 J\8 [MILNIKO8 RGHPVIGLT?8 HPQSKJLJOIPT8 GKN
YVGQHIQPT_8 1H8 RG^8 [P8 G8 QJR[IKGHIJK8 J\8 KGHMVGL8 GKN
RGKRGNP8RGHPVIGLT8]IHS8LPGTH8PR[JNIPN8PKPVO^8GKN
GLTJ8 LPGNIKO8 HJ8 MTP8 J\8 VGYINL^8 VPKP]G[LP8 VPTJMVQPT_
/SP8 HVGNPFJ\\8 [PH]PPK8 QSJIQP8 J\8 HSP8 RGHPVIGLT8 GKN
HPQSKJLJOIPT8GKN8HSPIV8P\\PQH8JK8PKXIVJKRPKH8SGT8HJ
[P8[GLGKQPN8]IHS8HSP8GIR8J\8G8QLJTPNFLJJY8T^THPR_86T
G8 SJLITHIQ8 GYYVJGQS?8 GLL8 P\\JVHT8 TSJMLN8 [P8 RGNP
HJ]GVNT?
GW PKQJMVGOIKO8GKN8SGVKPTTIKO8[MILNIKO8RGHPVIGLT
JMH8J\8GOVIQMLHMVGL?8IKNMTHVIGL8GKN8[IJF]GTHPT?
]SIQS8 SGXP8 GK8 PKJVRJMT8 TQJYP8 \JV
VPOPKPVGHIJK_
[W PKQJMVGOIKO8IKNIOPKJMT8PKXIVJKRPKHF\VIPKNL^
GKN8GQQPYHG[LP8QJTHFP\\PQHIXP8HPQSKJLJOIPT8GKN
YVGQHIQPT8 IK8 INPKHI\^IKO8 GKN8 YMVTMIKO
TMTHGIKG[LP8NPXPLJYRPKHT8GRPKG[LP8HJ8LJQGL?
QMLHMVGL8GKN8VPTJMVQP8NIXPVTIH^_
QW INPKHI\^IKO8 GKN8 PKQJMVGOIKO8 GYYVJYVIGHP
HPQSKJLJOIPT8 \JV8 RJVP8 VPTPGVQS8 GKN
NPXPLJYRPKH8GYYLIQGHIJKT_
NW RGeIKO8 [MILNIKO8 QJKTHVMQHIJK8 RJVP
IKNIOPKJMT?8RJVP8GNGYHG[LP8HJ8LJQGL8QLIRGHIQ
`JKP8 GKN8 PdPQMHG[LP8 HJ8 GQSIPXP8 HSP8 [GTIQ
YVJXITIJKT8 \JV8 TMTHGIKG[LP8 NPXPLJYRPKH8 HJ
PKTMVP8 TMTHGIKPN8 GXGILG[ILIH^8 J\8 [MILNIKO
VPTJMVQPT8HSVJMOS8VPOPKPVGHIJK8GKNgJV8VPMTPg
VPQ^QLP_
PW PKQJMVGOIKO8 MTP8 J\8 HVGNIHIJKGL8 RGHPVIGLT?
HPQSKJLJOIPT?8 XPVKGQMLGV8 NPTIOK8 GKN
QJKTHVMQHIJK8YVGQHIQPT?8]SIQS8SGXP8THJJN8HSP
HPTH8J\8HIRP8GKN8]SIQS8RG^8[P8[LPKNPN8]IHS
HSP8RJNPVK8HPQSKJLJO^8GYYLIQGHIJKT_
8<:( .MDFNL(.JJBQBDMA(+DPBNM(?M>(3FIQDPPDP
6LL8 P\\JVHT8 KPPN8 HJ8 [P8 RGNP8 HJ]GVNT8 JYHIRMR8 GKN
P\\IQIPKH8MTP8J\8PKPVO^8TJMVQPT8\JV8LI\P8TMTHPKGKQP_8/SP
IKQVPGTIKO8HSVMTH8JK8MTIKO8KJKF\JTTIL8\MPL8PKPVO^8\JV
GLL8KPPNT8SGXP8HJ8[P8OIXPK8YVIJVIH^8QJKTINPVGHIJK_8/SP
HGYYIKO8J\8VPKP]G[LP8TJMVQPT8J\8PKPVO^8\JV8LIOSHIKO?
SPGHIKO?8QJJLIKO8GKN8XPKHILGHIJK8KPPNT?8NPTPVXP8TYPQIGL
GHHPKHIJK_8!JV8PdGRYLP?8GK8IRYVJXPN8NG^8LIOSH8\GQHJV
]ILL8 VPNMQP8 HSP8 NG^8 LIOSHIKO8 KPPNT8 [^8 RPGKT8 J\
11
TMYYLPRPKHGV^8 LIOSHIKO8 ]IHS8 GNNPN8 SPGLHS8 [PKP\IHT
TMQS8GT8VPNMQPN8P^P8THVGIK8UGTTJQIGHPN8]IHS8QJKTHGKH
PLIRIKGHIJK8 QJKNIHIJKTW_8 1KNIG8 ]IHS8 JXPV8 D=8 YPVQPKH
J\8 HSP8 QLPGV8 NPTIOK8 Te^8 GXGILG[LP?8 HSP8 NPTIOK8 SGT8 HJ
\MLL^8MHILI`P8HSP8GTTJQIGHPN8[PKP\IHT_8%SILP8NPQINIKO
JK8 HSP8 PKPVO^8 QSJIQPT?8 LI\P8 Q^QLP8 QJTH8 GKGL^TIT
IKQLMNIKO8HGKOI[LP8GKN8IKHGKOI[LP8[PKP\IHT8TSJMLN8[P
RGNP8 GKN8 KJH8 LJJe8 GH8 HSP8 JKPHIRP8 IKIHIGL8 QGYIHGL
PdYPKNIHMVP8GLJKP_8/SP8PKN8J\8LI\P8JYHIJKT8TSJMLN8GLTJ
[P8YPVQPIXPN_
8<2( 4D>KQD>(.GTI>BD>(?M>(&@DF?ABIM?H(.MDFNL
6LL8NPTIOKT?8RGHPVIGLT8GKN8HPQSKJLJOIPT?8QJKTHVMQHIJK
YVGQHIQPT8TSJMLN8[P8TPLPQHPN8GKN8PRYLJ^PN?8GIRPN8GH
VPNMQIKO8HSP8JXPVGLL8PR[JNIPN8GKN8JYPVGHIJKGL8PKPVO^
IKXJLXPN8 IK8 QJKTHVMQHIJK8 GKN8 JYPVGHIJK8 J\8 HSP8 [MILH
\GQILIH^_8/SP8QJKTHVMQHIJK8TSJMLN8YVJRJHP8TMTHGIKG[ILIH^
HSVJMOS8GNJYHIJK8J\8LJQGL8VPTJMVQPT8UKGHMVGL8GKN8RGKF
RGNPW8GKN8TeILLT_
8<;( %MADNF?AD>(\?ADF(=?M?NDGDMA
+JKTINPVIKO8GK8PXPV8IKQVPGTIKO8NPRGKN8\JV8]GHPV8\JV8G
OVJ]IKO8YJYMLGHIJK?8P\\JVHT8GVP8KPPNPN8HJ8TM[THGKHIGLL^
VPNMQP8 YPV8 QGYIHG8 ]GHPV8 QJKTMRYHIJK8 IK8 [MILNIKOT_
1KHPOVGHPN8GKN8TMTHGIKG[LP8]GHPV8RGKGOPRPKH8\JQMTIKO
JK8 LPGTH8 GKHSVJYJOPKIQ8 ]GHPV8 NITQSGVOP8 \VJR8 SMRGK
GQHIXIHIPT8 TSJMLN8 [P8 YMVTMPN_8 /SP8 MTP8 J\8 ]GHPV
QJKTPVXIKO8\IdHMVPT?8LGKNTQGYIKO?8VGIK]GHPV8SGVXPTHIKO?
GZMI\PV8VPQSGVOIKO8GKN8]GTHP8]GHPV8VPQ^QLIKO8KPPN8HJ
[P8OIXPK8NMP8YVIJVIH^8QJKTINPVGHIJK_
8<R( &@DF?ABIM(?M>(=?BMADM?MQD(IJ(6DFCBQDP
/SIT8 TSJMLN8 IKXJLXP8 MTP8 J\8 P\\IQIPKH8 [MILNIKO8 GKN
YLMR[IKO8TPVXIQPT8QJRYJKPKHT8GKN8\IdHMVPT8HGILJVFRGNP
HJ8RPPH8TMTHGIKG[ILIH^8J[aPQHIXPT8GKN8QVPGHIKO8TM\\IQIPKH
G]GVPKPTT8GRJKO8HSP8MTPVT8J\8[MILNIKO8\GQILIH^8GKN8IHT
TPVXIQPT?8NMVIKO8HSP8JQQMYGKQ^8THGOP_
8<S( =IMBAIFBMN(-IG@HB?MQDP
/SP8RPGTMVPT8GNJYHPN8NMVIKO8NPTIOK?8QJKTHVMQHIJK8GKN
JQQMYGKQ^8THGOPT8TSJMLN8[P8RJKIHJVPN8GOGIKTH8KJVRT
GT8 YPV8 HSIT8 +JNP8 GH8 YPVIJNIQ8 HIRP8 IKHPVXGL8 HJ8 PKTMVP
TMTHGIKG[ILIH^_
8<10( -IF@IF?AD(,ICDFM?MQD
/SP8 QJKQPVKPN8 HJY8 RGKGOPRPKH8 TSJMLN8 PKTMVP
GTTJQIGHIJK8J\8GLL8THGePSJLNPVT8IKQLMNIKO8HSP8HVGIKIKO
GKN8 G]GVPKPTT8 IK8 YMVTMIKO8 GKN8 GQSIPXIKO8 KPPNT8 \JV
TMTHGIKG[LP8 NPXPLJYRPKH8 GH8 GLL8 THGOPT8 J\8 [MILNIKO
LI\PQ^QLP8U\VJR8NPTIOK8HJ8PKN8J\8LI\PW_8/SP8PKXIVJKRPKHGL
IRYGQH8GTTPTTRPKH8TSJMLN8[P8QGVVIPN8JMH8GKN8VPRPNIGL
RPGTMVPT8[GTPN8JK8HSP8\IKNIKOT8TSJMLN8[P8HGePK8NMVIKO
HSP8LI\P8Q^QLP8J\8HSP8[MILNIKOT_
1!
8<11( +BP?PADF(3FD@?FD>MDPP
8<11<1( D","'$)
&ITGTHPV8 YVPYGVPNKPTT8 GT8 YGVH8 J\8 GYYVJGQS8 HJ
TMTHGIKG[ILIH^8IT8IK8GNNIHIJK8HJ8HSP8KJVRGL8QJKTINPVGHIJKT
J\8THVMQHMVGL8TG\PH^?8SPGLHS8TG\PH^?8\IVP8TG\PH^8GKN8YM[LIQ
TG\PH^8 HGePK8 IKHJ8 GQQJMKH8 IK8 HSP8 [MILNIKO8 YLGKKIKO?
NPTIOK?8QJKTHVMQHIJK?8MTP8GKN8JQQMYGKQ^?8GKN8PKN8J\
LI\P_8 /SP8 NITGTHPVT8 RG^8 [P8 KGHMVGL8 NITGTHPVT8 TMQS8 GT
PGVHSZMGeP?8 \LJJNT?8 Q^QLJKP?8 HTMKGRI?8 LGKNTLINPT8 GKN
GXGLGKQSPTf8GKN8RGKFRGNP8NITGTHPVT8TMQS8GT8KMQLPGV?
QSPRIQGL?8GKN8[IJLJOIQGL8NITGTHPVT?8PdYLJTIJKT?8GQH8J\
TG[JHGOP8GKN8HPVVJVITR_8+JKTPZMPKQP8J\8TMQS8NITGTHPVT
QJMLN8[P8LI\P8HSVPGHPKIKO8GKN8NP[ILIHGHIKO8IK8HSP8LJKO
VMK_
6LTJ8 RGKFRGNP8 JV8 KGHMVGL8 NITGTHPVT8 QGK8 HVIOOPV
QJR[IKPN8\JVR8J\8YVJOVPTTIXP8NITGTHPVT_8/SP8TPXPVIH^
IKNPd8 IT8 GKJHSPV8 IRYJVHGKH8 \GQHJV8 ]SIQS8 ]ILL8 [P
OJXPVKPN8[^8OPJRJVYSJLJO^?8]IKN8\LJ]T8GKN8Q^QLJKIQ
XMLKPVG[ILIH^?8 GKN8 QLIRGHIQ8 `JKP8 ]SPVPIK8 HSP
QJKTHVMQHIJK8IT8YVJYJTPN_8&""8,GVH8>8b*HVMQHMVGL8&PTIOKc
J\8HSP8+JNP8\JV8THVMQHMVGL8NPTIOK8J\8[MILNIKOT8\JV8XGVIJMT
LJGNT?8\JVQPT8GKN8P\\PQHT8MTIKO8XGVIJMT8[MILNIKO8RGHPVIGL
JYHIJKT8GKN8THVMQHMVP8T^THPRT_
8<11<!( ;<<':$8&
/SP8GYYVJGQS8HJ8NITGTHPV8RIHIOGHIJK8GKN8RGKGOPRPKH
TSJMLN8 [P8 SJLITHIQ8 GKN8 IKHPOVGHPN8 ]IHS8 PRYSGTIT8 JK
YVPXPKHIJK?8 RIHIOGHIJK8 GKN8 YVPYGVPNKPTT8 VGHSPV8 HSGK
[PIKO8VPLIP\8QPKHVIQ_8/SP8GYYVJGQS8TSJMLN8PRYSGTI`P
JK8YVPYGVPNKPTT8HSVJMOS8YLGKKIKO?8YVJHPQHIJK?8HVGIKIKO
GKN8YGVHKPVTSIY8RPGTMVPT8]IHS8GTTJQIGHPN8THGePSJLNPVT_
/SPTP8P\\JVHT8GVP8GIRPN8HJ8YVJHPQH8GKN8QJKTPVXP8PdITHIKO
NPXPLJYRPKH8 GKN8 GLTJ8 HJ8 RIKIRITP8 LJTTPT8 HJ8 LIXPT?
LIXPLISJJN8 GKN8 YVJYPVH^8 ]IHS8 QLPGV8 QMH8 \JQMT8 JK
YVJHPQHIJK8 J\8 PKXIVJKRPKH_8 /SP8 GYYVJGQS8 TSGLL8 [P
HJ]GVNT8IKHPOVGHIKO8NITGTHPV8RGKGOPRPKH8GT8G8YGVH8J\
NPTIOK8 NPXPLJYRPKH?8 QJKTHVMQHIJK8 YVGQHIQPT8 GKN
RGKGOPRPKH?8 JYPVGHIJK8 GKN8 RGIKHPKGKQP8 GKN8 PKN8 J\
LI\P8 THVGHPOIPT_8 /SP8 VPZMIVPN8 G]GVPKPTT8 TSJMLN8 [P
GQSIPXPN8 HSVJMOS8 RMLHI8 THGePSJLNPV8 [GTPN8 YLGKKIKO?
G]GVPKPTT?8NITYLG^T?8RJQe8NVILLT8GKN8GNPZMGHP8HVGIKIKO
HJ8[JHS8GOPN8GKN8^JMKO_
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INPKHI\IQGHIJK8J\8VITeT8NMVIKO8QJKTHVMQHIJK?8VITeT8NMVIKO
JQQMYGKQ^8 THGOPTgJYPVGHIJKT8 GKN8 YVPYGVIKO8 NITGTHPV
YVPYGVPNKPTT8YLGK8[^8NPQJRRITTIJKIKO_8/SP8JQQMYGKQ^
H^YP?8NPKTIH^8J\8JQQMYGKQ^8GKN8GK^8TYPQI\IQgTHVGHPOIQ
GTYPQHT8TSJMLN8[P8QJKTINPVPN8]SILP8]JVeIKO8JMH8NITGTHPV
YVPYGVPNKPTT8YLGK8HJ8GQSIPXP8RIKIRMR8NGRGOPT8GKNg
JV8 LJTTPT8 HJ8 LIXPT?8 LIXPLISJJN?8 YVJYPVHIPT8 GKN
PKXIVJKRPKH8 \JV8 HSP8 TMTHGIKG[LP8 [MILNIKOT8 \JV8 LPGTH
NGRGOPT8JV8LJTTPT_
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/SP8\JVRMLGHIJK8J\8NITGTHPV8YVPYGVPNKPTT8YLGK8\JV8GK^
LJQGHIJK8TSJMLN8QJRYVITP8HSP8\JLLJ]IKO8THPYTh
GW &0"<.F.i81NPKHI\^8HSP8OPJRJVYSJLJO^f8VIXPV?
QJGTHGL8GKN8Q^QLJKIQ8YVJdIRIH^f8GKN8QLIRGHIQ
`JKP8VPLGHPN8NITGTHPVT8VITeT_
[W &0"<.G8i81NPKHI\^8YJYMLGHIJK?8[MTIKPTT8VPLGHPN
NITGTHPVT8GKN8XMLKPVG[ILIHIPT_
QW &0"<.H.i8+GVV^8JMH8VITe8GTTPTTRPKH8HSVJMOS
SG`GVN8 GKGL^TIT8 GKN8 XMLKPVG[ILIH^8 GKGL^TIT
IKQLMNIKO8 YJTTI[LP8 QJR[IKIKO8 P\\PQHT8 J\
RMLHIYLP8SG`GVNT_86LTJ8IKQLMNP8HSP8P\\PQH8JK
RIQVJFQLIRGHP8GKN8PKXIVJKRPKH8[IJNIXPVTIH^_
+JGTHGL8 `JKPT8 ]SIQS8 GVP8 \GLLIKO8 IK8 SIOS
Q^QLJKIQ8 \LJJN8 `JKP?8 HTMKGRI?8 GKN8 TPITRIQ
`JKPT8J\8SIOS8IKHPKTIH^8GKN8LGKNTLINP8TPKTIHIXP
GVPGT8TSJMLN8VPQPIXP8TYPQIGL8GHHPKHIJK_
NW &0"<.I8i81NPKHI\^8HSP8TJQIJFPQJKJRIQ?8TJQIJF
YJLIHIQGL8SG`GVNT8GKN8XMLKPVG[ILIHIPT8GHHVI[MHPN
HJ8RGKFRGNP8NITGTHPVT_
PW &0"<. J. i8 ,VPYGVP8 G8 NITGTHPV8 VITe8 RIHIOGHIJK
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\W &0"<. K. i8 /SP8 NITGTHPV8 VPTITHGKH8 [MILNIKO
QJKTHVMQHIJK8GKN8IK\VGTHVMQHMVP8NPXPLJYRPKH
\PGHMVPT8TSGLL8\JVR8YGVH8J\8HSP8TM[RIHHGL8HJ8HSP
6MHSJVIH^8\JV8THGHMHJV^8GYYVJXGLT_
OW &0"<. L. i8 $THG[LITSgKJRIKGHP8 G8 VPTYJKTI[LP
TPKIJV8YPVTJKgTG\PH^8J\\IQPV8GT8QJKHVJLLPV8\JV
VPOMLGHIKO?8YLGKKIKO8GKN8RJKIHJVIKO8NITGTHPV
YVPYGVPNKPTT8YLGK8\JV8]SJLP8YVJaPQH_8+GVV^8JMH
GLL8QJKTHVMQHIJKT?8IKTHGLLGHIJKT8GKN8JYPVGHIJKT
IK8LIKP8]IHS8HSP8NITGTHPV8VPTITHGKH8\PGHMVPT8\JV
PGQS8J\8HSP8XMLKPVG[ILIHIPT_
SW &0"<. M. i8 ,VPYGVP8 GKN8 SGXP8 RJQe8 NVILLT8 GH
VPOMLGV8IKHPVXGLT8\JV8QVPGHIKO8G]GVPKPTT8GKN
VPTYJKTP8 YVPYGVGHIJK8 GRJKOTH8 THGePSJLNPV
IKXJLXPN_
aW &0"<.N8i8,VPYGVP8JYPVGHIJK8RGKMGL8\JV8YJTHF
QJKTHVMQHIJK8JYPVGHIJK8GKN8MY8ePPY8J\8NITGTHPV
VPTITHGKH8\PGHMVPT8GKN8PZMIYRPKH_
/SP8[GTIQ8GQHIJK8YLGK8TSJMLN8\JQMT8JK8QGYGQIH^8[MILNIKO
GRJKOTH8 THGePSJLNPVT8 IKXJLXPN?8 QJRRMKIQGHIJK?8 QJF
JVNIKGHIJK?8VJLP8J\8IK\JVRGHIJK8HPQSKJLJO^?8VJLP8J\8PXPV^
IKNIXINMGL8 ]JVeIKO8 GH8 TIHP8 GKN8 VJLP8 J\8 PRPVOPKQ^
VPTYJKTP8 QPLL8 J\8 [MILNIKO8 IK8 QJKaMKQHIJK8 ]IHS8 HSP
RIHIOGHIJK8 YLGKT8 J\8 LJQGLgTHGHP8 LPXPL8 GMHSJVIHIPT_8 /SP
YJTTI[LP8G\HPVFP\\PQHT8JK8SMRGK8GKN8KGHMVGL8SG[IHGHT8GKN
RIHIOGHIJK8 YLGK8 TSJMLN8 \JVR8 IKHPOVGL8 YGVH8 J\8 NITGTHPV
YVPYGVPNKPTT8YLGK8\JV8LPGTH8NGRGOP8HJ8SMRGK8LI\P?8[MILH
PKXIVJKRPKH8GKN8VPLGHPN8PQJT^THPRT_
3#4$(11(#334&#-5($&(6*6$#%"#)%'%$7
9( #33'%-#)%'%$7(&/($5%6(3#4$
9<18 %SPVP8G8[MILNIKO8IT8PVPQHPN?8HSIT8,GVH8J\8HSP8+JNP
TSGLL8[P8GYYLIQG[LP8HJ8TMQS8[MILNIKO_
1K8QGTP8J\8VPKJXGHIJK8JV8GNNIHIJK8GKNgJV8GLHPVGHIJK8HJ
GK8PdITHIKO8[MILNIKO?8HSIT8,GVH8J\8HSP8+JNP8TSGLL8GYYL^
HJ8TMQS8YGVHT8J\8HSP8[MILNIKO_87J]PXPV?8J]KPV8TSGLL8SGXP
JYYJVHMKIH^8HJ8OPH8GK8PdITHIKO8[MILNIKO8JV8YGVH8HSPVPJ\
PXGLMGHPN8MKNPV8HSP8YVJXITIJKT8J\8HSIT8,GVH8J\8HSP8+JNP_
9<!8 /SIT8,GVH8J\8HSP8+JNP8RG^8GLTJ8[P8GYYLIPN8HJ8HSP
NPXPLJYRPKH8YVJaPQHT_
: (%=3'.=."$#$%&"(&/($5%6(3#4$
,VJXITIJKT8 \JV8 [MILNIKO8 YLGKKIKO?8 NPTIOK8 IKQLMNIKO
RGHPVIGL8TPLPQHIJK8GKN8THVMQHMVGL8NPTIOK?8QJKTHVMQHIJK?
JYPVGHIJK8 GKN8 RGIKHPKGKQP8 SGXP8 [PPK8 QJXPVPN8 IK
2GHIJKGL8 :MILNIKO8 +JNP8 J\8 1KNIGh8 ,GVH8 ;8 HJ8 ,GVH8 );_
/SPTP8GLTJ8GLLJ]8XGVIJMT8JYHIJKT8HJ8[P8PdPVQITPN?8\JV
PdGRYLP8 ]SILP8 XGVIJMT8 [MILNIKO8 RGHPVIGLT8 SGXP8 [PPK
LITHPN8HSPVPIK8GLJKO8]IHS8HSPIV8ZMGLIH^8VPZMIVPRPKHT8\JV
QJRYLIGKQP?8 HSP8 QSJIQP8 RG^8 VPTH8 ]IHS8 HSP8 J]KPVg
[MILNIKO8YVJ\PTTIJKGLT?8TG^8\JV8]GLLIKO8JV8RGTJKV^8MKIHT?
HSP8JYHIJKT8QJMLN8[Ph8MTP8J\8QJRRJK8[MVKH8QLG^8[VIQeT?
YPV\JVGHPN8QLG^8[VIQeT?8SJLLJ]8QLG^8[VIQeT?8\L^8GTS8LIRP
[VIQeT?8\L^8GTS8QLG^8[VIQeT?8QGLQIMR8TILIQGHP8[VIQeT?8TJLINg
SJLLJ]8QJKQVPHP8[LJQeT?8LIOSH8]PIOSH8QJKQVPHP8[LJQeT?
GMHJQLGXPN8 GPVGHPN8 QJKQVPHP8 [LJQeT?8 YVP\JVRPN8 \JGR
QJKQVPHP8[LJQeT8JV8GK^8JHSPV8GLHPVKGHIXP8TYPQI\IPN_8/SIT
,GVH8 J\8 HSP8 +JNP8 NITQMTTPT8 TMQS8 JYHIJKT8 \VJR
TMTHGIKG[ILIH^8 YJIKH8 J\8 XIP]8 \JV8 OMINIKO8 IK8 HSPIV
GYYVJYVIGHP8 TPLPQHIJK_8 *IRILGV8 PdYLGKGHIJK8 GYYLIPT8 HJ
JHSPV8RGHPVIGLT8GT8GLTJ8JHSPV8GTYPQHT8IK8YLGKKIKO?8NPTIOK?
QJKTHVMQHIJK?8 JYPVGHIJK8 GKN8 RGIKHPKGKQP_8 7J]PXPV?
JKQP8 G8 QSJIQP8 J\8 RGHPVIGL?8 NPTIOK8 RPHSJNJLJO^?
QJKTHVMQHIJK8 HPQSKIZMPgRPHSJNJLJO^?8 JYPVGHIJK8 GKN
RGIKHPKGKQP8 VPLGHPN8 JYHIJKT?8 PHQ?8 IT8 RGNP?8 HSP
YVJXITIJKT8OIXPK8IK8HSIT8,GVH8J\8HSP8+JNP8\JV8HSP8TGRP
TSGLL8 [P8 QJRYLIPN8 ]IHS_8 /SIT8 ,GVH8 GLTJ8 YVPTQVI[PT
YVJXITIJKT8HJ8[P8KPQPTTGVIL^8QJRYLIPN8]IHS8TJ8GT8HJ8SPLY
GQSIPXP8HSP8J[aPQHIXP8J\8TMTHGIKG[ILIH^_
/SIT8,GVH8TSJMLN?8HSPVP\JVP?8[P8IRYLPRPKHPN8IK8LIOSH8J\
HSP8G[JXP8]SILP8\JLLJ]IKO8HSP8GYYVJGQS8OIXPK8IK88_8/SP
6MHSJVIH^8RG^8VPZMIVP8TM[RITTIJK8GKN8XPVI\IQGHIJK8J\
VPLPXGKH8NJQMRPKHT8]SILP8GYYL^IKO8\JV8[MILNIKO8YPVRIH?
HJ8 NPRJKTHVGHP8 QJRYLIGKQP8 HJ8 HSP8 VPZMIVPRPKHT8 J\
XGVIJMT8YVJXITIJKT8MKNPV8HSIT8,GVH_
2( 6%$%",](/&4=(#"+(+.6%,"
2<1( ,DMDF?H
:P\JVP8IKIHIGHIKO8HSP8\JVRGL8NPTIOK8YVJQPTT?8IH8IT8QVIHIQGL
HJ8 PXGLMGHP8 GLL8 HSP8 YGTTIXP8 NPTIOK8 JYHIJKT8 HJ8 HGeP
GNXGKHGOP8 J\8 LJQGL8 TIHP8 GKN8 QLIRGHIQ8 QJKNIHIJKT?
18
GQQPYHG[LP8 HSPVRGL8 QJR\JVH8 QJKNIHIJKT8 GKN8 JHSPV
JQQMYGKH8VPZMIVPRPKHT_8,GTTIXP8HPQSKIZMPT8GVP8XPV^8QJTH
P\\PQHIXP?8QLIRGHP8VPTYJKTIXP8GKN8PKPVO^8P\\IQIPKH8GKN
SPLY8 G8 [MILNIKO8 IKHPOVGHP8 [PHHPV8 ]IHS8 IHT8 IRRPNIGHP
PKXIVJKRPKH8GKN8RJTH8IRYJVHGKHL^8NJ8KJH8QVPGHP8GK^
KPOGHIXP8 IRYGQH8 JK8 HSP8 PKXIVJKRPKH8 MKLIeP8 GQHIXP
T^THPRT8 HSGH8 RG^8 QGMTP8 XGVIJMT8 KPOGHIXP8 IRYGQHT
IKQLMNIKO8 J`JKP8 NPYLPHIJK?8 OLJ[GL8 ]GVRIKO8 GKN
PKXIVJKRPKHGL8NITVMYHIJKT_8/SP8J[aPQHIXP?8HSPVP\JVP?8IT
HJ8 PKQJMVGOP8 YGTTIXP8 NPTIOK8 THVGHPOIPT8 \JV8 PXPV^
[MILNIKO8GT8G8RPGKT8HJ8VPNMQIKO8JXPVGLL8PKPVO^8NPRGKN
[P\JVP8 YMVTMIKO8 GQHIXP8 GKN8 RPQSGKIQGL8 RPGKT8 IK8 GK
P\\JVH8HJ8KJH8JKL^8TGXP8PKPVO^8[MH8GLTJ8HJ8RIKIRITP8HSP
JXPVGLL8KPOGHIXP8IRYGQH8JK8HSP8PKXIVJKRPKH_
/SP8 VPZMIVPRPKHT8 \JV8 HSP8 NPXPLJYRPKH8 J\8 [MILNIKOT
GKN8[MILNIKO8TIHPT8HSGH8PKQJMVGOPT8TMTHGIKG[LP8[MILNIKO
YVGQHIQPT8 IKQLMNIKO8 TIHIKO?8 \JVR8 GKN8 GVQSIHPQHMVGL
GYYVJGQS8HJ]GVNT8TMTHGIKG[LP8NPXPLJYRPKH?8GVP8OIXPK
IK82<!_8/SP8YMVYJTP8IKQLMNPT8YVJXINIKO8OMINPLIKPT8HSGH
PTHG[LITS8J[aPQHIXPT8\JV8TIHIKO8GKN8\JVR8J\8VPTINPKHIGL?
RPVQGKHILP?8 IKNMTHVIGL8 JV8 JHSPV8 [MILNIKO8 JQQMYGKQ^
NPXPLJYRPKHT8PGVL^8IK8HSP8NPTIOK8THGOP8TJ8GT8HJ8GNNVPTT
TMTHGIKG[ILIH^8 HSVJMOS8 NPTIOK_8 /SPTP8 J[aPQHIXPT
IKQLMNP?8[MH8GVP8KJH8LIRIHPN8HJ?8PKPVO^8QJKTPVXGHIJK?
]GHPV8 QJKTPVXGHIJK8 GKN8 VPNMQPN8 OVPPKSJMTP8 OGT
PRITTIJKT_
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2<!<1 (&*0".;%%"%%(",0.7'*:'.0:.E"%*=,
/SP8VPTYJKTI[LP8NPTIOK8YVJ\PTTIJKGL8TSGLL8YVPYGVP8GK
GTTPTTRPKH8J\8HSP8JKTIHP8KGHMVGL8VPTJMVQPT8GKN8YVPFTIHP
QJKNIHIJKT_8/SP8YPVTJK8TSGLL?
GW PTHG[LITS?8I\8HSPVP8GVP8GK^8YVJHPQHPN8GVPGT8TMQS
GT8\LJJNYLGIKTf8\JVPTH8NPYGVHRPKH8GVPGTf8]GHPV
[JNIPT8 TMQS8 GT8 TPG?8 LGePT?8 VIXPVT?8 ]PHLGKNT?
HVI[MHGVIPT8GKNgJV8THVPGRTf8QJGTHGL8VPOMLGHIJK
YVJHPQHPN8GVPGTf8NP\PKQP8GVPGTf8YM[LIQ8YGVeT
GKN8 VPQVPGHIJK8 GVPGT8 UMKLPTT8 JHSPV]ITP8 MTPN
\JV8HSP8YMVYJTP8J\8HSP8YGVeWf8KGHMVGL8QJKHJMVTg
HPVVGIK8 VPZMIVIKO8 YVJHPQHIJK8 GKN8 GOVIQMLHMVGL
LGKN8UMKLPTT8TPVXIKO8GK8GOVIQMLHMVGLL^8VPLGHPN
YMVYJTP8TMQS8GT8THJVGOP?8YVJQPTTIKO?8HVGKTYJVH?
PHQW8GKN8NPRJKTHVGHP8HSGH8KJ8QVIHIQGL8KGHMVGL
VPTJMVQP8 IT8 IRYGQHPN8 [^8 HSP8 YVJaPQH8 GKNgJV
NVPNOIKO8JYPVGHIJKTf
[W PTHG[LITS8HSP8NPOVPP8HJ8]SIQS8HSP8PdITHIKO8TJIL
GH8TIHP8GKN8S^NVJLJO^8SGT8[PPK8NITHMV[PN8YVIJV
HJ8NPXPLJYRPKH8GKN8NPRJKTHVGHP8XGVIJMT8TIHP
PVJTIJK8YVJHPQHIJK8RPGTMVPT8HGePK8IKQLMNIKO
RPGTMVPT8 HJ8 YVPTPVXP8 KGHMVGL8 THJVR]GHPV
NVGIKGOP8 T^THPR?8 HJY8 TJIL8 GKN8 PdITHIKO
XPOPHGHIJK?8 RIKIRITP8 TJIL8 NITHMV[GKQP8 GT
TYPQI\IPN8IK8,GVH8);8b3GKNTQGYP8&PXPLJYRPKH?
*IOKT8 GKN8 "MHNJJV8 &ITYLG^8 *HVMQHMVPT
19
*PQHIJK )8 3GKNTQGYP8 ,LGKKIKO?8 &PTIOK8 GKN
&PXPLJYRPKHc8J\8HSP8+JNPf
QW INPKHI\^8 GKN8 PKTMVP8 NIXPVTIJK?8 GXJINGKQP8 J\
PdITHIKO8 ]GHPV?8 YJ]PV?8 QJRRMKIQGHIJK?
TP]PVGOP8LIKPT?8TGXIKOgVPYLGKHIKO8J\8JLN8HVPPT?
VPRJXGL8J\8PdITHIKO8IKXGTIXP8XPOPHGHIJK8JK8TIHP
GKN8HSGH8KJ8IKXGTIXP8XPOPHGHIJK8IT8YLGKHPN8YJTH
QJRYLPHIJKf8GKN
NW INPKHI\^8 GKN8 GTQPVHGIK8 HSP8 KGHMVGL8 VPTJMVQPT
GXGILG[LP8 JKTIHP8 GKN8 TMVVJMKNIKO8 GVPGT8 GKN
PKTMVP8 JYHIRMR8 MHILI`GHIJK8 J\8 HSP8 TGRP8 IK
QJKTHVMQHIJK8GKN8YJTH8JQQMYGKQ^_
68TIHP8GTTPTTRPKH8VPYJVH8\JV8HSP8[MILNIKOgNPXPLJYRPKH
YVJaPQH8TSGLL8[P8YVPYGVPN_
2<!<!( O4*)#*,=.P:'(Q.R'*",0$0*:,.$,#.&&$#*,=
/SP8NPXPLJYRPKH8TSGLL8YLGK8JK8LJQGHIKO?8JVIPKHIKO8GKN
TSGNIKO8HSP8[MILNIKO8TJ8HSGH?
GW HSPVP8 IT8 GNPZMGHP8 YVJXITIJK8 \JV8 PdHPVKGL
TSGNIKO8J\8HSP8\GQGNPT8NMVIKO8HSP8YPGe8TMRRPV
TPGTJKf
[W HSPVP8IT8GNPZMGHP8YVJXITIJK8\JV8XPVHIQGL8TSGNIKO
HJ8YVPXPKH8NIVPQH8TJLGV8VGNIGHIJK8GKN8OLGVP8NMP
HJ8LJ]8GLHIHMNP8TMK8GKOLPT?8TYPQI\IQGLL^8JK8HSP
PGTHPVK8GKN8]PTHPVK8\GQGNPTf
QW HSP8 [MILNIKO8 IT8 JVIPKHPN8 JYHIRGLL^8 [GTPN8 JK
TMKFYGHS8GKN8PKOIKPPVIKO8GKGL^TITf8GKN
NW HSPVP8IT8GNPZMGHP8YVJHPQHIJK8\JV8HSP8[MILNIKO
PKXPLJYP8 GOGIKTH8 HSPVRGL8 LJTTPT?8 NVG\HT8 GKN
NPOVGNGHIJK8[^8KGHMVGL8PLPRPKHT8TMQS8GT8]IKN?
NMTH?8TGKN?8TKJ]?8VGIK]GHPV?8SGIL?8PHQ_
/SP8G[JXP8THVGHPOIPT8TSGLL8[P8IRYLPRPKHPN8[GTPN8JK
HSP8QLIRGHIQ8QJKNIHIJKT8J\8HSP8LJQGHIJK_8*YPQI\IQGLL^?8HSP
NPTIOKT8 TSJMLN8 [P8 [GTPN8 JK8 HSP8 SPGHIKO8 NPOVPP8 NG^T
GKN8QJJLIKO8NPOVPP8NG^T8J\8HSP8GQHMGL8LJQGHIJK8J\8HSP
[MILNIKO_81K8HSP8G[TPKQP8J\8HSIT8NGHG?8G8RJVP8OPKPVGLITH
GYYVJGQS8[GTPN8JK8HSP8\IXP8QLIRGHIQ8`JKPT8J\8HSP8QJMKHV^
RG^8[P8MTPN_
/SP8 VPTYJKTI[LP8 NPTIOK8 YVJ\PTTIJKGL8 TSGLL8 QGVV^8 JMH
[MILNIKO8JVIPKHGHIJK8GKN8TSGNIKO8THMNIPT8GKN8PTHG[LITS
HSP8JYHIRGL8[MILNIKO8JVIPKHGHIJK8\JV8HSP8YVJaPQH8GKN8PKTMVP
GYYVJYVIGHP8 TSGNIKO8 NPTIOK8 TMQS8 HSGH8 HSP8 \GQGNPT8 GVP
TSGNPN8\JV8RJVP8HSGK8=; YPVQPKH8J\8HSP8TMRRPV8TJLTHIQP_
68TJLGV8YGHS8GKGL^TIT8TSGLL8[P8NJKP8GT8GK8GIN8IK8GVVIXIKO
GH8 JYHIRMR8 \JVR8 GKN8 JVIPKHGHIJK8 \JV8 HSP8 [MILNIKO_
6YYVJYVIGHP8 TSGNIKO8 NPTIOK8 QGK8 [P8 GVVIXPN8 GH8 PIHSPV
HSVJMOS8TIRMLGHIJK8GYYVJGQS8JV8[^8MTIKO8HSP8YVPTQVIYHIXP
TSGNIKO8 KJVRT8 GT8 IKNIQGHPN8 IK8 HSP8 *, <) h )DB-
b7GKN[JJe8JK8HSP8!MKQHIJKGL8#PZMIVPRPKHT8J\8:MILNIKOT
UJHSPV8 HSGK8 IKNMTHVIGL8 [MILNIKOTWc_ 68 NPTIOK8 VPYJVH
TSJ]IKO8 [JHS8 HSP8 JYHIRMR8 JVIPKHGHIJK8 GKN8 TSGNIKO
NPTIOK8 THVGHPOIPT8 GLJKO8 ]IHS8 aMTHI\IQGHIJK8 \JV8 HSP
TPLPQHIJK8J\8HSP8TGRP8TSGLL8[P8YVPYGVPN_
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
2<!<8. 1&"'($).3$%%*,=
/SP8 VPTYJKTI[LP8 NPTIOK8 YVJ\PTTIJKGL8 TSGLL8 QGVV^8 JMH
[MILNIKO8HSPVRGL8RGTTIKO8THMNIPT8HJ8PXGLMGHP8HSP8IRYGQH
JK8 HSPVRGL8 RGTT8 JK8 HSP8 QJKTPZMPKH8 HSPVRGL
HVGKTRIHHGKQP8GKN8PKPVO^8YPV\JVRGKQP8J\8HSP8[MILNIKO
[GTPN8 JK8 HSP8 TMKFYGHS8 GKGL^TIT8 GKN8 LJQGLgPZMIXGLPKH
]PGHSPV8NGHG_868VPYJVH8TSJ]IKO8[JHS8HSP8JYHIRGL8HSPVRGL
RGTTIKO8GKN8HSP8QSJIQP8GKN8aMTHI\IQGHIJK8J\8HSP8YVJYJTPN
]GLL8RGHPVIGL8J\8HSP8[MILNIKO8HJOPHSPV8]IHS8HSP8NPTIOK
GYYVJGQS8 \JV8 NPQITIJK8 RGeIKO8 TSGLL8 [P8 YVPYGVPN?
HJOPHSPV8]IHS8JHSPV8NJQMRPKHT8]SILP8GYYL^IKO8\JV8HSP
[MILNIKO8YPVRIH_
2<!<9( '"#48"#.O4*)#*,=.P::0<'*,0.*,.34)0*S&0:'"T"#
O4*)#*,=.E"%*=,%
/SP8 VPZMIVPRPKHT8 \JV8 JYPK8 TYGQPT8 U]IHSIK8 G8 YLJHW8 GT
TYPQI\IPN8IK8R(J\8,GVH8(8b&PXPLJYRPKH8+JKHVJL8#MLPT
GKN84PKPVGL8:MILNIKO8#PZMIVPRPKHTc8J\8HSP8+JNP8TSGLL
[P8QJRYLIPN8]IHS_81K8GK^8QGTP?8GH8LPGTH8(;8YPVQPKH8J\
HSP8 JYPK8 TYGQPT8 TSGLL8 [P8 RGIKHGIKPN8 GT8 TJ\HTQGYPT
UYPVRPG[LP8 TMV\GQP8 JK8 OVJMKNW_8 !JV8 GVPGT8 ]SPVP8 HSP
QGLQMLGHPN8TJ\HTQGYP8GVPG8VPZMIVPRPKH8IT8LPTT8HSGK8);
YPVQPKH8J\8HSP8HJHGL8YLJH8GVPG?8G8RIKIRMR8J\8);8YPVQPKH
TJ\HTQGYP8GVPG8TSGLL8[P8YVJXINPN_
2<!<: (R<0*(4(.O4*)#*,=.!:)4("
!JV8GIV8QJKNIHIJKPN8[MILNIKOT?8P\\JVHT8TSGLL8[P8RGNP8IK
NPTIOK8HJ8VPNMQP8[MILNIKO8XJLMRP8[^8VPNMQIKO8\LJJV8HJ
\LJJV8GKN8\LJJV8HJ8QPILIKO8SPIOSH8]IHSJMH8QJRYVJRITIKO
HSP8MHILIH^8GKN8\MKQHIJKGL8P\\IQIPKQ^8J\8HSP8[MILNIKO_8!JV
KGHMVGL8XPKHILGHPN8[MILNIKOT8JV8RIdPN8RJNP8XPKHILGHPN
[MILNIKO?8 HSP8 JYHIRMR8 [MILNIKO8 XJLMRP8 GKN8 \LJJV8 HJ
\LJJV8SPIOSHT8HJ8[P8GTQPVHGIKPN8GKN8G8VPYJVH8JK8HSP8NPTIOK
GKN8aMTHI\IQGHIJK8J\8HSP8TGRP8TSGLL8[P8YVPYGVPN_
2<!<2( O4*)#*,=.P:'(.E"+"):<(",0.7)$,
68VPYJVH8TSGLL8[P8YVPYGVPN8JK8HSP8PXJLMHIJK8J\8HSP8\JVR
J\8 HSP8 [MILNIKO8 [GTPN8 JK8 TQIPKQP8 J\8 GVQSIHPQHMVP?
QLIRGHJLJO^8GKN8[MILNIKO8YS^TIQT_8/SP8YLGK8TSGLL8[P8IK
LIKP8]IHS8 HSP8 NPQITIJK8 RGeIKO8 YVJQPTT8 J\8 HSP8 YVJaPQH
HPGR8 GKN8 G8 KGVVGHIXP8 TSGLL8 [P8 YVPYGVPN8 [VIP\L^
RPKHIJKIKO8HSP8aMTHI\IQGHIJK8[PSIKN8HSP8TPLPQHPN8[MILNIKO
\JVR8 GKN8 JVIPKHGHIJK8 J\8 HSP8 [MILNIKO8 GKN8 TSGNIKO
NPXIQPT8HJ8PKTMVP8HSGH8HSP8\IKGL8NPTIOK8RPPHT8]IHS8HSP
IKHPKH8J\8HSIT8,GVH_
2<!<;( U$04'$).!",0*)$0*:,Q.V::)*,=.$,#.W*,#.XYY"80%
68VPYJVH8ILLMTHVGHIKO8HSP8PXGLMGHIJK8J\8HSP8XGVIJMT8KGHMVGL
XPKHILGHIJK8 GKN8 QJJLIKO8 THMNIPT8 HJ8 RGdIRI`P8 KGHMVGL
XPKHILGHIJK8JV8RIdPN8RJNP8XPKHILGHIJK8[GTPN8JK8GNGYHIXP
HSPVRGL8 QJR\JVH8 QVIHPVIG8 \JV8 HSP8 YVJaPQH?8 TSGLL8 [P
YVPYGVPN_8 1K8 GNNIHIJK?8 \JV8 SIOS8 VITP8 [MILNIKOT?8 ]IKN
GKGL^TIT8TSGLL8[P8QGVVIPN8JMH8HJ8PXGLMGHP8HSP8IRYGQH8J\
]IKN8RJXPRPKH8GKN8KGHMVGL8GIV8\LJ]8QSGKOPT8[PQGMTP
J\8HSP8KP]8[MILNIKO8YVJYJTPN8HJ8[P8PVPQHPN_8*HVGHPOIPT
3#4$(11(#334&#-5($&(6*6$#%"#)%'%$7
RG^8 IKQLMNP8 GYYLIQGHIJK8 J\8 QVJTTFXPKHILGHIJK8 GKN
HSPVRGL8 QJR\JVH?8 \GQHJVIKO8 YVPXGLPKH8 ]IKN8 YGHHPVKT?
TPGTJKGLIH^?8THGQe8P\\PQH8GKN8JHSPV8YVIKQIYLPT_868KGVVGHIXP
JK8SJ]8HSPTP8GTYPQHT8SGXP8[PPK8\GQHJVPN8IK8HSP8NPTIOK
TSGLL8[P8YVPYGVPN_
2<!<R( R<0*($).E$T)*=&0*,=
68NG^8LIOSHIKO8GKGL^TIT8THMN^8[GTPN8JK8HSP8YVJYJTPN
\JVR8J\8HSP8[MILNIKO8\JV8HSP8YVJaPQH8TSGLL8[P8QGVVIPN8JMH
GKN8G8VPYJVH8HSPVPJ\8YVPYGVPN_81H8TSGLL8[P8NPRJKTHVGHPN
HSGH8GH8LPGTH8.=8YPVQPKH8J\8HSP8VPOMLGVL^8JQQMYIPN8GVPGT
J\8HSP8[MILNIKO8GQSIPXP8TM\\IQIPKH8NG^8LIOSHIKO8]IHS8G
RIKIRMR8 NG^8 LIOSHIKO8 \GQHJV8 J\8 .8 YPVQPKH8 JV8 GT
NPTQVI[PN8IK8*,8<)h)DB-8b7GKN[JJe8JK8HSP8!MKQHIJKGL
#PZMIVPRPKHT8 J\8 :MILNIKOT8 U"HSPV8 HSGK8 1KNMTHVIGL
:MILNIKOWc_8 !JV8 NPHGILT8 J\8 NG^8 LIOSHIKO8 SGVXPTHIKO
RPHSJNT8GKN8QGLQMLGHIJKT8U%""(R<1<8<!W_
2<!<S( E"Y*,*,=. O4*)#*,=. &"'+*8". >*Y". *,. 1"'(%. :Y
3*,*(4(.V:(<:,",0.&"'+*8".>*Y"
68 [MILNIKO8 TPVXIQP8 LI\P8 YLGK8 TSGLL8 [P8 YVPYGVPN8 GLJKO
]IHS8HSP8NPTIOK8GKN8QJKTHVMQHIJK8NJQMRPKHT_8/SP8YLGK
TSGLL8 QLPGVL^8 IKNIQGHP8 HSP8 NPTIOK8 TPVXIQP8 LI\P8 GKN8 HSP
RIKIRMR8NPTIOK8TPVXIQP8LI\P8TSGLL8[P8KJH8LPTT8HSGK8>;
^PGVT8\JV8HSP8THVMQHMVP8IHTPL\8GKN8KJH8LPTT8HSGK8);8^PGVT
\JV8XGVIJMT8TPVXIQP8QJRYJKPKHT?8PZMIYRPKH8GKN8T^THPRT
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NPFRJMKHIKO8GKN8VPFMTP8YLGK_
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*IOKT8 GKN8 "MHNJJV8 &ITYLG^8 *HVMQHMVPT?8 *PQHIJK8 )
3GKNTQGYP8,LGKKIKO?8&PTIOK8GKN8&PXPLJYRPKHc8J\8HSP
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OVJMKN]GHPV8VPQSGVOP8GKN8RGIKHPKGKQP8J\8TJIL8THVMQHMVP
HSPVP[^8 QJKHVI[MHIKO8 HJ8 TJIL8 JVOGKIQ8 RGHHPV?8 GKN
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HSVJMOS8PXGYJVGHIJK?8HVGKTYIVGHIJK8GKN8HSP8MYHGeP8GKN
THJVGOP8J\8QGV[JK8IK8HVPPT8GKN8JHSPV8XPOPHGHIJK_
1:
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0IQVJQLIRGHIQ8 QJKNIHIJKT8 YLG^8 GK8 IRYJVHGKH8 VJLP8 IK
LGKNTQGYP8 NPTIOK8 GKN8 IK8 ]JVeIKO8 JMH8 IVVIOGHIJK
VPZMIVPRPKHT?8 GT8 IH8 GQQJMKHT8 \JV8 HSP8 PKXIVJKRPKHGL
QJKNIHIJKT8 TYPQI\IQ8 HJ8 HSP8 LGKNTQGYP?8 IKQLMNIKO
HPRYPVGHMVP?8]IKN8GKN8SMRINIH^_8!JV8PdGRYLP?8G8]GHPV
[JN^8QGK8IKQVPGTP8HSP8SMRINIH^8GKN8G8]IKN8\MKKPL8QGK
IKQVPGTP8 HSP8 PXGYJHVGKTYIVGHIJK8 VGHP8 GKN8 SPKQP8 HSP
IVVIOGHIJK8VPZMIVPRPKH_8/SP8RIQVJQLIRGHIQ8QJKNIHIJKT
RG^8 [P8 HGePK8 IKHJ8 GQQJMKH8 IK8 LGKNTQGYP8 IVVIOGHIJK
QGLQMLGHIJKT8[^8GYYL^IKO8G8RIQVJQLIRGHP8\GQHJV_
/SP8GXPVGOP8RIQVJQLIRGHP8\GQHJV8IT8)_;8GKN8HSIT8VP\PVT
HJ8QJKNIHIJKT8]SPVP8HSP8LGKNTQGYP8PXGYJHVGKTYIVGHIJK
VGHP8IT8MKG\\PQHPN8[^8[MILNIKOT?8YGXPRPKHT?8VP\LPQHIXP
TMV\GQPT8 GKN8 TLJYPT_8 7IOSPV8 RIQVJQLIRGHP8 \GQHJV
QJKNIHIJKT8 JQQMV8 ]SPVP8 PXGYJVGHIXP8 YJHPKHIGL8 IT
IKQVPGTPN8 NMP8 HJ8 LGKNTQGYPT8 TMVVJMKNPN8 [^8 SPGH
G[TJV[IKO8GKN8VP\LPQHIXP8TMV\GQPT8JV8NMP8HJ8PdYJTMVP8HJ
YGVHIQMLGVL^8 ]IKN^8 QJKNIHIJKT_8 $dGRYLPT8 J\8 SIOS
RIQVJQLIRGHP8 \GQHJV8 GVPGT8 IKQLMNP8 YGVeIKO8 LJHT?8 ]PTH
TINPT8 J\8 [MILNIKOT?8 ]PTH8 GKN8 TJMHS8 TINPT8 J\8 TLJYPT?
RPNIGKT?8GKN8GVPGT8PdYPVIPKQIKO8]IKN8\MKKPL8P\\PQHT_
6VPGT8 ]IHS8 LJ]8 RIQVJQLIRGHP8 \GQHJV8 IKQLMNP8 TSGNPN
GVPGT8 GKN8 GVPGT8 YVJHPQHPN8 \VJR8 ]IKN_8 2JVHS8 TINPT8 J\
[MILNIKOT?8 QJMVH^GVNT?8 GVPGT8 MKNPV8 ]INP8 [MILNIKO
JXPVSGKOT8GKN8KJVHS8TINPT8J\8TLJYPT_
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TJ8 VPZMIVPN?8 GYYVJYVIGHP8 RPGTMVPT8 RG^8 [P8 HGePK8 \JV
KJITP8 G[GHPRPKH?8 TMQS8 GT8 ZMIPHPV8 YGXPRPKH8 JV8 VJGN
TMV\GQIKO?8 NPKTP8 \JLIGOP?8 PGVHS8 [PVRT?8 [GVVIPVT8 JV
TQVPPKT?8GKN8TQSPNMLIKO8RGIKHPKGKQP8GQHIXIHIPT8]SPK
TIHP8MTPVT8GVP8KJH8YVPTPKH_8%GLLT?8\PKQPT8GKN8XPOPHGHIJK
RG^8GLTJ8[P8MTPN8HJ8[VPGe?8OMINP?8NP\LPQH8JV8\ILHPV8HSP
]IKN8GKN8HSPVP[^8GLHPV8IHT8P\\PQHT_82JITP8RG^8[P8VPNMQPN
]IHS8MTP8[VJGNFLPGXPN8HVPPT8RJVP8HSGK8]IHS8HSP8QJKI\PVT
GKN8HSIT8\MVHSPV8IRYVJXPT8]SPK8\JLIGOP8PdHPKNT8QLJTP
HJ8HSP8OVJMKN_8/SP8[PTH8LJQGHIJK8\JV8G8KJITP8[GVVIPV8IT
PIHSPV8 XPV^8 QLJTP8 HJ8 HSP8 TJMVQP8 JV8 XPV^8 QLJTP8 HJ8 HSP
VPQPIXPV8 ]SILP8 HSP8 ]JVTH8 YJTIHIJK8 \JV8 GHHPKMGHIJK8 IT
SGL\]G^8[PH]PPK8HSPR_8,VJXITIJKT8J\8,GVH8B8b:MILNIKO
*PVXIQPT?8 *PQHIJK8 <8 6QJMTHIQT?8 *JMKN8 1KTMLGHIJK8 GKN
2JITP8+JKHVJLc8J\8HSP8+JNP8TSGLL8[P8\JLLJ]PN_
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GT8[PKP\IHT8HJ8SMRGK8SPGLHS_80JTH8XPOPHGHIJK8VPZMIVPT
TMKLIOSH8 IK8 XGV^IKO8 NPOVPPT8 \JV8 HSPIV8 OVJ]HS8 GKN
RGIKHPKGKQP_8 /SP8 [MILNIKOT8 [^8 HSPIV8 NPTIOK?8 TSGNP
QPVHGIK8YGVHT8J\8HSP8PdHPVKGL8GVPGT8\JV8TJRP8YGVH8J\8HSP
NG^8 JV8 JHSPV_8 $dHPVKGL8 LGKNTQGYPT8 TSGLL8 [P8 NPTIOKPN
HGeIKO8 HSP8 TSGNIKO8 YGHHPVK8 J\8 HSP8 [MILNIKOT8 IKHJ
QJKTINPVGHIJK_8!JV8IKTHGKQP8HSP8KJVHSPVK8TINP8PdHPVKGL
GVPGT8J\8HSP8[MILNIKO8HPKN8HJ8[P8TSGNPN8\JV8LGVOP8YGVHT
12
J\8HSP8NG^?8]SILP8HSP8TJMHSPVK8TINP8SGT8GQQPTT8HJ8TMKLIOSH
\JV8 RJTH8 HIRPT8 J\8 HSP8 NG^?8 HSP8 QSJIQP8 J\8 XPOPHGHIJK
TSJMLN8[P8[GTPN8JK8HSP8GXGILG[ILIH^8J\8TMKLIOSH8GLJKO
NI\\PVPKH8TJLGV8PdYJTMVPT8GKN8HSP8VPZMIVPRPKH8J\8XGVIJMT
TYPQIPT8J\8XPOPHGHIJK_8APOPHGHIJK8GLTJ8SGT8HSP8YJHPKHIGL
HJ8 VPNMQP8 HSP8 PKPVO^8 QJKTMRYHIJK8 J\8 G8 [MILNIKO8 [^
YVJXINIKO8TSGNIKO8GKN8G8QJJL8RIQVJQLIRGHP_8APOPHGHIJK
GKNgJV8 XPOPHGHPN8 THVMQHMVPT8 TSGLL8 [P8 ePYH8 IK8 THVGHPOIQ
LJQGHIJKT8 GVJMKN8 [MILNIKOT8 HJ8 VPNMQP8 PKPVO^
QJKTMRYHIJK8GKN8QJTHT8GTTJQIGHPN8]IHS8IKNJJV8QLIRGHP
QJKHVJL_
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HSP8VGHP8J\8THJVR8]GHPV8\LJ]?8IK\ILHVGHIKO8THJVR8]GHPV
IKHJ8HSP8OVJMKN8\JV8VPMTP8GKN8GLTJ8SPLYT8IK8\ILHPVIKO8HSP
VGIK]GHPV_8:PTINPT8SPLYIKO8IK8THJVR8]GHPV8RGKGOPRPKH?
YPVXIJMT8YGXIKO8SPLYT8IK8VPNMQIKO8HSP8SPGH8ITLGKN8P\\PQH_
!JV8TMTHGIKG[LP8TIHP8YLGKKIKO?8YPVXIJMTKPTT8IK8HSP8YGXPN
GVPGT8J\8HSP8TIHP8RG^8[P8RGdIRI`PN_
7J]PXPV?8HSP8VGIK]GHPV8SGVXPTHIKO8YJHPKHIGL8J\8YPVXIJMT
YGXIKO8IT8TM[aPQH8HJ8LJQGL8OPJFRJVYSJLJOIQGL8\JVRGHIJKT
GKN8HSP8MTP8J\8HSP8TGRP8TSJMLN8[P8GTTPTTPN8[GTPN8JK
LJQGL8QJKNIHIJKT_8!JV8PdGRYLP?8IK8QJGTHGL8GVPGT?8]SPVP
HSP8]GHPV8HG[LP8RG^8[P8SIOS8GKN8HSP8]GHPV8G[TJVYHIXP
QGYGQIH^8IT8LJ]?8YPVXIJMT8YGXIKO8RG^8KJH8[P8GT8P\\PQHIXP_
;<1<!<!( 5"$0.*%)$,#."YY"80.$,#.<$'6*,=.#"%*=,
/SP8SPGH8ITLGKN8P\\PQH8VGITPT8HSP8LJQGLI`PN8HPRYPVGHMVP?
IRYGQHIKO8 LJQGL8 QLIRGHPgRIQVJQLIRGHP_8 ,LGKHT8 GKN
GKIRGLT8HSGH8GVP8TPKTIHIXP8HJ8LGVOP8\LMQHMGHIJKT8IK8NG^
HIRP8GKN8KIOSH8HIRP8HPRYPVGHMVPT8RG^8KJH8HSVIXP8IK8GVPGT
G\\PQHPN8[^8SPGH8ITLGKN_87PGH8ITLGKNT8GLTJ8PdGQPV[GHP
GIV8 YJLLMHIJK8 GT8 TRJO8 IT8 YVJNMQPN8 \GTHPV8 GH8 SIOSPV
HPRYPVGHMVPT8 GKN8 GT8 VITIKO8 HPRYPVGHMVPT8 LPGN8 HJ
IKQVPGTPN8QJJLIKO8VPZMIVPRPKHT?8VPZMIVIKO8PKPVO^8GKN
QGMTIKO8GTTJQIGHPN8PRITTIJKT_
"YPK8YGVeIKO8GVPGT8QJKTITHIKO8J\8QJKQVPHP8GKN8GTYSGLH
G[TJV[8 SPGH8 GKN8 QJKHVI[MHP8 TM[THGKHIGLL^8 HJ8 HSP8 SPGH
ITLGKN8P\\PQH_8*SGNIKO8GKNgJV8MTP8J\8LIOSHFQJLJMVPNgSIOSF
GL[PNJ8 RGHPVIGLT8 GKNgJV8 JYPK8 OVIN8 YGXPRPKH8 \JV8 HSP
TIHPcT8KJKFVJJ\8IRYPVXIJMT8TMV\GQPT?8IKQLMNIKO8YGVeIKO
LJHT?8]GLe]G^T?8YLG`GT?8PHQ?8TSGLL8[P8RGNP8HJ8SPLY8IK
VPNMQIKO8HSP8SPGH8ITLGKN8P\\PQH_
/SP8 TJLGV8 PKPVO^8 TSJMLN8 IKTHPGN8 [P8 MHILI`PN8 \JV
OPKPVGHIJK8J\8VPKP]G[LP8PKPVO^?8HSMT8TPVXIKO8HSP8NMGL
YMVYJTP8 J\8 NGRYPKIKO8 HSP8 SPGH8 ITLGKN8 P\\PQH8 GKN
VPNMQHIJK8 IK8 MTP8 J\8 \JTTIL8 \MPL8 \JV8 PKPVO^8 OPKPVGHIJK
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68TIHP8RGIKHPKGKQP8YLGK8TSGLL8[P8NPXPLJYPN8HSGH8JMHLIKPT
HSP8LJKO8HPVR8THVGHPOIPT8GKN8INPKHI\IPT8TSJVHFHPVR8GQHIJKT
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
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TSJMLN8 GNNVPTT8 ITTMPT8 TMQS8 GT8 YLGKH8 RGIKHPKGKQP?
IKHPOVGHPN8YPTH8RGKGOPRPKH?8TJIL8RGKGOPRPKH?8\PVHILI`PV
MTP?8 VGIK]GHPV8 SGVXPTHIKO?8 VPNMQIKO8 \VPTS]GHPV
QJKTMRYHIJK?8TIHP8TG\PH^?8GKN8IVVIOGHIJK8GLLJHRPKH8GKN
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PdQPTT8 VMKJ\\?8 TPNIRPKHGHIJK?8 PVJTIJK?8 GKN8 \LJJNIKO_
*JILT8 GLTJ8 SPLY8 QLPGK8 GKN8 THJVP8 ]GHPV?8 GKN8 VPQSGVOP
OVJMKN]GHPV_8:^8THJVIKO8]GHPV8GKN8TLJ]IKO8HSP8NPLIXPV^
J\8]GHPV8HJ8YLGKHT?8SPGLHS^8TJILT8YLG^8G8TIOKI\IQGKH8VJLP
IK8XPOPHGHIJK8SPGLHS_81K8GVPGT8J\8YVPXIJMTL^8NITHMV[PN
TJILT?8TJIL8\MKQHIJK8TSGLL8[P8VPTHJVPN8HJ8VP[MILN8G[ILIH^
J\8 TJILT8 HJ8 TMYYJVH8 SPGLHS^8 YLGKHT?8 [IJLJOIQGL
QJRRMKIHIPT?8 GKN8 ]GHPV8 THJVGOP8 GKN8 IK\ILHVGHIJK_8 1K
PdITHIKO8TJILT?8NPYPKNIKO8MYJK8HSP8VPZMIVPRPKH?8HSP8KPPN
J\8 TJIL8 QJRYGQHIJK?8 JVOGKIQ8 RGHHPV8 LPXPLT?8 GKN8 HSP
[GLGKQP8J\8TJIL8JVOGKITRT8TSGLL8[P8GNNVPTTPN_81H8TSGLL
[P8PKTMVPN8HSGH8GNPZMGHP8TJIL8XJLMRP8IT8RGNP8GXGILG[LP
\JV8YVJYPV8YLGKH8OVJ]HS_81K8JVNPV8HJ8YVJHPQH8TJIL8SJVI`JKT
GKN8RGIKHGIK8TJIL8THVMQHMVP?8PdITHIKO8S^NVJLJO^?8JVOGKIQ
RGHHPV?8GKN8KMHVIPKHT8THJVPN8IK8TJILT?8HSP8NITHMV[GKQP8HJ
SPGLHS^8TJIL8TSGLL8[P8LIRIHPN_8/^YIQGLL^?8HSP8\IVTH8.;; RR
TJIL8NPYHS8IT8RJTH8QJKNMQIXP8\JV8YLGKH8OVJ]HS?8GKN8IT
QJKTINPVPN8GT8HJY8TJIL_8%SPVP8SPGLHS^8HJY8TJIL8IT8[PIKO
NITHMV[PN8NMP8HJ8QJKTHVMQHIJK8GQHIXIHIPT8LIeP8PdQGXGHIJK?
HSP8HJY8TJIL8TSJMLN8[P8THVIYYPN8GKN8THGQePN8JK8JKP8TINP
HILL8 \MVHSPV8 MTP_8 9TP8 J\8 PdQPTTIXP8 QSPRIQGLT8 TMQS8 GT
\PVHILI`PVT8 RG^8 VPTMLH8 IK8 LGTHIKO8 NGRGOP8 HJ8 HSP8 TJIL
PQJLJO^8GKN8TSGLL?8HSPVP\JVP?8[P8GXJINPN_8&""8,GVH8);
b3GKNTQGYP8&PXPLJYRPKH?8*IOKT8GKN8"MHNJJV8&ITYLG^
*HVMQHMVPT?8*PQHIJK8)83GKNTQGYP8,LGKKIKO?8&PTIOK8GKN
&PXPLJYRPKHc8J\8HSP8+JNP?8\JV8\MVHSPV8NPHGILT8VPOGVNIKO
YVJHPQHIJK8J\8LGKNTQGYP8NMVIKO8QJKTHVMQHIJK_
;<1<8<! (X8:):=*8$).#"%*=,^8:,%"'+*,=.9*:#*+"'%*0T
68NIXPVTP8VGKOP8J\8TYPQIPT?8PTYPQIGLL^8KGHIXP8YLGKHT8QGK
YVJXINP8SG[IHGH8\JV8KGHIXP8\GMKG?8IKQLMNIKO8IRYJVHGKH
YJLLIKGHJV8TYPQIPT8U\JV8PdGRYLP?8IKTPQHT?8[IVNT8GKN8[GHTW
HSGH8 GVP8 KPQPTTGV^8 \JV8 YLGKH8 VPYVJNMQHIJK?8 IKQLMNIKO
QMLHIXGHIJK8J\8QVJYT_86LTJ?8[IJNIXPVTIH^8IK8LGKNTQGYPT
SPLYT8IK8VPHGIKIKO8TJIL8KMHVIPKHT8GKN8IT8RJVP8VPTITHGKH8HJ
GHHGQeT8[^8YPTHT_8/SP8\JLLJ]IKO8QJKTINPVGHIJKT8TSGLL8[P
MTPNh
GW 7':0"80*:,.$,#.4%".:Y."]*%0*,=.+"="0$0*:,.C
*MQS8TIHPT8TSGLL8[P8TPLPQHPN8HSGH8NJ8KJH8IKQLMNP
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*IHP8RG^8[P8NPTIOKPN8HJ8RIKIRITP8NITVMYHIJK
HJ8 PdITHIKO8 SG[IHGHT_8 /VPPT8 NPTIOKGHPN8 GT
IRYJVHGKH8[^8QJKQPVKPN8LJQGL?8THGHP8JV8QPKHVGL
GMHSJVIHIPT8 TSGLL8 [P8 YVPTPVXPN_8 0GHMVP8 HVPPT
GVP8TIOKI\IQGKH8QJRRMKIH^8VPTJMVQPT8[PQGMTP
3#4$(11(#334&#-5($&(6*6$#%"#)%'%$7
J\8 HSPIV8 QMLHMVGL?8 GPTHSPHIQ?8 JV8 SITHJVIQ
VPLPXGKQP8 GKN8 TSGLL8 [P8 YVPTPVXPN_
/VGKTYLGKHGHIJK8\JV8RGHMVP8HVPPT8]IHSIK8HSP8TIHP
JV8 HJ8 GKJHSPV8 TIHP8 TSGLL8 [P8 PdYLJVPN?8 ]SPVP
XPOPHGHIJK8 QLPGVIKO8 IT8 KPQPTTGV^8 \JV
QJKTHVMQHIJK_
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*#",0*0T.$,#.$.%",%".:Y.<)$8".C.2GHIXP8YLGKHT
]SIQS8 GVP8 PKNPRIQ8 HJ8 HSP8 LJQGHIJK8 GKN
GYYVJYVIGHP8KJKFKGHIXP8YLGKHT8GNGYHPN8HJ8TIHP
QJKNIHIJKT?8QLIRGHP?8GKN8NPTIOK8]SIQS8TMYYJVH
[IJNIXPVTIH^?8VPNMQPN8YPTHIQINP8MTP8GKN8]GHPV
QJKTPVXGHIJK?8TSGLL8[P8MTPN_8"KL^8KJKFIKXGTIXP
YLGKHT8 HSGH8 GVP8 KMVTPV^8 OVJ]K?8 LPOGLL^
SGVXPTHPN8JV8TGLXGOPN8\JV8VPMTP8\VJR8JK8JV8J\\F
TIHP8TSGLL8[P8MTPN_
QW V:,%"'+$0*:,.:Y.,$0*+".",#$,="'"#.%<"8*"%.i
2GHIXP8 XPOPHGHIJK8 HSGH8 IT8 PKNGKOPVPN8 IK8 HSP
LJQGLIH^8RG^8[P8YLGKHPN8HJ8QJKTPVXPgPKSGKQP
HSP8OPKP8YJJL8J\8KGHIXP8XPOPHGHIJK8GKN8YVJRJHP
[IJNIXPVTIH^_
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APOPHGHIJK8 YLGQPN8 IK8 THVGHPOIQ8 LJQGHIJKT8 GVJMKN
[MILNIKOT8 YVJXINPT8 GK8 JYYJVHMKIH^8 HJ8 VPNMQP8 PKPVO^
QJKTMRYHIJK8GKN8QJTHT8GTTJQIGHPN8]IHS8IKNJJV8QLIRGHP
QJKHVJL8\JV8QJJLIKO_8/VPPT?8TSGNPN8HVPLLITPT?8OVPPK8VJJ\T?
OVPPK8\GQGNPT8GKN8OVPPK8]GLLT8RG^8[P8MTPN8IKNIXINMGLL^
JV8 IK8 QJKaMKQHIJK8 ]IHS8 JHSPV8 RPGTMVPT8 HJ8 IKQVPGTP
TSGNIKO8[JHS8JK8HSP8OVJMKN8GKN8JK8HSP8[MILNIKO8TMV\GQP_
&PQINMJMT8HVPPT8GLLJ]8GQQPTT8HJ8HSP8TMK8IK8]IKHPV8GKN
YVJXINP8 TSGNP8 IK8 TMRRPV_8 APOPHGHIJK8 YVJXINPT
TIOKI\IQGKH8JYYJVHMKIHIPT8IK8QJKTPVXIKO8[MILNIKO8PKPVO^
QJKTMRYHIJK?8PTYPQIGLL^8I\8HSP8]PTH?8TJMHSF]PTH?8TJMHSF
PGTH8GKN8PGTH8\GQGNPT8J\8HSP8[MILNIKO8GVP8TSGNPN_8!JV
[MILNIKOT8]IHS8KGHMVGL8XPKHILGHIJK?8HSP8XPOPHGHIJK8TYPQIPT
TSGLL8[P8QGVP\MLL^8QSJTPK8TMQS8HSGH8HSP^8YVJXINP8TSGNP?
[MH8 NJ8 KJH8 TIOKI\IQGKHL^8 [LJQe8 QJJL8 [VPP`PT8 JV8 GK^
QJKXPQHIXP8GIV8QMVVPKHT_
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eW 6NNVPTTIKO8 QJKQPVKT8 J\8 VJGN8 TG\PH^8 GKN
HVGMRG8VPTYJKTPf
RW #PNMQIKO8YJLLMHIJK8LPXPLT8HSVJMOS8GYYVJYVIGHP
HVGXPLLIKO8 YVGQHIQPT?8 [PHHPV8 PK\JVQPRPKH?
THVIQHPV8KJVRT?8HPQSKJLJOIQGL8IRYVJXPRPKHT?
MTP8J\8PLPQHVIQGLL^8JYPVGHPN8XPSIQLPT8PHQf8GKN
KW :MILNIKO8 QGYGQIH^8 UIKTHIHMHIJKGL8 GKN
RGKYJ]PVW8 HJ8 YLGK8 \JV8 TMTHGIKG[LP8 MV[GK
HVGKTYJVH8 GKN8 PTHG[LITSIKO8 eKJ]LPNOP
RGKGOPRPKH8T^THPR_
;<9<8( O*8T8)".>$,"%.$,#.7"#"%0'*$,.;88"%%.C.&$Y"0T
$,#.V:(Y:'0
+JKTHVMQHIJK8 J\8 Q^QLP8 HVGQeT8 GKN8 YPNPTHVIGK8 YGHST8 IK
QIHIPT8PKSGKQPT8TG\PH^8GKN8HSPVP[^8PKSGKQPT8MTP8J\8KJKF
RJHJVI`PN8RJNPT_8/SP8TG\PH^8QJKQPVK8J\8Q^QLITHT8GKN
YPNPTHVIGKT8 TSJMLN8 [P8 GNNVPTTPN8 [^8 PKQJMVGOIKO8 HSP
QJKTHVMQHIJK8J\8TPOVPOGHPN8VIOSHT8J\8]G^8\JV8[IQ^QLPT
GKN8 YPNPTHVIGKT_8 6YGVH8 \VJR8 IRYVJXIKO8 TG\PH^?8 HSP
TPOVPOGHIJK8J\8XPSIQLPT8RJXIKO8GH8NI\\PVPKH8TYPPNT8SPLYT
!0
IRYVJXP8 HVG\\IQ8 \LJ]?8 IKQVPGTP8 HSP8 GXPVGOP8 TYPPN8 J\
HVG\\IQ8GKN8VPNMQP8PRITTIJKT8VPTMLHIKO8\VJR8TM[FJYHIRGL
TYPPNT_8*MQS8TPOVPOGHPN8YGHST8GVP8MTP\ML8KJH8JKL^8GLJKO
GVHPVIGLT?8HJ8PKG[LP8\MLL8HVIYT8MTIKO8KJK8RJHJVITH8HVGKTYJVH
[MH8GLTJ8GT8G8RPGKT8J\8IRYVJXIKO8GQQPTT8HJ8RGaJV8YM[LIQ
HVGKTYJVH8THGHIJKT_8*MQS8GQQPTT8YGHST?8QJMYLPN8]IHS8TG\P
[IQ^QLP8YGVeIKO8YLGQPT?8RG^8[P8YVJXINPN8\JV8YVJRJHIKO
GK8IKQVPGTPN8MTP8J\8YM[LIQ8HVGKTYJVH_8+VPGHIXP8\GQILIHIPT
LIeP8TSGNP8OIXIKO8LGKNTQGYIKO?8YVJXITIJK8J\8NVIKeIKO
]GHPV8GKN8VPTHIKO8THGHIJKT8GLJKO8[IQ^QLP8QJVVINJVT8TSJMLN
GLTJ8[P8PKQJMVGOPN8HJ8SPLY8RIHIOGHP?8HSP8P\\PQH8NMP8HJ
GNXPVTP8]PGHSPV8QJKNIHIJKT_8/SP8MTP8J\8HSP8QPKHVGL8XPVOP
GLJKO8RGK^8VJGNT?8GLJKO8]IHS8IKKJXGHIXPL^8NPTIOKPN
VJGN8QVJTTIKOT?8RG^8[P8QJKTINPVPN8\JV8NPXPLJYIKO8GT
Q^QLP8 HVGQeT_8 6H8 [MT^8 IKHPVTPQHIJKT8 GKN8 SIOS8 HVG\\IQ
QJVVINJVT?8YPNPTHVIGK8QVJTTIKO8TSGLL8[P8QJKTHVMQHPN_
!JLLJ]IKO8GVP8TJRP8J\8HSP8\PGHMVPT8]SIQS8TSJMLN8[P
QJKTINPVPN8]SILP8NPTIOKIKO8YPNPTHVIGK8GKN8Q^QLPgQ^QLPF
VIQeTSG]8\VIPKNL^8PKXIVJKRPKHh
GW &PTIOK8GKN8QJKTHVMQHIJK8PKTMVIKO8TG\PH^8GKN
QJR\JVH8J\8GLL8HSP8MTPVT_
[W 9TP8J\8\JLLJ]IKO8QLIRGHIQ8NPTIOK8\PGHMVPT8\JV
THVPPHT8 GKN8 YM[LIQ8 TYGQPT8 HJ8 RGeP8 HSPR
QJR\JVHG[LP8 \JV8 YPNPTHVIGKT?8 Q^QLITHT8 GKN
YM[LIQ8HVGKTYJVH8MTPVT?8[GTPN8JK8LJQGL8QLIRGHPh
)W ,LGKHIKO8J\8NPQINMJMT8HVPPT8GLL8GLJKO8HSP
YPNPTHVIGKgQ^QLIKO8 YGHS8 HJ8 YVJXINP
GNPZMGHP8TSGNP8IK8TMRRPV8GKN8GLLJ]8TJLGV
GQQPTT8IK8]IKHPV_
.W +JKTINPVGHIJKT8HJ8JXPVSGKOT?8GVQGNPT8GKN
QLJTPL^8[MILH8[MILNIKOT8YVJXINIKO8TSGNIKO
GKN8 QJR\JVH8 IK8 TMRRPV8 HJ8 HSP8 YM[LIQ
VPGLR_
(W "VIPKHGHIJK8 J\8 THVPPHT8 HJ8 GLLJ]8 HSP
NPTIVG[LP8NIVPQHIJKGL8]IKN8\LJ]8HSVJMOS
THVPPHT8GKN8YM[LIQ8TYGQPT8IK8TMRRPV8GKN
[LJQe8 MKNPTIVG[LP8 ]IKNT8 IK8 ]IKHPV?8 HJ
PKTMVP8QJR\JVH8IK8HSP8YM[LIQ8MTP8GVPGT_
QW *IOKGLI`GHIJK8 J\8 aMKQHIJKT8 GKN8 RINF[LJQe
QVJTTIKOT8JK8VJGNT8HJ8GLLJ]8TG\P8QVJTTIKOT8GH
OVGNP_
NW 0MLHIRJNGL8IKHPVQSGKOP8GKN8YVJXITIJK8J\8OJJN
YGVGFHVGKTYJVH8JYHIJKT8GKN8]GLeG[ILIH^8GH8HSP
KPIOS[JMVSJJN8 LPXPL8 GT8 HSP8 RJTH8 IRYJVHGKH
\GQHJV8IK8VPNMQIKO8MTP8J\8YVIXGHP8RJNPT8GKN
GLTJ8VPNMQIKO8HVGKTYJVHGHIJK8NPRGKNf8GKN8HSP
\JLLJ]IKO8HJ8[P8YVJXINPN8TJ8HSGH8YPJYLP8QGK
]GLe8JV8Q^QLP8PGTIL^8\JV8TSJVH8HVIYT8GT8]PLL8GT
\JV8GQQPTTIKO8RGTT8HVGKTYJVH8THGHIJKTh
)W !GTH8GKN8QJKXPKIPKH8IKHPVQSGKOP8[PH]PPK
RJNPT8UNITHGKQPT8[PH]PPK8RJNGL8QSGKOPT
HJ8[P8GT8YPV8RMLHIRJNGL8IKHPOVGHIJK8GKN
QJKKPQHIXIH^8VPZMIVPRPKHTW_
.W +LJTPTH8QJKXPKIPKH8IKHPVQSGKOP8GQQPTT8GH
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
 THGHIJKT8 \JV8 YPNPTHVIGKT?8 KJKFRJHJVI`PN
RJNPT8 GKN8 YM[LIQgYGVGHVGKTYJVH8 RJNPT?
YVP\PVG[L^8]IHSIK8=;8R8J\8THGHIJK8PdIHT_
PW ,VJYPV8 THVPPH8 OVIN8 NPKTIH^8 GT8 G8 QVIHIQGL
VPZMIVPRPKH8IK8MV[GK8NPTIOK8HJ8PKTMVP8TRGLL
[LJQeT8GKN8GK8IKHPVQJKKPQHPN8THVPPH8KPH]JVe
HJ8 YVJXINP8 G8 ]GLeG[LP?8 YM[LIQ8 HVGKTYJVH
\VIPKNL^8KPIOS[JMVSJJN8GT8YPV8HSP8\JLLJ]IKOh
)W *HVPPH8OVIN8NPKTIH^8J\8-F);8eR8QPKHVPFHJF
QPKHVPgeR.8 \JV8 VPTINPKHIGLFRIdPN8 MTP
KPIOS[JMVSJJNT8GKN8)(F.;8eR8QPKHVPFHJF
QPKHVPgeR.8 \JV8 QJRRPVQIGLFRIdPN8 MTP
KPIOS[JMVSJJNT8 HJ8 YVJXINP8 GNPZMGHP
QJKKPQHIXIH^8 GKN8 \VPZMPKH8 NIVPQHIJKGL
QSGKOPT8\JV8YPNPTHVIGKT_
.W &IVPQH8GKN8TSJVHPTH8VJMHPgGQQPTT8HJ8THGHIJK
HSVJMOS8 YVJXITIJK8 J\8 QMHFHSVJMOST8 \JV
YPNPTHVIGKT8GKN8KJKFRJHJVI`PN8HVGKTYJVH
HSVJMOS8 [LJQeT8 G[JXP8 .;;8 R8 IK8 LPKOHS
]IHS8G8XIP]8HJ8RGeIKO8TRGLLPV8[LJQe8TI`PT_
(W *IOKGLI`GHIJK8J\8aMKQHIJKT8GKN8RINF[LJQe
QVJTTIKOT8JK8VJGNT8HJ8GLLJ]8TG\P8QVJTTIKOT
GH8 OVGNP8 GH8 G8 RGdIRMR8 \VPZMPKQ^8 J\
.;; R_
\W ,VJXITIJKT8 J\8 NPNIQGHPN8 LGKPT8 GKN8 TIOKGL
YVIJVIHI`GHIJK8\JV8YPNPTHVIGKT?8KJKFRJHJVI`PN
HVGKTYJVH8 GKN8 YM[LIQ8 HVGKTYJVH8 JK8 RGaJV
QJVVINJVT8 TJ8 GT8 HJ8 YVJXINP8 YVIJVIH^8 GKN
QJKOPTHIJKF\VPP8RJXPRPKH8\JV8HSPTP8RJNPT_
OW 6NPZMGHP8THVPPH8LIOSHIKO8\JV8YPNPTHVIGKT8GKN
[IQ^QLPT8 HJ8 PKTMVP8 HSPIV8 TG\PH^_( RIKIRMR
ILLMRIKGKQP8 [PIKO8 (;8 LMd8 \JV8 KJKFTSJYYIKO
GVPGT8GKN8.;8LMd8\JV8TSJYYIKO8GVPGT?8[MT8THJYT
GKN8TIOKGLI`PN8QVJTTIKOT_
SW +JRRPVQIGLgSG]eIKO8 `JKPT8 GH8 VPOMLGV
IKHPVXGLT8IK8GQQJVNGKQP8]IHS8HSP8LJQGL8[^PLG]Tg
RGTHPVYLGK8 U]IHSIK8 =8 RIK8 ]GLe8 \VJR8 PXPV^
SJRP8IK8HSP8QIH^W8HJ8PKQJMVGOP8]GLeG[ILIH^8GKN
IKQVPGTPN8THVPPH8GQHIXIH^8GKN8HJ8YVJXINP8TG\PH^_
aW 6RPKIHIPT8\JV8YM[LIQ8HVGKTYJVH8MTPVTh
)W 6RPKIHIPT8 GHFOVGNP8 QVJTT]GLeT8 UGKN
JXPVYGTTPT8JK8SIOS]G^TW8GH8IKHPVXGLT8J\
B;F.;; R?8GLIOKIKO8]IHS8LJQGHIJK8J\8HVGKTIH
THJYT?8H^YP8J\8THVPPHgLGKN8MTP8GQHIXIHIPT8GKN
KPIOS[JMVIKO8 [MILNIKO8 PKHVIPT8 GKN
NPTHIKGHIJKT_
.W &MTH[IKT?8LPHHPVF[JdPT?8TIOKGOPT8GKN8JHSPV
YM[LIQ8GRPKIHIPT8GH8THVPPH8QJVKPVT8\JV8SIOS
MTG[ILIH^_
(W 6QQPTTI[LP8YM[LIQ8HJILPHT8GH8PXPV^8=;;8R
HJ8 B;;8 R8 NITHGKQP?8 YVP\PVG[L^8 LJQGHPN
QLJTP8 HJ8 [MT8 THJYT8 \JV8 PGT^8 GQQPTT8 [^
YPNPTHVIGKT8GKN8YM[LIQ8HVGKTYJVH8MTPVT_
3#4$(11(#334&#-5($&(6*6$#%"#)%'%$7
eW :GVVIPV8 \VPP8 PKXIVJKRPKH8 HJ8 RGeP8 YM[LIQ
THVPPHT8GKN8QVJTT]GLeT8\MLL^8KGXIOG[LP8[^8GLL
YPVTJKT8IKQLMNIKO8HSP8YPVTJKT8]IHS8NITG[ILIH^
GKN8HSP8PLNPVL^_
RW APVHIQGL8RIdIKO8J\8MTPT8TMQS8HSGH8GLL8KJKF]JVe
HVIYT8GVP8VPNMQPN8HJ8[P8MKNPV8=;;8R8]GLeIKO
NITHGKQP8 TMQS8 HSGH8 XPSIQMLGV8 HVIYT8 RG^8 [P
PLIRIKGHPN8 \JV8 NGIL^8 PVVGKNTf8 \JV8 PdGRYLP
HSVJMOS8 RIdPN8 QJKXPKIPKHgQJRRMKIH^
TSJYYIKO8MTPT8]IHS8VPTINPKHIGL8MTPT8HJ8VPNMQP
NPYPKNPKQ^8JK8YVIXGHP8XPSIQLP8GKN8TSI\HIKO8GLL
TSJVH8 HVIYT8 \VJR8 YVIXGHP8 XPSIQLP8 HJ8 ]GLeIKO?
Q^QLPFVIQeTSG]8JV8YM[LIQ8HVGKTYJVH_
;<9<9(RYY.&0'""0.7$'6*,=
/SP8J\\8THVPPH8YGVeIKO8TSGLL8[P8YLGKKPN8HGeIKO8QGVP8J\
HSP8\JLLJ]IKO8J[aPQHIXPT8GT8YPV8,GVH8(8b&PXPLJYRPKH
+JKHVJL8#MLPT8GKN84PKPVGL8:MILNIKO8#PZMIVPRPKHTc8J\
HSP8+JNPh
GW /J8VPLIPXP8QJKOPTHIJK8JK8THVPPHT8[^8YVJXINIKO
QJKXPKIPKH8 J\\FTHVPPH8 YGVeIKO8 GKN8 LJGNIKO
\GQILIHIPT8IK8YVJYJVHIJK8HJ8HSP8NPRGKN8QVPGHPN
[^8HSP8MTPf
[W /J8YVJXINP8\JV8HSP8TG\P8GKN8JVNPVL^8RJXPRPKH
J\8HVG\\IQ8HSVJMOS8YVJYPV8NPTIOK8GKN8LJQGHIJK
J\8 GNPZMGHP8 YGVeIKO?8 LJGNIKO?8 GKN
RGKJPMXVIKO8GVPGTf
QW /J8YVJHPQH8KPIOS[JMVSJJNT8GKN8TMVVJMKNIKO
LGKN8MTPT8\VJR8XPSIQMLGV8YGVeIKO?8LJGNIKO8GKN
HVG\\IQ8 QJKOPTHIJK?8 KJITP8 GKN8 NMTH?8 HSVJMOS
YVJYPV8GPTHSPHIQ8NPTIOK8GKN8LJQGHIJK8J\8PKHVIPT?
YGVeIKO8GVPGT?8GKN8LGKNTQGYIKOf
NW /J8 YVJRJHP8 [MTIKPTTPT?8 IKNMTHVIPT8 GKN
QJRRPVQIGL8 GQHIXIHIPT8 [^8 YVJXINIKO8 TG\P?
QJKXPKIPKH?8 GHHVGQHIXP8 YGVeIKO8 \GQILIHIPT8 GKN
PKXIVJKRPKHTf8GKN
PW /J8 PKQJMVGOP8 HSP8 MTP8 J\8 P\\IQIPKH8 \JVRT8 J\
HVGKTYJVHGHIJK_
;<9<: E*%8:4'$=*,=. &49%*#*`"#. 7$'6*,=. *,. 749)*8
'"$)(
*M[TINI`PN8 YGVeIKO8 IK8 YM[LIQ8 VJGNT8 GKN8 TYGQPT?
PTYPQIGLL^8IK8MV[GK8GVPGT8]IHS8SIOS8HVG\\IQ8NPKTIH^8JV
SGXIKO8LIePL^8YVJaPQHPN8SIOS8HVG\\IQ8NPKTIH^8TSJMLN8[P
NITQJMVGOPN8 HJ8 VPNMQP8 YVIXGHP8 XPSIQLP8 MTGOP8 GKN
IKNMQIKO8G8RJNGL8TSI\H8HJ]GVNT8YM[LIQ8HVGKTYJVH_8,GVeIKO
RGKGOPRPKH8RG^8[P8MTPN8GT8G8NPRGKN8RGKGOPRPKH
HJJL8VGHSPV8HSGK8G8TMYYL^8[GTPN8HJJL?8]IHS8HSP8\JLLJ]IKO
QJKTINPVGHIJKTh
GW &ITQJMVGOPRPKH8HJ8HSP8MTP8J\8QGV8GT8G8\PPNPV
JV8G8OPKPVGL8RJNP8J\8HVGKTYJVH?8]IHS8YGVe8GKN
VINP8\GQILIHIPT8[PIKO8JKL^8GH8THGHIJKT8J\8RGTT
VGYIN8HVGKTYJVH8T^THPR8U0#/*W_
[W ,VJXINIKO8 YGVeIKO8 JKL^8 \JV8 TPVXIQIKO8 VGHSPV
!1
 HSGK8\JV8GQQPTT?8GKN8JKL^8PRPVOPKQ^8XPSIQLP
GQQPTT8 HJ8 [P8 YVJXINPN8 ]SIQS8 QGK8 [P8 NJKP
HSVJMOS8YVJXITIJK8J\8RJMKHG[LP8ePV[T?8PHQ?8JK
YPNPTHVIGK8NJRIKGHPN8THVPPHT_
QW 2J8\VPP8JV8TM[TINI`PN8YGVeIKO8IK8YM[LIQ8TYGQP
GKN8 GQHMGL8 YGVeIKO8 QJTH8 HJ8 [P8 NP\IKPN8 [^
RGVePH8\JVQPT_
NW $K\JVQPRPKH8 J\8 YGVeIKO8 QGYT8 IK8 GVPGT8 ]IHS
RGTT8VGYIN8HVGKTYJVH8GQQPTT_
PW ,GVe8JKQPFGKNF]GLe8\GQILIHIPT8IK8[MT^8RGVePHT
GKN8VPTINPKHIGLgRIdPN8MTP8GVPGT_
\W *HVIQH8 PK\JVQPRPKH8 J\8 YGVeIKO8 HSVJMOS8 TPL\F
VPOMLGHIKO8NPTIOK_
;<9<2( 7':+*#*,=. U"*=&9:4'&::#. V:,,"80*+*0TQ
W$)6$9*)*0T.$,#.&$Y"0T
6H8 HSP8 TIHP8 NPTIOK8 GKN8 [LJQe8 NPTIOK8 LPXPL?8 TPXPVGL
RPGTMVPT8TSJMLN8[P8HGePK8\JV8VPNMQIKO8HVGKTYJVHGHIJK
NPRGKN8GKN8YVJRJHIKO8]GLeG[ILIH^?8GKN8PKTMVIKO8HSGH
HSP8 KPIOS[JMVSJJN8 IT8 G8 TG\P8 ]GLeG[LP8 YLGQP_8 /SPTP
RPGTMVPT8TSJMLN8IKQLMNP8HSP8\JLLJ]IKOh
GW APVHIQGL8 RIdIKO8 J\8 SJMTIKO8 GKN8 QJRRMKIH^
[GTPN8MTPT8HJ8PKTMVP8XI[VGKQ^8GKN8TG\PH^_
[W :GTPN8JK8LJQGL8QLIRGHP?8RIKIRMR8.8S8NG^LIOSH
GQQPTT8HJ8KPIOS[JMVIKO8[MILNIKOT8HJ8[P8PKTMVPN
HSVJMOS8YVJXITIJK8J\8VPZMIVPN8THVPPH8]INHSFHJF
SPIOSH8 VGHIJT?8 IK8 GQQJVNGKQP8 ]IHS8 ,GVH8 (
b&PXPLJYRPKH8 +JKHVJL8 #MLPT8 GKN8 4PKPVGL
:MILNIKO8#PZMIVPRPKHTc8J\8HSP8+JNP_
QW O):86.%*`"%.$,#.<$%":%8i8!JV8[LJQeT8]SPVP
GK^8JKP8TINP8IT8OVPGHPV8HSGK8.;;8R8IK8LPKOHS?8G
YM[LIQ8GQQPTT8QMHFHSVJMOS8\JV8YPNPTHVIGKT8GKN
KJKFRJHJVI`PN8 HVGKTYJVH8 U20/W8 TSGLL8 [P
YVJXINPN_8 /SIT8 PKTMVPT8 QJKKPQHIXIH^8 GKN
]GLeG[ILIH^8 IK8 HSP8 KPIOS[JMVSJJN8 PKG[LIKO
TSJVH8LJQGL8HVIYT8HJ8[P8RGNP8JK8\JJH_
NW /SP8 TPH[GQeT8 GKN8 [JMKNGV^8 ]GLL8 \JV
QJRRPVQIGL8YVJYPVHIPT8TSJMLN8[P8NPTIOKPN8TJ
GT8 HJ8 GLTJ8 YVJRJHP8 TG\PH^8 GKN8 PKQJMVGOP
YPNPTHVIGK8QJRRMKIQGHIJK_
;<9<;8 X8:):=T.:Y.&0'""0%
6T8 THVPPHT8 QJKTHIHMHP8 G[JMH8 .;8 HJ8 .=8 YPVQPKH8 J\8 HSP
IRYPVXIJMT8 QJXPV8 J\8 HSP8 QIH^?8 HSP^8 SGXP8 G8 LGVOP
NPHVIRPKHGL8 P\\PQH8 JK8 HSP8 SPGH8 ITLGKN8 P\\PQH8 GKN
PQJLJOIQGL8 QSGVGQHPV8 J\8 G8 QIH^_8 /SP8 \JLLJ]IKO8 NPTIOK
QJRYJKPKHT8TSJMLN8[P8IKHPOVGHPN8IK8THVPPH8NPTIOKh
GW ,LGKHIKO8 J\8 HVPPT8 GT8 GK8 PTTPKHIGL8 QJRYJKPKH
\JV8GLL8THVPPHT8HJ8YVJXINP8TSGNP8HJ8YPNPTHVIGKT
GKN8VPNMQP8TJLGV8OGIK_
[W 9TP8 J\8 SIOS8 GL[PNJ8 UNI\\MTPN8 VP\LPQHIXIH^W
RGHPVIGLT8\JV8YGXIKO8GKN8IKQVPGTIKO8OVPPKPV^
GVJMKN8HJ8VPNMQP8SPGH8ITLGKN8P\\PQH_
!!
QW &PQVPGTIKO8 IRYPVXIJMT8 TMV\GQPT8 HSVJMOS
YPVRPG[LP8YGXIKO?8HVPP8YLGKHIKO8`JKPT?8PHQ?8HJ
IKQVPGTP8OVJMKN]GHPV8IK\ILHVGHIJK8GKN8YVPXPKH
TPGTJKGL8\LJJNIKO_
NW 1KHPOVGHP8 KGHMVGL8 THJVR8 ]GHPV8 \ILHVGHIJK8 GKN
G[TJVYHIJK8 IKHJ8 THVPPH8 NPTIOK8 HSVJMOS8 [IJF
\ILHVGHIJK8 [PNT?8 [IJFT]GLPT8 GKN8 NPHPKHIJK
YJKNT_
;<:( .ZADFM?H('BNEABMN(+DPBNM
;<:<1 ( >$,#%8$<". >*=&0*,=. E"%*=,. C. ;)):/$9)"
>*=&0*,=.7:/"'.E",%*0T.Z>7E[
3IOSH8 YJLLMHIJK8 QGK8 NITVMYH8 QIVQGNIGK8 VS^HSRT8 GKN
RPLGHJKIK8YVJNMQHIJK?8]SIQS8SGT8[PPK8LIKePN8HJ8TPVIJMT
SPGLHS8 QJKQPVKT_8 #PGTJKG[LP8 MTP8 J\8 JMHNJJV8 LIOSHIKO
VPTHJVPT8NGVe8KIOSH8TeIPT8GKN8YVPTPVXPT8HSP8GR[IGKQP
J\8HSP8KIOSH_8%SPHSPV8JMHNJJV8LIOSH8IT8NIVPQHL^8GNaGQPKH
HJ8G8TYPQIPT8SG[IHGH8JV8LJQGHPN8GH8TJRP8NITHGKQP8IT8GK
IRYJVHGKH8 QJKTINPVGHIJK?8 GT8 HSVJMOS8 Te^8 OLJ]?8 HSP
QJR[IKPN8P\\PQHT8J\8GVHI\IQIGL8LIOSHIKO8JK8XGTH8KMR[PVT
J\8KJQHMVKGL8TYPQIPT8SGXP8HSP8YJHPKHIGL8HJ8NITVMYH8HSP
\MKQHIJKIKO8J\8PKHIVP8PQJT^THPRT8[^8NITHMV[IKO8[GLGKQPT
IK8QJRYPHIHIJK8GKN8YVPNGHIJK_8/SP8LGKNTQGYP8LIOSHIKO
TSJMLN8 [P8 NPTIOKPN8 TMQS8 HSGH8 LIOSH8 \IdHMVPT8 PRIH
RIKIRMR8LIOSH8GT8YPV8HSP8TYPQI\IPN8HJHGL8\IdPN8LMRPKT
GKN8 JKL^8 LIOSH8 HSP8 GVPGT8 GT8 VPZMIVPN8 \JV8 TG\PH^8 GKN
QJR\JVH_8 1K8 GNNIHIJK?8 HSP8 LIOSHIKO8 TSGLL8 [P8 P\\IQIPKH
QJRYL^IKO8 ]IHS8 HSP8 VPZMIVPRPKHT8 J\8 RGdIRMR8 3,&
OIXPK8IK8/G[LP8)_
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