NFPA 25 - 2014 Standard For The Inspection, Testing, and Maintenance of Water-Based Fire Protection Systems

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NFPA® 25
Standard for
the Inspection, Testing, and
Maintenance of Water-Based
Fire Protection Systems
2014 Edition
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NFPA, 1 Batterymarch Park, Quincy, MA 02169-7471

An International Codes and Standards Organization
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%WWIWWQIRX SJ -RXIVREP 'SRHMXMSR SJ 7QEPP 6IWMHIRXMEP &SEVH ERH 'EVI
4MTMRK z 3GGYTERGMIW z
3FWXVYGXMSR -RZIWXMKEXMSR ERH
%RRI\ % )\TPEREXSV] 1EXIVMEP z
4VIZIRXMSR z
-GI 3FWXVYGXMSR z %RRI\ & *SVQW JSV -RWTIGXMSR 8IWXMRK ERH
1EMRXIRERGI z
'LETXIV -QTEMVQIRXW z
+IRIVEP z %RRI\ ' 4SWWMFPI 'EYWIW SJ 4YQT 8VSYFPIW z
-QTEMVQIRX 'SSVHMREXSV z %RRI\ ( 3FWXVYGXMSR -RZIWXMKEXMSR z
8EK -QTEMVQIRX 7]WXIQ z
-QTEMVIH )UYMTQIRX z %RRI\ ) ,EÊVH )ZEPYEXMSR *SVQ z
4VITPERRIH -QTEMVQIRX 4VSKVEQW z
%RRI\ * -RJSVQEXMSREP 6IJIVIRGIW z
)QIVKIRG] -QTEMVQIRXW z
6IWXSVMRK 7]WXIQW XS 7IVZMGI z -RHI\ z
)HMXMSR
6)*)6)2')( 49&0-'%8-327 z
2*4% 8]TIW SJ 7]WXIQW

8LI X]TIW SJ W]WXIQW EHHVIWWIH F] XLMW WXERHEVH MR
7XERHEVH JSV XLI GPYHI FYX EVI RSX PMQMXIH XS WTVMROPIV WXERHTMTI ERH LSWI
JM\IH [EXIV WTVE] TVMZEXI JMVI L]HVERXW [EXIV QMWX ERH JSEQ
-RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI SJ [EXIV
;EXIV&EWIH *MVI 4VSXIGXMSR 7]WXIQW ;EXIV WYTTPMIW XLEX EVI TEVX SJ XLIWI W]WXIQW WYGL EW
TVMZEXI JMVI WIVZMGI QEMRW ERH ETTYVXIRERGIW JMVI TYQTW ERH
)HMXMSR [EXIV WXSVEKI XEROW ERH ZEPZIW XLEX GSRXVSP W]WXIQ JPS[ EVI
EPWS MRGPYHIH MR XLMW WXERHEVH
-14368%28 238) 8LMW 2*4% HSGYQIRX MW QEHI EZEMPEFPI JSV 8LMW WXERHEVH EHHVIWWIW XLI STIVEXMRK GSRHMXMSR SJ JMVI
YWI WYFNIGX XS MQTSVXERX RSXMGIW ERH PIKEP HMWGPEMQIVW 8LIWI RSXMGIW TVSXIGXMSR W]WXIQW EW [IPP EW MQTEMVQIRX LERHPMRK ERH VITSVX
ERH HMWGPEMQIVW ETTIEV MR EPP TYFPMGEXMSRW GSRXEMRMRK XLMW HSGYQIRX MRK ERH ETTPMIW XS JMVI TVSXIGXMSR W]WXIQW XLEX LEZI FIIR TVST
ERH QE] FI JSYRH YRHIV XLI LIEHMRK w-QTSVXERX 2SXMGIW ERH (MW IVP] MRWXEPPIH MR EGGSVHERGI [MXL KIRIVEPP] EGGITXIH TVEGXMGI
GPEMQIVW 'SRGIVRMRK 2*4% (SGYQIRXWx 8LI] GER EPWS FI SFXEMRIH
SR VIUYIWX JVSQ 2*4% SV ZMI[IH EX [[[RJTESVKHMWGPEMQIVW 8LMW WXERHEVH HSIW RSX VIUYMVI XLI MRWTIGXSV XS ZIVMJ]
238-') %R EWXIVMWO JSPPS[MRK XLI RYQFIV SV PIXXIV XLI EHIUYEG] SJ XLI HIWMKR SJ XLI W]WXIQ
HIWMKREXMRK E TEVEKVETL MRHMGEXIW XLEX I\TPEREXSV] QEXIVMEP 'SVVIGXMZI EGXMSR RIIHIH XS IRWYVI XLEX E W]WXIQ STIV
SR XLI TEVEKVETL GER FI JSYRH MR %RRI\ % EXIW MR E WEXMWJEGXSV] QERRIV WLEPP FI MR EGGSVHERGI [MXL XLMW
'LERKIW SXLIV XLER IHMXSVMEP EVI MRHMGEXIH F] E ZIVXMGEP WXERHEVH YRPIWW XLMW WXERHEVH WTIGMJMGEPP] VIJIVW XS ER ETTVSTVM
VYPI FIWMHI XLI TEVEKVETL XEFPI SV JMKYVI MR [LMGL XLI EXI MRWXEPPEXMSR WXERHEVH
GLERKI SGGYVVIH 8LIWI VYPIW EVI MRGPYHIH EW ER EMH XS XLI 8LMW WXERHEVH WLEPP RSX ETTP] XS WTVMROPIV W]WXIQW HI
YWIV MR MHIRXMJ]MRK GLERKIW JVSQ XLI TVIZMSYW IHMXMSR ;LIVI WMKRIH MRWXEPPIH ERH QEMRXEMRIH MR EGGSVHERGI [MXL
SRI SV QSVI GSQTPIXI TEVEKVETLW LEZI FIIR HIPIXIH XLI HI 2*4% ( 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR 3RI
PIXMSR MW MRHMGEXIH F] E FYPPIX c FIX[IIR XLI TEVEKVETLW XLEX ERH 8[S*EQMP] ([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW
VIQEMR
4YVTSWI
% VIJIVIRGI MR FVEGOIXW ? A JSPPS[MRK E WIGXMSR SV TEVEKVETL
MRHMGEXIW QEXIVMEP XLEX LEW FIIR I\XVEGXIH JVSQ ERSXLIV 2*4% 8LI TYVTSWI SJ XLMW HSGYQIRX MW XS TVSZMHI VIUYMVIQIRXW
HSGYQIRX %W ER EMH XS XLI YWIV XLI GSQTPIXI XMXPI ERH IHMXMSR XLEX IRWYVI E VIEWSREFPI HIKVII SJ TVSXIGXMSR JSV PMJI ERH TVST
SJ XLI WSYVGI HSGYQIRXW JSV I\XVEGXW MR QERHEXSV] WIGXMSRW SJ IVX] JVSQ JMVI XLVSYKL QMRMQYQ MRWTIGXMSR XIWXMRK ERH QEMRXI
XLI HSGYQIRX EVI KMZIR MR 'LETXIV ERH XLSWI JSV I\XVEGXW MR RERGI QIXLSHW JSV [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW
MRJSVQEXMSREP WIGXMSRW EVI KMZIR MR %RRI\ * )\XVEGXIH XI\X -R XLSWI GEWIW [LIVI MX MW HIXIVQMRIH XLEX ER I\MWXMRK
QE] FI IHMXIH JSV GSRWMWXIRG] ERH WX]PI ERH QE] MRGPYHI XLI WMXYEXMSR MRZSPZIW E HMWXMRGX LEÊVH XS PMJI SV TVSTIVX] XLI EY
VIZMWMSR SJ MRXIVREP TEVEKVETL VIJIVIRGIW ERH SXLIV VIJIV XLSVMX] LEZMRK NYVMWHMGXMSR WLEPP FI TIVQMXXIH XS VIUYMVI MR
IRGIW EW ETTVSTVMEXI 6IUYIWXW JSV MRXIVTVIXEXMSRW SV VIZMWMSRW WTIGXMSR XIWXMRK ERH QEMRXIRERGI QIXLSHW MR I\GIWW SJ XLSWI
SJ I\XVEGXIH XI\X WLEPP FI WIRX XS XLI XIGLRMGEP GSQQMXXII VI VIUYMVIH F] XLI WXERHEVH
WTSRWMFPI JSV XLI WSYVGI HSGYQIRX
-RJSVQEXMSR SR VIJIVIRGIH TYFPMGEXMSRW GER FI JSYRH MR %TTPMGEXMSR
'LETXIV ERH %RRI\ * -X MW RSX XLI MRXIRX SJ XLMW HSGYQIRX XS PMQMX SV VIWXVMGX
XLI YWI SJ SXLIV MRWTIGXMSR XIWXMRK SV QEMRXIRERGI TVSKVEQW
XLEX TVSZMHI ER IUYMZEPIRX PIZIP SJ W]WXIQ MRXIKVMX] ERH TIVJSV
'LETXIV %HQMRMWXVEXMSR QERGI XS XLEX HIXEMPIH MR XLMW HSGYQIRX
7GSTI 8LMW HSGYQIRX IWXEFPMWLIW XLI QMRMQYQ VIUYMVI 8LI EYXLSVMX] LEZMRK NYVMWHMGXMSR WLEPP FI GSRWYPXIH
QIRXW JSV XLI TIVMSHMG MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI ERH ETTVSZEP SFXEMRIH JSV WYGL EPXIVREXMZI TVSKVEQW
SJ [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW ERH XLI EGXMSRW XS YR 9RMXW 1IXVMG YRMXW SJ QIEWYVIQIRX MR XLMW WXERHEVH EVI
HIVXEOI [LIR GLERKIW MR SGGYTERG] YWI TVSGIWW QEXIVMEPW MR EGGSVHERGI [MXL XLI QSHIVRMÎH QIXVMG W]WXIQ ORS[R EW
LEÊVH SV [EXIV WYTTP] XLEX TSXIRXMEPP] MQTEGX XLI TIVJSV XLI -RXIVREXMSREP 7]WXIQ SJ 9RMXW 7-
QERGI SJ XLI [EXIVFEWIH W]WXIQ EVI TPERRIH SV MHIRXMJMIH
-J E ZEPYI JSV QIEWYVIQIRX EW KMZIR MR XLMW WXERHEVH MW
'SSVHMREXMSR [MXL 2*4% 8IWXMRK 6IUYMVIQIRXW 8LMW JSPPS[IH F] ER IUYMZEPIRX ZEPYI MR SXLIV YRMXW XLI JMVWX WXEXIH
WXERHEVH HSIW RSX EHHVIWW EPP SJ XLI MRWTIGXMSR XIWXMRK ERH WLEPP FI VIKEVHIH EW XLI VIUYMVIQIRX % KMZIR IUYMZEPIRX ZEPYI
QEMRXIRERGI SJ XLI IPIGXVMGEP GSQTSRIRXW SJ XLI EYXSQEXMG WLEPP FI GSRWMHIVIH XS FI ETTVS\MQEXI
JMVI HIXIGXMSR IUYMTQIRX YWIH XS EGXMZEXI TVIEGXMSR ERH HIP
YKI W]WXIQW XLEX EVI EHHVIWWIH F] 2*4% 2EXMSREP *MVI %PEVQ 7- YRMXW LEZI FIIR GSRZIVXIH F] QYPXMTP]MRK XLI UYER
ERH 7MKREPMRK 'SHI XMX] F] XLI GSRZIVWMSR JEGXSV ERH XLIR VSYRHMRK XLI VIWYPX XS
XLI ETTVSTVMEXI RYQFIV SJ WMKRMJMGERX HMKMXW ;LIVI RSQMREP
8LI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI VIUYMVIH F] SV XVEHI WMÎW I\MWX XLI RSQMREP HMQIRWMSR LEW FIIR VIGSK
XLMW WXERHEVH ERH 2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK RMÎH MR IEGL YRMX
'SHI WLEPP FI GSSVHMREXIH WS XLEX XLI W]WXIQ STIVEXIW EW MR
XIRHIH
'LETXIV 6IJIVIRGIH 4YFPMGEXMSRW
%PP MRWTIGXMSRW XIWXMRK ERH QEMRXIRERGI VIUYMVIH F]
2*4% WLEPP GSRJSVQ XS 2*4% ERH EPP MRWTIGXMSRW XIWXMRK +IRIVEP 8LI HSGYQIRXW SV TSVXMSRW XLIVISJ PMWXIH MR XLMW
ERH QEMRXIRERGI VIUYMVIH F] XLMW WXERHEVH WLEPP GSRJSVQ XS GLETXIV EVI VIJIVIRGIH [MXLMR XLMW WXERHEVH ERH WLEPP FI GSR
XLMW WXERHEVH WMHIVIH TEVX SJ XLI VIUYMVIQIRXW SJ XLMW HSGYQIRX
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
2*4% 4YFPMGEXMSRW 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR 2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG
&EXXIV]QEVGL 4EVO 5YMRG] 1% XMSR IHMXMSR
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMROPIV
*SEQ IHMXMSR ERH *SEQ;EXIV 7TVE] 7]WXIQW IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV
IHMXMSR *MVI 4VSXIGXMSR IHMXMSR
2*4% ( 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI
3RI ERH 8[S*EQMP] ([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW 1EMRW ERH 8LIMV %TTYVXIRERGIW IHMXMSR
IHMXMSR 2*4% 7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR SJ
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI 'SQQIVGMEP 'SSOMRK 3TIVEXMSRW IHMXMSR
7]WXIQW IHMXMSR 2*4% 0MJI 7EJIX] 'SHI IHMXMSR
2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG 2*4% 7XERHEVH JSV )QIVKIRG] ERH 7XERHF] 4S[IV 7]WXIQW
XMSR IHMXMSR IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMROPIV 2*4% 7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW
ERH *SEQ;EXIV 7TVE] 7]WXIQW IHMXMSR IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR MR ;EWXI[EXIV 8VIEXQIRX
*MVI 4VSXIGXMSR IHMXMSR ERH 'SPPIGXMSR *EGMPMXMIW IHMXMSR
2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR -RJVEWXVYGXYVI JSV 0ERH
2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
(IZIPSTQIRX MR ;MPHPERH 6YVEP ERH 7YFYVFER %VIEW IHMXMSR
IHMXMSR
2*4% 7XERHEVH JSV XLI -RWTIGXMSR 1EMRXIRERGI 8IWXMRK ERH
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI
6IXMVIQIRX SJ -R7IVZMGI %YXSQSXMZI *MVI %TTEVEXYW IHMXMSR
1EMRW ERH 8LIMV %TTYVXIRERGIW IHMXMSR
2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI IHMXMSR
2*4% 0MJI 7EJIX] 'SHI IHMXMSR
'LETXIV (IJMRMXMSRW
2*4% 7XERHEVH JSV )QIVKIRG] ERH 7XERHF] 4S[IV 7]WXIQW
IHMXMSR +IRIVEP 8LI HIJMRMXMSRW GSRXEMRIH MR XLMW GLETXIV WLEPP
2*4% 7XERHEVH JSV XLI 'SRWXVYGXMSR ERH *MVI 4VSXIGXMSR SJ ETTP] XS XLI XIVQW YWIH MR XLMW WXERHEVH ;LIVI XIVQW EVI RSX
1EVMRI 8IVQMREPW 4MIVW ERH ;LEVZIW IHMXMSR HIJMRIH MR XLMW GLETXIV SV [MXLMR ERSXLIV GLETXIV XLI] WLEPP
2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW IHMXMSR FI HIJMRIH YWMRK XLIMV SVHMREVMP] EGGITXIH QIERMRKW [MXLMR
2*4% 7XERHEVH JSV XLI 'EVI 9WI -RWTIGXMSR 7IVZMGI 8IWX XLI GSRXI\X MR [LMGL XLI] EVI YWIH 1IVVMEQ;IFWXIVvW 'SPPIKMEXI
MRK ERH 6ITPEGIQIRX SJ *MVI ,SWI 'SYTPMRKW 2S^^PIW ERH *MVI ,SWI (MGXMSREV] XL IHMXMSR WLEPP FI XLI WSYVGI JSV XLI SVHMREVMP]
%TTPMERGIW IHMXMSR EGGITXIH QIERMRK
3XLIV 4YFPMGEXMSRW 2*4% 3JJMGMEP (IJMRMXMSRW
%781 4YFPMGEXMSRW %781 -RXIVREXMSREP &EVV ,EV %TTVSZIH %GGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMG
FSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% XMSR
%781 ( F 7XERHEVH 7TIGMJMGEXMSR JSV (MIWIP *YIP 3MPW %YXLSVMX] ,EZMRK .YVMWHMGXMSR %,. %R SVKERMÊXMSR
SJJMGI SV MRHMZMHYEP VIWTSRWMFPI JSV IRJSVGMRK XLI VIUYMVI
QIRXW SJ E GSHI SV WXERHEVH SV JSV ETTVSZMRK IUYMTQIRX
%781 ( 7XERHEVH 8IWX 1IXLSHW JSV 1IEWYVMRK %HLIWMSR
QEXIVMEPW ER MRWXEPPEXMSR SV E TVSGIHYVI
F] 8ETI 8IWX
0MWXIH )UYMTQIRX QEXIVMEPW SV WIVZMGIW MRGPYHIH MR E
%781 ( F 7XERHEVH 7TIGMJMGEXMSR JSV &MSHMIWIP *YIP PMWX TYFPMWLIH F] ER SVKERMÊXMSR XLEX MW EGGITXEFPI XS XLI EY
&PIRH 7XSGO & JSV 1MHHPI (MWXMPPEXI *YIPW XLSVMX] LEZMRK NYVMWHMGXMSR ERH GSRGIVRIH [MXL IZEPYEXMSR SJ
%781 ( 7XERHEVH 8IWX 1IXLSH JSV 3\MHEXMSR 7XEFMPMX] TVSHYGXW SV WIVZMGIW XLEX QEMRXEMRW TIVMSHMG MRWTIGXMSR SJ
SJ &MSHMIWIP & ERH &PIRHW SJ &MSHMIWIP [MXL 1MHHPI (MWXMPPEXI TVSHYGXMSR SJ PMWXIH IUYMTQIRX SV QEXIVMEPW SV TIVMSHMG IZEPY
4IXVSPIYQ *YIP EGGIPIVEXIH 1IXLSH EXMSR SJ WIVZMGIW ERH [LSWI PMWXMRK WXEXIW XLEX IMXLIV XLI IUYMT
QIRX QEXIVMEP SV WIVZMGI QIIXW ETTVSTVMEXI HIWMKREXIH WXER
,- 4YFPMGEXMSRW ,]HVEYPMG -RWXMXYXI 'EQTYW (VMZI HEVHW SV LEW FIIR XIWXIH ERH JSYRH WYMXEFPI JSV E WTIGMJMIH
*MVWX *PSSV 2SVXL 4EVWMTTER] 2. TYVTSWI
,- 6SXEV] 4YQT 8IWXW 7LEPP -RHMGEXIW E QERHEXSV] VIUYMVIQIRX
3XLIV 4YFPMGEXMSRW 7LSYPH -RHMGEXIW E VIGSQQIRHEXMSR SV XLEX [LMGL MW
EHZMWIH FYX RSX VIUYMVIH
1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ
;IFWXIV -RG 7TVMRKJMIPH 1% 7XERHEVH % HSGYQIRX XLI QEMR XI\X SJ [LMGL GSRXEMRW
SRP] QERHEXSV] TVSZMWMSRW YWMRK XLI [SVH wWLEPPx XS MRHMGEXI
6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW VIUYMVIQIRXW ERH [LMGL MW MR E JSVQ KIRIVEPP] WYMXEFPI JSV
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR QERHEXSV] VIJIVIRGI F] ERSXLIV WXERHEVH SV GSHI SV JSV EHST
*SEQ IHMXMSR XMSR MRXS PE[ 2SRQERHEXSV] TVSZMWMSRW EVI RSX XS FI GSRWMH
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW IVIH E TEVX SJ XLI VIUYMVIQIRXW SJ E WXERHEVH ERH WLEPP FI
IHMXMSR PSGEXIH MR ER ETTIRHM\ ERRI\ JSSXRSXI MRJSVQEXMSREP RSXI
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI SV SXLIV QIERW EW TIVQMXXIH MR XLI 1ERYEP SJ 7X]PI JSV 2*4%
7]WXIQW IHMXMSR 8IGLRMGEP 'SQQMXXII (SGYQIRXW
)HMXMSR
()*-2-8-327 z
+IRIVEP (IJMRMXMSRW 1SRMXSV 2S^^PI ,]HVERX % L]HVERX IUYMTTIH [MXL
E QSRMXSV RS^^PI GETEFPI SJ HIPMZIVMRK QSVI XLER KTQ
%HNYWX 8S QEMRXEMR SV VIKYPEXI [MXLMR TVIWGVMFIH PMQ
0QMR
MXW F] WIXXMRK XLI STIVEXMRK GLEVEGXIVMWXMGW XS WTIGMJMIH TEVEQ
IXIVW ? A ;EPP ,]HVERX % L]HVERX QSYRXIH SR XLI SYXWMHI
SJ E [EPP SJ E FYMPHMRK JIH JVSQ MRXIVMSV TMTMRK ERH IUYMTTIH
%PEVQ 6IGIMZMRK *EGMPMX] 8LI TPEGI [LIVI EPEVQ SV WY [MXL GSRXVSP ZEPZIW PSGEXIH MRWMHI XLI FYMPHMRK XLEX RSVQEPP]
TIVZMWSV] WMKREPW EVI VIGIMZIH EVI OI]STIVEXIH JVSQ XLI FYMPHMRKvW I\XIVMSV
%YXSQEXMG (IXIGXMSR )UYMTQIRX )UYMTQIRX XLEX EYXS ;IX &EVVIP ,]HVERX % X]TI SJ L]HVERX XLEX WSQI
QEXMGEPP] HIXIGXW LIEX JPEQI TVSHYGXW SJ GSQFYWXMSR JPEQ XMQIW MW YWIH [LIVI XLIVI MW RS HERKIV SJ JVII^MRK [IEXLIV
QEFPI KEWIW SV SXLIV GSRHMXMSRW PMOIP] XS TVSHYGI JMVI SV I\ )EGL SYXPIX SR E [IX FEVVIP L]HVERX MW TVSZMHIH [MXL E
TPSWMSR ERH GEYWI SXLIV EYXSQEXMG EGXYEXMSR SJ EPEVQ ERH ZEPZIH SYXPIX XLVIEHIH JSV JMVI LSWI ? A
TVSXIGXMSR IUYMTQIRX
*SEQ 'SRGIRXVEXI % GSRGIRXVEXIH PMUYMH JSEQMRK
%YXSQEXMG 3TIVEXMSR 3TIVEXMSR [MXLSYX LYQER MRXIV EKIRX EW VIGIMZIH JVSQ XLI QERYJEGXYVIV ? A
ZIRXMSR
?*SEQA (MWGLEVKI (IZMGI % HIZMGI HIWMKRIH XS HMW
%YXSQEXMG 8VERWJIV 7[MXGL 7IPJEGXMRK IUYMTQIRX JSV GLEVKI [EXIV SV JSEQ[EXIV WSPYXMSR MR E TVIHIXIVQMRIH JM\IH
XVERWJIVVMRK XLI GSRRIGXIH PSEH JVSQ SRI TS[IV WSYVGI XS SV EHNYWXEFPI TEXXIVR )\EQTPIW MRGPYHI FYX EVI RSX PMQMXIH XS
ERSXLIV TS[IV WSYVGI ? A WTVMROPIVW WTVE] RS^^PIW ERH LSWI RS^^PIW ? A
'PIER 8S VIQSZI HMVX WGEPI ERH HIFVMW ,SWI 'SRRIGXMSR % GSQFMREXMSR SJ IUYMTQIRX TVS
(IJMGMIRG] *SV XLI TYVTSWIW SJ MRWTIGXMSR XIWXMRK ERH ZMHIH JSV GSRRIGXMSR SJ E LSWI XS XLI WXERHTMTI W]WXIQ XLEX
QEMRXIRERGI SJ [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW E GSRHM MRGPYHIW E LSWI ZEPZI [MXL E XLVIEHIH SYXPIX ? A
XMSR XLEX [MPP SV LEW XLI TSXIRXMEP XS EHZIVWIP] MQTEGX XLI TIV ,SWI ,SYWI %R IRGPSWYVI PSGEXIH SZIV SV EHNEGIRX
JSVQERGI SJ E W]WXIQ SV TSVXMSR XLIVISJ FYX HSIW RSX VMWI XS XS E L]HVERX SV SXLIV [EXIV WYTTP] HIWMKRIH XS GSRXEMR XLI
XLI PIZIP SJ ER MQTEMVQIRX RIGIWWEV] LSWI RS^^PIW LSWI [VIRGLIW KEWOIXW ERH WTERRIVW
'VMXMGEP (IJMGMIRG] % HIJMGMIRG] XLEX MJ RSX GSV XS FI YWIH MR JMVI JMKLXMRK MR GSRNYRGXMSR [MXL ERH XS TVSZMHI
VIGXIH GER LEZI E QEXIVMEP IJJIGX SR XLI EFMPMX] SJ XLI JMVI EMH XS XLI PSGEP JMVI HITEVXQIRX
TVSXIGXMSR W]WXIQ SV YRMX XS JYRGXMSR EW MRXIRHIH MR E ,SWI 2S^^PI % HIZMGI MRXIRHIH JSV HMWGLEVKMRK [EXIV
JMVI IZIRX JSV QERYEP WYTTVIWWMSR SV I\XMRKYMWLQIRX SJ E JMVI
2SRGVMXMGEP (IJMGMIRG] % HIJMGMIRG] XLEX HSIW RSX ,SWI 7XEXMSR % GSQFMREXMSR SJ E LSWI VEGO LSWI
LEZI E QEXIVMEP IJJIGX SR XLI EFMPMX] SJ XLI JMVI TVSXIGXMSR RS^^PI LSWI ERH LSWI GSRRIGXMSR ? A
W]WXIQ SV YRMX XS JYRGXMSR MR E JMVI IZIRX FYX GSVVIGXMSR
,SWI 7XSVEKI (IZMGIW
MW RIIHIH XS QIIX XLI VIUYMVIQIRXW SJ XLMW WXERHEVH SV
JSV XLI TVSTIV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ 'SRZIRXMSREP 4MR 6EGO % LSWI VEGO [LIVI XLI
XLI W]WXIQ SV YRMX LSWI MW JSPHIH ZIVXMGEPP] ERH EXXEGLIH SZIV XLI TMRW
(MWGLEVKI (IZMGI % HIZMGI HIWMKRIH XS HMWGLEVKI [EXIV ,SVM^SRXEP 6EGO % LSWI VEGO [LIVI XLI LSWI MW
SV JSEQ[EXIV WSPYXMSR MR E TVIHIXIVQMRIH JM\IH SV EHNYWX GSRRIGXIH XS XLI ZEPZI XLIR WXEGOJSPHIH LSVM^SRXEPP] XS
EFPI TEXXIVR )\EQTPIW MRGPYHI FYX EVI RSX PMQMXIH XS WTVMR XLI XST SJ XLI VEGO
OPIVW WTVE] RS^^PIW ERH LSWI RS^^PIW ? A ,SWI 6IIP % GMVGYPEV HIZMGI YWIH XS WXSVI LSWI
(SYFPI 'LIGO :EPZI %WWIQFP] (':% 8LMW EWWIQFP] 7IQMEYXSQEXMG ,SWI 6EGO %WWIQFP] 8LI WEQI EW E
GSRWMWXW SJ X[S MRXIVREPP] PSEHIH GLIGO ZEPZIW IMXLIV WTVMRK wGSRZIRXMSREPx TMR VEGO SV LSWI VIIP I\GITX XLEX EJXIV XLI
PSEHIH SV MRXIVREPP] [IMKLXIH MRWXEPPIH EW E YRMX FIX[IIR X[S ZEPZI MW STIRIH E VIXEMRMRK HIZMGI LSPHW XLI LSWI ERH [EXIV
XMKLXP] GPSWMRK VIWMPMIRXWIEXIH WLYXSJJ ZEPZIW EW ER EWWIQFP] YRXMP XLI PEWX JI[ JIIX EVI VIQSZIH
ERH JMXXMRKW [MXL TVSTIVP] PSGEXIH VIWMPMIRXWIEXIH XIWX GSGOW
,]HVSWXEXMG 8IWX % XIWX SJ E GPSWIH TMTMRK W]WXIQ ERH
(VEMR MXW EXXEGLIH ETTYVXIRERGIW GSRWMWXMRK SJ WYFNIGXMRK XLI TMTMRK
1EMR (VEMR 8LI TVMQEV] HVEMR GSRRIGXMSR PS XS ER MRGVIEWIH MRXIVREP TVIWWYVI JSV E WTIGMJMIH TIVMSH SJ HY
GEXIH SR XLI W]WXIQ VMWIV VEXMSR XS ZIVMJ] W]WXIQ MRXIKVMX] ERH PIEO VEXIW ? A
7IGXMSREP (VEMR % HVEMR PSGEXIH FI]SRH E WIG -QTEMVQIRX % GSRHMXMSR [LIVI E JMVI TVSXIGXMSR W]W
XMSREP GSRXVSP ZEPZI XLEX HVEMRW SRP] E TSVXMSR SJ XLI W]WXIQ XIQ SV YRMX SV TSVXMSR XLIVISJ MW SYX SJ SVHIV ERH XLI GSRHM
XMSR GER VIWYPX MR XLI JMVI TVSXIGXMSR W]WXIQ SV YRMX RSX JYRG
*MVI (ITEVXQIRX 'SRRIGXMSR % GSRRIGXMSR XLVSYKL XMSRMRK MR E JMVI IZIRX
[LMGL XLI JMVI HITEVXQIRX GER TYQT WYTTPIQIRXEP [EXIV MRXS
XLI WTVMROPIV W]WXIQ WXERHTMTI SV SXLIV W]WXIQ JYVRMWLMRK [EXIV )QIVKIRG] -QTEMVQIRX % GSRHMXMSR [LIVI E [EXIV
JSV JMVI I\XMRKYMWLQIRX XS WYTTPIQIRX I\MWXMRK [EXIV WYTTPMIW FEWIH JMVI TVSXIGXMSR W]WXIQ SV TSVXMSR XLIVISJ MW SYX SJ
SVHIV HYI XS ER YRTPERRIH SGGYVVIRGI SV XLI MQTEMVQIRX
*MVI ,]HVERX % ZEPZIH GSRRIGXMSR SR E [EXIV WYTTP] MW JSYRH [LMPI TIVJSVQMRK MRWTIGXMSR XIWXMRK SV QEMRXI
W]WXIQ LEZMRK SRI SV QSVI SYXPIXW ERH XLEX MW YWIH XS WYTTP] RERGI EGXMZMXMIW
LSWI ERH JMVI HITEVXQIRX TYQTIVW [MXL [EXIV ? A
4VITPERRIH -QTEMVQIRX % GSRHMXMSR [LIVI E [EXIV
(V] &EVVIP ,]HVERX *VSWXTVSSJ ,]HVERX % X]TI SJ FEWIH JMVI TVSXIGXMSR W]WXIQ SV E TSVXMSR XLIVISJ MW SYX SJ
L]HVERX [MXL XLI QEMR GSRXVSP ZEPZI FIPS[ XLI JVSWX PMRI WIVZMGI HYI XS [SVO TPERRIH MR EHZERGI WYGL EW VIZMWMSRW XS
FIX[IIR XLI JSSXTMIGI ERH XLI FEVVIP XLI [EXIV WYTTP] SV WTVMROPIV W]WXIQ TMTMRK
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
-RWTIGX 7II -RWTIGXMSR XVEXI MW HVE[R JVSQ ER EXQSWTLIVMG WXSVEKI XERO MW TVIWWYV
MÎH F] XLI TYQT ERH TEWWIW FEGO XLVSYKL E HMETLVEKQ
-RWTIGXMSR % ZMWYEP I\EQMREXMSR SJ E W]WXIQ SV TSV
FEPERGMRK ZEPZI XS XLI WXSVEKI XERO
XMSR XLIVISJ XS ZIVMJ] XLEX MX ETTIEVW XS FI MR STIVEXMRK GSRHM
XMSR ERH MW JVII SJ TL]WMGEP HEQEKI ? A 7XERHEVH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ XLEX YWIW
-RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI 7IVZMGI % WIVZMGI E TVIWWYVI ZIWWIP GSRXEMRMRK JSEQ GSRGIRXVEXI [LIVI [EXIV
TVSKVEQ TVSZMHIH F] E UYEPMJMIH GSRXVEGXSV SV UYEPMJMIH TVST MW WYTTPMIH XS XLI TVSTSVXMSRIV [LMGL HMVIGXW ER EQSYRX SJ
IVX] S[RIVvW VITVIWIRXEXMZI MR [LMGL EPP GSQTSRIRXW YRMUYI XS XLI WYTTP] HS[R[EVH SRXS XLI GSRXEMRIH GSRGIRXVEXI
XLI TVSTIVX]vW W]WXIQW EVI MRWTIGXIH ERH XIWXIH EX XLI VIUYMVIH XLIVIF] TVIWWYVM^MRK XLI XERO
XMQIW ERH RIGIWWEV] QEMRXIRERGI MW TVSZMHIH 5YEPMJMIH % GSQTIXIRX ERH GETEFPI TIVWSR SV GSQ
1EMRXIRERGI -R [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW TER] XLEX LEW QIX XLI VIUYMVIQIRXW ERH XVEMRMRK JSV E KMZIR
[SVO TIVJSVQIH XS OIIT IUYMTQIRX STIVEFPI SV XS QEOI VI JMIPH EGGITXEFPI XS XLI %,. ? A
TEMVW 6IFYMPH 8S VIWXSVI [SVOMRK GSRHMXMSR F] VITPEGI
1ERYEP 3TIVEXMSR 3TIVEXMSR SJ E W]WXIQ SV MXW GSQ QIRX SV VITEMV SJ [SVR SV HEQEKIH TEVXW
TSRIRXW XLVSYKL LYQER EGXMSR 6IHYGIH4VIWWYVI 4VMRGMTPI &EGOJPS[ 4VIZIRXMSR %WWIQ
2S^^PI FP] 64&% 8[S MRHITIRHIRXP] EGXMRK GLIGO ZEPZIW XSKIXLIV
[MXL E L]HVEYPMGEPP] STIVEXMRK QIGLERMGEPP] MRHITIRHIRX
1SRMXSV 2S^^PI % TIVQERIRXP] QSYRXIH HIZMGI TVIWWYVI HMJJIVIRXMEP VIPMIJ ZEPZI PSGEXIH FIX[IIR XLI GLIGO
WTIGMJMGEPP] HIWMKRIH [MXL E LMKL JPS[ VEXI XS TVSZMHI E JEV ZEPZIW EPSRK [MXL X[S VIWMPMIRXWIEXIH WLYXSJJ ZEPZIW EPP EW ER
VIEGLMRK WXVIEQ JSV PSGEXMSRW [LIVI PEVKI EQSYRXW SJ [EXIV EWWIQFP] ERH IUYMTTIH [MXL TVSTIVP] PSGEXIH XIWX GSGOW
RIIH XS FI EZEMPEFPI [MXLSYX XLI HIPE] SJ PE]MRK LSWI PMRIW
6IQSZI 8S TL]WMGEPP] XEOI E[E] SV IPMQMREXI
;EXIV 7TVE] 2S^^PI %R STIR SV EYXSQEXMG [EXIV
HMWGLEVKI HIZMGI XLEX [LIR HMWGLEVKMRK [EXIV YRHIV TVIW 6ITEMV 6IWXSVI XS WSYRH [SVOMRK GSRHMXMSR SV XS JM\
WYVI [MPP HMWXVMFYXI XLI [EXIV MR E WTIGMJMG HMVIGXMSREP TEX HEQEKI
XIVR 6ITPEGI 8S VIQSZI E GSQTSRIRX ERH MRWXEPP E RI[ SV
3VMJMGI 4PEXI 4VSTSVXMSRMRK 8LMW W]WXIQ YXMPMÎW ER SVM IUYMZEPIRX GSQTSRIRX
JMGI TPEXIW XLVSYKL [LMGL TEWWIW E WTIGMJMG EQSYRX SJ JSEQ
7TVMROPIV
GSRGIRXVEXI EX E WTIGMJMG TVIWWYVI HVST EGVSWW XLI SVMJMGI
TPEXIW -RWXEPPEXMSR 3VMIRXEXMSR 8LI JSPPS[MRK WTVMROPIVW
EVI HIJMRIH EGGSVHMRK XS SVMIRXEXMSR
4IVJSVQERGI&EWIH 4VSKVEQ 1IXLSHW ERH JVIUYIRGMIW
XLEX LEZI FIIR HIQSRWXVEXIH XS HIPMZIV IUYMZEPIRX SV WYTIVMSV 'SRGIEPIH 7TVMROPIV % VIGIWWIH WTVMROPIV [MXL
PIZIPW SJ TIVJSVQERGI XLVSYKL UYERXMXEXMZI TIVJSVQERGIFEWIH GSZIV TPEXI ? A
EREP]WMW
*PYWL 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV TEVX
4VIWWYVI6IKYPEXMRK (IZMGI % HIZMGI HIWMKRIH JSV XLI SJ XLI FSH] MRGPYHMRK XLI WLERO XLVIEH MW QSYRXIH EFSZI
TYVTSWI SJ VIHYGMRK VIKYPEXMRK GSRXVSPPMRK SV VIWXVMGXMRK [E XLI PS[IV TPERI SJ XLI GIMPMRK ? A
XIV TVIWWYVI ? A
4IRHIRX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR
4VIWWYVI6IWXVMGXMRK (IZMGI % ZEPZI SV HIZMGI HIWMKRIH WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WXVIEQ MW HMVIGXIH HS[R
JSV XLI TYVTSWI SJ VIHYGMRK XLI HS[RWXVIEQ [EXIV TVIWWYVI [EVH EKEMRWX XLI HIJPIGXSV ? A
YRHIV JPS[MRK VIWMHYEP GSRHMXMSRW SRP] ? A
6IGIWWIH 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV
4VIWWYVI :EGYYQ :IRX % ZIRXMRK HIZMGI QSYRXIH SR TEVX SJ XLI FSH] SXLIV XLER XLI WLERO XLVIEH MW QSYRXIH
EXQSWTLIVMG JSEQ GSRGIRXVEXI WXSVEKI ZIWWIPW XS EPPS[ JSV GSR [MXLMR E VIGIWWIH LSYWMRK ? A
GIRXVEXI I\TERWMSR ERH GSRXVEGXMSR ERH JSV XERO FVIEXLMRK
HYVMRK GSRGIRXVEXI HMWGLEVKI SV JMPPMRK 7MHI[EPP 7TVMROPIV % WTVMROPIV LEZMRK WTIGMEP
HIJPIGXSVW XLEX EVI HIWMKRIH XS HMWGLEVKI QSWX SJ XLI [EXIV
4VSTSVXMSRIV E[E] JVSQ XLI RIEVF] [EPP MR E TEXXIVR VIWIQFPMRK SRI
&PEHHIV 8ERO 4VSTSVXMSRIV % W]WXIQ XLEX MW WMQMPEV UYEVXIV SJ E WTLIVI [MXL E WQEPP TSVXMSR SJ XLI HMWGLEVKI
XS E WXERHEVH TVIWWYVI TVSTSVXMSRIV I\GITX XLI JSEQ GSR HMVIGXIH EX XLI [EPP FILMRH XLI WTVMROPIV ? A
GIRXVEXI MW GSRXEMRIH MRWMHI E HMETLVEKQ FEK XLEX MW GSR 9TVMKLX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR
XEMRIH MRWMHI E TVIWWYVI ZIWWIP WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WTVE] MW HMVIGXIH YT
-R0MRI &EPERGIH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ [EVHW EKEMRWX XLI HIJPIGXSV ? A
XLEX MW WMQMPEV XS E WXERHEVH FEPERGIH TVIWWYVI W]WXIQ I\ 'SRXVSP 1SHI 7TIGMJMG %TTPMGEXMSR '17% 7TVMROPIV
GITX XLI TYQTIH GSRGIRXVEXI TVIWWYVI MW QEMRXEMRIH EX E % X]TI SJ WTVE] WTVMROPIV XLEX MW GETEFPI SJ TVSHYGMRK GLEV
JM\IH TVIWIX ZEPYI EGXIVMWXMG PEVKI [EXIV HVSTPIXW ERH XLEX MW PMWXIH JSV MXW GETE
0MRI 4VSTSVXMSRIV % W]WXIQ XLEX YWIW E ZIRXYVM FMPMX] XS TVSZMHI JMVI GSRXVSP SJ WTIGMJMG LMKLGLEPPIRKI JMVI
TMGOYTX]TI HIZMGI [LIVI [EXIV TEWWMRK XLVSYKL XLI YRMX LEÊVHW ? A
GVIEXIW E ZEGYYQ XLIVIF] EPPS[MRK JSEQ GSRGIRXVEXI XS FI
'SVVSWMSR6IWMWXERX 7TVMROPIV % WTVMROPIV JEFVM
TMGOIH YT JVSQ ER EXQSWTLIVMG WXSVEKI GSRXEMRIV
GEXIH [MXL GSVVSWMSRVIWMWXERX QEXIVMEP SV [MXL WTIGMEP GSEX
7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ MRKW SV TPEXMRKW XS FI YWIH MR ER EXQSWTLIVI XLEX [SYPH
XLEX YXMPMÎW E JSEQ GSRGIRXVEXI TYQT [LIVI JSEQ GSRGIR RSVQEPP] GSVVSHI WTVMROPIVW ? A
)HMXMSR
()*-2-8-327 z
(V] 7TVMROPIV % WTVMROPIV WIGYVIH MR ER I\XIRWMSR EXXEGLIH LSWI ERH RS^^PIW JSV XLI TYVTSWI SJ I\XMRKYMWLMRK E
RMTTPI XLEX LEW E WIEP EX XLI MRPIX IRH XS TVIZIRX [EXIV JVSQ JMVI XLIVIF] TVSXIGXMRK E FYMPHMRK SV WXVYGXYVI ERH MXW GSRXIRXW MR
IRXIVMRK XLI RMTTPI YRXMP XLI WTVMROPIV STIVEXIW ? A EHHMXMSR XS TVSXIGXMRK XLI SGGYTERXW ? A
)EVP] 7YTTVIWWMSR *EWX6IWTSRWI )7*6 7TVMROPIV %YXSQEXMG 7XERHTMTI 7]WXIQ % WXERHTMTI W]WXIQ
% X]TI SJ JEWXVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX XLEX MW EXXEGLIH XS E [EXIV WYTTP] GETEFPI SJ WYTTP]MRK XLI
[MXL ER 68- SJ QIXIVWWIGSRHW SV PIWW ERH MW PMWXIH W]WXIQ HIQERH ERH XLEX VIUYMVIW RS EGXMSR SXLIV XLER
JSV MXW GETEFMPMX] XS TVSZMHI JMVI WYTTVIWWMSR SJ WTIGMJMG STIRMRK E LSWI ZEPZI XS TVSZMHI [EXIV EX LSWI GSRRIGXMSRW
LMKLGLEPPIRKI JMVI LEÊVHW ? A (V] 7XERHTMTI % WXERHTMTI W]WXIQ HIWMKRIH XS
)\XIRHIH 'SZIVEKI 7TVMROPIV % X]TI SJ WTVE] WTVMR LEZI TMTMRK GSRXEMR [EXIV SRP] [LIR XLI W]WXIQ MW FIMRK
OPIV [MXL QE\MQYQ GSZIVEKI EVIEW EW WTIGMJMIH MR 7IGXMSRW YXMPMÎH
ERH SJ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMR 1ERYEP 7XERHTMTI 7XERHTMTI W]WXIQ XLEX VIPMIW
OPIV 7]WXIQW ? A I\GPYWMZIP] SR XLI JMVI HITEVXQIRX GSRRIGXMSR XS WYTTP]
2S^^PIW % HIZMGI JSV YWI MR ETTPMGEXMSRW VIUYMVMRK XLI W]WXIQ HIQERH
WTIGMEP [EXIV HMWGLEVKI TEXXIVRW HMVIGXMSREP WTVE] SV SXLIV ;IX 7XERHTMTI 7]WXIQ % WXERHTMTI W]WXIQ LEZMRK
YRYWYEP HMWGLEVKI GLEVEGXIVMWXMGW ? A TMTMRK GSRXEMRMRK [EXIV EX EPP XMQIW ? A
3PH7X]PI'SRZIRXMSREP 7TVMROPIV % WTVMROPIV XLEX 7IQMEYXSQEXMG (V] 7XERHTMTI 7]WXIQ % WXERHTMTI W]W
HMVIGXW JVSQ TIVGIRX XS TIVGIRX SJ XLI XSXEP [EXIV MRM XIQ TIVQERIRXP] EXXEGLIH XS E [EXIV WYTTP] XLEX MW GETEFPI SJ
XMEPP] MR E HS[R[EVH HMVIGXMSR ERH XLEX MW HIWMKRIH XS FI MR WYTTP]MRK XLI W]WXIQ HIQERH EX EPP XMQIW EVVERKIH XLVSYKL
WXEPPIH [MXL XLI HIJPIGXSV IMXLIV YTVMKLX SV TIRHIRX ? XLI YWI SJ E HIZMGI WYGL EW E HIPYKI ZEPZI ERH XLEX VIUYMVIW
A EGXMZEXMSR SJ E VIQSXI GSRXVSP HIZMGI XS TVSZMHI [EXIV EX LSWI
3TIR 7TVMROPIV % WTVMROPIV XLEX HSIW RSX LEZI EG GSRRIGXMSRW ? A
XYEXSVW SV LIEXVIWTSRWMZI IPIQIRXW ? A 7XERHTMTI 7]WXIQ 'PEWWIW
3VREQIRXEP(IGSVEXMZI 7TVMROPIV % WTVMROPIV XLEX 'PEWW - 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
LEW FIIR TEMRXIH SV TPEXIH F] XLI QERYJEGXYVIV ? A QQ LSWI GSRRIGXMSRW XS WYTTP] [EXIV JSV YWI F] JMVI
5YMGO6IWTSRWI )EVP] 7YTTVIWWMSR 56)7 7TVMR HITEVXQIRXW ? A
OPIV % X]TI SJ UYMGOVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP 'PEWW -- 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
IPIQIRX [MXL ER 68- SJ QIXIVWIGSRHW SV PIWW ERH MW QQ LSWI WXEXMSRW XS WYTTP] [EXIV JSV YWI TVMQEVMP] F]
PMWXIH JSV MXW GETEFMPMX] XS TVSZMHI JMVI WYTTVIWWMSR SJ WTI XVEMRIH TIVWSRRIP SV F] XLI JMVI HITEVXQIRX HYVMRK MRMXMEP
GMJMG JMVI LEÊVHW ? A VIWTSRWI ? A
5YMGO6IWTSRWI )\XIRHIH 'SZIVEKI 7TVMROPIV % X]TI 'PEWW --- 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
SJ UYMGOVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX [MXL QQ LSWI WXEXMSRW XS WYTTP] [EXIV JSV YWI F] XVEMRIH TIV
ER 68- SJ QIXIVWIGSRHW SV PIWW ERH GSQTPMIW [MXL XLI WSRRIP ERH MR QQ LSWI GSRRIGXMSRW XS WYTTP] E
I\XIRHIH TVSXIGXMSR EVIEW HIJMRIH MR 'LETXIV SJ 2*4% PEVKIV ZSPYQI SJ [EXIV JSV YWI F] JMVI HITEVXQIRXW ? A
7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW ? A
7XVEMRIV % HIZMGI GETEFPI SJ VIQSZMRK JVSQ XLI [EXIV
5YMGO6IWTSRWI 56 7TVMROPIV % X]TI SJ WTVE] EPP WSPMHW SJ WYJJMGMIRX WMÎ XLEX EVI SFWXVYGXMRK [EXIV WTVE]
WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX [MXL ER 68- SJ RS^^PIW
QIXIVWIGSRHW SV PIWW ERH MW PMWXIH EW E UYMGO
VIWTSRWI WTVMROPIV JSV MXW MRXIRHIH YWI ? A 7YTIVZMWMSR -R [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW E
QIERW SJ QSRMXSVMRK W]WXIQ WXEXYW ERH MRHMGEXMRK EFRSVQEP
6IWMHIRXMEP 7TVMROPIV % X]TI SJ JEWXVIWTSRWI GSRHMXMSRW
WTVMROPIV LEZMRK E XLIVQEP IPIQIRX [MXL ER 68- SJ
QIXIVWWIGSRHW SV PIWW XLEX LEW FIIR WTIGMJMGEPP] 8IWX 8LI STIVEXMSR SJ E HIZMGI XS ZIVMJ] XLEX MX MW JYRG
MRZIWXMKEXIH JSV MXW EFMPMX] XS IRLERGI WYVZMZEFMPMX] MR XLI XMSRMRK GSVVIGXP] SV XLI QIEWYVIQIRX SJ E W]WXIQ GLEVEGXIVMW
VSSQ SJ JMVI SVMKMR ERH XLEX MW PMWXIH JSV YWI MR XLI TVSXIG XMG XS HIXIVQMRI MJ MX QIIXW VIUYMVIQIRXW
XMSR SJ H[IPPMRK YRMXW ? A 8IWXMRK % TVSGIHYVI YWIH XS HIXIVQMRI XLI STIVE
7TIGMEP 7TVMROPIV % WTVMROPIV XLEX LEW FIIR XMSREP WXEXYW SJ E GSQTSRIRX SV W]WXIQ F] GSRHYGXMRK TIVMSHMG
XIWXIH ERH PMWXIH EW TVIWGVMFIH MR SJ 2*4% 7XERHEVH TL]WMGEP GLIGOW WYGL EW [EXIVJPS[ XIWXW JMVI TYQT XIWXW EPEVQ
JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW ? A XIWXW ERH XVMT XIWXW SJ HV] TMTI HIPYKI SV TVIEGXMSR ZEPZIW
7TVE] 7TVMROPIV % X]TI SJ WTVMROPIV PMWXIH JSV MXW :EPZI 7XEXYW 8IWX *PS[MRK [EXIV XS ZIVMJ] XLEX ZEPZIW JSV
GETEFMPMX] XS TVSZMHI JMVI GSRXVSP JSV E [MHI VERKI SJ JMVI E TSVXMSR SJ XLI W]WXIQ EVI RSX GPSWIH
LEÊVHW ? A :EPZI 7XEXYW 8IWX 'SRRIGXMSR % TSMRX MR XLI W]WXIQ
7XERHEVH 7TVE] 7TVMROPIV % WTVE] WTVMROPIV [MXL [LIVI [EXIV MW HMWGLEVKIH JSV TYVTSWIW SJ TIVJSVQMRK E ZEPZI
WXEXYW XIWX
QE\MQYQ GSZIVEKI EVIEW EW WTIGMJMIH MR 7IGXMSRW ERH
SJ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]W ;EXIV 7TVE] ;EXIV MR E JSVQ LEZMRK E TVIHIXIVQMRIH
XIQW ? A TEXXIVR TEVXMGPI WMÎ ZIPSGMX] ERH HIRWMX] HMWGLEVKI JVSQ WTI
GMEPP] HIWMKRIH RS^^PIW SV HIZMGIW ? A
7XERHTMTI 7]WXIQ %R EVVERKIQIRX SJ TMTMRK ZEPZIW
LSWI GSRRIGXMSRW ERH EPPMIH IUYMTQIRX MRWXEPPIH MR E FYMPHMRK SV ;EXIV 7YTTP] % WSYVGI SJ [EXIV XLEX TVSZMHIW XLI JPS[W
WXVYGXYVI [MXL XLI LSWI GSRRIGXMSRW PSGEXIH MR WYGL E QERRIV ?KEPQMR 0QMR A ERH TVIWWYVIW ?TWM FEV A VIUYMVIH F] XLI
XLEX [EXIV GER FI HMWGLEVKIH MR WXVIEQW SV WTVE] TEXXIVRW XLVSYKL [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQ
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
;EXIVJPS[ %PEVQ (IZMGI %R EXXEGLQIRX XS E [EXIV ;EXIV&EWIH *MVI 4VSXIGXMSR 7]WXIQ (IJMRMXMSRW
FEWIH JMVI TVSXIGXMSR W]WXIQ XLEX HIXIGXW ERH WMKREPW E TVIHI
'SQFMRIH 7XERHTMTI ERH 7TVMROPIV 7]WXIQ % W]WXIQ
XIVQMRIH [EXIVJPS[ [LIVI XLI [EXIV TMTMRK WIVZMGIW FSXL MR QQ SYXPIXW
(IPYKI *SEQ;EXIV 7TVMROPIV ERH *SEQ;EXIV 7TVE] 7]W JSV JMVI HITEVXQIRX YWI ERH SYXPIXW JSV EYXSQEXMG WTVMROPIVW
XIQW (IJMRMXMSRW *MVI 4YQT % TYQT XLEX MW E TVSZMHIV SJ PMUYMH JPS[ ERH
*SEQ;EXIV 7TVE] 7]WXIQ % WTIGMEP W]WXIQ XLEX MW TMTI TVIWWYVI HIHMGEXIH XS JMVI TVSXIGXMSR ? A
GSRRIGXIH XS E WSYVGI SJ JSEQ GSRGIRXVEXI ERH XS E [EXIV 4VMZEXI *MVI 7IVZMGI 1EMR 4VMZEXI JMVI WIVZMGI QEMR EW
WYTTP] 8LI W]WXIQ MW IUYMTTIH [MXL JSEQ[EXIV WTVE] RS^^PIW YWIH MR XLMW WXERHEVH MW XLEX TMTI ERH MXW ETTYVXIRERGIW SR
JSV I\XMRKYMWLMRK EKIRX HMWGLEVKI JSEQ JSPPS[IH F] [EXIV SV TVMZEXI TVSTIVX] FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI SJ
MR VIZIVWI SVHIV ERH JSV HMWXVMFYXMSR SZIV XLI EVIE XS FI TVS XLI W]WXIQ VMWIV JSV [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW
XIGXIH 7]WXIQ STIVEXMSR EVVERKIQIRXW TEVEPPIP XLSWI JSV FIX[IIR E WSYVGI SJ [EXIV ERH MRPIXW XS JSEQQEOMRK W]WXIQW
JSEQ[EXIV WTVMROPIV W]WXIQW EW HIWGVMFIH MR XLI HIJMRMXMSR SJ FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI IPFS[ SJ TVMZEXI
*SEQ;EXIV 7TVMROPIV 7]WXIQ ? A L]HVERXW SV QSRMXSV RS^^PIW ERH YWIH EW JMVI TYQT WYG
XMSR ERH HMWGLEVKI TMTMRK FIKMRRMRK EX XLI MRPIX WMHI SJ
*SEQ;EXIV 7TVMROPIV 7]WXIQ % WTIGMEP W]WXIQ XLEX MW XLI GLIGO ZEPZI SR E KVEZMX] SV TVIWWYVI XERO ? A
TMTIGSRRIGXIH XS E WSYVGI SJ JSEQ GSRGIRXVEXI ERH XS E [EXIV
WYTTP] 8LI W]WXIQ MW IUYMTTIH [MXL ETTVSTVMEXI HMWGLEVKI HI 7TVMROPIV 7]WXIQ % W]WXIQ XLEX GSRWMWXW SJ ER MRXI
ZMGIW JSV I\XMRKYMWLMRK EKIRX HMWGLEVKI ERH JSV HMWXVMFYXMSR KVEXIH RIX[SVO SJ TMTMRK HIWMKRIH MR EGGSVHERGI [MXL JMVI
TVSXIGXMSR IRKMRIIVMRK WXERHEVHW XLEX MRGPYHIW E [EXIV WYTTP]
SZIV XLI EVIE XS FI TVSXIGXIH 8LI TMTMRK W]WXIQ MW GSRRIGXIH
WSYVGI E [EXIV GSRXVSP ZEPZI E [EXIVJPS[ EPEVQ ERH E HVEMR
XS XLI [EXIV WYTTP] XLVSYKL E GSRXVSP ZEPZI XLEX YWYEPP] MW EGXY
ERH MW GSQQSRP] EGXMZEXIH F] LIEX JVSQ E JMVI HMWGLEVKMRK
EXIH F] STIVEXMSR SJ EYXSQEXMG HIXIGXMSR IUYMTQIRX XLEX MW [EXIV SZIV XLI JMVI EVIE 8LI TSVXMSR SJ XLI WTVMROPIV W]WXIQ
MRWXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW ;LIR XLMW ZEPZI EFSZI KVSYRH MW E RIX[SVO SJ WTIGMJMGEPP] WMÎH SV L]HVEYPMGEPP]
STIRW [EXIV JPS[W MRXS XLI TMTMRK W]WXIQ JSEQ GSRGIRXVEXI MW HIWMKRIH TMTMRK MRWXEPPIH MR E FYMPHMRK WXVYGXYVI SV EVIE KIR
MRNIGXIH MRXS XLI [EXIV ERH XLI VIWYPXMRK JSEQ WSPYXMSR HMW IVEPP] SZIVLIEH ERH XS [LMGL WTVMROPIVW EVI EXXEGLIH MR E W]W
GLEVKMRK XLVSYKL XLI HMWGLEVKI HIZMGIW KIRIVEXIW ERH HMWXVMF XIQEXMG TEXXIVR 8LI W]WXIQ MW GSQQSRP] EGXMZEXIH F] LIEX
YXIW JSEQ 9TSR I\LEYWXMSR SJ XLI JSEQ GSRGIRXVEXI WYTTP] JVSQ E JMVI ERH HMWGLEVKIW [EXIV SZIV XLI JMVI EVIE ? A
[EXIV HMWGLEVKI JSPPS[W ERH GSRXMRYIW YRXMP WLYX SJJ QERYEPP]
7]WXIQW GER FI YWIH JSV HMWGLEVKI SJ [EXIV JMVWX JSPPS[IH F] %RXMJVIIÎ 7TVMROPIV 7]WXIQ % [IX TMTI W]WXIQ YWMRK
EYXSQEXMG WTVMROPIVW XLEX GSRXEMRW E PMUYMH WSPYXMSR XS TVI
HMWGLEVKI SJ JSEQ JSV E WTIGMJMIH TIVMSH ERH XLIR JSPPS[IH F]
ZIRX JVII^MRK SJ XLI W]WXIQ MRXIRHIH XS HMWGLEVKI XLI WSPY
[EXIV YRXMP QERYEPP] WLYX SJJ )\MWXMRK HIPYKI WTVMROPIV W]W
XMSR YTSR WTVMROPIV STIVEXMSR JSPPS[IH MQQIHMEXIP] F] [E
XIQW XLEX LEZI FIIR GSRZIVXIH XS XLI YWI SJ EUYISYW JMPQ XIV JVSQ E [EXIV WYTTP] ? A
JSVQMRK JSEQ SV JMPQJSVQMRK JPYSVSTVSXIMR JSEQ EVI GPEWWM
JMIH EW JSEQ[EXIV WTVMROPIV W]WXIQW ? A 4VIQM\IH %RXMJVIIÎ 7SPYXMSR % QM\XYVI SJ ER ERXM
JVIIÎ QEXIVMEP [MXL [EXIV XLEX MW TVITEVIH ERH JEGXSV]
:EPZI (IJMRMXMSRW QM\IH F] XLI QERYJEGXYVIV [MXL E UYEPMX] GSRXVSP TVSGI
'SRXVSP :EPZI % ZEPZI GSRXVSPPMRK JPS[ XS [EXIVFEWIH HYVI MR TPEGI XLEX IRWYVIW XLEX XLI ERXMJVIIÎ WSPYXMSR
JMVI TVSXIGXMSR W]WXIQW VIQEMRW LSQSKIRISYW ERH XLEX XLI GSRGIRXVEXMSR MW EW
WTIGMJMIH ? A
(IPYKI :EPZI % [EXIV WYTTP] GSRXVSP ZEPZI MRXIRHIH XS
(IPYKI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQTPS]
FI STIVEXIH F] EGXYEXMSR SJ ER EYXSQEXMG HIXIGXMSR W]WXIQ
MRK STIR WTVMROPIVW SV RS^^PIW XLEX EVI EXXEGLIH XS E TMTMRK
XLEX MW MRWXEPPIH MR XLI WEQI EVIE EW XLI HMWGLEVKI HIZMGIW W]WXIQ XLEX MW GSRRIGXIH XS E [EXIV WYTTP] XLVSYKL E ZEPZI
,SWI :EPZI 8LI ZEPZI XS ER MRHMZMHYEP LSWI GSRRIG XLEX MW STIRIH F] XLI STIVEXMSR SJ E HIXIGXMSR W]WXIQ MR
XMSR ? A WXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW SV XLI RS^^PIW
;LIR XLMW ZEPZI STIRW [EXIV JPS[W MRXS XLI TMTMRK W]WXIQ
4VIWWYVI 'SRXVSP :EPZI % TMPSXSTIVEXIH TVIWWYVI ERH HMWGLEVKIW JVSQ EPP WTVMROPIVW SV RS^^PIW EXXEGLIH
VIHYGMRK ZEPZI HIWMKRIH JSV XLI TYVTSWI SJ VIHYGMRK XLI XLIVIXS ? A
HS[RWXVIEQ [EXIV TVIWWYVI XS E WTIGMJMG ZEPYI YRHIV FSXL JPS[
MRK VIWMHYEP ERH RSRJPS[MRK WXEXMG GSRHMXMSRW ? A (V] 4MTI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQ
TPS]MRK EYXSQEXMG WTVMROPIVW XLEX EVI EXXEGLIH XS E TMTMRK
4VIWWYVI6IHYGMRK :EPZI % ZEPZI HIWMKRIH JSV XLI TYV W]WXIQ GSRXEMRMRK EMV SV RMXVSKIR YRHIV TVIWWYVI XLI VI
TSWI SJ VIHYGMRK XLI HS[RWXVIEQ [EXIV TVIWWYVI YRHIV FSXL PIEWI SJ [LMGL EW JVSQ XLI STIRMRK SJ E WTVMROPIV TIVQMXW
JPS[MRK VIWMHYEP ERH RSRJPS[MRK WXEXMG GSRHMXMSRW ? A XLI [EXIV TVIWWYVI XS STIR E ZEPZI ORS[R EW E HV] TMTI
ZEPZI ERH XLI [EXIV XLIR JPS[W MRXS XLI TMTMRK W]WXIQ ERH
1EWXIV 4VIWWYVI6IHYGMRK :EPZI % TVIWWYVIVIHYGMRK SYX XLI STIRIH WTVMROPIVW ? A
ZEPZI MRWXEPPIH XS VIKYPEXI TVIWWYVIW MR ER IRXMVI JMVI TVSXIG
XMSR W]WXIQ ERHSV WXERHTMTI W]WXIQ ^SRI 1EVMRI 7]WXIQ % WTVMROPIV W]WXIQ MRWXEPPIH SR E
WLMT FSEX SV SXLIV JPSEXMRK WXVYGXYVI XLEX XEOIW MXW WYTTP]
?4VIWWYVIA 6IPMIJ :EPZI % HIZMGI XLEX EPPS[W XLI HMZIV JVSQ XLI [EXIV SR [LMGL XLI ZIWWIP JPSEXW
WMSR SJ PMUYMH XS PMQMX I\GIWW TVIWWYVI MR E W]WXIQ ? A
4VIEGXMSR 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQ
'MVGYPEXMSR 6IPMIJ :EPZI % ZEPZI YWIH XS GSSP E TPS]MRK EYXSQEXMG WTVMROPIVW XLEX EVI EXXEGLIH XS E TMTMRK
TYQT F] HMWGLEVKMRK E WQEPP UYERXMX] SJ [EXIV 8LMW ZEPZI MW W]WXIQ XLEX GSRXEMRW EMV XLEX QMKLX SV QMKLX RSX FI YRHIV
WITEVEXI JVSQ ERH MRHITIRHIRX SJ XLI QEMR VIPMIJ ZEPZI TVIWWYVI [MXL E WYTTPIQIRXEP HIXIGXMSR W]WXIQ MRWXEPPIH MR
? A XLI WEQI EVIEW EW XLI WTVMROPIVW ? A
)HMXMSR
+)2)6%0 6)59-6)1)287 z
;IX 4MTI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQ -RWTIGXMSR XIWXMRK ERH QEMRXIRERGI WLEPP FI TIV
TPS]MRK EYXSQEXMG WTVMROPIVW EXXEGLIH XS E TMTMRK W]WXIQ JSVQIH F] UYEPMJMIH TIVWSRRIP
GSRXEMRMRK [EXIV ERH GSRRIGXIH XS E [EXIV WYTTP] WS XLEX
[EXIV HMWGLEVKIW MQQIHMEXIP] JVSQ WTVMROPIVW STIRIH F] ;LIVI XLI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI
LIEX JVSQ E JMVI ? A MW RSX XLI SGGYTERX XLI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIR
XEXMZI WLEPP FI TIVQMXXIH XS HIPIKEXI XLI EYXLSVMX] JSV MRWTIGXMRK
;EXIV 1MWX 7]WXIQ % HMWXVMFYXMSR W]WXIQ GSRRIGXIH XS E XIWXMRK QEMRXIRERGI ERH XLI QEREKMRK SJ MQTEMVQIRXW SJ XLI
[EXIV WYTTP] SV [EXIV ERH EXSQM^MRK QIHME WYTTPMIW XLEX MW JMVI TVSXIGXMSR W]WXIQ XS E HIWMKREXIH VITVIWIRXEXMZI
IUYMTTIH [MXL SRI SV QSVI RS^^PIW GETEFPI SJ HIPMZIVMRK [E
XIV QMWX MRXIRHIH XS GSRXVSP WYTTVIWW SV I\XMRKYMWL JMVIW ERH ;LIVI E HIWMKREXIH VITVIWIRXEXMZI LEW VIGIMZIH XLI
XLEX LEW FIIR HIQSRWXVEXIH XS QIIX XLI TIVJSVQERGI VIUYMVI EYXLSVMX] JSV MRWTIGXMRK XIWXMRK QEMRXIRERGI ERH XLI QER
QIRXW SJ MXW PMWXMRK ERH ?XLI ETTPMGEFPIA WXERHEVH ? A EKMRK SJ MQTEMVQIRXW XLI HIWMKREXIH VITVIWIRXEXMZI WLEPP
GSQTP] [MXL XLI VIUYMVIQIRXW MHIRXMJMIH JSV XLI TVSTIVX]
;EXIV 7TVE] 7]WXIQ %R EYXSQEXMG SV QERYEPP] EGXY S[RIV SV HIWMKREXIH VITVIWIRXEXMZI XLVSYKLSYX XLMW WXERHEVH
EXIH JM\IH TMTI W]WXIQ GSRRIGXIH XS E [EXIV WYTTP] ERH
IUYMTTIH [MXL [EXIV WTVE] RS^^PIW HIWMKRIH XS TVSZMHI E WTI *VIIÎ 4VSXIGXMSR 8LI TVSTIVX] S[RIV SV HIWMKREXIH
GMJMG [EXIV HMWGLEVKI ERH HMWXVMFYXMSR SZIV XLI TVSXIGXIH WYV VITVIWIRXEXMZI WLEPP IRWYVI XLEX [EXIVJMPPIH TMTMRK MW QEMR
JEGIW SV EVIE ? A XEMRIH EX E QMRMQYQ XIQTIVEXYVI SJ * ' YRPIWW ER
ETTVSZIH ERXMJVIIÎ WSPYXMSR MW YXMPMÎH
9PXVE ,MKL7TIIH ;EXIV 7TVE] 7]WXIQ % X]TI SJ EYXS
QEXMG [EXIV WTVE] W]WXIQ [LIVI [EXIV WTVE] MW VETMHP] ET %PP EVIEW SJ XLI FYMPHMRK GSRXEMRMRK [EXIVJMPPIH TMT
TPMIH XS TVSXIGX WTIGMJMG LEÊVHW [LIVI HIJPEKVEXMSRW EVI MRK XLEX HSIW RSX LEZI ERSXLIV QIERW SJ JVIIÎ TVSXIGXMSR
ERXMGMTEXIH ? A WLEPP FI QEMRXEMRIH EX E QMRMQYQ XIQTIVEXYVI SJ * '
;EXIV 8ERO % XERO WYTTP]MRK [EXIV JSV [EXIVFEWIH JMVI %FSZIKVSYRH [EXIVJMPPIH TMTIW XLEX TEWW XLVSYKL
TVSXIGXMSR W]WXIQW STIR EVIEW GSPH VSSQW TEWWEKI[E]W SV SXLIV EVIEW I\TSWIH
XS XIQTIVEXYVIW FIPS[ * ' TVSXIGXIH EKEMRWX JVII^MRK
-81 8EWO *VIUYIRGMIW F] MRWYPEXMRK GSZIVMRKW JVSWXTVSSJ GEWMRKW PMWXIH LIEX XVEGMRK
*VIUYIRG] 1MRMQYQ ERH QE\MQYQ XMQI FIX[IIR W]WXIQW SV SXLIV VIPMEFPI QIERW WLEPP FI QEMRXEMRIH EX XIQ
IZIRXW TIVEXYVIW FIX[IIR * ' ERH * '
(EMP] *VIUYIRG] 3GGYVVMRK IZIV] HE] ;LIVI SXLIV ETTVSZIH QIERW SJ JVIIÎ TVSXIGXMSR JSV
[EXIVJMPPIH TMTMRK EW HIWGVMFIH MR EVI YXMPMÎH XLI]
;IIOP] *VIUYIRG] 3GGYVVMRK SRGI TIV GEPIRHEV WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR EGGSVHERGI [MXL
[IIO XLMW WXERHEVH
1SRXLP] *VIUYIRG] 3GGYVVMRK SRGI TIV GEPIRHEV %GGIWWMFMPMX] 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVI
QSRXL WIRXEXMZI WLEPP TVSZMHI VIEH] EGGIWWMFMPMX] XS GSQTSRIRXW SJ
5YEVXIVP] *VIUYIRG] 3GGYVVMRK JSYV XMQIW TIV ]IEV [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW XLEX VIUYMVI MRWTIGXMSR
[MXL E QMRMQYQ SJ QSRXLW ERH E QE\MQYQ SJ QSRXLW XIWXMRK ERH QEMRXIRERGI
7IQMERRYEP *VIUYIRG] 3GGYVVMRK X[MGI TIV ]IEV 2SXMJMGEXMSR SJ 7]WXIQ 7LYXHS[R SV 8IWXMRK 8LI TVST
[MXL E QMRMQYQ SJ QSRXLW ERH E QE\MQYQ SJ QSRXLW IVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI WLEPP RSXMJ] XLI EY
XLSVMX] LEZMRK NYVMWHMGXMSR XLI JMVI HITEVXQIRX MJ VIUYMVIH
%RRYEP *VIUYIRG] 3GGYVVMRK SRGI TIV ]IEV [MXL E
ERH XLI EPEVQVIGIMZMRK JEGMPMX] FIJSVI XIWXMRK SV WLYXXMRK
QMRMQYQ SJ QSRXLW ERH E QE\MQYQ SJ QSRXLW
HS[R E W]WXIQ SV MXW WYTTP]
8LVII =IEVW *VIUYIRG] 3GGYVVMRK SRGI IZIV]
QSRXLW [MXL E QMRMQYQ SJ QSRXLW ERH E QE\MQYQ SJ 8LI RSXMJMGEXMSR SJ W]WXIQ WLYXHS[R SV XIWX WLEPP MR
QSRXLW GPYHI XLI TYVTSWI JSV XLI WLYXHS[R SV XIWX XLI W]WXIQ SV GSQ
TSRIRX MRZSPZIH XLI IWXMQEXIH XMQI SJ WLYXHS[R SV XIWX ERH
*MZI =IEVW *VIUYIRG] 3GGYVVMRK SRGI IZIV] XLI I\TIGXIH HYVEXMSR SJ XLI WLYXHS[R SV XIWX
QSRXLW [MXL E QMRMQYQ SJ QSRXLW ERH E QE\MQYQ SJ
QSRXLW 8LI EYXLSVMX] LEZMRK NYVMWHMGXMSR XLI JMVI HITEVX
QIRX ERH XLI EPEVQVIGIMZMRK JEGMPMX] WLEPP FI RSXMJMIH [LIR
XLI W]WXIQ WYTTP] SV GSQTSRIRX MW VIXYVRIH XS WIVZMGI SV
[LIR XLI XIWX MW GSQTPIXI
'LETXIV +IRIVEP 6IUYMVIQIRXW
'SVVIGXMSRW ERH 6ITEMVW
6IWTSRWMFMPMX] SJ 4VSTIVX] 3[RIV SV (IWMKREXIH 6ITVI 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI
WIRXEXMZI WLEPP GSVVIGX SV VITEMV HIJMGMIRGMIW SV MQTEMVQIRXW XLEX EVI
JSYRH HYVMRK XLI MRWTIGXMSR XIWX ERH QEMRXIRERGI VIUYMVIH
6IWTSRWMFMPMX] JSV -RWTIGXMSR 8IWXMRK 1EMRXIRERGI F] XLMW WXERHEVH
ERH -QTEMVQIRX 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIR
XEXMZI WLEPP FI VIWTSRWMFPI JSV TVSTIVP] QEMRXEMRMRK E [EXIV 'SVVIGXMSRW ERH VITEMVW WLEPP FI TIVJSVQIH F] UYEPM
FEWIH JMVI TVSXIGXMSR W]WXIQ JMIH QEMRXIRERGI TIVWSRRIP SV E UYEPMJMIH GSRXVEGXSV
c
-RWTIGXMSR XIWXMRK QEMRXIRERGI ERH MQTEMVQIRX 'LERKIW MR 3GGYTERG] 9WI 4VSGIWW SV 1EXIVMEPW 8LI
TVSGIHYVIW WLEPP FI MQTPIQIRXIH MR EGGSVHERGI [MXL XLSWI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI WLEPP RSX QEOI
IWXEFPMWLIH MR XLMW HSGYQIRX ERH MR EGGSVHERGI [MXL XLI GLERKIW MR XLI SGGYTERG] XLI YWI SV TVSGIWW SV XLI QEXIVMEPW
QERYJEGXYVIVvW MRWXVYGXMSRW YWIH SV WXSVIH MR XLI FYMPHMRK [MXLSYX IZEPYEXMSR SJ XLI JMVI
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
TVSXIGXMSR W]WXIQW JSV XLIMV GETEFMPMX] XS TVSXIGX XLI RI[ SGGY 1ERYJEGXYVIVvW 'SVVIGXMZI %GXMSR 1ERYJEGXYVIVW WLEPP FI
TERG] YWI SV QEXIVMEPW TIVQMXXIH XS QEOI QSHMJMGEXMSRW XS XLIMV S[R PMWXIH TVSHYGX
MR XLI JMIPH [MXL PMWXIH HIZMGIW XLEX VIWXSVI XLI SVMKMREP TIVJSV
8LI IZEPYEXMSR VIUYMVIH F] WLEPP RSX FI GSRWMH QERGI EW MRXIRHIH F] XLI PMWXMRK [LIVI EGGITXEFPI XS XLI EY
IVIH TEVX SJ XLI RSVQEP MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI XLSVMX] LEZMRK NYVMWHMGXMSR
VIUYMVIH F] XLMW WXERHEVH
6IGSVHW
8LI IZEPYEXMSR WLEPP GSRWMHIV JEGXSVW XLEX MRGPYHI FYX
EVI RSX PMQMXIH XS XLI JSPPS[MRK 6IGSVHW WLEPP FI QEHI JSV EPP MRWTIGXMSRW XIWXW ERH QEMR
XIRERGI SJ XLI W]WXIQ ERH MXW GSQTSRIRXW ERH WLEPP FI QEHI
3GGYTERG] GLERKIW WYGL EW GSRZIVXMRK SJJMGI SV TVSHYG EZEMPEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR YTSR VIUYIWX
XMSR WTEGI MRXS [EVILSYWMRK
4VSGIWW SV QEXIVMEP GLERKIW WYGL EW QIXEP WXEQTMRK XS 6IGSVHW WLEPP FI TIVQMXXIH XS FI WXSVIH ERH EGGIWWIH
QSPHIH TPEWXMGW IPIGXVSRMGEPP]
&YMPHMRK VIZMWMSRW WYGL EW VIPSGEXIH [EPPW EHHIH QI^Ê 6IGSVHW WLEPP MRHMGEXI XLI JSPPS[MRK
RMRIW ERH GIMPMRKW EHHIH FIPS[ WTVMROPIVW
6IQSZEP SJ LIEXMRK W]WXIQW MR WTEGIW [MXL TMTMRK WYFNIGX 8LI TVSGIHYVIEGXMZMX] TIVJSVQIH IK MRWTIGXMSR XIWX
XS JVII^MRK SV QEMRXIRERGI
8LI SVKERMÊXMSR XLEX TIVJSVQIH XLI EGXMZMX]
%HHVIWWMRK 'LERKIW MR ,EÊVH 8LI VIUYMVIH JVIUYIRG] SJ XLI EGXMZMX]
;LIVI GLERKIW MR XLI SGGYTERG] LEÊVH [EXIV WYT 8LI VIWYPXW ERH HEXI SJ XLI EGXMZMX]
TP] WXSVEKI GSQQSHMX] WXSVEKI EVVERKIQIRX FYMPHMRK QSHM 8LI REQI ERH GSRXEGX MRJSVQEXMSR SJ XLI UYEPMJMIH GSR
JMGEXMSR SV SXLIV GSRHMXMSR XLEX EJJIGXW XLI MRWXEPPEXMSR GVMXIVME XVEGXSV SV S[RIV MRGPYHMRK PIEH TIVWSR JSV EGXMZMX]
SJ XLI W]WXIQ EVI MHIRXMJMIH XLI TVSTIVX] S[RIV SV HIWMKREXIH 6IGSVHW WLEPP FI QEMRXEMRIH F] XLI TVSTIVX] S[RIV
VITVIWIRXEXMZI WLEPP TVSQTXP] XEOI WXITW XS IZEPYEXI XLI EH
IUYEG] SJ XLI MRWXEPPIH W]WXIQ MR SVHIV XS TVSXIGX XLI FYMPHMRK %WFYMPX W]WXIQ MRWXEPPEXMSR HVE[MRKW L]HVEYPMG GEPGYPE
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,]HVEYPMG (IWMKR -RJSVQEXMSR 7MKR 8LI L]HVEYPMG HI WLEPP GSRWMWX SJ E QMRMQYQ SJ RSX PIWW XLER JSYV WTVMR
WMKR MRJSVQEXMSR WMKR WLEPP FI MRWTIGXIH UYEVXIVP] XS ZIVMJ] XLEX MX OPIVW SV TIVGIRX SJ XLI RYQFIV SJ WTVMROPIVW TIV MRHMZMHYEP
MW TVSZMHIH EXXEGLIH WIGYVIP] XS XLI WTVMROPIV VMWIV ERH MW PIKMFPI WTVMROPIV WEQTPI [LMGLIZIV MW KVIEXIV
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
;LIVI SRI WTVMROPIV [MXLMR E VITVIWIRXEXMZI WEQTPI F -J XLI GSRRIGXMSR XS XLI [EXIV WYTTP] TMTMRK MW RSX
JEMPW XS QIIX XLI XIWX VIUYMVIQIRX EPP WTVMROPIVW [MXLMR XLI RIEV XLI XST SV XLI FSXXSQ SJ XLI W]WXIQ ER EHHM
EVIE VITVIWIRXIH F] XLEX WEQTPI WLEPP FI VITPEGIH XMSREP WEQTPI WLEPP FI XEOIR EX XLI GSRRIGXMSR XS XLI
[EXIV WYTTP]
1ERYJEGXYVIVW WLEPP FI TIVQMXXIH XS QEOI QSHMJMGE
XMSRW XS XLIMV S[R WTVMROPIVW MR XLI JMIPH [MXL PMWXIH HIZMGIW XLEX 8LI WTIGMJMG KVEZMX] SJ IEGL WSPYXMSR WLEPP FI GLIGOIH YW
VIWXSVI XLI SVMKMREP TIVJSVQERGI EW MRXIRHIH F] XLI PMWXMRK MRK E L]HVSQIXIV [MXL E WYMXEFPI WGEPI SV E VIJVEGXSQIXIV
[LIVI EGGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR LEZMRK E WGEPI GEPMFVEXIH JSV XLI ERXMJVIIÎ WSPYXMSR
-J ER] SJ XLI WEQTPIW I\LMFMXW E GSRGIRXVEXMSR MR I\GIWW SJ
+EYKIW [LEX MW TIVQMXXIH F] 2*4% XLI W]WXIQ WLEPP FI IQTXMIH
ERH VIJMPPIH [MXL E RI[ EGGITXEFPI WSPYXMSR -J E GSRGIR
+EYKIW WLEPP FI VITPEGIH IZIV] ]IEVW SV XIWXIH IZIV] XVEXMSR KVIEXIV XLER [LEX MW GYVVIRXP] TIVQMXXIH F]
]IEVW F] GSQTEVMWSR [MXL E GEPMFVEXIH KEYKI 2*4% [EW RIGIWWEV] XS OIIT XLI JPYMH JVSQ JVII^MRK
+EYKIW RSX EGGYVEXI XS [MXLMR TIVGIRX SJ XLI JYPP EPXIVREXI QIXLSHW SJ TVIZIRXMRK XLI TMTI JVSQ JVII^MRK
WGEPI WLEPP FI VIGEPMFVEXIH SV VITPEGIH WLEPP FI IQTPS]IH
-J ER] SJ XLI WEQTPIW I\LMFMXW E GSRGIRXVEXMSR PS[IV XLER
;LIVI QYPXMTPI W]WXIQ VMWIVW EVI WYTTPMIH F] E GSQ [LEX MW RIGIWWEV] XS OIIT XLI JPYMH JVSQ JVII^MRK XLI W]W
QSR [EXIV WYTTP] WSYVGI [MXL KEYKIW PSGEXIH EX XLI WEQI IP XIQ WLEPP FI IQTXMIH ERH VIJMPPIH [MXL E RI[ EGGITXEFPI
IZEXMSR ERH XLI KEYKIW JSV EPP W]WXIQW VIEH [MXLMR TIVGIRX SJ c WSPYXMSR
XLI SXLIVW SRP] SRI KEYKI WLEPP FI VIUYMVIH XS FI XIWXIH XS
HIXIVQMRI MJ VITPEGIQIRX MW VIUYMVIH 8LI YWI SJ ERXMJVIIÎ WSPYXMSRW WLEPP FI MR GSRJSVQMX]
[MXL WXEXI ERH PSGEP LIEPXL VIKYPEXMSRW
;EXIVJPS[ %PEVQ (IZMGIW
0MWXIH '4:' WTVMROPIV TMTI ERH JMXXMRKW WLEPP FI TVS
1IGLERMGEP [EXIVJPS[ EPEVQ HIZMGIW MRGPYHMRK FYX XIGXIH JVSQ JVII^MRK [MXL KP]GIVMRI SRP]
RSX PMQMXIH XS [EXIV QSXSV KSRKW WLEPP FI XIWXIH UYEVXIVP]
8LI YWI SJ HMIXL]PIRI IXL]PIRI SV TVST]PIRI KP]
:ERIX]TI ERH TVIWWYVI W[MXGLzX]TI [EXIVJPS[ EPEVQ GSPW WLEPP FI WTIGMJMGEPP] TVSLMFMXIH
HIZMGIW WLEPP FI XIWXIH WIQMERRYEPP]
)\GITX EW TIVQMXXIH F] ERH EPP ER
8IWXMRK [EXIVJPS[ EPEVQ HIZMGIW SR [IX TMTI W]WXIQW XMJVIIÎ W]WXIQW WLEPP YXMPMÎ PMWXIH ERXMJVIIÎ WSPYXMSRW
WLEPP FI EGGSQTPMWLIH F] STIRMRK XLI MRWTIGXSVvW XIWX GSR
RIGXMSR *SV W]WXIQW MRWXEPPIH TVMSV XS 7ITXIQFIV
PMWXIH ERXMJVIIÎ WSPYXMSRW WLEPP RSX FI VIUYMVIH YRXMP 7ITXIQ
;LIVI JVII^MRK [IEXLIV GSRHMXMSRW SV SXLIV GMVGYQ FIV [LIVI EPP SJ XLI JSPPS[MRK GSRHMXMSRW EVI QIX
WXERGIW TVSLMFMX YWI SJ XLI MRWTIGXSVvW XIWX GSRRIGXMSR XLI F]TEWW
GSRRIGXMSR WLEPP FI TIVQMXXIH XS FI YWIH 8LI GSRGIRXVEXMSR SJ XLI ERXMJVIIÎ WSPYXMSR WLEPP FI PMQ
MXIH XS TIVGIRX KP]GIVMRI F] ZSPYQI SV TIVGIRX TVS
*MVI TYQTW WLEPP RSX FI XEOIR SYX SJ WIVZMGI HYVMRK T]PIRI KP]GSP F] ZSPYQI
XIWXMRK YRPIWW GSRWXERXP] EXXIRHIH F] UYEPMJMIH TIVWSRRIP SV EPP 2I[P] MRXVSHYGIH WSPYXMSRW WLEPP FI JEGXSV] TVIQM\IH ER
MQTEMVQIRX TVSGIHYVIW GSRXEMRIH MR 'LETXIV EVI JSPPS[IH XMJVIIÎ WSPYXMSRW GLIQMGEPP] TYVI SV 9RMXIH 7XEXIW 4LEV
8IWXMRK [EXIVJPS[ EPEVQ HIZMGIW SR HV] TMTI TVIEG QEGSTIME TIVGIRX
XMSR SV HIPYKI W]WXIQW WLEPP FI EGGSQTPMWLIH F] YWMRK XLI %RXMJVIIÎ W]WXIQW [MXL GSRGIRXVEXMSRW MR I\GIWW SJ
F]TEWW GSRRIGXMSR TIVGIRX TVST]PIRI KP]GSP ERH TIVGIRX KP]GIVMRI
WLEPP FI TIVQMXXIH FEWIH YTSR ER ETTVSZIH HIXIVQMRMWXMG
%RXMJVIIÎ 7]WXIQW %RRYEPP] FIJSVI XLI SRWIX SJ JVII^ VMWO EWWIWWQIRX TVITEVIH F] E UYEPMJMIH TIVWSR ETTVSZIH
MRK [IEXLIV XLI ERXMJVIIÎ WSPYXMSR WLEPP FI XIWXIH YWMRK XLI F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
JSPPS[MRK TVSGIHYVI
4VIQM\IH ERXMJVIIÎ WSPYXMSRW SJ TVST]PIRI KP]GSP
9WMRK MRWXEPPEXMSR VIGSVHW QEMRXIRERGI VIGSVHW MRJSV I\GIIHMRK TIVGIRX GSRGIRXVEXMSR F] ZSPYQI WLEPP FI TIV
QEXMSR JVSQ XLI S[RIV GLIQMGEP XIWXW SV SXLIV VIPMEFPI QMXXIH JSV YWI [MXL )7*6 WTVMROPIVW [LIVI XLI )7*6 WTVMROPIVW
WSYVGIW SJ MRJSVQEXMSR XLI X]TI SJ ERXMJVIIÎ MR XLI W]W EVI PMWXIH JSV WYGL YWI MR E WTIGMJMG ETTPMGEXMSR
XIQ WLEPP FI HIXIVQMRIH
8LI ERXMJVIIÎ WSPYXMSR WLEPP FI XIWXIH EX MXW QSWX VI
E -J XLI X]TI SJ ERXMJVIIÎ MW JSYRH XS FI E X]TI XLEX MW RS
QSXI TSVXMSR ERH [LIVI MX MRXIVJEGIW [MXL XLI [IX TMTI W]WXIQ
PSRKIV TIVQMXXIH XLI W]WXIQ WLEPP FI HVEMRIH GSQ
TPIXIP] ERH VITPEGIH [MXL ER EGGITXEFPI WSPYXMSR ;LIR ERXMJVIIÎ W]WXIQW LEZI E GETEGMX] PEVKIV XLER
F -J XLI X]TI SJ ERXMJVIIÎ GERRSX FI VIPMEFP] HIXIV KEP 0 XIWXW EX SRI EHHMXMSREP TSMRX JSV IZIV] KEP
QMRIH XLI W]WXIQ WLEPP FI HVEMRIH GSQTPIXIP] ERH 0 WLEPP FI QEHI
VITPEGIH [MXL ER EGGITXEFPI WSPYXMSR
-J XLI ERXMJVIIÎ MW RSX VITPEGIH MR EGGSVHERGI [MXL WXIT -J XLI VIWYPXW MRHMGEXI ER MRGSVVIGX JVIIÎ TSMRX EX
XIWX WEQTPIW WLEPP FI XEOIR EX XLI XST SJ IEGL W]WXIQ ERH EX ER] TSMRX MR XLI W]WXIQ XLI W]WXIQ WLEPP FI HVEMRIH ERH VI
XLI FSXXSQ SJ IEGL W]WXIQ JMPPIH [MXL RI[ TVIQM\IH ERXMJVIIÎ
E -J XLI QSWX VIQSXI TSVXMSR SJ XLI W]WXIQ MW RSX RIEV *SV TVIQM\IH WSPYXMSRW XLI QERYJEGXYVIVvW MRWXVYG
XLI XST SV XLI FSXXSQ SJ XLI W]WXIQ ER EHHMXMSREP XMSRW WLEPP FI TIVQMXXIH XS FI YWIH [MXL VIKEVH XS XLI RYQFIV
WEQTPI WLEPP FI XEOIR EX XLI QSWX VIQSXI TSVXMSR SJ XIWX TSMRXW ERH VIJMPP TVSGIHYVI
)HMXMSR
746-2/0)6 7=78)17 z
1EMRXIRERGI +IRIVEP HIWGVMTXMSR

5YERXMX] SJ IEGL X]TI XS FI GSRXEMRIH MR XLI GEFMRIX
7TVMROPIVW -WWYI SV VIZMWMSR HEXI SJ XLI PMWX
;LIVI E WTVMROPIV LEW FIIR VIQSZIH JSV ER] VIEWSR MX
WLEPP RSX FI VIMRWXEPPIH 7TVMROPIVW WLEPP RSX FI EPXIVIH MR ER] VIWTIGX SV LEZI
ER] X]TI SJ SVREQIRXEXMSR TEMRX SV GSEXMRKW ETTPMIH EJXIV
6ITPEGIQIRX WTVMROPIVW WLEPP LEZI XLI TVSTIV GLEVEG WLMTQIRX JVSQ XLI TPEGI SJ QERYJEGXYVI
XIVMWXMGW JSV XLI ETTPMGEXMSR MRXIRHIH [LMGL MRGPYHI XLI JSP
PS[MRK 7TVMROPIVW ERH EYXSQEXMG WTVE] RS^^PIW YWIH JSV TVS
XIGXMRK GSQQIVGMEPX]TI GSSOMRK IUYMTQIRX ERH ZIRXMPEXMRK
7X]PI W]WXIQW WLEPP FI VITPEGIH ERRYEPP]
3VMJMGI WMÎ ERH /JEGXSV
8IQTIVEXYVI VEXMRK ;LIVI EYXSQEXMG FYPFX]TI WTVMROPIVW SV WTVE]
'SEXMRK MJ ER] RS^^PIW EVI YWIH ERH ERRYEP I\EQMREXMSR WLS[W RS FYMPHYT SJ
(IJPIGXSV X]TI IK YTVMKLX TIRHIRX WMHI[EPP KVIEWI SV SXLIV QEXIVMEP SR XLI WTVMROPIVW SV WTVE] RS^^PIW
(IWMKR VIUYMVIQIRXW WYGL WTVMROPIVW ERH WTVE] RS^^PIW WLEPP RSX FI VIUYMVIH XS FI
7TVE] WTVMROPIVW WLEPP FI TIVQMXXIH XS VITPEGI SPH VITPEGIH
WX]PI WTVMROPIVW 4VSXIGXMZI 'SZIVMRKW
6ITPEGIQIRX WTVMROPIVW JSV TMIVW ERH [LEVZIW WLEPP 7TVMROPIVW TVSXIGXMRK WTVE] EVIEW ERH QM\MRK VSSQW
GSQTP] [MXL 2*4% 7XERHEVH JSV XLI 'SRWXVYGXMSR ERH *MVI MR VIWMR ETTPMGEXMSR EVIEW MRWXEPPIH [MXL TVSXIGXMZI GSZIVMRKW
4VSXIGXMSR SJ 1EVMRI 8IVQMREPW 4MIVW ERH ;LEVZIW WLEPP GSRXMRYI XS FI TVSXIGXIH EKEMRWX SZIVWTVE] VIWMHYI WS
3RP] RI[ PMWXIH WTVMROPIVW WLEPP FI YWIH XS VITPEGI XLEX XLI] [MPP STIVEXI MR XLI IZIRX SJ JMVI
I\MWXMRK WTVMROPIVW
7TVMROPIVW MRWXEPPIH EW HIWGVMFIH MR WLEPP FI
7TIGMEP ERH UYMGOVIWTSRWI WTVMROPIVW EW HIJMRIH F] TVSXIGXIH YWMRK GIPPSTLERI FEKW LEZMRK E XLMGORIWW SJ
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW WLEPP FI MR QQ SV PIWW SV XLMR TETIV FEKW
VITPEGIH [MXL WTVMROPIVW SJ XLI WEQI SVMJMGI WMÎ XIQTIVEXYVI
VERKI ERH XLIVQEP VIWTSRWI GLEVEGXIVMWXMGW ERH /JEGXSV 'SZIVMRKW WLEPP FI VITPEGIH TIVMSHMGEPP] WS XLEX
LIEZ] HITSWMXW SJ VIWMHYI HS RSX EGGYQYPEXI
% WYTTP] SJ EX PIEWX WM\ WTEVI WTVMROPIVW WLEPP FI QEMR
XEMRIH SR XLI TVIQMWIW WS XLEX ER] WTVMROPIVW XLEX LEZI STIV (V] 4MTI 7]WXIQW (V] TMTI W]WXIQW WLEPP FI OITX HV] EX
EXIH SV FIIR HEQEKIH MR ER] [E] GER FI TVSQTXP] VITPEGIH EPP XMQIW
8LI WTVMROPIVW WLEPP GSVVIWTSRH XS XLI X]TIW ERH (YVMRK RSRJVII^MRK [IEXLIV E HV] TMTI W]WXIQ WLEPP
XIQTIVEXYVI VEXMRKW SJ XLI WTVMROPIVW MR XLI TVSTIVX] FI TIVQMXXIH XS FI PIJX [IX MJ XLI SRP] SXLIV STXMSR MW XS VIQSZI
XLI W]WXIQ JVSQ WIVZMGI [LMPI [EMXMRK JSV TEVXW SV HYVMRK VITEMV
8LI WTVMROPIVW WLEPP FI OITX MR E GEFMRIX PSGEXIH EGXMZMXMIW
[LIVI XLI XIQTIVEXYVI MR [LMGL XLI] EVI WYFNIGXIH [MPP EX RS
XMQI I\GIIH * ' 6IJVMKIVEXIH WTEGIW SV SXLIV EVIEW [MXLMR XLI FYMPHMRK
MRXIVMSV [LIVI XIQTIVEXYVIW EVI QEMRXEMRIH EX SV FIPS[ *
;LIVI HV] WTVMROPIVW SJ HMJJIVIRX PIRKXLW EVI MR ' WLEPP RSX FI TIVQMXXIH XS FI PIJX [IX
WXEPPIH WTEVI HV] WTVMROPIVW WLEPP RSX FI VIUYMVIH TVSZMHIH
XLEX E QIERW SJ VIXYVRMRK XLI W]WXIQ XS WIVZMGI MW JYVRMWLIH %MV HVMIVW WLEPP FI QEMRXEMRIH MR EGGSVHERGI [MXL XLI
QERYJEGXYVIVvW MRWXVYGXMSRW
8LI WXSGO SJ WTEVI WTVMROPIVW WLEPP MRGPYHI EPP X]TIW
ERH VEXMRKW MRWXEPPIH ERH WLEPP FI EW JSPPS[W 'SQTVIWWSVW YWIH MR GSRNYRGXMSR [MXL HV] TMTI WTVMR
*SV TVSXIGXIH JEGMPMXMIW LEZMRK YRHIV WTVMROPIVW { RS OPIV W]WXIQW WLEPP FI QEMRXEMRIH MR EGGSVHERGI [MXL XLI QERY
JI[IV XLER WTVMROPIVW JEGXYVIVvW MRWXVYGXMSRW
*SV TVSXIGXIH JEGMPMXMIW LEZMRK XS WTVMROPIVW { c
1EVMRI 7]WXIQW 7TVMROPIV W]WXIQW XLEX EVI RSVQEPP]
RS JI[IV XLER WTVMROPIVW QEMRXEMRIH YWMRK JVIWL [EXIV EW E WSYVGI WLEPP FI HVEMRIH ERH
*SV TVSXIGXIH JEGMPMXMIW LEZMRK SZIV WTVMROPIVW { RS VIJMPPIH XLIR HVEMRIH ERH VIJMPPIH EKEMR [MXL JVIWL [EXIV JSP
JI[IV XLER WTVMROPIVW
PS[MRK XLI MRXVSHYGXMSR SJ VE[ [EXIV MRXS XLI W]WXIQ
c
3RI WTVMROPIV [VIRGL EW WTIGMJMIH F] XLI WTVMROPIV
'SQTSRIRX %GXMSR 6IUYMVIQIRXW
QERYJEGXYVIV WLEPP FI TVSZMHIH MR XLI GEFMRIX JSV IEGL X]TI SJ
WTVMROPIV MRWXEPPIH XS FI YWIH JSV XLI VIQSZEP ERH MRWXEPPEXMSR ;LIRIZIV E GSQTSRIRX MR E WTVMROPIV W]WXIQ MW EH
SJ WTVMROPIVW MR XLI W]WXIQ NYWXIH VITEMVIH VIGSRHMXMSRIH SV VITPEGIH XLI EGXMSRW VI
% PMWX SJ XLI WTVMROPIVW MRWXEPPIH MR XLI TVSTIVX] WLEPP UYMVIH MR 8EFPI WLEPP FI TIVJSVQIH
FI TSWXIH MR XLI WTVMROPIV GEFMRIX c
;LIVI XLI SVMKMREP MRWXEPPEXMSR WXERHEVH MW HMJJIVIRX
8LI PMWX WLEPP MRGPYHI XLI JSPPS[MRK JVSQ XLI GMXIH WXERHEVH XLI YWI SJ XLI ETTVSTVMEXI MRWXEPPMRK
WXERHEVH WLEPP FI TIVQMXXIH
7TVMROPIV MHIRXMJMGEXMSR RYQFIV 7-2 MJ IUYMTTIH SV XLI
QERYJEGXYVIV QSHIP SVMJMGI HIJPIGXSV X]TI XLIVQEP WIR 8LIWI EGXMSRW WLEPP RSX VIUYMVI E HIWMKR VIZMI[ [LMGL MW
WMXMZMX] ERH TVIWWYVI VEXMRK SYXWMHI XLI WGSTI SJ XLMW WXERHEVH
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
8EFPI 7YQQEV] SJ 'SQTSRIRX 6ITPEGIQIRX %GXMSR 6IUYMVIQIRXW
6ITEMV
'SQTSRIRX %HNYWX 6IGSRHMXMSR 6ITPEGI 6IUYMVIH %GXMSR
;EXIV (IPMZIV] 'SQTSRIRXW

4MTI ERH JMXXMRKW EJJIGXMRK PIWW XLER < < < -RWTIGX JSV PIEOW EX W]WXIQ [SVOMRK TVIWWYVI
WTVMROPIVW
4MTI ERH JMXXMRKW EJJIGXMRK QSVI XLER < < < ,]HVSWXEXMG XIWX MR GSRJSVQERGI [MXL 2*4%
WTVMROPIVW 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW
7TVMROPIVW PIWW XLER < < -RWTIGX JSV PIEOW EX W]WXIQ [SVOMRK TVIWWYVI
7TVMROPIVW QSVI XLER < < ,]HVSWXEXMG XIWX MR GSRJSVQERGI [MXL 2*4%
*MVI HITEVXQIRX GSRRIGXMSRW < < < 7II 'LETXIV
%RXMJVIIÎ WSPYXMSR < < -RWTIGX JVII^MRK TSMRX SJ WSPYXMSR
-RWTIGX JSV PIEOW EX W]WXIQ [SVOMRK TVIWWYVI
%PEVQ ERH 7YTIVZMWSV] 'SQTSRIRXW

:ERIX]TI [EXIVJPS[ < < < 3TIVEXMSREP XIWX YWMRK MRWTIGXSVvW XIWX
GSRRIGXMSR
4VIWWYVI W[MXGLzX]TI [EXIVJPS[ < < < 3TIVEXMSREP XIWX YWMRK XLI MRWTIGXSVvW XIWX
GSRRIGXMSR SV EPEVQ F]TEWW XIWX ZEPZI
;EXIV QSXSV KSRK < < < 3TIVEXMSREP XIWX YWMRK MRWTIGXSVvW XIWX
GSRRIGXMSR
,MKL ERH PS[ EMV TVIWWYVI W[MXGL < < < 3TIVEXMSREP XIWX SJ LMKL ERH PS[ WIXXMRKW
:EPZI WYTIVZMWSV] WMKREP MRMXMEXMRK HIZMGI < < < 8IWX JSV GSRJSVQERGI [MXL 2*4% ERHSV
2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK
'SHI
(IXIGXMSR W]WXIQ JSV HIPYKI SV < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL 2*4%
TVIEGXMSR W]WXIQ ERHSV 2*4%
7XEXYW-RHMGEXMRK 'SQTSRIRXW
+EYKIW < :IVMJ] EX FEV TWM ERH W]WXIQ [SVOMRK
TVIWWYVI
8IWXMRK ERH 1EMRXIRERGI 'SQTSRIRXW

%MV GSQTVIWWSV < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL 2*4%
%YXSQEXMG EMV QEMRXIRERGI HIZMGI < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL 2*4%
1EMR HVEMR < < < 1EMR HVEMR XIWX
%Y\MPMEV] HVEMRW < < < -RWTIGX JSV PIEOW EX W]WXIQ [SVOMRK TVIWWYVI
QEMR HVEMR XIWX
-RWTIGXSVvW XIWX GSRRIGXMSR < < < -RWTIGX JSV PIEOW EX W]WXIQ [SVOMRK TVIWWYVI
QEMR HVEMR XIWX
7XVYGXYVEP 'SQTSRIRXW
,ERKIVWIMWQMG FVEGMRK < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4%
4MTI WXERHW < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4%
-RJSVQEXMSREP 'SQTSRIRXW
-HIRXMJMGEXMSR WMKRW < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERH XLMW
WXERHEVH
,]HVEYPMG HIWMKR MRJSVQEXMSR WMKR < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERH XLMW
WXERHEVH
+IRIVEP MRJSVQEXMSR WMKR < < < -RWTIGX JSV GSRJSVQERGI [MXL XLMW WXERHEVH
)HMXMSR
78%2(4-4) %2( ,37) 7=78)17 z
'LETXIV 7XERHTMTI ERH ,SWI 7]WXIQW 8LI TVSGIHYVIW SYXPMRIH MR 'LETXIV WLEPP FI JSPPS[IH
[LIVI XLIVI MW E RIIH XS GSRHYGX ER SFWXVYGXMSR MRZIWXMKEXMSR
+IRIVEP ;LIVI XLI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ
1MRMQYQ 6IUYMVIQIRXW WXERHTMTI ERH LSWI W]WXIQW VIWYPXW SV MRZSPZIW E W]WXIQ XLEX MW
SYX SJ WIVZMGI XLI MQTEMVQIRX TVSGIHYVIW SYXPMRIH MR 'LET
8LMW GLETXIV WLEPP TVSZMHI XLI QMRMQYQ VIUYMVI XIV WLEPP FI JSPPS[IH
QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ
WXERHTMTI ERH LSWI W]WXIQW ;LIVI ETTVSZIH F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
I\MWXMRK LSWI WLEPP FI TIVQMXXIH XS FI VIQSZIH ERH WLEPP RSX
8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRM FI VIGSVHIH EW E HIJMGMIRG]
QYQ VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMR c
XIRERGI -RWTIGXMSR
8EFPI WLEPP FI YWIH JSV XLI MRWTIGXMSR XIWXMRK ERH 'SQTSRIRXW 'SQTSRIRXW SJ WXERHTMTI ERH LSWI W]W
QEMRXIRERGI SJ EPP GPEWWIW SJ WXERHTMTI ERH LSWI W]WXIQW XIQW WLEPP FI ZMWYEPP] MRWTIGXIH ERRYEPP] SV EW WTIGMJMIH MR
8EFPI
'LIGOTSMRXW ERH GSVVIGXMZI EGXMSRW SYXPMRIH MR 8EFPI
WLEPP FI JSPPS[IH XS HIXIVQMRI XLEX GSQTSRIRXW EVI JVII +EYKIW
SJ GSVVSWMSR JSVIMKR QEXIVMEP TL]WMGEP HEQEKI XEQTIVMRK SV
+EYKIW SR EYXSQEXMG [IX ERH WIQMEYXSQEXMG HV]
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:EPZI PIEOMRK 'PSWI SV VITEMV
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6IWXVMGXMRK HIZMGI QMWWMRK 6ITPEGI
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8LI WXERHTMTI W]WXIQ HIQERH WLEPP FI FEWIH SR XLI
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TVIWWYVIVIKYPEXMRK ZEPZIW WLEPP LEZI XLIWI ZEPZIW MRWTIGXIH
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XIWXIH ERH QEMRXEMRIH MR EGGSVHERGI [MXL XLI VIUYMVIQIRXW
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SJ 'LETXIV
% QEMR HVEMR XIWX WLEPP FI TIVJSVQIH SR EPP WXERHTMTI c
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4MTMRK < < < ,]HVSWXEXMG XIWX MR GSRJSVQERGI [MXL
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ
7XERHTMTI ERH ,SWI 7]WXIQW
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[MXL 2*4%
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GSRRIGXMSR
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GSRRIGXMSR
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GSRRIGXMSR
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ERH ZIVMJMGEXMSR SJ GSRJSVQERGI [MXL
2*4% ERHSV 2*4% 2EXMSREP
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[SVOMRK TVIWWYVI
7]WXIQ ,SYWMRK ERH 4VSXIGXMSR 'SQTSRIRXW

'EFMRIX < < < :IVMJ] GSQTPMERGI [MXL 2*4%
,SWI WXSVEKI VEGO < < < :IVMJ] GSQTPMERGI [MXL 2*4%

(VEMR VMWIV < < < -RWTIGX JSV PIEOW [LMPI JPS[MRK JVSQ
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TVIWWYVI
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VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI
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)HMXMSR
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GSVVSWMSR TVSXIGXMSR 8EFPI
6IWXVEMRX QIXLSHW 6ITEMV SV VITPEGI 8IWXMRK
9RHIVKVSYRH ERH )\TSWIH 4MTMRK *PS[ 8IWXW 9RHIV
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IRWYVI XLEX XLI VIUYMVIH JPS[ ERH TVIWWYVI EVI EZEMPEFPI JSV
-REGGIWWMFPI 1EOI EGGIWWMFPI JMVI TVSXIGXMSR
&EVVIP GSRXEMRW [EXIV SV MGI 6ITEMV ERH HVEMR JSV LMKL ;LIVI YRHIVKVSYRH TMTMRK WYTTPMIW MRHMZMHYEP JMVI
TVIWIRGI SJ [EXIV SV MGI KVSYRH[EXIV MX GSYPH FI WTVMROPIV WXERHTMTI [EXIV WTVE] SV JSEQ[EXIV WTVMROPIV W]W
GSYPH MRHMGEXI E JEYPX] RIGIWWEV] XS TPYK XLI HVEMR XIQW ERH XLIVI EVI RS QIERW XS GSRHYGX JYPP JPS[ XIWXW XIWXW
HVEMR E PIEO] L]HVERX ERH TYQT SYX XLI FEVVIP KIRIVEXMRK XLI QE\MQYQ EZEMPEFPI JPS[W WLEPP FI TIVQMXXIH
ZEPZI SV LMKL EJXIV IEGL YWI
KVSYRH[EXIV XEFPI ,]HVERXW ,]HVERXW WLEPP FI XIWXIH ERRYEPP] XS IRWYVI
-QTVSTIV HVEMREKI JVSQ 6ITEMV HVEMR TVSTIV JYRGXMSRMRK
FEVVIP )EGL L]HVERX WLEPP FI STIRIH JYPP] ERH [EXIV JPS[IH
0IEOW MR SYXPIXW SV EX XST SJ 6ITEMV SV VITPEGI KEWOIXW YRXMP EPP JSVIMKR QEXIVMEP LEW GPIEVIH
L]HVERX TEGOMRK SV TEVXW EW RIGIWWEV]
'VEGOW MR L]HVERX FEVVIP 6ITEMV SV VITPEGI *PS[ WLEPP FI QEMRXEMRIH JSV RSX PIWW XLER QMRYXI
8MKLXRIWW SJ SYXPIX GETW 0YFVMGEXI MJ RIGIWWEV] XMKLXIR MJ %JXIV STIVEXMSR HV] FEVVIP ERH [EPP L]HVERXW WLEPP FI
RIGIWWEV] SFWIVZIH JSV TVSTIV HVEMREKI JVSQ XLI FEVVIP
;SVR SYXPIX XLVIEHW 6ITEMV SV VITPEGI
;SVR L]HVERX STIVEXMRK 6ITEMV SV VITPEGI *YPP HVEMREKI WLEPP XEOI RS PSRKIV XLER QMRYXIW
RYX ;LIVI WSMP GSRHMXMSRW SV SXLIV JEGXSVW EVI WYGL XLEX
%ZEMPEFMPMX] SJ STIVEXMRK 1EOI WYVI [VIRGL MW EZEMPEFPI XLI L]HVERX FEVVIP HSIW RSX HVEMR [MXLMR QMRYXIW SV [LIVI
[VIRGL XLI KVSYRH[EXIV PIZIP MW EFSZI XLEX SJ XLI L]HVERX HVEMR XLI
L]HVERX HVEMR WLEPP FI TPYKKIH ERH XLI [EXIV MR XLI FEVVIP
WLEPP FI TYQTIH SYX
(V] FEVVIP L]HVERXW XLEX EVI PSGEXIH MR EVIEW WYFNIGX XS
8EFPI ;IX &EVVIP ,]HVERXW JVII^MRK [IEXLIV ERH XLEX LEZI TPYKKIH HVEMRW WLEPP FI MHIRXM
JMIH GPIEVP] EW RIIHMRK TYQTMRK EJXIV STIVEXMSR
'SRHMXMSR 'SVVIGXMZI %GXMSR
1SRMXSV 2S^^PIW
-REGGIWWMFPI 1EOI EGGIWWMFPI 1SRMXSV RS^^PIW XLEX EVI QSYRXIH SR L]HVERXW WLEPP
0IEOW MR SYXPIXW SV EX XST SJ
6ITEMV SV VITPEGI KEWOIXW FI XIWXIH EW WTIGMJMIH MR
L]HVERX TEGOMRK SV TEVXW EW
RIGIWWEV] %PP QSRMXSV RS^^PIW WLEPP FI SWGMPPEXIH ERH QSZIH
'VEGOW MR L]HVERX FEVVIP 6ITEMV SV VITPEGI XLVSYKLSYX XLIMV JYPP VERKI ERRYEPP] XS IRWYVI TVSTIV STIV
8MKLXRIWW SJ SYXPIX GETW 0YFVMGEXI MJ RIGIWWEV] XMKLXIR EFMPMX]
MJ RIGIWWEV] 1EMRXIRERGI
;SVR SYXPIX XLVIEHW 6ITEMV SV VITPEGI
;SVR L]HVERX STIVEXMRK RYX 6ITEMV SV VITPEGI +IRIVEP %PP IUYMTQIRX WLEPP FI QEMRXEMRIH MR TVSTIV
%ZEMPEFMPMX] SJ STIVEXMRK 1EOI WYVI [VIRGL MW EZEMPEFPI [SVOMRK GSRHMXMSR GSRWMWXIRX [MXL XLI QERYJEGXYVIVvW VIGSQ
[VIRGL QIRHEXMSRW
,]HVERXW
,]HVERXW WLEPP FI PYFVMGEXIH ERRYEPP] XS IRWYVI XLEX
EPP WXIQW GETW TPYKW ERH XLVIEHW EVI MR TVSTIV STIVEXMRK
8EFPI 1SRMXSV 2S^^PIW GSRHMXMSR
,]HVERXW WLEPP FI OITX JVII SJ WRS[ MGI SV SXLIV QE
'SRHMXMSR 'SVVIGXMZI %GXMSR XIVMEPW ERH TVSXIGXIH EKEMRWX QIGLERMGEP HEQEKI WS XLEX JVII
EGGIWW MW IRWYVIH
0IEOEKI 6ITEMV
4L]WMGEP HEQEKI 6ITEMV SV VITPEGI 1SRMXSV 2S^^PIW 1SRMXSV RS^^PIW WLEPP FI PYFVMGEXIH
'SVVSWMSR 'PIER SV VITPEGI ERH PYFVMGEXI ERRYEPP] XS IRWYVI TVSTIV STIVEXMRK GSRHMXMSR
SV TVSXIGX EW RIGIWWEV] 'SQTSRIRX %GXMSR 6IUYMVIQIRXW
;LIRIZIV E GSQTSRIRX MR E TVMZEXI JMVI WIVZMGI W]WXIQ
MW EHNYWXIH VITEMVIH VIGSRHMXMSRIH SV VITPEGIH XLI EGXMSR
VIUYMVIH MR 8EFPI WLEPP FI TIVJSVQIH
8EFPI ,SWI ,SYWIW ;LIVI XLI SVMKMREP MRWXEPPEXMSR WXERHEVH MW HMJJIVIRX
'SRHMXMSR 'SVVIGXMZI %GXMSR WXERHEVH WLEPP FI TIVQMXXIH
c
-REGGIWWMFPI 1EOI EGGIWWMFPI ;LIVI E QEMR HVEMR MW RSX TVSZMHIH SXLIV IUYMZEPIRX
4L]WMGEP HEQEKI 6ITEMV SV VITPEGI QIERW SJ JPS[ XIWXMRK WLEPP FI TIVQMXXIH
1MWWMRK IUYMTQIRX 6ITPEGI IUYMTQIRX 8LI EGXMSRW SJ WLEPP RSX VIUYMVI E HIWMKR VIZMI[
[LMGL MW SYXWMHI XLI WGSTI SJ XLMW WXERHEVH
)HMXMSR
*-6) 49147 z
6ITEMV
'SQTSRIRX %HNYWX 6IGSRHMXMSR 6ITPEGI 8IWX 'VMXIVME

4MTI ERH JMXXMRKW I\TSWIH < < < ,]HVSWXEXMG XIWX MR GSRJSVQERGI [MXL
4VMZEXI *MVI 7IVZMGI 1EMRW ERH 8LIMV
%TTYVXIRERGIW
4MTI ERH JMXXMRKW YRHIVKVSYRH *PYWL MR GSRJSVQERGI [MXL 2*4% SV
2*4% EW ETTVSTVMEXI
,]HVERXW < < < ,]HVSWXEXMG XIWX MR GSRJSVQERGI [MXL
2*4%
;EXIVJPS[ MR GSRJSVQERGI [MXL
2*4%
-RWTIGX JSV TVSTIV HVEMREKI
1SRMXSV RS^^PIW < < < ,]HVSWXEXMG XIWX MR GSRJSVQERGI [MXL
2*4%
*PYWL MR GSRJSVQERGI [MXL 2*4%
1EMRPMRI WXVEMRIVW < < < *PS[ XIWX HS[RWXVIEQ SJ WXVEMRIV
*MVI HITEVXQIRX GSRRIGXMSR < < < 7II 'LETXIV

:EPZI WYTIVZMWSV] HIZMGI < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4% 2EXMSREP
*MVI %PEVQ ERH 7MKREPMRK 'SHI
7]WXIQ-RHMGEXMRK 'SQTSRIRXW
[SVOMRK TVIWWYVI
7]WXIQ ,SYWMRK ERH 4VSXIGXMSR 'SQTSRIRXW

,SWI LSYWIW < < < :IVMJ] MRXIKVMX] SJ LSWI LSYWI ERH LSWI
LSYWI GSQTSRIRXW
,SWI < 6ITEMV ERH XIWX LSWI MR EGGSVHERGI [MXL
2*4%
,SWI < 2S EGXMSR VIUYMVIH
8LVYWX FPSGOW < < < 8IWX EX W]WXIQ [SVOMRK TVIWWYVI
8MI VSHW < < < 8IWX EX W]WXIQ [SVOMRK TVIWWYVI
6IXEMRIV KPERHW < < < 8IWX EX W]WXIQ [SVOMRK TVIWWYVI
-HIRXMJMGEXMSR WMKRW < < < :IVMJ] GSRJSVQERGI [MXL 2*4%
'LETXIV *MVI 4YQTW :EPZIW ERH 'SRRIGXMSRW :EPZIW ERH JMVI HITEVXQIRX
+IRIVEP GSVHERGI [MXL 'LETXIV
1MRMQYQ 6IUYMVIQIRXW 3FWXVYGXMSR -RZIWXMKEXMSRW 8LI TVSGIHYVIW SYXPMRIH MR
'LETXIV WLEPP FI JSPPS[IH [LIVI XLIVI MW E RIIH XS GSRHYGX
8LMW GLETXIV WLEPP TVSZMHI XLI QMRMQYQ VIUYMVI ER SFWXVYGXMSR MRZIWXMKEXMSR
QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ %Y\MPMEV] )UYMTQIRX 8LI TYQT EWWIQFP] EY\MPMEV]
JMVI TYQT EWWIQFPMIW IUYMTQIRX WLEPP MRGPYHI XLI JSPPS[MRK
8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRMQYQ 4YQT EGGIWWSVMIW EW JSPPS[W
VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI E 4YQT WLEJX GSYTPMRK
%PXIVREXMZI -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI 4VSGI F %YXSQEXMG EMV VIPIEWI ZEPZI
HYVIW -R XLI EFWIRGI SJ QERYJEGXYVIVvW VIGSQQIRHEXMSRW JSV G 4VIWWYVI KEYKIW
TVIZIRXMZI QEMRXIRERGI 8EFPI WLEPP FI YWIH JSV EPXIVRE H 'MVGYPEXMSR VIPMIJ ZEPZI RSX YWIH MR GSRNYRGXMSR [MXL
XMZI VIUYMVIQIRXW HMIWIP IRKMRI HVMZI [MXL LIEX I\GLERKIV
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
8EFPI %PXIVREXMZI *MVI 4YQT -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI 4VSGIHYVIW
:MWYEP
'SQTPIXI EW %TTPMGEFPI -RWTIGXMSR -RWTIGX 'LERKI 'PIER 8IWX *VIUYIRG]
4YQT 7]WXIQ
4YQT FIEVMRKW < %RRYEPP]
0YFVMGEXI TYQT FIEVMRKW < %W RIIHIH
-RWTIGX TYQT WLEJX IRH TPE] < %RRYEPP]
-RWTIGX EGGYVEG] SJ TVIWWYVI KEYKIW ERH WIRWSVW < < %RRYEPP] VITPEGI
SV VIGEPMFVEXI [LIR
SYX SJ
GEPMFVEXMSR
-RWTIGX TYQT GSYTPMRK EPMKRQIRX < %RRYEPP]
;IX TMX WYGXMSR WGVIIRW < < %JXIV IEGL TYQT
STIVEXMSR
1IGLERMGEP 8VERWQMWWMSR
0YFVMGEXI GSYTPMRK < %RRYEPP]
0YFVMGEXI VMKLXERKPI KIEV HVMZI < %RRYEPP]
)PIGXVMGEP 7]WXIQ
)\IVGMWI MWSPEXMRK W[MXGL ERH GMVGYMX FVIEOIV < 1SRXLP]
8VMT GMVGYMX FVIEOIV MJ QIGLERMWQ TVSZMHIH < %RRYEPP]
3TIVEXI QERYEP WXEVXMRK QIERW IPIGXVMGEP < 7IQMERRYEPP]
-RWTIGX ERH STIVEXI IQIVKIRG] QERYEP WXEVXMRK < < %RRYEPP]
QIERW [MXLSYX TS[IV
8MKLXIR IPIGXVMGEP GSRRIGXMSRW EW RIGIWWEV] < %RRYEPP]
0YFVMGEXI QIGLERMGEP QSZMRK TEVXW I\GPYHMRK < %RRYEPP]
WXEVXIVW ERH VIPE]W
'EPMFVEXI TVIWWYVI W[MXGL WIXXMRKW < %RRYEPP]
+VIEWI QSXSV FIEVMRKW < %RRYEPP]
< %RRYEPP] SV EW
RIIHIH
:SPXQIXIV ERH EQQIXIV JSV EGGYVEG] < %RRYEPP]
%R] GSVVSWMSR SR TVMRXIH GMVGYMX FSEVHW 4'&W < %RRYEPP]
%R] GVEGOIH GEFPI[MVI MRWYPEXMSR < %RRYEPP]
%R] PIEOW MR TPYQFMRK TEVXW < %RRYEPP]
%R] WMKRW SJ [EXIV SR IPIGXVMGEP TEVXW < %RRYEPP]
(MIWIP )RKMRI 7]WXIQ

*YIP
8ERO PIZIP < < ;IIOP]
8ERO JPSEX W[MXGL < < ;IIOP]
7SPIRSMH ZEPZI STIVEXMSR < < ;IIOP]
7XVEMRIV JMPXIV SV HMVX PIK SV GSQFMREXMSR < 5YEVXIVP]
XLIVISJ
;EXIV ERH JSVIMKR QEXIVMEP MR XERO < %RRYEPP]
;EXIV MR W]WXIQ < < ;IIOP]
*PI\MFPI LSWIW ERH GSRRIGXSVW < ;IIOP]
8ERO ZIRXW ERH SZIVJPS[ TMTMRK YRSFWXVYGXIH < < %RRYEPP]
4MTMRK < %RRYEPP]
0YFVMGEXMSR W]WXIQ
3MP PIZIP < < ;IIOP]
3MP GLERKI < LSYVW SV
ERRYEPP]
3MP JMPXIVW < LSYVW SV
ERRYEPP]
0YFI SMP LIEXIV < ;IIOP]
'VEROGEWI FVIEXLIV < < < 5YEVXIVP]
)HMXMSR
*-6) 49147 z
8EFPI 'SRXMRYIH
:MWYEP
'SQTPIXI EW %TTPMGEFPI -RWTIGXMSR -RWTIGX 'LERKI 'PIER 8IWX *VIUYIRG]
'SSPMRK W]WXIQ
0IZIP < < ;IIOP]
%RXMJVIIÎ TVSXIGXMSR PIZIP < 7IQMERRYEPP]
%RXMJVIIÎ < %RRYEPP]
%HIUYEXI GSSPMRK [EXIV XS LIEX I\GLERKIV < ;IIOP]
6SH SYX LIEX I\GLERKIV < %RRYEPP]
;EXIV TYQTW < ;IIOP]
'SRHMXMSR SJ JPI\MFPI LSWIW ERH GSRRIGXMSRW < < ;IIOP]
.EGOIX [EXIV LIEXIV < ;IIOP]
-RWTIGX HYGX [SVO GPIER PSYZIVW GSQFYWXMSR < < < %RRYEPP]
EMV
;EXIV WXVEMRIV < 5YEVXIVP]
)\LEYWX W]WXIQ
0IEOEKI < < ;IIOP]
(VEMR GSRHIRWEXI XVET < ;IIOP]
-RWYPEXMSR ERH JMVI LEÊVHW < 5YEVXIVP]
)\GIWWMZI FEGO TVIWWYVI < %RRYEPP]
)\LEYWX W]WXIQ LERKIVW ERH WYTTSVXW < %RRYEPP]
*PI\MFPI I\LEYWX WIGXMSR < 7IQMERRYEPP]
&EXXIV] W]WXIQ
)PIGXVSP]XI PIZIP < ;IIOP]
8IVQMREPW GPIER ERH XMKLX < < 5YEVXIVP]
'EWI I\XIVMSV GPIER ERH HV] < < 1SRXLP]
7TIGMJMG KVEZMX] SV WXEXI SJ GLEVKI < 1SRXLP]
'LEVKIV ERH GLEVKI VEXI < 1SRXLP]
)UYEPMÎ GLEVKI < 1SRXLP]
'PIER XIVQMREPW < %RRYEPP]
'VEROMRK ZSPXEKI I\GIIHW ZSPXW SR E ZSPX W]WXIQ < ;IIOP]

SV ZSPXW SR E ZSPX W]WXIQ
)PIGXVMGEP W]WXIQ
+IRIVEP MRWTIGXMSR < ;IIOP]
8MKLXIR GSRXVSP ERH TS[IV [MVMRK GSRRIGXMSRW < %RRYEPP]
;MVI GLEJMRK [LIVI WYFNIGX XS QSZIQIRX < < 5YEVXIVP]
3TIVEXMSR SJ WEJIXMIW ERH EPEVQW < < 7IQMERRYEPP]
&S\IW TERIPW ERH GEFMRIXW < 7IQMERRYEPP]
'MVGYMX FVIEOIVW SV JYWIW < < 1SRXLP]
'MVGYMX FVIEOIVW SV JYWIW < &MIRRMEPP]
:SPXQIXIV ERH EQQIXIV JSV EGGYVEG] < %RRYEPP]
%R] GSVVSWMSR SR TVMRXIH GMVGYMX FSEVHW 4'&W < %RRYEPP]
%R] GVEGOIH GEFPI[MVI MRWYPEXMSR < %RRYEPP]
%R] PIEOW MR TPYQFMRK TEVXW < %RRYEPP]
%R] WMKRW SJ [EXIV SR IPIGXVMGEP TEVXW < %RRYEPP]
4YQT XIWX HIZMGIW 8LSWI MRWXEPPEXMSRW JSV [LMGL 2*4% 7XERHEVH JSV XLI
4YQT VIPMIJ ZEPZI ERH TMTMRK [LIVI QE\MQYQ TYQT HMW -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV *MVI 4VSXIGXMSR TIVQMXXIH
GLEVKI TVIWWYVI I\GIIHW XLI VEXMRK SJ XLI W]WXIQ GSQTS RIKEXMZI WYGXMSR KEYKI TVIWWYVIW EX XLI XMQI SJ TYQT MRWXEPPE
RIRXW SV XLI HVMZIV MW SJ ZEVMEFPI WTIIH XMSR [LIVI XLI W]WXIQ HIQERH WXMPP GER FI QIX F] XLI TYQT
%PEVQ WIRWSVW ERH MRHMGEXSVW ERH [EXIV WYTTP] WLEPP FI GSRWMHIVIH XS FI MR GSQTPMERGI [MXL
6MKLXERKPI KIEV WIXW JSV IRKMRIHVMZIR ZIVXMGEP WLEJX XYV
FMRI TYQTW
)RIVK] 7SYVGI 8LI IRIVK] WSYVGIW JSV XLI TYQT HVMZIV
4VIWWYVI QEMRXIRERGI NSGOI] TYQT ERH EGGIWWSVMIW
WLEPP WYTTP] XLI RIGIWWEV] FVEOI LSVWITS[IV SJ XLI HVMZIV WS
;EXIV 7YTTP] XS 4YQT 7YGXMSR XLEX XLI TYQT QIIXW W]WXIQ HIQERH
8LI WYGXMSR WYTTP] JSV XLI JMVI TYQT WLEPP TVSZMHI XLI (VMZIV 8LI TYQT HVMZIV WLEPP RSX SZIVPSEH FI]SRH MXW
VIUYMVIH JPS[ EX E KEYKI TVIWWYVI SJ TWM FEV SV LMKLIV EX VEXMRK MRGPYHMRK ER] WIVZMGI JEGXSV EPPS[ERGI [LIR HIPMZIV
XLI TYQT WYGXMSR JPERKI XS QIIX XLI W]WXIQ HIQERH MRK XLI RIGIWWEV] FVEOI LSVWITS[IV
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
8EFPI 7YQQEV] SJ *MVI 4YQT -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI
-RWTIGXMSR
4YQT LSYWI LIEXMRK ZIRXMPEXMRK PSYZIVW ;IIOP]
*MVI TYQT W]WXIQ ;IIOP]
8IWX
4YQT STIVEXMSR
2SJPS[ GSRHMXMSR
(MIWIP IRKMRIzHVMZIR JMVI TYQT ;IIOP]
)PIGXVMG QSXSVzHVMZIR JMVI TYQT 7II
*PS[ GSRHMXMSR %RRYEPP]
*MVI TYQT EPEVQ WMKREPW %RRYEPP]
1EMRXIRERGI
,]HVEYPMG %RRYEPP]
1IGLERMGEP XVERWQMWWMSR %RRYEPP]
)PIGXVMGEP W]WXIQ :EVMIW
'SRXVSPPIV ZEVMSYW GSQTSRIRXW :EVMIW
1SXSV %RRYEPP]
(MIWIP IRKMRI W]WXIQ ZEVMSYW GSQTSRIRXW :EVMIW
'SRXVSPPIV %YXSQEXMG ERH QERYEP GSRXVSPPIVW JSV ET H 6IZIVWI TLEWI EPEVQ TMPSX PMKLX MW SJJ SV RSVQEP TLEWI
TP]MRK XLI IRIVK] WSYVGI XS XLI HVMZIV WLEPP FI GETEFPI SJ TVS VSXEXMSR TMPSX PMKLX MW SR
ZMHMRK XLMW STIVEXMSR JSV XLI X]TI SJ TYQT YWIH I 3MP PIZIP MR ZIVXMGEP QSXSV WMKLX KPEWW MW [MXLMR EGGITX
EFPI VERKI
-QTEMVQIRXW 8LI TVSGIHYVIW SYXPMRIH MR 'LETXIV
J 4S[IV XS TVIWWYVI QEMRXIRERGI NSGOI] TYQT MW
c TVSZMHIH
-RWTIGXMSR (MIWIP IRKMRI W]WXIQ GSRHMXMSRW EW JSPPS[W
8LI TYVTSWI SJ MRWTIGXMSR WLEPP FI XS ZIVMJ] XLEX XLI E *YIP XERO MW EX PIEWX X[SXLMVHW JYPP
TYQT EWWIQFP] ETTIEVW XS FI MR STIVEXMRK GSRHMXMSR ERH MW F 'SRXVSPPIV WIPIGXSV W[MXGL MW MR EYXS TSWMXMSR
JVII JVSQ TL]WMGEP HEQEKI G &EXXIVMIWv ZSPXEKI VIEHMRKW EVI [MXLMR EGGITXEFPI
VERKI
8LI TIVXMRIRX ZMWYEP SFWIVZEXMSRW WTIGMJMIH MR XLI JSP H &EXXIVMIWv GLEVKMRK GYVVIRX VIEHMRKW EVI [MXLMR
PS[MRK GLIGOPMWXW WLEPP FI TIVJSVQIH [IIOP] EGGITXEFPI VERKI
4YQT LSYWI GSRHMXMSRW EW JSPPS[W I &EXXIVMIWv TMPSX PMKLXW EVI SR SV FEXXIV] JEMPYVI
E ,IEX MW EHIUYEXI RSX PIWW XLER * ' JSV TYQT TMPSX PMKLXW EVI SJJ
VSSQ [MXL HMIWIP IRKMRIzHVMZIR TYQTW [MXL IRKMRI J %PP EPEVQ TMPSX PMKLXW EVI SJJ
LIEXIVW K )RKMRI VYRRMRK XMQI QIXIV MW VIEHMRK
F ,IEX MW EHIUYEXI RSX PIWW XLER * ' JSV TYQT L 3MP PIZIP MR VMKLX ERKPI KIEV HVMZI MW [MXLMR EGGITXEFPI
VSSQ [MXL HMIWIP IRKMRIzHVMZIR TYQTW [MXLSYX IR VERKI
KMRI LIEXIVW M 'VEROGEWI SMP PIZIP MW [MXLMR EGGITXEFPI VERKI
G :IRXMPEXMRK PSYZIVW EVI JVII XS STIVEXI N 'SSPMRK [EXIV PIZIP MW [MXLMR EGGITXEFPI VERKI
O )PIGXVSP]XI PIZIP MR FEXXIVMIW MW [MXLMR EGGITXEFPI
4YQT W]WXIQ GSRHMXMSRW EW JSPPS[W
VERKI
E 4YQT WYGXMSR ERH HMWGLEVKI ERH F]TEWW ZEPZIW EVI P &EXXIV] XIVQMREPW EVI JVII JVSQ GSVVSWMSR
JYPP] STIR Q ;EXIVNEGOIX LIEXIV MW STIVEXMRK
F 4MTMRK MW JVII SJ PIEOW
7XIEQ W]WXIQ GSRHMXMSRW 7XIEQ TVIWWYVI KEYKI VIEHMRK MW
G 7YGXMSR PMRI TVIWWYVI KEYKI VIEHMRK MW [MXLMR EGGITX
[MXLMR EGGITXEFPI VERKI
EFPI VERKI
H 7]WXIQ PMRI TVIWWYVI KEYKI VIEHMRK MW [MXLMR EGGITX 8IWXMRK
EFPI VERKI *VIUYIRG]
I 7YGXMSR VIWIVZSMV LEW XLI VIUYMVIH [EXIV PIZIP
J ;IX TMX WYGXMSR WGVIIRW EVI YRSFWXVYGXIH ERH MR % RSRJPS[ XIWX WLEPP FI GSRHYGXIH JSV HMIWIP IRKMRIz
TPEGI HVMZIR JMVI TYQTW [MXLSYX VIGMVGYPEXMRK [EXIV FEGO XS XLI
K ;EXIVJPS[ XIWX ZEPZIW EVI MR XLI GPSWIH TSWMXMSR TYQT WYGXMSR SR E XIWX JVIUYIRG] MR EGGSVHERGI [MXL
SV
)PIGXVMGEP W]WXIQ GSRHMXMSRW EW JSPPS[W
E 'SRXVSPPIV TMPSX PMKLX TS[IV SR MW MPPYQMREXIH )\GITX EW TIVQMXXIH MR E [IIOP] XIWX JVI
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7PIIZIW < 4IVJSVQ ERRYEP XIWX MR EGGSVHERGI [MXL

;IEV VMRKW < 4IVJSVQ ERRYEP XIWX MR EGGSVHERGI [MXL

1EMR WLEJX < < 4IVJSVQ ERRYEP XIWX MR EGGSVHERGI [MXL

4EGOMRK < < 4IVJSVQ XIWX MR EGGSVHERGI [MXL
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4PYRKIVW < 4IVJSVQ ERRYEP XIWX MR EGGSVHERGI [MXL

7LEJX < 4IVJSVQ ERRYEP XIWX MR EGGSVHERGI [MXL

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IZMHIRGI SJ TMXXMRK SV GSVVSWMSR 6IQSZEP ZMWYEP MRWTIG HERGI [MXL 8EFPI
XMSR ERH VITPEGIQIRX SJ VERHSQ JPSSV GSYTSRW WLEPP FI
ER EGGITXEFPI EPXIVREXMZI XS YPXVEWSRMG XIWXMRK
8EROW [MXL JPEX FSXXSQW WLEPP FI ZEGYYQFS\ XIWXIH EX FSX
XSQ WIEQW MR EGGSVHERGI [MXL XIWX TVSGIHYVIW JSYRH MR 8EFPI 7YQQEV] SJ %YXSQEXMG 8ERO *MPP :EPZI
2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR -RWTIGXMSR ERH 8IWXMRK
8IWXMRK -XIQ *VIUYIRG] 6IJIVIRGI

0IZIP MRHMGEXSVW WLEPP FI XIWXIH IZIV] ]IEVW JSV EGGY
-RWTIGXMSR
VEG] ERH JVIIHSQ SJ QSZIQIRX
7XVEMRIVW JMPXIVW ]IEVW
8LI XERO LIEXMRK W]WXIQ [LIVI TVSZMHIH WLEPP FI SVMJMGIW
XIWXIH TVMSV XS XLI LIEXMRK WIEWSR XS QEOI GIVXEMR MX MW MR XLI MRWTIGXGPIER
TVSTIV [SVOMRK SVHIV )RGPSWYVI HYVMRK GSPH (EMP][IIOP]
[IEXLIV
0S[ [EXIV XIQTIVEXYVI WMKREPW [LIVI TVSZMHIH WLEPP )\XIVMSV 1SRXLP]
FI XIWXIH QSRXLP] GSPH [IEXLIV SRP] -RXIVMSV %RRYEPP] ]IEVW
,MKL [EXIV XIQTIVEXYVI PMQMX W[MXGLIW SR XERO LIEXMRK 8IWX
W]WXIQW [LIVI TVSZMHIH WLEPP FI XIWXIH QSRXLP] [LIRIZIV XLI %YXSQEXMG XERO JMPP %RRYEPP]
LIEXMRK W]WXIQ MW MR WIVZMGI ZEPZI
,MKL ERH PS[ [EXIV PIZIP WMKREPW WLEPP FI XIWXIH WIQMER
RYEPP]
4VIWWYVI +EYKIW
37
= MWSPEXMSR ZEPZIW XLEX EVI E TEVX SJ XLI EYXSQEXMG
4VIWWYVI KEYKIW WLEPP FI XIWXIH IZIV] ]IEVW [MXL E JMPP ZEPZIW WLEPP FI MRWTIGXIH MR EGGSVHERGI [MXL 'LETXIV
GEPMFVEXIH KEYKI MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MR
WXVYGXMSRW :EPZIW WIGYVIH [MXL PSGOW SV IPIGXVMGEPP] WYTIVZMWIH MR
EGGSVHERGI [MXL ETTPMGEFPI 2*4% WXERHEVHW WLEPP FI MRWTIGXIH
+EYKIW RSX EGGYVEXI XS [MXLMR TIVGIRX SJ XLI WGEPI SJ QSRXLP]
XLI KEYKI FIMRK XIWXIH WLEPP FI VIGEPMFVEXIH SV VITPEGIH 8LI IRGPSWYVI WLEPP FI MRWTIGXIH XS ZIVMJ] XLEX MX MW
1EMRXIRERGI LIEXIH ERH WIGYVIH
:SMHW HMWGSZIVIH FIRIEXL XLI JPSSVW SJ XEROW WLEPP FI JMPPIH 1EMRXIRERGI
F] TYQTMRK MR KVSYX SV EGGIWWMRK XLI WERH ERH VITPIRMWLMRK 1EMRXIRERGI SJ EPP EYXSQEXMG XERO JMPP ZEPZIW WLEPP FI
GSRHYGXIH F] E UYEPMJMIH TIVWSR JSPPS[MRK XLI QERYJEGXYVIVvW
8LI XERO WLEPP FI QEMRXEMRIH JYPP SV EX XLI HIWMKRIH MRWXVYGXMSRW MR EGGSVHERGI [MXL XLI TVSGIHYVI ERH TSPMGMIW SJ
[EXIV PIZIP XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
8LI LEXGL GSZIVW MR XLI VSSJW ERH XLI HSSV EX XLI XST SJ 6YFFIV TEVXW WLEPP FI VITPEGIH MR EGGSVHERGI [MXL XLI
XLI JVSWXTVSSJ GEWMRK WLEPP EP[E]W FI OITX WIGYVIP] JEWXIRIH JVIUYIRG] VIUYMVIH F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR ERH
[MXL WYFWXERXMEP GEXGLIW EW E TVSXIGXMSR EKEMRWX JVII^MRK ERH XLI QERYJEGXYVIVvW MRWXVYGXMSRW
[MRHWXSVQ HEQEKI
7XVEMRIVW WLEPP FI GPIERIH UYEVXIVP]
2S [EWXI QEXIVMEPW WYGL EW FSEVHW TEMRX GERW XVMQ SV
8IWXMRK %PP EYXSQEXMG XERO JMPP ZEPZIW WLEPP FI XIWXIH
PSSWI QEXIVMEP WLEPP FI PIJX MR XLI XERO SV SR XLI WYVJEGI SJ XLI ]IEVP] MR EGGSVHERGI [MXL XLI JSPPS[MRK
XERO
8LI ZEPZI WLEPP FI EGXYEXIH EYXSQEXMGEPP] F] PS[IVMRK XLI
7MPX WLEPP FI VIQSZIH HYVMRK MRXIVMSV MRWTIGXMSRW SV [EXIV PIZIP MR XLI XERO
QSVI JVIUYIRXP] EW RIIHIH XS EZSMH EGGYQYPEXMSR XS XLI PIZIP 8LI VIJMPP VEXI WLEPP FI QIEWYVIH ERH VIGSVHIH
SJ XLI XERO SYXPIX
'SQTSRIRX %GXMSR 6IUYMVIQIRXW
1EMRXIRERGI SJ )QFEROQIRX7YTTSVXIH 'SEXIH *EFVMG
;LIRIZIV E GSQTSRIRX MR E [EXIV WXSVEKI XERO MW EH
)7'* 7YGXMSR 8EROW
NYWXIH VITEMVIH VIGSRHMXMSRIH SV VITPEGIH XLI EGXMSR VI
8LI QEMRXIRERGI SJ )7'* XEROW WLEPP FI GSQTPIXIH UYMVIH MR 8EFPI WLEPP FI TIVJSVQIH
MR EGGSVHERGI [MXL XLMW WIGXMSR ERH XLI XERO QERYJEGXYVIVvW ;LIVI XLI SVMKMREP MRWXEPPEXMSR WXERHEVH MW HMJJIVIRX
MRWXVYGXMSRW JVSQ XLI GMXIH WXERHEVH XLI YWI SJ XLI ETTVSTVMEXI MRWXEPPMRK
8LI I\TSWIH WYVJEGIW SJ )7'* XEROW WLEPP FI GPIERIH WXERHEVH WLEPP FI TIVQMXXIH
c
ERH TEMRXIH IZIV] ]IEVW SV MR EGGSVHERGI [MXL XLI QERYJEG 8LIWI EGXMSRW WLEPP RSX VIUYMVI E HIWMKR VIZMI[ [LMGL MW
XYVIVvW MRWXVYGXMSRW SYXWMHI XLI WGSTI SJ XLMW WXERHEVH
)HMXMSR
;%8)6 746%= *-<)( 7=78)17 z
6ITEMV
'SQTSRIRX %HNYWX 6IGSRHMXMSR 6ITPEGI 8IWX 'VMXIVME
8ERO 'SQTSRIRXW
8ERO MRXIVMSV < < 6IQSZI HIFVMW
:IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL
2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI
*MVI 4VSXIGXMSR
8ERO I\XIVMSV < < :IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL 2*4%
7YTTSVX WXVYGXYVI < < :IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL 2*4%
,IEXMRK W]WXIQ < < < :IVMJ] LIEXMRK W]WXIQ MW MR GSRJSVQERGI [MXL
2*4%
'EX[EPOW ERH PEHHIVW < < < :IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL 2*4%
,SSTW ERH KVMPPEKI < < < :IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL 2*4%
)\TERWMSR NSMRXW < < < :IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL 2*4%
3ZIVJPS[ TMTMRK < < < :IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL 2*4%
-RWYPEXMSR < < :IVMJ] MRXIKVMX] MR GSRJSVQERGI [MXL 2*4%

,MKL ERH PS[ [EXIV PIZIP < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4% 2EXMSREP *MVI
%PEVQ ERH 7MKREPMRK 'SHI ERH XLI HIWMKR
[EXIV PIZIPW
;EXIV XIQTIVEXYVI < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4%
)RGPSWYVI XIQTIVEXYVI < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4%
:EPZI WYTIVZMWMSR < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4%
*MPP ERH (MWGLEVKI 'SQTSRIRXW

%YXSQEXMG JMPP ZEPZIW 7II 'LETXIV
:EPZIW < < < 7II 'LETXIV
7XEXYW -RHMGEXSVW
0IZIP MRHMGEXSVW < < < :IVMJ] GSRJSVQERGI [MXL 2*4%
4VIWWYVI KEYKIW < :IVMJ] EX TWM FEV ERH EX W]WXIQ [SVOMRK
TVIWWYVI
'LETXIV ;EXIV 7TVE] *M\IH 7]WXIQW :EPZIW ERH 'SRRIGXMSRW :EPZIW ERH JMVI HITEVXQIRX
+IRIVEP GSVHERGI [MXL 'LETXIV
1MRMQYQ 6IUYMVIQIRXW -QTEMVQIRXW 8LI TVSGIHYVIW SYXPMRIH MR 'LETXIV
QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ ;LIR E [EXIV WTVE] JM\IH W]WXIQ SV ER] TSVXMSR XLIVISJ
[EXIV WTVE] TVSXIGXMSR JVSQ JM\IH RS^^PI W]WXIQW SRP] MW SYX SJ WIVZMGI JSV ER] VIEWSR RSXMGI WLEPP FI KMZIR XS JEGMPMX]
QEREKIQIRX XLI PSGEP JMVI HITEVXQIRX XLI SRWMXI JMVI FVMKEHI
8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRM ERH SXLIV EYXLSVMXMIW LEZMRK NYVMWHMGXMSR EW ETTPMGEFPI
QYQ VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMR
% WMKR WLEPP FI TSWXIH EX IEGL JMVI HITEVXQIRX GSR
XIRERGI
RIGXMSR SV W]WXIQ GSRXVSP ZEPZI MRHMGEXMRK [LMGL TSVXMSR SJ
;EXIV 7TVE] 4VSXIGXMSR 8LMW GLETXIV WLEPP RSX GSZIV XLI W]WXIQ MW SYX SJ WIVZMGI
[EXIV WTVE] TVSXIGXMSR JVSQ TSVXEFPI RS^^PIW WTVMROPIV W]W -RWTIGXMSR ERH 1EMRXIRERGI 4VSGIHYVIW
XIQW QSRMXSV RS^^PIW SV SXLIV QIERW SJ ETTPMGEXMSR
'SQTSRIRXW 8LI GSQTSRIRXW HIWGVMFIH MR XLMW WIG
(IWMKR ERH -RWXEPPEXMSR 2*4% 7XERHEVH JSV ;EXIV XMSR WLEPP FI MRWTIGXIH ERH QEMRXEMRIH EX XLI JVIUYIRG] WTIGM
7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIGXMSR WLEPP FI GSRWYPXIH XS HIXIV JMIH MR 8EFPI ERH MR EGGSVHERGI [MXL XLMW WXERHEVH
QMRI XLI VIUYMVIQIRXW JSV HIWMKR ERH MRWXEPPEXMSR MRGPYHMRK ERH XLI QERYJEGXYVIVvW MRWXVYGXMSRW
EGGITXERGI XIWXMRK
-XIQW MR EVIEW XLEX EVI MREGGIWWMFPI JSV WEJIX] GSRWMH
3FWXVYGXMSR -RZIWXMKEXMSRW 8LI TVSGIHYVIW SYXPMRIH IVEXMSRW HYI XS JEGXSVW WYGL EW GSRXMRYSYW TVSGIWW STIVEXMSRW
MR 'LETXIV WLEPP FI JSPPS[IH [LIVI XLIVI MW E RIIH XS GSR ERH IRIVKMÎH IPIGXVMGEP IUYMTQIRX WLEPP FI MRWTIGXIH HYVMRK
HYGX ER SFWXVYGXMSR MRZIWXMKEXMSR IEGL WGLIHYPIH WLYXHS[R FYX RSX QSVI XLER IZIV] QSRXLW
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
8EFPI 7YQQEV] SJ ;EXIV 7TVE] *M\IH 7]WXIQ -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI
-RWTIGXMSR
&EGOJPS[ TVIZIRXIV 'LETXIV
'LIGO ZEPZIW 'LETXIV
'SRXVSP ZEPZIW ;IIOP] WIEPIH 'LETXIV
'SRXVSP ZEPZIW 1SRXLP] PSGOIH WYTIVZMWIH 'LETXIV
(IPYKI ZEPZI 'LETXIV
(IXIGXMSR W]WXIQW 2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK
'SHI
(IXIGXSV GLIGO ZEPZIW 'LETXIV
(VEMREKI 5YEVXIVP]
)PIGXVMG QSXSV 'LETXIV
)RKMRI HVMZI 'LETXIV
*MVI TYQT 'LETXIV
*MXXMRKW 5YEVXIVP]
*MXXMRKW VYFFIVKEWOIXIH 5YEVXIVP] %
+VEZMX] XEROW 'LETXIV
,ERKIVW %RRYEPP] ERH EJXIV IEGL W]WXIQ EGXMZEXMSR
,IEX HIPYKI ZEPZI LSYWI (EMP][IIOP] 'LETXIV
2S^^PIW %RRYEPP] ERH EJXIV IEGL W]WXIQ EGXMZEXMSR

4MTI %RRYEPP] ERH EJXIV IEGL W]WXIQ EGXMZEXMSR
4VIWWYVI XERO 'LETXIV
7XIEQ HVMZIV 'LETXIV
7XVEMRIVW 1ERYJEGXYVIVvW MRWXVYGXMSR
7YGXMSR XEROW 'LETXIV
7YTTSVXW 5YEVXIVP]
;EXIV WYTTP] TMTMRK
9,7;77 { HIXIGXSVW 1SRXLP]
9,7;77 { GSRXVSPPIVW )EGL WLMJX
9,7;77 { ZEPZIW )EGL WLMJX
3TIVEXMSREP 8IWX
'SRXVSP ZEPZIW %RRYEPP]
(IXIGXMSR W]WXIQW 2*4%
(IXIGXSV GLIGO ZEPZI 'LETXIV
*MVI TYQT 'LETXIV
*PYWLMRK %RRYEPP] 7IGXMSR JPYWLMRK SJ
GSRRIGXMSR XS VMWIV TEVX SJ ERRYEP XIWX
1EMR HVEMR XIWX %RRYEPP]
1ERYEP VIPIEWI %RRYEPP]
2S^^PIW %RRYEPP] 7IGXMSR
4VIWWYVI XERO 7IGXMSR 'LETXIV
7XVEMRIVW %RRYEPP]
;EXIVJPS[ EPEVQ 5YEVXIVP] 'LETXIV
;EXIV WTVE] W]WXIQ XIWX %RRYEPP] 7IGXMSR 'LETXIV
;EXIV WYTTP] JPS[ XIWX
9,7;77 %RRYEPP] 7IGXMSR
:EPZI WXEXYW XIWX
1EMRXIRERGI
)HMXMSR
;%8)6 746%= *-<)( 7=78)17 z
8EFPI 'SRXMRYIH
'SRXVSP ZEPZIW %RRYEPP] 'LETXIV

(IXIGXMSR W]WXIQW 2*4%
(IXIGXSV GLIGO ZEPZI 'LETXIV
*MVI TYQT 'LETXIV
4VIWWYVI XERO 'LETXIV
7XVEMRIVW %RRYEPP]
7XVEMRIVW FEWOIXWWGVIIR ]IEVW %
;EXIV WTVE] W]WXIQ %RRYEPP] 'LETXIV
-RWTIGXMSRW WLEPP RSX FI VIUYMVIH JSV MXIQW MR EVIEW )\XIVREP GSRHMXMSRW IK QMWWMRK SV HEQEKIH TEMRX SV
[MXL RS TVSZMWMSR JSV EGGIWW ERH XLEX EVI RSX WYFNIGX XS XLI GSEXMRKW VYWX ERH GSVVSWMSR
GSRHMXMSRW RSXIH MR ERH 1MWEPMKRQIRX SV XVETTIH WIGXMSRW
0S[TSMRX HVEMRW EYXSQEXMG SV QERYEP
-XIQW MR EVIEW XLEX EVI MREGGIWWMFPI JSV WEJIX] GSRWMH 0SGEXMSR SJ VYFFIVKEWOIXIH JMXXMRKW
IVEXMSRW WLEPP FI XIWXIH EX PSRKIV MRXIVZEPW MR EGGSVHERGI [MXL
,ERKIVW ERH 7YTTSVXW ,ERKIVW ERH WYTTSVXW WLEPP
FI MRWTIGXIH JSV XLI JSPPS[MRK ERH VITEMVIH SV VITPEGIH EW
3XLIV QEMRXIRERGI MRXIVZEPW WLEPP FI TIVQMXXIH HI RIGIWWEV]
TIRHMRK SR XLI VIWYPXW SJ XLI ZMWYEP MRWTIGXMSR ERH STIVEXMRK
XIWXW 'SRHMXMSR IK QMWWMRK SV HEQEKIH TEMRX SV GSEXMRK
VYWX ERH GSVVSWMSR
(IPYKI ZEPZI IRGPSWYVIW WLEPP FI MRWTIGXIH MR EGGSV 7IGYVI EXXEGLQIRX XS WXVYGXYVEP WYTTSVXW ERH TMTMRK
HERGI [MXL XLI TVSZMWMSRW SJ 'LETXIV (EQEKIH SV QMWWMRK LERKIVW
2S^^PI WXVEMRIVW WLEPP FI VIQSZIH MRWTIGXIH ERH ;EXIV 7TVE] 2S^^PIW
GPIERIH HYVMRK XLI JPYWLMRK TVSGIHYVI JSV XLI QEMRPMRI
WXVEMRIV ;EXIV WTVE] RS^^PIW WLEPP FI MRWTIGXIH ERH QEMR
XEMRIH XS IRWYVI XLEX XLI] EVI MR TPEGI GSRXMRYI XS FI EMQIH
1EMRPMRI WXVEMRIVW WLEPP FI VIQSZIH ERH MRWTIGXIH SV TSMRXIH MR XLI HMVIGXMSR MRXIRHIH ERH EVI JVII JVSQ I\XIV
IZIV] ]IEVW JSV HEQEKIH ERH GSVVSHIH TEVXW REP PSEHMRK ERH GSVVSWMSR
(IPYKI :EPZIW (IPYKI ZEPZIW WLEPP FI MRWTIGXIH XIWXIH ;LIVI GETW SV TPYKW EVI VIUYMVIH XLI MRWTIGXMSR WLEPP
ERH QEMRXEMRIH MR EGGSVHERGI [MXL 'LETXIV GSRJMVQ XLI] EVI MR TPEGI ERH JVII XS STIVEXI EW MRXIRHIH
%YXSQEXMG (IXIGXMSR )UYMTQIRX 1MWEPMKRIH [EXIV WTVE] RS^^PIW WLEPP FI EHNYWXIH
%YXSQEXMG HIXIGXMSR IUYMTQIRX WLEPP FI MRWTIGXIH EMQIH F] ZMWYEP QIERW ERH XLI HMWGLEVKI TEXXIVRW WLEPP FI
XIWXIH ERH QEMRXEMRIH MR EGGSVHERGI [MXL 2*4% 2EXMSREP MRWTIGXIH EX XLI RI\X WGLIHYPIH JPS[ XIWX
*MVI %PEVQ ERH 7MKREPMRK 'SHI ;EXIV 7YTTP]
%YXSQEXMG JMVI HIXIGXMSR IUYMTQIRX RSX GSZIVIH F] 8LI HITIRHEFMPMX] SJ XLI [EXIV WYTTP] WLEPP FI IR
2*4% WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH XS IRWYVI WYVIH F] VIKYPEV MRWTIGXMSR ERH QEMRXIRERGI [LIXLIV JYV
XLEX XLI HIXIGXSVW EVI MR TPEGI WIGYVIP] JEWXIRIH ERH TVS RMWLIH F] E QYRMGMTEP WSYVGI SRWMXI WXSVEKI XEROW E JMVI
XIGXIH JVSQ GSVVSWMSR [IEXLIV ERH QIGLERMGEP HEQEKI ERH TYQT SV TVMZEXI YRHIVKVSYRH TMTMRK W]WXIQW
XLEX XLI GSQQYRMGEXMSR [MVMRK GSRXVSP TERIPW SV XYFMRK W]W
XIQ MW JYRGXMSREP ;EXIV WYTTP] TMTMRK WLEPP FI QEMRXEMRIH JVII SJ MR
XIVREP SFWXVYGXMSRW
7]WXIQ 'SQTSRIRXW 7]WXIQ TMTMRK JMXXMRKW LERKIVW
ERH WYTTSVXW WLEPP FI MRWTIGXIH ERH QEMRXEMRIH XS IRWYVI 7XVEMRIVW
GSRXMRYMX] SJ [EXIV HIPMZIV] XS XLI WTVE] RS^^PIW EX JYPP [EXIV
JPS[ ERH HIWMKR TVIWWYVI 1EMRPMRI WXVEMRIVW FEWOIX SV WGVIIR WLEPP FI
JPYWLIH YRXMP GPIEV EJXIV IEGL STIVEXMSR SV JPS[ XIWX
4MTMRK ERH *MXXMRKW 7]WXIQ TMTMRK ERH JMXXMRKW WLEPP
FI MRWTIGXIH JSV XLI JSPPS[MRK -RHMZMHYEP [EXIV WTVE] RS^^PI WXVEMRIVW WLEPP FI VI
QSZIH GPIERIH ERH MRWTIGXIH EJXIV IEGL STIVEXMSR SV JPS[
1IGLERMGEP HEQEKI IK FVSOIR TMTMRK SV GVEGOIH JMXXMRKW XIWX
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
%PP WXVEMRIVW WLEPP FI MRWTIGXIH ERH GPIERIH MR EGGSV FIIR MQTIHIH F] TEVXMEPP] GPSWIH ZEPZIW SV F] TPYKKIH WXVEMR
HERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW IVW SV TMTMRK
(EQEKIH SV GSVVSHIH TEVXW WLEPP FI VITPEGIH SV VI % WIGSRH TVIWWYVI VIEHMRK WLEPP FI VIGSVHIH EX XLI
TEMVIH HIPYKI ZEPZI XS IRWYVI XLI [EXIV WYTTP] MW EHIUYEXI
(VEMREKI 8LI EVIE FIRIEXL ERH WYVVSYRHMRK E [EXIV 6IEHMRKW WLEPP FI GSQTEVIH XS XLI L]HVEYPMG HI
WTVE] JM\IH W]WXIQ WLEPP FI MRWTIGXIH ZMWYEPP] SR E UYEVXIVP] WMKR TVIWWYVIW XS IRWYVI XLI SVMKMREP W]WXIQ HIWMKR VIUYMVI
FEWMW XS IRWYVI XLEX HVEMREKI JEGMPMXMIW WYGL EW XVET WYQTW ERH QIRXW EVI QIX ERH XLI [EXIV WYTTP] MW EHIUYEXI XS QIIX XLI
HVEMREKI XVIRGLIW EVI RSX FPSGOIH ERH VIXIRXMSR IQFERO HIWMKR VIUYMVIQIRXW
QIRXW SV HMOIW EVI MR KSSH VITEMV ;LIVI XLI L]HVEYPMGEPP] QSWX VIQSXI RS^^PI MW
*MVI 4YQTW 'LETXIV WLEPP FI JSPPS[IH JSV MRWTIGXMSR MREGGIWWMFPI RS^^PIW WLEPP FI TIVQMXXIH XS FI GLIGOIH ZMWYEPP]
ERH QEMRXIRERGI VIUYMVIQIRXW [MXLSYX XEOMRK E TVIWWYVI VIEHMRK SR XLI QSWX VIQSXI RS^^PI
;EXIV 8EROW +VEZMX] 4VIWWYVI SV 7YGXMSR 8EROW SV ;LIVI XLI VIEHMRK XEOIR EX XLI VMWIV MRHMGEXIW
6IWIVZSMVW 'LETXIV WLEPP FI JSPPS[IH JSV MRWTIGXMSR ERH XLEX XLI [EXIV WYTTP] LEW HIXIVMSVEXIH E KEYKI WLEPP FI TPEGIH
QEMRXIRERGI VIUYMVIQIRXW SR XLI L]HVEYPMGEPP] QSWX VIQSXI RS^^PI ERH XLI VIWYPXW GSQ
TEVIH [MXL XLI VIUYMVIH HIWMKR TVIWWYVI
3TIVEXMSREP 8IWXW
1YPXMTPI 7]WXIQW 8LI QE\MQYQ RYQFIV SJ W]WXIQW
4IVJSVQERGI I\TIGXIH XS STIVEXI MR GEWI SJ JMVI WLEPP FI XIWXIH WMQYPXE
*VIUYIRG] SJ W]WXIQ XIWXW WLEPP FI MR EGGSVHERGI [MXL RISYWP] XS MRWTIGX XLI EHIUYEG] SJ XLI [EXIV WYTTP]
8EFPI 1ERYEP 3TIVEXMSR 1ERYEP EGXYEXMSR HIZMGIW WLEPP FI
;EXIV WTVE] JM\IH W]WXIQW WLEPP FI WIVZMGIH MR EGGSV STIVEXIH ERRYEPP]
HERGI [MXL XLMW WXERHEVH ERH [MXL XLI QERYJEGXYVIVvW 6IXYVR XS 7IVZMGI %JXIV XLI JYPP JPS[ XIWX XLI [EXIV
MRWXVYGXMSRW WTVE] W]WXIQ WLEPP FI QEMRXEMRIH ERH VIXYVRIH XS WIVZMGI MR
c EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW
8IWX 4VITEVEXMSR 4VIGEYXMSRW WLEPP FI XEOIR XS TVI c
ZIRX HEQEKI XS TVSTIVX] HYVMRK XLI XIWX 0S[ 4SMRX (VEMRW
3TIVEXMSREP 8IWX 4IVJSVQERGI 3TIVEXMSREP XIWXW WLEPP 8S TVIZIRX JVII^MRK ERH GSVVSWMSR EPP PS[ TSMRX
FI GSRHYGXIH XS IRWYVI XLEX XLI [EXIV WTVE] JM\IH W]WXIQW VI HVEMRW MR EFSZIKVSYRH TMTMRK WLEPP FI STIRIH XLI TMTI
WTSRH EW HIWMKRIH FSXL EYXSQEXMGEPP] ERH QERYEPP] HVEMRIH ERH XLI ZEPZIW GPSWIH ERH TPYKW VITPEGIH
6IWTSRWI 8MQI ;LIVI [IIT LSPIW EVI TVSZMHIH MR PMIY SJ PS[TSMRX
HVEMRW XLI] WLEPP FI MRWTIGXIH XS IRWYVI XLI] EVI GPIEV ERH
9RHIV XIWX GSRHMXMSRW XLI LIEX HIXIGXMSR W]WXIQW YRSFWXVYGXIH
[LIVI I\TSWIH XS E LIEX XIWX WSYVGI WLEPP STIVEXI [MXLMR
WIGSRHW 9PXVE,MKL7TIIH ;EXIV 7TVE] 7]WXIQ 9,7;77 3T
IVEXMSREP 8IWXW
9RHIV XIWX GSRHMXMSRW XLI JPEQQEFPI KEW HIXIG
XMSR W]WXIQ [LIVI I\TSWIH XS E WXERHEVH XIWX KEW GSRGIRXVE % JYPP STIVEXMSREP XIWX MRGPYHMRK QIEWYVIQIRXW SJ VI
XMSR WLEPP STIVEXI [MXLMR XLI XMQI JVEQI WTIGMJMIH MR XLI W]W WTSRWI XMQI WLEPP FI GSRHYGXIH EX MRXIVZEPW RSX I\GIIHMRK
XIQ HIWMKR ]IEV
8LIWI VIWTSRWI XMQIW WLEPP FI VIGSVHIH 7]WXIQW SYX SJ WIVZMGI WLEPP FI XIWXIH FIJSVI FIMRK
TPEGIH FEGO MR WIVZMGI
(MWGLEVKI 8MQI 8LI XMQI PETWI FIX[IIR STIVEXMSR
SJ HIXIGXMSR W]WXIQW ERH [EXIV HIPMZIV] XMQI XS XLI TVSXIGXIH %PP HIXIGXSVW WLEPP FI XIWXIH ERH MRWTIGXIH QSRXLP] JSV
EVIE WLEPP FI VIGSVHIH TL]WMGEP HEQEKI ERH EGGYQYPEXMSR SJ HITSWMXW SR XLI PIRWIW
SJ STXMGEP HIXIGXSVW
(MWGLEVKI 4EXXIVRW
'SRXVSPPIVW WLEPP FI MRWTIGXIH JSV JEYPXW EX XLI WXEVX SJ
8LI [EXIV HMWGLEVKI TEXXIVRW JVSQ EPP SJ XLI STIR IEGL [SVOMRK WLMJX
WTVE] RS^^PIW WLEPP FI SFWIVZIH XS IRWYVI XLEX TEXXIVRW EVI RSX
MQTIHIH F] TPYKKIH RS^^PIW XS IRWYVI XLEX RS^^PIW EVI GSV :EPZIW
VIGXP] TSWMXMSRIH ERH XS IRWYVI XLEX SFWXVYGXMSRW HS RSX TVI :EPZIW SR XLI [EXIV WYTTP] PMRI WLEPP FI MRWTIGXIH EX
ZIRX HMWGLEVKI TEXXIVRW JVSQ [IXXMRK WYVJEGIW XS FI TVSXIGXIH XLI WXEVX SJ IEGL [SVOMRK WLMJX XS ZIVMJ] XLI] EVI STIR
;LIVI XLI REXYVI SJ XLI TVSXIGXIH TVSTIVX] MW :EPZIW WIGYVIH MR XLI STIR TSWMXMSR [MXL E PSGOMRK
WYGL XLEX [EXIV GERRSX FI HMWGLEVKIH XLI RS^^PIW WLEPP FI MR HIZMGI SV QSRMXSVIH F] E WMKREPMRK HIZMGI XLEX WSYRHW E
WTIGXIH JSV TVSTIV SVMIRXEXMSR ERH XLI W]WXIQ XIWXIH [MXL EMV XVSYFPI WMKREP EX XLI HIPYKI W]WXIQ GSRXVSP TERIP SV SXLIV GIR
XS IRWYVI XLEX XLI RS^^PIW EVI RSX SFWXVYGXIH XVEP PSGEXMSR WLEPP RSX VIUYMVI MRWTIGXMSR
;LIVI SFWXVYGXMSRW SGGYV XLI TMTMRK ERH RS^^PIW 6IWTSRWI 8MQI
WLEPP FI GPIERIH ERH XLI W]WXIQ VIXIWXIH
8LI VIWTSRWI XMQI WLEPP FI ZIVMJMIH HYVMRK XLI ST
4VIWWYVI 6IEHMRKW IVEXMSREP XIWX
4VIWWYVI VIEHMRKW WLEPP FI VIGSVHIH EX XLI L]HVEY 8LI VIWTSRWI XMQI WLEPP FI MR EGGSVHERGI [MXL XLI VI
PMGEPP] QSWX VIQSXI RS^^PI XS IRWYVI XLI [EXIVJPS[ LEW RSX UYMVIQIRXW SJ XLI W]WXIQ FYX RSX QSVI XLER QMPPMWIGSRHW
)HMXMSR
*3%1;%8)6 746-2/0)6 7=78)17 z
'SQTSRIRX %GXMSR 6IUYMVIQIRXW 'LETXIV *SEQ;EXIV 7TVMROPIV 7]WXIQW

;LIRIZIV E GSQTSRIRX MR E [EXIV WTVE] JM\IH W]WXIQ MW +IRIVEP
EHNYWXIH VITEMVIH VIGSRHMXMSRIH SV VITPEGIH XLI EGXMSR VI
UYMVIH MR 8EFPI WLEPP FI TIVJSVQIH 1MRMQYQ 6IUYMVIQIRXW
;LIVI XLI SVMKMREP MRWXEPPEXMSR WXERHEVH MW HMJJIVIRX QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ
JVSQ XLI GMXIH WXERHEVH XLI YWI SJ XLI ETTVSTVMEXI MRWXEPPMRK JSEQ[EXIV W]WXIQW
c 8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRMQYQ
8LI EGXMSRW SJ WLEPP RSX VIUYMVI E HIWMKR VIZMI[ VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI
[LMGL MW SYXWMHI XLI WGSTI SJ XLMW WXERHEVH
6ITEMV

4MTI ERH JMXXMRKW < < < 3TIVEXMSREP JPS[ XIWX
2S^^PIW < < < 3TIVEXMSREP JPS[ XIWX
1ERYEP VIPIEWI < < < 3TIVEXMSREP XIWX
'LIGO JSV PIEOW EX W]WXIQ
[SVOMRK TVIWWYVI
8IWX EPP EPEVQW
*MVI HITEVXQIRX GSRRIGXMSRW 7II 'LETXIV

4VIWWYVI W[MXGLzX]TI [EXIVJPS[ < < < 3TIVEXMSREP XIWX YWMRK MRWTIGXSVvW
XIWX GSRRIGXMSR
;EXIV QSXSV KSRK < < < 3TIVEXMSREP XIWX YWMRK MRWTIGXSVvW
XIWX GSRRIGXMSR
:EPZI WYTIVZMWSV] HIZMGI < < < 8IWX JSV GSRJSVQERGI [MXL
2*4% 7XERHEVH JSV ;EXIV 7TVE]
*M\IH 7]WXIQW JSV *MVI 4VSXIGXMSR
ERHSV 2*4% 2EXMSREP *MVI
%PEVQ ERH 7MKREPMRK 'SHI
(IXIGXMSR W]WXIQ < < < 3TIVEXMSREP XIWX JSV GSRJSVQERGI
[MXL 2*4% ERHSV 2*4%
[SVOMRK TVIWWYVI

1EMR HVEMR < < < *YPP JPS[ QEMR HVEMR XIWX
%Y\MPMEV] HVEMRW < < < -RWTIGX JSV PIEOW EX W]WXIQ
[SVOMRK TVIWWYVI
1EMR HVEMR XIWX
,ERKIVWIMWQMG FVEGMRK < < < -RWTIGX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4%
7XERHEVH JSV XLI -RWXEPPEXMSR SJ
7TVMROPIV 7]WXIQW
4MTI WXERHW < < < -RWTIGX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4%
-HIRXMJMGEXMSR WMKRW < < < -RWTIGX JSV GSRJSVQERGI [MXL
2*4%
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
8EFPI 7YQQEV] SJ *SEQ;EXIV 7TVMROPIV 7]WXIQ -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI
7]WXIQ'SQTSRIRX *VIUYIRG] 6IJIVIRGI
-RWTIGXMSR
(MWGLEVKI HIZMGI PSGEXMSR WTVMROPIV %RRYEPP]
(MWGLEVKI HIZMGI PSGEXMSR WTVE] RS^^PI 1SRXLP]
(MWGLEVKI HIZMGI TSWMXMSR WTVMROPIV %RRYEPP]
(MWGLEVKI HIZMGI TSWMXMSR WTVE] RS^^PI 1SRXLP]
*SEQ GSRGIRXVEXI WXVEMRIVW 5YEVXIVP]
(VEMREKI MR W]WXIQ EVIE 5YEVXIVP]
4VSTSVXMSRMRK W]WXIQW { EPP 1SRXLP]
4MTI GSVVSWMSR %RRYEPP]
4MTI HEQEKI %RRYEPP]
*MXXMRKW GSVVSWMSR %RRYEPP]
*MXXMRKW HEQEKI %RRYEPP]
,ERKIVWWYTTSVXW %RRYEPP]
;EXIVJPS[ HIZMGIW 5YEVXIVP]
;EXIV WYTTP] XEROW 'LETXIV
*MVI TYQTW 'LETXIV
;EXIV WYTTP] TMTMRK
'SRXVSP ZEPZIW ;IIOP]QSRXLP] {
(IPYKITVIEGXMSR ZEPZIW 'LETXIV
(IXIGXMSR W]WXIQ 7II 2*4% 2EXMSREP *MVI %PEVQ
ERH 7MKREPMRK 'SHI
8IWX
(MWGLEVKI HIZMGI PSGEXMSR %RRYEPP]
(MWGLEVKI HIZMGI TSWMXMSR %RRYEPP]
(MWGLEVKI HIZMGI SFWXVYGXMSR %RRYEPP]
*SEQ GSRGIRXVEXI WXVEMRIVW %RRYEPP]
4VSTSVXMSRMRK W]WXIQW { EPP %RRYEPP]
'SQTPIXI JSEQ[EXIV W]WXIQW %RRYEPP]
*SEQ[EXIV WSPYXMSR %RRYEPP]
1ERYEP EGXYEXMSR HIZMGIW %RRYEPP]
&EGOJPS[ TVIZIRXIVW %RRYEPP] 'LETXIV
*MVI TYQTW 7II 'LETXIV {
;EXIVJPS[ HIZMGIW 5YEVXIVP]WIQMERRYEPP]
;EXIV WYTTP] TMTMRK %RRYEPP] 'LETXIV
'SRXVSP ZEPZIW 7II 'LETXIV {
7XVEMRIVW { QEMRPMRI 7II 'LETXIV
(IPYKITVIEGXMSR ZEPZIW 7II 'LETXIV
(IXIGXMSR W]WXIQ 7II 2*4%
&EGOJPS[ TVIZIRXIVW 7II 'LETXIV {
;EXIV WYTTP] XEROW 7II 'LETXIV {
;EXIV WYTTP] JPS[ XIWX ]IEVW
:EPZI WXEXYW XIWX
1EMRXIRERGI
*SEQ GSRGIRXVEXI TYQT STIVEXMSR 1SRXLP]
*SEQ GSRGIRXVEXI WXVEMRIVW 5YEVXIVP] 7IGXMSR
*SEQ GSRGIRXVEXI WEQTPIW %RRYEPP]
4VSTSVXMSRMRK W]WXIQW WXERHEVH TVIWWYVI X]TI
&EPP HVMT EYXSQEXMG X]TI HVEMR ZEPZIW ]IEVW
*SEQ GSRGIRXVEXI XERO { HVEMR ERH JPYWL ]IEVW
'SVVSWMSR ERH L]HVSWXEXMG XIWX ]IEVW
&PEHHIV XERO X]TI
7MKLX KPEWW ]IEVW
*SEQ GSRGIRXVEXI XERO { L]HVSWXEXMG XIWX ]IEVW
0MRI X]TI
*SEQ GSRGIRXVEXI XERO { GSVVSWMSR ERH TMGOYT ]IEVW
TMTIW
*SEQ GSRGIRXVEXI XERO { HVEMR ERH JPYWL ]IEVW
)HMXMSR
*3%1;%8)6 746-2/0)6 7=78)17 z
8EFPI 'SRXMRYIH
7]WXIQ'SQTSRIRX *VIUYIRG] 6IJIVIRGI
7XERHEVH FEPERGIH TVIWWYVI X]TI

*SEQ GSRGIRXVEXI TYQTW ]IEVW WII 2SXI
&EPERGMRK ZEPZI HMETLVEKQ ]IEVW
*SEQ GSRGIRXVEXI XERO ]IEVW
-RPMRI FEPERGIH TVIWWYVI X]TI
*SEQ GSRGIRXVEXI TYQTW ]IEVW WII 2SXI
&EPERGMRK ZEPZI HMETLVEKQ ]IEVW
*SEQ GSRGIRXVEXI XERO ]IEVW
4VIWWYVI ZEGYYQ ZIRXW ]IEVW
;EXIV WYTTP] XEROW 7II 'LETXIV {
*MVI TYQTW 7II 'LETXIV {
;EXIV WYTTP] %RRYEPP]
&EGOJPS[ TVIZIRXIVW 7II 'LETXIV {
(IXIGXSV GLIGO ZEPZIW 7II 'LETXIV {
'LIGO ZEPZIW 7II 'LETXIV {
'SRXVSP ZEPZIW 7II 'LETXIV {
(IPYKITVIEGXMSR ZEPZIW 7II 'LETXIV
7XVEMRIVW { QEMRPMRI 7II 'LETXIV {
(IXIGXMSR W]WXIQ 7II 2*4%
2SXI %PWS VIJIV XS QERYJEGXYVIVvW MRWXVYGXMSRW ERH JVIUYIRG] 1EMRXIRERGI MRXIVZEPW SXLIV XLER TVIZIRXMZI
QEMRXIRERGI EVI RSX TVSZMHIH EW XLI] HITIRH SR XLI VIWYPXW SJ XLI ZMWYEP MRWTIGXMSRW ERH STIVEXMSREP XIWXW
*SV JSEQ[EXIV W]WXIQW MR EMVGVEJX LERKEVW VIJIV XS XLI MRWTIGXMSR XIWX ERH QEMRXIRERGI VIUYMVIQIRXW SJ
2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW 8EFPI
3XLIV 7]WXIQ 'SQTSRIRXW *MVI TYQTW [EXIV WXSVEKI -QTEMVQIRXW 8LI TVSGIHYVIW SYXPMRIH MR 'LETXIV
XEROW ERH ZEPZIW GSQQSR XS SXLIV X]TIW SJ [EXIVFEWIH JMVI WLEPP FI JSPPS[IH [LIVI ER MQTEMVQIRX XS TVSXIGXMSR SGGYVW
TVSXIGXMSR W]WXIQW WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH c
MR EGGSVHERGI [MXL 'LETXIVW ERH VIWTIGXMZIP] ERH EW -RWTIGXMSR 7]WXIQW WLEPP FI MRWTIGXIH MR EGGSVHERGI
[MXL XLI JVIUYIRG] WTIGMJMIH MR 8EFPI
WTIGMJMIH MR 8EFPI
(IPYKI :EPZIW (IPYKI ZEPZIW WLEPP FI MRWTIGXIH MR EG
*SEQ;EXIV 7]WXIQW GSVHERGI [MXL XLI TVSZMWMSRW SJ 'LETXIV
8LMW WIGXMSR WLEPP ETTP] XS JSEQ[EXIV W]WXIQW EW %YXSQEXMG (IXIGXMSR )UYMTQIRX %YXSQEXMG HIXIGXMSR
WTIGMJMIH MR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV IUYMTQIRX WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR EG
7TVMROPIV ERH *SEQ;EXIV 7TVE] 7]WXIQW GSVHERGI [MXL 2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI
8LMW WIGXMSR WLEPP RSX MRGPYHI W]WXIQW HIXEMPIH MR XS IRWYVI XLEX XLI HIXIGXSVW EVI MR TPEGI WIGYVIP] JEWXIRIH
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR *SEQ ERH TVSXIGXIH JVSQ GSVVSWMSR [IEXLIV ERH QIGLERMGEP HEQ
EKI ERH XLEX XLI GSQQYRMGEXMSR [MVMRK GSRXVSP TERIPW SV
*SEQ;EXIV 7]WXIQ TRIYQEXMG XYFMRK W]WXIQ MW JYRGXMSREP
-J HYVMRK VSYXMRI MRWTIGXMSR ERH XIWXMRK XLI JSEQ 7]WXIQ 4MTMRK ERH *MXXMRKW 7]WXIQ TMTMRK ERH JMXXMRKW
[EXIV W]WXIQ MW HIXIVQMRIH XS LEZI FIIR EPXIVIH SV VITPEGIH WLEPP FI MRWTIGXIH JSV XLI JSPPS[MRK
IK IUYMTQIRX VITPEGIH VIPSGEXIH SV JSEQ GSRGIRXVEXI VI 1IGLERMGEP HEQEKI IK FVSOIR TMTMRK SV GVEGOIH JMXXMRKW
TPEGIH MX WLEPP FI HIXIVQMRIH [LIXLIV XLI HIWMKR MRXIRX LEW )\XIVREP GSRHMXMSRW IK QMWWMRK SV HEQEKIH TEMRX SV
FIIR EPXIVIH ERH [LIXLIV XLI W]WXIQ STIVEXIW TVSTIVP] GSEXMRKW VYWX ERH GSVVSWMSR
1IGLERMGEP [EXIVJPS[ HIZMGIW MRGPYHMRK FYX RSX 1MWEPMKRQIRX SV XVETTIH WIGXMSRW
PMQMXIH XS [EXIV QSXSV KSRKW WLEPP FI XIWXIH UYEVXIVP] 0S[TSMRX HVEMRW EYXSQEXMG SV QERYEP
0SGEXMSR ERH GSRHMXMSR SJ VYFFIVKEWOIXIH JMXXMRKW
:EPZIX]TI ERH TVIWWYVI W[MXGLzX]TI [EXIVJPS[ HI ,ERKIVW ERH 7YTTSVXW ,ERKIVW ERH WYTTSVXW WLEPP
ZMGIW WLEPP FI XIWXIH WIQMERRYEPP] FI MRWTIGXIH JSV XLI JSPPS[MRK ERH VITEMVIH SV VITPEGIH EW
;EXIVJPS[ HIZMGIW WLEPP FI MRWTIGXIH UYEVXIVP] XS RIGIWWEV]
ZIVMJ] XLEX XLI] EVI JVII SJ TL]WMGEP HEQEKI 'SRHMXMSR IK QMWWMRK SV HEQEKIH TEMRX SV GSEXMRK
8LI MRWTIGXMSR WLEPP ZIVMJ] XLEX EPP GSQTSRIRXW MR VYWX ERH GSVVSWMSR
GPYHMRK JSEQ GSRGIRXVEXI HMWGLEVKI HIZMGIW ERH TVSTSVXMSR 7IGYVI EXXEGLQIRX XS WXVYGXYVEP WYTTSVXW ERH TMTMRK
MRK IUYMTQIRX EVI MRWXEPPIH MR EGGSVHERGI [MXL XLIMV PMWXMRK (EQEKIH SV QMWWMRK LERKIVW
*SEQ;EXIV (MWGLEVKI (IZMGIW
3FWXVYGXMSR -RZIWXMKEXMSRW 8LI TVSGIHYVIW SYXPMRIH
MR 'LETXIV WLEPP FI JSPPS[IH [LIVI XLIVI MW E RIIH XS GSR *SEQ[EXIV HMWGLEVKI HIZMGIW WLEPP FI MRWTIGXIH ZMWY
HYGX ER SFWXVYGXMSR MRZIWXMKEXMSR EPP] ERH QEMRXEMRIH XS IRWYVI XLEX XLI] EVI MR TPEGI GSRXMRYI
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
XS FI EMQIH SV TSMRXIH MR XLI HMVIGXMSR MRXIRHIH MR XLI W]WXIQ &PEHHIV 8ERO 4VSTSVXMSRIV
HIWMKR ERH EVI JVII JVSQ I\XIVREP PSEHMRK ERH GSVVSWMSR
8LI TVIWWYVI WLEPP FI VIQSZIH FIJSVI XLI MRWTIG
;LIVI GETW SV TPYKW EVI VIUYMVIH XLI MRWTIGXMSR WLEPP XMSR XS TVIZIRX MRNYV]
GSRJMVQ XLI] EVI MR TPEGI ERH JVII XS STIVEXI EW MRXIRHIH
8LI MRWTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
1MWEPMKRIH HMWGLEVKI HIZMGIW WLEPP FI EHNYWXIH
EMQIH F] ZMWYEP QIERW ERH XLI HMWGLEVKI TEXXIVRW WLEPP FI ;EXIV GSRXVSP ZEPZIW XS JSEQ GSRGIRXVEXI XERO
%R MRWTIGXMSR JSV I\XIVREP GSVVSWMSR SR JSEQ GSRGIR
MRWTIGXIH EX XLI RI\X WGLIHYPIH JPS[ XIWX
XVEXI WXSVEKI XEROW
-RWTIGXMSR WLEPP ZIVMJ] XLEX YRPMWXIH GSQFMREXMSRW %R MRWTIGXMSR JSV XLI TVIWIRGI SJ JSEQ MR XLI [EXIV WYV
SJ HMWGLEVKI HIZMGIW ERH JSEQ GSRGIRXVEXI LEZI RSX FIIR VSYRHMRK XLI FPEHHIV ERRYEP
WYFWXMXYXIH
0MRI 4VSTSVXMSRIV 8LI MRWTIGXMSR WLEPP MRGPYHI XLI
;EXIV 7YTTP] JSPPS[MRK
8LI HITIRHEFMPMX] SJ XLI [EXIV WYTTP] WLEPP FI IR 7XVEMRIVW

WYVIH F] VIKYPEV MRWTIGXMSR ERH QEMRXIRERGI [LIXLIV JYV :IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
RMWLIH F] E QYRMGMTEP WSYVGI SRWMXI WXSVEKI XEROW E JMVI %R MRWTIGXMSR JSV I\XIVREP GSVVSWMSR SR JSEQ GSRGIR
TYQT SV TVMZEXI YRHIVKVSYRH TMTMRK W]WXIQW XVEXI WXSVEKI XEROW
;EXIV WYTTP] TMTMRK WLEPP FI QEMRXEMRIH JVII SJ MR 7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV 8LI MR
XIVREP SFWXVYGXMSRW WTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
7XVEMRIVW 7XVEMRIVW

:IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
1EMRPMRI ERH MRHMZMHYEP HMWGLEVKI HIZMGI WXVEMRIVW :IVMJMGEXMSR XLEX KEYKIW EVI MR KSSH STIVEXMRK GSRHMXMSR
FEWOIX SV WGVIIR WLEPP FI MRWTIGXIH MR EGGSVHERGI [MXL XLI :IVMJMGEXMSR XLEX WIRWMRK PMRI ZEPZIW EVI STIR
TVSZMWMSRW SJ 'LETXIV :IVMJMGEXMSR XLEX TS[IV MW EZEMPEFPI XS JSEQ PMUYMH TYQT
*SEQ GSRGIRXVEXI WXVEMRIVW WLEPP FI MRWTIGXIH ZMWY -R0MRI &EPERGIH 4VIWWYVI 4VSTSVXMSRIV 8LI MR
EPP] XS IRWYVI XLI FPS[HS[R ZEPZI MW GPSWIH ERH TPYKKIH WTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
&EWOIXW SV WGVIIRW WLEPP FI VIQSZIH ERH MRWTIGXIH 7XVEMRIVW
EJXIV IEGL STIVEXMSR SV JPS[ XIWX :IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
:IVMJMGEXMSR XLEX KEYKIW EVI MR KSSH [SVOMRK GSRHMXMSR
(VEMREKI 8LI EVIE FIRIEXL ERH WYVVSYRHMRK E JSEQ :IVMJMGEXMSR XLEX WIRWMRK PMRI ZEPZIW EX TYQT YRMX ERH MR
[EXIV WTVE] W]WXIQ WLEPP FI MRWTIGXIH XS IRWYVI XLEX HVEMREKI JE HMZMHYEP TVSTSVXMSRIV WXEXMSRW EVI STIR
GMPMXMIW WYGL EW XVET WYQTW ERH HVEMREKI XVIRGLIW EVI RSX :IVMJMGEXMSR XLEX TS[IV MW EZEMPEFPI XS JSEQ PMUYMH TYQT
FPSGOIH ERH VIXIRXMSR IQFEROQIRXW SV HMOIW EVI MR KSSH VITEMV
3VMJMGI 4PEXI 4VSTSVXMSRIV 8LI MRWTIGXMSR WLEPP MR
4VSTSVXMSRMRK 7]WXIQW GPYHI XLI JSPPS[MRK
8LI GSQTSRIRXW SJ XLI ZEVMSYW TVSTSVXMSRMRK W]W 7XVEMRIVW
XIQW HIWGVMFIH MR WLEPP FI MRWTIGXIH MR EGGSVHERGI [MXL :IVMJMGEXMSR XLEX TVIWWYVI ZEGYYQ ZIRX MW STIVEXMRK JVIIP]
XLI JVIUYIRG] WTIGMJMIH MR 8EFPI :IVMJMGEXMSR XLEX KEYKIW EVI MR KSSH [SVOMRK GSRHMXMSR
:EPZIW WTIGMJMIH XS FI MRWTIGXIH WLEPP FI TIVQMXXIH XS :IVMJMGEXMSR XLEX TS[IV MW EZEMPEFPI XS JSEQ PMUYMH TYQT
FI STIR SV GPSWIH HITIRHMRK SR WTIGMJMG JYRGXMSRW [MXLMR *SEQ 'SRGIRXVEXI 7EQTPIW 7EQTPIW WLEPP FI WYFQMX
IEGL JSEQ[EXIV W]WXIQ XIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW VIGSQQIRHIH
8LI TSWMXMSR STIR SV GPSWIH SJ ZEPZIW WLEPP FI ZIVM WEQTPMRK TVSGIHYVIW
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EGGSVHERGI [MXL 8EFPI
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8LI XIWX TVSGIHYVIW WLEPP WMQYPEXI ERXMGMTEXIH IQIV *SEQ 'SQTSRIRXW 1EMRXIRERGI SJ WTIGMJMG JSEQ GSQ
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FI IZEPYEXIH
7XERHEVH 4VIWWYVI 4VSTSVXMSRIV
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6IWTSRWI 8MQI 9RHIV XIWX GSRHMXMSRW XLI EYXS JSEQ PMUYMH ERH JPYWLIH
QEXMG JMVI HIXIGXMSR W]WXIQW [LIR I\TSWIH XS E XIWX WSYVGI *SEQ PMUYMH WLEPP FI TIVQMXXIH XS FI WEPZEKIH ERH
WLEPP STIVEXI [MXLMR XLI VIUYMVIQIRXW SJ 2*4% 2EXMSREP *MVI VIYWIH
%PEVQ ERH 7MKREPMRK 'SHI JSV XLI X]TI SJ HIXIGXSV TVSZMHIH
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GPIERIH
8LI HMWGLEVKI TEXXIVRW JVSQ EPP SJ XLI STIR WTVE]
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HS RSX TVIZIRX HMWGLEVKI TEXXIVRW JVSQ GSZIVMRK WYVJEGIW XS
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GSRGIRXVEXI YRXMP JPYMH ETTIEVW GPIEV SV RI[
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'SRGIRXVEXMSR WLEPP FI [MXLMR TIVGIRX SJ XLI EG JPYWLMRK SJ XLI XERO
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4YQT 3TIVEXMSR
6IXYVR XS 7IVZMGI %JXIV XLI JYPP JPS[ XIWX XLI JSEQ
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XVEXI XERO WLEPP FI VITPIRMWLIH XS HIWMKR PIZIP *SEQ GSRGIRXVEXI WLEPP FI GMVGYPEXIH FEGO XS XLI
1EMRXIRERGI XERO
1EMRXIRERGI SJ JSEQ[EXIV W]WXIQW WLEPP FI MR EGGSV 7IVZMGMRK *SEQ TYQTW HVMZI XVEMR ERH HVMZIVW WLEPP
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HSQI WLEPP FI XYVRIH YTWMHI HS[R WPS[P] E JI[ XMQIW XS IRWYVI
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IRXIV XLI XERO I\TERWMSR HSQI
8LI ZIRX FSRRIX WLEPP FI VIQSZIH 'SQTSRIRX %GXMSR 6IUYMVIQIRXW
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c WXERHEVH WLEPP FI TIVQMXXIH
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6ITEMV

4MTI ERH JMXXMRKW SR STIR LIEH W]WXIQ < < < 3TIVEXMSREP JPS[ XIWX
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7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV
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1ERYEP VIPIEWI < < < 3TIVEXMSREP XIWX
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8IWX EPP EPEVQW
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*SEQ GSRGIRXVEXI WXVEMRIVW 7II 'LETXIV
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WTIGMJMGEXMSRW
*SEQ GSRGIRXVEXI TYQT 7II 'LETXIV
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GSRGIRXVEXI

GSRRIGXMSR
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GSRRIGXMSR
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GSRRIGXMSR
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ERHSV 2*4%
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TVIWWYVI

1EMR HVEMR < < < *YPP JPS[ QEMR HVEMR XIWX
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,ERKIVWIMWQMG FVEGMRK < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERHSV
7TVMROPIV 7]WXIQW
4MTI WXERHW < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERHSV
2*4%
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2*4%
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2*4%
)HMXMSR
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WYGL EW EFSZI WYWTIRHIH GIMPMRKW WLEPP RSX VIUYMVI MRWTIGXMSR
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'SQTSRIRXW ERH 7]WXIQW GIWWMFPI JSV WEJIX] GSRWMHIVEXMSRW HYI XS TVSGIWW STIVEXMSRW
WLEPP FI MRWTIGXIH HYVMRK IEGL WGLIHYPIH WLYXHS[R
%PP GSQTSRIRXW ERH W]WXIQW WLEPP FI MRWTIGXIH ERH
7XSGO JYVRMWLMRKW SV IUYMTQIRX GPSWIV XS XLI [E
XIWXIH XS ZIVMJ] XLEX XLI] JYRGXMSR EW MRXIRHIH
XIV QMWX RS^^PI XLER TIVQMXXIH F] XLI GPIEVERGI WTIGMJMIH MR
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XMZI W]WXIQ WLEPP FI XIWXIH [MXL XLI WTIGMJMG EHHMXMZI W]WXIQ IR 8LI WYTTP] SJ WTEVI EYXSQEXMG [EXIV QMWX RS^^PIW
KEKIH SV YWIH HYVMRK XLI EGGITXERGI XIWXMRK WLEPP FI MRWTIGXIH ERRYEPP] JSV XLI GSVVIGX RYQFIV ERH X]TI SJ
6IUYMVIQIRXW 8LI GSQTSRIRXW SJ X]TMGEP [EXIV QMWX W]W [EXIV QMWX RS^^PIW EW VIUYMVIH F] 2*4%
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XIVME
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SXLIV W]WXIQ WLEPP LEZI ER EWWIWWQIRX SJ XLI MRXIVREP GSRHM SJ WYJJMGMIRX QEXIVMEP XS SFWXVYGX TMTI SV WTVMROPIVW E GSQTPIXI
XMSR SJ TMTMRK EW HIWGVMFIH MR JPYWLMRK TVSKVEQ WLEPP FI GSRHYGXIH F] UYEPMJMIH TIVWSRRIP
(YVMRK XLI RI\X MRWTIGXMSR JVIUYIRG] VIUYMVIH F] 8YFIVGYPIW SV WPMQI MJ JSYRH HYVMRK ER SFWXVYGXMSR
SV XLI EPXIVREXI W]WXIQW RSX EWWIWWIH HYVMRK MRZIWXMKEXMSR WLEPP FI XIWXIH JSV MRHMGEXMSRW SJ QMGVSFMSPSKM
XLI TVIZMSYW EWWIWWQIRX WLEPP FI EWWIWWIH EW HIWGVMFIH MR GEPP] MRJPYIRGIH GSVVSWMSR 1-'

-GI 3FWXVYGXMSR (V] TMTI SV TVIEGXMSR WTVMROPIV W]WXIQ
-J JSVIMKR SVKERMG ERHSV MRSVKERMG QEXIVMEP MW JSYRH TMTMRK XLEX TVSXIGXW SV TEWWIW XLVSYKL JVIIÎVW SV GSPH WXSVEKI
MR ER] W]WXIQ MR E FYMPHMRK EPP W]WXIQW WLEPP FI EWWIWWIH VSSQW WLEPP FI MRWTIGXIH MRXIVREPP] SR ER ERRYEP FEWMW JSV MGI
SFWXVYGXMSRW EX XLI TSMRX [LIVI XLI TMTMRK IRXIVW XLI VIJVMKIV
3FWXVYGXMSR -RZIWXMKEXMSR ERH 4VIZIRXMSR
EXIH EVIE
%R SFWXVYGXMSR MRZIWXMKEXMSR WLEPP FI GSRHYGXIH JSV
%PXIVREXMZI RSRHIWXVYGXMZI I\EQMREXMSRW WLEPP FI
W]WXIQ SV ]EVH QEMR TMTMRK [LIVIZIV ER] SJ XLI JSPPS[MRK GSR
TIVQMXXIH
HMXMSRW I\MWX
(IJIGXMZI MRXEOI JSV JMVI TYQTW XEOMRK WYGXMSR JVSQ %PP TIRIXVEXMSRW MRXS XLI GSPH WXSVEKI EVIEW WLEPP FI
STIR FSHMIW SJ [EXIV MRWTIGXIH ERH MJ ER MGI SFWXVYGXMSR MW JSYRH EHHMXMSREP TMTI
8LI HMWGLEVKI SJ SFWXVYGXMZI QEXIVMEP HYVMRK VSYXMRI [E WLEPP FI I\EQMRIH XS IRWYVI RS MGI FPSGOEKI I\MWXW
XIV XIWXW
*SVIMKR QEXIVMEPW MR JMVI TYQTW MR HV] TMTI ZEPZIW SV MR
GLIGO ZEPZIW 'LETXIV -QTEMVQIRXW
*SVIMKR QEXIVMEP MR [EXIV HYVMRK HVEMR XIWXW SV TPYKKMRK
SJ MRWTIGXSVvW XIWX GSRRIGXMSRW +IRIVEP
9RORS[R QEXIVMEPW EVI LIEVH MR XLI W]WXIQ TMTMRK HYVMRK
HVEMRMRK VIJMPPMRK SV SXLIV[MWI JPS[MRK [EXIV XLVSYKL XLI 1MRMQYQ 6IUYMVIQIRXW
W]WXIQ 8LMW GLETXIV WLEPP TVSZMHI XLI QMRMQYQ VIUYMVI
4PYKKIH WTVMROPIVW QIRXW JSV E [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQ MQTEMVQIRX
8LI TVIWIRGI SJ WYJJMGMIRX JSVIMKR SVKERMG SV MRSVKERMG TVSKVEQ
QEXIVMEP MW JSYRH MR XLI TMTI
*EMPYVI XS JPYWL ]EVH TMTMRK SV WYVVSYRHMRK TYFPMG QEMRW 1IEWYVIW WLEPP FI XEOIR HYVMRK XLI MQTEMVQIRX XS
JSPPS[MRK RI[ MRWXEPPEXMSRW SV VITEMVW IRWYVI XLEX MRGVIEWIH VMWOW EVI QMRMQMÎH ERH XLI HYVEXMSR SJ
% VIGSVH SJ FVSOIR TYFPMG QEMRW MR XLI ZMGMRMX] XLI MQTEMVQIRX MW PMQMXIH
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
-QTEMVQIRX 'SSVHMREXSV H )WXEFPMWLQIRX ERH MQTPIQIRXEXMSR SJ ER ETTVSZIH

TVSKVEQ XS IPMQMREXI TSXIRXMEP MKRMXMSR WSYVGIW ERH
8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI WLEPP PMQMX XLI EQSYRX SJ JYIP EZEMPEFPI XS XLI JMVI
EWWMKR ER MQTEMVQIRX GSSVHMREXSV XS GSQTP] [MXL XLI VIUYMVI
QIRXW SJ XLMW GLETXIV 8LI JMVI HITEVXQIRX LEW FIIR RSXMJMIH
8LI MRWYVERGI GEVVMIV XLI EPEVQ GSQTER] TVSTIVX]
-R XLI EFWIRGI SJ E WTIGMJMG HIWMKRII XLI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI ERH SXLIV EYXLSVMXMIW
S[RIV SV HIWMKREXIH VITVIWIRXEXMZI WLEPP FI GSRWMHIVIH XLI LEZMRK NYVMWHMGXMSR LEZI FIIR RSXMJMIH
MQTEMVQIRX GSSVHMREXSV 8LI WYTIVZMWSVW MR XLI EVIEW XS FI EJJIGXIH LEZI FIIR RS
XMJMIH
;LIVI XLI PIEWI [VMXXIR YWI EKVIIQIRX SV QEREKI % XEK MQTEMVQIRX W]WXIQ LEW FIIR MQTPIQIRXIH 7II 7IG
QIRX GSRXVEGX WTIGMJMGEPP] KVERXW XLI EYXLSVMX] JSV MRWTIGXMSR XMSR
XIWXMRK ERH QEMRXIRERGI SJ XLI JMVI TVSXIGXMSR W]WXIQW XS %PP RIGIWWEV] XSSPW ERH QEXIVMEPW LEZI FIIR EWWIQFPIH SR
XLI XIRERX QEREKIQIRX JMVQ SV QEREKMRK MRHMZMHYEP XLI XLI MQTEMVQIRX WMXI
XIRERX QEREKIQIRX JMVQ SV QEREKMRK MRHMZMHYEP WLEPP EWWMKR
E TIVWSR EW MQTEMVQIRX GSSVHMREXSV )QIVKIRG] -QTEMVQIRXW
8EK -QTEMVQIRX 7]WXIQ )QIVKIRG] MQTEMVQIRXW WLEPP MRGPYHI FYX EVI RSX PMQ
MXIH XS MRXIVVYTXMSR SJ [EXIV WYTTP] JVSÎR SV VYTXYVIH TMT
% XEK WLEPP FI YWIH XS MRHMGEXI XLEX E W]WXIQ SV TEVX MRK ERH IUYMTQIRX JEMPYVI ERH MRGPYHIW MQTEMVQIRXW JSYRH
XLIVISJ LEW FIIR VIQSZIH JVSQ WIVZMGI HYVMRK MRWTIGXMSR XIWXMRK SV QEMRXIRERGI EGXMZMXMIW
8LI XEK WLEPP FI TSWXIH EX IEGL JMVI HITEVXQIRX GSR 8LI GSSVHMREXSV WLEPP MQTPIQIRX XLI WXITW SYXPMRIH MR
RIGXMSR ERH XLI W]WXIQ GSRXVSP ZEPZI ERH SXLIV PSGEXMSRW VI 7IGXMSR
UYMVIH F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR MRHMGEXMRK [LMGL
W]WXIQ SV TEVX XLIVISJ LEW FIIR VIQSZIH JVSQ WIVZMGI 6IWXSVMRK 7]WXIQW XS 7IVZMGI ;LIR EPP MQTEMVIH IUYMT
QIRX MW VIWXSVIH XS RSVQEP [SVOMRK SVHIV XLI MQTEMVQIRX
-QTEMVIH )UYMTQIRX GSSVHMREXSV WLEPP ZIVMJ] XLEX XLI JSPPS[MRK TVSGIHYVIW LEZI
FIIR MQTPIQIRXIH
8LI MQTEMVIH IUYMTQIRX WLEPP FI GSRWMHIVIH XS FI XLI
[EXIVFEWIH JMVI TVSXIGXMSR W]WXIQ SV TEVX XLIVISJ XLEX MW VI %R] RIGIWWEV] MRWTIGXMSRW ERH XIWXW LEZI FIIR GSRHYGXIH
QSZIH JVSQ WIVZMGI XS ZIVMJ] XLEX EJJIGXIH W]WXIQW EVI STIVEXMSREP 8LI ETTVS
TVMEXI GLETXIV SJ XLMW WXERHEVH WLEPP FI GSRWYPXIH JSV KYMH
8LI MQTEMVIH IUYMTQIRX WLEPP MRGPYHI FYX WLEPP RSX ERGI SR XLI X]TI SJ MRWTIGXMSR ERH XIWX VIUYMVIH
FI PMQMXIH XS XLI JSPPS[MRK 7YTIVZMWSVW LEZI FIIR EHZMWIH XLEX TVSXIGXMSR MW VIWXSVIH
7TVMROPIV W]WXIQW 8LI JMVI HITEVXQIRX LEW FIIR EHZMWIH XLEX TVSXIGXMSR MW
7XERHTMTI W]WXIQW VIWXSVIH
*MVI LSWI W]WXIQW 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI MRWYVERGI
9RHIVKVSYRH JMVI WIVZMGI QEMRW GEVVMIV EPEVQ GSQTER] ERH SXLIV EYXLSVMXMIW LEZMRK NYVMW
*MVI TYQTW HMGXMSR LEZI FIIR EHZMWIH XLEX TVSXIGXMSR MW VIWXSVIH
;EXIV WXSVEKI XEROW 8LI MQTEMVQIRX XEK LEW FIIR VIQSZIH
;EXIV WTVE] JM\IH W]WXIQW
*SEQ[EXIV W]WXIQW
;EXIV QMWX W]WXIQW
*MVI WIVZMGI GSRXVSP ZEPZIW
'LETXIV 7TIGMEP 6IUYMVIQIRXW JVSQ 3XLIV 2*4%
(SGYQIRXW
4VITPERRIH -QTEMVQIRX 4VSKVEQW
+IRIVEP
%PP TVITPERRIH MQTEMVQIRXW WLEPP FI EYXLSVMÎH F]
XLI MQTEMVQIRX GSSVHMREXSV %TTPMGEXMSR
&IJSVI EYXLSVMÊXMSR MW KMZIR XLI MQTEMVQIRX GSSVHM 8LMW GLETXIV WLEPP MRGPYHI XLI MRWTIGXMSR XIWXMRK
REXSV WLEPP FI VIWTSRWMFPI JSV ZIVMJ]MRK XLEX XLI JSPPS[MRK TVS ERH QEMRXIRERGI VIUYMVIQIRXW JSV [EXIVFEWIH JMVI TVSXIG
GIHYVIW LEZI FIIR MQTPIQIRXIH XMSR W]WXIQW JSYRH MR SXLIV 2*4% WXERHEVHW XLEX EVI HMJJIVIRX
JVSQ XLSWI MRGPYHIH MR XLMW WXERHEVH
8LI I\XIRX ERH I\TIGXIH HYVEXMSR SJ XLI MQTEMVQIRX
LEZI FIIR HIXIVQMRIH 8LI VIUYMVIQIRXW SJ XLMW GLETXIV WLEPP FI I\XVEGXIH
8LI EVIEW SV FYMPHMRKW MRZSPZIH LEZI FIIR MRWTIGXIH ERH JVSQ XLI SXLIV VIJIVIRGIH WXERHEVHW
XLI MRGVIEWIH VMWOW HIXIVQMRIH
;LIVI XLI VIUYMVIQIRXW SJ XLI VIJIVIRGIH WXERHEVH
6IGSQQIRHEXMSRW XS QMXMKEXI ER] MRGVIEWIH VMWOW LEZI
HMJJIV JVSQ XLI VIUYMVIQIRXW SJ XLMW WXERHEVH XLI VIJIVIRGIH
FIIR WYFQMXXIH XS QEREKIQIRX SV XLI TVSTIVX] S[RIV SV
WXERHEVH WLEPP XEOI TVIGIHIRGI
HIWMKREXIH VITVIWIRXEXMZI
;LIVI E JMVI TVSXIGXMSR W]WXIQ MW SYX SJ WIVZMGI JSV QSVI (IJMRMXMSRW *SV XIVQW RSX HIJMRIH MR 'LETXIV XLI
XLER LSYVW MR E LSYV TIVMSH XLI MQTEMVQIRX GSSV HIJMRMXMSRW SJ XLI VIJIVIRGI WXERHEVH WLEPP ETTP]
HMREXSV WLEPP EVVERKI JSV SRI SJ XLI JSPPS[MRK
7QEPP 6IWMHIRXMEP &SEVH ERH 'EVI 3GGYTERGMIW
E )ZEGYEXMSR SJ XLI FYMPHMRK SV TSVXMSR SJ XLI FYMPHMRK
EJJIGXIH F] XLI W]WXIQ SYX SJ WIVZMGI 8LI VIUYMVIQIRXW MR XLMW WIGXMSR WLEPP SRP] ETTP] XS
F %R ETTVSZIH JMVI [EXGL VIWMHIRXMEP FSEVH ERH GEVI JEGMPMXMIW [MXL WTVMROPIV W]WXIQW MR
G )WXEFPMWLQIRX SJ E XIQTSVEV] [EXIV WYTTP] WXEPPIH MR EGGSVHERGI [MXL 2*4% ( 7XERHEVH JSV XLI -RWXEPPE
)HMXMSR
%22)< % z
XMSR SJ 7TVMROPIV 7]WXIQW MR 3RI ERH 8[S*EQMP] ([IPPMRKW ERH %RRI\ % )\TPEREXSV] 1EXIVMEP
1ERYJEGXYVIH ,SQIW EW HIWGVMFIH MR 2*4% 0MJI 7EJIX] 'SHI
%RRI\ % MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
7]WXIQW MRWXEPPIH MR EGGSVHERGI [MXL 2*4% ( 7XER FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP] 8LMW ERRI\ GSRXEMRW
HEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR 3RI ERH 8[S*EQMP] I\TPEREXSV] QEXIVMEP RYQFIVIH XS GSVVIWTSRH [MXL XLI ETTPMGEFPI XI\X
([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW WLEPP FI MRWTIGXIH XIWXIH ERH TEVEKVETLW
QEMRXEMRIH MR EGGSVHERGI [MXL XLVSYKL
SJ 2*4% [LMGL VIJIVIRGI WTIGMJMG WIGXMSRW SJ 2*4% 8LI % 8LIVI EVI XMQIW [LIR E WMRKPI MRWTIGXMSR SV XIWX GER
JVIUYIRG] SJ XLI MRWTIGXMSR XIWX SV QEMRXIRERGI WLEPP FI MR EG QIIX XLI VIUYMVIQIRXW SJ FSXL 2*4% ERH 2*4% IK
GSVHERGI [MXL ?2*4% A [LIVIEW XLI TYVTSWI ERH TVSGIHYVI STIVEXMSR SJ E XEQTIV W[MXGL 8LMW WXERHEVH HSIW RSX RIGIW
WLEPP FI JVSQ 2*4% ?A WEVMP] VIUYMVI XLEX X[S WITEVEXI MRWTIGXMSRW SV XIWXW FI GSR
HYGXIH SR XLI WEQI GSQTSRIRX TVSZMHIH XLI MRWTIGXMSR SV
'SRXVSP ZEPZIW WLEPP FI MRWTIGXIH QSRXLP] MR EGGSV XIWX QIIXW XLI VIUYMVIQIRXW SJ FSXL WXERHEVHW ERH XLI MRHM
HERGI [MXL SJ 2*4% ?A ZMHYEP TIVJSVQMRK XLI MRWTIGXMSR SV XIWX MW UYEPMJMIH XS TIV
JSVQ XLI MRWTIGXMSR SV XIWX VIUYMVIH F] FSXL WXERHEVHW
+EKIW WLEPP FI MRWTIGXIH QSRXLP] MR EGGSVHERGI
[MXL SJ 2*4% ?A % +IRIVEPP] EGGITXIH 2*4% MRWXEPPEXMSR TVEGXMGIW JSV
[EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW VIPIZERX XS XLMW WXERHEVH
%PEVQ HIZMGIW WLEPP FI MRWTIGXIH UYEVXIVP] MR EG EVI JSYRH MR XLI JSPPS[MRK
GSVHERGI [MXL SJ 2*4% ?A 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW
%PEVQ HIZMGIW WLEPP FI XIWXIH WIQMERRYEPP] MR EG 2*4% 6 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR
GSVHERGI [MXL SJ 2*4% ?A 0S[6MWI 6IWMHIRXMEP 3GGYTERGMIW
:EPZI WYTIVZMWSV] W[MXGLIW WLEPP FI XIWXIH WIQMERRY 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI
7]WXIQW
EPP] MR EGGSVHERGI [MXL SJ 2*4% ?A
2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG
:MWMFPI WTVMROPIVW WLEPP FI MRWTIGXIH ERRYEPP] MR XMSR
EGGSVHERGI [MXL SJ 2*4% ?A 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMROPIV
:MWMFPI TMTI WLEPP FI MRWTIGXIH ERRYEPP] MR EGGSV ERH *SEQ;EXIV 7TVE] 7]WXIQW
HERGI [MXL SJ 2*4% ?A 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV
*MVI 4VSXIGXMSR
:MWMFPI TMTI LERKIVW WLEPP FI MRWTIGXIH ERRYEPP] MR
2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
EGGSVHERGI [MXL SJ 2*4% ?A
&YMPHMRKW WLEPP FI MRWTIGXIH ERRYEPP] TVMSV XS XLI 1EMRW ERH 8LIMV %TTYVXIRERGIW
SRWIX SJ JVII^MRK [IEXLIV XS IRWYVI XLEX XLIVI MW EHIUYEXI LIEX 2*4% 7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW
[LIVIZIV [EXIVJMPPIH TMTMRK MW VYR MR EGGSVHERGI [MXL SJ
2*4% ?A % 8LI VIUYMVIQIRX XS IZEPYEXI XLI EHIUYEG] SJ XLI
HIWMKR SJ XLI MRWXEPPIH W]WXIQ MW RSX E TEVX SJ XLI TIVMSHMG
% VITVIWIRXEXMZI WEQTPI SJ JEWXVIWTSRWI WTVMR MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI VIUYMVIQIRXW SJ XLMW
OPIVW WLEPP FI XIWXIH SRGI XLI WTVMROPIVW MR XLI W]WXIQ EVI WXERHEVH ,S[IZIV WYGL IZEPYEXMSR MW XLI VIWTSRWMFMPMX] SJ XLI
]IEVW SPH MR EGGSVHERGI [MXL SJ 2*4% -J XLI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI EW MRHMGEXIH MR
WEQTPI JEMPW XLI XIWX EPP SJ XLI WTVMROPIVW VITVIWIRXIH F] XLEX ERH
WEQTPI WLEPP FI VITPEGIH -J XLI WTVMROPIVW TEWW XLI XIWX XLI XIWX
% *SV W]WXIQW SVMKMREPP] MRWXEPPIH MR EGGSVHERGI [MXL
WLEPP FI VITIEXIH IZIV] ]IEVW XLIVIEJXIV ?A
SRI SJ XLIWI WXERHEVHW XLI VITEMV VITPEGIQIRX EPXIVEXMSR SV
% VITVIWIRXEXMZI WEQTPI SJ HV]TIRHIRX WTVMROPIVW I\XIRWMSR SJ WYGL W]WXIQW WLSYPH EPWS FI TIVJSVQIH MR EGGSV
WLEPP FI XIWXIH SRGI XLI WTVMROPIVW MR XLI W]WXIQ EVI ]IEVW HERGI [MXL XLEX WEQI WXERHEVH ;LIR SVMKMREP MRWXEPPEXMSRW EVI
SPH MR EGGSVHERGI [MXL SJ 2*4% -J XLI WEQTPI FEWIH SR SXLIV ETTPMGEFPI GSHIW SV WXERHEVHW VITEMV VITPEGI
JEMPW XLI XIWX EPP SJ XLI WTVMROPIVW VITVIWIRXIH F] XLEX WEQTPI QIRX EPXIVEXMSR SV I\XIRWMSR TVEGXMGIW WLSYPH FI GSRHYGXIH
WLEPP FI VITPEGIH -J XLI WTVMROPIVW TEWW XLI XIWX XLI XIWX WLEPP MR EGGSVHERGI [MXL XLSWI SXLIV ETTPMGEFPI GSHIW SV WXERHEVHW
FI VITIEXIH IZIV] ]IEVW XLIVIEJXIV ?A % ,MWXSV] LEW WLS[R XLEX XLI TIVJSVQERGI VIPMEFMPMX] SJ E
%RXMJVIIÎ WSPYXMSRW WLEPP FI XIWXIH ERRYEPP] MR [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQ YRHIV JMVIVIPEXIH GSRHM
EGGSVHERGI [MXL SJ 2*4% ?A XMSRW MRGVIEWIW [LIVI GSQTVILIRWMZI MRWTIGXMSR XIWXMRK ERH
QEMRXIRERGI TVSGIHYVIW EVI IRJSVGIH (MPMKIRGI HYVMRK ER
'SRXVSP ZEPZIW WLEPP FI STIVEXIH XLVSYKL XLIMV MRWTIGXMSR MW MQTSVXERX 8LI MRWTIGXMSR XIWXMRK ERH QEMRXI
JYPP VERKI ERH VIXYVRIH XS RSVQEP ERRYEPP] MR EGGSVHERGI RERGI SJ WSQI MXIQW MR XLI WXERHEVH QMKLX RSX FI TVEGXMGEP SV
[MXL SJ 2*4% ?A TSWWMFPI HITIRHMRK SR I\MWXMRK GSRHMXMSRW 8LI MRWTIGXSV
WLSYPH YWI KSSH NYHKQIRX [LIR QEOMRK MRWTIGXMSRW
3TIVEXMRK WXIQW SJ 37
= ZEPZIW WLEPP FI PYFVM
GEXIH ERRYEPP] MR EGGSVHERGI [MXL SJ 2*4% % %R IRXMVI TVSKVEQ SJ UYEPMX] GSRXVSP MRGPYHIW FYX MW
?A RSX PMQMXIH XS QEMRXIRERGI SJ IUYMTQIRX MRWTIGXMSR JVI
UYIRG] XIWXMRK SJ IUYMTQIRX SRWMXI JMVI FVMKEHIW PSWW GSR
(V]TMTI W]WXIQW XLEX I\XIRH MRXS XLI YRLIEXIH TSV XVSP TVSZMWMSRW ERH TIVWSRRIP XVEMRMRK 4IVWSRRIP XVEMRMRK
XMSRW SJ XLI FYMPHMRK WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR GER FI YWIH EW ER EPXIVREXMZI IZIR MJ E WTIGMJMG JVIUYIRG] HMJ
EGGSVHERGI [MXL SJ 2*4% ?A JIVW JVSQ XLEX WTIGMJMIH MR XLMW WXERHEVH
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
% 8LI PMXIV ERH FEV YRMXW [LMGL EVI RSX TEVX SJ FYX EVI EYXLSVMX] *SV MRWYVERGI TYVTSWIW ER MRWYVERGI MRWTIGXMSR HI
VIGSKRMÎH F] 7- GSQQSRP] EVI YWIH MR MRXIVREXMSREP JMVI TVS TEVXQIRX VEXMRK FYVIEY SV SXLIV MRWYVERGI GSQTER] VITVI
XIGXMSR 8LIWI YRMXW EVI TVSZMHIH MR 8EFPI % [MXL XLIMV GSR WIRXEXMZI QE] FI XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR -R QER]
ZIVWMSR JEGXSVW GMVGYQWXERGIW XLI TVSTIVX] S[RIV SV LMW SV LIV HIWMKREXIH
EKIRX EWWYQIW XLI VSPI SJ XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR EX
KSZIVRQIRX MRWXEPPEXMSRW XLI GSQQERHMRK SJJMGIV SV HITEVX
8EFPI % 1IXVMG 'SRZIVWMSRW QIRXEP SJJMGMEP QE] FI XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
2EQI SJ 9RMX 9RMX 7]QFSP 'SRZIVWMSR *EGXSV % 0MWXIH 8LI QIERW JSV MHIRXMJ]MRK PMWXIH IUYMTQIRX
QE] ZEV] JSV IEGL SVKERMÊXMSR GSRGIVRIH [MXL TVSHYGX IZEPY
PMXIV 0 KEP ! 0 EXMSR WSQI SVKERMÊXMSRW HS RSX VIGSKRMÎ IUYMTQIRX EW
PMXIV TIV QMRYXI 0QMRQ KTQJX ! PMWXIH YRPIWW MX MW EPWS PEFIPIH 8LI EYXLSVMX] LEZMRK NYVMWHMG
TIV WUYEVI 0QMRQ XMSR WLSYPH YXMPMÎ XLI W]WXIQ IQTPS]IH F] XLI PMWXMRK SVKERM
QIXIV ÊXMSR XS MHIRXMJ] E PMWXIH TVSHYGX
GYFMG HIGMQIXIV HQ KEP ! HQ % %PEVQ 6IGIMZMRK *EGMPMX] 8LMW GER MRGPYHI TVSTVMIXEV]
TEWGEP 4E TWM ! 4E WYTIVZMWMRK WXEXMSRW GIRXVEP WYTIVZMWMRK WXEXMSRW VIQSXI WYTIVZMW
FEV FEV TWM ! FEV MRK WXEXMSRW SV TYFPMG JMVI WIVZMGI GSQQYRMGEXMSRW GIRXIVW
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GSRGIRXVEXI XERO
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TVIWWYVI ZEGYYQ ZIRX RSX
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2*4%
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[SVOMRK TVSTIVP]
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XIWX
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% -QTEMVQIRX 8LI YWI SJ XLI TLVEWI JMVI TVSXIGXMSR W]W

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ZEPZI
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HIJPIGXSV
4VIWWYVI
ZEPZI 7GVIIR
MRQQ 2EXMSREP

7XERHEVHTMTIXLVIEHW
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XVSP 2S^^PIW %PWS %VI 4IVQMXXIH
*IQEPI248JSEQGSRGIRXVEXIMRPIX
1EPI248 *SEQ[EXIV
;EXIV WSPYXMSR
MRPIX HMWGLEVKI
*IQEPI248
*-+96) % 4VSTSVXMSRIV
% 7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV ;EXIV

ERH JSEQ GSRGIRXVEXIWIRWMRK PMRIW EVI HMVIGXIH XS XLI FEPERG
MRK ZEPZI ERH QEMRXEMR XLI JSEQ PMUYMH EX E TVIWWYVI IUYEP XS
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XLEX SJ XLI [EXIV TVIWWYVI 8LI X[S IUYEP TVIWWYVIW EVI JIH XS
1SRMXSV 2S^^PIW
XLI TVSTSVXMSRIV TVSTIV ERH EVI QM\IH EX E TVIHIXIVQMRIH
VEXI 7II *MKYVI %
XLI GSEVWIV XLI WMÎ SJ XLI [EXIV HVSTPIXW XLI KVIEXIV XLI IJJIG
% 7XERHEVH 4VIWWYVI 4VSTSVXMSRIV 4VIWWYVMÎH GSR
XMZI wVIEGLx SV VERKI SJ XLI WTVE]
GIRXVEXI XLIR MW JSVGIH XLVSYKL ER SVMJMGI FEGO MRXS XLI JPS[
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GLEVKI GSRIW MW KSZIVRIH F] XLI HIWMKR SJ XLI HIJPIGXSV 7SQI LMKLIV XLER [EXIV -X MW RSX ETTPMGEFPI JSV YWI [MXL JSEQ GSR
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XSQEXMG F] GSRWXVYGXMRK XLIQ [MXL LIEXVIWTSRWMZI IPIQIRXW EW *MKYVI %
YWIH MR WXERHEVH EYXSQEXMG WTVMROPIVW
% 'SRXVSP 1SHI 7TIGMJMG %TTPMGEXMSR '17% 7TVMR
% 4VIWWYVI6IKYPEXMRK (IZMGI )\EQTPIW MRGPYHI OPIV % PEVKI HVST WTVMROPIV MW E X]TI SJ '17% WTVMROPIV XLEX MW
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% 4VIWWYVI :EGYYQ :IRX %X VIWX WXEXMG GSRHMXMSR XLMW LMKLGLEPPIRKI JMVI LEÊVHW
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XVEXI WXSVEKI XERO 7II *MKYVI % GSRRIGXMSRW XS [EXIV WYTTP] W]WXIQW SV F] QIERW SJ TYQTW
% 4VSTSVXMSRIV 7II *MKYVI % XEROW ERH SXLIV IUYMTQIRX RIGIWWEV] XS TVSZMHI ER EHIUYEXI
WYTTP] SJ [EXIV XS XLI LSWI GSRRIGXMSRW
% &PEHHIV 8ERO 4VSTSVXMSRIV 3TIVEXMSR MW XLI WEQI
EW E WXERHEVH TVIWWYVI TVSTSVXMSRIV I\GITX XLEX FIGEYWI SJ % 7XVEMRIV 8LIVI EVI X[S X]TIW SJ WXVEMRIVW 4MTIPMRI
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GER FI YWIH [MXL EPP JSEQ GSRGIRXVEXIW VIKEVHPIWW SJ WTIGMJMG TEFPI SJ VIQSZMRK JVSQ XLI [EXIV EPP WSPMHW SJ WYJJMGMIRX WMÎ XS
KVEZMX] 7II *MKYVI % SFWXVYGX XLI WTVE] RS^^PIW ? MR QQ TIVJSVEXMSRW YWY
EPP] EVI WYMXEFPIA 4MTIPMRI WXVEMRIV HIWMKRW WLSYPH MRGSVTSVEXI
% -R0MRI &EPERGIH 4VIWWYVI 4VSTSVXMSRIV &EPERG E JPYWLSYX GSRRIGXMSR SV WLSYPH FI GETEFPI SJ JPYWLMRK
MRK SJ [EXIV ERH PMUYMH XEOIW TPEGI EX MRHMZMHYEP TVSTSVXMSRIVW XLVSYKL XLI QEMR HVEMR
PSGEXIH MR XLI W]WXIQ VMWIV SV MR WIKQIRXW SJ QYPXMTPI W]WXIQW
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7II *MKYVI %
GETEFPI SJ VIQSZMRK JVSQ XLI [EXIV EPP WSPMHW SJ WYJJMGMIRX WMÎ
% 0MRI 4VSTSVXMSRIV 7II *MKYVI % XS SFWXVYGX XLI WTVE] RS^^PI XLEX XLI] WIVZI
)HMXMSR
%22)< % z
;EXIVJIIHPMRI 6EXMSGSRXVSPPIV :EPZIHIWGVMTXMSR 2SVQEPTSWMXMSR

:EPZIRS (IWGVMTXMSR 1ERYEPW]WXIQ %YXSW]WXIQ
*PS[
'SRGIRXVEXIWLYXSJJ 'PSWIH 'PSWIH
% %YXSGSRGWLYXSJJ 2% 'PSWIH
7YTTSVX 7TVMRK ;EXIVTVIWWLYXSJJ 3TIR 3TIR
FVEGOIX GLIGO *MPPGYTWLYXSJJ 'PSWIH 'PSWIH

ZEPZI 8ERO[EXIVZIRX
% 'PSWIH 'PSWIH
*SEQ (METLGSRGZIRX 'PSWIH 'PSWIH
GSRGIRXVEXI ;EXIVJMPP 'PSWIH 'PSWIH
JIIHPMRI 'SRGIRXVEXIHVEMRJMPP 'PSWIH 'PSWIH

9TVWMKLXKEYKISTX 'PSWIH 'PSWIH
7MHI:MI[ )RH:MI[ 0[VWMKLXKEYKISTX 'PSWIH 'PSWIH
*-+96) % &PEHHIV 8ERO 4VSTSVXMSRIV
)\TERWMSRHSQIERH
GPIERSYXSTIRMRK *MPPGSRRIGXMSR[MXLJMPPJYRRIP
4VIWWYVI *SEQGSRGIRXVEXI
ZEGYYQ WXSVEKIXERO -RPMRIFEPERGIH 4VIWWYVIVIKYPEXMRKZEPZI
ZIRX
TVIWWYVITVSTSVXMSRIV (METLVEKQFEPERGMRKZEPZI
TVIWWYVIVIKYPEXMRKWIVZMGI
(VEMRZEPZI *SEQWSPYXMSR [MXLQERYEPSZIVVMHI
7LYXSJJZEPZI
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VIXYVRZEPZI WSPYXMSR 4VIWWYVIVIPMIJZEPZI
*PYWLMRGSRRIGXMSR
*PYWLSYXGSRRIGXMSR
7XVEMRIV
*SEQ 4VIWWYVIKEYKI
GSRGIRXVEXI
WYTTP]ZEPZI 6EXMSGSRXVSPPIV
4VIWWYVIKEYKI ;EXIV
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*SEQGSRGIRXVEXI *SEQWSPYXMSR
TYQTERHQSXSV
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4VIWWYVI XERGI XIWX EX MRXIVZEPW WTIGMJMIH MR XLI ETTVSTVMEXI GLETXIV SJ
ZEGYYQZIRX XLMW WXERHEVH
% :EPZI 7XEXYW 8IWX 'SRRIGXMSR 8LIWI GSRRIGXMSRW
GER MRGPYHI XLI QEMR HVEMR JMVI TYQT XIWX LIEHIV FEGOJPS[
TVIZIRXIV JSV[EVH JPS[ XIWX GSRRIGXMSR JMVI L]HVERX ERH
SXLIV WMQMPEV PSGEXMSRW -R XLI EFWIRGI SJ XLI EJSVIQIRXMSRIH
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% ;EXIV 7TVE] ;EXIV WTVE] JM\IH W]WXIQW EVI YWYEPP]
2SXI
%YXSQEXMSRSJ ETTPMIH XS WTIGMEP JMVI TVSXIGXMSR TVSFPIQW WMRGI XLI TVSXIG
XLMWZEPZITIVQMXW XMSR GER FI WTIGMJMGEPP] HIWMKRIH XS TVSZMHI JSV JMVI GSRXVSP
XLIEGXMZEXMSRSJ
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WMKREPMRKWSYVGI GSRGIRXVEXI XS SXLIV JSVQW SJ TVSXIGXMSR
WXSVEKIXERO
% 'SRXVSP :EPZI )\TIVMIRGI LEW WLS[R XLEX GPSWIH
ZEPZIW EVI XLI TVMQEV] GEYWI SJ JEMPYVI SJ [EXIVFEWIH JMVI TVS
;EXIV +EXIZEPZISVFEPPZEPZI
WYTTP] XIGXMSR W]WXIQW MR TVSXIGXIH SGGYTERGMIW 'SRXVSP ZEPZIW HS
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7MHISYXPIXWXVEMRIV[MXLZEPZI
ZEPZIW SV VIPMIJ ZEPZIW
4VIWWYVIKEYKI
% (IPYKI :EPZI )EGL HIPYKI ZEPZI MW MRXIRHIH XS FI GE
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%

;EXIVWYTTP]
& '

0IKIRH 'SRGIRXVEXIVIXYVRPMRIZEPZIRSVQEPP]STIR

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6EXMSGSRXVSPPIV 7XVEMRIV[MXLZEPZIHWMHISYXPIX
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SVXYFMRKVIGSQQIRHIH
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FEPERGI¨QYWXFIMRZIVXMGEPTSWMXMSR *SVQERYEPSTIVEXMSRZEPZIW GERFIGPSWIHERHIUYEP
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7]WXIQ%YXSQEXMSR
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4VIWWYVIZEGYYQZIRX
WMKREPMRKWSYVGI
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)PIGXVMGQSXSVWXEVXIVERHW[MXGL )PIGXVMGQSXSVWXEVXIVW[MXGL XSFIEYXSQEXMGEPP]STIVEXIH
*-+96) % 7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV
% 1EWXIV 4VIWWYVI6IHYGMRK :EPZI 1EWXIV TVIWWYVI % ;IX 4MTI 7TVMROPIV 7]WXIQ ,SWI GSRRIGXMSRW ? MR
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% 4VMZEXI *MVI 7IVZMGI 1EMR 7II *MKYVI % % ;EXIV 7TVE] 7]WXIQ %YXSQEXMG W]WXIQW GER FI EGXY
EXIH F] WITEVEXI HIXIGXMSR IUYMTQIRX MRWXEPPIH MR XLI WEQI
% 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ MW GSRWMHIVIH XS
EVIE EW XLI [EXIV WTVE] RS^^PIW SV F] XLI [EXIV WTVE] RS^^PIW
LEZI E WMRKPI W]WXIQ VMWIV GSRXVSP ZEPZI 8LI HIWMKR ERH MRWXEP
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XIGXSV GER EPWS FI PSGEXIH MR ERSXLIV EVIE ? %A
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FYVMEP SV WXSGO WXSVEKI GVMXMGEP EPWS VIUYMVI WTIGMEP GSRWMHIVEXMSR % WQEPP RYQFIV SJ
% 6IGEPPIH TVSHYGXW WLSYPH FI VITPEGIH SV VIQIHMIH TEMRXIH WTVMROPIVW GSYPH FI GSRWMHIVIH ER MQTEMVQIRX JSV E
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8SJMVITYQTMJRIIHIH
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MX MW XLI S[RIVvW VIWTSRWMFMPMX] XS EVVERKI JSV XLI IZEPYEXMSR SJ
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MRWTIGXMSR TVSZMHIV SV GSRXVEGXSV MX MW RSX XLI VSPI SJ XLI MR
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WTIGXSV SV GSRXVEGXSV XS HIXIVQMRI MJ ER] GLERKIW LEZI FIIR
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IRHSJXLITVMZEXIJMVIWIVZMGIQEMRERHXLMWWGLIQEXMGMWSRP]JSV XIQ 8LI IZEPYEXMSR SJ ER] FYMPHMRK GLERKIW WLSYPH FI GSR
MPPYWXVEXMZITYVTSWIWFI]SRHXLIIRHSJXLIJMVIWIVZMGIQEMR(IXEMPWSJ
ZEPZIWERHXLIMVPSGEXMSRVIUYMVIQIRXWEVIGSZIVIHMRXLIWTIGMJMG HYGXIH FIJSVI ER] TVSTSWIH GLERKI MW MRGSVTSVEXIH ERH
WXERHEVHMRZSPZIH WLSYPH YXMPMÎ XLI ETTVSTVMEXI MRWXEPPEXMSR WXERHEVH ERH MRTYX
7II2*4%7XERHEVHJSV;EXIV8EROWJSV4VMZEXI*MVI4VSXIGXMSR JVSQ ETTPMGEFPI EYXLSVMXMIW LEZMRK NYVMWHMGXMSR
*MVI TVSXIGXMSR W]WXIQW WLSYPH RSX FI VIQSZIH JVSQ WIV
7II2*4%7XERHEVHJSVXLI-RWXEPPEXMSRSJ7XEXMSREV]4YQTWJSV
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FI VIXEMRIH XS TIVJSVQ EPP MRWTIGXMSRW ERH XIWXW
% 7II %RRI\ ) JSV ER I\EQTPI SJ E LEÊVH IZEPYEXMSR
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EW JSPPS[W MRWTIGXMSRW JPS[ HVEMR ERH TYQT XIWXW ERH XVMT XIWXW SJ HV]
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7YFWXERHEVH GSRHMXMSRW WYGL EW E GPSWIH ZEPZI WYFRSV ZMWSV] WMKREP MR EGGSVHERGI [MXL 2*4%
QEP [EXIV TVIWWYVI PSWW SJ FYMPHMRK LIEX SV TS[IV SV SF *EMPYVI SJ E GSQTSRIRX SV W]WXIQ XS TEWW ER EYXSQEXMG XIWX
WXVYGXMSR SJ WTVMROPIVW RS^^PIW HIXIGXSVW SV LSWI WXEXMSRW WLSYPH VIWYPX MR ER EYHMFPI XVSYFPI WMKREP MR EGGSVHERGI
GER HIPE] SV TVIZIRX W]WXIQ EGXYEXMSR ERH MQTIHI QERYEP [MXL 2*4%
JMVIJMKLXMRK STIVEXMSRW 2SX EPP XIWXW VIUYMVIH F] 2*4% GER FI WYMXEFPI JSV EYXS
% 8LI X]TIW SJ XIWXW VIUYMVIH JSV IEGL TVSXIGXMSR W]WXIQ QEXMG XIWXMRK
ERH MXW GSQTSRIRXW ERH XLI WTIGMEPMÎH IUYMTQIRX VIUYMVIH 4IVMSHMG ZMWYEP MRWTIGXMSR MRGPYHMRK XLI YWI SJ ZMHIS
JSV XIWXMRK EVI HIXEMPIH MR XLI ETTVSTVMEXI GLETXIV WLSYPH FI TIVJSVQIH
%W VIJIVVIH XS MR SVMKMREP VIGSVHW WLSYPH MRGPYHI EX E % 7IGXMSR TVSZMHIW XLI STXMSR XS EHSTX E TIVJSVQERGI
QMRMQYQ XLI GSRXVEGXSVvW QEXIVMEP ERH XIWX GIVXMJMGEXI wEW FEWIH XIWX ERH MRWTIGXMSR QIXLSH EW ER EPXIVREXMZI QIERW SJ GSQ
FYMPXx HVE[MRKW ERH GEPGYPEXMSRW ERH ER] SXLIV VIUYMVIH SV TPMERGI [MXL 8LI TVIWGVMTXMZI XIWX ERH VIUYMVIQIRXW GSR
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WSQI MRWMKLX XS XLI HIWMKR MRXIRX MRWXEPPEXMSR WXERHEVHW YWIH UYERXMXEXMZI TIVJSVQERGIFEWIH EREP]WIW 8LMW WIGXMSR TVSZMHIW E
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QIRXW XLEX HMWGSYVEKI XLI MRWXEPPEXMSR SJ E HMWGSRRIGX QIERW
MR XLI TS[IV WYTTP] XS IPIGXVMG QSXSVHVMZIR JMVI TYQTW 8LMW % 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]W
MW MRXIRHIH XS IRWYVI XLI EZEMPEFMPMX] SJ TS[IV XS XLI JMVI XIQW MR XLI WXSVEKI HIJMRMXMSRW HIJMRIW GPIEVERGI EW XLI HMW
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VITPEGIQIRX WTVMROPIVW EVI SJ XLI WEQI QEOI ERH QSHIP SV HVST WTVMROPIVW '17% WTVMROPIVW ERH IEVP] WYTTVIWWMSR JEWX
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% 8LI GSRHMXMSRW HIWGVMFIH MR XLMW WIGXMSR GER LEZI E VMQIXIV [EPPW WMRGI XLMW HSIW RSX GEYWI ER SFWXVYGXMSR 2*4%
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IVEFPI SV MRIJJIGXYEP TEXXIVR LEW VIWYPXIH MR ER MRGVIEWI MR XLI LEÊVH GPEWWMJMGEXMSR
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% 7II *MKYVI % EX TWMFEV EXXLIFEWISJXLIVMWIV
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XS FI TVSXIGXIH JVSQ VEHMERX LIEX I\TSWYVI TVSXIGXMSR SV TEVXMGYPEV GSRGIVR EVI PS[PIZIP HMWGLEVKI HIZMGIW MR PSEHMRK
SRXS JPEQMRK WYVJEGIW XS I\XMRKYMWL SV GSRXVSP GSQFYWXMSR VEGOW MR ERH EVSYRH PS[PIZIP XEROEKI ERH QSRMXSVQSYRXIH
*EGXSVW EJJIGXMRK XLI TVSTIV TPEGIQIRX SJ [EXIV WTVE] RS^^PIW HIZMGIW XLEX LEZI FIIR TYWLIH SYX SJ XLI [E] JSV GSRZIRMIRGI
MRGPYHI XLI JSPPS[MRK -RWTIGXMSR JVIUYIRG] QMKLX LEZI XS FI MRGVIEWIH EGGSVHMRKP]
'LERKIW SV EHHMXMSRW XS XLI TVSXIGXIH EVIE XLEX SFWXVYGX % (MWGLEVKI HIZMGIW EVI PMWXIH SV ETTVSZIH JSV TEV
I\MWXMRK RS^^PIW SV VIUYMVI EHHMXMSREP GSZIVEKI JSV GSQ XMGYPEV JSEQ GSRGIRXVEXIW
TPMERGI % ;EXIV WYTTP] TMTMRK WLSYPH FI JVII SJ MRXIVREP SF
6IQSZEP SJ IUYMTQIRX JVSQ XLI TVSXIGXIH EVIE XLEX VI WXVYGXMSRW XLEX GER FI GEYWIH F] HIFVMW IK VSGOW QYH XY
WYPXW MR RS^^PI TPEGIQIRX EX I\GIWWMZI HMWXERGIW JVSQ XLI FIVGPIW SV F] GPSWIH SV TEVXMEPP] GPSWIH GSRXVSP ZEPZIW 7II
LEÊVH 'LETXIV JSV MRWTIGXMSR ERH QEMRXIRERGI VIUYMVIQIRXW
1IGLERMGEP HEQEKI SV TVIZMSYW JPS[ XIWXW XLEX LEZI
GEYWIH RS^^PIW XS FI QMWHMVIGXIH % 4VSTSVXMSRMRK W]WXIQW QMKLX SV QMKLX RSX MRGPYHI
% GLERKI MR XLI LEÊVH FIMRK TVSXIGXIH XLEX VIUYMVIW JSEQ GSRGIRXVEXI TYQTW -J TYQTW EVI TEVX SJ XLI TVSTSVXMSR
QSVI SV HMJJIVIRX RS^^PIW XS TVSZMHI EHIUYEXI GSZIVEKI MRK W]WXIQ XLI HVMZIV TYQT ERH KIEV VIHYGIV WLSYPH FI MR
JSV GSQTPMERGI WTIGXIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW VIGSQQIRHE
XMSRW ERH XLI MRWTIGXMSR GER MRGPYHI MXIQW WYGL EW
7TVE] RS^^PIW GER FI TIVQMXXIH XS FI TPEGIH MR ER] TSWMXMSR PYFVMGEXMSR JYIP JMPXIVW SMP PIZIPW ERH GPYXGLIW
RIGIWWEV] XS SFXEMR TVSTIV GSZIVEKI SJ XLI TVSXIGXIH EVIE
4SWMXMSRMRK SJ RS^^PIW [MXL VIWTIGX XS WYVJEGIW XS FI TVSXIGXIH % -R WSQI GEWIW ER EHIUYEXI WYTTP] SJ JSEQ PMUYMH MW
SV XS JMVIW XS FI GSRXVSPPIH SV I\XMRKYMWLIH WLSYPH FI KYMHIH EZEMPEFPI [MXLSYX E JYPP XERO 8LMW MW TEVXMGYPEVP] XVYI SJ JSEQ
F] XLI TEVXMGYPEV RS^^PI HIWMKR ERH XLI GLEVEGXIV SJ [EXIV PMUYMH WXSVIH MR RSRQIXEPPMG XEROW -J PMUYMH MW WXSVIH MR QIXEP
WTVE] TVSHYGIH -R TSWMXMSRMRK RS^^PIW GEVI WLSYPH FI XEOIR PMG XEROW XLI TVSTIV PMUYMH PIZIP WLSYPH FI SRILEPJ XLI HMW
XLEX XLI [EXIV WTVE] HSIW RSX QMWW XLI XEVKIXIH WYVJEGI ERH XERGI MRXS XLI I\TERWMSR HSQI
VIHYGI XLI IJJMGMIRG] SV GEPGYPEXIH HMWGLEVKI VEXI % 8LI WXERHEVH TVIWWYVI TVSTSVXMSRIV MW E TVIW
WYVI ZIWWIP %PXLSYKL YRHIV RSVQEP WXERHF] GSRHMXMSRW XLMW
% ;EXIV WYTTP] TMTMRK WLSYPH FI JVII SJ MRXIVREP SF X]TI SJ TVSTSVXMSRMRK W]WXIQ WLSYPH RSX FI TVIWWYVMÎH WSQI
WXVYGXMSRW XLEX GER FI GEYWIH F] HIFVMW IK VSGOW QYH XY MRWXEPPEXMSRW EPPS[ JSV MREHZIVXIRX TVIWWYVMÊXMSR 4VIWWYVI
FIVGPIW SV F] GPSWIH SV TEVXMEPP] GPSWIH GSRXVSP ZEPZIW 7II WLSYPH FI VIQSZIH FIJSVI MRWTIGXMSR
'LETXIV JSV MRWTIGXMSR ERH QEMRXIRERGI VIUYMVIQIRXW
% 8LI FPEHHIV XERO TVSTSVXMSRIV MW E TVIWWYVI
% 1EMRPMRI WXVEMRIVW WLSYPH FI VIQSZIH ERH MR ZIWWIP ;LIVI MRWTIGXMRK JSV E JYPP PMUYMH XERO XLI QERYJEGXYV
WTIGXIH JSV HEQEKIH ERH GSVVSHIH TEVXW IZIV] ]IEVW IVvW MRWXVYGXMSRW WLSYPH FI JSPPS[IH -J MRWTIGXIH MRGSVVIGXP]
XLI XERO WMKLX KEYKIW GSYPH MRHMGEXI E JYPP XERO [LIR XLI XERO
% 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI
EGXYEPP] MW IQTX] SJ JSEQ PMUYMH 7SQI JSEQ PMUYMHW HYI XS
WLSYPH XEOI GEVI XS TVIZIRX HEQEKI XS IUYMTQIRX SV XLI WXVYG
XLIMV ZMWGSWMX] QMKLX RSX MRHMGEXI XVYI PIZIPW SJ JSEQ PMUYMH MR
XYVI HYVMRK XLI XIWX (EQEKI GSYPH FI GEYWIH F] XLI W]WXIQ
XLI XERO [LIVI MRWTIGXIH ZME XLI WMKLX KPEWW
HMWGLEVKI SV F] VYRSJJ JVSQ XLI XIWX WMXI -X WLSYPH FI ZIVMJMIH
XLEX XLIVI MW EHIUYEXI ERH YRSFWXVYGXIH HVEMREKI )UYMTQIRX '%98-32 (ITIRHMRK SR W]WXIQ GSRJMKYVEXMSR XLMW X]TI SJ
WLSYPH FI VIQSZIH SV GSZIVIH EW RIGIWWEV] XS TVIZIRX HEQ TVSTSVXMSRIV W]WXIQ QMKLX FI TVIWWYVMÎH SV RSRTVIWWYVMÎH
EKI 1IERW WYGL EW GYVFMRK SV WERHFEKKMRK WLSYPH FI YWIH XS YRHIV RSVQEP GSRHMXMSRW 4VIWWYVI WLSYPH FI VIQSZIH FIJSVI
TVIZIRX IRXV] SJ XLI [EXIV MRWTIGXMSR
% 7II
% 8IWX QIXLSHW EVI EW JSPPS[W
% 7II *MKYVI %
7SQI HIXIGXMSR GMVGYMXW GER FI TIVQMXXIH XS FI HIPMFIV
EXIP] HIWIRWMXMÎH MR SVHIV XS SZIVVMHI YRYWYEP EQFMIRX % 7II
GSRHMXMSRW -R WYGL GEWIW XLI VIWTSRWI VIUYMVIH MR % 7II *MKYVI %
GER FI TIVQMXXIH XS FI I\GIIHIH
8IWXMRK SJ MRXIKVEXMRK XYFMRK W]WXIQW GER FI TIVQMXXIH XS % 7II
FI VIPEXIH XS XLMW XIWX F] QIERW SJ E WXERHEVH TVIWWYVI % 7II *MKYVI %
MQTYPWI XIWX WTIGMJMIH F] XLI PMWXMRK PEFSVEXSV]
% 7II
3RI QIXLSH SJ XIWXMRK LIEX HIXIGXMSR YWIW E VEHMERX LIEX
WYVJEGI EX E XIQTIVEXYVI SJ * ' ERH E GETEGMX] % 7II *MKYVI %
)HMXMSR
%22)< % z
% 3TIVEXMSREP XIWXW KIRIVEPP] WLSYPH FI GSQTVMWIH SJ PMWXMRK MW E QMRMQYQ WTVMROPIV STIVEXMRK TVIWWYVI 7TVMROPIV
XLI JSPPS[MRK STIVEXMRK TVIWWYVI EJJIGXW JSEQ UYEPMX] HMWGLEVKI TEXXIVRW
% HIXIGXMSREGXYEXMSR XIWX [MXL RS JPS[ XS ZIVMJ] XLEX EPP ERH JMVI I\XMRKYMWLQIRX GSRXVSP GETEFMPMXMIW (MWGLEVKI
GSQTSRIRXW WYGL EW EYXSQEXIH ZEPZIW JSEQ ERH [EXIV TVIWWYVIW PIWW XLER XLMW WTIGMJMIH QMRMQYQ TVIWWYVI WLSYPH FI
TYQTW ERH EPEVQW STIVEXI TVSTIVP] GSVVIGXIH MQQIHMEXIP] XLIVIJSVI MX MW RIGIWWEV] XS XIWX YRHIV
% [EXIVSRP] JPS[ XIWX XS MRWTIGX TMTMRK GSRXMRYMX] HMW JYPP JPS[ GSRHMXMSRW
GLEVKI TEXXIVRW TVIWWYVIW ERH PMRI JPYWLMRK
% 8LI QEMRXIRERGI MXIQW WTIGMJMIH MR XLI FSH] SJ XLMW WXER
% JSEQ JPS[ XIWX XS ZIVMJ] WSPYXMSR GSRGIRXVEXMSR
HEVH EVI MR EHHMXMSR XS XLI X]TMGEP MRWTIGXMSR ERH XIWX TVSGIHYVIW
6IWIXXMRK SJ W]WXIQ XS MXW RSVQEP WXERHF] GSRHMXMSR MR
MRHMGEXIH *SEQ[EXIV W]WXIQW EVI EW EVI EPP JMVI TVSXIGXMSR W]W
GPYHMRK HVEMRMRK SJ PMRIW ERH JMPPMRK SJ JSEQ PMUYMH XERO
XIQW HIWMKRIH XS FI FEWMGEPP] QEMRXIRERGI JVII 8LIVI EVI LS[
% 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI IZIV WSQI EVIEW XLEX RIIH WTIGMEP EXXIRXMSR *SEQ GSRGIRXVEXI
WLSYPH XEOI GEVI XS TVIZIRX HEQEKI XS IUYMTQIRX SV XLI WXVYG WLIPJ PMJI ZEVMIW FIX[IIR PMUYMHW ERH MW EJJIGXIH F] JEGXSVW WYGL EW
XYVI HYVMRK XLI XIWX (EQEKI GSYPH FI GEYWIH F] XLI W]WXIQ LIEX GSPH HMPYXMSR GSRXEQMREXMSR ERH QER] SXLIVW %W [MXL EPP
HMWGLEVKI SV F] VYRSJJ JVSQ XLI XIWX WMXI -X WLSYPH FI ZIVMJMIH W]WXIQW GSQQSR WIRWI HMGXEXIW XLSWI QEMRXIRERGIWIRWMXMZI EV
XLEX XLIVI MW EHIUYEXI ERH YRSFWXVYGXIH HVEMREKI )UYMTQIRX IEW XLEX WLSYPH FI KMZIR EXXIRXMSR 6SYXMRI XIWXMRK ERH MRWTIG
WLSYPH FI VIQSZIH SV GSZIVIH EW RIGIWWEV] XS TVIZIRX HEQ XMSR KIRIVEPP] HMGXEXI XLI RIIH JSV EHHMXMSREP QEMRXIRERGI MXIQW
EKI 1IERW WYGL EW GYVFMRK SV WERHFEKKMRK WLSYPH FI YWIH XS 8LSWI QEMRXIRERGI MXIQW WTIGMJMIH EVI OI] TVSGIHYVIW XLEX
TVIZIRX IRXV] SJ XLI JSEQ[EXIV WSPYXMSR WLSYPH FI TIVJSVQIH VSYXMRIP]
% %R EPXIVREXMZI QIXLSH JSV EGLMIZMRK JPS[ GER FI TIV % *SEQ GSRGIRXVEXIW XIRH XS WIXXPI SYX SZIV XMQI (I
QMXXIH XS FI ER MRWXEPPEXMSR EW WLS[R MR *MKYVI % 8LMW TIRHMRK SR XLI WTIGMJMG GLEVEGXIVMWXMGW SJ XLI JSEQ GSRGIRXVEXI
X]TI SJ XIWXMRK HSIW RSX ZIVMJ] W]WXIQ TMTI GSRHMXMSRW SV HMW WIHMQIRXEXMSR EGGYQYPEXIW MR XLI FSXXSQ SJ XLI WXSVEKI ZIWWIP
GLEVKI HIZMGI TIVJSVQERGI FYX SRP] XLI [EXIV WYTTP] JSEQ
8LMW WIHMQIRX GER EJJIGX TVSTSVXMSRMRK ERH JSEQ GSRGIRXVEXI
GSRGIRXVEXI WYTTP] ERH TVSTSVXMSRMRK EGGYVEG]
MRXIKVMX] 7SQI GSRGIRXVEXIW XIRH XS WIXXPI SYX QSVI VETMHP] XLER
% 7TIGMJMG JSEQ GSRGIRXVEXIW X]TMGEPP] EVI PMWXIH SV SXLIVW -J XLI ERRYEP WEQTPIW MRHMGEXI I\GIWWMZI WIHMQIRX JPYWL
ETTVSZIH [MXL WTIGMJMG WTVMROPIVW 4EVX SJ XLI ETTVSZEP ERH MRK XLI XERO GSYPH FI VIUYMVIH QSVI JVIUYIRXP]
348-32% 348-32&
'SRXVSPPIVEJXIV 'SRXVSPPIVFIJSVI
WTVMROPIVZEPZI WTVMROPIVZEPZI
8SWTVMROPIVW 8SWTVMROPIVW
37
=ZEPZIWYTIVZMWIH
8SMWSPEXMSRZEPZI
*PS[EPEVQW[MXGL
8IWXGSRRIGXMSR
'SRGIRXVEXIMWSPEXMSRZEPZI 7TVMROPIVZEPZIEPEVQHV]TMTI
8STPERXEPEVQW SVHIPYKI
4VSTSVXMSRIVGSRXVSPPIV
*VSQTVSTSVXMSRIV
8SMWSPEXMSRZEPZI
8STVSTSVXMSRIV 37
=ZEPZIWYTIVZMWIH
8STPERXEPEVQW
*PS[EPEVQW[MXGL 7TVMROPIVZEPZIEPEVQHV]TMTI
SVHIPYKI
8IWXGSRRIGXMSR 'SRGIRXVEXIMWSPEXMSRZEPZI
4VSTSVXMSRIVGSRXVSPPIV *VSQTVSTSVXMSRIV
37
=ZEPZIWYTIVZMWIH 8STVSTSVXMSRIV
2SXI
(IXEMPWX]TMGEPSJ[IXTMTIWTVMROPIVW]WXIQ
[MXLFPEHHIVX]TITVSTSVXMSRIV
;EXIVWYTTP] ;EXIVWYTTP]
*-+96) % *SEQ 7]WXIQ8IWX ,IEHIV 'SQFMREXMSR
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
% ;LIVI L]HVSWXEXMGEPP] XIWXMRK FPEHHIV XEROW XLI &YXXIVJP] :EPZIW &YXXIVJP] ZEPZIW EVI [EXIV WYTTP] GSRXVSP
KIRIVEXMSR SJ E TVIWWYVI HMJJIVIRXMEP EGVSWW XLI HMETLVEKQ ZEPZIW [MXL KIEV STIVEXSVW XS EWWMWX MR STIRMRK ERH GPSWMRK
WLSYPH RSX FI EPPS[IH 8LI QERYJEGXYVIV WLSYPH FI GSRWYPXIH &YXXIVJP] ZEPZIW GER FI SJ XLI [EJIV SV KVSSZIHIRH X]TI ?7II
JSV WTIGMJMG TVSGIHYVIW *MKYVI %F A
% -R PMIY SJ VITPEGMRK [EXIV QMWX RS^^PIW XLEX EVI 'LIGO :EPZIW 'LIGO ZEPZIW EPPS[ [EXIVJPS[ MR SRI HMVIGXMSR
PSEHIH [MXL E GSEXMRK SJ HYWX MX MW TIVQMXXIH XS GPIER XLI SRP] ?7II *MKYVI %G A
RS^^PIW [MXL GSQTVIWWIH EMV SV F] E ZEGYYQ TVSZMHIH XLEX XLI ('% % HSYFPI GLIGO EWWIQFP] ('% GSRWMWXW SJ X[S MRHI
IUYMTQIRX HSIW RSX XSYGL XLI RS^^PI TIRHIRXP] STIVEXMRK WTVMRKPSEHIH GLIGO ZEPZIW 8LI EWWIQFP]
% ;EXIV QMWX RS^^PIW WLSYPH FI JMVWX KMZIR E ZMWYEP MRGPYHIW X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW ERH JSYV XIWX
MRWTIGXMSR JSV WMKRW SJ QIGLERMGEP HEQEKI GPIERMRK TEMRX GSGOW VIUYMVIH JSV XIWXMRK
MRK PIEOEKI MR WIVZMGI SV WIZIVI PSEHMRK SV GSVVSWMSR EPP SJ ('(% % HSYFPI GLIGO HIXIGXSV EWWIQFP] ('(% MW L]
[LMGL EVI GEYWIW JSV MQQIHMEXI VITPEGIQIRX 2S^^PIW XLEX HVEYPMGEPP] FEPERGIH XS MRGPYHI E QIXIVIH F]TEWW EWWIQFP] XS
LEZI TEWWIH XLI ZMWYEP MRWTIGXMSR WLSYPH FI PEFSVEXSV] XIWXIH HIXIGX W]WXIQ PIEOEKI 8LI QEMR ZEPZI EWWIQFP] ERH F]TEWW
JSV WIRWMXMZMX] ERH JYRGXMSREPMX] 8LIVQEP WIRWMXMZMX] WLSYPH FI EWWIQFP] EJJSVH IUYEP PIZIPW SJ FEGOJPS[ TVIZIRXMSR ERH EVI
RSX PIWW XLER XLEX TIVQMXXIH MR TSWXGSVVSWMSR XIWXMRK SJ RI[ IEGL IUYMTTIH [MXL X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW ERH
[EXIV QMWX RS^^PIW SJ XLI WEQI X]TI ;EXIV QMWX RS^^PIW XLEX JSYV XIWX GSGOW VIUYMVIH JSV XIWXMRK
LEZI FIIR MR WIVZMGI JSV E RYQFIV SJ ]IEVW WLSYPH RSX FI I\
TIGXIH XS LEZI EPP SJ XLI TIVJSVQERGI UYEPMXMIW SJ E RI[ [EXIV (IPYKI :EPZIW (IPYKI ZEPZIW LSPH [EXIV EX XLI ZEPZI YRXMP
QMWX RS^^PI ,S[IZIV MJ XLIVI MW ER] UYIWXMSR EFSYX XLIMV GSR EGXYEXIH F] XLI STIVEXMSR SJ E HIXIGXMSR W]WXIQ SV QERYEP
XMRYIH WEXMWJEGXSV] TIVJSVQERGI XLI [EXIV QMWX RS^^PIW WLSYPH VIPIEWI ?7II *MKYVI %H A
FI VITPEGIH (VMT :EPZIW (VMT ZEPZIW EYXSQEXMGEPP] HVEMR GSRHIRWEXMSR SV
WQEPP EQSYRXW SJ [EXIV XLEX LEZI PIEOIH MRXS W]WXIQ TMTMRK SV
% 8LIWI IRZMVSRQIRXW MRGPYHI SYXHSSV [IEXLIV
GSRHMXMSRW ERH TSVXMSRW SJ ER] EVIE [LIVI GSVVSWMZI ZETSVW ZEPZIW (VMT ZEPZIW GPSWI [LIR I\TSWIH XS W]WXIQ TVIWWYVI
TVIZEMP ,EVWL [EXIV IRZMVSRQIRXW MRGPYHI [EXIV WYTTPMIW XLEX (V] 4MTI :EPZIW (V] TMTI ZEPZIW GSRXVSP XLI JPS[ SJ [EXIV XS
EVI GLIQMGEPP] VIEGXMZI EVIEW XLEX GSYPH FI I\TSWIH XS JVII^MRK GSRHMXMSRW ;EXIV MW
LIPH EX XLI ZEPZI F] EMV TVIWWYVI MR XLI W]WXIQ TMTMRK ;LIR XLI
% ;MXLMR XLI EVIE VITVIWIRXIH F] XLI WIPIGXIH EMV TVIWWYVI MW VIHYGIH XLI ZEPZI STIVEXIW ERH JPSSHW XLI W]W
WEQTPI [EXIV QMWX RS^^PIW SJ XLI WEQI HIWMKR TVSHYGIH F] XLI
XIQ ?7II *MKYVI %I ERH *MKYVI %J A
WEQI QERYJEGXYVIV GER FI GSRWMHIVIH TEVX SJ XLI WEQI
WEQTPI FYX EHHMXMSREP [EXIV QMWX RS^^PIW [SYPH RIIH XS FI -RHMGEXMRK :EPZIW -RHMGEXMRK ZEPZIW TVSZMHI E HITIRHEFPI
WIPIGXIH MJ TVSHYGIH F] E HMJJIVIRX QERYJEGXYVIV ZMWMFPI MRHMGEXMSR SJ XLI STIR TSWMXMSR IZIR EX E HMWXERGI
-RHMGEXSV 4SWXW -RHMGEXSV TSWXW MRGPYHI [EPP ERH YRHIV
% 8LI VITVIWIRXEXMZI WEQTPI WLSYPH MRGPYHI TIV
GIRX SJ XLI [EXIV QMWX RS^^PIW MR XLI EGXMZEXIH ^SRI -J GSRXEQMRE KVSYRH X]TIW ERH EVI MRXIRHIH JSV YWI MR STIVEXMRK MRWMHI
XMSR SJ JMPXIVW SV WXVEMRIVW MW JSYRH SR MRWTIGXMSR MX MW VIGSQ WGVI[IH TEXXIVR KEXI ZEPZIW ERH JSV MRHMGEXMRK XLI TSWMXMSR SJ
QIRHIH XLEX EPP RS^^PIW [MXLMR XLI EGXMZEXIH ^SRI FI MRWTIGXIH XLI KEXIW MR XLI ZEPZIW ?7II *MKYVI %K A
267 +EXI :EPZIW 37
= +EXI :EPZIW 2SRVMWMRK WXIQ 267
% )EGL [EXIV QMWX RS^^PI LEW YRMUYI VIUYMVIQIRXW
KEXI ZEPZIW EVI YWIH YRHIVKVSYRH [MXL MRHMGEXSV TSWXW EX
JSV TVSXIGXMSR ETTPMGEXMSRW ERH IRHYWI PMQMXEXMSRW
XEGLIH SV EW VSEH[E] FS\ ZEPZIW GYVFFS\ MRWXEPPEXMSR 3YX
% % QMRMQYQ SJ X[S [EXIV QMWX RS^^PIW SJ IEGL X]TI WMHI WGVI[ ERH ]SOI 37
= KEXI ZEPZIW EVI YWIH MRHSSVW ERH
ERH XIQTIVEXYVI VEXMRK MRWXEPPIH WLSYPH FI TVSZMHIH MR TMXW SYXHSSVW 8LI ZEPZI WXIQ QSZIW SYX [LIR XLI ZEPZI MW
STIR ERH QSZIW MR [LIR MX MW GPSWIH 8LI WXIQ MRHMGEXIW XLI
% 3XLIV X]TIW SJ [VIRGLIW GSYPH HEQEKI XLI [EXIV
QMWX RS^^PIW TSWMXMSR SJ XLI ZEPZI ?7II *MKYVI %L ERH *MKYVI %M A
64% % VIHYGIHTVIWWYVI ^SRI TVMRGMTPI EWWIQFP] 64%
% 8]TMGEP WERH[MGL FEKW TYVGLEWIH MR E KVSGIV] GSRWMWXW SJ X[S MRHITIRHIRXP] WTVMRKPSEHIH GLIGO ZEPZIW WITE
WXSVI EVI KIRIVEPP] TPEWXMG RSX GIPPSTLERI 4PEWXMG FEKW LEZI E VEXIH F] E HMJJIVIRXMEPWIRWMRK ZEPZI 8LI HMJJIVIRXMEPWIRWMRK
XIRHIRG] XS WLVMRO ERH EHLIVI XS XLI RS^^PIW TVMSV XS RS^^PI ZEPZI MRGPYHIW E VIPMIJ TSVX XS EXQSWTLIVI XLEX HMWGLEVKIW I\
EGXMZEXMSR GVIEXMRK XLI TSXIRXMEP JSV HMWVYTXMSR SJ RS^^PI WTVE]
GIWW [EXIV VIWYPXMRK JVSQ WYTTP] W]WXIQ JPYGXYEXMSRW 8LI EW
TEXXIVR &EKW TPEGIH SZIV RS^^PIW RIIH XS FI GIPPSTLERI SV
WIQFP] MRGPYHIW X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW ERH JSYV
TETIV
XIWX GSGOW VIUYMVIH JSV XIWXMRK
% %PEVQ :EPZIW %PEVQ ZEPZIW EVI MRWXEPPIH MR [EXIVFEWIH 64(% % VIHYGIHTVIWWYVI HIXIGXSV EWWIQFP] 64(% MW L]
JMVI TVSXIGXMSR W]WXIQW XS WSYRH E JMVI EPEVQ [LIR E JPS[ SJ HVEYPMGEPP] FEPERGIH XS MRGPYHI E QIXIVIH F]TEWW EWWIQFP] XS
[EXIV JVSQ XLI W]WXIQ IUYEPW SV I\GIIHW XLI JPS[ SJ E WMRKPI HIXIGX W]WXIQ PIEOEKI 8LI QEMR ZEPZI EWWIQFP] ERH F]TEWW
HMWGLEVKI HIZMGI % VIXEVHMRK GLEQFIV [LMGL QMRMQMÎW JEPWI
EWWIQFP] EJJSVH IUYEP PIZIPW SJ FEGOJPS[ TVIZIRXMSR ERH IEGL
EPEVQW HYI XS WYVKIW ERH JPYGXYEXMRK [EXIV WYTTP] TVIWWYVI
EWWIQFP] MW IUYMTTIH [MXL X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW
GER FI WYTTPMIH [MXL XLI EPEVQ ZEPZI
ERH JSYV XIWX GSGOW VIUYMVIH JSV XIWXMRK
&EGOJPS[ 4VIZIRXMSR (IZMGIW &EGOJPS[ TVIZIRXMSR HIZMGIW EVI
YWIH XS TVIZIRX [EXIV MR E JMVI TVSXIGXMSR W]WXIQ JVSQ IRXIVMRK 7XVEMRIVW 7XVEMRIVW EVI YWIH JSV TVSXIGXMSR EKEMRWX GPSKKMRK
XLI TYFPMG [EXIV WYTTP] HYI XS E VIZIVWI JPS[ SJ [EXIV XLIVQEP SJ [EXIV HMWGLEVKI STIRMRKW
I\TERWMSR L]HVEYPMG WLSGO FEGO TVIWWYVI SV FEGO WMTLSREKI ;EXIVJPS[ (IXIGXSV 'LIGO :EPZIW (IXIGXSVX]TI GLIGO ZEPZIW EP
?7II *MKYVI %E A PS[ JPS[ MR SRI HMVIGXMSR SRP] ERH LEZI TVSZMWMSRW JSV XLI
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RERGI +YMHI )PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI .YP] 2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG
;MPPMEQ ) /SJJIP 4) 6IPMEFMPMX] SJ %YXSQEXMG 7TVMROPIV 7]W XMSR IHMXMSR
XIQW %PPMERGI JSV *MVI 7EJIX] 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV
* -RJSVQEXMSREP 6IJIVIRGIW 8LI JSPPS[MRK HSGYQIRXW SV *MVI 4VSXIGXMSR IHMXMSR
TSVXMSRW XLIVISJ EVI PMWXIH LIVI EW MRJSVQEXMSREP VIWSYVGIW SRP] 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI
8LI] EVI RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW HSGYQIRX 1EMRW ERH 8LIMV %TTYVXIRERGIW IHMXMSR
)HMXMSR
-2()< z
-RHI\
'ST]VMKLX 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR %PP 6MKLXW 6IWIVZIH

8LI GST]VMKLX MR XLMW MRHI\ MW WITEVEXI ERH HMWXMRGX JVSQ XLI GST]VMKLX MR XLI HSGYQIRX XLEX MX MRHI\IW 8LI PMGIRWMRK TVSZMWMSRW WIX JSVXL JSV XLI
HSGYQIRX EVI RSX ETTPMGEFPI XS XLMW MRHI\ 8LMW MRHI\ QE] RSX FI VITVSHYGIH MR [LSPI SV MR TEVX F] ER] QIERW [MXLSYX XLI I\TVIWW [VMXXIR
TIVQMWWMSR SJ 2*4%
% '
%GGIWWMFMPMX] % % 'EPGMYQ GEVFSREXI SFWXVYGXMSR F] ( (
%HNYWX HIJMRMXMSR 'LERKIW
%HNYWXQIRXW WII 6ITEMVW VIGSRHMXMSRMRK VITPEGIQIRXW SV -R LEÊVH %
EHNYWXQIRXW -R SGGYTERG] YWI TVSGIWW SV QEXIVMEPW %
%PEVQ HIZMGIW WII EPWS ;EXIVJPS[ EPEVQ HIZMGIW 'LIGO ZEPZIW 8EFPI 8EFPI 8EFPI
*EPWI EPEVQW WII 7YTIVZMWSV] WIVZMGI RSXMJMGEXMSR XS 8EFPI % WII EPWS (SYFPI GLIGO
*MVI TYQTW % ZEPZI EWWIQFP] (':%
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 8EFPI % 'PIER HIJMRMXMSR
-RWTIGXMSR 8EFPI 'SPH [IEXLIV WII *VII^MRK GSRHMXMSRW SV GSPH [IEXLIV
4VMZEXI JMVI WIVZMGI QEMRW 8EFPI 'SQFMRIH WXERHTMTI ERH WTVMROPIV W]WXIQW HIJMRMXMSR
7TVMROPIV W]WXIQW 8EFPI 'SQQIVGMEPX]TI GSSOMRK IUYMTQIRX WTVMROPIVW ERH
8EFPI % % % % RS^^PIW JSV
7XERHTMTI ERH LSWI W]WXIQW 8EFPI 'SRGIEPIH WTEGIW WTVMROPIVW MR
:EPZIW % %
'SRGIEPIH WTVMROPIVW
8EFPI (IJMRMXMSR
;EXIV WTVE] W]WXIQW 8EFPI 'SRJMRIH WTEGIW IRXV] XS
;EXIV XEROW WII ;EXIV XEROW 'SRRIGXMSRW
%PEVQ VIGIMZMRK JEGMPMX] HIJMRMXMSR % *MVI HITEVXQIRX WII *MVI HITEVXQIRX GSRRIGXMSRW
%PEVQ ZEPZIW 8EFPI 8EFPI % % *PYWLMRK (
% % ,SWI WII ,SWI GSRRIGXMSRW
%RXMJVIIÎ WTVMROPIV W]WXIQW 8IWX 8EFPI
8EFPI % % 'SRXVSPPIVW TYQT % '
%RXMJVIIÎ WSPYXMSR 8EFPI 'SRXVSP QSHI WTIGMJMG ETTPMGEXMSR '17% WTVMROPIVW
8EFPI % HIJMRMXMSR %
'SRXVSP ZEPZI MRJSVQEXMSR WMKR WII -RJSVQEXMSR WMKRW 'SRXVSP ZEPZIW % % XS %
(IJMRMXMSR 'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EFPI
4VIQM\IH ERXMJVIIÎ WSPYXMSR (IJMRMXMSR %
% -QTEMVQIRXW WMKRW MRHMGEXMRK
(IJMRMXMSR -RJSVQEXMSR WMKRW WII -RJSVQEXMSR WMKRW
%TTPMGEXMSR SJ WXERHEVH % -RWTIGXMSR 8EFPI 8EFPI 8EFPI
%TTVSZIH HIJMRMXMSR % 8EFPI 8EFPI 8EFPI
%WMER GPEQW SFWXVYGXMSR F] ( ( %
%YXLSVMX] LEZMRK NYVMWHMGXMSR HIJMRMXMSR % 1EMRXIRERGI WII 1EMRXIRERGI ZEPZIW
%YXSQEXMG HIXIGXMSR IUYMTQIRX 8EFPI 3FWXVYGXMSR MRZIWXMKEXMSRW GPSWYVI HYVMRK (
8IWXMRK WII 8IWXMRK ZEPZIW
8EFPI
'SRZIRXMSREP TMR VEGO WII ,SWI WXSVEKI HIZMGIW
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI
'SVVIGXMZI EGXMSR %
8EFPI 8EFPI
'SVVSWMSR 8EFPI % WII EPWS 1MGVSFMSPSKMGEPP] MRJPYIRGIH
(IJMRMXMSR %
GSVVSWMSR 1-'
%YXSQEXMG STIVEXMSR
'SVVSWMSRVIWMWXERX WTVMROPIVW %
(IJMRMXMSR %
(IJMRMXMSR
7XERHTMTI W]WXIQ HIJMRMXMSR 'SVVSWMZI EXQSWTLIVIW SV [EXIV WYTTPMIW %
%YXSQEXMG XVERWJIV W[MXGL HIJMRMXMSR *SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI
3FWXVYGXMSR HYI XS GSVVSWMSR TVSHYGXW
& ( ( ( (
&EGOJPS[ TVIZIRXMSR EWWIQFPMIW 8EFPI 4MTMRK 8EFPI 8EFPI %
8EFPI 8EFPI 8EFPI 7TVMROPIV W]WXIQW %
% % % XS % WII EPWS % % %
6IHYGIHTVIWWYVI TVMRGMTPI FEGOJPS[ 7XERHTMTI ERH LSWI W]WXIQW
TVIZIRXMSR EWWIQFPMIW 64&% ;EXIV QMWX RS^^PIW %
&EPP ZEPZIW 8EFPI % ;EXIV WTVE] W]WXIQW
&MSPSKMGEP KVS[XL SFWXVYGXMSR GEYWIH F] ( WII EPWS ;EXIV XEROW
1MGVSFMSPSKMGEPP] MRJPYIRGIH GSVVSWMSR 1-' 'SZIVTPEXIW 8EFPI %
&PEHHIV XERO TVSTSVXMSRIVW 8EFPI
8EFPI 8EFPI % % (
% (IJMGMIRG]
(IJMRMXMSR % *MK % 'VMXMGEP %
&YMPHMRKW (IJMRMXMSR
-RWTIGXMSR SJ 8EFPI (IJMRMXMSR %
8IQTIVEXYVI SJ 2SRGVMXMGEP %
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
(IJMRMXMSR )PIGXVMGEP WEJIX] %

(IJMRMXMSRW 'LET )QIVKIRG] MQTEMVQIRXW %
(IJPIGXSVW GPIEVERGI XS WXSVEKI SJ (IJMRMXMSR %
% % )WGYXGLISRW 8EFPI %
(IPYKI WTVMROPIV W]WXIQW 8EFPI % WII EPWS )\TSWIH TMTMRK TVMZEXI JMVI WIVZMGI QEMRW
(IPYKI ZEPZIW -RWTIGXMSR 8EFPI 8EFPI %
(IJMRMXMSR 8IWXMRK 8EFPI 8EFPI % %
*SEQ[EXIV WTVMROPIV ERH JSEQ[EXIV WTVE] W]WXIQW )\XIRHIH GSZIVEKI WTVMROPIV HIJMRMXMSR
HIJMRMXMSRW WII EPWS *SEQ[EXIV WTVMROPIV
W]WXIQW *
(IPYKI ZEPZIW 8EFPI 8EFPI
8EFPI % % % XS % *EPP TVSXIGXMSR
(IJMRMXMSR % *EPWI EPEVQW WII 7YTIVZMWSV] WMKREP HIZMGIW
*SEQ[EXIV WTVMROPIV W]WXIQW *MVI HITEVXQIRX GSRRIGXMSRW 8EFPI
;EXIV WTVE] W]WXIQW 8EFPI 8EFPI 8EFPI 8EFPI % %
%
(IXIGXMSR IUYMTQIRX EYXSQEXMG WII %YXSQEXMG HIXIGXMSR 'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI
IUYMTQIRX 8EFPI 8EFPI 8EFPI
(MWGLEVKI HIZMGIW (IJMRMXMSR
(IJMRMXMSR *PYWLMRK SYXPIXW YWIH EW (
*SEQ[EXIV 8EFPI -QTEMVQIRXW WMKRW MRHMGEXMRK
8EFPI 8EFPI % % -RWTIGXMSRW WII -RWTIGXMSRW
(MWGLEVKI TEXXIVRW 1EMRXIRERGI WII 1EMRXIRERGI
(IPYKI ERH TVIEGXMSR W]WXIQW 8IWXMRK WII 8IWXMRK
*SEQ[EXIV WTVMROPIV W]WXIQW ;EXIVWTVE] JM\IH W]WXIQW
;EXIV WTVE] W]WXIQW % *MVI LSWI QEMRXIRERGI SJ WII EPWS 7XERHTMTI ERH LSWI
(MWGLEVKI XMQI W]WXIQW
*SEQ[EXIV WTVMROPIV W]WXIQW *MVI L]HVERXW 8EFPI
;EXIV WTVE] W]WXIQW (IJMRMXMSR % *MK %E *MK %F
(SYFPI GLIGO HIXIGXSV EWWIQFP] ('(% (V] FEVVIP WII (V] FEVVIP L]HVERXW
(SYFPI GLIGO ZEPZI EWWIQFP] (':% % -RWTIGXMSR 8EFPI %
(IJMRMXMSR 1EMRXIRERGI 8EFPI %
(VEMREKI 1SRMXSV RS^^PI HIJMRMXMSR % *MK %
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 8EFPI % 8IWXMRK 8EFPI 8EFPI %
:EPZIW STIR ;EPP WII ;EPP L]HVERXW
;EXIV WTVE] W]WXIQW 8EFPI % ;IX FEVVIP WII ;IX FEVVIP L]HVERXW
(VEMRW *MVI TYQTW 'LET
%Y\MPMEV] %Y\MPMEV] IUYMTQIRX %
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 'SRXVSPPIVW 8EFPI % '
8EFPI 8EFPI 8EFPI (IJMRMXMSR
*MVI HITEVXQIRX GSRRIGXMSRW (MIWIP IRKMRI W]WXIQW 8EFPI 8EFPI
0S[ TSMRX 8EFPI 8EFPI 8EFPI
1EMR WII 1EMR HVEMRW % % 8EFPI % % %
7IGXMSREP (VMZIV 8EFPI 8EFPI
(IJMRMXMSR % )PIGXVMGEP W]WXIQ 8EFPI 8EFPI
8IWXW 8EFPI 8EFPI
(VMT ZEPZIW 8EFPI % 8EFPI % %
(VMZIV TYQT )QIVKIRG] SV WXERHF] TS[IV KIRIVEXSVW
(V] FEVVIP L]HVERXW 8EFPI )RIVK] WSYVGI
8EFPI % )RKMRI WTIIH %
(IJMRMXMSR % *SEQ[EXIV WTVMROPIV W]WXIQW
(V] TMTI WTVMROPIV W]WXIQW WII EPWS -QTEMVQIRXW
(V] TMTI ZEPZIW -RWTIGXMSRW WII -RWTIGXMSRW
'SRXVSP ZEPZI MRJSVQEXMSR WMKR WII -RJSVQEXMSR WMKRW 1EMRXIRERGI WII 1EMRXIRERGI
'SRZIVWMSR XS [IX TMTI W]WXIQW SJ % 3FWXVYGXMSR MRZIWXMKEXMSR (
(IJMRMXMSR 4SWMXMZI HMWTPEGIQIRX TYQTW XIWXMRK SJ 8EFPI
+EYKIW 8EFPI % 4VSFPIQW TSWWMFPI GEYWIW SJ %RRI\ '
-RWTIGXMSR 8EFPI 6IPMIJ ZEPZIW WII 6IPMIJ ZEPZIW JMVI TYQT
1EMRXIRERGI % 6ITSVXW
3FWXVYGXMSRW ( ( ( ( ( ( 7XIEQ W]WXIQW
8IWXMRK 8EFPI 8EFPI %
(V] TMTI ZEPZIW 8EFPI 8IWXMRK 8EFPI 8EFPI
8EFPI 8EFPI % 8EFPI 8EFPI 8EFPI % % %
% % % XS % %RRYEP 8EFPI % % XS %
(V] WTVMROPIVW % 'SQTSRIRX VITPEGIQIRX XIWXMRK VIUYMVIQIRXW
(IJMRMXMSR %X IEGL JPS[ GSRHMXMSR %
(V] WXERHTMTI W]WXIQ WII 7XERHTMTI ERH LSWI W]WXIQW %X RSJPS[ GSRHMXMSR GLYVR
% XS %
6IWYPXW ERH IZEPYEXMSR % XS %
) ;EXIV WTVE] W]WXIQW
)EVP] WYTTVIWWMSR JEWXVIWTSRWI )*76 WTVMROPIV ;EXIV WYTTP]
HIJMRMXMSR 4YQT WYGXMSR
)HMXMSR
-2()< z
7XEXYW HYVMRK MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI ;EXIV WTVE] W]WXIQW 8EFPI % %
*MVI [EXGL F % F ,EÊVH IZEPYEXMSRW %RRI\ )
*MXXMRKW WII 4MTMRK ,EÊVHSYW QEXIVMEPW %
*M\IH RS^^PI W]WXIQW WII ;EXIV WTVE] W]WXIQW ,EÊVHW %
*PS[ XIWXW ,IEX XETI
3FWXVYGXMSR MRZIWXMKEXMSR ,IEX XVEGMRK
4VMZEXI JMVI WIVZMGI QEMRW 8EFPI % ,SVM^SRXEP VEGO WII ,SWI WXSVEKI HIZMGIW
7XERHTMTI ERH LSWI W]WXIQW 8EFPI ,SWI WII *MVI LSWI 7XERHTMTI ERH LSWI W]WXIQW
% XS % ,SWI GSRRIGXMSRW
:EPZIW (IJMRMXMSR
4VIWWYVIVIHYGMRK ZEPZIW 8EFPI 8EFPI %
% % % 4VIWWYVIVIKYPEXMRK ZEPZIW %
% % % 7XERHTMTI ERH LSWI W]WXIQW 8EFPI 8EFPI
*MVI TYQT ,SWI LSYWIW 8EFPI 8EFPI
*PYWLMRK TVSGIHYVIW 8EFPI ( ( 8EFPI 8EFPI %
*PYWL WTVMROPIVW (IJMRMXMSR % *MKW %E XS G
(IJMRMXMSR ,SWI RS^^PIW 8EFPI 8EFPI 8EFPI %
*SEQ GSRGIRXVEXIW 8EFPI % (IJMRMXMSR
(IJMRMXMSR % ,SWI VIIP WII ,SWI WXSVEKI HIZMGIW
7EQTPIW ,SWI WXEXMSR HIJMRMXMSR
8IWXMRK ,SWI WXSVEKI HIZMGIW 8EFPI 8EFPI
*SEQ HMWGLEVKI HIZMGIW % 8EFPI 8EFPI %
(IJMRMXMSR 'SRZIRXMSREP TMR VEGO HIJMRMXMSR
*SEQ[EXIV WTVE] W]WXIQ HIJMRMXMSR WII EPWS *SEQ[EXIV % *MK %
WTVMROPIV W]WXIQW ,SVM^SRXEP VEGO HIJMRMXMSR % *MK %
*SEQ[EXIV WTVMROPIV W]WXIQW 'LET ,SWI VIIP HIJMRMXMSR % *MK %
'SQTSRIRX EGXMSR VIUYMVIQIRXW 7IQMEYXSQEXMG LSWI VEGO EWWIQFP] HIJMRMXMSR
(IJMRMXMSR % *MK %
-QTEMVQIRXW ,SWI ZEPZIW 8EFPI %
-RWTIGXMSRW WII -RWTIGXMSRW (IJMRMXMSR
1EMRXIRERGI % ,]HVERXW JMVI WII *MVI L]HVERXW
4VSTSVXMSRIVW WII 4VSTSVXMSRIVW ,]HVEYPMG HIWMKR MRJSVQEXMSR WMKRW WII -RJSVQEXMSR WMKRW
6IXYVR XS WIVZMGI EJXIV XIWXMRK ,]HVEYPMG REQITPEXI 8EFPI
8IWXMRK 8EFPI % % ,]HVEYPMG TPEGEVHW 8EFPI 8EFPI 8EFPI
*VIIÎVW W]WXIQW TVSXIGXMRK ,]HVSWXEXMG XIWXW 8EFPI %
% (IJMRMXMSR
*VII^MRK GSRHMXMSRW SV GSPH [IEXLIV
8EFPI % % WII EPWS %RXMJVIIÎ WTVMROPIV
W]WXIQW -
-GI SFWXVYGXMSR TVIZIRXMSR -GI SFWXVYGXMSR TVIZIRXMSR WII EPWS *VIIÎVW W]WXIQW
7XERHTMTI ERH LSWI W]WXIQW TVSXIGXMRK *VII^MRK GSRHMXMSRW SV GSPH [IEXLIV
:EPZIW -QTEMVQIRX GSSVHMREXSV %
% % -QTEMVQIRXW 'LET WII EPWS 7]WXIQ WLYXHS[R
;EXIV WTVE] W]WXIQW 'SSVHMREXSV
;EXIV XEROW (IJMRMXMSR % %
% )QIVKIRG] %
*VIUYIRG] WII -81 XEWO JVIUYIRGMIW (IJMRMXMSR
*VSWXTVSSJ L]HVERXW WII (V] FEVVIP L]HVERXW )UYMTQIRX MRZSPZIH
*MVI TYQTW
+ *SEQ[EXIV WTVMROPIV W]WXIQW
4VITPERRIH
+EYKIW XS %
(IJMRMXMSR
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EFPI
4VITPERRIH TVSKVEQW %
8EFPI 8EFPI 8EFPI 8EFPI
4VMZEXI JMVI WIVZMGI QEMRW
*MVI TYQTW % %
6IWXSVMRK W]WXIQW XS WIVZMGI %
7TVMROPIV W]WXIQW 8EFPI
7TVMROPIV W]WXIQW
8EFPI % % % %
7XERHTMTI ERH LSWI W]WXIQW
7XERHTMTI ERH LSWI W]WXIQW 8EFPI
8EK W]WXIQ % %
%
;EXIV WTVE] W]WXIQW %
:EPZIW 8EFPI %
;EXIV XEROW
%
-RJSVQEXMSR WMKRW 8EFPI
;EXIV XEROW 8EFPI 8EFPI 8EFPI %
8EFPI 8EFPI 8EFPI 8EFPI
%
8EFPI
% %
, ,]HVEYPMG HIWMKR 8EFPI % % % WII
,ERKIVW % EPWS ,]HVEYPMG TPEGEVHW
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EK MQTEMVQIRX W]WXIQ
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI % %
8EFPI 8EFPI % -RPMRI FEPERGIH TVIWWYVI TVSTSVXMSRIVW 8EFPI
7TVMROPIV W]WXIQW 8EFPI 8EFPI % % %
8EFPI % % (IJMRMXMSR % *MK %
7XERHTMTI ERH LSWI W]WXIQW 8EFPI -RVEGO WTVMROPIVW
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
-RWTIGXMSR XIWXMRK ERH QEMRXIRERGI WIVZMGI HIJMRMXMSR 1EMRPMRI WXVEMRIVW 8EFPI %
% *SEQ[EXIV WTVMROPIV W]WXIQW
-RWTIGXMSRW 8EFPI 4VMZEXI JMVI WIVZMGI QEMRW 8EFPI
% % WII EPWS -QTEMVQIRXW 7]WXIQ WLYXHS[R 8EFPI %
RSXMJMGEXMSR SJ ;EXIV WTVE] W]WXIQW %
&EGOJPS[ TVIZIRXMSR EWWIQFPMIW % % 1EMRW
(IJMRMXMSR &VSOIR
*MVI HITEVXQIRX GSRRIGXMSRW *PYWLMRK
% 4VMZEXI JMVI WIVZMGI WII 4VMZEXI JMVI WIVZMGI QEMRW
*MVI L]HVERXW 8EFPI % =EVH % ( (
*MVI TYQTW 8EFPI 8EFPI 1EMRXIRERGI % WII EPWS -QTEMVQIRXW
8EFPI 8EFPI 8EFPI &EGOJPS[ TVIZIRXMSR EWWIQFPMIW
8EFPI % % % (IJMRMXMSR
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI *MVI HITEVXQIRX GSRRIGXMSRW
8EFPI % % XS % *MVI L]HVERXW 8EFPI %
*SVQW JSV %RRI\ & *MVI TYQTW 8EFPI
3FWXVYGXMSRW % % 8EFPI % % %
3[RIVSGGYTERX VIWTSRWMFMPMXMIW XS %
4IVJSVQERGIFEWIH TVSKVEQW % *SEQ[EXIV WTVMROPIV W]WXIQW %
4VMZEXI JMVI WIVZMGI QEMRW 8EFPI % % *SVQW JSV %RRI\ &
6IGSVHW WII 6IGSVHW 3[RIVSGGYTERX VIWTSRWMFMPMXMIW XS
6IXYVR XS WIVZMGI % XS %
7TVMROPIVW 8EFPI 4IVJSVQERGIFEWIH TVSKVEQW %
8EFPI % % XS % 4VMZEXI JMVI WIVZMGI QEMRW %
7TVMROPIV W]WXIQW 8EFPI % % 6IGSVHW WII 6IGSVHW
% % 7TVMROPIVW % XS %
7XERHTMTI ERH LSWI W]WXIQW 8EFPI 7TVMROPIV W]WXIQW % XS
8EFPI % % % % %
7XIEQ W]WXIQ GSRHMXMSRW % 7XERHTMTI ERH LSWI W]WXIQW 8EFPI
:EPZIW 8EFPI :EPZIW 8EFPI 8EFPI
8EFPI 8EFPI 8EFPI
% % %
%PEVQ % % %PEVQ
%YXSQEXMG XERO JMPP ZEPZIW %YXSQEXMG XERO JMPP ZEPZIW
'LIGO 'LIGO
'SRXVSP 8EFPI 8EFPI 8EFPI 'SRXVSP 8EFPI 8EFPI 8EFPI
8EFPI 8EFPI 8EFPI (IPYKI %
% (V] TMTIUYMGO STIRMRK HIZMGIW %
(IPYKI ,SWI
(V] TMTIUYMGO STIRMRK HIZMGIW % 4VIEGXMSR %
*MVI TYQT VIPMIJ ;EXIV QMWX W]WXIQW 8EFPI % XS %
,SWI ;EXIV WTVE] W]WXIQW WII ;EXIV WTVE] W]WXIQW MRWTIGXMSR ERH
4VIEGXMSR QEMRXIRERGI TVSGIHYVIW
4VIWWYVIVIHYGMRK % ;EXIV WYTTP] WXEXYW HYVMRK
4VIWWYVIVIKYPEXMRK ;EXIV XEROW 8EFPI
% % 8EFPI 8EFPI %
;EXIV QMWX W]WXIQW % XS % 1ERYEP STIVEXMSR
;EXIV WTVE] W]WXIQW WII ;EXIV WTVE] W]WXIQW (IJMRMXMSR
;EXIV WYTTP] WXEXYW HYVMRK *SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 8EFPI
;EXIV XEROW 8EFPI 4VIEGXMSR ERH HIPYKI ZEPZIW
8EFPI % % % XS % 7XERHTMTI ERH LSWI W]WXIQW 8EFPI % %
-RWTIGXSVvW XIWX GSRRIGXMSRW (IJMRMXMSR
-81 XEWO JVIUYIRGMIW ;EXIV WTVE] W]WXIQW
*VIUYIRGMIW 1EVMRI WTVMROPIV W]WXIQW %
(IJMRMXMSRW % (IJMRMXMSR
1EWXIV TVIWWYVIVIHYGMRK ZEPZI %
(IJMRMXMSR
0 1EWXIV TVIWWYVIVIKYPEXMRK ZEPZI % XS %
0MRI TVSTSVXMSRIVW 8EFPI 1EXIVMEPW GLERKIW MR %
8EFPI % % % 1IEWYVIQIRX YRMXW SJ %
(IJMRMXMSR % *MK % 1MGVSFMSPSKMGEPP] MRJPYIRGIH GSVVSWMSR 1-' 8EFPI %
0MWXIH HIJMRMXMSR % ( ( ( (
1SRMXSV RS^^PI L]HVERX HIJMRMXMSR
% *MK %
1 1SRMXSV RS^^PIW
1EMR HVEMRW 8EFPI 'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI (IJMRMXMSR
8EFPI 8EFPI % *MK %E *MK %F
(IJMRMXMSR -RWTIGXMSR 8EFPI 8EFPI %
8IWX 8EFPI 8EFPI 8EFPI 1EMRXIRERGI 8EFPI
8EFPI 8EFPI % 8IWXMRK 8EFPI
% 1YPXMTPI W]WXIQW XIWXMRK
)HMXMSR
-2()< z
2 (IJMRMXMSR

2SXMJMGEXMSR SYX SJ WIVZMGI XS WII EPWS 7]WXIQ +EYKIW 8EFPI %
WLYXHS[R RSXMJMGEXMSR SJ -RWTIGXMSR 8EFPI
7TVMROPIV W]WXIQ 3FWXVYGXMSRW (
:EPZIW 4VIEGXMSR ZEPZIW 8EFPI
;EXIV WTVE] W]WXIQW 8EFPI 8EFPI % % % XS
2S^^PIW %
,SWI WII ,SWI RS^^PIW 4VIQM\IH ERXMJVIIÎ WSPYXMSR WII %RXMJVIIÎ WTVMROPIV W]WXIQW
1SRMXSV WII 1SRMXSV RS^^PIW 4VITPERRIH MQTEMVQIRXW %
7TVMROPIV HIJMRMXMSR (IJMRMXMSR
;EXIV QMWX XS 4VIWWYVI GSRXVSP ZEPZIW
% XS % (IJMRMXMSR
;EXIV WTVE] WII ;EXIV WTVE] RS^^PIW 7XERHTMTI ERH LSWI W]WXIQW 8EFPI
4VIWWYVI VIEHMRKW
(IPYKI ERH TVIEGXMSR W]WXIQW
3 *SEQ[EXIV WTVMROPIV W]WXIQW %
3FWXVYGXMSRW ;EXIV WTVE] W]WXIQW
-GI 4VIWWYVIVIHYGMRK ZEPZIW 8EFPI 8EFPI
-RWTIGXMSR % % % XS % WII EPWS 6IPMIJ
*MVI HITEVXQIRX GSRRIGXMSRW ZEPZIW JMVI TYQT
-RZIWXMKEXMSR 8EFPI (IJMRMXMSR
8EFPI % % XS % %RRI\ ( *MVI TYQTW 8EFPI
*MVI TYQTW ,SWI GSRRIGXMSR 8EFPI 8EFPI %
*SEQ[EXIV WTVMROPIV W]WXIQW ,SWI VEGO EWWIQFP] 8EFPI 8EFPI %
4VSGIHYVI ( 1EWXIV TVIWWYVIVIHYGMRK ZEPZI HIJMRMXMSR %
7SYVGIW SJ SFWXVYGXMSR ( 7TVMROPIV 8EFPI 8EFPI % %
;EXIVWTVE] JM\IH W]WXIQW 7XERHTMTI ERH LSWI W]WXIQW
;EXIV XEROW 4VIWWYVIVIKYPEXMRK HIZMGIW 8EFPI 8EFPI WII
4VIZIRXMSR % % EPWS 4VIWWYVI GSRXVSP ZEPZIW 4VIWWYVIVIHYGMRK ZEPZIW
% XS % ( 6IPMIJ ZEPZIW JMVI TYQT
:EPZI XIWXMRK (IJMRMXMSR %
3GGYTERG] GLERKIW MR % 4VIWWYVIVIKYPEXMRK ZEPZIW
3PHWX]PIGSRZIRXMSREP WTVMROPIVW %
,SWI GSRRIGXMSR %
(IJMRMXMSR
,SWI VEGO EWWIQFP]
3TIR WTVMROPIV HIJMRMXMSR
1EWXIV TVIWWYVIVIKYPEXMRK ZEPZI % XS %
3TIVEXMSR
4VIWWYVI VIPMIJ ZEPZIW WII 6IPMIJ ZEPZIW
%YXSQEXMG HIJMRMXMSR %
'MVGYPEXMSR VIPMIJ ZEPZI
1ERYEP WII 1ERYEP STIVEXMSR
3VMJMGI TPEXI TVSTSVXMSRMRK 8EFPI % (IJMRMXMSR
% % (IJMRMXMSR
(IJMRMXMSR 4VIWWYVIVIWXVMGXMRK HIZMGIW HIJMRMXMSR
3VREQIRXEPHIGSVEXMZI WTVMROPIV HIJMRMXMSR 4VIWWYVI ZEGYYQ ZIRXW 8EFPI
3[RIVSGGYTERX VIWTSRWMFMPMXMIW %
% % % %
(IJMRMXMSR % *MK %
4VMZEXI JMVI WIVZMGI QEMRW 'LET
4 'SQTSRIRX EGXMSR VIUYMVIQIRXW %
4EMRXIH WTVMROPIVW (IJMRMXMSR %
8EFPI % % % % -QTEMVQIRXW
4IRHIRX WTVMROPIVW -RWTIGXMSRW WII -RWTIGXMSRW
% % ( ( 1EMRXIRERGI WII 1EMRXIRERGI
(IJMRMXMSR 8IWXMRK 8EFPI % %
4IVJSVQERGIFEWIH TVSKVEQ HIJMRMXMSR 4VSGIWW GLERKIW MR %
4IVJSVQERGIFEWIH TVSKVEQW % 4VSTSVXMSRIVW 8EFPI
4MIVW WTVMROPIVW JSV 8EFPI 8EFPI % %
4MTMRK (IJMRMXMSRW XS
%WWIWWQIRX SJ MRXIVREP GSRHMXMSR % % % *MKW % XS %
*PYWLMRK 8EFPI ( ( 4YQTW WII *MVI TYQTW
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 4YVTSWI SJ WXERHEVH %
8EFPI 8EFPI %
3FWXVYGXMSRW WII 3FWXVYGXMSRW
4VMZEXI JMVI WIVZMGI QEMRW 8EFPI 8EFPI %
5
)\TSWIH WII )\TSWIH TMTMRK TVMZEXI JMVI WIVZMGI QEMRW 5YEPMJMIH HIJMRMXMSR
9RHIVKVSYRH 8EFPI % % 5YMGOSTIRMRK HIZMGIW 8EFPI
7TVMROPIV W]WXIQW 8EFPI 8EFPI 8EFPI 8EFPI % % XS %
8EFPI % % ( XS ( 5YMGOVIWTSRWI IEVP] WYTTVIWWMSR 56)7 WTVMROPIVW
7XERHTMTI ERH LSWI W]WXIQW 8EFPI HIJMRMXMSR
8EFPI 8EFPI 8EFPI % 5YMGOVIWTSRWI I\XIRHIH GSZIVEKI WTVMROPIVW
;EXIV WTVE] W]WXIQW 8EFPI HIJMRMXMSR
8EFPI 8EFPI % % % 5YMGOVIWTSRWI 56 WTVMROPIVW
4VIEGXMSR WTVMROPIV W]WXIQW 8EFPI % %
'SRXVSP ZEPZI MRJSVQEXMSR WMKR WII -RJSVQEXMSR WMKRW (IJMRMXMSR
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
6 7TVMROPIVW 8EFPI %

6IFYMPH HIJMRMXMSR 7XERHEVH WTVE] WII EPWS (V] WTVMROPIVW 4IRHIRX WTVMROPIVW
6IGIWWIH WTVMROPIVW 5YMGOVIWTSRWI 56 WTVMROPIVW 7XERHEVH WTVE]
(IJMRMXMSR WTVMROPIV
6IGSVHW % % 'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI
3[RIVSGGYTERX VIWTSRWMFMPMXMIW % % 'SRGIEPIH
:EPZIW (IJMRMXMSR
'SRGIEPIH WTEGIW MR %
6IHYGIHTVIWWYVI HIXIGXSV EWWIQFPMIW 64(%
'SRXVSP QSHI WTIGMJMG ETTPMGEXMSR '17%
% %
HIJMRMXMSR %
6IHYGIHTVIWWYVI TVMRGMTPI FEGOJPS[ TVIZIRXMSR
'SVVSWMSRVIWMWXERX %
EWWIQFPMIW 64&%
(IJMRMXMSR
% %
(IJMRMXMSRW XS
(IJMRMXMSR
(IJPIGXSV GPIEVERGI XS WXSVEKI
6IJIVIRGIW 'LET %RRI\ *
% %
6IJVMKIVEXIH WTEGIW WII EPWS *VIIÎVW *VII^MRK GSRHMXMSRW )EVP] WYTTVIWWMSR JEWXVIWTSRWI )7*6
SV GSPH [IEXLIV WII )EVP] WYTTVIWWMSR JEWX VIWTSRWI WTVMROPIVW
6IPMIJ ZEPZIW WII 4VIWWYVI VIPMIJ ZEPZIW )\XIRHIH GSZIVEKI WII )\XIRHIH GSZIVEKI WTVMROPIVW
6IPMIJ ZEPZIW JMVI TYQT *PYWL
'MVGYPEXMSR VIPMIJ 8EFPI (IJMRMXMSR
4VIWWYVI VIPMIJ ,EÊVH IZEPYEXMSR JSVQ %RRI\ )
8EFPI 8EFPI % -RVEGO
6IQSZI HIJMRMXMSR -RWTIGXMSRW WII -RWTIGXMSRW
6ITEMV HIJMRMXMSR -RWXEPPEXMSR HIJMRMXMSR
6ITEMVW VIGSRHMXMSRMRK VITPEGIQIRXW SV EHNYWXQIRXW 1EMRXIRERGI % XS %
% % WII EPWS 1EMRXIRERGI 2S^^PIW HIJMRMXMSR
*MVI HITEVXQIRX GSRRIGXMSRW 3PHWX]PIGSRZIRXMSREP %
*MVI TYQTW (IJMRMXMSR
*SEQ[EXIV WTVMROPIV W]WXIQW 3TIR WII 3TIR WTVMROPIV
4VMZEXI JMVI WIVZMGI QEMRW 3VREQIRXEPHIGSVEXMZI WII 3VREQIRXEPHIGSVEXMZI WTVMROPIV
7TVMROPIVW XS % XS 6IGIWWIH
% % % (IJMRMXMSR
7TVMROPIV W]WXIQW 6IWMHIRXMEP WTVMROPIVW 8EFPI %
7XERHTMTI ERH LSWI W]WXIQW (IJMRMXMSR
:EPZIW 7MHI[EPP HIJMRMXMSR
;EXIV WTVE] W]WXIQW 7TEVI 8EFPI %
;EXIV WXSVEKI XEROW 7TIGMEP WII 7TIGMEP WTVMROPIVW
6ITPEGI HIJMRMXMSR 7TVE]
6IWMHIRXMEP FSEVH ERH GEVI SGGYTERGMIW WQEPP 7XERHEVH WTVE] WII 7XERHEVH WTVE] WTVMROPIV
6IWMHIRXMEP WTVMROPIVW 8EFPI % (IJMRMXMSR
(IJMRMXMSR 8IWXMRK WII 8IWXMRK
6IWTSRWI XMQI 9TVMKLX %
*SEQ[EXIV WTVMROPIV W]WXIQW (IJMRMXMSR
;EXIV WTVE] W]WXIQW % 7TVMROPIV W]WXIQW 'LET WII EPWS *SEQ[EXIV WTVMROPIV W]WXIQW
6YFFIV XMVI WXSVEKI 'SQFMRIH WXERHTMTI ERH WTVMROPIV HIJMRMXMSR
'SQTSRIRX EGXMSR VIUYMVIQIRXW
7 (IJMRMXMSR %
*PYWLMRK WII *PYWLMRK TVSGIHYVIW
7EJIX] % -QTEMVQIRXW
7GSTI SJ WXERHEVH % XS % -RWTIGXMSR WII -RWTIGXMSRW
7IGXMSREP HVEMRW -RWXEPPEXMSR
(IJMRMXMSR 1EMRXIRERGI % XS %
7IMWQMG FVEGIW 8EFPI 8EFPI 1EVMRI W]WXIQW %
8EFPI 8EFPI 8EFPI % % 3FWXVYGXMSRW %
7IQMEYXSQEXMG HV] WXERHTMTI W]WXIQ 4MTMRK WII 4MTMRK
8EFPI % % 8IWXMRK WII 8IWXMRK
(IJMRMXMSR 7XERHEVH FEPERGIH TVIWWYVI TVSTSVXMSRIVW 8EFPI
7IQMEYXSQEXMG LSWI VEGO EWWIQFP] WII ,SWI WXSVEKI HIZMGIW
7LEPP HIJMRMXMSR 8EFPI % % %
7LSYPH HIJMRMXMSR (IJMRMXMSR % *MK %
7LYXHS[R W]WXIQ WII -QTEMVQIRXW 7]WXIQ WLYXHS[R 7XERHEVH HIJMRMXMSR
7LYXSJJ ZEPZIW 7XERHEVH TVIWWYVI TVSTSVXMSRIVW
7MHI[EPP WTVMROPIVW HIJMRMXMSR 8EFPI % % %
7MKRW MRJSVQEXMSR WII -RJSVQEXMSR WMKRW (IJMRMXMSR % *MK %
7QEPP VIWMHIRXMEP FSEVH ERH GEVI SGGYTERGMIW 7XERHEVH WTVE] WTVMROPIV HIJMRMXMSR
7TIGMEP WTVMROPIVW % % 7XERHTMTI ERH LSWI W]WXIQW 'LET
(IJMRMXMSR %PEVQ HIZMGIW
7TVE] GSEXMRK EVIEW WTVMROPIVW TVSXIGXMRK %YXSQEXMG WXERHTMTI W]WXIQW HIJMRMXMSR
% 'SQFMRIH WTVMROPIV ERH WXERHTMTI W]WXIQ HIJMRMXMSR
7TVE] WTVMROPIVW 'SQTSRIRX EGXMSR VIUYMVIQIRXW
(IJMRMXMSR 'SQTSRIRXW 8EFPI
7XERHEVH WTVE] WTVMROPIV HIJMRMXMSR (IJMRMXMSR %
)HMXMSR
-2()< z
(V] WXERHTMTI W]WXIQ 8EFPI % % 4VMZEXI JMVI WIVZMGI QEMRW 8EFPI
(IJMRMXMSR 8EFPI % %
7IQMEYXSQEXMG 8EFPI % % 6IGSVHW WII 6IGSVHW
(IJMRMXMSR 6IXYVR XS WIVZMGI
-RWTIGXMSRW WII -RWTIGXMSRW 7TVMROPIVW 8EFPI 8EFPI % %
1EMRXIRERGI 8EFPI 7TVMROPIV W]WXIQW 8EFPI %
1ERYEP WXERHTMTI W]WXIQ 8EFPI % % % XS % % %
(IJMRMXMSR 7XERHTMTI ERH LSWI W]WXIQW 8EFPI
8IWXMRK WII 8IWXMRK 8EFPI % % XS %
8]TIW SJ WXERHTMTI W]WXIQW :EPZIW 8EFPI % % %
'PEWW - W]WXIQ HIJMRMXMSR %YXSQEXMG XERO JMPP ZEPZIW
'PEWW -- W]WXIQ HIJMRMXMSR 'SRXVSP 8EFPI
'PEWW --- W]WXIQ HIJMRMXMSR 8EFPI % % %
;IX WXERHTMTI W]WXIQ 8EFPI % (IPYKI % XS %
(IJMRMXMSR (V] TMTIUYMGO STIRMRK HIZMGIW
7XSVEKI WTVMROPIV HIJPIGXSV GPIEVERGI XS % XS %
% % ,SWI %
7XSVEKI XEROW WII ;EXIV XEROW 4VIEGXMSR % XS %
7XVEMRIVW % 4VIWWYVIVIHYGMRK %
(IJMRMXMSR % 4VIWWYVIVIKYPEXMRK
%
(V] SV TVIEGXMSR ZEPZIW
4VIWWYVI VIPMIJ
*SEQ GSRGIRXVEXI 8EFPI %
;EXIV QMWX W]WXIQW 8EFPI
*SEQ[EXIV WTVMROPIV W]WXIQW
;EXIV WTVE] W]WXIQW

;EXIV QMWX W]WXIQW % XS %
% % % ;EXIV WTVE] W]WXIQW
% 8EFPI % % % XS %
1EMRPMRI WII 1EMRPMRI WXVEMRIVW ;EXIV WYTTP] WXEXYW HYVMRK
2S^^PI ;EXIV XEROW 8EFPI
:EPZIW 8EFPI 8EFPI % 8EFPI 8EFPI % % % XS %
;EXIV QMWX W]WXIQW 8EFPI 8MVI WXSVEKI
;EXIV WTVE] W]WXIQW 8EFPI 8EFPI %
%
;EXIV XERO EYXSQEXMG XERO JMPP ZEPZIW 9
7YGXMSR WGVIIRW % ' 9PXVELMKLWTIIH [EXIV WTVE] W]WXIQW 8EFPI %
3FWXVYGXMSRW ( ( 9RHIVKVSYRH TMTMRK TVMZEXI JMVI WIVZMGI QEMRW
7YTIVZMWMSR HIJMRMXMSR -RWTIGXMSR %
7YTIVZMWSV] WMKREP HIZMGIW 8EFPI 8IWXMRK 8EFPI % %
8EFPI 8EFPI 9RMXW SJ QIEWYVIQIRX %
7YTTSVXW 8EFPI % % 9TVMKLX WTVMROPIVW %
WII EPWS ,ERKIVW (IJMRMXMSR
7[MXGLIW WII %YXSQEXMG XVERWJIV W[MXGL 9WI GLERKIW MR %
7]WXIQ WLYXHS[R WII EPWS -QTEMVQIRXW
2SXMJMGEXMSR SJ W]WXIQ WLYXHS[R XS
3[RIVSGGYTERX VIWTSRWMFMPMXMIW :
4MTI ERH JMXXMRKW MRWTIGXMSR :EPZIW 'LET WII EPWS %PEVQ ZEPZIW 'LIGO ZEPZIW 'SRXVSP ZEPZIW
6IWXSVMRK W]WXIQW XS WIVZMGI (IPYKI ZEPZIW (V] TMTI ZEPZIW ,SWI ZEPZIW 4VIWWYVI
7LYXSJJ ZEPZIW PSGEXMSR SJ GSRXVSP ZEPZIW 4VIWWYVIVIHYGMRK ZEPZIW 6IPMIJ ZEPZIW
7TVMROPIV MRWTIGXMSR JMVI TYQT
7]WXIQ ZEPZIW % XS % %YXSQEXMG XERO JMPP ZEPZIW 8EFPI
&EPP 8EFPI %
8 'LIGO
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EFPI
8EROW [EXIV WII ;EXIV XEROW 8EFPI 8EFPI %
8IQTSVEV] JMVI TVSXIGXMSR G % G (VMT 8EFPI %
8IWX WII EPWS :EPZI WXEXYW XIWX *PYWLMRK YWIH JSV (
(IJMRMXMSR +EYKIW
8IWXMRK 8EFPI % % XS % WII EPWS *PS[ XIWXW -RWTIGXMSRW WII -RWTIGXMSRW
,]HVSWXEXMG XIWXW -QTEMVQIRXW 7YTIVZMWSV] WMKREP 0SGEXMSR
HIZMGIW 1EMRXIRERGI WII 1EMRXIRERGI
&EGOJPS[ TVIZIRXMSR EWWIQFPMIW % 3[RIVSGGYTERX VIWTSRWMFMPMXMIW
(IJMRMXMSR % 4VIEGXMSR % XS %
*MVI HITEVXQIRX GSRRIGXMSRW 4VSXIGXMSR SJ %
*MVI L]HVERXW 8EFPI 8EFPI % 6IGSVHW
*MVI TYQTW WII *MVI TYQTW 6IXYVR XS WIVZMGI EJXIV XIWXMRK
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 7LYXSJJ
8EFPI % % 7]WXIQ % XS %
*SVQW JSV %RRI\ & 8IWXMRK WII 8IWXMRK
1EMR HVEMR XIWX WII 1EMR HVEMRW 8IWX ZEPZIW
3[RIVSGGYTERX VIWTSRWMFMPMXMIW XS ;EXIV QMWX W]WXIQW 8EFPI
% XS % ;EXIVWTVE] JM\IH W]WXIQW
4IVJSVQERGIFEWIH TVSKVEQW % :EPZI WXEXYW XIWX HIJMRMXMSR
)HMXMSR
z -274)'8-32 8)78-2+ %2( 1%-28)2%2') 3* ;%8)6&%7)( *-6) 4638)'8-32 7=78)17
:EPZI WXEXYW XIWX GSRRIGXMSR HIJMRMXMSR % 7XVEMRIVW %
:EPZI WYTIVZMWSV] HIZMGIW 8EFPI 8EFPI :EPZIW 'LET
8EFPI % ;EXIV WYTTP] %
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EFPI 1ERYEP STIVEXMSRW
8EFPI 6IXYVR XS WIVZMGI EJXIV XIWXMRK
;EXIV XEROW 8EFPI 8IWXMRK WII 8IWXMRK
:IRXMPEXMRK W]WXIQW WTVMROPIVW JSV 9PXVE LMKLWTIIH [EXIV WTVE] W]WXIQ HIJMRMXMSR
:IRXW TVIWWYVI ZEGYYQ ;EXIV WYTTP]
(IJMRMXMSR
*SEQ[EXIV WTVMROPIV W]WXIQW %
; 3FWXVYGXMSRW %RRI\ (
;EPP L]HVERXW 8EFPI 8EFPI % 7XEXYW HYVMRK MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI
(IJMRMXMSR % *MK % ;EXIV WTVE] W]WXIQW %
;EXIVJPS[ EPEVQ HIZMGIW 8EFPI % ;EXIV XEROW 'LET
(IJMRMXMSR %PEVQ HIZMGIW 8EFPI
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI XS 8EFPI % %
8EFPI 'SQTSRIRX EGXMSR VIUYMVIQIRXW
7TVMROPIV W]WXIQW 8EFPI (IJMRMXMSR
8EFPI % % )QFEROQIRXWYTTSVXIH GSEXIH JEFVMG XEROW
7XERHTMTI ERH LSWI W]WXIQW 8EFPI 8EFPI QEMRXIRERGI SJ 8EFPI
;EXIV QMWX W]WXIQW *SEQ[EXIV WTVMROPIV W]WXIQW
;EXIV WTVE] W]WXIQW 8EFPI ,IEXMRK W]WXIQW 8EFPI 8EFPI
;EXIV QMWX W]WXIQW 'LET -QTEMVQIRXW
(IJMRMXMSR -RWTIGXMSRW WII -RWTIGXMSRW
-RWTIGXMSR QEMRXIRERGI ERH XIWXMRK 1EMRXIRERGI WII 1EMRXIRERGI
% XS % % XS % 3FWXVYGXMSR MRZIWXMKEXMSRW (
8VEMRMRK 4VIWWYVI XEROW 8EFPI 8EFPI 8EFPI %
;EXIV WTVE] HIJMRMXMSR % 8IWXMRK WII 8IWXMRK
;EXIV WTVE] RS^^PIW 8EFPI ;EXIV WTVE] W]WXIQW
8EFPI % % % ;IX FEVVIP L]HVERXW 8EFPI 8EFPI %
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI (IJMRMXMSR % *MK %
(IJMRMXMSR % ;IX TMTI WTVMROPIV W]WXIQW
;EXIV WTVE] W]WXIQW 'LET WII EPWS *MVI TYQTW ;EXIV XEROW 'SRZIVWMSR SJ HV] TMTI W]WXIQW XS %
'SQTSRIRX EGXMSR VIUYMVIQIRXW (IJMRMXMSR %
(IJMRMXMSR % +EYKIW %
*SEQ[EXIV WTVE] W]WXIQ HIJMRMXMSR WII EPWS *SEQ[EXIV -RWTIGXMSR 8EFPI
WTVMROPIV W]WXIQW 3FWXVYGXMSRW ( ( ( (
-QTEMVQIRXW % ;LEVZIW WTVMROPIVW JSV
-RWTIGXMSR ERH QEMRXIRERGI TVSGIHYVIW
8EFPI 8EFPI % % % XS =
%
=EVH QEMRW % ( (
%YXSQEXMG HIXIGXMSR IUYMTQIRX
(IPYKI ZEPZIW
(VEMREKI >
4MTMRK % % >IFVE QYWWIPW SFWXVYGXMSR F] (
)HMXMSR 'SY;


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I. Applicable Regulations. The primary rules governing the processing of NFPA standards (codes, standards, recommended practices, and
guides) are the NFPA Regulations Governing the Development of NFPA Standards (Regs). Other applicable rules include NFPA Bylaws,
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regulations are contained in the NFPA Standards Directory. For copies of the Directory, contact Codes and Standards Administration at
NFPA Headquarters; all these documents are also available on the NFPA website at “www.nfpa.org.”
The following is general information on the NFPA process. All participants, however, should refer to the actual rules and regulations for a
full understanding of this process and for the criteria that govern participation.
II. Technical Committee Report. The Technical Committee Report is defined as “the Report of the responsible Committee(s), in
accordance with the Regulations, in preparation of a new or revised NFPA Standard.” The Technical Committee Report is in two parts and
consists of the First Draft Report and the Second Draft Report. (See Regs at 1.4)
III. Step 1: First Draft Report. The First Draft Report is defined as “Part one of the Technical Committee Report, which documents the
Input Stage.” The First Draft Report consists of the First Draft, Public Input, Committee Input, Committee and Correlating Committee
Statements, Correlating Input, Correlating Notes, and Ballot Statements. (See Regs at 4.2.5.2 and Section 4.3) Any objection to an action
in the First Draft Report must be raised through the filing of an appropriate Comment for consideration in the Second Draft Report or the
objection will be considered resolved. [See Regs at 4.3.1(b)]
IV. Step 2: Second Draft Report. The Second Draft Report is defined as “Part two of the Technical Committee Report, which documents
the Comment Stage." The Second Draft Report consists of the Second Draft, Public Comments with corresponding Committee Actions
and Committee Statements, Correlating Notes and their respective Committee Statements, Committee Comments, Correlating Revisions,
and Ballot Statements. (See Regs at Section 4.2.5.2 and 4.4) The First Draft Report and the Second Draft Report together constitute the
Technical Committee Report. Any outstanding objection following the Second Draft Report must be raised through an appropriate
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V. Step 3a: Action at Association Technical Meeting. Following the publication of the Second Draft Report, there is a period during
which those wishing to make proper Amending Motions on the Technical Committee Reports must signal their intention by submitting a
Notice of Intent to Make a Motion. (See Regs at 4.5.2) Standards that receive notice of proper Amending Motions (Certified Amending
Motions) will be presented for action at the annual June Association Technical Meeting. At the meeting, the NFPA membership can
consider and act on these Certified Amending Motions as well as Follow-up Amending Motions, that is, motions that become necessary as
a result of a previous successful Amending Motion. (See 4.5.3.2 through 4.5.3.6 and Table1, Columns 1-3 of Regs for a summary of the
available Amending Motions and who may make them.) Any outstanding objection following action at an Association Technical Meeting
(and any further Technical Committee consideration following successful Amending Motions, see Regs at 4.5.3.7 through 4.6.5.3) must be
raised through an appeal to the Standards Council or it will be considered to be resolved.
VI. Step 3b: Documents Forwarded Directly to the Council. Where no Notice of Intent to Make a Motion (NITMAM) is received and
certified in accordance with the Technical Meeting Convention Rules, the standard is forwarded directly to the Standards Council for action
on issuance. Objections are deemed to be resolved for these documents. (See Regs at 4.5.2.5)
VII. Step 4a: Council Appeals. Anyone can appeal to the Standards Council concerning procedural or substantive matters related to the
development, content, or issuance of any document of the Association or on matters within the purview of the authority of the Council, as
established by the Bylaws and as determined by the Board of Directors. Such appeals must be in written form and filed with the Secretary
of the Standards Council (See Regs at 1.6). Time constraints for filing an appeal must be in accordance with 1.6.2 of the Regs. Objections
are deemed to be resolved if not pursued at this level.
VIII. Step 4b: Document Issuance. The Standards Council is the issuer of all documents (see Article 8 of Bylaws). The Council acts on
the issuance of a document presented for action at an Association Technical Meeting within 75 days from the date of the recommendation
from the Association Technical Meeting, unless this period is extended by the Council (See Regs at 4.7.2). For documents forwarded
directly to the Standards Council, the Council acts on the issuance of the document at its next scheduled meeting, or at such other meeting
as the Council may determine (See Regs at 4.5.2.5 and 4.7.4).
IX. Petitions to the Board of Directors. The Standards Council has been delegated the responsibility for the administration of the codes
and standards development process and the issuance of documents. However, where extraordinary circumstances requiring the intervention
of the Board of Directors exist, the Board of Directors may take any action necessary to fulfill its obligations to preserve the integrity of the
codes and standards development process and to protect the interests of the Association. The rules for petitioning the Board of Directors
can be found in the Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council and in 1.7 of the
Regs.
X. For More Information. The program for the Association Technical Meeting (as well as the NFPA website as information becomes
available) should be consulted for the date on which each report scheduled for consideration at the meeting will be presented. For copies of
the First Draft Report and Second Draft Report as well as more information on NFPA rules and for up-to-date information on schedules
and deadlines for processing NFPA documents, check the NFPA website (www.nfpa.org/aboutthecodes) or contact NFPA Codes &
Standards Administration at (617) 984-7246.
12/12-C
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NFPA 25 - 2014 Standard For The Inspection, Testing, and Maintenance of Water-Based Fire Protection Systems

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NFPA 25 - 2014 Standard For The Inspection, Testing, and Maintenance of Water-Based Fire Protection Systems

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