Professional Documents
Culture Documents
6IETTVSZIH
6ITSVXSR*MFIV6IMRJSVGIH'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII
6
6 %'-'311-88))6)4368
EGXIVMWXMGW JMFIV GSRXIRX JMFIV SVMIRXEXMSR ERH EKKVIKEXI WM^I IJJIGXW *SV {4L]WMGEP ERH GLIQMGEP TVSTIVXMIW SJ GSQQIVGMEPP]
QER]TVEGXMGEPETTPMGEXMSRWXLIQEXVM\JMVWXGVEGOWXVIRKXLMWRSXMRGVIEWIH EZEMPEFPIW]RXLIXMGJMFIVW
-RXLIWIGEWIWXLIQSWXWMKRMJMGERXIRLERGIQIRXJVSQXLIJMFIVWMWXLITSWX
GVEGOMRK GSQTSWMXI VIWTSRWI 8LMW MW QSWX GSQQSRP] IZEPYEXIH ERH
{4VSTIVXMIWSJ72*6'
GSRXVSPPIHXLVSYKLXSYKLRIWWXIWXMRKWYGLEWQIEWYVIQIRXSJXLIEVIEYRHIV {'SQTSWMXITVSHYGXMSRXIGLRSPSKMIW
XLIPSEHHIJSVQEXMSRGYVZI
{*MFIVTEVEQIXIVW
-JTVSTIVP]IRKMRIIVIHSRISJXLIKVIEXIWXFIRIJMXWXSFIKEMRIHF]YWMRKJMFIV
{%TTPMGEXMSRWSJ72*6'
VIMRJSVGIQIRX MW MQTVSZIH PSRKXIVQ WIVZMGIEFMPMX] SJ XLI WXVYGXYVI SV {6IWIEVGLRIIHW
TVSHYGX7IVZMGIEFMPMX]MWXLIEFMPMX]SJXLIWTIGMJMGWXVYGXYVISVTEVXXSQEMR {'MXIHVIJIVIRGIW
XEMR MXW WXVIRKXL ERH MRXIKVMX]ERH XS TVSZMHIMXW HIWMKRIH JYRGXMSR SZIV MXW
MRXIRHIHWIVZMGIPMJI
'LETXIV{2EXYVEPJMFIVVIMRJSVGIHGSRGVIXI
3RI EWTIGX SJ WIVZMGIEFMPMX] XLEX GER FI IRLERGIH F] XLI YWI SJ JMFIVW MW 2*6'
TT6
GSRXVSPSJGVEGOMRK*MFIVWGERTVIZIRXXLISGGYVVIRGISJPEVKIGVEGO[MHXLW {-RXVSHYGXMSR
XLEXEVIIMXLIVYRWMKLXP]SVTIVQMX[EXIVERHGSRXEQMRERXWXSIRXIVGEYWMRK {2EXYVEPJMFIVW
GSVVSWMSRSJVIMRJSVGMRKWXIIPSVTSXIRXMEPHIXIVMSVEXMSRSJGSRGVIXI?A-R {9RTVSGIWWIHREXYVEPJMFIVVIMRJSVGIHGSRGVIXI
EHHMXMSR XS GVEGO GSRXVSP ERH WIVZMGIEFMPMX] FIRIJMXW YWI SJ JMFIVW EX LMKL
ZSPYQITIVGIRXEKIWXSTIVGIRXSVLMKLIV[MXLWTIGMEPTVSHYGXMSRXIGL
{4VSGIWWIHREXYVEPJMFIVVIMRJSVGIHGSRGVIXI
RMUYIW
GERWYFWXERXMEPP]MRGVIEWIXLIQEXVM\XIRWMPIWXVIRKXL?A {4VEGXMGEPETTPMGEXMSRW
{7YQQEV]
'328)287 {6IWIEVGLRIIHW
'LETXIV{-RXVSHYGXMSRTT6 {'MXIHVIJIVIRGIW
{,MWXSVMGEPEWTIGXW
{*MFIV VIMRJSVGIH ZIVWYW GSRZIRXMSREPP]VIMRJSVGIH ',%48)6{-2863(9'8-32
GSRGVIXI {,MWXSVMGEPEWTIGXW
{(MWGYWWMSRSJJMFIVX]TIW 7MRGI ERGMIRX XMQIW JMFIVW LEZI FIIR YWIH XS VIMRJSVGI
{4VSHYGXMSREWTIGXW FVMXXPI QEXIVMEPW 7XVE[ [EW YWIH XS VIMRJSVGI WYRFEOIH
{(IZIPSTMRKXIGLRSPSKMIW FVMGOWERHLSVWILEMV[EWYWIHXSVIMRJSVGIQEWSRV]QSVXEV
{%TTPMGEXMSRW ERHTPEWXIV%TYIFPSLSYWIFYMPXEVSYRHFIPMIZIHXSFI
{+PSWWEV] XLI SPHIWX LSYWI MR XLI 97 MW GSRWXVYGXIH SJ WYRFEOIH
{6IGSQQIRHIHVIJIVIRGIW EHSFI VIMRJSVGIH [MXL WXVE[ -R QSVI VIGIRX XMQIW PEVKI
{'MXIHVIJIVIRGIW WGEPI GSQQIVGMEP YWI SJ EWFIWXSW JMFIVW MR E GIQIRX TEWXI
QEXVM\FIKER[MXLXLIMRZIRXMSRSJXLI,EXWGLIOTVSGIWWMR
'LETXIV{7XIIPJMFIVVIMRJSVGIHGSRGVIXI7*6'
%WFIWXSW GIQIRX GSRWXVYGXMSR TVSHYGXW EVI [MHIP]
TT6 YWIHXLVSYKLSYXXLI[SVPHXSHE],S[IZIVTVMQEVMP]HYIXS
{-RXVSHYGXMSR LIEPXLLE^EVHWEWWSGMEXIH[MXLEWFIWXSWJMFIVWEPXIVREXIJMFIV
{4L]WMGEPTVSTIVXMIW X]TIW[IVIMRXVSHYGIHXLVSYKLSYXXLIWERHW
{4VITEVEXMSRXIGLRSPSKMIW -R QSHIVR XMQIW E [MHI VERKI SJ IRKMRIIVMRK QEXIVMEPW
{8LISVIXMGEPQSHIPMRK MRGPYHMRKGIVEQMGWTPEWXMGWGIQIRXERHK]TWYQ TVSHYGXW
{(IWMKRGSRWMHIVEXMSRW MRGSVTSVEXI JMFIVW XS IRLERGI GSQTSWMXI TVSTIVXMIW 8LI
{%TTPMGEXMSRW IRLERGIH TVSTIVXMIW MRGPYHI XIRWMPI WXVIRKXL GSQTVIWWMZI
{6IWIEVGLRIIHW WXVIRKXLIPEWXMGQSHYPYWGVEGOVIWMWXERGIGVEGOGSRXVSPHYVE
{'MXIHVIJIVIRGIW FMPMX]JEXMKYIPMJIVIWMWXERGIXSMQTEGXERHEFVEWMSRWLVMROEKI
I\TERWMSRXLIVQEPGLEVEGXIVMWXMGWERHJMVIVIWMWXERGI
'LETXIV{+PEWWJMFIVVIMRJSVGIHGSRGVIXI )\TIVMQIRXEP XVMEPW ERH TEXIRXW MRZSPZMRK XLI YWI SJ
+*6'
TT6 HMWGSRXMRYSYW WXIIP VIMRJSVGMRK IPIQIRXW{WYGL EW REMPW
{-RXVSHYGXMSR [MVIWIKQIRXWERHQIXEPGLMTW{XSMQTVSZIXLITVSTIVXMIW
{*EFVMGEXMSRSJ+*6'QEXIVMEP SJGSRGVIXIHEXIJVSQ?A(YVMRKXLIIEVP]WMR
{4VSTIVXMIWSJ+*6' XLI9RMXIH7XEXIWXLIJMVWXQENSVMRZIWXMKEXMSR[EWQEHIXS
{0SRKXIVQTIVJSVQERGISJ+*6' IZEPYEXIXLITSXIRXMEPSJWXIIPJMFIVWEWEVIMRJSVGIQIRXJSV
{*VII^IXLE[HYVEFMPMX] GSRGVIXI?A7MRGIXLIREWYFWXERXMEPEQSYRXSJVIWIEVGL
{(IWMKRTVSGIHYVIW HIZIPSTQIRXI\TIVMQIRXEXMSRERHMRHYWXVMEPETTPMGEXMSRSJ
{%TTPMGEXMSRWSJ+*6' WXIIPJMFIVVIMRJSVGIHGSRGVIXILEWSGGYVVIH
{+*6'TERIPQERYJEGXYVI 9WISJKPEWWJMFIVWMRGSRGVIXI[EWJMVWXEXXIQTXIHMRXLI
{7YVJEGIFSRHMRK 9776MRXLIPEXIW?A-X[EWUYMGOP]IWXEFPMWLIHXLEX
{6IWIEVGLVIGSQQIRHEXMSRW SVHMREV]KPEWWJMFIVWWYGLEWFSVSWMPMGEXI)KPEWWJMFIVWEVI
{'MXIHVIJIVIRGIW EXXEGOIHERHIZIRXYEPP]HIWXVS]IHF]XLIEPOEPMMRXLIGIQIRX
TEWXI'SRWMHIVEFPIHIZIPSTQIRX[SVO[EWHMVIGXIHXS[EVHW
'LETXIV{7]RXLIXMGJMFIVVIMRJSVGIHGSRGVIXI TVSHYGMRKEJSVQSJEPOEPMVIWMWXERXKPEWWJMFIVWGSRXEMRMRK
72*6'
TT6 ^MVGSRME?A8LMWPIHXSEGSRWMHIVEFPIRYQFIVSJGSQQIV
{-RXVSHYGXMSR GMEPM^IHTVSHYGXW 8LIPEVKIWXYWISJKPEWWJMFIVVIMRJSVGIH
*-&)66)-2*36')('32'6)8) 6
GSRGVIXIMRXLI97MWGYVVIRXP]JSVXLITVSHYGXMSRSJI\XIVMSV
EVGLMXIGXYVEPGPEHHMRKTERIPW
-RMXMEPEXXIQTXWEXYWMRKW]RXLIXMGJMFIVWR]PSRTSP]TVS
T]PIRI
[IVIRSXEWWYGGIWWJYPEWXLSWIYWMRKKPEWWSVWXIIP
JMFIVW ? A ,S[IZIV FIXXIV YRHIVWXERHMRK SJ XLI
GSRGITXWFILMRHJMFIVVIMRJSVGIQIRXRI[QIXLSHWSJJEFVM
GEXMSRERHRI[X]TIWSJSVKERMGJMFIVWLEZIPIHVIWIEVGLIVW
XS GSRGPYHI XLEX FSXL W]RXLIXMG ERH REXYVEP JMFIVW GER
WYGGIWWJYPP]VIMRJSVGIGSRGVIXI?A
'SRWMHIVEFPI VIWIEVGL HIZIPSTQIRX ERH ETTPMGEXMSRW SJ
*6'EVIXEOMRKTPEGIXLVSYKLSYXXLI[SVPH-RHYWXV]MRXIVIWX
ERH TSXIRXMEP FYWMRIWW STTSVXYRMXMIW EVI IZMHIRGIH F]
GSRXMRYIHRI[HIZIPSTQIRXWMRJMFIVVIMRJSVGIHGSRWXVYGXMSR
QEXIVMEPW8LIWIRI[HIZIPSTQIRXWEVIVITSVXIHMRRYQIVSYW
VIWIEVGL TETIVW MRXIVREXMSREP W]QTSWME ERH WXEXISJXLIEVX
VITSVXWMWWYIHF]TVSJIWWMSREPWSGMIXMIW8LI%'-'SQQMXXII *MK {6ERKI SJ PSEH ZIVWYW HIJPIGXMSR GYVZIW JSV
TYFPMWLIH E WXEXISJXLIEVX VITSVX MR ?A YRVIMRJSVGIHQEXVM\ERHJMFIVVIMRJSVGIHGSRGVIXI
6-0)1vW GSQQMXXII SR JMFIV VIMRJSVGIH GIQIRX GSQTSWMXIW
LEWEPWSTYFPMWLIHEVITSVX?A%6IGSQQIRHIH4VEGXMGI
ERHE5YEPMX]'SRXVSP1ERYEPJSVQERYJEGXYVISJKPEWWJMFIV PSWWMWQEKRMJMIHEWXLIEWTIGXVEXMSSJXLIJMFIVSVXLIUYER
VIMRJSVGIHGSRGVIXITERIPWERHTVSHYGXWLEZIFIIRTYFPMWLIH XMX]SJJMFIVWEHHIHMRGVIEWIW,S[IZIVXLMWWPYQTPSWWHSIW
F] XLI 4VIGEWX4VIWXVIWWIH 'SRGVIXI -RWXMXYXI ? A RSX RIGIWWEVMP] QIER XLEX XLIVI MW E GSVVIWTSRHMRK PSWW SJ
8LVIIVIGIRXW]QTSWMYQTVSGIIHMRKWTVSZMHIEKSSHWYQQEV] [SVOEFMPMX]IWTIGMEPP][LIRZMFVEXMSRMWYWIHHYVMRKTPEGI
SJXLIVIGIRXHIZIPSTQIRXWSJ*6'?A QIRX7MRGIWPYQTMWRSXERETTVSTVMEXIQIEWYVISJ[SVO
7TIGMJMG HMWGYWWMSRW SJ XLI LMWXSVMGEP HIZIPSTQIRXW SJ EFMPMX]MXMWVIGSQQIRHIHXLEXXLIMRZIVXIHWPYQTGSRIXIWX
*6' [MXL ZEVMSYW JMFIV X]TIW EVI MRGPYHIH MR 'LETXIVW %781'
SVXLI:IFI8IWX&7
FIYWIHXSIZEP
XLVSYKL YEXIXLI[SVOEFMPMX]SJJVIWL*6'QM\XYVIW
*SVGSRZIRXMSREPP]QM\IHWXIIPJMFIVVIMRJSVGIHGSRGVIXI
{*MFIVVIMRJSVGIHZIVWYWGSRZIRXMSREPP] 7*6'
LMKL EWTIGX VEXMS JMFIVW EVI QSVI IJJIGXMZI MR
VIMRJSVGIHGSRGVIXI MQTVSZMRKXLITSWXTIEOTIVJSVQERGIFIGEYWISJXLIMVLMKL
9RVIMRJSVGIHGSRGVIXILEWEPS[XIRWMPIWXVIRKXLERHEPS[
VIWMWXERGIXSTYPPSYXJVSQXLIQEXVM\%HIXVMQIRXEPIJJIGXSJ
WXVEMRGETEGMX]EXJVEGXYVI8LIWIWLSVXGSQMRKWEVIXVEHMXMSR
YWMRKLMKLEWTIGXVEXMSJMFIVWMWXLITSXIRXMEPJSVFEPPMRKSJXLI
EPP] SZIVGSQI F] EHHMRK VIMRJSVGMRK FEVW SV TVIWXVIWWMRK
JMFIVWHYVMRKQM\MRK8IGLRMUYIWJSVVIXEMRMRKLMKLTYPPSYX
WXIIP 6IMRJSVGMRK WXIIP MW GSRXMRYSYW ERH MW WTIGMJMGEPP]
VIWMWXERGI[LMPIVIHYGMRKJMFIVEWTIGXVEXMSMRGPYHIIRPEVKMRK
PSGEXIHMRXLIWXVYGXYVIXSSTXMQM^ITIVJSVQERGI*MFIVWEVI
SVLSSOMRKXLIIRHWSJXLIJMFIVWVSYKLIRMRKXLIMVWYVJEGI
HMWGSRXMRYSYW ERH EVI KIRIVEPP] HMWXVMFYXIH VERHSQP]
XI\XYVISVGVMQTMRKXSTVSHYGIE[EZ]VEXLIVXLERWXVEMKLX
XLVSYKLSYX XLI GSRGVIXI QEXVM\ %PXLSYKL RSX GYVVIRXP]
JMFIV TVSJMPI (IXEMPIH HIWGVMTXMSRW SJ TVSHYGXMSR QIXLSHW
EHHVIWWIHF]%'-'SQQMXXIIJMFIVWEVIFIMRKYWIHMR
JSV7*6'EVIJSYRHMR'LETXIV
WXVYGXYVEPETTPMGEXMSRW[MXLGSRZIRXMSREPVIMRJSVGIQIRX
&IGEYWISJXLIJPI\MFMPMX]MRQIXLSHWSJJEFVMGEXMSRJMFIV +PEWWJMFIVVIMRJSVGIHGSRGVIXIW+*6'
EVITVSHYGIHF]
VIMRJSVGIHGSRGVIXIGERFIERIGSRSQMGERHYWIJYPGSRWXVYG IMXLIV XLI WTVE]YT TVSGIWW SV XLI TVIQM\ TVSGIWW -R XLI
XMSRQEXIVMEP*SVI\EQTPIXLMRXSMR?XSQQA WTVE]YT TVSGIWW KPEWW JMFIVW EVI GLSTTIH ERH WMQYPXE
XLMGO
TVIGEWX KPEWW JMFIV VIMRJSVGIH GSRGVIXI EVGLMXIGXYVEP RISYWP] HITSWMXIH [MXL E WTVE]IH GIQIRXWERH WPYVV] SRXS
GPEHHMRK TERIPW EVI IGSRSQMGEPP] ZMEFPI MR XLI 97 ERH JSVQWTVSHYGMRKVIPEXMZIP]XLMRTERIPWVERKMRKJVSQXS
)YVSTI-RWPEFWSRKVEHIQMRMRKXYRRIPMRKERHI\GEZEXMSR MRXSQQ
XLMGO-RXLITVIQM\TVSGIWWE[IXQM\
WYTTSVX ETTPMGEXMSRW WXIIP ERH W]RXLIXMG JMFIV VIMRJSVGIH GIQIRXEKKVIKEXIKPEWW JMFIV QSVXEV SV GSRGVIXI MW GEWX
GSRGVIXIERHWLSXGVIXILEZIFIIRYWIHMRPMIYSJ[IPHIH[MVI TVIWWQSPHIHI\XVYHIHZMFVEXIHSVWPMTJSVQIH+PEWWJMFIV
JEFVMGVIMRJSVGIQIRX QSVXEV QM\IW EVI EPWS TVSHYGIH JSV WYVJEGI FSRHMRK
WTVE]MRKSVWLSXGVIXMRK7TIGMJMG+*6'TVSHYGXMSRXIGLRSP
{(MWGYWWMSRSJJMFIVX]TIW SKMIWEVIHIWGVMFIHMR'LETXIV
8LIVIEVIRYQIVSYWJMFIVX]TIWEZEMPEFPIJSVGSQQIVGMEPERH 7]RXLIXMGJMFIVVIMRJSVGIHGSRGVIXIW72*6'
EVIKIRIV
I\TIVMQIRXEP YWI 8LI FEWMG JMFIV GEXIKSVMIW EVI WXIIP KPEWW EPP]QM\IHMRFEXGLTVSGIWWIW,S[IZIVWSQITVITEGOEKIH
W]RXLIXMGERHREXYVEPJMFIVQEXIVMEPW7TIGMJMGHIWGVMTXMSRWSJ HV] QM\XYVIW LEZI FIIR YWIH *PEX WLIIX TVSHYGXW XLEX EVI
XLIWIJMFIVX]TIWEVIMRGPYHIHMR'LETXIVWXLVSYKL TVIWWIH I\XVYHIH SV ZEGYYQ HI[EXIVIH LEZI EPWS FIIR
TVSHYGIH0SRKJMFIVWEVIQSVIIJJIGXMZIMRMQTVSZMRKTSWX
{4VSHYGXMSREWTIGXW TIEO TIVJSVQERGI FYX FEPPMRK QE] FIGSQI E TVSFPIQ EW
*SV MHIRXMGEP GSRGVIXI QM\XYVIW EHHMXMSR SJ JMFIVW [MPP JMFIVPIRKXLMWMRGVIEWIH8IGLRMUYIWJSVIRLERGMRKTYPPSYX
VIWYPXMREPSWWSJWPYQTEWQIEWYVIHF]%781'8LMW VIWMWXERGI[LMPIOIITMRKJMFIVWWLSVXIRSYKLXSEZSMHFEPPMRK
6 %'-'311-88))6)4368
MRGPYHIWYVJEGIXI\XYVMRKERHWTPMXXMRKXSTVSHYGIFVERGLMRK IVXMIWMRXLMWERHSXLIVGSHIW8LIQSWXWMKRMJMGERXTVSTIVXMIW
ERHQIGLERMGEPERGLSVEKIJMFVMPPEXMSR
'LETXIVSJJIVWE SJ7*6'EVIXLIMQTVSZIHJPI\YVEPXSYKLRIWWWYGLEWXLI
JYPPHIWGVMTXMSRSJTVSHYGXMSRXIGLRSPSKMIWJSV72*6' EFMPMX] XS EFWSVF IRIVK] EJXIV GVEGOMRK
MQTEGX VIWMWXERGI
2EXYVEPJMFIVVIMRJSVGIHGSRGVIXIW2*6'
VIUYMVIWTIGMEP ERHJPI\YVEP JEXMKYI IRHYVERGI *SV XLMW VIEWSR 7*6' LEW
QM\TVSTSVXMSRMRKGSRWMHIVEXMSRWXSGSYRXIVEGXXLIVIXEVHE JSYRH QER]ETTPMGEXMSRW MR JPEX WPEFW SR KVEHI [LIVI MX MW
XMSR IJJIGXW SJ XLI KPYGSWI MR XLI JMFIVW ;IXQM\ FEXGL WYFNIGXXSLMKLPSEHWERHMQTEGX7*6'LEWEPWSFIIRYWIH
TVSGIWWIW ERH [IXGSQTEGXIH QM\ TVSGIHYVIW EVI YWIH MR JSVRYQIVSYWWLSXGVIXIETTPMGEXMSRWJSVKVSYRHWYTTSVXVSGO
TPERX TVSHYGXMSR IRZMVSRQIRXW (IXEMPW JSV TVSHYGXMSR WPSTIWXEFMPM^EXMSRXYRRIPMRKERHVITEMVW-XLEWEPWSJSYRH
QIXLSHWSJ2*6'EVITVIWIRXIHMR'LETXIV ETTPMGEXMSRWMRTPERXTVSHYGIHTVSHYGXWMRGPYHMRKGSRGVIXI
QEWSRV]GVMFIPIQIRXWJSVVSSJWYTTSVXMRQMRIWXSVITPEGI
{(IZIPSTMRKXIGLRSPSKMIW [SSH GVMFFMRK
7-*'32 MW FIMRK HIZIPSTIH JSV QMPMXEV]
7*6'XIGLRSPSK]LEWKVS[RSZIVXLIPEWXXLVIIHIGEHIWMRXS ETTPMGEXMSRW WYGL EW LEVHIRIH QMWWMPI WMPSW ERH QE] FI
E QEXYVI MRHYWXV] ,S[IZIV MQTVSZIQIRXW EVI GSRXMRYEPP] TVSQMWMRKMRQER]TYFPMGWIGXSVETTPMGEXMSRWWYGLEWIRIVK]
FIMRKQEHIF]MRHYWXV]XSSTXMQM^IJMFIVWXSWYMXETTPMGEXMSRW EFWSVFMRK XEROIV HSGOW 7*6' ETTPMGEXMSRW EVI JYVXLIV
%GYVVIRXRIIHMWXSGSRWSPMHEXIXLIEZEMPEFPIORS[PIHKIJSV WYQQEVM^IHMR'LETXIV
7*6'ERHXSMRGSVTSVEXIMXMRXSETTPMGEFPIHIWMKRGSHIW +*6' LEW FIIR YWIH I\XIRWMZIP] JSV EVGLMXIGXYVEP GPEH
% HIZIPSTMRK XIGLRSPSK] MR 7*6' MW E QEXIVMEP GEPPIH HMRKTERIPWHYIXSMXWPMKLX[IMKLXIGSRSQ]ERHEFMPMX]XS
7-*'327PYVV]-RJMPXVEXIH*MFIV'SRGVIXI
-XMWTVSHYGIH FIJSVQIHEKEMRWXZIVXMGEPVIXYVRWSRQSPHWYVJEGIW[MXLSYX
F] JMPPMRK ER IQTX] QSPH [MXL PSSWI WXIIP JMFIVW EFSYX FEGOJSVQW-XLEWEPWSFIIRYWIHJSVQER]TPERXQERYJEG
TIVGIRXF]ZSPYQI
ERHJMPPMRKXLIZSMHW[MXLELMKLWXVIRKXL XYVIHTVSHYGXW4VITEGOEKIHWYVJEGIFSRHMRKTVSHYGXWEVI
GIQIRXFEWIHWPYVV]8LIVIWYPXMRKGSQTSWMXII\LMFMXWLMKL YWIH JSV HV] WXEGOIH GSRGVIXI QEWSRV] [EPPW MR LSYWMRK
WXVIRKXL ERH HYGXMPMX] [MXL XLI ZIVWEXMPMX]XS FI WLETIH F] ETTPMGEXMSRWERHJSVEMVWXSTTEKI[EPPWMRQMRIW'LETXIV
JSVQWSVQSPHW?A HMWGYWWIWXLIJYPPVERKISJ+*6'ETTPMGEXMSRW
+*6' XIGLRSPSK] MW GSRXMRYMRK XS HIZIPST MR EVIEW SJ 72*6'LEWJSYRHMXWPEVKIWXGSQQIVGMEPYWIWXSHEXIMRWPEFW
QEXVM\MQTVSZIQIRXWKPEWWGSQTSWMXMSRXIGLRSPSK]ERHMR SR KVEHI JPSSV WPEFW ERH WXE]MRTPEGI JSVQW MR QYPXMWXSV]
QERYJEGXYVMRKXIGLRMUYIW2I[GIQIRXWERHEHHMXMZIWLEZI FYMPHMRKW6IGIRXVIWIEVGLMRJMFIVWERHGSQTSWMXIWLEWSTIRIH
MQTVSZIHGSQTSWMXIHYVEFMPMX]ERHRI[IUYMTQIRXERHETTPM YTRI[TSWWMFMPMXMIWJSVXLIYWISJW]RXLIXMGJMFIVWMRGSRWXVYG
GEXMSRXIGLRMUYIWLEZIMRGVIEWIHXLIQEXIVMEPvWZIVWEXMPMX] XMSRIPIQIRXW8LMRTVSHYGXWTVSHYGIH[MXLW]RXLIXMGJMFIVWGER
72*6'MWEVETMHP]KVS[MRK*6'XIGLRSPSK]EVIEHYIXS HIQSRWXVEXILMKLHYGXMPMX][LMPIVIXEMRMRKMRXIKVMX]'LETXIV
XLIEZEMPEFMPMX]SJE[MHIWTIGXVYQSJJMFIVX]TIWERHE[MHI HMWGYWWIWETTPMGEXMSRWSJ72*6'JSVZEVMSYWJMFIVX]TIW
VERKI SJ SFXEMREFPI GSQTSWMXI IRLERGIQIRXW 8S HEXIXLI %TTPMGEXMSRWJSV2*6'VERKIJVSQXLIYWISJVIPEXMZIP]
PEVKIWXYWISJW]RXLIXMGJMFIVWMWMRVIEH]QM\ETTPMGEXMSRWJSV PS[ZSPYQIEQSYRXWSJREXYVEPJMFIVWMRGSRZIRXMSREPP]GEWX
JPEX WPEF [SVO XS GSRXVSP FPIIHMRK ERH TPEWXMG WLVMROEKI GSRGVIXIXSXLIGSQTPI\QEGLMRIQERYJEGXYVISJLMKLJMFIV
GVEGOMRK 8LMW ETTPMGEXMSR KIRIVEPP] YWIW TIVGIRX F] GSRXIRXVIMRJSVGIHGIQIRXWLIIXTVSHYGXWWYGLEWVSSJWLMR
ZSPYQISJVIPEXMZIP]PS[QSHYPYWW]RXLIXMGJMFIVW KPIW WMHMRK TPEROW YXMPMX] FSEVHW ERH TMTIW 'LETXIV
,MKLIVZSPYQITIVGIRXEKIWXSTIVGIRX
SJJMFIVWLEZI HMWGYWWIW2*6'MRQSVIHIXEMP
FIIRJSYRHXS SJJIV WMKRMJMGERX TVSTIVX]IRLERGIQIRXWXSXLI
72*6'QEMRP]MRGVIEWIHXSYKLRIWWEJXIVGVEGOMRKERHFIXXIV {+PSWWEV]
GVEGO HMWXVMFYXMSR [MXL VIHYGXMSRW MR GVEGO [MHXL 'LETXIV 8LIJSPPS[MRK*6'XIVQWEVIRSXEPVIEH]HIJMRIHMR%'-
HIXEMPW XLI GYVVIRX XIGLRSPSKMGEP EHZERGIQIRXW MR 72*6' MR 6w(IJMRMXMSRWSJ8IVQWJSV'SRGVIXIx
WITEVEXIWIGXMSRWXLEXHMWGYWWIEGLWTIGMJMGJMFIVQEXIVMEP +IRIVEPXIVQW
%WHIWGVMFIHMR'LETXIVREXYVEPJMFIVVIMRJSVGIHGSRGVIXIW
EWTIGXVEXMS{XLIVEXMSSJPIRKXLXSHMEQIXIVSJXLIJMFIV
ZEV]IRSVQSYWP]MRXLIWSTLMWXMGEXMSRF][LMGLXLI]EVIQERY
(MEQIXIVQE]FIIUYMZEPIRXHMEQIXIV
JEGXYVIH8VIEXQIRXSJXLIJMFIVWEPWSZEVMIWGSRWMHIVEFP]-R
FEPPMRK{[LIRJMFIVWIRXERKPIMRXSPEVKIGPYQTWSVFEPPW
PIWWHIZIPSTIHGSYRXVMIWJMFIVWEVIYWIHMREQMRMQEPP]XVIEXIH
MREQM\XYVI
WXEXI-RQSVIEHZERGIHGSYRXVMIW[SSHTYPTJMFIVWEVIYWIH
8LIWI JMFIVW LEZI FIIR I\XVEGXIH F] ER EHZERGIH MRHYWXVMEP FIRHSZIVTSMRX&34
{8LIKVIEXIWXWXVIWWXLEXEQEXI
TVSGIWW[LMGLWMKRMJMGERXP]EPXIVWXLIGLEVEGXIVSJXLIJMFIVWERH VMEP MW GETEFPI SJ HIZIPSTMRK [MXLSYX ER] HIZMEXMSR JVSQ
QEOIWXLIQWYMXEFPIJSVXLIMVIRHYWIW TVSTSVXMSREPMX]SJWXVIWWXSWXVEMR8LMWXIVQMWKIRIVEPP]FYX
RSX EP[E]W
YWIH MR XLI GSRXI\X SJ KPEWW JMFIV VIMRJSVGIH
{%TTPMGEXMSRW GSRGVIXI +*6'
XIRWMPI XIWXMRK 7II w4)0x JSV JPI\YVEP
%WQSVII\TIVMIRGIMWKEMRIH[MXL7*6'QSVIETTPMGE XIWXMRK8LIXIVQw*MVWX'VEGO7XVIRKXLxMWXLIWEQITVSTIVX]
XMSRW EVI EGGITXIH F] XLI IRKMRIIVMRK GSQQYRMX] %'- FYXSJXIRYWIHJSVJMFIVGSRGVIXIWSXLIVXLER+*6'
'SQQMXXII w&YMPHMRK 'SHI 6IUYMVIQIRXW JSV 6IMR GSPPEXIH{JMFIVWFYRHPIHXSKIXLIVIMXLIVF]GVSWWPMROMRK
JSVGIH'SRGVIXIxHSIWRSX]IXVIGSKRM^IXLIIRLERGIQIRXW SVF]GLIQMGEPSVQIGLERMGEPQIERW
XLEX7*6'QEOIWEZEMPEFPIXSWXVYGXYVEPIPIQIRXW%WQSVI IUYMZEPIRX HMEQIXIV{HMEQIXIVSJE GMVGPI[MXLEREVIE
I\TIVMIRGIMWKEMRIHERHVITSVXIHQSVIHEXE[MPPFIEZEMP IUYEPXSXLIGVSWWWIGXMSREPEVIESJXLIJMFIV7IIw72*6'
EFPIXSGSRXVMFYXIXSXLIVIGSKRMXMSRSJIRLERGIH7*6'TVST 8IVQWx JSVXLIHIXIVQMREXMSRSJIUYMZEPIRXHMEQIXIV
*-&)66)-2*36')('32'6)8) 6
JMFIV GSYRX{XLI RYQFIV SJ JMFIVW MR E YRMX ZSPYQI SJ 4SP]QIV QSHMJMIH{+VIEXIV XLER SV IUYEP XS TIVGIRX
GSRGVIXIQEXVM\ TSP]QIVWSPMHWF]ZSPYQISJXSXEPQM\
JMVWX GVEGO{XLI TSMRX SR XLI JPI\YVEP PSEHHIJPIGXMSR SV 72*6'XIVQW
XIRWMPIPSEHI\XIRWMSR GYVZI EX [LMGLXLI JSVQ SJ XLI GYVZI HIRMIV{[IMKLXMRKVEQWSJQIXIVWSJEWMRKPIJMFIV
JMVWXFIGSQIWRSRPMRIEV IUYMZEPIRX HMEQIXIV{HMEQIXIV SJ E GMVGPI [MXL ER EVIE
JMVWXGVEGOWXVIRKXL{XLIWXVIWWGSVVIWTSRHMRKXSXLIPSEH IUYEP XSXLI GVSWWWIGXMSREP EVIE SJXLI JMFIV *SV 72*6'
EX w*MVWX 'VEGOx WII EFSZI
JSV E JMFIV VIMRJSVGIH GSRGVIXI IUYMZEPIRXJMFIVHMEQIXIVHMWGEPGYPEXIHF]
GSQTSWMXIMRFIRHMRKSVXIRWMSR
JPI\YVEP XSYKLRIWW{XLI EVIE YRHIV XLI JPI\YVEP PSEH (
HIJPIGXMSRGYVZISFXEMRIHJVSQEWXEXMGXIWXSJEWTIGMQIRYTXS H ! J
7+
EWTIGMJMIHHIJPIGXMSR-XMWERMRHMGEXMSRSJXLIIRIVK]EFWSVT
XMSRGETEFMPMX]SJEQEXIVMEP
[LIVI
MQTEGXWXVIRKXL{XLIXSXEPIRIVK]VIUYMVIHXSFVIEOEWXER
J ! JSVHMRQQ
HEVHXIWXWTIGMQIRSJEWTIGMJMIHWM^IYRHIVWTIGMJMIHMQTEGX
J ! JSVHMRMRGLIW
GSRHMXMSRW
( ! JMFIVHIRMIV
QSHYPYWSJVYTXYVI136
{XLIKVIEXIWXFIRHMRKWXVIWW
7+ ! JMFIVWTIGMJMGKVEZMX]
EXXEMRIHMREJPI\YVEPWXVIRKXLXIWXSJEJMFIVVIMRJSVGIHGSRGVIXI
JMFVMPPEXIH{E WPMX JMPQ JMFIV [LIVI WIGXMSRW SJ XLI JMFIV
WTIGMQIR%PXLSYKLQSHYPYWSJVYTXYVIMWW]RSR]QSYW[MXL
TIIPE[E]JSVQMRKFVERGLMRKJMFVMPW
QEXVM\GVEGOMRKJSVTPEMRGSRGVIXIWTIGMQIRWXLMWMWRSXXLI
JMFVMPPEXIH RIX[SVOW{GSRXMRYSYW RIX[SVOW SJ JMFIV MR
GEWIJSVJMFIVVIMRJSVGIHGSRGVIXIWTIGMQIRW7IITVSTSVXMSREP
[LMGLXLIMRHMZMHYEPJMFIVWLEZIFVERGLMRKJMFVMPW
IPEWXMG PMQMX 4)0
JSV HIJMRMXMSR SJ GVEGOMRK MR JMFIV VIMR
QSRSJMPEQIRX{ER] WMRKPI JMPEQIRX SJ E QERYJEGXYVIH
JSVGIHGSRGVIXI
JMFIVYWYEPP]SJEHIRMIVLMKLIVXLER-RWXIEHSJEKVSYT
QSRSJMPEQIRX{WMRKPIJMPEQIRXJMFIVX]TMGEPP]G]PMRHVMGEP
SJ JMPEQIRXW FIMRK I\XVYHIH XLVSYKL E WTMRRIVIX XS JSVQ E
MRGVSWWWIGXMSR
]EVRQSRSJMPEQIRXWKIRIVEPP]EVIWTYRMRHMZMHYEPP]
TVSGIWW JMFIVW{JMFIVW EHHIH XS XLI GSRGVIXI QEXVM\ EW
QYPXMJMPEQIRX{E ]EVR GSRWMWXMRK SJ QER] GSRXMRYSYW
JMPPIVWSVXSJEGMPMXEXIETVSHYGXMSRTVSGIWW
JMPEQIRXWSVWXVERHWEWSTTSWIHXSQSRSJMPEQIRX[LMGLMW
TVSTSVXMSREP IPEWXMG PMQMX 4)0
{XLI KVIEXIWX FIRHMRK
SRIWXVERH1SWXXI\XMPIJMPEQIRX]EVRWEVIQYPXMJMPEQIRX
WXVIWWXLEXEQEXIVMEPMWGETEFPISJHIZIPSTMRK[MXLSYXWMKRMJM
TSWXQM\ HIRMIV{8LI EZIVEKI HIRMIV SJ JMFIV EW
GERX HIZMEXMSR JVSQ TVSTSVXMSREPMX] SJ WXVIWW XS WXVEMR 8LMW
HMWTIVWIHXLVSYKLSYXXLIGSRGVIXIQM\XYVISTIRIHJMFVMPW
XIVQMWKIRIVEPP]FYXRSXEP[E]W
YWIHMRXLIGSRXI\XSJKPEWW
TVIQM\HIRMIV{8LIEZIVEKIHIRMIVSJJMFIVEWEHHIHXS
JMFIVVIMRJSVGIHGSRGVIXI+*6'
JPI\YVEPXIWXMRKw&IRH3ZIV
XLIGSRGVIXIQM\XYVIYRSTIRIHJMFVMPW
4SMRX&34
xMWXLIXIVQKMZIRXSXLIWEQITVSTIVX]QIEWYVIH
WXETPI{GYXPIRKXLWJVSQJMPEQIRXW1ERYJEGXYVIHWXETPI
MREXIRWMPIXIWX8LIXIVQw*MVWX'VEGO7XVIRKXLxMWXLIWEQI
JMFIVWEVIGYXXSEHIJMRMXIPIRKXL8LIXIVQWXETPIJMFIV
MW
TVSTIVX]FYXSJXIRYWIHJSVJMFIVGSRGVIXIWSXLIVXLER+*6'
YWIHMRXLIXI\XMPIMRHYWXV]XSHMWXMRKYMWLREXYVEPSVGYXPIRKXL
WTIGMJMGWYVJEGI{XLIXSXEPWYVJEGIEVIESJJMFIVWMREYRMX
QERYJEGXYVIHJMFIVWJVSQJMPEQIRX
ZSPYQISJGSRGVIXIQEXVM\
72*6'{W]RXLIXMGJMFIVVIMRJSVGIHGSRGVIXI
XSYKLRIWWMRHMGIW{XLIRYQFIVWSFXEMRIHF]HMZMHMRKXLI
XIREGMX]{LEZMRKLMKLXIRWMPIWXVIRKXL
EVIEYRHIVXLIPSEHHIJPIGXMSRGYVZIYTXSEWTIGMJMIHHIJPIG
XS[{%X[MWXIHQYPXMJMPEQIRXWXVERHWYMXEFPIJSVGSRZIV
XMSRF]XLIEVIEYRHIVXLIPSEHHIJPIGXMSRGYVZIYTXSw*MVWX
WMSRMRXSWXETPIJMFIVWSVWPMZIVSVHMVIGXWTMRRMRKMRXS]EVR
'VEGOx
2*6'XIVQW
YPXMQEXI XIRWMPI WXVIRKXL 987
{XLI KVIEXIWX XIRWMPI
2*6'{REXYVEPJMFIVVIMRJSVGIHGSRGVIXI
WXVIWWEXXEMRIHMREXIRWMPIWXVIRKXLXIWXSJEJMFIVVIMRJSVGIH
42*{TVSGIWWIHREXYVEPJMFIVW
GSRGVIXIWTIGMQIR
42*6'{TVSGIWWIHREXYVEPJMFIVVIMRJSVGIHGSRGVIXI
7*6'XIVQW
92*{YRTVSGIWWIHREXYVEPJMFIVW
7*6'{WXIIPJMFIVVIMRJSVGIHGSRGVIXI
+*6'XIVQW {6IGSQQIRHIHVIJIVIRGIW
IQFVMXXPIQIRX{PSWW SJ GSQTSWMXI HYGXMPMX] EJXIV EKMRK +IRIVEP VIJIVIRGI FSSOW ERH HSGYQIRXW SJ XLI ZEVMSYW
GEYWIH F] XLI JMPPMRK SJ XLI MRXIVWXMXMEP WTEGIW WYVVSYRHMRK SVKERM^EXMSRWEVIPMWXIHFIPS[[MXLXLIMVWIVMEPHIWMKREXMSR
MRHMZMHYEPKPEWWJMFIVWMREJMFIVFYRHPISVWXVERH[MXLL]HVE 8LIWI HSGYQIRXW QE] FI SFXEMRIH JVSQ XLI JSPPS[MRK
XMSR TVSHYGXW XLIVIF] MRGVIEWMRK JMFIVXSQEXVM\ FSRH ERH SVKERM^EXMSRW
HMWEPPS[MRKJMFIVWPMT
%6+*6'{EPOEPMVIWMWXERXKPEWWJMFIVVIMRJSVGIHGSRGVIXI %QIVMGER'SRGVIXI-RWXMXYXI
+*6'{+PEWW JMFIV VIMRJSVGIH GSRGVIXI 8]TMGEPP] 43&S\
+*6'MW%6+*6' *EVQMRKXSR,MPPW1-
4+*6'{TSP]QIV QSHMJMIHKPEWW JMFIV VIMRJSVGIH
GSRGVIXI %781-RXIVREXMSREP
TSP]QIV EHHMXMSR{PIWW XLER TIVGIRX TSP]QIVWSPMHW &EVV,EVFSV(V
F]ZSPYQISJXSXEPQM\ ;IWX'SRWLSLSGOIR4%
6 %'-'311-88))6)4368
&VMXMWL7XERHEVHW-RWXMXYXI ;SVOWLST LIPH NSMRXP] F] 6-0)1 ERH %'- 7XYXXKEVX 9RMZIVWMX] ERH XLI
4EVO7XVIIX0SRHSR;%&)RKPERH 9RMZIVWMX]SJ1MGLMKER)
*27TSR-7&2.YRITT
4VSGIIHMRKW*MFVI6IMRJSVGIH'IQIRXERH'SRGVIXIIHMXIHF]62
7[EQ]4VSGIIHMRKWSJXLI*SYVXL6-0)1-RXIVREXMSREP7]QTSWMYQSR*MFVI
.ETERIWI7SGMIX]SJ'MZMP)RKMRIIVW 6IMRJSVGIH'IQIRXERH'SRGVIXI)
*27TSR-7&2<
1YFERGLM=SXWY]EGLSQI7LMRNYOYOY8SO]S TT
.ETER (IZIPSTQIRXW MR *MFVI 6IMRJSVGIH 'IQIRX ERH 'SRGVIXI 6-0)1
7]QTSWMYQ4VSGIIHMRKW6-0)1'SQQMXXII8*6ZSPYQIW
8IWXMRKERH8IWX1IXLSHWSJ*MFVI'IQIRX'SQTSWMXIW6-0)17]QTS
6-0)1 WMYQ4VSGIIHMRKW'SRWXVYGXMSR4VIWW0XHTT
4EZMPPSR(Y'VSYW%Z(Y4VIWMHIRX;MPWSR *MFVI 6IMRJSVGIH 'IQIRX ERH 'SRGVIXI 6-0)1 7]QTSWMYQ 4VSGIIH
'EGLER*VERGI MRKW'SRWXVYGXMSR4VIWW0XHTTMRZSPYQIW
8EFPI{6IGSQQIRHIHGSQFMRIHEKKVIKEXIKVEHEXMSRWJSVWXIIPJMFIV
VIMRJSVGIHGSRGVIXI
4IVGIRXTEWWMRKJSVQE\MQYQWM^ISJ
97WXERHEVHWMIZI MR MR MR MR MR
WM^I QQ
QQ
QQ
QQ
QQ
QQ
QQ
QQ
QQ
QQ
QQ
QQ
QQ
QQ
Q
Q
Q
Q
*MK{*VEGXYVIWYVJEGISJ7*6'
XLIWYTTSVXSJI\GEZEXMSR0EFSVRSVQEPP]YWIHMRTPEGMRK 8]TI---{1IPXI\XVEGXIH
QIWLSVVIMRJSVGMRKFEVWMRXLIWIETTPMGEXMSRWQE]FIIPMQ 8]TI-:{3XLIVJMFIVW
MREXIH3XLIVETTPMGEXMSRWEVITVIWIRXIHMRXLMWVITSVX 8LI.ETERIWI7SGMIX]SJ'MZMP)RKMRIIVW.7')
LEWGPEW
(IJMRMXMSR SJ JMFIV X]TIW{7XIIPJMFIVW MRXIRHIH JSV WMJMIHWXIIPJMFIVWFEWIHSRXLIWLETISJXLIMVGVSWWWIGXMSR
VIMRJSVGMRKGSRGVIXIEVIHIJMRIHEWWLSVXHMWGVIXIPIRKXLWSJ 8]TI{7UYEVIWIGXMSR
WXIIPLEZMRKEREWTIGXVEXMSVEXMSSJPIRKXLXSHMEQIXIV
JVSQ 8]TI{'MVGYPEVWIGXMSR
EFSYXXS[MXLER]SJWIZIVEPGVSWWWIGXMSRWERHXLEX 8]TI{'VIWGIRXWIGXMSR
EVIWYJJMGMIRXP]WQEPPXSFIVERHSQP]HMWTIVWIHMRERYRLEVH 8LIGSQTSWMXMSRSJWXIIPJMFIVWKIRIVEPP]MRGPYHIWGEVFSR
IRIHGSRGVIXIQM\XYVIYWMRKYWYEPQM\MRKTVSGIHYVIW WXIIPSVPS[GEVFSRWXIIPWSQIXMQIW[MXLEPPS]MRKGSRWXMXY
%781 % TVSZMHIW E GPEWWMJMGEXMSR JSV JSYV KIRIVEP IRXW
SVWXEMRPIWW WXIIP(MJJIVIRXETTPMGEXMSRWQE] VIUYMVI
X]TIW SJ WXIIP JMFIVW FEWIH YTSR XLI TVSHYGX YWIH MR XLIMV HMJJIVIRXJMFIVGSQTSWMXMSRW
QERYJEGXYVI 1ERYJEGXYVMRK QIXLSHW JSV WXIIP JMFIVW{6SYRH
8]TI-{'SPHHVE[R[MVI WXVEMKLX WXIIP JMFIVW EVI TVSHYGIH F] GYXXMRK SV GLSTTMRK
8]TI--{'YXWLIIX [MVI X]TMGEPP] [MVI LEZMRK E HMEQIXIV FIX[IIR ERH
*-&)66)-2*36')('32'6)8) 6
9RHIVWPS[JPI\YVIGSRHMXMSRWXSYKLRIWWGERFIUYEPMXE
XMZIP] HIQSRWXVEXIH F] SFWIVZMRK XLI JPI\YVEP FILEZMSV SJ
WMQTP]WYTTSVXIHFIEQW?A%GSRGVIXIFIEQGSRXEMRMRK
WXIIPJMFIVWWYJJIVWHEQEKIF]KVEHYEPHIZIPSTQIRXSJWMRKPI
SV QYPXMTPI GVEGOW [MXL MRGVIEWMRK HIJPIGXMSR FYX VIXEMRW
WSQIHIKVIISJWXVYGXYVEPMRXIKVMX]ERHTSWXGVEGOVIWMWXERGI
IZIR[MXLGSRWMHIVEFPIHIJPIGXMSR%WMQMPEVFIEQ[MXLSYX
WXIIPJMFIVWJEMPWWYHHIRP]EXEWQEPPHIJPIGXMSRF]WITEVEXMSR
MRXSX[STMIGIW
8LIWI X[SWMQTPI QERMJIWXEXMSRW SJ XSYKLRIWW WIVZIRSX
SRP]XSMHIRXMJ]XLIGLEVEGXIVMWXMGSJXSYKLRIWWMREUYEPMXE
XMZIWIRWIFYXEPWSI\IQTPMJ]XLIX[SGEXIKSVMIWSJXIWXMRK
XIGLRMUYIW JSV UYERXMJ]MRK XSYKLRIWW REQIP] XIGLRMUYIW
MRZSPZMRKIMXLIVLMKLVEXIWMRKPISVQYPXMTPIETTPMGEXMSRWSJ
PSEHSVEWMRKPIWPS[VEXIETTPMGEXMSRSJPSEH
8LI TVIJIVVIH XIGLRMUYI JSV HIXIVQMRMRK XSYKLRIWW SJ
7*6'MWF]JPI\YVEPPSEHMRK8LMWVIJPIGXWXLIWXVIWWGSRHMXMSR
MRXLIQENSVMX]SJETTPMGEXMSRWWYGLEWTEZMRKJPSSVMRKERH
WLSXGVIXI PMRMRKW 7PS[ JPI\YVI MW EPWS TVIJIVEFPI JSV HIXIV
QMRMRKXSYKLRIWWFIGEYWIXLIVIWYPXWEVIPS[IVFSYRHZEPYIW
WEJIJSVYWIMRHIWMKR3XLIVJYPP]MRWXVYQIRXIHXIWXWEVISJXIR
WSGSQTPI\XLEXXLIXMQIERHGSWXEVITVSLMFMXMZI?A-RXLI
WXERHEVHM^IHWPS[JPI\YVIQIXLSHW.7')7*ERH%781'
EQIEWYVISJXSYKLRIWWMWHIVMZIHJVSQEREP]WMWSJXLI
PSEHHIJPIGXMSRGYVZIEWMRHMGEXIHMR*MK(IXEMPWSJXLIWI
QIXLSHWEPSRK[MXLEHMWGYWWMSRSJXLIMVQIVMXWERHHVE[FEGOW
EVITVIWIRXIHMR6IJIVIRGIW ERH8LIWIXIWX
QIXLSHW TVSZMHI WTIGMJMIVW ERH HIWMKRIVW [MXL E QIXLSH XS
WTIGMJ]ERHXIWXJSVXSYKLRIWWPIZIPWETTVSTVMEXIXSXLIMVETTPM
GEXMSRW%WERI\EQTPIJSV7*6'XYRRIPPMRMRKW-ERH-
XSYKLRIWW MRHMGIW WSQIXMQIW LEZI FIIR WTIGMJMIH %PWS
XSYKLRIWWMRHMGIWERHVIWMHYEPWXVIRKXLJEGXSVWGSVVIWTSRHMRK
XSLMKLIVIRHTSMRXHIJPIGXMSRWEW[IPPEWQMRMQYQJPI\YVEP
WXVIRKXLVIUYMVIQIRXWEWHIWGVMFIHMR%781'EVIEPWS
FIMRK YWIH 8LI .7') 7* IUYMZEPIRX JPI\YVEP WXVIRKXL MW
WSQIXMQIWYWIHEWEREPXIVREXIXSHIWMKRQIXLSHWFEWIHSR
*MK{7GLIQEXMGSJPSEHHIJPIGXMSRGYVZIWERHXSYKLRIWW JMVWXGVEGOWXVIRKXLJSVWPEFSRKVEHIHIWMKR
TEVEQIXIVW 8LIVQEP GSRHYGXMZMX]{7QEPP MRGVIEWIW MR XLI
XLIVQEPGSRHYGXMZMX]SJWXIIPJMFIVVIMRJSVGIHQSVXEV[MXL
XLERTIVGIRXLEZIRSWMKRMJMGERXIJJIGXSRXLIGVIITERHJVII XSTIVGIRXF]ZSPYQISJJMFIV[IVIJSYRH[MXLMRGVIEWMRK
WLVMROEKIFILEZMSVSJTSVXPERHGIQIRXQSVXEVERHGSRGVIXI JMFIVGSRXIRX?A
1SHYPYW SJ IPEWXMGMX] ERH 4SMWWSRvW VEXMS{-R %FVEWMSRVIWMWXERGI{7XIIPJMFIVWLEZIRSIJJIGX
TVEGXMGI[LIRXLIZSPYQITIVGIRXEKISJJMFIVWMWPIWWXLER SREFVEWMSRVIWMWXERGISJGSRGVIXIF]TEVXMGYPEXIHIFVMWGEVVMIH
TIVGIRX XLI QSHYPYW SJ IPEWXMGMX] ERH 4SMWWSRvW VEXMS SJ MRWPS[P]JPS[MRK[EXIV,S[IZIVYRHIVLMKLZIPSGMX]JPS[
7*6'EVIKIRIVEPP]XEOIREWIUYEPXSXLSWISJEWMQMPEVRSR TVSHYGMRK GEZMXEXMSR GSRHMXMSRW ERH PEVKI MQTEGX JSVGIW
JMFVSYWGSRGVIXISVQSVXEV GEYWIHF]XLIHIFVMW7*6'LEWWMKRMJMGERXP]MQTVSZIHVIWMW
8SYKLRIWW{)EVP]MRXLIHIZIPSTQIRXSJ7*6' XERGIXSHMWMRXIKVEXMSR?A%FVEWMSRVIWMW
XSYKLRIWW [EW VIGSKRM^IH EW XLI GLEVEGXIVMWXMG XLEX QSWX XERGIEWMXVIPEXIWXSTEZIQIRXERHWPEF[IEVYRHIV[LIIPIH
GPIEVP] HMWXMRKYMWLIW 7*6' JVSQ GSRGVIXI [MXLSYX WXIIP XVEJJMGMWPEVKIP]YREJJIGXIHF]WXIIPJMFIVW7XERHEVHEFVEWMSR
JMFIVW?A9RHIVMQTEGXGSRHMXMSRWXSYKLRIWWGER XIWXW %781 ' 4VSGIHYVI '
SR JMIPH ERH PEFSVEXSV]
FIUYEPMXEXMZIP]HIQSRWXVEXIHF]XV]MRKXSFVIEOXLVSYKLE WEQTPIWGSRJMVQXLMWSFWIVZEXMSR?A
WIGXMSRSJ7*6'[MXLELEQQIV*SVI\EQTPIEWXIIPJMFIV *VMGXMSR ERH WOMH VIWMWXERGI{7XEXMG JVMGXMSR
VIMRJSVGIH QSVXEV TSX [MXLWXERHW QYPXMTPI LEQQIV FPS[W WOMH ERH VSPPMRK VIWMWXERGI SJ 7*6' ERH MHIRXMGEP TPEMR
FIJSVIELSPIMWTYRGLIHEXXLITSMRXSJMQTEGX)ZIRXLIR GSRGVIXI GEWX MRXS PEFSVEXSV]WM^I WPEF WEQTPIW [IVI
XLIVIWXSJXLITSXVIXEMRWMXWWXVYGXYVEPMRXIKVMX]-RGSRXVEWX GSQTEVIHMREWMQYPEXIHWOMHXIWX?A8LI7*6'LEH
EWMQMPEVTSXQEHISJQSVXEV[MXLSYX WXIIPJMFIVWJVEGXYVIW MR QQ
QE\MQYQ WM^I EKKVIKEXIW 8IWX VIWYPXW
MRXS WIZIVEP TMIGIW EJXIV E WMRKPI LEQQIV FPS[ PSWMRK MXW WLS[IH XLEX XLI GSIJJMGMIRX SJ WXEXMG JVMGXMSR JSV HV]
WXVYGXYVEPMRXIKVMX] GSRGVIXIWYVJEGIW[MXLRS[IEVIVSWMSRSVHIXIVMSVEXMSRSJ
*-&)66)-2*36')('32'6)8) 6
XLI WYVJEGI [EW MRHITIRHIRX SJ XLI WXIIP JMFIV GSRXIRX 8SVIHYGIXLITSXIRXMEPJSVGSVVSWMSREXGVEGOWSVWYVJEGI
%JXIV WMQYPEXIH EFVEWMSR ERH IVSWMSR SJ XLI WYVJEGI XLI WXEMRMRKXLIYWISJEPPS]IHGEVFSRWXIIPJMFIVWWXEMRPIWWWXIIP
WXIIPJMFIVVIMRJSVGIHWYVJEGIWLEHYTXSTIVGIRXLMKLIV JMFIVWSVKEPZERM^IHGEVFSRWXIIPJMFIVWEVITSWWMFPIEPXIVRE
WOMH ERH VSPPMRK VIWMWXERGI XLER HMH TPEMR GSRGVIXI YRHIV XMZIW4VIGEYXMSRWJSVXLIYWISJKEPZERM^IHWXIIPWMRGSRGVIXI
HV][IXERHJVS^IRWYVJEGIGSRHMXMSRW QYWXFISFWIVZIHEWSYXPMRIHMR%'-
(YVEFMPMX] 7LVMROEKI GVEGOMRK{'SRGVIXI WLVMROW [LIR MX MW
*VII^MRKERHXLE[MRK{%PPXLI[IPPORS[RTVEG WYFNIGXIHXSEHV]MRKIRZMVSRQIRX8LII\XIRXSJWLVMROEKI
XMGIWJSVQEOMRKHYVEFPIGSRGVIXIETTP]XS7*6'*SVJVII^MRK HITIRHW SR QER] JEGXSVW MRGPYHMRK XLI TVSTIVXMIW SJ XLI
ERHXLE[MRKVIWMWXERGIXLIWEQIEMVGSRXIRXGVMXIVMEWLSYPHFI QEXIVMEPWXIQTIVEXYVIERHVIPEXMZILYQMHMX]SJXLIIRZMVSR
YWIH EW MW VIGSQQIRHIH MR %'- )\TSWYVI XIWXW LEZI QIRXXLIEKI[LIRGSRGVIXIMWWYFNIGXIHXSXLIHV]MRKIRZM
KIRIVEPP] VIZIEPIH XLEX JSV JVII^MRK ERH XLE[MRK VIWMWXERGI VSRQIRX ERH XLI WM^I SJ XLI GSRGVIXI QEWW -J GSRGVIXI MW
7*6'QYWXFIEMVIRXVEMRIH?A%MVZSMHGLEVEGXIVMWXMGWSJ VIWXVEMRIHJVSQWLVMROEKIXLIRXIRWMPIWXVIWWIWHIZIPSTERH
7*6' ERH RSRJMFVSYW GSRGVIXI EVI WMQMPEV MR REXYVI GSRGVIXIQE]GVEGO7LVMROEKIGVEGOMRKMWSRISJXLIQSVI
WYTTSVXMRKXLIEFSZIL]TSXLIWMW?A GSQQSRGEYWIWSJGVEGOMRKJSV[EPPWWPEFWERHTEZIQIRXW
3RI SJ XLI QIXLSHW XS VIHYGI XLI EHZIVWI IJJIGXW SJ
'SVVSWMSRSJJMFIVWGVEGOJVIIGSRGVIXI{)\TI
WLVMROEKI GVEGOMRK MW VIMRJSVGMRK XLI GSRGVIXI [MXL WLSVX
VMIRGI XS HEXI LEW WLS[R XLEX MJ E GSRGVIXI LEW E HE]
VERHSQP]HMWXVMFYXIHWXIIPJMFIVW
GSQTVIWWMZI WXVIRKXL SZIV TWM 14E
MW [IPP
7MRGIGSRGVIXIMWEPQSWXEP[E]WVIWXVEMRIHXLIXIRHIRG]
GSQTEGXIH ERH GSQTPMIW [MXL %'- VIGSQQIRHEXMSRW
JSVGVEGOMRKMWGSQQSR7XIIPJMFIVWLEZIXLVIIVSPIWMRWYGL
JSV [EXIVGIQIRX VEXMS XLIR GSVVSWMSR SJ JMFIVW [MPP FI
WMXYEXMSRW
XLI]EPPS[QYPXMTPIGVEGOMRKXSSGGYV
XLI]
PMQMXIHXSXLIWYVJEGIWOMRSJXLIGSRGVIXI3RGIXLIWYVJEGI
EPPS[XIRWMPIWXVIWWIWXSFIXVERWJIVVIHEGVSWWGVEGOWMIXLI
JMFIVWGSVVSHIXLIVIHSIWRSXWIIQXSFIETVSTEKEXMSRSJXLI
GSQTSWMXI QEMRXEMRW VIWMHYEP XIRWMPI WXVIRKXL IZIR MJ
GSVVSWMSR QYGL QSVI XLER MR QQ
FIPS[ XLI
WLVMROEKIGVEGOWSGGYVERH
WXVIWWXVERWJIVGERSGGYVJSV
WYVJEGI8LMWPMQMXIHWYVJEGIGSVVSWMSRWIIQWXSI\MWXIZIR
EPSRKXMQITIVQMXXMRKLIEPMRKWIEPMRKSJXLIGVEGOW?A
[LIR XLI GSRGVIXI MW LMKLP] WEXYVEXIH [MXL GLPSVMHI MSRW
8LIVI MW RS WXERHEVH XIWX XS EWWIWW GVEGOMRK HYI XS
?A7MRGIXLIJMFIVWEVIWLSVXHMWGSRXMRYSYWERHVEVIP]
VIWXVEMRIHWLVMROEKI%WYMXEFPIXIWXQIXLSHMWRIGIWWEV]XS
XSYGLIEGLSXLIVXLIVIMWRSGSRXMRYSYWGSRHYGXMZITEXLJSV
IZEPYEXI XLI IJJMGMIRG] SJ HMJJIVIRX X]TIW ERH EQSYRXW SJ
WXVE] SV MRHYGIH GYVVIRXW SV GYVVIRXW JVSQ IPIGXVSQSXMZI
JMFIVW %781 ' VIGSQQIRHW XLI YWI SJ E PSRK TVMW
TSXIRXMEPFIX[IIRHMJJIVIRXEVIEWSJXLIGSRGVIXI
QEXMGWTIGMQIRXSQIEWYVIJVIIWLVMROEKI-JMXMWEWWYQIH
0MQMXIHI\TIVMIRGIMWEZEMPEFPISRJMFIVGSVVSWMSRMRETTPM XLEXXLIPIRKXLSJXLIWTIGMQIRMWQYGLPEVKIVXLERXLIGVSWW
GEXMSRWWYFNIGXIHXSXLIVQEPG]GPMRK7LSVXPIRKXLJMFIVWHS WIGXMSREPHMQIRWMSRWXLIRXLISFWIVZEXMSRSJXLIGLERKIMR
RSXHIFSRHYRHIVXLIVQEPG]GPMRKEPXLSYKLWYGLHIFSRHMRK PIRKXL[MXLXMQIGERTVSZMHIEQIEWYVISJSRIHMQIRWMSREP
GER SGGYV [MXL GSRZIRXMSREP FEV SV QIWL VIMRJSVGIQIRX WLVMROEKI-JXLMWPSRKTVMWQEXMGWTIGMQIRMWVIWXVEMRIHJVSQ
7MRGI XLI GSVVSWMSR QIGLERMWQ SGGYVW MR HIFSRHIH EVIEW WLVMROMRK XLIR YRME\MEP XIRWMPI WXVIWWIW EVI TVSHYGIH -J E
7*6'LEWMQTVSZIHHYVEFMPMX]SZIVGSRZIRXMSREPVIMRJSVGIH VIWXVEMRIHWLVMROEKIXIWXMWGEVVMIHSYXWYGLXLEXIWWIRXMEPP]
GSRGVIXIJSVXLMWETTPMGEXMSR YRMJSVQYRME\MEPXIRWMPIWXVIWWIWEVITVSHYGIHXLIRWYGLE
'SVVSWMSRSJJMFIVWGVEGOIHGSRGVIXI{0EFSVE XIWXMWWSQI[LEXWMQMPEVXSEYRME\MEPXIRWMPIXIWX
XSV] ERH JMIPH XIWXMRK SJ GVEGOIH 7*6' MR ER IRZMVSRQIRX %REPXIVREXIWMQTPIETTVSEGLMWXSYWIVMRKX]TIWTIGMQIRW
GSRXEMRMRKGLPSVMHIWLEWMRHMGEXIHXLEXGVEGOWMRGSRGVIXIGER EWHMWGYWWIHMR6IJIVIRGIW ERHXLVSYKL
PIEHXSGSVVSWMSRSJXLIJMFIVWTEWWMRKEGVSWWXLIGVEGO?A ;LMPIXLIEHHMXMSRSJWXIIPJMFIVWQE]RSXVIHYGIXLIXSXEP
,S[IZIVGVEGO[MHXLWSJPIWWXLERQQMR
HSRSX EQSYRXSJVIWXVEMRIHWLVMROEKIMXGERMRGVIEWIXLIRYQFIVSJ
EPPS[ GSVVSWMSR SJ WXIIP JMFIVW TEWWMRK EGVSWW XLI GVEGO GVEGOW ERH XLYW VIHYGI XLI EZIVEKI GVEGO [MHXLW 7SQI
?A-JXLIGVEGOW[MHIVXLERQQMR
EVIPMQMXIH VIWYPXWJSV7*6'VMRKX]TIWTIGMQIRWEVIWLS[RMR*MK
MRHITXLXLIGSRWIUYIRGIWSJXLMWPSGEPM^IHGSVVSWMSRQE] -XGERFIWIIRXLEXXLIEHHMXMSRSJIZIREWQEPPEQSYRX
RSXEP[E]WFIWXVYGXYVEPP]WMKRMJMGERX,S[IZIVMJJPI\YVEPSV ZSPTIVGIRX
SJWXVEMKLXWQSSXLWXIIPJMFIVWMRPSRKERH
XIRWMPIGVEGOMRKSJ7*6'GERPIEHXSEGEXEWXVSTLMGWXVYGXYVEP MRMRHMEQIXIVQQF]QQ MRHMEQIXIV
GER
GSRHMXMSR JYPP GSRWMHIVEXMSR WLSYPH FI KMZIR XS XLI TSWWM VIHYGIXLIEZIVEKIGVEGO[MHXLWMKRMJMGERXP]XLIZEPYISJ
FMPMX]SJGSVVSWMSREXGVEGOW XLITPEMRGSRGVIXIWTIGMQIR
1SWXSJXLIGSVVSWMSRXIWXMRKSJ7*6'LEWFIIRTIVJSVQIH
MREWEXYVEXIHGLPSVMHIIRZMVSRQIRXIMXLIVI\TIVMQIRXEPP]MR {4VITEVEXMSRXIGLRSPSKMIW
XLIPEFSVEXSV]SVMREQEVMRIXMHEP^SRI'SVVSWMSRFILEZMSV 1M\MRKSJ76*'GERFIEGGSQTPMWLIHF]WIZIVEPQIXLSHW
SJ7*6'MREKKVIWWMZIRSRWEXYVEXIHIRZMVSRQIRXSVMRJVIWL [MXL XLI GLSMGI SJ QIXLSH HITIRHMRK SR XLI NSF VIUYMVI
[EXIVI\TSWYVIMWPMQMXIH&EWIHSRXLIXIWXWMRGLPSVMHIIRZM QIRXWERHXLIJEGMPMXMIWEZEMPEFPI-XMWMQTSVXERXXSLEZIE
VSRQIRXW ERH XLI TVIWIRX ORS[PIHKI SJ GSVVSWMSR SJ VIMR YRMJSVQHMWTIVWMSRSJXLIJMFIVWERHXSTVIZIRXXLIWIKVIKE
JSVGIQIRXMXMWTVYHIRXXSGSRWMHIVXLEXMRQSWXTSXIRXMEPP] XMSRSVFEPPMRKSJXLIJMFIVWHYVMRKQM\MRK
EKKVIWWMZI IRZMVSRQIRXW [LIVI GVEGOW MR 7*6' GER FI &EPPMRKSJXLIJMFIVWHYVMRKQM\MRKMWVIPEXIHXSERYQFIV
I\TIGXIH GSVVSWMSR SJ GEVFSR WXIIP JMFIVW TEWWMRK XLVSYKL SJJEGXSVW8LIQSWXMQTSVXERXJEGXSVWETTIEVXSFIXLIEWTIGX
XLIGVEGO[MPPSGGYVXSWSQII\XIRX VEXMS SJ XLI JMFIVW XLI ZSPYQI TIVGIRXEKI SJ JMFIVW XLI
6 %'-'311-88))6)4368
8EFPI{6ERKISJTVSTSVXMSRWJSVRSVQEP[IMKLXWXIIPJMFIVVIMRJSVGIH
GSRGVIXI
MRQE\MQYQWM^I MRQE\MQYQWM^I MRQE\MQYQWM^I
1M\TEVEQIXIVW EKKVIKEXI EKKVIKEXI EKKVIKEXI
'IQIRXPF]H
[G
4IVGIRXSJJMRIXSGSEVWI
EKKVIKEXI
)RXVEMRIHEMVGSRXIRXTIVGIRX
*MFIVGSRXIRXZSPTIVGIRX
(IJSVQIHJMFIV
7QSSXLJMFIV
*MK{%ZIVEKIGVEGO[MHXLZIVWYWJMFIVZSPYQI
*MK {%HHMRK WXIIP JMFIVW XS E PSEHIH QM\IV XVYGO ZME
GSRZI]SV
QE\MQYQ WM^I ERH KVEHEXMSR SJ XLI EKKVIKEXIW ERH XLI
QIXLSH SJ EHHMRK XLI JMFIVW XS XLI QM\XYVI %W XLI JMVWX [MPPFIYWIHJSVXLITVSNIGX6IGSQQIRHEXMSRWJSVXVMEPQM\IW
XLVII SJ XLIWI JEGXSVW MRGVIEWI XLI XIRHIRG] JSV FEPPMRK ERHXLIQE\MQYQJMFIVGSRXIRXJSVKSSH[SVOEFMPMX]EVIEZEMP
MRGVIEWIW6IJIVXS%'-6w+YMHI*SV7TIGMJ]MRK EFPIJVSQXLIWXIIPJMFIVQERYJEGXYVIVW
1M\MRK 4PEGMRK ERH *MRMWLMRK 7XIIP *MFIV 6IMRJSVGIH
1M\MRKQIXLSHW{-XMWZIV]MQTSVXERXXLEXXLIJMFIVW
'SRGVIXIxJSVEHHMXMSREPMRJSVQEXMSR
FIHMWTIVWIHYRMJSVQP]XLVSYKLSYXXLIQM\XYVI8LMWQYWXFI
1M\ TVSTSVXMSRW{'SQTEVIH XS GSRZIRXMSREP HSRIHYVMRKXLIFEXGLMRKERHQM\MRKTLEWI7IZIVEPQM\MRK
GSRGVIXIWSQI7*6'QM\XYVIWEVIGLEVEGXIVM^IHF]LMKLIV WIUYIRGIW LEZI FIIR WYGGIWWJYPP] YWIH MRGPYHMRK XLI
GIQIRX GSRXIRX LMKLIV JMRI EKKVIKEXI GSRXIRX ERH JSPPS[MRK
HIGVIEWMRK WPYQT [MXL MRGVIEWMRK JMFIV GSRXIRX 7MRGI
GSRWSPMHEXMSR[MXLQIGLERMGEPZMFVEXMSRMWVIGSQQIRHIHMR %HHXLIJMFIVWXSXLIXVYGOQM\IVEJXIVEPPSXLIVMRKVI
QSWX 7*6' ETTPMGEXMSRW EWWIWWMRK XLI [SVOEFMPMX] SJ E HMIRXW MRGPYHMRK XLI [EXIV LEZI FIIR EHHIH ERH
7*6' QM\XYVI [MXL %781 ' -RZIVXIH 7PYQT'SRI QM\IH 7XIIP JMFIVW WLSYPH FI EHHIH XS XLI QM\IV
8MQI SV XLI :IFI XIWX MW VIGSQQIRHIH VEXLIV XLER XLI LSTTIVEXXLIVEXISJEFSYXPFWOK
TIVQMRYXI
GSRZIRXMSREPWPYQTQIEWYVIQIRX [MXLXLIQM\IVVSXEXMRKEXJYPPWTIIH8LIJMFIVWWLSYPH
'SRZIRXMSREP EHQM\XYVIW ERH TS^^SPERW EVI GSQQSRP] FIEHHIHMREGPYQTJVIIWXEXIWSXLEXXLIQM\IVFPEHIW
YWIHMR7*6'QM\XYVIWJSVEMVIRXVEMRQIRX[EXIVVIHYGXMSR GERGEVV]XLIJMFIVWMRXSXLIQM\IV8LIQM\IVWLSYPH
[SVOEFMPMX] ERH WLVMROEKI GSRXVSP % QM\ TVSTSVXMSRMRK XLIRFIWPS[IHXSXLIVIGSQQIRHIHQM\MRKWTIIHERH
TVSGIHYVIXLEXLEWFIIRYWIHJSVTEZMRKERHWXVYGXYVEPETTPM QM\IHJSVXSVIZSPYXMSRW7XIIPJMFIVWLEZIFIIR
GEXMSRWERHMRXLIVITEMVSJL]HVEYPMGWXVYGXYVIWMWHIWGVMFIH EHHIHQERYEPP]F]IQTX]MRKXLIGSRXEMRIVWMRXSXLI
MR 6IJIVIRGIWERH 8IWXVIWYPXWMRHMGEXIXLEXPMKLX XVYGO LSTTIV SV ZME E GSRZI]SV FIPX SV FPS[IV EW
[IMKLX7*6'GERFIJSVQYPEXIH[MXLQMRSVQSHMJMGEXMSRW WLS[RMR9WMRKXLMWQIXLSHWXIIPJMFIVWGERFIEHHIH
?A%PWSI\TIVMIRGILEWWLS[RXLEXMJXLIGSQFMRIHJMRI EXXLIFEXGLTPERXSVSRXLINSFWMXI
ERHGSEVWIEKKVIKEXIKVEHEXMSRIRZIPSTIWEWWLS[RMR8EFPI %HH XLI JMFIVW XS XLI EKKVIKEXI WXVIEQ MR XLI FEXGL
EVIQIXXLIXIRHIRG]XSJSVQJMFIVFEPPWMWQMRMQM^IHERH TPERXFIJSVIXLIEKKVIKEXIMWEHHIHXSXLIQM\IV7XIIP
[SVOEFMPMX]MWIRLERGIH?A%PXIVREXMZIP]EQM\XYVI JMFIVWGERFIEHHIHQERYEPP]SRXSTSJXLIEKKVIKEXIW
FEWIHSRI\TIVMIRGIWYGLEWXLSWIWLS[RMR8EFPIGERFI SR XLI GLEVKMRK GSRZI]SV FIPX SV ZME ERSXLIV
YWIHJSVEXVMEPQM\3RGIEQM\XYVILEWFIIRWIPIGXIHMXMW GSRZI]SVIQTX]MRKSRXSXLIGLEVKMRKFIPXEWWLS[RMR
LMKLP]EHZMWEFPIXLEXEJYPPJMIPHFEXGLFITVSGIWWIHTVMSVXS *MK 8LI JMFIVW WLSYPH FI WTVIEH SYX EPSRK XLI
EGXYEP WXEVX SJ GSRWXVYGXMSR [MXL XLI QM\MRK IUYMTQIRX XLEX GSRZI]SVFIPXXSTVIZIRXGPYQTMRK
*-&)66)-2*36')('32'6)8) 6
*MK{8]TMGEPVIWYPXWSJWXVIWWHMWTPEGIQIRXGYVZIWSFXEMRIHJVSQHMVIGXXIRWMSRXIWXW
SRTPEMRQSVXEVQEXVM\ERH7*6'
*MK {8]TMGEP IJJIGXW SJ JMFIV X]TI SR XLI WXVIWWWXVEMR *MK {8IRWMPI WXVIWWWXVEMR VIWTSRWI SJ LSSOIH JMFIV
GYVZISJ7-*'32MRGSQTVIWWMSR 7-*'32GSQTSWMXIW
(IZIPSTQIRXSJWXIIPJMFIVVIMRJSVGIHGLIQMGEPFSRHIH 2EEQER%)ERH7LEL74w4YPPSYX1IGLERMWQMR7XIIP*MFIV
GIVEQMG GSQTSWMXIW MRGPYHMRK 1EGVS(IJIGX *VII 1(*
6IMRJSVGIH 'SRGVIXIx %7') .SYVREP 7XVYGXYVEP (MZMWMSR : 2S
78%YKTT
GIQIRXGSQTSWMXIW 7LEL74ERH2EEQER%)w1IGLERMGEP4VSTIVXMIWSJ7XIIPERH
-RZIWXMKEXMSRSJXLIYWISJWXIIPJMFIVWMRL]HVEYPMGRSR +PEWW*MFIV6IMRJSVGIH'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S
TSVXPERHGIQIRXGSRGVIXI .ERTT
-RZIWXMKEXMSRSJMRXIVJEGIQIGLERMGWERHSXLIVQMGVS 7XERK,ERH7LEL74w*EMPYVISJ*MFIV6IMRJSVGIH'SQTSWMXIW
F]4YPPSYX*VEGXYVIx.SYVREPSJ1EXIVMEPW7GMIRGI:2S1EV
QIGLERMWQW MRZSPZIH MR XLI TYPPSYX SJ WXIIP JMFIVW RSX TT
EPMKRIH MR XLI PSEHMRK HMVIGXMSR ERH WXIIP JMFIVW XLEX EVI 1SVVMWSR . 7LEL 7 4 ERH .IRK = 7 w%REP]WMW SJ XLI
HIJSVQIH (IFSRHMRK ERH 4YPPSYX 4VSGIWW MR *MFIV 'SQTSWMXIWx )RKMRIIVMRK
1IGLERMGW.SYVREP%7'):2S*IFTT
{'MXIHVIJIVIRGIW +VE] 6 . ERH .SLRWXSR ' ( w1IEWYVIQIRX SJ *MFVI1EXVM\
6SQYEPHM . 4 ERH &EXWSR + & w1IGLERMGW SJ 'VEGO %VVIWX MR -RXIVJEGMEP&SRH7XVIRKXLMR7XIIP*MFVI6IMRJSVGIH'IQIRXMXMSYW'SQTSW
'SRGVIXIx4VSGIIHMRKW%7'):)1.YRITT MXIWx 4VSGIIHMRKW 6-0)1 7]QTSWMYQ SJ 8IWXMRK ERH 8IWX 1IXLSHW SJ
6SQYEPHM.4ERH1ERHIP.%w8IRWMPI7XVIRKXLSJ'SRGVIXI *MFVI'IQIRX'SQTSWMXIW7LIJJMIPH'SRWXVYGXMSR4VIWW0ERGEWXIV
%JJIGXIH F] 9RMJSVQP] (MWXVMFYXIH 'PSWIP] 7TEGIH 7LSVX 0IRKXLW SJ TT
;MVI 6IMRJSVGIQIRXx %'- . 3962%0 4VSGIIHMRKW : 2S .YRI +VE]6.ERH.SLRWXSR'(w8LI)JJIGXSJ1EXVM\'SQTSWM
TT XMSRSR*MFVI1EXVM\-RXIVJEGMEP&SRH7LIEV7XVIRKXLMR*MFVI6IMRJSVGIH
4EXIRX2S
ERH2S
XS&EXXIPPI 1SVXEVx 'IQIRX ERH 'SRGVIXI 6IWIEVGL 4IVKEQSR 4VIWW 0XH :
1IQSVMEP -RWXMXYXI'SPYQFYW3LMS ERH 4EXIRX2S
XS TT
97 7XIIP 'SVTSVEXMSR 4MXXWFYVKL 4IRRW]PZERME 9RMXIH 7XEXIW 4EXIRX +VE] 6 . ERH .SLRWXSR ' ( w8LI -RJPYIRGI SJ *MFVI1EXVM\
3JJMGI;EWLMRKXSR(' -RXIVJEGMEP &SRH 7XVIRKXL SR XLI 1IGLERMGEP 4VSTIVXMIW SJ 7XIIP *MFVI
1SRJSVI + ) w% 6IZMI[ SJ *MFIV 6IMRJSVGIQIRX SJ 4SVXPERH 6IMRJSVGIH1SVXEVWx -RXIVREXMSREP .SYVREP SJ 'IQIRX 'SQTSWMXIW ERH
'IQIRX4EWXI1SVXEVERH'SRGVIXIx.SYVREP4'%6IWIEVGLERH(IZIP 0MKLX[IMKLX'SRGVIXI:2S*IFTT
STQIRX0EFSVEXSVMIW:2S7ITXTT .SLRWXSR'SPMR(ERH'SPIQER6SREPH%w7XVIRKXLERH(IJSV
7LEL74ERH6ERKER&:w*MFIV6IMRJSVGIH'SRGVIXI4VSTIV QEXMSRSJ7XIIP*MFIV6IMRJSVGIH1SVXEVMR9RME\MEP8IRWMSRx*MFIV6IMR
XMIWx%'-.3962%0 4VSGIIHMRKW:2S*IFTT JSVGIH 'SRGVIXI 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW
7LEL 7 4 ERH 6ERKER & : w(YGXMPMX] SJ 'SRGVIXI 6IMRJSVGIH 1MGLTT
[MXL7XMVVYTW*MFIVWERH'SQTVIWWMSR6IMRJSVGIQIRXx.SYVREP7XVYGXYVEP %RHIVWSR ; ) w4VSTSWIH 8IWXMRK SJ 7XIIP*MFVI 'SRGVIXI XS
(MZMWMSR%7'):2S78TT 1MRMQM^I9RI\TIGXIH7IVZMGI*EMPYVIWx4VSGIIHMRKW6-0)17]QTSWMYQ
2EEQER%)w*MFIV6IMRJSVGIQIRXJSV'SRGVIXIx'SRGVIXI-RXIV SJ 8IWXMRK ERH 8IWX 1IXLSHW SJ *MFVI 'IQIRX 'SQTSWMXIW 7LIJJMIPH
REXMSREP(IWMKRERH'SRWXVYGXMSR:2S1EVTT
'SRWXVYGXMSR4VIWW0ERGEWXIVTT
,SJJ+ISVKI'w9WISJ7XIIP*MFIV6IMRJSVGIH'SRGVIXIMR&VMHKI .SLRWXSR'(w(IJMRMXMSRWERH1IEWYVIQIRXSJ*PI\YVEP8SYKL
(IGOW ERH 4EZIQIRXWx 7XIIP *MFIV 'SRGVIXI )PWIZMIV %TTPMIH 7GMIRGIW RIWW4EVEQIXIVWJSV*MFIV6IMRJSVGIH'SRGVIXIx%781'IQIRX'SRGVIXI
4YFPMWLIVW0XHTT ERH%KKVIKEXIW:2S;MRXIVTT
6EQEOVMWLRER:'S]PI;:/STEG4IXIV%ERH4EWOS8. &VERHWLEYK86EQEOVMWLRER:'S]PI;:ERH7GLVEHIV)
.V w4IVJSVQERGI 'LEVEGXIVMWXMGW SJ 7XIIP *MFIV 6IMRJSVGIH 7YTIVTPEWXM /w%'SQTEVEXMZI)ZEPYEXMSRSJ'SRGVIXI6IMRJSVGIH[MXL7XVEMKLX7XIIP
GM^IH 'SRGVIXIx (IZIPSTQIRXW MR XLI 9WI SJ 7YTIVTPEWXMGM^IVW 74 *MFIVW ERH'SPPEXIH *MFIVW [MXL (IJSVQIH )RHWx 6ITSVX 2S7(71
8
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT '&7 7SYXL (EOSXE 7GLSSP SJ 1MRIW ERH 8IGLRSPSK] 6ETMH 'MX]
1SVKER ( 6 IXEP w)ZEPYEXMSR SJ 7MPMGE *YQI 7LSXGVIXIx 1E]TT
4VSGIIHMRKW'%21)8'7')-RXIVREXMSREP;SVOWLSTSR7MPMGE*YQIMR &EPEKYVY 4 ERH 6EQEOVMWLRER : w1IGLERMGEP 4VSTIVXMIW SJ
'SRGVIXI1SRXVIEP1E] 7YTIVTPEWXMGM^IH *MFIV6IMRJSVGIH 'SRGVIXI (IZIPSTIH JSV &VMHKI (IGOW
0EROEVH ( 6 ERH 7LIIXW , ( w9WI SJ 7XIIP ;MVI *MFIVW MR ERH ,MKL[E] 4EZIQIRXWx 'SRGVIXI MR 8VERWTSVXEXMSR 74 %QIVMGER
6IJVEGXSV]'EWXEFPIWx8LI%QIVMGER'IVEQMG7SGMIX]&YPPIXMR:2S 'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
1E]TT
.SLRWXSR ' ( ERH +VE] 6 . w*PI\YVEP 8SYKLRIWW *MVWX'VEGO
6EQEOVMWLRER : w1EXIVMEPW ERH 4VSTIVXMIW SJ *MFVI 'SRGVIXIx
7XVIRKXL SJ *MFVI6IMRJSVGIH'SRGVIXI 9WMRK %781 7XERHEVH ' x
4VSGIIHMRKWSJXLI-RXIVREXMSREP7]QTSWMYQSR*MFVI6IMRJSVGIH'SRGVIXI
4VSGIIHMRKW 8LMVH -RXIVREXMSREP 7]QTSWMYQ SR (IZIPSTQIRXW MR *MFVI
(IG1EHVEW-RHME:TT
6IMRJSVGIH'IQIRX'SRGVIXI6-0)17LIJJMIPH.YP]P4ETIV2S
.SLRWXSR 'SPMR ( w1IEWYVIW SJ XLI ;SVOEFMPMX] SJ 7XIIP *MFIV
.SLRWXSR'(w7XIIP*MFVI6IMRJSVGIH1SVXEVERH'SRGVIXI{%
6IMRJSVGIH'SRGVIXI ERH 8LIMV4VIGMWMSRx 'IQIRX 'SRGVIXIERH %KKVI
6IZMI[ SJ 1IGLERMGEP 4VSTIVXMIWx *MFIV 6IMRJSVGIH 'SRGVIXI 74
KEXIW:2S;MRXIVTT
%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
&EPEKYVY4ERH6EQEOVMWLRER:w'SQTEVMWSRSJ7PYQT'SRI
(M\SR . ERH 1E]JMIPH & w'SRGVIXI 6IMRJSVGIH [MXL *MFVSYW
ERH:&8IWXWEW1IEWYVIWSJ;SVOEFMPMX]JSV*MFIV6IMRJSVGIHERH4PEMR
'SRGVIXIx %781 .SYVREP 'IQIRX 'SRGVIXI ERH %KKVIKEXIW : ;MVIx.SYVREPSJXLI'SRGVIXI7SGMIX]'SRGVIXI:2S1EV
7YQQIVTT TT
&EPEKYVY 4 ERH 6EQEOVMWLRER : w4VSTIVXMIW SJ *MFIV 6IMR /EV2.ERH4EP%/w7XVIRKXLSJ*MFIV6IMRJSVGIH'SRGVIXIx
JSVGIH'SRGVIXI;SVOEFMPMX]&ILEZMSV9RHIV0SRK8IVQ0SEHMRKERH%MV .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR 4VSGIIHMRKW %7') : 2S 78
:SMH 'LEVEGXIVMWXMGWx %'- 1EXIVMEPW .SYVREP : 2S 1E].YRI 1E]TT
TT 'LIR;ERH'EVWSR.0w7XVIWW7XVEMR4VSTIVXMIWSJ6ERHSQ
,ERRERX(.*MFVI'IQIRXWERH*MFVI'SRGVIXIW.SLR;MPI]
;MVI 6IMRJSVGIH 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW : 2S
7SRW0XH'LMGLIWXIV9RMXIH/MRKHSQT (IGTT
7LEL 7 4 ERH 1G+EVV] * . w+VMJJMXL *VEGXYVI 'VMXIVME ERH ;MPPMEQWSR+ 6 8LI)JJIGXSJ7XIIP*MFIVW SRXLI'SQTVIWWMZI
'SRGVIXIx)RKMRIIVMRK1IGLERMGW.SYVREP%7'):2S)1(IG 7XVIRKXL SJ 'SRGVIXI 74 *MFIV 6IMRJSVGIH 'SRGVIXI %QIVMGER
TT 'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
7LEL74w2I[6IMRJSVGMRK1EXIVMEPWMR'SRGVIXI'SRWXVYGXMSRx .SLRWXSR'(ERH+VE]6.w9RME\MEP8IRWMSR8IWXMRKSJ7XIIP
%'-.3962%0 4VSGIIHMRKW:2S1E]TT *MFVI 6IMRJSVGIH 'IQIRXMXMSYW 'SQTSWMXIWx 4VSGIIHMRKW -RXIVREXMSREP
7LEL74w*MFIV6IMRJSVGIH'SRGVIXIx,ERHFSSOSJ7XVYGXYVEP 7]QTSWMYQ SR 8IWXMRK ERH 8IWX 1IXLSHW SJ *MFVI'IQIRX 'SQTSWMXIW
'SRGVIXIIHMXIHF]/SRK)ZERW'SLIRERH6SPP1G+VE[,MPP 6-0)17LIJJMIPH%TVTT
2EEQER % ) ERH 7LEL 7 4 w&SRH 7XYHMIW SJ 3VMIRXIH ERH &EVV&w8LI*VEGXYVI'LEVEGXIVMWXMGWSJ*6'1EXIVMEPWMR7LIEVx
%PMKRIH *MFIVWx 4VSGIIHMRKW 6-0)1 7]QTSWMYQ SR *MFIV 6IMRJSVGIH *MFIV6IMRJSVGIH'SRGVIXI4VSTIVXMIWERH%TTPMGEXMSRW74%QIVMGER
'SRGVIXI0SRHSR7ITXTT 'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
*-&)66)-2*36')('32'6)8) 6
&EXWSR+SVHSR&w9WISJ7XIIP*MFIVWJSV7LIEV6IMRJSVGIQIRX &ERXLME 2 4 w-QTEGX 6IWMWXERGI SJ 'SRGVIXIx 4L( 8LIWMW
ERH(YGXMPMX]x7XIIP*MFIV'SRGVIXI)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW 9RMZIVWMX]SJ&VMXMWL'SPYQFME:ERGSYZIV&'
0XHTT &ERXLME 2 1MRHIWW 7 ERH &IRXYV % w-QTEGX &ILEZMSV SJ
9QSXS /EFE]EWLM ERH *YNMRS w7LIEV &ILEZMSV SJ 6IMRJSVGIH 'SRGVIXI&IEQWx1EXIVMEPWERH7XVYGXYVIW:TT
'SRGVIXI&IEQW[MXL7XIIP*MFIVWEW7LIEV6IMRJSVGIQIRXx8VERWEGXMSRW &ERXLME21MRHIWW7ERH&IRXYV%w&ILEZMSVSJ*MFIV6IMR
SJXLI.ETER'SRGVIXI-RWXMXYXI:TT JSVGIH 'SRGVIXI &IEQW YRHIV -QTEGX 0SEHMRKx 4VSGIIHMRKW SJ XLI XL
2EVE]ERER 6 ERH (EV[MWL - = 7 w9WI SJ 7XIIP *MFIVW EW -RXIVREXMSREP 'SRJIVIRGI SR 'SQTSWMXI 1EXIVMEPW -''1:-
0SRHSR
7LIEV6IMRJSVGIQIRXx%'-7XVYGXYVEP.SYVREP:2S1E].YRI .YP]
TT &ERXLME21MRHIWW7ERH&IRXYV%w7XIIP*MFIV6IMRJSVGIH
.MRHEP 6SST 0 w7LIEV ERH 1SQIRX 'ETEGMXMIW SJ 7XIIP *MFIV 'SRGVIXIYRHIV-QTEGXx4VSGIIHMRKWSJ-RXIVREXMSREP7]QTSWMYQSR*MFIV
6IMRJSVGIH 'SRGVIXI &IEQWx *MFIV 6IMRJSVGIH 'SRGVIXI{-RXIVREXMSREP 6IMRJSVGIH'SRGVIXI-7*6'
1EHVEW-RHMETT
7]QTSWMYQ74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL 2EEQER % ) ERH +STEPEVEXREQ : 7 w-QTEGX 4VSTIVXMIW SJ
TT 7XIIP *MFIV 6IMRJSVGIH 'SRGVIXI MR &IRHMRKx -RXIVREXMSREP .SYVREP SJ
;MPPMEQWSR + 6 w7XIIP *MFIVW EW ;IF 6IMRJSVGIQIRX MR 6IMR 'IQIRX 'SQTSWMXIW ERH 0MKLX[IMKLX 'SRGVIXI : 2S 2SZ
JSVGIH'SRGVIXIx4VSGIIHMRKW97%VQ]7GMIRGI'SRJIVIRGI;IWX4SMRX TT
:.YRITT 2EQYV++ERH2EEQER%)w7XVEMR6EXI)JJIGXWSR8IRWMPI
.MRHEP6SST0ERH,EWWER/%w&ILEZMSVSJ7XIIP*MFIV6IMR 4VSTIVXMIW SJ *MFIV 6IMRJSVGIH 'SRGVIXIx 'IQIRX &EWIH 'SQTSWMXIW
JSVGIH 'SRGVIXI &IEQ'SPYQR 'SRRIGXMSRWx *MFIV 6IMRJSVGIH 7XVEMR6EXI)JJIGXWSR*VEGXYVI71MRHIWWERH747LELIHW1EXIVMEP
'SRGVIXI{-RXIVREXMSREP7]QTSWMYQ74%QIVMGER'SRGVIXI-RWXMXYXI 6IWIEVGL7SGMIX]4MXXWFYVKL167:TT
*EVQMRKXSR,MPPW1MGLTT >SPPS 6SREPH * w;MVI *MFIV 6IMRJSVGIH 'SRGVIXI 3ZIVPE]W JSV
7SSH:ERH+YTXE7w&ILEZMSVSJ7XIIP*MFVSYW'SRGVIXI&IEQ 3VXLSXVSTMG&VMHKI(IGO8]TI0SEHMRKWx%'-.3962%0 4VSGIIHMRKW:
'SPYQR'SRRIGXMSRWx*MFIV6IMRJSVGIH'SRGVIXI4VSTIVXMIWERH%TTPMGE 2S3GXTT
XMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL /SVQIPMRK, % 6IMRLEVHX , ; ERH 7LEL 7 4 w7XEXMG ERH
TT *EXMKYI 4VSTIVXMIW SJ 'SRGVIXI &IEQW 6IMRJSVGIH [MXL 'SRXMRYSYW &EVW
.MRHEP 6 ERH 7LEVQE : w&ILEZMSV SJ 7XIIP *MFIV 6IMRJSVGIH ERH[MXL*MFIVWx%'-.3962%0 4VSGIIHMRKW:2S.ER*IF
'SRGVIXI/RII8]TI'SRRIGXMSRWx *MFIV6IMRJSVGIH'SRGVIXI4VSTIVXMIW TT
ERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW &EXWSR+&EPP'&EMPI]00ERHIVW)ERH,SSOW.w*PI\
1MGLTT YVEP *EXMKYI 7XVIRKXL SJ 7XIIP *MFIV 6IMRJSVGIH 'SRGVIXI &IEQWx %'-
;MPPMEQWSR + 6 ERH /REF 0 - w*YPP 7GEPI *MFVI 'SRGVIXI .3962%0 4VSGIIHMRKW:2S2SZTT
&IEQ8IWXWx*MFIV6IMRJSVGIH'IQIRXERH'SRGVIXI6-0)17]QTSWMYQ 6EQEOVMWLRER:ERH.SWMJIO'LEVPIWw4IVJSVQERGI'LEVEGXIVMW
'SRWXVYGXMSR4VIWW0ERGEWXIV)RKPERHTT XMGW ERH *PI\YVEP *EXMKYI 7XVIRKXL SR 'SRGVIXI 7XIIP *MFIV 'SQTSWMXIWx
2EVE]ERER6ERH(EV[MWL-=7w*MFIV'SRGVIXI(IIT&IEQWMR 4VSGIIHMRKWSJXLI-RXIVREXMSREP7]QTSWMYQSR*MFVI6IMRJSVGIH'SRGVIXI
7LIEVx%'-7XVYGXYVEP.SYVREP:2S1EV%TVTT (IG1EHVEW-RHMETT
7LEL74ERH6ERKER6:w*MFIV6IMRJSVGIH'SRGVIXI4VSTIV 6EQEOVMWLRER:3FIVPMRK+ERH8EXREPP4w*PI\YVEP*EXMKYI
XMIWx%'-.3962%0 4VSGIIHMRKW:2S*IFTT 7XVIRKXLSJ7XIIP *MFIV6IMRJSVGIH'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI
;SVOW6,ERH9RXVEYIV6)(MWGYWWMSRSJw8IRWMPI7XVIRKXL 4VSTIVXMIWERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQ
SJ'SRGVIXI%JJIGXIHF]9RMJSVQP](MWXVMFYXIHERH'PSWIP]7TEGIH7LSVX MRKXSR,MPPW1MGLTT
0IRKXLWSJ;MVI6IMRJSVGIQIRXx%'-.3962%0 4VSGIIHMRKW:2S 7GLVEHIV ) / w7XYHMIW MR XLI &ILEZMSV SJ *MFIV 6IMRJSVGIH
(IGTT 'SRGVIXIx178LIWMW'PEVOWSR'SPPIKISJ8IGLRSPSK]4SXWHEQ
7R]HIV10ERH0EROEVH(6w*EGXSVW%JJIGXMRKXLI7XVIRKXL 6SQYEPHM .EQIW 4 w8LI 7XEXMG 'VEGOMRK 7XVIWW ERH *EXMKYI
SJ7XIIP*MFVSYW'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S*IF 7XVIRKXLSJ'SRGVIXI6IMRJSVGIH[MXL7LSVX4MIGIWSJ7XIIP;MVIx-RXIVRE
TT XMSREP'SRJIVIRGISRXLI7XVYGXYVISJ'SRGVIXI0SRHSR)RKPERH
;EXIVLSYWI & 0 ERH 0YOI ' ) w7XIIP *MFIV 3TXMQM^EXMSRx +V^]FS[WOM 1 ERH 7LEL 7 4 w7LVMROEKI 'VEGOMRK MR *MFIV
'SRJIVIRGI4VSGIIHMRKW1w*MFVSYW'SRGVIXI{'SRWXVYGXMSR1EXIVMEP 6IMRJSVGIH 'SRGVIXIx %'- 1EXIVMEPW .SYVREP : 2S 1EV%TV
JSVXLI7IZIRXMIWx(IGTT TT
0EROEVH ( 6 w*PI\YVEP 7XVIRKXL 4VIHMGXMSRWx 'SRJIVIRGI 1EPQFIVK & ERH 7OEVIRHELP % w1IXLSH SJ 7XYH]MRK XLI
4VSGIIHMRKW 1 w*MFVSYW 'SRGVIXI{'SRWXVYGXMSR 1EXIVMEP JSV XLI 'VEGOMRK SJ *MFVI 'SRGVIXI YRHIV 6IWXVEMRIH 7LVMROEKIx 4VSGIIHMRKW
7IZIRXMIWx(IGTT 6-0)17]QTSWMYQSR8IWXMRKERH8IWX1IXLSHWSJ*MFVI'IQIRX'SQTSW
.SLRWXSR'(w)JJIGXWSR*PI\YVEP4IVJSVQERGISJ7E[MRK4PEMR MXIW7LIJJMIPH'SRWXVYGXMSR4VIWW0ERGEWXIVTT
'SRGVIXIERHSJ7E[MRKERH3XLIV1IXLSHWSJ%PXIVMRK*MFIV%PMKRQIRXMR 7LEL74ERH;MRXIV+ISVKIw-RIPEWXMG&ILEZMSVERH*VEGXYVISJ
*MFIV 6IMRJSVGIH 'SRGVIXIx 'IQIRX 'SRGVIXI ERH %KKVIKEXIW %781 'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S7ITXTT
''%+(4:2S7YQQIVTT )HKMRKXSR.,ERRERX(.ERH;MPPMEQW6-8w7XIIP*MFVI
,SYKLXSR ( 0 &SVKI 3 ) 4E\XSR . % w'EZMXEXMSR 6IWMW 6IMRJSVGIH 'SRGVIXIx 'YVVIRX 4ETIV 2S '4 &YMPHMRK 6IWIEVGL
XERGISJ7SQI7TIGMEP'SRGVIXIWx%'-.3962%0 4VSGIIHMRKW:2S )WXEFPMWLQIRX+EVWXSR;EXJSVHTT
(IGTT .SLRWXSR 'SPMR ( w8SYKLRIWW SJ 7XIIP *MFIV 6IMRJSVGIH
7YEVMW ; ERH 7LEL 7 4 w-RIVXMEP )JJIGXW MR XLI -RWXVYQIRXIH 'SRGVIXIx7XIIP*MFIV'SRGVIXI)PWIZMIV%TTPMIH7GMIRGI4YFPMWLIVW0XH
-QTEGX8IWXMRKSJ'IQIRX'SQTSWMXIWx'IQIRX'SRGVIXIERH%KKVIKEXIW TT
:2S;MRXIVTT 2ERRM % w(YGXMPMX] SJ *MFIV 6IMRJSVGIH 'SRGVIXIx .SYVREP SJ
7YEVMW;ERH7LEL74w8IWX1IXLSHWJSV-QTEGX6IWMWXERGISJ 1EXIVMEPWMR'MZMP)RKMRIIVMRK%7'):2S*IFTT
*MFIV 6IMRJSVGIH 'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI{-RXIVREXMSREP +STEPEVEXREQ : 7 7LEL 7 4 &EXWSR + 'VMW[IPP 1
7]QTSWMYQ74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL 6EQEOVMWLRER : ERH ;IGLEVEXERE 1 w*VEGXYVI 8SYKLRIWW SJ *MFIV
TT 6IMRJSVGIH 'SRGVIXIx %'- 1EXIVMEPW .SYVREP : 2S .YP]%YK
7YEVMW;ERH7LEL74w4VSTIVXMIWSJ'SRGVIXIERH*MFIV6IMR TT
JSVGIH 'SRGVIXI 7YFNIGXIH XS -QTEGX 0SEHMRKx .SYVREP 7XVYGXYVEP (MZM 'SSO ( . ERH 9LIV ' w8LI 8LIVQEP 'SRHYGXMZMX] SJ *MFVI
WMSR%7'):2S.YP]TT 6IMRJSVGIH 'SRGVIXIx 'IQIRX ERH 'SRGVIXI 6IWIEVGL : 2S .YP]
+STEPEVEXREQ:ERH7LEL74w4VSTIVXMIWSJ7XIIP*MFIV6IMR TT
JSVGIH 'SRGVIXI 7YFNIGXIH XS -QTEGX 0SEHMRKx %'- .3962%0 4VSGIIH 7GLVEHIV )VRIWX / ERH 1YRGL %RXLSR] : w*MFVSYW 'SRGVIXI
MRKW:2S.ER*IFTT 6ITEMV SJ 'EZMXEXMSR (EQEKIx 4VSGIIHMRKW %7') : '3 .YRI
+STEPEVEXREQ : 7LEL 7 4 ERH .SLR 6 w% 1SHMJMIH -RWXVY TT
QIRXIH-QTEGX8IWXSJ'IQIRX'SQTSWMXIWx)\TIVMQIRXEP1IGLERMGW: 'LES4'w8EVFIPE(EQ{4VSFPIQW7SPZIHF]2SZIP'SRGVIXIx
2S.YRITT 'MZMP)RKMRIIVMRK%7'):2S(IGTT
6 %'-'311-88))6)4368
7GLVEHIV ) / ERH /EHIR 6 % w3YXPIX 6ITEMVW EX ([SVWLEO 0E[W : 0E[VIRGI 4 ERH 2YVWI 6 ; w6IMRJSVGIQIRX SJ
(EQx8LI1MPMXEV])RKMRIIV:2S1E].YRITT &VMXXPI1EXVMGIWF]+PEWW*MFIVWx.SYVREPSJ4L]WMGWERH%TTPMIH4L]WMGW
2ERRM % w%FVEWMSR 6IWMWXERGI SJ 6SPPIV'SQTEGXIH 'SRGVIXIx :TT
%'-1EXIVMEPW.SYVREP:2S2SZ(IGTT +STEPEVEXREQ : 7 ERH 7LEL 7 4 w8IRWMPI *EMPYVI SJ 7XIIP
1MOOIPQIRM 1 6 w% 'SQTEVEXMZI 7XYH] SJ *MFIV 6IMRJSVGIH *MFIV6IMRJSVGIH 1SVXEVx .SYVREP SJ )RKMRIIVMRK 1IGLERMGW %7') :
'SRGVIXIERH4PEMR'SRGVIXI'SRWXVYGXMSRx178LIWMW1MWWMWWMTTM7XEXI 2S1E]TT
9RMZIVWMX]7XEXI'SPPIKI 7XERK,ERH7LEL74w*EMPYVISJ*MFIV6IMRJSVGIH'SQTSW
&EPEKYVY 4 ERH 6EQEOVMWLRER : w*VII^I8LE[ (YVEFMPMX] SJ MXIWF]4YPP3YX*VEGXYVIx.SYVREPSJ1EXIVMEPW7GMIRGI:2S1EV
*MFIV 6IMRJSVGIH 'SRGVIXIx %'- .3962%0 4VSGIIHMRKW : 2S TT
1E].YRITT 7ELYHMR%,w2SRPMRIEV*MRMXI)PIQIRX7XYH]SJ%\MW]QQIXVMG
7GLYTEGO 1 w(YVEFMPMX] SJ 7*6' )\TSWIH XS 7IZIVI )RZMVSR *MFIV4YPP3YXx178LIWMW9RMZIVWMX]SJ1MWWSYVM'SPYQFME.YP]
QIRXWx 7XIIP *MFIV 'SRGVIXI )PWIZMIV %TTPMIH 7GMIRGI 4YFPMWLIVW 0XH TT
TT +STEPEVEXREQ:7ERH'LIRK.w3RXLI1SHIPMRKSJ-RIPEWXMG
,SJJ + w(YVEFMPMX] SJ *MFIV 6IMRJSVGIH 'SRGVIXI MR E 7IZIVI -RXIVJEGIWMR *MFVSYW 'SQTSWMXIWx &SRHMRKMR 'IQIRXMXMSYW 'SQTSWMXIW
1EVMRI)RZMVSRQIRXx*MFIV6IMRJSVGIH'SRGVIXI4VSTIVXMIWERH%TTPMGE 7 1MRHIWW ERH 7 4 7LEL IHW 1EXIVMEPW 6IWIEVGL 7SGMIX] &SWXSR :
XMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGL (IGTT
TT 2EQYV++ERH2EEQER%)w%&SRH7XVIWW1SHIPJSV*MFIV
6IMRJSVGIH'SRGVIXI&EWIHSR&SRH7XVIWW7PMT6IPEXMSRWLMTx%'-1EXI
1SVWI('ERH;MPPMEQWSR+6w'SVVSWMSR&ILEZMSVSJ7XIIP
VMEPW.SYVREP:2S.ER*IFTT
*MFVSYW 'SRGVIXIx 6ITSVX 2S ')60861 'SRWXVYGXMSR )RKM
2EEQER%)2EQYV++%P[ER.ERH2ENQ,w%REP]X
RIIVMRK6IWIEVGL0EFSVEXSV]'LEQTEMKR1E]TT
MGEP7XYH]SJ*MFIV4YPP3YXERH&SRH7PMT4EVX%REP]XMGEP7XYH]4EVX
7[EQ] 6 2 ERH 7XEZVMHIW , w-RJPYIRGI SJ *MFIV 6IMRJSVGI
)\TIVMQIRXEP :EPMHEXMSRx %7').SYVREPSJ 7XVYGXYVEP)RKMRIIVMRK :
QIRXSR6IWXVEMRIH7LVMROEKIERH'VEGOMRKx%'-.3962%0 4VSGIIHMRKW
2S7ITX
:2S1EVTT
w;MVI6IMRJSVGIH 4VIGEWX 'SRGVIXI (IGOMRK 4ERIPWx 4VIGEWX
+V^]FS[WOM 1 ERH 7LEL 7 4 w1SHIP XS 4VIHMGX 'VEGOMRK MR 'SRGVIXI9/
(IGTT
*MFIV 6IMRJSVGIH 'SRGVIXI (YI XS 6IWXVEMRIH 7LVMROEKIx 1EKE^MRI SJ 7LEVQE % / w7LIEV 7XVIRKXL SJ 7XIIP *MFIV 6IMRJSVGIH
'SRGVIXI6IWIEVGL:2S7ITX 'SRGVIXI &IEQWx %'- .3962%0 4VSGIIHMRKW : 2S .YP]%YK
/VIRGLIP,ERH7LEL74w6IWXVEMRIH7LVMROEKI8IWXW[MXL44 TT
*MFIV 6IMRJSVGIH 'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI 4VSTIVXMIW ERH ,IREKIV ' , ERH (SLIVX] 8 . w%REP]WMW SJ 6IMRJSVGIH
%TTPMGEXMSRW 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW *MFVSYW'SRGVIXI&IEQWx.SYVREP7XVYGXYVEP(MZMWMSR%7'):2S
1MGLTT 784ETIV2S.ER
'EVPWSR 6 ; ERH 6IEHMRK 8 . w1SHIP 7XYH] SJ 7LVMROEKI &EPEKYVY4ERH)^IPHMR%w&ILEZMSVSJ 4EVXMEPP]4VIWXVIWWIH
'VEGOMRKMR'SRGVIXI&YMPHMRK;EPPWx%'-7XVYGXYVEP.SYVREP:2S &IEQW1EHI9WMRK,MKL7XVIRKXL*MFIV6IMRJSVGIH'SRGVIXIx*MFIV6IMR
.YP]%YKTT JSVGIH'SRGVIXI4VSTIVXMIWERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI
7GLVEHIV)VRIWX/ERH1YRGL%RXLSR]:w(IGO7PEF6ITEMVIH -RWXMXYXI*EVQMRKXSR,MPPW1MGLTT
F]*MFVSYW'SRGVIXI3ZIVPE]x4VSGIIHMRKW7XVYGXYVEP(MZMWMSR%7'): 4EYP&/4SPMZOE 1 ERH 1IXLE 4 / w4VSTIVXMIW SJ *MFIV
'31EVTT 6IMRJSVGIH 7LVMROEKI'SQTIRWEXMRK 'SRGVIXIx %'- .3962%0 4VSGIIH
&EPEKYVY 4 ERH 6EQEOVMWLRER : w4VSTIVXMIW SJ 0MKLX[IMKLX MRKW:2S2SZ(IGTT
*MFIV 6IMRJSVGIH 'SRGVIXIx *MFIV 6IMRJSVGIH 'SRGVIXI 4VSTIVXMIW ERH 0EROEVH(6ERH7GLVEHIV)/w-RWTIGXMSRERH%REP]WMWSJ
%TTPMGEXMSRW 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 'YVP MR 7XIIP *MFIV 6IMRJSVGIH 'SRGVIXI %MVJMIPH 4EZIQIRXWx &IOEIVX
1MGLTT 'SVT1EVMIXXE%TVTT
-'30( &YPPIXMR w*MFIV 6IMRJSVGIH 'SRGVIXIx -RXIVREXMSREP 6SFMRWSR ' 'SPEWERXM % ERH &S]H + w7XIIP *MFIV 6IMR
'SQQMWWMSRSR0EVKI(EQW4EVMWTT JSVGIH%YXS%WWIQFP]4PERX*PSSVx'SRGVIXI-RXIVREXMSREP:2S
8EXVS7XITLIR&w8LI)JJIGXSJ7XIIP*MFIVW SRXLI 8SYKLRIWW %TVTT
4VSTIVXMIWSJ0EVKI%KKVIKEXI'SRGVIXIx178LIWMW4YVHYI9RMZIVWMX] 7GLVEHIV ) / w*MFIV 6IMRJSVGIH 'SRGVIXI 4EZIQIRXW ERH
;IWX0EJE]IXXI-RH(IGTT 7PEFW{%7XEXISJXLI%VX6ITSVXx7XIIP*MFIV'SRGVIXI)PWIZMIV%TTPMIH
+STEPEVEXREQ : 7 ERH 7LEL 7 4 w*EMPYVI 1IGLERMWQW ERH 7GMIRGI4YFPMWLIVW0XHTT
*VEGXYVISJ*MFIV6IMRJSVGIH'SRGVIXIx*MFIV6IMRJSVGIH'SRGVIXI4VST 4EVOIV * .V w7XIIP *MFVSYW 'SRGVIXI *SV %MVTSVX 4EZIQIRX
IVXMIWERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR %TTPMGEXMSRWx *%%6( 2EXMSREP 8IGLRMGEP -RJSVQEXMSR 7IVZMGI
,MPPW1MGLTT %(%7TVMRKJMIPH2SZTT
1MRHIWW 7 w8LI *VEGXYVI SJ *MFVI 6IMRJSVGIH ERH 4SP]QIV ,YFPIV60.Vw7XIIP*MFIV6IMRJSVGIH'SRGVIXI*PSSVx)RKM
-QTVIKREXIH 'SRGVIXIW % 6IZMI[x *VEGXYVI 1IGLERMGW SJ 'SRGVIXI RIIVMRK(MKIWX%TVTT
IHMXIHF]*,;MXXQERR)PWIZMIV7GMIRGI4YFPMWLIVW&:%QWXIVHEQ 8EXREPP4'w7XIIP*MFVSYW'SRGVIXI4YQTIHJSV&YVWX4VSXIG
TT XMSRx'SRGVIXI-RXIVREXMSREP(IWMKRERH'SRWXVYGXMSR:2S(IG
,MPPIVFSVK % w%REP]WMW SJ *VEGXYVI F] 1IERW SJ XLI *MGXMXMSYW TT
'VEGO 1SHIP 4EVXMGYPEVP] JSV *MFIV 6IMRJSVGIH 'SRGVIXIx -RXIVREXMSREP 6IXXFIVK ;MPPMEQ % w7XIIP6IMRJSVGIH 'SRGVIXI 1EOIW 3PHIV
.SYVREPSJ'IQIRX'SQTSWMXIW:2S2SZTT (EQ7EJIV1SVI6IPMEFPIx,]HVS6IZMI[7TVMRKTT
4IXIVWWSR4)w*VEGXYVI1IGLERMGEP'EPGYPEXMSRWERH8IWXWJSV &EKEXI 1SYWWE 1G'YPPSYKL *VERO ERH *S[PIV (EZMH
*MFIV 6IMRJSVGIH 'SRGVIXIx 4VSGIIHMRKW %HZERGIW MR 'IQIRX 1EXVM\ w'SRWXVYGXMSRERH4IVJSVQERGISJER)\TIVMQIRXEP8LMR&SRHIH'SRGVIXI
'SQTSWMXIW 1EXIVMEPW 6IWIEVGL 7SGMIX] %RRYEP 1IIXMRK &SWXSR 2SZ 3ZIVPE]4EZIQIRXMR,SYWXSRx86&6IGSVHTT
TT
.YV];%w-RWMXI'SRGVIXI0MRMRKW{-RXIKVEXMRKXLI4EGOEKIx
;IGLEVXERE1ERH7LEL74w%1SHIPJSV4VIHMGXMRK*VEGXYVI 8YRRIPWERH8YRRIPPMRK.YP]TT
6IWMWXERGISJ*MFIV6IMRJSVGIH'SRGVIXIx'IQIRXERH'SRGVIXI6IWIEVGL
:2S2SZTT w&VMHKI (IGO 3ZIVPE] 'SQFMRIW 7XIIP *MFIV ERH 0EXI\x 'MZMP
)RKMRIIVMRK%7')1EVTT
:MWEPZERMGL / ERH 2EEQER % ) w*VEGXYVI 1SHIP JSV *MFIV
6IMRJSVGIH'SRGVIXIx%'-.3962%0 4VSGIIHMRKW:2S1EV%TV w*MFIV'SRGVIXI4YXXS6SEH8IWXMR5YIFIGx'SRGVIXI4VSHYGXW
TT .YRITT
.IRU = 7 ERH 7LEL 7 4 w'VEGO 4VSTEKEXMSR MR *MFIV 6IMR .ERXSW ' w4EZMRK EX XLI 0EFW{'IQIRX MW +SMRK ,MKL8IGLx
JSVGIH'SRGVIXIx.SYVREPSJ7XVYGXYVEP)RKMRIIVMRK%7'):2S %PGSE)RKMRIIVMRK2I[W:2S1EVTT
.ERTT 2ERRM%ERH.SLEVM%w6''4EZIQIRX6IMRJSVGIH[MXL7XIIP
0E[VIRGI4w7SQI8LISVIXMGEP'SRWMHIVEXMSRWSJ*MFVI4YPP3YX *MFIVWx 'SRGVIXI -RXIVREXMSREP (IWMKR ERH 'SRWXVYGXMSR : 2S
JVSQER)PEWXMG1EXVM\x.SYVREPSJ1EXIVMEP7GMIRGI:TT 1EVTT
*-&)66)-2*36')('32'6)8) 6
.SLRWXSR'(ERH'EVXIV4(w*MFIV6IMRJSVGIH'SRGVIXIERH 2EEQER%)w%HZERGIWMR,MKL4IVJSVQERGI*MFIV6IMRJSVGIH
7LSXGVIXIJSV6ITEMVERH6IWXSVEXMSRSJ,MKL[E]&VMHKIWMR%PFIVXEx86& 'IQIRX 'SQTSWMXIWx 4VSGIIHMRKW SJ -%&7)) 7]QTSWMYQ SR 'SRGVIXI
6IGSVH2STT 7XVYGXYVIWJSVXLI*YXYVI4EVMWTT
)RKMRIIV 9THEXI 97 %VQ] 'SVTW SJ )RKMRIIVW 3JJMGI SJ XLI 2EEQER%)ERH,SQVMGL.6w8IRWMPI7XVIWW7XVEMR4VST
'LMIJSJ)RKMRIIVW;EWLMRKXSR(':2S3GXTT IVXMIWSJ7-*'32x%'-1EXIVMEPW.SYVREP:2S1E].YRI
1EWSR6MGLEVH,w'SRGVIXI'VMF&PSGO&SPWXIV0SRK[EPP6SSJ TT
7YTTSVXx'SEP1MRMRK
4VSGIWWMRK3GXTT
w7XEGO'EWX 7ERH[MGL 4ERIPWx 'SRGVIXI -RXIVREXMSREP (IWMKR
ERH'SRWXVYGXMSR:2S(IGTT ',%48)6{+0%77*-&)66)-2*36')(
/EHIR 6 % w7PSTI 7XEFMPM^IH [MXL 7XIIP *MFVSYW 7LSXGVIXIx
'32'6)8)+*6'
;IWXIVR'SRWXVYGXMSR%TVTT {-RXVSHYGXMSR
,IREKIV ' , w7XIIP *MFVSYW 7LSXGVIXI % 7YQQEV] SJ XLI 1YGL SJ XLI SVMKMREP VIWIEVGL TIVJSVQIH SR KPEWW JMFIV
7XEXISJXLI%VXx 'SRGVIXI-RXIVREXMSREP(IWMKRERH'SRWXVYGXMSR:
2S.ERTT
VIMRJSVGIHGIQIRXTEWXIXSSOTPEGIMRXLIIEVP]PW8LMW
1SVKER ( 6 ERH 1G%WOMPP 2IMP w6SGO] 1SYRXEMR 8YRRIPW [SVO YWIH GSRZIRXMSREP FSVSWMPMGEXI KPEWW JMFIVW )KPEWW
0MRIH [MXL 7XIIP *MFIV 6IMRJSVGIH 7LSXGVIXIx 'SRGVIXI -RXIVREXMSREP ERH WSHEPMQIWMPMGE KPEWW JMFIVW %KPEWW
8LI GLIQMGEP
(IWMKRERH'SRWXVYGXMSR:2S(IGTT GSQTSWMXMSRWERHTVSTIVXMIWSJWIPIGXIHKPEWWIWEVIPMWXIHMR
6SWI ( w7XIIP *MFIVW 6IMRJSVGI %GGIPIVEXSV 8YRRIP 0MRMRKx 8EFPIW?AERH ?AVIWTIGXMZIP]+PEWW
'SRGVIXI-RXIVREXMSREP(IWMKRERH'SRWXVYGXMSR:2S.YP]T
GSQTSWMXMSRWSJ)KPEWWERH%KPEWWYWIHEWVIMRJSVGIQIRX
4IEVPQER70(SPIRGI6;'^QSPE&-ERH;MXLMEQ.0
w-RWXVYQIRXMRK E 4IVQERIRXP] 8MIH&EGO &VMHKI %FYXQIRX{4PERRMRK [IVI JSYRH XS PSWI WXVIRKXLVEXLIVUYMGOP] HYIXSXLI ZIV]
-RWXEPPEXMSR ERH 4IVJSVQERGIx 4VSGIIHMRKW XL -RXIVREXMSREP &VMHKI LMKL EPOEPMRMX] T,
SJ XLI GIQIRXFEWIH QEXVM\
'SRJIVIRGI4MXXWFYVKL.YRITT 'SRWIUYIRXP] IEVP] %KPEWW ERH )KPEWW GSQTSWMXIW [IVI
;MPOIVWSR&1w*SEQ(SQIW,MKL4IVJSVQERGI)RZMVSRQIRXEP YRWYMXEFPIJSVPSRKXIVQYWI?A
)RGPSWYVIWx'SRGVIXI'SRWXVYGXMSR(IWMKRERH'SRWXVYGXMSR: 2S
.YP]TT 'SRXMRYIHVIWIEVGLLS[IZIVVIWYPXIHMRXLIHIZIPSTQIRX
1SVKER ( 6 w(V]1M\ 7MPMGE *YQI 7LSXGVIXI MR ;IWXIVR SJERI[EPOEPMVIWMWXERXJMFIV%6KPEWWJMFIV
XLEXTVSZMHIH
'EREHEx 'SRGVIXI-RXIVREXMSREP(IWMKRERH'SRWXVYGXMSR:2S MQTVSZIH PSRKXIVQ HYVEFMPMX] 8LMW W]WXIQ [EW REQIH
.ERTT
)HKMRKXSR . w)GSRSQMG *MFVSYW 'SRGVIXIx 'SRJIVIRGI
EPOEPMVIWMWXERXKPEWWJMFIVVIMRJSVGIHGSRGVIXI%6+*6'
4VSGIIHMRKW *MFIV 6IMRJSVGIH1EXIVMEPW(IWMKRERH)RKMRIIVMRK%TTPM -R WGMIRXMWXW SJ XLI 9RMXIH /MRKHSQ &YMPHMRK
GEXMSRW0SRHSR1EVTT
6IWIEVGL )WXEFPMWLQIRX &6)
FIKER ER MRZIWXMKEXMSR SJ
1IPEQIH%WWMVw*MFIV6IMRJSVGIH'SRGVIXIMR%PFIVXE'SRGVIXI
-RXIVREXMSREP(IWMKRERH'SRWXVYGXMSR:2S1EVT
EPOEPMVIWMWXERXKPEWWIW8LI]WYGGIWWJYPP]JSVQYPEXIHEKPEWW
0EROEVH ( 6 ERH 0IEWI ( , w,MKLP] 6IMRJSVGIH 4VIGEWX GSQTSWMXMSR GSRXEMRMRK TIVGIRX ^MVGSRME XLEX HIQSR
1SRSPMXLMG6IJVEGXSVMIWx&YPPIXMR%QIVMGER'IVEQMG7SGMIX]:2S WXVEXIH ELMKL EPOEPM VIWMWXERGI'LIQMGEPGSQTSWMXMSR ERH
TT TVSTIVXMIW SJ XLMW EPOEPM VIWMWXERX %6
KPEWW EVI KMZIR MR
0EROEVH(6ERH2I[IPP. /w4VITEVEXMSRSJ,MKLP]6IMR 8EFPIW ERH VIWTIGXMZIP] 4EXIRX ETTPMGEXMSRW [IVI
JSVGIH 7XIIP *MFIV 6IMRJSVGIH 'SRGVIXI 'SQTSWMXIWx *MFIV 6IMRJSVGIH
'SRGVIXI -RXIVREXMSREP 7]QTSWMYQ 74 %QIVMGER 'SRGVIXI -RWXMXYXI JMPIH F] XLI 2EXMSREP 6IWIEVGL (IZIPSTQIRX 'SVTSVEXMSR
*EVQMRKXSR,MPPW1MGLTT 26('
JSVXLMWTVSHYGX?A
0EROEVH ( 6 w7PYVV] -RJMPXVEXIH *MFIV 'SRGVIXI 7-*'32
8LI26('ERH&6)HMWGYWWIH[MXL4MPOMRKXSR&VSXLIVW
4VSTIVXMIWERH%TTPMGEXMSRWx:IV],MKL7XVIRKXL'IQIRX&EWIH'SQTSW
MXIWIHMXIH F] . *=SYRK1EXIVMEPW6IWIEVGL 7SGMIX]4MXXWFYVKL 0MQMXIHXLITSWWMFMPMX]SJHSMRKJYVXLIV[SVOXSHIZIPSTXLI
TT JMFIVWJSVGSQQIVGMEPTVSHYGXMSR?A&]&6)ERH
7GLRIMHIV&1SRHVEKSR6ERH/MVWX.w-7787XVYGXYVI;MXL 4MPOMRKXSR&VSXLIVWLEHGSPPEFSVEXIHERHXLIVIWYPXWSJXLIMV
7-*'32x %*;086 2I[ 1I\MGS )RKMRIIVMRK 6IWIEVGL -RWXM [SVO[IVIPMGIRWIHI\GPYWMZIP]XS4MPOMRKXSRJSVGSQQIVGMEP
XYXI 8IGLRMGEP6ITSVXJSVXLI%MV*SVGI;IETSRW0EFSVEXSV]/MVOPERH%MV
*SVGI&EWI2I[1I\MGS1E]TT
TVSHYGXMSRERHHMWXVMFYXMSRXLVSYKLSYXXLI[SVPH
1SRHVEKSR 6 w(IZIPSTQIRX SJ 1EXIVMEP 4VSTIVXMIW JSV 7PYVV] 7MRGIXLIMRXVSHYGXMSRSJ%6KPEWWMRXLI9RMXIH/MRKHSQ
-RJMPXVEXIH *MFIV 'SRGVIXI 7-*'32
{'SQTVIWWMZI 7XVIRKXLx 8IGLRMGEP MRF]'IQ*-0SXLIVQERYJEGXYVIVWSJ%6KPEWWLEZI
6ITSVX 2S 21)6- ;%
2I[ 1I\MGS )RKMRIIVMRK 6IWIEVGL
-RWXMXYXI(IGTT GSQIMRXSI\MWXIRGI-R2MTTSR)PIGXVMG+PEWW2)+
,SQVMGL . 6 ERH 2EEQER % ) w7XVIWW7XVEMR 4VSTIVXMIW SJ 'SQTER] MRXVSHYGIH ER EPOEPM VIWMWXERX KPEWW GSRXEMRMRK E
7-*'32 MR 'SQTVIWWMSRx *MFIV 6IMRJSVGIH 'SRGVIXI 4VSTIVXMIW ERH QMRMQYQ SJ TIVGIRX ^MVGSRME ?A -R 3[IRW
%TTPMGEXMSRW 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 'SVRMRK *MFIVKPEW MRXVSHYGIH ER %6KPEWW JMFIV -R
1MGLTT
3[IRW'SVRMRK *MFIVKPEW ERH 4MPOMRKXSR &VSXLIVW 0XH
&EPEKYVY4ERH/IRH^YPEO.w*PI\YVEP&ILEZMSVSJ7PYVV]-RJMP
XVEXIH*MFIV'SRGVIXI7-*'32
1EHI9WMRK'SRHIRWIH7MPMGE*YQIx*P] EKVIIHXSTVSHYGIXLIWEQI%6KPEWWJSVQYPEXMSRXSIRLERGI
%WL7MPMGE*YQI7PEKERH2EXYVEP4S^^SPERWMR'SRGVIXI74%QIV XLI HIZIPSTQIRX SJ XLI EPOEPM VIWMWXERX KPEWW TVSHYGX ERH
MGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1MGLTT VIPEXIH QEVOIXW % GVSWWPMGIRWI [EW EKVIIH YTSR 7YFWI
&EKKSXX 6 ERH 7EVERHMP] % w:IV] ,MKL 7XVIRKXL 7XIIP *MFIV UYIRXP] 3[IRW'SVRMRK *MFIVKPEW WXSTTIH TVSHYGXMSR SJ
6IMRJSVGIH %YXSGPEZIH 'SRGVIXIx 4VSGIIHMRKW 6-0)1 8LMVH -RXIVRE
XMSREP 7]QTSWMYQ SR (IZIPSTQIRXW MR *MFIV 6IMRJSVGIH 'IQIRXW ERH %6KPEWWJMFIVMR
'SRGVIXIW7LIJJMIPH)RKPERH.YP] %POEPMVIWMWXERXKPEWWJMFIVVIMRJSVGIHGSRGVIXIMWF]JEVXLI
&EPEKYVY4ERH/IRH^YPEO.w1IGLERMGEP4VSTIVXMIWSJ7PYVV] QSWX[MHIP]YWIHW]WXIQJSVXLIQERYJEGXYVISJ+*6'TVSH
-RJMPXVEXIH*MFIV'SRGVIXI7-*'32
x*MFIV6IMRJSVGIH'SRGVIXI4VSTIV
XMIW ERH %TTPMGEXMSRW 74 %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR YGXW;MXLMRXLIPEWXHIGEHIE[MHIVERKISJETTPMGEXMSRWMR
,MPPW1MGLTT XLIGSRWXVYGXMSRMRHYWXV]LEWFIIRIWXEFPMWLIH
6 %'-'311-88))6)4368
8EFPI{'LIQMGEPGSQTSWMXMSRSJWIPIGXIHKPEWWIWTIVGIRX
'SQTSRIRX %KPEWW )KPEWW 'IQ*-0%6KPEWW 2)+%6KPEWW
7M3
2E3 {
'E3 { {
1K3 { {
/3 {
%P3 {
*I3 { {
&3 { { {
>V3 { {
8M3 { { {
0M3 { { {
8EFPI{4VSTIVXMIWSJWIPIGXIHKPEWWIW
4VSTIVX] %+PEWW )+PEWW 'IQ*-0%6+PEWW 2)+%6+PEWW
7TIGMJMGKVEZMX]
8IRWMPIWXVIRKXLOWM
1SHYPYWSJIPEWXMGMX]OWM
7XVEMREXFVIEOTIVGIRX
1IXVMGIUYMZEPIRXOWM!TWM!14E
{*EFVMGEXMSRSJ+*6'QEXIVMEP TVSGIWWMWQSWXWYMXIHJSVEYXSQEXMSR[LIVIXLIGSQTSWMXIMW
8LIVI EVI FEWMGEPP] X[S TVSGIWWIW YWIH XS JEFVMGEXI XVERWTSVXIHSZIVEZEGYYQW]WXIQYWMRKGSRZI]SVW
+*6'QEXIVMEPW8LIWIEVIXLIwWTVE]YTxTVSGIWWERHXLI %6+*6'QM\TVSTSVXMSRWMRXLIPEXIW[IVITVMQEVMP]
wTVIQM\xTVSGIWW GSQTSWIHSJSRP]GIQIRX[EXIVERHJMFIVRIEXGIQIRXQM\
7TVE]YTTVSGIWW{7MRGI+*6'MWTVMRGMTEPP]YWIH ;LIR%6+*6'[EWMRXVSHYGIHGSQQIVGMEPP]MRXLIIEVP]
MRXLMRWIGXMSRWMXMWMQTSVXERXXLEXGSQTSWMXI+*6'FSEVHW WWERH[EWMRXVSHYGIHEX[IMKLXVEXMSWSJSRITEVXWERH
LEZIYRMJSVQTVSTIVXMIWMREPPHMVIGXMSRW[MXLMRXLITPERISJ XSXLVIITEVXWGIQIRX&]XLIIRHSJXLIWWSQIQERYJEG
XLI FSEVH 7TVE]MRK GSRWXMXYXIW ER IJJIGXMZI TVSGIWW SJ XYVIVW[IVITVSHYGMRK%6+*6'EXWERHXSGIQIRXVEXMSWSJ
EGLMIZMRK XLMW YRMJSVQMX] %X TVIWIRX XLI WTVE] TVSGIWW XSERHEWPS[EWXSXSVIHYGIXLIEQSYRXSJZSPYQIXVMG
EGGSYRXWJSVXLIQENSVMX]SJEPPQERYJEGXYVIH+*6'TVSH WLVMROEKI8LVSYKLSYXXLIWERHGYVVIRXP]X]TMGEPWERH
YGXWMRXLI9RMXIH7XEXIW3RE[SVPH[MHIFEWMWXLIVIPEXMSR XSGIQIRX VEXMSW EVI XS 8LIVI MW GYVVIRXP] VIWIEVGL
SJWTVE]YTXSXLITVIQM\TVSGIWWMWQSVIIZIRP]FEPERGIH YRHIV[E] XS MRZIWXMKEXI %6+*6' QM\IW LEZMRK KVIEXIV
-R XLI WTVE]YT TVSGIWW GIQIRXWERH QSVXEV ERH GLSTTIH EQSYRXWSJWERHXLERGIQIRX
KPEWWJMFIVWEVIWMQYPXERISYWP]TVIQM\IHERHHITSWMXIHJVSQ *SV%6+*6'TVSHYGXWJSVQWEVIRSVQEPP]WXVMTTIHSRXLI
EWTVE]KYRSRXSEQSPHWYVJEGI8LI+*6'EVGLMXIGXYVEPTERIP HE]JSPPS[MRKWTVE]YT'SQTSWMXIWEVIXLIRQSMWXGYVIHYRXMP
MRHYWXV]WIXWEREFWSPYXIQMRMQYQSJJSYVTIVGIRX%6KPEWW XLI] LEZI EXXEMRIH QSWX SJ XLIMV HIWMKR WXVIRKXL 4EVXMGYPEV
JMFIVWF][IMKLXSJXSXEPQM\EWEQERHEXSV]UYEPMX]GSRXVSP EXXIRXMSRQYWXFITEMHXSGYVMRK&IGEYWISJXLIMVXLMRWIGXMSR
VIUYMVIQIRX?A8LIWTVE]YTTVSGIWWGERFIIMXLIVQERYEP %6+*6'GSQTSRIRXWEVIWYWGITXMFPIXSVETMHQSMWXYVIPSWW
SVEYXSQEXIH:MVXYEPP]ER]WIGXMSRWLETIGERFIWTVE]IHSV ERHMRGSQTPIXIWXVIRKXLHIZIPSTQIRXMJEPPS[IHXSVIQEMRMR
GEWX 8LMW IREFPIW EVGLMXIGXW XS HIWMKR ERH QERYJEGXYVIVW XS RSVQEPEXQSWTLIVMGGSRHMXMSRW8LIVIJSVIXSEWWYVIEHIUYEXI
TVSHYGIEIWXLIXMGEPP]TPIEWMRKERHYWIJYPGSQTSRIRXW WXVIRKXLKEMRSJXLIGIQIRXQEXVM\EQMRMQYQSJWIZIRHE]W
7TVE]IH+*6'MWQERYJEGXYVIHMRPE]IVW)EGLGSQTPIXI QSMWX GYVMRK LEW FIIR VIGSQQIRHIH ?A %PWS MQTVSTIV
TEWWSJXLIWTVE]KYRHITSWMXWETTVS\MQEXIP]XSMR IEVP]EKIGYVMRKXLEXPIEHWXSI\GIWWMZIHV]MRKQE]VIWYPXMR
XSQQ
XLMGORIWW%X]TMGEPMRQQ
XLMGOTERIP [EVTMRKSVHMWXSVXMSRSJXLIXLMR+*6'GSQTSRIRXWLETI
XLYWVIUYMVIWX[SXSXLVIIGSQTPIXITEWWIW%JXIVIEGLPE]IV 8LIMRHYWXV]VIUYMVIQIRXSJTIVJSVQMRKEWIZIRHE]QSMWX
MWWTVE]IHXLI[IXGSQTSWMXIMWVSPPIVGSQTEGXIHXSIRWYVI GYVIGVIEXIHEGYVMRKWTEGITVSFPIQ JSVQERYJEGXYVIVW %WE
XLEXXLITERIPWYVJEGI[MPPGSRJSVQXSXLIQSPHJEGIXSLIPT VIWYPX QER] QERYJEGXYVIVW [IVI VIPYGXERX XS TIVJSVQ XLMW
VIQSZIIRXVETTIHEMVERHXSEMHXLIGSEXMRKSJKPEWWJMFIVW RIGIWWEV] QSMWX GYVI -R XLI IEVP] W VIWIEVGL [EW
F]GIQIRXTEWXI GSRHYGXIHF]XLI4SVXPERH'IQIRX%WWSGMEXMSRXSIPMQMREXIXLI
)EVP]GSQTSWMXIQERYJEGXYVIYWIHEHI[EXIVMRKTVSGIWWXS WIZIRHE]QSMWXGYVIMRERIJJSVXXSEPPIZMEXIXLIQERYJEGXYVIVWv
VIQSZIXLII\GIWWQM\[EXIVXLEX[EWRIGIWWEV]XSEGLMIZIE TVSHYGXMSRTVSFPIQW?A%WEVIWYPXSJXLEXVIWIEVGLGSQTSW
WTVE]EFPIQM\(I[EXIVMRKPS[IVWXLI[EXIVGIQIRXVEXMSERH MXIWGSRXEMRMRKEXPIEWXTIVGIRXTSP]QIVWSPMHWF]XSXEPQM\
MRGVIEWIWXLIPIZIPSJGSQTEGXMSR(I[EXIVMRKMRZSPZIWWYGXMSR ZSPYQIERHLEZMRKLEHRSQSMWXGYVI[IVIWLS[RXSHIZIPST
ETTPMIHXSIMXLIVWMHISJETIVQIEFPIQSPHXSVIQSZII\GIWW HE]4VSTSVXMSREP)PEWXMG0MQMX4)0
WXVIRKXLWIUYEPXSSV
[EXIV MQQIHMEXIP] EJXIV WTVE]MRK 8LI WTVE]HI[EXIVMRK WPMKLXP]KVIEXIVXLERWMQMPEVGSQTSWMXIWGSRXEMRMRKRSTSP]QIV
*-&)66)-2*36')('32'6)8) 6
8EFPI{8]TMGEPHE]QEXIVMEPTVSTIVX]ZEPYIW
JSV%6+*6'
4VSTIVX] %6+*6'7]WXIQ
*PI\YVEPWXVIRKXLTWM
1SHYPYWSJ6YTXYVI136
4VSTSVXMSREP)PEWXMG0MQMX4)0
8IRWMPIWXVIRKXLTWM
9PXMQEXI8IRWMPI7XVIRKXL987
&IRH3ZIV4SMRX&34
7LIEVWXVIRKXLTWM
-RXIVPEQMREV
*MK{+IRIVEPM^IHPSEHHIJPIGXMSRGYVZIJSVHE]SPH -RTPERI
+*6'WYFNIGXIHXSEJPI\YVEPXIWX
-QTEGXWXVIRKXLMRPFMR
'LEVT]
LSX[MRH][IEXLIVSVPS[XIQTIVEXYVIW
%PPSJXLIHEXETYFPMWLIHSR+*6'JVSQXLIPEXIWXSXLI % KIRIVEPM^IH PSEHHIJPIGXMSR GYVZI JSV E HE] SPH
QMHW[EWFEWIHSRGSQTSWMXIWXLEX[IVIQSMWXGYVIHJSV +*6'GSQTSWMXIWYFNIGXIHXSEJPI\YVIXIWXMWWLS[RMR
WIZIRHE]WERHGSRXEMRIHRSTSP]QIVEHHMXMSRW*YVXLIVQSVI *MK %W MRHMGEXIH F] XLMW KIRIVEPM^IH PSEHHIJPIGXMSR
XLI QENSVMX]SJ EPP TYFPMWLIH XIWX HEXE YT XS EFSYX [EW GYVZI ]SYRK HE] SPH
+*6' GSQTSWMXIW X]TMGEPP]
FEWIHSRWERHXSGIQIRXVEXMSWSJXS TSWWIWW GSRWMHIVEFPI PSEH ERH WXVEMR GETEGMX] FI]SRH XLI
4VIQM\ TVSGIWW{8LI TVIQM\ TVSGIWW GSRWMWXW SJ QEXVM\ GVEGOMRK WXVIRKXL 4)0
8LI QIGLERMWQ XLEX MW
QM\MRKGIQIRXWERHGLSTTIHKPEWWJMFIV[EXIVERHEHQM\ TVMQEVMP] VIWTSRWMFPI JSV XLMW EHHMXMSREP WXVIRKXL ERH
XYVIW XSKIXLIV MRXS E QSVXEV YWMRK WXERHEVH QM\IVW ERH HYGXMPMX]MWJMFIVTYPPSYX9TSRJMVWXGVEGOMRKQYGLSJXLI
GEWXMRK [MXL ZMFVEXMSR TVIWWQSPHMRK I\XVYHMRK SV WPMT HIJSVQEXMSR MW EXXVMFYXIH XS JMFIV I\XIRWMSR %W PSEH ERH
JSVQMRK XLI QSVXEV MRXS E TVSHYGX 1ERYJEGXYVIVW SJ %6 HIJSVQEXMSR GSRXMRYI XS MRGVIEWI ERH QYPXMTPI GVEGOMRK
KPEWWJMFIVGPEMQXLEXYTXSTIVGIRXF][IMKLXSJ%6KPEWW SGGYVWFI]SRHXLITVSTSVXMSREPIPEWXMGPMQMXJMFIVWFIKMRXS
JMFIVGERFIQM\IHMRXSEGIQIRXERHWERHQSVXEV[MXLSYX HIFSRHERHWYFWIUYIRXP]WPMTSVTYPPSYXXSWTERXLIGVEGOW
FEPPMRK ?A ,MKLIV GSRGIRXVEXMSRW SJ JMFIV GER FI QM\IH ERH VIWMWX XLI ETTPMIH PSEH 0SEH VIWMWXERGI MW HIZIPSTIH
MRXS XLI QSVXEV YWMRK LMKL IJJMGMIRG] YRHYPEXMRK QM\IVW XLVSYKL JVMGXMSR FIX[IIR XLI KPEWW JMFIVW ERH XLI GIQIRX
1M\MRK QYWX FI GPSWIP] GSRXVSPPIH XS QMRMQM^IHEQEKI XS QEXVM\EWXLIJMFIVWHIFSRHERHTYPPSYX?A
XLIJMFIVMRXLIEFVEWMZIIRZMVSRQIRXSJXLIQM\*PS[EMHW 8]TMGEPHE]QEXIVMEPTVSTIVX]ZEPYIWJSVWTVE]YT%6
WYGL EW [EXIVVIHYGIVW ERH LMKLVERKI [EXIVVIHYGMRK +*6'EVITVIWIRXIHMR8EFPI?A*PI\YVEPWXVIRKXLMW
EKIRXWEVIGSQQSRP]YWIHXSJEGMPMXEXIJMFIVEHHMXMSR[LMPI HIXIVQMRIHEGGSVHMRKXS%781'ERHHIRWMX]MWHIXIV
OIITMRKXLI[EXIVGIQIRXVEXMSXSEQMRMQYQ7MRGITVIQM\ QMRIHEGGSVHMRKXS%781'
GSQTSWMXIWKIRIVEPP]LEZISRP]XSTIVGIRXF][IMKLXSJ +*6'QEHISJGIQIRX%6KPEWWJMFIVWWERHERH[EXIVMW
%6KPEWW XLI] EVI RSX EW WXVSRK EW WTVE]IHYT +*6' ERSRGSQFYWXMFPIQEXIVMEPERHQIIXWXLIGVMXIVMESJ%781)
4VIQM\+*6'MWKIRIVEPP]YWIHXSTVSHYGIWQEPPGSQTPI\ ;LIRYWIHEWEWYVJEGIQEXIVMEPMXWJPEQIWTVIEHMRHI\
WLETIHGSQTSRIRXWERHWTIGMEPX]GPEHHMRKTERIPW MW^IVS?A+*6'QEHI[MXLEREGV]PMGXLIVQSTPEWXMGGSTSP
]QIVHMWTIVWMSRJSVGYVMRKTYVTSWIW[MPPRSXTEWW%781)
{4VSTIVXMIWSJ+*6' FYX[MPPLEZIEJPEQIWTVIEHMRHI\SJPIWWXLER
1IGLERMGEP TVSTIVXMIW SJ +*6' GSQTSWMXIW HITIRH YTSR 7MRKPIWOMR+*6'TERIPWGERFIHIWMKRIHXSTVSZMHIVIWMW
JMFIV GSRXIRX TSP]QIVGSRXIRX MJYWIH
[EXIVGIQIRX VEXMS XERGIXSXLITEWWEKISJJPEQIFYXJMVIIRHYVERGIWSJKVIEXIV
TSVSWMX] WERH GSRXIRX JMFIV SVMIRXEXMSR JMFIV PIRKXL ERH XLERQMRYXIWEWHIJMRIHMR%781)EVITVMQEVMP]
GYVMRK?A8LITVMQEV]TVSTIVXMIWSJWTVE]YT+*6'YWIH HITIRHIRXYTSRXLIMRWYPEXMSRERHJMVIIRHYVERGIGLEVEGXIV
JSVHIWMKREVIXLIHE]JPI\YVEP4VSTSVXMSREP)PEWXMG0MQMX MWXMGWSJXLIHV][EPPSVFEGOYTGSVI?A
4)0
ERH XLI HE] JPI\YVEP 1SHYPYW SJ 6YTXYVI 136
?A8LI4)0WXVIWWMWEQIEWYVISJXLIQEXVM\GVEGOMRKWXVIWW {0SRKXIVQTIVJSVQERGISJ+*6'
8LI HE] 4)0 MW YWIH MR HIWMKR EW XLI PMQMXMRK WXVIWW XS )\XIRHIHI\TSWYVISJ+*6'XSREXYVEP[IEXLIVIRZMVSR
IRWYVIXLEXPSRKXIVQMRWIVZMGITERIPWXVIWWIWEVIQEMRXEMRIH QIRXW [MPP VIWYPX MR GLERKIW MR QIGLERMGEP TVSTIVXMIW
FIPS[XLIGSQTSWMXIGVEGOMRKWXVIRKXL-REHHMXMSRHIQSPHMRK *YVXLIVQSVI I\TSWYVI SJ +*6' XS RSVQEP REXYVEP [IEXL
ERHSXLIVLERHPMRKWXVIWWIWWLSYPHVIQEMRFIPS[XLI4)0SJXLI IVMRKG]GPIWQSMWXYVIERHXIQTIVEXYVIG]GPIW
[MPPVIWYPXMR
QEXIVMEPEXXLIWTIGMJMGXMQIXLEXXLIIZIRXXEOIWTPEGI?A G]GPMGEPZSPYQIXVMGHMQIRWMSRGLERKIW'LERKIWMRQIGLER
6 %'-'311-88))6)4368
-REHHMXMSREWXLIGSQTSWMXIEKIWERHFIGSQIWPIWWHYGXMPI
XLIQSWXIJJIGXMZIERHTVEGXMGEP[E]XSEGGSQQSHEXIHMQIR
WMSRGLERKIMWXSIPMQMREXIVIWXVEMRXF]YWMRKJPI\MFPIGSRRIG
XMSRW EW HIWGVMFIH MR 7IGXMSR ? A
)\TIVMIRGI[MXLWMRKPIWOMRWXIIPWXYHJPI\ERGLSVGSRRIGXMSR
X]TITERIPWLEWWLS[RXLIQXSFIPIWWWIRWMXMZIXSPSRKXIVQ
GVEGOMRKEWWSGMEXIH[MXLVIWXVEMRXSJTERIPQSZIQIRXWGEYWIH
F]RSVQEPGLERKIWMRQSMWXYVIERHXIQTIVEXYVI?A-RXLI
JYXYVIXLIETTPMGEXMSRSJWYVJEGIGSEXMRKWXSVIHYGISVIPMQM
REXIQSMWXYVIQSZIQIRXERHXLIVIF]VIHYGIWLVMROEKIWXVEMRW
QE]XYVRSYXXSFIEZEPYEFPIXSSPXSHIEP[MXLXLMWTLIRSQIRE
-REHHMXMSRWYVJEGIGSEXMRKWQE]VIHYGIXLII\XIRXSJIQFVMX
XPIQIRX[LMGLYWYEPP]XEOIWTPEGIMRQSMWXGSRHMXMSRW
*MK{1SHYPYWSJVYTXYVIERHTVSTSVXMSREPIPEWXMGPMQMX
ZIVWYWEKIJSVRIEXGIQIRX%*+*6'GSQTSWMXIWWXSVIHMR 8LIHYVEFMPMX]TIVJSVQERGISJXLIGSQTSWMXIQEXIVMEPMXWIPJ
REXYVEP9/[IEXLIVMRKGSRHMXMSRW MW YWYEPP]IZEPYEXIH F] HIXIVQMRMRK XLI GLERKIWMRWXVIRKXL
ERH XSYKLRIWW HYVMRK I\TSWYVI XS REXYVEP [IEXLIV SV YRHIV
EGGIPIVEXIHEKMRKGSRHMXMSRWMQQIVWMSRMRLSX[EXIVFEXLW
8[S FEWMG XLISVMIW LEZI FIIR WYKKIWXIH XS I\TPEMR PSWW MR
WXVIRKXLERHWXVEMRGETEGMX]MR+*6'GSQTSWMXIW3RIXLISV]
MWXLEXEPOEPMEXXEGOSRXLIKPEWWJMFIVWYVJEGIW VIWYPXWMRXLI
VIHYGXMSR SJ XLI JMFIV XIRWMPI WXVIRKXL ERH WYFWIUYIRXP]
VIHYGXMSRSJGSQTSWMXIWXVIRKXL?A8LIWIGSRHERHQSWX
EGGITXIH XLISV] WYKKIWXW XLEX SRKSMRK GIQIRX L]HVEXMSR MR
[EXIVWXSVIHSVREXYVEPP][IEXLIVIH+*6'VIWYPXWMRL]HVE
XMSRTVSHYGXWTIRIXVEXMRKXLIJMFIVFYRHPIWJMPPMRKXLIMRXIVWXM
XMEP WTEGIW FIX[IIR KPEWW JMPEQIRXW XLIVIF] MRGVIEWMRK XLI
FSRHXSMRHMZMHYEPKPEWWJMPEQIRXW8LMWTLIRSQIRSRGERPIEH
XSPEGOSJJMFIVTYPPSYXERHVIWYPXWMREPSWWMRXIRWMPIWXVIRKXL
ERHHYGXMPMX]?A-XMWTSWWMFPIXLEXFSXL
*MK{1SHYPYWSJVYTXYVIERHTVSTSVXMSREPIPEWXMGPMQMX TLIRSQIREEPOEPMEXXEGOERHJMPPMRKSJXLIMRXIVWXMXMEPWTEGIW
ZIVWYWEKIJSVRIEXGIQIRX%6+*6'GSQTSWMXIWWXSVIHMR
[EXIVEXXS*'
FIX[IIRKPEWWJMPEQIRXW
EVISGGYVVMRKWMQYPXERISYWP]ERHEX
HMJJIVIRXVEXIW[MXLEPOEPMEXXEGOFIMRKQSVIWMKRMJMGERXMR)
KPEWW JMFIV W]WXIQW ERH XLI QIGLERMWQ SJ JMPPMRK MRXIVWXMXMEP
MGEPTVSTIVXMIWERHG]GPMGEPHMQIRWMSREPQSZIQIRXWQYWXFI WTEGI FIX[IIR JMFIVW FIMRK XLI QEMR GEYWI SJ WXVIRKXL ERH
EGGSYRXIHJSVF]YWISJTVSTIVHIWMKRTVSGIHYVIWWYGLEW HYGXMPMX]PSWWMR%6KPEWWJMFIVW]WXIQW?A
XLSWI SYXPMRIH MR 7IGXMSRW ERH ERH HIXEMPIH MR 7XVIRKXL ERH XSYKLRIWW VIXIRXMSR SJ %6+*6'{
6IJIVIRGIW ERH *SPPS[MRK XLI MRXVSHYGXMSR SJ 'IQ*-0 %6KPEWW JMFIV MR
1SWX GSQQIVGMEPP] QERYJEGXYVIH +*6' GSQTSWMXIW [MPP XIWX TVSKVEQW [IVI MRHITIRHIRXP] MRMXMEXIH F] &6)
I\TIVMIRGI VIHYGXMSR MR XIRWMPI ERH JPI\YVEP WXVIRKXLW ERH 4MPOMRKXSR &VSXLIVW 0XH ERH 3[IRW'SVRMRK *MFIVKPEW XS
HYGXMPMX][MXLEKIMJI\TSWIHXSERSYXHSSVIRZMVSRQIRX8LI EWWIWWPSRKXIVQWXVIRKXLERHXSYKLRIWWFILEZMSVSJ%6KPEWW
WXVIRKXL SJ JYPP]EKIH +*6' GSQTSWMXIW [MPP HIGVIEWI XS GSQTSWMXIW[LIRI\TSWIHXSEVERKISJIRZMVSRQIRXEPGSRHM
EFSYX TIVGIRX SJ XLI MRMXMEP WXVIRKXL TVMSV XS EKMRK XMSRW(EXEJSVP]IEVSPHPSRKXIVQWXVIRKXLHYVEFMPMX]XIWXW
,S[IZIVWXVEMRGETEGMX]HYGXMPMX]SVXSYKLRIWW
[MPPHIGVIEWI LEZI FIIR TYFPMWLIH ? A JSV GSQTSWMXIW LEZMRK RS
XSEFSYXTIVGIRXSJXLIMRMXMEPWXVEMRGETEGMX]TVMSVXSEKMRK WERHERHRSTSP]QIVRIEXGIQIRXGSQTSWMXIW
8LIWIHEXEEVI
8LMWPSWWMRWXVEMRGETEGMX]MWSJXIRVIJIVVIHXSEWGSQTSWMXI TVIWIRXIH MR *MK XLVSYKL %W WLS[R MR *MK
IQFVMXXPIQIRX)QFVMXXPIQIRXMWXMQIERHIRZMVSRQIRXHITIR 1SHYPYW SJ 6YTXYVI 136
HIGVIEWIH [MXL XMQI YRHIV
HIRXERHMWEGGSYRXIHJSVMRHIWMKRSJ+*6'GSQTSRIRXWEWMW REXYVEP [IEXLIVMRK GSRHMXMSRW %JXIV ]IEVW SJ REXYVEP
I\TPEMRIHMR7IGXMSR [IEXLIVMRK MR XLI 9RMXIH /MRKHSQ XLI 136 HIGVIEWIH XS
(MQIRWMSREPGLERKIWMR+*6'GERFIGSRWMHIVEFP]KVIEXIV RIEVP] XLI WXVIRKXL PIZIP SJ XLI 4VSTSVXMSREP )PEWXMG 0MQMX
XLERXLSWISJGSRZIRXMSREPGSRGVIXI8LMWMWXLIVIWYPXSJXLILMKL 4)0
-REHHMXMSRHEXEWLS[RMR*MKMRHMGEXIXLEX%6
GIQIRX GSRXIRX MR XLI QSVXEV QEXVM\ ']GPMG WXVEMRW VIWYPXMRK +*6'GSQTSWMXIWWXSVIHMR[EXIVEXXS*XS'
JVSQ[IXXMRKERHHV]MRKGERFIEWPEVKIEWTIVGIRXERH I\LMFMXIHXLMWWEQI136WXVIRKXLPSWWSZIVXLIWEQITIVMSH
WXVEMRW SJ XLMW QEKRMXYHI EVI KIRIVEPP] IRGSYRXIVIH SJXMQI,S[IZIVGSQTSWMXIWWXSVIHEX*'
ERH
XLVSYKLSYXXLIWIVZMGIPMJISJXLIJEGEHITERIP?A+MZIR TIVGIRX VIPEXMZI LYQMHMX] I\LMFMXIH VIPEXMZIP] PMXXPI 136
WYJJMGMIRX I\TSWYVI XLMW HMQIRWMSREP WIRWMXMZMX] GER PIEH XS WXVIRKXLPSWW[MXLEKIEWWLS[RMR*MK ?A
SZIV WXVIWWMRK YRPIWW EGGSQQSHEXIH JSV MR HIWMKR 3ZIV -R EHHMXMSR XS XLI PSRKXIVQ REXYVEP EKMRK XIWX TVSKVEQW
WXVIWWMRKSVWXVIWWGSRGIRXVEXMSRWGERGEYWIGVEGOWXSHIZIPST EGGIPIVEXIHEKMRKTVSKVEQW[IVIGSRHYGXIHF]EPPXLVIIQENSV
8LMWGERFIGVMXMGEPMRGSQTSRIRXWXLEXEVISZIVP]VIWXVEMRIH KPEWW JMFIV TVSHYGIVW WS XLEX TVSNIGXMSRW SJ EKIH TVSTIVXMIW
*-&)66)-2*36')('32'6)8) 6
*MK{1SHYPYWSJVYTXYVIERHTVSTSVXMSREPIPEWXMGPMQMX
ZIVWYWEKIJSVRIEXGIQIRX%*+*6'GSQTSWMXIWWXSVIHMR
EMVEX*'
ERHTIVGIRXVIPEXMZILYQMHMX]
GSYPHFIQEHIMREHZERGISJXLIREXYVEPEKMRKHEXE%GGIPIV
*MK {4VSNIGXIH 136 ZIVWYW EKI JSV RIEX GIQIRX %6
EXIHEKMRKMWEGGSQTPMWLIHF]MQQIVWMRKGSQTSWMXIWMR[EXIV +*6'GSQTSWMXIWWXSVIHMRREXYVEP9/[IEXLIVMRKGSRHM
EX IPIZEXIH XIQTIVEXYVI XS I\TIHMXI XLI GIQIRX L]HVEXMSR XMSRWERHEGGIPIVEXIHEKMRKGSRHMXMSRW
TVSGIWW?A,S[IZIVXVYIEKMRKSJEWTIGMJMG+*6'
TVSHYGXGERSRP]FIEGGSQTPMWLIHXLVSYKLEGXYEPYWISJXLI
TVSHYGXYRHIVRSVQEPMRTPEGIIRZMVSRQIRXEPGSRHMXMSRW%R]
EXXIQTX XS GLEVEGXIVM^I XLI EKIH FILEZMSV SJ +*6' YWMRK
EGGIPIVEXIHQIXLSHWMWSRP]ERETTVS\MQEXMSR
*SV+*6'TERIPWGSRXEMRMRKRSTSP]QIVERHQEHI[MXL
IMXLIVRIEXGIQIRXSVWERHXSGIQIRXVEXMSWSJXS
EGGIP
IVEXIH EKMRK HEXE LEZI FIIR GSVVIPEXIH [MXL HEXE SFXEMRIH
JVSQ REXYVEP [IEXLIVMRK GSRHMXMSRW JSV XLI TYVTSWI SJ
TVSNIGXMRKPSRKXIVQHYVEFMPMX]-RERMRZIWXMKEXMSRGSRHYGXIH
F] 4MPOMRKXSR &VSXLIVW 0XH XLMW GSVVIPEXMSR [EW EGGSQ
TPMWLIHJSVHMJJIVIRXGPMQEXIWXLVSYKLSYXXLI[SVPH&EWIHSR
XLMWMRZIWXMKEXMSRMXMWTVSNIGXIHXLEXJSVQER]I\TSWYVIGSRHM
XMSRWXLI136SJ+*6'GSQTSWMXIW[MPPIZIRXYEPP]HIGVIEWI *MK {%GGIPIVEXIH EKMRK HEXE YWIH XS TVSNIGX PSRKXIVQ
XSRIEVP]XLIWXVIRKXLPIZIPSJXLI4)0*SVQER]+*6'TVSH WXVIRKXLSJ%6+*6'YRHIVREXYVEP9/[IEXLIVMRKGSRHMXMSRW
YGXWI\TSWIHXSSYXHSSVIRZMVSRQIRXWXLMWWXVIRKXLVIHYGXMSR
MWWLS[RXSSGGYV[MXLMRXLIMVRSVQEPPMJIWTERWERHQE]FIE XIQTIVEXYVIEGGIPIVEXIHWXVIRKXLVIWYPXWEPSRKXLIPSKXMQI
JYRGXMSR SJ TERIP WYVJEGI XVIEXQIRX I\TSWIH EKKVIKEXI ERH E\MWYRXMPXLI]GSMRGMHI[MXLXLIWXVIRKXLVIWYPXWSJGSQTSW
WYVJEGI WIEPIVW
ERH IRZMVSRQIRX ,S[IZIV RIMXLIV TERIP MXIWWXSVIHMRXLI9/[IEXLIVMRKGSRHMXMSRW%WWLS[RMR
PSEHMRKLMWXSVMIWRSVXLIIJJIGXWSJTSWWMFPITERIPWYVJEGIXVIEX *MK VIWYPXW JSVXLI HMJJIVIRXEGGIPIVEXMSR XIQTIVEXYVIW
QIRXW[IVIGSRWMHIVIHMRXLIMRZIWXMKEXMSR JSVQEGSQQSRGYVZIXLEXI\XIRHWJSV[EVHJSVQER]]IEVW
-REHHMXMSRWXVIRKXLVIHYGXMSRLEWFIIRWLS[RXSSGGYVEX 0SWWMRWXVEMRGETEGMX]MWEPWSSFWIVZIHYTSREKMRKSJ+*6'
JEWXIV VEXIW MR [EVQIV QSVI LYQMH GPMQEXIW ? A GSQTSWMXIW7LS[RMR*MKEVIVITVIWIRXEXMZIWXVIWWWXVEMR
*MKYVITVIWIRXWQSHYPYWSJVYTXYVIHEXEJSVGSQTSWMXIW GYVZIWMRXIRWMSRERHFIRHMRKJSVGSQTSWMXIWXIWXIHEXHE]W
I\TSWIHXSREXYVEP[IEXLIVMRKMRXLI9RMXIH/MRKHSQERH ERH]IEVW%PPGSQTSWMXIW[IVIWXSVIHMR[EXIVEXETTVS\M
JSV GSQTSWMXIW LEZMRK YRHIVKSRI EGGIPIVEXIH EKMRK EX QEXIP]*'
?A9REKIHGSQTSWMXIWXIWXIHEX
IPIZEXIHXIQTIVEXYVIW?A(EXEMRHMGEXIXLEXEWXLIEGGIP HE]WI\LMFMXWXVEMRGETEGMXMIWSRXLISVHIVSJTIVGIRXJSV
IVEXIH EKMRK XIQTIVEXYVI MRGVIEWIW E JEWXIV HVST MR 136 FSXLXIRWMSRERHFIRHMRKXIWXWEWWLS[RMR*MKE'SQTSW
WXVIRKXL MW SFWIVZIH % PS[IV PMQMX I\MWXW JSV XLI 136 MXIWEKIHJSVJMZI]IEVWMR[EXIVEX*'
WLS[EWYFWXERXMEP
WXVIRKXLXLEXMWIWWIRXMEPP]IUYEPXSXLI4)0SJXLIGSQTSWMXI HIGVIEWI MR WXVEMR GETEGMX] EW MRHMGEXIH MR *MK F 0SWW MR
[LMGL MW E QIEWYVI SJ XLI QEXVM\ GVEGOMRK WXVIRKXL SJ XLI WXVEMRGETEGMX][MXLEKMRK[LMGLMWQYGLKVIEXIVXLERVIHYGXMSR
VIMRJSVGIHGSQTSWMXI MRXIRWMPISVJPI\YVEPWXVIRKXLQE]FISJKVIEXIVWMKRMJMGERGIXS
9WI SJ EGGIPIVEXIH EKMRK TVSGIHYVIW LEW PIH XS WXVIRKXL XLIPSRKXIVQTIVJSVQERGIWMRGIMXPIEHWXSERMRGVIEWIHWIRWM
TVIHMGXMSRWI\XIRHMRKSZIVQER]]IEVW1SHYPYWSJ6YTXYVI XMZMX]XSGVEGOMRK8LMWGLEVEGXIVMWXMGSJXLIQEXIVMEPGERFIIWXM
WXVIRKXLWWLS[RMR*MKJSVGSQTSWMXIWEKIHEX QEXIHF]MQTEGXVIWMWXERGIXIWXMRK*SVERMRHITXLHMWGYWWMSR
ERHP*ERH'
LEZIFIIRGSQFMRIH[MXLXLI SJXSYKLRIWWHYVEFMPMX]WII6IJ
EGXYEP 9/ [IEXLIVMRK VIWYPXW SYX XS ]IEVW MR *MK -XLEWFIIRVITSVXIH?AXLEXEHHMXMSRWSJTSP]QIVW
?A8LMWLEWFIIREGGSQTPMWLIHF]HMWTPEGMRKXLILMKLIV XS%6+*6'TVSZMHIZEPYEFPIEHZERXEKIWWYGLEWVIHYGMRK
6 %'-'311-88))6)4368
EX136LEZIFIIRSFXEMRIH136EJXIV[IXHV]G]GPIW[EW
ETTVS\MQEXIP] TWM 14E
GSQTEVIH XS TWM
14E
JSV YRQSHMJMIH %6+*6' :EPYIW JSV MRMXMEP 136
FIJSVI[IXHV]G]GPMRK
[EWETTVS\MQEXIP]TWM14E
[MXLTIVGIRXTSP]QIVGSRXIRXF]ZSPYQISJQM\GSQTEVIHXS
TWM14E
[MXLSYXTSP]QIV7XVEMREXXLI136[EW
ETTVS\MQEXIP]TIVGIRXGSQTEVIHXSTIVGIRXJSVYRQSH
MJMIH %6+*6' 4SP]QIV GSRXIRXW SJ ERH TIVGIRX F]
ZSPYQI SJ QM\ WLS[IH QSVI WYFWXERXMEP VIXIRXMSR SJ 136
WXVIRKXLERHWXVEMR%JXIV[IXHV]G]GPIW136VIQEMRIHEX
ETTVS\MQEXIP] ERH TWM ERH 14E
VIWTIG
XMZIP] 7XVEMR EX XLI 136 [EW ETTVS\MQEXIP] ERH
TIVGIRXVIWTIGXMZIP]?A
4SP]QIVQSHMJMIH
)KPEWWJMFIVVIMRJSVGIHGSRGVIXI
*MK{6ITVIWIRXEXMZIWXVIWWWXVEMRGYVZIWMRXIRWMSRERH 4+*6'
{-REHMJJIVIRXX]TISJKPEWWJMFIVVIMRJSVGIH
FIRHMRKJSV%6+*6'WXSVIHMR[EXIVEX*'
GSRGVIXI[EWMRXVSHYGIHMR)YVSTI?A-XGSRWMWXIHSJ
)KPEWW JMFIVW IQFIHHIH MR E QEXVM\ XLEX [EW QEHI YT SJ
GIQIRX WERH ERH E QMRMQYQ SJ TIVGIRX TSP]QIV F]
EFWSVTXMSR ERH VIHYGMRK [IXHV] WLVMROEKI QSZIQIRXW ZSPYQISJQM\%XXLITVIWIRXXMQIXLIVIMWPMXXPIYWISJXLMW
,S[IZIVXLI%6+*6'GSQTSWMXIW[MXLTSP]QIVEHHMXMSRW W]WXIQMRXLI9RMXIH7XEXIW8LIQENSVMX]SJMXWYWILEWFIIR
HMHRSXGSVVIPEXI[IPP[MXLTVIHMGXMSRWSJPSRKXIVQWXVIRKXL MR XLI )YVSTIER GSYRXVMIW 8LI VIEWSR JSV MRGSVTSVEXMRK E
JVSQLSX[EXIVEGGIPIVEXIHEKMRKXIWXWZIVWYWTIVJSVQERGIMR TSP]QIV MRXS XLI GIQIRX QEXVM\KPEWW JMFIV W]WXIQ MW XS
VIEP[IEXLIVMRKI\TSWYVI TVSZMHI MQTVSZIH PSRKXIVQHYVEFMPMX] 8LIGSRGITXFILMRH
-RLSX[EXIVEKMRKTSP]QIVEHHMXMSRWLEZIFIIRWLS[RXS EGLMIZMRK PSRKXIVQ WXVIRKXL HYVEFMPMX] XLVSYKL TSP]QIV
TVSZMHI RS WMKRMJMGERX EHZERXEKI MR WXVIRKXL VIXIRXMSR QSHMJMGEXMSRSJ+*6'MWHIWGVMFIHFIPS[?A
,S[IZIV XLIVI LEZI FIIR VITSVXW SJ MQTVSZIQIRXW MR
8LIVIEVIKIRIVEPP]MRHMZMHYEPKPEWWJMPEQIRXW[MXLMRE
WXVIRKXL VIXIRXMSR HYVMRK EGXYEP [IEXLIVMRK I\TSWYVI SZIV
KPEWWJMFIVFYRHPI8LIHMEQIXIVSJEWMRKPIJMPEQIRXMWETTVS\
WIZIVEP]IEVW?A-XLEWFIIRVITSVXIHXLEXEJXIV]IEVWMR
MQEXIP]QMGVSRW8LI[MHXLSJWTEGIWFIX[IIRKPEWWJMPE
XLI LSX *PSVMHE ERH %VM^SRE GPMQEXIW %6+*6' [MXL
QIRXWMWSRP]X[SXSXLVIIQMGVSRW8LIEZIVEKIHMEQIXIVSJ
TIVGIRXTSP]QIVWSPMHWF]ZSPYQISJXSXEPQM\ERHTIVGIRX
ER ERL]HVSYW GIQIRX TEVXMGPI MW ETTVS\MQEXIP] QMGVSRW
F][IMKLXSJXSXEPQM\SJEWTIGMEPP]GSEXIH%6KPEWWXSFI
8LIVIJSVIQSWXGIQIRXTEVXMGPIWGERRSXTEWWMRXSXLIWTEGIW
HMWGYWWIH MR 7IGXMSR
WLS[IH RS PSWW MR 136
FIX[IIRXLIKPEWWJMPEQIRXW[MXLMREX]TMGEPKPEWWJMFIVFYRHPI
WXVIRKXLERHVIXIRXMSRSJLMKLWXVEMRXSJEMPYVI?A;MXL
,S[IZIV JSVQEXMSR SJ L]HVEXMSR TVSHYGXW WTIGMJMGEPP]
VIKEVHXSGSQTEVMWSRWSJWXVIRKXLHYVEFMPMX]FIX[IIREGGIP
GEPGMYQL]HVS\MHI?'E3,
AGERSGGYVMRWMHIXLIWIWTEGIW
IVEXIHEKMRKERHVIEP[IEXLIVMRKSRIVIWIEVGLIVVITSVXWXLEX
ERHMWXLSYKLXF]WSQIXSFIXLIQENSVGEYWISJIQFVMXXPIQIRX
TSP]QIVEHHMXMSRWHSRSXMRLMFMXIQFVMXXPIQIRXSJXLIJMFIV
ERHXLIHIGVIEWIMRGSQTSWMXIWXVIRKXL[MXLXMQI
W]WXIQ MR XSXEP [EXIV MQQIVWMSR ERH LIRGI HS RSX PIEH XS
WXVIRKXL VIXIRXMSR ?A ,S[IZIV MR REXYVEP [IEXLIVMRK -REREXXIQTXXSVIHYGIFSXLTL]WMGEPIQFVMXXPIQIRXERH
GSRHMXMSRW XLI [EXIV EFWSVTXMSR MW VIHYGIH XLIVIF] TSWX GLIQMGEPEXXEGOSJXLIKPEWWJMFIVWTSP]QIVTEVXMGPIW[IVI
TSRMRKXLIXMQIIJJIGXWSJJMFIVIQFVMXXPIQIRX?A MRXVSHYGIHMRXSEW]WXIQSJ)KPEWWJMFIVWGIQIRXWERHERH
8LI WXYH] LEW EPWS WLS[R XLEX YRHIV REXYVEP [IEXLIVMRK [EXIV 8LIWI TSP]QIV TEVXMGPIW EVI SRP] E JVEGXMSR SJ E
GSRHMXMSRWEQMRMQYQEHHMXMSRSJTIVGIRXTSP]QIVWSPMHW QMGVSR MR HMEQIXIV8LIVIJSVI XLI]GERTIRIXVEXI MRXS XLI
F]ZSPYQISJXSXEPQM\XS+*6'TVSZMHIWMQTVSZIHWXVIRKXL WTEGIWFIX[IIRXLIKPEWWJMPEQIRXW9TSRGSQFMRMRKKPEWW
VIXIRXMSRSZIVWXERHEVH+*6'?A ERHEQSVXEVGSRXEMRMRKETSP]QIVHMWTIVWMSRKPEWWFYRHPIW
(YIXSXLIHMJJIVIRGIMRQIEWYVIHTIVJSVQERGIFIX[IIR XEOIYT[EXIVHYIXSGETMPPEV]JSVGIWEGXMRKMRXLIWTEGIW8LI
+*6' [MXLERH[MXLSYXTSP]QIVEHHMXMSRWYWMRKXLIWXER [EXIV GEVVMIW XLI TSP]QIV TEVXMGPIW MRXS XLIWI WTEGIW 8LI
HEVHLSX[EXIVMQQIVWMSREGGIPIVEXIHEKMRKXIWXEXIWXTVSGI TSP]QIVTEVXMGPIWEHLIVIXSIEGLSXLIVEW[EXIVMWVIQSZIH
HYVI EHETXIH JVSQ XLI )YVSTIER EWFIWXSWGIQIRX MRHYWXV] XLVSYKLFSXLIZETSVEXMSRERHL]HVEXMSRSJXLIGIQIRX8LI
LEWFIIRWYFWXMXYXIH?A8LIEPXIVREXIEGGIPIVEXIHEKMRK VIWYPXMWETSP]QIVJMPQXLEXWTVIEHWMRERHEVSYRHXLIMRHM
XIWXMRZSPZIWMQQIVWMSRMR[EXIVEX*'
JSVLSYVW ZMHYEPKPEWWJMPEQIRXW[MXLMRIEGLKPEWWFYRHPI?A
JSPPS[IHF]JSVGIHEMVHV]MRKEX*'
EXEWTIIHSJ 8LI TSP]QIV JMPQ VITSVXIHP] TIVJSVQW X[S JYRGXMSRW -X
JTWQWIG
JSVLSYVW8LMWMWGSRWMHIVIHSRIG]GPI TVSXIGXW WSQI SJ XLI MRHMZMHYEP KPEWW JMPEQIRXW JVSQ EPOEPM
8LI XIWX X]TMGEPP] MRZSPZIW EX PIEWX I\TSWYVI G]GPIW EXXEGOERHMXTEVXMEPP]JMPPWXLIWTEGIWFIX[IIRJMPEQIRXWXLIVIF]
&IXXIVGSVVIPEXMSRFIX[IIREGGIPIVEXIHEKMRKVIWYPXWSJXLMW VIHYGMRK XLI IJJIGXW SJ JMFIV IQFVMXXPIQIRX ?A
XIWXERHREXYVEP[IEXLIVMRKLEZIFIIRSFWIVZIHJSVGSQTSW ,S[IZIVXLIVIEVIVITSVXWXLEXTSP]QIVQSHMJMGEXMSREWLMKLEW
MXIWGSRXEMRMRKTSP]QIV?A TIVGIRX WSPMHW F] ZSPYQI SRP] TVSZMHIW EFSYX TIVGIRX
8LIVIWYPXWWLS[XLEXJSVETSP]QIVGSRXIRXSJTIVGIRXF] GSZIVEKISJXLI)KPEWWJMPEQIRXWYVJEGIWERHXLEXXLSWIJMPE
ZSPYQISJQM\QSHIWXMQTVSZIQIRXWMR1364)0ERHWXVEMR QIRXW RSX TVSXIGXIH F] XLI TSP]QIV JMPQ FIGSQI WIZIVIP]
*-&)66)-2*36')('32'6)8) 6
*MK{8IRWMPIWXVIRKXLSJKPEWWJMFIVWXVERH[MXLZEVMSYW
GSEXMRKWWXSVIHMR34'TEWXIEX*'
*MK {*PI\YVEP WXVIRKXL SJ +*6' GSQTSWMXIW MRGSVTS
VEXMRK %6KPEWW JMFIV [MXL EPOEPMVIWMWXERX SVKERMG GSEXMRK
IXGLIHF]EPOEPMEXXEGOEJXIV[IIOWSJEGGIPIVEXIHEKMRKEX WXSVIHMR[EXIVEX*'
*'
?A
6IGIRX HIZIPSTQIRXW JSV MQTVSZIQIRX SJ +*6'
HYVEFMPMX]{)ZIR XLSYKL TSP]QIV EHHMXMSRW XS %6+*6' %6KPEWWJMFIVWGSRJMVQIHXLEXXLIMQTVSZIHJMFIVWXVIRKXL
LEZIFIIRWLS[RXSVIHYGIXLIVEXIEX[LMGL+*6'GSQTSW VIXIRXMSR HSIW VIWYPX MR WSQI MQTVSZIQIRX MR XLI JPI\YVEP
MXIW PSWI WXVIRKXL ERH HYGXMPMX] ? A WXVIRKXLVIXIRXMSRSJXLI+*6'GSQTSWMXI?A
GSQQIVGMEPP]EZEMPEFPI+*6'W]WXIQW[MPPWXMPPI\TIVMIRGI % QIXLSH GEPPIH wWMPMGE JYQI WPYVV] MRJMPXVEXMSRx [EW
VIHYGXMSRWMRWXVIRKXLERHHYGXMPMX]EXEVEXIXLEXMWIRZMVSR HIZIPSTIH?AXSMRGSVTSVEXIWMPMGEJYQIHMVIGXP]MRXSXLI
QIRX HITIRHIRX 3ZIV XLI TEWX JI[ ]IEVW WIZIVEP RI[ WTEGIW FIX[IIR MRHMZMHYEP KPEWW JMPEQIRXW MR E JMFIV KPEWW
QIXLSHW SJ MQTVSZMRK XLI PSRKXIVQ HYVEFMPMX] SJ +*6' VSZMRK-X[EWHMWGSZIVIHXLEXF]LERHHMTTMRKXLIVSZMRKW
LEZI FIIR HIZIPSTIH %PP SJ XLIWI QIXLSHW MRZSPZI IMXLIV MRXSEGSQQIVGMEPP]HMWTIVWIHWMPMGEJYQIWPYVV]XLIWTEGIW
WTIGMEPP]JSVQYPEXIHGLIQMGEPGSEXMRKWSRXLIKPEWWJMFIVWSV FIX[IIRXLIMRHMZMHYEPKPEWWJMPEQIRXWGSYPHFIEHIUYEXIP]
QSHMJMGEXMSRSJXLIGIQIRXQEXVM\ JMPPIH[MXLWMPMGEJYQI6IWYPXWSJXIWXWTIVJSVQIHSREKIH
+PEWWJMFIVQSHMJMGEXMSRW{7MRGIXLIMRXVSHYGXMSR GSQTSWMXIW GSRXEMRMRK TIVGIRX %6KPEWW JMFIV F][IMKLX
SJEPOEPMVIWMWXERXKPEWWJMFIVMRWIZIVEPEXXIQTXWLEZI ERHJEFVMGEXIHYWMRKWMPMGEJYQIWPYVV]MRJMPXVEXMSRMRHMGEXIH
FIIRQEHIXSJYVXLIVMQTVSZIKPEWWJMFIVWJSVYWIMR+*6' EWYFWXERXMEPHIGVIEWIMRXLIVEXIEX[LMGLWXVIRKXLPSWWXEOIW
1SWXSJXLIWIEXXIQTXWLEZIFIIRHMVIGXIHXS[EVHWMQTVSZMRK TPEGI?A-XLEWRSXFIIRHIXIVQMRIH[LIXLIVXLMWQERY
GSQQIVGMEPP] EZEMPEFPI %6KPEWW JMFIVW F] ETTPMGEXMSR SJ JEGXYVMRKQIXLSHMWGSQQIVGMEPP]JIEWMFPI
WTIGMEPJMFIVGSEXMRKW8LIWIWTIGMEPGSEXMRKWEVIMRXIRHIHXS 2MTTSR )PIGXVMG +PEWW 6IWIEVGL PEFSVEXSVMIW LEZI
VIHYGIXLIEJJMRMX]SJXLIKPEWWJMFIVWJSVGEPGMYQL]HVS\MHI TVSHYGIHWTVE]IHYTGSQTSWMXIWLEZMRKTIVGIRX%6KPEWW
XLI L]HVEXMSR TVSHYGX XLEX MW TVMQEVMP] VIWTSRWMFPI JSV ERHGSRGIRXVEXMSRWSJWMPMGEJYQIYTXSTIVGIRXF][IMKLX
GSQTSWMXIIQFVMXXPIQIRX7SQIWIGSRHKIRIVEXMSR%6KPEWW SJ GIQIRX [MXLSYX WMKRMJMGERXP] MQTVSZMRK XLI EKIH WXVEMR
JMFIVW[LMGLEVIGYVVIRXP]GSQQIVGMEPP]EZEMPEFPIEVII\EQ GETEGMX]SJXLIGSQTSWMXI?A
TPIW SJ XLI TSXIRXMEP FIRIJMXW SJ JMFIV GSEXMRKW 0SRKXIVQ 'IQIRX QEXVM\ QSHMJMGEXMSRW{3ZIV XLI ]IEVW
HYVEFMPMX]HEXEJSVGSQTSWMXIWQERYJEGXYVIH[MXLXLIWIJMFIVW WIZIVEPVIWIEVGLIVWLEZIETTVSEGLIHXLI+*6'WXVIRKXLHYVE
MRHMGEXI XLEX WXVIRKXL ERH HYGXMPMX] HIGVIEWI EX WPS[IV VEXIW FMPMX] TVSFPIQ F] EPXIVMRK XLI GIQIRX QEXVM\ 1SWX SJ XLIWI
XLER GSRZIRXMSREP %6KPEWW GSQTSWMXIW ,S[IZIV XLIVI MW IJJSVXW[IVIKIEVIHXS[EVHWXV]MRKXSVIHYGISVIPMQMREXIXLI
WXMPPWSQIPSWWMRWXVIRKXLERHXSYKLRIWWMRHMGEXIHF]GYVVIRX JSVQEXMSRSJGEPGMYQL]HVS\MHITVSHYGIHHYVMRKL]HVEXMSR
XIWXVIWYPXW7MRGITVIHMGXMSRWSJPSRKXIVQQEXIVMEPTVSTIVXMIW (IZIPSTQIRX SJLMKL EPYQMREGIQIRX,%'
ERH WYTIVWYP
EVI FEWIH SR E GSVVIPEXMSR SJ EGGIPIVEXIH EKMRK HEXE [MXL TLEXIHGIQIRXVITVIWIRXIHIEVP]EXXIQTXWEXXV]MRKXSQSHMJ]XLI
REXYVEP EKMRK HEXE MX MW WXMPP XSS IEVP] XS QEOI ER EGGYVEXI GIQIRXQEXVM\%PXLSYKLFSXLSJXLIWIGIQIRXW[IVIWSQI[LEX
TVIHMGXMSRSJLS[IJJIGXMZIXLIWIJMFIVW[MPPYPXMQEXIP]FIJSV IJJIGXMZIMRMQTVSZMRKXLIPSRKXIVQWXVIRKXLHYVEFMPMX]SJ+*6'
MQTVSZMRKXLIPSRKXIVQWXVIRKXLERHHYGXMPMX]?A GSQTSWMXIWSXLIVYRHIWMVEFPIIJJIGXWWYGLEWMRGVIEWIHTSVSWMX]
2MTTSR )PIGXVMG +PEWW 'SQTER] 0XH ?A LEW JSYRH ERHWXVIRKXLPSWWSJXLIGIQIRXQEXVM\[IVIIZMHIRX?A
XLEXGIVXEMREPOEPMVIWMWXERXSVKERMGQEXIVMEPWYWIHEWGSEXMRKW % QSVI VIGIRX HIZIPSTQIRX MW XLI YWI SJ PMQI VIEGXMZI
JSV GSRZIRXMSREP %6KPEWW JMFIV [MPP VIWYPX MR RSXMGIEFPI QEXIVMEPWEWGIQIRXEHHMXMZIW7MPMGEJYQIERHQIXEOESPMREW
MQTVSZIQIRXWMRJMFIVXIRWMPIWXVIRKXLVIXIRXMSR*MKYVI YWIHMRWXERHEVHTSVXPERHGIQIRXLEZITVSZIHXSFIIJJIGXMZI
MPPYWXVEXIWXLIMQTVSZIHWXVIRKXLHYVEFMPMX]SJGSRZIRXMSREP EKIRXW JSV IEVP] VIEGXMSR ERH IPMQMREXMSR SJ GEPGMYQ
%6KPEWWJMFIVWXVERH[LIREPOEPMVIWMWXERXSVKERMGGSEXMRKW L]HVS\MHI ,S[IZIV MR SVHIV XS WMKRMJMGERXP] VIHYGI XLI
EVI YWIH %W MRHMGEXIH MR *MK JPI\YVEP WXVIRKXL XIWXW PIZIPWSJGEPGMYQL]HVS\MHIZIV]PEVKITIVGIRXEKIWKVIEXIV
TIVJSVQIH SR EKIH +*6' GSQTSWMXIW GSRXEMRMRK GSEXIH XLERTIVGIRX
SJXLIQEXIVMEPWQYWXFIYWIH?A
6 %'-'311-88))6)4368
*MK{6IUYMVIHGYVMRKVIKMQIJSV%6+*6'GSQTSWMXIW {*VII^IXLE[HYVEFMPMX]
QERYJEGXYVIH[MXL'+'GIQIRX *VII^IXLE[ HYVEFMPMX] SJ FSXL %6+*6' ERH 4+*6'
GSQTSWMXIWLEWFIIRWXYHMIH?A6IWIEVGLLEW
1IXLSHW LEZI FIIR HIZIPSTIH XS MRGSVTSVEXI PEVKI MRHMGEXIH XLEX %6KPEWW JMFIVW IJJIGXMZIP] TVIWIVZI XLI
TIVGIRXEKIWSJWMPMGEMRXSXLIGIQIRXQEXVM\[MXLSYXHMWTIV GIQIRXQEXVM\EKEMRWXWMKRMJMGERXJVII^IXLE[HIXIVMSVEXMSR
WMSRTVSFPIQW?A,S[IZIVMRGSVTSVEXMSRSJPEVKI MRGSQTEVMWSR[MXLERYRVIMRJSVGIHQEXVM\8LIVIEVIWSQI
TIVGIRXEKIWSJWMPMGEJYQILEWRSXWLS[RXSFIEZIV]GSWX MRHMGEXMSRWSJEWPMKLXHIGVIEWIMR4)0WXVIRKXLHYIXSXLI
IJJIGXMZI QIXLSH SJ MQTVSZMRK XLI PSRKXIVQ HYVEFMPMX] SV IJJIGXWSJJVII^IXLE[G]GPMRK?A
EKIHWXVEMRGETEGMX]SJ+*6' %RSXLIVWXYH]GSRGPYHIHXLEXXLIJVII^IXLE[VIWMWXERGISJ
6IGIRXP] GSQTPIXIH VIWIEVGL ?A LEW VIWYPXIH MR XLI 4+*6'GSQTSWMXIWMWKSSHHYIXSXLIPS[IVEFWSVTXMSRERH
GSQQIVGMEPM^EXMSR SJ E W]WXIQ HIZIPSTIH F] :IXVSXI\ E KVIEXIVHYGXMPMX]SJXLITSP]QIVQSHMJMIHQEXVM\?A
WYFWMHMEV] SJ 7X +SFEMR YXMPM^MRK XLI EHHMXMSR SJ WIPIGXIH
QIXEOESPMRMXIWERHEREGV]PMGTSP]QIVXSXLI+*6'QM\8LMW {(IWMKRTVSGIHYVIW
W]WXIQ[LMGLYWIWGSRZIRXMSREPTVSHYGXMSRXIGLRMUYIWLEW -RXLI9RMXIH7XEXIWXSHEXIHIWMKRTVSGIHYVIWLEZISRP]FIIR
WLS[R XS HIZIPST WMKRMJMGERXP] LMKLIV EKIH TVSTIVXMIW XLER HIZIPSTIHJSV%6+*6'[EPPTERIPW?A(IWMKRWXVIWWPIZIPW
SFXEMRIHYWMRKEGSRZIRXMSREP%6+*6'QM\?A EVIFEWIHSRETVSNIGXMSRSJXLIPSRKXIVQTVSTIVXMIW8LIPSRK
%RSXLIV RI[ HIZIPSTQIRX VIKEVHMRK MQTVSZIH PSRKXIVQ XIVQJPI\YVEPWXVIRKXLSJ%6+*6'I\TSWIHXSREXYVEP[IEXL
WXVIRKXL HYVEFMPMX] SJ +*6' MW '+' GIQIRX ?A '+' IVMRKIRZMVSRQIRXWHIGVIEWIW[MXLXMQIXSRIEVP]FYXRSXPIWW
GIQIRX [EW HIZIPSTIH MR .ETER F] 'LMGLMFY 'IQIRX XLERXLIWXVIRKXLPIZIPSJXLIYREKIH4VSTSVXMSREP)PEWXMG0MQMX
'SQTER] MR GSSTIVEXMSR [MXL 2MTTSR )PIGXVMG +PEWW 4)0
*YVXLIVQSVIXLI4)0WXVIRKXLSJ%6+*6'GSQTSW
'SQTER]0XH8LMWGIQIRXMWGPEMQIHXSTVSHYGIRSGEPGMYQ MXIWMRGVIEWIWWPMKLXP][MXLEKI8LIVIJSVIHIWMKRMWGSRWIVZE
L]HVS\MHIHYVMRK L]HVEXMSR %WMRHMGEXIH MR *MK XIWXW XMZIP]FEWIHSRXLIEWWYQTXMSRXLEXXLIPSRKXIVQ1SHYPYWSJ
TIVJSVQIH SR +*6' GSQTSWMXIW JEFVMGEXIH YWMRK '+' 6YTXYVIEKIH136
MWIUYEPXSXLIHE]4)0?A
GIQIRX ERH %6KPEWW JMFIVW MRHMGEXIH XLEX MRMXMEP HE] ;LIRHIWMKRMRK+*6'TERIPWWIVZMGIPSEHWEVIWIXF]XLI
WXVIRKXLWERHYPXMQEXI WXVEMRWRSX WLS[R MR*MK
EVI HIWMKRMRK KSZIVRMRKFYMPHMRKGSHIERHEVIQYPXMTPMIHF]XLI
IWWIRXMEPP] VIXEMRIH EJXIV I\TSWYVI XS EGGIPIVEXIH EKMRK ETTVSTVMEXIPSEHJEGXSVJVSQ%'-XSHIXIVQMRIJEGXSVIH
*-&)66)-2*36')('32'6)8) 6
WOMREXXEGLQIRXXLIVIJSVI[IPHIHVEXLIVXLERWGVI[GSRRIG
XMSRWEVIQSVIHIWMVEFPIEPXLSYKLFSXLW]WXIQWEVIEGGITX
EFPI;MXL[IPHMRKWXYHWEVIYWYEPP]EQMRMQYQSJKEYKI
QEXIVMEP 8SYGLYT TEMRX SV GSEXMRKW WLSYPH FI ETTPMIH XS
EGGIWWMFPI [IPHW SJ XLI PMKLX KEYKI QEXIVMEP EJXIV XLI WXYH
JVEQI LEW FIIR JEFVMGEXIH % TLSXSKVETL SJ E WXIIPWXYH
JVEQIFIMRKQERYJEGXYVIHMWWLS[RMR*MK
)RZMVSRQIRXEPGSRHMXMSRW[MPPYWYEPP]HIXIVQMRIXS[LEX
I\XIRXWXIIPJVEQMRKRIIHWGSVVSWMSRTVSXIGXMSR7XIIPWXYHW
EVI EZEMPEFPI [MXL E VIH S\MHI TEMRX SV KEPZERM^IH JMRMWL
FIJSVI WPMXXMRK ERH JSVQMRK
*PI\ERGLSV ERH KVEZMX]
ERGLSVWQE]FI^MRGSVGEHQMYQTPEXIHFIJSVISVEJXIVJEFVM
GEXMSRTEMRXIH[MXLE^MRGVMGLGSEXMRKSVXLI]QE]FIWXEMR
PIWW WXIIP [LIVI XLI EHHMXMSREP GSWX MW NYWXMJMIH F] WIZIVI
IRZMVSRQIRXEPGSRHMXMSRW
%JXIVJEFVMGEXMSRXLIWXYHJVEQIMWVIEH]XSFIEXXEGLIHXS
XLI+*6'WOMREJXIVXLIWOMRMWWTVE]IHERHVSPPIVGSQTEGXIH
XSMXWHIWMKRXLMGORIWW8LIWXYHJVEQIMWTSWMXMSRIHSZIVXLI
WOMR [MXL NMKW XS JM\ MXW PSGEXMSR *PI\ERGLSVW WSQIXMQIW
XIPIKVETLXLVSYKLERHWLS[SRXLIJEGISJXLITERIPWSJSV
TVSHYGXMSRGSRZIRMIRGIXLI]EVIYWYEPP]WIXJVSQ XSMR
XSQQ
E[E]JVSQXLIWYVJEGISJXLI+*6'WOMR;MXL
WSQIJMRMWLIWXLI]QE]XSYGLXLIWYVJEGISJXLI+*6'WOMR
;LIVI XLI JPI\ERGLSV MW EXXEGLIH XS XLI +*6' WOMR XLI
FSRHMRKTEHMWQERYJEGXYVIHMRSRISJX[S[E]W8LI]EVI
XLI wKVIIR WLIIX SZIVPE] TVSGIWWx ERH XLI wLERHTEGO
QIXLSHx&SXLQIXLSHWVIUYMVIXLISTIVEXSVWXSLERHETTP]
XLIFSRHMRKTEHWERHORIEHXLIQMRXSXLI+*6'WOMR8MQI
HIPE]FIX[IIRXLIJMREPVSPPIVGSQTEGXMSRSJXLI+*6'WOMR
ERHXLITPEGIQIRXSJXLIJVEQIERHXLIFSRHMRKTEHWWLSYPH
FIOITXXSEQMRMQYQ8LMWMWRIGIWWEV]XSIRWYVIQSRSPMXLMG
FSRHMRK SJ XLI FSRHMRK TEHW -J XLIVI MW E WMKRMJMGERX XMQI
HIPE] MRMXMEP WIX SJ XLI WOMR GSYPH TVIZIRX XLI FSRHMRK TEH
*MK{*EFVMGEXMSRSJWXIIPWXYHJVEQI
JVSQEGLMIZMRKQSRSPMXLMGFSRHMRKXSXLIWOMRERHXLIVIGSYPH
FIETSXIRXMEPJSVWYFWIUYIRXHIPEQMREXMSR?A
QERYJEGXYVMRK STIVEXMSRW JMRMWLIH TVSHYGX EW [IPP EW E 8LIFSRHMRKTEHXLMGORIWWSZIVXLIXSTSJXLIJPI\ERGLSV
GSQTVILIRWMZI XIWXMRK TVSKVEQ XS HIXIVQMRI TVSHYGXMSR GSRXEGXJSSXWLSYPHFIEQMRMQYQSJMRQQ
[MXLE
GSQTSWMXI TVSTIVXMIW ERH E W]WXIQ JSV QEMRXEMRMRK 5' FSRHMRKEVIESJXSMRXS»QQ
'EVIQYWX
VIGSVHW?A EPWSFIXEOIRRSXXSFYMPHYTXLIFSRHMRKTEHSZIVXLILIIPSJXLI
7MRGIXLIMRXVSHYGXMSRSJ+*6'TERIPWMRXLIIEVP]PW JPI\ERGLSVERHXLYWEHHYRHYIVIWXVEMRXXSWOMRQSZIQIRX
XLVIIFEWMGTERIPX]TIWLEZIFIIRQERYJEGXYVIH
WERH[MGL 8LIFSRHMRKTEHSZIVXLIGVSWWTMIGISJXLIJPEXFEVXII
TERIP
MRXIKVEP VMF TERIP ERH
WXIIPWXYHJPI\ERGLSV KVEZMX]ERGLSVWLSYPHFIWM^IHXSEHIUYEXIP]WYTTSVXXLIXVMF
TERIP7MRGIXLIIEVP]PvWXLIMRHYWXV]LEWIZSPZIHWYGL YXEV] [IMKLX SJ XLI +*6' WOMR 7M^MRK SJ FSRHMRK TEHW
XLEXXLIQENSVMX]SJJEGEHITERIPWFIMRKQERYJEGXYVIHMRXLI WLSYPH FIFEWIH SR EGXYEP E\MEP ERH WLIEV TYPPSJJ XIWXWSJ
97 MW XLI WXIIPWXYHJPI\ERGLSV TERIP 8LIVIJSVI XLMW FSRHMRKTEHWMRXLIJYPP]EKIHGSRHMXMSR8LMWMWHMWGYWWIH
WIGXMSRSRTERIPQERYJEGXYVIMWI\GPYWMZIP]HIZSXIHXSXLI JYVXLIVMR7IGXMSR
WXIIPWXYHJPI\ERGLSVX]TISJTERIPGSRWXVYGXMSR8LIVIEVI *PI\ERGLSV GSRRIGXMSRW ? A{-R SRI
E JI[ TVSHYGIVW XLEX QERYJEGXYVI E WERH[MGL TERIP YWMRK GSRRIGXMSRQIXLSHXLI+*6'WOMRMWEXXEGLIHXSXLIWXIIP
+*6'TVIQM\GSRWXVYGXMSR WXYHJVEQIYWMRKJPI\ERGLSVGSRRIGXMSRW8LI[IMKLXSJXLI
7XIIPWXYHJVEQMRKW]WXIQ?A{8LIWXIIPWXYH +*6'WOMRMWXVERWJIVVIHXSXLIWXIIPWXYHWF]XLIFIRHMRK
JVEQI WLSYPH FI JEFVMGEXIH MR EGGSVHERGI [MXL 1IXEP WXVIRKXLSJXLIJPI\ERGLSVW8SIRWYVIWXVYGXYVEPMRXIKVMX]
0EXL7XIIP *VEQMRK %WWSGMEXMSRvW w0MKLX[IMKLX 7XIIP XLIERGLSVWQYWXFISJEQTPIVMKMHMX]ERHWXVIRKXLXSGEVV]
*VEQMRK7]WXIQW1ERYEPx8LIWXYHWEVIKIRIVEPP]TPEGIHEX XLIMVXVMFYXEV]KVEZMX]ERH[MRHPSEHW[LMPIWXMPPVIQEMRMRK
XSMRXSQ
SRGIRXIV[MXLXLIJPI\ERGLSVW JPI\MFPIIRSYKLXSEPPS[VIPEXMZIP]YRVIWXVEMRIHXLIVQEPSV
HMWGYWWIHMR7IGXMSR
WTEGIHXSMRXSQ
QSMWXYVI QSZIQIRXW SJ XLI WOMR 8LMW QIXLSH MW VIGSQ
SRGIRXIVFEWIHSRHIWMKRGSRWMHIVEXMSRW8LITVIJEFVMGEXIH QIRHIH JSV TERIPW WQEPP IRSYKL XLEX JPI\ERGLSV VIWXVEMRX
WXYHJVEQI[MPPFIQSZIHWIZIVEPXMQIWFSXLFIJSVIERHEJXIV WXVIWWIWEVIEGGITXEFPI
*-&)66)-2*36')('32'6)8) 6
,SPPS[FYS]W
*PSEXMRKTSRXSSRW
1EVMRIETTPMGEXMSRW 1EVMRE[EPO[E]W
;SVOFSEXWHMRKLMIW
7LIIXTMPMRKJSVGEREPPEOISVSGIERVIZIX
QIRXW
'SZIVW
QERLSPIW
1IXEPTPEGIQIRX QIXIVW
KEWSPMRIWXSVEKIXEROWEXWIVZMGIWXEXMSRW
KVEXMRKGSZIVWJSVKYXXIVMRK
,SSHW
7XEMVXVIEHW
1MWGIPPERISYW 7YRGSPPIGXSVGEWXMRKW
%VXMJMGMEPVSGOWJSV^SSSVTEVOWIXXMRKW
6 %'-'311-88))6)4368
JSVGIWXLEXXLIERGLSVW]WXIQQYWXGEVV]MJXLIWIMWQMGERGLSV
W]WXIQMWRSXGSPMRIEV[MXLXLIGIRXIVSJQEWWSJXLIWOMR
7MRGIXLIKVEZMX]ERGLSVWTVSZMHIXLIJM\IHTSMRXJVSQSV
XS[EVH[LMGLXLI+*6'WOMRQSZIWMXQE]FIEHZERXEKISYW
XS TYXXLI KVEZMX]ERGLSVW EX QMHLIMKLX JSVZIVXMGEP TERIPW
8LMWEPWSLEWWIMWQMGEHZERXEKIWMRXLEXSZIVXYVRMRKQSQIRXW
EVI VIHYGIH ,S[IZIV TIVQERIRX XIRWMPI WXVIWWIW EVI
TVSHYGIHWMRGIXLIFSXXSQLEPJSJXLITERIPMWLERKMRKJVSQ
XLIKVEZMX]ERGLSVW+IRIVEPP]MXMWTVIJIVEFPIXSLEZITIVQE
RIRX WXVIWWIW GSQTVIWWMZI EPXLSYKL XLI] [SYPH LEZI XS FI
[IMKLIHEKEMRWXXLIWIMWQMGWXVIWWIW7XVIWWIWMRFSXLHMVIG
XMSRWQE]EPWSLEZIXSFIGSRWMHIVIHEXXMQIW?A
'SRRIGXMSRXIWXW?A{-XMWRIGIWWEV]XLEX
IEGL TVSHYGIV TIVJSVQ E WYJJMGMIRX RYQFIV SJ XIWXW XS
HIZIPSTEHEXEFEWIJVSQ[LMGLEREPPS[EFPIHIWMKRPSEH *MK{*PEXTPEXIXIIKVEZMX]ERGLSV
GERFIHIXIVQMRIHJSVIEGLX]TISJJPI\ERGLSVSVKVEZMX]
ERGLSV7IZIRXIWXWTIGMQIRWQEHIMRERMHIRXMGEPQERRIV
XS XLI TERIP ERGLSVW WLSYPH FI XIWXIH 8LI LMKLIWX ERH
PS[IWXZEPYIWWLSYPHFIIPMQMREXIHERHXLIEZIVEKISJXLI
JMZIVIQEMRMRKZEPYIWWLSYPHFIYWIHJSVHIXIVQMRMRKXLI
EPPS[EFPIHIWMKRPSEH?A
-XMWTVIJIVEFPI XSTIVJSVQ XIWXW SR VITVIWIRXEXMZI EVXMJM
GMEPP] EKIH WTIGMQIRW WS XLEX PSRKXIVQ QEXIVMEP TVSTIVX]
ZEVMEXMSRW EVI EGGSYRXIH JSV MR HIWMKR 8IWXW SJ EVXMJMGMEPP]
EKIHGSRRIGXMSRWERHFSRHMRKTEHWMRHMGEXIWXVIRKXLVIHYG
XMSRW SJ XS TIVGIRX [MXL XLI JEMPYVI TPERI SGGYVVMRK
X]TMGEPP] EX XLI FSRHMRK TEHTERIP MRXIVJEGI SV EW E WLIEV
[IHKIEFSZIXLIJPI\ERGLSVJSSX?A%GSRWIVZE
XMZIWEJIX]JEGXSVSJXSWIVZMGIPSEHWWLSYPHFIYWIHSRXLI
EKIHXIWXVIWYPXW-JXLIXIWXWTIGMQIRWEVIYREKIHEWEJIX]
JEGXSVSJXSWIVZMGIPSEHWMWYWIHSRXLIXIWXVIWYPXW8IWX
TVSGIHYVIW XLEX EGGYVEXIP] WMQYPEXI MRWIVZMGI GSRHMXMSRW
WLSYPHFIHIZIPSTIH
7XIIPWXYH JVEQI+*6' TERIP HIWMKR ETTVSEGLIW
?A{(ITIRHMRK SR XLI TERIP GSRJMKYVEXMSR ERH WOMR *MK{*PEXTPEXIXIIPSRKMXYHMREPWIMWQMGERGLSV
EXXEGLQIRXW]WXIQXLIWXYHJVEQIWQE]RIIHXSTVSZMHIMR
TPERIVMKMHMX]GSQTEVEFPIXSXLI+*6'WOMRWSXLEXIEGLWXYH
GERWYTTSVXMXWXVMFYXEV]TSVXMSRSJZIVXMGEPPSEHW8LIJVEQI YWIHMREREP]WIWERHHIWMKRQYWXFIGSRJMVQIHF]IEGLQER
QYWXEPWSLEZIWYJJMGMIRXVMKMHMX]TIVTIRHMGYPEVXSMXWTPERI YJEGXYVIVXLVSYKLXIWXMRKSJXLIQEXIVMEPW
XS VIWMWX WOMR FS[MRK JSVGIW GEYWIH F] VIWXVEMRX SJ WOMR 8LI+*6'WOMRWLSYPHRSXFIVIPMIHSRXSTVSZMHIFVEGMRK
WLVMROEKI &S[MRK XIRHIRGMIW EVI KIRIVEPP] KVIEXIWX [LIR JSV WXYH WXEFMPMX] (ITIRHMRK SR WXYH HMQIRWMSRW WYTTSVX
XLI+*6'WOMRERHXLIFSRHIHJEGIQM\EVIRSXHMQIRWMSR GSRHMXMSRWMRXIVMSVJMRMWLIXGFVMHKMRKQE]FIVIUYMVIHXS
EPP]GSQTEXMFPI TVIZIRXWXYHFYGOPMRK
-XLEWFIGSQIETTEVIRXXLEXWSQIHIWMKRIVWLEZIRSXWYJJM 8LIWXIIPWXYHJVEQIJSVE+*6'TERIPGERFIEREP]^IHF]
GMIRXP] VIGSKRM^IH XLI IJJIGXW SJ HMJJIVIRXMEP WLVMROEKI ERH QER] HMJJIVIRX QIXLSHW 8LI +*6' WOMR WTERW FIX[IIR
XLIVQEPI\TERWMSR[LIRTERIPWEVIJEGIH[MXLEQEXIVMEPXLEX JPI\ERGLSVW -X GER FI EREP]^IH EW
E WMQTPI FIEQ FI
LEWHMJJIVIRXZSPYQIGLERKITVSTIVXMIWXLERXLI+*6'?A X[IIR JPI\ERGLSVW
E GSRXMRYSYW FIEQ SZIV E VS[ SJ
-JTSP]QIVEHHMXMSRMWYWIHMRXLI+*6'MXWLSYPHEPWSFIYWIH JPI\ERGLSVWSV
EX[S[E]WPEFW]WXIQSZIVEREVIESJ
MRXLIJEGIQM\[LIRTSWWMFPIXSIRWYVIGSQTEXMFMPMX]ERHXS JPI\ERGLSVW-RQSWXGEWIWXLIIHKI+*6'WOMRMWYRWYT
MRGVIEWIXLIEKKVIKEXIXSGIQIRXFSRH TSVXIHERHRIIHWXSFIGLIGOIHF]XLIHIWMKRIV
*SVMRXIKVEPP]FSRHIHJEGMRKWXLIWIIJJIGXWGERFIQMRM 8LIPSEHJVSQXLI+*6'WOMRMWXVERWQMXXIHXLVSYKLXLI
QM^IH [LIR XLI JEGMRK QEXIVMEPW EVI WIPIGXIH XS IWXEFPMWL KVEZMX]ERHJPI\ERGLSVWXSXLIWXIIPWXYHW*VSQXLIWXYHW
GSQTEXMFPI QEXIVMEP TVSTIVXMIW ;LIR XLMW MW RSX TSWWMFPI XLIPSEHMWXVERWQMXXIHF]LSVM^SRXEPXVEGOWERHZIVXMGEPGSR
GEVIJYPGSRWMHIVEXMSRSJXLIMRHYGIHWXVIWWIWQYWXFIVIGSK RIGXSVWXYHWXSXLIFYMPHMRKGSRRIGXMSRWERHXLIRXSXLIWXVYG
RM^IHMRXLIHIWMKRXSIRWYVITVSTIVWIVZMGIEFMPMX]*SVET XYVI ;LIR XLI PSEHW MR XLI WXIIPWXYH JVEQI I\GIIH XLI
TPMIHJEGMRKWXLIYWISJJPI\MFPIEHLIWMZIWSVFSRHFVIEOIVW GETEGMX]SJXLIWMRKPIWXYHMXMWRIGIWWEV]XS[IPHWXIIPWXYHW
ERHJPI\MFPIERGLSVWMWVIGSQQIRHIH-RER]GEWITVSTIVXMIW XSKIXLIVSVXSYWIEVSPPIHWXVYGXYVEPWXIIPWLETI
6 %'-'311-88))6)4368
{6IWIEVGLVIGSQQIRHEXMSRW 4'-'SQQMXXIISR+PEWW*MFIV6IMRJSVGIH'SRGVIXI4ERIPW6IGSQ
+*6'MWERI\GIPPIRXQEXIVMEPW]WXIQTVSHYGMRKWMKRMJM QIRHIH 4VEGXMGI JSV +PEWW *MFIV 6IMRJSVGIH 'SRGVIXI 4ERIPW
4VIGEWX4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKSTT
GERX[IMKLXWEZMRKWMRRSRWXVYGXYVEPEVGLMXIGXYVEPGPEHHMRK
(ERMIP . - ERH 4IGSVEVS 1 ) w)JJIGX SJ *SVXSR 4SP]QIV SR
TERIPWERHSXLIVGSRGVIXITVSHYGXW-XMWVIGSQQIRHIHXLEX 'YVMRK6IUYMVIQIRXWSJ%6+PEWW*MFIV6IMRJSVGIH'IQIRX'SQTSWMXIWx
TVSKVEQW KIRIVEXMRK RI[ HEXE SR E GSRXMRYMRK FEWMW FI 6ITSVXXS*SVXSR-RG7I[MGOPI]4IRRW]PZERMEWYFQMXXIHF]'SRWXVYGXMSR
IRGSYVEKIH7SQIWYKKIWXMSRWEVIPMWXIHFIPS[ 8IGLRSPSK]0EFSVEXSVMIWE(MZMWMSRSJXLI4SVXPERH'IQIRX%WWSGMEXMSR
7OSOMI3GX
6IWIEVGL PSRKXIVQ WXVIRKXL HYVEFMPMX] SJ RI[ ERH
1SFEWLIV & ERH 7LEL 7 4 w8IWX 4EVEQIXIVW JSV )ZEPYEXMRK
I\MWXMRK+*6'W]WXIQWXSIZEPYEXIFSXLREXYVEPEKMRKERH 8SYKLRIWW SJ +PEWW*MFIV 6IMRJSVGIH 'SRGVIXI 4ERIPWx %'- 1EXIVMEPW
EGGIPIVEXIHEKMRKXIGLRMUYIW .SYVREP7ITX3GXTT
6IWIEVGLXSIZEPYEXIXLIWXEFMPMX]SJXLI4)0WXVIRKXLSJ (ERMIP.-ERH7GLYPX^(1w(YVEFMPMX]SJ+PEWW*MFIV6IMR
JSVGIH'SRGVIXI7]WXIQWx4VSGIIHMRKW{(YVEFMPMX]SJ +PEWW*MFIV6IMR
JYPP]EKIH+*6'GSQTSWMXIWYRHIVG]GPMGIRZMVSRQIRXEPGSRHM JSVGIH 'SRGVIXI 7]QTSWMYQ 4VIWXVIWWIH 'SRGVIXI -RWXMXYXI 'LMGEKS
XMSRWWYGLEW[IXXMRKERHHV]MRKERHGLERKIWMRXIQTIVEXYVI TT
'SRXMRYIHVIWIEVGLXSHIXIVQMRIGLEVEGXIVMWXMGWSJJMFIV -RXIVREXMSREP'SRJIVIRGISJ&YMPHMRK3JJMGMEPW-'&3
)ZEPYEXMSR
XSQEXVM\FSRHQIGLERMWQWSJHIFSRHMRKERHJMFIVTYPPSYX 6ITSVX.YP]*MPI
*SVH]GI 1 ; ERH ;SHILSYWI 6 + w+6' ERH &YMPHMRKx
6IWIEVGLXSIZEPYEXIXLIWXEXISJQMGVSGVEGOMRKXLEXQE] &YXXIV[SVXL+VIEX&VMXEMR
I\MWXEXWXVIWWPIZIPWFIPS[SVIUYEPXSXLIQIEWYVIH4)0 7GLYPX^(1(ERMIP.-ERH3IWXIVPI6+w(IWMKR'SRWMH
6IWIEVGLXSGSRXMRYIXSHIZIPSTKYMHIPMRIWJSVXLIYWI IVEXMSRW JSV +*6' *EGEHI 4ERIPW -RGSVTSVEXMRK XLI 7XIIP 7XYH*PI\
SJ ETTPMIH WYVJEGI XVIEXQIRXW SR +*6' TVSHYGXW 7YVJEGI %RGLSV 'SRRIGXMSRx XL &MIRRMEP 'SRKVIWW SJ XLI +6'% 3GX
)HMRFYVKL7GSXPERHTT
XVIEXQIRXWMRGPYHITEMRXWXEMRI\TSWIHEKKVIKEXIXMPIERH
;MPPMEQWSR+6w)ZEPYEXMSRSJ+PEWW*MFIV6IMRJSVGIH'SRGVIXI
EXXEGLIH REXYVEPWXSRIWPEFW4VSHYGXMSRTVSGIHYVIWWLSYPH 4ERIPW JSV 9WI MR 1MPMXEV] 'SRWXVYGXMSRx 97 %VQ] 'SVTW SJ )RKMRIIVW
FI HSGYQIRXIH WIVZMGI TIVJSVQERGI IZEPYEXIH ERH XLI )RKMRIIVMRK6IWIEVGL0EFSVEXSV]8IGLRMGEP6ITSVX1
IJJIGXSRPSRKXIVQTIVJSVQERGIHIXIVQMRIH 4VSGXSV & % 3EOPI] ( 6 ERH 0MXLIVPERH / 0 w(IZIPST
6IWIEVGL XS MHIRXMJ] EVGLMXIGXYVEP JEGI QM\IW LEZMRK QIRXW MR XLI %WWIWWQIRX ERH 4IVJSVQERGI SJ +6' SZIV ]IEVWx
'SQTSWMXIW%TV
TVSTIVXMIWGSQTEXMFPI[MXL+*6'FEGOYTQM\IWMRVIKEVH 7XYGOI1.ERH1ENYQHEV%.w1MGVSWXVYGXYVISJ+PEWW*MFIV
XSXIQTIVEXYVIERHQSMWXYVIMRHYGIHZSPYQIGLERKIW 6IMRJSVGIH 'IQIRX 'SQTSWMXIWx .SYVREP SJ 1EXIVMEP 7GMIRGI :SP
6IWIEVGL XS IZEPYEXI XLI PSRKXIVQ TIVJSVQERGI SJ 2STT
+*6'JPI\ERGLSVFSRHMRKTEHGSRRIGXMSRWYWMRKEGGIPIV &IRXYV % &IR&EWWEX 1 ERH 7GLRIMHIV ( w(YVEFMPMX] SJ
+PEWW *MFIV 6IMRJSVGIH 'IQIRXW [MXL (MJJIVIRX %POEPM 6IWMWXERX +PEWW
EXIHEKMRKTVSGIHYVIW *MFIVWx.SYVREPSJ%QIVMGER'IVEQMG7SGMIX]:SP2STT
6IWIEVGL XS HSGYQIRX EPP HIWMKRVIPEXIH +*6'
GSQTSWMXITVSTIVXMIWYWMRKXLIQSWXVIGIRXP]MRXVSHYGIHQM\ &IRXYV%w1IGLERMWQWSJ4SXIRXMEP)QFVMXXPIQIRXERH7XVIRKXL
HIWMKRWXLEXLEZIWMRGIJSVQIHXLIGYVVIRXMRHYWXV]WXERHEVH 0SWW SJ +PEWW *MFIV 6IMRJSVGIH 'IQIRX 'SQTSWMXIWx 4VSGIIHMRKW{
(YVEFMPMX] SJ +PEWW *MFIV 6IMRJSVGIH 'SRGVIXI 7]QTSWMYQ 4VIWXVIWWIH
JSV+*6'QERYJEGXYVI 'SRGVIXI-RWXMXYXI'LMGEKSTT
-QTVSZIQIRXW MR GSQTSWMXI TIVJSVQERGI MW E GLEPPIRKI &IRXYV%ERH(MEQSRH7w%KMRKERH1MGVSWXVYGXYVISJ+PEWW
JSVIZIV]QEXIVMEPWSVMIRXIHWGMIRXMWXSVIRKMRIIV8LI[SVO *MFIV 'IQIRX 'SQTSWMXIW 6IMRJSVGIH [MXL (MJJIVIRX 8]TIW SJ +PEWW
HIWGVMFIH EFSZI [MPP TVSZMHI MRJSVQEXMSR ERH EGGIPIVEXI *MFIVWx(YVEFMPMX]SJ&YMPHMRK1EXIVMEPW
TT
&YMPHMRK6IWIEVGL)WXEFPMWLQIRXw4VSTIVXMIWSJ+6'8IR=IEV
MQTVSZIQIRX[LIVIRIIHIH6IWIEVGLGYVVIRXP]MRTVSKVIWW
6IWYPXWx &6) -RJSVQEXMSR 4ETIV -4 &YMPHMRK 6IWIEVGL 7XEXMSR
SRRI[QM\TVSTSVXMSRWEHHMXMZIWGIQIRXWERHQERYJEG 9RMXIH /MRKHSQ (ITEVXQIRX SJ )RZMVSRQIRX +EVWXSR ;EXJSVH 2SZ
XYVMRK QIXLSHW GSRXMRYIW XSMQTVSZI XLI TIVJSVQERGI ERH TT
TVSTIVXMIWSJ+*6' 0MXLIVPERH/03EOPI](6ERH4VSGXSV&%w8LI9WISJ
%GGIPIVEXIH %KIMRK 4VSGIHYVIW XS 4VIHMGX XLI 0SRK 8IVQ 7XVIRKXL SJ
+6' 'SQTSWMXIWx 'IQIRX ERH 'SRGVIXI 6IWIEVGL :SP -- TT
{'MXIHVIJIVIRGIW
4VSGXSV&%w8LI(IZIPSTQIRXERH8IGLRSPSK]SJ%6*MFIVWJSV 3EOPI](60MXLIVPERH/0ERH4VSGXSV&%w8LI(IZIP
'IQIRX 6IMRJSVGIQIRXx 4VSGIIHMRKW{(YVEFMPMX] SJ +PEWW *MFIV 6IMR STQIRX SJ E 1IXLSH SJ 4VIHMGXMRK XLI ;IEXLIVMRK &ILEZMSYV SJ +PEWW
JSVGIH 'SRGVIXI 7]QTSWMYQ 4VIWXVIWWIH 'SRGVIXI -RWXMXYXI 'LMGEKS 6IMRJSVGIH 'IQIRX 'SQTSWMXIWx 4VSGIIHMRKW SJ XLI 7IGSRH -RXIVRE
TT XMSREP'SRJIVIRGI SR XLI (YVEFMPMX] SJ &YMPHMRK 1EXIVMEPW ERH 'SQTS
2MTTSR )PIGXVMGEP +PEWW 'S w2)+ %6+0%77x 4YFPMGEXMSR 2S RIRXW+EMXLIVWFYVK1EV]PERH7ITX
'3WEOE.ETER %MRHS[%.3EOPI](6ERH4VSGXSV&%w'SQTEVMWSRSJ
1ENYQHEV % . ERH 2YVWI 6 ; w+PEWW *MFVI 6IMRJSVGIH XLI;IEXLIVMRK&ILEZMSYVSJ+6'[MXL4VIHMGXMSRW1EHIJVSQ%GGIPIV
'IQIRXx1EXIVMEPW7GMIRGIERH)RKMRIIVMRK:SPTT EXIH %KIMRK 8IWXWx 'IQIRX
'SRGVIXI 6IWIEVGL :SP TT
0EVRIV0.7TIEOQER/ERH1ENYQHEV%.w'LIQMGEP-RXIV
EGXMSRW FIX[IIR +PEWW *MFVIW ERH 'IQIRXx .SYVREP SJ 2SR'V]WXEPPMRI 4VSGXSV&%w4EWX(IZIPSTQIRXERH*YXYVI4VSWTIGXJSV+6'
7SPMHW :SPTT 1EXIVMEPWx 4VSGIIHMRKW SJ XLI -RXIVREXMSREP 'SRKVIWW SR +PEWW *MFIV
(IWMKR +YMHI +PEWWJMFVI 6IMRJSVGIH 'IQIRX 4MPOMRKXSR &VSXLIVW 6IMRJSVGIH'IQIRX4EVMW2SZ
0XH7IGSRH)HMXMSR7IIP,SYWI4VIWW0MZIVTSSP)RKPERH.ER &YMPHMRK6IWIEVGL)WXEFPMWLQIRXw+6'x&6)(MKIWX2S
,ERRERX ( . w*MFVI 'IQIRXW ERH *MFVI 'SRGVIXIWx .SLR ;MPI] &YMPHMRK6IWIEVGL7XEXMSR9RMXIH/MRKHSQ(ITEVXQIRXSJ)RZMVSRQIRX
ERH7SRW0XH2I[=SVOTT +EVWXSR;EXJSVH%YK
4'-'SQQMXXIISR+PEWW*MFIV6IMRJSVGIH'SRGVIXI4ERIPW1ERYEP &YMPHMRK 6IWIEVGL )WXEFPMWLQIRXw% 7XYH] SJ XLI 4VSTIVXMIW SJ
JSV5YEPMX] 'SRXVSP JSV 4PERXW ERH4VSHYGXMSR SJ +PEWW *MFIV 6IMRJSVGIH 'IQ*-034' 'SQTSWMXIWx 'YVVIRX 4ETIV '4 &YMPHMRK
'SRGVIXI4VSHYGXW4VIGEWX4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKS 6IWIEVGL7XEXMSR9RMXIH/MRKHSQ(ITEVXQIRXSJ)RZMVSRQIRX+EVWXSR
TT ;EXJSVH.YRI
6 %'-'311-88))6)4368
7LEL740YHMVHNE((ERMIP.-ERH1SFEWLIV&w8SYKL 7QMXL.;ERH;EPOIV8;(w%TTPMGEXMSRWSJ+PEWW*MFVI
RIWW(YVEFMPMX]SJ+PEWW*MFIV6IMRJSVGIH'SRGVIXI7]WXIQx%'-1EXI 6IMRJSVGIH 'IQIRXx 4VSGIIHMRKW SJ XLI 7]QTSWMYQ SR *MFVSYW
VMEPW.SYVREP:SP2S7ITX3GXTT 'SRGVIXI LIPH MR 0SRHSR 'SRWXVYGXMSR 4VIWW 0XH 0ERGEWXIV )RKPERH
4VSGXSV & % w0SRK 8IVQ 7XVIRKXL 4VSTIVXMIW SJ +6'x %TVTT
4VSGIIHMRKW 'SQTSWMXI 1EXIVMEPW MR &YMPHMRKW 7XEXI SJ XLI %VX 8EPPIRXMVI %+ w8LI ,MWXSVMGEP 8IGLRS'SQQIVGMEP (IZIPST
6IWIEVGL ERH 4VSWTIGXW 'SRWMKPMS 2E^MSREPI HIPPI 6MGIVGLI 1MPERS QIRXSJ +*6'8SKIXLIV[MXL 1ENSV)YVSTIER%HZERGIW1EHIMR8LMW
-XEP]1E] 2I[ 'SQTSWMXI*MIPH (YVMRKXLI 4EWX 8IR =IEVWx 4VSGIIHMRKW{(YVE
&MNIR . 1 w'YVMRK SJ +6'x 7M\XL &MIRRMEP 'SRKVIWW SJ XLI FMPMX] SJ +PEWW *MFIV 6IMRJSVGIH 'SRGVIXI 7]QTSWMYQ 4VIWXVIWWIH
+PEWWJMFVI 6IMRJSVGIH 'IQIRX %WWSGMEXMSR )HMRFYVKL 7GSXPERH 3GX 'SRGVIXI-RWXMXYXI'LMGEKSTT
TT (ERMIP.-6SPPIV..;IMRQERR803IWXIVPI6+ERH
:ERHIV4PEW'w8LI1ER]-QTVSZIQIRXWSJ+6'F]4SP]QIV 7LYPX^(1w5YEPMX]'SRXVSPERH5YEPMX]%WWYVERGIJSVXLI1ERYJEG
%HHMXMSRx )MKLXL &MIRRMEP 'SRKVIWW SJ XLI +PEWWJMFVI 6IMRJSVGIH XYVI ERH -RWXEPPEXMSR SJ +*6' *EGEHIWx 7IZIRXL &MIRRMEP 'SRKVIWW SJ
'IQIRX%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT XLI +PEWWJMFVI6IMRJSVGIH'IQIRX%WWSGMEXMSR1EEWXVMGLX 8LI2IXLIV
1G(SREPH&1&YVOI1%ERH1SRGEV^4(w8LI)JJIGXW PERHW7ITXTT
SJ 2EXYVEP %KMRK SR E 4SP]QIV 1SHMJMIH +PEWW *MFIV 6IMRJSVGIH ,ERWSR 2 ;6SPPIV..(ERMIP.-ERH;IMRQERR80
'SRGVIXIx)MKLXL&MIRRMEP'SRKVIWWSJXLI+PEWWJMFVI6IMRJSVGIH'IQIRX 1ERYJEGXYVI ERH -RWXEPPEXMSR SJ +*6' *EGEHIW 74 %QIVMGER
%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT 'SRGVIXI-RWXMXYXI(IXVSMXTT
&MNIR.w-QTVSZIH1IGLERMGEP4VSTIVXMIWSJ+PEWW*MFVI6IMR 3IWXIVPI6+7GLYPX^(1ERH+PMOMR.((IWMKR'SRWMH
JSVGIH'IQIRXF]4SP]QIV1SHMJMGEXMSRx'IQIRX
'SRGVIXI'SQTSW IVEXMSRW JSV +*6' *EGEHIW 74 %QIVMGER 'SRGVIXI -RWXMXYXI
MXIW :SPTT (IXVSMXTT
&MNIR.w)+PEWW*MFVI6IMRJSVGIH4SP]QIV1SHMJMIH'IQIRXx
4VSGIIHMRKW SJ XLI -RXIVREXMSREP 'SRKVIWW SR +PEWW *MFVI 6IMRJSVGIH ',%48)6{7=28,)8-'*-&)66)-2*36')(
'IQIRX0SRHSR3GXTT '32'6)8)72*6'
&MNIR.ERH.EGSFW 1 w4VSTIVXMIW SJ +PEWW *MFIV6IMRJSVGIH {-RXVSHYGXMSR
4SP]QIV1SHMJMIH'IQIRXx.SYVREPSJ1EXIVMEPWERH7XVYGXYVIW:SP
2S7ITX3GXTT
% ZEVMIX] SJ JMFIV QEXIVMEPW SXLIV XLER WXIIP KPEWW SV
.EGSFW 1 . 2 w*SVXSR 4+6'{% 1ER] 7MHIH 'SRWXVYGXMSR REXYVEPJMFIVWLEZIFIIRHIZIPSTIHJSVYWIF]XLIGSRWXVYG
1EXIVMEPx (ITEVXQIRX SJ 1EXIVMEP %TTPMGEXMSR (IZIPSTQIRX (71 XMSRMRHYWXV]JSVJMFIVVIMRJSVGIHGSRGVIXI8LIWIJMFIVWEVI
'IRXVEP0EFSVEXSV]+IPIIR8LI2IXLIVPERHW3GX GEXIKSVM^IHEWW]RXLIXMGJMFIVWJSVYWIMRW]RXLIXMGJMFIVVIMR
&MNIR . w+PEWWJMFVI 6IMRJSVGIH 'IQIRX -QTVSZIQIRX F] JSVGIHGSRGVIXI72*6'JSVMHIRXMJMGEXMSR
4SP]QIV %HHMXMSRx 7]QTSWMYQ %HZERGIH 'IQIRX 'SQTSWMXIW %QIV
MGER1EXIVMEP7SGMIX]%RRYEP1IIXMRK&SWXSR2SZTT 7]RXLIXMG JMFIV X]TIW{7]RXLIXMG JMFIVW EVI QER
&MNIR . w(YVEFMPMX] SJ 7SQI +PEWW *MFIV 6IMRJSVGIH 'IQIRX QEHIJMFIVWVIWYPXMRKJVSQVIWIEVGLERHHIZIPSTQIRXMRXLI
'SQTSWMXIWx%'-.3962%0.YP]%YKTT TIXVSGLIQMGEPERHXI\XMPIMRHYWXVMIW72*6'YXMPM^IWJMFIVW
;IWX . 1 (I:IOI] 6 ' ERH 1ENYQHEV % . w%GV]PMG HIVMZIH JVSQ SVKERMG TSP]QIVW [LMGL EVI EZEMPEFPI MR E
4SP]QIV1SHMJMIH+6'x'SQTSWMXIW:SP2S.ER
/RS[PIW 6 4 ERH 4VSGXSV & % w8LI 4VSTIVXMIW ERH 4IVJSV
ZEVMIX]SJJSVQYPEXMSRW*MFIVX]TIWXLEXLEZIFIIRXVMIHMR
QERGI SJ 4SP]QIV 1SHMJMIH +6'x 4VSGIIHMRKW SJ XLI XL &MIRRMEP TSVXPERH GIQIRX GSRGVIXI FEWIH QEXVMGIW EVI EGV]PMG
-RXIVREXMSREP'SRKVIWWSJXLI+6'%)HMRFYVKL3GXTT EVEQMHGEVFSRR]PSRTSP]IWXIVTSP]IXL]PIRIERHTSP]TVS
&EPP , 4 w8LI )JJIGX SJ *SVXSR 'SQTSYRH SR +*6' 'YVMRK T]PIRI *SV QER] SJ XLIWI JMFIVW XLIVI MW PMXXPI VITSVXIH
6IUYMVIQIRXWx4VSGIIHMRKWSJXLIXL&MIRRMEP'SRKVIWWSJXLI+6'% VIWIEVGL SV JMIPH I\TIVMIRGI [LMPI SXLIVW EVI JSYRH MR
7XVEXJSVH9TSR%ZSR9/3GXTT
,E]EWLM 1 7EXS 7 ERH *YNMM , w7SQI ;E]W XS -QTVSZI
GSQQIVGMEPETTPMGEXMSRWERHLEZIFIIRXLIWYFNIGXSJI\XIR
(YVEFMPMX] SJ +*6'x 4VSGIIHMRKW{(YVEFMPMX] SJ +PEWW *MFIV 6IMR WMZIVITSVXMRK
JSVGIH 'SRGVIXI 7]QTSWMYQ 4VIWXVIWWIH 'SRGVIXI -RWXMXYXI 'LMGEKS 8EFPIWYQQEVM^IWXLIVERKISJTL]WMGEPTVSTIVXMIWSJ
TT WIPIGXIHW]RXLIXMGJMFIVX]TIW8LIIJJIGXSJXIQTIVEXYVISR
&IRXYV%ERH(MEQSRH7w)JJIGXWSJ(MVIGX-RGSVTSVEXMSRSJ
1MGVSWMPMGEMRXS+*6''SQTSWMXIWSR6IXIRXMSRSJ1IGLERMGEP4VSTIV
W]RXLIXMGJMFIVWMWWLS[RMRXLMWXEFPIF]PMWXMRKXLIXIQTIVE
XMIW %JXIV %KMRKx 4VSGIIHMRKW{(YVEFMPMX] SJ +PEWW *MFIV 6IMRJSVGIH XYVIEX[LMGLJMFIVWQIPXS\MHM^ISVHIGSQTSWI7]RXLIXMG
'SRGVIXI7]QTSWMYQ4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKSTT JMFIVWEVIWEMHXSFIQIPXIH[LIRXLIGV]WXEPPMRITSVXMSRWSJ
XLITSP]QIVWXLEXXLI]EVIQEHISJEVIGSRZIVXIHSRLIEXMRK
&MNIR.w%7YVZI]SJ2I[(IZIPSTQIRXWMR+PEWW'SQTSWMXMSR
'SEXMRKW ERH1EXVMGIW XS )\XIRH 7IVZMGI 0MJIXMQISJ +*6'x 4VSGIIH
JVSQEWSPMHXSEKPEWW]SVPMUYMHWXEXI8LIXIQTIVEXYVIEX
MRKW{(YVEFMPMX] SJ +PEWW *MFIV 6IMRJSVGIH 'SRGVIXI 7]QTSWMYQ [LMGLXLMWTL]WMGEPGLERKISGGYVWMWGEPPIHXLIQIPXMRKTSMRX
4VIWXVIWWIH'SRGVIXI-RWXMXYXI'LMGEKSTT -JSRLIEXMRKEJMFIVHIGSQTSWIWFIJSVIMXQIPXWMXMWFIGEYWI
8LMIV].ERH+IRMW%,MKL(YVEFMPMX]+PEWW'IQIRX'SQTSW SRI SJ QER] TSWWMFPI GLIQMGEP VIEGXMSRW EW SGGYVVIH EX E
MXIW2I[:IXVSXI\7]WXIQ7X+SFEMR'IRXVIHI6IGLIVGLIWHI4SRXE PS[IV XIQTIVEXYVI FIJSVI VIEGLMRK XLI QIPXMRK TSMRX %
1SYWWSR7%*VERGITT
7SYOEXGLSJJ 4 ERH 6MHH 4 . w,MKL (YVEFMPMX] +PEWW *MFVI
X]TMGEP X]TI SJ HIGSQTSWMXMSR MW S\MHEXMSR 3\MHEXMSR MW
6IMRJSVGIH 'IQIRX 9WMRK E 1SHMJMIH 'IQIRXMXMSYW 1EXVM\x )MKLXL GEYWIHF]XLIGLIQMGEPVIEGXMSRSJXLIJMFIV[MXLXLIS\]KIR
&MIRRMEP 'SRKVIWW SJ XLI +PEWWJMFVI 6IMRJSVGIH 'IQIRX %WWSGMEXMSR MRXLIEMV8LIXIQTIVEXYVIEX[LMGLEHIGSQTSWMXMSRSGGYVW
1EEWXVMGLX8LI2IXLIVPERHW3GXTT MWGEPPIHXLIHIGSQTSWMXMSRXIQTIVEXYVI(IGSQTSWMXMSRMW
+EVXWLSVI+'w%2I[,MKL(YVEFMPMX]'IQIRXJSV+6'4VSH
YGXWx )MKLXL &MIRRMEP 'SRKVIWW SJ XLI +PEWWJMFVI 6IMRJSVGIH 'IQIRX
YWYEPP] RSXMGIH FIGEYWI XLI JMFIV UYMGOP] GLERKIW GSPSV
%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT JYQIWSVYRHIVKSIWERSFZMSYWGLIQMGEPGLERKI
+EVXWLSVI+EZMRw%6IGIRX(IZIPSTQIRXJSV+6''SQTSWMXIWx ,MWXSVMGEPFEGOKVSYRH{8[IRXMIXLGIRXYV]MRXIVIWX
8LI 6IZMI[ (IWMKR
%VGLMXIGXYVI 7XSYHKEXI 4YFPMGEXMSRW 0XH MRW]RXLIXMGJMFIVWEWEGSQTSRIRXSJGSRWXVYGXMSRQEXIVMEPW
0SRHSRT
[EW JMVWX VITSVXIH MR ?A 7]RXLIXMG QSRSJMPEQIRX
,EVQSR 8 ERH 1SPPS] , . w7SQI -WWYIW SJ (YVEFMPMX] ERH
7LVMROEKIMR+*6'x)MKLXL&MIRRMEP'SRKVIWWSJXLI+PEWWJMFVI6IMRJSVGIH JMFIVW [IVI YWIH MR FPEWX VIWMWXERX WXVYGXYVIW JSV XLI 97
'IQIRX%WWSGMEXMSR1EEWXVMGLX8LI2IXLIVPERHW3GXTT %VQ] 'SVTW SJ )RKMRIIVW 6IWIEVGL ERH (IZIPSTQIRX
*-&)66)-2*36')('32'6)8) 6
8EFPI{7IPIGXIHW]RXLIXMGJMFIVX]TIWERHTVSTIVXMIW
)UYMZEPIRX 9PXMQEXI 1IPXS\MHEXMSRSV ;EXIVEFWSVTXMSR
HMEQIXIV 7TIGMJMG 8IRWMPI )PEWXMG IPSRKEXMSR -KRMXMSR HIGSQTSWMXMSR TIV%781(
*MFIVX]TI MR»z KVEZMX] WXVIRKXLOWM QSHYPYWOWM TIVGIRX XIQTIVEXYVI* XIQTIVEXYVI* TIVGIRXF][IMKLX
%GV]PMG {
%VEQMH- LMKL
%VEQMH--j LMKL
'EVFSR4%2,1k LMKL RMP
'EVFSR4%2,8 LMKL RMP
'EVFSRTMXGL+4 LMKL
'EVFSRTMXGL,4jj LMKL RMP
2]PSRkk {
4SP]IWXIV
4SP]IXL]PIRIkk { RMP
4SP]TVST]PIRIkk { RMP
2SXEPPJMFIVX]TIWEVIGYVVIRXP]YWIHJSVGSQQIVGMEPTVSHYGXMSRSJ*6'
j
,MKLQSHYPYW
k
4SP]EGV]PSRMXVMPIFEWIHLMKLQSHYPYW
4SP]EGV]PSRMXVMPIFEWIHLMKLXIRWMPIWXVIRKXL
-WSXVSTMGTMXGLFEWIHKIRIVEPTYVTSWI
jj1IWSTLEWITMXGLFEWIHLMKLTIVJSVQERGI
kk
(EXEPMWXIHMWSRP]JSVJMFIVWGSQQIVGMEPP]EZEMPEFPIJSV*6'
1IXVMGIUYMZEPIRXWMR!QQOWM!14EHIKVIIW*
!HIKVIIW'
%VEQMH{%VEQMH EVSQEXMG TSP]EQMHI
MW E LMKL QSPIGYPEV [IMKLX IRH KVSYTW VIWMHYEP QSRSQIV IXG
QSHYPYW QERQEHI TSP]QIVMG QEXIVMEP XLEX [EW JMVWX EHHMXMSRSJHMJJIVIRXPIZIPWSJEHHMXMZIWPMKLXERHLIEXWXEFM
HMWGSZIVIH MR %JXIV QER] ]IEVW SJ I\TIVMQIRXEP PM^IVW HIPYWXIVERXW IXG
QERYJEGXYVMRK GSRHMXMSRW WTMR
VIWIEVGLEQIXLSHXSTVSHYGIXLEXQEXIVMEPMRJMFIVJSVQ[EW RMRKHVE[MRKXI\XYVMRKIXG
ERHJMFIVHMQIRWMSRWGVSWW
JMREPP]HIZIPSTIH%VEQMHJMFIVW[IVIMRMXMEPP]TVSHYGIHJSV WIGXMSREPWLETIERHEVIEJMFIVPIRKXLIXG
'YVVIRXP]SRP]
GSQQIVGMEP ETTPMGEXMSRW F] XLI IEVP] W %XXIQTXW XS X[SX]TIW SJ R]PSR JMFIV EVI QEVOIXIH JSV JMFIV VIMRJSVGIH
MRGSVTSVEXIXLMW JMFIV MRXS GSRGVIXIEWE JSVQSJVIMRJSVGI GSRGVIXI8LI]EVIR]PSRERHR]PSR
QIRXFIKERF]XLIPEXIW-XLEWFIIRGSRGPYHIHXLEXXLI 2]PSRJMFIVWEVIWTYRJVSQR]PSRTSP]QIV8LITSP]QIVMW
QIGLERMGEP TVSTIVXMIW SJ E GIQIRX QEXVM\ VIMRJSVGIH [MXL XVERWJSVQIH XLVSYKL I\XVYWMSR WXVIXGLMRK ERH LIEXMRK XS
EVEQMH JMFIVW EVI WYJJMGMIRXP] EXXVEGXMZI XS [EVVERX JYVXLIV JSVQERSVMIRXIHGV]WXEPPMRIJMFIVWXVYGXYVI-REHHMXMSRXS
WXYHMIW ?A ,S[IZIV XLI LMKL GSWX SJ EVEQMH JMFIVW LEW GSRZIRXMSREP ]EVRW TVSHYGIH F] WXERHEVH HVE[MRK R]PSR
FIIREPMQMXEXMSRXSGSQQIVGMEPEGGITXERGI JMFIV TVSTIVXMIW QE] FI IRLERGIH F] WTIGMEP XVIEXQIRXW
%VEQMHJMFIVWLEZIVIPEXMZIP]LMKLXIRWMPIWXVIRKXLERHE MRGPYHMRK SZIV JMRMWLMRK LIEXMRK EMV XI\XYVMRK IXG 2]PSR
LMKLXIRWMPIQSHYPYWEWWLS[RMR8EFPI%VEQMHJMFIVW JMFIVW EVI EZEMPEFPI EW QYPXMJMPEQIRX ]EVRW QSRSJMPEQIRX
EVIX[SERHELEPJXMQIWEWWXVSRKEW)KPEWWJMFIVERHJMZI WXETPI ERH XS[ *SV GSRGVIXI ETTPMGEXMSRW LMKL XIREGMX]
XMQIWEWWXVSRKEWWXIIPJMFIVWTIVYRMX[IMKLX LMKLXIRWMPIWXVIRKXL
LIEXERHPMKLXWXEFPI]EVRMWWTYRERH
8LI WXVIRKXLSJ EVEQMH JMFIV MW YREJJIGXIH YT XS * WYFWIUYIRXP]GYXMRXSWLSVXIVPIRKXLW
'
%VEQMHJMFIVI\LMFMXWHMQIRWMSREPWXEFMPMX]YTXS 2]PSRJMFIVWI\LMFMXKSSHXIREGMX]XSYKLRIWWERHI\GIP
* '
ERH MW GVIIT VIWMWXERX ? A %VEQMH PIRX IPEWXMG VIGSZIV] ?A 7IPIGXIH TVSTIVXMIW JSV R]PSR
WXVERH[MXLHMJJIVIRXRYQFIVWSJJMFIVWSJZEV]MRKHMEQIXIV JMFIVWEVIWLS[RMR8EFPI2]PSRMWZIV]LIEXWXEFPIERH
MWEPWSEZEMPEFPI MW VIEHMP] YWIH MR GSQQIVGMEP ETTPMGEXMSRW VIUYMVMRK XLMW
'EVFSR{'EVFSR JMFIVW [IVI HIZIPSTIH TVMQEVMP] TVSTIVX]WYGLEWXMVIW?A2]PSRMWL]HVSTLMPMG[MXLE
JSV XLIMVLMKL WXVIRKXL ERH WXMJJRIWW TVSTIVXMIWJSVETTPMGE QSMWXYVIVIKEMRSJTIVGIRX?A8LIQSMWXYVIVIKEMR
XMSRW [MXLMR XLI EIVSWTEGI MRHYWXV] 'SQTEVIH [MXL QSWX TVSTIVX]HSIWRSXEJJIGXGSRGVIXIL]HVEXMSRSV[SVOEFMPMX]EX
SXLIVW]RXLIXMGJMFIVX]TIWGEVFSRJMFIVWEVII\TIRWMZIERH PS[TVIWGVMFIHGSRXIRXWVERKMRKJVSQXSTIVGIRXF]
EWTVIZMSYWP]QIRXMSRIH[MXLEVEQMHJMFIVWXLMWLEWPMQMXIH ZSPYQI FYX WLSYPH FI GSRWMHIVIH EX LMKLIV JMFIV ZSPYQI
GSQQIVGMEPHIZIPSTQIRX,S[IZIVPEFSVEXSV]VIWIEVGLLEW GSRXIRXW2]PSRMWEVIPEXMZIP]MRIVXQEXIVMEPVIWMWXERXXSE
GSRXMRYIH XS HIXIVQMRI XLI TL]WMGEP TVSTIVXMIW SJ GEVFSR [MHI ZEVMIX] SJ SVKERMG ERH MRSVKERMG QEXIVMEPW MRGPYHMRK
JMFIVVIMRJSVGIHGSRGVIXI'*6'
?A WXVSRK EPOEPMW -X LEW FIIR WLS[R XS TIVJSVQ [IPP YRHIV
'EVFSR JMFIVW LEZI LMKL XIRWMPI WXVIRKXL ERH IPEWXMG EGGIPIVEXIHEKMRKGSRHMXMSRW?A
QSHYPYWEWWLS[RMR8EFPI 8LI]EVIEPWSMRIVXXSQSWX 4SP]IWXIV
GLIQMGEPW4SP]EGV]PSRMXVMPI4%2
FEWIHGEVFSRJMFIVWEVI
4SP]IWXIVJMFIVW{JSVI\EQTPITSP]IXL]PIRIXIVITLXLEPEXI
QERYJEGXYVIHF]GEVFSRM^MRKTSP]EGV]PSRMXVMPI]EVREXLMKL
4)8
{EVIEZEMPEFPISRP]MRQSRSJMPEQIRXJSVQ(IRMIVSJ
XIQTIVEXYVIW [LMPI EPMKRMRK XLI VIWYPXERX KVETLMXI GV]WXEP
TSP]IWXIVJMFIVWYWIHMRGIQIRXGSQTSWMXIWVERKIWJVSQXS
PMXIWF]ETVSGIWWGEPPIHwLSXWXVIXGLMRKx8LI]EVIQERYJEG
?A8SHEXITSP]IWXIVJMFIVWEZEMPEFPIXSXLIGSRGVIXI
XYVIHEWIMXLIV,1LMKLQSHYPYW
JMFIVWSV,8LMKLXIRWMPI
MRHYWXV]FIPSRKXSXLIXLIVQSTPEWXMGTSP]IWXIVWYFKVSYTMRK
WXVIRKXL
JMFIVWERHEVIHITIRHIRXYTSRQEXIVMEPWSYVGIERH
8LMWX]TISJTSP]IWXIVI\LMFMXWTL]WMGEPERHGLIQMGEPGLEV
I\XIRX SJ LSXWXVIXGLMRK JSV XLIMV TL]WMGEP TVSTIVXMIW 8LI]
EGXIVMWXMGW XLEX HITIRH SR QERYJEGXYVMRK XIGLRMUYIW
EVIEZEMPEFPIMREZEVMIX]SJJSVQW
7IPIGXIH JMFIV TVSTIVXMIW EVI WLS[R MR 8EFPI 3RI SJ
-X LEW FIIR WLS[R XLEX GEVFSR JMFIVW GER FI QEHI JVSQ
WIZIVEPXIGLRMUYIWMRZSPZIWXLITVSHYGXMSRSJLMKLP]GV]WXEP
TIXVSPIYQERHGSEPTMXGL[LMGLEVIPIWWI\TIRWMZIXLERXLI
PMRI TIPPIXW [LMGL EVI GSRZIVXIH XS JMPEQIRXW MR E QIPX
TSP]EGV]PSRMXVMPIJMFIVYWIHXSQEOI4%2FEWIHGEVFSRJMFIV
I\XVEGXMSRTVSGIWWERHWYFWIUYIRXP]WXVIXGLIHETTVS\MQEXIP]
4MXGLFEWIHJMFIVWEVIEPWSQERYJEGXYVIHMRX[SX]TIW+IRIVEP
TIVGIRXFIJSVIGYXXMRKXSHIWMVIHPIRKXL
TYVTSWI +4
JMFIVW EVI QEHI JVSQ MWSXVSTMG RSRSVMIRXIH
JMFIVWXVYGXYVI
TMXGLERHEVIPS[MRXIRWMPIWXVIRKXLERHIPEWXMG %PPXLIVQSTPEWXMGWEVIXIQTIVEXYVIWIRWMXMZI%XXIQTIVE
QSHYPYW ,MKL TIVJSVQERGI ,4
JMFIVW EVI QEHI JVSQ XYVIW EFSZI RSVQEP GSRGVIXI WIVZMGI XIQTIVEXYVIW JMFIV
QIWSTLEWI LMKLP] SVMIRXIH JMFIVW
TMXGL [LMGL TVSHYGIW GLEVEGXIVMWXMGWEVIEPXIVIH8IQTIVEXYVIWEFSZI*
JMFIVW[MXLLMKLXIRWMPIWXVIRKXLERHLMKLIPEWXMGQSHYPYW '
GEYWIQSPIGYPEVFVIEOHS[R?A
'EVFSRJMFIVMWX]TMGEPP]TVSHYGIHMRXS[WWXVERHW
XLEXQE] 4SP]IWXIVJMFIVWEVIWSQI[LEXL]HVSTLSFMGHSRSXEFWSVF
GSRXEMRYTXSMRHMZMHYEPJMPEQIRXW8S[WEVIGSQQSRP] QYGL[EXIV
ERHLEZIFIIRWLS[RRSXXSEJJIGXXLIL]HVEXMSR
TVIWTVIEHTVMSVXSMRGSVTSVEXMSRMR'*6'XSJEGMPMXEXIGIQIRX SJXLITSVXPERHGIQIRXGSRGVIXI?A&SRHMRKSJTSP]IWXIV
QEXVM\TIRIXVEXMSRERHXSQE\MQM^IJMFIVIJJIGXMZIRIWW JMFIVW[MXLMRXLIGIQIRXQEXVM\MWQIGLERMGEP
2]PSR{2]PSR MW E KIRIVMG REQI XLEX MHIRXMJMIW E 8LIVIMWRSGSRWIRWYWSRXLIPSRKXIVQHYVEFMPMX]SJTSP]
JEQMP] SJ TSP]QIVW GLEVEGXIVM^IH F] XLI TVIWIRGI SJ XLI IWXIVJMFIVWMRTSVXPERHGIQIRXGSRGVIXI
EQMHI JYRGXMSREP KVSYT{'32, ?A :EVMSYW X]TIW SJ 4SP]IXL]PIRI{4SP]IXL]PIRILEWFIIRTVSHYGIHJSV
R]PSRJMFIVWI\MWXMRXLIQEVOIXTPEGIJSVYWIMRETTEVIPLSQI YWIEWGSRGVIXIVIMRJSVGIQIRX?AMRQSRSJMPEQIRXJSVQ
JYVRMWLMRKW MRHYWXVMEP ERH XI\XMPI ETTPMGEXMSRW % R]PSR [MXL[EVXPMOIWYVJEGIHIJSVQEXMSRWEPSRKXLIPIRKXLSJXLI
JMFIVvW TVSTIVXMIW EVI MQTEVXIH F] XLI FEWI TSP]QIV X]TI JMFIV 8LIWI HIJSVQEXMSRW EVI MRXIRHIH XS MQTVSZI XLI
*-&)66)-2*36')('32'6)8) 6
QIGLERMGEP FSRHMRK MR GIQIRX TEWXI ERH QSVXEV 7IPIGXIH 8IWX QIXLSHW YWIH JSV JPI\YVEP WXVIRKXL ERH XSYKLRIWW
JMFIVTVSTIVXMIWEVIWLS[RMR8EFPI XIWXMRK SJ *6' LEZI FIIR TYFPMWLIH ? A 8LIWI
-XLEWFIIRVITSVXIHXLEXTSP]IXL]PIRIJMFIVWGSYPHFIIEWMP] QIXLSHWLEZIFIIRETTPMIHXS72*6'EWLEZISXLIVWTIGMEP
HMWTIVWIHMRGSRGVIXIQM\XYVIWMRZSPYQITIVGIRXEKIWSJYTXS M^IHXIWXWWYGLEWJSVWLVMROEKIERHGVEGOGSRXVSP;SVOSR
TIVGIRXYWMRKGSRZIRXMSREPQM\MRKXIGLRMUYIW?A WXERHEVH XIWX TVSGIHYVIW XS IZEPYEXI WLVMROEKI ERH GVEGO
4SP]IXL]PIRI MR TYPT JSVQ LEW EPWS FIIR ETTPMIH MR GSRXVSP MW TVIWIRXP] FIMRK YRHIVXEOIR F] %781 7YFGSQ
GSRGVIXIQM\XYVIW-RXLMWETTPMGEXMSRXLITYPTEJMRIMVVIK QMXXII'
YPEVJSVQSJJMFIVEGXWXSVIXEMRGIQIRX JMRIWF]EGXMRKEW 8LIFSRHMRKSJGYVVIRXGSQQIVGMEPP]EZEMPEFPIW]RXLIXMG
JMPXIVJMFIVW?AERHMXWYWIMWMRXIRHIHEWEREPXIVREXI JMFIVW R]PSR TSP]IWXIV ERH TSP]TVST]PIRI
[MXLMR XLI
XSXLIYWISJEWFIWXSWJMFIVW GSRGVIXIQEXVM\MWQIGLERMGEP8LIVIMWRSGLIQMGEPFSRH
4SP]TVST]PIRI{1SRSJMPEQIRX JSVQ JMFIVW EVI 8LIQSHYPYWSJIPEWXMGMX]ERH4SMWWSRvWVEXMSSJIEGLQEXI
TVSHYGIHMRERI\XVYWMSRTVSGIWWMR[LMGLXLIQEXIVMEPMWLSX VMEP[MPPLEZIERIJJIGXSRFSRHMRKTVSTIVXMIWEW[MPPXLIJMFIV
HVE[RXLVSYKLEHMISJGMVGYPEVGVSWWWIGXMSRKIRIVEXMRKE KISQIXV]ERHX]TIHIVMZIHJVSQQSRSJMPEQIRXSVJMFVMPPEXIH
RYQFIVSJGSRXMRYSYWJMPEQIRXWEXSRIXMQIGEPPIHEXS[ XETI8IWXWPMOIXLIHVST[IMKLXMQTEGXXIWXERHXLIXSYKLRIWW
*MFVMPPEXIH TSP]TVST]PIRI JMFIVW EVI XLI TVSHYGX SJ ER MRHI\XIWX[MPPWLS[XLIFSRHMRKTSXIRXMEPSJZEVMSYWJMFIV
I\XVYWMSRTVSGIWW[LIVIXLIHMIMWVIGXERKYPEV8LIVIWYPXMRK X]TIWEW[IPPEWXLIIJJIGXSJSXLIVTEVEQIXIVWWYGLEWJMFIV
JMPQWLIIXWSJTSP]TVST]PIRIEVIWPMXPSRKMXYHMREPP]MRXSIUYEP ZSPYQIJMFIVGSRJMKYVEXMSRERHJMFIVPIRKXL
[MHXLXETIW8SEGLMIZIEPEXXMGITEXXIVRXLIXETIMWQIGLER %GV]PMG *6'{%GV]PMG JMFIVW LEZI FIIR ETTPMIH MR
MGEPP]HMWXVIWWIHSVJMFVMPPEXIH[MXLETEXXIVRIHTMR[LIIPSV GIQIRXFEWIH GSQTSWMXIW EW E VITPEGIQIRX JSV EWFIWXSW
WTPMX JMPQ XIGLRMUYI XS TVSHYGI XLI QEMR ERH GVSWW JMFVMP JMFIV-RXLMWTVSGIWWJMFIVWEVIMRMXMEPP]HMWTIVWIHMREHMPYXI
RIX[SVOW-RWSQIGEWIWXLIJMFVMPPEXIHXETIMWX[MWXIHTVMSV [EXIV ERH GIQIRX QM\XYVI % TVIWWYVI JSVQMRK TVSGIWW
XSGYXXMRKXSIRLERGIXLISTIRMRKSJXLIFYRHPI*MFIVWXLYW JSPPS[WMRGSQFMREXMSR[MXLZEGYYQHI[EXIVMRK'SQTSWMXI
TVSHYGIHEVIXIVQIHGSPPEXIHJMFVMPPEXIHTSP]TVST]PIRIERH XLMGORIWWMWFYMPXYTMRPE]IVWERHXLIJMRMWLIHTVSHYGXLEWE
EVIGYXXSHIWMVIHPIRKXLW?A PS[[EXIVXSGIQIRXVEXMSERHLEWWYJJMGMIRXTVIWIXERHTVI
7IPIGXIHTVSTIVXMIWSJTSP]TVST]PIRIJMFIVWEVIWLS[RMR LEVHIRIHWXVIRKXL TIVQMXXMRK MX XSFI LERHPIHMQQIHMEXIP]
8EFPI 4SP]TVST]PIRI MW L]HVSTLSFMG QIERMRK MX HSIW ? A -R XLMW QIXLSH SXLIV JMFIVW XIVQIH TVSGIWW
RSXEFWSVF[EXIV4SP]TVST]PIRIJMFIVWEVIRSXI\TIGXIHXS JMFIVW EVI EHHIH XS QEMRXEMR QM\XYVI LSQSKIRIMX] ERH
FSRHGLIQMGEPP]MREGSRGVIXIQEXVM\FYXFSRHMRKLEWFIIR VIHYGI WIKVIKEXMSR HYVMRK ZEGYYQ HI[EXIVMRK 8LIWI EVI
WLS[RXSSGGYVF]QIGLERMGEPMRXIVEGXMSR?A4SP]TVST] KIRIVEPP]GIPPYPSWISVTSP]JMFIVTYPTJMFIVW
PIRIJMFIVWEVITVSHYGIHJVSQLSQSTSP]QIVTSP]TVST]PIRI %GV]PMG JMFIVW LEZI EPWS FIIR EHHIH EX PS[ ZSPYQIW MR
VIWMR8LIQIPXMRKTSMRXERHIPEWXMGQSHYPYW[LMGLEVIPS[ GSRZIRXMSREPFEXGLQM\MRKTVSGIWWIWXSVIHYGIXLIIJJIGXWSJ
VIPEXMZI XS QER] SXLIV JMFIV X]TIW QE] FI PMQMXEXMSRW MR TPEWXMG WLVMROEKI GVEGOMRK ? A 8LMW ETTPMGEXMSR MW
GIVXEMR TVSGIWWIW WYGL EW EYXSGPEZMRK ?A ,S[IZIV WMQMPEVXSXLEXHMWGYWWIHJSVTSP]TVST]PIRIJMFIVWEPXLSYKL
VIJVEGXSV] TVSHYGX QERYJEGXYVIVW YWI TSP]TVST]PIRI JMFIVW JEVPIWWJMIPHI\TIVMIRGISVVIWIEVGLLEWFIIRVITSVXIH
JSVIEVP]WXVIRKXLIRLERGIQIRXERHFIGEYWIXLI]HMWETTIEV 3RI WXYH] LEW TVSZMHIH HEXE VIKEVHMRK XLI IJJIGXW SJ
EXLMKLXIQTIVEXYVIWTVSZMHMRKEW]WXIQSJwVIPMIJGLERRIPWx GIVXEMR QERYJEGXYVMRK TEVEQIXIVW SR XLI TIVJSVQERGI SJ
JSVYWIMRGSRXVSPPMRKXLIVQEPERHQSMWXYVIGLERKIW GSQTSWMXIWVIMRJSVGIH[MXLLMKLXIREGMX]EGV]PMGJMFIVW?A
8LMW VIWIEVGL [EW GSRHYGXIH XS HIXIVQMRI XLI IJJIGXW SJ
{4VSTIVXMIWSJ72*6' EGV]PMG JMFIV GSRXIRX TVSGIWW JMFIV GSRXIRX ERH X]TI ERH
(IWMKR QIXLSHW JSV TEVXMGYPEV ETTPMGEXMSRW YWMRK PS[ TVIWWMRKTVIWWYVIYWIHHYVMRKJEFVMGEXMSRSRXLIQIGLERMGEP
ZSPYQI W]RXLIXMG JMFIVW LEZI RSX ]IX FIIR HIZIPSTIH TVSTIVXMIWSJXLITVSHYGX'SQTSWMXIW[IVIJEFVMGEXIHYWMRK
(ITIRHMRKSRXLIMRXIRHIHETTPMGEXMSRHMJJIVIRXQERYJEG ZEGYYQHI[EXIVMRKERHTVIWWMRKXIGLRMUYIWMREREXXIQTXXS
XYVIVWQE]WYKKIWXHMJJIVIRXZSPYQIGSRXIRXERHJMFIVKISQ WMQYPEXIXLI,EXWGLIOTVSGIWW[LMGLMWRSVQEPP]YWIHJSV
IXV] %GGITXERGI GVMXIVME EVI TVIWGVMFIH MR XLI %781 GSQQIVGMEP PEVKIWGEPI TVSHYGXMSR SJ JMFIVGIQIRX FSEVH
7XERHEVH7TIGMJMGEXMSR'?A *PI\YVEP WXVIRKXL XIWXW [IVI YWIH EW E FEWMW JSVIZEPYEXMRK
6ITSVXW SR GSQTVIWWMSR WXVIRKXL WTPMXXMRK XIRWMPI GSQTSWMXI TIVJSVQERGI 8LI ,EXWGLIO TVSGIWW [EW HIZIP
WXVIRKXL ERH JPI\YVEP WXVIRKXL XIWXW KIRIVEPP] VIWYPX MR XLI STIH MR F] 0YH[MK ,EXWGLIO ;LIR TVSHYGMRK
GSRGPYWMSR XLEX WMKRMJMGERX MQTVSZIQIRX MR XLIWI WXVIRKXL GSQTSWMXIW YWMRK XLI ,EXWGLIO TVSGIWW XLI JMFIVW EVI
TVSTIVXMIW[MPPRSXFISFWIVZIHMRQEXYVIWTIGMQIRW[LIR MRMXMEPP] HMWTIVWIH MR E HMPYXI [EXIVGIQIRX QM\XYVI (YVMRK
W]RXLIXMG JMFIVW EVI ETTPMIH EX VIPEXMZIP] PS[ XS
XLIJEFVMGEXMSRTVSGIWWEKVIEXHIEPSJXLIMRMXMEPQM\MRK[EXIV
ZSPYQITIVGIRXEKIW?A,S[IZIVW]RXLIXMGJMFIVWLEZI MWVIQSZIHXLVSYKLZEGYYQHI[EXIVMRK'SQTSWMXIXLMGORIWW
FIIR WLS[R XS FI IJJIGXMZI MR XLI IEVP] PMJIXMQI SJ XLI MW KVEHYEPP] FYMPX YT F] PE]IVMRK *MREPP] XLI GSQTSWMXI MW
GSQTSWMXI[LIRXLIQEXVM\MWMXWIPJ[IEOFVMXXPIERHSJPS[ TVIWWIHXSHIRWMJ]ERHVIQSZIWXMPPQSVISJXLI[EXIV*MRMWLIH
QSHYPYW*SVQEXYVIGSRGVIXIMQTVSZIHQEXIVMEPXSYKLRIWW GSQTSWMXIWLEZIZIV]PS[[EXIVGIQIRXVEXMSWERHWYJJMGMIRX
MWHITIRHIRXSRXLIJMFIVZSPYQIGSRXIRXERHJMFIVHYVEFMPMX] wKVIIRWXVIRKXLxXSFILERHPIHMQQIHMEXIP]?A
MRXLIQEXVM\ -RSRIXIWXWIVMIWEGV]PMGJMFIVGSRXIRXWVERKIHJVSQXS
-QTVSZIH XSYKLRIWW ERH GVEGO GSRXVSP TVSTIVXMIW [MXL TIVGIRXF][IMKLX4VSGIWWJMFIVWYWIHJSVGIQIRXVIXIRXMSR
72*6'LEZIFIIRHIQSRWXVEXIHJSVWSQIJMFIVX]TIW?A MRXLIWIWTIGMQIRWGSRWMWXIHSJTIVGIRXF][IMKLXSJ
6 %'-'311-88))6)4368
8LI]WLSYPHXLIVIJSVIFIYWIH[MXLEWYMXEFPIJMPXVEXMSRJMFIV
[LIRIZIV XLI ,EXWGLIO SV WMQMPEV JEFVMGEXMSR QIXLSH MW
*MK{%ZIVEKIJPI\YVEPWXVIRKXLZIVWYWJMFIVEGV]PMGGSRXIRX IQTPS]IH?A
%VEQMH*6'GSQTSWMXIWLEZIEPWSFIIRTVITEVIHYWMRKE
WTVE]WYGXMSR XIGLRMUYI ?A;MXL XLMW XIGLRMUYIEVEQMH
JMFIVW ERH ER EXSQM^IH GIQIRX WPYVV] [IVI WYTTPMIH JVSQ
WITEVEXI WSYVGIW ERH WTVE]IH WMQYPXERISYWP] SRXS E JPEX
WYVJEGIXSEGLMIZIEVERHSQJMFIVHMWXVMFYXMSR)\GIWW[EXIV
[EWVIQSZIHJVSQXLIVIWYPXMRKQM\XYVIYWMRKWYGXMSRJVSQ
FIPS[ERHXLIXSTWYVJEGI[EWXVS[IPIHJPEX*MFIVGSRXIRXW
SJYTXSTIVGIRXF]ZSPYQI[IVISFXEMRIH?A
6IWYPXWSJXIRWMPIJPI\YVEPERHXLI-^SHMQTEGXXIWXWJSV
XIWX WTIGMQIRW WYFNIGXIH XS ZEVMSYW GYVMRK GSRHMXMSRW EVI
VITSVXIHMR8EFPI?A
'YVMRKERHEKMRKGSRHMXMSRW[IVIZEVMIHEQSRKXLIXIWX
WTIGMQIRW8LIXIWXVIWYPXW[IVIGSQTEVIH[MXLVIWYPXWJVSQ
XIWXWTIVJSVQIHSRwGSRXVSPxWTIGMQIRWMRSVHIVXSEWWIWWXLI
PSRKXIVQWXVIRKXLHYVEFMPMX]SJXLIEVEQMH*6'8LIGSRXVSP
*MK {*PI\YVEP WXVIRKXL SJ EVEQMH *6' TIVGIRX
JMFIVWF]ZSPYQI
EJXIV]IEVWSJEKMRK WTIGMQIRW [IVI WYFNIGXIH XS E RSVQEP HE] QSMWX GYVI
TVMSVXSXIWXMRK8LIXIWXVIWYPXWEWWLS[RMR8EFPIMRHM
GEXIHXLIJSPPS[MRK?A
GIPPYPSWITYPTMRGSRNYRGXMSR[MXLTIVGIRXF][IMKLXSJ *SV XLVII WIPIGXIH GYVMRK IRZMVSRQIRXW X[S ]IEVW MR
TSP]IXL]PIRITYPT%ZIVEKIJPI\YVEPWXVIRKXLZIVWYWEGV]PMG [EXIVEX*?'AX[S]IEVWMREMVEX*?'AERHX[S
JMFIVGSRXIRXMWWLS[RMR*MK%WMRHMGEXIHF]XLMWJMKYVI ]IEVWMRREXYVEP[IEXLIVMRKEX+EVWXSR9/
XLI987ERH
XLIVI MW E XVIRH JSV XLI 1SHYPYW SJ 6YTXYVI 136
XS 136 HMH RSX HIGVIEWI *SV XLI EMV WXSVEKI GSRHMXMSR XLI
MRGVIEWI ERH XLI 4VSTSVXMSREP )PEWXMG 0MQMX 4)0
XS WXVEMRXSJEMPYVIERHMQTEGXWXVIRKXLWMRGVIEWIHERHXLI4)0
HIGVIEWIEWXLITVMQEV]EGV]PMGJMFIVGSRXIRXMRGVIEWIW?A WXVIWWHIGVIEWIH*SVXLI[EXIVWXSVEKIGSRHMXMSRXLIWXVEMR
8LI MRZIWXMKEXMSR EPWS HIXIVQMRIH XLEX XLI XSXEP [IMKLX XSJEMPYVIERHXLIMQTEGXWXVIRKXLHIGVIEWIH
TIVGIRXEKI SJ TVSGIWW JMFIVW YWIH LEH PMXXPI IJJIGX SR XLI 1EXIVMEPFILEZMSVJSVYRHIV[EXIVWXSVEKIEX*
EZIVEKIJPI\YVEPWXVIRKXLSJGSQTSWMXIW%PWSEZIVEKIJPI\ '
[EWWMQMPEVXSXLEXSFWIVZIHEJXIVWXSVEKIEX*'
YVEPWXVIRKXLMRGVIEWIHEWTVIWWMRKTVIWWYVIYWIHHYVMRKJEFVM )\TSWYVIMREMVEX*'
JSVHE]WVIWYPXIHMR
GEXMSRMRGVIEWIHJVSQXSTWMXS14E
?A EWPMKLXHIGVIEWIMRXIRWMPI4)0ERH987
%VEQMH *6'{%VEQMH JMFIV VIMRJSVGIH GIQIRX 8IRWMPI JPI\YVEP ERH MQTEGX WXVIRKXLW JSV XLI EYXS
GSQTSWMXIWGERFIJEFVMGEXIHYWMRKGSRZIRXMSREPQM\MRKERH GPEZIHWTIGMQIRW[IVIETTVS\MQEXIP]TIVGIRXPIWWXLER
JSVQMRKXIGLRMUYIWSVF]YWMRKJEFVMGEXMSRTVSGIWWIWWMQMPEV WXVIRKXLWJSVXLIGSRXVSPWTIGMQIRW
XSXLSWIYWIHXSQEOIEWFIWXSWGIQIRXTVSHYGXW?A *MKYVIWLS[WXLIGSQTSWMXIFILEZMSVMRJPI\YVIEJXIVX[S
&IGEYWI EVEQMH JMFIVW EVI GSQTEVEXMZIP] QSVI I\TIRWMZI ]IEVWSJEKMRKMRZEVMSYWIRZMVSRQIRXW*MKYVIWLS[WXLI
XLERSXLIVTSP]QIVMGJMFIVWEVEQMHJMFIVVIMRJSVGIHGSRGVIXI GSQTSWMXI FILEZMSV MR JPI\YVI EJXIV EYXSGPEZMRK ERH EJXIV
LEWTVMQEVMP]FIIRYWIHEWEREWFIWXSWGIQIRXVITPEGIQIRX WIZIVEP [IIOW SJ EKMRK MR ZEVMSYW IRZMVSRQIRXW 8LIWI XIWX
MR GIVXEMR LMKL WXVIWW ETTPMGEXMSRW %W [MXL SXLIV EWFIWXSW VIWYPXWMRHMGEXIHXLEXEVEQMH*6'GSQTSWMXIWGERFII\TIGXIH
VITPEGIQIRXJMFIVWEVEQMHJMFIVWI\LMFMXTSSVJMPXVEXMSRGLEV XS VIXEMRQSWXSJXLIMVMRMXMEPWXVIRKXLERHHYGXMPMX]EJXIVPSRK
EGXIVMWXMGW [LIR YWIH MR XLI ,EXWGLIO JEFVMGEXMSR TVSGIWW TIVMSHWSJI\TSWYVIMREHZIVWIIRZMVSRQIRXW?A
*-&)66)-2*36')('32'6)8) 6
8EFPI{1EXIVMEPTVSTIVXMIWSJEVEQMHJMFIVVIMRJSVGIHGSRGVIXIGSQTSWMXIW
8IRWMPITVSTIVXMIW &IRHMRKTVSTIVXMIW
=SYRKvW 136 1SHYPYWSJ -QTEGX
'YVMRKEKMRK 987WXVIWW 987WXVEMR 4)0WXVIWW 4)0WXVEMR 1SHYPYW WXVIWW 4)0WXVIWW 4)0WXVEMR IPEWXMGMX] WXVIRKXL
GSRHMXMSRW TWM TIVGIRX TWM QMPPMSRXLW OWM TWM TWM QMPPMSRXLW OWM JXPFMR
;EXIV HE]W
* HE]W
]IEVW
%MV HE]W
* ]IEVW
;IEXLIV ]IEVW
;EXIV HE]W
HE]W
*
HE]W
%MV HE]W
* HE]W
%YXSGPEZI
* LSYVW
'SRXVSP HE]W
1IXVMGIUYMZEPIRXWOWM!TWM!14EJXPFMR!O.QHIK*z
!HIK'
']GPMG JPI\YVEP PSEHMRK [EW GSRHYGXIH XS IZEPYEXI XLI WXVIRKXL ERH JVEGXYVI IRIVK] MR TVSTSVXMSR XS XLI ZSPYQI
JEXMKYI VIWMWXERGI SJ EVEQMH *6' GSQTSWMXIW 8IWX VIWYPXW JVEGXMSRSJJMFIVWYWIH?A
MRHMGEXIH XLEX XLI GSQTSWMXI [EW VIWMWXERX XS JEXMKYI EX 7XVIRKXLVIXIRXMSR[MXLEKIJSVGSQTSWMXIW[EWQIEWYVIH
WXVIWWIW WMKRMJMGERXP] KVIEXIV XLER XLI 4VSTSVXMSREP )PEWXMG EJXIVWXSVMRKWTIGMQIRWMR[EXIVEXERH*ERH
0MQMX 4)0
2S JEMPYVIW [IVI VIGSVHIH FIPS[ XLI 4)0 '
JSV SRI ]IEV ?A 0MXXPI GLERKI MR WXVIRKXL [EW
ETTVS\MQEXIP]TWM?14EA
EJXIVSRIQMPPMSRPSEHMRK VITSVXIH8LMWXVIRH[EWGSRJMVQIH[MXLXLIVITSVXXLEXRS
G]GPIW?A WMKRMJMGERXPSWWSJWXVIRKXL[EWJSYRHJSVGSQTSWMXIWTIGM
8IRWMSR XIWXW [IVI GSRHYGXIH XS IZEPYEXI XLI IJJIGXW SJ QIRWWXSVIHYRHIV[EXIVEX*'
JSVSRI]IEV8LIWI
HMJJIVIRX JMFIV GSRXIRXW SR XIRWMPI WXVIRKXL SJ EVEQMH *6' GSQTSWMXIWTIGMQIRW[IVITVSHYGIHF]XLIWTVE]IHHI[E
GSQTSWMXIW*MFIVGSRXIRXWVERKIHFIX[IIR^IVSERHTIVGIRX XIVIHTVSGIWWERHYWIHX[SHMJJIVIRXJMFIVPIRKXLWMR
F] ZSPYQI ERH XLI JMFIV SVMIRXEXMSR [EW YRMHMVIGXMSREP QQ
ERH MR QQ
ERH GSRXEMRIH XS
6IWYPXW MRHMGEXIH XLEX XLI &IRH3ZIV4SMRX &34
TIVGIRXJMFIVF][IMKLX?A
HIGVIEWIHJSVJMFIVGSRXIRXWEFSZITIVGIRX,S[IZIV -RERSXLIVVITSVX?AMRJSVQEXMSRSRWIZIVEPSXLIVIRKM
XLI 987 =SYRKvW 1SHYPYW ERH XSYKLRIWW MRGVIEWIH EW RIIVMRKTVSTIVXMIWSJ'*6'LEWWLS[RXLEXXLIEHHMXMSRSJ
JMFIVGSRXIRXWMRGVIEWIH GEVFSRJMFIVW VIWYPXW MRMQTVSZIH MQTEGX WXVIRKXL JVEGXYVI
6IWIEVGLIVW ?A LEZI HIQSRWXVEXIH XLI TIVJSVQERGI XSYKLRIWWERHHMQIRWMSREPWXEFMPMX]&SXLMQTEGXWXVIRKXL
TEVXMGYPEVP] MR XSYKLRIWW MQTEGX VIWMWXERGI ERH JPI\YVEP ERH JVEGXYVI XSYKLRIWW SJ GSQTSWMXIW MRGVIEWIH [MXL
TIVJSVQERGI SJ EVEQMH JMFIV VIMRJSVGIH GIQIRX GSRGVIXI MRGVIEWIMRJMFIVGSRXIRX1IEWYVIHWLVMROEKISJGSQTSWMXIW
ERHQSVXEV8LIVIPEXMZIGSWXSJXLIWIJMFIVWLEWPMQMXIH[MHI GSRXEMRMRK ETTVS\MQEXIP] TIVGIRX LMKLQSHYPYW GEVFSR
WTVIEHETTPMGEXMSR JMFIVF]ZSPYQI[EWVITSVXIHP]SRIXIRXLXLEXSJXLIYRVIMR
'EVFSR *6'{'EVFSR JMFIV VIMRJSVGIH GSRGVIXI JSVGIH GIQIRX QEXVM\ 7MQMPEVP] I\TERWMSR SJ GSQTSWMXIW
'*6'
QE] FI JEFVMGEXIH F] FEXGL GEWXMRK 'EVFSR JMFIV WXSVIHMR[EXIV[EWEPWS PIWWXLERXLEXSJXLIYRVIMRJSVGIH
GERFIMRGSVTSVEXIHMRXSEGIQIRXQEXVM\EWMRHMZMHYEPJMFIVW GIQIRXQEXVM\6IHYGXMSRMRGVIITWXVEMR[EWEPWSRSXIHHYI
*MFIVW MRGSVTSVEXIH HYVMRK XLI FEXGL QM\MRK TVSGIWW EVI XSXLIEHHMXMSRSJGEVFSRJMFIVW
SVMIRXIHVERHSQP]XLVSYKLSYXXLIQM\ 8LI WEQI WXYH] EPWS MRZIWXMKEXIH XLI IJJIGXW SJ GEVFSR
%WEXMWJEGXSV]QM\SJGLSTTIHGEVFSRJMFIVGIQIRXERH JMFIVEHHMXMSRSRGVIITGEYWIHF]WXEXMGWYWXEMRIHPSEHWERH
[EXIVMWHMJJMGYPXXSEGLMIZIFIGEYWISJXLIPEVKIWYVJEGIEVIE JEXMKYIHYIXSH]REQMGPSEHW?A6IWYPXWSJH]REQMGPSEH
SJ XLI JMFIV 9RMJSVQ HMWTIVWMSR SJ HMWGSRXMRYSYW PS[ XIWXW MRHMGEXI XLEX '*6' GSQTSWMXIW MRMXMEPP] HIGVIEWI MR
QSHYPYW GEVFSR JMFIVW GER FI EGLMIZIH ?A F] YWI SJ E WXVIRKXLHYIXSJEXMKYIERH XLIRPIZIPSJJEX WSQI PMQMXMRK
LMKLIRIVK]JPI\MFPIFEWIX]TIQM\IVXLIEHHMXMSRSJQIXL]P WXVIRKXL8LMWPMQMXMRKWXVIRKXL[EWJSYRHXSFIQYGLKVIEXIV
GIPPYPSWIERHXLIYWISJEHIJSEQMRKEKIRXXSIPMQMREXIEMV XLERXLIQEXVM\GVEGOMRKWXVIRKXL6IWYPXWSJWXEXMGPSEHXIWXW
FYFFPIJSVQEXMSR8LIYWISJGSRHIRWIHWMPMGEJYQIEPSRK MRHMGEXIYPXMQEXIWXVIRKXLVIHYGXMSRWHYIXSWYWXEMRIHPSEHW
[MXL ETVSTIV HSWISJ WYTIVTPEWXMGM^IVMWVITSVXIHXSFI ER IZIR [LIR XLI ETTPMIH WXVIWW [EW PIWW XLER XLI QEXVM\
IJJIGXMZI[E]SJSFXEMRMRKEYRMJSVQHMWXVMFYXMSRMREGIQIRX GVEGOMRKWXVIRKXL?A
TEWXI?A %RSXLIVWXYH]VITSVXIHXLIIJJIGXWSJXLIXIRWMPIWXVIRKXLSJ
8LIIJJIGXWSJJMFIVSVMIRXEXMSRERHHMWXVMFYXMSRMRGEVFSR PS[ QSHYPYW TMXGLFEWIH GEVFSR JMFIVW SR XLI JPI\YVEP
JMFIV VIMRJSVGIH GSRGVIXI GSQTSWMXIW LEW FIIR VITSVXIH WXVIRKXL SJ '*6' GSQTSWMXIW ?A 8EFPI WLS[W XLI
?A-RWXVYQIRXIHMQTEGXXIWXVIWYPXWYWMRKPS[QSHYPYW XIRWMPIWXVIRKXLIPEWXMGQSHYPYWERHIPSRKEXMSRJSVIEGLSJ
GEVFSR JMFIVW HIQSRWXVEXIH WYFWXERXMEP MRGVIEWIW MR MQTEGX XLIJMFIVX]TIWGSRWMHIVIHMRXLIXIWXW*MKYVIWLS[WXLI
6 %'-'311-88))6)4368
8EFPI{1IGLERMGEPTVSTIVXMIWSJGEVFSRJMFIVW
8IRWMPIWXVIRKXL )PEWXMGQSHYPYW )PSRKEXMSR
*MFIVX]TI OWM OWM TIVGIRX
*MFIV%
*MFIV&
*MFIV'
*MFIV(
*MFIV)
*MFIV*
*MFIV+
*MFIV,
1IXVMGIUYMZEPIRXOWM!14E
JVSQXLI%VQ]'SVTWSJ)RKMRIIVW[LSWITVMQEV]TYVTSWI
[EW XS HIZIPST FPEWXVIWMWXERX GSRGVIXI ? A -X [EW
JSYRHXLEXR]PSRJMFIVW[IVITEVXMGYPEVP]IJJIGXMZIMRGSRXVSP
PMRK XLI MQTEGX JSVGIW TVIWIRX MR E FPEWX WMXYEXMSR EW
*MK{8]TMGEPFIRHMRKWXVIWWZIVWYWHIJPIGXMSRGYVZIWJSV QIEWYVIH F] JVEKQIRX ZIPSGMX] TIVGIRX WPEF MRXEGX ERH
GSQTSWMXIWGSRXEMRMRKTIVGIRXF]ZSPYQISJGEVFSRJMFIVW HMWXERGI XS XLI JEVXLIWX JVEKQIRX 3RI WXYH] GSRJMVQW
SJZEVMSYWXIRWMPIWXVIRKXLW
R]PSRvWEFMPMX]XSVIWMWXMQTEGXJSVGIWEWEVIWYPXSJFPEWX-R
XLMWWXYH]JXQ
LSPPS[GYFIW[IVIVIMRJSVGIHSR
X[SEHNSMRMRKWMHIW[MXLTIVGIRXF][IMKLXSJERH
MRERHQQ
PSRKJMFIVWVIWTIGXMZIP]8LILSPPS[
GYFIW[IVIJMPPIH[MXL[EXIVERHES^KQ
I\TPSWMZI
TPEGIH MR XLI GIRXIV 8LI EYXLSVW GSRJMVQIH XLI EFMPMX] SJ
R]PSR JMFIVW XS [MXLWXERH FPEWX IJJIGXW ERH EGX EW E GVEGO
EVVIWXSV?A
8LIEFMPMX]SJR]PSRJMFIVWXSMQTEVXMQTEGXVIWMWXERGIERH
JPI\YVEPXSYKLRIWWMW[IPPHSGYQIRXIH?A
3RIWXYH]?ASJR]PSR*6'VITSVXW-^SHMQTEGXWXVIRKXLW
VERKMRK JVSQ XS JXPFMR XS 2QQQ
ZIVWYW JXPFMR 2QQQ
JSV TPEMR GSRGVIXI
)\TIVMQIRXEPZEVMEFPIWMRGPYHMRKJMFIVHIRMIVHXSH
JMFIVGSRXIRXXSTIVGIRXF][IMKLX
ERHGYVMRKGSRHM
XMSRW QSMWX ZW HV]
EGGSYRXIH JSV XLI VERKI MR MQTEGX
WXVIRKXLW%RSXLIVIZEPYEXMSR?ASJR]PSR*6'EXEJMFIV
GSRXIRXSJTIVGIRXF][IMKLXYWMRKEHVST[IMKLXWIXYT
VIZIEPIH MQTEGX WXVIRKXLW XMQIW KVIEXIV XLER TPEMR
GSRGVIXI %X E JMFIV GSRXIRX SJ TIVGIRX F] [IMKLX XLI
MQTEGXWXVIRKXL[EWXMQIWKVIEXIVXLERTPEMRGSRGVIXIEW
WLS[RMR*MK8LIR]PSRIZEPYEXIH[EWEHIRMIVJMPE
QIRXLMKLXIREGMX]]EVRGYXMRXSXSMRXSQQ
PIRKXLWEXGSRXIRXWSJXSTIVGIRXF][IMKLXSJGIQIRX
*MK{2]PSRGSRXIRXZIVWYWMQTEGXWXVIRKXLEXHMJJIVIRX % XLMVH XIWXMRK TVSKVEQ I\EQMRMRK XLI IJJIGXW SJ WIZIVEP
EKIW TEVEQIXIVWMRGPYHMRKJMFIVHIRMIVXSH
JMFIVPIRKXLXS
MR?XSQQA
GYVMRKGSRHMXMSRERHJMFIVGSRXIRXXS
TIVGIRXF][IMKLX
WLS[WR]PSRXSMRGVIEWIMQTEGXVIWMW
FIRHMRK WXVIWWHIJPIGXMSR GYVZIW SFXEMRIH JSV GSQTSWMXIW XERGI JVSQ XS XMQIW XLEX SJ TPEMR GSRGVIXI 8LI -^SH
GSRXEMRMRK IEGL JMFIV X]TI %GGSVHMRK XS XLI VIWYPXW XLI 4IRHYPYQQIXLSH[EWEPWSYWIHMRXLMWIZEPYEXMSR?A
XIRWMPIWXVIRKXLSJXLIJMFIVWLSYPHFIKVIEXIVXLEROWM 7IZIVEPVIWIEVGLIVWLEZIWLS[RWMKRMJMGERXMQTVSZIQIRX
14E
MR SVHIV XS VIMRJSVGI XLI GIQIRX QEXVM\ IJJIGXMZIP] MRXSYKLRIWWHYGXMPMX]ERHGSRXVSPSJGVEGOMRK[MXLXLIYWI
'SQTSWMXIW GSRXEMRIH TIVGIRX GEVFSR JMFIV F] ZSPYQI SJR]PSRJMFIVWEXGSRXIRXWVERKMRKJVSQXSTIVGIRXF]
*MFIVW [IVI MR QQ
PSRK ERH [IVI VERHSQP] ZSPYQI?A3RITEVXMGYPEVWXYH]YWMRKE8]TI
HMWTIVWIHMRXLIGIQIRXQEXVM\ --- LMKL IEVP] WXVIRKXL
GIQIRX ERH WMPMGE WERH QEXVM\
2]PSR*6'{2]PSRJMFIV[EWSRISJXLIIEVPMIWXJMFIV QIEWYVIHJMVWXGVEGOWXVIWWQE\MQYQWXVIRKXLERHXSYKL
X]TIWIZEPYEXIHJSVYWIMRGSRGVIXI-RMXMEPMRXIVIWXWXIQQIH RIWWYWMRKEGSQTEGXXIRWMSRXIWX2SXGLIHWTIGMQIRW[IVI
*-&)66)-2*36')('32'6)8) 6
*MK{0SEHZIVWYWPSEHPMRIHMWTPEGIQIRXGYVZIWJSVEGV]PMGEVEQMHERHR]PSR*6'
*MK{6EXMSSJJQSHYPYWSJVYTXYVIXSXLIWUYEVI
*MK{-QTEGXXIWXVIWYPXWJSVTSP]TVST]PIRI*6'
*MK{*EXMKYIWXVIRKXLJSVTSP]TVST]PIRI*6'
;LIR XLI WEQI FEWMG QM\ TVSTSVXMSRW [IVI YWIH XLI [MXLX[SHMJJIVIRXQM\XYVITVSTSVXMSRW[EXIVGIQIRXVEXMS
QSHYPYW SJ VYTXYVI HIGVIEWIH EW XLI JMFIV GSRXIRX [EW JSV2*7IVMIWERHJSV+7IVMIW
ERHXLVIIHMJJIVIRX
MRGVIEWIHJVSQXSTIVGIRXF]ZSPYQI?A*SV JMFIV GSRXIRXW ERH TIVGIRX F] ZSPYQI
[IVI
TIVGIRX F] ZSPYQI JMFVMPPEXIH TSP]TVST]PIRI *6' XLI XIWXIH JSV MQTEGX WXVIRKXL YWMRK XLI %'- HVST[IMKLX XIWX
GSQTVIWWMZIWXVIRKXL[EWPS[HYIXSXLILMKLIVEMVGSRXIRX QIXLSH8LIGSQTEVMWSRFEVGLEVXJSVJMVWXGVEGOERHGSQTPIXI
ERHLIRGIXLIJPI\YVEPWXVIRKXL[EWEPWSPS[7MQMPEVP]JSV JEMPYVIWLS[RMR*MKWLS[WXLEXJSVEPPJMFIVGSRXIRXWXLI
ERHTIVGIRXJMFVMPPEXIHTSP]TVST]PIRIJMFIVZSPYQIW RYQFIV SJ FPS[W JSV JMVWX GVEGO ERH GSQTPIXI JEMPYVI EVI
XLIGSQTVIWWMZIWXVIRKXLW[IVIPS[ERHLIRGIXLIJPI\YVEP GSRWMHIVEFP] KVIEXIV XLER XLEX JSV TPEMR GSRGVIXI %PWS XLI
WXVIRKXLW [IVI EPWS PS[ %W E VIWYPX XLI HMVIGX JPI\YVEP MQTEGX WXVIRKXL MRGVIEWIW EW JMFIV GSRXIRX MW MRGVIEWIH
WXVIRKXLGSQTEVMWSRWQE]FIQMWPIEHMRK?A*MKYVI -QTVSZIQIRXMRJVEGXYVIIRIVK]JSVTSP]TVST]PIRI*6'[EW
MPPYWXVEXIW XLI IJJIGX SJ EHHMRK ZEV]MRK UYERXMXMIW SJ JMFVMP VITSVXIHFIX[IIRERHTIVGIRX?A
PEXIHTSP]TVST]PIRIJMFIVWXSEFEWMGTPEMRGSRGVIXIQM\-R 8LIIJJIGXSJTSP]TVST]PIRI*6'YWIH[MXLGSRZIRXMSREPP]
*MK RSXI XLEXXLI QSHYPYWSJVYTXYVI JV ZEPYIW [IVI VIMRJSVGIH FIEQW YRHIV MQTEGX PSEHMRK LEW FIIR VITSVXIH
RSVQEPM^IHF]HMZMHMRKXLIQF] -XMWSFZMSYWXLEXXLI ?A -R EHHMXMSR XS XLI GSRZIRXMSREP VIMRJSVGIQIRX FSXL
QM\ TVSTSVXMSRW WLSYPH FI TVSTIVP] HIWMKRIH [LIR LMKLIV QSHIVEXI WXVIRKXL ERH LMKL WXVIRKXL GSRGVIXI WTIGMQIRW
UYERXMXMIWSJJMFIVWEVIEHHIHMRSVHIVXSSFXEMRWYMXEFPI[SVO GSRXEMRIHTIVGIRXF]ZSPYQISJMRQQ
PSRKJMFVMP
EFMPMX]ERHWXVIRKXL-RERSXLIVMRZIWXMKEXMSRXLIQM\TVSTSV PEXIHTSP]TVST]PIRIJMFIVW8LIMQTVSZIQIRXMRMQTEGXJVEG
XMSRW[IVI STXMQM^IH F] XVMEP QM\IWJSVLMKLIVUYERXMXMIWSJ XYVI IRIVK] [EW X[SJSPH YWMRK QSHIVEXI WXVIRKXL GSRGVIXI
JMFVMPPEXIHTSP]TVST]PIRIJMFIVW?A;LIRXLIWISTXMQM^IH TWM?14EA
ERHEPQSWXXIRJSPHYWMRKLMKLWXVIRKXL
QM\TVSTSVXMSRW[IVIYWIHXLIVI[EWRSGLERKIMRGSQTVIW GSRGVIXITWM?14EA
WMZIWXVIRKXLERHRSGLERKIMRQSHYPYWSJVYTXYVIJSVLMKLIV *EXMKYI WXVIRKXL ERH IRHYVERGI PMQMX{3RI SJ
ZSPYQITIVGIRXEKIWSJJMFVMPPEXIHTSP]TVST]PIRIJMFIVW XLI MQTSVXERX EXXVMFYXIW SJ *6' MW XLI IRLERGIQIRX SJ
-QTEGXWXVIRKXL{%PEVKIRYQFIVSJXIWXWIXYTW JEXMKYIWXVIRKXLGSQTEVIHXSTPEMRGSRGVIXI*EMPYVIWXVIRKXL
LEWFIIRYWIHXSMRZIWXMKEXIXLITIVJSVQERGISJTSP]TVST] MWHIJMRIHEWXLIQE\MQYQJPI\YVEPJEXMKYIWXVIWWEX[LMGL
PIRI*6'YRHIVMQTEGXPSEHMRK(YIXSXLIZEVMEFPIREXYVISJ XLIFIEQGER[MXLWXERHX[SQMPPMSRG]GPIWSJRSRVIZIVWIH
WYGL XIWXMRK ERH XLI RIIH XS ETTP] WTIGMEPM^IH EREP]XMGEP JEXMKYIPSEHMRK-RQER]ETTPMGEXMSRWTEVXMGYPEVP]MRTEZI
XIGLRMUYIWXSIEGLXIWXWIXYTGVSWWXIWXGSQTEVMWSRWGERRSX QIRXWERHFVMHKIHIGOSZIVPE]WJYPPHITXLTEZIQIRXWERH
FI QEHI 8LIVI EVI VITSVXW SJ MRGVIEWIH MQTEGX WXVIRKXL MRHYWXVMEP JPSSVW ERH SJJWLSVI WXVYGXYVIW JPI\YVEP JEXMKYI
[LIRYWMRKTSP]TVST]PIRIJMFIVW?A WXVIRKXLERHIRHYVERGIPMQMXEVIMQTSVXERXHIWMKRTEVEQI
,S[IZIV MRSXLIVXIWXW RS MQTVSZIQIRX [EW JSYRH ? XIVWQEMRP]FIGEYWIXLIWIWXVYGXYVIWEVIWYFNIGXIHXSJEXMKYI
A -QTEGX WXVIRKXLMQTVSZIQIRX [EW VITSVXIH XS FI EW PSEHG]GPIW8LIIRHYVERGIPMQMXSJGSRGVIXIMWHIJMRIHEWXLI
LMKLEWTIVGIRXMRYRME\MEPXIRWMSRQSHI?AERH JPI\YVEPJEXMKYIWXVIWWEX[LMGLXLIFIEQGSYPH[MXLWXERHX[S
TIVGIRX MR E JPI\YVEP QSHI ?A 9WMRK XLI %'- wHVST QMPPMSRG]GPIWSJRSRVIZIVWIHJEXMKYIPSEHMRKI\TVIWWIHEW
[IMKLXx XIWX EGGSVHMRK XS %'- 'SQQMXXII 6ITSVX 6 ETIVGIRXEKISJXLIQSHYPYWSJVYTXYVISJTPEMRGSRGVIXI
XLI MQTEGX WXVIRKXL [EW QIEWYVIH JSV TSP]TVST]PIRI JMFIV 8LIJPI\YVEPJEXMKYIWXVIRKXLWERHIRHYVERGIPMQMXWLEZI
VIMRJSVGIHGSRGVIXIW[MXLJMFIVGSRXIRXWVERKMRKJVSQXS FIIR VITSVXIH JSV TSP]TVST]PIRI *6' [MXL ZEVMSYW JMFIV
TIVGIRXF]ZSPYQIERHXLIWEQIFEWMGQM\XYVITVSTSV GSRXIRXW ? A 7TIGMJMGEPP] XLI EHHMXMSR SJ
XMSRWJSVEPPXLIGSRGVIXIW?A&SXLMQTEGXWXVIRKXLEXJMVWX TSP]TVST]PIRIJMFIVWIZIRMRWQEPPEQSYRXWLEWMRGVIEWIH
GVEGOERHEXGSQTPIXIJEMPYVIMRGVIEWIHWMKRMJMGERXP][MXLXLI XLIJPI\YVEPJEXMKYIWXVIRKXL9WMRKXLIWEQIFEWMGQM\XYVI
EHHMXMSR SJ TSP]TVST]PIRI JMFIV GSQTEVIH XS XLI TPEMR TVSTSVXMSRWXLIJPI\YVEPJEXMKYIWXVIRKXL[EWHIXIVQMRIHJSV
GSRXVSPGSRGVIXI-RERSXLIVMRZIWXMKEXMSR?AGSRGVIXIW XLVIIJMFIVGSRXIRXWERHTIVGIRXF]ZSPYQI
ERH
6 %'-'311-88))6)4368
ZSPYQI?A8LIXSYKLRIWW
[EW HIXIVQMRIH YWMRK XLI %'- QIXLSH VITSVXIH MR %'-
'SQQMXXII6ITSVX6ERH%781'1SWXP]XLI
IEVPMIWXVITSVXIHVIWYPXW[IVIFEWIHSRXLI%'-QIXLSHERH
XLI QSWX VIGIRX VITSVXIH VIWYPXW [IVI FEWIHSR XLI%781
QIXLSH-XWLSYPHFIRSXIHXLEXXLIXSYKLRIWWMRHI\ZEPYIW
HITIRHIHXSEPEVKII\XIRXSRXLIX]TISJQEGLMRIERHX]TI
SJPSEHMRKQIXLSHIQTPS]IH?A;LIRPSEHGSRXVSPPIH
QEGLMRIW [IVI YWIH TSP]TVST]PIRI *6' [MXL TIVGIRX
JMFIVW F] ZSPYQI JEMPIH WYHHIRP] [MXLSYX ER] ETTVIGMEFPI
*MK{-XSYKLRIWWMRHI\IWJSVTSP]TVST]PIRI*6'
MRGVIEWIMRXSYKLRIWWGSQTEVIHXSGSRXVSPGSRGVIXIW?A
8LMW[EWXVYIJSVFSXLERHHE]XIWXW&IEQW[MXLERH
TIVGIRX F] ZSPYQI SJ JMFIVW WLS[IH GSRWMHIVEFPI
MRGVIEWIMRXSYKLRIWW%XSYKLRIWWMRHI\-
ZEPYIFIX[IIR
ERH [EW SFXEMRIH ;LIR XLI XIWXW [IVI GSRHYGXIH
EGGSVHMRK XS %781 ' [MXL HIJPIGXMSRGSRXVSPPIH
QEGLMRIW SV F] GPSWIHPSST XIWXMRK QEGLMRIW IZIR FIEQW
[MXLJMFIVGSRXIRXWSJTIVGIRXF]ZSPYQILEHXSYKLRIWW
MRHI\ ZEPYIW SJ SV QSVI ?A ,S[IZIV IZIR TPEMR
GSRGVIXIFIEQW[MXLSYXJMFIVW
KEZIXSYKLRIWWMRHI\ZEPYIW
SJ [LIR XIWXIH SR GPSWIHPSST HIJSVQEXMSRGSRXVSPPIH
QEGLMRIW8LIVITSVXIHXSYKLRIWWMRHI\-
ZEPYIWZEVMIH
*MK{0SEHHIJPIGXMSRGSQTEVMWSRGYVZIWJSVTSP]TVS JVSQXSJSVGSRGVIXIW[MXLERHTIVGIRXJMFIVW
T]PIRI*6' F] ZSPYQI8LIGEPGYPEXIHZEPYIWJSVXSYKLRIWW MRHI\ -
HIXIVQMRIHEGGSVHMRKXS%781'EVIWLS[RMR*MK
MX[EWWLS[RXLEXXLIIRHYVERGIPMQMXJSVX[SQMPPMSRG]GPIW ?A8LIXSYKLRIWWMRHI\HITIRHWPEVKIP]SRXLIIWXM
LEHMRGVIEWIHF]XSTIVGIRX?A%RSXLIVI\XIRWMZI QEXI SJ XLI JMVWXGVEGO PSEH 8LIVIJSVI GEYXMSR WLSYPH FI
MRZIWXMKEXMSR ?A [EW GSRHYGXIH XS HIXIVQMRI XLI I\IVGMWIHMRMRXIVTVIXMRKTYFPMWLIHXSYKLRIWWVIWYPXW
FILEZMSVERHTIVJSVQERGIGLEVEGXIVMWXMGWSJ*6'WYFNIGXIH %X LMKLIV JMFIV GSRXIRXW XLIVI MW GSRWMHIVEFPI MQTVSZI
XSJEXMKYIPSEHMRKJSVJSYVX]TIWSJJMFIVWMRGPYHMRKTSP]TVS QIRXMRXLI-XSYKLRIWWMRHI\JSVTSP]TVST]PIRI*6'EW
T]PIRIJMFIVW'SRGVIXIW[MXLX[SJMFIVGSRXIRXWERH WLS[RMR*MK
TIVGIRX F] ZSPYQI
ERH YWMRK XLI WEQI FEWMG QM\XYVI *EGXSVWWYGLEWJMFIVPIRKXLJMFIVQEXIVMEPJMFIVKISQIXV]
TVSTSVXMSRW [IVI XIWXIH YT XS JSYV QMPPMSR G]GPIW -R XLMW ERHFSRHMRKGLEVEGXIVMWXMGWEPWSMRJPYIRGIXLIXSYKLRIWWERH
WXYH]XLIIRHYVERGIPMQMXW[IVIRSXWMKRMJMGERXP]MQTVSZIH TSWXGVEGO FILEZMSV -X LEW FIIR VITSVXIH XLEX HYI XS XLI
*SVTSP]TVST]PIRI*6'[MXLERHTIVGIRXJMFIVWF] EHHMXMSR SJ TSP]TVST]PIRI JMFIVW EX E JMFIV GSRXIRX SJ
ZSPYQI XLI IRHYVERGI PMQMXW [IVI ERH TIVGIRX TIVGIRXF]ZSPYQIXLIVIMWERMQTVSZIQIRXMRXLITSWXGVEGO
VIWTIGXMZIP] *SV XLI TPEMR GSRXVSP GSRGVIXI XLI IRHYVERGI FILEZMSV ERH IRIVK] EFWSVFMRK GETEGMX]SJ GSRGVIXI ?
PMQMX[EWTIVGIRX?A A &IEQW VIMRJSVGIH [MXL TSP]TVST]PIRI JMFIVW GER
-RERSXLIVMRZIWXMKEXMSRYWMRKSTXMQM^IHQM\XYVITVSTSV WYWXEMR PSEHW FI]SRH XLI JMVWX GVEGOPSEH FYX EX E VIHYGIH
XMSRW XLI JPI\YVEP JEXMKYI WXVIRKXLW [IVI HIXIVQMRIH JSV PSEH PIZIP 8LI EFMPMX] XS EFWSVF IPEWXMG ERH TPEWXMG WXVEMR
GSRGVIXIWLEZMRKJMFIVGSRXIRXWSJERHTIVGIRX IRIVK] ERH XS GSRHYGX XIRWMPI WXVIWWIW EGVSWW GVEGOW MW ER
F]ZSPYQI?A8LIJPI\YVEPJEXMKYIWXVIRKXLWEVIWLS[R MQTSVXERX TIVJSVQERGI JEGXSV JSV WIVZMGIEFMPMX] 8LIWI
MR *MK%WWLS[RMRXLIJMKYVIXLIVIMWEXVIRHXS[EVH JEGXSVWTVSZMHIE QIGLERMWQ JSVGSRXVSPPMRKXLIKVS[XLSJ
MRGVIEWMRKJEXMKYIWXVIRKXLEWXLIJMFIVGSRXIRXMWMRGVIEWIH GVEGOWEJXIVGVEGOSTIRMRKHIJSVQEXMSRWLEZISGGYVVIH8LI
8LIIRHYVERGIPMQMXWJSVX[SQMPPMSRG]GPIWXLIVEXMSSJXLI JMFIVGSRXIRXLEWERMRJPYIRGISRXLITSWXGVEGOPSEHGEVV]MRK
QE\MQYQ JPI\YVEP JEXMKYI WXVIRKXL XS XLI QSHYPYW SJ GETEGMX]8IWXW?ALEZIWLS[RXLEXXLITSWXGVEGOVIHYG
VYTXYVI
MRGVIEWIHF]ERHTIVGIRXJSVERH XMSR MR PSEH I\TVIWWIH EW E TIVGIRXEKI SJ QE\MQYQ PSEH
TIVGIRXJMFIVGSRXIRXF]ZSPYQIVIWTIGXMZIP]MRGSQTEV [IVIERHTIVGIRXJSVFIEQW[MXLERH
MWSRXSTPEMRGSRGVIXI?A TIVGIRXJMFIVF]ZSPYQIVIWTIGXMZIP]8LITSWXGVEGOVIHYG
7MQMPEV XS WXIIP *6' TSP]TVST]PIRI *6' EPWS WLS[W XMSR MR PSEH KIRIVEPP] HIGVIEWIW EW XLI JMFIV GSRXIRX
MRGVIEWIH WXEXMG JPI\YVEP WXVIRKXLW EJXIV FIMRK WYFNIGXIH XS MRGVIEWIWEWWLS[RMR*MK?A
JEXMKYIPSEHMRK?A8LYWMXGERFIWXEXIHXLEXJSVTSP]TVS 6IWIEVGLIVW?ALEZIEPWSWLS[RXLEXGSQTSWMXIWVIMR
T]PIRI*6'WYFNIGXIHXSJEXMKYIWXVIWWFIPS[XLIIRHYVERGI JSVGIH [MXL GSPPEXIH JMFVMPPEXIH TSP]TVST]PIRI JMFIVW
PMQMXZEPYIXLIVIMWERMRGVIEWIMRXLITSXIRXMEPQSHYPYWSJ HMWTPE]IHI\GIPPIRXTSWXJMVWXGVEGOMRKFILEZMSVMJTVSHYGIH
VYTXYVIZEPYI YRHIV GIVXEMR STXMQM^IH GSRHMXMSRW 1IGLERMGEP FSRHMRK
*PI\YVEP XSYKLRIWW ERH TSWXGVEGO FILEZMSV{ TVSTIVXMIW SJ XLI TSP]TVST]PIRI JMFIV [IVI JSYRH XS FI
*PI\YVEP XSYKLRIWW ERH TSWXGVEGO FILEZMSV LEZI FIIR KVIEXIVJSVX[MWXIHGSPPEXIHJMFVMPPEXIHTSP]TVST]PIRIJMFIVW
VITSVXIHJSVJMFIVGSRXIRXWVERKMRKJVSQXSTIVGIRXF] SVJSVJMFIVW[MXLFYXXSRWIRPEVKIQIRXW
EHHIHXSXLIJMFIV
*-&)66)-2*36')('32'6)8) 6
XLIWEQIGSRGVIXIQM\MWGSRWMHIVIHTVSQMWMRK8LIHIGMWMSR
XSQM\X[SJMFIVWQE]FIFEWIHSRXLITVSTIVXMIWXLEXXLI]QE]
MRHMZMHYEPP]TVSZMHISVWMQTP]FEWIHSRIGSRSQMGW'SRWMHIV
EFPI MQTVSZIQIRX MR XLI PSEHHIJPIGXMSR VIWTSRWI [EW
SFWIVZIHQM\MRKWXIIP[MXLTSP]TVST]PIRIJMFIVW?A
-R E QSVI VIGIRX WXYH] ?A WXIIP QMGVSJMFIVW
QMGVSRWMRHMEQIXIVERHQQPSRK
ERHGEVFSRQMGVSJMFIVW
QMGVSRWMRHMEQIXIVERHQQPSRK
FSXLMRQSRSERH
L]FVMH JSVQW [IVI MRZIWXMKEXIH -R XLI QSRSJSVQ WXIIP
JMFIVTVSZMHIHFIXXIVWXVIRKXLIRMRKXLERXLIGEVFSRJMFIVERH
GEVFSRJMFIVTVSZMHIHFIXXIVXSYKLIRMRKXLERXLIWXIIPJMFIV
-RXIVIWXMRKP]MRXLIL]FVMHJSVQMRGSQFMREXMSR
XLI]FSXL
VIXEMRIHXLIMVMRHMZMHYEPGETEGMXMIWXSWXVIRKXLIRERHXSYKLIR
EWWLS[RMR*MK-XETTIEVWTSWWMFPIXLIVIJSVIXLEXF]
TVSTIVP]GSRXVSPPMRKJMFIVTVSTIVXMIWERHGSQFMRMRKXLIQMR
ETTVSTVMEXITVSTSVXMSRWSRIGEREGXYEPP]XEMPSVQEOIL]FVMH
JMFIVGSQTSWMXIWJSVWTIGMJMGEPP]HIWMKRIHETTPMGEXMSRW *MK{'EVFSRWXIIPL]FVMHJMFIVVIMRJSVGIHGSRGVIXI
{'SQTSWMXITVSHYGXMSRXIGLRSPSKMIW
&EXGLQM\MRKMWE[MHIP]YWIHTVSHYGXMSRQIXLSHJSVEPP 'SRGVIXI TERIPW [MXL QSRSJMPEQIRX TSP]TVST]PIRI JMFIV
X]TIWSJ72*6'*MFIVWEVIEHHIHXSXLI[IXQM\HMVIGXP] LEZIFIIRTVSHYGIHYWMRKEWTVE]WYGXMSRHI[EXIVMRKXIGL
JVSQ FEKW FS\IW SV JIIHIVW 'SPPEXIH JMFIV X]TIW VIUYMVI RMUYI?A1SRSJMPEQIRXJMFIVWEPWSLEZIFIIRYWIHMRE
QIGLERMGEPEKMXEXMSRHYVMRKXLIQM\MRKTVSGIWWXSIRGSYVEKI TVIWWMRKXIGLRMUYI?A
XLIFVIEOYTSJJMFIVFYRHPIWERHXLIMVHMWTIVWMSRXLVSYKLXLI ;MXL XLI LERH PE]YT XIGLRMUYI LMKLIV JMFIV ZSPYQI
QM\XYVI4VITEGOEKIHHV]QM\IWXLEXGSRXEMRHMWTIVWIHJMFIVW TIVGIRXEKIW YT XS TIVGIRX
GER FI SFXEMRIH XLER [MXL
ERHXS[LMGLSRP][EXIVRIIHFIEHHIHEVIEPWSEZEMPEFPI GSRZIRXMSREP FEXGL QM\MRK XIGLRMUYIW YT XS EFSYX
4VI[IMKLIH JMFIV UYERXMXMIW MR HIKVEHEFPI FEKW EVI EPWS TIVGIRX
7TVE]WYGXMSRHI[EXIVMRKXIGLRMUYIWGERTVSHYGI
[MHIP]YWIHXSJEGMPMXEXIFEXGLMRK GSQTSWMXIW[MXLEWLMKLEWTIVGIRXJMFIVF]ZSPYQI
%JXIVFEXGLMRKTPEGIQIRXXIGLRMUYIWMRGPYHIEPPXLIWXER
'SRWMWXIRG] MW GSQQSRP] QIEWYVIH F] XLI WPYQT XIWX
HEVHQIXLSHWWYGLEWFEXGLGEWXMRKTYQTMRK[IXQM\WLSX
%781 ' %R ETTEVIRX WPYQT HMJJIVIRGI WLSYPH FI
GVIXMRK ERH TPEWXIVMRK 8LI YWI SJ HV]QM\ WLSXGVIXI JSV
I\TIGXIH[LIRGSQTEVMRKRSRJMFVSYWERH72*6'JSVSXLIV
72*6'MWHMJJMGYPXHYIXSXLITVSTIRWMX]JSVXLIVIPEXMZIP]
[MWIWMQMPEVQM\HIWMKRW-RXLIGEWISJL]HVSTLSFMGJMFIVW
PS[HIRWMX]JMFIVWWTIGMJMGKVEZMX]SJETTVS\MQEXIP]XS
XLIVIMWRSPSWWSJ[EXIVXSXLIJMFIVFYXXLIJMFIV[MPPTVSZMHI
FI FPS[R SYX IMXLIV F] XLI WLSXGVIXI RS^^PI EMV TVIWWYVI
ETPEWXMGWLIEVWXVIRKXLXSXLIQM\XLEX[MPPVIHYGIWPYQT
WXVIEQSVF]IRZMVSRQIRXEPEMVWXVIEQW7PMTJSVQQEGLMRIW
TSWIRSTVSFPIQW[MXL72*6'QM\IW 'SRZIRXMSREPVIEH]QM\IHGSRGVIXIGERIEWMP]FITVSHYGIH
4SP]TVST]PIRIJMFIVWLEZIFIIRMRGSVTSVEXIHMRXSGSRGVIXI YWMRKQSRSJMPEQIRXSVJMFVMPPEXIHJMFIVWEXTIVGIRXZSPYQI
YWMRKWIZIVEPQIXLSHW?A8LI]QE]FI [MXL PMXXPI PSWW SJ GSRWMWXIRG] EW QIEWYVIH F] WPYQT
QM\IHEWWLSVXHMWGVIXIJMFIVWSJQSRSJMPEQIRXSVJMFVMPPEXIH ,S[IZIVWPYQTPSWW[MPPMRGVIEWIQSVIVETMHP]FI]SRHXLMW
JSVQ-XLEWFIIRVITSVXIHXLEXTSP]IXL]PIRIJMFIVWGSYPHFI TSMRX?A8LIWPYQTPSWWMWHITIRHIRXYTSRXLIJMFIV
IEWMP]HMWTIVWIHMRGSRGVIXIQEXVMGIWMRZSPYQITIVGIRXEKIWSJ PIRKXLEW[IPP7PYQTMWSJXIRXLSYKLMQTVSTIVP]YWIHEWE
YTXSTIVGIRXYWMRKGSRZIRXMSREPQM\MRKXIGLRMUYIW?A QIEWYVISJ[SVOEFMPMX]ERHMXMWSJXIRWEMHXLEXXLI[SVOEFMPMX]
%GV]PMG JMFIVW LEZI FIIR YWIH MR XLI ,EXWGLIO TVSGIWW SJGSRGVIXIMWVIHYGIHMRXLITVIWIRGISJJMFIVW,S[IZIV[MXL
[LMGLMWYWIHXSQERYJEGXYVIEWFIWXSWGIQIRXFSEVH WXERHEVHTPEGIQIRXTVEGXMGIWJMFIVGSRGVIXI[MPP[SVOTPEGI
ERHTYQTVIEHMP]2SEHHMXMSREPQM\MRK[EXIVMWVIUYMVIHERH
%WFIWXSWJMFIVGSRJSVQWZIV][IPPXSXLI,EXWGLIOTVSGIWW
RSRIWLSYPHFIEHHIH7MRGIXLIGSRZIRXMSREPWPYQTXIWXMWER
FIGEYWI XLIWI JMRIP] JMFVMPPEXIH JMFIVW TVSZMHI I\GIPPIRX
MRETTVSTVMEXI QIEWYVI SJ [SVOEFMPMX] JSV *6' MX MW VIGSQ
JMPXVEXMSR GLEVEGXIVMWXMGW XLEX OIIT XLI GIQIRX TEVXMGPIW
QIRHIHXLEXXLIMRZIVXIHWPYQTGSRIXIWX%781'
SV
YRMJSVQP]HMWTIVWIHMRXLIJMFIVGIQIRXWPYVV]ERHTVIZIRX
XLI:IFI8IWX%'-
FIYWIHXSIZEPYEXI[SVOEFMPMX]
WIKVIKEXMSR HYVMRK ZEGYYQ HI[EXIVMRK %GV]PMG JMFIVW
GERRSX TIVJSVQ XLMW JYRGXMSR HYI XS XLIMV VIPEXMZIP] PEVKI 7]RXLIXMGJMFIVWEVIYWYEPP]EHHIHXSVIEH]QM\GSRGVIXIEX
HMEQIXIV ERH WTIGMJMG WYVJEGI TVSTIVXMIW 8LIVIJSVI MX MW XLIFEXGLTPERX?A'SRZIRXMSREPTPEGIQIRXQIXLSHWEVI
RIGIWWEV] XLEX GIVXEMR wTVSGIWWx JMFIVW FI YWIH EW JMPPIV MR ETTPMGEFPIMRGPYHMRKFEXGLTPEGIQIRXERHTYQTMRK
EHHMXMSR XS EGV]PMG VIMRJSVGMRK JMFIVW XS TVSZMHI JMPXIVMRK
GLEVEGXIVMWXMGW ERH TVIZIRX WIKVIKEXMSR SJ JMRI TEVXMGPIW {*MFIVTEVEQIXIVW
+IRIVEPP]EGV]PMGJMFIVMWMRGSVTSVEXIHEXXSTIVGIRXF] -RGYVVIRXGSQQIVGMEPERHMRHYWXVMEPFYPOGSRGVIXIETTPM
[IMKLX[LMPITVSGIWWJMFIVWEVIEHHIHEXXSTIVGIRXF] GEXMSRW W]RXLIXMG JMFIVW EVI EHHIH XS GSRGVIXI MR XLI PS[
[IMKLX7SQII\EQTPIWSJIJJIGXMZITVSGIWWJMFIVWEVIOVEJX VERKISJJMFIVEHHMXMSRWETTVS\MQEXIP]TIVGIRXFEWIHSR
GIPPYPSWITYPTJMFIVERHTSP]IXL]PIRITYPTJMFIV?A XLIZSPYQISJGSRGVIXI-RXLIWIETTPMGEXMSRWXLIWXVIRKXLSJ
6 %'-'311-88))6)4368
[LIVI
J ! JSVHMRQQ
J ! JSVHMRMRGLIW
( ! TVIQM\SVTSWXQM\JMFIVHIRMIV
7+ ! JMFIVWTIGMJMGKVEZMX]
[LIVI 7+MWXLIWTIGMJMGKVEZMX]SJXLIJMFIVQEXIVMEPERH(
GERFIIMXLIVXLIFIJSVIQM\HIRMIVSVXLITSWXQM\HIRMIV
EW HIWMVIH ;MXL XLIWI IUYEXMSRW W]RXLIXMG JMFIVW GER FI
GSQTEVIH[MXLSXLIVJMFIVX]TIWF]XLIMVEWTIGXVEXMS0H
[LIVI 0MWXLIPIRKXLSJJMFIVERHHMWXLIIUYMZEPIRXJMFIV
HMEQIXIV
*SV I\EQTPI W]RXLIXMG JMFIVW SJ TSP]TVST]PIRI [MXL E
WTIGMJMGKVEZMX]SJERH[LMGLEVIGSQTEVEFPIMRWM^IXS
WXIIPJMFIVWETTVS\MQEXIP]MRQQ
MRHMEQIXIV
EVIETTVS\MQEXIP]HIRMIV8LIHIRMIVSJXLIWEQIWM^I
JMFIVWSJWXIIP[SYPHFIETTVS\MQEXIP]8LIWIEVIXLI
X]TIERHWM^ISJW]RXLIXMGJMFIVWHIRMIV[LMGL[IVIJMVWX
ETTPMIH MR W]RXLIXMG JMFIV GSRGVIXI TVSHYGXMSR 1SRSJMPE
*MK{*MFIVHMEQIXIVZIVWYWHIRMIVVIPEXMSRWLMT QIRX QYPXMJMPEQIRX SV JMFVMPPEXIH W]RXLIXMG JMFIVW EVI
GYVVIRXP]ETTPMIHEXJEVPS[IVHIRMIVHS[RXSXS*SV
XLIGSRGVIXIMWGSRWMHIVIHXSFIYREJJIGXIHERHGVEGOGSRXVSP XLIWIJMFIVWXLIIUYMZEPIRXHMEQIXIVMWSRP]MR
GLEVEGXIVMWXMGWEVIWSYKLX QQ
ERHXLIVIJSVIXLIEWTIGXVEXMSMWMRGVIEWIHF]XIRXMQIW
*MFIVEHHMXMSRWSJX[SSVXLVIIXMQIWXLIZSPYQIEFSZIEVI JSVIUYEPPIRKXLJMFIVW
FIMRK XIWXIH ERH JPI\YVEP WXVIRKXL ERH XSYKLRIWW MRGVIEWIW
8LI JSPPS[MRK WIVMIW SJ IUYEXMSRW ERH XEFPIW MW LIPTJYP
EVIFIMRKVITSVXIH[LIRGSRGVIXITPEGIQIRXGERFIEGGSQ
?A 8LI] TVSZMHI XLI VIPEXMSRWLMT FIX[IIR ZEVMSYW
TPMWLIH[MXLSYXGSQTEGXMSRHMJJMGYPXMIW
KISQIXVMGERHQEXIVMEPX]TIJMFIVTEVEQIXIVW
7M^IERH[IMKLXGPEWWMJMGEXMSRSJJMFIVWYWIHMRXLIWIETTPM
GEXMSRW YWI XIVQMRSPSK] SVMKMREXMRK MR XLIXI\XMPI MRHYWXV] *MFIVWTEGMRKERHWYVJEGIEVIE{*MFIVWTEGMRKERH
3RI I\EQTPI MW XLI YWI SJ XLI XIVQ wHIRMIVx (IRMIV MW WTIGMJMGWYVJEGIEVIOI]TEVEQIXIVWMRJPYIRGMRKXLIFILEZMSV
HIJMRIHEWXLI[IMKLXMRKVEQWSJQIXIVWSJJMFIV;LIR SJJMFIVVIMRJSVGIHGSRGVIXIFSXLMRXLITPEWXMGWXEKIERHMR
HIXIVQMRMRKXLIHIRMIVSJEJMFIVEWMRKPIJMPEQIRXMWYWIH XLILEVHIRIHJMREPTVSHYGX
*SVEJMFVMPPEXIHXETIEWXERHEVH[MHXLSJXLII\XVYHIHJMPQMW 8LI EZIVEKI JMFIV WTEGMRK MW E JYRGXMSR SJ JMFIV GVSWW
YWIH8LIJMFIVHIRMIVMWXLYWEQIEWYVISJXLIJMRIRIWWSJXLI WIGXMSREP EVIE JMFIV ZSPYQI ERH JMFIV SVMIRXEXMSR 8LI
JMFIV ;LIR ETTPMIH XS GSRGVIXI QM\XYVIW XLIVI QE] FI EZIVEKI JMFIV WTEGMRK MW HIVMZIH JVSQ XLI RYQFIV SJ JMFIVW
HMJJIVIRGIW FIX[IIR XLI JMFIV HIRMIV EW MX I\MWXW TVMSV XS GVSWWMRKEYRMXEVIEMREREVFMXVEV]GSQTSWMXIGVSWWWIGXMSR-X
FEXGLMRKTVIQM\JMFIVHIRMIV
ERHEWMXI\MWXWEJXIVQM\MRK EJJIGXW FSXL XLI VLISPSKMGEP TVSTIVXMIW SJ XLI QM\ ERH XS E
TSWXQM\JMFIVHIRMIV
WMRGIWSQIJMFIVX]TIWEVIHIWMKRIH GIVXEMR I\XIRX XLI QIGLERMGEP TVSTIVXMIW SJ XLI LEVHIRIH
EW GSPPEXIH JMFIV FYRHPIW XLEX WITEVEXI HYVMRK XLI QM\MRK GSRGVIXI;LIRQM\MRKERHGEWXMRK*6'XLIHIJSVQEXMSRERH
TVSGIWW*YVXLIVQSVIXLIJMFVMPPEXMSRTEXXIVRSJERI\XVYHIH JPS[GLEVEGXIVMWXMGWHITIRHSRJMFIVWTEGMRK1SVIIRIVK]MW
WLIIXSJTSP]TVST]PIRIGERZEV]JVSQQERYJEGXYVIVXSQERY VIUYMVIHXSHMWXVMFYXIGSRGVIXI XLVSYKLSYXRYQIVSYWREVVS[
JEGXYVIV8LYWXLIHIRMIVSJXLIQEMRJMFVMPWERHGVSWWJMFVMPW JMFIVWTEGIWXLERXLVSYKLSYXEJI[PEVKIWTEGIW8LIEFMPMX]SJ
QE]FIGSRWMHIVEFP]HMJJIVIRX[MXLMRXLIJMFVMPPEXIHRIX[SVO JMFIVW XS EGX EW GVEGO EVVIWXSVW MW MRJPYIRGIH MR TEVX F] XLI
ERHJVSQTVSHYGXXSTVSHYGX HMWXERGIEGVEGOGERXVEZIPFIJSVIMXMRXIVGITXWEJMFIV
(IRMIVMWEQIEWYVISJJMFIVJMRIRIWWERHQE]FIGSVVI 8LIJMFIVWTIGMJMGWYVJEGI*77
MWXLITVIHSQMRERXJEGXSV
PEXIHXSERIUYMZEPIRXJMFIVHMEQIXIVSVERIUYMZEPIRXJMFIV HIXIVQMRMRKGVEGOWTEGMRKERHGVEGO[MHXL8LIKVIEXIVXLI
GVSWWWIGXMSREPEVIE*MKYVIMWETPSXSJXLIVIPEXMSRWLMT WTIGMJMGJMFIVWYVJEGIXLIGPSWIVXLIGVEGOWTEGMRK ERHXLI
FIX[IIR XLI JMFIV X]TI EW HIJMRIH F] HIRMIV ERH WTIGMJMG REVVS[IVXLIGVEGO[MHXL8LI*77MWEJYRGXMSRSJXLIWMRKPI
KVEZMX]ERHXLIIUYMZEPIRXJMFIVHMEQIXIVMRIMXLIVMRGLIWSV JMFIVWYVJEGIEVIEERHXLIRYQFIVSJJMFIVWMREYRMXZSPYQI
QMPPMQIXIVW?A7TIGMJ]MRKXLIJMFIVHIRMIVEPSRIMWRSX SJGSRGVIXIMIXLIJMFIVGSYRX
IRSYKLEWXLITEVIRXQEXIVMEPSVXLIWTIGMJMGKVEZMX]QYWX *SVER]KMZIRZSPYQITIVGIRXEKISJJMFIVWSJIUYEPPIRKXL
EPWSFIORS[RXSSFXEMREREZIVEKIJMFIVKISQIXV] XLEX GER MHIEPP] FI EWWYQIH YRMJSVQP] HMWXVMFYXIH MR E
8S HIXIVQMRIXLIIUYMZEPIRX JMFIV HMEQIXIV H FIJSVISV GSRGVIXIQM\XLIRYQFIVSJMRHMZMHYEPJMFIVWTIVYRMXZSPYQI
EJXIVQM\MRKJSVEJMFIVSJORS[RWTIGMJMGKVEZMX]ETTP]XLI SJGSRGVIXIZEVMIWMRZIVWIP][MXLXLIWUYEVISJXLIMRHMZMHYEP
JSPPS[MRKIUYEXMSR JMFIVHMEQIXIV4YXQSVIWMQTP]XLIRYQFIVSJJMFIVW[LMGL
XLISVIXMGEPP]SGGYT]ERHEVIHMWXVMFYXIHMREYRMXZSPYQISJ
(
H ! J GSRGVIXIQEXVM\XIVQIHXLIJMFIVGSYRX*'
GERFIHIXIV
7+ QMRIHJVSQXLIVIPEXMSRWLMT?A
*-&)66)-2*36')('32'6)8) 6
:
*'!
0 H
SVMRXIVQWSJJMFIVHIRMIV
:
7+
*'!
0 4 1(
[LIVI
: ! JMFIVGSRXIRXTIVGIRXF]ZSPYQI
0 ! JMFIVPIRKXLMR
H ! IUYMZEPIRXJMFIVHMEQIXIVMRERH
41( ! TSWXQM\ JMFIV HIRMIV MI EJXIV HMWTIVWMSR SJ
FYRHPIHSVGSPPEXIHJMFIV
8S HIXIVQMRI LS[ QER] QSVI SV JI[IV
JMFIVW SJ
HMJJIVIRXIUYMZEPIRXHMEQIXIV[MPPSGGYT]EYRMXZSPYQISJ
GSRGVIXI QEXVM\ MX GER FI WLS[R XLEX XLI JMFIV GSYRX *'
ZEVMIWMRZIVWIP]EWXLIWUYEVISJXLIJMFIVHMEQIXIVEW
ETTPMGEXMSRWEVIEXXLITIVGIRXF]ZSPYQIPIZIPXSGSRXVSP {'MXIHVIJIVIRGIW
TPEWXMG WLVMROEKI GVEGOMRK 9WIW MRGPYHI TVIGEWX TVSHYGXW +SPHJIMR7w*MFVSYW6IMRJSVGIQIRXJSV4SVXPERH'IQIRXx1SHIVR
4PEWXMGW:SP2STT
WLSXGVIXI ERH GEWXMRTPEGI IPIQIRXW 8]TMGEPP] XLI JMFIV
;MPPMEQWSR + 6 w6IWTSRWI SJ *MFVSYW 6IMRJSVGIH 'SRGVIXI XS
PIRKXLMWXSMRXSQQ
[MXLXLITVIHSQMRERGI )\TPSWMZI0SEHMRKx8IGLRMGEP6ITSVX2S(ITEVXQIRXSJXLI%VQ]
SJHIQERHJSVSVMRSVQQ
PSRKJMFIVW 3LMS6MZIV(MZMWMSR0EFSVEXSV]97'SVTSJ)RKMRIIVW'MRGMRREXM3LMS
%TTPMGEXMSRW SJ GEVFSR *6'{(YI XS XLI GYVVIRX .ER
1SVKER(61G%WOMPP26MGLEVHWSR&;ERH>IPPIVW6'
LMKLGSWXSJXLIGEVFSRJMFIVMXWETTPMGEXMSRLEWFIIRPMQMXIH
w%'SQTEVEXMZI)ZEPYEXMSRSJ4PEMR4SP]TVST]PIRI*MFIV7XIIP*MFIVERH
7YKKIWXIHETTPMGEXMSRWJSVGEVFSRJMFIVVIMRJSVGIHGSRGVIXI ;MVI1IWL6IMRJSVGIH7LSXGVIXIx8VERWTSVXEXMSR6IWIEVGL&SEVH;EWL
?AMRGPYHIGSVVYKEXIHYRMXWJSVJPSSVGSRWXVYGXMSRWMRKPI MRKXSR('.ER
ERHHSYFPIGYVZEXYVIQIQFVERIWXVYGXYVIWFSEXLYPPWERH 6EQEOVMWLRER:ERH&NSVR.0w*EXMKYI7XVIRKXLERH)RHYVERGI
WGEJJSPHFSEVHW8LIYWISJGEVFSRJMFIVMRGSQFMREXMSR[MXL 0MQMX SJ 4PEMR ERH *MFIV 6IMRJSVGIH 'SQTSWMXIW{% 'VMXMGEP 6IZMI[x
4VSGIIHMRKW SJ XLI -RXIVREXMSREP 7]QTSWMYQ SR *EXMKYI ERH *VEGXYVI MR
SXLIVJMFIVX]TIWLEWFIIRHMWGYWWIHEWEQIERWSJVIHYGMRK 7XIIPERH'SRGVIXI7XVYGXYVIW1EHVEW-RHME(IGTT
XLISZIVEPPGSWX (ERMIP.-ERH%RHIVWSR)(w%GV]PMG*MFIV6IMRJSVGIH'IQIRX
'EVFSR*6'LEWFIIRWYGGIWWJYPP]YWIHMRGSRWXVYGXMSRSJ 'SQTSWMXIWx 8LMVH -RXIVREXMSREP 7]QTSWMYQ SR (IZIPSTQIRXW MR *MFVI
JVIIEGGIWWJPSSVW]WXIQWYWIHMRGSQTYXIVVSSQWERHSJJMGI 6IMRJSVGIH 'IQIRX ERH 'SRGVIXI 6-0)1 7]QTSWMYQ *6' :SP
6-0)18IGLRMGEP'SQQMXXII8*6.YP]
EYXSQEXMSRW]WXIQVSSQW?A0MKLX[IMKLXGEVFSR*6'[MXL ,ELR,/EVP7ERH;SVRIV.(4VSTIVXMIWSJ4SP]EGV]PSRMXVMPI
QMGVSFEPPSSRWEWEKKVIKEXILEWFIIRETTPMIHMRXLIGSRWXVYGXMSR *MFIV6IMRJSVGIH'SRGVIXI747IWWMSRSR*MFIV6IMRJSVGIH'SRGVIXI
SJ XLI %P 7LELIIH 1SRYQIRX MR -VEU ?A 'EVFSR *6' &EPXMQSVI2SZTT
GYVXEMR [EPPW LEZI FIIR MRWXEPPIH MR XLI GSRWXVYGXMSR SJ E ;EPXSR 4 0 ERH 1ENYQHEV % . w4VSTIVXMIW SJ 'IQIRX
'SQTSWMXI6IMRJSVGIH[MXL/IZPEV*MFVIWx.SYVREPSJ1EXIVMEPW7GMIRGI
WXSV] SJJMGI FYMPHMRK MR8SO]S .ETER VITSVXIHP]VIWYPXMRK MR
:SPTT
WYFWXERXMEPWEZMRKWMRFSXLXMQIERHQSRI]?A +EPI(16MI[EPH4+ERH'LEQTMSR%6w'IQIRX6IMR
4VSTSRIRXW SJ GEVFSR *6' WYKKIWX XLEXVIHYGXMSR MR XLI JSVGIQIRX [MXL 1ER1EHI *MFIVWx -RXIVREXMSREP 1ER1EHI *MFVIW
QMRMQYQHMQIRWMSRWSJTMTIWERHFSEVHWGERFISFXEMRIH 'SRKVIWW ) - (Y 4SRX HI 2IQSYVW ERH 'S (SVRFMVR %YWXVME 7ITX
[MXLXLIYWISJGEVFSRJMFIVW-KRSVMRKIGSRSQMGWWXVYGXYVEP
/SRG^EPWOM 4 ERH 4MIOEVWOM / w8IRWMPI 4VSTIVXMIW SJ 4SVXPERH
ETTPMGEXMSRW ETTIEV TVSQMWMRK 3TXMQM^EXMSR SJ QERYJEG 'IQIRX 6IMRJSVGIH [MXL /IZPEV *MFIVWx .SYVREP SJ 6IMRJSVGIH 4PEWXMGW
XYVMRKTVSGIWWIWJSVGEVFSRJMFIVWQE]FVMRKGSWXWHS[R ERH'SQTSWMXIW:SP3GXTT
%TTPMGEXMSRWSJTSP]TVST]PIRIERHR]PSR*6'{8S %OMLEQE77YIREKI8ERH&ERRS8w1IGLERMGEP4VSTIVXMIW
HEXIQSWXGSQQIVGMEPETTPMGEXMSRWSJTSP]TVST]PIRI*6' SJ 'EVFSR *MFIV 6IMRJSVGIH 'IQIRX 'SQTSWMXI ERH XLI %TTPMGEXMSR SJ
0EVKI (SQIWx /ENMQE -RWXMXYXI SJ 'SRWXVYGXMSR 8IGLRSPSK] /ENMQE
? A ERH R]PSR *6' LEZI YWIH PS[ HIRMIV PS[ 'SVTSVEXMSR8SO]S.ETER.YP]
ZSPYQITIVGIRXEKITIVGIRX
QSRSJMPEQIRXMRXLIGEWI %PM1 %1ENYQHEV%.ERH 6E]QIRX(0w'EVFSR*MFVI
SJTSP]TVST]PIRIERHR]PSR
SVJMFVMPPEXIHJMFIVWMRXLIGEWI 6IMRJSVGIQIRXSJ'IQIRXx'IQIRXERH'SRGVIXI6IWIEVGL:SP
SJ TSP]TVST]PIRI
8LIWIJMFIVW LEZIFIIRETTPMIH XS RSR TT
WXVYGXYVEPERHRSRTVMQEV]PSEHFIEVMRKETTPMGEXMSRW %ZIWXSR.1IVGIV6%ERH7MPP[SSH.1w*MFVI6IMRJSVGIH
'IQIRXW{7GMIRXMJMG *SYRHEXMSRW JSV 7TIGMJMGEXMSRW 'SQTSWMXIW{7XER
'YVVIRXETTPMGEXMSRWMRGPYHIVIWMHIRXMEPGSQQIVGMEPERH HEVHW 8IWXMRK ERH (IWMKRx 2EXMSREP 4L]WMGEP 0EFSVEXSV] 'SRJIVIRGI
MRHYWXVMEP WPEFW SR KVEHI WPEFW JSV GSQTSWMXI QIXEP HIGO 4VSGIIHMRKW%TVTT
GSRWXVYGXMSRJPSSVSZIVPE]WWLSXGVIXIJSVWPSTIWXEFMPM^EXMSR &MKKW % &S[IR ( , ERH /SPPIO . 4VSGIIHMRKW SJ XLI RH
ERH TSSP GSRWXVYGXMSR TVIGEWX YRMXW WPMT JSVQ GYVFW ERH -RXIVREXMSREP'EVFSR*MFVI'SRJIVIRGIXLI4PEWXMGW-RWXMXYXI0SRHSR
,ERRERX(.*MFVI'IQIRXWERH*MFVI'SRGVIXIW.SLR;MPI]ERH
QSVXEVETTPMGEXMSRWMRZSPZMRKWTVE]IHERH TPEWXIVIHTSVXPERH 7SRW0XH2I[=SVOTT
GIQIRXWXYGGS 2MWLMSOE / =EQEOE[E 7 ERH 7LMVEOE[E / w4VSTIVXMIW ERH
%TTPMGEXMSRWSJ 'EVFSR *MFIV6IMRJSVGIH 'IQIRX 'SQTSWMXIWx 4VSGIIH
{6IWIEVGLRIIHW MRKW SJXLI8LMVH-RXIVREXMSREP7]QTSWMYQSR(IZIPSTQIRXWMR*MFIV6IMR
-REHHMXMSRXSXLISRKSMRKTYVWYMXSJXLIKSEPSJHIZIPSTMRK JSVGIH'IQIRXERH'SRGVIXI6-0)17]QTSWMYQ*6':SP6-0)1
8IGLRMGEP'SQQMXXII8*6.YP]
GSWXIJJIGXMZIJMFIVW[MXLQEXIVMEPTVSTIVXMIWERHJMFIVKISQ ;EPPIV . % w'EVFSR *MFVI 'IQIRX 'SQTSWMXIWx 'MZMP )RKM
IXVMIWXLEXEVIFIWXWYMXIHXSTEVXMGYPEVETTPMGEXMSRWSV*6' RIIVMRKERH4YFPMG;SVOW6IZMI[%TVTT
JEFVMGEXMSRXIGLRSPSKMIWXLIVIMWERIIHJSVJYVXLIVVIWIEVGL ;EPPIV.%'EVFSR*MFVI'IQIRX'SQTSWMXIW74%QIVMGER
MRXLIJSPPS[MRKEVIEW 'SRGVIXI-RWXMXYXI(IXVSMXTT
;EPXSR40ERH1ENYQHEV%.w'IQIRX&EWIH'SQTSWMXIW[MXL
(IXIVQMRI XLI IJJIGX SJ XLI EHHMXMSR SJ ZEVMSYW JMFIV
1M\XYVIWSJ(MJJIVIRX8]TIWSJ*MFVIWx'SQTSWMXIW7ITXTT
X]TIWSRGSRXVSPNSMRXWTEGMRKJSVGSRGVIXIJPEX[SVO 8LI 'SRHIRWIH 'LIQMGEP (MGXMSREV] :ER 2SWXVERH 6LIMRLSPH
'SRXMRYIXSHIXIVQMRIIJJIGXMZIRIWWSJJMFIVWEWXIQTIV 'SQTER]2I[=SVOXLIHT
EXYVIERHWLVMROEKIVIMRJSVGIQIRX 'SSO . + ,ERHFSSO SJ 8I\XMPI *MFIVW 1SVVS[ 4YFPMWLMRK
(IZIPST WXERHEVHM^IH XIWX TVSGIHYVIW JSV MQTEGX ERH 'SQTER]0XH(YVLEQ)RKPERHTT
1SRGVMIJJ6;1ER1EHI*MFIVW.SLR;MPI]
7SRW-RG2I[
JEXMKYI PSEHMRK XS HIQSRWXVEXI TIVJSVQERGI HMJJIVIRGIW =SVOTT
EQSRKZEVMSYWJMFIVX]TIW /LENYVME%&SLVE/ERH&EPEKYVY420SRK8IVQ(YVEFMPMX]
(IZIPSTGSQTSWMXIETTPMGEXMSRWERHHIWMKRTEVEQIXIVW SJ 7]RXLIXMG *MFIVW 74 %QIVMGER 'SRGVIXI -RWXMXYXI (IXVSMX
YWMRKGSRZIRXMSREPVIMRJSVGIQIRXMR*6'GSRGVIXIJSVWXVYG TT
7SVIRWSR ; 6 ERH 'EQTFIPP 8 ; 4VITEVEXMZI 1IXLSHW SJ
XYVEPETTPMGEXMSRW
4SP]QIV'LIQMWXV]-RXIVWGMIRGI4YFPMWLIVW-RG2I[=SVO
(IXIVQMRI XLI JMVI VIWMWXERX TVSTIVXMIW SJ JMFIV VIMR +SPHMRK4SP]QIVWERH6IWMRW(:ER2SWXVERH'STT
JSVGIHGSQTSWMXIW
*-&)66)-2*36')('32'6)8) 6
/SFE]EWLM / w(IZIPSTQIRX SJ *MFVI 6IMRJSVGIH 'SRGVIXI MR ;ERK = ERH &EGOIV 7 w%R )\TIVMQIRXEP 7XYH] SJ 7]RXLIXMG
.ETERx8LI-RXIVREXMSREP.SYVREPSJ'IQIRX'SQTSWMXIWERH0MKLX[IMKLX *MFIV6IMRJSVGIH'IQIRXMXMSYW'SQTSWMXIWx.SYVREPSJ1EXIVMEPW7GMIRGI
'SRGVIXI:2S'SRWXVYGXMSR4VIWW*IF %GGITXIHJSVTYFPMGEXMSR
/SFE]EWLM/ERH'LS6w*PI\YVEP&ILEZMSVSJ4SP]IXL]PIRI*MFVI +SPHJIMR7w-QTEGX6IWMWXERX'SRGVIXI%HQM\XYVIx9RMXIH7XEXIW
6IMRJSVGIH'SRGVIXIx8LI-RXIVREXMSREP.SYVREPSJ'IQIRX'SQTSWMXIWERH 4EXIRX*IF
0MKLX[IMKLX'SRGVIXI:SP2S'SRWXVYGXMSR4VIWW*IF &VSGLIRFVSYKL 8 ; ERH (EZMW ' * w4VSKVIWW 6ITSVX SR *MFIV
+EPI ( 1 ERH 7LMR , w'IQIRX 1EXVM\ 'SQTSWMXIW ERH 6IMRJSVGIH'SRGVIXIx8LI(IPE[EVI7XEXI,MKL[E](ITEVXQIRX'MZMP)RKM
1IXLSHJSV1EOMRK7EQIx974EXIRX%YK RIIVMRK(ITEVXQIRX9RMZIVWMX]SJ(IPE[EVI2I[EVO.ER
+EPI (17LEL%,ERH&EPEKYVY 42 3VMIRXIH4SP]IXL &VSGLIRFVSYKL8;ERH4EXXIVWSR(2w*MFIV6IMRJSVGIH1IXL
]PIRI *MFVSYW 4YPT 6IMRJSVGIH 'IQIRX 'SQTSWMXIW 74 %QIVMGER EGV]PEXI4SP]QIV'SRGVIXIx%'-.3962%0.YP]%YKTT
'SRGVIXI-RWXMXYXI(IXVSMXTT 'EWEQEXXE ( 1 w7]RXLIXMG *MFIV 6IMRJSVGIH 'SRGVIXIx 'SHI
+EPI(1+YGOIVX.6ERH7LIPFYVRI77w3VMIRXIH4SP] 2I[W:SP2S2SZ(IG
IXL]PIRI 4YPT JSV %WFIWXSW 6ITPEGIQIRX MR 'IQIRX &YMPHMRK 4VSHYGXWx
.EOIP + 6 w*MFIV 6IMRJSVGIH 'SRGVIXI 4VSHYGXW ERH 8LIMV
8I\XMPI 'SQTSWMXIW MR &YMPHMRK 'SRWXVYGXMSR{4EVX - 'IQIRX&EWIH
*SVQEXMSR 4SP]IWXIVW 'IPPYPSWI 4YPTx 97 4EXIRX 97 %YK
'SQTSWMXIWERH+ISXI\XMPIW*-8%80]SR*VERGI.YP]TT
(EZI 2 . ERH )PPMW ( + w4SP]TVST]PIRI *MFVI 6IMRJSVGIH
'IQIRXx8LI-RXIVREXMSREP.SYVREPSJ'IQIRX'SQTSWMXIW:SP2S 2EKEFLYWLEREQ16EQEOVMWLRER:ERH:SRHVER+w*EXMKYI
7XVIRKXLSJ*MFVMPPEXIH4SP]TVST]PIRI*MFIV6IMRJSVGIH'SRGVIXIx 8VERW
1E]TT
TSVXEXMSR6IWIEVGL6IGSVH2EXMSREP6IWIEVGL'SYRGMP;EWLMRKXSR
6MGI ) :SRHVER + ERH /YRFEVKM , w&SRHMRK SJ *MFVMPPEXIH
('TT
4SP]TVST]PIRI *MFIVW XS 'IQIRXMXMSYW 1EXIVMEPWx 1EXIVMEPW 6IWIEVGL
7SGMIX]4VSGIIHMRKW4MXXWFYVKL:SPTT 6EQEOVMWLRER : +SPPETYHM 7 ERH >IPPIVW 6 4IVJSVQERGI
1EM=;%RHSRMER6ERH'SXXIVIPP&w8LIVQEP(IKVEHEXMSR 'LEVEGXIVMWXMGW ERH *EXMKYI SJ 4SP]TVST]PIRI *MFIV6IMRJSVGIH 'SRGVIXI
SJ4SP]TVST]PIRI*MFIVWMR'IQIRX'SQTSWMXIWx-RXIVREXMSREP.SYVREPSJ 74%QIVMGER'SRGVIXI-RWXMXYXI(IXVSMXTT
'SQTSWMXIW:SP2S%YKTT 6EQEOVMWLRER : ;Y + = ERH ,SWEPPM + w*PI\YVEP *EXMKYI
w7XERHEVH 7TIGMJMGEXMSR JSV *MFIV 6IMRJSVGIH 'SRGVIXI ERH 7LSX 7XVIRKXL )RHYVERGI 0MQMX ERH -QTEGX 7XVIRKXL SJ *MFIV 6IMRJSVGIH
GVIXIx%7817XERHEVHWJSV'SRGVIXIERH%KKVIKEXIW:%781' 'SRGVIXIx 8VERWTSVXEXMSR 6IWIEVGL 6IGSVH 2EXMSREP 6IWIEVGL
'SYRGMP;EWLMRKXSR('TT
>SPPS6*'SPPEXIH*MFVMPPEXIH4SP]TVST]PIRI*MFIVWMR*6'74 :SRHVER + 0 2EKEFLYWLEREQ 1 ERH 6EQEOVMWLRER :
%QIVMGER'SRGVIXI-RWXMXYXI(IXVSMXTT w*EXMKYI 7XVIRKXL SJ 4SP]TVST]PIRI *MFIV 6IMRJSVGIH 'SRGVIXIWx *MFIV
>SPPS 6 * -PXIV . % ERH &SYGLEGSYVX + & w4PEWXMG ERH 6IMRJSVGIH'IQIRXWERH'SRGVIXIW6IGIRX(IZIPSTQIRXWIHMXIHF]62
(V]MRK7LVMROEKIMR'SRGVIXI'SRXEMRMRK'SPPEXIH*MFVMPPEXIH4SP]TVST] 7[EQ] ERH & &EVV )PWIZMIV %TTPMIH 7GMIRGI 0SRHSR ERH 2I[ =SVO
PIRI *MFVIx 8LMVH -RXIVREXMSREP 7]QTSWMYQ SR (IZIPSTQIRXW MR *MFVI TT
6IMRJSVGIH 'IQIRX ERH 'SRGVIXI 6-0)1 7]QTSWMYQ *6' :SP 6EQEOVMWLRER:;Y+=ERH,SWEPPM+w*PI\YVEP&ILEZMSVERH
6-0)18IGLRMGEP'SQQMXXII8*6.YP] 8SYKLRIWWSJ*MFIV6IMRJSVGIH'SRGVIXIWx8VERWTSVXEXMSR6IWIEVGL6IGSVH
w7XERHEVH 8IWX 1IXLSH JSV *PI\YVEP 8SYKLRIWW ERH *MVWX'VEGO 2EXMSREP6IWIEVGL'SYRGMP;EWLMRKXSR('TT
7XVIRKXLSJ*MFIV6IMRJSVGIH'SRGVIXIx%7817XERHEVHWJSV'SRGVIXIERH +YMVKYMW7ERH4SXXIV6.w4SP]TVST]PIRI*MFVIWMR'SRGVIXIx
1MRIVEP%KKVIKEXIW:SP%781' 8IGLRMGEP6ITSVX86*'IQIRXERH'SRGVIXI%WWSGMEXMSRSJ%YWXVEPME
w1IEWYVIQIRX SJ 4VSTIVXMIW SJ *MFIV 6IMRJSVGIH 'SRGVIXIx %'- 1E]TT
.3962%0%'-'SQQMXXII6ITSVX6.YP] 1EPMWGL;6w4SP]TVST]PIRI*MFIVWMR'SRGVIXI{;LEX(SXLI
(ELP%w4PEWXMG7LVMROEKIERH'VEGOMRK8IRHIRG]SJ1SVXEVERH 8IWXW8IPP9W#x'SRGVIXI'SRWXVYGXMSR%TVTT
'SRGVIXI 'SRXEMRMRK *MFIVQIWLx *'& 'IQIRX ERH 'SRGVIXI 6IWIEVGL ,ERRERX(.>SRWZIPH..ERH,YKLIW('w4SP]TVST]PIRI
-RWXMXYXI 8VSRHLIMR 2SV[E] 6ITSVX -7&2 2S 2SZ *MPQ MR 'IQIRX &EWIH 1EXIVMEPWx 'SQTSWMXIW :SP2S%TV
TT TT
/VEEM 4 w% 4VSTSWIH 8IWX XS (IXIVQMRI XLI 'VEGOMRK 4SXIRXMEP 1MRHIWW 7 ERH :SRHVER + w4VSTIVXMIW SJ 'SRGVIXI 6IMRJSVGIH
(YI XS (V]MRK 7LVMROEKI SJ 'SRGVIXIx 'SRGVIXI 'SRWXVYGXMSR 4YFPMGE [MXL *MFVMPPEXIH4SP]TVST]PIRI*MFVIWYRHIV -QTEGX0SEHMRKx 'IQIRXERH
XMSRW%HHMWSR7ITXTT 'SRGVIXI6IWIEVGL4IVKEQSR.SYVREPW0XH97%:TT
:SRHVER + ERH ;IFWXIV 8 8LI 6IPEXMSRWLMT SJ 4SP]TVST]PIRI &LEVKEZE . ERH 6LIRWXVSQ % w(]REQMG 7XVIRKXL SJ 4SP]QIV
*MFIV 6IMRJSVGIH 'SRGVIXI XS 4IVQIEFMPMX] 74 %QIVMGER 'SRGVIXI 1SHMJMIHERH*MFIV6IMRJSVGIH'SRGVIXIx'IQIRXERH'SRGVIXI6IWIEVGL
-RWXMXYXI(IXVSMXTT :SPTT
4EHVSR-ERH>SPPS6*w)JJIGXSJ7]RXLIXMG*MFIVWSR:SPYQI
*EMV[IEXLIV % ( w8LI 9WI SJ 4SP]TVST]PIRI *MFIV XS -RGVIEWI
7XEFMPMX] ERH 'VEGOMRK SJ 4SVXPERH 'IQIRX 'SRGVIXI ERH 1SVXEVx %'-
-QTEGX6IWMWXERGISJ'SRGVIXIx4VSG-RXvP&PHK)\LMFMXMSR'SRJSR4VSW
1EXIVMEPW.SYVREP:SP2S.YP]%YKTT
TIGXWJSV*6'1EXIVMEPW0SRHSR&PHK6IWIEVGL7XEXMSR;EXJSVH
(ERMIP . - ERH 7LEL 7 4 w8LMR 4VIGEWX *MFIV 6IMRJSVGIH
TT
'IQIRX 4ERIPWx 1EXIVMEPW ERH 1IQFVERI &ILEZMSV 4VSGIIHMRKW SJ XLI
&ERXLME 2 1MRHIWW 7ERH &IRXYV % w-QTEGX &ILEZMSV SJ
7IWWMSRW EX 7XVYGXYVIW 'SRKVIWWv 7XVYGXYVEP(MZMWMSR SJ XLI %QIVMGER
'SRGVIXI&IEQWx1EXIVMEPWERH7XVYGXYVIW4EVMW
:SP2S
7SGMIX]SJ'MZMP)RKMRIIVW%YK
TT
2ERRM % w4VSTIVXMIW SJ %VEQMH *MFIV 6IMRJSVGIH 'SRGVIXI ERH
7-*'32x.SJ1EXIVMEPWMR'MZMP)RKMRIIVMRK%7'):SP2S*IF &ERXLME21MRHIWW7ERH&IRXYV%w&ILEZMSVSJ*MFIV6IMR
TT JSVGIH'SRGVIXI&IEQWYRHIV-QTEGX0SEHMRKx4VSG7M\XL-RXvP'SRJSR
w'EVFSR*MFIV 6IMRJSVGIH 'SRGVIXI 'YVXEMR ;EPPWx 'SRGVIXI 'SQTSWMXI1EXIVMEPW-''1:-
0SRHSR
'SRWXVYGXMSR.ERT 1MRHIWW7&ERXLME2ERH'LIRK=w8LI*VEGXYVI8SYKLRIWW
&ERXLME2ERH3LEQE=w(]REQMG8IRWMPI*VEGXYVISJ'EVFSR SJ'SRGVIXIYRHIV-QTEGX0SEHMRKx'IQIRXERH'SRGVIXI6IWIEVGL:SP
*MFIV6IMRJSVGIH'IQIRXWx4VSG-RXP'SRJSR6IGIRX(IZIPSTQIRXWMR TT
*6''EVHMJJ7ITXTT 1MRHIWW7&ERXLME2ERH&IRXYV%w8LI6IWTSRWISJ6IMRJSVGIH
3LEQE=%QERS1ERH)RHS1w4VSTIVXMIWSJ'EVFSR*MFIV 'SRGVIXI&IEQW[MXLE*MFVSYW'SRGVIXI1EXVM\XS-QTEGX0SEHMRKx-RXIVRE
6IMRJSVGIH'IQIRX[MXL7MPMGE*YQIx'SRGVIXI-RXIVREXMSREP:SP2S XMSREP.SYVREPSJ'IQIRX'SQTSWMXIW9/
:SP2STT
TT 2EEQER%)7LEL74ERH8LVSRI.07SQI(IZIPSTQIRXW
7VMHLEVE 7 /YQEV 7 ERH 7MREVI 1 % w*MFIV 6IMRJSVGIH MR4SP]TVST]PIRI*MFIVWJSV'SRGVIXI74 %QIVMGER'SRGVIXI-RWXMXYXI
'SRGVIXIx-RHMER'SRGVIXI.SYVREP3GXTT (IXVSMX
4EVEQEWMZER42EXLER+;SRK/ERH0MY4w7XYH]SJ*MFIV 7[EQ] 6 2 ERH 7XEZVMHIW , w-RJPYIRGI SJ *MFIV 6IMRJSVGI
6IMRJSVGIH'SRGVIXIx*MVWX %YWXVEPMER 'SRJIVIRGISR )RKMRIIVMRK 1EXI QIRXSR6IWXVEMRIH7LVMROEKIERH'VEGOMRKx%'-.3962%0:SP2S
VMEPW8LI9RMZIVWMX]SJ2I[7SYXL;EPIWTT 1EVTT
6 %'-'311-88))6)4368
6EQEOVMWLRER : w1EXIVMEPW ERH 4VSTIVXMIW SJ *MFIV 6IMRJSVGIH ,S[IZIVSXLIVREXYVEPJMFIVWEVIEZEMPEFPIXLEXLEZIFIIR
'SRGVIXIx 4VSGIIHMRKW SJ XLI -RXIVREXMSREP 7]QTSWMYQ SR *MFIV 6IMR TVSGIWWIH XS IRLERGI XLIMV TVSTIVXMIW 8LIWI JMFIVW EVI
JSVGIH'SRGVIXI1EHVEW-RHME(IGTT
+STEPEVEXREQ:77LEL 7 4 &EXWSR + & 'VMW[IPP 1 )
HIVMZIHJVSQ[SSHF]GLIQMGEPTVSGIWWIWWYGLEWXLIOVEJX
6EQEOVMWLRER : ERH ;IGLEVEXERE 1 w*VEGXYVI 8SYKLRIWW SJ *MFIV TVSGIWW/VEJXTYPTJMFIVWEVIYWIHMRWSTLMWXMGEXIHQERYJEG
6IMRJSVGIH 'SRGVIXIx %'- 1EXIVMEPW .SYVREP :SP 2S .YP]%YK XYVMRKTVSGIWWIWWYGLEWXLI,EXWGLIOTVSGIWWXSTVSHYGI
TT XLMRWLIIXLMKLJMFIVGSRXIRX*6'8LIWIJMFIVWEVIX]TMGEPP]
1SVKER(61G%WOMPP2'EVIXXI++ERH1EPLSXVE:1
w)ZEPYEXMSR SJ 4SP]TVST]PIRI *MFIV 6IMRJSVGIH ,MKL :SPYQI *P] %WL
VIJIVVIHXSEWTVSGIWWIHREXYVEPJMFIVW42*
ERHGSRGVIXIW
7LSXGVIXIx '%21)8 -RXIVREXMSREP ;SVOWLST SR *P] %WL MR 'SRGVIXI QEHI JVSQ XLIQ EW TVSGIWWIH REXYVEP JMFIV VIMRJSVGIH
'EPKEV]%PFIVXE3GX GSRGVIXIW42*6'
1SVKER (6w*VII^I8LE[(YVEFMPMX] SJ 7XIIP ERH 4SP]TVST] %PXLSYKLLMWXSVMGEPP]QER]JMFIVWLEZIFIIRYWIHXSVIMR
PIRI*MFIV6IMRJSVGIH7LSXGVIXIx'%21)8%'--RXIVREXMSREP'SRJIVIRGI
SR(YVEFMPMX]SJ'SRGVIXI1SRXVIEP5YIFIG%YK
JSVGI ZEVMSYWFYMPHMRKQEXIVMEPW YRXMPVIGIRXP]PMXXPIWGMIR
1EPLSXVE : 1 'EVIXXI + + &MPSHIEY % ERH (MFFPI ( XMJMGIJJSVXLEWFIIRHIZSXIHXSXLIYWISJREXYVEPJMFIVWJSV
w*MFIV6IMRJSVGIH,MKL:SPYQI*P]%WL7LSXGVIXIJSV'SRXVSPPMRK%KKVIW VIMRJSVGIQIRX8LI YWISJWSQISJXLIFIWX ORS[RREXYVEP
WMZI0EGXEXIWJVSQ)\TSWIH6SGO7YVJEGIWERH1MRI8EMPMRKWx'%21)8 JMFIVW WYGL EW WMWEP GSGSRYX WYKEVGERI FEKEWWI TPERXEMR
.YRI
FERERE
TEPQIXGLEZIQSWXP]FIIRPMQMXIHXSXLITVSHYG
+V^]FS[WOM 1 ERH 7LEL 7 4 w7LVMROEKI 'VEGOMRK MR *MFIV
6IMRJSVGIH 'SRGVIXIx %'- 1EXIVMEPW .SYVREP :SP 2S 7ITX XMSRSJJEFVMGWVSTIWQEXWIXG
-RXLMWVITSVXXLIZEVMSYWX]TIWSJREXYVEPJMFIVWEZEMPEFPI
:SRHVER + 1EOMRK 1SVI (YVEFPI 'SRGVIXI ;MXL 4SP]QIVMG JSVVIMRJSVGMRKGSRGVIXIWXLIQM\TVSTSVXMSRWXLIQIXLSH
*MFIVW 1EXLIV -RXIVREXMSREP 'SRJIVIRGI 74 %QIVMGER 'SRGVIXI
SJQM\MRKLERHPMRKERHTPEGMRKERHXLITVSTIVXMIWSJJVIWL
-RWXMXYXI(IXVSMX1E]TT
:SRHVER +EV] 0 w4PEWXMG *MFIV 6IMRJSVGIH 'SRGVIXIx 4VSGIIH ERH LEVHIRIH REXYVEP JMFIV VIMRJSVGIH GSRGVIXIW EVI
MRKW SJ'SRGVIXI8IGLRSPSK] 7IQMREV 1MGLMKER 7XEXI 9RMZIVWMX] )EWX HIWGVMFIH %HHMXMSREPP] WSQI SJ XLI ETTPMGEXMSRW SJ XLI
0ERWMRK*IFTT 2*6'EVITVIWIRXIH
9RHIV[VMXIVW0EFSVEXSV]*MVI6IWMWXERGI(MVIGXSV]6(8(
3GX
/SFE]EWLM/ERH'LS6w*PI\YVEP'LEVEGXIVMWXMGWSJ7XIIP*MFIV {2EXYVEPJMFIVW
ERH 4SP]TVST]PIRI *MFIV ,]FVMH 6IMRJSVGIH 'SRGVIXIx 'SQTSWMXIW :SP 9RTVSGIWWIH REXYVEP JMFIVW{9RTVSGIWWIH REXYVEP
TT JMFIVW EVI EZEMPEFPI MR VIEWSREFP] PEVKIUYERXMXMIW MRQER]
&ERXLME2ERH7LIRK.w1MGVS6IMRJSVGIH'IQIRXMXMSYW1EXI GSYRXVMIWERHVITVIWIRXEGSRXMRYSYWP]VIRI[EFPIVIWSYVGI
VMEPWx 1EXIVMEPW 6IWIEVGL 7SGMIX] 7]QTSWMYQ 4VSGIIHMRKW :SP
92*WVIUYMVIVIPEXMZIP]WQEPPEQSYRXWSJIRIVK]ERHXIGL
&SWXSR2SZ
6EMXLF]/(+EPPS[E].;ERH;MPPMEQW68w4SP]TVST] RMGEPORS[LS[JSVXLIMVTVSHYGXMSRGSQTEVIHXSWSQISXLIV
PIRI 6IMRJSVGIH 'IQIRX 'SQTSWMXIW JSV 7YVJEGI 6IMRJSVGIQIRX SJ X]TIW SJ JMFIVW -R XLI LMWXSVMGEP GSRXI\X XLI YWI SJ VE[
'SRGVIXI7XVYGXYVIWx8LI-RXIVREXMSREP.SYVREPSJ'IQIRX'SQTSWMXIWERH REXYVEP JMFIVW MR GSRWXVYGXMSR WYFWXERXMEPP] TVIGIHIH XLI
0MKLX[IMKLX'SRGVIXI:SP2S%YKTT EHZIRX SJ GSRZIRXMSREP VIMRJSVGIH GSRGVIXI 7XVE[VIMR
>SPPS 6 * w7]RXLIXMG *MFIV 6IMRJSVGIH 'SRGVIXI 7SQI &EGO
KVSYRH ERH (IJMRMXMSRWx 7IQMREV SR 4SP]QIVMG *MFIVW 8LIMV )JJIGX SR
JSVGIHWYRHVMIHQYHFVMGOWJSV[EPPGSRWXVYGXMSRERHLSVWI
'SRGVIXIERH'SRGVIXI'VEGOMRKx;SVPHSJ'SRGVIXI%XPERXE*IF LEMV MR QSVXEV EVI X]TMGEP I\EQTPIW SJ LS[ REXYVEP JMFIVW
>SPPS6*ERH,E]W'(w*MFIVWZW;;*EW2SR7XVYGXYVEP [IVIYWIHPSRKEKS
7PEF6IMRJSVGIQIRXx'SRGVIXI-RXIVREXMSREP%QIVMGER'SRGVIXI-RWXMXYXI -R XLI PEXI W E W]WXIQEXMG IZEPYEXMSR SJ XLI IRKM
:SP2S2SZTT
6EQEOVMWLRER:7*IPHQER6*ERH&IEYHSMR..'SRGVIXI
RIIVMRKTVSTIVXMIWSJREXYVEPJMFIVWERHSJGIQIRXGSQTSW
7GMIRGI8VIEXMWISR'YVVIRX6IWIEVGL,I]HIR
7SRW0XH MXIWQEHI[MXLXLIWIJMFIVW[EWYRHIVXEOIR8LIVIWYPXWSJ
,ERRERX(.w6IZMI[SJXLI4VIWIRX7GIRIx4VSGIIHMRKWSJXLI XLIWIMRZIWXMKEXMSRWMRHMGEXIHXLEXXLIWIJMFIVWGSYPHFIYWIH
7]QTSWMYQSR*MFVSYW'SRGVIXI0SRHSR%TV WYGGIWWJYPP]XSQEOIXLMRGIQIRXWLIIXWJSV[EPPWERHVSSJW
/VIRGLIP , ERH 7LEL 7 4 w%TTPMGEXMSRW SJ 4SP]TVST]PIRI %TTVSTVMEXI QERYJEGXYVMRK TVSGIWWIW [IVI WYFWIUYIRXP]
*MFIVWMR7GERHMREZMEx'SRGVIXI-RXIVREXMSREP:2S1EV
HIZIPSTIHJSVGSQQIVGMEPTVSHYGXMSRMRZEVMSYWGSYRXVMIWSJ
'IRXVEP%QIVMGE%JVMGEERH%WME4VSHYGXWQEHI[MXLTSVX
',%48)6{2%896%0*-&)66)-2*36')(
'32'6)8)2*6'
PERHGIQIRXERHYRTVSGIWWIHREXYVEPJMFIVWWYGLEWGSGSRYX
{-RXVSHYGXMSR GSMV WMWEP WYKEVGERI FEKEWWI FEQFSS NYXI [SSH ERH
(MWGSRXMRYSYWWLSVXJMFIVWEVI[MHIP]YWIHMRFSXLX]TIWSJ ZIKIXEFPIJMFIVWLEZIFIIRXIWXIHJSVXLIMVIRKMRIIVMRKTVST
*6'EPPSZIVXLI[SVPH-RXLMWGLETXIVEXXIRXMSRMWJSGYWIH IVXMIWERHTSWWMFPI YWIMRFYMPHMRKW MR EXPIEWXHMJJIVIRX
SR XLI YWI SJ REXYVEPP] SGGYVVMRK JMFIVW JSV VIMRJSVGMRK GSYRXVMIW?A%PXLSYKLXLIVIWYPXW[IVIIRGSYVEKMRK
GSRGVIXIWQSVXEVWERHGIQIRXW'SRGVIXIWVIMRJSVGIH[MXL WSQIHIJMGMIRGMIW[IVIJSYRHMRXLIMVHYVEFMPMX]8LIWIWIIQ
REXYVEPP]SGGYVVMRKJMFIVWEVIKIRIVEPP]XIVQIHREXYVEPJMFIV XSLEZIVIWYPXIHJVSQXLIVIEGXMSRFIX[IIRXLIGIQIRXTEWXI
VIMRJSVGIHGSRGVIXI2*6'
ERHXLIJMFIVWERHW[IPPMRKSJXLIJMFIVWMRXLITVIWIRGISJ
1ER]REXYVEPVIMRJSVGMRKQEXIVMEPWGERFISFXEMRIHEXPS[ QSMWXYVI % RYQFIV SJ VIWIEVGLIVW EVI RS[ MRZIWXMKEXMRK
PIZIPWSJGSWXERHIRIVK]YWMRKPSGEPP]EZEMPEFPIQERTS[IV VIQIHMEPQIEWYVIWJSVMQTVSZMRKHYVEFMPMX]
ERHXIGLRMGEPORS[LS[7YGLJMFIVWEVIYWIHMRXLIQERY 4VSGIWWIH REXYVEP JMFIVW{4VSGIWWIH REXYVEP JMFIVW
JEGXYVISJPS[JMFIVGSRXIRX*6'ERHSGGEWMSREPP]LEZIFIIR LEZIFIIRYWIHMRGSQQIVGMEPTVSHYGXMSRJSVXLIQERYJEGXYVI
YWIHMRXLIQERYJEGXYVISJXLMRWLIIXLMKLJMFIVGSRXIRX*6' SJXLMRWLIIXJMFIVVIMRJSVGIHGIQIRXTVSHYGXWWMRGIXLIQMH
8LIWIJMFIVWEVIX]TMGEPP]VIJIVVIHXSEWYRTVSGIWWIHREXYVEP WMRMXMEPP]EWEREHNYRGXXSEWFIWXSWERHWMRGIXLIIEVP]
JMFIVW92*
WEWEWSPIVIMRJSVGMRKJMFIV)\TIVMQIRXEPYWISJXLIWI
*-&)66)-2*36')('32'6)8) 6
8EFPI{8]TMGEPTVSTIVXMIWSJREXYVEPJMFIVW
7YKEVGERI )PITLERX ;EXIV ;SSHJMFIV
*MFIVX]TI 'SGSRYX 7MWEP &EKEWWI &EQFSS .YXI *PE\ KVEWW VIIH 4PERXEMR 1YWEQFE OVEJXTYPT
*MFIVPIRKXLMR 2% 2% 2% 2% 2% 2% 2%
*MFIV
HMEQIXIVMR 2% 2% 2% 2% 2% 2%
7TIGMJMGKVEZMX] 2% 2% 2% 2% 2% 2%
1SHYPYWSJIPEWXMGMX] 2%
OWM
9PXMQEXI
XIRWMPIWXVIRKXLTWM
)PSRKEXMSREXFVIEO
2% 2% 2%
TIVGIRX
;EXIV 2% 2% 2% 2% 2% 2%
EFWSVTXMSRTIVGIRX
2SXI2%!TVSTIVXMIWRSXVIEHMP]EZEMPEFPISVRSXETTPMGEFPI
1IXVMGIUYMZEPIRXWMR!QQOWM!TWM!14E
JMFIVWKVIEXP]TVIGIHIWXLIMVPEVKIWGEPIGSQQIVGMEPYWI8LI SJXLIWYKEVGERIMXWQEXYVMX]ERHSRXLIIJJMGMIRG]SJXLI
JMVWXI\TIVMQIRX[MXLXLIYWISJ[SSHTYPTEWEVITPEGIQIRX QMPPMRKTPERX8LITVSTIVXMIWKMZIRMR8EFPIEVIGSRWMH
JSVEWFIWXSWMREWFIWXSWGIQIRXHEXIWFEGOXS;SVPH;EV- IVIHXSFIX]TMGEP
8LI2SV[IKMERJMFIVGIQIRXMRHYWXV][EWJSVGIHXSQERYJEG H &EQFSSJMFIV&EQFSSFIPSRKWXSXLIKVEWWJEQMP]ERH
XYVI[SSHTYPTVIMRJSVGIHGIQIRXWLIIXWJSVGSQQIVGMEPYWI GERKVS[XSELIMKLXSJJXQ
[MXLHMEQIXIVWZEV]MRK
HYVMRK XLMW TIVMSH FIGEYWI XLI] [IVI YREFPI XS SFXEMR XLIMV [MXLMRXLIVERKISJXSMRXSQQ
-XKVS[WREXY
YWYEPWYTTPMIWSJEWFIWXSWHYIXSXLI[EV VEPP] MR XVSTMGEP ERH WYFXVSTMGEP VIKMSRW (VMIH FEQFSS
1IGLERMGEPTVSTIVXMIWSJREXYVEPJMFIVW WXIQWEVIGSQQSRP]YWIHJSVFYMPHMRKXIQTSVEV]WXVYGXYVIW
1IGLERMGEP TVSTIVXMIW SJ YRTVSGIWWIH REXYVEP WYGLEWWGEJJSPHMRK8LI]QE]EPWSFIJEFVMGEXIHXSJSVQE
JMFIVW{-RJSVQEXMSR SR QIGLERMGEP TVSTIVXMIW SJ YRTVSG GSRXMRYSYWVIMRJSVGMRKQEXIVMEPJSVGSRGVIXI&EQFSSJMFIVW
IWWIHREXYVEPJMFIVWMWEZEMPEFPI?A-RXLMWWIGXMSRE EVIWXVSRKMRXIRWMSR8EFPI
ERHGERFIYWIHEWEVIMR
FVMIJ WYQQEV] SJ XLI VIWYPXW SJ VIWIEVGL XS HIXIVQMRI XLI JSVGMRKQEXIVMEP,S[IZIVXLI]LEZIELMKL[EXIVEFWSVT
QIGLERMGEP TVSTIVXMIW SJ ZEVMSYW X]TIW SJ YRTVSGIWWIH XMSR GETEGMX] PS[ QSHYPYW SJ IPEWXMGMX] ERH WTIGMEP
REXYVEPJMFIVWMWTVIWIRXIH8LIX]TIWSJJMFIVWJSV[LMGLXLI IUYMTQIRXQE]FIRIIHIHXSI\XVEGXXLIQJVSQXLIWXIQW
QIGLERMGEP TVSTIVXMIW LEZI FIIR IZEPYEXIH EVI KMZIR MR I .YXIJMFIV.YXIMWKVS[RQEMRP]MR-RHME&ERKPEHIWL
8EFPI % FVMIJ HIWGVMTXMSR JSV WSQI SJ XLI QSVI 'LMREERH8LEMPERH-XMWKVS[RWSPIP]JSVMXWJMFIV[LMGL
GSQQSRP]JSYRHREXYVEPJMFIVWMWTVIWIRXIHFIPS[ MWXVEHMXMSREPP]YWIHJSVQEOMRKVSTIWERHFEKWXSXVERWTSVX
E 'SGSRYXJMFIV%QEXYVIGSGSRYXLEWERSYXIVGSZIVMRK KVEMRWERH SXLIV QEXIVMEPWVERKMRK JVSQGIQIRX XSWYKEV
QEHISJJMFVSYWQEXIVMEP8LMWTEVXSJXLIGSGSRYXGEPPIHXLI 7XVSRKMRXIRWMSR8EFPI
NYXIJMFIVGEREPWSFIYWIHMR
LYWOGSRWMWXW SJ E LEVH WOMR ERH E PEVKI EQSYRX SJ JMFIVW E GIQIRX QEXVM\ 8LI TVSGIWW SJ SFXEMRMRK NYXI JMFIVW MW
IQFIHHIH MR E WSJX QEXIVMEP 8LI JMFIVW GER FI I\XVEGXIH ZIV]WMQTPI1EXYVITPERXWEVIGYXERHWSEOIHMR[EXIVJSV
WMQTP]F]WSEOMRKXLILYWOMR[EXIVXSHIGSQTSWIXLIWSJX EFSYX [IIOW [LMGL GSQTPIXIP] HIGSQTSWIW XLI FEVO
QEXIVMEPWYVVSYRHMRKXLIJMFIVW8LMWTVSGIWWGEPPIHVIXXMRK 8LI JMFIVW XLYW I\TSWIH EVI XLIR WXVMTTIH JVSQ XLI WXIQ
MW[MHIP]YWIHMRXLIPIWWHIZIPSTIHGSYRXVMIW%PXIVREXMZIP] [EWLIHERHHVMIH
E QIGLERMGEP TVSGIWW ?A GER FI YWIH XS WITEVEXI XLI
JMFIVW 'SGSRYX GYPXMZEXMSR MW VIWXVMGXIH XS XLI XVSTMGEP J *PE\*PE\MWEWPIRHIVERHIVIGXTPERXKVS[RQEMRP]JSV
VIKMSRWSJ%JVMGE%WMEERH'IRXVEP%QIVMGE MXWJMFIV&SXLXLIXIRWMPIWXVIRKXLERHXLIQSHYPYWSJIPEW
XMGMX]SJJPE\EVII\XVIQIP]LMKL?AGSQTEVIHXSXLSWISJ
F 7MWEPJMFIV-R%YWXVEPMEWMWEPJMFIVWLEZIFIIRWYGGIWW
SXLIVREXYVEPJMFIVWEWQE]FIWIIRJVSQ8EFPI
JYPP]YWIHJSVQEOMRKK]TWYQTPEWXIVWLIIXW?A%GSRWMH
IVEFPIEQSYRXSJVIWIEVGLLEWFIIRGEVVMIHSYXMR7[IHIRJSV K 3XLIVZIKIXEFPIJMFIVW3JXLIZEVMSYWZIKIXEFPIJMFIVW
HIZIPSTMRKKSSHUYEPMX]GSRGVIXITVSHYGXWVIMRJSVGIH[MXL SRP]EJI[LEZIFIIRJSYRHXSFITSXIRXMEPP]WYMXEFPIEWVIMR
WMWEPJMFIVW?A8LIWIJMFIVWEVIWXVSRKIVXLERQSWXSJXLI JSVGMRK QEXIVMEPW 8LI QIGLERMGEP TVSTIVXMIW SJ XLI QSVI
SXLIVREXYVEPJMFIVWEWGERFIWIIRJVSQ8EFPI TVSQMWMRK JMFIVW REQIP] IPITLERX KVEWW [EXIV VIIH TPER
G 7YKEV GERIFEKEWWIJMFIV 7YKEVGERI MW GYPXMZEXIH MR XEMR ERH QYWEQFE EVI PMWXIH MR 8EFPI -RZIWXMKEXMSRW
FSXLXVSTMGEPERHWYFXVSTMGEPVIKMSRW7YKEVGERIFEKEWWIMW LEZIEPWSFIIRGEVVMIHSYXXSI\TPSVIXLITSWWMFMPMX]SJYWMRK
XLI VIWMHYI VIQEMRMRK EJXIV XLI I\XVEGXMSR SJ XLI NYMGI ERH SXLIVREXYVEPJMFIVWWYGLEWTEPQJMFIVERHEO[EVEJMFIVEW
GSRXEMRW EFSYX TIVGIRX JMFIV ERH TIVGIRX TMXL [MXL VIMRJSVGMRK QEXIVMEPW JSV GSRGVIXI ?A 8LIWI JMFIVW EVI
QSMWXYVI ERH WSPYFPI WSPMHW GSRWXMXYXMRK XLI VIQEMRMRK YWYEPP]VIQSZIHQERYEPP]JVSQXLIWXIQSJXLITPERX
TIVGIRX-RSVHIVXSSFXEMRKSSHUYEPMX]JMFIVWXLITMXLERH 1IGLERMGEP TVSTIVXMIW SJ TVSGIWWIH REXYVEP
SXLIVWSPMHWEVIVIQSZIHJVSQXLIJMFIVW8LITVSTIVXMIWSJ JMFIVW{4VSGIWWMRKSJTPERXQEXIVMEPWXSI\XVEGXXLIJMFIVWMW
FEKEWWIJMFIVWHITIRHXSEZIV]PEVKII\XIRXSRXLIZEVMIX] VIJIVVIHXSEWTYPTMRKERHXLITVMRGMTEPTPERXQEXIVMEPWYWIH
6 %'-'311-88))6)4368
8EFPI{1IGLERMGEPTVSTIVXMIWSJWIZIVEPX]TIWSJJMFIVW
%ZIVEKIHMEQIXIV %FWSVTXMSREJXIV %ZIVEKIJMFIV %ZIVEKIXIRWMPI %ZIVEKIFSRHMRK %ZIVEKI
8]TISJJMFIV MR %ZIVEKIPIRKXLMR LVTIVGIRX HIRWMX]7+
WXVIRKXLTWM WXVIRKXLTWM IPSRKEXMSRTIVGIRX
&EKEWWI 2%
'SGSRYX
.YXI 2%
1EKYI] 2% 2%
0IGLYKYMPPE 2% 2%
&ERERE
+YERI]TEPQ
&EQFSS :EVMEFPI :EVMEFPI
2SXI2%!2SXEZEMPEFPI
1IXVMGIUYMZEPIRXWMR!QQTWM!14E
*MK{%WGLIQEXMGVITVIWIRXEXMSRSJXLIWYFWXVYGXYVISJEXVII
8EFPI{1M\TVSTSVXMSRWJSV[IXQM\ERHHV] 8EFPI{*EGXSVWEJJIGXMRKTVSTIVXMIWSJREXYVEP
GSQTEGXIHQM\ JMFIVVIMRJSVGIHGSRGVIXIW
-RKVIHMIRX ;IXQM\ (V]GSQTEGXIHQM\ *EGXSVW :EVMEFPIW
8EFPI{)JJIGXSJJMFIVPIRKXLERHZSPYQIJVEGXMSRSRWXVIRKXLTEVEQIXIVWSJNYXIJMFIVVIMRJSVGIH
GIQIRXGSQTSWMXIW
'SQTVIWWMZI
1M\VEXMS *MFIVZSPYQI 'SQTVIWWMZI 8IRWMPIWXVIRKXL 1SHYPYWSJ *PI\YVEP =SYRKvW 8IRWMPI=SYRKvW
GIQIRXWERH JVEGXMSRTIVGIRX *MFIVPIRKXLMR WXVIRKXLTWM TWM VYTXYVITWM XSYKLRIWWMRPF QSHYPYWOWM QSHYPYWOWM
{
{
{
1IXVMGIUYMZEPIRXWMR!QQOWM!TWM!14EMRPF!2Q
8EFPI{'SQTEVMWSRSJXLITL]WMGEPTVSTIVXMIW
SJGSGSRYXJMFIVVIMRJSVGIHVSSJMRKWLIIXW[MXL
XLSWISJEWFIWXSWVSSJMRKWLIIXW
'SGSRYXJMFIV
VIMRJSVGIH %WFIWXSWVSSJMRK
'LEVEGXIVMWXMGWERHTVSTIVXMIW VSSJMRKWLIIXW WLIIXW
4MXGLSJGSVVYKEXMSRMR
(ITXLSJGSVVYKEXMSRMR
0IRKXLSJWLIIXWMR
;MHXLSJWLIIXWMR
;IMKLXPFJX
&VIEOMRKPSEHJSVEWTERSJMR {
PFJX
&VIEOMRKPSEHEXEWTERSJMR
PFJX
8LIVQEPGSRHYGXMZMX]OGEPQQQ
;EXIVTIVQIEFMPMX]XLVSYKL EPQSWXRMP {
JMRMWLIHWYVJEGIMRLSYVW
%GMHVIWMWXERGIEWTIV-7
OWM
1IXVMGIUYMZEPIRXWMR!QQPFJX!OKQPFJX!2QOWM
!14E
{4VSGIWWIHREXYVEPJMFIVVIMRJSVGIHGSRGVIXI
4VSHYGXMSR QIXLSHW{8LI WPYVV]HI[EXIVMRK XIGL
RMUYI MW GSQQSRP] YWIH JSV XLI TVSHYGXMSR SJ TVSGIWWIH
JMFIVVIMRJSVGIHGIQIRXWERHGSRGVIXIW-RXLMWQIXLSHXLI
JMFVSYWGIQIRXTVSHYGXMWJSVQIHJVSQEHMPYXIWPYVV]EFSYX
TIVGIRX WSPMHW
SJ JMFIVGIQIRX SV JMFIVQSVXEV 8LI
I\GIWW[EXIVMWVIQSZIHJVSQXLIWPYVV]XLVSYKLXLIETTPMGE
*MK {*PI\YVEP WXVIRKXL ERH XSYKLRIWW ZIVWYW JMFIV XMSRSJZEGYYQHI[EXIVMRKERHTVIWWYVI?A8LITVSHYGX
[IMKLX JVEGXMSR JSV GIQIRXW ERH QSVXEVW VIMRJSVGIH [MXL
[SSHJMFIV/VEJXTYPT
MWXLIRGYVIHMREMVSVMREREYXSGPEZIXSHIZIPSTMXWWXVIRKXL
ERH SXLIV QIGLERMGEP TVSTIVXMIW -RHYWXVMEP TVSHYGXMSR SJ
XLMW GSQTSWMXI RS[ SGGYVW MR )YVSTI %YWXVEPME 2SVXL
EHHMXMSR SJ WMPMGE JYQI VIEGXW [MXL PMQI ERH GSRWMHIVEFP] %QIVMGE7SYXL%QIVMGE%WMEERH7SYXL%JVMGEYWMRKOVEJX
VIHYGIWXLIEPOEPMRMX]SJXLITSVI[EXIV [SSHJMFIVW[MXLKSSHVIWYPXW
G-QTVSZIHHYVEFMPMX]GERFIEGLMIZIHF]GSEXMRKXLIJMFIV ,ERHQIXLSHWGEREPWSFIYWIHF]QIXLSHWWMQMPEVXSXLEX
[MXLWYMXEFPIGLIQMGEPWWYGLEWJSVQMGERHWXIEVMGEGMH YWIH MR XLI QERYJEGXYVI SJ WMWEPK]TWYQ TPEWXIV GSQTSWMXIW
4PEGMRKERHJMRMWLMRK{8LITPEGMRKERHJMRMWLMRK ?A-RXLMWGEWIXLIJMFIVMWVSPPIHF]LERHMRXSEWPYVV]SJ
SJ XLI YRTVSGIWWIH REXYVEP JMFIV VIMRJSVGIH GSRGVIXI MW GIQIRXERHJMRIWERHERHGSQTEGXIHF]VSPPMRK[MXLEXSSXLIH
HITIRHIRXSRXLIQIXLSHSJQM\MRKYWIH[IXQM\SVHV] VSPPIV'PIEVP]XLMWQIXLSHMWWPS[ERHPEFSVMRXIRWMZIERHMWRSX
GSQTEGXIHQM\
4PEGMRKSJXLI[IXQM\QE]FIEGLMIZIHF] YWIHMRGSYRXVMIW[LIVIPEFSVMWMRWLSVXWYTTP]ERHI\TIRWMZI
YWMRKGSRZIRXMSREPIUYMTQIRX-RXIVREPSVI\XIVREPZMFVEXSVW 8LMWQIXLSHMWRSXETTVSTVMEXIJSVQERYJEGXYVISJOVEJX[SSH
WLSYPHFIYWIH3XLIVTVSTIVXMIWWYGLEW[SVOEFMPMX]GERFI TYPTVIMRJSVGIHFSEVHWWMRGIXLIJMFIVWEVIRSXPSRKIRSYKL
QIEWYVIHF]XLIWPYQTXIWXSVXLI/WPYQTXIWXIVEWTIVXLI 4VSTIVXMIWSJXLILEVHIRIHTVSGIWWIHREXYVEPJMFIV
%781 VIGSQQIRHIH 4IRIXVEXMSR 8IWX %MV GSRXIRX MR XLI VIMRJSVGIHGSRGVIXIW{8LITIVJSVQERGISJ42*6'WMRFSXL
QM\GERFIQIEWYVIHYWMRK%781'SV' XLI WLSVX ERH PSRK XIVQ HITIRHW SR XLI QIXLSHW YWIH JSV
*SVTPEGMRKXLIHV]GSQTEGXIHQM\XLIVIMWERIIHJSVE XLIMVGYVMRKERHXLIMVQM\TVSTSVXMSRW8LIQM\TVSTSVXMSRW
WTIGMEPX]TISJJSVQ[SVOWMRGIXLIQM\MWHV]ERHLEWXSFI YWIHJSVGSQQIVGMEPTVSHYGXWEVIRSXVIEHMP]EZEMPEFPI
GSQTEGXIH[MXLWSQITVIWWYVI[MXLMRXLIJSVQ[SVO3RGI *MKYVIW E ERH F WLS[ X]TMGEP IJJIGXWSJ OVEJX TYPT
XLIHV]QM\MWTPEGIHMRWMHIXLIJSVQ[SVOMXMWWYFNIGXIHXS JMFIV[IMKLXJVEGXMSRSRXLIJPI\YVEPWXVIRKXLERHXSYKLRIWW
EGSRJMRMRKTVIWWYVISJEFSYXXSTWMXS14E
EVIE YRHIVRIEXL XLI JPI\YVEP PSEHHIJPIGXMSR GYVZI
SJ
8LMWGSRJMRMRKTVIWWYVIMWETTPMIHJSVETIVMSHSJEFSYXLSYVW GIQIRXMXMSYW QEXIVMEPW [MXL HMJJIVIRX QM\ TVSTSVXMSRW XLEX
'EVI WLSYPH FI XEOIR RSX XS ETTP] E PEVKIV TVIWWYVI XLER LEZI FIIR GYVIH MR HMJJIVIRX GSRHMXMSRW 8LI VIWYPXW EPP
6 %'-'311-88))6)4368
SFXEMRIHEXTIVGIRX6,
EVIMRHMGEXMZISJMQTVSZIQIRXW
MRJPI\YVEPTIVJSVQERGISJGIQIRXMXMSYWQEXIVMEPWVIWYPXMRK
JVSQOVEJXTYPTJMFIVVIMRJSVGIQIRX
-RXLIGEWISJWPYVV]HI[EXIVIH[SSHJMFIVVIMRJSVGIHGIQIRX
MX LEW FIIR VITSVXIH ?A XLEX XLI HIRWMX] SJ XLI GSQTSWMXI
HIGVIEWIW ERH MXW [EXIV EFWSVTXMSR GETEGMX] MRGVIEWIW [MXL
MRGVIEWMRKJMFIVGSRXIRX8LISZIVEPPHIRWMX]SJXLIGSQTSWMXI
VIJPIGXWXLIGLERKMRKTVSTSVXMSRWSJXLIGSRWXMXYIRXJMFIVERHXLI
QEXVM\8LIZSMHZSPYQISJXLIGSQTSWMXIEPWSMRGVIEWIWFYXMR
ERSRPMRIEVJEWLMSREWXLIJMFIVGSRXIRXMRGVIEWIW8LIEQSYRX
SJ[EXIVEFWSVFIHF][SSHJMFIVVIMRJSVGIHGIQIRXHITIRHWSR
XLIHIRWMX]SJXLIGSQTSWMXI*MK?A
%WJEVEWXLIPSRKXIVQHYVEFMPMX]SJ[SSHJMFIVVIMRJSVGIH *MK {)JJIGXW SJ QSMWXYVI GSRXIRX SR JPI\YVEP WXVIRKXL
GIQIRXGSQTSWMXIWMWGSRGIVRIHMXWLSYPHFIRSXIHXLEXOVEJX ERHXSYKLRIWWSJ[SSHVIMRJSVGIHGIQIRXEXHMJJIVIRXJMFIV
TYPTWLEZIVIPEXMZIP]PS[PMKRMRGSRXIRXW2SXMRKXLIWYWGIT GSRXIRXW
XMFMPMX]SJPMKRMRXSEPOEPMRIEXXEGOOVEJXTYPTWTSWWIWWFIXXIV
HYVEFMPMX]GLEVEGXIVMWXMGWXLERQIGLERMGEP[SSHJMFIVWMRXLI
{4VEGXMGEPETTPMGEXMSRW
LMKLP]EPOEPMRIGIQIRXMXMSYWIRZMVSRQIRX?A
-R %JVMGE WMWEP JMFIV VIMRJSVGIH GSRGVIXI LEW FIIR YWIH
7XYHMIWSRTVSGIWWIHREXYVEPJMFIVVIMRJSVGIHGIQIRXLEZI I\XIRWMZIP]JSVQEOMRKVSSJXMPIWGSVVYKEXIHWLIIXWTMTIW
WLS[RXLEXMRGVIEWIMRQSMWXYVIGSRXIRXXIRHWXSHIGVIEWIXLI WMPSWERHKEWERH[EXIVXEROW?A)PITLERXKVEWWJMFIV
JPI\YVEPWXVIRKXLERHMRGVIEWIXLIJPI\YVEPXSYKLRIWWSJXLI VIMRJSVGIH QSVXEV ERH GIQIRX WLIIXW EVI FIMRK YWIH MR
GSQTSWMXIW *MKYVIW E ERH F GSQTEVI XLI JPI\YVEP >EQFMEJSVPS[GSWXLSYWIGSRWXVYGXMSR?A[LMPI[SSH
WXVIRKXLERHXSYKLRIWWZEPYIWVIWTIGXMZIP]SJWPYVV]HI[E ERHWMWEPJMFIVWEVIFIMRKYWIHJSVQEOMRKGIQIRXGSQTSWMXI
XIVIH OVEJX TYPT VIMRJSVGIH GIQIRX [MXL HMJJIVIRX JMFIV TERIPPMRMRKIEZIWWSJJMXWERHJSVWSYRHERHJMVIMRWYPEXMSR
GSRXIRXWXIWXIHMR[IXSVSZIRHVMIHGSRHMXMSRWSVMRERIRZM /VEJX TYPT JMFIV VIMRJSVGIH GIQIRX LEW JSYRH QENSV
VSRQIRX SJ TIVGIRX 6, -RGVIEWI MR QSMWXYVI GSRXIRX GSQQIVGMEP ETTPMGEXMSRW MR XLI QERYJEGXYVI SJ JPEX ERH
WIIQW XS [IEOIR XLI FSRHMRK SJ QEXVM\ XS JMFIVW XLYW GSVVYKEXIHWLIIXRSRTVIWWYVITMTIWGEFPITMXERHSYXHSSV
IRGSYVEKMRKJMFIVTYPPSYXVEXLIVXLERVYTXYVIEXGVEGOW8LI JMFIV VIMRJSVGIH GIQIRX TEWXI SV QSVXEV TVSHYGXW JSV
[IEOIRIH FSRH VIHYGIW JPI\YVEP WXVIRKXL [LMPI XLI JVMG KEVHIRMRK ? A 8LI HYVEFMPMX] SJ XLIWI
XMSREPIRIVK]GSRWYQIHHYVMRKTYPPSYXXIRHWXSMRGVIEWIXLI TVSHYGXW MR SYXHSSV I\TSWYVI LEW FIIR HIQSRWXVEXIH [MXL
JVEGXYVIXSYKLRIWWSJXLIGSQTSWMXI?A RIEVP]]IEVWSJGSQQIVGMEPYWISJXLIWIQEXIVMEPW
*YVXLIVHIXEMPWSRXLITIVJSVQERGISJEMVGYVIHGSQTSWMXIW
EVI KMZIR MR 6IJIVIRGIW ERH %YXSGPEZIGYVIH {7YQQEV]
GSQTSWMXIWEVI HIEPX [MXL MR HIXEMP MR 6IJIVIRGI8LI 2EXYVEPP]EZEMPEFPIVIMRJSVGMRKQEXIVMEPWGERFIYWIHIJJIG
PSRKXIVQ TIVJSVQERGI SJ FSXL EYXSGPEZIHGYVIH ERH EMV XMZIP]EWVIMRJSVGIQIRXMRTSVXPERHGIQIRXGSRGVIXI2EXYVEP
GYVIHTVSGIWWIHREXYVEPJMFIVGIQIRXWMWKMZIRMR6IJIVIRGIW JMFIVVIMRJSVGIHGSRGVIXIMWWYMXEFPIJSVPS[GSWXGSRWXVYGXMSR
XS [LMGLMWZIV]HIWMVEFPIJSVHIZIPSTMRKGSYRXVMIW-XMWMQTSV
*-&)66)-2*36')('32'6)8) 6
XERX JSV VIWIEVGLIVW HIWMKR IRKMRIIVW ERH XLI GSRWXVYGXMSR 'SYXXW 6 7 4 w*PE\ *MFIVW EW E 6IMRJSVGIQIRX MR 'IQIRX
MRHYWXV]XSZMKSVSYWP]TYVWYIXLIYWISJPSGEPQEXIVMEPW*SV 1SVXEVWx-RX.'IQIRX'SQTSWMXIWERH0MKLX[IMKLX'SRGVIXI:SP2S
TT
IGSRSQMGEP IRKMRIIVMRK WSPYXMSRW XS E ZEVMIX] SJ TVSFPIQW 9^SQEOE3.w'LEVEGXIVMWXMGWSJ%O[EVEEW6IMRJSVGMRK*MFIVx
REXYVEPJMFIVVIMRJSVGIHGSRGVIXISJJIVWEZMEFPIEPXIVREXMZIXLEX 1EKE^MRISJ'SRGVIXI6IWIEVGL:SP2STT
RIIHWXSFIJYPP]MRZIWXMKEXIHERHI\TPSMXIH 0I[MW+ERH1MVMLEKEPME4w2EXYVEP:IKIXEFPI*MFIVWEW6IMR
;SSHJMFIVWHIVMZIHJVSQXLI/VEJXTVSGIWWTSWWIWWLMKLP] JSVGIQIRX MR 'IQIRX 7LIIXWx 1EKE^MRI SJ 'SRGVIXI 6IWIEVGL :SP
2STT
HIWMVEFPITIVJSVQERGIXSGSWXVEXMSWERHLEZIFIIRWYGGIWW
6SFPIW%YWXVMEGS 4EQE 6 4 ERH :EPPW . w6IMRJSVGMRK [MXL
JYPP]WYFWXMXYXIHJSVEWFIWXSWMRXLITVSHYGXMSRSJXLMRWLIIX 3VKERMG 1EXIVMEPWx'SRGVIXI -RXIVREXMSREP %QIVMGER 'SRGVIXI -RWXMXYXI
GIQIRXTVSHYGXWWYGLEWJPEXERHGSVVYKEXIHTERIPWERHRSR :SP2STT
TVIWWYVITMTIW ;IIVEWMRKLI%07(w*YRHEQIRXEP7XYH]SRXLI9WISJ'SMV
*MFIV&SEVHEWE6SSJMRK1EXIVMEPx1)RK8LIWMW8LI%WMER-RWXMXYXISJ
8IGLRSPSK]&ERKOSO
{6IWIEVGLRIIHW 0I[MW+ERH1MVMLEKEPME4w%0S['SWX6SSJMRK1EXIVMEPJSV
8LIHYVEFMPMX]ERHTIVJSVQERGISJTVSGIWWIHREXYVEPJMFIV (IZIPSTMRK 'SYRXVMIWx &YMPHMRK ERH )RZMVSRQIRX :SP 2S
VIMRJSVGIHGIQIRXMWHSGYQIRXIHFIXXIVXLER*6'QEHI[MXL TT
YRTVSGIWWIHJMFIVW;LMPIXLIWXVIRKXLERHIPEWXMGQSHYPYW 7[MJX 4 + ERH 7QMXL 6 & 0 w7MWEP'IQIRX 'SQTSWMXIW EW
SJGIQIRXTVSHYGXWVIMRJSVGIH[MXLTVSGIWWIHREXYVEPJMFIVW 0S['SWX'SRWXVYGXMSR1EXIVMEPWx%TTVSTVMEXI8IGLRSPSK]0SRHSR:SP
2STT
IKOVEJXTYPT
WIIQXSEGXYEPP]MRGVIEWIYTSR[IEXLIVMRK
)ZIVIXX % 1EXIVMEPW &EXWJSVH 8IGLRMGEP 4YFPMGEXMSRW 0SRHSR
QSVIVIWIEVGLMWRIIHIHVIKEVHMRKXLITSXIRXMEPJSVIQFVMX TT
XPIQIRXYRHIVI\TSWYVIXSWSQIEKKVIWWMZIIRZMVSRQIRXW w2I[{% ;SSH*MFIV 'IQIRX &YMPHMRK &SEVHx %YWXVEPME 2I[W
8LI HYVEFMPMX] ERH QSMWXYVIWIRWMXMZMX] SJ YRTVSGIWWIH '7-63-RHYWXVMEP2I['SYRGMPSJ7GMIRXMJMGERH-RHYWXVMEP6IWIEVGL
REXYVEPJMFIVWEVIEQSRKXLIGVMXMGEPEWTIGXWSJXLIWIGSQTSW 'SYXXW 6 7 4 ERH 6MHMOSW : w6IJMRIH ;SSH *MFIV'IQIRX
4VSHYGXWx%44-8% :SP2STT
MXIWXLEXRIIHXSFIJYVXLIVMRZIWXMKEXIH6IWIEVGLMWRIIHIH 7YFVELQER]EQ & : w&EQFSS 6IMRJSVGIQIRX JSV 'IQIRX
XSJYPP]YRHIVWXERHXLIQIGLERMWQWF][LMGLQSMWXYVIERH 1EXVMGIWx 2I[ 6IMRJSVGIH 'SRGVIXIW IHMXIH F] 6 2 7[EQ] 7YVVI]
EKKVIWWMZIIRZMVSRQIRXWGLERKIXLIJEMPYVIQIGLERMWQWERH 9RMZIVWMX]4VIWW9/TT
XLYW EJJIGX XLI WXVIRKXL ERH XSYKLRIWW GLEVEGXIVMWXMGW SJ 2EVE]ERE7/ERH6ILQER41%w&EQFSS'SRGVIXI'SQTSWMXI
'SRWXVYGXMSRx.-RWXSJ)RKMRIIVW-RHME:TT
REXYVEPJMFIVVIMRJSVGIHGSQTSWMXIW4SXIRXMEPWJSVXLIVIJMRI
=SYWWIJ1%6w&EQFSSEWE7YFWXMXYXIJSV7XIIP6IMRJSVGIQIRX
QIRXSJGIQIRXMXMSYWQEXVMGIWMRGIPPYPSWIGIQIRXGSQTSW MR7XVYGXYVEP'SRGVIXIx2I[,SVM^SRWMR'SRWXVYGXMSR1EXIVMEPWIHMXIH
MXIW XS MQTVSZI XLI HYVEFMPMX] GLEVEGXIVMWXMGW EPWS RIIH F],=*ERK)RZS4YFPMWLMRK'S0ILMKL:EPPI]TT
JYVXLIVMRZIWXMKEXMSR8LIWIVIJMRIQIRXWQE]FIGSRGIVRIH w8LI9WISJ&EQFSSERH6IIHWMR&YMPHMRK'SRWXVYGXMSRx4YFPM
[MXLVIHYGMRKXLIEPOEPMRMX]ERHTIVQIEFMPMX]SJXLIQEXVM\ GEXMSR2S7X7S(ITEVXQIRXSJ)GSRSQMGERH7SGMEP%JJEMVW9RMXIH
2EXMSRW2I[=SVO
1YVXL] (/ERH(IWLTERHI':w7SQI2I[ 8IGLRMUYIWXS
{'MXIHVIJIVIRGIW -QTVSZIXLI7XVYGXYVEP&ILEZMSVSJ&EQFSS6IMRJSVGIH'SRGVIXIJSV0S[
7LEL7 4w*MFIV6IMRJSVGIH'SRGVIXIWx ,ERHFSSOSJ7XVYGXYVEP 'SWX 6YVEP ,SYWMRKx 4VSG 2EXMSREP 7IQMREV SR 1EXIVMEP 7GMIRGI ERH
'SRGVIXI IHMXIH F] * / /SRK 6 , )ZERW ) 'SLIR ERH * 6SPP 8IGLRSPSK]1EHVEW-RHMETT
1G+VE[,MPP9/ 'S\ * & ERH +I]QE]IV , + w)\TIHMIRX 6IMRJSVGIQIRX SJ
7LEL74ERH&EXWSR+&*MFIV6IMRJSVGIH'SRGVIXI{4VSTIV 'SRGVIXI JSV 9WI MR 7SYXL)EWX %WME 6ITSVX -{4VIPMQMREV] 8IWX SJ
XMIWERH%TTPMGEXMSRW74%QIVMGER'SRGVIXI-RWXMXYXI(IXVSMX &EQFSSx 8IGLRMGEP 6ITSVX 2S ' 97 %VQ] 'SVT SJ )RKMRIIVW
'EWXVS . ERH 2EEQER % ) w'IQIRX 1SVXEV 6IMRJSVGIH [MXL
2EXYVEP *MFIVWx %'- .3962%0 4VSGIIHMRKW :SP 2S .ER*IF
4YVYWLSXLEQ % w9XMPM^EXMSR SJ &EQFSSx . 8MQFIV ERH (V]
TT
4VIWIVZEXMZIW%WWSGMEXMSRSJ-RHME:SPTT
%'- 'SQQMXXII *MFIV 6IMRJSVGIH'SRGVIXI 74 %QIVMGER
,EWW%14VIGEWX'SRGVIXI(IWMKRERH%TTPMGEXMSRW%TTPMIH
'SRGVIXI-RWXMXYXI(IXVSMX
7GMIRGI4YFPMWLIVW0SRHSRTT
%^M^ 1 % 4EVEQEW[MZEQ 4 ERH 0II 7 0 w'SRGVIXI 6IMR
+PIRR , ) w&EQFSS 6IMRJSVGIQIRX MR 4SVXPERH 'IQIRX
JSVGIH [MXL 2EXYVEP *MFIVWx 2I[ 6IMRJSVGIH 'SRGVIXIW IHMXIH F] 6 2
'SRGVIXIx&YPPIXMR2S'PIQWSR%KVMGYPXYVEP'SPPIKI'PIQWSR
7[EQ]7YVVI]9RMZIVWMX]4VIWW9/
%^M^1%4EVEQEWMZEQ4ERH0II70w4VSWTIGXWSJ2EXYVEP +SPHJIMR 7 w*MFVSYW 6IMRJSVGIQIRX JSV 4SVXPERH 'IQIRXx
*MFIV 6IMRJSVGIH 'SRGVIXIW MR 'SRWXVYGXMSRx -RX . 'IQIRX 'SQTSWMXIW 1SHIVR4PEWXMGW:SP2STT
ERH0MKLX[IMKLX'SRGVIXI:SP2STT 'SYXXW674w7XMGOWERH7XSRIWx*SVIWX4VSHYGXW2I[W0IXXIV
1ERWYV 1 % w.YXI *MFIV 6IMRJSVGIH 'SQTSWMXI&YMPHMRK 1EXI '7-63 (MZMWMSR SJ 'LIQMGEP ERH ;SSH 8IGLRSPSK] %YWXVEPME
:SP
VMEPWx4VSGRH%YWXVEPMER'SRJ)RK1EXIVMEPW9RMZIVWMX]SJ2I[7SYXL 2S.ERTT
;EPIWTT 7YWGLPERH 3 ERH;SSHWSR +)w*MFIV&SEVH 1ERYJEGXYVMRK
4EVEQEWMZER 4 2EXLER + / ERH (EW +YTXE 2 ' w'SGSRYX 4VEGXMGIWMR XLI9RMXIH7XEXIWx9RMXIH7XEXIW(ITXSJ%KVMGYPXYVI*SVIWX
*MFIV6IMRJSVGIH'SVVYKEXIH7PEFWx-RX.'IQIRX'SQTSWMXIWERH0MKLX 7IVZMGI%KVMGYPXYVI,ERHFSSO2STT
[IMKLX'SRGVIXI:SP2STT 'SYXXW 6 7 4 ERH 1MGLIPP % 7 w;SSH 4YPT *MFIV 'IQIRX
+VEQ , ) ERH 7OEVIRHELP % w% 7MWEP 6IMRJSVGIH 'SRGVIXI 'SQTSWMXIWx .SYVREP SJ %TTPMIH 4SP]QIV 7GMIRGI %TTPMIH 4SP]QIV
7XYH] 2S 1EXIVMEPx 6ITSVX 2S 7[IHMWL 'IQIRX ERH 'SRGVIXI 7]QTSWMYQ.SLR;MPI]ERH7SRW-RGTT
6IWIEVGL-RWXMXYXI7XSGOLSPQTT 'SYXXW674w%MV'YVIH4YPT*MFIV'IQIRX1SVXEVWx'SQTSW
6EGMRIW4+ERH4EQE64w%7XYH]SJ&EKEWWI*MFIV'IQIRX MXIW:SP2S7ITXTT
'SQTSWMXI EW 0S['SWX 'SRWXVYGXMSR 1EXIVMEPWx 4VSG -RX 'SRJ 1EXI 'SYXXW 6 7 4 w%YXSGPEZIH &IEXIR ;SSH *MFIV 6IMRJSVGIH
VMEPWJSV(IZIPSTMRK'SYRXVMIW&ERKOSOTT 'IQIRX'SQTSWMXIWx'SQTSWMXIW:SP2S%TVTT
4EOSXMTVETLE & 4EQE 6 4 ERH 0II 7 0 w&ILEZMSYV SJ 4IHIVWSR 2 w'SQQIVGMEP (IZIPSTQIRX SJ %PXIVREXMZIW XS
&EQFSS*MFIV'IQIRX4EWXI'SQTSWMXIWx.*IVVSGIQIRX:SP2S %WFIWXSW 7LIIX 4VSHYGXW &EWIH SR 7LSVX *MFIVWx *MFVSYW 'SRGVIXI
TT 4VSGIIHMRKWSJXLI7]QTSWMYQSR*MFVSYW'SRGVIXIMR0SRHSR%TV
'EQTFIPP 1 ( ERH 'SYXXW 6 7 4 w;SSH *MFIV6IMRJSVGIH 8LI 'SRGVIXI 7SGMIX] 'SRGVIXI -RXIVREXMSREP 8LI 'SRWXVYGXMSR
'IQIRX'SQTSWMXIWx.1EXIVMEP7GMIRGITT 4VIWW0ERGEWXIV0SRHSRERH2I[=SVOTT
6 %'-'311-88))6)4368
'7-63 w2I[{% ;SSH *MFIV 'IQIRX &YMPHMRK &SEVHx '7-63 &IRXYV%ERH%OIVW7%7w8LI1MGVSWXVYGXYVIERH%KIMRKSJ
-RHYWXVMEP6IWIEVGL2I[W%YWXVEPME1E] 'IPPYPSWI*MFVI6IMRJSVGIH'IQIRX'SQTSWMXIW'YVIHMRE2SVQEP)RZM
+VEQ , ) w(YVEFMPMX] 7XYH] SJ 2EXYVEP 3VKERMG *MFVIW MR VSRQIRXx -RXIVREXMSREP .SYVREP SJ 'IQIRX 'SQTSWMXIW ERH 0MKLX[IMKLX
'SRGVIXI1SVXEVSV'IQIRXx6-0)17]QTSWMYQ*6'(IZIPSTQIRXW 'SRGVIXI:SP2STT
MR*MFVI6IMRJSVGIH'IQIRXERH'SRGVIXI4ETIV
&IRXYV % %OIVW 7 % 7 w8LI 1MGVSWXVYGXYVI ERH %KIMRK SJ
7LEVQER ; 6 ERH :EYXMIV & 4 w(YVEFMPMX] 7XYHMIW SJ ;SSH
'IPPYPSWI*MFVI6IMRJSVGIH%YXSGPEZIH'IQIRX'SQTSWMXIWx-RXIVREXMSREP
*MFVI6IMRJSVGIH 'IQIRX7LIIXx6-0)17]QTSWMYQ*6' (IZIPST
.SYVREPSJ'IQIRX'SQTSWMXIWERH0MKLX[IMKLX 'SRGVIXI :SP2S
QIRXWMR*MFVI6IMRJSVGIH'IQIRXERH'SRGVIXI4ETIV
TT
'SYXXW674 w*MFVI1EXVM\-RXIVJEGIMR%MV'YVIH ;SSH4YPT
*MFVI'IQIRX 'SQTSWMXIWx .SYVREP SJ 1EXIVMEPW 7GMIRGI 0IXXIVW :SP %OIVW 7 %7'VE[JSVH( 7GLYPXIW / ERH +IVRIOE( %
TT w1MGVSQIGLERMGEP7XYHMIWSJ*VIWLERH;IEXLIVIH*MFVI'IQIRX'SQTSW
'SYXXW 6 7 4 w)YGEP]TXYW ;SSH *MFVI 6IMRJSVGIH 'IQIRXx MXIW4EVX(V]8IWXMRKx-RXIVREXMSREP.SYVREPSJ'IQIRX'SQTSWMXIWERH
.SYVREPSJ1EXIVMEPW7GMIRGI0IXXIVWTT 0MKLX[IMKLX'SRGVIXI:SP2STT
7XYHMROE . & w%WFIWXSW 7YFWXMXYXMSR MR XLI *MFVI 'IQIRX
8EMX6&ERH%OIVW7%7w1MGVSQIGLERMGEP7XYHMIWSJ*VIWL
-RHYWXV]x -RXIVREXMSREP .SYVREP SJ 'IQIRX 'SQTSWMXIW ERH 0MKLX[IMKLX
ERH ;IEXLIVIH *MFVI 'IQIRX 'SQTSWMXIW 4EVX ;IX 8IWXMRKx -RXIVRE
'SRGVIXI:SP2STT
XMSREP.SYVREPSJ'IQIRX'SQTSWMXIWERH0MKLX[IMKLX'SRGVIXI:SP
%OIVW7%7ERH7XYHMROE.&w%KIMRK&ILEZMSYVSJ'IPPY
2STT
PSWI *MFVI 'IQIRX 'SQTSWMXIW MR 2EXYVEP ;IEXLIVMRK ERH %GGIPIVEXIH
8IWXWx -RXIVREXMSREP .SYVREP SJ 'IQIRX 'SQTSWMXIW ERH 0MKLX[IMKLX 'SYXXW674ERH;EVH.:w1MGVSWXVYGXYVISJ;SSH*MFVI4PEWXIV
'SRGVIXI:SP2STT 'SQTSWMXIWx.SYVREPSJ1EXIVMEPW7GMIRGI0IXXIVWTT