You are on page 1of 19

'6)(-87

;VMXMRK(EZMH)PPIRFIVKIV 7LEHS[VYR0MRI(IZIPSTIV.EWSR1,EVH]
'SZIV
-RXIVMSV%VX:MGXSV4ÍVI^'SVFIPPE 7LEHS[VYR)FSSO(IZIPSTIV4IXIV1%RHVI[.V
1ET4EXVMGO7YPPMZER %VX(MVIGXMSR&VIRX)ZERW/EX,EVH]
0E]SYX1EXX,IIVHX
.%'/43-28
'SRRIGXMRKXS.EGO4SMRX:42 """0SKMR<<<<<<<<<<<<<<
-HIRXMX]7TSSJIH """)RXIV4EWWGSHI<<<<<<<<<<<<<<
)RGV]TXMSR/I]W+IRIVEXIH &MSQIXVMG7GER'SRJMVQIH
'SRRIGXIHXS3RMSR6SYXIVW =39v6)-297)-8;)00

>

;IPGSQIFEGOXS.EGO4SMRX31%)
.EGO4SMRX7XEXW
;IPGSQIFEGOXS.EGO4SMRXGLYQQIV]SYVPEWXGSRRIGXMSR
-RXIVEGXMSRVEXI [EWWIZIVIHLSYVWQMRYXIWWIGSRHWEKS
4SWXWTIVLSYV
8SHE]vWGSRXIRXUYEPMX] -RGSQMRK
WMKREPRSMWI  >8LI2IS%REVGLMWXWEVIRvXXLISRP]SRIW[LSKEXLIVMRXVMFIW?8EK:MVXYEP8VMFIWA
0EXIWX2I[W >%PPWXSVMIWLEZIEFIKMRRMRK?8EK%RSXLIV6EMR]2MKLXA
> "4SPMXMGWERH
I\XSVXMSREVIWMQMPEVFYX 8ST2I[W-XIQW
I\XSVXMSRMWQSVILSRIWX
{7PEQQ >4SPMWLEYXLSVMXMIWLEZIPSGEXIH:<RIVZIKEWWXSVIHMREREFERHSRIH
MRHYWXVMEPEVIE;EVWE[VIWMHIRXWEVI[EVRIHXSYXMPM^IEPPTSWWMFPI
4IVWSREP%PIVXW TVIGEYXMSRW0MRO
>=SYLEZIRI[TVMZEXI
QIWWEKIW >
>=SYVMRXIVREP5WGSVIMW RMKLX8LIWTEXSJKERKZMSPIRGIETTIEVWXSLEZIRSVIPEXMSRXSXLIVIGIRX
HS[RTSMRX WIVMEPOMPPMRKW0MRO
>=SYLEZIRI[VIWTSRWIWXS
]SYV.EGO4SMRXTSWXW >
>1W1YPPMKERLEWVIUYIWXIH 0SRI7XEVSYXWMHISJ7LME[EWIvW'LEVPSXXIJEGMPMX]8LIHIXEMRIHTIVWSRRIPPIJX
ERSXLIVPEXIIZIRMRK 7LME[EWIvWTVSTIVX][MXLSYXXLIETTVSTVMEXIPSGEPPMGIRWIW0MRO
ETTSMRXQIRXHS]SY[MWLXS
VIWTSRH#

8LIVIEVI1IQFIVWSRPMRI
ERHMR]SYVEVIE
=SYVGYVVIRXVITWGSVI
 4SWMXMZI

8,)-22)6'-6'0)
>=SYEVIZMWMFPIXS]SYVGPSWIWX
PIZIPWSJGSRXEGXW
>=SYV)]IW3RP]TSWXWLEZI
FIIRZMI[IHXMQIW
> 'YVVIRX8MQI(IG
LSYVW
[IVITIEGIJYPFYXQSWXQIXXLI.ETERIWI[MXLZMSPIRGI8LIWI
7,%(3;7
F] %VIW ERH XLI 'EPMJSVRME 6ERKIVW 8LI VIWMWXERGI UYMGOP]
-28,)*3+ XYVRIH MRXS EPPSYX [EV %VIE TSPMXMGMERW LEZI XVMIH XS WTMR MX
4378)(&=86%:)0)6.32)7
PMOIWSQIXLMRKMX[EWRSXFYXMX[EWE[EVTPEMRERHWMQTPI-X
HIZEWXEXIHXLIEPVIEH]HEQEKIHWTVE[PSJXLIFE]EVIE;LIR
XLI[EVIRHIH[MXLXLIIZMGXMSRSJXLISTTVIWWSVWQSWXSJXLI
,-7836=3* WTVE[P[EWMRWLEQFPIW8LI.ETERIWIQIKEGSVTSVEXMSRW[IVI
7%2*6%2'-7'3 WIIREWLEZMRKXYVRIHEFPMRHI]IXSXLIEXVSGMXMIWEXXLIZIV]
PIEWXERHTIVLETWFIMRK[MPPMRKTEVXMGMTERXWMRXLIHIWXVYGXMSR
/RS[RJSVXLIJSKVSPPMRKMRSJJXLI[EXIVGSSPRMKLXWIZIRMR
%VIWLEZMRKLIPTIHPMFVEXIXLIEVIEGSYPHLEZIWIM^IHGSRXVSP
XLIWYQQIVERHGEFPIGEVW7ER*VERGMWGSMWQYGLQSVIXLER
FYX XLI] HMHRvX [ERX XLI NSF SJ VIFYMPHMRK ERH KSZIVRMRKXLI
NYWXEGMX]F]EFE]7MRGI'EPMJSVRMEFIGEQIMXWS[RGSYRXV]
VIQEMRMRKQIWW
MRERHTVSQTXP]PSWXXIVVMXSV]XSFSXL8ÑV8EMVRKMVIERH
%VIW MRWXIEH TVSTTIH YT RI[ KSZIVRQIRXW MR XLI GMXMIW
%^XPER7ER*VERGMWGSLEW FIGSQI E QSVI MQTSVXERXEJSGEP
ORS[MRKXLEXXLIVI[EW E XVIQIRHSYWEQSYRXSJ[SVOXSFI
TSMRXSJXLIGSYRXV]IWTIGMEPP]SRGI0SW%RKIPIWFIGEQIE
HSRI %W 'EPMJSVRMEvW EPVIEH]WXVETTIH GSJJIVW WEKKIH YRHIV
JVIIGMX];LIRXLI.ETERIWI-QTIVMEP1EVMRIWPERHIHEXXLI
XLI[IMKLXSJVIGSRWXVYGXMSRMXFIGEQIETTEVIRXXLEXXLITPER
%PEQIHE2EZEP%MV7XEXMSR'EPMJSVRMELEMPIHXLIQEWWEZMSVW
;MXL WXVSRK EVQMIW XS XLI RSVXL ERH WSYXL XLI] RIIHIH E [EWRvX KSMRKXS[SVO 'EPMJSVRMEORI[MX GSYPHRvXNYWXHIGPEVI
JVMIRH [MXL QMPMXEV] QMKLX ERH XLI 9'%7 LEH OMGOIH XLIQ XLIEVIEEJVIIGMX]PMOIMXLEH[MXL0SW%RKIPIW8LI4''LEH
SYX [LMPI XLI '%7 [EWRvX MRXIVIWXIH 8LI -QTIVMEP 1EVMRIW XEOIRSZIV0SW%RKIPIWERH[EWQEOMRKMRVSEHWMRXLIGIRXVEP
UYMGOP]WXEVXIHXVERWJSVQMRKXLIGMX]MRXSXLI.ETERIWIMHIEP ZEPPI]-J'EPMJSVRMEGYXXLI&E]%VIEPSSWIXLI'EPMJSVRME*VII
3RXLIWYVJEGIXLMW[IRX[IPPFYXXLIQEWWI\SHYWSJQIXE 7XEXI[SYPHRvXFIQYGLQSVIXLERXLI*VII'MX]SJ7EGVEQIRXS
LYQERMX]XSPHEHMJJIVIRXWXSV]1SWXSJXLIHMWTPEGIHIRHIH 7ER *VERGMWGSvW QE]SV 2MGSPI *IVRERHI^ QEREKIH XS
YT MR 3EOPERH ERH XLI VIWX SJ XLI IEWX FE] 8LI] LIPH XLIMV
TVSXIWXW FYX RS SRI MR 7ER *VERGMWGS GEVIH 0MJI [EW KSSH SJVIGSRWXVYGXMSRSJXLIGMX]F]VIQMRHMRKXLIQXLEXSZIVJSVX]
'VMQI[EWHS[RFYWMRIWW[EWFSSQMRK-RXLIZMI[SJQSWX TIVGIRXSJXLIEVIEvWTSTYPEXMSR[IVIXLIMVIQTPS]IIW
GMXM^IRWMX[EWEWQEPPTVMGIXSTE]XSTVIWIVZIGSVTSVEXIPMJI
ERHJVIIHSQ WYGLEW MXMWYRHIVGSVTHSQMREXMSR JVSQXLI > 'SRZMRGI#2SWLISYXERHSYXFPEGOQEMPIHXLIQ2SSRIORS[W
MRZEHMRKEVQMIWTSMWIHSRXLIFSVHIVW [LEXHMVXWLIYWIHXSKEMRPIZIVEKIFYXWLIXSPHXLIQXLEXXLI]
8LIR XLI MRJEQSYWSVHIVWGEQIXSTYPPXLIXVSSTW SYX EJXIV IMXLIVRIIHIHXSTE]JSVXLIVIFYMPHMRKSVWLI[SYPHI\TSWIXLIMV
JYRHMRKSJ4VSXIGXSVEXI+IRIVEP7EMXSvWVIMKRSJXIVVSV
XLI.ETERIWIEPPSJEWYHHIRWE[XLIVYKFIMRKTYPPIHSYXJVSQ > 7YRWLMRI
YRHIVRIEXLMXMREXMQISJRIIH7ER*VERGMWGSMXWIPJ[EWFEWMGEPP]
YRHEQEKIH F] XLI UYEOIW QYGL SJ XLI [SVOJSVGI IWTIGMEPP] > 'SRZMRGI#&PEGOQEMP#8[SWMHIWSJXLIWEQIGSMR-XEPPHITIRHW
XLSWI MR QIRMEP NSFW GSQQYXIH MR JVSQ XLI QSVI LIEZMP] SR]SYVTSMRXSJZMI[
HEQEKIHIEWXFE]ERHWYVVSYRHMRKVIKMSRW8LIGMX][SRHIVIH > /E]7X-VVIKYPEV
LS[ MX [EW KSMRK XS GSTI [MXL XLI TVSFPIQW JVSQ XLI UYEOI
MRWXIEHSJJSPPS[MRKSVHIVW7EMXSERHEFSYXLEPJSJXLISGGYTEXMSR ,IVTPER[EWXSYWIXLIQSRI]XSVIFYMPHERHI\TERH7ER
JSVGI[IRXVSKYI2SXSRP]HMHXLI]RSXPIEZIFYXXLI]QSZIHXS *VERGMWGS 7LI ORI[ XLEXNYWX VIFYMPHMRK7ER*VERGMWGS[EWRvX
EGUYMVIQSVIXIVVMXSV]-RWXIEHSJXLIVYKSJWYTTSVXFIMRKTYPPIH XLI ERW[IV -J XLI VIWX SJ XLI &E] %VIE [EWRvX VIWXSVIH 7ER
MX FIGEQI E WQSXLIVMRK FPEROIX SJ STTVIWWMSR 7EMXSvW JSVGIW
MQTSWIH QEVXMEP PE[ ERH WXEVXIH VSYRHMRK YT QIXELYQERW [SYPHFIGSQIELSXFIHJSVVEHMGEPW7LILEHETPER7LIRS[
TPEGMRK XLIQ MR MRXIVRQIRX GEQTW 7EMXS WYFWIUYIRXP] REQIH LEH JYRHW %PP WLI LEH XS HS [EW WSQILS[ TYPP MX SJJ 7LI
LMQWIPJ 4VSXIGXSVEXI+IRIVEP 8LI TVM^I 7EMXS [EW EJXIV [EW
7MPMGSR :EPPI] %VIW VIEHMRK XLI [VMXMRK SR XLI [EPP QSFMPM^IH &E] %VIE XS XLI TVSWTIVMX] MX LEH TVIZMSYWP] IRNS]IH ;LIR
TVIWWIH JSV HIXEMPW WLI WEMH XLEX JSVXLGSQMRK TVIWW VIPIEWIW
MR,EPJIVZMPPIXLVIEXIRIHXLIHIWXVYGXMSRSJXLI'EPHIGSXX8YRRIP [SYPHWTIPPSYXIZIV]XLMRKMRXLI[IIOWXSGSQI
MJ.ETERIWIJSVGIWXLVIEXIRIHXLIQ+IRIVEP7EMXSERHLMWXVSSTW 8LI 7ER *VERGMWGS EMVTSVX LEH FIIR FEHP] HEQEKIH

WQEPP ZMGXSVMIW EW XLI .ETERIWI JSVGIW WIM^IH QSWX SJ XLI 7ER ;MRXIVRMKLX EXXEGO [MXL XLI RYOI SR 2SZIQFIV  
*VERGMWGSFE]EVIEERHQSZIHIEWXMRXSXLIGIRXVEPZEPPI](YVMRK 8LI )14 FYVWX HIWXVS]IH XLI 1EXVM\ MR XLI EVIE MRGPYHMRK
XLEX XMQI XLI HEQEKI JVSQ XLI IEVXLUYEOIW [EWRvX VITEMVIH EPP SJ XLI IPIGXVSRMGW MR XLI EMVTSVX 8LI RIEVP] MRWSPZIRX
I\GITXXLSWIRIGIWWMXEXIHF].ETERIWIMRXIVIWXW GMX] SJ 7SYXL 7ER*VERGMWGSPEGOIHXLI QIERWXSTE]JSVXLI
8LITISTPISJXLIFE]HMHRvXQIIOP]EGGITXXLIWYTTVIWWMSR RIGIWWEV]VITEMVWWS*IVRERHI^SJJIVIHXSMRGSVTSVEXIMXMRXS
MRWXIEH XLI] JSVQIH WIZIVEP VIWMWXERGI QSZIQIRXW 7SQI 7ER*VERGMWGSERHJSSXXLIVITEMVFMPP7IIMRKRSGLSMGIXLI]

7,%(3;7-28,)*3+ 
EKVIIHERHFIGEQIXLI7SYXL'MX]WIGXMSRSJ7ER*VERGMWGS ,IORI[[LIVI%VIW[IRXXLIEVIE[SYPHJSPPS[,ISJJIVIH
-QQIHMEXIP] XLIVIEJXIV *IVRERHI^ VIEGLIH SYX XS XLI )EWX XLI 1EXVM\ VIFYMPHMRK GSRXVEGX SJ 7SYXL 7ER *VERGMWGS ERH
&E]IWTIGMEPP]XLIQIXELYQERWXLEXLEHFIIRQMWXVIEXIHERH XLI IPIGXVSRMGW SJ XLI EMVTSVX SXLIV[MWI XLI FMH [SYPHKS XS
WLYRRIH F] 7EMXS ERH LMW JSVGIW 7LI SJJIVIH ER I\GLERKI 1'8%XXLIWEQIXMQILIMRJIVVIHXLEXMJXLI]HMHRvXNSMRXLI
7ER*VERGMWGSRIIHIH[SVOIVWXSVIFYMPHERHXLIFVSOIR)EWX RI[ 7ER *VERGMWGS LI [SYPHRvX FI EFPI XS TVSXIGX XLI WQEPP
&E]GSQQYRMXMIWRIIHIHQSRI]XSHSXLIWEQI7LI[SYPH GSQTERMIWJVSQFIMRKKSFFPIHYTF]XLIWXVSRK.ETEREGSVTW
LIPTJYRHXLIMVVIFYMPHMRKMJXLI][SYPHLIPTLIVVIFYMPH;LEX XLEXLEHFIIRPSSOMRKXSI\TERHMRXS7MPMGSR:EPPI]JSV]IEVW
LIVTPER[EWJVSQXLIVI[MPPRIZIVFIORS[REWEREWWEWWMRvW %VIWKEZIMXWETTVSZEP[MXLXLIGSRHMXMSRXLEXMXOITXEX[IRX]
FYPPIXOMPPIH*IVRERHI^E[IIOPEXIV WUYEVI FPSGO EVIE EVSYRH XLI %VIW '*7 LIEHUYEVXIVW [LMGL
FIGEQIORS[REWXLI3VGLEVH
> 2MGSPI *IVRERHI^ [EW H]MRK 7LI LEH E VEVI JSVQ SJ GERGIV
XLEX [EW KSMRK XS OMPP LIV [MXLMR XLI ]IEV 7LI ORI[ WLI [SYPH > -ORS[XLIVI[IVIHMJJIVIRXJEVQWMRXLIEVIEFEGOMRXLIHE]FYX
XLMW WIIQW PMOI ER SHH REQI JSV E QIKEGSVTSVEXMSRvW LMKLXIGL
LIEHUYEVXIVW
ORI[XLEX[LIRWLIHMIHXLMRKW[SYPHIMXLIVGSQIXSKIXLIVSV > HIZKVVP
GSQTPIXIP] JEPPETEVX-RERIJJSVXXSQEOIMX[SVOWLIQEVX]VIH
LIVWIPJXSGSRWSPMHEXIXLIGEYWI > -XLEWXSHS[MXLXLIJEGXXLEXXLI7XERJSVHGEQTYWMWRMGOREQIH
> 4PER XLI *EVQ8LI %VIW '*7 TVIWMHIRX [LIR MX [EW REQIH [EW E
7XERJSVHKVEHYEXI
> 7LI LEH LIVWIPJ OMPPIH# 6IEPP]#8LMW QYWX FI 4PER  w'PEWWMGx > 8VEZIPIV.SRIW
TSWXMRKEW MX LEW XLI W[EKKIVMRK MKRSVERGI SJ JEGXW ERHVIEPMX]
XLEXLILEHFEGOMRLMWTVMQI 1E]SV 'ETMXS MQQIHMEXIP] EKVIIH 7ER *VERGMWGS RS[
> 7RSTIW WTVIEHJVSQXLI+SPHIR+EXIEPPXLI[E]XSXLIWSYXLIVRIRH
SJ7MPMGSR:EPPI]8LITISTPISJ)EWX&E]WYHHIRP]JIEVIHXLI]
> =SYVTVMQIQE]LEZITEWWIHFYXQMRIMWRS[ [IVI FIMRK TYWLIH SYX SJ XLI TMGXYVI EKEMR ERH HMWWMHIRXW
> 4PER YWIHXLIWIJIEVWXSWS[HMWGSVH8LIRI\X]IEVWE[ERMRGVIEWI
MRTVSXIWXWERHZMSPIRGI1IXELYQERW[LSWXMPPPMZIHQEMRP]
> %GXYEPP]MJWLI[IVIH]MRK[LMGL-LEZILIEVHJVSQSXLIVWSYVGIW MRXLI)EWX&E]WE[XLIQWIPZIWSRXLISYXWMHIPSSOMRKMRSRGI
QSVI 1E]SV 'ETMXS WE[ XLMRKW [IVI EFSYX XS WTMR SYX SJ
GEYWI7LI[EWHVMZIRXSVIFYMPH7ER*VERGMWGSERH[MPPMRKXSKMZI GSRXVSP ERH ORI[ [LEX XSHS ,I I\XIRHIHXLI MRZMXEXMSR XS
IZIV]XLMRK 3EOPERHXSFIGSQITEVXSJXLIKVIEXIV7ER*VERGMWGS3EOPERH
> (V7TMR VIJYWIH MR E REVVS[ ZSXI MR  8LI .ETERIWI QIKEGSVTW
FVIEXLIH E WMKL SJ VIPMIJ 8LI WEQI ]IEV E ,YQERMWFEGOIH
-X EPQSWX XSVI XLI GSEPMXMSR WLI [EW JSVQMRK ETEVX 8LI GERHMHEXI .ERI ;Y [EW IPIGXIH XS XLI GMX] GSYRGMP SJ 7ER
QIXELYQERKVSYTWEGGYWIHXLI,YQERMW4SPMGPYFSVERSXLIV *VERGMWGS8LIQIXELYQERHMZMHI[EWEPMZIERH[IPP
LEXI KVSYT SJ XLI EXXEGO 'SRWIVZEXMZIW EGGYWIH XLI VEHMGEP FVSYKLXERSXLIVQENSVUYEOIXS'EPMJSVRMEXLIWIGSRH
QIXELYQER KVSYTW SJ XLI GVMQI ,IV WIGSRH MR GSQQERH PEVKIWXMR2SVXL%QIVMGEvWVIGSVHIHLMWXSV]0SW%RKIPIWWERO
+VIK 'ETMXS WXITTIH YT QEOMRK LIV QIQSV] XLI VEPP]MRK MRXS XLI WIE ERH FYMPHMRKW XLVSYKLSYX XLI FE] EVIE WLSSO
GV]JSVVIWXSVMRKXLIGMX]ERHXLIWTMVMXSJGSSTIVEXMSRMRXLI 4VIZMSYWP] YRHEQEKIH FYMPHMRKW JIPP ERH GSQQYRMXMIW SRGI
EKEMR GVYQFPIH 8LI 'EPHIGSXX XYRRIP [EW FEHP] HEQEKIH
MX[EWQSVIMQTSVXERXXLEXLIVHIEXLHMHRSXHIVEMPLIVHVIEQ 'EPMJSVRME XVMIH XS TYWL XLI GSWX SJJ XS XLI )EWX &E] H[EVJ
GSQQYRMX]WMRGIXLI][IVIMRGLEVKISJQEMRXIRERGISJXLI
> -VSRMGEPP]XLISRIXLMRKMRXLEXSVMKMREP WTIIGLXLEX LEWRvXGSQI XYRRIP 8LI H[EVJW XLSYKL TVSXIWXIH WE]MRK XLEX WMRGI XLI
HEQEKI[EWGEYWIHF]ERIEVXLUYEOIXLIVITEMVWJIPPSYXWMHI
RSXLEZIFIIREWKVIEXEWLIPIXSR XLIWGSTISJXLIMVVIWTSRWMFMPMXMIW9RVIWXXLVSYKLSYXXLI)EWX
> 4PER &E]MRGVIEWIHIWTIGMEPP]EJXIVEGSYTPI SJTVSXIWXWHIZSPZIH
MRXSVMSXWERH[IVIQIX[MXLW[MJXERHFVYXEPJSVGI
&]GSRXMRYMRKSR XLI] GSYPH QEOI LIV HVIEQ E VIEPMX] -R
EWTIGMEPIPIGXMSR+VIK 'ETMXS [EWIPIGXIH SRE TPEXJSVQ SJ >
GSRXMRYMRK*IVRERHI^vW[SVO3ZIVXLIRI\XX[S]IEVWFSXL7ER )VVERX MRMXMEPP] VIWTSRHIH ZIV] QSHIVEXIP];LIR XLMRKW WXEVXIH
*VERGMWGSERHXLI)EWX&E]VIFYMPXERHTYXSRXLIMVJIIXEKEMR IWGEPEXMRKXLI]FVSOISYXXLILEVWLQIEWYVIW
3YXWMHIXLI%VIWJEGMPMXMIWMR7MPMGSR:EPPI][IVIWXVYKKPMRKXS > ,EVH)\MX

XLIHVEMRSRXLIPSGEPIGSRSQ]F]XLIVIFYMPHMRKIJJSVXGEYWIH > %RSXLIVMRXIVIWXMRKXLMRKMRXLIJSSXEKI-WE[MWXLEXMXPSSOIHPMOI


E PSGEPM^IH VIGIWWMSR 1E]SV 'ETMXS YWIH E GEVVSX ERH WXMGO WSQISRISYXWMHIXLITVSXIWXWXEVXIHXLIIWGEPEXMSRSJZMSPIRGI
ETTVSEGLXSTYPP7MPMGSR:EPPI]MRXSXLIKVS[MRK7ER*VERGMWGS > 4PER

7,%(3;7-28,)*3+ 
3EOPERHQE]SVE,MWTERMGSVOREQIH.EGO,SVRWE[XLEX
> 2SHMJJIVIRXXLER[LIR/RMKLX)VVERXXSSOSZIVXLI7IEXXPIGSRXVEGX
XLIGMX][EWSRXLIFVMROSJGSPPETWIERHQEHIERMQTEWWMSRIH
WTIIGL EWOMRK GSSPIV LIEHW XS TVIZEMP 9RJSVXYREXIP] EW LI
> /E]7X-VVIKYPEV

EQMH XLI WIGYVMX] HIXEMP ERH MX MRMXMEPP] PSSOIH PMOI MX [EW E
>
]IEVWSJI\TIVMIRGIORI[XLIWXVIIXWERHXLITISTPI[LIVIXLIWI
ERHQYGLSJXLIGMX]FYVRIH[MXLMRLSYVW/RMKLX)VVERXXVMIHXS
XEOIGSRXVSPFYXMXWIIQIHPMOIXLIMVEGXMSRWSRP]EKKVEZEXIH SXLIVXLMRKMWXLEXQER]JIPXXLEXEJXIVXLISGGYTEXMSRMXRIIHIHXS
XLI WMXYEXMSR 8LI '*7 TVIWMHIRX WE[ XLI WMXYEXMSR GSYPH EXPIEWXJIIPPMOIEPSGEPGSQTER][EWMRGLEVKISJWIGYVMX]8LMWMW
HIWXEFMPM^IXLI[LSPIEVIEERHSVHIVIH/RMKLX)VVERXXSWXERH YPXMQEXIP][L]/RMKLX)VVERXHMHRvXOIITXLIGSRXVEGX0SRI7XEV
HS[R SVHIVMRK XLI'EPMJSVRME 6ERKIVW XS WXIT MR ERH VIWXSVI
TIEGI-RXLIJSPPS[MRKHE]WSVHIV[EWWPS[P]VIWXSVIH-X[EW
HMWGSZIVIH XLEX XLI EWWEWWMR [LMPI [IEVMRK E /RMKLX )VVERX EVIVITSVXMRKFEGOXS/RMKLX)VVERXSVIZIR%VIW[LEXMWKSMRKSR
> ,EVH)\MX
VEHMGEPJVSQ%PEQSW
8LIRI\XTVSFPIQ[EW[LEX XS HS[MXL[LEXVIQEMRIHSJ
> =IWXLIEWWEWWMR[EWEVEHMGEPFYXXLIVIMWIZMHIRGIXLEXLI[EW 3EOPERH 1YGL SJ XLI GMX] LEH FIIR HIWXVS]IH IMXLIV MR XLI
IEVXLUYEOISVXLIVMSXW-X[EWRvXNYWXWSQIVIWMHIRXMEPSVGSQ
PMOIXLEX[SYPHRvX]SYRSXMGIMJ]SYLEHRvXIZIVWIIRXLIKY]RI\X QIVGMEP WMXIW XLEX [IVI HEQEKIH FYX VEXLIV QSWX SJ XLI MR
JVEWXVYGXYVI 8LI '*7 KSZIVRQIRX WXITTIH MR ERHJSVGIH7ER
IQTPS]QIRX *VERGMWGSXSXEOISZIVXLIGMX]ERHRIEVF]&IVOIPI][LMGLYWIH
> 4PER MRJVEWXVYGXYVIJVSQ3EOPERH

> > )ZIRXSHE]QSWXSJ3EOPERHvWVIWMHIRXMEPRIMKLFSVLSSHWLEZIRvX


[SYPH LEZI GSQI JSV[EVH F] RS[ LEZMRK VIQIQFIVIH LMQ SR LEHQYGLMRXLI[E]SJVITEMVWHSRI&IVOIPI]ERHXLIYRMZIVWMX]
ENSFWSQI[LIVI2SSRILEWGSQIJSV[EVH%WJEVEWXLIwRSX LEZI FIIR GSQTPIXIP] VITEMVIH ERH XLI TSVX ERH EMVTSVX LEZI
ORS[MRK XLI KY] RI\X XS ]SYx XLMRK /RMKLX)VVERX [EW QSZMRK VIGIMZIHQENSVVIRSZEXMSRW8LIQSRI]MW KSMRK XS[LEXQEOIW
TISTPIJVSQSXLIVHMWXVMGXWMRXSXLIEVIEFIGEYWISJXLIVMSXWWS XLIQIKEGSVTSVEXMSRWQSRI]PMOIYWYEP
LEPJXLITISTPIEXER]PSGEXMSRTVSFEFP]HMHRvXORS[IEGLSXLIV > 7YRWLMRI
> 7RSTIW
8LI VIWMHIRXW SJ 3EOPERH JIPX PMOI XLI] RS[ [IVI FIMRK
%PXLSYKL/RMKLX)VVERX[EWGPIEVIHSJFIMRKMRZSPZIHMRXLI KSZIVRIH[MXLSYXVITVIWIRXEXMSR1E]SV'ETMXSGEQIYT[MXL
QYVHIVSJ1E]SV,SVRXLIHEQEKI[EWHSRIXSXLIVEGIVI EWSPYXMSRXLEXLILSTIH[SYPHQEOIXLIFIWXSJXLIWMXYEXMSR
PEXMSRW%WTVSXIWXWWXEVXIHXLVSYKLSYXXLI&E]%VIEMXUYMGOP] JSV IZIV]SRI ,I MRZMXIH *VIQSRX XLI SRP] GMX] MR XLI FE]
FIGEQI ETTEVIRX XS 1E]SV 'ETMXS ERH %VIW XLEX /RMKLX )V EVIE WXMPP RSX TEVX SJ 7ER *VERGMWGS XS NSMR XLI GMX] *VIQSRX
VERX[EWRvXKSMRKXSFIEFPIXSOIITXLITIEGI2SX[ERXMRKXS [EWYT MR XLI EMV SR [LEX XSHS-X PSSOIH PMOIXLIWXYQFPMRK
I\TIRHEPPSJXLITSPMXMGEPGETMXEPXLI]LEHEQEWWIH[MXLXLI FPSGO [EW KSMRK XS FI *VIQSRX RSX LEZMRK VITVIWIRXEXMSR MR
'*7 KSZIVRQIRX XS OIIT /RMKLX )VVERX MR TPEGI %VIWEKVIIH 7ER *VERGMWGS 1E]SV 'ETMXS[EW VIEH] JSV XLMW SFWXEGPIERH
LMW TPER [SYPH EPWS LIPT IEWI XLI XIRWMSRW MR 3EOPERH ,I
VIJSVQIH7*4(LEHFIIR[SVOMRKEWTVMZEXIWIGYVMX][SRXLI SJJIVIH E X[S TEVX TPER XS GSVVIGX XLMW 8LI IEWX FE]vW GMX]
GSRXVEGX8LI7*4(XSSOSZIVVIPEXMZIP]UYMGOP]ERHLEWEGXYEPP] GSYRGMPW [SYPH FI NSMRIH MRXS XLI 7ER *VERGMWGSGSYRGMP[MXL
FIIR EFPIXS VIHYGI MXW SZIVLIEH RS[ XLEX MX MWRvX GSRWXERXP] ERIUYEPRYQFIVSJWIEXWERHEWTIGMEPIPIGXMSRJSVXLIRI[
QE]SVSJXLI[LSPIEVIE[SYPHFIWIXMQQIHMEXIP]8LMW[SYPH
TYPPIHHMWGVIXIP]JVSQXLIVEROWSJ/RMKLX)VVERXERHXLI'EPM EPPS[XLILEVHLMXEVIEWXSFIVITEMVIH[MXLXLIJYRHWXLEX7ER
JSVRME6ERKIVWEW[IPPEWGMZMPMERWSYVGIW8LI]HMHHSEVIPE *VERGMWGS LEH QEREKIH XS EGUYMVI ERH YRMJ] XLI EVIE YRHIV
XMZIP]KSSHNSFEXWGVIIRMRKXLIVIGVYMXWFYXVYQSVWSJGSVVYT
XMSRERHFMKSXV]WXMPPPMRKIVXSXLMWHE]
>
> (SRvX FY] XLMW QIKEGSVT FYPPWLMX8LI] EVI PSSOMRK XS QEOI E
XSKIXLIVWIZIVEPHMJJIVIRXEVIEWMRLEVQSR]
RSXLMRKQSVI8LI]EVIS[RIHF]0SRI7XEV > (V7TMR
> ,EVH)\MX
8LI GEQTEMKR JSV QE]SV WXEVXIH [MXL XLVII TVSQMRIRX
> ;EMXXLI]EVIS[RIHF]0SRI7XEV]IXXLI]XSSOSR/RMKLX)VVERX GERHMHEXIW 8LI] [IVI +VIK 'ETMXS .ERI ;Y ERH .SLR
IQTPS]IIW# 1EVWLEPP PIEHIV SJ ,EPJIVZMPPI 1VW ;Y [EW PSSOMRK PMOI XLI
> 8YVFS&YRR] JEZSVMXI[MXLEFSYXX[SQSRXLW PIJXYRXMPXLIIPIGXMSR1E]SV

7,%(3;7-28,)*3+ 
'ETMXS[EWEJVEMHXLEXMJE,YQERMWFEGOIHGERHMHEXI[SRXLI
IPIGXMSR XLEX QIXELYQER VMKLXW [SYPH FI WIX FEGO HIGEHIW
;)%8,)6%2(
MRXLIEVIE,IERH.SLR1EVWLEPP[IVIWTPMXXMRKXLIZSXIXSS +)3+6%4,=
QYGL[LMGLQIERX;Y[SYPH[MR1E]SV'ETMXSHVSTTIHSYX
;LMPI 'EPMJSVRME MW ORS[R JSV MXW WYRR] [IEXLIV 7ER *VERGMW
SJXLIVEGIERHXLVI[LMWWYTTSVXFILMRHXLIH[EVJ1EVWLEPP
GS[MXLMXWIZIVTVIWIRXJSKWXE]WQSVIQSHIVEXI=IEVVSYRH
%W XLI IPIGXMSR ETTVSEGLIH MX FIGEQI ETTEVIRX XLEX XLI
XLIEZIVEKILMKLWEVIEVSYRHXSHIKVIIW'IPWMYWHS[R
IPIGXMSR[SYPHGSQI HS[R XS [LS[SR XLI LMKLP] TVS%VIW
XS[R[LMPIXLIPS[WVEVIP]JEPPFIPS[JVII^MRKIZIRMRXLI[MR
7MPMGSR:EPPI]%[IIOFIJSVIXLIIPIGXMSR%VIWERRSYRGIHMXW
XIV ;LIR ]SY XVEZIP WSYXL MRXS 7MPMGSR :EPPI] XLI LMKLW VMWI
FEGOMRKSJ1EVWLEPP8LMW[EWXLITYWLLIRIIHIHERHLI[EW
XSEVSYRHHIKVIIWMRXLIWYQQIV1SWXSJXLIVEMRSGGYVW
HYVMRKXLI[MRXIVQSRXLW[MXLJEPPERHWTVMRKWXSVQWRSXYR
7MRGI0SW%RKIPIW[EWHIGPEVIHEJVIIGMX]F]XLI'EPMJSVRME
GSQQSRWYQQIVWLS[IZIVEVIHV]9RPMOIXLI1MH[IWXERH
*VII7XEXIMR7ER*VERGMWGSLEWFIIRXLIPEVKIWXGMX]MR
IEWXIVR WIEFSEVH XLYRHIVWXSVQW EVI RSRI\MWXIRX 8LI EGMH
'EPMJSVRME )ZIR FIJSVI XLI KVS[XL XS MRGPYHI EPP SJ XLI &E]
GSRXIRXSJXLIVEMRZEVMIW[MXLYTTIVEXQSWTLIVMGGSRHMXMSRW
%VIEMXLEHFIGSQIEQYGLQSVIHMZIVWITSTYPEXMSREJXIVXLI
2SQEXXIV[LEXXMQISJ]IEVMXMWXLIVIEVIWIZIVEPYRMUYI
.ETERIWI-QTIVMEP1EVMRIWERH+IRIVEP7EMXS[IVIKSRI8LI
JIEXYVIWXSXLIEVIEXSOIITMRQMRH2SXSRP]MW7ER*VERGMWGS
VSSXW SJ HMZIVWMX] MR 7ER *VERGMWGS EVI SPH IZMHIRGIH F] XLI
EGSVTSVEXILYFMXvWEPWSEXSYVMWXHIWXMREXMSR(S[RXS[RLEW
SPHIWX'LMREXS[RMR2SVXL%QIVMGEERHXLIPEVKIWXSYXWMHISJ
EXXVEGXMSRWPMOIXLI+SPHIR +EXI&VMHKI%PGEXVE^'LMREXS[R
%WMEXSXLMWHE]8LIGMX]MWSRGIEKEMRIQFVEGMRKXLMWHMZIVWMX]
ERH9RMSR7XEXMSR8LMWQIERWXLIPSGEPTSPMGIEVIZMKMPERXEFSYX
EGGITXMRK QIXELYQERW FEGO [MXL STIR EVQW{JSV XLI QSWX
TEVX1IXELYQERWEVIWPS[P]QSZMRKFEGOMRXSXLIHS[RXS[R
VIKYPEVFEWMW;LMPIXLI]HSRvXVIUYMVIXLIFVSEHGEWXMRKSJ]SYV
RIMKLFSVLSSHWFYXXLIVIEVI WXMPP TSGOIXW SJ LEXVIH .YWX PMOI
7-2RSVETEWW XSQSZIEVSYRHXLIGMX]PMOI1ERLEXXERXLI]
XLILEXVIHEKEMRWXXLI'LMRIWIFEGOMRXLIIEVP]WXLIVI
[MPPWXSTER]SRI[LSPSSOWSYXSJTPEGISVMWSTIRP]GEVV]MRK
EVI XLSWI [LS WII HMZIVWMX] EW IRGVSEGLQIRX ERH VIWMWX XLI
[IETSRW%WXMQILEWTEWWIHWMRGIXLI.ETERIWISGGYTEXMSR
STIR LEVEWWQIRX SJ QIXELYQERW LEW HIGVIEWIH FYX MR
GLETXIV ERH SVKERM^IW TVSXIWXW SR E VIKYPEV FEWMW 7MPMGSR
*MWLIVQERvW;LEVJERHEVSYRHXLI4VIWMHMSMXMWRvXYRGSQQSR
:EPPI]MW QSVIHMZIVWI ERH MR 3EOPERH QIXELYQERW EGXYEPP]
SYXRYQFIVLYQERWMRQSWXRIMKLFSVLSSHW
0%;)2*36')1)28
> 8LIWI EVI XLI TSSVIWX RIMKLFSVLSSHW MR XLI TSSVIWX HMWXVMGX SJ
8LI 7ER *VERGMWGS 4SPMGI (ITEVXQIRX 7*4(  VIJSVQIH EW
7ER*VERGMWGS

> 'SWQS
EP 8LIMV MRMXMEP FMH JSV XLI GSRXVEGX [EW VINIGXIH MR JEZSV SJ
XLI I\TIVMIRGIH /RMKLX )VVERX ;MXL %VIW WTIEVLIEHMRK XLI
GSYRXIVWXVMOIMX[EWXLIPSKMGEPGLSMGI8LI]EPVIEH]LEHXLI
7%2*6%2'-7'3 QERTS[IVXSQSZIMRERHXLII\TIVMIRGIMRVYRRMRKEQIX
VS TSPMGI HITEVXQIRX &IGEYWI SJ /RMKLX)VVERXvWVITYXEXMSR
')2797291&)67 SJFIMRK QMPMXEVMWXMG MRXLIMVIRJSVGIQIRX QIXLSHW1SXLIVW
4STYPEXMSR SJ1IXELYQERWERHSXLIVQIXELYQERVMKLXWKVSYTWZSMGIH
,YQER XLIMVGSRGIVRWXLEX7ER*VERGMWGS[EWXVEHMRKSRISYXWMHIST
)PJ TVIWWSVJSVERSXLIV8S LIPTEPPIZMEXITISTPIvWJIEVWGPEYWIW
([EVJ [IVITYXMRXSXLIGSRXVEGXWIXXMRKYTGLIGOWXSTSPMGITS[
3VO IVW 8LI QSWX RSXEFPI [EW XLI JSVQEXMSR SJ TYFPMG VIZMI[
8VSPP GSQQMXXIIW[MXLRSR/RMKLX)VVERXVITVIWIRXEXMZIW
3XLIV -RMRGVIEWMRKRYQFIVWSJVITSVXWJSVI\GIWWMZITSPMGI
4STYPEXMSR(IRWMX]TIVWUYEVIOMPSQIXIV
EVIEWSJLMKLIVQIXELYQERTSTYPEXMSR8LIYRVIWXIWTIGMEPP]
4IVGETMXE-RGSQI‰ MRGVIEWIH MR 3EOPERH [LIVI XLI TVSXIWXW WXEVXIH FIGSQMRK
 QSVIZMSPIRX
,SWTMXEPW
(SG;EKSR'PMRMGW > 1YGLSJXLMW[EWSVGLIWXVEXIHF]1'8ERH7LME[EWI[LSFSXL
[ERXIHXSWII/RMKLX)VVERXPSWIXLIGSRXVEGXXSIPMQMREXIWSQISJ
)HYGEXMSR %VIWvTS[IVFEWIMRXLIEVIE
0IWWXLER]IEVW > 8LSVR
,MKL7GLSSPSV)UYMZEPIRG]
'SPPIKI)UYMZEPIRG] 8LIR XLI EWWEWWMREXMSR SJ 1E]SV ,SVR LETTIRIH ERH
 /RMKLX)VVERXPSWXXLIGSRXVEGXMRXLIWYFWIUYIRXJEPPSYX;MXL
*IPSRMSYW'VMQI6EXITIVTIVERRYQ

7,%(3;7-28,)*3+ 
/RMKLX)VVERXRSPSRKIV EFPI XS OIIT XLI TIEGI XLI GSRXVEGX
[EWTYXYTJSVFMH7*4(SRGIEKEMRFMHSRXLIGSRXVEGXERH
XLMWXMQIXLI][SR;MXL7ER*VERGMWGSRS[WXVIXGLMRKEPPXLI
7%2*6%2'-7'3
[E]XSXLIWSYXLIRHSJ7MPMGSR:EPPI]ERHMRGPYHMRKEPPSJXLI '-8=7)6:-')7
7IVZMGI 4VSZMHIV
X[S]IEVGSRZIVWMSRTPER[EWHVE[RYT8LI'EPMJSVRME6ERKIVW
*MVI7EJIX] %VIW*MVIERH7EJIX]
WXITTIH MR XEOMRK SZIV TSPMGI EGXMZMXMIW MR 3EOPERH ERH XLI
+VMH+YMHI 2IS2)8
TEVXWSJXLI)EWX&E]XLEXLEHXLIKVIEXIWXYRVIWX7*4(FSYKLX
,IEPXLGEVI &E]%VIE,IEPXLGEVI
XLI /RMKLX)VVERXXVEMRMRK EGEHIQ] MR 7SYXL 'MX]ERH WXEVXIH
VIGVYMXMRK;LMPIXLI][IVI HMPMKIRXMR[LMGLGERHMHEXIWXLI] 1EXVM\7IVZMGIW %VIW1EGVSXIGLRSPSK]
EGGITXIHXLIVIEVIWXMPPVITSVXWSJFMKSXV]ERHHMWGVMQMREXMSR 4SPMGI 7ER*VERGMWGS4SPMGI(ITEVXQIRX 7*4(
%X XLMW TSMRX 7*4( LEW XEOIR SZIV EPP SJ XLI TSPMGI EGXMZMXMIW 4S[IV )ZS)PIGXVMGEP
XLVSYKLSYX XLI 7ER *VERGMWGS EVIE ERH YRVIWX LEW HIGPMRIH 4VMWSRW /RMKLX)VVERX
1SWX GVMQI WXEXMWXMGW LEZI LIPH WXIEH] ERH XLI] WLSYPH WII 4YFPMG;SVOW )ZS9XMPMXMIW
MQTVSZIQIRX EW 7*4( GER HIZSXI VIWSYVGIW XS XLI MWWYIW 7ERMXEXMSR (VEKSR7ERMXEXMSR

&SXL/RMKLX)VVERXERH0SRI7XEVEPSRK[MXLWIZIVEPWQEPPIV
> %RHEPPXLEX[SYPHQEXXIVQSVIMJTSPMGIWXEXMWXMGWLEHER]HIKVII 'EPMJSVRME GSQTERMIW TVSZMHI TVMZEXI WIGYVMX] XLVSYKLSYX
SJEGGYVEG]SVMRXIKVMX]'VMQIWXLEXGSVTWHSRvX[ERXGSYRXIHEVI 7ER *VERGMWGS 8LI 7ER *VERGMWGS 4SPMGI (ITEVXQIRX HSIWRvX
RSXGSYRXIHERHGVMQIWEKEMRWX7-2PIWWMRHMZMHYEPWEVIMKRSVIH GYVVIRXP] LEZI ER] TVMZEXI GSRXVEGXW 2S[ XLEX XLI] LEZI
8LI RYQFIVW ER] TSPMGI HITEVXQIRX VIPIEWIW EVI JSV TYFPMG
VIPEXMSRWRSXLMRKQSVI XLITVMZEXIWIGYVMX]QEVOIX;MXLXLIMQTVSZMRKIGSRSQ]XLI
> %YJLIFIR TVMZEXIWIGYVMX]WIGXSVMWI\TIGXMRKVETMHI\TERWMSR

7,%(3;7-28,)*3+ 
8LITVMWSRW]WXIQERHGSVVIGXMSREPJEGMPMXMIWEVIWXMPPVYRF] 8LIWIGSRHQIXLSHXSKIXXS7ER*VERGMWGSMWF]WLMTSVFSEX
7EMPFSEXWERHGVYMWIWYTJVSQ1SRXIVI]EVIRvXYRGSQQSRERH
JEGMPMXMIW MR XLI 7ER *VERGMWGS EVIE 8LI SRP] LMKLWIGYVMX] *MWLIVQERvW;LEVJLEWWIZIVEPHSGOWXLEXEGGSQQSHEXIXLIQ
JEGMPMX]GYVVIRXP]VEXIHJSVXLIPSRKXIVQLSYWMRKSJ%[EOIRIH 7LMTW GSQI ERH KS JVSQ XLI QENSVTSVXMR XLIFE] [MXL XLI
TVMWSRIVWMW3EOPERH1E\7IGYVMX]4VMWSR QENSVMX]FIMRKJVIMKLXIVW;MXLXLIWTIIHERHIGSRSQ]SJEMV
XVEZIPPSRKZS]EKIF]WLMTMWRvXTSTYPEV8LIVIEVIQER]PMXXPI
> -XMWMQTSVXERXXSVIQIQFIVXLEXXLIPSGEPTVIGMRGXWLEZIJEGMPMXMIW GSZIWERHFIEGLIWYTERHHS[RXLIFE][LIVIEWQYKKPIVSV
JSVWLSVXXIVQLSYWMRKSJWYWTIGXWERHHYVMRKXVMEPW8LMWMRGPYHIW GS]SXIGSYPHTYPPGSQIEWLSVISVHVSTSJJXLIMVKSSHW
HIEPMRK [MXL XLI SGGEWMSREP%[EOIRIH TVMWSRIV8LI] NYWX HSRvX
LEZIXLIQSWXEHZERGIHIUYMTQIRX > 8LITVSFPIQ[MXLIRXV]EPSRKXLIFE]MW]SYEVIFEHP]I\TSWIH
> ,EVH)\MX WMRGI ]SY EVI FEWMGEPP] WYVVSYRHIH F] XLI GMX] &IGEYWI SJ XLMW
WQYKKPIVW SJXIR HVST WPMKLXP] XS XLI WSYXL EVSYRH XLI WQEPP
XS[RWPMOI7ERXE'VY^ERHXLIRFVMRKXLIQMRSZIVPERHMRXS7ER
8,)'-8= *VERGMWGS
> 6MKKIV<
%6392(8,)&%= > ;LIRXLIJSKVSPPWMRMXGSRGIEPW]SYJVSQQSWXMJRSXEPPSJXLSWI
TV]MRKI]IW
,3;83+)8 > <0

837%2*6%2'-7'3 > &YXRSXVEHEVSVL]HVSTLSRIW


7ER*VERGMWGS MWRvX EW WXVMGXP] GSRXVSPPIH EW MX SRGI [EW ERH > 7SYRHIV
QIXELYQERWEVIRSPSRKIVFERRIHEWXLI][IVI[LIR+IR
IVEP 7EMXS [EW MR GLEVKI 8LI &MK 8IR EPP LEZI WIZIVEP JEGMPM 8LIXLMVH[E]XSKIXXS7ER*VERGMWGSMWF]PERH8LIVIEVI
XMIWMRXLIQIXVSTPI\ WS TISTPI EVI GSRWXERXP] GSQMRK ERH XLVIIQENSVLMKL[E]WXLEXPIEHMRXS7ER*VERGMWGSJVSQXLIVIWX
KSMRK8LIMRXIVREXMSREPEMVTSVXWEVIXLIQSWXGSQQSR[E]W SJ'EPMJSVRME,MKL[E]TVSZMHIWIRXV]JVSQXLIWSYXLERH
JSVJSVIMKRIVWXSEVVMZIMRXLIGMX]8LI]MRGPYHI7ER*VERGMW XLIRSVXL-GSQIWJVSQXLIWSYXLIEWXMRXS7MPMGSR:EPPI]
GS-RXIVREXMSREP3EOPERH-RXIVREXMSREPERHXLI7MPMGSR:EPPI] GSRRIGXMRK7ER*VERGMWGS[MXLXLIQENSV-JVII[E]XLEXVYRW
)\IGYXMZIEMVTSVXW8LIPEVKIWXERHQSWXYWIHMW7ER*VERGMWGS RSVXL ERH WSYXL XLVSYKL 'EPMJSVRME - GSRRIGXW XS XLI)EWX
-RXIVREXMSREP -XMWGSRXMRYEPP]I\TERHMRKXV]MRKXS GEXGL YT &E] HMWXVMGX SJ 7ER *VERGMWGS JVSQ XLI RSVXLIEWX ERH LMXW -
JYVXLIVRSVXL,MKL[E]MWEWQEPPIVLMKL[E]XLEXVYRWEPSRK
KSMRK SR WMRGI XLI vW{EW MR W 3VMKMREPP] FYMPX SZIV XLI'EPMJSVRMEGSEWXMRXS7ER*VERGMWGS
XLIFE]MXLEW WMRGI I\TERHIHMRPERHMR7SYXL'MX] MR SVHIV

VYR[E]W-XMWVYQSVIHXLEXXLII\TERWMSRQE]FIGSQTPIXIH +)88-2+%6392(
WSQIXMQIMRXLIRI\XHIGEHI3EOPERH -RXIVREXMSREPMWGIR
XIVIH QSVI EVSYRHJVIMKLX WMRGIXLI IRH SJ XLI SGGYTEXMSR
7%2*6%2'-7'3
8VEZIP XLVSYKL 7ER *VERGMWGS F] GEV MW IEW] [MXL EPP SJ XLI
EW[IPP7ER*VERGMWGSMWELYFJSVJVIMKLXWLMTQIRXWFIX[IIR VSEHW MRGPYHMRK XLVII QENSV JVII[E]W ERH RYQIVSYW LMKL
2SVXL%QIVMGEERH%WME8LMWQIERWXLEXGSRXEMRIVWERHZI [E]W XLEX HMWWIGX XLI GMX] ,MKL[E]  FIGSQIW  EW MX
LMGPIWEVIRvXYRGSQQSRWMKLXWEXXLIEMVTSVX GVSWWIWXLI+SPHIR+EXI&VMHKIERHVYRWRSVXLXSWSYXLVMKLX
XLVSYKL HS[RXS[R -X XLIR GSRXMRYIW MRXS 7SYXL 'MX] ERH
> 8LIVIEVIQER]WQYKKPIVW[LSQEOIEPMZMRKLIPTMRKVYRRIVWKIX XLVSYKL7MPMGSR:EPPI][LIVIMXI\MXWXSXLIWSYXL%WGYXW
KIEVMRXSERHSYXSJ7ER*VERGMWGSZMEXLIWIJVIMKLXGEVVMIVW XLVSYKLHS[RXS[R  GSQIWSJJ ERH LIEHW [IWX EVSYRH
> 6MKKIV< XLIQSWXTSTYPSYWEVIEWVYRRMRKXLVSYKLXLIJSSXLMPPW,MKL
[E]KSIW[IWXSJJSJEXXLI[IWXIRHSJ7ER*VERGMWGS
7MPMGSR :EPPI]vW I\IGYXMZI EMVTSVX WTIGMEPM^IW MR GSVTSVEXI ERHVYRWHS[RXLIGSEWX)ZIRXYEPP]QIIXWFEGOYT[MXL
MRXLI7MPMGSR:EPPI]HMWXVMGX-XXLIRGVSWWIWSZIVERH
EPWSXIRHXSKSXLVSYKLLIVI8LMWMWRvXXSWE]XLEXGSQQIVGMEP FIGSQIW[LMGLLIEHWRSVXLIEWXXLVSYKLXLIGIRXIVSJ
XLI)EWX&E]YRXMPMXFIGSQIWEXXLIRSVXLIRHSJXLIGMX]
GYWXSQW ERH VIQIQFIV ]SY QMKLXFI FYQTIH MJ ER]SRI SJ FIKMRWSJJMR7MPMGSR:EPPI]NYWXRSVXLSJERHVYRW
MQTSVXERGIPERHW[LMPI]SYEVIMRPMRI YTXLIGSEWXSJXLI)EWX&E]-XQIIXWYT[MXLLMKL[E]EX
XLI&E] &VMHKIERH VYRWRSVXLYRXMPMXQIIXW YT[MXLEX
> =SY GER IRH YT WMXXMRK SR XLI VYR[E] SV XEVQEG [EMXMRK [LMPI XLIRSVXLIRHSJXLI)EWX&E]HMWXVMGX
7IZIVEPSXLIVLMKL[E]WGVMWWGVSWW7ER*VERGMWGSERHXLIFE]
> &EPPEHIIV

8,)'-8=%6392(8,)&%= 
PSQIXIVW SJXLEX FYX [LIR GSQTEVIH XS QER] SJ XLI SXLIV
QIXVSTPI\IWSJ2SVXL%QIVMGEMXMWWXMPPQYGLPEVKIV8LIGMX]
MWEGSRKPSQIVEXISJWIZIVEPGMXMIWXLEXXLVSYKLJEXIERHXVEY
QEWWXVERWMXW]WXIQMREHHMXMSRXSVSEHW 8LIQSWXJEQSYWMW QELEZIFIGSQISRISJXLIPEVKIWXQIXVSTPI\IW-XMWEGSQ
XLIGEFPIGEVWMRHS[RXS[R8LI]LEZIFIGSQIEWQYGLSJE
XSYVMWXEXXVEGXMSREWE[E]XSKIXEVSYRHERHWSQIGPEMQXLEX SGGYTEXMSRERHXLIRMRZEWMSRF]+IRIVEP7EMXSERHLMW-QTI
RS PSGEPW VIEPP] VMHI XLIQ 8LIVI MW EPWS XLI &E] %VIE 6ETMH VMEP1EVMRIW8LIQEVMRIWQE]FIKSRIFYX[LEXLETTIRIH
8VERWMX &%68 [LMGLVYRWJVSQ HS[RXS[R XS XLI IEWXFE] EW LEWRSXFIIRJSVKSXXIR
[IPP EW EPP XLI [E] WSYXL XS 7MPMGSR :EPPI] ;LMPI MQTVEGXMGEP
JSVYWIHYVMRKEVYRMXEPPS[W]SYXSKIXJVSQSRITEVXSJXLI
WTVE[PMRK GMX] XS ERSXLIV UYMGOP] ERH IGSRSQMGEPP] SJXIR MR (3;283;2
QYGL PIWW XMQI XLER MX [SYPH XEOI XS HVMZI 8LI I\TERWMSR 8LI(S[RXS[RHMWXVMGXMWXLISVMKMREPGMX]SJ7ER*VERGMWGS-X
SJ&%68EPPS[W[EKIWPEZIWXSPMZIMRSRIHMWXVMGXERH[SVOMR WXEVXWEXXLI+SPHIR+EXI&VMHKIERHVYRWWSYXLSRXLI[IWX
ERSXLIV [LIRXLIMVTEVIRXGSVTWEPPS[MXSJGSYVWI 8LIVIEVI WMHISJXLIFE]1YGLSJ(S[RXS[RMWHSQMREXIHF]LMKLVMW
EPWSJIVVMIWXLEXWLYXXPITISTPIERHZILMGPIWJVSQSRIWMHISJ 
XLIFE]XSXLISXLIVEPSRK[MXLWMKLXWIIMRKERHTPIEWYVIGVEJX FSVLSSHWEVISPHIVLSQIWFYMPXVMKLXSRXLIWMHIWSJXLILMPPW
&IGEYWI 7ER *VERGMWGS MW WS WTVIEH SYX KIXXMRK JVSQ SRI SJXLIGMX]8LIWO]PMRIMWTYRGXYEXIHF]XLI1'87LME[EWI
WIGXMSRXSERSXLIVSRJSSXMWMQTSWWMFPI)ZIR[MXLMRXLIWIGXMSRW ERH6IRVEOYXS[IVW8LI]EVIEOMPSQIXIVETEVXMRERIUYMPEX
TIHIWXVMERXVEZIPMWLEVHERH WPS[ 8LMW MW IWTIGMEPP] XVYI MRXLI IVEPXVMERKPIERHWXSVMIWXEPP8LI%^XIGLRSPSK]T]VEQMHMW
LMPP]WIGXMSRWPMOI(S[RXS[RERH7SYXL'MX][LIVI]SYGERKS EPWS HS[RXS[R (S[RXS[R MW HMZIVWI MR MXW RIMKLFSVLSSHW
YTELMPPSRP]XSKSVMKLXFEGOHS[RXLIRYTEKEMRXLIRI\XFPSGO 8LIVIMW'LMREXS[R[LMGLMWYRMUYIYRXSSJMXWIPJ-XLEWFIIR
7IZIVEPSJXLIFVMHKIWXLEXWTERXLIFE]GSRRIGXMRK(S[RXS[R E TEVX SJ 7ER *VERGMWGS WMRGI XLI W ;EPOMRK HS[R XLI

LEZIXSLMOIEPPXLI[E]EVSYRHXLIFE]XSKIXJVSQSRIWMHIXS MRKMRXLI[MRHS[WSVVIWXEYVERXWXLEXLEZIHMQWYQ8LSYKL
XLISXLIV,IRGI7ER*VERGMWGSvWKVIEXTYFPMGXVERWMXW]WXIQ QSWXVIWMHIRXWWTIEO)RKPMWLJSVWSQISJXLIQMXMWEWIGSRH
&IMRKEXSYVMWXXS[R7ER*VERGMWGSLEWTPIRX]XSHS-XMWE PERKYEKI8LIERGMIRXWYTIVWXMXMSRWERHFIPMIJWLEZIFIGSQI
WMKLXWIIVvWTEVEHMWI[MXLIZIV]XLMRKJVSQLMWXSVMGEPWMXIW PMOI QSVI TVIZEPIRX [MXL XLI %[EOIRMRK 1EKMG WLSTW ERH XEP
%PGEXVE^ ERH XLI 4VIWMHMS XS [SRHIVW PMOI XLI +SPHIR +EXI MWQSRKIVW EVI E GSQQSR WMKLX 8LMW MWRvX XS WE] XLI] HSRvX
&VMHKIERH;MRGLIWXIV1]WXIV],SYWI%HHXSXLMWXLIIXLRMG LEZIXLIPEXIWXXIGLRSPSK]ERHE7XYJJIV7LEGOIZIV]GSYTPI
WLS[GEWIWSJ'LMREXS[R ERH ,EPJIVZMPPI ERH ]SY GER WTIRH SJOMPSQIXIVWXLSYKL;Y\MRKvWLIEHUYEVXIVWFYMPHMRKMWEPWS
[IIOWXV]MRKXSXEOI MXEPPMR 7MPMGSR :EPPI]FSEWXWSRISJXLI MR'LMREXS[R8LIFYMPHMRKMWXLIXEPPIWXMRXLIEVIEXS[IVMRK
PEVKIWXTYFPMGXVMHISGMRIQEWMRXLI[SVPH[LMGLVYRWEVSYRH SZIVXLIWYVVSYRHMRK WO]PMRI 8LMWMWXLI TIVJIGXI\EQTPISJ
XLIGPSGO[MXLWSPHSYXWLS[WSJFSXLXLIPEXIWXFPSGOFYWXIVW QIPHMRKXLISPH[MXLXLIRI[8LIREPSRKXLIFE]WMXW*MWL
ERHWGIRMGWLS[WQEHIXSWLS[GEWIMXWWLIIVWM^I8LMWMWRvX 
XSWE]XLIVIEVIRvXTVSFPIQWMRXLIGMX];LMPIXLIVIEVITEVXW QIRPERHIHXLIMVFSEXWIZIV]RMKLXERHWSPHXLIHE]vWGEXGL
SJXLIGMX]XLEXEVIWXMPPFIMRKVIFYMPXQSWXSJMXLEWVIFSYRHIH
EXXLMWTSMRX%XXLIWEQIXMQIXLIVIMWEREMVSJGSRGIVRERH FIGSQIXLILSQISJRYQIVSYWWLSTWERHVIWXEYVERXWGEXIV
HVIEHXLEXWIIQWXSLERKSZIVXLIGMX])ZIV]XMQIMXPSSOWPMOI MRKXSXSYVMWXW7IZIVEPVIWXEYVERXWLERKSYXSZIVXLIFE]ERH
7ER*VERGMWGS MWEFSYX XS XEOI SJJ ERHWSEV HMWEWXIV WXVMOIW MX QSWXEGXYEPP]WXMPPWIPPVIEPWIEJSSHMRWXIEHSJWS]MQMXEXMSRW
FEGOXSIEVXL2S7ER*VERGMWGERMW[MPPMRKXSWE]MXFYXMXvWSR (S[RXS[REPWSLEWXLI4VIWMHMS[LMGLMWXLIPSGEXMSRSJXLI
IZIV]SRIvWQMRHXLIQENSVUYEOIWLEZIEPPFIIRXSXLIWSYXL SVMKMREP 7TERMWL *SVX XLEX KYEVHIH XLI IRXV] MRXS 7ER *VER
7YVIXLI]LEZIHSRIWSQIHEQEKIXSXLIGMX]FYXXLI]LEZI GMWGS &E] 8LI 4VIWMHMS WIVZIH EW XLI LSQI JSV XLIQMPMXEV]
FIIR PYGO] WS JEV -X LEW FIIR HIGEHIW WMRGI E QENSV UYEOI MR XLI EVIEEJXIV XLI PEXIW-R XLI WMX[EWXYVRIH
WXVYGO XLI&E] %VIE7SQI[SYPHWE]XLI]EVIIZIRSZIVHYI MRXSETEVOFYX[LIRXLI.ETERIWI-QTIVMEP1EVMRIWPERHIH
JSVSRI-JMXLMXWRS[[LIRXLIGMX]MWNYWXKIXXMRKFEGOSRMXW XLI]GSRZIVXIHMXFEGOXSEQMPMXEV]FEWI7MRGI+IRIVEP7EMXS
JIIXMX[SYPHFIXLIHIEXLORIPPJSVXLIEVIEERHTVSFEFP]EPP [EWSYWXIHXLIEVIELEWFIIRQERRIHF]'EPMJSVRME6ERKIVW
8LIVIEVIVYQSVWXLEXWSQI.ETERIWIQMPMXEV][IETSRGEGL
SYXEXXLMWTSMRXEW7ER*VERGMWGSKSIWWS[MPPKSXLIMVGSYRXV] IWEVIWXMPPLMHHIRMRXLIEVIE%W]SYQSZIMRPERH]SYKIXXS
9RMSR7UYEVI8LMWMWXLIPSGEXMSRSJXLIZEVMSYW.ETEREGSVTW

7%2*6%2'-7'3
8LI [IWX IRHSJ XLIRIMKLFSVLSSH LEWXLI GMZMGGIRXIVERH
%8%+0%2') GMX] LEPP 8LI SRP] VIWMHIRXMEP FYMPHMRKW MR XLIRIMKLFSVLSSH
EVIGSVTSVEXILSYWMRK8LIYTTIVGPEWWRIMKLFSVLSSHSJ2SF
7ER*VERGMWGS LEW KVS[R YRXMP MX MW RS[ SZIV  WUYEVI ,MPPMWHSQMREXIHF]YTTIVPIZIPGSVTSVEXIQEREKIVWERHI\
OMPSQIXIVWMREVIE8LI7ER*VERGMWGS&E]MWWUYEVIOM IGYXMZIW-XMWWXMPPQEMRP]WMRKPIJEQMP]LSQIWQSWXSJ[LMGL

7%2*6%2'-7'3%8%+0%2') 
[IVI FYMPX FEGO MR XLI X[IRXMIXL GIRXYV] XLSYKL XLI] LEZI XS HVMZI SYX XLI .ETERIWI -QTIVMEP 1EVMRIW 3XLIVW WE] E
FIIRYTHEXIH[MXLQSHIVRGSRZIRMIRGIW GSZIVXIPMXI;Y\MRKYRMXXLEXQSZIHMRXSXLIEVIEXSWEZIXLI
WXVYGXYVIERHXLMWMW[L];Y\MRK[EWEFPIXSFY]MXEJXIVXLI
> -vQRSXWYVIXLIVIEVIER]GEGLIWPIJX8LI6ERKIVWEVQIHEGSYTPI SGGYTEXMSR[EWSZIV
8LI 7ER *VERGMWGS 'EFPI 'EV 4S[IVLSYWI ERH 1YWIYQ
XLI.ETEREGSVTWLEZIRSTVSFPIQWIPPMRKXLSWIXSER]SRI 0SGEXIH EX  1EWSR 7XVIIX MX LEW LMWXSVMGEP I\EQTPIW SJ
> *VII7XEXI GEFPI GEVW EW [IPP EW FIMRK [LIVI XLI GEFPIW EVI HVMZIR XLEX
TS[IVXLIGEFPIGEVW
+LMVEVHIPPM 7UYEVI 3VMKMREPP] E WUYEVI FPSGO SJ WLSTW
40%')73*-28)6)78 MR XLI *MWLIVQERvW ;LEVJ RIMKLFSVLSSH +LMVEVHIPPM7UYEVI
+EXIW &E]ZMI[ ,SXIP8LMW RI[ LSXIP MW S[RIHF]%PI\ LSYWIH WQEPP MRHITIRHIRX WLSTW ERH VIWXEYVERXW 2S[
+EXIW XLI S[RIV SJ +EXIW 9RHIVWSYRH ,SXIP MR 7IEXXPI MX LEW I\TERHIH XS FPSGOW SJ GSVTSVEXI WXSVIW YWMRK XLI
0MOIXLI9RHIVWSYRHXLIVIEPEXXVEGXMSRSJXLILSXIPMWXLI LMWXSVMG REQI XS EXXVEGX XSYVMWXW 8LIVI EVI I\GITXMSRWPMOI
YRHIV[EXIV VSSQW 8L LSXIP LEW X[IRX] WXSVMIW ERH XLI
FSXXSQWM\EVIYRHIVXLIFE]0SGEXIHSRXLIIEWXIVRIRH FVIEXLXEOMRKZMI[SJXLIFE]ERHERS[RIV[LSYRHIVWXERHW
SJ*MWLIVQERvW;LEVJMXMW[MXLMRIEW][EPOMRKHMWXERGISJ XLIZEPYISJTVMZEG]
KVIEXJSSH %VRMIvW'LST7LST%FPEGOQEVOIXGEVWLSTXLEXWTIGMEPM^IW
%PGEXVE^ -WPERH 8LI JSVQIV LMKL WIGYVMX] TVMWSR [EW MRQSHMJ]MRKZILMGPIWXSXLIGYWXSQIVvWRIIHW[MXLSYX[SVV]
JSVPIKEPRIIHSVTIVQMXW-XQSZIWJVSQPSGEXMSRXSPSGEXMSRXS
*MWLIVQERvW;LEVJ VIEGLMRK XLITVMWSRVIUYMVIW E WLSVX JIVV] WXE]SRIWXITELIEHSJXLIEYXLSVMXMIW
VMHI SYX XS XLI MWPERH %PP XLI ]IEVW SJ HIWTEMV ERH WYJJIVMRK
QIER XLEX QYGL SJ XLI TVMWSR LEW E FEGOKVSYRH GSYRX -X MW > %VRMIWv[MPPFY]ER]YR[ERXIHZILMGPIW[MXLSYXEWOMRKUYIWXMSRW
LMKLIWX MR GIPPFPSGO ( IWTIGMEPP] SR XLI PS[IV PIZIP [LIVI SVRIIHMRKTVSSJSJS[RIVWLMT3JGSYVWILISRP]TE]WEJVEGXMSR
XLIVIEVITSWXMRKW[EVRMRKSJXLITSXIRXMEPLE^EVH SJXLIZEPYIJSVXLMWGSRZIRMIRGI
> 6MKKIV<
> 8LIMWPERHMWEPWSELMKLRSMWI^SRIWMRGIXLIVIMWRvXER]1EXVM\
MRJVEWXVYGXYVI SR XLI MWPERH ERH XLIVI MW SZIV X[S OMPSQIXIVW SJ *SRK;Y 6IWXEYVERX 8LMW PEVKI 'LMRIWI VIWXEYVERXGPEMQW
WEPX[EXIVFE]FIJSVI]SYLMXXLI7ER*VERGMWGSGSEWXPMRI XS LEZI FIIR SRI SJ XLI TVIQMIV VIWXEYVERXW MR 'LMREXS[R
> 7PEQQ WMRGI XLI W-XMWEPQSWXEP[E]W TEGOIHFIX[IIRXSYVMWXW
ERH PSGEPW -R EHHMXMSR MX HSIW E FVMWO GEVV]SYX ERH HIPMZIV]
8LI+SPHIR+EXI&VMHKI8LILMWXSVMGSVERKIFVMHKIMWSRISJ FYWMRIWW
XLIMGSRMGPERHQEVOWSJ7ER*VERGMWGS-X[EWGSQTPIXIHMR 'LIRK7XVIIX'PMRMG8LMWWXVIIXGPMRMGTVSZMHIWJVIIQIHMGEP
ERHMWGSRWMHIVIHSRISJXLIQSWXVIQEVOEFPIIRKMRIIVMRKJIEXW
SJXLIX[IRXMIXLGIRXYV],EZMRKWYVZMZIHWIZIVEPIEVXLUYEOIW XLI]EVIWYTTSVXIHF]HSREXMSRWJVSQ[IEPXL]MRHMZMHYEPW8LI
MX GSRXMRYIW XS STIVEXI GSRRIGXMRK 1EVMR 'SYRX] XS 7ER FPEGOGPMRMGXLEXSTIVEXIWMRXLIFEWIQIRXEGXYEPP]TE]WQSWX
*VERGMWGS 9RXMP XLI TEMRXMRK [SVO [EW XEOIR SZIV F] HVSRIW SJXLIFMPPW-XTVSZMHIWER]XLMRK JVSQTEXGLMRK YTE KYRWLSX
EFSYX E HIGEHI EKS MX [EW E ]IEV VSYRH TVSNIGX XS OIIT MX [SYRH [MXLSYX VITSVXMRK MX XS TIVJSVQMRK FEWMG G]FIV[EVI
TEMRXIH 8LI JSK VSPPMRK MR EVSYRH XLI FVMHKI MW GSRWMHIVIH WYVKIV]
SRISJXLIQSWXMGSRMGMQEKIWSJ7ER*VERGMWGSERHNYWXEFSYX
IZIV]SRI[LSLEWIZIVZMWMXIHLEWXEOIREWRETSJMX > 8LI] LEZI E TVIXX] KSSH STIVEXMSR VYRRMRKSRXLI G]FIV WMHI -
8LI %^XIGLRSPSK] 4]VEQMH ,IEHUYEVXIVW JSV HSRvX ORS[ [LS XLIMV WYTTPMIV MW FYX XLI] WIIQ XS LEZI QSWX
FEWMGVITPEGIQIRXWMRWXSGO
T]VEQMHMR7IEXXPIERHMXWMXWEWOMRHSJEwTWIYHSEVGSPSK]x > &YXGL
8LSWI PMZMRK MR XLI T]VEQMH VEVIP] PIEZI XLSYKL XLI] HSRvX
LEZI XS HIEP [MXL XLI WEQI JIEV JSV XLIMV PMZIW PMOI XLI] HMH 1]WXMG*SK%XEPMWQSRKIVWLSTVYRF]ERIPHIVP]'LMRIWI
HYVMRKXLISGGYTEXMSR%^XIGLRSPSK]TIVWSRRIP[IVIEPQSWX GSYTPI-XMWWIXYTPMOIER]SJXLISXLIVLIVFEPWLSTWXLEXEVI
EWKPEHEWXLIQIXELYQERWXSWIIXLI-QTIVMEP1EVMRIWOMGOIH EPP SZIV 'LMREXS[R 8LI FMK HMJJIVIRGI FIMRK XLI] EVI [IPP
SYXSJ7ER*VERGMWGS GSRRIGXIHERHGERKIXNYWXEFSYXER]X]TISJQEKMGEPKSSHW
8LI ;Y\MRK 7TMOI 3VMKMREPP] ORS[R EW XLI 8VERWEQIVMGE MJKMZIREFMXSJXMQI
4]VEQMH XLI 7TMOI MW SR XLI IHKI SJ 'LMREXS[R ERH XLI
> 8LMWMWFIGEYWIXLI]EVIE1'8S[RIHWYFWMHMEV]
FSYKLX MX EJXIV XLI SGGYTEXMSR 7SQIWE] XLIGLERKI [EW XS > 1V&SRHW
ETTIEWI %^XIGLRSPSK] WMRGI XLIMV FYMPHMRKW EVI ORS[R EW
T]VEQMHW-XLEHGSMRW JSV KSSH PYGO FYVMIH MR MXW JSYRHEXMSR > 8LI*SSJEQMP]LEWFIIRVYRRMRKXLMWLIVFEPWLSTWMRGIFIJSVIXLI
[LIRMX[EWSVMKMREPP]FYMPX7SQIWE]MXMWXLMWPYGOXLEXWEZIHMX SGGYTEXMSR8LIVIMWRS[E]XLI]EVIS[RIHF]1'8
> 0IM/YRK

7%2*6%2'-7'3%8%+0%2') 
> 7398,'-8=
WMGOERHRIIHIHQIHMGEPXVIEXQIRX7LIKSXMXMRI\GLERKIJSVXLI
7SYXL 'MX] MW ORS[R JSV XLI 7ER *VERGMWGS %MVTSVX -X EPWS MR
WLST[MXLXLIYRHIVWXERHMRKXLEXXLI][SYPHGSRXMRYIXSVYRMX
GPYHIW7XERJSVH9RMZIVWMX] MR4EPS%PXS ERHQSWXSJXLIPSGEP
&IJSVI]SYEWO1'8MWJEVQSVIMRXIVIWXIHMRXLI*SSvWORS[PIHKI
JVIMKLXGSQTERMIW-RXLILMPPWEVIWIZIVEPYTTIVIRHRIMKLFSV
LSSHWERHGSVTSVEXILSYWMRKHIZIPSTQIRXW8LIVSPPMRKLMPPW
JVSQXLIWLST
SJ XLI EVIE TVSZMHI E WGIRMG FEGOKVSYRH XS XLIQMHHPIGPEWW
> 1V&SRHW
LSYWMRK JSV XLI WGLSSPvW TVSJIWWSVW ERH EHQMRMWXVEXMSR8LIR
XLIVIMW7ER'EVPSWEGSQQIVGMEPRIMKLFSVLSSHXLEX[EWSRI
;Y\MRK 8S[IV 8LI XEPPIWX ERH RI[IWX FYMPHMRKW MR
SJ XLI FMK [MRRIVW MR XLI IGSRSQMG GEQTEMKR XS OIIT XLI
'LMREXS[REXWXSVMIWXLI;Y\MRK8S[IV[EWGSQTPIXIHNYWX
QSRI]SYXSJ7ER*VERGMWGSHYVMRKXLISGGYTEXMSR8LIWQEPP
X[S]IEVWEKSEQMHJERJEVIERHGIPIFVEXMSR8LIXVMGOPIHS[R
FYWMRIWWIWXLEXTSTTIH YTLIVIXLVMZIHERHKVI[WTE[RMRK
QSVISJXLIWEQI1ER]SJXLIWIEVIMRWXVMTQEPPWPMOIXLSWI
ERH 7ER *VERGMWGS WXMPP LEZI RSX QEXIVMEPM^IH 8LI WIZIRXMIXL
WIIREVSYRHXLIXYVRSJXLIGIRXYV])ZIRXLSYKLXLISGGYTE
JEGMPMX]JSV7TIGMEP*SVGIWERHVIWTSRWIXIEQW

> 8LMW[SYPHI\TPEMRXLIETTIEVERGISJEJEMVEQSYRXSJXYVRSZIVMR
>
XLIXS[IV-XPSSOWPMOIRI[IQTPS]IIWEVIGSQMRKMRIZIV]HE]
[IVIJYRHMRKQER]SJXLIWIwQSQ
TSTxWLSTWXSFIKMR[MXL
FYXETTEVIRXP]XLEXvWXVEMRIIWMRFYWMRIWW[IEV
ERHLEZIFSYKLXIZIRQSVIWMRGIXLISGGYTEXMSRIRHIH
> 1Ev*ER
> 1V&SRHW

8LI (MWGS (ERGI 'VE^I


GSQTPIXI [MXL E WTMRRMRK HMWGS FEPP 8LI QYWMG MW E QM\ SJ 40%')73*-28)6)78
W HMWGS VSGO ERH QSHIVR VIQEOIW SJ XLI WSRKW -J ]SY 7ER*VERGMWGS%MVTSVX8LI7ER*VERGMWGS%MVTSVX[EWFYMPX
EWO ER]SRI SR XLI WXVIIXW XLI]vPP WE] XLI] HSRvX PMOI HMWGS SR XLI WLSVI SJ XLI 7ER *VERGMWGS &E] ERH WMRGI XLI W
(IWTMXI XLMW XLI TPEGI MW TEGOIH QSWX RMKLXW 8LI TPE]IVW MR 'EPMJSVRME TSTYPEXMSR FSSQ MX LEW FIIR XV]MRK XS KVS[ JEWX
XLI MRXIPPMKIRGI ERH WLEHS[ GSQQYRMXMIW FIPMIZIH XLMW LEH
XSFIFIGEYWIERSTTSWMXMSRKVSYT[EWYWMRKMXEWEJVSRX-R F]I\TERHMRKHS[RXLIGSEWX8LIRMXFYMPXMRXSXLIFE]XLSYKL
MX JEGIH WIZIVI PMQMXW SR LS[ JEV SYX MX GSYPH I\XIRH 8LMW MW
IZIV]SRI WXEVXIH WIRHMRK MR STIVEXMZIW )ZIR XLSYKL MX LEW [L] XLI QSWX VIGIRX I\TERWMSR LEW FIIR MRPERH 8LMW MRPERH
RS[FIIRHIXIVQMRIHXLMW[EWRvXXLIGEWIMXLEWFIGSQIER I\TERWMSR LEW EPPS[IH MX XS KVS[ JEWXIV ERH XLEX GSYTPIH
MRJSVQEPQIIXMRKTPEGIJSVSJJXLIFSSOWHIEPW
XSXLI3EOPERHEMVTSVXQIERWXLI7ER*VERGMWGS%MVTSVXQMKLX
> &I GEVIJYP [LEX ]SY WE] XS [LSQ FIGEYWI XLIVI MW EP[E]W EGXYEPP]GEXGLYTFIJSVIXLIIRHSJXLIHIGEHI
WSQISRIPMWXIRMRK
> %\MW1YRHM >
MRVIZIRYI#
> %\MWMWVMKLX9WYEPP]XLEXWSQIFSH]MWXLIS[RIV:MXS,IXEOIW > HIZKVVP
EJXIVLMWQSXLIVvW'LMRIWIWMHISJXLIJEQMP]QSVIXLERLMW-XEPMER
JEXLIV [LS LI MW REQIH EJXIV:MXS LEW MRWXEPPIH WXEXISJXLIEVX > 7MRGI3EOPERHMWTEVXSJXLIwRI[x7ER*VERGMWGSXLIKSZIVRQIRX
PMWXIRMRK HIZMGIW XLVSYKLSYX XLI GPYF EW [IPP EW YWMRK QEKMGEP MWSRIERHXLIWEQIWSXLI]WIIXLIXE\HSPPEVWIMXLIV[E]&SXL
QIERWXSGSPPIGXMRJSVQEXMSR EMVTSVXWEVIS[RIHF];Y\MRKXLVSYKLWYFWMHMEVMIWWSMXHSIWRvX
> *MERGLIXXS LYVXXLIQIMXLIV
> 1V&SRHW
8LI'LMRIWI1EVOIX8LMWMWEPEVKISYXHSSVQEVOIX[MXLXLVII
EXXEGLIHVIWXEYVERXW=SYGERFY]EPPSJXLIMRKVIHMIRXWXSKS > 7MPMGSR:EPPI]%MVTSVXSRXLISXLIVLERHMWS[RIHF]%VIW8LMW
LSQIERHGSSO]SYVJEZSVMXI'LMRIWIQIEP8LI]IZIRWIPP%6 MW [L] 7ER *VERGMWGS %MVTSVX MW QSZMRK XLI JVIMKLX FYWMRIWW XS
VIGMTIGEVHWXSXIEGL]SYLS[*SVXLSWI[MXLWOMPP[MVIWXLI] 3EOPERHMRWXIEHSJPIXXMRKMXKSXS7MPMGSR:EPPI]IZIRMJMXQIERWE
EPWSWIPPGLMTWXSLIPT]SYGSSO-JGSSOMRKJSV]SYVWIPJHSIWRvX PSRKIVXVMTSREXVYGOEJXIVMXLEWEVVMZIH
ETTIEP XS ]SY XLIR ]SY GER HMRI EX SRI SJ XLI VIWXEYVERXW > 8VEZIPIV.SRIW
)EGLSRIWTIGMEPM^IWMREHMJJIVIRXWX]PISJXVEHMXMSREP'LMRIWI
GYMWMRI7YRHE]QSVRMRKWXLI]LEZIEGSQFMRIHHMQWYQXLEX > ;LMGLMWYWYEPP]ERSXLIV[MRJSV;Y\MRKEWXLI]FSYKLXYTQSWX
SJXLIJVIMKLXGEVVMIVWMRXLI&E]EVIE
JSSHLIVIMWWPMKLXP]PIWWXLERMRXLIVIWXSJXLI1IXVSTPI\ > 1V&SRHW

7%2*6%2'-7'3%8%+0%2') 
7XERJSVH 9RMZIVWMX] 8LI IPMXI TVMZEXI YRMZIVWMX] MW MR XLI MW 7MPMGSR :EPPI] .YWX PMOI ;Y\MRK MW OMRK MR 'LMREXS[R %VIW
4EPS %PXS JSSXLMPPW 8LI XLEYQEXYVMGEP TVSKVEQ [LMPI WXEVXIH MWXLITVIHSQMREXITPE]IVMR7MPMGSR:EPPI]8LI[LSPIEVIEMW
PEXIVXLERXLSWIEX1-8
8ERHWIZIVEPSXLIVWMWSRTEV[MXLER] 
MRXLI9'%7EXXLMWTSMRX;MXLXLII\TERWMSRSJ7ER*VERGMWGS MHIRXMEP RIMKLFSVLSSHW XLEX VERKI JVSQ PS[IRH [EKIWPEZI
7XERJSVHvWEGVSWWXLIFE]VMZEPSJXLI9RMZIVWMX]SJ'EPMJSVRMEz LSYWMRKXSPY\YVMSYWLMKLVMWIWJSVXLIGSVTSVEXIIPMXI
&IVOIPI]MWRS[EPWSEREGVSWWXS[RVMZEP
3QEVvW *VIMKLX 3QEVvW WTIGMEPM^IW MR GPIEVMRK JVIMKLX MR
ERHSYXSJ7ER*VERGMWGSvWWIETSVXWERHEMVTSVXW8LI][MPPLIPT
40%')73*-28)6)78
;MRGLIWXIV1]WXIV],SYWI3VMKMREPP]EQSHIWXJEVQLSYWI
JSV ]SY -J ]SY RIIH XS HMWGVIIXP] KIX MXIQW SJ UYIWXMSREFPI [LIRMX[EWFSYKLXF]7EVEL;MRGLIWXIVMRMXLEWFIGSQI
PIKEPMX]MRXSXLIEVIELIGEREPWSLIPT]SYSYX QYGLQSVI%JXIVWLIFSYKLXMX1VW;MRGLIWXIV[MHS[SJKYR
QEKREXI ;MPPMEQ ;MRGLIWXIV FIKER JYRHMRK GSRWXVYGXMSR SR
> 3QEV LEW =EOY^E GSRRIGXMSRW ERH HYVMRK XLI SGGYTEXMSR LI XLILSYWIXLEXGSRXMRYIHYRXMPLIVHIEXLMR-XMWXLSYKLX
LIPTIHXLIQ[MXLXLIMVWQYKKPMRKRIIHW,IvWWXMPPMRXLIMVTSGOIX WLIHMHXLMWXSOIITIZMPWTMVMXWEXFE]7MRGIXLI%[EOIRMRKMX
IZIRXLSYKLXLI]HSRvXLEZIXLITYPPXLI]HMHXLIR LEWFIIRJSYRHXSFIEPSGEXMSRSJQEKMGEPTS[IV
> 0IM/YRK %VIW '*7 LIEHUYEVXIVW 8LI XLMVX]WXSV] LMKL VMWI MW MRXLI
QMHHPISJXLI%VIWGSQTSYRHMR'YTIVXMRS-XMWWEMHXLEXQYGL
1'8FYMPHMRK8LMWWIGVIXVIWIEVGLJEGMPMX]MWHMWKYMWIH SJXLITPSXXMRKJSVXLISYWXIVSJ+IRIVEP7EMXSXSSOTPEGILIVI
EWSRISJXLIWIZIVEP1'8JEGMPMXMIWMRXLI4EPS%PXSLMPPW7SJEV 7MRGIXLMWMWXLIVIKMSREPLIEHUYEVXIVWJSV%VIWv'EPMJSVRMEST
IVEXMSRWMXMWRvXYRGSQQSRXSWIIGSVTSVEXIZMWMXSVW
8LITS[IVKVMHMRXLIEVIEWIIWYWEKIWTMOIWFYXWSJEVXLI]
LEZIRvXWLIHER]PMKLXSRXLIPSGEXMSRSJXLIJEGMPMX]SV[LEXMX > 8LMW QIERW XLEX YRJEQMPMEV JEGIW EVI E GSQQSR WMKLX [LMGL
MWXLI]EVIVIWIEVGLMRK
ERH TEWWGSHIW8LI WIGYVMX] JSVGI LEW XS VIP] QSVI SR XLIWI
> 8LI]LEZISRWMXIFEGOYTTS[IVKIRIVEXSVWXSLIPTHMWKYMWILIEZ] XIGLRSPSKMGEPGVYXGLIWXLERXLI]RSVQEPP][SYPH
YWEKI{ERHXSYWIMRGEWISJETS[IVMRXIVVYTXMSRSJGSYVWI > (ERKIV7IRWIM
> &IEOIV
> =SYRIIHXSFIEFPIXSEGXXLITEVXERHSJXIRXLEXQIERWSTIVEXMRK
7SYXL'MX]1MWWMSR8LMWMWSRISJXLISPHIWXWSYTOMXGLIRW [MXLSYXER][IETSRW
WXMPP STIVEXMRK MR XLI EVIE -X MW JYRHIH F] WIZIVEP SJ XLI > /E]7X-VVIKYPEV
PSGEP GLYVGLIW ERH SXLIV GLEVMX] SVKERM^EXMSRW (YVMRK XLI
SGGYTEXMSR MX [EW STIR XS QIXELYQERW ERH [EW WLYRRIH > -J]SYWIXMXYTVMKLX]SYGERFVMRKQYWGPIMREWXLIWIGYVMX]XIEQ
F] XLI .ETERIWI [LS XVMIH XS WLYX MX HS[R QSVI XLER SRGI JSVXLIZMWMXMRKI\IGYXMZI
[MXLSYX WYGGIWW %JXIV XLI SGGYTEXMSR [EW SZIV ERH WSQI > 8LSVR
.ETERIWI JSYRH LEVH XMQIW XLI QMWWMSR VIJYWIH XS LIPT FYX
[MXL XLI WXVSRK PIEHIVWLMT SJ )QMP] ;MPWSR ER ,MWTERMG SVO > .YWXQEOIWYVI]SYYWIXLIGSVVIGXGSQTER]vW[IETSRW-WE[E
XLI]LEZILIEPIHERHEVIRS[STIRXSIZIV]SRI QMWWMSRPMOIXLMWKSXSHVIOJEWX[LIRXLIWXVIIXWEQYVEMGEVVMIH
E 4VIHEXSV -- MRXS [LEX EX XLI XMQI [EW *YGLM MRWXIEH SJ XLIMV
> ;LMPIXLI]EVISTIRXSIZIV]SRI)QMP]MWEQIQFIVSJ1SXLIVW IUYMZEPIRXORSGOSJJ
SJ1IXELYQERWERHGSRWXERXP][EXGLIWJSVER]SJw[EVGVMQMREPWx > *MERGLIXXS
JVSQXLI7EMXSVYPIXLEXLEZIRvXFIIRFVSYKLXXSNYWXMGI]IX
> 1MLSWLM3RM %RSXLIV MQTSVXERX XLMRK XS VIQIQFIV EFSYX XLI JEGMPMX]
MWXLEXXLI[LSPI%VIW3VGLEVHMWS[RIHF]%VIWWXVIIXWERH
8LI&VSEH7LSYPHIV8EZIVR8LMWMWEXEZIVRGEXIVMRKXSXLI EPP 8LMW QIERW XLI] WIX XLI PE[W LIVI ERH TEXVSPW EVI HSRI
LEVH[SVOIVWSJXLI7SYXL'MX]JVIMKLXHSGOW-XWTIGMEPM^IWMR F]/RMKLX)VVERXMRWXIEHSJ7*4( 7SPSMXIVMRKSVVIGSRSJXLI
PEVKITSVXMSRWSJLIEVX]JSSHXLEX[MPPWIRHIZIREXVSPPLSQI FYMPHMRKGERWSQIXMQIWFIXVMGO]
JYPPEXEVIEWSREFPITVMGI-X[EWWYWTIGXIHSJFIMRKEQIIXMRK 8LI +VETI ERH +VEMR % FMWXVS XLEX GEVVMIW WIZIVEP 2ETE
TPEGISJWSQISJXLIQSVIZMSPIRXVIWMWXERGIKVSYTWHYVMRKXS :EPPI][MRIWEW[IPPEWPMKLXIVQIEPWWTIGMEPM^MRKMRWEPEHWERH
SGGYTEXMSRXLSYKLRSXLMRK[EWTVSZIR ZIKIXEVMER JEVI *SV XLSWI SJ YW [LS GVEZI QIEX SV XLI WS]
WYFWXMXYXI  XLI] LEZI KSSH FYVKIVW EW [IPP 8LI S[RIV .EGO
(IQEVGSMWXLIXLMVHWSRSJ.EWSR(IQEVGS[LSS[RWWIZIVEP
7-0-'32:%00)= SJ XLI [MRIVMIW MR 2ETE :EPPI] .EGO XEVKIXW [EKIWPEZIW [LS
*SVRIEVP]EGIRXYV]7MPMGSR:EPPI]LEWFIIRORS[REWELSQI [ERX XS FIPMIZI XLI] EVI FIMRK VIFIPPMSYW F] IEXMRK LIEPXLMIV
SJGYXXMRKIHKIGSQTYXIVXIGLRSPSK]%W7ER*VERGMWGSKVI[ ERHWYTTSVXMRKPSGEPJSSHW
MXIRKYPJIHXLIEVIEERHQEHIMXSRISJXLIOI]HMWXVMGXWSJXLI 7YRR] (E]W 1MGVSTVSGIWWMRK 8LMW MW SRI SJ XLI JI[
GMX].YWXWSYXLSJXLI7SYXL'MX]VIKMSRSRIMXLIVSV QMGVSTVSGIWWSVGSQTERMIWXLEX[EWRvXFSYKLXYTF](EQMIR

7%2*6%2'-7'3%8%+0%2') 
/RMKLX[LIRLIWXEVXIHLMWFY]SYXSJ7MPMGSR:EPPI]-XTVSHYGIW
>
MRHITIRHIRX QETWSJXW SJ 'EPMJSVRME WTIGMEPM^MRK MR XSYVMWX XLIMVXLYQF-RGEWI]SY[IVIRvXE[EVI
FEWIHGLMTW
> 1MLSWLM3RM

> ;LEXMXVIEPP]WTIGMEPM^IWMRMW'EP,SX&80W8LMWMWSRISJXLIFMK 8LI 7TPMX -QEKI 8LI 7TPMX -QEKI WTIGMEPM^IW MR GSWQIXMG
FYVRIVWSJXLI'EP,SXXVEHI-XETTIEVWXSOIITGPIERERHLEWWS WYVKIV] ERH QMRSV G]FIVRIXMG IRLERGIQIRXW -X MW TSTYPEV
JEVWXE]IHSJJXLIVEHEV EQSRK[EKIWPEZIWPSSOMRKXSMQTVSZIXLIMVPSSOWJSVEGLERGI
> 4MWXSRW XSGPMQFXLIGSVTSVEXIPEHHIV

> -XLEWRvXWXE]IHSJJXLIVEHEVMXNYWXTE]WXLIPSGEPGSVTWEOMGOFEGO
> 8LI]EPWSTVSZMHIWYVKIV]JSVXLSWI[LSRIIHXSHMWETTIEVERH
XS PSSO XLI SXLIV [E]8LEX ERH XLI TVSQMWI XS RSX HIEP XLIQ XLI]GERIZIRTVSZMHIEJEOI7-2ERHTETIVWMJRIIHIH
PSGEPP]LEWPIXXLIQWXE]MRFYWMRIWWWSJEV
> &YXGL
> 7YRWLMRI
> 8LI]EPWSHMHEFSSQMRKFYWMRIWWMRPÌSRM^EXMSRXVIEXQIRXWYRXMP
8LVEWLIVW%RSVOVSGOFEVXLEXWLS[GEWIWPSGEPXEPIRXERH XLIVIGIRXRERSVIPEXIHGSRGIVRWWYVJEGIH
FERHW-X LEW PEYRGLIH WIZIVEP FERHW XS 'EPMJSVRME JEQI ERH > 2ITLVMRI
WSQI LEZI VIGIMZIH MRXIVREXMSREP EXXIRXMSR :MRGI w:MRR]x
'ETSRMMWEJSVQIV,SVM^SRXEPIRXWGSYX[LSRS[VYRWXLIFEV &] XLI &E] -RHYWXVMIW % JEF WLST XLEX XYVRW EVSYRH
ERHFSSOWXLIFERHW TVSXSX]TI TEVXW JSV WQEPPIV FYWMRIWWIW )ZIR XLI QIKEGSVTW
YWIXLIQEXXMQIWJSVUYMGOXYVRTEVXW8LI]EPWSWMHIPMRIHSMRK
> :MRR] LEWRvX PIJX ,SVM^SR -X MWRvX E GSMRGMHIRGI XLEX QSWX SJ XLI
wHMWGSZIVIHxXEPIRXIMXLIVMWEPVIEH]WMKRIHSVWSSRWMKRIHXSE
,SVM^SRVIGSVHMRKGSRXVEGX >
> /EXSv2MRI8EPIW GLYQQIVSJQMRI[EWLMVIHXSHIPE]E,SVM^SR6
(TVSNIGX&]
XLI&E][EWHSMRKWSQITMIGI[SVOSRXLINSF8LI]FVSOIMRXS
> 8LI GPYF MW EPWS YWIH EW E QIIXMRK PSGEXMSR JSV ,SVM^SRvW 1V &]XLI&E]VITPEGMRKXLITEVXWXSWLMT[MXLHIJIGXMZISRIW&]XLI
.SLRWSRW &E]vWGSYVMIVHIPMZIVIHXLITEVXW[LMGLJEMPIHWIXXMRKXLITVSNIGX
> 7YRWLMRI FEGO X[S [IIOW ,MW XIEQ LEH GSQTPIXIH XLI QMWWMSR [MXLSYX
IZIVLEZMRKXSWXITMRXSE,SVM^SRFYMPHMRK

*6)1328 > 'SWQS

)ZIV]SRIPSSOIHEX*VIQSRXEWTEVXSJWSQI[LIVIIPWI8LSWI )ZS ,E][EVH 1ERYJEGXYVMRK 4PERX 8LMW PEVKI TPERX


JYVXLIVYTXLIIEWX FE]WE[XLIQEWTEVXSJ7MPMGSR:EPPI]ERH IQTPS]W EPQSWX E UYEVXIV SJ ,E][EVHvW TSTYPEXMSR -X YWIW
ZMGIZIVWE-X[EWXLIPEVKIWXWYFYVFFIJSVIXLIQIVKIVFYXWXMPP ER EYXSQEXIH EWWIQFP] PMRI JSV QEOMRK QYGL SJ XLI TVIJEF
SRP]XLIJSYVXLPEVKIWXGMX]F]XLIFE]7MRGIXLIQIVKIVMXLEW JYVRMXYVI]SYWIIMR)ZSLSPHMRKWXLVSYKLSYX2SVXL%QIVMGE
[SVOIH LEVH XS GVIEXI ER MHIRXMX] JSV MXWIPJ -X LEW FIGSQI E
QIPXMRKTSXERHIQFVEGIHXLIIXLRMGHMZIVWMX]XLMWLEWGVIEXIH MW[LIVIXLIIQTPS]IIW[SVOMRXLVIIWLMJXWEVSYRHXLIGPSGO
%RX[ERvW )EXIV] 8LMW VIWXEYVERX MW E JYWMSR SJ 3VOMWL
3VMIRXEP ERH -XEPMER GYMWMRIW QEOMRK MX E XSYVMWX EXXVEGXMSR
40%')73*-28)6)78
%PQSWX EPP SJ XLI IQTPS]IIW [IVI IMXLIV TVMWSRIVW SV
&E]7EPX4PERX3RXLIGSEWXSJXLI7ER*VERGMWGS&E]XLMW HIWGIRHERXW SJ TVMWSRIVW SJ XLI .ETERIWI MRXIVRQIRX GEQTW
TPERX HMWXMPPW [EXIV ERH GSPPIGXW XLI WEPX JSV VIWEPI 8LI TPERX HYVMRKXLI[EV%WERIPJ%RX[ER[EWRvXTVSWIGYXIHEWFEHP]
ERH[EWEFPIXSTIVWSREPP]EZSMHXLIGEQTW
SGGYTEXMSRERHMWNYWXRS[VISTIRMRK
> 8LMW MW FIGEYWI HYVMRK XLI [EV LI EGXIH EW E 8ÑV 8EMVRKMVI
> (SRvXPIXXLIREQIJSSP]SY8LMWMWRS[EWYFWMHMEV]SJ7LME[EWI EQFEWWEHSV XS XLI VIWMWXERGI 3R QSVI XLER SRI SGGEWMSR LI
-XMWSRISJXLIMVQER]IJJSVXWXSI\TERHXLIMV)EWX&E]LSPHMRKW
> 1Ev*ER > *VSWX]

:MRRMIvW (IPM %R -XEPMER IEXIV] ERH FEOIV] -X QEOIW XLI > 8LI VIWMWXERGI [EW ZIV] [EV] SJ8ÑV8EMVRKMVI XVSSTW EJVEMH XLEX
FIWXGERRSPMMRXLIGMX]ERHFIGEYWISJXLMWMXMWELERKSYXJSV XLI][SYPHFINYWXXVEHMRKSRISTTVIWWSVJSVERSXLIV
> /EXSv2MRI8EPIW
'LERKvW'EVH,SYWIW
GEVHLSYWIWMRXLIEVIE 8LI=EOY^EEVIVYRRMRKEJYPPGEWMRS > 8LIMVXVSSTW[IVIETVSFPIQXVYIFYXXLI][IVI[MPPMRKXSEGGITX
SYX SJ XLI FEGO VSSQ 8LI] IZIR LEZI PMRIW SR QSWX 2SVXL EVQWERHQYRMXMSRWJVSQXLIQ
%QIVMGERWTSVXMRKIZIRXW > 8LSVR

7%2*6%2'-7'3%8%+0%2') 
[EPPWSVJIRGIWXSOIITER]SRISYX8LIVIEVIRvXIZIRWMKRWXS
>
VIFIPPMSRvW GSYRXIVWXVMOI 8LI] [IVI EJVEMH XLI VIWMWXERGI [EW PIX]SYORS[]SYEVIXLIVI
EFSYXXSXLVS[MR[MXLXLIIPZIW
> 7XMGOW > 8LI]HMHRvXJEGIHS[RXLI.-4[MXL[IETSRWSVFVYXIJSVGI8LI]
I\XSVXIHXLIMVJVIIHSQF]XLVIEXIRMRKXLI'EPHIGSXX8YRRIP
> <0
3%/0%2(
8LI 3EOPERH HMWXVMGX SJ 7ER *VERGMWGS MW XLI GMX]vW TSSVIWX > %RI\XSVXMSRXLEXEW-LIEVHVIGIRXP]XLI]GSYPHRvXEGXYEPP]FEGOYT
-X WLSYPHRvX FI WYVTVMWMRK XLEX MX MW EPWS XLI TEVX [MXL XLI MJTYWLLEHGSQIXSWLSZI
LMKLIWX QIXELYQER TSTYPEXMSR [MXL XLI QENSVMX] FIMRK > 4MGEHSV
SVOWERHXVSPPW;LIRXLI.ETERIWI-QTIVMEP1EVMRIWWXEVXIH
TYWLMRK XLI QIXELYQERW SYX SJ HS[RXS[R 7ER *VERGMWGS > ;LSIZIVXSPH]SYXLEXHMHRvXORS[[LEXXLI][IVIXEPOMRKEFSYX
XLMWMW[LIVIQSWXSJXLIQIRHIHYT-X[EWEPWSXLILEVHIWX > 7RSTIW

 > ;LIXLIVSVRSXXLI]GSYPHMWMQQEXIVMEP7EMXSERHXLI.-4GSYPHRvX
GEYWISJXLMWVIGSRWXVYGXMSRMWWXMPPKSMRKSRXSXLMWHE]8S EJJSVHXSXEOIXLIGLERGI-X[EWXLITIVJIGXXLVIEXERHXLEXvW[L]
XLIIEWXSJXLI'EPHIGSXX8YRRIPEVIWSQII\TIRWMZIRIMKL MX[SVOIH
FSVLSSHW[MXLQIKEGSVTSVEXI LSYWMRKTVSNIGXW WXEVXMRKXS > <0
WTVMRKYT
8LMW RIMKLFSVLSSH MW FYMPX MRXS XLI LMPPW ERH QSYRXEMRW
XS XLI IEWX ERH QYGL SJ XLI MRJVEWXVYGXYVI MW EGXYEPP]YRHIV
40%')73*-28)6)78 KVSYRH 6IGIRXP] WSQI SJ RIEVF] XS[RW LEZI XEOIR MX YTSR
,EPJIVZMPPI 8LI H[EVJ IRGPEZI XLEX WXSSH YT XS +IRIVEP XLIQWIPZIWXSGPEMQXLI]EVIETEVX SJ,EPJIVZMPPIXSWIM^ISR
7EMXS ERH XLI.ETERIWI-QTIVMEP1EVMRI JSVGIWERHKSXXLIQ XLIXSYVMWXXVEHI
XS FEGO HS[R MWRvX [LEX ]SY [SYPH I\TIGX 8LIVI EVIRvX ER]

7%2*6%2'-7'3%8%+0%2') 
,EPJTMOIW 3RI SJ WIZIVEP FEVW MR XLI ,EPJIVZMPPI EVIE XLEX
GPEMQWXSFI[LIVIVIWMWXERGIKVSYTWQIXXSTPERGSYRXIVWXVMOIW 43;)6
EKEMRWX 4VSXIGXSVEXI+IRIVEP 7EMXSvW JSVGIW ;LEX QEOIW MX
YRMUYI MWXLIS[RIV.SLR :SLRJSYKLXMRXLIVIWMWXERGIERH 40%=)67
KSSHWXLVSYKLSYXXLI)EWX&E] 7ER*VERGMWGSvWTS[IVWXVYGXYVIMWEHIPMGEXIFEPERGMRKEGXXLEX
8LI 'EPHIGSXX 8YRRIP 8LMW XYRRIP SJJIVW XLI QEMR EGGIWW MWNYWX[EMXMRKJSVXLIRI\XHMWEWXIVXSFVMRKMXXYQFPMRKHS[R
;LIR4VSXIGXSVEXI+IRIVEP7EMXSERHXLI.ETERIWI-QTIVMEP
GSQQYXMRKVSEH[MXLQMHPIZIPQEREKIVW[LSLEZIQEREKIH 1EVMRIW[IVIOMGOIHSYXIZIV]SRIWGVEQFPIHXSFIGSQIXLI
XSQSZISYXSJHS[RXS[R7ER*VERGMWGS8LIEVIEWIEWXSJXLI RI[XSTHSK7MRGIXLIRMXGSYPHFIWXFIHIWGVMFIHEWEKEQI
SJOMRKSJXLILMPP)ZIV]XMQISRIKVSYTSVTIVWSRWXEVXIHXS
XLIXLIH[EVJWMR,EPJIVZMPPI KEMRTS[IVIZIV]SRIIPWILEWHSKTMPIHXLIQXSORSGOXLIQ
8LI3EOPERH-RXIVREXMSREP%MVTSVX8LIEMVTSVXPEGOWQER] FEGOHS[R8LMWMWSRISJXLIVIEWSRW1E]SV'ETMXS[EWEFPI
XSEGLMIZIWSQER]SJLMWKSEPW

-XLEWWLMJXIHQYGLSJMXWJSGYWXS JVIMKLXWLMTQIRXWWMRGIMXW
TYVGLEWIF];Y\MRK
36+%2->)('6-1)
8LI 9RMZIVWMX] SJ 'EPMJSVRMEz&IVOIPI] 8LI YRMZIVWMX]
=%/9>%
PSSOIHPMOIMX[EWKSMRKXSGPSWINYWXPMOIQSWXSJXLIVIWXSJXLI
9RMZIVWMX]SJ'EPMJSVRMEGEQTYWIWEJXIVXLIIEVXLUYEOI ;LIR XLI .ETERIWI -QTIVMEP 1EVMRIW [IVI OMGOIH SYX XLI
'EPMJSVRMEEPVIEH]WXVETTIH JSVQSRI]HMHRvXLEZIXLIJYRHW
XSVITEMVXLIHEQEKI-REHHMXMSRMX[EWELSXFIHJSVTVSXIWXW XMQI XLI] EPVIEH] LEH GSRXEGXW ERH GSRRIGXMSRW XLEX HMHRvX
ERHGMZMPHMWSFIHMIRGI[LMGLQEHIWSQIMRXLITYFPMGWIGXSV KSE[E][LIRXLI1EVMRIW[IVIJSVGIHSYX8LI]LEZIQER
VIPYGXERX XS OIIT MX KSMRK ;MXL XLI ERRI\MRK SJ 3EOPERH EKIHXSOIITLSPHSJQSWXSJXLIMVLSPHMRKW(S[RXS[RFYX
ERH &IVOIPI] MRXS 7ER *VERGMWGS XLSYKL GMX] JYRHW FIGEQI MRXLI)EWX&E]ERH7MPMGSR:EPPI]HMWXVMGXWXLI]LEZIEPQSWXRS
EZEMPEFPIJSVVIGSRWXVYGXMSRERHMX[EWHIGMHIHXLEXXLIWGLSSP
HIWIVZIHXSFIWEZIH-XMWXLISRP]VIQEMRMRKYRMZIVWMX]JVSQ
XLISRGITVSYH9RMZIVWMX]SJ'EPMJSVRMERIX[SVO 86-%(7
> -R ER MRXIVIWXMRK RSXI [LIR XLI JYRHMRK JSV 9'z&IVOIPI] GEQI
SYWXIV SJ XLI .ETERIWI -QTIVMEP 1EVMRIW XLI] LEZI FIIR
YTSRXLIFEPPSXXLI7SYXL'MX]HMWXVMGXLEHETIVGIRX]IWZSXI
QEOMRK MRVSEHW XLVSYKLSYX 7ER *VERGMWGS IWTIGMEPP] MR XLI
TS[IVIHF]EWXVSRK7XERJSVHWLS[MRKERHGEQTEMKR;LIRSRI
WXYHIRXKVSYT[EWEWOIH[L]XLI]WEMHw)ZIV]SRIRIIHWEVMZEP
VIWMWXERGIXLI]HMHRvX[ERXXSWIIXLISGGYTEXMSRGSRXMRYI
ERH9'z&IVOIPI]MWSYVW8LI]EVIPMOIEPMXXPIFVSXLIVXLEXSRP]]SY
WSXLI]EGXIHFILMRHXLIWGIRIWTEWWMRKMRJSVQEXMSREFSYX
EVIEPPS[IHXSFIEXYTSRRSXER]SRIIPWIx
XVSSTQSZIQIRXWERHSXLIVZMXEPMRXIPPMKIRGI
> 7RSTIW

3EOPERH 7IETSVX 8LI SRP] EGXMZI WIETSVX SR XLI FE] MW 1%*-%
FYW] X[IRX]JSYVLSYVWEHE]1SWXGSRWYQIVKSSHWJSV XLI 
'EPMJSVRME *VII 7XEXI GSQI XLVSYKL XLI TSVX 8LMW MW SRI SJ
XLIQEMRVIEWSRWXLI 3EOPERH VMSXW RIIHIH XS FI UYIPPIH EW 1EVMRIW8LI]EVIWXVSRKIVMRXLI)EWX&E][LIVIJVIMKLXERH
UYMGOP]EWTSWWMFPI HSGO NSFW EVI QSVI TVIZEPIRX 8LI] LEZI VIGVYMXIH E PSX SJ
XLIQIXELYQERWXLEX[IVIHMWTPEGIHIWTIGMEPP]XLISVOWSJ
3EOPERH

1)+%'36436%8-327
%6)7
8LIQSWXMQTSVXERX%VIWEWWIXWEVIPSGEXIHMRXLI7MPMGSR:EP
PI]WIGXMSRSJ7ER*VERGMWGSFYXXLI]LEZIJEGMPMXMIWXLVSYKL
SYXXLIGMX]8LIMVGSQTYXIVERH1EXVM\STIVEXMSRWEVILIEH
UYEVXIVIHSYXSJ8LI3VGLEVH%VIW%VQWEPWSLEWEGSYTPISJ
6
(JEGMPMXMIWMRXLIGMX]

43;)640%=)67 
%>8)',2303+= TPEGI XS QEOI MRVSEHW 8LI] LEZI UYMIXP] FSYKLX YT E JI[
WQEPPIVFYWMRIWWIWMRXLI*VIQSRXEVIEXSWXEVXXLITVSGIWW
8LI]LEZIXLIMVX]TMGEPT]VEQMHMRHS[RXS[R7ER*VERGMWGS
XLSYKLMXMWRvXEWPEVKIEWXLISRIMR7IEXXPI&IGEYWISJ'EP
MJSVRMEvWTEWXGSRGIVREFSYX%^XPERMRZEHMRKJVSQXLI7SYXL 7,-%;%7)
%^XIGLRSPSK] MWRvX ZIV] WXVSRK MR 7ER *VERGMWGS SV QSWX SJ 8LISRP]SRISJXLI.ETER'SVTWXLEXQEREKIHXSXLVMZIEJXIV
XLIGSYRXV],S[IZIVEWXLIVIFYMPHMRKGSRXMRYIWQSVIERH XLIIRHSJXLI SGGYTEXMSR7LME[EWILEWXLIQSWXXSPSWIMJ
QSVI7XYJJIV7LEGOWEVIFIMRKFYMPX XLIMVMRZSPZIQIRX[MXL7EMXSFIGSQIWTYFPMG8LIMVWYGGIWWMW
HVMZIRF]XLIMVGSRWXVYGXMSRWYFWMHMEV][LMGLLEW[SRQER]
):3 SJXLIVIFYMPHMRKGSRXVEGXW8LISRITPEGIXLMWMWRvXXVYIMWXLI
3EOPERHHMWXVMGX[LIVIWSQISJXLIGSRXVEGXWEVIVIUYMVMRKE
)ZSLEWMRZIWXIHLIEZMP]MRXLI)EWX&E]IWTIGMEPP]XLI3EO GIVXEMRTIVGIRXEKISJXLI[SVOIVWFIQIXELYQERW
PERHEVIEFYXWSJEVXLI]LEZIRvXWIIRQYGLVIXYVRSRXLIMV
MRZIWXQIRX 8LI RI[ LIEHUYEVXIVW JSV )ZS 4YFPMG ;SVOW MW
;9<-2+
IRHSJXLI]IEV ;Y\MRKMWUYMIXP]FY]MRKYTXLIMQTSVXPSGEXMSRWMR7ER*VER
GMWGS8LI]RS[S[RXLI3EOPERH4SVXEW[IPPEWFSXLXLI7ER
,36->32 *VERGMWGSERH3EOPERHEMVTSVXW)\TIGXXLIQXSWXEVXFY]MRK
XLIPSGEPJVIMKLXGSQTERMIWWSXLEXSRGIQIVGLERHMWIPERHW
8LITYFPMGVIPEXMSRW KMERXLEWFIIRPSSOMRKJSVE[E]XSKIX MR 7ER *VERGMWGS XLI] GER GSRXMRYI XS QEOI QSRI] KIXXMRK
QSVIMRZSPZIHRS[XLEXXLMRKWLEZIWIXXPIHHS[RWSQI8LI]
LEZI FSYKLX YT WSQI SJ XLI SPHIV TMIVW MR XLI *MWLIVQERvW
;LEVJ EVIE XS VIRSZEXI JSV XSYVMWXW ERH EW XVMHIS WIXW JSV E SJ XLSWI PSERW EVI WXEVXMRK XS GSQI HYI ERH XLI] [MPP FI
RI[ EGXMSR WIVMIW ;MXL XLI YTGSQMRK IPIGXMSRW XLI] EVI UYMGOXSJSVIGPSWISRXLIQ[LIRIZIVXLI]LEZIXLIGLERGI
[SVOMRKXS[MREPPEZEMPEFPIGEQTEMKR46GSRXVEGXW

1-879,%1%'31498)6 +%2+7
8)',2303+-)7 %2'-)287
1'8ORS[WMXFEGOIHXLIPSWMRKWMHIMRXLI[EV-XLEWFIIR 8LI %RGMIRXWv PSGEP GLETXIV MR 7ER *VERGMWGS MW WQEPP ERH
WXE]MRKUYMIXERHPMGOMRKMXW[SYRHW[EMXMRKJSVXLIVMKLXXMQI HSIWRvXGSRXVSPQYGLXIVVMXSV]8LIMVTSXIRXMEPXMIWXS8ÑV8EMVR
XSFIGSQIQSVIHSQMRERXEKEMR-XMWXMVIHSJ[EMXMRKERHMW KMVIQEHIXLIQEXEVKIXFIJSVIXLISGGYTEXMSR[MXLXLIXIR
KIXXMRKVIEH]XSQEOIEQSZIMRXLILIEPXLGEVIWIGXSV WMSRWFIX[IIRXLI'EPMJSVRME*VII7XEXIERH8ÑV8EMVRKMVI8LI
-QTIVMEP 1EVMRIW YWIH XLMW EW ER I\GYWI XS LYRX HS[R XLI
QIXELYQERWGYQERHNYWX EFSYX [MTIHSYXXLIKERKMRXLI
2)32)8 &E]%VIE
2IS2)8[EWLSTMRKXSKIXXLIGSRXVEGXEWXLIWTVE[PvW1EXVM\
TVSZMHIVEJXIVXLI[EVFYXXSSOXLIMVHIJIEXKVEGIJYPP][LIRMX
[IRXXS%VIWMRWXIEH%XPIEWXXLEXMW[LEXXLI]WEMHTYFPMGP]
',9037
-RVIEPMX]XLI]PMOIWIZIVEPSJXLISXLIVQIKEWJIPXXLEX%VIW 8LIIXLRMG0EXMRSKERKMWXMKLX[MXLWIZIVEPSJXLI'EP,SXGLMT
KSX XSS QYGL GVIHMX JSV XLI SYWXIV SJ 4VSXIGXSVEXI+IRIVEP QERYJEGXYVIWERHXLI]VYRXLITMTIPMRIJSVXLIGLMTWMRXS7I
7EMXS ERH LMW JSVGIW ERH XLIVIJSVI QSVI XLER XLIMV WLEVI SJ EXXPI 3R XLI 7ER *VERGMWGS WXVIIXW XLI] HIEP QSVI MR HVYKW
XLIWIVZMGIWEJXIV[EVHW XLERGLMTWTVIJIVVMRKXSI\TSVXXLIQXSWTSXW[LIVIXLI]EV
IRvX EW GSQQSR -X MW VYQSVIH XLI] WYTTPMIH XLI VIWMWXERGI
6)26%/9'31498)67=78)17 LEZIQER]GSRXEGXWMRXLIFPEGOQEVOIXSJ7ER*VERGMWGS
6IRVEOY[EWERSXLIVWMPIRXFEGOIVSJ7EMXSERHXLI.ETERIWI
-QTIVMEP 1EVMRIW 3J XLI XLVII .ETERIWI QIKEGSVTW XLI]
LEZIFIIRXLIQSWXEGXMZIMR7ER*VERGMWGSWMRGIXLIIRHSJ
'988)67
XLI[EV8LIMVQEMRWXVEXIK]WSJEV LEWFIIRXS QEOITYFPMG 8LI'YXXIVWVYRSYXSJXLI*VIQSRXTEVXSJ7ER*VERGMWGS,EZ
HSREXMSRWSJXMQIERHQEXIVMEPW MRKLIPTIHVYRKYRWERHWYTTPMIWXSXLIVIWMWXERGIHYVMRKXLI
SGGYTEXMSRXLI'YXXIVWEVIWIIRF]WSQIEWLIVSIW{EWPSRK
EW XLI] EVIRvX HIEPMRK SR XLIMV WXVIIX -X MW VYQSVIH XLEX XLI]
7%)()6/6944 LEZI WXVSRK GSRRIGXMSRW MR,EPJIVZMPPIERHXLMWMWSRISJXLI
2S[XLEX,IWXEF]RSPSRKIVGSRXVSPWXLI1SYRX7LEWXEEVIE VIEWSRW XLI] [IVI EGXMZI EKEMRWX XLI .ETERIWI -QTIVMEP 1E
VMRIWERHQEMRXEMREWXVSRKJSSXLSPHMRXLIEVIE8IRWMSRWFI
'EPMJSVRME ERH XLI GSVT WIIW 7ER *VERGMWGS EW XLI TIVJIGX X[IIRXLI'YXXIVWERH'LYPSWLEZIFIIRVMWMRKMRXLITEWX]IEV

43;)640%=)67 
> 8LIXIRWMSRMWJVSQXLIJEGXXLI'YXXIVWEVIQERIYZIVMRKXSQEOI
ETPE]SRXLI'LYPSWvHVYKXVEHIMR7ER*VERGMWGS6YQSVLEWMX
XLEXXLIMVwWEPIWxHITEVXQIRXLEWFVSYKLXMRWSQIWTIGMEPMWXWXS
EWWMWXXLIPSGEPXEPIRX
> %QQYX

*-6782%8-32
8LI I\TERWMSR SJ *MVWX 2EXMSR JVSQ 2EXMZI %QIVMGER PERHW
MRXS XLI'EPMJSVRME *VII 7XEXI LEWRvX FIIR XLEX PEVKI ]IX FYX
XLIXYVQSMPMR7ER*VERGMWGSSZIVXLIPEWXHIGEHILEWQEHIMX
XLIMHIEPPSGEXMSRJSVXLIQXSKEMREJSSXLSPH8LI]EVIPIZIV
EKMRKXLIMVEPPMERGI[MXLXLI%RGMIRXWMRSXLIVPSGEPIWXSLIPT
XLIQ MR LIVI ;LMPI XLI %RGMIRXW EVIRvX XLI TS[IV XLI] EVI
IPWI[LIVIXLI]WXMPPLSPHW[E]ERHLEZILIPTIH*MVWX2EXMSR
WIXYTWLST

> -vQ WYVI XLI GVEXIW SJ 'SPX 1W XLI] TYWLIH SJJ XLI FEGO SJ E
XVYGOLIPTIHRIKSXMEXMSRW[MXLXLI%RGMIRXWEW[IPP
> 'E]QER

&033(=897/7
8LMWPSGEPSVOSRP]KSKERKMWFEWIHSYXSJ3EOPERHERHMWRvX
WIIRQYGLSYXWMHIXLI)EWX&E]8LI][SVOIHEWGSYVMIVWJSV
XLIVIWMWXERGI [LMPI 7EMXS VERXLMRKW WS XLI SPHIVQIQFIVW
ORS[ LS[ XS HIJIRH XLIQWIPZIW [LIR XLMRKW KIX ZMSPIRX
8LI] HS QSVI JSV TVSXIGXMRK XLI GSQQYRMX] MR XLI TSSVIWX
RIMKLFSVLSSHWXLERXLITSPMGIHSFYXXLEXTVSXIGXMSRGSQIW
[MXLEJII

&0-2(*-7,

EVSYRH7ER*VERGMWGSEFSYXIZIV]XLVIISVJSYVQSRXLW8LI]
EPQSWX ETTIEV XS FI PSSOMRK JSV WSQISRI SV WSQIXLMRK EW

XLIRLIEHFEGOSYXSJXS[R9WYEPP]F]XLIIRHSJXLIMVwXSYVx
XLI]LEZITMGOIHYTEPSSWI7*4(IWGSVXXLEXXLI]WIIQXSMK
RSVIXLSYKLXLIXIRWMSRFIX[IIRXLIX[SKVSYTWMWSFZMSYW

ERHWSQIXLMRKLETTIRW

38,)6+63947
138,)673*
1)8%,91%2-8= 131
1SXLIVW SJ 1IXELYQERMX] MW E QIXELYQERvW VMKLXW TSPMGPYF
XLEXMWWXVSRKXLVSYKLSYX7ER*VERGMWGS8LI]LSPHEKVYHKI
EKEMRWXXLSWI[LSQMWXVIEXIHQIXELYQERWERHEVIWXMPPLYRX
MRK JSV.ETERIWIWSPHMIVWERHXLSWI[LSVERXLIMRXIVRQIRX
GEQTWHYVMRKXLISGGYTEXMSRERH[EV

43;)640%=)67 
,91%2-7430-'09&
-RMXMEXMZI    (
8LI7ER*VERGMWGSGLETXIVSJXLI,YQERMW4SPMGPYFMWRvXXLEX 1SZIQIRX
HMJJIVIRXXLERXLSWIER][LIVIIPWI8LI]EVIIZIRQSVITS 'SRHMXMSR1SRMXSV
PEVM^MRKMR7ER*VERGMWGSFIGEYWISJXLI.ETERIWIMRXIVRQIRX 0MQMXW4L]WMGEP1IRXEP7SGMEP
GEQTWHYVMRKXLISGGYTEXMSRFYXXLI][MPPUYMGOP]TSMRXSYX %VQSV
XLEXXLI]HMHRvXLEZIER]XLMRKXSHS[MXLXLEX8LI]XLIRGSR 7OMPPW (MGI4SSPW 
XMRYI F] WE]MRK XLI] HSRvX WII ER] TVSFPIQ [MXL [LEX [EW KVSYT/RS[PIHKI0E[)RJSVGIQIRX4IVGITXMSR4MWXSP
HSRI 8LI] WXE] XS XLI PIXXIV SJ XLI PE[ ERH XV] XS KIX XLI 9REVQIH'SQFEX
QIXELYQERVMKLXWKVSYTWXSXEOIWLSXWEXXLIQXSLIPTFYMPH 5YEPMXMIW*MVWX-QTVIWWMSR
EGEWIJSV[LEXWIKVIKEXMSRSJQIXEX]TIW %YKQIRXEXMSRW
+IEV
8,)',96', ZMWMSRWQEVXPMRO )VMOE)PMXIGSQQPMRO (IZMGI6EXMRK ,ERHGYJJW
;IETSRW
()92-(%(=,)61%2(%( 'SPX1ERLYRXIV?,IEZ]TMWXSP%GG  (:4%4z7%6'{
% LYQERMXEVMER KVSYT XLEX LEW MXW VSSXW WSQI[LIVI MR XLI  G I\XVEGPMTWA
'EVMFFIER0IEKYIXLI'LYVGLHI9RMHEH],IVQERHEHLEW
XIRGLETXIVLSYWIWXLVSYKLSYX7ER*VERGMWGS8LI][MPPXEOIMR
ER]SRIMRRIIHFYXTEVXMGYPEVP]PSSOXSLIPTXLSWI[MXLEHHMG
3986)%',8%'8-'%03**-')6
XMSRWXSHVYKWSV&80W (;%6*463*)77-32%06%8-2+
& % 6 7 ; 0 - ' )77
1)8%,91%24)340)v7%61=
         
7MRGIXLI.ETERIWI-QTIVMEP1EVMRIW[IVIJSVGIHSYXSJ7ER
*VERGMWGS XLI 14% LEW XYVRIH MXW [VEXL SR XLI QIKEGSVTW
-RMXMEXMZI(
IWTIGMEPP]1'87LME[EWIERH6IRVEOY8LSYKLRSTVSSJLEW
1SZIQIRX
GSQI XS PMKLX XLI 14% FIPMIZIW XLI .ETERIWI QIKEGSVTW
'SRHMXMSR1SRMXSV
[IVIJYRHMRKERHWYTTP]MRKXLI-QTIVMEP1EVMRIWEJXIVXLI]
0MQMXW4L]WMGEP  1IRXEP7SGMEP
[IRXVSKYI
%VQSV
7OMPPW (MGI4SSPW %XLPIXMGWWOMPPKVSYT%YXSQEXMGW'PYFW

+%1) 4MPSX+VSYRH'VEJX4MWXSP9REVQIH'SQFEX
5YEPMXMIW8SYKLRIWW
-2*361%8-32 %YKQIRXEXMSRW
+IEV
)VMOE)PMXIGSQQPMRO (IZMGI6EXMRK LERHGYJJW
7*4(3986)%',8)%1 ;IETSRW
8LI7ER*VERGMWGS4SPMGI(ITEVXQIRXIWXEFPMWLIHERSYXVIEGL 'SPX1ERLYRXIV?,IEZ]TMWXSP%GG  (:4%4z7%6'{
TVSKVEQ WLSVXP] EJXIV VIGIMZMRK XLI GSRXVEGX JSV XLI 1IXVS  G I\XVEGPMTWA
TPI\ 8LI XIEQW TEXVSP EW TEMVW RSVQEPP] HITPS]IH XS XLI 7XYR&EXSR?'PYFW%GG6IEGL(:7 I %4A
WEQIRIMKLFSVLSSHJSVX[SXSXLVII]IEVWFIJSVIFIMRKVIEW
'3081%2,928)6
JVIUYIRXP]HMJJIVIRXQIXEX]TIW XS WLS[ E JSVQ SJ YRMX] ERH 8LI 'SPX 1ERLYRXIV MW E TSTYPEV WMHIEVQ [MXL PE[ IRJSVGI
XSPIVERGIXSXLITYFPMGXLI]MRXIVEGX[MXL,S[IZIVXLI]EVI QIRXEKIRGMIWHYIXSMXWVITYXEXMSREWEWSPMHTIVJSVQIV[MXL
XVEMRIH MR QSVI GSRZIRXMSREP PE[ IRJSVGIQIRX XEGXMGW ERH SYXGEYWMRKYRHYIWXVIWWSRGSVTSVEXIFYHKIXW%PWSXLI'SPX
LEZIXLIIUYMTQIRXXSIQTPS]WYGLXEGXMGWEWRIGIWWEV] REQI LIPTW QMXMKEXI GLEVKIW SJ JEZSVMXMWQ MR TYVGLEWI GSR
XVEGXWEWMXMWEPSRKXMQIMRHITIRHIRXQERYJEGXYVIV8LI1ER
LYRXIVJIEXYVIWEFYMPXMRPEWIVWMKLXERHVSFYWXGSRWXVYGXMSR
3986)%',
(-4031%8-'3**-')6 ,)%:=4-7830
%'' (: %4 13() 6' %113 %:%-0 '378
,91%2463*)77-32%06%8-2+
  4  7% {  G 6 ‰
& % 6 7 ; 0 - ' )77
         

+%1)-2*361%8-32 
+%1)-2*361%8-32 

You might also like