Gold Info Pack

%QPVGPVU
+&KUENCKOGT
++9JQYCU.4QP*WDDCTF!
+++9JCVKU5EKGPVQNQI[!
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#(CKT)COG
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85EKGPVQNQI[XU2U[EJKCVT[
8+5GETGV+456CZ&GCN
8++9JCV1H¿EKCNU5C[
8+++%WNV2JGPQOGPQP
+:&CXKF/KUECXKIG
#6JG5GC1TI
:6JG5ECOQH0CTEQPQP
EQPVKPWGF

%QPVGPVU
:+6JG'/GVGT
:++5EKGPVQNQI[(TQPV)TQWRU
:+++*GNRHWN.KPMU
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#9J[&Q9G9GCT/CUMU!
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:8+4GHGTGPEGU
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$'(14';17%106+07'
#NNKPHQTOCVKQPKPENWFGFKPVJKURCEMGVJCUDGGPRWNNGF
HTQO CEVWCN EQWTV FQEWOGPVU CH¿FCXKVU SWQVGU HTQO
GZ5EKGPVQNQIKUVUQTVJQUGYJQJCXGDGGPJCTCUUGFQT
¶HCKTICOGF¶D[VJG%JWTEJ
9JGTGCRRNKECDNGUQWTEGUYKNNDGEKVGFDWVVJGTGCFGTKU
UVTQPIN[GPEQWTCIGFVQFQJKUQTJGTQYPTGUGCTEJCPF
PQVVCMGVJGYQTFQH#PQP[OQWUCNQPG9GDGNKGXGVJCV
QPEGCRGTUQPUVCTVUVQTGUGCTEJVJGJKUVQT[QHVJG%JWTEJ
QH 5EKGPVQNQI[ VJG[ YKNN ¿PF C FKUVWTDKPI CPF TGCFKN[
GOGTIKPIRCVVGTPEQXGTWRUWPTKXCNGFNKVKIKQWUCEVKQPU
CTTGUVUEQPXKEVKQPUCUYGNNCUEQWPVNGUUJGCTVDTGCMKPI
VGUVKOQPKCNUHTQOVJGOGPYQOGPCPFEJKNFTGPYJQ
JCXGGUECRGFVJGEWNVQH5EKGPVQNQI[4GCFVJGQH¿EKCN
%JWTEJYGDUKVGUJGCTVJGKTUKFGVJGPEQORCTG
9JKNGTGCFKPICUM[QWTUGNH
´&QVJGUGUGGOVQDGVJGCEVKQPUQHCEJWTEJ!´
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4QP&G9QNHUQPQH.4QP*WDDCTFURGCMKPIQHJKUHCVJGT

9JQYCU.4QP*WDDCTF!
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YKVJQWV¿TUVWPFGTUVCPFKPIKVUHQWPFGT6JGQH¿EKCNEJWTEJ
DKQITCRJ[RCKPVU*WDDCTFCUCJWOCPKVCTKCPGFWECVQT
YQTNF GZRNQTGT CTVKUV RJKNQUQRJGT CPF WNVKOCVGN[ VJG
XGT[ UCXKQT QH OCPMKPF 4GCNKV[ RCKPVU C OWEJ FKOOGT
KOCIG$[RKGEKPIVQIGVJGTJKURGTUQPCNLQWTPCNURWNNKPI
JKUGFWECVKQPCNCPFOKNKVCT[TGEQTFUCPFNKUVGPKPIVQVJG
YQTFUQHJKUQYPHCOKN[YGUGGUQOGVJKPIOWEJFKHHGTGPV
CFGGRN[RCTCPQKFKPFKXKFWCNFGURGTCVGVQUOCUJJKUPCOG
KPVQVJGJKUVQT[DQQMUCPFKPVJGRTQEGUUOCMGOKNNKQPU
QHFQNNCTURWUJKPIJKUQYPDTCPFQHRQRRU[EJQNQI[
. 4QP *WDDCTF YCU CP #OGTKECP ¿EVKQP YTKVGT HTQO

VJGUVCVGQH0GDTCUMCMPQYPRTKQTVQVJGETGCVKQPQHJKU
TGNKIKQPHQTJKUGORJCUKUQPUEKGPEG¿EVKQP*GTGEGKXGFCOGCUWTGQHGFWECVKQPHTQO
)GQTIG9CUJKPIVQP7PKXGTUKV[GPTQNNKPIKPKPVJGEKXKNGPIKPGGTKPIRTQITCO
*KU CECFGOKE TGEQTF YCU FGEKFGFN[ RQQT JQYGXGT CPF JG YCU FKUEJCTIGF HTQO
VJGUEJQQNVJGHQNNQYKPI[GCT
&WTKPI 9QTNF 9CT ++ . 4QP *WDDCTF UGTXGF CU C PCXCN QH¿EGT DWV YCU
EQPVKPWCNN[TGOQXGFHTQONGCFGTUJKRRQUKVKQPUHQTKPEQORGVGPEG+P,WPGQH
JGDGECOGVJGUWDLGEVQHCFKUEKRNKPCT[JGCTKPI*WDDCTFYCUTGNKGXGFQHEQOOCPF
HQTVJGVJKTFVKOGCHVGTJGCPEJQTGFJKUUJKRQHHQHVJG%QTQPCFQ+UNCPFUYJKEJKU
/GZKECPVGTTKVQT[CPFRTQEGGFGFVQEQPFWEVIWPPGT[RTCEVKEGVJGTG6JG/GZKECP
CWVJQTKVKGUNQFIGFCPQH¿EKCNEQORNCKPV6JCVEQWRNGFYKVJJKUHCKNWTGVQTGVWTPVQ
DCUGCUQTFGTGFNGFVQC$QCTFQH+PXGUVKICVKQP+VFGVGTOKPGFVJCV*WDDCTFJCF
FKUTGICTFGFQTFGTUCPFYCUVTCPUHGTTGFVQQVJGTFWVKGU
#HVGTDGKPIFKUEJCTIGFHTQOVJG0CX[*WDDCTFYCURTKOCTKN[GPICIGFKP¿EVKQP
YTKVKPI GZRNQKVU . 4QP ICKPGF UQOG OGCUWTG QH CEENCKO HQT JKU YQTM KP UEKGPEG
¿EVKQPDWVYTKVKPIHQTCRGPP[CYQTFYCUPQVJKUKFGCQHUWEEGUU
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.4QP*WDDCTF¶UTGURQPUGVQCSWGUVKQPHTQOVJGCWFKGPEGFWTKPICOGGVKPIQHVJG'CUVGTP
5EKGPEG(KEVKQP#UUQEKCVKQP
0QXGODGTSWQVGFKPCCH¿FCXKVD[5CO/QUMQYKV\
5QOGVKOG CHVGT VJG YCT *WDDCTF OGV ,CEM 2CTUQPU CP CGTQPCWVKEU RTQHGUUQT
CV %CNVGEJ CPF CP CUUQEKCVG QH VJG $TKVKUJ QEEWNVKUV #NGKUVGT %TQYNG[ *WDDCTF
GXGPVWCNN[ OQXGF KP YKVJ 2CTUQPU CPF JKU IKTNHTKGPF 5CTC 0QTVJTWR 2CTUQPU C
5CVCPKUVKPVTQFWEGF*WDDCTFVQTKVWCNOCIKEM6JG%JWTEJQH5EKGPVQNQI[FQGUPQV
FGP[CP[QHVJKUQEEWTGFDWVENCKOUVJCV*WDDCTFYCUCEVWCNN[YQTMKPICUCP10+
CIGPVQPCOKUUKQPVQGPF2CTUQPU¶UWRRQUGFOCIKECNCEVKXKVKGUCPFVQ¶TGUEWG¶5CTC
0QTVJTWRYJQ2CTUQPUYCUWUKPIKPJKU5CVCPKETKVWCNU
EQPVKPWGF

9JQYCU.4QP*WDDCTF!
#EVWCNN[ *WDDCTF FGUETKDGF 2CTUQPU CU JKU HTKGPF KP JKU 5EKGPVQNQI[ NGEVWTGU
TCVJGTVJCPCRGTUQPJGYCUKPXGUVKICVKPI#NUQKPVGTGUVKPIVQPQVGYCUVJCV*WDDCTF
NCVGTOCTTKGFVJGIKTNJGUCKFVJCVJGTGUEWGFHTQO2CTUQPU5CTC0QTVJTWRDGECOG
*WDDCTF¶UUGEQPFYKHGKP#WIWUV
+VYCUCPCEVQHDKICO[CU*WDDCTFJCF
CDCPFQPGFDWVPQVFKXQTEGFJKU¿TUVYKHGCPFEJKNFTGPCUUQQPCUJGNGHVVJG0CX[
5QQPCHVGT&KCPGVKEUYCURWDNKUJGF
1PGECPQPN[IWGUUCUVQJQY.4QPJWDDCTFCEVWCNN[FGXGNQRGFJKU¶UEKGPEG¶
DGJKPF &KCPGVKEU 0Q TGEQTFU QH JKU GZRGTKOGPVU JCXG GXGT DGGP UJQYP PQT
JCXGCP[QHVJGOGVJQFUJGWUGFVQEQOGWRYKVJJKUVJGQTKGUQPVJGOKPFDGGP
RTQXGP#EEQTFKPIVQVJG%JWTEJVJGUGGFUQH&KCPGVKEUYGTGRNCPVGFD[CUGTKGUQH
E[VQNQIKECNGZRGTKOGPVUJGCNNGIGFN[EQPFWEVGFKP6JGUGGZRGTKOGPVUYGTG
UCKF VQ FGOQPUVTCVG VJCV VJG WTIG VQ UWTXKXG QXGTTQFG GXGT[ QVJGT RQUUKDNG NKHG
GPJCPEKPIFTKXG
6JKUYCUCPGYURKPVQVJGVJGPEWTTGPVVJGQT[VJCVNKHGKUPQVJKPIOQTGVJCP
C ICOG QH EJCPEG 7PNKMG &CTYKP¶U VJGQT[ QH GXQNWVKQP YJKEJ ICXG KORQTVCPEG
VQ UWTXKXCN QPN[ VQ VJG GZVGPV QH PCVWTCN UGNGEVKQP *WDDCTF RQUVWNCVGF VJCV VJG
EQOOCPFVQUWTXKXGEQOGUHTQOCP¶KPVGNNKIGPEG¶DGJKPFVJGUEJGOGQHNKHG*WDDCTF
UVCVGFVJCVCNNNKHGKUFKTGEVGFD[QPGEQOOCPFUWTXKXG$WVUWTXKXGJQY!*WDDCTF
JCF VQ EQOG WR YKVJ C RTCEVKECN CRRNKECVKQP *KU ¿TUV OCLQT UVGR VQYCTFU UWEJ C
RTCEVKECNKV[CPFEQPUGSWGPVN[VQYCTFU&KCPGVKEUECOGCDQWVKPFWTKPIVJG
5GEQPF 9QTNF 9CT *WDDCTF VJGP C NKGWVGPCPV KP VJG 75 #TO[ ECOG CETQUU
HQTOGT RTKUQPGTU QH YCT YJQ CHVGT PGCTUVCTXCVKQP FKGVU YGTG HQWPF WPCDNG VQ
CUUKOKNCVGRTQVGKPFGURKVGCNNRQUUKDNGVTGCVOGPVU
+PVTKIWGF*WDDCTFEQPENWFGFVJCVKHVJGOKPFTGIWNCVGFVJGDQF[CPFPQVVJG
QVJGTYC[TQWPFVJGPVJGOKPFEQWNFETGCVGOGPVCNDNQEMUVJCVYQWNFMGGRVJG
GPFQETKPGU[UVGOHTQOTGURQPFKPIVQVTGCVOGPV1PVJGQVJGTJCPFKHVJKUOGPVCN
DNQEMEQWNFDGENGCTGFVJGRTQDNGOUJQWNFDGTGUQNXGF6JKUDGECOGVJGRTGOKUG
QH&KCPGVKEU
6JG YQTF ¶FKCPGVKEU¶ EQOGU HTQO VJG )TGGM FKC

VJTQWIJ CPF PQWU
OKPF QT
VJQWIJV#HVGTJKUGZRGTKGPEGYKVJVJG219U*WDDCTFDGICPVJGHQTOWNCVKQPQH
&KCPGVKEURTKOCTKN[QPVJGRTGOKUGVJCVKVKUVJGOKPFVJCVCEVUQPVJGRTKOCNFKTGEVKXG
QHUWTXKXCNCPFKPVWTPFKTGEVUNKHGKPVJGGHHQTVQHUWTXKXCN
%NCKOKPI VJCV JG JCF RKPRQKPVGF VJG UQWTEG QH OQUV RTQDNGOU VJCV CHÀKEV VJG
KPFKXKFWCN *WDDCTF UGV WRQP VJG RTQEGUU QH OCMKPI &KCPGVKEU C PQPKPXCUKXG
VJGTCRGWVKE UEKGPEG VJCV EQWNF UWEEGUUHWNN[ JCPFNG CNN MKPFU QH PGWTQUGU
RU[EJQUQOCVKECKNOGPVUCPFRU[EJQUGU

.4QP*WDDCTF¶U%QNNGIG6TCPUETKRV

.4QP*WDDCTF¶U0CXCN4GEQTF

9JCVKU5EKGPVQNQI[!
6JG¿TUVQH¿EKCN%JWTEJQH5EKGPVQNQI[YCUHQWPFGFD[.4QP
*WDDCTFKPKPVJGEKV[QH%COFGP0GY,GTUG[$[VJCVRQKPV
JQYGXGTVJGDGNKGHU[UVGOJCFCNTGCF[DGGPNCTIGN[FGXGNQRGF6JG
DCUKUQHVJGKTDGNKGHUECPDGVTCEGFVQVJGRWDNKECVKQPQH&KCPGVKEU
VJTGG[GCTURTGXKQWUN[
6JG%JWTEJKUHQWPFGFQPCUGVQHKFGCUCDQWVOKPFDQF[CPF
URKTKV VJCV CTG TGHGTTGF VQ EQNNGEVKXGN[ CU ¶5EKGPVQNQI[¶ 6JKU UGV QH
DGNKGHU EQPVCKPU NCTIG GNGOGPVU QH *WDDCTF¶U RTGXKQWU UGNHJGNR
TGIKOGP&KCPGVKEUYJKEJJCFGPLQ[GFUK\CDNGEQOOGTEKCNUWEEGUU
YJGPRWDNKUJGFKP5EKGPVQNQIKUVUDGNKGXGVJCVYGCNNRQUUGUU
VYQ UGRCTCVG OKPFU 6JG #PCN[VKECN /KPF KU VJG RCTV YJKEJ YG
EQPUEKQWUN[WUGCPFCTGCYCTGQH6JKUKUVJGRQTVKQPQHVJGOKPF
YJKEJVJKPMUQDUGTXGUFCVCCPFTGUQNXGURTQDNGOU+VJCUUVCPFCTF
OGOQT[DCPMUYJKEJEQPVCKPOGPVCNKOCIGRKEVWTGUCPFWUGUVJG
FCVCKPVJGUGDCPMUVQOCMGFGEKUKQPUVJCVRTQOQVGUWTXKXCN6JG
UGEQPFOKPFKUVJG4GCEVKXG/KPF9JGPCRGTUQPKU´WPEQPUEKQWU´
VJG TGCEVKXG OKPF GZCEVN[ TGEQTFU CNN VJG RGTEGRVKQPU QH VJCV
KPEKFGPVKPENWFKPIYJCVJCRRGPUQTKUUCKFCTQWPFVJGRGTUQP+VCNUQTGEQTFUCNNRCKPCPFUVQTGU
VJKUOGPVCNKOCIGRKEVWTGKPKVUQYPDCPMUWPCXCKNCDNGVQVJGKPFKXKFWCN¶UEQPUEKQWUTGECNNCPF
PQVWPFGTJKUFKTGEVEQPVTQN6JG4GCEVKXG/KPFFQGUPQVUVQTGOGOQTKGUCUYGMPQYVJGO+V
UVQTGURCTVKEWNCTV[RGUQHOGPVCNKOCIGRKEVWTGUECNNGFGPITCOU6JGUGGPITCOUCTGCEQORNGVG
TGEQTFKPIFQYPVQVJGNCUVCEEWTCVGFGVCKNQHGXGT[RGTEGRVKQPRTGUGPVKPCOQOGPVQHRCTVKCNQT
HWNN´WPEQPUEKQWUPGUU´
6JGGPITCOUVJCVTGUKFGKPVJG4GCEVKXG/KPFECWUGWUVQCEVKTTCVKQPCNN[QTEQPVTCT[VQQWT
FTKXGVQYCTFUUWTXKXCN6JTQWIJĆWFKVKPIĆRTQEGUUQHURKTKVWCN¶VJGCR[¶IGPGTCNN[CEEQORNKUJGF
KPQPGQPQPGRTKXCVGUGUUKQPUCVVJG%JWTEJ5EKGPVQNQI[ENCKOUYGECPENGCPUGQWTUGNXGUQHQWT
4GCEVKXG/KPFUCPFCEJKGXGCJKIJGTNGXGNQHEQPUEKQWUPGUUECNNGF´%NGCT´6JG5VCVGQH%NGCTKU
VJGEQORNGVGQDNKVGTCVKQPQHQWT4GCEVKXG/KPFCPFKVKUENCKOGFVQHTGGWUQHCP[QHKVURTGXKQWU
KNNGHHGEVU
1PEG %NGCT C 5EKGPVQNQIKUVU KU HCT HTQO FQPG *WDDCTF KUUWGF C UGTKGU QH ITCFKGPV VTCKPKPI
TQWVKPGUJGECNNGFVJG16
1RGTCVKPI6JGVCPNGXGNU
6JG´VJGVCP´KUVJG5EKGPVQNQI[VGTOQHVJG
URKTKVQTJWOCPUQWN6JKUKUMPQYPCUIGVVKPIQPVJG´$TKFIGVQ6QVCN(TGGFQO´'CEJNGXGNIGVU
RTQITGUUKXGN[ OQTG GZRGPUKXG DWV ENCKOU VQ [KGNF JKIJGT CPF JKIJGT UVCVGU QH EQPUEKQWUPGUU
5EKGPVQNQIKUVU DGNKGXG VJCV 1RGTCVKPI 6JGVCPU ICKP UWRGTPCVWTCN CDKNKVKGU UWEJ CU GZVGTKQTK\KPI
VJGURKTKVQWVUKFGQHVJGDQF[UGNHJGCNKPIHCTUKIJVCPFWNVKOCVGN[VJGCDUQNWVGEQOOCPFQXGT
OCVVGTGPGTI[URCEGCPFVKOG
6JGEQPVTQXGTU[QXGTVJGRCUV[GCTUUKPEGVJGDGIKPPKPIQHVJG%JWTEJJCUPQVDGGPQXGT
VJGUGVGCEJKPIUDWVVJGEQWPVNGUURQNKEKGU.4QP*WDDCTFKPVTQFWEGFUWDUGSWGPVN[VQFGCNYKVJ
ETKVKEU CPF CNUQ 5EKGPVQNQI[¶U CVVGORVU VQ UJGNVGT VJKU XGT[ RTQ¿VCDNG DWUKPGUU WPFGT VJG IWKUG
QH TGNKIKQP 6Q CVVCKP ´VQVCN URKTKVWCN HTGGFQO´ C 5EKGPVQNQIKUV ECP GCUKN[ KPXGUV QXGT
KPVCRGUDQQMUNGEVWTGUGTKGUCWFKVKPIUGUUKQPUCPFEQWTUGYQTMOCVGTKCNUCNNQHYJKEJJCXG
UGVRTKEGU#PQVJGTKUUWGKUVJG%JWTEJ¶UPQVQTKQWUNKVKIKQWUPCVWTG6JGHCEVVJCVKVJCUDTQWIJV
QXGTVYQVJQWUCPFKPFKXKFWCNNCYUWKVUCICKPUVVJG+45CNQPGCPFFQ\GPUCICKPUVKPFKXKFWCNETKVKEU
RTQXGUUWEJ
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. 4QP *WDDCTF¶U QYP UQP . 4QP *WDDCTF ,T YCU VJG 'ZGEWVKXG 5GETGVCT[
QHVJG%JWTEJQH5EKGPVQNQI[.4QP*WDDCTF,TDTQMGCYC[HTQOVJG%JWTEJKP
FWGVQJKUHCVJGT¶UCWVQETCVKECPFCTDKVTCT[EQPVTQNQH5EKGPVQNQI[YJKEJJG
ENCKOGF QHVGP NGF VQ XKQNGPEG . 4QP *WDDCTF ,T DGICP VQ DG FKUVWTDGF D[ JKU
QYPRCTVKEKRCVKQPKPVJGUGCHHCKTUCPF¿PCNN[YCURGTUWCFGFD[JKUYKHGVQNGCXG6Q
CXQKF%JWTEJQH5EKGPVQNQI[JCTCUUOGPVJGEJCPIGFJKUPCOGVQ4QPCNF&G9QNH
KP+PCUYQTPCH¿FCXKVJGVGUVK¿GF
´/[ HCVJGT JCU CNYC[U JGNF QWV 5EKGPVQNQI[

CPFCWFKVKPIVQDGDCUGFRWTGN[QPUEKGPEGCPF
PQV QP TGNKIKQWU ¶DGNKGH¶ QT HCKVJ 9G TGIWNCTN[
RTQOKUGF CPF FKUVTKDWVGF RWDNKECVKQPU YKVJ
¶UEKGPVK¿EIWCTCPVGGU¶6JKUYCUCPFJCUCNYC[U
DGGPEQOOQPRTCEVKEG/[HCVJGTCPF+ETGCVGF
C ¶TGNKIKQWU HTQPV¶ QPN[ HQT VCZ RWTRQUGU CPF
NGICNRTQVGEVKQP¶HTQOHTCWF%NCKOU¶9GCNOQUV
CNYC[U VQNF PGCTN[ GXGT[QPG VJCV 5EKGPVQNQI[
YCU TGCNN[ UEKGPEG PQV C TGNKIKQP DWV VJCV VJG
TGNKIKQWU HTQPV YCU ETGCVGF VQ FGCN YKVJ VJG
IQXGTPOGPV´
4QPCNF &G9QNH CMC . 4QP *WDDCTF ,T
UQPQH.4QP*WDDCTF#H¿FCXKVKP5EJCKEMX
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0Q
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EQPVKPWKPIVQHQNNQYVJGCIITGUUKXGRQNKEKGUVJCV.4QP*WDDCTFGPCEVGFDGHQTG
JKUFGCVJQP,CPWCT[VJ&CXKF/KUECXKIG%JCKTOCPQHVJG$QCTFQHVJG
4GNKIKQWU6GEJPQNQI[%GPVGTKUVJGEWTTGPVŃGCFGT´QH5EKGPVQNQI[/KUECXKIGYCU
IQQF HTKGPFU YKVJ . 4QP *WDDCTF FWTKPI VJG NCVVGT RCTV QH JKU NKHG CPF GZJKDKVU
OCP[ QH VJG UCOG RCTCPQKF CIITGUUKXG CPF WPUVCDNG RGTUQPCNKV[ VTCKVU CU JKU
RTGFGEGUUQT

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9J[UJQWNF+ECTG!
9J[UJQWNF+ECTGCDQWVUQOGYCEM[TGNKIKQP!

6JKUKURTQDCDN[VJGSWGUVKQPOQUVRGQRNGJCXGYJGPVQNFCDQWV5EKGPVQNQI[&Q
CP[QHVJGKTRQNKEKGUQTCEVKQPUCHHGEV[QWRGTUQPCNN[!6JGCPUYGTKU[GU6JGUGCPF
QVJGTSWGUVKQPUYKNNDGCPUYGTGFD[EQPVKPWKPIVQTGCFVJKUKPHQTOCVKQPCNRCEMGV
9GYKNNUVCTVD[IQKPIQXGTVJGRQNKEKGU.4QP*WDDCTFETGCVGFCPFJQYVJG[JCXG
DGGPWUGFVQEKTEWOXGPVVJGNCYQDVCKPKNNGICNVCZGZGORVUVCVWUCPFVQFGUVTQ[
VJGNKXGUQHOCP[RGQRNG
+UP¶VVJKULWUVJCVGURGGEJ!
#PQP[OQWUKUPQVCICKPUVVJGTGNKIKQPQH5EKGPVQNQI[#UHTGGRGQRNGYGJCXG
VJGTKIJVVQRTCEVKEGCP[DGNKGHU[UVGOYGEJQQUG6JKUKUQPGQHQWTDCUKEJWOCP
TKIJVU 9G HGGN VJGTG KU C ITGCV FKHHGTGPEG DGVYGGP DGNKGH CPF DGJCXKQT 9JGP C
DGJCXKQTQHCPKPFKXKFWCNDGIKPUVQKPHTKPIGQPCPQVJGT¶UTKIJVUKVVJGPDGEQOGU
WPNCYHWN
#PQP[OQWUFQGUPQV´JCVG´5EKGPVQNQI[GXGPKHVJCVKUYJCVVJG[YQWNFNKMG[QW
VQDGNKGXG1WTPGZVRTQVGUVKUGPVKVNGF´1RGTCVKQP4GEQPPGEVÝJKEJYKNNHQEWUQP
TGWPKVKPI VJG UJCVVGTGF HCOKNKGU 5EKGPVQNQI[ JCU ETGCVGF YKVJ KVU ¶FKUEQPPGEVKQP¶
RQNKE[
1WTUVCVGFIQCNKUVQTCKUGCYCTGPGUUCDQWVVJGCDWUGUQHVJG%JWTEJQH5EKGPVQNQI[
1WT KTG KU FKTGEVGF VQYCTFU VJQUG KP EJCTIG YJQ XKEVKOK\G VJGKT RCTKUJKQPGTU
VJTQWIJNKGUEQGTEKQPCPFHTCWF9GYCPVVQUVQRVJQUGYJQFKUEQPPGEVEJKNFTGP
HTQORCTGPVUJWUDCPFUHTQOYKXGUCPFUKDNKPIHTQOUKDNKPI9GYCPVVJGEQGTEGF
CDQTVKQPU VQ UVQR YG YCPV VJG ´265Ú
RQVGPVKCN VTQWDNG UQWTEGU VQ DG TGNGCUGF
HTQOVJG5EKGPVQNQI[42(UQTRTKUQPECORU9GYCPVVJG%JWTEJVQUVQRJKFKPI
DGJKPFKVUTGNKIKQWUUVCVWUYJGPKVQRGTCVGUPQVCUCEJWTEJYQWNFDWVCUCINQDCN
DWUKPGUU
9GFQPQVRTQVGUV5EKGPVQNQIKUVUMPQYPCU´(TGG\QPGTU´
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CPF CWFKVKPI HTGGN[ 6JG[ CNUQ FQ PQV EJCTIG OGODGTU VJQWUCPFU QH FQNNCTU QT
GPICIGKPVJGUJCF[RQNKEKGUQH.4QP*WDDCTFQTJKU%JWTEJ6JGFCVCKUHTGGVQ
CP[QPGYJQYKUJGUVQWUGKV1HEQWTUGVJG%JWTEJQH5EKGPVQNQI[FGPQWPEGUVJG
(TGG\QPGTUDWVVJG(TGG\QPGTUNKMG#PQP[OQWUDGNKGXGUVJCVMPQYNGFIGKUHTGG
;QWECPPQVDW[UCNXCVKQPCVCP[RTKEG

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VJGTKIJVQHCP[5EKGPVQNQIKUVVQJCTCUUCP[QVJGTRGTUQPYJQKUQH¿EKCNN[FGENCTGF
CP52
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=VJCVVJGKPFKXKFWCN?OC[PQVDGHWTVJGTRTQVGEVGFD[VJGEQFGUCPFFKUEKRNKPGUQT
VJGTKIJVUQHC5EKGPVQNQIKUV´.CVGTKP&GEGODGTQHVJCV[GCT*WDDCTFTGKUUWGFVJG
(CKT)COGRQNKE[YKVJCFFKVKQPCNENCTK¿ECVKQPUVQFG¿PGVJGUEQRGQH(CKT)COG*G
OCFGKVENGCTVJCVVJGRQNKE[CRRNKGFVQPQP5EKGPVQNQIKUVUCUYGNN*GFGENCTGF
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CVVGORVKPIVQUWRRTGUU5EKGPVQNQI[QT5EKGPVQNQIKUVUCTGCNNDG[QPFCP[RTQVGEVKQP
QH5EKGPVQNQI['VJKEUWPNGUUCDUQNXGFD[NCVGT'VJKEUQTCPCOPGUV[VJKU2QNKE[
.GVVGTGZVGPFUVQUWRRTGUUKXGPQP5EKGPVQNQI[YKXGUCPFJWUDCPFUCPFRCTGPVUQT
QVJGTHCOKN[OGODGTUQTJQUVKNGITQWRUQTGXGPENQUGHTKGPFU´=?
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CVVCEMKPIVJG+45'XGPVWCNN[VJG%JWTEJQH5EKGPVQNQI[FKFCVVCEMVJG+45CUYGNN
CUOCP[ QVJGT 75 CPF HQTGKIP CIGPEKGUWPFGT1RGTCVKQP5PQY9JKVG*GVQNF
5EKGPVQNQIKUVUKPC*%1RQNKE[NGVVGTFCVGF#RTKNPF
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5EKGPVQNQI[9CUJKPIVQP&%?PQPRTQ¿VUVCVWUEQPVKPWGUVQCEVWRQTKHVJG(&#
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IWKNV[NCDGNCPFRWDNKUJVJGOCUC5WRRTGUUKXG)TQWRCPFHCKTICOG=0Q?QPGKU
HCKTICOGWPVKNJGQTUJGFGENCTGUCICKPUVWU´
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YKVJQWV CP[ FKUEKRNKPG QH VJG 5EKGPVQNQIKUV /C[ DG
VTKEMGFUWGFQTNKGFVQQTFGUVTQ[GF

(CKT)COG2QNKE[.GVVGT

;QWUJQWNFECTGCDQWV¶(CKT)COG¶
(CKT)COGJWTVURGQRNG
2CWNGVVG%QQRGT 2CWNGVVG%QQRGT
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%JWTEJQH5EKGPVQNQI[VQCEQXGTVRNCPKPVGPFGFVQJCXGVJG75CWVJQTCPFLQWTPCNKUV2CWNGVVG
%QQRGTKORTKUQPGFQTEQOOKVVGFVQCOGPVCNKPUVKVWVKQP6JGRNCPYCUOGCPVVQGNKOKPCVGVJG
RGTEGKXGFVJTGCVVJCV%QQRGTRQUGFVQVJG%JWTEJCPFQDVCKPTGXGPIGHQTJGTRWDNKECVKQPKP
QHCJKIJN[ETKVKECNDQQM6JG5ECPFCNQH5EKGPVQNQI[´=?
´+PKVUKPKVKCNHQTO1RGTCVKQP(TGCMQWVEQPUKUVGFQHVJTGGFKHHGTGPVRNCPU
(KTUVCYQOCPYCUVQKOKVCVG2CWNGVVG%QQRGT¶UXQKEGCPF
OCMGVGNGRJQPGVJTGCVUVQ#TCDEQPUWNCVGUKP0GY;QTM
5GEQPFCVJTGCVGPKPINGVVGTYCUVQDGOCKNGFVQCP#TCDEQPUWNCVGKPUWEJCHCUJKQP
VJCVKVYQWNFCRRGCTVQJCXGDGGPFQPGD[2CWNGVVG%QQRGT
YJQKU,GYKUJ
6JKTFC5EKGPVQNQIKUVXQNWPVGGTYCUVQKORGTUQPCVG2CWNGVVG%QQRGTCVCNCWPFTGVVG
CPFVJTGCVGPVJG2TGUKFGPVCPFVJGPVJG5GETGVCT[QH5VCVG*GPT[-KUUKPIGT
#UGEQPF5EKGPVQNQIKUVYQWNFVJGTGCHVGTKPHQTOVJG($+QHVJGVJTGCV´=?
6JG%JWTEJUGPVDQODVJTGCVUVJG[EQORQUGFQPJGTV[RGYTKVGTVQNKPMJGTVQHCNUGETKOGU
VJG[RQUVGFJGTRJQPGPWODGTKPRWDNKETGUVTQQOUCPFUKIPGFJGTWRHQTRQTPQITCRJKEOCKNKPI
NKUVU6JG($+GZRQUGFVJG5EKGPVQNQI[RNQVVQHTCOG2CWNGVVG
YJKEJUJGYCUKPKVKCNN[CTTGUVGF
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EQPPGEVKQPVQCPQVJGTEJWTEJETKOGGPVKVNGF¶1RGTCVKQP5PQY9JKVG¶=OQTGQPVJKUNCVGT?6JG
UKIPUQHVJGXKEKQWUUVTWIINGVQTGVCKPJGTUCPKV[YGTGSWKVGXKUKDNG

(QTIGF$QOD6JTGCV

5GK\GF¶1RGTCVKQP(TGCMQWV¶&QEWOGPV

9CU¶(CKT)COG¶%CPEGNNGF!
5EKGPVQNQI[ENCKOUVJCV¶(CKT)COG¶YCUECPEGNNGFKP1EVQDGTQHD[*%12.
1EV´%CPEGNNCVKQPQH(CKT)COG´DWV
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6GEJPQNQI[ %GPVGT
VJG %JWTEJ¶U EGPVTCN OCPCIGOGPV DQF[ ENCKOGF KP CP CH¿FCXKV
VJCV¶$GECWUGQHO[RQUKVKQPCPFVJGTGRQTVUYJKEJTGIWNCTN[ETQUUGFO[FGUM+MPQY
VJCVFWTKPIO[GPVKTGRTGUKFGPE[QH46%¶HCKTICOG¶CEVKQPUCICKPUVGPGOKGUYGTGFCKN[
TQWVKPG#RCTVHTQOVJGNGICNVCEVKEUFGUETKDGFDGNQYVJG¶HCKTICOG¶CEVKXKVKGUKPENWFGF
DTGCMKPUNKDGNWRUGVVKPIVJGEQORCPKGUQHVJGGPGO[GURKQPCIGJCTCUUOGPVOKUWUGQH
EQP¿FGPVKCNEQOOWPKECVKQPUKPVJGHQNFGTUQHEQOOWPKV[OGODGTUCPFUQHQTVJ¶´=?
+P 9QNNGTUJGKO X %JWTEJ QH 5EKGPVQNQI[ QH %CNKHQTPKC

VJG ÓQVJGT EJWTEJ´ QH VJG
%JWTEJGUQH5EKGPVQNQI[CVVJGVKOGVJGUWKVYCU¿NGFVJG%CNKHQTPKC#RRGCN%QWTVTWNGF
KPCFGEKUKQPWRJGNFD[VJG755WRTGOG%QWTV´9QNNGTUJGKOYCUEQORGNNGFVQCDCPFQP
JKUYKHGCPFJKUHCOKN[VJTQWIJVJGRQNKE[QHFKUEQPPGEV9JGPJKUOGPVCNKNNPGUUTGCEJGF
UWEJCNGXGNJGCEVKXGN[RNCPPGFJKUUWKEKFGJGYCUHQTDKFFGPVQUGGMRTQHGUUKQPCNJGNR
(KPCNN[ YJGP 9QNNGTUJGKO YCU CDNG VQ NGCXG VJG %JWTEJ KV UWDLGEVGF JKO VQ ¿PCPEKCN
TWKPVJTQWIJKVURQNKE[QH¶HCKTICOG¶´
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CUUGTVGFVJCV´HCKTICOGÝCUCÉQTGRTCEVKEGQH5EKGPVQNQI[ĆPFVJGTGHQTGRTQVGEVGFCU
´TGNKIKQWUGZRTGUUKQP´6JKURQUKVKQPYCUCNUQOCFGQPDGJCNHQH5EKGPVQNQI[KPVJGECUG
CICKPUV)GTCNF#TOUVTQPIKPD[TGNKIKQWUGZRGTV&T(TCPM(NKPP=?
6JG¶(CKT)COG¶RQNKE[YCUPGXGTECPEGNNGFCUVJGCTIWOGPVUQHVJG%JWTEJKP
DQVJEQWTVECUGUENGCTN[UJQY'Z15#OGODGTUQPN[EQP¿TOVJKUQXGTCPFQXGT
(CKT)COGKUUVKNNKPYKFGWUGWPFGTVJGFKTGEVKQPQHVJG1H¿EGQH5RGEKCN#HHCKTU

15#HQTOCNN[VJG)1
)WCTFKCP¶U1H¿EG

(CKT)COG#ICKPUV#PQP[OQWU
6JG%JWTEJQH5EKGPVQNQI[VQVJKUFC[ENCKOUVJCVVJG´(CKT)COG´RQNKE[
ETGCVGFD[.4QP*WDDCTFJKOUGNHKUPQNQPIGTKPGHHGEV6JKUKURCVGPVN[WPVTWG
#PQP[OQWUJCUCNTGCF[DGIWPVQTGEGKXGNGVVGTUUVCVKPIVJCVOGODGTUQHVJG
RGCEGHWN RTQVGUV ITQWR CTG VJTGCVGPKPI VQ DQOD EJWTEJGU CUUCUUKPCVG MG[
NGCFGTUCPFWUGQVJGTXKQNGPVOGVJQFUVQ´FGUVTQ[´VJG%JWTEJ6JG%JWTEJ
QH5EKGPVQNQI[JCUCNTGCF[GPNKUVGFVJGWUGQHRTKXCVGKPXGUVKICVQTUCPFJCXG
KFGPVK¿GFCJCPFHWNQH#PQP[OQWURTQVGUVGTU6JG[RQUVGFVJGUGRTQVGUVGTU¶
JQOG CFFTGUUGU PWODGTU CPF RTKXCVG KPHQTOCVKQP QP ;QW6WDG CPF UGPV
OGPRQUKPICURGCEGQH¿EGTUVQRTQVGUVGTU¶JQOGU9GVCMGRTKFGKPDGKPIHCKT
ICOGFQPN[DGECWUGYGMPQYUQOCP[QVJGTUJCFKVOWEJYQTUGVJCPYG
YKNNGXGTJCXGKV2CWNGVVG%QQRGT#TPKG.GTOC/CTM$WPMGT5GCP.QPIUFCNG
CPFOCP[QVJGTUJCFVJGKTNKXGUVWTPGFWRUKFGFQYPD[¶(CKT)COG¶9GYKNN
PQV[KGNFVQDWNNKGU
*GTGCTGVJG(CEVU
#PQP[OQWUJCUUWEEGUUHWNN[CEEQORNKUJGFVYQYQTNFYKFGRTQVGUVUCICKPUV
VJG%JWTEJQH5EKGPVQNQI[VJG¿TUVQP(GDVJ
.KUC/E2JGTUQP¶UDKTVJFC[
CPF VJG UGEQPF QP /CTEJ VJ
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DKTVJFC[QPVJGVJ6JGUGRTQVGUVUJCRRGPGFKPQXGTEKVKGUCPFFTGY
PWODGTUKPGZEGUUQHCNNEQPEGTPGFEKVK\GPUYKVJCXQKEGVJG[YCPVGF
JGCTF0QVQPGXKQNGPVKPEKFGPVYCUTGRQTVGFCVGKVJGTQHVJGUGRTQVGUVU9G
RNCPVQTGVWTPQP#RTKNVJHQT¶1RGTCVKQP4GEQPPGEV¶VQCVVGORVVQWPFQ
UQOG QH VJG FCOCIG FQPG D[ VJG %JWTEJ¶U FKUEQPPGEVKQP RQNKE[ 9G GXGP
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YKUJGU9GFQPQVJCVG5EKGPVQNQIKUVU9GJCVGYJCVKUDGKPIFQPGVQVJGO
KPVJGPCOGQHTGNKIKQP
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QH OCP[ ETKOGU VJG %JWTEJ KU YKNNKPI VQ FGEGKXG KP QTFGT VQ RTQVGEV KVU QYP KPVGTGUVU
6JG HQNNQYKPI RCIG UJQYU VJG JCPF FGNKXGTGF NGVVGTU VJG %JWTEJ UGPV VQ GCEJ RGTUQP
VJG[KFGPVK¿GFCUCRTQVGUVGT#NQPIYKVJVJGNGVVGTC&8&GPVKVNGF´#PQP[OQWU*CVG
%TKOGU´ YCU KPENWFGF 6JG EQPVGPVU QH VJG &8& JCU DGGP RQUVGF QP ;QW6WDG JVVR
UPWTNEQOKP
9CVEJKVCPFFGEKFGHQT[QWTUGNH

(CKT)COG.GVVGT

(CKT)COG.GVVGT

(CKT)COG&8&

1H¿EKCN%JWTEJQH5EKGPVQNQI[
4GURQPUGVQ#PQP[OQWU2TQVGUVU
´6JKUYGGMGPFYGFQCPVKEKRCVGVJCVUQOGOGODGTUQHVJKUITQWR¶#PQP[OQWU¶YKNNVWTP
WRCUVJG[JCXGCPPQWPEGF
9GVCMGVJKUUGTKQWUN[DGECWUGQHVJGPCVWTGQHVJGVJTGCVUVJKUITQWRJCUOCFGRWDNKEN[
9GYKNNVCMGGXGT[UVGRPGEGUUCT[VQRTQVGEVQWTRCTKUJKQPGTUCPFUVCHHCUYGNNCUOGODGTU
QHVJGEQOOWPKV[KPEQQTFKPCVKQPYKVJVJGNQECNCWVJQTKVKGU
#UVQQWTMPQYNGFIGQHVJGQTICPK\GTUQHVJGGXGPVVJG[CTGE[DGTVGTTQTKUVUYJQJKFG
VJGKTKFGPVKVKGUDGJKPFOCUMUCPFEQORWVGTCPQP[OKV[
.QPI DGHQTG UGNGEVKPI 5EKGPVQNQI[ CU KVU NCVGUV VCTIGV ¶#PQP[OQWU¶ JCEMGTU ETCUJGF
VJG(QZ9GDUKVGCPFKUUWGFCRGTXGTUGOCPKHGUVQKPC,WN[XKFGQOGUUCIGQPVJG
+PVGTPGV
¶9GCTGVJGHCEGQHEJCQU9GTWKPVJGNKXGUQHQVJGTRGQRNGUKORN[DGECWUGYGECP
*WPFTGFUFKGKPCRNCPGETCUJ9GNCWIJ6JGPCVKQPOQWTPUQXGTUEJQQNUJQQVKPIYG
NCWIJ 9G¶TG VJG GODQFKOGPV QH JWOCPKV[ YKVJ PQ TGOQTUG PQ ECTKPI PQ NQXG QT PQ
UGPUGQHOQTCNKV[¶
¶#PQP[OQWU¶KURGTRGVTCVKPITGNKIKQWUJCVGETKOGUCICKPUVEJWTEJGUQH5EKGPVQNQI[CPF
KPFKXKFWCN5EKGPVQNQIKUVUHQTPQTGCUQPQVJGTVJCPTGNKIKQWUDKIQVT[¶#PQP[OQWU¶KPKVKCNN[
LWUVK¿GFKVUCVVCEMUD[ENCKOKPIVJCVVJGEJWTEJ¶UTGSWGUVUVQUQOG9GDUKVGUVQTGOQXGC
UVQNGPXKFGQQHCPKPVGTPCNEJWTEJGXGPVUQOGJQYEQPUVKVWVGFCPCHHTQPVVQHTGGURGGEJ
+P HCEV VJG EJWTEJ CU YQWNF CP[ EQR[TKIJV QYPGT JCF UKORN[ UGPV PQVKEGU VJCV VJG
XKFGQ EQPUVKVWVGF C EQR[TKIJV XKQNCVKQP 5KOKNCT PQVKEGU CTG UGPV FCKN[ D[ VJG VGNGXKUKQP
CPFTGEQTFKPIKPFWUVTKGUCUYGNNCUVJGOGFKCVQVJQUGYJQFKURNC[RKTCVGFEQR[TKIJVGF
YQTMU
¶#PQP[OQWU¶ CNNGIGF ¶HTGG URGGEJ¶ LWUVK¿ECVKQP KU DGNKGF D[ VJG HCEV VJCV VJG XKFGQ KP
SWGUVKQP JCU DGGP UGGP D[ OKNNKQPU +V KU ¶#PQP[OQWU¶ VJCV JCU TGRGCVGFN[ CVVGORVGF
VQ UWRRTGUU HTGG URGGEJ VJTQWIJ KNNGICN CUUCWNVU QP EJWTEJ 9GD UKVGU UQ CU VQ RTGXGPV
+PVGTPGV WUGTU HTQO QDVCKPKPI KPHQTOCVKQP HTQO VJG EJWTEJ 6JG[ JCXG CNUQ GPICIGF
KPQVJGTJCTCUUOGPVKPENWFKPIVJTGCVUQHXKQNGPEGKPVGNGRJQPGECNNUHCZVTCPUOKUUKQPU
CPFGOCKNUPQVVQOGPVKQPVJG#PQP[OQWUOCKNKPIQHYJKVGRQYFGTVQFQ\GPUQHQWT
EJWTEJGUTGSWKTKPIVJGUGTXKEGUQHNCYGPHQTEGOGPV
¶#PQP[OQWU¶ ENCKOU QH CNVTWKUVKE RWTRQUGU CTG PQ FKHHGTGPV VJCP VJQUG JGCTF HTQO CP[
VGTTQTKUVQTJCVGITQWR9GCTGPQVVJG¿TUVVQDGVCTIGVGF7UKPI5EKGPVQNQI[¶URTQOKPGPEG
¶#PQP[OQWU¶JQRGUVQICTPGTOQTGCVVGPVKQP¶#PQP[OQWU¶JCURWDNKEN[RTQENCKOGFKVU
IWKFKPIOCVGTKCNUVQDGVJG%QOOWPKUV/CPKHGUVQCPF/GKP-CORH3WKVGQDXKQWUN[VJKU
ITQWRKUPQVLWUVCPVK5EKGPVQNQI[KVKUCPVKHTGGFQOQHTGNKIKQPCPVKHTGGURGGEJCPFCPVK
#OGTKECP
4GNKIKQWUDKIQVT[QHCP[PCVWTGKUFGRNQTCDNGCPFRTQHQWPFN[CHHGEVUVJGGPVKTGEQOOWPKV[
6JGJCVGETKOGUQH¶#PQP[OQWU¶UJQWNFDGEQPFGOPGF´=?

;QWUJQWNFECTGCDQWVVJGFGCVJU
/CP[OGODGTUJCXGFKGFWPFGTXGT[O[UVGTKQWUEKTEWOUVCPEGU
.KUC/E2JGTUQPCNQPIVKOGOGODGTQHVJGEJWTEJFKGFQP&GEKPVJGECTGQH
5EKGPVQNQI[5JGYCUUGXGTGN[FGJ[FTCVGFCPFEQXGTGFYKVJUQTGUCPFEQEMTQCEJDKVGU
/E2JGTUQPCHVGTFC[UNQEMGF
.KUC/E2JGTUQP5EKGPVQNQIKUV KPC5EKGPVQNQI[HCEKNKV[
5V2GVGTUDWTI6KOGU'FKVQTKCN
´-GGR+PXGUVKICVKQP1P6TCEM
#YQOCPKPXQNXGFKPCOKPQTVTCH¿ECEEKFGPVUJGFUJGTENQVJGUCPFYCNMUPWFGFQYPVJGUVTGGV2QNKEGVCMG
JGTVQVJGJQURKVCNVQUGGCRU[EJKCVTKEPWTUGCPFCICKPUVOGFKECNCFXKEGUJGNGCXGUYKVJHTKGPFU6JQUGHTKGPFU
VCMGJGTVQVJGKTEJWTEJ5GXGPVGGPFC[UNCVGTVJG[FTKXGJGTVQCJQURKVCNOQTGVJCPOKNGUCYC[KPCPQVJGT
EQWPV[6JGYQOCPKUFGCFQPCTTKXCNCPFCPCWVQRU[¿PFUDTWKUGUCDTCUKQPUCPFNGUKQPUQPJGTDQF[1H¿EKCN
ECWUGQHFGCVJCDNQQFENQVECWUGFD[´DGFTGUVCPFUGXGTGFGJ[FTCVKQP´
%NGCTYCVGTRQNKEGUC[VJQUGCTGVJGEKTEWOUVCPEGUUWTTQWPFKPIVJGUWURKEKQWUFGCVJQH.KUC/E2JGTUQPYJQ
YCUCOGODGTQHVJG%JWTEJQH5EKGPVQNQI[HQT[GCTUDGHQTGUJGFKGFKP&GEGODGT#P[QDLGEVKXGTGXKGY
ECPQPN[TCKUGOQTGSWGUVKQPUCDQWVYJCVJCRRGPGFVQVJG[GCTQNFYQOCPKPVJGFC[UDGVYGGPVJGVTCH¿E
CEEKFGPVCPFJGTFGCVJ
#[GCTNCVGTVJG%NGCTYCVGT2QNKEG&GRCTVOGPVUVKNNKUNQQMKPIHQTCPUYGTUCPFCXQKFKPICEEWUCVKQPU+PUVGCF
QHEQQRGTCVKPIVJG%JWTEJQH5EKGPVQNQI[JCUTGURQPFGFD[CVVCEMKPIVJGRQNKEGFGRCTVOGPVCPFEQORNCKPKPI
QH JCTCUUOGPV +V KU UVCPFCTF RTQEGFWTG HQT 5EKGPVQNQIKUVU VQ FKUEQWTCIG UETWVKP[ YKVJ VCEVKEU VJCV UOCEM QH
KPVKOKFCVKQP6JG%NGCTYCVGT2QNKEG&GRCTVOGPVCPFVJGUVCVGCVVQTPG[¶UQH¿EGUJQWNFPQVCNNQYUWEJCUVTCVGI[
VQFGTCKNVJKUKPXGUVKICVKQP
6JGTGKUEQPUKFGTCDNGCPGEFQVCNGXKFGPEGVJCVUJQWNFJGKIJVGPEQPEGTPCDQWV/E2JGTUQP¶UFGCVJ5JQTVN[
DGHQTGJGTVTCH¿ECEEKFGPVKP0QXGODGT/E2JGTUQPEQP¿FGFVJCVUJGYCUNGCXKPIVJG%JWTEJQH5EKGPVQNQI[
C NQPIVKOG HTKGPF VQNF VJG 6CORC 6TKDWPG /E2JGTUQP¶U OQVJGT (CPPKG /E2JGTUQP VQNF VJG PGYURCRGT VJCV
JGT FCWIJVGT VQNF JGT UJG YCU JCXKPI VTQWDNG OGGVKPI JGT UCNGU IQCNU CV C %NGCTYCVGT DWUKPGUU QYPGF D[ C
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CEEQTFCPEGYKVJ5EKGPVQNQI[RQNKE[6JG[PQYJCXGCFQEWOGPV[QWOWUVUKIPVJCVIKXGU
VJGOVJGNGICNTKIJVVQMKFPCR[QWDGHQTGVJG[YKNNQHHGT[QWCP[URKTKVWCNUGTXKEGU
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RGTUQPPGNQTHCOKN[OGODGTUQTHTKGPFUCVVGORVVQEQORGNQTEQGTEGQTEQOOKVOGHQTRU[EJKCVTKEGXCNWCVKQPVTGCVOGPVQTJQURKVCNK\CVKQP+HWNN[
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UQO[URKTKVWCNPGGFUOC[DGCFFTGUUGFKPCEEQTFCPEGYKVJVJGVGPGVUQHVJG5EKGPVQNQI[TGNKIKQP
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4WPFQYP
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KUKPVGPFGFVQUCXGVJGURKTKV+WPFGTUVCPFVJCVVJG+PVTQURGEVKQP4WPFQYPKUCPKPVGPUKXGTKIQTQWU4GNKIKQWU5GTXKEGVJCVKPENWFGUDGKPIKUQNCVGF
HTQOCNNUQWTEGUQHRQVGPVKCNURKTKVWCNWRUGVKPENWFKPIDWVPQVNKOKVGFVQHCOKN[OGODGTUHTKGPFUQTQVJGTUYKVJYJQO+OKIJVPQTOCNN[KPVGTCEV#U
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KUQNCVGFCEEQTFKPIVQVJGDGNKGHUCPFRTCEVKEGUQHVJG5EKGPVQNQI[TGNKIKQP+HWTVJGTURGEK¿ECNN[CEMPQYNGFIGVJCVVJGFWTCVKQPQHCP[UWEJKUQNCVKQP
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URGEK¿ECNN[EQPUGPVVQVJGRTGUGPEGQH%JWTEJOGODGTUCTQWPFVJGENQEMHQTYJCVGXGTNGPIVJQHVKOGKUPGEGUUCT[VQRGTHQTOVJG+PVTQURGEVKQP
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2TKPVGF(WNN0COG
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5EKGPVQNQI[TGNKIKQWURJKNQUQRJ[CTGFGNKXGTGFVJTQWIJQWVVJGYQTNFGZENWUKXGN[D[NKEGPUGGUQHVJG%JWTEJQH5EKGPVQNQI[+PVGTPCVKQPCNYKVJVJGRGTOKUUKQPQH4GNKIKQWU6GEJPQNQI[%GPVGT
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5WRRTGUUKXG#EV+VKUP¶VCEJQKEGKV¶UCHQTEGFEQPFKVKQP#5EKGPVQNQIKUVKUPQV´GZGTEKUKPIJKUTKIJVVQ
EQOOWPKECVGQTPQVEQOOWPKECVG´DGECWUGJGJCUPQEJQKEGWPNGUUJGJKOUGNHYCPVUVQDGFGENCTGF
CP525EKGPVQNQIKUVUNQXGVQENCKOKVYCUTGXQMGFKPDWVPQVUWTRTKUKPIN[KVECOGDCEMKPVQWUG
KPYYYGZUEKGPVQNQI[MKFUEQORTQXKFGUGXGPOQTGGZRNCPCVKQP
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GZKUVKP5EKGPVQNQI[1VJGTUSWQVGVJGRQNKE[NKUVGFCDQXGCPFUC[VJCV&KUEQPPGEVKQPKUCNCUVTGUQTV
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6JGTGCUQPKVKUUQFKH¿EWNVHQTCP[QPGVQVCMGNGICNCEVKQPCICKPUV&KUEQPPGEVKQPKUVJCV5EKGPVQNQI[
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5EKGPVQNQI[´=?
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OCMKPIJKOYQTUG#PFJGDGNKGXGFJKUOQVJGTRQUUGUUGFCPGXKNG[G
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RWUJGFJGTKPVQCDGFTQQO
*GUVCDDGFJGTVKOGU´=?

,GTGO[¶U5VCVGOGPVVQ2QNKEG

5EKGPVQNQI[¶U5GETGV+45&GCN
+PVJG%JWTEJQH5EKGPVQNQI[RCKFOKNNKQPVQVJG+PVGTPCN4GXGPWG5GTXKEGKPDCEMVCZGUCPFCHVGT
FGECFGU QH NGICN DCVVNGU YCU ITCPVGF HWNN VCZ GZGORV UVCVWU=? 9J[ KU VJKU UWEJ C DKI FGCN! +H 5EKGPVQNQI[ KU C
TGNKIKQPVJGPUJQWNFP¶VKVGPLQ[VJGDGPG¿VQHVCZGZGORVKQPCUCP[QVJGTTGEQIPK\GFTGNKIKQPFQGU!
6JGRTQDNGOKUOCP[HCEGVGF(KTUVQHCNNVJGFGCNOCFGYKVJVJG+45FKTGEVN[XKQNCVGUC5WRTGOG%QWTVTWNKPI
*'40#0&'<X%1//+55+10'41(+06'40#.4'8'07'
´6JG %JWTEJ QH 5EKGPVQNQI[

%JWTEJ RTQXKFGU ĆWFKVKPI´ UGUUKQPU FGUKIPGF VQ KPETGCUG OGODGTU¶ URKTKVWCN
CYCTGPGUUCPFVTCKPKPIEQWTUGUCVYJKEJRCTVKEKRCPVUUVWF[VJGVGPGVUQHVJGHCKVJCPFUGGMVQCVVCKPVJGSWCNK¿ECVKQPU
PGEGUUCT[VQEQPFWEVCWFKVKPIUGUUKQPU2WTUWCPVVQCEGPVTCNVGPGVMPQYPCUVJG´FQEVTKPGQHGZEJCPIG´VJG%JWTEJ
JCU UGV HQTVJ UEJGFWNGU QH OCPFCVQT[ ¿ZGF RTKEGU HQT CWFKVKPI CPF VTCKPKPI UGUUKQPU YJKEJ XCT[ CEEQTFKPI VQ C
UGUUKQP¶UNGPIVJCPFNGXGNQHUQRJKUVKECVKQPCPFYJKEJCTGRCKFVQDTCPEJEJWTEJGU7PFGTQHVJG+PVGTPCN4GXGPWG
%QFGQHRGVKVKQPGTUGCEJUQWIJVVQFGFWEVUWEJRC[OGPVUQPVJGKTHGFGTCNKPEQOGVCZTGVWTPUCUCÉJCTKVCDNG
EQPVTKDWVKQP´ YJKEJ KU FG¿PGF CU C ÉQPVTKDWVKQP QT IKHV´ VQ GNKIKDNG FQPGGU #HVGT TGURQPFGPV %QOOKUUKQPGT QH
+PVGTPCN4GXGPWG
%QOOKUUKQPGTQT+45FKUCNNQYGFVJGUGFGFWEVKQPUQPVJGITQWPFVJCVVJGRC[OGPVUYGTGPQV
ÉJCTKVCDNG EQPVTKDWVKQPU´ RGVKVKQPGTU UQWIJV TGXKGY KP VJG 6CZ %QWTV 6JCV EQWTV WRJGNF VJG %QOOKUUKQPGT¶U
FGEKUKQPUCPFTGLGEVGFRGVKVKQPGTU¶EQPUVKVWVKQPCNEJCNNGPIGUDCUGFQPVJG'UVCDNKUJOGPVCPF(TGG'ZGTEKUG%NCWUGU
QHVJG(KTUV#OGPFOGPV6JG%QWTVUQH#RRGCNUCH¿TOGFQPRGVKVKQPGTU¶UGRCTCVGCRRGCNU
*GNF
2C[OGPVUOCFGVQVJG%JWTEJ¶UDTCPEJEJWTEJGUHQTCWFKVKPICPFVTCKPKPIUGTXKEGU
CTGPQVFGFWEVKDNGEJCTKVCDNGEQPVTKDWVKQPUWPFGT2R
*'40#0&'<X%1//+55+10'475
75*'40#0&'<X%1//+55+10'41(
+06'40#.4'8'07'%'46+14#4+616*'70+6'&56#6'5%17461(#22'#.5(146*'(+456%+4%7+6
0Q#TIWGF0QXGODGT&GEKFGF,WPG
9GCITGGYKVJVJG5WRTGOG%QWTVVJCVTGSWKTKPIUGVRTKEGUQPEQWTUGYQTMKUPQVEQORCVKDNGYKVJVJGIGPGTCNN[
CEEGRVGFFG¿PKVKQPQHC´VKVJG´QT´FQPCVKQP´HQNNQYGTURC[QWVVQVJGKTRNCEGUQHYQTUJKR6JQUGCTGXQNWPVCT[6JG
RC[OGPVHQT5EKGPVQNQI[EQWTUGYQTMKUPQV6JGRTKEGHQTGCEJVTCKPKPIUGUUKQPKUUGVD[VJG%JWTEJ
6JKUYCUPQVVJG¿TUVDWVVJGVJKTFVKOGVJCV5EKGPVQNQI[JCFDGGPFGPKGFGZGORVKQPD[VJGEQWTVU5QYJ[CHVGT
NCYUWKVUCPFFGECFGUQHFGPKCNFKFVJG+45¿PCNN[ITCPVVJG%JWTEJQH5EKGPVQNQI[VCZGZGORVKQP!2CTVQHVJG
TGCUQPUCTGUVKNNUJTQWFGFKPO[UVGT[6JGFGCNOCFGYKVJVJG+45KPKUPQVCXCKNCDNGHQTTGXKGYCPFTGOCKPU
UGETGVVQVJKUFC[6JG+45JCUCNYC[UFGPKGFTGSWGUVUVQRTQFWEGVJGGPVKTGFQEWOGPVQHVJGFGCNVJCVYCUUVTWEM
DGJKPFENQUGFFQQTU
+45FGCNXKQNCVGUVJGUV#OGPFOGPV'UVCDNKUJOGPV%NCWUG
'XGP OQTG UWURGEV KU VJG +45¶U RTGHGTGPVKCN VTGCVOGPV QH 5EKGPVQNQI[ 5EKGPVQNQI[ GPLQ[U PQV QPN[ GSWCN VCZ
GZGORVKQP YKVJ QVJGT TGNKIKQWU GUVCDNKUJOGPVU DWV CNUQ GZGORVKQP VJCV PQ QVJGT EJWTEJ JCU 6JG +45 CITGGF VQ
CNNQY5EKGPVQNQIKUVUVQFGFWEVCVNGCUVQHVJGHGGURCKFHQT´TGNKIKQWUVTCKPKPICPFUGTXKEGU´0QQVJGTTGNKIKQP
GPLQ[UVJKUVCZDTGCM
#TGEGPVNCYUWKVYKNNJQRGHWNN[UJGFUQOGNKIJVQPVJGUGETGVFGCNOCFGYKVJ5EKGPVQNQI[/KEJCGNCPF/CTNC
5MNCTCTGC,GYKUJEQWRNGYJQYGTGFGPKGFGZGORVKQPHQTVJGKTUQP¶UTGNKIKQWUUEJQQNKPIQPVJGKTVCZGU9JGPVJG[
FKUEQXGTGF5EKGPVQNQIKUVUJCXGVJGTKIJVVQFQVJKUCPF,GYUFQPQVVJG[TGVCKPGFCVVQTPG[,GHHTG[<WEMGTOCPVQUWG
VJG+45
<WEMGTOCPTKIJVN[CTIWGFVJCVVJG(KTUV#OGPFOGPVRTQJKDKVUVJG+45HTQOFKUETKOKPCVKPIQPVJGDCUKUQHTGNKIKQP
6JG'UVCDNKUJOGPVENCWUGQHVJGUV#OGPFOGPVFQGUPQVCNNQY´VJGRTGHGTGPEGQHQPGTGNKIKQPQXGTCPQVJGTQTVJG
UWRRQTVQHCTGNKIKQWUKFGCYKVJPQKFGPVK¿CDNGUGEWNCTRWTRQUG´
+P TGURQPUG VQ +45 CTIWOGPVU VJCV VJG[ YGTG PQV KP XKQNCVKQP QH VJG UV #OGPFOGPV RTGUKFKPI ,WFIG -KO
9CTFNCYCUMGF´6JGXKGYQHVJG+45KUKVECPWPEQPUVKVWVKQPCNN[XKQNCVGVJG%QPUVKVWVKQPD[GUVCDNKUJKPITGNKIKQPD[
VTGCVKPIQPGTGNKIKQPOQTGHCXQTCDN[VJCPQVJGTTGNKIKQPUKPVGTOUQHYJCVKUCNNQYGFCUFGFWEVKQPUCPFVJGTGECP
PGXGTDGCP[LWFKEKCNTGXKGYQHVJCV!´=?
#VVJKUVKOGVJGECUGKUQPIQKPICPFJCU[GVVQDGFGEKFGF

´=?5EKGPVQNQI[JCUDTQWIJVJWPFTGFUQHUWKVUCICKPUVKVURGTEGKXGFGPGOKGUCPFVQFC[RC[UCPGUVKOCVGF
OKNNKQPCPPWCNN[VQOQTGVJCPNCY[GTU
1PGNGICNIQCNQH5EKGPVQNQI[KUVQDCPMTWRVVJGQRRQUKVKQPQTDWT[KVWPFGTRCRGT6JGEJWTEJJCUCEVKXG
NCYUWKVUCICKPUVVJG+45CNQPG
=?¶+PO[QRKPKQPVJGEJWTEJJCUQPGQHVJGOQUVGHHGEVKXGKPVGNNKIGPEGQRGTCVKQPUKPVJG75TKXCNKPIGXGP
VJCVQHVJG($+¶´
6GF)WPFGTUQPCHQTOGTJGCFQHVJG($+¶U.QU#PIGNGUQH¿EG
´#P+45%NQUKPICITGGOGPVECPPQVQXGTTWNG%QPITGUUCPFVJG5WRTGOG%QWTV´´+HVJG+45FQGUKPHCEVIKXG
RTGHGTGPVKCNVTGCVOGPVVQOGODGTUQH´´5EKGPVQNQI[´ĆNNQYKPIVJGOCURGEKCNTKIJVVQENCKOFGFWEVKQPUVJCV
CTGEQPVTCT[VQNCYCPFTKIJVN[FKUCNNQYGFVQGXGT[DQF[GNUGVJGPVJGRTQRGTEQWTUGQHCEVKQPKUCNCYUWKVVQ
RWVCUVQRVQVJCVRQNKE[´
,WFIG4GKPJCTV7PKVGF5VCVGUVJ%KTEWKVEQWTVQH#RRGCNU,CPWCT[
*QYFKFVJG%JWTEJQH5EKGPVQNQI[ICKPVCZGZGORVKQP!+PVJGUCOGOCPPGTKVCNYC[UIGVKVUYC[KVUWGF
VJG+45KPVQUWDOKUUKQP6JG¿IJVDGICPKP,WN[QHYJGPVJG+45TGXQMGFVJGVCZGZGORVUVCVWUQHVJG
%JWTEJEKVKPIVJTGGTGCUQPU
5EKGPVQNQI[RTCEVKVKQPGTUCTGRTQ¿VKPIHTQOVJG´PQPRTQ¿V´%JWTEJ
6JG%JWTEJ¶UCEVKXKVKGUCTGEQOOGTEKCN
6JG%JWTEJKUUGTXKPIVJGRTKXCVGKPVGTGUVUQH.4QP*WDDCTF
CRTCEVKEGMPQYPCUKPWTGOGPV
5EKGPVQNQI[FGPQWPEGFVJGTGXQECVKQPFGENCTGFKVUKPVGPVKQPVQKIPQTGVJGFGEKUKQPCPFYKVJJGNFRC[OGPV
QHVCZGUHQTVJGPGZV[GCTU6JGEJWTEJDGICPYCIKPICPCNNQWVYCTCICKPUVVJG+45+VKUQWTDGNKGHVJCVCHVGT
JWPFTGFUQHNCYUWKVU
GXGT[UKPINGQPGVJTQYPQWVKPVJG+45¶UHCXQTVJG+45UKORN[VJTGYWRKVUJCPFUCPF
ECXGFKP#ICKPVJG+45JCFYQPGXGT[EQWTVECUGCICKPUV5EKGPVQNQI[WRVQVJGVKOGQHVJGUGETGVCITGGOGPV
6JG[YGTGUKORN[RWOOGNGFKPVQUWDOKUUKQP6JG%JWTEJCNUQJKTGFRTKXCVGKPXGUVKICVQTUVQHQNNQYGORNQ[GGU
QHVJG+45CPFFKIWRCP[CPFCNNFKTVVJG[EQWNFICVJGTVQKPETGCUGVJGRTGUUWTG6JG[UQWIJVQWVFKUITWPVNGF
GORNQ[GGU VQ DGEQOG YJKUVNGDNQYGTU KP EQPUVCPV NCYUWKVU 6JG[ CRRNKGF EQPUVCPV CPF KPETGCUKPI RTGUUWTG
WPVKNVJG+45¿PCNN[DTQMG*QYEQWNFVJG+45IGVCYC[YKVJVJKUKNNGICNÚYGGVJGCTV´FGCNYKVJVJG%JWTEJQH
5EKGPVQNQI[!
6JG+45LWUVUKORN[MGGRUSWKGV6JKUUGETGVCITGGOGPVRTQXKFGFOCP[UWEJÚYGGVJGCTV´FGCNUHQT5EKGPVQNQI[
6JG+45UVCVGUVJCVKVYKNNPQNQPIGTJCXGCP[KPVGTGUVKPCEQP¿UECVGFCWFKQVCRG
VJCVCEQWTVJCFTWNGFYCUQHCOGGVKPID[5EKGPVQNQI[QH¿EKCNUCPFCVVQTPG[UVQ
CVVGORVVQFGHTCWFVJG+45
6JG FGCN ITCPVGF GP OCUUG VCZ GZGORVKQP VQ FQ\GPU QH 5EKGPVQNQI[¶U EQTRQTCVG
UVTWEVWTGUKPENWFKPI%JWTEJQH5RKTKVWCN6GEJPQNQI[
6JG +45 UGPV C (CEV 5JGGV VQ QVJGT EQWPVTKGU EQPEGTPKPI VJGKT PGY CITGGOGPV
YJKEJKPENWFGFCRTQ5EKGPVQNQI[RCORJNGVYTKVVGPD[VJGEJWTEJKVUGNH
6JG FGCN EJCPIGF VJG UVCVWU QH OCP[ QH VJG HQTOU UQ VJCV VJG[ ECPPQV DG
XKGYGFD[VJGRWDNKECUTGSWKTGFD[+45TWNGU
HQTOUCTGCP[FQEWOGPVUVJG
EJWTEJRTQXKFGUVJG+45KPQTFGTVQQDVCKPVCZGZGORVKQP
6JGFGCNOCFG¿ZGFEQUVUQHEJWTEJEQWTUGUVCZFGFWEVKDNG#ICKPVJKUIQGUCICKPUV
VJG755WRTGOG%QWTV¶UTWNKPIKP*GTPCPFG\
#P[HWVWTGXKQNCVKQPUQH+45TWNGUD[5EKGPVQNQI[YKNNDGVCMGPQWVQHVJGJCPFUQH
TGIWNCTCWFKVQTUCPFPQYRNCEGFKPVJGJKIJGUVQH¿EKCNUQHVJG+45¶FWVKGU
6JGFGCNTGSWKTGFVJCVDQVJRCTVKGUMGGRVJGCITGGOGPVUGETGV
;QWECPXKGYRCTVQHVJGFGCNOCFGYKVJ5EKGPVQNQI[JGTGJVVRYYYNKUCOERJGTUQPQTIEQUKTUJVO
#VVCEJGFPGZVCTG5EKGPVQNQI[RTKEGUJGGVUHQTEQWTUGUCPFVKOGNKPGQH
VJGGXGPVUNGCFKPIWRVQVJGUGETGVFGCN5EKGPVQNQI[OCFGYKVJVJG+45

4GSWKTGF&QPCVKQP2TKEG.KUV

4GSWKTGF&QPCVKQP2TKEG.KUV

6CZ'ZGORVKQP6KOGNKPG
5WOOGT
5EKGPVQNQI[JKTGURTKXCVGKPXGUVKICVQTUVQKPXGUVKICVGVJGRGTUQPCNNKXGU
CPFCU.4QP*WDDCTF¶UVJGQTKGUQP
ÚWRRTGUUKXGUÝQWNFJCXGKVVJGÉTKOGU´QHUGPKQT+45QH¿EKCNUKPXQNXGFKPVJGQPIQKPI5EKGPVQNQI[NKVKICVKQP
#EEQTFKPIVQ1EVCXKQ2GPCCRTKXCVGKPXGUVKICVQTKP(QTV.GG0,C5EKGPVQNQIKUVKFGPVKH[KPIJKOUGNHCU$GP5JCY
XKUKVUJKOKPVJGUWOOGTQHVQGZRNCKPVJCVVJGEJWTEJYCUEQPEGTPGFCDQWV+45EQTTWRVKQPCPFYQWNFRC[
OKNNKQPHQT2GPCVQKPXGUVKICVG+45QH¿EKCNU2GPCTGHWUGU
6YQOQTG2+U/KEJCGN.5JQOGTUCPF6JQOCU,-T[YWEMKYQTMHQT5EKGPVQNQI[HQTCVNGCUVOQPVJUKP
CPF9QTMKPIHTQOJKU/CT[NCPFQH¿EG5JQOGTUUGVUWRCRJQP[QRGTCVKQPVJG9CUJKPIVQP0GYU$WTGCWVQ
RQUGCUCTGRQTVGTCPFICVJGTKPHQTOCVKQPCDQWVEJWTEJETKVKEU*GKP¿NVTCVGU+45EQPHGTGPEGUVQICVJGTKPHQTOCVKQP
CDQWVQH¿EKCNUYJQOKIJVDGUMKRRKPIOGGVKPIUFTKPMKPIVQQOWEJQTJCXKPICHHCKTU5EKGPVQNQI[NCY[GT-GPFTKEM
/QZQPQPGQHVJQUGEKVGFKPVJG5PQY9JKVGUECPFCNKPCFOKVUVJGWUGQHRTKXCVGKPXGUVKICVQTUDWVENCKOU
VJCVVJG[CTGPGGFGFVQEQWPVGTNKGUURTGCFD[´TQIWGIQXGTPOGPVCIGPVU´
4GH0GY;QTM6KOGU/CTEJ
1EVQDGT
5EKGPVQNQI[NGCFGT&CXKF/KUECXKIGCPF/CTV[4CVJDWPCPQVJGTUGPKQT5EKGPVQNQI[QH¿EKCNENCKOVQJCXGJGNF
CPWPUEJGFWNGFOGGVKPIYKVJ+45%QOOKUUKQPGT(TGF6)QNFDGTI,T/KUECXKIGQHHGTUVQFTQRCNNVJGUWKVUCICKPUV
VJG+45KH5EKGPVQNQI[KUIKXGPVCZGZGORVKQP)QNFDGTICITGGUCPFETGCVGUCURGEKCN¿XGOGODGTYQTMKPIITQWR
WPFGT*QYCTF/5EJQGPHGNFVQTGUQNXGVJGFKURWVGD[RCUUKPIVJGCIGPE[¶UGZGORVQTICPK\CVKQPUFKXKUKQPYJKEJ
PQTOCNN[JCPFNGUVJQUGOCVVGTUCPGZEGRVKQPCNN[WPWUWCNCTTCPIGOGPV
,CPWCT[
,QJP'$WTMGVJGCUUKUVCPVEQOOKUUKQPGTHQTGZGORVQTICPK\CVKQPUCITGGUVQ5EKGPVQNQI[¶UFGOCPFVJCVKVU
VJGDWNMQHKVU¿PCPEKCNFGVCKNUUJQWNFDGMGRVUGETGV
,WPG
6JG 75 %NCKOU %QWTV WRJQNFU VJG +45¶ NQPIUVCPFKPI FGPKCN QH C VCZ GZGORVKQP HQT 5EKGPVQNQI[¶U %JWTEJ
QH 5RKTKVWCN 6GEJPQNQI[ 6JG TWNKPI UVTQPIN[ UWRRQTVU VJG CIGPE[¶U EQPEGTPU QXGT VJG EQOOGTEKCN PCVWTG QH
5EKGPVQNQI[CPFQVJGTOCVVGTU+VUVCVGUVJCVVJGEQTRQTCVGUVTWEVWTGQH5EKGPVQNQI[YCUÚQOGVJKPIQHCFGEGRVWU
XKUWU4GCNEQPVTQNKUGZGTEKUGFNGUUHQTOCNN[DWVOQTGVCPIKDN[VJTQWIJCPWPKPEQTRQTCVGFCUUQEKCVKQPVJG5GC
1TICPK\CVKQP´5EKGPVQNQI[ENCKOUVJCVVJGTWNKPIJCUKIPQTGFVJGHCEVUCPFKU¿NNGFYKVJÍTCVWKVQWUEQOOGPVU´
#WIWUV
6JG+45CITGGUVQITCPVVCZGZGORVKQPUVQGXGT[5EKGPVQNQI[GPVKV[KPVJG7PKVGF5VCVGURNWUHQTGKIPGPVKVKGU
DCUGFKPVJG7-CPF%[RTWU6JG%JWTEJ¿NGUPGYCRRNKECVKQPUHQTGZGORVKQPUCURCTVQHVJGCITGGOGPV
5GRV
6YQ+45VCZCPCN[UVUYTKVGKPVGTPCNOGOQTCPFCUC[KPIVJCVVJG[JCXGDGGPKPUVTWEVGFVQKIPQTGUWDUVCPVKXG
KUUWGUKPTGXKGYKPIVJGPGY5EKGPVQNQI[CRRNKECVKQPU
1EVQDGT
6JG CITGGOGPV EQOGU KPVQ HQTEG 5EKGPVQNQI[ RC[U VJG +45 O KP DCEM VCZGU CPF FTQRU CNN VJG NCYUWKVU
DTQWIJV D[ %JWTEJ GPVKVKGU CPF KPFKXKFWCN 5EKGPVQNQIKUVU CICKPUV VJG +45
4GH %NQUKPI CITGGOGPV QP ¿PCN
FGVGTOKPCVKQPEQXGTKPIURGEK¿EOCVVGTU1EV
1EVQDGT
&CXKF/KUECXKIGJQNFUC´XKEVQT[TCNN[ĆVVGPFGFD[EJGGTKPI5EKGPVQNQIKUVUKPVJG.QU#PIGNGU5RQTVU
#TGPC *G FGENCTGU VJCV ´VJG YCT KU QXGT´ CPF GZRNCKPU VJCV JG JCU FGHGCVGF VJG UGETGV ÓCUVGT RNCP´ QH VJG
RU[EJKCVTKUVUQTTCVJGTVJG´RGCDTCKPGFRU[EJKPFQEVTKPCVGFOGPVCNOKFIGVU´PCOGN[VQWUGVJG+45VQFGUVTQ[
5EKGPVQNQI[=?
+UKVWPTGCUQPCDNGVQCUMVJG+45VQQRGPVJGUGETGV¿NGCPFCNNQYWUWPFGTVJG(TGGFQOQH
+PHQTOCVKQP#EVVQMPQYVJGFGVCKNUQHVJGURGEKCNFGCNVJG[OCFGYKVJ5EKGPVQNQI[!

5QYJCVFQGUKVCNNOGCP!
6JG ENCKO JCU DGGP OCFG VJCV PQV QPN[ FKF VJG %JWTEJ QH 5EKGPVQNQI[ QDVCKP VCZ
GZGORVUVCVWUWPFGTUJCF[EKTEWOUVCPEGUDWVCNUQVJCVVJG[JCXGURGEKCNVCZGZGORVKQP
PQQVJGTTGNKIKQPJCUDGGPITCPVGF$WVJQYFQGUKVYQTM!
9GNN NGV¶U NQQM CV C VYQRCTGPV VYQKPEQOG JQWUGJQNF +H DQVJ RCTGPVU GCTP C
EQOHQTVCDNG YCIG QH GCEJ VJGP VJG PGV JQWUGJQNF KPEQOG KU
#EEQTFKPI VQ VJG (GFGTCN 6CZ 4CVG 5EJGFWNGU
YYYKTUIQX VJG VCZ TCVG QP VJKU
KPEQOGKURNWUHQTCVQVCNQH
.GV¶UCNUQCUUWOGVJGUGRCTGPVURTCEVKEG%CVJQNKEKUO6JG[FGEKFGVQUGPFVJGKTEJKNF
VQC%CVJQNKEJKIJUEJQQNYJGTGVJGVWKVKQPKUHQTKPUVCPEGC[GCT
6JG[UVKNNRC[KPKPEQOGVCZCVVJGGPFQHVJG[GCT

*QYGXGTNGVWUPQYCUUWOGVJG[CTG5EKGPVQNQIKUVU6JG[FGEKFGVQUGPFVJGKTEJKNF
VQC5EKGPVQNQIKUVJKIJUEJQQNYJKEJCUMUHQTVWKVKQPQHC[GCT#EEQTFKPIVQVJG
FGCNOCFGYKVJVJG+45VJGRCTGPVUCTGRGTOKVVGFVQFGFWEVQHVJGVWKVKQPEQUVUHTQO
VJGKTVCZGU6JKUCNNQYUVJGOVQNGICNN[ENCKOCPKPEQOGQH6JGVCZGUVJG[RC[
CTGRNWUHQTCVQVCNQH
.GV¶UFQVJGOCVJ
OQTGKPVCZGURCKFD[VJG%CVJQNKEHCOKN[
5EKGPVQNQIKUVUUCXGVJQWUCPFUOQTGKPVJGKTKPEQOGVCZGUVJCP%CVJQNKEU,GYU*KPFWU
/WUNKOU $WFFJKUVU 9KEECPU CIPQUVKEU CPF CVJGKUVU 0Q TGNKIKQP UJQWNF JCXG URGEKCN
RTGHGTGPEGUCDQXGCPFDG[QPFCP[QVJGTTGNKIKQP6JKUGZVTCVCZDTGCMKUPQVQPN[WPHCKT
KVKUGZVTGOGN[WPLWUV

9JCVQH¿EKCNUVJKPMQH5EKGPVQNQI[
´=6JG EQWTV TGEQTF KU? TGRNGVG YKVJ GXKFGPEG =VJCV 5EKGPVQNQI[? KU PQVJKPI KP TGCNKV[ DWV C
XCUVGPVGTRTKUGVQGZVTCEVVJGOCZKOWOCOQWPVQHOQPG[HTQOKVUCFGRVUD[RUGWFQUEKGPVK¿E
VJGQTKGUCPFVQGZGTEKUGCMKPFQHDNCEMOCKNCICKPUVRGTUQPUYJQFQPQVYKUJVQEQPVKPWGYKVJ
VJGKTUGEV6JGQTICPK\CVKQPENGCTN[KUUEJK\QRJTGPKECPFRCTCPQKFCPFVJKUDK\CTTGEQODKPCVKQP
UGGOUVQDGCTGÀGEVKQPQHKVUHQWPFGT.4QP*WDDCTF´
,WFIG$TGEMGPTKFIG.QU#PIGNGU5WRGTKQT%QWTV
´#PKPFKXKFWCNRTQEGUUGFYKVJVJGCKFQHVJG'OGVGTYCUUCKFVQTGCEJVJGKPVGPFGFIQCNQH
¶ENGCT¶CPFYCUNGFVQDGNKGXGVJGTGYCUTGNKCDNGUEKGPVK¿ERTQQHVJCVQPEGENGCTGFOCP[KPFGGF
OQUVKNNPGUUGUYQWNFCWVQOCVKECNN[DGEWTGF#WFKVKPIYCUIWCTCPVGGFVQDGUWEEGUUHWN#NNVJKU
YCUCPFKUHCNUGKPUJQTVCHTCWF´
(GFGTCN&KUVTKEV,WFIG)GUGNN(5WRR75&KUV
´*QYGXGT + CO RGTUWCFGF 5EKGPVQNQI[ KU PQV UWDLGEV VQ QPG TGUGTXCVKQP C TGNKIKQWU
KPUVKVWVKQPDGECWUGKVKUKPTGNCVKQPVQKVUTGNKIKQWURTGVGPUKQPUPQOQTGVJCPCUJCO+VUDQIWU
ENCKOUVQDGNKGXGKPRTC[GTCPFQVJGTCURGEVUQHCETGGFDCUGFQPCFKXKPGDGKPIYGTGPQOQTG
VJCPCOQEMGT[QHTGNKIKQP5EKGPVQNQI[CURTCEVKEGFKUKPTGCNKV[VJGCPVKVJGUKUQHCTGNKIKQP´
5WRTGOG%QWTV,WUVKEG%TQEMGVV#WUVTCNKC
´6JG ETKOG EQOOKVVGF D[ VJGUG FGHGPFCPVU KU QH C DTGCFVJ CPF UEQRG RTGXKQWUN[ WPJGCTF
QH0QDWKNFKPIQH¿EGFGUMQT¿NGYCUUCHGHTQOVJGKTUPQQRKPICPFRT[KPI0QKPFKXKFWCNQT
QTICPK\CVKQPYCUHTGGHTQOVJGKTFGURKECDNGEQPURKTCVQTKCNOKPFU6JGVQQNUQHVJGKTVTCFGYGTG
OKPKCVWTG VTCPUOKVVGTU NQEM RKEMU UGETGV EQFGU HQTIGF ETGFGPVKCNU CPF CP[ QVJGT FGXKEG VJG[
HQWPFPGEGUUCT[VQECTT[QWVVJGKTEQPURKTCVQTKCNUEJGOGU´
(GFGTCNRTQUGEWVQT¶UOGOQTCPFWOVQVJGLWFIGWTIKPIUVKHHLCKNUGPVGPEGUHQT
VQRNGCFGTUQH5EKGPVQNQI[YJQJCFRNGCFGFIWKNV[VQETKOKPCNEJCTIGU
´+VKUCPQTICPK\CVKQPYKVJOGFKECNUQEKCNCPFGVJKECNRTCEVKEGUVJCVCTGFCPIGTQWUCPFJCTOHWN´
,WFIG%QPUVCPFKC#PIGNCMK&GEGODGT)TGGEG#VVKMK2TGHGEVWTGXU-'2*'

5EKGPVQNQI[KP)TGGEG0Q
8GTFKEVFKUUQNXGUVJGQTICPK\CVKQP
´+PTGCNKV[VJGEJWTEJKUCJWIGN[RTQ¿VCDNGINQDCNTCEMGVVJCVUWTXKXGUD[KPVKOKFCVKPIOGODGTU
CPFETKVKEUKPC/C¿CNKMGOCPPGT=?'NGXGPVQR5EKGPVQNQIKUVUKPENWFKPI*WDDCTF¶UYKHGYGTG
UGPV VQ RTKUQP KP VJG GCTN[ U HQT KP¿NVTCVKPI DWTINCTK\KPI CPF YKTGVCRRKPI OQTG VJCP
RTKXCVGCPFIQXGTPOGPVCIGPEKGUKPCVVGORVUVQDNQEMVJGKTKPXGUVKICVKQPU
6GF)WPFGTUQPCHQTOGTJGCFQHVJG($+¶U.QU#PIGNGUQH¿EG
5EKGPVQNQI[KUEWTTGPVN[DCPPGFKPRCTVUQH
)TGGEG#WUVTCNKC)GTOCP[CPF4WUUKC

6JG%WNV2JGPQOGPQPKPVJG7PKVGF5VCVGU

,QKPV%QPITGUUKQPCN2TQEGGFKPIU
5VCVGOGPVUD[(NQ%QPYC[2J&,KO5KGIGNOCP
/T5KGIGNOCP9GHQEWUGFQWTKPXGUVKICVKQPUQPVJG¿XGNCTIGUVEWNVUVJG*CTG-TKUJPC5EKGPVQNQI[
&KXKPG.KIJV/KUUKQP7PK¿ECVKQP%JWTEJVJG9C[+PVGTPCVKQPCNCPFVQUOCNNGTITQWRU9GCNUQKPXGUVKICVGF
VJGNCTIGUVCPFOQUVRQRWNCTN[OCTMGVGFUGNHJGNROGVJQFQNQIKGU
#NOQUVKPXCTKCDN[VJGUGITQWRUUQNKEKVPGYTGETWKVUYKVJVJGRTQOKUGQHUQOGNKHGEJCPIKPIGZRGTKGPEG
TGNKIKQWUGEUVCU[DNKUUCRGTUQPCNGPEQWPVGTYKVJ)QFOQOGPVUQHEQUOKEEQPUEKQWUPGUU=?VQGZRGTKGPEG
YJCV 5EKGPVQNQI[ ECNNU ´DGEQOKPI ENGCT´ 6JGUG CRRGCNU CTG RQYGTHWNN[ UGFWEVKXG YJGP OCFG D[ EWNV
OGODGTUDGECWUGQHVJGEQPVKPWKPIHTKGPFNKPGUU+POQUVEWNVUYGHQWPFCUKPINGOQOGPVQHEQPXGTUKQP
CPFVTCPUHQTOCVKQP
6JKUWUWCNN[QEEWTUKPVJGEQWTUGQHCEWNVTKVWCNQTVJGTCRGWVKEVGEJPKSWGVJCVKUFGHVN[QTEJGUVTCVGFVQ
ETGCVGVJGGZRGTKGPEGQHCOQOGPVQWURU[EJKEDTGCMVJTQWIJ9GHQWPFVJGOQUVXKXKFGZCORNGQHVJKUKP
VJG*CTG-TKUJPC¶UGTQVKEEGTGOQP[YJGTGCOKFUVDWTPKPIKPEGPUGRCTVKEKRCPVULWORCPFFCPEGWPVKNVJG[
CTGRJ[UKECNN[QXGTEQOG
(QNNQYKPIUWEJQXGTYJGNOKPIGZRGTKGPEGUEWNVOGODGTUOC[DGEQOGRJ[UKECNN[JKIJCPFGZVTGOGN[
XWNPGTCDNGVQUWIIGUVKQP+VKUFWTKPIVJKUVKOGYGHQWPFVJCVPGCTN[GXGTOCLQTEWNVOCMGUUWIIGUVKQPUQT
EQOOCPFUVJGKPFKXKFWCNUVQUWTTGPFGTVQNGVIQVQTGNKPSWKUJJQNFWRQPVJGYKNNVQUVQRVJKPMKPICPF
SWGUVKQPKPIQTOGTGN[VQNGVVJKPIUÀQY
6JGUGCTGEQOOCPFUYJKEJKPQWTXKGYEQPUVKVWVGCEQXGTVHQTOQHJ[RPQVKEUWIIGUVKQP
(KPCNN[VQOCKPVCKPVJKUJQNFWRQPKVUEQPXGTVUPGCTN[GXGT[ITQWRYGUVWFKGFKPUVTWEVGFKVUOGODGTUKP
UQOGOGVJQFQHUVKNNKPIVJGKTQYPVJQWIJVRTQEGUUGUCPFVJWUGTCFKECVKPIVJGKTPCVWTCNFQWDVUSWGUVKQPU
CPFGOQVKQPU
6JG*CTG-TKUJPCCEEQORNKUJVJKUD[EJCPVKPIVJGOCPVTCHQTJQWTUGCEJFC[
+P6JG9C[+PVGTPCVKQPCNKVKUFQPGVJTQWIJCEQPUVCPVRTQEGUUQHURGCMKPIKPVQPIWGU
+PVJG&KXKPG.KIJV/KUUKQPCUKPVTCPUEGPFGPVCNOGFKVCVKQPKVKUCEJKGXGFVJTQWIJTKIQTQWUOGFKVCVKQP
+PVJG7PK¿ECVKQP%JWTEJVJGTGKUCUKOKNCTRTQOKUGECNNGFÉGPVGTKPI´
+P5EKGPVQNQI[PGCTN[KFGPVKECNGHHGEVUCTGCEJKGXGFVJTQWIJVJGTGRGCVGFRTCEVKEG
QHUVTKEVVTCKPKPITGIKOGUCPFCWFKVKPIVJGTCR[
+VKUVJKUEQOOQPEWNVVGEJPKSWGVJGTKVWCNUVKNNKPIQHVJGOKPFQXGTGZVGPFGFRGTKQFUQHVKOGVJCVKU
KPQWTQRKPKQPVJGOQUVFCPIGTQWUCPFFGUVTWEVKXGGNGOGPVKPVJGEWNVGZRGTKGPEGU
$[ VJGUG VGEJPKSWGU YG ¿PF CP KPFKXKFWCN¶U RGTUQPCNKV[ OC[ DG VQVCNN[ TGQTICPK\GF HWPFCOGPVCN
KPHQTOCVKQPRTQEGUUKPIRCVJYC[UKPVJGDTCKPVJGUQECNNGFYKTKPIQHVJGJWOCPEQORWVGTOC[DGEQOG
CNVGTGFQTFGUVTQ[GFECWUKPIVJGFKUTWRVKQPQHDCUKEECRCEKVKGUVQVJKPMHGGNCPFOCMGEJQKEGU2TQHQWPF
JCNNWEKPCVKQPCPFKNNWUKQPUCPFKPGZVTGOGKPUVCPEGUXKQNGPVQTUGNHFGUVTWEVKXGDGJCXKQT=?
+PCNCVGTKPVGTXKGYYKVJVJG7-PGYUUJQY´6JG$KI2KEVWTG´5KGIGNOCPPQVGF
VJCV5EKGPVQNQI[YCUEQPUKUVGPVN[VJGOQUVGHHGEVKXGQHCNNQVJGTEWNVUKPTGETWKVKPI
CPFRQVGPVKCNN[JCFVJGOQUVFCOCIKPIGHHGEVUVQKVUOGODGTU*GUCKFKVEQWNF
VCMGWRVQ[GCTUHQTCPGZOGODGTVQDGEQOGHWNN[TGEQXGTGF

*CUVJG%JWTEJTGHQTOGFKVUYC[U!
6JG%JWTEJQH5EKGPVQNQI[JCUDGGPWPFGTPGYNGCFGTUJKRUKPEGVJG
FGCVJQH.4QP*WDDCTFKP6JG4GNKIKQWU6GEJPQNQI[%GPVGT
QT46%QYPUVJGGPVKTGEQR[TKIJVGFYQTMUQH.4QP*WDDCTFCPF
CNNQYU VJG EJWTEJGU VQ WUG VJKU OCVGTKCN UWDLGEV VQ VJG 46%¶U TWNGU
CPFTGIWNCVKQPU
&CXKF /KUECXKIG KU VJG %JCKTOCP QH VJG $QCTF HQT VJG 46% CPF
CUVJGURQMGURGTUQPHQTCNNOCLQT5EKGPVQNQI[GXGPVUKUUGGPCUVJG
WPQH¿EKCNŃGCFGT´QH5EKGPVQNQI[&CXKFENCKOUVQJCXGFKUVCPEGFVJG
%JWTEJHTQOVJGVTQWDNGUECWUGFD[VJGIQXGTPOGPVKP¿NVTCVKQPCPF
RCUVETKOGUQH´TQIWG´GZOGODGTU$WVFQGUJGRCKPVCPCEEWTCVG
RKEVWTG!*CUVJGPGYNGCFGTTGHQTOGFVJGQNFYC[U!*CUVJGEJWTEJ
RCUUGFVJTQWIJKVUQYP´&CTM#IG´KPVQVJGNKIJV!
'ZOGODGTUUC[PQ6JG[ENCKO&CXKF/KUECXKIGHWTVJGTUVJGNGICE[
QHRCTCPQKCXKQNGPEGCPFVQVCNKVCTKCPKUOUGVWRWPFGTVJGEQOOCPF
QH . 4QP *WDDCTF &CXKF¶U RTKUQPNKMG EQORQWPF KP *GOGV %#
UGGOUVQGEJQVJKUUGPVKOGPV9JQKU&CXKF/KUECXKIGCPFYJGTG
FKFJGEQOGHTQO!9G¶NNGZRNQTGCDKVCDQWVJKUTKUGVQRQYGTCPF
YJCVVJGOGPCPFYQOGPYJQYQTMGFYKVJJKOJCXGVQUC[CDQWV
VJKUUGNHCRRQKPVGFTGNKIKQPKEQP

&CXKF/KUECXKIGVJG+EQP
9JCV FQGU VJG %JWTEJ JCXG VQ UC[ CDQWV VJGKT CEENCKOGF
NGCFGT!9JCVFQGUJGUC[CDQWVJKOUGNH!(TQOVJGQH¿EKCNDKQ
RCIGHTQO46%QTI
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6GEJPQNQI[ %GPVGT
46% C PQPRTQ¿V QTICPK\CVKQP HQTOGF
KP VQ RTGUGTXG OCKPVCKP CPF RTQVGEV VJG 5EKGPVQNQI[
TGNKIKQP
6JG%JCKTOCPQHVJG$QCTFKUVJGOQUVUGPKQTQH¿EGKP46%
CPF QPG HQT YJKEJ &CXKF /KUECXKIG KU WPKSWGN[ SWCNK¿GF #P
CEVKXG5EKGPVQNQIKUVHQTOQUVQHJKUNKHGJG¿TUVDGECOGC%JWTEJ
UVCHHOGODGTKPCPFJCUUKPEGDGGPKPXQNXGFYKVJPGCTN[
GXGT[CURGEVQHVJG%JWTEJ¶UCEVKXKVKGU
#UC[QWPIOCP/T/KUECXKIGUVWFKGFVQDGEQOGC5EKGPVQNQI[OKPKUVGTCPFHQTUGXGTCN
[GCTU JG RTQXKFGF URKTKVWCN EQWPUGNKPI VQ RCTKUJKQPGTU *G NCVGT YQTMGF ENQUGN[ YKVJ /T
*WDDCTF CKFKPI KP VJG RTQFWEVKQP QH KPUVTWEVKQPCN ¿NOU CPF OCVGTKCNU HQT 5EKGPVQNQI[
OKPKUVGTUKPVTCKPKPI # HGY [GCTU NCVGT JG RTQITGUUGF VQ KPVGTPCVKQPCN OCPCIGOGPV YKVJ
TGURQPUKDKNKV[ HQT VJG YQTNFYKFG CEVKXKVKGU QH %JWTEJ OKUUKQPCTKGU +P /T /KUECXKIG
DGECOGVJG%JCKTOCPQHVJG$QCTFQH4GNKIKQWU6GEJPQNQI[%GPVGT´=?
4KUGVQ2QYGT
UGTKGUQHGXGPVURWNNGFHTQO´6JG/CP$GJKPF5EKGPVQNQI[´5V2GVGTUDWTI6KOGU1EVQDGT
&CXKF /KUECXKIG YCU DQTP YKVJ C VYKP UKUVGT KPVQ C 2QNKUJ+VCNKCP HCOKN[ KP UQWVJGTP 0GY
,GTUG[*GYCUDCRVK\GFCUC%CVJQNKE
&CXKF/KUECXKIGYCUCUOCNNDQ[YJQUWHHGTGFHTQOCUVJOCCPFUGXGTGCNNGTIKGU
&CXKF¶U HCVJGT 4QP KPVTQFWEGF JKU UQP VQ VJG TGNKIKQP 4QP VQQM &CXKF VQ C 5EKGPVQNQIKUV
YJGP&CXKFJCFCUGXGTGCUVJOCCVVCEM#OKPWVGUGUUKQPQHCWFKVKPIUWRRQUGFN[UVQRRGF
VJGCVVCEM
5QQPCHVGTVJGGPVKTG/KUECXKIGHCOKN[DGICPVQUVWF[CVCNQECN5EKGPVQNQI[OKUUKQP
$[/KUECXKIGYCUNKXKPIKPUWDWTDCP2JKNCFGNRJKCHQTJKUUQRJQOQTG[GCTQHJKIJUEJQQN
+V YCU VJG URTKPI QH CPF *WDDCTF JCF LWUV GUVCDNKUJGF C ŃCPF DCUG´ HQT 5EKGPVQNQI[
RCTKUJKQPGTU KP %NGCTYCVGT (. CHVGT [GCTU QH QRGTCVKPI HTQO C UJKR MPQYP CU VJG #RQNNQ
EQPVKPWGF

&CXKF/KUECXKIGVJG+EQP
EQPVKPWGF
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VJDKTVJFC[
1PEGKP%NGCTYCVGT/KUECXKIGLQKPGFVJG5GC1TICPK\CVKQPVJG0CX[UV[NGUVCHHVJCVRNGFIGUGVGTPCN
UGTXKEGVQ5EKGPVQNQI[*GYQTMGFKPVJG%QOOQFQTG¶U/GUUGPIGT1TICPK\CVKQPCITQWREJCTIGF
YKVJOCMKPIUWTG5EKGPVQNQI[OCPCIGOGPVYCUHWPEVKQPKPICEEQTFKPIVQ*WDDCTF¶URQNKEKGU
*GDWPMGFQPVJG(QTV*CTTKUQP*QVGN¶UPKPVJÀQQTFGNKXGTGFVGNGZGUJGNRGFVGPFVJGITQWPFU
CPFYQTMGFCUCUVGYCTFUGTXKPIHQQF/KUECXKIGYCUTGXKGYKPICPFVTCKPKPIUVCHHGTUCLQDVJCV
CNNQYGFJKOVQIKXGFKTGEVKXGUVQRGQRNGOCP[[GCTUJKUUGPKQT
#HVGTOQPVJUKP%NGCTYCVGTJGYCURKEMGFVQLQKPCPGNKVGITQWRYQTMKPIFKTGEVN[YKVJ*WDDCTF
YJQYCURTQFWEKPI5EKGPVQNQI[VTCKPKPI¿NOUKP.C3WKPVC%CNKH
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DGECOGHTKGPFU
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%QOOQFQTG¶U /GUUGPIGT 1TICPK\CVKQP *KU PGY LQD YCU VQ UGPF QWV VGCOU QT ÓKUUKQPU´ VQ
KPXGUVKICVGTGRQTVU*WDDCTFYCUIGVVKPICDQWVRQQTOCPCIGOGPVQH5EKGPVQNQI[QTICPK\CVKQPU
CTQWPFVJGYQTNF
#HVGTVJGUECPFCNQH1RGTCVKQP5PQY9JKVG&CXKFQWUVGF/CT[5WG*WDDCTF.4QP¶UYKHGHTQO
VJGJGCFQHVJG)WCTFKCPU¶U1H¿EG&WTKPIVYQJGCVGFGPEQWPVGTU/KUECXKIGRGTUWCFGF/CT[5WG
*WDDCTFVQTGUKIP6QIGVJGTVJG[EQORQUGFCNGVVGTVQ5EKGPVQNQIKUVUEQP¿TOKPIJGTFGEKUKQPCNN
YKVJQWVGXGTVCNMKPIVQ.4QP*WDDCTF
+P&CXKFYCUOCTTKGFVQ/KEJGNNG$CTPGVV
/KUECXKIGTQUGHCUVKP5EKGPVQNQI[VCMKPIEJCTIGYJGTGQVJGTUYQWNFP¶V5EKGPVQNQI[WPFGTYGPV
CEQTRQTCVGTGUVTWEVWTKPICHVGTVJG)1GRKUQFGCPF*WDDCTFCRRQKPVGF/KUECXKIGKPVQTWP
JKUUK\GCDNGHQTVWPGVJTQWIJCPGYEQTRQTCVKQPHQTOCNN[QWVUKFG5EKGPVQNQI[¶UWODTGNNC/KUECXKIG
YCUQPN[
+P*WDDCTF¶UGUVTCPIGFUQP
4QP&G9QNHVQQMNGICNCEVKQPENCKOKPIJKUHCVJGTYCUGKVJGT
FGCFQTKPEQORGVGPV*GCNNGIGF/KUECXKIGYCUTWPPKPI5EKGPVQNQI[VJTQWIJ#WVJQT5GTXKEGUCPF
VJCV/KUECXKIGCPFCPQVJGTEJWTEJQH¿EKCNYGTGNQQVKPIVJGHQWPFGT¶UCEEQWPVU+P5EKGPVQNQI[
ICXGVJGEQWTVCUYQTPUVCVGOGPVKPYJKEJ*WDDCTFENCKOGFVQDGKPCUGNHKORQUGFUGENWUKQPCPF
YCU¿PG6JGFQEWOGPVEQPVCKPGF*WDDCTF¶U¿PIGTRTKPVUCPFYCUUKIPGFYKVJURGEKCNKPMVJCV
CNNQYGF VJG FCVG QH JKU UKIPCVWTG VQ DG EQP¿TOGF +V ECNNGF /KUECXKIG C ´VTWUVGF CUUQEKCVG´ CPF
ÍQQF HTKGPF´ YJQ JCF MGRV *WDDCTF¶U CHHCKTU KP IQQF QTFGT # LWFIG TWNGF VJG UVCVGOGPV YCU
CWVJGPVKE
*WDDCTFFKGFKPYJKNGUVKNNKPUGENWUKQP.CVGTVJCV[GCT/KUECXKIGTQUGVQVJGRQUKVKQPJGJQNFU
VQFC[CHVGTTGOQXKPICEJWTEJGZGEWVKXGYJQJGUCKFYCUTGJKTKPIQWUVGF)WCTFKCPUVCHHGTU

&CXKF/KUECXKIGVJG6[TCPV
'ZOGODGTU OCP[ QH VJGO YQTMKPI HQT [GCTU WPFGT &CXKF /KUECXKIG RCKPV C EQORNGVG
FKHHGTGPVRQTVTCKVQH5EKGPVQNQI[¶UWPQH¿EKCNNGCFGT6JGUGGZOGODGTUENCKOKPCUKOKNCTRCVVGTP
VQ.4QP*WDDCTF&CXKFKUUNKRRKPIKPVQFGGRRCTCPQKCVJGNQPIGTJGKUKPEJCTIG+PC
KPVGTXKGYYKVJ0KIJVNKPG&CXKFOCFGUQOGDK\CTTGENCKOU
(TQOVJG9KMKRGFKC#TVKENG´&CXKF/KUECXKIG´
´/KUECXKIG OCFG UGXGTCN UVTQPI CPF EQPVTQXGTUKCN ENCKOU COQPIUV VJGO VJG ENCKO VJCV KP
CDKNNJCFDGGPRTGUGPVGFKP%QPITGUUVQUGVCUKFG¶COKNNKQPCETGU=MOJC?
KP#NCUMC¶VQUGVWRC´5KDGTKC75#´HQTVJGJQWUKPIQHOGPVCNRCVKGPVU9JGPJQUV6GF-QRRGN
CUMGFHQTGXKFGPEGQHVJKUUWEJCUVJGURQPUQTQHVJGDKNNQTVJGDKNNPWODGT/KUECXKIGUCKFVJCV
JGJCFCNTGCF[IKXGPCNNVJCVKPHQTOCVKQPVQ-QRRGN¶UEQNNGCIWG(QTTGUV5CY[GT´
/KUECXKIG CNUQ UCKF VJCV VJG ¶#2# =RTGUWOCDN[ VJG #OGTKECP 2U[EJQNQIKECN #UUQEKCVKQP QT
#OGTKECP2U[EJKCVTKE#UUQEKCVKQP?#/#(QQFCPF&TWI#FOKPKUVTCVKQPYGTGCNNEQQTFKPCVGF¶
KP C ¿XG[GCT ECORCKIP CICKPUV 5EKGPVQNQI[ VJCV KPENWFGF VJG OWTFGT QH QPG QH 5EKGPVQNQI[¶U
GZGEWVKXGFKTGEVQTU
WPPCOGF¶6JG[NKVGTCNN[OWTFGTGFVJG(QQFCPF&TWI#FOKPKUVTCVKQPJKTGF
CPKPHQTOCPVVQIQKPVQQWTQTICPK\CVKQPKP5GCVVNG9CUJKPIVQPJKUYKHGYCUVJGTG=?5GXGTCN
YGGMUNCVGTOWTFGTGFVJGJGCFQHQWTQTICPK\CVKQP¶´
#PQVJGTQH/KUECXKIG¶UENCKOUYCU¶.QQMCVVJGUVWFKGUVJCVDTQWIJVCDQWVVJG*QNQECWUVQH
VJG,GYUVJCVVJG0C\KULWUVK¿GFMKNNKPIVJG,GYUVJG[YGTGFQPGCVVJG/CZ2NCPEM+PUVKVWVGQH
2U[EJKCVT[KP.GKR\KI)GTOCP[¶*QYGXGTVJG/CZ2NCPEM+PUVKVWVGQH2U[EJKCVT[JCUQPN[GZKUVGF
UKPEG
KP/WPKEJCPFPQV.GKR\KIKVYCUVJG&GWVUEJG(QTUEJWPIUCPUVCNVHT2U[EJKCVTKG
VJCVLQKPGFVJG-CKUGT9KNJGNO+PUVKVWVGHQT2U[EJKCVTKE4GUGCTEJKP´=?=?
/KUECXKIG¶UJQOGDCUG)QNF'TC2TQFWEVKQPUKP*GOGV%#KUUWTTQWPFGFD[TC\QTYKTGXKFGQ
ECOGTCUGNGEVTK¿GFHGPEGUCPFOQVKQPFGVGEVQTU6JGTGKUGXGPCP´'CING¶U0GUV´V[RGNQQMQWVKP
VJGJKNNUCDQXGVJGEQORQWPF#ECOGTCECVEJGUVJGNKEGPUGRNCVGQHCP[XGJKENGVJCVEQOGUVQQ
ENQUG
1VJGT ENCKOU CDQWV /KUECXKIG CTG GXGP OQTG UKPKUVGT /CP[ GZOGODGTU UYGCT KP UKIPGF
CH¿FCXKVUVJG[JCXGYKVPGUUGF&CXKF/KUECXKIGRJ[UKECNN[DGCVKPIEJWTEJOGODGTUYJQWRUGV
JKO
´6JGDGCVKPIUYGTGXGT[UGETGVKXGVJTQWIJVJG¶U+VYCUKPQPYCTFUYJGTGJGYCU
DGCVKPIVJGUGIW[UOQTGCPFOQTGCPFKVYCUCTGIWNCTVJKPI+P+YQWNFCUUWOG
VJGTGYCUCVNGCUVCDGCVKPIGCEJFC[CPFUQOGVKOGOWNVKRNGQPGUFGRGPFKPIQPJQYOCP[
OGGVKPIUVJGTGYGTG6JGOCKPIW[UVJCV+UCY&/
&CXKF/KUECXKIGJKVQXGTCPFQXGTCICKP
CVOGGVKPIUYGTG/KMG4KPFGT/CTE;CIGT)WGKNNGOG.GUGTXG/CTM+PIDGT4C[/KVQHHCPF4KEM
%TW\GP´
%JWEM$GCVV['Z5GC1TI
NKHGVKOGUVCHHGT

´1P#WIWUV&CXKF/KUECXKIGCPFQVJGTUCEVKPIQPVJGQTFGTUQH.4QP*WDDCTF
MKFPCRRGF OG CPF UWDUGSWGPVN[ MGRV OG ECRVKXG CPF RJ[UKECNN[ CPF OGPVCNN[ CDWUGF OG HQT
UKZOQPVJU&WTKPIVJKURGTKQF&CXKF/KUECXKIGCPQH¿EGTCPFFKTGEVQTQH46%VQNFOGKPVJG
RTGUGPEGQH8KEMK#\PCTCP2TGUKFGPVQH46%/CTM;CGIGT%QOOCPFKPI1H¿EGT%/1+06QH%5+
VJCVKH+GXGTGUECRGFJGYQWNFRGTUQPCNN[UGGVQKVVJCVVJGTGUQWTEGUQHVJG%JWTEJQH5EKGPVQNQI[
YQWNF FGUVTQ[ O[ EJCTCEVGT CPF TGRWVCVKQP KPVGTPCVKQPCNN[ &WTKPI VJCV UKZOQPVJ RGTKQF QH
ECRVKXKV[+YCUHQTEGFVQTWPCTQWPFCVTGGKPVJGFGUGTVKPVGORGTCVWTGUQHWRVQFGITGGU
HQTJQWTUCFC[FC[UCYGGMHQTOQPVJU+YCUWPFGTVTGOGPFQWUEQGTEKQPCPFFWTGUU+
YCUTGHWUGFOGFKECNCPFFGPVCNVTGCVOGPV
CHVGTGUECRKPIECRVKXKV[+NQUVUKZVGGVJCPFTGSWKTGF
VJQWUCPFUQHFQNNCTUQHFGPVCNYQTMVQUCXGVJGTGUVQHO[VGGVJ+YCUPQVRGTOKVVGFVQOCMGQT
TGEGKXGRJQPGECNNUCPFCNNNGVVGTU+YTQVGYGTGTGCFD[5EKGPVQNQI[UGEWTKV[IWCTFU+YCUQHVGP
CYCMGPGFFWTKPIVJGPKIJVCPFKPVGTTQICVGF
OCKPN[D[,GUUG2TKPEG+PGCTN[(GDTWCT[+
YCUVQNFD[4KEM#\PCTCP&KTGEVQTQH5GEWTKV[46%
JWUDCPFQH8KEMK#\PCTCP2TGUKFGPVQH46%
VQIGVVJGKFGCQHNGCXKPIQWVQHO[JGCFDGECWUG+YQWNFPGXGTNGCXGVJGRTQRGTV[CNKXG´
&CXKF/C[Q#H¿FCXKV
%&1EVQDGT
&CXKF/C[QYCUJGNFCVVJG5EKGPVQNQI[EQORQWPFPGCT*GOGV%CMPQYCU)QNFGP'TC
2TQFWEVKQPU+PCPKPVGTGUVKPIVYKUVCSWKEMUGCTEJKP)QQING'CTVJTGXGCNUCDKTF¶UG[GXKGYQH
VJG)QNFGP'TCEQORQWPFCPFCPKPVGTGUVKPIIGQITCRJKECNHGCVWTG
#EKTEWNCTTWPPKPIVTCEMDWKNVCTQWPFCRCNOVTGG

&CXKF/KUECXKIGKUCNNQYKPIVJGEQTTWRVKQPQH
5EKGPVQNQI[FQEVTKPGUHQT¿PCPEKCNICKP
(TQOVJGYJCVKUUEKGPVQNQI[QTIYGDUKVG
´+P/T*WDDCTFFQPCVGF=VJGVGPCPVUQH5EKGPVQNQI[?VQVJGPGYN[HQTOGF4GNKIKQWU6GEJPQNQI[
%GPVGT CPF GPVTWUVGF VJCV EJWTEJ YKVJ VJG TGURQPUKDKNKV[ QH RTQVGEVKPI VJG TGNKIKQP QH 5EKGPVQNQI[ D[
GPHQTEKPIVJGRWTGCPFGVJKECNWUGCPFUVCPFCTFCRRNKECVKQPQHJKUVGEJPQNQIKGU46%VJWUOCKPVCKPUVJG
RWTKV[QHVJGVGEJPQNQI[CPFIWCTFUCICKPUVCP[OKUWUGQTOKUTGRTGUGPVCVKQPD[NGICNN[TGIKUVGTKPICPF
YJGTG PGEGUUCT[ GPHQTEKPI EGTVCKP YQTFU CPF U[ODQNU QH VJG 5EKGPVQNQI[ TGNKIKQP CU VTCFGOCTMU CPF
UGTXKEGOCTMUKPEQWPVTKGUVJGYQTNFQXGT´=?
#UVJGEJCKTOCPQHVJGDQCTFCVVJG46%KVHCNNUUSWCTGN[KPVJGNCRQH&CXKF/KUECXKIGJKOUGNHVQUGGVJCV
VJGVGEJ
VJGFQEVTKPGUQHVJG%JWTEJTGOCKPURWTGCPFWPCNVGTGF6JGHCEVKUOGODGTUJCXGDGGPQWUVGF
HTQOVJG%JWTEJHQTURGCMKPIWRCICKPUVEJCPIGUVJG[FKUEQXGTKPVJGVGEJ1PGUWEJEQWRNGYCU)TGI
CPF&GDTC$CTPGU)TGICPF&GDTCNQPIVKOGOGODGTUQHVJG%JWTEJQH5EKGPVQNQI[CPFDQVJDGIKPPKPI
YQTMQP16VTKGFVQCRRN[-59
-GGR5EKGPVQNQI[9QTMKPIC2QNKE[.GVVGTYTKVVGPD[.4*VQUVCORQWV
HCNUGCPFOKUCRRNKGFFQEVTKPGUCPFHQWPFVJGOUGNXGUFGENCTGF52UCPFQWUVGFHTQOVJGTGNKIKQP
&GDTCYCUUJQYPCTGHGTGPEGD[HGNNQY5EKGPVQNQIKUV8KTIKPKC/EICHHG[YJKEJURGEK¿ECNN[CPUYGTGF
VJG SWGUVKQP QH YJGP 5GE %JGEMKPI
5GEWTKV[ %JGEMKPI UJQWNF DG IKXGP VQ C 2TG16 5EKGPVQNQIKUV
16
NGXGNUCPFOQTGKORQTVCPVN[YJGPKVUJQWNFPQVDGIKXGP.4*UVCVGU
´2TG16U RTQITGUUKPI YGNN KP VJG PQ KPVGTHGTGPEG CTGC UJQWNF PQV DG KPVGTHGTGF YKVJ D[ 5GE %JGEMU
QTCP[VJKPIGNUG*QYGXGTYJGPCRTG16KUUVCNNGFQTOQXKPIUNQYN[CP[QHVJGCEVKQPUNKUVGFDGNQYKU
CRRTQRTKCVGCPFECPDGQTFGTGFD[CSWCNK¿GF%5=%CUG5WRGTXKUQT?´
4'(%54$KPVJG1'%RI
# 5GE %JGEM KU DCUKECNN[ C UGTKGU QH SWGUVKQPU C 5EKGPVQNQIKUV OWUV CPUYGT VQ VJG UCVKUHCEVKQP QH VJG
UWRGTXKUKPICWFKVQT6JG[ECPTCPIGHTQOSWGUVKQPUCDQWV[QWTUGZWCNRGTXGTUKQPUVQFTWIJKUVQT[VQDCF
VJQWIJVUCDQWVVJG%JWTEJ'ZCORNGUQHSWGUVKQPU
*CXG[QWHCNUK¿GFCFTWIKPEKFGPVVQOCMGNGUUQHKV!
*CXG[QWGXGTVCMGPOQPG[HQTUGZ!
*CXG[QWGXGTRGTUWCFGF[QWPIDQ[UVQVCMGRCTVKPJQOQUGZWCNCEVKXKVKGU!
6JG%JWTEJTGSWKTGFCNN2TG16UVQTGRQTVKPVQ(.#)GXGT[UKZOQPVJUHQT5GE%JGEMKPIPQGZEGRVKQPU
6JKUYGPVCICKPUVVJGQTKIKPCNRQNKE[YTKVVGPD[.4QP*WDDCTFVJCVUCKFFQPQV5GE%JGEM2TG16UKHVJG[
CTGFQKPIYGNNCPFJCXKPIICKPU
QTUWEEGUUWUKPIVJG2TG16VGEJPQNQI[6JKUKUPQVYJCVVJG%JWTEJYCU
FQKPIYJGPHQTEKPIGXGT[2TG16VQEQOGKPHQTTGIWNCTN[UEJGFWNGF5GE%JGEMU
6JGOQUVKORQTVCPVRCTVKUVJCVVJGUG5GE%JGEMUYGTGGZRGPUKXGCPFDTQWIJVKPCNQVQHGZVTCTGXGPWG
HTQO VJG JKIJGT NGXGN OGODGTU 9JGP 8KTIKPKC VQQM C UVCPEG VJCV VJGUG 5GE %JGEMU YGTG ¶QWVVGEJ¶ QT
EQTTWRVKPI YJCV . 4QP JCF YTKVVGP VJG %JWTEJ DGICP VQ RWNN KP GXGT[ RGTUQP YJQ MPGY CDQWV VJG
TGHGTGPEGCPFSWGUVKQPVJGO6JG$CTPGUJCFDGGPVQNFCDQWVVJGTGHGTGPEGUQVJG[YGTGSWKEMN[ECNNGF
KP#HVGTDGKPIVJTGCVGPGFCPFRWNNGFKPTGRGCVGFN[HQT´%QO'XU´
QT%QOOKVVGGQH'XKFGPEGVJG%JWTEJ¶U
HQTO QH C VTKCN VJG[ UVCTVGF DGKPI HCNUGN[ CEEWUGF QH ETKOGU D[ VJG 5GC 1TI JQRKPI VJKU YQWNF UKNGPEG
VJGO +V FKF PQV CPF VJG[ RGVKVKQPGF &CXKF /KUECXKIG HQT JGNR 6JG[ GZRNCKPGF VJG UKVWCVKQP KP C NQPI
NGVVGTEKVKPIVJGTGHGTGPEGCPFYJCVYCUDGKPIFQPGVQVJGOD[VJG%JWTEJOGODGTU&CXKF/KUECXKIG
VJGQPGRGTUQPOQUVTGURQPUKDNGHQTVJGRWTKV[QHVJG.4*VGEJKIPQTGFVJGKTRNGCUHQTYCTFGFVJGNGVVGT
VQUQOGQPGGNUGYJQVQNFVJGOUKORN[VJCVVJKURQNKE[YCUXCNKF0Q*%1$2.
*WDDCTF%QOOWPKECVKQP
1H¿EG$WNNGVKP2QNKE[.GVVGTDCUKECNN[VJGKTTGNKIKQWUECPQPGZKUVUYJKEJXCNKFCVGUVJGUKZOQPVJ5GE%JGEM
QTYJCVVJG%JWTEJPQYTGHGTUVQCUC´4GHTGUJGT´)TGICPF&GDTCYGTGUWDUGSWGPVN[FGENCTGFMKEMGF
QWVQH5EKGPVQNQI[CPFVJGTGHGTGPEGVJG[EQTTGEVN[EKVGFYCUGZRWPIGFHTQOVJG1'%DQQMU2TG16UCTG
VQVJKUFC[UVKNNTGSWKTGFVQRC[HQT´4GHTGUJGTU´

'ZCORNGQH5GE%JGEMKPI

#VNGCUVVYKEGVJG%JWTEJQH5EKGPVQNQI[JCU´TGXKUGF´KVUFQEVTKPGUKPQTFGTVQQDVCKP
OQTGOQPG[HTQOKVUHQNNQYGTU'CEJVKOGVGEJKUTGXKUGFKVKUTGSWKTGFD[VJG%JWTEJ
VJCVOGODGTUTGRWTEJCUGCP[RTGXKQWUN[QYPGFOCVGTKCNU$GECWUGQHVJG-59RQNKE[
CP[QNFXGTUKQPUQHVJGVGEJPQNQI[OWUVPQNQPIGTDGWUGF
6JG)QNFGP#IGQH6GEJPQNQI[
+P /C[ QH VJG %JWTEJ TGNGCUGF C PGY CPF KORTQXGF ´'/GVGT´ CPF DGICP
KPUVKVWVKPI´RCVVGTFTKNNU´HQTVJGEQWTUGUVCWIJVCVVJGQTIU2CVVGTFTKNNUCTGWPFGTVCMGP
D[VJGUVWFGPVJKOUGNHYJQKUUWRRQUGFVQTGCFRQTVKQPUQHVJGEQWTUGOCVGTKCNVQC
YCNN
(TQOYKMKRGFKCQTI
´#EEQTFKPI VQ C 5V 2GVGTUDWTI 6KOGU CTVKENG GPVKVNGF ¶52 2TQ¿NGU¶ QPG
5EKGPVQNQIKUV6QO5OKVJQH%NGCTYCVGT(NQTKFCHQWPFJKOUGNHFGENCTGFC5WRRTGUUKXG
2GTUQP
52CHVGTJGTGRGCVGFN[EJCNNGPIGFVJGXCNKFKV[QHC¶RCVVGTFTKNN¶KPYJKEJJGYCU
KPUVTWEVGFVQTGCFRCUUCIGUQHCEQWTUGVQCYCNN*GKPUKUVGFVJGFTKNNYCUPQVDCUGFQP
*WDDCTFVGCEJKPIU5OKVJCNUQUVCVGFVJCVJGJCFDGGPRTGXKQWUN[VJTGCVGPGFYKVJCP
52FGENCTGCHVGTCTWPKPYKVJC5EKGPVQNQI[CVVQTPG[QPCPWPTGNCVGFKUUWG´=?
6JG)QNFGP#IGQH-PQYNGFIG
+P,WPGVJG%JWTEJQH5EKGPVQNQI[TGXKUGFGFKVKQPUQHRTGXKQWUN[TGNGCUGF
DQQMU CU YGNN CU CEEQORCP[KPI NGEVWTG UGTKGU
NGEVWTGU KP CNN 6JGUG TGXKUGF
GFKVKQPU YGTG VQWVGF VQ DG VJG ¶WNVKOCVG GFKVKQPU¶ EQTTGEVKPI CNN GCTNKGT GFKVKPI CPF
VTCPUETKRVKQPOKUVCMGUCPFKPEQTRQTCVKPICNNGFKVUHTQO*WDDCTF=?
6JKUVKOGCTQWPF[QWJCFVQRWTEJCUGCNNVJGUCOGDQQMUCPFVCRGUCNNQXGTCICKP
HQTVJGTGCUQPCDNGRTKEGQHFQNNCTU

1DUVTWEVKQPQH,WUVKEG
´&CXKF /KUECXKIG UVCVGF VJCV 5EKGPVQNQI[ JCF DGGP QTFGTGF D[ C EQWTV VQ RTQFWEG XCTKQWU
FQEWOGPVU EQPEGTPKPI C HQTOGT 5EKGPVQNQI[ OGODGT PCOGF .CYTGPEG 9QNNGTUJGKO YJQ JCF C
NCYUWKVRGPFKPIKP.QU#PIGNGUCICKPUVVJG%JWTEJQH5EKGPVQNQI[QH%CNKHQTPKC6JGEQWTVJCFQTFGTGF
5EKGPVQNQI[VQRTQFWEG/T9QNNGTUJGKO¶UGPVKTG¶RTGENGCT¶
2%¿NG
#¶2%¶¿NGKUQPGQHUGXGTCN¿NGUMGRVQPOGODGTU6JG2%¿NGKUVJG¿NGVJCVKPENWFGUCNNYTKVVGP
TGEQTFUQHCNN¶EQPHGUUKQPCNU¶FQPGD[VJGOGODGT6JKUOGCPUVJCVKVKPENWFGUPQVQPN[VJGOQUVUGNH
FCOCIKPIOCVGTKCNDWVKVCNUQTGÀGEVUGXGT[RTQDNGOVJGRGTUQPOKIJVJCXGJCFYKVJVJGQTICPK\CVKQP
KPENWFKPIEQORNCKPVU6JKU2%¿NGITQYUYKVJVJGRGTUQP¶UVGPWTGKP5EKGPVQNQI[
/T9QNNGTUJGKO¶U2%¿NGYCUUGXGTCNVJQWUCPFRCIGUKPNGPIVJCPFUVQQFCUJKIJCUCUKZHQQVVCNN
OCP+PKVKCNN[CVVJKUOGGVKPIKVYCUFGEKFGFVJCV/T9QNNGTUJGKO¶U2%¿NGYQWNFDGTGFCEVGFCPFEWNNGF
QHCP[GXKFGPEGQTFQEWOGPVCVKQPYJKEJOKIJVCUUKUV/T9QNNGTUJGKOKPJKUNCYUWKVCICKPUV%5%6JGTG
YCUCNUQEQPEGTPVJCVVJGOCVGTKCNUMPQYPCU%NGCT16+16++16+++CPF0'&HQT16¶U
0165YQWNF
DGQRGPVQRWDNKEKPURGEVKQPKH/T9QNNGTUJGKO¶U¿NGUYGTGRTQFWEGFCUQTFGTGF5EKGPVQNQIKUVUCTG
VCWIJVVJCVCRGTUQPEQWNFECVEJRPGWOQPKCCPFFKGKHVJCVRGTUQPKURTGOCVWTGN[GZRQUGFVQVJGUG
´WRRGT NGXGN´ OCVGTKCNU YKVJQWV ¿TUV JCXKPI VCMGP OCP[ JQWTU QH RTGRCTCVQT[ CWFKVKPI 7NVKOCVGN[
CRRTQZKOCVGN[RCIGUYGTGRTQFWEGFRWTUWCPVVQVJGEQWTVQTFGT/T9QNNGTUJGKO¶U2%¿NGYCU
EWNNGFDCUGFQPCFKTGEVQTFGTHTQO&CXKF/KUECXKIG
.CVGT+YCUKPHQTOGFVJCVCUGEQPFEQWTVQTFGTYCUKUUWGFVQRTQFWEG/T9QNNGTUJGKO¶UGPVKTG
¿NG(CEGFYKVJVJGRTQURGEVQHJCXKPIVQRTQFWEGVJGGPVKTG¿NG&CXKF/KUECXKIGICXGQTFGTUVJCVVJG
GPVKTG¿NGUKORN[DGFGUVTQ[GFD[DGKPIRWNRGF´=?
,GUUG2TKPEGUYQTPCH¿FCXKV,WN[VJ5CPVC#PC%CNKHQTPKC
#PQVJGTO[UVGTKQWUFGCVJ
&CXKF/KUECXKIG¶UOQVJGTKPNCYJCFNGHVVJGEJWTEJCPFLQKPGFCURNKPVGTITQWR6JG#FXCPEGF
#DKNKV[%GPVGTJGCFGFWRD[GZ5EKGPVQNQIKUV&CXKF/C[Q#NNURNKPVGTITQWRUCTGFGETKGFD[VJG%JWTEJ
CPFVJKUUKVWCVKQPFWGVQJGTENQUGTGNCVKQPVQ&CXKFYCUSWKVGVJGUECPFCNYKVJKPVJGEJWTEJ
´6JGFGEGFGPVKUC[GCTQNFHGOCNGYJQUWHHGTGFIWPUJQVYQWPFU
VQVJGNGHVWRRGTSWCFTCPV
CPF QPG VQ VJG JGCF GKVJGT CU C TGUWNV QH C JQOKEKFG QT C UWKEKFG QP 5GRVGODGT 5JG YCU
VTCPURQTVGFHTQOVJGUEGPG
JGTTGUKFGPEGVQVJGJQURKVCND[)QQFJGY#ODWNCPEGYJGTGFGCVJ
YCURTQPQWPEGFD[&T9GDDCVJQWTU6JGTGYGTGVYQUWKEKFGPQVGUHQWPFKPVJGFGEGFGPV¶U
DGFTQQO6JGYGCRQPYCUTGEQXGTGFD[.#516JGFGEGFGPV¶UJWUDCPFCVVJGVKOGQHVJKUTGRQTV
YCUCUWURGEVFWGVQVJGPWODGTQHVKOGUVJGFGEGFGPVYCUUJQV´=?
(NQ$CTPGVV%QTQPGT¶U4GRQTV
´&CXKF/KUECXKIG¶UEQOOGPVWRQPJGTFGCVJYCUVJCV¶VJGDKVEJIQVYJCVUJGFGUGTXGF¶*KUYKHG
5JGNN[FKFPQVCRRGCTVQHGGNCP[FKHHGTGPVCDQWVKVVJCP&CXKF+CUMGF5JGNN[KHUJGYCUFQKPICNTKIJV
UKPEGTGEGKXKPIVJKUDCFPGYU5JGUCKFVJCVRGTUQPCNN[UJGYCUFQKPILWUV¿PG´=?
#H¿FCXKVQH8KEMK#\PCTCP
/CTEJ

6JG5GC1TI
9JCVKUVJG5GC1TI!
(TQOYYYGZUEKGPVQNQI[MKFUEQO
´6JG 5GC 1TI UJQTV HQT ¶6JG 5GC 1TICPK\CVKQP¶ KU 5EKGPVQNQI[¶U RCTKUJ
HQT NCEM QH C DGVVGT
YQTF0QVCNN5EKGPVQNQIKUVUCTGKPVJG5GC1TIDWVVJGOQUVFGFKECVGFQPGUWUWCNN[CTG6JG
EWTTGPVNGCFGTQH5EKGPVQNQI[&CXKF/KUECXKIGKUCNUQKPEQOOCPFQHVJG5GC1TI
6JG5GC1TI¶UQTICPK\CVKQPCNUVTWEVWTGKUCPQFFOKZVWTGQHOKNKVCT[CPFEQTRQTCVGOCPCIGOGPV
UV[NGUYKVJUVCHHOGODGTUNKXKPIKPCTO[NKMGEQPFKVKQPUTGEGKXKPIDQQVECORV[RGRWPKUJOGPVU
HQTOKUFGGFUCPFJQNFKPIOKNKVCTKUVKEVKVNGUYKVJKPVJGQTICPK\CVKQP
9JGP C 5EKGPVQNQIKUV LQKPU VJG 5GC 1TI JG UKIPU C EQPVTCEV CITGGKPI VQ UGTXG HQT DKNNKQP
[GCTU
PQV[RQ[GCTU$GECWUG5EKGPVQNQIKUVUDGNKGXGKPTGKPECTPCVKQPVJG5GC
1TIOGODGTKUGZRGEVGFVQTGVWTPCPFUGTXGCICKPKPJKUQTJGTPGZVNKHG´=?
%QR[QHCEVWCNEQPVTCEVCVVCEJGFUGGHQNNQYKPIRCIGU
9JCV¶UYTQPIYKVJVJG5GC1TICPFYJ[FQETKVKEUQRRQUGKV!
´%TKVKEUDGNKGXGVJCVVJG5GC1TICPK\CVKQPKUQPGQHVJGOQUVCDWUKXGITQWRUKPVJGYQTNF6JG
CDWUGUVJCVIQQPFCKN[KPVJG5GC1TICTGCNNVJCVOQTGGITGIKQWUDGECWUGFWGVQ5EKGPVQNQI[¶U
TGNKIKQWUUVCVWUNCYGPHQTEGOGPVKUTGVKEGPVVQKPXGUVKICVG*GTGCTGLWUVCHGYCURGEVUQH5GC1TI
NKHGVCMGPHTQOJWPFTGFUQHRGTUQPCNVGUVKOQPKCNUHTQOGZ5GC1TIOGODGTUVJCVCTGFGETKGFD[
ETKVKEU
5GC 1TI OGODGTU CTG PQV RGTOKVVGF VQ JCXG EJKNFTGP YJKNG YQTMKPI HQT VJG QTICPK\CVKQP
%QWRNGU YJQ IGV RTGIPCPV CTG JGCXKN[ RTGUUWTGF VQ CDQTV VJG DCD[ +H VJG[ TGHWUG VJG[ OWUV
NGCXGVJG5GC1TI1HVGPVJGUGRGQRNGJCXGDGGPKPVJG5GC1TIUQNQPIVJCVVJG[JCXGPQYJGTG
VQIQPQTGUWOGQWVUKFGQH5EKGPVQNQI[PQLQDGZRGTKGPEGPQ¿PCPEGUPQRTQRGTV[CPFPQ
PQP5EKGPVQNQI[HTKGPFU
#P[QPGYJQNGCXGUVJG5GC1TIYKVJQWVRGTOKUUKQPKUFGENCTGFC5WRRTGUUKXG2GTUQPD[VJG
%JWTEJQH5EKGPVQNQI[CPFKUQUVTCEK\GFHTQOHCOKN[HTKGPFUCPFNQXGFQPGU+VKUXGT[FKH¿EWNVVQ
IGVRGTOKUUKQPVQNGCXGVJG5GC1TICPFQPGECPPQVUKORN[SWKVCPFVJGPYCNMQWVVJGFQQT6JG
ĆRRTQXGFŃGCXKPIRTQEGUUKPXQNXGUWRVQ[GCTUQHJCTFRJ[UKECNNCDQT'OGVGTGFEQPHGUUKQPCNU
UQEKCNKUQNCVKQPCPFITQWRRTGUUWTG
5GC1TIOGODGTUNKXGKPJQTTKDNGEQPFKVKQPU7POCTTKGFOGODGTUPGXGTJCXGTQQOUVQVJGOUGNXGU
TGICTFNGUUQHCIGDWVKPUVGCFNKXGKPUOCNNTQQOUYKVJQVJGTOGODGTU/GODGTUCTGQHVGP
FGPKGFRTQRGTUNGGRCPFCTGQHVGPHQTEGFVQUMKROGCNUDGECWUGQHVJGRTGUUWTGUQHVJGLQD
5GC1TIOGODGTUCTGFGPKGFRTQRGTOGFKECNECTG6JG[CTGPQVRTQXKFGFJGCNVJKPUWTCPEGCTG
PQVIKXGPUKEMFC[UCPFVJG5GC1TIYKNNPQVRWTEJCUGVJGKTOGFKEKPGHQTVJGO+HCHTGGENKPKE
YQP¶VRTQXKFGVJGOGFKEKPGUQOGQPGPGGFUVJG5GC1TIOCPCIGOGPVYQP¶VUJQWNFGTVJGEQUVU
6JGTGCTGPWOGTQWUECUGUQHRGQRNGYJQJCXGDGEQOGXGT[KNNKPVJG5GC1TIQTYJQJCFRTG
GZKUVKPIOGFKECNEQPFKVKQPUCPFYGTGPQVCNNQYGFVQUGGMOGFKECNVTGCVOGPV
EQPVKPWGF

6JG5GC1TI
9JCV¶UYTQPIYKVJVJG5GC1TICPFYJ[FQETKVKEUQRRQUGKV!
EQPVKPWGF
5KEMPGUUKUCNUQVTGCVGFCUVJGHCWNVQHVJGUKEMRGTUQPDGECWUG5EKGPVQNQIKUVUDGNKGXGVJCVVJG
QPN[TGCUQPUQOGQPGIGVUUKEMKUVJCVVJG[CTGEQPPGEVGFVQC5WRRTGUUKXG2GTUQP6JG[DGNKGXG
VJCV[QWECPFGEKFGPQVVQIGVUKEM5QYJGPUQOGQPGDGEQOGUKNNVJG[CTGVTGCVGFCUVJQWIJ
VJG[JCXGFQPGUQOGVJKPIYTQPID[PQV´JCPFNKPI´VJGUKVWCVKQP
$GECWUG5EKGPVQNQI[JCUTGNKIKQWUUVCVWUKPOCP[EQWPVTKGUNCDQTNCYUFQPQVCRRN[VQVJG5GC
1TI6JGTGHQTG5GC1TIOGODGTUJCXGPQRTQVGEVKQPHTQONQPICPFCDWUKXGYQTMJQWTU/CP[
YQTM JQWT FC[U DGECWUG QH VJG RTGUUWTGU QH VJG LQD #P[QPG YJQ EQORNCKPU KU VTGCVGF
CU VJQWIJ VJG[ CTG ´PQV IGVVKPI YKVJ VJG RTQITCO´ ´WPGVJKECN´ QT ´PQV QP DQCTF´ 6JGTG CTG
VJQWUCPFUQHOKPQTUYQTMKPIWPFGTVJGUGEQPFKVKQPUKPVJG5GC1TI
5GC 1TI OGODGTU TCTGN[ JCXG OQTG VJCP C HGY JQWTU QHH C YGGM 'XGP FWTKPI VJKU QHHVKOG
VJG[CTGPQVRGTOKVVGFVQIQHCTHTQOVJGEQORQWPFYJGTGVJG[NKXGCPFYQTM+HOCPCIGOGPV
FGEKFGUVJCVVJG[JCXGPQVYQTMGFJCTFGPQWIJVJG[CTGPQVCNNQYGFVKOGQHHHQT%JTKUVOCU
0GY;GCTUDKTVJFC[UQTPCVKQPCNJQNKFC[U
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OCTT[XGT[[QWPIUQOGVKOGUCVQT[GCTUQHCIGLWUVUQVJCVVJG[ECPJCXGCTQQOVQ
VJGOUGNXGU
5RQWUGUCPFHCOKN[OGODGTUKPVJG5GC1TITCTGN[UGGGCEJQVJGT6JG5GC1TIOCPCIGOGPV
TGUGTXGUVJGTKIJVVQUJKRFKHHGTGPVHCOKN[OGODGTUQHHVQYQTMKPQVJGTEQWPVTKGUQTCTGCUYKVJQWV
CP[CRRTQXCNHTQOVJGURQWUG*WUDCPFUOC[DGUGPVCYC[HTQOVJGKTYKXGUOQVJGTUOC[DG
UGPVCYC[HTQOVJGKTEJKNFTGPGVE+HVJGHCOKN[EQORNCKPUVJG[CTGRWPKUJGF
(COKNKGUYJQJCXGOGODGTUKPVJG5GC1TICPFQVJGTOGODGTUYJQCTGPQVKPVJG5GC1TITCTGN[
UGGGCEJQVJGT/QVJGTUCPFHCVJGTUYKVJEJKNFTGPKPVJG5GC1TIOC[PQVECNNVJGOFKTGEVN[DWV
OWUVECNNVJGQTICPK\CVKQPCPFCUMVQURGCMYKVJVJGO
+HC5GC1TIOGODGTEQOOKVUCRWPKUJCDNGQHHGPUGVJG[CTGUGPVVQVJG42(QT4GJCDKNKVCVKQP
2TQLGEV(QTEGYJKEJKUTGOKPKUEGPVQHCDQQVECORHQT´DCF´5GC1TIOGODGTU2GQRNGQPVJG
42(OC[QPN[GCVVJGHQQFNGHVQXGTCHVGTVJGQVJGT51OGODGTUJCXGGCVGPOC[PQVURGCMVQC
5GC1TIOGODGTWPNGUUURQMGPVQCTGPQVCNNQYGFVQYCNM
VJG[OWUVTWPGXGT[YJGTGCTGPQV
CNNQYGFJQNKFC[UTGEGKXGGXGPNGUURC[VJCP51OGODGTUCPFCTGTGSWKTGFVQFQJCTFOCPWCN
NCDQTHQTNQPIJQWTU2GQRNGECPDGCUUKIPGFVQVJG42(HQTWRVQ[GCTU
/GODGTUCTGRWVWPFGTVTGOGPFQWURU[EJQNQIKECNRTGUUWTG6JG[CTGGZRGEVGFYQTMCUJCTF
CU PGGF DG YKVJQWV EQORNCKPV UCETK¿EKPI HQQF UNGGR HCOKN[ CPF QHH JQWTU 1HVGP VJG VJKPIU
VJG[CTGCUMGFVQFQCTGDG[QPFVJGTGCNOQHJWOCPRQUUKDKNKV[CPF[GVVJG[CTGETKVKEK\GFHQT
PQVIGVVKPIVJGUGVJKPIUFQPGGXGPYJGPVJG[¶XGVTKGFCUJCTFCUVJG[RQUUKDN[ECP/CP[5GC
1TIOGODGTUYJQNGCXGEKVGVJKUCUQPGQHVJGOQUVFGDKNKVCVKPICURGEVUQHVJG5GC1TIVJG[
YQTMCPFYQTMCPFYQTMCPF[GVVJGKTDQUUVGNNUVJGOKVKUPGXGTIQQFGPQWIJ6JGKTDQUUGUQH
EQWTUGCTGWPFGTGZCEVN[VJGUCOGMKPFQHRTGUUWTGHTQOVJGKTDQUUGUYJQCTGWPFGTVJGUCOG
HTQOVJGKTUCPFUQHQTVJ=?

6JG5GC1TI
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HTQPVEGPVGTCPFVJG5GC1TI

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ENGCTN[GUVCDNKUJVJGGHHGEVKXGPGUUQHVJG0CTEQPQPRTQITCOHQTVJGVTGCVOGPVQHEJGOKECNFGRGPFGPE[
CPFVJGOQTGETGFKDNGGXKFGPEGGUVCDNKUJGU0CTEQPQP¶URTQITCOKUPQVGHHGEVKXG´=?
1MNCJQOC5VCVG$QCTFQH/GPVCN*GCNVJ
9JCV¶UVJGFGCNYKVJ0CTEQPQP!
6JGUGCTGGZEGTRVUHTQOCNGVVGTUGPVKPVQVJG%CNKHQTPKC&GRCTVOGPVQH&TWICPF#NEQJQN2TQITCOU
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QH+YCUKOOGFKCVGN[RWVVQYQTMCVVJG0CTEQPQPHCEKNKV[CUC´FGVQZK¿ECVKQPURGEKCNKUV´+JCFPQ
OGFKECNVTCKPKPIYCUPQVCVCNNHCOKNKCTYKVJJQYVQECTGHQTCPFVTGCVRGQRNGFGVQZKH[KPIHTQOFTWIUCPF
CNEQJQN[GVYQTMGFUGXGTCNJQWTUCFC[RGTHQTOKPIUWEJFWVKGU
9J[YQWNF0CTEQPQPRNCEGUWEJXCNWGKPIGVVKPIKVUITCFWCVGUVQYQTMHQTVJGO!(QTQPGDGEQOKPI
C UVCHH OGODGT HQT 0CTEQPQP UWDLGEVU QPG VQ VJG JGCX[ UETWVKP[ QXGTUKIJV CPF EQPVTQN QH VJG UGPKQT
0CTEQPQPUVCHHOGODGTU5VCHHOGODGTUCTGFKUVCPEGFHTQOVJGKTHCOKN[OGODGTUCPFHTKGPFUOCFGVQNKXG
GKVJGTCVVJGHCEKNKV[QTKPJQOGUYKVJQVJGT0CTEQPQPUVCHHOGODGTUCPFEQPUVCPVN[WPFGTVJGYCVEJHWN
G[GQHUGPKQTUVCHHOGODGTU0CTEQPQP5QWVJGTP%CNKHQTPKCYQWNFTGPVQWVUOCNNCRCTVOGPVUCPFRNCEG
WRYCTFUQHUKZVQGKIJVUVCHHOGODGTUKPVJGOVQNKXG)TCFWCVGUQHVJGRTQITCOYJQYGPVQPVQYQTM
HQT0CTEQPQPCPFUVC[GFUQDGTFKFUQQPN[VJTQWIJHGCTQHVJGUGXGTGTGRGTEWUUKQPUQHTGNCRUG9JGPC
UVCHHOGODGTQTENKGPVQH0CTEQPQPWUGUYJKNGCV0CTEQPQPQTWUGUCHVGTITCFWCVKPICPFVJGPTGVWTPUVQ
VJGRTQITCOVJG[CTGRNCEGFQPCRWPKUJOGPVRTQITCOEQPUKUVKPIQHRJ[UKECNNCDQTKPFGPVWTGFUGTXKVWFG
OQTCNFGITCFCVKQPCPFJGCX[YQTM
6JGOCKPTGCUQP0CTEQPQPIQGUVQUWEJNGPIVJUVQIGVITCFWCVGUVQYQTMHQTVJGKTRTQITCOJQYGXGT
KUDGECWUGVJCVKUVJGVQQN0CTEQPQPWUGUVQHWPPGNOQPG[CPFRGQRNGKPVQVJG%JWTEJQH5EKGPVQNQI[
5VCHHOGODGTUYJQYKUJVQGCTPOQTGVJCPYGGMOWUVVCMG´VTCKPKPIEQWTUGUĆVVJGNQECN%JWTEJ
QH 5EKGPVQNQI[ HCEKNKVKGU 4CVJGT VJCP TGEGKXKPI VTCKPKPI KP FTWI CPF CNEQJQN TGJCDKNKVCVKQP UWDUVCPEG
CDWUGVTGCVOGPVQTQVJGTUWEJ¿GNFU0CTEQPQPUVCHHOGODGTUVCMGTGIWNCT%JWTEJQH5EKGPVQNQI[EQWTUGU
HQT YJKEJ 0CTEQPQP RC[U VJQWUCPFU QH FQNNCTU VQ VJG %JWTEJ QH 5EKGPVQNQI[ 5VCHH OGODGTU OWUV DW[
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VJGUGCWFKVKPIUGUUKQPU+TGHWUGFVQVCMGVJGUG%JWTEJQH5EKGPVQNQI[EQWTUGUCPFTGSWGUVGFRGTOKUUKQP
VQVCMGEQWTUGUCVCNQECNEQOOWPKV[EQNNGIGKPUVGCF+TGEGKXGFQRGPCPFQWVTKIJVEQPVGORVCPFRTGUUWTG
HQTEJQQUKPIVQVCMGPQP5EKGPVQNQI[EQWTUGUDGECWUG+FKFPQVRNC[KPVQVJGKT¿PCPEKCNUEJGOGUQHTCKUKPI
OQPG[HQT5EKGPVQNQI[6JG¿PCPEKCNTGEQTFU+JCFCEEGUUVQCUCUVCHHOGODGTOCFGQDXKQWUCPFGXKFGPV
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UQOGQPGJCUCVJQWIJVKVGHHGEVUJKUDQF[¶UGNGEVTKECNÀQYUCPFVJCVVJQWIJVVJGPTGIKUVGTUQPVJGPGGFNGFKCN
6JKUGZRNCPCVKQPKUEGTVCKPN[CPQXGTUKORNK¿ECVKQPDWVVJQUGCTGVJGDCUKEU
6JGRGTUQPYJQKUQRGTCVKPIVJG'OGVGTKUWUWCNN[ECNNGFVJG¶CWFKVQT¶YJKNGVJGRGTUQPJQNFKPIVJGVWDGU
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OQXGOGPVQHVJG'OGVGT+HVJGTGKUPGGFNGOQXGOGPVQPVJCVSWGUVKQPVJGCWFKVQTRTQDGUVJG2%HWTVJGTQP
VJCVRQKPV+HVJGTGKUPQPGGFNGOQXGOGPVVJGSWGUVKQPKUUMKRRGF/QUVDWVPQVCNNQH5EKGPVQNQI[RTQEGUUKPI
HQNNQYUVJKUHQTOWNC5EKGPVQNQIKUVUDGNKGXGVJGOGVGTJGNRUVJGO¿PFCTGCUQHVJGKTNKHG
VJKUNKHGQTRCUVNKXGUVJCV
JCXGGOQVKQPCNEJCTIGCPFVJG[HGGNVJCVYJGPWUGFD[CEQORGVGPVCWFKVQTVJG'OGVGTKUKPHCNNKDNG´=?
9JCVFQ5EKGPVQNQIKUVUWUGVJG'/GVGTHQT!
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D[CPCWFKVQT1PVJGWRRGT16NGXGNUVJG2%WUGUVJG'OGVGTVQCWFKVJKOUGNH$WVVJG'OGVGTKUPQVQPN[
WUGFHQTCWFKVKPI+VKUCNUQWUGFHQTEQPHGUUKQPCNUUGEWTKV[EJGEMUGOQVKQPCNUVCVGVGUVUCPFKUGXGPWUGFKP
UQOG5EKGPVQNQI[UEJQQNUVQ¶CUUKUV¶UVTWIINKPIUVWFGPVUVQ¿PFYJKEJRCTVUQHVJGKTVGZVDQQMUCTGVJGDKIIGUV
RTQDNGOCTGCU´=?
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KVDGECWUGVQCUMVQUGG4QP¶UTGUGCTEJPQVGUYQWNFUWIIGUVVJCVVJG[CTGFKUNQ[CNCPFVJG[YQWNFDGNQQMGF
FQYPWRQP6JGTGCTGPQRWDNKUJGFUVWFKGU6JGTGYCUPQRGGTTGXKGY*KUEQPENWUKQPUCTGUKORN[VCMGPCVHCEG
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CPFFKTGEVGFD[UEKGPVQNQIKUVU
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1XGTUGGU*WDDCTF%QNNGIGUQH#FOKPKUVTCVKQPCPF'HHGEVKXG/CPCIGOGPV%GPVGTU=2TQURGTKV[?2CVTQPQH+#5
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YYYUEKGPVQNQI[NKGUEQO
YYYNGTOCPGVEQO
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OQTGCVYYYYJ[YGRTQVGUVEQO
9G JCXG DGGP ECNNGF ´JCEMGTU QP UVGTQKFU´ ´FQOGUVKE VGTTQTKUVU´ CPF VJG ´+PVGTPGV JCVG
OCEJKPG´ 6JG %JWTEJ QH 5EKGPVQNQI[ JCU ECNNGF WU E[DGTVGTTQTKUVU CPF XKQNGPV DKIQVU YJQ
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YKNNDQODVJGKTEJWTEJGUCUUCUUKPCVGVJGKTNGCFGTUOCKNFGCFN[CPVJTCZCPFFQ\GPUQHQVJGT
GSWCNN[TKFKEWNQWUEJCTIGU
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#PQP[OQWUKUCEWNVWTCNRJGPQOGPQPVJCVDGICPQP+PVGTPGVKOCIGDQCTFU/CP[UWEJ
DQCTFUTGSWKTGPQTGIKUVTCVKQPHQTRQUVKPICPFGXGT[RQUVGTTGOCKPUCPQP[OQWU6JKUHQTOCVQH
EQOOWPKECVKQPKUKPJGTGPVN[PQKU[CPFEJCQVKE*QYGXGTVJGWPRTGEGFGPVGFQRGPPGUUOCFG
RQUUKDNGD[UWEJDQCTFUJCUPWTVWTGFVJGCRRGCTCPEGQHCWPKSWGCPFRGTUKUVGPVEWNVWTG
9GCTGCEQNNGEVKQPQHKPFKXKFWCNUWPKVGFD[KFGCU;QWNKMGN[MPQY#PQP[OQWUCNVJQWIJ
[QW FQP¶V MPQY GZCEVN[ YJQ YG CTG 9G CTG [QWT DTQVJGTU CPF UKUVGTU [QWT RCTGPVU CPF
EJKNFTGP [QWT UWRGTKQTU CPF [QWT WPFGTNKPIU 9G CTG VJG EQPEGTPGF EKVK\GPU UVCPFKPI PGZV
VQ[QW#PQP[OQWUKUGXGT[YJGTG[GVPQYJGTG1WTUVTGPIVJNKGUKPQWTPWODGTU1WTYKNN
CUCYJQNGKUVJGEQODKPGFYKNNQHKPFKXKFWCNU1WTITGCVGUVCFXCPVCIGKUMPQYNGFIGQHVJG
HWPFCOGPVCNUYGUJCTGCUJWOCPDGKPIU6JKUMPQYNGFIGKUCHTWKVQHQWTCPQP[OKV[
#PQP[OQWU JCU NGHV KVU OCTM QP UQEKGV[ OQTG VJCP QPEG 2TGXKQWU #PQP[OQWU RTQLGEVU
JCXGTGUWNVGFKPVJGENQUKPIQHVJGYJKVGUWRTGOCEKUVTCFKQUJQYRTQFWEGFD[*CN6WTPGTCPF
VJGETKOKPCNRTQUGEWVKQPQH%CPCFKCPRGFQRJKNG%JTKU(QTECPF#PQP[OQWUJCUDGGPECNNGFC
´%[DGT8KIKNCPVG)TQWR´D[6JG6QTQPVQ5WPCPF)NQDCN0GYUVJQWIJKPTGCNKV[YGCTGOWEJ
OQTGVJCPVJCV9GCTGCEQNNGEVKXGWPKVGFKPVJGDGNKGHVJCVMPQYNGFIGKUHTGG
9GCTG#PQP[OQWU
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6QIGVJGTYGECPOCMGCFKHHGTGPEG

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2GQRNG JCXG CUMGF CPF EQPVKPWG VQ CUM YJ[ YG YGCT OCUMU +V KU
HQTVJGRTQVGEVKQPQHQWTNKXGUCPFNKXGNKJQQF&WGVQ5EKGPVQNQI[¶U(CKT
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YJGPYGURGCMQWVCICKPUVVJKUFCPIGTQWUEWNV6JKUKUCEWNVVJCVJCU
C YGNNGCTPGF TGRWVCVKQP HQT JCTCUUKPI ETKVKEU CPF QRGPN[ ETKVKECN GZ
UEKGPVQNQIKUVU CV VJGKT JQOGU CPF YQTMRNCEGU 6CMKPI OGCUWTGU VQ
RTQVGEV[QWTRTKXCE[CPFCPQP[OKV[YJGPEQPHTQPVGFD[CPCIITGUUKXGN[
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COCVVGTQHEQOOQPUGPUG
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5EKGPVQNQIKUVYJQEQOOKVUVJKUCEVOC[PQVDGRWPKUJGFD[VJGEWNVHQT
KV9JKNG5EKGPVQNQI[ENCKOUVQJCXGGPFGFVJGRQNKE[UGXGTCNFGECFGU
CIQVJG[FKFUQQPN[KPPCOG6JGEWNVEQPVKPWGUVQRTCEVKEGVJKURQNKE[
VQVJKUFC[
9GCTGNKXKPIRTQQH
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JVVRYYYZGPWPGVHCKTICOGGJVONQTTGHGT
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5EKGPVQNQI[9QTF)NQUUCT[
#WFKVKPIVJGCRRNKECVKQPQH&KCPGVKEUQT5EKGPVQNQI[RTQEGUUGUCPFRTQEGFWTGUVQUQOGQPGD[CVTCKPGFCWFKVQT
6JGGZCEVFG¿PKVKQPQHCWFKVKPIKU6JGCEVKQPQHCUMKPICRGTUQPCSWGUVKQP
YJKEJJGECPWPFGTUVCPFCPFCPUYGT
IGVVKPICPCPUYGTVQVJCVSWGUVKQPCPFCEMPQYNGFIKPIJKOHQTVJCVCPUYGT
$TKFIG6JGVJGTQWVGVQ%NGCTCPF16YJKEJYGECNNVJG%NCUUK¿ECVKQP)TCFCVKQPCPF#YCTGPGUU%JCTV+VKUCVGTO
QTKIKPCVKPIKPGCTN[&KCPGVKEUFC[UVQU[ODQNK\GVTCXGNHTQOWPMPQYKPIPGUUVQTGXGNCVKQP
%NGCTVJGPCOGQHCUVCVGCEJKGXGFVJTQWIJCWFKVKPIQTCPKPFKXKFWCNYJQJCUCEJKGXGFVJKUUVCVG#%NGCTKUCDGKPI
YJQPQNQPIGTJCUJKUQYPTGCEVKXGOKPF#%NGCTKUCPWPCDGTTCVGFRGTUQPCPFKUTCVKQPCNKPVJCVJGHQTOUVJG
DGUVRQUUKDNGUQNWVKQPUJGECPQPVJGFCVCJGJCUCPFHTQOJKUXKGYRQKPV6JG%NGCTJCUPQGPITCOUYJKEJECPDG
TGUVKOWNCVGFVQVJTQYQWVVJGEQTTGEVPGUUQHEQORWVCVKQPD[GPVGTKPIJKFFGPCPFHCNUGFCVC
'OGVGTVJG*WDDCTF'NGEVTQOGVGTKUCTGNKIKQWUCTVKHCEVWUGFKPVJG%JWTEJEQPHGUUKQPCN+VKPKVUGNHFQGUPQVJKPI
CPFKUWUGFD[OKPKUVGTUQPN[VQCUUKUVRCTKUJKQPGTUKPNQECVKPICTGCUQHURKTKVWCNFKUVTGUUQTVTCXCKN6JG'OGVGTKU
PQVKPVGPFGFQTGHHGEVKXGHQTFKCIPQUKUVTGCVOGPVQTRTGXGPVKQPQHCP[FKUGCUG+VRCUUGUCVKP[EWTTGPVVJTQWIJVJG
RTGENGCT¶UDQF[6JKUEWTTGPVKUKPÀWGPEGFD[VJGOGPVCNOCUUGURKEVWTGUEKTEWKVUCPFOCEJKPGT[9JGPVJGWPENGCT
RTGENGCTVJKPMUQHUQOGVJKPIVJGUGOGPVCNKVGOUUJKHVCPFVJKUTGIKUVGTUQPVJGOGVGT
'PITCOCOGPVCNKOCIGRKEVWTGYJKEJKUCTGEQTFKPIQHCPGZRGTKGPEGEQPVCKPKPIRCKPWPEQPUEKQWUPGUUCPFC
TGCNQTHCPEKGFVJTGCVVQUWTXKXCN+VKUCTGEQTFKPIKPVJGTGCEVKXGOKPFQHUQOGVJKPIYJKEJCEVWCNN[JCRRGPGFVQCP
KPFKXKFWCNKPVJGRCUVCPFYJKEJEQPVCKPGFRCKPCPFWPEQPUEKQWUPGUUDQVJQHYJKEJCTGTGEQTFGFKPVJGOGPVCN
KOCIGRKEVWTGECNNGFCPGPITCO+VOWUVD[FG¿PKVKQPJCXGKORCEVQTKPLWT[CURCTVQHKVUEQPVGPV6JGUGGPITCOU
CTGCEQORNGVGTGEQTFKPIFQYPVQVJGNCUVCEEWTCVGFGVCKNQHGXGT[RGTEGRVKQPRTGUGPVKPCOQOGPVQHRCTVKCNQT
HWNNWPEQPUEKQWUPGUU-595JQTVHQT-GGRKPI5EKGPVQNQI[9QTMKPICRQNKE[YTKVVGPD[*WDDCTFKPVJGUVJCV
TGSWKTGUCNN5EKGPVQNQIKUVUVQHQNNQYJKUYQTFUCPFJKUTWNGUGZCEVN[CPFVQCEVKXGN[UGGMCPFFGUVTQ[HCNUGFCVC
1RGTCVKPI 6JGVCP
16 KV KU C UVCVG QH DGKPIPGUU +V KU C DGKPI ĆV ECWUG QXGT OCVVGT GPGTI[ URCEG VKOG HQTO
CPFNKHG´1RGTCVKPIEQOGUHTQOĆDNGVQQRGTCVGYKVJQWVFGRGPFGPE[QPVJKPIUĆPF6JGVCPKUVJG)TGGMNGVVGT
6JGVCYJKEJVJG)TGGMUWUGFVQTGRTGUGPVVJQWIJVQTRGTJCRUURKTKVVQYJKEJCPPKUCFFGFVQOCMGCPQWPKPVJG
OQFGTPUV[NGWUGFVQETGCVGYQTFUKPGPIKPGGTKPI+VKUCNUQ´VJGVCVQVJGPVJFGITGGÓGCPKPIWPNKOKVGFQTXCUV
#DDTGXKCVKQP16
1TIU#PCDDTGXKCVKQPHQT´QTICPK\CVKQPU´FGUETKDGUCNNEJWTEJGUQH5EKGPVQNQI[VJTQWIJQWVVJGYQTNF
1WVGVJKEU#P[DGJCXKQTVJCVXKQNCVGUCP[QH*WDDCTF¶UTWNGUQHEQPFWEV
2QVGPVKCN 6TQWDNG 5QWTEG

265 UQOGQPG YJQ KU EQPPGEVGF YKVJ C UWRRTGUUKXG RGTUQP YJQ KU KPXCNKFCVKPI JKO
JKU DGKPIPGUU JKU RTQEGUUKPI JKU NKHG UQOGQPG EQPPGEVGF VQ C RGTUQP QT C ITQWR QRRQUGF VQ 5EKGPVQNQI[ 6JKU
EQPPGEVKQPTGUWNVUKPKNNPGUUCPFTQNNGTEQCUVGT
IGVUDGVVGTVJGPIGVUYQTUG2TQEGUUKPIYQWNFYQTMYKVJUWEJC
RGTUQPHQTCOQOGPVVJGPYQWNFP¶VYQTM1PGECP¶VCWFKVVJKURGTUQPWRHCUVGTVJCPVJGGPXKTQPOGPVMPQEMUJKO
FQYP$GECWUGVJGECUGFQGUP¶VIGVYGNNJGKUCRQVGPVKCNVTQWDNG
4GCEVKXG/KPFVJCVRQTVKQPQHCRGTUQP¶UOKPFYJKEJYQTMUQPCVQVCNN[UVKOWNWUTGURQPUGDCUKUYJKEJKUPQVWPFGT
JKUXQNKVKQPCNEQPVTQNCPFYJKEJGZGTVUHQTEGCPFVJGRQYGTQHEQOOCPFQXGTJKUCYCTGPGUURWTRQUGUVJQWIJVU
DQF[CPFCEVKQPU6JGTGCEVKXGOKPFKUYJGTGGPITCOUCTGUVQTGF
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6JGVCPVJGRGTUQPJKOUGNHPQVJKUDQF[QTJKUPCOGVJGRJ[UKECNWPKXGTUGJKUOKPFQTCP[VJKPIGNUGVJCVYJKEJKU
CYCTGQHDGKPICYCTGVJGKFGPVKV[YJKEJKUVJGKPFKXKFWCN6JGVGTOYCUEQKPGFVQGNKOKPCVGCP[RQUUKDNGEQPHWUKQP
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%QPVGPVU

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