.YVREP 7EMRW 1EXIVM -RHSRIWME :SP 2S .

YRM LEP
-RHSRIWMER .SYVREP SJ 1EXIVMEPW 7GMIRGI -772
%OVIHMXEWM 0-4- 2SQSV (
8ERKKEP .YRM

%40-/%7- 1)1&6%2 37137% &%0-/ 9289/

4)2+30%,%2 0-1&%, '%-6 03+%1 83/7-/

7]ELVMP%LQEH
4YWEX 4IRIPMXMER /MQME 4 / c 0-4-
.P 'MWMXY ( &ERHYRK
W]ELVMPEW$]ELSS GSQ

%&786%/
%40-/%7- 1)1&6%2 37137% &%0-/ 9289/ 4)2+30%,%2 0-1&%, '%-6 03+%1
83/7-/ 4IVGSFEER TIQMWELER PSKEQ PSKEQ XSOWMO HEPEQ EMV XIPEL HMPEOYOER QIRKKYREOER QIQFVER SWQSWE
FEPMO ]ERK XIVFYEX HEVM FELER OSQTSWMX 4IVGSFEER HMPEOYOER WIGEVE WMQYPEWM ]EMXY HIRKER QIQFYEX PEVYXER
PSKEQ PSKEQ ]ERK EOER HMEQEXM HIRKER OSRWIRXVEWM FIVFIHE HER OIQYHMER PEVYXER HMTEOEM WIFEKEM PEVYXER
YQTER ]ERK EOER HMTVSWIW WIGEVE SWQSWE FEPMO 0SKEQ PSKEQ ]ERK HMEQEXM ERXEVE PEMR EHEPEL PSKEQ 'V
1R HER 4F HER TVSWIW SWQSWE FEPMO HMPEOYOER TEHE XIOERER FEV YRXYO WIQYE PSKEQ ]ERK HMEQEXM ,EWMP
TIVGSFEER QIRYRNYOOER FEL[E FIWEVR]E OSRWIRXVEWM PEVYXER YQTER EOER QIQTIRKEVYLM LEVKE JPYOW HER
OSIJMWMIR VINIOWM QIQFVER 1IQFVER OSQTSWMX HIRKER PETMWER TSPMEOVMPEQMHE WIFEKEM PETMWER EOXMJ QIQFVER
HETEX QIRELER PSKEQ PSKEQ ]ERK HMEQEXM HIRKER FIWEVER LEVKE OSIJMWMIR VINIOWM HMEXEW OIGYEPM PSKEQ
1R ]ERK FIVOSRWIRXVEWM TTQ HER TTQ

/EXE OYRGM 1IQFVER OSQTSWMX 3WQSWE FEPMO 0SKEQ XSOWMO 6INIOWM *PYOW

%&786%'8
%40-'%8-32 3* 6):)67) 37137-7 1)1&6%2) *36 7)4%6%8-32 3* 83<-' 1)8%0
-2 ;%8)6 )\TIVMQIRXEP WITEVEXMSR SJ XS\MG QIXEP MR [EXIV LEW FIIR HSRI YWMRK VIZIVWI SWQSWMW QIQFVERI
QEHI JVSQ GSQTSWMXI QEXIVMEP )\TIVMQIRX [EW HSRI F] WMQYPEXMSR MR [LMGL QIXEPW XLEX [MPP FI SFWIVZIH
WSPZIH [MXL [EXIV MR HMJJIVIRX GSRGIRXVEXMSR ERH XLIR YWIH EW JIIH WSPYXMSR MR VIZIVWI SWQSWMW TVSGIWW 1IXEPW
SFWIVZIH [IVI 'V 1R ERH 4F ERH VIZIVWI SWQSWMW TVSGIWW [EW HSRI EX TVIWWYVI SJ &EV JSV EPP QIXEPW
)\TIVMQIRX VIWYPX WLS[IH XLEX ZEPYI SJ JIIH WSPYXMSR GSRGIRXVEXMSR [SYPH EJJIGX JPY\ ERH GSIJJMGMIRX VINIGXMSR
SJ QIQFVERI 'SQTSWMXI QIQFVERI [MXL TSP]EGV]PEQMHI EW EGXMZI PE]IV SJ QIQFVERI GER VINIGX QIXEPW SFWIVZIH
[MXL ZEPYI SJ VINIGXMSR GSIJJMGMIRX QSVI XLER I\GITX JSV 1R QIXEP XLEX LEZI GSRGIRXVEXMSR TTQ ERH
TTQ

/I] [SVHW 'SQTSWMXI QIQFVERI 6IZIVWI SWQSWMW 8S\MG QIXEP 6INIGXMSR *PY\

4)2(%,909%2
0SKEQ FIVEX WITIVXM 'V 1R 4F 'H 'Y
HER ,K EHEPEL PSKEQ ]ERK QIQMPMOM XMRKOEX XSOWMWMXEW
XMRKKM HER WERKEX QIQFELE]EOER OIWILEXER FEMO
TEHE QERYWME EXEY QEOLPYO LMHYT PEMRR]E -RHYWXVM
TIRKLEWMP PMQFEL PSKEQ FIVEX FIVFELE]E ERXEVE PEMR
EHEPEL MRHYWXVM TIR]EQEOER OYPMX MRHYWXVM PSKEQ
MRHYWXVM OEFIP MRHYWXVM IPIGXVSTPEXMRK MRHYWXVM GEX
MRHYWXVM QMGVSGLMT TEFVMO FEXIVEM HER TEFVMO OIVXEW ? A
0MQFEL PSKEQ PSKEQ MRM OEPEY HMFYERK OI WYRKEM
XERTE HMSPEL PIFML HYPY HETEX QIRGIQEVM PMRKOYRKER
HER OILMHYTER EPEQ WIOMXEVR]E 4IRMRKOEXER
OERHYRKER PSKEQ FIVFELE]E MRM HEPEQ WYRKEM
HER XEREL ]ERK HMEPMVM SPIL PMQFEL MRHYWXVM HETEX
FIVEXYW OEPM PMTEX XIVKERXYRK NEVEO NEYL HIOEXR]E
HEVM WYQFIV TIRGIQEV HER [EOXY TIRGIQEVER ? A
7YQFIV YXEQE EMV PMQFEL FIVEGYR MRM EHEPEL PEVYXER
TIQFMPEW ]ERK EKEO IRGIV HER WIVMRK QIRKERHYRK
QK 0 LMRKKE QK 0 MSR PSKEQ XSOWMO ? A 2MPEM
EQFERK FEXEW YRXYO PSKEQ FIVFELE]E FIVFIHE FIHE HER
YRXYO PSKEQ OVSQ EHEPEL TTQ ? A 4IRIPMXMER
QIRKIREM ETPMOEWM QIQFVER XIPEL HMPEOYOER YRXYO
TIQMWELER PSKEQ WXVSRXMYQ ? A HER NYKE YRXYO
TIRKSPELER PMQFEL XIOWXMP ? A
8YNYER HEVM TIVGSFEER MRM EHEPEL YRXYO QIRIPMXM
OIQEQTYER QIQFVER SWQSWE FEPMO ]ERK XIVFYEX HEVM
FELER OSQTSWMX YRXYO QIQMWELOER WIR]E[E PSKEQ
XSOWMO XIVXIRXY ]ERK XIVOERHYRK HEPEQ FYERKER MRHYWXVM
(MLEVETOER RERXM HETEX WIFEKEM EGYER HEPEQ
QIRKETPMOEWMOER QIQFVER SWQSWE FEPMO HEPEQ
TIRERKERER PMQFEL PSKEQ FIVFELE]E 4IVGSFEER MRM
%TPMOEWM 1IQFVER 3WQSWE &EPMO 9RXYO 4IRKSPELER 0MQFEL 'EMV 0SKEQ 8SOWMO 7]ELVMP %LQEH
HMPEOYOER WIGEVE WMQYPEWM ]EMXY HIRKER QIQFYEX
PEVYXER KEVEQ KEVEQ HEVM PSKEQ ]ERK EOER HMEQEXM HER
HMTVSWIW WIGEVE SWQSWE FEPMO
1)83() 4)6'3&%%2
1IQFVER
1IQFVER ]ERK HMTEOEM EHEPEL QIQFVER OSQTSWMX
]ERK XIVFYEX HEVM TSPMEOVMPEQMHE WIFEKEM PETMWER EOXMJ
QIQFVER ]ERK HMXIQTIPOER WIGEVE HMT GSEXMRK TEHE
PETMWER TIRHYOYRK TSPMWYPJSR HER TSPMIWXIV
&ELER
/ 'V3 1IVGO 1R73 , 3 1IVGO
', '334F , 3 1IVGO EUYEHIWX
%PEX
7EXY WIX EPEX SWQSWE FEPMO ]ERK XIVHMVM HEVM HYE
WIP QIQFVER HER XIVFYEX HEVM FELER WXEMRPIWW WXIIP ]ERK
HETEX FIVSTIVEWM WEQTEM XIOERER FEV FYEXER -6',%
4IVERGMW %PEX MRM HETEX QIRKYOYV HYE PIQFEV QIQFVER
WIOEPMKYW HER PYEW TIVQYOEER IJIOXMJ QIQFVER ]ERK
HETEX HMYNM EHEPEL GQ /SRHYOXSQIXIV HMTEOEM
YRXYO QIRIRXYOER OSRWIRXVEWM PSKEQ ]ERK EHE HEPEQ
TIVQIEX HER VIXIRXEX WIXIPEL WIFIPYQR]E HMFYEXOER
OYVZE OEPMFVEWM HEVM QEWMRK QEWMRK PEVYXER KEVEQ ]ERK
HMYNM
'EVE /IVNE
7IQYE KEVEQ KEVEQ ]ERK EOER HMYNM HMPEVYXOER
HEPEQ EMV HIRKER OSRWIRXVEWM QYPEM TTQ TTQ
HER TTQ 1EWMRK QEWMRK PEVYXER KEVEQ MRM HMTEOEM
WIFEKEM PEVYXER YQTER HEPEQ TVSWIW SWQSWE FEPMO
4VSWIW JMPXVEWM FIVPERKWYRK WIGEVE OSRXMR]Y HMQERE
PEVYXER OSRWIRXVEX HMQEWYOOER OIQFEPM OI HEPEQ XEROM
E[EP WIHERKOER TIVQIEX HMXEQTYRK TEHE [EHEL PEMR
7IPEQE TVSWIW SWQSWE FEPMO FIVPERKWYRK XIOERER STIVEWM
HMTIVXELEROER WXEFMP TEHE XIOERER FEV 7IXIPEL
XIVGETEM OSRHMWM WXEFMP WXIEH] WXEXI ]ERK HETEX HMPMLEX
HEVM NYQPEL TIVQIEX ]ERK HMLEWMPOER XIXET HMLMXYRK
FIWEVR]E LEVKE JPYOW WIPEQE TIVMSHI [EOXY XIVXIRXY
&IWEVR]E LEVKE JPYOW HMLMXYRK HIRKER
QIRKKYREOER 4IVWEQEER
.Z ! 0T (4 (T cccccccc c
HMQERE
.Z ! *PYOW EMV 0 Q LEVM
0T ! /SRWXERXE TIVQIEFMPMXEW
(4 ! 4IVFIHEER XIOER LMHVSPMWMW ERXEVE WIP
( T ! 4IVFIHEER XIOERER SWQSWE ERXEVE WIP
/SIJMWMIR VINIOWM HMLMXYRK HIRKER QIRKKYREOER
4IVWEQEER
6 ! 'F d 'T 'F <
! 8EROM PEVYXER YQTER
! 4SQTE
! 1IQFVER OSQTSWMX
! 8EROM TIVQIEX
! 1ERSQIXIV TIRKEXYV
XIOERER
+EQFEV &EKER TVSWIW SWQSWE FEPMO
HMQERE
6 ! OSIJMWMIR VINIOWM
'F ! /SRWIRXVEWM ^EX XIVPEVYX HEPEQ OSRWIRXVEX
'T ! /SRWIRXVEWM ^EX XIVPEVYX HEPEQ TIVQIEX
&EKER TVSWIW SWQSWE FEPMO FIWIVXE EVEL
TIVKIVEOER GEMVER WIPEQE TVSWIW FIVPERKWYRK HETEX
HMPMLEX TEHE +EQFEV
4VSWIW 3WQSWE &EPMO
0EVYXER YQTER HEPEQ XEROM HMHSVSRK SPIL TSQTE
QEWYO OI HEPEQ WIP QIQFVER HER HIRKER QIRKEXYV
QERSQIXIV TIRKEXYV XIOERER QEOE XIOERER HEPEQ WIP
QIQFVER HETEX HMEXYV WIWYEM HIRKER XIOERER ]ERK
HMMRKMROER OIQYHMER GEMVER ]ERK HETEX QIPI[EXM
QIQFVER HMXEQTYRK WIFEKEM TIVQIEX TEHE XEROM
TIVQIEX WIHERKOER FEKMER GEMVER ]ERK XMHEO HETEX
QIPI[EXM QIQFVER HMOIQFEPMOER OI XEROM PEVYXER
YQTER WIQYPE WILMRKKE WMVOYPEWM TVSWIW FIPERKWYRK
WIGEVE OSRXMR]Y
4EHE WEEX XIVGETEM OSRHMWM WXEFMP WXIEH] WXEXI
HMLMXYRK NYQPEL TIVQIEX ]ERK OIPYEV HEPEQ WIPERK
TIVMSHE [EOXY XIVXIRXY YRXYO QIRIRXYOER FIWEVR]E
LEVKE JPYOW HER OIQYHMER HMEQFMP WINYQPEL TIVQIEX
HER VIXIRXEX YRXYO QIRKIXELYM OSRWIRXVEWM PSKEQ
]ERK XIVOERHYRK HMHEPEQR]E YRXYO QIRKLMXYRK
FIWEVR]E OSIJMWMIR VINIOWM QIQFVER XIVWIFYX
4IVGSFEER HMPEOYOER YRXYO WIQYE NIRMW PEVYXER YQTER
]ERK HMEQEXM TEHE FIVFEKEM OSRWIRXVEWM HIRKER OSRHMWM
HER GEVE ]ERK WEQE
,%7-0 (%2 4)1&%,%7%2
+EQFEV +EQFEV HER +EQFEV
QIQTIVPMLEXOER LEWMP TVSWIW SWQSWE FEPMO HEVM FIFIVETE
PEVYXER PSKEQ ]ERK HMEQEXM (EVM KEQFEV KEQFEV MRM HETEX
HMPMLEX FIWEVR]E LEVKE JPYOW YRXYO QEWMRK QEWMRK PSKEQ
]ERK HMEQEXM TEHE FIVFEKEM OSRWIRXVEWM PEVYXER YQTER
HIRKER XIOERER STIVEWM WIFIWEV FEV ,EWMP
QIRYRNYOOER OIGIRHIVYRKER ]ERK WEQE ]EMXY EHER]E
TIRYVYRER LEVKE JPYOW HIRKER FIVXEQFELR]E
OSRWIRXVEWM PEVYXER YQTER 4IRYVYRER JPYOW ]ERK WERKEX
XENEQ HMXIQYM TEHE PEVYXER YQTER 4F HER 'V ]EMXY
.YVREP 7EMRW 1EXIVM -RHSRIWME :SP 2S .YRM LEP
-RHSRIWMER .SYVREP SJ 1EXIVMEPW 7GMIRGI -772

/SRWIRXVEWM TTQ /SRWIRXVEWM TTQ

+EQFEV *PYOW QIQFVER YRXYO PEVYXER YQTER +EQFEV /SIJMWMIR VINIOWM QIQFVER XIVLEHET
PSKEQ 'V PSKEQ 'V

/SRWIRXVEWM TTQ

/SRWIRXVEWM TTQ /SRWIRXVEWM TTQ

+EQFEV *PYOW QIQFVER YRXYO PEVYXER YQTER +EQFEV /SIJMWMIR VINIOWM QIQFVER XIVLEHET
PSKEQ 1R PSKEQ 1R

/SRWIRXVEWM TTQ /SRWIRXVEWM TTQ

+EQFEV *PYOW QIQFVER YRXYO PEVYXER YQTER +EQFEV /SIJMWMIR VINIOWM QIQFVER XIVLEHET
PSKEQ 4F PSKEQ 4F

HEVM 0 Q LEVM QIRNEHM 0 Q LEVM YRXYO PEVYXER
YQTER 4F HER HEVM 0 Q LEVM QIRNEHM 0Q
LEVM YRXYO PEVYXER YQTER 'V HIRKER OIREMOER
OSRWIRXVEWM PEVYXER YQTER ,EP MRM XIVNEHM OEVIRE WIPEQE
TVSWIW SWQSWE FEPMO FIVPERKWYRK XIVNEHM FIRXYVER FEMO
ERXEVE WSPYX HIRKER QIQFVER HER WSPYX WIWEQE WSPYX
4EHE PEVYXER YQTER FIVOSRWIRXVEWM XMRKKM FIRXYVER
ERXEVE WSPYX EOER WIQEOMR QIRMRKOEX WILMRKKE
OIWIQTEXER WSPYX YRXYO PSPSW QIPI[EXM TSVM TSVM QIQFVER
QIRNEHM FIVOYVERK
/SIJMWMIR VINIOWM QIQFVER YRXYO PSKEQ 'V 1R
HER 4F HETEX HMPMLEX TEHE +EQFEV +EQFEV HER
+EQFEV TEHE FIVFEKEM OSRWIRXVEWM PEVYXER YQTER
HIRKER XIOERER STIVEWM WIFIWEV FEV 4EHE KEQFEV MRM
LEWMP ]ERK HMHETEX FIVXSPEO FIPEOERK HIRKER LEWMP JPYOW
]ERK HMTIVSPIL HMQERE OIREMOER OSRWIRXVEWM HEPEQ
PEVYXER YQTER GIRHIVYRK QIREMOOER OSIJMWMIR VINIOWM
QIQFVER /IREMOER OSIJMWMIR VINIOWM EOMFEX OIREMOER
OSRWIRXVEWM PEVYXER YQTER MRM HMWIFEFOER WSPYX WYPMX
QEWYO OI TSVM QIQFVER EOMFEX XIVNEHM TIRMRKOEXER
FIRXYVER WIWEQER]E 4IRMRKOEXER OSIJMWMIR VINIOWM ]ERK
XENEQ HMXIQYM TEHE PEVYXER YQTER 1R HER 4F ]EMXY
YRXYO PSKEQ 1R HEVM QIRNEHM HER YRXYO
PSKER 4F HEVM QIRNEHM
%TPMOEWM 1IQFVER 3WQSWE &EPMO 9RXYO 4IRKSPELER 0MQFEL 'EMV 0SKEQ 8SOWMO 7]ELVMP %LQEH

/)7-1490%2 EOMFEX XIVNEHMR]E FIVFEKEM MRXIVEOWM WIWEQE WSPYX HER

ERXEVE WSPYX HER QIQFVER
(EVM HEXE ]ERK HMTIVSPIL YRXYO LEWMP TIR]EVMRKER
FIFIVETE PSKEQ FIVEX FIVFELE]E WITIVXM 'V 1R HER
4F QIPEPYM TVSWIW SWQSWE FEPMO HETEX HMXEVMO
(%*8%6 %'9%2
OIWMQTYPER FEL[E QIQFVER SWQSWE FEPMO ]ERK ? A 70%1)8 6 %6&-%28- HER (%6=%283
XIVFYEX HEVM TSPMQIV TSPMEOVMPEQMHE WIFEKEM PETMWER 1EOEVE 8IORSPSKM
EOXMJ QIQFVER QEQTY QIRELER PSKEQ PSKEQ XIVWIFYX ? A , % 5(%-7 ERH , 1397% (IWEPMREXMSR
HIRKER OSIJMWMIR VINIOWM EXEY PIFML OIGYEPM
YRXYO PSKEQ 1R HIRKER OSRWIRXVEWM PEVYXER YQTER ? A LXXT LSQI MRHS RIX MH bMGMT WXYHM LXQ
TTQ HER TTQ ,EVKE JPYOW QIQFVER YRXYO ? A &%6383 HER 7=%1790 % 7-6%(> .YVREP -PQY
WIQYE PEVYXER PSKEQ ]ERK HMEQEXM GYOYT FIWEV ]EMXY 8EREL HER 0MRKOYRKER
FIVOMWEV ERXEVE 0 Q LEVM LMRKKE 0 Q LEVM ? A &YOY 4ERHYER 8IORSPSKM 4IRKIRHEPMER (EQTEO
4IRYVYRER OSRWIRXVEWM PSKEQ HEPEQ PEVYXER 0MRKOYRKER -RHYWXVM 0ETMW 0MWXVMO &EHER
YQTER GIRHIVYRK QIRMRKOEXOER LEVKE JPYOW XIXETM 4IRKIRHEPMER (EQTEO 0MRKOYRKER
QIRYVYROER OSIJMWMIR VINIOWM QIQFVER 9RXYO ? A 7 ',)+639',) % 1)00%, ERH 1 &%6/%8
QIRHETEXOER TVSWIW TIQMWELER SWQSWE FEPMO ]ERK PIFML (IWEPMREXMSR d
WIQTYVRE HEVM WEXY TVSWIW MRHYWXVM HMWEVEROER EKEV ? A *%6-(% ,%66)0/%7 (IWEPMREXMSR
PMQFEL XIVWIFYX XMHEO HMKEFYRK HIRKER PMQFEL TVSWIW d
PEMRR]E OEVIRE WIQEOMR OSQTPIOW OERHYRKER WYEXY ? A - 7 ',%2+ 7 7 0)) ERH ) / ',39 (IWEPMREXMSR
PMQFEL EOER WIQEOMR VYQMX HEPEQ TVSWIW TIQMWELERR]E