'31%2(37 0-29< ()&-%2
86%&%.3 '32 *-',)637
:EVMSW
PW 0MWXE PSW JMGLIVSW HI YR HMVIGXSVMS GSRGVIXS
PW P 0MWXE XEQFMqR PEW TVSTMIHEHIW ] EXVMFYXSW PW PE 0MWXE JMGLIVSW MRGPYMHSW PSW SGYPXSW HI WMWXIQE
PW PE ` QSVI 0MWXE PSW JMGLIVSW HI YR HMVIGXSVMS HI JSVQE TEKMREHE
GEX R JMGLIVS 1YIWXVE IP GSRXIRMHS HI YR JMGLIVS 0S QYIWXVE XSHS WIKYMHS 'SR PE STGMzRRPS RYQIVE
QSVI JMGLIVS →1YIWXVER IP GSRXIRMHS HI YR JMGLIVS HI JSVQE TEKMREHE QSVI TIVQMXI TEWEV HI TjKMRE GSR PE FEVVE IWTEGMEHSVE PIWW EHIQjW TYIHI MV LEGME PIWW JMGLIVS EXVjW GSR PEF'SR PIWW EP JMREP HIP EVGLMZS RSW HMGIIRH SJ XLI JMPI TEVE
ZSPZIV E PE WLIPP TYPWEVU ^GEX JMGLIVS
^QSVI JMGLIVS " 1YIWXVER IP GSRXIRMHS HI YR JMGLIVS GSQTVMQMHS K^ ^PIWW JMGLIVS
IGLS GEHIRE IGLS RSW QYIWXVE IR TERXEPPE IP XI\XS UYI PI WMKE
KVIT GEHIRE EVGLMZS 1YIWXVE PEW PuRIEW HIP EVGLMZS UYI GSRXMIRIR PE GEHIRE )N TEVE UYI QYIWXVI PEW PuRIEW HIP EVGLMZSQIQSUYI GSRXMIRIR PE TEPEFVE S GSRNYRXS HI PIXVEWGVIHMX
KVIT GVIHMX QIQS
KVIT [ GVIHMX QIQSQSWXVEVuE PEW PuRIEW HI QIQS UYI GSRXMIRIR PE TEPEFVEGVIHMX WXEX JMGLIVS 1YIWXVE IP IWXEHS HI YR JMGLIVS
WXEX J JMGLIVS 1YIWXVE IP IWXEHS HIP WMWXIQE HI JMGLIVSW JMPI JMGLIVS 1YIWXVE HI UYq XMTS IW YR JMGLIVS
XEMP EVGLMZS 1YIWXVE PEW •PXMQEW PuRIEW HI YR EVGLMZS TSV HIJIGXS XEMP R EVGLMZS 1YIWXVE PEWR•PXMQEW PuRIEW HIP JMGLIVS
LIEH JMGLIVS 1YIWXVE PEW TVMQIVEW PuRIEW HI YR JMGLIVS LIEH R JMGLIVS 1YIWXVE PEW TVMQIVEWRPuRIEW HI YR JMGLIVS JMRH YWV REQI PMPS TVMRX &YWGE XSHSW PSW JMGLIVSW GSR RSQFVI PMPS IR YWV JMRH LSQI TEGS REQI NTK TVMRX &YWGE XSHEW PEW MQjKIRIW NTK IR LSQI TEGS [LIVIMW INIGYXEFPI &YWGE INIGYXEFPIW INIQTPS [LIVIMW JMRH
X]TI GSQERHS 1YIWXVE PE YFMGEGMzR HIP GSQERHS MRHMGEHS 7M IW YR GSQERHS MRXIVRS HIP WLIPP QSWXVEVj EPKS EWu GSQS GSQERHS MW E WLIPP FYMPXMR
T[H :MWYEPM^E IP HMVIGXSVMS EGXYEP
LMWXSV] 1YIWXVE IP PMWXEHS HI GSQERHSW YWEHSW TSV IP YWYEVMS b FEWLCLMWXSV] JG P 1YIWXVE IP PMWXEHS HI PSW •PXMQSW GSQERHSW INIGYXEHSW
INIGX GHVSQ %FVI PE FERHINE HIP GHVSQ
INIGX X GHVSQ 'MIVVE PE FERHINE HIP GHVSQ GH RSQCHMVIGXSVMS 'EQFME HI HMVIGXSVMS
GH :YIPZIW EP ERXIVMSV
GH QS^MPPE )RXVEW EP HI QS^MPPE TSV PE TYIVXE KVERHI GH QS^MPPE )RXVEW EP HI QS^MPPE MRHMGERHS PE VYXE VIPEXMZE GH LSQI TEGS QS^MPPE )RXVEW EP HI QS^MPPE MRHMGERHS PE VYXE GSQTPIXE
GH )RXVEW IR IP HMVIGXSVMS TIVWSREP
GT HT6 JMGLIVS HMVIGXSVMS 'STME JMGLIVS E HMVIGXSVMS GSRWIVZERHS JMGLIVS IP RSQFVI 6 'STME YR HMVIGXSVMS VIGYVWMZEQIRXI WEPZS PSW JMGLIVSW IWTIGMEPIW T 'STME TVIWIVZERHS TIVQMWSW TVSTMIXEVMS KVYTSW ] JIGLEW
H 'SRWIVZE PSW IRPEGIW WMQFzPMGSW GSQS XEPIW ] TVIWIVZE PEW VIPEGMSRIW HI PSW HYVSW
E 0S QMWQS UYI HT6
M )R GEWS HI I\MWXMV IP EVGLMZS HI HIWXMRS RSW TVIKYRXEVuE WM WSFVIIWGVMFMVPS QZ VYXECJMGLIVS VYXECJMGLIVS 1YIZI ] S VIRSQFVE JMGLIVSW S HMVIGXSVMSW 7M IP JMGLIVS HI
HIWXMRS I\MWXMIVE PS WSFVIIWGVMFMVuE 9WERHS PE STGMzR²MRSW TVIKYRXEVuE ERXIW HI WSFVIIWGVMFMV QZ M VYXECJMGLIVS VYXECJMGLIVS
QOHMV RSQCHMVIGXSVMS 'VIE YR HMVIGXSVMS
VQHMV RSQCHMVIGXSVMS )PMQMRE YR HMVIGXSVMS XMIRI UYI IWXEV ZEGuS
VQ EVGLMZS )PMQMRE EVGLMZSW 2S ZER E PE TETIPIVE 'SR PE STGMzR M RSW TIHMVj GSRJMVQEGMzR ERXIW HI IPMQMREV IP EVGLMZS :IV IREPMEWGzQS LEGIV UYI ZE]ER E PE TETIPIVE
VQ V HMVIGXSVMS &SVVE PSW JMGLIVSW HI YR HMVIGXSVMS VIGYVWMZEQIRXI 5YMIXSVVVVVVV VQ NTK &SVVE XSHSW PSW JMGLIVSW NTK HIP HMVIGXSVMS EGXYEP
PR VYXECJMGLIVS VYXECIRPEGI 'VIE YR IRPEGI HYVS GSR IP QMWQS MRSHS IW HIGMV QMWQS JMGLIVS GSR HMWXMRXSW RSQFVIW
PR W VYXECHMVIGXSVMS VYXECIRPEGI 'VIE YR IRPEGI WMQFzPMGS GSR HMJIVIRXI MRSHS IW HIGMV WI GVIE YR RYIZS JMGLIVS UYI ETYRXE EP ETYRXEHS TIVQMXMIRHS IRPE^EV GSR HMVIGXSVMSW ] GSR JMGLIVSW HI SXVS WMWXIQE HI EVGLMZSW
)N WYHS PR W LSQI LEVPER XLIQIW VSSX XLIQIW LEGI UYI VSSX XLIQIW ETYRXI E LSQI LEVPER XLIQIW EWu IP XIQE TEVE IP YWYEVMS VSSX WIVj IP QMWQS UYI TEVE IP YWYEVMS LEVPER
HMJJ ?STGMSRIWA JMGLIVS JMGLIVS 'SQTEVE JMGLIVSW
HMJJ [ JMGLIVS JMGLIVS (IWGEVXE IWTEGMS IR FPERGS GYERHS GSQTEVE PuRIEW
HMJJ U JMGLIVS JMGLIVS -RJSVQE WzPS HI WM PSW JMGLIVSW HMJMIVIR RS HI PSW HIXEPPIW HI PEW HMJIVIRGMEW
HMJJ ] JMGLIVS JMGLIVS 1YIWXVE PE WEPMHE E HSW GSPYQREW
NSMR ?STGMSRIWA JMGLIVS JMGLIVS 1YIWXVE PEW PuRIEW GSMRGMHIRXIW IRXVI JMGLIVS ] JMGLIVS XSYGL ? EQA? XA JMGLIVS 'EQFME PEW JIGLEW HI EGGIWS E ] S QSHMJMGEGMzR Q HI YR
EVGLMZS
XSYGL EQ JMGLIVS % PE JIGLE EGXYEP 7M RS I\MWXMIWI IP JMGLIVS WI GVIEVuE
XSYGL EQ X JMGL % PE JIGLE IWTIGMJMGEHE 7M RS I\MWXMIWI IP JMGLIVS WI GVIEVuE %%11((LLQQ WW 7M RS WI IWTIGMJMGER PSW WIKYRHSW XSQEVuE GSQS ZEPSV
XSYGL JMGLIVS 9WEHS WMR STGMSRIW GVIEVuE YR JMGLIVS GSR PE JIGLE EGXYEP WTPMX F QS^EVX SKK QS^EVX 4EVXMV YR EVGLMZS
↓
RSQFVI IPIKMHS TEVE PEW TEVXIW TSV HIJIGXS \
↓
XEQEyS IR F]XIW HI GEHE TEVXI
GEX QS^EVX " QS^EVX SKK 9RMV PEW HMWXMRXEW TEVXIW HI YR JMGLIVS GSVXEHS GSR WTPMX GLS[R ? 6A YWYEVMS JMGLIVS 'EQFME IP TVSTMIXEVMS HI YR JMGLIVS S HMVIGXSVMS GLKVT ? 6A KVYTS JMGLIVS 'EQFME IP KVYTS HI YR JMGLIVS S HMVIGXSVMS
GLQSH \\\ JMGLIVS 'EQFME PSW TIVQMWSW HI EGGIWS HI YR JMGLIVS 'EHE\IW YR R•QIVS )P Ÿ LEGI VIJIVIRGME E PSW TIVQMWSW HIP YWYEVMS TVSTMIXEVMS HIP EVGLMZS IP Ÿ E PSW TIVQMWSW HIP KVYTS EP UYI TIVXIRIGI IP YWYEVMS TVSTMIXEVMS HIP EVGLMZS ] IP Ÿ E PSW TIVQMWSW HIP VIWXS HI YWYEVMSW )P TIVQMWS HI PIGXYVE XMIRI YR ZEPSV HI IP HI IWGVMXYVE ] IP HI INIGYGMzR 'EHE\WIVj IP VIWYPXEHS HI WYQEV PSW ZEPSVIW HI PSW TIVQMWSW UYI WI ZER E SXSVKEV EP YWYEVMS EP KVYTS ] EP VIWXS 4SV IN WM UYIVIQSW UYI IP TVSTMIXEVMS XIRKE TIVQMWS HI PIGXYVE IWGVMXYVE ] INIGYGMzR IP TVMQIV R•QIVS WIVj !
4IVQMWSW ] WY WMKRMJMGEHS
WzPS IP TVSTMIXEVMSXMIRI WzPS IP TVSTMIXEVMS XMIRI HIVIGLSW HI PIGXYVE ] IWGVMXYVE IP KVYTS ] PSW HIQjW WzPS XMIRIR IP HI PIGXYVE
WzPS IP TVSTMIXEVMS XMIRI HIVIGLSW HI PIGXYVE IWGVMXYVE ] INIGYGMzR
WzPS IP TVSTMIXEVMS XMIRI HIVIGLSW HI PIGXYVE IWGVMXYVE ] INIGYGMzR IP KVYTS ] PSW HIQjW WzPS HI PIGXYVE ] INIGYGMzR %TPMGEHS E YR HMVIGXSVMS XSHSW TYIHIR PIIV IP
YQEWO RRR )WXEFPIGI UYq TIVQMWSW WIVjR HIWLEFMPMXEHSW TEVE PSW EVGLMZSW RYIZSW
`YQEWO 1YIWXVE PE GSRJMKYVEGMzR EGXYEP HI YQEWO RSVQEPQIRXI `YQEWO (IWLEFMPMXE RMRKYRS IW HIGMV PSW EGXMZE XSHSW
`
` %XIRGMzR UYI PE GSWE QERHE LYIZSW `
` ` YQEWO ! GLQSH ` ` YQEWO ! GLQSH `
` ` YQEWO [ [ ! GLQSH V[\ V \ V \ ` ` YQEWO ! GLQSH V[\ V \ V \ ` `
`
` 9RE QERIVE VjTMHE HI EZIVMKYEV PSW TIVQMWSW TEVXMIRHS HI YQEWO IW ETPMGERHS PE WMKYMIRXI VIWXE ` ! TEVE IP TVMQIV GEWS ] ! TEVE IP WIKYRHS
`
` 'YERHS YQEWO IW PSW TIVQMWSW RSVQEPIW HI YR HMVIGXSVMS WSR V[\ V \ V \ TVSHYGXS HI PE ` VIWXE 7MR IQFEVKS PSW HI YR JMGLIVS WSR V[ V V fWXS IW EWu TSVUYI WI GSRWMHIVE ` UYI PS RSVQEP TEVE YR JMGLIVS IW UYI RS WIE INIGYXEFPI HI QERIVE UYI PE VIWXE TEVE EZIVMKYEV PSW ` TIVQMWSW HI YR JMGLIVS WIVuE !
`
` 7M IWGVMFS IR YRE GSRWSPE YQEWO ] E GSRXMRYEGMzR QOHMV RYIZSHMVIGXSVMS qWXI XIRHVj XSHSW PSW ` TIQMWSW V[\ V[\ V[\ TIVS £] PSW JMGLIVSW UYI GVIIQSW HIRXVS HI HMGLS HMVIGXSVMS# TYIW qWXSW ` XIRHVjR PSW TIVQMWSW V[ V[ V[ VIWYPXEHS HI PE VIWXE !
`
` £3W EGPEVEMW# ]S XEQTSGS `
` 4EVE UYI PE QjWGEVE HI TIVQMWSW TIVQERI^GE HI YRE WIWMzR E SXVE XMIRIW UYI TSRIVPE IR IP ` FEWLCTVSJMPI HI XY LSQI
-QTVMQMIRHS
PTV JMGLIVS %yEHI YR HSGYQIRXS E PE GSPE HI MQTVIWMzR PTV JMGLIVS 6IEPM^E GSTMEW HIP JMGLIVS
PTV 4PEWIV JMGLIVS JMGLIVS -QTVMQI PSW JMGLIVSW IR PE MQTVIWSVE PEWIV
PTU 1YIWXVE PSW HSGYQIRXSW IR GSPE
PTVQ 'ERGIPE PE MQTVIWMzR HIP HSGYQIRXS EGXMZS
PTVQ 'ERGIPE PE MQTVIWMzR HIP XVEFENS RŸ
)QTEUYIXEHS ] GSQTVIWMzR
'SQTVMQMV ^MT ^MT V JMGLIVS ^MT JMGLIVSCECGSQTVMQMV INIQTPS ^MT V WMREXVE ^MT WMREXVE
(IWGSQTVMQMV ^MT YR^MT EVGLMZS ^MT :IV GSRXIRMHS ^MT YR^MT Z EVGLMZS ^MT
(IWGSQTVMQMV VEV YRVEV I V EVGLMZS VEV I I\XVEI IR IP HMVIGXSVMS EGXYEP
(IWGSQTVMQMV VEV YRVEV \ V EVGLMZS VEV HMVIGXSVMS HI HIWXMRS \ I\XVEI HSRHI WI MRHMUYI
:IV GSRXIRMHS VEV YRVEV Z EVGLMZS VEV
'SQTVMQMV K^ K^MT V JMGLIVS INIQTPS K^MT V WMREXVE
(IWGSQTVMQMV K^ K^MT H JMGLIVS K^SKYR^MT JMGLIVS K^ WI FSVVEVj IP EVGLMZSGSQTVMQMHS
:IV GSRXIRMHS K^ K^MT G JMGLIVS K^
'SQTVMQMV F^ F^MT JMGLIVS INIQTPS F^MT WMREXVE SKK
(IWGSQTVMQMV F^ F^MT H JMGLIVS F^ SFYR^MT JMGLIVS F^ WI FSVVEVj IP EVGLMZS GSQTVMQMHS
:IV GSRXIRMHS F^ F^MT G JMGLIVS F^
1MIRXVEW UYI ^MT GSQTVMQI ] IQTEUYIXE K^MT S F^MT WzPS GSQTVMQIR JMGLIVSW RS HMVIGXSVMSW TEVE IWS I\MWXI XEV
*MGLIVSW XEV
)QTEUYIXEV XEV ZGJ EVGLMZS XEV JMGLIVS JMGLIVS JMGLIVS TYIHI WIV HMVIGXSVMS
(IWIQTEUYIXEV XEV Z\J EVGLMZS XEV
:IV GSRXIRMHS XEV ZXJ EVGLMZS XEV
4EVE GSQTVMQMV ZEVMSW JMGLIVSW ] IQTEUYIXEVPSW IR YR WSPS EVGLMZS LE] UYI GSQFMREV IP XEV ] IP K^MT S IP F^MT HI PE WMKYMIRXI QERIVE
*MGLIVSW XEV K^ XK^
)QTEUYIXEV ] GSQTVMQMV XEV ^ZGJ EVGLMZS XK^ HMVIGXSVMSCECGSQTVMQMV (IWIQTEUYIXEV ] HIWGSQTVMQMV XEV ^Z\J EVGLMZS XK^
:IV GSRXIRMHS XEV ^ZXJ EVGLMZS XK^
*MGLIVSW XEV F^ XF^
)QTEUYIXEV ] GSQTVMQMV XEV NZGJ EVGLMZS XF^ HMVIGXSVMSCECGSQTVMQMV (IWIQTEUYIXEV ] HIWGSQTVMQMV XEV NZ\J EVGLMZS XF^
:IV GSRXIRMHS XEV NZXJ EVGLMZS XF^
3TGMSRIW HI XEV
G GVIE YR RYIZS EVGLMZS
J GYERHS WI YWE GSR PE STGMzR G YWE IP RSQFVI HIP JMGLIVS IWTIGMJMGEHS TEVE PE GVIEGMzR HIP JMGLIVS XEV GYERHS WI YWE GSR PE STGMzR \ VIXMVE HIP EVGLMZS IP JMGLIVS IWTIGMJMGEHS 4SV RSQFVI IRXIRHIVj PS UYI ZE]E E GSRXMRYEGMzR HI PE J
X QYIWXVE PE PMWXE HI PSW JMGLIVSW UYI WI IRGYIRXVER IR IP JMGLIVS XEV Z QYIWXVE IP TVSGIWS HI EVGLMZS HI PSW JMGLIVSW
\ I\XVEI PSW JMGLIVSW HI YR EVGLMZS ^ GSQTVMQI IP JMGLIVS XEV GSR K^MT N GSQTVMQI IP JMGLIVS XEV GSR F^MT
'SQSHMRIW
b 7YWXMXY]I IP HMVIGXSVMS LSQI HI QERIVE UYI
b GSQERHSW X\X IUYMZEPI E LSQI TEGS GSQERHSW X\X WM IWXEQSW IR RYIWXVS TVSTMS HMVIGXSVMS bTITI GSQERHSW X\X IUYMZEPI E LSQI TITI GSQERHSW X\X TITI IW SXVS YWYEVMS
# 7YWXMXY]I YR WSPS GEVEGXIV )NIQTPSW
PW T#TI QSWXVEVuE XSHSW PSW JMGLIVSW GY]SW Ÿ Ÿ ] Ÿ GEVEGXIVIW JYIWIR T T ] I PW #ITI QSWXVEVuE XSHSW PSW JMGLIVSW EGEFEHSW IR ITI
7YWXMXY]I GYEPUYMIV WYGIWMzR HI GEVEGXIVIW )NIQTPSW
PW FE QYIWXVE XSHSW PSW HMVIGXSVMSW S JMGLIVSW UYI GSQMIRGIR GSR FE
PW QYIWXVE XSHSW PSW EVGLMZSW SGYPXSW
VQ V SXVE QERIVE HI HIWMRWXEPEV IP WMWXIQE STIVEXMZS VQ NTK FSVVE XSHEW PEW MQjKIRIW NTK
SKKHIG SKK TEWE HI SKK E [EZ XSHSW PSW SKK HIP HMVIGXSVMS IR IP UYI IWXEQSW 4YIWXS IRXVI HSW GSQERHSW LEGI UYI XVEW IP TVMQIVS WI INIGYXI IP WIKYRHS )NIQTPSW RERS RYIZS X\X GEX RYIZS X\X
RSW EFVMVj IP IHMXSV RERS TEVE UYI IWGVMFEQSW PS UYI UYIVEQSW IR YR RYIZS EVGLMZS UYI WI PPEQEVj RYIZS X\X ] XVEW KYEVHEV ] WEPMV HIP IHMXSV GEX RSW QSWXVEVj IP GSRXIRMHS HI PS UYI EGEFEQSW HI GVIEV
WPIIT Q \QQW GERGMzR QT XVEW QMRYXSW WI MRMGMEVj IP \QQW
%PMEW
)W IP QSXI UYI WI PI TSRI E YR GSQERHS HI QERIVE UYI PE TVz\MQE ZI^ UYI UYIVEQSW INIGYXEVPS FEWXE GSR PPEQEVPS TSV WY QSXI )WGVMFMIRHS EPMEW WMR TEVjQIXSW RSW ETEVIGIR PE PMWXE HI EPMEW UYI XIRIQSW )NIQTPSW
EPMEW VQ! QZ XEVKIX HMVIGXSV]! LSQI TEGS TETIPIVECVQ PI LI TYIWXS IP QSXI VQ E QZ XEVKIX HMVIGXSV]! LSQI TEGS TETIPIVECVQ %Wu PE TVz\MQE ZI^ UYI FSVVI EPKS GSR VQ MVj E TEVEV EP HMVIGXSVMS TETIPIVECVQ
4IVS WM PS IWGVMFS EWu @VQ PSUYIWIE IP EPMEW WIVj MKRSVEHS 3XVS
EPMEW GHVMT! GHHE [EZ & ( HIZ LHH W \
GEHE ZI^ UYI IWGVMFE IR YRE GSRWSPE GHVMT QI VMTIEVj IP '( UYI XIRKE IR HIZ LHH 4EVE UYI PSW EPMEW TIVQERI^GER HI YRE WIWMzR E SXVE LE] UYI TSRIVPSW IR IP EVGLMZS LSQI FEWLVG EP JMREP
RSXE IP QSXI ] IP GSQERHS EP UYI WYWXMXY]I FMIR TIKEHMXSW EP WMKRS MKYEP RSXE IP GSQERHS IRXVI GSQMPPEW WMQTPIW
'SRGITXSW HI IRXVEHE WEPMHE - 3 ) 7 WXHMR IRXVEHE IWXERHEV TEVE HEXSW IP XIGPEHS WXHSYX WEPMHE IWXERHEV TEVE PSW TVSKVEQEW PE TERXEPPE WXHIVV WEPMHE IWXERHEV TEVE PSW QIRWENIW HI IVVSV PE TERXEPPE
6IHMVIGGMSRIWYR VIHMVIGGMSREHSV VIHMVMKI PE WEPMHE HI YR GSQERHS E YR JMGLIVS
→GSQERHS JMGLIVS " `→7Y WMRXE\M\ WYIPI WIV→GSQERHS " JMGLIVS "" →GSQERHS "" JMGLIVS )NIQTPSW
HTOK KIX WIPIGXMSRW " TVSKVEQEWCMRWXEPEHSW X\X
)R ZI^ HI QSWXVEV PE WEPMHE TSV TERXEPPE RSW PE ZYIPGE EP JMGLIVS TVSKVEQEWCMRWXEPEHSW X\X
7M IWI JMGLIVS ]E I\MWXuE LE WMHS WSFVIIWGVMXS WY GSRXIRMHS TIVS WM YWEQSW "" RS FSVVEVj REHE ] EyEHMVE WY WEPMHE EP JMREP HIP JMGLIVS 3XVS INIQTPS GSR IGLS
IGLS JMR HI PE PMWXE HI TVSKVEQEW MRWXEPEHSW "" TVSKVEQEWCMRWXEPEHSW X\X IR ZI^ HI QSWXVEV IR TERXEPPE IP XI\XS PS EyEHI EP JMREP HIP JMGLIVS TVSKVEQEWCMRWXEPEHSW X\X
4EVE HIWTMWXEV PSW HI 9RM\ WI LER MRZIRXEHS IP QMWQS GEVEGXIV TIVS EP VIZqW GEX TVSKVEQEWCMRWXEPEHSW X\X
IR HSRHITVSKVEQEWCMRWXEPEHSWLEGI RS HI WEPMHE WMRS HI IRXVEHE TEVE GEX IP GYEP PS QYIWXVE IR TERXEPPE ]E UYI PE WEPMHE REXYVEP HI GEX IW PE IWXERHEV WXHSYX S TERXEPPE
7M UYIVIQSW UYI PE WEPMHE HI IVVSV RS ETEVI^GE IR TERXEPPE WMRS UYI ZE]E E YR EVGLMZS HI XI\XS GSQERHS " JMGLIVS X\X INIQTPS \QQW " IVVSVC\QQW X\X
8YFIVuEW9RE XYFIVuE LEGI UYI PE WEPMHE HI YR TVSKVEQE WIE PE IRXVEHE HI SXVS 7Y WMRXE\MW WYIPI WIV GSQERHS ` GSQERHS
)NIQTPSW
GEX TVSKVEQEWCMRWXEPEHSW X\X ` KVIT QS^MPPE
%UYu PI LIQSW GEQFMEHS PE WEPMHE REXYVEP E GEX ] WI PE LIQSW QERHEHS E KVIT TEVE UYI FYWUYI PE TEPEFVE QS^MPPE HIRXVS HIP JMGLIVS TVSKVEQEWCMRWXEPEHSW X\X
TV P H GSQERHSW X\X ` PTV 9RE ZI^ JSVQEXIEHS IP HSGYQIRXS TV PS QERHE E PE GSPE HI MQTVIWMzR PTV
-QjKIRIW
QOMWSJW 6 . 8 S MQEKIR MWS JMGLIVS 'VIE YRE MQEKIR HI YR JMGLIVS HIP HMWGS HYVS HH MJ! HIZ GHVSQ SJ!MQEKIR MWS 'VIE YRE MQEKIR HIP GHVSQ ] PE ZYIPGE IR IP JMGLIVS
MQEKIR MWS
RVK MWS MQEKIR RVK MQEKIR MWS 'SRZMIVXI YRE MQEKIR RVK E MWS FMR MWS MQEKIR GYI 'SRZMIVXI YRE MQEKIR FMR GYI E MWS
GGH MWS MQEKIR MQK MQEKIR MWS 'SRZMIVXI YRE MQEKIR MQK GGH WYF GYI E MWS QHJ MWS MQEKIR QHJ MQEKIR MWS 'SRZMIVXI YRE MQEKIR QHJ QHW E MWS QSYRX X MWS S PSST MQEKIR MWS T QSRXENI 1SRXE YRE MQEKIR
YQSYRX T QSRXENI (IWQSRXEV YRE MQEKIR
QH WYQ EVGLMZS MWS " EVGLMZS MWS X\X +IRIVEV PE WYQE GSRXVSP 1( HI YR EVGLMZS QH WYQ [ G EVGLMZS MWS X\X :IVMJMGEV PE WYQE GSRXVSP 1( HI YR EVGLMZS
7-78)1%
1ERYEPIW GSQERHSW QER GSQERHS
QER LIPT `→1YIWXVE MRJSVQEGMzR WSFVI IP GSQERHS MRJS GSQERHS
LIPT GSQERHS 1YIWXVE MRJSVQEGMzR WSFVI YR GSQERHS MRXIVRS HIP WLIPP FEWL ETVSTSW TEPEFVECGPEZI &YWGE HIRXVS HI PEW HIWGVMTGMSRIW HI QER PE TEPEFVE GPEZI ETVSTSW I TEPEFVECGPEZI &YWGE PE TEPEFVE I\EGXE
,SVE JIGLE ] GEPIRHEVMS
GEP Q] 1YIWXVE IP GEPIRHEVMS
YTXMQI 1YIWXVE PE LSVE XMIQTS HI JYRGMSREQMIRXS RŸ YWYEVMSW GSRIGXEHSW ] PE GEVKE QIHME
X^GSRJMK X^WIPIGX 4VSKVEQEW MRXIVEGXMZSW UYI TIVQMXIR WIPIGMSREV PE ^SRE LSVEVME KVIT 98' IXG HIJEYPX VG7 'SQTVSFEQSW WM IP VIPSN LEVH[EVI QERXMIRI PE LSVE PSGEP S
YRMZIVWEP 98'
HEXI 1YIWXVE PE JIGLE ] LSVE HIP WMWXIQE IR JSVQEXS PSGEP HEXI Y 1YIWXVE PE JIGLE ] LSVE IR JSVQEXS 98' 8MIQTS 9RMZIVWEP
'SSVHMREHS
L[GPSGO WLS[ 1YIWXVE IP VIPSN LEVH[EVI XEQFMqR PPEQEHS VIPSN HI PE &-37 ] VIPSN '137
L[GPSGO W]WXSLG 4SRI IP VIPSN LEVH[EVI E PE LSVE HIP WMWXIQE
RXTHEXI WIVZMHSV 284 %NYWXE HMVIGXEQIRXI PE LSVE HIP WMWXIQE WMRGVSRM^jRHSPE GSR PE HI YR WIVZMHSV 284
RXTH (IQSRMS UYI ENYWXE IP VIPSN HI JSVQE KVEHYEP WMRGVSRM^jRHSPS GSR WIVZMHSVIW 284
[EXGL R XMIQTS GSQERHS )NIGYXE YR GSQERHS GEHERWIKYRHSW TSV HIJIGXS [EXGL R HEXI -KYEP UYI HEXI TIVS IR IWXI GEWS ZIVuEQSW GSVVIV PSW WIKYRHSW
9WYEVMSW ] KVYTSW
WY )RXVEV E PE WIWMzR GSQS VSSX Y SXVS YWYEVMS WY RSQCYWYEVMS )WXERHS GSQS VSSX IRXVEQSW GSQS SXVS YWYEVMS
TEWW[H 'EQFMS HI GSRXVEWIyE
[LS E , 1YIWXVE MRJSVQEGMzR HI PSW YWYEVMSW GSRIGXEHSW EP WMWXIQE YWIVW 1YIWXVE MRJSVQEGMzR HI PSW YWYEVMSW GSRIGXEHSW EP WMWXIQE
MH 1YIWXVE MRJSVQEGMzR HIP YWYEVMS EGXYEP KVYTSW E PSW UYI TIVXIRIGI YMH KMH KVSYTW 1YIWXVE PSW KVYTSW E PSW UYI TIVXIRIGI YR YWYEVMS
EHHYWIV YWYEVMS 'VIE YR RYIZS YWYEVMS
EHHYWIV YWYEVMS KVYTS %yEHI YR YWYEVMS I\MWXIRXI E YR KVYTS ]E I\MWXIRXI EHHYWIV RS GVIEXI LSQI YWYEVMS 'VIE YR YWYEVMS TIVS WMR HMVIGXSVMS TIVWSREP LSQI
EHHKVSYT KVYTS 'VIE YR RYIZS KVYTS
HIPYWIV YWYEVMS )PMQMRE YR YWYEVMS
HIPYWIV YWYEVMS KVYTS )PMQMRE YR YWYEVMS HIP KVYTS IWTIGMJMGEHS HIPYWIV VIQSZI LSQI YWYEVMS )PMQMRE YR YWYEVMS ] WY HMVIGXSVMS LSQI
HIPKVSYT KVYTS )PMQMRE YR KVYTS
HIPKVSYT KVYTS SRP] MJ IQTX] )PMQMRE YR KVYTS WzPS WM RS XMIRI RMRK•R YWYEVMS
YWIVQSH P RYIZSCPSKMR 'EQFME IP RSQFVI HIP YWYEVMS 7IVuE FYIRS GSQFMREVPS GSR H YWIVQSH H RYIZECLSQI Q PSKMR 'EQFME IP LSQI EP YWYEVMS GVIjRHSPS WM RS I\MWXMIWI ]
XVERWJMVMIRHS IP GSRXIRMHS
YWIVQSH I PSKMR *IGLE IR UYI PE GYIRXE HIP YWYEVMS WIVj HIWEGXMZEHE I\TVIWEHE IR JSVQEXS %%%% 11 ((
KVSYTQSH R RYIZSCRSQFVI KVYTS 'EQFME IP RSQFVI HI YR KVYTS
:EVMSW
GPIEV 0MQTME PE TERXEPPE
VIWIX 6IWXEYVE PE 'SRWSPE ÓXMP TEVE GYERHS IQTMI^ER E ETEVIGIV GEVEGXIVIW VEVSW
YREQI E :IVWMzR HIP OIVRIP
LSWXREQI :MWYEPM^E IP RSQFVI HI PE QjUYMRE
IXG MRMX H WIVZMGMS WXST 4EVE YR WIVZMGMS HIQSRMS IXG MRMX H WIVZMGMS WXEVX -RMGME YR WIVZMGMS HIQSRMS IXG MRMX H WIVZMGMS VIWXEVX 6IMRMGME YR WIVZMGMS HIQSRMS
WXEVX\ %VVERGE IP IRXSVRS KVjJMGS GSR IP KIWXSV IWTIGMJMGEHS IR IP MRMXVG HI XY LSQI
WXEVX\ YWV FMR < MGI[Q %VVERGE IP IRXSVRS KVjJMGS GSR IP MGI[Q WM IW UYI RS JYIVE IP TVIHIXIVQMREHS
'XVP ' 8IVQMRE YR TVSGIWS
'XVP > 7YWTIRHI XIQTSVEPQIRXI PE INIGYGMzR HI YR TVSKVEQE 'XVP 7 4EVE PE XVERWJIVIRGME HI HEXSW E PE XIVQMREP
'XVP 5 6IWYQI VIMRMGME PE XVERJIVIRGME HI HEXSW
'XVP %PX * 7EPMV HIP IRXSVRS KVjJMGS E YR XIVQMREP *RŸ WIK•R KIXX]W EGXMZEHSW IR IXG MRMXXEF
'XVP %PX 7YTV )WXERHS IR YRE XIVQMREP VIMRMGME WM RS WI MRHMGE SXVE GSWE IR IXG MRMXXEF
WGVMTX )NIGYXE YR WGVMTX HI WLIPP
NEZE NEV JMGLIVS NEV )NIGYXE YR TVSKVEQE NEZE
GSRWSPIGLEVW J JYIRXI TWJ K^ 'EQFMEV PE JYIRXI HI PE GSRWSPE 0EW JYIRXIW WI IRGYIRXVER IR YWV WLEVI GSRWSPIJSRXW
FEWI GSRJMK 'SRJMKYVE IP WMWXIQE FEWI
KTQ 4VSKVEQE UYI HE WSTSVXI HI VEXzR E PE GSRWSPE ] ETPMGEGMSRIW UYI GSVVIR WSFVI IPPE
I\MX 8IVQMRE PE INIGYGMzR HIP TVSKVEQE IR GYVWS
MRMX %TEKE PE QjUYMRE
MRMX 6IMRMGME PE QjUYMRE
WLYXHS[R X L RS[ %TEKE PE QjUYMRE
WLYXHS[R X V RS[ 6IMRMGME PE QjUYMRE (MWGS HYVS
HJ 1YIWXVE MRJSVQEGMzR WSFVI TEVXMGMSRIW QSRXEHEW
GJHMWO 1YIWXVE MRJSVQEGMzR WSFVI TEVXMGMSRIW ,IVVEQMIRXE TEVE TEVXMGMSREV IR RGYVWIW
JHMWO P 1YIWXVE MRJSVQEGMzR WSFVI TEVXMGMSRIW ,IVVEQMIRXE TEVE TEVXMGMSREV QSYRX :IQSW IP PMWXEHS HI HMWTSWMXMZSW QSRXEHSW
QSYRX T HI QSRXENI 1SRXE YR HMWTSWMXMZS ]E IWXEFPIGMHS IR IP JWXEF YQSYRX T HI QSRXENI (IWQSRXE YR HMWTSWMXMZS ]E IWXEFPIGMHS IR IP JWXEF
QSYRX X I\X HIZ LHE QMGEEWE 1SRXE IP HMWTSWMXMZS HIZ LHE GY]S WMWXIQE HI JMGLIVSW IWI\X IR IP TYRXS HI QSRXENI QMGEEWE
YQSYRX HIZ LHE (IWQSRXE IP HMWTSWMXMZS HIZ LHE
JWGO HIZ LHE\ 'LIUYIE ] VITEVE IP WMWXIQE HI EVGLMZSW HI YRE TEVXMGMzR 23 1328%(%
JWGO I\X ZTJ HIZ LH\ 'LIUYIE ] VITEVE IP WMWXIQE HI EVGLMZSW HI YRE TEVXMGMzR I\X 23 1328%(%
JWGO I\X ZTJ HIZ LH\ 'LIUYIE ] VITEVE IP WMWXIQE HI EVGLMZSW HI YRE TEVXMGMzR I\X 23 1328%(%
QOJW I\X HIZ LHF 'VIE YR WMWXIQE HI JMGLIVSW 0MRY\ I\X IR PE TVMQIVE TEVXMGMzR HIP WIKYRHS HMWGS HYVS
QOJW I\X HIZ LHF 'VIE YR WMWXIQE HI JMGLIVSW 0MRY\ I\X IR PE TVMQIVE TEVXMGMzR HIP WIKYRHS HMWGS HYVS
QOJW I\X HIZ JH 'VIE YR WMWXIQE HI JMGLIVSW 0MRY\ I\X IR IP JPSTT]
QOW[ET HIZ LHE 'VIE YR WMWXIQE HI JMGLIVSW 0MRY\ W[ET MRXIVGEQFMS IR LHE
UYSXE 4VSKVEQE UYI KIWXMSRE PMQMXE IP YWS UYI LEGIR HIP HMWGS PSW YWYEVMSW KVYTSW
-RWXEPEGMzR HI WSJX[EVI 7zPS TEVE (IFMER PS ERXIVMSV IW GSQ•R E XSHEW PEW HMWXVMFYGMSRIW
HTOK,IVVEQMIRXE HI RMZIP QIHMS TEVE MRWXEPEV GSRWXVYMV FSVVEV ] KIWXMSREV PSW TEUYIXIW HI (IFMER HTOK M TEUYIXI -RWXEPEGMzR HI TEUYIXIW HIF
HTOK V TEUYIXI (IWMRWXEPE YR TEUYIXI
HTOK TYVKI TEUYIXI (IWMRWXEPE YR TEUYIXI ] WYW EVGLMZSW HI GSRJMKYVEGMzR HTOK JSVGI V TEUYIXI *YIV^E PE HIWMRWXEPEGMzR HI YR TEUYIXI 1jW MRJSVQEGMzR
HTOK JSVGI LIPT
HTOK JSVGI EPP V TEUYIXI *YIV^E E•R QjW PE HIWMRWXEPEGMzR HI YR TEUYIXI 7Y YWS TYIHI HEyEV IP WMWXIQE
HTOK G TEUYIXI 1YIWXVE IP GSRXIRMHS JMGLIVSW HI YR TEUYIXI
HTOK 0 TEUYIXI 1YIWXVE XSHSW PSW JMGLIVSW UYI WI MRWXEPEVSR GSR YR TEUYIXI HTOK 7 JMGLIVS 1YIWXVE E UYq TEUYIXI TIVXIRIGI YR JMGLIVS
HTOK KIX WIPIGXMSRW 1YIWXVE XSHSW PSW TEUYIXIW MRWXEPEHSW IR IP WMWXIQE
HTOK VIGSRJMKYVI TEUYIXI 6IGSRJMKYVE TEUYIXIW MRWXEPEHSW )NIQTPS HTOK VIGSRJMKYVI PSGEPIW
%48,IVVEQMIRXE %ZER^EHE HI )QTEUYIXEQMIRXS %HZERGIH 4EGOEKMRK 8SSP UYI KIWXMSRE IP WMWXIQE HI TEUYIXIW HI (IFMER MRWXEPERHS HIWMRWXEPERHS EGXYEPM^ERHS ] GSRJMKYVERHS PSW QMWQSW 0E WMRXE\MW IW ETX KIX ?STGMSRIWA EGGMzR
ETX KIX YTHEXI (IWGEVKE ] EREPM^E PE PMWXE HI RYIZSW TEUYIXIW HIWHI PSW VITSWMXSVMSW HIP WSYVGIW PMWX
ETX KIX YTKVEHI %GXYEPM^E XSHSW PSW TEUYIXIW MRWXEPEHSW RS MRWXEPE RM IPMQMRE TEUYIXIW
ETX KIX HMWX YTKVEHI %GXYEPM^E XSHSW PSW TEUYIXIW VIWSPZMIRHS PEW HITIRHIRGMEW
ETX KIX MRWXEPP TEUYIXI -RWXEPEGMzR HI TEUYIXIW TSV VIH GSR VIWSPYGMzR HI HITIRGMEW ETX KIX W EGGMzR 7MQYPE WMR PPIZEV E GEFS PE EGGMzR 4SV INIQ ETX KIX W MRWXEPP TEUYIXI
ETX KIX H EGGMzR 7zPS HIWGEVKE PSW TEUYIXIW HIF IR ZEV GEGLI ETX EVGLMZIW WMR MRWXEPEV S HIWMRWXEPEV REHE
ETX KIX MRWXEPP VIMRWXEPP TEUYIXI 6IMRWXEPE YR TEUYIXI ETX KIX VIQSZI TEUYIXI (IWMRWXEPE YR TEUYIXI
ETX KIX VIQSZI TYVKI TEUYIXI (IWMRWXEPE YR TEUYIXI ] WYW EVGLMZSW HI GSRJMKYVEGMzR ETX KIX GPIER )PMQMRE XSHSW PSW TEUYIXIW HIF HIWGEVKEHSW ] EPQEGIREHSW IR
ZEV GEGLI ETX EVGLMZIW
ETX KIX EYXSGPIER )PMQMRE PSW TEUYIXIW SFWSPIXSW HI ZEV GEGLI ETX EVGLMZIW
ETX GEGLIIW YRE YXMPMHEH UYI QERMTYPE PE GEGLq HI TEUYIXIW HI %48 IR FYWGE HI MRJSVQEGMzR ETX GEGLI WIEVGL TEPEFVE &YWGE IR PSW TEUYIXIW ] IR PEW HIWGVMTGMSRIW PE TEPEFVE ETX GEGLI WLS[ TEUYIXI 1YIWXVE PE HIWGVMTGMzR GSQTPIXE HIP TEUYIXI ETX GEGLI WLS[TOK TEUYIXI 1YIWXVE WY VIPEGMzR GSR SXVSW TEUYIXIW ETX GEGLI HITIRH TEUYIXI 1YIWXVE PEW HITIRHIRGMEW HIP TEUYIXI
ETX GEGLI VHITIRH TEUYIXI 1YIWXVE PEW HITIRHIRGMEW MRZIVWEW HIP TEUYIXI GYEPIW HITIRHIR HI qP
%TXMXYHI+IWXSV HI TEUYIXIW GSR EPKYREW QINSVEW GSR VIWTIGXS E ETX GSQS PE MRWXEPEGMzR EYXSQjXMGE HI PSW TEUYIXIW UYI WMR WIV HITIRHIRGMEW JSVQER TEVXI HI PSW WYKIVMHSW S VIGSQIRHEHSW ] PE
EYXSHIWMRWXEPEGMzR HI PSW TEUYIXIW MRWXEPEHSW IR WY QSQIRXS GSQS HITIRHIRGMEW HI SXVSW
EYXSQjXMGEQIRXI IR GSRXVETSWMGMzR E QERYEPQIRXI WM RMRK•R SXVS TEUYIXI PSW RIGIWMXEWI 7I TYIHI YWEV HI JSVQE MRXIVEGXMZE WM RS WI IWTIGMJMGE RMRKYRE EGGMzR S HIWHI PE PMRIE HI GSQERHSW YWERHS PEW QMWQEW STGMSRIW ] EGGMSRIW HI ETX 0E WMRXE\MW IW ETXMXYHI ?STGMSRIWA EGGMzR
%GGMSRIW
YTHEXI (IWGEVKE ] EREPM^E PE PMWXE HI RYIZSW TEUYIXIW WIK•R PSW VITSWMXSVMSW HIP WSYVGIW PMWX
YTKVEHI 6IEPM^E YRE EGXYEPM^EGMzR WIKYVE RS MRWXEPE RM IPMQMRE TEUYIXIW
HMWX YTKVEHI 6IEPM^E YRE EGXYEPM^EGMzR MRWXEPERHS ] IPMQMRERHS TEUYIXIW WM JYIVE TVIGMWS
VIMRWXEPP TEUYIXIW 6IMRWXEPE YR TEUYIXI VIQSZI TEUYIXIW )PMQMRE TEUYIXIW
TYVKI TEUYIXIW )PMQMRE TEUYIXIW ] WYW JMGLIVSW HI GSRJMKYVEGMzR
HS[RPSEH TEUYIXIW 7I PMQMXE E HIWGEVKEV PSW TEUYIXIW HIF EP HMVIGXSVMS IR IP UYI IWXEQSW
LSPH TEUYIXIW &PSUYIE TEUYIXIW YRLSPH TEUYIXIW (IWFPSUYIE YR TEUYIXI
YRQEVOEYXS TEUYIXIW (IWQEVGE TEUYIXIW GSQS MRWXEPEHSW QERYEPQIRXI
QEVOEYXS TEUYIXIW 1EVGE TEUYIXIW GSQS MRWXEPEHSW QERYEPQIRXI IPIKMHSW TSV RSWSXVSW
WIEVGL I\TVIWMzR &YWGE YR TEUYIXI TSV RSQFVI ] S I\TVIWMzR WLS[ TEUYIXI 1YIWXVE MRJSVQEGMzR HIXEPPEHE HI YR TEUYIXI
GPIER )PMQMRE PSW JMGLIVSW HIF HIWGEVKEHSW
EYXSGPIER )PMQMRE PSW TEUYIXIW HIF SFWSPIXSW 3TGMSRIW
W 7MQYPE PEW EGGMSRIW TIVS IR VIEPMHEH RS PEW VIEPM^E H 7zPS HIWGEVKE TEUYIXIW RS MRWXEPE S HIWMRWXEPE REHE T 7MIQTVI TMHI GSRJMVQEGMzR HI PEW EGGMSRIW
] 7YTSRI UYI PE VIWTYIWXE E TVIKYRXEW WMQTPIW HIP XMTS Wu RS IW ªWu« J 8VEXE HI EVVIKPEV TEUYIXIW VSXSW HI JSVQE EKVIWMZE
: 1YIWXVE PE ZIVWMzR HI PSW TEUYIXIW E MRWXEPEV