0MRY\7LIPP
7GV MTXMRK[MXL&EWL
0MRY\7LIPP
7GV MTXMRK[MXL&EWL
7EQW 4YFPMWLMRK )EWXXL7XVIIX -RHMERETSPMW -RHMERE ():)034)6t7
0 -&6%6=
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
4V MRXIHMRXLI9RMXIH7XEXIWSJ%QIV MGE
*MVWX4V MRXMRK *IFVYEV ]
8VEHIQEVOW
%PPXIV QWQIRXMSRIHMRXLMWFSSOXLEXEVIORS[RXSFIXVEHIQEVOW SVWIVZMGIQEVOWLEZIFIIRETTVSTV MEXIP]GETMXEPM^IH 7EQW
4YFPMWLMRKGERRSXEXXIWXXSXLIEGGYVEG]SJXLMWMRJSV QEXMSR 9WISJE XIV QMRXLMWFSSOWLSYPHRSXFIVIKEVHIHEWEJJIGXMRKXLIZEPMHMX]SJ ER]XVEHIQEVOSVWIVZMGIQEVO
;EV RMRK ERH (MWGPEMQIV
)ZIV ]IJJSVXLEWFIIRQEHIXSQEOIXLMWFSSOEWGSQTPIXIERHEW EGGYVEXIEWTSWWMFPI FYXRS[EV VERX]SVJMXRIWWMWMQTPMIH 8LIMRJSV QEXMSRTVSZMHIHMWSRERqEWMWr FEWMW 8LIEYXLSVERHXLITYFPMWLIV WLEPPLEZIRIMXLIVPMEFMPMX]RSVVIWTSRWMFMPMX]XSER]TIVWSRSVIRXMX] [MXLVIWTIGXXSER]PSWWSVHEQEKIWEV MWMRKJVSQXLIMRJSV QEXMSR GSRXEMRIHMRXLMWFSSO
&YPO 7EPIW
7EQW4YFPMWLMRKSJJIVWI\GIPPIRXHMWGSYRXWSRXLMWFSSO[LIR SVHIVIHMRUYERXMX]JSVFYPOTYVGLEWIWSVWTIGMEPWEPIW *SVQSVI MRJSV QEXMSR TPIEWIGSRXEGX
8S * 6E] 7OMPXSR
4VSJIWWSV ERH%YXLSV
;LSXEYKLX QIQSVIEFSYXGSQTYXIVWSZIV XIE
-RXVSHYGXMSR
8LI0MRY\)RZMVSRQIRX
3TIVEXMRKXLI7LIPP
*MPIW 9WIVW ERH7LIPP'YWXSQM^EXMSR
7GV MTX&EWMGW
:EV MEFPIW
)\TVIWWMSRW
'SQTSYRH'SQQERHW
(IFYKKMRKERH:IVWMSR'SRXVSP
4EVEQIXIVWERH7YFWLIPPW
.SF'SRXVSPERH7MKREPW
8I\X*MPI&EWMGW
8I\X*MPI4VSGIWWMRK
'SRWSPI7GV MTXMRK
*YRGXMSRWERH7GV MTX)\IGYXMSR
7LIPP7IGYV MX]
2IX[SVO4VSKVEQQMRK
(EXE7XVYGXYVIWERH(EXEFEWIW
*MREP8STMGW
%
'SQTPIXI)\EQTPI
&
7YQQEV]SJ&EWL&YMPX-R'SQQERHW
'
&EWL3TXMSRW
(
)V VSV'SHIW
)
7MKREPW
*
%7'--8EFPI
+PSWWEV ]
8EFPI SJ 'SRXIRXW
8LI 0MRY\ )RZMVSRQIRX
8LI 3V MKMR SJ0MRY\
*MPIWERH *MPI7]WXIQW
(MVIGXSV MIW
-RSHIWERH0MROW
4MTIERH 7SGOIX*MPIW
(IZMGI*MPIW
3TIVEXMRK XLI7LIPP
&EWL/I][SVHW
'SQQERH &EWMGW
'SQQERH0MRI)HMXMRK
:EV MEFPI%WWMKRQIRXW ERH(MWTPE]MRK 1IWWEKIW
1YPXMTPI 'SQQERHW
'SQQERH ,MWXSV ]
(MVIGXSV] 'SQQERHW
7TIGMEPM^IH2EZMKEXMSR ERH,MWXSV]
8LI 'SPSR'SQQERH
6IJIVIRGI7IGXMSR
HEXI'SQQERH 7[MXGLIW
WXX]'SQQERH 7[MXGLIW
LMWXSV]'SQQERH 7[MXGLIW
T[H'SQQERH 7[MXGLIW
HMVW'SQQERH 7[MXGLIW
*MPIW 9WIVW ERH7LIPP 'YWXSQM^EXMSR
0MWXMRK *MPIW
TVMRXJ'SQQERH
+IXXMRK ,IPT
*M\MRKXLI(MWTPE]
;SVOMRK[MXL4ISTPI
7LIPP%PMEWIW
8LI &EWL ,EWL8EFPI
'YWXSQM^MRK=SYV 4VSQTX
0SRK'SQQERH0MRIW
'YWXSQM^MRK'SQQERH0MRI )HMXMRK
=SYV 7IWWMSR4VSJMPI
6IJIVIRGI7IGXMSR
PW'SQQERH 7[MXGLIW
TVMRXJ*SV QEXXMRK 'SHIW
TVMRXJ&EGOWPEWL'SHIW
VQ'SQQERH 7[MXGLIW
GT'SQQERH 7[MXGLIW
QZ'SQQERH 7[MXGLIW
7GV MTX&EWMGW
'VIEXMRKE 7GV MTX
'VIEXMRKE;IPP&ILEZIH 7GV MTX
8LI ,IEHIV
+PSFEP(IGPEVEXMSRW
7ERMX] 'LIGOW
8LI 1EMR 7GV MTX
'PIERYT
7XSTTMRK E7GV MTX
6IEHMRK /I]FSEVH -RTYX
&EWMG 6IHMVIGXMSR
7XERHEVH3YXTYX )V VSV ERH-RTYX
&YMPX-R:IVWYW 0MRY\'SQQERHW
8LI 7IXERH 7LSTX 'SQQERHW
6IJIVIRGI7IGXMSR
GSQQERH'SQQERH 7[MXGLIW
IREFPI'SQQERH 7[MXGLIW
VIEH'SQQERH 7[MXGLIW
M\ 'SRXIRXW
:EV MEFPIW
:EV MEFPI&EWMGW
4VIHIJMRIH:EV MEFPIW
8LI )JJIGXSJ 5YSXEXMSRW
:EV MEFPI%XXV MFYXIW
%V VE]W
)\TSVXMRK:EV MEFPIWERHXLI 0MRY\)RZMVSRQIRX
8LIIZEP'SQQERH
WXSV]FEWL % 7XSV]+IRIVEXSV
6IJIVIRGI7IGXMSR
(IGPEVI 'SQQERH7[MXGLIW
&EWL4VIHIJMRIH:EV MEFPIW
)\TVIWWMSRW
)\TERWMSRW
8LI &EWMGMJ'SQQERH
*MPI )\TVIWWMSRW
1YPXMTPI8IWXW
7XV MRKW
%V MXLQIXMG)\TVIWWMSRW
0SKMGEP)\TVIWWMSRW
6IPEXMSREP 3TIVEXMSRW
&MX[MWI3TIVEXMSRW
7IPJ6IJIVIRXMEP 3TIVEXMSRW
3XLIVPIX*IEXYVIW
XIQTIVEXYVIFEWL 'SRZIVXMRK*ELVIRLIMXXS 'IPWMYW
%V MXLQIXMG8IWXW
4EXXIV R 6IGSKRMXMSR
+PSFFMRK3TXMSRW
*MPIREQI &VEGI)\TERWMSR _a
(SPPEV7MKR 7YFWXMXYXMSRW
%27-')WGETI)\TERWMSR¬
:EV MEFPI 2EQI1EXGLMRK
:EV MEFPI 0IRKXL
(IJEYPX:EPYIW
%WWMKRQIRX SJ(IJEYPX:EPYIW !
:EV MEFPI )\MWXIRGI 'LIGO#
3ZIV V MHMRKE (IJEYPX:EPYI
7YFWXV MRKW R
7YFWXV MRK 6IQSZEPF]4EXXIV R
ERH
7YFWXV MRK 6ITPEGIQIRX F] 4EXXIV R
'SQQERH 6IWYPX 7YFWXMXYXMSR
%V MXLQIXMG)\TVIWWMSR 7YFWXMXYXMSR
3XLIV8IWX)\TVIWWMSRW
QM\IVFEWL ,810'SPSV 1M\IV
6IJIVIRGI7IGXMSR
8IWX'SQQERH7[MXGLIW
8IWX'SQQERH7XV MRK8IWXW
'LEVEGXIV 'PEWWIW
%7'--')WGETI)\TERWMSR
'SQTSYRH'SQQERHW
'SQQERH 7XEXYW'SHIW
MJ'SQQERH
GEWI'SQQERH
[LMPI0SST
YRXMP0SST
JSV0SSTW
)QFIHHIHPIX
+VSYTMRK'SQQERHW_a
VITSVXFEWL 6ITSVX *SV QEXXIV
(IFYKKMRK ERH:IVWMSR 'SRXVSP
7LIPP(IFYKK MRK*IEXYVIW
(IFYK8VETW
:IVWMSR'SRXVSP':7
\M 'SRXIRXW
;EXGLMRK 6YRRMRK 7GV MTXW
8MQMRK )\IGYXMSR [MXL8MQI
'VIEXMRK1ER 4EKIW
7SYVGI'SHI4EXGLIW
7LIPP%VGLMZIW
6IJIVIRGI7IGXMSR
XII'SQQERH 7[MXGLIW 0MRY\8MQI'SQQERH7[MXGLIW
&EWL8MQI 'SQQERH*SV QEX 'SHIW
0MRY\8MQI'SQQERH*SV QEX'SHIW
7LIPP(IFYKK MRK3TXMSRW
WLEV'SQQERH 7[MXGLIW
4EVEQIXIVW ERH7YFWLIPPW
4SWMXMSREP4EVEQIXIVW
8LIKIXSTXW'SQQERH 8LIKIXSTX'SQQERH 7YFWLIPPW
6IJIVIRGI7IGXMSR
KIXSTX'SQQERH 7[MXGLIW
.SF 'SRXVSP ERH7MKREPW
.SF'SRXVSP
7MKREPW
8LIWYWTIRH'SQQERH
8VETW
)\MX ,ERHPIVW
8LIOMPPEPP'SQQERH &IMRK2MGI
4VSGIWW 7XEXYW
6IJIVIRGI7IGXMSR
8I\X*MPI &EWMGW
;SVOMRK[MXL4EXLREQIW
*MPI8VYRGEXMSR
-HIRXMJ]MRK *MPIW
'VIEXMRKERH (IPIXMRK*MPIW
1SZMRKERH 'ST]MRK *MPIW
1SVI -RJSV QEXMSR%FSYX*MPIW
8VERWJIV V MRK *MPIW &IX[IIR%GGSYRXW[KIX
8VERWJIV V MRK *MPIW [MXL*84
8VERWJIV V MRK *MPIW [MXL7IGYVI *84WJXT
:IV MJ]MRK *MPIW
7TPMXXMRK 0EVKI*MPIW
8EFW ERH7TEGIW
8IQTSVEV ]*MPIW
0SGO*MPIW
2EQIH4MTIW
4VSGIWW 7YFWXMXYXMSR
3TIRMRK *MPIW
9WMRKLIEHERHXEMP *MPI 7XEXMWXMGW
'YXXMRK
4EWXMRK
'SPYQRW
*SPHMRK
.SMRMRK
1IVKMRK
6IJIVIRGI7IGXMSR
X]TI'SQQERH 7[MXGLIW JMPI'SQQERH 7[MXGLIW WXEX'SQQERH 7[MXGLIW
WXEXJXMQI'SQQERH *SV QEX'SHIW [KIX'SQQERH 7[MXGLIW
\MMM 'SRXIRXW
GWTPMX'SQQERH 7[MXGLIW I\TERH'SQQERH 7[MXGLIW YRI\TERH'SQQERH 7[MXGLIW QOXIQT'SQQERH 7[MXGLIW LIEH'SQQERH 7[MXGLIW XEMP'SQQERH 7[MXGLIW [G'SQQERH 7[MXGLIW GYX'SQQERH 7[MXGLIW TEWXI'SQQERH 7[MXGLIW NSMR'SQQERH 7[MXGLIW QIVKI'SQQERH 7[MXGLIW
8I\X*MPI 4VSGIWWMRK
*MRHMRK 0MRIW
0SGEXMRK*MPIW
*MRHMRK *MPIW
7SVXMRK
'LEVEGXIV )HMXMRKXV
*MPI )HMXMRK WIH
'SQTVIWWMRK*MPIW
6IJIVIRGI7IGXMSR
KVIT'SQQERH 7[MXGLIW JMRH'SQQERH 7[MXGLIW JMRHTVMRXJ*SV QEXXMRK 'SHIW WSVX'SQQERH 7[MXGLIW XEV'SQQERH 7[MXGLIW XV'SQQERH 7[MXGLIW WIH'SQQERH 7[MXGLIW WIH)HMXMRK 'SHIW
'SRWSPI 7GV MTXMRK
8LI 0MRY\'SRWSPI
8LI 'SRWSPI/I]FSEVH
XTYX
WIPIGX1IRYW
'YWXSQ 1IRYW 6IJIVIRGI7IGXMSR
WLS[OI]'SQQERH 7[MXGLIW WIXPIHW'SQQERH 7[MXGLIW HYQTOI]W'SQQERH 7[MXGLIW WIXXIVQ'SQQERH 7[MXGLIW HMEPSK'SQQERH 7[MXGLIW
*YRGXMSRWERH 7GV MTX)\IGYXMSR
6YRRMRK 7GV MTXW
8LI 0MRY\)\IGYXMSR)RZMVSRQIRX
8LI 7SYVGI'SQQERH
7[MXGLMRK7GV MTXW[MXLI\IG ;V MXMRK 6IGYV V MRK7GV MTXW
;V MXMRK 'SRXMRYEPP])\IGYXMRK 7GV MTXW 7LIPP*YRGXMSRW
0SGEP:EV MEFPIW
6IGYVWMSR ERH 2IWXIH*YRGXMSRW *YRGXMSR%XXV MFYXIW
6IJIVIRGI7IGXMSR
I\IG'SQQERH 7[MXGLIW GVSRXEF'SQQERH 7[MXGLIW
7LIPP 7IGYV MX]
8LI &EWMG 0MRY\7IGYV MX] 1SHIP
/RS[MRK;LS=SY%VI MH
8VERWJIV V MRK 3[RIVWLMT GLS[RGLKVT 'LERKMRK%GGIWW6MKLXWGLQSH (IJEYPX%GGIWW6MKLXWYQEWO WIXYMHWIXKMHERH 7GV MTXW
8LIGLVSSX'SQQERH
\Z 'SRXIRXW
6IWXV MGXIH 7LIPPW
7IGYVI*MPI(IPIXMSR[MTI 6IJIVIRGI7IGXMSR
MH'SQQERH 7[MXGLIW GLS[R'SQQERH 7[MXGLIW GLQSH'SQQERH 7[MXGLIW YPMQMX'SQQERH 7[MXGLIW [MTI'SQQERH 7[MXGLIW
2IX[SVO 4VSKVEQQMRK
7SGOIXW
'PMIRX7IVZIVERH 4IIVXS4IIV 2IX[SVO'PMIRXW
'+- 7GV MTXMRK
'+- )RZMVSRQIRX:EV MEFPIW 4VSGIWWMRK *SV QW
&EWMG;IF4EKI 7XV MTTMRK P]R\ 6IJIVIRGI7IGXMSR
LSWX'SQQERH 7[MXGLIW 'SQQSR '+-:EV MEFPIW P]R\4EKI7XV MTTMRK7[MXGLIW
(EXE 7XVYGXYVIWERH (EXEFEWIW
%WWSGMEXMZI%V VE]W9WMRK&EWL%V VE]W ,EWL8EFPIW 9WMRK&EWL%V VE]W &MREV]8VIIW9WMRK&EWL%V VE]W;SVOMRK[MXL4SWXKVI750 (EXEFEWIW TWUP ;SVOMRK[MXL1]750(EXEFEWIW
6IJIVIRGI7IGXMSR
TWUP'SQQERH 7[MXGLIW Q]WUP'SQQERH 7[MXGLIW
*MREP8STMGW
'SQTPIXMSRW
0SGEPIW
8LIHY'SQQERH
1IQSV ]9WEKI
RSGPSFFIVERH *SVGIH 3ZIV[V MXMRK
8LIJG'SQQERH
;SVH (IWMKREXSVW ERH1SHMJMIVW
6YRRMRK 7GV MTXWJVSQ '
.SYV RI]tW )RH
6IJIVIRGI7IGXMSR
IGLS'SQQERH 7[MXGLIW
IGLS)WGETI 'SHIW
GSQTKIR'SQQERH 7[MXGLIW
GSQTKIR%GXMSR8]TIW
GSQTPIXI'SQQERH 7[MXGLIW
HY'SQQERH 7[MXGLIW
;SVH 1SHMJMIVW
%
% 'SQTPIXI )\EQTPI
&
7YQQEV]SJ &EWL&YMPX-R
'SQQERHW
'
&EWL3TXMSRW
(
)V VSV'SHIW
)
7MKREPW
*
%7'--8EFPI
+PSWWEV]
%FSYX XLI%YXLSV
/IR&YVXGLK VEHYEXIH[MXLE 'SQTYXIV 7GMIRGIJMVWXGPEWW LSRSVWHIKVII JVSQ&VSGO 9RMZIVWMX] MR7X 'EXLEV MRIW 'EREHE ERHHMH LMW 1EWXIVW[SVO EX 5YIIRtW 9RMZIVWMX] MR /MRKWXSR 'EREHE ,ILEWFIIR YWMRK0MRY\ WMRGI ZIVWMSR EXE XMQI FIJSVI 0MRY\ [EW TSTYPEV ,IMW XLIJSYRHIV SJ4IKE7SJX'EREHELXXT[[[TIKEWSJXGE ER EWWS GMEXMSR XLEXTVSQSXIW 0MRY\EHZSGEG] IHYGEXMSR ERHHIZIPSTQIRX MRWSYXLIV R 3RXEV MS ,ILEW[SVOIH[MXLE RYQFIV SJGSQTERMIW MRGPYHMRK 1EGOIR^MI *MRERGMEP
8IGLRMGEP FSSOWXSHE]GERKSJVSQJMVWX [SVH XSTVIWWMR EWPMXXPI EWJSYVQSRXLW 8LMW TVSNIGXXSSOQSVI XLER X[S]IEVW XS GSQTPIXI TEMRWXEOMRKP] VIWIEVGLIH ERHGEVIJYPP] HIZIPSTIH -J XLMW FSSOWIIQWHMJJIVIRXJVSQ SXLIV XMXPIWSR ]SYVFSSOWLIPJ XLIVItWKSSH VIEWSRJSVMX ERHE PSXSJ KSSH TISTPI FILMRH MX
-R XLIWYQQIV SJ - XEPOIH [MXL1MGLEIP 7PEYKLXIVEX%HHMWSR;IWPI]TYFPMWL MRK EFSYX[V MXMRK EWIV MIWSJ 0MRY\FSSOW &IGEYWI0MRY\ FIK MRW[MXL &EWL &EWL[SYPH FI XLIXSTMG SJQ]JMVWX FSSO 7S MJ]SYtZIFIIR H]MRKJSVE KSSH &EWL FSSO XLERO 1MGLEIP
0E[VIRGI 0E[ E9RM\ TVSK VEQQIV[LStW [SVOIHFSXL WMHIWSJ XLI 4EGMJMG SJJIVIH TVEGXMGEPXMTWJSV OIITMRKXLI FSSO JVIWL ERHMRXIVIWXMRK [LMPIHIFEXMRKXLI I\MWXIRGISJ +SHERH GSQTIXIRX-8 QEREKIQIRX
'LV MW&VS[RI 0MRY\ EYXLSV ERHWTIEOIV XSSO XMQI SYXJVSQQEMRXEMRMRKXLISVK ERHMRJSHSQEMRW XSK MZIQYGL RIIHIH EHZMGI SR KIXXMRK TYFPMWLIH % FMK XLEROWJSV JMXXMRK QI MRFIX[IIR809+ERH 4SWXK VIW
'LV MW.SLRWSRXSSO XMQIE[E] JVSQ GLIWWXSYV REQIRXWERH [V MXMRK&EWLEPKSV MXLQW XSUYIWXMSREPP EWTIGXW SJQ]VIWIEVGL - LEZIRtX WIIR LMQWMRGI[IHMWGYWWIH XLMWFSSO FYX - MQEKMRILItPPWLS[YT XSE 4IKE7SJX QIIXMRK XS GSPPIGX EWMKRIHGST]WSSR IRSYKL
;LIR%HHMWSR;IWPI][EW XEOIR SZIVF]4VIRXMGI ,EPP XLIQERYWGV MTX FSYRGIH EVSYRH YRXMPMX JIPPMRXSXLIMRFS\SJ /EXMI1SLVEX7EQW 4YFPMWLMRK -J ]SYtVIKPEH XLMW FSSO MWMR ]SYVLERHW FY]LIVEGSJJII 7LI [EW XLISRI[LSTMXGLIHMX XSXLI 4ISTPI ;LS 1EOIXLI'LSMGI
-J ]SYtVIXLMROMRKqGSSPr ERHq-RIIH XLMW FSSO SR Q] WLIPJr ]SYtVIRSX XLIJMVWX 8LEX LSRSV KSIW XS XLI IEVP]VIZMI[IVW SJXLI QERYWGV MTX XLISRIW[LSTIVWYEHIH XLITS[IVW XLEX FIXLEX XLMW FSSO [EWKSPH - HSRtXLEZI ]SYV REQIW FYX- VIEH]SYVGSQQIRXW
7GSXX1I]IVW 7IRMSV(IZIPSTQIRX)HMXSV LEWPIJX XLI QERYWGV MTX TV MQEV MP]EWLI VIGIMZIH MX -J ]SY PMOI XLIFSSO IQEMP7GSXXERH XIPP LMQLI QEHI XLIV MKLX GLSMGIRSX XSQIWW [MXLE +SSH8LMRK
-RIZIV JMKYVIHSYXI\EGXP] [LEX )PM^EFIXL*MRRI] XLI4VSHYGXMSR)HMXSV HSIW &YX LIVXMXPI LEWqTVSHYGXMSRr MR MX WS WLIQYWXFIZIV]MQTSVXERX 4VSFEFP] E[IEPXL]WYTIV QSHIP[LSK VEHYEXIH JVSQ,EVZEVH ERHMW ETVIWMHIRXMEPEHZMWSV 7E] 0M^ MJ ]SYtVI MRXIVIWXIH MRFEPHMRK0MRY\ KIIOW KMZI QI EGEPP
.SLR8VEIROIRWGLYL XLI8IGL)HMXSV ERH'LMIJ +YVY VER IZIV] WMRKPI I\EQTPI MR XLMWFSSO XSQEOIWYVI RSPEWXQMRYXIFYKW QEHI MXMRXSTV MRX %VI ]SY WXMPP[SRHIV MRK .SLR [L] 0MRYW MW*MRRMWL FYXq0MRY\r MW TVSRSYRGIH [MXLE 7[IHMWLEGGIRX#8LIVI EVI QSVI XLMRKWMR LIEZIRERH )EVXL .SLR XLEREVIHVIEQXSJ MR]SYVTLMPSWSTL]
%RHXLEROW XS ]SY XLI VIEHIV JSVXEOMRK XLI XMQI XS JMRH SYX[L] XLMW FSSOMW HMJJIV IRX -J ]SY[ERXXS WIIQSVI FSSOW SJXLMWGEPMFIV GSRXEGX7EQW 4YFPMWLMRKERH PIXXLIQ ORS[[LEX]SYXLMRO
]SYV STMRMSRERH [ERXXSORS[ [LEX[ItVIHSMRKV MKLX [LEX[IGSYPH HSFIXXIV [LEX EVIEW]SYtHPMOIXSWIIYWTYFPMWLMR ERH ER]SXLIV[SVHWSJ [MWHSQ ]SYtVI [MPPMRK XS TEWWSYV [E]
=SYGER IQEMPSV [V MXIQIHMVIGXP] XS PIXQIORS[[LEX]SYHMHSV HMHRtXPMOIEFSYX XLMWFSSOhEW[IPP EW[LEX[I GERHS XS QEOISYVFSSOWWXVSRKIV
4PIEWI RSXI XLEX - GERRSX LIPT ]SY [MXLXIGLRMGEPTVSFPIQWVIPEXIH XS XLI XSTMGSJ XLMWFSSO ERH XLEX HYI XS XLI LMKL ZSPYQISJ QEMP- VIGIMZI -QMKLXRSXFIEFPIXS VITP]XSIZIV]QIWWEKI
;LIR]SY[V MXI TPIEWI FIWYVI XSMRGPYHIXLMWFSSOtWXMXPI ERHEYXLSVEW [IPPEW ]SYV REQIERHTLSRI SV IQEMPEHHVIWW - [MPP GEVIJYPP]VIZMI[ ]SYV GSQQIRXW ERHWLEVIXLIQ [MXL XLIEYXLSVERH IHMXSVW [LS [SVOIH SRXLIFSSO
)QEMP STIRWSYVGI$WEQWTYFPMWLMRKGSQ 1EMP 1EVO8EFIV
%WWSGMEXI 4YFPMWLIV 7EQW 4YFPMWLMRK )EWX XL7XVIIX
-RHMERETSPMW -2 97%
6IEHIV7IVZMGIW
-RXVSHYGXMSR
'37'
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
-MREHZIVXIRXP]PIJXE TMPI SJQ]FSSOPIXWFILMRH ERH XLIRI\X HE] SRISJ XLI SXLIV WYTIVZMWSVW WXSQTIHYT XSQI ERH ERK V MP][EZIHSRIMR Q] JEGI ,IVGPEWW [ERXIHXS ORS[[L]WLILEHRtX GSZIVIHER] SJXLI QEXIV MEPMRXLI FSSOPIX (SMRKERMRXVSHYGXSV] PIWWSRMR WLIPPYWEKIMR XLIJMVWXPEF[SYPHLEZIGYX MRXSLIVLSQI[SVO XMQI ERH-LEH FIXXIV QEOI WYVIMX HMHRSXLETTIREKEMR -X HMHRtX ERHQ] PEF WXYHIRXWKEMRIHEFSYXE XLVII[IIOEHZERXEKISZIV XLI SXLIVWMR ZMI[SJ XLI JEGX XLI] HMHRtX LEZIXSPIEV R XLI HIZIPSTQIRXIRZMVSRQIRX TMIGIQIEPFIX[IIREWWMKRQIRXW
1ER] FSSOW ERH QER] XIEGLIVW XV] XSWITEVEXI GSQTYXIV PERKYEKIW JVSQ XLIIRZM VSRQIRX MR[LMGL XLI] VYR 8LEXtWPMOIXEPOMRK EFSYXGSSOMRK ER IKK [MXLSYX MRHMGEXMRK [LIXLIVXLI IKK[MPP FIGSSOIH MRE QMGVS[EZI SZIR JV MIH MRE JV]MRKTER SV FSMPIHMR ETSXSJ [EXIV 8LIIRZMVSRQIRX EJJIGXW [LEX ]SY GERHS ERHLS[]SYGER HSMX 8LMW MW EPWSXVYI [MXLWLIPPW
7S HSRtXPIX EHMWKVYRXPIHWYTIVZMWSVTVIZIRX]SYJVSQ KIXXMRK ]SYV JIIXK VSYRHIH MR XLI JYRHEQIRXEPW 0MOIQ]JMVWX]IEV PEF FSSOPIX XLMW GLETXIV TVSZMHIWFEGOK VSYRHMRJSV QEXMSRSR [LIVIXLI&SYVRI%KEMR 7LIPPGEQI JVSQERH [L]MX [EWHIZIPSTIH 7LIPPTVS K VEQQMRKLEWMXW S[RYRMUYIQMRHWIXERH EUYMGO VIZMI[MW RIZIVE [EWXI SJXMQI
2SXEXMSR 9WIH MR8LMW&SSO
8LI JSPPS[MRKWXERHEVHRSXEXMSRW LEZIFIIREHSTXIH JSVXLMWFSSO JSVMRXVSHYGMRK RI[ XIV QW HIWGV MFMRK GSQQERHW]RXE\ ERH WS JSVXL
R -XEPMGWIQTLEWIW TSMRXWMR XLIXI\XERH RI[XIV QW
R &EWL MWEREGVSR]Q FYXMW [V MXXIR [MXLSYXEPP GETMXEPW JSV VIEHEFMPMX]
R 'SRXVSP/VITVIWIRXWE OI]GSQFMREXMSRGVIEXIH F] LSPHMRKHS[RXLI'XVPOI] ERH XLIR TVIWWMRKXLI /OI]FIJSVIVIPIEWMRKXLI'XVPOI]
R 8LI 6IXYV R OI]VIJIVWXSXLIGEV V MEKIVIXYV R OI] QEVOIH6IXYV RSV )RXIV HITIRHMRKSR]SYVOI]FSEVH
R %RSRTVSTSVXMSREP MXEPMGJSRXMRHMGEXIW EZEPYIXSFIWYFWXMXYXIH[MXL XLI ETTVSTV MEXIXI\X *SVI\EQTPI MRS JMPI XLI [SVHJMPIWLSYPH FIWYFWXMXYXIH [MXL XLIETTVSTV MEXI JMPI JSVXLI W[MXGL
8LI 3V MKMR SJ &EWL
%WLIPPMWE TVSK VEQXLEX VYRWSTIVEXMRK W]WXIQGSQQERHW 9WMRKE GSRZIRXMSREP HIWOXST XLI YWIVWIPIGXW ER MXIQ [MXLXLIQSYWIERH XLIR ETTPMIWER EGXMSR XSMX WYGLEW LMKL PMKLXMRKERMGSR ERHGLSSWMRK XSGST] MX -RE WLIPP XLI TIVWSR X]TIWMRWXVYGXMSRW SV EGXMSRWJSPPS[IHF]XLIXEVKIXW ERHER] WTIGMEP STXMSRW 8LMWGSYRXIV MRXYMXMZI MRXIVJEGI GERGSRJYWIRI[ YWIVW [LS EVI YWIHXSGSRZIRXMSREPHIWOXSTW
8LI JMVWX9RM\ WLIPP [EWXLIHIZIPSTIHF] 7XIZIR 6 &SYV RI MRJSVXLI 7IZIRXL )HMXMSRSJ 9RM\ 'EPPIH XLI &SYV RI WLIPPSVWL MRLSRSVSJ MXWGVIEXSV MX WIXXLI WXER HEVH JSV9RM\ WLIPPW MRGPYHMRKXLI HIJEYPXHSPPEVWMKR TVSQTXGSQQSR XSQSWXWLIPPW
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
(IWMKRIH XSFI EWWQEPPERH EWSTIR EW TSWWMFPI ER]JIEXYVIXLEX HMHRSX LEZIXS FI FYMPXMRXS XLIWLIPP[EWRtX )ZIR EV MXLQIXMG [EWTIVJSV QIHF] SXLIV TVSK VEQWSYXWMHI SJ XLI WLIPP 8LMWWPS[IH XLI WLIPP FYXWTIIH[EWRSX ER MQTSVXERX JEGXSV[LIR XLIWLIPP WTIRX QSWXSJ MXWXMQI[EMXMRKSRSXLIVTVSK VEQWSV SRXLI YWIV 8SXLIWLIPPtWEHZERXEKI MJ EYWIV RIIHIHRI[ SVFIXXIVGETEFMPMXMIW XLI YWIV GSYPH [V MXI EHHMXMSREPWGV MTXW XSTVS ZMHIXLSWI EHHMXMSREP GETEFMPMXMIW
1ER] V MZEPWLIPPW FIKERXSETTIEV SJJIV MRK MQTVSZIQIRXWMRWTIIHERH GETEFMPMXMIW 8[SSJ XLIQSWX GSQQSRWYGGIWWSVW[IVIGWL E WLIPP PSSWIP]FEWIH SR XLI ' PERKYEKI ERH XLI/SV RWLIPPOWL ER MQTVSZIH &SYV RIWLIPP HIZIPSTIHF](EZMH + /SV R 7LIPP HIWMKRIVWMRGSV TSVEXIHGSQQERHWMRXSXLIWLIPP JSV FIXXIVWTIIHERHTSVXEFMPMX]ERH XS QEOIXLI WLIPPW IEWMIV XS [SVO[MXL 7YGGIWWJYPJIEXYVIW[IVIJVIIP]GSTMIHFIX[IIR WLIPPW EW XLI] QEXYVIH
-RXVSHYGXMSR
%KEMR7LIPPr 8LMWWLIPP[EW GSQTEXMFPI [MXLXLISV MKMREP WLIPPGVIEXIH F] 7XIZIR 6 &SYV RI FYX MRGPYHIHQER] IRLERGIQIRXW -X[EWEPWSGSQTPMERX [MXLXLI437-<WXER HEVH JSVWLIPPW
&EWLMWXLIWXERHEVHWLIPP TVSZMHIH [MXLQSWX 0MRY\HMWXV MFYXMSRW MRGPYHMRK6IH ,EX 7Y7) 1ERHVEOI 7PEGO[EVI ERH9RMXIH0MRY\
;LIR-W E 4VSKVEQ E 7LIPP 7GV MTX#
% WGV MTXMW WMQMPEVXSE TVSKVEQFYXXLIVIMW RS JSV QEP HIJMRMXMSR JSV [LEX GSRWXMXYXIW E WGV MTX -XMW EX]TISJ WMQTPITVSKVEQ ERHWGV MTXWERH TVSK VEQWWLEVI QER]JIEXYVIWMR GSQQSR 0MRY\TVSK VEQQIVW [MXL JI[WTIGMEPVIUYMVIQIRXWRIZIV EHZERGI FI]SRH[V MX MRK WLIPPWGV MTXW
%WWLIPPW QEXYVIH XLI] KEMRIH QER]JIEXYVIWXLEX ]SY QMKLX RSX I\TIGX XS JMRH MRE TVSKVEQ HIWMKRIH XSWGLIHYPI GSQQERHW 1SWX WLIPPW MRGPYHMRK&EWL GERTIVJSV QFMX QERMTYPEXMSR WXV MRK TVSGIWWMRK ERH8'4-4GSRRIGXMSRW 8LI] LEZIX]TIHZEV MEFPIW FYMPXMRGSQQERHW ERHYWIVHIJMRIH JYRGXMSRW 8LI HMWXMRGXMSR FIX[IIR WLIPPWERHTVS K VEQQMRKPERKYEKIWLEWFIGSQI FPYV VIH
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
;LIRXEGOPMRKER] TVSK VEQQMRK TVSFPIQ MXtW IWWIRXMEPXSGLSSWIXLIV MKLX XSSPJSV XLI NSF (IZIPSTMRKPEVKITVSNIGXWEW WLIPPWGV MTXW [MPP QIER]SYV TVSNIGX [MPP VYR WPS[P] ERH FIHMJJMGYPXXSQEMRXEMR (IZIPSTMRK WGV MTXWMR ELMKLPIZIPPERKYEKI[MPP PIEH XS E PSRKIV ERHQSVI GSWXP] HIZIPSTQIRXXMQI
8LI 2IGIWWMX] SJ 7XVYGXYVIH 7LIPP 4VSKVEQQMRK
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
8LMWTVIWIRXW ETVSFPIQ JSVWIV MSYWFYWMRIWW WGV MTXW 8LIGSWXSJ HIZIPSTMRKE LMKL PIZIPPERKYEKIWSPYXMSR MWLMKL FYXE HMWSVKERM^IHWLIPP WGV MTXGER FII\TIRWMZIXSQEMR XEMR SZIVXMQI %W XLIRIIHWSJ XLIFYWMRIWW GLERKI ERH XLIWLIPPWGV MTX MW QSHMJMIH F] WYGGIWWMZIKIRIVEXMSRWSJ TVSK VEQQIVW XLITVSFPIQIWGEPEXIW
%WE VYPI SJXLYQF FYWMRIWWTVSK VEQW RIZIV KSE[E] %XSRI TPEGI-VIGIRXP][SVOIH [LEX WXEVXIHSJJEW EWMQTPI WLIPPWGV MTX YWIH XSTV MRXVITSVXW KVEHYEPP] IZSPZIH MRXSE ;IFFEWIH VITSVXMRKW]WXIQ GSQTPIXI [MXLTIVWSREPGYWXSQM^EXMSRWERH WIGYVI EGGIWW 8LI SV MK MREP TVSK VEQQIVLEHRSMHIE [LEX LMWWGV MTX [SYPHFIGSQI
&IGEYWI SJXLI IWWIRXMEPSTIRRIWW ERH GSQTPI\W]RXE\SJ &EWL MXtWXS XLIFIRIJMXSJ ER]WIV MSYW TVSNIGX XSEHETXWSQI OMRH SJWXERHEVH &EWLMW ZIV] JSVKMZMRK FYX XLIGSWXW EVIRSX *SVI\EQTPI XLIVI EVI QER] [E]WXS EHH MR &EWL 0MOI XLI EYXSTMPSXERIG HSXI MXtWRSX TVEGXMGEPXSI\TIGXXLI TVSKVEQQIVW [LS QEMRXEMR XLIWGV MTXWXSLEZI XS HIEP [MXLXLMWOMRHSJ VIHYRHERG]
0MOI[MWI WLIPP [SVH UYSXMRKMWWSQIXMQIW STXMSREP WSQIXMQIW VIUYMVIH HITIRHMRK SRXLIGSRXI\X % GSQQERHXLEX [SVOW [MXLSRIJSV QSJ UYSXEXMSR GERWYHHIRP] WXST [SVOMRK [LIRHMJJIVIRXHEXE ETTIEVW MRXLIUYSXIW
-WWYIW PMOIWLIPP[SVH UYSXMRK WTIGMEPM^IHGETEFMPMXMIW SV TSVXEFMPMX]JIEXYVIW [LIR EFYWIH GER PIEHXSMRGVIEWIH QEMRXIRERGIERH PSRKXIV QHIZIPSTQIRX GSWXW
-RWXEPPMRK &EWL
&EWLMWXLIWXERHEVH WLIPP SR QSWX0MRY\ HMWXV MFYXMSRW ,S[IZIV XLIVI EVI SXLIV 0MRY\ WLIPPW EZEMPEFPI ERHXLIVItWRS VIUYMVIQIRXXLEX &EWL WLSYPHFITVIWIRXSR ER] TEVXMGYPEV HMWXV MFYXMSR
8LI &EWL WLIPPMW STIRWSYVGI WSJX[EVI VIPIEWIH YRHIV XLI +29 4YFMG0MGIRWI +40 -J ]SY RIIHXS MRWXEPP &EWL XLI ' PERKYEKIWSYVGI GSHIMW JVIIP] EZEMPEFPI JVSQ XLI *VII 7SJX[EVI*SYRHEXMSR EXLXXT[[[KRYSVKSV XLVSYKL SRISJ MXW HS[RPSEH QMV VSVW
8LI &EWL MRWXEPPEXMSR TVSGIHYVIGER ZEV ]SZIV XMQI 'SQTPIXIMRWXVYGXMSRWEVIJSYRH MR XLI6)%(1)JMPIXLEX EGGSQTERMIWXLIWSYVGIW ,S[IZIV XLIMRWXEPPEXMSRMW PEVKIP]EYXS QEXIH 8LI FEWMGTVSGIHYVIMWEWJSPPS[W
6YR XLIGSRJMKYVITVSKVEQ XS HIXIV QMRI]SYVSTIVEXMRK W]WXIQERHZIV MJ]XLI JIEXYVIWRIGIWWEV]XS GSQTMPI &EWL
6YRQEOIXSFYMPH &EWL
6YRQEOI XIWXW 8LMW[MPPVYRHMEKRSWXMG XIWXW XSIRWYVI &EWL [EWFYMPX TVSTIVP]
-RXVSHYGXMSR
%WWYQMRK ]SYV4%8,ZEV MEFPI MWWIX GSV VIGXP] ]SYGER WXEVX &EWL F] X]TMRKFEWLEX XLI WLIPP TVSQTX
-J ]SY HSRSXLEZI WYTIVYWIV TV MZMPIKIWSR]SYVGSQTYXIV ]SYGERWXMPP GSQTMPIERH
MRWXEPP&EWLYRHIV]SYVTIVWSREPEGGSYRX 9WIXLI¨TVIJM\STXMSR[MXLGSRJMKYVIXS WTIGMJ] XLIHMVIGXSV] XS MRWXEPP &EWL MR *SV I\EQTPI¨TVIJM\!,31)SV¨
TVIJM\!,31)FEWLQMKLXFI KSSH GLSMGIW
&EWL ERH 3XLIV 7GV MTXMRK8SSPW
/WL 4IVP ERH4]XLSREVIWMQMPEV FYX RSXMHIRXMGEP XS&EWL
8LI/SVRWLIPPOWL MW ER IRLERGIH ZIVWMSR SJXLI &SYV RIWLIPP %TYFPMG HSQEMRZIV WMSRI\MWXWGEPPIHTHOWL /SV R WLIPPMW ETSTYPEV WLIPPSR QER] GSQQIVGMEP9RM\ W]WXIQW 1SWX FYX RSXEPP SJ XLI/SV RWLIPPtW JIEXYVIW [SVOYRHIV&EWL &SXLWLIPPWGER HSFMX
[MWIEV MXLQIXMG JSV I\EQTPI 7SQI JIEXYVIW LEZIHMJJIVIRXREQIW 8LI /SV R WLIPPFYMPXMR
TVMRXGSQQERH MW EVSYKL IUYMZEPIRXXS XLI&EWLTVMRXJGSQQERH ERH XLI/SV RWLIPP [LIRGIGSQQERH MW IUYMZEPIRX XSXLIX]TIGSQQERH %GSQTPIXI PMWXSJ HMJJIVIRGIW ERH TSVXMRK MWWYIWMW EZEMPEFPI MRXLI &EWL *%5EXLXXT[[[JEUWSVKJEUWYRM\
JEUWLIPPFEWL
4IVP 4VEGXMGEP)\XVEGXMSR ERH6ITSVX0ERKYEKIMW EW MXWREQI WYKKIWXW EWGV MTXMRK PERKYEKIJSVKIRIVEXMRK VITSVXW -XGSQFMRIWXLI JIEXYVIW SJE WLIPPPERKYEKI XLIWIH GSQQERH ERH XLIE[OGSQQERH XS GVIEXIE WMRKPIXSSP -X MW RSXE WLIPP ERH4IVP WGV MTXW EVIRSX GSQTEXMFPI [MXL&EWL
4]XLSRREQIHEJXIV XLIq1SRX]4]XLSRr GSQIH]XVSYTIMW ERMRXIV TVIXIH PERKYEKI HIWMKRIHJSVWQEPPTVSNIGXWRIIHMRK VETMHHIZIPSTQIRX -XMW RSXE WLIPP FYXPMOI&EWL MX
GSRXEMRWQER] JIEXYVIW HIWMKRIH JSVMRXIVEGXMZIWIWWMSRW 4]XLSR WGV MTXWEVIRSXGSQTEXM
8LI0MRY\)RZMVSRQIRX
-
2 8,))%60=(%=73*'31498)67 MRWXVYGXMSRWERH HEXE[IVISJXIR HMZMHIHMRXS X[S WITEVEXIWXSVEKIEVIEW 1SHIV R GSQTYXIVW JSPPS[[LEXMWGEPPIH EqZSR 2IYQERR EVGLM XIGXYVIr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
8LMWGLETXIV TVIWIRXWERSZIVZMI[ SJXLI0MRY\ STIVEXMRKW]WXIQ MRGPYHMRK LS[MX MW SVKERM^IH ERHMXWGSQQSRGSRZIRXMSRW -J ]SY EVIRI[XS 0MRY\ ]SY EVI RSXI\TIGXIH XSYRHIVWXERH EPPXLIXIV QWTVIWIRXIHLIVI %JXIV XLMW JSYRHEXMSR JYXYVI GLETXIVW HIQSR WXVEXI XLIWITV MRGMTPIWYWMRK TVEGXMGEP I\EQTPIW
8LI 3V MKMR SJ 0MRY\
8LI 0MRY\ STIVEXMRK W]WXIQ [EWGVIEXIH EWE LSFF]F]E ]SYRK WXYHIRX 0MRYW8SVZEPHW EX XLI 9RMZIVWMX]SJ ,IPWMROMMR *MRPERH 0MRYW MRXIVIWXIHMR XLI 9RM\GPSRISTIVEXMRK W]WXIQ 1MRM\ [ERXIHXSGVIEXIER I\TERHIH ZIVWMSRSJ 1MRM\[MXL QSVIGETEFMPMXMIW ,I FIKERLMW [SVO MR[LIRLI VIPIEWIH ZIVWMSR ERH MRZMXIHTVSKVEQQIVW XSTEV XMGMTEXIMR LMW TVSNIGX:IVWMSR [EWVIPIEWIHMR
0MRY\ YWIW+29+IRIVEP 4YFPMG0MGIRWI+40 ERHMXWWSYVGI GSHIMW JVIIP]EZEMPEFPI XSIZIV]SRI 0MRY\HMWXVMFYXMSRW '(631W[MXL XLI0MRY\OIV RIPERH SXLIV WSJX[EVI VIEH] JSVMRWXEPPEXMSR HSRSX LEZIXSFIJVII FYX XLI0MRY\WSYVGI GSHIQYWX VIQEMR EZEMPEFPI 1EOMRK WSYVGIGSHI EZEMPEFPIMWORS[REW HMWXV MFYXMRKSTIR WSYVGI
W]PPEFPI WXVIWWIH EW MR0-,RMGOW FYX MXMW WSQIXMQIW TVSRSYRGIH0=)RMGOWXLIERKPM GM^IHq0MRYWt 9RM\rSV 0))RYGOW
7XV MGXP] WTIEOMRK 0MRY\ VIJIVWXS XLISTIVEXMRK W]WXIQOIV RIP XLEXWXEVXW ERHQEREKIW SXLIV TVSKVEQW ERHTVSZMHIW EGGIWWXSW]WXIQVIWSYVGIW 8LIZEV MSYW STIRWSYVGI WLIPPW GSQTMPIVW WXERHEVHPMFVEV MIW ERH GSQQERHWEVIETEVXSJ ERSXLIVTVSNIGXGEPPIH +29 8LI +29 TVSNIGX [EW WXEVXIHF]XLI *VII 7SJX[EVI*SYRHEXMSR*7*EW ER EXXIQTX XS GVIEXI EJVIIZIVWMSR SJ9RM\ 8LI QEMR0MRY\ 'GSQTMPIV KGG MW ETEVX SJXLI+29 TVSNIGX
8LIVIMW EPWS E+29OIV RIPTVSNIGX FYX XLI0MRY\ OIV RIPLEWPEVKIP]WYTIVWIHIHXLMW IJJSVX
<;MRHS[W MW EPWSRSX WXV MGXP]E TEVX SJ0MRY\ <JVII XLI STIRWSYVGI ZIVWMSR SJ< ;MRHS[W [EWEHETXIH XSXLI 0MRY\STIVEXMRK W]WXIQ ERH[EW VIPIEWIH YRHIVE HMJJIVIRX PMGIRWI
*MPIW ERH*MPI7]WXIQW
)EGL0MRY\ HMWOSVSXLIVPSRKXIV Q FPSGOWXSVEKIHIZMGIGSRXEMRW EGSPPIGXMSR SJJMPIW SVKERM^IH EGGSVHMRK XSE TSPMG] SVWIX SJVYPIW GEPPIH EJMPIW]WXIQ)EGLHMWO GERFI HMZMH IH MRXSTEVXMXMSRWSVqWPMGIWr [LIVIF] IZIV]TEVXMXMSRLEWMXW S[R JMPI W]WXIQ 0MRY\MW RSX VIWXV MGXIHXS EWMRKPIJMPI W]WXIQJSV EPPHMWOW XLI YWIVGER YWIHMWOWGVIEXIHF]SXLIV STIVEXMRKW]WXIQWEW MJ XLI] [IVI REXMZI 0MRY\HMWOW
8LI WXERHEVH JMPI W]WXIQ MWXLI WIGSRHI\XIRHIHJMPIW]WXIQ SVI\X 8LMW MW XLI WIGSRH VIZMWMSR SJXLI 1MRM\JMPI W]WXIQ[MXLWYTTSVXJSVPEVKIHMWO WM^IW ERHJMPIREQIW I\X TIV QMXWTEVXMXMSRWYT XS8& XIVEF]XIW JMPIWYTXS+&K MKEF]XIW ERH GLEVEGXIV JMPIREQIW 2I[IVHMWXV MFYXMSRW YWII\X E ZIVWMSR SJI\X[MXL WTIGMEP JIEXYVIW JSVIV VSV VIGSZIV ]
7YTTSVX JSV SXLIV JMPIW]WXIQWQMKLXFI EZEMPEFPI HITIRHMRK SR]SYVHMWXV MFYXMSRERH MRWXEPPEXMSRSTXMSRW 8LI] QMKLX MRGPYHI 1MGVSWSJX;MRHS[W 28 %TTPI ,*7 SV NSYV REP MRK JMPI W]WXIQW
8LI I\X JMPIW]WXIQ YWIW GEGLMRK XSMRGVIEWI TIVJSV QERGI -J ERI\XHMWOMWRSX TVSTIVP] WLYX HS[R JMPIW GERFI GSV VYTXIH SVPSWX -X MW ZMXEPP]MQTSVXERXXLEXE0MRY\ GSQTYXIVMW WLYXHS[R TVSTIVP] SVMW TVSXIGXIHF]WSQIOMRH SJYRMRXIV VYTXMFPI TS[IV WYTTP]
8S WEZIWTEGI I\XJMPIW XLEXGSRXEMRPEVKIEQSYRXWSJ ^IVSW GEPPIHWTEVWIJMPIW EVI RSX EGXYEPP] WXSVIH SREHMWO 'IVXEMR WLIPPGSQQERHW TVSZMHISTXMSRW JSVGVIEXMRKERH LER HPMRKWTEVWI JMPIW
)EGLJMPIMW MHIRXMJMIH F]E REQI ERHXLIEPPS[IHREQIW EVI HIXIV QMRIHF]XLIJMPI W]WXIQ *SVTVEGXMGEPMX] XLI REQIWWIPHSQI\GIIH GLEVEGXIVWERH YWYEPP]GSRWMWX SJ PS[IVGEWI GLEVEGXIVW YRHIVWGSVIW QMRYW WMKRW ERH TIV MSHW 7TEGIWERHTYRGXYEXMSRW]Q FSPW JSVI\EQTPI EVITIV QMXXIH FYX GERGEYWITVSFPIQWMR WLIPPWGV MTXW XLEX HSRSX I\TIGX XLIQ
(MVIGXSVMIW
R WLh%&EWLWLIPP WGV MTX
R X\Xh%KIRIV MGXI\X JMPI
R PSKh%PSK JMPI
R LXQPh%,810;IF TEKI
R XK^SVXEVK^h'SQTVIWWIHJMPIEVGLMZI 'SQQERHW YWYEPP] LEZIRSWYJJM\
(MVIGXSV MIW
7LIPPWGV MTXW XI\X JMPIW ERHI\IGYXEFPIGSQQERHWERH SXLIV RSV QEP JMPIWEVIGSPPIGXMZIP] VIJIV VIH XS EWVIKYPEV JMPIW 8LI] GSRXEMR HEXEXLEXGER FIVIEH SV MRWXVYGXMSRW XLEXGER FI I\IGYXIH 8LIVI EVIEPWSJMPIW XLEXEVIRSX VIKYPEV WYGLEW HMVIGXSV MIW SVREQIHTMTIW XLI] GSRXEMRYRMUYI HEXESVLEZI WTIGMEP FILEZMSVW[LIRXLI] EVI EGGIWWIH
*MPIWEVISVKERM^IHMRXSHMVIGXSVMIW SV PMWXMRKWSJ JMPIW 0MOIEPP SXLIV JMPIWMR 0MRY\ E HMVIGXSV]MWEPWSXVIEXIHEW EJMPI )EGLHMVIGXSV]GER MR XYV R GSRXEMRWYFHMVIGXSV MIW GVIEX MRK LMIVEVGLMGEP PMWXMRKW
(MVIGXSV MIWEVISVKERM^IHMRXS EWMRKPI QSRSPMXLMGXVII 8LIXSTQSWXHMVIGXSV ]MW GEPPIHXLIVSSX HMVIGXSV] 9RPMOI WSQI SXLIVSTIVEXMRK W]WXIQW XLEXLEZI WITEVEXIP]PEFIPIH HMWOW 0MRY\ XVIEXW ER]HMWO HV MZIW EWWYFHMVIGXSV MIW[MXLMRXLI QEMRHMVIGXSV] WXVYGXYVI *VSQE YWIVtW TSMRX SJZMI[ MXtW MQTSWWMFPIXSXIPP [LMGL HMWOE TEVXMGYPEV HMVIGXSV] FIPSRKW XS )ZIV]XLMRK ETTIEVW EWMJ MXFIPSRKWXSE WMRKPIHMWO
%TEXLREQIMW E WXV MRKXLEXMHIRXMJMIW XLIPSGEXMSR SJE TEVXMGYPEVJMPI XLIWIUYIRGIWSJ HMVIGXSV MIW XS QSZI XLVSYKLXS JMRH MX 8LI VSSX HMVIGXSV] MWHIRSXIHF]E JSV[EVHWPEWL GLEVEGXIV ERHWSTE]VSPPHEXVITVIWIRXWEJMPI REQIHTE]VSPPHEX PSGEXIH MRXLI XSTQSWX HMVIGXSV] 9WMRKQSVI HMVIGXSV] REQIWERH JSV[EVHWPEWLIWGER WTIGMJ]EHHM XMSREPHMVIGXSV MIW
;LIRYWIVWPSK MR XLI] EVI TPEGIH MRE TIVWSREPHMVIGXSV ]GEPPIHXLIMVLSQI HMVIGXSV] &] GSRZIRXMSR 0MRY\LSQIHMVIGXSV MIW EVI PSGEXIH YRHIVXLI HMVIGXSV ]LSQI 8LITEXL REQILSQINKYPFMWTE]VSPPHEXMRHMGEXIW EJMPIREQIHTE]VSPPHEXMR XLILSQI HMVIGXSV ]SJ XLIYWIVNKYPFMW 8LILSQIHMVIGXSV ]MWVITVIWIRXIHF] EXMPHI b MR&EWL
8LIGYVVIRX HMVIGXSV]SV[SVOMRK HMVIGXSV] MW HIRSXIH F]E TIV MSH ;LIR ETEXLREQI HSIWRtXWXEVX [MXLE PIEHMRKWPEWL &EWL EWWYQIW MXtW ETEXLVIPEXMZI XS XLI GYV VIRXHMVIGXSV] TE]VSPPHEXERHTE]VSPPHEXFSXLVIJIVXS EJMPIREQIHTE]VSPPX\XMR XLIGYV VIRX HMVIGXSV ] ;LIRVYRRMRK TVSKVEQW XLMWQMKLXRSX FIXVYI 8LMW I\GITXMSRMWHMWGYWWIH MR XLI RI\XGLETXIV
4EXLREQIW [MXLSYX EFIK MRRMRKWPEWLEVIGEPPIHVIPEXMZI TEXLWFIGEYWI XLI]WTIGMJ]XLI PSGEXMSRSJ EJMPI MRGSQTEV MWSR XS XLI GYV VIRX HMVIGXSV] 6IPEXMZITEXLWEVIYWIJYPJSV VITVIWIRXMRKJMPIWMR]SYV GYV VIRX HMVIGXSV] SV WYFHMVIGXSV MIWSJ]SYV GYV VIRX HMVIGXSV]
4EXLREQIW [MXLE FIK MRRMRK WPEWLEVIGEPPIHEFWSPYXI TEXLW%FWSPYXITEXLW HIWGV MFIXLI PSGEXMSRSJ EJMPI MRVIPEXMSRWLMTXSXLIVSSXHMVIGXSV ] 2SQEXXIV [LIVI]SYVGYV VIRX HMVIGXSV]MW EFWSPYXI TEXLW EP[E]WMHIRXMJ] XLI JMPI TVIGMWIP] %FWSPYXI TEXLW EVI YWIJYP [LIR PSGEXMRK GSQQSR JMPIWXLEX EVIEP[E]W WXSVIHMRXLI WEQITPEGI
8LIVIEVI RS WIXVYPIW KSZIV RMRK[LIVI JMPIWEVIPSGEXIH ERHXLIMV TPEGIQIRXMWGLS WIR F] ]SYV0MRY\HMWXV MFYXMSR )EVP]ZEV MEXMSRWSJ 9RM\WXSVIH WXERHEVH TVSK VEQWMR FMR LSQI HMVIGXSV MIWMRYWV ERHTVSK VEQWWTIGMJMGXSE GSQTYXIV MRYWVFMR %W XLI RYQFIV ERHX]TISJ TVSKVEQW KVI[ XLIRYQFIVERH JYRGXMSRSJ XLI GSQQSR HMVIG XSV MIWGLERKIH
1SWX 0MRY\HMWXV MFYXMSRW MRGPYHI XLIJSPPS[MRK HMVIGXSV MIW
R HIZh'SRXEMRWHIZMGI HV MZIVW
R FMRERHYWVFMRh'SRXEMRWWXERHEVH 0MRY\GSQQERHW
R PMFERHYWVPMFh'SRXEMRW WXERHEVH 0MRY\PMFVEV MIW
R ZEVh'SRXEMRWGSRJMKYVEXMSRERH PSKJMPIW
R IXGh'SRXEMRWHIJEYPXGSRJMKYVEXMSRJMPIW
R YWVPSGEPFMRh'SRXEMRWGSQQERHW RSX ETEVXSJ XLI HMWXV MFYXMSR EHHIHF] ]SYV EHQMRMWXVEXSV
R STXh'SRXEMRW GSQQIVGMEPWSJX[EVI
R XQTh7XSVIWXIQTSVEV] JMPIW
R WFMRERHYWVWFMRh'SRXEMRWW]WXIQ EHQMRMWXVEXMSR GSQQERHW WFMRWXERHW JSVqWEJIr FMR
-RSHIW ERH 0MROW
2SV QEPP] IEGLJMPI MWPMWXIH MRE WMRKPIHMVIGXSV ] 0MRY\GERGVIEXI EHHMXMSREPPMWXMRKWJSVE WMRKPIJMPI 8LIWIWLSVXGYXW EVI GEPPIHPMROWERH GERVIJIVXSER] OMRH SJJMPI
0MROWGSQIMRX[S ZEV MIXMIW %LEVH PMROMW E VIJIVIRGIXSERSXLIV JMPI MRXLIGYV VIRX HMVIGXSV ]SV EHMJJIVIRXHMVIGXSV ] ;LIRIZIVWSQI EGXMSR MW TIVJSV QIHXSXLILEVH PMRO MX MWEGXYEPP]HSRI XSXLI JMPIXLI LEVHPMRO VIJIVWXS ,EVHPMROW EVI EGGIWWIHUYMGOP] FIGEYWI XLI]HS RSXLEZI XSFIHIVIJIVIRGIH FYX0MRY\PMQMXW[LIVIE LEVHPMROGERFI TPEGIH %W PSRKEWE JMPI MWFIMRKVIJIV VIH XS F] EX PIEWXSRIHMVIGXSV ]IRXV] MX[SRtX FIHIPIXIH *SV I\EQTPI MJ EJMPILEWSRILEVH PMRO FSXL XLI PMRO ERHXLISV MKMREPJMPILEZI XSFI HIPIXIH XSVIQSZI XLIJMPI
(IZMGI*MPIW
FI HIVIJIVIRGIH ;LIR 0MRY\ STIRWXLI W]QFSPMGPMROJMPI MX VIEHW XLIGSV VIGX TEXLREQI ERH STIRWXLEX JMPIMRWXIEH ;LIRXLIJMPIFIMRKVIJIV VIH XSMWHIPIXIH XLIW]QFSPMGPMRO JMPIFIGSQIW EHERKPMRK PMROXS E RSRI\MWXIRXJMPI
9WMRK PMROWQIERW XLEXX[S HMJJIVIRX TEXLREQIW GERMRHMGEXIXLIWEQIJMPI 8S MHIRXMJ] ETEVXMGYPEVJMPI 0MRY\ EWWMKRW ERYQFIVXSIEGLJMPI 8LMWRYQFIVMWGEPPIH XLIMRSHISV qMRHI\ RSHIrERH MWYRMUYI XS ER]WXSVEKIHIZMGI -JX[S TEXLREQIW VIJIV XSE JMPI [MXL XLI WEQI MRSHI SRI SJXLI TEXLWMWE LEVH PMRO
-R XLII\XJMPI W]WXIQ XLIVIMWEPMQMXIHRYQFIVSJ MRSHIW [LMGL MRXYV RTPEGIW ER YTTIV PMQMX XS XLI RYQFIV SJJMPIW XLEXGER FIWXSVIHSRE HMWO 8LIRYQFIVSJ MRSHIW GSQTEVIHXS XLIEQSYRX SJHMWO WTEGIMWGEPPIH XLIMRSHI HIRWMX]8LI HIRWMX]MWWTIGMJMIH [LIR EHMWO SVTEVXMXMSRMW MRMXMEPM^IH 1SWX 0MRY\HMWXV MFYXMSRW YWIERMRSHIHIRWMX] SJ / SV SRIRSHI TIVIZIV] F]XIWSJ HMWOWTEGI
4MTI ERH 7SGOIX *MPIW
4MTI JMPIWEVI E WTIGMEP OMRH SJJMPIWLEVIH FIX[IIRX[S TVSK VEQW 8LIJMPIEGXW EW EFYJJIV JSVWLEV MRKMRJSV QEXMSR 3RITVSK VEQ [V MXIWXS XLITMTIJMPI ERHXLI SXLIV VIEHW JVSQ XLI TMTI ;LIRXLITMTIJMPIVIEGLIWE GIVXEMR WM^I 0MRY\ LEPXWXLI [V MXMRK TVSK VEQYRXMP XLI VIEHMRK TVSK VEQGERqGEXGL YTr
% WMQMPEV OMRH SJJMPIMW GEPPIH E9RM\ HSQEMRWSGOIXJMPI % WSGOIX JMPI EGXWPMOIE TMTI FYX [SVOWYWMRK RIX[SVO WSGOIXW ,S[IZIV XLMWOMRHSJ JMPI MWRSX IEWMP] YWIH MR WLIPP WGV MTXW ERHMX [SRtXFI GSZIVIHMR XLMWFSSO
(IZMGI*MPIW
8LI PEWX GSQQSROMRHSJ RSRVIKYPEVJMPI MW EHIZMGI JMPI /IITMRK [MXL XLIJMPISV MIRXIH HIWMKRSJ 0MRY\ HIZMGIWEVIVITVIWIRXIHF] JMPIW (IZMGI JMPIWEPPS[HMVIGX GSQQYRMGEXMSR XSE TEVXMGYPEV HIZMGIEXXEGLIH XS EGSQTYXIV 8LIVIEVI EGXYEPP] X[SOMRHWSJ HIZMGI JMPIW FYXWLIPP TVSKVEQQIVWEVI QEMRP]MRXIVIWXIH MRXLIX]TIGEPPIHGLEVEGXIV HIZMGI JMPIW
%PP HIZMGIW JMPIWEVIPSGEXIHMR XLIHIZHMVIGXSV ] )ZIR XLSYKLQER] JMPIWEVIPMWXIHMR HIZ RSXEPP SJXLIWI HIZMGIW QMKLX EGXYEPP] FITVIWIRX 6EXLIVHIZGSRXEMRWE PMWX SJ HIZMGIW XLEXGERFI EXXEGLIHXS]SYVGSQTYXIVFIGEYWI XLI0MRY\OIV RIP[EWGSRJMKYVIH XSVIGSKRM^IXLIQMJ XLI] [IVI EXXEGLIH
1SWX SJXLIWI JMPIWEVIRSX EGGIWWMFPI XSVIKYPEVYWIVW FYXXLIVI EVI EJI[ XLEXEVI STIR XSKIRIVEP YWI 3RIMQTSVXERXHIZMGIJMPIEZEMPEFPIXSEPP YWIVWMWHIZRYPP 8LMW JMPI VIT VIWIRXW ER MQEK MREV]qFPEGO LSPIr HIZMGI EXXEGLIHXS]SYVGSQTYXIVXLEX GSRWYQIWER] XLMRKWIRXXS MX 8LMWMWYWIJYPJSVHMWGEVHMRK YR[ERXIHVIWTSRWIW JVSQ EWLIPP GSQQERH HIZRYPPGEREPWS FIVIEH FYX XLI JMPI MWEP[E]W IQTX]
%RSXLIV HIZMGIJMPI MWHIZ^IVS 8LMW JMPI GSRXEMRWERIRHPIWWWXVIEQ SJ^IVSW ERH GER FIYWIHXS GVIEXIRI[ JMPIWXLEX EVI JMPPIH IRXMVIP] [MXL^IVSW
R HIZXX]h8LI XIV QMREP[MRHS[ SV GSRWSPI ]SYV TVSK VEQMWVYRRMRKYRHIV R HIZHWTh8LI MRXIVJEGIXLEX TPE]W%9WSYRHJMPIWSR ]SYV WSYRHGEVH R HIZJHh8LI JMVWX JPSTT]HV MZI
R HIZLHEh8LI JMVWX -() HV MZI TEVXMXMSR R HIZWHEh8LI JMVWX 7'7-HV MZITEVXMXMSR
8LI REQIXX] JSV LMWXSV MGEPVIEWSRW MWE WLSVXJSV QSJqXIPIX]TI[V MXIVr ETV MRXIV ERH OI]FSEVHGSRRIGXIHXS EGSQTYXIVF] EGEFPI
3TIVEXMRKXLI7LIPP
3
2)(%=1=*%8,)6 ;%7 ;36/-2+SRXLIIPIGXV MGEP[MV MRK SRLMW TSRXSSRFSEX ,I [SVOIHJSV WIZIVEP LSYVW[MXLSYXWYGGIWW 2SQEXXIV [LEX LI XV MIH LI GSYPHRtX KIXLMW VYRRMRK PMKLXW XS[SVO *VYWXVEXIH LI XYV RIH XLIPMKLXW[MXGLSJJg ERHXLI PMKLXW GEQI SR8LMWGLETXIV MWE FV MIJSZIVZMI[ SJLS[ XS YWIXLIWLIPP MRERMRXIVEGXMZIWIWWMSREXXLI &EWLGSQQERH TVSQTX 0MOI Q] JEXLIVERH LMW[MV MRK TVSFPIQ YRHIVWXERHMRK LS[ GSQQERHW [SVOEXXLIJYRHEQIRXEP MRXIVEGXMZI PIZIPMWMQTSVXERX FIJSVI HMKK MRK MRXS XLI MRXV MGEGMIWSJ WGV MTXW 8LEX MW YRPIWW ]SY PMOI YRI\TIGXIHWYV TV MWIW
&EWL /I][SVHW
%OI][SVHMWE [SVH SVW]QFSPXLEX LEW EWTIGMEPQIERMRK XSE GSQTYXIV PERKYEKI 8LI JSPPS[MRKW]QFSPWERH[SVHWLEZI WTIGMEP QIERMRKW XS &EWL [LIR XLI] EVI YRUYSXIH ERH XLIJMVWX[SVHSJ EGSQQERH
IWEG WIPIGX a
GEWI JM XLIR ??
HS JSV YRXMP AA
HSRI JYRGXMSR [LMPI
IPMJ MJ XMQI
IPWI MR _
9RPMOIQSWX GSQTYXIV PERKYEKIW &EWLEPPS[W OI][SVHWXSFIYWIHEW ZEV MEFPI REQIW IZIR XLSYKLXLMW GERQEOIWGV MTXW HMJJMGYPX XSVIEH 8S OIIT WGV MTXW YRHIVWXERHEFPI OI] [SVHWWLSYPH RSXFIYWIHJSV ZEV MEFPI REQIW
'SQQERH &EWMGW
2S QEXXIV[LEXXLIMVWSYVGI GSQQERHWJEPP MRXSERYQFIVSJMRJSV QEPGEXIKSV MIW 9XMPMXMIWEVI KIRIVEPTYV TSWI GSQQERHW YWIJYPMR QER]ETTPMGEXMSRW WYGL EWVIXYV RMRK XLI HEXISV GSYRXMRK XLIRYQFIVSJ PMRIWMR EJMPI
*MPXIVWEVI GSQQERHW XLEXXEOI XLI VIWYPXW SJSRIGSQQERH ERHQSHMJ]XLIQMR WSQI [E] WYGL EWVIQSZMRK YR[ERXIHPMRIWSV WYFWXMXYXMRKSRI[SVHJSVERSXLIV 1ER]GSQ QERHW EGXEW JMPXIVW YRHIVXLI V MKLXGMVGYQWXERGIW
8S I\IGYXI EGSQQERH X]TI MX EXXLI&EWLGSQQERH TVSQTX 8LITVSQTXMW YWYEPP]E FYXSJXIR0MRY\ HMWXV MFYXMSRWGYWXSQM^IMX XSWSQIXLMRK IPWI 7Y7) JSV I\EQTPI YWIW E"GSQQERH TVSQTX
8LIHEXIGSQQERH TV MRXW XLI GYV VIRX HEXI ERHXMQISRXLIWGVIIR
HEXI
;IH%TV)(8
%PP JMPIW MRGPYHMRKWLIPP GSQQERHW EVI GEWIWIRWMXMZI &]GSRZIRXMSR EPP WLIPPGSQ QERHW EVI MRPS[IVGEWI
(%8)
FEWL(%8)GSQQERHRSXJSYRH
%VKYQIRXWEVI EHHMXMSREPMRJSV QEXMSRWYTTPMIH XS EGSQQERHXSGLERKI MXWFILEZMSV 8LIHEXIGSQQERH XEOIWE JSV QEXEVKYQIRXXSGLERKI XLI ETTIEVERGISJ XLI HEXI ERH XMQI
HEXIs , 1t
7[MXGLIWEPWSGEPPIHqSTXMSRWr SVqJPEKWr EVI GLEVEGXIVWTVSGIIHIHF]E QMRYW WMKR XLEX IREFPIGSQQERHJIEXYVIW 8S WII XLIHEXIMR 'SSVHMREXIH9RMZIVWEP8MQI 98' JSV QIVP] GEPPIH+18 YWIXLIYW[MXGL
HEXIY
;IH%TV98'
&IGEYWI XLIXIV QWqSTXMSRWr ERHqJPEKWr EVIYWIH MRWSQER] GSRXI\XW XLI]EVI VIJIV VIH XS EWW[MXGLIW MRXLMWFSSO
7[MXGLIW ERHEVKYQIRXWEVI GSPPIGXMZIP] GEPPIHTEVEQIXIVW 7SQIGSQQERHW EPPS[ER] RYQFIVSJ TEVEQIXIVWSVLEZI TEVEQIXIVWXLEXGER FIEV VERKIHMR GSQTPI\[E]W
8LI +29 ERH0MRY\ GSRZIRXMSR MWJSVPSRKIV QSVI VIEHEFPISTXMSRW XSFI TVSGIIH IH F] EHSYFPIQMRYWWMKR 8LI PSRKIVIUYMZEPIRXXS XLIYW[MXGL MWYRMZIVWEP
HEXIYRMZIVWEP
;IH%TV98'
'SQQERH0MRI)HMXMRK
'SQQIRXW GER FIEHHIHXSXLIIRHSJ ER]GSQQERH SVXLI] GERFI X]TIH SR EPMRI F] XLIQWIPZIW 'SQQIRXWEVIHIRSXIH[MXLE RYQFIV WMKR
HEXIYRMZIVWEPWLS[XLIHEXIMR98'JSVQEX
&YMPXMR &EWL GSQQERHW ERHQSWX SXLIV +29 WSJX[EVIXVIEXEW EWTIGMEPW[MXGL XLEX MRHMGEXIWXLI IRHSJE PMWX SJW[MXGLIW 8LMW GERFI YWIH[LIR SRISJ XLI EVKYQIRXW WXEVXW[MXL EQMRYWWMKR
'SQQERH0MRI )HMXMRK
8LIVIEVIWTIGMEP OI]GSQFMREXMSRWXS IHMX[LEX]SYX]TISVXSVITIEX TVIZMSYW GSQ QERHW
&EWLLEWX[S IHMXMRK QSHIW 8LIWIQSHIWIQYPEXIXLIOI]WYWIHMR X[STSTYPEV 0MRY\ XI\XIHMXSVW:M QSHIQMQMGW XLIZMERHZMQIHMXSVW)QEGW QSHI[SVOW PMOI IQEGW RERS SVTMGS
8LI GYV VIRX IHMXMRK QSHI GERFI GLIGOIH [MXLXLIWLSTXGSQQERHWLSTX S IQEGWMW SR MJ]SYEVIMRIQEGW QSHIWLSTX S ZMMWSR MJ]SYEVI MRZMQSHI 3RP] SRI QSHI GERFISREXE XMQI
WLSTXSIQEGW IQEGWSR WLSTXSZM ZMSJJ
6IKEVHPIWW SJXLI QSHI XLIEV VS[OI]W QSZIXLIGYVWSVERHWXITXLVSYKLXLI QSWX VIGIRXP]I\IGYXIH GSQQERH
R 0IJXEVVS[h1SZIW FEGOSRI GLEVEGXIVXS XLIPIJX 2SGLEVEGXIVW EVI IVEWIH
R 6MKLX EVVS[h1SZIW JSV[EVH SRI GLEVEGXIVXSXLIV MKLX
R 9T EVVS[h1SZIW XS XLI TVIZMSYWGSQQERH MR XLIGSQQERH LMWXSV]
R (S[REVVS[h1SZIW XS XLI RI\XGSQQERH MRXLIGSQQERH LMWXSV] MJER]
9WMRK XLI PIJX ERHV MKLX EV VS[W XLIGYVWSV QSZIW XS ER]TSWMXMSRMR XLI GSQQERH -R XLI QMHHPI SJE PMRI RI[XI\X MW MRWIVXIHMRXS XLI PMRI [MXLSYXSZIV[V MXMRKER]SPH X]TMRK
)QEGW QSHI MW XLI HIJEYPXQSHISREPP XLI QENSV0MRY\ HMWXV MFYXMSRW 8LI QSWXGSQ QSRIQEGWOI]W EVI EWJSPPS[W
R GSRXVSPFh1SZIW FEGOSRI GLEVEGXIVXSXLIPIJX 2SGLEVEGXIVWEVI IVEWIH
R GSRXVSPJh1SZIW JSV[EVH SRI GLEVEGXIVXSXLIV MKLX
R GSRXVSPTh1SZIW XS XLI TVIZMSYWGSQQERH MRXLIGSQQERH LMWXSV]
R GSRXVSPRh1SZIW XS XLI RI\XGSQQERH MRXLIGSQQERH LMWXSV] MJER]
8LI JMPIREQIGSQTPIXMSR JIEXYVI EXXIQTXWXS JMRH EQEXGLMRKJMPIREQIFIK MRRMRK [MXL XLIJMREP [SVH SR XLI PMRI -JE QEXGLMRK JMPIREQIMWJSYRH XLIVIWXSJ XLIJMPIREQI MWX]TIHMR F] &EWL *SVI\EQTPI
HEX
MWGSQTPIXIH [LIRXLI8EF OI]MW TVIWWIH XS
HEXI
MJHEXIMWXLISRP]GSQQERHXLEX GERFI JSYRH WXEVXMRK[MXL XLI GLEVEGXIVWHEX 8LI ZM QSHIOI] GSQFMREXMSRW EVI EW JSPPS[W
R )WGh)RXIVWI\MXW IHMXMRK QSHI
R Lh1SZIW FEGOSRI GLEVEGXIVXSXLIPIJX 2SGLEVEGXIVWEVI IVEWIH
R Ph1SZIW JSV[EVH SRI GLEVEGXIVXSXLIV MKLX
R Oh1SZIW XS XLI TVIZMSYWGSQQERH MRXLIGSQQERH LMWXSV]
R Nh1SZIW XS XLI RI\XGSQQERH MRXLIGSQQERH LMWXSV] MJER]
R )WGX[MGIh*MRHW EQEXGLMRKJMPIREQI ERHGSQTPIXIWMXMJXLIVI MW SRI I\EGX QEXGL
% GSQTPIXIPMWXSJ OI]GSQFMREXMSRW SVFMRHMRKW MW PMWXIH MRXLI&EWLQER TEKI MR XLI 6IEHPMRIWIGXMSR 8LI HIJEYPX OI]GSQFMREXMSRW GERFI GLERKIH PMWXIH SVVIEWWMKRIH YWMRKXLIFMRHGSQQERH 8SEZSMH GSRJYWMSR MXMW FIWX XS [SVO [MXLXLIHIJEYPXWYRPIWW ]SYLEZI EWTIGMJMGETTPMGEXMSRMR QMRH
3XLIVIHMXMRK OI]W EVI GSRXVSPPIH F]XLI SPHIV 0MRY\WXX]WIX XIPIX]TI GSQQERH 6YRRMRKWXX]WLS[WXLI GSQQSRGSQQERH OI]WEW[IPPEWSXLIVMRJSV QEXMSREFSYX ]SYV WIWWMSR 9WIXLIEEPP W[MXGLJSVEPP WIXXMRKW
WXX]
WTIIHFEYHIZIRTLYTGP MRXV!B'IVEWI!B#OMPP!B< ISP!B$W[XGL!B$
WYWT!B>HWYWT!B= [IVEWI!B;PRI\X!B$
MRTGOMWXVMTMGVRPM\ER]M\SJJSRPGV MI\XIRIGLSIGLSIIGLSO
IGLSGXPIGLSOI
1ER] SJXLIWI WIXXMRKW EVI YWIHSRP] [LIR]SYtVI [SVOMRK [MXLWIV MEP TSVXHIZMGIW ERH GERFI MKRSVIHSXLIV[MWI 8LISXLIVWIXXMRKWEVIGSRXVSPOI]GSQFMREXMSRWQEVOIH [MXL EGEVIXB W]QFSP /I]W[MXLB$SV%7'-- EVI RSXHIJMRIH 8LI OI]WEVI EWJSP PS[W
R IVEWIYWYEPP]B# [LMGL MWXLIFEGOWTEGIOI]SR-&1WX]PIOI]FSEVHWh1SZIW PIJX ERH IVEWIWSRI GLEVEGXIV
R MRXVYWYEPP]B'h-RXIV VYTXWWXSTW XLIGYV VIRXTVSK VEQ SVGERGIPWXLI GYV VIRX PMRI
:EVMEFPI%WWMKRQIRXWERH(MWTPE]MRK 1IWWEKIW
R VTVRX YWYEPP]B6h6IHVE[W XLI GYV VIRX PMRI
R WXSTYWYEPP]B7h4EYWIW XLITVSK VEQ WS]SYGER VIEHXLIVIWYPXWSR XLIWGVIIR R WXEVX YWYEPP]B5h6IWYQIW XLITVSK VEQ
R WYWTYWYEPP]B>h7YWTIRHW XLI GYV VIRX TVSK VEQ R [IVEWI YWYEPP]B;h)VEWIW XLI PEWX [SVH X]TIH 8S GLERKIXLIWYWTIRH GLEVEGXIVXSGSRXVSPZ X]TI
WXX]WYWTsBZt
'LERKMRK OI]GSQFMREXMSRW GERFI ZIV] HMJJMGYPX *SVI\EQTPI MJ]SYEVIVYRRMRK ER <;MRHS[W WIVZIVXLI WSJX[EVI XLEXVYRW SR EGPMIRXGSQTYXIV SRE 1MGVSWSJX;MRHS[W GSQTYXIVXSEGGIWWE0MRY\GSQTYXIV OI] GSQFMREXMSRWGER FIEJJIGXIH F] XLI JSPPS[MRK
R 1MGVSWSJX;MRHS[W
R 8LI < WIVZIV WSJX[EVI
R 8LI 0MRY\[MRHS[QEREKIV
R 8LI WXX]WIXXMRKW
)EGLEGXW PMOIPE]IVWSJ ER SRMSRERHXLI]QYWXEPP FI MREK VIIQIRX *SVI\EQTPI WLMJXMRWIVX SJXIR YWIHXSTEWXIXI\X QMKLXFILERHPIHF]]SYV<;MRHS[ WIVZIV FIJSVI ]SYV 0MRY\GSQTYXIV SV]SYVWLIPP LEZIE GLERGI XSWII MX
:EV MEFPI%WWMKRQIRXWERH (MWTPE]MRK 1IWWEKIW
:EV MEFPIW GER FI GVIEXIHERH EWWMKRIH XI\XYWMRK ERIUYEPW WMKR 7YV VSYRH XLI XI\X[MXL HSYFPI UYSXIW
*-0)2%1)!rMRJSX\Xr
8LI ZEPYI SJZEV MEFPIWGER FITV MRXIH YWMRKXLITVMRXJGSQQERHTVMRXJLEW X[S EVKYQIRXW E JSV QEXXMRK GSHI ERH XLIZEV MEFPIXS HMWTPE] *SVWMQTPI ZEV MEFPIW XLIJSV QEXXMRKGSHIMW© W@RªERH XLIZEV MEFPIREQI WLSYPHETTIEV MRHSYFPIUYSXIW[MXL E HSPPEVWMKRMR JVSRXSJ XLI REQI
TVMRXJq W@Rrq*-0)2%1)r MRJSX\X
TVMRXJGEREPWS HMWTPE] WMQTPIQIWWEKIW 4YXXLI QIWWEKI MRXLITPEGISJ XLI JSV QEX XMRKGSHI
TVMRXJq&EWLMWEKVIEXWLIPP@Rr &EWLMWEKVIEXWLIPP
8LI VIWYPXWSJ EGSQQERH GERFI EWWMKRIH XSE ZEV MEFPI YWMRK FEGOUYSXIW
(%8)!DHEXID
TVMRXJq W@Rrq(%8)r ;IH*IF)78
8LI HEXI WLS[RMWXLIHEXI[LIR XLIZEV MEFPI(%8)MWEWWMKRIHMXWZEPYI 8LIZEPYI SJ XLI ZEV MEFPI VIQEMRWXLI WEQIYRXMPE RI[ZEPYIMW EWWMKRIH
TVMRXJq W@Rrq(%8)r ;IH*IF)78 (%8)!DHEXID
TVMRXJq W@Rrq(%8)r ;IH*IF)78
1YPXMTPI 'SQQERHW
1YPXMTPI GSQQERHW GER FIGSQFMRIH SRE WMRKPIPMRI ,S[XLI]EVII\IGYXIH HITIRHW SR[LEXW]QFSPWWITEVEXI XLIQ
-J IEGL GSQQERHMW WITEVEXIH F]EWIQMGSPSR XLIGSQQERHWEVII\IGYXIH GSRWIGY XMZIP] SRIEJXIV ERSXLIV
TVMRXJq W@Rrq8LMWMWI\IGYXIHrTVMRXJq W@Rrq%RHWSMWXLMWr 8LMWMWI\IGYXIH
%RHWSMWXLMW
-J IEGL GSQQERHMW WITEVEXIH F]E HSYFPIEQTIVWERH XLI GSQQERHW EVI I\IGYX IH YRXMPSRI SJXLIQJEMPWSV YRXMPEPP XLIGSQQERHWEVII\IGYXIH
HEXITVMRXJq W@Rrq8LIHEXIGSQQERH[EWWYGGIWWJYPr ;IH%YK)(8
8LIHEXIGSQQERH[EWWYGGIWWJYP
-J IEGL GSQQERHMW WITEVEXIH F]EHSYFPIZIVXMGEPFEV`` XLI GSQQERHW EVI I\IGYX IH EWPSRK EWIEGLSRIJEMPWYRXMP EPPXLI GSQQERHW EVI I\IGYXIH
HEXIsHYGOt``TVMRXJq W@Rrq8LIHEXIGSQQERHJEMPIHr HEXIFEHGSRZIVWMSR
8LIHEXIGSQQERHJEMPIH
7IQMGSPSRW HSYFPI EQTIVWERHW ERHHSYFPIZIVXMGEPFEVWGER FIJVIIP] QM\IHMR EWMR KPIPMRI
HEXIsJSVQEXXLMWt``TVMRXJq W@Rrq8LIHEXIGSQQERHJEMPIHr@ TVMRXJq W@Rrq&YXXLITVMRXJHMHRtXr
HEXIFEHGSRZIVWMSR 8LIHEXIGSQQERHJEMPIH &YXXLITVMRXJHMHR¬X
'SQQERH,MWXSV]
'SQQERH ,MWXSV]
&EWLOIITW EPMWX SJXLI QSWXVIGIRXP]X]TIHGSQQERHW 8LMWPMWX MWXLIGSQQERHLMWXSV] 8LI IEWMIWX [E] XSFVS[WIXLI GSQQERHLMWXSV ]MW [MXLXLI 9TERH (S[R EV VS[ OI]W 8LI LMWXSV]GER EPWS FI WIEVGLIH[MXL ER I\GPEQEXMSR QEVO 8LMW HIRSXIWXLI WXEVXSJ EGSQQERH REQIXSFIGSQTPIXIHF] &EWL &EWL I\IGYXIWXLI QSWXVIGIRXGSQ QERH XLEXQEXGLIW *SVI\EQTPI
HEXI
;IH%TV)(8 H
;IH%TV)(8
-J XLIVIMWRS QEXGLMRK GSQQERH &EWL VITPMIW [MXLERIZIRX RSX JSYRHIV VSV QIWWEKI
\
FEWL\IZIRXRSXJSYRH
% HSYFPIVITIEXW XLI PEWX GSQQERH HEXI
8LY.YP)(8
HEXI
8LY.YP)(8
8LIVIEVIQER] ZEV MEXMSRW SJXLIGSQQERH XS TVSZMHIWLSVXGYXWMR WTIGMJMG WMXYE XMSRW
% RIKEXMZI RYQFIV MRHMGEXIWXLIVIPEXMZI PMRI RYQFIV 8LEXMW MXMRHMGEXIW XLIRYQFIV SJGSQQERHWXS QSZIFEGO MRXLI LMWXSV] XSJMRH XLI SRIXS I\IGYXIMWXLIWEQIEW
HEXI
8LY.YP)(8 TVMRXJq W@Rr4;(
LSQIOFYVXGL
HEXI
8LY.YP)(8
8LIVITIEXW XLIGSRXIRXSJ XLIGYV VIRXGSQQERH PMRI (SRtXGSRJYWI XLMW[MXL MR WLIPPWGV MTXW9WI XLMW XS VYREWIX SJGSQQERHWX[MGI
HEXIWPIIT
&EWLOIITW XLIGSQQERH LMWXSV] MRE JMPIGEPPIHFEWLCLMWXSV]YRPIWWE ZEV MEFPI GEPPIH,-78*-0)MWHIJMRIH )EGLXMQI]SYUYMX E&EWLWIWWMSR &EWL WEZIWXLI LMWXSV] SJ ]SYV WIWWMSR XSXLI LMWXSV] JMPI -JXLILMWXETTIRHWLIPP STXMSRMWSR XLI LMWXSV] MW ETTIRHIH XS XLI SPHLMWXSV]YT XS XLI QE\MQYQ EPPS[IH WM^I SJXLI LMWXSV] JMPI )EGL XMQI]SYWXEVXE &EWL WIWWMSR XLI LMWXSV]MW PSEHIHEKEMRJVSQ XLIJMPI
%RSXLIV WLIPPSTXMSRLMWXZIVMJ] IREFPIW ]SYXS IHMXXLIGSQQERH EJXIVMXtW VIXV MIZIHMRWXIEH SJI\IGYXMRK MXMQQIHMEXIP]
&EWL LEWEFYMPXMR GSQQERHLMWXSV][LMGL K MZIW JYPPGSRXVSPSZIV XLIGSQQERH LMWXSV] 8LILMWXSV]GSQQERH [MXLRSTEVEQIXIVWPMWXWXLI GSQQERHLMWXSV ] -J]SY HSRtX [ERXXSWIIXLI IRXMVI LMWXSV] WTIGMJ] XLI RYQFIV SJGSQQERH PMRIW XSWLS[ LMWXSV]
WIXSIQEGW WXX]
QERWXX] WXX]E HEXIIHLLL HEXIIHLLL HEXI HEXI
LMWXSV]
=SYGERXIWX[LMGL GSQQERH[MPPFI QEXGLIH HYV MRKE LMWXSV]GSQTPIXMSR YWMRKXLI TW[MXGL
LMWXSV]TH LMWXSV]THEXI HEXI
% TEVXMGYPEV GSQQERHPMRIGER FIVIJIV VIHXSF]XLIPMRIRYQFIV
HEXI
8LY.YP)(8
LMWXSV] HHIPIXIW ERIRXV ]MR XLILMWXSV]
LMWXSV]H
LMWXSV] WXX] QERWXX] HEXIIHLLL HEXIIHLLL HEXI HEXI
(MVIGXSV] 'SQQERHW
8LIWW[MXGL EHHW RI[LMWXSV] IRXV MIW[[VMXI ERHVVIEH WEZI SV PSEHXLI LMWXS V] JVSQE JMPI VIWTIGXMZIP] 8LIEETTIRH W[MXGL ETTIRHW XLI GYV VIRXWIWWMSRLMWXSV ]XS
XLI LMWXSV] JMPI 8LMWMW HSRIEYXSQEXMGEPP] [LIR]SYUYMX XLI WLIPP 8LIRW[MXGL PSEHW
XLI GSQTPIXILMWXSV ]JVSQ XLI LMWXSV] JMPILMWXSV] GGPIEV HIPIXIW XLI IRXMVI LMWXSV] 8LI GSQQERHLMWXSV]GER FI WIEVGLIH [MXL#JSV XLI QSWXVIGIRXGSQQERH GSR
XEMRMRKXLI XI\X -JXLIVI MWEHHMXMSREPX]TMRKEJXIV XLI#WIEVGL XLIGSQQERHJVEKQIRX
[MPP FIHIPMRIEXIH[MXL EXVEMPMRK#
HEXI
8LY.YP)(8 #EXI
HEXI
8LY.YP)(8 #HE#s =t
HEXI« =¬
8LI UYMGOWYFWXMXYXMSR LMWXSV] GSQQERHB VYRW XLI PEWX GSQQERHEKEMR VITPEGMRK SRI WXV MRK [MXLERSXLIV
HEXIs =t
B =B QB HEXI« Q¬
8LI &EWL LMWXSV] GER FI XYV RIH SJJ F]YRWIXXMRK XLIS LMWXSV]WLIPP STXMSR 8LI
GQHLMWX STXMSRWEZIW QYPXMTPI PMRI GSQQERHW MRXLI LMWXSV] 8LIPMXLMWX STXMSRFVIEOW YT GSQQERHWWITEVEXIH F] WIQMGSPSRW MRXS WITEVEXIPMRIW
(MVIGXSV]'SQQERHW
8LI FYMPXMRT[HTVIWIRX [SVOMRK HMVIGXSV] GSQQERH VIXYV RW XLI REQI SJ]SYVGYV VIRX
HMVIGXSV ]
T[H
LSQIOFYVXGL
%PXLSYKL]SYQMKLXRSX XLMRO WYGL EWMQTPI GSQQERH RIIHWSTXMSRWT[HLEWE GSY TPI SJW[MXGLIW 8LI4TL]WMGEP W[MXGLWLS[W XLIEGXYEPHMVIGXSV] [LIVIEWXLIHIJEYPX0
PSKMGEP W[MXGL WLS[WXLIHMVIGXSV ] MRGPYHMRK ER]W]QFSPMGPMROW *SVI\EQTPI MJLSQI
[EW EPMRO XS EHMVIGXSV]GEPPIHYWIVCHVMZILSQIW XLIW[MXGLIW [SVOEWJSPPS[W
T[H4
YWIVCHVMZILSQIWOFYVXGL T[H0
8LI FYMPXMRGHGLERKI HMVIGXSV] GSQQERH GLERKIW ]SYV GYV VIRX HMVIGXSV] %W HMW
GYWWIHMR 'LETXIV q8LI 0MRY\)RZMVSRQIRXr XLI WTIGMEPHMVIGXSV ]VITVIWIRXW XLI
TEVIRX HMVIGXSV] [LIVIEWVITVIWIRXWXLI GYV VIRX HMVIGXSV]
T[H
LSQIOFYVXGL GH T[H
LSQIOFYVXGL GH T[H LSQI GHOFYVXGL T[H
LSQIOFYVXGL
)EGLXMQI]SYGLERKI XLIHMVIGXSV] &EWL YTHEXIWXLI ZEV MEFPI4;(GSRXEMRMRK XLI
TEXL XS]SYVGYV VIRX [SVOMRK HMVIGXSV] &EWLEPWSQEMRXEMRW EWIGSRHZEV MEFPIGEPPIH30(
4;(XLEX GSRXEMRWXLI PEWX HMVIGXSV] ]SY[IVI MR
9WMRK XLIQMRYWWMKR§ [MXLGH ]SY GERW[MXGLFIX[IIR XLI GYV VIRX HMVIGXSV] ERH XLI PEWX HMVIGXSV] 8LMW MWE YWIJYPWLSVXGYXMJ]SYEVIHSMRK[SVO MRX[S HMJJIVIRX HMVIGXS
V MIW
T[H
LSQIOFYVXGL GH T[H LSQI GH T[H
LSQIOFYVXGL GH T[H LSQI
8LI XMPHI b VITVIWIRXW ]SYVGYV VIRXHMVIGXSV] 9WI MXXS QSZIXS EHMVIGXSV ]VIPEXMZI
XS]SYVLSQI HMVIGXSV] 8S QSZIXS EHMVIGXSV ]GEPPIHQEMPMR ]SYVLSQIHMVIGXSV] X]TI
GHbQEMP
%PXLSYKLERH[SVO MREPP 0MRY\TVSK VEQWbERHEVIJIEXYVIWSJ &EWL ERHSRP] [SVO [MXL&EWLERH &EWL WGV MTXW
GHF] MXWIPJ VIXYV RW]SYXS ]SYV LSQIHMVIGXSV] XLI WEQI EWGH b
-J E'(4%8,ZEV MEFPI I\MWXW MXMWEWWYQIH XS GSRXEMRE PMWXSJ HMVIGXSV MIWWMQMPEVXSXLI
7TIGMEPM^IH 2EZMKEXMSR ERH,MWXSV]
7TIGMEPM^IH 2EZMKEXMSR ERH ,MWXSV]
&IGEYWI QSWXYWIVWGER STIRQYPXMTPIWLIPP WIWWMSRW XLIVI MW PMXXPIRIIH JSVGSQTPI\ QSZIQIRX FIX[IIR HMVIGXSV MIWGH W[MXGLIWFIX[IIRX[S HMVIGXSV MIW [LMGL MWWYMXEFPI JSVQSWX GMVGYQWXERGIW ,S[IZIV MJ]SYEVIVIWXV MGXIHXSE WMRKPIWLIPP WIWWMSR ERH[ERX &EWLXSVIQIQFIV QSVIHMVIGXSV MIW XLIVI EVI XLVIIFYMPXMR GSQQERHWXLEX QEMRXEMRE PMWX SJHMVIGXSV MIW
8LI FYMPXMRHMVW GSQQERH WLS[W XLIPMWXSJWEZIHHMVIGXSV MIW 8LI GYV VIRX HMVIGXSV] MWEP[E]WXLI JMVWXMXIQMR XLI PMWX
HMVW b
8LI FYMPXMRTYWLHTYWLHMVIGXSV] GSQQERH EHHWSVTYWLIWHMVIGXSV MIW SRXS XLI PMWX ERH GLERKIWXLIGYV VIRXHMVIGXSV ]XSXLIRI[ HMVIGXSV]
TYWLHLSQIOFYVXGLMRZSMGIW bMRZSMGIWb
TYWLHLSQIOFYVXGL[SVO b[SVObMRZSMGIWb T[H
LSQIOFYVXGL[SVO
8LIVIEVIRS[XLVIIHMVIGXSV MIWMR XLIPMWX
8LIRRS GLERKI W[MXGL [MPPTYXEHMVIGXSV] MRXS XLI PMWX[MXLSYX GLERK MRK HMVIGXS V MIW2VSXEXI 2XL QSZIW XLIRXL HMVIGXSV]JVSQ XLI PIJXSV [MXL2 JVSQ XLIV MKLX XS XLI XST SJXLI PMWX
8LIHMVW PW[MXGL HMWTPE]W XLI HMVIGXSV] REQIW [MXLSYXER] WLSVXJSV QW
HMVWP
LSQIOFYVXGL[SVOLSQIOFYVXGLMRZSMGIWLSQIOFYVXGL
8LIZW[MXGLHMWTPE]W XLIPMWX EW EWMRKPIGSPYQR ERHTWLS[W XLI WEQI MRJSV QEXMSR [MXLSYX XLI PMWXTSWMXMSR 8LIGW[MXGL GPIEVW XLI PMWX 8LI2ZMI[2XL WLS[W XLIRXL HMVIGXSV ]JVSQ XLI PIJX SV [MXL2 JVSQ XLIV MKLX
HMVW
b
8LI FYMPXMRTSTHTSTHMVIGXSV] GSQQERH MW XLISTTSWMXI SJXLITYWLHTSTHHMWGEVHW XLI JMVWXHMVIGXSV] ERHQSZIW XSXLI RI\X HMVIGXSV] MRXLI PMWX
TSTH bMRZSMGIWb T[H
LSQIOFYVXGLMRZSMGIW
8LI 'SPSR 'SQQERH
8LI WMQTPIWX WLIPPGSQQERHMW XLIGSPSR 8LMW MWXLIGSPSR GSQQERHWSQIXMQIWGEPPIH EqRSSTr SVqRYPPGSQQERHrERH HSIWRSXLMRK ;LEXtWXLIYWI SJE GSQQERHXLEX HSIWRSXLMRK#8LIVIEVIWSQI TPEGIWMR WLIPPTVSK VEQW[LIVI EWXEXIQIRXMW VIUYMVIH -R XLSWIGEWIW ]SY GERYWIXSMRHMGEXI RSXLMRK WTIGMEPWLSYPH FIHSRI
%XXLIGSQQERH TVSQTXLEWRSIJJIGX
8LI GSPSRGSQQERH GERLEZI TEVEQIXIVW ERHJMPIVIHMVIGXMSRW 8LMWGER LEZIWXVERKI IJJIGXW WYGLEW VYRRMRK XLIHEXIGSQQERH YWMRK FEGOUYSXIW K MZMRKXLIVIWYPXWXS XLI RYPPGSQQERH XLEXUYMIXP] HMWGEVHWXLIQ
DHEXID
8LMWLEWXLIWEQIIJJIGX EWVIHMVIGXMRK XLISYXTYXSJ HEXI XSXLIHIZRYPP JMPI HEXI"HIZRYPP
&EGOUYSXIWERH VIHMVIGXMSREVIHMWGYWWIH MRERYTGSQMRKGLETXIV
6IJIVIRGI 7IGXMSR
HEXI
'SQQERH 7[MXGLIW
R HEXI!WSVH Wh(MWTPE]W XMQI HIWGV MFIHF]W R JMPI!JSVJ Jh(MWTPE]W XMQIW PMWXIH MRJMPIJ
R MWS!XSV- Xh(MWTPE]W ER -73 WXERHEVHXMQI R VIJIVIRGI!JSVV Jh(MWTPE]W PEWX QSHMJMGEXMSRHEXISJ JMPI R VJGSV6h9WIW 6*' JSV QEX
R YRMZIVWEPSVYXGSVYh9WIW 'SSVHMREXIH9RMZIVWEP8MQI
WXX]
'SQQERH 7[MXGLIW
R EPPSVEh(MWTPE]W EPPWXX]WIXXMRKW R
6IJIVIRGI7IGXMSR
LMWXSV]
'SQQERH 7[MXGLIW
R Eh%TTIRHW XS LMWXSV]JMPI
R Gh'PIEVW LMWXSV]
R Hh(IPIXIWLMWXSV ]IRXV ]
R Rh0SEHWJVSQ LMWXSV] JMPI
R Th4IVJSV QW LMWXSV]PSSOYTWYFWXMXYXMSR
R Vh6IEHWLMWXSV] JVSQE JMPI
R Wh%HHW RI[LMWXSV]IRXV MIW
T[H
'SQQERH 7[MXGLIW
R 4h4L]WMGEP HMVIGXSV ]
R 0h0SK MGEPHMVIGXSV]
HMVW
'SQQERH 7[MXGLIW
R Gh'PIEVW EPPIRXV MIW
R Ph7LS[WE PSRK PMWXMRK RSXMPHIW
R Th0MWXWXLI IRXV MIW
*MPIW 9WIVW ERH7LIPP
'YWXSQM^EXMSR
;
,)2 %*6-)2(3*1-2)+38 %2);9RM\GSQTYXIV XLIGSRWSPIHMWTPE] HMHRtX PSSOUYMXIV MKLX ;LIR [IXV MIHXSZMI[JMPIW XLI STIVEXMRKW]WXIQ HMHRtXORS[ LS[FMK XLI WGVIIR[EW -XHMWTPE]IHXLI IRXMVI JMPIMRWXIEHSJ EWGVIIR EX EXMQI1]9RM\[EWE FMX VYWX]EX XLI XMQI FYX -VIQIQFIVIHXLEX XLIVI[EW EWXX]GSQ QERH XS GLERKIEXXV MFYXIW SJXLI HMWTPE] 0SSOMRK EXXLILIPTPMWXMRKJSVWXX] - RSXMGIHE TIVWSRGSYPH WIXXLIVS[WERH XLIPMRI 8LMROMRK XLEXPMRIQYWXFI XLI RYQFIV SJPMRIW SRXLIHMWTPE] - X]TIHWXX] PMRI 8LIGSQTYXIVWXSTTIHVIWTSRHMRK JSVGMRK YW XS VIFSSX MX
;I TLSRIHYTE 9RM\ TVSJIWWMSREP [LS LEHXLIWEQISTIVEXMRK W]WXIQ ,I WEMH q8LEX WLSYPHLEZI [SVOIH 0IX QI XV] MXr 8LIVI[EWE FV MIJTEYWI q- PSGOIH YTQ] GSQTYXIV XSSr
-X XYV RIHSYXXLEXWXX] PMRI WIX XLIWIV MEP TSVXJSV XLIHMWTPE] GLERK MRK MXXSTSVX [LIR XLIVI[EW RSHIZMGI GSRRIGXIH XSTSVX ;MXL XLI [MHI ZEV MIX] SJSTXMSRW EZEMPEFPIXS9RM\FEWIH STIVEXMRK W]WXIQW PMOI 0MRY\ MX GERWSQIXMQIW FIHMJJMGYPXXS TVIHMGX[LEX EGSQQERHEGXYEPP]HSIW 8LMWGLETXIVI\TERHW SRXLIPEWXGLETXIV GSZIV MRK QSVIFEWMG GSQQERHW ERHXLIMVQER] WSQIXMQIWGSRJYWMRK STXMSRW
0MWXMRK *MPIW
8LIPWPMWX GSQQERH WLS[WXLIGSRXIRXW SJXLI GYV VIRX HMVIGXSV] %PXLSYKLPWMWE JEQMPMEVGSQQERH EZEMPEFPI SREPP9RM\PMOISTIVEXMRK W]WXIQ 0MRY\YWIW XLIPWGSQ QERH JVSQXLI+29JMPIYXMPWTVSNIGXERH LEW QER] WTIGMEPW[MXGLIWERH JIEXYVIW PW
EVGLMZIGLIGOSVHIVWWLSVHIVWX\X
HIJEYPXWJSVPWGSQQERH 6IH,EX JSV I\EQTPI LEW XLIUERH*W[MXGLIWSR F] HIJEYPX *VSQ XLI TSMRX SJZMI[ SJWGV MTX [V MXMRK MXtW RSX WEJIXS YWIXLIPWGSQQERH MR EWGV MTX [MXLSYX WTIGMJ]MRK XLIETTVSTV MEXI W[MXGLIWFIGEYWI]SYGERtX FIWYVI[LMGL HIJEYPXWE TEVXMGYPEVHMWXV MFYXMSR YWIW
PWLMHIW JMPIWXLEX FIK MR[MXL ETIV MSH 8LMWMW XLI0MRY\GSRZIRXMSRJSVGSRJMKYVEXMSR JMPIW LMWXSV] JMPIW ERH SXLIV JMPIWXLEX EYWIVMWRtX RSV QEPP] MRXIVIWXIHMR 8S WIIXLIWI JMPIW YWI XLI%EPP W[MXGL 9WIEEFWSPYXIP]EPP XS WLS[ XLIMQTPMGMXERHJMPIWEW[IPP PW%
FEWLCLMWXSV]FEWLCPSKSYXFEWLCTVSJMPIFEWLVGEVGLMZI GLIGOSVHIVWWLSVHIVWX\X
8LI JMPIREQIWGER FITV MRXIH MRGSPSV XSWLS[ XLI OMRH SJJMPIXLI]EVI 8LI GSPSVW EVIHIJMRIH MRE JMPIIXG(-6C'30367=SYGER GYWXSQM^IXLI GSPSVWYWMRK E
HMVCGSPSVWJMPIMR ]SYV S[RHMVIGXSV] 8LIJSV QEX SJXLI JMPIMWHIWGV MFIH MRXLI IXG(-6C'30367JMPI
8S HMWTPE]XLI JMPIW[MXLSYX GSPSV ERH[MXL W]QFSPW MRWXIEH YWIXLIGSPSVERH GPEWWMJ]SV* W[MXGLIW 3R QSWX0MRY\ HMWXV MFYXMSRW XLMWJIEXYVIMW XYV RIH SR YWMRKEPMEWIW
PWGSPSV!RIZIVGPEWWMJ]
EVGLMZIGLIGOSVHIVWWLSVHIVWX\X
8LI§GPEWWMJ]W]QFSPWEVI HMVIGXSV MIW TVSKVEQW W]QFSPMGPMROW$ TMTIW` ERH 9RM\HSQEMR WSGOIXJMPIW ! 8LIWIW]QFSPWEVIRSX ETEVX SJXLI REQI 8LI] EVI LMRXWEWXSXLIX]TISJ JMPI -RXLMWI\EQTPIEVGLMZIMWE HMVIGXSV] ERHGLIGOSVHIVWWL MWE TVSK VEQ
%RSXLIV ZIV] MQTSVXERX W[MXGLMWLMHIGSRXVSPGLEVWSVU 0MRY\ JMPIREQIW GERGSRXEMR ER]GLEVEGXIV IZIRGSRXVSPGLEVEGXIVW -XMW TSWWMFPIXSGVIEXI EJMPIREQI[MXL LMHHIR GLEVEGXIVW MR XLIREQI -RXLIWI GEWIW ]SYGERtXVIREQISVHIPIXIXLI JMPIYRPIWW ]SYORS[[LEXXLILMHHIR GLEVEGXIVWEVI 'SRXVEV] XS [LEX XLI REQIMQTPMIW XLI LMHIGSRXVSPGLEVWW[MXGL HMWTPE]WER]YRTV MRXEFPIGLEVEGXIVWMR XLI JMPIREQI EW UYIWXMSRQEVOW QEOMRK XLIMV PSGEXMSRWZMWMFPI
VQSVHIVWX\X
VQSVHIVWX\XRSRI\MWXIRX
PWGSPSV!RIZIVGPEWWMJ]iLMHIGSRXVSPGLEVW EVGLMZIGLIGOSVHIVWWLSVHI#VWX\X
% GSQTPIXIPMWXSJ W[MXGLIWETTIEVW EX XLI IRH SJXLMWGLETXIV
TVMRXJ
'SQQERH
8LI FYMPXMRTVMRXJ TVMRXJSVQEXXIH GSQQERH TV MRXW EQIWWEKI XSXLI WGVIIR =SY [MPP YWI XLMW GSQQERHE PSX MRWLIPPWGV MTXW
TVMRXJ'SQQERH
8LI JMVWXTEVEQIXIV MW EJSV QEX WXV MRKHIWGV MFMRK LS[XLIMXIQWFIMRKTV MRXIH[MPPFI VITVIWIRXIH *SV I\EQTPI XLIWTIGMEPJSV QEXXMRKGSHI© HªVITVIWIRXWER MRXIKIV RYQFIV ERH XLIGSHI© JªVITVIWIRXWEJPSEXMRKTSMRXRYQFIV
TVMRXJq H@Rr
TVMRXJq J@Rr
-RGPYHI EJSV QEX GSHIJSV IEGL MXIQ ]SY [ERXXSTV MRX )EGL JSV QEXGSHI MWVITPEGIH [MXL XLIETTVSTV MEXI ZEPYI[LIR TV MRXIH %R] GLEVEGXIVW MR XLIJSV QEX WXV MRKXLEX EVIRSX TEVXSJ EJSV QEXXMRKMRWXVYGXMSR EVI XVIEXIH EWTV MRXEFPIGLEVEGXIVW
TVMRXJq8LIVIEVI HGYWXSQIVW[MXLTYVGLEWIWSZIV H@Rr
8LIVIEVIGYWXSQIVW[MXLTYVGLEWIWSZIV
TVMRXJMWWSQIXMQIW YWIH XSVIHMVIGXE ZEV MEFPI SVWSQI YRGLERK MRKMRTYXXS EGSQ QERH *SVI\EQTPI WYTTSWI EPP]SY[ERX XS HSMW TMTI EZEV MEFPIXSE GSQQERH -RWXIEH SJYWMRKTVMRXJ &EWL TVSZMHIWE WLSVXGYX VIHMVIGXMSRSTIVEXSV VIHMVIGXWE WXV MRK MRXSE GSQQERHEWMJ MX[IVITMTIH YWMRKTVMRXJ
8LIXVGSQQERH GERGSRZIVX XI\XXS YTTIVGEWI 8LMWI\EQTPIWLS[WERIV VSV QIW WEKIFIMRKGSRZIVXIHXSYTTIVGEWI[MXLFSXLTVMRXJERH
TVMRXJq W@Rrq)6617+r`XV?PS[IVA?YTTIVA
;%62-2+8,)*-0)7*6318,)3,-33**-'),%:)2¬8%66-:)(
XV?PS[IVA?YTTIVA q)6617+r
;%62-2+8,)*-0)7*6318,)3,-33**-'),%:)2¬8%66-:)(
8LI JSV QEXGSHIWMRGPYHI XLI JSPPS[MRK
R Eh6ITVIWIRX EJPSEXMRKTSMRX RYQFIVMR LI\EHIGMQEPJSV QEX YWMRKPS[IVGEWI
PIXXIVW
R %h6ITVIWIRX EJPSEXMRKTSMRXRYQFIVMRLI\EHIGMQEP JSV QEX YWMRK YTTIVGEWI
PIXXIVW
R Fh)\TERH FEGOWPEWLWIUYIRGIW
R Gh6ITVIWIRX EWMRKPI GLEVEGXIV
R Hh(MWTPE]E WMKRIH RYQFIV
R Ih(MWTPE]E JPSEXMRKTSMRXRYQFIV WLS[R MRI\TSRIRXMEPEPWS GEPPIHqWGMIRXMJ
MGr RSXEXMSR
R
JSV *h(MWTPE]E JPSEXMRKTSMRX RYQFIV [MXLSYXI\TSRIRXMEP RSXEXMSR
R Kh+IRIVEP 0IX&EWLGLSSWI ISV J HITIRHMRK SRXLI ZEPYI
R Mh7EQIEW H
R h(MWTPE]ERSGXEPRYQFIV
R Wh(MWTPE]ERYRUYSXIH WXV MRK R Yh(MWTPE]ERYRWMKRIHRYQFIV
R \h(MWTPE]ERYRWMKRIHLI\EHIGMQEP RYQFIV YWMRKPS[IVGEWI PIXXIVW R <h(MWTPE]ERYRWMKRIHLI\EHIGMQEP RYQFIV YWMRKYTTIVGEWIPIXXIVW R h(MWTPE]E TIVGIRXWMKR
-J ERYQFIVMW XSSPEVKI &EWL VITSVXWERSYXSJVERKIIV VSV
TVMRXJq H@Rr
FEWLTVMRXJ[EVRMRK2YQIVMGEPVIWYPXSYXSJVERKI
*SVGSQTEXMFMPMX] [MXL'tWTVMRXJ &EWL EPWS VIGSKRM^IW XLI JSPPS[MRK JPEKW FYXXVIEXW
XLIQ XLI WEQI EW H
R Nh%'MRXQE\CXSVYMRXQE\CXMRXIKIV R Xh%'TXVHMJJCXMRXIKIV
R ^h%'WM^ICXSVWWM^ICXMRXIKIV
%PWS JSV 'GSQTEXMFMPMX] ]SYGER TVIJEGIXLI JSV QEXGSHIW[MXL EPSV0XSMRHMGEXI E
PSRKRYQFIV
8LI UJSV QEXMW MQTSVXERX MRWLIPP WGV MTXTVSK VEQQMRK ERHMX MWHMWGYWWIH MRXLI
UYSXMRK WIGXMSR MRXLI 'LETXIV q:EV MEFPIWr
8S GVIEXIVITSVXW [MXLRIEXGSPYQRW RYQFIVW GERTVSGIIHQER] SJXLIJSV QEXXMRK
GSHIW XSMRHMGEXIXLI[MHXLSJ EGSPYQR *SVI\EQTPI© HªTV MRXWE WMKRIH RYQFIV MR
EGSPYQR GLEVEGXIVW[MHI
TVMRXJq H@Rr
0MOI[MWI ERIKEXMZIRYQFIVPIJXNYWXMJMIWXLIGSPYQRW
TVMRXJq H H@Rr
% RYQFIV [MXLE HIGMQEP TSMRX VITVIWIRXW EGSPYQR [MHXL ERH EQMRMQYQRYQFIV
SJHMKMXWSV HIGMQEP TPEGIW[MXL JPSEXMRKTSMRXZEPYIW *SV I\EQTPI© JªMRHMGEXIW
EJPSEXMRKTSMRXRYQFIVMR EGLEVEGXIVGSPYQR [MXLE QMRMQYQSJ JMZI HIGMQEP
TPEGIW
TVMRXJq J@Rr
*MREPP] ERETSWXVSTLI «HMWTPE]W XLIRYQFIV[MXLXLSYWERHW KVSYTMRKW FEWIHSR XLI
GYV VIRX GSYRXV]PSGEPI
8LI@RMR XLIJSV QEX WXV MRKMW ER I\EQTPI SJE FEGOWPEWL GSHI JSV VITVIWIRXMRK
YRTV MRXEFPI GLEVEGXIVW@RMRHMGEXIW ERI[PMRI WLSYPHFI WXEVXIH 8LIVIEVI WTIGMEP FEGO
+IXXMRK,IPT
R @Fh&EGOWTEGI
R @Jh*SV QJIIHXLEX MW INIGX ETEKISRE TV MRXIV
R @Rh7XEVXE RI[PMRI
R @Vh'EV V MEKIVIXYV R
R @Xh8EF
R @Zh:IVXMGEP XEF
R @¬h7MRKPIUYSXIGLEVEGXIV JSVGSQTEXMFMPMX] [MXL'
R @@h&EGOWPEWL
R @RhRMWERSGXEPRYQFIVVITVIWIRXMRKER FMX%7'--GLEVEGXIV
TVMRXJq8[SWITEVEXI@RPMRIW@Rr 8[SWITEVEXI
PMRIW
%R] FMX F]XI SV%7'-- GLEVEGXIVGER FIVITVIWIRXIHF]@SV@ERH MXWSGXEPZEPYI
TVMRXJq%7'--SGXEPMWXLIGLEVEGXIV@@Rr %7'--SGXEPMWXLIGLEVEGXIV%
TVMRXJVIGSKRM^IW RYQFIVW FIK MRRMRK [MXL E^IVSEWSGXEPRSXEXMSR ERHRYQFIVW FIK MRRMRK [MXL\EW LI\EHIGMQEPRSXEXMSR %WE VIWYPXTVMRXJGERGSRZIVXRYQFIVW FIX[IIR XLIWIHMJJIVIRXRSXEXMSRW
TVMRXJq H@Rr
TVMRXJq H@Rq\*
TVMRXJq\ <@Rq \*
TVMRXJq S@Rq
1SWX 0MRY\HMWXV MFYXMSRW EPWS LEZIE WITEVEXITVMRXJGSQQERH XS FI GSQTPMERX[MXL XLI437-<WXERHEVH
+IXXMRK,IPT
8LI &EWL WLIPPGSQIW[MXLE FYMPXMRLIPTGSQQERH XS HIWGV MFI XLIZEV MSYW FYMPXMR &EWLGSQQERHW 8LIW W[MXGL HMWTPE]W E WYQQEV]JSVXLIGSQQERH ]SY WTIGMJ]
LIPTWTVMRXJ
TVMRXJTVMRXJJSVQEX?EVKYQIRXWA
,IPT SRP]HIWGV MFIW&EWLGSQQERHW 8S KIXLIPTSR0MRY\GSQQERHW ]SYRIIH XS
YWI XLIQERQERYEP GSQQERH
0MRY\ HMZMHIW MXWQERYEPTEKIWMRXSE RYQFIV SJPSK MGEPZSPYQIW QERHMWTPE]WER] QEXGLMRKIRXV MIW JVSQER] ZSPYQI :SPYQI GSRXEMRWXLI GSQQERHW ]SY GERI\IGYXI JVSQ XLI WLIPP 8S VIWXV MGX ]SYVWIEVGL XSWLIPP GSQQERHW YWIQER
QERHEXI
-J XLIVIEVITEKIWMR QSVIXLER SRI QERYEP ZSPYQI SRP]XLITEKI JVSQ XLIJMVWXZSP YQIXLEX QEXGLIW]SYVWIEVGLMW HMWTPE]IH 8SJMRHQEXGLMRKTEKIWEGVSWWEPP QERYEP ZSP YQIW YWI XLIEEPP W[MXGL
8LIOW[MXGL WIEVGLIW XLI0MRY\ QERYEP JSVE TEVXMGYPEVOI][SVHERH PMWXW EPPQER TEKIW VIJIV V MRK XSXLEX OI][SVH
QEROEPMEW
8LI GSQQERHLIPT X]TIK MZIW ]SYHMJJIVIRXMRJSV QEXMSRXLERQER X]TI 8LI LIPT X]TIGSQQERH XIPPW]SYEFSYX &EWLtWFYMPXMRX]TIGSQQERH [LIVIEW XLIQER X]TIGSQQERH XIPPW]SYEFSYX XLI0MRY\X]TIGSQQERH -J ]SY EVI RSX WYVI[LIXLIVE GSQQERH MW E&EWLGSQQERH EP[E]WXV ]XLILIPTGSQQERH FIJSVI YWMRKXLIQERGSQ QERH
*M\MRK XLI (MWTPE]
8LIVI[MPPFI XMQIW[LIR E&EWLWIWWMSRFIGSQIW YRYWEFPI 'IVXEMR GLEVEGXIVWIUYIRGIW GERPSGO ]SYV HMWTPE] LMHI [LEX ]SY X]TI SVGLERKI XLI GLEVEGXIVW FIMRK WLS[RMRXS WXVERKI W]QFSPW 8LMW GERLETTIR JSVI\EQTPI [LIR ]SYtVIXV]MRK XS HMWTPE]E FMREV] JMPI
8LIVIWIXGSQQERH EXXIQTXW XS VIWXSVIE &EWL WIWWMSR XS EWEJI WERIWXEXI
-J VIWIX JEMPW ]SYQMKLXEPWSRIIH XSYWIWXX] WERIXS VIWXSVI XLI WIWWMSR XS ERSV QEP WXEXI
8LIGPIEVGSQQERH GPIEVW XLI HMWTPE] ERHVIXYV RW XLI GYVWSV XSXLI YTTIVPIJX GSV RIV
;SVOMRK [MXL *MPIW
8LIVIEVIWIZIVEP 0MRY\GSQQERHWJSVVIQSZMRK GST]MRK ERHQSZMRK JMPIW QOHMVQEOI HMVIGXSV] GVIEXIW E RI[HMVIGXSV] 9WIQOHMVXSSVKERM^I]SYVJMPIW QOHMVTVSXSX]TIW
PWP XSXEP
HV[\V\V\OIRYWIVW.ERTVSXSX]TIW
8LIVIEVIX[SW[MXGLIWJSVQOHMV
R QSHI!QQh7IXW XLI TIV QMWWMSRQSHIEWMRGLQSH
R TEVIRXWTh1EOIW EPP RIGIWWEV] HMVIGXSV MIW IZIRMJXLI]HSRtXGYV VIRXP]I\MWX QOHMVTEVIRXWQSHI!VIEHCSRP]FEGOYTNERYEV]
;SVOMRK[MXL *MPIW
XSXEP
HV[\V\V\OIRYWIVW.ERFEGOYT HV[\V\V\OIRYWIVW.ERVIEHCSRP] PWPVIEHCSRP]FEGOYT
XSXEP
HV\V\OIRYWIVW.ERNERYEV]
8LI ZEPYIW JSVQSHIEVIHMWGYWWIH [MXLXLIGLQSHGSQQERH MR'LETXIV q7LIPP 7IGYV MX]r ,S[IZIV [LIRTEVIRXWMWYWIH XLIQSHIEJJIGXW SRP] XLIJMREP HMVIGXSV] MR XLIPMWX
VQHMV VIQSZIHMVIGXSV] HIPIXIW EHMVIGXSV] 8LIHMVIGXSV ]QYWXFIIQTX]FIJSVI MXGER FI VIQSZIH 8LIVIEVIX[S W[MXGLIW
R MKRSVIJEMPSRRSRIQTX]h(SIWRtX VITSVX ER IV VSV[LIR MXGERtXHIPIXIE HMVIGXSV][MXL JMPIWWXMPP MRMX
R TEVIRXW Th6IQSZIW EPPTEVIRX HMVIGXSV MIWEW [IPPEW XLIWYFHMVIGXSV]
VQHMVVIEHCSRP]
VQHMVVIEHCSRP](MVIGXSV]RSXIQTX] VQHMVTEVIRXWVIEHCSRP]FEGOYTNERYEV]
8LIVQ VIQSZI GSQQERH TIV QERIRXP]HIPIXIWJMPIW -J XLI JMPI MWE W]QFSPMG SVLEVH PMRO MXVIQSZIWXLIPMROFYXPIEZIW XLIJMPI MRXEGX
VQSPHCRSXIWX\X PWSPHCRSXIWX\X
PWSPHCRSXIWX\X2SWYGLJMPISVHMVIGXSV]
8LIVIEVIWIZIVEP W[MXGLIWJSVVQ
R HMVIGXSV]Hh6IQSZIW EHMVIGXSV ]
R JSVGIJh2IZIV TVSQTXWXLIYWIVERHMKRSVIW QMWWMRK JMPIW
R MRXIVEGXMZIMh%P[E]W TVSQTXW XLIYWIV
R VIGYVWMZIV SV6h6IQSZIW GSRXIRXWSJ EPPWYFHMVIGXSV MIW
9WMRK XLIVIGYVWMZIERHJSVGIW[MXGLIWWMQYPXERISYWP]VIQSZIWEPP XLI WTIGM JMIH JMPIW MRGPYHMRKEPP WYFHMVIGXSV MIW [MXLSYX [EV RMRK 1EOIWYVI ]SY EVI HIPIXMRK XLI
GSV VIGXJMPIW
7SQI0MRY\ HMWXV MFYXMSRWLEZI XLIMRXIVEGXMZIW[MXGL SRF]HIJEYPXWSXLEXVQ VIUYMVIW XLEX]SYGSRJMV Q[LIR ]SY [ERXXSHIPIXIE TEVXMGYPEV JMPI
VQMRXIVEGXMZISPHCRSXIWX\X VQVIQSZI«SPHCRSXIWX\X¬#]
2SV QEPP]VQ[SRtXHIPIXIE HMVIGXSV ] FYXXLIVIGYVWMZIW[MXGL HIPIXIW ER]HMVIG XSV MIWIRGSYRXIVIH
8LIVIEVIQER] W[MXGLIWJSVGST]hXLIGSQTPIXI PMWXMW MRXLI VIJIVIRGIWIGXMSR EX XLI IRHSJ XLMW GLETXIV 7SQI GSQQSRW[MXGLIWEVIEWJSPPS[W
R JSVGIJh2IZIV TVSQTXWXLIYWIV EP[E]W SZIV[V MXIW R MRXIVEGXMZIMh%P[E]W TVSQTXW YWIV
R PMROPh'VIEXIW E LEVHPMRO MRWXIEHSJ GST]MRK
R TEVIRXW4h%TTIRHW XLIWSYVGI TEXL XSHIWXMREXMSRHMVIGXSV] R VIGYVWMZI6h'STMIW ER]WYFHMVIGXSV MIW
R W]QFSPMGPMROWh'VIEXIW E W]QFSPMG PMROMRWXIEHSJ GST]MRK R YTHEXIYh3ZIV[V MXIW SPH JMPIWSV GSTMIWQMWWMRK JMPIW
GTRSXIWX\XSPHCRSXIWX\XGST]MRK QOHMVFEGOYT
GTSPHCRSXIWX\XFEGOYT PWFEGOYT
SPHCRSXIWX\X
0MOIVQ WSQI0MRY\ HMWXV MFYXMSRWLEZIMRXIVEGXMZISR F]HIJEYPX [EV RMRK[LIR EJMPI [MPPFISZIV[V MXXIR
GTMRXIVEGXMZITVSNIGXCRSXIWX\XSPHCRSXIW GTSZIV[VMXI«SPHCRSXIWTVSNIGXCRSXIWX\X¬#R
8LIQZ QSZI GSQQERH QSZIWERH VIREQIW JMPIW 8LMWMW XLIWEQI EWQEOMRK EGST] SJXLIJMPIERH HIPIXMRK XLISV MKMREP 1SZIEPWSIJJIGXMZIP]VIREQIWE JMPIF]QSZMRK MXXS ERI[ REQIMR XLI WEQI HMVIGXSV]
QZRSXIWX\XTVSNIGXCRSXIWX\XVIREQMRK
8LI QSWXGSQQSRQZW[MXGLIWEVIWMQMPEVXSGT
R FEGOYTFh1EOIW E FEGOYTSJ ER]I\MWXMRKJMPI FIJSVI SZIV[V MXMRK F] EHHMRK EbXSXLIREQI
R JSVGIJh2IZIV TVSQTXWXLIYWIV EP[E]W SZIV[V MXIW
R MRXIVEGXMZIMh%P[E]W TVSQTXW XLIYWIV FIJSVISZIV[V MXMRK R YTHEXIYh3ZIV[V MXIW SPH JMPIWSV GSTMIWQMWWMRK JMPIW
8LIVIMW RSVIGYVWMZIW[MXGL ;LIRQSZIQSZIW EHMVIGXSV] MXQSZIW XLI HMVIGXS V] ERHEPP MXWGSRXIRXWEYXSQEXMGEPP]
8LIREQIMREQI MRSHI GSQQERH PMWXWEPP XLIGSQTSRIRXW MRE TEXL MRGPYHMRK ER] W]QFSPMGPMROW
REQIMJMPIW JJMPIW
;SVOMRK[MXL 4ISTPI
HLSQI HOIR HFEWL HWGVMTXW
-R XLMW GEWI XLIJMPIREQIHJMPIWMWE W]QFSPMG PMRO )EGL SJXLI JMPIWMR XLI PMRO TEXL
MWE HMVIGXSV] QEVOIH [MXLEH 3XLIV JMPIHIWMKREXMSRWMRGPYHIPJSVW]QFSPMGPMROWJSV
WSGOIXFJSVFPSGO HIZMGIGJSVGLEVEGXIV HIZMGIJSVVIKYPEV JMPI ERH#JSVERIV VSV
EGGIWWMRK EJMPIMRXLI TEXL
'SQTPIXI JMPITIV QMWWMSRW WYGLEWWIIR[MXLPW P GERFI WLS[R[MXL XLIQQSHI
W[MXGL
;SVOMRK [MXL 4ISTPI
8LIVIEVIWIZIVEP GSQQERHW JSV GLIGOMRKXS WII[LSMW SR XLI GSQTYXIV ERH[LEXXLI]
EVIHSMRK
8LIJMRKIV GSQQERH WLS[W [LS MW SRXLIGSQTYXIVERH TVSZMHIWEHHMXMSREP MRJSV
QEXMSR MRGPYHMRKLS[ PSRKXLIMVWIWWMSRLEW FIIRMHPI ERH XLIMVGSRXEGXMRJSV QEXMSR
JMRKIV
0SKMR2EQI88=-HPI;LIR&PHK4LSRI HLY(MGO,YT8LYXL*PSSVI\X QGLYRK1MGLEIP'LYRKGSR*VM377YTTSVXI\X FKMPP&MVMRKIV+MPPT*VM
7SQIZIVWMSRWSJ 0MRY\RS PSRKIVMRGPYHIJMRKIVFIGEYWISJ WIGYV MX] GSRGIV RWSZIV
JMRKIVtWTPERJMPIW 6IEHXLIJMRKIVQERYEPTEKI JSVQSVI MRJSV QEXMSR
8LIVIEVI WIZIVEP SXLIV GSQQERHW [MXLWMQMPEVJYRGXMSRW 8LIYWIVWGSQQERH WLS[W
EPMWXSJ PSK MRREQIW
YWIVW
FKMPPHLYQGLYRK
8LI[LSGSQQERH WLS[W [LS MW SRXLI GSQTYXIV [LMGLGSRRIGXMSR XLI] EVI YWMRK
ERH [LIRXLI]WMKRIHSR
[LS
HLYXX]T1EV QGLYRKGSRWSPI%TV FKMPPXX]T%TV
8LI[GSQQERH TVSZMHIW IZIR QSVIMRJSV QEXMSR MRGPYHMRKW]WXIQ WXEXMWXMGW ERH [LEX
XLI YWIVW EVIGYV VIRXP]VYRRMRK
[
TQYTHE]WYWIVWPSEHEZIVEKI 9WIVXX]PSKMR$MHPI.'494'49[LEX
7LIPP%PMEWIW
%REPMEWMWE WLSVXJSV QSJ EGSQQERH 8LI FYMPXMREPMEW GSQQERH GVIEXIWWMQTPI EFFVIZMEXMSRWJSV XLIGYV VIRX&EWLWIWWMSR
8S GVIEXIEREPMEW YWIXLIEPMEWGSQQERH XS EWWMKR EGSQQERH ERH MXWW[MXGLIW E
REQI
EPMEWPJ!tPWU*Pt PJ
V[VOFYVXGLHIZKVSYT%TVEWWIXWX\X V[VOFYVXGLHIZKVSYT1EVQEMPMRKCPMWXX\X
8]TMRKXLIEPMEWGSQQERH F] MXWIPJ SV [MXLXLITW[MXGL PMWXW XLI GYV VIRXEPMEWIW
EPMEW
EPMEWPJ!¬PWU*P¬
&EWL MRXIV TVIXWEREPMEWSRP] SRGI EPPS[MRKXLIEPMEWMRK SJEGSQQERH[MXL MXWS[R
REQI
EPMEWPW!tPWU*t&EWLMWRtXGSRJYWIH
