LG Electronics USA C710H Cellular/PCS GSM/WCDMA/EDGE Phone with WLAN and Bluetooth User Manual

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Mirror Download [FCC.gov]
Document ID	1279643
Application ID	wzThec56FBY3Ni2RFK3kvA==
Document Description	Users Manual
Short Term Confidential	No
Permanent Confidential	No
Supercede	No
Document Type	User Manual
Display Format	Adobe Acrobat PDF - pdf
Filesize	96.82kB (1210296 bits)
Date Submitted	2010-05-11 00:00:00
Date Available	2010-09-16 00:00:00
Creation Date	2017-11-09 13:17:39
Producing Software	GPL Ghostscript 9.18
Document Lastmod	2017-11-09 13:17:39
Document Title	untitled

This device is not intended for sale in the USA.
Part 15.21 statement
" Change or Modifications that are not expressly approved by the manufacturer could void
the user's authority to operate the equipment. “
Part 15.105 statement
This equipment has been tested and found to comply with the limits for a class B digital
device, pursuant to Part 15 of the FCC Rules.
These limits are designed to provide reasonable protection against harmful interference in
a residential installation. This equipment generates uses and can radiate radio frequency
energy and, if not installed and used in accordance with the instructions, may cause harmful
interference to radio communications. However, there is no guarantee that interference will
not occur in a particular installation. If this equipment does cause harmful interference or
television reception, which can be determined by turning the equipment off and on, the user
is encouraged to try to correct the interference by one or more of the following measures:
- Reorient or relocate the receiving antenna.
- Increase the separation between the equipment and receiver.
- Connect the equipment into an outlet on a circuit different from that to
which the receiver is connected.
- Consult the dealer or an experienced radio/TV technician for help.
Part 15 Class B Compliance
This device and its accessories comply with part15 of FCC rules and ICES-003 Class B
digital apparatus requirements for Industry Canada.
Operation is subject to the following two conditions:
(1) This device & its accessories may not cause harmful interference.
(2) This device & its accessories must accept any interference received,
including interference that may cause undesired operation.
Body-worn Operation
This device has been tested for typical body-worn operations
with the distance of 0.79inches (2.0cm) from the user’s body.
To comply with FCC RF exposure requirements, a minimum separation distance
of 0.79inches(2.0cm) must be maintained from the user's body.
Additionally, Belt clips, holsters & other body-worn accessories may not contain
metallic components.
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8LI&EWMGW
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8LI&EWMGW
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TEKI


8LI&EWMGW
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MRQER]SXLIVETTPMGEXMSRWXLI5YMGO7IEVGL&S\STIRW
EYXSQEXMGEPP]
7TIIGLEGXMZEXIHWIEVGL
8SYGLXSWIEVGLF]ZSMGI
6IGIRXWIEVGLVIWYPXW
4VSZMHIWSRIXSYGLWLSVXGYXXS
ZMI[TVIZMSYWP]GLSWIRWIEVGL
VIWYPXW
238) -J]SY VIYWMRKXLITLSRI[MXLXLIWPMHISTIRTVIWWXLI7IEVGL/I]
XSSTIR
XLI5YMGO7IEVGL&S\XSWIEVGL]SYVTLSRIERHXLI[IFYWMRKXI\XIRXV]
8LI&EWMGW
-RWSQIETTPMGEXMSRWWYGLEW+QEMP'SRXEGXWERH&VS[WIV
XLIETTPMGEXMSR WS[RWIEVGLFS\STIRW[LIR]SYXSYGLXLI
7IEVGL/I]
8LMWMWMRHMGEXIHF]XLIETTPMGEXMSR WMGSRSR
XLIPIJXWMHISJXLIWIEVGLFS\ 7IIXLIWIGXMSRWEFSYX
XLSWIETTPMGEXMSRWJSVMRJSVQEXMSREFSYXWIEVGLMRKMRXLIQ
8SGLERKIJVSQXLIETTPMGEXMSR WWIEVGLJIEXYVIXSYGLXLI
7IEVGL/I]
EKEMRXSW[MXGLXSXLI5YMGO7IEVGL&S\2S
QEXXIV[LEXETTPMGEXMSR]SY VI[SVOMRKMRXSYGLMRKXLI
7IEVGL/I]
X[MGISTIRWXLI5YMGO7IEVGL&S\
 )RXIVXLIXI\X]SY VIWIEVGLMRKJSVMRXLI5YMGO7IEVGL&S\
8SYGLXSWIEVGLXLI[IF
%W]SYX]TIWIEVGLVIWYPXWJVSQ
]SYVTLSRITVIZMSYWP]GLSWIR
WIEVGLVIWYPXWERH[IFWIEVGL
WYKKIWXMSRWETTIEV8SYGLE
VIWYPXXSSTIRMX
%W]SYX]TIQEXGLMRKMXIQWSR]SYVTLSRIERHWYKKIWXMSRW
JVSQ+SSKPI[IFWIEVGLEVIEHHIHXSXLIPMWXSJTVIZMSYWP]
GLSWIRWIEVGLVIWYPXW
=SYGERYWIXLI7IEVGLTVIJIVIRGIWXSGSRJMKYVIWSQI
EWTIGXWSJ+SSKPI[IFWIEVGL JSVI\EQTPI[LIXLIVMX
QEOIWWYKKIWXMSRWFIPS[XLI5YMGO7IEVGL&S\EW]SY
X]TI ERH[LEXTLSRIJIEXYVIW]SY[ERXXSMRGPYHIMR
WIEVGLIW=SYGEREPWSGPIEVXLIPMWXSJVIGIRXP]GLSWIR
WIEVGLIW7IIq7IEVGL7IXXMRKWr SRTEKI
 -J[LEX]SY VIWIEVGLMRKJSVMWMRXLIPMWXSJWYKKIWXMSRW
TLSRIWIEVGLVIWYPXWSVTVIZMSYWP]GLSWIRWIEVGLVIWYPXW
XSYGLMXMRXLIPMWX
8LIMXIQSTIRWMRXLIETTVSTVMEXIETTPMGEXMSRWYGLEW
'SRXEGXWSVXLI&VS[WIV


8LI&EWMGW
 -J[LEX]SY VIWIEVGLMRKJSVMWRSXMRXLIPMWXXSYGLXLI
WIEVGLMGSR
MRXLI5YMGO7IEVGL&S\ SVSRXLIXSYGL
OI]FSEVH XSWIEVGLXLI[IF
8LI&VS[WIVSTIRWHMWTPE]MRKVIWYPXWSJE+SSKPIWIEVGLSR
XLI[IF*SVQSVIMRJSVQEXMSRWIIq&VS[WIVr SRTEKI
;IFWIEVGLYWMRKZSMGIGSQQERH
8SYGLERHLSPHXLI 7IEVGL/I]
36
8SYGLXLI1MGVSTLSRIMGSR
MRXLI5YMGO7IEVGL&S\
-J]SYXSYGLXLI1MGVSTLSRIMGSRMRERETTPMGEXMSR WWIEVGL
FS\XLIETTPMGEXMSRMWWIEVGLIHJSV]SYV[SVHWRSXXLI[IF
%HMEPSKFS\STIRWTVSQTXMRK]SYXSWTIEOXLI[SVHWXLEX
]SY[ERXXSWIEVGLJSV
;LIR]SYWXSTWTIEOMRK+SSKPIWIEVGLF]ZSMGIEREP]^IW
]SYVWTIIGLERHHMWTPE]WXLIVIWYPXWSJ]SYVWIEVGL
-J+SSKPIWIEVGLF]ZSMGIQMWYRHIVWXSSH]SY5YMGO7IEVGL
&S\TVIWIRXWEPMWXSJWMQMPEVWSYRHMRKWIEVGLXIVQWJSV]SY
XSXSYGLXSWIPIGX
=SYGEREPWSTVIJEGI]SYVWIEVGL[MXLWTIGMJMGEGXMSR[SVHW
7E]q'EPPr JSPPS[IHF]EREQIJVSQ]SYVGSRXEGXW
JSPPS[IHF]XLIOMRHSJTLSRIRYQFIV qQSFMPIr q[SVOr
ERHWSSR *SVI\EQTPIq'EPP1MOILSQIr -JXLIVIMWE
WMRKPIQEXGLXLIRYQFIVMWHMEPIHEYXSQEXMGEPP]7II
q(MEPMRKF]:SMGIr SRTEKI
7E]q(MVIGXMSRWXSr JSPPS[IHF]EREHHVIWWREQI
FYWMRIWWREQIX]TISJFYWMRIWWSVSXLIVHIWXMREXMSRXS
KIXHMVIGXMSRWXSXLEXPSGEXMSRJVSQ+SSKPI1ETW
7E]q2EZMKEXIXSr JSPPS[IHF]EREHHVIWWREQI
FYWMRIWWREQIX]TISJFYWMRIWWSVSXLIVHIWXMREXMSRXS
KIXWTSOIRXYVRF]XYVRHMVIGXMSRWXSXLEXHIWXMREXMSR
8LI&EWMGW
7E]q1ETSJr JSPPS[IHF]EREHHVIWWREQIFYWMRIWW
REQIX]TISJFYWMRIWWSVSXLIVPSGEXMSRXSZMI[XLEX
PSGEXMSRSR+SSKPI1ETW
0SGOMRKXLI7GVIIR
=SYGERPSGO]SYVWGVIIRWSXLEXSRP]]SYGERYRPSGOMXXSQEOI
GEPPWEGGIWW]SYVHEXEFY]ETTPMGEXMSRWERHWSSR7II q0SGEXMSR
WIGYVMX]r SRTEKIJSVSXLIV[E]WXSTVSXIGX]SYVTLSRIERH
TVMZEG]
8SPSGO]SYVWGVIIR
 3RXLI,SQIWGVIIRTVIWWXLI1IRY/I]
 8SYGL 7IXXMRKW" 0SGEXMSR WIGYVMX]
 8SYGL 7IXYRPSGOTEXXIVR YRHIVXLI7GVIIRYRPSGOTEXXIVR
WIGXMSRSJXLIWIXXMRKW 8LIJMVWXXMQI]SYHSXLMWEWLSVX
XYXSVMEPEFSYXGVIEXMRKERYRPSGOTEXXIVRETTIEVW
238) =SYGERTVIWWXLI1IRY/I]
XLIRXSYGL,IPTEXER]XMQIJSVE
VIJVIWLIV
 =SY VITVSQTXIHXSHVE[ERHVIHVE[]SYVS[RTEXXIVR
(VE[]SYVYRPSGOTEXXIVR
8SYGL'SRXMRYI XSHVE[]SYV
TEXXIVREKEMRXSGSRJMVQMX
8LIRI\XXMQI]SYXYVRSR]SYVTLSRISV[EOIYTXLIWGVIIR
]SY VITVSQTXIHXSHVE[]SYVYRPSGOTEXXIVRXSYRPSGOXLI
WGVIIR


8LI&EWMGW
'YWXSQM^MRKXLI,SQI7GVIIR
=SYGERTIVWSREPM^I]SYV,SQIWGVIIRF]EHHMRKETTPMGEXMSRMGSRW
WLSVXGYXW[MHKIXWERHSXLIVMXIQWXSER],SQIWGVIIRTERI=SY
GEREPWSGLERKIXLI[EPPTETIV
8SEHHERMXIQXSXLI,SQIWGVIIR
 3TIRXLI,SQIWGVIIRTERI[LIVI]SY[ERXXSEHHXLI
MXIQ*SVERMRXVSHYGXMSRXS[SVOMRK[MXLXLI,SQIWGVIIR
WIIq+IXXMRKXS/RS[XLI,SQI7GVIIRr SRTEKI
 4VIWWXLI1IRY/I]
XLIRXSYGL%HH
3VNYWXXSYGLERHLSPHERIQTX]WTSXSRXLI,SQIWGVIIR
238) -JXLIVIEVIRSIQTX]WTSXWSRXLI,SQIWGVIIRTERI%HHMWHMQQIH
]SYQYWXHIPIXISVQSZIERMXIQFIJSVI]SYGEREHHERSXLIVMXIQSV
W[MXGLXSERSXLIVTERISJXLI,SQIWGVIIR
 -RXLIQIRYXLEXSTIRWXSYGLXLIX]TISJMXIQXSEHH
=SYGEREHHXLIJSPPS[MRKX]TIWSJMXIQWXSXLI,SQIWGVIIR
7LSVXGYXW %HHWLSVXGYXWXSETTPMGEXMSRWEFSSOQEVOIH[IFTEKI
EJEZSVMXIGSRXEGXEHIWXMREXMSRMR1ETWE+QEMPPEFIPEQYWMG
TPE]PMWXERHQER]SXLIVMXIQW8LIWLSVXGYXWEZEMPEFPIHITIRHSR
XLIETTPMGEXMSRW]SYLEZIMRWXEPPIH
;MHKIXW %HHER]SJEZEVMIX]SJQMRMEXYVIETTPMGEXMSRW [MHKIXW
XS]SYV,SQIWGVIIRMRGPYHMRKEGPSGOEQYWMGTPE]IVETMGXYVI
JVEQI+SSKPIWIEVGLFEVETS[IVQEREKIVEGEPIRHIVSJ
YTGSQMRKETTSMRXQIRXWE2I[WERH;IEXLIV[MHKIXERHQSVI
=SYGEREPWSHS[RPSEH[MHKIXWJVSQ%RHVSMH1EVOIX
*SPHIVW %HHEJSPHIV[LIVI]SYGERSVKERM^I,SQIWGVIIRMXIQW
SVJSPHIVWXLEXGSRXEMREPP]SYVGSRXEGXWGSRXEGXW[MXLTLSRI
RYQFIVWSVWXEVVIHGSRXEGXW=SYVJSPHIVW GSRXIRXWEVIOITXYT
XSHEXIEYXSQEXMGEPP]
8LI&EWMGW
8SQSZIERMXIQSRXLI,SQIWGVIIR
 8SYGLERHLSPHXLIMXIQXSQSZIYRXMPMXZMFVEXIW(SR XPMJX
]SYVJMRKIV
 (VEKXLIMXIQXSERI[PSGEXMSRSRXLIWGVIIR
4EYWIEXXLIPIJXSVVMKLXIHKISJXLIWGVIIRXSHVEKXLIMXIQ
SRXSERSXLIV,SQIWGVIIRTERI
 ;LIRXLIMXIQMW[LIVI]SY[ERXMXPMJX]SYVJMRKIV
8SVIQSZIERMXIQ3RXLI,SQIWGVIIR
 8SYGLERHLSPHXLIMXIQXSVIQSZIYRXMPMXZMFVEXIW(SR XPMJX
]SYVJMRKIV8LI0EYRGLMGSRGLERKIWXSEXVEWLGER
 (VEKXLIMXIQXSXLI8VEWL'ERMGSR
 ;LIRXLIMGSRXYVRWVIHPMJX]SYVJMRKIV
8SGLERKIXLI,SQIWGVIIR[EPPTETIV
 4VIWWXLI1IRY/I]
XLIRXSYGL;EPPTETIV
=SYGEREPWSXSYGLERHLSPHERIQTX]WTSXSRXLI,SQI
WGVIIRXLIRXSYGL;EPPTETIVW MRXLIQIRYXLEXSTIRW
 8SYGL +EPPIV] 0MZI[EPPTETIVWSV ;EPPTETIVW
8SYGL +EPPIV] XSYWIETMGXYVIXLEX]SY ZIXEOIR[MXLXLI
GEQIVESVGSTMIHXS]SYVTLSRIEWE[EPPTETIV=SYGER
GVSTXLITMGXYVIFIJSVIWIXXMRKMXEWE[EPPTETIV;SVOMRK
[MXLTMGXYVIWMWHIWGVMFIHMRq+EPPIV]r SRTEKI
8SYGL 0MZI[EPPTETIVW XSSTIREWGVSPPMRKPMWXSJERMQEXIH
[EPPTETIVWMRWXEPPIHSR]SYVTLSRI7SQIPMZI[EPPTETIVW
GLERKIEGGSVHMRKXSXLIXMQISJHE]MRVIWTSRWIXSXSYGLMRK
XLIWGVIIRXIPPXLIXMQISVSJJIVSXLIVMRJSVQEXMSR7SQI
PMZI[EPPTETIVWLEZIE 7IXXMRKW FYXXSR
8SYGL ;EPPTETIVW XSSTIREWGVIIRSJ[EPPTETIVMQEKIW
XLEXGSQI[MXLXLITLSRI7PMHIXLIQMRMEXYVIMQEKIWPIJX
ERHVMKLXXSZMI[XLIWEQTPIW8SYGLEWEQTPIXSZMI[E
PEVKIVZIVWMSR
 8SYGL7IX[EPPTETIV SV 7EZI


8LI&EWMGW
8SVIREQIEJSPHIV
 8SYGLXLIJSPHIVMGSRXSSTIRMX
 8SYGLERHLSPHXLIJSPHIV[MRHS[ WXMXPIFEV
 8SYGLXLIGYVVIRXJSPHIVREQIMRXLIHMEPSKFS\XLEX
ETTIEVWXLIRIRXIVXLIRI[JSPHIVREQI
 8SYGL3/
'SRRIGXMRK5YMGOP];MXL=SYV'SRXEGXW
%W]SYFYMPHYT]SYVPMWXSJGSRXEGXWSR]SYVTLSRI]SYGERYWI
5YMGO'SRXEGXJSV%RHVSMHXSUYMGOP]WXEVXEGLEXIQEMPSVXI\X
QIWWEKIXSTPEGIEGEPPSVXSPSGEXI]SYVGSRXEGXW5YMGO'SRXEGX
JSV%RHVSMHMWEWTIGMEPMGSRXLEX]SYGERXSYGLXSSTIRE
GSQQYRMGEXMSRFYFFPI[MXLSTXMSRWJSVUYMGOP]MRMXMEXMRKE
GSRRIGXMSRXSXLEXGSRXEGX
-HIRXMJ]E5YMGO'SRXEGXMGSRF]MXWJVEQI
'SRXEGXWXLEX]SYGEREGGIWW[MXL5YMGO'SRXEGXEVIYWYEPP]
HMWTPE]IH[MXLETMGXYVIJVEQI[MXLXLITIVWSR WMQEKI]SY
WIX SV%RHVSMHMQEKIMJMQEKIMWRSXWIX FYXHMJJIVIRX
ETTPMGEXMSRWQE]HMWTPE]XLIQHMJJIVIRXP]%RI\EQTPISJE
5YMGO'SRXEGXMGSRPSSOWPMOIXLMW
8SYGLE5YMGO'SRXEGXMGSRXSSTIREGSQQYRMGEXMSRFYFFPI
[MXLMGSRWJSVEPPXLI[E]W]SYGERGSQQYRMGEXI[MXLXLI
GSRXEGX
8LIGSQQYRMGEXMSRMGSRWEVIHITIRHIRXSRXLIMRJSVQEXMSR
]SYLEZIWXSVIHJSVXLIGSRXEGX-JXLIVIEVIQSVIMGSRWXLER
GERJMXMRXLIFYFFPIHVEKXLIQPIJXERHVMKLXXSZMI[XLIQEPP
8LI&EWMGW
8SYGLERMGSRXSSTIRMXWETTPMGEXMSR[LIVI]SYGERWXEVX
GSQQYRMGEXMRK[MXL]SYVGSRXEGXVMKLXE[E]
=SYGEREPWSXSYGLERMGSRXSIHMXXLIGSRXEGX WMRJSVQEXMSR
MR'SRXEGXWXSZMI[XLIGSRXEGX WEHHVIWWMR+SSKPI1ETW
ERHWSSRHITIRHMRKSR[LMGLETTPMGEXMSRWERHEGGSYRXW
EVIGSRJMKYVIHSR]SYVTLSRI
=SYGEREHHEWLSVXGYXJSVEGSRXEGXXS]SYV,SQIWGVIIR[LMGL
]SYGERXLIRXSYGLXSSTIR5YMGO'SRXEGXJSV%RHVSMHJSVXLEX
GSRXEGX*SVQSVIMRJSVQEXMSREFSYXEHHMRKWLSVXGYXWXSXLI,SQI
WGVIIRWII q'YWXSQM^MRKXLI,SQI7GVIIRr SRTEKI
3TXMQM^MRK&EXXIV]0MJI
=SYGERI\XIRH]SYVFEXXIV] WPMJIFIX[IIRGLEVKIWF]XYVRMRKSJJ
JIEXYVIWXLEX]SYHSR XRIIHXSVYRGSRWXERXP]MRXLIFEGOKVSYRH
=SYGEREPWSQSRMXSVLS[ETTPMGEXMSRWERHW]WXIQVIWSYVGIW
GSRWYQIFEXXIV]TS[IV
8SI\XIRHXLIPMJISJ]SYVFEXXIV]
8YVRSJJVEHMSGSQQYRMGEXMSRWXLEX]SYEVIR XYWMRK
-J]SYEVIR XYWMRK;M*M&PYIXSSXLSV+47YWIXLI7IXXMRKW
ETTPMGEXMSRXSXYVRXLIQSJJ7IIq;MVIPIWW RIX[SVOWrSR
TEKIERHq0SGEXMSR WIGYVMX]r SRTEKI 8LI+47
VIGIMZIVMWSRP]XYVRIHSR[LIR]SY VIYWMRKERETTPMGEXMSR
XLEXQEOIWYWISJMX
8YVRHS[RWGVIIRFVMKLXRIWWERHWIXEWLSVXIVWGVIIRXMQISYX
7IIq7SYRH HMWTPE]WIXXMRKWWGVIIRr SRTEKI
-J]SYHSR XRIIHXLIQXYVRSJJEYXSQEXMGW]RGMRKJSV+QEMP
'EPIRHEV'SRXEGXWERHSXLIVETTPMGEXMSRW
7IIq'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRWr SRTEKI
9WIXLI4S[IV'SRXVSP[MHKIXXSGLIGOERHGSRXVSPXLI
WXEXYWSJVEHMSGSQQYRMGEXMSRWXLIHMWTPE]FVMKLXRIWWERH
W]RGMRK
%HHMRK[MHKIXWMWHIWGVMFIHMRq'YWXSQM^MRKXLI,SQI
7GVIIRr SRTEKI


8LI&EWMGW
8SGLIGOXLIFEXXIV]GLEVKIPIZIP
3RXLI,SQIWGVIIRTVIWWXLI1IRY/I]
XLIRXSYGL
7IXXMRKW" WGVSPPXLIWGVIIRYT "%FSYXTLSRI"7XEXYW
8LIFEXXIV]WXEXYW GLEVKMRKHMWGLEVKMRK ERHPIZIP EWE
TIVGIRXEKISJJYPP]GLEVKIH EVIHMWTPE]IHEXXLIXSTSJXLI
WGVIIR
8SQSRMXSVERHGSRXVSP[LEXYWIWXLIFEXXIV]
8LI&EXXIV]9WIWGVIIREPPS[W]SYXSWII[LMGLETTPMGEXMSRWEVI
GSRWYQMRKXLIQSWXFEXXIV]TS[IV-RJSVQEXMSRSRXLMWWGVIIR
EPPS[W]SYXSMHIRXMJ]HS[RPSEHIHETTPMGEXMSRW]SYQE][ERXXS
XYVRSJJ[LIRRSXFIMRKYWIHWS]SYGERKIXXLIQSWXSYXSJ]SYV
FEXXIV]TS[IV
3RXLI,SQIWGVIIRTVIWWXLI1IRY/I]
XLIRXSYGL
7IXXMRKW" WGVSPPXLIWGVIIRYT "%FSYXTLSRI" &EXXIV]YWI
8LIXSTSJXLIWGVIIRHMWTPE]WFEXXIV]YWEKIXMQI)MXLIV
LS[PSRKWMRGIPEWXGSRRIGXIHXSETS[IVWSYVGISVMJ
GSRRIGXIHXSETS[IVWSYVGILS[PSRK]SY[IVIPEWX
VYRRMRKSRFEXXIV]TS[IV
8LIFSH]SJXLIWGVIIRPMWXWETTPMGEXMSRWSVWIVZMGIWYWMRK
FEXXIV]TS[IVJVSQKVIEXIWXEQSYRXXSPIEWX
8SYGLERETTPMGEXMSRMRXLI&EXXIV]9WIWGVIIRXSPIEVR
HIXEMPWEFSYXMXWTS[IVGSRWYQTXMSR
(MJJIVIRXETTPMGEXMSRWSJJIVHMJJIVIRXOMRHWSJMRJSVQEXMSRERH
XLI]QE]IZIRMRGPYHIFYXXSRWXLEXSTIRWIXXMRKW]SYGER
YWIXSVIHYGITS[IVGSRWYQTXMSRF]XLEXETTPMGEXMSR
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS1SFMPI2IX[SVOW
;LIR]SYFY]]SYVTLSRIERHWMKRYTJSVWIVZMGI]SYVTLSRIMW
GSRJMKYVIHXSYWI]SYVTVSZMHIV WQSFMPIRIX[SVOWJSVZSMGIGEPPW
ERHJSVXVERWQMXXMRKHEXE
(MJJIVIRXPSGEXMSRWQE]LEZIHMJJIVIRXQSFMPIRIX[SVOWEZEMPEFPI
-RMXMEPP]]SYVTLSRIMWGSRJMKYVIHXSYWIXLIJEWXIWXQSFMPIRIX[SVO
EZEMPEFPIJSVHEXE&YX]SYGERGSRJMKYVI]SYVTLSRIXSYWISRP]E
WPS[IV+RIX[SVOJSVHEXEXSI\XIRHXLIPMJISJ]SYVFEXXIV]
FIX[IIRGLEVKIW=SYGEREPWSGSRJMKYVI]SYVTLSRIXSEGGIWWE
HMJJIVIRXWIXSJRIX[SVOWIRXMVIP]SVXSFILEZIMRWTIGMJMG[E]W
[LIRVSEQMRK
8LIMGSRWMRXLI7XEXYWFEVMRHMGEXI[LMGLOMRHSJHEXERIX[SVO
]SY VIGSRRIGXIHXSERHXLIZSMGIERHHEXERIX[SVOWMKREPWXVIRKXL
'SRRIGXIHXSXLILMKLWTIIH):(3
'SRRIGXIHXSXLI\HEXERIX[SVO
8LIQSVIFEVWEVIPMXXLIWXVSRKIVXLI[MVIPIWWWMKREP
'SRRIGXIHXSERSXLIV[MVIPIWWWIVZMGITVSZMHIV WRIX[SVO VSEQMRK
;LIR]SY VIGSRRIGXIHXSWPS[IVRIX[SVOW]SYQE][ERXXS
TSWXTSRIYWMRK]SYVTLSRIJSVHEXEMRXIRWMZIXEWOWYRXMP]SYEVI
GSRRIGXIHXSEJEWXIVRIX[SVOEKEMRSVJMRHE;M*MRIX[SVOXS
GSRRIGXXS7IIq'SRRIGXMRKXS;M*M2IX[SVOWr SRTEKI


'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SHMWEFPIHEXE[LIRVSEQMRK
=SYGERTVIZIRX]SYVTLSRIJVSQXVERWQMXXMRKHEXESZIVSXLIV
GEVVMIVW QSFMPIRIX[SVOW[LIR]SYPIEZIEREVIEXLEXMWGSZIVIH
F]]SYVGEVVMIV WRIX[SVOW8LMWMWYWIJYPJSVGSRXVSPPMRKI\TIRWIW
MJ]SYVGIPPTPERHSIWR XMRGPYHIHEXEVSEQMRK
 4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]
 8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW"1SFMPIRIX[SVOW
 8SYGL (EXEVSEQMRK XSVIQSZIXLIGLIGOQEVOJVSQXLI
FS\
;MXL (EXEVSEQMRK YRGLIGOIH]SYGERWXMPPXVERWQMXHEXE
[MXLE;M*MGSRRIGXMSR7II q'SRRIGXMRKXS;M*M2IX[SVOWr
SRTEKI
8SPMQMX]SYVHEXEGSRRIGXMSRXS+RIX[SVOW
=SYGERI\XIRH]SYVFEXXIV]PMJIF]PMQMXMRK]SYVHEXEGSRRIGXMSRW
XS+RIX[SVOW )Z(S ;LIR]SYEVIGSRRIGXIHXSE+
RIX[SVO]SYQE][ERXXSTSWXTSRIEGXMZMXMIWXLEXXVERWQMXEPSX
SJHEXEWYGLEWWIRHMRKYTPSEHMRKSVHS[RPSEHMRKTMGXYVIWSV
ZMHISYRXMP]SYEVIGSRRIGXIHXSEJEWXIVQSFMPISVSXLIV[MVIPIWW
RIX[SVO
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

 8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW"1SFMPIRIX[SVOW"
2IX[SVOQSHI
 8SYGL )Z(SSRP]
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS;M*M2IX[SVOW
;M*MMWE[MVIPIWWRIX[SVOMRKXIGLRSPSK]XLEXGERTVSZMHI-RXIVRIX
EGGIWWEXHMWXERGIWSJYTXSQIXIVWHITIRHMRKSRXLI;M*M
VSYXIVERH]SYVWYVVSYRHMRKW
8SYWI;M*MSR]SYVTLSRI]SYEGGIWWE[MVIPIWWEGGIWWTSMRXSV
qLSXWTSXr 7SQIEGGIWWTSMRXWEVISTIRERH]SYGERWMQTP]
GSRRIGXXSXLIQ3XLIVWEVILMHHIRSVMQTPIQIRXSXLIVWIGYVMX]
JIEXYVIWWS]SYQYWXGSRJMKYVI]SYVTLSRIWSMXGERGSRRIGXXS
XLIQ
8YVRSJJ;M*M[LIR]SY VIRSXYWMRKMXXSI\XIRHXLIPMJISJ]SYV
FEXXIV]
8LI7XEXYWFEVHMWTPE]WMGSRWXLEXMRHMGEXI;M*MWXEXYW
'SRRIGXIHXSXLIJEWXIWXRIX[SVOW
;LIR]SYGSRRIGXXSE;M*MRIX[SVOXLITLSRISFXEMRWERIX[SVO
EHHVIWWERHSXLIVMRJSVQEXMSRMXRIIHWJVSQXLIRIX[SVOYWMRKXLI
(,'4TVSXSGSP8SGSRJMKYVIXLITLSRI[MXLEWXEXMG-4EHHVIWWERH
SXLIVEHZERGIHWIXXMRKWTVIWWXLI 1IRY/I]
XLIRXSYGL
%HZERGIH7II q%HZERGIH;M*MWIXXMRKWWGVIIRr SRTEKI
8SXYVR;M*MSRERHGSRRIGXXSE;M*MRIX[SVO
-J]SY VIEHHMRKE;M*MRIX[SVO[LIRJMVWXWIXXMRKYT]SYVTLSRI
;M*MMWXYVRIHSREYXSQEXMGEPP]WS]SYGERWOMTXSWXIT
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW";M*MWIXXMRKW
8SYGL ;M*M XSXYVRMXSRERHFIKMRWGERJSVEZEMPEFPI;M*M
RIX[SVOW
0MWXSJEZEMPEFPI;M*MRIX[SVOWMWHMWTPE]IH7IGYVIH
RIX[SVOWEVIMRHMGEXIHF]EPSGOMGSR
-JXLITLSRIJMRHWERIX[SVOXLEX]SYGSRRIGXIHXS
TVIZMSYWP]MXEYXSQEXMGEPP]GSRRIGXWXSMX


'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SYGLERIX[SVOXSGSRRIGXXSMX
-JXLIRIX[SVOMWSTIR]SYEVITVSQTXIHXSGSRJMVQXLEX
]SY[ERXXSGSRRIGXXSXLEXRIX[SVOF]XSYGLMRK'SRRIGX
-JXLIRIX[SVOMWWIGYVIH]SY VITVSQTXIHXSIRXIVE
TEWW[SVHSVSXLIVGVIHIRXMEPW %WO]SYVRIX[SVO
EHQMRMWXVEXSVJSVHIXEMPW
;LIR]SY VIGSRRIGXIHXSERIX[SVO]SYGERXSYGLMXW
REQIMRXLI;M*MWIXXMRKWWGVIIRJSVHIXEMPWEFSYXXLI
WTIIHWIGYVMX]EHHVIWWERHVIPEXIHWIXXMRKW
8SVIGIMZIRSXMJMGEXMSRW[LIRSTIRRIX[SVOWEVIMRVERKI
&]HIJEYPX[LIR;M*MMWSR]SYVIGIMZIRSXMJMGEXMSRWMRXLI
7XEXYWFEV[LIR]SYVTLSRIHIXIGXWERSTIR;M*MRIX[SVO
8YVRSR;M*MMJMX WRSXEPVIEH]SR
-RXLI;M*MWIXXMRKWWGVIIRXSYGL2IX[SVORSXMJMGEXMSR XS
GLIGOQEVOMXWFS\
8SYGLEKEMRVIQSZIWXLIGLIGOQEVOXSWXSTVIGIMZMRK
RSXMJMGEXMSRW
8SEHHE;M*MRIX[SVO
=SYGEREHHE;M*MRIX[SVOWSXLITLSRI[MPPVIQIQFIVMXEPSRK
[MXLER]WIGYVMX]GVIHIRXMEPWERHGSRRIGXXSMXEYXSQEXMGEPP][LIR
MXMWMRVERKI=SYQYWXEPWSEHHE;M*MRIX[SVOXSGSRRIGXXSMX
MJMXHSIWRSXFVSEHGEWXMXWREQI 77-( SVXSEHHE;M*MRIX[SVO
[LIR]SYEVISYXSJMXWVERKI
8SNSMREWIGYVIHRIX[SVO]SYRIIHXSGSRXEGXXLIRIX[SVO W
EHQMRMWXVEXSVXSPIEVR[LEXWIGYVMX]WGLIQIMWHITPS]IHSRMXERH
XSSFXEMRXLITEWW[SVHSVSXLIVVIUYMVIHWIGYVMX]GVIHIRXMEPW*SV
QSVIMRJSVQEXMSREFSYXMRWXEPPMRKWIGYVIGIVXMJMGEXIWWIIq;SVOMRK
;MXL7IGYVI'IVXMJMGEXIWr SRTEKI
8YVRSR;M*MMJMX WRSXEPVIEH]SR
-J]SY VIEHHMRKE;M*MRIX[SVO[LIRJMVWXWIXXMRKYT]SYV
TLSRI;M*MMWXYVRIHSREYXSQEXMGEPP]
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
-RXLI;M*MWIXXMRKWWGVIIRXSYGL%HH ;M*M RIX[SVO EX
XLIFSXXSQSJXLIPMWXSJHMWGSZIVIHRIX[SVOW 
)RXIVXLI77-( REQI SJXLIRIX[SVO-JXLIRIX[SVOMW
WIGYVIHXSYGLXLI7IGYVMX]QIRYERHXLIRXSYGLXLIX]TI
SJWIGYVMX]HITPS]IHSRXLIRIX[SVO
)RXIVER]VIUYMVIHWIGYVMX]GVIHIRXMEPW
8SYGL 7EZI
8LITLSRIGSRRIGXWXSXLI[MVIPIWWRIX[SVO%R]
GVIHIRXMEPWXLEX]SYIRXIVIHEVIWEZIHWS]SYEVI
GSRRIGXIHEYXSQEXMGEPP]XLIRI\XXMQI]SYGSQI[MXLMR
VERKISJXLMWRIX[SVO
8SJSVKIXE;M*MRIX[SVO
=SYGERQEOIXLITLSRIJSVKIXEFSYXXLIHIXEMPWSJE;M*M
RIX[SVOXLEX]SYEHHIH*SVI\EQTPIMJ]SYHSR X[ERXXLITLSRI
XSGSRRIGXXSMXEYXSQEXMGEPP]SVMJMXMWERIX[SVOXLEX]SYRS
PSRKIVYWI
8YVRSR;M*MMJMX WRSXEPVIEH]SR
-RXLI;M*MWIXXMRKWWGVIIRXSYGLERHLSPHXLIREQISJXLI
RIX[SVO
8SYGL *SVKIX RIX[SVOW MRXLIHMEPSKFS\XLEXSTIRW


'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS&PYIXSSXL(IZMGIW
&PYIXSSXLMWEWLSVXVERKI[MVIPIWWGSQQYRMGEXMSRWXIGLRSPSK]XLEX
HIZMGIWGERYWIXSI\GLERKIMRJSVQEXMSRSZIVEHMWXERGISJEFSYX
QIXIVW8LIQSWXGSQQSR&PYIXSSXLHIZMGIWEVILIEHTLSRIWJSV
QEOMRKGEPPWSVPMWXIRMRKXSQYWMGLERHWJVIIOMXWJSVGEVWERHSXLIV
TSVXEFPIHIZMGIWMRGPYHMRKPETXSTWERHGIPPTLSRIW
8LIVIEVIWIZIVEP&PYIXSSXLTVSJMPIWXLEXHIJMRIXLIJIEXYVIWERH
GSQQYRMGEXMSRWWXERHEVHWJSV&PYIXSSXLHIZMGIW*SVEPMWXSJXLI
TVSJMPIWWYTTSVXIHF]]SYVTLSRIWII q7TIGMJMGEXMSRWr SRTEKI
8SGSRRIGXXSE&PYIXSSXLHIZMGI]SYQYWXXYVRSR]SYVTLSRI W
&PYIXSSXLVEHMS8LIJMVWXXMQI]SYYWIERI[HIZMGI[MXL]SYV
TLSRI]SYQYWXqTEMVr XLIQWSXLEXXLI]ORS[LS[XSGSRRIGX
WIGYVIP]XSIEGLSXLIV%JXIVXLEX]SYGERWMQTP]GSRRIGXXSE
TEMVIHHIZMGI
8YVRSJJ&PYIXSSXL[LIR]SY VIRSXYWMRKMXXSI\XIRHXLIPMJISJ
]SYVFEXXIV]FIX[IIRGLEVKIW=SYQE]EPWSFIVIUYMVIHXSXYVR
&PYIXSSXLSJJMRWSQIPSGEXMSRW&PYIXSSXLMWXYVRIHSJJMR%MVTPERI
QSHI
8LI7XEXYWFEVHMWTPE]WMGSRWXLEXMRHMGEXI&PYIXSSXLWXEXYW
&PYIXSSXLMWSR
'SRRIGXIHXSE&PYIXSSXLHIZMGI
8SXYVR&PYIXSSXLSRSVSJJ
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]
8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW
8SYGL &PYIXSSXL XSXYVRSRSVSJJ'LIGOQEVOMRHMGEXIW
JYRGXMSREPMX]MWSR

'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SGLERKI]SYVTLSRItW&PYIXSSXLREQI
=SYVTLSRILEWEKIRIVMG&PYIXSSXLREQIF]HIJEYPX[LMGLMW
ZMWMFPIXSSXLIVHIZMGIW[LIR]SYGSRRIGXXLIQ=SYGERGLERKI
XLIREQIWSXLEXMXMWQSVIVIGSKRM^EFPI
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW"&PYIXSSXLWIXXMRKW
-J&PYIXSSXLMWSJJXSYGL &PYIXSSXL XSXYVRMXSR
8SYGL (IZMGI REQIIRXIVEREQIERHXSYGL 3/
8STEMV]SYVTLSRI[MXLE&PYIXSSXLHIZMGI
=SYQYWXTEMV]SYVTLSRI[MXLERSXLIVHIZMGIFIJSVI]SYGER
GSRRIGXXSMX=SYRIIHXSHSXLMWSRP]XLIJMVWXXMQIXLEX]SY
GSRRIGXXSEHIZMGI
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW"&PYIXSSXLWIXXMRKW
-J&PYIXSSXLMWSJJXSYGL &PYIXSSXL XSXYVRMXSR
=SYVTLSRIWGERWJSVERHHMWTPE]WXLI-(WSJEPPEZEMPEFPI
&PYIXSSXLHIZMGIWMRVERKI
-JXLIHIZMGI]SY[ERXXSTEMV[MXLMWR XMRXLIPMWXXSYGL
(MWGSZIVEFPI XSWIX]SYVTLSRIXSFIVIGSKRM^IHF]XLI
HIZMGI]SY[ERXXSTEMV
-J]SYVTLSRIWXSTWWGERRMRKFIJSVI]SYQEOIXLISXLIV
HIZMGIHMWGSZIVEFPIXSYGL7GERJSVHIZMGIW
8SYGLXLI-(SJXLIHIZMGI]SY[ERXXSTEMV[MXL]SYVTLSRI
8LIHIZMGIWTEMV[MXLIEGLSXLIV
-J]SY VITVSQTXIHXSIRXIVETEWWGSHIXV]IRXIVMRK
SV XLIQSWXGSQQSRTEWWGSHIW SVGSRWYPXXLI
HSGYQIRXEXMSRXLEXGEQI[MXLXLIHIZMGIXSPIEVRMXW
TEWWGSHI


'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
-JXLITEMVMRKMWWYGGIWWJYP]SYVTLSRIGSRRIGXWXSXLI
HIZMGI
8SGSRRIGXXSE&PYIXSSXLHIZMGI
3RGITEMVIH]SYGERGSRRIGXXSE&PYIXSSXLHIZMGIEWRIIHIH
*SVI\EQTPI[LIR]SY[ERXXSW[MXGLHIZMGIWSVVIGSRRIGX
[LIRXLITLSRIERHHIZMGIGSQIFEGOMRXSVERKI
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW"&PYIXSSXLWIXXMRKW
-J&PYIXSSXLMWSJJXSYGL&PYIXSSXL XSXYVRMXSR
-RXLIPMWXSJ&PYIXSSXLHIZMGIWXSYGLETEMVIHFYX
YRGSRRIGXIHHIZMGIMRXLIPMWX
-JXLIHIZMGI]SYI\TIGXIHMWR XHMWTPE]IHXSYGL 7GERJSV
HIZMGIW
;LIRXLITLSRIERHXLIHIZMGIEVIGSRRIGXIHXLIHIZMGI
MWHMWTPE]IHEWGSRRIGXIHMRXLIPMWX
8SGSRJMKYVIXLI&PYIXSSXLJIEXYVIW]SY[ERXXSYWI
7SQI&PYIXSSXLHIZMGIWLEZIQYPXMTPITVSJMPIW4VSJMPIWGER
MRGPYHIWXLIEFMPMX]XSXVERWQMX]SYVTLSRIGSRZIVWEXMSRWXSTPE]
QYWMGMRWXIVISSVXSXVERWJIVJMPIWSVSXLIVHEXE=SYGERWIPIGX
[LMGLTVSJMPIW]SY[ERXXSYWI[MXL]SYVTLSRI
8SYGLERHLSPHXLIHIZMGIPMWXIHMRXLI&PYIXSSXLWIXXMRKW
WGVIIR
8SYGL 3TXMSRW MRXLIQIRYXLEXSTIRW
%WGVIIRSTIRW[MXLEPMWXSJXLIHIZMGI WTVSJMPIW
8SYGLETVSJMPIXSGLIGOQEVOMXXSFIYWIHSVXSYGLEKEMRXS
YRGLIGOXSI\GPYHIMX
;LIR]SY VIJMRMWLIHXSYGLXLI&EGO/I]
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SHMWGSRRIGXJVSQE&PYIXSSXLHIZMGI
8SYGLXLIHIZMGIMRXLI&PYIXSSXLWIXXMRKWWGVIIR
8SYGL 3/ XSGSRJMVQXLEX]SY[ERXXSHMWGSRRIGX
8SYRTEMVE&PYIXSSXLHIZMGI
=SYGERYRTEMVE&PYIXSSXLHIZMGIERHIVEWIEPPTEMVMRKMRJSVQEXMSR
EFSYXMX
8SYGLERHLSPHXLIHIZMGIPMWXIHMRXLI&PYIXSSXLWIXXMRKW
WGVIIR
8SYGL 9RTEMV SV(MWGSRRIGXERHYRTEMV MRXLIQIRYXLEX
STIRW
'SRRIGXMRKXSE'SQTYXIVZME97&
=SYGERGSRRIGX]SYVTLSRIXSEGSQTYXIV[MXLE97&GEFPIXS
XVERWJIVQYWMGTMGXYVIWERHSXLIVJMPIWFIX[IIR]SYVTLSRI W
QMGVS7(GEVHERHXLIGSQTYXIV
;%62-2+ ;LIRGSRRIGXMRK]SYVTLSRIXSEGSQTYXIVERHQSYRXMRKMXWQMGVS7(GEVH
]SYQYWXJSPPS[]SYVGSQTYXIV WMRWXVYGXMSRWJSVGSRRIGXMRKERH
HMWGSRRIGXMRK97&HIZMGIWXSEZSMHHEQEKMRKSVGSVVYTXMRKXLIJMPIWSR
]SYVQMGVS7(GEVH


'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SGSRRIGX]SYVTLSRIXSEGSQTYXIVZME97&
9WIXLI97&GEFPIXLEXGEQI[MXL]SYVTLSRIXSGSRRIGX
XLITLSRIXSE97&TSVXSR]SYVGSQTYXIV
=SYVIGIMZIERSXMJMGEXMSRXLEXXLI97&MWGSRRIGXIH
3TIRXLI2SXMJMGEXMSRWTERIPERHXSYGL97&GSRRIGXIH
*SVHIXEMPWSR[SVOMRK[MXLXLI2SXMJMGEXMSRWTERIPWII
q1EREKMRK2SXMJMGEXMSRWr SRTEKI
8SYGL 1SYRX MRXLIHMEPSKFS\XLEXSTIRWXSGSRJMVQXLEX
]SY[ERXXSXVERWJIVJMPIW
;LIRXLITLSRIMWGSRRIGXIHEW97&WXSVEKI]SYVIGIMZI
ERSXMJMGEXMSR
=SYTLSRI WQMGVS7(GEVHMWQSYRXIHEWEHVMZISR]SYV
GSQTYXIV=SYGERRS[GST]JMPIWXSERHJVSQXLI
QMGVS7(GEVH*SVQSVIMRJSVQEXMSRWIIXLI
HSGYQIRXEXMSRJSV]SYVGSQTYXIV
(YVMRKXLMWXMQI]SYGER XEGGIWWXLIQMGVS7(GEVHJVSQ
]SYVTLSRIWS]SYGER XYWIETTPMGEXMSRWXLEXVIP]SRXLI
QMGVS7(GEVHWYGLEW'EQIVE+EPPIV]ERH1YWMG
8SHMWGSRRIGX]SYVTLSRIJVSQXLIGSQTYXIV
;%62-2+ 'EVIJYPP]JSPPS[]SYVGSQTYXIV WMRWXVYGXMSRWXSYRQSYRXXLI
QMGVS7(GEVHERHHMWGSRRIGX97&HIZMGIWGSVVIGXP]XSEZSMH
PSWMRKMRJSVQEXMSRSRXLIGEVH
9RQSYRXXLIQMGVS7(GEVHSR]SYVGSQTYXIV
3TIRXLI2SXMJMGEXMSRWTERIPXLIRXSYGL8YVRSJJ97&
WXSVEKI
8SYGL 8YVRSJJ MRXLIHMEPSKFS\XLEXSTIRW
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SWEJIP]VIQSZIXLIQMGVS7(GEVHJVSQ]SYVTLSRI
=SYGERWEJIP]VIQSZIXLIQMGVS7(GEVHJVSQ]SYVTLSRIER]
XMQIXLITLSRIMWXYVRIHSJJ-J]SYRIIHXSVIQSZIXLIQMGVS7(
GEVH[LMPIXLITLSRIMWSR]SYQYWXYRQSYRXXLIWXSVEKIGEVH
JVSQXLITLSRIJMVWXXSTVIZIRXGSVVYTXMRKSVHEQEKMRKXLI
WXSVEKIGEVH
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW " WGVSPPXLIWGVIIRYT "7(GEVH TLSRI
WXSVEKI
8SYGL 9YQSYRX 7(GEVH
=SYGERRS[WEJIP]VIQSZIXLIQMGVS7(GEVHJVSQXLITLSRI
8SJSVQEXEQMGVS7(GEVH
-J]SYTYVGLEWIERI[QMGVS7(GEVH]SYQE]RIIHXSJSVQEXMX
FIJSVI]SYGERYWIMX[MXL]SYVTLSRI=SYGEREPWSJSVQEXE
QMGVS7(GEVHXSIVEWIMXWGSRXIRXW
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW " WGVSPPXLIWGVIIRYT "7(GEVH TLSRI
WXSVEKI
238) =SYGERSRP]JSVQEXEQMGVS7(GEVHSRP][LIRMXMWYRQSYRXIH-J
RIGIWWEV]XSYGL9RQSYRX7( GEVH FIJSVITVSGIIHMRK
8SYGL *SVQEX 7(GEVH
8SYGL*SVQEX7(GEVH SRXLI[EVRMRKWGVIIRXSJSVQEX
XLI7(GEVH
36
8SYGLXLI &EGO/I]
XSI\MX7(GEVHJSVQEX


'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS:MVXYEP4VMZEXI2IX[SVOW
:MVXYEPTVMZEXIRIX[SVOW :42W EPPS[]SYXSGSRRIGXXSXLI
VIWSYVGIWMRWMHIEWIGYVIHPSGEPRIX[SVOJVSQSYXWMHIXLEX
RIX[SVO:42WEVIGSQQSRP]HITPS]IHF]GSVTSVEXMSRWWGLSSPW
ERHSXLIVMRWXMXYXMSRWWSXLEXXLIMVYWIVWGEREGGIWWPSGEPRIX[SVO
VIWSYVGIW[LIRRSXSRGEQTYWSV[LIRGSRRIGXIHXSE[MVIPIWW
RIX[SVO
8LIVIEVIRYQIVSYWW]WXIQWJSVWIGYVMRK:42GSRRIGXMSRW
MRGPYHMRKWSQIXLEXVIP]SRWIGYVIGIVXMJMGEXIWSVSXLIVWGLIQIWXS
IRWYVIXLEXSRP]EYXLSVM^IHYWIVWGERGSRRIGX*SVMRJSVQEXMSR
EFSYXMRWXEPPMRKWIGYVIGIVXMJMGEXIWWII q;SVOMRK;MXL7IGYVI
'IVXMJMGEXIWr SRTEKI
8SGSRJMKYVI:42EGGIWWJVSQ]SYVTLSRI]SYQYWXSFXEMRXLI
HIXEMPWJVSQ]SYVRIX[SVOEHQMRMWXVEXSV
8SEHHE:42
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW":42WIXXMRKW
8SYGL%HH:42
8SYGLXLIX]TISJ:42XSEHH
-RXLIWGVIIRXLEXSTIRWJSPPS[XLIMRWXVYGXMSRWJVSQ]SYV
RIX[SVOEHQMRMWXVEXSVXSGSRJMKYVIIEGLGSQTSRIRXSJXLI
:42WIXXMRKW
4VIWWXLI1IRY/I]
XLIRXSYGL7EZI
8LI:42MWEHHIHXSXLIPMWXSRXLI:42WIXXMRKWWGVIIR
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SGSRRIGXXSE:42
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW";MVIPIWW RIX[SVOW":42WIXXMRKW
8LI:42W]SY ZIEHHIHEVIPMWXIHSRXLI:42WIXXMRKW
WGVIIR
8SYGLXLI:42XS[LMGL]SY[ERXXSGSRRIGX
-RXLIHMEPSKFS\XLEXSTIRWIRXIVER]VIUYIWXIHGVIHIRXMEPW
ERHXSYGL'SRRIGX
;LIR]SY VIGSRRIGXIHXSE:42]SYVIGIMZIERSRKSMRK
RSXMJMGEXMSRMRXLI7XEXYWFEV
-J]SYEVIHMWGSRRIGXIH]SYVIGIMZIERSXMJMGEXMSRXLEX]SY
GERYWIXSVIXYVRXSXLI:24WIXXMRKWWGVIIRWSXLEX]SY
GERVIGSRRIGXXSMX7IIq1EREKMRK2SXMJMGEXMSRWr SRTEKI

8SHMWGSRRIGXJVSQE:42
3TIRXLI2SXMJMGEXMSRWTERIPXLIRXSYGLXLISRKSMRK
RSXMJMGEXMSRJSVXLI:42GSRRIGXMSR


'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
;SVOMRK;MXL7IGYVI'IVXMJMGEXIW
-J]SYVSVKERM^EXMSR W:42SV;M*MRIX[SVOVIPMIWSRWIGYVI
GIVXMJMGEXIW]SYQYWXSFXEMRXLIGIVXMJMGEXIWERHWXSVIXLIQMR]SYV
TLSRI WWIGYVIGVIHIRXMEPWXSVEKIFIJSVI]SYGERGSRJMKYVIEGGIWW
XSXLEX:42SV;M*MRIX[SVOSR]SYVTLSRI
-J]SYVRIX[SVOEHQMRMWXVEXSVMRWXVYGXW]SYXSHS[RPSEHXLI
GIVXMJMGEXIWJVSQE[IFWMXI]SYEVITVSQTXIHXSWIXETEWW[SVHJSV
XLIGVIHIRXMEPWXSVEKI[LIR]SYHS[RPSEHXLIGIVXMJMGEXIW
*SVQSVIMRJSVQEXMSREFSYX[SVOMRK[MXLGVIHIRXMEPWXSVEKIWII
q0SGEXMSR WIGYVMX]r SRTEKI
8SMRWXEPPEWIGYVIGIVXMJMGEXIJVSQXLIQMGVS7(GEVH
'ST]XLIGIVXMJMGEXIJVSQ]SYVGSQTYXIVXSXLIVSSXSJXLI
QMGVS7(GEVH XLEXMWRSXMREJSPHIV 
7II q'SRRIGXMRKXSE'SQTYXIVZME97&r SRTEKIJSV
MRJSVQEXMSREFSYXGSRRIGXMRK]SYVTLSRIXSEGSQTYXIVERH
GST]MRKJMPIWXSXLIQMGVS7(GEVH
4VIWWXLI,SQI/I]
XLIRTVIWWXLI1IRY/I]

8SYGL 7IXXMRKW"0SGEXMSR WIGYVMX]
7GVSPPXLIWGVIIRYTXLIRXSYGL -RWXEPPJVSQ7(GEVH
8SYGLXLIJMPIREQISJXLIGIVXMJMGEXIXSMRWXEPP
3RP]XLIREQIWSJGIVXMJMGEXIWXLEX]SYLEZIRSXEPVIEH]
MRWXEPPIHSR]SYVTLSRIEVIHMWTPE]IH
-JTVSQTXIHIRXIVXLIGIVXMJMGEXI WTEWW[SVHXLIRXSYGL 3/
)RXIVEREQIJSVXLIGIVXMJMGEXIERHXSYGL3/
-J]SYLEZIRSXEPVIEH]WIXETEWW[SVHJSV]SYVTLSRI W
GVIHIRXMEPWXSVEKI]SY VITVSQTXIHXSIRXIVETEWW[SVHJSV
MXX[MGIXLIRXSYGL3/*SVQSVIMRJSVQEXMSREFSYX
GVIHIRXMEPWXSVEKIWII q0SGEXMSR WIGYVMX]r SRTEKI
=SYGERRS[YWIXLIGIVXMJMGEXIXLEX]SYMRWXEPPIH[LIR
GSRRIGXMRKXSEWIGYVIRIX[SVO*SVWIGYVMX]XLIGIVXMJMGEXI
MWHIPIXIHJVSQXLIQMGVS7(GEVH
4PEGMRKERH6IGIMZMRK'EPPW
4PEGMRKERH)RHMRK'EPPW
=SYGERTPEGIGEPPWYWMRKXLI4LSRIETTPMGEXMSR;MXLMRXLI4LSRI
ETTPMGEXMSRXLIVIEVIJSYVXEFWEWWSGMEXIH[MXLGEPPMRK=SYGERHMEP
GEPPWQERYEPP]YWMRKXLI 4LSRI XEF=SYGERHMEPJVSQ]SYVTLSRI W
QIQSV]YWMRKXLI 'EPPPSK XEF WII;SVOMRK[MXLXLI'EPP0SKSR
TEKI 'SRXEGXW XEF WII'SQQYRMGEXMRK[MXL=SYV'SRXEGXWSR
TEKI SV *EZSVMXIW XEF 'SQQYRMGEXMRK[MXL=SYV'SRXEGXWSR
TEKI 
8SSTIRXLI4LSRIETTPMGEXMSR
8SYGLXLI4LSRIMGSR
XLI0EYRGLWGVIIR
SRXLI,SQIWGVIIR5YMGOOI]SVMR
36
-J]SY VIEPVIEH][SVOMRK[MXL'SRXEGXW'EPPPSKSV
*EZSVMXIWXSYGLXLI4LSRI XEF
36
4VIWWXLI7IRHOI]?WIRHOI]KVETLMGAXLIRXSYGL 4LSRI
XEF
8STPEGIEGEPPF]HMEPMRK
3TIRXLI4LSRIETTPMGEXMSR4LSRIXEF
8SYGLERHLSPHXSIRXIVJSV
MRXIVREXMSREPGEPPW
8SYGLXSIVEWIEHMKMX8SYGLERHLSPH
XSIVEWIXLIIRXMVIRYQFIV


4PEGMRKERH6IGIMZMRK'EPPW
 8SYGLXLIOI]WSRXLI4LSRI XEFXSIRXIVXLITLSRI
RYQFIV
-J]SYIRXIVE[VSRKRYQFIVXSYGL
F]SRI
XSIVEWIHMKMXWSRI
8SIVEWIXLIIRXMVIRYQFIVXSYGLERHLSPH
8SHMEPERMRXIVREXMSREPRYQFIVXSYGLERHLSPHXLI OI]
XSIRXIVXLITPYW  W]QFSP8LIRIRXIVXLIMRXIVREXMSREP
TVIJM\JSVXLIGSYRXV]JSPPS[IHF]XLIJYPPTLSRIRYQFIV
 8SYGLXLIKVIIR 'EPP FYXXSR
IRXIVIH
XSHMEPXLIRYQFIVXLEX]SY
8LIHYVEXMSRSJXLIGEPP
-RJSVQEXMSRJVSQ'SRXEGXWEFSYXXLI
TIVWSR]SY VIGEPPMRK
8SYGLXSIRXIVEHHMXMSREPRYQFIVW
HYVMRK]SYVGEPP
=SYGERSTIRSXLIVETTPMGEXMSRWHYVMRKEGEPP*SVI\EQTPI
XSPSSOYTMRJSVQEXMSRYWMRKXLI&VS[WIV8LIKVIIRTLSRI
MGSRETTIEVWMRXLI7XEXYWFEV[LMPIXLIGEPPMWYRHIV[E]
4VIWWXLI:SPYQI9T(S[R OI]XSEHNYWXXLIGEPPZSPYQI
9WIXLISRWGVIIRFYXXSRWXSTPEGIXLIGYVVIRX'EPPXSEHH
EGEPPIVERHJSVSXLIVSTXMSRWEWHIWGVMFIHMRq3TXMSRW
(YVMRKE'EPPr SRTEKI
8SIRHEGEPP
8SYGLXLI )RH FYXXSR 
238) -J]SYSTIRIHSXLIVETTPMGEXMSRW[LMPISREGEPPTVIWWXLI7IRHOI]
XSVIHMWTPE]XLI4LSRIOI]TEH
4PEGMRKERH6IGIMZMRK'EPPW
8SHMWEFPITLSRIGEPPW %MVTPERIQSHI
7SQIPSGEXMSRWQE]VIUYMVI]SYXSXYVRSJJ]SYVTLSRI W[MVIPIWW
GSRRIGXMSRWF]TPEGMRK]SYVTLSRIMR%MVTPERIQSHI
4VIWWERHLSPHXLI4S[IV0SGO/I]
8SYGL %MVTPERIQSHI
=SYGEREPWSYWIXLI7IXXMRKWETTPMGEXMSRXSXYVR%MVTPERI
QSHISRERHSJJERHXSGSRJMKYVISXLIVQSFMPIERHRIX[SVO
WIXXMRKW7IIq;MVIPIWW RIX[SVOWr SRTEKI
%RW[IVMRKSV6INIGXMRK'EPPW
;LIR]SYVIGIMZIETLSRIGEPPXLI-RGSQMRK'EPPWGVIIRSTIRW
[MXLXLIGEPPIV-(ERHER]EHHMXMSREPMRJSVQEXMSREFSYXXLIGEPPIVXLEX
]SYLEZIIRXIVIHMR'SRXEGXW7II q'SRXEGXWr SRTEKI
%PPMRGSQMRKGEPPWEVIVIGSVHIHMRXLI'EPPPSK7II q;SVOMRK[MXL
XLI'EPPPSKr SRTEKI-J]SYQMWWEGEPP]SYVIGIMZIE
RSXMJMGEXMSR7II q1EREKMRK2SXMJMGEXMSRWr SRTEKI
8SERW[IVEGEPP
(VEKXLIKVIIR%RW[IV FYXXSRXSXLIVMKLX
-J]SY[IVIEPVIEH]SREGEPPXLIJMVWXGEPPMWTPEGIHSRLSPH
[LMPI]SYERW[IVXLIRI[GEPP
8SWMPIRGIXLIVMRKIVFIJSVIERW[IVMRKXLIGEPPTVIWWXLI
:SPYQI(S[R OI]
(VEKXLIKVIIR%RW[IV FYXXSRXSXLI
VMKLXXSERW[IVXLIGEPP


4PEGMRKERH6IGIMZMRK'EPPW
8SHIGPMRIEGEPPERHHMZIVXMXXSZSMGIQEMP
(VEKXLIVIH6INIGXGEPP FYXXSRXSXLIPIJX
8LIGEPPIVMWWIRXHMVIGXP]XS]SYVZSMGIQEMPFS\XSPIEZIE
QIWWEKI
(VEKXLIVIH6INIGXGEPP FYXXSRXSXLI
PIJXXSVINIGXXLIGEPPERHWIRHXS
ZSMGIQEMP
;SVOMRK[MXLXLI'EPP0SK
8LI'EPPPSKMWEPMWXSJEPPXLIGEPPW]SY ZITPEGIHVIGIMZIHSV
QMWWIH-XSJJIVWEGSRZIRMIRX[E]XSVIHMEPERYQFIVVIXYVREGEPP
SVEHHERYQFIVXS]SYV'SRXEGXW
8SSTIRXLI'EPPPSK
4VIWWXLI7IRHOI]
3VMJ]SYLEZIXLI4LSRI'SRXEGXW SV *EZSVMXIW XEFSTIR
XSYGLXLI'EPP PSK XEF
'EPPWEVIPMWXIH[MXLXLIQSWXVIGIRXEXXLIXST7GVSPPXS
ZMI[IEVPMIVIRXVMIWMRXLIPSK
-RGSQMRKGEPP
3YXKSMRKGEPP
1MWWIHGEPP
8SYGLXSGEPPFEGO
8SYGLERHLSPHERIRXV]JSVQSVISTXMSRW
4PEGMRKERH6IGIMZMRK'EPPW
8SHMEPERYQFIVMRXLI'EPPPSK
8SYGLXLIKVIIR(MEP FYXXSR EXXLIVMKLXSJXLIIRXV]
=SYGEREPWSXSYGLERHLSPHXLIIRXV]XSSTIREQIRY[MXL
STXMSRWJSVGSQQYRMGEXMRK[MXLXLEXGSRXEGXMRSXLIV[E]W
8SEHHERIRXV]tWRYQFIVXS]SYV'SRXEGXW
8SYGLERHLSPHXLIIRXV]
8SYGL%HHXSGSRXEGXW MRXLIQIRYXLEXSTIRW
-RXLIPMWXSJGSRXEGXWXLEXSTIRWXSYGL'VIEXIRI[GSRXEGX
EXXLIXSTSVWGVSPPXSJMRHXLIRXSYGLERI\MWXMRKGSRXEGXXS
[LMGL]SY[ERXXSEHHXLIRYQFIV
*SVQSVIMRJSVQEXMSREFSYXGVIEXMRKERHIHMXMRKGSRXEGXW
WIIq'SRXEGXWr SRTEKI
8SXEOISXLIVEGXMSRWSRE'EPPPSKIRXV]
8SYGLE'EPPPSKIRXV]XSSTIREWGVIIR[LIVI]SYGERGEPP
XLIGSRXEGXEKEMRWIRHXLIGSRXEGXEQIWWEKIEHHXLI
RYQFIVXS]SYV'SRXEGXWERHPIEVRQSVIEFSYXXLISVMKMREP
GEPP
8SYGLERHLSPHE'EPPPSKIRXV]XSSTIREQIRY[LIVI]SY
GERGEPPXLIGSRXEGXZMI[GSRXEGXMRJSVQEXMSRIHMXXLI
RYQFIVFIJSVI]SYVIHMEPERHQSVI
8SGPIEVXLI'EPPPSK
;LMPIZMI[MRKXLI'EPPPSKTVIWWXLI1IRY/I]
XLIR
XSYGL(IPIXI'EPP0SKW
=SYGEREPWSXSYGLERHLSPHERIRXV]MRXLIPSK-RXLIQIRY
XLEXSTIRWXSYGL 6IQSZIJVSQGEPPPSK XSVIQSZINYWXXLEX
IRXV]JVSQXLIPSK


4PEGMRKERH6IGIMZMRK'EPPW
'EPPMRK=SYV'SRXEGXW
-RWXIEHSJQERYEPP]HMEPMRKTLSRIRYQFIVWYWMRKXLI 4LSRI XEF
]SYGERWIPIGXTLSRIRYQFIVWXSHMEPEYXSQEXMGEPP]
=SYGEREPWSUYMGOP]GEPPEGSRXEGXF]YWMRK5YMGO'SRXEGX7II
q'SRRIGXMRK5YMGOP];MXL=SYV'SRXEGXWr SRTEKI
%HHMRKIHMXMRKERHTIVJSVQMRKSXLIVXEWOW[MXL]SYVGSRXEGXWMW
HIWGVMFIHMRq'SRXEGXWr SRTEKI-J]SYLEZIGSRXEGXWSRXLI
[IFXLI] VIW]RGLVSRM^IH[MXL]SYVTLSRI[LIR]SYJMVWXGSRRIGX
XS]SYV+SSKPI%GGSYRX
8SGEPPEGSRXEGX
3TIR]SYV'SRXEGXWETTPMGEXMSR
*SVI\EQTPISRXLI,SQIWGVIIRXSYGLXLI'SRXEGXWMGSR
3VXSYGLXLI 'SRXEGXW XEFMRXLI4LSRIETTPMGEXMSR
8SYGLXLIGSRXEGXXSGEPP
=SYGERWIEVGLJSVSVWGVSPPXSJMRHEGSRXEGX
8SYGLXLITLSRIRYQFIVXSYWIXSGEPPXLIGSRXEGX
7II q'SQQYRMGEXMRK[MXL]SYVGSRXEGXWr SRTEKIJSV
QSVISTXMSRW
8SGEPPEJEZSVMXIGSRXEGX
3TIR]SYV*EZSVMXIWETTPMGEXMSR
*SVI\EQTPISRXLI,SQIWGVIIRXSYGLXLI'SRXEGXWMGSR
XLIRXSYGLXLI*EZSVMXIW XEF
8LIPMWXSJ]SYVJEZSVMXIGSRXEGXWMWJSPPS[IHF]EPMWXSJXLI
RYQFIVWXLEX]SYGEPPQSWXSJXIR
=SYGEREHHERHVIQSZIJEZSVMXIWF]XSYGLMRKXLIWXEVRI\X
XSXLIMVREQIW[LMPI]SY VIZMI[MRKMRJSVQEXMSREFSYXXLI
GSRXEGX7IIq%HHMRKE'SRXEGXXS=SYV*EZSVMXIWr SRTEKI

8SYGLXLIJEZSVMXIXSGEPP
8SYGLXLITLSRIRYQFIVXSYWIXSGEPPXLIGSRXEGX
4PEGMRKERH6IGIMZMRK'EPPW
0MWXIRMRKXS=SYV:SMGIQEMP
;LIR]SYLEZIERI[ZSMGIQEMPQIWWEKIXLIZSMGIQEMPMGSR
ETTIEVWMRXLI7XEXYWFEV-J]SYLEZIRSXWIXYT]SYVZSMGIQEMP
RYQFIVSVMJ]SYRIIHXSGLERKIMX]SYGERHSXLEX[MXLXLI'EPP
WIXXMRKW7IIq'EPPWIXXMRKWr SRTEKI
8SPMWXIRXS]SYVZSMGIQEMP
3TIRXLI2SXMJMGEXMSRWTERIPERHXSYGL2I[ZSMGIQEMP
6IWTSRHMRKXSRSXMJMGEXMSRWMWHIWGVMFIHMRq1EREKMRK
2SXMJMGEXMSRWr SRTEKI
36
3TIRXLI4LSRIETTPMGEXMSRERHXSYGLXLIZSMGIQEMPFYXXSR
SRXLI4LSRI XEF3TIRMRKXLI4LSRIETTPMGEXMSRMW
HIWGVMFIHMRq4PEGMRKERH)RHMRK'EPPWr SRTEKI8]TMGEPP]
]SYVGEVVMIV WZSMGIQEMPW]WXIQKYMHIW]SYXLVSYKLXLI
TVSGIWWSJPMWXIRMRKXSERHQEREKMRK]SYVZSMGIQEMP8LI
JMVWXXMQI]SYGEPP]SYVZSMGIQEMPMXEPWSKYMHIW]SYXLVSYKL
XLITVSGIWWSJVIGSVHMRKKVIIXMRKWWIXXMRKETEWW[SVHERH
WSSR
(MEPMRKF]:SMGI
=SYGERWIEVGLJSVERHHMEPEGSRXEGXF]WTIEOMRKVEXLIVXLERF]
YWMRKXLI4LSRI XEFSVXSYGLMRKEGSRXEGX WRYQFIV
8STPEGIEGEPPF]WTIEOMRK
=SYGERGEPPEGSRXEGXF]YWMRK+SSKPIWIEVGLF]ZSMGI
8SYGLERHLSPHXLI7IEVGL/I]
=SY VITVSQTXIHXSWTIEO
7E]q'EPPr JSPPS[IHF]XLIREQISJXLIGSRXEGXXSGEPP
-J+SSKPIWIEVGLF]ZSMGIJMRHWEQEXGLMXHMEPWXLI
GSRXEGX WHIJEYPXRYQFIV
*SVHIXEMPWEFSYXWIXXMRKEGSRXEGX WHIJEYPXRYQFIVWII
q)HMXMRK'SRXEGX(IXEMPWr SRTEKI


4PEGMRKERH6IGIMZMRK'EPPW
3TXMSRW(YVMRKE'EPP
;LIREGEPPMWMRTVSKVIWW]SYGERTYXEGEPPSRLSPHGVIEXIE
TLSRIGSRJIVIRGIQYXI]SYVQMGVSTLSRIERHQSVI7II
q1EREKMRK1YPXMTPI'EPPWr SRTEKI
8SQYXIXLIQMGVSTLSRIHYVMRKEGEPP
8SYGLXLI 1YXI FYXXSR 
8LI1YXIFYXXSRPMKLXWYTKVIIRXSMRHMGEXIXLEXXLI
QMGVSTLSRIMWQYXIH
8LI1YXIMGSRETTIEVWMRXLI7XEXYWFEVXSVIQMRH]SYXLEX
XLIQMGVSTLSRIMWXYVRIHSJJ
;LIRZMI[MRKXLIGYVVIRXGEPPWGVIIR]SYGERYRQYXIXLI
QMGVSTLSRIF]XSYGLMRKXLI 1YXI FYXXSREKEMR
8LIQMGVSTLSRIMWYRQYXIHEYXSQEXMGEPP][LIRXLIGYVVIRX
GEPPIRHW
8SXYVRXLIWTIEOIVTLSRISRSVSJJ
8SYGLXLI 7TIEOIV FYXXSR 
8LI7TIEOIVFYXXSRPMKLXWYTKVIIRXSMRHMGEXIXLEXXLI
WTIEOIVTLSRIMWSR
8LI7TIEOIVMGSRETTIEVWMRXLI7XEXYWFEVERHXLIWSYRH
JVSQ]SYVGEPPMWTPE]IHXLVSYKLXLITLSRI WWTIEOIV
;LIRZMI[MRKXLIGYVVIRXGEPPWGVIIR]SYGERXYVRXLI
WTIEOIVTLSRISJJF]XSYGLMRKXLI7TIEOIV FYXXSRMGSREKEMR
8LIWTIEOIVMWXYVRIHSJJEYXSQEXMGEPP][LIR]SYVGYVVIRX
GEPPIRHW
;%62-2+ 8SEZSMHHEQEKIXS]SYVLIEVMRKHSRSXLSPHXLITLSRIEKEMRWX
]SYVIEV[LIRXLIWTIEOIVTLSRIMWXYVRIHSR
4PEGMRKERH6IGIMZMRK'EPPW
8SW[MXGLFIX[IIRE&PYIXSSXLLIEHWIXERHXLITLSRI
;LIRE&PYIXSSXLLIEHWIXMWTEMVIHERHGSRRIGXIHXS]SYVTLSRI
]SYGERGSRHYGXEPPGEPPWSRXLILIEHWIXJSVLERHWJVII
GSRZIVWEXMSR
*SVHIXEMPWEFSYXGSRJMKYVMRKXLITLSRIXSYWIE&PYIXSSXL
LIEHWIXWIIq'SRRIGXMRKXS&PYIXSSXL(IZMGIWr SRTEKI
;LIRYWMRKXLI&PYIXSSXLLIEHWIXHYVMRKEGEPPXLIGYVVIRXGEPP
WGVIIRLEWEFPYIFSVHIVERHXLI3RKSMRK'EPPMGSRXYVRWFPYIMR
XLI7XEXYWFEV
8SYGLXLI &PYIXSSXL FYXXSR
SRXLI 4LSRI XEFXSW[MXGL
JVSQXLILIEHWIXXSXLITLSRISVZMGIZIVWE


4PEGMRKERH6IGIMZMRK'EPPW
1EREKMRK1YPXMTPI'EPPW
-J]SYEGGITXERI[GEPP[LIR]SY VIEPVIEH]SREGEPP]SYGER
W[MXGLFIX[IIRXLIX[SGEPPIVWSVQIVKIXLIX[SGEPPWMRXSEWMRKPI
GSRJIVIRGIGEPP=SYGEREPWSWIXYTEGSRJIVIRGIGEPP[MXLQYPXMTPI
GEPPIVW
8SW[MXGLFIX[IIRGYVVIRXGEPPW
8SYGLXLI 7[ET FYXXSR 
8LIGYVVIRXGEPPMWTYXSRLSPHERH]SYNSMRXLISXLIVGEPP
8SYGLXSW[ETGEPPW
8LIGEPPSRLSPH
8SYGLXSQIVKIXLIGEPPWMRXSE
GSRJIVIRGIGEPP
4PEGMRKERH6IGIMZMRK'EPPW
8SWIXYTEGSRJIVIRGIGEPP
'SRXEGX]SYV[MVIPIWWWIVZMGITVSZMHIVXSPIEVR[LIXLIVXLI]
WYTTSVXGSRJIVIRGIGEPPWERHLS[QER]TEVXMGMTERXW]SYGER
MRGPYHI
4PEGIEGEPPXSXLIJMVWXTEVXMGMTERX
;LIR]SY VIGSRRIGXIHXSYGLXLI %HHGEPP FYXXSR
8LIJMVWXTEVXMGMTERXMWTYXSRLSPHERH]SY VITVSQTXIHXS
HMEPXLIWIGSRHGEPPIV
4PEGIXLIRI\XGEPPYWMRKXLI4LSRI'EPPPSK'SRXEGXWSV
*EZSVMXIW XEF
;LIR]SY VIGSRRIGXIHXSYGLXLI 1IVKIGEPPW FYXXSR
8LITEVXMGMTERXMWEHHIHXSXLIGSRJIVIRGIGEPP
=SYGEREHHEWQER]GEPPIVWEW]SYVGEVVMIVWYTTSVXW
(YVMRKEGSRJIVIRGIGEPPXSYGLXLI 1EREKI FYXXSRXSHVSTE
GSRJIVIRGIGEPPTEVXMGMTERXSVXSXEPOTVMZEXIP][MXLSRISJXLI
TEVXMGMTERXW
8SIRHEGSRJIVIRGIGEPPERHHMWGSRRIGXEPPGEPPIVW
8SYGLXLI )RH FYXXSR
238) -J]SYSTIRIHSXLIVETTPMGEXMSRW[LMPISREGEPPTVIWWXLI7IRHOI]
XSVIHMWTPE]XLI4LSRIOI]TEH


'SRXEGXW
3TIRMRK=SYV'SRXEGXW
3TIRXLI 'SRXEGXW ETTPMGEXMSRXSEHHZMI[ERHGSQQYRMGEXI[MXL
]SYVJVMIRHWERHEGUYEMRXERGIW
8SSTIR]SYV'SRXEGXWETTPMGEXMSR
8SYGLXLI'SRXEGXWMGSR
0EYRGLWGVIIR
SRXLI,SQIWGVIIRSVMRXLI
238) =SYGEREPWSEGGIWW]SYVGSRXEGXWF]YWMRK5YMGO'SRXEGX7II
q'SRRIGXMRK5YMGOP];MXL=SYV'SRXEGXWrSRTEKI
%PPSJ]SYVGSRXEGXWEVIHMWTPE]IHEPTLEFIXMGEPP]MREWGVSPPMRK
PMWX)EGLGSRXEGXMWJSPPS[IHF]XLIHIJEYPXTLSRIRYQFIV
-J]SYLEZIERI[TLSRIERHLEZIR XEHHIHER]GSRXEGXW]IX
'SRXEGXWHMWTPE]WEQIWWEKI[MXLLMRXWSRLS[XSWXEVXEHHMRK
GSRXEGXWXS]SYVTLSRI
8SYGLXSZMI[SRP]]SYVJEZSVMXIGSRXEGXW
8SYGLEGSRXEGXXSZMI[MXWHIXEMPW
8SYGLMGSRXSSTIR5YMGO'SRXEGXJSVXLEXGSRXEGX
=SYGERHVEKXLIPMWXYTSVHS[RXSWGVSPPMXSVWPMHI]SYV
JMRKIVYTSVHS[RXSWGVSPPUYMGOP]
8SSTIREPMWXSJ]SYVJEZSVMXIGSRXEGXW
3TIR]SYV'SRXEGXW ETTPMGEXMSRERHXSYGLXLI*EZSVMXIW XEF
8LI *EZSVMXIW XEFPMWXWXLIGSRXEGXW]SY ZIEHHIHXSXLIPMWX
WIIq%HHMRKE'SRXEGXXS=SYV*EZSVMXIWr SRTEKI 
JSPPS[IHF]EPMWXSJ]SYVQSWXJVIUYIRXP]GEPPIHGSRXEGXW
'SRXEGXW
8SZMI[HIXEMPWEFSYXEGSRXEGX
3TIR]SYV 'SRXEGXW ETTPMGEXMSR
8SYGLXLIGSRXEGX[LSWIHIXEMPW]SY[ERXXSZMI[
)RXVMIWJSVGSQQYRMGEXMRK[MXLXLIGSRXEGXEVIJSPPS[IHF]
HIXEMPW
8SYGLXSSTIR5YMGO'SRXEGX
8SYGLEGSRXEGXQIXLSHXSWXEVX
GSQQYRMGEXMRK[MXLXLIGSRXEGX
8SYGLEREHHVIWWXSZMI[MXSR+SSKPI
1ETW
8SYGLEGSQQYRMGEXMSRQIXLSHXSWXEVXHMEPMRKXI\XMRKSV
IQEMPMRKXLIGSRXEGXF]YWMRKXLIPMWXIHRYQFIVEHHVIWW
ERHWSSR
8SYGLEREHHVIWWXSZMI[MXSR+SSKPI1ETW7IIq1ETWr SR
TEKI
XLIRXSYGL )HMX
=SYGEREPWSTVIWWXLI 1IRY/I]
GSRXEGX XSIHMXXLIGSRXEGX WMRJSVQEXMSR WIIq)HMXMRK
'SRXEGX(IXEMPWr SRTEKI SVXSYGL(IPIXIGSRXEGX XS
HIPIXIEPPMRJSVQEXMSREFSYXXLIGSRXEGX


'SRXEGXW
%HHMRK'SRXEGXW
=SYGEREHHGSRXEGXWSR]SYVTLSRIERHW]RGLVSRM^IXLIQ[MXLXLI
GSRXEGXWMR]SYV+SSKPI%GGSYRX1MGVSWSJX)\GLERKI%GXMZI7]RG
EGGSYRXSVSXLIVEGGSYRXWXLEXWYTTSVXW]RGMRKGSRXEGXW
;LIR]SYVITP]XSSVJSV[EVHERIQEMPQIWWEKIXSERIQEMP
EHHVIWWXLEXMWRSXMR]SYV'SRXEGXWXLIIQEMPEHHVIWWMWEHHIHEW
EGSRXEGX8LI'SRXEGXW ETTPMGEXMSRXVMIWXSNSMRRI[EHHVIWWIW[MXL
I\MWXMRKGSRXEGXWXSGVIEXIEWMRKPIIRXV]=SYGEREPWSQEREKIXLEX
TVSGIWWQERYEPP]7IIq.SMRMRK'SRXEGXWr SRTEKIERH
q7ITEVEXMRK'SRXEGX-RJSVQEXMSRr SRTEKI
8SEHHERI[GSRXEGX
3TIR]SYV'SRXEGXW ETTPMGEXMSR
4VIWWXLI1IRY/I]
XLIRXSYGL2I[GSRXEGX
-J]SYLEZIQSVIXLERSRIEGGSYRX[MXLGSRXEGXWXSYGLXLI
EGGSYRXXS[LMGL]SY[ERXXSEHHXLIGSRXEGX
)RXIVXLIGSRXEGX WREQI
8SYGLEGEXIKSV]SJGSRXEGXMRJSVQEXMSRWYGLEWTLSRI
RYQFIVWERHIQEMPEHHVIWWIWXSIRXIVXLEXOMRHSJ
MRJSVQEXMSREFSYX]SYVGSRXEGX
7GVSPPXLITEKIXSZMI[EPPGEXIKSVMIW
8SYGLEGEXIKSV] W TPYW FYXXSR XSEHHQSVIXLERSRI
IRXV]JSVXLEXGEXIKSV]*SVI\EQTPIMRXLITLSRIRYQFIV
GEXIKSV]EHHE[SVORYQFIVERHELSQIRYQFIV8SYGL
XLIPEFIPFYXXSRXSXLIPIJXSJXLIIRXV]MXIQMRJSVQEXMSRXS
STIREHVSTHS[RQIRYSJTVIWIXPEFIPW*SVI\EQTPI
1SFMPI ERH;SVO JSVETLSRIRYQFIVSVXSYGL 'YWXSQ MR
XLIQIRYXSGVIEXI]SYVS[RPEFIP
8SYGLXLI4MGXYVI*VEQI FYXXSR XSWIPIGXETMGXYVIXS
HMWTPE]RI\XXSXLIREQIMR]SYVPMWXWSJGSRXEGXWERHMR
SXLIVETTPMGEXMSRW
;LIR]SY VIJMRMWLIHXSYGL(SRI
'SRXEGXW
-QTSVXMRK)\TSVXMRKERH7LEVMRK'SRXEGXW
-J]SYLEZIGSRXEGXWWXSVIHMRZ'EVHJSVQEXSREQMGVS7(GEVHSV
7-1]SYGERMQTSVXXLIQMRXS]SYV'SRXEGXW ETTPMGEXMSRSR]SYV
TLSRI=SYGERI\TSVXGSRXEGXWMRZ'EVHJSVQEXSRXSEQMGVS7(
GEVHXSFEGOXLIQYTXSEGSQTYXIVSVSXLIVHIZMGI%RH]SYGER
WIRHEGSRXEGXZMEIQEMP
8SMQTSVXGSRXEGXWJVSQ]SYV7-1GEVH
=SYVWIVZMGITVSZMHIVQE]WXSVIWSQIGSRXEGXWSR]SYV7-1GEVH
WYGLEWGYWXSQIVGEVIERHZSMGIQEMPRYQFIVW=SYQE]EPWSLEZI
WXSVIHGSRXEGXWSRXLI7-1GEVHMJ]SY VIQSZMRKMXJVSQERSXLIV
TLSRI=SYGEREHHWSQISVEPPSJXLIWIGSRXEGXWXSXLI'SRXEGXW
ETTPMGEXMSR
3TIR]SYV'SRXEGXW ETTPMGEXMSR
4VIWWXLI1IRY/I]
XLIRXSYGL-QTSVX)\TSVX
8SYGL -QTSVXJVSQ7-1
-J]SYLEZIQSVIXLERSRIEGGSYRXSR]SYVTLSRIXSYGLXLI
EGGSYRXMRXS[LMGL]SY[ERXXSMQTSVXXLIGSRXEGXW
%PMWXSJXLIGSRXEGXWSRXLI7-1ETTIEVW
8SYGLERHLSPHEGSRXEGXERHXSYGL-QTSVX MRXLIQIRYXLEX
XLIRXSYGL-QTSVX EPP
STIRW3VTVIWWXLI 1IRY/I]
8SMQTSVXGSRXEGXWJVSQ]SYVQMGVS7(GEVH
=SYGERGST]MRHMZMHYEPSVKVSYTGSRXEGXWMRZ'EVHJSVQEXSRXS
]SYVQMGVS7(GEVHERHXLIRMQTSVXXLIQMRXSSRISJ]SYV
EGGSYRXWSRXLITLSRI7IIq'SRRIGXMRKXSE'SQTYXIVZME97&r
SRTEKIJSVHIXEMPWEFSYXGST]MRKJMPIWXSEQMGVS7(GEVHJVSQ
]SYVGSQTYXIV=SYQE]EPWSLEZIGSRXEGXWWXSVIHSREQMGVS7(
GEVHJVSQERSXLIVHIZMGI
3TIR]SYV'SRXEGXW ETTPMGEXMSR
4VIWWXLI1IRY/I]
XLIRXSYGL-QTSVX)\TSVX


'SRXEGXW
8SYGL -QTSVXJVSQ7(GEVH
-J]SYLEZIQSVIXLERSRIEGGSYRXSR]SYVTLSRIXSYGLXLI
EGGSYRXMRXS[LMGL]SY[ERXXSMQTSVXXLIGSRXEGXW
-J]SYLEZIQSVIXLERSRIZ'EVHJMPISRXLIQMGVS7(GEVH
XSYGLXLISTXMSRXSMQTSVXEWMRKPIGSRXEGXJMPIQYPXMTPI
GSRXEGXJMPIWSVEPPSJXLIGSRXEGXJMPIWSRXLIQMGVS7(GEVH
8LIGSRXEGXWEVIMQTSVXIH
8SI\TSVXGSRXEGXWXS]SYVQMGVS7(GEVH
=SYGERI\TSVXEPPSJXLIGSRXEGXWSR]SYVTLSRIXS]SYVQMGVS7(
GEVHEWEKVSYTZ'EVHJMPI=SYGERXLIRGST]XLMWJMPIXSE
GSQTYXIVSVERSXLIVHIZMGIXLEXGER[SVO[MXLJMPIWMRXLMWJSVQEX
WYGLEWEREHHVIWWFSSOETTPMGEXMSR7II q'SRRIGXMRKXSE
'SQTYXIVZME97&r SRTEKI
3TIR]SYV'SRXEGXW ETTPMGEXMSR
4VIWWXLI1IRY/I]
XLIRXSYGL-QTSVX)\TSVX
8SYGL )\TSVXXS7(GEVH
8SYGL 3/ XSGSRJMVQ'SRXEGXWGVIEXIWEJMPI[MXLXLIZGJ
I\XIRWMSRSR]SYVQMGVS7(GEVH8LMWJMPIGSRXEMRWEPPSJ]SYV
GSRXEGXW
8SWLEVIEGSRXEGX
=SYGERWLEVIEGSRXEGX[MXLWSQISRIF]IQEMPMRKMXXSXLIQMR
Z'EVHJSVQEX
3TIR]SYV'SRXEGXW ETTPMGEXMSR
3TIRXLIGSRXEGX]SY[ERXXSWLEVI
4VIWWXLI1IRY/I]
XLIRXSYGL7LEVI
%+QEMPGSQTSWIQIWWEKIWGVIIRSTIRW[MXLXLIGSRXEGX
EXXEGLIHEWEZ'EVH ZGJ JMPI
%HHVIWW[VMXIERHWIRHXLIIQEMPEWHIWGVMFIHMR
q'SQTSWMRKERH7IRHMRKE1IWWEKIr SRTEKI
'SRXEGXW
%HHMRKE'SRXEGXXS=SYV*EZSVMXIW
8LI *EZSVMXIW XEFGSRXEMRWEWLSVXPMWXSJXLIGSRXEGXW]SY
GSQQYRMGEXI[MXLQSWXSJXIR
8SEHHEGSRXEGXXS]SYVJEZSVMXIW
3TIR]SYV'SRXEGXW ETTPMGEXMSR
8SYGLEGSRXEGXXSZMI[MXWHIXEMPW
8SYGLXLIWXEVXSXLIVMKLXSJXLIGSRXEGX WREQI
8LIWXEVXYVRWKSPH 
8SVIQSZIEGSRXEGXJVSQ]SYVJEZSVMXIWPMWX
3TIR]SYV'SRXEGXW ETTPMGEXMSRERHXSYGLXLI*EZSVMXIW XEF
8SYGLEGSRXEGXXSZMI[MXWHIXEMPW
8SYGLXLIKSPHWXEVXSXLIVMKLXSJXLIGSRXEGX WREQI
8LIWXEVXYVRWKVE]ERHXLIGSRXEGXMWVIQSZIHJVSQ]SYV
JEZSVMXIW
7IEVGLMRKJSVE'SRXEGX
=SYGERWIEVGLJSVEGSRXEGXF]REQI
8SWIEVGLJSVEGSRXEGX
3TIR]SYV'SRXEGXW ETTPMGEXMSR
8SYGLXLI7IEVGL/I]
7XEVXIRXIVMRKXLIREQISJXLIGSRXEGX]SY VIWIEVGLMRKJSV
%W]SYX]TIGSRXEGXW[MXLQEXGLMRKREQIWETTIEVFIPS[
XLIWIEVGLFS\
8SYGLEQEXGLMRKGSRXEGXMRXLIPMWXXSSTIRMXW(IXEMPW
WGVIIR3VXSYGLXLI7IEVGLFYXXSR
SRXLIXSYGL
OI]FSEVH XSSTIREWGVIIR[MXLEPMWXSJQEXGLMRKGSRXEGXW


'SRXEGXW
)HMXMRK'SRXEGX(IXEMPW
=SYGERGLERKISVEHHHIXEMPWEFSYX]SYVGSRXEGXW=SYGEREPWSWIX
XLIVMRKXSRIJSV[LIREWTIGMJMGGSRXEGXGEPPWSVHMZIVXEPPGEPPWJVSQ
EGSRXEGXXS]SYVZSMGIQEMP
7SQIGSRXEGXIRXVMIWGSRXEMRMRJSVQEXMSRJVSQQYPXMTPIWSYVGIW
MRJSVQEXMSRXLEX]SYEHHIHQERYEPP]MRJSVQEXMSRXLEX'SRXEGXW
NSMRIHJVSQQYPXMTPIEGGSYRXWXSGSRWSPMHEXIHYTPMGEXIWERHWSSR
;LIR]SYIHMXEGSRXEGXIRXV]XLIMRJSVQEXMSRJVSQIEGLWSYVGIMW
KVSYTIHMRMXWS[RGSPSVGSHIHPEFIPIHWIGXMSR-J]SYJMRHHYTPMGEXI
IRXVMIWMR'SRXEGXW]SYGERNSMRXLIQMRXSEWMRKPIIRXV]EW
HIWGVMFIHMRq.SMRMRK'SRXEGXWr SRTEKI-J]SYXLEXJMRH
MRJSVQEXMSRJVSQYRVIPEXIHGSRXEGXW[EWNSMRIHMRIVVSV]SYGER
WITEVEXIXLIQEWHIWGVMFIHMR q7ITEVEXMRK'SRXEGX-RJSVQEXMSRr SR
TEKI
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MRJSVQEXMSREFSYXEGSRXEGXJVSQE+SSKPI%GGSYRXERHER
)\GLERKI%GXMZI7]RGEGGSYRXERHFSXLEVIGSRJMKYVIHXSW]RG
GSRXEGXWIHMXWXSXLIMRJSVQEXMSRJVSQXLI+SSKPI%GGSYRXEVI
W]RGIHXSXLEXEGGSYRXSRXLI[IFFYXXLIMRJSVQEXMSRJVSQXLI
)\GLERKI%GXMZI7]RGEGGSYRXVIQEMRWYRGLERKIH
*SVQSVIMRJSVQEXMSREFSYX[SVOMRK[MXLQYPXMTPIEGGSYRXWWII
q%GGSYRXWr SRTEKI
8SIHMXGSRXEGXHIXEMPW
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLERHLSPHXLIGSRXEGX[LSWIHIXEMPW]SY[ERXXSIHMX
-RXLIQIRYXLEXSTIRWXSYGL )HMXGSRXEGX
XLIRXSYGL )HMX
=SYGEREPWSTVIWWXLI 1IRY/I]
GSRXEGX [LMPIZMI[MRKEGSRXEGX WHIXEMPW
)HMXXLIGSRXEGXMRJSVQEXMSRYWMRKXLIWEQIGSRXVSPWEW
[LIR]SYGVIEXIEGSRXEGX
7II q%HHMRK'SRXEGXWr SRTEKI
8SYGLXLI(SRI FYXXSR
'SRXEGXW
8SGLERKIEGSRXEGXtWHIJEYPXTLSRIRYQFIV
%HIJEYPXTLSRIRYQFIVETTIEVWFIPS[XLIGSRXEGX WREQIMRXLI
'SRXEGXWPMWX8LIHIJEYPXTLSRIRYQFIVMWYWIH[LIR]SYMRMXMEXI
EGEPPSVWIRHEXI\XQIWWEKIJVSQXLIPMWXF]XSYGLMRKERH
LSPHMRKEGSRXEGX
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
8SYGLERHLSPHXLITLSRIRYQFIVXSYWIEWXLIGSRXEGX W
HIJEYPXTLSRIRYQFIV
8SYGL 1EOIHIJEYPXRYQFIV MRXLIQIRYXLEXSTIRW
8LIHIJEYPXTLSRIRYQFIVMWQEVOIH[MXLEGLIGOQEVO
8SHMZIVXEPPSJEGSRXEGXtWGEPPWXS]SYVZSMGIQEMP
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
4VIWWXLI1IRY/I]
XLIRXSYGL3TXMSRW
8SYGL-RGSQMRK'EPPWXSGLIGOQEVOMX
4VIWWXLI&EGO/I] 
;LIRXLMWGSRXEGXGEPPW]SY]SYVTLSRIHSIWR XVMRKERH
XLIGEPPIVMWWIRXHMVIGXP]XS]SYVZSMGIQEMP


'SRXEGXW
8SWIXEVMRKXSRIJSVEGSRXEGX
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
4VIWWXLI1IRY/I]
XLIRXSYGL3TXMSRW
8SYGL 6MRKXSRIXLIWGVSPPMRKPMWXSJVMRKXSRIWXLEXSTIRW
XSYGLXLISRIXSTPE][LIRXLIGSRXEGXGEPPW
8LIVMRKXSRITPE]WEWEQTPI
8SYGLXLI3/ FYXXSR
8SHIPIXIEGSRXEGX
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLXLIREQISJEGSRXEGXMRXLIPMWXXSZMI[MXWHIXEMPW
4VIWWXLI1IRY/I]
XLIRXSYGL(IPIXIGSRXEGX
-JXLIGSRXEGXGSRXEMRWMRJSVQEXMSRJVSQEVIEHSRP]EGGSYRX
]SYGER XHIPIXIMX]SYGERSRP]GLERKIXLIW]RGWIXXMRKW
JSVXLEXEGGSYRXSVHIPIXIXLIEGGSYRXMXWIPJ
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EGGSYRXEHMEPSKMRJSVQW]SYXLEX]SYQYWXWITEVEXIXLI
GSRXEGXIRXV]MRXSMRHMZMHYEPGSRXEGXWXSHIPIXIXLIGSRXEGX
8SYGLXLI3/ FYXXSRXSGSRJMVQXLEX]SY[ERXXSHIPIXIXLI
GSRXEGX
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*VSQXLI 'SRXEGXW SV*EZSVMXIW XEF]SYGERUYMGOP]GEPPSVWIRHE
XI\X 717 SVQYPXMQIHMEQIWWEKI 117 XSEGSRXEGX WHIJEYPX
TLSRIRYQFIV=SYGEREPWSSTIRHIXEMPWXSZMI[EPMWXSJEPPXLI
[E]W]SYGERGSQQYRMGEXI[MXLXLEXGSRXEGX
8LMWWIGXMSRHIWGVMFIW[E]WXSMRMXMEXIGSQQYRMGEXMSR[LIR
ZMI[MRK]SYVPMWXSJGSRXEGXW8LI'SRXEGXWETTPMGEXMSRWLEVIW]SYV
GSRXEGXW[MXLQER]SXLIVETTPMGEXMSRWWYGLEW+QEMP WII q+QEMPr
SRTEKI ERH1IWWEKMRK WII q1IWWEKMRKr SRTEKI 
'SRXEGXW
8SGSRRIGXF]YWMRK5YMGO'SRXEGXJSV%RHVSMH
8SYGLEGSRXEGX WTMGXYVIXSSTIR5YMGO'SRXEGXJSV%RHVSMH
8SYGLEGSRXEGX W
TMGXYVI
8SYGLXLIMGSRJSVXLI
[E]]SY[ERXXS
GSRRIGX
8SYGLXLIMGSRJSVXLI[E]]SY[ERXXSGSRRIGX
8LIMGSRWEZEMPEFPIHITIRHSRXLIMRJSVQEXMSR]SYLEZIJSV
XLIGSRXEGXERHXLIETTPMGEXMSRWERHEGGSYRXWSR]SYV
TLSRI
*SVQSVIMRJSVQEXMSRWII q'SRRIGXMRK5YMGOP];MXL=SYV
'SRXEGXWr SRTEKI
8SGSQQYRMGEXI[MXLEGSRXEGX
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLXLIGSRXEGX[MXL[LSQ]SY[ERXXSGSQQYRMGEXI
-RXLIGSRXEGX WHIXEMPWWGVIIRXSYGLXLI[E]XSWXEVX
GSQQYRMGEXMRK[MXLXLIGSRXEGX
8SYGLXLIKVIIR4LSRI FYXXSR
RI\XXSXLIRYQFIV]SY
[ERXXSGEPPXSEYXSQEXMGEPP]
STIRXLI4LSRIETTPMGEXMSREWXLIRYQFIVMWGEPPIH
8SYGLXLI 1IWWEKIFEPPSSR FYXXSR RI\XXSXLIRYQFIV
]SY[ERXXSWIRHEQIWWEKIXS
ERHXLI1IWWEKMRKETTPMGEXMSREYXSQEXMGEPP]STIRW
8SYGL8SYGLXLI)RZIPSTI FYXXSR RI\XXSXLIIQEMP
EHHVIWW]SY[ERXXSWIRHXSERH
XLI)QEMPETTPMGEXMSREYXSQEXMGEP]STIRW


'SRXEGXW
238) %R]XMQI]SYWIIXLIKVIIR4LSRI FYXXSR
RI\XXSERYQFIVWYGLEW
MR]SYV*EZSVMXIWSV'EPPPSKNYWXXSYGLMXXSGEPPXLEXRYQFIV
8SGEPPEGSRXEGXtWHIJEYPXRYQFIV
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLERHLSPHXLIIRXV]JSVXLIGSRXEGXXSGEPP
8SYGL 'EPPGSRXEGX MRXLIQIRYXLEXSTIRW
8LIEGXYEPQIRYMXIQHITIRHWSRXLIHIJEYPXRYQFIV]SY
WIXJSV]SYVGSRXEGXWSMXQE]FI'EPP QSFMPI'EPP [SVO
ERHWSSR
=SYW[MXGLXSXLI4LSRIETTPMGEXMSREYXSQEXMGEPP]EWXLI
RYQFIVMWGEPPIH*SVQSVIMRJSVQEXMSREFSYXTPEGMRKTLSRI
GEPPWWIIq4PEGMRKERH6IGIMZMRK'EPPWr SRTEKI
8SWIRHEXI\XSVQYPXMQIHMEQIWWEKIXSEGSRXEGXtW
HIJEYPXRYQFIV
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLERHLSPHXLIGSRXEGXXSGEPP
8SYGL 8I\XGSRXEGX MRXLIQIRYXLEXSTIRW
=SYW[MXGLEYXSQEXMGEPP]XSXLI1IWWEKMRKETTPMGEXMSR[MXL
XLIGSRXEGX WTLSRIRYQFIVIRXIVIHMRERI[QIWWEKI*SV
QSVIMRJSVQEXMSREFSYXWIRHMRKXI\XERHQYPXMQIHME
QIWWEKIWWIIq1IWWEKMRKr SRTEKI
=SYGEREPWSYWI5YMGO'SRXEGXXSWXEVXWIRHMRKEXI\XSV
QYPXMQIHMEQIWWEKI7II q'SRRIGXMRK5YMGOP];MXL=SYV
'SRXEGXWr SRTEKI
'SRXEGXW
'LERKMRK[LMGL'SRXEGXWEVI(MWTPE]IH
=SYGERLMHIGSRXEGXWXLEXHSR XLEZITLSRIRYQFIVW=SYGEREPWS
GSRJMKYVI[LMGLKVSYTWSJGSRXEGXWJSVIEGLEGGSYRX]SY[ERXXS
HMWTPE]MRXLI'SRXEGXWPMWX
8SWIX[LIXLIVGSRXEGXW[MXLSYXTLSRIRYQFIVWEVI
HMWTPE]IH
-J]SYYWI]SYVPMWXSJGSRXEGXWSRP]XSGEPPTISTPI]SYGERLMHI
ER]GSRXEGXWXLEXHSR XLEZITLSRIRYQFIVW
3TIR]SYVPMWXSJ'SRXEGXW ETTPMGEXMSR
4VIWWXLI1IRY/I]
XLIRXSYGL(MWTPE] STXMSRW
8SYGL 3RP]GSRXEGXW[MXLTLSRIW XSGLIGOQEVOMXSV
YRGLIGO
8SGLERKI[LEXKVSYTWEVIHMWTPE]IH
3TIR]SYV'SRXEGXW ETTPMGEXMSR
4VIWWXLI1IRY/I]
XLIRXSYGL(MWTPE] STXMSRW
8SYGLEREGGSYRXXSSTIRMXWPMWXSJKVSYTW
%REGGSYRX WKVSYTWHITIRHSRXLIOMRHSJEGGSYRX


'SRXEGXW
8SYGLIEGLKVSYT[LSWIGSRXEGXW]SY[ERXXSZMI[MR]SYV
'SRXEGXWETTPMGEXMSRXSGLIGOQEVOMXSVYRGLIGO
8LMWEGXMSREJJIGXWSRP]XLIHMWTPE]SJKVSYTWSJGSRXEGXW
[MXLXLMWWGVIIR=SYVW]RGWIXXMRKWEVIRSXEJJIGXIH
8SYGLXLI(SRI FYXXSR
%QIWWEKIETTIEVW[LMPI]SYVGLERKIWEVIQEHI-J]SYV
GLERKIEJJIGXWEKVIEXQER]GSRXEGXWXLMWGERXEOIEWLSVX
[LMPI
.SMRMRK'SRXEGXW
;LIR]SYEHHEREGGSYRXSVEHHGSRXEGXWMRSXLIV[E]WWYGLEW
F]I\GLERKMRKIQEMPWXLI 'SRXEGXW ETTPMGEXMSREXXIQTXWXSEZSMH
HYTPMGEXMSRF]NSMRMRKER]RI[GSRXEGXMRJSVQEXMSR[MXLI\MWXMRK
GSRXEGXWYRHIVEWMRKPIIRXV]=SYGEREPWSNSMRGSRXEGXWQERYEPP]
8SNSMRGSRXEGXW
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLXLIGSRXEGXIRXV]XS[LMGL]SY[ERXXSEHH
MRJSVQEXMSR
8LMWMWXLIGSRXEGX]SY[MPPWIIMR'SRXEGXWEJXIVXLINSMR
4VIWWXLI1IRY/I]
XLIRXSYGL)HMXGSRXEGX
4VIWWXLI1IRY/I]
XLIRXSYGL.SMR
0MOIP]GSRXEGXWEVIHMWTPE]IHEXXLIXSTSJXLIWGVIIR=SY
GERXSYGL 7LS[EPPGSRXEGXW XSTMGOEGSRXEGXJVSQ]SYVJYPP
PMWXSJGSRXEGXW
8SYGLXLIGSRXEGX[LSWIMRJSVQEXMSR
]SY[ERXXSNSMR
'SRXEGXW
8SYGLXLIGSRXEGX[LSWIMRJSVQEXMSR]SY[ERXXSNSMR[MXL
XLIJMVWXGSRXEGX8LIMRJSVQEXMSRJVSQXLIWIGSRHGSRXEGXMW
EHHIHXSXLIJMVWXGSRXEGXERHXLIWIGSRHGSRXEGXMWRS
PSRKIVHMWTPE]IHMRXLI'SRXEGXWPMWX
7II q)HMXMRK'SRXEGX(IXEMPWr SRTEKIJSVHIXEMPWEFSYX
LS[XSZMI[[LIVIEGSRXEGX WMRJSVQEXMSRGEQIJVSQ
MRGPYHMRKEYXSQEXMGERHQERYEPP]NSMRIHMRJSVQEXMSR7II
q7ITEVEXMRK'SRXEGX-RJSVQEXMSRr SRTEKIJSVMRJSVQEXMSR
EFSYXLS[XSWITEVEXIGSRXEGXWNSMRIHMRIVVSV
7ITEVEXMRK'SRXEGX-RJSVQEXMSR
)EGLGSRXEGXIRXV]SR]SYVTLSRIQE]GSRXEMRMRJSVQEXMSRJVSQE
ZEVMIX]SJWSYVGIW]SYQE]LEZIIRXIVIHMX'SRXEGXWQE]LEZI
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QE]LEZINSMRIHGSRXEGXWERHWSSR
-JGSRXEGXMRJSVQEXMSRJVSQHMJJIVIRXWSYVGIW[EWNSMRIHMRIVVSV
]SYGERWITEVEXIXLIMRJSVQEXMSRFEGOMRXSMRHMZMHYEPGSRXEGXWSR
]SYVTLSRI
8SWITEVEXIGSRXEGXMRJSVQEXMSR
3TIR]SYV'SRXEGXW SV*EZSVMXIW ETTPMGEXMSR
8SYGLXLIGSRXEGXIRXV][LSWIMRJSVQEXMSR]SY[ERXXS
WITEVEXI
4VIWWXLI1IRY/I]
XLIRXSYGL)HMXGSRXEGX
4VIWWXLI1IRY/I]
XLIRXSYGL7ITEVEXIGSRXEGX
8SYGLXLI =IW FYXXSRXSGSRJMVQ]SY[ERXXSWITEVEXIXLI
IRXVMIW8LIGSRXEGXMRJSVQEXMSRMWWITEVEXIHMRXSMRHMZMHYEP
GSRXEGXWMRXLIPMWXSJGSRXEGXW


%GGSYRXW
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HITIRHMRKSR]SYVETTPMGEXMSRW
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'SRXEGXW8LMWHSIWRSXNSMRXLEXHEXEJSVXLIEGGSYRXWXLIQWIPZIW
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TEKIJSVMRJSVQEXMSREFSYXNSMRMRKGSRXEGXWQERYEPP]
7II q'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRWr SRTEKIXS
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MRGSVVIGXP]
8SEHHEREGGSYRX
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HSQEMRSVWIVZIVEHHVIWW
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=SYGERHSXLMWMRXLI'SRXEGXW ETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
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7IXXMRKWETTPMGEXMSR
8LI%GGSYRXW W]RGWIXXMRKWWGVIIRHMWTPE]W]SYVGYVVIRX
W]RGWIXXMRKWERHEPMWXSJ]SYVGYVVIRXEGGSYRXW
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TEKI
8SYGLXSEHHEREGGSYRX
%GGSYRXW
8SYGLXLI %HHEGGSYRX FYXXSR
8SYGLXLIOMRHSJEGGSYRXXSEHH
8SYGLXLIOMRHSJEGGSYRXXSEHH
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MRJSVQEXMSREFSYXXLIEGGSYRX
1SWXEGGSYRXWVIUYMVIEYWIVREQIERHTEWW[SVHFYXXLI
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HIWGVMFILS[XSEHHERIQEMPEGGSYRXFEWIHSR-1%4
434SV7184YWMRKXLI)QEMPETTPMGEXMSR
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GSRJMKYVIHXLIEGGSYRXIQEMPGSRXEGXWERHSXLIV
MRJSVQEXMSRWXEVXW]RGMRKXS]SYVTLSRI
7II q'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRWr SR
TEKIJSVHIXEMPWEFSYXGLERKMRKLS[XLIEGGSYRXMW
GSRJMKYVIH


%GGSYRXW
8SVIQSZIEREGGSYRX
=SYGERVIQSZIEREGGSYRXXSHIPIXIMXERHEPPMRJSVQEXMSR
EWWSGMEXIH[MXLMXJVSQ]SYVTLSRIMRGPYHMRKIQEMPGSRXEGXW
WIXXMRKWERHWSSR
=SYGER XVIQSZIWSQIEGGSYRXWWYGLXLIJMVWX+SSKPI%GGSYRX
]SYWMKRIHMRXSSRXLITLSRII\GITXF]HIPIXMRKEPPTIVWSREP
MRJSVQEXMSRJVSQ]SYVTLSRI7IIq4VMZEG]WIXXMRKWr SRTEKI
XSPIEVRLS[XSHSXLEX
3TIRXLI%GGSYRXW W]RGWIXXMRKWWGVIIR
=SYGERHSXLMWMRXLI'SRXEGXW ETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK%GGSYRXWSVHMVIGXP]MRXLI
7IXXMRKWETTPMGEXMSR
8LI%GGSYRXW W]RGWIXXMRKWWGVIIRHMWTPE]W]SYVGYVVIRX
W]RGWIXXMRKWERHEPMWXSJ]SYVGYVVIRXEGGSYRXW
8SYGLXLIEGGSYRXXSHIPIXI
8SYGLXLI6IQSZIEGGSYRX FYXXSR
8SYGLXLI6IQSZIEGGSYRX FYXXSREKEMRXSGSRJMVQXLEX]SY
[ERXXSVIQSZIXLIEGGSYRX
%GGSYRXW
'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRW
=SYGERGSRJMKYVIFEGOKVSYRHHEXEYWIERHW]RGLVSRM^EXMSRSTXMSRW
JSVEPPSJXLIETTPMGEXMSRWSR]SYVTLSRI=SYGEREPWSGSRJMKYVI
[LEXOMRHWSJHEXE]SYW]RGLVSRM^IJSVIEGLEGGSYRX7SQI
ETTPMGEXMSRWWYGLEW+QEMPERH'EPIRHEVLEZIXLIMVS[R
W]RGLVSRM^EXMSRWIXXMRKW
7SQIETTPMGEXMSRWWYGLEW'SRXEGXWERH+QEMPGERW]RGHEXEJVSQ
QYPXMTPIETTPMGEXMSRW3XLIVWWYGLEW'EPIRHEVW]RGHEXESRP]JVSQ
XLIJMVWX+SSKPI%GGSYRX]SYWMKRMRXSSR]SYVTLSRISVJVSQER
EGGSYRXEWWSGMEXIHWTIGMJMGEPP][MXLXLEXETTPMGEXMSR
*SVWSQIEGGSYRXWW]RGMRKMWX[SHMVIGXMSREPGLERKIWXLEX]SY
QEOIXSXLIMRJSVQEXMSRSR]SYVTLSRIEVIQEHIXSXLIGST]SJ
XLEXMRJSVQEXMSRSRXLI[IF=SYV+SSKPI%GGSYRX[SVOWXLMW[E]
3XLIVEGGSYRXWWYTTSVXSRP]SRI[E]W]RGXLIMRJSVQEXMSRSR]SYV
TLSRIMWVIEHSRP]=SYGERYWIXLI'SRXEGXW ETTPMGEXMSRHMWTPE]
STXMSRWXSGSRJMKYVIXLIOMRHWSJGSRXEGXWXLEXEVIHMWTPE]IHEW
HIWGVMFIHMRq'LERKMRK[LMGL'SRXEGXWEVI(MWTPE]IHr SRTEKI
8SGSRJMKYVIKIRIVEPW]RGWIXXMRKW
3TIRXLI%GGSYRXW W]RGWIXXMRKWWGVIIR
=SYGERHSXLMWMRXLI'SRXEGXW ETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK%GGSYRXWSVHMVIGXP]MRXLI
TVIWWXLI
7IXXMRKWETTPMGEXMSR TVIWWXLI ,SQI/I]
1IRY/I]
XLIRXSYGL7IXXMRKW 
8LIWGVIIRHMWTPE]W]SYVGYVVIRXW]RGWIXXMRKWERHEPMWXSJ
]SYVGYVVIRXEGGSYRXW
8SYGLXLIEGGSYRXXSGSRJMKYVI
7SQISVEPPMRJSVQEXMSRJVSQXLMW
EGGSYRXMWGSRJMKYVIHXSW]RG
EYXSQEXMGEPP][MXL]SYVTLSRI
2SMRJSVQEXMSRJVSQXLMWEGGSYRX
W]RGWEYXSQEXMGEPP][MXL]SYVTLSRI


%GGSYRXW
MRHMGEXIWXLEXWSQISVEPPSJEREGGSYRX WMRJSVQEXMSRMW
GSRJMKYVIHXSW]RGEYXSQEXMGEPP][MXL]SYVTLSRI
MRHMGEXIWXLEXRSRISJEREGGSYRX WMRJSVQEXMSRMW
GSRJMKYVIHXSW]RGEYXSQEXMGEPP][MXL]SYVTLSRI
8SYGL &EGOKVSYRHHEXE XSGLIGOQEVOMX SVYRGLIGOMX XS
GSRXVSP[LIXLIVETTPMGEXMSRWERHWIVZMGIWGERXVERWQMXHEXE
[LIR]SYEVIRSX[SVOMRK[MXLXLIQHMVIGXP] XLEXMW[LIR
XLI]EVIVYRRMRKMRXLIFEGOKVSYRH 
-J]SYYRGLIGOXLMWSTXMSR+QEMPWXSTWVIGIMZMRKRI[QEMP
'EPIRHEVWXSTWW]RGMRKIZIRXWERHWSSRYRXMP]SYXSYGL
XLI6IJVIWL QIRYMXIQSVWIRHERIQEMP
8SYGL %YXSW]RG XSGLIGOQEVOMX SVYRGLIGOMX XSGSRXVSP
[LIXLIVGLERKIW]SYQEOIXSMRJSVQEXMSRSRXLITLSRISV
SRXLI[IFEVIEYXSQEXMGEPP]W]RGIH[MXLIEGLSXLIV
*SVI\EQTPI[LIRXLMWSTXMSRMWGLIGOIHGLERKIWXLEX]SY
QEOIMRXLI 'SRXEGXW ETTPMGEXMSRSRXLITLSRIEVI
EYXSQEXMGEPP]QEHIMR+SSKPI'SRXEGXWSRXLI[IF
-J]SYYRGLIGOXLMWSTXMSR]SYQE]FIEFPIXSYWIER
ETTPMGEXMSR WXSSPWXSW]RGHEXEQERYEPP]7IIXLIJSPPS[MRK
q8SW]RGMRJSVQEXMSRQERYEPP]
8SW]RGMRJSVQEXMSRQERYEPP]
3TIRXLI%GGSYRXW W]RGWIXXMRKWWGVIIR
8SYGLXLIEGGSYRX[LSWIHEXE]SY[ERXXSW]RG
4VIWWXLI1IRY/I]
XLIRXSYGL7]RGRS[
%GGSYRXW
8SGLERKIEREGGSYRXtWW]RGWIXXMRKW
3TIRXLI%GGSYRXW W]RGWIXXMRKWWGVIIR
8SYGLXLIEGGSYRX[LSWIW]RGWIXXMRKW]SY[ERXXS
GLERKI
8LI(EXEERHW]RGLVSRM^EXMSRWGVIIRSTIRWHMWTPE]MRKEPMWX
SJXLIOMRHWSJMRJSVQEXMSRXLIEGGSYRXGERW]RG
'LIGOIHMXIQWEVIGSRJMKYVIHXSW]RGXS]SYVTLSRI
8SYGLIEGLW]RGMRJSVQEXMSRX]TIXSGLIGOQEVOMXSV
YRGLIGOMX
9RGLIGOMRKERSTXMSRHSIWRSXVIQSZIXLIMRJSVQEXMSRJVSQ
]SYVTLSRIMXWMQTP]WXSTWMXJVSQW]RGMRKEYXSQEXMGEPP]8S
VIQSZIXLIMRJSVQEXMSRTVIZMSYWP]W]RGIHJSVXLIEGGSYRX
]SYQYWXVIQSZIXLIEGGSYRX


+QEMP
+QEMPMW(MJJIVIRX
+QEMPMW[IFFEWIH =SYVQIWWEKIWEVIWXSVIHSR+SSKPI
WIVZIVWFYX]SYVIEH[VMXIERHSVKERM^IQIWWEKIWF]YWMRKXLI
+QEMPETTPMGEXMSRSR]SYVTLSRISVF]YWMRKE[IFFVS[WIVSRE
GSQTYXIV&IGEYWI]SYVQEMPMWWXSVIHSR+SSKPIWIVZIVW]SYGER
WIEVGL]SYVIRXMVIQIWWEKILMWXSV]FEGOIHF]XLIWTIIHERH
TS[IVSJ+SSKPIWIEVGL
%GXMSRWXLEX]SYXEOIMRSRITPEGIEVIVIJPIGXIHIZIV][LIVI*SV
I\EQTPIMJ]SYVIEHEQIWWEKIMR+QEMPSR]SYVTLSRIMX W
QEVOIHEWVIEHMRE[IFFVS[WIV%RHEQIWWEKIXLEX]SYWIRH
YWMRKEFVS[WIVSVIZIREHVEJXSJEQIWWEKIMWZMWMFPIMR+QEMP
SRXLITLSRI
+QEMPMWGSRZIVWEXMSRFEWIH )EGLQIWWEKIERHEPPVITPMIWXSMX
EVIKVSYTIHMR]SYV-RFS\EWEWMRKPIGSRZIVWEXMSR-RSXLIVIQEMP
ETTPMGEXMSRWVITPMIWXSQIWWEKIWEVIWTVIEHEGVSWW]SYV-RFS\
X]TMGEPP]F]HEXIVIGIMZIHWSEQIWWEKIERHXLIVITPMIWXSMXEVI
WITEVEXIHF]SXLIVQIWWEKIW+QEMPQEOIWMXIEW]XSJSPPS[XLI
XLVIEHSJEGSRZIVWEXMSR
+QEMPMWSVKERM^IHF]PEFIPWRSXF]JSPHIVW &]XEKKMRK
QIWWEKIW[MXLPEFIPW]SYGERSVKERM^I]SYVGSRZIVWEXMSRWMR
QER]HMJJIVIRX[E]W-RSXLIVIQEMPETTPMGEXMSRWIEGLQIWWEKI
GERPMZIMRSRP]SRIJSPHIV*SVI\EQTPI[MXL+QEMP]SYGERPEFIP
EGSRZIVWEXMSR[MXL]SYVQSXLIVEFSYX]SYVFVSXLIV WFMVXLHE]
TVIWIRX[MXLFSXLq1SQr ERHq(EZIr 0EXIV]SYGERPSSOJSVXLI
QIWWEKIYRHIVIMXLIVPEFIP9WMRKJSPHIVW]SY HLEZIXSWXSVIXLI
QIWWEKIMRXLI q1SQr JSPHIVSVXLI q(EZIr JSPHIVRSXFSXL
+QEMPJSVXLITLSRIMWSTXMQM^IHJSVQSFMPI9WIXLI[IFXS
SVKERM^I+QEMP 8LIFIWXTPEGIXSSVKERM^IERHPIEVREFSYX+QEMP
MWXLI[IF*SVI\EQTPI]SYGER XYWIXLI+QEMPETTPMGEXMSRSR
XLITLSRIXSGVIEXIXLIPEFIPWERHJMPXIVWXLEX]SYYWIXSSVKERM^I
]SYVQIWWEKIWFYX]SYGERPEFIPEQIWWEKI+QEMPSRXLI[IF
SJJIVWGSQTPIXIMRJSVQEXMSREFSYXXLIWIVZMGIWSMX WXLIFIWX
TPEGIXSPIEVREFSYXEPPSJXLIJIEXYVIWSJ+QEMP
+QEMP
+QEMPMWJSV+QEMP 3JGSYVWI]SYGERYWI+QEMPXSWIRHIQEMPXS
ER]IQEMPEHHVIWWERHER]SRIGERWIRHIQEMPXS]SYEX]SYV
+QEMPEHHVIWW&YXMJ]SY[ERXXSVIEHQIWWEKIWJVSQERSXLIV
IQEMPWIVZMGITVSZMHIV YWMRK]SYV%30=ELSSSVSXLIVIQEMP
EGGSYRX ]SYYWIXLI)QEMPETTPMGEXMSR7IIq)QEMPr SRTEKI
3TIRMRK+QEMPERH=SYV-RFS\
;LIR]SYSTIRXLI +QEMP ETTPMGEXMSRXLIQSWXVIGIRX
GSRZIVWEXMSRWEVIHMWTPE]IHMR]SYV-RFS\
;LIR]SYVIXYVRXS+QEMPEJXIVYWMRKSXLIVETTPMGEXMSRWXLIPEWX
WGVIIR]SY[IVI[SVOMRK[MXLMWHMWTPE]IH
8SSTIRXLI+QEMPETTPMGEXMSR
8SYGLXLI+QEMPMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
=SYV-RFS\HMWTPE]WGSRZIVWEXMSRW[MXLXLIRI[IWX
QIWWEKIWEXXLIXST%PPSJ]SYVGSRZIVWEXMSRWEVIHMWTPE]IH
MR]SYV-RFS\YRPIWW]SYHIPIXIEVGLMZISVJMPXIVXLIQ
8LIGYVVIRX+SSKPI%GGSYRXMWHMWTPE]IHEXXLIXSTVMKLXSJ
XLI-RFS\-J]SYLEZIQSVIXLERSRIEGGSYRX]SYGER
W[MXGLEGGSYRXWXSZMI[XLIQIWWEKIWMRIEGL-RFS\EW
HIWGVMFIHMRq8SW[MXGLEGGSYRXWr SRTEKI%HHMRKERH
[SVOMRK[MXLEGGSYRXWMWHIWGVMFIHMRq%GGSYRXWr SRTEKI

'SRZIVWEXMSRW[MXLRI[QIWWEKIWLEZIFSPHWYFNIGXPMRIW
8SVIEHEQIWWEKIMREGSRZIVWEXMSRXSYGLMXWWYFNIGX7II
q6IEHMRK=SYV1IWWEKIWr SRTEKI


+QEMP
8LIRYQFIVSJYRVIEH
QIWWEKIWMR]SYV-RFS\
&SPHWYFNIGXPMRIWMRHMGEXI
GSRZIVWEXMSRW[MXLRI[
YRVIEH QIWWEKIW
=SYVEGGSYRX
8LIVIEVIQIWWEKIWMR
XLMWGSRZIVWEXMSR
8SYGLEGSRZIVWEXMSRXSSTIR
MXERHVIEHMXWQIWWEKIW
MRHMGEXIWQIWWEKIWWIRXHMVIGXP]XS]SY
MRHMGEXIWQIWWEKIWXLEX]SY[IVI'' HSR
3XLIVQIWWEKIW[IVIWIRXXS]SYEWTEVXSJEKVSYT
8SSTIR]SYV-RFS\[LIR+QEMPMWVYRRMRK
8SYGLXLI &EGO/I]
YRXMP]SYVIXYVRXS]SYV-RFS\
36
;LIRVIEHMRKEQIWWEKITVIWWXLI1IRY/I]
XSYGL&EGOXS-RFS\
XLIR
36
;LIRZMI[MRKEPMWXSJPEFIPIHGSRZIVWEXMSRWTVIWWXLI
1IRY/I]
XLIRXSYGL 1SVI" &EGOXS-RFS\
8SW[MXGLEGGSYRXW
+QEMPHMWTPE]WGSRZIVWEXMSRWERHQIWWEKIWJVSQSRI+SSKPI
%GGSYRXEXEXMQI-J]SYLEZIQSVIXLERSRIEGGSYRX]SYGER
STIRXLI%GGSYRXWWGVIIRXSZMI[LS[QER]YRVIEHQIWWEKIW
]SYLEZIMRIEGLEGGSYRXERHXSW[MXGLEGGSYRXW
*VSQ]SYV-RFS\TVIWWXLI1IRY/I]
%GGSYRX
XLIRXSYGL
+QEMP
8SYGLXLIEGGSYRXXLEXGSRXEMRWXLIIQEMP]SY[ERXXSVIEH
6IEHMRK=SYV1IWWEKIW
;LIRZMI[MRKEPMWXSJGSRZIVWEXMSRWMR]SYV-RFS\SVMRER]PMWXSJ
PEFIPIHGSRZIVWEXMSRW]SYGERSTIREGSRZIVWEXMSRXSVIEHMXW
QIWWEKIW
8SVIEHEQIWWEKI
8SYGLEGSRZIVWEXMSRXLEXGSRXEMRWXLIQIWWEKI]SY[ERXXS
VIEH
%GSRZIVWEXMSRSTIRWXSXLIJMVWXRI[ YRVIEH QIWWEKISV
XSXLIJMVWXWXEVVIHQIWWEKIMJ]SY ZITVIZMSYWP]WXEVVIHE
QIWWEKIMRXLIGSRZIVWEXMSR7II q7XEVVMRKE1IWWEKIr SR
TEKI
8LMWGSRZIVWEXMSRLEWSRIPEFIP
8SYGLXSZMI[XLIWIRHIVERHXLI
JMVWXPMRISJQIWWEKIWXLEX]SY ZI
EPVIEH]VIEH
8SYGLEWIRHIV W8EPO7XEXYWMGSR
XSSTIR5YMGO'SRXEGX
=SYGEREVGLMZISVHIPIXIXLI
IRXMVIGSRZIVWEXMSRSVVIEH]SYV
RI\XSPHIWXYRVIEHQIWWEKI


+QEMP
8LI+SSKPI8EPOSRPMRIWXEXYW MWWLS[RRI\XXSXLIREQI
SJXLIWIRHIVSJIEGLQIWWEKI8SYGLXLEXWXEXYWMRHMGEXSV
XSSTIR5YMGO'SRXEGX7II q'SRRIGXMRK5YMGOP];MXL
=SYV'SRXEGXWr SRTEKI
;LIRVIEHMRKQIWWEKIWMREGSRZIVWEXMSR]SYGERYWIXLI
FYXXSRWEXXLIFSXXSQSJXLIWGVIIRXSEVGLMZIXLIIRXMVI
GSRZIVWEXMSR WIIq%VGLMZMRK'SRZIVWEXMSRWr SRTEKI SV
XSHIPIXIMX-J]SYHIPIXIEGSRZIVWEXMSR]SYGERXSYGL
9RHS MRXLI]IPPS[FEVEXXLIXSTSJXLIWGVIIRXSYRHIPIXI
MX
=SYGEREPWSXSYGL 3PHIV XSVIEHXLIRI\XSPHIWXYRVIEH
QIWWEKIMREGSRZIVWEXMSRMR]SYV-RFS\ SVXLIGSRZIVWEXMSR
XSVIVIEHXLI
PMWX]SY VI[SVOMRKMR 8SYGLXLI &EGO/I]
PEWXQIWWEKIXLEX]SYVIEH
=SYGERWGVSPPXSXLIFSXXSQSJEQIWWEKIXSZMI[FYXXSRW
JSVVITP]MRKXSSVJSV[EVHMRKXLIQIWWEKIEWHIWGVMFIHMR
q6ITP]MRKXSSV*SV[EVHMRKE1IWWEKIr SRTEKI
+QEMP
8SVIVIEHEQIWWEKI
;LIR]SYSTIREGSRZIVWEXMSRQIWWEKIWXLEX]SY ZIEPVIEH]
VIEHEVILMHHIRMREXEFXLEXMRHMGEXIWXLIRYQFIVSJLMHHIR
QIWWEKIW
8SYGLXLIXEFXLEXMRHMGEXIWXLIRYQFIVSJTVIZMSYWP]VIEH
QIWWEKIW
8LIXEFI\TERHWMRXSXEFWXLEXPMWXXLIWIRHIVERHXLIJMVWX
PMRISJIEGLVIEHQIWWEKI
8SYGLERI\TERHIHXEFXSVIVIEHXLIQIWWEKI
8SYGLXLIXEFXLEXMRHMGEXIW
XLIRYQFIVSJYRVIEH
QIWWEKIWXSZMI[XLIMV
WYQQEV]XEFW
8SYGLXLIXEFSJEQIWWEKI
]SY ZIEPVIEH]VIEHXSSTIR
MXWS]SYGERVIEHMXEKEMR
;LIRVIEHMRKEQIWWEKISV[LIRMXWXEFMWWIPIGXIH]SYGER
XLIRXSYGL 1EVOVIEH XSVIXYVREVIEH
TVIWWXLI 1IRY/I]
QIWWEKIXSXLIYRVIEHWXEXI*SVI\EQTPIXSVIQMRH]SYVWIPJXS
VIEHMXEKEMRPEXIV


+QEMP
'SQTSWMRKERH7IRHMRKE1IWWEKI
=SYGERGSQTSWIERHWIRHEQIWWEKIXSTISTPISVKVSYTW[MXL
+QEMPEHHVIWWIWSVSXLIVIQEMPEHHVIWWIW
8SGSQTSWIERHWIRHEQIWWEKI
%GGIWWXLI1IWWEKMRKETTPMGEXMSRTVIWWXLI 1IRY/I]
XLIRXSYGL 'SQTSWI
%HHVIWWXLIQIWWEKI
%W]SYIRXIVXI\XQEXGLMRKEHHVIWWIWEVISJJIVIHJVSQ]SYV
'SRXEGXWPMWX7II q'SRXEGXWr SRTEKI=SYGERXSYGLE
WYKKIWXIHEHHVIWWSVIRXIVERI[SRI
4VIWWXLI1IRY/I]
XLIRXSYGL%HH'G&GG XSEHHVIWW
EGST]SVEFPMRHGST]SJXLIQIWWEKI
)RXIVEWYFNIGXJSVXLIQIWWEKI
)RXIVXLIXI\XSJXLIQIWWEKI
*SVMRJSVQEXMSREFSYXIRXIVMRKERHIHMXMRKXI\XWIIq9WMRK
XLISRWGVIIROI]FSEVHr SRTEKI
4VIWWXLI1IRY/I]
XLIRXSYGL%XXEGL XSWIRHETLSXS
[MXLXLIQIWWEKI
7II q+EPPIV]r SRTEKIXSPIEVREFSYX[SVOMRK[MXL
TLSXSW
8SYGL 7IRH
-J]SY VIRSXVIEH]XSWIRHXLIQIWWEKIXSYGL 7EZIEW
HVEJX MRWXIEH=SYGERVIEH]SYVHVEJXWF]STIRMRK
QIWWEKIW[MXLXLI(VEJXPEFIP7II q:MI[MRK'SRZIVWEXMSRW
F]0EFIPr SRTEKI
8SYGL (MWGEVH XSEFERHSRXLIQIWWEKIMRGPYHMRKER]WEZIH
HVEJXW
-J]SYEVIR XGSRRIGXIHXSERIX[SVOJSVI\EQTPIMJ]SY VI
[SVOMRKMR%MVTPERIQSHIXLIQIWWEKIWXLEX]SYWIRHEVI
WXSVIHSR]SYVTLSRI[MXLXLI3YXFS\PEFIPYRXMP]SY
GSRRIGXXSERIX[SVOEKEMR
+QEMP
6ITP]MRKXSSV*SV[EVHMRKE1IWWEKI
=SYGERGSRXMRYIERIQEMPGSRZIVWEXMSRF]VITP]MRKXSEQIWWEKISV
F]JSV[EVHMRKMX
8SVITP]XSSVJSV[EVHEQIWWEKI
7GVSPPXSXLIFSXXSQSJEQIWWEKI
8SYGL 6ITP] 6ITP]XSEPPSV *SV[EVH
8SYGL6ITP] XSVITP]NYWXXSXLIWIRHIVSJ
XLIQIWWEKI8SYGL6ITP]XSEPP XS
MRGPYHIEPPVIGMTMIRXWSJXLIQIWWEKI
8SYGL*SV[EVH XSWIRHXLIGSRZIVWEXMSR
XSWSQISRIRI[
6ITP]MRKXSSVJSV[EVHMRKQIWWEKIW[MXLSYXGLERKMRKXLI
WYFNIGXEHHW]SYVVITP]XSXLIGYVVIRXGSRZIVWEXMSR
'LERKMRKXLIWYFNIGXWXEVXWERI[GSRZIVWEXMSR
8LIQIWWEKISTIRWMRERI[WGVIIR[LIVI]SYGEREHHSV
VIQSZIEHHVIWWIWIHMXXLIWYFNIGXERHEHHSVVIQSZIXI\X
SVEXXEGLQIRXWEWHIWGVMFIHMR q'SQTSWMRKERH7IRHMRKE
1IWWEKIr SRTEKI
=SYGEREHHSRISVQSVITISTPIXSERSRKSMRKGSRZIVWEXMSR
F]VITP]MRKXSEPPERHXLIREHHMRKXLIRI[TISTPI W
EHHVIWWIWXSXLIVITP]
%PPSJXLIQIWWEKIWMRXLIGSRZIVWEXMSRYTXSXLISRI]SY
EVIVITP]MRKXSSVJSV[EVHMRKEVIMRGPYHIHMRXLIRI[
QIWWEKIER]QIWWEKIWXLEXJSPPS[XLIQIWWEKI]SY
JSV[EVHEVISQMXXIH
8SYGL7IRH


+QEMP
;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIW
=SYGEREVGLMZIPEFIPHIPIXISVTIVJSVQSXLIVEGXMSRWSREFEXGL
SJGSRZIVWEXMSRWEXSRGIMR]SYV-RFS\SVMRERSXLIVPEFIPIHPMWXSJ
GSRZIVWEXMSRW
-RXLI-RFS\SVSXLIVGSRZIVWEXMSRPMWXGLIGOXLI
GSRZIVWEXMSRWXLEX]SY[ERXXS[SVO[MXLEWEFEXGL
;LIR]SYGLIGOEGSRZIVWEXMSRXLI%VGLMZI 0EFIPERH
(IPIXI ETTIEVEXXLIFSXXSQSJXLIWGVIIR
'LIGOGSRZIVWEXMSRWXSEHHXLIQXSXLIFEXGL
8SYGLEFYXXSRXSEGXSRXLIFEXGLSVTVIWWXLI
1IRY/I]
XSEGXSRXLIFEXGLMRSXLIV[E]W
8SYGL %VGLMZI 0EFIPSV(IPIXI3VTVIWWXLI 1IRY/I]
XLIRXSYGL %HHWXEV6ITSVXWTEQ QYXI 1EVOVIEH
1EVOYRVIEHSV(IWIPIGXEPP
=SYEGXMSREJJIGXWXLIIRXMVIFEXGLSJQIWWEKIW
-J]SYHIPIXIEFEXGLSJGSRZIVWEXMSRW]SYGERXSYGL 9RHS
MRXLI]IPPS[FEVEXXLIXSTSJXLIWGVIIRXSYRHIPIXIXLIQ
=SYGEREPWSYWI9RHS EJXIVQYXMRKEVGLMZMRKERHVITSVXMRK
WTEQ
-J]SYRIZIV[SVO[MXLFEXGLIWSJQIWWEKIW]SYGERLMHIXLI
GLIGOFS\IWXSPIEZIQSVIVSSQJSVXLIWYFNIGXWSJGSRZIVWEXMSRW
7II q'LERKMRK+QEMP7IXXMRKWr SRTEKI
+QEMP
0EFIPMRKE'SRZIVWEXMSR
=SYSVKERM^IGSRZIVWEXMSRWF]PEFIPMRKXLIQ+QEMPLEWWIZIVEP
FYMPXMRPEFIPW=SYGEREPWSEHH]SYVS[RF]YWMRK+QEMPSRXLI
[IF
:MI[MRKPEFIPIHGSRZIVWEXMSRWMWHIWGVMFIHEPSRK[MXLEPMWXSJ
WXERHEVHPEFIPWMRq:MI[MRK'SRZIVWEXMSRWF]0EFIPr SRTEKI
8SPEFIPEGSRZIVWEXMSR
;LIRVIEHMRKEGSRZIVWEXMSR WQIWWEKIWTVIWWXLI1IRY
/I]
XLIRXSYGL'LERKIPEFIPW
-RXLIHMEPSKFS\XLEXSTIRWGLIGOXLIPEFIPWXSEWWMKRXS
XLIGSRZIVWEXMSR
8SPEFIPEFEXGLSJGSRZIVWEXMSRWEXSRGI
=SYGEREWWMKRSVGLERKIXLIPEFIPWSJSRISVQSVIGSRZIVWEXMSRW
EXSRGI
-R]SYV-RFS\SVSXLIVGSRZIVWEXMSRPMWXGLIGOXLI
GSRZIVWEXMSRWXSPEFIP
7II q;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIWr SRTEKI
8SYGL 0EFIPW EXXLIFSXXSQSJXLIWGVIIR
-RXLIHMEPSKFS\XLEXSTIRWGLIGOXLIPEFIPWXSEWWMKRXS
XLIGSRZIVWEXMSR
8SYGL 3/
8SGLERKIEGSRZIVWEXMSRtWPEFIPW
;LIRVIEHMRKEGSRZIVWEXMSR WQIWWEKIWTVIWWXLI1IRY
/I]
XLIRXSYGL'LERKIPEFIPW
=SYGEREPWSGLERKIXLIPEFIPWSJEFEXGLSJGSRZIVWEXMSRW
MRXLIWEQI[E]XLEX]SYPEFIPEFEXGLSJGSRZIVWEXMSRWF]
XSYGLMRKXLI0EFIPW
-RXLIHMEPSKFS\XLEXSTIRWGLIGOSVYRGLIGOXLIPEFIPW
8SYGL 3/


+QEMP
7XEVVMRKE1IWWEKI
=SYGERWXEVERMQTSVXERXQIWWEKIXSQEOIMXIEW]XSPSGEXIEKEMR
'SRZIVWEXMSRW[MXLWXEVVIHQIWWEKIWHMWTPE]EWXEVMR]SYV-RFS\
ERHSXLIVGSRZIVWEXMSRPMWXW8SZMI[NYWXGSRZIVWEXMSRW[MXLWXEVVIH
QIWWEKIWWIIq:MI[MRK'SRZIVWEXMSRWF]0EFIPr SRTEKI
8SWXEVEQIWWEKI
;LIRVIEHMRKEQIWWEKIXSYGLXLIWXEV
MRMXWLIEHIV
36
;LIRZMI[MRKEGSRZIVWEXMSRXSYGLMXWWXEV
RI[IWXQIWWEKIMRXLIGSRZIVWEXMSR
8SYRWXEVEQIWWEKI
8SYGLMXWWXEVEKEMR
8SYRWXEVEPPQIWWEKIWMREGSRZIVWEXMSR
8SYGLEWXEVMREGSRZIVWEXMSRPMWX
XSWXEVXLI
+QEMP
:MI[MRK'SRZIVWEXMSRWF]0EFIP
=SYGERZMI[EPMWXSJXLIGSRZIVWEXMSRWXLEXLEZIXLIWEQIPEFIP
MRGPYHMRKGSRZIVWEXMSRW[MXLWXEVVIHQIWWEKIW
=SYGERGSRXVSPLS[QER]GSRZIVWEXMSRWEVIOITXGYVVIRXSR]SYV
TLSRIF]PEFIPERHF]XMQIEWHIWGVMFIHMR q7]RGLVSRM^MRK=SYV
1IWWEKIWr SRTEKI
7II q0EFIPMRKE'SRZIVWEXMSRr SRTEKISVq7XEVVMRKE1IWWEKIr
SRTEKIJSVMRJSVQEXMSREFSYXEWWMKRMRKPEFIPWERHWXEVW
;LIRZMI[MRK]SYV-RFS\SVERSXLIVGSRZIVWEXMSRPMWXTVIWW
XLIRXSYGL0EFIPW
XLI1IRY/I]
=SYVPEFIPWEVITVIWIRXIHMREWGVSPPMRKPMWX
0EFIPWETTPMIHXSGSRZIVWEXMSRW[MXLYRVIEH
QIWWEKIWEVIFSPHERHLEZIEKVIIRFEVEXPIJX
8LIRYQFIVSJGSRZIVWEXMSRW[MXLXLMWPEFIPXLEX
LEZIYRVIEHQIWWEKIW
8SYGLEPEFIPXSZMI[EPMWXSJGSRZIVWEXMSRW[MXLXLEXPEFIP
8LIGSRZIVWEXMSRPMWXVIWIQFPIW]SYV-RFS\FYXXLIPEFIP
VITPEGIW q-RFS\r MRXLIXMXPIFEV=SY[SVO[MXLPEFIPIH
GSRZIVWEXMSRPMWXWMRXLIWEQI[E]XLEX]SY[SVO[MXL]SYV
-RFS\


+QEMP
6ITSVXMRK7TEQ
8LI+QEMP[IFQEMPWIVZMGIMWUYMXIIJJIGXMZIEXTVIZIRXMRKWTEQ
NYROQEMP JVSQVIEGLMRK]SYV-RFS\&YX[LIRWTEQHSIWQEOIMX
XLVSYKL]SYGERLIPTMQTVSZIXLI+QEMPWIVZMGIF]VITSVXMRKXLI
GSRZIVWEXMSREWWTEQ
8SVITSVXEGSRZIVWEXMSREWWTEQ
;LMPIVIEHMRKXLIGSRZIVWEXMSR WQIWWEKIWTVIWWXLI 1IRY
XLIRXSYGL1SVI"6ITSVXWTEQ
/I]
36
'LIGOSRISVEFEXGLSJGSRZIVWEXMSRWMR]SYV-RFS\SVSXLIV
GSRZIVWEXMSRPMWXTVIWWXLI 1IRY/I]
XLIRXSYGL
6ITSVX EWWTEQ
7IIq;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIWr SRTEKI
;LIR]SYVITSVXEGSRZIVWEXMSREWWTEQXLIGSRZIVWEXMSR
ERHEPPMXWQIWWEKIWEVIVIQSZIHJVSQ]SYV-RFS\=SYGER
ZMI[XLIQIWWEKIW]SY ZIQEVOIHEWWTEQF]ZMI[MRK
QIWWEKIW[MXLXLI7TEQPEFIP7II q:MI[MRK'SRZIVWEXMSRW
F]0EFIPr SRTEKI
7IEVGLMRKJSV1IWWEKIW
=SYGERWIEVGLJSVQIWWEKIWXLEXGSRXEMRSRISVQSVI[SVHWMR
XLIMVGSRXIRXWSVMRXLIMVEHHVIWWIWWYFNIGXWPEFIPWERHWSSR
;LIR]SYWIEVGLJSVQIWWEKIWEPPSJXLIQIWWEKIWMR]SYV+QEMP
EGGSYRXSRXLI[IFEVIMRGPYHIH I\GITXXLSWIPEFIPIH8VEWLSV
7TEQ RSXNYWXXLSWIXLEX]SY ZIW]RGLVSRM^IHSRXS]SYVTLSRI
=SYGEREPWSYWIXLIEHZERGIHWIEVGLSTXMSRWXLEXEVIHIWGVMFIHSR
XLI+QEMP[IFWMXI
-RXLI-RFS\TVIWWXLI1IRY/I]
3VXSYGLXLI 7IEVGL/I]
XLIRXSYGL7IEVGL
+QEMP
)RXIVXLI[SVHSV[SVHWXSWIEVGLJSVERHXSYGL7IEVGL
%GSRZIVWEXMSRPMWXSTIRWHMWTPE]MRKEPPSJXLIGSRZIVWEXMSRW
[MXLQIWWEKIWXLEXGSRXEMRXLI[SVHW]SYWIEVGLIHJSV
8LI[SVHW]SYWIEVGLIHJSVEVIHMWTPE]IHMRXLIXMXPIFEV
=SY[SVO[MXLXLIGSRZIVWEXMSRWMRXLMWPMWXNYWXEW]SY
[SYPH[MXLXLIGSRZIVWEXMSRWMR]SYV-RFS\SVER]SXLIV
GSRZIVWEXMSRPMWX
%VGLMZMRK'SRZIVWEXMSRW
=SYGEREVGLMZIGSRZIVWEXMSRWXSQSZIXLIQSYXSJ]SYV-RFS\
[MXLSYXHIPIXMRKXLIQ%VGLMZIHGSRZIVWEXMSRWEVIEWWMKRIHXLI%PP
1EMPPEFIPERHXLI]VIXEMRER]SXLIVPEFIPW]SY ZIEWWMKRIHXSXLIQ
7II q:MI[MRK'SRZIVWEXMSRWF]0EFIPr SRTEKI8LI] VIEPWS
MRGPYHIHMRWIEVGLVIWYPXW-JWSQISRIVITPMIWXSEQIWWEKIXLEX
]SY ZIEVGLMZIHMXWGSRZIVWEXMSRMWVIWXSVIHXS]SYV-RFS\
;LMPIZMI[MRKEPMWXSJGSRZIVWEXMSRWXSYGLERHLSPHE
GSRZIVWEXMSRERHXSYGL%VGLMZI MRXLIQIRYXLEXSTIRW
36
'LIGOSRISVEFEXGLSJGSRZIVWEXMSRWMR]SYV-RFS\SVSXLIV
GSRZIVWEXMSRPMWXERHXSYGL%VGLMZI
7IIq;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIWr SRTEKI
36
;LIRVIEHMRKEQIWWEKIXSYGL%VGLMZI EXXLIFSXXSQSJ
XLIWGVIIR


+QEMP
7]RGLVSRM^MRK=SYV1IWWEKIW
8LI+QEMP[IFQEMPWIVZMGILEWXLIVIWSYVGIWXSWXSVIEPPXLI
QIWWEKIW]SY ZIIZIVWIRXSVVIGIMZIH]SYVTLSRIHSIWRSX8S
WEZIWTEGI+QEMPHS[RPSEHWSRP]WSQISJ]SYVQIWWEKIWXS]SYV
TLSRI=SYGERWIX[LMGLGSRZIVWEXMSRWEVIOITXGYVVIRXSR]SYV
TLSRIF]PEFIPERH[LEXTSVXMSRSJXLSWIGSRZIVWEXMSRWF]XMQI
=SYYWIXLI7IXXMRKWETTPMGEXMSRXSGSRXVSPLS[ERH[LIR
ETTPMGEXMSRWW]RGLVSRM^IXLIMVHEXE7II q%GGSYRXW W]RGr SRTEKI

8SWIPIGX[LMGLGSRZIVWEXMSRWXSW]RGLVSRM^I
3TIR]SYV-RFS\
4VIWWXLI1IRY/I]
XLIRXSYGL7IXXMRKW"0EFIPW
8LI7]RGLVSRM^EXMSRWIXXMRKWWGVIIRSTIRWHMWTPE]MRKE
WGVSPPMRKPMWXSJ]SYV+QEMPPEFIPW&IPS[IEGLPEFIPMWMXW
GYVVIRXW]RGLVSRM^EXMSRWIXXMRK 7]RGEPP 7]RG HE]WSVRS
PEFIP 'SRZIVWEXMSRW[MXLRSPEFIPEVIRSXW]RGLVSRM^IH
8SYGLEGSRZIVWEXMSRPEFIP[LSWIW]RGLVSRM^EXMSRWIXXMRKW
]SY[ERXXSGLERKI
%HMEPSKFS\JSVXLEXGSRZIVWEXMSRPEFIPSTIRW[MXLXLVIISTXMSRW
7]RG RSRI (SR XHS[RPSEHER]GSRZIVWEXMSRWXLEXLEZISRP]XLMW
PEFIP
7]RGHE]W (S[RPSEHXLITVIZMSYW SVRYQFIVSJHE]W]SY
WIX SJGSRZIVWEXMSRW
7]RGEPP (S[RPSEHEPPGSRZIVWEXMSRW[MXLXLMWPEFIP
+QEMP
8SWIXLS[QER]HE]WSJGSRZIVWEXMSRWXSW]RGLVSRM^I
3TIR]SYV-RFS\
4VIWWXLI1IRY/I]
XLIRXSYGL7IXXMRKW"0EFIPW
8SYGL 2YQFIVSJHE]WXS7]RG
)RXIVXLIRYQFIVSJHE]WERHXSYGL3/
%TTIRHMRKE7MKREXYVIXS=SYV1IWWEKIW
=SYGERETTIRHSRISVEJI[PMRIWSJXI\XXSIZIV]QIWWEKI]SY
WIRHWYGLEW]SYVREQIGSRXEGXMRJSVQEXMSRSVIZIR q7IRXF]ER
ERHVSMHr
3TIR]SYV-RFS\SVERSXLIVPEFIPIHPMWXSJGSRZIVWEXMSRW
4VIWWXLI1IRY/I]
XLIRXSYGL7IXXMRKW" 7MKREXYVI
0EFIPWETTPMIHXSGSRZIVWEXMSRW[MXLYRVIEH
QIWWEKIWEVIFSPHERHLEZIEKVIIRFEVEXPIJX
)RXIVEWMKREXYVISVSXLIVMRJSVQEXMSR
8SYGLXLI3/ FYXXSR


+QEMP
'LERKMRK+QEMP7IXXMRKW
=SYGERGLERKIERYQFIVSJWIXXMRKWJSV+QEMP)EGL+QEMPEGGSYRX
LEWMXWS[RWIXXMRKWWS]SYVGLERKIWEJJIGXSRP]XLIGYVVIRX
EGGSYRX7II q8SW[MXGLEGGSYRXWr SRTEKI
2SXMJMGEXMSRZSPYQIWERHWSQIW]RGLVSRM^EXMSRWIXXMRKWEVI
GLERKIHMRXLI7IXXMRKWETTPMGEXMSR7IIq7IXXMRKWr SRTEKI
8SGLERKI+QEMPWIXXMRKWSTIR]SYV-RFS\TVIWWXLI 1IRY
/I]
XLIRXSYGL7IXXMRKW
+IRIVEP7IXXMRKW
7MKREXYVI 3TIRWEHMEPSKFS\[LIVI]SYGERIRXIVXI\XXS
ETTIRHXSIZIV]QIWWEKI]SYWIRH7II q%TTIRHMRKE7MKREXYVI
XS=SYV1IWWEKIWr SRTEKI
'SRJMVQHIPIXI 'LIGOQEVOXLMWWIXXMRKXSSTIREHMEPSKFS\IEGL
XMQI]SYHIPIXIQIWWEKIWEWOMRK]SYXSGSRJMVQXLEX]SY[ERXXS
HIPIXIXLIQ
&EXGLSTIVEXMSRW 'LIGOQEVOXLMWWIXXMRKXSEHHEGLIGOFS\XS
XLIPIJXSJIEGLGSRZIVWEXMSRWS]SYGEREHHMXXSEFEXGL7II
q;SVOMRK[MXL'SRZIVWEXMSRWMR&EXGLIWr SRTEKI
'PIEVWIEVGLLMWXSV] 6IQSZIWXLILMWXSV]SJXLIVIWYPXW]SY ZI
XSYGLIH[LIRWIEVGLMRKJSVQIWWEKIW
0EFIPW 3TIRWXLI0EFIPWWGVIIR[LIVI]SYGERQEREKI[LMGL
GSRZIVWEXMSRWEVIW]RGLVSRM^IH7II q7]RGLVSRM^MRK=SYV
1IWWEKIWr SRTEKI
2SXMJMGEXMSRWIXXMRKW
)QEMPRSXMJMGEXMSRW 'LIGOQEVOXLMWWIXXMRKXSVIGIMZIE
RSXMJMGEXMSR[LIRIZIV]SYVIGIMZIRI[IQEMP7II q1EREKMRK
2SXMJMGEXMSRWr SRTEKI
7IPIGXVMRKXSRI 3TIRWEHMEPSKFS\XSWIPIGXXLIVMRKXSRIXS
WSYRH[LIR]SYVIGIMZIERI[IQEMPRSXMJMGEXMSR
:MFVEXI 'LIGOQEVOXLMWWIXXMRKXSZMFVEXIXLITLSRI[LIR]SY
VIGIMZIERI[IQEMPRSXMJMGEXMSR
'EPIRHEV
:MI[MRK=SYV'EPIRHEVERH)ZIRXW
3TIR'EPIRHEVXSZMI[XLIIZIRXW]SYLEZIWGLIHYPIHMRXLI
GSQMRKHE]W[IIOWSVQSRXLW
8SSTIR]SYV'EPIRHEVETTPMGEXMSR
8SYGLXLI'EPIRHEVMGSRSRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
-J]SYLEZIGVIEXIHSVWYFWGVMFIHXSQSVIXLERSRIGEPIRHEV
F]YWMRK+SSKPI'EPIRHEVSRXLI[IFIZIRXWJVSQIEGL
GEPIRHEVEVIHMWTPE]IHMREHMJJIVIRXGSPSV*SVMRJSVQEXMSR
EFSYX[LMGLGEPIRHEVWEVIHMWTPE]IHSR]SYVTLSRIWII
q(MWTPE]MRKERH7]RGLVSRM^MRK'EPIRHEVWr SRTEKI
%KIRHEZMI[
(E]ZMI[
;IIOZMI[
-R%KIRHE(E]SV;IIOZMI[XSYGLERIZIRXXSZMI[MXWHIXEMPW
1SRXLZMI[
8SYGLEHE]MR
1SRXLZMI[XSSTIR
XLEXHE]tWIZIRXW
238) 8SKSXSXLIGYVVIRXHE]MRER]'EPIRHEVZMI[TVIWWXLI1IRY/I]
XLIRXSYGL8SHE]


'EPIRHEV
8SGLERKI]SYVGEPIRHEVZMI[
4VIWWXLI1IRY/I]
XLIRXSYGL%KIRHE (E];IIOSV
1SRXL
)EGLZMI[HMWTPE]WXLIIZIRXWMR]SYVGEPIRHEVJSVXLITIVMSH
SJXMQIXLEX]SYWTIGMJ]*SVHIXEMPWWII
q;SVOMRKMR%KIRHE:MI[r SRTEKI
q;SVOMRKMR(E]:MI[r SRTEKI
q;SVOMRKMR;IIO:MI[r SRTEKI
q;SVOMRKMR1SRXL:MI[r SRTEKI
8SZMI[QSVIMRJSVQEXMSREFSYXERIZIRXMR%KIRHEZMI[
XSYGLXLIIZIRX
8SZMI[QSVIMRJSVQEXMSREFSYXERIZIRXMR(E]SV;IIO
ZMI[XSYGLXLIIZIRXXSSTIREUYMGOZMI[WYQQEV]8SYGL
XLIUYMGOZMI[JSVIZIRQSVIMRJSVQEXMSR
8SZMI[XLIIZIRXWSJEHE]MR1SRXLZMI[XSYGLEHE]
'EPIRHEV
;SVOMRKMR%KIRHE:MI[
%KIRHEZMI[MWEPMWXSJ]SYVIZIRXWMRGLVSRSPSKMGEPSVHIV%PPHE]
ERHQYPXMHE]IZIRXWEVIPMWXIHEXXLIWXEVXSJIEGLHE]
8SW[MXGLXS%KIRHEZMI[
4VIWWXLI1IRY/I]
XLIRXSYGL%KIRHE
8SYGLERIZIRXXSZMI[MXWHIXEMPW
(VEKYTSVHS[RXSZMI[IEVPMIVSVPEXIVIZIRXW
8LMWIZIRXVITIEXW
8SPIEVRQSVIEFSYXIZIRXWMR%KIRHEZMI[
8SYGLERIZIRX
%WGVIIR[MXLHIXEMPWEFSYXXLIIZIRXSTIRW7IIq:MI[MRK
)ZIRX(IXEMPWr SRTEKI


'EPIRHEV
;SVOMRKMR(E]:MI[
(E]ZMI[HMWTPE]WEGLEVXSJXLIIZIRXWSJSRIHE]MREXEFPISJ
SRILSYVVS[W%PPHE]ERHQYPXMHE]IZIRXWEVIHMWTPE]IHEXXLIXST
4EVXSJXLIXMXPISJIEGLIZIRXMWHMWTPE]IHMRXLIVS[WXLEX
GSVVIWTSRHXS[LIRMXSGGYVW
8SW[MXGLXS(E]ZMI[
4VIWWXLI1IRY/I]
XLIRXSYGL(E]
(VEKPIJXSVVMKLXXSZMI[IEVPMIVSVPEXIVHE]W
8SYGLERIZIRXXSZMI[MXWHIXEMPW
8SYGLERHLSPHEXMQIWPSXSVERIZIRXXSGVIEXIE
RI[IZIRXEXXLEXXMQI
8SPIEVRQSVIEFSYXIZIRXWMR(E]ZMI[
8SYGLERIZIRXXSZMI[MXWHIXEMPW
7IIq:MI[MRK)ZIRX(IXEMPWr SRTEKI
8SYGLERHLSPHERIZIRXXSSTIREQIRY[MXLSTXMSRWJSV
ZMI[MRKIHMXMRKSVHIPIXMRKXLIIZIRXERHJSVGVIEXMRKERI[
IZIRXEXXLEXXMQI
8SEHHERIZIRXMR(E]ZMI[
8SYGLERHLSPHERIQTX]WTSXSVERIZIRXMRXLIHE]XS
STIREQIRY[MXLXLISTXMSRJSVGVIEXMRKERI[IZIRXEX
XLEXXMQI
7IIq'VIEXMRKER)ZIRXr SRTEKI
'EPIRHEV
;SVOMRKMR;IIO:MI[
;IIOZMI[HMWTPE]WEGLEVXSJXLIIZIRXWSJSRI[IIO%PPHE]ERH
QYPXMHE]IZIRXWEVIHMWTPE]IHEXXLIXST
8SW[MXGLXS;IIOZMI[
4VIWWXLI1IRY/I]
XLIRXSYGL;IIO
8SYGLERHLSPHEXMQIWPSXSVERIZIRXXSGVIEXIE
RI[IZIRXEXXLEXXMQI
8SYGLERIZIRXXSZMI[MXWHIXEMPW
(VEKPIJXSVVMKLXXSZMI[IEVPMIVSVPEXIVHE]W
8SPIEVRQSVIEFSYXIZIRXWMR;IIOZMI[
8SYGLERIZIRXXSZMI[MXWHIXEMPW
7IIq:MI[MRK)ZIRX(IXEMPWr SRTEKI
8SYGLERHLSPHERIZIRXXSSTIREQIRY[MXLSTXMSRWJSV
ZMI[MRKIHMXMRKSVHIPIXMRKXLIIZIRXERHJSVGVIEXMRKE
RI[IZIRXEXXLEXXMQI
8SEHHERIZIRXMR;IIOZMI[
8SYGLERHLSPHERIQTX]WTSXSVERIZIRXMRXLI[IIOXS
STIREQIRY[MXLXLISTXMSRJSVGVIEXMRKERI[IZIRXEX
XLEXXMQI
7IIq'VIEXMRKER)ZIRXr SRTEKI


'EPIRHEV
;SVOMRKMR1SRXL:MI[
1SRXLZMI[HMWTPE]WEGLEVXSJXLIIZIRXWSJXLIQSRXL7IKQIRXW
SJIEGLHE][MXLWGLIHYPIHIZIRXWEVIKVIIRMRXLIHE] WZIVXMGEP
FEV
8SW[MXGLXS1SRXLZMI[
4VIWWXLI1IRY/I]
XLIRXSYGL1SRXL
8SYGLEHE]XSZMI[XLIIZIRXWSJXLEXHE]
(VEKYTSVHS[RXSZMI[IEVPMIVSVPEXIVQSRXLW
8SZMI[QSVIMRJSVQEXMSREFSYXIZIRXWMR1SRXLZMI[
8SYGLEHE]XSZMI[MXWIZIRXWMR(E]ZMI[
7IIq;SVOMRKMR(E]:MI[r SRTEKI
8SEHHERIZIRXMR1SRXLZMI[
8SYGLERHLSPHERIQTX]WTSXSVERIZIRXMRXLIQSRXLXS
STIREQIRY[MXLXLISTXMSRJSVGVIEXMRKERI[IZIRX
7IIq'VIEXMRKER)ZIRXrSRTEKI
'EPIRHEV
:MI[MRK)ZIRX(IXEMPW
=SYGERZMI[QSVIMRJSVQEXMSREFSYXERIZIRXMRERYQFIVSJ
[E]WHITIRHMRKSRXLIGYVVIRXZMI[
8SZMI[MRJSVQEXMSREFSYXERIZIRX
-R%KIRHE(E]SV;IIOZMI[XSYGLERIZIRXXSZMI[MXW
HIXEMPW
-R1SRXLZMI[XSYGLEHE]XSW[MXGLXS(E]ZMI[8LIR
XSYGLERIZIRXXSSTIREWYQQEV]ERHXSYGLXLIWYQQEV]
XSZMI[XLIHIXEMPW
8SYGLXSWIX[LIXLIV]SYtPPEXXIRHXLMWIZIRX
3XLIVEXXIRHIIWtWXEXYWMWWLS[RFIPS[]SYVW
8SYGLXSGLERKI[LIR]SY[ERXXSFIVIQMRHIH
EFSYXXLMWIZIRX
8SYGLXSHIPIXIXLMWVIQMRHIV
8SYGLXSEHHERSXLIVVIQMRHIVJSVXLMWIZIRX
=SYGERWIXSVGLERKI[LIXLIV]SY[MPPEXXIRHXLIIZIRXF]YWMRK
XLI%XXIRHMRK#QIRY
3XLIVEXXIRHIIW WXEXYWMWHMWTPE]IHFIPS[]SYVS[R
=SYGLERKIER]IZIRXVIQMRHIVWSVXSYGLXLITPYWFYXXSR XS
EHHSRI7II q7IXXMRKER)ZIRX6IQMRHIVr SRTEKI
-J]SYLEZITIVQMWWMSRXSGLERKIIZIRXW]SYGERTVIWWXLI1IRY
/I]
XSIHMXSVHIPIXIXLIIZIRXEWHIWGVMFIHMRq)HMXMRKSV
(IPIXMRKER)ZIRXr SRTEKI


'EPIRHEV
'VIEXMRKER)ZIRX
=SYGERYWI'EPIRHEVSR]SYVTLSRIXSGVIEXIIZIRXWXLEXETTIEV
SR]SYVTLSRIERHMR]SYV+SSKPI'EPIRHEVSRXLI[IF
8SGVIEXIERIZIRX
-RER]'EPIRHEVZMI[TVIWWXLI 1IRY/I]
XLIRXSYGL
2I[IZIRX XSSTIRXLI)ZIRXHIXEMPWWGVIIR
=SYGEREPWSXSYGLERHLSPHEWTSXMR(E];IIOSV1SRXL
ZMI[-RXLIQIRYXLEXSTIRWXSYGL2I[IZIRX XSSTIRXLI
)ZIRXHIXEMPWWGVIIR[MXLXLEXHE]ERHXMQIEPVIEH]IRXIVIH
%HHHIXEMPWEFSYXXLIIZIRX
)RXIVEREQIXMQIERHSTXMSREPEHHMXMSREPHIXEMPWEFSYXXLI
IZIRXNYWXEW]SYHSMR+SSKPI'EPIRHEVSRXLI[IF
-J]SYLEZIQSVIXLERSRIGEPIRHEV]SYGERGLSSWIXLI
GEPIRHEVXS[LMGLXSEHHXLIIZIRX
8SYGLXLITPYWFYXXSR XSEHHQSVIVIQMRHIVW7II
q7IXXMRKER)ZIRX6IQMRHIVr SRTEKI
-RZMXIKYIWXWXSXLIIZIRX
-RXLI+YIWXWJMIPHIRXIVXLIIQEMPEHHVIWWIWSJIZIV]SRI
]SY[ERXXSMRZMXIXSXLIIZIRX7ITEVEXIQYPXMTPIEHHVIWWIW
[MXLGSQQEW  -JXLITISTPIXS[LSQ]SYWIRH
MRZMXEXMSRWYWI+SSKPI'EPIRHEVXLI] PPVIGIMZIERMRZMXEXMSR
MR'EPIRHEVERHF]IQEMP
4VIWWXLI1IRY/I]
XLIRXSYGL7LS[I\XVESTXMSRW XS
EHHEHHMXMSREPIZIRXHIXEMPW
7GVSPPXSXLIFSXXSQSJXLI)ZIRXHIXEMPWWGVIIRXLIRXSYGL
XLI (SRI FYXXSR
8LIIZIRXMWEHHIHXS]SYV'EPIRHEV
8SGSRJMKYVIEHHMXMSREPHIXEMPWSTIRXLIIZIRXMR+SSKPI
'EPIRHEVSRXLI[IF
'EPIRHEV
)HMXMRKSV(IPIXMRKER)ZIRX
=SYGERERIHMXSVHIPIXIERIZIRXXLEX]SYGVIEXIHSRXLITLSRISV
SRXLI[IF=SYGEREPWSIHMXSVHIPIXIIZIRXWGVIEXIHF]SXLIVWMJ
XLI]LEZIKMZIR]SYTIVQMWWMSR
8SIHMXERIZIRX
3TIRXLIWYQQEV]SJXLIIZIRX
7II q:MI[MRK)ZIRX(IXEMPWr SRTEKI
4VIWWXLI1IRY/I]
XLIRXSYGL)HMX IZIRX
8LI)ZIRX(IXEMPWWGVIIRSTIRW8LMWMWXLIWEQIWGVIIR
HIWGVMFIHMRq'VIEXMRKER)ZIRXr SRTEKI
238) 4VIWWXLI1IRY/I]
XLIRXSYGL7LS[I\XVESTXMSRWXSEHHSVIHMX
EHHMXMSREPIZIRXHIXEMPW
1EOI]SYVGLERKIWXSXLIIZIRX
7GVSPPXSXLIFSXXSQSJXLIWGVIIRERHXSYGLXLI(SRI
FYXXSR
8SHIPIXIERIZIRX
8LIVIEVIERYQFIVSJ[E]WXSHIPIXIERIZIRX
-R%KIRHEZMI[XSYGLERIZIRXXSZMI[MXWHIXEMPW4VIWWXLI
1IRY/I]
XLIRXSYGL (IPIXI
-R(E]SV;IIOZMI[XSYGLERHLSPHXLIIZIRXERHXSYGL
(IPIXIIZIRX MRXLIQIRYXLEXSTIRW
;LMPIZMI[MRKXLIWYQQEV]SJERIZIRXTVIWWXLI1IRY
/I]
XLIRXSYGL(IPIXIIZIRX
;LIRIHMXMRKERIZIRXWGVSPPXSXLIFSXXSQSJXLI)ZIRX
(IXEMPWWGVIIRERHXSYGLXLI(IPIXI FYXXSR
-JXLIIZIRXVITIEXW]SY VIEWOIH[LIXLIV]SY[ERXXS
HIPIXINYWXXLEXSGGYVVIRGIXLMWERHEPPJYXYVISGGYVVIRGIW
SVEPPTEWXERHJYXYVISGGYVVIRGIWMR]SYV'EPIRHEV


'EPIRHEV
7IXXMRKER)ZIRX6IQMRHIV
=SYGERWIXSRISVQSVIVIQMRHIVWJSVERIZIRX[LIXLIVSVRSX
]SYGVIEXIHXLIIZIRXSVLEZITIVQMWWMSRXSIHMXMXWSXLIVHIXEMPW
8SWIXERIZIRXVIQMRHIV
3TIRXLIIZIRXWYQQEV]
7II q:MI[MRK)ZIRX(IXEMPWr SRTEKI
8SYGLXLI4PYWFYXXSR XSEHHEVIQMRHIV
%RI[VIQMRHIVMWEHHIHJSVQMRYXIWFIJSVIXLIIZIRX
8SYGLXLIVIQMRHIVXMQIERHMRXLIHMEPSKFS\XLEXSTIRW
XSYGLXLIPIRKXLSJXMQIFIJSVIXLIIZIRXXLEX]SY[ERXXS
FIVIQMRHIHSJMX
;LIRXLIXMQIGSQIW]SYVIGIMZIERSXMJMGEXMSREFSYXXLI
IZIRX7II q6IWTSRHMRKXSER)ZIRX6IQMRHIVr SRTEKI
=SYGERYWI+SSKPI'EPIRHEVSRXLI[IFXSGSRJMKYVI
EHHMXMSREPVIQMRHIVWIXXMRKW
8SHIPIXIERIZIRXVIQMRHIV
3TIRXLIIZIRXWYQQEV]
8SYGLXLIVIQMRHIV WQMRYWFYXXSR
'EPIRHEV
6IWTSRHMRKXSER)ZIRX6IQMRHIV
-J]SYWIXEVIQMRHIVJSVERIZIRXXLI9TGSQMRK)ZIRXMGSR
ETTIEVWMRXLI2SXMJMGEXMSRWEVIESJXLI7XEXYWFEV[LIRXLI
VIQMRHIVXMQIEVVMZIW7IIq1EREKMRK2SXMJMGEXMSRWr SRTEKI
8SVIWTSRHXSERIZIRXVIQMRHIV
-J]SYVIGIMZIRSXMJMGEXMSRWMRXLI7XEXYWFEVHVEKXLI7XEXYW
FEVHS[RXSSTIRXLI2SXMJMGEXMSRWTERIP8SYGLXLIIZIRX
RSXMJMGEXMSRXSSTIRXLIPMWXSJ'EPIRHEVRSXMJMGEXMSRW
-J]SYVIGIMZIRSXMJMGEXMSRW[MXLEPIVXWXLI'EPIRHEV
RSXMJMGEXMSRWPMWXSTIRWPMWXMRKEPPRSXMJMGEXMSRWE[EMXMRK]SYV
VIWTSRWI
8SYGLERIZIRXMRXLI'EPIRHEV2SXMJMGEXMSRWPMWXXSZMI[
QSVIMRJSVQEXMSREFSYXXLEXIZIRX
8SYGL7RSS^IEPP MRXLI'EPIRHEV2SXMJMGEXMSRWPMWXXSXYVRSJJ
EPPIZIRXVIQMRHIVWJSVQMRYXIW
8SYGL(MWQMWWEPP MRXLI'EPIRHEV2SXMJMGEXMSRWPMWXXSHIPIXI
EPPVIQMRHIVWMRXLIPMWX
8SYGLXLI &EGO/I]
[LIRZMI[MRKXLI'EPIRHEV
2SXMJMGEXMSRWPMWXXSOIITXLIVIQMRHIVWTIRHMRK8LIMGSR
VIQEMRWMRXLI7XEXYWFEVERHXLIVIQMRHIVWVIQEMRMRXLI
2SXMJMGEXMSRWTERIP


'EPIRHEV
(MWTPE]MRKERH7]RGLVSRM^MRK'EPIRHEVW
-RMXMEPP]EPPGEPIRHEVWXLEX]SYGVIEXISVWYFWGVMFIXSMR+SSKPI
'EPIRHEVSRXLI[IFEVIEPWSHMWTPE]IHMR'EPIRHEVSR]SYVTLSRI
=SYGERWIPIGX[LMGLGEPIRHEVWXSWLS[SVLMHISRXLITLSRIERH
[LMGLXSOIITW]RGLVSRM^IH
=SYGEREPWSGSRXVSP[LIXLIVER]HEXEMWW]RGLVSRM^IHXS]SYV
TLSRIF]YWMRKXLIKIRIVEPW]RGWIXXMRKWMRXLI7IXXMRKW
ETTPMGEXMSR W%GGSYRXW W]RGWIXXMRKWWGVIIR
*SVQSVIMRJSVQEXMSRWII q%GGSYRXWr SRTEKI
8SWLS[SVLMHIGEPIRHEVW
8SWLS[SVLMHIEGEPIRHEVTVIWWXLI1IRY/I]
XSYGL
1SVI" 1] GEPIRHEVWXLIRGLIGOSVYRGLIGOEGEPIRHEVXS
WLS[SVLMHIMX
'EPIRHEVWMRXLI1]'EPIRHEVWPMWXEVIOITXW]RGLVSRM^IHSR
]SYVTLSRI[LIXLIVSVRSX]SYLMHIXLIQ
8SWIX[LMGLGEPIRHIVWEVIW]RGLVSRM^IHSR]SYVTLSRI
8SWXSTW]RGMRKGEPIRHEVWXS]SYVTLSRI[LMPIZMI[MRKXLI
'EPIRHEV ETTPMGEXMSRTVIWWXLI1IRY/I]
 XSYGL1SVI
" 1] GEPIRHEVWTVIWWXLI1IRY/I]
EKEMRXSYGL
6IQSZI GEPIRHEVWGLIGOQEVOXLIGEPIRHEVWXSVIQSZI
JVSQXLI1]'EPIRHEVWPMWXXLIRXSYGLXLI3/ FYXXSR
'EPIRHEVWXLEX]SYVIQSZIJVSQXLI1]'EPIRHEVWPMWXEVIRS
PSRKIVW]RGLVSRM^IHSR]SYVTLSRIFYX]SYVIQEMR
WYFWGVMFIHXSXLIQERHGER[SVO[MXLXLIQMR+SSKPI
'EPIRHEVSRXLI[IF
8SW]RGLVSRM^IGEPIRHEVWXS]SYVTLSRI[LMPIZMI[MRKXLI
'EPIRHEV ETTPMGEXMSRTVIWWXLI1IRY/I]
XSYGL 1SVI
" 1] GEPIRHEVWTVIWWXLI1IRY/I]
EKEMRXSYGL%HH
GEPIRHEVWGLIGOQEVOXLIGEPIRHEVW]SY[ERXXSEHHXSXLI
1]'EPIRHEVWPMWXERHXSYGLXLI 3/ FYXXSR
3RP]XLIGEPIRHEVWXLEX]SY ZIGVIEXISVWYFWGVMFIHXSSR
XLI[IFFYXTVIZMSYWP]VIQSZIHJVSQXLI1]'EPIRHEVWPMWX
EVIWLS[RMRXLIPMWXSJGEPIRHEVWXLEX]SYGEREHH
'EPIRHEV
'LERKMRK'EPIRHEV7IXXMRKW
=SYGERGLERKIXLIJSPPS[MRKWIXXMRKWJSVLS['EPIRHEVHMWTPE]W
IZIRXWERHLS[MXRSXMJMIW]SYSJYTGSQMRKIZIRXW
8SGLERKI'EPIRHEVWIXXMRKWSTIRE'EPIRHEVZMI[TVIWW
XLIRXSYGL1SVI"7IXXMRKW
XLI1IRY/I]
,MHIHIGPMRIHIZIRXW 'LIGOQEVOWSXLEXIZIRXW]SY ZIHIGPMRIH
EVIRSXHMWTPE]IHMR]SYVGEPIRHEVZMI[W
7IXEPIVXWERHRSXMJMGEXMSRW 3TIRWEHMEPSKFS\XSGSRJMKYVI
IZIRXVIQMRHIVWXSSTIREREPIVXWIRH]SYERSXMJMGEXMSRSVXYVR
SJJIZIRXRSXMJMGEXMSRWSR]SYVTLSRI7II q7IXXMRKER)ZIRX
6IQMRHIVr SRTEKIERHq6IWTSRHMRKXSER)ZIRX6IQMRHIVr
SRTEKI
7IPIGXVMRKXSRI 3TIRWEHMEPSKFS\XSWIPIGXXLIVMRKXSRIXS
WSYRH[LIR]SYVIGIMZIERIZIRXVIQMRHIV
:MFVEXI 'LIGOQEVOXSZMFVEXIXLITLSRI[LIR]SYVIGIMZIER
IZIRXRSXMJMGEXMSR
7IXHIJEYPXVIQMRHIV 3TIRWEHMEPSKFS\XSWIPIGXXLIHIJEYPX
XMQIFIJSVIERIZIRXJSVIZIRXVIQMRHIVW


+SSKPI:SMGI
3TIRMRK+SSKPI:SMGIERH=SYV-RFS\
=SYGERGLIGO]SYV+SSKPI:SMGI-RFS\I\GLERKIQIWWEKIWERH
TIVJSVQSXLIVXEWOW[MXL+SSKPI:SMGI
=SYHSRtXYWIXLI:SMGIETTPMGEXMSRXSTPEGIGEPPW=SYHSXLEX[MXL
XLI4LSRIETTPMGEXMSR7IIq4PEGMRK'EPPW[MXL+SSKPI:SMGIr SR
TEKI
8LIJMVWXXMQI]SYSTIR+SSKPI:SMGI]SYEVITVSQTXIHXS
GSRJMKYVIMXEWHIWGVMFIHMRq'SRJMKYVMRK+SSKPI:SMGIr SRTEKI
8SSTIR+SSKPI:SMGI
8SYGLXLI+SSKPI:SMGIMGSR
SRXLI,SQIWGVIIRSVMR
XLI0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LIJMVWXXMQI]SYSTIR+SSKPI:SMGIEWIXYT[M^EVHLIPTW
]SYXSWIPIGX[LMGL+SSKPI:SMGIJIEXYVIWXSYWI[MXL]SY
TLSRIXLIRXSGSRJMKYVIXLIJIEXYVIWXLEX]SYWIPIGXIH
%JXIVXLIMRMXMEPWIXYT+SSKPI:SMGISTIRWXSXLIPEWXWGVIIR
]SY[IVIZMI[MRKSVMJ]SYLEZIRSXYWIH+SSKPI:SMGI
VIGIRXP]XLIGSRXIRXWSJ]SYV-RFS\EVIHMWTPE]IH
=SYV-RFS\HMWTPE]WER]ZSMGIQEMP QEVOIH[MXLE
MGSR
ERHXI\XQIWWEKIW QEVOIH[MXLE
MGSR ]SY ZIVIGIMZIH
EPSRK[MXLXLIWIRHIVXLIHEXIXLIQIWWEKI[EWWIRXERH
XLIJMVWXJI[[SVHWSJXLIQIWWEKI
8SYGLEZSMGIQEMPSVXI\XQIWWEKIXSSTIRMX
+SSKPI:SMGI
8SSTIR]SYV-RFS\
=SYGERVIXYVRXS]SYV-RFS\JVSQER]+SSKPI:SMGIWGVIIR
8SYGLXLI &EGO/I]
YRXMPXLI-RFS\WGVIIRETTIEVW
8SGLIGO]SYVEGGSYRXFEPERGI
;LIR]SYJMVWXGVIEXIE+SSKPI:SMGIEGGSYRX]SYLEZIEFEPERGI
SJ97JSVXSPPGEPPW=SYQYWXPSKMRXS]SYVEGGSYRXYWMRKE
FVS[WIVXSEHHXS]SYVFEPERGIFYX]SYGERGLIGO]SYVGYVVIRX
FEPERGISRXLITLSRI
-R]SYV+SSKPI:SMGI-RFS\TVIWWXLI1IRY/I]
XSYGL&EPERGI
%HMEPSKHMWTPE]W]SYVGYVVIRXEGGSYRXFEPERGI
XLIR


+SSKPI:SMGI
6IEHMRKSV0MWXIRMRKXS=SYV:SMGIQEMP
=SYV+SSKPI:SMGI-RFS\GSRXEMRWEPMWXSJXLIZSMGIQEMPQIWWEKIW
]SY ZIVIGIMZIH
=SYGEREPWSPMWXIRXS]SYVZSMGIQEMP[MXLXLI4LSRIETTPMGEXMSR
NYWXEW]SY[SYPHPMWXIRXSZSMGIQEMPJVSQ]SYVQSFMPIGEVVMIV W
ZSMGIQEMPWIVZMGI7IIq0MWXIRMRKXS=SYV:SMGIQEMPr SRTEKI
8VERWGVMTXWSJ]SYVZSMGIQEMPEVIEPWSIQEMPIHXS]SY
8SVIEHEXVERWGVMTXSJ]SYVZSMGIQEMP
3TIR+SSKPI:SMGIERH]SYV-RFS\
7II q3TIRMRK+SSKPI:SMGIERH=SYV-RFS\r SRTEKI
=SYV-RFS\HMWTPE]W]SYVQIWWEKIW*SVIEGLQIWWEKI]SY
GERWII[LSWIRXMX[LIRXLI]WIRXMXERHEXVERWGVMTXSJ
XLIFIKMRRMRKSJXLIQIWWEKI
8SYGLEQIWWEKIXSVIEHMX
8LIXVERWGVMTXSJXLIQIWWEKIMWHMWTPE]IHMRE[MRHS[XLEX
EPWSGSRXEMRWMRJSVQEXMSREFSYXXLIQIWWEKIMRGPYHMRKXLI
REQIERHRYQFIVSJXLITIVWSR[LSPIJXMX
+SSKPI:SMGI
8SPMWXIRXS]SYVZSMGIQEMP
3TIR+SSKPI:SMGIERH]SYV-RFS\
8SYGLEQIWWEKIXSPMWXIRXSMX
8LIGSRXVSPWJSVPMWXIRMRKXSXLIZSMGIQEMPEVIEXXLIFSXXSQ
SJXLIWGVIIR
8SYGLXLI4PE]MGSR
XSPMWXIRXSXLIQIWWEKI
8LIQIWWEKITPE]WXLVSYKLXLIIEVTMIGISVXLIWTIEOIV
HITIRHMRKSRXLITVIJIVIRGI]SYWIX7IIq'LERKMRK+SSKPI
:SMGI7IXXMRKWr SRTEKI
XLIRXSYGL)REFPIWTIEOIV SV
4VIWWXLI1IRY/I]
(MWEFPIWTIEOIV XSGLERKI[LIVIXLIQIWWEKITPE]W
=SYGEREPWSTEYWIERHVIWYQITPE]ERH]SYGERHVEKXLI
TVSKVIWWMRHMGEXSVFEGOERHJSVXLXSPMWXIRXSHMJJIVIRXTEVXW
SJXLIQIWWEKI
8SVITP]XSEQIWWEKI
3TIREQIWWEKIEW]SY[SYPHXSVIEHSVPMWXIRXSMX
4VIWWXLI1IRY/I]
XLIRXSYGL'EPP SV 717
-J]SYXSYGL'EPPXLI4LSRIETTPMGEXMSRSTIRWERHTPEGIWE
GEPPXSXLIRYQFIVSJXLITIVWSR[LSPIJXXLIQIWWEKI
-J]SYXSYGL717E+SSKPI:SMGI[MRHS[STIRWMR[LMGL
]SYGERGSQTSWIEXI\XQIWWEKIEWHIWGVMFIHMR
q)\GLERKMRK8I\X 717 1IWWEKIWr SRTEKI
8SHIPIXIEQIWWEKI
3TIRXLIQIWWEKIEW]SY[SYPHXSVIEHSVPMWXIRXSMXTVIWW
XSYGL 1SVIXLIRXSYGL(IPIXI
XLI1IRY/I]
36
8SYGLERHLSPHXLIQIWWEKIMRXLI-RFS\SVSXLIVJSPHIVSJ
PEFIPIHQIWWEKIW-RXLIQIRYXLEXSTIRWXSYGL(IPIXI
=SYGERZMI[]SYVHIPIXIHQIWWEKIWF]ZMI[MRKXLI
QIWWEKIW[MXLXLI8VEWLPEFIP7IIq:MI[MRK1IWWEKIWF]
0EFIPr SRTEKI


+SSKPI:SMGI
)\GLERKMRK8I\X 717 1IWWEKIW
=SYGERYWI+SSKPI:SMGIXSWIRHERHVIGIMZIXI\X 717
QIWWEKIW
8SWIRHEXI\XQIWWEKI
3TIR]SYV-RFS\
4VIWWXLI1IRY/I]
XLIRXSYGL'SQTSWI
)RXIVXLITLSRIRYQFIVXS[LMGL]SY[ERXXSWIRHXLI
QIWWEKI
)RXIVEWLSVXXI\XQIWWEKI
8SYGL 7IRH
8SVIEHERHVITP]XSEXI\XQIWWEKI
;LIRWSQISRIWIRHWEXI\XQIWWEKIXS]SYV+SSKPI:SMGI
RYQFIV]SYVIGIMZIERSXMJMGEXMSRXLEXMX WMR]SYV+SSKPI:SMGI
-RFS\
8SYGLXLIRSXMJMGEXMSRXLEX]SY ZIVIGIMZIHEXI\XQIWWEKI
MR]SYV+SSKPI:SMGI-RFS\
=SYGEREPWSXSYGLER]QIWWEKIXLEX WMR]SYV-RFS\
8LIQIWWEKIERHER]TVIZMSYWQIWWEKIWMRXLI
GSRZIVWEXMSRMWHMWTPE]IH
8SVITP]XSXLIQIWWEKIIRXIVEWLSVXQIWWEKIERHXSYGL
7IRH
+SSKPI:SMGI
7XEVVMRK1IWWEKIW
=SYGERWXEVMQTSVXERXZSMGIQEMPERHXI\XQIWWEKIWXSQEOIXLIQ
IEW]XSOIITXVEGOSJ
8SWXEVEQIWWEKI
;LMPIZMI[MRKEPMWXSJQIWWEKIWMR]SYV-RFS\SVSXLIV
JSPHIVXSYGLEQIWWEKI WWXEV
8LIWXEVXYVRWKSPH 
8SYRWXEVEQIWWEKI
8SYGLMXWWXEVEKEMR
8SZMI[]SYVWXEVVIHQIWWEKIW
=SYGERSTIREJSPHIVXLEXGSRXEMRWNYWX]SYVWXEVVIHQIWWEKIW
;LMPIZMI[MRK]SYV-RFS\SVERSXLIVJSPHIVSJQIWWEKIW
XLIRXSYGL 0EFIPW
TVIWWXLI1IRY/I]
7II q:MI[MRK1IWWEKIWF]0EFIPr SRTEKI
8SYGL 7XEVVIH
%JSPHIVSTIRW[MXLEPMWXSJ]SYVWXEVVIHQIWWEKIW


+SSKPI:SMGI
:MI[MRK1IWWEKIWF]0EFIP
=SYGERZMI[EPMWXSJXLIQIWWEKIWXLEXLEZIXLIWEQIPEFIPWYGL
EW:SMGIQEMP717 XI\XQIWWEKIW 4PEGIH6IGIMZIHERHWSSR
;LMPIZMI[MRK]SYV-RFS\SVERSXLIVJSPHIVSJQIWWEKIW
XLIRXSYGL 0EFIPW
TVIWWXLI 1IRY/I]
+SSKPI:SMGIPEFIPWEVITVIWIRXIHMREWGVSPPMRKPMWX
8LIRYQFIVSJQIWWEKIW[MXLXLMWPEFIPXLEXEVI
YRVIEH
8SYGLEPEFIPXSSTIREJSPHIVXLEXPMWXWQIWWEKIW
[MXLXLMWPEFIP
8SYGLEPEFIPXSZMI[EJSPHIVGSRXEMRMRKXLIQIWWEKIW[MXL
XLEXPEFIP
8LIJSPHIVVIWIQFPIW]SYV-RFS\FYXXLIPEFIPVITPEGIW
q-RFS\r MRXLIXMXPIFEV=SY[SVO[MXLPEFIPIHGSRZIVWEXMSR
PMWXWMRXLIWEQI[E]XLEX]SY[SVO[MXL]SYV-RFS\
+SSKPI:SMGI
'SRJMKYVMRK+SSKPI:SMGI
8LIJMVWXXMQI]SYSTIR+SSKPI:SMGIE[M^EVHLIPTW]SYXSWIPIGX
ERHGSRJMKYVIXLI+SSKPI:SMGIWIVZMGIWXSYWISR]SYVTLSRI-J
]SYWMKRSYXXLI[M^EVHVIETTIEVWXLIRI\XXMQI]SYWXEVX+SSKPI
:SMGI=SYGEREPWSGLERKIXLIWIVZMGIWXSYWIEXER]XMQIF]
GLERKMRKXLI+SSKPI:SMGIWIXXMRKW7II q'LERKMRK+SSKPI:SMGI
7IXXMRKWr SRTEKI
8SGSRJMKYVIXLI+SSKPI:SMGIETTPMGEXMSR
3TIR+SSKPI:SMGI
8LI;IPGSQIWGVIIRSTIRWMR[LMGL]SYWXEVXXLITVSGIWW
SJGSRJMKYVMRK+SSKPI:SMGISR]SYVTLSRI8LISTXMSRWXLEX
XLI[M^EVHSJJIVW]SYHITIRHSR[LIXLIV]SYEPVIEH]LEZIE
+SSKPI:SMGIEGGSYRXERHSRXLIJIEXYVIWWYTTSVXIHF]]SYV
QSFMPIGEVVMIV
7MKRMRXS+SSKPI:SMGI
8LIEGGSYRX]SYWMKRMRXSMWXLI+SSKPI%GGSYRX[LSWI
-RFS\]SYSTIRXSVIEHQIWWEKIW-X WEPWSXLI+SSKPI
%GGSYRXXLEX]SYYWIJSVER]SXLIV+SSKPI:SMGIWIVZMGIW
XLEX]SYHIGMHIXSYWI[MXL]SYVTLSRI
8SYGL 7MKRMR XSWMKRMRXSXLITVMQEV]+SSKPI%GGSYRXSR
]SYVTLSRI3VXSYGL 9WIEHMJJIVIRXEGGSYRXXSIRXIV
ERSXLIV+SSKPI%GGSYRX


+SSKPI:SMGI
8SYGL 2I\X XSZIVMJ]]SYVTLSRIRYQFIV
+SSKPI:SMGIYWIWXLMWWXITXSIRWYVIXLEXMXGER
GSQQYRMGEXI[MXL]SYVTLSRI
)RXIVEZSMGIQEMP4-2
8LMWMWXLIGSHI]SYYWIXSGLIGO]SYVZSMGIQEMPJVSQXLI
4LSRIETTPMGEXMSR
'LSSWI[LMGLGEPPW]SY[ERXXSQEOIYWMRK+SSKPI:SMGI
=SYGERGLSSWIXSQEOIEPPMRXIVREXMSREPGEPPWZME+SSKPI
:SMGIXSXEOIEHZERXEKISJ+SSKPI:SMGI WPS[MRXIVREXMSREP
GEPPMRKVEXIWXSFITVSQTXIHIEGLXMQI]SYQEOIEGEPPSV
XSRIZIVYWI+SSKPI:SMGIJSVGEPPW
-J]SYWMKRIHMRXSE+SSKPI%GGSYRXXLEXLEWE+SSKPI:SMGI
RYQFIV]SYGEREPWSGLSSWIXSQEOIEPPGEPPWZME+SSKPI
:SMGI-J]SYHSXLITISTPI]SYGEPP[MPPWII]SYV+SSKPI
:SMGIRYQFIVEW]SYV'EPPIV-(MRWXIEHSJ]SYVTLSRI
RYQFIV
'SRJMKYVI]SYVZSMGIQEMPWIVZMGI
8LI+SSKPI:SMGIETTPMGEXMSRSTIRWXLI7IXXMRKWETTPMGEXMSR
[LMGLTVSQTXW]SYXSWIPIGX+SSKPI:SMGISV]SYVQSFMPI
GEVVMIVJSV]SYVZSMGIQEMPWIVZMGI
=SYV+SSKPI:SMGI-RFS\STIRW
+SSKPI:SMGI
4PEGMRK'EPPW[MXL+SSKPI:SMGI
4PEGMRKGEPPW[MXL+SSKPI:SMGIMWEPQSWXXLIWEQIEWTPEGMRKGEPPW
ZME]SYVQSFMPIGEVVMIVHITIRHMRKSR[LIXLIV]SYLEZIE+SSKPI
RYQFIVERHLS[]SYLEZIGSRJMKYVIH+SSKPI:SMGISRXLITLSRI
'EPPEGSRXEGXNYWXEW]SY[SYPH[MXLSYX+SSKPI:SMGI
-J]SY ZIGSRJMKYVIH+SSKPI:SMGIXSEWO[LIXLIV]SY[ERX
XSYWIMXIEGLXMQI]SYTPEGIEGEPPXSYGL 'EPP[MXL+SSKPI
:SMGI MRXLIHMEPSKFS\
-J]SY ZIGSRJMKYVIH+SSKPI:SMGIXSYWIMXJSVEPPGEPPWXLMW
HMEPSKFS\HSIWR XETTIEV
+SSKPI:SMGIHMWTPE]WEQIWWEKIVIQMRHMRK]SYXLEX]SY
EVITPEGMRKXLIGEPPZME+SSKPI:SMGI
-JXLIGEPPMWEXSPPGEPP+SSKPI:SMGITPE]WEQIWWEKI[MXL
XLITIVQMRYXIGLEVKIERHXLIRYQFIVSJQMRYXIWEXXLMW
VEXI]SYLEZIVIQEMRMRKMR]SYV+SSKPI:SMGIEGGSYRX
'SRXMRYI[MXLXLIGEPPEW]SY[SYPH[MXLSYX+SSKPI:SMGI
EWHIWGVMFIHMR q4PEGMRKERH6IGIMZMRK'EPPWr SRTEKI


+SSKPI:SMGI
'LERKMRK+SSKPI:SMGI7IXXMRKW
=SYGERGLERKIERYQFIVSJ+SSKPI:SMGIWIXXMRKWMRGPYHMRK[LMGL
WIVZMGIW]SY[ERXXSYWISR]SYVTLSRIERHLS[]SY[ERXXSFI
RSXMJMIHSJRI[QIWWEKIW
8SGLERKIEPP+SSKPI:SMGIWIXXMRKWI\GITX[LMGLZSMGIQEMP
WIVZMGIXSYWISTIR]SYV+SSKPI:SMGI-RFS\TVIWWXLI
1IRY/I]
XLIRXSYGL 7IXXMRKW
8SGLERKI[LMGLZSMGIQEMPWIVZMGIXSYWIYWIXLI7IXXMRKW
ETTPMGEXMSR
*SVQSVIMRJSVQEXMSRWII q'EPPWIXXMRKWr SRTEKI
+IRIVEP7IXXMRKW
1EOMRKGEPPW 3TIRWEHMEPSKFS\[LIVI]SYGERGSRJMKYVI
[LIXLIVXSYWI+SSKPI:SMGIXSQEOIWSQISVEPPTLSRIGEPPWEW
HIWGVMFIHMRq'SRJMKYVMRK+SSKPI:SMGIr SRTEKI
8LMWTLSRI WRYQFIV 3TIRWEHMEPSKFS\[LIVI]SYGLERKISV
EHH]SYVTLSRI WTLSRIRYQFIVXS[SVO[MXL+SSKPI:SMGI
:SMGIQEMPTPE]FEGO 3TIRWEHMEPSKFS\[LIVI]SYGERGSRJMKYVI
]SYVZSMGIQEMPXSTPE]ZME]SYVTLSRI WIEVTMIGISVWTIEOIVF]
HIJEYPX
6IJVIWLERHRSXMJMGEXMSR 7IIq6IJVIWLERHRSXMJMGEXMSRWIXXMRKWr
SRTEKI
7MKRSYX 7XSTWYWMRKER]+SSKPI:SMGIWIVZMGIWSR]SYVTLSRI
ERHVIWYQIWYWMRK]SYVQSFMPIGEVVMIV WZSMGIQEMPWIVZMGIERH
]SYVTLSRI WRYQFIVEWMXWGEPPIV-(8LIRI\XXMQI]SYWXEVX
+SSKPI:SMGIXLI[M^EVHTVSQTXW]SYXSGSRJMKYVIMXEKEMR7II
q'SRJMKYVMRK+SSKPI:SMGIr SRTEKI
0IKEPMRJSVQEXMSR 3TIRWEWGVIIR[LIVI]SYGERVIEHEFSYXXLI
+SSKPI:SMGIXIVQWSJWIVZMGITVMZEG]TSPMG]TVSKVEQTSPMG]ERH
SXLIVMQTSVXERXPIKEPMRJSVQEXMSR
+SSKPI:SMGI
1]+SSKPI:SMGIRYQFIV (MWTPE]WXLI+SSKPI:SMGIRYQFIV]SY
LEZIGSRJMKYVIHXSYWIJSVQEOMRKERHVIGIMZMRKGEPPWSRXLMW
TLSRI
&YMPHRYQFIV (MWTPE]WXLIZIVWMSRSJ+SSKPI:SMGIMRWXEPPIHSR
]SYVTLSRI
6IJVIWLERHRSXMJMGEXMSRWIXXMRKW
6IJVIWLMRFS\ 3TIRWEHMEPSKFS\[LIVI]SYGERWIXLS[SJXIR
+SSKPI:SMGIGLIGOWJSVRI[QIWWEKIW1SVIJVIUYIRXVIJVIWL
WIXXMRKWGERVIHYGI]SYVFEXXIV]PMJIFIX[IIRGLEVKIW
-RFS\RSXMJMGEXMSRW 'LIGOQEVOXSVIGIMZIERSXMJMGEXMSRMRXLI
7XEXYWFEV[LIRIZIV]SYVIGIMZIERI[QIWWEKIMR]SYV+SSKPI
:SMGI-RFS\
7IPIGXVMRKXSRI 3TIRWEHMEPSKFS\XSWIPIGXEVMRKXSRIXSWSYRH
[LIR]SYVIGIMZIERSXMJMGEXMSRJVSQ+SSKPI:SMGI
:MFVEXI 'LIGOQEVOXSZMFVEXIXLITLSRI[LIR]SYVIGIMZIE
RSXMJMGEXMSRJVSQ+SSKPI:SMGI


+SSKPI8EPO
7MKRMRKMRERH3TIRMRK]SYV*VMIRHW0MWX
=SYWMKRMRXS+SSKPI8EPOXSGLEX[MXL]SYVJVMIRHW
=SYVIQEMRWMKRIHMRIZIR[LIR]SY VIYWMRKSXLIVETTPMGEXMSRW
YRXMP]SYHIPMFIVEXIP]WMKRSYX
8SSTIR+SSKPI8EPOERHWMKRMR
8SYGLXLI+SSKPI8EPOMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
;LIR]SYJMVWXSTIR+SSKPI8EPO]SYV*VMIRHWPMWXMW
HMWTPE]IH8LMWPMWXMRGPYHIWEPPSJXLIJVMIRHW]SY ZIEHHIHF]
YWMRK+SSKPI8EPOSRXLI[IFSVSRXLITLSRI
%HHMRKJVMIRHWXSXLMWPMWXWS]SYGERMRZMXIXLIQXSGLEXMW
HIWGVMFIHMRq1EREKMRK=SYV*VMIRHW0MWXr SRTEKI
-RZMXMRKJVMIRHWXSGLEXERHEGGITXMRKMRZMXEXMSRWXSGLEXMW
HIWGVMFIHMRq'LEXXMRK[MXL*VMIRHWr SRTEKI
=SYVSRPMRIWXEXYW
8SYGLXSSTIRETIVWSREPGLEX]SYtVI
TEVXMGMTEXMRKMR
8SYGLXSSTIREKVSYTGLEX]SYtVI
TEVXMGMTEXMRKMR
8SYGLEJVMIRHXSMRZMXIXLIQXSGLEX
+SSKPI8EPO
8SVIXYVRXS]SYV*VMIRHWPMWX
=SYGERVIXYVRXS]SYV*VMIRHWPMWX[LIRGLEXXMRK[MXLEJVMIRHWS
XLEX]SYGERMRZMXIERSXLIVJVMIRHXSGLEXEHHEJVMIRHERHWSSR
4VIWWXLI1IRY/I]
XLIRXSYGL*VMIRHWPMWX
8SWMKRSYXSJ+SSKPI8EPO
=SYGERWMKRSYXSJ+SSKPI8EPO*SVI\EQTPIMJ]SY[ERXXS
W[MXGLXLIJSGYWSJEPPGLEXWERHMRZMXEXMSRWXS+SSKPI8EPOSRE
GSQTYXIV7MKRMRKSYXGEREPWSI\XIRH]SYVFEXXIV]PMJI
3R]SYV*VMIRHWPMWXTVIWWXLI 1IRY/I]
XLIRXSYGL
1SVI"7MKRSYX
=SYRSPSRKIVVIGIMZIGLEXRSXMJMGEXMSRWSVWIISXLIVW
+SSKPI8EPOWXEXYWMRSXLIVETTPMGEXMSRWWYGLEW+QEMP


+SSKPI8EPO
'LEXXMRK[MXL*VMIRHW
8SGLEX[MXLEJVMIRH
8SYGLEJVMIRHMR]SYV*VMIRHWPMWX
-J]SY VIEPVIEH]GLEXXMRK[MXLWSQISRI]SYGERTVIWWXLI
1IRY/I]
XLIRXSYGL*VMIRHWPMWX XSMRZMXIERSXLIV
JVMIRHXSGLEX
8LIGLEXWGVIIRSTIRW
)RXIV]SYVQIWWEKIXLIRXSYGL7IRH
;LS]SYtVIGLEXXMRK[MXLERHXLIMVSRPMRIWXEXYW
1IWWEKIW]SYI\GLERKIEVIMRXIVPIEZIH[MXL
MRJSVQEXMSREFSYXXLIGLEXWYGLEW[LIXLIVMXtW
SRXLIVIGSVH
)RXIVEQIWWEKIERHXSYGL7IRH
8LIQIWWEKIWXLEX]SYI\GLERKIEVIMRXIVPIEZIHSRXLI
WGVIIR[MXLMRJSVQEXMSREFSYXXLIGLEXWYGLEW[LIXLIVMX W
SRXLIVIGSVHXLIXMQIEQIWWEKI[EWWIRXMJXLIVI WRS
VIWTSRWIEJXIVEWLSVX[LMPIERHWSSR
=SYGERIRXIVERIQSXMGSR E qWQMPI]r SRXLISRWGVIIR
OI]FSEVHF]XSYGLMRKERHLSPHMRKXLI7QMPI]OI]XLIR
XSYGLMRKERIQSXMGSR=SYGEREPWSTVIWWXLI 1IRY/I]
XLIRXSYGL 1SVI" -RWIVXWQMPI] XSSTIREWGVSPPMRKPMWX
SJIQSXMGSRWXSXSYGLXSWIPIGX
=SYVGLEXWIWWMSRVIQEMRWSTIRYRXMP]SYIRHMX
*VMIRHW]SY VIGLEXXMRK[MXLEVIHMWTPE]IHEXXLIXSTSJ]SYV
*VMIRHWPMWX[MXLXLIQSWXVIGIRXQIWWEKIHMWTPE]IHMRE
FPEGOSR[LMXIFEPPSSR
+SSKPI8EPO
8SEGGITXERMRZMXEXMSRXSGLEX
;LIREJVMIRHWIRHW]SYE+SSKPI8EPOQIWWEKI]SYVIGIMZIE
RSXMJMGEXMSR8LIMVIRXV]MRXLI*VMIRHWPMWXXYVRW[LMXIERHHMWTPE]W
XLIQIWWEKI
8SYGLXLIJVMIRHMR]SYV*VMIRHWPMWX
36
3TIRXLI2SXMJMGEXMSRWTERIPERHXSYGLXLIGLEXRSXMJMGEXMSR
7IIq1EREKMRK2SXMJMGEXMSRWr SRTEKI
%GLEX[MRHS[STIRW[LIVI]SYGERI\GLERKIQIWWEKIW
[MXL]SYVJVMIRH
8SW[MXGLFIX[IIREGXMZIGLEXW
-J]SYLEZIQSVIXLERSRIGLEXKSMRK]SYGERW[MXGLFIX[IIR
GLEXW
-RXLI*VMIRHWPMWXXSYGLXLIREQISJXLITIVWSR]SY[ERXXS
GLEX[MXL
36
3REGLEXWGVIIRSVMRXLI*VMIRHWPMWXTVIWWXLI 1IRY/I]
XLIRXSYGL7[MXGLGLEXWXLIRXSYGLXLIJVMIRH]SY
[ERXXSGLEX[MXL
36
;LMPIGLEXXMRK[MXLEJVMIRHW[MTIPIJXSVVMKLXEGVSWWXLI
WGVIIR


+SSKPI8EPO
8SMRZMXIEJVMIRHXSNSMREKVSYTGLEX
;LIR]SY VIGLEXXMRK]SYGERMRZMXIEHHMXMSREPJVMIRHWXSNSMRE
KVSYTGLEX
3REGLEXWGVIIRTVIWWXLI1IRY/I]
XSGLEX
XLIRXSYGL %HH
8SYGLXLIREQISJXLIJVMIRHXSMRZMXI
8LIJVMIRH]SYMRZMXIHERHXLIGYVVIRXTEVXMGMTERXWVIGIMZIER
MRZMXEXMSRXSEKVSYTGLEX)EGLSRI[LSEGGITXWXLI
MRZMXEXMSRNSMRWXLIKVSYTGLEX-REKVSYTGLEXIZIV]SRIGER
WIIIZIV]SRIIPWI WQIWWEKIW+VSYTGLEXWETTIEVEXXLI
XSTSJ]SYV*VMIRHWPMWX[MXLEKVSYTGLEXMGSR
8SGLEXSRSVSJJXLIVIGSVH
=SYV+SSKPI8EPOQIWWEKIWEVIWXSVIHWS]SYGERVIZMI[XLIQ
PEXIVERHIZIRWIEVGLJSVXLIQMRXLI'LEXWJSPHIVMR+QEMP&YXMJ
]SY HVEXLIVRSXWXSVIXLIQIWWEKIWMREGLEX]SYGERKSSJJXLI
VIGSVH
3REGLEXWGVIIRTVIWWXLI1IRY/I]
XLIRXSYGL'LEX
SJJVIGSVH
8SVIWYQIWEZMRKXLIQIWWEKIWMRXLIGLEXTVIWWXLI1IRY
/I]
XLIRXSYGL'LEXSRVIGSVH
8SIRHEGLEX
;LIR]SYIRHEGLEXXLIJVMIRHMWRSPSRKIVEXXLIXSTSJ]SYV
*VMIRHWPMWXERHXLIGLEXMWRSXHMWTPE]IHMRXLI7[MXGL'LEXW
WGVIIR8LIXI\XSJXLIGLEXMWRSXHMWGEVHIH-J]SYVIWXEVXXLI
GLEXXLIGSRZIVWEXMSRMWHMWTPE]IHMRXLIRI[GLEX[MRHS[[LIVI
]SYPIJXSJJ
-R]SYV*VMIRHWPMWXXSYGLERHLSPHXLIJVMIRH]SY[ERXXS
WXSTGLEXXMRK[MXL-RXLIQIRYXLEXSTIRWXSYGL)RHGLEX
36
;LMPISREGLEXWGVIIRTVIWWXLI1IRY/I]
)RHGLEX
XLIRXSYGL
+SSKPI8EPO
'LERKMRKERH1SRMXSVMRK3RPMRI7XEXYW
-GSRWMR+SSKPI8EPO+QEMP+SSKPI1ETWERHSXLIVETTPMGEXMSRW
MRHMGEXI]SYVERH]SYVJVMIRHW +SSKPI8EPOWXEXYW
%ZEMPEFPI7MKRIHMRXS+SSKPI8EPOERHEZEMPEFPIXSGLEX
%[E]7MKRIHMRXS+SSKPI8EPOFYXRSXEGXMZI
&YW]7MKRIHMRXS+SSKPI8EPOFYXXSSFYW]XSGLEX
7MKRIHSYXSJ+SSKPI8EPO
-RZMWMFPI7MKRIHMRXS+SSKPI8EPOFYXETTIEVWMKRIHSYXXSSXLIVW
=SYGERGLERKI]SYVSRPMRIWXEXYWERHWXEXYWQIWWEKI=SYGER
EPWSGLERKIXLITMGXYVIXLEXSXLIVWWIIRI\XXS]SYVREQIMRXLIMV
*VMIRHWPMWXWERHSXLIVPSGEXMSRW
8SGLERKI]SYVSRPMRIWXEXYW
8SYGLXLI7XEXYWMGSREXXLIXSTVMKLXSJ]SYV*VMIRHWPMWX
-RXLIQIRYXLEXSTIRWXSYGLEWXEXYWSVEWXEXYWQIWWEKI
GSQFMREXMSR
-REHHMXMSRXSXLIWXERHEVHWXEXYWWIXXMRKWHIWGVMFIHMRXLI
XEFPI]SYGEREPWSWIPIGXEQIWWEKIXLEX]SY ZIIRXIVIH
TVIZMSYWP]3VXSYGL 'PIEVGYWXSQQIWWEKIW XSIVEWIXLIQ
ERHWXEVXSZIV
=SYVWXEXYWERHER]QIWWEKIETTIEVMR]SYVGSRXEGX W
*VMIRHWPMWXWERHMRSXLIVPSGEXMSRW[LIVI]SYVWXEXYWSV
WXEXYWQIWWEKIEVIHMWTPE]IH
8SGLERKI]SYVWXEXYWQIWWEKI
8SYGLXLIWXEXYWQIWWEKIEXXLIXSTSJ]SYV*VMIRHWPMWX
)RXIVERI[WXEXYWQIWWEKI


+SSKPI8EPO
8SGLERKI]SYVTMGXYVI
8SYGL]SYVTMGXYVIEXXLIXSTPIJXSJ]SYV*VMIRHWPMWX
8LI7IPIGX4MGXYVIWGVIIRSTIRW[MXLEPPXLITMGXYVIWSR
]SYVQMGVS7(GEVHHMWTPE]IHMREWGVSPPMRKPMWXSJXLYQFREMPW
8SYGLXLITMGXYVIXSYWI
'VSTXLITMGXYVI
'VSTTMRKTMGXYVIWMWHIWGVMFIHMR q;SVOMRK[MXL4MGXYVIWr SR
TEKI
8SYGLXLI7EZI FYXXSR
1EREKMRK=SYV*VMIRHW0MWX
=SYV+SSKPI8EPO*VMIRHWPMWXGSRXEMRWXLIJVMIRHW]SY ZIMRZMXIHXS
FIGSQIJVMIRHWSVEGGITXIHMRZMXEXMSRWXSFIGSQIJVMIRHWMR+SSKPI
8EPO*VMIRHWGERMRZMXIIEGLSXLIVXSGLEXMR+SSKPI8EPOERHWII
IEGLSXLIVW SRPMRIWXEXYWMR+SSKPI8EPOERHSXLIVETTPMGEXMSRW
WYGLEWMR+QEMPERH1ETW
8LI+SSKPI8EPO*VMIRHWPMWXMWWSVXIHF]]SYVJVMIRHW SRPMRIWXEXYW
EGXMZIGLEXWSRPMRIFYW]ERHSJJPMRI;MXLMRIEGLWXEXYWKVSYT
JVMIRHWEVIPMWXIHEPTLEFIXMGEPP]
8SEHHEJVMIRHXS]SYV*VMIRHWPMWX
=SYGERMRZMXIER]SRI[MXLE+SSKPI%GGSYRXXSFIGSQI]SYV
JVMIRHMR+SSKPI8EPOWS]SYGERGLEX[MXLIEGLSXLIVERHZMI[
IEGLSXLIVW SRPMRIWXEXYW
-RXLI*VMIRHWPMWXTVIWWXLI 1IRY/I]
JVMIRH
XLIRXSYGL %HH
)RXIV]SYVJVMIRH W+QEMPEHHVIWWXLIRXSYGL7IRH
MRZMXEXMSR
XSGPSWIXLI
=SYQE]RIIHXSXSYGLXLI&EGO/I]
SRWGVIIROI]FSEVHXSWIIXLI 7IRHMRZMXEXMSR FYXXSR
+SSKPI8EPO
8SZMI[ERHEGGITXERMRZMXEXMSRXSFIGSQIEJVMIRH
;LIREGSRXEGXMRZMXIW]SYXSFIGSQIEJVMIRHMR+SSKPI8EPO]SY
VIGIMZIERSXMJMGEXMSRMRXLI7XEXYWFEVERHXLIMRZMXEXMSRETTIEVWMR
]SYV*VMIRHWPMWX
8SYGLXLIMRZMXEXMSRMRXLI*VMIRHWPMWX
8SYGL %GGITX MRXLIQIRYXLEXSTIRW
3VXSYGL 'ERGIP MJ]SYHSR X[ERXXSGLEX[MXLERHWLEVI
]SYV+SSKPI8EPOWXEXYW[MXLXLIWIRHIV
8SZMI[EPMWXSJTIRHMRKMRZMXEXMSRWXSJVMIRHW
-RXLI*VMIRHWPMWXTVIWWXLI 1IRY/I]
XLIRXSYGL
-RZMXIW
%PPXLIJVMIRHWXS[LSQ]SY ZII\XIRHIHMRZMXEXMSRWXS
FIGSQIJVMIRHWSR+SSKPI8EPOETTIEVMRXLIPMWXYRXMPXLI]
EGGITXSVGERGIP]SYVMRZMXEXMSR
8SZMI[EPPJVMIRHWSVSRP]XLSWIQSWXTSTYPEV[MXL]SY
&]HIJEYPXSRP]XLIJVMIRHWXLEX]SYJVIUYIRXP]GLEX[MXL XLI
QSWXTSTYPEV EVIWLS[RMRXLI*VMIRHWPMWX&YX]SYGERZMI[EPP
JVMIRHWMRWXIEH
-RXLI*VMIRHWPMWXTVIWWXLI 1IRY/I]
XLIRXSYGL%PP
JVMIRHW
8SW[MXGLFEGOXSNYWXXLIJVMIRHW[MXL[LSQ]SYGLEXQSWX
JVIUYIRXP]XSYGL1SWXTSTYPEV MRXLIQIRY


+SSKPI8EPO
8SQEOIEJVMIRHTSTYPEV
=SYGERWIXEJVMIRHXSEP[E]WETTIEVMR]SYV1SWXTSTYPEV
*VMIRHWPMWX
-RXLI*VMIRHWPMWXXSYGLERHLSPHEJVMIRH WREQI
-J]SYHSR XWIIXLIJVMIRH WREQITVIWWXLI 1IRY/I]
XLIRXSYGL %PPJVMIRHW
8SYGL %P[E]WWLS[JVMIRH MRXLIQIRYXLEXSTIRW
8SVIQSZIEJVMIRHJVSQXLMWPMWXXSYGLERHLSPHXLIJVMIRH W
REQIMRXLI*VMIRHWPMWX
-RXLIQIRYXLEXSTIRWXSYGL %YXSWLS[JVMIRH
8SFPSGOEJVMIRH
=SYGERFPSGOEJVMIRHJVSQWIRHMRK]SYQIWWEKIW;LIR
FPSGOIH]SYVJVMIRHMWEPWSVIQSZIHJVSQ]SYV*VMIRHWPMWX
-RXLI*VMIRHWPMWXXSYGLERHLSPHXLIJVMIRH WREQI
-J]SYHSR XWIIXLIJVMIRHTVIWWXLI 1IRY/I]
XLIR
XSYGL%PPJVMIRHW
8SYGL &PSGOJVMIRH MRXLIQIRYXLEXSTIRW
=SYGERZMI[EPMWXSJ]SYVFPSGOIHJVMIRHWF]STIRMRK]SYV
XLIRXSYGLMRK
*VMIRHWPMWXTVIWWMRKXLI1IRY/I]
&PSGOIH=SYGERYRFPSGOEJVMIRHF]XSYGLMRKXLIJVMIRH W
REQIMRXLIFPSGOIHPMWXERHXLIRXSYGLMRK 3/ MRXLIHMEPSK
FS\XLEXSTIRW
+SSKPI8EPO
'LERKMRK+SSKPI8EPO7IXXMRKW
=SYGERGSRJMKYVI+SSKPI8EPOXSWIRH]SYERSXMJMGEXMSR[MXLXLI
GSRXIRXWSJIEGLQIWWEKIXLEX]SYVIGIMZIMREGLEXERHEPWSXS
WSYRHEVMRKXSRISVZMFVEXIXLITLSRI
=SYGEREPWSGSRJMKYVI+SSKPI8EPOXSWMKR]SYMREYXSQEXMGEPP]
[LIR]SYXYVRSR]SYVTLSRIERH]SYGERWIX[LIXLIVXLIQSFMPI
MRHMGEXSVMWHMWTPE]IHRI\XXS]SYVREQIMRSXLIVTISTPI W*VMIRHW
PMWXW
8SGSRJMKYVIRSXMJMGEXMSRWJSVRI[+SSKPI8EPOQIWWEKIW
-RXLI*VMIRHWPMWXTVIWWXLI 1IRY/I]
1SVI"7IXXMRKW
XLIRXSYGL
'LIGOQEVOSVYRGLIGO-1RSXMJMGEXMSRW XSWIX[LIXLIV]SY
VIGIMZIERSXMJMGEXMSRMRXLI7XEXYWFEV[LIRERI[GLEX
QIWWEKIEVVMZIW
8SYGL 7IPIGXVMRKXSRI XSSTIREPMWXSJXLIVMRKXSRIWXLEX
]SYGERGLSSWIXSWSYRH[LIR]SYVIGIMZIRSXMJMGEXMSRSJE
RI[GLEX
'LIGOQEVOSVYRGLIGO:MFVEXI XSWIX[LIXLIVXLITLSRI
ZMFVEXIW[LIR]SYVIGIMZIRSXMJMGEXMSRSJERI[GLEX
8SWLS[SVLMHIXLIQSFMPIMRHMGEXSVXSJVMIRHW
-RXLI*VMIRHWPMWXTVIWWXLI 1IRY/I]
1SVI"7IXXMRKW
XLIRXSYGL
'LIGOQEVOSVYRGLIGO1SFMPIMRHMGEXSV
-J1SFMPIMRHMGEXSV MWGLIGOIH]SYVJVMIRHWWIIERSYXPMRISJ
ERERHVSMHRI\XXS]SYVREQIMRXLIMV*VMIRHWPMWX[LIR
]SY VIWMKRIHMRXS+SSKPI8EPOSRXLITLSRI
=SYVJVMIRHMWWMKRIHMRXS+SSKPI8EPOSRLIV
TLSRI


+SSKPI8EPO
8SWIX[LIXLIV]SYWMKRMRXS+SSKPI8EPOEYXSQEXMGEPP]
-RXLI*VMIRHWPMWXTVIWWXLI 1IRY/I]
1SVI"7IXXMRKW
XLIRXSYGL
'LIGOQEVOSVYRGLIGO%YXSQEXMGEPP]WMKRMR
;LIR %YXSQEXMGEPP]WMKRMR MWGLIGOIH]SYEVIWMKRIHMRXS
+SSKPI8EPO[LIR]SYXYVRSR]SYVTLSRI
7MKRMRKMRERHSYXSJ+SSKPI8EPOMWHIWGVMFIHMR q7MKRMRKMR
ERHSTIRMRK]SYV*VMIRHWPMWXr SRTEKI
)QEMP
3TIRMRK)QEMPERHXLI%GGSYRXW7GVIIR
=SYYWIXLI)QEMPETTPMGEXMSRXSVIEHIQEMPJVSQWIVZMGIWSXLIV
XLER+QEMP
8SSTIR)QEMP
8SYGLXLI)QEMPMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LIJMVWXXMQI]SYSTIR)QEMPEWIXYT[M^EVHSTIRWXSLIPT]SY
EHHERIQEMPEGGSYRXEWHIWGVMFIHMR q%HHMRKERH)HMXMRK)QEMP
%GGSYRXWr SRTEKI
%JXIVXLIMRMXMEPWIXYT)QEMPSTIRWXSXLIPEWXWGVIIR]SY[IVI
ZMI[MRKSVMJ]SYLEZIRSXYWIH)QEMPVIGIRXP]MXHMWTPE]WXLI
GSRXIRXWSJ]SYV-RFS\ MJ]SYLEZISRP]SRIEGGSYRX SVXLI
%GGSYRXWWGVIIR MJ]SYLEZIQYPXMTPIEGGSYRXW 
=SYGEREPWSEHHEWLSVXGYXXSER)QEMPEGGSYRX W-RFS\SR]SYV
,SQIWGVIIRWSXLEX]SYGERSTIRMXHMVIGXP]SRXLI,SQI
WGVIIR7IIq'YWXSQM^MRKXLI,SQI7GVIIRr SRTEKIJSV
HIXEMPWEFSYXEHHMRKWLSVXGYXW
8SSTIRXLI%GGSYRXWWGVIIR
8LI%GGSYRXWWGVIIRPMWXW]SYV'SQFMRIH-RFS\ERHIEGLSJ]SYV
IQEMPEGGSYRXW-J]SYLEZIWXEVVIHHVEJXSVYRWIRXQIWWEKIWMR
ER]SJ]SYVEGGSYRXWXLIJSPHIVWJSVXLSWIMXIQWJVSQEPPEGGSYRXW
EVIHMWTPE]IHEW[IPP
*VSQXLI)QEMP ETTPMGEXMSRTVIWWXLI1IRY/I]
XSYGL%GGSYRXW
XLIR


)QEMP
8SYGLXSSTIR]SYV'SQFMRIH-RFS\[MXL
QIWWEKIWWIRXXSEPPSJ]SYVEGGSYRXW
8SYGLXSSTIREPMWXSJNYWX]SYVWXEVVIH
QIWWEKIW
8SYGLEREGGSYRXXSSTIRMXW-RFS\
8SYGLXSSTIREWGVIIRPMWXMRKXLIEGGSYRXtW
JSPHIVW
)EGLJSPHIVERHEGGSYRXSRXLI%GGSYRXWWGVIIRHMWTPE]W
XLIRYQFIVSJYRVIEHQIWWEKIWMRKVIIRSVXLIXSXEP
RYQFIVSJQIWWEKIWMRKVE]
=SYGERXSYGLEGSQFMREXMSRJSPHIVWYGLEWXLI'SQFMRIH
-RFS\JSPHIVXSZMI[XLIQIWWEKIWMXGSRXEMRW
=SYGEREPWSXSYGLEREGGSYRXXSZMI[MXW-RFS\SVER
EGGSYRX WJSPHIVMGSRXSZMI[EPMWXSJXLEXEGGSYRX WJSPHIVW
8LIEGGSYRXJVSQ[LMGL]SYWIRHIQEMPF]HIJEYPXMW
MRHMGEXIH[MXLEGLIGOQEVO
8SSTIR]SYV'SQFMRIH-RFS\
-J]SYLEZIGSRJMKYVIH)QEMPXSWIRHERHVIGIMZIIQEMPJVSQQSVI
XLERSRIEGGSYRX]SYGERZMI[EPPQIWWEKIWWIRXXSEPPEGGSYRXW
MR]SYV'SQFMRIH-RFS\
3TIRXLI%GGSYRXWWGVIIR
8SYGL 'SQFMRIH-RFS\
1IWWEKIWMRXLI'SQFMRIH-RFS\EVIGSPSVGSHIHEPSRK
XLIMVPIJXWMHIWF]EGGSYRXYWMRKXLIWEQIGSPSVWXLEXEVI
YWIHXSGSPSVGSHI]SYVEGGSYRXWMRXLI%GGSYRXWWGVIIR
)QEMP
%RYRVIEHQIWWEKI
%TVIZMSYWP]VIEHQIWWEKI
1IWWEKIWEVIGSPSVGSHIHEGGSVHMRKXSXLI
EGGSYRXXS[LMGLXLI][IVIWIRX
3RP]WSQISJ]SYVEGGSYRX WVIGIRXIQEMPMWHS[RPSEHIHXS]SYV
TLSRI8SHS[RPSEHIEVPMIVQIWWEKIWMRFEXGLIWXSYGL0SEH
QSVIQIWWEKIW EXXLIFSXXSQSJXLIPMWXSJIQEMP


)QEMP
6IEHMRK=SYV1IWWEKIW
=SYGERVIEHQIWWEKIWMR]SYV'SQFMRIH-RFS\SVMRXLI-RFS\SV
SXLIVJSPHIVWJSVMRHMZMHYEPEGGSYRXW
8SVIEHEQIWWEKI
3TIRXLI'SQFMRIH-RFS\EREGGSYRX W-RFS\SVERSXLIV
JSPHIVSJQIWWEKIW
8SYGLXLIQIWWEKIXSVIEH
8LIQIWWEKISTIRWMREWGVIIR[MXLMRJSVQEXMSREFSYX[LS
WIRXMXXLIHEXIMX[EWWIRXERHVIPEXIHMRJSVQEXMSREXXLI
XSTJSPPS[IHF]XLIGSRXIRXWSJXLIQIWWEKI
8SYGLEREVVS[XSVIEHXLIRI\XSVTVIZMSYW
QIWWEKIMRXLIJSPHIV
7IRHIVtW+SSKPI8EPOSRPMRIWXEXYW
3TIREREXXEGLQIRX
8SYGLXSVITP]XSSVHIPIXIXLIQIWWEKI
8LI+SSKPI8EPOSRPMRIWXEXYWMWWLS[RRI\XXSXLIREQISJ
XLIWIRHIVSJIEGLQIWWEKI=SYGERXSYGLXLEXWXEXYW
MRHMGEXSVXSSTIR5YMGO'SRXEGX7II q'SRRIGXMRK5YMGOP]
;MXL=SYV'SRXEGXWr SRTEKI
=SYGERVITP]XSJSV[EVHHIPIXISVXEOISXLIVEGXMSRWSRE
QIWWEKIEWHIWGVMFIHMR q6IWTSRHMRKXSEQIWWEKIr SR
TEKI
)QEMP
6IWTSRHMRKXSE1IWWEKI
=SYGERVITP]XSSVJSV[EVHEQIWWEKIXLEX]SYVIGIMZI=SYGER
EPWSHIPIXIQIWWEKIWERHQEREKIXLIQMRSXLIV[E]W
8SVITP]XSSVJSV[EVHEQIWWEKI
;LMPIVIEHMRKEQIWWEKIXSYGLXLI6ITP] FYXXSRSV 6ITP]
EPP FYXXSR
36
4VIWWXLI1IRY/I]
*SV[EVH
XLIRXSYGL6ITP]6ITP]EPPSV
%'SQTSWI1IWWEKI[MRHS[STIRW[MXLXLIEHHVIWWIW [LIR
VITP]MRK WYFNIGXERHEGST]SJXLIQIWWEKI]SY VIVIWTSRHMRK
XSJMPPIHMR
=SYGERWIRHXLMWQIWWEKIEW]SY[SYPHERI[QIWWEKIEW
HIWGVMFIHMRq'SQTSWMRKERHWIRHMRKIQEMPr SRTEKI
8SQEVOEQIWWEKIEWYRVIEH
=SYGERXSVIXYVREVIEHQIWWEKIXSXLIYRVIEHWXEXIJSV
I\EQTPIXSVIQMRH]SYVWIPJXSVIEHMXEKEMRPEXIV
;LMPIVIEHMRKEQIWWEKITVIWWXLI 1IRY/I]
XSYGL1EVOEWYRVIEH
XLIR
8SHIPIXIEQIWWEKI
=SYGERHIPIXIEQIWWEKIJVSQMXWJSPHIV
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36
4VIWWXLI1IRY/I]
XLIRXSYGL(IPIXI
*SVQSWXOMRHWSJEGGSYRXWHIPIXIHQIWWEKIWEVIQSZIHXSE
8VEWLJSPHIVWS]SYGERVIXVMIZIXLIQMJ]SYHIPIXIHXLIQMR
IVVSV


)QEMP
7XEVVMRK1IWWEKIW
=SYGERWXEVERMQTSVXERXQIWWEKIXSQEOIMXIEW]XSOIITXVEGOSJ
XLIQ;LIR]SYWXEVEQIWWEKIE7XEVVIHJSPHIVMWEHHIHXSXLI
%GGSYRXWWGVIIR
8SWXEVEQIWWEKI
;LMPIVIEHMRKEQIWWEKIXSYGLXLIWXEV
MRMXWLIEHIV
36
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QIWWEKI WWXEV8LIWXEVXYVRWKSPH 
8SYRWXEVEQIWWEKI
8SYGLMXWWXEVEKEMR
8SZMI[]SYVWXEVVIHQIWWEKIW
=SYGERSTIREJSPHIVXLEXGSRXEMRWXLIWXEVVIHQIWWEKIWJVSQEPP
SJ]SYVEGGSYRXW
3TIRXLI%GGSYRXWWGVIIR
7II q3TIRMRK)QEMPERHXLI%GGSYRXWWGVIIRr SRTEKICC
8SYGL 7XEVVIH
%JSPHIVSTIRW[MXLEPMWXSJ]SYVWXEVVIHQIWWEKIW
=SYGEREPWSSTIREREGGSYRX WMRHMZMHYEP7XEVVIHJSPHIV
7II q;SVOMRK[MXLEGGSYRXJSPHIVWr SRTEKICC
)QEMP
'SQTSWMRKERH7IRHMRK)QEMP
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8SGSQTSWIERHWIRHEQIWWEKI
;LMPIMRXLI)QEMP ETTPMGEXMSRTVIWWXLI1IRY/I]
XLIRXSYGL 'SQTSWI
%HHVIWWXLIQIWWEKI
%W]SYIRXIVXI\XQEXGLMRKEHHVIWWIWEVISJJIVIHJVSQ]SYV
'SRXEGXW=SYGERXSYGLEWYKKIWXIHEHHVIWWSVIRXIVE
RI[SRI7ITEVEXIQYPXMTPIEHHVIWWIW[MXLGSQQEW
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4VIWWXLI1IRY/I]
XLIRXSYGL%HH'G&GG XSHMWTPE]
EHHMXMSREPJMIPHWJSVGST]SVFPMRHGST]SJXLIQIWWEKI
)RXIVEWYFNIGXJSVXLIQIWWEKI
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IRXIVMRKERHIHMXMRKXI\XWII q9WMRKXLISRWGVIIROI]FSEVHr
SRTEKIERHq)HMXMRKXI\Xr SRTEKICC
4VIWWXLI1IRY/I]
XLIRXSYGL%HH%XXEGLQIRX XS
WIRHETLSXS[MXLXLIQIWWEKI
8SYGLXLI7IRH FYXXSR
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HVEJX FYXXSRXSWEZIMXMRE(VEJXWJSPHIV=SYGERSTIRXLI
GSQFMRIH(VEJXWJSPHIVJSVEPPEGGSYRXWSRXLI%GGSYRXW
WGVIIRSVNYWX]SYVEGGSYRX W(VEJXWJSPHIV7IIq;SVOMRK
[MXLEGGSYRXJSPHIVWr SRTEKICC8SYGLEHVEJXQIWWEKIMR
E(VEJXWJSPHIVXSVIWYQI[SVOMRKSRMX=SYVQIWWEKIMW
FIJSVI
EPWSWEZIHEWEHVEJXMJ]SYXSYGLXLI &EGO/I]
WIRHMRKMX8SYGLXLI(MWGEVH FYXXSRXSEFERHSREQIWWEKI
MRGPYHMRKER]WEZIHHVEJXW
-J]SYEVIR XGSRRIGXIHXSERIX[SVOJSVI\EQTPIMJ]SY VI
[SVOMRKMREMVTPERIQSHIXLIQIWWEKIWXLEX]SYWIRHEVI
WXSVIHMR]SYV3YXFS\JSPHIVYRXMP]SY VIGSRRIGXIHXSE
RIX[SVOEKEMR-JMXGSRXEMRWER]QIWWEKIWXLI3YXFS\MW
HMWTPE]IHSRXLI%GGSYRXWWGVIIR


)QEMP
;SVOMRK[MXL%GGSYRX*SPHIVW
)EGLEGGSYRXLEW-RFS\3YXFS\7IRXERH(VEJXWJSPHIVW
(ITIRHMRKSRXLIJIEXYVIWWYTTSVXIHF]]SYVEGGSYRX WWIVZMGI
TVSZMHIV]SYQE]LEZIEHHMXMSREPJSPHIVW
8SZMI[EREGGSYRXtWJSPHIVW
3TIRXLI%GGSYRXWWGVIIR
8SYGLEREGGSYRX WJSPHIVMGSR
=SYGEREPWSSTIREREGGSYRX WJSPHIVW[LMPIZMI[MRKMXW
-RFS\SVSXLIVJSPHIVF]XSYGLMRKXLI 1IRY/I]
XLIR
XSYGLMRK *SPHIVW
8LIEGGSYRX W*SPHIVWWGVIIRSTIRW[MXLEWGVSPPMRKPMWXSJ
XLIJSPHIVWMRXLIEGGSYRX8SYGLEJSPHIVXSZMI[EPMWXSJ
XLIQIWWEKIWMXGSRXEMRW
8LIEGGSYRXREQI
+VIIRGMVGPIWMRHMGEXIXLIRYQFIVSJYRVIEH
QIWWEKIWMRXLIJSPHIV
8SYGLEJSPHIVXSSTIRXLIQIWWEKIWMX
GSRXEMRW
)QEMP
%HHMRKERH)HMXMRK)QEMP%GGSYRXW
8LIJMVWXXMQI]SYSTIR)QEMP]SYEVITVSQTXIHXSWIXYTERIQEMP
EGGSYRX%JXIVXLEX]SYGERGSRJMKYVI)QEMPXSWIRHERHVIGIMZI
IQEMPJVSQEHHMXMSREPEGGSYRXW8LIEGGSYRXWXLEX]SYGSRJMKYVIEVI
HMWTPE]IHMRXLI%GGSYRXWWGVIIR7IIq3TIRMRK)QEMPERHXLI
%GGSYRXWWGVIIRr SRTEKICC
8LI)QEMPWIXYT[M^EVHLIPTW]SYWIXYT]SYVEGGSYRXJSVQER]
TSTYPEVIQEMPW]WXIQWMRGPYHMRKXLSWIFEWIHSR434-1%4ERH
7184WS]SYGERVIEHERH[SVO[MXLXLIWEQIIQEMPEW]SYHSSR
EGSQTYXIVMR8LYRHIVFMVH1EG1EMPMRE[IFFVS[WIVSV[MXL
ERSXLIVIQEMPETTPMGEXMSR-J]SYVWIVZMGITVSZMHIVVIUYMVIWEHHMXMSREP
WIXXMRKWSVMJ]SYVWIVZMGITVSZMHIVMWYRORS[RXS)QEMP]SYGER
IRXIVXLIRIGIWWEV]HIXEMPWQERYEPP]XLSYKL]SY[MPPX]TMGEPP]RIIH
XSGSRXEGX]SYVIQEMPWIVZMGITVSZMHIVXSHIXIVQMRIXLIVMKLX
WIXXMRKWJSV]SYVEGGSYRX
=SYGEREPWSWIXYTE1MGVSWSJX)\GLERKI%GXMZI7]RGEGGSYRX
)\GLERKIERH WS]SYGERVIEHERH[SVO[MXLXLI
WEQIIQEMPEW]SYHSSREGSQTYXIVYWMRK1MGVSWSJX3YXPSSO
)QEMPWYTTSVXWYWIVREQIERHTEWW[SVHEYXLIRXMGEXMSRJSV
)\GLERKI%GXMZI7]RGEGGSYRXWMXHSIWRSXWYTTSVXSXLIV)\GLERKI
%GXMZI7]RGWIGYVMX]TSPMGMIWEXXLMWXMQI
8SEHHERIQEMPEGGSYRX
3TIRXLI%GGSYRXWWGVIIR
7II q3TIRMRK)QEMPERHXLI%GGSYRXWWGVIIRr SRTEKICC
4VIWWXLI1IRY/I]
XLIRXSYGL%HHEGGSYRX
-RXLI7IXYT)QEMPWGVIIRIRXIV]SYVIQEMPEHHVIWWERH
TEWW[SVH
-J]SY VIEHHMRKEWIGSRHSVWYFWIUYIRXIQEMPEHHVIWW]SY
GEREPWSGLIGOXLISTXMSRXSYWIXLIRI[EGGSYRXXSWIRH
EPPSYXKSMRKQIWWEKIW


)QEMP
8SYGLXLI2I\X FYXXSR3VMJ]SYRIIHXSIRXIVIQEMP
EGGSYRXWIXXMRKWXLI[M^EVHGER XGSRJMKYVIJSV]SYXSYGL
XLI1ERYEPWIXYT FYXXSR
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GSQQYRMGEXI[MXL]SYVIQEMPWIVZMGITVSZMHIVXSZEPMHEXI
]SYVEGGSYRXJSVWIRHMRKERHVIGIMZMRKQEMPYWMRKNYWX]SYV
IQEMPEHHVIWWERHTEWW[SVH8LMWMWWYJJMGMIRXJSVQSWX
IQEMPWIVZMGIW
(ITIRHMRKSRXLIWIVZMGITVSZMHIV]SYQE]FIEWOIH[LEX
OMRHSJIQEMPEGGSYRX]SYLEZI-J]SY VIRSXWYVIGLIGOXLI
WIXXMRKWMRXLIETTPMGEXMSR]SYYWIXSWIRHERHVIGIMZIIQEMP
SR]SYVGSQTYXIVSVEWO]SYVIQEMPWIVZMGITVSZMHIV
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EHHMXMSREPMRJSVQEXMSRSVMJ]SYXSYGLIHXLI1ERYEPWIXYT
FYXXSR]SY VITVSQTXIHXSIRXIV]SYVIQEMPEGGSYRXHIXEMPW
8LIHIXEMPW]SYIRXIVEVIHMJJIVIRXHITIRHMRKSRXLIIQEMP
WIVZMGIX]TI8LIWIHIXEMPWEVIHIWGVMFIHMR q'LERKMRK)QEMP
%GGSYRX7IXXMRKWr SRTEKI'SRXEGX]SYVIQEMPWIVZMGI
TVSZMHIVJSVXLIZEPYIWVIUYMVIHJSV]SYVEGGSYRX
)RXIVEREQIJSVXLIEGGSYRXGSRJMVQLS[]SY[ERX]SYV
REQIXSETTIEVMRSYXKSMRKQEMPERHXSYGLXLI(SRI
FYXXSR
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EPWSHIGMHI[LIXLIV]SY[ERXXSW]RGLVSRM^I]SYVGSRXEGXW
JVSQXLI)\GLERKI%GXMZI7]RGWIVZIVXS]SYVTLSRI=SY
GERGLERKIXLMWWIXXMRKPEXIVMRXLI 'SRXEGXW ETTPMGEXMSR7II
q'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRWr SRTEKI
)QEMPWXEVXWHS[RPSEHMRK]SYVIQEMPQIWWEKIWERH]SYGER
WXEVXYWMRKMXXSWIRHERHVIGIMZIQIWWEKIWYWMRKXLIRI[
EGGSYRX
)QEMP
8SGLERKIEREGGSYRXtWWIXXMRKW
=SYGERGLERKIERYQFIVSJWIXXMRKWJSVEREGGSYRXMRGPYHMRK
LS[SJXIR]SYGLIGOJSVIQEMPLS[]SY VIRSXMJMIHSJRI[QEMP
ERHHIXEMPWEFSYXXLIWIVZIVWXLIEGGSYRXYWIWXSWIRHERH
VIGIMZIQEMP
3TIRXLI%GGSYRXWWGVIIR
8SYGLERHLSPHXLIEGGSYRX[LSWIWIXXMRKW]SY[ERXXS
GLERKI-RXLIQIRYXLEXSTIRWXSYGL %GGSYRXWIXXMRKW
=SYGEREPWSSTIRXLIWIXXMRKWJSVEREGGSYRX[LMPI]SY VI
XLIR
ZMI[MRKMXW-RFS\F]TVIWWMRKXLI1IRY/I]
XSYGLMRK %GGSYRXWIXXMRKW
*SVHIWGVMTXMSRWSJXLIWIXXMRKWXLEX]SYGERGLERKIWII
q'LERKMRK)QEMP%GGSYRX7IXXMRKWr SRTEKI
;LIR]SY VIJMRMWLIHGLERKMRKWIXXMRKWXSYGLXLI&EGO/I]
8SHIPIXIERIQEMPEGGSYRX
3TIRXLI%GGSYRXWWGVIIR
3RWSQI)QEMPWGVIIRW]SYGERTVIWWXLI 1IRY/I]
XLIRXSYGL %GGSYRXW
8SYGLERHLSPHXLIEGGSYRXXSHIPIXI
8SYGL 6IQSZIEGGSYRX MRXLIQIRYXLEXSTIRW
8SYGLXLI3/ FYXXSRMRXLIHMEPSKXSGSRJMVQXLEX]SY[ERX
XSHIPIXIXLIEGGSYRX


)QEMP
'LERKMRK)QEMP%GGSYRX7IXXMRKW
=SYGERGLERKIXLIJSPPS[MRKWIXXMRKWJSVIEGLIQEMPEGGSYRX[LIR
]SYGVIEXIMXSVEXER]PEXIVXMQI7IIq%HHMRKERH)HMXMRK)QEMP
%GGSYRXWr SRTEKI
)QEMPEGGSYRXWIXXMRKW
%GGSYRXREQI 8LIREQISJXLIEGGSYRXEWMXETTIEVWMRXLI
%GGSYRXWERH*SPHIVWWGVIIRW
=SYVREQI =SYVREQIEWMXETTIEVWXSSXLIVW[LIRXLI]VIGIMZI
IQEMPJVSQ]SY
)QEMP GLIGOJVIUYIRG] ,S[SJXIR)QEMPGLIGOWJSVRI[IQEMP
WIRXXSXLMWEGGSYRX
(IJEYPX EGGSYRX 9WIXLMWEGGSYRXtWSYXKSMRKIQEMPWIVZIVJSVXLI
IQEMP]SYGSQTSWIERHWIRH[LIR]SYEVIRSXGYVVIRXP]ZMI[MRK
SV[SVOMRK[MXLIQEMPJVSQEWTIGMJMGEGGSYRX
)QEMPRSXMJMGEXMSRW 7IX[LIXLIV]SY[ERXXSVIGIMZIRSXMJMGEXMSRW
[LIR]SYVIGIMZIRI[IQEMPWIRXXSXLMWEGGSYRX
7IPIGXVMRKXSRI 7IPIGXEVMRKXSRIXSWSYRH[LIR]SYVIGIMZIER
IQEMPRSXMJMGEXMSRJSVXLMWEGGSYRX
:MFVEXI 7IXXLITLSRIXSZMFVEXI[LIR]SYVIGIMZIERIQEMP
RSXMJMGEXMSRJSVXLMWEGGSYRX
-RGSQMRKWIXXMRKW 3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVI
WIXXMRKWJSVLS[]SYVIGIMZIIQEMPJSVXLMWEGGSYRX7II q-RGSQMRK
WIVZIVWIXXMRKWr SRTEKICC
3YXKSMRKWIXXMRKW 3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVI
WIXXMRKWJSVLS[]SYWIRHIQEMPJVSQXLMWEGGSYRX 1MGVSWSJX
)\GLERKI%GXMZI7]RGEGGSYRXWHSRSXLEZIWITEVEXISYXKSMRK
WIVZIVWIXXMRKW 7IIq3YXKSMRKWIVZIVWIXXMRKWr SRTEKICC
7]RGGSRXEGXW *SVEGGSYRXWXLEXGERW]RGGSRXEGXWGLIGOXSW]RG
GSRXEGXWJVSQXLMWEGGSYRXXS]SYVTLSRI7II q'SRJMKYVMRK
%GGSYRX7]RGERH(MWTPE]3TXMSRWr SRTEKI
)QEMP
-RGSQMRKWIVZIVWIXXMRKW
=SYVEGGSYRX WMRGSQMRKWIXXMRKWEVIHMJJIVIRXHITIRHMRKSRXLI
OMRHSJIQEMPWIVZMGIJSVXLIEGGSYRX434-1%4)\GLERKI
%GXMZI7]RG
7IXXMRKWJSV1MGVSWSJX)\GLERKI%GXMZI7]RGEGGSYRXW
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WTIGMJ]EHSQEMRIRXIVMXFIJSVIXLIFEGOWPEWL
3XLIV[MWINYWXIRXIV]SYVYWIVREQI XLITEVXFIJSVI
XLI$I\EQTPIGSQMR]SYVIQEMPEHHVIWW EJXIVXLI
(SQEMR@9WIVREQI FEGOWPEWL 8LIFEGOWPEWLMWSTXMSREPMJ]SY VINYWX
IRXIVMRK]SYVYWIVREQI)QEMPIRXIVWXLIGSVVIGX
W]RXE\JSVHSQEMRWERHYWIVREQIW[LIR
GSQQYRMGEXMRK[MXLXLIWIVZIV
4EWW[SVH
8LITEWW[SVHJSV]SYVIQEMPEGGSYRX
7IVZIV
8LIJYPP]VIWSPZIHLSWXREQISJXLI)\GLERKI
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9WIWIGYVI
GSRRIGXMSR 770
'LIGOXLMWSTXMSRMJ]SYV)\GLERKI%GXMZI7]RGWIVZIV
VIUYMVIW]SYXSGSRRIGXXSXLIWIVZIVWIGYVIP]SVMJ]SY
TVIJIVXSGSRRIGXWIGYVIP]
%GGITXEPP770
GIVXMJMGEXIW
'LIGOXLMWSTXMSRMJ]SY[ERXXSEGGITXEWIVZIV
GIVXMJMGEXIJVSQ]SYV)\GLERKI%GXMZI7]RGWIVZIVXLEX
MWWIPJWMKRIHSYXSJHEXISVMRWSQISXLIV[E]RSX
EGGITXIHF]XLI)QEMPETTPMGEXMSR
7IXXMRKWJSV-1%4EGGSYRXW
9WIVREQI
(ITIRHMRKSRXLIVIUYMVIQIRXWSJ]SYVIQEMPWIVZMGI
TVSZMHIV]SYVJYPPIQEMPEHHVIWWSVNYWX]SYVYWIVREQI
XLEXMWXLITEVXFIJSVI$I\EQTPIGSQMR]SYVIQEMP
EHHVIWW 
4EWW[SVH
8LITEWW[SVHJSV]SYVIQEMPEGGSYRX
-1%4WIVZIV
8LIJYPP]VIWSPZIHHSQEMRREQISJ]SYVIQEMPWIVZMGI
TVSZMHIV W-1%4WIVZIVJSVI\EQTPI
MQETI\EQTPIGSQ


)QEMP
4SVX
7IXXLI7IGYVMX]X]TIJMVWXXSIRXIVXLIX]TMGEPWIVZIV
TSVXRYQFIVMRXLMWJMIPHEYXSQEXMGEPP]3VIRXIVE
HMJJIVIRXTSVXRYQFIVMJ]SYVIQEMPWIVZMGITVSZMHIV
VIUYMVIWMX
7IGYVMX]X]TI
7IPIGXXLIWIGYVMX]X]TIVIUYMVIHF]]SYVIQEMPWIVZMGI
TVSZMHIV7IPIGXXLI%GGITXEPPGIVXMJMGEXIW STXMSRJSV
]SYVWIGYVMX]X]TIXSEGGITXEWIVZIVGIVXMJMGEXIJVSQ
]SYV-1%4WIVZIVXLEXMWWIPJWMKRIHSYXSJHEXISVMR
WSQISXLIV[E]RSXEGGITXIHF]XLI)QEMPETTPMGEXMSR
-1%4TEXLTVIJM\
0IEZIFPEROYRPIWWMRWXVYGXIHXSIRXIVEWTIGMJMGTVIJM\F]
]SYVIQEMPWIVZMGITVSZMHIV
7IXXMRKWJSV434EGGSYRXW
9WIVREQI
(ITIRHMRKSRXLIVIUYMVIQIRXWSJ]SYVIQEMPWIVZMGI
TVSZMHIV]SYVJYPPIQEMPEHHVIWWSVNYWX]SYVYWIVREQI
XLEXMWXLITEVXFIJSVI$I\EQTPIGSQMR]SYVIQEMP
EHHVIWW 
4EWW[SVH
8LITEWW[SVHJSV]SYVIQEMPEGGSYRX
-1%4WIVZIV
8LIJYPP]VIWSPZIHHSQEMRREQISJ]SYVIQEMPWIVZMGI
TVSZMHIV W434WIVZIVJSVI\EQTPI
TSTI\EQTPIGSQ
4SVX
7IXXLI7IGYVMX]X]TIJMVWXXSIRXIVXLIX]TMGEPWIVZIV
TSVXRYQFIVMRXLMWJMIPHEYXSQEXMGEPP]
3VIRXIVEHMJJIVIRXTSVXRYQFIVMJ]SYVIQEMPWIVZMGI
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SYXKSMRKWIVZIVWIXXMRKW
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HMJJIVIRXTSVXRYQFIVMJ]SYVIQEMPWIVZMGITVSZMHIV
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7IPIGXXLIWIGYVMX]X]TIVIUYMVIHF]]SYVIQEMP
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STXMSRJSV]SYVWIGYVMX]X]TIXSEGGITXEWIVZIV
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SYXSJHEXISVMRWSQISXLIV[E]RSXEGGITXIHF]
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6IUYMVIWMKRMR
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9WIVREQI
=SYVYWIVREQISRXLI7184WIVZIV XLMWQE]RSXFI
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WMKRMR MWGLIGOIH
4EWW[SVH
=SYVTEWW[SVHSRXLI7184WIVZIV XLMWQE]RSXFI
XLIWEQIEW]SYVYWIVREQISRXLI434SV-1%4
WIVZIVJSVMRGSQMRKQEMP :MWMFPISRP]MJ6IUYMVI
WMKRMR MWGLIGOIH


1IWWEKMRK
3TIRMRK1IWWEKMRK
8SSTIR1IWWEKMRK
8SYGLXLI1IWWEKMRKMGSR
SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LI1IWWEKMRK[MRHS[STIRW[LIVI]SYGERGVIEXIERI[
QIWWEKISVSTIRERSRKSMRKQIWWEKIXLVIEH
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QIWWEKI
8SYGLXSSTIRERSRKSMRKQIWWEKIXLVIEH
8SYGL2I[QIWWEKI XSWXEVXERI[XI\XSVQYPXMQIHME
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q)\GLERKMRKQIWWEKIWr SRTEKICC
8SHIPIXIEQIWWEKIXLVIEHJVSQXLI1IWWEKMRK[MRHS[
8SYGLERHLSPHXLIQIWWEKIXLVIEH
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XLVIEHW XSHIPIXIEPPQIWWEKIXLVIEHWJVSQXLI[MRHS[
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)\GLERKMRK1IWWEKIW
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VIGSVHIHZSMGIEREYHMSJMPIEZMHISSVETMGXYVIWPMHIWLS[
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8SWIRHEXI\XQIWWEKI
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QIWWEKI
)RXIVEQSFMPITLSRIRYQFIVSVXLIREQISJE
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8SYGLXLI7IRH FYXXSRXSWIRH]SYVQIWWEKI


1IWWEKMRK
%W]SYRIEVXLIGLEVEGXIVPMQMXEGSYRXIVETTIEVWMRXLI
XSTVMKLXGSVRIVSJXLIXI\XFS\XSXIPP]SYLS[QER]
GLEVEGXIVWEVIPIJX-J]SYKSSZIVXLEXPMQMXERI[QIWWEKI
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MX WWEZIHEWEHVEJXMR]SYV1IWWEKMRK[MRHS[8SYGLXLI
QIWWEKIXSVIWYQIGSQTSWMRKMX
8SYGLXLI 7IRH FYXXSR
8LI1IWWEKI[MRHS[STIRW[MXL]SYVQIWWEKIEJXIV]SYV
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WIRHEHHMXMSREPQIWWEKIWEQIWWEKIXLVIEHMWGVIEXIH
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8SGVIEXIERHWIRHEQYPXMQIHMEQIWWEKI
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XSEXXEGLMX
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EXXEGLXSXLIQIWWEKI9WIXLIFYXXSRWMRXLI'SQTSWI
1IWWEKIWGVIIRXSTVIZMI[SVVIQSZIXLIQIHME
EXXEGLQIRX
8SYGLXLI7IRH FYXXSR


1IWWEKMRK
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VIGIMZIEVIHMWTPE]IHMRMX
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GLIGOIH
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RYQFIV
8I\XQIWWEKI 717 WIXXMRKW
(IPMZIV]VITSVXW 'LIGOQEVOXSVIGIMZIHIPMZIV]VITSVXWJSVXLI
QIWWEKIW]SYWIRH
1EREKI7-1GEVHQIWWEKIW 8SYGLXSSTIRE[MRHS[[LIVI]SY
GER[SVO[MXLQIWWEKIWWXSVIHSR]SYV7-1GEVH*SVI\EQTPIMJ
]SYYWIHXLI7-1GEVHMRERSXLIVOMRHSJTLSRI[LIVI]SY
I\GLERKIHXI\XQIWWEKIW


1IWWEKMRK
1YPXMQIHMEQIWWEKI 117 WIXXMRKW
(IPMZIV]VITSVXW 'LIGOQEVOXSVIGIMZIEVITSVXSRXLIQIWWEKIW
]SYWIRH
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GSRXVSPPMRKLS[QYGLHEXE]SYHS[RPSEHJSVI\EQTPI[LIR
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6SEQMRKEYXSVIXVMIZI 6IQSZIGLIGOQEVOXSHS[RPSEHSRP]XLI
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HEXERIX[SVOW8LMWMWYWIJYPJSVEZSMHMRKYRI\TIGXIHGLEVKIWMJ
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2SXMJMGEXMSRWIXXMRKW
2SXMJMGEXMSRW GLIGOQEVOXSVIGIMZIERSXMJMGEXMSR[LIRIZIV]SY
VIGIMZIERI[QIWWEKI7IIq1EREKMRK2SXMJMGEXMSRWr SRTEKI
7IPIGXVMRKXSRI 3TIRWEHMEPSK[LIVI]SYGERWIPIGXXLI
VMRKXSRIXSWSYRH[LIR]SYVIGIMZIRI[QIWWEKIRSXMJMGEXMSRW
:MFVEXI GLIGOQEVOXSLEZIXLITLSRIZMFVEXI[LIR]SYVIGIMZIE
RI[QIWWEKIRSXMJMGEXMSR
&VS[WIV
3TIRMRK&VS[WIV
3TIRXLI&VS[WIVETTPMGEXMSRXSWXEVXWYVJMRKXLI[IF
7SQI[IFWMXIWLEZIX[SZIVWMSRWJYPPWM^IJSVGSQTYXIVFEWIH
[IFFVS[WIVWERHERSXLIVJSVQSFMPIHIZMGIW8LI]QE]EPWSEPPS[
]SYXSW[MXGLFEGOERHJSVXL*YPPWM^IWMXIWEVISJXIRLEVHIVXS
REZMKEXISREQSFMPIFVS[WIVXLERWMXIWHIWMKRIHJSVYWISR
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8SSTIR&VS[WIV
8SYGLXLI&VS[WIVMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
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PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
&VS[WIVEPWSSTIRW[LIR]SYXSYGLE[IFPMROJSV
I\EQTPIMRERIQEMPSVXI\XQIWWEKI
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ZMI[MRKMWHMWTPE]IH-J]SYLEZIRSXYWIH&VS[WIVVIGIRXP]
]SYVLSQITEKISTIRW
8LI960SJXLIGYVVIRXTEKIMWHMWTPE]IHEXXLIXSTSJXLI
[MRHS[YRPIWWEQSFMPIWMXIWGVSPPWXLI960FEVSJJXLIXST
SJXLIWGVIIR
8LIEHHVIWW 960 SJXLIGYVVIRXTEKI
7SQIWMXIWWGVSPPXLI960FEVSJJXLIXSTSJ
XLIWGVIIRFYX]SYGERHVEKXLITEKIHS[R
SVTVIWWXLI1IRY/I]
XSWIIMXEKEMR


&VS[WIV
8SKSXSE[IFTEKI
8SYGLXLI960FS\EXXLIXSTSJXLI&VS[WIVWGVIIR
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960FS\GSQIWMRXSZMI[
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8SYGLEWYKKIWXMSRSVIRXIVEREHHVIWWERHXSYGL+S
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8SVIJVIWLXLIGYVVIRXTEKI
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XLIRXSYGL6IJVIWL
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36
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8SWIX]SYVLSQITEKI
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8SWGVSPPE[IFTEKI
7PMHI]SYVJMRKIVSRXLIWGVIIR


&VS[WIV
8S^SSQMRSVSYXSRE[IFTEKI
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VIQIQFIVW]SYVTVIJIVIRGI[LMPI]SYWXE]SRXLEXTEKI
8SVIXYVRXSTEKISZIVZMI[HSYFPIXETEKEMR
&VS[WIV
8SJMRHXI\XSRE[IFTEKI
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LMKLPMKLXIHSRXLIWGVIIRERHWYFWIUYIRXQEXGLIWEVI
FS\IH
8SYGLXSNYQTXSXLITVIZMSYWSVRI\X
QEXGLMRK[SVH
8SYGLXLIPIJXSVVMKLXEVVS[XSWGVSPPXSERHLMKLPMKLXXLI
TVIZMSYWSVRI\XQEXGLMRK[SVH


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2EZMKEXMRK%QSRK;IFTEKIW
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VIZMI[]SYVFVS[WMRKLMWXSV]NYWXEWMRER][IFFVS[WIV=SYGER
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SXLIVOMRHWSJMRJSVQEXMSR
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8SYGLEPMROXSSTIRMX
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8SKSFEGOERHJSV[EVHEQSRKXLITEKIW]SYtZISTIRIH
8SYGLXLI &EGO/I]
36
4VIWWXLI1IRY/I]
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8SZMI[]SYV&VS[WIVLMWXSV]
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&VS[WIV
8SZMI[]SYVQSWXJVIUYIRXP]ZMWMXIHTEKIW
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&VS[WIVVIGSKRM^IWPMROWEW[IPPEWWSQITLSRIRYQFIVW
EHHVIWWIWERHWMQMPEVMRJSVQEXMSREWMRJSVQEXMSRXLEX]SYQE]
[ERXXSEGXSRHMVIGXP]
8SYGLERHLSPHEPMROXSSTIREQIRY[MXLWLSVXGYXWJSV
STIRMRKFSSOQEVOMRKWEZMRKERHWIRHMRKXLIPMROZMEIQEMP
8SYGLETLSRIRYQFIVXSSTIRXLI4LSRIETTPMGEXMSR[MXL
XLIRYQFIVIRXIVIH
7IIq4PEGMRKERH)RHMRK'EPPWr SRTEKI
8SYGLEWXVIIXEHHVIWWXSSTIRMXMR1ETW
*SVQSVIMRJSVQEXMSRWII q1ETWr SRTEKI


&VS[WIV
;SVOMRK[MXL1YPXMTPI&VS[WIV;MRHS[W
=SYGERSTIRYTXSIMKLX&VS[WIV[MRHS[WEXSRGIERHW[MXGL
EQSRKXLIQ
8SSTIRERI[&VS[WIV[MRHS[
4VIWWXLI1IRY/I]
XLIRXSYGL2I[;MRHS[
4VIWWXLI1IRY/I]
XLIRXSYGL;MRHS[W-RXLI
WGVIIRXLEXSTIRWXSYGL2I[[MRHS[
2I[[MRHS[WSTIR[MXL]SYVLSQITEKI
8SW[MXGL&VS[WIV[MRHS[W
4VIWWXLI1IRY/I]
XLIRXSYGL;MRHS[W
=SYVSTIR[MRHS[WEVIHMWTPE]IH
8SYGLXSSTIRERI[[MRHS[
8SYGLXSGPSWIE[MRHS[
8SYGLXSSTIRERI\MWXMRK[MRHS[
8SYGLE[MRHS[XSSTIRMX
8SGPSWIE&VS[WIV[MRHS[
4VIWWXLI1IRY/I]
XLIRXSYGL;MRHS[W
%PPSTIR[MRHS[WEVIHMWTPE]IHMREWGVSPPMRKPMWXSJ
XLYQFREMPW
8SYGLXLI'PSWIMGSR
SRXLI[MRHS[XSGPSWIMX
&VS[WIV
(S[RPSEHMRK*MPIW
=SYGERHS[RPSEHJMPIW[IFTEKIWERHIZIRETTPMGEXMSRWJVSQ
[IFTEKIW8LIJMPIWXLEX]SYHS[RPSEHEVIWXSVIHSR]SYVQMGVS7(
GEVH7II q'SRRIGXMRKXSE'SQTYXIVZME97&r SRTEKIXSPIEVR
QSVIEFSYXQMGVS7(GEVHW
8SEPPS[MRWXEPPMRKETTPMGEXMSRWJVSQXLI[IFSVIQEMP
&]HIJEYPX]SYVTLSRIMWGSRJMKYVIHXSTVIZIRX]SYJVSQMRWXEPPMRK
ETTPMGEXMSRWXLEX]SYHS[RPSEHJVSQXLI[IFSVVIGIMZI[MXLER
IQEMPQIWWEKI
;%62-2+ %TTPMGEXMSRWHS[RPSEHIHJVSQXLI[IFGERFIJVSQYRORS[RWSYVGIW8S
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8SYGL7IXXMRKW"%TTPMGEXMSRW
8SYGLXSGLIGOQEVO9RORS[RWSYVGIW
8SYGL 3/
8SHS[RPSEHEJMPI
(MJJIVIRX[IFTEKIWSJJIVHMJJIVIRXQIGLERMWQWJSVHS[RPSEHMRK
TMGXYVIWHSGYQIRXWETTPMGEXMSRWERHSXLIVJMPIW
8SYGLERHLSPHERMQEKISVEPMROXSEJMPISVXSERSXLIV
[IFTEKI-RXLIQIRYXLEXSTIRWXSYGL7EZI
-JXLIJMPIMWMREJSVQEXWYTTSVXIHF]ERETTPMGEXMSRSRXLITLSRI
MXMWHS[RPSEHIHXS]SYVQMGVS7(GEVH


&VS[WIV
8SGERGIPEHS[RPSEH
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HS[RPSEHMRKSRIF]EGGMHIRX]SYGERGERGIPXLIHS[RPSEHMR
TVSKVIWW
4VIWWXLI1IRY/I]
XLIRXSYGL1SVI"(S[RPSEHW
4VIWWXLI1IRY/I]
HS[RPSEHW
EKEMRXLIRXSYGL'ERGIPEPP
8SZMI[XLIJMPIW]SYtZIHS[RPSEHIH
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XLIRXSYGL1SVI"(S[RPSEHW
8LIJMPIW]SY ZIHS[RPSEHIHEVIPMWXIHMRSVHIV8SYGLEJMPI
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&VS[WIV
;SVOMRK[MXL&SSOQEVOW
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8SFSSOQEVOE[IFTEKI
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8SYGL %HH EXXLIXSTSJXLI&SSOQEVOWWGVIIR
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8LIFSSOQEVOMWEHHIHXSXLIXSTSJ]SYVPMWXSJFSSOQEVOW
8SSTIREFSSOQEVO
8SYGLXLI&SSOQEVOMGSR
EXXLIXSTSJXLIWGVIIR
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%[MRHS[STIRW[MXLEPMWXSJ]SYVFSSOQEVOW&SSOQEVOW
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XLIRXSYGL0MWXZMI[
PMWXTVIWWXLI1IRY/I]
8SYGLEFSSOQEVOXSSTIRMX
8LIFSSOQEVOSTIRWMRXLIGYVVIRX[MRHS[-J]SYTVIJIVXS
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8SYGLERHLSPHXLIFSSOQEVOXSIHMX
8SYGL )HMXFSSOQEVO MRXLIQIRY
)HMXXLIREQISVEHHVIWWMRXLIHMEPSKFS\XLEXSTIRW
8SYGL 3/


&VS[WIV
8SWLEVIEFSSOQEVO
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8SYGLERHLSPHXLIFSSOQEVOXSWLEVI
8SYGL 7LEVIPMRO MRXLIQIRY
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8LIETTPMGEXMSRSTIRW[MXLXLIFSSOQEVO WEHHVIWWIRXIVIH
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8SYGLERHLSPHERIQTX]WTSXSR]SYVTLSRI W,SQI
WGVIIR
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8SYGLEFSSOQEVOXSEHHMX
8LI&SSOQEVOMGSRMWEHHIHXSXLI,SQIWGVIIR
8SHIPIXIEFSSOQEVO
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EXXLIXSTSJXLIWGVIIR
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8SYGLERHLSPHEFSSOQEVOXSHIPIXIMX
8SYGL (IPIXIFSSOQEVO MRXLIQIRY
8SYGL 3/
&VS[WIV
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8SSTIRXLI&VS[WIVWIXXMRKWWGVIIRTVIWWXLI1IRY/I]
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9RGLIGOMJ]SYTVIJIVRI[[MRHS[WXLEX]SYSTIRMRXLMW[E]XS
STIRMRTPEGISJXLIGYVVIRX[MRHS[7II q8SW[MXGL&VS[WIV
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7IXLSQITEKI 3TIRWEHMEPSKFS\[LIVI]SYGERIRXIVXLI960
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&VS[WIV[MRHS[-J]SYTVIJIVXSSTIRRI[&VS[WIV[MRHS[W
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FPERO
4VMZEG]WIXXMRKW
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'PIEVLMWXSV] 8LIFVS[WIVOIITWXVEGOSJXLI[IFTEKIW]SYZMWMX
WS]SYGERUYMGOP]JMRHXLIQERHSTIRXLIQEKEMRPEXIV 7IIq8S
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[MXLGSSOMIW]SYHSR XLEZIXSPSKMRIEGLXMQI]SYSTIRETEKI
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[IFTEKIWJVSQWXSVMRKGSSOMIWSR]SYVTLSRI
&VS[WIV
'PIEVEPPGSSOMIHEXE 8SYGLXSHIPIXIEPPGSSOMIWJVSQ]SYVTLSRI
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YWIXLEXJSVQ9RGLIGOXSHMWEFPIXLMWJIEXYVI
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7IXXMRKWETTPMGEXMSR7II q4VMZEG]WIXXMRKWr SRTEKI
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]SYVPSGEXMSR-JXLSWI[IFWMXIW[ERXTIVQMWWMSRXSEGGIWW]SYV
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7IGYVMX]WIXXMRKW
6IQIQFIVTEWW[SVHW &VS[WIVGERVIQIQFIV]SYVTEWW[SVHW
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XSPSKMRXSXLSWITEKIWSRVITIEXZMWMXW6IQSZIGLIGOQEVOXS
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'PIEVTEWW[SVHW 8SYGLXSHIPIXIER]TEWW[SVHWXLEX&VS[WIV
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7LS[WIGYVMX][EVRMRKW 6IQSZIGLIGOQEVOXSTVIZIRX&VS[WIV
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%HZERGIHWIXXMRKW
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WIXXMRKWJSVTEVXMGYPEV[IFWMXIW
6IWIXXSHIJEYPX 8SYGLXSHIPIXIEPP&VS[WIVHEXEMRGPYHMRK]SYV
FVS[WMRKLMWXSV]GSSOMIWTEWW[SVHWERHFSSOQEVOWERHXS
VIWXSVIEPPXLI&VS[WIVWIXXMRKWXSXLIMVSVMKMREPZEPYIW


1ETW
3TIRMRK1ETWERH:MI[MRK=SYV0SGEXMSR
*MVWXXYVRSRPSGEXMSRWIVZMGIWXSYWIMRJSVQEXMSREFSYX]SYV
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8SSTIR1ETWERHZMI[]SYVPSGEXMSR
8SYGLXLI1ETWETTPMGEXMSRMGSR
SRXLI,SQIWGVIIRSV
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7II q3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
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1ETW
8SKIXEREHHVIWWERHEHHMXMSREPMRJSVQEXMSRJSVEPSGEXMSR
8SYGLERHLSPHEPSGEXMSRSRXLIQET
%FEPPSSRSTIRWSZIVXLIPSGEXMSR[MXLXLIEHHVIWWERHE
XLYQFREMPJVSQ7XVIIX:MI[MJEZEMPEFPI
8SYGLERHLSPHEPSGEXMSRXSSTIREFEPPSSR
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XSSPWJSVPIEVRMRKQSVIEFSYXXLIPSGEXMSR
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SVEPP^SSQPIZIPW:MWMX+SSKPI1ETWSRXLI[IFXSPIEVR
QSVIEFSYXPE]IVW


1ETW
8SSTIR7XVIIX:MI[JSVEPSGEXMSR
7XVIIX:MI[SJJIVWWXVIIXPIZIPMQEKIWSJEPSGEXMSR[LMGL]SYGER
REZMKEXI^SSQMRXSERHWSSR7XVIIX:MI[MWRSXEZEMPEFPIJSVEPP
EVIEW
8SYGLERHLSPHEPSGEXMSRSREQETXSSTIREFEPPSSR[MXL
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1ETW
7IEVGLMRK*SV0SGEXMSRWERH4PEGIW
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GERIRXIVEREHHVIWWEGMX]SVEX]TISJFYWMRIWWSV
IWXEFPMWLQIRX*SVI\EQTPIqQYWIYQWMR7ER*VERGMWGSr
%W]SYIRXIVMRJSVQEXMSRTVIZMSYWWIEVGLIWETTIEVMREPMWX
FIPS[XLIWIEVGLFS\
=SYGERXSYGLSRIXSWIEVGLEKEMR
8SYGLXLIWIEVGLMGSR
1EVOIVW[MXLPIXXIVPEFIPWMRHMGEXIWIEVGLQEXGLIWSRXLI
QET
8SYGLEFEPPSSRXSSTIREWGVIIR[MXL
QSVIMRJSVQEXMSREFSYXXLIPSGEXMSR
8SYGLEQEVOIVXSSTIREFEPPSSR[MXL
QSVIMRJSVQEXMSR
8SYGLXSSTIREPMWXSJEPPXLIVIWYPXW
SRXLIQET
8SYGLXSWIPIGXXLIRI\XSVTVIZMSYW
QEVOIVSRXLIQETERHZMI[MXWPEFIP
=SYGERXSYGLEQEVOIVXSSTIREFEPPSSRXLEXGSRXEMRWE
PEFIP8SYGLXLIFEPPSSRXSSTIREWGVIIR[MXLQSVI
MRJSVQEXMSREFSYXXLIPSGEXMSREW[IPPEWSTXMSRWJSV
SFXEMRMRKHMVIGXMSRW


1ETW
+IXXMRK(MVIGXMSRW
1ETWGERTVSZMHIHMVIGXMSRWJSVXVEZIPF]JSSXTYFPMGXVERWTSVXEXMSR
SVGEV
=SYGEREHHEHIWXMREXMSRWLSVGYXXS]SYV,SQIWGVIIRWSXLEX]SY
GERWMQTP]XSYGLXLIWLSVXGYXXSKIXHMVIGXMSRWXSXLEXPSGEXMSRJVSQ
[LIVIZIV]SYEVI*SVHIXEMPWEFSYXEHHMRKWLSVXGYXWXSXLI,SQI
WGVIIRWII q'YWXSQM^MRKXLI,SQI7GVIIRr SRTEKI
8SKIXHMVIGXMSRW
;LMPIZMI[MRKEQETTVIWWXLI1IRY/I]
XLIRXSYGL
(MVIGXMSRW
)RXIVEWXEVXMRKTSMRXMRXLIJMVWXXI\XFS\ERH]SYV
HIWXMREXMSRMRXLIWIGSRHXI\XFS\3VXSYGL
XSSTIRE
QIRY[MXLSTXMSRWJSVWIPIGXMRKEREHHVIWWJVSQ]SYV
'SRXEGXWSVETSMRXXLEX]SYXSYGLSREQET
)RXIVWXEVXMRKERHIRHMRKPSGEXMSRW
8SYGLEQSHISJXVERWTSVX
8SYGL+S
8SVIZIVWIHMVIGXMSRWTVIWWXLI 1IRY/I]
6IZIVWIWXEVXERHIRH
XLIRXSYGL
8SYGLXLIMGSRJSVGEVTYFPMGXVERWMXSV[EPOMRKHMVIGXMSRW
8SYGL +S
8LIHMVIGXMSRWXS]SYVHIWXMREXMSRETTIEVMREPMWX
1ETW
=SYGERGLSSWIXLIHMVIGXMSRWJSVQEX
6IEHHMVIGXMSRWEWXI\X
8SYGL7LS[SR1ET XSWIIXLIHMVIGXMSRWSREQET
8SYGL2EZMKEXI XSKIXWTSOIRXYVRF]XYVR
(MVIGXMSRWJVSQ+SSKPI1ETW2EZMKEXMSREWHIWGVMFIHMR
q2EZMKEXMRK[MXLWTSOIRXYVRF]XYVRHMVIGXMSRWr SRTEKICC
;LIR]SY VIJMRMWLIHXSGPIEVXLIQETTVIWWXLI 1IRY/I]
XLIRXSYGL 1SVI"'PIEVQET
2EZMKEXMRK[MXL7TSOIR8YVRF]XYVR(MVIGXMSRW
=SYGERYWI+SSKPI1ETW2EZMKEXMSRXSKIXXYVRF]XYVRHVMZMRK
HMVIGXMSRWFSXLWTSOIRERHHMWTPE]IHSR]SYVWGVIIR+SSKPIMW
GYVVIRXP]SJJIVMRK+SSKPI1ETW2EZMKEXMSREWE qFIXEUYEPMX]r
WIVZMGI
8SREZMKEXI[MXLXYVRF]XYVRHMVIGXMSRW
+IXHMVIGXMSRWXSEPSGEXMSRERHXLIRXSYGL2EZMKEXI MRXLI
(MVIGXMSRWWGVIIR7II q+IXXMRKHMVIGXMSRWr SRTEKICC
36


1ETW
8SYGLERHLSPHXLI7IEVGL/I]
;LIRTVSQTXIHXS
WTIEOWE]q2EZMKEXIXSr JSPPS[IHF]EPSGEXMSR-JTVSQTXIH
XSYGLEHIWXMREXMSRMRXLIPMWXSJWYKKIWXMSRW%QETSTIRW
[MXL]SYVVSYXIHVE[RMRFPYIERH]SYVRI\XXYVRHIWGVMFIH
EXXLIXST%W]SYREZMKEXI]SYVVSYXIIEGLHMVIGXMSRMW
WTSOIRMRXYVRERHXLIRI\XXYVRMWHMWTPE]IH=SYVGYVVIRX
PSGEXMSRERHHMVIGXMSREVIWLS[REWEFPYIEVVS[SRXLIQET
[LMGLJSPPS[W]SYVPSGEXMSREW]SYREZMKEXI]SYVVSYXI
8LI1ETWETTPMGEXMSRHS[RPSEHWERHXIQTSVEVMP]WXSVIWE
GST]SJXLIHMVIGXMSRWERHSXLIVMRJSVQEXMSREFSYX]SYVVSYXI
SRXLITLSRIWSMJ]SYPSWI]SYVGSRRIGXMSRXSEHEXE
RIX[SVO]SYGERWXMPPREZMKEXIXS]SYVHIWXMREXMSR
8SYGLEFEPPSSRXSSTIREWGVIIR[MXL
QSVIMRJSVQEXMSREFSYXXLIPSGEXMSR
8SYGLEQEVOIVXSSTIREFEPPSSR[MXL
QSVIMRJSVQEXMSR
=SYGERGSRXVSPXLIZSPYQISJXLIWTSOIRHMVIGXMSRW[MXL
XLI :SPYQI9T(S[R FYXXSR8SXYVRXLIWTSOIRHMVIGXMSRW
XLIRXSYGL 1YXI
SJJTVIWWXLI 1IRY/I]
8SZMI[XYVRF]XYVRHMVIGXMSRWMREPMWX
=SYGERZMI[IEGLXYVRMR]SYVVSYXIEWEWGVSPPMRKPMWXSJ[VMXXIR
HMVIGXMSRW
8SYGLXLIHMVIGXMSRWMGSR 
%WGVIIRSTIRW[MXLEWGVSPPMRKPMWXSJXYVRF]XYVRHMVIGXMSRW
XS]SYVHIWXMREXMSR
1ETW
8SYGLXLI &EGO/I]
XSVIXYVRXS2EZMKEXMSR:MI[
8SVIXYVRXS2EZMKEXMSR:MI[
-J]SYEVIREZMKEXMRKXSEHIWXMREXMSRERHXLIRYWI1ETWXS
I\TPSVISXLIVEVIEW]SYGERUYMGOP]VIXYVRXS]SYVGYVVIRXPSGEXMSR
MR2EZMKEXMSR:MI[
3TIRXLI2SXMJMGEXMSRWTERIPERHXSYGLXLI2EZMKEXMSR
SRKSMRKEPIVX7IIq1EREKMRK2SXMJMGEXMSRWr SRTEKI
36
8SYGLXLIREZMKEXMSRMGSR
SREQET
=SYVIXYVRXS2EZMKEXMSR:MI[[MXL]SYVGYVVIRXPSGEXMSRERH
RI\XHMVIGXMSRHMWTPE]IH
8SGLERKIZMI[WSJ]SYVVSYXI
=SYGERZMI[]SYVTVSKVIWWSR]SYVVSYXIEWEQET[MXLE
RYQFIVSJPE]IVWSJMRJSVQEXMSR=SYGER^SSQMRERHSYXSJXLI
QETERHHVEKMXXSZMI[EHNEGIRXEVIEW
4VIWWXLI1IRY/I]
XLIRXSYGL0E]IVW XSW[MXGLXS
ZMI[WXLEXWLS[XVEJJMGSVEWEXIPPMXIZMI[SVXSWLS[XLI
PSGEXMSRWSJTEVOMRKVIWXEYVERXWERHSXLIVPERHQEVOWEPSRK
]SYVVSYXI


1ETW
4VIWWXLI1IRY/I]
XLIRXSYGL6SYXI-RJS JSVELMKL
PIZIPWYQQEV]ZMI[SJ]SYVVSYXI[MXLSTXMSRWJSVTMGOMRKE
RI[VSYXIXVEJJMGMRJSVQEXMSRERHWSSR
7IIq8SGLERKIZMI[WSJ]SYVVSYXIr SRTEKICCERHq8SKIX
EREPXIVREXIVSYXIXS]SYVHIWXMREXMSRr SRTEKICC
(VEKSRXLIQETXSZMI[EHNEGIRXEVIEWSVXSYGLXLIQETXS
WIIGSRXVSPWJSV^SSQMRKMRERHSYX
8SWIEVGLJSVPSGEXMSRWEPSRK]SYVVSYXI
=SYGERWIEVGLJSVFYWMRIWWIWTSMRXWSJMRXIVIWXERHSXLIV
JIEXYVIWEPSRK]SYVVSYXI;LIR]SYWIEVGL[LMPIREZMKEXMRK]SYV
VIWYPXWMRGPYHIPSGEXMSRWEPSRK]SYVVSYXIVEXLIVXLERPSGEXMSRW
XLEXEVIRIEV]SYVGYVVIRXPSGEXMSR
*SVQSVIMRJSVQEXMSREFSYXWIEVGLMRKMR1ETWWIIq7IEVGLMRKJSV
PSGEXMSRWERHTPEGIWr SRTEKICC
8SYGL 7IEVGL
XLIRWIEVGLJSVPSGEXMSRWSJMRXIVIWX
8LIVIWYPXWEVIHMWTPE]IHEWQEVOIVWEPSRK]SYVVSYXIXLIJMVWX
VIWYPXMWPEFIPIH=SYGERYWIXLIPIJXERHVMKLXEVVS[FYXXSRWXS
QSZIJVSQVIWYPXXSVIWYPX^SSQMRERHSYXSVXSYGLEPEFIPJSV
QSVIMRJSVQEXMSREFSYXXLIQEVOIV
;LIR]SY VIJMRMWLIHXSYGLXLIREZMKEXMSRMGSR
XS2EZMKEXMSR:MI[
XSVIXYVR
1ETW
8STVIZMI[]SYVVSYXI
=SYGERTVIZMI[IEGLXYVRMR]SYVVSYXIMR2EZMKEXMSR7EXIPPMXI
ERHSXLIVZMI[W
8SYGLXLIHMVIGXMSREXXLIXSTSJXLIWGVIIR
0IJXERHVMKLXEVVS[WETTIEV
8SYGLEPIJXSVVMKLXEVVS[XSTVIZMI[XLIRI\XSVTVIZMSYW
PIKSJ]SYVVSYXI
;LIRTVIZMI[MRKEVSYXIXSYGL
XSW[MXGLXSEWXVIIX
PIZIPZMI[SJ]SYVVSYXI-RWXVIIXPIZIPZMI[XSYGL
XS
W[MXGLXS7XVIIX:MI[[LIVI]SYGERHVEK]SYVJMRKIVXS
GLERKIXLIHMVIGXMSR]SY VIZMI[MRKEWHIWGVMFIHMRq8S
STIR7XVIIX:MI[JSVEPSGEXMSRr SRTEKICC
;LIR]SY VIJMRMWLIHTVIZMI[MRKXSYGLXLIREZMKEXMSRMGSR
XSVIXYVRXS]SYVGYVVIRXPSGEXMSRERHRI\XXYVRHMVIGXMSR
8SZMI[XVEJJMGGSRHMXMSRWSR]SYVVSYXI
%XXLIPS[IVPIJXGSVRIVSJXLI2EZMKEXMSR:MI[EXVEJJMGPMKLX
MRHMGEXIWXLISZIVEPPXVEJJMGGSRHMXMSRWSR]SYVVSYXIRI\XXSXLI
IWXMQEXIHXMQIYRXMP]SYEVVMZIEX]SYVHIWXMREXMSR=SYGEREPWS
ZMI[XLIXVEJJMGGSRHMXMSRWSRIEGLWIKQIRXSJ]SYVVSYXI
8SYGLXLIXVEJJMGPMKLXEXXLIPS[IVPIJXSJXLI2EZMKEXMSR
:MI[
=SYVVSYXISTIRWMR8VEJJMG:MI[[MXLGSPSVGSHMRKXS
MRHMGEXIXLIXVEJJMGEPSRKXLI[E]


1ETW
8SYGLXLIREZMKEXMSRMGSR
XSVIXYVRXS]SYVGYVVIRX
PSGEXMSRMR2EZMKEXMSR:MI[
8SKIXEREPXIVREXIVSYXIXS]SYVHIWXMREXMSR
-JXVEJJMGMWWPS[SR]SYVGYVVIRXVSYXISVMJ]SYNYWX[ERXXSXV]E
HMJJIVIRXVSYXI]SYGERVIUYIWXEREPXIVREXIVSYXIJVSQXLI
+SSKPI1ETW2EZMKEXMSRWIVZMGI
4VIWWXLI1IRY/I]
XLIRXSYGL6SYXI-RJS
8SYGLXLIEPXIVREXIVSYXIMGSR
%REPXIVREXIVSYXIMWHVE[RSRXLIQET
8SI\MXREZMKEXMSR
=SYGERI\MX2EZMKEXMSR:MI[[LIR]SYVIEGL]SYVHIWXMREXMSRSV
EXER]XMQI
4VIWWXLI1IRY/I]
XLIRXSYGL)\MX2EZMKEXMSR
=SYVIXYVRXSXLITVIZMSYW1ETWZMI[
*MRHMRK=SYV*VMIRHW[MXL+SSKPI0EXMXYHI
+SSKPI0EXMXYHIPIXW]SYERH]SYVJVMIRHWZMI[IEGLSXLIVW
PSGEXMSRWSRQETWERHWLEVIWXEXYWQIWWEKIW[MXLIEGLSXLIV-R
0EXMXYHI]SYGEREPWSWIRHQIWWEKIWERHIQEMPWQEOITLSRI
GEPPWERHKIXHMVIGXMSRWXS]SYVJVMIRHW PSGEXMSRW
=SYVPSGEXMSRMWRSXWLEVIHEYXSQEXMGEPP]=SYQYWXNSMR0EXMXYHI
ERHXLIRMRZMXI]SYVJVMIRHWXSZMI[]SYVPSGEXMSRSVEGGITX
MRZMXEXMSRWJVSQ]SYVJVMIRHW
1ETW
8SNSMR0EXMXYHI
;LMPIZMI[MRKEQETTVIWWXLI1IRY/I]
XLIRXSYGL
.SMR0EXMXYHI
8LIJMVWXXMQI]SYNSMR0EXMXYHI]SY VITVSQTXIHXSEGGITXSV
VINIGXXLI+SSKPITVMZEG]TSPMG]
;LIR]SY ZINSMRIH0EXMXYHIXLI1IRY/I]MXIQGLERKIWXS
0EXMXYHI
8SSTIR0EXMXYHI
%JXIV]SYNSMR0EXMXYHI]SYGERSTIRMXXSJMRH]SYVJVMIRHWERH
ZMI[XLIMVYTHEXIW
;LMPIZMI[MRKEQETTVIWWXLI1IRY/I]
0EXMXYHI
XLIRXSYGL
8SMRZMXIJVMIRHWXSWLEVIXLIMVPSGEXMSRW
%JXIV]SYNSMR0EXMXYHI]SYGERWXEVXWLEVMRK]SYVPSGEXMSR[MXL
]SYVJVMIRHW3RP]JVMIRHW[LSQ]SYLEZII\TPMGMXP]MRZMXIHSV
EGGITXIHGERWII]SYVPSGEXMSR
3TIR0EXMXYHITVIWWXLI1IRY/I]
JVMIRHW
XLIRXSYGL%HH
8SYGL 7IPIGXJVSQ'SRXEGXW SV%HHZMEIQEMPEHHVIWW MRXLI
QIRYXLEXSTIRW
-J]SYXSYGLIH 7IPIGXJVSQ'SRXEGXWEWGVSPPMRKPMWXSJEPP
]SYVGSRXEGXWSTIRW'LIGOEPPSJXLIGSRXEGXW]SY[ERXXS
MRZMXI
-J]SYXSYGLIH %HHZMEIQEMPEHHVIWW]SYGERIRXIVSRISV
QSVIIQEMPEHHVIWWIWWITEVEXIHF]GSQQEWJSVXLI
JVMIRHW]SY[ERXXSMRZMXI
8SYGL %HHJVMIRHW EXXLIFSXXSQSJXLIWGVIIR
-J]SYVJVMIRHWEPVIEH]YWI0EXMXYHIXLI]VIGIMZIERIQEMP
VIUYIWXERHERSXMJMGEXMSRSR0EXMXYHI-JXLI]LEZIRSX]IX
NSMRIH0EXMXYHIXLI]VIGIMZIERIQEMPMRZMXMRKXLIQXSWMKR
MRXS0EXMXYHI[MXLXLIMV+SSKPI%GGSYRX


1ETW
8SVIWTSRHXSERMRZMXEXMSR
;LIREJVMIRHMRZMXIW]SYXSWLEVI]SYVPSGEXMSRMR0EXMXYHI]SY
GERVIWTSRHMRXLIJSPPS[MRK[E]W
%GGITXERHWLEVIFEGO =SYERH]SYVJVMIRHGERWIIIEGLSXLIV W
PSGEXMSRW
%GGITXFYXLMHIQ]PSGEXMSR =SYGERWII]SYVJVMIRH WPSGEXMSR
FYXXLI]GER XWII]SYVW
(SR¬XEGGITX 2SPSGEXMSRMRJSVQEXMSRMWWLEVIHFIX[IIR]SYERH
]SYVJVMIRH
8SZMI[]SYVJVMIRHWtPSGEXMSRW
=SYGERZMI[]SYVJVMIRHW PSGEXMSRWSREQETSVMREPMWX
;LIR]SYSTIR1ETW]SYVJVMIRHW PSGEXMSRWEVIWLS[R)EGL
JVMIRHMWVITVIWIRXIHF]XLIMVTMGXYVI JVSQ'SRXEGXW [MXLER
EVVS[TSMRXMRKXSXLIMVETTVS\MQEXIPSGEXMSR-JEJVMIRHLEWGLSWIR
XSWLEVIGMX]PIZIPPSGEXMSRWXLIMVTMGXYVIHSIWRSXLEZIEREVVS[
ERHETTIEVWMRXLIQMHHPISJXLIGMX]
-J]SYVJVMIRHWYWI+SSKPI8EPOXLIMVSRPMRIWXEXYW %ZEMPEFPI
&YW]ERHWSSR MWMRHMGEXIHF]EGMVGYPEVMGSRFIPS[XLIMV
TMGXYVIW*SVQSVIMRJSVQEXMSRWIIq'LERKMRKERHQSRMXSVMRK
SRPMRIWXEXYWr SRTEKICC
8SWIIEJVMIRH WTVSJMPIERHGSRRIGXXSYGLXLITLSXS=SYV
JVMIRH WREQIETTIEVWMREFEPPSSR8SYGLXLIFEPPSSRXSSTIRE
WGVIIR[MXLHIXEMPWEFSYX]SYVJVMIRHERHQER]GSRRIGXMSR
STXMSRW;LIR]SYSTIR0EXMXYHI]SYWIIEPMWXSJ]SYV0EXMXYHI
JVMIRHW[MXLEWYQQEV]SJXLIMVPEWXORS[RPSGEXMSRWWXEXYWERH
WSSR8SYGLEJVMIRHMRXLIPMWXXSSTIREWGVIIR[MXLHIXEMPW
EFSYXXLIJVMIRHERHQER]GSRRIGXMSRSTXMSRW
1ETW
8SGSRRIGX[MXLERHQEREKIGSRRIGXMSRW[MXL]SYVJVMIRHW
8SYGLEJVMIRH WGSRXEGXHIXEMPWFEPPSSRMR1ETZMI[SVXSYGLE
JVMIRHREQIMR0MWXZMI[XSSTIRXLIJVMIRH WTVSJMPI-RXLI4VSJMPI
WGVIIR]SYGERGSQQYRMGEXI[MXL]SYVJVMIRHERHWIXTVMZEG]
STXMSRW
7LS[SRQET 7LS[WXLIJVMIRH WPSGEXMSRSRXLIQET
'LEXYWMRK+SSKPI8EPO 3TIRWE+SSKPI8EPOGLEX[MRHS[[MXL
XLEXJVMIRH
7IRHIQEMP 3TIRW+QEMP[MXLEQIWWEKIEHHVIWWIHXSXLI
JVMIRH
(MVIGXMSRW +IXWHMVIGXMSRWXSXLIJVMIRH WPSGEXMSR
,MHIJVSQXLMWJVMIRH 7XSTWLEVMRK]SYVPSGEXMSR[MXLXLMWJVMIRHMR
0EXMXYHIMREPMWXSVSREQET8SWLEVI]SYVPSGEXMSR[MXLXLMW
JVMIRHEKEMRXSYGL 9RLMHIJVSQXLMWJVMIRH
7LEVISRP]GMX]PIZIPPSGEXMSR 7LEVISRP]XLIGMX]]SYEVIMRRSX
]SYVWXVIIXPIZIPPSGEXMSR=SYVJVMIRHWIIW]SYVTMGXYVIMRXLI
QMHHPISJXLIGMX]]SYEVIMR8SWLEVIQSVITVIGMWIPSGEXMSRW
EKEMRXSYGL&IWXEZEMPEFPIPSGEXMSR
6IQSZI 6IQSZIXLIJVMIRHJVSQ]SYVPMWXERHWXSTWLEVMRK
PSGEXMSRWEPXSKIXLIV


1ETW
8SGSRXVSP[LEX]SYWLEVI
=SYLEZIGSRXVSPSZIVLS[ERH[LIR]SYVJVMIRHWGERJMRH]SY
3RP]XLIPEWXPSGEXMSRWIRXXS0EXMXYHIMWWXSVIH[MXL]SYV+SSKPI
%GGSYRX-J]SYXYVRSJJ0EXMXYHISVEVILMHMRKRSPSGEXMSRMW
WXSVIH
3TIR0EXMXYHIXSYGL]SYVS[RREQIERHXSYGL)HMX
TVMZEG]WIXXMRKW
=SYGERWIXXLIJSPPS[MRKTVMZEG]STXMSRW
(IXIGX]SYVPSGEXMSR 0IX0EXMXYHIHIXIGXERHYTHEXI]SYVPSGEXMSR
EW]SYQSZI
8LIYTHEXIJVIUYIRG]MWHIXIVQMRIHF]WIZIVEPJEGXSVWWYGLEW
]SYVTLSRI WFEXXIV]GLEVKIPIZIPERHLS[VIGIRXP]]SYVPSGEXMSR
LEWGLERKIH
7IX]SYVPSGEXMSR 7IXXLIPSGEXMSRWLEVIH[MXLSXLIVWEWER
EHHVIWW]SYIRXIVSVJVSQ'SRXEGXWTMGOEWTSXSREQETSV
VIWYQILEZMRK0EXMXYHIWLEVI]SYVEGXYEPPSGEXMSR
,MHI]SYVPSGEXMSR ,MHI]SYVPSGEXMSRJVSQEPP]SYVJVMIRHW
8YVRSJJ0EXMXYHI (MWEFPI0EXMXYHIERHWXSTWLEVMRK]SYVPSGEXMSR
SVWXEXYW=SYGEREP[E]WNSMR0EXMXYHIEKEMR
'EQIVE
3TIRMRK'EQIVEERH8EOMRK4MGXYVIW
=SYXEOITMGXYVIWERHWLSSXZMHISWYWMRKXLI'EQIVEETTPMGEXMSR
8LI'EQIVE WQER]WIXXMRKWEVIHIWGVMFIHMR q'LERKMRK'EQIVE
7IXXMRKWr SRTEKI
=SYGEREPWSZMI[]SYVTMGXYVIW[MXLXLI+EPPIV]ETTPMGEXMSREW
HIWGVMFIHMRq+EPPIV]r SRTEKI
-14368%28 &IWYVIXSGPIERXLITVSXIGXMZIPIRWGSZIV[MXLEQMGVSJMFIVGPSXLFIJSVI
XEOMRKTMGXYVIW%PIRWGSZIV[MXLWQYHKIWJVSQJMRKIVWGERGEYWIFPYVV]
TMGXYVIW[MXLEqLEPSr IJJIGX
8SSTIRXLI'EQIVEETTPMGEXMSR
8SYGLXLI'EQIVEMGSR
SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
'EQIVESTIRWMR0ERHWGETIQSHIVIEH]XSXEOIETMGXYVISV
WLSSXEZMHIS
(VEKHS[RXSWLSSXZMHISWHVEKYTXSXEOI
TLSXSW
8SYGLXSXEOIETMGXYVISVWLSSXEZMHIS
8SYGLXSTVIZMI[]SYVTMGXYVIWSVZMHISW
8SYGLXSGLERKIWIXXMRKW


'EQIVE
8SXEOIETMGXYVI
3TIRXLI'EQIVEETTPMGEXMSRERHMJRIGIWWEV]HVEKXLI
GSRXVSPXSXLI'EQIVETSWMXMSR
8SGSRXVSP]SYVI\TSWYVIQERYEPP]XSYGLXLIWGVIIR
XS
STIRXLIGEQIVEWIXXMRKW
8LITVIZMI[MQEKIGLERKIWEW]SYGLERKIXLIWIXXMRKW
7II q'LERKMRK'EQIVE7IXXMRKWr SRTEKI
*VEQI]SYVWYFNIGXSRWGVIIR
=SYGER^SSQMRSVSYXF]XSYGLMRKXLIWGVIIRERHXLIR
XSYGLMRKXLI>SSQGSRXVSP 
8SYGLXLI7LYXXIVMGSR 
8LIGEQIVEFVMRKWXLIMQEKIMRXSJSGYW;LIRXLIMQEKIMW
MRJSGYWXLIJSGYWMRHMGEXSVWMRIEGLGSVRIVXYVRKVIIRERH
XLIGEQIVEXEOIWETMGXYVI
8LITMGXYVI]SYNYWXXSSOMWHMWTPE]IHJSVEQSQIRX8LIR
]SYGERXEOIERSXLIVTMGXYVISVTVIZMI[]SYVTMGXYVIWEW
HIWGVMFIHMRq6IZMI[MRK]SYVTMGXYVIWr SRTEKICC
8SXEOITMGXYVIW[MXLHMKMXEP^SSQ
8SYGLXLIWGVIIRXSSTIRXLI>SSQGSRXVSPXLIRXSYGLXLI
TPYWSVQMRYWOI]XS^SSQMRSVSYXKVEHYEPP]
36
(SYFPIXETXLIWGVIIRXS^SSQEPPXLI[E]MRSVSYX
4MGXYVIWXLEX]SYXEOI[MXLHMKMXEP^SSQQE]FIWQEPPIV MR
TM\IPW XLERXLIWM^I]SYWIX[MXLXLI4MGXYVI7M^IWIXXMRK
7IIq'EQIVEWIXXMRKWr SRTEKICC
'EQIVE
8SWLSSXEZMHIS
3TIRXLI'EQIVEETTPMGEXMSRERHMJRIGIWWEV]HVEKXLI
GSRXVSPXSXLI:MHISTSWMXMSR
8SGLERKIXLIPIRKXLSJ]SYVZMHISSVGSRXVSP]SYVI\TSWYVI
QERYEPP]XSYGLXLIWPMHIV
XSSTIRXLIGEQGSVHIV
WIXXMRKW
7II q'LERKMRK:MHISWIXXMRKWr SRTEKICC
4SMRXXLIPIRWXSJVEQIXLIWGIRI[LIVI]SY[ERXXSWXEVX
8SYGLXLI7XEVX:MHISMGSR 
8LIGEQGSVHIVWXEVXWVIGSVHMRKXLIZMHIS8LIXMQI
VIQEMRMRKXSWLSSXGSYRXWHS[REXXLIPIJX[LIRPIWWXLER
EQMRYXIMWPIJXXLIGSYRXHS[RXYVRWVIH
8SYGLXLI7XST:MHISMGSR
XSWXSTWLSSXMRK
=SYGERVIGSVHERSXLIVZMHISSVTVIZMI[]SYVZMHISWEW
HIWGVMFIHMRq6IZMI[MRK=SYV:MHISWr SRTEKI


'EQIVE
6IZMI[MRK=SYV4MGXYVIW
=SYGERVIZMI[XLITMGXYVIW]SY ZIXEOIRMRXLI'EQIVEETTPMGEXMSR
8SVIZMI[]SYVTMGXYVIW
-JRIGIWWEV]HVEKXLIGSRXVSPXSXLI4LSXSKVETLTSWMXMSR
8SYGLXLIXLYQFREMPMQEKIEXXLIXSTVMKLXSJXLI'EQIVE
WGVIIR
8LITMGXYVIVIZMI[WGVIIRSTIRWHMWTPE]MRK]SYVQSWX
VIGIRXTMGXYVI
8SYGLXLIMQEKIXSWIIXLI2EZMKEXMSRERH
>SSQGSRXVSPW
8SYGLEPIJXSVVMKLXEVVS[XSZMI[ERSXLIV
TMGXYVI
8SYGLXSVIXYVRXSXLIWGVIIRJSVXEOMRK
TMGXYVIW
8SYGLXLITMGXYVIXSWIIXLI2EZMKEXMSRERH>SSQGSRXVSPW
8SYGLEREZMKEXMSREVVS[XSZMI[XLIRI\XSVTVIZMSYW
TMGXYVI
8SYGL (SRI XSVIWYQIXEOMRKTMGXYVIW
=SYGERYWIXLISXLIVFYXXSRWSRXLI4MGXYVI6IZMI[WGVIIRERH
XSEGGIWWWIZIVEPSXLIVJIEXYVIWJSV
TVIWWXLI 1IRY/I]
IHMXMRKWLEVMRKZMI[MRKERHYWMRKTMGXYVIWMRSXLIV[E]W7II
q;SVOMRK[MXL4MGXYVIWr SRTEKI
'EQIVE
6IZMI[MRK=SYV:MHISW
=SYGERVIZMI[XLIZMHISW]SY ZIWLSX[MXLXLI'EQIVEETTPMGEXMSR
=SYGEREPWSWLEVIXLIQ[MXLJVMIRHWERHHIPIXIVIGSVHMRKW=SY
GEREPWSZMI[EWPMHIWLS[SJ]SYVTMGXYVIWWLEVIXLIQ[MXL
JVMIRHWERHHIPIXIWLSXW7IIq+EPPIV]r SRTEKIJSVHIXEMPW
EFSYXTPE]FEGO
8SVIZMI[]SYVZMHISW
3TIRXLI'EQIVEETTPMGEXMSRERHMJRIGIWWEV]HVEKXLI
GSRXVSPXSXLI:MHISTSWMXMSR
8SYGLXLIXLYQFREMPMQEKIEXXLIXSTVMKLXSJXLIWGVIIR
%WXMPPJVSQXLIWXEVXSJ]SYVQSWXVIGIRXZMHISMWHMWTPE]IH
8SYGLXS[EXGL
XLIZMHIS
8SYGLXLIWXMPPWS]SY
GERXSYGLXLIPIJXSV
VMKLXEVVS[XSZMI[
ERSXLIVZMHIS
8SYGLXSVIXYVRXSXLI
WGVIIRJSVWLSSXMRK
ZMHISW
8SYGLEREZMKEXMSRFYXXSRXSSTIRXLIZMHISXSTPE]
8SYGL 4PE]
8SYGLXLIGSRXVSPWXSWOMTJSV[EVHSV
FEGOSVXSTPE]SVTEYWIXLIZMHIS
=SYGERYWIXLISXLIVFYXXSRWSRXLI:MHIS6IZMI[WGVIIR
XSEGGIWWWIZIVEPQSVI
ERHTVIWWXLI 1IRY/I]
JIEXYVIWJSVZMI[MRKERHWLEVMRK]SYVZMHISW8LIWIJIEXYVIW
EVIHIWGVMFIHMR q+EPPIV]r SRTEKI


'EQIVE
'LERKMRK'EQIVE7IXXMRKW
8LI'EQIVEETTPMGEXMSRLEWEYXSQEXMGWIXXMRKWXLEX]SYGERYWIXS
XEOIUYMGOTSMRXERHWLSSXTLSXSKVETLWERHZMHISW&YXMXEEPWS
LEWERYQFIVSJ[E]WXSGSRXVSP]SYVI\TSWYVIWMRGPYHMRK
GSRXVSPPMRKXLIJSGYWXYVRMRKXLIJPEWLSRERHSJJERHEHNYWXMRKXLI
[LMXIFEPERGI=SYGERIZIRWLSSXRIKEXMZIWERHSXLIVWTIGMEP
IJJIGXW
'EQIVEEPWSMRGPYHIWWIXXMRKWJSVGSRXVSPPMRKTMGXYVIUYEPMX]ZMHIS
PIRKXL[LIXLIVXSWXSVIXLIPSGEXMSR[LIVI]SYXEOI]SYVTMGXYVIW
ERHWSSR
8SGLERKI'EQIVEWIXXMRKW
3TIRXLI'EQIVEETTPMGEXMSRERHXSYGLXLI7IXXMRKWXEF3V
XLIRXSYGL 7IXXMRKW
TVIWWXLI1IRY/I]
8LIWIXXMRKWSTIRSZIVXLIWGVIIR
8SYGLXLIWIXXMRKGEXIKSV]]SY[ERXXSGSRXVSPXLIRXSYGLE
WIXXMRK
'EQIVEWIXXMRKWEVIHIWGVMFIHMR q'LERKMRK'EQIVE
7IXXMRKWr SRTEKI
8SYGL&EGO XSGPSWIXLI7IXXMRKWQIRYW
-GSRWSRXLIPIJXWMHISJXLIWGVIIRMRHMGEXIXLIGYVVIRX
WIXXMRKW
8EOI]SYVTMGXYVIWYWMRKXLIRI[WIXXMRKW
;LIR]SY VIJMRMWLIHSTIRXLI'EQIVEWIXXMRKWXEFEKEMR
ERHVIWXSVIXLIWIXXMRKWFEGOXS%YXS
'EQIVE
'EQIVEWIXXMRKW
;LIR]SYGLERKIWSQI'EQIVEWIXXMRKWXLIGYVVIRXWIXXMRKWEVI
MRHMGEXIHF]MGSRWEPSRKXLIPIJXWMHISJXLIWGVIIR
*PEWLQSHI 8SYGLXSWIX[LIXLIV'EQIVEVIPMIWSRMXWPMKLX
QIXIVXSHIXIVQMRI[LIXLIVJPEWLMWRIGIWWEV]SVXSWIXJPEWLSR
SVSJJJSVEPPWLSXW
%YXSQEXMG
3R
3JJ
;LMXIFEPERGI 8SYGLXSWIPIGXLS['EQIVEEHNYWXWGSPSVWMR
HMJJIVIRXOMRHWSJPMKLXXSEGLMIZIXLIQSWXREXYVEPPSSOMRKGSPSVW
JSV]SYVWLSXW
'SPSYVIJJIGX 8SYGLXSWIPIGXEWTIGMEPIJJIGXJSV]SYVWLSXWWYGL
EWQSRSGLVSQIWITMEXSRISVRIKEXMZI
7XSVIPSGEXMSR 'LIGOXSMRGPYHIXLIPSGEXMSRSJIEGLTMGXYVI]SY
XEOIYWMRKXLITLSRI W+47
4MGXYVIWM^I 8SYGLXSWIXXLIWM^I MRTM\IPW SJXLITMGXYVIW]SY
XEOI
-QEKI5YEPMX] 8SYGLXSWIXXLIUYEPMX]SJXLITMGXYVIW]SYXEOI


'EQIVE
'EQGSVHIVWIXXMRKW
-REHHMXMSRXSXLI[LMXIFEPERGIERHGSPSVIJJIGXGSRXVSPWXLEXXLI
GEQGSVHIVWLEVIW[MXLXLIGEQIVE WIIq'EQIVEWIXXMRKWr SR
TEKICC XLIGEQGSVHIVLEWX[SWIXXMRKWSJMXWS[R
:MHISUYEPMX] 3TIRWEHMEPSKFS\[LIVI]SYGERWIXXLIZMHIS
UYEPMX]ETTVSTVMEXIJSVWIRHMRKXS]SYVJVMIRHWSVJSVZMI[MRKSRE
GSQTYXIV
:MHISHYVEXMSR 3TIRWEHMEPSKFS\[LIVI]SYGERWIXXLI
QE\MQYQPIRKXLSJ]SYVZMHISW
+EPPIV]
3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQW
3TIR3TIRXLI+EPPIV]ETTPMGEXMSRXSZMI[EPFYQWSJ]SYVTMGXYVIW
ERHZMHISW
8SSTIR+EPPIV]ERHZMI[]SYVEPFYQW
8SYGLXLI+EPPIV]MGSR
0EYRGLIV
SRXLI,SQIWGVIIRSVMRXLI
36
3TIR+EPPIV]JVSQ'EQIVEF]TVIWWMRKXLI1IRY/I]
XLIRXSYGLMRK+EPPIV]
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
+EPPIV]TVIWIRXWXLITMGXYVIWERHZMHISWSR]SYVQMGVS7(
GEVHMRGPYHMRKXLSWI]SY ZIXEOIR[MXLXLI'EQIVE
ETTPMGEXMSRERHXLSWI]SYHS[RPSEHIHJVSQXLI[IFSVSXLIV
PSGEXMSRW
-J]SYLEZIE4MGEWEEGGSYRXEWWSGMEXIH[MXLSRISJ]SYV
TLSRI W+SSKPI%GGSYRXWGSRJMKYVIHXSW]RG[MXL4MGEWWE
]SY PPEPWSWII]SYV4MGEWE[IFEPFYQWMR+EPPIV]7II
q'SRJMKYVMRK%GGSYRX7]RGERH(MWTPE]3TXMSRWr SRTEKI
-J]SYLEZIEKVIEXQER]TMGXYVIWSVZMHISWSR]SYVQMGVS7(
GEVHSVMR4MGEWE[IFEPFYQWMXQE]XEOI+EPPIV]EJI[
QMRYXIWXSSTIRXLIRHMWGSZIVERHSVKERM^IEPPSJ]SYVJMPIW


+EPPIV]
8SYGLXSSTIR'EQIVE
8SYGLMRER]ZMI[XSVIXYVRXSXLIQEMR
+EPPIV]WGVIIR
%REPFYQSJXLITLSXSWERHZMHISW]SYXSSO
[MXL'EQIVE
7PMHIPIJXSVVMKLXXSZMI[QSVIEPFYQW
%4MGEWE[IFEPFYQ
8SYGLEREPFYQXSSTIRMXERHZMI[MXWGSRXIRXW
8LITMGXYVIWERHZMHISWMRXLIEPFYQEVIHMWTPE]IHMR
GLVSRSPSKMGEPSVHIV7IIq;SVOMRK[MXL%PFYQWr SRTEKI

8SYGLETMGXYVISVZMHISMREREPFYQXSZMI[MX
7IIq;SVOMRK[MXL4MGXYVIWr SRTEKIERHq;SVOMRK[MXL
:MHISWr SRTEKI
6IXYVRXSXLIQEMR+EPPIV]WGVIIREXER]XMQIF]XSYGLMRKMXW
MGSR
EXXLIXSTPIJXSJXLIWGVIIR
+EPPIV]
;SVOMRK[MXL%PFYQW
%PFYQWEVIKVSYTWSJMQEKIWERHZMHISWMRJSPHIVWSR]SYVQMGVS7(
GEVHSVMR4MGEWE[IFEPFYQW
8SSTIREREPFYQERHZMI[MXWGSRXIRXW
3TIRXLI+EPPIV]ETTPMGEXMSRERHXSYGLXLIEPFYQ[LSWI
GSRXIRXW]SY[ERXXSZMI[
7IIq3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQWr SRTEKI

%PFYQWSTIRHMWTPE]MRKXLITMGXYVIWERHZMHISWXLI]GSRXEMR
MREGLVSRSPSKMGEPP]SVHIVIHKVMH8LIREQISJXLIEPFYQMW
WLS[REXXLIXSTSJXLIWGVIIR
=SYGERXSYGLETMGXYVISVZMHISXSZMI[MXEWHIWGVMFIHMR
q;SVOMRK[MXL4MGXYVIWr SRTEKIERHq;SVOMRK[MXL
:MHISWr SRTEKI
8SYGLXSW[MXGLJVSQKVMHXSWXEGOZMI[
8LIREQISJXLIEPFYQ
8SYGLETMGXYVISVZMHISXSZMI[MX
8SYGLEREVVS[XSWGVSPPEWGVIIRJYPEXE
XMQI(VEKPIJXSVVMKLXXSWGVSPPVETMHP]
8SYGLEREVVS[MRXLIWGVSPPXSSPEXXLIFSXXSQSJXLIWGVIIR
XSWGVSPPMQEKIWEWGVIIRJYPEXEXMQI
(VEKXLIWGVSPPXSSPXSXLIPIJXSVVMKLXXSWGVSPPQSVISVPIWW
UYMGOP]8LIHEXISJXLIMQEKIWMRZMI[MWHMWTPE]IHWS]SY
GERWGVSPPF]HEXI
=SYGEREPWSWGVSPPXLVSYKLEREPFYQF]W[MTMRKPIJXSVVMKLX


+EPPIV]
8SGLERKILS[XLIGSRXIRXWSJEREPFYQEVIHMWTPE]IH
=SYGERZMI[XLIMQEKIWERHZMHISWMR]SYVEPFYQWMRE
GLVSRSPSKMGEPKVMHSVMRWXEGOWWSVXIHF]XLIHEXIERHXLIPSGEXMSR
[LIVIXLI][IVIXEOIR=SYW[MXGLEPFYQZMI[W[MXLXLI%PFYQ
:MI[W[MXGLEXXLIXSTVMKLXSJXLIWGVIIR
(VEKXLI%PFYQ:MI[W[MXGL
GSRXIRXWSJXLIEPFYQMRWXEGOW
XSXLIVMKLXXSZMI[XLI
7XEGOWEVIWSVXIHF]XLIHEXIERHPSGEXMSR
[LIVI]SYXSSOXLIQ
(VEKXLI%PFYQ:MI[W[MXGL
XSXLIPIJXXSZMI[XLI
EPFYQGSRXIRXWMREGLVSRSPSKMGEPKVMHEKEMR
+EPPIV]
8S;SVO[MXL&EXGLIWSJ4MGXYVIWSV:MHISW
-REHHMXMSRXS[SVOMRK[MXL[LSPIEPFYQWERH[MXLMRHMZMHYEP
TMGXYVIW]SYGERWIPIGXSRISVQSVITMGXYVIWSVZMHISWMREREPFYQ
XS[SVOSRXLIQMRFEXGLIW*SVI\EQTPIXSWIRHEJI[TMGXYVIW
JVSQEREPFYQXSEJVMIRH
3TIRXLIEPFYQXSZMI[XLITMGXYVIWERHZMHISWXS[SVO
[MXL
4VIWWXLI1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIMXIQW]SY[ERXXS[SVO[MXL
=SYGERYRGLIGOEPPMXIQW]SY ZIGLIGOIHF]XSYGLMRK
(IWIPIGX%PP EXXLIXSTVMKLXSJXLI[MRHS[
9WIXLIGSRXVSPWEXXLIFSXXSQSJXLIWGVIIRXSEGXSRXLI
GLIGOIHMXIQW
8LIGSRXVSPWEZEMPEFPIHITIRHSRXLIQM\SJMXIQW]SY ZI
WIPIGXIH*SVMRJSVQEXMSREFSYXWLEVMRKERHIHMXMRKTMGXYVIW
ERHZMHISWWII q;SVOMRK[MXL4MGXYVIWr SRTEKIERH
q;SVOMRK[MXL:MHISWr SRTEKI
8SWLEVIEREPFYQ
=SYGERWLEVIXLIIRXMVIGSRXIRXWSJSRISVQSVIEPFYQW
=SYGEREPWSWLEVIMRHMZMHYEPMQEKIWSVZMHISWJVSQEREPFYQEW
HIWGVMFIHMRq;SVOMRK[MXL4MGXYVIWr SRTEKIERHq;SVOMRK
[MXL:MHISWr SRTEKI
3TIRXLIQEMR+EPPIV][MRHS[
7II q3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQWr SRTEKI

4VIWWXLI1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIEPFYQW]SY[ERXXSWLEVI


+EPPIV]
8SYGL 7LEVI EXXLIFSXXSQSJXLIWGVIIR-RXLIQIRYXLEX
STIRWXSYGLXLIETTPMGEXMSRXSYWIXSWLEVIXLIWIPIGXIH
EPFYQW
8LIETTPMGEXMSRXLEX]SYWIPIGXIHSTIRW[MXLXLITMGXYVIW
JVSQXLIWIPIGXIHEPFYQWSVPMROWEXXEGLIHXSERI[
QIWWEKI*SVMRJSVQEXMSREFSYXEHHVIWWMRKERHWIRHMRKXLI
QIWWEKIWIIXLIWIGXMSRSRXLEXETTPMGEXMSR
8SKIXHIXEMPWEFSYXEREPFYQ
3TIRXLIQEMR+EPPIV][MRHS[
7II q3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQWr SRTEKI

4VIWWXLI1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIEPFYQW]SY[ERXXSWLEVI
8SYGL 1SVI EXXLIFSXXSQSJXLIWGVIIR-RXLIQIRYXLEX
STIRWXSYGL (IXEMPW
8SHIPIXIEREPFYQ
=SYGERHIPIXIEREPFYQERHMXWGSRXIRXWJVSQ]SYVQMGVS7(GEVH
3TIRXLIQEMR+EPPIV][MRHS[
7II q3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQWr SRTEKI

4VIWWXLI1IRY/I]
X[MGI
'LIGOQEVOSVYRGLIGOXLIEPFYQW]SY[ERXXSHIPIXI
8SYGL (IPIXI EXXLIFSXXSQSJXLIWGVIIR-RXLIHMEPSKFS\
XLEXSTIRWXSYGL 'SRJMVQ(IPIXI
+EPPIV]
;SVOMRK[MXL4MGXYVIW
9WI+EPPIV]XSZMI[TMGXYVIWXLEX]SY ZIXEOIR[MXLXLI'EQIVE
ETTPMGEXMSRHS[RPSEHIHGSTMIHSRXS]SYVQMGVS7(GEVHSVXLEXEVI
WXSVIHMR4MGEWE[IFEPFYQW=SYGEREPWSIHMXXLITMGXYVIWSR]SYV
QMGVS7(GEVHERHWLEVIXLIQ[MXLJVMIRHW
8SZMI[ERHFVS[WITMGXYVIW
3TIRE+EPPIV]EPFYQERHXSYGLETMGXYVI
7IIq3TIRMRK+EPPIV]ERHZMI[MRK=SYV%PFYQWr SRTEKI
ERHq;SVOMRK[MXL%PFYQWr SRTEKI
8SYGLXS^SSQMRSVSYXSVNYWXHSYFPIXET
XLITMGXYVI
8SYGLXLITMGXYVIXSWIIXLIGSRXVSPW
(VEKPIJXSVVMKLXXSWIIXLIRI\XSVTVIZMSYW
TMGXYVIMRXLIEPFYQ
8YVRXLITLSRIXSZMI[XLITMGXYVIMRYTVMKLX TSVXVEMX SV
WMHI[E]W PERHWGETI SVMIRXEXMSR
8LITMGXYVIMWHMWTPE]IH FYXRSXWEZIH MRXLIRI[
SVMIRXEXMSR
8SYGLXLITMGXYVIXSZMI[XLI2EZMKEXMSR>SSQERHSXLIV
GSRXVSPW
8SYGLXLI>SSQMGSRXS^SSQMRSYVSYX3VNYWXHSYFPIXET
XLIWGVIIR
;LIRXLITMGXYVIMW^SSQIHMRHVEKXLITMGXYVIXSZMI[
TEVXWXLEXEVIRSXMRZMI[
;LIRXLITMGXYVIMW^SSQIHXSJMXMRXLI[MRHS[HVEKPIJXSV
VMKLXXSZMI[XLIRI\XSVTVIZMSYWTMGXYVIMRXLIEPFYQ
8S[EXGLEWPMHIWLS[SJ]SYVTMGXYVIW
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWERHXSYGL7PMHIWLS[
8SYGLETMGXYVIXSIRHXLIWPMHIWLS[


+EPPIV]
8SVSXEXIETMGXYVI
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I] 
8SYGL 1SVI
%QIRYSTIRW[MXLXSSPWJSV[SVOMRK[MXLXLITMGXYVI
8SYGL 6SXEXIPIJX SV6SXEXIVMKLX
8LITMGXYVIMWWEZIH[MXLXLIRI[SVMIRXEXMSR
8SYWIETMGXYVIEWEGSRXEGXMGSRSVEW,SQIWGVIIR
[EPPTETIV
8SYGLXLITMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I] 
8SYGL 1SVI
8SYGL 7IXEW
-J]SYXSYGL'SRXEGXMGSR ]SY VITVSQTXIHXSWIPIGXXLI
GSRXEGXXSEWWSGMEXI[MXLXLITMGXYVIERHXLIRGVSTXLI
TMGXYVI-J]SYXSYGL;EPPTETIV]SY VITVSQTXIHXSGVSTXLI
TMGXYVI
+EPPIV]
8SGVSTETMGXYVI
=SYGERWEZIE^SSQIHMRTSVXMSRSJETMGXYVIF]GVSTTMRKMX=SY
GERSRP]GVSTTMGXYVIWXLEXEVISR]SYVQMGVS7(GEVH
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I] 
8SYGL 1SVI
8SYGL 'VST
8LIGVSTTMRKVIGXERKPIETTIEVWSRXSTSJXLITMGXYVI
9WIXLIGVSTTMRKXSSPXSWIPIGXXLITSVXMSRSJXLITMGXYVIXS
GVST
(VEKJVSQXLIMRWMHISJXLIGVSTTMRKXSSPXSQSZIMX
(VEKERIHKISJXLIGVSTTMRKXSSPXSVIWM^IMXXSER]
TVSTSVXMSR
(VEKEGSVRIVSJXLIGVSTTMRKXSSPXSVIWM^IMX[MXLJM\IH
TVSTSVXMSRW
(VEKJVSQMRWMHIXLIGVSTTMRKXSSPXS
QSZIMX
(VEKEGSVRIVSVIHKIXSVIWM^IXLI
GVSTTMRKXSSPERH^SSQMRSVSYX
;LIR]SY VIJMRMWLIHXSYGLGLERKIXSFSPHWX]PI
8SYGL 7EZI XSWEZIEGST]SJXLITMGXYVIEW]SYGVSTTIHMX
8LISVMKMREPYRGVSTTIHZIVWMSRVIQEMRWSR]SYVQMGVS7(
GEVH


+EPPIV]
8SKIXHIXEMPWEFSYXETMGXYVI
8SYGLXLITMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I] 
8SYGL 1SVI
8SYGL (IXEMPW
8SZMI[XLIPSGEXMSRSJETMGXYVIMR+SSKPI1ETW
-J]SYLEZIGSRJMKYVIH'EQIVEXSWEZIPSGEXMSRHEXE[MXL]SYV
TMGXYVIW WII q'LERKMRK'EQIVE7IXXMRKWr SRTEKI ]SYGER
ZMI[XLIPSGEXMSR[LIVI]SYXSSOXLITMGXYVIMR+SSKPI1ETW
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRTVIWWXLI1IRY
/I]
8SYGL 1SVI
8SYGL (IXEMPW
+SSKPI1ETWSTIRWGIRXIVIHSRXLIPSGEXMSRWXSVIHMRXLI
TMGXYVI
8SWLEVIETMGXYVI
=SYGERWLEVIETMGXYVIF]WIRHMRKMXXSJVMIRHWSVTSWXMRKMXMRE
4MGEWE[IFEPFYQ
=SYGEREPWSWLEVIEPFYQWSJMQEKIWSVZMHISWEWHIWGVMFIHMR
q;SVOMRK[MXL%PFYQWr SRTEKI
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRXSYGL 7LEVI
-RXLIQIRYXLEXSTIRWXSYGLXLIETTPMGEXMSRXSYWIXS
WLEVIXLIWIPIGXIHTMGXYVI
8LIETTPMGEXMSR]SYWIPIGXIHSTIRW[MXLXLITMGXYVI SVE
PMRO EXXEGLIHXSERI[QIWWEKI*SVMRJSVQEXMSREFSYX
EHHVIWWMRKERHWIRHMRKXLIQIWWEKIWIIXLIWIGXMSREFSYX
XLEXETTPMGEXMSR
+EPPIV]
8SHIPIXIETMGXYVI
=SYGERHIPIXIETMGXYVIJVSQ]SYVQMGVS7(GEVH
8SYGLETMGXYVIXSZMI[XLIGSRXVSPWXLIRXSYGL (IPIXI
8SYGL 3/ MRXLIHMEPSKFS\XLEXSTIRW
;SVOMRK[MXL:MHISW
9WIXLI+EPPIV]ETTPMGEXMSRXSTPE]ZMHISWXLEX]SY ZIXEOIR[MXL
XLI'EQIVEETTPMGEXMSRERHXSWLEVIXLIQ[MXLJVMIRHW
8STPE]ZMHISW
3TIRE+EPPIV]EPFYQXLIRXSYGLEZMHIS
8LIZMHISTPE]W[MXLXLISVMIRXEXMSR TSVXVEMXSVPERHWGETI
]SYWLSXMXMR
3TIRMRKEPFYQWMWHIWGVMFIHMRq3TIRMRK+EPPIV]ERH
ZMI[MRK=SYV%PFYQWr SRTEKI

8SYGLXLIZMHISXSZMI[XLITPE]FEGO
GSRXVSPWJSVTEYWMRKVIWYQMRKERHWOMTTMRK
FEGO[EVHERHJSV[EVH
8SYGLXLIZMHISXSZMI[XLITPE]FEGOGSRXVSPW


+EPPIV]
8SWLEVIEZMHIS
=SYGERWLEVIEZMHISF]WIRHMRKMXMRERIQEMPSV[MXLE
QYPXMQIHME 117 QIWWEKI
117QIWWEKIWLEZIWM^IPMQMXWX]TMGEPP]1&SVETTVS\MQEXIP]
QMRYXISJLMKLUYEPMX]ZMHISSVQMRYXIWSJPS[UYEPMX]ZMHIS
7II q'LERKMRK'EQIVE7IXXMRKWr SRTEKI=SYGEREPWSWLEVI
EZMHISF]YTPSEHMRKMXXSXLI=SY8YFI[IFWMXI
;LMPIZMI[MRKEREPFYQTVIWWXLI 1IRY/I]
X[MGI
'LIGOQEVOXLIZMHISWSVTMGXYVIWXSWLEVI
8SYGL 7LEVI
-RXLIQIRYXLEXSTIRWXSYGLXLIETTPMGEXMSRXSYWIXS
WLEVIXLIWIPIGXIHZMHISW
8LIETTPMGEXMSR]SYWIPIGXIHSTIRW[MXLXLIZMHISEXXEGLIH
XSERI[QIWWEKI-J]SYWIPIGXIH=SY8YFI]SY VI
TVSQTXIHXSIRXIVHIXEMPWEFSYXXLIZMHISXSYTPSEH*SV
QSVIMRJSVQEXMSRWIIXLIWIGXMSRSRXLEXETTPMGEXMSR
8SHIPIXIEZMHIS
;LMPIZMI[MRKEREPFYQTVIWWXLI 1IRY/I]
'LIGOQEVOXLIZMHISWSVTMGXYVIWXSHIPIXI
8SYGL (IPIXI
8SYGL'SRJMVQ(IPIXI
X[MGI
=SY8YFI
3TIRMRK=SY8YFIERH[EXGLMRK:MHISW
=SYGERFVS[WIWIEVGLJSVZMI[YTPSEHERHVERO=SY8YFIZMHISW
SR]SYVTLSRI[MXLXLI=SY8YFIETTPMGEXMSR
8SSTIRXLI=SY8YFIETTPMGEXMSR
8SYGLXLI=SY8YFIMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
=SY8YFITVIWIRXWXLIZMHISWKVSYTIHMRXSGEXIKSVMIWWYGL
EW1SWX:MI[IH1SWX(MWGYWWIH1SWX6IGIRXERH8ST
6EXIH
=SYGERXSYGLEZMHISXS[EXGLMXSVXSYGL
XSPIEVRQSVI
EFSYXMX
8SYGLXSWIEVGLJSVEZMHIS=SYGER
IZIRWIEVGLF]ZSMGI
8SYGLXSWLSSXERHWLEVIEZMHIS
8SYGLEZMHISXSTPE]MX
8SYGLXSPIEVRQSVIEFSYXEZMHIS


=SY8YFI
8S[EXGLERHMRXIVEGX[MXL=SY8YFIZMHISW
3RE=SY8YFIWGVIIRXSYGLEZMHISXSTPE]MX
8SYGLXLIZMHISXSZMI[XLI4PE]FEGOGSRXVSPW
=SYGERTEYWIWOMTJSV[EVHSVFEGO[EVHSVHVEKXLIWPMHIV
XSXLITSMRXMRXLIZMHIS]SY[ERXXS[EXGL
8SYGLXLI &EGO/I]
ZMHISWPMWX
XSWXSTTPE]FEGOERHVIXYVRXSXLI
4VIWWXLI1IRY/I]
XSVEROGSQQIRXSRWLEVIJPEK
EWMRETTVSTVMEXIERHMRXIVEGX[MXLXLIZMHISMRSXLIV[E]W
*SVHIXEMPWEFSYXXLIWIJIEXYVIWZMWMXXLI=SY8YFI[IFWMXI
8SWIEVGLJSVZMHISW
%XXLIXSTSJXLIQEMR=SY8YFIWGVIIRXSYGLXLI7IEVGL
MGSR 
)RXIVXLIXI\XXSWIEVGLJSVSVXSYGLXLI1MGVSTLSRIMGSRXS
WIEVGLF]ZSMGI
8SYGLEWYKKIWXMSRFIPS[XLIWIEVGLFS\SVXSYGLXLI
QEKRMJ]MRKKPEWWMGSR 
7GVSPPXLVSYKLXLIWIEVGLVIWYPXWXLIRXSYGLEZMHISXS
[EXGLMX
=SY8YFI
8SWLEVI]SYVZMHISWSR=SY8YFI
=SYGERWLSSXERHWLEVIEZMHISF]YWMRK=SY8YFI*MVWX]SY
QYWXGVIEXIE=SY8YFIEGGSYRXERHWMKRMRXSMXSR]SYVTLSRI
=SYGEREPWSWLEVIXLIZMHISW]SYWLSSX[MXLXLI'EQIVE
ETTPMGEXMSRF]YTPSEHMRKXLIQXS=SY8YFI7II q;SVOMRK[MXL
:MHISWr SRTEKI
%XXLIXSTSJXLIQEMR=SY8YFIWGVIIRXSYGLXLI'EQIVE
MGSR 
-J]SY[ERXXSGSRXVSPXLII\TSWYVIQERYEPP]XSYGLXLI
WPMHIVXSSTIRXLIGEQGSVHIVWIXXMRKW
7II q'LERKMRK'EQIVE7IXXMRKWr SRTEKI
4SMRXXLIPIRWXSJVEQIXLIWGIRI[LIVI]SY[ERXXSWXEVX
8SYGLXLI6IGSVHMRKOI] 
8LIGEQGSVHIVWXEVXWVIGSVHMRKXLIZMHIS8LIXMQI
VIQEMRMRKXSWLSSXGSYRXWHS[REXXLIPIJX[LIRPIWWXLER
EQMRYXIMWPIJXXLIGSYRXHS[RXYVRWVIH
8SYGL7XSTOI]
XSWXSTWLSSXMRK
=SYGERVIWLSSXXLIZMHISSVTVIZMI[MXEWHIWGVMFIHMR
q6IZMI[MRK=SYV:MHISWr SRTEKI
8SYGL 3/
=SYVIXYVRXSXLI=SY8YFI9TPSEHHIXEMPWWGVIIR
)RXIVEXMXPIHIWGVMTXMSRERHXEKWJSV]SYVZMHIS
-J]SY[ERXXSWLEVIXLIZMHIS[MXLIZIV]SRIGLIGO4YFPMG
8SYGL9TPSEH


1YWMG
8VERWJIVVMRK1YWMG*MPIWXS=SYV4LSRI
8LI1YWMGETTPMGEXMSRTPE]WEYHMSJMPIWXLEXEVIWXSVIHSR]SYV
TLSRI WQMGVS7(GEVH'ST]EYHMSJMPIWJVSQ]SYVGSQTYXIVSRXS
XLIQMGVS7(GEVHFIJSVI]SYSTIR1YWMG1YWMGWYTTSVXWE[MHI
ZEVMIX]SJEYHMSJMPIJSVQEXWWSMXGERTPE]QYWMGXLEX]SYTYVGLEWI
JVSQSRPMRIWXSVIWQYWMGXLEX]SYGST]JVSQ]SYV'(GSPPIGXMSR
ERHWSSRXLI1YWMGETTPMGEXMSRWYTTSVXWEYHMSJMPIWMRRYQIVSYW
JSVQEXWMRGPYHMRK141% M8YRIWETTPMGEXMSR%%'(61JVII 
%161-(-ERH3++:SVFMW
8SGST]QYWMGJMPIWSRXSXLITLSRI WQMGVS7(GEVH
'SRRIGXXLITLSRIXS]SYVGSQTYXIV[MXLE97&GEFPIERH
QSYRXXLIQMGVS7(GEVH
7II q'SRRIGXMRKXSE'SQTYXIVZME97&r SRTEKI
8SSVKERM^I]SYVEYHMSJMPIW]SYGERYWIXLIGSQTYXIVXS
GVIEXIEQYWMGJSPHIVEXXLIXSTPIZIPSJXLIQMGVS7(GEVH
9WIXLIGSQTYXIVXSGST]QYWMGERHSXLIVEYHMSJMPIWMRXS
XLIJSPHIVXLEX]SYGVIEXIHSRXLIQMGVS7(GEVH
=SYGERYWIWYFJSPHIVWSRXLIQMGVS7(GEVHXSSVKERM^I
]SYVQYWMGJMPIW3V]SYGERWMQTP]GST]XLIEYHMSJMPIWXS
XLIXSTPIZIPSJXLIQMGVS7(GEVH
-JXLIQYWMGJMPIWLEZIEGGSQTER]MRKEVX[SVOMR.4)+
JSVQEXVIREQIXLIEVXJMPIEPFYQEVXNTKERHMRGPYHIMXMRXLI
WEQIJSPHIVEWXLIQYWMGJMPIW
-J]SYLEZIGVIEXIHER]TPE]PMWXWGVIEXIEWYFJSPHIVJSVXLIQ
MR]SYVQYWMGJSPHIVSRXLIQMGVS7(GEVHERHGST]XLI
TPE]PMWXWMRXSMX
9RQSYRXXLIQMGVS7(GEVHJVSQXLIGSQTYXIVERH
HMWGSRRIGXXLITLSRI
;%62-2+ 8STVIZIRXHEQEKIXSXLIJMPIWSR]SYVQMGVS7(GEVHJSPPS[]SYV
GSQTYXIV WMRWXVYGXMSRWERHXLIMRWXVYGXMSRWMRq'SRRIGXMRKXSE
'SQTYXIVZME97&r SRTEKI
1YWMG
3TIRMRK1YWMGERH;SVOMRK[MXL=SYV0MFVEV]
%JXIV]SY ZIGSTMIHWSQIQYWMGSRXS]SYVQMGVS7(GEVHEW
HIWGVMFIHMRq8VERWJIVVMRK1YWMG*MPIWXS=SYV4LSRIr SRTEKI
]SYGERSTIRXLI1YWMGETTPMGEXMSRERHWII]SYVPMFVEV]SJQYWMG
JMPIWWSVXIHMRSRISJJSYV[E]W
8SSTIR1YWMGERHZMI[]SYVQYWMGPMFVEV]
8SYGLXLI1YWMGMGSR
SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
1YWMGWIEVGLIWXLIQMGVS7(GEVHJSVQYWMGJMPIW]SYGSTMIH
XS]SYVGEVHXLIRFYMPHWEGEXEPSKSJ]SYVQYWMGFEWIHSR
XLIMRJSVQEXMSRGSRXEMRIHMRIEGLQYWMGJMPI8LMWGERXEOI
JVSQEJI[WIGSRHWXSWIZIVEPQMRYXIWHITIRHMRKSRLS[
QE]JMPIW]SYLEZIGSTMIHSRXSXLIQMGVS7(GEVH
;LIRXLIGEXEPSKMWGSQTPIXIXLI1YWMGPMFVEV]WGVIIR
STIRW[MXLXEFWXLEX]SYGERXSYGLXSZMI[]SYVQYWMG
PMFVEV]SVKERM^IHF]%VXMWXW%PFYQW7SRKWSV4PE]PMWXW
8SYGLEXEFXSZMI[]SYVPMFVEV]MRSRISJJSYV
[E]W
8SYGLXLIWYQQEV]SJXLIGYVVIRXXVEGOXS
STIRXLI4PE]FEGOWGVIIR
=SYGERVIXYVRXSXLIQEMR0MFVEV]WGVIIR
JVSQQSWXSXLIVWGVIIRWMRXLI1YWMGETTPMGEXMSRF]TVIWWMRKXLI
1IRY/I]
XLIRXSYGLMRK0MFVEV]


1YWMG
8SWIEVGLJSVQYWMGMR]SYVPMFVEV]
3TIRXLIQEMR0MFVEV]WGVIIRXLIRXSYGLXLI 7IEVGL/I]
7XEVXX]TMRKXLIREQISJXLIEVXMWXEPFYQSVXVEGO]SY VI
PSSOMRKJSV
1EXGLMRKWSRKWEVIHMWTPE]IHMRXLIPMWXFIPS[XLIWIEVGL
FS\
8SYGLEQEXGLMRKWSRKXSTPE]MX3VXSYGLEQEXGLMRK
EPFYQSVEVXMWXXSZMI[EPMWXSJEWWSGMEXIHWSRKW
8SHIPIXIEWSRKJVSQXLIQMGVS7(GEVH
=SYGERHIPIXIQYWMGJVSQXLIWXSVEKIGEVH
8SYGLERHLSPHEWSRKMREPMFVEV]PMWX-RXLIQIRYXLEX
STIRWXSYGL(IPIXI
36
3RXLI4PE]FEGOWGVIIRTVIWWXLI 1IRY/I]
XLIR
XSYGL(IPIXI
;LIR]SYVTLSRIMWGSRRIGXIHXSEGSQTYXIV]SYGEREPWS
HIPIXIQYWMGJMPIWJVSQXLIQMGVS7(GEVHEWHIWGVMFIHMR
q8VERWJIVVMRK1YWMG*MPIWXS=SYV4LSRIr SRTEKI
1YWMG
4PE]MRK1YWMG
=SYGERPMWXIRXSQYWMGF]YWMRKXLITLSRI WFYMPXMRWTIEOIV
XLVSYKLE[MVIHLIEHWIXSVXLVSYKLE[MVIPIWW&PYIXSSXLWXIVIS
LIEHWIXXLEXWYTTSVXWXLI%(4TVSJMPI7II q'SRRIGXMRKXS
&PYIXSSXL(IZMGIWr SRTEKI
8STPE]QYWMG
8SYGLEWSRKMR]SYVPMFVEV]XSPMWXIRXSMX
36
;LMPIZMI[MRKEPMWXSJXVEGOWMREREPFYQTVIWWXLI1IRY
/I]
XLIRXSYGL4PE]EPP
8LI4PE]FEGOWGVIIRSTIRWERHXLIWSRK]SYXSYGLIHSVXLI
JMVWXWSRKMRXLIEPFYQSVSXLIVTPE]PMWXWXEVXWXSTPE]8LI
XVEGOWMRXLIGYVVIRXTPE]PMWXTPE]MRSVHIVYRXMP]SYVIEGLXLI
IRHSJXLITPE]PMWX YRPIWW]SYGLSSWIEVITIEXSTXMSR 
3XLIV[MWITPE]FEGOWXSTWSRP]MJ]SYWXSTMXIZIR[LIR]SY
W[MXGLETTPMGEXMSRWSVVIGIMZIETLSRIGEPP
8SYGLXSSTIRXLIGYVVIRXTPE]PMWX
8SYGLXSWLYJJPIXLIGYVVIRXTPE]PMWX
8SYGLXSVITIEXXLIGYVVIRXTPE]PMWXXSYGL
EKEMRXSVITIEXXLIGYVVIRXXVEGO
8SYGLERHLSPHXSWIEVGLJSVMRJSVQEXMSR
7OMTXVEGOWSVTEYWIERHVIWYQITPE]FEGO
(VEKXLIWPMHIVXSKSHMVIGXP]XSEWIGXMSRSJEXVEGO
=SYGERVIXYVRXSXLI4PE]FEGOWGVIIRJVSQQSWXSXLIV
WGVIIRWMRXLI1YWMGETTPMGEXMSRF]TVIWWMRKXLI 1IRY/I]
XLIRXSYGLMRK 4PE]FEGO
=SYGERVIXYVRXSXLI4PE]FEGOWGVIIRJVSQER]SXLIV
ETTPMGEXMSRF]STIRMRKXLI2SXMJMGEXMSRWTERIPERHXSYGLMRK
XLISRKSMRKQYWMGRSXMJMGEXMSR7II q1EREKMRK2SXMJMGEXMSRWr
SRTEKI


1YWMG
8SGSRXVSPTPE]FEGO
8LI4PE]FEGOWGVIIRGSRXEMRWWIZIVEPMGSRWXLEX]SYGERXSYGLXS
GSRXVSPXLITPE]FEGOSJWSRKWEPFYQWERHTPE]PMWXW
8SYGLXSTEYWITPE]FEGO
8SYGLXSVIWYQITPE]FEGO
8SYGLXSWOMTXSXLIRI\XXVEGOMRXLIEPFYQTPE]PMWXSVWLYJJPI
8SYGLXSWOMTXSXLITVIZMSYWXVEGOMRXLIEPFYQTPE]PMWXSVWLYJJPI
8SYGLXSSTIRXLIGYVVIRXTPE]PMWX
8SYGLXSTPE]XLIGYVVIRXTPE]PMWXMRWLYJJPIQSHI XVEGOWEVITPE]IHMR
VERHSQSVHIV 
8SYGLXSWIXVITIEXQSHI(SR XVITIEX6ITIEXXLITPE]PMWXSV6ITIEX
XLIGYVVIRXXVEGO
8SGSRXVSPTPE]FEGOZSPYQI
-REHHMXMSRXSXLIXIGLRMUYIWJSVWIXXMRKQIHMEZSPYQIHIWGVMFIH
MRq7SYRH HMWTPE]r SRTEKI]SYGERGSRXVSPXLIZSPYQISJ
QYWMGMRXLI1YWMGETTPMGEXMSR
4VIWWXLITLSRI W :SPYQI9T(S[ROI]
%TERIPSTIRWXSWLS[XLIGYVVIRXQIHMEZSPYQIXLI
MRHMGEXSV]SYTVIWWXLIOI]XSEW]SYEHNYWXXLIZSPYQI
7SQILIEHWIXWMRGPYHIXLIMVS[RZSPYQIGSRXVSPWSV[E]W
XSTEYWIERHVIWYQITPE]FEGOSVXSW[MXGLXVEGOW
1YWMG
8STPE]]SYVXVEGOWMRETEVX]WLYJJPI
;LIR]SYXYVRSR4EVX]7LYJJPI1YWMGTPE]WXVEGOWJVSQ]SYV
QMGVS7(GEVHMRVERHSQSVHIVYRXMP]SYXYVR4EVX]7LYJJPISJJ
-RXLI4PE]FEGOSVE0MFVEV]WGVIIRTVIWWXLI 1IRY/I]
XLIRXSYGL4EVX]WLYJJPI
1YWMGGVIEXIWEGYVVIRXTPE]PMWXSJEHS^IRXVEGOWWIPIGXIH
VERHSQP]JVSQ]SYVQMGVS7(GEVHERHWXEVXWTPE]MRKXLIQ
;LIRMXJMRMWLIWTPE]MRKXLIJMVWXHS^IRXVEGOWMXEHHW
ERSXLIVHS^IRERHOIITWTPE]MRK
:MI[XLIGYVVIRXTPE]PMWXXLEX4EVX]7LYJJPIMWTPE]MRKF]
XSYGLMRKXLI4PE]PMWXMGSR
SRXLI4PE]FEGOWGVIIR
*SVQSVIMRJSVQEXMSRWII q;SVOMRK[MXL4PE]PMWXWr SRTEKI

%HHEXVEGOXSXLIIRHSJXLI4EVX]7LYJJPITPE]PMWXF]
XSYGLMRKERHLSPHMRKXLIREQISJEXVEGOMR]SYVPMFVEV]-R
XLIQIRYXLEXSTIRWXSYGL%HHXSTPE]PMWXXLIR'YVVIRX
TPE]PMWX
8LIXVEGOMWEHHIHXSXLIIRHSJXLI4EVX]7LYJJPITPE]PMWX
7XST4EVX]7LYJJPIF]TVIWWMRK 1IRY/I]
4EVX]WLYJJPISJJ
XLIRXSYGLMRK
8SYWIEWSRKEWEVMRKXSRI
=SYGERYWIEWSRKEW]SYVTLSRIVMRKXSRIMRTPEGISJSRISJXLI
VMRKXSRIWXLEXGSQI[MXLXLITLSRI
8SYGLERHLSPHEWSRKMREPMFVEV]PMWX-RXLIQIRYXLEX
STIRWXSYGL9WIEWTLSRIVMRKXSRI
36
3RXLI4PE]FEGOWGVIIRTVIWWXLI 1IRY/I]
XLIR
XSYGL9WIEWVMRKXSRI
*SVHIXEMPWEFSYXYWMRKXLI7IXXMRKWETTPMGEXMSRXSZMI[ERH
WIXXLITLSRI WVMRKXSRIWIIq7SYRH HMWTPE]WIXXMRKWr SR
TEKI


1YWMG
;SVOMRK[MXL4PE]PMWXW
=SYGERGVIEXITPE]PMWXWXSSVKERM^I]SYVQYWMGJMPIWMRXSWIXWSJ
WSRKW[LMGL]SYGERTPE]MRXLISVHIV]SYWIXSVMREWLYJJPI
8SGVIEXIETPE]PMWX
;LIRZMI[MRKEPMWXSJWSRKWMRXLIPMFVEV]XSYGLERHLSPH
XLIJMVWXWSRK]SY[ERXXSEHHXSXLIRI[TPE]PMWX
8SYGL%HHXSTPE]PMWX
8SYGL2I[
)RXIVEREQIXLIRXSYGL7EZI
8LIRI[TPE]PMWXMWEHHIHXSXLI4PE]PMWXPMFVEV]
=SYGEREPWSEHHXLIWSRKXLEXMWTPE]MRKMRXLI4PE]FEGO
WGVIIREWXLIJMVWXWSRKMRETPE]PMWXF]TVIWWMRKXLI1IRY
/I]
XLIRXSYGLMRK%HHXSTPE]PMWX3VXSYGL7EZIEW
TPE]PMWX XSWEZIEPPXLIWSRKWMREREPFYQXLEX]SY VITPE]MRK
EWETPE]PMWX
8SEHHEWSRKXSETPE]PMWX
;LMPIZMI[MRKEPMWXSJXVEGOWMRXLI0MFVEV]XSYGLERHLSPHE
WSRKXSEHHMXXSETPE]PMWX
8SYGL%HHXSTPE]PMWX
8SYGLXLIREQISJXLITPE]PMWXXSEHHXLIWSRKXS
8LIWSRKMWEHHIHXSXLITPE]PMWX
=SYGEREPWSEHHXLIWSRKXLEXMWTPE]MRKMRXLI4PE]FEGO
WGVIIRXSETPE]PMWXF]TVIWWMRKXLI 1IRY/I]
XLIR
XSYGLMRK %HHXSTPE]PMWX
8SVIEVVERKIWSRKWMRETPE]PMWX
3TIRETPE]PMWXF]XSYGLMRKMXMRXLI4PE]PMWXPMFVEV]
=SYGEREPWSSTIRXLIGYVVIRXP]TPE]MRKTPE]PMWXF]XSYGLMRK
XLI4PE]PMWXMGSR
MRXLI4PE]FEGO[MRHS[
(VEKEWSRKYTSVHS[RXSGLERKIMXWSVHIVMRXLITPE]PMWX
1YWMG
8SVIQSZIEWSRKJVSQETPE]PMWX
3TIRETPE]PMWX
8SYGLERHLSPHEWSRKXLIRXSYGL 6IQSZIJVSQTPE]PMWX3V
XLIRXSYGL 'PIEVTPE]PMWX XS
TVIWWXLI 1IRY/I]
VIQSZIEPPXLIWSRKWJVSQXLITPE]PMWX
8LIWSRKMWR XHIPIXIHJVSQXLIQMGVS7(GEVHSVSXLIV
TPE]PMWXW MX WVIQSZIHSRP]JVSQXLITPE]PMWX]SY VI[SVOMRK
[MXL
8SVIREQISVHIPIXIETPE]PMWX
3TIRXLI4PE]PMWXPMFVEV]
8SYGLERHLSPHETPE]PMWX-RXLIQIRYXLEXSTIRWXSYGL
6IREQI SV(IPIXI
=SYGER XHIPIXISVVIREQIXLI6IGIRXP]%HHIHTPE]PMWX
2SWSRKWEVILEVQIHF]HIPIXMRKETPE]PMWX
8SGVIEXITPE]PMWXWSR]SYVGSQTYXIV
=SYGERGVIEXITPE]PMWXWSR]SYVGSQTYXIVXSYWIMRXLI1YWMG
ETTPMGEXMSR1YWMGGER[SVO[MXLTPE]PMWXWMR19;40ERH407
JMPIJSVQEXW=SYGST]TPE]PMWXWSRXS]SYVQMGVS7(GEVHMRXLI
WEQI[E]EW]SYGST]QYWMGEWHIWGVMFIHMR q8VERWJIVVMRK1YWMG
*MPIWXS=SYV4LSRIr SRTEKI8LIFIWXTVEGXMGIMWXSGVIEXIE
WYFJSPHIV[MXLMR]SYVQYWMGJSPHIVJSVTPE]PMWXW
-J]SYHSR XLEZIEHIHMGEXIHETTPMGEXMSRSR]SYVGSQTYXIVXLEX
GERGVIEXITPE]PMWXW]SYGERGVIEXIETPE]PMWXMREXI\XIHMXSVYWMRK
XLIJSPPS[MRKKYMHIPMRIW
)RXIVIEGLQYWMGJMPIREQI]SY[ERXXSMRGPYHIMRXLI
TPE]PMWXIEGLSRMXWS[RPMRI
9WIQYWMGJMPIREQIWEWHMWTPE]IHSR]SYVGSQTYXIV1YWMG
MKRSVIWEPPFYXXLIXVEGOREQIW[LIRHMWTPE]MRKXLITPE]PMWX
7EZIXLIJMPI[MXLXLIQYI\XIRWMSR


'PSGO
:MI[MRKXLI(EXI8MQIERH3XLIV-RJSVQEXMSR
=SYYWI'PSGOXSQSRMXSVWIZIVEPOMRHWSJMRJSVQEXMSREXSRGIMR
EHHMXMSRXSXLIGYVVIRXHEXIERHXMQI
8SSTIRXLI'PSGOETTPMGEXMSR
-RWIVXXLITLSRIMRXSXLI0+%00=81 HIWOXSTHSGO
*SVMRJSVQEXMSREFSYXXLISTXMSREP0+%00=81 HIWOXSTHSGO
EGGIWWSV]KSXSLXXTKSSKPIGSQTLSRI
36
8SYGLXLI'PSGOMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr SRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
8LIJMVWXXMQI]SYMRWIVXXLITLSRIMRXSEHIWOXSTHSGOE
HMEPSKEWOW[LIXLIV]SY[ERXQYWMGERHSXLIVEYHMSXSTPE]
XLVSYKLXLIHSGO WEYHMSPMRISYXTSVX=SYVWIXXMRKETTPMIW
SRP]XSXLIHSGO]SYEVIYWMRK=SYGERLEZIHMJJIVIRX
WIXXMRKWJSVHMJJIVIRXHSGOW=SYGEREPWSGLERKI]SYVHSGO
EYHMSWIXXMRKER]XMQIXLITLSRIMWMRWIVXIHMRXLEXHSGOEW
HIWGVMFIHMRq7SYRH HMWTPE]r SRTEKI
XLI'PSGOETTPMGEXMSRSTIRW[MXLXLIHEXIERHXMQIHMWTPE]IH
SR]SYV,SQIWGVIIR[EPPTETIVEPSRK[MXL]SYVPSGEP
[IEXLIVERHSXLIVYWIJYPMRJSVQEXMSR
'PSGO
8SYGLXSHMQXLIWGVIIR
8LIXMQI[LIRXLIRI\XEPEVQMWWIX
8LIFEXXIV]GLEVKIPIZIPERH[LIXLIVXLI
TLSRIMWTPYKKIHMRXSEGLEVKIV
8SYGLERMGSRXSWIXEREPEVQZMI[E
WPMHIWLS[PMWXIRXSQYWMGSVKSXSXLI
,SQIWGVIIR
;LIR'PSGOMWVYRRMRKMXW[MXGLIWXSWGVIIRWEZIVQSHI
EJXIVEJI[QMRYXIWGSRXMRYEPP]QSZMRKXLIHEXIERHXMQI
HMWTPE]SRXLITLSRIWGVIIR7MQTP]XSYGLXLIWGVIIRSVE
TLSRIOI]XS[EOIXLITLSRIYTEKEMR
8SVIXYVRXSXLI,SQIWGVIIRXSYGLXLI,SQIMGSR
EX
XLIFSXXSQSJXLI'PSGOWGVIIR
8STPE]EWPMHIWLS[
=SYGERTPE]EWPMHIWLS[SJXLITMGXYVIWMR]SYV+EPPIV]EPFYQWMR
TPEGISJXLIHEXIERHXMQI
8SYGLXLI7PMHIWLS[MGSR
WGVIIR
4VIWWXLI&EGO/I]
EXXLIFSXXSQSJXLI'PSGO
XSIRHXLIWLS[
8STPE]QYWMG
=SYGERTPE]QYWMG[LMPIXLI'PSGOMWHMWTPE]IH-J]SYLEZIE
HIWOXSTHSGOEGGIWWSV]XLIQYWMGMWXVERWQMXXIHSYXXLIHSGO W
EYHMSNEGOWS]SYGERTPE]QYWMGJVSQXLITLSRISREWXIVISF]
YWMRKXLIWXIVISEYHMSGEFPIXLEXMWMRGPYHIH[MXLXLIHSGO
8SYGLXLI1YWMGMGSR
EXXLIFSXXSQSJXLI'PSGOWGVIIR
8LI1YWMGETTPMGEXMSRSTIRW[LIVI]SYGERWIPIGXQYWMGXS
TPE]*SVQSVIMRJSVQEXMSRWII q1YWMGr SRTEKI=SY
GERVIXYVRXS'PSGOSVYWIERSXLIVETTPMGEXMSR[LMPIXLI
QYWMGMWTPE]MRK


'PSGO
8SHMQXLI'PSGOHMWTPE]
-J]SY[ERXXSYWI]SYVTLSRIEWEFIHWMHIGPSGO]SYGER
WIXXLIWGVIIRFVMKLXRIWWZIV]PS[8SYGLXLI(MQQIVMGSR
XSHMQXLIGPSGO
8SYGLXLI(MQQIVMGSR
EKEMRXSVIWXSVIRSVQEP
FVMKLXRIWW
-J]SYGER XWIIXLI(MQQIVMGSRTVIWWERHLSPHXLI,SQI
MGSRXLIRXSYGLXLI'PSGOMGSRXSVISTIR'PSGOEXRSVQEP
FVMKLXRIWW
7IXXMRK%PEVQW
=SYGERWIXEREPEVQF]QSHMJ]MRKERI\MWXMRKEPEVQSVF]EHHMRKE
RI[SRI
8SWIXEREPEVQ
8SYGLXLI%PEVQMGSR
EXXLIFSXXSQSJXLI'PSGOWGVIIR
8SYGLXSEHHEREPEVQ
8SYGLXSXYVREREPEVQSRSVSJJ
8SYGLXSSTIREWGVIIR[LIVI]SYGERWIX
XLIEPEVQ WXMQIERHSXLIVEXXVMFYXIW
8SYGLXSVIXYVRXSXLIQEMR'PSGOWGVIIR
8SYGLXLI%PEVQMGSR RI\XXSEREPEVQXSXYVRMXSRSVSJJ
%PEVQWXLEXEVIWIXEVIYRHIVPMRIHMRKVIIR
'PSGO
8SYGLERI\MWXMRKEPEVQXSGLERKIMXWXMQIERHSXLIV
EXXVMFYXIW3VXSYGL%HHEPEVQW XSEHHERI[SRI
8SYGL 8MQI XSWIXXLIXMQISJXLIEPEVQ
-RXLIHMEPSKFS\XLEXSTIRW]SYGLERKIXLIXMQIF]
XSYGLMRKXLISVFYXXSRWERHXLI%1SV41FYXXSRW3V
XSYGLEXMQIXSX]TIXLIXMQI]SY[ERX
8SYGL 6MRKXSRI XSWIPIGXEVMRKXSRIJSVXLIEPEVQ
=SYGERWIPIGXEVMRKXSRIXLEXGSQIW[MXLXLITLSRISV
SRIXLEX]SYWEZIHEWEVMRKXSRIF]YWMRKXLI1YWMG
ETTPMGEXMSR7II q8SYWIEWSRKEWEVMRKXSRIr SRTEKI
8LIVMRKXSRITPE]WFVMIJP][LIR]SYWIPIGXMX
8SYGL :MFVEXI XSLEZIXLITLSRIZMFVEXIMREHHMXMSRXS
TPE]MRKXLIVMRKXSRI
8SYGL 6ITIEX XSWIXXLIHE]W[LIR]SY[ERXXLIEPEVQXS
WSYRH
-J]SYHSR XWIXEVITIEXXLIEPEVQWSYRHWSRP]XLISRIHE]
8SYGL 0EFIP XSIRXIVEREQIJSVXLIEPEVQ
;LIR]SY VIJMRMWLIHXSYGL(SRI
%XXLIXMQI]SYWIXXLIEPEVQWSYRHW
4VIWWXLI&EGO/I]
XSVIXYVRXSXLIQEMR'PSGOWGVIIR


'PSGO
'LERKMRK'PSGO%PEVQ7IXXMRKW
=SYGERGLERKIERYQFIVSJWIXXMRKWJSVXLIEPEVQW]SYWIX
=SYGEREPWSGLERKILS[XMQIWEVIHMWTPE]IHMR'PSGOMRXLI
7IXXMRKWETTPMGEXMSRW7IIq(EXI XMQIr SRTEKI
8SGLERKI'PSGOEPEVQWIXXMRKWXSYGLXLI%PEVQMGSR EX
XLIFSXXSQSJXLI'PSGOWGVIIR-RXLI%PEVQWWGVIIRXLEX
XLIRXSYGL7IXXMRKW
STIRWTVIWWXLI1IRY/I]
%PEVQMRWMPIRXQSHI 'LIGOXSTPE]EPEVQWIZIR[LIRXLITLSRI
MWMR7MPIRXQSHI
%PEVQZSPYQI 3TIRWEHMEPSK[LIVI]SYGERWIXXLIZSPYQISJ
EPEVQW
7RSS^IHYVEXMSR 3TIRWEHMEPSK[LIVI]SYGERWIXLS[PSRK
'PSGO[EMXWFIJSVITPE]MRKEREPEVQEKEMR
7MHIFYXXSRFILEZMSV 3TIRWEHMEPSK[LIVI]SYGERWIX[LEX
LETTIRWMJ]SYTVIWWXLI :SPYQI9T(S[R OI][LIREREPEVQ
WSYRHW=SYGERWIXMXXSLEZIRSIJJIGXXSWRSS^IXLIEPEVQSV
XSHMWQMWWMX
'EV,SQI
9WMRK'EV,SQI
=SYGERYWI'EV,SQI[LIXLIVSVRSX]SYLEZIE0+%00=81 GEV
HSGO XLISTXMSREPEGGIWWSV]EZEMPEFPIJVSQ
LXXTKSSKPIGSQTLSRI 
-RWIVXXLITLSRIMRXSXLI0+%00=81 GEVHSGO
36
8SYGLXLI'EV,SQIMGSR
SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWr
SRTEKIXSPIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRK
ETTPMGEXMSRW8LIJMVWXXMQI]SYMRWIVXXLITLSRIMREGEV
HSGOEHMEPSKEWOW[LIXLIV]SY[ERXXSYWIXLIHSGOEWE
WTIEOIVTLSRIERH[LIXLIV]SY[ERXXSTPE]QYWMGERH
SXLIVEYHMSSRXLIHSGOtWWTIEOIV=SYVWIXXMRKETTPMIWSRP]
XSXLIHSGO]SYEVIYWMRK=SYGERLEZIHMJJIVIRXWIXXMRKW
JSVHMJJIVIRXHSGOW=SYGEREPWSGLERKI]SYVHSGOEYHMS
WIXXMRKER]XMQIXLITLSRIMWMRWIVXIHMRXLEXHSGOEW
HIWGVMFIHMRq7SYRH HMWTPE]rSRTEKI
XLI'EV,SQIETTPMGEXMSRSTIRW[MXLJMZIPEVKIMGSRWXLEX
]SYGERXSYGLXSEGGIWW1ETW2EZMKEXMSR:SMGI7IEVGL
'SRXEGXWERH7IEVGLEW[IPPEWE,SQIMGSR
8SYGLXSVIXYVRXSXLI,SQIWGVIIR
8SYGLERMGSRXSEGGIWWXLEXETTPMGEXMSRSV
WIVZMGI[LMPIHVMZMRK
*SVMRJSVQEXMSREFSYX1ETWMRGPYHMRKREZMKEXMSRWIIq1ETWrSR
TEKI*SVMRJSVQEXMSREFSYXWIEVGLMRKERHWIEVGLMRKF]ZSMGI
WIIq7IEVGLMRK=SYV4LSRIERHXLI;IFrSRTEKI*SV
MRJSVQEXMSRSR[SVOMRK[MXL]SYV'SRXEGXWWIIq'SRXEGXWrSRTEKI
;LIRXLITLSRIMWMRXLIGEVHSGOXLI'EV,SQIRSXMJMGEXMSR
MGSRMWEHHIHXSXLIWXEXYWFEVWS]SYGERUYMGOP]VIXYVRXS'EV
,SQIJVSQERSXLIVETTPMGEXMSRF]STIRMRKXLI2SXMJMGEXMSRWTERIP
ERHXSYGLMRKXLI'EV,SQIRSXMJMGEXMSR


'EPGYPEXSV
9WMRKXLI'EPGYPEXSV
9WIXLI'EPGYPEXSVETTPMGEXMSRXSWSPZIQEXLTVSFPIQW
8SSTIRERHYWIXLI'EPGYPEXSV
8SYGLXLI'EPGYPEXSVMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWrSRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
(VEKXSW[MXGL
FIX[IIRFEWMGERH
EHZERGIHWGVIIRW
)RXIVRYQFIVWERHEVMXLQIXMGSTIVEXSVWSRXLIFEWMGWGVIIR
(VEKXLIFEWMGWGVIIRXSXLIPIJXXSSTIRXLIEHZERGIHWGVIIR
8SYGLERHLSPHXLI'EPGYPEXSVtWHMWTPE]XSSTIREQIRY
[LIVI]SYGERGST][LEX]SYtZIIRXIVIHERHEGGIWWSXLIV
XSSPW
8SYGL'PIEV XSHIPIXIXLIPEWXRYQFIVSVSTIVEXSV]SY
IRXIVIH8SYGLERHLSPH'PIEV XSHIPIXIIZIV]XLMRKMRXLI
HMWTPE]
8SEGGIWW]SYVLMWXSV]SJSTIVEXMSRW
'PIEVXLILMWXSV]F]TVIWWMRKXLI1IRY/I]
XSYGLMRK 'PIEV LMWXSV]
XLIR
1EVOIX
3TIRMRK%RHVSMH1EVOIXERH*MRHMRK
%TTPMGEXMSRW
3TIR%RHVSMH1EVOIXXSFVS[WIERHWIEVGLJSVJVIIERHTEMH
ETTPMGEXMSRW
8SSTIRXLI%RHVSMH1EVOIXETTPMGEXMSR
8SYGLXLI1EVOIXMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWrSRTEKIXS
PIEVRQSVIEFSYXSTIRMRKERHW[MXGLMRKETTPMGEXMSRW
;LIR]SYSTIRXLI%RHVSMH1EVOIXETTPMGEXMSRJSVXLIJMVWX
XMQI]SYQYWXVIEHERHEGGITXXLIXIVQWSJWIVZMGIXS
GSRXMRYI
8SYGLXSWIEVGL1EVOIX
8SYGLEGEXIKSV]XSSTIRMX
8SYGLEJIEXYVIHETTPMGEXMSRXSSTIRMX
8SKIXLIPT[MXL%RHVSMH1EVOIX
8LI%RHVSMH1EVOIX,IPT[IFTEKIWEVIEZEMPEFPIJVSQEPP%RHVSMH
1EVOIXWGVIIRW
4VIWWXLI1IRY/I]
XLIRXSYGL,IPT
8LI&VS[WIVETTPMGEXMSRSTIRWXSXLI%RHVSMH1EVOIX,IPT
TEKI[MXLPMROWXSQER]LIPTXSTMGW*SVMRJSVQEXMSREFSYX
YWMRKXLI&VS[WIVWIIq&VS[WIVrSRTEKI


1EVOIX
8SFVS[WIJSVETTPMGEXMSRW
=SYGERFVS[WIETTPMGEXMSRWF]GEXIKSV]ERHWSVXXLIQMR
HMJJIVIRX[E]W
3RXLI%RHVSMH1EVOIXLSQITEKIXSYGLEXSTPIZIP
GEXIKSV]WYGLEW %TTW SV+EQIW
8SYGLEWYFGEXIKSV]XSZMI[MXWPMWXSJ
ETTPMGEXMSRW
7GVSPPXSZMI[WYFGEXIKSVMIWERHXSYGLXLISRI]SY[ERXXS
I\TPSVI
8SYGLEXEFXSZMI[XSTTEMHXSTJVIISV
VIGIRXETTPMGEXMSRWMRXLMWWYFGEXIKSV]
8SYGLERETTPMGEXMSRXSSTIRMXWHIXEMPW
WGVIIR
8SYGL 8STTEMH 8STJVIISV.YWXMR XSJYVXLIVWSVXXLI
WYFGEXIKSV]
1EVOIX
8SSTIREWGVIIR[MXLHIXEMPWEFSYXERETTPMGEXMSR
%XER]XMQI[LMPIFVS[WMRK%RHVSMH1EVOIXXSYGLER
ETTPMGEXMSRXSSTIRMXWHIXEMPWWGVIIR
%TTPMGEXMSRHIXEMPWWGVIIRWMRGPYHIEHIWGVMTXMSRVEXMRKW
GSQQIRXWERHVIPEXIHMRJSVQEXMSREFSYXXLIETTPMGEXMSR
=SYGERHS[RPSEHERHMRWXEPPXLIETTPMGEXMSRJVSQXLMW
WGVIIR7IIq(S[RPSEHMRKERH-RWXEPPMRK%TTPMGEXMSRWrSR
TEKI=SYGEREPWSVEXIYRMRWXEPPERHTIVJSVQSXLIV
EGXMSRWSRXLIETTPMGEXMSR7IIq1EREKMRK=SYV(S[RPSEHWr
SRTEKI
8SWIEVGLJSVETTPMGEXMSRW
8SYGLXLI7IEVGLMGSR
XSYGL7IEVGL 
EXXLIXSTVMKLXSJXLIWGVIIRSV
)RXIV[LEX]SY[ERXXSWIEVGLJSVXLIRXSYGL7IEVGL
EKEMR
)RXIVEPPSVTEVXSJERETTPMGEXMSRtWREQISVHIWGVMTXMSRSV
XLIHIZIPSTIVtWREQI]SY[ERXXSWIEVGLJSV
8SYGLEWIEVGLVIWYPXXSSTIRXLEXETTPMGEXMSRtWHIXEMPW
WGVIIR
8LIHIXEMPWWGVIIRHIWGVMFIWXLIETTPMGEXMSRERHGSRXEMRW
FYXXSRWJSVHS[RPSEHMRKXLIETTPMGEXMSRERHTIVJSVQMRK
SXLIVXEWOW7IIq(S[RPSEHMRKERH-RWXEPPMRK%TTPMGEXMSRWr
SRTEKIERHq1EREKMRK=SYV(S[RPSEHWrSRTEKI
8SVIXYVRXSXLI%RHVSMH1EVOIXLSQIWGVIIR
=SYGERVIXYVRXSXLI,SQIWGVIIRJVSQQSWXSXLIVWGVIIRWMR
%RHVSMH1EVOIX
8SYGLXLI1EVOIXMGSR
EXXLIXSTPIJXSJXLIWGVIIR
36
4VIWWXLI1IRY/I]
XLIRXSYGL,SQI


1EVOIX
(S[RPSEHMRKERH-RWXEPPMRK%TTPMGEXMSRW
;LIR]SYJMRHERETTPMGEXMSR]SY[ERX]SYGERMRWXEPPMXSR]SYV
TLSRI
8SHS[RPSEHERHMRWXEPPERETTPMGEXMSR
&IJSVI]SYGERHS[RPSEHETEMHETTPMGEXMSR]SYQYWXWIXYTE
FMPPMRKEVVERKIQIRXEWHIWGVMFIHMRq8SGVIEXIE+SSKPI'LIGOSYX
EGGSYRXrSRTEKI
*MRHERETTPMGEXMSR]SY[ERXXLIRSTIRMXWHIXEMPWWGVIIR
7IIq3TIRMRK%RHVSMH1EVOIXERH*MRHMRK%TTPMGEXMSRWrSR
TEKI
-RXLIETTPMGEXMSRtWHIXEMPWWGVIIR]SYGERVIEHQSVIEFSYX
XLIETTPMGEXMSRMRGPYHMRKMXWGSWXSZIVEPPVEXMRKERH
GSQQIRXWF]YWIVW7GVSPPHS[RXSXLI%FSYXXLI
HIZIPSTIV WIGXMSRXSZMI[QSVIETTPMGEXMSRWF]XLMW
HIZIPSTIVZMWMXXLIHIZIPSTIVtW[IFWMXISVWIRHXLI
HIZIPSTIVERIQEMPQIWWEKI
7GVSPPERETTPMGEXMSRtWHIXEMPWWGVIIRXSPIEVR
QSVIEFSYXXLIETTPMGEXMSRXLIHIZIPSTIV
ERH[LEXSXLIVWXLMROSJMX
8SYGLXSHS[RPSEHERHMRWXEPPXLIETTPMGEXMSR
-JMXtWETEMHETTPMGEXMSRXLIMGSRMWPEFIPIH
&Y]
XLIRXSYGL7IGYVMX] XSTVIZMI[
4VIWWXLI1IRY/I]
XLIJYRGXMSRWERHHEXEXLIETTPMGEXMSRGEREGGIWWSR]SYV
TLSRIMJ]SYMRWXEPPMX
-J]SYtVIRSXGSQJSVXEFPI[MXLXLIEGGIWWXLIETTPMGEXMSR
VIUYMVIWHSRtXGSRXMRYI
1EVOIX
8SYGL -RWXEPP JSVJVIIETTPMGEXMSRW SV&Y] JSVTEMH
ETTPMGEXMSRW 
-JXLIETTPMGEXMSRVIUYMVIWEGGIWWXS]SYVHEXESVGSRXVSPSJ
ER]JYRGXMSRWSR]SYVTLSRI1EVOIXXIPPW]SY[LEXXLI
ETTPMGEXMSRGEREGGIWW
;%62-2+ 6IEHXLMWWGVIIRGEVIJYPP]&IIWTIGMEPP]GEYXMSYW[MXLETTPMGEXMSRW
XLEXLEZIEGGIWWXSQER]JYRGXMSRWSVXSEWMKRMJMGERXEQSYRXSJ
]SYVHEXE3RGI]SYXSYGL3/ SRXLMWWGVIIR]SYEVIVIWTSRWMFPI
JSVXLIVIWYPXWSJYWMRKXLMWMXIQSR]SYVTLSRI
-J]SYEKVIIXSXLIETTPMGEXMSRtWEGGIWWVIUYMVIQIRXWXSYGL
3/
-J]SYWIPIGXIHETEMHETTPMGEXMSR]SYtVIVIHMVIGXIHXSXLI
+SSKPI'LIGOSYXWGVIIRXSTE]JSVXLIETTPMGEXMSRFIJSVI
MXtWHS[RPSEHIHXS]SYVTLSRI
-J]SYWIPIGXIHEJVIIETTPMGEXMSR SVEJXIVXSYGLMRK &Y] RS[
MR+SSKPI'LIGOSYX ]SYVIGIMZIEWIVMIWSJRSXMJMGEXMSRWEW
XLIETTPMGEXMSRMWHS[RPSEHIHERHXLIRMRWXEPPIHSR]SYV
TLSRI
;LIRXLIETTPMGEXMSRMWMRWXEPPIH]SYGERXSYGLXLI
RSXMJMGEXMSRXSSTIRXLIETTPMGEXMSRSVSTIRMXF]XSYGLMRKMXW
MGSRMRXLI0EYRGLWGVIIR7IIq3TIRMRKERH7[MXGLMRK
%TTPMGEXMSRWrSRTEKI
=SYLEZILSYVWXSXV]SYXERETTPMGEXMSRERHMJ]SY
HIGMHI]SYHSRtX[ERXMXXSYRMRWXEPPMXJSVEVIJYRH7IIq8S
VIUYIWXEVIJYRHJSVERETTPMGEXMSRrSRTEKI
-J]SYLEZIERSXLIV%RHVSMHTLSRI]SYGERHS[RPSEHETEMH
ETTPMGEXMSRXSXLEXTLSRIYWMRKXLIWEQI%RHVSMH1EVOIX
EGGSYRXEXRSEHHMXMSREPGLEVKI
8SGVIEXIE+SSKPI'LIGOSYXEGGSYRX
=SYQYWXLEZIE+SSKPI'LIGOSYXEGGSYRXEWWSGMEXIH[MXL]SYV
+SSKPI%GGSYRXXSTYVGLEWIMXIQWJVSQ%RHVSMH1EVOIX SJ
GSYVWIXLMWMWRSXRIGIWWEV]JSVJVIIMXIQW 
3R]SYVGSQTYXIVKSXSLXXTGLIGOSYXKSSKPIGSQXS
IWXEFPMWLE+SSKPI'LIGOSYXEGGSYRX
36


1EVOIX
8LIJMVWXXMQI]SYYWI]SYVTLSRIXSFY]ERMXIQJVSQ
%RHVSMH1EVOIX]SYtVITVSQTXIHXSIRXIV]SYVFMPPMRK
MRJSVQEXMSRXSWIXYTE+SSKPI'LIGOSYXEGGSYRX
;%62-2+ ;LIR]SYtZIYWIH+SSKPI'LIGOSYXSRGIXSTYVGLEWIER
ETTPMGEXMSRJVSQ%RHVSMH1EVOIXXLITLSRIVIQIQFIVW]SYV
TEWW[SVHWS]SYHSRtXRIIHXSIRXIVMXXLIRI\XXMQI*SVXLMW
VIEWSR]SYWLSYPHWIGYVI]SYVTLSRIXSTVIZIRXSXLIVWJVSQYWMRK
MX[MXLSYX]SYVTIVQMWWMSR7IIq0SGOMRKXLI7GVIIRrSRTEKI
1EREKMRK=SYV(S[RPSEHW
%JXIV]SYtZIHS[RPSEHIHERHMRWXEPPIHERETTPMGEXMSR]SYGERVEXI
MXZMI[MXMREPMWX[MXL]SYVSXLIVHS[RPSEHIHETTPMGEXMSRWERHWS
SR
8SZMI[]SYVHS[RPSEHIHETTPMGEXMSRW
=SYGERZMI[EPMWXSJXLIETTPMGEXMSRW]SYtZIHS[RPSEHIHJVSQ
%RHVSMH1EVOIXERHYWIXLIPMWXJSVERYQFIVSJTYVTSWIW
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI1IRY/I]
XLIRXSYGL(S[RPSEHW
-RXLIPMWXSJXLIJVIIERHTEMHETTPMGEXMSRWXLEXSTIRW]SY
GERXSYGLSRIXSVEXIMXYRMRWXEPPMXVIUYIWXEVIJYRHERHWS
SR
8SYRMRWXEPPERETTPMGEXMSR
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI1IRY/I]
XLIRXSYGL (S[RPSEHW
8SYGLXLIETTPMGEXMSRXSYRMRWXEPP
8LIHIXEMPWWGVIIRJSVXLIETTPMGEXMSRSTIRW
8SYGL 9RMRWXEPP
8SYGL 3/ MRXLIGSRJMVQEXMSRHMEPSKFS\
8SYGLXLII\TPEREXMSRXLEXFIWXQEXGLIW[L]]SYtVI
YRMRWXEPPMRKXLIRXSYGL3/
8LIETTPMGEXMSRMWYRMRWXEPPIH=SYGERMRWXEPPXLIETTPMGEXMSR
EKEMREXER]XMQI[MXLSYXGLEVKIMJMX[EWETEMHETTPMGEXMSR
1EVOIX
8SVIUYIWXEVIJYRHJSVERETTPMGEXMSR
-J]SYEVIRSXWEXMWJMIH[MXLERETTPMGEXMSR]SYGEREWOJSVE
VIJYRH[MXLMRLSYVWSJXLITYVGLEWI=SYVGVIHMXGEVHMWRSX
GLEVKIHERHXLIETTPMGEXMSRMWYRMRWXEPPIHJVSQ]SYVTLSRI
-J]SYGLERKI]SYVQMRH]SYGERMRWXEPPXLIETTPMGEXMSREKEMRFYX
]SYGERtXVIUYIWXEVIJYRHEWIGSRHXMQI
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI1IRY/I]
XLIRXSYGL (S[RPSEHW
8SYGLXLIETTPMGEXMSRXSYRMRWXEPPJSVEVIJYRH
8LIHIXEMPWWGVIIRJSVXLIETTPMGEXMSRSTIRW
8SYGL 9RMRWXEPPERHVIJYRH
=SYVETTPMGEXMSRMWYRMRWXEPPIHERHXLIGLEVKIMWGERGIPPIH
8SYGLXLII\TPEREXMSRXLEXFIWXQEXGLIW[L]]SYtVI
YRMRWXEPPMRKERHXSYGL 3/
8SWIX[LIXLIV]SYtVIRSXMJMIHEFSYXYTHEXIHETTPMGEXMSRW
3RXLI%RHVSMH1EVOIXLSQIWGVIIRTVIWWXLI1IRY/I]
XLIRXSYGL (S[RPSEHW
4VIWWXLI1IRY/I]
XLIRXSYGL2SXMJMGEXMSRW
7IPIGX[LIXLIVSVRSXXSFIRSXMJMIHSJYTHEXIWXSXLI
ETTPMGEXMSRW]SYtZIHS[RPSEHIH
8SYGL3/


1EVOIX
8SVEXIERETTPMGEXMSR
=SYGERE[EVHERETTPMGEXMSRJVSQSRIXSJMZIWXEVWERHWLEVI
[LEX]SYXLMROEFSYXXLIETTPMGEXMSR[MXLSXLIVWLSTTIVW
3TIRXLIHIXEMPWWGVIIRJSVERETTPMGEXMSR
=SYGERHSXLMWF]FVS[WMRKSVWIEVGLMRKJSVXLIETTPMGEXMSR
ERHXLIRXSYGLMRKMX
3VMJ]SYtZIHS[RPSEHIHXLIETTPMGEXMSRF]XSYGLMRKMXMR
XLIPMWXSJ]SYVHS[RPSEHIHETTPMGEXMSRW
8SYGLXLIWXEVWYRHIV1]VIZMI[
8SYGLXLIRYQFIVSJWXEVWXSE[EVHXLIETTPMGEXMSRXLIR
XSYGL3/
-J]SY[ERXXSWLEVIEGSQQIRXEFSYXXLIETTPMGEXMSRFEGO
SRXLIHIXEMPWWGVIIRXSYGL 4SWXEGSQQIRX
8SJPEKMRETTVSTVMEXIETTPMGEXMSRW
-J]SYHMWGSZIVERETTPMGEXMSR[MXLKVETLMGEPP]ZMSPIRXWI\YEPSV
SXLIV[MWILEXIJYPSVSJJIRWMZIGSRXIRX]SYGERVITSVXMXXSXLI
%RHVSMH1EVOIXXIEQ
3TIRXLIHIXEMPWWGVIIRJSVERETTPMGEXMSR
=SYGERHSXLMWF]FVS[WMRKSVWIEVGLMRKJSVXLIETTPMGEXMSR
ERHXLIRXSYGLMRKMX
3VMJ]SYtZIHS[RPSEHIHXLIETTPMGEXMSRF]XSYGLMRKMXMR
XLIPMWXSJ]SYVHS[RPSEHIHETTPMGEXMSRW
7GVSPPXSXLIFSXXSQSJXLIHIXEMPWWGVIIRXLIRXSYGLJPEKEW
MRETTVSTVMEXI
8SYGLXLIVIEWSR]SYJMRHXLIETTPMGEXMSRSFNIGXMSREFPI
8SYGL 7YFQMX
=SYVGSQQIRXWEVIWIRXXSXLI%RHVSMH1EVOIXXIEQ
7IXXMRKW
3TIRMRK7IXXMRKW
8LI7IXXMRKWETTPMGEXMSRGSRXEMRWQSWXSJXLIXSSPWJSVGYWXSQM^MRK
ERHGSRJMKYVMRK]SYVTLSRI
%PPSJXLIWIXXMRKWMRXLI7IXXMRKWETTPMGEXMSREVIHIWGVMFIHMRXLMW
WIGXMSR
8SSTIR7IXXMRKW
4VIWWXLI,SQI/I]
XSYGL7IXXMRKW
TVIWWXLI1IRY/I]
XLIR
36
8SYGLXLI7IXXMRKWMGSR SRXLI,SQIWGVIIRSVMRXLI
0EYRGLWGVIIR
7IIq3TIRMRKERH7[MXGLMRK%TTPMGEXMSRWrSRTEKI
;MVIPIWW RIX[SVOW
;MVIPIWW RIX[SVOWIXXMRKWEPPS[]SYXSGSRJMKYVIERHQEREKI
[MVIPIWWVEHMSGSQQYRMGEXMSRW8LIWIWIXXMRKWMRGPYHI%MVTPERI
QSHI
;MVIPIWWGSRXVSPWWGVIIR
%MVTPERIQSHI 'LIGOQEVOMRHMGEXIWEPP[MVIPIWWVEHMS
GSQQYRMGEXMSRWEVIXYVRIHSJJ
;M*M 8SYGLXSGLIGOQEVO8YVRWSR;M*MXSGSRRIGXXSEZEMPEFPI
;M*MRIX[SVOW
;M*MWIXXMRKW 7IIq;M*MWIXXMRKWWGVIIRrSRTEKI
&PYIXSSXL 8SYGLXSGLIGOQEVO8YVRWSR&PYIXSSXLXSGSRRIGXXS
&PYIXSSXLHIZMGIW
&PYIXSSXLWIXXMRKW 7IIq&PYIXSSXLWIXXMRKWWGVIIRrSRTEKI
:42WIXXMRKW7IIq:42WIXXMRKWWGVIIRrSRTEKI
1SFMPIRIX[SVOW 7IIq1SFMPIRIX[SVOWWIXXMRKWWGVIIRrSR
TEKI


7IXXMRKW
;M*MWIXXMRKWWGVIIR
-REHHMXMSRXSXLIWIXXMRKWHIWGVMFIHMRXLMWWIGXMSR]SYGERXS
GSRJMKYVIXLIWIXXMRKWHIWGVMFIHMRq%HZERGIH;M*MWIXXMRKW
WGVIIRrSRTEKI3R;M*MWIXXMRKWWGVIIRTVIWWXLI1IRY
XLIRXSYGL%HZERGIH
/I]
;M*M 'LIGOXSXYVRSR;M*MWS]SYGERGSRRIGXXS;M*M
RIX[SVOW
2IX[SVORSXMJMGEXMSR 'LIGOXSVIGIMZIEREPIVX[LIRERSTIR;M
*MRIX[SVOFIGSQIWEZEMPEFPI
;M*MRIX[SVOW (MWTPE]WEPMWXSJ;M*MRIX[SVOW]SYtZI
TVIZMSYWP]GSRJMKYVIHERHXLSWIHIXIGXIH[LIRXLITLSRIPEWX
WGERRIHJSV;M*MRIX[SVOW7IIq'SRRIGXMRKXS;M*M2IX[SVOWr
SRTEKI
%HH;M*MRIX[SVO 3TIRWEHMEPSKFS\[LIVI]SYGEREHHE;M
*MRIX[SVOF]IRXIVMRKMXW77-( XLIREQIMXFVSEHGEWXW ERH
WIGYVMX]X]TI7IIq'SRRIGXMRKXS;M*M2IX[SVOWrSRTEKI
%HZERGIH;M*MWIXXMRKWWGVIIR
6IKYPEXSV]HSQEMR 3TIRWEHMEPSKFS\[LIVI]SYGERSZIVVMHI
]SYVTLSRItWHIJEYPXWIXXMRKWJSVXLIRYQFIVSJ;M*MGLERRIPW
[LMGLMWVIKYPEXIHHMJJIVIRXP]MRHMJJIVIRXPSGEXMSRW
;M*MWPIITTSPMG] 3TIRWEHMEPSKFS\[LIVI]SYGERWIX
[LIXLIVERH[LIRXLI;M*MVEHMSHMWGSRRIGXW(MWEFPMRKWPIIT
YWIWQSVIFEXXIV]TS[IV
1%'EHHVIWW 8LI1IHME%GGIWW'SRXVSP 1%' EHHVIWWSJ]SYV
TLSRI[LIRGSRRIGXMRKXS;M*MRIX[SVOW
-4WIXXMRKW -J]SYGLIGO9WIWXEXMG-4]SYGERYWI -4WIXXMRKW XS
IRXIVER-4EHHVIWWERHSXLIVRIX[SVOWIXXMRKWJSV]SYTLSRI
QERYEPP]VEXLIVXLERYWMRKXLI(,'4TVSXSGSPXSSFXEMRRIX[SVO
WIXXMRKWJVSQXLI;*MRIX[SVOMXWIPJ
7IXXMRKW
&PYIXSSXLWIXXMRKWWGVIIR
*SVHIXEMPWEFSYX[SVOMRK[MXLXLIWIWIXXMRKWWIIq'SRRIGXMRKXS
&PYIXSSXL(IZMGIWrSRTEKI
&PYIXSSXL 'LIGOQEVOXSXYVRSR&PYIXSSXLWS]SYGERGSRRIGXXS
&PYIXSSXLHIZMGIW
(IZMGIREQI 3TIRWEHMEPSKFS\[LIVI]SYGERKMZI]SYVTLSRI
EREQIXLEXMWZMWMFPISRWSQI&PYIXSSXLHIZMGIW[LIR]SYTEMV
XLIQ8LIGYVVIRXREQIMWHMWTPE]IH
(MWGSZIVEFPI 'LIGOQEVOXSQEOI]SYVTLSRIHMWGSZIVEFPIF]
SXLIV&PYIXSSXLHIZMGIWJSVWIGSRHW
7GERJSVHIZMGIW 8SYGLXSWIEVGLJSVERHHMWTPE]MRJSVQEXMSR
EFSYXRIEVF]&PYIXSSXLHIZMGIW
&PYIXSSXLHIZMGIW (MWTPE]WEPMWXSJ&PYIXSSXLHIZMGIWXLEX
]SYtZITVIZMSYWP]GSRJMKYVIHERHXLSWIHIXIGXIH[LIRXLITLSRI
PEWXWGERRIHJSV&PYIXSSXLHIZMGIW
:42WIXXMRKWWGVIIR
*SVHIXEMPWEFSYXXLIWIWIXXMRKWWIIq'SRRIGXMRKXS:MVXYEP4VMZEXI
2IX[SVOWrSRTEKI
%HH:42 3TIRWEWGVIIRXLEXTVSQTXW]SYXSWIPIGXXLIX]TISJ
:42XSEHH=SYEVIXLIRTVSQTXIHJSV:42GSRJMKYVEXMSRHIXEMPW
:42W 8LIPMWXSJ:42WXLEX]SYtZITVIZMSYWP]GSRJMKYVIH
1SFMPIRIX[SVOWWIXXMRKWWGVIIR
(EXEVSEQMRK 9RGLIGOXSTVIZIRX]SYVTLSRIJVSQXVERWQMXXMRK
HEXESRSXLIVGEVVMIVWtQSFMPIRIX[SVOW[LIR]SYPIEZIEREVIE
[LIVI]SYVTLSRIGEREGGIWW]SYVS[RGEVVMIVtWQSFMPI
RIX[SVOW7IIq8SHMWEFPIHEXE[LIRVSEQMRKrSRTEKI
9WISRP]+RIX[SVOW 'LIGOQEVOXSSFXEMRWPMKLXP]FIXXIVFEXXIV]
PMJIF]TVIZIRXMRK]SYVTLSRIJVSQGSRRIGXMRKXSLMKLIVWTIIH
RIX[SVOW7IIq8SPMQMX]SYVHEXEGSRRIGXMSRXS+RIX[SVOWrSR
TEKI


7IXXMRKW
2IX[SVOSTIVEXSVW 3TIRWEWGVIIRXLEXWIEVGLIWJSVERH
HMWTPE]WQSFMPIRIX[SVOWXLEXEVIGSQTEXMFPI[MXL]SYVTLSRI
'SRWYPX]SYVGEVVMIVXSYRHIVWXERHXLIFMPPMRKMQTPMGEXMSRWSJ
WIPIGXMRKERSXLIVGEVVMIV
%GGIWW4SMRX2EQIW 3TIRWXLI%42WWGVIIR[LIVI]SYGER
WIPIGXQSFMPIEGGIWWTSMRXGSRJMKYVEXMSRWSVTVIWWXLI 1IRY/I]
XSEHHERI[%42'SRWYPX]SYVGEVVMIVEFSYXLS[XSYWIXLI
XSSPWSRXLMWWGVIIR
'EPPWIXXMRKW
9WI'EPPWIXXMRKWXSGSRJMKYVITLSRIGEPPWIXXMRKWWYGLEWGEPP
JSV[EVHMRKGEPP[EMXMRKERHSXLIVWTIGMEPJIEXYVIWSJJIVIHF]]SYV
GEVVMIV=SYGEREPWSYWI'EPPWIXXMRKWXSGSRJMKYVIXLITLSRIWS
XLEXMXGERTPEGISYXKSMRKGEPPWSRP]XSEJM\IHWIXSJTLSRI
RYQFIVW
'EPPWIXXMRKWWGVIIR
*M\IH(MEPMRK2YQFIVW 7IIq*M\IH(MEPMRK2YQFIVWWGVIIRrSR
TEKI
:SMGIQEMPWIVZMGI 3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGX]SYV
GEVVMIVtWZSMGIQEMPWIVZMGISVERSXLIVWIVZMGIWYGLEW+SSKPI
:SMGI7IIq'SRJMKYVMRK+SSKPI:SMGIrSRTEKI
:SMGIQEMP7IXXMRKW -J]SYEVIYWMRK]SYVGEVVMIVtWZSMGIQEMP
WIVZMGISTIRWEHMEPSKFS\[LIVI]SYGERIRXIVXLITLSRI
RYQFIVXSYWIJSVPMWXIRMRKXSERHQEREKMRK]SYVZSMGIQEMP=SY
GERIRXIVEGSQQE  XSMRWIVXETEYWIMRXSXLIRYQFIVhJSV
I\EQTPIXSEHHETEWW[SVHEJXIVXLITLSRIRYQFIV-J]SYEVI
YWMRK+SSKPI:SMGISTIRWEWGVIIR[LIVI]SYGERZMI[XLI
+SSKPI:SMGIRYQFIVSVWMKRSYXSJ+SSKPI:SMGI7IIq+SSKPI
:SMGIrSRTEKI
:SMGIQEMPWIXXMRKW 3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVI]SYV
WIPIGXIHZSMGIQEMPWIVZMGI
7IXXMRKW
%HHMXMSREPWIXXMRKW
'EPPJSV[EVHMRK 3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVILS[
]SYVGEPPWEVIJSV[EVHIH[LIR]SYtVISRXLITLSRI[LIR]SY
HSRtXERW[IVERHWSSR
'EPPIV-( 3TIRWEHMEPSKFS\[LIVI]SYGERWIX[LIXLIV]SYV
TLSRIRYQFIVMWHMWTPE]IHXSXLITISTPI]SYGEPP
'EPP[EMXMRK 'LIGOQEVOXSWIIERHVIWTSRHXSRI[GEPPW[LIR
]SYtVIEPVIEH]SREGEPPEWHIWGVMFIHMRq4PEGMRKERH6IGIMZMRK
'EPPWrSRTEKI
*M\IH(MEPMRK2YQFIVWWGVIIR
9WIXLIWIXXMRKWSRXLMWWGVIIRXSGSRJMKYVI]SYVTLSRIWSMXGER
TPEGISYXKSMRKGEPPWSRP]XSXLIJM\IHHMEPMRKRYQFIVW *(2 XLEX
]SYWEZISRXLITLSRItW7-1GEVH
)REFPI*(2 3TIRWEHMEPSKFS\XLEXTVSQTXW]SYXSIRXIV]SYV
4-2XLIRTPEGIWXLITLSRIMR*(2QSHI;LIR*(2MWIREFPIH
XLMWWIXXMRKGLERKIWXS(MWEFPI*(2
'LERKI4-2 3TIRWEWIVMIWSJHMEPSKFS\IWXLEXTVSQTX]SYXS
IRXIV]SYVGYVVIRX4-2XLIRIRXIVERHGSRJMVQERI[4-2
*(2PMWX 3TIRWEWGVIIRXLEXPMWXWER]*(2WWEZIHSR]SYV7-1
GEVH4VIWWXLI 1IRY/I]
XLIRXSYGL %HHGSRXEGX XSEHHER
*(2RYQFIVXS]SYV7-14VIWWXLI1IRY/I]
SRXLEX
WGVIIRXSMQTSVXERYQFIVJVSQ]SYV'SRXEGXWXSXLI*(2PMWXSV
XSHIPIXIERYQFIVJVSQXLI*(2PMWX


7IXXMRKW
7SYRH HMWTPE]
9WIXLI7SYRH HMWTPE]WIXXMRKWXSGSRJMKYVIQER]EWTIGXWSJGEPP
ERHRSXMJMGEXMSRVMRKXSRIWQYWMGERHSXLIVEYHMSEW[IPPEWXLI
FVMKLXRIWWERHSXLIVWGVIIRWIXXMRKW
7SYRH HMWTPE]WIXXMRKWWGVIIR
7MPIRXQSHI 'LIGOQEVOXSWMPIRGIEPPWSYRHW MRGPYHMRKGEPPERH
RSXMJMGEXMSRVMRKXSRIW I\GITXXLIEYHMSJVSQQYWMGZMHISWERH
SXLIVQIHMEERHER]EPEVQW]SYLEZIWIX =SYQYWXWMPIRGI
QIHMEERHEPEVQWMRXLIMVS[RETTPMGEXMSRW
6MRKIVZSPYQI 3TIRWEHMEPSKFS\[LIVI]SYGERHVEKEWPMHIVXS
WIXXLIZSPYQISJVMRKXSRIWXLEXWSYRH[LIR]SYVIGIMZIETLSRI
GEPPSVRSXMJMGEXMSR-J]SYYRGLIGOXLISTXMSRXSYWIXLIWEQI
ZSPYQIJSVFSXLGEPPWERHRSXMJMGEXMSRWEWPMHIVETTIEVWXLEX]SY
GERHVEKXSWIXXLIRSXMJMGEXMSRVMRKXSRIZSPYQIWITEVEXIP]
1IHMEZSPYQI 3TIRWEHMEPSKFS\[LIVI]SYGERHVEKEWPMHIVXS
WIXXLIZSPYQIJSVQYWMGZMHISWSYRHXVEGOWERHSXLIVQIHME
(SGOEYHMS %ZEMPEFPI[LIRXLITLSRIMWMRWIVXIHMRE
0+%00=81 GEVHSGOSVHIWOXSTHSGO*SVEGEVHSGOSTIRWE
HMEPSK[LIVI]SYGERWIX[LIXLIVQYWMGERHSXLIVQIHMEEYHMS
TPE]XLVSYKLXLIHSGOWTIEOIVERH[LIXLIVXSYWIXLIHSGOEWE
WTIEOIVTLSRI*SVEHIWOXSTHSGOSTIRWEHMEPSKFS\[LIVI]SY
GERWIX[LIXLIVQYWMGERHSXLIVEYHMSTPE]ZMEXLIEYHMSPMRISYX
TSVX=SYVWIXXMRKWETTP]SRP]XSXLIHSGO]SYEVIYWMRK]SYGER
LEZIHMJJIVIRXWIXXMRKWJSVHMJJIVIRXHSGOW
4LSRIVMRKXSRI 3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGXXLI
VMRKXSRIXSWSYRH[LIR]SYVIGIMZIETLSRIGEPP8SYGLE
VMRKXSRIXSPMWXIRXSMX7IIq8SYWIEWSRKEWEVMRKXSRIrSRTEKI
XSPIEVRLS[XSEHH]SYVS[RQYWMGXSXLMWPMWX
4LSRIZMFVEXI 'LIGOQEVOXSLEZIXLITLSRIZMFVEXI[LIR]SY
VIGIMZIERMRGSQMRKGEPPMRHITIRHIRXSJ]SYVVMRKXSRISVZSPYQI
WIXXMRKW
7IXXMRKW
2SXMJMGEXMSRVMRKXSRI 3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGX
XLIVMRKXSRIXSWSYRH[LIR]SYVIGIMZIERSXMJMGEXMSR8SYGLE
VMRKXSRIXSPMWXIRXSMX
%YHMFPIXSYGLXSRIW 'LIGOQEVOXSLIEVXSRIW[LIR]SYYWIXLI
4LSRIETTPMGEXMSRXSHMEPERYQFIV
%YHMFPIWIPIGXMSR 'LIGOQEVOXSTPE]EWSYRH[LIR]SYXSYGL
FYXXSRWMGSRWERHSXLIVSRWGVIIRMXIQWXLEXVIEGXXS]SYVXSYGL
,ETXMGJIIHFEGO 'LIGOQEVOXSLEZIXLITLSRIZMFVEXIFVMIJP]
[LIR]SYXSYGLWSJXFYXXSRWERHTIVJSVQSXLIVEGXMSRW
7(GEVHRSXMJMGEXMSRW 'LIGOQEVOXSTPE]EWSYRH[LIR]SY
VIGIMZIQMGVS7(GEVHRSXMJMGEXMSRW
)QIVKIRG]XSRI3TIRWEHMEPSKFS\[LIVI]SYGERGSRJMKYVI
LS[XLITLSRIVIEGXW[LIR]SYTPEGIERIQIVKIRG]GEPP
3VMIRXEXMSR 'LIGOQEVOXSEYXSQEXMGEPP]W[MXGLXLIWGVIIRXS
PERHWGETIQSHISVTSVXVEMXQSHI[LIR]SYXYVRXLITLSRI
WMHI[E]WSVYTVMKLX
%RMQEXMSR 'LIGOQEVOXSIRNS]ERMQEXIHXVERWMXMSRW[LIR
REZMKEXMRKJVSQWGVIIRXSWGVIIR
&VMKLXRIWW 'LIGOQEVOXSSTIREHMEPSKFS\XLEXGSRXEMRWEWPMHIV
JSVEHNYWXMRKXLIWGVIIRFVMKLXRIWW*SVXLIFIWXFEXXIV]
TIVJSVQERGIYWIXLIHMQQIWXGSQJSVXEFPIFVMKLXRIWW
7GVIIRXMQISYX 3TIRWEHMEPSKFS\[LIVI]SYGERWIXLS[PSRK
XS[EMXEJXIV]SYXSYGLXLIWGVIIRSVTVIWWEOI]FIJSVIXLI
WGVIIRHEVOIRW*SVXLIFIWXFEXXIV]TIVJSVQERGIYWIXLI
WLSVXIWXGSRZIRMIRXXMQISYX(SR XPIEZIXLIWIXXMRKEW2IZIV
XMQISYX-XGERHVEMR]SYVFEXXIV]UYMGOP]ERHQE]PMIEZIE
TIVQERIRXMQEKISR]SYVWGVIIR9WIXLMWWIXXMRKSRP]
XIQTSVEVMP][LIR]SYHSR X[ERXXSGSRXMRYEPP]YRPSGOXLIWGVIIR


7IXXMRKW
0SGEXMSR WIGYVMX]
9WIXLI0SGEXMSR WIGYVMX]WIXXMRKWXSWIX]SYVTVIJIVIRGIWJSV
YWMRKERHWLEVMRK]SYVPSGEXMSR[LIR]SYVWIEVGLJSVMRJSVQEXMSR
ERHYWIPSGEXMSRE[EVIETTPMGEXMSRWWYGLEW1ETW=SYGEREPWS
GSRJMKYVIWIXXMRKWXLEXLIPTWIGYVI]SYVTLSRIERHMXWHEXE
9WI[MVIPIWWRIX[SVOW 'LIGOQEVOXSYWIMRJSVQEXMSRJVSQ;M*M
ERHQSFMPIRIX[SVOWXSHIXIVQMRI]SYVETTVS\MQEXIPSGEXMSRJSV
YWIMR1ETW[LIR]SYWIEVGLERHWSSR;LIR]SYGLIGOXLMW
STXMSR]SYtVIEWOIH[LIXLIV]SYGSRWIRXXSWLEVMRK]SYV
PSGEXMSRERSR]QSYWP][MXL+SSKPItWPSGEXMSRWIVZMGI
9WI+47WEXIPPMXIW 'LIGOQEVOXSYWI]SYVTLSRItWKPSFEP
TSWMXMSRMRKW]WXIQ +47 WEXIPPMXIVIGIMZIVXSTMRTSMRX]SYV
PSGEXMSRXS[MXLMREREGGYVEG]EWGPSWIEWWIZIVEPQIXIVW qWXVIIX
PIZIPr %GXYEP+47EGGYVEG]HITIRHWSREGPIEVZMI[SJXLIWO]
ERHSXLIVJEGXSVW
7IXYRPSGOTEXXIVR 3TIRWEWIXSJWGVIIRWXLEXKYMHI]SY
XLVSYKLHVE[MRKEWGVIIRYRPSGOTEXXIVREWHIWGVMFIHMRq0SGOMRK
XLI7GVIIRrSRTEKI
6IUYMVITEXXIVR 9RGLIGOXSWXSTVIUYMVMRKERYRPSGOTEXXIVRXS
YRPSGO]SYVWGVIIR=SYQYWXHVE[]SYVGYVVIRXTEXXIVR[LIR]SY
YRGLIGOXLMWSTXMSR
9WIZMWMFPITEXXIVR 'LIGOQEVOXSHVE[PMRIWFIX[IIRTSMRXWMR
XLIYRPSGOTEXXIVR]SYHVE[
9WIXEGXMPIJIIHFEGO 'LIGOQEVOXSLEZIXLITLSRIZMFVEXIFVMIJP]
EW]SYXSYGLIEGLHSX[LIR]SYHVE[ERYRPSGOTEXXIVR
7IXYT7-1GEVHPSGO 3TIRWEWGVIIR[LIVI]SYGERGSRJMKYVI
XLITLSRIXSVIUYMVIIRXIVMRKXLI7-14-2XSYWIXLITLSRIERH
[LIVI]SYGERGLERKIXLI7-14-2
:MWMFPITEWW[SVHW 'LIGOQEVOXSFVMIJP]WLS[IEGLGLEVEGXIVSJ
TEWW[SVHWEW]SYIRXIVXLIQWSXLEX]SYGERWII[LEX]SY
IRXIV
7IXXMRKW
9WIWIGYVIGVIHIRXMEPW 'LIGOQEVOXSEPPS[ETTPMGEXMSRWXS
EGGIWW]SYVTLSRItWIRGV]TXIHWXSVISJWIGYVIGIVXMJMGEXIWERH
VIPEXIHTEWW[SVHWERHSXLIVGVIHIRXMEPW=SYYWIGVIHIRXMEP
WXSVEKIXSIWXEFPMWLWSQIOMRHWSJ:42ERH;M*MGSRRIGXMSRWEW
HIWGVMFIHMRq'SRRIGXMRKXS2IX[SVOWERH(IZMGIWrSRTEKI
-J]SYLEZIRSXWIXETEWW[SVHJSVXLIGVIHIRXMEPWXSVEKIXLMW
WIXXMRKMWHMQQIH
-RWXEPPJVSQ7(GEVH 8SYGLXSMRWXEPPEWIGYVIGIVXMJMGEXIJVSQE
QMGVS7(GEVHEWHIWGVMFIHMRq;SVOMRK;MXL7IGYVI'IVXMJMGEXIWr
SRTEKI
7IXTEWW[SVH 3TIRWEHMEPSKFS\[LIVI]SYGERWIXSVGLERKI
XLITEWW[SVHJSV]SYVWIGYVIGVIHIRXMEPWXSVEKI=SYVTEWW[SVH
QYWXLEZIEXPIEWXGLEVEGXIVW7IIq;SVOMRK;MXL7IGYVI
'IVXMJMGEXIWrSRTEKI
'PIEVWXSVEKI (IPIXIWEPPWIGYVIGIVXMJMGEXIWERHVIPEXIH
GVIHIRXMEPWERHIVEWIWXLIWIGYVIWXSVEKItWS[RTEWW[SVHEJXIV
TVSQTXMRK]SYXSGSRJMVQXLEX]SY[ERXXSHSXLMW
%TTPMGEXMSRW
=SYYWIXLI%TTPMGEXMSRWWIXXMRKWXSZMI[HIXEMPWEFSYXXLI
ETTPMGEXMSRWMRWXEPPIHSR]SYVTLSRIXSQEREKIXLIMVHEXEERHJSVGI
XLIQXSWXSTERHXSWIX[LIXLIV]SY[ERXXSTIVQMXMRWXEPPEXMSRSJ
ETTPMGEXMSRWXLEX]SYSFXEMRJVSQ[IFWMXIWERHIQEMP
%TTPMGEXMSRWWIXXMRKWWGVIIR
9RORS[RWSYVGIW 'LIGOQEVOXSTIVQMXMRWXEPPEXMSRSJETTPMGEXMSRW
XLEX]SYSFXEMRJVSQ[IFWMXIWIQEMPSVSXLIVPSGEXMSRWSXLIV
XLER%RHVSMH1EVOIX
;%62-2+ 8STVSXIGX]SYVTLSRIERHTIVWSREPHEXEHS[RPSEH
ETTPMGEXMSRWSRP]JVSQXVYWXIHWSYVGIWWYGLEW%RHVSMH
1EVOIX


7IXXMRKW
1EREKIETTPMGEXMSRW 3TIRWEPMWXSJEPPXLIETTPMGEXMSRWERHSXLIV
WSJX[EVIMRWXEPPIHSR]SYVTLSRIEPSRK[MXLXLIMVWM^IW&]
HIJEYPXSRP]HS[RPSEHIHETTPMGEXMSRWEVIWLS[RERHXLI]EVI
WSVXIHMREPTLEFIXMGEPSVHIV4VIWWXLI 1IRY/I]
XLIRXSYGL
*MPXIV XSGLERKIXLIPMWXXSWLS[EPPETTPMGEXMSRWSRP]VYRRMRK
ETTPMGEXMSRWSVSRP]HS[RPSEHIHETTPMGEXMSRW4VIWWXLI 1IRY
XLIRXSYGL7SVXF]WM^I XSHMWTPE]ETTPMGEXMSRWMRSVHIV
/I]
F]WM^I8SYGLERETTPMGEXMSRXSSTIRMXW%TTPMGEXMSR-RJSWGVIIR
7IIq%TTPMGEXMSR-RJSWGVIIRrSRTEKI
6YRRMRKWIVZMGIW 3TIRWEPMWXSJWIVZMGIWhETTPMGEXMSRWSVTEVXWSJ
ETTPMGEXMSRWXLEXTVSZMHIWIVZMGIWXSSXLIVETTPMGEXMSRWSVXLEXVYR
IZIR[LIRXLIMVQEMRETTPMGEXMSRMWRtXVYRRMRK)\EQTPIWMRGPYHI
XLI%RHVSMHSRWGVIIROI]FSEVHERHXLIWQEPPTSVXMSRSJ+SSKPI
8EPOXLEXEP[E]WPMWXIRWJSVMRGSQMRKQIWWEKIW%FSZIIEGL
WIVZMGISRISVQSVIKVE]FEVWWLS[[LEXTVSGIWWIWXLIVYRRMRK
WIVZMGIRIIHWERHLS[QYGLQIQSV]MXtWYWMRK LS[QYGL
QIQSV]]SY[SYPHVIGSZIVMJ]SYWXSTTIHXLIWIVZMGI 
(ITIRHMRKSRXLIWIVZMGI[LIR]SYXSYGLMXMRXLIPMWXMXIMXLIV
STIRWEHMEPSKMR[LMGL]SYGERWXSTMXSVSTIRWMXW7IXXMRKW
WGVIIR
(IZIPSTQIRX 7IIq(IZIPSTQIRXWGVIIRrSRTEKI
%TTPMGEXMSR-RJSWGVIIR
8LI%TTPMGEXMSR-RJSWGVIIRJSVIEGLETTPMGEXMSRPMWXWMXWREQIERH
ZIVWMSREPSRK[MXLHIXEMPWEFSYXXLIETTPMGEXMSR(ITIRHMRKSR
XLIETTPMGEXMSRERH[LIVIMXGEQIJVSQMXQE]EPWSMRGPYHIMGSRW
JSVQEREKMRKXLIETTPMGEXMSRtWHEXEJSVGMRKXLIETTPMGEXMSRXS
WXSTERHYRMRWXEPPMRKXLIETTPMGEXMSR-XEPWSPMWXWHIXEMPWEFSYXXLI
OMRHWSJMRJSVQEXMSREFSYX]SYVTLSRIERHHEXEXLEXXLI
ETTPMGEXMSRLEWEGGIWWXS
7XSVEKI +MZIWHIXEMPWEFSYXXLIEQSYRXSJTLSRIWXSVEKIXLEXER
ETTPMGEXMSRYWIW-J]SYMRWXEPPIHXLIETTPMGEXMSRJVSQ%RHVSMH
1EVOIXSVERSXLIVWSYVGIMRGPYHIWER 9RMRWXEPP MGSRXLEX]SYGER
YWIXSVIQSZIXLIETTPMGEXMSRERHEPPSJMXWHEXEERHWIXXMRKWJVSQ
7IXXMRKW
XLITLSRI7IIq1EVOIXrSRTEKIJSVQSVIMRJSVQEXMSREFSYX
YRMRWXEPPMRKERHVIMRWXEPPMRKETTPMGEXMSRW
'EGLI -JXLIETTPMGEXMSRWXSVIWHEXEMREXIQTSVEV]EVIESJXLI
TLSRI WQIQSV]PMWXWLS[QYGLMRJSVQEXMSRMWWXSVIHERH
MRGPYHIWEMGSRJSVGPIEVMRKMX
0EYRGLF]HIJEYPX -J]SYLEZIGSRJMKYVIHERETTPMGEXMSRXSPEYRGL
GIVXEMRJMPIX]TIWF]HIJEYPX]SYGERGPIEVXLEXWIXXMRKLIVI
'SRXVSPW 9WIXLI*SVGIWXST MGSRXSWXSTERETTPMGEXMSRXLEXMW
QMWFILEZMRK8LIETTPMGEXMSRMWWXSTTIH[MXLSYXGSRJMVQEXMSR
4IVQMWWMSRW 0MWXWXLIOMRHWSJMRJSVQEXMSREFSYX]SYVTLSRIERH
HEXEXLIETTPMGEXMSRLEWEGGIWWXS
(IZIPSTQIRXWGVIIR
8LI(IZIPSTQIRXWGVIIRGSRXEMRWWIXXMRKWXLEXEVIYWIJYPJSV
HIZIPSTMRK%RHVSMHETTPMGEXMSRW*SVJYPPMRJSVQEXMSRMRGPYHMRK
HSGYQIRXEXMSRSJXLI%RHVSMH%4-WERHHIZIPSTQIRXXSSPWWII
XLI%RHVSMHHIZIPSTIV[IFWMXI LXXTHIZIPSTIVERHVSMHGSQ 
97&HIFYKKMRK 'LIGOQEVOXSTIVQMXHIFYKKMRKXSSPWSRE
GSQTYXIVXSGSQQYRMGEXI[MXL]SYVTLSRIZMEE97&GSRRIGXMSR
7XE]E[EOI 'LIGOQEVOXSTVIZIRXXLIWGVIIRJVSQHMQQMRKERH
PSGOMRK[LIRXLITLSRIMWGSRRIGXIHXSEGLEVKIVSVXSE97&
HIZMGIXLEXTVSZMHIWTS[IV(SRtXYWIXLMWWIXXMRK[MXLEWXEXMG
MQEKISRXLITLSRIJSVPSRKTIVMSHWSJXMQISVXLIWGVIIRQE]
FIQEVOIH[MXLXLEXMQEKI
%PPS[QSGOPSGEXMSRW 'LIGOQEVOXSTIVQMXEHIZIPSTQIRXXSSP
SREGSQTYXIVXSGSRXVSP[LIVIXLITLSRIFIPMIZIWMXMWPSGEXIH
VEXLIVXLERYWMRKXLITLSRItWS[RMRXIVREPXSSPWJSVXLMWTYVTSWI


7IXXMRKW
%GGSYRXW W]RG
9WIXLI%GGSYRXW W]RGWIXXMRKWXSEHHVIQSZIERHQEREKI
]SYV+SSKPIERHSXLIVWYTTSVXIHEGGSYRXW=SYEPWSYWIXLIWI
WIXXMRKWXSGSRXVSPLS[ERH[LIXLIVEPPETTPMGEXMSRWWIRHVIGIMZI
ERHW]RGHEXESRXLIMVS[RWGLIHYPIWERH[LIXLIVEPPETTPMGEXMSRW
GERW]RGLVSRM^IYWIVHEXEEYXSQEXMGEPP]
+QEMP'EPIRHEVERHSXLIVETTPMGEXMSRWQE]EPWSLEZIXLIMVS[R
WIXXMRKWXSGSRXVSPLS[XLI]W]RGLVSRM^IHEXEWIIXLIWIGXMSRWSR
XLSWIETTPMGEXMSRWJSVHIXEMPW
%GGSYRXW W]RGWIXXMRKWWGVIIR
&EGOKVSYRHHEXE 'LIGOQEVOXSTIVQMXETTPMGEXMSRWXS
W]RGLVSRM^IHEXEMRXLIFEGOKVSYRH[LIXLIVSVRSX]SYEVI
EGXMZIP][SVOMRKMRXLIQ9RGLIGOMRKXLMWWIXXMRKGERWEZIFEXXIV]
TS[IVERHPS[IVW FYXHSIWRSXIPMQMREXI HEXEYWI
%YXSW]RG 'LIGOQEVOXSTIVQMXETTPMGEXMSRWXSW]RGLVSRM^IHEXE
SRXLIMVS[RWGLIHYPI-J]SYYRGLIGOXLMWWIXXMRK]SYQYWX
XSYGLEREGGSYRXMRXLIPMWXSRXLMWWGVIIRTVIWWXLI 1IRY/I]
XLIRXSYGL 7]RGRS[ XSW]RGLVSRM^IHEXEJSVXLEXEGGSYRX
7]RGLVSRM^MRKHEXEEYXSQEXMGEPP]MWHMWEFPIHMJ &EGOKVSYRHHEXE MW
YRGLIGOIH-RXLEXGEWIXLI%YXSW]RG GLIGOFS\MWHMQQIH
1EREKIEGGSYRXW 8LIVIWXSJXLMWWGVIIRPMWXWXLI+SSKPI
%GGSYRXWERHSXLIVEGGSYRXW]SYtZIEHHIHXSXLITLSRI%HHMRK
EGGSYRXWMWHIWGVMFIHMRq%GGSYRXWrSRTEKI
-J]SYXSYGLEREGGSYRXMRXLMWWGVIIRMXWEGGSYRXWGVIIRSTIRW
%GGSYRXWGVIIR
8LMWWGVIIRGSRXEMRWHMJJIVIRXSTXMSRWHITIRHMRKSRXLIOMRHSJ
EGGSYRX
*SV+SSKPI%GGSYRXWMXPMWXWXLIOMRHWSJHEXE]SYGERW]RGLVSRM^I
XSXLITLSRI[MXLGLIGOFS\IWWS]SYGERXYVRW]RGLVSRM^MRKSR
ERHSJJJSVIEGLOMRH=SYGEREPWSTVIWWXLI 1IRY/I]
XLIR
7IXXMRKW
XSYGL7]RGRS[ XSW]RGLVSRM^IHEXE8SYGLXLI 6IQSZI %GGSYRX
MGSRXSVIQSZIXLIEGGSYRXEPSRK[MXLEPPMXWHEXE GSRXEGXWQEMP
WIXXMRKWERHWSSR =SYGERtXVIQSZIXLIJMVWX+SSKPI%GGSYRX
]SYEHHIHXS]SYVTLSRII\GITXF]VIWIXXMRK]SYVTLSRIXSXLI
JEGXSV]HIJEYPXWERHIVEWMRKEPPSJ]SYVYWIVHEXE7IIq4VMZEG]
WIXXMRKWrSRTEKI
4VMZEG]
=SYYWIXLI4VMZEG]WIXXMRKWXSQEREKI]SYVTIVWSREPMRJSVQEXMSR
9WI1]0SGEXMSR 'LIGOQEVOXSMRGPYHI]SYVTSWMXMSR[LIRYWMRK
+SSKPIWIEVGLERHSXLIV+SSKPIWIVZMGIW;LIR]SYGLIGOXLMW
STXMSR]SYtVIEWOIH[LIXLIV]SYGSRWIRXXSEPPS[MRK+SSKPIXS
YWI]SYVPSGEXMSR[LIRTVSZMHMRKXLIWIWIVZMGIW
&EGOYTQ]WIXXMRKW 'LIGOQEVOXSFEGOYT]SYVTLSRItW
WIXXMRKWXS+SSKPIWIVZIVW[MXL]SYV+SSKPI%GGSYRX-J]SY
VITPEGI]SYVTLSRIXLIWIXXMRKW]SYtZIFEGOIHYTEVIVIWXSVIH
SRXSXLIRI[TLSRIXLIJMVWXXMQI]SYWMKRMR[MXL]SYV+SSKPI
%GGSYRX-J]SYGLIGOXLMWSTXMSRE[MHIZEVMIX]SJWIXXMRKWEVI
FEGOIHYTMRGPYHMRK]SYV;M*MTEWW[SVHWFSSOQEVOWEPMWXSJ
XLIETTPMGEXMSRW]SYtZIMRWXEPPIHXLI[SVHW]SYtZIEHHIHXSXLI
HMGXMSREV]YWIHF]XLISRWGVIIROI]FSEVHERHQSWXSJXLI
WIXXMRKWXLEX]SYGSRJMKYVI[MXLXLI7IXXMRKWETTPMGEXMSR-J]SY
YRGLIGOXLMWSTXMSR]SYWXSTFEGOMRKYT]SYVWIXXMRKWERHER]
I\MWXMRKFEGOYTWEVIHIPIXIHJVSQ+SSKPIWIVZIVW
*EGXSV]HEXEVIWIX )VEWIWEPPSJ]SYVTIVWSREPHEXEJVSQMRXIVREP
TLSRIWXSVEKIMRGPYHMRKMRJSVQEXMSREFSYX]SYV+SSKPI%GGSYRX
ER]SXLIVEGGSYRXW]SYVW]WXIQERHETTPMGEXMSRWIXXMRKWERHER]
HS[RPSEHIHETTPMGEXMSRW6IWIXXMRKXLITLSRIHSIWRSXIVEWIER]
W]WXIQWSJX[EVIYTHEXIW]SYtZIHS[RPSEHIHSVER]JMPIWSR]SYV
QMGVS7(GEVHWYGLEWQYWMGSVTLSXSW-J]SYVIWIXXLITLSRIMR
XLMW[E]]SYtVITVSQTXIHXSVIIRXIVXLIWEQIOMRHSJ
MRJSVQEXMSREW[LIR]SYJMVWXWXEVXIH%RHVSMH7IIq7XEVXMRK
%RHVSMHXLI*MVWX8MQIrSRTEKI


7IXXMRKW
7(GEVH TLSRIWXSVEKI
9WIXLI7('EVHERH4LSRI7XSVEKIWIXXMRKWXSQSRMXSVXLIYWIH
ERHEZEMPEFPIWTEGISR]SYVTLSRIERHSR]SYVQMGVS7(GEVHXS
QEREKI]SYVQMGVS7(GEVHERHMJRIGIWWEV]XSVIWIXXLITLSRI
IVEWMRKEPPSJ]SYVTIVWSREPMRJSVQEXMSR
7('EVHERH4LSRI7XSVEKIWGVIIR
7(GEVH8SXEPWTEGIERH%ZEMPEFPIWTEGI 0MWXWXLIEQSYRXSJ
WTEGISRER]QMGVS7(GEVHMRWXEPPIHMR]SYVTLSRIERHXLI
EQSYRX]SYLEZIYWIHXSWXSVITLSXSWZMHISWQYWMGERHSXLIV
JMPIW*SVQSVIMRJSVQEXMSRWIIq'SRRIGXMRKXSEGSQTYXIVZME
97&rSRTEKIEW[IPPEWXLIWIGXMSRWJSVXLIETTPMGEXMSRWXLEX
WXSVIQIHMEERHSXLIVJMPIWSRXLIQMGVS7(GEVH
9RQSYRX7(GEVH 9RQSYRXWXLIQMGVS7(GEVHJVSQ]SYVTLSRI
WSXLEX]SYGERJSVQEXXLIGEVHSVWEJIP]VIQSZIMX[LIRXLI
TLSRIMWSR8LMWWIXXMRKMWHMQQIHMJXLIVIMWRSQMGVS7(GEVH
MRWXEPPIHMJ]SYLEZIEPVIEH]YRQSYRXIHMXSVMJ]SYLEZI
QSYRXIHXLIQMGVS7(GEVHSR]SYVGSQTYXIV7IIq'SRRIGXMRKXS
EGSQTYXIVZME97&rSRTEKI
*SVQEX7(GEVH 4IVQERIRXP]IVEWIWIZIV]XLMRKSREQMGVS7(
GEVHERHTVITEVIWMXJSVYWI[MXL]SYVTLSRI=SYQYWXYRQSYRX
EQMGVS7(GEVHFIJSVI]SYGERJSVQEXMX
-RXIVREPTLSRIWXSVEKI%ZEMPEFPIWTEGI 8LIEQSYRXSJMRXIVREP
TLSRIWXSVEKIYWIHF]XLISTIVEXMRKW]WXIQMXWGSQTSRIRXW
ETTPMGEXMSRW MRGPYHMRKXLSWI]SYHS[RPSEHIH ERHXLIMV
TIVQERIRXERHXIQTSVEV]HEXE
7IXXMRKW
7IEVGL
=SYYWIXLI7IEVGLWIXXMRKWXSGSRJMKYVI+SSKPIWIEVGL5YMGO
7IEVGL&S\ERHXLIHEXESRXLITLSRIXLEX]SY[ERXXSMRGPYHIMR
WIEVGLIW7IIq7IEVGLMRK=SYV4LSRIERHXLI;IFrSRTEKI
7IEVGLWIXXMRKWWGVIIR
+SSKPIWIEVGLWIXXMRKW 3TIRWEWGVIIR[LIVI]SYGERWIX]SYV
TVIJIVIRGIWJSV[LIXLIV+SSKPIWIEVGLSRXLI[IFQEOIW
WYKKIWXMSRWXLEXETTIEVFIPS[XLI5YMGO7IEVGL&S\ERH[LIXLIV
XLIWYKKIWXMSRWXEOIMRXSEGGSYRX]SYVTVIZMSYWWIEVGLIW=SY
GEREPWSSTIRXLI+SSKPI[IFWIEVGLLMWXSV]WIXXMRKWTEKIMR
&VS[WIV
7IEVGLEFPIMXIQW 3TIRWEWGVIIR[LIVI]SYGERGLIGOERH
YRGLIGOXLIOMRHWSJHEXEXSMRGPYHIMRTLSRIWIEVGLIW
'PIEVWIEVGLWLSVXGYXW )VEWIWXLIPMWXSJWIEVGLVIWYPXWXLEX]SY
XSYGLIHFIPS[XLI5YMGO7IEVGL&S\
0ERKYEKI OI]FSEVH
9WIXLI0ERKYEKI OI]FSEVHWIXXMRKWXSWIPIGXXLIPERKYEKIJSV
XLIXI\XSR]SYVTLSRIERHJSVGSRJMKYVMRKXLISRWGVIIROI]FSEVH
MRGPYHMRK[SVHWXLEX]SYtZIEHHIHXSMXWHMGXMSREV]
0ERKYEKIERH/I]FSEVHWGVIIR
7IPIGXPSGEPI 3TIRWXLI0SGEPIWGVIIR[LIVI]SYGERWIPIGXXLI
PERKYEKIXSYWIJSVXLIXI\XSR]SYVTLSRI
%RHVSMHOI]FSEVH *SVTLSRIW[MXLTL]WMGEPOI]FSEVHWYRGLIGO
XSHMWEFPIXLISRWGVIIROI]FSEVH7IIq%RHVSMH/I]FSEVHWIXXMRKW
WGVIIRrSRTEKI
(IZMGIOI]FSEVH 7IIq(IZMGI/I]FSEVHWIXXMRKWWGVIIRrSRTEKI
8LMWWIXXMRKMWEZEMPEFPISRP]MJ]SYVTLSRILEWETL]WMGEP
OI]FSEVH


7IXXMRKW
9WIVHMGXMSREV] 3TIRWEPMWXSJXLI[SVHW]SYtZIEHHIHXSXLI
HMGXMSREV]EWHIWGVMFIHMRq9WMRKXLISRWGVIIROI]FSEVHrSR
TEKI8SYGLE[SVHXSIHMXSVHIPIXIMX4VIWWXLI 1IRY/I]
XLIRXSYGL %HH XSEHHE[SVH
%RHVSMH/I]FSEVHWIXXMRKWWGVIIR
8LI%RHVSMH/I]FSEVHWIXXMRKWETTP]XSXLISRWGVIIROI]FSEVH
XLEXMWMRGPYHIH[MXL]SYVTLSRI8LIGSVVIGXMSRERHGETMXEPM^EXMSR
JIEXYVIWEJJIGXSRP]XLI)RKPMWLZIVWMSRSJXLIOI]FSEVH
:MFVEXISROI]TVIWW 'LIGOQEVOXSLEZIXLITLSRIZMFVEXIFVMIJP]
IEGLXMQI]SYXSYGLEOI]SRXLISRWGVIIROI]FSEVH
7SYRHSROI]TVIWW 'LIGOQEVOXSTPE]EFVMIJWSYRHIEGLXMQI
]SYXSYGLEOI]SRXLISRWGVIIROI]FSEVH
%YXSGETMXEPM^EXMSR 'LIGOQEVOXSLEZIXLISRWGVIIROI]FSEVH
EYXSQEXMGEPP]GETMXEPM^IXLIJMVWXPIXXIVSJXLIJMVWX[SVHEJXIVE
TIVMSHXLIJMVWX[SVHMREXI\XJMIPHERHIEGL[SVHMRREQIJMIPHW
5YMGOJM\IW 'LIGOQEVOXSEYXSQEXMGEPP]GSVVIGXWSQIGSQQSR
QMWWTIPPMRKWEW]SYX]TI
7LS[WYKKIWXMSRW 'LIGOQEVOXSWLS[WYKKIWXIH[SVHWMRE
WXVMTEFSZIXLISRWGVIIROI]FSEVHEW]SYX]TI7IIq9WMRKXLI
SRWGVIIROI]FSEVHrSRTEKI
%YXSGSQTPIXI 'LIGOQEVOXSEYXSQEXMGEPP]IRXIVEWYKKIWXIH
[SVHLMKLPMKLXIHMRSVERKIMRXLIWXVMTEFSZIXLIOI]FSEVH[LIR
]SYIRXIVEWTEGISVTYRGXYEXMSR7IIq9WMRKXLISRWGVIIR
OI]FSEVHrSRTEKI
7IXXMRKW
(IZMGI/I]FSEVHWIXXMRKWWGVIIR
8LMWWIXXMRKWWGVIIRMWEZEMPEFPISRP]MJ]SYVTLSRILEWETL]WMGEP
OI]FSEVH
%YXSVITPEGI 'LIGOQEVOXSGSVVIGXQMWWTIPPIH[SVHWEW]SY
X]TI
%YXSGET 'LIGOQEVOXSGETMXEPM^IXLIJMVWXPIXXIVSJXLIJMVWX[SVH
MRWIRXIRGIW
%YXSTYRGXYEXI 'LIGOQEVOXSMRWIVXETIVMSH  [LIR]SYTVIWW
XLI7TEGIOI]X[MGIMREVS[
%GGIWWMFMPMX]
=SYYWIXLI%GGIWWMFMPMX]WIXXMRKWXSGSRJMKYVIER]EGGIWWMFMPMX]
TPYKMRW]SYLEZIMRWXEPPIHSR]SYVTLSRI
%GGIWWMFMPMX] 'LIGOQEVOXSIREFPIEPPMRWXEPPIHEGGIWWMFMPMX]
TPYKMRW
/MGO&EGO 'LIGOQEVOXSLEZIXLITLSRIZMFVEXIFVMIJP]EW
JIIHFEGOEW]SYREZMKEXIXLIYWIVMRXIVJEGITVIWWOI]WERHWS
SR
8EPO&EGO 'LIGOQEVOXSLEZIERMRWXEPPIHWTIIGLW]RXLIWM^IV
WTIEOXLIPEFIPWSVREQIWSJMXIQWEW]SYREZMKEXIXLITLSRItW
YWIVMRXIVJEGI
7SYRH&EGO 'LIGOQEVOXSTPE]EWSYRHEW]SYREZMKEXIXLI
TLSRItWYWIVMRXIVJEGI
8I\XXSWTIIGL
=SYYWIXLI8I\XXS7TIIGLWIXXMRKWXSGSRJMKYVIXLI%RHVSMHXI\X
XSWTIIGLW]RXLIWM^IVJSVETTPMGEXMSRWXLEXGERXEOIEHZERXEKISJMX
WYGLEW8EPO&EGOHIWGVMFIHMRq%GGIWWMFMPMX]rSRTEKI


7IXXMRKW
8I\XXS7TIIGLWIXXMRKWWGVIIR
-J]SYHSRtXLEZIWTIIGLW]RXLIWM^IVHEXEMRWXEPPIHSRP]XLI
-RWXEPPZSMGIHEXE WIXXMRKMWEZEMPEFPI
0MWXIRXSERI\EQTPI 4PE]WEFVMIJWEQTPISJXLIWTIIGL
W]RXLIWM^IVYWMRK]SYVGYVVIRXWIXXMRKW
-RWXEPPZSMGIHEXE -J]SYVTLSRIHSIWRSXLEZIWTIIGLW]RXLIWM^IV
HEXEMRWXEPPIHGSRRIGXWXS%RHVSMH1EVOIXERHKYMHIW]SYXLVSYKL
XLITVSGIWWSJHS[RPSEHMRKERHMRWXEPPMRKXLIHEXE8LMWWIXXMRKMW
RSXEZEMPEFPIMJXLIHEXEMWEPVIEH]MRWXEPPIH
%P[E]WYWIQ]WIXXMRKW 'LIGOQEVOXSYWIXLIWIXXMRKWSRXLMW
WGVIIRMRTPEGISJWTIIGLW]RXLIWM^IVWIXXMRKWEZEMPEFPIMRSXLIV
ETTPMGEXMSRW
7TIIGLVEXI 3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGXLS[
UYMGOP]]SY[ERXXLIW]RXLIWM^IVXSWTIEO
0ERKYEKI 3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGXXLIPERKYEKI
SJXLIXI\X]SY[ERXXLIW]RXLIWM^IVXSVIEH8LMWMWTEVXMGYPEVP]
YWIJYPMRGSQFMREXMSR[MXLXLI%P[E]W9WI1]7IXXMRKWWIXXMRKXS
IRWYVIXLEXXI\XMWWTSOIRGSVVIGXP]MREZEVMIX]SJETTPMGEXMSRW
(EXI XMQI
9WI(EXI XMQIWIXXMRKWXSWIX]SYVTVIJIVIRGIWJSVLS[HEXIWEVI
HMWTPE]IH=SYGEREPWSYWIXLIWIWIXXMRKWXSWIX]SYVS[RXMQI
ERHXMQI^SRIVEXLIVXLERSFXEMRMRKXLIGYVVIRXXMQIJVSQXLI
QSFMPIRIX[SVO
%YXSQEXMG 9RGLIGOXSWIXXLIHEXIXMQIERHXMQI^SRISRXLI
TLSRIQERYEPP]VEXLIVXLERSFXEMRMRKXLIGYVVIRXXMQIJVSQXLI
QSFMPIRIX[SVO
7IXHEXI -J%YXSQEXMG MWYRGLIGOIHSTIRWEHMEPSK[LIVI]SY
GERQERYEPP]WIXXLITLSRItWHEXI
7IPIGXXMQI^SRI -J%YXSQEXMG MWYRGLIGOIHSTIRWEHMEPSK
[LIVI]SYGERWIXXLITLSRItWXMQI^SRI
7IXXMRKW
7IXXMQI -J%YXSQEXMG MWYRGLIGOIHSTIRWEHMEPSK[LIVI]SY
GERWIXXLITLSRItWXMQI
9WILSYVJSVQEX 'LIGOQEVOXSHMWTPE]XLIXMQIYWMRKLSYV
XMQIJSVQEXhJSVI\EQTPIVEXLIVXLERTQ
7IPIGXHEXIJSVQEX 3TIRWEHMEPSKFS\[LIVI]SYGERWIPIGXXLI
JSVQEXJSVHMWTPE]MRKHEXIW
%FSYXTLSRI
%FSYXTLSRIMRGPYHIWMRJSVQEXMSREFSYX]SYVTLSRI
%FSYXTLSRIWGVIIR
7]WXIQYTHEXIW 3TIRWEWGVIIRXLEXVITSVXWSRXLIEZEMPEFMPMX]SJ
%RHVSMHW]WXIQWSJX[EVIYTHEXIW
7XEXYW 3TIRWXLI7XEXYWWGVIIR[MXLEPSRKPMWXSJMRJSVQEXMSR
EFSYX]SYVFEXXIV]QSFMPIRIX[SVOGSRRIGXMSRERHSXLIVHIXEMPW
&EXXIV]YWI 3TIRWEPMWXSJXLIETTPMGEXMSRWERHSTIVEXMRKW]WXIQ
GSQTSRIRXW]SYLEZIYWIHWMRGI]SYPEWXGSRRIGXIHXLITLSRIXS
ETS[IVWSYVGIWSVXIHF]XLIEQSYRXSJTS[IVXLI]LEZIYWIH
8SYGLERETTPMGEXMSRMRXLIPMWXXSZMI[HIXEMPWEFSYXMXWTS[IVYWI
ERHMJEZEMPEFPIXSYGLEFYXXSRXSSTIREWIXXMRKWSVMRJSVQEXMSR
WGVIIRJSVXLEXGSQTSRIRXSVETTPMGEXMSR7IIq3TXMQM^MRK&EXXIV]
0MJIrSRTEKI
0IKEPMRJSVQEXMSR 3TIRWEWGVIIR[LIVI]SYGERSFXEMRPIKEP
MRJSVQEXMSREFSYXXLIWSJX[EVIMRGPYHIH[MXL]SYVTLSRI
7]WXIQXYXSVMEP 3TIRWEWGVIIRXLEXSJJIVWXSMRXVSHYGIWSQISJ
]SYVTLSRItWJIEXYVIWEWHIWGVMFIHMRq7XEVXMRK%RHVSMHXLI*MVWX
8MQIrSRTEKI
:IVWMSRMRJSVQEXMSR 0MWXWHIXEMPWEFSYXXLIQSHIPRYQFIVWERH
ZIVWMSRWSJ]SYVTLSRItWLEVH[EVIERHSTIVEXMRKW]WXIQ
WSJX[EVI8LMWMRJSVQEXMSRMWYWIJYPMJ]SYRIIHXS[SVO[MXL]SYV
GEVVMIVtWWYTTSVXXIEQ


---

Source Exif Data:

File Type                       : PDF
File Type Extension             : pdf
MIME Type                       : application/pdf
PDF Version                     : 1.6
Linearized                      : Yes
Encryption                      : Standard V4.4 (128-bit)
User Access                     : Print, Print high-res
Create Date                     : 2010:04:15 15:38:35+09:00
Modify Date                     : 2010:05:11 08:36:22-04:00
XMP Toolkit                     : Adobe XMP Core 4.2.1-c043 52.372728, 2009/01/18-15:08:04
Metadata Date                   : 2010:05:11 08:36:22-04:00
Producer                        : Acrobat Distiller 9.3.2 (Windows)
Format                          : application/pdf
Title                           : untitled
Document ID                     : uuid:a51e4a22-9db5-419b-9f14-d88b5e51d039
Instance ID                     : uuid:3f62e533-1c44-45ae-aec8-383a1d87f62a
Page Count                      : 255

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