prc-c-1682
-
Upload
gibran-pro -
Category
Documents
-
view
4 -
download
0
description
Transcript of prc-c-1682
-
$*4"$PNVOJDBDJOF*OGPSNBDJO4"EF$7$POTFKPEF"ENJOJTUSBDJO1SFTJEFOUF+VMJP4DIFSFS(BSDB7JDFQSFTJEFOUF7JDFOUF-FFSP5FTPSFSP&OSJRVF.B[B
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m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
TFNBOBSJPEFJOGPSNBDJOZBOMJTJT
BHFODJBQSPDFTPEFJOGPSNBDJO
$JSDVMBDJODFSUJGJDBEBQPSFM*OTUJUVUP7FSJGJDBEPSEF.FEJPT3FHJTUSP/P
&%*503.BSDP"OUPOJP$SV[%JSFDDJOXXXQSPDFTPGPUPDPNNY$PSSFPFMFDUSOJDPSFEOBDJPOBM!QSPDFTPGPUPDPNNY7FOUBTZDPOUSBUBDJPOFTZ
$FSUJGJDBEPEFMJDJUVEEFUUVMP/PZMJDJUVEEFDPOUFOJEP/PFYQFEJEPTQPSMB$PNJTJO$BMJGJDBEPSBEF1VCMJDBDJPOFTEF3FWJTUBT*MVTUSBEBTFMEFTFQUJFNCSFEF1SPDFTPFTVOB3FTFSWBQBSBVTPFYDMVTJWPPUPSHBEBQPSMB%JSFDDJOEF3FTFSWBTEFM*OTUJUVUP/BDJPOBMEFM%FSFDIPEF"VUPSFOGBWPSEF$PNVOJDBDJOF*OGPSNBDJO4"EF$7CBKPFM/NFSP3FHJTUSPEFM41.$3%'+/NFSP*44/
&%*503&/+&'&3BM.POHF&EJUPSFT.JHVFMOHFM7[RVF[+PSHF1SF[.BOVFM3PCMFTBTJTUFOUF.BSB&MFOB"IFEP5FMT'BY
&%*503"MFKBOESP$BCBMMFSP$PSSFPFMFDUSOJDPBDBCBMMFSP!QSPDFTPDPNNY5FM4PQPSUFUDOJDP+PSHF4VSF[Z+PSHF(BSDB5FM%JTFPFMJOHFOJPOFU
$003%*/"%03"MFKBOESP$BCBMMFSPQSPDFTPSBEJP!QSPDFTPDPNNY5FM
4VTDSJQDJPOFT%'Z[POB.FUSPQPMJUBOB6OBPNFTFT(VBEBMBKBSB.POUFSSFZZ1VFCMB6OBPNFTFT&KFNQMBSFTBUSBTBEPT4FSWJDJPTJOGPSNBUJWPTZGPUPHSGJDPT"1/PUJNFY3FVUFST1SPIJCJEBMBSFQSPEVDDJOQBSDJBMPUPUBMEFDVBMRVJFSDBQUVMPGPUPHSBGBPJOGPSNBDJOQVCMJDBEPTTJOBVUPSJ[BDJOFYQSFTBEF$PNVOJDBDJOF*OGPSNBDJO4"EF$7UJUVMBSEFUPEPTMPTEFSFDIPT
BHFODJBEFGPUPHSBGB
/"3$053'*$0
/BSDPDVNCSFFO4JOBMPBGSHJMUSFHVB 1BUSJDJB%WJMB
10-5*$"
&MNJFEPBHPCFSOBSMWBSP%FMHBEP *OUFST1CMJDP&MDJOJTNPDPSQPSBUJWJTUBEF"DDJO /BDJPOBM.JHVFMOHFM(SBOBEPT$IBQB
-BQFTBEJMMBNBESFTTPMUFSBTy$BSMPT.POTJWJT %FMPEJPBMBNPSyFMFDUPSBM3PTBMB7FSHBSB 1MBOSFWBODIB+PT(JM0MNPT
.&%*04
"DPTPPGJDJBMBQFSJPEJTUBT (MPSJB-FUJDJB%B[ %FQSFTJOyZMPRVFGBMUB+FOBSP7JMMBNJM &OFTUBEPDSUJDP++FTT&TRVJWFM
EFFOFSPEFt/P
'PUP1PSUBEB"1QIPUP%BSJP-PQF[.JMMT
-
*/5&3/"$*0/"-&45"%046/*%04
(VBOUOBNP.YJNBDSVFMEBE)PNFSP$BNQB $BSUBEFJNQVOJEBE.BSDP"QQFM
"/-*4*4
-BEJDUBEVSBFMFDUPSBM+BWJFS4JDJMJB .PSBMQBOJTUB/BSBOKP 4VTHPCFSOBEPSFTMPTFOFNJHPTEFM13* +FTT$BOU
*ODPNPEJEBEBOUFMBQSFOTB&SOFTUP7JMMBOVFWB -BJODMVTJO4BCJOB#FSNBO %PTDPODFQUPTEFGBNJMJB.BSUB-BNBT
103.*."%3)&.*04
$6-563"
4BMOEFM-JCSPEF1BSTi.YJDP.PTBJDP EFEJWFSTJEBEw$PMVNCB7SUJ[EFMB'VFOUF
&EHBS"MMBO1PFZMPTNFYJDBOPT3BGBFM7BSHBT
1HJOBTEFDSUJDB .TJDB5POBMJEBENBZPS&EVBSEP4PUP.JMMO
$JOF$IFFMBSHFOUJOP+BWJFS#FUBODPVSU
5FMFWJTJO&GFDUPNFEJUJDP#BSBDL0CBNB 'MPSFODF5PVTTBJOU
&41&$5$6-04
&M.VTFPEFM$JOF.FYJDBOPFODJVEBEFT $PMVNCB7SUJ[EFMB'VFOUF
%&1035&4
-BTFMFDDJOJOUFSOBDJPOBM 3BM0DIPBZ#FBUSJ[1FSFZSB
1BMBCSBEF-FDUPS
.POP4BQJFOT-BMFZEFMCFTP )FMHVFSBZ)FSOOEF[
-
$6-*"$/ 4*/-PT QSJODJQBMFTDSUFMFTEFMOBSDPUSGJDPRVFIBOFOTBOHSFOUBEPFMQBTDPOTVTDPOGSPOUBDJPOFTBDPSEBSPOFOEJDJFNCSFQBTBEPVOBUSFHVBJOEFGJOJEBRVFIBUFOJEPBMDBODFOBDJPOBMZTFSFGMFKBFOVOBSFMBUJWB
EJTNJOVDJOEFCBMBDFSBTFOGSFOUBNJFOUPTNBUBO[BTZBKVTUFTEFDVFOUBTSFWFMFOTVFEJDJOEFMEPNJOHPEFFOFSPFMTFNBOBSJPMPDBM3PEPDFRVFTFEFEJDBQSJPSJUBSJBNFOUFBUFNBTEFMOBSDPUSGJDP
-BJOGPSNBDJOQVCMJDBEBCBKPFMUUVMPEF1BDUBOMPTOBSDPT-B4FEFOBMPQSPNVFWFZFM$JTFOMPSFHJTUSBTPTUJFOFRVFFMDFTFBMGVFHPTFQBDUiQBSBSFDVQFSBSFMDPOUSPMEFMUSGJDPEFFOFSWBOUFTRVFEFCJEPBTVDPODFOUSBDJOFOMBHVFSSBFTUBCBOQFSEJFOEPuMPTDSUFMFT"EFNTTFFTUBCMFDJRVFDBEBPSHBOJ[BDJOiDPCSBSBMPTBKVTUFTEFDVFOUBTuRVFUFOBQFOEJFOUFTBOUFTEFMMFHBSBFTUFBDVFSEP
%VSBOUFVOSFDPSSJEPRVF1SPDFTPSFBMJ[EFMBMEFFOFSPQPSMPTNVOJDJQJPTEF$VMJBDO/BWPMBUPZ#BEJSBHVBUPDPOTUBURVFFOFTUBTMPDBMJEBEFTFM&KSDJUPOPSFBMJ[BQBUSVMMBKFTZRVJUMPTSFUFOFTDPOFYDFQDJOEFVOPDFSDBOPBMBDB
TFUBRVFFTUBMBTBMJEBEF$VMJBDOQPSMBDBSSFUFSBJOUFSOBDJPOBMRVFMMFWBBMMNJUFFOUSF%VSBOHPZ4JOBMPB+VTUPFMMMBNBEP5SJOHVMP%PSBEPEFMOBSDPUSGJDP
%FTEFFMNFTQBTBEPFODBMMFTQMB[BTUBYJTSFTUBVSBOUFTIPUFMFTZDPNFSDJPTTFIBCMBEFFTBOFHPDJBDJOFOUSFMPTKFGFTEFMPTDSUFMFT1BSBMPTMVHBSFPTFTUPTFIJ[PFWJEFOUFFMZFMEFEJDJFNCSFDVBOEPEFKBSPOEFFTDVDIBSMPTEJTQBSPTEFDVFSOPEFDIJWPBMPTRVFFTUOBDPTUVNCSBEPT
-PT FOGSFOUBNJFOUPT QPS FM DPOUSPMEFFTUBQMB[BBM JHVBMRVFEF MBTDPSSFTQPOEJFOUFTBPUSBTDJVEBEFTZFTUBEPTDPNP 5JKVBOB $IJIVBIVB %VSBOHP .JDIPBDO(VFSSFSP;BDBUFDBTZMB$JVEBE
1BUSJDJB%WJMB
EFFOFSPEF
&Mi.BZPw;BNCBEB
&Mi$IBQPw(V[NO
7JDFOUF$BSSJMMP
-
&OEJDJFNCSFQBTBEPDBQPTEFBMH
VOPTEFMPT
QSJODJQBMFTDSUFMFTNFYJDBOPTEF
MBESPHB
BDPSEBSPOMMBNBSBTVTJOUFHSBOUFT
BTVTQFO
EFSMBTDPOGSPOUBDJPOFTWJPMFOUBTZ
FOGPDBSTFB
MBSFDVQFSBDJOEFTVTOFHPDJPT4
JOFNCBSHP
MBTGVFOUFTRVFDPOGJSNBOZPGSFDF
OEFUBMMFT
EFMQBDUPTFNVFTUSBOQFTJNJTUBT
TPCSFTJUJF
OFSFBMNFOUFGVOEBNFOUPTQBSBR
VFMBUSFHVB
QVFEBQSPMPOHBSTF
EF.YJDP TF SFDSVEFDJFSPO B QBSUJS EFMEFBCSJMEFDVBOEPMPTIFSNBOPT#FMUSO -FZWB TF FTDJOEJFSPO EFM DSUFMEF4JOBMPBZQBDUBSPODPO7JDFOUF$BSSJMMP'VFOUFTBMJBEPEF-PT;FUBT&TUBTUSFTPSHBOJ[BDJPOFTBMJHVBMRVFMPT"SFMMBOPDPNCBUBOBMDSUFMEF4JOBMPB
&TUB HVFSSB RVF BQBSFOUFNFOUF FOUSFOVOBUSFHVBEFTQVTEFDBTJPDIPNFTFTEF FKFDVDJPOFT Z FOGSFOUBNJFOUPT FM BPQBTBEPEFKVOTBMEPEFNJMFKFDVDJPOFTFOFMQBTNJMEFFMMBTFO4JOBMPB
&TUP DPOWJFSUF B MB FOUJEBE FO VOB EFMBTNTWJPMFOUBTZNVFTUSBFMJODSFNFOUPEFFTUFEFMJUPZBRVFFOTFSFHJTUSBSPOBRVBTFTJOBUPTSFMBDJPOBEPTDPOFM
OBSDPUSGJDPNJFOUSBTRVFFOGVFSPO&OMPRVFWBEFFTUFBPIBTUBFMEPNJOHPMB1SPDVSBEVSB(FOFSBMEF+VTUJDJBEFM&TUBEPUFOBSFHJTUSBEPTQFSPVONPOJUPSFPFONFEJPTBSSPKRVFBMDJFSSFEFFTUBFEJDJOTFIBCBOEJGVOEJEPEFFTUPTDSNFOFTBVORVFOPUPEPTTFSFMBDJPOBSPOFYQMDJUBNFOUFDPOFMDSJNFOPSHBOJ[BEP
4FHO FM TFNBOBSJP 3PEPDF iFO FMBDVFSEPEF DFTF BM GVFHP BM QBSFDFS QBSUJDJQBSPO SFQSFTFOUBOUFT EF PSHBOJ[BDJPOFTRVFEJSJHFO *TNBFM&M.BZP;BNCBEB +PBRVO &M $IBQP (V[NO "SUVSP#FMUSO-FZWBMPTIFSNBOPT"SFMMBOP'MJYBEFNTEF7JDFOUF&M7JDFSPZ$BSSJMMP'VFOUFTu
4FBMBRVFFMQSJNFSBDFSDBNJFOUPFTUVWPBDBSHPEFSFQSFTFOUBOUFTEFTFHVOEPOJWFMEFFTUBTPSHBOJ[BDJPOFTZTFMMFWBDBCPFOVOQSJWBEPEFVODPOPDJEPSFTUBVSBOUFEF$VMJBDOFTQFDJBMJ[BEPFONBSJTDPT
i%F FTUPT FODVFOUSPT UVWP DPOPDJNJFOUPMB4FEFOBZFM$FOUSPEF*OWFTUJHBDJOZ4FHVSJEBE/BDJPOBM$JTFO
JOTUBODJBTRVFNPOUBSPOEJTDSFUPTPQFSBUJWPTZTFNBOUVWJFSPOJOGPSNBEPTEFMPTBWBODFTEFFTBTOFHPDJBDJPOFTuBGJSNB3PEPDF
i6OP EF MPT BSHVNFOUPT QMBOUFBEPTQPSMPTDBQPTEFMBTPSHBOJ[BDJPOFTDSJNJOBMFTRVFQBSUJDJQBSPOFOMBUSFHVBFTRVFTFIBOPMWJEBEPEFMNFSDBEPZEFMOFHP
"SDIJWP1SPDFTP
EFFOFSPEF
"SUVSP#FMUSO-FZWB
/"3$053' *$0
-
& -(6".6$)*-*504*/-BTFPSB"VSPSB'VFOUFTEFBPTFTNBESFEF MPT KFGFTEFM DSUFMEF +VSF[-VDFGVFSUFQFSPEJDFRVFTFMBFTUOBDBCBOEP MFOUBNFOUF VOB FOGFSNFEBEEFMDPSB[OZMBUSJTUF[BQPSMBNVFSUFEFTVIJKPNFOPS+PT$SV[$BSSJMMP'VFOUFT
i%FTEFRVFTVQFBRVTFEFEJDBCBONJTIJKPTWJWPBOHVTUJBEB&TUPZDBOTBEBEFMMPSBSZBOOPUFSNJOP$BEBEBIFSPHBEPB%JPTQPSFMMPTQSJNFSPWJWPTyEFTQVTNVFSUPTywDPOmFTBZTVWP[TFFOUSFDPSUBZBQBHBQPSMPTTPMMP[PT
"NBEP&M4FPSEFMPT$JFMPTGVFFMQSJNFSPRVFTFWPMWJQPEFSPTP&SBFMDBQPRVFUFOBNTBFSPOBWFTQBSBUSBOTQPSUBSB&TUBEPT6OJEPTDPDBOBQSPDFEFOUFEF$PMPNCJB.VSJFO
-PTJHVJFSPO7JDFOUF&M7JDFSPZRVJFOIBTUBBIPSBNBOUJFOFFMMJEFSB[HPEFMDSUFMZ3PEPMGP&M/JPEF0SPJEFOUJmDBEPDPNPFMiOFHPDJBEPSwEFMBPSHBOJ[BDJOQPSTVIBCJMJEBEEFQBDUBSDPOMPTSJWBMFTTJOOFDFTJEBEEFEJTQBSPTTUFGVFFKFDVUBEPFOKVOUPDPOTVFTQPTB(JPWBOOBFO$VMJBDO
)BDFUSFTNFTFTMB1(3EJPBDPOPDFSMBNVFSUFEF+PT$SV[
&OUSFWJTUBEBFOMBmODBRVFMMFWBTVOPNCSF"VSPSB'VFOUFTFYJHFBMQSFTJEFOUF'FMJQF$BMEFSORVFMFSFHSFTFBTVIJKPDPOWJEBQVFTBmSNBRVFMPTNJMJUBSFTTFMPMMFWBSPO:BDVTBi4JFTUNVFSUPFTRVFFMMPTMPFKFDVUBSPOw
7FTUJEBDPOVOUSBKFTBTUSFHSJTDMBSPZVOBCMVTBCFJHFSFDJCFBMBSFQPSUFSBFOTVTBMB4FTJFOUBFOFMTJMMONTHSBOEFZmKBTVNJSBEBFOVOFYUSFNPEFMTBMO"ITPCSFVOBDPOTPMBEFNBEFSBCPSEFBEBDPOmHVSBTEFDPMNJMMPTEFFMFGBOUFEPSBEPTRVFEFTDBOTBTPCSFEPTmHVSBTEFMFPOFTTFOUBEPTEPB"VSPSBDPMPDMBTGPUPTFONBSDBEBTEFTVTNVFSUPT"MDFOUSPEFTUBDBMBEF"NBEPTVIJKPNBZPS
3FDVFSEBDPOEFUBMMFTMBEFUFODJOEF+PT$SV[
i-BNBBOBEFMNBSUFTMMFHNJIJKB"MJDJBZNFEJKPRVFVOBOPDIFBOUFTMVOFTEFPDUVCSFVOEFTUBDBNFOUPEFNJMJUBSFTMPTBDEFTVDBTBZTFMPMMFWEFUFOJEPw
&MSFTUPEFMBIJTUPSJBTFMPDPOU.BSB&MFOB3FUBNP[BFTQPTBEFTVIJKP3FHSFTBCBOBTVDBTBFOFMBVUP
i&TUPZDBOTBEBEFMMPSBSyw
1BUSJDJB%WJMB
i1PDPBOUFTEFMMFHBS+PT$SV[SFDJCJVOBMMBNBEBBTVDFMVMBSFSBVOBNJHP-FBEWJSUJA5JFOFTWJTJUBTFOUVDBTBTPONJMJUBSFTw
-PTTPMEBEPTUFOBODFSSBEBTWBSJBTDBMMFTQFSP+PT$SV[ZTVGBNJMJBFOUSBSPOTJOQSPCMFNBTBMBDBTB&OTFHVJEBUPDBSPOBMBQVFSUBZMBCSJ
o2VFSFNPTQMBUJDBSDPOVTUFEoEJKPVONJMJUBS
o1BTFOQFSPOPBTVTUFOBNJTIJKPTQPSRVFFTUODIJRVJUPToSFTQPOEJ+PT$SV[&MOJP$SV[UJFOFPDIPBPTZ.BSB1BVMBUSFT
7BSJPTNJMJUBSFTQMBUJDBSPONFEJBIPSBDPOMNJFOUSBT.BSB&MFOBQSFQBSBCBMBDFOBFOMBDPDJOB$VBOEPJOUFOUBDFSDBSTFBTVFTQPTPMFPSEFOBSPOi.UBTFZOPTBMHBw
"MPTQPDPTNJOVUPT+PT$SV[MFBWJTi.BSB&MFOBBIPSJUBWFOHPw
o{1FSPBEOEFWBT oQSFHVOUFMMB*OUFSWJOPVOPEFMPTNJMJUBSFTi6TUFE
OPEJHBOBEB-PMMFWBNPTQBSBIBDFSMFVOBTQSFHVOUBTBIPSJUBTFMPUSBFNPTw
*ODPOHSVFODJBT
%FTEFMBQVFSUBEFTVDBTB.BSB&MFOBWJPRVFTVCBOBTVFTQPTPFOMBQBUSVMMBEF/BWPMBUPUSJQVMBEBQPSMPTBHFOUFT(FSNOZ"OEST$FOJDFSPT*CBSSB&MWFIDVMPQPMJDJBDPTFGVFSFTHVBSEBEPQPS)VNNFSNJMJUBSFTEFFMMBTDPOONFSPEFJEFOUJmDBDJOPmDJBMZUPEPTQSFDFEJEPTQPSFM
i"MEBTJHVJFOUFFMNBSUFTEFPDUVCSFoSFMBUB"VSPSB'VFOUFToMBQBUSVMMBNVOJDJQBMBQBSFDJDPOMPTDIBMFDPTZMBTBSNBTEFMPTQPMJDBTQFSPMPTBHFOUFTOVODBBQBSFDJFSPO
i&TFNJTNPEBBMBTPDIPEFMBOPDIFBDVEJNPTBMBCBTFNJMJUBSEF/BWPMBUPIBCMBNPTDPOVONBZPSRVFTMPTFJEFOUJmDDPNP&MWJSBT/PTEJKPRVFOPTFIBCBEBEPDVFOUBEFFTFPQFSBUJWPZOPTNBOEBMB*9;POB.JMJUBSEF$VMJBDO
EFFOFSPEF
4VTIJKPT.BMPTQBTPT
"VSPSB'VFOUFT1FOBT
-
i"IOPTSFDJCFVOUFOJFOUFEJKPRVFEFTDPOPDBFMPQFSBUJWP{$NPFTQPTJCMF 4JUPEPTMPTWFDJOPTMPTWJFSPO` "IPSBSFTVMUBRVFMPTNJMJUBSFTGVFSPOMPTOJDPTRVFOPTFFOUFSBSPO%FTQVTEFWBSJBTIPSBTFMUFOJFOUFOPTJOGPSNBRVFFTFNBSUFTDFSDBEFMQPCMBEP&M%JF[BQBSFDJFMDBEWFSRVFNBEPEFVOIPNCSFRVFGVFUSBTMBEBEPBM4FSWJDJP.EJDP'PSFOTFFMDVBMFTFNJTNPEBGVFSPCBEPQPSVODPNBOEPBSNBEP
i"MEBTJHVJFOUFBDVEJNPTBMB1(3ZOPTNPTUSBSPOMBTGPUPTEFMDVFSQP/PFSBNJIJKPFTUPZTFHVSBw
"SHVNFOUBi$SV[UJFOFMBDFKBEFTQFHBEBZMBEFMIPNCSFEFMBGPUPFTUBCBVOJEBMBOBSJ[EF$SV[FTSFDUBZFOMBGPUPTFWFBABQFSJDBEB-BQFSTPOBRVFOPTBUFOEJOPTEJKPRVFMBUFOBBTQPSRVFQVEJFSPOEBSMFVOHPMQF1FSPOPTMPFTPUBNCJOUFOBEPTEJTQBSPTEFBSNBFOFMDVFMMPw
"BEFRVFMBSPQBEFMBQFSTPOBNVFSUBFSBQBSFDJEBBMBRVFWFTUB+PT$SV[QFSPMBNBSDBFSBEJGFSFOUFZiBEFNT$SV[DBM[BCBUFOJTCMBODPTDPODVBESPTB[VMFTZFODBNCJPFMDVFSQPMMFWBCB[BQBUPTJUBMJBOPTDPMPSOFHSPw
1PSFTPEPB"VSPSBTPMJDJURVFMFTIJDJFSBOMBTQSVFCBTEF"%/i/PTTBDBSPOTBOHSFBNJIJKB-V[#FSUJMBZBN%FTQVTEFEBTMB1(3FO$VMJBDODJUB#FSUJMBZBTVTIFNBOBT.BSB-VJTBZ"MJDJB-FTJOGPSNRVFMPTFTUVEJPTSFTVMUBSPOQPTJUJWPTZQPSMPUBOUPFMDVFSQPRVFNBEPFSBFMEF+PT$SV[-PFYUSBPFTRVFTFOFHBSPOBQSPQPSDJPOBSMFTDPQJBEFMPTEPDVNFOUPT%JKFSPORVFFSBODPOmEFODJBMFT/PTQPSRVTJDPNPJOUFSFTBEPTUFOFNPTEFSFDIPBUFOFSMPTw
%PTTFNBOBTEFTQVTTFFOUFSEFRVFFMMVOFTEFOPWJFNCSFVODPNBOEPBSNBEPMFWBOUBKPSOBMFSPTEFMSBODIP-B(VBKJSBRVFGVFSPOMJCFSBEPTBMPTUSFTEBT
&NNB2VJSP["DVBWPDFSBEFMPQFSBUJWPDPOKVOUP$VMJBDO/BWPMBUPJOGPSNRVF-B(VBKJSBFSBQSPQJFEBEEFMBGBNJMJB$BSSJMMP'VFOUFTZRVFFMBQPEFSBEPMFHBMEFMDBNQPFSB1BCMP+BDPCP3FUBNP[BDVBEPEF+PT$SV[$BSSJMMP&MHPCFSOBEPS+FTT"HVJMBS1BEJMMBTFBMRVFEJDIBWFSTJOiOPFTUBCBDPOmSNBEBw
&MWJFSOFTEFEJDJFNCSF.BSUO3PCMFT"SNFOUBEJSFDUPSEF"WFSJHVBDJPOFT1SFWJBTEFMBQSPDVSBEVSBTJOBMPFOTFDPOmSNDPOCBTFFOVOJOGPSNFEFMB1(3RVFFMDVFSQPDBMDJOBEPFSBFMEF+PT$SV[$BSSJMMP'VFOUFT
i4JUJFOFOMBTFHVSJEBEEFRVFTFUSBUBEFNJIJKPMFQJEPBMQSFTJEFOUF$BMEFSORVFNFFOUSFHVFTVDVFSQP$PNPNBESFFTMPOJDPRVFQJEPQBSBEBSMFDSJTUJBOBTFQVMUVSB&TBMHPRVFOPNFQVFEFOFHBSwEJDF"VSPSB'VFOUFT
"MTFDSFUBSJPEFMB%FGFOTB/BDJPOBM(VJMMFSNP(BMWO(BMWOMFFYJHFi2VJFSPRVFNFFYQMJRVFQPSRVMPTTPMEBEPTTFMMFWBSPOBNJIJKPZQPSRVMPFKFDVUBSPOw
o{4FMFTQBTMBNBOPBMPTNJMJUBSFT oQSFHVOUBMBSFQPSUFSB
o&TPGVFJOUFODJPOBMGVFVOBFKFDVDJO2VFMPJOWFTUJHVFO4JZPTVQJFSBRVF$SV[BOEBCBFOPUSPTOFHPDJPTOPIBCMBSB`2VFOPMPDPOGVOEBODPO7JDFOUF
:BDMBSBi7JDFOUFFMMEFSEFMDSUFMEF+VSF[FTVOBDPTBZNJIJKP+PT$SV[FTPUSBMTFEFEJDBCBBMBTJFNCSBEFNB[DIJMFGSJKPMZUPNBUJMMP%FTEFIBDFBPTTPZFKJEBUBSJBZHBOBEFSB4FDSJDPONJHPZTFEFEJDBDVMUJWBSTVTUJFSSBTUFOBIFDUSFBTw
%PB"VSPSBQSPDSFIJKPTPDIPNVKFSFTZTFJTIPNCSFTDPOTVFTQPTP7JDFOUF$BSSJMMP7FHBGBMMFDJEPIBDFBPT
o{-BEFUFODJOEF+PT$SV[TFEFCJBTVQBSFDJEPDPO7JDFOUF
o/PGVFVOBDPOGVTJOFM&KSDJUPUFOBNVDIPUJFNQPDPOFMPQFSBUJWP$VMJBDO/BWPMBUP5PEPTMPTEBT+PT$SV[FSBWJTUPQPSMPTGFEFSBMFT
o{$VOEPTFJOWPMVDSBSPOTVTIJKPTFOFMOBSDPUSmDP
o"MBFEBEEFBPT"NBEPTFFOGFSNBEFmFCSFEFNBMUBFOMBDBCF[BZVOFTQFDJBMJTUBEFM4FHVSP4PDJBMMPHSBDVSBSMPQFSPNFEJKPRVFUFOBRVFEVSBSDJODPBPTTJOFTUVEJBS4FGVFBWJWJSVOQBSEFBPTDPOVOPTUPTB$IJIVBIVBUBNCJOWJWJFOMB$JVEBEEF.YJDPZSFHSFTBB/BWPMBUPIBTUBMPTBPT.FEBCBNVDIPHVTUPWFSMPFTUBCBVOPTUSFTPDVBUSPEBTZTFJCB1FSPOVODBWJRVFUSBCBKBSBBRV
&OVOBFOUSFWJTUBQVCMJDBEBQPS1SPDFTPFMEFFOFSPEF"VSPSB'VFOUFTTFOFHBCBBBDFQUBSMPi.JIJKPOPFTOJOHOOBSDPUSBmDBOUF&TPPJHPFOMBUFMFWJTJOQFSP{RVJOTFMPIBDPNQSPCBEP w
"IPSBUSBTMBQSEJEBEF+PT$SV[BENJUFRVFTJFOUFiBOHVTUJBJHVBMRVFMBTNBESFTEFMPTQPMUJDPTGVODJPOBSJPTEFHPCJFSOPEFM&KSDJUPPEFMBQPMJDBRVFFTUOJOWPMVDSBEPTDPOFMOBSDPUSmDPw
%JDFRVFOPQVEPBQBSUBSMPTEFFTFDBNJOPi.VDIBTWFDFTQMBUJRVDPOFMMPTUSBUEFBDPOTFKBSMPTQFSPTJFNQSFNFDPOUFTUBCBOA.BNFTDPTBEFOPTPUSPT{2VNFRVFEBCB ` /BEB4MPSF[BSQPSFMMPTw
3F[BSZSFDPSEBSMPTi-BOPDIFBOUFTEFTVNVFSUF3PEPMGPFTUVWPBRVFOMBDBTBDSFPRVFTBCBMPRVFMFJCBBQBTBSQPSRVFTFEFTQJEJEFUPEPT4FSFHSFTWBSJBTWFDFTZNFEFDBA.BNOPUFOHPHBOBTEFJSNFA{1VFTQBSBRVUFWBT BRVRVEBUFMFEJKF"MEBTJHVJFOUFMPBTFTJOBSPOKVOUPDPOTVFTQPTBBMTBMJSEFMDJOFw
o{"IPSBFMOJDPEFEJDBEPBMOBSDPUSmDPFT7JDFOUF
o5FOHPNVDIPTBPTRVFOPTEOEFFTUOPTFIBDPNVOJDBEPDPONJHP1BSBSFDJCJSNBMBTOPUJDJBTNFKPSOP/BEBNTFTUVOPDPOFM+FTTFOMBCPDBQFOTBOEPFORVJSBQBTBS:PMFQJEPB.BSBTBOUTJNBRVFFTUPZBTFBDBCFyQFSPDSFPRVFOP
1PSFMNPNFOUP"VSPSB'VFOUFTWJVEBEF$BSSJMMPTJHVFDPOMBNJSBEBmKBFOFMBMUBSEFTVTNVFSUPTEPOEFTFOJFHBBQPOFSMBGPUPEF+PT$SV[O
DJPMPDBMEFMBESPHBQPSQSJPSJ[BSMBTFKFDVDJPOFTZFOGSFOUBNJFOUPTFOUSFCBOEBTDPOUSBSJBT%FTDVJEBSPOFMOFHPDJPZTPOPUSPTMPTRVFMPFTUOPQFSBOEPZOPQSFDJTBNFOUFDPOBVUPSJ[BDJOEFMPTKFGFTuBBEFMBOPUB
4JOFNCBSHPTFBGJSNBFOFMTFNBOBSJP BDPSEBSPORVF UPEBWB SFBMJ[BSO MBTFKFDVDJPOFT RVF UJFOFO QFOEJFOUFT DPNPQBSUFEFBOUFSJPSFTiBKVTUFTEFDVFOUBTu
)BTUBFMWJFSOFT3PEPDFOPSFDJCJOJOHOEFTNFOUJEPBDFSDBEFFTUBJOGPSNBDJOOJTJRVJFSBEFMBTEFQFOEFODJBTNFODJPOBEBTFOMBOPUBMB4FEFOBZFM$JTFO
$VFTUJOEFOFHPDJPT
-BMUJNBWF[RVFMPTDBQPTEFMOBSDPUSDPNFYJDBOPTFSFVOJFSPOQBSBSNBSVOQBDUP GVF FO BHPTUP EF DVBOEP FOBMNFOPT TJFUF FODVFOUSPT MPT DSUFMFT EF4JOBMPB Z EFM(PMGP EFOJFSPO FM SFQBSUPEFUFSSJUPSJPTZTFDPNQSPNFUJFSPOBSFTQFUBSMPBTDPNPBDFTBSMBTFKFDVDJPOFTFOUSFNJFNCSPTEFBNCBTPSHBOJ[BDJPOFT
:MBDVNCSFNTDMFCSFFOUSFHSVQPTBOUBHOJDPTEFEJDBEPTBMUSGJDPEFESPHBTTF SFBMJ[ USBT MB DBEBEF.JHVFMOHFM'MJY(BMMBSEPRVJFOIBTUBBCSJMEFGVFKFGFEFMDSUFMEFM1BDGJDP
&OBRVFMMBPDBTJO'MJY(BMMBSEPMPHS SFVOJSFO"DBQVMDPB UPEPT MPTDBQPTZMFTSFQBSUJFMUFSSJUPSJP"TJTUJFSPOFOUSFPUSPTMPTIFSNBOPT"SFMMBOP'MJY&M(FSP1BMNBZ3BGBFM"HVJMBS(VBKBSEPFTUFMUJNPFODBSHBEPEFSFBMJ[BSUPEPTMPTQSFQBSBUJWPT -BT OFHPDJBDJPOFT GVFSPO FYJUPTBTBVORVFEFTQVTDPNFO[MBEJTQVUBUFSSJUPSJBMRVFIBTUBMBGFDIBTJHVFWJHFOUF1SPDFTP
6OBGVFOUFDFSDBOBBMDSUFMEF4JOBMPB BOOJNB QPS SB[POFT PCWJBT IBCMDPOMBSFQPSUFSBZDPNFOURVFUJFOFDPOPDJNJFOUPEFRVFMBJOJDJBUJWBQBSBFTUFFODVFOUSPGVFEF+PBRVO&M$IBQP(V[NORVJFODPOUBDUBMPTKFGFTEFPUSBTPSHBOJ[BDJPOFTBUSBWTEFVOFNJTBSJPBMRVFMPTDSUFMFTJEFOUJGJDBODPNPiFM.u
-PQSJNFSPRVFTFFTUBCMFDJGVFRVFFMBDFSDBNJFOUPJOJDJBMTFMMFWBSBBDBCPFOFTUFFTUBEPUJFSSBOBUBMEFMBNBZPSBEFMPTDBQPTMPT"SFMMBOP'MJYMPT$BSSJMMP'VFOUFT(V[NO-PFSBZMPT#FMUSO-FZWBBTDPNP;BNCBEB Z&TQBSSBHP[B -B GVFOUFDPOTVMUBEB TFBMB RVF TFHO TV JOGPSNBDJOBFTFQSJNFSFODVFOUSPEFMEFEJDJFNCSFFGFDUVBEPFOFMSFTUBVSBOUFBMRVFJEFOUJGJDBDPNP-PT"SDPTEFMBDBQJUBMTJOBMPFOTFTMPBTJTUJFSPOSFQSFTFOUBOUFTEFTFHVOEPOJWFMDPOMBNJTJOEFBMMBOBSFMDBNJOPBMBDVFSEPQSJODJQBM
*OJDJBMNFOUFMBTPSHBOJ[BDJPOFTQBDUBSPOEPTQVOUPTGVOEBNFOUBMFTi&MDFTFBMGVFHPIBTUBFMEBEFFOFSPEFFTUFBPZMBTDVFOUBTFKFDVDJPOFTRVFDBEBDSUFM UFOBQFOEJFOUFTEFDPCSBS$BEBVOP
EFFOFSPEF
/"3$053' *$0
-
DFEFZBDVFSEBODPODMVJSMPTBKVTUFTQFOEJFOUFTuSFJUFSBMBGVFOUF
%PTEBTEFTQVTEFMQSJNFSFODVFOUSPDPOUJOBMPTKFGFTEFMPTDSUFMFTTFMMBSPOFMQBDUP&OFTUBPDBTJOTFSFVOJFSPOEVSBOUFDJODPIPSBTFOFMDFOUSPSFDSFBUJWP/VFWP"MUBUBBNJOVUPTEFMNVOJDJQJPEF/BWPMBUPZBEF$VMJBDO
my2VJOFT BTJTUJFSPO Z RV BTVOUPTDPODSFUPTUSBUBSPO mJORVJFSFMBSFQPSUFSB
m4FTVQPRVFBTJTUJFSPO7JDFOUF$BSSJMMPQPSFMDSUFMEF5JKVBOBMPT"SFMMBOP'MJYQPSFMEF+VSF[+PBRVO(V[NO-PFSBEFMDSUFMEF4JOBMPBZ"SUVSP#FMUSO-FZWB
i5FOFNPTJOGPSNBDJOEFRVFBMBTFHVOEB SFVOJO UBNCJO TF TVNBSPO SFQSFTFOUBOUFTEF-B'BNJMJBPQFSBEPSBEF.JDIPBDOuZEFMDSUFMEFM(PMGPEF5BNBVMJQBTBHSFHB
my2VJOFTFTUVWJFSPOQSFTFOUFTFOSFQSFTFOUBDJOEFFTPTDSUFMFT
m-POJDPRVFQVFEPEFDJSMFFTRVFTFTVNBSPO
my)VCPBDVFSEPT m"M QBSFDFS DPJODJEJFSPO FO RVF MB
HVFSSB FOUSF DSUFMFT QPS FM DPOUSPM EFMNFSDBEPMPTFTUBCBMMFWBOEPBEFTDVJEBSMP5FOBOJEFOUJGJDBEBTBDJODPQFSTPOBTPGBNJMJBTRVFBQSPWFDIBOEPMPTWBDPTRVFFTUBCBEFKBOEPMBEJTQVUBFNQF[BSPOBUSBCBKBSTPMBT*ODMVTPMPHSBSPOBNBSSBSDPOUBDUPT EJSFDUPT DPO MPT RVF QBDUBSPOFO$PMPNCJB1BOBNZ"SHFOUJOB
i-BTQSEJEBTFDPONJDBTQPSMPTEFDPNJTPTFO SFBMJEBEQBSB MBHFOUFEF MPTDSUFMFTOPTJHOJGJDBOVOGVFSUFHPMQFQPSRVFTFSFDVQFSBO-PJNQPSUBOUFQBSBFMMPTFSBBMJOFBSBMPTRVFFTUBCBOEFTQFHBOEPTPMPTTPCSFUPEPFO4POPSB%VSBOHP.JDIPBDO+BMJTDPZ4JOBMPBu
my$NPIBSOQBSBBMJOFBSB MPTRVFUSBCBKBCBOQPSDVFOUBQSPQJB
m4F IBNBOFKBEP RVF B USBWT EF&M.BZP;BNCBEB
my2VQBTBS TJ BMHVOP USBUBEFRVFEBSTFDPOFMNFSDBEP
m5JFOFOJOUFMJHFODJBQFSPOPFTUSVDUVSB5FOHPFOUFOEJEPRVFMFTGBMUBDBQBDJEBEQPSRVFTVGVFS[BMBCBTBOFOPQFSTPOBTFODBEBFTUBEP/PUJFOFOWPMVNFOEFGVFHPNJFOUSBTMPTHSBOEFTDBQPTUJFOFODJFOUPT
0USBTWFSTJPOFTPCUFOJEBTFOUSFNJFNCSPTEFMB4FDSFUBSBEF4FHVSJEBE1CMJDBFTUBUBMDPJODJEFOFORVFFMQBDUPFOUSFDBQPTFTSFBM6OPEFFMMPTTFBMB
i1SVFCBEFFMMPFTRVFEFKBSPOEFSFHJTUSBSTFMBTGSFDVFOUFTCBMBDFSBTZNMUJQMFTFKFDVDJPOFTRVFUVWJNPTIBTUBMBTEPTQSJNFSBTTFNBOBTEFEJDJFNCSF *ODMVTPEFNBOFSBTJNVMUOFBB MB USFHVBEF DFTF BM GVFHP DPODFSUBEB QPS MPT DBQPT FM HPCJFSOP GFEFSBM SFUJS VOB CVFOBQBSUFEFMPTPQFSBUJWPTEFMBTDBMMFTEF$VMJBDO/PIBZTPMEBEPTOJQPMJDBTGFEFSBMFT /PTPUSPTNJTNPT SFUJSBNPT MBT
VOJEBEFTZBMPTFMFNFOUPTBTJHOBEPTBMPQFSBUJWP$VMJBDO/BWPMBUPJOJDJBEPFONBZPQBTBEPu
4FHONTUFTUJNPOJPTEFMBQPMJDBMPDBMEPTEFMPTDJODPCBUBMMPOFTEFM&KSDJUPZBOPFTUOPQFSBOEPFO$VMJBDOBEFNTEFRVFGVFFOWJBEPBPUSBSFHJOEFMQBTFM4FYUP3FHJNJFOUP#MJOEBEPDVZBTVOJEBEFT)VNNFSZBSUJMMBEBTEFTGJMBCBOEJBSJBNFOUFQPSMBDBQJUBMTJOBMPFOTF
5BNCJO BCBOEPOBSPO MB QMB[B DVBOEPNFOPTVODFOUFOBSEFMPTBHFOUFTEFMB1PMJDB'FEFSBMBETDSJUPTB$VMJBDO/BWPMBUPFMSFTUPQFSNBOFDFSFQMFHBEPFOTVDVBSUFM
&MHPCJFSOPTJOJOJDJBUJWB
&MQSFTJEFOUFEFMB$PNJTJO*OEFQFOEJFOUFEF %FSFDIPT )VNBOPT -FPOFM "HVJSSF.F[BDPOSNBRVFiFMQBDUPEFDFTFBMGVFHPFTVOBSFBMJEBEOPIBZEVEBEFRVFGVF JOJDJBUJWB EF MPT HSVQPT EFMJDUJWPTuRVFiOFDFTJUBO SFDPORVJTUBS TVT FTQBDJPTZTBOBSMBTIFSJEBTQPSRVFMBHVFSSBEFKCBKBTEFHFOUFNVZDFSDBOBBMPTKFGFTu
&OUSFWJTUBEPFO/BWPMBUP"HVJSSFFYQMJDBi"DFQUBSRVFGVFFMHPCJFSOPGFEFSBMFMRVFJNQVMTMBOBSDPDVNCSFTFSBDPNPSFDPOPDFSRVFMBBVUPSJEBEUVWPYJUPFOFMPQFSBUJWP$VMJBDO/BWPMBUP:OP&MHPCJFSOPOPUVWPOBEBRVFWFSDPOMBSFDJFOUFCBKBEFIPNJDJEJPTSFMBDJPOBEPTDPOFM
+VBO$BSMPT$SV[1SPDFTPGPUP
$VMJBDBO&MOJDPSFUO
EFFOFSPEF
-
DSJNFOPSHBOJ[BEP$SFFSMPDPOUSBSJPTFSBNVZDVFTUJPOBCMF
i$VBOEPFMHPCJFSOPJOJDJFMPQFSBUJWP$VMJBDO/BWPMBUPOPTWFOEJMBJEFBBMPTDJVEBEBOPTZBMPTPSHBOJTNPTEFRVFWFOBODPOVOPQFSBUJWPGVFSUFFOSHJDPDPOFTUSBUFHJBEFJOUFMJHFODJBQBSBDPNCBUJSSFBMNFOUFBMPTDSUFMFTZCBKBSFMOEJDFEFMJDUJWPQFSPOPGVFBTZIVCPEBTFORVFTFSFHJTUSBSPOIBTUBFKFDVDJPOFTu
3FDVFSEBRVFFM&KSDJUPZ MB1PMJDB'FEFSBM1SFWFOUJWBMMFHBSPONVZFOSHJDPTiQFSPOPFODPOUSBEFRVJFOFTEJKFSPORVFWFOBOBDPNCBUJS"DUVBSPODPOUSBFMDJVEBEBOPDPNORVFTFBUSBWJFTBFOVOSFUO5SBBOVOBMUPOJWFMEFQSFQPUFODJBu
%FTEFVOJOJDJPFYQMJDB"HVJSSF.F[BIVCPEFOVODJBTZRVFKBTFODPOUSBEFMB4FEFOBZEFMB1'1QPSFTPDPOTJEFSBNPTJNQPSUBOUFRVFFMHPCJFSOPFTUVWJFSBBVUPFWBMVOEPTFQBSBUPNBSEFDJTJPOFT
my2VFUJQPEFEFOVODJBT m%FQSJWBDJOJMFHBMEFMBMJCFSUBETJO
VOBPSEFOFMFNFOUPTEFM&KSDJUPZEFMB1PMJDB'FEFSBMQBTBSPOBMBSBQJBZBMSPCP4FGVFBDVNVMBOEPVOBTFSJFEFRVFKBTOPTPUSPTUFOFNPTCJFOEPDVNFOUBEBT4JFM&KSDJUPUVWPFOTVJOJDJPBMHPEFSFTQBMEPEFMBDJVEBEBOBDPOFTUFUJQPEFFYDFTPMPFTUQFSEJFOEP"IPSBMBHFOUFMFUJFOFNJFEPZSFODPS
&OTFHVJEB PGSFDF EFUBMMFT TPCSF FTBTRVFKBTDJVEBEBOBT
i3FDJCJNPTRVFKBTDPOUSBFM&KSDJUPZMB1'15PEPTMPTRVFKPTPTOPTQJEJFSPOFMBOPOJNBUP"EPTQFSTPOBTRVFDPOWFODJNPTEFEFOVODJBSBOUFMB1(3EFTQVTGVFSPOBEFTJTUJSTFEFMBEFOVODJBQPSUFNPSBMBTSFQSFTBMJBT"VOBEFFMMBTMBQSPQJB1(3MFQJEJRVFTFEFTJTUJFSB-PNJTNPIJ[PFM&KSDJUP FO SFMBDJO DPO EPT RVFKBT JOUFSQVFTUBT BOUF MB $PNJTJO/BDJPOBM EF MPT%FSFDIPT)VNBOPT$/%)u"IPSBZBOPTFBUSFWFOBEFOVODJBSBGJSNB
i1FSPWBNPTBM GPOEP MPRVFQFOTBNPTEFMPQFSBUJWP$VBMJBDO/BWPMBUPFTRVFTVFGJDBDJBFOFMDPNCBUFBMDSJNFOPSHBOJ[BEPFO4JOBMPBOPIBTJEPUBM:PDSFPRVFMBUFTJTEFRVFMPTHSVQPTPSHBOJ[BEPTTFFTUOSFVOJFOEPQBSBUPNBSBDVFSEPTZMMFHBSB MB USFHVBFTVOBMOFBWFSEJDBuSFJUFSB"HVJSSF
my1PSRVTPTUJFOFFTBUFTJT m1PSRVFFMDFTFBMGVFHPFOSFBMJEBEOP
FTQSPEVDUPEFMBFGJDBDJBEFMPQFSBUJWPTJBTGVFSBTFIBCSBOPUBEPEFTEFRVFFOUSBSPOB4JOBMPBMBT'VFS[BT"SNBEBTZOPGVFBT1PSFMDPOUSBSJPEFEJDJFNCSFBMBGFDIBFORVFTFEJPMBOBSDPDVNCSFFMOEJDFEFMJDUJWPIBJEPBMBCBKB
i&TDMBSPRVFMPOJDPRVFQVFEFJNQBDUBSEJSFDUBNFOUFFOVOBCBKBEFNVFSUFTFTVOQBDUPFOUSFDBQPT1PSPUSBQBSUFFMSPNQJNJFOUPFOUSFMPTDSUFMFTPDBTJPORVFTFEBBSBOGVFSUFNFOUFQPSIPNJDJEJPTEFHFOUFNVZDFSDBOBBMPTKFGFTu
my&TFUJQPEFFKFDVDJPOFTOPIBDFNVZGSHJMFTFQBDUP 1PSRVFNVSJ+PT$SV[IFSNBOP EF MPT $BSSJMMP 'VFOUFT EHBS(V[NOIJKPEF&M$IBQPZ"SUVSP.F[BIJKPEF#MBODB.BSHBSJUB$[BSF[-B&NQFSBUSJ[
m$MBSPQFSPUBNCJOFTVOGBDUPSNTRVFTFTVNBBMBVSHFODJBEFSFVOJSTFQBSBEJDUBSVODFTFBMGVFHP
my$VOUP UJFNQP QVFEF EVSBS FTUBUSFHVB
m0KBMTFBQFSNBOFOUFQFSPFMRVFFTUFQBDUPTFBEFMBSHPBMDBODFEFQFOEFSEFMPQSPEVDUJWPTRVFSFTVMUFOMPTOFHPDJPT
my%FOUSPEFMQBDUPFTQPTJCMFVOBSFEJTUSJCVDJOHFPHSGJDBQBSBFMDPOUSPMEFDBEBPSHBOJ[BDJO
m6OBOFHPDJBDJOEFFTFOJWFMTFSBDPOCBTFFOMBSFHJORVFMFUPRVFFYQMPUBSBDBEBDSUFM*ODMVTPDSFPRVFMBBVUPSJEBEQPESBDPOTFOUJSVOQBDUPEFFTUBOBUVSBMF[B:TJFTUPJODMVZFVOBCBKBEFIPNJDJEJPTRVFFTFOEPOEFMBBHFOUFNTQBMQBFMQSPCMFNBEFMBJOTFHVSJEBEMBBVUPSJEBEFODBOUBEB&O USNJOPTGSPTFMHPCJFSOPGFEFSBMTFTFSWJSBEFVOQBDUPEFFTUBOBUVSBMF[BQPSRVFTJNQMFNFOUFZBOPUFOESBRVFFOGSFOUBSTFBMDSJNFOPSHBOJ[BEPFOVOBHVFSSBRVFQPSDJFSUPWBQFSEJFOEP
my-BTBVUPSJEBEFTJOJDJBSPOVOBHVFSSBTJOMBCPSEFJOUFMJHFODJB
m$VBOEPMMFHBSPOBOVODJBSPOVOBHVFSSBDPOUSBVOFOFNJHPRVFOPIBCBOWBMPSBEP.JOJNJ[BSPOPOPNJEJFSPOFMOJWFMEFGVFS[BRVFUFOBFMDSJNFOPSHBOJ[BEPBMRVFMFEFDMBSBSPOMBHVFSSB
m4JIBZVOBUSFHVByDNPTFFYQMJDBFMIFDIPEFRVFFMMVOFTVOHSVQPBSNBEPSFDVQFSBSBWFIDVMPTRVFIBCBOTJEPBTFHVSBEPTQPSMB1(3
m-B USFHVB FT TMP FOUSF DSUFMFT-PRVFVTUFENFEJDFGVFFODPOUSBEFM&KSDJUP"OUFTFMEFTFQUJFNCSFEFMBPQBTBEP ZB IBCBO SPCBEP DJODP BWJPOFUBTJODBVUBEBT -B SFBMJEBE FT RVF DVBMRVJFSBMDBODFRVFQVFEBUFOFSMBUSFHVBWBBTFSTVGJDJFOUFQBSBRVFMBBVUPSJEBEUBNCJOTFTPNFUBBFMMPTMPTBDVFSEPT
my&YJTUF MBQPTJCJMJEBEEFRVFFMHPCJFSOPGFEFSBMIBZBJNQVMTBEPMBUSFHVB
m/PFTQPTJCMF-BOJDBGPSNBFORVFQVEPJNQVMTBSMBFTRVFIBZBBTVNJEPTVJODBQBDJEBEQBSBHBOBSMFVOBHVFSSBBMPTDSUFMFT&ONJPQJOJOIBZRVFFTQFSBSBRVFMPTDBQPTDPODMVZBOMPTBKVTUFTBDPSEBEPTZRVFMPHSFOQBDUBSMBSFEJTUSJCVDJOEFMBTQMB[BTQBSBHBSBOUJ[BSMBQFSNBOFODJBEFMDFTFBMGVFHP
EFFOFSPEF
/"3$053' *$0
-
&OVOSJHVSPTPZTFWFSPBOMJTJT$BSMPT"SSJPMB8PPHFYIJCFMBQPCSF[BJOUFMFDUVBMNPSBMZQPMUJDBEFMQBSUJEPBMRVFQFSUFOFDJ"DDJO/BDJPOBMMBDVBMTFIBSFGMFKBEPEJDFFOMBTQSFTJEFODJBTEF7JDFOUF'PYZ'FMJQF$BMEFSOVOPGVFDPCBSEFZGSWPMPBMPUSPMFBTVTUBUPNBSEFDJTJPOFT-BJOFQUJUVEQBOJTUBQBSBFKFSDFSFMQPEFSBGJSNB"SSJPMBFOFOUSFWJTUBDPO1SPDFTPFTVOEFGFDUPEFPSJHFOiFTVOBIJTUPSJBTJOTBCJPTOJQPMUJDPTTJOISPFTOJTBOUPTw
MWBSP%FMHBEP
- EFSKVWFOJMEFM1BSUJEP"DDJO/BDJPOBM1"/DVBOEP-VJT)MWBSF[ GVF DBOEJEBUP QSFTJEFODJBMDPMBCPSBEPS EF &GSBO (PO[MF[-VOB Z BNJHP EF$BSMPT$BTUJMMP1FSB[B$BSMPT"SSJPMB8PPHKV[HBBMPTHPCJFSOPTQBOJTUBT
&EVBSEP.JSBOEB
&MNJFEPBHPCFSOBS
EFFOFSPEF
-
i)BO NPTUSBEP QPCSF[B JOUFMFDUVBMNPSBMZQPMUJDB&TUOUPEBWBFOMBANFOEJDJEBEDWJDB DPNPEFDB.BOVFM(NF[.PSOQJEJFOEPBQPZPTQPSUPEPTMBEPTB&MCB&TUIFS(PSEJMMPBMDMFSPBMPTHSBOEFT FNQSFTBSJPT B &TUBEPT 6OJEPT&TEFQSJNFOUFu
&OUSFWJTUBEPDPONPUJWPEFMBQVCMJDBDJOEFTV MJCSP&MNJFEPBHPCFSOBS-BWFSEBEFSBIJTUPSJBEFM1"/RVFMBFEJUPSJBM0DBOPQPOESFODJSDVMBDJOFTUBTFNBOBZFOFMRVFFYBNJOBMBTMJNJUBDJPOFTEFMPTQBOJTUBTFOFMFKFSDJDJPEFMQPEFS"SSJPMB8PPHFTJNQMBDBCMFDPO7JDFOUF'PY
i&T VOB MTUJNB RVF EFTQVT EF BPTEFIBCFSTFGVOEBEPFM1"/IBZBMMFHBEPBMQPEFSVOIPNCSFRVFOPFSBQBOJTUBFOFMGPOEPVOBQFSTPOBGSWPMBZDPCBSEFMNJTNPDPOGFTRVFFSBJODBQB[EFUPNBSEFDJTJPOFTZRVFQPSFTPTFBQPZBCBFOTVNVKFS&TUSHJDPQBSBFM1"/RVF IBZB MMFHBEP VO QSFTJEFOUF UBO BQPDBEP4JFNQSFQSFTVNJEFNVZNBDIPZWBSPOJMQFSPBMBIPSBEFFKFSDFSFMQPEFSTFFDIQBSBBUSTu
1PSFTPFMHPCJFSOPEF'PYGVFVOEFTBTUSFi$POMZ+PTFGJOB7[RVF[.PUBDPNFO[MBVUJMJ[BDJOEFMB4FEFTPMQBSBHBOBSWPUPTuNJFOUBTRVFMBDPSSVQDJOOPDFEJZFM SFTQPOTBCMFEFDPNCBUJSMB'SBODJTDP#BSSJPDMBVEJDi)PNCSFTJOJNBHJOBDJO OJ UBMFOUP QPMUJDP BVORVFCVFO PSBEPS Z QPQVMJTUB EF EFSFDIB GVFDPNPGVODJPOBSJPNVZQPRVJUBDPTBu
&OFMQSJNFSTFYFOJPQBOJTUBFYQMJDB"SSJPMB8PPHFMNPEFMPHFSFODJBMGVFVOGSBDBTPZOPTFQSPNPWJMBDPNQFUJUJWJEBEBQFTBSEFIBCFSTFFODPNFOEBEP MB4FDSFUBSB EF &DPOPNB B EPT FNQSFTBSJPT-VJT&SOFTUP%FSCF[Z'FSOBOEP$BOBMFT"EFNTFMQBTQBEFDJVOBQPMUJDB FYUFSJPS FSSUJDB QPS MPT QMFJUPT EFMiWBOJEPTPZGSWPMPu+PSHF$BTUBFEB&MSFTVMUBEPi&TUBNPTFODBMJEBEEFQSPWJODJBEFMJNQFSJPu
:SFQSPDIBi1PSTVQVFTUPMBFTQFSBO[BmFTEFDJSMBDBQBDJEBEEFMQBTQBSBMVDIBSQBSBTFSVOPNJTNPQBSBEBSUSBCBKPQBSBDPNCBUJS MB JOKVTUJDJBmTFQFSEJDPO'PYu
-BDMBVEJDBDJOBOUFMB*HMFTJBDBUMJDBFTPUSPFKFNQMPEFMSFUSPDFTPZQSVFCBEFFMMPQVOUVBMJ[BFTFMBDUPEFMMVOFTFODBCF[BEPQPSFMTFDSFUBSJPEF&TUBEPWBUJDBOP5BSDJTJP#FSUPOFFOFM5FBUSPEFMB3FQCMJDBFO2VFSUBSPFMSFDJOUPEPOEFTFQSPNVMHMB$POTUJUVDJOEFZTFFTUSFOFM)JNOP/BDJPOBM
i/P IBZ EFNPDSBDJB TJO &TUBEP MBJDP QFSPEFTHSBDJBEBNFOUFIBZVO SFUSPDFTP&TFBDUPFTVOEFTBGPEFMBJHMFTJB$BUMJDBBMB3FQCMJDBZBM&TUBEPMBJDP&MMPTEJDFOA&MMVHBSEPOEFTFQSPDMBNMB$POTUJUVDJOZEPOEFTFDSFFM1BSUJEP/BDJPOBM3FWPMVDJPOBSJPZB GVF UPNBEPQPSMB*HMFTJBu
i'VFVOBJOTPMFODJBQPSRVFQPEBOIBCFSIFDIPMPNJTNPFOMB#BTMJDBEF(VBEBMVQFFO4BO+VBOEFMPT-BHPTPFODVBMRVJFSSFDJOUPFDMFTJTUJDP1FSPJSBM5FBUSPEFMB3FQCMJDBFTVOBQSPWPDBDJO&TFFTVOPEFMPTTBMEPTOFHBUJWPTEF'PYu
m1FSPGVF'FMJQF$BMEFSOFMTVDFTPSEF'PYRVJFOEJPUPEBTMBTGBDJMJEBEFTBMB*HMFTJBDBUMJDBZFOMB JOBVHVSBDJOEFM$POHSFTP/BDJPOBMEFMBT'BNJMJBTTFPTUFOUDPNPDSFZFOUF
m4QFSPMBWTQFSBFMWPDFSPEFMBS[PCJTQBEPBOVODJMBDSFBDJOEFVOQBSUJEPDBUMJDP&TVODIBOUBKFRVFMFIJDJFSPOB$BMEFSOQBSBPCMJHBSMPBRVFTVEJTDVSTPTFBCSJFSB&M1"/TJFNQSFTVQVTPRVFFSBFMQBSUJEPDBUMJDPZDVBOEPMFEJDFORVFWBOBDSFBSVOQBSUJEPDBUMJDPFOSFBMJEBEMFFTUOEJDJFOEPi0OPTIBDFTDBTPPOPTWBNPTEFM1"/u&TPUSPEFTBGPFDMFTJTUJDP
my:$BMEFSODFEJ m4DFEFBMDIBOUBKFZFTHSBWTJNP
&TUPPCFEFDFBRVFFM1"/OPUJFOFPCSFSPTOJDBNQFTJOPTPSHBOJ[BEPTUJFOFDVBESPTWPUBOUFT TJNQBUJ[BOUFTQFSPOPFTVOQBSUJEPPSHOJDPDPNPMPQVFEFTFSFM13%PFM13*&M1"/FTVOQBSUJEPTJOBQPZPTSFBMFTTBMWPMB*HMFTJB
"SSJPMBSFDVFSEBRVF$BMEFSOBTFHVSFOTVDBNQBBRVFTVTDSFFODJBTOPTFSBOJNQFEJNFOUPQBSBFODBCF[BSVO&TUBEPMBJDPQFSPDPUFKBFTFDPNQSPNJTPDPOMPTIFDIPTi.VZCJFOEJDIPQFSPIBDFEJEPFOVOBDVFTUJOUBOJNQPSUBOUFu
: MP DPNQBSB DPO 'PY i5JFOF NTFYQFSJFODJB QFSP UBNCJO SFTBCJPT NVZNBSDBEPTEFMBDVMUVSBQBOJTUBUBOUPQPSTV GBNJMJBDPNPQPSTVNJMJUBODJB: MPTSFTBCJPTTPOTPCSFUPEPFMNJFEPBMQPEFSBHPCFSOBSZBUPNBSEFDJTJPOFTu
-BMFZEFMBTPMJHBSRVBT
&MiNJFEPBHPCFSOBSuFTMBUFTJTEFMMJCSPEF"SSJPMB8PPHNJMJUBOUFEFMBTKVWFOUVEFTQBOJTUBTFOUSFMPTZBPTEFFEBEKVOUPB.BOVFM3PESHVF[-BQVFOUFZ)VHP(VUJSSF[7FHBRVJFOFTEFCJFSPOSFOVODJBSmBTFHVSBmQPS MBOFHBUJWBEFM1"/BHFOFSBSVOBDMBTFQPMUJDBEF MBRVFIBTUBBIPSBDBSFDF
i&MUFNBEFMQPEFSEFOUSPEFM1"/FTFMIJMPDPOEVDUPSEFFTUFOVFWPMJCSPTPCSFFM QBSUJEP /VFWP QPSRVF FM EFTFNQFPEFMQSFTJEFOUF'PYEFMBTBVUPSJEBEFTFTUBUBMFTZNVOJDJQBMFTBTDPNPTVTMFHJTMBEPSFTDVBOEPTUPTEFKBSPOEFTFSPQPTJDJOJMVNJOEFTEFPUSBQFSTQFDUJWBMBOBUVSBMF[B EFM 1"/Z TV SFMBDJO DPO FMQPEFSuFYQPOF
*OWFTUJHBEPSEF&M$PMFHJPEF.YJDPEFMRVFGVFTFDSFUBSJPHFOFSBM"SSJPMB8PPHZBTFIBCBPDVQBEPEFMQBSUJEPRVFIPZHPCJFSOBBOJWFMGFEFSBMEFTEFDVBOEPQVCMJD&OTBZPTTPCSFFM1"/FEJUBEP
QPS.JHVFMOHFM1PSSB"IPSBIBFMBCPSBEPVOBSJHVSPTBEJTFDDJOTPCSFTVJOFQUJUVEFOFMFKFSDJDJPEFMQPEFS
"SSJPMBBGJSNBRVFMBTMJNJUBDJPOFTEFM1"/ QBSB HPCFSOBS TF FODVFOUSBO FO TVQSPQJBIJTUPSJBZTVDPODFQDJOTPCSFFMQPEFSTVSFMBDJODPOFMHPCJFSOPZFMTJTUFNBQPMUJDPBTDPNPMBTEJTQVUBTJOUFSOBT
i&O MBTCJPHSBGBTEF MPT GVOEBEPSFTFOMBTDJSDVOTUBODJBTRVFSPEFBSPOFMOBDJNJFOUP EFM QBSUJEP Z FO MPT QVOUPT EFEPDUSJOBQVFEFOFODPOUSBSTFMBTSBDFTEFBDUJUVEFTZDPNQPSUBNJFOUPTRVFHFOFSBSPOVOBDVMUVSBBOUJQPMUJDBEFTDPOGJBO[BDVBOEPOP UFNPSFOFMQPEFS SFDIB[PBMBOFHPDJBDJOZBMBDVFSEPWJTUPTDPNPUSBJDJO B MB QVSF[B EPDUSJOBM PQPTJDJOTJTUFNUJDBBM MJCFSBMJTNPZB MB3FWPMVDJONFYJDBOBBMBNPEFSOJEBEFOTVNBZMBDPOEFOBEFMBTMFHUJNBTBNCJDJPOFTQPMUJDBTEFTVTNJMJUBOUFTu
1PSFMMP"SSJPMBFTSPUVOEPi-BIJTUPSJBEFM1"/FTVOBIJTUPSJBQMBOBZBRVFKBNT TFFNCBSDBSPOFO USBWFTBBMHVOBQSFGJSJFSPOMBOBWFHBDJOEFDBCPUBKFRVFMFTCSJOEBCBSFGVHJPTFHVSPDPOUSBBHVBTQSPDFMPTBT5BNQPDPDPOUBSPODPOGJHVSBTEFHSBODBMBEPRVFIBZBOUSBTDFOEJEPTVUJFNQPZDJSDVOTUBODJB&TVOBIJTUPSJBTJOTBCJPTOJQPMUJDPTTJOISPFTOJTBOUPTu
'JMPTPFMBVUPSEJDFRVFMBTBHBDJEBEZMBPTBEBOPTFFODVFOUSBOFOMBOBUVSBMF[BEFTVTMEFSFT-BTFYDFQDJPOFTTPODPNPQPMUJDPT(NF[.PSO"EPMGP$ISJTUMJFC*CBSSPMBZ%JFHP'FSOOEF[EF$FWBMMPTZDPNP iHFOUF EF QMVNBu(PO[MF[-VOB+PT(PO[MF[.PSGOZ$BTUJMMP1FSB[B
"VUPSUBNCJOEF-PTFNQSFTBSJPTZFM&TUBEPZ$NPHPCJFSOBFM1"/"SSJPMB8PPHFYQPOFRVFFOTVOVFWPMJCSPIBCMBEFMiNJFEPSBDJPOBMuEFMPTQBOJTUBTBiBTVNJSVOBUBSFBBOUFMBDVBMOPTFTJFOUFODBQBDJUBEPTuBMHPRVFMFTWJFOFEFPSJHFO
i-PT QBOJTUBT QFOTBSPO EVSBOUF BPTRVFMPTQSPCMFNBTEFMQBTTFSFTPMWFSBODPONBZPSIPOSBEF[EFNPDSBDJBZFGJDBDJBZRVFFMMPTFSBOMPTQPSUBEPSFTEFFTPTSFNFEJPT'VFVOBWJTJONVZNBOJRVFBZEFTDVJEBSPOMBQBSUFQPMUJDBQPSMPNFOPTIBTUBFMTFYFOJPEF$BSMPT4BMJOBT&OUPODFTVOBWF[RVFMMFHBOBMQPEFSFYQFSJNFOUBOVONJFEPFTQBOUPTPQPSRVFDBSFDFOEFMPGJDJPQPMUJDPZQBSBHPCFSOBSTFOFDFTJUBQPMUJDBQPMUJDBZNTQPMUJDBu
m1FSPFOMPTIFDIPTyMPTQBOJTUBTIBOTJEPDPIFSFOUFTDPOMBIPOSBEF[MBFGJDBDJBZMBEFNPDSBDJB
m/PEFGJOJUJWBNFOUF1FSPOPIBZRVFTPSQSFOEFSOPTOJFTDBOEBMJ[BSOPT
"SSJPMBFYQPOFRVFDPNPMPIBOBDSFEJUBEPMPTFTUVEJPTPTMBQPMUJDBOPFTNBOJRVFBi1PSFTPIBOGSBDBTBEPMPTQBOJTUBT QPSRVF OVODB UPNBSPO FO DVFOUB MBOBUVSBMF[B IVNBOB RVF DPNP CJFO EJDF.BRVJBWFMPUJFOFTVMBEPFTQJSJUVBMEJWJ
EFFOFSPEF
10- 5 *$"
-
*OUFST1CMJDP
BMBRVFEFTDSJCJFOUSNJOPTDSVEPTUBOUPRVFFMMEFSEFM1BOBMDPOEJDJPOFMOFYPRVFTFFYQMPSBBRVFEFKFEFJOTVMUBSTFBTVKFGBRVFOPUJFOFDBSHPBMHVOPFOFTFQBSUJEPZRVJ[UBNQPDPNJMJUBFOMBVORVFTFBEFTVQSPQJFEBE
%FDPOTVNBSTFMBVOJOMPTEPTQBSUJEPTTBMESBOHBOBOEP""DDJO/BDJPOBMOPMFDBFSONBMEFDFOBTEFNJMFTEFWPUPTQBSBSFDVQFSBSMBHVCFSOBUVSBRVFZBHBOIBDFEPDFBPTZFM1BOBMTFBTFHV
SBSBQPTJDJPOFTRVFRVJ[ OP PCUFOESB MJCSBEPBTVTPMBGVFS[B1SFUFOEFRVFFM1"/MFHBSBOUJDFEPTEJQVUBDJPOFTMPDBMFTVOBBMDBMEBZEPTEPDFOBTEFSFHJEVSBTFOWBSJPT NVOJDJQJPT )BDFUSFTBPTFOTVEFCVUDPNJDJBM FM QBSUJEP EF(PSEJMMPOPBMDBO[OJOHVOB QPTJDJO FKFDVUJWBZTMPPCUVWPEPTDVSVMFTQPS MBWBEFSFQSFTFOUBDJO QSPQPSDJPOBMRVF FT FM NOJNP RVFCVTDBNBOUFOFSBIPSB
&O FM QMBOUFBNJFOUPEFFTBFWFOUVBMBMJBO[BFM1"/OFPMFPOTIBSB[POBEPDPODMBSJEBE MHJDB QFSP DPO QFSKVJDJPEFTVUJDBQPMUJDB$BMDVMBRVFFMWPUPNBHJTUFSJBMMFQFSNJUJSWPMWFSBHPCFSOBSFTBFOUJEBE%BQPS TFOUBEP RVF FM 1BOBMFTFMCSB[PFMFDUPSBMEFM4/5&ZOPTMPOPMFJNQPSUBTJOPRVFBQFUFDF RVF FTB GVFS[B TFBFKFSDJEB B TV GBWPS&TBQSBHNUJDB QPTJDJO FTTMPVOBNVFTUSBNTEFRVFFMQBSUJEPCMBORVJB[VMQBEFDFVOB GBTDJOBDJOQPSFMDPSQPSBUJWJT
NPRVF BOUBPEFUFTU0EJKPEFUFTUBSQPSRVFBIPSBIBZRVFQSFHVOUBSTFQPSMBTJODFSJEBEEFMPTQSJODJQJPTQBOJTUBTRVFFSBQPTJCMFIPOSBSDVBOEPOPIBCBQPTJCJMJEBEEFEFTIPOSBSMPT1FSPFODVBOUPMBIVCPGVFSPOSPUPTGDJMNFOUF
6OPEFMPTNWJMFTQBSBMBGVOEBDJOEFM1"/GVFQSFDJTBNFOUFMBEFOVODJBEFMDPSQPSBUJWJTNP&MQSFTJEFOUF$SEFOBTQBSBEFTBSSPMMBSTVQPMUJDBEFNBTBTMBTPSHBOJ[#BKPFMDPOUSPMEFM1/3QSJNFSPZEFM13.EFTQVTGVFSPODSFBEBTQPEFSPTBTDFOUSBMFTVOBDBNQFTJOBZPUSBPCSFSBMB$/$ZMB$5.&TBTBHSVQBDJPOFTGVFSPOFTDBSOFDJEBTQPSMBDSUJDBQBOJTUBRVFEFDBWFSFOFMMBTVOBFTFODJBMGBMUBEFSFTQFUPBMBMJCFSUBEQFSTPOBMFOBSBTEFVODPMFDUJWJTNPUSBNQPTP
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
"NCBT BHSVQBDJPOFT GVFSPO DSFBEBTEFTEFFMHPCJFSOP4JOSFDBUPBMHVOPFMEJSFDUPSEFM'POEP/BDJPOBMEF"QPZPQBSBMBT&NQSFTBT4PDJBMFT'POBFT
VCJDBEPFOMB4FDSFUBSBEF%FTBSSPMMP4PDJBMTFDPOWJSUJFOKVOJPEFFOEJSJHFOUFEF6OBNPTDVZBQMBOUBGVOEBEPSBFTUVWPJOUFHSBEBQPSHSVQPTBMPTRVFFMQSPQJP'POBFTQBUSPDJO&TF MEFSQPTUJ[P+BWJFS-QF[.BDBT UVWPBMNFOPTVOSBQUPEFTJODFSJEBEDVBOEPBGJSNFOTVEJTDVSTPJOBVHVSBMRVFiFMHPCJFSOPWBBIBDFSFMDBNCJPEFBSSJCBIBDJBBCBKPu
&MDJOJTNPDPSQPSBUJWJTUBEF"DDJO/BDJPOBM
. * ( 6 & - / ( & - ( 3 " / " % 0 4 $ ) " 1 "
&O/VFWP-FOFMDPOTFKPFTUBUBMEFM1"/FTUiFYQMPSBOEPuVOBQPTJCMFBMJBO[BDPOFM1BOBMFMQBSUJEPEF&MCB&TUIFS(PSEJMMP5SFTEFMPTDVBUSPQSFDBOEJEBUPTBMHPCJFSOPEFMFTUBEPFTUOHP[PTBNFOUFEFBDVFSEPDPOFTFWODVMPEFMRVFFTQFSBOTFSCFOFGJDJBSJPT%JTJOUJVOPTPMPEFFMMPTZFMBCBOEFSBEPQBOJTUBFOMBDPOUJFOEBBOUFSJPSRVFGVFEFSSPUBEPQPSFMEFM13*TFFTDBOEBMJ[QPSMBVOJOFMFDUPSBMEFTVQBSUJEPDPOMBEJSJHFOUFNBHJTUFSJBM
EFFOFSPEF
-
"MSFDJCJSBMPTEJSJHFOUFTEFMB"MJBO[B4JOEJDBM.FYJDBOBQSFDFEFOUFJONFEJBUPEF MB$4.
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
BFTBNJMJUBODJBPQPTJUPSBZBOVETVMB[PDPO$BSMPT3PNFSP%FTDIBNQTRVFTFWPMWJGPYJTUBZIPZFTUBQBSUJSVOQJODPOFMOVFWPHPCJFSOPRVFTJHVFFOHSPTBOEPMBTDVFOUBTCBODBSJBTEFMDPNJUOBDJPOBMZEFTVMEFSZMFBTFHVSRVFTVTQSJWJMFHJPTOPTFSOEJTNJOVJEPTFOMBPSHBOJ[BDJOEFMBJOEVTUSJBRVFTVSKBEFMBSFGPSNBBQSPCBEBFMBPQBTBEP
&TFUSBUPDPNQMJDJUBSJPFOUSFFMQSFTJEFOUF $BMEFSO Z FM TJOEJDBUP QFUSPMFSP TF FYUJFOEF B MBT PUSBT BHSVQBDJPOFT PCSFSBT EFM DPSQPSBUJWJTNP QSJJTUBMPTFMFDUSJDJTUBTZMPTGFSSPDBSSJMFSPTMPTB[VDBSFSPTZMPTUSBCBKBEPSFTEFMBSBEJPEJGVTJOMB$5.ZFM$POHSFTPEFM5SBCBKPWFOFOFM&KFDVUJWPBVOKFGFOJTJRVJFSBVODPNQBFSPUBMDPNPWJFSPOBMPTQSFTJEFOUFTQSJJTUBTFOFMBSSFHMPTBUJTGBDUPSJP QBSB UPEPT NFOPT QBSB MPTBTBMBSJBEPTRVFDBSBDUFSJ[BM SHJNFOBVUPSJUBSJPQSFTJEFODJBMJTUB
&MQVOUPNTBMUPEFMNTRVFQSBHNUJDP DOJDP BWFOJNJFOUP EFM QBSUJEPEFMBHFOUFEFDFOUFDPOFMDPSQPSBUJWJTNPEFMBHFOUFRVFOPMPFTTFHOEJDUBNFOEFMPTQSPQJPTQBOJTUBTFTFMRVFVOFB$BMEFSODPO&MCB&TUIFS(PSEJMMP&MMBMPIBBQPZBEPEFTEFMBFMFDDJOJOUFSOB QPS MB DBOEJEBUVSB QSFTJEFODJBMQBOJTUBZEFWBSJPTNPEPTBCJFSUBZTPMBQBEBNFOUFDPOUSJCVZBTVMMFHBEBBMB1SFTJEFODJB&MQBHPFYQMDJUPQPSFTFJOWBMVBCMFTFSWJDJPIBTJEPDFEFSVOBQBSDFMBEFQPEFSBMBEJSJHFOUFNBHJTUFSJBMRVFDBEBWF[RVFQVFEFFOTBODIBTVUFSSJUPSJPBQBSUJSEFQBDUPTDPNPFMRVFFTUHFTUOEPTFFO/VFWP-FOZMPTRVFZBPQFSBSPOFO(VBOBKVBUPZ#BKB$BMJGPSOJB&MBCBOEPOPEFMPTQSJODJQJPTQBOJTUBTFOFTFDBNQPJODMVZFUPMFSBSBTVWPMVCMFBMJBEBFMRVFTFDPBMJHVFDVBOEPBTDPOWJFOFBTVJOUFSTDPOFMQSPQJP13*RVFFDIEFTVTGJMBTBMBMJEFSFTB
$BFNTQSPOUPVOIBCMBEPSRVFVODPKPSF[BVOSFGSORVFEFOVODJBMBJODPOHSVFODJB EF VO QSFEJDBEPS "T IBDBEPFM1"/O
OPZMBQBSUFCFTUJBM&OUPODFTDMBSPMPTQBOJTUBTTPOUBOIVNBOPTDPNPMPTQSJJTUBTZMPTQFSSFEJTUBTu
.PSBMSBNQMPOB
%FTEF TV PSJHFO FM1"/ UVWPVOEJMFNBDPOWFSUJSTFFOVOBVUOUJDPQBSUJEPQPMUJDPPTFSVONPWJNJFOUPBOUJTJTUFNBDPNPMPGVFEVSBOUFBPT*ODMVTPiQPSMPBCMFJOUFSTQPMUJDPQPSWPDBDJOEFNPDSUJDBPQPSUJDBEFMBSFTQPOTBCJMJEBEGVFFMHPCJFSOPQSJJTUBFMRVFSFTDBUBM1"/EFMBANFOEJDJEBEDWJDBZMPTBDEFMHVFUPFOFMRVFTFIBCBFODFSSBEPuNFEJBOUFTVDFTJWBTSFGPSNBT
&M1"/UBNQPDPIBMPHSBEPDSFBSVOBDMBTFQPMUJDBQPSRVFIBTUB(NF[.PSOZ(PO[MF[-VOBTFPQVTJFSPO4MPIBTUBFMTFYFOJPEF$BSMPT4BMJOBTDPNJFO[BOBQSPGFTJPOBMJ[BSTFBVORVFUPEBWBEFNBOFSBMJNJUBEB
i&OFM1"/QSDUJDBNFOUFOPIBIBCJEPJOUFMFDUVBMFTFNQF[BOEPQPSMPTGVOEBEPSFT(NF[.PSOFSBVOUFDODSBUBRVFFTMPPQVFTUPBVOJOUFMFDUVBMZ(PO[MF[-VOBmFODVZPEFTQBDIPEF(VBEBMBKBSBUSBCBKmBVORVFFSBVOIPNCSFEFMFUSBT UFOB VOB PSUPEPYJB DBUMJDB EFDJNPOOJDBZOPFSBQPMUJDPu
&MQSJNFS JOUFMFDUVBMQBOJTUBFT"EPMGP$ISJTUMJFC*CBSSPMBEJDFZOPIVCPPUSPIBTUB$BSMPT$BTUJMMP1FSB[BRVJFOMFEBDPOTJTUFODJBBMPTBSHVNFOUPTEFMBOFHPDJBDJOEFM1"/DPO4BMJOBTZDPNJFO[BBEFQPOFSFMDBSDUFSBOUJTJTUFNBEFFTFQBSUJEP
i:PDSFPRVF$BTUJMMP1FSB[BFTFMQSJNFSPRVFIBDFJEFPMPHBFOFMNFKPSTFOUJEPEFMBQBMBCSBFTEFDJSMFHJUJNBFMBDFSDBNJFOUPB4BMJOBTZMBOFHPDJBDJODPOFMHPCJFSOP+VOUPDPOMWBSF[Z'FSOOEF[
&EVBSEP.JSBOEB
"SSJPMB8PPH$SUJDBT
EFFOFSPEF
10- 5 *$"
-
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i1FSEO*OWFTUJEVSBu1PSTVQVFTUPDPOTVQSFTFODJBZTVTQBMBCSBT$BMEFSOBWBMFMWFSCPFTJNQSFTDJOEJCMFBVORVFUBMWF[JOOFDFTBSJPFMTFOUJEPEFM&ODVFOUSPBMRVFEJTUJOHVJFSPO
Bi&M&TUBEPTFDPOWJSUJFOVOFEVDBEPSBCTPMVUJTUBQSPQPOJFOEPMBTJEFPMPHBTEFMNPWJNJFOUPQPSFODJNBEFMBTDPOWJDDJPOFTSFMJHJPTBTw&MFOPSNFEFUFSJPSPTPDJBMFORVFWJWJNPTFTDPOTFDVFODJBEFVOWBDPFTQJSJUVBMZEFVOBBVTFODJBEFWBMPSFTQSPQJDJBEBQPSFMNBMFOUFOEJEP&TUBEPMBJDPRVFIBEFKBEPFOMBJOEJHFODJBEFWBMPSFTBMBFEVDBDJOQCMJDBwu&EJUPSJBMEF%FTEFMB'FEFMB"SRVJEJDFTJTEF.YJDPFODPOUSBEFMBFEVDBDJOMBJDBFOTVBSUDVMPi-B&EVDBDJOEFMB'BNJMJBu7FSTJOJNQSFTBEFFOFSPEF
Ci&MEFTDVJEPIBDJBMPTIJKPTMBEFTJOUFHSBDJOGBNJMJBSZUPEBTTVTDPOTFDVFODJBTFMBUBRVFBMPTWBMPSFTEFMBGBNJMJBEFTEFEJWFSTPTOHVMPT"IPSBTFFTGFMJ[FOMBWFOHBO[B&TQFSBNPTRVFUPEPTMPTMFHJTMBEPSFTTFBODPOHSVFOUFTQPSRVFUPEPTFMMPTWJFOFOEFVOBGBNJMJBZUBNCJOMVDIBNPTQPSVOBGBNJMJBw&TDMBSPFMSFDIB[PBMBTQPTUVSBTEFMB*HMFTJBDBUMJDBQPSRVFJNQVMTBNPTJEFBMFTQBQNBNFIJKPTu+POT(VFSSFSP$PSPOBPCJTQPBVYJMJBSEFMB$JVEBEEF.YJDPBMIBCMBSTPCSFFM4FYUP&ODVFOUSP.VOEJBMEFMBT'BNJMJBTRVFMDPPSEJOB/PUBEF"MNB1BPMB8POH3FGPSNBFOFSPEF
Di-BGBNJMJBFTVOBTPMBTVSHJEBEFMBOBUVSBMF[BIVNBOBZEFMEFSFDIPOBUVSBMNJFOUSBTRVFFMSFTUPEFMBTEFOPNJOBDJPOFTTMPTPODSFBDJPOFTBSUJGJDJBMFTEFOVFTUSPUJFNQPu5BSDJTJP#FSUPOFTFDSFUBSJPEF&TUBEPEFM7BUJDBOPBMMFFSFMNFOTBKFEF#FOFEJDUP97*FOFM4FYUP&ODVFOUSP.VOEJBMEFMBT'BNJMJBT/P
UBEF+PT"OUPOJP3PNO-B+PSOBEBEFFOFSPEFXXX
&MUPOPEFM&ODVFOUSPGVFFTFMPRVFFTQFSGFDUBNFOUFDPNQSFOTJCMFEBEBMBJOUFODJOZMPTNBOEBNJFOUPTEFM7BUJDBOP-PRVFOPTFFOUJFOEFJOTJTUPFTMBNBOFSBFORVF'FMJQF$BMEFSOOPTMPBQSVFCBFMFTQSJUVEFMBSFVOJOTJOPRVFMFBHSFHBTVTQSPQJPTKVJDJPTRVFTFDPNQBSUBOPOPOBEBUJFOFORVFWFSDPOVOFKFSDJDJPQSFTJEFODJBM7BTFVOBEFMBTJOTJTUFODJBTNFEVMBSFT
6OGFONFOPSFBMRVFBVORVFQSFPDVQBOUFFTGVOEBNFOUBMBGSPOUBSMPEFTEFMBQFSTQFDUJWBEFMPTWBMPSFTw5FOFNPTRVFWFSRVFTPOZBNJMMPOFTEFOJPTMPTRVFOBDFOPTFGPSNBOFOFMTFOPEFVOBGBNJMJBJOUFHSBEBOJDBNFOUFQPSMBNBESFZTVIJKP&O.YJDPNTEFDJODPNJMMPOFTEFGBNJMJBTFTUOFODBCF[BEBTQPSMBNBESFQPSVOBNVKFS5BNCJOQSFTFODJBNPTDBEBWF[NTRVFEFBDVFSEPDPOMBMFHJTMBDJODJWJMMBQSDUJDBEFEJWPSDJPQSPQJDJBRVFNVDIBTGBNJMJBTWJWBOVOQSPDFTPEFEFTJOUFHSBDJOZEFSFJOUFHSBDJOFOPDBTJPOFTIBDJBOVFWPTODMFPTGBNJMJBSFT
&OFTUBIPNJMBOPNFBUSFWPQPSSFTQFUPBMMBNBSMFiEJTDVSTPu
$BMEFSODVMQBBMEJWPSDJPZBMBNBESFTPMUFSBEFQSPNPWFSMPTNBMFTZIBDFSMPFOHSBONFEJEB1PSMPWJTUPMBTFQBSBDJOMFHBMZMPTIJKPTTJOBQFMMJEPQBUFSOPFTUBCBOFOFMGPOEPEFMB$BKBEF1BOEPSBNFUGPSBQBHBOBRVFJODMVZPQPSQVSBIFUFSPEPYJB4JHVFEPO'FMJQFZZBOPMFJODPNPEBJSEFMBGOEFQSFTFSWBSMBGBNJMJBRVF%JPTVOJBDPOEFOBSBMPTRVFOPUVWJFSPOVOIPHBSEPOEFTFFOTFBSBDPNPTFEFCFMBTSFHMBTEFMBIPOSBEF[RVFTMPWJFOFODPOQBQNBNIJKPTZBQPZPEFM&TUBEPTJOPFOMBSFDNBSBQPSMPNFOPTFOMBTBMBZFMDPNFEPS
7BMFMBQFOBTFBMBSBNJHPTRVFMBQSPMJGFSBDJOEFJOEJWJEVPTRVFIBDFOEFMBWJPMFODJBEFMNJFEPEFMDSJNFOZEFMPEJPTVGPSNBEFWJEBDPJODJEFQPSEFTHSBDJBFOVOBHSBONFEJEBDPOMBGSBHNFOUBDJOZMBEJTGVODJPOBMJEBERVFBGFDUBSPOTVFOUPSOPGBNJMJBS6OHSBOQPSDFOUBKFEFQFSTPOBTRVFGBMMFDFOFOFOGSFOUB
NJFOUPTFOUSFHSVQPTDSJNJOBMFTFO.YJDPZRVFQSPWPDBOEFTEFMVFHPMBNBZPSBUFODJOEFMBTPDJFEBEZEFMPTNFEJPTEFDPNVOJDBDJOTPOQBSUJDVMBSNFOUF KWFOFTZ KWFOFTRVF
-BQFTBEJMMBNBESFTTPMUFSBTEJWPSDJBEBTQSPMF
RVFTJMBEFKBODPNFUFEFMJUPT$BSMPT.POTJWJT
EF$FWBMMPT IJDJFSPOVOB USPJLBNBSBWJMMPTBZHSBDJBTBFTPFM1"/EFKFMQFSPEPRVF3BGBFM4FHPWJBMMBNBQBMFPQPMUJDPZFOUSBSFBMNFOUFBMBQPMUJDBu
4PCSFMBTEJTQVUBTBCJFSUBTZTPUFSSBEBTFOFM1"/"SSJPMBEJDFRVFMPTQBOJTUBTTFIBOFODPOUSBEPDPOMBMMBNBEBMFZEFIJFSSPEFMBTPMJHBSRVBTVOBNJOPSBDPOUSPMBMBTJOTUJUVDJPOFTZBTFBVOB*HMFTJBVOQBSUJEPP VOB BTPDJBDJO FNQSFTBSJBM i7PMWFNPT
PUSBWF[BFTBNPSBMNVZSBNQMPOB&MMPTQFOTBCBORVFTFSBOEFNDSBUBTQPSEFGJOJDJOQFSTFDVMBTFDVMPSVNZOPwu
-PRVFIPZTFEJSJNFFOFM1"/EJDFPDVSSFFODVBMRVJFSQBSUJEPQPMUJDPFO.YJDPZFOFMNVOEPZTFSFDVSSFBSFDVSTPT BNFOVEP EFMF[OBCMFT QPSRVF MBQPMUJDBIBTJEPMBNJTNBEFTEFIBDFNJMBPTMPFTBIPSBZTFSMBNJTNBFOFMGVUVSPi.BRVJBWFMPUFOBSB[O1VOUPu
&OFTFTFOUJEPiOPIBZWJDUPSJBDVMUVSBEFM1"/OJWJDUPSJBDVMUVSBMEFM13*-PRVFFM1"/FTUEFTDVCSJFOEPZMFEBNJFEPmQPSFTPFMUUVMPEFNJMJCSPmFTRVFMBQPMUJDBDPNPEJDF8FCFSBWFDFTUJFOFRVFSFDVSSJSBNFEJPTEVEPTPTQBSBBMDBO[BSTVTGJOFTu
%FTQVTEFNJMJUBSFOFM1"/IBDFNFEJPTJHMPZTFSMEFSKVWFOJMFO+BMJTDPFODVZPDBSDUFSQBSUJDJQFOMBDBNQBBQSF
EFFOFSPEF
-
FTUO UPUBMNFOUF EFTBSSBJHBEPT EF VO ODMFP GBNJMJBS TPOBEPMFTDFOUFTZKWFOFTRVFTFGPSNBSPOFOMBDBSFODJBBCTPMVUBOPTMPEFWBMPSFTGBNJMJBSFTTJOPEFGBNJMJBNJTNB
&TUBBGJSNBDJOOPTFMMFWBCJFODPOMBSFBMJEBEFOUSFPUSBTDPTBTQPSRVFOPIBZFTUBETUJDBTBMSFTQFDUPZFOEFNBTJBEPTUFNBTMBGPTBDPNOTFNVFTUSBSFTFSWBEBQFSPMPNVZQSPCBEPFTMPPQVFTUPBMBTTFOUFODJBTEF$BMEFSOMBEJSJHFODJBEFOBSDPUSBGJDBOUFTFTGFSWJFOUFFOTVEFWPDJOQPSMB$MVMB#TJDBZTPO'BNJMJBTMPT"SFMMBOP'MJYMPT#FMUSO-FZWBMPT$BSP2VJOUFSPMPTw:OPTMPMPTOPNCSFTSFTPOBOUFTFOMPT.FEJPTTJOPFODBEBQVFCMPBGFDUBEPQPSFMEFMJUPTFQSVFCBRVFMBQSJNFSBPSHBOJ[BDJOTFEBFOFMODMFPGBNJMJBS&TUPTJORVFIBZBBWJTPTQSFWJPTi$PNPQBESFEFGBNJMJBPIFSNBOPNBZPSMPTIFDPOWPDBEPQBSBBWJTBSMFTRVFDPOUPEPFMEPMPSEFNJDPSB[OWBNPTBQSPDFEFSDPNPTJDBEBVOPEFOPTPUSPTQSPWJOJFTFEFVOIPHBSEFTUSVJEPQPSMBGBMUBEFBSNPOB4ZBTRVFOPFTOVFTUSPDBTPQFSPWBNPTBIBDFSMFBTQBSBEFGFOEFSFMQSFTUJHJPEFMBGBNJMJB:TVEFGFOTBEFMCJFODPNOu
&TUPQBSBOPIBCMBSEFMPT4PDJPT3FTQFUBCMFTEFMOBSDPMPTRVFMBWBOEJOFSPQPSFKFNQMPQPSRVFUPEPTFMMPTNBOUJFOFOTVTGBNJMJBTCJFOBWFOJEBTZTPOHFOUFSFMJHJPTBRVFQFSUFOFDFBHSVQPTRVFEFGJFOEFOMBGF
&M&TUBEPUVUPSBNQMBFMPSGFMJOBUP&TDBUFHSJDPFOTVEJTFPEFFYDMVTJPOFTFM1SFTJEFOUF$BMEFSO
2VJFOFTUFOFNPTMBGPSUVOBEFQFSUFOFDFSPEFGPSNBSQBSUFEFVOBGBNJMJBTMJEBFTUBNPTPCMJHBEPTBMBTPMJEBSJEBEBUSBOTNJUJSMPTWBMPSFTRVFOPTEBOGVFS[BZOPTJEFOUJGJDBOZBCVTDBSMBNBOFSBEFDPNQFOTBSTVCTJEJBSJBNFOUFEFTEFMBDPNVOJEBEEFTEFMBTPSHBOJ[BDJPOFTTPDJBMFTEFTEFMBTDPNVOJEBEFTJOUFSNFEJBTEFTEFMBTJOTUJUVDJPOFTQCMJDBTZQPSTVQVFTUPEFTEFFM(PCJFSOPBRVJFOFTOPUVWJFSPOFTBPQPSUVOJEBEEFWJEBEFGBNJMJB
-PEJDIPEFTEFMBTFHVSJEBERVFEBFMWJWJSZFMOBDFSDPNP%JPTNBOEBFOVOBGBNJMJBTMJEBTFEFCFUSBOTNJUJSMPTWBMPSFTRVFOPTEBOGVFS[BZOPTJEFOUJGJDBO
1PSFTPZTPMJEBSJBZTVCTJEJBSJBNFOUFOVFTUSPFTGVFS[PEFCFTFSDBEBWF[NTJOUFOTPZNTGVFSUFDPORVJFOFTwSFRVJFSFOTVCTJEJBSJBNFOUFEFMBTPDJFEBEQBSBFTBGPSNBDJOJOEJTQFOTBCMFEFMTFSZEFMRVFIBDFSIVNBOPw
6OBWF[NTEFBDVFSEPDPOMBNTQVSBEPDUSJOBJOUFHSJTUBGVOEBNFOUBMJTUB
$BMEFSOSFDPOPDFTMPVOUJQPEFGBNJMJBVOUJQPEFFEVDBDJOVODPOKVOUPEFWBMPSFTWBMPSFTZFEVDBDJORVFOVODBEFTDSJCFQPSRVFFTEFTVQPOFSTFFTUOFOFMDEJHPHFOUJDPEFMBIVNBOJEBEPEFFTBQBSUFEFMBIVNBOJEBERVFFTMBDMVMBCTJDBEFTNJTNBy"EOEFMMFWBFTUP "QSPQJDJBSPJNQVMTBSMBFEVDBDJOSFMJHJPTBFOMBTFTDVFMBTQCMJDBTZBMBEFTNFTVSB
&OFTUFDBTPTVOJDBGBNJMJBTMPQVFEFTFSZNFBUSFWPBEFDJSRVFEFCFTFSMBTPDJFEBENJTNB1PSFMMPFTSFTQPOTBCJMJEBEEFM&TUBEPSFDPOPDFSZUVUFMBSMBGBNJMJBRVFFTMBDMVMBCTJDBEFMBTPDJFEBE
&M&TUBEPFOUVWJEBFM&TUBEPFOUVDMTFUFM&TUBEPFOMBUPNBEFEFDJTJPOFTEFUVQFSTPOBZTJUJFOFTCVFOBTVFSUFEFUVGBNJMJB&M&TUBEPOPESJ[BFM&TUBEPOBOBFM&TUBEPOHFMEFMBHVBSEB/POPTEFTBNQBSFTOJEFOPDIFOJEFEB
XXX
1SPTJHVF$BMEFSO
%FBIMBJNQPSUBODJBEFBWBO[BSUBNCJOFOMBSFHFOFSBDJOEFMUFKJEPTPDJBMFOMBJNQBSUJDJOEFWBMPSFTEFTEFMBNTUFNQSBOBFEBEFOFMGPSUBMFDJNJFOUPEFMBTGBNJMJBTZEFMPTMB[PTRVFVOFOBTVTJOUFHSBOUFTZBMBTGBNJMJBTFOUSFT1PSFTPFTUPZDPOWFODJEPRVFQBSBUFOFSVO.YJDPNTTF
HVSPQBSBDPNCBUJSMBTBEJDDJPOFTUBNCJOFTOFDFTBSJPIPZNTRVFOVODBGPSUBMFDFSBMBGBNJMJBNFYJDBOB
/PTTJDBQUCJFOMPBGJSNBEPQPSFMQSFTJEFOUF$BMEFSOZNVZQSPCBCMFNFOUFOPMPTBCSOVODBQFSPTFHODSFPJOUVZPWJTMVNCSPBTFHVSBMPTJHVJFOUFMBEJTPMVDJOEFMB'BNJMJBWJFOFEFMBGBMUBEFBDUBTNBUSJNPOJBMFTDBTPEFMBTNBESFTTPMUFSBTZEFMBUSP[PMWJEPEFMPTDPNQSPNJTPTFDMFTJTUJDPTZDJWJMFTDBTPEFMEJWPSDJP
XXX
/PNFEFUFOHPmOPFTFMTJUJPQBSBBRVJMBUBSMPJOFYJTUFOUFPMPBQFOBTTJHOJGJDBUJWPRVFTFEBQPSDVNQMJEPEFNPEPQUJNPmFOFMFOTVFPRVFCFOFGJDJBBNJMMPOFTEFGBNJMJBTDPOFM"DVFSEP/BDJPOBMB'BWPSEFMB&DPOPNB'BNJMJBSRVFOBEJFIBGJSNBEPTBMWPTVQSPNPUPSZDVZBEFSSBNBEFQSPTQFSJEBEIBTJEPQVFTUBFOEVEBQPSMPTFYQFSUPTTBMWPMZmDPOUJCJF[BSFQSPDIBCMFmFM1"/4VTMPHSPTBOQFSNBOFDFOFOFMOJEPEFMBTQSPNFTBTBVORVFOPTJONFUGPSBT
:QPSFTPUBMZDPNPNFDPNQSPNFUIBDFEPTBPTDVBOEPEFDBRVFTJFOMBTBCJEVSBQPQVMBSDBEBOJBPDBEBOJPRVFOBDFWJFOFDPOTVUPSUBCBKPFMCSB[PEFDBRVFWJOJFSBDPOTVUPSUBCBKPFMCSB[PQFSPUBNCJOQPSRVOPDPOVOTFHVSPNEJDPCBKPFMCSB[P
:$BMEFSOQSPTJHVFZQSPTJHVFZQSPTJHVFFOVNFSBOEPMPRVFZBIBSFBMJ[BEPTJNQMFNFOUFQPSRVFZBMPEJKPy1FSPFTVO&ODVFOUSP*OUFSOBDJPOBMEFMB'BNJMJBFMTJUJPQUJNPQBSBFM5FSDFS*OGPSNF1SFTJEFODJBM 4JOPMPFTOPTMPTFEFTQSFDJBM&TUBEPMBJDPTJOPBVOBDPOWPDBUPSJBFTQFDGJDB
1%:BEPTGVODJPOBSJPTEJKFSPOiMPRVFFM1SFTJEFOUFRVJTPEFDJSuy/PFTNVZQSPOUPQBSBSFFNQMB[BSMBTGVODJPOFTEFMWPDFSP3VCO"HVJMBS O
TJEFODJBM EF -VJT ) MWBSF[ FO "SSJPMB8PPHGVFDPMBCPSBEPSEF+FTT3FZFT)FSPMFTFOMB4FDSFUBSBEF&EVDBDJO1CMJDB7PMWJB MBQBSUJDJQBDJOQPMUJDBDPNPEJSFDUPSHFOFSBMEF%FTBSSPMMP1PMUJDPEFMB4FDSFUBSBEF(PCFSOBDJOFODPO&NJMJP$IVBZGGFU-VFHPTFSBEJSFDUPSEFMBSFWJTUB&YBNFOEFM1BSUJEP3FWPMVDJPOBSJP*OTUJUVDJPOBMi:PDSFPRVFUFOHPOBUVSBMF[BEFPQPTJUPSuCSPNFB
"SSJPMBBGJSNBRVFTVNJMJUBODJBFOFM13* OP EFTOBUVSBMJ[B FM FTUVEJP TPCSF FM1"/BVORVFBDMBSBi-BQVSF[BBDBENJDBOPFYJTUFu
:TPCSFTVJNQMBDBCMFKVJDJPTPCSF'PYFYQPOFi4TPZTFWFSPDPO'PYNVZTFWFSPZOPQPSQSJJTUB-PRVFTJFNQSFNFNPMFTUEF'PYEFTEFTVDBNQBBGVFMBGSJWPMJEBE-BHFOUFRVFOPUPNBFOTFSJPTV DBSHPNFQBSFDF DSJNJOBM TPCSF UPEP
DVBOEP UJFOF SFTQPOTBCJMJEBEFT QCMJDBTMZTVTGVODJPOBSJPTGVFSPOGSWPMPTu
$PODMVZFi:PEJSBRVF.BSUB4BIBHOFSBNT TFSJBRVF'PYZ EFTEF MVFHPDPONBZPSTFOUJEPQPMUJDP&TVOBTFWFSJEBERVFOPVTPDPO-VJT)MWBSF[OJDPO$BTUJMMP1FSB[BOJDPO(PO[MF[-VOBQFSPTDPO'PYQPSTVGSJWPMJEBEZDPCBSEB$BMEFSOQVFEFUFOFSNVDIPTEFGFDUPTQFSPOPFTVOIPNCSFGSWPMPu
EFFOFSPEF
10- 5 *$"
-
%FMPEJPBMBNPSFMFDUPSBM
"OUFFMQSPDFTPFMFDUPSBMRVFTFBWFDJOBMBTFODBSOJ[BEBTEJTQVUBTJOUFSOBTQPSMBQSFTJEFODJBEFM13%TFDPOWJSUJFSPODPNPFOMPTNFKPSFTUJFNQPTFOEFDMBSBDJPOFTEFVOJEBEBNPSZQB[EFTVTQSJODJQBMFTQSPUBHPOJTUBT"IPSBNJFOUSBTFTFQBSUJEPQPESQPTUVMBSDPNPDBOEJEBUPTBNJFNCSPTEFMNPWJNJFOUPEF"OEST.BOVFM-QF[0CSBEPSTUFTFIBEFDMBSBEPEFDJEJEPBJNQVMTBSBQBSUJSEFMPTBDVFSEPTRVFTFFTUBCMF[DBOBBTQJSBOUFTEFM13%EFM1BSUJEPEFM5SBCBKPP$POWFSHFODJB6OBWF[NTMPTDBQJUBMFTQPMUJDPTFOKVFHPQVFEFODPOEVDJSBTFQVMUBSMBTNTFODPOBEBTEJGFSFODJBTy
3PTBMB7FSHBSB
$ POMBJOUFODJOEFJNQFEJSRVFTVTEJGFSFODJBTQPMUJDBTCFOFGJDJFOBMQSJJTNPPBMQBOJTNPFOMBTFMFDDJPOFTJOUFSNFEJBTEFKVMJPQSYJNPFM1BSUJEPEFMB3FWPMVDJO%FNPDSUJDB13%Z"OEST.BOVFM-QF[0CSBEPSTVQFSBSPOTVTEJGFSFODJBTQPMUJDBTZMMFHBSPOBEJWFSTPTBDVFSEPT
&OUSFFMMPTJNQVMTBSDPNPDBOEJEBUPTBEJQVUBEPTGFEFSBMFTBNJFNCSPTEFMNPWJNJFOUPMPQF[PCSBEPSJTUBFMSFHSFTPBDUJWPEFM13%BM'SFOUF"NQMJP1SPHSFTJTUB'"1ZFMBQPZPEFMQFSSFEJTNPBMBTBTBNCMFBTJOGPSNBUJWBTEFMMMBNBEPiHPCJFSOP MFHUJNPu DPNFO[BOEP QPS MB EFFTUFEFFOFSPFOMBRVFTFEFTQMFHBSMBNJMJUBODJBQFSSFEJTUBQBSBEFNPTUSBSTVCBTFTPDJBMDPNPTPQPSUFEFMNPWJNJFOUPFOEFGFOTBEFMBTPCFSBOBZMBFDPOPNBQPQVMBS
&O FOUSFWJTUB DPO1SPDFTP FM WJFSOFTMBTFDSFUBSJBHFOFSBMEFM13%)PSUFOTJB"SBHONBOJGFTUTVWPMVOUBEEFBTJTUJSBMBDPODFOUSBDJOEFM;DBMPDBQJUBMJOPFTUFEPNJOHPFOUBOUPRVFFMUBCBTRVFP
EFFOFSPEF
-
EFGFOEJBM13%ZBOVODJRVFBQPZBSBBMHVOPTEFTVTDBOEJEBUPTBTDPNPBBTQJSBOUFTBVOBDVSVMQPSMB$PBMJDJO4BMWFNPTB.YJDPJOUFHSBEBQPSMPTQBSUJEPTEFM5SBCBKPZ$POWFSHFODJB
"EFNTFMMMBNBEPiQSFTJEFOUFMFHUJNPuDSFDJODPDPNJTJPOFTQBSBFMNJTNPONFSPEFDJSDVOTDSJQDJPOFTEPOEFTFEFGJOJSOMBTQSPQVFTUBTBQMVSJOPNJOBMFTFOMBTRVFQBSUJDJQBO+PT"HVTUO0SUJ[1JODIFUUJ#FSUIB-VKO.BSUIB1SF[#FKBSBOP0DUBWJP3PNFSPZ.BSJP%J$POTUBO[PDVZPTOPNCSFTTFNBOFKBOUBNCJODPNPQPTJCMFTBTQJSBOUFTBVOBDVSVM
&ODPOTFDVFODJB-QF[0CSBEPSKVHBSFTUBKVTUBFMFDUPSBMDPOMPTUSFTFRVJQPTEFJ[RVJFSEBRVFBQPZBSPOFMNPWJNJFOUPTPDJBMRVFFODBCF[BFMDVBMOBDJFOMVFHPEFMBTFMFDDJPOFTQSFTJEFODJBMFTRVFDBMJGJDEFGSBVEVMFOUBT
"VORVFFMEFEJDJFNCSFQBTBEPFOTVDPOTFKPOBDJPOBMFM13%BQSPCMBFYQVMTJOBVUPNUJDBEF DVBMRVJFSNJMJUBOUFRVFBQPZBSBBDBOEJEBUPTEFPUSPTQBSUJEPTZQSPIJCJMBTBMJBO[BTVONFTNTUBSEFFOTVQSJNFSQMFOPFYUSBPSEJOBSJPFNJUJVO
SFTPMVUJWPQBSBDBNCJBSTVQPMUJDBEFBMJBO[BTF JNQVMTBSDBOEJEBUVSBTDPNVOFTmFOMPTFTUBEPTEPOEFTFSFBMJ[BSOFMFDDJPOFTDPODVSSFOUFTQBSBHPCFSOBEPSFTMFHJTMBEPSFTZBZVOUBNJFOUPTmDPOQBSUJEPTQPMUJDPTOBDJPOBMFTPMPDBMFTZPSHBOJ[BDJPOFTQPMUJDBTZTPDJBMFTRVFTFBOBGJOFTBMBPSJFOUBDJOJEFPMHJDBZQPMUJDBEFM13%
&OFOUSFWJTUBDPOFTUFTFNBOBSJPFMTFDSFUBSJPHFOFSBMEF$POWFSHFODJB1FESP+JNOF[-FODPOGJSNRVFMBTDBOEJEBUVSBTDPNVOFTTFJNQVMTBSOFOFTUBEPTEPOEFMBMFHJTMBDJOFMFDUPSBMMPQFSNJUBZRVFBNTUBSEBSFMEFGFCSFSPTFSOGPSNBMJ[BEBT
1PSFTBSB[OFOFMDPOTFKPOBDJPOBMFYUSBPSEJOBSJPEFMEFFOFSPMPTQFSSFEJTUBTIJDJFSPOMBTTJHVJFOUFTNPEJGJDBDJPOFTBMBDPOWPDBUPSJBQBSBFMFHJSDBOEJEBUPTBEJQVUBEPTGFEFSBMFTRVFMBTTPMJDJUVEFTEFSFHJTUSPEFMPTQSFDBOEJEBUPTTFQSFTFOUFOFOMB$PNJTJO/BDJPOBM&MFDUPSBMEFMBMEFFOFSPRVFMB MJTUBEFBTQJSBOUFTFYUFSOPTOPTFBQSFTFOUBEBZBQSPCBEBQPSFMTFHVOEPQMFOPEFMDPOTFKPOBDJPOBMFYUSBPSEJOBSJPEFMEFFOFSPZFMJNJOBSFMDBOEBEPRVFJNQFEBQBSUJDJQBSFOFMQSP
DFTPEFTFMFDDJOBRVJFOFTPTUFOUBSBOVODBSHPEFSFQSFTFOUBDJOQPQVMBSTJOPSFOVODJBCBOBTUF
-B$PNJTJOEF$BOEJEBUVSBTEFCFSFOUSFHBSMBMJTUBGJOBMBMB$PNJTJO1PMUJDB/BDJPOBMFMEFNBS[PQSYJNPZVOEBEFTQVTTFQSFTFOUBSZBQSPCBSFOFMQMFOPEFMDPOTFKPOBDJPOBM
.JFOUSBTFM13%TFFODBNJOBCBBFGFDUVBS FTUPT BKVTUFT VOB FODVFTUB OBDJPOBMSFBMJ[BEBQPS1BSBNFUSBFOPDUVCSFEFMBPQBTBEPDBMDVMRVFBOJWFMOBDJPOBMFM13%UFOESBEFMBJOUFODJOEFMWPUPQBSBEJQVUBEPT GFEFSBMFT TFHO MB QSFGFSFODJBFMFDUPSBMCSVUB
&OFM%JTUSJUP'FEFSBMEFMPTFODVFTUBEPT DSFB RVF FM 13% FT VO QBSUJEPGVFSUFQFSPTMPMPFWBMVBCBEFFTFNPEPQBSBFMSFTUPEFMQBT&MNJTNPQPSDFOUBKFDPOTJEFSBCBRVFTFUSBUBEFVOQBSUJEPIPOFTUPNJFOUSBTTFBMBCBRVFTMPMPFTFOMBDBQJUBMEFMQBT&MEFMPTDBQJUBMJOPTQFOTBCBRVFFTFQBSUJEPMPHSBTVTPCKFUJWPTQFSPBOJWFMOBDJPOBMTMPMPFTUJNBCBBT
%F BDVFSEP DPO MB FODVFTUB EF1BSBNFUSB B OJWFM HFOFSBM FM QFSSFEJTNP UFOBFOFTFNPNFOUPVOBBDFQUBDJODJVEBEBOBRVFFOMBDBQJUBMEFMQBTPTDJMBCBFOUSFZNJFOUSBTRVFBOJWFMOBDJPOBM FM QPSDFOUBKF DPSSFTQPOEJFOUF OPSFCBTBCB
-PTKBMPOFPT
&O FM TFHVOEP QMFOP EFM DPOTFKP OBDJPOBMFYUSBPSEJOBSJPSFBMJ[BEPFMWJFSOFTTFBQSPCSFTFSWBSMPTEJTUSJUPTEFMBTQMVSJOPNJOBMFT QBSB MPT EJWFSTPT HSVQPTQFSSFEJTUBTZMPTNJFNCSPTEFMNPWJNJFOUPEF-QF[0CSBEPSEFMTFDUPSDBNQFTJOPZEFMB6OJO/BDJPOBMEF5SBCBKBEPSFT6/5
)PSUFOTJB"SBHODBMDVMBRVFDPOB EF MB JOUFODJO EFM WPUP QPESBOPCUFOFSFOUSFZDVSVMFTCBKPFTUFFTRVFNBDJGSBNFOPSRVFMPTMFHJTMBEPSFTQMVSJOPNJOBMFTDPOTFHVJEPTFOMBFMFDDJOEFMPDVBMFTiOPSNBMuEJKPMBQFSSFEJTUBEF'PSP/VFWP4PMQPSRVFFOVOPTDPNJDJPTJOUFSNFEJPTTFSFHJTUSBIJTUSJDBNFOUF VOBWPUBDJONFOPS RVF FOMPTQSFTJEFODJBMFT
&OFM%JTUSJUP'FEFSBMTFBDPSEOPSFTFSWBS OJOHVOB DBOEJEBUVSB QPS MP RVFJSO B WPUBDJO BCJFSUB MPT BTQJSBOUFT BQPTUVMBSTF DPNP DBOEJEBUPT QBSB MBT EJQVUBDJPOFT GFEFSBMFT MBT MPDBMFT ZMBTEFMFHBDJPOFT
&OUPUBMGVFSPOSFTFSWBEPTEJTUSJUPTEFFTUBEPTQBSBFMFDDJOQPSFMQSJODJQJPEFNBZPSB SFMBUJWB-PTBTQJSBOUFTTFFMFHJSOQPSBDVFSEP MPDBMP SFHJPOBMNFEJBOUFFODVFTUBTFOMPTFTUBEPTEPOEFIBZBNTEFEPTDBOEJEBUPTFOBTBNCMFBTPQPSBDVFSEPOBDJPOBM
'PUPT0DUBWJP(NF[
-QF[0CSBEPSZ0SUFHB"DVFSEPT
EFFOFSPEF
10- 5 *$"
-
4MPFO;BDBUFDBTZFOFM%JTUSJUP'FEFSBMOPIVCPSFTFSWBQPSMPRVFMBTFMFDDJOEFDBOEJEBUPTEFBNCBTFOUJEBEFTTFIBSQPSWPUBDJOBCJFSUB
&M KFGFEFHPCJFSOP.BSDFMP&CSBSEQSPQVTPBMTFOBEPS3FO"SDFEF/VFWB*[RVJFSEB /*
EFTJHOBS TMP B MPT DBOEJEBUPTB MBTEJQVUBDJPOFTGFEFSBMFTZPDIPMPDBMFTBTDPNPBMPTUJUVMBSFTEFMBTEFMFHBDJPOFT7FOVTUJBOP$BSSBO[B.JMQB"MUBF*[UBQBMBQBmQPTJDJPOFTRVF/*UJFOFBDUVBMNFOUFmQFSPFMMFHJTMBEPSmRVJFOBIPSBQSFUFOEFQBSB/*EJQVUBDJPOFTMPDBMFTZOVFWFGFEFSBMFTBEFNTEFMBTEFMFHBDJPOFTNFODJPOBEBTmOPBDFQU
-MBNMBBUFODJOFMIFDIPEFRVFMBDPSSJFOUF"TBNCMFB %FNPDSUJDB /BDJPOBM "%/
FODBCF[BEB QPS FM TFOBEPS)DUPS#BVUJTUB FOUBCMVO BDVFSEP DPO*[RVJFSEB6OJEBFOFM%JTUSJUP'FEFSBMQBSB MBTFMFDDJPOFT JOUFSNFEJBT MPRVFQPESBPDBTJPOBSVOBSVQUVSBDPO/VFWB*[RVJFSEB FO FM &TUBEP EF.YJDP EPOEFUJFOFODPOWFOJP
.JFOUSBT UBOUP FO (VFSSFSP -QF[0CSBEPS FTU PQFSBOEP VO BDVFSEP DPOFM 15 Z DPO $POWFSHFODJB QBSB RVF FM13%HBOFMBTQPTUVMBDJPOFTEFEPTEJTUSJUPT QSJODJQBMFT"DBQVMDPZ$IJMQBODJOHP NVOJDJQJPT RVF QFSEJFSPO FO &OFTUBiDPBMJDJOEFGBDUPuQBSUJDJQBSBFMTFOBEPSEF$POWFSHFODJB-VJT8BMUPOFYBTQJSBOUFBMBBMDBMEBEF"DBQVMDPRVFOPGVFBQPZBEPQPSFM13%MPRVFEFSJWFOTVEFSSPUB
)PSUFOTJB"SBHOFYQSFTRVFBMDPODMVJSMBTOFHPDJBDJPOFTQBSBQPTUVMBSBMPTDBOEJEBUPTFOFM%JTUSJUP'FEFSBM5BCBTDPZ(VFSSFSPmMBTUSFTFOUJEBEFTGVOEBNFOUBMFTEFM13%m-QF[0CSBEPSQPESIBDFSDBNQBBBGBWPSEFM13%TJMPTQPTUVMBEPTQFSUFOFDFOBFTFQBSUJEPZTFBM RVF BT TFHVJSO iFO MBNFEJEB FORVFTFWBZBODPODSFUBOEPMPTBDVFSEPTEFDBOEJEBUVSBTFOMPTFTUBEPTu
%VSBOUFFMDPOTFKPFYUSBPSEJOBSJPDPNFOURVFPUSBQSVFCBEFEJDIPBDFSDBNJFOUPFTRVF"MFKBOESP&ODJOBTBDFQUVOBDBOEJEBUVSBQPSMBWBQMVSJOPNJOBM" TVWF[#FSUIB-VKORVJFO BDPNQBB-QF[0CSBEPSFOTVHJSBQPS$IJIVBIVBJSQPSFMEJTUSJUP7**EFFTBFOUJEBEOPSUFB
&OFOUSFWJTUB0SUJ[1JODIFUUJFYQMJDRVFMFTUFODBSHBEPEFMBDVBSUBDJSDVOTDSJQDJORVFBCBSDBFM%JTUSJUP'FEFSBM(VFSSFSP .PSFMPT 1VFCMB Z 5MBYDBMBZ UJFOF MBNJTJOEFCVTDBS B MPTNFKPSFTQFSTPOBKFTQBSBRVFTFBODBOEJEBUPTEFMNPWJNJFOUPMPQF[PCSBEPSJTUB5SBCBKBKVOUPDPOFMEJQVUBEP$VBVIUNPD7FMBTDPZTFBMRVFIBTUBFMNPNFOUPOPIBZBDFSDBNJFOUPTGPSNBMFTDPOFM13%QFSPTDPOFM15Z$POWFSHFODJB
4FBM RVF IBCS DBOEJEBUVSBT iEFDPNQBFSPT RVF QBSUJDJQBO FO FMNPWJNJFOUPFODBCF[BEPQPS-QF[0CSBEPSuBMDVBMDPOTJEFSBFYUSBPSEJOBSJPQPSRVFEJDFZBTPONJMMPOFTNJMEFMFHBEPTEFMiHPCJFSOPMFHUJNPuZQSDUJDBNFOUF
OPFYJTUFVOSJODOEFMQBTEPOEFOPIBZBMPQF[PCSBEPSJTUBT
"NPSZQB[
%VSBOUFTVHJSBQPS+BMJTDPRVFDPNFO[FMKVFWFTBTDPNPFOMBRVFSFBMJ[QPS$IJIVBIVBEFMBMEFFOFSP-QF[0CSBEPSNBOENFOTBKFTEFiBNPSZQB[uBMQFSSFEJTNPEFGFOEJBMQBSUJEPZBTFHVSRVFBQPZBSMBTDBNQBBTEFBMHVOPTEFTVTDBOEJEBUPT
%FMNJTNPNPEPFMEJSJHFOUFOBDJPOBMEFM13%+FTT0SUFHBEF/VFWB*[RVJFSEBZVOPEFTVTQSJODJQBMFTDSUJDPTDPORVJFOUVWPVOEJTUBODJBNJFOUPEFTEFFYQSFTFMMVOFTEFFOFSP
i"OEST.BOVFMIBDFDVBUSPEBTEJKP:PWPZBMMBNBSBWPUBSQPSFM13%ZEJKPRVFMPIBSBJHVBMNFOUFQPSFM15P$POWFSHFODJBQFSPEJKPOPUFOHPOJOHVOBBOJNBEWFSTJODPOFM13%OJOHVOBwFTUPZUSBUBOEP EF SFDPSEBS MB QBMBCSB FYBDUBwOJOHVOBwOPTTJEJKPCSPODBQFSPDSFPRVFOPwCVFOPOJOHOQSPCMFNBDPOFM13%OJOHOQSPCMFNBDPOFM13%u
"HSFH i:FOWFSEBEOPIBZOJOHOQSPCMFNBDPOFM13%ZNFOPTEFM13%DPO"OEST.BOVFMZBFTUBNPTUSBCBKBOEPFOVOJEBEFTUBNPTBWBO[BOEPFOBDVFSEPTTVTUBOUJWPTZFTPTFWBB USBEVDJSFOVOBNBZPSGPSUBMF[BEFMQBSUJEPu
&MWJFSOFTFOHJSBQPS+BMJTDP-QF[0CSBEPSSFJUFSRVFBQPZBSBBMPTBTQJSBOUFTEFM13%EFM15ZEF$POWFSHFODJBFOFM
%JTUSJUP'FEFSBM+VTUJGJDTVEFDJTJOBTFHVSBOEPRVFTJQSPNVFWFMBEJWJTJOFOMBDBQJUBMEFMQBTTFDPSSFFMSJFTHPEFIBDFSMFiFMKVFHPTVDJPuBM1BSUJEP"DDJO/BDJPOBM1"/
%VSBOUFTVHJSBQPS$IJIVBIVBOFHRVFWBZBBDPNQFUJSQPSVOBEJQVUBDJOGFEFSBMZFTUBSEJTUBODJBEPEFMQFSSFEJTNP
&M EPNJOHP EF FOFSP FO FMNVOJDJQJPEF$VBVIUNPD$IJIVBIVB JODMVTP IBCB TFBMBEP FO FOUSFWJTUBUFMFWJTJWBRVFFOFMQFSSFEJTNPIBZ EJGFSFODJBT JEFPMHJDBT RVFNBHOJGJDBO TVT PQPTJUPSFT %FDMBSRVFFOFM13%DPNPFOPUSPTQBSUJEPTIBZEJGFSFODJBTJEFPMHJDBTZTJCJFOFM1"/ZFM13*TPOMPNJTNPiFM13%DPOUPEPTTVTDPOGMJDUPTFTEJTUJOUPu
"TVWF[QFSSFEJTUBTDFSDBOPTBMUBCBTRVFP DPNFOUBSPO RVF -QF[0CSBEPSZBBOVODJBM15ZB$POWFSHFODJBRVFOPSFOVODJBSBM13%ZSFGJSJFSPORVFFOFM13%EPO BM NPWJNJFOUP MPQF[PCSBEPSJTUBNTEFNJMMPOFTEFQFTPTFOBQPSUBDJPOFTWPMVOUBSJBTEF MFHJTMBEPSFTBTDPNPUSFTPDVBUSPWFIDVMPTEFMQBSUJEPZMBDVFOUBDPSSFTQPOEJFOUFBMVTPEFBMSFEFEPSEFDFMVMBSFTO
#FOKBNO'MPSFT
&ODJOBT1MVSJOPNJOBM
EFFOFSPEF
-
% FTEF DVBOEP FM 13* TFDPOWJSUJFONJOPSBFO MB$NBSBEF%JQVUBEPTQPSQSJNFSBWF[FOTVIJTUPSJBOJOHOQBSUJEPIBMPHSBEPMBNBZPSBBCTPMVUBQPS T TPMP-PTQSJJTUBTBTFHVSBORVFSFDVQFSBSOFMDPOUSPMEFFTFSHBOPMFHJTMBUJWPFOMBTFMFDDJPOFTEFMEFKVMJPJNQVMTBEPTQPSVOQBDUPEFVOJEBERVFFWJUFMPTFSSPSFTEFMBFMFDDJOEF FO MB RVF DBZFSPOIBTUB MB UFSDFSBQPTJDJODPNPGVFS[BQPMUJDBOBDJPOBM
4FHOMBTDVFOUBTEFTVEJSJHFODJBOBDJPOBMFM13*QVFEFHBOBSFOUSFZEJTUSJUPTFMFDUPSBMFTEFNBZPSBFOUSFMPTFOEJTQVUBZPCUFOFSBEFNTEFMBTDVSVMFTRVFTFBTJHOBOQPSMBWBQMVSJOPNJOBM
&ODVBOUPBMBTFMFDDJPOFTQBSBHPCFSOBEPSDPOGBOFOSFDVQFSBS4BO-VJT1P
1MBO$BOEJEBUPTEFVOJEBEVOQBDUPFOUSFHPCFSOBEPSFTDPPSEJOBEPSFTQBSMBNFOUBSJPTZSFQSFTFOUBOUFTEFMPTTFDUPSFTMBNPWJMJ[BDJOEFMBFTUSVDUVSBFOMPTEJTUSJUPTFMFDUPSBMFTZFYQMPUBSMBNBMBJNBHFOEFM1"/ZEFM13%TPOBMHVOBTEFMBTFTUSBUFHJBTQBSBSFDVQFSBSMBNBZPSBFOMB$NBSBEF%JQVUBEPTZHBOBSMBTFMFDDJPOFTMPDBMFTFOFTUBEPTFMQSYJNPEFKVMJP1FSPFM13*OPMBUFOESGDJM&ODPOUSBUJFOFTVQSPQJBIJTUPSJBBVORVFDPOGBFODPOWFODFSBMBDJVEBEBOBEFRVFFTMBPQDJOiNFOPTNBMBw
+PT(JM0MNPT UPTZ2VFSUBSPRVFFTUOFONBOPTEFM1"/ZDPOTFSWBSFMQPEFSFO$BNQFDIF$PMJNB4POPSBZ/VFWP-FOBVORVFSFDPOPDFOEJGJDVMUBEFTFOFTUBMUJNBFOUJEBEEPOEFTFQFSGJMBDPOGVFS[BFMQBOJTUB'FSOBOEP&MJ[POEP
&TUFBPFOMBTFMFDDJPOFTGFEFSBMFTZFOMBTMPDBMFTRVFTFSFBMJ[BSOFOFOUJEBEFTFM13*FTQFSBNBOUFOFSMBSBDIBHBOBEPSBEFDVBOEPDBQUEFMPTTVGSBHJPTFNJUJEPTFOTFJTFOUJEBEFTEPOEFTFFMJHJFSPOBVUPSJEBEFT"USTRVFEBSPOFM13%RVFTFVCJDFOMBTFHVOEBQPTJDJODPOEFMPTWPUPTZFM1"/DPOTFHOVOSFDVFOUPFMBCPSBEPQPS$POTVMUB.JUPGTLZ
-PTMEFSFTEFMPTTFDUPSFTQSJJTUBTZMBQSPQJBQSFTJEFOUBEFMQBSUJEP#FBUSJ[1BSFEFTBEWJFSUFORVFWBOQPSUPEP1BSBFMMPIBO EJTFBEP WBSJBT FTUSBUFHJBT DFOUSBEBTFO MB QPTUVMBDJO EF DBOEJEBUPT EF VOJEBENFEJBOUFDPOWFODJOEFEFMFHBEPTVOQBDUPFOUSFHPCFSOBEPSFTEJSJHFOUFTEFMBT
SFWBODIB
CBODBEBT MFHJTMBUJWBT Z SFQSFTFOUBOUFT EFMPTTFDUPSFTMBNPWJMJ[BDJOEFMBFTUSVDUVSBFOMPTEJTUSJUPTFMFDUPSBMFTZFYQMPUBSMBNBMBJNBHFOEFM1"/ZEFM13%
$BSMPT'MPSFT3JDPEJSJHFOUFEFM.PWJNJFOUP5FSSJUPSJBM TPTUJFOF RVF FM 13*UJFOFBNQMJBTQPTJCJMJEBEFTEFPCUFOFSMBNBZPSBBCTPMVUBFOMB$NBSBEF%JQVUBEPT%JDFRVFTMPQFSEFSBOTJOPFMJHFODPOUJOPBMPTDBOEJEBUPTZOPNBOFKBODPOIBCJMJEBEMPTFTDOEBMPTRVFQSFWiUSBUBSOEFDSFBSZFYQMPUBSMPTQBOJTUBTZMPTQFSSFEJTUBTu
my:BFTUWBDVOBEPFM13*EFMBNBMBJNBHFO
m%FBMHVOBNBOFSBT:BOPTFQVFEFOEFDJSNTDPTBTNBMBTEFOPTPUSPTMMFHBNPTBM UFDIPEFMB JNBHFOOFHBUJWB%VSBOUFNVDIPTBPTUVWJNPTVOBNBSDBOFHBUJWBEFIPZOPMMFHBNPTB&ODBNCJPFM13%UJFOFVOSFDIB[PEFZFM1"/EFNTEF
'MPSFT 3JDP TFBMB RVF MPT QFSSFEJTUBTOPIBOMPHSBEPCPSSBSTVJNBHFOSJKPTBQPSFMDPOUSBSJPMBBIPOEBO&OUBOUPRVFMPTQBOJTUBTFOGSFOUBOEJWJTJPOFTQSPCMFNBTEFDPSSVQDJOOFQPUJTNPZTPCSFUPEPJODBQBDJEBEQBSBHPCFSOBS:FTPMFBZVEBSBBM13*QBSBBUSBFSBMFMFDUPSBEP
4JOFNCBSHPFTUPQMBOUFBVOBEJTZVOUJWBTFUSBUBEFVOBFMFDDJOEFMNFOPTNBMP
i-BQFSDFQDJOEF MB TPDJFEBEFTBTFMFHJSBMNFOPTNBMPmBENJUFFMQSJJTUBmQFSPMPTQBSUJEPTTPOFMOJDPDBOBMRVFUJFOFMBTPDJFEBEFO.YJDPQBSBFMFHJSRVJOHPCJFSOBFMQBTu
.BSDP"OUPOJP#FSOBMTFDSFUBSJPHFOFSBMEFMB$POGFEFSBDJO/BDJPOBMEF0SHBOJ[BDJPOFT 1PQVMBSFT $/01
TFBMBRVFMBEFTDPOGJBO[BDJVEBEBOBFOMPTQBSUJEPTFTBMHPiOPSNBMuQPSRVFMBQSFPDVQBDJOFTFODJBMEFMBHFOUFOPFTMBFMFDDJOTJOPNBOUFOFSTVUSBCBKPZFMFWBSTVTJOHSFTPT
i1BSBRVFMBHFOUFSFBDDJPOFWBNPTBIBDFSMFWFSRVFBOPTPUSPTTOPT JNQPSUBRVF MBFDPOPNBDSF[DBRVFDPOTFSWFTVTFNQMFPTRVFTOPT JOUFSFTBO MPT UFNBTJNQPSUBOUFTZRVFOPFTUBNPTQFMFBOEPEFOUSPEFMQBSUJEPuJOEJDBFMEJQVUBEPEF5BNBVMJQBT
$BNQBBEFNBSDB
$PNP TJ GVFSB VOB DBNQBB DPNFSDJBMZOPQPMUJDB FMNBSLFUJOHEFTQMB[BB MBJEFPMPHB&OMPTQBSUJEPTDPOTJEFSBORVFFTUBFMFDDJOJOUFSNFEJBTFSEFiNBSDBTuOPEFDBOEJEBUPT&TEFDJSMPJNQPSUBOUFTFSO MBTDVBMJEBEFTZWFOUBKBTEFMiQSPEVDUPu RVF TF WFOEFS BM FMFDUPSBEP -BFOWPMUVSBTFSFMQBSUJEP
&MEJQVUBEP#FSOBMEJDFRVFFM13*BEJGFSFODJBEFPUSPTQBSUJEPTTFPGSFDFSBM
EFFOFSPEF
-
0DUBWJP(NF[
FMFDUPSDPNPVOQBSUJEPRVFTBCFHPCFSOBSRVFEBSFTVMUBEPTZRVFTFQSFPDVQBNTQPSMBNBSDIBEFMQBTRVFQPSFMDSFDJNJFOUPEFMQSPQJPQBSUJEP
'MPSFT 3JDP B TV WF[ SFTBMUB RVF FM13*TFQSFTFOUBSDPNPVOQBSUJEPDPOFYQFSJFODJB DPO DBQBDJEBE EF HPCJFSOP ZBQFHPBMBKVTUJDJBTPDJBM
i&M1"/IBWFOEJEPVOBJNBHFOEFIPOFTUJEBE TFOTBUF[ F JEFOUJGJDBDJO DPO MBDJVEBEBOBQFSPZBOPTFMBDPNQSBOUPEPTQPSRVFEFTEFFMHPCJFSOPEF7JDFOUF'PYIBTJEPNVZDVFTUJPOBEP&M13%QPSTVQBSUFIBWFOEJEPMBJNBHFOEFEFGFOEFSMPTQSPHSBNBTTPDJBMFTQFSPUBNQPDPMPQVFEFTPTUFOFS$BEBQBSUJEPPGSFDFMPNFKPSQFSPUBNCJOFTUOTVTFSSPSFTZFOFTPFM13*UJFOFWFOUBKBQPSRVFPGSFDFDVBESPTQPMUJDPTFYQFSJNFOUBEPTDPNQFUJUJWPTZDPODBQBDJEBEQBSBHPCFSOBSuFYQMJDB
"EFNT EJDF RVF GSFOUF BM EFTBTUSFFDPONJDPMBVSHFODJBTBMBSJBMFMBVNFOUPEFQSFDJPTEFMBDBOBTUBCTJDBZEFMPTDPNCVTUJCMFTBTDPNPMBJOTFHVSJEBEQCMJDBMBHFOUFRVFWPUQPSFM1"/EVEBZBEFTVDBQBDJEBEEFHPCFSOBSQVFTOPTFWFVOBTBMJEBQSYJNBBMBDSJTJT
i$SFPRVFFTPWBBQFTBSTFHVSBNFOUFFOFMNPNFOUPEFMBFMFDDJOuTPTUJFOFFMEJSJHFOUFOBDJPOBMEFM.PWJNJFOUP5FSSJUPSJBM
1FSPOPTPMBNFOUFFTPWBBBGFDUBSMBFMFDDJOUBNCJOMBJOFGJDBDJBQBSBHPCFSOBSEF'FMJQF$BMEFSOBTFWFSBFMQSFTJEFOUFEFMB$POGFEFSBDJO/BDJPOBM$BNQFTJOB$/$
$SV[-QF["HVJMBS
&OVOBSFVOJODFOFDJTUBFMEFFOFSPQBTBEPFOMBRVFFTUVWPQSFTFOUF#FBUSJ[ 1BSFEFT FM EJSJHFOUF BEWJSUJ RVF FMHPCJFSOPEF$BMEFSONBOUJFOFUPEPTMPTGSFOUFTBCJFSUPTZTMPFYJTUFVOBMJHFSBFTQFSBO[BQBSBRVFUFOHBYJUPMBHVFSSBEFDMBSBEBBMOBSDPUSGJDP
i&TUONFUJEPTFOMBDPOGVTJO&MHPCJFSOPGFEFSBMOPTBCFDNPSFBDDJPOBSBOJOHVOBEFMBTBNFOB[BTEFMFOUPSOPJOUFSOBDJPOBM"OUFMBDSJTJTBMJNFOUBSJBSFGMFKBEBFOSFEVDDJOEFJOWFOUBSJPTZWPMNFOFTFYQPSUBCMFTFM&KFDVUJWPGFEFSBMTMPBUJOBB SFEVDJS MPTBSBODFMFTPMWJEOEPTFEF MBQPUFODJBMJEBE EFMNFSDBEP JOUFSOP ZNFOPTQSFDJBOEPMBDBQBDJEBEEFMPTDBNQFTJOPTZQSPQJFUBSJPTSVSBMFTEFMQBTuEJKP
4JOFNCBSHPFOFOUSFWJTUBFMMEFSDBNQFTJOPBDFQUBRVFOPFTTVGJDJFOUFBQSPWFDIBSMPTFSSPSFTEFMHPCJFSOPi5FOFNPTRVFUSBCBKBSGVFSUFFOOVFTUSBQSPQJBFTUSVDUVSBZFOMBDBNQBBQPSRVFMBTDPTBTOPTFWBOBEBSOJDBNFOUFQPSVOBJOFSDJBFOFMOJNPEFMFMFDUPSBEPuQSFDJTB$SV[-QF[
&OFMNJTNPTFOUJEPTFFYQSFTBFMEJSFDUPSEFMBFNQSFTBEFJOWFTUJHBDJOBOMJTJTZNFEJDJPOFTDJVEBEBOBT1BSBNFUSB'SBODJTDP"CVOEJTQBSBRVJFOFMHSBOSFUPEFM13*1SJJTUBT"QVFTUBQPSMBFTUSVDUVSB
EFFOFSPEF
10- 5 *$"
-
TFSDBQUBSFMWPUPEFDBTUJHPDPOUSBFM1"/4FHO VOB FODVFTUB OBDJPOBM EF WJ
WJFOEBSFBMJ[BEBQPS1BSBNFUSBFOPDUVCSFEFFM13*FTUBCBDBTJFNQBUBEPDPOFM1"/DPNPVOQBSUJEPIPOFTUPGVFSUF FGJDB[ FYQFSJNFOUBEPZ DPNQSPNFUJEPDPOMBDJVEBEBOB5SFTNFTFTEFTQVTFM13* TFIBEFTQFHBEPZBQPSEPTQVOUPTQPSDFOUVBMFT0USBTFODVFTUBEPSBTWFOBONTBNQMJBMBWFOUBKBQSJJTUB$POTVMUB.JUPGTLZQPOFBM13*IBTUBDPOQVOUPTBSSJCBEFM1"/Z.BSBEFMBT)FSBTMFEBDVBUSPQVOUPTEFEJGFSFODJB
&MMEFSDFOFDJTUBBTFHVSBRVFMPTQSJJTUBT ZB BQSFOEJFSPO MB MFDDJO EF DVBOEP OP QVEJFSPO UFOFS DBOEJEBUPT EFVOJEBEZ MMFHBSPO UPUBMNFOUFEJWJEJEPTZEFCJMJUBEPTBMBDBNQBBQSFTJEFODJBM
i:BFOUFOEJNPTRVFOPQPEFNPTDPOTUSVJS DBOEJEBUPT EFTEF MB QSFTJEFODJB EFMQBSUJEPEFKBOEPDBEWFSFTFOUPEPFMQSPDFTPQPSRVFFTUPTMPQSPWPDBEFCJMJEBE&TF FSSPS TF DPNFUJ FO Z QPS FTP
BIPSBMPRVFWBNPTBIBDFSFTTBDBSDBOEJEBUPTEFVOJEBEuTFBMB$SV[-QF[
-B$/$BMHVOBWF[SFQSFTFOUMBFTQFSBO[BEFMWPUPWFSEFQBSBFM13*BMFYUSFNPEFDPNQSPNFUFSNJMMPOFTEFWPUPTJOFYJTUFOUFT EF MPT DBNQFTJOPT QBSB $BSMPTEF4BMJOBTFOMBFMFDDJOQSFTJEFODJBMEF)PZ$SV[-QF[EJDFRVFFTBDFOUSBMUSBCBKB DPOONFSPT SFBMFTZQSFTVNFFMSFHJTUSPEFNJMMOEFDFOFDJTUBTiFNQBESPOBEPTQPSWPMVOUBEQSPQJBuFOEPTUFSDFSBTQBSUFTEFMPTFTUBEPT
i&OFTUFNPNFOUPZBOPDBCFOMBTTJNVMBDJPOFTuSFDPOPDFFMEJSJHFOUF
1PSTVQBSUFMB$/01PQFSBSiCBKPFMQSJODJQJPEFOPQFMFBSFOUSFOPTPUSPTDPNPMPIJDJNPTFOFMQBTBEPuEJDFFMEJQVUBEP.BSDP"OUPOJP#FSOBM
i)BZ VO BDVFSEP UDJUP OP UFOFNPTRVFEJTDVUJSMP-BQSFTJEFOUBEFMQBSUJEPMFIBEBEPTVMVHBSBDBEBHSVQPZUPEPTSFWJTBNPTMBDPOWPDBUPSJBEFDJEJNPTRVFFMQBSUJEPMMFHVFVOJEPDPOCVFOPTDBOEJEBUPTuTPTUJFOFFMMFHJTMBEPSEF5BNBVMJQBT
" EJGFSFODJB EF MB FMFDDJO EF DVBOEP3PCFSUP.BESB[PJNQVTPTVDBOEJEBUVSBQSFTJEFODJBMZMBEFNVDIPTMFHJTMBEPSFTPDBTJPOBOEPGVFSUFTEJWJTJPOFT#FSOBMTFBMBRVFIPZZBUJFOFOMBDBQBDJEBEQBSBFTUBCMFDFSBDVFSEPTZQPOFSFMJOUFSTEFM13*QPSFODJNBEFDVBMRVJFSJOUFSTEFHSVQP
1FSPOPUPEPFTPQUJNJTNP&MEJSJHFOUFEFM.PWJNJFOUP5FSSJUPSJBM$BSMPT'MPSFT3JDP SFDPOPDF RVF FO BMHVOBT [POBTEFMQBTDPNPFOFM#BKPZFOFM%JTUSJUP'FEFSBMFM13*UJFOFQSPCMFNBTQBSBSFDVQFSBSTF4PCSFUPEPFOMB$JVEBEEF.YJDPEPOEFJODMVTPEFTEFIBDFBPTOPTFQVFEFFMFHJSBVOBEJSJHFODJBMPDBM
i&TUP IBDF RVF MBT FYQFDUBUJWBT EFUSJVOGPOPTFBOMBTNJTNBTRVFFOFMSFTUPEFMQBTQFSPMBPMFBEBEFYJUPRVFUVWJNPTFOQVFEFUFOFSVOFGFDUPFYUFOTJWP1PS FKFNQMP FO FM%JTUSJUP'FEFSBMUFOFNPTVOBNFKPSQPTJDJORVFIBDFTFJTBPTuDPOGB'MPSFT3JDP
"EJGFSFODJBEFM1"/ZEFM13%RVFFTUFBPTFMFDDJPOBSOBMBNBZPSBEFTVTDBOEJEBUPT QPS EFTJHOBDJO EJSFDUB mFT EFDJSNFEJBOUFBDVFSEPTEFDQVMBPQPSFMDMTJDPEFEB[PmFM13*IBEFDJEJEPSFBMJ[BSQPTUVMBDJPOFTEFVOJEBEBUSBWTEFDPOWFODJPOFTMPDBMFT&TPTQSFWJBNFOUFMPTHPCFSOBEPSFTZMEFSFTSFHJPOBMFTQSJJTUBTIBSOVOiUSBCBKPEFDPODJMJBDJOuQBSBMJNQJBSFMDBNJOPBMPTQSFDBOEJEBUPTNTGVFSUFTQSFDJTB
-BTNFUBT
$BSMPT'MPSFT3JDPMMFWBNVDIPTBPTFOFM13*ZIBWJTUPEFUPEP&MBPQBTBEPQBSUJDJQ FO MB DBNQBB EF +PSHF )BOL3IPOQBSBHPCFSOBEPSFO#BKB$BMJGPSOJB
MBDVBMQFSEJFSPOBOUFFMQBOJTUB+PT(VBEBMVQF0TVOB.JMMORVJFOGVFBQPZBEPQPSMBNBFTUSB&MCB&TUIFS(PSEJMMP
$PO CBTF FO FTB FYQFSJFODJB TFBMBRVFEFTEFMBEDBEBEFMPTTFUFOUBMPTTFDUPSFTRVFJOUFHSBOBM13*PCSFSPQPQVMBSDBNQFTJOPZUFSSJUPSJBMIBOEFKBEPEFTFSMPTFKFTEFTVQBSUJEP"IPSBMPJNQPSUBOUFFTFMUSBCBKPUFSSJUPSJBMZTPDJBM
&M13*BGJSNBUJFOFFTUSVDUVSBQSPQJBFOEFMPTNVOJDJQJPTEFMQBTBMHPEFMPRVFDBSFDFOMPTEFNTQBSUJEPT:BVORVFFTPOPJNQJEJRVFQFSEJFSBOMBFMFDDJO QSFTJEFODJBM EF BOUJDJQB RVFFTUF BP MB EJTUSJCVDJO EF MB QPCMBDJOUFOESNTQFTP
i"IPSB TF QMBOUFBO NFUBT QPS EJTUSJUPQPSSFHJOPUFSSJUPSJP:BOPFTDPNPBOUFT DVBOEP TFEFDB FM TFDUPS DBNQFTJOPFMPCSFSPPFMQPQVMBSWBOBEBSUBOUPTNJMMPOFTEFWPUPTBIPSBFMUSBCBKPTFIBDFQPSSFHJPOFTZFTUPTNPEFMPTUFSSJUPSJBMFTBZVEBONVDIPBM13*uFYQMJDB'MPSFT3JDP
&TUBNJTNBFTUSVDUVSBTFFODBSHBSOPTMPEFMQSPTFMJUJTNPTJOPUBNCJOEFMBWJHJMBODJBFOQVOUPTFTUSBUHJDPTEPOEFFM13*IBEFUFDUBEPFMVTPEFMPTQSPHSBNBTTPDJBMFTEFMHPCJFSOPGFEFSBMRVFMPTEFMFHBEPTQPESBOVUJMJ[BSQBSBBQPZBSBMPTDBOEJEBUPTEFM1"/QSFDJTBQPSTVQBSUFFMDFOFDJTUB$SV[-QF[
i)BZGPDPTSPKPTBMSFTQFDUP-B4FDSFUBSBEF%FTBSSPMMP4PDJBMFTUNVZPSJFOUBEBBFTFQSPQTJUPuEJDFZ SFWFMBRVFIBOJEFOUJGJDBEPBMPTEFMFHBEPTGFEFSBMFTEFUPEBTMBTTFDSFUBSBTEF&TUBEPRVFQSPWJFOFOEFM1"/FOBMHVOPTDBTPTiDPNPQSFNJPEFDPOTPMBDJOu
"TFHVSBRVFTFMFTIBSVOiNBSDBKFQFSTPOBMuZRVFIBSQCMJDPDVBMRVJFSJOUFOUPEFDPNQSBPJOEVDDJOEFWPUPTDPOMBJOZFDDJOEFSFDVSTPTEFQSPHSBNBTTPDJBMFT
/PTMPFTPBEWJFSUFRVFFMEFKVMJPMPTQSJJTUBTWJHJMBSORVFFOUPEPTMPTEJTUSJUPT TF DVFOUFOCJFO MPTWPUPT QVFT FO TF EFUFDUBSPONVDIBT JSSFHVMBSJEBEFT DPNFUJEBTQPS MPT SFQSFTFOUBOUFTEFM1"/
i4BCFNPTRVFTJOPHBOBNPTMBFMFDDJO EF OP UFOFNPT BTFHVSBEB MBFMFDDJOQSFTJEFODJBMEF4FOUBSMBTCBTFTEF MB SFDVQFSBDJOEFMQPEFS GFEFSBMFTVOBUBSFBWJUBMQBSBFMQSPHSFTPZFMCVFOHPCJFSOP5FOFNPTDMBSPRVFMBEFSFDIBOPFTMBPQDJOuTFBMB$SV[-QF[
:BTFWFSBi&OFM13*WBNPTQPSUPEP/PRVF
SFNPT DPHPCFSOBS TBDSJGJDBOEP QPTJCJMJEBEFTFTPTMPMFRVFEBCJFOBMPTUJNPSBUPT P B RVJFOFT OFHPDJBO QSFCFOEBT PUSBORVJMJEBEFT/PTPUSPTRVFSFNPTSFDVQFSBSUPEPFMQPEFSQBSBSFHSFTBSMFBM13*TVDPNQSPNJTPTPDJBMu
(JMCFSUP7JMMBTBOB
.BESB[P&MFSSPSEF
EFFOFSPEF
10- 5 *$"
-
EFFOFSPEF
7DUJNBEFBDDJPOFTKVEJDJBMFTEFTEFRVFQVCMJDEFDMBSBDJPOFTEFVOFNQSFTBSJPHBTFSPRVFEJKPIBCFSBQPZBEPDPOEJOFSPB'FMJQF$BMEFSOEVSBOUFTVDBNQBBQPSMB1SFTJEFODJBMBQFSJPEJTUB"OB-JMJB1SF[.FOEP[BWJPBHSBWBEBTVTJUVBDJOUSBTBDVTBSBMQSFTJEFOUFEFMB3FQCMJDBB$TBS/BWBZB+VBO$BNJMP.PVSJPEFBNFOB[BTBDPTPZQFSTFDVDJO&MPSJHFOEFFTUPTMUJNPTIFDIPTSFGJFSFB1SPDFTPGVFMBEJGVTJOFOMBSFWJTUB$POUSBMOFBoDVZPEJSFDUPS.JHVFM#BEJMMPGVFSFDJFOUFNFOUFEFUFOJEPoEFMPTDPOUSBUPTRVF.PVSJPGJSNDPO1FNFYTJFOEPGVODJPOBSJPQCMJDP
(MPSJB-FUJDJB%B[
& M EF OPWJFNCSF EF QPSMBOPDIFMBSFQPSUFSB"OB-JMJB1SF[.FOEP[BTFFOUFSEF MBNVFSUFEF+VBO$BNJMP.PVSJP KVTUBNFOUF DVBOEP FO MBTJOTUBMBDJPOFTEF MB'JTDBMB&TQFDJBMJ[BEBQBSBMB"UFODJOEF%FMJUPTDPOUSB1FSJPEJTUBTEFMB1(3FSBTPNFUJEBBVOFYBNFOQTJDPMHJDPFOTFHVJNJFOUPBVOBRVFKBRVFIBCBQSFTFOUBEPDPOUSBFMTFDSFUBSJPEF(PCFSOBDJO
&O FOUSFWJTUB DPO1SPDFTP MB QFSJPEJTUB EF MB SFWJTUB$POUSBMOFB SFDVFSEBRVFBMFTUBSTJFOEPBUFOEJEBQPSTVTBDVTBDJPOFT EF iBDPTP BNFOB[BT QFSTFDVDJOZSFQSFTJOuFODPOUSBEF.PVSJPEFMQSFTJEFOUF'FMJQF$BMEFSOZEF$TBS /BWB FOUSF PUSPT GVODJPOBSJPT MB
QTJDMPHBFODBSHBEBEFTVDBTPFOUSBMBPGJDJOBEPOEFFMMBQFSNBOFDBZMFTPMUi`:BTFBDBCBSPOTVTQSPCMFNBTu
"OB-JMJBEFTDPODFSUBEBMFQSFHVOUBRVTFSFGFSBZ MBQTJDMPHB MFDPNVOJD RVF.PVSJP Z +PT -VJT 4BOUJBHP7BTDPODFMPTBDBCBCBOEFNPSJSBMEFTQMPNBSTFFOMB$JVEBEEF.YJDPFMBWJOFORVFWJBKBCBO
)FMBEBQPSMBOPUJDJBZNJFOUSBTSFDPSEBCBRVFMBQFSTFDVDJOEFRVFFSBPCKFUPDPNFO[BMQVCMJDBSFMSFQPSUBKFFOFMRVFSFWFMBCBRVFFOUSFZ.PVSJPGJSN DPOUSBUPT DPO 1FNFY TJFOEP GVODJPOBSJPQCMJDPmDPQJBEFMPTDVBMFTFMMBNJTNB FOUSFH B"OEST .BOVFM -QF[0CSBEPSmBMMFOMB'JTDBMB&TQFDJBMJ[BEBMFQSFHVOUBSPORVTFOUB
i/PTRVFTQFSBCBORVFEJKFSBQFSPNFJOTJTUJFSPOUBOUPRVFFOUPODFTEFDJEDBODF
MBSFMQSPDFEJNJFOUP"MTBMJSEFMB1(3NFEJSJHBNJEPNJDJMJP"EWFSUNBZPSWJHJMBODJBTPCSFNJQFSTPOBVOBDPTPRVFDPNFO[EFTQVTEFRVFFOGFCSFSPEFQVCMJDBNPTFO$POUSBMOFB JOGPSNBDJOTPCSFMPTDPOUSBUPTEF1FNFYGJSNBEPTQPS.PVSJPuOBSSBMBQFSJPEJTUBEFBPTFHSFTBEBEFMB&/&1"SBHOEFMB6/".
%JDFRVF FO DVBOUPEJP B DPOPDFS MPTDPOUSBUPTSVCSJDBEPTQPS.PVSJPiFNQFDBSFDJCJSMMBNBEBTEFBNFOB[BTEFNVFSUFZNJDBTBDPNFO[BTFSQFSNBOFOUFNFOUFWJHJMBEBEFTEFBVUPTDPOWJESJPTQPMBSJ[BEPTu
:DVBOEP-QF[0CSBEPSEJGVOEJUBNCJO FTB JOGPSNBDJO BTFHVSB FM HFSFOUFEF$PNVOJDBDJO4PDJBMEF1FNFY$BSMPT3BNSF['VFOUFTMFBEFMBOUiMFTWBBDPTUBSDBSPMPRVFMFIJDJFSPOB+VBO$BNJMPu
"QBSUJSEFFTBGFDIBiTFBHVEJ[BONT FM BDPTP KVEJDJBM RVF FO NJ DPOUSB
PGJDJBMBQFSJPEJTUBT"DPTP
-
EFFOFSPEF
IBCBJOJDJBEPFMFNQSFTBSJPHBTFSP+FTT;BSBHP[B-QF[u
&YQMJDBRVF+FTT;BSBHP[B-QF[TPDJPNBZPSJUBSJPEFMDPOTPSDJPHBTFSP(SVQP;FUBmRVFDPODFOUSBEFMNFSDBEPOBDJPOBMmFNQSFOEJVOBCBUBMMBMFHBMFODPOUSBEFMBSFWJTUBEPOEFMBCPSBMVFHPEFRVFFMMBQVCMJDVOQBSEFFOUSFWJTUBTFOMBTRVFFMNVMUJNJMMPOBSJPOPTMPSFDPOPDBTVSFMBDJODPO'FMJQF$BMEFSOEFTEFRVFTUFFSBTFDSFUBSJPEF&OFSHB TJOP UBNCJO IBCFSMP BQPZBEPFDPONJDBNFOUFEVSBOUFTVDBNQBBFMFDUPSBMQPSMB1SFTJEFODJBEFMB3FQCMJDB
&MHBTFSP+FTT;BSBHP[B-QF[DPOTJEFS EJGBNBUPSJBT FTBT QVCMJDBDJPOFT FJOJDJVOKVJDJPQPSiEBPNPSBMu
&M JOGMVZFOUF FNQSFTBSJP HBO FO UPEBTMBTJOTUBODJBT
4JO FNCBSHP OP DPOGPSNF DPO FTUFDBTPFMNBZPSBDDJPOJTUBEFM(SVQP;FUB
BCSJPUSBTEPTBDDJPOFTKVEJDJBMFTFODPOUSBEFMBFNQSFTBFEJUPSBEFMBSFWJTUB$POUSBMOFB EF.JHVFM#BEJMMP mEJSFDUPS EFMBNJTNBmZEF"OB-JMJB1SF[BUSBWTEFMKVF[EFMP$JWJM.JHVFMOHFM$SEFOBT3PESHVF[ EF(VBEBMBKBSB EPOEFiSBEJDBFMQBESFEFVOPEFMPTBCPHBEPTEF;BSBHP[B'SBODJTDP$VMMBS0OUJWFSPTu
"GJSNBMBQFSJPEJTUBRVFiEFUSTEFMBQFSTFDVDJOZFMBDPTPZPDSFPRVFFTU'FMJQF$BMEFSO RVJFO UVWP DPNP JOUFSNFEJBSJPTDPOMPTHBTFSPTB+VBO$BNJMP.PVSJPZB$TBS/BWBQVFTFOMBTJOWFTUJHBDJPOFTRVFIFIFDIPTPCSFBDUPTEFDPSSVQDJOFO1FNFYFTUPT USFTOPNCSFTTJFNQSFTBMFOBSFMVDJS4PTQFDIPRVFEFTQVTEFRVF +FTT;BSBHP[BIBCMEF TVSFMBDJODPO$BMEFSOSFDJCJUBMSFHBPRVFMBFNQSFOEJDPOUSBOPTPUSPTMFTUIBDJFOEPFMUSBCBKPTVDJPu
%BWJE$JMJBi$POUSBMOFBw
&MEFTFQUJFNCSFEF.JHVFM#BEJMMP"OB-JMJB1SF[ZPUSBTEPTSFQPSUFSBTEFOVODJBSPOMBWJPMBDJOEFTVTHBSBOUBTBOUFMB$PNJTJO/BDJPOBMEFMPT%FSFDIPT)VNBOPT$/%)
-BEFUFODJOEF#BEJMMP
-B TFNBOB QBTBEB MB SFQPSUFSB EF1SPDFTP MPHS FOUSFWJTUBS B"OB -JMJB 1SF[MVFHPEFRVFQFSNBOFDJFTDPOEJEBMFKPTEFTVGBNJMJBFJODPNVOJDBEBEVSBOUFUSFTEBTIBTUBRVFTVBCPHBEP)PSBDJP(NF[.FOEJFUBDPOTJHVJBNQBSBSMBBOUFVOBPSEFOEFBQSFIFOTJO
-PTUFNPSFTEF"OB-JMJBEFTFSEFUFOJEBTFBDSFDFOUBSPOFMWJFSOFTEFFOFSPGFDIBFORVFFMEJSFDUPSEFMBSFWJTUBRVJODFOBM.JHVFM#BEJMMP GVFBSSFTUBEPZ USBTMBEBEPQPSQFSTPOBMEFMB1PMJDB#BODBSJBF*OEVTUSJBM1#*BM$FOUSPEF4BODJPOFT"ENJOJTUSBUJWBTZEF*OUFHSBDJO4PDJBMEFMB$JVEBEEF.YJDPDPOPDJEPDPNPi&M5PSJUPu
&OFTFTJUJP.JHVFM#BEJMMPQFSNBOFDJSFUFOJEPIPSBTIBTUBRVFTVBCPHBEPDPOTJHVJRVFFMKVF[PDUBWPEF%JTUSJUPFO.BUFSJB$JWJMMFPUPSHBSBVOBNQBSP
1PSMBJOUFSWFODJOEFMB1#*BETDSJUBBMB4FDSFUBSBEF4FHVSJEBE1CMJDBEFM%JTUSJUP'FEFSBMMBSFWJTUB$POUSBMOFBJOUFSQVTPVOBRVFKBBOUFMB$PNJTJOEF%FSFDIPT)VNBOPTEFM%JTUSJUP'FEFSBM$%)%'
i&ONJTBPTDPNPBCPHBEPOVODBMB 1#* IB FKFDVUBEP VO FYIPSUP KVEJDJBM&TBTBDDJPOFTMFDPSSFTQPOEFOBMB1PMJDB+VEJDJBMuTPTUJFOF(NF[.FOEJFUB
&OSFTQVFTUBBMBEJGVTJORVFUVWPMBEFUFODJOEF#BEJMMPFOEJWFSTPTEJBSJPTEFDJSDVMBDJOOBDJPOBMFM(SVQP;FUBNBOEQVCMJDBSmBUSBWTEFTVSFQSFTFOUBOUFMFHBM.BOVFM'FSOBOEP#FSFB.VP[mVOEFTQMFHBEPFOFMRVFTFBDVTBB#BEJMMPEFIBDFSEFMiDIBOUBKFVOBGPSNBEFWJEBuEFQSPQBMBSNFOUJSBTZEFiTFSWJSBJOUFSFTFTJODPOGFTBCMFTu
%JDIPUFYUPTFBMBRVFFMUBNCJOEJSFDUPSEFMBSFWJTUB'PSUVOBEJGBNBM(SVQP;FUBFODBCF[BEPQPS;BSBHP[B-QF[ZBTJFOUB
i%FTQVT EF QSFTFOUBSMF QFSTPOBMNFOUFB.JHVFM#BEJMMPZTVFRVJQPQSVFCBTEFMBTNFOUJSBTQVCMJDBEBTQPSTVTSFWJTUBTZTPMJDJUBSBDMBSBS MBTJUVBDJO SFDJCJNPTBDBNCJPOVFWPTBUBRVFTu"FTPTFEFCFEJDFRVFFMDPOTPSDJPEFDJEJFSBSFDVSSJSBMPTUSJCVOBMFT
&M DBTP QSPTJHVF FM (SVQP ;FUB MPQFSEJ$POUSBMOFBQFSP#BEJMMPTFiOJFHBBQVCMJDBSMBTBDMBSBDJPOFTQFSUJOFOUFTRVF FM KVF[ EJDUBNJO DPOUSBWJOJFOEP MBPSEFOKVEJDJBMuEFSFQSPEVDJSMBSFTPMVDJOFOMBTQHJOBTEFMBSFWJTUB
6OBiDIJDBOBw
&TBPSEFOEFBSSFTUPGVFHJSBEBQPSFMKVF[EFMP$JWJMEFM%JTUSJUP'FEFSBMFOBUFO
.&%*04
.JHVFM#BEJMMPZ"OB-JMJB1SF[EFi$POUSBMOFBw&OKVJDJBEPT
-
EFFOFSPEF
DJOBVOFYIPSUPEFMKVF[EFMP$JWJMEF+BMJTDPRVJFOEJPFOUSBEBBVOBRVFKBEF MBFNQSFTB.VMUJHBTEFM(SVQP;FUB1FSPOJFMBCPHBEP(NF[.FOEJFUBOJMPTJODVMQBEPTDPOPDFOTVNPUJWBDJO
i&M QBTBEP NJSDPMFT EF FOFSPDVBOEPGVJBSFWJTBSFMFYQFEJFOUFRVFEJPPSJHFOBMBTSEFOFTEFBSSFTUPNFFOUFSEFRVFFMEFFOFSPFMKVF[MPSFHSFTOUFHSPB(VBEBMBKBSB"TRVFFOFTUFDBTPOPUFOFNPTJEFBEFQPSRVTFEFNBOEBBNJTDMJFOUFTEFNBOFSBRVFMBPSEFOEFBSSFTUPQPSEFTBDBUPFSBJNQSPDFEFOUFQPSRVFOVODBGVFSPOOPUJGJDBEPT"EFNTMBBDDJOEFMKVF[FTJMFHBMQPSUFSSJUPSJBMJEBEuBDMBSB
-B PSEFO EF BSSFTUP QPS EFTBDBUP TFHJSFODPOUSBEFMPTQFSJPEJTUBTZEFVOBQFSTPOB EF OPNCSF"CSBIBN 3PESHVF[0SUFHB 4FHO FM BCPHBEP (NF[.FOEJFUBiOP UFOFNPT JEFBEFRVJOFTFTUBQFSTPOB QFSP QFOTBNPT RVF TF USBUB EFVOBDIJDBOBQBSBRVFTF KVTUJGJRVF MBBDUVBDJOEFMKVF[EF(VBEBMBKBSBu
1BSB FM FRVJQP EF $POUSBMOFB Z TVEFGFOTBOP FT FTUB MB QSJNFSB BDUVBDJO
iJMFHBMuEFM KVF[EF MP$JWJM EF +BMJTDP .JHVFM OHFM $SEFOBT 3PESHVF[FOTVDPOUSBQVFTZBFOBCSJMEFEJPFOUSBEB B VOB QSPNPDJO EF MB FNQSFTB5IFSNPHBT UBNCJO EFM (SVQP ;FUB BiNFEJPTQSFQBSBUPSJPTEFKVJDJPPSEJOBSJPDJWJMFODPOUSBEF$PSQPSBUJWP*OUFSOBDJPOBMEF.FEJPTEF$PNVOJDBDJO4"EF$7uMBFNQSFTBFEJUPSBEF$POUSBMOFB
1PS FTB JOUFSWFODJO KVEJDJBM FM EFBHPTUPEFBCPHBEPTEFM(SVQP;FUBZQFSTPOBMEF1#*BTDPNPEFM+V[HBEPEFMP$JWJMRVFBUFOEJFMFYIPSUPEFMKVF[$SEFOBT3PESHVF[TFQSFTFOUBSPOFOPGJDJOBTEFMBFNQSFTBQFSJPETUJDBVCJDBEBFOFM%JTUSJUP'FEFSBMQBSBSFWJTBSTVTMJCSPTDPOUBCMFT
%JDIBBDDJOTFHOMBRVFKBRVFQSFTFOUBSPO MPT QFSJPEJTUBT EF $POUSBMOFBBOUFMB$/%)TFSFBMJ[DPOWJPMFODJBZDPOBNFOB[BTBMQFSTPOBMEFMBSFWJTUB
&M BCPHBEP EFGFOTPS FYQMJDB RVF FM(SVQP EF;BSBHP[B-QF[ QSFUFOEB FODPOUSBSFOMPTFTUBEPTDPOUBCMFTEFMBQVCMJDBDJO iTVQVFTUPT QBHPT EF FNQSFTBTDPNQFUJEPSBTEFM(SVQP;FUBRVFTFHO
FMMPTFTUBSBOGJOBODJBOEPMPRVFDPOTJEFSBOVOBDBNQBBEFEFTQSFTUJHJPu
1FSPQVOUVBMJ[BTFQSPQPOBOiFKFDVUBSVOBQFTRVJTBRVFEFBDVFSEPDPOFM$EJHPEF$PNFSDJPBSUDVMPFTJMFHBMu$POUSBMOFB CVTD FO FTB PDBTJO MB
QSPUFDDJO EF MB KVTUJDJB GFEFSBM BOUF MPTBDUPTEFMKVF[EFMP$JWJMEF+BMJTDPEFMKVF[EFMP$JWJMEFM%JTUSJUP'FEFSBMZEFMB 4FDSFUBSB EF 4FHVSJEBE 1CMJDB 441DBQJUBMJOB
&M EF OPWJFNCSF EF FM KVF[DVBSUPEF%JTUSJUPEFMP$JWJMPUPSHFMBNQBSPB$POUSBMOFBQPSRVFFOMPTJOGPSNFTEFMPTKV[HBEPTZFMKV[HBEPSGFEFSBMOPFODPOUSRVFBOUFTEFMBBDUVBDJOEFMEFBHPTUPTFIVCJFSBOPUJGJDBEPB$POUSBMOFB
1BSBFM KVF[ GFEFSBM MPT KVFDFTDJWJMFTJODVSSJFSPOFOiVOBWJPMBDJOEFMBHBSBOUBEFBVEJFODJBEFMQFUJDJPOBSJPEFBNQBSP$POUSBMOFB
UPEBWF[RVFOVODBGVFOPUJGJDBEPEFNBOFSBQSFWJBEFMBUSBNJUBDJOEFMPTNFEJPTQSFQBSBUPSJPTBKVJDJPDVZPPCKFUPFSBMBSFWJTJOZFTUVEJPEFTVEPDVNFOUBDJODPOUBCMFTJUVBDJORVFJODMVTP
+PSHF$BSSBTDP"SBJ[BHB
- PTDSUFMFTEFMOBSDPUSGJDPOPTPOMPTOJDPTRVFBHSFEFOBMBQSFOTBFOFMHPCJFSOPEF'FMJQF$BMEFSOTFIBOWVFMUPDPNVOFTMPTBDUPTWJPMFOUPTDPOUSBQFSJPEJTUBTEFTEFJOUJNJEBDJPOFTIBTUBBHSFTJPOFTGTJDBTQPSQBSUFEFGVODJPOBSJPTQCMJDPTQPMJDBTZNJMJUBSFT
5BOTMPFMBPQBTBEPRVFEBSPOEPDVNFOUBEBTNTEFBHSFTJPOFTFODPOUSBEFQFSJPEJTUBTPNFEJPTEFJOGPSNBDJOFOUPEPFMQBTRVFWBOEFTEFBTFTJOBUPEFTBQBSJDJOGPS[BEBZBNFOB[BTIBTUBEFUFODJPOFTBSCJUSBSJBTBMMBOBNJFOUPTZCMPRVFPJOGPSNBUJWPPDPNFSDJBM
&TBSFBMJEBERVFESFHJTUSBEBFOFMJOGPSNF1FSJPEJTNPCBKPMBWJPMFODJBEFMOBSDPUSGJDPEJWVMHBEPFMKVFWFTTJNVMUOFBNFOUFFOWBSJBTDJVEBEFTEFMQBTQPSFM$FOUSPEF1FSJPEJTNPZUJDB1CMJDB$FQFU
RVFQPSTFHVOEPBPDPOTFDVUJWPFWBMVMBTJUVBDJOEFMBMJCFSUBEEFFYQSFTJOFO.YJDP
&MQFSJPEJTNPNFYJDBOPTFFODVFOUSBZBFOUSFEPTGVFHPT"EFNTEFMBWJPMFODJBBUSJCVJEBEJSFDUBNFOUFBMBEFMJODVFODJBPSHBOJ[BEBMPTQFSJPEJTUBTZMPTNFEJPTEFJOGPSNBDJOFOGSFOUBOBIPSBMBTBHSFTJPOFTEFMBTGVFS[BTEFTFHVSJEBEFOFTQFDJBMEFM&KSDJUPZQPMJDBTGFEFSBMFTDPNPSFTVMUBEPEFMPTPQFSBUJWPTDPOUSBFMOBSDPUSGJDPRVFQVTPFONBSDIB$BMEFSOEFTEFRVFBTVNJMB1SFTJEFODJBFOEJDJFNCSFEF
4FHOMB$PNJTJO/BDJPOBMEFMPT%FSFDIPT)VNBOPT$/%)
FOMPRVFWBEFM
EPTGVFHPT&OUSF
0GJDJOBTEFMEJBSJPi&M%FCBUFwEF4JOBMPB"UBRVF+VBO$BSMPT$SV[
-
EFFOFSPEF
HPCJFSOPEF$BMEFSOTFIBOBCJFSUPFYQFEJFOUFTEFRVFKBTQPSBHSFTJPOFTEFGVODJPOBSJPTHVCFSOBNFOUBMFTDPOUSBQFSJPEJTUBT
"BSO+JNOF[1B[EJSFDUPSEFM1SPHSBNBEF"HSBWJPTB1FSJPEJTUBTZ%FGFOTPSFT$JWJMFTEF%FSFDIPT)VNBOPTEFMB$/%)QSFDJTBRVFFOUSFZQFSPEPRVFDPJODJEFDPOMBTBENJOJTUSBDJPOFTGFEFSBMFTQBOJTUBTTFIBOSFQPSUBEPIPNJDJEJPTEFQFSJPEJTUBTFOUBOUPRVFEFBMBGFDIBTFDVFOUBOPDIPEFTBQBSJDJPOFTEFDPNVOJDBEPSFT
i-BTBHSFTJPOFTDPOUSBMPTQFSJPEJTUBTTFSFQJUFOQPSRVFOPTFJOWFTUJHBOZNVDIPNFOPTTFTBODJPOBOwBTFHVS+JNOF[FOMBQSFTFOUBDJOEFMJOGPSNFFOMBRVFUBNCJOQBSUJDJQ3FQPSUFSPT4JO'SPOUFSBT34'
PSHBOJ[BDJOJOUFSOBDJPOBMEFEFGFOTBEFMBMJCFSUBEEFFYQSFTJODPOTFEFFO'SBODJB
&MJOGPSNFJOEJDBRVFEVSBOUFFOUPEPFMQBTTFSFHJTUSBSPOBHSFTJPOFTEFEJGFSFOUFUJQPDPOUSBQFSJPEJTUBTPFNQSFTBTJOGPSNBUJWBTDJODPBTFTJOBUPTVOBEFTBQBSJDJOGPS[BEBDVBUSPJOUFOUPTEFBTFTJOBUPEPTFODBSDFMBNJFOUPTBUBRVFTBMBQSPQJFEBEUSFTBMMBOBNJFOUPTTFJTEFUFODJPOFTBSCJUSBSJBTBHSFTJPOFTGTJDBTJOUJNJEBDJPOFTBNFOB[BTEFNVFSUFBNFOB[BTZCMPRVFPTJOGPSNBUJWPTPDPNFSDJBMFT
&OSFMBDJODPOFMQSJNFSBPEFMHPCJFSOPEF$BMEFSOTFJODSFNFOUBSPOiUBOUPFOONFSPDPNPFOCSVUBMJEBEwMBTBHSFTJPOFTFOFMDPOUFYUPEFMBWJPMFODJBDPNFUJEBQPSMBEFMJODVFODJBPSHBOJ[BEBwBTFHVSMBEJSFDUPSBEFM$FQFU-FPOBSEB3FZFT
4FHOFMSFQPSUFFMFTUBEPNTWJPMFOUPFO.YJDPDPOUSBFMFKFSDJDJPQFSJPETUJDPGVF$IJIVBIVBEPOEFTFQFSQFUSBSPOBHSFTJPOFTDPOUSBQFSJPEJTUBTPNFEJPTEFJOGPSNBDJO&OQBSUJDVMBS$JVEBE+VSF[DPODFOUSMPTBUBRVFTBUSJCVJEPTQSJODJQBMNFOUFBHSVQPTSFMBDJPOBEPTDPOFMOBSDPUSGJDP
&OFMDBTPEFBMHVOPTBTFTJOBUPTZBNFOB[BTHSBWFTFM$FQFUBGJSNBRVFFYJTUFOQJTUBTEFMBQBSUJDJQBDJOEFHSVQPTEFMBEFMJODVFODJBPSHBOJ[BEBRVFTFIBCSBOTFOUJEPBGFDUBEPTQPSDPCFSUVSBTQFSJPETUJDBT
i-PTEFMJODVFOUFTBTVNFORVFFMFTQBDJPPEFTQMJFHVFRVFTFEBBVOBOPUJDJBDPSSFTQPOEFBMBTJNQBUBPBMBOUBHPOJTNPRVFFMNFEJPUJFOFQPSUBMPDVBMDSUFMwFYQMJD-FPOBSEB3FZFT&TPTHSVQPTUBNCJOBDUBODPOUSBMBQSFOTBDVBOEPTFMFTBUSJCVZFFOGPSNBFRVJWPDBEBBMHVOBFKFDVDJOPDVBOEPTFTJFOUFOFYIJCJEPTBBEJ
1PSONFSPEFBHSFTJPOFTB$IJIVBIVBMFTJHVFO0BYBDBDPOZ7FSBDSV[ZFM
%JTUSJUP'FEFSBMDPODBEBVOP1FSPIBZFTUBEPTEPOEFMBTBHSFTJPOFTIBOTJEPNTWJPMFOUBTDPNPMPTBTFTJOBUPTFJOUFOUPTEFBTFTJOBUPEFQFSJPEJTUBTFO$IJIVBIVB.JDIPBDO5BCBTDP7FSBDSV[0BYBDB4POPSB/BZBSJUPMBEFTBQBSJDJOGPS[BEBEF.BVSJDJP&TUSBEB;BNPSBSFQPSUFSPEF-B0QJOJOEF"QBU[JOHO.JDIPBDO
-PTQFSJPEJTUBTBTFTJOBEPTGVFSPO"SNBOEP3PESHVF[$BSSFOSFQPSUFSPQPMJDJBMEF&M%JBSJPEF$JVEBE+VSF[FMEFOPWJFNCSF.JHVFMOHFM7JMMBHNF[7BMMFEJSFDUPSEFMQFSJEJDP-B/PUJDJBEF.JDIPBDOFMEFPDUVCSF5FSFTB#BVUJTUB.FSJOPZ'FMDJUBT.BSUOF[4ODIF[MPDVUPSBTEFMBSBEJPDPNVOJUBSJB-B7P[RVF3PNQFFM4JMFODJPEF4BO+VBO$PQBMB0BYBDBFMEFBCSJMZ"MFKBOESP'POTFDB&TUSBEBMPDVUPSEFMBDBEFOBEFSBEJP&YB'.FO5BCBTDPFMEFTFQUJFNCSF
&MJOGPSNFUBNCJOEFTUBDBMBWJPMFODJBDPOUSBNFEJPTEFJOGPSNBDJODPNPFMDBTPEFMBTHSBOBEBTMBO[BEBTBMBTJOTUBMBDJPOFTEFMQFSJEJDP&M%FCBUFEF$VMJBDOFO4JOBMPBFMEFOPWJFNCSFEF&TUFGVFFMRVJOUPBUBRVFDPOUSBMBJOGSBFTUSVDUVSBEFMPTNFEJPTEFTEF
)VCPUBNCJOPUSPTNFOTBKFTDPOUSBMPTNFEJPTDPNPMBTDBCF[BTEFWDUJNBT
.&%*04
-
EFFOFSPEF
GVF PSEFOBEB FO BVUPT Z OP TF DVNQMJu&OFMDBTPEFMB441MBSFTPMVDJOKVEJDJBMOPUJGJDRVFFMKVF[iHJSPGJDJPDPOFMPCKFUPEFRVFJOUFSWJOJFSBuEJDIBTFDSFUBSBFOMBEJMJHFODJBEFMEFBHPTUP
'SFOUF B UPEP MP BOUFSJPS FM BCPHBEP)PSBDJP(NF[RVJFOIBEFGFOEJEPB WBSJPT QFSJPEJTUBT GSFOUF B EFNBOEBTSFMBDJPOBEBT DPO FM TFDSFUP QSPGFTJPOBMZ EF UJQP MBCPSBM TPTUJFOF RVF FM DBTPEF$POUSBMOFBFTVOiDMBSPBUBRVFBMBMJCFSUBE EF FYQSFTJO Z BM TFDSFUP QSPGFTJPOBMQVFTMPTEFNBOEBOUFTIBOCVTDBEPDPOPDFSMBTGVFOUFTEFJOGPSNBDJOEFMPTSFQPSUFSPTu
$PNFOUBRVF"OB-JMJB1SF[FOGSFOUBVOKVJDJPTMPQPSIBDFSTVUSBCBKPFOUBOUPRVFMBQFSJPEJTUBNBOJGJFTUBRVFBOUFTEFMOVFWP KVJDJP BCJFSUP DPOUSB FMMB Z QPS FMDVBMFTUVWPEFUFOJEPTVKFGFFMQBTBEPEFFOFSPZBWFBWFOJSBDDJPOFTFOTVDPOUSB
i&OEBTQSFWJPTBMBSSFTUPEF.JHVFM#BEJMMPmSFMBUBmBEWFSUNBZPSWJHJMBODJBTPCSFNJQFSTPOB7FIDVMPTDPOBTQFDUPEFQBUSVMMBT QJOUBEPTEF SPKP TFNBOUF
OBOFOMBTJONFEJBDJPOFTEFNJEPNJDJMJPZUBNCJODFSDBEFMBPGJDJOB'VFVOIPTUJHBNJFOUPNVZFWJEFOUFu
"HSFHBRVFFMEBFORVFTFEFUVWPB.JHVFM#BEJMMP iVOB QFSTPOB EF MB 'JTDBMB &TQFDJBMJ[BEB QBSB MB"UFODJO EF%FMJUPTDPOUSB1FSJPEJTUBTEF MB1(3NFJOTJTUJRVFBDVEJFSBBMBTPGJDJOBTBSFOEJSVOBEFDMBSBDJO&TPNFQBSFDJNVZTPTQFDIPTP5VWF MB JNQSFTJO EF RVF RVFSBORVFTBMJFSBEFNJPGJDJOBQBSBRVFNFEFUVWJFSBOZOPBDVEu
-B EFTDPOGJBO[B EF "OB -JMJB 1SF[.FOEP[BTFEFCFBRVFiOVODBNFMMBNBSPOEF MB GJTDBMBQBSBEBS TFHVJNJFOUPBNJDBTPZOJTJRVJFSBNFIBOEBEPDPQJBEFMBRVFKBRVFJOUFSQVTFu
"EFNT SFWFMB QFSTPOBM EF MB 1(3MFTIBSFDPNFOEBEPRVFiNFKPSSFUJSFNPTMB EFNBOEB EJDFO RVF OVODB WB B QSPHSFTBSQPSFMDBMJCSFEF MPTEFNBOEBEPTFNQF[BOEPQPS'FMJQF$BMEFSORVJFOEFBDVFSEPDPOMPRVFOPTIBOEJDIPOPOPTWBBQFSEPOBSMPRVFMFIJDJNPTB+VBO$BNJMPIBCFSEJGVOEJEPTVTDPOUSBUPTuO
EFMOBSDPUSGJDPRVFGVFSPOBSSPKBEBTFOMBTJONFEJBDJPOFTEFUFMFWJTPSBTPQFSJEJDPT&TFMDBTPEF57"[UFDBFO.SJEB:VDBUOZEF&M$PSSFPEF5BCBTDPFO7JMMBIFSNPTB
1PSMPRVFIBDFBM%JTUSJUP'FEFSBMEFBDVFSEPDPOFMSFQPSUFBVORVFDBTJOPTFSFHJTUSBSPOBHSFTJPOFTGTJDBTTGVFSPOGSFDVFOUFTMPTCMPRVFPTBMPTQFSJPEJTUBTQBSBIBDFSTVUSBCBKPBEFNTEFMCPJDPUQVCMJDJUBSJP
4PCSFMPTSFTQPOTBCMFTEFMPTBUBRVFTFMJOGPSNFJEFOUJGJDBRVFFOEFMPTDBTPTGVFSPOFMFNFOUPTEFMBTGVFS[BTEFMPSEFOQCMJDPPUSPTFBUSJCVZFBGVODJPOBSJPTZQPMUJDPTEFUPEPTMPTQBSUJEPT
-BNBZPSBEFMBTBHSFTJPOFTEFGVODJPOBSJPTQCMJDPTQSPWJOJFSPOEFQPMJDBTNVOJDJQBMFTDPOTFHVJEBTEFMBTDPNFUJEBTQPSNJMJUBSFTZQPMJDBTGFEFSBMFTDPODBEBVOPZFMSFTUBOUFEFQPMJDBTFTUBUBMFT&MSFQPSUFJEFOUJGJDJODMVTPBMQBSUJEPBMRVFQFSUFOFDFOMPTGVODJPOBSJPTBHSFTPSFTGVFSPOEFM13*EFM1"/ZEFM13%
i&MJODSFNFOUPEFMPTBHSBWJPTEFMBTGVFS[BTEFMPSEFOGVFOPUBCMFZTFFYQMJDBQPSMPTPQFSBUJWPTFODPOUSBEFMOBSDPUSGJDPZBRVFGVFSPOGSFDVFOUFTMPTDBTPTFORVFMPTQFSJPEJTUBTGVFSPOBNFESFOUBEPTDPOBSNBTEFGVFHPTVGSJFSPOMBEFTUSVDDJOEF
.&%*04
TVTFRVJQPTZHPMQFTFOUSFPUSPTBDPTPTQBSBJNQFEJSMFTMBTDPCFSUVSBTEFMBTOPUJDJBTwTFBMBFMJOGPSNF
&O$IJIVBIVB$JVEBE+VSF[TFIBDPOWFSUJEPFOFMMVHBSNTIPTUJMZQFMJHSPTPQBSBMPTQFSJPEJTUBTNFYJDBOPTZBTFBQPSMBBDDJOEFMOBSDPUSGJDPPEFMBTBVUPSJEBEFT-PTSFQPSUFSPTZGPUHSBGPTMPDBMFTIBOUFOJEPRVFSFDVSSJSBMVTPEFDIBMFDPTBOUJCBMBT
&OFTBDJVEBEBTJFOUPEFMDSUFMEF+VSF[UBNCJOQSFWBMFDJFSPOMBTEFUFODJPOFTBSCJUSBSJBTBMMBOBNJFOUPTBNFOB[BTEFNVFSUFBUBRVFTDPOBSNBTEFBMUPQPEFSZHPMQFTDPOUSBSFQPSUFSPTEFQSFOTBFTDSJUBSBEJPZUFMFWJTJO
6OPEFMPTiBCVTPTGMBHSBOUFTwRVFDJUBFMSFQPSUFGVFFMRVFTVGSJFMQFSJPEJTUB&NJMJP(VUJSSF[4PUPUBNCJOEF&M%JBSJPEF$JVEBE+VSF[
i4VEPNJDJMJPGVFBMMBOBEPQPSNJMJUBSFTDPOQBTBNPOUBBTFOVOPQFSBUJWPDPOUSBMBTESPHBT&MSFQPSUFSPZTVIJKPEFBPTGVFSPOFODBPOBEPTZMPTNJMJUBSFTTFSFUJSBSPOTJORVFFODPOUSBSBOJSSFHVMBSJEBEBMHVOBFOFMMVHBS&MSFQPSUFSPBCBOEPOFMQBTw
+VOUPDPO34'FM$FQFUUBNCJOSFBMJ[VOBJOWFTUJHBDJOTPCSFMBTJUVBDJOEFMPTNFEJPTEFDPNVOJDBDJOFO$JVEBE+VSF[BQBSUJSEFMBTFTJOBUPEF3PESHVF[
&OTVSFQPSUF34'Z$FQFUDPODMVZFOMPTQFSJPEJTUBTEF+VSF[IPZUJFOFOiESBNUJDBTBMUFSOBUJWBTwBVUPDFOTVSBSTFFYJMJBSTFPFYQPOFSTFBVOBNVFSUFDJFSUBFOMBNTUPUBMJNQVOJEBEO
&MTFQFMJPEFMMPDVUPSBTFTJOBEP"MFKBOESP'POTFDB(JMCFSUP7JMMBTBOB
&MDBTP.PVSJP%FUPOBOUF
&EVBSEP.JSBOEB
-
EFFOFSPEF
+FOBSP7JMMBNJM
& M WJFSOFT EF EJDJFNCSF EFMPTEJSFDUJWPTNBOEPTNFEJPTZDPNFOUBSJTUBTEF5FMFWJTBTF SFVOJFSPO FO VOB SFTJEFODJBEF MBT -PNBT EF $IBQVMUFQFDQSPQJFEBE EF#FSOBSEP(NF[WJDFQSFTJEFOUF EF MB DPNQBBQBSB DFMFCSBS FM GJO EFM BP &M DPOWJW