'JMPTPG`BEFMBNFOUF
-B GJMPTPG`B EF MB NFOUF TF PDVQB EF MB
OBUVSBMF[B EF MPT FTUBEPT NFOUBMFT
EF TVT
FGFDUPT Z TVT DBVTBT -B DVFTUJaO EFM
DPNQPSUBNJFOUP EF MPT FTUBEPT NFOUBMFT Z
G`TJDPTPDVQBBRV`VOMVHBSDFOUSBM"EFNbT
EF MBT DVFTUJPOFT POUPMaHJDBT BDFSDB EF MB
OBUVSBMF[B EF MPT FTUBEPT NFOUBMFT
MB
GJMPTPG`B EF MB NFOUF FTUVEJB DVFTUJPOFT
FQJTUFNPMaHJDBT
FO
UPSOP
B
MB
DPHOPTDJCJMJEBEEFMBNFOUF
&MQSPCMFNBNFOUFDVFSQP
&M QVOUP DFOUSBM EF MB GJMPTPG`B EF MB NFOUF
FT FM QSPCMFNB NFOUFDVFSQP &O TV PSJHFO
FTUb MB QSFHVOUB cDVbM FT MB SFMBDJaO FOUSF
MPT FTUBEPT NFOUBMFT P MB DPODJFODJB
MP
QT`RVJDP
FMBMNB
DPOMPTFTUBEPTG`TJDPT P
FMDFSFCSP
MPNBUFSJBM
FMDVFSQP
c4FUSBUB
EF EPT TVTUBODJBT EJGFSFOUFT c0 TPO MP
NFOUBM Z MP G`TJDP VOB TPMB DPTB &TUBT TPO
MBT QSFHVOUBT GVOEBNFOUBMFT EF MB GJMPTPG`B
3FQSFTFOUBDJaOGSFOPMaHJDBEFMBTbSFBTDFSFCSBMFTFODPSSFTQPOEFODJBDPOMBT
EF MB NFOUF /P PCTUBOUF
MBT SFTQVFTUBT
GVODJPOFTNFOUBMFT-BGSFOPMPH`BGVFVOPEFMPTQSJNFSPTJOUFOUPTEFSFMBDJPOBS
TVTDJUBOVOTJOG`OEFOVFWBTQSFHVOUBTc4PO
GVODJPOFTNFOUBMFTDPOQBSUFTFTQFD`GJDBTEFMDFSFCSP
MJCSFT OVFTUSP QFOTBNJFOUP Z OVFTUSB
WPMVOUBE c1PES`BO MBT DPNQVUBEPSBT QPTFFS VOB NFOUF c1VFEF FYJTUJS MB NFOUF TJO FM DVFSQP -B GJMPTPG`B EF MB
NFOUFFTQPSUBOUPVOFTUVEJPDPOSBNJGJDBDJPOFTNVZEJWFSTBT
-BQSJNFSBGPSNVMBDJaODMbTJDBEFMQSPCMFNBNFOUFDVFSQPTFEFCFB3FOd%FTDBSUFT<> 1FSPMBSFGMFYJaOBDFSDBEF
MBSFMBDJaOFOUSFMBNFOUFZFMDVFSQPTFSFNPOUBIBTUBMBBOUJHeFEBE1MBUaOEFGJFOEFVOEVBMJTNPFYQM`DJUP
RVFTF
QPOFEFNBOJGJFTUPFOTVBSHVNFOUBDJaOFOGBWPSEFMBUSBOTNJHSBDJaOEFMBMNB4JFMBMNBTPCSFWJWFBMBNVFSUFEFM
DVFSQP
IB EF TFS BMHP EJGFSFOUF EF FTUF<> &O "SJTUaUFMFT FTUP FT EJGFSFOUF "SJTUaUFMFT QPTUVMB VO QOFVNB
RVF
DPNP QSJODJQJP EF MB WJEB
TF FODVFOUSB FO UPEP TFS WJWP
QFSP RVF OP FT BMHP DPOUSBQVFTUP BM NVOEP NBUFSJBM Z
DPSQPSBM&OMB&EBENFEJBDSJTUJBOB FTDPMbTUJDB
MBEJTUJODJaOFOUSFFMDVFSQPZFMBMNBJONBUFSJBMFTQJFESBBOHVMBS
EFMGJMPTPGBS-BJOGMVFODJBEFMBGJMPTPG`BNFEJFWBMFTFWJEFOUFFOMBGPSNVMBDJaODBSUFTJBOBEFMEVBMJTNP
-BNBZPS`BEFMBTQFSTPOBTQFSDJCFOJOUVJUJWBNFOUFVOBCJTNPFOUSFMPTGFOaNFOPTNFOUBMFTZMPTG`TJDPT&TUPIB
MMFWBEPBRVFEVSBOUFMBSHPUJFNQPMPTQVOUPTEFWJTUBEVBMJTUBTGVFSBOMPTQSFEPNJOBOUFTFOMBGJMPTPG`BEFMBNFOUF
)PZ FO E`B MB NBZPS`B EF MPT GJMaTPGPT EFGJFOEF QPTJDJPOFT NBUFSJBMJTUBT 4PCSF FTUB CBTF EFCF OP PCTUBOUF EBSTF
SFTQVFTUBBMBDVFTUJaOEFDaNPTFFYQMJDBMBDPODJFODJBEFTEFFMQVOUPEFWJTUBNBUFSJBMJTUB
'JMPTPG`BEFMBNFOUF
3FTQVFTUBTEVBMJTUBTBMQSPCMFNBNFOUFDVFSQP
&M EVBMJTNP SFTQPOEF BM BCJTNP JOUVJUJWP FOUSF MB WJEB NFOUBM JOUFSJPS Z MB SFBMJEBE G`TJDB EF MB TJHVJFOUF NBOFSB
"GJSNB RVF BRV` OPT FODPOUSBNPT BOUF EPT FOUJEBEFT GVOEBNFOUBMNFOUF EJGFSFOUFT FOUJEBEFT NFOUBMFT Z G`TJDBT
%FQFOEJFOEPEFMBVMUFSJPSDBSBDUFSJ[BDJaOEFEJDIBTFOUJEBEFTZEFDaNPTFFYQMJRVFMBSFMBDJaOFOUSFMBTFOUJEBEFT
NFOUBMFTZG`TJDBT
TFMMFHBSbBGPSNBTNVZEJWFSTBTEFEVBMJTNP4FQVFEFTFSEVBMJTUBEFNVDIBTNBOFSBTQPSRVF
CbTJDBNFOUF
FM EVBMJTNP FT MB IJQaUFTJT JOJDJBM P FM QVOUP EF QBSUJEB FO FTUB DMBTF EF EJTDVTJPOFT Z CBTUB RVF OP
TBUJTGBHBO MPT BSHVNFOUPT NPOJTUBT QBSB QPEFS TFS DPOTJEFSBEP
EF VOP V PUSP NPEP
EVBMJTUB &O SFBMJEBE
FM
EVBMJTNP QVFEF TFS WJTUP DPNP VO QSPCMFNB BOUFT RVF DPNP VOB TPMVDJaO %F IFDIP
TJ IBDFNPT JOWFTUJHBDJaO
DJFOU`GJDBQBSBFOUFOEFSDaNPTFSFMBDJPOBOVFTUSPTJTUFNBOFSWJPTPDPOOVFTUSPDPNQPSUBNJFOUPDPOTDJFOUFFTUBNPT
TJFOEP
EFBMHfONPEP
EVBMJTUBTMPTNPOJTUBTOPUFOES`BO
FOSFBMJEBE
OBEBRVFJOWFTUJHBS
"SHVNFOUPTFOGBWPSEFMEVBMJTNP
c4F CBTB FM EVBMJTNP fOJDBNFOUF FO FM BCJTNP JOUVJUJWP FOUSF MP NFOUBM Z MP NBUFSJBM c0 FYJTUFO BSHVNFOUPT
DPODSFUPT FO GBWPS EFM EVBMJTNP &M BSHVNFOUP NbT DPOPDJEP FT FM EFTBSSPMMBEP QPS 3FOd %FTDBSUFT FO MBT
.FEJUBDJPOFT &O SFTVNFO
FT FM TJHVJFOUF 1VFEP JNBHJOBSNF DMBSB Z EJTUJOUBNFOUF RVF FM FTQ`SJUV FYJTUB TJO MB
NBUFSJB-PRVFVOPQVFEFJNBHJOBSDMBSBZEJTUJOUBNFOUFFTBMNFOPT
QPSQSJODJQJP
QPTJCMF"T`
QVFT
FTBMNFOPT
QPTJCMFRVFFMFTQ`SJUVFYJTUBTJOMBNBUFSJB4JFTQPTJCMFRVFFMFTQ`SJUVFYJTUBTJOMBNBUFSJB
FTQ`SJUVZNBUFSJBIBO
EF TFS FOUJEBEFT EJGFSFOUFT 1VFTUP RVF FTQ`SJUV Z NBUFSJB IBO EF TFS FOUJEBEFT EJGFSFOUFT
FO DPOTFDVFODJB FM
EVBMJTNPFTDJFSUP
-BTQSFNJTBTEFMBSHVNFOUPQVFEFOQPOFSTFFOEVEBc1PSRVd
QPSFKFNQMP
IBCS`BEFTFSBMHPQPTJCMFTaMPQPSRVF
QVFEFJNBHJOBSTFDMBSBZEJTUJOUBNFOUF "QFTBSEFQSPCMFNBTEFFTUFUJQP
BfOIPZFOE`BTFTJHVFOEFGFOEJFOEP
WBSJBOUFTEFMBSHVNFOUPDBSUFTJBOP
QPSFKFNQMP
4BVM,SJQLF<> -BTQPTJDJPOFTEVBMJTUBTTFWVFMWFONbTQMBVTJCMFT
QPSMPTQSPCMFNBTRVFQMBOUFBFMNBUFSJBMJTNPRVFQPSTVTQSPQJPTBSHVNFOUPTQPTJUJWPT
-PT BSHVNFOUPT FO GBWPS EFM EVBMJTNP TPO CbTJDBNFOUF EF DBSbDUFS FQJTUdNJDP
BVORVF FM EVBMJTNP FODVFOUSF
UBNCJdO BDPHJEB QPS NPUJWPT NPSBMFT P SFMJHJPTPT FO SFBMJEBE
NVDIPT BUSBRVFT BM EVBMJTNP QVEJFSBO FTUBS
JOTQJSBEPTNbTFOFTUBDMBTFEFNPUJWPTRVFFOMPTQSJNFSPT
&M QSJNFS BQPZP JOUVJUJWP BM EVBMJTNP QSPWJFOF EFM IFDIP EF RVF UFOHBNPT BMHVOB DMBTF EF BDDFTP QSJWJMFHJBEP B
OVFTUSBQSPQJBDPODJFODJBBT`
QPSFKFNQMP
TJQPSQPUFOUFRVFGVFTFMBUFDOPMPH`BFNQMFBEB FTUBNPTJNBHJOBOEPVO
FYQFSJNFOUPNFOUBM
OPTFQVEJFTFDPOPDFSMPRVFQFOTBNPTDVBOEPTFFYBNJOBTFBGPOEPOVFTUSPDFSFCSP
IBCS`B
RVFDPODMVJSRVFMPRVFMMBNBNPTOVFTUSBDPODJFODJBOPTFFODVFOUSBFOUFSBNFOUFFOFMNVOEPG`TJDP
QPSNVDIPRVF
HVBSEFPCWJBTSFMBDJPOFTDPOdM&MIFDIPEFRVFQPEBNPTTFOUJSVOEPMPS
QPSFKFNQMP
TJORVFIBZBNVFTUSBTG`TJDBT
FWJEFOUFT EF FMMP
P FM RVF QPEBNPT NFOUJS
TPO FKFNQMPT NVZ DPNVOFT EF FTB DVBMJEBE
FKFNQMPT RVF
JNQSFTJPOBCBO HSBOEFNFOUF B VO GJMaTPGP UBO QPDP QSPQJDJP BM EVBMJTNP DPNP #FSUSBOE 3VTTFMM &M BSHVNFOUP
DBSUFTJBOP RVF DPODMVZF DPO FM DPHJUP
TVN TF BQPZB FO FTUB DMBTF EF SB[POFT
BVORVF DVMNJOB DPO VOB GPSNB
MaHJDBFOMBRVFJOGMVZFUBNCJdOVOBDPOTJEFSBDJaOEFEJTUJOUPUJQP
BTBCFSFMIFDIPEFRVFTJIFEFBUFOEFSBNJT
SB[POFTIFEFTFSVOTVKFUPJOEFQFOEJFOUFEFUPEBJOGMVFODJBFYUFSOBQBSBUFOFSBMHVOBDSFEJCJMJEBE&QJDVSPGPSNVMa
EFNBOFSBJNQSFTJPOBOUFZDPODJTBFTUBGPSNBEFBSHVNFOUBS&MRVFEJDFRVFUPEPBDPOUFDFQPSOFDFTJEBEOBEB
QVFEFPCKFUBSBMRVFOJFHBRVFUPEPBDPOUFDFQPSOFDFTJEBE
QVFTFTUPNJTNPBGJSNBRVFBDPOUFDFQPSOFDFTJEBE
&YIPSUBDJPOFTEF&QJDVSP
(OPNPMPHJP7BUJDBOP
-PTGJMaTPGPTFTQJSJUVBMJTUBT
FTQFDJBMNFOUF#FSLFMFZ <> Z#FSHTPO <> IBOTVCSBZBEPMBJNQPSUBODJBEFFTBDMBTFEF
BQPZPT JOUVJUJWPT QBSB SFMBUJWJ[BS MB JNQPSUBODJB EF MB OPDJaO EF NBUFSJB &OUSF MPT QFOTBEPSFT SFDJFOUFT
FM G`TJDP
&SXJO4DISgEJOHFSIBJOTJTUJEPFOMBJNQPSUBODJBEFFTUBDMBTFEFDVFTUJPOFTQBSBSFMBUJWJ[BSMBQSFUFOEJEBQSJPSJEBE
POUPMaHJDBEFMBNBUFSJBTPCSFMBDPODJFODJB
'JMPTPG`BEFMBNFOUF
%VBMJTNPJOUFSBDDJPOJTUB
-B GPSNB DMbTJDB EFM EVBMJTNP FT FM EVBMJTNP JOUFSBDDJPOJTUB -B
QSJNFSBGPSNVMBDJaOQSFDJTBTFMBEFCFNPTB3FOd%FTDBSUFT
<>
ZBfO
IPZ FO E`B TJHVF UFOJFOEP QBSUJEBSJPT ,BSM 1PQQFS Z +PIO &DDMFT IBO
TJEP MPT EVBMJTUBT JOUFSBDDJPOJTUBT NbT DdMFCSFT EFM TJHMP 99<> -BT
JEFBT GVOEBNFOUBMFT TPO MBT TJHVJFOUFT .FOUF Z NBUFSJB TPO
TVCTUBODJBTEJGFSFOUFTFJOUFSBDUfBOFOUSFT`4JNFQJODIPVOEFEPDPO
VOB BHVKB
EF dM QBSUFO TFhBMFT IBDJB FM DFSFCSP Z BMM` IB EF IBCFS VO
MVHBSEPOEFFMDFSFCSPBDUfFTPCSFMBNFOUFJONBUFSJBM%FMBNJTNB
NBOFSB GVODJPOB FO TFOUJEP JOWFSTP DVBOEP TJFOUP EPMPS MB NFOUF
JONBUFSJBMBDUfBTPCSFFMDFSFCSP&TUFFOW`BTFhBMFTB
QPSFKFNQMP
MB
NBOP
ZMBSFUJSP
6O EVBMJTNP EF FTUF UJQP UJFOF RVF FOGSFOUBSTF B TFSJPT QSPCMFNBT
FTQFDJBMNFOUFQPSMPTDJFOU`GJDPTFNQ`SJDPTDPOUFNQPSbOFPT4JFYJTUF
VO MVHBS EPOEF TF QSPEVDF MB JOUFSBDDJaO FOUSF MB NFOUF Z FM DFSFCSP
3FOd%FTDBSUFTFOVOSFUSBUPEF'SBOT)BMT
FTUFMVHBSEFCFS`BTFSMPDBMJ[BCMF
BVORVFFTUbOFRVJWPDBEPTZBRVFMP
JONBUFSJBM OP PDVQB MVHBS OJ FT WJTJCMF QBSB FM PKP IVNBOP 4JO
FNCBSHP
MBTFTQFDVMBDJPOFTEF%FTDBSUFT dMQFOTaRVFFMMVHBSEFMBJOUFSBDDJaOTFFODPOUSBCBFOMBFQ`GJTJT
GVFSPO
QSPOUP SFGVUBEBT TBMWP QPS FM &TQJSJUJTNP LBSEFDJBOP
RVF BTFHVSB RVF MB HMbOEVMB QJOFBM FT FM OfDMFP EF MB
NFEJVNOJEBE MB QVFSUB FOUSF FM NVOEP G`TJDP Z FM FTQJSJUVBM P FYUSBG`TJDP 5BNQPDP TF IBMMa FO FM DFSFCSP OJOHfO
PUSP MVHBS WJTJCMF FO FM RVF FM DPNQPSUBNJFOUP EF MBT OFVSPOBT TaMP GVFSB FYQMJDBCMF QPS MB BDDJaO EF VO FTQ`SJUV
JONBUFSJBM %FKBOEP B VO MBEP RVF FO FM DFSFCSP OP QBSFDF IBCFS OJOHfO MVHBS FO FM RVF TF QSPEV[DB VOB
JOUFSBDDJaO
MB DVFTUJaO EFM UJQP EF BDDJaO SFD`QSPDB FOUSF NFOUF Z DFSFCSP QFSNBOFDF BCJFSUB "MHVOPT GJMaTPGPT
TVQPOFORVFEJDIBJOUFSBDDJaOTFQSPEVDFQPSNFEJPEFFGFDUPTDVbOUJDPT
QFSPMPTSFUSBTUPSFTBFTUBIJQaUFTJTJOEJDBO
RVFIBZFOFMMPMBNJTNBDPOUSBEJDDJaOMPTOJWFMFTDVbOUJDPTTPOOJWFMFTEFNBUFSJB
QPSMPRVFOPDSFFORVFEFCFS`B
TFSMBDBVTBEFMBJOUFMJHFODJBVPUSBTNBOJGFTUBDJPOFTEFdTUB
0USPTEVBMJTNPT
&YJTUFOUBNCJdOPUSBTGPSNBTEFEVBMJTNP
FOUSFMBTRVFNFODJPOBSFNPTMBTDVBUSPNbTJNQPSUBOUFT
1BSBMFMJTNPQTJDPG`TJDP&MQBSBMFMJTNPGVFEFTBSSPMMBEPQPS(PUUGSJFE8JMIFMN-FJCOJ[<>-BTUFTJTDFOUSBMFTTPO
&TQ`SJUVZNBUFSJBTPOEPTTVTUBODJBTEJGFSFOUFT
%JDIBTTVTUBODJBTOPJOUFSBDUfBOFOUSFT`
4JOPRVFBDUfBOFOQBSBMFMP
QFSPEFNPEPTJODSPOJ[BEP
%FFTUFNPEPTFTVQFSBS`BOMPTQSPCMFNBTEFMEVBMJTNPJOUFSBDDJPOJTUB
QVFTZBOPIBCS`BRVFCVTDBSVOMVHBSFOFM
DFSFCSPEPOEFTFQSPEVKFSBMBJOUFSBDDJaO4JOFNCBSHP
FTUFQMBOUFBNJFOUPBSSPKBOVFWBTQSFHVOUBT4JRVJFSPJSBM
GSJHPS`GJDP QSPDFTP NFOUBM
OPSNBMNFOUF WPZ BM GSJHPS`GJDP QSPDFTP G`TJDP
c$aNP QVFEF TFS RVF FOUSF NFOUF Z
NBUFSJBOPTFQSPEV[DBOFGFDUPTSFD`QSPDPT &MQBSBMFMJTNPSFTQPOEFBFTUPRVFMPTTVDFTPTNFOUBMFTZNBUFSJBMFT
DPSSFOEFGPSNBQBSBMFMB
BMJHVBMRVFSFMPKFTTJODSPOJ[BEPT*OUVJUJWBNFOUF
QBSFDFS`BVOBDBTVBMJEBEJODSF`CMFRVFFO
UPEPTMPTTFSFTRVFFYQFSJNFOUBOGFOaNFOPTNFOUBMFTMBNBRVJOBSJBG`TJDBDPSSJFSBFYBDUBNFOUFEFGPSNBQBSBMFMBB
EJDIPTGFOaNFOPT
QFSP-FJCOJ[BUSJCVZaMBSB[aOEFFTFQBSBMFMJTNPBMBBDDJaOEF%JPT
'JMPTPG`BEFMBNFOUF
0DBTJPOBMJTNP&MPDBTJPOBMJTNPIBTJEPEFGFOEJEP
FOUSFPUSPT
QPS
/JDPMBT .BMFCSBODIF -B JEFB FT MB TJHVJFOUF $VBOEP RVJFSP IBDFS
BMHP TF FTUb QSPEVDJFOEP VO TVDFTP JONBUFSJBM FO NJ FTQ`SJUV %JPT
DPOPDFFTFIFDIPZIBDFRVFFMDVFSQPTFQPOHBFONPWJNJFOUP
&QJGFOPNFOBMJTNP&MFQJGFOPNFOBMJTNPFOUJFOEFMBDPOFYJaOFOUSF
NFOUFZNBUFSJBDPNPVOBSFMBDJaOEFVOTPMPTFOUJEPMBNBUFSJBBDUfB
TPCSF MB NFOUF JONBUFSJBM
QFSP OP B MB JOWFSTB 4JO FNCBSHP
FM
FQJGFOPNFOBMJTNP QMBOUFB QSPCMFNBT TJNJMBSFT B MPT EFM EVBMJTNP
JOUFSBDDJPOJTUB c&O RVd MVHBS TF QSPEVDF FM FGFDUP TPCSF MB NFOUF
c$aNP TF QSPEVDF EJDIP FGFDUP 5PEBW`B IPZ IBZ EFGFOTPSFT EFM
FQJGFOPNFOBMJTNP6OPEFFMMPTFSB
IBTUBIBDFQPDP
'SBOL+BDLTPO<>
%VBMJTNP EF QSPQJFEBEFT &M EVBMJTNP EF QSPQJFEBEFT IB
FYQFSJNFOUBEPVOSFOBDJNJFOUPFOMPTfMUJNPTBhPTEFCJEPBVOMJCSP
<>
EF %BWJE $IBMNFST &M EVBMJTNP EF QSPQJFEBEFT QVFEF JODMVJSTF
(PUUGSJFE8JMIFMN-FJCOJ[FOVOSFUSBUPEF
FOUSF MPT EVBMJTNPT TaMP DPO DJFSUBT SFTFSWBT "M DPOUSBSJP RVF MPT
#FSOIBSE$ISJTUPQI'SBODLF BMSFEFEPSEF
EFNbT
DPO SFTQFDUP B MB TVTUBODJB FT VO NPOJTNP FT JODMVTP
DPNQBUJCMF DPO MB UFTJT EF RVF UPEP TF DPNQPOF EF QFRVFhBT QBSU`DVMBT G`TJDBT 4PTUJFOF
OP PCTUBOUF
RVF IBZ
QSPQJFEBEFT OP NBUFSJBMFT $IBMNFST DBMJGJDB B MB QSPQJFEBE EF TFS FYQFSJNFOUBEP EF EFUFSNJOBEB NBOFSB MPT
RVBMJB
EFQSPQJFEBEOPNBUFSJBM4VTSFGMFYJPOFTTFBQPZBOFOFMDPODFQUPEFTVQFSWFOJFODJBZFOMBMaHJDBEFMBT
FYQMJDBDJPOFTSFEVDUJWBT
3FTQVFTUBTNPOJTUBTBMQSPCMFNBNFOUFDVFSQP
&MNPOJTNP
FODPOUSBQPTJDJaOBMEVBMJTNP
BGJSNBRVFTaMPIBZVOBTVCTUBODJB)PZFOE`BDBTJUPEPTMPTNPOJTNPT
TPONBUFSJBMJTUBT"T`
QVFT
BGJSNBORVFMBfOJDBTVCTUBODJBFYJTUFOUFFTMBNBUFSJB/PPCTUBOUF
TPOQPTJCMFTPUSBT
GPSNVMBDJPOFTQPES`BUBNCJdOBGJSNBSTFRVFOPIBZNBUFSJB
TJOPTaMPFTQ`SJUV5BMNPOJTNPJEFBMJTUBUJFOFQPDPT
EFGFOTPSFT FO MB BDUVBMJEBE 6OB UFSDFSB QPTJCJMJEBE DPOTJTUF FO TVQPOFS VOB TVCTUBODJB RVF OP FT OJ NBUFSJB OJ
FTQ`SJUV-PNFOUBMZMPG`TJDPTFS`BOQSPQJFEBEFTEFFTBfOJDBTVCTUBODJB&TUBQPTJDJaOGVFEFGFOEJEBQPS#BSVDI
4QJOP[BZQPQVMBSJ[BEBQPS&SOTU)BFDLFMFOFMTJHMP9*9&TUFNPOJTNPTFBTFNFKBBMEVBMJTNPEFQSPQJFEBEFT 7
NbTBSSJCB
&OMPRVFTJHVFOPTPDVQBSFNPTfOJDBNFOUFEFMPTNPOJTNPTNBUFSJBMJTUBTDMbTJDPT
$POEVDUJTNP
&MDPOEVDUJTNPIBTJEPMBDPSSJFOUFEPNJOBOUFFOMBGJMPTPG`BEFMBNFOUFEVSBOUFMBQSJNFSBNJUBEEFMTJHMP99&O
MBQTJDPMPH`BTVSHJaDPNPSFBDDJaOBMQSPCMFNBEFMBJOUSPTQFDDJaODVBOEPNFEJBOUFMBJOUSPTQFDDJaOBMHVJFOIBCMB
EF TV NVOEP NFOUBM JOUFSJPS
OP IBZ NBOFSB P OP MB IBC`B FOUPODFT
EF DPNQSPCBS MB WFSBDJEBE EF TVT
EFDMBSBDJPOFT 1FSP TJO QPTJCJMJEBE EF WFSJGJDBDJaO
EJDFO MPT DPOEVDUJTUBT
OP IBZ DJFODJB QPTJCMF c$VbM FT MB
TPMVDJaOQBSBMBQTJDPMPH`B %FCFS`BSFOVODJBSBPDVQBSTFEFMBWJEB`OUJNBNFOUBMZMBJOUSPTQFDDJaOZ
FOWF[EF
FTP
DPODFOUSBSTFFOFMDPNQPSUBNJFOUPPCTFSWBCMF
1BSBMFMBNFOUFBFTUPTEFTBSSPMMPTEFMBQTJDPMPH`BGVFTVSHJFOEPVODPOEVDUJTNPGJMPTaGJDP&TUFTFDBSBDUFSJ[BQPSVO
WFSJGJDBDJPOJTNPRVFDPOTJEFSBDBSFOUFTEFTFOUJEPMBTEFDMBSBDJPOFTTPCSFMBWJEB`OUJNBNFOUBMRVFOPQVFEFOTFS
DPNQSPCBEBT4JOFNCBSHP
RVdTPOMPTFTUBEPTNFOUBMFTTJOPDPOGPSNBOVOBWJEB`OUJNBNFOUBMEFMBRVFTFQVFEB
EBS DVFOUB NFEJBOUF MB JOUSPTQFDDJaO -PT DPOEVDUJTUBT SFTQPOEFO MPT FTUBEPT NFOUBMFT TPO EFTDSJQDJPOFT EF MB
DPOEVDUBPEJTQPTJDJPOFT
&MDPOEVDUJTNPGJMPTaGJDPIBTVGSJEPVOBEFDB`EBEFTEFMBfMUJNBNJUBEEFMTJHMPWFJOUF
DPODJEJFOEPDPOFMBTDFOTP
EFM DPHOPTDJUJWJTNP -PT DPHOPTDJUJWJTUBT SFDIB[BO FM DPOEVDUJTNP EFCJEP B WBSJPT QSPCMFNBT RVF DPOTJEFSBO
JOTPTUFOJCMFT 1PS FKFNQMP
TF QVFEF QFOTBS RVF FM DPOEVDUJTNP FT DPOUSBJOUVJUJWP BM BGJSNBS RVF DVBOEP BMHVJFO
IBCMBEFTVTQVO[BOUFTEPMPSFTEFDBCF[BFTUdIBCMBOEPEFTVDPOEVDUB
'JMPTPG`BEFMBNFOUF
5FPS`BEFMBJEFOUJEBE
<>
EFTBSSPMMBEBQPS+PIO4NBSUZ6MMJO51MBDF
GVFMBSFBDDJaOBMGSBDBTPEFMDPOEVDUJTNP
-BUFPS`BEFMBJEFOUJEBE
4JMPTFTUBEPTNFOUBMFTTPOBMHPNBUFSJBM
QFSPOPDPOEVDUB
IBCSbRVFTVQPOFSRVFTPOJEdOUJDPTBMPTFTUBEPTG`TJDPT
JOUFSOPT %F FTUP TF TJHVF JONFEJBUBNFOUF RVF VO FTUBEP NFOUBM . OP FT PUSB DPTB RVF VO FTUBEP DFSFCSBM $ &M
FTUBEPNFOUBMEFTFPEFVODBGdOPTFS`BPUSBDPTBRVFMBBDUJWBDJaOEFEFUFSNJOBEBTOFVSPOBTEFEFUFSNJOBEBT
SFHJPOFTDFSFCSBMFT
1FTFBVOBDJFSUBQMBVTJCJMJEBEJOJDJBM
MBUFPS`BEFMBJEFOUJEBEUJFOFRVF
FOGSFOUBSTFDPOBMNFOPTVOTFSJPQSPCMFNB
MBSFBMJ[BDJaONfMUJQMF
UBM
DPNPMBGPSNVMa)JMBSZ1VUOBN<> 1BSFDFDMBSPRVFOPTaMPMPTTFSFT
IVNBOPT
TJOP UBNCJdO QPS FKFNQMP MPT BOGJCJPT
P MPT BMJFO`HFOBT TJ
MPTIVCJFSB
QVFEFOQBEFDFSEPMPSFT1FSPQBSFDFJNQSPCBCMFRVFUPEPT
MPT TFSFT DPO MPT NJTNPT EPMPSFT TF FODVFOUSFO FO FM NJTNP FTUBEP
DFSFCSBM 1FSP TJ OP FT FTF FM DBTP
FOUPODFT FM EPMPS OP QVFEF TFS
JEdOUJDPBVOEFUFSNJOBEPFTUBEPDFSFCSBM%FNPEPRVFMBUFPS`BEFMB
JEFOUJEBEDBSFDFEFGVOEBNFOUPFNQ`SJDP
*ODMVTPTJTVDFEJFSBRVFVOEFUFSNJOBEPFTUBEPDFSFCSBMFTUbMJHBEPFO
DBEBDBTPDPOVOfOJDPFTUBEPNFOUBMEFMBQFSTPOB
FTUBDPSSFMBDJaO
BCTPMVUB FOUSF FTUBEP NFOUBM Z FTUBEP DFSFCSBM OP TJHOJGJDBS`B
OFDFTBSJBNFOUFRVFBNCPTFTUBEPTTPOEFIFDIPVOPZFMNJTNP
-BUFPS`BEFMBJEFOUJEBEFYQFSJNFOUaVOJNQVMTP
EFCJEPBMPTBWBODFTEFMBOFVSPDJFODJB-PT
BDUVBMFTQSPDFEJNJFOUPTEFNPOJUPSJ[BDJaO
QSPQPSDJPOBOOVFWPTDPOPDJNJFOUPTBDFSDBEFM
GVODJPOBNJFOUPEFMDFSFCSP
0USPQSPCMFNBEFMBUFPS`BEFMBJEFOUJEBESBEJDBFORVF
DJFSUBNFOUF
QVFEF EFTDSJCJS FM EFTFP EF UPNBS VO DBGd QPS NFEJP EF VO
EFUFSNJOBEP FTUBEP DFSFCSBM TJO FNCBSHP
MB EFDMBSBDJaO BDFSDB EFM
FTUBEPDFSFCSBMTaMPUJFOFTJHOJGJDBEPTJTBCFNPTMPRVFTJHOJGJDBTFOUJS
FMEFTFPEFUPNBSVODBGd"T`QVFT
VOMFOHVBKFOFVSPDJFOU`GJDPTPCSFMPTQSPDFTPTNFOUBMFTOPQVFEFQSFTDJOEJSEFM
DPOUFOJEPTFNbOUJDPEFMMFOHVBKFDPSSJFOUF
RVFFYQSFTBUBOUPMPTQSPDFTPTNFOUBMFTDPNPFMEFTFPEFUPNBSVODBGd
ZOPQVFEFQPSUBOUPTVTUJUVJSMP
DPNPTFQSFUFOEF
1FTF B FTUPT QSPCMFNBT
IPZ FO E`B TF EB VO DJFSUP SFOBDJNJFOUP EF MB UFPS`B EF MB JEFOUJEBE
EFCJEP TPCSF UPEP B
+BFHXPO,JN
'VODJPOBMJTNP
&MGVODJPOBMJTNPGVFEFTBSSPMMBEP
FOUSFPUSPTQPS)JMBSZ1VUOBN
DPNPSFBDDJaOBMPTQSPCMFNBTEFMBUFPS`BEFMB
JEFOUJEBE<> -B JEFB FT MB TJHVJFOUF 4J MPT TFSFT DPO FTUBEPT DFSFCSBMFT EJGFSFOUFT QVFEFO UFOFS FM NJTNP FTUBEP
NFOUBM DPOMPRVFMBUFPS`BEFMBJEFOUJEBETFSFWFMBGBMTB
IBEFFYJTUJSOPPCTUBOUFBMHPRVFMPTFTUBEPTDFSFCSBMFT
UFOHBO FO DPNfO -B TPMVDJaO EF MPT GVODJPOBMJTUBT DPOTJTUF FO TVCTVNJS MPT EJTUJOUPT FTUBEPT DFSFCSBMFT CBKP FM
NJTNPFTUBEPGVODJPOBM-PTFTUBEPTNFOUBMFTTFS`BOFOUPODFTFTUBEPTGVODJPOBMFT
1FSP cRVd TPO MPT FTUBEPT GVODJPOBMFT " NFOVEP TF FYQMJDB VUJMJ[BOEP FM FKFNQMP EF VOB TFODJMMB NbRVJOB
BVUPNbUJDB *NBHJOFNPT VOB NbRVJOB FYQFOEFEPSB RVF QPS DBEB NPOFEB EB VOB HPMPTJOB -B NbRVJOB QVFEF
EFTDSJCJSTFQPSNFEJPEFTVTEJGFSFOUFTFTUBEPT)BEFIBCFSVOFTUBEPFOFMRVFMBNbRVJOBFYQVMTFMBHPMPTJOBTJO
QFEJSNbTNPOFEBT1FSPIBEFIBCFSUBNCJdOFTUBEPTFOMPTRVFMBNbRVJOBQJEBVOBNPOFEBEFaDdOUJNPT
NbTQBSBFYQVMTBSBMHP&ODMBWFEFMBUFPS`BEFBVUaNBUBT
MBNbRVJOBFYQFOEFEPSBEFHPMPTJOBTQVFEFEFTDSJCJSTF
DPNQMFUBNFOUFEFFTUBNBOFSB
QPSNFEJPEFFTUBEPTGVODJPOBMFTBCTUSBDUPT-PGVOEBNFOUBMEFMFKFNQMPFTUbFORVF
MBEFTDSJQDJaOFTWbMJEBDPOJOEFQFOEFODJBEFDaNPFTUdIFDIBMBNbRVJOB-BBOBMPH`BFTDMBSBMPTFTUBEPTNFOUBMFT
TPOFTUBEPTGVODJPOBMFTJOEFQFOEJFOUFNFOUFEFMPTFTUBEPTDFSFCSBMFTDPODSFUPTRVFMPTQSPEV[DBO
'JMPTPG`BEFMBNFOUF
.BUFSJBMJTNPOPSFEVDUJWP
1BSBNVDIPTGJMaTPGPTIBZEPTDPOWJDDJPOFTRVFWBOKVOUBT
&MNBUFSJBMJTNPFTDJFSUP
MPTFTUBEPTNFOUBMFTIBOEFTFSFTUBEPTNBUFSJBMFT
5PEBTMBTQSPQVFTUBTSFEVDUJWBTDPODSFUBTTPOJOTBUJTGBDUPSJBTMPTFTUBEPTNFOUBMFTOPQVFEFOSFEVDJSTFB
DPOEVDUBT
FTUBEPTDFSFCSBMFTPFTUBEPTGVODJPOBMFT
&TUP OPT MMFWB B MB QSFHVOUB EF TJ QVFEF IBCFS VO NBUFSJBMJTNP OP SFEVDUJWP &M NPOJTNP BOaNBMP EF %POBME
%BWJETPOFTVOJOUFOUPEFGPSNVMBSUBMUJQPEFNBUFSJBMJTNP<>
&TUB JEFB TF GPSNVMB B NFOVEP DPO FM DPODFQUP EF TVQFSWFOJFODJB MPT FTUBEPT NFOUBMFT TVQFSWJFOFO TPCSF MPT
FTUBEPTG`TJDPT
QFSPOPTPOSFEVDJCMFTBFMMPT4VQFSWFOJFODJBEFTDSJCFBI`VOBSFMBDJaOEFEFQFOEFODJBMPNFOUBM
OPQVFEFDBNCJBSTJORVFIBZBDBNCJPTG`TJDPT
&OUSFPUSBTBMUFSOBUJWBTBMNPOJTNPSFEVDDJPOJTUB
UBNCJdOTFFODVFOUSBFMGJTJDBMJTNPOPSFEVDDJPOJTUBQSPQVFTUPQPS
.BMDPMN+FFWFT
QSPGFTPSEFGJMPTPG`BEFMB6OJWFSTJEBEEF4U"OESFXTFO&TDPDJB
Z8BSSFO#SPXO
QSPGFTPSEF
QTJDPMPH`BFOFM'VMMFS5IFPMPHJDBM4FNJOBSZFO$BMJGPSOJB1BSBFTUPTBVUPSFT
TV`GJTJDBMJTNPaFTUSJCBFOTPTUFOFS
RVFOPFTOFDFTBSJPQPTUVMBSQBSBFMBMNBPMBNFOUFVOBTFHVOEBFOUJEBENFUBG`TJDB1BSBFTUBQPTUVSB
FMBMNBPMB
NFOUFFTUbOGJTJPMaHJDBNFOUFFYQSFTBEBTPFODBSOBEBTFOOVFTUSBQFSTPOB
QFSPOPDBCFVOBFYQMJDBDJaOFYIBVTUJWB
EFFTUBFOWJSUVEEFVOBObMJTJTFYDMVTJWBNFOUFCJPMPHJDJTUB4VQSPQVFTUBTFFODBNJOBBSFDPODJMJBSOVFTUSPTQVOUPT
EF WJTUB TPCSF DVFSQP Z BMNB b NFOUF Z DFSFCSPb DPOTJEFSbOEPMPT FO FM DPOKVOUP EF MB QFSTPOB `/PTPUSPT TPNPT
BMNBT
OPUFOFNPTBMNBTa
TFhBMBODPNPVOBGSBTFRVFQSFUFOEFSFTVNJSBDFSUBEBNFOUFTVQFOTBNJFOUP
.BUFSJBMJTNPFMJNJOBUJWP
4JTFFTNBUFSJBMJTUB
TFDPOTJEFSBRVFMPTFTGVFS[PTSFEVDUJWPTIBOGSBDBTBEPZRVFVONBUFSJBMJTNPOPSFEVDUJWPFT
JODPIFSFOUF
QVFEF SFDVSSJSTF B VOB fMUJNB PQDJaO Z BGJSNBS /P IBZ FTUBEPT NFOUBMFT<> 1FSP cOP FT FTUP
DPNQMFUBNFOUFBCTVSEP -PTNBUFSJBMJTUBTFMJNJOBUJWPTBGJSNBORVFMPTFTUBEPTNFOUBMFTIBOTJEPJOUSPEVDJEPTQPS
OVFTUSB QTJDPMPH`B QPQVMBS 4J BIPSB
DPO MPT BWBODFT DJFOU`GJDPT
MB QTJDPMPH`B QPQVMBS TF SFWFMB GBMTB
UBNCJdO
IBCSFNPTEFBDBCBSDPOMBTFOUJEBEFTQPSFMMBQPTUVMBEBT&OFTUFQVOUP
FMJNJOBUJWJTUBTDPNPQPSFKFNQMP1BUSJDJBZ
1BVM$IVSDIMBOEBNFOVEPTFhBMBOFMEFTUJOPEFPUSBTUFPS`BTGBMTBTBMPMBSHPEFMBIJTUPSJB1PSFKFNQMP
MBCSVKFS`B
TFIBNPTUSBEPGBMTB-BDPOTFDVFODJBFTMBBDFQUBDJaOEFMBOPFYJTUFODJBEFCSVKBT
-BWJTJaOEFMNVOEPTFHfOMBDVBMUPEPFTNBUFSJBTJHVJFOEPMFZFTG`TJDBT
ZFOMBRVFFMDFSFCSPFTMBfOJDBSFBMJEBE
FYJTUFOUF FO MPT NBM EFOPNJOBEPT GFOaNFOPT NFOUBMFT
FT DSJUJDBEB VTVBMNFOUF QPS QBSUJEBSJPT EF VOB WJTJaO
NFOUBMJTUBPEVBMJTUB
JODMVZFOEPDBTPTEFFNFSHFOUJTUBTRVFQJFOTBORVFMBNFOUFFTBMHPRVFFNFSHFZTFTFQBSB
POUPMaHJDBNFOUF EFM DVFSQP &TUBT DS`UJDBT BQFMBO B MB SFBMJEBE EF MPT RVBMJB Z MB DPOTDJFODJB EBEP RVF TPO
EJSFDUBNFOUFQFSDJCJEPT.BSU`O-aQF[$PSSFEPJSB
EFTEFVOBQPTJDJaONBUFSJBMJTUB
TBMFBMQBTPEFFTPTBSHVNFOUPT
UBMFTQFSDFQDJPOFTTPOVOBQVSBJMVTJaO
VOBGBOUBT`B
TVFhPTTPCSFBMHPJSSFBM<>
$S`UJDBEFMBGJMPTPG`BEFMMFOHVBKFBMQSPCMFNBNFOUFDVFSQP
5PEP JOUFOUP EF SFTPMWFS FM QSPCMFNB NFOUFDVFSQP TF UPQB DPO TFSJPT QSPCMFNBT
FO QBSUJDVMBS QSPCMFNBT
DPODFQUVBMFT $BCF QPS UBOUP MB QPTJCJMJEBE EF SFDIB[BS FM QSPCMFNB NFOUFDVFSQP DPNP VO GBMTP QSPCMFNB &TUB
QPTJDJaO FT EFGFOEJEB IPZ FO E`B FO QBSUJDVMBS QPS MB GJMPTPG`B BOBM`UJDB
TJHVJFOEP B -VEXJH 8JUUHFOTUFJO<> -PT
EFGFOTPSFT EF FTUB QPTJDJaO FYQMJDBO RVF FT VO FSSPS QSFHVOUBSTF DaNP TF BKVTUBO MPT FTUBEPT NFOUBMFT Z MPT
CJPMaHJDPT.bTCJFOEFCFS`BBDFQUBSTFRVFMPTTFSFTIVNBOPTQVFEFOEFTDSJCJSTFEFGPSNBTEJWFSTBTQPSFKFNQMP
FOUdSNJOPTNFOUBMFTPCJPMaHJDPT"KVJDJPEFMBUSBEJDJaOXJUUHFOTUFOJBOBMPTGBMTPTQSPCMFNBTTVSHFODVBOEPTF
JOUFOUBSFEVDJSVOBGPSNBEFEFTDSJQDJaOBPUSB
PUBNCJdODVBOEPTFFNQMFBFMWPDBCVMBSJPNFOUBMFOFMDPOUFYUP
FRVJWPDBEP &TUF FT QPS FKFNQMP FM DBTP DVBOEP TF CVTDBO FTUBEPT NFOUBMFT FO FM DFSFCSP &M DFSFCSP FT
TFODJMMBNFOUF
FMDPOUFYUPFRVJWPDBEPQBSBMBVUJMJ[BDJaOEFMWPDBCVMBSJPNFOUBM-BCfTRVFEBEFFTUBEPTNFOUBMFT
FOFMDFSFCSPFT
QPSUBOUP
VOFSSPSDBUFHPSJBMPVOBQVSBDPOGVTJaOEFDPODFQUPT
'JMPTPG`BEFMBNFOUF
<>
&OMBBDUVBMJEBEFTUBQPTJDJaOFTEFGFOEJEBQPSJOUdSQSFUFTEF8JUUHFOTUFJO DPNP1FUFS)BDLFS
5BNCJdO)JMBSZ
BDVEJFOEPB8JUUHFOTUFJO
&MOBUVSBMJTNPZTVTQSPCMFNBT
-BUFTJTEFMNBUFSJBMJTNPFTRVFMBNFOUFFTBMHPNBUFSJBM&MQSPCMFNBGVOEBNFOUBMEFFTUBQPTJDJaOFTRVFMBNFOUF
UJFOFQSPQJFEBEFTRVFOJOHfOPCKFUPNBUFSJBMQPTFF&MNBUFSJBMJTNPEFCFQPSUBOUPFYQMJDBSDaNPQVFEFTFSRVFB
VOPCKFUPNBUFSJBMMFDPSSFTQPOEBO
OPPCTUBOUF
FTBTQSPQJFEBEFT"NFOVEPTFEFOPNJOBBMQSPZFDUPEFBDPNFUFS
FTUBFYQMJDBDJaOOBUVSBMJ[BDJaOEFMBNFOUFc$VbMFTTPOMBTQSPQJFEBEFTDS`UJDBT -BTNbTDPOPDJEBTTPOMBTEPT
TJHVJFOUFT
2VBMJB
.VDIPTFTUBEPTNFOUBMFTUJFOFOMBQSPQJFEBEEFTFSFYQFSJNFOUBEPTEFNBOFSBTEJWFSTBT<> -PFTFODJBMEFMFTUBEP
NFOUBM EPMPS FT
FWJEFOUFNFOUF
RVF IBDF EBhP 1FSP cEF EaOEF WJFOF FTB FYQFSJFODJB MPT RVBMJB
&O VO FTUBEP
OFVSPOBM P GVODJPOBM OBEB JOEJDB RVF WBZB BDPNQBhBEP EF VOB FYQFSJFODJB EF EPMPS " NFOVEP FM BSHVNFOUP TF
GPSNVMBUBNCJdODPNPTJHVF-PTBDPOUFDJNJFOUPTDFSFCSBMFTOPQVFEFO BfO
FYQMJDBS
QPSRVaTFEBOBDPNQBhBEPT
EF MBT WJWFODJBT DPSSFTQPOEJFOUFT c1PS RVd NVDIPT QSPDFTPT DFSFCSBMFT UJFOFO MVHBS DPO VO EFTUFMMP FO MB
DPODJFODJB /PQBSFDFQPTJCMFFYQMJDBSMP
1BSFDF
OP PCTUBOUF
RVF MBT DJFODJBT EFCFS`BO FYQMJDBS FTBT WJWFODJBT &TUP TF EFEVDF EF MB MaHJDB EF MBT
FYQMJDBDJPOFTSFEVDUJWBT4JQSFUFOEPFYQMJDBSSFEVDUJWBNFOUFVOGFOaNFOP QF
BHVB
IFEFFYQMJDBSUBNCJdOQPS
RVd UJFOF FM GFOaNFOP UPEBT MBT QSPQJFEBEFT RVF UJFOF QF
GMVJEF[
USBOTQBSFODJB
&O FM DBTP EF MPT FTUBEPT
NFOUBMFTFTPTJHOJGJDBRVFIBCS`BEFFYQMJDBSTFQPSRVdUJFOFOMBQSPQJFEBEEFTFSFYQFSJNFOUBEPTEFEFUFSNJOBEB
NBOFSB
*OUFODJPOBMJEBE
-B JOUFODJPOBMJEBE EFTDSJCF MB DBQBDJEBE EF MPT FTUBEPT NFOUBMFT EF
FTUBSEJSJHJEPTIBDJBPFODPOUSBSTFFOSFMBDJaODPOBMHP
<>MPRVFIBDF
UBNCJdORVFQVFEBOBTJHObSTFMFTWBMPSFTEFWFSEBE&TUPTJHOJGJDBRVF
MBT JEFBT QVFEFO TFS WFSEBEFSBT P GBMTBT &O QSJODJQJP FTUP QVFEF OP
UFOFS OBEB EF FYUSBhP TJO FNCBSHP
DVBOEP TF QSFUFOEF SFEVDJS MBT
JEFBTBQSPDFTPTOBUVSBMFTTVSHFVOQSPCMFNBMPTQSPDFTPTOBUVSBMFTOP
TPOWFSEBEFSPTPGBMTPT
TJNQMFNFOUFTVDFEFO/PUFOES`BTFOUJEPEFDJS
RVFVOQSPDFTPOBUVSBMFTWFSEBEFSPPGBMTP1FSPMBTJEFBTPMPTKVJDJPT
NFOUBMFTTPOWFSEBEFSPTPGBMTPT
cDaNPQVFEFOFOUPODFTMBTJEFBTTFS
QSPDFTPTOBUVSBMFT
-B QPTJCJMJEBE EF BTJHOBS B MBT JEFBT WBMPSFT EF WFSEBE TF EFCF B RVF
MBTJEFBTBQVOUBOBIFDIPT"T`
QPSFKFNQMP
MBJEFBEFRVF)FSaEPUP
GVFIJTUPSJBEPSTFSFGJFSFB)FSaEPUPZBMIFDIPEFRVFGVFIJTUPSJBEPS
4JTFEBFMIFDIP
MBJEFBFTWFSEBEFSBEFMPDPOUSBSJP
FTGBMTB1FSP
cEF EaOEF QSPDFEF FTUB SFMBDJaO &O FM DFSFCSP TF QSPEVDFO
fOJDBNFOUF QSPDFTPT FMFDUSPRV`NJDPT Z FTUPT QBSFDFO OP UFOFS OBEB
RVFWFSDPO)FSaEPUP
+PIO4FBSMF
VOPEFMPTGJMaTPGPTEFMBNFOUFNbT
JOGMVZFOUFT
-BGJMPTPG`BEFMBNFOUFZMBTDJFODJBTEFMBOBUVSBMF[B
'JMPTPG`BEFMBNFOUF
-PT IVNBOPT TPO TFSFT DPSQPSBMFT Z
DPNP UBMFT
QVFEFO TFS EFTDSJUPT QPS MBT DJFODJBT OBUVSBMFT 1VFTUP RVF MPT
QSPDFTPTNFOUBMFTOPTPOJOEFQFOEJFOUFTEFMPTQSPDFTPTDPSQPSBMFT
MBEFTDSJQDJaORVFMBTDJFODJBTEFMBOBUVSBMF[B
IBDFO EF MPT IVNBOPT KVFHVFO VO JNQPSUBOUF QBQFM FO MB GJMPTPG`B EF MB NFOUF "RV` TPO SFMFWBOUFT UPEBT MBT
EJTDJQMJOBTRVFEFTDSJCFOQSPDFTPTSFMBDJPOBEPTDPOMPNFOUBM&ODPOTFDVFODJB
MBMJTUBEFMBTDJFODJBTSFMFWBOUFTFT
MBSHBCJPMPH`B
JOGPSNbUJDB
DJFODJBDPHOJUJWB
DJCFSOdUJDB
MJOHe`TUJDB
NFEJDJOB
GBSNBDPMPH`B
QTJDPMPH`B
FUD
/FVSP
CJPMPH`B
&M USBTGPOEP UFaSJDP EF MB CJPMPH`B
DPNP TVDFEF FO MBT DJFODJBT OBUVSBMFT NPEFSOBT FO HFOFSBM
UJFOF VO
QMBOUFBNJFOUPNBUFSJBMJTUB0CKFUPEFFTUVEJPTPOFOQSJNFSMVHBSMPTQSPDFTPTG`TJDPT
RVFTPODPOUFNQMBEPTDPNP
GVOEBNFOUP EF MB BDUJWJEBE NFOUBM Z EF MB DPOEVDUB &M dYJUP DSFDJFOUF EF MB CJPMPH`B FO MB FYQMJDBDJaO EF MPT
GFOaNFOPTNFOUBMFTTFFOUJFOEFTPCSFUPEPQPSMBBVTFODJBEFSFGVUBDJaOEFMTVQVFTUPGVOEBNFOUBMOPIBZOJOHfO
DBNCJPEFMPTFTUBEPTNFOUBMFTEFVOBQFSTPOBTJOVODBNCJPFOTVDFSFCSP
%FOUSPEFMBOFVSPCJPMPH`BIBZEJWFSTBTEJTDJQMJOBTRVFTFPDVQBOEFMBSFMBDJaOFOUSFMPTQSPDFTPTNFOUBMFTZMPT
G`TJDPT
i
i
i
i
-BGJTJPMPH`BTFOTPSJBMJOWFTUJHBMBSFMBDJaOFOUSFMPTQSPDFTPTEFQFSDFQDJaOZFTUJNVMBDJaO
-BOFVSPDJFODJBDPHOJUJWBDPSSFMBDJPOBMPTQSPDFTPTNFOUBMFTDPOMPTQSPDFTPTOFVSPOBMFT
-BOFVSPQTJDPMPH`BEFTDSJCFMBEFQFOEFODJBEFMBTGBDVMUBEFTNFOUBMFTSFTQFDUPEFSFHJPOFTDFSFCSBMFTDPODSFUBT
1PSfMUJNP
MBCJPMPH`B
NFEJBOUFTVQMBOUFBNJFOUPFWPMVDJPOJTUB
NVFTUSBRVFFMTJTUFNBOFSWJPTPIVNBOP
FO
DVBOUPCBTFEFMBNFOUF
TFIBJEPEFTBSSPMMBOEPUBOUPPOUPHFOdUJDBDPNPGJMPHFOdUJDBNFOUFBQBSUJSEFFTUBEJPT
QSFWJPTNbTTJNQMFT
&M QSPHSFTP NFUPEPMaHJDP EF MBT OFVSPDJFODJBT
FO QBSUJDVMBS MB JOUSPEVDDJaO EF MPT QSPDFEJNJFOUPT EF
NPOJUPSJ[BDJaO
DPOEVKP FO BhPT QBTBEPT EF NBOFSB DSFDJFOUF B MB FMBCPSBDJaO EF BNCJDJPTPT QSPHSBNBT EF
JOWFTUJHBDJaO FO MB BHFOEB TF FODVFOUSB FM EFTDVCSJNJFOUP Z DPNQSFOTJaO EF MPT QSPDFTPT OFVSPOBMFT
DPSSFTQPOEJFOUFT B MBT GVODJPOFT NFOUBMFT 7 UC DPSSFMBUP OFVSPOBM
6OPT QPDPT OFVSPCJaMPHPT
DPNP &NJM EV
#PJT3FZNPOEZ+PIO&DDMFTIBOOFHBEPMBQPTJCJMJEBEEFVOBSFEVDDJaOEFMPTGFOaNFOPTNFOUBMFTBQSPDFTPT
DFSFCSBMFT
FOQBSUFQPSSB[POFTSFMJHJPTBT)PZFOE`B
FMOFVSPCJaMPHPZGJMaTPGP(FSIBSE3PUIEFGJFOEFVOBGPSNB
EFM
BT`EFOPNJOBEPQPSdM
NBUFSJBMJTNPOPSFEVDUJWP<>
*OGPSNaUJDB
-BJOGPSNbUJDBTFPDVQBEFMQSPDFTBNJFOUPBVUPNbUJDPEFJOGPSNBDJPOFT PBMNFOPTEFTJTUFNBTG`TJDPTEFT`NCPMPT
BMPTRVFTFBTJHOBJOGPSNBDJaO
UBMDPNPIBDFOMBTDPNQVUBEPSBT%FTEFTVDPNJFO[P
MBTDPNQVUBEPSBTIBOTJEP
DBQBDFTEFEFTBSSPMMBSBDDJPOFTQBSBMBTRVFVOBQFSTPOBOFDFTJUBTVNFOUF6OFKFNQMPFTMBNVMUJQMJDBDJaO1FSP
FTUb DMBSP RVF MBT DPNQVUBEPSBT OP VUJMJ[BO VOB NFOUF QBSB NVMUJQMJDBS c1PES`BO
OP PCTUBOUF
MMFHBS BMHfO E`B B
UFOFS VOB NFOUF &TUB QSFHVOUB IB FYQFSJNFOUBEP VO FOPSNF JNQVMTP DPO MBT JOWFTUJHBDJPOFT FO FM DBNQP EF MB
JOUFMJHFODJBBSUJGJDJBM *"
&OMB*"IBZRVFEJTUJOHVJSFOUSFVOQSPHSBNBEFJOWFTUJHBDJaONPEFTUPZPUSPNbTBNCJDJPTPFTMBEJTUJODJaOEF
+PIO4FBSMFFOUSFMB*"EdCJMZMBGVFSUF-B*"EdCJMUJFOFQPSfOJDPPCKFUJWPTJNVMBSFTUBEPTNFOUBMFT
TJOQSFUFOEFS
QPSFMMPRVFMBTDPNQVUBEPSBTUFOHBOSFBMNFOUFDPODJFODJB
FUD&MPCKFUJWPEFMB*"GVFSUF
QPSFMDPOUSBSJP
FTVOB
DPNQVUBEPSBDPODPODJFODJB-B*"GVFSUFTFSFNPOUBBMQJPOFSPEFMBDPNQVUBDJaO"MBO5VSJOH<>$PNPSFTQVFTUB
B MB QSFHVOUB b1VFEFO QFOTBS MBT DPNQVUBEPSBT dM GPSNVMa FM DdMFCSF UFTU EF 5VSJOH 5VSJOH QFOTBCB RVF VOB
DPNQVUBEPSBQPES`BQFOTBSDVBOEPFOVODIBUGVFSBJOEJTUJOHVJCMFEFVOBQFSTPOB&MUFTUEF5VSJOHIBSFDJCJEP
NVDIBTDS`UJDBT
FOUSFPUSPTEF+PIO4FBSMF
DPOTVFYQFSJNFOUPNFOUBMEFMBIBCJUBDJaODIJOB<> 1PSMPEFNbT
RVFEBBfOTJOSFTQVFTUBMBQSFHVOUBBDFSDBEFVOBQPTJCMFTFOTJCJMJEBE RVBMJB
EFMBTDPNQVUBEPSBTPSPCPUT&OFTUF
QVOUPMBNBZPS`BEFMPTJOGPSNbUJDPTTPOQPDPPQUJNJTUBT
"MHVOPTDJFOU`GJDPTEFMDBNQPEFMBJOGPSNbUJDBDSFFOFOMBBDUVBMJEBERVFTVFTQFDJBMJEBEQVFEFBQPSUBSVOBOVFWB
DPOUSJCVDJaOBMQSPCMFNBNFOUFDVFSQP4VQPOFORVFBQBSUJSEFMBBDDJaOSFD`QSPDBFOUSFTPGUXBSFZIBSEXBSF
RVF
'JMPTPG`BEFMBNFOUF
TFQSPEVDFFOUPEBDPNQVUBEPSB
FTQPTJCMFRVFBMHfOE`BTFQVFEBOEFTDVCSJSUFPS`BTRVFOPTBZVEFOBDPNQSFOEFS
MBBDDJaOSFD`QSPDBFOUSFMBNFOUFIVNBOBZFMDFSFCSP
1TJDPMPH`B
-B QTJDPMPH`B FT MB DJFODJB RVF JOWFTUJHB EJSFDUBNFOUF MB DPOEVDUB Z MPT QSPDFTPT NFOUBMFT *OWFTUJHB FO DPODSFUP
FTUBEPT NFOUBMFT DPNP MB BMFHS`B
FM UFNPS P MBT PCTFTJPOFT -B QTJDPMPH`B JOWFTUJHB BI` MBT MFZFT RVF MJHBO MPT
FTUBEPTNFOUBMFTFOUSFT`PDPOFMJOQVUZPVUQVUEFMBTQFSTPOBT
&KFNQMPT EF FTUP OPT MPT QSPQPSDJPOB
QPS FKFNQMP
MB QTJDPMPH`B EF MB QFSDFQDJaO &TUB IB EFTDVCJFSUP QSJODJQJPT
HFOFSBMFTEFMBQFSDFQDJaOEFMBTGPSNBT6OBMFZEFMBQTJDPMPH`BEFMBGPSNBEJDFMPTPCKFUPTRVFTFNVFWFOFOFM
NJTNP TFOUJEP TF QFSDJCFO DPNP SFMBDJPOBEPT FOUSF T` &TUB MFZ EFTDSJCF VOB SFMBDJaO FOUSF FM JOQVU WJTVBM Z MPT
FTUBEPTQFSDFQUJWPTNFOUBMFT/PPCTUBOUF
FTUPOPEJDFBfOOBEBBDFSDBEFMBOBUVSBMF[BEFMPTFTUBEPTQFSDFQUJWPT
-BT MFZFT EFTDVCJFSUBT QPS MB QTJDPMPH`B TPO DPNQBUJCMFT DPO UPEBT MBT SFTQVFTUBT BM QSPCMFNB NFOUFDVFSQP ZB
EFTDSJUBT
$POTFDVFODJBTEFMBGJMPTPG`BEFMBNFOUF
)BZJODPOUBCMFTUFNBTRVFTFWFOBGFDUBEPTQPSMPTSFTVMUBEPTEFMBGJMPTPG`BEFMBNFOUF$MBSPTFKFNQMPTEFFMMP
TPO MB OBUVSBMF[B EF MB NVFSUF Z TV DBSbDUFS EFGJOJUJWP
MB OBUVSBMF[B EF MBT FNPDJPOFT
EF MB QFSDFQDJaO Z EF MB
NFNPSJB5BNCJdOMBDVFTUJaOBDFSDBEFRVdFTVOBQFSTPOBZFORVdDPOTJTUFTVJEFOUJEBEUJFOFNVDIPRVFWFSDPO
MB GJMPTPG`B EF MB NFOUF )BZ EPT UFNBT RVF
FO DPOFYJaO DPO MB GJMPTPG`B EF MB NFOUF
IBO EFTQFSUBEP FTQFDJBM
BUFODJaOMBMJCFSUBEZFMZP
-JCFSUBE
&OFMDPOUFYUPEFMBGJMPTPG`BEFMBNFOUFMBDVFTUJaOBDFSDBEFMBMJCFSUBEEFMBWPMVOUBETFQMBOUFBDPOSFOPWBEB
JOUFOTJEBE&TUPFTBT`BMNFOPTQBSBNBUFSJBMJTUBTZEFUFSNJOJTUBT4FHfOFMMPT
MBTMFZFTOBUVSBMFTEFUFSNJOBOQPS
DPNQMFUP FM DVSTP RVF TJHVF FM NVOEP NBUFSJBM -PT FTUBEPT NFOUBMFT b UBNCJdO QPS UBOUP MB WPMVOUBE IVNBOBb
TFS`BO
FO WJSUVE EF FMMP
FTUBEPT NBUFSJBMFT %F NPEP RVF MB WPMVOUBE Z FM BDUVBS FTUBS`BO DPNQMFUBNFOUF
EFUFSNJOBEPTQPSMBTMFZFTOBUVSBMFT"MHVOPTMMFWBOMBBSHVNFOUBDJaOVOQPDPNbTMFKPTMBTQFSTPOBTOPQVFEFO
EFUFSNJOBSQPST`NJTNBTMPRVFRVJFSFOZIBDFO&ODPOTFDVFODJB
OPTPOMJCSFT
&TUB BSHVNFOUBDJaO FT SFDIB[BEB
QPS VOB QBSUF
QPS MPT DPNQBUJCJMJTUBT &TUPT TFhBMBO RVF MB QSFHVOUB c4PNPT
MJCSFT TaMP QVFEF SFTQPOEFSTF VOB WF[ TF IB DPODSFUBEP RVd TF RVJFSF EFDJS DPO MJCSF :
BT` TJHVF TV
BSHVNFOUBDJaO
OPTFEFCFS`BJEFOUJGJDBSMJCFSUBEDPOJOEFUFSNJOBDJaO$POMJCFSUBEEFCFS`BTJHOJGJDBSTFNbTCJFOFM
RVFSFSZBDUVBSTFHfOFMNFKPSTBCFSZFOUFOEFS&OFTUFTFOUJEPMBQFSTPOBQVFEFUBNCJdOTFSMJCSFBVODVBOEPFM
EFUFSNJOJTNPTFBDJFSUP&MDPNQBUJCJMJTUBNbTDPOPDJEPEFMBIJTUPSJBEFMBGJMPTPG`BGVF%BWJE)VNF)PZFOE`B
FTBQPTJDJaOFTEFGFOEJEB
QPSFKFNQMP
QPS%BOJFM%FOOFUU<>
'JMPTPG`BEFMBNFOUF
/PPCTUBOUF
IBZUBNCJdOJODPNQBUJCJMJTUBTRVFPQJOBORVFMBWPMVOUBE
EFMBTQFSTPOBTFTMJCSF&TUPTGJMaTPGPTBGJSNBORVFFMDVSTPEFMNVOEP
OPFTUbDPNQMFUBNFOUFEFUFSNJOBEPQPSMBTMFZFTOBUVSBMFTBMNFOPTMB
WPMVOUBE OP IB EF FTUBSMP Z
QPS UBOUP
FT QPUFODJBMNFOUF MJCSF &M
JODPNQBUJCJMJTUB NbT DPOPDJEP EF MB IJTUPSJB EF MB GJMPTPG`B GVF
*NNBOVFM ,BOU<> -PT DS`UJDPT DPO FTUB QPTJDJaO BDVTBO BM
JODPNQBUJCJMJTNP EF FNQMFBS VO DPODFQUP EF MJCFSUBE JODPIFSFOUF
"SHVNFOUBO EF MB TJHVJFOUF NBOFSB TJ OVFTUSB WPMVOUBE OP FTUb
EFUFSNJOBEB QPS OBEB
FOUPODFT RVFSFNPT MP RVF RVFSFNPT QPS QVSB
DBTVBMJEBE:TJMPRVFRVFSFNPTFTQVSBNFOUFDBTVBM
OPTPNPTMJCSFT
%F NBOFSB RVF TJ OVFTUSB WPMVOUBE OP FTUb EFUFSNJOBEB QPS OBEB
OP
TPNPTMJCSFT
:P
1PS MP EFNbT
MB NFOUF IB UFOJEP JNQPSUBOUFT DPOTFDVFODJBT QBSB FM
*NNBOVFM,BOUSFDIB[aFMEFUFSNJOJTNPEFMB
WPMVOUBEZEFGFOEJaFMMJCSFBMCFES`P
DPODFQUPEFZP4JQPSZPTFFOUJFOEFFMOfDMFPFTFODJBMJONVUBCMFEF
VOBQFSTPOB
MBNBZPS`BEFMPTGJMaTPGPTEFMBNFOUFBGJSNBSbORVFOP
FYJTUFUBMDPTB-BJEFBEFVOZPDPNPOfDMFPFTFODJBMJONVUBCMFTVSHFEFMBJEFBQMBUaOJDBEFVOBMNBJONBUFSJBM
JOWJTJCMFQFSPRVFTFIBMMBEFOUSPEFOPTPUSPTZEFUPEPTMPTTFSFTWJWPTEFMQMBOFUB
ZBTFBBOJNBMFTPQMBOUBT5BM
JEFBFTJOBDFQUBCMFQBSBMBNBZPS`BEFMPTGJMaTPGPTBDUVBMFT
EFCJEPBTVTQSFTVQVFTUPTNBUFSJBMJTUBT/PPCTUBOUF
B
MB MV[ EF MPT SFTVMUBEPT FNQ`SJDPT EF MB QTJDPMPH`B EFM EFTBSSPMMP
MB CJPMPH`B EFM EFTBSSPMMP Z MB OFVSPDJFODJB
UBNQPDPMBJEFBEFVOOfDMFPFTFODJBMNBUFSJBMDPOTUBOUFb QMBTNBEP
QPSFKFNQMP
FOVObSFBJOWBSJBCMFEFMDFSFCSPb
QBSFDFQMBVTJCMF
&OWJTUBEFFTUFQSPCMFNB
BMHVOPTGJMaTPGPTBGJSNBORVFEFCFS`BNPTEFKBSEFIBCMBSEFVOZP%FUPEPTNPEPTFTUB
FT VOB QPTJDJaO NJOPSJUBSJB NbT FYUFOEJEB FTUb MB PQJOJaO TJHVJFOUF 1PS ZP OP EFCFS`B FOUFOEFSTF VO OfDMFP
FTFODJBM JONVUBCMF
TJOP BMHP RVF TF FODVFOUSB FO QFSNBOFOUF DBNCJP 6O DPOPDJEP EFGFOTPS EF FTUB QPTUVSB FT
%BOJFM%FOOFUU
7bBTFUBNCJbO
i $VBSUPEF.BSZ
i $JFODJBDPHOJUJWB
/PUBTZSFGFSFODJBT
<>
<>
<>
<>
3FOd%FTDBSUFT.FEJUBUJPOFTEFQSJNBQIJMPTPQIJB
1MBUaO'FEcO
4BVM,SJQLF
/BNJOHBOE/FDFTTJUZ
#MBDLXFMM1VC
0YGPSE
*4#/
IUUQ GJMFQFEJB PSH GJMFT (FPSHF#FSLFMFZT5ISFF%JBMPHVFT#FUXFFO)ZMBTBOE1IJMPOPVT QEG
<> IUUQ DMBTTJRVFT VRBD DB DMBTTJRVFT CFSHTPO@IFOSJ NBUJFSF@FU@NFNPJSF NBUJFSF@FU@NFNPJSF IUNM
'JMPTPG`BEFMBNFOUF
#JCMJPHSBG`BBEJDJPOBM
i $IBMNFST
%BWJE+
-BNFOUFDPOTDJFOUFFOCVTDBEFVOBUFPS`BGVOEBNFOUBM&EJUPSJBM(FEJTB*4#/
i 1VUOBN
)JMBSZ
-BUSFO[BEFUSFTDBCPTMBNFOUF
FMDVFSQPZFMNVOEP4JHMP99*EF&TQBhB&EJUPSFT
*4#/
'JMPTPG`BEFMBNFOUF
&OMBDFTFYUFSOPT
i c2VdFTFMGVODJPOBMJTNP IUUQXXXKKMPSFO[BUUJDPNBSFMGVODJPOBMJTNPQPSOFECMPDL
"SU`DVMPEF/FE#MPDLUSBEVDJEPBMFTQBhPM
i .JOE#PEZ3FMBUJPOTIJQ IUUQXXXEJTGPSHFO7PDJBTQ
FOJOHMdT
"SU`DVMPFOMB*OUFSEJTDJQMJOBSZ
&ODZDMPQFEJBPG3FMJHJPOBOE4DJFODF
i 'JMPTPG`BEFMBNFOUF IUUQXXXQIJMPTPQIJDBJOGPWPDFTNFOUFNFOUFIUNM
"SU`DVMPFOMBFODJDMPQFEJB
POMJOF1IJMPTPQIJDB