>BEDGI6CI H6;:IL >CHIGJ8I>DC
EA:6H: G:69 86G:;JAAL 6AA I=: ;DAADK>C< >BEDGI6CI H6;:<J6G9H
I=6I 6G: 6EEA>867A: ID LDJG :FJ>EB:CI
sp :GCF 1PUVTWEVKQPU o~NN VJG UCHGV[ CPF QRGTCVKPI KPUVTWEVKQPU UJQWNF DG TGCF DGHQTG VJG RTQFWEV KU QRGTCVGFp
t
p :GVCKP KPUVTWEVKQPU o <JG UCHGV[ CPF QRGTCVKPI KPUVTWEVKQPU UJQWNF DG TGVCKPGF HQT HWVWTG TGHGTGPEGp
up 0GGF ?CTPKPIU o~NN YCTPKPIU QP VJG RTQFWEV CPF KP VJG QRGTCVKPI 1PUVTWEVKQPU UJQWNF DG CFJGTGF VQp
vp .QNNQY 1PUVTWEVKQPU o~NN QRGTCVKPI CPF WUG KPUVTWEVKQPU UJQWNF DG HQNNQYGFp
wp +NGCPKPI o =PRNWI VJKU RTQFWEV HTQO VJG YCNN QWVNGV DGHQTG ENGCPKPIp ,Q PQV WUG NKSWKF ENGCPGTU QT CGTQUQN ENGCPGTUp=UG
C FCOR ENQVJ HQT ENGCPKPIp
xp ~VVCEJOGPVU o ,Q PQV WUG CVVCEJOGPVU PQV TGEQOOGPFGF D[ VJG RTQFWEV OCPWHCEVWTGT CU VJG[ OC[ ECWUG JC\CTFUp
yp ?CVGT CPF 5QKUVWTG o ,Q PQV WUG VJKU RTQFWEV PGCT YCVGT o HQT GZCORNGn PGCT C DCVJ VWDn YCUJ DQYNn MKVEJGP UKPMn QT
NCWPFT[ VWD} KP C YGV DCUGOGPV} QT PGCT C UYKOOKPI RQQN} CPF VJG NKMGp
zp ~ RTQFWEV CPF ECTV EQODKPCVKQP UJQWNF DG OQXGF YKVJ ECTGp 9WKEM UVQRUn GZEGUUKXG HQTEGn CPF WPGXGP
UWTHCEGU OC[ ECWUG VJG RTQFWEV CPF ECTV EQODKPCVKQP VQ QXGTVWTPp
{p >GPVKNCVKQP o ;NQVU CPF QRGPKPIU KP VJG ECDKPGV CTG RTQXKFGF HQT XGPVKNCVKQP CPF VQ GPUWTG TGNKCDNG
QRGTCVKQP QH VJG RTQFWEV CPF VQ RTQVGEV KV HTQO QXGTJGCVKPIn CPF VJGUG QRGPKPIU OWUV PQV DG DNQEMGF
QT EQXGTGFn <JG QRGPKPIU UJQWNF PGXGT DG DNQEMGF D[ RNCEKPI VJG RTQFWEV QP C DGFn UQHCn TWIn QT
QVJGT UKOKNCT UWTHCEGp <JKU RTQFWEV UJQWNF PQV DG RNCEGF KP C DWKNV o KP KPUVCNNCVKQP UWEJ CU C DQQMECUG
QT TCEM WPNGUU RTQRGT XGPVKNCVKQP KU RTQXKFGF QT VJG OCPWHCEVWTGTjU KPUVTWEVKQPU JCXG DGGP CFJGTGF VQp
srp 8QYGT ;QWTEGU o <JKU RTQFWEV UJQWNF DG QRGTCVGF QPN[ HTQO VJG V[RG QH RQYGT UQWTEG KPFKECVGF QP VJG OCTMKPI NCDGNn
KH [QW CTG PQV UWTG QH VJG V[RG QH RQYGT UWRRN[ VQ [QWT JQOGp +QPUWNV [QWT RTQFWEV FGCNGT QT NQECN RQYGT EQORCP[p.QT
RTQFWEVU KPVGPFGF VQ QRGTCVG HTQO DCVVGT[ RQYGTn QT QVJGT UQWTEGUn
ssp /TQWPFKPI QT 8QNCTK\CVKQP o <JKU RTQFWEV OC[ DG GSWKRRGF YKVJ C RQNCTK\GF CNVGTPCVKPIoEWTTGPV NKPG RNWI kC RNWI JCXKPI
QPG DNCFG YKFGT VJCP VJG QVJGTlp <JKU RNWI YKNN HKV KPVQ VJG RQYGT QWVNGV QPN[ QPG YC[p <JKU KU C UCHGV[ HGCVWTGp 1H [QW
CTG WPCDNG VQ KPUGTV VJG RNWI HWNN[ KPVQ VJG QWVNGV VT[ TGXGTUKPI VJG RNWIn 1H VJG RNWI UJQWNF UVKNN HCKN VQ HKVn EQPVCEV [QWT
GNGEVTKEKCP VQ TGRNCEG [QWT QDUQNGVG QWVNGVp ,Q PQV FGHGCV VJG UCHGV[ RWTRQUG QH VJG RQNCTK\GF RNWIp
stp 8QYGT o +QTF 8TQVGEVKQP o 8QYGT o UWRRN[ EQTFU UJQWNF DG TQWVGF UQ VJCV VJG[ CTG PQV NKMGN[ VQ
DG YCNMGF QP QT RKPEJGF D[ KVGOU RNCEGF WRQP QT CICKPUV VJGOn RC[KPI RCTVKEWNCT CVVGPVKQP VQ
EQTFU CV RNWIUn EQPXGPKGPEG TGEGRVCENGUn CPF VJG RQKPV YJGTG VJG[ GZKV HTQO VJG RTQFWEVp
sup 4KIJVPKPI o .QT CFFGF RTQVGEVKQP HQT VJKU RTQFWEV FWTKPI C NKIJVPKPI UVQTOn QT YJGP KV KU NGHV
WPCVVGPFGF CPF WPWUGF HQT NQPI RGTKQFU QH VKOGn WPRNWI KV HTQO VJG YCNN QWVNGV CPF FKUEQPPGEV
VJG CPVGPPC QT ECDNG U[UVGOp <JKU YKNN RTGXGPV FCOCIG VQ VJG RTQFWEV FWG VQ NKIJVPKPI CPF RQYGT o NKPG UWTIGUp
svp 8QYGT 4KPGU o~P QWVUKFG CPVGPPC U[UVGO UJQWNF PQV DG NQECVGF KP VJG XKEKPKV[ QH QXGTJGCF RQYGT NKPGU QT QVJGT GNGEVTKE
NKIJV QT RQYGT EKTEWKVUn QT YJGTG KV ECP HCNN KPVQ UWEJ RQYGT NKPGU QT EKTEWKVUp ?JGP KPUVCNNKPI CP QWVUKFG CPVGPPC U[UVGOn
GZVTGOG ECTG UJQWNF DG VCMGP VQ MGGR HTQO VQWEJKPI UWEJ RQYGT NKPGU QT EKTEWKVU CU EQPVCEV YKVJ VJGO OKIJV DG HCVCNp
swp 7XGTNQCFKPI o ,Q PQV QXGTNQCF YCNN QWVNGVUn GZVGPUKQP EQTFUn QT KPVGITCN EQPXGPKGPEG TGEGRVCENGU CU VJKU ECP TGUWNV
KP C TKUM QH HKTG QT GNGEVTKE UJQEMp
sxp 7DLGEV CPF 4KSWKF -PVT[ o 6GXGT RWUJ QDLGEVU QH CP[ MKPF KPVQ VJKU RTQFWEV VJTQWIJ QRGPKPIU CU VJG[ OC[ VQWEJ
FCPIGTQWU XQNVCIG RQKPVU QT UJQTV o QWV RCTVU VJCV EQWNF TGUWNV KP C HKTG QT GNGEVTKE UJQEMp 6GXGT URKNN NKSWKF QH CP[ MKPF
QP VJG RTQFWEVp
syp ;GTXKEKPI o ,Q PQV CVVGORV VQ UGTXKEG VJKU RTQFWEV [QWTUGNH CU QRGPKPI QT TGOQXKPI EQXGTU OC[ GZRQUG [QW VQ FCPIGTQWU
XQNVCIG QT QVJGT JC\CTFUp :GHGT CNN UGTXKEKPI VQ SWCNKHKGF UGTXKEG RGTUQPPGNp
szp ,COCIG :GSWKTKPI ;GTXKEG o =PRNWI VJKU RTQFWEV HTQO VJG YCNN QWVNGV CPF TGHGT UGTXKEKPI VQ SWCNKHKGF UGTXKEG RGTUQPPGN
WPFGT VJG HQNNQYKPI EQPFKVKQPU}
Cp ?JGP VJG RQYGToUWRRN[ EQTF QT RNWI KU FCOCIGFp
Dp 1H NKSWKF JCU DGGP URKNNGFn QT QDLGEVU JCXG HCNNGP KPVQ VJG RTQFWEVp
Ep 1H VJG RTQFWEV JCU DGGP GZRQUGF VQ TCKP QT YCVGTp
Fp 1H VJG RTQFWEV FQGU PQV QRGTCVG PQTOCNN[ D[ HQNNQYKPI VJG QRGTCVKPI KPUVTWEVKQPUp~FLWUV QPN[ VJQUG EQPVTQNU VJCV
CTG EQXGTGF D[ VJG QRGTCVKPI KPUVTWEVKQPU CU CP KORTQRGT CFLWUVOGPV QH QVJGT EQPVTQNU OC[ TGUWNV KP FCOCIG CPF
YKNN QHVGP TGSWKTG GZVGPUKXG YQTM D[ C SWCNKHKGF VGEJPKEKCP VQ TGUVQTG VJG RTQFWEV VQ KVU PQTOCN QRGTCVKQPp
Gp 1H VJG RTQFWEV JCU DGGP FTQRRGF QT FCOCIGF KP CP[ YC[p
Hp ?JGP VJG RTQFWEV GZJKDKVU C FKUVKPEV EJCPIG KP RGTHQTOCPEG o VJKU KPFKECVGU C PGGF HQT UGTXKEGp
s{p :GRNCEGOGPV 8CTVU o ?JGP TGRNCEGOGPV RCTVU CTG TGSWKTGFn DG UWTG VJG UGTXKEG VGEJPKEKCP JCU WUGF TGRNCEGOGPV
RCTVU URGEKHKGF D[ VJG OCPWHCEVWTGT QT JCXG VJG UCOG EJCTCEVGTKUVKEU CU VJG QTKIKPCN RCTVp =PCWVJQTK\GF UWDUVKVWVKQPU
OC[ TGUWNV KP HKTGn GNGEVTKE UJQEMn QT QVJGT JC\CTFUp
trp ;CHGV[ +JGEM o =RQP EQORNGVKQP QH CP[ UGTXKEG QT TGRCKTU VQ VJKU RTQFWEVn
EJGEMU VQ FGVGTOKPG VJCV VJG RTQFWEV KU KP RTQRGT QRGTCVKPI EQPFKVKQPp
tsp ?CNN QT EGKNKPI 5QWPVKPI o <JG RTQFWEV UJQWNF DG OQWPVGF VQ C YCNN QT EGKNKPI QPN[ CU TGEQOOGPFGF D[ VJG OCPWHCEVWTGTp
ttp 0GCV o <JG RTQFWEV UJQWNF DG UKVWCVGF CYC[ HTQO JGCV UQWTEGU UWEJ CU TCFKCVQTUp 0GCV TGIKUVGTUn UVQXGUn QT QVJGT
RTQFWEVU kKPENWFKPI CORNKHKGTUl VJCV RTQFWEG JGCVp
K6GC>C<5 +JCPIGU QT OQFKHKECVKQPU VQ VJKU WPKV PQV GZRTGUUN[ CRRTQXGF D[ VJG RCTV[ TGURQPUKDNG HQT EQORNKCPEG EQWNF
XQKF VJG WUGT^U CWVJQTKV[ VQ QRGTCVG VJG GSWKROGPVp
CDI:5 <JKU GSWKROGPV JCU DGGP VGUVGF CPF HQWPF VQ EQORN[ YKVJ VJG NKOKVU HQT C +NCUU * FKIKVCN FGXKEGn RWTUWCPV VQ 8CTV
sw QH VJG .++ :WNGUp <JGUG NKOKVU CTG FGUKIPGF VQ RTQXKFG TGCUQPCDNG RTQVGEVKQP CICKPUV JCTOHWN KPVGTHGTGPEG KP C TGUKFGPVKCN
KPUVCNNCVKQPp <JKU GSWKROGPV IGPGTCVGUn WUGUn CPF ECP TCFKCVG TCFKQ HTGSWGPE[ GPGTI[ CPFn KH PQV KPUVCNNGF CPF WUGF KP
CEEQTFCPEG YKVJ VJG KPUVTWEVKQPUn OC[ ECWUG JCTOHWN KPVGTHGTGPEG VQ TCFKQ EQOOWPKECVKQPUp 0QYGXGTn VJGTG KU PQ IWCTCPVGG
VJCV KPVGTHGTGPEG YKNN PQV QEEWT KP C RCTVKEWNCT KPUVCNNCVKQPp 1H VJKU GSWKROGPV FQGU ECWUG JCTOHWN KPVGTGHGTGPEG VQ TCFKQ QT
VGNGXKUKQP TGEGRVKQPn YJKEJ ECP DG FGVGTOKPGF D[ VWTPKPI VJG GSWKROGPV QHH CPF QP n VJG WUGT KU GPEQWTCIGF VQ VT[ VQ EQTTGEV
VJG KPVGTHGTGPEG D[ QPG QT OQTG QH VJG HQNNQYKPI OGCUWTGU|
o :GQTKGPV QT TGNQECVG VJG TGEGKXKPI CPVGPPCp
o 1PETGCUG VJG UGRCTCVKQP DGVYGGP VJG GSWKROGPV CPF TGEGKXGTp
o +QPPGEV VJG GSWKROGPV KPVQ CP EKTEWKV FKHHGTGPV HTQO VJCV VQ YJKEJ VJG TGEGKXGT KU EQPPGEVGFp
+QPUWNV VJG FGCNGT QT CP GZRGTKGPEGF TCFKQ <> VGEJPKEKCP HQT JGNRp
o
TGHGT VQ VJG QRGTCVKPI KPUVTWEVKQPUp
~+
8QNCTK\GF 8NWI
CUM VJG UGTXKEG VGEJPKEKCP VQ RGTHQTO UCHGV[
G>H@ D; :A:8IG>8 H=D8@
9D CDI DE:C
K6GC>C<5
<7 8:->-6< .1:- 7: ;07+3 0~B~:,n ,7 67< -@87;- <01;
~8841~6+- <7 :~16 7: 571;<=:-p ,7 67< :-57>- +7>-:p
8147< 4~58; ;74,-:-, 16 84~+-p 67 =;-: ;-:>1+-~*48~:<; 16;1,-p :-.-: ;-:>1+16/ <7 9=~41.1-, ;-:>1+-
8-:;766-4p
86JI>DC
<JG NKIJVKPI HNCUJ YKVJ
CTTQYJGCF U[ODQNn YKVJKP
CP GSWKNCVGTCN VTKCPINGn KU
KPVGPFGF VQ CNGTV WUGT VQ
VJG RTGUGPEG QH WPKPUWNCVGF
hFCPIGTQWU XQNVCIGh YKVJKP
VJG RTQFWEVjU GPENQUWTG
VJCV OC[ DG QH UWHHKEKGPV
OCIPKVWFG VQ EQPUVKVWVG
TKUM QH GNGEVTKE UJQEM
VQ RGTUQPUp
+~=<176| <7 :-,=+<0- :1;3 7. -4-+<:1+
;07+3n ,7 67< :-57>+7>-: k7: *~+3lp 67
=;-: o ;-:>1+-~*48~:<; 16;1,-p :-.-:
;-:>1+16/ <7 9=~41.1-,
;-:>1+- 8-:;766-4p
H\RPVSVPN_V[Z
.TGSWGPE[ :CPIG |~5 wur o syrr 30\
| .5 zz o srz 50\
8QYGT ;WRRN[ |~+ str>]xr0\
8QYGT +QPUWORVKQP |wr?
;RGGF | uu squn vwn yz :85
;RGCMGT |u`Zw` vQJO w?Zt
:GRNCEGOGPV 6GGFNG | 68v
<JG GZENCOCVKQP RQKPV
YKVJKP CP GSWKNCVGTCN
VTKCPING KU KPVGPFGF VQ
CNGTV WUGT VQ VJG
RTGUGPEG QH KORQTVCPV
QRGTCVKPI CPF
OCKPVGPCPEG kUGTXKEKPIl
KPUVTWEVKQP KP VJG
NKVGTCVWTG CEEQORCP[KPI
VJG CRRNKCPEGp
;[] KVZQ[b^5
?KPFQYU XGTUKQP :GEQOOGPFGF :~5qRTQEGUUQT URGGF 5KPKOWO :~5qRTQEGUUQT URGGF
?KPFQYU trrrn @8 wst 5*qs /0\ stz 5*qurr 50\
?KPFQYU >KUVC 0QOG *CUKE t /* qs/0\ wst 5* qs/0\
?KPFQYU >KUVC 0QOG v /* qt/0\ s /* qs/0\
8TGOKWOq*WUKPGUUq=NVKOCVG
;[] BNP5
~WFCEKV[ spt TGSWKTGU 5~+7;@srps QT NCVGT
~WFCEKV[ TWPU DGUV YKVJ CV NGCUV xv 5* :~5 CPF C urr 50\ RTQEGUUQTp
d ,-;1/6 ~6, ;8-+1.1+~<176 ;=*2-+< <7 +0~6/- ?1<07=< 67<1+-p
t
{,1*42,
y}~1, 4- m438,387
<JCPM [QW HQT RWTEJCUKPI VJG +TQUNG[ 5GOQT[ 5CUVGT
k+:tvsu~lp *GHQTG QRGTCVKPI VJKU WPKVn RNGCUG TGCF
VJKU OCPWCN VJQTQWIJN[ CPF TGVCKP KV HQT HWVWTG
TGHGTGPEGp
k~498 y/07 t}39}1
1PUVTWEVKQPU KP VJKU OCPWCN FGUETKDG VJG EQPVTQN
HWPEVKQPU QH VJG +:tvsu~p
>ZPX`QRQ VZ _UR \NPWNTR5
5GOQT[ 5CUVGT
:GOQVG +QPVTQN
vw :85 CFCRVQT
:+~ VQ upwOO ;VGTGQ ECDNG
=;* ECDNG
;QHVYCTG FKUE
;QHVYCTG 1PUVCNNCVKQP /WKFG
<R__VZT H_N]_RQ
=PRCEMKPIppppppppppppppppppppppppppppppppp v
8QYGT ;QWTEGppppppppppppppppppppppppppp v
+QPVTQN 4QECVQTUppppppppppppppppppppppp wox
7N^VP D\R]N_V[Z
/GPGTCNpppppppppppppppppppppppppppppppppppppp y
:CFKQ 7RGTCVKQPpppppppppppppppppppppppp y
=;* 7RGTCVKQPpppppppppppppppppppppppppp y
<WTPVCDNG 7RGTCVKQPpppppppppppppppppp z
+CUUGVVG 7RGTCVKQPppppppppppppppppppp z
89 D\R]N_V[Z
8NC[KPI C +,pppppppppppppppppppppppppppp {
8TQITCOOGF 8NC[DCEMppppppppppppp {
8NC[KPI 58u +,^Uppppppppppppppppppppp sr
:GEQTFKPI TGEQTFU VQ +,pppppppppp ss
:GEQTFKPI ECUUGVVGU VQ +,ppppppp ss
-TCUKPI +,o:? +,^Uppppppppppppppp st
6`QV[ / 8[ZZRP_V[Z^
~WFKQppppppppppppppppppppppppppppppppppppppppp su
<RZR]NX
<TQWDNGUJQQVKPI /WKFGpppppppppppppp sv
?CTTCPV[pppppppppppppppppppppppppppppppppppp sw
u
q,8803. x8}68,+
JZ\NPWVZT
s
:GOQXG RCEMKPI OCVGTKCNU HTQO WPKVp
CDI:| ;CXG CNN RCEMKPI OCVGTKCNUp
t
:GOQXG RNCUVKE DCI EQXGTKPI TCFKQp
u
:GOQXG RNCUVKE UCHGV[ EQXGT HTQO ~q+ RNWIp
v
:GOQXG VKG HTQO ~q+ EQTF CPF WPVKG CPVGPPC
YKTG QP DCEM QH TCFKQp
w
7RGP NKF CPF TGOQXG UV[TQHQCO UJKRRKPI
OCVGTKCN HTQO VWTPVCDNGp
x
:GOQXG DNCEM VKGoYTCR HTQO WPFGT VJG VQPG
CTOp
y
:GOQXG VCRG CPF YJKVG RTQVGEVKXG PGGFNG EQXGT
D[ IGPVN[ RWNNKPI VJGO VQYCTFU VJG HTQPV QH VJG
WPKVp
E[bR] H[`]PR
s
=PYKPF VJG ~+ 87?-: +7:, CV VJG DCEM
QH VJG WPKV CPF EQPPGEV KV VQ C RQYGT QWVNGVp
t
8NWI ~q+ EQTF KPVQ CRRTQRTKCVG QWVNGVp
~+
8QNCTK\GF 8NWI
u
<JKU RTQFWEV KU GSWKRRGF YKVJ C RQNCTK\GF
CNVGTPCVKPI EWTTGPV NKPG RNWI kC RNWI JCXKPI QPG
DNCFG YKFGT VJCP VJG QVJGTlp <JKU RNWI YKNN HKV KPVQ
VJG RQYGT QWVNGV QPN[ QPG YC[p <JKU KU C UCHGV[
HGCVWTGn 1H [QW CTG WPCDNG VQ KPUGTV VJG RNWI HWNN[
KPVQ VJG QWVNGVn VT[ TGXGTUKPI VJG RNWIp 1H VJG RNWI
UJQWNF UVKNN HCKN VQ HKVn EQPVCEV [QW GNGEVTKEKCP VQ
TGRNCEG [QWT QDUQNGVG QWVNGVp ,Q PQV FGHGCV VJG
RWTRQUG QH VJG RQNCTK\GF RNWIp
z
<WTP VJG <=:6<~*4- ;=;8-6;176 ;+:-?
ENQEMYKUG WPVKN KV KU CNN VJG YC[ FQYPp
,Q PQV HQTEG QT QXGT VKIJVGP KVp <JKU CNNQYU VJG
VWTPVCDNG VQ HNQCV QP KVU UJQEM CDUQTDGTUp
{
:GNGCUG VQPG CTO JQNF FQYP ENKR D[ IGPVN[
RWUJKPI VQ VJG TKIJVp <JKU YKNN WPNQEM VQPG CTO
HTQO KVU CTO TGUVp :GoNQEM VJG JQNF FQYP ENKR
YJGP OQXKPI VJG WPKV VQ CPQVJGT NQECVKQPp
v