5161 - Ongei Bueno PDF

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EQPVTKDWKT CNCVQOCFGFGEKUKQPGUEQPKPHQTOCEKPGUVCFUVKECFGECNKFCF[CN
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RWDNKECEKQPGU EQP GN RTQRUKVQ FG QTKGPVCT JCEGT EQPQEGT VEPKECU
OGVQFQNQICU KPHQTOVKECU GUVPFCTGU TGEQOGPFCEKQPGU VEPKECU FKTKIKFCU CN
RGTUQPCNFGNC#FOKPKUVTCEKP2DNKEC[CNRDNKEQGPIGPGTCN
%QPUKFGTCPFQ SWG PQU GPEQPVTCOQU HTGPVG C WPC RQNVKEC FG /QFGTPK\CEKP
FGN 'UVCFQ [ WP RTQEGUQ FG FGUEGPVTCNK\CEKP GP ECOKPQ RTQEGUQU SWG PQ
GUVP FGUXKPEWNCFQU FG WP WUQ TCEKQPCN G KPVGPUKXQ FG NCU VGEPQNQICU FG
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WPC FG NCU QTICPK\CEKQPGU RCTC SWG DTKPFGP WP OGLQT UGTXKEKQ C NQU
EKWFCFCPQUUGJCRTGRCTCFQGNRTGUGPVGFQEWOGPVQ
'UVG FQEWOGPVQ GPHQEC GN VGOC FG EOQ FGDGP UGT GUVQU CIGPVGU FG ECODKQ
SWG GP NCU GUVTWEVWTCU QTICPK\CEKQPCNGU UQP FGPQOKPCFQU )GTGPVGU FG
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CNECP\CTRCTCEQPFWEKTGHKEC\[GHKEKGPVGOGPVGNCIGTGPEKCFGNCUVGEPQNQICUFG
KPHQTOCEKP[EQORTGPFGTSWG[CPQUQPOUUNQNQUGPECTICFQUFGRTQEGUCT
NC KPHQTOCEKP XGT GN UQHVYCTG JCTFYCTG UKPQ SWG KPVGTXKGPGP GP NC VQOC FG
FGEKUKQPGUFGNCQTICPK\CEKP[EQPQEGPDKGPNCQTICPK\CEKP
2CTC NC GNCDQTCEKP FG GUVG FQEWOGPVQ PQU JGOQU DCUCFQ GP WPC UGTKG FG
DKDNKQITCHC GZKUVGPVG UQDTG ECFC WPQ FG NQU VGOCU VTCVCFQU [ JCP UKFQ
QTICPK\CFQUGPUGKUECRVWNQUGPGN%CRVWNQ+UGTGCNK\CNCKPVTQFWEEKPCNVGOC
[GPGN%CRVWNQ++UGRTGUGPVCNCUKVWCEKPCEVWCNFGNCUIGTGPEKCUFGUKUVGOCU
EQOQ FGHKPGP UW XKUKP [ OKUKP GP GN SWG RTGFQOKPC GN EQORQPGPVG
VGEPQNIKEQ CU EQOQ NC WDKECEKP FG GUVCU GP NCU FKXGTUCU GUVTWEVWTCU
QTICPK\CEKQPCNGU
'P GN %CRVWNQ +++ UG VTCVC UQDTG EQOQ FGDGTCP UGT NQU IGTGPVGU FG UKUVGOCU
SWG ECTCEVGTUVKECU FGDGTCP VGPGT [ SWG EWCNKFCFGU RGTUQPCNGU SWG FGDGP
VGPGT
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NC KORQTVCPEKC FG NC KPVGNKIGPEKC GOQEKQPCN HTGPVG C NC KPVGNKIGPEKC
EQIPQUEKVKXC
'N %CRVWNQ 8 TGUWOG NQU QEJQ TQNGU SWG FGDG EWORNKT WP DWGP IGTGPVG FG
UKUVGOCU[GPECFCWPQFGGNNQUNCUEQORGVGPEKCURCTCECFCTQN
'P GN %CRVWNQ 8+ UG TGUWOG CNIWPCU DWGPCU RTEVKECU QTKGPVCFCU C CRQ[CT GN
VTCDCLQ FGN IGTGPVG FG UKUVGOCU [ CNIWPCU VEPKECU SWG UQP CRNKECFCU GP GN
UGEVQTRTKXCFQEQPZKVQEQOQUQPNCTGKPIGPKGTCFGRTQEGUQUOGLQTCOKGPVQ
FGRTQEGUQUQWVUQWTEKPINCGHKECEKCFGNQUUGTXKEKQU[EWKFCFQFGNCUCNWFFG
NQUVTCDCLCFQTGU
'N +0'+ EQP GUVG FQEWOGPVQ GURGTC EQPVTKDWKT EQP GN IGTGPVGU FG KPHQTOVKEC
SWG FGDGP KPEQTRQTCT NCU 6GEPQNQICU FG +PHQTOCEKP RCTC DTKPFCT WP OGLQT
UGTXKEKQCNQUEKWFCFCPQUNQUFCUFGNCQNCUJQTCUFGNFC[RGTOKVKTGN
CEEGUQCNCKPHQTOCEKPFGUFGEWCNSWKGTNWICT
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%CTCEVGTUVKECUFGNQU)GTGPVGUFG5KUVGOCU

%QOQFGDGPUGTNQU)GTGPVGUFG5KUVGOCU
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%QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPK\CEKP
&GUVTG\CUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN
%CRCEKFCFFG)GTGPEKCT
&GUVTG\CURCTC%QOWPKECTGPHQTOCGHGEVKXC
*CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU
%QPQEKOKGPVQ[GZRGTKGPEKCFGNCQTICPK\CEKP
'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN
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2TKOGTJDKVQ5GTRTQCEVKXQ
5GIWPFQJDKVQ%QOGP\CTEQPWPHKPGPNCOGPVG
6GTEGTJDKVQ2TKOGTQNQRTKOGTQ
%WCTVQJDKVQ2KGPUGGPICPCTICPCT
3WKPVQJDKVQ2TQEWTGEQORTGPFGT[NWGIQUGTEQORTGPFKFQ
5GZVQJDKVQ5KPGTIKEG
5RVKOQJDKVQ#HKNGNCUKGTTC
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3WGU[RQTSWGUKORQTVCPVGNCKPVGNKIGPEKCGOQEKQPCN!
.QUQEJQTQNGUFGWPDWGP)GTGPVGFG5KUVGOCU
4QNFGNEQQTFKPCFQT

4QNFGN/QPKVQT
4QNFGN/GPVQT
4QNFGN(CEKNKVCFQT
4QNFGN+PPQXCFQT
4QNFGNDTQMGT
4QNFGN&KTGEVQT
4QNFGNRTQFWEVQT

2TQEGUQUFGTGKPIGPKGTC
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'P GN RCU GN SWG NKFGTC NC IGUVKP FG NQU TGEWTUQU KPHQTOVKEQU C PKXGN FG NCU
QTICPK\CEKQPGU RDNKECU [ RTKXCFCU TGEKDG FKHGTGPVGU FGPQOKPCEKQPGU ,GHG FG
KPHQTOVKEC &KTGEVQT FG +PHQTOVKEC ,GHG FG 1TICPK\CEKP [Q OVQFQU G
+PHQTOVKEC &KTGEVQTC 6EPKEC FG NC QHKEKPC 6EPKECFG+PHQTOVKEC&KTGEVQT FG
'UVCFUVKECG+PHQTOVKECGPVTGQVTCU&GKIWCNOCPGTCGNPQODTGFGNCUTGCUGP
NCUSWGUGWDKECPTGEKDGPFKHGTGPVGUFGPQOKPCEKQPGURCTCGNRTGUGPVGFQEWOGPVQ
PQUTGHGTKTGOQUEQOQ)GTGPVGFG5KUVGOCU
'P TGNCEKP CN NWICT SWG QEWRCP GP NC GUVTWEVWTC LGTTSWKEC NC )GTGPEKC FG
5KUVGOCU GUV WDKECFC GP FKHGTGPVGU PKXGNGU GP CNIWPQU ECUQU EQOQ TGC FG
CRQ[Q GP QVTQU ECUQU FGRGPFGP FGN TGC FG #FOKPKUVTCEKP Q FGRGPFGP
FKTGEVCOGPVGFGNOZKOQPKXGNQ,GHCVWTC
'PEWCPVQUGTGHKGTGCNPOGTQFGRGTUQPCNCUWECTIQRCTCEWORNKTEQPUWOKUKP
UVCFGRGPFGTFGNCEQORNGLKFCFFGNCQTICPK\CEKP[GNPOGTQFGRTQ[GEVQU
RWGFGVGPGTFGUFGJCUVCWPITCPPOGTQFGEQNCDQTCFQTGU
.QURTQHGUKQPCNGUGURGEKCNKUVCUGPVGEPQNQICUFGKPHQTOCEKP[EQOWPKECEKQPGU
EQPECTEVGTFGPQODTCFQQFGPRNCPVCQ GPNCUQTICPK\CEKQPGURDNKECUUQPOW[
RQEQU GP UW ITCP OC[QTC NCU KPUVKVWEKQPGU EQPVTCVCP RGTUQPCN RCTC RTQ[GEVQU
GURGEHKEQU/WEJQUGURGEKCNKUVCULXGPGUUGKPKEKCPGPNCCEVKXKFCFRDNKECNWGIQ
FG JCDGT CFSWKTKFQ EKGTVC GZRGTKGPEKC UG KPEQTRQTCP EQP HCEKNKFCF GP GN UGEVQT
RTKXCFQRQTSWGNQUUWGNFQUUQPOUCVTCEVKXQU[RQTSWGNGUQHTGEGPFGUCTTQNNQ
RTQHGUKQPCN[ENKOCQTICPK\CEKQPCN
&GGUVCTGCNKFCFFGRGPFGNCIGUVKPFGNQUTGEWTUQUKPHQTOVKEQUTC\PRQTNCSWG
GN TGURQPUCDNG FG IGUVKQPCT NCU 6GEPQNQICU FG +PHQTOCEKP [ %QOWPKECEKQPGU
6+%UGPWPCQTICPK\CEKPRDNKECQRTKXCFCFGDGFGVGPGTEKGTVCUECTCEVGTUVKECU
JCDKNKFCFGU[FGUVTG\CUEQPQEKOKGPVQU[CUWOKTWPPWGXQTQNRTQVCIPKEQ
'N KPETGOGPVQ XGTVKIKPQUQ FG NCU VGEPQNQICU FG KPHQTOCEKP [ EQOWPKECEKQPGU

GUVCECODKCPFQNCHQTOCFGJCEGTNCUEQUCUGNVTCDCLQPGIQEKQUGPVTGVGPKOKGPVQ
RQTNQSWGNQU)GTGPVGUFG5KUVGOCUPQRWGFGPVTCDCLCTGPEGTTCFQUFGVTUFGWPC
ECLC FG ETKUVCN LWPVQ C NCU ITCPFGU OCKPHTCOGU [ OKPKEQORWVCFQTCU [ UGIWKT
UKGPFQEQPUKFGTCFQUNQUSWGGLGEWVCPCEEKQPGURTQEGUCPFQFCVQU[CTTGINCPFQNCU
EQORWVCFQTCU[GZKIKGPFQSWGUGCPGZRGTVQUGPGNOCPGLQFGUQHVYCTGUKPVGPGT
RCTVKEKRCEKPGPNCUFGEKUKQPGUGUVTCVIKECUSWGVQOCPUWUQTICPK\CEKQPGU
*Q[GPFCNCHWPEKPFGN)GTGPVGFG5KUVGOCUPQGUOUUQNQGUEQIGTGNOGLQT
EQORWVCFQT UQHVYCTG KORTGUQTC [ CFGOU UCDGT FGVGEPQNQIC UKPQ VGPGT NCU
+PUVKVWVQ0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC
JCDKNKFCFGURCTCCUWOKTGNNKFGTC\IQGP6+%UGPNCQTICPK\CEKP[NCKPVGTTGNCEKP
GHGEVKXC EQP UW CODKGPVG /U CFGNCPVG RQFGOQU QDUGTXCT EQOQ CNIWPCU
QTICPK\CEKQPGU CN FGHKPKT NC XKUKP [ OKUKP FG NC )GTGPEKC FG 5KUVGOCU PQU
RGTOKVGCHKTOCTSWGGNEQORQPGPVGVGEPQNIKEQGURTGFQOKPCPVG
'N )GTGPVG FG 5KUVGOCU GU SWKGP FGDG NNGICT[EQPXGPEGTCNPOGTQWPQFGNC
QTICPK\CEKP
IGTGPVG )GPGTCN /KPKUVTQ Q ,GHG KPUVKVWEKQPCN EQP UQNWEKQPGU
KPPQXCFQTCU [ JCEGT SWG XKUKQPGP LWPVQ EQP GN WPC QTICPK\CEKP KPVGITCFC C
VTCXU FGN WUQ FG NC KPHQTOCEKP KFGPVKHKECPFQ EWCNGU UQP NCU QRQTVWPKFCFGU
VGEPQNIKECUSWGRWGFGJCEGTRCTCOGLQTCTNCEQORGVKVKXKFCFFGNCQTICPK\CEKP
GUFGEKTUGTGNXGTFCFGTQCIGPVGFGECODKQFGNCQTICPK\CEK P
'UVQKORNKECSWGGN)GTGPVGFG5KUVGOCUFGDCVGPGTWPCOKZVWTCFGEQPQEGTNC
VGEPQNQIC [ GP GURGEKCN UGT WP JQODTG FG PGIQEKQU [ EWCPFQ JCDNCOQU FG
PGIQEKQU PQ UNQ JCDNCOQU FG NCU GORTGUC RTKXCFCU UKPQ VCODKP FG NCU
KPUVKVWEKQPGUFGN'UVCFQGPGNSWGUGFGDGQRVKOK\CTGNWUQFGNQUGUECUQUTGEWTUQU
FGN 'UVCFQ EQPXKTVKPFQUG GP GN UQRQTVG DUKEQ FG NC VGEPQNQIC GZKUVGPVG GP NC
QTICPK\CEKP [ RQT QVTQ NCFQ C[WFCPFQ C GNGIKT NC VGEPQNQIC SWG TGSWKGTG UW
QTICPK\CEKP [ C TGEQPQEGT NC KPHQTOCEKP EQOQ GN RTKPEKRCN CEVKXQ FG NC
QTICPK\CEKP
6TCFKEKQPCNOGPVG NQU GURGEKCNKUVCU GP VGEPQNQIC TGRQTVCDCP C RQUKEKQPGU

KPVGTOGFKCUFGNCUQTICPK\CEKQPGU[PQHQTOCDCPRCTVGFGNQUPKXGNGUFGFGEKUKP
GPGUVQUVKGORQUGN)GTGPVGFG5KUVGOCUFGDGEQORTGPFGTRGTHGEVCOGPVGGNIKTQ
FGNPGIQEKQFGUWQTICPK\CEKPRCTCSWGRWGFCFGUGORGCTWPDWGPTQN'URQT
GNNQ NC KORQTVCPEKC SWG NC LGTCTSWK\CEKP FGN ECTIQ RCTC SWG UG GPEWGPVTG OU
RTZKOQCN,GHGQ)GTGPVG)GPGTCN
'NPWGXQ)GTGPVGFG5KUVGOCU 'ZKUVGTGCNOGPVGGNRGTHKNKFGCN!
.CU VGPUKQPGU [ TGSWGTKOKGPVQU C SWG GUV UWLGVQ GN IGTGPVG FG 5KUVGOCU GP NC
CEVWCNKFCFRCTCJCEGTNCUEQUCUDKGPUQPUQHKUVKECFCU[GZKIGPVGUFGDGEQPQEGT
NCVGEPQNQIC[OCPVGPGTUGCNFCGPGNNCCRGUCTFGNQUXGTVKIKPQUQUECODKQUGP
GUG ODKVQ FGDG UCDGT GZRNKECT [PXGPFGTQ C UWU RCTGU GP NC QTICPK\CEKP NQU
DGPGHKEKQUFGNQURTQ[GEVQUVGEPQNIKEQURGTQGPWPNGPIWCLGSWGNQUWUWCTKQUNQ
GPVKGPFCP FGDG UGNGEEKQPCT [ TGVGPGT RTQHGUKQPCNGU ECFC XG\ OU FKHEKNGU FG
GPEQPVTCT[EQPRGTUQPCNKFCFGUECFCXG\OUPFGNKECFCUQFGDGUCDGTPCXGICTGP
NC RQNVKEC KPVGTPC FG NC QTICPK\CEKP UKP UWHTKT OC[QTGU PFCQUQ FGDG UCDGT
UGNGEEKQPCT[EQPVTCVCTDWGPQURTQXGGFQTGUFGUGTXKEKQUECFCXG\OUFKHEKNGUFG
GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG
UCDGT CFOKPKUVTCT [ FKTKIKT RTQ[GEVQU FG KORNGOGPVCEKP VGEPQNIKEC OWEJCU
XGEGUFGITCPGPXGTICFWTC
+PUVKVWVQ 0CEKQPCNFG'UVCFUVKECG+PHQTOVKEC
'ZKUVG TGCNOGPVG GUVG PUWRGTOCPQ! %OQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTC
GUVGFGUCHQ!
'U KORQTVCPVG TGEQPQEGT SWG GN )GTGPVG FG 5KUVGOCU UG JCEG [PQPCEG[RCTC
GPHTGPVCT OGLQT NQU FGUCHQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQ
QTICPK\CEKQPCNEQOQVGEPQNIKECJC[SWGCRQ[CTUGGPOGVQFQNQICUEQPEGRVQU
[FGUVTG\CUSWGGUVPCUWCNECPEG'NQDLGVKXQRTKPEKRCNFGGUVCIWCGUDTKPFCTWP
EQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG
5KUVGOCU
)WCFGDWGPCURTEVKECUFGNQU)GTGPVGUFG5KUVGOCU

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CEVKXKFCFGU SWG VKGPFCP C GNGXCT NC ECRCEKFCF VEPKEC NQU EQPQEKOKGPVQU [ NCU
FGUVTG\CU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG
TGURQPUCDKNKFCF ETGEKGPVG .C HQTOCEKP RGTOCPGPVG GU WPC XC RCTC FGUCTTQNNCT
TGEWTUQU JWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC
NQUECTIQUSWGFGUGORGCP
0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTCRGTQSWGRCUCUK
PQGZKUVGGUVCRQNVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWUVCNGUQUKORNGOGPVGPQ
GZKUVGKPVGTUFGCODCURCTVGU!
'PVQPEGU UG TGSWKGTG GLGEWVKXQU SWG RTQOWGXCP NQU RTKPEKRKQU DUKEQU FG WP
XGTFCFGTQ RTQEGUQ FG OQFGTPK\CEKP OGFKCPVG NC KPEQTRQTCEKP FG NCU
6GEPQNQICUFG+PHQTOCEKP[%QOWPKECEKQPGURCTCNQITCT
7PCIGUVKPRDNKECGHKEKGPVG[GHKEC\
.QU GLGEWVKXQU TGNCEKQPCFQU EQP NC DWGPC HG EGNGTKFCF GEQPQOC GHKEKGPEKC [
GHKECEKCCRQ[CPNCDUSWGFCFGNCTCEKQPCNKFCFGPGNWUQFGNQUTGEWTUQURDNKEQU
[ GN EWORNKOKGPVQ FG NCU HKPCNKFCFGU FG ECFC GPVKFCF[FGNCCFOKPKUVTCEKPGP
IGPGTCN
3WGUGUKGPVCPEQORTQOGVKFQUEQPNCIGUVKPRDNKECQTKGPVCFCCTGUWNVCFQUEQP
GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU 'UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC
RTGUVCEKP FGN UGTXKEKQ FKURWGUVQU C CIKNK\CT NQU RTQEGUQU VTOKVGU [
RTQEGFKOKGPVQU C TGEQPQEGT NC KORQTVCPEKC FG NC KPHQTOCEKP QRQTVWPC RCTC NC
VQOCFGFGEKUKQPGU
.C IGUVKP RDNKEC GHKEKGPVG FGOCPFC CFGOU GN HQTVCNGEKOKGPVQ FG NQU
EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURDNKEQURCTCSWG
EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC
U &GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ
U 4CEKQPCNK\CTVTOKVGUOVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ
U (QTVCNGEGTNQUUKUVGOCUFGKPHQTOCEKPRCTCNCVQOCFGFGEKUKQPGU
U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ
U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ

'P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU

SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTC OGLQTCOKGPVQ FG RTQEGUQU
KORNGOGPVCTOVQFQU RCTCOGFKTNCECNKFCFFGNQUUGTXKEKQU[RTQFWEVQUSWGUG
QHTGEGPVCPVQCPKXGNKPVGTPQEQOQGZVGTPQFGNCKPUVKVWEKP
7PCIGUVKPRDNKECVTCPURCTGPVG
'PNCTGNCEKPGPVTGNQUEKWFCFCPQU[NCURGTUQPCUCNUGTXKEKQFGN'UVCFQUG RWGFG
IGPGTCT EQTTWREKP EWCPFQ GP DGPGHKEKQ RTQRKQ UG KIPQTCP Q VTCKEKQPCP NQU
RTKPEKRKQU FG KIWCNFCF OQTCNKFCF KORCTEKCNKFCF RWDNKEKFCF TGURQPUCDKNKFCF [
VTCPURCTGPEKC SWG FGDGP TGIKT GP NC HWPEKP CFOKPKUVTCVKXC C VTCXU FGN EWCN UG
UCVKUHCEG GN KPVGTU IGPGTCN %NCTQ GUV SWG GN )GTGPVG FG 5KUVGOCU PQ RQFT
UQNWEKQPCTGNRTQDNGOCFGVKECFGNQUHWPEKQPCTKQURGTQUKEQPVTKDWKTOGFKCPVG
NC KORNGOGPVCEKP FG UQNWEKQPGU RCTC RTQRKEKCT NC VTCPURCTGPEKC C VTCXU FG
UKUVGOCUGPNPGCGKORNCPVCEKP FGUGTXKEKQUFGECTCCNEKWFCFCPQRTQOQXKGPFQ
WPEFKIQFGVKECEQOQUGTXKFQTGUPVGITQU
)GUVKPKPVGITCN[OGLQTCOKGPVQFGRTQEGUQU
'NUGTXKFQTRDNKEQFGDGRTQRKEKCTWPCEWNVWTCFGIGUVKPSWGUWRGTGGNRCTCFKIOC
DWTQETVKEQDCUCFQGPGNHQTOCNKUOQNCTKIKFG\NCHTCIOGPVCEKP[UWDQTFKPCEKP
RCTC NC VQOC FG FGEKUKQPGU [ SWG RQUKDKNKVG NC CFCRVCEKP CN ECODKQ [ GN
OGLQTCOKGPVQ RGTOCPGPVG FG NQU RTQEGUQU [ FG NQU UGTXKEKQU SWG RTGUVC NC
GPVKFCF
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RCTCFKIOCU [ GPHQSWG FG NC CFOKPKUVTCEKP QTKGPVCFC C RTQEGUQU [ PQ C
GUVTWEVWTCU 2CTC NQ EWCN VGPFT SWG FGUCTTQNNCT WP EQPLWPVQ FG GXGPVQU [
JCDKNKVCTNQU RCTC GN CPNKUKU [ OGLQTCOKGPVQ FG RTQEGUQU CFOKPKUVTCVKXQU [
VEPKEQUNQEWCNGZKIGEQPQEGTNCQTICPK\CEKPOCPGLCTVEPKECU[OGVQFQNQICU
SWGRGTOKVCPKFGPVKHKECTFGHKEKGPEKCUGPNCRTGUVCEKPFGNQUUGTXKEKQU[RTQRQPGT
CNVGTPCVKXCUFGOGLQTCOKGPVQ
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FG OCPGTC SWG UG VTCUHQTOGP NCU TGNCEKQPGU [ RTEVKECU EQVKFKCPCU GPVTG NQU
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PGEGUKFCF FG KPEQTRQTCT WPC UGTKG FG OVQFQU [ RTQEGFKOKGPVQU QTKGPVCFQU CN
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VGTEGTQU OGFKCPVG QWVUQWTEKPI CRTGPFGT FG GZRGTKGPEKCU GZKVQUCU FG

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GURGTUQPCNPQODTCFQ[EQPVTCVCFQNQUEWCNGUCUWXG\UGFKUVTKDW[GPFGNC
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EQPVTCVCFQU CPCNKUVCU UQP PQODTCFQU [ UQP EQPVTCVCFQU
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2DNKEC GP GN SWG CFSWKGTGP EKGTVC GZRGTKGPEKC [ NWGIQ UCNGP GP DUSWGFC FG
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# PKXGN FGUEGPVTCNK\CFQ GZKUVG GUECUG\ FG RTQHGUKQPCNGU GP VGEPQNQICU FG

KPHQTOCEKPEQOQGUGNECUQFGNQU IQDKGTPQUNQECNGU [EQOQTGUWNVCFQGNDCLQ
FGUCTTQNNQKPHQTOVKEQGPNCSWGUVCUUGGPEWGPVTCPTC\PRQTNCSWGHTGPVGCWP
RTQEGUQ FG FGUEGPVTCNK\CEKP NQU NKFGTGU FG NCU FKHGTGPVGU QTICPK\CEKQPGU
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XGPVCLCU SWG QHTGEG NCU 6GEPQNQICU FG KPHQTOCEKP GP CRQ[Q FG UW IGUVKP [
EQOQ NCU )GTGPEKCU FG 5KUVGOCU FGDGP TGURQPFGT C NQU PWGXQU TGVQU RCTC NC
KPVGTEQPGZKP GKPVGITCEKPFGNQUUKUVGOCUFGN'UVCFQ
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GURGEKCNOGPVG GP NCU
RTQXKPEKCU PQ GUV CEVWCNK\CFQ GP PWGXCU VGEPQNQICU FG KPHQTOCEKP [ GP
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RTQITCOCUFGCEVWCNK\CEKPRTQHGUKQPCN
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WP TGC VEPKEC CN UGT GP UW ITCP OC[QTC FGPQOKPCFQ PRWGUVQ FG EQPHKCP\CQ
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NC ECTTGTC RDNKEC GUVC UKVWCEKP OGLQTG FCPFQ OC[QT GUVCDKNKFCF C NCU TGCU
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CIGPVGFGECODKQGPUWQTICPK\CEKP[FGWPVTCDCLQEQQTFKPCFQEQPNCUFGOU
QTICPK\CEKQPGURCTCCVGPFGTPGEGUKFCFGUEQOWPGU
7PFCVQSWGGUKORQTVCPVGEQOGPVCTGUSWGUGIPNC+8'04+#2GNFGNQU
VTCDCLCFQTGU FG NCU GPVKFCFGU RDNKECU VKGPGP CEEGUQ C +PVGTPGV GUVQ UG RWGFG
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KPUVKVWEKQPGUCUWUVTCDCLCFQTGUGUWPCURGEVQCUGTCDQTFCFQEQPGNQDLGVKXQFG
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CNIWPCU FG NCU HQTVCNG\CU FGDKNKFCFGU [ COGPC\CU GP VQTPQ C NQU TGEWTUQU
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TGNCEKPCNOGTECFQ
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KORNGOGPVCTOQFGTPQU
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FKURQUKEKQPGURQNVKECU
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FGNCVGEPQNQIC
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EQPNCKPUVKVWEKP
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2GTUQPCNECNKHKECFQ
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GZRGTKGPEKC
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1HKEKPCFG+PHQTOVKEC
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EQPVTCVCTRGTUQPCN
CFKEKQPCNRCTCEWORNKT
GPHQTOCQRQTVWPCNCU
PGEGUKFCFGUFG
CWVQOCVK\CEKPFG
RTQEGUQUPQ
EQPUKFGTCFQUGPGN
2NCPQRGTCVKXQ
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'P TGUWOGP RQFGOQU QDUGTXCT SWG GZKUVG WPC HQTVCNG\C EQOP GP NQU TGEWTUQU
EQPNQU SWGEWGPVCPNCU)GTGPEKCUFG+PHQTOVKECNCKFGPVKHKECEKPFGNRGTUQPCN
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EQPVCTEQPOCUTGEWTUQUWPCCNVCTQVCEKPFGRGTUQPCN[GUECUCQRQTVWPKFCFFG
2CTCXGTEQOQUGEQPEKDGCEVWCNOGPVGNCU)GTGPEKCUFG5KUVGOCUUGJCVQOCFQFG
NQU RNCPGU QRGTCVKXQU [ VTCPUETKVQ EQOQ FGHKPGP NC OKUKP [ NC XKUKP GP NC
#FOKPKUVTCEKP2DNKECSWGUGFGUETKDGCEQPVKPWCEKP
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XKUKP

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FG KPHQTOVKEC [ UQRQTVG VEPKEQ FG CNVC
ECNKFCF SWG C[WFGP C NC KPUVKVWEKP C
RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [
VTCPURCTGPEKCGPNCIGUVKPRDNKECQ
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WPKFCFGU QTIPKECU NCU VGEPQNQICU FG
KPHQTOCEKP NQU TGEWTUQU JWOCPQU [ NCU
JGTTCOKGPVCU OGVQFQNIKECU SWG NGU
RGTOKVKTP
EWORNKT
NC
OKUKP
KPUVKVWEKQPCNQ
;EQOQ8KUKP
PDTKPFCTNCUJGTTCOKGPVCUVEPKECU
SWGRGTOKVGPQRVKOK\CTGN
HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN
FG%QPVTQNGPDCUGCNCQRQTVWPKFCF
[OQFGTPKFCFQ
P EQPUKFGTCP SWG GN FGUCHQ FG NQU
NKFGTGU KPHQTOVKEQU SWG IGTGPEKCP NC
KPHQTOCEKP GU RWGU GPEQPVTCT
JGTTCOKGPVCU VGEPQNIKECU IGPGTCT
KFGCU KPPQXCFQTCU [ RTQOQXGT
CEVKVWFGU RTQCEVKXCU FG NQU CIGPVGU
RTQVCIPKEQUFGNQUITCPFGUECODKQUQ
P .CRNCPKHKECEKPQTICPK\CEKP[GLGEWEKP P.C )GTGPEKC FG +PHQTOVKEC GU ECRC\
FG NCU CEVKXKFCFGU XKPEWNCFCU EQP NCU FG WVKNK\CT NC VGEPQNQIC FG WNVKOC
VGEPQNQICU [ UKUVGOCU FG KPHQTOCEKP UG IGPGTCEKP RCTC RTQRQTEKQPCT GN
GPECTIC FG RTQ[GEVQU KPHQTOVKEQU [ FG NCU EORWVQFGTGUWNVCFQUFGNQURTQEGUQU
QRGTCEKQPGU PGEGUCTKCU RCTC NNGXCT CECDQ GNGEVQTCNGU GP HQTOC GHKEKGPVG EQPHKC
FKEJQU RTQ[GEVQU CFOKPKUVTC NC RNCVCHQTOC DNG[QRQTVWPCIGPGTCPFQEQPHKCP\C[
VGEPQNIKEC FG NC KPUVKVWEKP DTKPFC UGTXKEKQU VTCPURCTGPEKC GP NC EKWFCFCPC #U
KPHQTOVKEQU [ GN UQRQTVG EQTTGURQPFKGPVGFG OKUOQ CFOKPKUVTC VQFQU NQU TGEWTUQU
VQFQU NCU CEVKXKFCFGU CFOKPKUVTCVKXCU [ KPHQTOVKEQU [ RTQRQPG [ GLGEWVC NQU
EQVKFKCPCU FG NC KPUVKVWEKP ICTCPVK\CPFQ GN RTQ[GEVQUSWGUKORNKHKECPNQURTQEGUQU
TGURGVQCNCXQNWPVCFFGNGNGEVQT[NQUXCNQTGUCFOKPKUVTCVKXQUFGRNCPGCOKGPVQ[FG
FGNKORKG\CVTCPURCTGPEKC[JQPGUVKFCFQ
GXCNWCEKP FG IGUVKP KPUVKVWEKQPCN
SWG KFGPVKHKECP C NC KPUVKVWEKP EQOQ
WPCFGNCUOUGHKEKGPVGU[OQFGTPCUQ
'P QVTC KPUVKVWEKP EWGPVCP EQP GN 'UVC KPUVKVWEKP CFGOU FGHKPG UW
&GRCTVCOGPVQFG&GUCTTQNNQ[/CPVGPKOKGPVQ XKUKPP EQOQ WPQTICPKUOQNFGTGP
FG5KUVGOCUEW[COKUKPGUP CRQTVCTCNNQITQ 6GEPQNQICU FG +PHQTOCEKP [ GN WUQ
FG NQU QDLGVKXQU [ OGVCU FG NC KPUVKVWEKP C OCUKXQ FG NCU 6GEPQNQICU FG
VTCXU FG NC CFQREKP FG PWGXCU VGEPQNQICU KPHQTOCEKP GP GN %QPITGUQ FG NC
KPHQTOVKECU GN FGUCTTQNNQ FG UKUVGOCU FG 4GRDNKECQ
KPHQTOCEKP [ NC KORNGOGPVCEKP FG PWGXCU
JGTTCOKGPVCU[UGTXKEKQUKPHQTOVKEQURCTCNQU
TICPQU RCTNCOGPVCTKQU [ RCTC NCU WPKFCFGU
FGN5GTXKEKQRCTNCOGPVCTKQFGNIQDKGTPQQ
'P GN %QPUGLQ 0CEKQPCN FG NC /CIKUVTCVWTC P+PEQTRQTCT GP NC GUVTWEVWTC FGN
FGHKPGP UW OKUKP PCRQ[CT NC )GUVKP +PUVKVW %QPUGLQ WPC QHKEKPC FG +PHQTOVKEC
EKQPCN CWVQOCVK\CPFQ NC KPHQTOCEKP EQP HWPEKQPGU FGHKPKFCU TGEWTUQU
TGNCEKQPCFC EQP NQU RTQEGUQU FG UGNGEEKP [ JWOCPQU ECNKHKECFQU [ RTQXKUVC FG
PQODTCOKGPVQ TCVKHKECEKP [ FGUVKVWEKP FG GSWKRQU OQFGTPQU
*CTFYCTG EQP
LWGEGU [ HKUECNGU CU EQOQ NCU FG ECTEVGT UQHVYCTG CFGEWCFQ C NCU PGEGUKFCFGU
CFOKPKUVTCVKXQ HWPEKQPCN 6CODKP GU GN FG FGNCQTICPK\CEKPQ
UGTXKT FG UQRQTVG VEPKEQ [ FG ECRCEKVCEKP CN
RGTUQPCN FG NC KPUVKVWEKP RCTC GN CFGEWCFQ
HWPEKQPCOKGPVQFGNQUCRNKECVKXQUKPHQTOVKEQUQ


&GHKPGPEQOQ/KUKP
;EQOQ8KUKP
P'U WP FGRCTVCOGPVQ EW[C IGUVKP GUVC P'N FGRCTVCOGPVQ FG KPHQTOVKEC
QTKGPVCFC C EQPVTKDWKT GP GN WUQ FG NCU OCPVKGPG UW NKFGTC\IQ RQT NC
6GEPQNQICU OQFGTPCU FG +PHQTOCEKP GP GZEGNGPEKC FG UWU UGTXKEKQU [
CRQ[QCNQUQDLGVKXQUKPUVKVWEKQPCNGUQ
UQUVGPKFCKPPQXCEKP6GEPQNIKECQ
.C )GTGPEKC FG +PHQTOVKEC FG WPC GORTGUC P5GT NFGT GP CUGUQTC [ EQPUWNVQTC
FG UGTXKEKQU FGHKPG UW OKUKP EQOQPDTKPFCT KPHQTOVKEC FG GORTGUCUFG 5GTXKEKQU
UGTXKEKQU KPHQTOVKEQU EQP UQNWEKQPGU 2DNKEQUCPKXGN0CEKQPCNCNQ
KPVGITCNGUWVKNK\CPFQNCOGLQTVGEPQNQICRCTC
UCVKUHCEGT EQORGVKVKXCOGPVG NCU PGEGUKFCFGU
FG PWGUVTQU ENKGPVGU GP GN OCPGLQ FG NC
KPHQTOCEKPQ
P.C )GTGPEKC FG 5KUVGOCU GU GN TICPQ P'U NC VCTGC FG NC )GTGPEKC FG
GPECTICFQ FG RNCPKHKECT QTICPK\CT FKTKIKT [ 5KUVGOCU GN CRQ[CT [ RTQRKEKCT NC
GXCNWCT NC CRNKECEKP TCEKQPCN FG NCU OQFGTPK\CEKPKPUVKVWEKQPCNOGFKCPVG
VGEPQNQICU FG KPHQTOCEKP XKIGPVGU GP NC GN WUQ [ CRNKECEKP TCEKQPCN FG NCU
KPUVKVWEKP 5W OKUKP +ORNKEC GN CFGEWCFQ 6GEPQNQICUFGKPHQTOCEKPXKIGPVGU
WUQ [ CRTQXGEJCOKGPVQ FG NQU TGEWTUQU 0WGUVTC XKUKP EQPVGORNC GN
KPHQTOVKEQU RCTC NC QRVKOK\CEKP FG NCU FGUCTTQNNCT
CEEKQPGU
RCTC
NC
CEVKXKFCFGU UGTXKEKQU QRVKOK\CEKP FG QRVKOK\CEKP EQPVKPWC FG NQU
RTQEGUQU [ QDVGPEKP TRKFC FG KPHQTOCEKP RTQEGUQU [ RTQEGFKOKGPVQU FG NC
RCTC NC VQOC FG FGEKUKQPGU FG NCU FGOU KPUVKVWEKP CU EQOQ RTQRWIPCT RQT
IGTGPEKCU
OGFKCPVG
GN
FGUCTTQNNQ GN FGUCTTQNNQ [ GORNGQ FG
KORNCPVCEKP [ UWRGTXKUKP FGN EQTTGEVQ CRNKECEKQPGU C ECRCU [ GN WUQ
HWPEKQPCOKGPVQ FG NQU UKUVGOCU [ KPVGPUKXQ FG EQTTGQ GNGEVTPKEQ KPVTC
EQOWPKECEKQPGUQ
[GZVTCKPUVKVWEKQPCNQ
2QFGOQUQDUGTXCTSWGGNITCPEQORQPGPVGFGNCFGHKPKEKPGUGNVGEPQNIKEQ[GP
OW[RQEQUECUQUGNEQORQPGPVGFGNXGTFCFGTQTQNSWGFGDGCUWOKTNC)GTGPEKC
FG5KUVGOCU
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%QOQTGCUSWGFGRGPFGPFGEQOKUKQPGU
%QOQTGCSWGFGRGPFGFG#FOKPKUVTCEKP
%QOQTGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKP[2TGUWRWGUVQ
%QOQTGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKP[(KPCP\CU
%QOQTGCSWGFGRGPFGFGNC)GTGPEKCFG&GUCTTQNNQG+PXGUVKICEKP
x %QOQ TICPQ FG CRQ[Q SWG FGRGPFG FG NC 5GETGVCTKC FG 2NCPKHKECEKP
'UVTCVIKEC
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.CUFKXGTUCUHQTOCUFGWDKECEKPSWGQEWRCNC)GTGPEKCFG5KUVGOCU GPWPHCEVQT
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GPGNSWGNCRCTVKEKRCEKPGPNCUFGEKUKQPGUQTICPK\CEKQPCNGUUGXGTNKOKVCFC
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x 'UVCTRTGRCTCFQRCTCCUGUQTCTUQDTGNCUNVKOCUKPPQXCEKQPGUFGNOGTECFQ
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FGNCTC\PFGUGTFGNCQTICPK\CEKP
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4GFWEEKPFGNEQUVQVQVCNFGNCUVGEPQNQICUFGKPHQTOCEKP
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FGEKUKQPGU SWG UG VQOC 5G RWGFG UWDQTFKPCT NQU UGPVKOKGPVQU C NQU XCNQTGU
6GPGOQU NC KPKEKCVKXC [ NC TGURQPUCDKNKFCF FG JCEGT SWG NCU EQUCU UWEGFCP .C
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RTQFWEVQFGNCRTQRKCGNGEEKPEQPEKGPVGDCUCFCGPNQU XCNQTGU
'NRTQCEVKXQUGCTTKGUICUGNCP\CEQPUGIWTKFCFCNCDUSWGFCFGUQNWEKQPGUGU
ECRC\ FG EQPUVTWKT ECOKPQU [ FG UGT PGEGUCTKQ CEVC [ FGEKFG GP NC
KPEGTVKFWODTG PQ RGTOKVKGPFQ LCOU SWG GUVC KPEGTVKFWODTG NG RCTCNKEG Q NG
TGVCTFG1DUGTXGOQU[PQUFCTGOQUEWGPVCSWGGUVCCEVKVWF[GUVCUECTCEVGTUVKECU
FGNCEQPFWEVCUQPRTQRKCUFGWPCRGTUQPCRTQCEVKXC
1VTQ TCUIQ FG NQU RTQCEVKXQU GU NC FG UGT CEGTVKXQU NQITCPFQ EQPEGPVTCT UWU
OGLQTGUTGEWTUQURCTCUGTWUCFQUGPNCUOGLQTGUQRQTVWPKFCFGU'UCUGIWTKFCFGP
UKOKUOQUNGUNNGXCCNQITCTNQSWGUGRTQRQPGP[RGTOKVGVTCPUHQTOCTGUEQNNQU[
DCTTGTCU GP QRQTVWPKFCFGU &GUCHCP C VTCXU FG NC ETGCVKXKFCF [ OWEJCU XGEGU
ECODKCP NQ EQPXGPEKQPCN [ PQ UG EQPHQTOCP FGUCTTQNNCPFQ WPC OCTCXKNNQUC
ECRCEKFCFXKUKQPCTKCRCTCCPVKEKRCTUGCNQURTQDNGOCU[RNCPVGCTCNVGTPCVKXCU
.C ECRCEKFCF RCTC UWDQTFKPCT NQU KORWNUQU C NQU XCNQTGU GU NC GUGPEKC FG NC
RGTUQPCRTQCEVKXC.CURGTUQPCUTGCEVKXCUUGXGPKORWNUCFCURQTUGPVKOKGPVQURQT

NCUEKTEWPUVCPEKCURQTNCUEQPFKEKQPGURQTGNCODKGPVG.CURGTUQPCURTQCEVKXCU
UG OWGXGP RQT XCNQTGU EWKFCFQUCOGPVG OGFKVCFQU UGNGEEKQPCFQU G
KPVGTPCNK\CFQU 6CODKPUGXGPKPHNWKFCURQTGUVOWNQUGZVGTPQUHUKEQUUQEKCNGU
RUKEQNIKEQU 2GTQ UW TGURWGUVC EQPUEKGPVG KPEQPUEKGPVG GU WPC GNGEEKP Q
TGURWGUVCDCUCFCGPXCNQTGU.QSWGPQUFCCOWEJQOUFGNQSWGPQUUWEGFG
GUPWGUVTQRGTOKUQPWGUVTQEQPUGPVKOKGPVQCNQSWGPQUUWEGFG
# EQPVKPWCEKP UG RTGUGPVC WP 6GUV SWG RWGFG UGT WVKNK\CFQ RCTC JCEGTUG WPC
CWVQGXCNWCEKP
'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKP
KPFKSWGGPSWGOGFKFCFGUETKDGEOQ
7FUGEQORQTVC
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FKURQUKEKPEQPUVCPVGRCTCGPHTGPVCTNQU
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RGTOKVGNNGICTFGNQDWGPQCNQGZEGREKQPCN!
m#EVCUEQPUGIWTKFCF[FGVGTOKPCEKPRCTC
NQITCTVWURTQRUKVQU!
6GCPVKEKRCUCNCUPGEGUKFCFGUSWGVW
CEVKXKFCFNCDQTCNVGRTGUGPVC!
6GUKGPVGUSWGGTGUQRWGFGUUGTWPNFGT
RQUKVKXQRCTCVWGSWKRQQITWRQ!
6GOQVKXCDWUECTQETGCTPWGXQU[OGLQTGU
GUEGPCTKQU!
6GRNCPVGCUQREKQPGU!
2KGPUCUEQPHTGUEWTC[UKPOKGFQEQOQNQ
JCTCWPRTKPEKRKCPVGCDKGTVQCNQSWGXC
UWTIKGPFQ[ FGUEWDTKGPFQ!
2NCPKHKECUEQPQDLGVKXKFCF[JQPGUVKFCFNC
OCPGTCFGECODKCTVWURTQ[GEVQUGPECUQFG
SWGNQUJGEJQUPQEQPEWGTFGPEQPNQ
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6GCFGNCPVCU[VKGPGUUKGORTGWPRNCPFG
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6GEQPEGPVTCU[NQITCUFGHKPKT[EQPQEGTVWU
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.QITCUEQPEGPVTCTVQFCUVWUGPGTICUGP
CSWGNNQSWGFGDGUWEGFGTHKLPFQVGOGVCU
RQUKVKXCU[XKUWCNK\CPFQEQPZKVQGNHWVWTQ
FGVWUCEVQU!

'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKP
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KPFKSWGGPSWGOGFKFCFGUETKDGEOQ
OGPVGDKGP
7FUGEQORQTVC
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EWCPFQNCKPEGTVKFWODTGVGCVQTOGPVC!
2QEQ
0CFC
'TGUECRC\FGPQCDCPFQPCTHEKNOGPVGWP
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TGCNK\CPFQCEEKQPGURCTCUWRGTCTNQU
QDUVEWNQU!
'POQOGPVQUFGETKUKUGTGUECRC\FGCEVWCT
TRKFC[FGEKFKFCOGPVG[PQGURGTCTCXGTUK
NCUKVWCEKPUGTGUWGNXGRQTUUQNC!
5KTGURQPFKCNOC[QTPOGTQFGRTGIWPVCU/W[DKGPQ/GFKCPCOGPVGDKGP
GU RTQCEVKXQ Q VKGPG OWEJCU ECTCEVGTUVKECU RCTC UGTNQ 5K RQT GN EQPVTCTKQ VWU
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RTQRQPGTUGECODKCTNCU
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'UVG JDKVQ UG DCUC GP SWG RTKOGTQ JC[ WPC ETGCEKP OGPVCN [ NWGIQ WPC
ETGCEKPHUKECRQTNQSWGUGFGDGKPKEKCTEQPNCKOCIGPGNEWCFTQQGNRCTCFKIOC
FG XKFC EQOQ OCTEQ FG TGHGTGPEKC ETKVGTKQ RCTC GN GZCOGP FG VQFCU NCU QVTCU
EQUCU 2QT SWG UNQ UGTGOQU XGTFCFGTCOGPVG GHGEVKXQU EWCPFQ GORGEGOQU EQP
WPHKPGPOGPVGCRGUCTFGGUVCTOW[CVCTGCFQU[UGTOW[GHKEKGPVGU
7PGPWPEKCFQFGNCOKUKPRGTUQPCNGORG\CTEQPWPHKPGPNCOGPVGEQPUKUVGGP
GNCDQTCTWPGPWPEKCFQFGNCOKUKPHKNQUQHCETGFQURGTUQPCNGUUGEGPVTCGPNQ
SWGWPQSWKGTGUGT[JCEGT[GPNQUXCNQTGUQRTKPEKRKQUSWGFCPHWPFCOGPVQCN
UGT[JCEGT
.C OKUKP Q EQPUVKVWEKP RGTUQPCN GP NQ HWPFCOGPVCN PPWPEC ECODKCQ 2CTC
GUETKDKTWPGPWPEKCFQFGNCOKUKPRGTUQPCNVGPGOQUSWGGORG\CTGPGNEGPVTQ
OKUOQ FG PWGUVTQ ETEWNQ FG KPHNWGPEKC GU CNN FQPFG VQOCOQU EQPVCEVQ EQP
PWGUVTC XKUKP [ PWGUVTQU XCNQTGU GU CNN FQPFG WUCOQU PWGUVTC ECRCEKFCF FG
CWVQEQPEKGPEKC
%WCPFQQTICPK\COQUPWGUVTQURCTCFKIOCUDUKEQURCTCRQPGTNQUGPCTOQPCEQP
RTKPEKRKQUEQTTGEVQUETGCOQUWPEGPVTQGHGEVKXQSWGPQUFCRQFGT[WPCRVKECC
VTCXU FG NC EWCN RQFGOQU XGT GN OWPFQ .C OKUKP GP PWGUVTC XKFC PQ NC
KPXGPVCOQU UNQ NC FGVGEVCOQU 0WGUVTC CWVQEQPEKGPEKC PQU RGTOKVG GZCOKPCT
PWGUVTQURTQRKQURGPUCOKGPVQU7PCDWGPCCHKTOCEKPVKGPGEKPEQECTCEVGTUVKECU
DUKECU GU RGTUQPCN GU RQUKVKXC GUV GP VKGORQ RTGUGPVG GU XKUWCN [ GU
GOQEKQPCN2QTGLGORNQGNGPWPEKCFQFGNCOKUKPUGEQPXKGTVGGPGNOCTEQFG
TGHGTGPEKCRCTCRGPUCT[IQDGTPCTNCHCOKNKC

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5GTGHKGTGCNCETGCEKPHUKECGUFGEKTGUGNGLGTEKEKQFGNCXQNWPVCFKPFGRGPFKGPVG
EGPVTCFQ GP RTKPEKRKQU ECRCEKFCF RCTC VQOCT FGEKUKQPGU GNGIKT [ CEVWCT NQ SWG
RQFTCOQU FGPQOKPCT NC CWVQCFOKPKUVTCEKP GHGEVKXC 'N ITCFQ GP SWG JGOQU
FGUCTTQNNCFQ PWGUVTC XQNWPVCF KPFGRGPFKGPVG GP NC XKFC EQVKFKCPC UG OKFG RQT
PWGUVTC KPVGITKFCF RGTUQPCN .C KPVGITKFCF GU PWGUVTC ECRCEKFCF RCTC
EQORTQOGVGTPQU C OCPVGPGT NQU EQORTQOKUQU EQP PQUQVTQUNQSWGFGEKOQUGU
JCEGT RQT GNNQ NC GUGPEKC FGN FGUCTTQNNQ RTQCEVKXQ 5K WPQ GU WP CFOKPKUVTCFQT
GHGEVKXQ FG U OKUOQ NC FKUEKRNKPC RTQXKPG FGN KPVGTKQT GU WPC HWPEKP FG NC
XQNWPVCFKPFGRGPFKGPVG'NEQOPFGPQOKPCFQTFGVQFCUNCURGTUQPCUFGZKVQGU
PGORG\CTRQTNQRTKOGTQQ
#SWWPOVQFQRCTCOCPGLCTGNVKGORQCFGEWCFCOGPVG
x 2NCPKHKECT*CEGTWPCNKUVCFGQDLGVKXQUCEWORNKTVQOPFQUGWPQUOKPWVQU
FKCTKQU'UVQRQFTCUKIPKHKECTNGCJQTTQFGJQTCUGPUGOCPCU
x 2TKQTK\CT&GEKFKTEWNGUFGNCUCEVKXKFCFGUUQPNCUOUKORQTVCPVGURCTCSWG
GPECDGEGPNCNKUVC#NIWPCURGTUQPCUNNGXCPCVTOKPQVQFCUNCUVCTGCURQUKDNGU
SWGCRCTGEGPGPUWNKUVCNQITCPFQWPGNGXCFQRQTEGPVCLGFGVCTGCUTGCNK\CFCU
RGTQ UW GHGEVKXKFCF GU DCLC FGDKFQ C SWG NCU VCTGCU FGUGORGCFCU GP UW
OC[QTCUQPFGDCLCRTKQTKFCF
x 'UVCDNGEGTWPCCIGPFC&GVGTOKPCTEWPFQUGJCTECFCWPQFGNQURWPVQU.C
ENCXGPQGUFCTRTKQTKFCFCNQSWGGUVGPNCCIGPFCUKPQQTFGPCTGPNCCIGPFC
NCURTKQTKFCFGU
x *CEGT UGIWKOKGPVQ *CEGT NCU EQUCU FG CEWGTFQ C NQ RNCPGCFQ [ XGTKHKECTNQU
RCUQUFGECFCQDLGVKXQ
.C UCVKUHCEEKP FGRGPFG VCPVQ FG NC GZRGEVCVKXC EQOQ FG NC TGCNK\CEKP [ NC
GZRGEVCVKXC TGUKFG GP PWGUVTQ ETEWNQ FG KPHNWGPEKC 'U KORQTVCPVG GP NC
CFOKPKUVTCEKP FGN VKGORQ FGEKT 5+ C NCU CEVKXKFCFGU KORQTVCPVGU [ CRTGPFGT C
FGEKT01CQVTCUCEVKXKFCFGUPQRTKQTKVCTKCU
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'PGNOQOGPVQGPSWGUGRCUCFGNCKPFGRGPFGPEKCCNCKPVGTFGRGPFGPEKCUGGUV
CXCP\CPFQJCEKCGNTQNFGNKFGTC\IQ[GURQUKDNGKPHNWKTUQDTGQVTCURGTUQPCUEQP
NCHKNQUQHCFGRGPUCTGPICPCTICPCT.QUUGKURCTCFKIOCUFGKPVGTCEEKPJWOCPC
UQP
x )CPCTICPCT .QU CEWGTFQU Q UQNWEKQPGU UQP OWVWCOGPVG DGPHKEQU [
UCVKUHCEVQTKQU 5G VTCDCLCGPWPGUEGPCTKQEQQRGTCVKXQ PQEQORGVKVKXQ 6QFQU
UGUKGPVGPDKGP[UGEQORTQOGVGPEQPGNRNCPFGCEEKP

x )CPQRKGTFGU NC OC[QTC RKGPUC GUVQ FGUFG SWG PCEG 'UV DCUCFQ GP NC
EQORGVGPEKC[PQGPNCEQQRGTCEKP.CUOGPVGUFGHGPUKXCUPQUQPETGCVKXCUPK
EQQRGTCVKXCUNQEWCNPQEQPFWEGPCPCFCRQUKVKXQ
x 2KGTFQICPCUPQVKGPGPKPIWPCPQTOCTGSWGTKOKGPVQGZRGEVCVKXCXKUKPGVE
6KGPFGP C EGFGT Q TGPWPEKCT DWUECPFQ NC CEGRVCEKP Q NC RQRWNCTKFCF *C[
KPUGIWTKFCFNCURGTUQPCUGUVPVGPFKGPVGUCCRCEKIWCTQFGUGQUFGCITCFCT
x 2KGTFQRKGTFGU GU NC HKNQUQHC FG NC IWGTTC FGN EQPHNKEVQ 0QTOCNOGPVG FG
RGTUQPCUQDUVKPCFCU[GIQUVCU
x )CPQNGUKORQTVCEQPUGIWKTNQSWGSWKGTGPKPFKXKFWCNOGPVG.CRGTUQPCEQP
GUVCOGPVCNKFCFRKGPUCGPVTOKPQUFGCUGIWTCTUGUWURTQRKQUHKPGU
x )CPCTICPCTPQJC[VTCVQUKPQNNGICTCPCWPCUQNWEKPUKPTIKECEQPNCSWG
GUVWXKGTCPFGCEWGTFQTGEWTTGPCNCGZRTGUKPPQJC[VTCVQ
.QKFGCNGUUKGORTGICPCTICPCT
&KOGPUKQPGUFGICPCTICPCTGUGNJDKVQFGNNKFGTC\IQKPVGTRGTUQPCN+ORNKECGN
GLGTEKEKQ FG NCU FQVGU JWOCPCU GP PWGUVTCU TGNCEKQPGU EQP NQU FGOU 5WRQPG
CRTGPFK\CLGTGERTQEQKPHNWGPEKCOWVWCDGPGHKEKQUEQORCTVKFQU.CUFKOGPUKQPGU
UQPNCUUIVGU
x %CTEVGT TCUIQU ECTCEVGTUVKEQU KPVGITKFCF OCFWTG\ OGPVCNKFCF FG

CDWPFCPEKC
x 4GNCEKQPGUUKPEQPHKCP\CUGFGVGTKQTCNCEQOWPKECEKP[GNCRTGPFK\CLG
x #EWGTFQUDCUCFQUGPGNGOGPVQUTGUWNVCFQUFGUGCFQUFKTGEVTKEGUTGEWTUQU
TGPFKEKPFGEWGPVCUEQPUGEWGPEKCU
x 5KUVGOCU GN UKUVGOC FG TGEQORGPUCU FGDG UGT EQPITWGPVG EQP NCU OGVCU [
XCNQTGU
x 2TQEGUQU NC GUGPEKC FG NC PGIQEKCEKP FG RTKPEKRKQU EQPUKUVG GP UGRCTCT
RGTUQPC[RTQDNGOCGPEGPVTCTUGGPNQU KPVGTGUGU[PQGPNCURQUKEKQPGUGP
KFGCTQREKQPGURCTCNCICPCPEKCOWVWC[GPKPUKUVKTGPETKVGTKQUQDLGVKXQUSWG
CODCURCTVGURWGFCPEQORCTVKT
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%WCPFQGZKUVGWPRTQDNGOCOWEJCUXGEGUNCURGTUQPCUVKGPFGPCRTGEKRKVCTUG[
PQ UG VQOC GN VKGORQ RCTC FKCIPQUVKECT [ GORG\CT C EQORTGPFGT RTQHWPFC [
TGCNOGPVGGNRTQDNGOCRQTNQSWGFGDGOQURTQEWTCTRTKOGTQEQORTGPFGT[NWGIQ
UGT EQORTGPFKFQU 'UVG RTKPEKRKQ GU NC ENCXG FG NC EQOWPKECEKP RGTUQPCN
GHGEVKXC

%QOWPKECEKP UK FGUGCOQU UGT TGCNOGPVG GHGEVKXQU GP GN JDKVQ FG NC
EQOWPKECEKP KPVGTRGTUQPCN FGDGOQU FGUCTTQNNCT NC ECRCEKFCF RCTC NC GUEWEJC
GORVKECDCUCFCGPGNECTEVGTSWGUWUEKVCCRGTVWTC[EQPHKCP\C
'UEWEJC GORVKEC EWCPFQ QVTC RGTUQPC JCDNC NC GUEWEJCOQU GP WPQ FG NQU
EWCVTQPKXGNGURQFGOQUGUVCTKIPQTPFQNCRQFGOQUHKPIKTGUEWEJCTNCRQFGOQU
RTCEVKECT NC GUEWEJC UGNGEVKXC GUEWEJCPFQ UQNQ RCTVGU FG NC EQPXGTUCEKP RGTQ
OW[RQEQUUGXCPCRTGQEWRCTRQTNQITCTNCGUEWEJCGORVKECSWGGUGUEWEJCT
EQP NC KPVGPEKP FG EQORTGPFGT %WCPFQ WPQ GUEWEJC EQP GORCVC C QVTC
RGTUQPC NG RTQRQTEKQPC CKTG RUKEQNIKEQ [ FGURWU FG FGLCT UCVKUHGEJC GUC
PGEGUKFCFRWGFGEGPVTCTUGGPKPHNWKTQGPTGUQNXGTRTQDNGOCU
5':61*$+615+0'4)+%'
5KIPKHKECDWUECTRTQ[GEVQUQTGNCEKQPGUFQPFGUGETGCUKPGTIKC'UFGEKTFQPFGGN
TGUWNVCFQGUOC[QTSWGNCUWOCFGNCURCTVGUGPHQTOCUGRCTCFC.CUKPGTIKCGUNC
RWGUVCCRTWGDCFGVQFQUNQUFGOUJDKVQUTGWPKFQUEW[CUHQTOCUOUCNVCUUG
EGPVTCPGP ICPCTICPCT[GPNCUCRVKVWFGURCTCNCEQOWPKECEKPGORVKECGPNQU
FGUCHQUSWGCHTQPVCOQUFKCTKCOGPVGUWTIKGPFQPWGXCUCNVGTPCVKXCU.CUKPGTIKCGU
NCGUGPEKCFGNNKFGTC\IQVTCPUHQTOCFQTWPKHKEC[NKDGTCNCKPOGPUCGPGTICKPVGTKQT
FGNCRGTUQPC[TGSWKGTGFGUGIWTKFCFKPVGTKQT
526+/1*$+61#(+.'.#5+'44#
'UVG JDKVQ UKIPKHKEC RTGUGTXCT [ TGCN\CT GN OC[QT DKGP SWG RQUGGOQU PQUQVTQU
OKUOQU 5KIPKHKEC TGPQXCT NCU EWCVTQ FKOGPUKQPGU FG UW PCVWTCNG\C NC HUKEC NC
GURKTKVWCNNCOGPVCN[NCUQEKCNGOQEKQPCN#HKNCTNCUKGTTCKORNKECFCTGZRTGUKPC
NCUEWCVTQOQVKXCEKQPGUGLGTEKGPFQNCUEWCVTQFKOGPUKQPGUFGPWGUVTCPCVWTCNG\C
TGIWNCT[EQPITWGPVGOGPVGFGOCPGTCUCDKC[GSWKNKDTCFC2GTQRCTCNQITCTGUVQ
VGPGOQUSWGUGTRTQCEVKXQU
&KOGPUKP (UKEC .C FKOGPUKP HUKEC UWRQPG EWKFCT GHGEVKXCOGPVG PWGUVTQ
EWGTRQ HUKEQ CNKOGPVCTPQU EQTTGEVCOGPVG FGUECPUCT NQ UWHKEKGPVG [ JCEGT
GLGTEKEKQEQPTGIWNCTKFCF
&KOGPUKP 'URKTKVWCN NC TGPQXCEKP FG NC FKOGPUKP GURKTKVWCN RTQRQTEKQPC

NKFGTC\IQCPWGUVTCRTQRKCXKFC'UVOW[TGNCEKQPCFCEQPGNUGIWPFQJDKVQ.C
FKOGPUKP GURKTKVWCN GU PWGUVTQ PENGQ PWGUVTQ EGPVTQ GN EQORTQOKUQ EQP
PWGUVTQUKUVGOCFGXCNQTGU
&KOGPUKP/GPVCN'PUWOC[QTCPWGUVTQFGUCTTQNNQOGPVCN[PWGUVTCFKUEKRNKPC
RCTC GN GUVWFKQ RTQXKGPGP FG NC GFWECEKP HQTOCN NC OKUOC SWG FGDGTC KTUG
EWNVKXCPFQCVTCXUFGNQUCQURGTQSWGGPUWOC[QTCGUFGUEWKFCFCRQTEQUCU

XCPCNGU1TICPK\CT[RNCPKHKECTUQPHQTOCUFGTGPQXCEKPOGPVCNCUQEKCFCUCNQU
JDKVQU UGIWPFQ [ VGTEGTQ GORG\COQU EQP WP HKP GP OGPVG [ UQOQU
OGPVCNOGPVGECRCEGUFGQTICPK\CT[CNECP\CTGUGHKP
&KOGPUKP 5QEKCN'OQEKQPCN UG EGPVTC GP NQU RTKPEKRKQU FGN NKFGTC\IQ

KPVGTRGTUQPCNNCEQOWPKECEKPGORVKEC[NCEQQRGTCEKPETGCVKXCGPHQECPFQCU
NQUJDKVQUEWCTVQSWKPVQ[UGZVQ
'37+.+$4+1'0.#4'018#%+0
'N RTQEGUQ FG NC CWVQTTGPQXCEKP FGDG KPENWKT NC TGPQXCEKP GSWKNKDTCFC GP NCU
EWCVTQ FKOGPUKQPGU FG PWGUVTC PCVWTCNG\C NC HUKEC GURKTKVWCN OGPVCN [
UQEKCNGOQEKQPCN
%WCPVQ OU RTQCEVKXQU UQOQU

RTKOGT JDKVQ OU GHGEVKXCOGPVG RQFGOQU
GLGTEGTGNNKFGTC\IQRGTUQPCN
UGIWPFQJDKVQ[NCCFOKPKUVTCEKPRGTUQPCN
VGTEGT
JDKVQGPNCXKFC
%WCPVQ OU GHGEVKXCOGPVG CFOKPKUVTCOQU PWGUVTCXKFC
VGTEGT JDKVQ GPOC[QT
OGFKFCRQFGOQUTGCNK\CTCEVKXKFCFGUTGPQXCFQTCU
URVKOQJDKVQ
%WCPVQ OU RTQEWTCOQU RTKOGTQ EQORTGPFGT

SWKPVQ JDKVQ EQP OU
GHGEVKXKFCF RQFGOQU DWUECT UQNWEKQPGU UKPTIKECU FG VKRQ ICPCTICPCT
EWCTVQ [
UGZVQJDKVQU
%WCPVQ OU RTQITGUCOQU GP EWCNSWKGTC FG NQU JDKVQU SWG EQPFWEGP C NC
KPFGRGPFGPEKC
RTKOGT UGIWPFQ [ VGTEGT JDKVQ OU GHGEVKXQU UGTGOQU GP NCU
UKVWCEKQPGU KPVGTFGRGPFKGPVGU
VGTEGT EWCTVQ SWKPVQ [ UGZVQ JDKVQ [ NC
TGPQXCEKP
URVKOQJDKVQGUGNRTQEGUQFGTGXKXKHKECTVQFQUNQUJDKVQU
37'5;21437'5+/2146#06'.#+06'.+)'0%+#'/1%+10#.!
#VQFQGUVQUGFGDGVGPGTGPEWGPVCNC KPVGNKIGPEKCGOQEKQPCNSWGUGRGTHKNC
EQOQWPPWGXQEQPEGRVQGPGNGPVQTPQQTICPK\CEKQPCNRQTGNNCUGGPVKGPFG
NCECRCEKFCFFGNUGTJWOCPQFGTGEQPQEGTUWUUGPVKOKGPVQU[NQUUGPVKOKGPVQU
FGNQUFGOUEQPGNHKPFGOQVKXCTUG[RCTCOCPGLCTFGHQTOCCFGEWCFCNCU
TGNCEKQPGUGPVTGWPQOKUOQ[NQUFGOU
'U FGEKT NC KPVGNKIGPEKC GOQEKQPCN GU WP EQPLWPVQ FG FGUVTG\CU CEVKVWFGU
JCDKNKFCFGU[EQORGVGPEKCUSWGFGVGTOKPCPNCEQPFWEVCFGWPKPFKXKFWQUWU
TGCEEKQPGU GUVCFQU OGPVCNGU GVE [ SWG RWGFG FGHKPKTUG UGIP GN RTQRKQ
)QNGOCPEQOQNCECRCEKFCFFGTGEQPQEGTPWGUVTQURTQRKQUUGPVKOKGPVQU[NQU
FGNQUFGOUFGOQVKXCTPQU[FGOCPGLCTCFGEWCFCOGPVGNCUTGNCEKQPGU

.Q SWG JCUVC JCEG RQEQ UG XCNQTCDC GURGEKCNOGPVG GTC GN EQGHKEKGPVG
KPVGNGEVWCN[NCGZRGTKGPEKCCJQTCUGXCNQTCPNCKPVGNKIGPEKCGOQEKQPCNFGNCU
RGTUQPCUGUVQGUNCECRCEKFCFFGCRTGPFGTWPCUGTKGFGJCDKNKFCFGURTEVKECU
DCUCFCU GP NC EQPEKGPEKC FG WPQ OKUOQ NC OQVKXCEKP NC GORCVC GN
CWVQEQPVTQN[NCUJCDKNKFCFGUUQEKCNGUGPKPVGTCEEKPCFGOUEQPGNTGUVQ
.CU ENCXGU FG GUVG PWGXQ EQPEGRVQ FG XCNQTCEKP RGTUQPCN UG DCUCP GP NC
TGECRCEKVCEKPUQDTGGNVTCDCLQ[NCRTGFKURQUKEKPJCEKCGNOKUOQGNGUVWFKQ
FGNCUOQVKXCEKQPGURTQHGUKQPCNGUKPVGPVCTEGPVTCTUGGPQDLGVKXQUCNECP\CDNGUC
OGFKQRNC\QUGTRQUKVKXQHKLCTUGGPOQFGNQUVKNGU[CIWFK\CTGNUGPVKFQETVKEQ
RCTCRQFGTCWVQGXCNWCTUG[ECODKCT
*CDKVWCNOGPVG GUVCOQU CEQUVWODTCFQU C TGNCEKQPCT NC KPVGNKIGPEKC EQP NC
ECRCEKFCF FG TCEKQEKPKQ NIKEQ EQP GN EQGHKEKGPVG KPVGNGEVWCN SWG FGVGTOKPC
NCU JCDKNKFCFGU RCTC NCU EKGPEKCU GZCEVCU NC EQORTGPUKP [ ECRCEKFCF FG
CPNKUKU TGHNGZKXQ GN TC\QPCOKGPVQ GURCEKCN NC ECRCEKFCF XGTDCN [ NCU
JCDKNKFCFGU OGEPKECU 5KP GODCTIQ GP GN OWPFQ GORTGUCTKCN UG GUV
GORG\CPFQ C VGPGT GP EWGPVC [ C XCNQTCT OU NC FGPQOKPCFC KPVGNKIGPEKC
GOQEKQPCNSWGFGVGTOKPCEOQPQUOCPGLCOQUEQPPQUQVTQUOKUOQU[EQP
NQUFGOU
'NVTOKPQFGKPVGNKIGPEKCGOQEKQPCNKPENW[GFQUVKRQUFGKPVGNKIGPEKCU
.C +PVGNKIGPEKC 2GTUQPCN GUV EQORWGUVC C UW XG\ RQT WPC UGTKG FG
EQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGPSWGPQUTGNCEKQPCOQUEQPPQUQVTQU
OKUOQUGUVCKPVGNKIGPEKCEQORTGPFGVTGUEQORQPGPVGUEWCPFQUGCRNKECGPGN
VTCDCLQ
x %QPEKGPEKCGPWPQOKUOQECRCEKFCFFGTGEQPQEGT[GPVGPFGTGPWPQOKUOQ
NCU RTQRKCU HQTVCNG\CUFGDKNKFCFGUGUVCFQUFGPKOQ GOQEKQPGU GKORWNUQU
CUEQOQGNGHGEVQSWGUVQUVKGPGPUQDTGNQUFGOU[UQDTGGNVTCDCLQ
x #WVQTTGIWNCEKPQEQPVTQNFGUOKUOQJCDKNKFCFFGEQPVTQNCTPWGUVTCURTQRKCU
GOQEKQPGUGKORWNUQURCTCCFGEWCTNQUCWPQDLGVKXQFGTGURQPUCDKNK\CTUGFG
NQURTQRKQUCEVQUFGRGPUCTCPVGUFGCEVWCT[FGGXKVCTNQULWKEKQURTGOCVWTQU
.CURGTUQPCUSWGRQUGGPGUVCEQORGVGPEKCUQPUKPEGTCUGPVGITCUEQPVTQNCPGN
GUVTU [ NC CPUKGFCF CPVG UKVWCEKQPGU EQORTQOGVKFCU [ UQP HNGZKDNGU CPVG NQU
ECODKQUQNCUPWGXCUKFGCU
x #WVQOQVKXCEKPGUNCJCDKNKFCFFGGUVCTGPWPGUVCFQFGEQPVKPWCDUSWGFC[
RGTUKUVGPEKC GP NC EQPUGEWEKP FG NQU QDLGVKXQU JCEKGPFQ HTGPVG C NQU
RTQDNGOCU [ GPEQPVTCPFQ UQNWEKQPGU 'UVC EQORGVGPEKC UG OCPKHKGUVC GP NCU
RGTUQPCUSWGOWGUVTCPWPITCPGPVWUKCUOQRQTUWVTCDCLQ[RQTGNNQITQFG NCU
OGVCURQTGPEKOCFGNCUKORNGTGEQORGPUCGEQPOKECEQPWPCNVQITCFQFG

KPKEKCVKXC[EQORTQOKUQ[EQPITCPECRCEKFCFQRVKOKUVCGPNCEQPUGEWEKPFG
UWUQDLGVKXQU
'NQRVKOKUOQGUWPQFGNQUTGSWKUKVQUKORTGUEKPFKDNGURCTCNCEQPUGEWEKPFG
OGVCUTGNGXCPVGU[VCTGCUEQORNGLCU[UGTGNCEKQPCEQPWPCORNKQGNGPEQFG
EQPEGRVQU RUKEQNIKEQU SWG WUCOQU JCDKVWCNOGPVG EQPVTQN FG KORWNUQU
KPJKDKEKPFGRGPUCOKGPVQUPGICVKXQUGUVKNQCVTKDWVKXQPKXGNFGGZRGEVCVKXCU
CWVQGUVKOC
x 'N EQPVTQN FG NQU KORWNUQU ECRCEKFCF FG TGUKUVGPEKC C NC HTWUVTCEKP [
CRNC\COKGPVQ FG NC ITCVKHKECEKP RCTGEG UGT WPC FG NCU JCDKNKFCFGU
RUKEQNIKECUOUKORQTVCPVGU[TGNGXCPVGUGPGNFGXGPKTXKVCN[CECFOKEQ
x 'N EQPVTQN FG NQU RGPUCOKGPVQU PGICVKXQU XGPGPQ FGN QRVKOKUOQ UG
TGNCEKQPC EQP GN TGPFKOKGPVQ C VTCXU FG NC GEQPQOC FG NQU TGEWTUQU
CVGPEKQPCNGU RTGQEWRCTUG EQPUWOG NQU TGEWTUQU SWG PGEGUKVCOQU RCTC
CHTQPVCTEQPZKVQNQUTGVQUXKVCNGU[CECFOKEQU
x 'NGUVKNQCVTKDWVKXQFGNQUZKVQU[HTCECUQUWUKORNKECEKQPGUGOQEKQPCNGU[
UW TGNCEKP EQP NCU GZRGEVCVKXCU FG ZKVQ GU WPC VGQTC RUKEQNIKEC SWG
EQPVTKDW[G GPQTOGOGPVG C PWGUVTC EQORTGPUKP FG NQU RTQDNGOCU FG
CRTGPFK\CLG[CUWUQNWEKP
.C ECRCEKFCF FG OQVKXCTUG C WPQ OKUOQ UG RQPG GURGEKCNOGPVG C RTWGDC
EWCPFQUWTIGPNCUFKHKEWNVCFGUGNECPUCPEKQGNHTCECUQGUGNOQOGPVQGPSWG
OCPVGPGTGNRGPUCOKGPVQFGSWGNCUEQUCUKTPDKGPRWGFGUKIPKHKECTGNZKVQQ
GN CDCPFQPQ [ GN HTCECUQ
C RCTVG FG QVTQU HCEVQTGU OU EQIPKVKXQU EQOQ
FGUEQORQPGT NQU RTQDNGOCU [ UGT HNGZKDNGU RCTC ECODKCT FG OVQFQU [
QDLGVKXQU
'N FGUCTTQNNQ FGN QRVKOKUOQ NC CWVQGUVKOC NC GZRGEVCVKXC FG ZKVQ GUV
TGNCEKQPCFQEQPNCURCWVCUFGETKCP\C[GFWECEKPGXKVCPFQGNRTQVGEEKQPKUOQ
[ NC ETVKEC FGUVTWEVKXC HCXQTGEKGPFQ NC CWVQPQOC [ NQU NQITQU RGTUQPCNGU
WVKNK\CPFQGNGNQIKQ[NCRGFCIQICFGNZKVQEQORNGOGPVCFQEQPNCGZKIGPEKC
[CNCC[WFC
.C +PVGNKIGPEKC +PVGTRGTUQPCN CN KIWCN SWG NC CPVGTKQT GUVC KPVGNKIGPEKC
VCODKP GUVEQORWGUVCRQTQVTCUEQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGP
SWGPQUTGNCEKQPCOQUEQPNQUFGOU[CSW FQUEQPEGRVQUKORQTVCPVGU
x 'ORCVC JCDKNKFCF RCTC GPVGPFGT NCU PGEGUKFCFGU UGPVKOKGPVQU [
RTQDNGOCU FG NQU FGOU RQPKPFQUG GP UW NWICT [ TGURQPFGT
EQTTGEVCOGPVG C UWU TGCEEKQPGU GOQEKQPCNGU .CU RGTUQPCU GORVKECU UQP
CSWGNNCU ECRCEGU FG GUEWEJCT C NQU FGOU [ GPVGPFGT UWU RTQDNGOCU [

OQVKXCEKQPGU SWG PQTOCNOGPVG VKGPGP OWEJC RQRWNCTKFCF [

TGEQPQEKOKGPVQUQEKCNSWGUGCPVKEKRCPCNCUPGEGUKFCFGUFGNQUFGOU[
SWGCRTQXGEJCPNCUQRQTVWPKFCFGUSWGNGUQHTGEGPQVTCURGTUQPCU
x *CDKNKFCFGU UQEKCNGU GU GN VCNGPVQ GP GN OCPGLQFGNCUTGNCEKQPGU EQPNQU

FGOU GP UCDGT RGTUWCFKT G KPHNWGPEKCT C NQU FGOU 3WKGPGU RQUGGP
JCDKNKFCFGU UQEKCNGU UQP GZEGNGPVGU PGIQEKCFQTGU VKGPGP WPC ITCP
ECRCEKFCF RCTC NKFGTCT ITWRQU [ RCTC FKTKIKT ECODKQU [ UQP ECRCEGU FG
VTCDCLCTEQNCDQTCPFQGPWPGSWKRQ[ETGCPFQUKPGTIKCUITWRCNGU
.C KPVGNKIGPEKC GOQEKQPCN RWGFG VGPGT ITCPFGU GHGEVQU UQDTG NQU HCEVQTGU
ETVKEQUFGZKVQGPWPCECTTGTCRTQHGUKQPCNEQOQNQUQP
x .CVQOCFGFGEKUKQPGU
x 'NNKFGTC\IQ
x .QUCXCPEGUFGEKUKXQUVEPKEQU[GUVTCVIKEQU
x .CEQOWPKECEKPCDKGTVC[HTCPEC
x .CUTGNCEKQPGUFGEQPHKCP\C[VTCDCLQGPGSWKRQ
x .CNGCNVCFFGNQUWUWCTKQU
x .CETGCVKXKFCF[NCKPPQXCEKP
5KVQOCOQUGPEWGPVCGUVQUJDKVQU[OCPGLCOQUDKGPNCKPVGNKIGPEKCGOQEKQPCN
GUVCTGOQU CRVQU RCTC EWORNKT NQU TQNGU FG VQFQ DWGP FKTGEVKXQ SWG XGTGOQU C
OC[QTFGVCNNGGPGNUKIWKGPVGECRVWNQ


3
3QQ``ddee\\__ FF** <<__cc (( bb__\\UUcc TTUU ee^^ RReeUU^^ 7
7UUbbUU^^ddUU TTUU CCYYccddUU]]QQcc
2CTC NNGICT C UGT WP DWGP IGTGPVG UG TGSWKGTG VGPGT WP EQPLWPVQ FG EQORGVGPEKCU
EQPFWEVWCNGU GU FGEKT VGPGT NQU EQPQEKOKGPVQU [ NCU FGUVTG\CU PGEGUCTKCU RCTC
FGUGORGCT FGVGTOKPCFC VCTGC Q TQN 'N RTGUGPVG EWCFTQ TGUWOG NQU TQNGU [ NCU
EQORGVGPEKCURQTECFCTQN
.151%*141.'5&'.)'4'06'&'5+56'/#5
4QN
4QNFGFKTGEVQT
4QNFG2TQFWEVQT
4QNFGN%QQTFKPCFQT
4QNFG/QPKVQT
4QNFG/GPVQT
4QNFGNHCEKNKVCFQT
4QNFGNKPPQXCFQT
4QNFGNDTQMGT
%QORGVGPEKCU%NCXGU
6QOCFGKPKEKCVKXCU
(KLCEKPFGOGVCU
&GNGICEKPGHKEC\
2TQFWEVKXKFCF[OQVKXCEKPRGTUQPCN
/QVKXCTCNQUFGOU
)GUVKPFGNVKGORQ[FGNGUVTU
2NCPKHKECEKP
1TICPK\CEKPQFKUGQ
%QPVTQN
4GFWEKTNCUQDTGECTICFGKPHQTOCEKP
#PCNK\CTNCKPHQTOCEKPETVKECOGPVG
2TGUGPVCTNCKPHQTOCEKPTGFCEVCTEQP
GHKECEKC
#WVQEQORTGPUKP [ EQORTGPUKP FG
NQUFGOU
%QOWPKECEKPKPVGTRGTUQPCN
&GUCTTQNNQFGNQUUWDQTFKPCFQU
%TGCEKPFGGSWKRQU
6QOCFGFGEKUKQPGURCTVKEKRCVKXC
)GUVKPFGNEQPHNKEVQ
%QPXKXKTEQPGNECODKQ
'NRGPUCOKGPVQETGCVKXQ
.CIGUVKPFGNECODKQ
%TGCT[OCPVGPGTWPCDCUGFGRQFGT
0GIQEKCTCEWGTFQU [EQORTQOKUQU
2TGUGPVCT NCU KFGCU RTGUGPVCEKQPGU
XGTDCNGUGHKECEGU
6QOCFQFG/CGUVTKCGPNCIGUVKPFGNCUQTICPK\CEKQPGURQT4QDGTV3WKPP
5WG4(CGTOCP[/KEJCGN26JQORUQP

41.&'.%114&+0#&14
'NTQN FGEQQTFKPCFQTGUCUGIWTCTSWGGNVTCDCLQHNW[CKPKPVGTTWORKFCOGPVG[SWG
NCU CEVKXKFCFGU UG TGCNKEGP FG CEWGTFQ EQP UW KORQTVCPEKC TGNCVKXC GXKVCPFQ
EQPHNKEVQUGPVTGNQUKPFKXKFWQU'UCUGIWTCTSWGNCURGTUQPCUEQTTGEVCUGUVPGPGN
NWICT EQTTGEVQ GP GN OQOGPVQ EQTTGEVQ RCTC TGCNK\CT NCU VCTGCU EQTTGEVCU [
ICTCPVK\CTSWGUVCUFKURQPFTPFGNCUJGTTCOKGPVCURCTCTGCNK\CTUWVTCDCLQ[SWG
UW TGUWNVCFQ GUVCT FKURQPKDNG RCTC GN UKIWKGPVG ITWRQ FG VTCDCLQ EWCPFQ GUVG
RTGRCTCFQRCTCTGEKDKTNQ.CUEQORGVGPEKCUKPVGTGNCEKQPCFCURCTCFGUGORGCTGN
TQNFGEQQTFKPCFQTUQPVTGU2NCPKHKECEKP1TICPK\CEKP[%QPVTQN
2NCPKHKECEKP
.C 2NCPKHKECEKP [ NC HKLCEKP FG OGVCU UQP JGTTCOKGPVCU KORQTVCPVGU RCTC
FGVGTOKPCTCFQPFGUGFGUGCKT[EQOQUGFGUGCNNGICTCNN
2NCPKHKECEKP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU

TGCNK\CTNCRTGRCTCEKP[OCPVGPKOKGPVQFGNHNWLQFGVTCDCLQFGNUKUVGOC5G
VKGPG SWG FGEKFKT EQOQ UG WVKNK\CTP NQU TGEWTUQU HKPCPEKGTQU JWOCPQU [
OCVGTKCNGURCTCICTCPVK\CTNCGPVTGICFGNQUUGTXKEKQUEQPNCOC[QTGHKECEKC
RQUKDNG
.QUECODKQUPGEGUCTKQURCTCVTCFWEKTOGVCUGPRNCPGUUQP
2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPK\CVKXQ Q FG FKXKUKP C WPC

RGTURGEVKXCEGPVTCFCGPWPCWPKFCFFGVTCDCLQTGCHWPEKQPCNRTQITCOC
QRTQ[GEVQGURGEHKEQ
2CUCTFGNNCTIQCNEQTVQRNC\QGPNCRNCPKHKECEKP2QTNQIGPGTCNPQNNGIC
VCPNGLQUEQOQNCRNCPKHKECEKPGUVTCVIKECQNCVEVKECSWGUGEGPVTCPFG
CCQUOKGPVTCUSWGNQURNCPGUQRGTCVKXQUUGEGPVTCPGPRGTQFQUC
WPCQKPENWUQUNQWPCUGOCPC
.CRNCPKHKECEKPQRGTCVKXCGUKORQTVCPVGRQTSWGQHTGEGWPOCRCFGVCNNCFQ
FGEOQNNGICTFGCSWCCNNCFGOU
2QTSWGPQURGTOKVGHKLCTNQUGUVPFCTGUENCTKHKECTSWGGUNQSWGJC[SWG
JCEGT [ EQOQ FGDG JCEGTUG &GVGTOKPCFQ NQU GUVPFCTGU FG
TGPFKOKGPVQGURQUKDNGGXCNWCTNCGHKECEKCFGNQSWGUGGUVJCEKGPFQQ
UGJCJGEJQ'URQUKDNGHKLCTGUVPFCTGUFGTGPFKOKGPVQRCTCNQUTGEWTUQU
JWOCPQUTGEWTUQUHKPCPEKGTQUTGEWTUQUVEPKEQU
.QUGUVPFCTGUFGDGPUGT
x 'URGEHKEQUEQPTGURGEVQCNQSWGFGDGNQITCTUG

x /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECP\CFQ GP GN NQITQ FGN
GUVPFCT
x #UKIPCDNGU EQP TGURGEVQ C SW KPFKXKFWQ Q ITWRQFGKPFKXKFWQUGU

TGURQPUCDNGFGFGUGORGCTNCVCTGC
x 4GCNKUVCUEQPTGURGEVQCNQUTGEWTUQUFKURQPKDNGU
x %QP NOKVGU FG VKGORQ EQP TGURGEVQ C EWPFQ UG GURGTCP NQU
TGUWNVCFQU
2QTSWGRGTOKVGENCTKHKECTNCURTKQTKFCFGUQTICPK\CVKXCU[FGNCWPKFCFFG
VTCDCLQ GUV TGNCEKQPCFC EQP NC RTQITCOCEKP [ GN GUVCDNGEKOKGPVQ FG
ECNGPFCTKQU [ RWPVQU FG TGHGTGPEKC 'U PGEGUCTKQ HKLCT RTKQTKFCFGU [
FGEKFKTNCUGEWGPEKCFGGLGEWEKP
.QUHCEVQTGUSWGKPHNW[GPGPGNGUVCDNGEKOKGPVQFGNCURTKQTKFCFGU
x .KOKVCEKQPGU GZVGTPCU %WNGU UQP NCU HGEJCU VQRG GZKUVGPVGU

KORWGUVCU FGUFG GN GZVGTKQT! %WN GU NC WTIGPEKC GP VGTOKPCT UVC
VCTGCCEVKXKFCFQRTQ[GEVQ!
x 6KGORQVQVCNPGEGUCTKQ5KNCVCTGCGUNCTICGNVKGORQPGEGUCTKQRCTC
UWVGTOKPCEKPUKGUEQTVCGURQUKDNGTGVTCUCTUWEQOKGP\Q
x .CTGNCEKPFGGUVCVCTGCEQPQVTCUVCTGCU%WNUGTCGNKORCEVQFG
VGTOKPCTQPQGUVCVCTGCGPNQURNCPGUFGQVTQURTQ[GEVQU!&GRGPFG
QVTCURGTUQPCUWQTICPK\CEKQPGUFGNTGUWNVCFQFGGUVGRTQ[GEVQRCTC
RQFGTEQOGP\CTCVTCDCLCT!
x 'N DGPGHKEKQ TGNCVKXQ FG VGTOKPCT WPC VCTGC FGPVTQ FG WP OCTEQ FG
VKGORQ Q PQ [ CUWOKT NC RGPCNK\CEKP RQT PQ JCEGTNQ 3W
ICPCTGOQU RQT VGTOKPCT NC VCTGC! %WNGU UQP NCU EQPUGEWGPEKCU FG
TGVTCUCTGNVTCDCLQWPCQFQUUGOCPCUWPOGUGVE!
'ZKUVGP WP EQPLWPVQ FG JGTTCOKGPVCU RCTC NC RNCPKHKECEKP [
RTQITCOCEKP FG VKGORQ CU EQOQ UG FGDG EQPUKFGTCT NQU GNGOGPVQU
PGEGUCTKQURCTCFGHKPKTGNVTCDCLQ
x &GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKP FGN

RTQ[GEVQ
x &GUETKREKPFGECFCVCTGC
x 5K RTQEGFGP EQOQ UG KPVGITCTP NCU VCTGCU KPFKXKFWCNGU EQP GN
EQPLWPVQVQVCN
x (GEJCUFGKPKEKQ[VGTOKPCEKPFGECFCVCTGC

x 4GUWOKT NQU TGEWTUQU JWOCPQU Q FG EWCNSWKGT VKRQ TGSWGTKFQU RCTC

FGUGORGCTECFCVCTGC
5G RWGFG WUCT GN &KCITCOC FG TGNCEKQPGU FG NC VCTGC SWG C[WFC C UGT
OUEQPUEKGPVGFGNKORCEVQFGGUCUTGNCEKQPGUGPUWVTCDCLQ
&KUGQ'UETKDCUWPQODTGGPGNEGPVTQFGWPETEWNQ[CNTGFGFQTNQU
PQODTGUFGNCURGTUQPCUKPXQNWETCFCUGPECFCVCTGCGNFKCITCOCFGDG
KPENWKT NPGCU GPVTG WUVGF [ ECFC WPC FG NCU RGTUQPCU KPENWKFCU GP GN
FKCITCOC
#EQPVKPWCEKPKFGPVKHKSWGGNVKRQFGEQOWPKECEKPSWGOCPVKGPGEQP
GUCU RGTUQPCU [ GN OGFKQ SWG WVKNK\C 2QT NVKOQ CPCNKEG GN PKXGN FG
GHKECEKCFGECFCECFGPCFGEQOWPKECEKPKFGPVKHKECPFQCNCURGTUQPCU
EQP NCU SWG PGEGUKVC EQOWPKECTUG EQP OU HTGEWGPEKC EQP GN HKP FG
OGLQTCTNCEQQTFKPCEKPFGNC VCTGC
2TQITCOCFQT
#PCNKUVC
#PCNKUVC
7F
)GTGPVGFG
5KUVGOCU
&KTGEVQTFGN
TGC$
#PCNKUVC
&KTGEVQTFGN
TGC$
6CODKPUGRWGFGWVKNK\CTGN&KCITCOCFG)CPV3WGRGTOKVGGUVCDNGEGT
NCU TGNCEKQPGU FG VKGORQ GPVTG NCU FKXGTUCU VCTGCU FGPVTQ FGN RTQ[GEVQ
FGPVTQ FGN OCTEQ IGPGTCN FG VKGORQ FGN RTQ[GEVQ
FGUCTTQNNCFQ RQT
*GPT[.)CPVVCEQOKGP\QUFGNUKINQ::

2CTCGNNQUGFGDG
x 2TGRCTCT WPC NKUVC FG VCTGCU Q ITWRQU FG VCTGCU OU KORQTVCPVGU GP
QTFGPEQPUGEWVKXQ
x 'UVKOCTGNVKGORQPGEGUCTKQRCTCGORG\CTECFCWPC
x &GVGTOKPCT EWNGU FG NCU VCTGCU RWGFGP EQOGP\CT CPVGU FG JCDGT
VGTOKPCFQNCCPVGTKQT
x &KDWLCTNC NPGCFGVKGORQGPGNGLGJQTK\QPVCNFGNFKCITCOC
x 'UETKDKTNCNKUVCFGVCTGCUGPGNGLGXGTVKECN
x 2CTC ECFC VCTGC FKDWLG WPC DCTTC KPFKECPFQ GN EQORTQOKUQ FG
VKGORQ
x +FGPVKHKECT JKVQU OGVCU RCTEKCNGU Q RWPVQU ETVKEQU FGPVTQ FG ECFC

VCTGC
EQNQECPFQ WP POGTQ TQFGCFQ RQT WP ETEWNQ FGPVTQ FG NC
DCTTC
x 7VKNK\CT EQNQTGU [ UODQNQU FKHGTGPVGU RCTC JCEGTNG UGIWKOKGPVQ [

FGVGTOKPCT UK UG GUV EWORNKGPFQ GN ECNGPFCTKQ RTQITCOCFQ RCTC
FGVGTOKPCTUKGUPGEGUCTKQQPQOQFKHKECTGNECNGPFCTKQ
5KGNRTQ[GEVQKPENW[GFKXGTUCUVCTGCUFKHGTGPVGURGTQKPVGTTGNCEKQPCFCU
GUCEQPUGLCDNGWVKNK\CTNQUOQFGNQUFGTGFGU
#UOKUOQGUPGEGUCTKQCRNKECTWPEQPLWPVQFGVEPKECUFGGXCNWCEKP[
TGXKUKPFGN2TQITCOC[OVQFQFGNECODKQEQOQGN2'46%2/
#PNKUKU2'46%2/
2GTOKVG TGRTGUGPVCT ITHKECOGPVG GN HNWLQ FG VCTGCU CUQEKCFCU EQP WP
RTQ[GEVQ[GUVKOCTGNVKGORQPGEGUCTKQRCTCVGTOKPCTGNRTQ[GEVQVQVCN
VGPKGPFQ GP EWGPVC NC KPVGTFGRGPFGPEKC FG NCU VCTGCU CU EQOQ
KFGPVKHKECTNQURWPVQUETVKEQUGPNQUSWGWPCVTCUQGPNCHKPCNK\CEKPFG
NCVCTGCRWGFGVGPGTWPGHGEVQKORQTVCPVGGPGNRTQ[GEVQIGPGTCN
1TICPK\CEKP
'UGNRTQEGUQFGFKXKFKTGNVTCDCLQGPEQORQPGPVGUOCPGLCDNGU[FGCUKIPCT
NCU CEVKXKFCFGU RCTC NQITCT EQP NC OC[QT GHKEKGPEKC RQUKDNG NQU TGUWNVCFQU
FGUGCFQU 5K NC 2NCPKHKECEKP QHTGEG NCU JGTTCOKGPVCU RCTC FGEKFKTMFPFG
FGUGCKT[EWNGUNCOGLQTHQTOCFGNNGICTCNNNNC1TICPK\CEKPNGQHTGEG
NCUJGTTCOKGPVCURCTCTGCNOGPVGMNNGICTCNNN

.CQTICPK\CEKPKPENW[GGNFKUGQFGNQURWGUVQUFG VTCDCLQ[NCCUKIPCEKP
FG VCTGCU RCTC SWG NC WPKFCF RWGFC NQITCT UWU OGVCU EQP GHKECEKC EQOQ
CRQ[QCNCOKUKPIGPGTCNQTICPK\CVKXC
.CU QTICPK\CEKQPGU ITCPFGU PGEGUKVCP PQTOCU [ RTQEGFKOKGPVQU NCU
QTICPK\CEKQPGUFGUGORGCPXCTKCUHWPEKQPGUKORQTVCPVGU
x .CQTICPK\CEKPENCTKHKECSWKPFGDGFGUGORGCTSWVTCDCLQU[EOQ
FGDGPFKXKFKTUGGUQUVTCDCLQUGPVTGNQUOKGODTQU
x .C QTICPK\CEKP ENCTKHKEC NCU NPGCU FG CWVQTKFCF CN GURGEKHKECT SWKGP
FGRGPFGFKTGEVCOGPVGFGSWKP
x .C QTICPK\CEKP ETGC OGECPKUOQU FG EQQTFKPCEKP GPVTGNQU FKHGTGPVGU
ITWRQU[PKXGNGUFGNCQTICPK\CEKP
%QOQFKUGCTNCUQTICPK\CEKQPGUOGFKCPVGNCFGRCTVCOGPVCNK\CEKP
&GRCTVCOGPVCNK\CEKP .C FKXKUKP FGN VTCDCLQ GPVTG NQU OKGODTQU FG NC
QTICPK\CEKP.QUGORNGCFQUUGCITWRCPGPFGRCTVCOGPVQUUKIWKGPFQWPC
NIKECFGVGTOKPCFC
%QPHTGEWGPEKCNCUQTICPK\CEKQPGUWVKNK\CPWPCOG\ENCFGVQFCU[CSWGUG
VKGPG OC[QT HNGZKDKNKFCF [ JCDKNKFCFRCTCTGURQPFGTCNCUPGEGUKFCFGUFG
NQU WUWCTKQU OWEJCU QTICPK\CEKQPGU RTGHKGTGP QTICPK\CTUG RQT FKXKUKQPGU
TGURGEVQ C NQU RTQFWEVQU Q UGTXKEKQU GURGEHKEQU SWG QHTGEGP RGTQ RQT
HWPEKQPGUTGURGEVQCNCIGUVKPFGTGEWTUQUJWOCPQUNCIGUVKPHKPCPEKGTC[
NCCUGUQTCLWTFKEC
# OGFKFC SWG NC GEQPQOC INQDCN UG XWGNXG OU EQORGVKVKXC OWEJCU
EQORCCUEQOKGP\CPCQTICPK\CTUWUWPKFCFGUFGHQTOCSWGHQOGPVGPNC
HNGZKDKNKFCF [ NC KPPQXCEKP OU SWG GN EQPVTQN EGPVTCNK\CFQ [ NC
GUVCPFCTK\CEKP
.CFGRCTVCOGPVCNK\CEKPFGHKPGNCUTGNCEKQPGUFGCWVQTKFCFSWKPFGRGPFG
FKTGEVCOGPVGFGSWKP[CSW UGFGDGVGPGTGPEWGPVCNQUVTGURTKPEKRKQUFG
'HKEKGPEKC
x 2TKPEKRKQFGWPKFCFFGOCPFQECFCRGTUQPCFGDGTGPFKTEWGPVCUCWP
UQNQFKTGEVKXQ
x 2TKPEKRKQ FG GUECNC C PKXGNGU LGTTSWKEQU GUFGEKTSWGGZKUVCWPCNPGC
ENCTC FG OCPFQ SWG XKPEWNG C ECFC GORNGCFQ EQP GN PKXGN UWRGTKQT
UKIWKGPVGFGCWVQTKFCFKPENWKFQGNPKXGNOZKOQFGFKTGEEKP
x 2TKPEKRKQ FGN CDCPKEQ FG EQPVTQN CHKTOC SWG WPC RGTUQPC UQNCOGPVG
RWGFG IGUVKQPCT EQP GHKECEKC WP POGTQ NKOKVCFQ FG GORNGCFQU GUVG

POGTQ RWGFG XCTKCT GP HWPEKP FG NQU KPFKXKFWQU KPXQNWETCFQU #

OC[QT CDCPKEQ FG EQPVTQN OC[QT OGPQT POGTQ FG FKTGEVKXQU
PGEGUCTKQU[OGPQTPOGTQFGPKXGNGULGTTSWKEQU
.CU QTICPK\CEKQPGU SWG VKGPGP PWOGTQUQU PKXGNGU FG LGTTSWKEQU UQP
EQPQEKFCU EQOQ QTICPK\CEKQPGU RKTCOKFCNGU [ NCU SWG VKGPGP RQEQU
PKXGNGULGTTSWKEQUEQOQQTICPK\CEKQPGURNCPCU
(CEVQTGUSWGJC[SWGVGPGTGPEWGPVCCNRNCPKHKECTGNCDCPKEQFGEQPVTQN
(CEVQT
8CTKGFCFFGHWPEKQPGU
'HGEVQ
#OC[QTXCTKGFCFFG
HWPEKQPGUSWG
IGUVKQPCT
7DKECEKPHUKECFGNCU
#OC[QTFKUVCPEKC
HWPEKQPGU
HUKECGPVTGNCU
HWPEKQPGUIGUVKQPCFCU
%QORNGLKFCFFGNCUHWPEKQPGU #OC[QTEQORNGLKFCF
FGNCUVCTGCU
IGUVKQPCFCU
2NCPKHKECEKPPGEGUCTKCRCTC
#OC[QTRNCPKHKECEKP
NCUHWPEKQPGU
PGEGUCTKCRCTCNCNCU
VCTGCUIGUVKQPCFCU
%QQTFKPCEKPGZKIKFCGPVTGNCU #OC[QTXQNWOGPFG
HWPEKQPGU
EQQTFKPCEKP
PGEGUCTKC
0KXGNFGFGUVTG\CFGNQU
#OC[QTPKXGNFG
UWDQTFKPCFQU
FGUVTG\CFGNQU
UWDQTFKPCFQU
0GEGUKFCFFGGSWKNKDTKQGPVTG #OC[QTPGEGUKFCFFG
GNCDCPKEQFGEQPVTQN[GN
WPCQTICPK\CEKP
POGTQFG PKXGNGU
RNCPC
LGTTSWKEQU
4GEQOGPFCEKP
/UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/UCORNKQRWGFG
UGTGNCDCPKEQFG
EQPVTQN
/UCORNKQFGDGUGT
GNCDCPKEQFG
EQPVTQN
%QPHNKEVQUGPVTGNQURTKPEKRKQUFGQTICPK\CEKP
.QU EKPEQ RTKPEKRKQU FG QTICPK\CEKP

GURGEKCNK\CEKP FKXKUKP FGN
VTCDCLQ WPKFCF FG OCPFQECFGPCFGLGTTSWKEC[CDCPKEQFGEQPVTQN
EQPHTGEWGPEKCUGEQPVTCFKEGPGPVTGU5KGORTGGZKUVKTPUKVWCEKQPGUGP
NCU SWG GN EWORNKOKGPVQ FG WP RTKPEKRKQ FG GHKEKGPEKC UWRQPFT NC
XKQNCEKPFGWPUGIWPFQRTKPEKRKQ'PGUQUECUQUJCDTSWGQRVCT[Q
EQODKPCTGPVTGNQUFKHGTGPVGUVKRQUFGGHKEKGPEKC2CTCFGEKFKTEWCNGUGN
KPVGTECODKQCFGEWCFQEQPUWNVGNCOKUKPIGPGTCNFGNCQTICPK\CEKPG
KFGPVKHKSWG EWN FG NQU RTKPEKRKQU FG GHKEKGPEKC RTGUVC WP UGTXKEKQ OU
GHKEC\CNCOKUOC

2CTCGNVTCDCLQFG/QFGTPK\CEKPFGN'UVCFQUGIWTCOGPVGUGVGPFTSWG
VTCDCLCT RQT RTQEGUQU [ RTQDCDNGOGPVG CNIWPCU FG GUVCU GUVTWEVWTCU UG
TGUGPVKTRQTNQSWGNQKORQTVCPVGGUGNUGTXKEKQ[PQNCUTGCURQTFQPFG
VTCPUEWTTG WPC UQNKEKVWF FG WP UGTXKEKQ .CU QTICPK\CEKQPGU VCODKP
VKGPGPSWGCFGEWCTUGCNQUECODKQU
.QU UKUVGOCU QTICPK\CVKXQU EW[QU GPVQTPQU UQP OU KPEKGTVQU FGDGP
QTICPK\CTUG FG HQTOC SWG RGTOKVCP WPC OC[QT HNGZKDKNKFCF [
CFCRVCDKNKFCF C NQU ECODKQU UDKVQU [ NQU UWDUKUVGOCU QTICPK\CVKXQU
EW[CU VGEPQNQICU UQP OU KPEKGTVCU FGDGP QTICPK\CTUG FG HQTOC SWG
CEQOQFGPUWOC[QTPGEGUKFCFFGKPVGTCEEKPGPVTGNCURGTUQPCU
%QOQRCTVGFGNCQTICPK\CEKPXCCUGTPGEGUCTKQFKUGCTNQURWGUVQUFG
VTCDCLQ GN EWCN QHTGEG NC NIKEC RCTC CUKIPCT GN VTCDCLQ FGPVTQ FG NC
WPKFCF GU FGEKT UG FGHKPG NQ SWG FGDG JCEGT EWCNSWKGT KPFKXKFWQ GP
EWCNSWKGT TGC GURGEHKEC %CFC RWGUVQ FG VTCDCLQ VKGPG ECTCEVGTUVKECU
QDLGVKXCU[UWDLGVKXCU
1DLGVKXCU
'N ECORQ FG CEEKP FGN RWGUVQ FG VTCDCLQ UG TGHKGTG CN POGTQ FG
CEVKXKFCFGU FKHGTGPVGUSWGFGUGORGCGNGORNGCFQCOC[QTPOGTQ
FGVCTGCUFKHGTGPVGUOUCORNKQUGTUWECORQFGCEEKP
2TQHWPFKFCFFGNRWGUVQFGVTCDCLQUGTGHKGTGCNITCFQFGEQPVTQNSWG
VKGPG NC RGTUQPC RCTC FGVGTOKPCT SW JC[ SWG JCEGT [ EOQ FGDG
JCEGTUG%WCPFQVKGPGOC[QTCWVQPQOCVKGPGITCPRTQHWPFKFCF
4GNCEKQPGU FGN RWGUVQ FG VTCDCLQ UG TGHKGTG CN POGTQ FG RGTUQPCU
EQP NCU SWG GN GORNGCFQ GPVTC GP EQPVCEVQ [ NC PCVWTCNG\C FG GUCU
KPVGTCEEKQPGU 'N POGTQ FG TGNCEKQPGU GUV FGVGTOKPCFQ RQT GN
CDCPKEQ FG EQPVTQN [ GN ITCFQ FG KPVGTFGRGPFGPEKC GPVTG NQU
GORNGCFQU
5WDLGVKXCU
'UFGEKTEQOQRGTEKDGUWVTCDCLQGNKPFKXKFWQ'NGPHQSWGOUWUCFQGU
NC GPEWGUVC FG FKCIPUVKEQ FGN RWGUVQ FG VTCDCLQ NC EWCN OKFG NCU
ECTCEVGTUVKECU SWG VGTKECOGPVG NNGXCP C GUVCFQU RUKEQNIKEQU ETVKEQU
SWGKPHNW[GPGPNQUTGUWNVCFQUNCDQTCNGU
8CTKGFCF FG FGUVTG\CU .C OGFKFC GP NC SWG GN RWGUVQGZKIGSWGGN
GORNGCFQFGUGORGGWPCCORNKCXCTKGFCFFGVCTGCU

+FGPVKFCFFGNCVCTGC.COGFKFCGPNCSWGGNRWGUVQGZKIGVGTOKPCT
WPQ FG NQU EQORQPGPVGU FGN VTCDCLQ SWG NQU GORNGCFQU RWGFCP
KFGPVKHKECTEQOQTGUWNVCFQFGUWUGUHWGT\QUKPFKXKFWCNGU
+ORQTVCPEKCFGNCVCTGC.COGFKFCGPNCSWGUGRGTEKDGSWGGNRWGUVQ
VKGPGKORCEVQGPNCXKFCQGNVTCDCLQFGQVTQU
#WVQPQOC.COGFKFCGPNCSWGNQUGORNGCFQURWGFGPFGEKFKTCUW
FKUETGEKPNQUECNGPFCTKQU[RTQEGFKOKGPVQUFGVTCDCLQ
+PHQTOCEKP FG TGVQTPQ .C OGFKFC GP SWG GN RWGUVQ QHTGEG C NQU
GORNGCFQUKPHQTOCEKPENCTC[FKTGEVCUQDTGUWTGPFKOKGPVQ
'UVCU FKOGPUKQPGU KPHNW[GP GP NQU GORNGCFQU GP VTOKPQU FG

OQVKXCEKP KPVGTPC TGPFKOKGPVQ UCVKUHCEEKP GP GN VTCDCLQ PKXGN FG
CWUGPVKUOQ[FGTQVCEKP
'UKORQTVCPVGVQOCTGPEWGPVCNCUGUVTCVGIKCUSWGUGRWGFGPCRNKECTRCTC
GNFKUGQFGNRWGUVQFGVTCDCLQRCTCKPETGOGPVCTVCPVQGNTGPFKOKGPVQ
EQOQNCUCVKUHCEEKPRGTUQPCNGPGNVTCDCLQ
x #ORNKCEKP FGN RWGUVQ FG VTCDCLQ RGTOKVG KPETGOGPVCT NC XCTKGFCF
FG FGUVTG\CU [ NC KFGPVKFCF FG NC VCTGC OGFKCPVG GN TGFKUGQ FGN
RWGUVQFGVTCDCLQRCTCCORNKCTUWECORQFGCEEKP
x 4QVCEKP FGN RWGUVQ FG VTCDCLQ 2GTOKVG SWG NQU GORNGCFQU
FGUGORGGP WPC XCTKGFCF FG VCTGCU GP DCUG C WP FGVGTOKPCFQ
ECNGPFCTKQKPETGOGPVCPFQFGGUVCOCPGTCUWUFGUVTG\CU
x 'PTKSWGEKOKGPVQFGNRWGUVQFGVTCDCLQSWGRTQOWGXGGNKPETGOGPVQ
FG NC TGURQPUCDKNKFCF [ NC VQOC FG FGEKUKQPGU TGNCEKQPCFCU EQP GN
RTQRKQVTCDCLQ
/KGPVTCU SWG NC CORNKCEKP FGN RWGUVQ FG VTCDCLQ UG EGPVTC
HWPFCOGPVCNOGPVGGPUWECORQFGCEEKPGNGPTKSWGEKOKGPVQUGEGPVTC
GPGNECORQFGCEEKPRTQHWPFKFCF[NCUTGNCEKQPGU
%QPVTQN
.C RNCPKHKECEKP P*CEKC FQPFG XCOQU [ EWN GU NC OGLQT HQTOC FG NNGICT
CNNQ [ NC QTICPK\CEKPPNQU OGECPKUOQU RCTC NNGICT CN NWICT FQPFG FGUGC
KTQCJQTCGN%QPVTQNGUWPRTQEGUQSWGNGKPFKECPUKTGCNOGPVGNNGIQPQQ

'UVCODKPWPRTQEGUQRCTCCPCNK\CTNCUFKUETGRCPEKCUGPVTGGNTGPFKOKGPVQ
RNCPKHKECFQ [ GN TGCN [ CU RQFGT OQFKHKECT NQU RNCPGU [ RTQEGUQ
QTICPK\CVKXQURCTCUCVKUHCEGTOGLQTNCUPGEGUKFCFGU
'ZKUVGPEWCVTQETKVGTKQUDUKEQUGPEWCNSWKGTUKUVGOCFGEQPVTQN
x (KLCTNQUQDLGVKXQUQGUVPFCTGU.QUUKUVGOCUFGEQPVTQNVKGPGSWGRCTVKT
FG WP GUVPFCT CEQTFCFQ FG TGPFKOKGPVQ Q GP GN PKXGN GURGTCFQ FG
TGPFKOKGPVQ
x /GFKT GN TGPFKOKGPVQ TGCN 7PC XG\ HKLCFQ GN GUVPFCT GU PGEGUCTKQ
EQORTQDCTUKGNTGPFKOKGPVQTGCNEWORNGGNGUVPFCT
x %QORCTCTGNTGPFKOKGPVQTGCNEQPNQUQDLGVKXQUQGUVPFCTGURCTCRQFGT
FGVGTOKPCT UK GU PGEGUCTKC WPC CEEKP RCTC EQTTGIKT NC FKUETGRCPEKC
&GDGOQU FGEKFKT EWCN GU NC FKUETGRCPEKC VQNGTCDNG CPVGU FG KPKEKCT NCU
CEEKQPGUEQTTGEVKXCU
x 6QOCTNCCEEKPCFGEWCFCEWCPFQNCFKUETGRCPEKCGPVTGNQUQDLGVKXQUQ
GUVPFCTGU[GNTGPFKOKGPVQTGCNUWRGTCGNPKXGNVQNGTCDNGKFGPVKHKECTNC
CEEKPEQTTGEVKXCCFGEWCFC
2CTCKFGPVKHKECTNQURWPVQUETVKEQUFGEQPVTQNUGFGDGKFGPVKHKECT
3WGUNQSWGUGOGFKT!GU PGEGUCTKQCPCNK\CTNQUEQUVGUGURGTCFQUVCPVQ
HKPCPEKGTQU EQOQ PQHKPCPEKGTQU CU EQOQ NC OGLQTC GURGTCFC GP GN
TGPFKOKGPVQ [ NCU EQPUGEWGPEKCU GURGTCFCU FGN PQGUVCDNGEKOKGPVQ FGN
UKUVGOC
'P SW NWICT FGN RTQEGUQ UG OGFKT! VQFQU NQU UKUVGOCU QTICPK\CVKXQU
VKGPGPVTGUEQORQPGPVGUGPVTCFCRTQEGUQUFGVTCPUHQTOCEKP[TGUWNVCFQU
%QPSWHTGEWGPEKCUGCPCNK\CTPNCUOGFKFCU!UGRWGFGOGFKTFGHQTOC
RGTOCPGPVGQCKPVGTXCNQUHKLQUFGRGPFKGPFQFGNCOGFKFCWUCFC
3WKP UGT TGURQPUCDNG FG NCU CEEKQPGU EQTTGEVKXCU! GN RTKPEKRKQ FG
IGUVKPRQTGZEGREKPCHKTOCSWGUQNCOGPVGFGDGPNNCOCTNCCVGPEKPFGNC
FKTGEEKP NQU ECUQU FG FKUETGRCPEKCU UKIPKHKECVKXCU GU FGEKT UQNCOGPVG GP
UKVWCEKQPGUSWGPQRWGFGTGUQNXGTNCRGTUQPCSWGQEWRCGNPKXGNLGTTSWKEQ
UKIWKGPVG
5KPGODCTIQFGDGOQUGURGTCTTGCEEKQPGUJWOCPCUCNUKUVGOCFGEQPVTQN
RQTNCUUKIWKGPVGUTC\QPGU

2WGFGP EQPUKFGTCTNC EQOQ WPC TGUVTKEEKP C UWEQORQTVCOKGPVQ[WPC

NKOKVCEKPCUWJCDKNKFCFRCTCCEVWCTEQPCWVQPQOC
2WGFGP GUVCT GP FGUCEWGTFQ EQP NQU GUVPFCTGU FG TGPFKOKGPVQ RQT
EQPUKFGTCTNQU CTDKVTCTKQU G KTTGNGXCPVGU RCTC UW TGPFKOKGPVQ TGCN GP GN
VTCDCLQ
#FQRVCPWPCRQUVWTCFGHGPUKXCGPTGNCEKPEQPUWTGPFKOKGPVQ2WGFG
RGPUCT SWG UW TGPFKOKGPVQ GU CEGRVCDNG [ RQT VCPVQ UG TGUKUVGP C NC
GXCNWCEKPFGUWTGPFKOKGPVQKPFKXKFWCNQCNFGUWWPKFCF
2QTNQSWGGPCNIWPQUECUQUHCNUKHKECPNQUKPHQTOGUQHCEKNKVCPKPHQTOCEKP
KPGZCEVCUQDTGGNFGUGORGQFGNCVCTGCQVTCDCLCPNQLWUVQRCTCEWORNKT
NQUGUVPFCTGUGURGEHKEQUGPNWICTFGGUHQT\CTUGRCTCCNECP\CTWPRVKOQ
TGPFKOKGPVQ 5G FGDG JCEGT WP ECODKQ FG QTKGPVCEKP FG NCU OGVCU [
QDLGVKXQUQTICPK\CVKXQUCNQUCURGEVQUGURGEHKEQUFGNTGPFKOKGPVQOGFKFQU
RQT GN UKUVGOC FG EQPVTQN NQ SWG UG EQPQEG EQOQ TGRNCPVGCOKGPVQ FG
OGVCU
'.41.&'./10+614
'N /QPKVQT GU NC RGTUQPC SWG UCDG NQ SWG GUV UWEGFKGPFQ GP NC WPKFCF FG
VTCDCLQ GNNQU QDUGTXCP NQU UKIPQU XKVCNGU FG NC WPKFCF [ JCEGP VCODKP GN
UGIWKOKGPVQ FG UW RTQRKQ VTCDCLQ [C SWG PGEGUKVCP EQPQEGT [ EQPVTQNCT UWU
QRGTCEKQPGU.CUVCTGCUFGNOQPKVQTUQP
x %NCUKHKECT[ECPCNK\CTNCKPHQTOCEKPSWGPGEGUKVCGNKOKPCTRQTUGTKPPGEGUCTKC
x 1TICPK\CT NC KPHQTOCEKP EQP WP GUSWGOC SWG NG RGTOKVC RNCPKHKECT VQOCT
FGEKUKQPGU[RTGUGPVCTNQSWGUGEQPUKFGTCOUKORQTVCPVG
2CTC EQPUGIWKT NCU OGLQTCU UG FGDG QDUGTXCP EQOQ HWPEKQPCP NCU EQUCU [
RNCPVGCTUGRTGIWPVCUUGPEKNNCUEQOQ
x &GFPFGRTQXKGPGTGCNOGPVGPWGUVTQVTCDCLQ!
x %WNGUUQPPWGUVTCUHWGPVGURTKPEKRCNGUFGGTTQTGUGKPGHKEKGPEKC!
x 5K NQU OKGODTQU FG OK WPKFCF RWFKGUGP ECODKCT CNIQ GP PWGUVTQU RTQEGUQU!
3WGUNQSWGECODKCTCP!
x &G VQFQU NQU GTTQTGU EQOGVKFQU %WNGU UQP NQU KPUKIPKHKECPVGU! %WNGU UQP
NQUGTTQTGUSWGPQRQFGOQUFCTPQUGNNWLQFGEQOGVGT!
x 'P EQPETGVQ &G SW HQTOC UCDGOQU EWN GU GN ITCFQ FG GHKECEKC FG NC
QRGTCVKXKFCFFGNCWPKFCFFGVTCDCLQ!

'NFGUGORGQFGNOQPKVQTTGSWKGTGFGNCUEQORGVGPEKCU4GFWEKTNCUQDTGECTIC
FGKPHQTOCEKP#PCNK\CTNCKPHQTOCEKPETVKECOGPVG[2TGUGPVCTNCKPHQTOCEKP
TGFCEVCPFQEQPGHKECEKC
2CTCRQFGTTGFWEKTNCUQDTGECTICFGKPHQTOCEKPUGRWGFGCRNKECTGN5KUVGOC64#(
SWGEQPUKUVGGPJCEGTCNIQEQPECFCWPQFGNQURCRGNGUSWGVGPICGPUWOGUC'N
VTCHHKPIGUGNTGOGFKQRCTCGXKVCTSWGPQJCICPCFCEQPGNOKUOQRCRGNOWEJCU
XGEGURCTCGNEWCNFGDG
x 6KTCTCNEGUVQNQURCRGNGUSWGPQVGPICPWPXCNQTKPOGFKCVQ
x 4GOKVKTNQURCRGNGUCQVTQU
UGETGVCTKCURGTUQPCNEQNGICU
x #EVWCTEQNQECPFQVQFQCSWGNNQSWGGZKIGUWCVGPEKPRGTUQPCNGPWPCDCPFGLC
QECTRGVCFGCEEKP
x #TEJKXCTNQUFQEWOGPVQUKPFKECPFQGPGNRTQRKQFQEWOGPVQPRCTCCTEJKXCTQ
2CTCEQPQEGTGNITCFQFGGHKEKGPEKCFGPWGUVTQTGPFKOKGPVQGUKORQTVCPVGTGEKDKT
NCUWHKEKGPVGKPHQTOCEKPFGTGVQTPQUQDTGGNITCFQFGGHKECEKCFGUWFGUGORGQ
RCTC GN EWCN HKLCT WP EQPLWPVQ FG QDLGVKXQU [ FGUCTTQNNCT OGFKFCU Q ETKVGTKQU
CFGEWCFQUFGTGPFKOKGPVQRCTCJCEGTGNUGIWKOKGPVQ
x %OQUCDGOQUSWVCNNQGUVCOQUJCEKGPFQ!
x %QOQFKTGEVKXQ%QPQ\EQSWGUNQSWGGNUKUVGOCFGDGTCJCEGT!
x 5CDGPOKUGORNGCFQUCPKXGNKPFKXKFWCNNQSWGVKGPGPSWGJCEGT[SWGUNQ
SWGGNUKUVGOCEQNGEVKXCOGPVGPGEGUKVC!
x %QPQ\EQEWNGUUQPNCUOGFKFCU[NQUKPFKECFQTGUFGTGPFKOKGPVQSWGFGDQ
UWRGTXKUCT[EQORCTVKTEQPOKRGTUQPCN!
x 6KGPGOKRGTUQPCNNCUFGUVTG\CU[NQUEQPQEKOKGPVQUPGEGUCTKQURCTCJCEGTUW
VTCDCLQ! 'P ECUQ PGICVKXQ %OQ RWGFQ OGLQTCT UWU FGUVTG\CU [
EQPQEKOKGPVQU!
x 2GTOKVGGNUKUVGOCSWGTKPFCPCNOZKOQQRQTGNEQPVTCTKQGNUKUVGOCGUWP
KORGFKOGPVQKORQTVCPVGCNTGPFKOKGPVQ!%OQRWGFQCUGIWTCTOGFGGNNQ!
x 5K GN UKUVGOC GU KPGUVCDNG Q EQPUGEWGPVGOGPVG KPGHKEKGPVG FG SW HQTOC
RWGFQECODKCTPWGUVTQURTQEGFKOKGPVQUOGLQTCTPWGUVTQGSWKRQ[RTQEGUCTQ
TGGUVTWEVWTCTGNGPVQTPQFGVTCDCLQRCTCKPETGOGPVCTNCECRCEKFCFFGNUKUVGOC!
6GPFGOQUCEWNRCTCNQUGTTQTGUKPFKXKFWCNGUQCNQUGORNGCFQUEW[QTGPFKOKGPVQ
GUFGHKEKGPVG EWCPFQGNRTQDNGOCTGCNGUGNUKUVGOC
RTQEGFKOKGPVQUGSWKRQUG
KPUVCNCEKQPGU[GNRTQOGFKQEQNGEVKXQFGGTTQTGU
4GPFKOKGPVQ*CDKNKFCF
QECRCEKFCF /QVKXCEKP

2CTC KPETGOGPVCT [ OGLQTCT GN TGPFKOKGPVQ FGUGCOQU EQPVCT EQP RGTUQPCN

PECRCEKVCFQQ RCTCTGCNK\CTUWUVCTGCUEQPRNGPQUTGUWNVCFQURGTQNCECRCEKFCFSWG
NGUQHTGEGGNUKUVGOCGUVCODKPQVTQEQORQPGPVGKORQTVCPVG
#PCNK\CTNCKPHQTOCEKPETVKECOGPVG
.C IGUVKP FG NC KPHQTOCEKP NG C[WFC C ICTCPVK\CT SWG TGEKDG NC
KPHQTOCEKPEQTTGEVCRGTQNNGICGNOQOGPVQFGCPCNK\CTGUCKPHQTOCEKP
7VKNK\CT NC KPHQTOCEKP EQP NC OC[QT GHKECEKC RQUKDNG EQP QDLGVKXKFCF
GSWKNKDTKQCRGTVWTCCPWGXCKPHQTOCEKP[GNGUVWFKQOGVFKEQQOKPWEKQUQ
FGNRTQDNGOCCPVGUFGVQOCTNCFGEKUKP
'UPGEGUCTKQCPCNK\CTNCKPHQTOCEKPQUGRCTCTNCKPHQTOCEKPKORQTVCPVGFG
NCVTKXKCN2GTQNCOC[QTCFGNQURTQDNGOCUKPENWUQNQUCRCTGPVGOGPVGOU
FKTGEVQUTGSWKGTGPTC\QPCOKGPVQQDWGPLWKEKQ[PQUQNCOGPVGNQUUKORNGU
ENEWNQU'NRGPUCOKGPVQETGCVKXQUGEGPVTCGPFGUCTTQNNCTPWGXCUHQTOCUFG
JCEGT NCU EQUCU GP GN RTQEGUQ FG KPXGPEKP GP IGPGTCN [ GN RGPUCOKGPVQ
ETVKEQDWUECNCHQTOCFGJCEGTOGLQTNCUEQUCUTGUQNXKGPFQNQURTQDNGOCU
EQPOC[QTGHKEKGPEKC[GZCEVKVWF
SWUWEGFGGPGNECOKPQJCEKCGNDWGPLWKEKQ
.C ETGGPEKC FG SWGPNQ OQ GU NQ OGLQTQ Q GN OQ GU GN GUVPFCT SWG
FGDG WVKNK\CTUG RCTC LW\ICT C NQU FGOU .C OC[QTC FG NCU RGTUQPCU
VGPGOQUWPCVGPFGPEKCPCVWTCNCTGUKUVKTPQUCNECODKQ
'UVGTGQVKRQU #DUQTDGOQU NC ECPVKFCF FG KPHQTOCEKP SWG PGEGUKVCOQU

RCTCXGTEOQUGXCHQTOCPFQWPRCVTP[CEQPVKPWCEKPEQPUVTWKOQU
GN VQFQ DCUCFQ GP NC RCTVG SWG GUVCOQU OKTCPFQ .QU RCVTQPGU PQU
C[WFCP C RGPUCT 0QU IWUVC CITWRCT NCU EQUCU NCU RGTUQPCU NCU
UKVWCEKQPGU [ NQU UGPVKOKGPVQU GP EQPLWPVQ FG HQTOC SWG RQFCOQU
VTCVCTNQEQPOC[QTHCEKNKFCF2GTQIGPGTCNK\CT[JCEGTKORTGUKQPGUUQDTG
GNVQFQDCUCFQUGPWPCRGSWGCOWGUVTCFGEWCNSWKGTEQPLWPVQGUWPC
VTCORC
0GICEKP 'U FKHEKN FGVGEVCT NC PGICEKP GP PQUQVTQU OKUOQU [C SWG
ITCPRCTVGFGGNNCGUKPEQPUEKGPVG
%QPHQTOKUOQ6GPFGPEKCCCEGRVCTNCFKTGEEKPVQOCFCRQTGNITWRQCN
SWG RGTVGPGEGOQU [ EQP GN SWG PQU KFGPVKHKECOQU )GPGTCNOGPVG
VGPFGOQU C DWUECT GN EQPUGLQ FG CSWGNNQU SWG XGP GN OWPFQ FG NC
OKUOCHQTOCSWGPQUQVTQU2QFGOQUFKUETGRCTUKPQHGPFGT[RQFGOQU
OGLQTCTNCECNKFCFFGPWGUVTCUFGEKUKQPGU[CSWGPQVGPGOQUSWGGUVCT
FGCEWGTFQCWVQOVKECOGPVGRCTCCUGXKVCTNCUVGPUKQPGU.QUDWGPQU
NFGTGUVKGPGPNCJCDKNKFCFFGVTCDCLCTGHKEC\OGPVGEQPNCURGTUQPCUSWG
PQGUVPFGCEWGTFQEQPGNNQU

1TIWNNQ RGTUQPCN GP OWEJCU UGUKQPGU PQ GU 3WKPRWGFGTGUQNXGT GN

RTQDNGOC! UKPQ 3WKP UCDG OU! 1 3WKP VKGPG OC[QT RGUQ! NQU
DWGPQUFKTGEVKXQUFGDGPKFGPVKHKECTNCHQTOCFGECPCNK\CT[CDUQTDGTGN
VQTTGPVGFGGIQUFG NQUFGOU[GNRTQRKQ
#PNKUKUFGHGEVWQUQQKPEQORNGVQ'NUGPVKFQEQOPGUNCJCDKNKFCFRCTC
EQPVKPWCT EQP CNIQ GEJCTNG WPC QLGCFC CPVGU FG GPVTGICTNQ G KPVGPVCT
WPC XG\ OU KFGPVKHKECT GN RTQDNGOC CPVGU FG FCTUG RQT XGPEKFQ 5G
RWGFG EQODKPCT NC EQORGVGPEKC FG WP /QPKVQT GZRGTVQ EQP NC FGN
OGPQTGZRGTVQ
'U DWGPQ SWG JC[C WPKFCF GURTKVW FGGSWKRQ[CNKPGCEKPFGKPVGTGUGU
RGTQPQNQGUVCPVQEWCPFQGNITWRQJCETGCFQOCNQUJDKVQUQUQNWEKQPGU
KPGHKECEGU
2TGUGPVCTNCKPHQTOCEKPTGFCEVCTE QPGHKECEKC
'P NCU KPUVKVWEKQPGU UG TGFCEVC RCTC FQEWOGPVCT WPC CEEKP [ PQ RCTC
EQOWPKECT WP OGPUCLG RQT NQ SWG C XGEGU GU FKHEKN KFGPVKHKECT NC
CWFKGPEKCFGDKFQCSWGGNPKEQTGEGRVQTFGNKPHQTOGGUNCECTRGVCFQPFG
UGCTEJKXC'PQECUKQPGUGZKUVGWPTGEJC\QFGNQUFKTGEVKXQUCPVGWPCJQLC
FGRCRGNGPDNCPEQ[CUGCRQTSWGPQUCDGPEQOQEQOGP\CTVKGPGPSWG
NWEJCTRCTCGPEQPVTCTNCURCNCDTCCFGEWCFCURCTCGUETKDKT[UGRTGQEWRCP
RQTNCQTICPK\CEKP
'N OC[QT GTTQT GU PQ JCEGT PKPIP VKRQ FG GUDQ\Q Q ETQSWKU FG NQ SWG
PGEGUKVC FGEKT CSW UG RTGUGPVC EQOQ WUCT GN OVQFQ FGN OCRC OGPVCN Q
GUSWGOCUCVNKVG
9GUVJGKOGT
x 6QOGWPCJQLCGPDNCPEQ[GPGNEGPVTQFGNCJQLCFKDWLGWPEWCFTCFQ
QWPETEWNQ
x &GPVTQ FGN ETEWNQGUETKDC GNPQODTGFGUWRTQ[GEVQ GNVGOCUQDTGGN
SWGXCCGUETKDKTQGNCUWPVQSWGKPVGPVCFKUEWVKT
x &KDWLG WPCU NPGCU RCTVKGPFQ FGNETEWNQ EQOQNCUTCOCUFGWPTDQN

RCTCFGUKIPCTUWUVGOCUQKPVGTGUGURTKPEKRCNGU
x 2WGFGRTGIWPVCTUG3WKPSWEWCPFQFPFGRQTSW[EOQ
x &GUINQUGECFCTCOCGPVGOCUOGPQUKORQTVCPVGURGTQTGNCEKQPCFQU
x 0Q UG RTGQEWRG FG NC QTICPK\CEKP FG NCU TCOCU UG NNGICT OCU
CFGNCPVG
x 7VKNKEG NRKEGU FG FKHGTGPVGU EQNQTGU RCTC FGUKIPCT NQU VGOCU
TGNCEKQPCFQU

2CTCKPKEKCTCGUETKDKTGNFQEWOGPVQFGDGRTGEKUCTNCFGHKPKEKPFGNQDLGVKXQ
GUFGEKTGNFGHKPKTGNRTQRUKVQRTKPEKRCNUWKFGCFGNQSWGGNFQEWOGPVQ
FGDGNQITCT[UCDGTSWGGUNQSWGUGSWKGTG
7PQ FG NQU FQEWOGPVQU OU HTGEWGPVG GP NCU QTICPK\CEKQPGU GU GN
/GOQTPFWOFQEWOGPVQKPVGTPQ[EQPHTGEWGPEKCGUVFKTKIKFCCOUFG
WPC RGTUQPC UG EGPVTC GP WP OGPUCLG HWPFCOGPVCN Q WPC RKG\C FG
KPHQTOCEKP GU WP FQEWOGPVQ DTGXG [ EQPEKUQ [ FGDGP VTCPUOKVKT
KPHQTOCEKPUKPETGCTUWURGPUQ2CTCVGPGTGPEWGPVCEWCPFQUGRTGRCTCNQU
OGOQTPFWOU
x .CURGVKEKQPGUQGZKIGPEKCUCPVGUSWGNCULWUVKHKECEKQPGU
x .CUTGURWGUVCUCPVGUSWGNCUGZRNKECEKQPGU
x .CUEQPENWUKQPGUCPVGUSWGNCUFKUEWUKQPGU
x .QUTGUOGPGUCPVGUSWGNQUFGVCNNGU
x .QUVGOCUIGPGTCNGUCPVGUSWGNQUGURGEHKEQU
'.41.&'/'0614
6CODKPRWGFGFGPQOKPCTUGGNTQNFGKPVGTUJWOCPQTGHNGLCWPCQTKGPVCEKPFG
KPVGTU[GORCVC'PGUVGTQNUGGURGTCSWGGNFKTGEVKXQC[WFGUGCEQPUKFGTCFQ
UGPUKDNGCUGSWKDNGCDKGTVQ[LWUVQ#FGOUSWGGUEWEJGCEVKXCOGPVGCRQ[GNCU
RGVKEKQPGU NGIVKOCU GZVGTKQTKEG GN CRTGEKQ [ UGRC QHTGEGT TGEQPQEKOKGPVQ .QU
GORNGCFQUUQPTGEWTUQUKORQTVCPVGUCNQUSWGGUPGEGUCTKQEQORTGPFGTXCNQTCT[
FGUCTTQNNCT .QU FKTGEVKXQU NGU C[WFCP EQP RNCPGU FG FGUCTTQNNQ KPFKXKFWCN [ UG
CUGIWTCFGHCEKNKVCTNGUQRQTVWPKFCFGUFGHQTOCEKP[ETGCEKPFGFGUVTG\CU
.CU EQORGVGPEKCU FG GUVG TQN UQP VTGU #WVQEQORTGPUKP [ EQORTGPUKP FG NQU
FGOU%QOWPKECEKPKPVGTRGTUQPCN[&GUCTTQNNQFGNQUUWDQTFKPCFQU
#WVQEQORTGPUKP[EQORTGPUKPFGNQUFGOU
2CTCVTKWPHCTGPUWTQNFGOGPVQTNQUFKTGEVKXQUVKGPGPSWGEQORTGPFGTUGC
UOKUOQU[CNQUFGOU
GUGNSWKPVQJDKVQCWPSWGVQFQUNQUOKGODTQU
FGWPITWRQVKGPGPCNIQGPEQOPECFCKPFKXKFWQGUJCUVCEKGTVQRWPVQ
GURGEKCN'NTGVQGUVGPEQORTGPFGTNQURWPVQUEQOWPGU[NCUFKHGTGPEKCU
CUEQOQNCUFKXGTUCUOCPGTCUGPSWGRWGFGPCHGEVCTUWUTGNCEKQPGU
.CURGTUQPCUVKGPFGPCOCPVGPGTFQUEQPLWPVQUOW[FKHGTGPVGUFGJKRVGUKU
UQDTGGNOWPFQ
6GQTC:RGTURGEVKXCENUKECFGNCIGUVKPSWGRQPGPHCUKUGPGNEQPVTQN[
NC UWRGTXKUKP GUVTGEJC 5WRQPG SWG NCU RGTUQPCU PQ VKGPGP WPC

RTGFKURQUKEKP CN VTCDCLQ 2QT EQPUKIWKGPVG NC VCTGC FGN FKTGEVKXQ GU
EQPVTQNCTRTGUKQPCT[CIWKLQPGCTCNQUGORNGCFQURCTCSWGCEVGP
6GQTC ; UWRQPG SWG NCU RGTUQPCU FGUGCP VTCDCLCT FGUGCP EQPVTQNCT UWU
RTQRKCU CEVKXKFCFGU [ DWUECP EQPUVCPVGOGPVG PKXGNGU UWRGTKQTGU FG
TGURQPUCDKNKFCF%QPUKFGTCCNCURGTUQPCUEQOQVQVCNOGPVGECRCEGUFGUGT
KPPQXCFQTCU[FGCRQTVCTEQPVTKDWEKQPGUUKIPKHKECVKXCUCNCQTICPK\CEKP
.C VCTGC FGN FKTGEVKXQ GU RQT VCPVQ GUEWEJCT CEVKXCOGPVG TGURQPFGT
KPURKTCT TGEQORGPUCT [ EQPQEGT SWG NCU RGTUQPCU RTQITGUCP C VTCXU FG
WPCUGTKGFGHCUGU
(CUG VEPKEC NCU RGTUQPCU UG RTGQEWRCP RQT NC RGTKEKC RTQHGUKQPCN 5G
EGPVTCP GP NC NIKEC VEPKEC [ GP NC GHKEKGPEKC HKLCPFQ EQP HTGEWGPEKC
GUVPFCTGUFGRGTHGEEKP6KGPFGPCVTCDCLCTOW[WPKFQUCNQUFGOURGTQ
FGHQTOCKORGTUQPCN
/WEJQU FKTGEVKXQU GUVP TGCNOGPVG GP NC HCUG VEPKEC CRTGPFGT UQDTG U
OKUOQU [ CWVQEQORTGPFGTUG UWRQPG WP RTQDNGOC KORQTVCPVG 2QT GUVG
OQVKXQGUCEQPUGLCDNGHCOKNKCTK\CTUGEQPGNOQFGNQNNCOCFQPNCXGPVCPCFG
,QJCTKQ
/QFGNQFG,QJCTK
%QPQEKFQU
RCTCQVTQU
&GUEQPQEKFQ
RCTCQVTQU
6KGPGEWCVTQEWCFTCPVGU
%QPQEKFQURCTCWPQ
OKUOQ
#$+'46#
1%7.6#
8GPVCPCFG,QJCTK
&GUEQPQEKFQU
RCTCWPQOKUOQ
%+')#
&'5%101%+&#
TGC CDKGTVC TGRTGUGPVC NQU XCNQTGU OQVKXQU [ EQORQTVCOKGPVQU

EQPQEKFQURCTCPQUQVTQU[RCTCNQUFGOU
TGCEKGICCSWGUVPNQUXCNQTGOQVKXQU[EQORQTVCOKGPVQUSWGNQU
FGOURGTEKDGPRGTQWPQOKUOQPQTGEQPQEG
TGCQEWNVCNQUOQVKXQU[EQORQTVCOKGPVQUSWGEQPQEGOQURGTQPQ
TGXGNCOQUCNQUFGOU
TGCFGUEQPQEKFCOQVKXQU[EQORQTVCOKGPVQUFGNQUSWGPKPQUQVTQU
OKUOQUPKNQUFGOUUQOQUCPEQPUEKGPVGU

/WEJCURGTUQPCUPQUQP TGEGRVKXCUFGNCKPHQTOCEKPFGTGVQTPQUQDTGUWU
RWPVQU EKGIQU #FQRVCP WPC CEVKVWF FGHGPUKXC [ WVKNK\CP FKXGTUQU
EQORQTVCOKGPVQUSWGKORKFGPNCKPHQTOCEKPFGTGVQTPQ
.C XGPVCPC FG ,QJCTK PQ UNQ PQU KPFKEC PWGUVTCU RTQRKCU TGCU EKGICU
QEWNVCU[FGUEQPQEKFCUVCODKPPQUJCEGEQPQEGTFGNCGZKUVGPEKCFGGUCU
TGCU GP NQU FGOU [ SWG CFQRVCOQU CEVKVWFGU FGHGPUKXCU GP TGNCEKP C
GNNCU 'N UGETGVQ RCTC ECODKCT GUVC CEVKVWF GP NQU FGOU GUV GP UWRGTCT
PWGUVTCRTQRKCCEVKVWFFGHGPUKXC*GCSWCNIWPCUTGEQOGPFCEKQPGU
x 6KGPG SWG CPCNK\CTUG C U OKUOQ RQT SWG UK PQ FGUGC TGCNOGPVG
EQORTGPFGTCNQUFGOUUKPQGUUKPEGTQNCGORCVCGUKORQUKDNG
x .CEQOWPKECEKPGUCNIQOUSWGRCNCDTCUVCODKPUGFGDGNGGTVCPVQ
NCUUGCNGUXGTDCNGUEQOQNCUPQXGTDCNGU
x 0QTGCEEKQPGEQPFGOCUKCFCTCRKFG\CNCUFGHKPKEKQPGUKPGZCEVCUFGNQU
JGEJQU GUEWEJG EQP CVGPEKP RCTC KFGPVKHKECT NQU UGPVKOKGPVQU SWG UG
QEWNVCPVTCUGUCFGHKPKEKPCPVGUFGCRTGUWTCTCEQTTGIKTNQUJGEJQU
x &GDG RGTOKVKT SWG NC RGTUQPC FKIC NC XGTFCF GOQEKQPCN SWG RWGFG
KPENWKT UGPVKOKGPVQU PGICVKXQU JCEKC WUVGF 6KGPG SWG GUVCT RTGRCTCFQ
RCTCTGEKDKTGUVCKPHQTOCEKPFGTGVQTPQPGICVKXC
%QOWPKECEKPKPVGTRGTUQPCN
.C EQOWPKECEKP KPVGTRGTUQPCN GU SWK\ WPC FG NCU EQORGVGPEKCU OU
KORQTVCPVGU [ OGPQU EQORTGPFKFCU FGN FKTGEVKXQ RGTQ GU XKVCN RCTC
FGUGORGCTGNTQNFGNOGPVQT.CEQOWPKECEKPUKIPKHKECGNKPVGTECODKQFG
KPHQTOCEKP JGEJQU KFGCU [ UKIPKHKECFQU 2WGFG WVKNK\CTUG RCTC KPHQTOCT
EQQTFKPCT[OQVKXCTCNQUFGOU2QTFGUITCEKCPQGUHEKNEQOWPKECTUGEQP
GHKECEKC
%WCPFQ UWTIGP NQU RTQDNGOCU KPVGTRGTUQPCNGU NCU RGTUQPCU EQOKGP\CP C
GZRGTKOGPVCT EQPHNKEVQU TGUKUVKTUG CN ECODKQ [ GXKVCT GN EQPVCEVQ EQP NQU
FGOU # PKXGN QTICPK\CVKXQ NC EQOWPKECEKP FGHKEKGPVG EQP HTGEWGPEKC
IGPGTC WP FGUEGPUQ GP NQU PKXGNGU FG OQTCN [ RTQFWEVKXKFCF .CU
QTICPK\CEKQPGU PGEGUKVCP SWG NCU RGTUQPCU UG EQOWPKSWGP EQP GN HKP FG
FGUCTTQNNCTOGVCUECPCNK\CTNCGPGTICGKFGPVKHKECT[TGUQNXGTNQURTQDNGOCU
/QFGNQDUKEQFGEQOWPKECEKPKPVGTRGT UQPCN
'N KPVGTECODKQ FG KPHQTOCEKP UG FC GP VTGU PKXGNGU FKHGTGPVGU KFGCU
JGEJQU[UGPVKOKGPVQURGTQUGRWGFGGUVCDNGEGTWPOQFGNQIGPGTCN
x 2GTUQPCSWGUGEQOWPKECEQFKHKECWPOGPUCLG

x %QFKHKECEKPVTCFWEKTWPEQPLWPVQFGKFGCUGPWPUKUVGOCFGUODQNQU
VCNGU EQOQ RCNCDTCU Q EKHTCU 'P GN RTQEGUQ FG EQFKHKECEKP KPHNW[G NC
WTIGPEKCFGNOGPUCLGNCGZRGTKGPEKC[NCFGUVTG\CFGEQOWPKECEKPFG
NCRGTUQPCSWGNCGPXCCUEQOQUWRGTEGREKPFGNTGEGRVQT
x /GFKQ GU RQT FQPFG UG VTCPUOKVG GN OGPUCLG
GUETKVQ XGTDCN Q PQ
XGTDCN
x &GEQFKHKECEKP NC RGTUQPC SWG TGEKDG GN OGPUCLG VKGPG SWG

KPVGTRTGVCTNQ
x 4GEGRVQTRGTUQPCSWGTGEKDGGNOGPUCLG
.CKPHQTOCEKPFGTGVQTPQGUFGVTGUOQFCNKFCFGU
x +PHQTOCVKXC GU WP RTQEGUQ SWG PQ KPENW[G GXCNWCEKP UKORNGOGPVG

QHTGEGJGEJQUCNTGOKVGPVGFGNOGPUCLG
x %QTTGEVKXCKORNKECWPFGUCHQQCWPCEQTTGEEKPFGNOGPUCLGQTKIKPCN
x &G TGHWGT\Q GU WP TGEQPQEKOKGPVQ ENCTQ FGN OGPUCLG GPXKCFQ 2WGFG
UGTRQUKVKXCQPGICVKXC
'N NVKOQ GNGOGPVQ FGN OQFGNQ GU GN TWKFQ GU VQFQ CSWGNNQ SWG RWGFG
FKUVQTUKQPCTGNOGPUCLGFWTCPVGGNRTQEGUQFGEQOWPKECEKP
#NIWPCU4GINCUDUKECURCTCCWOGPVCTNCECNKFCFFGNCEQOWPKECEKP
+FGPVKHKECT EQP ENCTKFCF CN TGEGRVQT FGN OGPUCLG %WN GU NC CEVKVWF FGN
TGEGRVQT! %WNGU UQP UWU JKRVGUKU RTGEQPEGDKFCU! %OQ UG UKGPVG
NGNNCGPUVCUKVWCEKP!
%QPQ\EC UW QDLGVKXQ 3W GU NQ SWG FGUGC NQITCT EQOQ TGUWNVCFQ FGN
OGPUCLGSWGVTCPUOKVG!
#PCNKEG GN ENKOC 3W PGEGUKVC RCTC SWG GN TGEGRVQT UG TGNCLG [ GUV
CDKGTVQCNCEQOWPKECEKP!
#PCNKEGOGPVCNOGPVGGNOGPUCLGCPVGUFGVTCPUOKVKTNQ#PCNEGNQFGUFGNC
RGTURGEVKXCFGNTGEGRVQT
7VKNKEGGNNGPIWCLGFGNCQVTCRGTUQPC
5K PQ GUV UGIWTQ FG SWG GN TGEGRVQT JC EQORTGPFKFQ GN OGPUCLG
ENCTKHSWGNQ
5KNCTGURWGUVCVKGPGOCVKEGU FGETVKECPQTGCEEKQPGCNCFGHGPUKXC

&GUCTTQNNQFGNQUUWDQTFKPCFQU
.C KPHQTOCEKP FG TGVQTPQ UQDTG GN TGPFKOKGPVQ GU WPQ FG NQU VKRQU FG
HQTOCEKP RQVGPEKCNOGPVG OU VKNGU SWG WPC RGTUQPC RWGFG TGEKDKT [ GU
ETVKECRCTCNCOGLQTCGNETGEKOKGPVQ[GNFGUCTTQNNQUKPGODCTIQHTCECUCP
EQPOWEJCHTGEWGPEKC2CTCGNOGPVQTNCGXCNWCEKPFGNTGPFKOKGPVQGUNC
JGTTCOKGPVC SWG HCEKNKVC GN FGUCTTQNNQ FG NQU UWDQTFKPCFQU UKP GODCTIQ
OWEJCU QTICPK\CEKQPGU NCU CRNKECP RQT QVTCU TC\QPGU %QP HTGEWGPEKC UG
WVKNK\CRCTCVQOCTFGEKUKQPGUUQDTGGNUKUVGOCFGTGEQORGPUCUTGVTKDWEKP
[ RTQOQEKP VCODKP GP ECUQU FG FGURKFQ %QP HTGEWGPEKC VCPVQ NQU
UWDQTFKPCFQUEQOQNQULGHGUUGUKGPVGPKPEOQFQU
.C GXCNWCEKP FGN TGPFKOKGPVQ GORKG\C OWEJQ CPVGU FG NC UGUKP FG
GXCNWCEKP5KVKGPGNCUWHKEKGPVGCWVQPQOCRCTCJCEGTNQ[UWUKVWCEKPGU
NC CFGEWCFC RWGFG KPXKVCT C QVTQU UWDQTFKPCFQU C SWG RCTVKEKRGP GP GN
FKUGQRCTCSWGTGCNOGPVGUGCGHKEC\
&KTGEVTKEGURCTCNCKPHQTOCEKPFGTGVQTPQ
%OQHCEKNKVCTK PHQTOCEKPFGTGVQTPQ
#PVGUFGHCEKNKVCTKPHQTOCEKPFGTGVQTPQCPCNKEGUWUOQVKXQU[CUGITGUGFG
SWGGNTGEGRVQTGUVRTGRCTCFQRCTCGUEWEJCTNG
%WCPFQHCEKNKVGKPHQTOCEKPFGTGVQTPQWVKNKEGHTCUGUSWGEQOKGPEGPRQTP;QQ
GP NWICT FG P7UVGFQ RCTC KPFKECT SWG GUCU UQP UWU RGTEGREKQPGU KFGCU [
UGPVKOKGPVQU
&GUETKDC GN EQORQTVCOKGPVQ FG NC QVTC RGTUQPC CU EQOQ UWU RTQRKCU
RGTEGREKQPGUFGNOKUOQ
2KFCCNCQVTCRGTUQPCSWGENCTKHKSWGGZRNKSWGECODKGQTGEVKHKSWG
&GURWU FG NC KPHQTOCEKP FG TGVQTPQFGDGFCTCNCQVTC RGTUQPCGNVKGORQ

SWGPGEGUKVGRCTCTGURQPFGT
#PVGUFGRGFKTKPHQTOCEKPFGTGVQTPQCUGITGUGFGSWGGUVRTGRCTCFQRCTC
GUEWEJCTKPHQTOCEKPSWGRWGFGCNVGTCTUWRTQRKCRGTEGREKP
5GC EQPUEKGPVG FG SWG NC RGTUQPC SWG NG QHTGEG KPHQTOCEKP FG TGVQTPQ GUV
FGUETKDKGPFQ UW RTQRKC RGTEGREKP FG NC UKVWCEKP RGTQ VGPIC RTGUGPVG SWG
GUQUUGPVKOKGPVQUUQPTGCNGU
%QORTWGDGUKJCEQORTGPFKFQNCKPHQTOCEKPFGTGVQTPQTGEKDKFCJCEKGPFQ
RTGIWPVCUQFCPFQGLGORNQU

2CTC QHTGEGT [ TGEKDKT KPHQTOCEKP FG TGVQTPQ GU ENCXG NC CWVQEQPHKCP\C
CJQTC GP NWICT FG EQOGP\CT PGP HTQQ NC GXCNWCEKP RWGFG KPVGPVCT QVTC
GUVTCVGIKC
x +PVGTECODKCT EQP UW UWDQTFKPCFQ WPC GXCNWCEKP GUETKVC FG UW

TGPFKOKGPVQ
x &GFKSWG CNIP VKGORQ C NGGT NC CWVQGXCNWCEKP FG UW UWDQTFKPCFQ [
WVKNKEG NC GORCVC RCTC RQPGTUG GP UW NWICT 7VKNKEG GUVG RTQEGUQ RCTC
RTGRCTCTUGCUOKUOQRCTCNCUGUKPFGGXCNWCEKP
'.41.&'(#%+.+6#&14
'P GUVG TQN GN OCPFQ HQOGPVC GN GUHWGT\Q EQNGEVKXQ ETGC NC WPKP CWOGPVC NC
OQTCN FGN GSWKRQ [ IGUVKQPC NQU EQPHNKEVQU KPVGTRGTUQPCNGU #NIWPCU FG NCU
EQORGVGPEKCU SWG WVKNK\C GN HCEKNKVCFQT UQP NCU OKUOCU SWG NCU WVKNK\CFCU RQT GN
OGPVQT RQT GLGORNQ NC GUEWEJC CEVKXC NC GORCVC [ NC UGPUKDKNKFCF C NCU
PGEGUKFCFGU FG NQU FGOU 'N TQN FGN HCEKNKVCFQT UGEGPVTCGPNCHQTOCGPSWGGN
OCPFQVTCDCLCEQPNQUITWRQU6TGUEQORGVGPEKCUENCXGFGNHCEKNKVCFQT%TGCEKP
FGGSWKRQU6QOCFGFGEKUKQPGURCTVKEKRCVKXC)GUVKPFGNEQPHNKEVQ
%TGCEKPFGGSWKRQU
6TCDCLCTGPGSWKRQGU WPFGUGQFGVQFCQTICPK\CEKPEQORGVKVKXCRGTQRCTC
VGPGTZKVQGUPGEGUCTKQHQTOCTITWRQUFGVTCDCLQUSWG
%WGPVGPEQPWPCTC\PFGUGTRCTCVTCDCLCTLWPVQU
.QU OKGODTQU FGN ITWRQ UGCP KPVGTFGRGPFKGPVGU GU FGEKT PGEGUKVCP NC
JCDKNKFCF NC GZRGTKGPEKC [ GN EQORTQOKUQ FG NQU FGOURCTCCNECP\CT
NCUOGVCUEQOWPGU
.QU OKGODTQU FGN ITWRQ GUVP EQORTQOGVKFQU EQP NC KFGC FG SWG
VTCDCLCTWPKFQUEQOQITWRQIGPGTCFGEKUKQPGUOUGHKECEGUSWGVTCDCLCT
CKUNCFCOGPVG
6GPICP SWG TGPFKT EWGPVCU EQOQ WPKFCF QRGTCVKXC FGPVTQ FG WP
EQPVGZVQQTICPK\CVKXQOC[QT
%WCPFQNCQRGTCVKXCGHKEC\FGNCWPKFCFFGRGPFGFGNVTCDCLQEQPLWPVQFG
NQUKPFKXKFWQU[FGNWUQFGNCGZRGTKGPEKCNCUJCDKNKFCFGU[GNEQORTQOKUQ
FGVQFQUGNITWRQFGVTCDCLQUGEQPXKGTVGGPWPGSWKRQFGVTCDCLQ
.QU OKGODTQU FGN GSWKRQ TGSWKGTGP KPVGTCEEKP [ EQQTFKPCEKP UWU
OKGODTQURQTNQIGPGTCNVKGPGPWPQUTQNGUGURGEHKEQU[VCODKPGZKUVGP
EQP HTGEWGPEKC TQNGU GURGEKCNK\CFQU 7PC FG NCU TGURQPUCDKNKFCFGU FGN
HCEKNKVCFQTGUENCTKHKECTNQUTQNGUFGUWUGORNGCFQUFGHKPKTSWGUNQSWGUG

GURGTCFGWPKPFKXKFWQSWGFGUGORGCWPFGVGTOKPCFQRWGUVQFGVTCDCLQ[
QEWRCWPFGVGTOKPCFQECTIQ
.CENCTKFCFGPNQUTQNGUKORNKECNCCWUGPEKCFGFQUEQPFKEKQPGUPGICVKXCUNC
CODKIGFCF [ GN EQPHNKEVQ GP NQU TQNGU .C CODKIGFCF UWTIG EWCPFQ GN
KPFKXKFWQ PQ VKGPG UWHKEKGPVG KPHQTOCEKP GP VTOKPQU FG Q SWG FGDGTC
GUVCT JCEKGPFQ [ GN EQPHNKEVQ QEWTTG EWCPFQ WP KPFKXKFWQ RGTEKDG NC
KPHQTOCEKP TGNCEKQPCFC EQP UW RWGUVQ FG VTCDCLQ EQOQ KPEQJGTGPVG Q
EQPVTCFKEVQTKC
.QU TQNGU FG OCPVGPKOKGPVQ FGN ITWRQ [ FG VCTGC UG EGPVTCP GP FQU
EQORQPGPVGUPGEGUCTKQURCTCGNHWPEKQPCOKGPVQGHKEC\FGNGSWKRQ'PGNTQN
FGVCTGCGNEQORQTVCOKGPVQUGEGPVTCGPSWGUNQSWGGNGSWKRQVKGPGSWG
EQPUGIWKT GP GN TQN FG OCPVGPKOKGPVQ FGN ITWRQ GN EQORQTVCOKGPVQ UG
EGPVTC GP EOQ GN GSWKRQ NQITCT UW VCTGC 'U RQUKDNG KFGPVKHKECT UGKU
UWDTQNGURTKPEKRCNGUCUQEKCFQUEQPNCQTKGPVCEKPCNCVCTGC
'N KPKEKCFQT RQPG GP OQXKOKGPVQ CN ITWRQ CN QHTGEGTNG PWGXCU KFGCU [
UWIGTKT HQTOCU FG EQPHTQPVCT WPC VCTGC Q WP RTQDNGOC 'P GUVG TQN GN
OKGODTQ FGN ITWRQ TGEWGTFC C NQU FGOU SWG VKGPGP WPC VCTGC SWG
TGCNK\CT
'N KPHQTOCFQT RNCPVGC Q ENCTKHKEC JGEJQU [ QRKPKQPGU KORQTVCPVGU
DCUCFQGPUWEQPQEKOKGPVQ[GZRGTKGPEKCURGTUQPCNGU
'N DWUECFQT FG KPHQTOCEKP CPKOC C NQU FGOU C RNCPVGCT Q ENCTKHKECT
JGEJQU [ QRKPKQPGU KORQTVCPVGU DCUCFQU GP UWU EQPQEKOKGPVQU [
GZRGTKGPEKCU
'NEQQTFKPCFQTTGPGRTQITCOC[EQODKPCNCUCEVKXKFCFGUFGNQUFGOU
'N GXCNWCFQT C[WFC CN ITWRQ C XCNQTCT NC ECNKFCFFG UWU UWIGTGPEKCU Q
UQNWEKQPGU[EQORTWGDCUWXKCDKNKFCFGPNCRTEVKEC
'N UKPVGVK\CFQT TGPG NC XCTKGFCF FG KFGCU FKUEWVKFCU GP GN ITWRQ NCU
XWGNXG C FGHKPKT EQP DTGXGFCF [ QHTGEG CN ITWRQ WPC FGEKUKP Q
EQPENWUKPRCTCUWGUVWFKQ
&G KIWCN OCPGTC RQFGOQU KFGPVKHKECT UGKU UWDTQNGU RTKPEKRCNGU CUQEKCFQU
EQPNCQTKGPVCEKPCNOCPVGPKOKGPVQFGNITWRQ
'N CPKOCFQT CRQ[C C NQU OKGODTQU FGN GSWKRQ NGU C[WFC C ETGCT WP
ENKOCFGWPKP[EQTFKCNKFCF[HQOGPVCNCUKFGCUFGNQUFGOU

'NCTOQPK\CFQT UWCXK\CNCVGPUKP[C[WFCCNQUOKGODTQUCGPEQPVTCT
HQTOCU FG GNKOKPCT UWU FKHGTGPEKCU RCTC SWG RWGFCP UGIWKT VTCDCLCPFQ
WPKFQU.CRGTUQPCSWGFGUGORGCGUVGTQNKPVGPVCTGFWEKTNCVGPUKPGP
GNITWRQWVKNK\CPFQGNJWOQT[NCCOKUVCF
'NIWCTFKPOCPVKGPGNCPRWGTVCCDKGTVCQ CNCRCTVKEKRCEKPFGNQUFGOU
CUGIWTCPFQ SWG VQFQU NQ OKGODTQU FGN ITWRQ VGPICP NCU UWHKEKGPVGU
QRQTVWPKFCFGUFGEQORCTVKTUWUKFGCU[UGPVKOKGPVQU
'NPFKUGCFQTFGGUVPFCTGUQ C[WFCCNITWRQCHKLCTNCUOGVCUCRTQRKCFCU
[CGXCNWCTNCECNKFCFFGNRTQEGUQFGNITWRQ
'NUGIWKFQTCEGRVC[RGTUKIWGNCUKFGCU[UWIGTGPEKCUFGNQUFGOU
'N QDUGTXCFQT FGNITWRQJCEGGNUGIWKOKGPVQFGNRTQITGUQFGNITWRQ[

HCEKNKVCKPHQTOCEKPFGTGVQTPQUQDTGUWQRGTCVKXC
%WCPFQUGETGCWPPWGXQITWRQFGVTCDCLQQEWCPFQWPITWRQ[CHQTOCFQ
UGJCEGECTIQFGWPCPWGXCVCTGCQRTQDNGOCGNITWRQCVTCXKGUCFKHGTGPVGU
HCUGUFGFGUCTTQNNQJCUVCVTCPUHQTOCTGGPWPGSWKRQ&WTCPVGGUVCUHCUGUFG
FGUCTTQNNQ GN GSWKRQ PGEGUKVC WP PHCUKU FKHGTGPVG GP NQU FKXGTUQU
EQORQTVCOKGPVQUFGVCTGC[OCPVGPKOKGPVQ
(#5'%QORTQDCEKP'NITWRQFGVGTOKPCUWUOGVCU[FGHKPGNCUVCTGCU[
EQP GN HKP FG ETGCT WP ENKOC SWG HQOGPVG GN KPVGTECODKQ FG KFGCU [
UGPVKOKGPVQUGNGURTKVWFGGSWKRQ[NCEQQRGTCEKPGNNFGTFGDGCPKOCTC
NQU OKGODTQU C CUWOKT NQU TQNGU FG KPKEKCFQT KPHQTOCFQT DWUECFQT FG
KPHQTOCEKP[IWCTFKP
(#5' 1TICPK\CEKP 'N ITWRQ FGVGTOKPC NC GUVTWEVWTC [ GN NFGT RQPG
PHCUKU GP GN RTQRUKVQ EQOP [ GUVCDNGEG NCU PQTOCU NQU GUVPFCTGU [
VCODKP FGDG CPKOCT C NQU OKGODTQU C SWG CUWOCP NQU TQNGU FG
EQQTFKPCFQT GXCNWCFQT FKUGCFQT FG GUVPFCTGU QDUGTXCFQT [
CTOQPK\CFQT
(#5''UVCDNGEKOKGPVQFGNCKPVGTFGRGPFGPEKC'NNFGTFGDGEGPVTCUGGPNC
KPVGTFGRGPFGPEKC GPVTGNQU OKGODTQUKORGFKTNCEQORGVGPEKC[CPKOCTC
VQFQURCTCSWGCUWOCPTQNGUKPHQTOCNGUFGNKFGTC\IQ.QUTQNGUFGVCTGC[
FG OCPVGPKOKGPVQ OU KORQTVCPVGU UQP DWUECFQT FG KPHQTOCEKP
UKPVGVK\CFQTCTOQPK\CFQTUGIWKFQT[CPKOCFQT
(#5' 2TQFWEEKP [ GXCNWCEKP 'N ITWRQ UG JC VTCPUHQTOCFQ [C GP WP
GSWKRQ [ VTCDCLC WPKFQ UKP FKHKEWNVCFGU GXCNCP GN RTQFWEVQ FG UWU
GUHWGT\QUEQPLWPVQU[GNITCFQFGGHKECEKCFGUWVTCDCLQEQOQGSWKRQ

#XGEGUNCPGEGUKFCFFGVGTOKPCTGNVTCDCLQJCEGSWGNQUITWRQUUGEGPVTGP
GP NCU VCTGCU GURGEHKECU CPVGU SWG GP NC RNCPKHKECEKP [ NC EQQTFKPCEKP
ENKOCQTICPK\CVKXQ[NCHCNVCFGEQPQEKOKGPVQUQDTGEQOQETGCTWPGSWKRQ
NQEWCNRWGFGPEQPUVKVWKTUGDCTTGTCU
6QOCFGFGEKUKQPGURCTVKEKRCVKXC
'P GN VTCDCLQ NCU FGEKUKQPGU KORQTVCPVGU FGDGP KPXQNWETCT C CSWGNNQU

KPFKXKFWQU EW[CU KFGCU NCDQTCNGU UG XGTP CHGEVCFCU RQT GNTGUWNVCFQFGNC
FGEKUKP 5KP GODCTIQ PQ VQFCU NCU FGEKUKQPGU CHGEVCP FKTGEVCOGPVG C NC
XKFCNCDQTCNFGNQUGORNGCFQU.QUOCPFQUVKGPGPSWGFKUVKPIWKTEWPFQGU
CRTQRKCFQKPXQNWETCTCNQUGORNGCFQU[EWPFQPQNQGU
%QPUVCPVGOGPVG NQU OCPFQU UG GPHTGPVCP C UKVWCEKQPGU GP NCU SWG VKGPGP
SWG VQOCT FGEKUKQPGU TGNCEKQPCFCU EQP UW WPKFCF FG VTCDCLQ [ UWU
GORNGCFQU .C RCTVKEKRCEKP FG NQU GORNGCFQU GP GN RTQEGUQ FG VQOC FG
FGEKUKQPGUVKGPGUWUXGPVCLCU[UWUFGUXGPVCLCU
8GPVCLCU
x 'NPKXGNFGEQPQEKOKGPVQUQGZRGTKGPEKCFGNITWRQVKGPFGCUGTUWRGTKQT
CNPKXGNKPFKXKFWCN
x .CU FKUEWUKQPGU FG ITWRQ IGPGTCP WPC ICOC OU CORNKC FG XCNQTGU [
RGTURGEVKXCUSWGTGRTGUGPVCPNCXCTKGFCFFGVGOCUGKPVGTGUGUSWGGUVP
GPLWGIQGPNCFGEKUKP.CRCTVKEKRCEKPFGNQUGORNGCFQUGPGNRTQEGUQ
CWOGPVCNCURTQDCDKNKFCFGUFGSWGCHNQTGPVQFQUNQUVGOCUKORQTVCPVGU
SWGCHGEVCPNCFGEKUKP
x .QU GORNGCFQU GUVP OU EQORTQOGVKFQU EQP NC GLGEWEKP FG WPC
FGEKUKP GP NC SWG JCP RCTVKEKRCFQ [C SWG EQORTGPFGP NCU TC\QPGU
UWD[CEGPVGUCNCOKUOC
x %QP HTGEWGPEKC NQ GORNGCFQU KPXQNWETCFQU GP GN RTQEGUQ FG VQOC FG
FGEKUKQPGU UQP ECRCEGU FG KFGPVKHKECT NQU QDUVEWNQU RQVGPEKCNGU GP NC
GLGEWEKPFGNCFGEKUKPCUEQOQNCHQTOCFGGXKVCTNQU
x +PXQNWETCTCNQUGORNGCFQUGPGNRTQEGUQFGVQOCFGFGEKUKQPGUOGLQTC
UWU FGUVTG\CU [ JCDKNKFCFGU [ NGU C[WFC C ETGEGT [ FGUCTTQNNCTUG EQOQ
OKGODTQUFGNCQTICPK\CEKP
&GUXGPVCLCU
x .C VQOC FG FGEKUKQPGU RCTVKEKRCVKXCU TGSWKGTG VKGORQ # OGFKFC SWG

CWOGPVC GN PWOGTQ FG RGTUQPCU KPXQNWETCFCU GP NC FGEKUKP VCODKP
CWOGPVCGNVKGORQPGEGUCTKQRCTCVQOCTNC

x 5KGNITWRQRCTVKEKRCGPWPCFGEKUKPRCTCNCEWCNPQVKGPGNCGZRGTKGPEKC
PGEGUCTKC GU RTQDCDNG SWG GN RTQEGUQ CRQTVG WPC FGEKUKP FG DCLC
ECNKFCF
x 5K NCU TGWPKQPGU FG ITWRQ PQ GUVP DKGP GUVTWEVWTCFCU GU RQUKDNG SWG
CNIWPCU RGTUQPCU SWG EWGPVCP EQP NC GZRGTKGPEKC PGEGUCTKC PQ
EQPVTKDW[CPOKGPVTCUSWGQVTCUSWGVKGPGPRQECQPKPIWPCGZRGTKGPEKC
RWGFCPEQPVTKDWKTGPGZEGUQ[FQOKPCTNCFKUEWUKP
x %WCPFQ NQU OKGODTQU FGN ITWRQ UG RTGQEWRCP GP GZEGUQRQTNNGICTCN
EQPUGPUQ GP NC VQOC FG FGEKUKQPGU RCTVKEKRCVKXC GN TGUWNVCFQ GU GN
PRGPUCOKGPVQFGITWRQQ
2CTC CWOGPVCT NC GHKECEKC FG NCU TGWPKQPGU UG FGDG VGPGT JCDKNKFCF RCTC
GSWKNKDTCT NQU TQNGU FG VCTGC [ NQU FG OCPVGPKOKGPVQ FG ITWRQ GU FGEKT
OCPVGPGT EGPVTCFQ CN ITWRQ [ CN VKGORQ CUGIWTCT SWG VQFQU VKGPGP NC
QRQTVWPKFCFFGRCTVKEKRCTCFGEWCFCOGPVG2CTCGNNQGUKORQTVCPVGVGPGTGP
EWGPVCSWGEWCPFQRTGRCTCNCTGWPKP
x &GDGHKLCTNQUQDLGVKXQUFGNCTGWPKP
x 5GNGEEKQPCTCNQURCTVKEKRCPVGUCFGEWCFQU
x 5GNGEEKQPCTGNNWICT[NCJQTCCFGEWCFC
x 2TGRCTCT [ FKUVTKDWKT EQP CPVGNCEKP GN QTFGP FGN FC [ FGVGTOKPCT WPC
UGEWGPEKCRCTCUGIWKTWPCEKGTVCNIKECQHNWLQFGVGOCU
'PGNOQOGPVQFGFKTKIKTNCTGWPKP
x %QOKGPEGCNCJQTCHKLCFC
x 5KRTQEGFGCUGITGUGFGSWGWPQFGNQURCTVKEKRCPVGUVQOGPQVCU
x 4GXKUGGNQTFGPFGNFC[EQORTWGDGUKUQPPGEGUCTKQUCNIWPQUCLWUVGU
x #UGITGUGFGSWGVQFQUNQURCTVKEKRCPVGUUGEQPQEGP
x 5KICGNQTFGPFGNFC
x 'UVCVGPVQCNCUEQPVTKDWEKQPGUFGVQFQU
x 6GTOKPGNCTGWPKPTGXKUCPFQQTGCHKTOCPFQNCUFGEKUKQPGUVQOCFCU[NCU
VCTGCUCUKIPCFCU
;RCTCJCEGTUGIWKOKGPVQFGNCTGWPKP
x 5KUGJCPVQOCFCPQVCUFKUVTKD[CNCUEQPXGPKGPVGOGPVG
x 5KUGJCP CUKIPCFQVCTGCUEQORTWGDGRGTKFKECOGPVGUWRTQITGUQ

)GUVKPFGNEQPHNKEVQ
&WTCPVG NCU FQU NVKOCU FECFCU NQU VGOCU FGN EQPHNKEVQ [ NC IGUVKP FGN
EQPHNKEVQJCPCWOGPVCFQRTQITGUKXCOGPVGUWKORQTVCPEKCRCTCNQUOCPFQU
FKTGEVKXQU FG NCU QTICPK\CEKQPGU UGC EWCN UGC UW VCOCQ .QU VTCDCLQU FG
KPXGUVKICEKP TGCNK\CFQU UQDTG GN EQPHNKEVQ QTICPK\CVKXQ UWIKGTGP SWG NQU
FKTGEVKXQU KPXKGTVGP GPVTG GN [ GN FG UW VKGORQ IGUVKQPCPFQ GN
EQPHNKEVQ NQU SWG QEWRCP PKXGNGU KPHGTKQTGU GP NC LGTCTSWC FGFKECP OU
VKGORQSWGNQUSWGGUVPGPPKXGNGUOUCNVQU
.CRCNCDTCEQPHNKEVQEQPNNGXCCEQPPQVCEKQPGUPGICVKXCU'PNCUUKVWCEKQPGU
VCPVQNCDQTCNGUEQOQPQNCDQTCNGUUGFGDGKPVGPVCTEQPHTGEWGPEKCGXKVCTGN
EQPHNKEVQ[CSWGETGCUGPVKOKGPVQUPGICVKXQU
x 2GTURGEVKXC VTCFKEKQPCN UWRQPGSWGGNGPHQSWGOUGHKEC\CNCIGUVKP

FGNEQPHNKEVQGUNCGNKOKPCEKPFGNCHWGPVGUFGEQPHNKEVQ'LGORNQUKFQU
GORNGCFQU VKGPFGP C VGPGT EQPHNKEVQU NC UQNWEKP GU UGRCTCTNQU [
GUVTWEVWTCT UW VTCDCLQ FG HQTOC SWG PQ VGPICP PGEGUKFCF FG
KPVGTTGNCEKQPCTUG
x 2GTURGEVKXC EQPFWEVWCN EQPUKFGTC KPGXKVCDNG GN EQPHNKEVQ 6GPKGPFQ GP
EWGPVC NCU FKHGTGPEKCU GPVTG NCU RGTUQPCNKFCFGU PGEGUKFCFGU OGVCU [
XCNQTGUKPFKXKFWCNGU
x 2GTURGEVKXC KPVGTCEEKQPKUVC SWG FKHKGTG FG NCU CPVGTKQTGU [C SWG PQ

EQPUKFGTC SWG GN EQPHNKEVQ UG DWGPQ Q OCNQ UKPQ CFGEWCFQ Q
KPCFGEWCFQ UGIP NC UKVWCEKP GURGEKHKEC 'UVC RGTURGEVKXC TGEQPQEG
SWGGNEQPHNKEVQPQUNQGUKPGXKVCDNGUKPQSWGVCODKPGPQECUKQPGUGU
PGEGUCTKQHQOGPVCTNQEQPGNHKPFGRGTOKVKTSWGCHNQTGPPWGXCUKFGCU[
ETGCTHWGT\CURQUKVKXCUSWGIGPGTGPKPPQXCEKP[ECODKQ
%QP GN HKP FG WVKNK\CT GN EQPHNKEVQ FG HQTOC EQPUVTWEVKXC GU KORQTVCPVG
EQORTGPFGT EQOQ UWTIG [ EQOQ UG FGUCTTQNNC .QU KPFKXKFWQU EQP
HTGEWGPEKCXKXGP EQPHNKEVQUKPVGTPQUQKPVTCRGTUQPCNGU
x 'N EQPHNKEVQ CEVWCTCEVWCT UG FC EWCPFQ GN KPFKXKFWQ VKGPG SWG GUEQIGT
GPVTGFQUTGUWNVCFQUQEWTUQUFGCEEKPFGUGCDNGURQTGLGORNQEWCPFQ
UGVKGPGSWGUGNGEEKQPCTGPVTGFQUDWGPQUECPFKFCVQU
x 'NEQPHNKEVQCEVWCTGXKVCTUWTIGEWCPFQNCOKUOCOGVCQTGUWNVCFQVKGPG
EQPUGEWGPEKCU RQUKVKXCU [ PGICVKXCU RQT GLGORNQ EWCPFQ GNKIG WP
PWGXQ VTCDCLQ RQTSWG RQVGPEKCNOGPVG VKGPGP OCU QRQTVWPKFCFGU FG
RTQOQEKP

x 'N EQPHNKEVQ GXKVCTGXKVCT EWCPFQ WP KPFKXKFWQ VKGPG SWG GUEQIGT GPVTG
FQU TGUWNVCFQU Q EWTUQU FG CEEKP PGICVKXQU RQT GLGORNQ FWTCPVG WPC
ETKUKUHKPCPEKGTCEWCPFQNCFKTGEEKPVKGPGSWGFGEKFKTUKFGDGGNKOKPCT
VQVCNOGPVG WP PKEQ RTQ[GEVQ Q TGEQTVCT GN RTGUWRWGUVQ C NQ NCTIQ [
CPEJQFGNCQTICPK\CEKP
'NEQPHNKEVQUGFGUCTTQNNCGPNCUQTICPK\CEKQPGURQTFKXGTUQUOQVKXQUEQOQ
FKHGTGPEKCU KPFKXKFWCNGU XCNQTGU CEVKVWFGU ETGGPEKCU Q EWCPFQ UWTIGP
OCNCU KPVGTRTGVCEKQPGU Q GTTQTGU FG EQOWPKECEKP SWG JCEGP SWG NCU
RGTUQPCUETGCPSWGGZKUVGPFKHGTGPEKCU
#EQPVKPWCEKPTGXKUCTGOQUGUVTCVGIKCURCTCIGUVKQPCTGNEQPHNKEVQ
C 6EPKEC FG GXCUKP %WCPFQ WVKNK\CP GUVC VEPKEC NQU KPFKXKFWQU

TGEQPQEGPNCGZKUVGPEKCFGNEQPHNKEVQRGTQPQFGUGCPGPHTGPVCTUGCNQU
VGOCU SWG NQ ECWUCP 'UVC VEPKEC GU CEQPUGLCDNG EWCPFQ UG PGEGUKVC
VKGORQRCTCSWGNCURCTVGUKPXQNWETCFCUGPGNEQPHNKEVQPUGGPHTGPQ 5KP
GODCTIQ C NCTIQ RNC\Q UK PQ UG CHTQPVC GN EQPHNKEVQ GU OW[ RTQDCDNG
SWGCHNQTGFGPWGXQ
D 6EPKECFGEQPEKNKCEKP 'UVGGPHQSWGVKGPGNCXGPVCLCFGSWGOCPVKGPG
NC CTOQPC [ GXKVC NCU FKXKUKQPGU # EQTVQ RNC\Q GUVG GPHQSWG GU
CEQPUGLCDNGEWCPFQGNVGOCPQGUFGOCUKCFQKORQTVCPVGRCTCWUVGFQ
EWCPFQNCQVTCRCTVGGUOWEJQOUHWGTVG[PQVTCPUKIKT.CVEPKECFG
EQPEKNKCEKPRQTNQIGPGTCNNKOKVCNCETGCVKXKFCF[RCTCNK\CNCDUSWGFC
FGPWGXCUKFGCU[UQNWEKQPGUCNRTQDNGOC
E 6EPKECFGEQORGVGPEKC 'UCSWGNNCGPNCSWGNQUKPFKXKFWQUUQNCOGPVG
UGGUHWGT\CPRQTNQITCTUWURTQRKCUOGVCU'PGUVQUECUQUTGEWTTGPCNCU
GUVTWEVWTCU FG CWVQTKFCF [ NCU TGIWNCEKQPGU HQTOCNGU RCTC ICPCT NC
DCVCNNC.QUEQORQTVCOKGPVQUEQORGVKVKXQUIGPGTCPNCUEQPHTQPVCEKQPGU
ICPCTRGTFGTGPNCSWGWPCGUGNICPCFQT[GNQVTQGNRGTFGFQTNQEWCN
NKOKVCNCETGCVKXKFCF[RCTCNK\CNCDUSWGFCFGPWGXCUKFGCU[UQNWEKQPGU
CNRTQDNGOC
F 6EPKECFGEQORTQOKUQ 'UNCRTKOGTCFGNCUGUVTCVGIKCUQTKGPVCFCUCNC
UQNWEKP.QUSWGWVKNK\CPGUVCVEPKECUGRTGQEWRCPVCPVQFGUWURTQRKQU
KPVGTGUGU [ OGVCU EQOQ FG NQU KPVGTGUGU [ OGVCU FG NC QVTC RCTVG
KPXQNWETCFC 2QT NQ IGPGTCN KPENW[G CNIP VKRQ FGPGIQEKCEKP GP NC
SWGECFCRCTVGKPVGTGUCFCVKGPGSWGEGFGTGPCNIQEQPGNHKPFGICPCT
CNIQPQJCDTRGTFGFQTGU
G 6EPKEC FG EQNCDQTCEKP 'U NC UGIWPFC GUVTCVGIKC QTKGPVCFC C NC
UQNWEKP NQU KPFKXKFWQU SWG WVKNK\CP NC VEPKEC FG EQNCDQTCEKP UG
RTGQEWRCPFGUWURTQRKQUKPVGTGUGU[OGVCUVCPVQEQOQFGNQUKPVGTGUGU

[OGVCUFGNCQVTCRCTVGKPVGTGUCFC0QRCTVGPFGNCDCUGFGEGFGTCNIQ
EQP GN HKP FG ICPCT CNIQ RQT NQ EQPVTCTKQ RCTVGP FG NC DCUG FG SWG NC
RCTVKEKRCEKPETGCVKXCGPGNRTQDNGOCRGTOKVGIGPGTCTWPCUQNWEKPGPNC
SWG VQFQU UQP ICPCFQTGU .C RTKPEKRCN FGUXGPVCLC GU SWG EQPUWOG
OWEJQVKGORQ
8GCOQU CJQTC EWCNGU UQP NCU XGPVCLCU [ FGUXGPVCLCU FG NCU VEPKECU FG
IGUVKPFGNEQPHNKEVQ[EWCPFQWVKNK\CTNC
'UVTCVGIKC
%QORGVGPEKC
%WPFQWVKNK\CTNC
%WCPFQGUPGEGUCTKCWPCCEEKPTRKFC[FGEKFKFC
'P VGOCU KORQTVCPVGU EWCPFQ GUPGEGUCTKQKORNCPVCT

UQNWEKQPGUKORQRWNCTGU
'PVGOCUXKVCNGU RCTCGNDKGPGUVCTFGNCQTICPK\CEKP
EWCPFQGUVEQPXGPEKFQFGSWGVKGPGTC\P
(TGPVG C RGTUQPCU SWG UG
EQORQTVCOKGPVQPQEQORGVKVKXQ
%QNCDQTCEKP
CRTQXGEJCP FGN
2CTC GPEQPVTCT WPC UQNWEKP KPVGITCFQTC EWCPFQ NQU

KPVGTGUGU FG VQFQU UQP VCP KORQTVCPVGU SWG PQ GU
RQUKDNGNNGICTCWPEQORTQOKUQ
%WCPFQGNQDLGVKXQGUCRTGPFGT
2CTC CWPCT NCU GPVTCFCU FG RGTUQPCU EQP FKHGTGPVGU

RGTURGEVKXCU
2CTCNQITCTGNEQORTQOKUQCNKPEQTRQTCTNQUKPVGTGUGU
GPWPEQPUGPUQ
2CTCUQNWEKQPCTRTQDNGOCUGOQEKQPCNGUSWGFKHKEWNVCP
NCTGNCEKP
%QORTQOKUQ
%WCPFQ NCU OGVCU UQP KORQTVCPVGU RGTQ PQ

EQORGPUCPGNGUHWGT\QQNCKPVGTTWREKPRQVGPEKCNFG
QVTCUHTOWNCUOUCEGTVCFCU
%WCPFQ NQU QRQPGPVGU GP KIWCNFCF FG RQFGT GUVP

EQORTQOGVKFQUEQPOGVCUOWVWCOGPVGGZENW[GPVGU
2CTCNQITCTCTTGINQUVGORQTCNGUGPVGOCUEQORNGLQU
2CTCNNGICTCUQNWEKQPGUGZRGFKVKXCUEWCPFQGNVKGORQ
CRTGOKC
%QOQ CNVGTPCVKXC EWCPFQ NC EQNCDQTCEKP Q NC

EQORGVGPEKCPQFCPTGUWNVCFQ

'UVTCVGIKC
'XCUKP
%WPFQWVKNK\CTNC
%WCPFQGNCUWPVQGUVTKXKCNQGZKUVGPQVTQUVGOCUOU
KORQTVCPVGU
%WCPFQRGTEKDGSWGPQJC[RQUKDKNKFCFGUFGUCVKUHCEGT
UWUKPVGTGUGU
%WCPFQ NCU EQPUGEWGPEKCU PGICVKXCU FG NC RQUKDNG
KPVGTTWREKPUWRGTCPNQUDGPGHKEKQUFGNCTGUQNWEKP
%WCPFQJC[SWGFCTVKGORQCNQUKPVGTGUCFQURCTCSWG
UGPGPHTGPQ[TGEWRGTGPNCRGTURGEVKXC
%WCPFQ NC TGEQIKFC FG KPHQTOCEKP TGGORNC\C C NC
UQNWEKPKPOGFKCVC
%WCPFQ FGUEWDTG SWG GUV GSWKXQECFQ RCTC NQITCT

WPC RQUVWTC SWG RGTOKVC SWG NG GUEWEJGP RCTC
CRTGPFGT[RCTCFGOQUVTCTSWGGUTC\QPCDNG
%WCPFQ GN CUWPVQ GU OCU KORQTVCPVG RCTC NQU FGOU
SWGRCTCWUVGFRCTCUCVKUHCEGTCNQUFGOU[OCPVGPGT
NCEQQRGTCEKP
2CTCICPCTRWPVQUCUWHCXQTEQPXKUVCUCQVTQUCUWPVQU
HWVWTQU
%QPEKNKCEKP 2CTC OKPKOK\CT NCU RGTFKFCU EWCPFQ NG UWRGTCP GP
POGTQ[GUVRGTFKGPFQ
%WCPFQ NC CTOQPC [ NC GUVCDKNKFCF UQP FG GURGEKCN
KORQTVCPEKC
2CTC EQPVTKDWKT CN FGUCTTQNNQ FG UWU GORNGCFQU
RGTOKVKGPFQSWGCRTGPFCPFGUWUGTTQTGU
2CTC WVKNK\CT NC VEPKEC FG EQNCDQTCEKP RCTC IGUVKQPCT GN EQPHNKEVQ FGDG
UGIWKTNQUUKIWKGPVGURCUQU
x 'N RTKOGT RCUQ GU CHTQPVCT GN EQPHNKEVQ 7PC FG NCU RCTVGU VKGPG SWG
TGEQPQEGT NC GZKUVGPEKCFGNEQPHNKEVQ CPCNK\CTUWURTQRKQUUGPVKOKGPVQU
GP TGNCEKP EQP GN OKUOQ [ GUVCT FKURWGUVC C CEGTECTUG C NC QVTC RCTC
JCDNCTUQDTGUWUUGPVKOKGPVQU
x %WCPFQ CODCU RCTVGU JCP VGPKFQ NC QRQTVWPKFCF FG GZRTGUCT UWU
UGPVKOKGPVQU [ QRKPKQPGU RGTUQPCNGU FGDGP FGHKPKT GN EQPHNKEVQ GP
VTOKPQUFGPGEGUKFCFGU
x $WUECTUQNWEKQPGUSWGUCVKUHCICPNCUPGEGUKFCFGUFGCODCURCTVGU
x 7VKNK\CT VEPKECU FG RGPUCOKGPVQ ETGCVKXQ RCTC CWOGPVCT NCU

RQUKDKNKFCFGU FG GPEQPVTCT WPC UQNWEKP UCVKUHCEVQTKC GXKVCT GOKVKT
LWKEKQUUQDTGEWCNSWKGTCFGNCUUQNWEKQPGU

x &KUGCT WP RNCP FG CEEKP SWG RGTHKNG NQU RCUQU PGEGUCTKQU RCTC
KORNCPVCTNCUQNWEKP
x %QOQ RCUQ HKPCN CODCU RCTVGU FGDGP KFGPVKHKECT SW GU NQ SWG JCP
CRTGPFKFQFGGUGEQPHNKEVQ[SWGUNQSWGJCTPGPGNHWVWTQRCTCGXKVCT
SWGUGTGRKVCNCOKUOCUKVWCEKP
'.41.&'+0018#&14
'N TQN FGN KPPQXCFQT GU WPQ FG NQU OU KORQTVCPVGU [ RTQDCDNGOGPVG GN OGPQU
EQORTGPFKFQFGNQUQEJQTQNGUFGNKFGTC\IQ5WRQPGGNWUQFGNCETGCVKXKFCF[NC
IGUVKPFGNQU ECODKQU [FGNCU VTCPUKEKQPGUQTICPK\CVKXCUNQEWCNGZKIGSWGGN
OCPFQ UGC HNGZKDNG [ GUV CDKGTVQ C NCU PWGXCU KFGCU [ PWGXCU NPGCU FG
RGPUCOKGPVQCUEQOQCNQUPWGXQUTGVQUSWGCHTQPVCGPUWTQNFKTGEVKXQ
.C KPPQXCEKP [ NC IGUVKP FGN ECODKQ JCEGP RQUKDNG NC RTGRCTCEKP [ NC
CFCRVCEKP CN ECODKQ GP WPC UQEKGFCF .QU OCPFQU FGUGORGCP WP RCRGN
KORQTVCPVGVCPVQGPNCKPKEKCEKPEQOQGPNCGLGEWEKPFGNECODKQQTICPK\CVKXQ
.CUVTGUEQORGVGPEKCUFGNKPPQXCFQTUQPEQPXKXKTEQPGNECODKQGNRGPUCOKGPVQ
ETGCVKXQ[NCIGUVKPFGNECODKQ
%QPXKXKTEQPGNECODKQ
7PQFGNQUTGVQURTKPEKRCNGUSWGCHTQPVCGNOCPFQGPUWTQNFGKPPQXCFQT
GU GN FG EQPXKXKT EQP NQU ECODKQU PQ RNCPKHKECFQU [ GP QECUKQPGU PQ
FGUGCFQU'PVTGNCUFKHGTGPEKCUSWGGZKUVGGPVTGGNECODKQRNCPKHKECFQ[GN
ECODKQPQRNCPKHKECFQVGPGOQU
x 'N ECODKQ RNCPKHKECFQ UWRQPG WPC EQPPQVCEKP OU RQUKVKXC SWG GN
ECODKQPQRNCPKHKECFQ
x 'N ECODKQ RNCPKHKECFQ EQPNNGXC WP UGPVKFQ FG NQITQ GN PQ RNCPKHKECFQ
EQPNNGXCWPUGPVKFQFGRGTFKFC
x 2QFGOQU CPVKEKRCT GN ECODKQ RNCPKHKECFQ GN ECODKQ PQ RNCPKHKECFQ GU
TGRGPVKPQ
x 2CTVKEKRCOQU CEVKXCOGPVG GP GN ECODKQ RNCPKHKECFQ UQOQU TGEGRVQTGU

RCUKXQUFGNECODKQPQRNCPKHKECFQ
x 'NECODKQRNCPKHKECFQPQETGCVCPVCUVGPUKQPGUEQOQGNPQRNCPKHKECFQ
'U KPFKURGPUCDNG SWG GN FKTGEVKXQ EQORTGPFC NCU ECWUCU RTQHWPFCU FG UW
RTQRKCTGUKUVGPEKC[FGNCFGNQUFGOUCNECODKQPQRNCPKHKECFQ5WTGVQ
GUFQDNG

4GVQ #[WFCTUG C U OKUOQ C CFCRVCTUG C NQU ECODKQU PQ RNCPKHKECFQU

SWGSWK\UPQFGUGG[EQPNQUSWGFGJGEJQRWGFGGUVCTGPVQVCN
FGUCEWGTFQ
4GVQ #[WFCTCUWUGORNGCFQUCCFCRVCTUG
.CU GUVTCVGIKCU SWG NG C[WFCP C WUVGF C CHTQPVCT GN ECODKQ PQ RNCPKHKECFQ
RWGFGPC[WFCTVCODKPCNQUFGOU%WCNSWKGTGUVTCVGIKCFGDGVGPGTEQOQ
QDLGVKXQTGFWEKTNCTGUKUVGPEKCVCPVQNCRTQRKCEQOQNCFGNQUGORNGCFQU
2CTCWPCOGLQTVQNGTCPEKCFGNECODKQPQRNCPKHKECFQGPGNTQNFGKPPQXCFQT
RQFGOQUQRVCTRQT
x 4GEQPQEGT SWG FWTCPVG NQU RGTKQFQU FG CLWUVG C NQU ECODKQU PQ
RNCPKHKECFQUGUVCTUQOGVKFQCPKXGNGUCFKEKQPCNGUFGGUVTU
x +FGPVKHKECT NCU GUVTCVGIKCU SWG NG JCP C[WFCFQ GP GN RCUCFQCVQNGTCTGN
GUVTURTQXQECFQRQTNQUECODKQUPQRNCPKHKECFQU
x $WUECT HQTOCU FG TGRGVKT NCU EQPFKEKQPGU GZRTGUCFCU GP GN RCUQ [
EWCNGUSWKGTCQVTCUSWGRWGFCKFGPVKHKECTEWCPFQPGEGUKVGC[WFC&GUFG
UW RWGUVQ FKTGEVKXQ WUVGF VCODKP VKGPG SWG HQOGPVCT NC GZRTGUKP FG
GUCUEQPFKEKQPGUGPUWWPKFCFFGVTCDCLQ
7PCXG\UWRGTCFQGNTGVQFGFGVGTOKPCTUWRTQRKCGUVTCVGIKCFGVQNGTCPEKC
RGTUQPCNUWUGIWPFQTGVQEQPUKUVGGPC[WFCTCUWUGORNGCFQUCCLWUVCTUGC
NQU ECODKQU PQ RNCPKHKECFQU 'U OW[ RTQDCDNG SWG KPVGPVG JCEGT RQT NQU
FGOUNQSWGJCUKFQVKNRCTCWUVGF&GPVTQFGNCQTICPK\CEKPVKGPGCUW
FKURQUKEKPFQUJGTTCOKGPVCUKORQTVCPVGU
NCEWNVWTCFGNCQTICPK\CEKP
[
UWGUVKNQFGNKFGTC\IQUWTGVQGUNCJCDKNKFCFRCTCWUCTNQURCTCCHTQPVCT
GNECODKQPQRNCPKHKECFQ
.C EWNVWTC FG NC QTICPK\CEKP GU GN EQPLWPVQ FG XCNQTGU ETGGPEKCU
GZRGEVCVKXCU [ CEVKVWFGU EQORCTVKFQU RQT NQU OKGODTQU FG NC OKUOC .C
EWNVWTCFGNCQTICPK\CEKPGUWPHCEVQTRQFGTQUQSWGKPHNW[GGPVQFQUUWU
OKGODTQU VCPVQ GP NC RGTEGREKP FG NQU CEQPVGEKOKGPVQU EQOQ FG NCU
UKVWCEKQPGU+PHNW[GVCODKPGPNCHQTOCGPSWGNQUOKGODTQUKPVGTCEVCP[
GP UWU TGNCEKQPGU EQP NCU RGTUQPCU CLGPCU C NC QTICPK\CEKP GP GN
FGUGORGQ FG NCU TGURQPUCDKNKFCFGU RTQRKCU FG UW VTCDCLQ .C EWNVWTC
TGHNGLCNCHQTOCGPSWGNCQTICPK\CEKPCHTQPVCNQUECODKQURNCPKHKECFQU
# OGFKFC SWG CPCNK\C NC EWNVWTC FG UW QTICPK\CEKP KFGPVKHKSWG NQU
GNGOGPVQU SWG TGHWGT\CP NC TGUKUVGPEKC CN ECODKQ G KPVGPVG TGFWEKTNQU
6CODKPFGDGKFGPVKHKECTNQUGNGOGPVQUSWGUQPEQJGTGPVGUEQPWPGPVQTPQ
FGEQNCDQTCEKPGKPVGPVCTTGHQT\CTNQU

6TGUHQTOCUFGWVKNK\CTNCEWNVWTCFGUWQTICPK\CEKPRCTCCHTQPVCTGNECODKQ
PQRNCPKHKECFQ
x #RQ[G WPCEWNVWTCQTICPK\CVKXC
FGNCWPKFCFFGVTCDCLQSWGXCNQTGNC
HNGZKDKNKFCF [ NC ECRCEKFCF FG CFCRVCEKP 2GTOKVC SWG UWU GORNGCFQU
CRTGPFCP SWG NCU QRQTVWPKFCFGU FG ECODKQ UQP QRQTVWPKFCFGU FG
CRTGPFK\CLG[ETGEKOKGPVQ[GUPGEGUCTKQFCTNGUNCDKGPXGPKFC
x (QOGPVGNCRCTVKEKRCEKPFGNQUGORNGCFQUGPNQUECODKQUSWGCHTQPVG
NC WPKFCF FG VTCDCLQ #N HQOGPVCT NC RCTVKEKRCEKP FG NQU GORNGCFQU
TGFWEGNCTGUKUVGPEKCCNECODKQ[EQPVTKDW[GCNECODKQFGEWNVWTC
x %QPUKFGTG C UWU GORNGCFQU EQOQ TGEWTUQU ETGCVKXQU 2QVGPEKCT NC
ETGCVKXKFCF FG UWU GORNGCFQU NGU C[WFC C EQORTGPFGT UWU RTQRKQU
XCNQTGU[RWPVQUHWGTVGUGURGEHKEQU
'NRGPUCOKGPVQETGCVKXQ
.C ETGCVKXKFCF GU GN VKRQ FG RGPUCOKGPVQ SWG IGPGTC PWGXCU KFGCU [
UQNWEKQPGU CUQEKCPFQ NCUEQUCUQKFGCUEQPQEKFCU 'LGORNQ/EQODKPC
NQUCFJGUKXQUEQPNQURGSWGQUVTQ\QUFGRCRGNRCTCVQOCTPQVCUETGCPFQ
NQUP2QUVKVQ
&G SW HQTOC RQFGOQU CWOGPVCT PWGUVTC JCDKNKFCF RCTC WVKNK\CT GN
RGPUCOKGPVQETGCVKXQ!
x 6GPGOQU SWG TGEQPQEGT SWG VQFQU VGPGOQU FGVGTOKPCFQU UWRWGUVQU[

RCVTQPGUFGRGPUCOKGPVQSWGWVKNK\COQURGTQPQEWGUVKQPCOQU
x 6GPGOQUSWGTGEQPQEGTSWGNCKPHQTOCEKPSWGWVKNK\COQURCTCIGPGTCT
PWGXCUTGNCEKQPGUGPVTGNCUEQUCU[NCUKFGCUGUV[CGPNCOGPVG
'N RGPUCOKGPVQ ETGCVKXQ GU KOCIKPCVKXQ RTQXQECFQT [ IGPGTC WPC CORNKC
XCTKGFCF FG KFGCU RQT NQ SWG FGDG KPVGPVCT FGUCTTQNNCT FGUVTG\CU FG
RGPUCOKGPVQETGCVKXQGPUKOKUOQ[GPNQUFGOU
2CTCEGPVTCTUGGPGNFGUCTTQNNQFGUWUFGUVTG\CUETGCVKXCU[NCUFGNQUFGOU
CPCNKEGNCUVTGUFKOGPUKQPGUFGNCETGCVKXKFCFFGUVTG\CUTGNGXCPVGUTGURGEVQ
CNCOCVGTKCQVGOCFGUVTG\CUTGNGXCPVGUFGETGCVKXKFCF[OQVKXCEKPRCTC
NCVCTGC
.CUFGUVTG\CUTGNGXCPVGUGPGNTGC 'UVPCUQEKCFCUEQPNQUEQPQEKOKGPVQU
DUKEQU [ GURGEKCNK\CFQU GUGPEKCNGU RCTC GN RGPUCOKGPVQ ETGCVKXQ 'N
CWOGPVQFGGUVCUFGUVTG\CUUWRQPGDUKECOGPVGGNKPETGOGPVQFGUWDCUG
FG EQPQEKOKGPVQU 'LGORNQ EWCNSWKGTC PQ RWFQ JCDGT FGUEWDKGTVQ NC
RGPKEKNKPC RGTQ SWK\U EWCNSWKGT DKNQIQ EQP NQU EQPQEKOKGPVQU
GURGEKCNK\CFQU RQFTC JCDGTNQ JGEJQ &GPVTQ FG NCU QTICPK\CEKQPGU NQU
EQPQEKOKGPVQUXCTCPGPNCUFKHGTGPVGUTGCU

.CUFGUVTG\CUTGNGXCPVGURCTCNCETGCVKXKFCF 5QPCSWGNNCUSWGECRCEKVCPC
NQUKPFKXKFWQURCTCCUQEKCTEQPEGRVQURTGXKCOGPVGKPEQPGZQURCTCRGPUCT
FG HQTOC FKHGTGPVG 7PC ENCXG RCTC KPETGOGPVCT UWU FGUVTG\CU GU NC
JCDKNKFCF RCTC TQORGT EQP JKRVGUKU [ UWRWGUVQU IGPGTCNK\CFQU UQDTG NC
TGNCEKPGPVTGNCUKFGCU[NCUEQUCUFGHQTOCSWGUGCECRC\FGEQPUKFGTCT
PWGXCUTGNCEKQPGU'UOW[KORQTVCPVGSWGTGEQPQ\ECNCUDCTTGTCUEWNVWTCNGU
CNCETGCVKXKFCFRCTCRTQVGIGTPQUFGGNNCUOGPEKQPCTGOQUCNIWPCU
x 4GUKUVGPEKCCNECODKQ
x /KGFQCGSWKXQECTPQU[OKGFQCHTCECUCT
x +PECRCEKFCFRCTCVQNGTCTNCCODKIGFCFNCKPECRCEKFCFRCTCVQNGTCTNC
HNGZKDKNKFCF
x 6GPFGPEKCCGPLWKEKCTCPVGUSWGCIGPGTCTKFGCU
x +PECRCEKFCF RCTC TGNCLCTPQU Q RCTC RGTOKVKT SWG PC\EC EWCNSWKGT KFGC
PWGXC
x 6GPFGPEKCFGNCCWVQETVKECGZEGUKXC
x /KGFQCNTKFEWNQ
x %QPHQTOKUOQ Q FGUGQU FG TGURQPFGT FG NC HQTOC GURGTCFC SWK\U NQU
KPFKXKFWQU PQ SWKGTGP KT EQPVTC EQTTKGPVG Q RTGUGPVCT CTIWOGPVQU
KORQRWNCTGU
x %TGCEKP FG GUVGTGQVKRQU Q NKOKVCEKP FG NCU KFGCU [ QDLGVQU C UW WUQ
PEQPQEKFQQNCKPECRCEKFCFRCTCEQPVGORNCTWPRTQDNGOCFGUFGFKXGTUCU
RGTURGEVKXCUGUEQPUGEWGPEKCFGNQUGUVGTGQVKRQUOGPVCNGU
x (CNVCFGKPHQTOCEKPQGZEGUQFGKPHQTOCEKPKPEQTTGEVCQKTTGNGXCPVGNC
HCNVCFGUVCNKOKVCGNVTCVCOKGPVQETGCVKXQFGNCKPHQTOCEKP
.C OQVKXCEKP RCTC NC VCTGC UG TGHKGTG C NC GZKUVGPEKC FG WP GPVQTPQ
QTICPK\CVKXQ SWG HQOGPVG NC ETGCVKXKFCF FG UWU GORNGCFQU 1HTGEGT WP
GPVQTPQHCXQTCDNGCNCETGCVKXKFCFRNCPVGCOWEJQUTGVQU%QPHTGEWGPEKCNCU
DCTTGTCU KPFKXKFWCNGU [ EWNVWTCNGU OGTOCP PWGUVTCU JCDKNKFCFGU RCTC ETGCT
GUGVKRQFGGPVQTPQ
'ZKUVGP FQU VKRQU FG DCTTGTCU QTICPK\CVKXCU SWG NQU OCPFQU VKGPGP SWG
UWRGTCTEQPGNHKPFGCWOGPVCTNCUQRQTVWPKFCFGU[NCUJCDKNKFCFGUFGUWU
GORNGCFQURCTCWVKNK\CTGNRGPUCOKGPVQETGCVKXQNCRTKOGTCGUKPJGTGPVGC
NC FGHKPKEKP [ GUVTWEVWTC FG NCU QTICPK\CEKQPGU NC UGIWPFC GUV CUQEKCFC
EQPNQUGUVKNQU[NCUCEVKVWFGUFGIGUVKP[QHTGEGOC[QTGURQUKDKNKFCFGUFG
GHGEVWCTECODKQU
x .CUQTICPK\CEKQPGUEQPGUVTWEVWTCUTIKFCUETGCPDCTTGTCUCNRGPUCOKGPVQ
ETGCVKXQ FGDKFQ C SWG UQP RQECU NCU RQUKDKNKFCFGU FG ECODKCT GUCU
ECTCEVGTUVKECUQTICPK\CVKXCU

x 1VTCDCTTGTCRWGFGCVTKDWKTUGCNGUVKNQFKTGEVKXQSWGEQPHTGEWGPEKCGUVC
OQVKXCFQ RQT NC RTQRKC GUVTWEVWTC LGTTSWKEC FG NC QTICPK\CEKP 6KGPG
XCTKCUECTCEVGTUVKECUSWGQDUVCEWNK\CPNCETGCVKXKFCFGPNQUGORNGCFQU
VCNGU EQOQ GN CWVQTKVCTKUOQ [ NC ETGGPEKC FG SWG UQNCOGPVG GZKUVG WPC
OCPGTCFGJCEGTNCUEQUCU
.KUVCFGEQORTQDCEKPFGNCOQVKXCEKPRCTCNCVCTGC
x 0QKPVGPVGFKTKIKTQDUGTXCTQKPHQTOCTGPGZEGUQ
x 4GEQPQ\ECNCUFKHGTGPEKCUKPFKXKFWCNGU8CNQTGNCUECTCEVGTUVKECUPKECU
FGECFCRGTUQPC
x #[WFGCUWUUWDQTFKPCFQUCEQPUKFGTCTNQURTQDNGOCUEQOQTGVQU
x 'XCNG C UWU GORNGCFQU GP NQU CURGEVQU GP SWG GNNQU UG EQPUKFGTCP
ETGCVKXQUQGPNQUSWGNGUIWUVCTCUGTOUETGCVKXQUFGVGTOKPGGNVKRQFG
EQPVTKDWEKPETGCVKXCSWGNGUIWUVCTCQHTGEGT
x 2GTOKVC WPC OC[QT NKDGTVCF C NQU KPFKXKFWQU RCTC FKTKIKT UW RTQRKQ
VTCDCLQ
x #FKUVTGUG C U OKUOQ [ C NQU FGOU RCTC TGURQPFGT C NQU CURGEVQU
RQUKVKXQUFGNCUKFGCURTQRWGUVCUGPNWICTFGTGCEEKQPCTUQNCOGPVGCNQU
CURGEVQUPGICVKXQUSWGRQTNQIGPGTCNUQPOCUHEKNGUFGKFGPVKHKECT
x &GUCTTQNNGWPCOC[QTVQNGTCPEKCCNQUGTTQTGU
x %TGGWPENKOCSWGRGTOKVCGNHTCECUQ
x #EVG EQOQ TGEWTUQ [ CRQ[Q PQ EQOQ OGTQ EQPVTQN CEVG EQOQ
HCEKNKVCFQT
x #EVGEQOQCOQTVKIWCFQTGPVTGNQUGORNGCFQU[NQURTQDNGOCUGZVGTPQU
QNCUGZKIGPEKCUFGNQUPKXGNGUUWRGTKQTGU
x &GUCTTQNNG UW RTQRKC JCDKNKFCF ETGCVKXC OGFKCPVG NC RCTVKEKRCEKP GP
UGOKPCTKQU GURGEKCNGU .CU NGEVWTCU GURGEKCNK\CFCU [ NC RTEVKEC FG
GLGTEKEKQU[LWGIQUETGCVKXQU
x #UGITGUGFGVTCPUOKVKTCUWLGHGVQFCUNCUKFGCUKPPQXCFQTCU[FGOQUVTCT
UWCRQ[QKPUKUVCGPNCPGEGUKFCFFGWPOGECPKUOQFGKPHQTOCEKPFG
TGVQTPQ
7PCFGNCUGUVTCVGIKCUOUGHKECEGURCTCFGUEWDTKT[HQOGPVCTNCETGCVKXKFCF
FGNQUGORNGCFQUGUGNDQODCTFGQFGKFGCU5GWVKNK\CRCTCIGPGTCTPWGXCU
KFGCU[CSWGEQODKPC NCUFGUVTG\CUNQURGPUCOKGPVQU[NQUEQPQEKOKGPVQU
FG NQU GORNGCFQU 'P GUVCU UGUKQPGU UG CPKOC C VQFQU NQ OKGODTQU C
EQPVTKDWKTEQPUWUKFGCU
.CVEPKECFGNITWRQPQOKPCNGUWPRTQEGUQSWGWVKNK\C GNDQODCTFGQFG
KFGCURCTCIGPGTCTPWGXCUKFGCU[WVKNK\CNCFKUEWUKPFGITWRQ[NCXQVCEKP
UKUVGOVKEC RCTC GNGIKT GPVTG NCU KFGCU IGPGTCFCU RQT GN ITWRQ .QU RCUQU

UKIWKGPVGU RWGFGP C[WFCTNG C RNCPKHKECT WPC UGUKP FG VEPKEC FG ITWRQ
PQOKPCN
#UGITGUGFGSWGVQFQUEQORCTVGPWPCOKUOCFGHKPKEKPFGNRTQDNGOC
2KFC C NQU RCTVKEKRCPVGU SWG GUETKDCP UWU KFGCU FWTCPVG GUVG VKGORQ
PCFKG FGDG FG JCDNCT GZEGRVQ RCTCJCEGT CENCTCEKQPGU&GFKSWGGPVTG
K OKPCGUVGRCUQ
2GTOKVC SWG VQFQU GZRTGUGP UWU KFGCU 'UETKDKTNCU GP TQVC HQNKQU FG
OCPGTCSWGVQFQUNCRWGFCPXGT
&GURWUFGGUETKDKTVQFCUNCUKFGCUTGXUGNCUWPCRQTWPCRGTOKVCSWG
NQURCTVKEKRCPVGURTGIWPVGP[GZRTGUGPUWQRKPKP
2KFC C NQU RCTVKEKRCPVGU SWG XQVGP EWN GU UW UQNWEKP CNVGTPCVKXC
RTGHGTKFC GP IGPGTCN GU UGETGVC [ ECFC RCTVKEKRCPVG FGDG KFGPVKHKECT
KPFKXKFWCNOGPVGEKPEQKFGCURQTQTFGPFGRTGHGTGPEKC
4GXKUGNCXQVCEKP UKWPCFGNCUCNVGTPCVKXCUUQDTGUCNGEQOQNCQREKP
RTGHGTKFCUGUVCRTGRCTCFQRCTCFGEKFKTNCHQTOCFGRQPGTNCGPRTEVKEC
'PECUQEQPVTCTKQ UGNGEEKQPGNCUEKPEQ RTKOGTCUCNVGTPCVKXCU[TGRKVCGN
RCUQ CUKIPCPFQ RWPVQU UQNCOGPVG C NCU VTGU RTKOGTCU QREKQPGU
RTGHGTKFCU
.CIGUVKPFGNECODKQ
.QUECODKQUUQPPGEGUCTKQU EQPGNHKPFGCNECP\CTOGVCU[QDLGVKXQUVCNGU
EQOQ OGLQTCU GP NC GHKEKGPEKC NQU TGEWTUQU GVE 5G QRVC GUQU ECODKQU [
CLWUVGU EQP GN HKP FG CLWUVCTPQU EQP OC[QT GHKECEKC C NC OKUKP FG NC
QTICPK\CEKPGPWPOWPFQGPRGTOCPGPVGOQXKOKGPVQ#PVGGUVCUKVWCEKP
UG RWGFG VGPGT TGUKUVGPEKC FG NCU RGTUQPCU VCODKP GU RQUKDNG SWG
GPEWGPVTGTGUKUVGPEKCRQTRCTVGFGNCQTICPK\CEKPEQOQGPNQUUKIWKGPVGU
ECUQU
x %CODKQUSWGCHGEVCPCNQUTGSWGTKOKGPVQUFGEQPQEKOKGPVQU[FGUVTG\CU
.QU GORNGCFQU UG TGUKUVGP C NQU ECODKQ SWG JCEGP SWG UWU FGUVTG\CU
RCTG\ECPKPPGEGUCTKCU
x %CODKQUCUQEKCFQUEQPRGTFKFCUGEQPOKECUQFGUVCVWU
x %CODKQUUWIGTKFQURQTQVTQUEWCPFQWPGORNGCFQGUVCEGNQUQFGNZKVQ
FG WP EQORCGTQ Q RGTEKDG SWG GN ZKVQ FG QVTQ RGTLWFKEC NC KOCIGP
SWGVKGPGPGNOCPFQFGNQUFGOUGORNGCFQUQEWCPFQNCEQORGVGPEKC
GUKPVGPUCFGPVTQFGNCWPKFCFFGVTCDCLQUQPRQECUNCURQUKDKNKFCFGUFG
SWGNQUGORNGCFQUCEGRVGPNCUKFGCUFGUWUEQORCGTQU

x %CODKQUSWGEQPNNGXCPTKGUIQUEWCPFQNCEWNVWTCFGNCQTICPK\CEKPPQ
XCNQTCNCCUWPEKPFGTKGUIQUNQUKPFKXKFWQUPQSWKGTGPEQTTGTGNTKGUIQ
FG GSWKXQECTUG [ GU RTQDCDNG SWG UG TGUKUVCP C UWIGTKT Q CEGRVCT
EWCNSWKGTECODKQSWGEQPNNGXGTKGUIQU
x %CODKQU SWG KPENW[GP NC CNVGTCEKP FG NCU TGNCEKQPGU UQEKCNGU RCTC
OWEJQU NC QTICPK\CEKP GU NC HWGPVG RTKPEKRCN FG KPVGTCEEKP UQEKCN
EWCPFQGUVQURCVTQPGUUQEKCNGUFGCNVGTCPNCURGTUQPCUUGTGUKUVGP
7PC XG\ FGVGTOKPCFC NC PGEGUKFCF FG WP ECODKQ GP NQU RTQEGUQU FG
VTCDCLQ NQU RTQEGFKOKGPVQU Q NC GUVTWEVWTC GN FKTGEVKXQ FGDG EGPVTCTUG GP
FQU VGOCU
GN FKUGQ FGN ECODKQ [ FGVGTOKPCT GN VKRQ FG ECODKQ
PGEGUCTKQ[
GNRTQEGUQFGKORNCPVCEKPFGNECODKQ
%OQFKUGCTGNECODKQ
'NFKUGQFGNECODKQGUNQRTKOGTQSWGCHTQPVCGNOCPFQFGDGRTGIWPVCTUG
UKGNECODKQGUPGEGUCTKQ[UKGUCHKTOCVKXQSWGUGVKGPGSWGECODKCT-WTV
.GYKURTQRQPGWPOQFGNQ #PNKUKUFGNECORQFGHWGT\CUGUFGEKTGZKUVGP
HWGT\CUSWGHCXQTGEGPGNECODKQ[HWGT\CUSWGUGTGUKUVGPCNOKUOQ
2TGUKQPGUCHCXQTFGNECODKQ
HWGT\CUFGCRQ[Q
%CODKQUUQEKCNGU
%CODKQUGEQPOKEQUGPNCU
UQEKGFCF
/GLQTCFGNCGHKEKGPEKC
/GLQTCGPNCTGNCEKP
EQUVGGHKECEKC
%QORGVGPEKCRQTFKPGTQ[
TGEWTUQU
%WORNKOKGPVQFGPQTOCVKXCU
QHKEKCNGU
2TGUKQPGURDNKECU
'ZRCPUKP
/GLQTCFGNCGHKECEKC
%CODKQUCFOKPKUVTCVKXQU
&KURQPKDKNKFCFFGPWGXQU
RTQFWEVQU
2TGUKQPGUGPEQPVTCFGNECODKQ
HWGT\CUFGTGUKUVGPEKC
#OGPC\CURGTEKDKFCUCNRQFGT
4WVKPC[GUVTWEVWTC
.KOKVCEKPFGTGEWTUQU
2TGHGTGPEKCRQTNCVTCFKEKP
%CODKQUGPNQUTGSWGTKOKGPVQUFG
FGUVTG\CU
2GTFKFCUGEQPOKECUQFGUVCVWU
(CNVCFGCRQ[QCNCUKFGCUFGNQUFGOU
4GUKUVGPEKCCNCCUWPEKPFGTKGUIQU
#NVGTCEKPFGNCUTGNCEKQPGUUQEKCNGU
%OQKORNCPVCTGNECODKQ
&KUGCTNCHQTOCGPSWGGNECODKQJCFGRTQFWEKTUGGURCTCGNCIGPVGFGN
ECODKQ VCP KORQTVCPVG EQOQ GN RTQEGUQ FG FKUGQ FGN VKRQ FG ECODKQ
PGEGUCTKQ %WCNSWKGT FGUEWKFQ GP GN RTQEGUQ FG KORNCPVCEKP RWGFG

RTQ[GEVCTWPCKOCIGPGTTPGCFGCSWGN[GPNVKOCKPUVCPEKCJCEGTSWGNC
KFGCHTCECUG
6TGUGUVTCVGIKCURCTCNCIGUVKPFGNECODKQ
C 'UVTCVGIKCTCEKQPCNGORTKEC
'UVCGUVTCVGIKCHQOGPVCNCCFSWKUKEKPFGEQPQEKOKGPVQUGKPHQTOCEKP
RCTC EQORTGPFGT OGLQT NQU CURGEVQU UWUVCPVKXQU FGN ECODKQ CFGOU
QDNKICCGZCOKPCTOKPWEKQUCOGPVGNQURTQU[NQUEQPVTCUFGNCUKVWCEKP
[ C RTGUGPVCT NC NIKEC FG NC FGEKUKP 2QT NQ IGPGTCN NCU RGTUQPCU
TGURQPFGPOURQUKVKXCOGPVGCNECODKQEWCPFQNGUGZRNKECPGNRTQEGUQ
[NQUFGVCNNGU
D'UVTCVGIKCPQTOCVKXCTGGFWECVKXC
6KGPGGPEWGPVCNQUXCNQTGUNCUCEVKVWFGUNCUKPVGPEKQPGU[NQUJDKVQU
FGNQUKPFKXKFWQUKPXQNWETCFQUGPGNRTQEGUQFGECODKQ'UVCGUVTCVGIKC
UWRQPG SWG NCU GZRGTKGPEKCU NCDQTCNGU CHGEVCP RGTUQPCN [
GOQEKQPCNOGPVG C NCU RGTUQPCU QDNKIC C EGPVTCTUG GP GN ECODKQ GP
VTOKPQU FG EOQ TGCEEKQPCTCP NQU FGOU 5W RWPVQ FDKN NC NGPVKVWF
RQT SWG IGPGTCNOGPVG UQNQ UG RWGFG FGVGEVCT UWU GHGEVQU VTCPUEWTTKFQU
WPVKGORQEQPUKFGTCDNG
E 'UVTCVGIKCFGRQFGTEQCEEKP
5GDCUCGPGNUWRWGUVQFGSWGGNKPFKXKFWQSWGFGUGCGNECODKQVKGPG
OU RQFGT SWG CSWGN SWG VKGPG SWG CEGRVCTNQ 'P NCU QTICPK\CEKQPGU
VGPFGOQU C RGPUCT SWG NQU SWG QEWRCP PKXGNGU CNVQU GP NC LGTCTSWC
VKGPGP GN RQFGT PGEGUCTKQ RCTC ETGCT WPC UKVWCEKP PGICVKXC .QU
GORNGCFQUVCODKPRWGFGPWVKNK\CTGUVTCVGIKCUFGRQFGTEQCEEKP
.CUGUVTCVGIKCUCUQEKCFCUUGEGPVTCPGPFQUVKRQUFGRQFGT
x 'NSWGCEQORCCCNCRQUKEKPLGTTSWKEC
x 'NWUQFGNRQFGTOQTCNFQPFGUGWVKNK\CPNQUUGPVKOKGPVQUFGEWNRC[
XGTIGP\CEQPQDLGVQFGNQITCTNCCEGRVCEKPFGNECODKQ
7PRWPVQHWGTVGFGGUVCGUVTCVGIKCGUSWGTGEQPQEGNCKORQTVCPEKCFGNC
NGIKVKOKFCFFGNQUPKXGNGUFGFKTGEEKPUWRGTKQTGU5WRWPVQFDKNGUSWG
GNWUQFGNCUCOGPC\CUNCEWNRCDKNKFCFPQUQPCNCTIQRNC\QGUVTCVGIKCU
GHKECEGU
2CTC IGUVKQPCT GHKEC\OGPVG GN ECODKQ FGDGOQU VGPGT GP EWGPVC NCU
UKIWKGPVGUFKTGEVTKEGU

x &WTCPVG NC RNCPKHKECEKP FGN ECODKQ UQNKEKVG NC RCTVKEKRCEKP FG

VQFQU NQU SWG UG XGTP CHGEVCFQU RQT GN OKUOQ #PKOG C UWU
GORNGCFQU CWVKNK\CTGNRGPUCOKGPVQETGCVKXQFWTCPVGGNRTQEGUQFG
TGUQNWEKPFGRTQDNGOCU
x *CICSWGNQUGORNGCFQUUKGPVCPNCPGEGUKFCFFGNECODKQ
x /CPVGPICWPCEQOWPKECEKPCDKGTVC[HTGEWGPVGEQPUWUGORNGCFQU
x 'XKVGNCOGPVCNKFCF QPQUQVTQUGNNQUQ
x 6GPICGPEWGPVCNCUPGEGUKFCFGUKPFKXKFWCNGUFGNQUGORNGCFQU
'.41.&'P$41-'4Q
'N DTQMGT RTGUGPVC [ PGIQEKC EQP GHKECEKC GN ECODKQ [ NC HQTOC FG OGLQTCT NC
QRGTCVKXCRQTNQSWGGUVDCUCFQGPVTGUEQORGVGPEKCUENCXGU%TGCT[OCPVGPGT
WPCDCUGFGRQFGTPGIQEKCTCEWGTFQU[EQORTQOKUQU[RTGUGPVCTKFGCU
%TGCT[OCPVGPGTWPCDCUGFGRQFGT
%QPHTGEWGPEKCNCURGTUQPCUCHKTOCPSWGGNRQFGTGUWPPOCNPGEGUCTKQQ GP
NCUQTICPK\CEKQPGU[CSWGUVCUGZKUVGPRCTCJCEGTEQUCUNWGIQGNRQFGTUG
CITWRCCNTGFGFQTFGNCUEQUCUOUKORQTVCPVGUSWGNCQTICPK\CEKPJCEG[
GP VQTPQ C NCU RGTUQPCU SWG VKGPGP WP OC[QT CEEGUQ C NQU TGEWTUQU
PGEGUCTKQURCTCJCEGTNCU
5QPFQUNQUPKXGNGUGPNQUSWGRQFGOQUCPCNK\CTGNRQFGT
x 'NOCETQPKXGNQ PKXGNQTICPK\CVKXQGNRQFGTGUNCJCDKNKFCFRCTCKPHNWKT
GP GN HNWLQ FG NC GPGTIC [ NQU TGEWTUQU FKURQPKDNGU JCEKC WPCU OGVCU
FGVGTOKPCFCU'UVGRQFGTCRCTGEGGPCEVKXKFCFGUEQOQFGETGVQUNG[GU
PQTOCURNCPGUGVE
x 'N RGTUQPCN Q KPFKXKFWCN GU NC ECRCEKFCF FG P#Q RCTC KPHNWKT GP GN
EQORQTVCOKGPVQFGP$Q
5KPGODCTIQGNRQFGTRWGFGUGTOCPKRWNCFQT[EQGTEKVKXQGUVQFGCEWGTFQ
C EQOQ NCU RGTUQPCU RWGFGP WVKNK\CT GN RQFGT KPJGTGPVG C UW RWGUVQ
RTQHGUKQPCNRCTCNQITCTWPQUDGPGHKEKQURGTUQPCNGUUWRGTKQTGU
'N RQFGT GU PGEGUCTKQ RCTC WVKNK\CT NQU TGEWTUQU EQP GN HKP FG EWORNKT NCU
OGVCU[JCEGTGNVTCDCLQGNPQWVKNK\CTGNRQFGTEWCPFQGUPGEGUCTKQRWGFG
UGTVCPRGTLWFKEKCNEQOQUWCDWUQ
.CUEKPEQHWGPVGUFGNRQFGT

x 'N RQFGT FG RQUKEKP UW RTKOGTC HWGPVG GUV GP GN RWGUVQ SWG QEWRC
'LGORNQ GN &KTGEVQT FG #FOKPKUVTCEKP VKGPG RQFGT GP XKTVWF FG GUG
RWGUVQ[CSWGEQPNNGXCITCPFGUFQUKUFGNGIKVKOKFCFGKPHNWGPEKC
x 'NRQFGTRGTUQPCNRTQXKGPGFGNCHQTOCFGRTGUGPVCTUGCPVGNQUFGOU[
GNKORCEVQSWGNGUECWUCGUFGEKTNQUTCUIQURGTUQPCNGUSWGNQUFGOU
GPEWGPVTCPCVTCEVKXQUKPHNW[GPVGUQRGTUWCUKXQU
x 'NRQFGTGZRGTVQUGDCUCGPNCGZRGTKGPEKCSWGRWGFCVGPGTGPWPTGC
Q ECORQ GURGEHKEQ FG EQPQEKOKGPVQU 1DUGTXG SWG GN RQFGT FGN
GZRGTVQ PQ GU KIWCN CN TGEWTUQ RGTUQPCN FG NC KPVGNKIGPEKC 'LGORNQ GN
RQFGT FGN GZRGTVQ KPHQTOVKEQ FG NC QTICPK\CEKP GU OC[QT EWCPFQ GN
UKUVGOCVKGPGRTQDNGOCUSWGEWCPFQGUVGHWPEKQPCUKPRTQDNGOCU
x 'NRQFGTFGNCQRQTVWPKFCFUGTGNCEKQPCEQPGNRQFGTGZRGTVQRGTQGU
OU DKGP EWGUVKP FG GUVCT GP GN NWICT EQTTGEVQ GP GN OQOGPVQ
QRQTVWPQ %QP HTGEWGPEKC NC FKHGTGPEKC GPVTG WP NFGT [ WP UKORNG
CFOKPKUVTCFQT EQORGVGPVG GUV GP NC JCDKNKFCF FGN RTKOGTQ RCTC
CRTQXGEJCTNCUQRQTVWPKFCFGU
x 'N RQFGT FG NC KPHQTOCEKP FGRGPFG FGN CEEGUQ C NC KPHQTOCEKP
'LGORNQ EWCPFQ WP GORNGCFQ UG GPVGTC FGCNIQ GUECPFCNQUQCECGEKFQ
FGPVTQFGWPFGRCTVCOGPVQQWPCEQTRQTCEKPCFSWKGTGWPITCPRQFGT
FG KPHQTOCEKP [ GUVCT QDNKICFQ C VQOCT FGVGTOKPCFCU FGEKUKQPGU
OQTCNGU[RTQHGUKQPCNGUGP VTOKPQUFGEOQWVKNK\CTNC
#EQPVKPWCEKPWPCNKUVCFGOQFQUGURGEHKEQUFGKPHNWKTCFCRVCFQUCNTQN[
PKXGNSWGQEWRGNCRGTUQPCEQPNCSWGKPVGPVGWVKNK\CTUWKPHNWGPEKC
572'4+14'5
x $WUSWGNCHQTOCFGTGUQNXGTNQURTQDNGOCUSWGUWUUWRGTKQTGUCHTQPVCP
x &GOWGUVTGCUWUUWRGTKQTGUSWGXCNQTCNQSWGGNNQUJCEGPRQTC[WFCTNG
x #PKOGCUWUUWRGTKQTGUCFKUEWVKTUWURTQDNGOCUGUEWEJGCVGPVCOGPVG[
QHT\ECNGUEQORTGPUKP[CRQ[Q
x 1HTG\ECKPHQTOCEKPFGTGVQTPQEQPUVTWEVKXCUQDTGNCUCEVKXKFCFGUFGUWU
UWRGTKQTGU
x +PFKSWG C UWU UWRGTKQTGU HQTOCU FKHGTGPVGU GP NCU SWG WUVGF RWGFG
WVKNK\CTUWUFGUVTG\CU
x 5GC NGCN KPENWUQ GP UKVWCEKQPGU FKHEKNGU

C OGPQU SWG GUV GP LWGIQ
CNIPRTKPEKRKQVKEQQRTQDNGOCNGICN
x 5GC ENCTQ GP GN GSWKNKDTKQ FG NQU KPVGTECODKQU GPVTG CODQU 5K WUVGF
EQPUKFGTCSWGNGWVKNK\CPQGZRNQVCPFGCNIWPCOCPGTCKPVGPVGPGIQEKCT
5KGUVQPQHWPEKQPCDWUSWGQVTQLGHG

%1/2#'415
x +FGPVKHKSWG HQTOCUFGC[WFCTCUWUEQORCGTQU CNQITCTUWUOGVCU[C

SWGUGUKGPVCP[RTQ[GEVGPNCKOCIGPFGVTKWPHCFQTGU
x +PVGPVGEQORTGPFGTUWURTQDNGOCUGKPVGTECODKCTKPHQTOCEKPVKN
x +FGPVKHKSWGOGVCUEQOWPGUGPNCUSWGVTCDCLCTEQPLWPVCOGPVG
x %TGGITWRQKPHQTOCNGUFGTGUQNWEKPFGRTQDNGOCUGPVTGNCUWPKFCFGU
x %WCPFQWPEQORCGTQUGEQPXKGTVCGPWPRTQDNGOCEQPUKICSWGQVTQU
NGRTGUKQPGPRCTCSWGTGITGUGCNDWGPECOKPQ
57$14&+0#&15
x +PVGPVGEQPUEKGPVGOGPVGKPETGOGPVCTNCEQPHKCP\CSWGVKGPGPGPWUVGF
x 4GEQPQ\ECGNDWGPTGPFKOKGPVQ
x #N JCDNCT EQP UWU LGHGU CVTKDW[C C UWU UWDQTFKPCFQU GN OTKVQ FG UWU
KFGCU
x #[FGNGU C TGUQNXGT CSWGNNQU RTQDNGOCU SWG UWRGTGP UW JCDKNKFCF Q
GZRGTKGPEKC
x /CPVPICNGUCNFCFGVQFCNCKPHQTOCEKP[VGPFGPEKCUFGUWECORQFG
GURGEKCNKFCF
x (CEKNVGNGUHQTOCEKP2TQOWGXCUWFGUCTTQNNQRTQHGUKQPCN
x 0QRTGVGPFCPWPECSWGUCDGCNIQEWCPFQTGCNOGPVGPQNQUCDG
x 4GCNKEGEQPTGIWNCTKFCFGXCNWCEKQPGUFGTGPFKOKGPVQ
x 0QVGOCJCDNCTUQDTGUWFGRGPFGPEKCOWVWC
x %NCTKHKSWGUWUTGURQPUCDKNKFCFGUEQPGNNQU[NCUFGGNNQUEQPWUVGF
0GIQEKCTCEWGTFQU[EQORTQOKUQU
.QUDTQMGTUGZRGTVQUUQPPGIQEKCFQTGUHKTOGUUCDGPEQPGZCEVKVWFSWGU
NQSWGPGEGUKVCPRGTQVCODKPUCDGPSWGNCURGTUQPCUEQPNCUSWGVTCVCPC
UW XG\ VKGPGP UWU RTQRKCU PGEGUKFCFGU .QU DTQMGTU GHKECEGU VKGPGP GP
EWGPVCGUCUPGEGUKFCFGUEWCPFQEQOKGP\CPGNRTQEGUQ
.CHCNVCFGENCTKFCFFGNCUGZRGEVCVKXCUGUWPCFGNCURTKPEKRCNGUHWGPVGUFG
GUVTU GP NC XKFC QTICPK\CVKXC 3WGTGOQU SWG PWGUVTQU LGHGU UGCP OU
GZRNEKVQUUQDTGNQSWGFGUGCP[EQOQSWKGTGPSWGHWPEKQPGOQU.CGUECNC
FG NKDGTVCF FGUETKDG GN ITCFQ FG NKDGTVCF Q CWVQPQOC SWG FGUGC GP UWU
TGNCEKQPGUEQPNQUPKXGNGUUWRGTKQTGUNQUKPHGTKQTGU[NQUKIWCNGU

0KXGN#EVCRQTUWEWGPVCUQNCOGPVGKPHQTOGUTWVKPCTKQU
0KXGN#EVCRGTQKPHQTOCFGKPOGFKCVQ
0KXGN4GEQOKGPFCNWGIQGORTGPFGNCCEEKPTGUWNVCPVG
0KXGN2TGIWPVCSWGUNQSWGJC[SWGJCEGT
0KXGN'URGTCJCUVCSWGVGFKICPNQSWGVKGPGUSWGJCEGT
%WCPFQ WUVGF FGUGORGC GN RCRGN FG UWDQTFKPCFQ NC UKVWCEKP GU OU
EQORNGLC3WK\HWPEKQPGUCNPKXGNEQPUWLGHGRGTQUKGPVGNCPGEGUKFCF
FGCXCP\CTCNPKXGNGPNCOC[QTCFGRTQ[GEVQU.CRQUKEKPSWGQEWRGGP
NCGUECNCXCTKCTFGRGPFKGPFQFGNPKXGNFGCPUKGFCFGKPVGTURGTUQPCNFG
UWLGHGGPNQUFKHGTGPVGURTQ[GEVQU[TGURQPUCDKNKFCFGUGPNQSWGWUVGFGUV
KPXQNWETCFQ
2TGUGPVCT NCUKFGCURTGUGPVCEKQPGUXGTDCNGUGHKECEGU
'PNCXKFCQTICPK\CVKXCTGCNK\COQUNCOC[QTRCTVGFGNVTCDCLQGPITWRQURQT
NQSWGNCEQOWPKECEKPGUXKVCNRCTCVQFQUNQUTQNGUSWGFGUGORGCGPUW
ECNKFCFFGFKTGEVKXQ.CUGUVTCVGIKCU[QREKQPGURCTCEQOWPKECTPQUEQPWP
ITWRQ FGDGP GUVCT OQVKXCFCU RQT VTGU EQPUKFGTCEKQPGU PWGUVTQ RTQRUKVQ
PWGUVTCCWFKGPEKC[PWGUVTQUTGEWTUQU
.CURTGUGPVCEKQPGUGHKECEGUUGEGPVTCPGPNCCWFKGPEKC[PQGPGNQTCFQT.C
CEVKVWF EQPUKIWG VTGU QDLGVKXQU ICTCPVK\CT C NQU Q[GPVGU SWG XCNG NC RGPC
GUEWEJCTNGETGCTWPGUVCFQFGCPKOQ[WPCRTQRGPUKPCNCGUEWEJC[CNC
CEGRVCEKP[UGCNCTGNECOKPQFGNXKCLGSWGWUVGFKPVGPVCGORTGPFGTEQP
UWCWFKGPEKC
x %TGFKDKNKFCFICTCPVK\CCNCCWFKGPEKCSWGWUVGFGUWPQTCFQTKPHQTOCFQ
[NGIVKOQ
x %NKOC EQPUKUVG GP GN GUHWGT\Q SWG WUVGF JCEG RCTC EQPGEVCT EQP NC
CWFKGPEKC [ NNGXCTNC C WP GUVCFQ FG PKOQ Q GUVKNQ CFGEWCFQ C NC
RTGUGPVCEKP 'P RTKOGT NWICT RKGPUG GP NC VCTGC FGN QTCFQT FG
GUVCDNGEGTPTGNCEKPQ
x %QPVGPKFQ CRQTVC GN PRNCP FG TWVCQ SWG WUVGF HCEKNKVC C UW CWFKGPEKC
%WCPFQ JCDNG C WP ITWRQ FICNG SWG GU NQ SWG XC C UWEGFGT FGUFG GN
EQOKGP\Q FG UW RTGUGPVCEKP &GHKPC NQU VTOKPQU [ GXKVG WVKNK\CT GN
CTIQVVEPKEQGPNCOGFKFCSWGUGCRQUKDNG
.C UGEWGPEKC C UGIWKT GU XKVCN CWPSWG EQP HTGEWGPEKC PQ UG NG RTGUVC NC
FGDKFCCVGPEKP

x %QOWPKSWG RTKOGTQ GN OGPUCLG OU KORQTVCPVG [ C EQPVKPWCEKP

CR[GNQEQPCTIWOGPVQU[FGVCNNGU7PCDWGPCRTGUGPVCEKPEQOWPKEC
CNEQOKGP\QNQURWPVQUKORQTVCPVGU[OUCFGNCPVGNQUTGURCNFC
x %OQFGEKFKTNCUGEWGPEKCWPCGUVTCVGIKCOW[VKNEQPUKUVGGPWVKNK\CTGN
OIKEQ PWOGTQ PVTGUQ FGHKPC Q GZRTGUG GN RTQDNGOC Q UKVWCEKP
GURGEKHKSWGVTGURWPVQUFGCRQ[QCD[E[VGTOKPGEQPWPTGUWOGP
#N JCDNCT KPVGPVG WVKNK\CT GN VKRQ FG CTIWOGPVCEKP SWG VGPIC WPC OC[QT
TGNGXCPEKC XCNKFG\ G KORCEVQ [ NC KPHQTOCEKP FGDG GUVCT CN CNECPEG FGN
Q[GPVG .CU RTGUGPVCEKQPGU VCODKP RWGFG OGLQTCTNQ WVKNK\CPFQ WPCU
DWGPCUC[WFCUXKUWCNGU[RTQEWTCPFQSWGNCVTCPUKEKPFGWPRWPVQCQVTQ
UGCNQOUENCTCRQUKDNG
.CU C[WFCU XKUWCNGU UQP FG ITCP KORQTVCPEKC 8KXKOQU GP WP GTC XKUWCN [
RTQEGUCOQU XKUWCNOGPVG NCOC[QT RCTVGFGPWGUVTCKPHQTOCEKP RGTQJC[
SWGVGPGTCNIWPCUEQPUKFGTCEKQPGU
x 0QRGTOKVCSWGNCUC[WFCUXKUWCNGUEQPVTQNGPUWRTGUGPVCEKP
x .CU C[WFCUXKUWCNGUCWOGPVCPNCEQORTGPUKPFGNCCWFKGPEKC[OGLQTCP
UWETGFKDKNKFCF
x .CUC[WFCUXKUWCNGUGUVPFKTKIKFQUHWPFCOGPVCNOGPVGCNCCWFKGPEKCPQ
CNQTCFQT
x .CU C[WFCU XKUWCNGU TGSWKGTGP OWEJQU GURCEKQU GP DNCPEQ 5K WVKNK\C
RCNCDTCU PQ KPENW[C OCU FG EKPEQ CRCTVCFQU GP NC VTCPURCTGPEKC [ PQ
OUFGEKPEQRCNCDTCURQTCRCTVCFQ
x .CUC[WFCUXKUWCNGURWGFGPJCEGTNGRCUCTWPOCNTCVQUKPQGPUC[CCPVGU
NC HQTOC FG WVKNK\CTNCU 2TCEVKSWG GN TKVOQ [ NC UGEWGPEKC JCUVC SWG UG
UKGPVCEOQFQWVKNK\PFQNCU
'.41.&'&+4'%614
'P GUVG TQN UG GURGTC SWG GN FKTGEVKXQ ENCTKHKSWG NCU GZRGEVCVKXCU WVKNK\CPFQ
RTQEGUQU VCNGU EQOQ NC RNCPKHKECEKP [ NC HKLCEKP FG QDLGVKXQU SWG UGC WP
KPFKECFQT FGEKFKFQ SWG FGHKPC NQU RTQDNGOCU GUVCDNG\EC NQU QDLGVKXQU
GURGEKHKSWGNQUTQNGU[NCUVCTGCUIGPGTGNCUPQTOCURQNVKECUGKPUVTWEEKQPGU2CTC
GNNQFGDGEGPVTCTUGGPNCUUKIWKGPVGUEQORGVGPEKCUVQOCFGKPKEKCVKXCUHKLCEKPFG
OGVCUFGNGICEKPGHKEC\
6QOCFGKPKEKCVKXCU
2CTCWPCGHGEVKXCVQOCFGKPKEKCVKXCU

x 7VKNKEG WPC OQVKXCEKP KPVGTKQT GN RWPVQ FG RCTVKFC GU OCPVGPGT WPC
CEVKVWF OGPVCN RQUKVKXC CEQUVWODTPFQUG C GPHQECT ECFC WPC FG NCU
VCTGCUEQPOWEJCGPGTIC[FGHQTOCRQUKVKXC
x %GPVTCTUG GP NCU VCTGCU OU KORQTVCPVGU GU FGEKT FGDGOQU CRTGPFGT C
IGUVKQPCTGNVKGORQ
x 5GCRGTUKUVGPVG[VGPICRCEKGPEKCSWGUQPETWEKCNGUHTGPVGCNCKPGTEKC
5KPGODCTIQRCEKGPEKCPQUKIPKHKECRCUKXKFCF.CQDUVKPCEKPNNGXCFCC
GZVTGOQURWGFGEQPUKFGTCTUGEQOQETWGNFCF
x %QPVCIKGGNFGUGQFGNCGZEGNGPEKC
x %CVCNKEGNC CEEKPKPVGNKIGPVGCEVKXCT[JCEGTFGDGPEGPVTCTUGGPVQTPQC
OGVCU[QDLGVKXQUENCTCOGPVGGURGEKHKECFQU[TGCNKUVCU
.CUENCXGURCTCNCECRCEKFCFFGFGEKUKP
x 5GTEQPUEKGPVGFGSWGRWGFGHTCECUCTRQTSWGVQFCFGEKUKPEQPNNGXCWP
EKGTVQTKGUIQNQEWCNKORNKECWPRQVGPEKCNHTCECUQ5KPQURTGQEWRCOQU
FGPQHTCECUCTPQVQOCTGOQUFGEKUKQPGU.QUEQORQPGPVGUFGGTTQTGU[
NQUHTCECUQUUQPWPEQORQPGPVGPCVWTCNFGNRTQEGUQFGNKFGTC\IQ
x 5GT EQPUEKGPVG FG SWG RWGFG ECODKCT UW FGEKUKP .CU FGEKUKQPGU UQP
TGXQECDNGUEWCPFQUGQRQPICCWPCFGEKUKPUGCEQPUEKGPVGFGSWGPQ
UKGORTGRWGFGVGPGTNCUGIWTKFCFVQVCN
x 0Q RQPIC FGOCUKCFQ PHCUKU GP NQU JGEJQU [ NC KPHQTOCEKP 0Q
EQPXKGTVCGNCPNKUKUGPHKPGPNWICTFGWVKNK\CTNQEQOQWPOGFKQ'PGN
OWPFQ TGCN PQ UKGORTG VGPGOQU NC UWHKEKGPVG KPHQTOCEKP RCTC VQOCT
WPCFGEKUKP
x %QPHG GP UWU UGPUCEKQPGU G KPVWKEKQPGU [ GP NC KFGC FG NQ SWG GU
EQTTGEVQ %QP HTGEWGPEKC UG ETKVKEC NC KPVWKEKP NQU RTGUGPVKOKGPVQU PQ
UQP GURQPVPGQU VKGPGP WPC DCUG FG PWGUVTC GZRGTKGPEKC [ GP PWGUVTQ
GUVKNQFGVQOCFGFGEKUKQPGU
x 1DVGPIC FCVQU FG UWU EQNGICU [ FG QVTCU RGTUQPCU EW[CU QRKPKQPGU
TGURGVC
x 7VKNKEGGZRGTVQUGZVGTPQUEWCPFQUGCPGEGUCTKQ'PVGOCUOW[UGTKQUPQ
UG FGDG KORTQXKUCT VQOCPFQ FGEKUKQPGU TRKFCU WPC NNCOCFC CN
RTQHGUKQPCN KPFKECFQ RWGFG HCEKNKVCTNG NC KPHQTOCEKP SWG NG C[WFCT C
SWGNCFGEKUKPEQTTGEVCUGCOUGXKFGPVG
x )GPGTG GN OC[QT POGTQ FG RQUKDNGU UQNWEKQPGU DWUSWG WPC JQLC FG
RCRGN OCPVGPIC EQPUKIQ OKUOQ WPC UGUKP FG DQODCTFGQ FG KFGCU [

GPWOGTG VQFCU NCU RQUKDNGU UQNWEKQPGU SWG UG NG QEWTTCP RQT OW[
FKURCTCVCFCUSWGNGRCTG\ECP
x *CIC FG CDQICFQ FG FKCDNQ 'NKOKPG VQFQU NQU TGUWNVCFQU OGFKQU [
EPVTGUGGPNQUGZVTGOQU2KGPUGGPGNOGLQT[GNRGQTTGUWNVCFQRQUKDNG
FGUWFGEKUKPEWCPVQGUVFKURWGUVQCCTTKGUICT
x 2QURQPIC NC FGEKUKP 5K NC UKVWCEKP CU NQ GZKIG PQ VGOC TGVTCUCT NC
FGEKUKPPQUWRQPGWPUKIPQFGFGDKNKFCF0QJC[SWGFGEKFKTNQCJQTC
OKUOQGU[CWPCITCPFGEKUKP
(KLCEKPFGOGVCU
#EQPVKPWCEKPGZCOKPCTGOQUWPEQPLWPVQFGVEPKECUFGUCTTQNNCFCURCTC
CWOGPVCTNCGHKECEKCFGNCHKLCEKPFGOGVCUVEVKECU
.CUOGVCUGURGEHKECU[FGUCHKCPVGUIGPGTCPWPTGPFKOKGPVQUWRGTKQTCNFG
NCU OGVCU KORTGEKUCU HEKNGU FG CNECP\CT 'U FGEKT UG FGDG FGHKPKT EQP
ENCTKFCF GP VTOKPQU FG SWG GU NQ SWG VKGPG SWG UWEGFGT EQP SWG
HTGEWGPEKCGPSWGECPVKFCF[RCTCEWCPFQ
.C KPHQTOCEKP FGN TGVQTPQ UQDTG GN RTQITGUQ HCXQTGEG GN RTQEGUQ NC
KPHQTOCEKPUQDTGGNRTQITGUQCNECP\CFQGUGUGPEKCN
%WCPFQJC[OCUFGWPCOGVCGUPGEGUCTKQGUVCDNGEGTRTKQTKFCFGUVCODKP
UKTXG RCTC XGTKHKECT NCU GZRGEVCVKXCU VCPVQ FGN FKTGEVKXQ EQOQ FG NQU
UWDQTFKPCFQU .C EQORGVGPEKC KPHQTOCN FG NQU GORNGCFQU ECWUCFC RQT NC
HKLCEKPFGOGVCU[NCKPHQTOCEKPFGTGVQTPQCWOGPVCNQUDGPGHKEKQUFGN
RTQEGUQ
'UPGEGUCTKQTGEQORGPUCTGNNQITQFGNCUOGVCU[GNTGPFKOKGPVQOGFKCPVG
WPCXCTKGFCFFGKPEGPVKXQUGEQPOKEQUQTGEQORGPUCUPQGEQPOKECU.C
HKLCEKP FG OGVCU RWGFG UGT WP EQORQPGPVG KORQTVCPVG FG NC IGUVKP FGN
TGPFKOKGPVQ .CU RGTUQPCU VKGPGP SWG FGUCTTQNNCT RNCPGU FG CEEKP RCTC
NQITCTUWUOGVCU
.CU OGVCU FGDGP HKLCTUG GP WP GPVQTPQ FG CRQ[Q GP GN SWG NQU FKTGEVKXQU
C[WFGP[CPKOGPCUWUGORNGCFQUCVTKWPHCT[UGIPEQOQUGWVKNKEGPNCU
OGVCU RWGFGP KPETGOGPVCT Q FKUOKPWKT GN GUVTU RGTEKDKFQ RQT NQU
UWDQTFKPCFQU
&GNGICEKPGHKEC\
2CTCWPCFGNGICEKPGHKEC\EQPUKFGTGNQUUKIWKGPVGURWPVQU

x %NCTKHKSWG GP UW RTQRKC OGPVG SWG GU NQ SWG FGUGC SWG UG JCIC WPC
HQTOCGUGUETKDKPFQNQ
x #UKIPGNCVCTGCOUCFGEWCFCCNGORNGCFQOUCFGEWCFQ
x #N CUKIPCT NC VCTGC CUGITGUG FG GZRTGUCTUG EQP ENCTKFCF RNCPVGG
RTGIWPVCU RCTC FGVGTOKPCT UKP EQORTGPFGP GP RTQHWPFKFCF NC VCTGC
#UGITGUGFGCENCTCTNCUHGEJCUVQRG[NQUJQTK\QPVGUFGVKGORQ
x /CPVGPICCDKGTVQNQUECPCNGUFGFKHWUKPFGLGOW[ENCTQSWGWUVGFGUV
FKURQPKDNGRCTCEQPUWNVCUQFKUEWUKQPGU
x 2GTOKVCSWGNQUGORNGCFQUJCICPNCVCTGCFGNCHQTOCGPSWGUGUKGPVCP
OU EOQFQU FGOWUVTGNGU EQPHKCP\C GP UWU JCDKNKFCFGU 0Q VGPIC
GZRGEVCVKXCU FGOCUKCFQ GNGXCFQU RCTC SWG NC PKEC CNVGTPCVKXC UGC GN
HTCECUQ
x %QORTWGDGGNRTQITGUQRGTQPQUGNCPEGCNTGUECVGCNRTKOGTUPVQOC
FGNHTCECUQ
x 4GURQPUCDKNKEG C NC RGTUQPC FGN VTCDCLQ [ FG EWCNSWKGT FKHKEWNVCF SWG

RWGFCUWTIKTRGTQJICNQFGUFGWPCRQUKEKPFGOCGUVTQPQFGCIGPVG
FGRQNKEC#PCNKEGNQSWGGUVOCN [C[FGNGUCFGUCTTQNNCTUWURTQRKCU
UQNWEKQPGU
x +IPQTCT NQU GUHWGT\QU FG NQU GORNGCFQU RWGFG UGT FGUCUVTQUQ RCTC NC
OQVKXCEKP 4GEQPQ\EC NQU NQITQU [ FGOWGUVTG SWG NQU XCNQTC
CFGEWCFCOGPVG
'.41.&'241&7%614
5GGURGTCSWGNQUFKTGEVKXQUGUVPQTKGPVCFQUCNCVCTGCEGPVTCFQUGPGNVTCDCLQ[
OW[ KPVGTGUCFQU GP NC VCTGC SWG VKGPGP GPVTG OCPQU 6CODKP FGDG OQUVTCT WP
CNVQPKXGNFGOQVKXCEKPGPGTIC[HWGT\CKPVGTKQT
2TQFWEVKXKFCF[OQVKXCEKPRGTUQPCN
5GEGPVTCGPEQOQWUVGFEQOQFKTGEVKXQFGUEWDTGGNSWGFQPFGEQOQ[
RQTSWGRCTCOQVKXCTUGJCUVCCNECP\CTNQU CNVQU PKXGNGUFGRTQFWEVKXKFCF
GURGEKCNOGPVG UG GPHQEC GN TGPFKOKGPVQ RGTUQPCN QRVKOQ RCTC SWG GN
RGTUQPCNUGQTKGPVGCTGUWNVCFQUFGDKFQCUWUGPVKFQFGOKUKPRGTUQPCN[
VGPGT NCECRCEKFCFFGCWVQIGUVKP[FGFQOKPKQFGNGSWKRQCUEQOQVGPGT
NCECRCEKFCFFGJCEGTNQUCLWUVGURGTVKPGPVGU[IGUVKQPCTGNECODKQ
'UVCUIGUVKQPGUUQP
x %QORTQOKUQ7PCNVQPKXGNFGEQORTQOKUQRCTCRTQVGIGCNCURGTUQPCU
FGNQUGHGEVQUPGICVKXQUFGNGUVTU[FGNCUQDTGECTICFGVTCDCLQ

x 4GVQ 'U GN FGUGQ [ PGEGUKFCF FG GPHTGPVCTUG C WP PKXGN CFGEWCFQ FG
TGVQ NC DUSWGFC EQJGTGPVG FG NQU TKGUIQU TC\QPCDNGU [ FG
QRQTVWPKFCFGURCTCRGTUGIWKTOGVCUOUCORNKCU
x 2TQRUKVQ .QU FKTGEVKXQU PQ UQNCOGPVG VKGPGP SWG EQPQEGT NCU
TGURWGUVCU C NCU RTGIWPVCU UKPQ SWG VCODKP VKGPGP SWG GUVCT FG
CEWGTFQEQPNCUTGURWGUVCU
x %QPVTQN 'N TGPFKOKGPVQ QRVKOQ GZKIG WP GSWKNKDTKQ FGFKECFQ GPVTG NC
CWVQPQOCGPNCCEEKP[NCECRCEKFCFRCTCEQTTGURQPFGTCWPCU OGVCU
ENCTCU[GURGEKHKECU
x 5WRGTCEKP /QVKXCEKP RCTC UWRGTCT NQU PKXGNGU CPVGTKQTGU FG
TGPFKOKGPVQQNCPOGLQTCRGTOCPGPVGQ
x 'SWKNKDTKQ 5QP ECRCEGU FG IGUVKQPCT [ FKUHTWVCT EQP UW VTCDCLQ UW
HCOKNKCUWUCOKIQU[UWUOQOGPVQUFGQEKQ
/QVKXCT CNQUFGOU
7PCFGNCUCURKTCEKQPGUOUEQOWPGUGPVTGNQUSWGVTCDCLCPEQPQVTCIGPVG
GU NC FG UGT ECRCEGU FG OQVKXCT C NCU RGTUQPCU EQP NCU SWG VTCDCLCP WPC
UGPUCEKP FG HTCECUQ GP GUC CURKTCEKP EQP HTGEWGPEKC EQPNNGXC HWGTVGU
UGPUCEKQPGUFGEWNRC[NCFKUOKPWEKPFGNCCWVQGUVKOC
PQUQ[ECRC\FG
OQVKXCTCOKUEQNCDQTCFQTGURQTNQVCPVQUQ[WPOCNFKTGEVKXQ
2GTQRCTCRQFGTOQVKXCTCNQUFGOURTKOGTQPGEGUKVCOQUGPVGPFGTNQSWG
GUQUWRQPG/QVKXCTCNQUFGOUEQPUKUVGGPETGCTWPCUKVWCEKPGPNC SWG
NGQHTG\ECOQUCNIQXCNKQUQCNQVTQGPHWPEKPFGUWOCRCCEVKVWFKPCN
'UQRTGUWRQPG
C %QPQEGTCNQVTQUCDGTNQSWGXCNQTC/QVKXCTCNQVTQKORNKECEQPQEGTNG
RTGUVCTNG CVGPEKP FGUCTTQNNCT PWGUVTC RGTEGREKP [ PWGUVTC ECRCEKFCF
FGGORCVCGUFGEKTCRTGPFGTCUGTTGEGRVKXQU%QPHTGEWGPEKCUGCUQEKC
NC ECRCEKFCF FG OQVKXCT CN QVTQ EQP NC PCEEKPQ RGTQ NC OQVKXCEKP
GORKG\CEQPNCPQCEEKPEQPNCQDUGTXCEKP[GNTGURGVQCNQVTQ
D %WCPFQ GN GPVQTPQ QHTGEG NCU EQUCU SWG XCNQTCOQU PQ JCEG HCNVC SWG
PCFKG PQU OQVKXG %WCPFQ UG VKGPG RQFGT RCTC JCEGTNQ ECODKCT NQU
GUVOWNQU GZVGTPQU GU NC HQTOC OU TRKFC FG EQPUGIWKT TGUWNVCFQU 'N
RTQDNGOC GU SWG EQP HTGEWGPEKC PQU XCOQU C GPEQPVTCT EQP SWG PQ
VGPGOQURQFGTRCTCECODKCTGNGPVQTPQFGOCPGTCCFGEWCFC
%WCPFQPQRQFGOQUECODKCTGNGPVQTPQRCTCCFGEWCTNQCNCUCEVKVWFGUFGN
QVTQGNPKEQGNGOGPVQUQDTGGNSWGRQFGOQUVTCDCLCTUQPUWUCEVKVWFGU

'PGUQUECUQUKPVGPVCTOQVKXCTCNQVTQSWKGTGFGEKTKPVGPVCTJCEGTNGECODKCT
GPUWOCPGTCFGRGPUCT[FGGPVGPFGTGNOWPFQRCTCSWGXCNQTGNQSWGGN
GPVQTPQNGQHTGEG
)GUVKPFGNVKGORQFGNGUVTU
5GFGDGVGPGTGPEWGPVCSWGCFOKPKUVTCTGNVKGORQRCTCWPFKTGEVKXQGU
GUEGPEKCNGUVCUGRWGFGXGTRGTLWFKECFCRQTNC
x .CKPGZKUVGPEKCFGQDLGVKXQURTGXKCOGPVGFGHKPKFQUQNCVGQTCCUCNVQFG
OCVC
x 0QFKUVKPIWKTGPVTGNQSWGGUKORQTVCPVG[NQSWGGUWTIGPVG
x .CKPEQTTGEVCIGUVKPFGNCRTQRKCCIGPFCFGVTCDCLQ
x 0GICEKPFGNCRTQRKCGXKFGPEKC0QCEGRVCTSWGPQUQVTQUPQRQFGOQU
JCEGTNQVQFQ
x .CKPUWHKEKGPVGFGNGICEKPFGVCTGCU
x 'ZEGUQFGKPHQTOCEKPRCTCCPCNK\CT1KPHQTOCEKPFGUQTFGPCFC
KORTGEKUCQVCTFC
'XKFGPVGOGPVG UG JCEG KORTGUEKPFKDNG SWGRCTCQTICPK\CTPWGUVTQVKGORQ
FGDGTGOQUGPRTKOGTNWICTFGVGTOKPCTSWCEEKQPGUQVCTGCUUQPNCUOU
KORQTVCPVGU 2QT KORQTVCPVGU GPVGPFGOQU CSWNNCU VCTGCU SWG KPEKFGP FG
CNIWPCHQTOCGPNCUTGCUGUVTCVIKECUFGNCGORTGUCCNQUQDLGVKXQUCNQU
EQUVGUQCNQUKPITGUQU
7PC XG\ GUVCDNGEKFQU NQU QDLGVKXQU EQOGP\CTGOQU RQT FCT WP QTFGP FG
RTKQTKFCFCECFCWPCFGNCUCEVKXKFCFGUFKCTKCU#XGEGUUGUWGNGCUKIPCTWP
VKGORQ OZKOQ RCTC ECFC CEVKXKFCF EQP NC HKPCNKFCF FG SWG PQ GUVGOQU
FGOCUKCFQVKGORQQEWRCFQUGPWPCVCTGCSWGPQGUFGOCUKCFQKORQTVCPVG
TGUVCPFQVKGORQCQVTCUSWGUNQUQP
#RTGPFGTCFGEKTPQCVCTGCUSWGPQUQPKORQTVCPVGUQSWGRWGFGPTGCNK\CT
QVTCURGTUQPCU'NKOKPCTNCRQUKDKNKFCFFGSWGPQURWGFCPKORQTVWPCTEQP
XKUKVCU PQ RTGXKUVCU Q TGWPKQPGU OCN RNCPKHKECFCU EQP JQTC FG KPKEKQRGTQ
UKPJQTCFGUCNKFC
&GUVKPCT WPQUOKPWVQU CN FCCNCRNCPKHKECEKPFGPWGUVTCRTQRKCCIGPFC
&GGUVCHQTOCRQFTGOQUVGPGTUKGORTGRTGRCTCFQWPRTQITCOCFGVTCDCLQ
CPVGUFGKPKEKCTNCLQTPCFC
5GT PQUQVTQU OKUOQU NQU IGUVQTGU FG PWGUVTQ VKGORQ 0Q FGLCT SWG UGCP
QVTQUNQUSWGNQJCICP'XKFGPVGOGPVGUKGORTG[EWCPFQPWGUVTQRWGUVQ[
ECTIQPQUNQRGTOKVC

#RTGPFGT C WVKNK\CT EQTTGEVCOGPVG GN WUQ FGN VGNHQPQ 6CPVQ EWCPFQ

GHGEVWCOQU NNCOCFCU EQOQ EWCPFQ NCU TGEKDKOQU 'UVCDNGEGT HKNVTQU FG
NNCOCFCU[XKUKVCUOGFKCPVGPWGUVTCQUGETGVCTKCQ
#ITWRCT CEEKQPGU Q CUWPVQU SWG RWGFCP VGPGT EKGTVC TGNCEKP GPVTG U
2QFGOQUFGGUVCHQTOCCWOGPVCTPWGUVTCEQPEGPVTCEKPGPEKGTVCUVCTGCU[
GXKVCT RQT VCPVQ NC FKURGTUKP
.G[ FG %CTNUQP 6QFC CEVKXKFCF
KPVGTTWORKFCGUOGPQUGHKEC\[EQPUWOGOCUVKGORQSWGUKUGTGCNK\CFG
OCPGTCEQPVKPWC
2QTNQVCPVQGNVKGORQGUTGNCVKXQEQOQVCODKPNQGUGNWUQSWGJCEGOQU
FGNGPPWGUVTQVTCDCLQ#NIWPCUVCTGCUSWGEQPUKFGTCOQUOW[WTIGPVGUQ
KORQTVCPVGUCXGEGUPQNQUQPVCPVQ
FGPWGXQNCTGNCVKXKFCF[FGDGOQU
CRTGPFGTCKFGPVKHKECTNCU
5GFKEGSWGIGPGTCNOGPVGVCPUNQGNFGPWGUVTQVKGORQEQPVTKDW[GCN
FG TGUWNVCFQU 'N TGUVQ UWGNGP UGT KORTGXKUVQU WTIGPEKCU
KPVGTTWREKQPGUEQTTGEEKQPGU[GPFGHKPKVKXCFGUQTFGP
*CEGT ECFC EQUC C UW VKGORQ PQ JCEGT OCU FG WPC EQUC C NC XG\ [ RQT
UWRWGUVQJCEGTNQDKGP


3
3QQ``ddee\\__ FF99** 11\\WWee^^QQcc RReeUU^^QQcc ``bbvvSSddYYSSQQcc TTUU dd__TT__ 7
7UUbbUU^^ddUU TTUU
CCYYccddUU]]QQcc
#EQPVKPWCEKPVTCVCOQUFGDTKPFCTWPCUGTKGFGEQPEGRVQUSWGRWGFGPUGTVQOCFQU
GP EWGPVC RQT NQU IGTGPVGU FG 5KUVGOCU RCTC UGT CRNKECFQU GP UW QTICPK\CEKP [ UK
FGUGCRTQHWPFK\CTRWGFGWDKECTNCDKDNKQITCHC
241%'515&'4'+0)'0+'4+#
'N FG GPGTQ FG UG CRTQD NC .G[ FG /QFGTPK\CEKP FGN 'UVCFQ
KPUVCWTPFQUGRTKPEKRKQUFGWPOC[QTCEGTECOKGPVQFGNEKWFCFCPQVTCPURCTGPEKC
[RCTVKEKRCEKPVQFQGUVQDCUCFQUGPWPPWGXQRCTCFKIOCFGIQDKGTPQGNGEVTPKEQ
QIQDKGTPQGPNPGCGPNCUSWGUGIWTCOGPVGNCUQTICPK\CEKQPGUXCPCVGPGTSWG
FGUCTTQNNCTVCTGCUFGTGFKUGQFGRTQEGUQUCHKPFGJCEGTNQUOUIKNGUTGXKUCT[
TCEKQPCNK\CTNQURTQEGFKOKGPVQUGKORNGOGPVCTVGEPQNQICUFGKPHQTOCEKPRCTC
QRVKOK\CTNQURTQEGUQU[GUVCDNGEGTWPOC[QTCEGTECOKGPVQCNEKWFCFCPQNCU
FCUFGNCQNCUJQTCUFGNFCFGUFG[JCEKCEWCNSWKGTRCTVGFGNOWPFQ
3WGUTGKPIGPKGTC!
'U WPC OGVQFQNQIC CRTQRKCFC RCTC TGXKUCT [ TGFKUGCT RTQEGUQU CU EQOQ RCTC
KORNGOGPVCTNQU GPHQEPFQUG GP CITGICT XCNQT C ECFC WPQ FG NQU RCUQU FG WP
RTQEGUQ[GNKOKPCTCSWGNNQUSWGPQFGPQPQRWGFCPFCTPKPIPXCNQTCITGICFQ
UKGPFQOW[CRTQRKCFCRCTCIGPGTCTQTICPK\CEKQPGUJQTK\QPVCNGU[RQTRTQEGUQU
CU EQOQ RCTC TGFWEKT EQUVQU VKGORQU FG RTQEGUQU OGLQTCT GN UGTXKEKQ [ NQU
RTQFWEVQUOGLQTCPFQNCOQVKXCEKP[NCRCTVKEKRCEKPFGNRGTUQPCN
#EVWCNOGPVG 4GKPIGPKGTC GU WP VTOKPQ IGPTKEQ FGPVTQ FGN EWCN UG RWGFGP
WDKECTNC4GKPIGPKGTCEQOQVCNFGUFGGNRWPVQFGXKUVCFG*COOGTRCUCPFQRQT
564'#/.+0+0) /GLQTCOKGPVQ FG 2TQEGUQU &QYPUK\KPI 4GGUVTWEVWTCEKP
6TCPUHQTOCEKP[NC4GKPXGPEKPFG2TQEGUQU
'PVTGNCUVEPKECUSWGRWGFGPWUCTUGFGPVTQFGWPC4GKPIGPKGTCECDGFGUVCECTCN
$GPEJOCTMKPIEQOQHQTOCFGFGHKPKTNCUOGVCU[QDLGVKXQUSWGFGDGCNECP\CTUG
[ EQOQ CURGEVQU EQORNGOGPVCTKQU C EQPUKFGTCT GP GN RTQEGUQ GN
'/219'4/'06 NC 14)#0+<#%+0 8'46+%#. NC +0018#%+0 [ NC
%4'#6+8+&#&GPVTGOWEJQUQVTQUCURGEVQU
'NEQPEGRVQFGTGKPIGPKGTCUKIPKHKECXQNXGTCGORG\CTCTTCPECPFQFGEGTQ.QU
XKGLQUVVWNQU [HQTOCUQTICPK\CEKQPCNGU
FGRCTVCOGPVQUFKXKUKQPGUITWRQUGVE
FGLCPFGVGPGTKORQTVCPEKC.QKORQTVCPVGGPNCTGKPIGPKGTCGUEOQSWGTGOQU
QTICPK\CT JQ[ GN VTCDCLQ FCFCU NCU GZKIGPEKCU FG NQU OGTECFQU CEVWCNGU [ GN
RQVGPEKCNFGNCUPWGXCUVGEPQNQICU

*COOGT FGHKPG NC TGKPIGPKGTC FG PGIQEKQU EQOQ TGRNCPVGQ HWPFCOGPVCN [

TGFKUGQTCFKECNFGNQURTQEGUQUFGPGIQEKQURCTCCNECP\CTOGLQTCUGPQTFGPFG
OCIPKVWF GP GN TGPFKOKGPVQ FG EQUVQU ECNKFCF UGTXKEKQU [ TCRKFG\ %WCPFQ
JCDNCOQUFGOGLQTCUGPQTFGPFGOCIPKVWFPQUTGHGTKOQUCRQTGLTGFWEKT
NQUEQUVQUQKPETGOGPVCTGPWPNCECNKFCF[UCVKUHCEEKPFGNQUWUWCTKQU0Q
GPWP
.CTGKPIGPKGTCUGRNCPVGCTGRGPUCT[TGJCEGTNQURTQEGUQUFGWPCQTICPK\CEKPGP
HWPEKPFGFQUCTIWOGPVQUEGPVTCNGU
x GN CTIWOGPVQ RTQ CEEKP EQPUKUVG GP NC TC\P HWPFCOGPVCN FGN RQTSW
SWGTGOQUQFGDGOQUECODKCT5KPQGZKUVGWPCTC\PRQFGTQUCPQXCOQUC
JCEGTGNECODKQ'UEQOQEWCPFQGNFQEVQTNGFKEGCNRCEKGPVGSWGVKGPGSWG
ECODKCT FG TIKOGP FG XKFC Q SWG UG XC C OQTKT GP WP OGU /KGPVTCU OU
TCFKECN [ EQPVWPFGPVG UGC UVG CTIWOGPVQ RTQ CEEKP OU EQPXGPEKFQU
GUVCTGOQUFGJCEGTGNECODKQ
x GNCTIWOGPVQRTQXKUKPEQPUKUVGGPNCXKUKPSWGPQUCVTCGGUFGEKTGNQDLGVKXQ
Q GN KFGCN SWG GUVCOQU DWUECPFQ EQP GN ECODKQ /KGPVTCU OU ENCTC UGC NC
XKUKPFGNQSWGDWUECOQUOUHEKNOGPVGPQUGPECOKPCTGOQUJCEKCGNNQ[NQ
NQITCTGOQU
.C 4GKPIGPKGTC GP WP RTKOGT OQOGPVQ GU WP RTQEGUQ SWG FGDG TGCNK\CTUG FG
CTTKDCJCEKCCDCLQGUFGEKTSWGFGDGUGTKPKEKCFCRQTGNNFGTFGWPCQTICPK\CEKP
Q FG WP RCU
NFGT VTCPUHQTOCEKQPCN 5K PQ GZKUVG XQNWPVCF RQNVKEC
KPUVKVWEKQPCNFGNNGXCTNCCECDQUKPQJC[FGEKUKP[UKPQUGECPCNK\CPTGEWTUQUC
NCOKUOCGUVPQRTQURGTCT
'PWPUGIWPFQOQOGPVQNCTGKPIGPKGTCTGSWKGTGFGWPKORWNUQFGTGHWGT\QGP
UGPVKFQ KPXGTUQ GU FGEKT FG CDCLQ JCEKC CTTKDC [C SWG UK PQ UG KPXQNWETC GP NC
OKUOCCVQFQUNQUOKGODTQUFGNCQTICPK\CEKPGPVQPEGUHTCECUCTRQTSWGGPGN
OGLQTFGNQUECUQUNCIGPVGFGCDCLQVTCDCLCTGPQVTQUGPVKFQQFKTGEEKPQGPGN
RGQTUCDQVGCTQDQKEQVGCTGNECODKQ
5KP GODCTIQ NC RTKPEKRCN CFXGTVGPEKC FG NC TGKPIGPKGTC GU SWG UK WPQ PQ GUV
EQPXGPEKFQFGNNGXCTNCCECDQQFGUWUDQPFCFGUNQOGLQTGUPKUKSWKGTCGORG\CT
GNECODKQRQTSWGGPVQPEGURQFGOQUSWGFCTPQUGPGNRGQTFGCODQUOWPFQU'U
FGEKT EQP VQFCU NCU HCNNCU G KPEQPXGPKGPVGU FG NQU RTQEGUQU CPVGTKQTGU GP VCPVQ
SWGNCUXGPVCLCUFGNQUPWGXQURTQEGUQUPQUGXCPCUGPVKTRQTSWGGNRTQEGUQUG
SWGFCTKPEQPENWUQ
.QKPVGTGUCPVGFGNCTGKPIGPKGTCGUSWGPQJC[WPOQFGNQFGTGKPIGPKGTC'P
QVTCURCNCDTCUGNOQFGNQGUSWGPQJC[OQFGNQ%CFCSWKGPVKGPGSWGJCEGTUW
RTQRKQ RTQ[GEVQ FG TGKPIGPKGTC CWPSWG U JC[ EKGTVQU RTKPEKRKQU FG XCNQT

WPKXGTUCN SWG RWGFGP UGT CRNKECFQU GP RTEVKECOGPVG VQFCU NCU QTICPK\CEKQPGU
CUKOKUOQJC[WPCEKGTVCOGVQFQNQICSWGUGRWGFGTGUECVCTFGNCGZRGTKGPEKCFG
ECUQU GZKVQUQU 2WGU EQOQ FKEG GN FKEJQ GU OU HEKN EQRKCT SWG KPXGPVCT VQFQ
FGUFGEGTQ
DGPEJOCTMKPI
.Q OU KORQTVCPVG GU WP ECODKQ FG OGPVCNKFCF Q FG GPHQSWG 0Q FGDGOQU
RGPUCTGPVCTGCUCKUNCFCUUKPQGPRTQEGUQUKPVGITCFQU.CXKUKPGUJQNUVKEC'UVG
GU SWK\ GN RNCPVGCOKGPVQ OU TGXQNWEKQPCTKQ FG NC TGKPIGPKGTC 'P RQECU
RCNCDTCUNQSWGRNCPVGCGUSWGNQUEQPEGRVQUFGNCFKXKUKPFGNVTCDCLQSWGHWGTQP
NC ENCXG FG NC TGXQNWEKP KPFWUVTKCN
RGPUCOKGPVQNKPGCNJQ[FCUQPQDUQNGVQU
*Q[ FC NQ SWG RTQEGFG [C PQ GU VTCDCLCT GP UGTKG UKPQ FG HQTOC KPVGITCFC [
FKPOKEC'PQVTCURCNCDTCUVGPGOQUSWGTGKPVGITCTVQFQUNQURTQEGUQUXGTNQUGP
HQTOCINQDCN
1VTQEQPEGRVQKORQTVCPVGFGNCTGKPIGPKGTCGUSWGUGVTCVCFGECODKQUTCFKECNGU
[VQVCNGU
CNIWPQUJCDNCPFGECODKQUDTWVCNGUGUFGEKTECODKQUFGN0Q
UGVTCVCFGECODKQUITCFWCNGUQKPETGOGPVCNGU
'UVQU UGTCP CNIWPQU FG NQU RTKPEKRCNGU EQPEGRVQU FG NC TGKPIGPGTC 'U GXKFGPVG
SWG PQ RQFGOQU FGUETKDKT GP GUVG GURCEKQ VQFQ NQ SWG GU G KORNKEC NC
TGKPIGPKGTC5GTGEQOKGPFCNGGT[GUVWFKCTGNNKDTQFG*COOGT
.QURTQEGUQU
2QFTCOQUFGEKTSWGWPRTQEGUQGUWPEQPLWPVQFGCEVKXKFCFGUTGCNK\CFCURCTC
UGTXKT C WP WUWCTKQ 'N RTQRUKVQ GU QHTGEGT CN WUWCTKQ GN RTQFWEVQ Q UGTXKEKQ
EQTTGEVQ EQP WP CNVQ ITCFQ FG TGPFKOKGPVQ GP EQUVQ UGTXKEKQ [ ECNKFCF 'N
VTOKPQWUWCTKQFGDGTCUGTGPVGPFKFQGPWPUGPVKFQOUCORNKQEQPUKFGTCPFQ
VCODKPCNWUWCTKQKPVGTPQFGNCEQORCCUQEKQU[UWDEQPVTCVKUVCU
.QU RTQEGUQU HQTOCP RCTVG FG WPC KPUVKVWEKP [ CVTCXKGUCP NCU QTICPK\CEKQPGU
VTCFKEKQPCNGU[UWXGPVCLCGUSWGUGRWGFGOGFKTGNEQUVQVKGORQUCNKFCECNKFCF
[ UCVKUHCEEKP FGN WUWCTKQ CUQEKCFC EQP NQU RTQEGUQU .WGIQ FG WP RTQEGUQ FG
TGKPIGPKGTKCNCUKPUVKVWEKQPGUCEVWCNGUEW[CGUVTWEVWTCQTICPK\CVKXCVTCFKEKQPCNGU
GP HQTOC FG RKTOKFG UG CRNCPCTC [C SWG NCU PWGXCU GUVTWEVWTCU QTKGPVCFCU C
RTQEGUQU ECTGEGTCP FG IGTGPVGU OGFKQU XKPEWNCFQU C WP TGC HWPEKQPCN [
GPECTICFQUFGUWRGTXKUCTGPUWNWICTGNNFGTFGN RTQEGUQGUTGURQPUCDNGFKTGEVQ
CPVGNCCNVCIGTGPEKC
&KHGTGPEKCGPVTG4GKPIGPKGTC[/GLQTCFG2TQEGUQU
%QOQ UGJCOGPEKQPCFQNCTGKPIGPKGTCKORNKECEQOGP\CTFGPWGXQRQPKGPFQ
VQFQGPFWFCEQPGNQDLGVQFGQDVGPGTOGLQTCUGPQTFGPFGOCIPKVWFPQWPC
OGLQTCKPETGOGPVCNFGRQTGLGORNQUQNQGN&CXGPRQTVWUNCUKIWKGPVGVCDNC
RCTCGUVCDNGEGTFKEJCUFKHGTGPEKCU

0KXGNFGECODKQ
2WPVQFG
EQOKGP\Q
(TGEWGPEKCFG
ECODKQ
6KGORQTGSWGTKFQ
#NECPEGVRKEQ
4KGUIQ
(CEKNKVCFQT
RTKOCTKQ
6KRQFGFGUCHQ
/GLQTCOKGPVQFG
2TQEGUQU
+PETGOGPVCN
2TQEGUQCEVWCN
4GKPIGPKGTCFG
0GIQEKQU
4CFKECN
2K\CTTCGPDNCPEQ
%QPVKPWC
7PCXG\
%QTVQ
'UVTGEJQFGPVTQ
FGTGCU
(WPEKQPCNGU
/QFGTCFQ
%QPVTQNGUVCFUVKEQ
.CTIQ
'ZVGPUQCVTCXUFG
NCUTGCUHWPEKQPCNGU
%WNVWTCN
#NVQ
6GEPQNQICFGNC
+PHQTOCEKP
%WNVWTCN'UVTWEVWTCN
.QU%QPEGRVQU(WPFCOGPVCNGUFGNC4GKPIGPKGTC
x %QPUKUVG GP GORG\CT FG EGTQ GP WPC JQLC GP DNCPEQ 5G EQPUKFGTC SWG
RTEVKECOGPVG VQFQ NQ SWG JCECOQU CPVGU EQOQ RGTUQPCU GORTGUCU
KPUVKVWEKQPGU Q IQDKGTPQ RCTGEGTC GUVCT OCN JGEJQ EQPUKFGTCPFQ NQU
TGUWNVCFQUQDVGPKFQU
x %QPUKUVG GP ECODKQU TCFKECNGU DTWVCNGU GURGEVCEWNCTGU .C TGKPIGPKGTC GU

GPGOKICFGNQUECODKQUITCFWCNGUOQFGTCFQUGKPVTCUEGPFGPVGU5GJCDNCFG
ECODKQUFGPQFGECODKQUKPETGOGPVCNGUFGQ
x 'UV GPHQECFC C RTQEGUQU 0Q C FGRCTVCOGPVQU Q TGCU VTCDCLQU RGTUQPCU Q
GUVTWEVWTCU .QU XKGLQU RTKPEKRKQU FG NC CFOKPKUVTCEKP SWG HTCIOGPVCDCP GN
VTCDCLQGPXCTKCUWPKFCFGU[CPQHWPEKQPCP CJQTCJC[PWGXQURTKPEKRKQU 5G
FGHKPGWPRTQEGUQEQOQWPCEQNGEEKPFGCEVKXKFCFGUSWGTGEKDGPWPCQOU
GPVTCFCU[IGPGTCPWPCUCNKFCSWGGUFGXCNQTRCTCGNWUWCTKQ
x 6KGPGWPCXKUKPJQNUVKEC 1DUGTXCVQFQUNQURTQEGUQUFGUFGWPCRGTURGEVKXC
KPVGITCN8GGNVQFQ[PQNCURCTVGU6KGPGWPCRGTURGEVKXCINQDCN
x .CFKXKUKPFGNVTCDCLQ[CPQHWPEKQPC .CFKXKUKPFGVCTGCUSWGHWGENCXGRCTC
NCTGXQNWEKPKPFWUVTKCN
RGPUCOKGPVQNKPGCNGUQDUQNGVC*Q[FCPQRTQEGFG
VTCDCLCTGPUGTKGUKPQGPHQTOCKPVGITCFC[FKPOKEC6GPGOQUSWGTGKPVGITCT
NQURTQEGUQU.QUCEVQTGUFGNCTGKPIGPKGTCFGDGPUGTECRCEGUFGFGUGORGCT
OUFGWPTQN
x 'U GPGOKIC FG NC GURGEKCNK\CEKP 'U OWNVKGURGEKCNK\CEKP
IGPGTCNKUVC.C
TGKPIGPKGTC GU CPVKGURGEKCNK\CEKP .C GURGEKCNKFCF VKGPG XKTVWFGU RGTQ UW

FGHGEVQGUNCRTFKFCFGHNGZKDKNKFCFGPTGKPIGPKGTCNQSWGOUUGTGSWKGTGGU
HNGZKDKNKFCF
x 5G CRQ[C GP GN RTKPEKRKQ FG NC KPEGTVKFWODTG

6GQTC FGN %CQU 'P
TGKPIGPKGTC VQFQ GU RWNUQ [ XKUVC 2WTC KPVWKEKP RGTQ PQ EKGIC 2CTVG FGN
UWRWGUVQ FG SWG GN FGVGTOKPKUOQ PQ GZKUVG [ RQT NQ VCPVQ PQ GZKUVG PCFC
GUVCDNGEKFQPKRTGFGVGTOKPCFQ*C[SWGCRTGPFGTCCFOKPKUVTCTQOCPGLCTNC
KPEGTVKFWODTG *C[ SWG VGPGT WPC VQNGTCPEKC C NC XCIWGFCF [C SWG PQ JC[
IWCUPKRTGEKUKP'UEQPUVTWKTWPRWGPVGCNXCEQUKPEQPQEGTNCQVTCQTKNNC
x 5W JGTTCOKGPVC RTKPEKRCN GU NC FGUVTWEEKP ETGCVKXC .Q CPVGTKQT [C PQ
HWPEKQPC [ RQT NQ VCPVQ JC[ SWG FGUVTWKTNQ RGTQ FG WPC OCPGTC ETGCVKXC
EQPUVTW[GPFQ NQU PWGXQU RTQEGUQU 5G DCUC GP GN RTKPEKRKQ FG SWG GP WP
GURCEKQUNQECDGWPGFKHKEKQRCTCEQPUVTWKTNQPWGXQVKGPGSWGJCEGTUGUQDTG
NCUTWKPCUQEGPK\CUFGNQXKGLQ
x 0Q JC[ WP OQFGNQ FG TGKPIGPKGTC 0Q JC[ WP RNCP RTGGUVCDNGEKFQ 'N
OQFGNQGUSWGPQJC[OQFGNQ%CFCSWKGPVKGPGSWGJCEGTUWRTQRKQRTQ[GEVQ
FGTGKPIGPKGTC[GUKORQTVCPVGTGEWTTKTCCUGUQTCUQEQPUWNVQTCGZVGTPC.C
KPUVKVWEKPCXCP\CRCTVGFGNRTQEGUQFGTGKPIGPKGTC[RCTVGFGDGTEQPVCTEQP
UWRGTXK\CEKP GZVGTPC RQTSWG FG NQ EQPVTCTKQ GZKUVG GN TKGUIQ FG ECGT GP NC
CWVQEQORNCEGPEKCGPGNCWVQGPICQ5NQWPCCWFKVQTCGZVGTPCGXKVCTSWGUG
UKICJCEKGPFQNQOKUOQFGCPVGUEQPWPPQODTGPWGXQ
x .QOUKORQTVCPVGGUWPECODKQFGOGPVCNKFCFQFGGPHQSWG/GVCPQKC 0Q
UGFGDGRGPUCTGPVCTGCUCKUNCFCUUKPQGPRTQEGUQUKPVGITCFQU'UPGEGUCTKQWP
ECODKQFGCEVKVWFEQORQTVCOKGPVQNCHQTOCFGVTCDCLCT[GUVCTFKURWGUVQCNC
KPEGTVKFWODTGRQTSWGUQNQCUUGGUVCTRTGRCTCFQRCTCTGCNK\CTWPRTQEGUQFG
TGKPIGPKGTC
x 'P WP RTKOGT OQOGPVQ FGDG TGCNK\CTUG FG CTTKDC JCEKC CDCLQ &GDG UGT
KPKEKCFQRQTGNNFGTFGNCQTICPK\CEKP
NFGTVTCPUHQTOCEKQPCNRQTSWGUKPQ
JC[XQNWPVCF[FGEKUKPUKPQUGECPCNK\CRQFGT[TGEWTUQUPQRTQURGTCT
x 'P WP UGIWPFQ OQOGPVQ NC TGKPIGPKGTC TGSWKGTG WP KORWNUQ GP UGPVKFQ
KPXGTUQ FG CDCLQ JCEKC CTTKDC 5K PQ KPXQNWETC C VQFQU NQU OKGODTQU FG NC
QTICPK\CEKPHTCECUCTRQTSWGGUVQUNQDQKEQVGCTPNQUCDQVGCTPQNQJCTP
OUNGPVQ'NKPXQNWETCOKGPVQFGDGJCEGTUGRQTEQPXGPEKOKGPVQQRQTCOQTC
NCECOKUGVC
x 5K WPQ PQ GUV EQPXGPEKFQ GU OGLQT PQ JCEGT TGKPIGPKGTC .QU TGUWNVCFQU
RWGFGP UGT FGUCUVTQUQU [C SWG UG FGUOCPVGNCTC NQ SWG HWPEKQPCDC GP GN
RCUCFQ[PQUGCECDCTCFGKPUVCNCTNQUPWGXQURTQEGUQU0QUSWGFCTCOQUGP
GNRGQTFGCODQUOWPFQUVQFQNQOCNQFGNRCUCFQUKPNQDWGPQFGNHWVWTQ

x 5KGUVUEQPXGPEKFQF GNCUDQPFCFGUFGNCTGKPIGPKGTCFGUWUEQPEGRVQU[FG
UWOGVQFQNQIC PQGURGTGUOURQPNCGPRTEVKECEWCPVQCPVGU'NOWPFQ[C
ECODKCJQTCHCNVCSWGECODKGUVQVWGORTGUCQVWQTICPK\CEKP
.CU RTKPEKRCNGU GORTGUCU FGN OWPFQ [C JKEKGTQP Q GUVPJCEKGPFQ TGKPIGPKGTC
RCTC RCUCT FG NC GTC FG NC KPFWUVTKCNK\CEKP C NC PWGXC GTC FG NC KPHQTOCEKP
EQOWPKECEKP'NOWPFQPQFGVGPFTUWOCTEJCEQOQPQUGFGVWXQGPGNUCNVQ
FGNHGWFCNKUOQCNECRKVCNKUOQ
'PGNRCUOWEJCUGORTGUCURTKXCFCUJQ[FCGZKVQUCUCUEQOQCNIWPCUGPVKFCFGU
RDNKECURCUCTQPRQTWPRTQEGUQFGTGKPIGPKGTC[JQ[GPFCOWGUVTCPCXCPEGU
UKIPKHKECVKXQU GP VTOKPQU FG OQFGTPK\CEKP KORNGOGPVCEKP FG UGTXKEKQU
OQFGTPQUEWNVWTCQTICPK\CEKQPCN[GORNGCFQUOQVKXCFQU
2CUQURCTCJCEG TWPRTQEGUQFGTGKPIGPKGTC
2CTCJCEGTWPRTQEGUQFGTGKPIGPKGTCGUPGEGUCTKQTGEQTTGTWPCUGTKGFGGVCRCU
RCTCQDVGPGTWPTGUWNVCFQQRVKOQGPRTKOGTNWICTFGDGJCDGTWPCPGEGUKFCFFG
NCQTICPK\CEKP[GNNFGTFGUVCFGDGGUVCTVQVCNOGPVGEQORTQOGVKFQ[FKURWGUVQ
CKPXGTVKTGPGUVGRTQEGUQPQUQNQVKGORQTGEWTUQUJWOCPQUUKPQKPXGTUKP
.QURCUQUCUGIWKTRCTCWPRTQEGUQFGTGKPIGPKGTCUQP
+FGPVKHKECEKPFGRTQEGUQU
.C KPUVKVWEKP VKGPG SWG KFGPVKHKECT EWNGU UGTP NQU RTQEGUQU SWG ETW\CP C
VTCXU FG NCU FKHGTGPVGU HWPEKQPGU FG NC QTICPK\CEKP [ SWG HQTOCP RCTVG
RTKPEKRCN [ DUKEC FG NC QTICPK\CEKP 2CTC EQPQEGT NQU RTQEGUQU RTKOGTQ UG
FGDGTGHNGLCTEOQEKTEWNCGNVTCDCLQGPVTGNCUWPKFCFGUFGNCQTICPK\CEKP
5GNGEEKPFGRTQEGUQ UENCXG
0QGURQUKDNGTGFKUGCTVQFQGNEQPLWPVQFGRTQEGUQUUKOWNVPGCOGPVGRQTNQ
VCPVQ FGDGOQU TGCNK\CT WPC UGNGEEKP FG NQU OKUOQU RCTCFGVGTOKPCTEWNGU
UGTPTGFKUGCFQU[GPSWQTFGP5GFGDGCRNKECTETKVGTKQUEQOQGNGUVCFQGP
SWGUGGPEWGPVTCPNQURTQEGUQUNCKORQTVCPEKCFGNRTQEGUQFGCEWGTFQCNQU
RNCPGUKPUVKVWEKQPCNGU[EQPUKFGTCTNQUHCEVQTGUSWGFGVGTOKPCPNCRTQDCDKNKFCF
FGSWGVGPICZKVQWPGUHWGT\QRCTVKEWNCTFGTGKPIGPKGTC
%QPUVKVWKTGNGSWKRQJWOCPQ
.QUGSWKRQUSWGKORWNUCTPGNRTQEGUQUQPNQUUKIWKGPVGU

x .FGT GU GN OZKOQ TGURQPUCDNG FG NNGXCT C DWGP HKP NC TGKPIGPKGTC GU
SWKGP KORWNUC C NC QTICPK\CEKP C SWG CUWOC NC PWGXC GUVTWEVWTC RQT
RTQEGUQU'NRCRGNRTKPEKRCNFGNNFGTGUCEVWCTEQOQXKUKQPCTKQ[OQVKXCFQT
GU SWKGP KFGC [ GZRQPG GN VKRQ FG QTICPK\CEKP SWG FGUGC ETGCT [ NC
EQOWPKECCVQFQGNRGTUQPCNNCOKUKPFGNCGORTGUC[UWRTQRUKVQ'NNFGT
PQFGDGQDNKICTCPCFKGCTGCNK\CTECODKQUSWGPQSWKGTGJCEGTVKGPGSWG
RTGUGPVCTWPRTQ[GEVQ[RGTUWCFKTC NCIGPVGFGSWGFGDGVQOCTRCTVGGPGN
GUHWGT\QFGOQFQSWGRQTUWRTQRKCXQNWPVCFCEGRVGNCUEQPUGEWGPEKCUFGN
ECODKQ
x &KTGEVQT FGN RTQEGUQ NC KPUVKVWEKP RWGFG VGPGT XCTKQU RTQEGUQUDUKEQUC
TGFKUGCT .QU FKTGEVQTGU UQP NQU TGURQPUCDNGU FG CNECP\CT NCU OGVCU
RTGXKUVCU RCTC GN RTQEGUQ [ FG EQQTFKPCT GN GUHWGT\Q C TGCNK\CT RQT NCU
RGTUQPCUFGNGSWKRQFGTGKPIGPKGTC
x 'SWKRQ FG TGKPIGPKGTC GU GN ITWRQ FG RGTUQPCU CUKIPCFCU C WP RTQEGUQ
GURGEHKEQCTGFKUGCT5QPTGURQPUCDNGUEQNGEVKXCOGPVGFGNTGUWNVCFQHKPCN
EQORCTVGP EQP UWU EQNGICU FG GSWKRQ NC TGURQPUCDKNKFCF EQPLWPVC FGN
TGPFKOKGPVQFGNRTQEGUQVQVCNPQUNQFGWPCRGSWGCRCTVGFGN
x %QOKV FG FKTGEEKP EQPUVKVWKFQ RQT FKTGEVKXQU TGURQPUCDNGU FG NCU TGCU
CHGEVCFCU 5GGPECTIC FGFGUCTTQNNCTNCGUVTCVGIKCINQDCN[FGNUGIWKOKGPVQ
FGNQURNCPGUFGTGKPIGPKGTC
x 4GURQPUCDNGFGTGKPIGPKGTCUGVTCVCFGWPCRGTUQPCGZRGTVC
RWGFGUGTWP
EQPUWNVQT GZVGTPQ SWG FGDG RTQRQTEKQPCT NCU VEPKECU G KPUVTWOGPVQU
PGEGUCTKQURCTCCRQ[CTNCKORNCPVCEKPFGNRTQEGUQFGTGKPIGPKGTC
'NNFGTCFGOUFGKPEQTRQTCTNCXKUKP[FKTKIKTGNITCPGUHWGT\QCFGUCTTQNNCT
RQT NC QTICPK\CEKP GU GN SWG FGDG UGNGEEKQPCT C NQU FKTGEVQTGU FG RTQEGUQ
'UVQUCUWXG\UQPNQUGPECTICFQUFGEQPUVKVWKT[FKTKIKTNQUEQTTGURQPFKGPVGU
GSWKRQUFGTGKPIGPKGTC2QTUWRCTVGNCFKTGEEKP[UGIWKOKGPVQINQDCNFGNC
KPUVKVWEKP EQTTGURQPFGT CN EQOKV FG FKTGEEKP 6QFQU GUVG ITWRQ FGDG
EQPQEGTGNRTQEGUQCEVWCNGPVGPFGTNQRCTCFKUGCTNQFGPWGXQ
0WGXQFKUGQ
'NQDLGVQFGNCTGKPIGPKGTCGUNCVTCPUHQTOCEKPFGNQURTQEGUQUCEVWCNGUNQU
ECODKQU C GHGEVWCT TGRGTEWVGP CFGOU FG GP NC QTICPK\CEKP [ HNWLQ FGN
VTCDCLQ GP NC HQTOCEKP [ OQVKXCEKP FGN RGTUQPCN GP NC EWNVWTC FG NC
GORTGUCGPNCGUVTWEVWTCQTICPK\CVKXC[GPNCUTGNCEKQPGUEQPNQUWUWCTKQU'N
PWGXQFKUGQEQPUKUVKTGP
x 4GFKUGCT NQU RTQEGUQU ENCXGU CRQ[PFQUG GP NCU KPPQXCEKQPGU
VGEPQNIKECU RTKPEKRCNOGPVG KPHQTOVKECU 5G FGDGP CRTQXGEJCT NCU

XGPVCLCUSWGRWGFGPCRQTVCTNQUUKUVGOCUFGKPHQTOCEKPRCTCEQPUGIWKTNC
OZKOC GHKEKGPEKC [ QRVKOK\CTGOQU GN CRTQXGEJCOKGPVQ FG JGTTCOKGPVCU
EQOQ NCU DCUGU FG FCVQU EQORCTVKFCU NQU UKUVGOCU GZRGTVQU Q NCU TGFGU
ECRCEGUFGUKVWCTNCKPHQTOCEKPGPGNVKGORQ[NWICTRTGEKUQ
x 4GQTICPK\CT GN VTCDCLQ WVKNK\CPFQ GSWKRQU OWNVKFKUEKRNKPCTKQU 5G

TGEQPUKFGTCTPCURGEVQUDUKEQUFGNCGUVTWEVWTCQTICPK\CVKXCNCGUVTWEVWTC
DCUCFC GPFGRCTVCOGPVQU HWPEKQPCNGU FGLCFGVGPGTUGPVKFQRWGUVQSWGGN
VTCDCLQ UG QTICPK\C CVGPFKGPFQ C NQU FKUVKPVQU RTQEGUQU 'UVQU RTQEGUQU
UGTP NNGXCFQU C ECDQ FGUFG GN RTKPEKRKQ JCUVC GN HKP RQT GN GSWKRQ FG
VTCDCLQEQTTGURQPFKGPVG
7PCFGNCUVEPKECUSWGUGWUCPRCTCJCEGTNCTGKPIGPKGTCGUGN$GPEJOCTM
$'0%*/#4-
'U WP EQPEGRVQ DCUVCPVG FKHWPFKFQ RGTQ GU O WUCFQ GP GN UGEVQT RTKXCFQ
VCODKPRWGFGUGTWUCFQGPGNUGEVQTRDNKEQ[CSWGGUVGRTQEGUQUKUVGOVKEQ[
EQPVKPWQPQURGTOKVGGXCNWCTNQURTQFWEVQUUGTXKEKQU[RTQEGUQUFGVTCDCLQFGNCU
QTICPK\CEKQPGU SWG UQP TGEQPQEKFCU EQOQ TGRTGUGPVCPVGU FG NCU OGLQTGU
RTEVKECUEQPGNRTQRUKVQFGTGCNK\CTOGLQTCUGPWPCQTICPK\CEKP
7PCFGNCUTGEQOGPFCEKQPGUEWCPFQUGFGEKFGJCEGT$GPEJOCTMGUSWGUGFGDG
EQPQEGT ENCTCOGPVG NQU RTQEGUQU WP FGUEQPQEKOKGPVQ PQ RQUKDKNKVCT NC
KORNGOGPVCEKPFGECODKQUUWUVCPEKCNGU
2CTCSWGJCEGT$GPEJOCTM
x 2CTCKFGPVKHKECTPWGUVTCEQORGVKVKXKFCF[FGDKNKFCFGUTGNCVKXCU
x 2CTCFGUCTTQNNCTWPEQPQEKOKGPVQFGNCPGEGUKFCFFGECODKCT[FGOGLQTCT
x 2CTCKFGPVKHKECTNCUOGLQTCURTEVKECUFGQTICPK\CEKQPGUNKFGTGU[EQORGVKVKXCU
x 2CTC FGUCTTQNNCT NQU CEGTECOKGPVQU XGTFCFGTCOGPVG ETGCVKXQU G KPPQXCFQTGU

RCTCRTQEGUCTGNTGCLWUVG
x 2CTCFGUCTTQNNCTNCUPWGXCUVEPKECURCTCOGLQTCTECNKFCFUGTXKEKQ[GHKECEKC
x 2CTCC[WFCTCECODKCTNCEWNVWTCJCEKCNCOGLQTCFGRTQEGUQU
x 2CTCUCDGTSWGOGLQTCUUKIPKHKECVKXCUNNGXCTCECDQ[OGLQTCTPWGUVTQUUGTXKEKQU
OCPVGPGTUCVKUHGEJQUCPWGUVTQUWUWCTKQU
'LGORNQ5GRWGFGCRNKECTRCTCFGUCTTQNNCTWPPWGXQCRNKECVKXQKORNGOGPVCTWP
PWGXQ RTQEGUQ Q EWCPFQ UG SWKGTG KORNGOGPVCT WP UGTXKEKQ GP NPGC
RTQDCDNGOGPVG UG VTCVCT FG KFGPVKHKECT WPC QTICPK\CEKP Q XCTKCU EQP
GZRGTKGPEKCUUKOKNCTGU[GZKVQUCU

'LGORNQGPGNECUQFGN2GTRCTCFCTKPKEKQCNRTQEGUQFGFGUCTTQNNQFGIQDKGTPQ
GNGEVTPKEQUGJCPTGCNK\CFQXKUKVCUC%JKNGRCTCXGTNQUCXCPEGUC/ZKEQRQTGN
RTQITCOC GOGZKEQ [ CRTGPFGT NCU DWGPCU RTEVKECU SWG RWGFGP VGPGT GUVQU
CXCPEGU
'NRTQEGUQFGDGPEJOCTMEQPUVCFGEKPEQHCUGU'NRTQEGUQUGKPKEKCEQPNCHCUG
FG RNCPGCEKP [ EQPVKPC C VTCXU FGN CPNKUKU NC KPVGITCEKP NC CEEKP [ RQT
NVKOQNCOCFWTG\
(CUGUFGWPRTQEGUQFG$GPEJOCTM
C(CUGFG2NCPGCEKP
'NQDLGVKXQFGGUVCHCUGGURNCPGCTNCUKPXGUVKICEKQPGUFGDGPEJOCTMGU
FGEKTFGDGOQUTGURQPFGTCNCURTGIWPVCU3WG3WKGP[%QOQ
2CUQ2NCPGCT'UPGEGUCTKQRNCPGCTKFGPVKHKECT EWCNGUGNRTQEGUQSWG
UG SWKGTG OGLQTCT JCEGT WP CPNKUKU FG EOQ UG GPEWGPVTC GN RTQEGUQ
CEVWCNOGPVG GUVCDNGEGT NQU QDLGVKXQU [ VQFQ GUVQ FGDG GUVCT
FQEWOGPVCFQ#UOKUOQUGFGDGUGNGEEKQPCTGNGSWKRQFGDGPEJOCTM
SWG GUVG NKICFQ CN RTQEGUQ KFGPVKHKECT SWG QVTCU EQUCU GUV NNGXCPFQ C
ECDQ
2CUQ %QNGEEKP 5GNGEEKQPCT C NQU UQEKQU G KPXKVCTNQU C RCTVKEKRCT [
GZRNKECTNGU NQ SWG SWGTGOQU NNGXCT C ECDQ GU PGEGUCTKQ UGT UKPEGTQ
JQPGUVQCDKGTVQ[SWGVQFQUNQUUQEKQUICPGP
2CUQ #PCNK\CT &GURWU FG VQOCT NQU FCVQU FG UQEKQU JC[ SWG
GUVCDNGEGT NQ SWG NQU UQEKQU VKGPGP [ FGURWU NQ SWG UG VKGPG GP NC
KPUVKVWEKPFKUEWVKGPFQ[JCEKGPFQNCUTGEQOGPFCEKQPGUFGNECODKQ'U
PGEGUCTKQDTKPFCTCVGPEKPCNCEWNVWTCFGNCGORTGUCCUWUXCNQTGU[C
NCGUVTWEVWTC
2CUQ +ORNGOGPVCEKP 5K UG KPXGUVKI JC[ SWG KORNGOGPVCT NQU
TGUWNVCFQU GP HQTOC EQPLWPVC EQP VQFQU NQU UQEKQU UGNGEEKQPCT NCU
TGEQOGPFCEKQPGU KORNGOGPVCPFQ NQU ECODKQU TGSWGTKFQU
GUVCDNGEKGPFQQDLGVKXQUTGCNGU
x +FGPVKHKECTGNRTQFWEVQ[QUGTXKEKQSWGUGXCCUQOGVGTDGPEJOCTM
x +FGPVKHKECT KPUVKVWEKQPGU EQORCTCDNGU GU FGEKT KPUVKVWEKQPGU EQP NCU

OGLQTGURTEVKECU
x &GVGTOKPCT GN OVQFQ RCTC TGEQRKNCEKP FG FCVQU [ TGEQRKNCT NQU
FCVQU'UVCUGRWGFGQDVGPGTFGNCKPHQTOCEKPKPVGTPCKPHQTOCEKP

FGNFQOKPKQRDNKEQDUSWGFCFGKPXGUVKICEKQPGUQTKIKPCNGUQXKUKVCU
FKTGEVCUGPNCWDKECEKP
D(CUGFG#PNKUKU
&GURWUFGFGVGTOKPCTSWSWKP[EOQUGVKGPGSWGNNGXCTCECDQNC
TGEQRKNCEKP [ GN CPNKUKU FG NQU FCVQU 'UVC HCUG VKGPG SWG KPENWKT NC
EQORTGPUKPEWKFCFQUCFGNCURTEVKECUCEVWCNGU FGNRTQEGUQCUEQOQ
NCUFGNQUUQEKQUGPGNDGPEJOCTM
x &GVGTOKPCT NC DTGEJC FG FGUGORGQ CEVWCN 'P GUVG RCUQ UG
FGVGTOKPCNCFKHGTGPEKCFGPWGUVTCUQRGTCEKQPGUEQPNCUFGNQUUQEKQU
FG DGPEJOCTM [ UG FGVGTOKPC NC DTGEJC GZKUVGPVG GPVTGNCUOKUOCU
'ZKUVGPVTGURQUKDNGUTGUWNVCFQUSWGUQPDTGEJCPGICVKXCSWGKPFKEC
SWGNCURTEVKECUGZVGTPCUUQPOGLQTGUQRGTCEKQPGUGPRCTKFCFSWG
UKIPKHKECSWGPQJC[FKHGTGPEKCUKORQTVCPVGUGPNCURTEVKECU[DTGEJC
RQUKVKXCSWGNCURTEVKECUKPVGTPCUUQPUWRGTKQTGU
x 2TQ[GEVCT NQU PKXGNGU FG FGUGORGQ HWVWTQU GN EWCN GU NC FKHGTGPEKC
GPVTGGNFGUGORGQHWVWTQGURGTCFQ[NQOGLQTGPNCQTICPK\CEKP
E(CUGFG+PVGITCEKP
.C KPVGITCEKP GU GN RTQEGUQ FG WUCT NQU JCNNC\IQU FG DGPEJOCTM RCTC
HKLCT QDLGVKXQU QRGTCEKQPCNGU RCTC GN ECODKQ +PHNW[G NC RNCPGCEKP
EWKFCFQUC RCTC KPEQTRQTCT PWGXCU RTEVKECU C NC QRGTCEKP [ CUGIWTCT
SWG NQU JCNNC\IQU UG KPEQTRQTGP C VQFQU NQU RTQEGUQU HQTOCNGU FG
RNCPGCEKP
2QTGNNQNCPGEGUKFCFFGEQOWPKECTNQUJCNNC\IQUFGDGPEJOCTMCVQFQU
NQU PKXGNGU FG NC QTICPK\CEKP RCTC QDVGPGT TGURCNFQ EQORTQOKUQ [
RTQRKGFCF 2CTC NC EQOWPKECEKP RTKOGTCOGPVG UG FGDG FGVGTOKPCT GN
CWFKVQTKQ[UWUPGEGUKFCFGUUGUGNGEEKQPCWPOVQFQFGEQOWPKECEKP
[RQTNVKOQUGFGDGPRTGUGPVCTNQUJCNNC\IQUGPWPCHQTOCQTFGPCFC
F (CUGFG#EEKP
5G VKGPG SWG EQPXGTVKT GP CEEKP NQU JCNNC\IQU FG DGPEJOCTM [ NQU
RTKPEKRKQUQRGTCEKQPCNGUDCUCFQUGPGNNQU'UPGEGUCTKQEQPXGTVKTNQUGP
CEEKQPGU GURGEHKECU FG RWGUVC GP RTEVKEC [ UG VKGPG SWG ETGCT WPC
OGFKEKP RGTKFKEC [ NC GXCNWCEKP FGN NQITQ 5G FGDGP FGUCTTQNNCT G
KORNGOGPVCTRNCPGUFGCEEKP[UWRGTXKUCTUWRTQITGUQ

G(CUGFGOCFWTG\
5GCNECP\CTNCOCFWTG\EWCPFQUGKPEQTRQTGPNCUOGLQTGURTEVKECUFG
NC KPUVKVWEKP C VQFQU NQU RTQEGUQU CUGIWTCPFQ CU NC UWRGTKQTKFCF
6CODKP UG NQITC NC OCFWTG\ EWCPFQ UG EQPXKGTVG GP WPC HCEGVC
EQPVKPWC GUGPEKCN [ CWVQKPKEKCFC FGN RTQEGUQ FG CFOKPKUVTCEKP QUGC
SWGUGKPUVKVWEKQPCNK\C
%QPUKFGTCTNQUHCEVQTGUETVKEQUFGZKVQ
(%'
&G NC UKORNG RTGIWPVC SWG PQU JCEGOQU RCTC SWG XCOQU C JCEGT
$GPEJOCTM! GPVQPEGU UWTIGP NQU HCEVQTGU ETVKEQU FGN ZKVQ SWG UQP NQU
CURGEVQUGPDCUGCNQUEWCNGUXCOQUCTGCNK\CTGN$GPEJOCTM'UVQUGRWGFG
FGVGTOKPCTJCEKGPFQCNIWPCURTGIWPVCU
x %WNGUGNHCEVQTOUETVKEQFGZKVQRCTCOKHWPEKPKPUVKVWEKP!
x 3WHCEVQTGUGUVPECWUCPFQGNOC[QTRTQDNGOC!
x 3WRTQFWEVQUUGNGURTQRQTEKQPCPCNQUWUWCTKQU[SWUGTXKEKQUUGNGU
RTGUVCP!
x 3WHCEVQTGUGZRNKECPNCUCVKUHCEEKPFGNWUWCTKQ!
x 3W RTQDNGOCU GURGEHKEQU

QRGTCEKQPCNGU UG JCP KFGPVKHKECFQ GP NC
QTICPK\CEKP!
x 'PFPFGGUVPNQECNK\CFCUNCURTGUKQPGUEQORGVKVKXCUSWGUGUKGPVGPGP
NCQTICPK\CEKP!
x %WNGUUQPNQUOC[QTGUEQUVQUFGNCQTICPK\CEKP!
x 3WHWPEKQPGUTGRTGUGPVCPGNOC[QTRQTEGPVCLGFGEQUVQU!
x 3WHWPEKQPGUVKGPGPGNOC[QTGURCEKQRCTCJCEGTOGLQTCU!
x 3W HWPEKQPGU VKGPGP OC[QT RQVGPEKCN RCTC FKHGTGPEKCT C NC

QTICPK\CEKPFGNQUEQORGVKFQTGUGPGNOGTECFQ!
1765174%+0)
'P NC #FOKPKUVTCEKP 2DNKEC PQ GU OW[ EQOP JCDNCT FG QWVUQWTEKPI
KPHQTOVKEQSWGRQFGOQUFGHKPKTNQEQOQNCDUSWGFCFGWPCUWDEQPVTCVCEKPQ
FG WP VGTEGTQ GP GN EWCN FGNGICT Q VTCPUHGTKT WPC HWPEKP Q CEVKXKFCF SWG
VTCFKEKQPCNOGPVG UG JC TGCNK\CFQ KPVGTPCOGPVG WPC RTEVKEC KPKEKCFC JCEG
CRTQZKOCFCOGPVGWPRCTFGFECFCU

1WVUQWTEKPIGUEQPVTCVCT[FGNGICTWPQQ OURTQEGUQUPQETVKEQURCTCPWGUVTC
KPUVKVWEKP C WP RTQXGGFQT OU GURGEKCNK\CFQ SWG PQUQVTQU RCTC EQPUGIWKT WPC
OC[QT GHGEVKXKFCF SWG PQU RGTOKVC QTKGPVCT PWGUVTQU OGLQTGU GUHWGT\QU C NCU
PGEGUKFCFGUPGWTNIKECURCTCGNEWORNKOKGPVQFGWPCOKUKP
.QSWGUGDWUECGUTGUQNXGTRTQDNGOCUHWPEKQPCNGU[QHKPCPEKGTQUCVTCXUFGWP
GPHQSWG SWG EQODKPC KPHTCGUVTWEVWTC VGEPQNIKEC [ HUKEC TGEWTUQU JWOCPQU [
GUVTWEVWTCHKPCPEKGTCGPWPEQPVTCVQFGHKPKFQCNCTIQRNC\Q
.QUUGTXKEKQUFGQWVUQWTEKPIGPGNTGCFGNCUVGEPQNQICUFGNCKPHQTOCEKPUQP
CORNUKOQU SWG XC FGUFG GN FGUCTTQNNQ [ OCPVGPKOKGPVQ FG UKUVGOCU JCUVC NC
CFOKPKUVTCEKPEQORNGVC FGNTGCKPHQTOVKECFGWPCQTICPK\CEKPRCUCPFQRQT
NC RTGUVCEKP FG RGTUQPCN ECNKHKECFQ FKIKVCEKP KORTGUKP [ QRGTCEKP GPVTG
QVTQU;GUSWGGNCXCPEGFGNCUVGEPQNQICUFGKPHQTOCEKPJCEGPECFCXG\OU
EQUVQUQSWGWPCGORTGUCRQTUUQNCRWGFCUGTCWVPQOCGPVQFCUNCUTGCUFGNC
KPHQTOVKEC UKP SWGFCTUG CVTU GP CNIP VRKEQ [ CU KPETGOGPVCT GHKEKGPEKC [
RTQFWEVKXKFCF 7PQ FG NQU CURGEVQU KORQTVCPVG GU SWG NCUGORTGUCUEQPQEGP GN
IKTQFGNPGIQEKQKPHQTOVKEQEWGPVCPEQPRGTUQPCNGURGEKCNK\CFQ[FGUCTTQNNCNQU
VTCDCLQUEQPECNKFCF[GPGNOGPQTVKGORQCFGOURWGFGPTGJWUCTNQUEFKIQU[
NQUFKUGQURWGFGPUGTOCUTRKFQUCNEQPVCTEQPRTQVQVKRQU
/WEJCUKPUVKVWEKQPGUSWGJKUVTKECOGPVGCUWOCPGNTQNKPHQTOVKEQEQOQWPTGC
KPVGTPCUKPUGT UWPGIQEKQNCKPHQTOVKECUGJCPFCFQEWGPVCSWGGUOWEJQOU
TGPVCDNGGZVGTPCNK\CTGUVQUUGTXKEKQUCKPUVKVWEKQPGUQGORTGUCUGURGEKCNK\CFCUSWG
TGFWEGPNQUEQUVQU[OGLQTCPEQPUKFGTCDNGOGPVGNQUTGUWNVCFQUGPGUVCUTGCUFG
GURGEKCNK\CEKP
5G RWGFG UQNKEKVCT CWVUQWTEKPI RCTC KPHTCGUVTWEVWTC EQORWVCEKQPCN QRGTCEKP FG
VGNGEQOWPKECEKQPGU FKUGQ KORNCPVCEKP [ CFOKPKUVTCEKP FG TGFGU
CFOKPKUVTCEKP [ CVGPEKP FG EQPVKPIGPEKCU FG EGPVTQU FG EORWVQ
CFOKPKUVTCEKP FG FCVQU [ DCUGU FG FCVQU TGEWTUQU JWOCPQU CRNKECEKQPGU [
DTKPFCTEQPUWNVQTC
$GPGHKEKQU[4KGUIQU
.CUOQVKXCEKQPGURCTCVQOCTUGTXKEKQUFGQWVUQWTEKPIUGRWGFGPQTICPK\CT
GP FQU ITCPFGU ITWRQU OQVKXCEKQPGU HKPCPEKGTCU [ FG IGUVKP #ODCU
VKGPGP UWU DGPGHKEKQU [ UWU TKGUIQU 'N 1WVUQWTEKPI RGTOKVG TGFWEKT NQU
ICUVQUFKTGEVQUDCUCFQUGPNCUWDEQPVTCVCEKPFGUGTXKEKQUSWGPQCHGEVCP
NCCEVKXKFCFRTKPEKRCNFGNCKPUVKVWEKP
%WCPFQGUEQIGTQWVUQWTEKPI
x %WCPFQNCKPUVKVWEKPSWKGTGEGPVTCTUGGPUWCEVKXKFCFRTKPEKRCNGUFGEKT
GNIKTQFGUWPGIQEKQQUWTC\PFGUGTGZVGTPCNK\CPFQVQFCUCSWGNNCU

CEVKXKFCFGUPGEGUCTKCURGTQNCVGTCNGU[SWGFGUXCPGUHWGT\QUTGUVCPFQ
GHKEKGPEKCCNCGORTGUC
x %WCPFQ UG SWKGTG CEEGFGT C GZRGTKGPEKC FG RTKOGT PKXGN CEGNGTCT

RTQEGUQU FG TGKPIGPKGTC FKURQPGT FG TGEWTUQU TGQTKGPVCPFQNGU JCEKC
CEVKXKFCFGU OCU RTQFWEVKXCU FKURQPGT FG ECRKVCN VTCPUHQTOCPFQ
KPXGTUKPGPICUVQQRGTCEKQPCN
x 4GFWEKT [ EQPVTQNCT NQU EQUVQU VTCPUHQTOCT EQUVQU HKLQU GP EQUVQU

XCTKCDNGUNQSWGRWGFGTGFWPFCTGPWPCTGFWEEKPFGEQUVQUVCPVQFGNC
QRGTCEKPKPHQTOVKECGPUEQOQGPVTOKPQUFGKPXGTUKP[RGTUQPCN
CNTCEKQPCNK\CT[QRVKOK\CTTGEWTUQUUGIPUGCNCPGEGUKFCF
x %WCPFQUGSWKGTGOCPGLCTOUHEKNOGPVGNCUHWPEKQPGUFKHEKNGUQSWG
GUVPHWGTCFGEQPVTQNQEWCPFQUGSWKGTGCEGNGTCTNQUDGPGHKEKQUFGNC
TGKPIGPKGTC
x %WCPFQ UG TGSWKGTG EQPVCT EQP GZRGTVQU [ VGEPQNQIC FG RWPVC SWG
GPVTGIWGP UGTXKEKQU TGCNOGPVG GHGEVKXQ RGTOKVKGPFQ KORQTVCPVGU
CWOGPVQU GP NC RTQFWEVKXKFCF [ GHKEKGPEKC FG NC QTICPK\CEKP CFGOU
FG QDVGPGT HNGZKDKNKFCF &G GUVC HQTOC GUVC NC HCEKNKFCF FG KPVGITCT
PWGXCU VGEPQNQICU GP NC KPHTCGUVTWEVWTC GZKUVGPVG RCTC UCVKUHCEGT NCU
ECODKCPVGU PGEGUKFCFGU FG NQU WUWCTKQU RQT QVTC GN QWVUQWTEKPI GU
UGNGEVKXQUNQUGGZVGTPCNK\CPNCUCRNKECEKQPGUQRTQEGUQUSWGGNWUWCTKQ
PGEGUKVC
&GQVTQNCFQGUKORQTVCPVGEQPQEGTNQUTKGUIQUSWGRWGFGVTCGTEQPUKIQ
x 'PWPEQPVTCVQFGQWVUQWTEKPIFGNGICTNGCWPVGTEGTQWPCHWPEKPRCUC
RQTUCDGTDKGPSWKPGUGUGVGTEGTQ'UVGGUWPGNGOGPVQHWPFCOGPVCN[
JC[SWGFGFKECTNGOWEJQVKGORQCNEQPVTCVQFGVCNOQFQSWGTGCNOGPVG
UGCRTGEKUQ
x 5G KPETGOGPVC GP GN EQUVQ FG NC PGIQEKCEKP [ OQPKVQTGQ FGNEQPVTCVQ
RQTSWGJCDTSWGJCEGTWPGUVWFKQFGEQUVQUDGPGHKEKQU
x 'N QWVUQWTEKPI KPETGOGPVC GN PKXGN FG FGRGPFGPEKC FG GPVGU GZVGTPQU
RQTNQSWGGUKORQTVCPVGSWGNCKPUVKVWEKPKPEQTRQTGRGTUQPCNFGRNCPVC
RCTCSWGRWGFCKPXQNWETCTUGGPGNRTQ[GEVQ
x 5GFGDGCPCNK\CTUKJC[QPQFKHGTGPEKCUFGGUVKNQUQFGEWNVWTCGPVTGGN
VGTEGTQ [ NC GORTGUC UK RWFKGTC NNGICT C RGTFGTUG GN EQPVTQN FG NC
EQORCCGZVGTPC[FGNCKPHQTOCEKP
x 'NTKGUIQFGSWGGNRTQHGUKQPCNSWGRTGUVCGNUGTXKEKQFGQWVUQWTEKPIGP
WPC EQORCC PQ UG UKGPVC RCTVG FG GNNC [ RQT GPFG UW PKXGN FG
EQORTQOKUQUGCOGPQUFGNQGURGTCFQ

x 5KNCTQVCEKPFGRTQHGUKQPCNGU FGKPHQTOVKECGUCNVCGPGNOWPFQFGN
QWVUQWTEKPI KPHQTOVKEQ GUVG GHGEVQ UG CORNKHKEC NQ EWCN KORKFG FCT
ICTCPVCUCNWUWCTKQHKPCN
x .C ECNKFCF [ JQOQIGPGKFCF FG NQU EQPQEKOKGPVQU FGNQU RTQHGUKQPCNGU
[C SWG CNIWPCU GORTGUCU EQPVTCVCP C NQU RTQHGUKQPCNGU RCTC GXKVCT NC
KPUGIWTKFCFNCDQTCN[NQSWGGUQEQPNNGXCETGCPKPUVCPEKCURCTCJCEGTNQU
UGPVKT RCTVG FG WPC EQORCC [ NQU ECRCEKVCP RGTOCPGPVGOGPVG GP NCU
VGEPQNQICUFGXCPIWCTFKC
x 5G FGDG TGEQTFCT SWG UG FGDG JCEGT QTICPK\CEKQPGU ECFC XG\ OCU
GHKEKGPVGUCNOGPQTEQUVQUKPFGLCTRQTWPNCFQNQUGUVPFCTGUFGECNKFCF
[ UGTXKEKQ CN WUWCTKQ WPCURGEVQOW[ KORQTVCPVGGUNCEQPVTCRCTVGRQT
RCTVG FG NC QTICPK\CEKP SWKGP FGDG EWKFCT FG SWG UG EWORNC EQPNQU
QDLGVKXQURNCPVGCFQU
4C\QPGUGUVTCVIK ECUOUKORQTVCPVGU8GPVCLCU
x .C QTICPK\CEKP RTGUVCVCTKC FGN UGTXKEKQ CUWOKT NQU EQUVQU [ EQPVKPWQU

ECODKQU VGEPQNIKEQU NQ EWCN RWGFG TGUWNVCT EQUVQUQ RCTC WPC
KPUVKVWEKP
x &KURQPKDKNKFCF FG GURGEKCNKUVCU GP NCU FKHGTGPVGU TGCU FG NC

EQORWVCEKP[NCU EQOWPKECEKQPGUFGCEWGTFQCNCUPGEGUKFCFGUTGCNGU
FG NC QTICPK\CEKP RCTC NC RNCPKHKECEKP FGN HWVWTQ KPHQTOVKEQ [ NC
RWGUVCGPOCTEJCFGRTQ[GEVQUGURGEKCNGU
x .G FCT UQRQTVG RQT SWG NC QTICPK\CEKP RTGUVCVCTKC FGN UGTXKEKQ UG
GPECTICTFGEQPVCTEQP RGTUQPCNGURGEKCNKUVC[ECNKHKECFQGPGNTGCFG
UKUVGOCU
x .C KPUVKVWEKP VGPFT OCU VKGORQ RCTC FGFKECTUG C GURGEKCNK\CT UWU

CEVKXKFCFGURTKPEKRCNGU[RQFTOGLQTCTNCECNKFCFFGNUGTXKEKQQDVGPKFQ
EQPGNSWGGZKUVCCPVGU
x .QU VTCDCLCFQTGU FG NC KPUVKVWEKP RWGFGP FGFKECT UW VKGORQ C NCU
CEVKXKFCFGURTKPEKRCNGUFGNCKPUVKVWEKP
x 'P GN QWVUQWTEKPI GN WUWCTKQ CRQTVC GN EQORTQOKUQ FG QHTGEGT CN
RTQXGGFQTKPHQTOCEKPENCXG[GUVTCVIKECRCTCSWGUVGRWGFCTGCNK\CT
UW CEVKXKFCF OKGPVTCU SWG GN RTQXGGFQT GPVTGIC TGEWTUQU VKGORQ
RGTUQPCN[GUHWGT\QRCTCKPVGITCTUGFGNNGPQCNRTQEGUQFGUWWUWCTKQ[
ETGEGTLWPVQEQPN
x 'NQWVUQWTEKPI TGRTGUGPVCWPOGECPKUOQFGEQPVTQN FGEQUVQURGTOKVG
GPHQECTUGGPCEVKXKFCFGURTQRKCUUGTOUGHKEKGPVGUCRTQXGEJCT
CNOZKOQUWUCEVKXQU[OGLQTCTNCCVGPEKPCNWUWCTKQ

x 'PNCCEVWCNKFCFGNQWVUQWTEKPIGUWPCJGTTCOKGPVCIGTGPEKCNGUVTCVIKEC
SWG OCTECNCFKHGTGPEKCGPVTGWPCnDWGPCKPUVKVWEKP SWGUCDGNQSWG
FGDGJCEGTFGWPCnITCPKPUVKVWEKPSWGUCDGNQSWG01FGDGJCEGT
%105+&'4#%+10'5#.*#%'4%1064#615
7PQFGNQUCURGEVQUSWGUGFGDGVTCVCTUQPNQUEQPVTCVQU[NCUEQPUKFGTCEKQPGUC
VGPGTGPEWGPVCEWCPFQUGEGNGDTCPGUVQU
x 5GFGDGPGUVCDNGEGT[OCPVGPGTRTQEGFKOKGPVQURCTCNCTGXKUKPFGNEQPVTCVQ
x .QUTGSWGTKOKGPVQUFGNRTQ[GEVQFGDGPGUVCTFGHKPKFQU[FQEWOGPVCFQU[SWG
UGJC[CPKFGPVKHKECFQRQUKDNGUEQPVKPIGPEKCUQTKGUIQU
x 8GTKHKECTSWGNCKPHQTOCEKPFGNRTQRKGVCTKQGUVCFGEWCFCOGPVGRTQVGIKFC
x 'NRTQXGGFQTGUVCECRCEKVCFQRCTCEWORNKTEQPNQUTGSWGTKOKGPVQUFGNEQPVTCVQ
x .CTGURQPUCDKNKFCFFGNRTQXGGFQTRCTCUWDEQPVTCVCTGUVFGHKPKFC
x .CVGTOKPQNQICWUCFCGPGNEQPVTCVQGUEQPQEKFQRQTCODQU
x 'N EQORTCFQT RQUGG NC ECRCEKFCF RCTC EWORNKT EQP NCU QDNKICEKQPGU
EQPVTCEVWCNGU
x &GQVTQNCFQGUKORQTVCPVGVGPGTEQPUKFGTCEKQPGUEQOQETKVGTKQFGCEGRVCEKP
OCPGLQ FG NQU ECODKQU FG NQU TGSWGTKOKGPVQU OCPGLQ FG NQU RTQDNGOCU
FGVGEVCFQU FGURWU FG NC CEGRVCEKP GUVPFCTGU [ RTQEGFKOKGPVQU C UGT
WVKNK\CFQU TGSWGTKOKGPVQU FG TGRNKECEKP OCPWCNGU [ IWCU FG WUWCTKQU
FGTGEJQUFGCWVQT[NKEGPEKCUICTCPVCU
x #UKIPCEKP FG RGTUQPCU FG CODQU NCFQU SWG UG TGURQPUCDKNKEGP RQT GN
GUVCDNGEKOKGPVQUFGNQUTGSWGTKOKGPVQU[GNEWORNKOKGPVQFGNQUCEWGTFQU
x 'UHWGT\QRCTCRTGXGTOCNGPVGPFKFQUVCNGUEQOQFGHKPKEKPFGVTOKPQU
/'&+4.#'(+%#%+#&'07'564155'48+%+15
5KNC)GTGPEKCFG+PHQTOVKECEQPWPDWGPNFGTVWXKGTCEQOQRTEVKECOGFKTNC
GHKECEKCFGNQUUGTXKEKQUSWGRTGUVCCNCQTICPK\CEKPRCTCEQPQEGTEQOQUGUKGPVG
GNWUWCTKQKPVGTPQQGNGZVGTPQEQPTGNCEKPCUWFGUGORGQEQOQRTQXGGFQTGU
FG RTQFWEVQU [Q UGTXKEKQU RQFTCP KPKEKCTCEEKQPGU EQPETGVCURCTCCWOGPVCTUW
GHKECEKC OCPVGPGT C UWU CEVWCNGU WUWCTKQU EQPVGPVQU [ ECRVCT PWGXQU
'URGEKCNOGPVGGPNC#FOKPKUVTCEKP2DNKECGPNCSWGNCCVGPEKPFGWPUGTXKEKQ
VQFCXCNNGXCXCTKQUFCUTGSWKGTGPFGNCRTGUGPEKCFGNKPFKXKFWQRCTCJCEGTNCTICU
EQNCU[RQUVGTKQTOGPVGRCTCJCEGTNGUGIWKOKGPVQCUWUVTOKVGU
'URQTGNNQNCPGEGUKFCFFGKPXGTVKTVKGORQ[GUHWGT\QGPGHGEVWCTOGFKEKQPGUFG
NC UCVKUHCEEKP FG UWU WUWCTKQU CPCNK\CT G KPVGTRTGVCT CFGEWCFCOGPVG NC

KPHQTOCEKPTGEQNGEVCFC[VQOCTCEEKQPGURGTVKPGPVGURCTCCEGPVWCTNQSWGUGGUV
JCEKGPFQDKGP[EQTTGIKTNQSWGGUVIGPGTCPFQKPUCVKUHCEEKPGPNQUWUWCTKQU.C
OGFKEKP FG NC UCVKUHCEEKP FG NQU WUWCTKQU EQPNNGXC C WVKNK\CT WP GPHQSWG
OGVQFQNIKEQRCTCPQECGTGPUWDLGVKXKFCFGU[VQOCTCEEKQPGUPQCFGEWCFCU.C
QTICPK\CEKP RCTCKORNCPVCTNCUOGFKEKQPGUFGDKGTCUGIWKTNQUUKIWKGPVGURCUQU
OGVQFQNIKEQU
KFGPVKHKECEKPFGUWUWUWCTKQU #SWUGFGDGPWDKECTNQUWUWCTKQUCEVWCNGU[
GU TGEQOGPFCDNG VCODKP KPENWKT C NQU FGUGTVQTGU
RWGFGP RTQRQTEKQPCT
KPHQTOCEKPXCNKQUC
'UVCDNGEKOKGPVQ FGN OVQFQ FG OWGUVTGQ C WVKNK\CT 5G FGDG VGPGT WPC
OWGUVTCGUVCFUVKECOGPVGTGRTGUGPVCVKXCFGNCRQDNCEKPCKPXGUVKICT
+FGPVKHKECEKP FG NQU TGSWGTKOKGPVQU FG NQU WUWCTKQ OGFKCPVG GPVTGXKUVCU C

WPCOWGUVTCFGWUWCTKQU
'NCDQTCEKP FGN EWGUVKQPCTKQ FG TGSWGTKOKGPVQU FG NQU WUWCTKQU NQU EWCNGU
WPCXG\CPCNK\CFQU[ECVGIQTK\CFQUUGEQPXKGTVGPGPNCUXCTKCDNGUCOGFKT
.CGUECNCCWVKNK\CTNCEWCNFGDGUGTUGPEKNNC[OW[HEKNFGGPVGPFGT*CEGT
WPCRTWGDCRKNQVQ
#FOKPKUVTCEKP FGN EWGUVKQPCTKQ .C RTWGDC EQPHGEEKQPCFC FGDG UGT

CFOKPKUVTCFC RQT RGTUQPCN FGDKFCOGPVG GPVTGPCFQ .C TGEGRVKXKFCF FGN
WUWCTKQ GU KORQTVCPVG RCTC CUGIWTCT QDLGVKXKFCF GP NC KPHQTOCEKP C
TGEQNGEVCT
#PNKUKU G KPVGTRTGVCEKP FG NQU FCVQU 7PC XG\ ECRVCFC NC KPHQTOCEKP UG
FGDGRTQEGFGTCCPCNK\CTNCITHKECOGPVGRCTCHCEKNKVCTUWEQOWPKECEKPGPNC
QTICPK\CEKP'UVGCPNKUKUFGDGNNGXCTCKFGPVKHKECTNCUFKOGPUKQPGUUWLGVCUC
OGLQTCT[NCUSWGFGDGPCEGPVWCTUGRQTGUVCTECWUCPFQUCVKUHCEEKP
#EEKP EQTTGEVKXC .CKPXGUVKICEKPTGCNK\CFC PQFGDGSWGFCTGPWPUKORNG

GLGTEKEKQCECFOKEQFGDWGPCUKPVGPEKQPGU
2CTCNQITCTWPCGHKECEKCQTICPK\CEKQPCNUGVKGPGSWGQTKGPVCTVQFQGNGUHWGT\QFGNC
GORTGUCCUCVKUHCEGTCRNGPKVWFNCUPGEGUKFCFGUFGNQUWUWCTKQU
#UEQOQUGOKFGNCUCVKUHCEEKPFGNQUWUWCTKQUVCODKPGUKORQTVCPVGEQPQEGT
NCUCVKUHCEEKPNCDQTCNFGNQUEQNCDQTCFQTGU
'8#.7#4.#5#6+5(#%%+0.#$14#.&'.15%1.#$14#&14'5
.C OC[QT RCTVG FG NC KPXGUVKICEKP GP %QORQTVCOKGPVQ 1TICPK\CEKQPCN UG JC
KPVGTGUCFQ GP VTGU CEVKVWFGU
5 4QDDKPU EQORTQOKUQ EQP GN VTCDCLQ
UCVKUHCEEKPNCDQTCN[EQORTQOKUQQTICPK\CEKQPCN

x %QORTQOKUQ EQP GN VTCDCLQ 2WGFG FGHKPKTUG EQOQ GN ITCFQ GP GN EWCN WPC
RGTUQPCUGKFGPVKHKECEQPUWVTCDCLQRCTVKEKRCCEVKXCOGPVGGPN[EQPUKFGTCUW
FGUGORGQKORQTVCPVGRCTCNCXCNQTCEKPRTQRKC
x 5CVKUHCEEKPNCDQTCN#EVKVWFIGPGTCNFGWPKPFKXKFWQJCEKCUWGORNGQUQDTGNC
EWCNCORNKCTGOQUOUCFGNCPVG
x %QORTQOKUQQTICPK\CEKQPCN'NITCFQGPGNEWCNWPGORNGCFQUGKFGPVKHKECEQP
WPC QTICPK\CEKP GP RCTVKEWNCT EQP UWU OGVCU [ FGUGC OCPVGPGTUG GP GNNC
EQOQWPQFGUWUOKGODTQU
5GIP 4QDDKPU GN EQORTQOKUQ QTICPK\CEKQPCN GU WP OGLQT RTQPQUVKECFQT FG NC
TQVCEKPSWGNCUCVKUHCEEKPGPGNVTCDCLQWPGORNGCFQRQFTCGUVCTKPUCVKUHGEJQ
EQP UW VTCDCLQ GP RCTVKEWNCT [ ETGGT SWG GU WPC EQPFKEKP RCUCLGTC [ PQ GUVCT
KPUCVKUHGEJQEQPNCQTICPK\CEKP
.CUCVKUHCEEKPNCDQTCNRQFTCFGHKPKTUGEQOQNCCEVKVWFFGNVTCDCLCFQTHTGPVGCUW
RTQRKQ VTCDCLQ FKEJC CEVKVWF GUV DCUCFC GP NCU ETGGPEKCU [ XCNQTGU SWG GN
VTCDCLCFQT FGUCTTQNNC FG UW RTQRKQ VTCDCLQ .CU CEVKVWFGU UQP FGVGTOKPCFCU
EQPLWPVCOGPVG RQT NCU ECTCEVGTUVKECU CEVWCNGU FGN RWGUVQ EQOQ RQT NCU
RGTEGREKQPGUSWGVKGPGGNVTCDCLCFQTFGNQSWGFGDGTCPUGT
)GPGTCNOGPVG NCU VTGU ENCUGU FG ECTCEVGTUVKECU FGN GORNGCFQ SWG CHGEVCP NCU
RGTEGREKQPGUFGNFGDGTCUGT
NQSWGFGUGCWPGORNGCFQFGUWRWGUVQUQPNCU
PGEGUKFCFGUNQUXCNQTGU[NQUTCUIQURGTUQPCNGU
.QU VTGU CURGEVQU FG NC UKVWCEKP FG GORNGQ SWG CHGEVCP NCU RGTEGREKQPGU FGN
FGDGTC UGT UQP NCU EQORCTCEKQPGU UQEKCNGU EQP QVTQU GORNGCFQU NCU
ECTCEVGTUVKECUFGGORNGQUCPVGTKQTGU[ NQUITWRQUFGTGHGTGPEKC
'PVTG NCU ECTCEVGTUVKECU FGN RWGUVQ SWG KPHNW[GP GP NC RGTEGREKP FG NCU
EQPFKEKQPGU CEVWCNGU FGN RWGUVQ RQFGOQU OGPEKQPCT NC TGVTKDWEKP NCU
EQPFKEKQPGU FG VTCDCLQ NC UWRGTXKUKP EQORCGTQU FG VTCDCLQ EQPVGPKFQ FGN
RWGUVQ UGIWTKFCFGPGNGORNGQ[QRQTVWPKFCFGUFGRTQITGUQ
.CUCVKUHCEEKPNCDQTCNGUVTGNCEKQPCFCCNENKOCQTICPK\CEKQPCNFGNCGORTGUC[CN
FGUGORGQNCDQTCN[GPVTGNQURTKPEKRCNGUHCEVQTGUSWGFGVGTOKPCPNCUCVKUHCEEKP
NCDQTCNUQP
x 4GVQ FGN VTCDCLQ NC CEVKXKFCF SWG XCP C FGUCTTQNNCT UQP KORQTVCPVGU
VTCUEGPFGPVCNGUNGURGTOKVGWPFGUCTTQNNQRTQHGUKQPCN
x 5KUVGOC FG TGEQORGPUCU LWUVCU NQU UCNCTKQU UQP NQU CFGEWCFQU RQT UW
GZRGTKGPEKCUWPKXGNCECFOKEQGNTQNFGPVTQFGNCQTICPK\CEKP
x %QPFKEKQPGU HCXQTCDNGU FG VTCDCLQ DWGP ENKOC NCDQTCN DWGP CODKGPVG FG
VTCDCLQ FQVCTFGNQU TGEWTUQU PGEGUCTKQU RCTCGNFGUCTTQNNQFGNCUCEVKXKFCFGU
FGNVTCDCLCFQT

'U KORQTVCPVG TGUCNVCT SWG WPC FG NCU HQTVCNG\CU SWG UG OGPEKQPC GP NQU 2NCPGU
1RGTCVKXQU FG NCU KPUVKVWEKQPGU FG NC #FOKPKUVTCEKP 2DNKEC GUVC
TGNCEKQPCFQ CN RGTUQPCN VCNGU EQOQ RGTUQPCN KFGPVKHKECFQ EQP NC QTICPK\CEKP
ITCPKFGPVKHKECEKPEQPNCU6+%UKFGPVKHKECEKP[EQORTQOKUQFGNRGTUQPCNEQPNC
KPUVKVWEKPRQTOGPEKQPCTCNIWPQU2QTGNNQGUKORQTVCPVGSWGGUVQUVTCDCLCFQTGU
FGDCPVGPGTWPUKUVGOCFGTGEQORGPUCULWUVCU[EQPFKEKQPGUHCXQTCDNGUFGVTCDCLQ
SWGNGURGTOKVCWPXGTFCFGTQFGUCTTQNNQRTQHGUKQPCN
%7+&'575#.7&;.#&'575%1.#$14#&14'5
7PQ FG NQU RTQDNGOCU OCU HTGEWGPVGU GP GN VTCDCLQ FG NQU KPHQTOVKEQU
FKIKVCFQTGU Q RGTUQPCU SWG GP HQTOC RGTOCPGPVG GUVP UGPVCFQU HTGPVG C NC
EQORWVCFQTC UQP NQU FQNQTGU FG GURCNFC RQT NQ SWG NC )GTGPEKC FG 5KUVGOCU
EQOQTGURQPUCDNGFGNCKPEQTRQTCEKPFGNCU6+%UGPNCUKPUVKVWEKQPGUFGDGVQOCT
WP EQPLWPVQ FG TGEQOGPFCEKQPGU [ FCT C EQPQEGT C NQU VTCDCLCFQTGU FG NCU
RQUKDNGU EQPUGEWGPEKCU HWVWTCU OGFKCPVG UGOKPCTKQU Q VCNNGTGU FKTKIKFQU RQT
GURGEKCNKUVCUGPGNVGOC
+PENWUKXG GUVCU EQPUKFGTCEKQPGU FGDGP UGT VQOCFCU GP EWGPVC EWCPFQ UG
CFSWKGTGPNQUOQDKNKCTKQUGPNCKPUVKVWEKPGUFGEKTFGDGPUGTGTIQPOKEQU
2QTGNNQGUPGEGUCTKQVQOCTGPEWGPVCCNIWPCUTGEQOGPFCEKQPGUEWCPFQJCEGWUQ
FG NC EQORWVCFQTC SWG GU NC OC[QT RCTVG FGN VKGORQ SWG NNGXC CN RGTUQPCN FG
KPHQTOVKEC[QVTCUTGCU
2CPVCNNC %QNQEC NC RCPVCNNC FG OCPGTC SWG PQ UG TGHNGLG GP GNNC NC NW\ FG NCU
NORCTCUFGNCJCDKVCEKP[FGNCXGPVCPC.CRCTVGUWRGTKQTFGNCRCPVCNNCFGDG
SWGFCTCCNVWTCNKIGTCOGPVGOC[QTUWRGTKQTCNCFGNCXKUVC
%QNQECTNCRCPVCNNCCWPCFKUVCPEKCSWGPQGZKLCGUHWGT\QCNCXKUVC
EO'P
ECUQFGRCPVCNNCCPVKIWCRCTCTGFWEKTNCGZRQUKEKPCNCUTCFKCEKQPGUGUPGEGUCTKQ
UGPVCTUGCWPDTC\QFGFKUVCPEKCFGGNNC[VTCDCLCTEQPWPVCOCQFGNGVTCOC[QT

/WGECU[DTC\QU .QUDTC\QUFGDGPCFQRVCTWPCRQUVWTCGZVGPFKFC[RCTCNGNCCN
UWGNQ.CUOWGECUCFQRVCTPNCOKUOCRQUVWTC
*QODTQU 5KGNVGENCFQGUVOW[CNVQNCTGCEEKPPQTOCNGUCN\CTNQUJQODTQUNC
VGPUKP C SWG UG XGP UQOGVKFQU NQU OUEWNQU RTQXQEC FQNQTGU GP NCGURCNFCGN
EWGNNQ[NQUJQODTQU
'URCNFC.CRCTVGKPHGTKQTFGNCGURCNFCUQUVKGPGGNEWGTRQ[FGDGSWGFCTCRQ[CFC
GP GN TGURCNFQ .C RCTVG UWRGTKQT VCODKP FGDG EQPVCT EQP UWUVGPVQ RCTC RQFGT
TGENKPCTUGEOQFCOGPVG
/WUNQU 2CTC PQ UWHTKT RTQDNGOCU GP NC RCTVG KPHGTKQT FG NC GURCNFC NCU RKGTPCU
FGDGPFGUETKDKTWPPIWNQUWRGTKQTCEQPTGNCEKPCNVTQPEQ
.QURKGU FGDGPSWGFCTGZVGPFKFQUGPGNUWGNQQGPWPTGRQUCRKU
&KUVCPEKCGPVTGNCOGUCFGVTCDCLQ[NCURKGTPCU 5KUGPVCFQGPNCRQUVWTCEQTTGEVC
SWGFCGURCEKQGPVTGNQUOWUNQU[GNGUETKVQTKQUGTGEQOKGPFCGNGXCTNCCNVWTCFG
UVG
'.'/'061&'. %#75#5&'215674#
27'561
+0%144'%6#
2CPVCNNC
&QEWOGPVQ
6GENCFQ
/GUC
'PWPGZVTGOQFGNC
OGUC
5QDTGNCOGUC
5QDTGWPCVTKN
FKUVCPEKCFQ
215674#+0%144'%6#
)KTQFGNCECDG\CRQUKDNGIKTQFGVTQPEQ
+PENKPCEKP [ IKTQ FG NC ECDG\C RQUKDNG
IKTQ G KPENKPCEKP NCVGTCN FGN VTQPEQ )KTQU
FGNCECDG\CRQUKDNGIKTQFGNVTQPEQ
'ZVGPUKP FGN DTC\Q RQUKDNG KPENKPCEKP

FGNVTQPEQ(NGZKPFGNCOCPQTGURGEVQCN
%QPOWEJCKPENKPCEKP CPVGDTC\Q 'NGXCEKP FGN DTC\Q HNGZKP FG
%QPWPCCNVWTCGZEGUKXC NC OCPQ 2QUKDNG FGUXKCEKP NCVGTCN FG NC
&GITCPVCOCQ
OCPQTGURGEVQCNCPVGDTC\Q
7PKFQCNCRCPVCNNC
/CNCFKURQUKEKPFGNQUGNGOGPVQU(CNVCFG
CRQ[Q C NQU CPVGDTC\QU 'NGXCEKP FGN
DTC\QRQUKDNGKPENKPCEKPFGNVTQPEQJCEKC
FGNCPVG (OWTGU JCEKC CDCLQ OCN CRQ[Q
FG NQU RKGU GP GN UWGNQ #WOGPVQ FG NCU
EKHQUKU FQTUCN
GURCNFC GPEQTXCFC OCN
CNQLCOKGPVQFGNCURKGTPCU
&G RQEC UWRGTHKEKG #NVC
UKNNC PQ TGIWNCDNG #NVC
UKNNC TGIWNCDNG UKP

TGRQUCRKU $CLC *WGEQ
CNQLCOKGPVQ
RKGTPCU
&KUVCPEKCOKGPVQ FG NQU GNGOGPVQU FG
KPUWHKEKGPVG
VTCDCLQ +PENKPCEKP FGN VTQPEQ GZVGPUKP
FG NQU DC\QU FKHKEWNVCF FG OQXKOKGPVQU
RCTCNCURKGTPCU

'.'/'061&'. %#75#5&'215674#
27'561
+0%144'%6#
5KNNC

4GURCNFQ PQ TGIWNCDNG

GP
CNVWTC
[Q
KPENKPCEKP 4GURCNFQ
DCUEWNCPVG #UKGPVQ PQ
TGIWNCDNGGPCNVWTC
215674#+0%144'%6#
&GUNK\COKGPVQ KPXQNWPVCTKQ FG NCU TWGFCU

2QUKDNGOCNCRQ[QFGNCGURCNFC'UVCVKUOQ
GPNQUOUEWNQURCTCXGTVGDTCNGU'NGXCEKP
FGN DTC\Q RQUKDNG KPENKPCEKP FGN VTQPEQ
JCEKC FGNCPVG 'UVCVKUOQ FG NQU OUEWNQU
FGNCURKGTPCU
11>>55HH?
? !!
.QU RGECFQU [ NCU TGINCU FG QTQ FG WP )GTGPVG FG 5KUVGOCU OQFGTPQ

%WCNGUUQPNQURGECFQUFGWP)GTGPVGFG5KUVGO CU/QFGTPQ!
x #HGTTCTUG C NCU RNCVCHQTOCU [ UKUVGOCU FG KPHQTOCEKP SWG VCPVQ GUHWGT\Q NG
EQUVCTQP
x 0GICTUGCXGTSWGNCUPWGXCUVGEPQNQICUKORNKECPFGUEGPVTCNK\CTNQUDGPGHKEKQU[
XQNXGTCEGPVTCNK\CTGNRTQEGUCOKGPVQ
x %TGGTSWGNCUGUVTCVGIKCUVGEPQNIKECUSWGNGRGTOKVKGTQPNNGICTGZKVQUCOGPVGJCUVC
GNRWPVQCEVWCNNGRGTOKVKTPCXCP\CTCNHWVWTQ
x %QPHWPFKTNCVGEPQNQICEQPGNPGIQEKQGNOGFKQEQPGNHKP
x 2TGVGPFGT FGUCTTQNNCT KPVGTPCOGPVG VQFCU NCU CRNKECEKQPGU EQP GN RTGVGZVQ FG SWG
UQPPGUVTCVIKECUQ
x 5WDGUVKOCT NC KORQTVCPEKC FG NCU RNCVCHQTOCU VGEPQNIKECU [ GUVKNQU FG IGUVKP FG
RTQXGGFQTGU[WUWCTKQU
x 0QUCDGTECNEWNCTDGPGHKEKQUTGNGXCPVGURCTCGNPGIQEKQ
%WCNGUUQPNCUTGINCUFGQTQFGN)GTGPVGFG5KUVGOCUOQFGTPQ
x #NOQT\CTCFKCTKQEQPNQUGLGEWVKXQUTGURQPUCDNGUFGNCUGUVTCVGIKCUFGPGIQEKQU
x 'XCPIGNK\CT GXCPIGNK\CT GXCPIGNK\CT RGTQ UQDTG NQU $'0'(+%+15 PQ UQDTG NC
VGEPQNQIC
x +PXGTVKTGNFGNGUHWGT\QGPGNFGNCRNCVCHQTOCSWGCRQTVCGNFGNC
TGPVCDKNKFCF
x $WUECTCNKCP\CUGUVTCVIKECU
VGEPQNIKECUEQPRTQXGGFQTGU[WUWCTKQU
x .QUPWUWCTKQUQ QWUWCTKQUNGRCICPGNUWGNFQVTCDCLG[VTCPURKTGRQTGNNQU
x *CDNG FG NQU PGIQEKQU RQUKDKNKVCFQU RQT NC VGEPQNQIC PQ FG VGEPQNQICU SWG
RQUKDKNKVCPPGIQEKQU
x 5GCWPRWGPVGEQPNQUPGLGEWVKXQUQ VTCFKEKQPCNGURGTQUNXGNGUUWFKIPKFCF

22YYRR\\YY__WWbbQQVVQQ
x &GNC5CVKUHCEEKPFGN7UWCTKQ%COKPQCNC'HKECEKC#NDGTVQ)#NGZCPFGT2J&
%GPVTWO%CVNKEC
x 5VGRJGP4%QXG[ .QUJDKVQUFGNCIGPVGCNVCOGPVGGHGEVKXCQ'FKEKQPGU2CKFQU
+DTKEC5#
x 4GXKUVC 8+5+10.#)7+#&'..+&'4%NWD'HGEVKXKFCF
x 4GXKUVC #&/+0+564# '. 6+'/21 1 '. 6+'/21 .' #&/+0+564# !%NWD

'HGEVKXKFCF
x 5VGDDKPI.KQPGN'FYKP #5')74#/+'061&'.#%#.+&#&'.%#/+01#
.#'(+%+'0%+#;#.#%1/2'6+6+8+&#&
x 4CPIWGNQX5;.RG\)OG\/[7TKQPCDCTTGPGVZGC5<
P4GKPIGPKGTC
FGRTQEGUQU
$24Q(CEWNVCF%%''7PKXGTUKFCFFGN2CU8CUEQ$KNDCQ
x *COOGT/[%JCOR[,Q4GKPIGPKGTCFGNCGORTGUCQ2CTTCOP
x $Q[NG4&
P%QOQGXKVCTNQUGUEQNNQUOUJCDKVWCNGUFGNC4GKPIGPKGTCQ
*CTXCTF&GWUVQ(KPCP\CU[%QPVCDKNKFCF
x (GTPPFG\ (%
P.C4GKPIGPKGTCEQOQTGURWGUVCCNCINQDCNK\CEKPFGNC
GEQPQOCQ%QQRGTUCPF.[DTCPF
x ,GCPPGV,
Q4GGPIKPGGTKPICNIQOUSWGTGGUVTWEVWTCTQTGQTICPK\CTQ%CRKVCN
JWOCPQ0Q5GRV
x .CTIQ#%Q/UCNNFGNTGFKUGQFGRTQEGUQUQ*CTXCTF&GWUVQ$WUKPGUU4GXKGY
x &GXGPRQTV6,CTXGPRCC5.[$GGTU/%
P /GLQTCFGNQURTQEGUQUFGN
VTCDCLQFGNEQPQEKOKGPVQQ*CTXCTF&GWUVQ$WUKPGUU4GXKGY
x 5RGPUGT./
P4GGPIGPGGTKPIJWOCPTGUQWTEGUQ,QJP9KNG[UQPU
x 'FKVQTKCN
Q 4GGPIKPGGTKPITGXKGYGFQ 6JGGEQPQOKUVLWN[
x )TCPV 4 /

P6JG TGUQWTUGDCUGF 6JGQT[ QH %QORGVKVKXG #FXCPVCIG
+ORNKECVKQPUHQT5VTCVGI[(QTOWNCVKQPQ%CNKHQTPKC/CPCIGOGPV4GXKGYRTKOCXGTC
RR
x *CTCTK 1
P2QT SW OWTK NC 4GKPIGPKGTC!Q *CTXCTF &GWUVQ $WUKPGUU
TGXKGYOCT\QCDTKNRR
x 3WKPP,$
+PVGNNKIGPVGPVGTRTKEG0;6JG(TGG2TGUU
x 4QEJCTV , (

%JKGH 'ZGEWVKXG FGHKPG VJGKT QYP FCVC PGGFU *CTXCGTF
$WUKPGUU4GXKGY8QNPO

x &[GT 9 9C[PG 6WU <QPCU 'TTPGCU

6EPKECU CWFCEGU RGTQ UGPEKNNCU RCTC
FQOKPCTNQUGUSWGOCUGTTPGQUFGVWEQPFWEVC'F)TKLCNDQ/ZKEQ
x )QNGOCP &CPKGN .C +PVGNKIGPEKC 'OQEKQPCN

2QT SW GU OU KORQTVCPVG SWG GN
EQEKGPVGKPVGNGEVWCN'F,CXKGT8GTICTC'FKVQTC4GKORTGUKP/ZKEQ
x *COOGT/KEJCGN%JCOR[,COGU4GKPIGPKGTC
1NXKFGNQSWGWUVGFUCDGUQDTG
EOQ FGDG HWPEKQPCT WPC GORTGUC b%CUK VQFQ GUV GTTCFQ 'F )TWRQ 'FKVQTKCN
0QTOCCTGKORTGUKPPQXKGODTG%QNQODKC

3b}TYd_c
7
7eeQQ TTUU RReeUU^^QQcc ``bbvvSSddYYSSQQcc TTUU\\ 7
7UUbbUU^^ddUU TTUU CCYYccddUU]]QQcc
&+4'%%+10;572'48+5+10
&KTGEEKP6EPKECFG0QTOCVKXKFCF[2TQOQEKP
&KTGEVQT6EPKEQ
/CTKQ%OCTC(KIWGTQC
4GURQPUCDNG
5WUU[$C[QPC1T
4GXKUKP
%JGTN[1T4COTG\
&KCITCOCEKP['FKEKP 5QEQTTQ(GTPPFG\%QVTKPC

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 4QNFGNEQQTFKPCFQT 

'N KPETGOGPVQ XGTVKIKPQUQ FG NCU VGEPQNQICU FG KPHQTOCEKP [ EQOWPKECEKQPGU

6TCFKEKQPCNOGPVG NQU GURGEKCNKUVCU GP VGEPQNQIC TGRQTVCDCP C RQUKEKQPGU

.CU QTICPK\CEKQPGU RDNKECU OQFGTPCU TGSWKGTGP FGNC GLGEWEKP UKUVGOVKEC FG

'P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU

VGTEGTQU OGFKCPVG QWVUQWTEKPI CRTGPFGT FG GZRGTKGPEKCU GZKVQUCU FG

# PKXGN FGUEGPVTCNK\CFQ GZKUVG GUECUG\ FG RTQHGUKQPCNGU GP VGEPQNQICU FG

P  RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIC

x #UGIWTCT NCU KPXGTUKQPGU GP +PHTCGUVTWEVWTC CTSWKVGEVWTC FG EQORWVCFQTCU

x 'UVCDNGEGT TGNCEKQPGU GUVTCVIKECU EQP RTQXGGFQTGU [ EQPUWNVQTCU ENCXGU GP

x 6TCPUHGTGPEKC VGEPQNIKEC JCDKNKVCT VGEPQNQICU RCTC JCEGT OU HEKN C NQU

'P NC ITHKEC CFLWPVC RQFGOQU

JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON UG JCEG WPC EQORCTCEKP GPVTG GN

%QPFKEKQPGU FG NKFGTC\IQ JCDKNKFCFGU FG EQOWPKECEKP KPVGTRGTUQPCNGU

x 'P NCU QTICPK\CEKQPGU EQPONVKRNGU FKXKUKQPGUCSWGNNCURGTUQPCUCECTIQFG

JC[ SWG KPVGTCEVWCT EQP RGTUQPCU FG QVTCU EWNVWTCU KPUVKVWEKQPCNGU [

.C ECRCEKFCF RCTC FKTKIKT [ UWRGTXKUCT RGTUQPCU RTQ[GEVQU TGEWTUQU

7PC FGNCUFGUVTG\CUOUUQNKEKVCFCUGUUGTCIGPVGFGECODKQ [GUSWGNC

#UKOKUOQ FGDGT EQPQEGT UQDTG CURGEVQU VKEQU LWTFKEQU [ UQEKCNGU FGN

.C FGRGPFGPEKC GU GN RCTCFKIOC FGN 6

'U NC GUGPEKC CN TGURGVQ RQT NQU FGOU [

'U GN TGUWNVCFQ FG EWNVKXCT NC JCDKNKFCF [ NC

 %7#461*$+612+'05''0 )#0#4)#0#4

x %CTEVGT TCUIQU ECTCEVGTUVKEQU KPVGITKFCF OCFWTG\ OGPVCNKFCF FG

&KOGPUKP 'URKTKVWCN NC TGPQXCEKP FG NC FKOGPUKP GURKTKVWCN RTQRQTEKQPC

&KOGPUKP 5QEKCN'OQEKQPCN UG EGPVTC GP NQU RTKPEKRKQU FGN NKFGTC\IQ

%WCPVQ OU RTQCEVKXQU UQOQU

%WCPVQ OU RTQEWTCOQU RTKOGTQ EQORTGPFGT

OQVKXCEKQPGU SWG PQTOCNOGPVG VKGPGP OWEJC RQRWNCTKFCF [

x *CDKNKFCFGU UQEKCNGU GU GN VCNGPVQ GP GN OCPGLQFGNCUTGNCEKQPGU EQPNQU

2NCPKHKECEKP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU

 2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPK\CVKXQ Q FG FKXKUKP C WPC

x #UKIPCDNGU EQP TGURGEVQ C SW KPFKXKFWQ Q ITWRQFGKPFKXKFWQUGU

x .KOKVCEKQPGU GZVGTPCU %WNGU UQP NCU HGEJCU VQRG GZKUVGPVGU

x &GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKP FGN

x 4GUWOKT NQU TGEWTUQU JWOCPQU Q FG EWCNSWKGT VKRQ TGSWGTKFQU RCTC

x +FGPVKHKECT JKVQU OGVCU RCTEKCNGU Q RWPVQU ETVKEQU FGPVTQ FG ECFC

x 7VKNK\CT EQNQTGU [ UODQNQU FKHGTGPVGU RCTC JCEGTNG UGIWKOKGPVQ [

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2WGFGP EQPUKFGTCTNC EQOQ WPC TGUVTKEEKP C UWEQORQTVCOKGPVQ[WPC

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'UVGTGQVKRQU #DUQTDGOQU NC ECPVKFCF FG KPHQTOCEKP SWG PGEGUKVCOQU

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x &KDWLG WPCU NPGCU RCTVKGPFQ FGNETEWNQ EQOQNCUTCOCUFGWPTDQN

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x &GEQFKHKECEKP NC RGTUQPC SWG TGEKDG GN OGPUCLG VKGPG SWG

x +PHQTOCVKXC GU WP RTQEGUQ SWG PQ KPENW[G GXCNWCEKP UKORNGOGPVG

&GURWU FG NC KPHQTOCEKP FG TGVQTPQFGDGFCTCNCQVTC RGTUQPCGNVKGORQ

x +PVGTECODKCT EQP UW UWDQTFKPCFQ WPC GXCNWCEKP GUETKVC FG UW

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x #UGIWTCT NCU KPXGTUKQPGU GP +PHTCGUVTWEVWTC CTSWKVGEVWTC FG EQORWVCFQTCU

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