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The Art of Public Speaking PDF
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WTIEOIVW3RISJXLSWIVIWSYVGIWMWERI\XIRWMZIGSPPIGXMSRSJWTIIGLIWJVSQ[SVPH
LMWXSV] [LMGL ]SY GER EGGIWW EX XLI ,MWXSV] 4PEGI +VIEX 7TIIGLIW 'SPPIGXMSR
[[[LMWXSV]TPEGIGSQWTIIGLIWTVIZMSYWLXQ
8LSYWERHWSJTISTPIMRXLI9RMXIH7XEXIWIEVRXLIMVPMZMRKEWTVSJIWWMSREPTYFPMG
-RXIVRIX
WTIEOIVW=SYGERPIEVREFSYXXLIMVEGXMZMXMIWEXXLI2EXMSREP7TIEOIVW%WWSGMEXMSR 'SRRIGXMSR
;IFWMXI[[[RWEWTIEOIVSVK
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3RGI]SYORS[EFSYXER]GYPXYVEPJEGXSVWXLEXQMKLXEJJIGX]SYVPMWXIRIVWt
VIWTSRWIXV]XSTYX]SYVWIPJMRXLIMVTPEGIERHXSLIEV]SYVQIWWEKIXLVSYKL
XLIMVIEVW-JXLIVIMWEPERKYEKIHMJJIVIRGIEZSMH[SVHWSVTLVEWIWXLEXQMKLX
GEYWI QMWYRHIVWXERHMRK ;LIR VIWIEVGLMRK XLI WTIIGL OIIT ER I]I SYX JSV
WYTTSVXMRKQEXIVMEPWXLEX[MPPVIPEXIXSE[MHIVERKISJPMWXIRIVW%PWSGSRWMHIV
YWMRKZMWYEPEMHW%W[IWLEPPWIIMR'LETXIVXLI]GERFIIWTIGMEPP]LIPTJYP
MRFVMHKMRKEKETMRPERKYEKISVGYPXYVEPFEGOKVSYRH
;LIRHIPMZIVMRK]SYVWTIIGLFIEPIVXXSJIIHFEGOXLEXQMKLXMRHMGEXIXLI
EYHMIRGIMWLEZMRKXVSYFPIKVEWTMRK]SYVMHIEW-J]SYWIITY^^PIHI\TVIWWMSRW
VIWXEXI]SYVTSMRXXSQEOIWYVIMXMWYRHIVWXSSH;MXLWSQIEYHMIRGIW]SYGER
IRGSYVEKIJIIHFEGOF]EWOMRKq%Q-QEOMRKQ]WIPJGPIEV#rSVq(MH-I\TPEMR
XLMWTSMRXJYPP]IRSYKL#r
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GYPXYVIW QE] VIWTSRH UYMXI HMJJIVIRXP] 1SWX %VEFW 2SVXL %QIVMGERW ERH
)YVSTIERW[MPPKMZI]SYJEMVP]HMVIGXJIIHFEGOMJ]SYEWOJSVMX0MWXIRIVWJVSQ
%WMER ERH 'EVMFFIER GSYRXVMIW SR XLI SXLIV LERH QE] RSX VIWTSRH SYX SJ
GSRGIVRXLEXHSMRKWS[MPPWLS[HMWVIWTIGXJSVXLIWTIEOIV7II'LETXIVJSV
EJYPPHMWGYWWMSRSJEYHMIRGIEREP]WMWERHEHETXEXMSR
*MREPP][IWLSYPHRSXIXLIMQTSVXERGISJEZSMHMRKIXLRSGIRXVMWQ [LIR
PMWXIRMRK XS WTIIGLIW %W [I WLEPP WII MR 'LETXIVW ERH WTIIGL EYHMIRGIW
LEZIEVIWTSRWMFMPMX]XSPMWXIRGSYVXISYWP]ERHEXXIRXMZIP];LIR]SYPMWXIRXS
EWTIEOIVJVSQEHMJJIVIRXGYPXYVEPFEGOKVSYRHFISRKYEVHEKEMRWXXLIXIQTXE
XMSRXSNYHKIXLIWTIEOIVSRXLIFEWMWSJLMWSVLIVETTIEVERGISVQERRIVSJ
HIPMZIV] 8SS SJXIR [I JSVQ STMRMSRW EFSYX TISTPI F] XLI [E] XLI] PSSO SV
WTIEOVEXLIVXLERF][LEXXLI]WE]2SQEXXIV[LEXXLIGYPXYVEPFEGOKVSYRH
SJXLIWTIEOIV]SYWLSYPHPMWXIRXSLIVSVLMQEWEXXIRXMZIP]EW]SY[SYPH[ERX
]SYVEYHMIRGIXSPMWXIRXS]SY
7911%6=
4YFPMGWTIEOMRKLEWFIIREZMXEPQIERWSJTIVWSREPIQTS[IVQIRXERHGMZMGIRKEKI
QIRX XLVSYKLSYX LMWXSV] 8LI RIIH JSV IJJIGXMZI TYFPMG WTIEOMRK [MPP EPQSWX GIV
XEMRP]XSYGL]SYWSQIXMQIMR]SYVPMJI=SYVWTIIGLGPEWW[MPPKMZI]SYXVEMRMRKMR
VIWIEVGLMRK XSTMGW SVKERM^MRK ]SYV MHIEW ERH TVIWIRXMRK ]SYVWIPJ WOMPPJYPP] 8LMW
XVEMRMRKMWMRZEPYEFPIJSVIZIV]X]TISJGSQQYRMGEXMSR
8LIVIEVIQER]WMQMPEVMXMIWFIX[IIRTYFPMGWTIEOMRKERHHEMP]GSRZIVWEXMSRFYX
TYFPMGWTIEOMRKMWEPWSHMJJIVIRXJVSQGSRZIVWEXMSR*MVWXMXYWYEPP]MQTSWIWWXVMGXXMQI
PMQMXEXMSRWERHVIUYMVIWQSVIHIXEMPIHTVITEVEXMSRXLERHSIWSVHMREV]GSRZIVWEXMSR
7YQQEV]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKMR4YFPMG 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
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PSEHIH[MXLWPERKNEVKSRERHFEHKVEQQEV8LMVHTYFPMGWTIEOMRKHIQERHWEHMJ
JIVIRXQIXLSHSJHIPMZIV])JJIGXMZIWTIEOIVWEHNYWXXLIMVZSMGIWXSXLIPEVKIVEYHMIRGI
ERH[SVOEXEZSMHMRKHMWXVEGXMRKTL]WMGEPQERRIVMWQWERHZIVFEPLEFMXW
3RISJXLIQENSVGSRGIVRWSJWXYHIRXWMRER]WTIIGLGPEWWMWWXEKIJVMKLX=SYV
GPEWW[MPPKMZI]SYERSTTSVXYRMX]XSKEMRGSRJMHIRGIERHQEOI]SYVRIVZSYWRIWW
[SVOJSV]SYVEXLIVXLEREKEMRWX]SY=SY[MPPXEOIEFMKWXITXS[EVHSZIVGSQMRK
WXEKIJVMKLXMJ]SYXLMROTSWMXMZIP]TVITEVIXLSVSYKLP]ZMWYEPM^I]SYVWIPJKMZMRKE
WYGGIWWJYP WTIIGLOIIT MRQMRH XLEX QSWX RIVZSYWRIWW MW RSX ZMWMFPIXS XLI EYHM
IRGIERHXLMROSJ]SYVWTIIGLEWGSQQYRMGEXMSRVEXLIVXLEREWETIVJSVQERGIMR
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% GSYVWI MR TYFPMG WTIEOMRK GER EPWS LIPT HIZIPST ]SYV WOMPPW EW E GVMXMGEP
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TISTPItWVIEWSRMRKERHEZSMHXLIQMR]SYVS[R
8LIWTIIGLGSQQYRMGEXMSRTVSGIWWMRGPYHIWWIZIRIPIQIRXWhWTIEOIVQIWWEKI
GLERRIPPMWXIRIVJIIHFEGOMRXIVJIVIRGIERHWMXYEXMSR8LIWTIEOIVMWXLITIVWSR[LS
MRMXMEXIWEWTIIGLXVERWEGXMSR;LEXIZIVXLIWTIEOIVGSQQYRMGEXIW MWXLIQIWWEKI
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GEXIH QIWWEKI ERH TVSZMHIW JIIHFEGO XS XLI WTIEOIV -RXIVJIVIRGI MW ER]XLMRK XLEX
MQTIHIWXLIGSQQYRMGEXMSRSJEQIWWEKIERHXLIWMXYEXMSRMWXLIXMQIERHTPEGIMR
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QMRIWXLISYXGSQIMRER]MRWXERGISJWTIIGLGSQQYRMGEXMSR
&IGEYWISJXLIHMZIVWMX]SJQSHIVRPMJIQER]hTIVLETWQSWXhSJXLIEYHMIRGIW
]SYEHHVIWW[MPPMRGPYHITISTPISJHMJJIVIRXGYPXYVEPFEGOKVSYRHW;LIR]SY[SVOSR
]SYVWTIIGLIWFIEPIVXXSLS[WYGLJEGXSVWQMKLXEJJIGXXLIVIWTSRWIWSJ]SYVPMWXIR
IVWERHEHETX]SYVQIWWEKIEGGSVHMRKP]%FSZIEPPEZSMHXLIIXLRSGIRXVMGFIPMIJXLEX
]SYVS[RGYPXYVISVKVSYTMWWYTIVMSVXSEPPSXLIVW%PWSOIITMRQMRHXLIMQTSVXERGI
SJ EZSMHMRK IXLRSGIRXVMWQ [LIR PMWXIRMRK XS WTIIGLIW %GGSVH IZIV] WTIEOIV XLI
WEQIGSYVXIW]ERHEXXIRXMZIRIWW]SY[SYPH[ERXJVSQ]SYVPMWXIRIVW
/)=8)617
WXEKIJVMKLX
GLERRIP
EHVIREPMRI
PMWXIRIV
TSWMXMZIRIVZSYWRIWW
JVEQISJVIJIVIRGI
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JIIHFEGO
GVMXMGEPXLMROMRK
MRXIVJIVIRGI
WTIEOIV
WMXYEXMSR
QIWWEKI
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GSRRIGXPYGEWGSQ
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7XYH]%MHWJSVXLMWGLETXIV WTIIGLIW#
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0YGEW8LI%VXSJ4YFPMG 7TIEOMRKMR4YFPMG 8I\X 8LI1G+VE[n,MPP
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8LMRO FEGO SR ER MQTSVXERX GSRZIVWEXMSR ]SY LEH VIGIRXP] MR [LMGL ]SY
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GLERKI]SYV[SVOWGLIHYPII\TPEMRMRKXSEJVMIRHLS[XSGLERKIXLISMPERH
JMPXIVMREGEVEXXIQTXMRKXSXEPO]SYVWTSYWISVTEVXRIVMRXSFY]MRKXLIGSQ
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XLI
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XLI SYXGSQI
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HYVMRK XLI GSRZIVWEXMSR
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XLI
WXVEXIKMG GLERKIW ]SY [SYPH QEOI MR TVITEVMRK JSV ERH GEVV]MRK SYX XLI
GSRZIVWEXMSRMJ]SYLEHMXXSHSSZIVEKEMR
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ER)JJIGXMZI4YFPMG7TIEOIVr0EFIPXLISXLIVGSPYQRq'LEVEGXIVMWXMGWSJER-RIJ
JIGXMZI4YFPMG7TIEOIVr-RXLIGSPYQRWPMWXERHFVMIJP]I\TPEMR[LEX]SYFIPMIZI
XSFIXLIJMZIQSWXMQTSVXERXGLEVEGXIVMWXMGWSJIJJIGXMZIERHMRIJJIGXMZIWTIEO
IVW&ITVITEVIHXSHMWGYWW]SYVMHIEWMRGPEWW
3R XLI FEWMW SJ XLI PMWXW ]SY HIZIPSTIH JSV )\IVGMWI GERHMHP] IZEPYEXI ]SYV
S[RWXVIRKXLWERH[IEORIWWIWEWEWTIEOIV-HIRXMJ]XLIXLVIITVMQEV]EWTIGXWSJ
WTIIGLQEOMRK]SYQSWX[ERXXSMQTVSZI
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
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EREHQMRMWXVEXMZIEWWMWXERXEXEQENSVSJJMGIIUYMTQIRXQERYJEGXYVIV]SYtZINYWX
FIIR TVSQSXIH XS QEVOIXMRK QEREKIV JSV SJJMGI GSTMIVW 8LSYKL ]SY LEZI SGGE
WMSREPP]KMZIRFVMIJVITSVXWXSSXLIVQIQFIVWSJ]SYV[SVOXIEQ]SYtVIRS[JEGMRK
]SYVJMVWXWTIIGLXSEPEVKIEYHMIRGI%X]SYVGSQTER]tWERRYEPWEPIWQIIXMRK]SY
[MPPEHHVIWWXLIWEPIWJSVGIEFSYXXLIGSQTER]tWRI[QYPXMJYRGXMSRTVMRXIVGSTMIVW
ERHLS[XSWIPPXLIQXSHIEPIVWWYGLEW3JJMGI(ITSXERH3JJMGI1E\
=SYtVITPIEWIHXSLEZIXLMWSTTSVXYRMX]ERH]SYORS[MXWLS[WXLIGSQTER]tW
JEMXLMR]SYVEFMPMXMIW=IXXLIGPSWIV]SYKIXXSXLIHE]SJXLIWTIIGLXLILEVHIVMXMW
XSGSRXVSPXLIFYXXIVJPMIWMR]SYVWXSQEGL8LIVI[MPPFITISTPIMR]SYVEYHMIRGI
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%PP I]IW [MPP FI SR ]SY -XtW MQTSVXERX XLEX ]SY GSQI EGVSWW EW GSRJMHIRX ERH [IPP
MRJSVQIH FYX ]SYtVI EJVEMH ]SYV WXEKI JVMKLX [MPP WIRHXLI STTSWMXI QIWWEKI ;LEX
WXVEXIKMIW[MPP]SYYWIXSGSRXVSP]SYVRIVZIWERHQEOIXLIQ[SVOJSV]SY#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
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7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW
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7TIEOMRK
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0ERKYEKI
4YX)XLMGEP4VMRGMTPIWMRXS4VEGXMGI
4PEKMEVMWQ
+PSFEP4PEKMEVMWQ
4EXGL[SVO4PEKMEVMWQ
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4PEKMEVMWQERHXLI-RXIVRIX
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%ZSMH4VINYHKMRKXLI7TIEOIV
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7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW
0YGEW8LI%VXSJ4YFPMG )XLMGWERH4YFPMG 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW
; -RGGEPPIHETVIWWGSRJIVIRGI(S^IRWSJTVMRXERH8:VITSVXIVWWLS[IHYT7QEVX
PSSOIHHMVIGXP]MRXSXLIGEQIVEWERHWEMHq-GEREWWYVI]SYXLEXRSSRIEX4LEV
QEXVSRMGLEWYWIHMRWMHIVMRJSVQEXMSRXSQEOIQSRI]JSVXLIQWIPZIWSVXSQERMTYPEXIXLI
GSQTER]tWWXSGOTVMGI-REHHMXMSRXSFIMRKMPPIKEPMRWMHIVXVEHMRKMWEWIVMSYWFVIEGLSJXVYWX
ERH-[SYPHRIZIVPIXMXLETTIREXQ]GSQTER]r
7Y^ERRItW TVIWIRXEXMSR [EW LMKLP] GSRZMRGMRK ERH JSV E XMQI MX UYMIXIH XLI VYQSVW
EFSYXJMRERGMEPMQTVSTVMIXMIW9RJSVXYREXIP]LS[IZIVLIVWXEXIQIRXW[IVIJEPWIERHSRP]
XLVII[IIOWPEXIVWLI[EWMRHMGXIHF]XLIJIHIVEPKSZIVRQIRXJSVMRWMHIVXVEHMRK
%XXLIXVMEPMXFIGEQIGPIEVXLEX7Y^ERRI[EWKYMPX]SJQERMTYPEXMRKXLIGSQTER]tW
WXSGOTVMGIXSFIRIJMXLIVWIPJEXXLII\TIRWISJSXLIVMRZIWXSVW-RJEGXSRXLIZIV]HE]XLEX
7QEVXLEHJEGIHXLI8:GEQIVEWXSHIR]ER][VSRKHSMRKWLILEHWIGVIXP]WSPHSZIV
WLEVIW SJ 4LEVQEXVSRMG WXSGO FEWIH SR MRJSVQEXMSR EFSYX XLI GSQTER]tW JEMPYVI XS [MR
ETTVSZEPJSVERI[ERXMGERGIVHVYK%WEVIWYPXWLIQEHILYRHVIHWSJXLSYWERHWSJHSP
PEVW[LMPISVHMREV]MRZIWXSVWWYJJIVIHLYKIPSWWIW
;LIRXLINYHKIWIRXIRGIH7QEVXXSEWXMJJTVMWSRWIRXIRGILIQEHIGPIEVXLEXLI[EW
MRJPYIRGIH TEVXP] F]LIVFVE^IR PMIWEX XLI TVIWW GSRJIVIRGI ,EH WLI XSPH XLI XVYXL LIV
TPIEWJSVPIRMIRG]QMKLXLEZIFIIRFIXXIVVIGIMZIH
8LMWMWRSXELETT]WXSV]FYXMXWLS[W[L]TYFPMGWTIEOMRKRIIHWXSFIKYMHIH
F]EWXVSRKWIRWISJMRXIKVMX]7Y^ERRI7QEVX[EWTIVWYEWMZI[LIRWTIEOMRKXS
XLI TVIWW FYX WLI [EW YRIXLMGEP MR P]MRK XS GSZIV LIV MPPIKEP EGXMZMXMIW %W E
VIWYPXWLIMRNYVIHXLSYWERHWSJMRZIWXSVWHIWXVS]IHLIVVITYXEXMSRERHIRHIH
YT[MXLEPSRKNEMPWIRXIRGI4IVLETWMJWLILEHGSRJIWWIHFIJSVIXLIGEQIVEW
XLEXHE]WLI[SYPHLEZIVIGIMZIHEJMRIERHEVITVMQERHMRWXIEHSJXLILEVWL
IWXNEMPWIRXIRGIXLINYHKIGSYPHMQTSWI
8LIKSEPSJTYFPMGWTIEOMRKMWXSKEMREHIWMVIHVIWTSRWIJVSQPMWXIRIVWh
FYX RSX EX ER] GSWX 7TIIGLQEOMRK MW E JSVQ SJ TS[IV ERH XLIVIJSVI GEVVMIW
[MXL MX LIEZ] IXLMGEP VIWTSRWMFMPMXMIW %W XLI 6SQER VLIXSVMGMER 5YMRXMPMER
WXEXIH]IEVWEKSXLIMHIEPSJWTIIGLQEOMRKMWXLIKSSHTIVWSRWTIEOMRK
[IPP -R XLMW GLETXIV [I I\TPSVI XLEX MHIEP F] PSSOMRK EX XLI MQTSVXERGI SJ
IXLMGWMRTYFPMGWTIEOMRKXLIIXLMGEPSFPMKEXMSRWSJWTIEOIVWERHPMWXIRIVWERH
XLITVEGXMGEPTVSFPIQSJTPEKMEVMWQERHLS[XSEZSMHMX
8LI-QTSVXERGISJ)XLMGW
)XLMGWMWXLIFVERGLSJTLMPSWSTL]XLEXHIEPW[MXLMWWYIWSJVMKLXERH[VSRKMR
LYQEREJJEMVW5YIWXMSRWSJIXLMGWEVMWI[LIRIZIV[IEWO[LIXLIVEGSYVWISJ
EGXMSRMWQSVEPSVMQQSVEPJEMVSVYRJEMVNYWXSVYRNYWXLSRIWXSVHMWLSRIWX
IXLMGW ;IJEGIWYGLUYIWXMSRWHEMP]MREPQSWXIZIV]TEVXSJSYVPMZIW8LITEVIRX
8LIFVERGLSJTLMPSWSTL]XLEX QYWXHIGMHILS[XSHIEP[MXLEGLMPH[LSLEWFIIRWIRXLSQIJVSQWGLSSPJSV
HIEPW[MXLMWWYIWSJVMKLXERH YRVYP]FILEZMSV8LIVIWIEVGLIVQYWXHIGMHI[LIXLIVXSWLEHILIVHEXEqNYWXE
[VSRKMRLYQEREJJEMVW FMXr MR SVHIV XS KEMR GVIHMX JSV ER MQTSVXERX WGMIRXMJMG FVIEOXLVSYKL 8LI
WLSTTIVQYWXHIGMHI[LEXXSHS[MXLXLII\XVEGLERKIQMWXEOIRP]KMZIRF]
XLIGPIVOEXXLIKVSGIV]WXSVI8LIWXYHIRXQYWXHIGMHI[LIXLIVXSWE]ER]XLMRK
EFSYXEJVMIRHLILEWWIIRGLIEXMRKSREJMREPI\EQ
5YIWXMSRWSJIXLMGWEPWSGSQIMRXSTPE][LIRIZIVETYFPMGWTIEOIVJEGIWER
EYHMIRGI-RERMHIEP [SVPH EW XLI +VIIO TLMPSWSTLIV4PEXSRSXIH EPP TYFPMG
WTIEOIVW[SYPHFIXVYXLJYPERHHIZSXIHXSXLIKSSHSJWSGMIX]=IXLMWXSV]XIPPW
YWXLEXXLITS[IVSJWTIIGLMWSJXIREFYWIHhWSQIXMQIW[MXLHMWEWXVSYWVIWYPXW
',%48)6 )8,-'7%2(49&0-'74)%/-2+
0YGEW8LI%VXSJ4YFPMG )XLMGWERH4YFPMG 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW
8LIVI EVI GVIHMXEFPI EVKYQIRXW XS FI QEHI SR FSXL WMHIW SJ XLI IXLMGEP
HMPIQQEJEGIHF]*IPMGME6SFMRWSR7LILEWXVMIHXSVYRERLSRIWXGEQTEMKR
ERH WLI MW XVSYFPIH F] XLI TSWWMFMPMX] SJ YRJEMVP] EXXEGOMRK LIV STTSRIRXh
HIWTMXIXLIJEGXXLEXLILEWWLS[RRSWYGLWGVYTPIWLMQWIPJ=IXWLIORS[WXLEX
XLIMQTIRHMRKMRHMGXQIRXQE]FILIVPEWXGLERGIXS[MRXLIIPIGXMSRERHWLI
MW GSRZMRGIH XLEX E ZMGXSV] JSV LIV STTSRIRX [MPP WTIPP HMWEWXIV JSV XLI GMX]tW
WGLSSP W]WXIQ 8SVR FIX[IIR LIV GSQQMXQIRX XS JEMV TPE] LIV HIWMVI XS FI
IPIGXIHERHLIVGSRGIVRJSVXLIKSSHSJXLIGSQQYRMX]WLIJEGIWXLIEKISPH
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8LIVIEVIKSSHVIEWSRWJSVXEPOMRKJMVWXEFSYXXLIFSH]SJXLIWTIIGL8LI
FSH]MWXLIPSRKIWXERHQSWXMQTSVXERXTEVX%PWS]SY[MPPYWYEPP]TVITEVIXLI
FSH]JMVWX-XMWIEWMIVXSGVIEXIERIJJIGXMZIMRXVSHYGXMSREJXIV]SYORS[I\EGXP]
[LEX]SY[MPPWE]MRXLIFSH]
8LITVSGIWWSJSVKERM^MRKXLIFSH]SJEWTIIGLFIKMRW[LIR]SYHIXIVQMRI
XLIQEMRTSMRXW
1EMR4SMRXW
8LIQEMRTSMRXWEVIXLIGIRXVEPJIEXYVIWSJ]SYVWTIIGL=SYWLSYPHWIPIGXXLIQ
GEVIJYPP] TLVEWIXLIQ TVIGMWIP] ERHEVVERKI XLIQWXVEXIKMGEPP] ,IVIEVIXLI
QEMRTSMRXWSJEWXYHIRXWTIIGLEFSYXXLIQIHMGEPYWIWSJL]TRSWMW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVYWIWSJL]TRSWMW
'IRXVEP-HIE 8LIQENSVYWIWSJL]TRSWMWXSHE]EVIXSGSRXVSPTEMRMR
WYVKIV]XSLIPTTISTPIWXSTWQSOMRKERHXSLIPTWXYHIRXW
MQTVSZIXLIMVEGEHIQMGTIVJSVQERGI
1EMR4SMRXW - ,
]TRSWMWMWYWIHMRWYVKIV]EWEREHNYRGXXSGLIQMGEP QEMRTSMRXW
ERIWXLIWME 8LIQENSVTSMRXWHIZIPSTIHMR
-- ,]TRSWMWMWYWIHXSLIPTTISTPIWXSTWQSOMRK XLIFSH]SJEWTIIGL1SWX
--- , ]TRSWMWMWYWIHXSLIPTWXYHIRXWMQTVSZIXLIMV WTIIGLIWGSRXEMRJVSQX[SXS
EGEHIQMGTIVJSVQERGI JMZIQEMRTSMRXW
8LIWIXLVIIQEMRTSMRXWJSVQXLIWOIPIXSRSJXLIFSH]SJXLIWTIIGL-JXLIVI
EVIXLVIIQENSVYWIWSJL]TRSWMWJSVQIHMGEPTYVTSWIWXLIRPSKMGEPP]XLIVIGER
FIXLVIIQEMRTSMRXWMRXLIWTIIGL
,S[ HS ]SY GLSSWI ]SYV QEMR TSMRXW# 7SQIXMQIW XLI] [MPP FI IZMHIRX
JVSQ ]SYV WTIGMJMG TYVTSWI WXEXIQIRX 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK] ERH FIRIJMXW SJ
L]HVSKIRJYIPGIPPWr3FZMSYWP]]SYVWTIIGL[MPPLEZIXLVIIQEMRTSMRXW8LI
JMVWX[MPPHIEP[MXLXLIHIZIPSTQIRXSJL]HVSKIRJYIPGIPPWXLIWIGSRH[MXLXLI
XIGLRSPSK]FILMRHL]HVSKIRJYIPGIPPWXLIXLMVH[MXLXLIFIRIJMXWSJL]HVSKIR
JYIPGIPPW;VMXXIRMRSYXPMRIJSVQXLIQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIZIPSTQIRXXIGLRSPSK]
ERHFIRIJMXWSJL]HVSKIRJYIPGIPPW
'IRXVEP-HIE (IZIPSTIHEWELMKLP]IJJMGMIRXJSVQSJIRIVK]L]HVSKIR
JYIPGIPPWYWIWSTLMWXMGEXIHXIGLRSPSK]ERHSJJIVERYQFIVSJ
IGSRSQMGERHIRZMVSRQIRXEPFIRIJMXW
1EMR4SMRXW - , ]HVSKIRJYIPGIPPW[IVIHIZIPSTIHXSTVSZMHIELMKLP]
IJJMGMIRXJSVQSJIRIVK]
-- ,]HVSKIRJYIPGIPPWTVSHYGITS[IVXLVSYKLERIPIGXVS
GLIQMGEPVIEGXMSRMRZSPZMRKL]HVSKIRKEW
--- ,]HVSKIRJYIPGIPPWTVSZMHIERIGSRSQMGEPP]ERH
IRZMVSRQIRXEPP]WYTIVMSVQIXLSHSJTS[IVMRKQSXSV
ZILMGPIW
)ZIRMJ]SYVQEMRTSMRXWEVIRSXWXEXIHI\TVIWWP]MR]SYVWTIGMJMGTYVTSWI
XLI] QE] FI IEW] XS TVSNIGX JVSQ MX 0IXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[Wr=SY
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG 3VKERM^MRKXLI&SH]SJ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR XLI7TIIGL 'SQTERMIW
ORS[ IEGL SJ ]SYV QEMR TSMRXW [MPP GSVVIWTSRH XS E WXIT MR XLI [MRHS[
QEOMRKTVSGIWW8LI]QMKLXPSSOPMOIXLMWMRSYXPMRIJSVQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGWXITWMRQEOMRKWXEMRIH
KPEWW[MRHS[W
'IRXVEP-HIE 8LIVIEVIJSYVWXITWMRQEOMRKWXEMRIHKPEWW[MRHS[W
1EMR4SMRXW - 8LIJMVWXWXITMWHIWMKRMRKXLI[MRHS[
-- 8LIWIGSRHWXITMWGYXXMRKXLIKPEWWXSJMXXLIHIWMKR
--- 8LIXLMVHWXITMWTEMRXMRKXLIKPEWW
-: 8LIJSYVXLWXITMWEWWIQFPMRKXLI[MRHS[
=SY[MPPRSXEP[E]WWIXXPISR]SYVQEMRTSMRXWWSIEWMP]3JXIR XLI][MPP
IQIVKI EW]SYVIWIEVGLXLI WTIIGLERHIZEPYEXI]SYV JMRHMRKW7YTTSWI]SYV
WTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRKr=SYORS[XLEXIEGLQEMRTSMRXMRXLIWTIIGL[MPP
TVIWIRXEVIEWSR[L]SRPMRIZSXMRKWLSYPHRSXFIMRWXMXYXIHMR]SYVWXEXI&YX
]SYEVIRtXWYVILS[QER]QEMRTSMRXWXLIVI[MPPFISV[LEXXLI][MPPFI%W
]SY VIWIEVGL ERH WXYH] XLI XSTMG ]SY HIGMHI XLIVI EVI X[S QENSV VIEWSRW XS
WYTTSVX ]SYV ZMI[ )EGL SJ XLIWI VIEWSRW [MPP FIGSQI E QEMR TSMRX MR ]SYV
WTIIGL;VMXXIRMRSYXPMRIJSVQXLI]QMKLXFI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXSYVWXEXIWLSYPHRSXETTVSZI
TVSTSWEPWJSVSRPMRIZSXMRK
'IRXVEP-HIE 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
MRGVIEWIZSXIVJVEYHERHHMWJVERGLMWITISTPI[MXLSYX-RXIV
RIXEGGIWW
1EMR4SMRXW - 3 YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX
[MPPMRGVIEWIZSXIVJVEYH
-- 3YVWXEXIWLSYPHRSXETTVSZISRPMRIZSXMRKFIGEYWIMX[MPP
HMWJVERGLMWITISTPI[MXLSYXEGGIWWXSXLI-RXIVRIX
291&)63*1%-243-287
=SY[MPPRSXLEZIXMQIMR]SYVGPEWWVSSQWTIIGLIWXSHIZIPSTQSVIXLERJSYV
SVJMZIQEMRTSMRXWERHQSWXWTIIGLIW[MPPGSRXEMRSRP]X[SSVXLVII6IKEVH
PIWWSJLS[PSRKEWTIIGLQMKLXVYRMJ]SYLEZIXSSQER]QEMRTSMRXWXLI
EYHMIRGI[MPPLEZIXVSYFPIWSVXMRKXLIQSYX
-J[LIR]SYPMWX]SYVQEMRTSMRXW]SYJMRHXLEX]SYLEZIXSSQER]]SY
QE]FIEFPIXSGSRHIRWIXLIQMRXSGEXIKSVMIW,IVIMWEWIXSJQEMRTSMRXWJSV
EWTIIGLEFSYX]SKE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITVEGXMGISJ]SKE
'IRXVEP-HIE =SKEMWERERGMIRXTVEGXMGIXLEXMRZSPZIWXLI[LSPIFSH]
1EMR4SMRXW - =SKEFVIEXLMRKWXEVXW[MXLHIITMRLEPEXMSR
-- =SKEFVIEXLMRKVIUYMVIWWPS[I\LEPEXMSR
--- =SKEFVIEXLMRKMRGPYHIWTVSPSRKIHTEYWIW
-: =SKEFVIEXLMRKTVSZMHIWQER]FIRIJMXW
: =SKETSWXYVIWMRZSPZIEPPTEVXWSJXLIFSH]
6IWIEVGLWXYHMIWGSRJMVQ
XLEXGPIEVSVKERM^EXMSRMWZMXEP
XSIJJIGXMZITYFPMGWTIEOMRK
0MWXIRIVWQYWXFIEFPIXSJSP
PS[XLITVSKVIWWMSRSJMHIEW
MREWTIIGLJVSQFIKMRRMRK
XSIRH
:- =SKETSWXYVIWMRGVIEWIJPI\MFMPMX]
:-- =SKETSWXYVIWWXVIRKXLIRQYWGPIXSRI
:--- =SKETSWXYVIWHIQERHTVIGMWIQSZIQIRXW
=SYLEZIIMKLXQEMRTSMRXWh[LMGLMWXSSQER]&YXMJ]SYPSSOEXXLIPMWX
]SYWIIXLEXXLIIMKLXTSMRXWJEPPMRXSX[SFVSEHGEXIKSVMIW]SKEFVIEXLMRKERH
]SKETSWXYVIW=SYQMKLXXLIVIJSVIVIWXEXI]SYVQEMRTSMRXWXLMW[E]
GSRRIGXPYGEWGSQ
- 3RITEVXSJTVEGXMGMRK]SKEMRZSPZIWTVSTIVFVIEXLMRK
:MI[ERI\GIVTXJVSQq=SKE
-- %RSXLIVTEVXSJ]SKEMRZSPZIWFSH]TSWXYVIW
9RMXMRK1MRH&SH]ERH
7TMVMXrMRXLISRPMRI1IHME
786%8)+-'36()63*1%-243-287 0MFVEV]JSVXLMWGLETXIV
:MHIS'PMT
3RGI]SYIWXEFPMWL]SYVQEMRTSMRXW]SYRIIHXSHIGMHIXLISVHIVMR[LMGL]SY
[MPPTVIWIRXXLIQ8LIQSWXIJJIGXMZISVHIVHITIRHWSRXLVIIXLMRKWh]SYVXSTMG
]SYVTYVTSWIERH]SYVEYHMIRGI'LETXIVWERH[MPPGSZIVWTIGMEPEWTIGXW
SJSVKERM^MRKMRJSVQEXMZIWTIIGLIWERHTIVWYEWMZIWTIIGLIW,IVI[IPSSOFVMIJP]
EXXLIJMZIFEWMGTEXXIVRWSJSVKERM^EXMSRYWIHQSWXSJXIRF]TYFPMGWTIEOIVW
'LVSRSPSKMGEP3VHIV GLVSRSPSKMGEPSVHIV
7TIIGLIWEVVERKIHGLVSRSPSKMGEPP]JSPPS[EXMQITEXXIVR8LI]QE]REVVEXIE %QIXLSHSJWTIIGL
WIVMIWSJIZIRXWMRXLIWIUYIRGIMR[LMGLXLI]LETTIRIH*SVI\EQTPI SVKERM^EXMSRMR[LMGLXLIQEMR
TSMRXWJSPPS[EXMQITEXXIVR
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGILS[XLI+VIEX;EPPSJ'LMRE[EW
FYMPX
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG 3VKERM^MRKXLI&SH]SJ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR XLI7TIIGL 'SQTERMIW
'IRXVEP-HIE 8LI+VIEX;EPPSJ'LMRE[EWFYMPXMRXLVIIQENSVWXEKIW
1EMR4SMRXW - & YMPHMRKSJXLI+VIEX;EPPFIKERHYVMRKXLI5MRH]REWX]
SJi &'
-- 2I[WIGXMSRWSJXLI+VIEX;EPP[IVIEHHIHHYVMRKXLI
,ERH]REWX]SJ &'i %(
--- 8 LI+VIEX;EPP[EWGSQTPIXIHHYVMRKXLI1MRKH]REWX]
SJi
'LVSRSPSKMGEPSVHIVMWEPWSYWIHMRWTIIGLIWI\TPEMRMRKETVSGIWWSVHIQ
SRWXVEXMRKLS[XSHSWSQIXLMRK*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIWXITWMRPEWIVEWWMWXIHGSVVIG
GSRRIGXPYGEWGSQ
XMZII]IWYVKIV]
:MI[ERI\GIVTXJVSQq8LI
+VIEX;EPPSJ'LMRErMRXLI 'IRXVEP-HIE 8LIVIEVIXLVIIQEMRWXITWMRPEWIVEWWMWXIHGSVVIGXMZII]I
SRPMRI1IHME0MFVEV]JSVXLMW WYVKIV]
GLETXIV:MHIS'PMT
1EMR4SMRXW - * MVWXEXLMRPE]IVMWWPMGIHSJJXLIWYVJEGISJXLII]IXS
I\TSWIXLIGSVRIE
-- 7IGSRHERYPXVEZMSPIXPEWIVMWYWIHXSVIWLETIXLI
GSVRIE
--- 8 LMVHXLIXLMRPE]IVWPMGIHSJJEXXLIFIKMRRMRKSJXLI
WYVKIV]MWVIEJJM\IHXSXLII]I
%WXLMWSYXPMRIWLS[WGLVSRSPSKMGEPSVHIVMWIWTIGMEPP]YWIJYPJSVMRJSVQEXMZI
WTIIGLIW
7TEXMEP3VHIV
WTEXMEPSVHIV 7TIIGLIW EVVERKIH MR WTEXMEP SVHIV JSPPS[ E HMVIGXMSREP TEXXIVR 8LEX MW XLI
%QIXLSHSJWTIIGLSVKERM^EXMSR QEMRTSMRXWTVSGIIHJVSQXSTXSFSXXSQPIJXXSVMKLXJVSRXXSFEGOMRWMHIXS
MR[LMGLXLIQEMRTSMRXWJSPPS[E SYXWMHIIEWXXS[IWXSVWSQISXLIVVSYXI*SVI\EQTPI
HMVIGXMSREPTEXXIVR
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIWXVYGXYVISJELYVVMGERI
'IRXVEP-HIE %LYVVMGERIMWQEHIYTSJXLVIITEVXWKSMRKJVSQMRWMHIXS
SYXWMHI
1EMR4SMRXW - % XXLIGIRXIVSJELYVVMGERIMWXLIGEPQGPSYHJVIII]I
-- 7YVVSYRHMRKXLII]IMWXLII]I[EPPEHIRWIVMRKSJ
GPSYHWXLEXTVSHYGIWXLIQSWXMRXIRWI[MRHERHVEMRJEPP
--- 6 SXEXMRKEVSYRHXLII]I[EPPEVIPEVKIFERHWSJGPSYHW
ERHTVIGMTMXEXMSRGEPPIHWTMVEPVEMRFERHW
3V
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIXLVIIQENSVVIKMSRWMR
-XEP]
'IRXVEP-HIE 2SVXLIVRGIRXVEPERHWSYXLIVR-XEP]LEZIXLIMVS[RMHIRXM
XMIWERHEXXVEGXMSRW
- 2SVXLIVR-XEP]MWLSQIXS:IRMGIERHMXW[SVPHJEQSYW
GEREPW
8LIQEMRTSMRXWSJEWTIIGL
WLSYPHFISVKERM^IHXSGSQ
QYRMGEXIXLIWTIEOIVtWQIW
WEKI'LVSRSPSKMGEPSVHIV
[SYPH[SVOZIV][IPPJSVE
WTIIGLSRXLILMWXSV]SJXLI
97WTEGITVSKVEQ
-- 'IRXVEP-XEP]MWLSQIXS6SQIERHMXWLMWXSVMGEP
XVIEWYVIW
--- 7SYXLIVR-XEP]MWLSQIXS7MGMP]ERHMXWGYPMREV]
XVEHMXMSRW
7TEXMEP SVHIV PMOI GLVSRSPSKMGEP SVHIV MW YWIH QSWX SJXIR MR MRJSVQEXMZI
WTIIGLIW
'EYWEP3VHIV
7TIIGLIWEVVERKIHMRGEYWEPSVHIVSVKERM^IQEMRTSMRXWWSEWXSWLS[EGEYWI GEYWEPSVHIV
IJJIGXVIPEXMSRWLMT;LIR]SYTYX]SYVWTIIGLMRGEYWEPSVHIV]SYLEZIX[S %QIXLSHSJWTIIGL
QEMRTSMRXWhSRIHIEPMRK[MXLXLIGEYWIWSJERIZIRXXLISXLIVHIEPMRK[MXL SVKERM^EXMSRMR[LMGLXLIQEMR
MXW IJJIGXW (ITIRHMRK SR ]SYV XSTMG ]SY GER IMXLIV HIZSXI ]SYV JMVWX QEMR TSMRXWWLS[EGEYWIIJJIGX
TSMRXXSXLIGEYWIWERHXLIWIGSRHXSXLIIJJIGXWSV]SYGERHIEPJMVWX[MXLXLI VIPEXMSRWLMT
IJJIGXWERHXLIR[MXLXLIGEYWIW
7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRK
WLSVXEKISJEMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSRr8LIR
]SY[SYPHFIKMR[MXLXLIGEYWIWSJXLIWLSVXEKIERH[SVOXS[EVHMXWIJJIGXW
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEKVS[MRKWLSVXEKISJUYEPMJMIH
EMVXVEJJMGGSRXVSPPIVWMWEWIVMSYWTVSFPIQJSV97EZMEXMSR
'IRXVEP-HIE 8LIKVS[MRKWLSVXEKISJGIVXMJMIHEMVXVEJJMGGSRXVSPPIVW
XLVIEXIRWXLIWEJIX]SJEMVXVEZIP
1EMR4SMRXW - 8LI97EZMEXMSRW]WXIQJEGIWEKVS[MRKWLSVXEKISJUYEPM
JMIHEMVXVEJJMGGSRXVSPPIVW
-- -JXLMWWLSVXEKIGSRXMRYIWMX[MPPGVIEXIWIVMSYWTVSFPIQW
JSVEMVPMRIWEJIX]
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG 3VKERM^MRKXLI&SH]SJ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR XLI7TIIGL 'SQTERMIW
;LIRXLIIJJIGXW]SYEVIHMWGYWWMRKLEZIEPVIEH]SGGYVVIH]SYQE][ERX
XS VIZIVWI XLI SVHIV ERH XEPO JMVWX EFSYX XLI IJJIGXW ERH XLIR EFSYX XLIMV
GEYWIWhEWMRXLMWWTIIGLEFSYXXLI1E]ERGMZMPM^EXMSRSJ'IRXVEP%QIVMGE
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLITSWWMFPIGEYWIWJSVXLI
GSPPETWISJ1E]ERGMZMPM^EXMSR
'IRXVEP-HIE 8LIGEYWIWJSVXLIGSPPETWISJ1E]ERGMZMPM^EXMSRLEZIRSX
]IXFIIRJYPP]I\TPEMRIH
1EMR4SMRXW - 1 E]ERGMZMPM^EXMSRJPSYVMWLIHJSVSZIVEXLSYWERH
]IEVWYRXMP %([LIRMXQ]WXIVMSYWP]FIKERXS
HMWMRXIKVEXI
-- 7GLSPEVWLEZIEHZERGIHXLVIIQENSVI\TPEREXMSRWJSV
XLIGEYWIWSJXLMWHMWMRXIKVEXMSR
&IGEYWI SJ MXW ZIVWEXMPMX] GEYWEP SVHIV GER FI YWIH JSV FSXL TIVWYEWMZI
WTIIGLIWERHMRJSVQEXMZIWTIIGLIW
4VSFPIQ7SPYXMSR3VHIV
TVSFPIQWSPYXMSRSVHIV 7TIIGLIWEVVERKIHMRTVSFPIQWSPYXMSRSVHIVEVIHMZMHIHMRXSX[SQEMRTEVXW
%QIXLSHSJWTIIGLSVKERM^EXMSR 8LIJMVWXWLS[WXLII\MWXIRGIERHWIVMSYWRIWWSJETVSFPIQ8LIWIGSRHTVIWIRXW
MR[LMGLXLIJMVWXQEMRTSMRX E[SVOEFPIWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI
HIEPW[MXLXLII\MWXIRGISJE
TVSFPIQERHXLIWIGSRHQEMR 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEGXMSRMWRIIHIHXSGSQFEXXLI
TSMRXTVIWIRXWEWSPYXMSRXSXLI EFYWIWSJTYTT]QMPPW
TVSFPIQ
'IRXVEP-HIE 4YTT]QMPPWEVIEWIVMSYWTVSFPIQXLEXGERFIWSPZIHF]E
GSQFMREXMSRSJPIKMWPEXMSRERHMRHMZMHYEPMRMXMEXMZI
1EMR4SMRXW - 4 YTT]QMPPWEVIEWIVMSYWTVSFPIQEGVSWWXLI9RMXIH
7XEXIW
-- 7SPZMRKXLITVSFPIQVIUYMVIWPIKMWPEXMSRERHMRHMZMHYEP
MRMXMEXMZI
3V
%W XLIWI I\EQTPIW MRHMGEXI TVSFPIQWSPYXMSR SVHIV MW QSWX ETTVSTVMEXI JSV
TIVWYEWMZIWTIIGLIW
8STMGEP3VHIV
8STMGEPSVHIVVIWYPXW[LIR]SYHMZMHIXLIWTIIGLXSTMGMRXSWYFXSTMGWIEGLSJ XSTMGEPSVHIV
[LMGLFIGSQIWEQEMRTSMRXMRXLIWTIIGL %QIXLSHSJWTIIGLSVKERM^EXMSR
7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV MR[LMGLXLIQEMRTSMRXWHMZMHI
OMRHW SJ JMVI[SVOWr 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP XLIXSTMGMRXSPSKMGEPERH
GEYWEP SV TVSFPIQWSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ GSRWMWXIRXWYFXSTMGW
JMVI[SVOWhMRXSMXWGSRWXMXYIRXTEVXWWSXLEXIEGLQEMRTSMRXHIEPW[MXLEWMRKPI
OMRHSJJMVI[SVOW=SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIQENSVOMRHWSJJMVI[SVOW
'IRXVEP-HIE 8LIQENSVOMRHWSJJMVI[SVOWEVIWO]VSGOIXW6SQERGERHPIW
TMR[LIIPWERHPERGIW
1EMR4SMRXW - 7 O]VSGOIXWI\TPSHILMKLMRXLIEMVTVSHYGMRKXLIQSWX
HVEQEXMGIJJIGXWSJEPPJMVI[SVOW
-- 6SQERGERHPIWWLSSXSYXWITEVEXIKVSYTWSJWTEVOWERH
GSPSVIHJPEQIW[MXLEWIVMIWSJFSSQMRKRSMWIW
--- 4MR[LIIPWXLVS[SJJWTEVOWERHJPEQIWEWXLI][LMVPSR
XLIIRHSJEWXMGO
-: 0ERGIWEVIXLMRGSPSVJYPJMVI[SVOWYWIHMRKVSYRHHMWTPE]W
8SXEOIERSXLIVI\EQTPIPIXtWWE]]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW&EVRIXXr;IPPW&EVRIXXER%JVM
GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR
GLEQTMSRSJWSGMEPERHTSPMXMGEPNYWXMGIJSVLIVVEGI=SYGSYPHSVKERM^I]SYV
WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW&EVRIXXtW I\TPSMXW HYVMRK IEGL
HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL
XSTMGEPP]hF]HMZMHMRK;IPPW&EVRIXXtWEGGSQTPMWLQIRXWMRXSGEXIKSVMIW8LIR
]SYVGIRXVEPMHIEERHQEMRTSMRXWQMKLXFI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIEGLMIZIQIRXWSJ-HE;IPPW
&EVRIXX
'IRXVEP-HIE -HE;IPPW&EVRIXX[EWEQYPXMXEPIRXIHJMKYVIMRXLIJMKLXJSV
VEGMEPNYWXMGI
1EMR4SMRXW - % WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSV
WGLSSPJEGMPMXMIWJSV%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWX
P]RGLMRK
--- %WEGMZMGSVKERM^IV;IPPW&EVRIXXLIPTIHJSYRHXLI
2%%'4
2SXMGILS[XLIQEMRTSMRXWWYFHMZMHIXLIWTIIGLXSTMGPSKMGEPP]ERHGSR
WMWXIRXP])EGLQEMRTSMRXMWSPEXIWSRIEWTIGXSJ;IPPW&EVRIXXtWEGLMIZIQIRXW
&YXWYTTSWI]SYVQEMRTSMRXWPSSOPMOIXLMW
- %WEXIEGLIV;IPPW&EVRIXXWTSOISYXEKEMRWXMRJIVMSVWGLSSPJEGMPMXMIWJSV
%JVMGER%QIVMGERGLMPHVIR
-- %WENSYVREPMWX;IPPW&EVRIXXGEQTEMKRIHEKEMRWXP]RGLMRK
--- -RXLIIEVP]XLGIRXYV];IPPW&EVRIXXI\TERHIHLIVEGXMZMXMIWERHXLI
WGSTISJLIVMRJPYIRGI
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG 3VKERM^MRKXLI&SH]SJ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR XLI7TIIGL 'SQTERMIW
'LIGOPMWX 1EMR4SMRXW
=)7 23
(SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR
TSMRXW#
%VI Q] QEMR TSMRXW SVKERM^IH EGGSVHMRK XS SRI SJ XLI
JSPPS[MRKQIXLSHWSJSVKERM^EXMSR#'LIGOXLISRIXLEX
ETTPMIW
'LVSRSPSKMGEPSVHIV
7TEXMEPSVHIV
'EYWEPSVHIV
8STMGEPSVHIV
GSRRIGXPYGEWGSQ
4VSFPIQWSPYXMSRSVHIV
8LMWGLIGOPMWXMWEPWSEZEMP
EFPIMRXLISRPMRI7XYH] %VIQ]QEMRTSMRXWGPIEVP]WITEVEXIJVSQSRIERSXLIV#
8SSPWJSVXLMWGLETXIV %W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR
SJ[SVHMRKJSVEPPQ]QEMRTSMRXW#
,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH
XSIEGLQEMRTSMRX#
-W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI
WYTTSVXMRKQEXIVMEPW#
(S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W
[LIR-EQQSZMRKJVSQSRIQEMRTSMRXXSERSXLIV#
8LMW[SYPHRSXFIEKSSHXSTMGEPSVHIVFIGEYWIQEMRTSMRX---MWMRGSRWMWXIRX
[MXLXLIVIWXSJXLIQEMRTSMRXW-XHIEPW[MXLE TIVMSHMR;IPPW&EVRIXXtWPMJI
[LIVIEWQEMRTSMRXW-ERH--HIEP[MXLOMRHWSJEGXMZMWQ
&IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL
XSTMGEPSVHIVMWYWIHQSVISJXIRXLERER]SXLIVQIXLSHSJWTIIGLSVKERM^EXMSR
8-47*3646)4%6-2+1%-243-287
/IIT1EMR4SMRXW7ITEVEXI
)EGLQEMRTSMRXMREWTIIGLWLSYPHFIGPIEVP]MRHITIRHIRXSJXLISXLIVW'SQ
TEVIXLIWIX[SWIXWSJQEMRTSMRXWJSVEWTIIGLEFSYXXLITVSGIWWSJTVSHYGMRK
E&VSEH[E]TPE]
-RIJJIGXMZI 1SVI)JJIGXMZI
- 8
LIJMVWXWXITMWGLSSWMRKXLI - 8LIJMVWXWXITMWGLSSWMRKXLI
TPE] TPE]
-- 8LIWIGSRHWXITMWWIPIGXMRK -- 8LIWIGSRHWXITMWWIPIGXMRK
XLIGEWX XLIGEWX
--- 8 LIXLMVHWXITMWGSRHYGXMRK --- 8LIXLMVHWXITMWGSRHYGXMRKXLI
VILIEVWEPWERHXLIRTIVJSVQMRK VILIEVWEPW
XLITPE] -: 8LIJSYVXLWXITMWTIVJSVQMRK
XLITPE]
8LITVSFPIQ[MXLXLIPIJXLERHPMWXMWXLEXTSMRX---GSRXEMRWX[SQEMRTSMRXW
-XWLSYPHFIHMZMHIHEWWLS[RMRXLIVMKLXLERHPMWX
8V]XS9WIXLI7EQI4EXXIVRSJ;SVHMRKJSV1EMR4SMRXW
'SRWMHIVXLIJSPPS[MRKQEMRTSMRXWJSVERMRJSVQEXMZIWTIIGLEFSYXXLIFIR
IJMXWSJI\IVGMWI
-RIJJIGXMZI 1SVI)JJIGXMZI
- 6IKYPEVI\IVGMWIMRGVIEWIW]SYV - 6IKYPEVI\IVGMWIMRGVIEWIW]SYV
IRHYVERGI IRHYVERGI
-- =SYVWPIITMRKTEXXIVRMW -- 6IKYPEVI\IVGMWIMQTVSZIW]SYV
MQTVSZIHF]VIKYPEVI\IVGMWI WPIITMRKTEXXIVR
--- -XMWTSWWMFPIXSLIPTGSRXVSP --- 6IKYPEVI\IVGMWILIPTWGSRXVSP
]SYV[IMKLXF]VIKYPEV ]SYV[IMKLX
I\IVGMWI
8LI WIX SJ QEMR TSMRXW SR XLI VMKLX JSPPS[W E GSRWMWXIRX TEXXIVR SJ [SVHMRK
XLVSYKLSYX8LIVIJSVIMXMWIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIVXLER
XLIWIXSRXLIPIJX
=SY[MPPJMRHXLEXMXMWRSXEP[E]WTSWWMFPIXSYWIXLMWOMRHSJTEVEPPIP[SVH
MRK7SQIWTIIGLIWNYWXHSRtXPIRHXLIQWIPZIWXSWYGLEXMH]EVVERKIQIRX&YX
XV]XSOIIT XLI [SVHMRK TEVEPPIP [LIR]SYGERJSV MX MW E KSSH[E]XS QEOI
]SYVQEMRTSMRXWWXERHSYXJVSQXLIHIXEMPWWYVVSYRHMRKXLIQ
&EPERGIXLI%QSYRXSJ8MQI(IZSXIHXS1EMR4SMRXW
&IGEYWI]SYVQEMRTSMRXWEVIWSMQTSVXERX]SY[ERXXSFIWYVIXLI]EPPVIGIMZI
IRSYKL IQTLEWMWXSFIGPIEVERHGSRZMRGMRK 8LMW QIERW EPPS[MRKWYJJMGMIRX
XMQIXSHIZIPSTIEGLQEMRTSMRX7YTTSWI]SYHMWGSZIVXLEXXLITVSTSVXMSRSJ
XMQIHIZSXIHXS]SYVQEMRTSMRXWMWWSQIXLMRKPMOIXLMW
- TIVGIRX
-- TIVGIRX
--- TIVGIRX
%FVIEOHS[RSJXLMWWSVXMRHMGEXIWSRISJX[SXLMRKW)MXLIVTSMRXW--ERH---
EVIRtXVIEPP]QEMRTSMRXWERH]SYLEZISRP]SRIQEMRTSMRXSVTSMRXW--ERH
---LEZIRtXFIIRKMZIRXLIEXXIRXMSRXLI]RIIH-JXLIPEXXIV]SYWLSYPHVIZMWI
XLIFSH]SJXLIWTIIGLXSFVMRKXLIQEMRTSMRXWMRXSFIXXIVFEPERGI
8LMWMWRSXXSWE]XLEXEPPQEMRTSMRXWQYWXVIGIMZII\EGXP]IUYEPIQTLEWMW
FYXSRP]XLEXXLI]WLSYPHFIVSYKLP]FEPERGIH*SVI\EQTPIIMXLIVSJXLIJSP
PS[MRK[SYPHFIJMRI
8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH
GSQTPI\MX]SJWYTTSVXMRKQEXIVMEPWJSVIEGLTSMRX
1EMR4SMRXW
0YGEW8LI%VXSJ4YFPMG 3VKERM^MRKXLI&SH]SJ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR XLI7TIIGL 'SQTERMIW
7YTTSVXMRK1EXIVMEPW
&]XLIQWIPZIWQEMRTSMRXWEVISRP]EWWIVXMSRW%W[IWE[MR'LETXIVPMWXIR
IVW RIIH WYTTSVXMRK QEXIVMEPW XS EGGITX [LEX E WTIEOIV WE]W ;LIR XLI WYT
TSVXMRKQEXIVMEPWEVIEHHIHXLIFSH]SJEWTIIGLPSSOWPMOIXLIJSPPS[MRKMR
SYXPMRIJSVQ
-R 'LETXIV [I HMWGYWWIH XLI QENSV OMRHW SJ WYTTSVXMRK QEXIVMEPW ERH
LS[XSYWIXLIQ,IVI[IRIIHWXVIWWSRP]XLIMQTSVXERGISJSVKERM^MRK]SYV
WYTTSVXMRKQEXIVMEPWWSXLI]EVIHMVIGXP]VIPIZERXXSXLIQEMRTSMRXWXLI]EVI
WYTTSWIHXSWYTTSVX1MWTPEGIHWYTTSVXMRKQEXIVMEPWEVIGSRJYWMRK,IVItWER
I\EQTPI
- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW
%3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH
7XEXIW
&1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX]
'3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ
(7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR
8LIQEMRTSMRXHIEPW[MXLXLIVIEWSRWMQQMKVERXWGSQIXSXLI9RMXIH7XEXIW
EWHSWYTTSVXMRKTSMRXW&'ERH(7YTTSVXMRKTSMRX%q3ZIVXLI]IEVWQMP
PMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIWr
HSIW RSX -X MW SYX SJ
TPEGIERHWLSYPHRSXFIMRGPYHIH[MXLXLMWQEMRTSMRX
-J]SYJMRHWYGLEWMXYEXMSRMR]SYVS[RWTIIGLIWXV]XSVISVKERM^I]SYV
WYTTSVXMRKTSMRXWYRHIVETTVSTVMEXIQEMRTSMRXWPMOIXLMW
- 3ZIVXLI]IEVWQMPPMSRWSJTISTPILEZIMQQMKVEXIHXSXLI9RMXIH7XEXIW
%7MRGIXLI%QIVMGER6IZSPYXMSREPQSWXQMPPMSRTISTPILEZI
MQQMKVEXIHXSXLI97
&8SHE]XLIVIEVIQMPPMSR%QIVMGERW[LS[IVIFSVRMRSXLIVGSYRXVMIW
-- 8LIVIEVIWIZIVEPVIEWSRW[L]TISTPIMQQMKVEXIXSXLI9RMXIH7XEXIW
%1ER]TISTPIMQQMKVEXIMRWIEVGLSJIGSRSQMGSTTSVXYRMX]
&3XLIVWMQQMKVEXIXSEXXEMRTSPMXMGEPJVIIHSQ
'7XMPPSXLIVWMQQMKVEXIXSIWGETIVIPMKMSYWTIVWIGYXMSR
2S[ ]SY LEZI X[S WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qQMPPMSRW SJ TISTPIr
TSMRXERHXLVIIWYTTSVXMRKTSMRXWXSFEGOYT]SYVqVIEWSRWrTSMRX
3RGI]SYLEZISVKERM^IH]SYVQEMRTSMRXWERHWYTTSVXMRKTSMRXW]SY
QYWX KMZI EXXIRXMSR XS XLI XLMVH IPIQIRX MR XLI FSH] SJ E WTIIGLh
GSRRIGXMZIW
'SRRIGXMZIW
'EVPE1EKKMS[EWWTIEOMRKXSLIVGPEWWEFSYXXLIRIIHJSVQIHMGEPQEPTVEGXMGI
VIJSVQ7LILEHVILIEVWIHXLIWTIIGLWIZIVEPXMQIWLEHE[IPPHIJMRIHGIRXVEP
MHIE XLVII WLEVT QEMR TSMRXW ERH WXVSRK IZMHIRGI XS WYTTSVX LIV TSWMXMSR
&YX [LIR 'EVPE HIPMZIVIH XLI WTIIGL WLI WEMH q%PP VMKLXr IZIV] XMQI WLI
QSZIH JVSQ SRI XLSYKLX XS XLI RI\X %JXIV E [LMPI LIV GPEWWQEXIW WXEVXIH
GSYRXMRK&]XLIIRHSJXLIWTIIGLQSWX[IVIXSSFYW][EMXMRKJSVXLIRI\X
q%PPVMKLXrXSTE]EXXIRXMSRXS'EVPEtWQIWWEKI%JXIV[EVH'EVPEWEMHq-RIZIV
IZIRXLSYKLXEFSYXWE]MRKs%PPVMKLXt-KYIWWMXNYWXTSTTIHSYX[LIR-HMHRtX
ORS[[LEXIPWIXSWE]r
;IEPPLEZIWXSGOTLVEWIWXLEX[IYWIXSJMPPXLIWTEGIFIX[IIRXLSYKLXW GSRRIGXMZI
-RGEWYEPGSRZIVWEXMSRXLI]EVIWIPHSQXVSYFPIWSQI&YXMRWTIIGLQEOMRKXLI] %[SVHSVTLVEWIXLEXGSRRIGXW
HMWXVEGXPMWXIRIVWF]GEPPMRKEXXIRXMSRXSXLIQWIPZIW XLIMHIEWSJEWTIIGLERH
;LEX'EVPEtWWTIIGLPEGOIH[IVIWXVSRKGSRRIGXMZIWh[SVHWSVTLVEWIWXLEX MRHMGEXIWXLIVIPEXMSRWLMT
NSMR SRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ FIX[IIRXLIQ
;MXLSYX GSRRIGXMZIW E WTIIGL MW HMWNSMRXIH ERH YRGSSVHMREXIHhQYGL EW E
TIVWSR [SYPH FI[MXLSYXPMKEQIRXW ERH XIRHSRW XS NSMR XLIFSRIW ERH LSPH
XLISVKERWMRTPEGI*SYVX]TIWSJWTIIGLGSRRIGXMZIWEVIXVERWMXMSRWMRXIVREP
TVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXW
86%27-8-327
8VERWMXMSRW EVI [SVHW SV TLVEWIW XLEX MRHMGEXI [LIR E WTIEOIV LEW NYWX GSQ XVERWMXMSR
TPIXIHSRIXLSYKLXERHMWQSZMRKSRXSERSXLIV8IGLRMGEPP]XLIXVERWMXMSRW %[SVHSVTLVEWIXLEXMRHMGEXIW
WXEXIFSXLXLIMHIEXLIWTIEOIVMWPIEZMRKERHXLIMHIEWLISVLIMWGSQMRKYT [LIREWTIEOIVLEWJMRMWLIH
XS-RXLIJSPPS[MRKI\EQTPIWXLIXVERWMXMSREPTLVEWIWEVIYRHIVPMRIH SRIXLSYKLXERHMWQSZMRKSR
XSERSXLIV
2S[XLEX[ILEZIEGPIEVYRHIVWXERHMRKSJXLITVSFPIQPIXQIWLEVIXLIWSPYXMSR[MXL]SY
'SRRIGXMZIW
0YGEW8LI%VXSJ4YFPMG 3VKERM^MRKXLI&SH]SJ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR XLI7TIIGL 'SQTERMIW
-LEZIWTSOIRWSJEVSJFVEZIV]ERHTEXVMSXMWQFYXMXMWXLIWEGVMJMGISJXLI1EWWEGLYWIXXW
XLXLEXLEWIXGLIHXLIQMRXSXLITEKIWSJLMWXSV]
/IITMRKXLIWITSMRXWMRQMRHEFSYXWMKRPERKYEKIPIXtWVIXYVR XSXLIWIRXIRGI-WXEVXIH
[MXLERHWIIMJ[IGERPIEVRXLIWMKRWJSVq=SYEVIQ]JVMIRHr
2SXMGILS[XLIWITLVEWIWVIQMRHXLIPMWXIRIVSJXLIXLSYKLXNYWXGSQTPIXIHEW
[IPPEWVIZIEPXLIXLSYKLXEFSYXXSFIHIZIPSTIH
-28)62%046):-);7
MRXIVREPTVIZMI[ -RXIVREPTVIZMI[WPIXXLIEYHMIRGIORS[[LEXXLIWTIEOIV[MPPXEOIYTRI\XFYX
%WXEXIQIRXMRXLIFSH]SJXLI XLI] EVI QSVI HIXEMPIH XLER XVERWMXMSRW -R IJJIGX ER MRXIVREP TVIZMI[ [SVOW
WTIIGLXLEXPIXWXLIEYHMIRGI NYWXPMOIXLITVIZMI[WXEXIQIRXMREWTIIGLMRXVSHYGXMSRI\GITXXLEXMXGSQIW
ORS[[LEXXLIWTIEOIVMWKSMRK MRXLIFSH]SJXLIWTIIGLhYWYEPP]EWXLIWTIEOIVMWWXEVXMRKXSHMWGYWWEQEMR
XSHMWGYWWRI\X TSMRX*SVI\EQTPI
%JXIVLIEVMRKXLMWXLIEYHMIRGIORS[WI\EGXP][LEXXSPMWXIRJSVEWXLIWTIEOIV
HIZIPSTWXLIqTVSFPIQrQEMRTSMRX
-RXIVREPTVIZMI[WEVISJXIRGSQFMRIH[MXLXVERWMXMSRW*SVI\EQTPI
?8VERWMXMSRA2S[XLEX[ILEZIWIIRLS[WIVMSYWXLITVSFPIQSJJEYPX]GVIHMXVITSVXW
MWPIXtWPSSOEXWSQIWSPYXMSRW?-RXIVREP4VIZMI[A-[MPPJSGYWSRXLVIIWSPYXMSRWhMRWXMXYXMRK
XMKLXIVKSZIVRQIRXVIKYPEXMSRSJGVIHMXFYVIEYWLSPHMRKGVIHMXFYVIEYWJMRERGMEPP]VIWTSR
WMFPIJSVXLIMVIVVSVWERHKMZMRKMRHMZMHYEPWIEWMIVEGGIWWXSXLIMVGVIHMXVITSVXW
=SY [MPP WIPHSQ RIIH ER MRXIVREP TVIZMI[ JSV IEGL QEMR TSMRX MR ]SYV
WTIIGLFYXFIWYVIXSYWISRI[LIRIZIV]SYXLMROMX[MPPLIPTPMWXIRIVWOIIT
XVEGOSJ]SYVMHIEW
-28)62%07911%6-)7
MRXIVREPWYQQEV] -RXIVREP WYQQEVMIW EVI XLI VIZIVWI SJ MRXIVREP TVIZMI[W 6EXLIV XLER PIXXMRK
%WXEXIQIRXMRXLIFSH]SJXLI PMWXIRIVWORS[[LEXMWGSQMRKYTRI\XMRXIVREPWYQQEVMIWVIQMRHPMWXIRIVWSJ
WTIIGLXLEXWYQQEVM^IWXLI [LEX XLI] LEZI NYWX LIEVH 7YGL WYQQEVMIW EVIYWYEPP] YWIH [LIR E WTIEOIV
WTIEOIVtWTVIGIHMRKTSMRX JMRMWLIW E GSQTPMGEXIH SV TEVXMGYPEVP] MQTSVXERX QEMR TSMRX SV WIX SJ QEMR
SVTSMRXW TSMRXW*SVI\EQTPI
-RXIVREPWYQQEVMIWEVIERI\GIPPIRX[E]XSGPEVMJ]ERHVIMRJSVGIMHIEW&]
GSQFMRMRKXLIQ[MXLXVERWMXMSRW]SYGEREPWSPIEH]SYVEYHMIRGIWQSSXLP]
MRXS]SYVRI\XQEMRTSMRX
?-RXIVREP7YQQEV]A0IXtWTEYWIJSVEQSQIRXXSWYQQEVM^I[LEX[ILEZIJSYRHWSJEV
*MVWX[ILEZIWIIRXLEX%QIVMGEtWGVMQMREPNYWXMGIW]WXIQMWPIWWIJJIGXMZIXLERMXWLSYPHFIMR
HIXIVVMRKGVMQI7IGSRH[ILEZIWIIRXLEXTVMWSRTVSKVEQWXSVILEFMPMXEXITVMWSRIVWLEZIFIIR
JEVJVSQWYGGIWWJYP?8VERWMXMSRA;IEVIRS[VIEH]XSI\TPSVIWSPYXMSRWXSXLIWITVSFPIQW
)\TIVMIRGIHWTIEOIVWMRGPYHI
XVERWMXMSRWERHSXLIVGSRRIG
XMZIWXSLIPTPMWXIRIVWOIIT
XVEGOSJXLIMVMHIEW8LIVIWYPX
MWEGVMWTTVIWIRXEXMSRXLEX
QSZIWGPIEVP]JVSQTSMRXXS
TSMRX
7-+243787
7MKRTSWXWEVIZIV]FVMIJWXEXIQIRXWXLEXMRHMGEXII\EGXP][LIVI]SYEVIMRXLI WMKRTSWX
WTIIGL*VIUYIRXP]XLI]EVINYWXRYQFIVW,IVIMWLS[SRIWXYHIRXYWIHWMQTPI %ZIV]FVMIJWXEXIQIRXXLEX
RYQIVMGEPWMKRTSWXWXSLIPTLIVEYHMIRGIOIITXVEGOSJXLIQENSVGEYWIWJSVXLI MRHMGEXIW[LIVIEWTIEOIVMWMR
GSRXMRYMRKTVSFPIQSJJEQMRIMR%JVMGE XLIWTIIGLSVXLEXJSGYWIW
EXXIRXMSRSROI]MHIEW
8LIJMVWXGEYWISJXLMWTVSFPIQMWMRIJJMGMIRXEKVMGYPXYVEPTVSHYGXMSR
8LIWIGSRHGEYWIMWVIGYVVIRXHVSYKLXMRXLIEJJIGXIHGSYRXVMIW
8LIJMREPGEYWIMWQMWQEREKIQIRXSJEZEMPEFPIJSSHVIWSYVGIWF]PSGEPPIEHIVW
%RSXLIV [E] XS EGGSQTPMWL XLI WEQI XLMRK MW XS MRXVSHYGI ]SYV QEMR
TSMRXW[MXLEUYIWXMSREWHMHSRIWXYHIRXMRLMWWTIIGLSRQEMPSVHIVJVEYH
,MW JMVWX QEMR TSMRX WLS[IH XLEX QEMPSVHIV JVEYH GSRXMRYIW XS FI E WIVMSYW
TVSFPIQHIWTMXIXLIKVS[XLSJXLI-RXIVRIX,IMRXVSHYGIHMXXLMW[E]
7SNYWXLS[WIVMSYWMWXLITVSFPIQSJQEMPSVHIVJVEYH#-WMXNYWXEJI[MWSPEXIHGEWIW
SVMWMX[MHIWTVIEHIRSYKLXSVIUYMVIWIVMSYWQIEWYVIWXSTVSXIGXGSRWYQIVW#
,MWWIGSRHQEMRTSMRXHIEPX[MXL[E]WXSGYVFQEMPSVHIVJVEYH,IMRXVSHYGIH
MXF]WE]MRK
7SLS[GER[IWSPZIXLMWTVSFPIQ#-WXLIVIE[E]XSTVSXIGXXLIVMKLXWSJPIKMXMQEXI
QEMPSVHIVGSQTERMIW[LMPIEXXEGOMRKXLIJVEYHYPIRXSRIW#
5YIWXMSRWEVITEVXMGYPEVP]IJJIGXMZIEWWMKRTSWXWFIGEYWIXLI]MRZMXIWYFPMQMREP
ERW[IVWERHXLIVIF]KIXXLIEYHMIRGIQSVIMRZSPZIH[MXLXLIWTIIGL
&IWMHIWYWMRK WMKRTSWXWXSMRHMGEXI[LIVI]SYEVIMR XLIWTIIGL]SYGER
YWIXLIQXSJSGYWEXXIRXMSRSROI]MHIEW=SYGERHSXLMW[MXLEWMQTPITLVEWI
EWMRXLIJSPPS[MRKI\EQTPI
'SRRIGXMZIW
0YGEW8LI%VXSJ4YFPMG 3VKERM^MRKXLI&SH]SJ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR XLI7TIIGL 'SQTERMIW
8LIQSWXMQTSVXERXXLMRKXSVIQIQFIVEFSYXEFWXVEGXEVXMWXLEXMXMWEP[E]WFEWIHSR
JSVQWMRXLIREXYVEP[SVPH
8LIYRHIVPMRIH[SVHWEPIVXXLIEYHMIRGIXSXLIJEGXXLEXERIWTIGMEPP]WMKRMJM
GERXTSMRXMWGSQMRKYT7SHSTLVEWIWWYGLEWXLIWI
&IWYVIXSOIITXLMWMRQMRH
8LMWMWGVYGMEPXSYRHIVWXERHMRKXLIVIWXSJXLIWTIIGL
%FSZIEPP]SYRIIHXSORS[
(ITIRHMRKSRXLIRIIHWSJ]SYVWTIIGL]SYQE][ERXXSYWIX[SXLVIISV
IZIREPPJSYVOMRHWSJGSRRIGXMZIWMRGSQFMREXMSR=SYRIIHRtX[SVV]XSSQYGL
EFSYX[LEXXLI]EVIGEPPIHh[LIXLIVXLMWSRIMWEWMKRTSWXERHXLEXEXVERWMXMSR
8LIMQTSVXERXXLMRKMWXSFIE[EVISJXLIMVJYRGXMSRW4VSTIVP]ETTPMIHGSRRIG
XMZIWGERQEOI]SYVWTIIGLIWQYGLQSVIYRMJMIHERHGSLIVIRX
7911%6=
'PIEV SVKERM^EXMSR MW ZMXEP XS WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 8LI]
KIX SRP]SRIGLERGIXSKVEWT EWTIEOIVtWMHIEWERH XLI]LEZIPMXXPITEXMIRGIJSV
WTIEOIVW[LSVEQFPIEMQPIWWP]JVSQSRIMHIEXSERSXLIV%[IPPSVKERM^IHWTIIGL
[MPP IRLERGI]SYV GVIHMFMPMX] ERHQEOIMXIEWMIVJSV XLI EYHMIRGI XS YRHIVWXERH
]SYVQIWWEKI
8LITVSGIWWSJTPERRMRKXLIFSH]SJEWTIIGLFIKMRW[LIR]SYHIXIVQMRIXLI
QEMRTSMRXW=SYWLSYPHGLSSWIXLIQGEVIJYPP]TLVEWIXLIQTVIGMWIP]ERHSVKE
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'LS]=YNYERq8VIEXQIRX4PERRMRKJSV4ERMG(MWSVHIVr
8LMW FMFPMSKVETL] JSPPS[W XLI 1SHIVR 4W]GLMEXVMG8MQIW*IFi4VMRX
0ERKYEKI %WWSGMEXMSR 10%
JSVQEX 'LIGO 9RMXIH7XEXIW(ITXSJ,IEPXLERH,YQER7IVZMGIW
[MXL]SYVMRWXVYGXSVXSWII[LEXJSVQEX]SY 2EXMSREP-RWXMXYXISJ1IRXEP,IEPXL4ERMG(MWSVHIV
WLSYPHYWIJSV]SYVFMFPMSKVETL] 2EXMSREP-RWXMXYXIWSJ,IEPXL%TV;IF
3GX
8LI7TIEOMRK3YXPMRI
q-[EWRIZIVWSI\GMXIHF]TYFPMGWTIEOMRKFIJSVIMRQ]PMJIr[VSXISRIPMWXIRIV
MREJXIVPMWXIRMRKXS(ERMIP;IFWXIVq8LVIISVJSYVXMQIW -XLSYKLXQ]
XIQTPIW[SYPHFYVWX[MXLXLIKYWLSJFPSSH-[EWFIWMHIQ]WIPJERHEQ
WSWXMPPr
7YGL VIEGXMSRW [IVI RSXYRYWYEP EQSRK ;IFWXIVtW EYHMIRGIW ,I XLVMPPIH
X[S KIRIVEXMSRW SJ %QIVMGERW [MXL LMW QEWXIVJYP SVEXMSRW -RGVIHMFPI EW MX
WIIQWXSHE]LIHMHWS[LMPIWTIEOMRKJSVWIZIVEPLSYVWEXEXMQISJXIR[MXLSYX
8LI7TIEOMRK3YXPMRI
0YGEW8LI%VXSJ4YFPMG 3YXPMRMRKXLI7TIIGL 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
YWMRKER]RSXIW%VITSVXIVSRGIEWOIHLS[LIQEREKIHXLMWq-XMWQ]QIQ
SV]r;IFWXIVWEMHq-GERTVITEVIEWTIIGLVIZMWIERHGSVVIGXMXMRQ]QIQSV]
XLIRHIPMZIVXLIGSVVIGXIHWTIIGLI\EGXP]EWJMRMWLIHr
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MW RS PSRKIV GYWXSQEV] XS WTIEO JVSQ QIQSV] 8SHE] QSWX TISTPI WTIEO
I\XIQTSVERISYWP]h[LMGL QIERW XLI WTIIGL MW GEVIJYPP] TVITEVIH ERH TVEG
XMGIHMREHZERGIFYXQYGLSJXLII\EGX[SVHMRKMWWIPIGXIH[LMPIXLIWTIIGLMW
FIMRKHIPMZIVIHWII'LETXIV
=SYVWTIIGLIW[MPPTVSFEFP]FISJXLMWX]TI
=SY WLSYPH ORS[ XLIR EFSYX XLI WTIEOMRK SYXPMRIhXLI QSWX [MHIP] VIGSQ
QIRHIHJSVQSJRSXIWJSVI\XIQTSVERISYWWTIIGLIW
WTIEOMRKSYXPMRI 8LIEMQSJEWTIEOMRKSYXPMRIMWXSLIPT]SYVIQIQFIV[LEX]SY[ERXXS
%FVMIJSYXPMRIYWIHXSNSKE WE] -R WSQI [E]W MX MW E GSRHIRWIH ZIVWMSR SJ ]SYV TVITEVEXMSR SYXPMRI -X
WTIEOIVtWQIQSV]HYVMRKXLI WLSYPHGSRXEMROI][SVHWSVTLVEWIWXSNSK]SYVQIQSV]EW[IPPEWIWWIRXMEP
TVIWIRXEXMSRSJEWTIIGL WXEXMWXMGWERHUYSXEXMSRWXLEX]SYHSRtX[ERXXSVMWOJSVKIXXMRK&YXMXWLSYPH
EPWSMRGPYHIQEXIVMEPRSXMR]SYVTVITEVEXMSRSYXPMRIhIWTIGMEPP]GYIWXSHMVIGX
ERHWLEVTIR]SYVHIPMZIV]
1SWXWTIEOIVWHIZIPSTXLIMVS[RZEVMEXMSRWSRXLIWTIEOMRKSYXPMRI%W]SY
EGUYMVIQSVII\TIVMIRGI]SYXSSWLSYPHJIIPJVIIXSI\TIVMQIRX&YXJSVRS[
]SYV FIWX FIX MW XS JSPPS[ XLI FEWMG KYMHIPMRIW FIPS[ ERH XS YWI XLI WEQTPI
WTIEOMRKSYXPMRISRTEKIWiEW]SYVQSHIP
9-()0-2)7*368,)74)%/-2+3980-2)
+
*SPPS[XLI:MWYEP*VEQI[SVO9WIHMRXLI4VITEVEXMSR3YXPMRI
=SYVWTIEOMRKSYXPMRIWLSYPHYWIXLIWEQIZMWYEPJVEQI[SVOhXLIWEQIW]Q
FSPW ERH XLI WEQI TEXXIVR SJ MRHIRXEXMSRhEW ]SYV TVITEVEXMSR SYXPMRI 8LMW
[MPPQEOIMXQYGLIEWMIVXSTVITEVIXLIWTIEOMRKSYXPMRI1SVIMQTSVXERXMX
[MPP EPPS[ ]SY XS WII MRWXERXP] [LIVI ]SY EVI MR XLI WTIIGL EX ER] KMZIR
QSQIRX[LMPI]SYEVIWTIEOMRK=SY[MPPJMRHXLMWEKVIEXEHZERXEKI%W]SY
WTIEO ]SY [MPP PSSO HS[R EX ]SYV SYXPMRI TIVMSHMGEPP] XS QEOI WYVI ]SY EVI
GSZIVMRKXLIVMKLXMHIEWMRXLIVMKLXSVHIV
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JVSQ ER MRJSVQEXMZI WTIIGL EFSYX XLI LMWXSV] SJ XLI 97 [SQIRtW VMKLXW
QSZIQIRX
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- i - i
% ;SVPH%RXM7PEZIV] % ;SVPH%RXM7PEZIV]
'SRZIRXMSR 'SRZIRXMSR
& 7 IRIGE*EPPWGSRZIRXMSR & 7IRIGE*EPPWGSRZIRXMSR
0YGVIXME1SXX 0 YGVIXME1SXX
)PM^EFIXL'EH]7XERXSR ) PM^EFIXL'EH]7XERXSR
(IGPEVEXMSRSJ7IRXMQIRXW ( IGPEVEXMSRSJ7IRXMQIRXW
-- i -- i
% 2 EXMSREP%QIVMGER;SQER % 2EXMSREP%QIVMGER;SQER
7YJJVEKI%WWSGMEXMSR 7YJJVEKI%WWSGMEXMSR
*SYRHMRK * SYRHMRK
3FNIGXMZIW 3FNIGXMZIW
& 2MRIXIIRXL%QIRHQIRX & 2MRIXIIRXL%QIRHQIRX
'EQTEMKR 'EQTEMKR
6EXMJMGEXMSR 6EXMJMGEXMSR
1ER]I\TIVMIRGIHWTIEOIVW
EVIQSVIGSQJSVXEFPI[MXLE
FVMIJWIXSJRSXIWSVRSRSXIW
EXEPP[LMGLEPPS[WXLIQXS
QEMRXEMRI]IGSRXEGXERHXS
GSQQYRMGEXIHMVIGXP][MXL
XLIEYHMIRGI
8LI[SVHMRKSJFSXLSYXPMRIWMWI\EGXP]XLIWEQI&YXXLIZMWYEPJVEQI[SVOSJ
XLISRISRXLIVMKLXQEOIWMXIEWMIVXSXEOIMREXEKPERGIERHVIHYGIWXLISHHW
SJXLIWTIEOIVPSWMRKLIVSVLMWTPEGI
1EOI7YVIXLI3YXPMRI-W0IKMFPI
=SYVWTIEOMRKSYXPMRIMWEPPFYX[SVXLPIWWYRPIWWMXMWMRWXERXP]VIEHEFPIEXEHMW
XERGI;LIR]SYQEOI]SYVSYXPMRIYWIPEVKIPIXXIVMRKPIEZII\XVEWTEGIFIX[IIR
PMRIWTVSZMHIEQTPIQEVKMRWERH[VMXISVX]TISRSRP]SRIWMHISJXLITETIV
7SQIWTIEOIVWTYXXLIMVRSXIWSRMRHI\GEVHW1SWXJMRHXLI WM^IXSS
GVEQTIHERHTVIJIVXLI SV WM^IMRWXIEH3XLIVTISTPI[VMXIXLIMV
WTIEOMRKSYXPMRIWSRVIKYPEVTETIV)MXLIVTVEGXMGIMWJMRIEWPSRKEW]SYVRSXIW
EVIMQQIHMEXIP]PIKMFPIXS]SY[LMPI]SYEVIWTIEOMRK
/IITXLI3YXPMRIEW&VMIJEW4SWWMFPI
-J]SYVRSXIWEVIXSSHIXEMPIH]SY[MPPLEZIHMJJMGYPX]QEMRXEMRMRKI]IGSRXEGX
[MXL]SYVEYHMIRGI%HIXEMPIHSYXPMRI[MPPXIQTX]SYXSPSSOEXMXJEVXSSSJXIR
EWSRIWXYHIRXHMWGSZIVIH
%RKIPE +VEREXS [EW WTIEOMRK EFSYX XLI FIRIJMXW SJ 4MPEXIW 7LI LEH TVITEVIH XLI
WTIIGLXLSVSYKLP]ERHTVEGXMGIHMXYRXMPMX[EWRIEVP]TIVJIGX&YX[LIRWLIHIPMZIVIHXLI
WTIIGLMRGPEWWWLIVIJIVVIHGSRWXERXP]XSLIVHIXEMPIHRSXIW%WEVIWYPXLIVHIPMZIV][EW
GLSTT]ERHWXVEMRIH%JXIVXLIWTIIGL%RKIPEtWGPEWWQEXIWVIQEVOIHSRLS[SJXIRWLILEH
PSSOIHEXLIVRSXIWERHWLI[EWEQE^IHq-HMHRtXIZIRORS[-[EWHSMRKMXrWLIWEMH
q1SWXSJXLIXMQI-[EWRtXIZIRTE]MRKEXXIRXMSRXSXLISYXPMRI-ORI[XLIWTIIGLGSPHr
1ER]WXYHIRXWLEZILEHXLIWEQII\TIVMIRGIq%WPSRKEW-LEZITPIRX]SJ
RSXIWrXLI]JIIPqHMWEWXIV[MPPRSXWXVMOIr-RJEGXQSWXFIKMRRMRKWTIEOIVWYWI
XSS QER] RSXIW 0MOI %RKIPE XLI] HSRtX RIIH EPP SJ XLIQ XS VIQIQFIV XLI
WTIIGL ERH XLI] JMRH XLEX XSS QER] RSXIW GER EGXYEPP] MRXIVJIVI [MXL KSSH
GSQQYRMGEXMSR
8LI7TIEOMRK3YXPMRI
0YGEW8LI%VXSJ4YFPMG 3YXPMRMRKXLI7TIIGL 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
8S KYEVH EKEMRWX XLMW OIIT ]SYV WTIEOMRK SYXPMRI EW FVMIJ EW TSWWMFPI -X
WLSYPHGSRXEMROI][SVHWSVTLVEWIWXSLIPT]SYVIQIQFIVQENSVTSMRXWWYF
TSMRXWERHGSRRIGXMZIW-J]SYEVIGMXMRKWXEXMWXMGW]SY[MPPTVSFEFP][ERXXS
MRGPYHI XLIQ MR ]SYV RSXIW 9RPIWW ]SY EVI KSSH EX QIQSVM^MRK UYSXEXMSRW
[VMXIXLIQSYXJYPP]EW[IPP*MREPP]XLIVIQE]FIX[SXLVIISVJSYVOI]MHIEW
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WIRXIRGIW8LIFIWXVYPIMWXLEX]SYVRSXIWWLSYPHFIXLIQMRMQYQ]SYRIIHXS
NSK]SYVQIQSV]ERHOIIT]SYSRXVEGO
+MZI=SYVWIPJ'YIWJSV(IPMZIVMRKXLI7TIIGL
%KSSHWTIEOMRKSYXPMRIVIQMRHW]SYRSXSRP]SJ[LEX]SY[ERXXSWE]FYXEPWS
SJ LS[ ]SY [ERX XS WE] MX %W ]SY TVEGXMGI XLI WTIIGL ]SY [MPP HIGMHI XLEX
GIVXEMRMHIEWERHTLVEWIWRIIHWTIGMEPIQTLEWMWhXLEXXLI]WLSYPHFIWTSOIR
QSVIPSYHP]WSJXP]WPS[P]SVVETMHP]XLERSXLIVTEVXWSJXLIWTIIGL=SY[MPP
EPWS HIXIVQMRI LS[ ]SY [ERX XS TEGI XLI WTIIGLhLS[ ]SY [MPP GSRXVSP MXW
XMQMRK VL]XLQ ERH QSQIRXYQ &YX RS QEXXIV LS[ ]SY [SVO XLIWI XLMRKW
SYXELIEHSJXMQIRSQEXXIVLS[SJXIR]SYTVEGXMGIMXMWIEW]XSJSVKIXXLIQ
SRGI]SYKIXMRJVSRXSJEREYHMIRGI
HIPMZIV]GYIW 8LIWSPYXMSRMWXSMRGPYHIMR]SYVWTIEOMRKSYXPMRIHIPMZIV]GYIWhHMVIGXMSRW
(MVIGXMSRWMREWTIEOMRKSYXPMRI JSV HIPMZIVMRK XLI WTIIGL 3RI [E] XS HS XLMW MW F] YRHIVPMRMRK SV SXLIV[MWI
XSLIPTEWTIEOIVVIQIQFIV LMKLPMKLXMRKOI]MHIEWXLEX]SY[ERXXSFIWYVIXSIQTLEWM^I8LIR[LIR]SY
LS[WLISVLI[ERXWXSHIPMZIV VIEGLXLIQMRXLISYXPMRI]SY[MPPFIVIQMRHIHXSWXVIWWXLIQ%RSXLIV[E]
OI]TEVXWSJXLIWTIIGL MW XS NSX HS[R SR XLI SYXPMRI I\TPMGMX GYIW WYGL EW qTEYWIr qVITIEXr qWPS[
HS[Rr qPSYHIVr ERH WS JSVXL &SXL XIGLRMUYIW EVI KSSH EMHW JSV FIKMRRMRK
WTIEOIVWFYXXLI]EVIEPWSYWIHF]QSWXI\TIVMIRGIHWTIEOIVW
7%140)74)%/-2+3980-2);-8,'311)28%6=
&IPS[ MW E WEQTPI WTIEOMRK SYXPMRI JSV E WM\QMRYXI MRJSVQEXMZI XEPO EFSYX
TERMG EXXEGOW &] GSQTEVMRK MX [MXL XLI TVITEVEXMSR SYXPMRI JSV XLI WEQI
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PMWLI]IGSRXEGXERHRSXXSVEGIXLVSYKLXLI
WTIIGL 7PS[(S[R
- 'ERtXFVIEXLIEVQWXMRKPMRKHM^^]LIEVXJP]MRK
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PEYRGLMRK MRXS XLI JMVWX QEMR TSMRX 8LMW MW
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MRKJVSQXLIMRXVSHYGXMSRXSXLIFSH]
&SH]
1SWX WTIEOIVW JMRH MX LIPTJYP XS HIQEVGEXI
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- 7IZIVIGSRHMXMSR[MXLTL]WMGEPERHQIRXEPW]QTXSQW
PMRIEW[IPPEWMRXLITVITEVEXMSRSYXPMRI
% (IJMRIHF]2-1,qYRI\TIGXIHERHVITIEXIHITMWSHIW
5YSXEXMSRWEVIYWYEPP][VMXXIRSYXMRJYPPMR SJMRXIRWIJIEVEGGSQTERMIHF]TL]WMGEPW]QTXSQWr
XLIWTIEOMRKSYXPMRI 'SQISYXSJRS[LIVI
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8LMW QEOIW XLI SYXPMRI IEW] XS VIEH EX E XMRKPMRK
KPERGI 1IRXEPhJIEVHMWEWXIVSVLIPTPIWWRIWWHIXEGLIH
JVSQFSH]
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HSIWRtXJSVKIXXLIQ
-- %JJIGXQMPPMSRWSJTISTPI
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OI][SVHWSVMHIEW & +VSYTW[MXLLMKLIVMRGMHIRGI
2-1,;SQIRX[MGIEWSJXIREWQIR
1SWXTISTPIHIZIPSTW]QTXSQWFIJSVIEKI
+MZIRWIZIVMX][SRHIVLS[XVIEXIH
8LVSYKLSYXXLISYXPMRIOI][SVHWEVIYWIHXS --- 8[SQENSVSTXMSRWJSVXVIEXQIRX
NSK XLI WTIEOIVtW QIQSV] &IGEYWI XLI JMREP % 1IHMGEXMSR
[SVHMRKSJERI\XIQTSVERISYWWTIIGLMWGLS %RXMHITVIWWERXWQSWXTVIWGVMFIH
WIR EX XLI QSQIRX SJ HIPMZIV] MX [MPP RSX FI 6IEVVERKIFVEMRtWGLIQMGEPPIZIPW
I\EGXP] XLI WEQI EW XLEX MR XLI TVITEVEXMSR & 'SKRMXMZIFILEZMSVEPXLIVET]
SYXPMRI 8IGLRMUYIWXSGSRXVSPW]QTXSQWERHJIIPMRKW
E &VIEXLMRK
7SYVGIW SJ WXEXMWXMGW SV XIWXMQSR] WLSYPH FI F 8LSYKLXTEXXIVRW
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XLIWTIEOIVMHIRXMJMIWXLIQHYVMRKXLIWTIIGL (MWSVHIVW
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MRKXLIGSRGPYWMSR
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1SWX WTIEOIVW PEFIP XLI GSRGPYWMSR MR XLI
WTIEOMRKSYXPMRIEW[IPPEWMRXLITVITEVEXMSR - %W[ILEZIWIIRTERMGEXXEGOWEJJIGXQMPPMSRWSJTISTPI
SYXPMRI -- *SVXYREXIP]XLIVIEVIXVIEXQIRXWJSVTVIZIRXMRKERHHIEP
MRK[MXLEXXEGOW
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EVIERH[LEX-GERHSEFSYXXLIQ
8LI7TIEOMRK3YXPMRI
0YGEW8LI%VXSJ4YFPMG 3YXPMRMRKXLI7TIIGL 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
7911%6=
3YXPMRIWEVIIWWIRXMEPXSIJJIGXMZIWTIIGLIW&]SYXPMRMRK]SYQEOIWYVIXLEXVIPEXIH
MHIEWEVIXSKIXLIVXLEX]SYVXLSYKLXWJPS[JVSQSRIXSERSXLIVERHXLEXXLIWXVYG
XYVISJ]SYVWTIIGLMWGSLIVIRX=SY[MPPTVSFEFP]YWIX[SOMRHWSJSYXPMRIWJSV]SYV
WTIIGLIWhXLIHIXEMPIHTVITEVEXMSRSYXPMRIERHXLIFVMIJWTIEOMRKSYXPMRI
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PEFIP XLI MRXVSHYGXMSR FSH] ERH GSRGPYWMSR ERH HIWMKREXI XVERWMXMSRW MRXIVREP
WYQQEVMIWERHMRXIVREPTVIZMI[W=SYWLSYPHMHIRXMJ]QEMRTSMRXWWYFTSMRXWERH
WYFWYFTSMRXW F] E GSRWMWXIRX TEXXIVR SJ W]QFSPM^EXMSR ERH MRHIRXEXMSR =SYV
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EW[IPPEWIWWIRXMEPWXEXMWXMGWERHUYSXEXMSRW1EOIWYVI]SYVWTIEOMRKSYXPMRIMWPIK
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GYIWJSVHIPMZIVMRKXLIWTIIGL
/)=8)617
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6):-);59)78-327
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XLISYXPMRI
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I\TPSVEXMSR
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& XERXMRQIHMGMRI
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PMRIWJSVEWTIEOMRKSYXPMRIHMWGYWWIHMRXLMWGLETXIV
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
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XSXLINYV]FIJSVIMXFIKMRWMXWHIPMFIVEXMSRW%JXIVVIZMI[MRKIZMHIRGIJVSQXLIXVMEP]SY
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MRGPYHMRK&PEGO)RKPMWL.I[MWL)RKPMWL,MWTERMG)RKPMWLERH'ENYR)RKPMWL
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LIVIXYVRIHLMWFSH]WEMHq-EQGSRJMHIRXERHMRGSRXVSPSJXLIWMXYEXMSR-LEZIWSQIXLMRK
[SVXL[LMPIXSWE]ERH-[ERX]SYXSXLMROWSXSSr
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VIWTSRHXSEWTIEOIV,S[[IYWIXLIWIERHSXLIVFSH]QSXMSRWXSGSQQYRM 8LIWXYH]SJFSH]QSXMSRW
GEXI MW XLI WYFNIGX SJ E JEWGMREXMRK EVIE SJ WXYH] GEPPIH OMRIWMGW 3RI SJ MXW EWEW]WXIQEXMGQSHISJ
JSYRHIVW6E]&MVH[LMWXIPPIWXMQEXIHXLEXQSVIXLERTL]WMGEPWMKREPW GSQQYRMGEXMSR
GERFIWIRXXLVSYKLFSHMP]QSZIQIRX7XYHMIWLEZIWLS[RXLEXXLIWIWMKREPW
LEZIEWMKRMJMGERXMQTEGXSRXLIQIERMRKGSQQYRMGEXIHF]WTIEOIVW6IWIEVGL
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WTIIGL
% RYQFIV SJ WXYHMIW LEZI GSRJMVQIH XLEX TIVWSREP ETTIEVERGI TPE]W ER
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13:)1)28
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EWTIIGL7SQITEGIRSRWXSTFEGOERHJSVXLEGVSWWXLITSHMYQJIEVMRKXLEXMJ
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SRI JSSX XS XLI SXLIV JMHKIX [MXL XLIMVRSXIW SV NMRKPI GSMRW MR XLIMV TSGOIXW
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QERRIVMWQW]SYVXIEGLIV[MPPMHIRXMJ]XLIQWS]SYGER[SVOSRGSRXVSPPMRK
XLIQ;MXLEPMXXPIGSRGIRXVEXMSRXLIWIQERRIVMWQWWLSYPHHMWETTIEVEW]SY
FIGSQIQSVIGSQJSVXEFPIWTIEOMRKMRJVSRXSJEREYHMIRGI
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[EMXXSQEOIWYVIXLIEYHMIRGIMWTE]MRKEXXIRXMSR)WXEFPMWLI]IGSRXEGX[MXL
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9RPIWW ]SY EVI WXE]MRK EX XLI PIGXIVR XS ERW[IV UYIWXMSRW GSPPIGX ]SYV RSXIW
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ERHSRISJXLIQSWXIJJIGXMZIhXLMRKW]SYGERHSXSMQTVSZI]SYVMQEKI[MXL
EREYHMIRGI
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[MXLXLIMVLERHWq7LSYPH-GPEWTXLIQFILMRHQ]FEGO#0IXXLIQLERKEXQ]
WMHIW#6IWXXLIQSRXLIPIGXIVR#%RH[LEXEFSYXKIWXYVMRK#;LIRWLSYPH-HS
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ZIVWEXMSRWIIQXSVIKEVHXLIQEWE[O[EVHETTIRHEKIW[LIRWTIEOMRKFIJSVI
EREYHMIRGI
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EFSYX ER] SXLIV EWTIGX SJ WTIIGL HIPMZIV] %HVSMX KIWXYVIW GER EHH XS XLI 1SXMSRWSJEWTIEOIVtWLERHWSV
MQTEGXSJEWTIIGLFYXIJJIGXMZIWTIEOIVWHSRSXRIIHEZEWXVITIVXSMVISJKIW EVQWHYVMRKEWTIIGL
XYVIW7SQIEGGSQTPMWLIHWTIEOIVWKIWXYVIJVIUYIRXP]SXLIVWLEVHP]EXEPP8LI
TVMQEV]VYPIMWXLMW;LEXIZIVKIWXYVIW]SYQEOIWLSYPHRSXHMWXVEGXJVSQ]SYV
QIWWEKI8LI]WLSYPHETTIEVREXYVEPERHWTSRXERISYWLIPTGPEVMJ]SVVIMRJSVGI
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IPMQMREXIHXLIWIHMWXVEGXMSRWJSVKIXEFSYX]SYVLERHW8LMROEFSYXGSQQYRM
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GSYRXW % FPERO WXEVI MW EPQSWX EW FEH EW RS I]I GSRXEGX EX EPP 7S MW E JMIVGI
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*MKYVI TEKI
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TISTPI[LSLEZIRSFEGOKVSYRHMRVIEHMRKKVETLW *MKYVI TEKI
MW
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TEKI
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XLIQSREGLEVXXLIWTIEOIVQEHIMXIEWMIVJSVPMWXIRIVWXSOIITXLIMRJSVQEXMSR
WXVEMKLX0SSOEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMWGLETXIV
XSWIILS[XLIWXYHIRXTVIWIRXIHXLIGLEVXHYVMRKLIVWTIIGL
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MRGPYHMRK SRI SYXPMRMRK XLI WXITW MR IQIVKIRG] XVIEXQIRX SJ WREOIFMXIW
%RSXLIV WTIEOIV YWIH GLEVXW XS LIPT LIV PMWXIRIVW OIIT XVEGO SJ XLI WXITW
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*SVI\EQTPIMREWTIIGLEFSYXWO]WGVETIVWSRIWXYHIRXMRGPYHIHMRJSVQE
GSRRIGXPYGEWGSQ
XMSREFSYXXLI[SVPHtWJMZIXEPPIWXFYMPHMRKW,IGVIEXIHE4S[IV4SMRXWPMHIXLEX :MI[XLMWI\GIVTXJVSQ
WLS[IHXLITVSKVIWWMSRSJFYMPHMRKWJVSQWLSVXIWXXSXEPPIWXEGGSQTERMIHF] q8LI9TWERH(S[RWSJ
ETLSXSKVETLSJIEGL&]YWMRK4S[IV4SMRXtWERMQEXMSRJIEXYVILI[EWEFPI 7O]WGVETIVWrMRXLISRPMRI
XS GSRXVSP XLI HMWTPE] SJ IEGL FYMPHMRK WS MX GEQI SR WGVIIR NYWX EW LI [EW 1IHME0MFVEV]JSVXLMW
HMWGYWWMRKMX%W]SYGERWIIMR:MHIS'PMT%MRXLISRPMRI1IHME0MFVEV] ETTIRHM\:MHIS'PMT%
JSVXLMWETTIRHM\XLIVIMWRS[E]LIGSYPHLEZIEGLMIZIHXLIWEQIVIWYPX[MXL
EXVEHMXMSREPZMWYEPEMH
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GYWWIW +ISVKIW 7IYVEXtW JEQSYW TEMRXMRK 7YRHE] %JXIVRSSR SR XLI -WPERH SJ PE
+VERH.EXXI8LIWTIEOIVYWIWEWIVMIWSJ4S[IV4SMRXWPMHIWXSWLS[HIXEMPWSJXLI
TEMRXMRK XLEX GSYPH RSX LEZI FIIR WIIR SXLIV[MWI ,I EPWS HSIW ER I\GIPPIRX
NSFSJI\TPEMRMRKIEGLWPMHIEWLIKSIWEPSRK
GSRRIGXPYGEWGSQ
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WMQMPEVQERRIVXSIRLERGI]SYVMHIEW%XXLIWEQIXMQIVIQIQFIVXLEXXSS q+ISVKIW7IYVEXERHXLI%VX
QER] ZMWYEPWhSV TSSV ZMWYEPWhGER HS QSVI LEVQ XLER KSSH &I GVIEXMZI SJ4SMRXMPPMWQrMRXLISRPMRI
ERH VIWSYVGIJYP [MXLSYX EPPS[MRK 4S[IV4SMRX XS SZIV[LIPQ ]SYV IRXMVI 1IHME0MFVEV]JSVXLMW
WTIIGL ETTIRHM\:MHIS'PMT%
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EPWMRXLISRPMRI7TIIGL8SSPWJSVXLMWETTIRHM\EXGSRRIGXPYGEWGSQ=SYGER
WIPIGX JVSQ 4S[IV4SMRX SV 4S[IV4SMRX HITIRHMRK SR [LMGL ZIV
WMSRMWSR]SYVGSQTYXIV8LIXYXSVMEPW[MPPPIEH]SYWXITF]WXITXLVSYKLXLI
IRXMVITVSGIWWSJGVIEXMRKERHJSVQEXXMRKWPMHIW,IVI[IJSGYWPIWWSRXIGLRM
GEP MRJSVQEXMSR XLER SR TVMRGMTPIW JSV XLI YWI SJ GSPSV XI\X JSRXW MQEKIW
WTEGIERHERMQEXMSR
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EPP SJ XLIQ &YX XS TVSHYGI IJJIGXMZI WPMHIW ]SY RIIH XS WXMGO XS E PMQMXIH GSRRIGXPYGEWGSQ
RYQFIVSJGSPSVWERHYWIXLIQ GSRWMWXIRXP]9WISRIGSPSVJSVFEGOKVSYRH *SVWXITF]WXITKYMHIWXS
SRIGSPSV JSV XMXPIWERH SRI GSPSVJSVSXLIV XI\X XLVSYKLSYXEPP ]SYVWPMHIW GVIEXMRK4S[IV4SMRXWPMHIW
8LMW GSRWMWXIRG] [MPP YRMJ] XLI WPMHIW ERH KMZI ]SYV WTIIGL E TVSJIWWMSREP GLIGOXLIXYXSVMEPWMRXLI
ETTIEVERGI SRPMRI7TIIGL8SSPWJSVXLMW
;LIR4S[IV4SMRX[EWJMVWXHIZIPSTIHQSWX I\TIVXWVIGSQQIRHIHYWMRK ETTIRHM\
PMKLXXI\XSREHEVOFEGOKVSYRH8SHE]HEVOXI\XSREPMKLXFEGOKVSYRHMWYWIH
NYWXEWSJXIR -R QSWXGEWIW IMXLIV MW JMRIEWPSRKEWXLIVIMWIRSYKLGSRXVEWX
FIX[IIRXLIGSPSVWXSQEOIXLIWPMHIWIEW]XSVIEH
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0YGEW8LI%VXSJ4YFPMG 9WMRK:MWYEP%MHW 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
8)<8
1SWX4S[IV4SMRXWPMHIWGSRXEMRWSQIOMRHSJXI\X-XQMKLXFIRSQSVIXLERE
XMXPIMRHMGEXMRKXLIWYFNIGXSJXLIWPMHISVMXQMKLXMRGPYHIWIZIVEPPMRIWMRXLI
FSH] SJ XLI WPMHI 8I\X GER FI YWIH F] MXWIPJ SV MR GSRNYRGXMSR [MXL TLSXS
KVETLWGLEVXWHVE[MRKWERHSXLIVMQEKIW
;LEXIZIVOMRHSJXI\X ]SYMRGPYHIMXWLSYPHFIFVMIJ3RISJXLIFMKKIWX
QMWXEOIWTISTPIQEOI[LIRYWMRK4S[IV4SMRXMW TYXXMRK XSSQYGLXI\XSRE
WMRKPI WPMHI % KIRIVEP VYPI JSV WPMHIW XLEX GSRXEMR SRP] XI\X MW XS MRGPYHI RS
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QYPXMTPIWPMHIW
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WPMHI MW RSXFSKKIHHS[R[MXL MRJSVQEXMSR TVIWIRXMRKSRP]ER MQEKI SJXLI
WXEXYIWEW[IPPEWEXMXPIERHXI\XMHIRXMJ]MRKXLIPSGEXMSRSJ)EWXIV-WPERHERH
XLIHEXIMX[EWHMWGSZIVIHF])YVSTIERW&IGEYWIXLIWPMHIMWWMQTPIERHGPIEV
XLIWTIEOIV[EWEFPIXSTVIWIRXMXWYGGMRGXP]ERHQSZIXSLIVRI\XTSMRX
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WIVMJJSRX 4S[IV4SMRX LEW HS^IRW SJ JSRXW XS GLSSWI JVSQ FYX XLI] EPP JEPP MRXS SRI SV
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IHKIWSRXLIPIXXIVW SRIEGLPIXXIVPMOIXLIX]TI]SYEVIVIEHMRKVMKLXRS[7ERWWIVMJJSRXWHSRSX
LEZIXEMPWPMOIXLIX]TIYWIHJSVXLILIEHMRK*SRXWEXXLIWXEVXSJXLMWWIGXMSR
*SVI\EQTPIWWII*MKYVI%TEKI
WERWWIVMJJSRX 7IVMJJSRXWEVIIEWMIVXSVIEHMRPEVKITEXGLIWSJXI\X[LMPIWERWWIVMJJSRXW
%X]TIJEGI[MXLWXVEMKLX EVIFIXXIVJSVLIEHMRKWERHWLSVXFYVWXWSJXI\X1SWXQYPXMQIHMEI\TIVXWVIG
IHKIWSRXLIPIXXIVW SQQIRH WERWWIVMJ JSRXW JSV XMXPIW ERH LIEHMRKW SR 4S[IV4SMRX WPMHIWhERH
WSQIWE]WERWWIVMJWLSYPHFIYWIHJSVEPPXI\XMR4S[IV4SMRX
d*-+96)%
7EQTPI4S[IV4SMRX7PMHI
7IVMJ*SRXW 7ERW7IVMJ*SRXW
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TEKIWi
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d (SRtXYWIQSVIXLERX[SJSRXWSREWMRKPIWPMHIhSRIJSVXLIXMXPISVQENSV
LIEHMRKERHERSXLIVJSVWYFXMXPIWSVSXLIVXI\X
d 9WIXLIWEQIJSRXWSREPP]SYVWPMHIW
d 4YXXMXPIWERHQENSVLIEHMRKWMRXSTSMRXX]TIQEOIWYFLIEHWERH
SXLIVXI\XXSTSMRX
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TLSXSKVETLWGLEVXWKVETLWERHSXLIVMQEKIWMRGPYHMRKZMHIS9RJSVXYREXIP]
WSQIWTIEOIVWEVITVSRIXSEHHMRKMQEKIWWMQTP]FIGEYWIMXMWIEW]VEXLIVXLER
FIGEYWIMXMWIWWIRXMEPJSVGSQQYRMGEXMRKXLIMVQIWWEKI=SYWLSYPHRIZIVEHH
MQEKIWSJER]WSVXXSE4S[IV4SMRXWPMHIYRPIWWXLI]EVIXVYP]RIIHIH8LIVIMWE
KVIEX HIEP SJ VIWIEVGL WLS[MRK XLEX I\XVERISYW MQEKIW HMWXVEGX PMWXIRIVW ERH
VIHYGIGSQTVILIRWMSRSJXLIWTIEOIVtWTSMRX
-R EHHMXMSR XS OIITMRK ]SYV WPMHIW JVII SJ I\XVERISYW MQEKIW OIIT XLIWI
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d 'LSSWILMKLVIWSPYXMSRMQEKIWXLEX[MPPTVSNIGX[MXLSYXFPYVVMRK
d /IITKVETLWERHGLEVXWGPIEVERHWMQTPI
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[LMGL WLS[W E WPMHI JVSQ E WTIIGL EFSYX )PIERSV 6SSWIZIPX 2SXMGI LS[ XLI
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XMXPI MW HMWTPE]IH MR E WMRKPI PMRI EX XLI XST SJ XLI WPMHI XLI TLSXSKVETL JMPPW
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8LI WIGSRH WPMHI
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8LI XMXPI MW PSGEXIH SZIV XLI TLSXSKVETL [LIVI MX XEOIW YT X[S PMRIW VEXLIV
XLERSRI 8SGSQTIRWEXIXLITLSXSKVETLSJ 6SSWIZIPXLEWFIIRVIHYGIHMR
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VMKLXMWXSSGPSWIXSXLITLSXSKVETLERHMWTPEGIHXSSLMKLXSTVSZMHIEKSSH
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FPIGVIEXMRKWPMHIWXLEXEVIZMWYEPP]FEPERGIH&IWYVIXLSYKLXSPIEZIEPMXXPI
I\XVEVSSQEXXLIIHKIWSJ]SYVWPMHIWFIGEYWI[LEXMWTVSNIGXIHSRXLIZMI[MRK
WGVIIRMWWSQIXMQIWWQEPPIVXLER[LEX]SYWIISR]SYVGSQTYXIV
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0SSO JSV I\EQTPI EX XLI WTIIGL SR XLI +VIEX ;EPP SJ 'LMRE XLEX MW
VITVMRXIH EX XLI IRH SJ XLMW ETTIRHM\ *SV XLI QSWX TEVX XLI WTIEOIV EZSMHW
WTIGMEP ERMQEXMSR IJJIGXW FIGEYWIXLI] EVI RSXRIGIWWEV] XS GSQQYRMGEXI LMW
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XS LIPT GSQQYRMGEXI ]SYV QIWWEKI &I [EV] LS[IZIV SJ ERMQEXMSR IJJIGXW +VIEX;EPPSJ'LMRErMRXLI
XLEX QMKLX HMWXVEGX XLI EXXIRXMSR SJ PMWXIRIVW 7XMGO [MXL E PMQMXIH RYQFIV SJ SRPMRI1IHME0MFVEV]JSVXLMW
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(IPMZIVMRK=SYV7TIIGL[MXL4S[IV4SMRX
3RGI ]SY LEZI GVIEXIH ]SYV WPMHIW MXtW XMQI XS [SVO SR XLI HIPMZIV] SJ ]SYV
WTIIGL %W [MXL SXLIV EWTIGXW SJ 4S[IV4SMRX XLMW VIUYMVIW GEVIJYP TPERRMRK
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8LIKYMHIPMRIWTVIWIRXIHMR'LETXIVJSVHIPMZIVMRKWTIIGLIW[MXLSXLIV
X]TIW SJ ZMWYEP EMHW EPWS ETTP] XS WTIIGLIW [MXL 4S[IV4SMRX ,IVI [I JSGYW
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4S[IV4SMRX
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ER]XLMRKMWQMWWMRKQMWTPEGIHSVQMWWTIPPIH=SYGERVIZMI[EPP]SYVWPMHIWEX
EKPERGIMR7PMHI7SVXIVZMI[WII*MKYVI%T
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7LS[JVSQXLIVMFFSR
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EVVS[FYXXSRSVTVIWWXLIq2rOI]
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EMHW8LMWMWIWTIGMEPP]MQTSVXERX[LIRYWMRK4S[IV4SMRX;LIR]SYTVEGXMGI
HSRtXNYWXGPMGOXLIQSYWIGEWYEPP]SVVYWLUYMGOP]SZIV]SYV[SVHW+SXLVSYKL
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WPMHISVERMQEXMSRERH[LIRXSVIQSZIMX
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MPPYWXVEXIW*SVEKSSHI\EQTPIPSSOEXXLIXMQMRKSJXLIWPMHIWMR:MHIS'PMT%
MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ 8LI WTIEOIV MW I\TPEMRMRK XLI
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MWSRWGVIIRSRP][LMPILIMWHMWGYWWMRKMX GSRRIGXPYGEWGSQ
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[LIR]SYTVEGXMGIXSQEOMRKI]IGSRXEGX[MXLXLIEYHMIRGI8LMWMWIWTIGMEPP] q7IGYVMRK=SYVWIPJ3RPMRIr
GLEPPIRKMRK [LIR ]SY YWI 4S[IV4SMRX FIGEYWI SJ EPP XLI IUYMTQIRX ]SY EVI MRXLISRPMRI1IHME0MFVEV]
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'PMT%
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]SYVWPMHIW
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KPERGMRK EX XLI GSQTYXIV IEGL XMQI ]SY EHZERGI E WPMHI 8LIVI MW RSXLMRK
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WYVZI]KVEHYEXIWJVSQJMZI97GSPPIKIW[IVIEWOIHXSVEROXLIWTIIGLWOMPPW
QSWXMQTSVXERXXSXLIMVNSFW8LI]VEXIHMRJSVQEXMZIWTIEOMRKRYQFIVSRI-R
ERSXLIV WYVZI] TIVGIRX SJ XLI VIWTSRHIRXW WEMH XLI] YWIH MRJSVQEXMZI
WTIEOMRKqEPQSWXGSRWXERXP]r
4YFPMGWTIEOMRKXSMRJSVQ SGGYVWMRE[MHIVERKISJIZIV]HE]WMXYEXMSRW
8LIFYWMRIWWQEREKIVI\TPEMRWRI\X]IEVtWFYHKIX8LIEVGLMXIGXVIZMI[WTPERW
JSVERI[FYMPHMRK8LIYRMSRPIEHIVMRJSVQWQIQFIVWEFSYXERI[GSRXVEGX
8LIGLYVGL[SVOIVSYXPMRIWTPERWJSVEJYRHHVMZI8LIVIEVIIRHPIWWWMXYEXMSRW
MR[LMGLTISTPIRIIHXSMRJSVQSXLIVW'SQTIXIRGIMRXLMWJSVQSJGSQQY
RMGEXMSR[MPPTVSZIZEPYEFPIXS]SYXLVSYKLSYX]SYVPMJI
3RI SJ]SYVJMVWX GPEWWVSSQEWWMKRQIRXWTVSFEFP][MPPFIXSHIPMZIVER
MRJSVQEXMZIWTIIGL MRJSVQEXMZIWTIIGLMR[LMGL]SY[MPPEGXEWEPIGXYVIVSVXIEGLIV=SYQE]
%WTIIGLHIWMKRIHXSGSRZI] HIWGVMFIERSFNIGXWLS[LS[WSQIXLMRK[SVOWVITSVXSRERIZIRXI\TPEMR
ORS[PIHKIERHYRHIVWXERHMRK E GSRGITX=SYV EMQ[MPPFIXSGSRZI] ORS[PIHKIERHYRHIVWXERHMRKhRSX
XS EHZSGEXI E GEYWI =SYV WTIIGL [MPP FI NYHKIH MR PMKLX SJ XLVII KIRIVEP
GVMXIVME
-WXLIMRJSVQEXMSRGSQQYRMGEXIHEGGYVEXIP]#
-WXLIMRJSVQEXMSRGSQQYRMGEXIHGPIEVP]#
-WXLIMRJSVQEXMSRQEHIQIERMRKJYPERHMRXIVIWXMRKXSXLIEYHMIRGI#
-RXLMWGLETXIV[I[MPPPSSOEXJSYVX]TIWSJMRJSVQEXMZIWTIIGLIWERHXLI
FEWMGTVMRGMTPIWSJMRJSVQEXMZIWTIEOMRK%PSRKXLI[E][I[MPPETTP]ZEVMSYW
KIRIVEPTVMRGMTPIWHMWGYWWIHMRTVIZMSYWGLETXIVW
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
8LIVI EVI QER] [E]W XS GPEWWMJ] MRJSVQEXMZI WTIIGLIW ,IVI [I JSGYW SR XLI
OMRHW]SYEVIQSWXPMOIP]XSKMZIMR]SYVWTIIGLGPEWW
WTIIGLIWEFSYXSFNIGXW
WTIIGLIWEFSYXTVSGIWWIW
WTIIGLIWEFSYXIZIRXWERH
WTIIGLIWEFSYX
GSRGITXW
74))',)7%&3983&.)'87
%WXLI[SVHMWYWIHLIVI qSFNIGXWrMRGPYHIER]XLMRKXLEXMWZMWMFPIXERKMFPI SFNIGX
ERH WXEFPI MR JSVQ 3FNIGXW QE] LEZI QSZMRK TEVXW SV FI EPMZI XLI] QE] %R]XLMRKXLEXMWZMWMFPI
MRGPYHITPEGIWWXVYGXYVIWERMQEPWIZIRTISTPI,IVIEVII\EQTPIWSJWYFNIGXW XERKMFPIERHWXEFPIMRJSVQ
JSVWTIIGLIWEFSYXSFNIGXW
+VERH'ER]SR WXSGOQEVOIX
XLILYQERI]I )PM^EFIXL'EH]7XERXSR
WIE[IIH +47REZMKEXMSRHIZMGIW
GSQMGWXVMTW 97%VQ]
=SY[MPPRSXLEZIXMQIXSXIPP]SYVGPEWWQEXIWIZIV]XLMRKEFSYXER]SJXLIWI
WYFNIGXW-RWXIEH]SY[MPPGLSSWIEWTIGMJMGTYVTSWIXLEXJSGYWIWSRSRIEWTIGXSJ
]SYVWYFNIGX;SVOMRKJVSQXLIXSTMGWTVIWIRXIHEFSZIXLIJSPPS[MRKEVII\EQ
TPIWSJKSSHWTIGMJMGTYVTSWIWXEXIQIRXWJSVMRJSVQEXMZIWTIIGLIWEFSYXSFNIGXW
8SMRJSVQQ]EYHMIRGIEFSYXXLIKISPSKMGEPJIEXYVIWSJXLI+VERH'ER]SR
8SMRJSVQQ]EYHMIRGIEFSYXXLIVSPISJ)PM^EFIXL'EH]7XERXSRMRXLI97[SQIRtW
VMKLXWQSZIQIRX
8SMRJSVQQ]EYHMIRGI[LEXXSPSSOJSV[LIRFY]MRKE+47REZMKEXMSRHIZMGI
2SXMGI LS[ TVIGMWI XLIWI WXEXIQIRXW EVI %W [I WE[ MR 'LETXIV ]SY
WLSYPHWIPIGXEWTIGMJMGTYVTSWIXLEXMWRSXXSSFVSEHXSEGLMIZIMRXLIEPPSXXIH
XMQI q8S MRJSVQ Q] EYHMIRGI EFSYX 4EFPS 4MGEWWSr MW JEV XSS KIRIVEP JSV E
GPEWWVSSQWTIIGLq8SMRJSVQQ] EYHMIRGIEFSYXXLIQENSV GSRXVMFYXMSRW SJ
4EFPS4MGEWWSXSQSHIVREVXrMWQSVITVIGMWIERHMWETYVTSWI]SYGSYPHVIEWSR
EFP]LSTIXSEGLMIZIMREFVMIJXEPO
-J]SYVWTIGMJMGTYVTSWIMWXSI\TPEMRXLILMWXSV]SVIZSPYXMSRSJ]SYVWYF
NIGX]SY[MPPTYX]SYVWTIIGLMRGLVSRSPSKMGEPSVHIV*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVEGLMIZIQIRXWSJ
*VIHIVMGO(SYKPEWW
'IRXVEP-HIE %PXLSYKLFSVRMRWPEZIV]*VIHIVMGO(SYKPEWWFIGEQISRISJ
XLIKVIEXIWXJMKYVIWMR%QIVMGERLMWXSV]
1EMR4SMRXW - (SYKPEWWWTIRXXLIJMVWX]IEVWSJLMWPMJIEWEWPEZIMR
1EV]PERH
-- %
JXIVIWGETMRKXSXLI2SVXL(SYKPEWWFIGEQIEPIEHIVMR
XLIEFSPMXMSRMWXQSZIQIRXXSIRHWPEZIV]
--- ( YVMRKXLI'MZMP;EV(SYKPEWWLIPTIHIWXEFPMWLFPEGO
VIKMQIRXWMRXLI9RMSR%VQ]
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS-RJSVQ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
-: %
JXIVXLI[EV(SYKPEWW[EWEXMVIPIWWGLEQTMSRSJIUYEP
VMKLXWJSVLMWVEGI
-J]SYVWTIGMJMGTYVTSWIMWXSHIWGVMFIXLIQEMRJIEXYVIWSJ]SYVWYFNIGX]SY
QE]SVKERM^I]SYVWTIIGLMRWTEXMEPSVHIV
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIHIWMKRSJXLI7X0SYMW
%VGL
'IRXVEP-HIE 8LI7X0SYMW%VGLMWHMZMHIHMRXSXLVIIWIGXMSRWIEGL[MXL
MXWS[REXXVEGXMSRW
1EMR4SMRXW - 8 LIFEWISJXLI7X0SYMW%VGLLSYWIWEZMWMXSVtWGIRXIV
[MXLEQYWIYQX[SQSZMIXLIEXIVWERHVIXEMPSYXPIXW
-- 8LIQMHHPISJXLI7X0SYMW%VGLGSRXEMRWELMKLWTIIH
XVEQXLEXGEVVMIWZMWMXSVWJVSQXLIFEWIXSXLIXST
--- 8LIXSTSJXLI7X0SYMW%VGLLEWERSFWIVZEXMSRHIGO
JIIXEFSZIXLIKVSYRH
%WSJXIREWRSX]SY[MPPJMRHXLEXWTIIGLIWEFSYXSFNIGXWJEPPMRXS XSTMGEP
SVHIV*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIJSYVQENSVIPIQIRXWSJE
.ETERIWIKEVHIR
'IRXVEP-HIE 8LIJSYVQENSVIPIQIRXWSJE.ETERIWIKEVHIREVIWXSRIW
WERH[EXIVERHTPERXW
1EMR4SMRXW - 8LIJMVWXIPIQIRXSJE.ETERIWIKEVHIRMWWXSRIW[LMGL
W]QFSPM^IQSYRXEMRWERHMWPERHW
-- 8 LIWIGSRHIPIQIRXSJE.ETERIWIKEVHIRMWWERH[LMGL
W]QFSPM^IWXLIWIESVSXLIVZEWXEVIEW
--- 8LIXLMVHIPIQIRXSJE.ETERIWIKEVHIRMW[EXIV[LMGL
W]QFSPM^IWTYVMX]ERHPMJI
-: 8 LIJSYVXLIPIQIRXSJE.ETERIWIKEVHIRMWTPERXW[LMGL
W]QFSPM^IPMJIERHXLIGLERKMRKWIEWSRW
2SQEXXIV[LMGLSJXLIWISVKERM^EXMSREPQIXLSHW]SYYWIhGLVSRSPSKMGEP
WTEXMEP SV XSTMGEPhFI WYVI XS JSPPS[ XLI KYMHIPMRIW HMWGYWWIH MR 'LETXIV
PMQMX ]SYV WTIIGL XS FIX[IIR X[S ERH JMZI QEMR TSMRXW
OIIT QEMR
TSMRXWWITEVEXI
XV]XSYWIXLIWEQITEXXIVRSJ[SVHMRKJSVEPPQEMRTSMRXW
FEPERGIXLIEQSYRXSJXMQIHIZSXIHXSIEGLQEMRTSMRX
74))',)7%&398463')77)7
TVSGIWW %TVSGIWWMWEW]WXIQEXMGWIVMIWSJEGXMSRWXLEXPIEHWXSEWTIGMJMGVIWYPXSVTVSH
%W]WXIQEXMGWIVMIWSJEGXMSRW YGX7TIIGLIWEFSYXTVSGIWWIWI\TPEMRLS[WSQIXLMRKMWQEHILS[WSQIXLMRK
XLEXPIEHWXSEWTIGMJMGVIWYPX MWHSRISVLS[WSQIXLMRK[SVOW,IVIEVII\EQTPIWSJKSSHWTIGMJMGTYVTSWI
SVTVSHYGX WXEXIQIRXWJSVWTIIGLIWEFSYXTVSGIWWIW
8SMRJSVQQ]EYHMIRGILS[LYVVMGERIWHIZIPST
8SMRJSVQQ]EYHMIRGILS[XS[VMXIERIJJIGXMZINSFVIWYQÍ
8SMRJSVQQ]EYHMIRGILS[XSGLSSWIEWXYH]EFVSEHTVSKVEQ
8SMRJSVQQ]EYHMIRGILS[97GYVVIRG]MWQEHI
-RJSVQEXMZIWTIIGLIWEFSYX
SFNIGXWSJXIRGEPPJSVZMWYEP
EMHW,IVI6]ER1G0IRHSRE
GLIQMGEPIRKMRIIVMRKQENSV
JVSQ;IWX:MVKMRME9RMZIVWMX]
I\TPEMRWEQSHIPGEVXLEX
VYRWSRFEOMRKWSHEERHZMR
IKEV8LIGEV[EWIRXIVIHMRE
GSRXIWXWTSRWSVIHF]XLI
%QIVMGER-RWXMXYXISJ'LIQM
GEP)RKMRIIVW
%W XLIWI I\EQTPIW WYKKIWX XLIVI EVI X[S OMRHW SJ MRJSVQEXMZI WTIIGLIW
EFSYXTVSGIWWIW3RIOMRHI\TPEMRWETVSGIWWWSXLEXXLEXPMWXIRIVW[MPP YRHIV
WXERHMXFIXXIV=SYVKSEPMWXSLEZI]SYVEYHMIRGIORS[XLIWXITWSJXLITVSGIWW
ERHLS[XLI]VIPEXIXSSRIERSXLIV-J]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]
EYHMIRGI LS[ YRHIV[EXIVVSFSXW [SVOr ]SY [MPP I\TPEMR XLI FEWMG XEWOW ERH
QIGLERMWQWSJYRHIV[EXIVVSFSXW=SY[MPPRSXMRWXVYGX]SYVPMWXIRIVWSRLS[
XLI]GERSTIVEXIERYRHIV[EXIVVSFSX
%WIGSRHOMRHSJWTIIGLI\TPEMRWETVSGIWWWSPMWXIRIVW[MPPFIFIXXIVEFPIXS
TIVJSVQ XLITVSGIWW XLIQWIPZIW =SYV KSEP MR XLMW OMRH SJWTIIGL MW XS LEZIXLI
EYHMIRGIPIEVREWOMPP7YTTSWI]SYVWTIGMJMGTYVTSWIMWq8SMRJSVQQ]EYHMIRGI
LS[XSXEOITMGXYVIWPMOIETVSJIWWMSREPTLSXSKVETLIVr=SY[MPPTVIWIRXTLSXS
KVETLMGXIGLRMUYIWERHWLS[]SYVPMWXIRIVWLS[XLI]GERYXMPM^IXLIQ=SY[ERX
XLIEYHMIRGIXSFIEFPIXSYWIXLIXIGLRMUYIWEWEVIWYPXSJ]SYVWTIIGL
&SXLOMRHWSJWTIIGLIWEFSYXTVSGIWWIWQE]VIUYMVIZMWYEPEMHW%XXLIZIV]
PIEWX]SYWLSYPHTVITEVIEGLEVXSYXPMRMRKXLIWXITWSVXIGLRMUYIWSJ]SYVTVS
GIWW -R WSQI GEWIW ]SY [MPP RIIH XS HIQSRWXVEXI XLI WXITW SV XIGLRMUYIW F]
TIVJSVQMRK XLIQ MR JVSRX SJ ]SYV EYHMIRGI 3RI WXYHIRX HMH WPIMKLXSJLERH
QEKMGXVMGOWXSWLS[XLIXIGLRMUYIWFILMRHXLIQ%RSXLIVI\IGYXIHIPIQIR
XEV]XEMGLMQERIYZIVW-RIEGLGEWIXLIHIQSRWXVEXMSRRSXSRP]GPEVMJMIHXLI
WTIEOIVtWTVSGIWWFYXGETXMZEXIHXLIEYHMIRGIEW[IPP-J]SYEVIYWMRKZMWYEP
EMHWSJER]OMRHFIWYVIXSVIZMI['LETXIV
;LIRMRJSVQMRKEFSYXETVSGIWW]SY[MPPYWYEPP]EVVERKI]SYVWTIIGLMR
GLVSRSPSKMGEPSVHIVI\TPEMRMRKXLITVSGIWWWXITF]WXITJVSQFIKMRRMRKXSIRH
*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVVMXYEPWSJEXVEHM
XMSREP&IRKEPM[IHHMRKMR-RHME
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS-RJSVQ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
'IRXVEP-HIE %XVEHMXMSREP&IRKEPM[IHHMRKGSRWMWXWSJEWIVMIWSJVMXYEPWXLEX
XEOITPEGIFIJSVIHYVMRKERHEJXIVXLI[IHHMRKGIVIQSR]
1EMR4SMRXW - 4VI[IHHMRKVMXYEPWMRGPYHIKMZMRKKMJXWXSXLIFVMHIERH
KVSSQERHHVIWWMRKXLIFVMHIMRXVEHMXMSREPJEWLMSR
-- 6 MXYEPWHYVMRKXLI[IHHMRKGIVIQSR]MRGPYHIERI\GLERKI
SJKEVPERHWFIX[IIRXLIFVMHIERHKVSSQXLIGLERXMRKSJ
QERXVEWERHXLIKMZMRKE[E]SJXLIFVMHIF]LIVYRGPI
--- 4SWX[IHHMRKVMXYEPWMRGPYHIEGIPIFVEXMSREXXLILSQISJ
XLIFVMHItWJEQMP]EVIGITXMSREXXLILSQISJXLIKVSSQtW
JEQMP]ERHXLIJSVQEPI\MXSJXLIFVMHIERHKVSSQ
7SQIXMQIW VEXLIV XLER QSZMRK XLVSYKL E TVSGIWW WXIT F] WXIT ]SY [MPP
JSGYW SR XLI QENSV TVMRGMTPIW SV XIGLRMUYIWMRZSPZIHMR TIVJSVQMRK XLITVS
GIWW8LIR]SY[MPPSVKERM^I]SYVWTIIGLMRXSTMGEPSVHIV)EGLQEMRTSMRX[MPP
HIEP[MXLEWITEVEXITVMRGMTPISVXIGLRMUYI*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIGSQQSRQIXLSHWYWIHF]
WXEKIQEKMGMERWXSTIVJSVQXLIMVXVMGOW
'IRXVEP-HIE 7XEKIQEKMGMERWYWIX[SGSQQSRQIXLSHWXSTIVJSVQXLIMV
XVMGOWhQIGLERMGEPHIZMGIWERHWPIMKLXSJLERH
1EMR4SMRXW - 1ER]QEKMGXVMGOWVIP]SRQIGLERMGEPHIZMGIWXLEXQE]
VIUYMVIPMXXPIWOMPPF]XLIQEKMGMER
-- 3 XLIVQEKMGXVMGOWHITIRHSRXLIQEKMGMERtWWOMPPMR
JSSPMRKTISTPIF]WPIMKLXSJLERHQERMTYPEXMSR
'SRGMWISVKERM^EXMSRMWIWTIGMEPP]MQTSVXERXMRWTIIGLIWEFSYXTVSGIWWIW
=SYQYWXQEOIWYVIIEGLWXITMWGPIEVERHIEW]XSJSPPS[-J]SYVTVSGIWWLEW
QSVIXLERJSYVSVJMZIWXITWKVSYTXLIWXITWMRXSYRMXWXSPMQMXXLIRYQFIVSJ
QEMR TSMRXW *SV I\EQTPI MR E WTIIGL I\TPEMRMRK LS[ XS WIX YT E LSQI
EUYEVMYQEWXYHIRXTVIWIRXIHXLIJSPPS[MRKQEMRTSMRXW
- *MVWX]SYQYWXGLSSWIXLIWM^ISJ]SYVXERO
-- 8LIR]SYQYWXHIXIVQMRIXLIWLETISJ]SYVXERO
--- =SYQYWXEPWSHIGMHILS[QYGL]SYGEREJJSVHXSTE]JSVEXERO
-: 3RGI]SYLEZIXLIXERO]SYRIIHEJMPXIVW]WXIQ
: %LIEXIVMWEPWSEFWSPYXIP]RIGIWWEV]
:- =SYQYWXEPWSKIXEREMVTYQT
:-- 3RGIXLMWMWHSRI]SYRIIHXSGLSSWIKVEZIPJSVXLIXERO
:--- =SY[MPPEPWSRIIHTPERXW
-< 3XLIVHIGSVEXMSRW[MPPVSYRHSYXXLIIJJIGXWSJ]SYVEUYEVMYQ
< 2S[]SYEVIVIEH]XSEHHXLIJMWL
<- *VIWL[EXIVJMWLEVIXLIQSWXGSQQSR
<-- 7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI
2SXWYVTVMWMRKP]XLMW[EWXSSQYGLJSVXLIEYHMIRGIXSJSPPS[8LIWTIEOIV
WLSYPHLEZISVKERM^IHXLITSMRXWWSQIXLMRKPMOIXLMW
- 8LIJMVWXWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWGLSSWMRKEXERO
%8LIWM^ISJXLIXEROMWMQTSVXERX
&8LIWLETISJXLIXEROMWMQTSVXERX
'8LIGSWXSJXLIXEROMWMQTSVXERX
-- 8LIWIGSRHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWIUYMTTMRKXLIXERO
%=SY[MPPRIIHEJMPXIVW]WXIQ
&=SY[MPPRIIHELIEXIV
'=SY[MPPRIIHEREMVTYQT
(=SY[MPPRIIHKVEZIP
)=SY[MPPRIIHTPERXW
*=SYQE]EPWS[ERXSXLIVHIGSVEXMSRW
--- 8LIXLMVHWXITMRIWXEFPMWLMRKELSQIEUYEVMYQMWEHHMRKXLIJMWL
%*VIWL[EXIVJMWLEVIXLIQSWXGSQQSRJSVLSQIEUYEVMYQW
&7EPX[EXIVJMWLEVIQSVII\TIRWMZIERHVIUYMVIWTIGMEPGEVI
8LIWYFTSMRXWGSZIVXLIWEQIXIVVMXSV]EWXLISVMKMREPX[IPZITSMRXWFYXXLVII
QEMRTSMRXWEVIQYGLIEWMIVXSYRHIVWXERHERHVIQIQFIV
74))',)7%&398):)287
8LI6ERHSQ,SYWI(MGXMSREV]HIJMRIWERIZIRXEWqER]XLMRKXLEXLETTIRWSVMW
VIKEVHIHEWLETTIRMRKr&]XLMWHIJMRMXMSRXLIJSPPS[MRKEVII\EQTPIWSJWYMX
EFPIWYFNIGXWJSVMRJSVQEXMZIWTIIGLIWEFSYXIZIRXW IZIRX
%R]XLMRKXLEXLETTIRWSVMW
,SPSGEYWX QSYRXEMRGPMQFMRK VIKEVHIHEWLETTIRMRK
GMZMPVMKLXWQSZIQIRX NSFMRXIVZMI[W
'MRGSHI1E]S XWYREQMW
EXXIRXMSRHIJMGMXHMWSVHIV &EXXPISJ0MXXPI&MK,SVR
8SMRJSVQQ]EYHMIRGISJXLIJIWXMZMXMIWEX1I\MGStW'MRGSHI1E]SGIPIFVEXMSR
8SMRJSVQQ]EYHMIRGIEFSYX[LEXLETTIRIHEXXLI&EXXPISJ0MXXPI&MK,SVR
8SMRJSVQQ]EYHMIRGIEFSYXXLIQENSVX]TIWSJXLIVETIYXMGQEWWEKI
8LIVI EVI QER] [E]W XS HMWGYWW IZIRXW -J ]SYV WTIGMJMG TYVTSWI MW XS
VIGSYRXXLILMWXSV]SJERIZIRX]SY[MPPSVKERM^I]SYVWTIIGLMRGLVSRSPSKMGEP
SVHIVVIPEXMRKXLIMRGMHIRXWSRIEJXIVERSXLIVMRXLISVHIVXLI]SGGYVVIH*SV
I\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLILMWXSV]SJXLI4EVEP]QTMGW
'IRXVEP-HIE 3P]QTMGWX]PIKEQIWJSVEXLPIXIW[MXLTL]WMGEPHMWEFMPMXMIW
LEZIQEHIKVIEXWXVMHIWWMRGIXLIJMVWXGSQTIXMXMSRQSVI
XLER]IEVWEKS
1EMR4SMRXW - ;
LEX[SYPHIZIRXYEPP]FIGSQIXLI4EVEP]QTMGWFIKER
MR[MXLEWTSVXWGSQTIXMXMSRMR+VIEX&VMXEMRMRZSPZ
MRK;SVPH;EV--ZIXIVERW[MXLWTMREPGSVHMRNYVMIW
-- - RXLIIZIRXI\TERHIH[LIREXLPIXIWJVSQXLI
2IXLIVPERHWXSSOTEVX
--- 8LIJMVWXSJJMGMEP4EVEP]QTMG+EQIWJSVMRXIVREXMSREP
EXLPIXIWXSSOTPEGIMR6SQIMR
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS-RJSVQ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
(S]SYRIIHUYMGOEGGIWWXSJEGXWEFSYX]SYVMRJSVQEXMZIWTIIGLXSTMG#0SKSR
XS XLI -RXIVRIX 4YFPMG 0MFVEV]tW 7YFNIGX 'SPPIGXMSR [[[MTPSVKHMZWYFNIGX
[LMGLSJJIVWPMROWXSE[MHIVERKISJLMKLUYEPMX]VIWSYVGIWGLSWIRJSVXLIMVEGGY
VEXIERHVIPMEFPIMRJSVQEXMSR
-J]SYEVIKMZMRKERMRJSVQEXMZIWTIIGLSREXSTMG[MXLQYPXMGYPXYVEPHMQIRWMSRW
]SYQE]JMRHXLIJSPPS[MRK;IFWMXIWYWIJYP
=ELSS6IKMSREPLXXTHMV]ELSSGSQ6IKMSREP
;;;:MVXYEP0MFVEV]%QIVMGER-RHMERW[[[LEROWZMPPISVK2%VIWSYVGIW
-: - REREKVIIQIRX[EWWMKRIHSJJMGMEPP]LSPHMRKXLI
4EVEP]QTMG+EQIWEPSRKWMHIXLIWYQQIVERH[MRXIV
3P]QTMG+EQIW
=SYGERETTVSEGLERIZIRXJVSQEPQSWXER]ERKPISVGSQFMREXMSRSJERKPIWh
JIEXYVIWSVMKMRWMQTPMGEXMSRWFIRIJMXWJYXYVIHIZIPSTQIRXWERHWSJSVXL-RWYGL
GEWIW]SY[MPPTYX]SYVWTIIGLXSKIXLIVMRXSTMGEPSVHIV%RH]SYWLSYPHQEOIWYVI
]SYVQEMRTSMRXWWYFHMZMHIXLIWYFNIGXPSKMGEPP]ERHGSRWMWXIRXP]*SVMRWXERGI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLVIIEWTIGXWSJXLI1EVHM
+VEWGIPIFVEXMSRMR2I[3VPIERW
'IRXVEP-HIE 8LI1EVHM+VEWGIPIFVEXMSRMR2I[3VPIERWMWVIRS[RIHJSV
MXWTEVEHIWGSWXYQIWERHJSSH
1EMR4SMRXW - 8LITEVEHIWEVIPEZMWLIZIRXWXLEXXEOITPEGISZIVXLI
GSYVWISJWIZIVEP[IIOW
-- 8 LIGSWXYQIWMRGPYHIHMWKYMWIWQIHEPPMSRWERHXLISJJM
GMEP1EVHM+VEWGSPSVWSJTYVTPIKVIIRERHKSPH
--- 8LIJSSHJIEXYVIW'ENYRERH'VISPIHMWLIWGSQQSRXS
WSYXLIVR0SYMWMERE
74))',)7%&398'32')487
'SRGITXWMRGPYHIFIPMIJWXLISVMIWMHIEWTVMRGMTPIWERHXLIPMOI8LI]EVIQSVI
EFWXVEGXXLERSFNIGXWTVSGIWWIWSVIZIRXW8LIJSPPS[MRKEVII\EQTPIWSJWYF
NIGXWJSVWTIIGLIWEFSYXGSRGITXW
'SRJYGMERMWQ WXVMRKXLISV]
TLMPSWSTLMIWSJIHYGEXMSR TVMRGMTPIWSJJIQMRMWQ
SVMKMREPMRXIRXHSGXVMRI I\MWXIRXMEPMWQ
RYQIVSPSK] LYQERVMKLXW
-RJSVQEXMZIWTIIGLIWXEOI
TPEGIMRE[MHIVERKISJWMXY
EXMSRW,IVI'LMRIWIWGMIRXMWX
<Y<MRKWTIEOWXSERMRXIVRE
XMSREPEYHMIRGIMR&IMNMRK
EFSYXXLIHMWGSZIV]SJXLI
[SVPHtWPEVKIWXFMVHPMOI
HMRSWEYV
8EOMRK E JI[ SJ XLIWI KIRIVEP WYFNIGXW LIVI EVI WSQI WTIGMJMG TYVTSWI GSRGITX
WXEXIQIRXWJSVWTIIGLIWEFSYXGSRGITXW %FIPMIJXLISV]MHIERSXMSR
TVMRGMTPISVXLIPMOI
8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJ'SRJYGMERMWQ
8SMRJSVQQ]EYHMIRGIEFSYXXLIHSGXVMRISJSVMKMREPMRXIRXMRGSRWXMXYXMSREP
MRXIVTVIXEXMSR
8SMRJSVQQ]EYHMIRGIEFSYXXLIHMJJIVIRXTLMPSWSTLMIWSJIHYGEXMSRMR)YVSTIERH
XLI9RMXIH7XEXIW
7TIIGLIWEFSYXGSRGITXWEVIYWYEPP]SVKERM^IHMRXSTMGEPSVHIVERHJSGYWSR
XLIQEMRJIEXYVIWSVEWTIGXWSJ]SYVGSRGITX*SVI\EQTPI
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGIEFSYXXLIFEWMGTVMRGMTPIWSJRSRZM
SPIRXVIWMWXERGI
'IRXVEP-HIE 8LIFEWMGTVMRGMTPIWSJRSRZMSPIRXVIWMWXERGIWXVIWWYWMRK
QSVEPQIERWXSEGLMIZIWSGMEPGLERKIVIJYWMRKXSMRJPMGX
ZMSPIRGISRSRItWIRIQMIWERHYWMRKWYJJIVMRKEWEWSGMEP
JSVGI
1EMR4SMRXW - 8
LIJMVWXQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WSGMEPGLERKIQYWXFIEGLMIZIHF]QSVEPQIERW
-- 8 LIWIGSRHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMW
XLEXSRIWLSYPHRSXMRJPMGXZMSPIRGISRSRItWIRIQMIW
--- 8 LIXLMVHQENSVTVMRGMTPISJRSRZMSPIRXVIWMWXERGIMWXLEX
WYJJIVMRKGERFIETS[IVJYPWSGMEPJSVGI
8]TIWSJ-RJSVQEXMZI7TIIGLIW%REP]WMWERH3VKERM^EXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS-RJSVQ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
%RSXLIVETTVSEGLMWXSHIJMRIXLIGSRGITX]SYEVIHIEPMRK[MXLMHIRXMJ]
MXW QENSV IPIQIRXW ERH MPPYWXVEXI MX [MXL WTIGMJMG I\EQTPIW %R I\GIPPIRX
MRWXERGISJXLMWGEQIMREWXYHIRXWTIIGLEFSYX-WPEQ
7TIGMJMG4YVTSWI 8SMRJSVQQ]EYHMIRGISJXLIFEWMGTVMRGMTPIWSJ-WPEQ
'IRXVEP-HIE 8LIFIPMIJWSJ-WPEQGERFIXVEGIHXSXLITVSTLIX1YLEQ
QEHEVI[VMXXIRMRXLI/SVERERHLEZITVSHYGIHERYQFIV
SJWIGXW
1EMR4SMRXW - -WPEQ[EWJSYRHIHF]XLITVSTLIX1YLEQQEHMRXLI
IEVP]W
-- 8 LIXIEGLMRKWSJ-WPEQEVI[VMXXIRMRXLI/SVERXLILSP]
FSSOSJ-WPEQ
--- 8SHE]-WPEQMWHMZMHIHMRXSERYQFIVSJWIGXWXLIPEVKIWX
SJ[LMGLEVIXLI7YRRMWERHXLI7LMMXIW
7TIIGLIWEFSYXGSRGITXWEVISJXIRQSVIGSQTPI\XLERSXLIVOMRHWSJMRJSV
QEXMZIWTIIGLIW;LIRHIEPMRK[MXLGSRGITXWTE]WTIGMEPEXXIRXMSRXSEZSMH
MRKXIGLRMGEPPERKYEKIXS HIJMRMRK XIVQWGPIEVP]ERHXS YWMRK I\EQTPIW ERH
GSQTEVMWSRWXSMPPYWXVEXIXLIGSRGITXW
0SSOJSVI\EQTPIEX:MHIS'PMTMRXLISRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV[LMGLTVIWIRXWERI\GIVTXJVSQ EWXYHIRXWTIIGLEFSYXXLI'LMRIWI
TLMPSWSTL] SJ 'SRJYGMERMWQ 2SXMGI LS[ XLI WXYHIRX HIJMRIW 'SRJYGMERMWQ
ERH XLIR I\TPEMRW MXW YRMJ]MRK TVMRGMTPI SJ NIR -J ]SY KMZI ER MRJSVQEXMZI
WTIIGLEFSYXEGSRGITXKMZIWTIGMEPXLSYKLXXSLS[]SYGERQEOIXLEXGSR
GITXGPIEVERHGSQTVILIRWMFPIXS]SYVPMWXIRIVW
8LIPMRIWHMZMHMRKWTIIGLIWEFSYXSFNIGXWTVSGIWWIWIZIRXWERHGSRGITXWEVI
GSRRIGXPYGEWGSQ RSXEFWSPYXI7SQIWYFNIGXWGSYPHJMXMRXSQSVIXLERSRIGEXIKSV]HITIRH
:MI[ERI\GIVTXJVSQq'SRJY MRK SR LS[ ]SY HIZIPST XLI WTIIGL *SV I\EQTPI E WTIIGL EFSYX XLI
GMERMWQrMRXLISRPMRI1IHME HIWXVYGXMSR SJ ERGMIRX 4SQTIMM F] XLI IVYTXMSR SJ 1SYRX :IWYZMYW [SYPH
0MFVEV]JSVXLMWGLETXIV TVSFEFP]HIEP[MXLMXWWYFNIGXEWERIZIRXFYXEWTIIGLSR[LEXGEYWIWZSP
:MHIS'PMT
GERSIWXSIVYTX[SYPHQSWXPMOIP]XVIEXMXWWYFNIGXEWETVSGIWW8LIMQTSV
XERX WXIT MW XS HIGMHI [LIXLIV ]SY [MPP LERHPI ]SYV WYFNIGX EW ER SFNIGX E
TVSGIWW ER IZIRX SV E GSRGITX 3RGI ]SY HS XLEX ]SY GER HIZIPST XLI
WTIIGLEGGSVHMRKP]
6IKEVHPIWWSJLS[]SYETTVSEGL]SYVXSTMGFIWYVIXSKMZIPMWXIRIVWTPIRX]
SJLIPTMRWSVXMRKSYXJEGXWERHMHIEW3RI[E]MWF]YWMRKIRSYKLXVERWMXMSRW
MRXIVREPTVIZMI[WMRXIVREPWYQQEVMIWERHWMKRTSWXWWII'LETXIV
%RSXLIV
[E]MWXSJSPPS[XLISPHQE\MQq8IPPtIQ[LEX]SYtVIKSMRKXSWE]WE]MXXLIR
XIPPtIQ[LEX]SYtZIWEMHr-RSXLIV [SVHW TVIZMI[XLIQEMRTSMRXWSJ]SYV
WTIIGLMRXLIMRXVSHYGXMSRERHWYQQEVM^IXLIQMRXLIGSRGPYWMSR8LMW[MPP
QEOI]SYVWTIIGLIEWMIVXSYRHIVWXERHERHIEWMIVXSVIQIQFIV
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
%PP XLI TVIZMSYW GLETXIVW SJ XLMW FSSO VIPEXI XS XLI TVMRGMTPIW SJ MRJSVQEXMZI
WTIEOMRK7IPIGXMRKEXSTMGERHWTIGMJMGTYVTSWIEREP]^MRKXLIEYHMIRGIKEXL
IVMRK QEXIVMEPW GLSSWMRK WYTTSVXMRK HIXEMPW SVKERM^MRK XLI WTIIGL YWMRK
[SVHW XS GSQQYRMGEXI QIERMRK HIPMZIVMRK XLI WTIIGLhEPP QYWX FI HSRI
IJJIGXMZIP]MJERMRJSVQEXMZIWTIIGLMWXSFIEWYGGIWW,IVI[IIQTLEWM^IJMZI
EHHMXMSREPTSMRXWXLEX[MPPLIPTQEOI]SYVWEWYGGIWW
(32t83:)6)78-1%8);,%88,)%9(-)2')/23;7
-REWTIIGLEFSYXQIXISVSPSK]EWXYHIRXWEMHq-JQSHIVRQIXLSHWSJ[IEXLIV
JSVIGEWXMRKLEHI\MWXIHMRXLI+EPZIWXSRLYVVMGERIHMWEWXIV[SYPHRIZIV
LEZI XEOIR TPEGIr 8LIR LI [EW SJJ XS SXLIV QEXXIVW PIEZMRK LMW PMWXIRIVW XS
TY^^PISZIV [LEX XLI +EPZIWXSR LYVVMGERI [EW [LIR MX LETTIRIH ERH[LEX
OMRHSJHIWXVYGXMSRMX[VIEOIH
8LI WTIEOIV EWWYQIH LMW EYHMIRGI EPVIEH] ORI[ XLIWI XLMRKW &YX XLI]
[IVIRSXI\TIVXWSRQIXISVSPSK]SVSR%QIVMGERLMWXSV])ZIRXLSWI[LSLEH
LIEVHSJXLILYVVMGERILEHSRP]EJY^^]RSXMSRSJMX3RP]XLIWTIEOIVORI[
XLEXXLILYVVMGERI[LMGLOMPPIHQSVIXLERTISTPI[LIRMXYRI\TIGXIHP]
WXVYGOSR7ITXIQFIVMWWXMPPXLIHIEHPMIWXREXYVEPHMWEWXIVMR%QIVMGER
LMWXSV]
%WQER]WTIEOIVWLEZIHMWGSZIVIHMXMWIEW]XSSZIVIWXMQEXIXLIEYHMIRGItW
WXSGOSJMRJSVQEXMSR-RQSWXMRJSVQEXMZIWTIIGLIW]SYVPMWXIRIVW[MPPFISRP]
ZEKYIP] ORS[PIHKIEFPI EX FIWX
EFSYX XLI HIXEMPW SJ ]SYV XSTMG =SY GERRSX
EWWYQI XLI] [MPP ORS[ [LEX ]SY QIER 6EXLIV ]SY QYWX FI WYVI XS I\TPEMR
IZIV]XLMRKWSXLSVSYKLP]XLEXXLI]GERRSXLIPTFYXYRHIVWXERH%W]SY[SVO
SR ]SYV WTIIGL EP[E]W GSRWMHIV [LIXLIV MX [MPP FI GPIEV XS WSQISRI [LS MW
LIEVMRKEFSYXXLIXSTMGJSVXLIJMVWXXMQI
7YTTSWI]SYEVIXEPOMRKEFSYX6SXL-6%WEX]TISJMRHMZMHYEPVIXMVIQIRX
EGGSYRX ETTVSZIH F] 'SRKVIWW MR %PXLSYKL WSQI SJ ]SYV GPEWWQEXIW
QMKLXLEZILIEVHSJ6SXL-6%WXLI]TVSFEFP]HSRSXLEZIEJMVQKVEWTSJXLI
WYFNIGX7S]SYWLSYPHWXEVXF]XIPPMRKXLIQ[LEXE6SXL-6%MW,S[[MPP]SY
XIPPXLIQ#,IVItWSRI[E]
-RXVSHYGIH MR E 6SXL -6% MW E X]TI SJ MRHMZMHYEP VIXMVIQIRX EGGSYRX MR [LMGL
ERRYEPGSRXVMFYXMSRWEVIQEHI[MXLEJXIVXE\HSPPEVWFYXMR[LMGLIEVRMRKWERHHMWXVMFYXMSRW
EVIXE\JVIISRGIXLILSPHIVSJXLIEGGSYRXMW]IEVWSJEKISVSPHIV
8SWSQISRI[LSORS[WEPSXEFSYXIGSRSQMGWXLMWMWTIVJIGXP]GPIEV&YXWSQI
SRI[LSHSIWRSX[MPPPMOIP]KIXPSWXEPSRKXLI[E]8LIXSRISJXLIWXEXIQIRX
MWXLEX SJ E WTIEOIVVIZMI[MRKMRJSVQEXMSREPVIEH] JEQMPMEV XS XLI EYHMIRGIh
RSXSJEWTIEOIVMRXVSHYGMRKRI[MRJSVQEXMSR
,IVIMRGSRXVEWXMWERSXLIVI\TPEREXMSRSJ6SXL-6%W
;LEXMWE6SXL-RHMZMHYEP6IXMVIQIRX%GGSYRXSV-6%#0IXQII\TPEMR[MXLERI\EQTPI
-QEKMRI]SYVWIPJEJI[]IEVWHS[RXLIVSEHEWEVIGIRXGSPPIKIKVEHYEXI=SYVNSFTE]W
EKSSHWEPEV]FYX]SYtVIWXMPPGSRGIVRIH[MXL]SYVJMRERGIWERH]SYVJYXYVI%JXIVEPPIZIV]
SRIOIITWXIPPMRK]SYXSWXEVXTPERRMRKJSVVIXMVIQIRXIEVP]
-REHHMXMSRXS7SGMEP7IGYVMX]]SYLEZIERYQFIVSJVIXMVIQIRXTPERRMRKSTXMSRW3RI
MWXLI6SXL-6%7YTTSWI]SYTPEGIMRXSE6SXL-6%IZIV]]IEV7YTTSWIEPWSXLEX
]SYVQSRI]KVS[WEXEREZIVEKIVEXISJTIVGIRXE]IEV
-J]SYWXEVXTYXXMRKQSRI]MREXEKIERH[MXLHVE[MXEXEKI]SY[MPPLEZIER
EGGSYRX [SVXL QSVI XLER QMPPMSR 1SVISZIV YRPMOI SXLIV VIXMVIQIRX EGGSYRXW ]SY
[SRtXLEZIXSTE]XE\IWSR]SYVQMPPMSRIZIRMJ]SYXEOIMXSYXEPPEXSRGI
7S]SYGERWII[L]6SXL-6%WEVIWSTSTYPEV=SY[MRFSXL[E]Wh]SYVQSRI]KVS[W
XE\JVIIERHMXMWJVIISJXE\IW[LIR]SY[MXLHVE[MX
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS-RJSVQ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
8LMWI\TPEREXMSRMWGPIEVERHWMQTPI-XWXSRIMWXLEXSJEXIEGLIVYRVEZIPMRK
ERI[WYFNIGX
-WMXXSSWMQTPI#2SXEXEPP8LIXIWXSJEKSSHWTIEOIVMWXSGSQQYRMGEXI
IZIRXLIQSWXGSQTPI\MHIEWGPIEVP]ERHWMQTP]%R]SRIGERKSXSEFSSOERH
JMRHEPIEVRIHWSYRHMRKHIJMRMXMSRSJE6SXL-6%&YXXSWE]MRTPEMR)RKPMWL
[LEXE6SXL-6%MWhXLEXXEOIWLEVH[SVOERHGVIEXMZIXLMROMRK
%PWSVIQIQFIVXLEXVIEHIVWGERWXYH]ETVMRXIHTEWWEKIEKEMRERHEKEMR
YRXMP XLI] I\XVEGX MXW QIERMRK FYX PMWXIRIVW HSRtX LEZI XLEX PY\YV] 8LI]
QYWX YRHIVWXERH [LEX ]SY WE] MR XLI XMQI MX XEOIW ]SY XS WE] MX 8LI QSVI
]SY EWWYQI XLI] ORS[ EFSYX XLI XSTMG XLI KVIEXIV ]SYV GLERGIW SJ FIMRK
QMWYRHIVWXSSH
6)0%8)8,)79&.)'8(-6)'80=838,)%9(-)2')
8LI &VMXMWL HVEQEXMWX 3WGEV ;MPHI EVVMZIH EX LMW GPYF EJXIV XLI HMWEWXVSYW STIRMRKRMKLX
TIVJSVQERGISJLMWRI[TPE]
q3WGEVLS[HMH]SYVTPE]KS#rEWOIHEJVMIRH
q3Lr;MPHIUYMTTIHqXLITPE][EWEKVIEXWYGGIWWFYXXLIEYHMIRGI[EWEJEMPYVIr
-[ERXXSXEPO[MXL]SYEFSYXGLMPMTITTIVW
]SYGSYPHWE]
GSRRIGXPYGEWGSQ
:MI[XLMWI\GIVTXJVSQq8LI
-QEKMRI]SYVQSYXLFYVRMRKPMOI[MPHJMVI]SYVI]IWWUYMVXMRKSYXYRGSRXVSPPEFPIXIEVW
,MHHIR;SVPHSJ'LMPM4IT
ERH ]SYV JEGI VIH ERH W[IEXMRK TVSJYWIP] %VI ]SY WMGO# 2S =SY NYWX XSSO E FMXI SJ E
TIVWrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV WGVIEQMRKLSXGLMPMTITTIV'SRKVEXYPEXMSRW=SYtVITEVXEOMRKMRE[SVPH[MHIXVEHMXMSRXLEX
:MHIS'PMT
LEWFIIRWTMGMRKYTPMZIWERHHMIXWJSVXLSYWERHWSJ]IEVW
&YXHSRtXWXST[MXLXLIMRXVSHYGXMSR;LIRIZIV]SYGERTYX]SYVPMWXIRIVW
MRXS XLI FSH] SJ XLI WTIIGL %JXIV EPP RSXLMRK MRXIVIWXW TISTPI QSVI XLER
XLIQWIPZIW*MRH[E]WXSXEPOEFSYX]SYVXSTMGMRXIVQWSJ]SYVPMWXIRIVW&VMRK
]SYVQEXIVMEPLSQIXSXLIQ+IXMXEWGPSWIXSXLIQEWTSWWMFPI
,IVItWERI\EQTPI0IXtWWE] ]SYEVII\TPEMRMRKLS[ TISTPIGERHMWGSZIV
[LIXLIV XLI] EVI qWIGVIX WSYXLTE[WrhXLEX MW TISTPI [LS EVI REXYVEPP] PIJX
LERHIH FYX [LS LEZI KVS[R YT YWMRK XLIMV VMKLX LERH =SY LEZI TPIRX] SJ
JEGXWERHGSYPHVIGMXIXLIQPMOIXLMW
%GGSVHMRK XS 7GMIRGI QEKE^MRI LEPJ SJ EPP TISTPI [LS EVI REXYVEPP] PIJXLERHIH
EWWYQIXLI]EVIVMKLXLERHIHFIGEYWIXLEXMWXLILERHXLI]YWIXSIEXXS[VMXIERHXS
-RJSVQEXMZIWTIEOIVW[SVO
SRGSQQYRMGEXMRKXLIMV
MHIEWMRGPIEVRSRXIGLRMGEP
PERKYEKIEWMPPYWXVEXIHLIVI
F]TEVEQIHMG'LIV]P&MWLST
I\TPEMRMRKXLI,IMQPMGL
QERIYZIVXSEKVSYTSJ
QMHHPIWGLSSPWXYHIRXW
TPE]WTSVXW&YXLS[GERMXFIHIXIVQMRIH[LIXLIVSRIMWEREXYVEPWSYXLTE[#%GGSVHMRK
XS%FVEQ&PEYEYXLSVSJ8LI1EWXIV,ERHXLIVIEVIERYQFIVSJWMQTPIXIWXW*SVSRI
XLMRKQSWXREXYVEPPIJXLERHIVWGER[VMXIWTSRXERISYWP]FEGO[EVHSVYTWMHIHS[R[MXL
XLIPIJXLERH*SVERSXLIV [LIRPIJXLERHIVWGPEWTXLIMV LERHWMR JVSRXSJ XLIQWIPZIW
XLI]YWYEPP]TPEGIXLIPIJXXLYQFSRXST-RGSRXVEWX[LIRPIJXLERHIVWKVEFEFVSSQ
XLI]RSVQEPP]TPEGIXLIMVPIJXLERHFIPS[XLIVMKLX*MREPP][LIRYWMRKXLIVMKLXLERH
REXYVEPPIJXLERHIVW[MPPHVE[EGMVGPIGPSGO[MWI[LMPIREXYVEPVMKLXLERHIVW[MPPHVE[MX
GSYRXIVGPSGO[MWI 4ISTPI [LS KMZI E PIJXLERHIH VIWTSRWI SR XLVII SV QSVI SJ XLIWI
XIWXWQE][IPPFIWIGVIXWSYXLTE[W
8LMW MW JEWGMREXMRK MRJSVQEXMSR FYX MX MW RSX QEHI JEWGMREXMRK XS XLI
EYHMIRGI0IXtWXV]EKEMR
.YWX FIGEYWI ]SY YWI ]SYV VMKLX LERH XS IEX XS [VMXI ERH XS TPE] WTSVXW ]SY QE]
EWWYQIXLEX]SYtVIREXYVEPP]VMKLXLERHIH&YXWE]W7GMIRGIQEKE^MRILEPJSJEPPTISTPI
[LSEVIREXYVEPP]PIJXLERHIHKVS[YTYWMRKXLIMVVMKLXLERHW
,S[GER]SYXIPPMJ]SYtVIEREXYVEPPIJX]#(V%FVEQ&PEYEYXLSVSJ8LI1EWXIV,ERH
KMZIWWSQIXIWXW]SYGERXV]
*MVWXSREWLIIXSJTETIVWIIMJ]SYGER[VMXIFEGO[EVHSVYTWMHIHS[R[MXL]SYVPIJX GSRRIGXPYGEWGSQ
LERH-J]SYEVIPIJXLERHIH]SYGERTVSFEFP]HSXLMWWTSRXERISYWP][MXLSYXTVEGXMGISV :MI[XLMWI\GIVTXJVSQ
XVEMRMRK q7IGVIX7SYXLTE[WrMRXLI
7IGSRHGPEWT]SYVLERHWXSKIXLIVMRJVSRXSJ]SY;LMGLIZIVXLYQF]SYTPEGISRXST SRPMRI1IHME0MFVEV]JSVXLMW
MWYWYEPP]]SYVHSQMRERXLERH GLETXIV:MHIS'PMT
8LMVHKVEFLSPH SJ EFVSSQWXMGO3HHWEVI]SYtPPTPEGI]SYVHSQMRERXLERH SR
XLIFSXXSQ
*MREPP]HVE[EGMVGPISRETMIGISJTETIV[MXL]SYVVMKLXLERH-J]SYHVE[MXGSYRXIV
GPSGO[MWI]SYtVITVSFEFP]EREXYVEPVMKLXLERHIV&YXMJ]SYHVE[MXGPSGO[MWI]SYtVITVSF
EFP]EREXYVEPPIJX]
-J]SYXIWXPIJXLERHIHSRXLVIISJXLIWIXIWXWXLIVIMWEKSSHGLERGI]SYEVIEWIGVIX
WSYXLTE[
+YMHIPMRIWJSV-RJSVQEXMZI7TIEOMRK
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS-RJSVQ 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
0SSOEXXLIJVIUYIRXYWISJq]SYrERHq]SYVr8LIJEGXWEVIXLIWEQIFYX
RS[XLI]EVITSMRXIHHMVIGXP]EXXLIEYHMIRGI6IWIEVGLWLS[WXLEXYWMRKTIV
WSREP XIVQW WYGL EW q]SYr ERH q]SYVrMR ER MRJSVQEXMZIWTIIGL WMKRMJMGERXP]
MRGVIEWIWEYHMIRGIYRHIVWXERHMRKSJXLIWTIEOIVtWMHIEW
(32t8&)8338)',2-'%0
;LEXHSIWMXQIERXSWE]XLEXERMRJSVQEXMZIWTIIGLMWXSSXIGLRMGEP#-XQE]
QIERXLIWYFNIGXQEXXIVMWXSSWTIGMEPM^IHJSVXLIEYHMIRGI%R]WYFNIGXGER
FITSTYPEVM^IHhFYXSRP]YTXSETSMRX8LIMQTSVXERXXLMRKJSVEWTIEOIVXS
ORS[MW[LEXGERFII\TPEMRIHXSERSVHMREV]EYHMIRGIERH[LEXGERRSX
7E]]SYVWYFNIGXMWIPIGXVSRMGEQTPMJMIVW-XtWRSXVMGOXSHIQSRWXVEXILS[
XSSTIVEXIEREQTPMJMIVLS[XSXYVRMXSRERHSJJEHNYWXXLIZSPYQIWIXXLIXSRI
ERHFEPERGIGSRXVSPW
-XtWEPWSVIPEXMZIP]IEW]XSI\TPEMR[LEXEREQTPMJMIVHSIW
MXFSSWXWXLIWSYRHVIGIMZIHJVSQEVEHMS'(TPE]IVSVPMZITIVJSVQERGI
&YX
XSKMZIEJYPPWGMIRXMJMGEGGSYRXSJLS[EREQTPMJMIV[SVOWGERRSXFIHSRIMRER]
VIEWSREFPIXMQIYRPIWWXLIEYHMIRGIORS[WXLITVMRGMTPIWSJEYHMSXIGLRSPSK]
8LIQEXIVMEPMWNYWXXSSXIGLRMGEPXSFIYRHIVWXSSHF]EKIRIVEPEYHMIRGI
)ZIR [LIR XLI WYFNIGX QEXXIV MW RSX XIGLRMGEP XLI PERKYEKI YWIH XS
I\TPEMR MX QE] FI )ZIV] EGXMZMX] LEW MXW NEVKSR [LIXLIV MX FI KSPJ FSKI]
[IHKIQEXGLTPE]
GLIQMWXV]GSPPSMHKP]GSKIRLIEZ][EXIV
SVJMRERGMEP
EREP]WMWGSZIVIHGEPPVIZIVWIFMHXSILSPHEGUYMWMXMSR
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VIWXW[MXLXLIWTIEOIV[LSEHZSGEXIWGLERKI3JGSYVWI]SYQE]FIHIJIRHMRK TSPMG]MWRIGIWWEV]
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
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7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
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XLEXXLMRKWEVIEPVIEH][SVOMRKEW[IPPEWGERFII\TIGXIH
4PER
TPER 8LIWIGSRHFEWMGMWWYISJTSPMG]WTIIGLIWMWTPER3RGI]SYLEZIWLS[RXLEXE
8LIWIGSRHFEWMGMWWYIMR TVSFPIQI\MWXW]SYQYWXI\TPEMR]SYVTPERJSVWSPZMRKMX
EREP]^MRKEUYIWXMSRSJTSPMG]
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TSPMG]HSIWXLIWTIEOIVLEZIE
;LEXXSTMGWWLSYPHFIXEYKLXMRWEQIWI\GPEWWVSSQW#%VIWEQIWI\GPEWWVSSQW
TPERXSWSPZIXLITVSFPIQ#
ETTVSTVMEXIJSVEPPKVEHIPIZIPW#
;LEXMRJSVQEXMSRWLSYPHFIMRGPYHIHSREREXMSREP-(GEVH#;LS[MPPFIVIWTSRWMFPIJSV
GSPPIGXMRKXLIMRJSVQEXMSRERHGVIEXMRKXLIGEVHW#
%RW[IVMRK WYGL UYIWXMSRW MW IWTIGMEPP] MQTSVXERX MJ ]SY GEPP JSV E RI[
TSPMG]-XtWIEW]XSGSQTPEMREFSYXTVSFPIQWXLIVIEPGLEPPIRKIMWHIZIPSTMRK
WSPYXMSRW
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MRHIXEMPFYX]SYWLSYPHEXPIEWXMHIRXMJ]MXWQENSVJIEXYVIW0SSOJSVI\EQTPI
EXXLITPERWIGXMSRMRXLIWTIIGLSRTYTT]QMPPWMRXLISRPMRI1IHME0MFVEV]
GSRRIGXPYGEWGSQ
JSVXLMWGLETXIV*MVWXXLIWTIEOIVTVSTSWIWPIKEPQIEWYVIWXSTYRMWLHSKFVIIH
:MI[XLMWI\GIVTXJVSQq8LI
IVWXLEXHSRSXXEOITVSTIVGEVISJXLIMVERMQEPW7IGSRHLITVIWIRXWJSYVWXITW
,SVVSVWSJ4YTT]1MPPWrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW XLEXMRHMZMHYEPPMWXIRIVWGERXEOI[LIRFY]MRKEHSKXSQEOIWYVIXLI]EVIRSX
GLETXIV:MHIS'PMT
WYTTSVXMRKTYTT]QMPPW8LIWTIIGL[SYPHLEZIFIIRQYGLPIWWTIVWYEWMZIMJ
XLIWTIEOIVLEHRSXWTIPPIHSYXXLIQENSVJIEXYVIWSJLMWTPER
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8LIXLMVHFEWMGMWWYIMREREP]^MRK ETPER]SYQYWXWLS[XLEXMX[MPP[SVO;MPPMXWSPZIXLITVSFPIQ#3V[MPPMX
EUYIWXMSRSJTSPMG];MPPXLI GVIEXIRI[ERHQSVIWIVMSYWTVSFPIQW#
WTIEOIVtWTPERWSPZIXLITVSFPIQ#
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WIVMSYWTVSFPIQW# XLIGSWX[SYPHVIUYMVIEWLEVTMRGVIEWIMRXYMXMSR
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GSYPHVIMRJSVGIKIRHIVWXIVISX]TIWERHVIXYVRIHYGEXMSRXSEWITEVEXIFYXIUYEPWXEXYW
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TYVTSWIWFYXMXGSYPHEPWSMRJVMRKISRGMZMPPMFIVXMIWERHKMZIXLIKSZIVRQIRXXSSQYGL
TIVWSREPMRJSVQEXMSREFSYXMRHMZMHYEPW
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GLERKIMWMQTVEGXMGEPhXLEXMX[MPPGVIEXIQSVITVSFPIQWXLERMXGERWSPZI*SV
I\EQTPIGVMXMGWSJGVIEXMRKEREXMSREP LIEPXLGEVIW]WXIQMRXLI9RMXIH7XEXIW
WMQMPEVXSXLISRIMR'EREHEWE]MX[SYPHTVSHYGIPSRKIV[EMXWJSVXVIEXQIRX
ERHPS[IVUYEPMX]SJGEVI3XLIVSTTSRIRXWWE]XLI'EREHMERW]WXIQMQTIHIW
QIHMGEP MRRSZEXMSRW ERH VIHYGIW MRGIRXMZIW JSV HSGXSVW XS MQTVSZI XLIMV WIV
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WLSYPHRSXYWI'EREHEEWEQSHIPJSVEREXMSREPLIEPXLGEVIW]WXIQ
,S[QYGLSJ]SYVWTIIGLWLSYPH]SYHIZSXIXSRIIHXSTPERERHXSTVEGXMGEP
MX]#8LIERW[IVHITIRHWSR]SYVXSTMGERH]SYVEYHMIRGI-J]SYVEYHMIRGIMW
RSX E[EVI SJ XLI LIEPXL ERH IRZMVSRQIRXEP TVSFPIQW GEYWIH F] XLI YWI SJ
ERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW]SY[MPPLEZIXSKMZIQYGLSJ
]SYV XMQI XS RIIHFIJSVI GSZIVMRK TPER ERH TVEGXMGEPMX] 3R XLI SXLIV LERH
MJ ]SYV PMWXIRIVW EPVIEH] ORS[ EFSYX XLI TVSFPIQW GEYWIH F] ERXMFEGXIVMEP
LSYWILSPH TVSHYGXW ]SY GER UYMGOP] VIQMRH XLIQ SJ RIIH ERH XLIR HIZSXI
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3VWYTTSWI]SYEHZSGEXIMRGVIEWMRKXLIXE\SRGMKEVIXXIWXSETEGOMR
SVHIVXSVIHYGIWQSOMRKEQSRKXIIREKIVW1SWXTISTPIEKVIIXLEXXIIRWQSOMRK
MWEWIVMSYWLIEPXLTVSFPIQFYXQER][SYPHUYIWXMSR[LIXLIVMRGVIEWMRKXLI
TVMGI SJ GMKEVIXXIW [MPPHS QYGL XS WSPZI XLI TVSFPIQ 8LIVIJSVI ]SY WLSYPH
HIZSXIEJEMVTEVXSJ]SYVWTIIGLXSTVEGXMGEPMX]hXSWLS[MRKXLEXMRGSYRXVMIW
[LMGL LEZI HVEWXMGEPP] VEMWIH XLIMV GMKEVIXXI XE\IW XLI WQSOMRK VEXI EQSRK
XIIREKIVWLEWHVSTTIHF]EWQYGLEWTIVGIRX
36+%2->-2+74))',)73259)78-3273*430-'=
)JJIGXMZISVKERM^EXMSRMWGVYGMEP[LIR]SYWIIOXSTIVWYEHIPMWXIRIVWSREUYIWXMSR
SJTSPMG]%PXLSYKLER]SJXLIFEWMGTEXXIVRWSJSVKERM^EXMSRI\TPEMRIHMR'LET
XIVGERFIYWIHJSYVWTIGMEPTEXXIVRWEVIIWTIGMEPP]ZEPYEFPIJSVTSPMG]WTIIGLIW
8LI] EVI TVSFPIQWSPYXMSR SVHIV TVSFPIQGEYWIWSPYXMSR SVHIV GSQTEVEXMZI
EHZERXEKIWSVHIVERH1SRVSItWQSXMZEXIHWIUYIRGI
4VSFPIQ7SPYXMSR3VHIV
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MRXSTVSFPIQWSPYXMSRSVHIV-RXLIJMVWXQEMRTSMRX]SYHIQSRWXVEXIXLIRIIH %QIXLSHSJSVKERM^MRK
JSVERI[TSPMG]F]WLS[MRKXLII\XIRXERHWIVMSYWRIWWSJXLITVSFPIQ-RXLI TIVWYEWMZIWTIIGLIWMR[LMGL
WIGSRHQEMRTSMRX]SYI\TPEMR]SYVTPERJSVWSPZMRKXLITVSFPIQERHWLS[MXW XLIJMVWXQEMRTSMRXHIEPW[MXL
TVEGXMGEPMX]JSVI\EQTPI XLII\MWXIRGISJETVSFPIQERH
XLIWIGSRHQEMRTSMRXTVIWIRXW
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIYWISJERXMFEGXIVMEP EWSPYXMSRXSXLITVSFPIQ
GLIQMGEPWMRLSYWILSPHTVSHYGXWMWGVIEXMRKLIEPXLERH
IRZMVSRQIRXEPTVSFPIQW
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EWIVMSYWTVSFPIQXLEXVIUYMVIWEGXMSRF]KSZIVRQIRXERH
GSRWYQIVWEPMOI
1EMR4SMRXW - 8
LIYWISJERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXW
MWEWIVMSYWTVSFPIQ
% 6EXLIVXLERQEOMRKYWQSVILIEPXL]ERXMFEGXIVMEP
GLIQMGEPWMRLSYWILSPHTVSHYGXWEVIGSRXVMFYXMRKXS
PSRKXIVQLIEPXLTVSFPIQW
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS4IVWYEHI 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
& 8
LIERXMFEGXIVMEPGLIQMGEPWMRLSYWILSPHTVSHYGXWEVI
EPWSGVIEXMRKIRZMVSRQIRXEPTVSFPIQWFIGEYWIXLI]
IZIRXYEPP]IRHYTMRXLI97[EXIVWYTTP]
-- 7 SPZMRKXLIWITVSFPIQWVIUYMVIWEGSQFMREXMSRSJ
KSZIVRQIRXERHGSRWYQIVEGXMSR
% 8LI*SSHERH(VYK%HQMRMWXVEXMSRWLSYPHMRWXMXYXI
VIKYPEXMSRWGSRXVSPPMRKXLIYWISJERXMFEGXIVMEP
GLIQMGEPWMRLSYWILSPHTVSHYGXW
GSRRIGXPYGEWGSQ
& '
SRWYQIVWWLSYPHEZSMHTYVGLEWMRKLSYWILSPH
:MI[ERI\GIVTXJVSQ
TVSHYGXWXLEXGSRXEMRERXMFEGXIVMEPGLIQMGEPW
q&YVWXMRKXLI%RXMFEGXIVMEP
&YFFPIrMRXLISRPMRI1IHME
0MFVEV]JSVXLMWGLETXIV =SYGERYWIXLITVSFPIQWSPYXMSRJSVQEXNYWXEWIEWMP]XSSVKERM^IEWTIIGL
:MHIS'PMT
STTSWMRKEGLERKIMRTSPMG]-RWYGLEWTIIGL]SYVNSFMWXSHIJIRHXLIGYVVIRX
W]WXIQERHXSEXXEGO]SYVSTTSRIRXWtTVSTSWIHTSPMG]8LYWMRXLIJMVWXQEMRTSMRX
]SYQMKLXEVKYIXLEXXLIVIMWRSXERIIHJSVGLERKI-RXLIWIGSRHQEMRTSMRX]SY
QMKLXWLS[XLEXIZIRMJXLIVI[IVIEWIVMSYWTVSFPIQXLIWYKKIWXIHRI[TSPMG]
[SYPHRSXWSPZIMXERH[SYPHGVIEXIWIVMSYWTVSFPIQWSJMXWS[R*SVI\EQTPI
7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIGMX]GSYRGMPWLSYPHRSX
TEWWPIKMWPEXMSRQIVKMRKXLITSPMGIERHJMVIHITEVXQIRXW
'IRXVEP-HIE 1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRIMXLIVRIGIWWEV]
RSVTVEGXMGEP
1EMR4SMRXW -1IVKMRKXLITSPMGIERHJMVIHITEVXQIRXWMWRSXRIGIWWEV]
% 9RHIVXLIGYVVIRXW]WXIQXLITSPMGIHITEVXQIRXLEW
HIZIPSTIHEVITYXEXMSRJSVI\GIPPIRGIXLEXLEWQEHI
MXEQSHIPJSVHITEVXQIRXWMRSXLIVGMXMIW
& 8
LIJMVIHITEVXQIRXMWIUYEPP][IPPVIWTIGXIHJSV
HSMRKMXWNSFUYMGOP]ERHIJJMGMIRXP]
-- &
IWMHIWFIMRKYRRIGIWWEV]QIVKMRKXLITSPMGIERHJMVI
HITEVXQIRXWMWLMKLP]MQTVEGXMGEP
% 6EXLIVXLERWEZMRKXLIGMX]QSRI]QIVKMRKXLI
HITEVXQIRXW[SYPHMRGVIEWIGSWXW
& 1
IVKMRKXLIHITEVXQIRXW[SYPHEPWSLEVQQSVEPI
ERHVIHYGIXLILMKLPIZIPSJTIVJSVQERGI[II\TIGX
JVSQSYVTSPMGIJSVGIERHJMVIJMKLXIVW
4VSFPIQ'EYWI7SPYXMSR3VHIV
*SVEZEVMEXMSRSRTVSFPIQWSPYXMSRSVHIV]SYQMKLXEVVERKI]SYVWTIIGLMR
TVSFPIQGEYWI TVSFPIQGEYWIWSPYXMSRSVHIV8LMWTVSHYGIWEWTIIGL[MXLXLVIIQEMRTSMRXWh
WSPYXMSRSVHIV XLIJMVWXMHIRXMJ]MRKETVSFPIQXLIWIGSRHEREP]^MRKXLIGEYWIWSJXLITVSFPIQ
%QIXLSHSJSVKERM^MRKTIVWYEWMZI ERHXLIXLMVHTVIWIRXMRKEWSPYXMSRXSXLITVSFPIQ*SVI\EQTPI
WTIIGLIWMR[LMGLXLIJMVWXQEMR
TSMRXMHIRXMJMIWETVSFPIQXLI 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXXLIEKIJSVJYPPQSXSVZILMGPI
WIGSRHQEMRTSMRXEREP]^IWXLI HVMZMRKTVMZMPIKIWWLSYPHFIVEMWIHXS
GEYWIWSJXLITVSFPIQERHXLI
'IRXVEP-HIE 8LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
XLMVHQEMRTSMRXTVIWIRXWE
HVMZIVWMWEWIVMSYWTVSFPIQXLEXGERFIGSRXVSPPIHF]VEMWMRK
WSPYXMSRXSXLITVSFPIQ
XLIEKIJSVJYPPHVMZMRKTVMZMPIKIWXS
1EMR4SMRXW - 8
LIRYQFIVSJEGGMHIRXWERHHIEXLWMRZSPZMRKXIIREKI
HVMZIVWMWEWIVMSYWREXMSREPTVSFPIQ
6IKEVHPIWWSJLS[]SY
SVKERM^I]SYVTIVWYEWMZI
WTIIGL]SY[MPPRIIHWXVSRK
WYTTSVXMRKQEXIVMEPW8LI
FIXXIV]SYVVIWIEVGLXLI
QSVIGSRZMRGMRK]SYV
EVKYQIRXWEVIPMOIP]XSFI
% )EGL]IEVQSVIXLERTISTPIEVIOMPPIHMR
EGGMHIRXWMRZSPZMRKXIIREKIHVMZIVW
& 8LIVMWOWSJFIMRKMRZSPZIHMREJEXEPEGGMHIRXEVI
LMKLIWXJSVERH]IEVSPHHVMZIVW
-- 8LIVIEVIJSYVQEMRGEYWIWSJXLITVSFPIQ
% =SYRKIVHVMZIVWLEZIRtXLEHIRSYKLI\TIVMIRGIXS
HIZIPSTXLIMVHVMZMRKWOMPPW
& =SYRKIVHVMZIVWEVIQSVITVSRIXSVMWOXEOMRKERH
HERKIVSYWHVMZMRKFILEZMSVW
' =SYRKIVHVMZIVWEVIQSVIPMOIP]XSLEZIEGGMHIRXW
[LIRHVMZMRKEJXIVHEVO
( =SYRKIVHVMZIVWEVIIEWMP]HMWXVEGXIHF]XLITVIWIRGI
SJSXLIVXIIREKIVWMRXLIGEV
GSRRIGXPYGEWGSQ
--- ; IGERLIPTWSPZIXLIWITVSFPIQWF]VEMWMRKXLIEKIJSV
:MI[ERI\GIVTXJVSQ
JYPPHVMZMRKTVMZMPIKIW
q4YXXMRKXLI&VEOIWSR
% %PXLSYKLERH]IEVSPHWWLSYPHLEZIPMQMXIH 8IIREKI(VMZMRKrMRXLI
HVMZMRKTVMZMPIKIWXLI]WLSYPHRSXVIGIMZIER SRPMRI1IHME0MFVEV]JSVXLMW
YRVIWXVMGXIHPMGIRWIYRXMPEKI GLETXIV:MHIS'PMT
& 8LMW[MPPEPPS[]SYRKIVHVMZIVWXMQIXSKEMRQEXYVMX]ERH
I\TIVMIRGIFIJSVIVIGIMZMRKYRPMQMXIHHVMZMRKTVMZMPIKIW
7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERM^EXMSR FIGEYWI MX VIUYMVIW E
WTIEOIVXS MHIRXMJ] XLIGEYWIWSJ XLITVSFPIQ 8LMWMRXYVRQEOIW MXIEWMIVXS
GLIGO[LIXLIVXLITVSTSWIHWSPYXMSR[MPPKIXEXXLIGEYWIWSJXLITVSFPIQ
'SQTEVEXMZI%HZERXEKIW3VHIV
;LIR]SYVEYHMIRGIEPVIEH]EKVIIWXLEXETVSFPIQI\MWXW]SYGERHIZSXI]SYV
WTIIGLXSGSQTEVMRKXLIEHZERXEKIWERHHMWEHZERXEKIWSJGSQTIXMRKWSPYXMSRW
-R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW
SVHIVHIZSXMRKIEGLQEMRTSMRXXSI\TPEMRMRK[L]]SYVWSPYXMSRMWTVIJIVEFPI
XSSXLIVTVSTSWIHWSPYXMSRW
4IVWYEWMZI7TIIGLIWSR5YIWXMSRWSJ4SPMG]
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKXS4IVWYEHI 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 'SQTERMIW
7YTTSWI]SY[ERXXSGSRZMRGI]SYVEYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLERKEWIPIGXVMGL]FVMH
GSQTEVEXMZI GEVW9WMRKGSQTEVEXMZIEHZERXEKIWSVHIV]SY[SYPHGSQTEVIL]HVSKIRGEVW
EHZERXEKIWSVHIV [MXLKEWIPIGXVMGL]FVMHGEVWERHWLS[[L]XLIJSVQIVEVIEFIXXIVGLSMGI=SYV
%QIXLSHSJSVKERM^MRK WTIGMJMGTYVTSWIGIRXVEPMHIEERHQEMRTSMRXWQMKLXPSSOPMOIXLMW
TIVWYEWMZIWTIIGLIWMR[LMGL
IEGLQEMRTSMRXI\TPEMRW[L]E 7TIGMJMG4YVTSWI 8STIVWYEHIQ]EYHMIRGIXLEXEYXSQEOIVWWLSYPHTYX
WTIEOIVtWWSPYXMSRXSETVSFPIQ KVIEXIVIQTLEWMWSRHIZIPSTMRKL]HVSKIRJYIPGIPPGEVWXLER
MWTVIJIVEFPIXSSXLIVTVSTSWIH KEWIPIGXVMGGEVW
WSPYXMSRW 'IRXVEP-HIE 9RPMOIKEWIPIGXVMGGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX
KEWSPMRIERHHSRSXIQMXEMVTSPPYXMRKI\LEYWX
1EMR4SMRXW - 9
RPMOIL]FVMHGEVWL]HVSKIRGEVWVYRIRXMVIP][MXLSYX
KEWSPMRI
-- 9
RPMOIL]FVMHGEVWL]HVSKIRGEVWHSRSXIQMXER]EMV
TSPPYXMRKI\LEYWX
1SRVSItW1SXMZEXIH7IUYIRGI
(IZIPSTIHMRXLIWF]%PER1SRVSIETVSJIWWSVSJWTIIGLEX4YVHYI9RMZIV
1SRVSItWQSXMZEXIH WMX]XLIQSXMZEXIHWIUYIRGIMWXEMPSVQEHIJSVTSPMG]WTIIGLIWXLEXWIIOMQQIHM
WIUYIRGI EXIEGXMSR8LIWIUYIRGILEWJMZIWXITWXLEXJSPPS[XLITW]GLSPSK]SJTIVWYEWMSR
%QIXLSHSJSVKERM^MRK
TIVWYEWMZIWTIIGLIWXLEXWIIO %XXIRXMSR*MVWX]SYKEMRXLIEXXIRXMSRSJ]SYVEYHMIRGIF]YWMRKSRISVQSVI
MQQIHMEXIEGXMSR8LIJMZI SJXLIQIXLSHWHIWGVMFIHMR'LETXIVVIPEXMRKXSXLIEYHMIRGIWLS[MRKXLI
WXITWSJXLIQSXMZEXIHWIUYIRGI MQTSVXERGISJXLIXSTMGQEOMRKEWXEVXPMRKWXEXIQIRXEVSYWMRKGYVMSWMX]SV
EVIEXXIRXMSRRIIHWEXMWJEGXMSR WYWTIRWITSWMRKEUYIWXMSRXIPPMRKEHVEQEXMGWXSV]SVYWMRKZMWYEPEMHW
ZMWYEPM^EXMSRERHEGXMSR 2
IIH2I\X]SYQEOIXLIEYHMIRGIJIIPERIIHJSVGLERKI=SYWLS[XLIVIMW
EWIVMSYW TVSFPIQ[MXL XLII\MWXMRK WMXYEXMSR-XMWMQTSVXERXXSWXEXIXLI
RIIH GPIEVP] ERH XS MPPYWXVEXI MX [MXL WXVSRK WYTTSVXMRK QEXIVMEPW &] XLI
IRHSJXLMWWXITPMWXIRIVWWLSYPHFIWSGSRGIVRIHEFSYXXLITVSFPIQXLEX
XLI]EVITW]GLSPSKMGEPP]TVMQIHXSLIEV]SYVWSPYXMSR
7 EXMWJEGXMSR ,EZMRK EVSYWIH E WIRWI SJ RIIH ]SY WEXMWJ] MX F] TVSZMHMRK
E WSPYXMSR XS XLI TVSFPIQ =SY TVIWIRX ]SYV TPER ERH WLS[ LS[ MX [MPP
[SVO&IWYVIXSSJJIVIRSYKLHIXEMPWEFSYXXLITPERXSKMZIPMWXIRIVWEGPIEV
YRHIVWXERHMRKSJMX
:
MWYEPM^EXMSR,EZMRKKMZIR]SYVTPER]SYMRXIRWMJ]HIWMVIJSVMXF]ZMWYEP
M^MRKMXWFIRIJMXW8LIOI]XSXLMWWXITMWYWMRKZMZMHMQEKIV]XSWLS[]SYV
PMWXIRIVWLS[XLI][MPPTVSJMXJVSQ]SYVTSPMG]1EOIXLIQWIILS[QYGL
FIXXIVGSRHMXMSRW[MPPFISRGI]SYVTPERMWEHSTXIH
%
GXMSR 3RGI XLI EYHMIRGI MW GSRZMRGIH ]SYV TSPMG] MW FIRIJMGMEP ]SY EVI
VIEH]XSGEPPJSVEGXMSR7E]I\EGXP][LEX]SY[ERXXLIEYHMIRGIXSHShERH
LS[ XS HS MX 8LIR GSRGPYHI [MXL E JMREP WXMVVMRK ETTIEP XLEX VIMRJSVGIW
XLIMVGSQQMXQIRXXSEGX
1ER]WXYHIRXWTVIJIVXLIQSXMZEXIHWIUYIRGIFIGEYWIMXMWQSVIHIXEMPIH
XLER TVSFPIQWSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH
PIEHWXLIPMWXIRIVWXITF]WXITXSXLIHIWMVIHEGXMSR3RIMRHMGEXMSRSJMXWIJJIG
XMZIRIWWMWXLEXMXMW[MHIP]YWIHF]TISTPI[LSQEOIXLIMVPMZMRKF]TIVWYEWMSRh
IWTIGMEPP]EHZIVXMWIVW8LIRI\XXMQI]SY[EXGLXIPIZMWMSRTE]GPSWIEXXIRXMSR
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;
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;
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;
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;
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;
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XLIWTIEOIVtWMRMXMEPGVIHMFMPMX]QMKLXFIEJJIGXIHMJXLIWTIEOIV[IVIHMWGYWWMRK
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[IEORIWWIWMJER]GER]SYJMRHMRXLIVIEWSRMRKSJIEGL#
E %GGSVHMRKXSEWXYH]F]XLI%QIVMGER1IHMGEP%WWSGMEXMSRQIR[MXLFEPHWTSXW
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LMKLWGLSSPHMIHMRELIEHSRGSPPMWMSR[MXLEXVYGO[LIRXLIGEVHVMZIVPSWXGSR
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G 8LI9RMXIH7XEXIW'SRWXMXYXMSRKYEVERXIIWEPPGMXM^IRWXLIVMKLXXSFIEVEVQW+YR
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7 LMKL TSMRXW XLEX WXERH SYX EFSZI SVHMREV] VSYXMRI 'LVMWXIRMRKW [IH
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VEPEHHVIWWXLIFEWOIXFEPPGSEGLKMZIWEWTIIGLLSRSVMRKXLIXIEQtWQSWXZEPY
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7TIIGLIWSJ-RXVSHYGXMSR
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7TIIGLIWSJ4VIWIRXEXMSR
7TIIGLIWSJTVIWIRXEXMSREVIKMZIR[LIRWSQISRIVIGIMZIWEKMJXERE[EVHSV
WSQISXLIVJSVQSJTYFPMGVIGSKRMXMSR9WYEPP]WYGLWTIIGLIWEVIFVMIJ8LI]
QE]FIRSQSVIXLEREQIVIERRSYRGIQIRXq%RHXLI[MRRIVMWr
SVFI
YTXSJSYVSVJMZIQMRYXIWMRPIRKXL
8LIQEMRTYVTSWISJEWTIIGLSJTVIWIRXEXMSRMWXSXIPPXLIEYHMIRGI[L] WTIIGLSJTVIWIRXEXMSR
XLIVIGMTMIRXMWVIGIMZMRKXLIE[EVH4SMRXSYXLIVSVLMWGSRXVMFYXMSRWEGLMIZI %WTIIGLXLEXTVIWIRXWWSQISRI
QIRXW ERH WS JSVXL (S RSX HIEP [MXL IZIV]XLMRK XLI TIVWSR LEW IZIV HSRI EKMJXERE[EVHSVWSQISXLIV
*SGYWSREGLMIZIQIRXWVIPEXIHXSXLIE[EVHERHHMWGYWWXLIWIEGLMIZIQIRXWMR JSVQSJTYFPMGVIGSKRMXMSR
E[E]XLEX[MPPQEOIXLIQQIERMRKJYPXSXLIEYHMIRGI
(ITIRHMRKSRXLIEYHMIRGIERHXLISGGEWMSR]SYQE]EPWSRIIHXSHMWGYWW
X[SSXLIVQEXXIVWMREWTIIGLSJTVIWIRXEXMSR*MVWXMJXLIEYHMIRGIMWRSXJEQMP
MEV[MXLXLIE[EVH]SYWLSYPHI\TPEMRMXFVMIJP]7IGSRHMJXLIE[EVH[EW[SR
MRETYFPMGGSQTIXMXMSRERHXLIEYHMIRGIORS[W[LSXLIPSWIVWEVI]SYQMKLX
XEOIEQSQIRXXSTVEMWIXLIPSWIVW
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'PMRXSRMRTVIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEPXSJSVQIV7SYXL%JVMGER
4VIWMHIRX2IPWSR1ERHIPEEXEGIVIQSR]MRXLI6SXYRHESJXLI9RMXIH7XEXIW
'ETMXSPMR;EWLMRKXSR('&IGEYWIXLI'SRKVIWWMSREP+SPH1IHEPMWEWTIGMEP
LSRSVFIWXS[IHF]XLI97'SRKVIWWXLIVIEVIRSTYFPMGGSQTIXMXSVWJSVXLI
E[EVH 8LYW 'PMRXSR HMH RSX RIIH XS WE] ER]XLMRK EFSYX XLI qPSWIVWr ,MW
WTIIGL JSGYWIH SR 1ERHIPEtW FEXXPI EKEMRWX ETEVXLIMH ERH LMW IJJSVXW XS TVS
QSXIVIGSRGMPMEXMSREQSRKXLITISTPISJ7SYXL%JVMGE
7TIIGLIWSJ4VIWIRXEXMSR
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKSR7TIGMEP 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 3GGEWMSRW 'SQTERMIW
4VIWIRXMRKXLI'SRKVIWWMSREP+SPH1IHEP
&MPP'PMRXSR
7TIIGLIWSJ%GGITXERGI
8LITYVTSWISJEREGGITXERGIWTIIGLMWXSKMZIXLEROWJSVEKMJXSVERE[EVH
;LIR KMZMRK WYGL E WTIIGL ]SY XLERO XLI TISTPI [LS EVI FIWXS[MRK XLI
EGGITXERGIWTIIGL E[EVHERHVIGSKRM^IXLITISTPI[LSLIPTIH]SYKEMRMX
%WTIIGLXLEXKMZIWXLEROW 8LI EGGITXERGI WTIIGL SR XLI RI\X TEKI MW XLI GSQTERMSR TMIGI XS XLI
JSVEKMJXERE[EVHSV WTIIGLSJTVIWIRXEXMSRF]&MPP'PMRXSR-X[EWHIPMZIVIHF]2IPWSR1ERHIPEMR
WSQISXLIVJSVQSJTYFPMG EGGITXMRKXLI'SRKVIWWMSREP+SPH1IHEPERHMXI\IQTPMJMIWXLIQENSVXVEMXWSJ
VIGSKRMXMSR EKSSHEGGITXERGIWTIIGLhFVIZMX]LYQMPMX]ERHKVEGMSYWRIWW
'SQQIQSVEXMZI7TIIGLIW
'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR )YPSKMIW
*SYVXL SJ .YP] WTIIGLIW ERH HIHMGEXMSRW EVI I\EQTPIW SJ GSQQIQSVEXMZI
WTIIGLIW=SYVEMQMRWYGLWTIIGLIWMWXSTE]XVMFYXIXSETIVWSREKVSYTSJ
TISTPIERMRWXMXYXMSRSVERMHIE
%WMRERMRJSVQEXMZIWTIIGL]SYTVSFEFP][MPPLEZIXSKMZIXLIEYHMIRGI
MRJSVQEXMSR EFSYX ]SYV WYFNIGX %JXIV EPP XLI EYHMIRGI QYWX ORS[ [L] ]SYV
%GGITXMRKXLI'SRKVIWWMSREP+SPH1IHEP
2IPWSR1ERHIPE
8LERO]SY4VIWMHIRX'PMRXSR1V7TIEOIVHMWXMRKYMWLIHQIQFIVWSJXLI7IREXI
ERHXLI,SYWIPEHMIWERHKIRXPIQIR
-XLEWFIIRQ]KVIEXTVMZMPIKIXSWIVZIETISTPI[LSWIFSRHEKIXSERMRLYQER
W]WXIQ IZSOIH XLI WSPMHEVMX] SJ EPP XLSWI [LS PSZI JVIIHSQ ERH NYWXMGI E TISTPI
[LSWIXVMYQTLSZIVXLIHMZMWMSRWSJVEGMWXHSGXVMRILEWKMZIRRI[PMJIXSLYQERMX]tW
LSTIJSVE[SVPH[MXLSYXLEXVIHERHHMWGVMQMREXMSR-EQGSRWGMSYWXLEXMRFIWXS[
MRKXLI'SRKVIWWMSREP+SPH1IHEPYTSRQI]SYEVIIZSOMRKXLIWIFSRHWFIX[IIR
SYV REXMSRW ERH TE]MRK XVMFYXI XS XLI [LSPI 7SYXL %JVMGER REXMSR JSV MXW EGLMIZI GSRRIGXPYGEWGSQ
QIRXWMRVIEPM^MRKSYVWLEVIHMHIEPW :MI[ERI\GIVTXJVSQ2IPWSR
-XMWMRXLEXWTMVMXXLEX-LYQFP]EGGITXXLIE[EVHE[EVIEXXLIWEQIXMQISJXLI 1ERHIPEtWEGGITXERGI
KVIEXLSRSV]SYHSQIF]YWMRKQIEWXLIZILMGPISJEYRMUYIHMWXMRGXMSRGSRJIVVIH WTIIGLMRXLISRPMRI1IHME
F]XLMWLEPPS[IHMRWXMXYXMSRSJ%QIVMGERHIQSGVEG]%WSRI[LSLEWHIHMGEXIHLMW 0MFVEV]JSVXLMWGLEXTIV
:MHIS'PMT
PMJIXSXLITYVWYMXSJYRMX]-EQQSZIHF]XLIGSRWIRWYWMR]SYVREXMSRtWVIKEVHJSV
XLIEGLMIZIQIRXWSJQ]TISTPI%RH-JIIPEKVIEXTVMHIMRXLIJEGXXLEX[MXLEJI[
GMXM^IRWSJSXLIVGSYRXVMIW[LSLEZIVIGIMZIHXLMWLMKLLSRSVXLIREQISJER%JVMGER
MWRS[EHHIH
8LI E[EVH [MXL [LMGL ]SY LSRSV QI XSHE] MW ER I\TVIWWMSR SJ XLI GSQQSR
LYQERMX]XLEXFMRHWYWSRITIVWSRXSERSXLIVREXMSRXSREXMSRERHTISTPISJXLI
RSVXLXSTISTPISJXLIWSYXL-VIGIMZIMX[MXLTVMHIEWEW]QFSPSJTEVXRIVWLMTJSV
TIEGITVSWTIVMX]ERHIUYMX]EW[IIRXIVXLIRI[QMPPIRRMYQ-XLERO]SY
WYFNIGXMWTVEMWI[SVXL]%WMRSXLIVWTIIGLIW]SYQE]HVE[SRI\EQTPIWXIW
XMQSR]IZIRWXEXMWXMGWXSMPPYWXVEXIXLIEGLMIZIQIRXWSJ]SYVWYFNIGX
=SYVJYRHEQIRXEPTYVTSWIMREGSQQIQSVEXMZIWTIIGLLS[IZIVMWRSX GSQQIQSVEXMZIWTIIGL
XS MRJSVQ ]SYV PMWXIRIVW FYX XS MRWTMVI XLIQhXS EVSYWI ERH LIMKLXIR XLIMV %WTIIGLXLEXTE]WXVMFYXIXSE
ETTVIGMEXMSR SJ SV EHQMVEXMSR JSV XLI TIVWSR MRWXMXYXMSR SV MHIE ]SY EVI TIVWSREKVSYTSJTISTPIER
TVEMWMRK-J]SYEVITE]MRKXVMFYXIXSETIVWSRJSVI\EQTPI]SYWLSYPHRSX MRWXMXYXMSRSVERMHIE
WMQTP]VIGSYRXXLIHIXEMPWSJXLITIVWSRtWPMJI6EXLIV]SYWLSYPHTIRIXVEXI
XSXLIIWWIRGISJ]SYVWYFNIGXERHKIRIVEXIMR]SYVEYHMIRGIEHIITWIRWISJ
VIWTIGX
;LIR WTIEOMRK XS GSQQIQSVEXI ]SY [ERX XS I\TVIWW JIIPMRKW XS WXMV
WIRXMQIRXWhNS]ERHLSTI[LIRERI[FYMPHMRKMWHIHMGEXIHERXMGMTEXMSRERH
KSSH [MWLIW EX E GSQQIRGIQIRX GIPIFVEXMSR PEQIRX ERH GSRWSPEXMSR EX E
JYRIVEP EHQMVEXMSR ERH VIWTIGX EX E XIWXMQSRMEP HMRRIV % GSQQIQSVEXMZI
WTIIGL MW PMOI ER MQTVIWWMSRMWX TEMRXMRKhqE TMGXYVI [MXL [EVQ GSPSVW ERH
XI\XYVIGETXYVMRKEQSSHSVEQSQIRXr
&YX [LMPI XLI TEMRXIV [SVOW [MXL FVYWL ERH GSPSVW XLI GSQQIQSVEXMZI
WTIEOIV[SVOW[MXLPERKYEKI3JEPPXLIOMRHWSJWTIIGLIWRSRIHITIRHWQSVISR
XLIGVIEXMZIERHWYFXPIYWISJPERKYEKI7SQISJXLIQSWXQIQSVEFPIWTIIGLIW
MRLMWXSV]MRGPYHMRK%FVELEQ0MRGSPRtW+IXX]WFYVK%HHVIWWLEZIFIIRGSQ
QIQSVEXMZI ;I GSRXMRYI XS JMRH WYGL WTIIGLIW QIERMRKJYP ERH MRWTMVMRK
PEVKIP]FIGEYWISJXLIMVIPSUYIRXYWISJPERKYEKI
3RI SJ XLI QSWX IJJIGXMZI GSQQIQSVEXMZI WTIEOIVW MR SYV VIGIRX LMWXSV]
[EW4VIWMHIRX6SREPH6IEKER%JXIVXLII\TPSWMSRSJXLIWTEGIWLYXXPI'LEPPIRKIV
'SQQIQSVEXMZI7TIIGLIW
0YGEW8LI%VXSJ4YFPMG 7TIEOMRKSR7TIGMEP 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 3GGEWMSRW 'SQTERMIW
MR6IEKERHIPMZIVIHEREXMSREPP]XIPIZMWIHIYPSK]XSXLIEWXVSREYXWOMPPIH
MRXLIFPEWX&IPS[EVIX[SZIVWMSRWSJ6IEKERtWGPSWMRKPMRIW8LIJMVWXMW[LEX
LI Q
MKLX LEZI WEMH WXVMTTMRK XLI XI\X SJ MXW [EVQ IQSXMSREP GSRXIRX ERH
TSMKRERXPERKYEKI
0MOI*VERGMW(VEOIXLIKVIEXI\TPSVIVSJXLISGIERWXLI'LEPPIRKIVEWXVSREYXWKEZI
XLIMVPMZIWJSVEGEYWIXS[LMGLXLI][IVIJYPP]HIHMGEXIH;IEVILSRSVIHF]XLIQERH
[I[MPPRSXJSVKIXXLIQ;I[MPPEP[E]WVIQIQFIVWIIMRKXLIQJSVXLIPEWXXMQIXLMWQSVR
MRKEWXLI]TVITEVIHJSVXLIMVJPMKLX
GSRRIGXPYGEWGSQ
,IVIMW[LEX6IEKEREGXYEPP]WEMH
:MI[XLIIRHMRKSJ6SREPH
6IEKERtWIYPSK]XSXLI
EWXVSREYXWMRXLI 8LIVItWEGSMRGMHIRGIXSHE]3RXLMWHE]]IEVWEKSXLIKVIEXI\TPSVIV*VERGMW
SRPMRI1IHME0MFVEV]JSVXLMW (VEOIHMIHEFSEVHWLMTSJJXLIGSEWXSJ4EREQE-RLMWPMJIXMQIXLIKVIEXJVSRXMIVW[IVI
GLETXIV:MHIS'PMT
XLISGIERWERHERLMWXSVMERPEXIVWEMHq,IPMZIHF]XLIWIEHMIHSRMX[EWFYVMIHMR
MXr;IPPXSHE][IGERWE]SJXLI'LEPPIRKIVGVI[8LIMVHIHMGEXMSR[EWPMOI(VEOItW
GSQTPIXI
8LI GVI[ SJ XLI WTEGI WLYXXPI 'LEPPIRKIV LSRSVIH YW F] XLI QERRIVMR [LMGL XLI]
PMZIHXLIMVPMZIW;I[MPPRIZIVJSVKIXXLIQRSVXLIPEWXXMQI[IWE[XLIQXLMWQSVRMRK
EW XLI] TVITEVIH JSV XLIMV NSYVRI] ERH [EZIH KSSHF]I ERH qWPMTTIH XLI WYVP] FSRHW SJ
IEVXLrXSqXSYGLXLIJEGISJ+SHr
8LI JMREP [SVHWhqsWPMTTIH XLI WYVP] FSRHW SJ IEVXLt XS sXSYGL XLI JEGI SJ
+SHtrhEVIIWTIGMEPP]IJJIGXMZI(VE[RJVSQEWSRRIXGEPPIHq,MKL*PMKLXrXLEX
QER] TMPSXW OIIT [MXL XLIQ XLI] IRRSFPI XLI HIEXLW SJ XLI EWXVSREYXW ERH
IRHXLIWTIIGLSRERIPSUYIRXQSZMRKERHTSIXMGRSXI
;LIRWTIEOMRKXSGSQQIQSVEXI]SYVWYGGIWW[MPPHITIRHSR]SYVEFMPMX]
XSTYXMRXSPERKYEKIXLIXLSYKLXWERHIQSXMSRWETTVSTVMEXIXSXLISGGEWMSR
-XMWIEW]hXSSIEW]hXSJEPPFEGOSRGPMGLÍWERHXVMXIWIRXMQIRXW=SYVGLEPPIRKI
[MPP FI XS YWI PERKYEKI MQEKMREXMZIP] XS MRZIWX XLI SGGEWMSR [MXL HMKRMX]
QIERMRKERHLSRIWXIQSXMSR
-RHSMRKWS]SYQE][ERXXSYXMPM^IXLIWTIGMEPVIWSYVGIWSJPERKYEKIHMW
GYWWIH MR 'LETXIV 1IXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR ERXMXLIWMW
EPPMXIVEXMSRhEPP EVI ETTVSTVMEXI JSV GSQQIQSVEXMZI WTIIGLIW 7SQI LMKLP]
EGGPEMQIHGSQQIQSVEXMZIWTIIGLIWhMRGPYHMRK1EVXMR0YXLIV/MRKtWq-,EZIE
(VIEQrERH.SLR/IRRIH]tWMREYKYVEPEHHVIWWhEVIHMWXMRKYMWLIHF]XLIMVGVI
EXMZIYWISJWYGLHIZMGIW
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HIGMHI XLEX XLI WTIIGL SJ GSQQIQSVEXMSR MW JEV FI]SRH ]SYV EFMPMXMIW &YX
SXLIVWXYHIRXWLEZIHIPMZIVIHI\GIPPIRXGSQQIQSVEXMZIWTIIGLIWhRSXMQQSV
XEPTIVLETWFYXRSRIXLIPIWWHMKRMJMIHERHQSZMRK
0SSO JSV I\EQTPI EX q1] 'VE^] %YRX 7YIr MR XLI ETTIRHM\ SJ WEQTPI
WTIIGLIWXLEXJSPPS[W'LETXIVTEKIW%i%
8LIWTIEOIVtWEMQ[EWXS
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%PXLSYKL XLI WTIEOIV TVSZMHIW FEWMG MRJSVQEXMSR EFSYX EYRX 7YI ERH LIV
TL]WMGEP GSRHMXMSR XLI WTIIGL HSIW RSX VIGSYRX EPP XLI HIXEMPW SJ LIV PMJI
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GSQTPEMR EFSYX LIV JEXI 8LI WTIEOIV TVSZMHIW IRSYKL HIXEMPW XS PIX YW WII
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WTIIGL
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[SVPHWXEKISVMRSRItWPSGEP
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WTIGMEPSGGEWMSRWWLSYPHWIIO
XSMRZIWXXLISGGEWMSR[MXL
HMKRMX]QIERMRKERHLSRIWX
IQSXMSR
8LIWXVSRKIWXTIVWSR-ORS[GERRSXTIIPETSXEXS8LIWXVSRKIWXTIVWSR-ORS[LEW
XVSYFPITYXXMRKSRLIVQEOIYT8LIWXVSRKIWXTIVWSR-ORS[RIIHWEWTIGMEPOI]LSPHIVXS
XYVRXLIOI]MRLIVGEVtWMKRMXMSR
GSRRIGXPYGEWGSQ
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PMRIWLEZIEWMQTPIIPIKERGIXLEXGSQIWTEVXP]JVSQXLIVITIXMXMSRSJq8LI XLISRPMRI1IHME0MFVEV]JSV
WXVSRKIWX TIVWSR - ORS[r EX XLI WXEVX SJ IEGL WIRXIRGI 'SRWMHIV MR GSR XLMWGLETXIV:MHIS'PMT
XVEWXLS[QYGLPIWW IJJIGXMZIXLISTIRMRK[SYPHLEZIFIIRMJXLIWTIEOIV
LEHWEMH
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WTIGMEPOI]LSPHIVXSXYVRXLIOI]MRLIVGEVtWMKRMXMSR
8LIWIPMRIWGSRZI]XLIWEQIMRJSVQEXMSRFYXRSX[MXLXLIWEQIIJJIGX
*SVERSXLIVI\EQTPIGSRWMHIVXLIWXYHIRXGSQQIQSVEXMZIWTIIGLTVMRXIH
SRTEKI8LIWYFNIGXMW)PMI;MIWIPLYQERMXEVMER2SFIP4IEGI4VM^I[MR
RIVERHXMVIPIWWGEQTEMKRIVJSVMRXIVREXMSREPNYWXMGI2SXMGILS[XLIWTIEOIV
YWIW XLI VITIXMXMSR SJ q%r XS GETXYVI EXXIRXMSR EX XLI FIKMRRMRK ERH XS
KMZI XLI WTIIGL EVXMWXMGYRMX] EXXLIIRH %PWSRSXMGI LS[ LIXIPPW YW IRSYKL
EFSYX;MIWIPXSORS[[L]LIMWTVEMWI[SVXL][MXLSYXKIXXMRKFSKKIHHS[RMR
FMSKVETLMGEPHIXEMPW
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7TIEOMRK8IRXL)HMXMSR 3GGEWMSRW 'SQTERMIW
)PMI;MIWIP
%,MWRI[REQIXLIKVEJJMXMWXEQTIHSRLMWWOMR%EGSRGIRXVEXMSR
GEQTXEXXSS%XEKIJMJXIIR%[EWXEOIRJVSQLMWLSQIF]XLI2E^MWERHWIRX
XS %YWGL[MX^ SRI SJ XLI X[IRXMIXL GIRXYV]tW QSWX TSXIRX W]QFSPW SJ IZMP ,IVI
%[MXRIWWIHXLIHIEXLWSJXLSYWERHWSJLYQERFIMRKWMRGPYHMRKLMWQSXLIV
ERH]SYRKIVWMWXIV7SQILS[%WYVZMZIHERH[LIR;SVPH;EV--IRHIHLI
TYXLMWTEMRERHKVMIJXS[SVOQEOMRKWYVIXLI[SVPHHMHRSXJSVKIXXLI,SPSGEYWX
ERHQEOMRKWYVIERSXLIV,SPSGEYWXHMHRSXXEOITPEGI
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XLI'SRKVIWWMSREP+SPH1IHEPERHXLI2SFIP4IEGI4VM^IEQSRKSXLIVW)PMI;MIWIP
MWERIPSUYIRXJIEVPIWWWIPJPIWWPIEHIV[LSXSSOXLIIZMPWSJ%YWGL[MX^EWQSXMZEXMSR
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JMVWXRMKLXMRGEQT[LMGLXYVRIHQ]PMJIMRXSSRIPSRKRMKLXWIZIRXMQIWGYVWIHERH
WIZIRXMQIWWIEPIH2IZIVWLEPP-JSVKIXXLEXWQSOI2IZIVWLEPP-JSVKIXXLIPMXXPIJEGIW
SJXLIGLMPHVIR[LSWIFSHMIW-WE[XYVRIHMRXS[VIEXLWSJWQSOIFIRIEXLEWMPIRX
FPYIWO]r,EYRXMRK[SVHWXLEXVIQMRHYWSJXLIVIEPMX]SJIZMP
% JIEVPIWW PIEHIV RS PIWW XLER ER IPSUYIRX SRI )PMI ;MIWIP LEW WTIRX ]IEVW
FEXXPMRKXLIIZMPWXLEXGSRXMRYIXSTPEKYISYVTPERIX8SXLI1MWOMXS-RHMERWSJ2MGEVEKYE
HMWTPEGIHJVSQXLIMVLSQIPERHLIFVSYKLXMRWTMVMRK[SVHWSJWXVIRKXLERHGSQTEWWMSR
8SQIRERH[SQIRJEGMRKETEVXLIMHMR7SYXL%JVMGELIFVSYKLXETS[IVJYPHIRYR
GMEXMSR SJ VEGMEP WIKVIKEXMSR ERH ZMSPIRGI 8S 'EQFSHMER VIJYKIIW WYJJIVMRK JVSQ
WXEVZEXMSRERHHMWIEWILIFVSYKLXJSSHERHXLITVSQMWISJERI[FIKMRRMRK%RHXS
XLSWISJYW[LSJSPPS[LMW[SVOLIGSRXMRYIWXSTVSZMHIMRWTMVEXMSR
%WIPJPIWWPIEHIVEWQYGLEWERIPSUYIRXERHJIEVPIWWSRI)PMI;MIWIPLEWGSR
WMWXIRXP] TYX XLI RIIHW SJ SXLIVW FIJSVI LMW S[R ;MXL IZIV] E[EVH LMW QSHIWX]
WXERHWWMHIF]WMHI[MXLLMWEGLMIZIQIRXW%WLIWXEXIHMRLMW2SFIP4VM^IEGGITXERGI
WTIIGL q2IYXVEPMX] LIPTW XLI STTVIWWSV RIZIV XLI ZMGXMQ 7MPIRGI IRGSYVEKIW XLI
XSVQIRXSV RIZIV XLI XSVQIRXIH ;LIVIZIV QIR ERH [SQIR EVI TIVWIGYXIH
FIGEYWISJXLIMVVEGIVIPMKMSRSVTSPMXMGEPZMI[WXLEXTPEGIQYWXhEXXLEXQSQIRXh
FIGSQIXLIGIRXIVSJXLIYRMZIVWIr
8SHE] EX ]IEVW SJ EKI )PMI ;MIWIP GSRXMRYIW XS JMKLX EKEMRWX XLI RMKLX
8LVSYKL EPP LMW XVMEPW ERH EPP LMW XVMYQTLW XLI XEXXSS VIQEMRW % E GSRWXERX
VIQMRHIVSJIZMPMRNYWXMGIERHMRHMJJIVIRGI-RFEXXPMRKXLIWIJSVGIW)PMI;MIWIPLEW
WLS[RXLIOMRHSJQSVEPPIEHIVWLMTXSSSJXIRPEGOMRKMRXSHE]tW[SVPH
8LIVIMWRSFIXXIV[E]XSGSRGPYHIXLERXSUYSXILMWS[R[SVHWq8LIVIQE]
FIXMQIW[LIR[IEVITS[IVPIWWXSTVIZIRXMRNYWXMGIFYXXLIVIQYWXRIZIVFIEXMQI
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EVIRSXEPSRIXLEX[IEVIRSXJSVKIXXMRKXLIQXLEX[LMPIXLIMVJVIIHSQHITIRHWSR
SYVWXLIUYEPMX]SJSYVJVIIHSQHITIRHWSRXLIMVWr
7911%6=
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