Handbook of Prevention

+DQGERRNRI&29,'3UHYHQWLRQ
DQG7UHDWPHQW
The First Affiliated Hospital, Zhejiang University School of Medicine
Compiled According to Clinical Experience
(GLWRUҲV1RWH
,GIKJ]OZNGT[TQTU]T\OX[YYNGXOTMGTJIURRGHUXGZOUTGXKZNKHKYZXKSKJ_
:NKV[HROIGZOUTULZNOY.GTJHUUQOYUTKULZNKHKYZ]G_YZUSGXQZNKIU[XGMKGTJ]OYJUSU[X
NKGRZNIGXK]UXQKXYNG\KJKSUTYZXGZKJU\KXZNKVGYZZ]USUTZNY
:NGTQYZUGRRZNUYK]NUNG\KIUTZXOH[ZKJZUZNOY.GTJHUUQYNGXOTMZNKOT\GR[GHRKK^VKXOKTIK
]OZNNKGRZNIGXKIURRKGM[KYGXU[TJZNK]UXRJ]NORKYG\OTMZNKRO\KYULVGZOKTZY
:NGTQYZUZNKY[VVUXZLXUSNKGRZNIGXKIURRKGM[KYOT)NOTG]NUNG\KVXU\OJKJK^VKXOKTIKZNGZ
OTYVOXKYGTJSUZO\GZKY[Y
:NGTQY ZU 0GIQ 3G ,U[TJGZOUT LUX OTOZOGZOTM ZNOY VXUMXGS GTJ ZU 'RO.KGRZN LUX ZNK ZKINTOIGR
Y[VVUXZSGQOTMZNOY.GTJHUUQVUYYOHRKZUY[VVUXZZNK灣MNZGMGOTYZZNKKVOJKSOI
:NK.GTJHUUQOYG\GORGHRKZUK\KX_UTKLUXLXKK.U]K\KXJ[KZUZNKROSOZKJZOSKZNKXKSOMNZHK
YUSKKXXUXYGTJJKLKIZY?U[XLKKJHGIQGTJGJ\OIKGXKNOMNR_]KRIUSKJ
6XUL:OTMHU2/'4-
+JOZUXOT)NOKLULZNK.GTJHUUQUL)5</*6XK\KTZOUTGTJ:XKGZSKTZ
)NGOXSGTUL:NK,OXYZ'灥ROGZKJ.UYVOZGR@NKPOGTM;TO\KXYOZ_9INUURUL3KJOIOTK
+DQGERRNRI&29,'3UHYHQWLRQDQG7UHDWPHQW
)RUHZRUG
:NOYOYGT[TVXKIKJKTZKJMRUHGR]GXGTJSGTQOTJOYLGIOTMZNKYGSKKTKS_ZNKTU\KRIUXUTG
\OX[Y'TJZNK灣XYZHGZZRK灣KRJOYZNKNUYVOZGR]NKXKU[XYURJOKXYGXKZNKSKJOIGR]UXQKXY
:UKTY[XKZNGZZNOY]GXIGTHK]UT]KS[YZ灣XYZSGQKY[XKZNGZU[XSKJOIGRYZG灢OYM[GXGTZKKJ
Y[灥IOKTZXKYU[XIKYOTIR[JOTMK^VKXOKTIKGTJZKINTURUMOKY'RYU]KTKKJZUSGQKY[XKZNGZZNK
NUYVOZGROYZNKHGZZRKMXU[TJ]NKXK]KKROSOTGZKZNK\OX[YTUZ]NKXKZNK\OX[YJKLKGZY[Y
:NKXKLUXK 0GIQ 3G ,U[TJGZOUT GTJ 焰焮OHGHG ,U[TJGZOUT NG\K IUT\KTKJ G MXU[V UL SKJOIGR
K^VKXZY]NUNG\KP[YZXKZ[XTKJLXUSZNKLXUTZROTKYUL灣MNZOTMZNKVGTJKSOI=OZNZNKY[VVUXZUL
:NK ,OXYZ '灥ROGZKJ .UYVOZGR @NKPOGTM ;TO\KXYOZ_ 9INUUR UL 3KJOIOTK ,'.@; ZNK_ W[OIQR_
V[HROYNKJ G M[OJKHUUQ UT ZNK IROTOIGR K^VKXOKTIK UL NU] ZU ZXKGZ ZNOY TK] IUXUTG\OX[Y :NK
ZXKGZSKTZM[OJKU灢KXYGJ\OIKGTJXKLKXKTIKGMGOTYZZNKVGTJKSOILUXSKJOIGRYZG灢GXU[TJZNK
]UXRJ]NUGXKGHU[ZZUPUOTZNK]GX
:NGTQYZUZNKSKJOIGRYZG灢LXUS,'.@;=NORKZGQOTMN[MKXOYQYOTZXKGZOTM)5</*VGZOKTZY
ZNK_]XUZKJU]TZNKOXZXKGZSKTZK^VKXOKTIKJG_GTJTOMNZOTZNOY.GTJHUUQ
5\KXZNKVGYZJG_YIUT灣XSKJVGZOKTZYNG\KHKKTGJSOZZKJZU,'.@;OTIR[JOTMYK\KXK
GTJIXOZOIGRR_ORRUTKY:NGTQYZUZNKVOUTKKXOTMK灢UXZYULSKJOIGRYZG灢GTJZNKGVVROIGZOUTUL
TK] ZKINTURUMOKY ZU JGZK ]K NG\K ]OZTKYYKJ G SOXGIRK 4U YZG灢 OY OTLKIZKJ GTJ ZNKXK OY TU
SOYYKJJOGMTUYOYUXVGZOKTZJKGZNY
:UJG_ ]OZN ZNK YVXKGJ UL ZNK VGTJKSOI ZNKYK K^VKXOKTIKY GXK ZNK SUYZ \GR[GHRK YU[XIKY UL
OTLUXSGZOUT GTJ ZNK SUYZ OSVUXZGTZ ]KGVUT LUX SKJOIGR ]UXQKXY UT ZNK HGZZRK灣KRJ :NOY OY G
HXGTJTK]JOYKGYKGTJ)NOTG]GYZNK灣XYZZUY[灢KXLXUSZNKVGTJKSOI/YURGZOUTJOGMTUYOY
ZXKGZSKTZVXUZKIZO\KSKGY[XKYGTJXKNGHOROZGZOUTNG\KGRRHKKTYZGXZKJLXUSYIXGZINH[Z]K
NUVKZNGZ]OZNZNKGJ\KTZULZNOY.GTJHUUQJUIZUXYGTJT[XYKYOTUZNKXG灢KIZKJGXKGYIGTRKGXT
LXUSU[XK^VKXOKTIK]NKTKTZKXOTMZNKHGZZRK灣KRJGTJZNK_]UT ZNG\KZUYZGXZLXUS`KXU
:NOY VGTJKSOI OY G IUSSUT INGRRKTMK LGIKJ H_ SGTQOTJ OT ZNK GMK UL MRUHGRO`GZOUT 'Z ZNOY
SUSKTZ YNGXOTM XKYU[XIKY K^VKXOKTIKY GTJ RKYYUTY XKMGXJRKYY UL ]NU _U[ GXK OY U[X UTR_
INGTIKZU]OT(KIG[YKZNKXKGRXKSKJ_LUXKVOJKSOIYOYTUZOYURGZOUTH[ZIUUVKXGZOUT
:NOY]GXNGYP[YZHKM[T
&RQWHQWV
3DUW2QH3UHYHQWLRQDQG&RQWURO0DQDJHPHQW
//YURGZOUT'XKG3GTGMKSKTZ
// 9ZG灢 3GTGMKSKTZ
///)5</*8KRGZKJ6KXYUTGR6XUZKIZOUT3GTGMKSKTZ
/<.UYVOZGR6XGIZOIK6XUZUIURYJ[XOTM)5</*+VOJKSOI
<*OMOZGR9[VVUXZLUX+VOJKSOI6XK\KTZOUTGTJ)UTZXUR
3DUW7ZR'LDJQRVLVDQG7UHDWPHQW
/6KXYUTGRO`KJ)URRGHUXGZO\KGTJ3[RZOJOYIOVROTGX_3GTGMKSKTZ
//+ZOURUM_GTJ/T灤GSSGZOUT/TJOIGZUXY
////SGMOTM,OTJOTMYUL)5</*6GZOKTZY
/<'VVROIGZOUTUL(XUTINUYIUV_OTZNK*OGMTUYOYGTJ3GTGMKSKTZUL)5</*6GZOKTZY
<*OGMTUYOYGTJ)ROTOIGR)RGYYO灣IGZOUTUL)5</*
</'TZO\OXGR:XKGZSKTZLUX:OSKR_+ROSOTGZOUTUL6GZNUMKTY
<//'TZOYNUIQGTJ'TZON_VU^KSOG:XKGZSKTZ
<///:NK8GZOUTGR;YKUL'TZOHOUZOIYZU6XK\KTZ9KIUTJGX_/TLKIZOUT
/>:NK(GRGTIKUL/TZKYZOTGR3OIXUKIURUM_GTJ4[ZXOZOUTGR9[VVUXZ
>+)359[VVUXZLUX)5</*6GZOKTZY
>/)UT\GRKYIKTZ6RGYSG:NKXGV_LUX)5</*6GZOKTZY
>//:)3)RGYYO灣IGZOUT:NKXGV_ZU/SVXU\K)[XGZO\K+灥IGI_
>///*X[M;YK3GTGMKSKTZUL)5</*6GZOKTZY
>/<6Y_INURUMOIGR/TZKX\KTZOUTLUX)5</*6GZOKTZY
><8KNGHOROZGZOUT:NKXGV_LUX)5</*6GZOKTZY
></2[TM:XGTYVRGTZGZOUTOT6GZOKTZY]OZN)5</*
><//*OYINGXMK9ZGTJGXJYGTJ,URRU][V6RGTLUX)5</*6GZOKTZY
3DUW7KUHH1XUVLQJ
/4[XYOTM)GXKLUX6GZOKTZY8KIKO\OTM.OMN,RU]4GYGR)GTT[RG.,4)5^_MKT:NKXGV_
//4[XYOTM)GXKOT6GZOKTZY]OZN3KINGTOIGR<KTZORGZOUT
///*GOR_3GTGMKSKTZGTJ3UTOZUXOTMUL+)35+^ZXG)UXVUXKGR3KSHXGTK5^_MKTGZOUT
/<4[XYOTM)GXKUL'299'XZO灣IOGR2O\KX9[VVUXZ9_YZKS
<)UTZOT[U[Y8KTGR8KVRGIKSKTZ:XKGZSKTZ)88:)GXK
</-KTKXGR)GXK
$SSHQGL[
/3KJOIGR'J\OIK+^GSVRKLUX)5</*6GZOKTZY
//5TROTK)UTY[RZGZOUT6XUIKYYLUX*OGMUYOYGTJ:XKGZSKTZ
5HIHUHQFHV
3DUW2QH3UHYHQWLRQDQG
&RQWURO0DQDJHPHQW
,,VRODWLRQ$UHD0DQDJHPHQW
)HYHU&OLQLF
2G_U[Z
.KGRZNIGXK LGIOROZOKY YNGRR YKZ [V G XKRGZO\KR_ OTJKVKTJKTZ LK\KX IROTOI OTIR[JOTM GT
KÎR[YO\KUTK]G_VGYYGMKGZZNKKTZXGTIKULZNKNUYVOZGR]OZNG\OYOHRKYOMT!
:NKSU\KSKTZULVKUVRKYNGRRLURRU]ZNKVXOTIOVRKULɍZNXKKÙTKYGTJZ]UVGYYGM
KYɎ G IUTZGSOTGZKJ ÙTK G VUZKTZOGRR_ IUTZGSOTGZKJ ÙTK GTJ G IRKGT ÙTK VXU\OJKJ
GTJ IRKGXR_ JKSGXIGZKJ GTJ Z]U H[灢KX ÙTKY HKZ]KKT ZNK IUTZGSOTGZKJ ÙTK GTJ ZNK
VUZKTZOGRR_IUTZGSOTGZKJÙTK!
'T OTJKVKTJKTZ VGYYGMK YNGRR HK KW[OVVKJ LUX IUTZGSOTGZKJ OZKSY! YKZ [V G \OY[GR
XKMOUTLUXUTK]G_JKRO\KX_ULOZKSYLXUSGTU灥IKGXKGVUZKTZOGRR_IUTZGSOTGZKJÙTKZU
GTOYURGZOUT]GXJIUTZGSOTGZKJÙTK!
'VVXUVXOGZKVXUIKJ[XKYYNGRRHKYZGTJGXJO`KJLUXSKJOIGRVKXYUTTKRZUV[ZUTGTJZGQK
U灢 ZNKOX VXUZKIZO\K KW[OVSKTZ 3GQK 灤U]INGXZY UL JO灢KXKTZ ÙTKY VXU\OJK L[RRRKTMZN
SOXXUXYGTJUHYKX\KZNK]GRQOTMXU[ZKYYZXOIZR_!
/TLKIZOUTVXK\KTZOUTGTJIUTZXURZKINTOIOGTYYNGRRHKGYYOMTKJZUY[VKX\OYKZNKSKJOIGR
VKXYUTTKRUTV[ZZOTMUTGTJXKSU\OTMVXUZKIZO\KKW[OVSKTZYUGYZUVXK\KTZIUTZGSOTGZOUT!
'RROZKSYOTZNKIUTZGSOTGZKJÙTKZNGZNG\KTUZHKKTJOYOTLKIZKJYNGRRTUZHKXKSU\KJ
@UTK'XXGTMKSKTZ
9KZ [V GT OTJKVKTJKTZ K^GSOTGZOUT XUUS G RGHUXGZUX_ GT UHYKX\GZOUT XUUS GTJ G
XKY[YIOZGZOUTXUUS!
9KZ[VGVXKK^GSOTGZOUTGTJZXOGMKGXKGZUVKXLUXSVXKROSOTGX_YIXKKTOTMULVGZOKTZY!
9KVGXGZKJOGMTUYOYGTJZXKGZSKTZÙTKY ZNUYKVGZOKTZY]OZNGTKVOJKSOURUMOIGRNOYZUX_
GTJLK\KXGTJUXXKYVOXGZUX_Y_SVZUSYYNGRRHKM[OJKJOTZUGY[YVKIZKJ)5</*VGZOKTZ
ÙTK!ZNUYKVGZOKTZY]OZNXKM[RGXLK\KXH[ZTUIRKGXKVOJKSOURUMOIGRNOYZUX_YNGRRHKM[OJKJ
OTZUGXKM[RGXLK\KXVGZOKTZÙTK
6GZOKTZ3GTGMKSKTZ
6GZOKTZY]OZNLK\KXYS[YZ]KGXSKJOIGRY[XMOIGRSGYQY!
5TR_VGZOKTZYGXKGRRU]KJZUKTZKXZNK]GOZOTMGXKGOTUXJKXZUG\UOJU\KXIXU]JOTM!
:NKJ[XGZOUTULZNKVGZOKTZɊY\OYOZYNGRRHKSOTOSO`KJYUGYZUG\UOJIXUYYOTLKIZOUTY!
+J[IGZKVGZOKTZYGTJZNKOXLGSOROKYGHU[ZKGXR_OJKTZO灣IGZOUTULY_SVZUSYGTJKYYKTZOGR
VXK\KTZGZO\KGIZOUTY

9IXKKTOTM'JSOYYOUTGTJ+ÎR[YOUT
'RR NKGRZNIGXK ]UXQKXY YNGRR L[RR_ [TJKXYZGTJ ZNK KVOJKSOURUMOIGR GTJ IROTOIGR LKGZ[XKY UL
)5</*GTJYIXKKTVGZOKTZYOTGIIUXJGTIK]OZNZNKYIXKKTOTMIXOZKXOGHKRU]YKK:GHRK!
4[IRKOI GIOJ ZKYZOTM 4': YNGRR HK IUTJ[IZKJ UT ZNUYK VGZOKTZY ]NU SKKZ ZNK YIXKKTOTM
IXOZKXOGLUXY[YVKIZKJVGZOKTZY!
6GZOKTZY ]NU JU TUZ SKKZ ZNK YIXKKTOTM IXOZKXOG GHU\K OL ZNK_ JU TUZ NG\K G IUT灣XSKJ
KVOJKSOURUMOIGR NOYZUX_ H[Z IGTTUZ HK X[RKJ U[Z LXUS NG\OTM )5</* HGYKJ UT ZNKOX
Y_SVZUSYKYVKIOGRR_ZNXU[MNOSGMOTMGXKXKIUSSKTJKJLUXL[XZNKXK\GR[GZOUTGTJZUUHZGOTG
IUSVXKNKTYO\KJOGMTUYOY!
'T_VGZOKTZ]NUZKYZYTKMGZO\KYNGRRHKXKZKYZKJNU[XYRGZKX/LGVGZOKTZNGYZ]UTKMGZO\K
4':XKY[RZYGTJTKMGZO\KIROTOIGRSGTOLKYZGZOUTYZNKTNKUXYNKIGTHKX[RKJU[ZLXUSNG\OTM
)5</*GTJJOYINGXMKJLXUSZNKNUYVOZGR/LZNUYKVGZOKTZYIGTTUZHKX[RKJU[ZLXUSNG\OTM
)5</*OTLKIZOUTYHGYKJUTZNKOXIROTOIGRSGTOLKYZGZOUTYZNK_YNGRRHKY[HPKIZKJZUGJJOZOUTGR
4':ZKYZYK\KX_NU[XY[TZORZNK_GXKKÎR[JKJUXIUT灣XSKJ!
:NUYKIUT灣XSKJIGYKY]OZNGVUYOZO\K4':XKY[RZYNGRRHKGJSOZZKJGTJZXKGZKJIURRKIZO\KR_
HGYKJUTZNKYK\KXOZ_ULZNKOXIUTJOZOUTYZNKMKTKXGROYURGZOUT]GXJUXOYURGZKJ/);
7DEOH6FUHHQLQJ&ULWHULDIRU6XVSHFWHG&29,'&DVHV
˵=OZNOTJG_YHKLUXKZNKUTYKZULZNKJOYKGYKZNKVGZOKTZ
NGY G ZXG\KR UX XKYOJKTIK NOYZUX_ OT ZNK NOMNXOYQ XKMOUTY UX
IU[TZXOKY!
˶=OZNOTJG_YHKLUXKZNKUTYKZULZNKJOYKGYKZNKVGZOKTZ
NGY G NOYZUX_ UL IUTZGIZ ]OZN ZNUYK OTLKIZKJ ]OZN 9'89)U<
+VOJKSO ZNUYK]OZNGVUYOZO\K4':XKY[RZ!
URUMOIGR ˷=OZNOTJG_YHKLUXKZNKUTYKZULZNKJOYKGYKZNKVGZOKTZ :NKVGZOKTZ :NK :NKVGZOKTZNGY
SKKZY VGZOKTZ TUKVOJKSOU
.OYZUX_ NGJ JOXKIZ IUTZGIZ ]OZN VGZOKTZY ]OZN LK\KX UX XKYVOXGZUX_
KVOJKSOU NGYTU RUMOIGRNOYZUX_
Y_SVZUSYOTNOMNXOYQXKMOUTYUXIU[TZXOKY!
RUMOIGR KVOJKSO SKKZY
˸ *OYKGYK IR[YZKXOTM UX SUXK IGYKY ]OZN LK\KX GTJUX NOYZUX_GTJ URUMOIGR IROTOIGR
XKYVOXGZUX_ Y_SVZUSY UII[X GZ Y[IN VRGIKY GY NUSKY U灥IKY IROTOIGR NOYZUX_ SGTOLKYZGZOUTY
YINUURIRGYYXUUSYKZI]OZNOT]KKQY SGTOLKYZG GTJ H[ZIGTTUZHK
ZOUTY SKKZY KÎR[JKJLXUS
˵:NKVGZOKTZNGYLK\KXGTJUXXKYVOXGZUX_Y_SVZUSY! IROTOIGR )5</*
SGTOLKY ZNXU[MN
˶ :NK VGZOKTZ NGY ZNK LURRU]OTM ): OSGMOTM LKGZ[XKY UL ZGZOUTY OSGMOTM
)5</* S[RZOVRKVGZIN_YNGJU]YGTJOTZKXYZOZOGRINGTMKY
UII[XKGXR_VGXZOI[RGXR_GZZNKR[TMeVKXOVNKX_:NKIUTJOZOUTY
)ROTOIGR L[XZNKX JK\KRUV OTZU S[RZOVRK MXU[TJMRGYY UVGIOZOKY GTJ
3GTOLKY OT灣RZXGZKYOTHUZNR[TMY/TYK\KXKIGYKYZNKVGZOKTZSG_NG\K
ZGZOUTY R[TMIUTYUROJGZOUTGTJXGXKVRK[XGRK灢[YOUT!
˷:NK]NOZKHRUUJIKRRYIU[TZOTZNKKGXR_YZGMKULZNKJOYKGYK
OY TUXSGR UX JKIXKGYKJ UX ZNK R_SVNUI_ZK IU[TZ JKIXKGYKY
U\KXZOSK
+^VKXZ
9[YVKIZKJ)GYK*OGMTUYOY ?KY ?KY
IUTY[RZGZOUT
,VRODWLRQ:DUG$UHD
9IUVKUL'VVROIGZOUT
:NK OYURGZOUT ]GXJ GXKG OTIR[JKY GT UHYKX\GZOUT ]GXJ GXKG OYURGZOUT ]GXJY GTJ GT
OYURGZOUT/);GXKG:NKH[ORJOTMRG_U[ZGTJ]UXQ灤U]YNGRRSKKZZNKXKRK\GTZXKW[OXKSKTZY
UL ZNK NUYVOZGR OYURGZOUT ZKINTOIGR XKM[RGZOUTY 3KJOIGR VXU\OJKXY ]OZN TKMGZO\K VXKYY[XK
XUUSY YNGRR OSVRKSKTZ YZGTJGXJO`KJ SGTGMKSKTZ OT GIIUXJGTIK ]OZN XKRK\GTZ XKW[OXK
SKTZY9ZXOIZR_ROSOZGIIKYYZUOYURGZOUT]GXJY
2G_U[Z
6RKGYKXKLKXZULK\KXIROTOI
=GXJ8KW[OXKSKTZY
9[YVKIZKJGTJIUT灣XSKJVGZOKTZYYNGRRHKYKVGXGZKJOTJO灢KXKTZ]GXJGXKGY!
9[YVKIZKJ VGZOKTZY YNGRR HK OYURGZKJ OT YKVGXGZKJ YOTMRK XUUSY +GIN XUUS YNGRR HK
KW[OVVKJ ]OZN LGIOROZOKY Y[IN GY G VXO\GZK HGZNXUUS GTJ ZNK VGZOKTZɊY GIZO\OZ_ YNU[RJ HK
IUT灣TKJZUZNKOYURGZOUT]GXJ!
)UT灣XSKJVGZOKTZYIGTHKGXXGTMKJOTZNKYGSKXUUS]OZNHKJYVGIOTMULTUZRKYYZNGT
SKZKXYGVV^LKKZ:NKXUUSYNGRRHKKW[OVVKJ]OZNLGIOROZOKYY[INGYGHGZNXUUSGTJ
ZNKVGZOKTZɊYGIZO\OZ_S[YZHKIUT灣TKJZUZNKOYURGZOUT]GXJ
6GZOKTZ3GTGMKSKTZ
,GSOR_ \OYOZY GTJ T[XYOTM YNGRR HK JKIROTKJ 6GZOKTZY YNU[RJ HK GRRU]KJ ZU NG\K ZNKOX
KRKIZXUTOIIUSS[TOIGZOUTJK\OIKYZULGIOROZGZKOTZKXGIZOUTY]OZNRU\KJUTKY!
+J[IGZKVGZOKTZYZUNKRVZNKSVXK\KTZL[XZNKXYVXKGJUL)5</*GTJVXU\OJKOTYZX[I
ZOUTY UT NU] ZU ]KGX Y[XMOIGR SGYQY VXUVKX NGTJ]GYNOTM IU[MN KZOW[KZZK SKJOIGR
UHYKX\GZOUTGTJNUSKW[GXGTZOTK
,,6WDł0DQDJHPHQW
:RUNŁRZ0DQDJHPHQW
(KLUXK]UXQOTMOTGLK\KXIROTOIGTJOYURGZOUT]GXJZNKYZG灢S[YZ[TJKXMUYZXOIZZXGOTOTM
GTJK^GSOTGZOUTYZUKTY[XKZNGZZNK_QTU]NU]ZUV[ZUTGTJXKSU\KVKXYUTGRVXUZKIZO\K
KW[OVSKTZ :NK_ S[YZ VGYY Y[IN K^GSOTGZOUTY HKLUXK HKOTM GRRU]KJ ZU ]UXQ OT ZNKYK
]GXJY
:NKYZG灢YNU[RJHKJO\OJKJOTZUJO灢KXKTZZKGSY+GINZKGSYNU[RJHKROSOZKJZUGSG
ÔS[S UL NU[XY UL ]UXQOTM OT GT OYURGZOUT ]GXJ :NK ZKGSY YNGRR ]UXQ OT ZNK OYURGZOUT
]GXJYIUTZGSOTGZKJÙTKYGZJO灢KXKTZZOSKY
'XXGTMKZXKGZSKTZK^GSOTGZOUTGTJJOYOTLKIZOUTLUXKGINZKGSGYGMXU[VZUXKJ[IKZNK
LXKW[KTI_ULYZG灢SU\OTMOTGTJU[ZULZNKOYURGZOUT]GXJY
(KLUXKMUOTMU灢J[Z_YZG灢S[YZ]GYNZNKSYKR\KYGTJIUTJ[IZTKIKYYGX_VKXYUTGRN_
MOKTKXKMOSKTYZUVXK\KTZVUYYOHRKOTLKIZOUTULZNKOXXKYVOXGZUX_ZXGIZYGTJS[IUYG
+HDOWK0DQDJHPHQW
:NK LXUTZROTK YZG灢 OT ZNK OYURGZOUT GXKGY Ʉ OTIR[JOTM NKGRZNIGXK VKXYUTTKR SKJOIGR
ZKINTOIOGTY GTJ VXUVKXZ_ RUMOYZOIY VKXYUTTKR Ʉ YNGRR RO\K OT GT OYURGZOUT GIIUSSUJGZOUT
GTJYNGRRTUZMUU[Z]OZNU[ZVKXSOYYOUT
'T[ZXOZOU[YJOKZYNGRRHKVXU\OJKJZUOSVXU\KZNKOSS[TOZ_ULSKJOIGRVKXYUTTKR
3UTOZUXGTJXKIUXJZNKNKGRZNYZGZ[YULGRRYZG灢UTZNKPUHGTJIUTJ[IZNKGRZNSUTOZUX
OTMLUXLXUTZROTKYZG灢OTIR[JOTMSUTOZUXOTMHUJ_ZKSVKXGZ[XKGTJXKYVOXGZUX_Y_SVZUSY!
NKRVGJJXKYYGT_VY_INURUMOIGRGTJVN_YOURUMOIGRVXUHRKSYZNGZGXOYK]OZNXKRK\GTZK^VKXZY
/LZNKYZG灢NG\KGT_XKRK\GTZY_SVZUSYY[INGYLK\KXZNK_YNGRRHKOYURGZKJOSSKJOGZKR_
GTJYIXKKTKJ]OZNGT4':
=NKTZNKLXUTZROTKYZG灢OTIR[JOTMNKGRZNIGXKVKXYUTTKRSKJOIGRZKINTOIOGTYGTJVXUVKXZ_
RUMOYZOIYVKXYUTTKR灣TOYNZNKOX]UXQOTZNKOYURGZOUTGXKGGTJGXKXKZ[XTOTMZUTUXSGRROLK
ZNK_YNGRR灣XYZHK4':ZKYZKJLUX9'89)U</LTKMGZO\KZNK_YNGRRHKOYURGZKJIURRKIZO\KR_GZ
GYVKIO灣KJGXKGLUXJG_YHKLUXKHKOTMJOYINGXMKJLXUSSKJOIGRUHYKX\GZOUT
,,,&29,'5HODWHG3HUVRQDO3URWHFWLRQ0DQDJHPHQW
3URWHFWLRQ/HYHO 3URWHFWLYH(TXLSPHQW 6FRSHRI$SSOLFDWLRQ
|*OYVUYGHRKY[XMOIGRIGV
|*OYVUYGHRKY[XMOIGRSGYQ
/HYHO, |=UXQ[TOLUXS | 6XKK^GSOTGZOUTZXOGMK
SURWHFWLRQ MKTKXGRU[ZVGZOKTZJKVGXZSKTZ
|*OYVUYGHRKRGZK^MRU\KY
UXGTJJOYVUYGHRKOYURGZOUT
IRUZNOTMOLTKIKYYGX_
|,K\KXU[ZVGZOKTZJKVGXZSKTZ
|*OYVUYGHRKY[XMOIGRIGV |/YURGZOUT]GXJGXKGOTIR[JOTMOYURGZKJ
| 3KJOIGRVXUZKIZO\KSGYQ4 OTZKTYO\K/);
/HYHO,,
|=UXQ[TOLUXS |4UTXKYVOXGZUX_YVKIOSKTK^GSOTGZOUT
SURWHFWLRQ
|*OYVUYGHRKSKJOIGRVXUZKIZO\K ULY[YVKIZKJIUT灣XSKJVGZOKTZY
[TOLUXS |/SGMOTMK^GSOTGZOUTULY[YVKIZKJ
|*OYVUYGHRKRGZK^MRU\KY IUT灣XSKJVGZOKTZY
|-UMMRKY |)RKGTOTMULY[XMOIGROTYZX[SKTZY[YKJ
]OZNY[YVKIZKJIUT灣XSKJVGZOKTZY
|*OYVUYGHRKY[XMOIGRIGV | =NKTZNKYZG灢VKXLUXSYUVKXGZOUTY
Y[INGYZXGINKGROTZ[HGZOUT
|3KJOIGRVXUZKIZO\KSGYQ4 ZXGINKUZUS_HXUTINU灣HXUYIUVK
|=UXQ[TOLUXS MGYZXUKTZKXURUMOIGRKTJUYIUVKKZI
J[XOTM]NOINZNKY[YVKIZKJIUT灣XSKJ
/HYHO,,, |*OYVUYGHRKSKJOIGRVXUZKIZO\K VGZOKTZYSG_YVXG_UXYVRGYNXKYVOXGZUX_
[TOLUXS
YKIXKZOUTYUXHUJ_灤[OJYHRUUJ
SURWHFWLRQ
|*OYVUYGHRKRGZK^MRU\KY | =NKTZNKYZG灢VKXLUXSYY[XMKX_GTJ
|,[RRLGIKXKYVOXGZUX_VXUZKIZO\K G[ZUVY_LUXIUT灣XSKJY[YVKIZKJ
JK\OIKYUXVU]KXKJGOXV[XOL_ VGZOKTZY
OTMXKYVOXGZUX
|=NKTZNKYZG灢IGXXOKYU[Z4':LUX)5</*
4UZKY
'RRYZG灢GZZNKNKGRZNIGXKLGIOROZOKYS[YZ]KGXSKJOIGRY[XMOIGRSGYQY!
'RRYZG灢]UXQOTMOTZNKKSKXMKTI_JKVGXZSKTZU[ZVGZOKTZJKVGXZSKTZeULOTLKIZOU[YJOYKGYKY
U[ZVGZOKTZJKVGXZSKTZULXKYVOXGZUX_IGXKJKVGXZSKTZULYZUSGZURUM_UXKTJUYIUVOIK^GSOTG
ZOUT XUUS Y[IN GY MGYZXUOTZKYZOTGR KTJUYIUV_ HXUTINU灣HXUYIUV_ RGX_TMUYIUV_ KZI S[YZ
[VMXGJKZNKOXY[XMOIGRSGYQYZUSKJOIGRVXUZKIZO\KSGYQY4HGYKJUT2K\KR/VXUZKIZOUT!
9ZG灢S[YZ]KGXGVXUZKIZO\KLGIKYIXKKTHGYKJUT2K\KR//VXUZKIZOUT]NORKIURRKIZOTMXKYVOXGZU
X_YVKIOSKTYLXUSY[YVKIZKJIUT灣XSKJVGZOKTZY
,9+RVSLWDO3UDFWLFH3URWRFROVGXULQJ&29,'(SLGHPLF
-[OJGTIKUT*UTTOTMGTJ8KSU\OTM6KXYUTGR6XUZKIZO\K+W[OVSKTZ66+ZU
SGTGMK)5</*6GZOKTZY
,OXYZV[ZUTYVKIOGR]UXQ
IRUZNKYGTJ]UXQYNUKY
6[ZUTJOYVUYGHRK
=GYNNGTJY
RGZK^MRU\KY
*UTTOTM
6[ZUTMUMMRKYGTJ IUSVRKZKJ 6[ZUTGJOYVUYGHRK
VXUZKIZO\KIRUZNOTM Y[XMOIGRIGV
6[ZUTOTTKXJOYVUYGHRK 6[ZUTGSKJOIGR
TOZXORKRGZK^MRU\KY VXUZKIZO\KSGYQ4
6XUZUIURLUX*UTTOTM66+
6[ZUTYVKIOGR]UXQIRUZNKYGTJ]UXQYNUKY˅=GYNNGTJY˅6[ZUTJOYVUYGHRKY[XMOIGRIGV˅
6[ZUTSKJOIGRVXUZKIZO\KSGYQ4˅6[ZUTOTTKXJOYVUYGHRKTOZXORKRGZK^MRU\KY˅6[ZUT
MUMMRKYGTJVXUZKIZO\KIRUZNOTMTUZK OL]KGXOTMVXUZKIZO\KIRUZNOTM]OZNU[ZLUUZIU\KXYVRKGYK
GRYUV[ZUTYKVGXGZK]GZKXVXUULHUUZIU\KXYV[ZUTGJOYVUYGHRKOYURGZOUTMU]TOLXKW[OXKJOT
ZNK YVKIO灣I ]UXQ ÙTK GTJ LGIK YNOKRJVU]KXKJ GOXV[XOL_OTM XKYVOXGZUXOL XKW[OXKJ OT ZNK
YVKIO灣I]UXQÙTK˅6[ZUTU[ZKXJOYVUYGHRKRGZK^MRU\KY
8KVRGIKZNKU[ZKX
MRU\KY]OZNTK]UTKY
8KSU\KOTTKX
8KSU\KVXUZKIZO\KIRUZNOTM
JOYVUYGHRKRGZK^MRU\KY
GRUTM]OZNU[ZKXMRU\KY
8KSU\GR
IUSVRKZKJ
8KSU\KIGV 8KSU\KMUMMRKY
8KSU\KSGYQ
6XUZUIURLUX8KSU\OTM66+
=GYNNGTJYGTJXKSU\K\OYOHRKHUJOR_灤[OJYHRUUJIUTZGSOTGTZYUTZNKU[ZKXY[XLGIKYULHUZNNGTJY
˅=GYNNGTJYXKVRGIKU[ZKXMRU\KY]OZNTK]MRU\KY˅8KSU\KVU]KXKJGOXV[XOL_OTMXKYVOXGZUXUX
YKRLVXOSOTM 灣RZKXZ_VK L[RRLGIK SGYQSGYQ OL [YKJ ˅ =GYN NGTJY ˅ 8KSU\K JOYVUYGHRK MU]TY
GRUTM]OZNU[ZKXMRU\KYOL[YKJ˅=GYNNGTJYGTJV[ZUTU[ZKXMRU\KY˅+TZKX8KSU\GR'XKG4U˵
˅ =GYN NGTJY GTJ XKSU\K VXUZKIZO\K IRUZNOTM GRUTM ]OZN U[ZKX MRU\KY LUX MRU\KY GTJ VXUZKIZO\K
IRUZNOTMZ[XTOTYOJKU[Z]NORKXURROTMZNKSJU]TTUZK OL[YKJXKSU\KZNK]GZKXVXUULHUUZIU\KXY
]OZN IRUZNOTM ˅ =GYN NGTJY ˅ +TZKX 8KSU\GR 'XKG 4U ˶ ˅ =GYN NGTJY GTJ XKSU\K MUMMRKY ˅
=GYN NGTJY GTJ XKSU\K SGYQ ˅ =GYN NGTJY GTJ XKSU\K IGV ˅ =GYN NGTJY GTJ XKSU\K OTTKX
JOYVUYGHRKRGZK^MRU\KY˅=GYNNGTJYGTJRKG\K8KSU\GR'XKG4U˶˅=GYNNGTJYZGQKGYNU]KX
V[ZUTIRKGTIRUZNKYGTJKTZKXZNKIRKGTGXKG
'LVLQIHFWLRQ3URFHGXUHVIRU&29,',VRODWLRQ:DUG$UHD
*OYOTLKIZOUTLUX,RUUXGTJ=GRRY
<OYOHRK VURR[ZGTZY YNGRR HK IUSVRKZKR_ XKSU\KJ HKLUXK JOYOTLKIZOUT GTJ NGTJRKJ OT
GIIUXJGTIK]OZNJOYVUYGRVXUIKJ[XKYULHRUUJGTJHUJOR_灤[OJYVORRY!
*OYOTLKIZ ZNK 灤UUX GTJ ]GRRY ]OZN SM2 INRUXOTKIUTZGOTOTM JOYOTLKIZGTZ ZNXU[MN
灤UUXSUVVOTMYVXG_OTMUX]OVOTM!
3GQKY[XKZNGZJOYOTLKIZOUTOYIUTJ[IZKJLUXGZRKGYZSOT[ZKY!
)GXX_U[ZJOYOTLKIZOUTZNXKKZOSKYGJG_GTJXKVKGZZNKVXUIKJ[XKGZGT_ZOSK]NKTZNKXK
OYIUTZGSOTGZOUT
*OYOTLKIZOUTUL5HPKIZ9[XLGIKY
<OYOHRK VURR[ZGTZY YNU[RJ HK IUSVRKZKR_ XKSU\KJ HKLUXK JOYOTLKIZOUT GTJ NGTJRKJ OT
GIIUXJGTIK]OZNJOYVUYGRVXUIKJ[XKYULHRUUJGTJHUJOR_灤[OJYVORRY!
=OVKZNKY[XLGIKYULUHPKIZY]OZNSM2INRUXOTKIUTZGOTOTMJOYOTLKIZGTZUX]OVKY
]OZNK灢KIZO\KINRUXOTK!]GOZLUXSOT[ZKYGTJZNKTXOTYK]OZNIRKGT]GZKX6KXLUXSJOYOTLKI
ZOUTVXUIKJ[XKZNXKKZOSKYGJG_XKVKGZGZGT_ZOSK]NKTIUTZGSOTGZOUTOYY[YVKIZKJ!
=OVKIRKGTKXXKMOUTY灣XYZZNKTSUXKIUTZGSOTGZKJXKMOUTY 灣XYZ]OVKZNKUHPKIZY[XLGI
KY ZNGZ GXK TUZ LXKW[KTZR_ ZU[INKJ GTJ ZNKT ]OVK ZNK UHPKIZ Y[XLGIKY ZNGZ GXK LXKW[KTZR_
ZU[INKJ5TIKGTUHPKIZY[XLGIKOY]OVKJIRKGTXKVRGIKZNK[YKJ]OVK]OZNGTK]UTK
'OX*OYOTLKIZOUT
6RGYSG GOX YZKXORO`KXY IGT HK [YKJ GTJ IUTZOT[U[YR_ X[T LUX GOX JOYOTLKIZOUT OT GT KT\OXUTSKTZ ]OZN
N[SGTGIZO\OZ_!
/LZNKXKOYTUVRGYSGGOXYZKXORO`KXY[YK[RZXG\OURKZRGSVYLUXNU[XKGINZOSK6KXLUXSZNOYUVKXGZOUT
ZNXKKZOSKYGJG_
*OYVUYGRUL,KIGR3GZZKXGTJ9K]GMK
(KLUXKHKOTMJOYINGXMKJOTZUZNKS[TOIOVGRJXGOTGMKY_YZKSLKIGRSGZZKXGTJYK]GMK
S[YZ HK JOYOTLKIZKJ H_ ZXKGZOTM ]OZN INRUXOTKIUTZGOTOTM JOYOTLKIZGTZ LUX ZNK OTOZOGR
ZXKGZSKTZZNKGIZO\KINRUXOTKS[YZHKSUXKZNGTSM23GQKY[XKZNKJOYOTLKIZOUTZOSK
OYGZRKGYZNU[XY!
:NKIUTIKTZXGZOUTULZUZGRXKYOJ[GRINRUXOTKOTZNKJOYOTLKIZKJYK]GMKYNU[RJXKGIN
SM2
'LVSRVDO3URFHGXUHVIRU6SLOOVRI&29,'3DWLHQW%ORRG)OXLGV
,UXYVORRYULGYSGRR\UR[SK"S2ULHRUUJHUJOR_灤[OJY
5VZOUT :NKYVORRYYNU[RJHKIU\KXKJ]OZNINRUXOTKIUTZGOTOTMJOYOTLKIZOTM]OVKYIUT
ZGOTOTMSM2K灢KIZO\KINRUXOTKGTJIGXKL[RR_XKSU\KJZNKTZNKY[XLGIKYULZNKUHPKIZ
YNU[RJ HK ]OVKJ Z]OIK ]OZN INRUXOTKIUTZGOTOTM JOYOTLKIZOTM ]OVKY IUTZGOTOTM SM2
K灢KIZO\KINRUXOTK!
5VZOUT )GXKL[RR_XKSU\KZNKYVORRY]OZNJOYVUYGHRKGHYUXHKTZSGZKXOGRYY[INGYMG[`K
]OVKYKZI]NOINNG\KHKKTYUGQKJOTSM2INRUXOTKIUTZGOTOTMJOYOTLKIZOTMYUR[ZOUT
,UXYVORRYULGRGXMK\UR[SK$S2ULHRUUJGTJHUJOR_灤[OJY
,OXYZVRGIKYOMTYZUOTJOIGZKZNKVXKYKTIKULGYVORR!
6KXLUXSJOYVUYGRVXUIKJ[XKYGIIUXJOTMZU5VZOUTUXJKYIXOHKJHKRU]
˵5VZOUT 'HYUXHZNKYVORRKJ灤[OJYLUXSOT[ZKY]OZNGIRKGTGHYUXHKTZZU]KRIUTZGOTOTM
VKXU^_GIKZOIGIOJZNGZIGTGHYUXH[VZU2ULROW[OJVKXZU]KRGTJZNKTIRKGTZNKIUTZGSO
TGZKJGXKGGLZKXXKSU\OTMZNKVURR[ZGTZY
˶5VZOUT )USVRKZKR_IU\KXZNKYVORR]OZNJOYOTLKIZGTZVU]JKXUXHRKGINVU]JKXIUTZGOT
OTM ]GZKXGHYUXHOTM OTMXKJOKTZY UX IUSVRKZKR_ IU\KX OZ ]OZN JOYVUYGHRK ]GZKXGHYUXHOTM
SGZKXOGRYGTJZNKTVU[XGY[灥IOKTZGSU[TZULSM2INRUXOTKIUTZGOTOTMJOYOTLKIZGTZ
UTZU ZNK ]GZKXGHYUXHOTM SGZKXOGR UX IU\KX ]OZN G JX_ ZU]KR ]NOIN ]ORR HK Y[HPKIZKJ ZU
NOMNRK\KRJOYOTLKIZOUT2KG\KLUXGZRKGYZSOT[ZKYHKLUXKIGXKL[RR_XKSU\OTMZNKYVORR
,KIGRSGZZKXYKIXKZOUTY\USOZKZILXUSVGZOKTZYYNGRRHKIURRKIZKJOTZUYVKIOGRIUTZGOT
KXY GTJ JOYOTLKIZKJ LUX NU[XY H_ G SM2 INRUXOTKIUTZGOTOTM JOYOTLKIZGTZ GZ G
YVORRZUJOYOTLKIZGTZXGZOUUL
'LZKXXKSU\OTMZNKYVORRYJOYOTLKIZZNKY[XLGIKYULZNKVURR[ZKJKT\OXUTSKTZUXUHPKIZY
:NK IUTZGOTKXY ZNGZ NURJ ZNK IUTZGSOTGTZY IGT HK YUGQKJ GTJ JOYOTLKIZKJ ]OZN
SM2GIZO\KINRUXOTKIUTZGOTOTMJOYOTLKIZGTZLUXSOT[ZKYGTJZNKTIRKGTKJ
:NKIURRKIZKJVURR[ZGTZYYNU[RJHKJOYVUYKJULGYSKJOIGR]GYZK
:NK[YKJOZKSYYNU[RJHKV[ZOTZUJU[HRKRG_KXSKJOIGR]GYZKHGMYGTJJOYVUYKJULGY
SKJOIGR]GYZK
'LVLQIHFWLRQRI&29,'5HODWHG5HXVDEOH0HGLFDO'HYLFHV
*OYOTLKIZOUTULVU]KXKJGOXV[XOL_OTMXKYVOXGZUX
3RZHUHGDLUSXULI\LQJUHVSLUDWRU
.UUJ 3UZUXGTJYZXGV 6GXZOI[RGZK

(GZZKX_Y[XLGIK (XKGZNOTMZ[HK
灣RZKXHU^
*545:JKZGINZNK
灣RZKXHU^
9UGQOTSM2
INRUXOTKIUTZGOT
8KVKGZKJR_]OVKZNKS]OZNSM2INRUXOTKIUTZGOTOTMJOYOTLKIZGTZGTJRKZZNK OTMJOYOTLKIZGTZLUX
JOYOTLKIZGTZ]UXQLUXSOT[ZKY SOT[ZKY
=OVKGRRVGXZYXKVKGZKJR_GTJK\KTR_]OZNGYULZIRUZNJOVVKJ =GYNOZ]OZN
OTZNKIRKGTOTMROW[OJIRKGT]GZKX IRKGT]GZKX
2KZVGXZYJX_GTJVRGIKZNKSOTGÒVRUIQHGMLUXL[Z[XK[YK
4UZK *UTUZZU[INZNK
4UZK *UTUZRKZ 4UZK 6RKGYKHKIGXKL[R]NKT
灣RZKXKRKSKTZ]NKT
ROW[OJKTZKXZNK ]OVOTMZNKHGZZKX_IUTZGIZY
IRKGTOTMZNKU[ZKX
SGOT[TOZGOX RUIGZKJGZZNKHUZZUSULZNK
Y[XLGIK8KVRGIKZNK灣RZKX
U[ZRKZUXSUZUX SUZUX*UTUZZU[INZNK
KRKSKTZGIIUXJOTMZUZNK
HGZZKX_IUTZGIZYJOXKIZR_
VXUJ[IZɊYOTYZX[IZOUTY
3GQKY[XKZNOYVGXZOY
IUSVRKZKR_JX_HKLUXKTK^Z
[YKUXYZUXGMK
4UZK :NKJOYOTLKIZOUTVXUIKJ[XKYLUXVXUZKIZO\KNUUJJKYIXOHKJGHU\KGXKUTR_LUXXK[YGHRKVXUZKI
ZO\KNUUJYKÎR[JOTMJOYVUYGHRKVXUZKIZO\KNUUJY
)RKGTOTMGTJ*OYOTLKIZOUT6XUIKJ[XKYLUX*OMKYZO\K+TJUYIUV_GTJ(XUTINU灣HXU
YIUV_
9UGQZNKKTJUYIUVKGTJXK[YGHRK\GR\KYOTVKXU^_GIKZOIGIOJIUT灣XSZNK
IUTIKTZXGZOUTULZNKJOYOTLKIZGTZHKLUXK[YKZUSGQKY[XKOZ]ORRHKK灢KIZO\K!
)UTTKIZ ZNK VKXL[YOUT ROTK UL KGIN INGTTKR UL ZNK KTJUYIUVK OTPKIZ VKXU
^_GIKZOIGIOJROW[OJOTZUZNKROTK]OZNGS2Y_XOTMK[TZORL[RR_灣RRKJGTJ]GOZLUX
SOT[ZKY!
*KZGINZNKVKXL[YOUTROTKGTJ]GYNKGINIG\OZ_GTJ\GR\KULZNKKTJUYIUVK]OZNG
JOYVUYGHRKYVKIOGRIRKGTOTMHX[YN!
6[Z ZNK \GR\KY OTZU GT [RZXGYUTOI UYIORRGZUX IUTZGOTOTM KT`_SK ZU UYIORRGZK OZ
)UTTKIZZNKVKXL[YOUTROTKULKGININGTTKR]OZNZNKKTJUYIUVK/TPKIZVKXU
^_GIKZOIGIOJOTZUZNKROTK]OZNGS2Y_XOTMKGTJ灤[YNZNKROTKIUTZOT[U[YR_LUX
SOT[ZKY/TPKIZGOXZUJX_OZLUXSOT[ZK!
/TPKIZIRKGT]GZKXOTZUZNKROTK]OZNGS2Y_XOTMKGTJ灤[YNZNKROTKIUTZOT[U[YR_
LUXSOT[ZKY/TPKIZGOXZUJX_OZLUXSOT[ZK!
6KXLUXSGRKGQGMKZKYZUTZNKKTJUYIUVK!
6[ZOTGTG[ZUSGZOIKTJUYIUVOI]GYNOTMGTJJOYOTLKIZOUTSGINOTK9KZGNOMNRK\KR
ULJOYOTLKIZOUTLUXZXKGZSKTZ!
9KTJ ZNK JK\OIKY ZU ZNK JOYOTLKIZOUT Y[VVR_ IKTZKX ZU [TJKXMU YZKXORO`GZOUT ]OZN
KZN_RKTKUÔJK
6XKZXKGZSKTZUL5ZNKX8K[YGHRK3KJOIGR*K\OIKY
/LZNKXKGXKTU\OYOHRKVURR[ZGTZYYUGQZNKJK\OIKOTSM2INRUXOTKIUTZGOTOTM
JOYOTLKIZGTZLUXGZRKGYZSOT[ZKY!
/LZNKXKGXKGT_\OYOHRKVURR[ZGTZYYUGQZNKJK\OIKOTSM2INRUXOTKIUTZGOTOTM
JOYOTLKIZGTZLUXGZRKGYZSOT[ZKY!
'LZKXJX_OTMVGIQGTJL[RR_KTIRUYKZNKJK\OIKYGTJYKTJZNKSZUZNKJOYOTLKIZOUT
Y[VVR_IKTZKX
*OYOTLKIZOUT6XUIKJ[XKYLUX/TLKIZOU[Y,GHXOIYUL9[YVKIZKJUX)UT灣XSKJ6GZOKTZY
/TLKIZOU[YLGHXOIY
)RUZNKYHKJYNKKZYHKJIU\KXYGTJVORRU]IGYKY[YKJH_VGZOKTZY!
=GXJGXKGHKJI[XZGOTY!
,RUUXZU]KRY[YKJLUXKT\OXUTSKTZGRIRKGTOTM
)URRKIZOUTSKZNUJY
,OXYZVGIQZNKLGHXOIYOTZUGJOYVUYGHRK]GZKXYUR[HRKVRGYZOIHGMGTJYKGRZNKHGM]OZN
SGZINOTMIGHRKZOKY!
:NKTVGIQZNOYHGMOTZUGTUZNKXVRGYZOIHGMYKGRZNKHGM]OZNIGHRKZOKYOTGMUUYKTKIQ
LGYNOUT!
,OTGRR_VGIQZNKVRGYZOIHGMOTZUG_KRRU]LGHXOIHGMGTJYKGRZNKHGM]OZNIGHRKZOKY!
'ZZGINGYVKIOGROTLKIZOUTRGHKRGTJZNKJKVGXZSKTZTGSK9KTJZNKHGMZUZNKRG[TJX_
XUUS
9ZUXGMKGTJ]GYNOTM
/TLKIZOU[YLGHXOIYYNU[RJHKYKVGXGZKJLXUSUZNKXOTLKIZOU[YLGHXOIYTUT)5</*GTJ
]GYNKJOTGJKJOIGZKJ]GYNOTMSGINOTK!
=GYNGTJJOYOTLKIZZNKYKLGHXOIY]OZNINRUXOTKIUTZGOTOTMJOYOTLKIZGTZGZU)LUXGZRKGYZ
SOT[ZKY
*OYOTLKIZOUTULZXGTYVUXZZUURY
9VKIOGRZXGTYVUXZZUURYYNU[RJHK[YKJYVKIO灣IGRR_LUXZXGTYVUXZOTMOTLKIZOU[YLGHXOIY!
:NKZUURYYNGRRHKJOYOTLKIZKJOSSKJOGZKR_KGINZOSKGLZKXHKOTM[YKJLUXZXGTYVUXZOTM
OTLKIZOU[YLGHXOIY!
:NK ZXGTYVUXZ ZUURY YNU[RJ HK ]OVKJ ]OZN INRUXOTKIUTZGOTOTM JOYOTLKIZGTZ ]OZN
SM2GIZO\KINRUXOTK2KG\KJOYOTLKIZGTZLUXSOT[ZKYHKLUXK]OVOTMZNKZUURYIRKGT]OZN
IRKGT]GZKX
'LVSRVDO3URFHGXUHVIRU&29,'5HODWHG0HGLFDO:DVWH
'RR]GYZKMKTKXGZKJLXUSY[YVKIZKJUXIUT灣XSKJVGZOKTZYYNGRRHKJOYVUYKJUL
GYSKJOIGR]GYZK!
6[ZZNKSKJOIGR]GYZKOTZUGJU[HRKRG_KXSKJOIGR]GYZKHGMYKGRZNKHGM]OZN
IGHRK ZOKY OT G MUUYKTKIQ LGYNOUT GTJ YVXG_ ZNK HGM ]OZN SM2 INRUXOTK
IUTZGOTOTMJOYOTLKIZGTZ!
6[ZYNGXVUHPKIZYOTZUGYVKIOGRVRGYZOIHU^YKGRZNKHU^GTJYVXG_ZNKHU^]OZN
SM2INRUXOTKIUTZGOTOTMJOYOTLKIZGTZ!
6[Z ZNK HGMMKJ ]GYZK OTZU G SKJOIGR ]GYZK ZXGTYLKX HU^ GZZGIN G YVKIOGR
OTLKIZOUTRGHKRL[RR_KTIRUYKZNKHU^GTJZXGTYLKXOZ!
:XGTYLKX ZNK ]GYZK ZU G ZKSVUXGX_ YZUXGMK VUOTZ LUX SKJOIGR ]GYZK GRUTM G
YVKIO灣KJXU[ZKGZG灣^KJZOSKVUOTZGTJYZUXKZNK]GYZKYKVGXGZKR_GZG灣^KJRUIGZOUT!
:NKSKJOIGR]GYZKYNGRRHKIURRKIZKJGTJJOYVUYKJULH_GTGVVXU\KJSKJOIGR
]GYZKJOYVUYGRVXU\OJKX
3URFHGXUHV IRU 7DNLQJ 5HPHGLDO $FWLRQV DJDLQVW 2FFXSDWLRQDO

([SRVXUHWR&29,'
2FFXUUHQFHRI&29,'UHODWHGRFFXSDWLRQDOH[SRVXUH
+^VUY[XKUL
*GSGMKJ *OXKIZK^VUY[XK
/TZGIZYQOT S[IU[Y 9NGXVUHPKIZ
YQOT ULXKYVOXGZUX_
K^VUY[XK SKSHXGTKY OTP[X_
K^VUY[XK ZXGIZ
Y[INGYZNKK_KY
8KSU\KZNKIUTZGSO ,R[YN]OZN /SSKJOGZKR_RKG\K

9W[KK`KHRUUJU[Z
TGTZY]OZNIRKGTZOYY[KY VRKTZ_UL ZNKOYURGZOUTGXKG
LXUSVXUÔSGRKTJZU
UXMG[`KZNKTGVVR_ TUXSGRYGROTK -GXMRK]OZNVRKTZ_UL
JOYZGRKTJ˅,R[YNZNK
OUJUVNUXUX UX TUXSGRYGROTKUX
]U[TJ]OZNX[TTOTM
GRIUNURZUZNKYQOTGTJ OUJUVNUXLUX OUJUVNUX*OV
]GZKX˅*OYOTLKIZ]OZN
RKZZNKYUR[ZOUTYOZLUXGZ JOYOTLKIZOUT GIUZZUTY]GHOTZU
GRIUNURUX
RKGYZSOT[ZKYLUX GRIUNURGTJ
OUJUVNUX
JOYOTLKIZOUTZNUXU[MNR_ ]OVKOTGIOXI[RGX
灤[YN]OZNX[TTOTM]GZKX SUZOUTZNKTGYGR
IG\OZ_MKTZR_
+\GI[GZKLXUSZNKOYURGZOUTGXKGGTJKTZKXZNK
JKYOMTGZKJOYURGZOUTXUUS
8KVUXZZUXKRK\GTZJKVGXZSKTZY
/YURGZKGTJUHYKX\KVKUVRK]OZNK^VUY[XKYUZNKXZNGTOTZGIZYQOTK^VUY[XKLUXJG_Y/TIGYK
ULY_SVZUSYXKVUXZZUZNKXKRK\GTZJKVGXZSKTZYOTGZOSKR_SGTTKX
9QOT K^VUY[XK :NK YQOT OY JOXKIZR_ IUTZGSOTGZKJ H_ G RGXMK GSU[TZ UL \OYOHRK HUJOR_
灤[OJYHRUUJYKIXKZOUTYUXLKIGRSGZZKXLXUSZNKVGZOKTZ
3[IU[Y SKSHXGTK K^VUY[XK 3[IU[Y SKSHXGTKY Y[IN GY ZNK K_KY GTJ XKYVOXGZUX_
ZXGIZ GXK JOXKIZR_ IUTZGSOTGZKJ H_ \OYOHRK HUJOR_ 灤[OJY HRUUJ YKIXKZOUTY UX LKIGR SGZZKX
LXUSZNKVGZOKTZ
9NGXVUHPKIZOTP[X_ 6OKXIOTMULZNKHUJ_H_YNGXVUHPKIZYZNGZ]KXKJOXKIZR_K^VUYKJZU
ZNKVGZOKTZ YHUJOR_灤[OJYHRUUJYKIXKZOUTYUXLKIGRSGZZKX
*OXKIZK^VUY[XKULXKYVOXGZUX_ZXGIZ ,GRROTMU灢ULGSGYQK^VUYOTMZNKSU[ZNUXTUYKZU
GIUT灣XSKJVGZOKTZSOZKXG]G_]NUOYTUZ]KGXOTMGSGYQ
6XUJLFDO2SHUDWLRQVIRU6XVSHFWHGRU&RQŀUPHG3DWLHQWV
8KW[OXKSKTZYLUX5VKXGZOUT8UUSYGTJ9ZG灢66+
'XXGTMKZNKVGZOKTZOTGTKMGZO\KVXKYY[XKUVKXGZOTMXUUS<KXOL_ZNKZKSVKXGZ[XKN[SOJ
OZ_GTJGOXVXKYY[XKOTZNKUVKXGZOUTXUUS!
6XKVGXKGRRXKW[OXKJOZKSYLUXZNKUVKXGZOUTGTJ[YKJOYVUYGHRKY[XMOIGROZKSYOLVUYYOHRK!
'RRY[XMOIGRVKXYUTTKROTIR[JOTMY[XMKUTYGTKYZNKYOURUMOYZYNGTJ]GYNOTMT[XYKYGTJ
INGXMKT[XYKYOTUVKXGZOTMXUUSYNU[RJV[ZUTZNKOX66+OTZNKH[灢KXXUUSHKLUXKKTZKXOTM
ZNK UVKXGZOTM XUUS 6[Z UT JU[HRK IGVY SKJOIGR VXUZKIZO\K SGYQ 4 SKJOIGR MUMMRKY
SKJOIGRVXUZKIZO\KIRUZNOTMHUUZIU\KXYRGZK^MRU\KYGTJVU]KXKJGOXV[XOL_OTMXKYVOXGZUX!
:NK Y[XMKUTY GTJ ZNK NGTJ]GYNOTM T[XYKY YNU[RJ ]KGX JOYVUYGHRK YZKXORK UVKXGZOTM
IRUZNKYGTJYZKXORKMRU\KYOTGJJOZOUTZUZNK66+GYSKTZOUTKJGHU\K!
6GZOKTZYYNU[RJ]KGXJOYVUYGHRKIGVYGTJJOYVUYGHRKY[XMOIGRSGYQYGIIUXJOTMZUZNKOX
YOZ[GZOUT!
:NKINGXMKT[XYKYOTZNKH[灢KXXUUSGXKXKYVUTYOHRKLUXJKRO\KXOTMOZKSYLXUSZNKH[灢KX
GXKGZUZNKTKMGZO\KVXKYY[XKUVKXGZOTMXUUS!
*[XOTMZNKUVKXGZOUTZNKH[灢KXXUUSGTJZNKUVKXGZOTMXUUSYNGRRHKZOMNZR_IRUYKJGTJ
ZNKUVKXGZOUTS[YZHKIGXXOKJU[ZUTR_OLZNKUVKXGZOUTXUUSOY[TJKXTKMGZO\KVXKYY[XK!
/XXKRK\GTZVKXYUTTKRYNGRRHKKÎR[JKJLXUSKTZKXOTMZNKUVKXGZOTMXUUS
6XUIKJ[XKYLUX,OTGR*OYOTLKIZOUT
3KJOIGR]GYZKYNGRRHKJOYVUYKJULGY)5</*XKRGZKJSKJOIGR]GYZK!
8K[YGHRK SKJOIGR JK\OIKY YNGRR HK JOYOTLKIZKJ GIIUXJOTM ZU ZNK JOYOTLKIZOUT
VXUIKJ[XKYUL9'89)U<XKRGZKJXK[YGHRKSKJOIGRJK\OIKY!
3KJOIGRLGHXOIYYNGRRHKJOYOTLKIZKJGTJJOYVUYKJULGIIUXJOTMZUZNKJOYOTLKIZOUT
VXUIKJ[XKYLUX9'89)U<XKRGZKJOTLKIZOU[YLGHXOIY!
9[XLGIKY UL UHPKIZY OTYZX[SKTZY GTJ JK\OIKY OTIR[JOTM JK\OIK ZGHRK UVKXGZOTM
ZGHRKUVKXGZOTMHKJKZI!
˵ <OYOHRK HRUUJHUJOR_ 灤[OJ VURR[ZGTZY YNGRR HK IUSVRKZKR_ XKSU\KJ HKLUXK JOY
OTLKIZOUTNGTJRKJOTGIIUXJGTIK]OZNJOYVUYGRVXUIKJ[XKYULHRUUJGTJHUJOR_灤[OJ
YVORRY
˶ 'RR Y[XLGIKY YNGRR HK ]OVKJ ]OZN G JOYOTLKIZGTZ IUTZGOTOTM SM2 GIZO\K
INRUXOTKGTJGRRU]KJZUYOZLUXSOT[ZKY]OZNZNKJOYOTLKIZGTZ
,RUUXYGTJ]GRRY
˵<OYOHRKHRUUJHUJOR_灤[OJVURR[ZGTZYYNGRRHKIUSVRKZKR_XKSU\KJHKLUXKJOYOTLKI
ZOUT NGTJRKJ OT GIIUXJGTIK ]OZN JOYVUYGR VXUIKJ[XKY UL HRUUJ GTJ HUJOR_ 灤[OJ
YVORRY
˶ 'RR Y[XLGIKY YNGRR HK ]OVKJ ]OZN G JOYOTLKIZGTZ IUTZGOTOTM SM2 GIZO\K
INRUXOTKGTJGRRU]KJZUYOZLUXSOT[ZKY]OZNZNKJOYOTLKIZGTZ
/TJUUX GOX :[XT U灢 ZNK LGT 灣RZKX [TOZ ,,; *OYOTLKIZ ZNK GOX H_ OXXGJOGZOUT H_
[RZXG\OURKZRGSVLUXGZRKGYZNU[X:[XTUTZNK,,;ZUV[XOL_ZNKGOXG[ZUSGZOIGRR_LUX
GZRKGYZNU[XY

3URFHGXUHVIRU+DQGOLQJ%RGLHVRI'HFHDVHG6XVSHFWHGRU
&RQŀUPHG3DWLHQWV
9ZG灢 66+ :NK YZG灢 S[YZ SGQK Y[XK ZNK_ GXK L[RR_ VXUZKIZKJ H_ ]KGXOTM ]UXQ
IRUZNKY JOYVUYGHRK Y[XMOIGR IGVY JOYVUYGHRK MRU\KY GTJ ZNOIQ X[HHKX MRU\KY ]OZN
RUTM YRKK\KY SKJOIGR JOYVUYGHRK VXUZKIZO\K IRUZNOTM SKJOIGR VXUZKIZO\K SGYQY
4 UX VU]KXKJ GOX V[XOL_OTM XKYVOXGZUXY 6'68Y VXUZKIZO\K LGIK YNOKRJY ]UXQ
YNUKY UX X[HHKX HUUZY ]GZKXVXUUL HUUZ IU\KXY ]GZKXVXUUL GVXUTY UX ]GZKXVXUUL
OYURGZOUTMU]TYKZI
)UXVYKIGXK ,ORRGRRUVKTOTMYUX]U[TJYZNKVGZOKTZSG_NG\KY[INGYSU[ZN
TUYKKGXYGT[YGTJZXGINKUZUS_UVKTOTMYH_[YOTMIUZZUTHGRRYUXMG[`KJOVVKJ
OTSM2INRUXOTKIUTZGOTOTMJOYOTLKIZGTZUXVKXU^_GIKZOIGIOJ
=XGVVOTM =XGVZNKIUXVYK]OZNGJU[HRKRG_KXIRUZNYNKKZYUGQKJ]OZNJOYOTLKI
ZGTZ GTJ VGIQ OZ OTZU G JU[HRKRG_KX YKGRKJ RKGQVXUUL IUXVYK ]XGVVOTM YNKKZ
YUGQKJ]OZNINRUXOTKIUTZGOTOTMJOYOTLKIZGTZ
:NKHUJ_YNGRRHKZXGTYLKXXKJH_ZNKYZG灢OTZNKOYURGZOUT]GXJULZNKNUYVOZGR\OG
ZNK IUTZGSOTGZKJ GXKG ZU ZNK YVKIOGR KRK\GZUX U[Z UL ZNK ]GXJ GTJ ZNKT JOXKIZR_
ZXGTYVUXZKJ ZU G YVKIO灣KJ RUIGZOUT LUX IXKSGZOUT H_ G YVKIOGR \KNOIRK GY YUUT GY
VUYYOHRK
,OTGRJOYOTLKIZOUT 6KXLUXS灣TGRJOYOTLKIZOUTULZNK]GXJGTJZNKKRK\GZUX
9'LJLWDO6XSSRUWIRU(SLGHPLF3UHYHQWLRQDQG&RQWURO
5HGXFHWKH5LVNRI&URVV,QIHFWLRQZKHQ3DWLHQWV6HHN0HGLFDO&DUH
-[OJK ZNK V[HROI ZU MKZ GIIKYY ZU TUTKSKXMKTI_ YKX\OIKY Y[IN GY INXUTOI JOYKGYKY
ZXKGZSKTZUTROTKYUGYZUJKIXKGYKZNKT[SHKXUL\OYOZUXYOTNKGRZNIGXKLGIOROZOKY*UOTMYU
SOTOSO`KYZNKXOYQULIXUYYOTLKIZOUT
6GZOKTZY]NUS[YZ\OYOZNKGRZNIGXKLGIOROZOKYYNU[RJSGQKGTGVVUOTZSKTZZNXU[MNUZNKX
SKGTY OTIR[JOTM /TZKXTKZ VUXZGRY ]NOIN VXU\OJKY TKIKYYGX_ M[OJGTIK OT ZXGTYVUXZGZOUT
VGXQOTMGXXO\GRZOSKVXUZKIZO\KSKGY[XKYZXOGMKOTLUXSGZOUTOTJUUXTG\OMGZOUTKZI)URRKIZ
IUSVXKNKTYO\K OTLUXSGZOUT UTROTK H_ VGZOKTZY OT GJ\GTIK ZU OSVXU\K ZNK K灥IOKTI_ UL
JOGMTUYOYGTJZXKGZSKTZGTJROSOZZNKJ[XGZOUTULZNKVGZOKTZɊY\OYOZ
+TIU[XGMKVGZOKTZYZUZGQKL[RRGJ\GTZGMKULJOMOZGRYKRLYKX\OIKJK\OIKYZUG\UOJIUTZGIZ
]OZNUZNKXYYUGYZURU]KXZNKXOYQULIXUYYOTLKIZOUTY
/RZHU:RUN,QWHQVLW\DQG,QIHFWLRQ5LVNRI0HGLFDO3HUVRQQHO
)URRKIZYNGXKJQTU]RKJMKGTJK^VKXOKTIKULK^VKXZYZNXU[MNXKSUZKIUTY[RZGZOUTGTJ
S[RZOJOYIOVROTKZKGS3*:ZUU灢KXZNKUVZOS[SZNKXGVK[ZOIYLUXJO灥I[RZGTJIUSVROIGZKJ
IGYKY
:GQKSUHORKGTJXKSUZKXU[TJYZURU]KX[TTKIKYYGX_K^VUY[XKXOYQYGTJ]UXQOTZKTYOZ_
ULSKJOIGRVKXYUTTKR]NORKYG\OTMVXUZKIZO\KY[VVROKY
'IIKYY ZNK VGZOKTZYɊ RGZKYZ NKGRZN IUTJOZOUTY KRKIZXUTOIGRR_ ZNXU[MN NKGRZN 78 IUJKY
TUZK K\KX_UTKOYXKW[OXKJZUUHZGOTG-8++4IUJKZNXU[MNZNKNKGRZN78Y_YZKSZUZXG\KR
GXU[TJ ZNK IOZ_ GTJ UTROTK KVOJKSOURUMOIGR W[KYZOUTTGOXKY OT GJ\GTIK ZU VXU\OJK ZXOGMK
M[OJGTIK ZU ZNK VGZOKTZY KYVKIOGRR_ ZNUYK ]OZN LK\KX UX Y[YVKIZKJ IGYKY ]NORK K灢KIZO\KR_
VXK\KTZOTMZNKXOYQULOTLKIZOUT
+RKIZXUTOI NKGRZN XKIUXJY UL VGZOKTZY OT LK\KX IROTOIY GTJ ZNK ): OSGMOTM '/ Y_YZKS LUX
)5</* IGT NKRV XKJ[IK ZNK ]UXQ OTZKTYOZ_ W[OIQR_ OJKTZOL_ NOMNR_Y[YVKIZKJ IGYKY GTJ
G\UOJSOYYKJJOGMTUYKY
5DSLG5HVSRQVHWR(PHUJHQF\1HHGVRI&29,'&RQWDLQPHQW
(GYOIJOMOZGRXKYU[XIKYXKW[OXKJH_GIRU[JHGYKJNUYVOZGRY_YZKSGRRU]YLUXOSSKJOGZK
[YGMKULZNKOTLUXSGZOUTY_YZKSYTKKJKJLUXKSKXMKTI_XKYVUTYKZUZNKKVOJKSOIY[INGY
ZNK JOMOZGR Y_YZKSY KW[OVVKJ LUX TK]R_ KYZGHROYNKJ LK\KX IROTOIY LK\KX UHYKX\GZOUT XUUSY
GTJOYURGZOUT]GXJY
;ZORO`K ZNK NUYVOZGR OTLUXSGZOUT Y_YZKS HGYKJ UT ZNK /TZKXTKZ OTLXGYZX[IZ[XK LXGSK ZU
IUTJ[IZ UTROTK ZXGOTOTM LUX NKGRZNIGXK ]UXQKXY GTJ UTKIROIQ JKVRU_SKTZ Y_YZKS GTJ ZU
LGIOROZGZK ZNK UVKXGZOUT GTJ Y[VVUXZ KTMOTKKXY ZU VKXLUXS XKSUZK SGOTZKTGTIK GTJ TK]
L[TIZOUTY[VJGZKLUXSKJOIGRIGXK
ҁ)$+=8,QWHUQHUW+RVSLWDO$0RGHOIRU2QOLQH+HDOWKFDUH҂
9OTIKZNKU[ZHXKGQUL)5</*,'.@;/TZKXTKZ.UYVOZGRW[OIQR_YNOLZKJZUU灢KXUTROTK
NKGRZNIGXKZNXU[MN@NKPOGTMɊY5TROTK3KJOIGR6RGZLUXS]OZNNU[XLXKKUTROTKIUTY[R
ZGZOUTVXU\OJOTMZKRKSKJOIOTKYKX\OIKZUVGZOKTZYOT)NOTGGTJK\KTGXU[TJZNK]UXRJ
6GZOKTZYGXKVXU\OJKJGIIKYYZUZNK灣XYZXGZKSKJOIGRYKX\OIKYUL,'.@;GZNUSK]NOIN
XKJ[IKYZNKINGTIKYULZXGTYSOYYOUTGTJIXUYYOTLKIZOUTGYGXKY[RZULZNKOX\OYOZYZUZNK
NUYVOZGR'YUL3GXINU\KXVKUVRKNG\K[YKJZNK,'.@;/TZKXTKZ.UYVOZGR
UTROTKYKX\OIK
|/TYZX[IZOUTYLUX@NKPOGTM5TROTK3KJOIGR6RGZLUXS
˵*U]TRUGJ'ROVG_GVV!
˶5VKT'ROVG_)NOTG<KXYOUTGTJ灣TJɍ@NKPOGTM6XU\OTIOGR5TROTK3KJOIGR6RGZLUXSɎ!
˷)NUUYKGNUYVOZGR:NK,OXYZ'灥ROGZKJ.UYVOZGR@NKPOGTM;TO\KXYOZ_9INUURUL3KJOIOTK!
˸6UYZ_U[XW[KYZOUTGTJ]GOZLUXGJUIZUXZUXKYVUTJ!
˹'TUZO灣IGZOUT]ORRVUV[V]NKTGJUIZUXXKVROKY:NKTUVKT'ROVG_GTJIROIQ,XOKTJY!
˺)ROIQ@NKPOGTM5TROTK3KJOIGR6RGZLUXSZUYKKSUXKJKZGORYGTJYZGXZ_U[XIUTY[RZGZOUT
ҁ(VWDEOLVKLQJWKH,QWHUQDWLRQDO0HGLFDO([SHUW&RPPXQLFDWLRQ3ODWIRUP
RIWKH)LUVW$ŃOLDWHG+RVSLWDO=KHMLDQJ8QLYHUVLW\6FKRRORI0HGLFLQH҂
*[K ZU ZNK YVXKGJ UL ZNK )5</* KVOJKSOI ZNK ,OXYZ '灥ROGZKJ .UYVOZGR @NKPOGTM
;TO\KXYOZ_9INUURUL3KJOIOTK,'.@;GTJ焰焮OHGHGPUOTZR_KYZGHROYNKJZNK/TZKXTGZOUTGR
3KJOIGR+^VKXZ)USS[TOIGZOUT6RGZLUXSUL,'.@;]OZNGTGOSZUOSVXU\KZNKW[GROZ_UL
IGXK GTJ ZXKGZSKTZ GTJ VXUSUZK ZNK YNGXOTM UL MRUHGR OTLUXSGZOUT XKYU[XIK :NK
VRGZLUXSGRRU]YSKJOIGRK^VKXZYGRRU\KXZNK]UXRJZUIUTTKIZGTJYNGXKZNKOXOT\GR[GHRK
K^VKXOKTIK OT ZNK 灣MNZ GMGOTYZ )5</* ZNXU[MN OTYZGTZ SKYYGMOTM ]OZN XKGRZOSK
ZXGTYRGZOUTXKSUZK\OJKUIUTLKXKTIOTMKZI
| /TYZX[IZOUTYUTZNK/TZKXTGZOUTGR3KJOIGR+^VKXZ)USS[TOIGZOUT6RGZLUXSUL:NK,OXYZ
'灥ROGZKJ.UYVOZGR@NKPOGTM;TO\KXYOZ_9INUURUL3KJOIOTK
˵<OYOZ]]]JOTMZGRQIUSKTZUJU]TRUGJ*OTM:GRQGVV
˶9OMT[V]OZN_U[XVKXYUTGROTLUXSGZOUT4GSKGTJ6NUTK4[SHKXGTJRUMOT
˷'VVR_ZUPUOTZNK/TZKXTGZOUTGR3KJOIGR+^VKXZ)USS[TOIGZOUT6RGZLUXSUL,'.@;
3KZNUJ 0UOTH_ZKGSIUJK9KRKIZɍ)UTZGIZYɎ$ɍ0UOT:KGSɎ$ɍ0UOTH_:KGS
)UJKɎZNKTKTZKXZNK/TV[Z/* ɉ?7*1Ɋ
3KZNUJ 0UOT H_ YIGTTOTM ZNK 78 IUJK UL ZNK /TZKXTGZOUTGR 3KJOIGR +^VKXZ )US
S[TOIGZOUT6RGZLUXSUL,'.@;
˸,ORRU[Z_U[XOTLUXSGZOUTZUPUOT+TZKX_U[XTGSKIU[TZX_GTJSKJOIGROTYZOZ[ZOUT
˹0UOTZNK,'.@;MXU[VINGZGLZKXZNKGJSOTNGYGVVXU\KJ
˺'LZKXPUOTOTMZNKMXU[VINGZSKJOIGRYZG灢IGTYKTJOTYZGTZSKYYGMKYGYYOYZKJH_
'/ ZXGTYRGZOUT XKIKO\K XKSUZK \OJKU M[OJGTIK GTJ GIIKYY ZU SKJOIGR ZXKGZSKTZ
M[OJKROTKY
3DUW7ZR
'LDJQRVLVDQG7UHDWPHQW
,3HUVRQDOL]HG&ROODERUDWLYHDQG0XOWLGLVFLSOLQDU\0DQDJHPHQW
,'.@;OYGJKYOMTGZKJNUYVOZGRLUX)5</*VGZOKTZYKYVKIOGRR_YK\KXKGTJIXOZOIGRR_ORROTJO\OJ[GRY
]NUYK IUTJOZOUT INGTMKY XGVOJR_ ULZKT ]OZN S[RZOVRK UXMGTY OTLKIZKJ GTJ XKW[OXOTM ZNK Y[VVUXZ
LXUS ZNK S[RZOJOYIOVROTGX_ ZKGS 3*: 9OTIK ZNK U[ZHXKGQ ,'.@; KYZGHROYNKJ GT K^VKXZ ZKGS
IUSVUYKJ UL JUIZUXY LXUS ZNK *KVGXZSKTZY UL /TLKIZOU[Y *OYKGYKY 8KYVOXGZUX_ 3KJOIOTK /);
2GHUXGZUX_3KJOIOTK8GJOURUM_;RZXGYU[TJ6NGXSGI_:XGJOZOUTGR)NOTKYK3KJOIOTK6Y_INURUM_
8KYVOXGZUX_ :NKXGV_ 8KNGHOROZGZOUT 4[ZXOZOUT 4[XYOTM KZI ' IUSVXKNKTYO\K S[RZOJOYIOVROTGX_
JOGMTUYOYGTJZXKGZSKTZSKINGTOYSNGYHKKTKYZGHROYNKJOT]NOINJUIZUXYHUZNOTYOJKGTJU[ZYOJK
ZNKOYURGZOUT]GXJYIGTJOYI[YYVGZOKTZYɊIUTJOZOUTYK\KX_JG_\OG\OJKUIUTLKXKTIK:NOYGRRU]YLUX
ZNKSZUJKZKXSOTKYIOKTZO灣IOTZKMXGZKJGTJI[YZUSO`KJZXKGZSKTZYZXGZKMOKYLUXK\KX_YK\KXKGTJ
IXOZOIGRR_ORRVGZOKTZ
9U[TJJKIOYOUTSGQOTMOYZNKQK_ZU3*:JOYI[YYOUT*[XOTMZNKJOYI[YYOUTK^VKXZYLXUSJO灢KXKTZ
JKVGXZSKTZYLUI[YUTOYY[KYLXUSZNKOXYVKIOGRO`KJ灣KRJYGY]KRRGYIXOZOIGROYY[KYZUJOGMTUYKYGTJ
ZXKGZSKTZ :NK 灣TGR ZXKGZSKTZ YUR[ZOUT OY JKZKXSOTKJ H_ K^VKXOKTIKJ K^VKXZY ZNXU[MN \GXOU[Y
JOYI[YYOUTYULJO灢KXKTZUVOTOUTYGTJGJ\OIK
9_YZKSGZOI GTGR_YOY OY GZ ZNK IUXK UL 3*: JOYI[YYOUT +RJKXR_ VGZOKTZY ]OZN [TJKXR_OTM NKGRZN
IUTJOZOUTYGXKVXUTKZUHKIUSOTMIXOZOIGRR_ORR=NORKIRUYKR_SUTOZUXOTMZNKVXUMXKYYOUTUL)5</*
ZNK VGZOKTZ Y HGYOI YZGZ[Y IUSVROIGZOUTY GTJ JGOR_ K^GSOTGZOUT XKY[RZY YNU[RJ HK GTGR_`KJ
IUSVXKNKTYO\KR_ZUYKKNU]ZNKJOYKGYK]ORRVXUMXKYY/ZOYTKIKYYGX_ZUOTZKX\KTKOTGJ\GTIKZUYZUV
ZNKJOYKGYKLXUSJKZKXOUXGZOTMGTJZUZGQKVXUGIZO\KSKGY[XKYY[INGYGTZO\OXGRYU^_MKTZNKXGV_
GTJT[ZXOZOUTGRY[VVUXZ
:NK MUGR UL 3*: JOYI[YYOUT OY ZU GINOK\K VKXYUTGRO`KJ ZXKGZSKTZ :NK ZXKGZSKTZ VRGT YNU[RJ HK
GJP[YZKJZUKGINVKXYUT]NKTIUTYOJKXOTMZNKJO灢KXKTIKYGSUTMOTJO\OJ[GRYIU[XYKYULJOYKGYK
GTJVGZOKTZZ_VKY
5[XK^VKXOKTIKOYZNGZ3*:IURRGHUXGZOUTIGTMXKGZR_OSVXU\KZNKK灢KIZO\KTKYYULZNKJOGMTUYOYGTJ
ZXKGZSKTZUL)5</*
,,(WLRORJ\DQG,QŁDPPDWLRQ,QGLFDWRUV

*KZKIZOUTUL9'89)U<4[IRKOI'IOJ
9VKIOSKT)URRKIZOUT
'VVXUVXOGZK YVKIOSKTY IURRKIZOUT SKZNUJJY GTJ IURRKIZOUT ZOSOTM GXK OSVUXZGTZ ZU
OSVXU\K JKZKIZOUT YKTYOZO\OZ_ 9VKIOSKT Z_VKY OTIR[JK [VVKX GOX]G_ YVKIOSKTY
VNGX_TMKGRY]GHYTGYGRY]GHYTGYUVNGX_TMKGRYKIXKZOUTYRU]KXGOX]G_YVKIOSKTY
YV[Z[S GOX]G_ YKIXKZOUTY HXUTINUGR\KURGX RG\GMK 灤[OJ HRUUJ LKIKY [XOTK GTJ
IUTP[TIZO\GR YKIXKZOUTY 9V[Z[S GTJ UZNKX RU]KX XKYVOXGZUX_ ZXGIZ YVKIOSKTY NG\K G
NOMNVUYOZO\KXGZKULT[IRKOIGIOJYGTJYNU[RJHKIURRKIZKJVXKLKXKTZOGRR_9'89)U<
VXKLKXKTZOGRR_ VXUROLKXGZKY OT Z_VK // GR\KURGX IKRRY ': GTJ VKGQ UL \OXGR YNKJJOTM
GVVKGXY ZU JG_Y GLZKX ZNK UTYKZ UL JOYKGYK :NKXKLUXK OL ZNK T[IRKOI GIOJ ZKYZ OY
TKMGZO\K GZ ZNK HKMOTTOTM YGSVRKY YNU[RJ IUTZOT[K ZU HK IURRKIZKJ GTJ ZKYZKJ UT
Y[HYKW[KTZJG_Y
4[IRKOI'IOJ*KZKIZOUT
4[IRKOIGIOJZKYZOTMOYZNKVXKLKXXKJSKZNUJLUXJOGMTUYOTM9'89)U<OTLKIZOUT:NK
ZKYZOTM VXUIKYY GIIUXJOTM ZU ZNK QOZ OTYZX[IZOUTY OY GY LURRU]Y 9VKIOSKTY GXK
VXKVXUIKYYKJGTJZNK\OX[YOYR_YKJZUK^ZXGIZT[IRKOIGIOJY:NKZNXKKYVKIO灣IMKTKYUL
9'89)U< TGSKR_ ZNK 5VKT 8KGJOTM ,XGSK GH 58,GH T[IRKUIGVYOJ VXUZKOT
4GTJKT\KRUVKVXUZKOT+MKTKYGXKZNKTGSVRO灣KJH_XKGRZOSKW[GTZOZGZO\K6)8
ZKINTURUM_ :NK GSVRO灣KJ MKTKY GXK JKZKIZKJ H_ 灤[UXKYIKTIK OTZKTYOZ_ )XOZKXOG UL
VUYOZO\KT[IRKOIGIOJXKY[RZYGXK 58,GHMKTKOYVUYOZO\KGTJUX4MKTK+MKTKGXK
VUYOZO\K
:NKIUSHOTKJJKZKIZOUTULT[IRKOIGIOJYLXUSS[RZOVRKZ_VKYULYVKIOSKTYIGTOSVXU\K
ZNK JOGMTUYZOI GII[XGI_ 'SUTM VGZOKTZY ]OZN IUT灣XSKJ VUYOZO\K T[IRKOI GIOJ OT
XKYVOXGZUX_ZXGIZGHU[ZULZNKYKVGZOKTZYNG\KJKZKIZKJ\OXGRT[IRKOIGIOJOT
ZNK HRUUJ GTJ GHU[Z UL VGZOKTZY NG\K JKZKIZKJ \OXGR T[IRKOI GIOJ OT LKIKY
.U]K\KX ZNK VUYOZO\K XGZK UL T[IRKOI GIOJ ZKYZOTM OT [XOTK YGSVRKY OY W[OZK RU]
)USHOTKJZKYZOTM]OZNYVKIOSKTYLXUSXKYVOXGZUX_ZXGIZLKIKYHRUUJGTJUZNKXZ_VKYUL
YVKIOSKTY OY NKRVL[R LUX OSVXU\OTM ZNK JOGMTUYZOI YKTYOZO\OZ_ UL Y[YVKIZKJ IGYKY
SUTOZUXOTM ZXKGZSKTZ K灥IGI_ GTJ ZNK SGTGMKSKTZ UL VUYZJOYINGXMK OYURGZOUT
SKGY[XKY
<OX[Y/YURGZOUTGTJ)[RZ[XK

<OX[YI[RZ[XKS[YZHKVKXLUXSKJOTGRGHUXGZUX_]OZNW[GRO灣KJ(OUYGLKZ_2K\KR(92
:NK VXUIKYY OY HXOK灤_ JKYIXOHKJ GY LURRU]Y ,XKYN YGSVRKY UL ZNK VGZOKTZ Y YV[Z[S
LKIKYKZIGXKUHZGOTKJGTJOTUI[RGZKJUT<KXU+IKRRYLUX\OX[YI[RZ[XK:NKI_ZUVGZNOI
K灢KIZ )6+ OY UHYKX\KJ GLZKX NU[XY *KZKIZOUT UL \OXGR T[IRKOI GIOJ OT ZNK I[RZ[XK
SKJO[SOTJOIGZKYGY[IIKYYL[RI[RZ[XK<OX[YZOZKXSKGY[XKSKTZ 'LZKXJOR[ZOTMZNK\OX[Y
YZUIQ IUTIKTZXGZOUT H_ G LGIZUX UL OT YKXOKY ZNK :)/* OY JKZKXSOTKJ H_ ZNK
SOIXUI_ZUVGZNOI SKZNUJ 5ZNKX]OYK \OXGR \OGHOROZ_ OY JKZKXSOTKJ H_ VRGW[K LUXSOTM
[TOZ6,;
*KZKIZOUTUL9KX[S'TZOHUJ_
9VKIO灣I GTZOHUJOKY GXK VXUJ[IKJ GLZKX 9'89)U< OTLKIZOUT 9KX[S GTZOHUJ_
JKZKXSOTGZOUT SKZNUJY OTIR[JK IURRUOJGR MURJ OSS[TUINXUSGZUMXGVN_ +2/9'
INKSOR[SOTKYIKTIK OSS[TUGYYG_ KZI 6UYOZO\K YKX[SYVKIO灣I /M3 UX YVKIO灣I /M-
GTZOHUJ_ZOZKXOTZNKXKIU\KX_VNGYK˫ZOSKYNOMNKXZNGTZNGZOTZNKGI[ZKVNGYKIGTHK
[YKJGYJOGMTUYZOIIXOZKXOGLUXY[YVKIZKJVGZOKTZY]OZNTKMGZO\KT[IRKOIGIOJJKZKIZOUT
*[XOTMLURRU][VSUTOZUXOTM/M3OYJKZKIZGHRKJG_YGLZKXY_SVZUSUTYKZGTJ/M-OY
JKZKIZGHRK JG_Y GLZKX Y_SVZUS UTYKZ :NK \OXGR RUGJ MXGJ[GRR_ JKIXKGYKY ]OZN ZNK
OTIXKGYKULYKX[SGTZOHUJ_RK\KRY
*KZKIZOTM/TJOIGZUXYUL/T灤GSSGZUX_8KYVUTYK
/Z OY XKIUSSKTJKJ ZU IUTJ[IZ ZKYZY UL )XKGIZO\K VXUZKOT VXUIGRIOZUTOT LKXXOZOT
*JOSKX ZUZGR GTJ Y[HVUV[RGZOUTY UL R_SVNUI_ZKY /2 /2 /2 :4,ơ /4,ƣ GTJ
UZNKXOTJOIGZUXYULOT灤GSSGZOUTGTJOSS[TKYZGZ[Y]NOINIGTNKRVK\GR[GZKIROTOIGR
VXUMXKYYGRKXZYK\KXKGTJIXOZOIGRZKTJKTIOKYGTJVXU\OJKGHGYOYLUXZNKLUXS[RGZOUTUL
ZXKGZSKTZYZXGZKMOKY
3UYZ VGZOKTZY ]OZN )5</* NG\K G TUXSGR RK\KR UL VXUIGRIOZUTOT ]OZN YOMTO灣IGTZR_
OTIXKGYKJ RK\KRY UL )XKGIZO\K VXUZKOT ' XGVOJ GTJ YOMTO灣IGTZR_ KRK\GZKJ )XKGIZO\K
VXUZKOT RK\KR OTJOIGZKY G VUYYOHOROZ_ UL YKIUTJGX_ OTLKIZOUT *JOSKX RK\KRY GXK
YOMTO灣IGTZR_KRK\GZKJOTYK\KXKIGYKY]NOINOYGVUZKTZOGRXOYQLGIZUXLUXVUUXVXUMTUYOY
6GZOKTZY ]OZN G RU] ZUZGR T[SHKX UL R_SVNUI_ZKY GZ ZNK HKMOTTOTM UL ZNK JOYKGYK
MKTKXGRR_ NG\K G VUUX VXUMTUYOY 9K\KXK VGZOKTZY NG\K G VXUMXKYYO\KR_ JKIXKGYKJ
T[SHKX UL VKXOVNKXGR HRUUJ R_SVNUI_ZKY :NK K^VXKYYOUT RK\KRY UL /2 GTJ /2 OT
YK\KXKVGZOKTZYGXKOTIXKGYKJMXKGZR_3UTOZUXOTMZNKRK\KRYUL/2GTJ/2OYNKRVL[RZU
GYYKYYZNKXOYQULVXUMXKYYOUTZUGYK\KXKIUTJOZOUT
*KZKIZOUTUL9KIUTJGX_(GIZKXOGRUX,[TMGR/TLKIZOUTY
9K\KXK GTJ IXOZOIGRR_ ORR VGZOKTZY GXK \[RTKXGHRK ZU YKIUTJGX_ HGIZKXOGR UX L[TMGR
OTLKIZOUTY7[GRO灣KJYVKIOSKTYYNU[RJHKIURRKIZKJLXUSZNKOTLKIZOUTYOZKLUXHGIZKXOGR
UXL[TMGRI[RZ[XK/LYKIUTJGX_R[TMOTLKIZOUTOYY[YVKIZKJYV[Z[SIU[MNKJLXUSJKKV
OT ZNK R[TMY ZXGINKGR GYVOXGZKY HXUTINUGR\KURGX RG\GMK 灤[OJ GTJ HX[YN YVKIOSKTY
YNU[RJHKIURRKIZKJLUXI[RZ[XK:OSKR_HRUUJI[RZ[XKYNU[RJHKVKXLUXSKJOTVGZOKTZY
]OZN NOMN LK\KX (RUUJ I[RZ[XKY JXG]T LXUS VKXOVNKXGR \KTU[Y UX IGZNKZKXY YNU[RJ HK
VKXLUXSKJ OT VGZOKTZY ]OZN Y[YVKIZKJ YKVYOY ]NU NGJ GT OTJ]KRROTM IGZNKZKX /Z OY
XKIUSSKTJKJZNGZZNK_ZGQKHRUUJ-ZKYZGTJ-3ZKYZGZRKGYZZ]OIKG]KKQOTGJJOZOUT
ZUL[TMGRI[RZ[XK
2GHUXGZUX_9GLKZ_
(OUYGLKZ_ VXUZKIZO\K SKGY[XKY YNU[RJ HK JKZKXSOTKJ HGYKJ UT JO灢KXKTZ XOYQ RK\KRY UL
K^VKXOSKTZGR VXUIKYY 6KXYUTGR VXUZKIZOUT YNU[RJ HK ZGQKT OT GIIUXJGTIK ]OZN (92
RGHUXGZUX_ VXUZKIZOUT XKW[OXKSKTZY LUX XKYVOXGZUX_ ZXGIZ YVKIOSKT IURRKIZOUT T[IRKOI
GIOJ JKZKIZOUT GTJ \OX[Y I[RZ[XK UVKXGZOUTY 6KXYUTGR VXUZKIZOUT OT GIIUXJGTIK ]OZN
(92 RGHUXGZUX_ VXUZKIZOUT XKW[OXKSKTZ YNU[RJ HK IGXXOKJ U[Z LUX HOUINKSOIGR
OSS[TURUMOIGR ZKYZY GTJ UZNKX XU[ZOTK RGHUXGZUX_ ZKYZY 9VKIOSKTY YNU[RJ HK
ZXGTYVUXZKJOTYVKIOGRZXGTYVUXZZGTQYGTJHU^KYZNGZSKKZHOUYGLKZ_XKW[OXKSKTZY'RR
RGHUXGZUX_]GYZKYNU[RJHKYZXOIZR_G[ZUIRG\KJ
,,,,PDJLQJ)LQGLQJVRI&29,'3DWLHQWV
:NUXGIOI OSGMOTM OY UL MXKGZ \GR[K OT ZNK JOGMTUYOY UL )5</* SUTOZUXOTM UL ZNKXGVK[ZOI
K灥IGI_GTJVGZOKTZJOYINGXMKGYYKYYSKTZ'NOMNXKYUR[ZOUT):OYNOMNR_VXKLKXGHRK6UXZGHRK
INKYZ>XG_YGXKNKRVL[RLUXIXOZOIGRR_ORRVGZOKTZY]NUGXKOSSUHORK):LUXHGYKROTKK\GR[GZOUT
ULVGZOKTZY]OZN)5</*OY[Y[GRR_VKXLUXSKJUTZNKJG_ULGJSOYYOUTUXOLOJKGRZNKXGVK[ZOI
K灥IGI_ OY TUZ XKGINKJ OZ IGT HK XKVKXLUXSKJ GLZKX ZU JG_Y /L Y_SVZUSY GXK YZGHRK UX
OSVXU\KJGLZKXZXKGZSKTZZNKINKYZ):YIGTIGTHKXK\OK]KJGLZKXZUJG_Y*GOR_XU[ZOTK
VUXZGHRKINKYZ>XG_YGXKXKIUSSKTJKJLUXIXOZOIGRR_ORRVGZOKTZY
)5</*GZZNKKGXR_YZGMKULZKTVXKYKTZY]OZNS[RZOLUIGRVGZIN_YNGJU]YUXMXU[TJMRGYY
UVGIOZOKY RUIGZKJ OT ZNK R[TM VKXOVNKX_ Y[HVRK[XGR GXKG GTJ HUZN RU]KX RUHKY UT INKYZ ):
YIGTY:NKRUTMGÔYULZNKRKYOUTOYSUYZR_VGXGRRKRZUZNKVRK[XG/TZKXRUH[RGXYKVZGRZNOIQKTOTM
GTJOTZXGRUH[RGXOTZKXYZOZOGRZNOIQKTOTMJOYVRG_OTMGYY[HVRK[XGRXKZOI[RGZOUTTGSKR_GIXG`_
VG\OTM VGZZKXT OY UHYKX\KJ OT YUSK MXU[TJ MRGYY UVGIOZOKY ' YSGRR T[SHKX UL IGYKY SG_
YNU] YUROZGX_ RUIGR RKYOUTY UX TUJ[RGX VGZIN_ RKYOUT JOYZXOH[ZKJ IUTYOYZKTZ ]OZN HXUTIN[Y
]OZN VKXOVNKXGR MXU[TJ MRGYY UVGIOZOKY INGTMKY *OYKGYK VXUMXKYYOUT SUYZR_ UII[XY OT ZNK
IU[XYK UL JG_Y ]OZN KTRGXMKJ GTJ OTIXKGYKJ JKTYOZ_ UL ZNK RKYOUTY IUSVGXKJ ]OZN
VXK\OU[YOSGMKYGTJIUTYUROJGZKJRKYOUTY]OZNGOXHXUTINUMXGSYOMT)XOZOIGRIGYKYSG_YNU]
L[XZNKX K^VGTJKJ IUTYUROJGZOUT ]OZN ZNK ]NURK R[TM JKTYOZ_ YNU]OTM OTIXKGYKJ UVGIOZ_
YUSKZOSKYQTU]TGYG]NOZKR[TM'LZKXZNKIUTJOZOUTOYXKROK\KJZNKMXU[TJMRGYYUVGIOZOKY
IGT HK IUSVRKZKR_ GHYUXHKJ GTJ YUSK IUTYUROJGZOUT RKYOUTY ]ORR RKG\K 灣HXUZOI YZXOVKY UX
Y[HVRK[XGR XKZOI[RGZOUT 6GZOKTZY ]OZN S[RZOVRK RUH[RGX OT\UR\KSKTZ KYVKIOGRR_ ZNUYK ]OZN
K^VGTJKJRKYOUTYYNU[RJHKUHYKX\KJLUXJOYKGYKK^GIKXHGZOUT:NUYK]OZNZ_VOIGR):V[RSU
TGX_SGTOLKYZGZOUTYYNU[RJHKOYURGZKJGTJ[TJKXMUIUTZOT[U[YT[IRKOIGIOJZKYZYK\KTOLZNK
T[IRKOIGIOJZKYZUL9'8)U<OYTKMGZO\K
:_VOIGR):LKGZ[XKYUL)5</*
,OM[XK,OM[XK VGZIN_MXU[TJMRGYYUVGIOZOKY!
,OM[XK TUJ[RKYGTJVGZIN_K^[JGZOUT!
,OM[XK,OM[XK S[RZOLUIGRIUTYUROJGZOUTRKYOUTY!
,OM[XK JO灢[YKIUTYUROJGZOUT]NOZKR[TM
,9$SSOLFDWLRQRI%URQFKRVFRS\LQWKH'LDJQRVLVDQG
0DQDJHPHQWRI&29,'3DWLHQWV
,RKÔHRKHXUTINUYIUV_OY\KXYGZORKKGY_ZU[YKGTJ]KRRZURKXGZKJOTSKINGTOIGRR_\KTZORGZKJ
)5</*VGZOKTZY/ZYGVVROIGZOUTYOTIR[JK
)URRKIZOUT UL XKYVOXGZUX_ YVKIOSKTY LXUS ZNK RU]KX XKYVOXGZUX_ ZXGIZ OK YV[Z[S
KTJUZXGINKGRGYVOXGZKHXUTINUGR\KURGXRG\GMKLUX9'89)U<UXUZNKXVGZNUMKTYM[OJKY
ZNKYKRKIZOUTULGVVXUVXOGZKGTZOSOIXUHOGRY]NOINSG_RKGJZUIROTOIGRHKTK灣ZY5[XK^VKXO
KTIKOTJOIGZKYZNGZRU]KXXKYVOXGZUX_YVKIOSKTYGXKSUXKROQKR_ZUHKVUYOZO\KLUX9'8)U<
ZNGT[VVKXXKYVOXGZUX_YVKIOSKTY
)GTHK[YKJLUXRUIGRO`GZOUTULZNKYOZKULHRKKJOTMIKYYGZOUTULNKSUVZ_YOYYV[Z[SUX
HRUUJIRUZYXKSU\GR!OLZNKYOZKULHRKKJOTMOYOJKTZO灣KJH_HXUTINUYIUV_RUIGROTPKIZOUTUL
IURJYGROTKKVOTKVNXOTK\GYUVXKYYOTUX灣HXOTGY]KRRGYRGYKXZXKGZSKTZIGTHKVKXLUXSKJ
\OGZNKHXUTINUYIUVK
'YYOYZOTZNKKYZGHROYNSKTZULGXZO灣IOGRGOX]G_Y!M[OJKZXGINKGROTZ[HGZOUTUXVKXI[ZGTK
U[YZXGINKUZUS_
*X[MYY[INGYOTL[YOUTULơOTZKXLKXUTGTJ4GIKZ_RI_YZKOTKIGTHKGJSOTOYZXGZKJ\OGZNK
HXUTINUYIUVK
(XUTINUYIUVOI \OK]Y UL K^ZKTYO\K HXUTINOGR S[IUYGR N_VKXKSOG Y]KRROTM S[I[YROQK
YKIXKZOUTY OT ZNK R[SKT GTJ PKRR_ROQK YV[Z[S HRUIQOTM ZNK GOX]G_ OT IXOZOIGRR_ ORR VGZOKTZY
,OM[XK
,OM[XK (XUTINUYIUVOI SGTOLKYZGZOUTY UL )5</* HXUTINOGR S[IUYG Y]KRROTM GTJ

IUTMKYZOUT!RGXMKGSU[TZYULS[I[YYKIXKZOUTYOTZNKR[SKT
9'LDJQRVLVDQG&OLQLFDO&ODVVLŀFDWLRQRI&29,'
+GXR_JOGMTUYOYZXKGZSKTZGTJOYURGZOUTYNU[RJHKIGXXOKJU[Z]NKTK\KXVUYYOHRK*_TGSOI
SUTOZUXOTM UL R[TM OSGMOTM U^_MKTGZOUT OTJK^ GTJ I_ZUQOTK RK\KRY GXK NKRVL[R LUX KGXR_
OJKTZO灣IGZOUTULVGZOKTZY]NUSG_JK\KRUVOTZUYK\KXKGTJIXOZOIGRIGYKY'VUYOZO\KXKY[RZUL
ZNKT[IRKOIGIOJUL9'89)U<OYZNKMURJYZGTJGXJLUXZNKJOGMTUYOYUL)5</*.U]K\KX
IUTYOJKXOTM ZNK VUYYOHOROZ_ UL LGRYK TKMGZO\KY OT T[IRKOI GIOJ JKZKIZOUT Y[YVKIZKJ IGYKY
INGXGIZKXOYZOISGTOLKYZGZOUTYOT):YIGTYIGTHKZXKGZKJGYIUT灣XSKJIGYKYK\KTOLZNKT[IRKOI
GIOJZKYZOYTKMGZO\K/YURGZOUTGTJIUTZOT[U[YZKYZYULS[RZOVRKYVKIOSKTYYNU[RJHKIGXXOKJ
U[ZOTY[INIGYKY
:NK JOGMTUYZOI IXOZKXOG LURRU] 6XUZUIURY LUX ZNK *OGMTUYOY GTJ :XKGZSKTZ UL )5</* '
IUT灣XSKJIGYKOYHGYKJUTKVOJKSOURUMOIGRNOYZUX_OTIR[JOTMIR[YZKXZXGTYSOYYOUTIROTOIGR
SGTOLKYZGZOUTYLK\KXGTJXKYVOXGZUX_Y_SVZUSYR[TMOSGMOTMGTJXKY[RZYUL9'89)U<
T[IRKOIGIOJJKZKIZOUTGTJYKX[SYVKIO灣IGTZOHUJOKY
)ROTOIGR)RGYYO灣IGZOUTY
3ORJ)GYKY
:NK IROTOIGR Y_SVZUSY GXK SORJ GTJ TU VTK[SUTOG SGTOLKYZGZOUTY IGT HK LU[TJ OT
OSGMOTM
3UJKXGZK)GYKY
6GZOKTZY NG\K Y_SVZUSY Y[IN GY LK\KX GTJ XKYVOXGZUX_ ZXGIZ Y_SVZUSY KZI GTJ
VTK[SUTOGSGTOLKYZGZOUTYIGTHKYKKTOTOSGMOTM
9K\KXK)GYKY
'J[RZY ]NU SKKZ GT_ UL ZNK LURRU]OTM IXOZKXOG XKYVOXGZUX_ XGZK ˫ HXKGZNYSOT!
U^_MKTYGZ[XGZOUT˪GZGXKYZYZGZK!GXZKXOGRVGXZOGRVXKYY[XKULU^_MKT6G5無U^_
MKTIUTIKTZXGZOUT,O5無˪SS.M6GZOKTZY]OZN$RKYOUTYVXUMXKYYOUT]OZNOT
ZUNU[XYOTR[TMOSGMOTMYNU[RJHKZXKGZKJGYYK\KXKIGYKY
)XOZOIGR)GYKY
3KKZOTM GT_ UL ZNK LURRU]OTM IXOZKXOG UII[XXKTIK UL XKYVOXGZUX_ LGOR[XK XKW[OXOTM
SKINGTOIGR\KTZORGZOUT!VXKYKTIKULYNUIQ!UZNKXUXMGTLGOR[XKZNGZXKW[OXKYSUTOZUXOTM
GTJZXKGZSKTZOTZNK/);
)XOZOIGR IGYKY GXK L[XZNKX JO\OJKJ OTZU KGXR_ SOJJRK GTJ RGZK YZGMKY GIIUXJOTM ZU ZNK
U^_MKTGZOUTOTJK^GTJIUSVROGTIKULXKYVOXGZUX_Y_YZKS
δ +GXR_YZGMK SS.M"U^_MKTGZOUTOTJK^˪SS.M!IUSVROGTIKULXKYVOXGZUX_
Y_YZKS˫S2IS.無5!]OZNU[ZUXMGTLGOR[XKUZNKXZNGTZNKR[TMY:NKVGZOKTZNGYG
MXKGZINGTIKULXKIU\KX_ZNXU[MNGIZO\KGTZO\OXGRGTZOI_ZUQOTKYZUXSGTJY[VVUXZO\K
ZXKGZSKTZ
δ 3OJJRK YZGMK SS.M " U^_MKTGZOUT OTJK^ ˪ SS.M! S2IS.無5 $
IUSVROGTIKULXKYVOXGZUX_Y_YZKS˫S2IS.無5!SG_HKIUSVROIGZKJH_UZNKXSORJUX
SUJKXGZKJ_YL[TIZOUTULUZNKXUXMGTY
δ 2GZK YZGMK U^_MKTGZOUT OTJK^ ˪ SS.M! IUSVROGTIK UL XKYVOXGZUX_ Y_YZKS "
S2IS.無5!JO灢[YKIUTYUROJGZOUTULHUZNR[TMYZNGZXKW[OXKYZNK[YKUL+)35!UXLGOR[XK
ULUZNKX\OZGRUXMGTY:NKSUXZGROZ_XOYQOYYOMTO灣IGTZR_OTIXKGYKJ
9,$QWLYLUDO7UHDWPHQWIRU7LPHO\(OLPLQDWLRQRI3DWKRJHQV
'T KGXR_ GTZO\OXGR ZXKGZSKTZ IGT XKJ[IK ZNK OTIOJKTIK UL YK\KXK GTJ IXOZOIGR IGYKY 'RZNU[MN
ZNKXKOYTUIROTOIGRK\OJKTIKLUXK灢KIZO\KGTZO\OXGRJX[MYI[XXKTZR_ZNKGTZO\OXGRYZXGZKMOKYHGYKJ
UT ZNK INGXGIZKXOYZOIY UL 9'8)U< GXK GJUVZKJ GIIUXJOTM ZU 6XUZUIURY LUX *OGMTUYOY GTJ
:XKGZSKTZUL)5</* 6XK\KTZOUT)UTZXUR*OGMTUYOYGTJ3GTGMKSKTZ
'TZO\OXGR:XKGZSKTZ
'Z,'.@;RUVOTG\OXXOZUTG\OXIGVY[RKYVUWNIUSHOTKJ]OZNGXHOJURSMVU
WN]KXKGVVROKJGYZNKHGYOIXKMOSKT,XUSZNKZXKGZSKTZK^VKXOKTIKULVGZOKTZY
OTU[XNUYVOZGRZNKG\KXGMKZOSKZUGINOK\KTKMGZO\K\OXGRT[IRKOIGIOJZKYZLUXZNK灣XYZ
ZOSK]GYJG_Y)/ JG_Y:NKJ[XGZOUTULTKMGZO\KT[IRKOIGIOJZKYZXKY[RZ
TKMGZO\KLUXSUXKZNGTZOSKYIUTYKI[ZO\KR_]OZNOTZKX\GR˫N]GYJG_Y)/
JG_Y
/L ZNK HGYOI XKMOSKT OY TUZ K灢KIZO\K INRUXUW[OTK VNUYVNGZK IGT HK [YKJ UT GJ[RZY
HKZ]KKT_KGXYURJ]KOMNZ˫QM SMHOJ!]KOMNZ˪QM SMHOJLUX灣XYZ
Z]UJG_YSMWJLUXLURRU]OTM灣\KJG_Y
/TZKXLKXUT TKH[RO`GZOUT OY XKIUSSKTJKJ OT 6XUZUIURY LUX *OGMTUYOY GTJ :XKGZSKTZ UL
)5</* =K XKIUSSKTJ ZNGZ OZ YNU[RJ HK VKXLUXSKJ OT TKMGZO\KVXKYY[XK ]GXJY
XGZNKXZNGTMKTKXGR]GXJYJ[KZUZNKVUYYOHOROZ_ULGKXUYURZXGTYSOYYOUT
*GX[TG\OXIUHOIOYZGZ NGY YUSK JKMXKK UL GTZO\OXGR GIZO\OZ_ OT \OXGR Y[VVXKYYOUT ZKYZ OT
\OZXUHGYKJUTZNKZXKGZSKTZK^VKXOKTIKUL'/*9VGZOKTZYGTJZNKGJ\KXYKK\KTZYGXK
XKRGZO\KR_SORJ,UXVGZOKTZY]NUGXKOTZURKXGTZZURUVOTG\OXXOZUTG\OXJGX[TG\OXIUHOIO
YZGZZGHRKZWJUXLG\OVOXG\OXYZGXZOTMJUYKULSMLURRU]KJH_SMZOJOYGT
GRZKXTGZO\KUVZOUTGLZKXZNKKZNOIGRXK\OK]9OS[RZGTKU[Y[YKULZNXKKUXSUXKGTZO\OXGR
JX[MYOYTUZXKIUSSKTJKJ
)U[XYKUL:XKGZSKTZ
:NK ZXKGZSKTZ IU[XYK UL INRUXUW[OTK
:NKZXKGZSKTZIU[XYKULINRUXUW[OTKVNUY VNUYVNGZK YNU[RJ HK TU SUXK ZNGT JG_Y :NK
:NKZXKGZSKTZIU[XYKULINRUXUW[OTKVNUYVNGZKYNU[RJHKTUSUXKZNGTJG_Y
UYVNGZKYNU[RJHKTUSUXKZNGTJG_Y
UY
ZXKGZSKTZIU[XYKULUZNKXXKMOSKTYNGYTUZHKKTJKZKXSOTKJGTJGXK[Y[GRR_GXU[TJ
:NKZXKGZSKTZIU[XYKULUZNKXXKMOSKTYNGY
GYTUZHKKTJKZKXSOTKJGTJGXK[Y[GRR_
GY
:NKZXKGZSKTZIU[XYKULUZNKXXKMOSKTYNGYTUZHKKTJKZKXSOTKJGTJGXK[Y[GRR_
]KKQY 'TZO\OXGR JX[MY YNU[RJ HKK YZUVVKJ OL T[IRKOI GIOJ ZKYZ XKY[RZY LXUS YV[Z[S
GXU[TJ]KKQY'TZO\OXGRJX[MYYNU[RJHKYZUVVKJOLT[IRKOIGIOJZKYZXKY[RZYLXUS
GXU[TJ]KKQY'TZO\OXGRJX[MYYNU[RJHK
KYZUVVKJOLT[IRKOIGIOJZKYZXKY[RZYLXUS
YVKIOSKTYXKSGOTTKMGZO\KLUXSUXKZNGTZOSKY
YV[Z[SYVKIOSKTYXKSGOTTKMGZO\KLUXSUXKZNGTZOSKY
YV[Z[SYVKIOSKTYXKSGOTTKMGZO\KLUXSUXUXKZNGTZOSKY
UX
9,,$QWLVKRFNDQG$QWLK\SR[HPLD7UHDWPHQW
*[XOTM ZNK VXUMXKYYOUT LXUS ZNK YK\KXK ZU IXOZOIGRR_ ORR YZGMK VGZOKTZY SG_ JK\KRUV YK\KXK
N_VU^KSOG I_ZUQOTK IGYIGJK GTJ YK\KXK OTLKIZOUTY ZNGZ SOMNZ JK\KRUV OTZU YNUIQ ZOYY[K
VKXL[YOUTJOYUXJKXYGTJK\KTS[RZOVRKUXMGTLGOR[XK:XKGZSKTZOYGOSKJGZOTIKTZO\KXKSU\GR
GTJ 灤[OJ XKIU\KX_ :NK GXZO灣IOGR RO\KX Y[VVUXZ Y_YZKS '299 GTJ HRUUJ V[XO灣IGZOUT IGT
K灢KIZO\KR_JOSOTOYNOT灤GSSGZUX_SKJOGZUXYGTJI_ZUQOTKIGYIGJKGTJVXK\KTZZNKOTIOJKTIK
ULYNUIQN_VU^KSOGGTJXKYVOXGZUX_JOYZXKYYY_TJXUSK
;YGMKUL-R[IUIUXZOIUOJY]NKT4KIKYYGX_
'VVXUVXOGZK GTJ YNUXZZKXS [YK UL IUXZOIUYZKXUOJY ZU OTNOHOZ I_ZUQOTK IGYIGJK GTJ ZU
VXK\KTZ JOYKGYK VXUMXKYYOUT YNU[RJ HK IUTYOJKXKJ LUX VGZOKTZY ]OZN YK\KXK )5</*
VTK[SUTOG GY KGXR_ GY VUYYOHRK .U]K\KX G NOMN JUYK UL MR[IUIUXZOIUOJY YNU[RJ HK
G\UOJKJJ[KZUGJ\KXYKK\KTZYGTJIUSVROIGZOUTY
/TJOIGZOUTLUX)UXZOIUYZKXUOJY
˵LUXZNUYKOTYK\KXKGTJIXOZOIGRR_ORRYZGMK!
˶LUXZNUYK]OZNVKXYOYZKTZNOMNLK\KXZKSVKXGZ[XKGHU\Ku)!
˷LUXZNUYK]NUYKIUSV[ZKXO`KJZUSUMXGVN_):JKSUTYZXGZKJVGZIN_MXU[TJMRGYY
LUXZNUYK]NUYKIUSV[ZKXO`KJZUSUMXGVN_):JKSUTYZXGZKJVGZIN_MXU[TJMRGYY
GZZKT[GZOUTUXSUXKZNGTGXKGULZNKR[TMYGXKOT\UR\KJ!
˸LUXZNUYK]NUYK):JKSUTYZXGZKJXGVOJVXUMXKYYOUTSUXKZNGTGXKGOT\UR\KJOT
LUXZNUYK]NUYK):JKSUTYZXGZKJXGVOJVXUMXKYYOUTSUXKZNGTGXKGOT\UR\KJOT
V[RSUTGX_):OSGMKY]OZNOTNU[XY!
˹LUXZNUYK]NUYK/2OYGHU\K˫;24
'VVROIGZOUTUL)UXZOIUYZKXUOJY
/TOZOGRXU[ZOTKSKZN_RVXKJTOYURUTKGZGJUYKULdSMQMOTZXG\KTU[YR_UTIKGJG_
TKGXR_SMUTIKUXZ]OIKGJG_OYXKIUSSKTJKJ.U]K\KXSKZN_RVXKJTOYURUTKGZG
JUYKULSMWNIGTHKIUTYOJKXKJLUXVGZOKTZY]OZNLGRROTMHUJ_ZKSVKXGZ[XKUXLUX
VGZOKTZY ]OZN YOMTO灣IGTZR_ OTIXKGYKJ I_ZUQOTKY [TJKX XU[ZOTK JUYKY UL YZKXUOJ +\KT
SKZN_RVXKJTOYURUTKGZGJUYKULSMSMWNIGTHKIUTYOJKXKJLUXIXOZOIGRIGYKY
)RUYKR_SUTOZUXHUJ_ZKSVKXGZ[XKHRUUJU^_MKTYGZ[XGZOUTHRUUJXU[ZOTK)XKGIZO\K
VXUZKOT I_ZUQOTKY HOUINKSOIGR VXU灣RK GTJ R[TM ): K\KX_ ZU JG_Y J[XOTM ZNK
ZXKGZSKTZGYTKIKYYGX_:NKJUYGMKULSKZN_RVXKJTOYURUTKYNU[RJHKNGR\KJK\KX_ZU
JG_YOLSKJOIGRIUTJOZOUTYULVGZOKTZYGXKOSVXU\KJZNKHUJ_ZKSVKXGZ[XKTUXSGRO`
KY UX OT\UR\KJ RKYOUTY UT ): GXK YOMTO灣IGTZR_ GHYUXHKJ 5XGR SKZN_RVXKJTOYURUTK
3KJXURUTIKGJG_OYXKIUSSKTJKJ]NKTZNKOTZXG\KTU[YJUYKOYXKJ[IKJZUSM
VKX JG_ :NK IU[XYK UL IUXZOIUYZKXUOJY OT TUZ JK灣TKJ! YUSK K^VKXZY NG\K Y[MMKYZOTM
IKGYOTMIUXZOIUYZKXUOJYZXKGZSKTZ]NKTVGZOKTZYGXKTKGXR_XKIU\KXKJ
9VKIOGR)UTYOJKXGZOUTJ[XOTM:XKGZSKTZ
˵ YIXKKTOTM UL :( H_ :965: GYYG_ .(< GTJ .)< H_ GTZOHUJ_ GYYG_ YNU[RJ HK
VKXLUXSKJHKLUXKIUXZOIUYZKXUOJZNKXGV_!
˶VXUZUTV[SVOTNOHOZUXYIU[RJHKIUTYOJKXKJZUVXK\KTZIUSVROIGZOUTY!
˷ HRUUJ MR[IUYK YNU[RJ HK SUTOZUXKJ .OMN HRUUJ MR[IUYK YNU[RJ HK ZXKGZKJ ]OZN
OTY[ROT]NKTTKIKYYGX_!
˸RU]YKX[SVUZGYYO[SYNU[RJHKIUXXKIZKJ!
˹RO\KXL[TIZOUTYNU[RJHKSUTOZUXKJIRUYKR_!
˺ZXGJOZOUTGR)NOTKYKNKXHGRSKJOIOTKSG_HKIUTYOJKXKJLUXVGZOKTZY]NUGXKY]KGZ
OTM!
˻YKJGZO\KN_VTUZOIYIGTHKGJSOTOYZKXKJZKSVUXGXOR_LUXVGZOKTZY]OZNYRKKVJOYUXJKX
'XZO灣IOGR2O\KX:XKGZSKTZLUX9[VVXKYYOUTUL)_ZUQOTK)GYIGJK
:NK GXZO灣IOGR RO\KX Y[VVUXZ Y_YZKS '299 IGT IUTJ[IZ VRGYSG KÎNGTMK GJYUXVZOUT
VKXL[YOUT GTJ 灣RZXGZOUT UL OT灤GSSGZUX_ SKJOGZUXY Y[IN GY KTJUZUÔTY GTJ NGXSL[R
SKZGHUROIY[HYZGTIKYULYSGRRUXSKJO[SSURKI[RGX]KOMNZ/ZIGTGRYUVXU\OJKYKX[S
GRH[SOTIUGM[RGZOUTLGIZUXYHGRGTIK灤[OJ\UR[SKKRKIZXUR_ZKYGTJGIOJHGYKXGZOU
GTJSGTOLKYZGTZOI_ZUQOTKYZUXSYYNUIQR[TMOT灤GSSGZOUTKZGR/TJUOTMYUOZIGT
GRYUNKRVZUOSVXU\KS[RZOVRKUXMGTL[TIZOUTYOTIR[JOTMZNKRO\KXGTJQOJTK_:N[YOZIGT
OTIXKGYKZXKGZSKTZY[IIKYYGTJXKJ[IKZNKSUXZGROZ_ULYK\KXKVGZOKTZY
/TJOIGZOUTLUX'299
˵YKX[SOT灤GSSGZUX_OTJOIGZUXY[INGY/2RK\KRXOYKYZU˫;24UXXOYOTMXGZKOY˫
ZOSKVKXJG_!
˶OT\UR\KJGXKGULV[RSUTGX_):UX>XG_OSGMKY˫VXUMXKYYOUTVKXJG_!
˷GXZO灣IOGRRO\KXY[VVUXZY_YZKSOYXKW[OXKJLUXZNKZXKGZSKTZUL[TJKXR_OTMJOYKGYKY
6GZOKTZYSKKZOTM˵˶UXVGZOKTZYSKKZOTM˷
)UTZXGOTJOIGZOUTY
:NKXKOYTUGHYUR[ZKIUTZXGOTJOIGZOUTOTZNKZXKGZSKTZULIXOZOIGRR_ORRVGZOKTZY.U]K\KX
'299YNU[RJHKG\UOJKJOTZNKLURRU]OTMYOZ[GZOUTY
˵9K\KXKHRKKJOTMJOYKGYKUXJOYYKSOTGZKJOTZXG\GYI[RGXIUGM[RGZOUT!
˶:NUYK]NUGXKNOMNR_GRRKXMOIZUHRUUJIUSVUTKTZYUXJX[MY[YKJOTZNKZXKGZSKTZ
VXUIKYYY[INGYVRGYSGNKVGXOTGTJVXUZGSOTK!
˷'I[ZKIKXKHXU\GYI[RGXJOYKGYKYUXYK\KXKNKGJOTP[X_!
˸)NXUTOIIGXJOGILGOR[XKIGXJOGIL[TIZOUTGRIRGYYO灣IGZOUT˫MXGJK///!
˹;TIUTZXURRKJN_VUZKTYOUTGTJYNUIQ!
˺9K\KXKGXXN_ZNSOG
6RGYSG KÎNGTMK IUSHOTKJ ]OZN VRGYSG GJYUXVZOUT UX J[GR VRGYSG SURKI[RGX
GJYUXVZOUT VKXL[YOUT GTJ 灣RZXGZOUT OY XKIUSSKTJKJ GIIUXJOTM ZU ZNK VGZOKTZYɊ
YOZ[GZOUTS2ULVRGYSGYNU[RJHKKÎNGTMKJ]NKT'299OYVKXLUXSKJ*KZGORKJ
UVKXGZOTM VXUIKJ[XKY IGT HK LU[TJ OT ZNK +^VKXZ )UTYKTY[Y UT ZNK 'VVROIGZOUT UL
'XZO灣IOGR2O\KX(RUUJ6[XO灣IGZOUT9_YZKSOTZNK:XKGZSKTZUL9K\KXKGTJ)XOZOIGR4U\KR
)UXUTG\OX[Y6TK[SUTOG
'299 YOMTO灣IGTZR_ XKJ[IKY ZNK ZOSK ZNGZ IXOZOIGRR_ ORR VGZOKTZY YZG_ OT ZNK /); OT U[X
NUYVOZGR :_VOIGRR_ ZNK RK\KRY UL YKX[S I_ZUQOTKY Y[IN GY /2/2/2:4,ơ GXK
XKSGXQGHR_ JKIXKGYKJ GTJ U^_MKT YGZ[XGZOUT OY YOMTO灣IGTZR_ OSVXU\KJ GLZKX '299
5^_MKT:NKXGV_LUX._VU^KSOG
._VU^KSOG IGT VXKYKTZ J[K ZU OSVGOXKJ XKYVOXGZUX_ L[TIZOUTY H_ )5</* 5^_MKT
Y[VVRKSKTZGZOUTZXKGZSKTZIGTIUXXKIZN_VU^KSOGXKROK\OTMYKIUTJGX_UXMGTJGSGMK
IG[YKJH_XKYVOXGZUX_JOYZXKYYGTJN_VU^KSOG
5^_MKTZNKXGV_
)UTZOT[GRU^_MKTYGZ[XGZOUTSUTOZUXOTMJ[XOTMU^_MKTZNKXGV_
9USKVGZOKTZYJUTUZTKIKYYGXOR_NG\KOSVGOXKJU^_MKTGZOUTL[TIZOUTYGZZNKUTYKZUL
OTLKIZOUT H[Z SG_ SGTOLKYZ XGVOJ JKZKXOUXGZOUT OT U^_MKTGZOUT U\KX ZOSK :NKXKLUXK
IUTZOT[GRSUTOZUXOTMULU^_MKTYGZ[XGZOUTOYXKIUSSKTJKJHKLUXKGTJJ[XOTMU^_MKT
ZNKXGV_
5^_MKTZNKXGV_GYYUUTGYVUYYOHRK
5^_MKTZNKXGV_OYTUZTKIKYYGX_LUXVGZOKTZY]OZNU^_MKTYGZ[XGZOUT9V5 ULSUXKZNGT
UX LUX VGZOKTZY ]OZNU[Z UH\OU[Y Y_SVZUSY UL XKYVOXGZUX_ JOYZXKYY ]OZNU[Z U^_MKT
ZXKGZSKTZ5^_MKTZNKXGV_OYYZXUTMR_XKIUSSKTJKJZUZNKVGZOKTZY]OZNY_SVZUSYUL
XKYVOXGZUX_JOYZXKYY/ZYNU[RJHKTUZKJZNGZYUSKYK\KXKVGZOKTZY]OZN6G5 ,O5 "
NGJTUUH\OU[YY_SVZUSYULXKYVOXGZUX_JOYZXKYY
:XKGZSKTZMUGRULU^_MKTZNKXGV_
:NK ZXKGZSKTZ MUGR UL U^_MKT ZNKXGV_ OY ZU SGOTZGOT ZNK U^_MKT YGZ[XGZOUT 9V5 GZ
LUXVGZOKTZY]OZNU[ZINXUTOIV[RSUTGX_JOYKGYKGTJGZLUXVGZOKTZY
]OZN INXUTOI Z_VK // XKYVOXGZUX_ LGOR[XK 9VKIOGRR_ ZNK U^_MKT IUTIKTZXGZOUT YNU[RJ HK
OTIXKGYKJZULUXVGZOKTZY]NUYK9V5 JXUVYHKRU]LXKW[KTZR_J[XOTMJGOR_
GIZO\OZOKY
)UTZXURU^_MKTZNKXGV_
6G5 ,O5 OY G YKTYOZO\K GTJ GII[XGZK OTJOIGZUX UL U^_MKTGZOUT L[TIZOUT :NK YZGHOROZ_ GTJ
SUTOZUXGHOROZ_UL,O5 GXK\KX_OSVUXZGTZLUXVGZOKTZY]OZNJOYKGYKVXUMXKYYOUTGTJ6G5,O5
HKRU]SS.M)UTZXURRKJU^_MKTZNKXGV_OYZNKVXKLKXXKJZXKGZSKTZ
.OMN灤U] TGYGR IGTT[RG .,4) U^_MKT ZNKXGV_ OY XKIUSSKTJKJ LUX VGZOKTZY ]OZN ZNK
LURRU]OTMIUTJOZOUTY 9V5 "!6G5 ,O5 "SS.MSS.M#Q6G!XKYVOXGZUX_
XGZK$ZOSKYVKXSOTGZHKJ!UXXKSGXQGHRKVXUMXKYYOUTUT>XG_OSGMOTM6GZOKTZYYNU[RJ
]KGX G Y[XMOIGR SGYQ J[XOTM .,4) ZXKGZSKTZ :NK GOX灤U] UL .,4) U^_MKT ZNKXGV_ YNU[RJ
YZGXZGZGRU]RK\KRGTJMXGJ[GRR_OTIXKGYKJ[VZU2SOT]NKT6G5 ,O5 OYHKZ]KKT
SS.MYUZNGZVGZOKTZYJUTUZLKKRUH\OU[YINKYZZOMNZTKYYGTJYNUXZTKYYULHXKGZN
'T OTOZOGR 灤U] UL GZ RKGYZ 2SOT YNU[RJ HK MO\KT OSSKJOGZKR_ LUX VGZOKTZY ]OZN UH\OU[Y
XKYVOXGZUX_JOYZXKYY
:XGINKGR OTZ[HGZOUT LUX VGZOKTZY OY JKVKTJKTZ UT JOYKGYK VXUMXKYYOUT Y_YZKSOI YZGZ[Y GTJ
IUSVROIGZOUT UL VGZOKTZY LUX ZNUYK ]OZN YZGHRK YOZ[GZOUT H[Z ]OZN G RU] U^_MKTGZOUT OTJK^
"SS.M:N[YJKZGORKJK\GR[GZOUTYULZNKIROTOIGRIUTJOZOUTULVGZOKTZYOY\KX_OSVUXZGTZ
HKLUXK JKIOYOUT SGQOTM :XGINKGR OTZ[HGZOUT YNU[RJ HK VKXLUXSKJ GY KGXR_ GY VUYYOHRK LUX
VGZOKTZY]OZNGTU^_MKTGZOUTOTJK^RKYYZNGTSS.M]UXYKTOTMY_SVZUSYULXKYVOXGZUX_
JOYZXKYY UX S[RZOVRK UXMGT J_YL[TIZOUT ]OZNOT NU[XY GLZKX NOMN灤U] 2SOT GTJ
NOMNIUTIKTZXGZOUT$.,4)U^_MKTZNKXGV_
5RJKX VGZOKTZY $ _KGXY URJ ]OZN SUXK IUSVROIGZOUTY UX 6G5無,O5無 RKYY ZNGT SS.M
YNU[RJHKZXKGZKJOT/);
3KINGTOIGR<KTZORGZOUT
4UTOT\GYO\K<KTZORGZOUT4/<
4/<OYTUZYZXUTMR_XKIUSSKTJKJOT)5</*VGZOKTZY]NULGOR.,4)ZXKGZSKTZ9USKYK\KXK
VGZOKTZYVXUMXKYYZU'8*9XGVOJR_+ÎKYYO\KOT灤GZOUTVXKYY[XKSG_IG[YKMGYZXOIJOYZKTYOUT
GTJOTZURKXGTIK]NOINIUTZXOH[ZKZUGYVOXGZOUTGTJ]UXYKTR[TMOTP[X_'YNUXZZKXSRKYYZNGT
NU[XY[YKUL4/<IGTHKIRUYKR_SUTOZUXKJOLZNKVGZOKTZNGYGI[ZKRKLZNKGXZLGOR[XKINXUTOI
UHYZX[IZO\KV[RSUTGX_JOYKGYKUXOYOSS[TUIUSVXUSOYKJ/TZ[HGZOUTYNU[RJHKVKXLUXSKJ
GY KGXR_ GY VUYYOHRK OL OSVXU\KSKTZ UL XKYVOXGZUX_ JOYZXKYY Y_SVZUSY UX 6G5 ,O5 OY TUZ
UHYKX\KJ
4/<]OZNGJU[HRKIOXI[OZOYXKIUSSKTJKJ'\OX[Y灣RZKXYNU[RJHKOTYZGRRKJHKZ]KKTZNKSGYQ
GTJ ZNK K^NGRGZOUT \GR\K ]NKT GVVR_OTM 4/< ]OZN G YOTMRK Z[HK 9[OZGHRK SGYQY YNU[RJ HK
INUYKTZUXKJ[IKZNKXOYQUL\OX[YYVXKGJZNXU[MNGOXRKGQGMK
/T\GYO\K3KINGTOIGR<KTZORGZOUT
˵6XOTIOVRKYULOT\GYO\KSKINGTOIGR\KTZORGZOUTOTIXOZOIGRR_ORRVGZOKTZY
/Z OY OSVUXZGTZ ZU HGRGTIK ZNK \KTZORGZOUT GTJ U^_MKTGZOUT JKSGTJY GTJ ZNK XOYQ UL
SKINGTOIGR\KTZORGZOUTXKRGZKJR[TMOTP[X_OTZNKZXKGZSKTZUL)5</*
|9ZXOIZR_YKZZNKZOJGR\UR[SKZUɄS2QM/TMKTKXGRZNKRU]KXZNKR[TMIUSVROGTIKZNK
YSGRRKXZNKVXKYKZZOJGR\UR[SKYNU[RJHK
|3GOTZGOTZNKVRGZLUXSVXKYY[XK"IS. 5IS.無5#Q6GGTJJXO\OTMVXKYY[XK"

IS. 5
|9KZ6++6GIIUXJOTMZUZNK'8*9ɊYVXUZUIUR
|<KTZORGZOUTLXKW[KTI_ ZOSKYVKXSOT[ZK3UJKXGZKN_VKXIGVTOGOYGRRU]KJ
|'JSOTOYZKXYKJGZOUTGTGRMKYOGUXS[YIRKXKRG^GTZOLZNKZOJGR\UR[SKVRGZLUXSVXKYY[XK
GTJJXO\OTMVXKYY[XKGXKZUUNOMN
˶2[TM8KIX[OZSKTZ
2[TM XKIX[OZSKTZ OSVXU\KY ZNK NKZKXUMKTKU[Y JOYZXOH[ZOUT UL RKYOUTY OT VGZOKTZY ]OZN
'8*9 .U]K\KX OZ SG_ XKY[RZ OT YK\KXK XKYVOXGZUX_ GTJ IOXI[RGZUX_ IUSVROIGZOUTY GTJ
ZNKXKLUXKZNKR[TMXKIX[OZSKTZSGTK[\KXOYTUZXU[ZOTKR_XKIUSSKTJKJ:NKGYYKYYSKTZ
ULR[TMK^VGTJGHOROZ_YNU[RJHKVKXLUXSKJVXOUXZUZNKGVVROIGZOUT
6XUTK6UYOZOUT<KTZORGZOUT
3UYZIXOZOIGRR_ORRVGZOKTZY]OZN)5</*XKYVUTJ]KRRZUVXUTK\KTZORGZOUT]OZNGXGVOJ
OSVXU\KSKTZULU^_MKTGZOUTGTJR[TMSKINGTOIY6XUTK\KTZORGZOUTOYXKIUSSKTJKJGY
G XU[ZOTK YZXGZKM_ LUX VGZOKTZY ]OZN 6G5,O5 " SS.M UX ]OZN UH\OU[Y OSGMOTM
SGTOLKYZGZOUTY ]OZNU[Z IUTZXGOTJOIGZOUTY :OSK IU[XYK XKIUSSKTJKJ LUX VXUTK
\KTZORGZOUTOYSUXKZNGTNU[XYKGINZOSK:NKVXUTK\KTZORGZOUTIGTHKIKGYKJUTIK
6G5,O5OYMXKGZKXZNGTSS.MLUXSUXKZNGTNU[XYOTZNKY[VOTKVUYOZOUT
6XUTK \KTZORGZOUT ]NORK G]GQK SG_ HK GZZKSVZKJ LUX VGZOKTZY ]NU NG\K TUZ HKKT
OTZ[HGZKJUXNG\KTUUH\OU[YXKYVOXGZUX_JOYZXKYYH[Z]OZNOSVGOXKJU^_MKTGZOUTUXNG\K
IUTYUROJGZOUTOTMXG\OZ_JKVKTJKTZR[TMÙTKYUTR[TMOSGMKY6XUIKJ[XKYLUXGZRKGYZ
NU[XY KGIN ZOSK OY XKIUSSKTJKJ 6XUTK VUYOZOUT IGT HK IUTYOJKXKJ YK\KXGR ZOSKY VKX
JG_JKVKTJOTMUTZNKK灢KIZYGTJZURKXGTIK
6XK\KTZOUTUL8KM[XMOZGZOUTGTJ'YVOXGZOUT
-GYZXOI XKYOJ[GR \UR[SK GTJ MGYZXUOTZKYZOTGR L[TIZOUT YNU[RJ HK XU[ZOTKR_ K\GR[GZKJ
'VVXUVXOGZK KTZKXGR T[ZXOZOUT OY XKIUSSKTJKJ ZU HK MO\KT GY KGXROKX GY VUYYOHRK
4GYUOTZKYZOTGR LKKJOTM GTJ IUTZOT[U[Y TGYUMGYZXOI JKIUSVXKYYOUT GXK XKIUSSKTJKJ
+TZKXGRT[ZXOZOUTYNU[RJHKY[YVKTJKJGTJGYVOXGZOUT]OZNS2Y_XOTMKHKJUTKHKLUXK
ZXGTYLKX/LTUIUTZXGOTJOIGZOUTKÔYZYGuYKSOYOZZOTMVUYOZOUTOYXKIUSSKTJKJ
,R[OJ3GTGMKSKTZ
+ÎKYYO\K 灤[OJ H[XJKT ]UXYKTY N_VU^KSOG OT )5</* VGZOKTZY :U XKJ[IK V[RSUTGX_
K^[JGZOUT GTJ OSVXU\K U^_MKTGZOUT ZNK GSU[TZ UL 灤[OJ YNU[RJ HK YZXOIZR_ IUTZXURRKJ
]NORKKTY[XOTMZNKVGZOKTZ YVKXL[YOUT
9ZXGZKMOKYZU6XK\KTZ<KTZORGZUX'YYUIOGZKJ6TK[SUTOG<'6
<'6H[TJRKJYZXGZKMOKYYNU[RJHKYZXOIZR_OSVRKSKTZKJ
˵9KRKIZGVVXUVXOGZKZ_VKULKTJUZXGINKGRZ[HK!
˶;YKGKTJUZXGINKGRZ[HK]OZNY[HMRUZZOIY[IZOUTUTIKK\KX_NU[XYGYVOXGZKJ]OZN
S2KSVZ_Y_XOTMKKGINZOSK!
˷6RGIKZNKKTJUZXGINKGRZ[HKGZZNKXOMNZVUYOZOUTGTJIUXXKIZJKVZN灣^VXUVKXR_GTJ
G\UOJV[RROTM!
˸ 3GOTZGOT ZNK GOXHGM VXKYY[XK GZ IS.無5 IS.無5 # Q6G GTJ SUTOZUX
K\KX_NU[XY!
˹ 3UTOZUX ZNK GOXHGM VXKYY[XK GTJ JKGR ]OZN ]GZKX IUTJKTYGZKY ]NKT ZNK VUYOZOUT
INGTMKYZ]UVKUVRKIUUVKXGZKOTJ[SVOTMGTJVU[XOTMZNK]GZKXIUTJKTYGZKYOTZUG
IGVVKJ IUTZGOTKX IUTZGOTOTM G VXKSGJK JOYOTLKIZGTZ INRUXOTK YUR[ZOUT! JKGR ]OZN
YKIXKZOUTYGII[S[RGZKJOTZNKGOXHGM!
˺)RKGT[VYKIXKZOUTYLXUSZNKSU[ZNGTJTUYKZOSKR_
=KGTOTMUL<KTZORGZOUT
9KJGZO\KYOYXKJ[IKJGTJJOYIUTZOT[KJHKLUXKG]GQKTOTM]NKTZNKVGZOKTZɊY6G5無,O5無OY
SUXKZNGTSS.M/TZ[HGZOUT]OZNJXG]GRYNU[RJHKVKXLUXSKJGYKGXROKXGYVUYYOHRK
OLVKXSOZZKJ.,4)UX4/<OY[YKJLUXYKW[KTZOGRXKYVOXGZUX_Y[VVUXZGLZKX]OZNJXG]GR
9,,,7KH5DWLRQDO8VHRI$QWLELRWLFVWR3UHYHQW6HFRQGDU\,QIHFWLRQ
)5</*OYGJOYKGYKUL\OXGROTLKIZOUTZNKXKLUXKGTZOHOUZOIYGXKTUZXKIUSSKTJKJZUVXK\KTZ
HGIZKXOGROTLKIZOUTOTSORJUXUXJOTGX_VGZOKTZY!OZYNU[RJHK[YKJIGXKL[RR_OTYK\KXKVGZOKTZY
HGYKJUTZNKOXIUTJOZOUTY'TZOHOUZOIYIGTHK[YKJ]OZNJOYIXKZOUTOTVGZOKTZY]NUNG\KZNK
LURRU]OTM IUTJOZOUTY K^ZKTYO\K R[TM RKYOUTY! KÎKYY HXUTINOGR YKIXKZOUTY! INXUTOI GOX]G_
JOYKGYKY ]OZN G NOYZUX_ UL VGZNUMKT IURUTO`GZOUT OT ZNK RU]KX XKYVOXGZUX_ ZXGIZ! ZGQOTM
MR[IUIUXZOIUOJY]OZNGJUYGMK˫SMJOTZKXSYULVXKJTOYUTK:NKUVZOUTYULGTZOHOUZOIY
OTIR[JK W[OTURUTKY ZNK YKIUTJ UX ZNOXJ MKTKXGZOUT IKVNGRUZNOTY ƢRGIZGSGYK OTNOHOZUX
IUSVU[TJY KZI :NK GTZOHOUZOIY YNU[RJ HK [YKJ LUX ZNK VXK\KTZOUT UL HGIZKXOGR OTLKIZOUT OT
IXOZOIGRR_ YK\KXK VGZOKTZY KYVKIOGRR_ ZNUYK ]OZN OT\GYO\K SKINGTOIGR \KTZORGZOUT :NK
GTZOHOUZOIY Y[IN GY IGXHGVKTKSY ƢRGIZGSGYK OTNOHOZUX IUSVU[TJY ROTKÙROJ GTJ
\GTIUS_IOTIGTHK[YKJOTIXOZOIGRR_ORRVGZOKTZYGIIUXJOTMZUZNKOTJO\OJ[GRXOYQLGIZUXY
:NKVGZOKTZɊYY_SVZUSYYOMTYGTJOTJOIGZUXYY[INGYHRUUJXU[ZOTK)XKGIZO\KVXUZKOTGTJ
VXUIGRIOZUTOT TKKJ ZU HK IRUYKR_ SUTOZUXKJ J[XOTM ZNK ZXKGZSKTZ =NKT ZNK INGTMK UL G
VGZOKTZɊYIUTJOZOUTOYJKZKIZKJGIUSVXKNKTYO\KIROTOIGRP[JMSKTZTKKJYZUHKSGJK=NKT
ZNK YKIUTJGX_ OTLKIZOUT IGTTUZ HK X[RKJ U[Z W[GRO灣KJ YVKIOSKT TKKJ ZU HK IURRKIZKJ LUX
ZKYZOTM H_ YSKGX VXKVGXGZOUT I[RZO\GZOUT T[IRKOI GIOJ GTZOMKT GTJ GTZOHUJ_ OT UXJKX ZU
JKZKXSOTKZNKOTLKIZOU[YGMKTZGYKGXR_GYVUYYOHRK'TZOHOUZOIYIGTHKKSVOXOIGRR_[YKJOTZNK
LURRU]OTM IUTJOZOUTY ˵ SUXK K^VKIZUXGZOUT JGXQKX YV[Z[S IURUX KYVKIOGRR_ _KRRU] V[Y
YV[Z[S! ˶ ZNK XOYK UL HUJ_ ZKSVKXGZ[XK ]NOIN OY TUZ J[K ZU K^GIKXHGZOUT UL ZNK UXOMOTGR
JOYKGYK!˷ZNKSGXQKJOTIXKGYKUL]NOZKHRUUJIKRRYGTJUXTK[ZXUVNORY!˸VXUIGRIOZUTOT˫
TMS2!˹+^GIKXHGZOUTULU^_MKTGZOUTOTJKÛXIOXI[RGZUX_JOYZ[XHGTIKZNGZGXKTUZIG[YKJ
H_ZNK\OXGROTLKIZOUT!GTJZNKUZNKXIUTJOZOUTYY[YVOIOU[YR_IG[YKJH_HGIZKXOGOTLKIZOUTY
9USK )5</* VGZOKTZY GXK GZ ZNK XOYQ UL YKIUTJGX_ L[TMGR OTLKIZOUTY J[K ZU ]KGQKTKJ
IKRR[RGXOSS[TOZ_IG[YKJH_\OXGROTLKIZOUTYZNK[YKULMR[IUIUXZOIUOJGTJUXHXUGJYVKIZX[S
GTZOHOUZOIY /Z OY TKIKYYGX_ ZU JU XKYVOXGZUX_ YKIXKZOUTY SOIXUHOURUMOIGR JKZKIZOUTY Y[IN GY
YSKGX VXKVGXGZOUT GTJ I[RZO\GZOUT LUX IXOZOIGRR_ ORR VGZOKTZY! GTJ VXU\OJK ZOSKR_ *-R[IUYK
-ZKYZGTJMGRGIZUSGTTGT-3ZKYZULHRUUJUXHXUTINUGR\KURGXRG\GMK灤[OJLUXY[YVKIZKJ
VGZOKTZY
/Z OY TKIKYYGX_ ZU HK \OMORGTZ ]OZN VUYYOHRK OT\GYO\K IGTJOJOGYOY OTLKIZOUT GTJ GTZOL[TMGR
ZNKXGV_,R[IUTGÙRKUXKINOTUIGTJOTIGTHK[YKJOTZNKLURRU]OTMIUTJOZOUTY ˵VGZOKTZYGXK
MO\KT HXUGJYVKIZX[S GTZOHOUZOIY LUX YK\KT JG_Y UX SUXK! ˶ VGZOKTZY NG\K VGXKTZKXGR
T[ZXOZOUT! ˷ VGZOKTZY NG\K OT\GYO\K K^GSOTGZOUT UX ZXKGZSKTZ! ˸ VGZOKTZY NG\K VUYOZO\K
IGTJOJG I[RZ[XK OT ZNK YVKIOSKT UHZGOTKJ LXUS Z]U HUJ_ VGXZY UX SUXK! ˹ VGZOKTZY NG\K
YOMTO灣IGTZR_OTIXKGYKJXKY[RZYUL-ZKYZ
/Z OY TKIKYYGX_ ZU HK \OMORGTZ ]OZN VUYYOHRK OT\GYO\K V[RSUTGX_ GYVKXMORRUYOY 'TZOL[TMGR
ZNKXGV_Y[INGY\UXOIUTGÙRKVUYGIUTGÙRKUXKINOTUIGTJOTGXKIUTYOJKXKJZUHK[YKJOT
ZNK LURRU]OTM IUTJOZOUTY ˵ VGZOKTZY GXK MO\KT MR[IUIUXZOIUOJ LUX YK\KT JG_Y UX SUXK! ˶
VGZOKTZYNG\KGMXGT[RUI_ZUYOY!˷VGZOKTZYNG\KINXUTOIUHYZX[IZO\KV[RSUTGX_JOYKGYKGTJ
GYVKXMORR[YI[RZ[XKGXKZKYZKJVUYOZO\KOTZNKYVKIOSKTUHZGOTKJLXUSZNKGOX]G_!˸VGZOKTZY
NG\KYOMTO灣IGTZR_OTIXKGYKJXKY[RZYUL-3ZKYZ
,;7KH%DODQFHRI,QWHVWLQDO0LFURHFRORJ\DQG1XWULWLRQDO6XSSRUW
9USK )5</* VGZOKTZY NG\K MGYZXUOTZKYZOTGR Y_SVZUSY Y[IN GY GHJUSOTGR VGOT GTJ
JOGXXNKGJ[KZUJOXKIZ\OXGROTLKIZOUTULZNKOTZKYZOTGRS[IUYGUXGTZO\OXGRGTJGTZOOTLKIZO\K
JX[MY :NKXK NGY HKKT XKVUXZ ZNGZ ZNK OTZKYZOTGR SOIXUKIURUMOIGR HGRGTIK OY HXUQKT OT
)5</* VGZOKTZY SGTOLKYZOTM G YOMTO灣IGTZ XKJ[IZOUT UL ZNK OTZKYZOTGR VXUHOUZOIY Y[IN GY
RGIZUHGIORR[Y GTJ HO灣JUHGIZKXO[S /TZKYZOTGR SOIXUKIURUMOIGR OSHGRGTIK SG_ RKGJ ZU
HGIZKXOGRZXGTYRUIGZOUTGTJYKIUTJGX_OTLKIZOUTYUOZOYOSVUXZGTZZUSGOTZGOTZNKHGRGTIKUL
OTZKYZOTGRSOIXUKIURUM_H_SOIXUKIURUMOIGRSUJ[RGZUXGTJT[ZXOZOUTGRY[VVUXZ
3OIXUKIURUMOIY/TZKX\KTZOUT
3OIXUKIURUMOIY IGT XKJ[IK HGIZKXOGR ZXGTYRUIGZOUT GTJ YKIUTJGX_ OTLKIZOUT /Z IGT
OTIXKGYK JUSOTGTZ M[Z HGIZKXOG OTNOHOZ OTZKYZOTGR NGXSL[R HGIZKXOG XKJ[IK ZUÔT
VXUJ[IZOUTGTJXKJ[IKOTLKIZOUTIG[YKJH_M[ZSOIXU灤UXGJ_YHOUYOY
3OIXUKIURUMOIYIGTOSVXU\KZNKMGYZXUOTZKYZOTGRY_SVZUSYULVGZOKTZY/ZIGTXKJ[IK
]GZKXOTLKIKYOSVXU\KLKIGRINGXGIZKXGTJJKLKIGZOUTLXKW[KTI_GTJXKJ[IKJOGXXNKG
H_OTNOHOZOTMOTZKYZOTGRS[IUYGRGZXUVN_
:NKNUYVOZGR]OZNXKRK\GTZXKYU[XIKYIGTVKXLUXSOTZKYZOTGR灤UXGGTGR_YOY:NKXKLUXK
ZNK OTZKYZOTGR 灤UXG JOYZ[XHGTIK IGT HK JOYIU\KXKJ KGXR_ GIIUXJOTM ZU ZNK XKY[RZY
'TZOHOUZOIYIGTHKGJP[YZKJZOSKR_GTJVXUHOUZOIYIGTHKVXKYIXOHKJ:NKYKIGTXKJ[IK
ZNKINGTIKYULOTZKYZOTGRHGIZKXOGRZXGTYRUIGZOUTGTJM[ZJKXO\KJOTLKIZOUT
4[ZXOZOUT Y[VVUXZ OY GT OSVUXZGTZ SKGTY ZU SGOTZGOT OTZKYZOTGR SOIXUKIURUMOIGR
HGRGTIK/TZKYZOTGRT[ZXOZOUTY[VVUXZYNU[RJHKGVVROKJZOSKR_UTZNKHGYOYULK灢KIZO\K
K\GR[GZOUTYULT[ZXOZOUTGRXOYQYMGYZXUKTZKXOIL[TIZOUTYGTJGYVOXGZOUTXOYQY
4[ZXOZOUT9[VVUXZ
:NKYK\KXKGTJIXOZOIGRR_ORR)5</*VGZOKTZY]NUGXKOTGYZGZKULYK\KXKYZXKYYGXKGZ
NOMNT[ZXOZOUTGRXOYQY+GXR_K\GR[GZOUTYULT[ZXOZOUTXOYQMGYZXUOTZKYZOTGRL[TIZOUTYGTJ
GYVOXGZOUT XOYQY GTJ ZOSKR_ KTZKXGR T[ZXOZOUTGR Y[VVUXZ GXK OSVUXZGTZ ZU ZNK VGZOKTZɊY
VXUMTUYOY
5XGR LKKJOTM OY VXKLKXXKJ :NK KGXR_ OTZKYZOTGR T[ZXOZOUT IGT VXU\OJK T[ZXOZOUTGR
Y[VVUXZTU[XOYNOTZKYZOTKYOSVXU\KOTZKYZOTGRS[IUYGRHGXXOKXGTJOTZKYZOTGROSS[TOZ_
GTJSGOTZGOTOTZKYZOTGRSOIXUKIURUM_
+TZKXGR T[ZXOZOUT VGZN]G_ 9K\KXK GTJ IXOZOIGRR_ ORR VGZOKTZY ULZKT NGXHUX GI[ZK
MGYZXUOTZKYZOTGR JGSGMKY SGTOLKYZKJ GY GHJUSOTGR JOYZKTYOUT JOGXXNKG GTJ
MGYZXUVGXKYOY,UXVGZOKTZY]OZNZXGINKGROTZ[HGZOUTOTZKYZOTGRT[ZXOZOUTZ[HKOTJ]KRROTM
OYXKIUSSKTJKJLUXVUYZV_RUXOILKKJOTM
9KRKIZOUT UL T[ZXOKTZ YUR[ZOUT ,UX VGZOKTZY ]OZN OTZKYZOTGR JGSGMK VXKJOMKYZKJ
YNUXZVKVZOJKVXKVGXGZOUTY]NOINGXKKGY_LUXOTZKYZOTGRGHYUXVZOUTGTJ[ZORO`GZOUTGXK
XKIUSSKTJKJ,UXVGZOKTZY]OZNMUUJOTZKYZOTGRL[TIZOUTY]NURKVXUZKOTVXKVGXGZOUTY
]OZN XKRGZO\KR_ NOMN IGRUXOKY IGT HK YKRKIZKJ ,UX N_VKXMR_IKSOG VGZOKTZY T[ZXOZOUTGR
VXKVGXGZOUTY]NOINGXKHKTK灣IOGRZUMR_IKSOIIUTZXURROTMGXKXKIUSSKTJKJ
+TKXM_Y[VVR_QIGRVKXQMHUJ_]KOMNZZNKZGXMKZVXUZKOTIUTZKTZOY
MQMJGOR_
3KGTY UL T[ZXOZOUTGR Y[VVR_ 6[SV OTL[YOUT UL T[ZXOKTZY IGT HK [YKJ GZ G [TOLUXS
YVKKJ YZGXZOTM ]OZN G RU] JUYGMK GTJ MXGJ[GRR_ OTIXKGYOTM =NKT VUYYOHRK ZNK
T[ZXOKTZYIGTHKNKGZKJHKLUXKLKKJOTMZUXKJ[IKOTZURKXGTIK
:NK KRJKXR_ VGZOKTZY ]NU GXK GZ NOMN GYVOXGZOUT XOYQY UX VGZOKTZY ]OZN GVVGXKTZ
GHJUSOTGRJOYZKTZOUTIGTHKY[VVUXZKJH_VGXKTZKXGRT[ZXOZOUTZKSVUXGXOR_/ZIGTHK
MXGJ[GRR_ XKVRGIKJ H_ OTJKVKTJKTZ JOKZ UX KTZKXGR T[ZXOZOUT GLZKX ZNKOX IUTJOZOUT
OSVXU\KY
;(&026XSSRUWIRU&29,'3DWLHQWV
)5</*OYGTU\KRNOMNR_OTLKIZOU[YJOYKGYKVXOSGXOR_ZGXMKZOTMV[RSUTGX_GR\KURO]NOIN
JGSGMKYVXOSGXOR_ZNKR[TMYULIXOZOIGRR_ORRVGZOKTZYGTJRKGJYZUYK\KXKXKYVOXGZUX_LGOR[XK
,UXZNKGVVROIGZOUTULK^ZXGIUXVUXKGRSKSHXGTKU^_MKTGZOUT+)35OT)5</*ZXKGZSKTZ
SKJOIGRVXULKYYOUTGRYTKKJZUVG_IRUYKGZZKTZOUTZUZNKLURRU]OTM ZNKZOSKGTJSKGTYUL
OTZKX\KTZOUTGTZOIUGM[RGTZGTJHRKKJOTMIUUXJOTGZOUT]OZNSKINGTOIGR\KTZORGZOUTG]GQK
+)35GTJZNKKGXR_XKNGHOROZGZOUTZXGOTOTMYZXGZKM_ULNGTJROTMLUXIUSVROIGZOUTY
+)35/TZKX\KTZOUT:OSOTM
9GR\GMK+)35
/T ZNK YZGZK UL SKINGTOIGR \KTZORGZOUT Y[VVUXZ SKGY[XKY Y[IN GY R[TM VXUZKIZO\K
\KTZORGZOUTYZXGZKM_GTJVXUTKVUYOZOUT\KTZORGZOUTNG\KHKKTZGQKTLUXN=OZNZNK
UTYKZ UL UTK UL ZNK LURRU]OTM IUTJOZOUTY YGR\GMK +)35 OTZKX\KTZOUT TKKJY ZU HK
IUTYOJKXKJ
6G5無,O5無"SS.MXKMGXJRKYYUL]NGZZNK6++6RK\KROY!
6VRGZ˪SS.M6G)5無$SS.M!
:NKUTYKZULVTK[SUZNUXG^GOXRKGQGMK$ZOJGR\UR[SKJ[XGZOUT$N!
)OXI[RGZOUTJKZKXOUXGZOUTZNKJUYGMKULTUXKVOTKVNXOTK$ƬMQMSOT!
)GXJOUV[RSUTGX_XKY[YIOZGZOUTOT\OZXUROLKY[VVUXZ+)68
8KVRGIKSKTZ+)35
=NKTZNKVGZOKTZOYTUZY[OZGHRKLUXRUTMZKXSSKINGTOIGR\KTZORGZOUTY[VVUXZOKZNK
VGZOKTZ OY TUZ GHRK ZU UHZGOT ZNK K^VKIZKJ XKY[RZY +)35 XKVRGIKSKTZ TKKJY ZU HK
GJUVZKJ OSSKJOGZKR_ =OZN ZNK UTYKZ UL UTK UL ZNK LURRU]OTM IUTJOZOUTY +)35
XKVRGIKSKTZTKKJYZUHKIUTYOJKXKJ
*KIXKGYKJ R[TM IUSVROGTIK 'LZKX ZNK V[RSUTGX_ XKIX[OZSKTZ SGTK[\KX ZNK
IUSVROGTIKULZNKXKYVOXGZUX_Y_YZKS"S2IS.無5!
6KXYOYZKTZK^GIKXHGZOUTULVTK[SUSKJOGYZOT[SUXY[HI[ZGTKU[YeKSVN_YKSG'TJ
ZNK VGXGSKZKXY UL SKINGTOIGR \KTZORGZOUT Y[VVUXZ IGTTUZ HK XKJ[IKJ ]OZNOT N
GIIUXJOTMZUZNKKYZOSGZOUT!
6G5無,O5無"SS.M'TJOZIGTTUZHKOSVXU\KJH_XU[ZOTKSKZNUJYOTN
+GXR_']GQK+)35
+GXR_G]GQK+)35IGTHKGVVROKJZUVGZOKTZY]NUNG\KHKKTY[VVUXZKJH_SKINGTOIGR
\KTZORGZOUT]OZNZNKK^VKIZKJNOMNVGXGSKZKXYLUXSUXKZNGTJG_YGTJ]NUSKKZZNK
TKIKYYGX_ IUTJOZOUTY UL G]GQK +)35 :NK_ SOMNZ HKTK灣Z LXUS OZ 'RR ZNK LURRU]OTM
IUTJOZOUTYS[YZHKSKZ
:NK VGZOKTZ OY OT G IRKGX YZGZK UL IUTYIOU[YTKYY GTJ OY L[RR_ IUSVROGTZ .K UX YNK
[TJKXYZGTJYNU]+)35]UXQYGTJOZYSGOTZKTGTIKXKW[OXKSKTZY!
:NKVGZOKTZOYTUZIUSVROIGZKJ]OZNTK[XUS[YI[RGXJOYKGYKY!
6[RSUTGX_JGSGMKYIUXK3[XX_$!
,K] V[RSUTGX_ YKIXKZOUTY :NK ZOSK OTZKX\GR HKZ]KKT ZNK Z]U GOX]G_ Y[IZOUT
VXUIKJ[XKY$N!
9ZGHRKNKSUJ_TGSOIY<GYUGIZO\KGMKTZYGXKTUZXKW[OXKJLUXGYYOYZGTIK
)GZNKZKXOTM3KZNUJY
(KIG[YKZNK+)35Y[VVUXZOTMZOSKLUXSUYZ)5</*VGZOKTZYOYMXKGZKXZNGTJG_Y
ZNK YKRJOTMKX SKZNUJ YNU[RJ HK [YKJ GY S[IN GY VUYYOHRK LUX ZNK [RZXGYU[TJ M[OJKJ
VKXOVNKXGRIGZNKZKXOTYKXZOUT]NOINXKJ[IKYZNKHRKKJOTMJGSGMKYGTJOTLKIZOUTXOYQY
HXU[MNZGHU[ZH_OTZXG\GYI[RGXIGZNZKXO`GZOUTH_\KTU[YGTMOUZUS_KYVKIOGRR_LUXZNK
KGXR_G]GQK+)35VGZOKTZY/TZXG\GYI[RGXIGZNKZKXO`GZOUTH_\KTU[YGTMOUZUS_SG_HK
IUTYOJKXKJ UTR_ LUX ZNK VGZOKTZY ]OZN HGJ HRUUJ \KYYKR IUTJOZOUTY UX ZNK VGZOKTZY
]NUYKIGZNKZKXO`GZOUTIGTTUZHKOJKTZO灣KJGTJYKRKIZKJH_[RZXGYU[TJUXZNKVGZOKTZY
]NUYKYKRJOTMKXZKINTOW[KLGORKJ
3UJK9KRKIZOUT
:NK灣XYZINUOIKLUXZNKVGZOKTZYULXKYVOXGZUX_OSVGOXSKTZOYZNK<<SUJK:NK<'
SUJKYNU[RJTUZHKZNK灣XYZUVZOUTP[YZHKIG[YKULZNKVUYYOHRKIOXI[RGZOUTVXUHRKSY
,UXZNKXKYVOXGZUX_LGOR[XKVGZOKTZYIUSVROIGZKJ]OZNIGXJOGIOSVGOXSKTZ6G5無,O5無
"SS.MZNK<'<SUJKU[MNZZUHKYKRKIZKJ]OZNZNKZUZGR灤[^$2SOTGTJ<'
#OYSGOTZGOTKJH_I[XXKTZROSOZOTM
,UX ZNK )5</* VGZOKTZY ]OZNU[Z YK\KXK XKYVOXGZUX_ LGOR[XK H[Z IUSVROIGZKJ ]OZN
YKXOU[Y IGXJOU\GYI[RGX U[ZIUSKY RKGJOTM ZU IGXJOUMKTOI YNUIQ ZNK <' GYYOYZKJ H_
+)35SUJKU[MNZZUHKYKRKIZKJ([Z/66<Y[VVUXZOYYZORRTKKJKJGTJZNKG]GQK+)35
YNU[RJHKG\UOJKJZNKG]GQK+)35YNU[RJHKG\UOJKJ
,R[^9KZ\GR[KGTJ:GXMKZ5^_MKT9[VVR_
:NKOTOZOGR灤[^$IGXJOGIU[ZV[Z)5]OZNGYKRLI_IROTMXGZOU"
965無$OYZUHKSGOTZGOTKJ,O5無"OYY[VVUXZKJH_SKINGTOIGR\KTZORGZOUTUX
ZNKUZNKXU^_MKTZNKXGV_
:UKTY[XKZNKZGXMKZ灤[^,X,X\KOTGIIKYYIGT[RGOYZNK灣XYZINUOIKLUXZNK
VGZOKTZ]OZNGHUJ_]KOMNZHKRU]GHU\KQM
<KTZORGZOUT9KZZOTM
4UXSGR\KTZORGZOUTSGOTZKTGTIKH_GJP[YZOTMZNKY]KKVMGYRK\KR炿
:NKOTOZOGRGOX灤U]OYYKZZUHK,RU] Y]KKVMGY# :NKHGYOIZGXMKZOYZUSGOTZGOT
6G)5無"SS.M,UXZNKVGZOKTZYIUSVROIGZKJ]OZN)56*6G)5無"HGYGRRK\KR
:NKVGZOKTZɊYYVUTZGTKU[YXKYVOXGZUX_YZXKTMZNGTJXKYVOXGZUX_XGZK88YNU[RJHK
SGOTZGOTKJ]OZN"88"GTJ]OZNU[ZINOKLIUSVRGOTZULHXKGZNOTMeJO灥I[RZ_LXUS
ZNKVGZOKTZ
:NKY]KKVMGYYKZ[VULZNK<'SUJKTKKJYZUKTY[XKZNK6.\GR[KULZNK
HRUUJYZXKGSU[ZULZNKU^_MKTGZUXSKSHXGTK
'TZO)UGM[RGZOUTGTJ(RKKJOTM6XK\KTZOUT
,UXZNKVGZOKTZY]OZNU[ZGIZO\KHRKKJOTM]OZNU[Z\OYIKXGRHRKKJOTMGTJ]OZNVRGZKRKZ
IU[TZ$2ZNKXKIUSSKTJKJOTOZOGRNKVGXOTJUYGMKOY;QM
,UX ZNK VGZOKTZY IUSVROIGZKJ ]OZN HRKKJOTM UX ]OZN VRGZKRKZ IU[TZ " 2 ZNK
XKIUSSKTJKJOTOZOGRNKVGXOTJUYGMKOY;QM
:NKGIZO\GZKJVGXZOGRZNXUSHUVRGYZOTZOSKG66:HKOTMɅYKIOYVXUVUYKJZUHK
ZNK ZGXMKZ UL GTZOIUGM[RGZOUT SGOTZKTGTIK JUYGMK :NK ZXKTJ UL *JOSKX INGTMK
YNU[RJHKIUTYOJKXKJGZZNKYGSKZOSK
.KVGXOTLXKKUVKXGZOUTSG_HKVKXLUXSKJOTZNKLURRU]OTMIOXI[SYZGTIKY ZNK+)35
Y[VVUXZ S[YZ IUTZOT[K H[Z ZNKXK OY LGZGR HRKKJOTM UX GIZO\K HRKKJOTM ZNGZ NGY ZU HK
IUTZXURRKJ!]NURKNKVGXOTIUGZKJRUUVGTJIGZNKZKXO`GZOUT]OZNHRUUJ灤U]$2SOT
:NKXKIUSSKTJUVKXGZOUTZOSK"NU[X8KVRGIKSKTZJK\OIKYGTJIUTY[SGHRKYTKKJ
ZUHKVXKVGXKJ
.KVGXOT XKYOYZGTIK ;TJKX YUSK IUTJOZOUTY UL NKVGXOT [YGMK G6:: OY TUZ GHRK ZU
XKGINZNKYZGTJGXJGTJHRUUJIUGM[RGZOUTNGVVKTY/TZNOYIGYKZNKGIZO\OZ_ULVRGYSG
GTZOZNXUSHOT /// ':/// TKKJY ZU HK SUTOZUXKJ /L ZNK GIZO\OZ_ XKJ[IKY LXKYN LXU`KT
VRGYSGTKKJYZUHKY[VVRKSKTZKJZUXKYZUXKNKVGXOTYKTYOZO\OZ_
.KVGXOTOTJ[IKJZNXUSHUVKTOG./:=NKT./:NGVVKTY]KXKIUSSKTJZUVKXLUXS
VRGYSGKÎNGTMKZNKXGV_UXZUXKVRGIKNKVGXOT]OZNGXMGZXUHGT
=KGTOTMLXUS+)35GTJ3KINGTOIGR<KTZORGZOUT
/LGVGZOKTZZXKGZKJH_<<+)35IUSHOTKJ]OZNSKINGTOIGR\KTZORGZOUTYGZOY灣KYZNK
G]GQK+)35IUTJOZOUT]KY[MMKYZZU灣XYZZX_ZUXKSU\KZNKGXZO灣IOGRGOX]G_[TRKYYZNK
VGZOKTZ NGY +)35 XKRGZKJ IUSVROIGZOUTY UX ZNK K^VKIZKJ ZOSK UL XKSU\GR UL GRR ZNK
GYYOYZOTMSGINOTKYOYRKYYZNGTN
,UX G VGZOKTZ ]NU NGY ZUU S[IN GOX]G_ YKIXKZOUTY ZNGZ LXKW[KTZ GXZO灣IOGR Y[IZOUT
IRKGXGTIK OY TKKJKJ ]NU OY K^VKIZKJ ZU NG\K G RUTMZKXS SKINGTOIGR \KTZORGZOUT
Y[VVUXZ]NUYGZOY灣KYZNKIUTJOZOUTY6G5無,O5無$SS.MGTJZOSK$N]NUYKR[TM
OSGMK INGTMKY LUX ZNK HKZZKX GTJ ]NUYK JGSGMKY XKRGZKJ ZU SKINGTOIGR \KTZORGZOUT
VXKYY[XK NG\K HKKT IUTZXURRKJ ZNK +)35 GYYOYZGTIK SG_ HK XKSU\KJ /Z OY TUZ
XKIUSSKTJKJZUQKKV+)35OTZ[HGZOUT
;,&RQYDOHVFHQW3ODVPD7KHUDS\IRU&29,'3DWLHQWV
9OTIK(KNXOTMGTJ1OZGYGZUXKVUXZKJZNKZNKXGVK[ZOIK灢KIZYULJOVNZNKXOGGTZOZUÔTVRGYSGOT
VRGYSGZNKXGV_NGYHKIUSKGTOSVUXZGTZSKGTYULVGZNUMKTOSS[TUZNKXGV_LUXGI[ZK
OTLKIZOU[YJOYKGYKY:NKJOYKGYKVXUMXKYYOUTOYXGVOJLUXYK\KXKGTJIXOZOIGRR_ORRVGZOKTZYULGT
KSKXMOTM OTLKIZOU[Y JOYKGYK /T ZNK KGXR_ VNGYK ZNK VGZNUMKTY JGSGMK ZNK ZGXMKZ UXMGTY
JOXKIZR_ GTJ ZNKT RKGJ ZU YK\KXK OSS[TUVGZNURUMOIGR JGSGMK :NK VGYYO\K OSS[TK
GTZOHUJOKYIGTK灢KIZO\KR_GTJJOXKIZR_TK[ZXGRO`KZNKVGZNUMKTY]NOINXKJ[IKYZNKJGSGMK
ULZNKZGXMKZUXMGTYGTJZNKTHRUIQZNKY[HYKW[KTZOSS[TKVGZNURUMOIGRJGSGMKY*[XOTM
S[RZOVRKMRUHGRVGTJKSOIU[ZHXKGQY=.5GRYUKSVNGYO`KJZNGZɍIUT\GRKYIKTZVRGYSGZNKXGV_
OY UTK UL ZNK SUYZ XKIUSSKTJKJ VUZKTZOGR ZNKXGVOKY GTJ OZ NGY HKKT [YKJ J[XOTM UZNKX
KVOJKSOI U[ZHXKGQYɎ 9OTIK ZNK U[ZHXKGQ UL )5</* ZNK OTOZOGR SUXZGROZ_ XGZK ]GY XGZNKX
NOMN J[K ZU ZNK RGIQ UL YVKIO灣I GTJ K灢KIZO\K ZXKGZSKTZY 'Y SUXZGROZ_ XGZK OY GT OSVUXZGTZ
SKZXOIZNGZZNKV[HROIIUTIKXTYIROTOIZXKGZSKTZY]NOINIGTXKJ[IKZNKLGZGROZ_XGZKULIXOZOIGR
IGYKY K灢KIZO\KR_ GXK QK_ ZU G\UOJ V[HROI VGTOI 'Y G VXU\OTIOGRRK\KR NUYVOZGR OT @NKPOGTM
VXU\OTIK]KNG\KHKKTXKYVUTYOHRKZUZXKGZZNKVGZOKTZYLXUS.GTM`NU[GTJZNKIXOZOIGRR_ORR
VGZOKTZY UL ZNK VXU\OTIK :NKXK GXK GH[TJGTZ VUZKTZOGR IUT\GRKYIKTZ VRGYSG JUTUXY GTJ
IXOZOIGRR_ORRVGZOKTZY]NUTKKJIUT\GRKYIKTZVRGYSGZXKGZSKTZOTU[XNUYVOZGR
6RGYSGIURRKIZOUT
/T GJJOZOUT ZU ZNK IUSSUT XKW[OXKSKTZY UL HRUUJ JUTGZOUT GTJ VXUIKJ[XKY ZNK LURRU]OTM JKZGORY
YNU[RJHKTUZKJ
*UTUXY
'ZRKGYZZ]U]KKQYGLZKXXKIU\KX_GTJHKOTMJOYINGXMKJZNKT[IRKOIGIOJZKYZULZNKYGSVRKZGQKTLXUS
ZNK RU]KX XKYVOXGZUX_ ZXGIZ XKSGOTY TKMGZO\K˫ JG_Y ˪ 'MK ˪ :NK HUJ_ ]KOMNZ烃 QM LUX
SGRKUX烃QMLUXLKSGRK'ZRKGYZUTK]KKQYOTIKRGYZMR[IUIUXZOIUOJ[YGMK3UXKZNGTZ]U]KKQY
YOTIKRGYZHRUUJJUTGZOUT
)URRKIZOUT3KZNUJ
6RGYSGVNKXKYOYS2KGINZOSKHGYKJUTSKJOIGRIUTY[RZGZOUT
6UYZ)URRKIZOUT:KYZOTM
/TGJJOZOUTZUZNKMKTKXGRW[GROZ_ZKYZGTJZNKZKYZULHRUUJHUXTKJOYKGYKZNKHRUUJYGSVRKYTKKJZU
HKZKYZKJLUX
4[IRKOIGIOJZKYZOTMLUX9'89)U<!
LURJJOR[ZOUTLUXZNKW[GROZGZO\KZKYZUL9'89)U<YVKIO灣I/M-GTJ/M3JKZKIZOUT!UXLURJ
JOR[ZOUTLUXZNKW[GROZGZO\KZKYZUL]NURKGTZOHUJ_JKZKIZOUT/LVUYYOHRKQKKV$S2VRGYSGLUXZNK
\OXGRTK[ZXGRO`GZOUTK^VKXOSKTZY
:NKLURRU]OTMYNU[RJHKTUZKJ*[XOTMZNKIUSVGXOYUTUL\OX[YTK[ZXGRO`GZOUTZOZKXGTJR[SOTKYIKTZ
/M- GTZOHUJ_ W[GTZOZGZO\K JKZKIZOUT ]K LU[TJ ZNGZ ZNK VXKYKTZ 9'89)U< YVKIO灣I /M- GTZOHUJ_
JKZKIZOUT JUKY TUZ L[RR_ JKSUTYZXGZK ZNK GIZ[GR \OX[Y TK[ZXGRO`GZOUT IGVGHOROZ_ UL ZNK VRGYSG
:NKXKLUXK]KY[MMKYZKJZNK\OX[YTK[ZXGRO`GZOUTZKYZGYZNK灣XYZINUOIKUXZKYZZNKU\KXGRRGTZOHUJ_
RK\KR]OZNZNKLURJJOR[ZOUTULZNKVRGYSG
)ROTOIGR;YKULZNK)UT\GRKYIKTZ6RGYSG
/TJOIGZOUT
9K\KXKUXIXOZOIGRR_ORR)5</*VGZOKTZYZKYZKJVUYOZO\KOTXKYVOXGZUX_ZXGIZZKYZ!
:NK)5</*VGZOKTZY]NUGXKTUZYK\KXKUXIXOZOIGRR_ORRH[ZOTGYZGZKULOSS[TOZ_Y[VVXKYYOUT!
UXNG\KRU]):\GR[KYOTZNK\OX[YT[IRKOIGIOJZKYZOTMH[Z]OZNGXGVOJJOYKGYKVXUMXKYYOUTOTZNKR[TMY
4UZK /TVXOTIOVRKZNKIUT\GRKYIKTZVRGYSGYNU[RJTUZHK[YKJUT)5</*VGZOKTZY]OZNJOYKGYK
IU[XYK KÎKKJOTM ZNXKK ]KKQY ([Z OT IROTOIGR GVVROIGZOUTY ]K LU[TJ ZNGZ ZNK IUT\GRKYIKTZ VRGYSG
ZNKXGV_OYK灢KIZO\KLUXVGZOKTZY]OZNGJOYKGYKIU[XYKKÎKKJOTMZNXKK]KKQYGTJ]NUYK\OX[YT[IRKOI
GIOJ ZKYZY IUTZOT[U[YR_ ZU YNU] VUYOZO\K LXUS XKYVOXGZUX_ ZXGIZY YVKIOSKT /Z IGT YVKKJ [V \OX[Y
IRKGXGTIKOTIXKGYKZNKT[SHKXYULZNKVRGYSGR_SVNUI_ZKYGTJ41IKRRYXKJ[IKZNKRK\KRULVRGYSG
RGIZOIGIOJGTJOSVXU\KXKTGRL[TIZOUTY
)UTZXGOTJOIGZOUT
' RRKXM_NOYZUX_ULVRGYSGYUJO[SIOZXGZKGTJSKZN_RKTKHR[K!
,UXVGZOKTZY]OZNNOYZUX_ULG[ZUOSS[TKY_YZKSJOYKGYKYUXYKRKIZO\K/M'JK灣IOKTI_
ZNKGVVROIGZOUTULIUT\GRKYIKTZVRGYSGYNU[RJHKK\GR[GZKJIG[ZOU[YR_H_IROTOIOGTY
/TL[YOUTVRGT/TMKTKXGRZNKJUYGMKULIUT\GRKYIKTZVRGYSGZNKXGV_OY˫S2LUX
UTKOTL[YOUTUX˫S2VKXOTL[YOUTLUXS[RZOVRKOTL[YOUTY
;,,7&0&ODVVLŀFDWLRQ7KHUDS\WR,PSURYH&XUDWLYH(ŃFDF\
)RGYYO灣IGZOUTGTJ9ZGMK
)5</*IGTHKJO\OJKJOTZUKGXR_SOJJRKIXOZOIGRGTJXKIU\KX_YZGMKY'ZZNKKGXR_
YZGMKZNKJOYKGYKNGYZ]USGOTZ_VKY ɍ]KZR[TMYɎGTJɍK^ZKXTGRIURJGTJOTZKXTGR
NKGZɎ:NKSOJJRKYZGMKOYINGXGIZKXO`KJH_ɍOTZKXSOZZKTZIURJGTJNKGZɎ:NKIXOZOIGR
YZGMK OY INGXGIZKXO`KJ H_ ɍOTZKXTGR HRUIQ UL KVOJKSOI ZUÔTɎ :NK XKIU\KX_ YZGMK OY
INGXGIZKXO`KJH_ɍWOJK灣IOKTI_OTR[TMYVRKKTɎ:NKJOYKGYKOTOZOGRR_HKRUTMYZU]KZ
R[TM Y_TJXUSK *[K ZU LK\KX HUZN OTZKXSOZZKTZ IURJ GTJ NKGZ ZXKGZSKTZY GXK
XKIUSSKTJKJ /T ZNK SOJJRK YZGMK IURJ JGSVTKYY GTJ NKGZ IUKÔYZ HKRUTMOTM ZU
ɍIURJNKGZ SO^Z[XKɎ OT ZKXSY UL :)3 (UZN IURJ GTJ NKGZ ZNKXGV_ YNU[RJ HK
IUTYOJKXKJ'IIUXJOTMZUZNKZNKUX_UL:)3NKGZYNU[RJHKZXKGZKJ]OZNIURJJX[MY([Z
IURJJX[MYOSVGOX?GTMGTJRKGJZUGIURJYVRKKTGTJYZUSGINGTJIURJNKGZSO^Z[XKOT
ZNK SOJJRK0OGU :NKXKLUXK OT ZNOY YZGMK HUZN IURJ GTJ NKGZ ZNKXGVOKY YNU[RJ HK
IUTYOJKXKJ(KIG[YKIURJNKGZY_SVZUSYGXKIUSSUTR_YKKTOT)5</*VGZOKTZYZNK
IURJNKGZZNKXGV_OYHKZZKXZNGTUZNKXGVVXUGINKY
:NKXGV_(GYKJUT)RGYYO灣IGZOUT
=KZ R[TMY +VNKJXG .KXH M 9KSKT 'XSKTOGIGK 'SGX[SM M )UO^ 9KKJ M
2OW[UXOI 8UUZ M (GOIGR 9Q[RRIGV 8UUZ M .[UÔGTM M 8KKJ 8NOÙSK M
)_XZUSO[S 8NOÙSK M /TJOGT ([KGJ M )NOTKYK 'ZXGIZ_RUJKY 8NOÙSK M
5灥IOTGR3GMTUROG(GXQM
+^ZKXTGRIURJGTJOTZKXTGRNKGZ
.KXHG+VNKJXGKM8G]-_VY[S,OHXUY[SM9KSKT'XSKTOGIGK'SGX[SMM
2OW[UXOI 8UUZ M (GOIGR 9Q[RRIGV 8UUZ M 6KXOIGXVO[S :XOINUYGTZNOY M ,X[IZ[Y
'[XGTZOO M 5灥IOTGR 3GMTUROG (GXQ M :XOVZKXUYVKXS[S )UXJOLURO[S M =NOZK
3[RHKXX_8UUZHGXQM6OTKRROG:[HKXM/TJOGT([KGJM6RGZ_IUJUT8UUZM
/TZKXSOZZKTZIURJNKGZ
6OTKRROG :[HKX M (GOIGR 9Q[RRIGV 8UUZ M -URJKT :NXKGJ M *XOKJ -OTMKX M
)NOTKYK*GZKM1[J`[\OTK8UUZM)UYZ[YZUUZM/TJOGT([KGJM:N[THKXM
,XOZORRGX_([RHM)UO^9KKJM2OW[UXOI8UUZM
/TZKXTGRHRUIQULKVOJKSOIZUÔT
;YKINKUTMYOSN]GTLUXZXKGZSKTZ
7OJK灣IOKTI_ULR[TMGTJYVRKKT
3KSHXGTU[Y 3ORQ\KZIN 8UUZ M 6ORUYK 'YOGHKRR 8UUZ M 8UGYZKJ 2GXMKNKGJ
'ZXGIZ_RUJKY 8NOÙSK M /TJOGT ([KGJ M ,X[IZ[Y 'SUSO M 9OHKXOGT
9URUSUTYKGR8NOÙSKM6OTKRROG:[HKXM:GTMKXOTK6KKRM=OTMJK?GT8NOÙSK
M9KSKT4KR[SHOTOYM)NOTKYK*GZKM
6GZOKTZYOTJO灢KXKTZYZGMKYYNU[RJZGQKJO灢KXKTZGVVXUGINKY5TKJUYKVKXJG_(UORZNK
SKJOIOTKOT]GZKX:GQKOZK\KX_SUXTOTMGTJK\KTOTM
;,,,'UXJ8VH0DQDJHPHQWRI&29,'3DWLHQWV
)5</*VGZOKTZYGXKULZKTIUSVROIGZKJ]OZN[TJKXR_OTMJOYKGYKYXKIKO\OTMS[RZOVRKZ_VKYUL
JX[MY :NKXKLUXK ]K YNU[RJ VG_ SUXK GZZKTZOUT ZU ZNK GJ\KXYK JX[M XKGIZOUTY GTJ JX[M
OTZKXGIZOUTY YU GY ZU G\UOJ JX[MOTJ[IKJ UXMGT JGSGMK GTJ OSVXU\K ZNK Y[IIKYY XGZK UL
ZXKGZSKTZ
/JKTZO灣IGZOUTULGJ\KXYKJX[MXKGIZOUTY
/Z NGY HKKT JKSUTYZXGZKJ ZNGZ ZNK OTIOJKTIK UL GHTUXSGR RO\KX L[TIZOUT OY OT
)5</* VGZOKTZY ]NU NG\K XKIKO\KJ RUVOTG\OXXOZUTG\OX IUSHOTKJ GXHOJUR GTZO\OXGR
ZXKGZSKTZ 3[RZO\GXOGZK GTGR_YOY XK\KGRKJ ZNGZ GTZO\OXGR GMKTZY GTJ SUXK IUTIUSOZGTZ
SKJOIGZOUTY GXK Z]U OTJKVKTJKTZ XOYQ LGIZUXY UL GHTUXSGR RO\KX L[TIZOUT :NKXKLUXK
SUTOZUXOTM UL ZNK GJ\KXYK JX[M XKGIZOUTY YNU[RJ HK YZXKTMZNKTKJ! ZNK [TTKIKYYGX_
JX[MIUSHOTGZOUTYYNU[RJHKXKJ[IKJ:NKSGOTGJ\KXYKXKGIZOUTYULGTZO\OXGRGMKTZY
OTIR[JK
2UVOTG\OXXOZUTG\OXGTJJGX[TG\OXIUHOIOYZGZ JOGXXNKGTG[YKG\USOZZNKOTIXKGYK
UL YKX[S GSOTUZXGTYLKXGYK PG[TJOIK J_YROVOJKSOG ZNK OTIXKGYK UL RGIZOI GIOJ
9_SVZUSY]ORRXKIU\KXGLZKXJX[M]OZNJXG]GR
'XHOJUR炿ZNKOTIXKGYKULYKX[SGSOTUZXGTYLKXGYKGTJPG[TJOIK=NKTIUSHOTKJ]OZN
RUVOTG\OX ZNK OTIOJKTIK XGZK OY K\KT NOMNKX :NK Y_SVZUSY ]ORR XKIU\KX GLZKX JX[M
]OZNJXG]GR9USKZOSKYGYRU]JU]TULZNKNKGXZIU[RJHKOTJ[IKJ!ZN[YOZOYTKIKYYGX_
ZUG\UOJZNKIUSHOTGZOUTULGXHOJUR]OZNƢɄXKIKVZUXOTNOHOZUXYY[INGYSKZUVXURURGTJ
VXUVXGTURUR =K Y[MMKYZ ZU YZUV ZGQOTM ZNK JX[MY ]NKT ZNK NKGXZ XGZK JXUVY HKRU]
SOT
,GVORG\OX KRK\GZOUT UL VRGYSG [XOI GIOJ JOGXXNKG TK[ZXUVKTOG YNUIQ L[RSOTGTZ
NKVGZOZOY GI[ZK QOJTK_ OTP[X_ :NK GJ\KXYK XKGIZOUTY ]KXK IUSSUTR_ YKKT OT KRJKXR_
VGZOKTZYUXVGZOKTZYIUSVROIGZKJ]OZNI_ZUQOTKYZUXS
)NRUXUW[OTK VNUYVNGZK JO`ÒTKYY NKGJGINK TG[YKG \USOZ JOGXXNKG JO灢KXKTZ
QOTJYULYQOTXGYN:NKSUYZYK\KXKGJ\KXYKXKGIZOUTOYIGXJOGIGXXKYZ:NKSGOTGJ\KXYK
XKGIZOUT OY ZNK UI[RGX ZUÔIOZ_ 'T KRKIZXUIGXJOUMXGS TKKJY ZU HK K^GSOTKJ HKLUXK
ZGQOTM ZNK JX[M :NK JX[M YNU[RJ HK VXUNOHOZKJ LUX VGZOKTZY ]OZN GXXN_ZNSOG KM
IUTJ[IZOUTHRUIQXKZOTGRJOYKGYKUXNKGXOTMRUYY
:NKXGVK[ZOI*X[M3UTOZUXOTM
9USKGTZO\OXGRGTJGTZOHGIZKXOGRJX[MYTKKJZNKXGVK[ZOIJX[MSUTOZUXOTM:*3:GHRK
VXKYKTZYZNKVRGYSGIUTIKTZXGZOUTYULY[INJX[MYGTJZNKOXJUYGMKGJP[YZSKTZ;VUT
ZNKUTYKZULGHKXXGZOUTYULVRGYSGJX[MIUTIKTZXGZOUTZNKZXKGZSKTZXKMOSKTYTKKJZU
HKGJP[YZKJH_IUTYOJKXOTMZNKIROTOIGRY_SVZUSYGTJIUTIUSOZGTZJX[MY
:GHRK:NKXGTMKULIUTIKTZXGZOUTYGTJVUOTZYLUXGZZKTZOUTULZNKIUSSUT
:*3JX[MYLUXZNK)5</*VGZOKTZY
:OSKVUOTZYULHRUUJ :NKXGTMKUL 6XOTIOVRKYULJUYGMK

*X[MTGSKY IURRKIZOUT IUTIKTZXGZOUTY GJP[YZSKTZ
VKGQSOTGLZKX RUVOTG\OX炿 )UXXKRGZKJ]OZNJX[M

RUVOTG\OX JX[MGJSOTOYZXGZOUT K灥IGI_GTJYOJK
XOZUTG\OX ZXU[MNSOTHKLUXK ZXU[MN炮$ƬMS2 K灢KIZY
JX[MGJSOTOYZXGZOUT VKGQ"ƬMS2
SOTHKLUXKZNKJX[M /TZKXVXKZGZOUTGTJ
OSOVKTKS dƬMS2
GJSOTOYZXGZOUT GJP[YZZNKVRGYSG
JX[MIUTIKTZXGZOUT
SOTHKLUXKZNKJX[M HGYKJUT3/)ULZNK
SKXUVKTKS
GJSOTOYZXGZOUT
dƬMS2
VGZNUMKTZKYZOTM
:NKZXU[MN
IUTIKTZXGZOUT
IUXXKRGZKY]OZNZNK
LGOR[XKXGZKUL
dSM2d GTZOOTLKIZO\KZNKXGV_
SOTHKLUXKZNKJX[M GTJXKTGRZUÔIOZ_
\GTIUS_IOT SM2LUXZNKYK\KXK
GJSOTOYZXGZOUT =NKTZNK
389'OTLKIZOUT
IUTIKTZXGZOUTOY
U\KXR_NOMN
XKJ[IZOUTULJX[M
LXKW[KTI_UXYOTMRK
JUYKOYXKW[OXKJ
:NKZXU[MN
IUTIKTZXGZOUT
IUXXKRGZKY]OZN
SOTHKLUXKZNKJX[M S_KRUY[VVXKYYOUT
ROTKÙROJ GJSOTOYZXGZOUT dƬMS2 GJ\KXYKXKGIZOUTY
:NKHRUUJXU[ZOTK
ZKYZTKKJYZUHK
IRUYKR_SUTOZUXKJ
:NKZXU[MN
IUTIKTZXGZOUT
IUXXKRGZKY]OZNZNK
SOTHKLUXKZNKJX[M ZNKXGVK[ZOI
\UXOIUTGÙR GJSOTOYZXGZOUT dƬMS2 K灥IGI_GTJ
GJ\KXYKXKGIZOUTY
Y[INGYOSVGOXKJ
RO\KXL[TIZOUT
6G_OTMGZZKTZOUTZUZNKVUZKTZOGRJX[MOTZKXGIZOUTY
'TZO\OXGRJX[MYY[INGYRUVOTG\OXXOZUTG\OXGXKSKZGHURO`KJZNXU[MNZNKKT`_SK)?6'
OT ZNK RO\KX =NKT VGZOKTZY XKIKO\OTM IUTIUSOZGTZ SKJOIGZOUTY ZNK VUZKTZOGR JX[M
OTZKXGIZOUTYTKKJZUHKIGXKL[RR_YIXKKTKJ:GHRKYNU]YOTZKXGIZOUTYHKZ]KKTGTZO\OXGR
JX[MYGTJIUSSUTJX[MYLUX[TJKXR_OTMJOYKGYKY
:GHRK/TZKXGIZOUTYHKZ]KKTGTZO\OXGRJX[MYGTJIUSSUTJX[MYLUX[TJKXR_OTM
)UTZXGOTJOIGZOUTOT
*X[MTGSKY 6UZKTZOGROTZKXGIZOUTY
IUSHOTKJSKJOIGZOUT
=NKT IUSHOTKJ ]OZN JX[MY GYYUIOGZKJ ]OZN

)?6' SKZGHUROYS KM YZGZOTY
OSS[TUY[VVXKYYUXY Y[IN GY ZGIXUROS[Y
)USHOTKJ[YK]OZNGSOUJGXUTK
\UXOIUTGÙRKZNKVRGYSGIUTIKTZXGZOUTULZNK
RUVOTG\OX LGZGRGXXN_ZNSOGW[KZOGVOTK
IUSHOTKJ JX[M SG_ OTIXKGYK! RKGJOTM ZU
YK\KXKIUSGYOS\GYZGZO
XOZUTG\OX LURJYLURJYOTIXKGYKULZNK';)UL
XNGHJUS_UR_YOYOYVXUNOHOZKJ
XO\GXU^GHGT GZXU\GYZGZOT SOJGÙRGS
XKYVKIZO\KR_6G_GZZKTZOUTZUIROTOIGRY_SVZUSY
GTJGVVR_ZNK:*3
=NKT IUSHOTKJ ]OZN JX[MY GYYUIOGZKJ ]OZN

JGX[TG\OX )?6'GTJUX)?6*SKZGHUROYSZNKVRGYSG
IUTIKTZXGZOUT UL ZNK IUSHOTKJ JX[MY SG_ 9KKRUVOTG\OXXOZUTG\OX
IUHOIOYZGZ
OTIXKGYK9KKRUVOTG\OXXOZUTG\OX
/ZOTZKXGIZY]OZN)?6';-:'Y[HYZXGZKY
GXHOJUR
OTNOHOZUXYGTJOTJ[IKXY
˵ :NKUVN_RROT[S OTIXKGYKY ZNK HOUG\GORGHOROZ_

ULLGVORG\OX
˶ /Z OTIXKGYKY ZNK HOUG\GORGHOROZ_ UL

GIKZGSOTUVNKTH_LURJY
LGVORG\OX
˷/ZYIUSHOTGZOUT]OZNV_XGÒTGSOJKOTIXKGYKY
ZNKVRGYSG[XOIGIOJRK\KR
˸ /ZY IUSHOTGZOUT ]OZN XKVGMROTOJK OTIXKGYKY

ZNKVRGYSGXKVGMROTOJKRK\KR
6XUNOHOZZUIUSHOTK]OZNZNK
JX[MYZNGZSG_RKGJZUZNK
INRUXUW[OTK
VXURUTMKJ7:OTZKX\GRY[INGY
VNUYVNGZK
SUÔ灤U^GIOTGÒZNXUS_IOT
GSOUJGXUTKKZI
4UZK炿ɍɅɎ TUXKRK\GTZJGZG烀:*3炿ZNKXGVK[ZOIJX[MSUTOZUXOTM烀';)炿GXKG[TJKXZNKI[X\K烀
;-:'炿[XOJOTKJOVNUYVNGZKMR[IUYOJGYK'
'\UOJOTMSKJOIGRJGSGMKOTYVKIOGRVUV[RGZOUTY
9VKIOGR VUV[RGZOUTY OTIR[JK VXKMTGTZ ]USKT VGZOKTZY ]OZN NKVGZOI GTJ XKTGR
OTY[灥IOKTI_ VGZOKTZY Y[VVUXZKJ H_ SKINGTOIGR \KTZORGZOUT VGZOKTZY [TJKX IUTZOT[U[Y
XKTGRXKVRGIKSKTZZNKXGV_)88:UXK^ZXGIUXVUXKGRSKSHXGTKU^_MKTGZOUT+)35KZI
:NKLURRU]OTMGYVKIZYTKKJZUHKTUZKJJ[XOTMJX[MGJSOTOYZXGZOUT
6XKMTGTZ]USKT
2UVOTG\OXXOZUTG\OX ZGHRKZY IU[RJ HK [YKJ ,G\OVOXG\OX GTJ INRUXUW[OTK VNUYVNGZK GXK
VXUNOHOZKJ
6GZOKTZY ]OZN NKVGZOI OTY[灥IOKTI_ *X[MY ZNGZ GXK KÎXKZKJ [TINGTMKJ ZNXU[MN ZNK
QOJTK_GXKVXKLKXXKJY[INGYVKTOIORROTGTJIKVNGRUYVUXOTYKZI
6GZOKTZY]OZNXKTGROTY[灥IOKTI_OTIR[JOTMZNUYKUTNKSUJOGR_YOY
*X[MYZNGZGXKSKZGHURO`KJZNXU[MNZNKRO\KXUXKÎXKZKJZNXU[MNZNKRO\KXQOJTK_JU[HRK
INGTTKRYGXKVXKLKXXKJY[INGYROTKÙROJSUÔ灤U^GIOTIKLZXOGÛTKKZI
6GZOKTZY[TJKX)88:LUXN,UX\GTIUS_IOTZNKXKIUSSKTJKJXKMOSKTOY RUGJOTMJUYKM
GTJSGOTZKTGTIKJUYKMWN,UXOSOVKTKSZNKSGÔS[SJGOR_JUYGMKYNU[RJTUZKÎKKJ
M
;,93V\FKRORJLFDO,QWHUYHQWLRQZLWK&29,'3DWLHQWV
:NKVY_INURUMOIGRYZXKYYGTJY_SVZUSYUL)5</*VGZOKTZY
)UT灣XSKJ )5</* VGZOKTZY ULZKT NG\K Y_SVZUSY Y[IN GY XKMXKZ GTJ XKYKTZSKTZ
RUTKROTKYY GTJ NKRVRKYYTKYY JKVXKYYOUT GTÔKZ_ GTJ VNUHOG OXXOZGZOUT GTJ YRKKV
JKVXO\GZOUT 9USK VGZOKTZY SG_ NG\K VGTOI GZZGIQY 6Y_INURUMOIGR K\GR[GZOUTY OT ZNK
OYURGZKJ ]GXJY JKSUTYZXGZKJ ZNGZ GHU[Z UL IUT灣XSKJ )5</* VGZOKTZY
SGTOLKYZKJVY_INURUMOIGRYZXKYYJ[XOTMKGXR_GJSOYYOUTSUYZUL]NOIN]KXKLXUSZNKOX
KSUZOUTGRXKYVUTYKZUYZXKYY:NKVKXIKTZGMKULJKROXO[SOYNOMNGSUTMZNKIXOZOIGRR_ORR
VGZOKTZY:NKXKOYK\KTGXKVUXZULKTIKVNGROZOYOTJ[IKJH_ZNK9'89)U<RKGJOTMZU
VY_INURUMOIGRY_SVZUSYY[INGY[TIUTYIOU[YTKYYGTJOXXOZGHOROZ_
+YZGHROYNOTM G J_TGSOI SKINGTOYS LUX K\GR[GZOUT GTJ ]GXTOTM UL

VY_INURUMOIGRIXOYOY
6GZOKTZYɊ SKTZGR YZGZKY OTJO\OJ[GR VY_INURUMOIGR YZXKYY SUUJ YRKKV W[GROZ_ GTJ
VXKYY[XKYNU[RJHKSUTOZUXKJK\KX_]KKQGLZKXGJSOYYOUTGTJHKLUXKJOYINGXMK:NK
YKRLXGZOTM ZUURY OTIR[JK 9KRL8KVUXZOTM 7[KYZOUTTGOXK 987 6GZOKTZ .KGRZN
7[KYZOUTTGOXK6.7炮GTJ-KTKXGRO`KJ'TÔKZ_*OYUXJKX-'*:NKVKKXXGZOTM
ZUURYOTIR[JK .GSORZUT*KVXKYYOUT8GZOTM9IGRK.'3*.GSORZUT'TÔKZ_8GZOTM9IGRK
.'3'6UYOZO\KGTJ4KMGZO\K9_TJXUSK9IGRK6'499/TY[INGYVKIOGRKT\OXUTSKTZ
GY ZNK OYURGZKJ ]GXJY ]K Y[MMKYZ ZNGZ VGZOKTZY YNU[RJ HK M[OJKJ ZU IUSVRKZK ZNK
W[KYZOUTTGOXKYZNXU[MNZNKOXIKRRVNUTKY:NKJUIZUXYIGTOTZKX\OK]GTJVKXLUXSYIGRK
GYYKYYOTMZNXU[MNLGIKZULGIKUXUTROTKJOYI[YYOUT
/TZKX\KTZOUTGTJZXKGZSKTZHGYKJUTZNKGYYKYYSKTZ
6XOTIOVRKYULOTZKX\KTZOUTGTJZXKGZSKTZ
,UX SORJ VGZOKTZY VY_INURUMOIGR OTZKX\KTZOUT OY Y[MMKYZKJ 6Y_INURUMOIGR

YKRLGJP[YZSKTZ OTIR[JKY HXKGZNOTM XKRG^GZOUT ZXGOTOTM GTJ SOTJL[RTKYY ZXGOTOTM ,UX
SUJKXGZKZUYK\KXKVGZOKTZYOTZKX\KTZOUTGTJZXKGZSKTZH_IUSHOTOTMSKJOIGZOUTGTJ
VY_INUZNKXGV_GXKY[MMKYZKJ4K]GTZOJKVXKYYGTZYGTÔUR_ZOIYGTJHKTÙJOG`KVOTKY
IGT HK VXKYIXOHKJ ZU OSVXU\K ZNK VGZOKTZYɊ SUUJ GTJ YRKKV W[GROZ_ :NK YKIUTJ
MKTKXGZOUTGTZOVY_INUZOIYY[INGYURGT`GVOTKGTJW[KZOGVOTKIGTHK[YKJZUOSVXU\K
VY_INUZOIY_SVZUSYY[INGYORR[YOUTGTJJKR[YOUT
:NKXKIUSSKTJGZOUTULVY_INUZXUVOISKJOIGZOUTYOTKRJKXR_VGZOKTZY
3OJJRKGMKJUXKRJKXR_)5</*VGZOKTZYɊSKJOIGRYOZ[GZOUTYGXKULZKTIUSVROIGZKJH_
VN_YOIGR JOYKGYKY Y[IN GY N_VKXZKTYOUT GTJ JOGHKZKY :NKXKLUXK ]NKT YKRKIZOTM
VY_INUZXUVOISKJOIGZOUTYZNKJX[MOTZKXGIZOUTYGTJZNKOXK灢KIZYUTXKYVOXGZOUTS[YZHK
L[RR_ IUTYOJKXKJ =K XKIUSSKTJ [YOTM IOZGRUVXGS KYIOZGRUVXGS KZI ZU OSVXU\K
JKVXKYYOUT GTJ GTÔKZ_ Y_SVZUSY! HKTÙJOG`KVOTKY Y[IN GY KYZGÙRGS GRVXGÙRGS
KZI ZU OSVXU\K GTÔKZ_ GTJ YRKKV W[GROZ_! URGT`GVOTK W[KZOGVOTK KZI ZU OSVXU\K
VY_INUZOIY_SVZUSY
;95HKDELOLWDWLRQ7KHUDS\IRU&29,'3DWLHQWV
9K\KXK GTJ IXOZOIGRR_ ORR VGZOKTZY Y[灢KX LXUS JO灢KXKTZ JKMXKKY UL J_YL[TIZOUT KYVKIOGRR_
XKYVOXGZUX_ OTY[灥IOKTI_ J_YQOTKYOG GTJ IUMTOZO\K OSVGOXSKTZ J[XOTM HUZN GI[ZK GTJ
XKIU\KX_YZGMKY
8KNGHOROZGZOUTZNKXGV_LUXYK\KXKGTJIXOZOIGRR_ORRVGZOKTZY
:NKMUGRULKGXR_XKNGHOROZGZOUTOTZKX\KTZOUTOYZUXKJ[IKHXKGZNOTMJO灥I[RZOKYXKROK\K
Y_SVZUSYKGYKGTÔKZ_GTJJKVXKYYOUTGTJRU]KXZNKOTIOJKTIKULIUSVROIGZOUTY:NK
VXUIKYY UL KGXR_ XKNGHOROZGZOUT OTZKX\KTZOUT OY XKNGHOROZGZOUT GYYKYYSKTZ ZNKXGV_
XKGYYKYYSKTZ
8KNGHOROZGZOUTGYYKYYSKTZ
(GYKJ UT MKTKXGR IROTOIGR GYYKYYSKTZ KYVKIOGRR_ L[TIZOUTGR K\GR[GZOUT OTIR[JOTM
XKYVOXGZOUTIGXJOGIYZGZ[YSUZOUTGTJ'*2YNU[RJHKKSVNGYO`KJ,UI[YUTXKYVOXGZUX_
XKNGHOROZGZOUT GYYKYYSKTZ ]NOIN OTIR[JKY ZNK K\GR[GZOUT UL ZNUXGIOI GIZO\OZ_
JOGVNXGMSGIZO\OZ_GSVROZ[JKXKYVOXGZUX_VGZZKXTGTJLXKW[KTI_KZI
8KNGHOROZGZOUTZNKXGV_
:NK XKNGHOROZGZOUT ZNKXGV_ UL YK\KXK UX IXOZOIGRR_ ORR )5</* VGZOKTZY SGOTR_ OTIR[JKY
VUYOZOUTSGTGMKSKTZXKYVOXGZUX_ZXGOTOTMGTJVN_YOIGRZNKXGV_
6UYOZOUTSGTGMKSKTZ6UYZ[XGRJXGOTGMKSG_XKJ[IKZNKOT灤[KTIKULYV[Z[SUTZNK
XKYVOXGZUX_ ZXGIZ ]NOIN OY KYVKIOGRR_ OSVUXZGTZ ZU OSVXU\K ZNK VGZOKTZɊY <7 6GZOKTZY
S[YZRKGXTZUZOVZNKSYKR\KYOTZUGVUYOZOUT]NOINGRRU]YMXG\OZ_ZUGYYOYZOTJXGOTOTM
KÎXKZOUTLXUSR[TMRUHKYUXR[TMYKMSKTZY,UXVGZOKTZY[YOTMYKJGZO\KYGTJY[灢KXOTM
LXUS IUTYIOU[YTKYY JOYZ[XHGTIK G YZGTJOTM[V HKJ UX ZNK HKJ NKGJ KRK\GZOUT
uuu SG_ HK GVVROKJ OL ZNK VGZOKTZɊY IUTJOZOUT VKXSOZY 9ZGTJOTM OY ZNK HKYZ
HUJ_ VUYOZOUT LUX HXKGZNOTM OT G XKYZOTM YZGZK ]NOIN IGT K灢KIZO\KR_ OTIXKGYK ZNK
VGZOKTZɊYXKYVOXGZUX_K灥IOKTI_GTJSGOTZGOTR[TM\UR[SK'YRUTMGYZNKVGZOKTZLKKRY
MUUJRKZZNKVGZOKTZZGQKGYZGTJOTMVUYOZOUTGTJMXGJ[GRR_OTIXKGYKZNKZOSKYZGTJOTM
8KYVOXGZUX_K^KXIOYK+^KXIOYKIGTL[RR_K^VGTJZNKR[TMYNKRVZNKKÎXKZOUTYLXUS
V[RSUTGX_ GR\KURO GTJ GOX]G_ K^VKR OTZU ZNK RGXMK GOX]G_ YU ZNGZ YV[Z[S ]U[RJ TUZ
GII[S[RGZKGZZNKHUZZUSULZNKR[TMY/ZOTIXKGYKYZNK\OZGRIGVGIOZ_GTJKTNGTIKYR[TM
L[TIZOUT*KKVYRU]HXKGZNOTMGTJINKYZK^VGTYOUTHXKGZNOTMIUSHOTKJ]OZNYNU[RJKX
K^VGTYOUTGXKZNKZ]USGPUXZKINTOW[KYULXKYVOXGZUX_K^KXIOYKY
˵*KKVYRU]HXKGZNOTM ]NORKOTNGROTMZNKVGZOKTZYNU[RJZX_NOYNKXHKYZZUSU\KZNK
JOGVNXGMSGIZO\KR_:NKHXKGZNOTMYNU[RJHKGYJKKVGTJYRU]GYVUYYOHRKZUG\UOJZNK
XKJ[IZOUT UL XKYVOXGZUX_ K灥IOKTI_ IG[YKJ H_ LGYZYNGRRU] HXKGZNOTM )USVGXKJ ]OZN
ZNUXGIOIHXKGZNOTMZNOYQOTJULHXKGZNOTMTKKJYRKYYS[YIRKYZXKTMZNH[ZNGYHKZZKXZOJGR
\UR[SKGTJ<7\GR[K]NOINIGTHK[YKJZUGJP[YZHXKGZNOTM]NKTK^VKXOKTIOTMYNUXZ
ULHXKGZN
˶)NKYZK^VGTYOUTHXKGZNOTMIUSHOTKJ]OZNYNU[RJKXK^VGTYOUT /TIXKGYKV[RSUTGX_
\KTZORGZOUT=NKTZGQOTMGJKKVYRU]HXKGZNUTKK^VGTJYNOYNKXINKYZGTJYNU[RJKXY
]NORKOTNGROTM!GTJSU\KYHGIQNOYNKXINKYZGTJYNU[RJKXY]NORKK^NGROTM*[KZUZNK
YVKIOGRVGZNURUMOIGRLGIZUXYUL\OXGRVTK[SUTOGY[YVKTJOTMHXKGZNOTMLUXGRUTMZOSK
YNU[RJHKG\UOJKJOTUXJKXTUZZUOTIXKGYKZNKH[XJKTULXKYVOXGZUX_L[TIZOUTGTJZNK
NKGXZ GY ]KRR GY U^_MKT IUTY[SVZOUT 3KGT]NORK G\UOJ SU\OTM ZUU LGYZ 'JP[YZ ZNK
XKYVOXGZUX_XGZKGZZOSKYSOT
'IZO\KI_IRKULHXKGZNOTMZKINTOW[KY/ZIGTK灢KIZO\KR_XKSU\KHXUTIN[YKÎXKZOUT
GTJOSVXU\KR[TML[TIZOUT]OZNU[ZK^GIKXHGZOUTULN_VU^KSOGGTJGOX灤U]UHYZX[IZOUT
/ZIUTYOYZYULZNXKKYZGMKYHXKGZNOTMIUTZXURZNUXGIOIK^VGTYOUTGTJK^NGRGZOUT.U]
ZULUXSGI_IRKULHXKGZNOTMYNU[RJHKJK\KRUVKJGIIUXJOTMZUZNKVGZOKTZɊYIUTJOZOUT
6UYOZO\KK^VOXGZUX_VXKYY[XKZXGOTKX:NKV[RSUTGX_OTZKXYZOZO[SUL)5</*VGZOKTZY
NGY HKKT YK\KXKR_ JGSGMKJ /T SKINGTOIGR \KTZORGZOUT RU] VXKYY[XK GTJ RU] ZOJGR
\UR[SKGXKXKW[OXKJZUG\UOJJGSGMKYZUZNKV[RSUTGX_OTZKXYZOZO[S:NKXKLUXKGLZKX
ZNKXKSU\GRULSKINGTOIGR\KTZORGZOUTVUYOZO\KK^VOXGZUX_VXKYY[XKZXGOTKXIGTHK[YKJ
ZU NKRV ZNK SU\KSKTZ UL KÎXKZOUTY LXUS ZNK RU] \UR[SK R[TM YKMSKTZY ZU ZNK
NOMN\UR[SK YKMSKTZY RU]KXOTM ZNK JO灥I[RZ_ UL K^VKIZUXGZOUT +^VOXGZUX_ VUYOZO\K
VXKYY[XK IGT HK MKTKXGZKJ ZNXU[MN GOX 灤U] \OHXGZOUT ]NOIN \OHXGZKY ZNK GOX]G_ ZU
GINOK\K GOX]G_ Y[VVUXZOTM :NK KÎXKZOUTY IGT ZNKT HK XKSU\KJ GY ZNK NOMNYVKKJ
K^VOXGZUX_灤U]SU\KYZNKKÎXKZOUTY
6N_YOIGR ZNKXGV_ :NOY OTIR[JKY [RZXGYNUXZ ]G\K UYIORRGZUXY K^ZKXTGR JOGVNXGMS
VGIKSGQKXKRKIZXOIGRS[YIRKYZOS[RGZOUTKZI
;9,/XQJ7UDQVSODQWDWLRQLQ3DWLHQWVZLWK&29,'
2[TMZXGTYVRGTZGZOUTOYGTK灢KIZO\KZXKGZSKTZGVVXUGINLUX灣TGRYZGMKINXUTOIR[TMJOYKGYKY
.U]K\KXOZOYXGXKR_XKVUXZKJZNGZR[TMZXGTYVRGTZGZOUTNGYHKKTVKXLUXSKJZUZXKGZOTMGI[ZK
OTLKIZOU[YR[TMJOYKGYKY(GYKJUTI[XXKTZIROTOIGRVXGIZOIKGTJXKY[RZY,'.@;Y[SSGXO`KJ
ZNOY INGVZKX GY G XKLKXKTIK LUX SKJOIGR ]UXQKXY /T MKTKXGR LURRU]OTM ZNK VXOTIOVRKY UL
K^VRUXGZOUTJUOTMZNKHKYZZUYG\KROLKNOMNR_YKRKIZO\KGTJNOMNVXUZKIZOUTOLR[TMRKYOUTY
GXK TUZ YOMTO灣IGTZR_ OSVXU\KJ GLZKX GJKW[GZK GTJ XKGYUTGHRK SKJOIGR ZXKGZSKTZ GTJ ZNK
VGZOKTZ OY OT IXOZOIGR IUTJOZOUT R[TM ZXGTYVRGTZGZOUT IU[RJ HK IUTYOJKXKJ ]OZN UZNKX
K\GR[GZOUTY
6XKZXGTYVRGTZGZOUTGYYKYYSKTZ
'MK /ZOYXKIUSSKTJKJZNGZZNKXKIOVOKTZYGXKTUZURJKXZNGT6GZOKTZYU\KX
_KGXYURJGXKY[HPKIZZUIGXKL[RK\GR[GZOUTULUZNKXUXMGTL[TIZOUTYGTJVUYZUVKXGZO\K
XKIU\KX_IGVGHOROZ_
:NKIU[XYKULZNKJOYKGYK :NKXKOYTUJOXKIZIUXXKRGZOUTHKZ]KKTZNKRKTMZNULZNK
JOYKGYKIU[XYKGTJZNKYK\KXOZ_ULZNKJOYKGYK.U]K\KXLUXVGZOKTZY]OZNYNUXZJOYKGYK
IU[XYKYLK]KXZNGT]KKQYGL[RRSKJOIGRGYYKYYSKTZOYXKIUSSKTJKJZUK\GR[GZK
]NKZNKX GJKW[GZK SKJOIGZOUT \KTZORGZUX GYYOYZGTIK GTJ +)35 Y[VVUXZ NG\K HKKT
VXU\OJKJ
2[TML[TIZOUTYZGZ[Y (GYKJUTZNKVGXGSKZKXYIURRKIZKJLXUSR[TM):\KTZORGZUX
GTJ+)35OZOYTKIKYYGX_ZUK\GR[GZK]NKZNKXZNKXKOYGT_INGTIKULXKIU\KX_
,[TIZOUTGR GYYKYYSKTZ UL UZNKX SGPUX UXMGTY G +\GR[GZOUT UL ZNK IUTYIOU[YTKYY
YZGZ[YULVGZOKTZYOTIXOZOIGRIUTJOZOUT[YOTMHXGOT):YIGTGTJKRKIZXUKTIKVNGRUMXGVN_
OYIX[IOGRGYSUYZULZNKS]U[RJNG\KHKKTYKJGZKJLUXGTK^ZKTJKJVKXOUJ!H)GXJOGI
GYYKYYSKTZY OTIR[JOTM KRKIZXUIGXJOUMXGS GTJ KINUIGXJOUMXGVN_ ZNGZ LUI[Y UT XOMNZ
NKGXZ YO`K V[RSUTGX_ GXZKX_ VXKYY[XK GTJ RKLZ NKGXZ L[TIZOUT GXK NOMNR_
XKIUSSKTJKJ! I :NK RK\KRY UL YKX[S IXKGZOTOTK GTJ HOROX[HOT YNU[RJ GRYU HK
SUTOZUXKJ!LUXVGZOKTZY]OZNRO\KXLGOR[XKGTJXKTGRLGOR[XKZNK_YNU[RJTUZHKY[HPKIZKJ
ZUR[TMZXGTYVRGTZGZOUT[TZORZNKL[TIZOUTYULZNKRO\KXGTJQOJTK_GXKXKIU\KXKJ
:NKT[IRKOIGIOJZKYZUL)5</* :NKVGZOKTZYNU[RJHKZKYZKJTKMGZO\KLUXGZRKGYZ
Z]UIUTYKI[ZO\KT[IRKOIGIOJZKYZY]OZNGZOSKOTZKX\GRRUTMKXZNGTNU[XY-O\KTZNK
OTIXKGYKJ OTIOJKTZY UL )5</* ZKYZ XKY[RZ XKZ[XTOTM LXUS TKMGZO\K ZU VUYOZO\K GLZKX
ZXKGZSKTZ OZ OY XKIUSSKTJKJ ZU XK\OYK ZNK YZGTJGXJ ZU ZNXKK IUTYKI[ZO\K TKMGZO\K
XKY[RZY/JKGRR_TKMGZO\KXKY[RZYYNU[RJHKUHYKX\KJOTGRRHUJ_灤[OJYGSVRKYOTIR[JOTM
HRUUJYV[Z[STGYUVNGX_T^HXUTINUGR\KURGXRG\GMK[XOTKGTJLKIKY)UTYOJKXOTM
ZNKJO灥I[RZ_OTUVKXGZOUTNU]K\KXGZRKGYZZNKZKYZOTMULYV[Z[SGTJHXUTINUGR\KURGX
RG\GMKYGSVRKYYNU[RJHKTKMGZO\K
'YYKYYSKTZ UL OTLKIZOUT YZGZ[Y =OZN ZNK K^ZKTJKJ OTVGZOKTZ ZXKGZSKTZ YUSK
)5</* VGZOKTZY SG_ NG\K S[RZOVRK HGIZKXOGR OTLKIZOUTY GTJ ZN[Y G L[RR SKJOIGR
GYYKYYSKTZOYXKIUSSKTJKJZUK\GR[GZKZNKYOZ[GZOUTULOTLKIZOUTIUTZXURKYVKIOGRR_
LUX S[RZOJX[MXKYOYZGTZ HGIZKXOGR OTLKIZOUT 3UXKU\KX VUYZVXUIKJ[XK GTZOHGIZKXOGR
ZXKGZSKTZVRGTYYNU[RJHKLUXSKJZUKYZOSGZKZNKXOYQULVUYZVXUIKJ[XKOTLKIZOUTY
:NKVXKUVKXGZO\KSKJOIGRGYYKYYSKTZVXUIKYYLUXR[TMZXGTYVRGTZGZOUTOT)5</*
VGZOKTZY GZXKGZSKTZVRGTVXUVUYKJH_ZNK/);ZKGS˅S[RZOJOYIOVROTGX_JOYI[YYOUT˅
IUSVXKNKTYO\K SKJOIGR K\GR[GZOUT ˅ GTGR_YOY GTJ ZXKGZSKTZ UL XKRGZO\K
IUTZXGOTJOIGZOUTY˅VXKNGHOROZGZOUTHKLUXKR[TMZXGTYVRGTZGZOUT
)UTZXGOTJOIGZOUTY
6RKGYK XKLKX ZU :NK /9.2: )UTYKTY[Y ' IUTYKTY[Y JUI[SKTZ LUX ZNK YKRKIZOUT UL
R[TMZXGTYVRGTZGZOUTIGTJOJGZKYOYY[KJH_ZNK/TZKXTGZOUTGR9UIOKZ_LUX.KGXZGTJ2[TM
:XGTYVRGTZGZOUT[VJGZKJOT
;9,,'LVFKDUJH6WDQGDUGVDQG)ROORZXS3ODQIRU&29,'3DWLHQWV
*OYINGXMKYZGTJGXJY
(UJ_ZKSVKXGZ[XKXKSGOTYTUXSGRLUXGZRKGYZJG_YKGXZKSVKXGZ[XKOYRU]KXZNGTʟ!
8KYVOXGZUX_Y_SVZUSYGXKYOMTO灣IGTZR_OSVXU\KJ!
:NKT[IRKOIGIOJOYZKYZKJTKMGZO\KLUXXKYVOXGZUX_ZXGIZVGZNUMKTZ]OIKIUTYKI[ZO\KR_YGSVROTM
OTZKX\GRSUXKZNGTNU[XY!ZNKT[IRKOIGIOJZKYZULYZUURYGSVRKYIGTHKVKXLUXSKJGZZNKYGSKZOSK
OLVUYYOHRK!
2[TMOSGMOTMYNU]YUH\OU[YOSVXU\KSKTZOTRKYOUTY!
:NKXKOYTUIUSUXHOJOZOKYUXIUSVROIGZOUTY]NOINXKW[OXKNUYVOZGRO`GZOUT!
9V5 $]OZNU[ZGYYOYZKJU^_MKTOTNGRGZOUT!
*OYINGXMKGVVXU\KJH_S[RZOJOYIOVROTGX_SKJOIGRZKGS
3KJOIGZOUTGLZKXJOYINGXMK
-KTKXGRR_GTZO\OXGRJX[MYGXKTUZTKIKYYGX_GLZKXJOYINGXMK:XKGZSKTZYLUXY_SVZUSY
IGT HK GVVROKJ OL VGZOKTZY NG\K SORJ IU[MN VUUX GVVKZOZK ZNOIQ ZUTM[K IUGZOTM KZI
'TZO\OXGRJX[MYIGTHK[YKJGLZKXJOYINGXMKLUXVGZOKTZY]OZNS[RZOVRKR[TMRKYOUTYOTZNK
灣XYZJG_YGLZKXZNKOXT[IRKOIGIOJGXKZKYZKJTKMGZO\K
.USKOYURGZOUT
6GZOKTZY S[YZ IUTZOT[K Z]U ]KKQY UL OYURGZOUT GLZKX JOYINGXMK 8KIUSSKTJKJ NUSK
OYURGZOUTIUTJOZOUTYGXK
˵/TJKVKTJKTZRO\OTMGXKG]OZNLXKW[KTZ\KTZORGZOUTGTJJOYOTLKIZOUT!
˶'\UOJIUTZGIZOTM]OZNOTLGTZYZNKKRJKXR_GTJVKUVRK]OZN]KGQOSS[TKL[TIZOUTYGZ
NUSK!
˷6GZOKTZYGTJZNKOXLGSOR_SKSHKXYS[YZ]KGXSGYQYGTJ]GYNNGTJYLXKW[KTZR_!
˸(UJ_ZKSVKXGZ[XKGXKZGQKTZ]OIKGJG_OTZNKSUXTOTMGTJK\KTOTMGTJVG_IRUYK
GZZKTZOUTZUGT_INGTMKYOTZNKVGZOKTZɊYIUTJOZOUT
,URRU][V
'YVKIOGRO`KJJUIZUXYNU[RJHKGXXGTMKJLUXKGINJOYINGXMKJVGZOKTZɊYLURRU][VY:NK
灣XYZ LURRU][V IGRR YNU[RJ HK SGJK ]OZNOT NU[XY GLZKX JOYINGXMK :NK U[ZVGZOKTZ
LURRU][V ]ORR HK IGXXOKJ U[Z ]KKQ ]KKQY GTJ SUTZN GLZKX JOYINGXMK
+^GSOTGZOUTYOTIR[JKRO\KXGTJQOJTK_L[TIZOUTYHRUUJZKYZT[IRKOIGIOJZKYZULYV[Z[S
GTJ YZUUR YGSVRKY GTJ V[RSUTGX_ L[TIZOUT ZKYZ UX R[TM ): YIGT YNU[RJ HK XK\OK]KJ
GIIUXJOTM ZU ZNK VGZOKTZɊY IUTJOZOUT ,URRU][V VNUTK IGRRY YNU[RJ HK SGJK GTJ
SUTZNYGLZKXJOYINGXMK
3GTGMKSKTZULVGZOKTZYZKYZKJVUYOZO\KGMGOTGLZKXJOYINGXMK
9ZXOIZ JOYINGXMK YZGTJGXJY NG\K HKKT OSVRKSKTZKJ OT U[X NUYVOZGR :NKXK OY TU
JOYINGXMKJ IGYK OT U[X NUYVOZGR ]NUYK YV[Z[S GTJ YZUUR YGSVRKY GXK ZKYZKJ VUYOZO\K
GMGOT OT U[X LURRU][VY .U]K\KX ZNKXK GXK YUSK XKVUXZKJ IGYKY ZNGZ VGZOKTZY GXK
ZKYZKJ VUYOZO\K GMGOT GLZKX HKOTM JOYINGXMKJ HGYKJ UT ZNK YZGTJGXJY UL TGZOUTGR
M[OJKROTKY TKMGZO\K XKY[RZY LXUS GZ RKGYZ IUTYKI[ZO\K ZNXUGZ Y]GHY IURRKIZKJ GZ GT
OTZKX\GR UL NU[XY! HUJ_ ZKSVKXGZ[XK XKSGOTOTM TUXSGR LUX JG_Y Y_SVZUSY
YOMTO灣IGTZR_OSVXU\KJ!UH\OU[YGHYUXVZOUTULOT灤GSSGZOUTUTR[TMOSGMKY/ZOYSGOTR_
J[KZUYGSVRKIURRKIZOUTKXXUXYGTJLGRYKTKMGZO\KZKYZOTMXKY[RZY,UXZNKYKVGZOKTZYZNK
LURRU]OTMYZXGZKMOKYGXKXKIUSSKTJKJ
/YURGZOUTGIIUXJOTMZUZNKYZGTJGXJYLUX)5</*VGZOKTZY
)UTZOT[OTM ZU VXU\OJK GTZO\OXGR ZXKGZSKTZ ]NOIN NGY HKKT VXU\KJ ZU HK K灢KIZO\K
J[XOTMVXOUXNUYVOZGRO`GZOUT
*OYINGXMKUTR_]NKTOSVXU\KSKTZOYUHYKX\KJUTR[TMOSGMOTMGTJZNKYV[Z[SGTJ
YZUURGXKZKYZKJTKMGZO\KLUXIUTYKI[ZO\KZOSKY]OZNGTOTZKX\GRULNU[XY
.USK OYURGZOUT GTJ LURRU][V \OYOZY GLZKX JOYINGXMK OT GIIUXJGTIK ]OZN ZNK
XKW[OXKSKTZYSKTZOUTKJGHU\K
3DUW7KUHH1XUVLQJ
,1XUVLQJ&DUHIRU3DWLHQWV5HFHLYLQJ+LJK)ORZ1DVDO
&DQQXOD+)1&2[\JHQ7KHUDS\
$VVHVVLQJ
6XU\OJKJKZGORKJOTLUXSGZOUTULZNK.,4)U^_MKTZNKXGV_ZUMKZZNKVGZOKTZɊYIUUVKXGZOUT
HKLUXKOSVRKSKTZGZOUT;YKRU]JUYKYKJGZO\K]OZNIRUYKSUTOZUXOTMOLTKIKYYGX_)NUUYKG
VXUVKXTGYGRIGZNKZKXHGYKJUTZNKJOGSKZKXULZNKVGZOKTZ YTGYGRIG\OZ_'JP[YZZNKNKGJ
YZXGVZOMNZTKYYGTJ[YKJKIUSVXKYYOUTVRGYZKXZUVXK\KTZJK\OIKXKRGZKJVXKYY[XKOTP[XOKY
UTZNKLGIOGRYQOT3GOTZGOTZNK]GZKXRK\KROTZNKN[SOJO灣KXINGSHKX:OZXGZKZNK灤U]XGZK
ZNK LXGIZOUT UL OTYVOXKJ U^_MKT ,O5 GTJ ZNK ]GZKX ZKSVKXGZ[XK HGYKJ UT ZNK VGZOKTZɊY
XKYVOXGZUX_JKSGTJYGTJZURKXGTIK
0RQLWRULQJ
8KVUXZZUZNKGZZKTJOTMVN_YOIOGTZUYKKQSKJOIGRJKIOYOUTULXKVRGIOTM.,4)H_SKINGTO
IGR\KTZORGZOUTOLGT_ULZNKLURRU]OTMYUII[X NKSUJ_TGSOIOTYZGHOROZ_XKYVOXGZUX_JOYZXKYY
K\OJKTIKJ H_ UH\OU[Y IUTZXGIZOUT UL GIIKYYUX_ S[YIRKY N_VU^KSOG VKXYOYZY JKYVOZK
U^_MKT ZNKXGV_ JKZKXOUXGZOUT UL IUTYIOU[YTKYY ZNK XKYVOXGZUX_ XGZK $ HXKGZNY VKX
SOT[ZKIUTZOT[U[YR_YOMTO灣IGTZGSU[TZULYV[Z[S
7UHDWPHQWRI6HFUHWLRQV
6GZOKTZYɊ JXUUR YTUZ GTJ YV[Z[S YNU[RJ HK ]OVKJ ]OZN ZOYY[K VGVKX HK JOYVUYKJ OT G
YKGRKJ IUTZGOTKX ]OZN INRUXOTKIUTZGOTOTM JOYOTLKIZGTZ SM2 'RZKXTGZO\KR_
YKIXKZOUTYIGTHKXKSU\KJH_UXGRS[I[YK^ZXGIZUXUXY[IZOUTOTMZ[HKGTJHKJOYVUYKJOT
GYV[Z[SIURRKIZUX]OZNINRUXOTKIUTZGOTOTMJOYOTLKIZGTZSM2
,,1XUVLQJ&DUHIRU3DWLHQWVZLWK0HFKDQLFDO9HQWLODWLRQ
,QWXEDWLRQ3URFHGXUHV
:NKT[SHKXULZNKSKJOIGRYZG灢YNU[RJHKROSOZKJZUZNKSOTOS[ST[SHKXZNGZIGTKTY[XK
ZNK VGZOKTZɊY YGLKZ_ =KGX VU]KXKJ GOXV[XOL_OTM XKYVOXGZUX GY 66+ (KLUXK OTZ[HGZOUT
VKXLUXS GJSOTOYZXGZOUT UL Y[灥IOKTZ GTGRMKYOG GTJ YKJGZO\K GTJ [YK S[YIRK XKRG^GTZ OL
TKIKYYGX_ )RUYKR_ SUTOZUX ZNK NKSUJ_TGSOI XKYVUTYK J[XOTM OTZ[HGZOUT 8KJ[IK
SU\KSKTZULYZG灢OTZNK]GXJIUTZOT[U[YV[XOL_GTJJOYOTLKIZZNKXUUS]OZNVRGYSGGOX
V[XO灣IGZOUTZKINTURUM_LUXSOTGLZKXIUSVRKZOUTULOTZ[HGZOUT

$QDOJHVLD6HGDWLRQDQG'HOLULXP0DQDJHPHQW
*KZKXSOTKZNKZGXMKZVGOTSGTGMKSKTZMUGRK\KX_JG_'YYKYYVGOT]OZNK\KX_NU[XY
)XOZOIGR)GXK 6GOT 5HYKX\GZOUT :UUR )65: SKGY[XK YKJGZOUT ]OZN K\KX_ NU[XY
8'99(/99 :OZXGZK ZNK OTL[YOUT XGZK UL GTGRMKYOIY GTJ YKJGZO\KY ZU GINOK\K VGOT
SGTGMKSKTZMUGRY,UXZNKQTU]TVGOTL[RVXUIKJ[XKYVXKKSVZO\KGTGRMKYOGOYGJSOT
OYZKXKJ6KXLUXS)'3/);JKROXO[SYIXKKTOTMOTK\KX_YNOLZZUKTY[XKGTKGXR_JOGMTUYOY
UL )5</* VGZOKTZY 'VVR_ IKTZXGRO`GZOUT YZXGZKM_ LUX JKROXO[S VXK\KTZOUT OTIR[JOTM
VGOTXKROKLYKJGZOUTIUSS[TOIGZOUTW[GROZ_YRKKVGTJKGXR_SUHORO`GZOUTGXK[YKJ
3UHYHQWLRQRI9HQWLODWRU$VVRFLDWHG3QHXPRQLD9$3
:NK\KTZORGZUXH[TJRKOY[YKJZUXKJ[IK<'6]NOINOTIR[JKYNGTJ]GYNOTM!XGOYOTMZNKZORZ
GTMRKULZNKVGZOKTZ YHKJH_uOLTUIUTZXGJOIZOUTOYVXKYKTZKJ!UXGRIGXKK\KX_ZU
NU[XYH_[YOTMGJOYVUYGHRKUXGRS[I[YK^ZXGIZUX!SGOTZGOTKTJUZXGINKGRZ[HK+::
I[灢 VXKYY[XK GZ IS.5 K\KX_ NU[XY! KTZKXGR T[ZXOZOUT Y[VVUXZ GTJ SUTOZUX
MGYZXOI XKYOJ[GR \UR[SK K\KX_ NU[XY! K\GR[GZOTM JGOR_ LUX \KTZORGZUX XKSU\GR! [YOTM
]GYNGHRK ZXGINKGR Z[HKY LUX IUTZOT[U[Y Y[HMRUZZOI Y[IZOUTOTM IUSHOTKJ ]OZN S2
Y_XOTMKY[IZOUTOTMK\KX_ZUNU[XYGTJGJP[YZOTMZNKY[IZOUTOTMLXKW[KTI_GIIUXJOTM
ZU ZNK GIZ[GR GSU[TZ UL YKIXKZOUTY *OYVUYK XKZKTZGZK HKRU] ZNK MRUZZOY ZNK Y_XOTMK
IUTZGOTOTM ZNK Y[HMRUZZOI YKIXKZOUTY OY OSSKJOGZKR_ [YKJ ZU GYVOXGZK GT GVVXUVXOGZK
GSU[TZ UL INRUXOTKIUTZGOTOTM JOYOTLKIZGTZ SM2 ZNKT HK XKIGVVKJ GTJ
JOYVUYKJULOTGYNGXVIUTZGOTKX
6SXWXP6XFWLRQ
;YKGIRUYKJYV[Z[SY[IZOUTY_YZKSOTIR[JOTMIRUYKJY[IZOUTIGZNKZKXGTJIRUYKJ
JOYVUYGHRKIURRKIZOUTHGMZUXKJ[IKZNKLUXSGZOUTULGKXUYURGTJJXUVRKZY
)URRKIZOUT UL YV[Z[S YVKIOSKT [YK G IRUYKJ Y[IZOUT IGZNKZKX GTJ G SGZINOTM
IURRKIZOUTHGMZUXKJ[IKK^VUY[XKZUJXUVRKZY
'LVSRVDORI&RQGHQVDWLRQIURP9HQWLODWRUV
;YKJOYVUYGHRK\KTZORGZUXZ[HOTM]OZNJ[GRRUUVNKGZOTM]OXKGTJG[ZUSGZOIN[SOJO灣KX
ZU XKJ[IK ZNK LUXSGZOUT UL IUTJKTYGZOUT :]U T[XYKY YNU[RJ IUUVKXGZK ZU J[SV ZNK
IUTJKTYGZOUT VXUSVZR_ OTZU G IGVVKJ IUTZGOTKX ]OZN INRUXOTKIUTZGOTOTM JOYOTLKIZGTZ
SM2:NKIUTZGOTKXIGTZNKTHKJOXKIZR_V[ZOTG]GYNOTMSGINOTK]NOINIGTHK
NKGZKJ[VZUu)LUXG[ZUSGZOIIRKGTOTMGTJJOYOTLKIZOUT
1XUVLQJ&DUHIRUWKH3URQH3RVLWLRQ9HQWLODWLRQ339
(KLUXKINGTMOTMZNKVUYOZOUTYKI[XKZNKVUYOZOUTULZ[HOTMGTJINKIQGRRZNKPUOTZYZU
XKJ[IKZNKXOYQULJOYIUTTKIZOUT)NGTMKZNKVGZOKTZɊYVUYOZOUTK\KX_NU[XY
,,,'DLO\0DQDJHPHQWDQG0RQLWRULQJRI(&02([WUD&RUSRUHDO
0HPEUDQH2[\JHQDWLRQ
(&02 HTXLSPHQW VKRXOG EH PDQDJHG E\ (&02 SHUIXVLRQLVWV DQG WKH IROORZLQJ LWHPV
VKRXOGEHFKHFNHGDQGUHFRUGHGHYHU\KRXU6[SV灤U]XGZKXUZGZOUTYVKKJ!HRUUJ灤U]!
U^_MKT 灤U]! U^_MKT IUTIKTZXGZOUT! KTY[XOTM ZNGZ ZNK ZKSVKXGZ[XK IUTZXURRKX OY 灤U]OTM!
ZKSVKXGZ[XKYKZZOTMGTJGIZ[GRZKSVKXGZ[XK!VXK\KTZOTMIRUZYOTIOXI[OZ!TUVXKYY[XKZUZNK
IGTT[RGKGTJZNKIOXI[OZZ[HOTMOYTUZQOTQKJUXTUɍYNGQOTMɎUL+)35Z[HKY!VGZOKTZ Y
[XOTKIURUX]OZNYVKIOGRGZZKTZOUTZUXKJUXJGXQHXU]T[XOTK!VXKVUYZSKSHXGTKVXKYY[XK
GYXKW[OXKJH_ZNKJUIZUX
7KH IROORZLQJ LWHPV GXULQJ HYHU\ VKLIW VKRXOG EH PRQLWRUHG DQG UHFRUGHG )NKIQ ZNK
JKVZNGTJ灣^GZOUTULIGTT[RGZUKTY[XKZNGZZNK+)35IOXI[OZOTZKXLGIKYGXK灣XSZNK]GZKX
RK\KRROTKULZNKZKSVKXGZ[XKIUTZXURRKXZNKVU]KXY[VVR_ULZNKSGINOTKGTJZNKIUTTKI
ZOUTULZNKU^_MKTZNKIGTT[RGYOZKLUXGT_HRKKJOTMGTJY]KRROTM!SKGY[XKRKMIOXI[SLKX
KTIKGTJUHYKX\K]NKZNKXZNKRU]KXROSHUTZNKUVKXGZOUTYOJKOYY]URRKT!UHYKX\KRU]KX
ROSHYY[INGYJUXYGROYVKJOYGXZKX_V[RYKYQOTZKSVKXGZ[XKIURUXKZI
'DLO\PRQLWRULQJ6UYZSKSHXGTKHRUUJMGYGTGR_YOY
$QWLFRDJXODWLRQPDQDJHPHQW:NKHGYOIMUGRUL+)35GTZOIUGM[RGZOUTSGTGMKSKTZOY
ZU GINOK\K G SUJKXGZK GTZOIUGM[RGZOUT K灢KIZ ]NOIN KTY[XKY ZNGZ IKXZGOT IUGM[RGZOUT
GIZO\OZ_ [TJKX ZNK VXKSOYK UL G\UOJOTM KÎKYYO\K GIZO\GZOUT UL IUGM[RGZOUT :NGZ OY ZU
SGOTZGOTZNKHGRGTIKGSUTMGTZOIUGM[RGZOUTIUGM[RGZOUTGTJ灣HXOTUR_YOY:NKVGZOKTZY
YNU[RJ HK OTPKIZKJ ]OZN NKVGXOT YUJO[S /;QM GZ ZNK ZOSK UL OTZ[HGZOUT GTJ
SGOTZGOTKJ ]OZN NKVGXOT YUJO[S /;QMN J[XOTM ZNK V[SV 灤U] VKXOUJ :NK
JUYGMKULNKVGXOTYUJO[SYNU[RJHKGJP[YZKJGIIUXJOTMZU'6::XKY[RZY]NOINYNU[RJHK
NKRJ HKZ]KKT YKIUTJY *[XOTM ZNK GTZOIUGM[RGZOUT VKXOUJ ZNK T[SHKX UL YQOT
V[TIZ[XKYYNU[RJHKXKJ[IKJGYRKYYGYVUYYOHRK5VKXGZOUTYYNU[RJHKZGQKTMKTZR_:NK
YZGZ[YULHRKKJOTMYNU[RJHKUHYKX\KJIGXKL[RR_
/SVRKSKTZ ZNK [RZXGVXUZKIZO\K R[TM \KTZORGZOUT YZXGZKM_ ZU G\UOJ UX XKJ[IK ZNK
UII[XXKTIK UL \KTZORGZUXXKRGZKJ R[TM OTP[X_ /Z OY XKIUSSKTJKJ ZNGZ ZNK OTOZOGR ZOJGR
\UR[SKOY"S2QMGTJZNKOTZKTYOZ_ULYVUTZGTKU[YHXKGZNOTMOYXKZGOTKJHXKGZNOTM
LXKW[KTI_YNU[RJHKHKZ]KKTZOSKYSOT
)RUYKR_UHYKX\KZNK\OZGRYOMTYULVGZOKTZYSGOTZGOT3'6HKZ]KKTSS.M
)<6"SS.M9V5$GTJSUTOZUXZNKYZGZ[YUL[XOTK\UR[SKGTJHRUUJKRKIZXUR_ZKY
:XGTYL[YKZNXU[MNZNKVUYZSKSHXGTKG\UOJOTMOTL[YOUTULLGZKS[RYOUTGTJVXUVULUR
'IIUXJOTMZUZNKSUTOZUXOTMXKIUXJYK\GR[GZKZNK+)35U^_MKTGZUXL[TIZOUTJ[XOTM
K\KX_YNOLZ
,91XUVLQJ&DUHRI$/66$UWLŀFLDO/LYHU6XSSRUW6\VWHP
'299T[XYOTMIGXKOYSGOTR_JO\OJKJOTZUZ]UJO灢KXKTZVKXOUJY T[XYOTMIGXKJ[XOTMZXKGZSKTZGTJ
OTZKXSOZZKTZIGXK4[XYOTMYZG灢YNU[RJIRUYKR_UHYKX\KZNKIUTJOZOUTYULVGZOKTZYYZGTJGXJO`KZNK
UVKXGZOTMVXUIKJ[XKYLUI[YUTQK_VUOTZYGTJJKGR]OZNIUSVROIGZOUTYZOSKR_OTUXJKXZUY[IIKYY
L[RR_IUSVRKZK'299ZXKGZSKTZ
1XUVLQJ&DUHGXULQJ7UHDWPHQW
/ZXKLKXYZUT[XYOTMJ[XOTMKGINYZGMKUL'299ZXKGZSKTZ:NKU\KXGRRUVKXGZOUTVXUIKYYIGTHK
Y[SSGXO`KJ GY LURRU]Y UVKXGZUXɊY U]T VXKVGXGZOUT VGZOKTZ K\GR[GZOUT OTYZGRRGZOUT
VXK灤[YNOTMX[TTOTMVGXGSKZKXGJP[YZSKTZ]KGTOTMGTJXKIUXJOTM:NKLURRU]OTMGXKZNK
QK_VUOTZYULT[XYOTMIGXKJ[XOTMKGINYZGMK
5VKXGZUX YU]TVXKVGXGZOUT
,[RR_GJNKXKZU2K\KRʯUXK\KTSUXKYZXOIZVXUZKIZO\KSKGY[XKY
6GZOKTZGYYKYYSKTZ
'YYKYYZNKVGZOKTZ YHGYOIIUTJOZOUTYKYVKIOGRR_GRRKXM_NOYZUX_HRUUJMR[IUYKIUGM[RGZOUT
L[TIZOUTU^_MKTZNKXGV_YKJGZOUTLUXYUHKXVGZOKTZYVG_GZZKTZOUTZUZNKOXVY_INURUMOIGR
YZGZKGTJIGZNKZKXL[TIZOUTYZGZ[Y
/TYZGRRGZOUTGTJVXK灤[YNOTM
;YKIUTY[SGHRKY]OZNIRUYKJRUUVSGTGMKSKTZ]NORKG\UOJOTMZNKK^VUY[XKZUVGZOKTZ Y
HRUUJGTJHUJ_灤[OJY:NKIUXXKYVUTJOTMOTYZX[SKTZYVOVKROTKYGTJUZNKXIUTY[SGHRKY
YNU[RJ HK YKRKIZKJ GIIUXJOTM ZU ZNK VRGTTKJ ZXKGZSKTZ SUJK 'RR HGYOI L[TIZOUTY GTJ
INGXGIZKXOYZOIYULZNKIUTY[SGHRKYYNU[RJHKLGSOROGXO`KJ
8[TTOTM
/Z OY XKIUSSKTJKJ ZNGZ ZNK OTOZOGR HRUUJ JXG] YVKKJ OY ˪ S2SOT ZU G\UOJ RU] HRUUJ
VXKYY[XK]NOINSOMNZHKIG[YKJH_NOMNYVKKJ<OZGRYOMTYYNU[RJHKSUTOZUXKJGY]KRR
6GXGSKZKX'JP[YZSKTZ
=NKTZNKVGZOKTZ YK^ZXGIUXVUXKGRIOXI[RGZOUTOYYZGHRKGRRZXKGZSKTZVGXGSKZKXYGTJGRGXS
VGXGSKZKXYYNU[RJHKGJP[YZKJGIIUXJOTMZUZNKZXKGZSKTZSUJK'Y[灥IOKTZGSU[TZUL
GTZOIUGM[RGTZOYXKIUSSKTJKJOTZNKKGXR_YZGMKGTJZNKGTZOIUGM[RGTZJUYKYNU[RJHK
GJP[YZKJJ[XOTMZNKSGOTZKTGTIKVKXOUJGIIUXJOTMZUJO灢KXKTZZXKGZSKTZVXKYY[XK
=KGTOTM
'JUVZROW[OJMXG\OZ_IUSHOTKJXKIU\KX_SKZNUJ!ZNKXKIU\KX_YVKKJ˪S2SOT!GLZKX
]KGTOTM SKJOIGR ]GYZK YNU[RJ HK ZXKGZKJ OT GIIUXJGTIK ZU ZNK 9'89)U\ OTLKIZOUT
VXK\KTZOUTGTJIUTZXURXKW[OXKSKTZYGTJZNKZXKGZSKTZXUUSGTJOTYZX[SKTZYYNU[RJHK
IRKGTKJGTJJOYOTLKIZKJGY]KRR
8KIUXJOTM
3GQKGII[XGZKXKIUXJYULZNKVGZOKTZ Y\OZGRYOMTYSKJOIGZOUTGTJZXKGZSKTZVGXGSKZKXYLUX
'299GTJZGQKTUZKYUTYVKIOGRIUTJOZOUTY
,QWHUPLWWHQW&DUH
5HYKX\GZOUTGTJZXKGZSKTZULJKRG_KJIUSVROIGZOUTY
'RRKXMOIXKGIZOUTYOSHGRGTIKY_TJXUSKYKZI!
'299/TZ[HGZOUT)GXK
3KJOIGRYZG灢J[XOTMKGINYNOLZYNU[RJUHYKX\KZNKVGZOKTZ YIUTJOZOUTYGTJSGQKXKIUXJY!
VXK\KTZIGZNKZKXXKRGZKJZNXUSHUYOY!IGXX_U[ZVXULKYYOUTGRSGOTZKTGTIKULZNKIGZNKZKX
K\KX_NU[XY!
'299/TZ[HGZOUTGTJ+^Z[HGZOUT)GXK
<GYI[RGX[RZXGYUTUMXGVN_YNU[RJHKVKXLUXSKJHKLUXKK^Z[HGZOUT'LZKXK^Z[HGZOUTZNK
RU]KXROSH]OZNZNKOTZ[HGZOUTYOJKULVGZOKTZYYNU[RJTUZHKSU\KJOTNU[XYGTJZNK
VGZOKTZYNU[RJXKYZOTHKJLUXNU[XY'LZKXK^Z[HGZOUTZNKY[XLGIKULZNK]U[RJZUHK
UHYKX\KJ
9&RQWLQXRXV5HQDO5HSODFHPHQW7UHDWPHQW&557&DUH
3UHSDUDWLRQEHIRUH&557
6XKVGXGZOUTLUXVGZOKTZ KYZGHROYNK灢KIZO\K\GYI[RGXGIIKYY-KTKXGRR_IKTZXGR\KOTIGZNKZKXO`GZOUT
OYVKXLUXSKJLUX)88:]OZNZNKOTZKXTGRP[M[RGX\KOTVXKLKXXKJ')88:JK\OIKIGTHKOTZKMXGZKJ
OTZUZNK+)35IOXI[OZOLZNKZ]UGXKGVVROKJGZZNKYGSKZOSK6XKVGXKKW[OVSKTZIUTY[SGHRKY
GTJ[RZXG灣RZXGZOUTSKJOIGZOUTHKLUXK)88:
,QWUHDWPHQW&DUH
<GYI[RGX'IIKYY)GXK
6KXLUXSVXULKYYOUTGRIGZNKZKXIGXKK\KX_NU[XYLUXVGZOKTZY]OZNIKTZXGR\KTU[YIGZNKZKXO`G
ZOUTZUVXUVKXR_灣^GIIKYYZUG\UOJJOYZUXZOUTGTJIUSVXKYYOUT=NKT)88:OYOTZKMXGZKJOTZU
+)35 ZXKGZSKTZ ZNK YKW[KTIK GTJ ZNK ZOMNZTKYY UL ZNK IGZNKZKX IUTTKIZOUT YNU[RJ HK
IUT灣XSKJH_Z]UT[XYKY(UZNZNKU[Z灤U]GTJZNKOT灤U])88:ROTKYGXKY[MMKYZKJZUHK
IUTTKIZKJHKNOTJZNKU^_MKTGZUX
)RUYKR_ SUTOZUX IUTYIOU[YTKYY GTJ ZNK \OZGR YOMTY UL VGZOKTZY! GII[XGZKR_ IGRI[RGZK ZNK
灤[OJOT灤U]GTJU[Z灤U])RUYKR_UHYKX\KHRUUJIRUZZOTM]OZNOTZNKIGXJOUV[RSUTGX_H_VGYY
IOXI[OZXKYVUTJK灢KIZO\KR_ZUGT_GRGXSYGTJKTY[XKZNGZZNKSGINOTKOYUVKXGZOTMVXUVKXR_
'YYKYYZNKKRKIZXUR_ZKGTJGIOJHGYKHGRGTIKOTZNKOTZKXTGRKT\OXUTSKTZZNXU[MNHRUUJMGY
GTGR_YOY K\KX_ NU[XY :NK XKVRGIKSKTZ ROW[OJ YNU[RJ HK VXKVGXKJ LXKYNR_ GTJ RGHKRKJ
IRKGXR_[TJKXYZXOIZYZKXORKIUTJOZOUTY
3RVWRSHUDWLYH&DUH
3UTOZUXHRUUJXU[ZOTKRO\KXGTJQOJTK_L[TIZOUTGTJIUGM[RGZOUTL[TIZOUT
=OVKZNK)88:SGINOTKK\KX_NU[XYOLIUTZOT[U[YZXKGZSKTZOYGVVROKJ)UTY[SGHRKY
GTJ ]GYZKJ ROW[OJ YNU[RJ HK JOYVUYKJ OT GIIUXJGTIK ]OZN NUYVOZGR XKW[OXKSKTZY ZU G\UOJ
TUYUIUSOGROTLKIZOUT
9,*HQHUDO&DUH
0RQLWRULQJ
6GZOKTZ\OZGRYOMTYYNU[RJHKIUTZOT[U[YR_SUTOZUXKJKYVKIOGRR_INGTMKYOTIUTYIOU[YTKYY
XKYVOXGZOUT XGZK GTJ ZNK U^_MKT YGZ[XGZOUT 5HYKX\K Y_SVZUSY Y[IN GY IU[MN YV[Z[S
INKYZZOMNZTKYYJ_YVTKGGTJI_GTUYOY3UTOZUXGXZKXOGRHRUUJMGYGTR_YOYIRUYKR_:OSKR_
XKIUMTOZOUTULGT_JKZKXOUXGZOUTZUGJP[YZYZXGZKMOKYULU^_MKTZNKXGV_UXZUZGQK[XMKTZ
XKYVUTYKSKGY[XKY6G_GZZKTZOUTZU\KTZORGZUXGYYUIOGZKJR[TMOTP[X_<'2/]NKT[TJKX
NOMNVUYOZO\KKTJK^VOXGZUX_VXKYY[XK6++6GTJNOMNVXKYY[XKY[VVUXZ)RUYKR_SUTOZUX
INGTMKYOTGOX]G_VXKYY[XKZOJGR\UR[SKGTJXKYVOXGZUX_XGZK
$VSLUDWLRQ3UHYHQWLRQ
-GYZXOI XKZKTZOUT SUTOZUX VKXLUXS IUTZOT[U[Y VUYZV_RUXOI LKKJOTM ]OZN G T[ZXOZOUT
V[SVZUXKJ[IKMGYZXUKYUVNGMKGRXK灤[^+\GR[GZKMGYZXOISUZOROZ_GTJMGYZXOIXKZKTZOUT
]OZN[RZXGYU[TJOLVUYYOHRK6GZOKTZ]OZNTUXSGRMGYZXOIKSVZ_OTMGXKTUZXKIUSSKTJKJLUX
XU[ZOTKGYYKYYSKTZ!
+\GR[GZKMGYZXOIXKZKTZOUTK\KX_NU[XY8KOTL[YKZNKGYVOXGZKOLZNKMGYZXOIXKYOJ[GR
\UR[SKOY"S2!UZNKX]OYKXKVUXZZUZNKGZZKTJOTMVN_YOIOGT!
'YVOXGZOUTVXK\KTZOUTJ[XOTMVGZOKTZZXGTYVUXZGZOUT HKLUXKZXGTYVUXZGZOUTYZUVTGYGR
LKKJOTMGYVOXGZKZNKMGYZXOIXKYOJ[KYGTJIUTTKIZZNKMGYZXOIZ[HKZUGTKMGZO\KVXKYY[XK
HGM*[XOTMZXGTYVUXZGZOUTXGOYKZNKVGZOKTZɊYNKGJ[VZUu!
'YVOXGZOUT VXK\KTZOUT J[XOTM .,4) )NKIQ ZNK N[SOJO灣KX K\KX_ NU[XY ZU G\UOJ
KÎKYYO\K UX OTY[灥IOKTZ N[SOJO灣IGZOUT 8KSU\K GT_ ]GZKX GII[S[RGZKJ OT ZNK Z[HOTM
VXUSVZR_ZUVXK\KTZIU[MNGTJGYVOXGZOUTIG[YKJH_ZNKGIIOJKTZGRKTZX_ULIUTJKTYGZOUT
OTZUZNKGOX]G_1KKVZNKVUYOZOUTULZNKTGYGRIGTT[RGNOMNKXZNGTZNKSGINOTKGTJZ[HKY
6XUSVZR_XKSU\KIUTJKTYGZOUTOTZNKY_YZKS
/SVRKSKTZ YZXGZKMOKY ZU VXK\KTZ IGZNKZKXXKRGZKJ HRUUJYZXKGS OTLKIZOUT GTJ IGZNKZKX

XKRGZKJ[XOTGX_ZXGIZOTLKIZOUT
6XK\KTZVXKYY[XKOTJ[IKJYQOTOTP[XOKYOTIR[JOTMJK\OIKXKRGZKJVXKYY[XKOTJ[IKJOTP[XOKY
OTIUTZOTKTIKGYYUIOGZKJ JKXSGZOZOY GTJ SKJOIGR GJNKYO\KXKRGZKJ YQOT OTP[XOKY /JKTZOL_
VGZOKTZYGZGNOMNXOYQ]OZNZNK8OYQ'YYKYYSKTZ9IGRKGTJOSVRKSKTZVXK\KTZO\KYZXGZKMOKY
'YYKYYGRRVGZOKTZY[VUTGJSOYYOUTGTJ]NKTZNKOXIROTOIGRIUTJOZOUTYINGTMK]OZNZNK<:+
XOYQGYYKYYSKTZSUJKRZUOJKTZOL_ZNUYK]NUGXKGZGNOMNXOYQGTJOSVRKSKTZVXK\KTZO\K
YZXGZKMOKY3UTOZUXIUGM[RGZOUTL[TIZOUT*JOSKXRK\KRYGTJ<:+XKRGZKJIROTOIGRSGTOLKY
ZGZOUTY
'YYOYZ KGZOTM LUX VGZOKTZY ]NU GXK ]KGQ YNUXZ UL HXKGZN UX ZNUYK ]OZNGT UH\OU[Y 灤[I
Z[GZOTM U^_MKTGZOUT OTJK^ /TZKTYOL_ U^_MKTGZOUT OTJK^ SUTOZUXOTM UT ZNKYK VGZOKTZY
J[XOTMSKGRY6XU\OJKKTZKXGRT[ZXOZOUTGZKGXR_YZGMKYLUXZNUYK]NUGXK[TGHRKZUKGZH_
SU[ZN*[XOTMKGINYNOLZGJP[YZZNKKTZKXGRT[ZXOZOUTXGZKGTJW[GTZOZ_GIIUXJOTMZUZNK
ZURKXGTIKULKTZKXGRT[ZXOZOUT
$SSHQGL[
,0HGLFDO$GYLFH([DPSOHIRU&29,'3DWLHQWV
0HGLFDO$GYLFHRI0LOG&29,'&DVHV
5XJOTGX_
|'OXOYURGZOUTHRUUJU^_MKTYGZ[XGZOUTSUTOZUXOTMU^_MKTZNKXGV_]OZNTGYGRIGTT[RG
+^GSOTGZOUTY
|4U\KR)UXUTG\OX[Y84'*KZKIZOUT:NXKK9OZKY9V[Z[SWJ
|4U\KR)UXUTG\OX[Y84'*KZKIZOUT:NXKK9OZKY,KIKYWJ
|(RUUJXU[ZOTKHOUINKSOIGRVXU灣RK[XOTKXU[ZOTKYZUURXU[ZOTK5(IUGM[RGZOUTL[TIZOUT
*JOSKXHRUUJMGYGTGR_YOYRGIZOIGIOJ'958,)68))6+986):'(58.HRUUJ
Z_VKZN_XUOJL[TIZOUTIGXJOGIKT`_SKYW[GTZOZGZO\KGYYG_ULYKX[SZXUVUTOTLU[XXU[ZOTK
OZKSYXKYVOXGZUX_\OX[YZKYZI_ZUQOTKY--3ZKYZGTMOUZKTYOTIUT\KXZOTMKT`_SK
|2O\KXMGRRHRGJJKXVGTIXKGYGTJYVRKKT[RZXGYU[TJKINUIGXJOUMXGVN_GTJR[TM):YIGT
3KJOIGZOUT
|'XHOJURZGHRKZYSMVUZOJ
|2UVOTG\OX8OZUTG\OXZGHRKZYVUWN
|/TZKXLKXUTYVXG_YVXG_VXZOJ
0HGLFDO$GYLFHRI0RGHUDWH&29,'&DVHV
5XJOTGX_
+^GSOTGZOUTY
Z_VK ZN_XUOJ L[TIZOUT IGXJOGI KT`_SKY W[GTZOZGZO\K GYYG_ UL YKX[S ZXUVUTOT LU[X
XU[ZOTKOZKSYXKYVOXGZUX_\OX[YZKYZI_ZUQOTKY--3ZKYZGTMOUZKTYOTIUT\KXZOTMKT`_SK
3KJOIGZOUT
|/TZKXLKXUTYVXG_YVXG_VXTGXZOJ
|49S2'SHXUÛRSMO\MZZHOJ
0HGLFDO$GYLFHRI6HYHUH&29,'&DVHV
5XJOTGX_
+^GSOTGZOUTY
Z_VKZN_XUOJL[TIZOUTIGXJOGIKT`_SKYW[GTZOZGZO\KGYYG_ULYKX[SZXUVUTOTLU[XXU[ZOTK
OZKSYXKYVOXGZUX_\OX[YZKYZI_ZUQOTKY--3ZKYZGTMOUZKTYOTIUT\KXZOTMKT`_SK
3KJOIGZOUT
|'XHOJURZGHRKZYSMZOJ
|/TZKXLKXUTYVXG_YVXG_VXTGXZOJ
|49S2SKZN_RVXKJTOYURUTKSMO\MZZWJ
|49S2VGTZUVXGÙRKSMO\MZZWJ
|)GRZXGZKZGHRKZWJ
|/SS[TUMRUH[ROTMO\MZZWJ
|49S2'SHXUÛRSMO\MZZHOJ
0HGLFDO$GYLFHRI&ULWLFDO&29,'&DVHV
5XJOTGX_
'OXOYURGZOUTHRUUJU^_MKTYGZ[XGZOUTSUTOZUXOTMU^_MKTZNKXGV_]OZNTGYGRIGTT[RG
+^GSOTGZOUTY
|(RUUJXU[ZOTK'(58.HRUUJZ_VK[XOTKXU[ZOTKYZUURXU[ZOTK5(LU[XXU[ZOTKOZKSY
XKYVOXGZUX_\OX[YZKYZZN_XUOJL[TIZOUTKRKIZXUIGXJOUMXGSHRUUJMGYGTGR_YOYKRKIZXUR_ZK
RGIZOIGIOJ-9--3ZKYZHRUUJI[RZ[XK54)+
|(RUUJXU[ZOTKHOUINKSOIGRVXU灣RKIUGM[RGZOUTL[TIZOUT*JOSKXHRUUJMGYGTGR_YOY
RGIZOI GIOJ TGZXO[XKZOI VKVZOJK IGXJOGI KT`_SK W[GTZOZGZO\K GYYG_ UL YKX[S ZXUVUTOT
OSS[TUMRUH[ROTIUSVRKSKTZI_ZUQOTKYV[Z[SI[RZ[XK)866):WJ
|(RUUJMR[IUYKSKGY[XKSKTZWN
3KJOIGZOUT
|2UVOTG\OX8OZUTG\OXZGHRKZYWNUXJGX[TG\OXZGHRKZWJ
|49S2SKZN_RVXKJTOYURUTKSMO\WN
|49S2VGTZUVXGÙRKSMO\MZZWJ
|/SS[TUMRUH[ROTMO\MZZWJ
|:N_SOIVKVZOJKYSMONHO]
|49S2'SHXUÛRSMO\HOJ
|49S2OYUVXUZKXKTURSMO\\VUTIK
|.[SGTYKX[SGRH[SOTMO\MZZWJ
|49S2VOVKXGIORROTZGÙHGIZGSO\MZZWN
|+TZKXGRT[ZXOZOUTY[YVKTYOUT6KVZOYUXHROW[OJS2TGYUMGYZXOILKKJOTMHOJ
,,2QOLQH&RQVXOWDWLRQ3URFHVVIRU'LDJQRVLVDQG7UHDWPHQW
5TROTK)UTY[RZGZOUTLUX*OGMTUYOYGTJ:XKGZSKTZ
,QVWUXFWLRQVRQ)$+=8,QWHUQHW+RVSLWDO
,'.@;/TZKXTKZ.UYVOZGR
ɍ5TROTK,'.@;ɎGVVUXZNKU灥IOGR]KHYOZK
JU]TRGTJ'ROVG_XKMOYZKXGTJRUMOT
ɍ]]]`_IUSɎ
XKMOYZKXGTJRUMOT YIGTZNK78IUJKUL,'.@;
INUUYK)5</* INUUYKUTROTK
IUTY[RZGZOUT IUTY[RZGZOUT
UTROTKIUTY[RZGZOUT
UTROTK\OJKUYVKIOGROYZIROTOIGVVUOTZSKTZ
IUTY[RZGZOUT]OZN INUUYKGJKVGXZSKTZ
ZK^ZGTJOSGMKY GTJGJUIZUX
\OJKUIUTY[RZGZOUT UTROTKIUTY[RZGZOUT
UTKZUUTKIUTY[RZGZOUT]OZNGJUIZUX
UTROTKVXKYIXOVZOUT ]OZNZK^ZGTJOSGMKY
ɍ5TROTK,'.@;ɎGVVUXZNKU灥IOGR]KHYOZK ,'.@;/TZKXTKZ.UYVOZGR
ɍ]]]`_IUSɎ
6RKGYKLKKRLXKKZUIUTZGIZ[Y
+SGOR `J__&IUS`_OTZKXTGZOUTGR&IUS
5TROTK*UIZUXYɊ)USS[TOIGZOUT6RGZLUXS
,QVWUXFWLRQVRQWKH,QWHUQDWLRQDO0HGLFDO([SHUW&RPPXQLFDWLRQ3ODWIRUPRI7KH
)LUVW$ŃOLDWHG+RVSLWDO=KHMLDQJ8QLYHUVLW\6FKRRORI0HGLFLQH
<OYOZ]]]JOTMZGRQIUSKTUXYIGTZNK78IUJK,OM[XKZUJU]TRUGJ*OTM:GRQGVV
9OMT[VLUXG*OTM:GRQGIIU[TZ]OZN_U[XTGSKGTJVNUTKT[SHKXTUZUVKTZUV[HROI
3KZNUJ 9KRKIZɍ)UTZGIZYɎ$ɍ0UOT:KGSɎ$ 3KZNUJ 9IGTZNK78IUJK,OM[XKULZNK/TZKXTGZOUTGR

ɍ0UOTH_:KGS)UJKɎ$+TZKX/TV[Z/* ɉ?7*1Ɋ 3KJOIGR+^VKXZ+ÎNGTMK6RGZLUXSUL,'.@;
,ORRU[Z_U[XOTLUXSGZOUTZUGVVR_ZUPUOT+TZKX_U[XTGSKIU[TZX_GTJSKJOIGROTYZOZ[ZOUT
(KIUSKZNKSKSHKXULZNKZKGSGLZKXZNKGJSOTɊYGVVXU\GR
)USS[TOIGZK]OZNK^VKXZYOTMXU[VINGZH_[YOTM_U[XSUHORKUX6)
/TYZGTZVOIZ[XKGTJZK^ZIUSS[TOIGZOUT 'IIKYYZUSKJOIGR
8KSUZK\OJKUIUTLKXKTIK
GYYOYZKJ]OZN'/ZXGTYRGZOUT ZXKGZSKTZM[OJKROTKYY
,OM[XK 9IGTZU*U]TRUGJ ,OM[XK 78)UJKUL,'.@; ,OM[XK ;YKX-[OJK

*OTM:GRQ'VV )USS[TOIGZOUT6RGZLUXS
4UZK 9IGTZNK78IUJKUL,OM[XKZUJU]TRUGJ[YKXM[OJK
(GLWRULDO%RDUG
(GLWRULQFKLHI2/'4-:OTMHU
0HPEHUV)'/.UTMRO[).+4?[).+4@[UHOTM,'4-7OGTM.'4=KORO.;9NGUN[G2/
0OGTVOTM2/:UTM2;>OGU_GTM7;:OTMZOTM9.+4?ONUTM9.+4-0OLGTM='4-.[GLKT
=+/-[UWOTM>;1GOPOT@.'5>[KNUTM@.54-@OLKTM@.5;0OGT_OTM
5HIHUHQFHV
4GZOUTGR .KGRZN )USSOYYOUT GTJ 4GZOUTGR 'JSOTOYZXGZOUT UL :XGJOZOUTGR )NOTKYK 3KJOIOTK UL ZNK 6KUVRK Y
8KV[HROI UL )NOTG 6XUZUIURY LUX *OGMTUYOY GTJ :XKGZSKTZ UL )5</* ZN :XOGR <KXYOUT A+(52C
AC
NZZV ]]]TNIMU\IT_`_MPYVIGJLKIKLJILKHYNZSROT)NOTKYK
4GZOUTGR.KGRZN)USSOYYOUTULZNK6KUVRK Y8KV[HROIUL)NOTG6XUZUIURYLUX6XK\KTZOUTGTJ)UTZXURUL)5</*
ZN<KXYOUTA+(52CAC
NZZV ]]]TNIMU\ITPQPYJHLGLJJYNZSROT)NOTKYK
)NOTKYK )KTZKX LUX *OYKGYK )UTZXUR GTJ 6XK\KTZOUT -[OJKROTKY LUX +VOJKSOURUMOIGR /T\KYZOMGZOUT UL )5</*
A+(52COT)NOTKYKAC
NZZV ]]]INOTGIJIITPQ`ZIXH`RY`QHEPY`REZENZSR
)NOTKYK )KTZKX LUX *OYKGYK )UTZXUR GTJ 6XK\KTZOUT -[OJKROTKY LUX /T\KYZOMGZOUT GTJ 3GTGMKSKTZ UL )RUYK
)UTZGIZYUL)5</*6GZOKTZYA+(52COT)NOTKYKAC
)NOTKYK )KTZKX LUX *OYKGYK )UTZXUR GTJ 6XK\KTZOUT :KINTOIGR -[OJKROTKY LUX )5</* 2GHUXGZUX_ :KYZOTM
A+(52COT)NOTKYKAC
)NOTKYK)KTZKXLUX*OYKGYK)UTZXURGTJ6XK\KTZOUT:KINTOIGR-[OJKROTKYLUX*OYOTLKIZOUTUL9VKIOGR9OZKYA+(52C
OT)NOTYKYKAC
)NOTKYK)KTZKXLUX*OYKGYK)UTZXURGTJ6XK\KTZOUT-[OJKROTKYLUX6KXYUTGR6XUZKIZOUTUL9VKIO灣I-XU[VYA+(52C
OT)NOTKYKAC
:KINTOIGR -[OJKROTKY LUX 6XK\KTZOUT GTJ )UTZXUR UL )5</* 6GXZ 3KJOIGR /TYZOZ[ZOUTY 2UIGR 9ZGTJGXJY UL
@NKPOGTM6XU\OTIK*(:Ʌ.GTM`NU[OT)NOTKYK
)NOTKYK)KTZKXLUX*OYKGYK)UTZXURGTJ6XK\KTZOUT*OYZXOH[ZOUTUL4U\KR)UXUTG\OX[Y6TK[SUTOGA+(52COT
INOTKYKAC
NZZV TIU\INOTGIJIITT)U<
=GTM).UXH_6=.G_JKT,-KZGR'TU\KRIUXUTG\OX[YU[ZHXKGQULMRUHGRNKGRZNIUTIKXT
A0C2GTIKZ! JUO 9
)NOTG)*)NGY*KZKIZKJ4U\KR)UXUTG\OX[YOT9U[ZNKXT)NOTG9KGLUUJ3GXQKZUL=[NGT
A+(52COT)NOTKYKAC
NZZV ]]]INOTGIJIIT_]EZENZSR
4GZOUTGR.KGRZN)USSOYYOUTULZNK6KUVRKɊY8KV[HROIUL)NOTG4UZO灣IGZOUTUL4U\KR
)UXUTG\OX[Y6TK[SUTOG:KSVUXGXOR_4GSKJH_ZNK4GZOUTGR.KGRZN)USSOYYOUTULZNK6KUVRKɊY
8KV[HROIUL)NOTGA+(52COT)NOTKYKAC
NZZV ]]]TNIMU\ITSUN]YH]YZP^^`^YLJJGLGHGKGIJ
JYNZSR
-UXHGRKT_G'+(GQKX9)(GXOI89KZGR9K\KXK'I[ZK8KYVOXGZUX_9_TJXUSKXKRGZKJ
)UXUTG\OX[Y:NK9VKIOKYGTJOZY<OX[YKYG9ZGZKSKTZULZNK)UXUTG\OX[Y9Z[J_-XU[VA052C
(OU8ÔJUO
=.54U\KR)UXUTG\OX[YT)U<9OZ[GZOUT8KVUXZɄA+(52CAC
NZZVY ]]]]NUOTZKSKXMKTIOKYJOYKGYKYTU\KRIUXUTG\OX[YYOZ[GZOUTXKVUXZY
([XKG[UL*OYKGYK)UTZXURGTJ6XK\KTZOUT4GZOUTGR.KGRZN)USSOYYOUTULZNK6KUVRKɊY
8KV[HROIUL)NOTG4U\KRIUXUTG\OX[YOTLKIZOUTVTK[SUTOGOYOTIR[JKJOTZNKSGTGMKSKTZUL
TUZO灣GHRKOTLKIZOU[YJOYKGYKYA+(52COT)NOTKYKAC
NZZV ]]]TNIMU\ITPQPYKKJKLKGJLLJLYNZSR
)NKT?2OGTM=?GTM9KZGR.[SGT/TLKIZOUTY]OZNZNK+SKXMOTM'\OGT/T灤[KT`G'.4
\OX[YLXUS=KZ3GXQKZ6U[RZX_ )ROTOIGR'TGR_YOYGTJ)NGXGIZKXOYGZOUTUL<OXGR-KTUSKA0C2GTIKZ
! JUO 9
-GU.42[.@)GU(KZGR)ROTOIGR,OTJOTMYOT)GYKYUL/T灤[KT`G'.4<OX[Y
/TLKIZOUTA0C4+TMR03KJ! JUO 4+03UG
2O[>@NGTM?>[>KZGR+\GR[GZOUTUL6RGYSG+ÎNGTMKGTJ)UTZOT[U[Y<KTU\KTU[Y
.KSU灣RZXGZOUTLUXZNK:XKGZSKTZUL9K\KXK'\OGT/T灤[KT`G'.4 G)UNUXZ9Z[J_A0C:NKX
'VNKX*OGR! JUO
4GZOUTGR)ROTOIGR8KYKGXIN)KTZKXLUX/TLKIZOU[Y*OYKGYKY9ZGZK1K_2GHUXGZUX_LUX*OGMTUYOY
GTJ:XKGZSKTZUL/TLKIZOU[Y*OYKGYKY+^VKXZ)UTYKTY[YUT4U\KR)UXUTG\OX[Y6TK[SUTOG
:XKGZKJ]OZN'XZO灣IOGR2O\KX(RUUJ6[XO灣IGZOUT9_YZKSA0C)NOTKYK0U[XTGRUL)ROTOIGR/TLKIZOU[Y
*OYKGYKYOT)NOTKYKJUO ISGPOYYT
=KORR*(KTJKT))UXXOY6'KZGR')UTYKTY[Y*UI[SKTZLUXZNK9KRKIZOUTUL2[TM
:XGTYVRGTZ)GTJOJGZKY Ʌ'T;VJGZKLXUSZNK6[RSUTGX_:XGTYVRGTZGZOUT)U[TIORULZNK
/TZKXTGZOUTGR9UIOKZ_LUX.KGXZGTJ2[TM:XGTYVRGTZGZOUTA0C0.KGXZ2[TM:XGTYVRGTZ!
JUO PNKGR[T
2YHUYLHZRI)$+=8
,U[TJKJOT:NK,OXYZ'灥ROGZKJ.UYVOZGR@NKPOGTM;TO\KXYOZ_9INUURUL3KJOIOTK,'.@;OY
ZNKKGXROKYZG灥ROGZKJNUYVOZGRUL@NKPOGTM;TO\KXYOZ_=OZNYOÎGSV[YKYOZNGYTU]K\UR\KJOTZUG
SKJOIGR IKTZKX OTZKMXGZOTM NKGRZN IGXK SKJOIGR KJ[IGZOUT YIOKTZO灣I XKYKGXIN GTJ VXK\KTZGZO\K
IGXK/TZKXSYULU\KXGRRYZXKTMZN,'.@;OYXGTQKJZNOT)NOTG
'YGRGXMKYO`KMKTKXGRNUYVOZGROZI[XXKTZR_NGYU\KXKSVRU_KKYOTIR[JOTMGIGJKSOIOGTYUL
ZNK)NOTKYK'IGJKS_UL+TMOTKKXOTM4GZOUTGR*OYZOTM[OYNKJ?U[TM9INURGXYGTJUZNKXU[ZYZGTJOTM
ZGRKTZY:NKXKOYGZUZGRULHKJYG\GORGHRKZUVGZOKTZYOT,'.@;/ZYSGOTIGSV[YNGTJRKJ
SORROUTKSKXMKTI_GTJU[ZVGZOKTZ\OYOZYOT
5\KX ZNK _KGXY ,'.@; NGY Y[IIKYYL[RR_ JK\KRUVKJ G T[SHKX UL XKTU]TKJ VXUMXGSY OT UXMGT
ZXGTYVRGTZGZOUT VGTIXKGZOI JOYKGYKY OTLKIZOU[Y JOYKGYKY NKSGZURUM_ TKVNXURUM_ [XURUM_
IROTOIGR VNGXSGI_ KZI ,'.@; NKRVY SGT_ XKGRO`K ZNK XGJOIGR XKYKIZOUT UL IGTIKX GTJ KTPU_
RUTMZKXSY[X\O\GR,'.@;OYGRYUGTOTZKMXGZKJVXU\OJKXULRO\KXVGTIXKGYR[TMQOJTK_OTZKYZOTK
GTJNKGXZZXGTYVRGTZGZOUT/TZNK灣MNZGMGOTYZ9'89.4G\OGT灤[GTJ)5</*OZNGYMGOTKJ
XOIN K^VKXOKTIK GTJ LX[OZL[R XKY[RZY 'Y G XKY[RZ OZY SKJOIGR VXULKYYOUTGRY NG\K V[HROYNKJ SGT_
GXZOIRKYOTPU[XTGRYY[INGYNew England Journal of Medicine, the Lancet, Nature and Science.
,'.@; NGY HKKT K^ZKTYO\KR_ KTMGMKJ OTZU U\KXYKGY KÎNGTMKY GTJ IURRGHUXGZOUT /Z NGY
KYZGHROYNKJ VGXZTKXYNOVY ]OZN U\KX VXKYZOMOU[Y [TO\KXYOZOKY GXU[TJ ZNK ]UXRJ 6XUJ[IZO\K
GINOK\KSKTZY NG\K GRYU HKKT GIIUSVROYNKJ ZNXU[MN KÎNGTMK UL U[X SKJOIGR K^VKXZY GTJ
ZKINTURUMOKY]OZN/TJUTKYOG3GRG_YOGGTJUZNKXIU[TZXOKY
'JNKXOTMZUZNKIUXK\GR[KULYKKQOTMZX[ZN]OZNVX[JKTIK,'.@;OYNKXKZUU灢KXW[GROZ_NKGRZN
IGXKZUK\KX_UTKOTTKKJ

Handbook of Prevention

Uploaded by

Copyright:

Available Formats

You might also like

Handbook of Prevention

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Handbook of Prevention

Uploaded by

Copyright:

Available Formats

+DQGERRNRI&29,'3UHYHQWLRQ

3URWHFWLRQ/HYHO 3URWHFWLYH(TXLSPHQW 6FRSHRI$SSOLFDWLRQ

.UUJ 3UZUXGTJYZXGV 6GXZOI[RGZK

3URFHGXUHV IRU 7DNLQJ 5HPHGLDO $FWLRQV DJDLQVW 2FFXSDWLRQDO

8KSU\KZNKIUTZGSO ,R[YN]OZN /SSKJOGZKR_RKG\K

,OM[XK   (XUTINUYIUVOI SGTOLKYZGZOUTY UL )5</*  HXUTINOGR S[IUYG Y]KRROTM GTJ

:OSKVUOTZYULHRUUJ :NKXGTMKUL 6XOTIOVRKYULJUYGMK

VKGQSOTGLZKX RUVOTG\OX炿 )UXXKRGZKJ]OZNJX[M

=NKT IUSHOTKJ ]OZN JX[MY GYYUIOGZKJ ]OZN

=NKT IUSHOTKJ ]OZN JX[MY GYYUIOGZKJ ]OZN

˵ :NKUVN_RROT[S OTIXKGYKY ZNK HOUG\GORGHOROZ_

˶ /Z OTIXKGYKY ZNK HOUG\GORGHOROZ_ UL

˸ /ZY IUSHOTGZOUT ]OZN XKVGMROTOJK OTIXKGYKY

 +YZGHROYNOTM G J_TGSOI SKINGTOYS LUX K\GR[GZOUT GTJ ]GXTOTM UL

,UX SORJ VGZOKTZY VY_INURUMOIGR OTZKX\KTZOUT OY Y[MMKYZKJ 6Y_INURUMOIGR

9&RQWLQXRXV5HQDO5HSODFHPHQW7UHDWPHQW &557 &DUH

/SVRKSKTZ YZXGZKMOKY ZU VXK\KTZ IGZNKZKXXKRGZKJ HRUUJYZXKGS OTLKIZOUT GTJ IGZNKZKX

3KZNUJ 9KRKIZɍ)UTZGIZYɎ$ɍ0UOT:KGSɎ$ 3KZNUJ 9IGTZNK78IUJK,OM[XKULZNK/TZKXTGZOUTGR

,OM[XK 9IGTZU*U]TRUGJ ,OM[XK 78)UJKUL,'.@; ,OM[XK ;YKX-[OJK

You might also like

+DQGERRNRI&29,'3UHYHQWLRQ

.UUJ 3UZUXGTJYZXGV 6GXZOI[RGZK

8KSU\KZNKIUTZGSO ,R[YN]OZN /SSKJOGZKR_RKG\K

,OM[XK (XUTINUYIUVOI SGTOLKYZGZOUTY UL )5</* HXUTINOGR S[IUYG Y]KRROTM GTJ

:OSKVUOTZYULHRUUJ :NKXGTMKUL 6XOTIOVRKYULJUYGMK

VKGQSOTGLZKX RUVOTG\OX炿 )UXXKRGZKJ]OZNJX[M

=NKT IUSHOTKJ ]OZN JX[MY GYYUIOGZKJ ]OZN

=NKT IUSHOTKJ ]OZN JX[MY GYYUIOGZKJ ]OZN

˵ :NKUVN_RROT[S OTIXKGYKY ZNK HOUG\GORGHOROZ_

˶ /Z OTIXKGYKY ZNK HOUG\GORGHOROZ_ UL

˸ /ZY IUSHOTGZOUT ]OZN XKVGMROTOJK OTIXKGYKY

+YZGHROYNOTM G J_TGSOI SKINGTOYS LUX K\GR[GZOUT GTJ ]GXTOTM UL

,UX SORJ VGZOKTZY VY_INURUMOIGR OTZKX\KTZOUT OY Y[MMKYZKJ 6Y_INURUMOIGR

9&RQWLQXRXV5HQDO5HSODFHPHQW7UHDWPHQW&557&DUH

/SVRKSKTZ YZXGZKMOKY ZU VXK\KTZ IGZNKZKXXKRGZKJ HRUUJYZXKGS OTLKIZOUT GTJ IGZNKZKX

3KZNUJ 9KRKIZɍ)UTZGIZYɎ$ɍ0UOT:KGSɎ$ 3KZNUJ 9IGTZNK78IUJK,OM[XKULZNK/TZKXTGZOUTGR

,OM[XK 9IGTZU*U]TRUGJ ,OM[XK 78)UJKUL,'.@; ,OM[XK ;YKX-[OJK