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NFPA 25 - 2014 Standard For The Inspection, Testing, and Maintenance of Water-Based Fire Protection Systems
NFPA 25 - 2014 Standard For The Inspection, Testing, and Maintenance of Water-Based Fire Protection Systems
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NFPA® 25
Standard for
the Inspection, Testing, and
Maintenance of Water-Based
Fire Protection Systems
2014 Edition
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2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV
IHMXMSR *MVI 4VSXIGXMSR IHMXMSR
2*4% ( 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI
3RI ERH 8[S*EQMP] ([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW 1EMRW ERH 8LIMV %TTYVXIRERGIW IHMXMSR
IHMXMSR 2*4% 7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR SJ
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI 'SQQIVGMEP 'SSOMRK 3TIVEXMSRW IHMXMSR
7]WXIQW IHMXMSR 2*4% 0MJI 7EJIX] 'SHI IHMXMSR
2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG 2*4% 7XERHEVH JSV )QIVKIRG] ERH 7XERHF] 4S[IV 7]WXIQW
XMSR IHMXMSR IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMROPIV 2*4% 7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW
ERH *SEQ;EXIV 7TVE] 7]WXIQW IHMXMSR IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR MR ;EWXI[EXIV 8VIEXQIRX
*MVI 4VSXIGXMSR IHMXMSR ERH 'SPPIGXMSR *EGMPMXMIW IHMXMSR
2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR -RJVEWXVYGXYVI JSV 0ERH
2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
(IZIPSTQIRX MR ;MPHPERH 6YVEP ERH 7YFYVFER %VIEW IHMXMSR
IHMXMSR
2*4% 7XERHEVH JSV XLI -RWTIGXMSR 1EMRXIRERGI 8IWXMRK ERH
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI
6IXMVIQIRX SJ -R7IVZMGI %YXSQSXMZI *MVI %TTEVEXYW IHMXMSR
1EMRW ERH 8LIMV %TTYVXIRERGIW IHMXMSR
2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI IHMXMSR
2*4% 0MJI 7EJIX] 'SHI IHMXMSR
'LETXIV (IJMRMXMSRW
2*4% 7XERHEVH JSV )QIVKIRG] ERH 7XERHF] 4S[IV 7]WXIQW
IHMXMSR +IRIVEP 8LI HIJMRMXMSRW GSRXEMRIH MR XLMW GLETXIV WLEPP
2*4% 7XERHEVH JSV XLI 'SRWXVYGXMSR ERH *MVI 4VSXIGXMSR SJ ETTP] XS XLI XIVQW YWIH MR XLMW WXERHEVH ;LIVI XIVQW EVI RSX
1EVMRI 8IVQMREPW 4MIVW ERH ;LEVZIW IHMXMSR HIJMRIH MR XLMW GLETXIV SV [MXLMR ERSXLIV GLETXIV XLI] WLEPP
2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW IHMXMSR FI HIJMRIH YWMRK XLIMV SVHMREVMP] EGGITXIH QIERMRKW [MXLMR
2*4% 7XERHEVH JSV XLI 'EVI 9WI -RWTIGXMSR 7IVZMGI 8IWX XLI GSRXI\X MR [LMGL XLI] EVI YWIH 1IVVMEQ;IFWXIVvW 'SPPIKMEXI
MRK ERH 6ITPEGIQIRX SJ *MVI ,SWI 'SYTPMRKW 2S^^PIW ERH *MVI ,SWI (MGXMSREV] XL IHMXMSR WLEPP FI XLI WSYVGI JSV XLI SVHMREVMP]
%TTPMERGIW IHMXMSR EGGITXIH QIERMRK
3XLIV 4YFPMGEXMSRW 2*4% 3JJMGMEP (IJMRMXMSRW
%781 4YFPMGEXMSRW %781 -RXIVREXMSREP &EVV ,EV %TTVSZIH %GGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMG
FSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% XMSR
%781 ( F 7XERHEVH 7TIGMJMGEXMSR JSV (MIWIP *YIP 3MPW %YXLSVMX] ,EZMRK .YVMWHMGXMSR %,.
%R SVKERM^EXMSR
SJJMGI SV MRHMZMHYEP VIWTSRWMFPI JSV IRJSVGMRK XLI VIUYMVI
QIRXW SJ E GSHI SV WXERHEVH SV JSV ETTVSZMRK IUYMTQIRX
%781 ( 7XERHEVH 8IWX 1IXLSHW JSV 1IEWYVMRK %HLIWMSR
QEXIVMEPW ER MRWXEPPEXMSR SV E TVSGIHYVI
F] 8ETI 8IWX
0MWXIH )UYMTQIRX QEXIVMEPW SV WIVZMGIW MRGPYHIH MR E
%781 ( F 7XERHEVH 7TIGMJMGEXMSR JSV &MSHMIWIP *YIP PMWX TYFPMWLIH F] ER SVKERM^EXMSR XLEX MW EGGITXEFPI XS XLI EY
&PIRH 7XSGO &
JSV 1MHHPI (MWXMPPEXI *YIPW XLSVMX] LEZMRK NYVMWHMGXMSR ERH GSRGIVRIH [MXL IZEPYEXMSR SJ
%781 ( 7XERHEVH 8IWX 1IXLSH JSV 3\MHEXMSR 7XEFMPMX] TVSHYGXW SV WIVZMGIW XLEX QEMRXEMRW TIVMSHMG MRWTIGXMSR SJ
SJ &MSHMIWIP &
ERH &PIRHW SJ &MSHMIWIP [MXL 1MHHPI (MWXMPPEXI TVSHYGXMSR SJ PMWXIH IUYMTQIRX SV QEXIVMEPW SV TIVMSHMG IZEPY
4IXVSPIYQ *YIP EGGIPIVEXIH 1IXLSH
EXMSR SJ WIVZMGIW ERH [LSWI PMWXMRK WXEXIW XLEX IMXLIV XLI IUYMT
QIRX QEXIVMEP SV WIVZMGI QIIXW ETTVSTVMEXI HIWMKREXIH WXER
,- 4YFPMGEXMSRW ,]HVEYPMG -RWXMXYXI 'EQTYW (VMZI HEVHW SV LEW FIIR XIWXIH ERH JSYRH WYMXEFPI JSV E WTIGMJMIH
*MVWX *PSSV 2SVXL 4EVWMTTER] 2. TYVTSWI
,- 6SXEV] 4YQT 8IWXW 7LEPP -RHMGEXIW E QERHEXSV] VIUYMVIQIRX
3XLIV 4YFPMGEXMSRW 7LSYPH -RHMGEXIW E VIGSQQIRHEXMSR SV XLEX [LMGL MW
EHZMWIH FYX RSX VIUYMVIH
1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ
;IFWXIV -RG 7TVMRKJMIPH 1% 7XERHEVH % HSGYQIRX XLI QEMR XI\X SJ [LMGL GSRXEMRW
SRP] QERHEXSV] TVSZMWMSRW YWMRK XLI [SVH wWLEPPx XS MRHMGEXI
6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW VIUYMVIQIRXW ERH [LMGL MW MR E JSVQ KIRIVEPP] WYMXEFPI JSV
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR QERHEXSV] VIJIVIRGI F] ERSXLIV WXERHEVH SV GSHI SV JSV EHST
*SEQ IHMXMSR XMSR MRXS PE[ 2SRQERHEXSV] TVSZMWMSRW EVI RSX XS FI GSRWMH
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW IVIH E TEVX SJ XLI VIUYMVIQIRXW SJ E WXERHEVH ERH WLEPP FI
IHMXMSR PSGEXIH MR ER ETTIRHM\ ERRI\ JSSXRSXI MRJSVQEXMSREP RSXI
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI SV SXLIV QIERW EW TIVQMXXIH MR XLI 1ERYEP SJ 7X]PI JSV 2*4%
7]WXIQW IHMXMSR 8IGLRMGEP 'SQQMXXII (SGYQIRXW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
()*-2-8-327 z
+IRIVEP (IJMRMXMSRW 1SRMXSV 2S^^PI ,]HVERX % L]HVERX IUYMTTIH [MXL
E QSRMXSV RS^^PI GETEFPI SJ HIPMZIVMRK QSVI XLER KTQ
%HNYWX 8S QEMRXEMR SV VIKYPEXI [MXLMR TVIWGVMFIH PMQ
0QMR
MXW F] WIXXMRK XLI STIVEXMRK GLEVEGXIVMWXMGW XS WTIGMJMIH TEVEQ
IXIVW ? A ;EPP ,]HVERX % L]HVERX QSYRXIH SR XLI SYXWMHI
SJ E [EPP SJ E FYMPHMRK JIH JVSQ MRXIVMSV TMTMRK ERH IUYMTTIH
%PEVQ 6IGIMZMRK *EGMPMX] 8LI TPEGI [LIVI EPEVQ SV WY [MXL GSRXVSP ZEPZIW PSGEXIH MRWMHI XLI FYMPHMRK XLEX RSVQEPP]
TIVZMWSV] WMKREPW EVI VIGIMZIH EVI OI]STIVEXIH JVSQ XLI FYMPHMRKvW I\XIVMSV
%YXSQEXMG (IXIGXMSR )UYMTQIRX )UYMTQIRX XLEX EYXS ;IX &EVVIP ,]HVERX % X]TI SJ L]HVERX XLEX WSQI
QEXMGEPP] HIXIGXW LIEX JPEQI TVSHYGXW SJ GSQFYWXMSR JPEQ XMQIW MW YWIH [LIVI XLIVI MW RS HERKIV SJ JVII^MRK [IEXLIV
QEFPI KEWIW SV SXLIV GSRHMXMSRW PMOIP] XS TVSHYGI JMVI SV I\ )EGL SYXPIX SR E [IX FEVVIP L]HVERX MW TVSZMHIH [MXL E
TPSWMSR ERH GEYWI SXLIV EYXSQEXMG EGXYEXMSR SJ EPEVQ ERH ZEPZIH SYXPIX XLVIEHIH JSV JMVI LSWI ? A
TVSXIGXMSR IUYMTQIRX
*SEQ 'SRGIRXVEXI % GSRGIRXVEXIH PMUYMH JSEQMRK
%YXSQEXMG 3TIVEXMSR 3TIVEXMSR [MXLSYX LYQER MRXIV EKIRX EW VIGIMZIH JVSQ XLI QERYJEGXYVIV ? A
ZIRXMSR
?*SEQA (MWGLEVKI (IZMGI % HIZMGI HIWMKRIH XS HMW
%YXSQEXMG 8VERWJIV 7[MXGL 7IPJEGXMRK IUYMTQIRX JSV GLEVKI [EXIV SV JSEQ[EXIV WSPYXMSR MR E TVIHIXIVQMRIH JM\IH
XVERWJIVVMRK XLI GSRRIGXIH PSEH JVSQ SRI TS[IV WSYVGI XS SV EHNYWXEFPI TEXXIVR )\EQTPIW MRGPYHI FYX EVI RSX PMQMXIH XS
ERSXLIV TS[IV WSYVGI ? A WTVMROPIVW WTVE] RS^^PIW ERH LSWI RS^^PIW ? A
'PIER 8S VIQSZI HMVX WGEPI ERH HIFVMW ,SWI 'SRRIGXMSR % GSQFMREXMSR SJ IUYMTQIRX TVS
(IJMGMIRG] *SV XLI TYVTSWIW SJ MRWTIGXMSR XIWXMRK ERH ZMHIH JSV GSRRIGXMSR SJ E LSWI XS XLI WXERHTMTI W]WXIQ XLEX
QEMRXIRERGI SJ [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW E GSRHM MRGPYHIW E LSWI ZEPZI [MXL E XLVIEHIH SYXPIX ? A
XMSR XLEX [MPP SV LEW XLI TSXIRXMEP XS EHZIVWIP] MQTEGX XLI TIV ,SWI ,SYWI %R IRGPSWYVI PSGEXIH SZIV SV EHNEGIRX
JSVQERGI SJ E W]WXIQ SV TSVXMSR XLIVISJ FYX HSIW RSX VMWI XS XS E L]HVERX SV SXLIV [EXIV WYTTP] HIWMKRIH XS GSRXEMR XLI
XLI PIZIP SJ ER MQTEMVQIRX RIGIWWEV] LSWI RS^^PIW LSWI [VIRGLIW KEWOIXW ERH WTERRIVW
'VMXMGEP (IJMGMIRG] % HIJMGMIRG] XLEX MJ RSX GSV XS FI YWIH MR JMVI JMKLXMRK MR GSRNYRGXMSR [MXL ERH XS TVSZMHI
VIGXIH GER LEZI E QEXIVMEP IJJIGX SR XLI EFMPMX] SJ XLI JMVI EMH XS XLI PSGEP JMVI HITEVXQIRX
TVSXIGXMSR W]WXIQ SV YRMX XS JYRGXMSR EW MRXIRHIH MR E ,SWI 2S^^PI % HIZMGI MRXIRHIH JSV HMWGLEVKMRK [EXIV
JMVI IZIRX JSV QERYEP WYTTVIWWMSR SV I\XMRKYMWLQIRX SJ E JMVI
2SRGVMXMGEP (IJMGMIRG] % HIJMGMIRG] XLEX HSIW RSX ,SWI 7XEXMSR % GSQFMREXMSR SJ E LSWI VEGO LSWI
LEZI E QEXIVMEP IJJIGX SR XLI EFMPMX] SJ XLI JMVI TVSXIGXMSR RS^^PI LSWI ERH LSWI GSRRIGXMSR ? A
W]WXIQ SV YRMX XS JYRGXMSR MR E JMVI IZIRX FYX GSVVIGXMSR
,SWI 7XSVEKI (IZMGIW
MW RIIHIH XS QIIX XLI VIUYMVIQIRXW SJ XLMW WXERHEVH SV
JSV XLI TVSTIV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ 'SRZIRXMSREP 4MR 6EGO % LSWI VEGO [LIVI XLI
XLI W]WXIQ SV YRMX LSWI MW JSPHIH ZIVXMGEPP] ERH EXXEGLIH SZIV XLI TMRW
(MWGLEVKI (IZMGI % HIZMGI HIWMKRIH XS HMWGLEVKI [EXIV ,SVM^SRXEP 6EGO % LSWI VEGO [LIVI XLI LSWI MW
SV JSEQ[EXIV WSPYXMSR MR E TVIHIXIVQMRIH JM\IH SV EHNYWX GSRRIGXIH XS XLI ZEPZI XLIR WXEGOJSPHIH LSVM^SRXEPP] XS
EFPI TEXXIVR )\EQTPIW MRGPYHI FYX EVI RSX PMQMXIH XS WTVMR XLI XST SJ XLI VEGO
OPIVW WTVE] RS^^PIW ERH LSWI RS^^PIW ? A ,SWI 6IIP % GMVGYPEV HIZMGI YWIH XS WXSVI LSWI
(SYFPI 'LIGO :EPZI %WWIQFP] (':%
8LMW EWWIQFP] 7IQMEYXSQEXMG ,SWI 6EGO %WWIQFP] 8LI WEQI EW E
GSRWMWXW SJ X[S MRXIVREPP] PSEHIH GLIGO ZEPZIW IMXLIV WTVMRK wGSRZIRXMSREPx TMR VEGO SV LSWI VIIP I\GITX XLEX EJXIV XLI
PSEHIH SV MRXIVREPP] [IMKLXIH MRWXEPPIH EW E YRMX FIX[IIR X[S ZEPZI MW STIRIH E VIXEMRMRK HIZMGI LSPHW XLI LSWI ERH [EXIV
XMKLXP] GPSWMRK VIWMPMIRXWIEXIH WLYXSJJ ZEPZIW EW ER EWWIQFP] YRXMP XLI PEWX JI[ JIIX EVI VIQSZIH
ERH JMXXMRKW [MXL TVSTIVP] PSGEXIH VIWMPMIRXWIEXIH XIWX GSGOW
,]HVSWXEXMG 8IWX % XIWX SJ E GPSWIH TMTMRK W]WXIQ ERH
(VEMR MXW EXXEGLIH ETTYVXIRERGIW GSRWMWXMRK SJ WYFNIGXMRK XLI TMTMRK
1EMR (VEMR 8LI TVMQEV] HVEMR GSRRIGXMSR PS XS ER MRGVIEWIH MRXIVREP TVIWWYVI JSV E WTIGMJMIH TIVMSH SJ HY
GEXIH SR XLI W]WXIQ VMWIV VEXMSR XS ZIVMJ] W]WXIQ MRXIKVMX] ERH PIEO VEXIW ? A
7IGXMSREP (VEMR % HVEMR PSGEXIH FI]SRH E WIG -QTEMVQIRX % GSRHMXMSR [LIVI E JMVI TVSXIGXMSR W]W
XMSREP GSRXVSP ZEPZI XLEX HVEMRW SRP] E TSVXMSR SJ XLI W]WXIQ XIQ SV YRMX SV TSVXMSR XLIVISJ MW SYX SJ SVHIV ERH XLI GSRHM
XMSR GER VIWYPX MR XLI JMVI TVSXIGXMSR W]WXIQ SV YRMX RSX JYRG
*MVI (ITEVXQIRX 'SRRIGXMSR % GSRRIGXMSR XLVSYKL XMSRMRK MR E JMVI IZIRX
[LMGL XLI JMVI HITEVXQIRX GER TYQT WYTTPIQIRXEP [EXIV MRXS
XLI WTVMROPIV W]WXIQ WXERHTMTI SV SXLIV W]WXIQ JYVRMWLMRK [EXIV )QIVKIRG] -QTEMVQIRX % GSRHMXMSR [LIVI E [EXIV
JSV JMVI I\XMRKYMWLQIRX XS WYTTPIQIRX I\MWXMRK [EXIV WYTTPMIW FEWIH JMVI TVSXIGXMSR W]WXIQ SV TSVXMSR XLIVISJ MW SYX SJ
SVHIV HYI XS ER YRTPERRIH SGGYVVIRGI SV XLI MQTEMVQIRX
*MVI ,]HVERX % ZEPZIH GSRRIGXMSR SR E [EXIV WYTTP] MW JSYRH [LMPI TIVJSVQMRK MRWTIGXMSR XIWXMRK SV QEMRXI
W]WXIQ LEZMRK SRI SV QSVI SYXPIXW ERH XLEX MW YWIH XS WYTTP] RERGI EGXMZMXMIW
LSWI ERH JMVI HITEVXQIRX TYQTIVW [MXL [EXIV ? A
4VITPERRIH -QTEMVQIRX % GSRHMXMSR [LIVI E [EXIV
(V] &EVVIP ,]HVERX *VSWXTVSSJ ,]HVERX
% X]TI SJ FEWIH JMVI TVSXIGXMSR W]WXIQ SV E TSVXMSR XLIVISJ MW SYX SJ
L]HVERX [MXL XLI QEMR GSRXVSP ZEPZI FIPS[ XLI JVSWX PMRI WIVZMGI HYI XS [SVO TPERRIH MR EHZERGI WYGL EW VIZMWMSRW XS
FIX[IIR XLI JSSXTMIGI ERH XLI FEVVIP XLI [EXIV WYTTP] SV WTVMROPIV W]WXIQ TMTMRK
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
-RWTIGX 7II -RWTIGXMSR XVEXI MW HVE[R JVSQ ER EXQSWTLIVMG WXSVEKI XERO MW TVIWWYV
M^IH F] XLI TYQT ERH TEWWIW FEGO XLVSYKL E HMETLVEKQ
-RWTIGXMSR % ZMWYEP I\EQMREXMSR SJ E W]WXIQ SV TSV
FEPERGMRK ZEPZI XS XLI WXSVEKI XERO
XMSR XLIVISJ XS ZIVMJ] XLEX MX ETTIEVW XS FI MR STIVEXMRK GSRHM
XMSR ERH MW JVII SJ TL]WMGEP HEQEKI ? A 7XERHEVH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ XLEX YWIW
-RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI 7IVZMGI % WIVZMGI E TVIWWYVI ZIWWIP GSRXEMRMRK JSEQ GSRGIRXVEXI [LIVI [EXIV
TVSKVEQ TVSZMHIH F] E UYEPMJMIH GSRXVEGXSV SV UYEPMJMIH TVST MW WYTTPMIH XS XLI TVSTSVXMSRIV [LMGL HMVIGXW ER EQSYRX SJ
IVX] S[RIVvW VITVIWIRXEXMZI MR [LMGL EPP GSQTSRIRXW YRMUYI XS XLI WYTTP] HS[R[EVH SRXS XLI GSRXEMRIH GSRGIRXVEXI
XLI TVSTIVX]vW W]WXIQW EVI MRWTIGXIH ERH XIWXIH EX XLI VIUYMVIH XLIVIF] TVIWWYVM^MRK XLI XERO
XMQIW ERH RIGIWWEV] QEMRXIRERGI MW TVSZMHIH 5YEPMJMIH % GSQTIXIRX ERH GETEFPI TIVWSR SV GSQ
1EMRXIRERGI -R [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW TER] XLEX LEW QIX XLI VIUYMVIQIRXW ERH XVEMRMRK JSV E KMZIR
[SVO TIVJSVQIH XS OIIT IUYMTQIRX STIVEFPI SV XS QEOI VI JMIPH EGGITXEFPI XS XLI %,. ? A
TEMVW 6IFYMPH 8S VIWXSVI [SVOMRK GSRHMXMSR F] VITPEGI
1ERYEP 3TIVEXMSR 3TIVEXMSR SJ E W]WXIQ SV MXW GSQ QIRX SV VITEMV SJ [SVR SV HEQEKIH TEVXW
TSRIRXW XLVSYKL LYQER EGXMSR 6IHYGIH4VIWWYVI 4VMRGMTPI &EGOJPS[ 4VIZIRXMSR %WWIQ
2S^^PI FP] 64&%
8[S MRHITIRHIRXP] EGXMRK GLIGO ZEPZIW XSKIXLIV
[MXL E L]HVEYPMGEPP] STIVEXMRK QIGLERMGEPP] MRHITIRHIRX
1SRMXSV 2S^^PI % TIVQERIRXP] QSYRXIH HIZMGI TVIWWYVI HMJJIVIRXMEP VIPMIJ ZEPZI PSGEXIH FIX[IIR XLI GLIGO
WTIGMJMGEPP] HIWMKRIH [MXL E LMKL JPS[ VEXI XS TVSZMHI E JEV ZEPZIW EPSRK [MXL X[S VIWMPMIRXWIEXIH WLYXSJJ ZEPZIW EPP EW ER
VIEGLMRK WXVIEQ JSV PSGEXMSRW [LIVI PEVKI EQSYRXW SJ [EXIV EWWIQFP] ERH IUYMTTIH [MXL TVSTIVP] PSGEXIH XIWX GSGOW
RIIH XS FI EZEMPEFPI [MXLSYX XLI HIPE] SJ PE]MRK LSWI PMRIW
6IQSZI 8S TL]WMGEPP] XEOI E[E] SV IPMQMREXI
;EXIV 7TVE] 2S^^PI %R STIR SV EYXSQEXMG [EXIV
HMWGLEVKI HIZMGI XLEX [LIR HMWGLEVKMRK [EXIV YRHIV TVIW 6ITEMV 6IWXSVI XS WSYRH [SVOMRK GSRHMXMSR SV XS JM\
WYVI [MPP HMWXVMFYXI XLI [EXIV MR E WTIGMJMG HMVIGXMSREP TEX HEQEKI
XIVR 6ITPEGI 8S VIQSZI E GSQTSRIRX ERH MRWXEPP E RI[ SV
3VMJMGI 4PEXI 4VSTSVXMSRMRK 8LMW W]WXIQ YXMPM^IW ER SVM IUYMZEPIRX GSQTSRIRX
JMGI TPEXIW
XLVSYKL [LMGL TEWWIW E WTIGMJMG EQSYRX SJ JSEQ
7TVMROPIV
GSRGIRXVEXI EX E WTIGMJMG TVIWWYVI HVST EGVSWW XLI SVMJMGI
TPEXIW
-RWXEPPEXMSR 3VMIRXEXMSR 8LI JSPPS[MRK WTVMROPIVW
EVI HIJMRIH EGGSVHMRK XS SVMIRXEXMSR
4IVJSVQERGI&EWIH 4VSKVEQ 1IXLSHW ERH JVIUYIRGMIW
XLEX LEZI FIIR HIQSRWXVEXIH XS HIPMZIV IUYMZEPIRX SV WYTIVMSV 'SRGIEPIH 7TVMROPIV % VIGIWWIH WTVMROPIV [MXL
PIZIPW SJ TIVJSVQERGI XLVSYKL UYERXMXEXMZI TIVJSVQERGIFEWIH GSZIV TPEXI ? A
EREP]WMW
*PYWL 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV TEVX
4VIWWYVI6IKYPEXMRK (IZMGI % HIZMGI HIWMKRIH JSV XLI SJ XLI FSH] MRGPYHMRK XLI WLERO XLVIEH MW QSYRXIH EFSZI
TYVTSWI SJ VIHYGMRK VIKYPEXMRK GSRXVSPPMRK SV VIWXVMGXMRK [E XLI PS[IV TPERI SJ XLI GIMPMRK ? A
XIV TVIWWYVI ? A
4IRHIRX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR
4VIWWYVI6IWXVMGXMRK (IZMGI % ZEPZI SV HIZMGI HIWMKRIH WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WXVIEQ MW HMVIGXIH HS[R
JSV XLI TYVTSWI SJ VIHYGMRK XLI HS[RWXVIEQ [EXIV TVIWWYVI [EVH EKEMRWX XLI HIJPIGXSV ? A
YRHIV JPS[MRK VIWMHYEP
GSRHMXMSRW SRP] ? A
6IGIWWIH 7TVMROPIV % WTVMROPIV MR [LMGL EPP SV
4VIWWYVI :EGYYQ :IRX % ZIRXMRK HIZMGI QSYRXIH SR TEVX SJ XLI FSH] SXLIV XLER XLI WLERO XLVIEH MW QSYRXIH
EXQSWTLIVMG JSEQ GSRGIRXVEXI WXSVEKI ZIWWIPW XS EPPS[ JSV GSR [MXLMR E VIGIWWIH LSYWMRK ? A
GIRXVEXI I\TERWMSR ERH GSRXVEGXMSR ERH JSV XERO FVIEXLMRK
HYVMRK GSRGIRXVEXI HMWGLEVKI SV JMPPMRK 7MHI[EPP 7TVMROPIV % WTVMROPIV LEZMRK WTIGMEP
HIJPIGXSVW XLEX EVI HIWMKRIH XS HMWGLEVKI QSWX SJ XLI [EXIV
4VSTSVXMSRIV E[E] JVSQ XLI RIEVF] [EPP MR E TEXXIVR VIWIQFPMRK SRI
&PEHHIV 8ERO 4VSTSVXMSRIV % W]WXIQ XLEX MW WMQMPEV UYEVXIV SJ E WTLIVI [MXL E WQEPP TSVXMSR SJ XLI HMWGLEVKI
XS E WXERHEVH TVIWWYVI TVSTSVXMSRIV I\GITX XLI JSEQ GSR HMVIGXIH EX XLI [EPP FILMRH XLI WTVMROPIV ? A
GIRXVEXI MW GSRXEMRIH MRWMHI E HMETLVEKQ FEK XLEX MW GSR 9TVMKLX 7TVMROPIV % WTVMROPIV HIWMKRIH XS FI MR
XEMRIH MRWMHI E TVIWWYVI ZIWWIP WXEPPIH MR WYGL E [E] XLEX XLI [EXIV WTVE] MW HMVIGXIH YT
-R0MRI &EPERGIH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ [EVHW EKEMRWX XLI HIJPIGXSV ? A
XLEX MW WMQMPEV XS E WXERHEVH FEPERGIH TVIWWYVI W]WXIQ I\ 'SRXVSP 1SHI 7TIGMJMG %TTPMGEXMSR '17%
7TVMROPIV
GITX XLI TYQTIH GSRGIRXVEXI TVIWWYVI MW QEMRXEMRIH EX E % X]TI SJ WTVE] WTVMROPIV XLEX MW GETEFPI SJ TVSHYGMRK GLEV
JM\IH TVIWIX ZEPYI EGXIVMWXMG PEVKI [EXIV HVSTPIXW ERH XLEX MW PMWXIH JSV MXW GETE
0MRI 4VSTSVXMSRIV % W]WXIQ XLEX YWIW E ZIRXYVM FMPMX] XS TVSZMHI JMVI GSRXVSP SJ WTIGMJMG LMKLGLEPPIRKI JMVI
TMGOYTX]TI HIZMGI [LIVI [EXIV TEWWMRK XLVSYKL XLI YRMX LE^EVHW ? A
GVIEXIW E ZEGYYQ XLIVIF] EPPS[MRK JSEQ GSRGIRXVEXI XS FI
'SVVSWMSR6IWMWXERX 7TVMROPIV % WTVMROPIV JEFVM
TMGOIH YT JVSQ ER EXQSWTLIVMG WXSVEKI GSRXEMRIV
GEXIH [MXL GSVVSWMSRVIWMWXERX QEXIVMEP SV [MXL WTIGMEP GSEX
7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV % W]WXIQ MRKW SV TPEXMRKW XS FI YWIH MR ER EXQSWTLIVI XLEX [SYPH
XLEX YXMPM^IW E JSEQ GSRGIRXVEXI TYQT [LIVI JSEQ GSRGIR RSVQEPP] GSVVSHI WTVMROPIVW ? A
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
()*-2-8-327 z
(V] 7TVMROPIV % WTVMROPIV WIGYVIH MR ER I\XIRWMSR EXXEGLIH LSWI ERH RS^^PIW JSV XLI TYVTSWI SJ I\XMRKYMWLMRK E
RMTTPI XLEX LEW E WIEP EX XLI MRPIX IRH XS TVIZIRX [EXIV JVSQ JMVI XLIVIF] TVSXIGXMRK E FYMPHMRK SV WXVYGXYVI ERH MXW GSRXIRXW MR
IRXIVMRK XLI RMTTPI YRXMP XLI WTVMROPIV STIVEXIW ? A EHHMXMSR XS TVSXIGXMRK XLI SGGYTERXW ? A
)EVP] 7YTTVIWWMSR *EWX6IWTSRWI )7*6
7TVMROPIV %YXSQEXMG 7XERHTMTI 7]WXIQ % WXERHTMTI W]WXIQ
% X]TI SJ JEWXVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX XLEX MW EXXEGLIH XS E [EXIV WYTTP] GETEFPI SJ WYTTP]MRK XLI
[MXL ER 68- SJ QIXIVWWIGSRHW
SV PIWW ERH MW PMWXIH W]WXIQ HIQERH ERH XLEX VIUYMVIW RS EGXMSR SXLIV XLER
JSV MXW GETEFMPMX] XS TVSZMHI JMVI WYTTVIWWMSR SJ WTIGMJMG STIRMRK E LSWI ZEPZI XS TVSZMHI [EXIV EX LSWI GSRRIGXMSRW
LMKLGLEPPIRKI JMVI LE^EVHW ? A (V] 7XERHTMTI % WXERHTMTI W]WXIQ HIWMKRIH XS
)\XIRHIH 'SZIVEKI 7TVMROPIV % X]TI SJ WTVE] WTVMR LEZI TMTMRK GSRXEMR [EXIV SRP] [LIR XLI W]WXIQ MW FIMRK
OPIV [MXL QE\MQYQ GSZIVEKI EVIEW EW WTIGMJMIH MR 7IGXMSRW YXMPM^IH
ERH SJ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMR 1ERYEP 7XERHTMTI 7XERHTMTI W]WXIQ XLEX VIPMIW
OPIV 7]WXIQW ? A I\GPYWMZIP] SR XLI JMVI HITEVXQIRX GSRRIGXMSR XS WYTTP]
2S^^PIW % HIZMGI JSV YWI MR ETTPMGEXMSRW VIUYMVMRK XLI W]WXIQ HIQERH
WTIGMEP [EXIV HMWGLEVKI TEXXIVRW HMVIGXMSREP WTVE] SV SXLIV ;IX 7XERHTMTI 7]WXIQ % WXERHTMTI W]WXIQ LEZMRK
YRYWYEP HMWGLEVKI GLEVEGXIVMWXMGW ? A TMTMRK GSRXEMRMRK [EXIV EX EPP XMQIW ? A
3PH7X]PI'SRZIRXMSREP 7TVMROPIV % WTVMROPIV XLEX 7IQMEYXSQEXMG (V] 7XERHTMTI 7]WXIQ % WXERHTMTI W]W
HMVIGXW JVSQ TIVGIRX XS TIVGIRX SJ XLI XSXEP [EXIV MRM XIQ TIVQERIRXP] EXXEGLIH XS E [EXIV WYTTP] XLEX MW GETEFPI SJ
XMEPP] MR E HS[R[EVH HMVIGXMSR ERH XLEX MW HIWMKRIH XS FI MR WYTTP]MRK XLI W]WXIQ HIQERH EX EPP XMQIW EVVERKIH XLVSYKL
WXEPPIH [MXL XLI HIJPIGXSV IMXLIV YTVMKLX SV TIRHIRX ? XLI YWI SJ E HIZMGI WYGL EW E HIPYKI ZEPZI ERH XLEX VIUYMVIW
A EGXMZEXMSR SJ E VIQSXI GSRXVSP HIZMGI XS TVSZMHI [EXIV EX LSWI
3TIR 7TVMROPIV % WTVMROPIV XLEX HSIW RSX LEZI EG GSRRIGXMSRW ? A
XYEXSVW SV LIEXVIWTSRWMZI IPIQIRXW ? A 7XERHTMTI 7]WXIQ 'PEWWIW
3VREQIRXEP(IGSVEXMZI 7TVMROPIV % WTVMROPIV XLEX 'PEWW - 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
LEW FIIR TEMRXIH SV TPEXIH F] XLI QERYJEGXYVIV ? A QQ
LSWI GSRRIGXMSRW XS WYTTP] [EXIV JSV YWI F] JMVI
5YMGO6IWTSRWI )EVP] 7YTTVIWWMSR 56)7
7TVMR HITEVXQIRXW ? A
OPIV % X]TI SJ UYMGOVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP 'PEWW -- 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
IPIQIRX [MXL ER 68- SJ QIXIVWIGSRHW
SV PIWW ERH MW QQ
LSWI WXEXMSRW XS WYTTP] [EXIV JSV YWI TVMQEVMP] F]
PMWXIH JSV MXW GETEFMPMX] XS TVSZMHI JMVI WYTTVIWWMSR SJ WTI XVEMRIH TIVWSRRIP SV F] XLI JMVI HITEVXQIRX HYVMRK MRMXMEP
GMJMG JMVI LE^EVHW ? A VIWTSRWI ? A
5YMGO6IWTSRWI )\XIRHIH 'SZIVEKI 7TVMROPIV % X]TI 'PEWW --- 7]WXIQ % W]WXIQ XLEX TVSZMHIW MR
SJ UYMGOVIWTSRWI WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX [MXL QQ
LSWI WXEXMSRW XS WYTTP] [EXIV JSV YWI F] XVEMRIH TIV
ER 68- SJ QIXIVWIGSRHW
SV PIWW ERH GSQTPMIW [MXL XLI WSRRIP ERH MR QQ
LSWI GSRRIGXMSRW XS WYTTP] E
I\XIRHIH TVSXIGXMSR EVIEW HIJMRIH MR 'LETXIV SJ 2*4% PEVKIV ZSPYQI SJ [EXIV JSV YWI F] JMVI HITEVXQIRXW ? A
7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW ? A
7XVEMRIV % HIZMGI GETEFPI SJ VIQSZMRK JVSQ XLI [EXIV
5YMGO6IWTSRWI 56
7TVMROPIV % X]TI SJ WTVE] EPP WSPMHW SJ WYJJMGMIRX WM^I XLEX EVI SFWXVYGXMRK [EXIV WTVE]
WTVMROPIV XLEX LEW E XLIVQEP IPIQIRX [MXL ER 68- SJ RS^^PIW
QIXIVWIGSRHW
SV PIWW ERH MW PMWXIH EW E UYMGO
VIWTSRWI WTVMROPIV JSV MXW MRXIRHIH YWI ? A 7YTIVZMWMSR -R [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW E
QIERW SJ QSRMXSVMRK W]WXIQ WXEXYW ERH MRHMGEXMRK EFRSVQEP
6IWMHIRXMEP 7TVMROPIV % X]TI SJ JEWXVIWTSRWI GSRHMXMSRW
WTVMROPIV LEZMRK E XLIVQEP IPIQIRX [MXL ER 68- SJ
QIXIVWWIGSRHW
SV PIWW XLEX LEW FIIR WTIGMJMGEPP] 8IWX 8LI STIVEXMSR SJ E HIZMGI XS ZIVMJ] XLEX MX MW JYRG
MRZIWXMKEXIH JSV MXW EFMPMX] XS IRLERGI WYVZMZEFMPMX] MR XLI XMSRMRK GSVVIGXP] SV XLI QIEWYVIQIRX SJ E W]WXIQ GLEVEGXIVMW
VSSQ SJ JMVI SVMKMR ERH XLEX MW PMWXIH JSV YWI MR XLI TVSXIG XMG XS HIXIVQMRI MJ MX QIIXW VIUYMVIQIRXW
XMSR SJ H[IPPMRK YRMXW ? A 8IWXMRK % TVSGIHYVI YWIH XS HIXIVQMRI XLI STIVE
7TIGMEP 7TVMROPIV % WTVMROPIV XLEX LEW FIIR XMSREP WXEXYW SJ E GSQTSRIRX SV W]WXIQ F] GSRHYGXMRK TIVMSHMG
XIWXIH ERH PMWXIH EW TVIWGVMFIH MR SJ 2*4% 7XERHEVH TL]WMGEP GLIGOW WYGL EW [EXIVJPS[ XIWXW JMVI TYQT XIWXW EPEVQ
JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW ? A XIWXW ERH XVMT XIWXW SJ HV] TMTI HIPYKI SV TVIEGXMSR ZEPZIW
7TVE] 7TVMROPIV % X]TI SJ WTVMROPIV PMWXIH JSV MXW :EPZI 7XEXYW 8IWX *PS[MRK [EXIV XS ZIVMJ] XLEX ZEPZIW JSV
GETEFMPMX] XS TVSZMHI JMVI GSRXVSP JSV E [MHI VERKI SJ JMVI E TSVXMSR SJ XLI W]WXIQ EVI RSX GPSWIH
LE^EVHW ? A :EPZI 7XEXYW 8IWX 'SRRIGXMSR % TSMRX MR XLI W]WXIQ
7XERHEVH 7TVE] 7TVMROPIV % WTVE] WTVMROPIV [MXL [LIVI [EXIV MW HMWGLEVKIH JSV TYVTSWIW SJ TIVJSVQMRK E ZEPZI
WXEXYW XIWX
QE\MQYQ GSZIVEKI EVIEW EW WTIGMJMIH MR 7IGXMSRW ERH
SJ 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]W ;EXIV 7TVE] ;EXIV MR E JSVQ LEZMRK E TVIHIXIVQMRIH
XIQW ? A TEXXIVR TEVXMGPI WM^I ZIPSGMX] ERH HIRWMX] HMWGLEVKI JVSQ WTI
GMEPP] HIWMKRIH RS^^PIW SV HIZMGIW ? A
7XERHTMTI 7]WXIQ %R EVVERKIQIRX SJ TMTMRK ZEPZIW
LSWI GSRRIGXMSRW ERH EPPMIH IUYMTQIRX MRWXEPPIH MR E FYMPHMRK SV ;EXIV 7YTTP] % WSYVGI SJ [EXIV XLEX TVSZMHIW XLI JPS[W
WXVYGXYVI [MXL XLI LSWI GSRRIGXMSRW PSGEXIH MR WYGL E QERRIV ?KEPQMR 0QMR
A ERH TVIWWYVIW ?TWM FEV
A VIUYMVIH F] XLI
XLEX [EXIV GER FI HMWGLEVKIH MR WXVIEQW SV WTVE] TEXXIVRW XLVSYKL [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQ
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
;EXIVJPS[ %PEVQ (IZMGI %R EXXEGLQIRX XS E [EXIV ;EXIV&EWIH *MVI 4VSXIGXMSR 7]WXIQ (IJMRMXMSRW
FEWIH JMVI TVSXIGXMSR W]WXIQ XLEX HIXIGXW ERH WMKREPW E TVIHI
'SQFMRIH 7XERHTMTI ERH 7TVMROPIV 7]WXIQ % W]WXIQ
XIVQMRIH [EXIVJPS[ [LIVI XLI [EXIV TMTMRK WIVZMGIW FSXL MR QQ
SYXPIXW
(IPYKI *SEQ;EXIV 7TVMROPIV ERH *SEQ;EXIV 7TVE] 7]W JSV JMVI HITEVXQIRX YWI ERH SYXPIXW JSV EYXSQEXMG WTVMROPIVW
XIQW (IJMRMXMSRW *MVI 4YQT % TYQT XLEX MW E TVSZMHIV SJ PMUYMH JPS[ ERH
*SEQ;EXIV 7TVE] 7]WXIQ % WTIGMEP W]WXIQ XLEX MW TMTI TVIWWYVI HIHMGEXIH XS JMVI TVSXIGXMSR ? A
GSRRIGXIH XS E WSYVGI SJ JSEQ GSRGIRXVEXI ERH XS E [EXIV 4VMZEXI *MVI 7IVZMGI 1EMR 4VMZEXI JMVI WIVZMGI QEMR EW
WYTTP] 8LI W]WXIQ MW IUYMTTIH [MXL JSEQ[EXIV WTVE] RS^^PIW YWIH MR XLMW WXERHEVH MW XLEX TMTI ERH MXW ETTYVXIRERGIW SR
JSV I\XMRKYMWLMRK EKIRX HMWGLEVKI JSEQ JSPPS[IH F] [EXIV SV TVMZEXI TVSTIVX]
FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI SJ
MR VIZIVWI SVHIV
ERH JSV HMWXVMFYXMSR SZIV XLI EVIE XS FI TVS XLI W]WXIQ VMWIV JSV [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW
XIGXIH 7]WXIQ STIVEXMSR EVVERKIQIRXW TEVEPPIP XLSWI JSV FIX[IIR E WSYVGI SJ [EXIV ERH MRPIXW XS JSEQQEOMRK W]WXIQW
JSEQ[EXIV WTVMROPIV W]WXIQW EW HIWGVMFIH MR XLI HIJMRMXMSR SJ
FIX[IIR E WSYVGI SJ [EXIV ERH XLI FEWI IPFS[ SJ TVMZEXI
*SEQ;EXIV 7TVMROPIV 7]WXIQ ? A L]HVERXW SV QSRMXSV RS^^PIW ERH
YWIH EW JMVI TYQT WYG
XMSR ERH HMWGLEVKI TMTMRK
FIKMRRMRK EX XLI MRPIX WMHI SJ
*SEQ;EXIV 7TVMROPIV 7]WXIQ % WTIGMEP W]WXIQ XLEX MW XLI GLIGO ZEPZI SR E KVEZMX] SV TVIWWYVI XERO ? A
TMTIGSRRIGXIH XS E WSYVGI SJ JSEQ GSRGIRXVEXI ERH XS E [EXIV
WYTTP] 8LI W]WXIQ MW IUYMTTIH [MXL ETTVSTVMEXI HMWGLEVKI HI 7TVMROPIV 7]WXIQ % W]WXIQ XLEX GSRWMWXW SJ ER MRXI
ZMGIW JSV I\XMRKYMWLMRK EKIRX HMWGLEVKI ERH JSV HMWXVMFYXMSR KVEXIH RIX[SVO SJ TMTMRK HIWMKRIH MR EGGSVHERGI [MXL JMVI
TVSXIGXMSR IRKMRIIVMRK WXERHEVHW XLEX MRGPYHIW E [EXIV WYTTP]
SZIV XLI EVIE XS FI TVSXIGXIH 8LI TMTMRK W]WXIQ MW GSRRIGXIH
WSYVGI E [EXIV GSRXVSP ZEPZI E [EXIVJPS[ EPEVQ ERH E HVEMR
XS XLI [EXIV WYTTP] XLVSYKL E GSRXVSP ZEPZI XLEX YWYEPP] MW EGXY
ERH MW GSQQSRP] EGXMZEXIH F] LIEX JVSQ E JMVI HMWGLEVKMRK
EXIH F] STIVEXMSR SJ EYXSQEXMG HIXIGXMSR IUYMTQIRX XLEX MW [EXIV SZIV XLI JMVI EVIE 8LI TSVXMSR SJ XLI WTVMROPIV W]WXIQ
MRWXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW ;LIR XLMW ZEPZI EFSZI KVSYRH MW E RIX[SVO SJ WTIGMJMGEPP] WM^IH SV L]HVEYPMGEPP]
STIRW [EXIV JPS[W MRXS XLI TMTMRK W]WXIQ JSEQ GSRGIRXVEXI MW HIWMKRIH TMTMRK MRWXEPPIH MR E FYMPHMRK WXVYGXYVI SV EVIE KIR
MRNIGXIH MRXS XLI [EXIV ERH XLI VIWYPXMRK JSEQ WSPYXMSR HMW IVEPP] SZIVLIEH ERH XS [LMGL WTVMROPIVW EVI EXXEGLIH MR E W]W
GLEVKMRK XLVSYKL XLI HMWGLEVKI HIZMGIW KIRIVEXIW ERH HMWXVMF XIQEXMG TEXXIVR 8LI W]WXIQ MW GSQQSRP] EGXMZEXIH F] LIEX
YXIW JSEQ 9TSR I\LEYWXMSR SJ XLI JSEQ GSRGIRXVEXI WYTTP] JVSQ E JMVI ERH HMWGLEVKIW [EXIV SZIV XLI JMVI EVIE ? A
[EXIV HMWGLEVKI JSPPS[W ERH GSRXMRYIW YRXMP WLYX SJJ QERYEPP]
7]WXIQW GER FI YWIH JSV HMWGLEVKI SJ [EXIV JMVWX JSPPS[IH F] %RXMJVII^I 7TVMROPIV 7]WXIQ % [IX TMTI W]WXIQ YWMRK
EYXSQEXMG WTVMROPIVW XLEX GSRXEMRW E PMUYMH WSPYXMSR XS TVI
HMWGLEVKI SJ JSEQ JSV E WTIGMJMIH TIVMSH ERH XLIR JSPPS[IH F]
ZIRX JVII^MRK SJ XLI W]WXIQ MRXIRHIH XS HMWGLEVKI XLI WSPY
[EXIV YRXMP QERYEPP] WLYX SJJ )\MWXMRK HIPYKI WTVMROPIV W]W
XMSR YTSR WTVMROPIV STIVEXMSR JSPPS[IH MQQIHMEXIP] F] [E
XIQW XLEX LEZI FIIR GSRZIVXIH XS XLI YWI SJ EUYISYW JMPQ XIV JVSQ E [EXIV WYTTP] ? A
JSVQMRK JSEQ SV JMPQJSVQMRK JPYSVSTVSXIMR JSEQ EVI GPEWWM
JMIH EW JSEQ[EXIV WTVMROPIV W]WXIQW ? A 4VIQM\IH %RXMJVII^I 7SPYXMSR % QM\XYVI SJ ER ERXM
JVII^I QEXIVMEP [MXL [EXIV XLEX MW TVITEVIH ERH JEGXSV]
:EPZI (IJMRMXMSRW QM\IH F] XLI QERYJEGXYVIV [MXL E UYEPMX] GSRXVSP TVSGI
'SRXVSP :EPZI % ZEPZI GSRXVSPPMRK JPS[ XS [EXIVFEWIH HYVI MR TPEGI XLEX IRWYVIW XLEX XLI ERXMJVII^I WSPYXMSR
JMVI TVSXIGXMSR W]WXIQW VIQEMRW LSQSKIRISYW ERH XLEX XLI GSRGIRXVEXMSR MW EW
WTIGMJMIH ? A
(IPYKI :EPZI % [EXIV WYTTP] GSRXVSP ZEPZI MRXIRHIH XS
(IPYKI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQTPS]
FI STIVEXIH F] EGXYEXMSR SJ ER EYXSQEXMG HIXIGXMSR W]WXIQ
MRK STIR WTVMROPIVW SV RS^^PIW XLEX EVI EXXEGLIH XS E TMTMRK
XLEX MW MRWXEPPIH MR XLI WEQI EVIE EW XLI HMWGLEVKI HIZMGIW W]WXIQ XLEX MW GSRRIGXIH XS E [EXIV WYTTP] XLVSYKL E ZEPZI
,SWI :EPZI 8LI ZEPZI XS ER MRHMZMHYEP LSWI GSRRIG XLEX MW STIRIH F] XLI STIVEXMSR SJ E HIXIGXMSR W]WXIQ MR
XMSR ? A WXEPPIH MR XLI WEQI EVIEW EW XLI WTVMROPIVW SV XLI RS^^PIW
;LIR XLMW ZEPZI STIRW [EXIV JPS[W MRXS XLI TMTMRK W]WXIQ
4VIWWYVI 'SRXVSP :EPZI % TMPSXSTIVEXIH TVIWWYVI ERH HMWGLEVKIW JVSQ EPP WTVMROPIVW SV RS^^PIW EXXEGLIH
VIHYGMRK ZEPZI HIWMKRIH JSV XLI TYVTSWI SJ VIHYGMRK XLI XLIVIXS ? A
HS[RWXVIEQ [EXIV TVIWWYVI XS E WTIGMJMG ZEPYI YRHIV FSXL JPS[
MRK VIWMHYEP
ERH RSRJPS[MRK WXEXMG
GSRHMXMSRW ? A (V] 4MTI 7TVMROPIV 7]WXIQ % WTVMROPIV W]WXIQ IQ
TPS]MRK EYXSQEXMG WTVMROPIVW XLEX EVI EXXEGLIH XS E TMTMRK
4VIWWYVI6IHYGMRK :EPZI % ZEPZI HIWMKRIH JSV XLI TYV W]WXIQ GSRXEMRMRK EMV SV RMXVSKIR YRHIV TVIWWYVI XLI VI
TSWI SJ VIHYGMRK XLI HS[RWXVIEQ [EXIV TVIWWYVI YRHIV FSXL PIEWI SJ [LMGL EW JVSQ XLI STIRMRK SJ E WTVMROPIV
TIVQMXW
JPS[MRK VIWMHYEP
ERH RSRJPS[MRK WXEXMG
GSRHMXMSRW ? A XLI [EXIV TVIWWYVI XS STIR E ZEPZI ORS[R EW E HV] TMTI
ZEPZI ERH XLI [EXIV XLIR JPS[W MRXS XLI TMTMRK W]WXIQ ERH
1EWXIV 4VIWWYVI6IHYGMRK :EPZI % TVIWWYVIVIHYGMRK SYX XLI STIRIH WTVMROPIVW ? A
ZEPZI MRWXEPPIH XS VIKYPEXI TVIWWYVIW MR ER IRXMVI JMVI TVSXIG
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TVSXIGXMSR W]WXIQW JSV XLIMV GETEFMPMX] XS TVSXIGX XLI RI[ SGGY 1ERYJEGXYVIVvW 'SVVIGXMZI %GXMSR 1ERYJEGXYVIVW WLEPP FI
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MR XLI JMIPH [MXL PMWXIH HIZMGIW XLEX VIWXSVI XLI SVMKMREP TIVJSV
8LI IZEPYEXMSR VIUYMVIH F] WLEPP RSX FI GSRWMH QERGI EW MRXIRHIH F] XLI PMWXMRK [LIVI EGGITXEFPI XS XLI EY
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SJ XLI W]WXIQ EVI MHIRXMJMIH XLI TVSTIVX] S[RIV SV HIWMKREXIH 6IGSVHW WLEPP FI QEMRXEMRIH F] XLI TVSTIVX] S[RIV
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0SGEXMSR SJ XLI EVIE WIVZIH F] XLI W]WXIQ JYPP STIVEXMSREP GSRHMXMSR JSPPS[MRK XIWXMRK MRGPYHMRK VIMR
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WLEPP FI HMWGYWWIH MR EHZERGI [MXL XLI EYXLSVMX] LEZMRK NYVMW
HMGXMSR ;LIRIZIV GSQTSRIRXW MR WXERHTMTI ERH LSWI W]WXIQW
7XERHTMTIW WTVMROPIV GSRRIGXMSRW XS WXERHTMTIW SV EVI EHNYWXIH VITEMVIH VIGSRHMXMSRIH SV VITPEGIH XLI EGXMSRW
LSWI WXEXMSRW IUYMTTIH [MXL TVIWWYVIVIHYGMRK ZEPZIW SV VIUYMVIH MR 8EFPI WLEPP FI TIVJSVQIH
TVIWWYVIVIKYPEXMRK ZEPZIW WLEPP LEZI XLIWI ZEPZIW MRWTIGXIH
;LIVI XLI SVMKMREP MRWXEPPEXMSR WXERHEVH MW HMJJIVIRX
XIWXIH ERH QEMRXEMRIH MR EGGSVHERGI [MXL XLI VIUYMVIQIRXW
JVSQ XLI GMXIH WXERHEVH XLI YWI SJ XLI ETTVSTVMEXI MRWXEPPMRK
SJ 'LETXIV
WXERHEVH WLEPP FI TIVQMXXIH
% QEMR HVEMR XIWX WLEPP FI TIVJSVQIH SR EPP WXERHTMTI c
W]WXIQW [MXL EYXSQEXMG [EXIV WYTTPMIW MR EGGSVHERGI [MXL XLI 8LIWI EGXMSRW WLEPP RSX VIUYMVI E HIWMKR VIZMI[ [LMGL MW
VIUYMVIQIRXW SJ 'LETXIV SYXWMHI XLI WGSTI SJ XLMW WXERHEVH
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
7XEXYW-RHMGEXMRK 'SQTSRIRXW
+EYKIW < :IVMJ] EX TWM FEV
ERH W]WXIQ
[SVOMRK TVIWWYVI
7XVYGXYVEP 'SQTSRIRXW
,ERKIVWIMWQMG FVEGMRK < < < :IVMJ] GSRJSVQERGI [MXL 2*4%
4MTI WXERHW < < < :IVMJ] GSRJSVQERGI [MXL 2*4%
-RJSVQEXMSREP 'SQTSRIRXW
-HIRXMJMGEXMSR WMKRW < < < :IVMJ] GSRJSVQERGI [MXL 2*4%
,]HVEYPMG TPEGEVHW < < < :IVMJ] GSRJSVQERGI [MXL 2*4%
'LETXIV 4VMZEXI *MVI 7IVZMGI 1EMRW 8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRMQYQ
VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI
+IRIVEP :EPZIW ERH 'SRRIGXMSRW :EPZIW ERH JMVI HITEVXQIRX
GSRRIGXMSRW WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR EG
1MRMQYQ 6IUYMVIQIRXW GSVHERGI [MXL 'LETXIV
8LMW GLETXIV WLEPP TVSZMHI XLI QMRMQYQ VIUYMVI 3FWXVYGXMSR -RZIWXMKEXMSRW 8LI TVSGIHYVIW SYXPMRIH MR
QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ 'LETXIV WLEPP FI JSPPS[IH [LIVI XLIVI MW E RIIH XS GSRHYGX
TVMZEXI JMVI WIVZMGI QEMRW ERH XLIMV ETTYVXIRERGIW ER SFWXVYGXMSR MRZIWXMKEXMSR
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
8EFPI 7YQQEV] SJ 4VMZEXI *MVI 7IVZMGI 1EMR -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI
-RWTIGXMSR
,SWI LSYWIW 5YEVXIVP]
,]HVERXW HV] FEVVIP ERH [EPP
%RRYEPP] ERH EJXIV IEGL STIVEXMSR
1SRMXSV RS^^PIW 7IQMERRYEPP]
,]HVERXW [IX FEVVIP
%RRYEPP] ERH EJXIV IEGL STIVEXMSR
1EMRPMRI WXVEMRIVW %RRYEPP] ERH EJXIV IEGL WMKRMJMGERX
JPS[
4MTMRK I\TSWIH
%RRYEPP]
4MTMRK YRHIVKVSYRH
7II
8IWX
1SRMXSV RS^^PIW *PS[ ERRYEPP] VERKI ERH
STIVEXMSR
,]HVERXW *PS[ ERRYEPP]
4MTMRK I\TSWIH ERH ]IEVW
YRHIVKVSYRH
JPS[ XIWX
:EPZI WXEXYW XIWX
1EMRXIRERGI
1EMRPMRI WXVEMRIVW %RRYEPP] ERH EJXIV IEGL STIVEXMSR
,SWI LSYWIW %RRYEPP]
,]HVERXW %RRYEPP]
1SRMXSV RS^^PIW %RRYEPP]
*MVI ,SWI *MVI LSWI WLEPP FI QEMRXEMRIH MR EGGSVHERGI 9RHIVKVSYRH 4MTMRK
[MXL 2*4% 7XERHEVH JSV XLI 'EVI 9WI -RWTIGXMSR 7IVZMGI
1EMRPMRI 7XVEMRIVW 1EMRPMRI WXVEMRIVW WLEPP FI MR
8IWXMRK ERH 6ITPEGIQIRX SJ *MVI ,SWI 'SYTPMRKW 2S^^PIW ERH *MVI
WTIGXIH ERH GPIERIH EJXIV IEGL W]WXIQ JPS[ I\GIIHMRK XLEX SJ E
,SWI %TTPMERGIW
RSQMREP MR QQ
SVMJMGI ERH WLEPP FI VIQSZIH ERH MR
-QTEMVQIRXW 8LI TVSGIHYVIW SYXPMRIH MR 'LETXIV WTIGXIH ERRYEPP] JSV JEMPMRK HEQEKIH ERH GSVVSHIH TEVXW [MXL
WLEPP FI JSPPS[IH [LIVIZIV WYGL ER MQTEMVQIRX XS TVSXIGXMSR XLI RIGIWWEV] GSVVIGXMZI EGXMSR XEOIR EW WTIGMJMIH MR 8EFPI
SGGYVW
c 8EFPI 1EMRPMRI 7XVEMRIVW
-RWTIGXMSR ERH 'SVVIGXMZI %GXMSR
+IRIVEP 4VMZEXI JMVI WIVZMGI QEMRW ERH XLIMV ETTYVXI 'SRHMXMSR 'SVVIGXMZI %GXMSR
RERGIW WLEPP FI MRWTIGXIH EX XLI MRXIVZEPW WTIGMJMIH MR 8EFPI
4PYKKMRK SV JSYPMRK 'PIER
4VSGIHYVIW %PP TVSGIHYVIW WLEPP FI GEVVMIH SYX MR EGGSV 'SVVSWMSR 6ITPEGI SV VITEMV
HERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW [LIVI ETTPMGEFPI
)\TSWIH 4MTMRK
(V] &EVVIP ERH ;EPP ,]HVERXW (V] FEVVIP ERH [EPP L]
)\TSWIH TMTMRK WLEPP FI MRWTIGXIH ERRYEPP] HVERXW WLEPP FI MRWTIGXIH ERRYEPP] ERH EJXIV IEGL STIVEXMSR [MXL
XLI RIGIWWEV] GSVVIGXMZI EGXMSR XEOIR EW WTIGMJMIH MR 8EFPI
4MTMRK WLEPP FI MRWTIGXIH ERH XLI RIGIWWEV] GSVVIG
XMZI EGXMSR WLEPP FI XEOIR EW WTIGMJMIH MR 8EFPI ;IX &EVVIP ,]HVERXW ;IX FEVVIP L]HVERXW WLEPP FI MR
WTIGXIH ERRYEPP] ERH EJXIV IEGL STIVEXMSR [MXL XLI RIGIWWEV]
8EFPI )\TSWIH 4MTMRK GSVVIGXMZI EGXMSR XEOIR EW WTIGMJMIH MR 8EFPI
1SRMXSV 2S^^PIW 1SRMXSV RS^^PIW WLEPP FI MRWTIGXIH
'SRHMXMSR 'SVVIGXMZI %GXMSR WIQMERRYEPP] [MXL XLI RIGIWWEV] GSVVIGXMZI EGXMSR XEOIR EW
WTIGMJMIH MR 8EFPI
0IEOW 6ITEMV
4L]WMGEP HEQEKI 6ITEMV SV VITPEGI ,SWI ,SYWIW ,SWI LSYWIW WLEPP FI MRWTIGXIH UYEV
'SVVSWMSR 'PIER SV VITPEGI ERH GSEX [MXL XIVP] [MXL XLI RIGIWWEV] GSVVIGXMZI EGXMSR XEOIR EW WTIGMJMIH MR
GSVVSWMSR TVSXIGXMSR 8EFPI
6IWXVEMRX QIXLSHW 6ITEMV SV VITPEGI 8IWXMRK
9RHIVKVSYRH ERH )\TSWIH 4MTMRK *PS[ 8IWXW 9RHIV
4MTMRK MRWXEPPIH MR EVIEW XLEX EVI MREGGIWWMFPI JSV KVSYRH ERH I\TSWIH TMTMRK WIVZMRK L]HVERXW WLEPP FI JPS[
WEJIX] GSRWMHIVEXMSRW HYI XS TVSGIWW STIVEXMSRW WLEPP FI MR XIWXIH EX QMRMQYQ ]IEV MRXIVZEPW
WTIGXIH HYVMRK IEGL WGLIHYPIH WLYXHS[R c
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
8EFPI (V] &EVVIP ERH ;EPP ,]HVERXW %R] JPS[ XIWX VIWYPXW XLEX MRHMGEXI HIXIVMSVEXMSR SJ
EZEMPEFPI [EXIVJPS[ ERH TVIWWYVI WLEPP FI MRZIWXMKEXIH XS XLI
'SRHMXMSR 'SVVIGXMZI %GXMSR GSQTPIXI WEXMWJEGXMSR SJ XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR XS
IRWYVI XLEX XLI VIUYMVIH JPS[ ERH TVIWWYVI EVI EZEMPEFPI JSV
-REGGIWWMFPI 1EOI EGGIWWMFPI JMVI TVSXIGXMSR
&EVVIP GSRXEMRW [EXIV SV MGI 6ITEMV ERH HVEMR JSV LMKL ;LIVI YRHIVKVSYRH TMTMRK WYTTPMIW MRHMZMHYEP JMVI
TVIWIRGI SJ [EXIV SV MGI KVSYRH[EXIV MX GSYPH FI WTVMROPIV WXERHTMTI [EXIV WTVE] SV JSEQ[EXIV WTVMROPIV W]W
GSYPH MRHMGEXI E JEYPX] RIGIWWEV] XS TPYK XLI HVEMR XIQW ERH XLIVI EVI RS QIERW XS GSRHYGX JYPP JPS[ XIWXW XIWXW
HVEMR E PIEO] L]HVERX ERH TYQT SYX XLI FEVVIP KIRIVEXMRK XLI QE\MQYQ EZEMPEFPI JPS[W WLEPP FI TIVQMXXIH
ZEPZI SV LMKL EJXIV IEGL YWI
KVSYRH[EXIV XEFPI
,]HVERXW ,]HVERXW WLEPP FI XIWXIH ERRYEPP] XS IRWYVI
-QTVSTIV HVEMREKI JVSQ 6ITEMV HVEMR TVSTIV JYRGXMSRMRK
FEVVIP )EGL L]HVERX WLEPP FI STIRIH JYPP] ERH [EXIV JPS[IH
0IEOW MR SYXPIXW SV EX XST SJ 6ITEMV SV VITPEGI KEWOIXW YRXMP EPP JSVIMKR QEXIVMEP LEW GPIEVIH
L]HVERX TEGOMRK SV TEVXW EW RIGIWWEV]
'VEGOW MR L]HVERX FEVVIP 6ITEMV SV VITPEGI *PS[ WLEPP FI QEMRXEMRIH JSV RSX PIWW XLER QMRYXI
8MKLXRIWW SJ SYXPIX GETW 0YFVMGEXI MJ RIGIWWEV] XMKLXIR MJ %JXIV STIVEXMSR HV] FEVVIP ERH [EPP L]HVERXW WLEPP FI
RIGIWWEV] SFWIVZIH JSV TVSTIV HVEMREKI JVSQ XLI FEVVIP
;SVR SYXPIX XLVIEHW 6ITEMV SV VITPEGI
;SVR L]HVERX STIVEXMRK 6ITEMV SV VITPEGI *YPP HVEMREKI WLEPP XEOI RS PSRKIV XLER QMRYXIW
RYX ;LIVI WSMP GSRHMXMSRW SV SXLIV JEGXSVW EVI WYGL XLEX
%ZEMPEFMPMX] SJ STIVEXMRK 1EOI WYVI [VIRGL MW EZEMPEFPI XLI L]HVERX FEVVIP HSIW RSX HVEMR [MXLMR QMRYXIW SV [LIVI
[VIRGL XLI KVSYRH[EXIV PIZIP MW EFSZI XLEX SJ XLI L]HVERX HVEMR XLI
L]HVERX HVEMR WLEPP FI TPYKKIH ERH XLI [EXIV MR XLI FEVVIP
WLEPP FI TYQTIH SYX
(V] FEVVIP L]HVERXW XLEX EVI PSGEXIH MR EVIEW WYFNIGX XS
8EFPI ;IX &EVVIP ,]HVERXW JVII^MRK [IEXLIV ERH XLEX LEZI TPYKKIH HVEMRW WLEPP FI MHIRXM
JMIH GPIEVP] EW RIIHMRK TYQTMRK EJXIV STIVEXMSR
'SRHMXMSR 'SVVIGXMZI %GXMSR
1SRMXSV 2S^^PIW
-REGGIWWMFPI 1EOI EGGIWWMFPI 1SRMXSV RS^^PIW XLEX EVI QSYRXIH SR L]HVERXW WLEPP
0IEOW MR SYXPIXW SV EX XST SJ
6ITEMV SV VITPEGI KEWOIXW FI XIWXIH EW WTIGMJMIH MR
L]HVERX TEGOMRK SV TEVXW EW
RIGIWWEV] %PP QSRMXSV RS^^PIW WLEPP FI SWGMPPEXIH ERH QSZIH
'VEGOW MR L]HVERX FEVVIP 6ITEMV SV VITPEGI XLVSYKLSYX XLIMV JYPP VERKI ERRYEPP] XS IRWYVI TVSTIV STIV
8MKLXRIWW SJ SYXPIX GETW 0YFVMGEXI MJ RIGIWWEV] XMKLXIR EFMPMX]
MJ RIGIWWEV] 1EMRXIRERGI
;SVR SYXPIX XLVIEHW 6ITEMV SV VITPEGI
;SVR L]HVERX STIVEXMRK RYX 6ITEMV SV VITPEGI +IRIVEP %PP IUYMTQIRX WLEPP FI QEMRXEMRIH MR TVSTIV
%ZEMPEFMPMX] SJ STIVEXMRK 1EOI WYVI [VIRGL MW EZEMPEFPI [SVOMRK GSRHMXMSR GSRWMWXIRX [MXL XLI QERYJEGXYVIVvW VIGSQ
[VIRGL QIRHEXMSRW
,]HVERXW
,]HVERXW WLEPP FI PYFVMGEXIH ERRYEPP] XS IRWYVI XLEX
EPP WXIQW GETW TPYKW ERH XLVIEHW EVI MR TVSTIV STIVEXMRK
8EFPI 1SRMXSV 2S^^PIW GSRHMXMSR
,]HVERXW WLEPP FI OITX JVII SJ WRS[ MGI SV SXLIV QE
'SRHMXMSR 'SVVIGXMZI %GXMSR XIVMEPW ERH TVSXIGXIH EKEMRWX QIGLERMGEP HEQEKI WS XLEX JVII
EGGIWW MW IRWYVIH
0IEOEKI 6ITEMV
4L]WMGEP HEQEKI 6ITEMV SV VITPEGI 1SRMXSV 2S^^PIW 1SRMXSV RS^^PIW WLEPP FI PYFVMGEXIH
'SVVSWMSR 'PIER SV VITPEGI ERH PYFVMGEXI ERRYEPP] XS IRWYVI TVSTIV STIVEXMRK GSRHMXMSR
SV TVSXIGX EW RIGIWWEV] 'SQTSRIRX %GXMSR 6IUYMVIQIRXW
;LIRIZIV E GSQTSRIRX MR E TVMZEXI JMVI WIVZMGI W]WXIQ
MW EHNYWXIH VITEMVIH VIGSRHMXMSRIH SV VITPEGIH XLI EGXMSR
VIUYMVIH MR 8EFPI WLEPP FI TIVJSVQIH
8EFPI ,SWI ,SYWIW ;LIVI XLI SVMKMREP MRWXEPPEXMSR WXERHEVH MW HMJJIVIRX
JVSQ XLI GMXIH WXERHEVH XLI YWI SJ XLI ETTVSTVMEXI MRWXEPPMRK
'SRHMXMSR 'SVVIGXMZI %GXMSR WXERHEVH WLEPP FI TIVQMXXIH
c
-REGGIWWMFPI 1EOI EGGIWWMFPI ;LIVI E QEMR HVEMR MW RSX TVSZMHIH SXLIV IUYMZEPIRX
4L]WMGEP HEQEKI 6ITEMV SV VITPEGI QIERW SJ JPS[ XIWXMRK WLEPP FI TIVQMXXIH
1MWWMRK IUYMTQIRX 6ITPEGI IUYMTQIRX 8LI EGXMSRW SJ WLEPP RSX VIUYMVI E HIWMKR VIZMI[
[LMGL MW SYXWMHI XLI WGSTI SJ XLMW WXERHEVH
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
6ITEMV
'SQTSRIRX %HNYWX 6IGSRHMXMSR 6ITPEGI 8IWX 'VMXIVME
7]WXIQ-RHMGEXMRK 'SQTSRIRXW
+EYKIW < :IVMJ] EX TWM FEV
ERH W]WXIQ
[SVOMRK TVIWWYVI
7XVYGXYVEP 'SQTSRIRXW
8LVYWX FPSGOW < < < 8IWX EX W]WXIQ [SVOMRK TVIWWYVI
8MI VSHW < < < 8IWX EX W]WXIQ [SVOMRK TVIWWYVI
6IXEMRIV KPERHW < < < 8IWX EX W]WXIQ [SVOMRK TVIWWYVI
-RJSVQEXMSREP 'SQTSRIRXW
-HIRXMJMGEXMSR WMKRW < < < :IVMJ] GSRJSVQERGI [MXL 2*4%
'LETXIV *MVI 4YQTW :EPZIW ERH 'SRRIGXMSRW :EPZIW ERH JMVI HITEVXQIRX
GSRRIGXMSRW WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR EG
+IRIVEP GSVHERGI [MXL 'LETXIV
1MRMQYQ 6IUYMVIQIRXW 3FWXVYGXMSR -RZIWXMKEXMSRW 8LI TVSGIHYVIW SYXPMRIH MR
'LETXIV WLEPP FI JSPPS[IH [LIVI XLIVI MW E RIIH XS GSRHYGX
8LMW GLETXIV WLEPP TVSZMHI XLI QMRMQYQ VIUYMVI ER SFWXVYGXMSR MRZIWXMKEXMSR
QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ %Y\MPMEV] )UYMTQIRX 8LI TYQT EWWIQFP] EY\MPMEV]
JMVI TYQT EWWIQFPMIW IUYMTQIRX WLEPP MRGPYHI XLI JSPPS[MRK
8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRMQYQ
4YQT EGGIWWSVMIW EW JSPPS[W
VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI E
4YQT WLEJX GSYTPMRK
%PXIVREXMZI -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI 4VSGI F
%YXSQEXMG EMV VIPIEWI ZEPZI
HYVIW -R XLI EFWIRGI SJ QERYJEGXYVIVvW VIGSQQIRHEXMSRW JSV G
4VIWWYVI KEYKIW
TVIZIRXMZI QEMRXIRERGI 8EFPI WLEPP FI YWIH JSV EPXIVRE H
'MVGYPEXMSR VIPMIJ ZEPZI RSX YWIH MR GSRNYRGXMSR [MXL
XMZI VIUYMVIQIRXW HMIWIP IRKMRI HVMZI [MXL LIEX I\GLERKIV
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
8EFPI %PXIVREXMZI *MVI 4YQT -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI 4VSGIHYVIW
:MWYEP
'SQTPIXI EW %TTPMGEFPI -RWTIGXMSR -RWTIGX 'LERKI 'PIER 8IWX *VIUYIRG]
4YQT 7]WXIQ
4YQT FIEVMRKW < %RRYEPP]
0YFVMGEXI TYQT FIEVMRKW < %W RIIHIH
-RWTIGX TYQT WLEJX IRH TPE] < %RRYEPP]
-RWTIGX EGGYVEG] SJ TVIWWYVI KEYKIW ERH WIRWSVW < < %RRYEPP] VITPEGI
SV VIGEPMFVEXI [LIR
SYX SJ
GEPMFVEXMSR
-RWTIGX TYQT GSYTPMRK EPMKRQIRX < %RRYEPP]
;IX TMX WYGXMSR WGVIIRW < < %JXIV IEGL TYQT
STIVEXMSR
1IGLERMGEP 8VERWQMWWMSR
0YFVMGEXI GSYTPMRK < %RRYEPP]
0YFVMGEXI VMKLXERKPI KIEV HVMZI < %RRYEPP]
)PIGXVMGEP 7]WXIQ
)\IVGMWI MWSPEXMRK W[MXGL ERH GMVGYMX FVIEOIV < 1SRXLP]
8VMT GMVGYMX FVIEOIV MJ QIGLERMWQ TVSZMHIH
< %RRYEPP]
3TIVEXI QERYEP WXEVXMRK QIERW IPIGXVMGEP
< 7IQMERRYEPP]
-RWTIGX ERH STIVEXI IQIVKIRG] QERYEP WXEVXMRK < < %RRYEPP]
QIERW [MXLSYX TS[IV
8MKLXIR IPIGXVMGEP GSRRIGXMSRW EW RIGIWWEV] < %RRYEPP]
0YFVMGEXI QIGLERMGEP QSZMRK TEVXW I\GPYHMRK < %RRYEPP]
WXEVXIVW ERH VIPE]W
'EPMFVEXI TVIWWYVI W[MXGL WIXXMRKW < %RRYEPP]
+VIEWI QSXSV FIEVMRKW < %RRYEPP]
< %RRYEPP] SV EW
RIIHIH
:SPXQIXIV ERH EQQIXIV JSV EGGYVEG]
< %RRYEPP]
%R] GSVVSWMSR SR TVMRXIH GMVGYMX FSEVHW 4'&W
< %RRYEPP]
%R] GVEGOIH GEFPI[MVI MRWYPEXMSR < %RRYEPP]
%R] PIEOW MR TPYQFMRK TEVXW < %RRYEPP]
%R] WMKRW SJ [EXIV SR IPIGXVMGEP TEVXW < %RRYEPP]
0YFVMGEXMSR W]WXIQ
3MP PIZIP < < ;IIOP]
3MP GLERKI < LSYVW SV
ERRYEPP]
3MP JMPXIVW
< LSYVW SV
ERRYEPP]
0YFI SMP LIEXIV < ;IIOP]
'VEROGEWI FVIEXLIV < < < 5YEVXIVP]
)HMXMSR
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MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW WSYVGI MW E WXERHF] KIRIVEXSV WIX
6IQSZI XLI TS[IV JEMPYVI GSRHMXMSR ERH ZIVMJ] XLEX EJXIV
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SYW ERRYEP XIWX WLEPP FI YWIH TS[IV WSYVGI
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WLEPP FI VITIEXIH VIQSXI EPEVQ MRHMGEXMRK HIZMGIW ZMWYEP ERH EYHMFPI
WLEPP FI
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8LI TIVXMRIRX ZMWYEP SFWIVZEXMSRW QIEWYVIQIRXW
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HMWGLEVKI JPS[ F 7XERHEVH 7TIGMJMGEXMSR JSV (MIWIP *YIP 3MPW SV %781 (
F 7XERHEVH 7TIGMJMGEXMSR JSV &MSHMIWIP *YIP &PIRH 7XSGO
*SV IPIGXVMG QSXSVzHVMZIR TYQTW HS RSX WLYX HS[R XLI &
JSV 1MHHPI (MWXMPPEXI *YIPW EW ETTVSZIH F] XLI IRKMRI
TYQT YRXMP MX LEW VYR JSV QMRYXIW QERYJEGXYVIV YWMRK %781 ( 7XERHEVH 8IWX 1IXLSH JSV
*SV HMIWIP QSXSVzHVMZIR TYQTW HS RSX WLYX HS[R XLI 3\MHEXMSR 7XEFMPMX] SJ &MSHMIWIP &
ERH &PIRHW SJ &MSHMIWIP [MXL
TYQT YRXMP MX LEW VYR JSV QMRYXIW 1MHHPI (MWXMPPEXI 4IXVSPIYQ *YIP %GGIPIVEXIH 1IXLSH
*SV MRWXEPPEXMSRW LEZMRK E TVIWWYVI VIPMIJ ZEPZI XLI -J HMIWIP JYIP MW JSYRH XS FI HIJMGMIRX MR XLI XIWXMRK
STIVEXMSR SJ XLI VIPMIJ ZEPZI WLEPP FI GPSWIP] SFWIVZIH HYVMRK VIUYMVIH MR XLI JYIP WLEPP FI VIGSRHMXMSRIH SV VI
IEGL JPS[ GSRHMXMSR XS HIXIVQMRI [LIXLIV XLI TYQT HMW TPEGIH XLI WYTTP] XERO WLEPP FI GPIERIH MRXIVREPP] ERH XLI
GLEVKI TVIWWYVI I\GIIHW XLI RSVQEP STIVEXMRK TVIWWYVI SJ XLI IRKMRI JYIP JMPXIVW
WLEPP FI GLERKIH
W]WXIQ GSQTSRIRXW
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8LI TVIWWYVI VIPMIJ ZEPZI WLEPP EPWS FI SFWIVZIH HYV XLI JYIP WLEPP FI VIXIWXIH IZIV] QSRXLW YRXMP I\TIVMIRGI MR
MRK IEGL JPS[ GSRHMXMSR XS HIXIVQMRI [LIXLIV XLI TVIWWYVI HMGEXIW XLI JYIP GER FI WXSVIH JSV E QMRMQYQ SJ ]IEV [MXLSYX
VIPMIJ ZEPZI GPSWIW EX XLI TVSTIV TVIWWYVI HIKVEHEXMSR FI]SRH XLEX EPPS[IH MR
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;LIR TVSZMHIH EGXMZI JYIP QEMRXIRERGI W]WXIQW WLEPP 5YEPMJMIH MRHMZMHYEPW WLEPP MRXIVTVIX XLI XIWX VIWYPXW
FI PMWXIH JSV JMVI TYQT WIVZMGI
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1EMRXIRERGI SJ EGXMZI JYIP QEMRXIRERGI W]WXIQW WLEPP
FI MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW VIGSQQIRHEXMSRW 8LISVIXMGEP JEGXSVW JSV GSVVIGXMSR XS XLI VEXIH WTIIH
WLEPP FI ETTPMIH [LIVI HIXIVQMRMRK XLI GSQTPMERGI SJ XLI
1EMRXIRERGI SJ EGXMZI JYIP QEMRXIRERGI W]WXIQW TYQT TIV XLI XIWX
WLEPP FI TIVJSVQIH EX E QMRMQYQ ERRYEP JVIUYIRG] JSV ER]
TSVXMSR SJ XLI W]WXIQ XLEX XLI QERYJEGXYVIV HSIW RSX TVSZMHI -RGVIEWMRK XLI IRKMRI WTIIH FI]SRH XLI VEXIH
E VIGSQQIRHIH QEMRXIRERGI JVIUYIRG] WTIIH SJ XLI TYQT EX VEXIH GSRHMXMSR WLEPP RSX FI TIVQMXXIH EW
E QIXLSH JSV QIIXMRK XLI VEXIH TYQT TIVJSVQERGI
*YIP EHHMXMZIW WLEPP FI YWIH ERH QEMRXEMRIH MR EG
GSVHERGI [MXL XLI EGXMZI JYIP QEMRXIRERGI W]WXIQ QERYJEGXYV 8LI JMVI TYQT EWWIQFP] WLEPP FI GSRWMHIVIH EGGITXEFPI
IVvW VIGSQQIRHEXMSRW MJ IMXLIV SJ XLI JSPPS[MRK GSRHMXMSRW MW WLS[R HYVMRK XLI XIWX
4SWMXMZI (MWTPEGIQIRX 4YQTW ?A
8LI XIWX MW RS PIWW XLER TIVGIRX SJ XLI TVIWWYVI EX VEXIH
)\GITX EW TVSZMHIH MR XLVSYKL TSWMXMZI JPS[ ERH VEXIH WTIIH SJ XLI MRMXMEP YREHNYWXIH JMIPH EGGIT
HMWTPEGIQIRX TYQTW WLEPP FI XIWXIH MR EGGSVHERGI [MXL XERGI XIWX GYVZI TVSZMHIH XLEX XLI SVMKMREP EGGITXERGI
XLVSYKL XIWX GYVZI QEXGLIW XLI SVMKMREP GIVXMJMIH TYQT GYVZI F]
YWMRK XLISVIXMGEP JEGXSVW
8LI TYQT JPS[ JSV TSWMXMZI HMWTPEGIQIRX TYQTW
8LI JMVI TYQT MW RS PIWW XLER TIVGIRX SJ XLI TIVJSVQERGI
WLEPP FI XIWXIH ERH HIXIVQMRIH XS QIIX XLI WTIGMJMIH VEXIH GLEVEGXIVMWXMGW EW MRHMGEXIH SR XLI TYQT REQITPEXI
TIVJSVQERGI GVMXIVME [LIVI SRP] SRI TIVJSVQERGI TSMRX MW
VIUYMVIH XS IWXEFPMWL TSWMXMZI HMWTPEGIQIRX TYQT EGGITX (IKVEHEXMSR MR I\GIWW SJ TIVGIRX SJ XLI TVIWWYVI SJ
EFMPMX] ?A XLI MRMXMEP YREHNYWXIH EGGITXERGI XIWX GYVZI SV REQITPEXI WLEPP
VIUYMVI ER MRZIWXMKEXMSR XS VIZIEP XLI GEYWI SJ HIKVEHIH TIV
8LI TYQT JPS[ XIWX JSV TSWMXMZI HMWTPEGIQIRX TYQTW
JSVQERGI
WLEPP FI EGGSQTPMWLIH YWMRK E JPS[QIXIV SV SVMJMGI TPEXI MRWXEPPIH
MR E XIWX PSST FEGO XS XLI WYTTP] XERO XS XLI MRPIX WMHI SJ E TSWMXMZI 'YVVIRX ERH ZSPXEKI VIEHMRKW [LSWI TVSHYGX HSIW RSX
HMWTPEGIQIRX [EXIV TYQT SV XS HVEMR ?A I\GIIH XLI TVSHYGX SJ XLI VEXIH ZSPXEKI ERH VEXIH JYPPPSEH
8LI JPS[QIXIV VIEHMRK SV HMWGLEVKI TVIWWYVI WLEPP FI GYVVIRX QYPXMTPMIH F] XLI TIVQMXXIH QSXSV WIVZMGI JEGXSV WLEPP
VIGSVHIH ERH WLEPP FI MR EGGSVHERGI [MXL XLI TYQT QERYJEG FI GSRWMHIVIH EGGITXEFPI
XYVIVvW JPS[ TIVJSVQERGI HEXE ?A :SPXEKI VIEHMRKW EX XLI QSXSV [MXLMR TIVGIRX FIPS[
-J SVMJMGI TPEXIW EVI YWIH XLI SVMJMGI WM^I ERH GSVVI SV TIVGIRX EFSZI XLI VEXIH MI REQITPEXI
ZSPXEKI WLEPP
WTSRHMRK HMWGLEVKI TVIWWYVI XS FI QEMRXEMRIH SR XLI YT FI GSRWMHIVIH EGGITXEFPI
WXVIEQ WMHI SJ XLI SVMJMGI TPEXI WLEPP FI QEHI EZEMPEFPI XS XLI 8LI TYQT TIVJSVQERGI WLEPP FI IZEPYEXIH YWMRK XLI
EYXLSVMX] LEZMRK NYVMWHMGXMSR ?A YREHNYWXIH JPS[ VEXIW ERH TVIWWYVIW XS IRWYVI XLI TYQT GER
*PS[ VEXIW WLEPP FI EW WTIGMJMIH [LMPI STIVEXMRK EX XLI WYTTP] XLI W]WXIQ HIQERH EW WYTTPMIH F] XLI S[RIV
W]WXIQ HIWMKR TVIWWYVI 8IWXW WLEPP FI TIVJSVQIH MR EGGSV c
HERGI [MXL ,- 6SXEV] 4YQT 8IWXW ?A 6ITSVXW
4SWMXMZI HMWTPEGIQIRX TYQTW MRXIRHIH XS TYQT PMUYMHW %R] EFRSVQEPMX] SFWIVZIH HYVMRK MRWTIGXMSR SV XIWXMRK
SXLIV XLER [EXIV WLEPP FI TIVQMXXIH XS FI XIWXIH [MXL [EXIV LS[ WLEPP FI VITSVXIH TVSQTXP] XS XLI TVSTIVX] S[RIV SV HIWMK
IZIV XLI TYQT TIVJSVQERGI [MPP FI EJJIGXIH ERH QERYJEGXYVIVvW REXIH VITVIWIRXEXMZI
GEPGYPEXMSRW WLEPP FI TVSZMHIH WLS[MRK XLI HMJJIVIRGI MR ZMWGSWMX] 8IWX VIWYPXW ERH ER] HSGYQIRXIH TIVJSVQERGI MWWYIW
FIX[IIR [EXIV ERH XLI W]WXIQ PMUYMH ?A WLEPP FI VIGSVHIH ERH VIXEMRIH JSV GSQTEVMWSR TYVTSWIW MR
3XLIV 8IWXW EGGSVHERGI [MXL 7IGXMSR
)RKMRI KIRIVEXSV WIXW WYTTP]MRK IQIVKIRG] SV WXERHF] %PP XMQI HIPE] MRXIVZEPW EWWSGMEXIH [MXL XLI TYQTvW WXEVX
TS[IV XS JMVI TYQT EWWIQFPMIW WLEPP FI XIWXIH VSYXMRIP] MR EGGSV MRK WXSTTMRK ERH IRIVK] WSYVGI XVERWJIV WLEPP FI VIGSVHIH
HERGI [MXL 2*4% 7XERHEVH JSV )QIVKIRG] ERH 7XERHF] 4S[IV
7]WXIQW 1EMRXIRERGI
%YXSQEXMG XVERWJIV W[MXGLIW WLEPP FI XIWXIH VSYXMRIP] % TVIZIRXMZI QEMRXIRERGI TVSKVEQ WLEPP FI IWXEFPMWLIH
ERH I\IVGMWIH MR EGGSVHERGI [MXL 2*4% SR EPP GSQTSRIRXW SJ XLI TYQT EWWIQFP] MR EGGSVHERGI [MXL
XLI QERYJEGXYVIVvW VIGSQQIRHEXMSRW SV 8EFPI
8IWXW SJ ETTVSTVMEXI IRZMVSRQIRXEP TYQT VSSQ WTEGI
GSRHMXMSRW IK LIEXMRK ZIRXMPEXMSR MPPYQMREXMSR
WLEPP FI 6IGSVHW WLEPP FI QEMRXEMRIH SR EPP [SVO TIVJSVQIH SR
QEHI XS IRWYVI TVSTIV QERYEP SV EYXSQEXMG STIVEXMSR SJ XLI XLI TYQT HVMZIV GSRXVSPPIV ERH EY\MPMEV] IUYMTQIRX
EWWSGMEXIH IUYMTQIRX
8LI TVIZIRXMZI QEMRXIRERGI TVSKVEQ WLEPP FI MRMXMEXIH
4EVEPPIP ERH ERKYPEV EPMKRQIRX SJ XLI TYQT ERH MQQIHMEXIP] EJXIV XLI TYQT EWWIQFP] LEW TEWWIH EGGITXERGI
HVMZIV WLEPP FI MRWTIGXIH HYVMRK XLI ERRYEP XIWX ERH ER] QMW XIWXW
EPMKRQIRX WLEPP FI GSVVIGXIH
'SQTSRIRX 6ITPEGIQIRX 8IWXMRK 6IUYMVIQIRXW
8IWX 6IWYPXW ERH )ZEPYEXMSR
;LIRIZIV E GSQTSRIRX MR E JMVI TYQT MW EHNYWXIH
-RXIVTVIXEXMSR VITEMVIH VIFYMPX SV VITPEGIH XLI XIWXW VIUYMVIH XS VIWXSVI
8LI MRXIVTVIXEXMSR SJ XLI XIWX VIWYPXW WLEPP FI XLI XLI W]WXIQ XS WIVZMGI WLEPP FI TIVJSVQIH MR EGGSVHERGI [MXL
FEWMW JSV HIXIVQMRMRK TIVJSVQERGI SJ XLI TYQT EWWIQFP] 8EFPI
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
1IGLERMGEP 8VERWQMWWMSR
+IEV VMKLX ERKPI HVMZIW < < < 4IVJSVQ EGGITXERGI XIWX MR EGGSVHERGI
[MXL 2*4%
(VMZI GSYTPMRK < < < < 4IVJSVQ XIWX MR EGGSVHERGI [MXL [MXL
EPMKRQIRX MRWTIGXMSR 63' A
)PIGXVMGEP 7]WXIQ'SRXVSPPIV
)RXMVI GSRXVSPPIV < 4IVJSVQ EGGITXERGI XIWX MR EGGSVHERGI
[MXL 2*4%
)PIGXVSRMG GSQTSRIRX SV QSHYPI XLEX < < 4IVJSVQ EGGITXERGI XIWX MR EGGSVHERGI
GER TVIZIRX XLI GSRXVSPPIV JVSQ [MXL 2*4%
WXEVXMRK SV VYRRMRK
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[MPP RSX TVIZIRX XLI GSRXVSPPIV JVSQ 2*4%
WXEVXMRK SV VYRRMRK
4PYQFMRK TEVX < 4IVJSVQ [IIOP] XIWX MR EGGSVHERGI [MXL
2*4%
-WSPEXMRK W[MXGL < 4IVJSVQ XIWX MR EGGSVHERGI [MXL ERH
I\IVGMWI WM\ XMQIW
'MVGYMX FVIEOIV < 4IVJSVQ WM\ QSQIRXEV] WXEVXW MR
EGGSVHERGI [MXL 2*4%
'MVGYMX FVIEOIV < 4IVJSVQ E LSYV JYPPPSEH GYVVIRX XIWX MR
EGGSVHERGI [MXL MRGPYHMRK WM\
WXEVXW EX TIEO PSEH
)PIGXVMGEP GSRRIGXMSRW < 4IVJSVQ XIWX MR EGGSVHERGI [MXL
1EMR GSRXEGXSV < < 4IVJSVQ XIWX MR EGGSVHERGI [MXL [MXL
WM\ WXEVXW
4S[IV QSRMXSV < 4IVJSVQ WM\ STIVEXMSRW SJ XLI GMVGYMX
FVIEOIVMWSPEXMSR W[MXGL HMWGSRRIGX
G]GPI XLI TS[IV SRSJJ
7XEVX VIPE] < 4IVJSVQ XIWX MR EGGSVHERGI [MXL [MXL
WM\ WXEVXW
4VIWWYVI W[MXGL < < 4IVJSVQ XIWX MR EGGSVHERGI [MXL ERH
I\IVGMWI WM\ XMQIW EYXSQEXMGEPP]
4VIWWYVI XVERWHYGIV < < 4IVJSVQ WM\ EYXSQEXMG RSPSEH WXEVXW
1ERYEP WXEVX SV WXST W[MXGL < 4IVJSVQ WM\ STIVEXMSRW YRHIV PSEH
8VERWJIV W[MXGL { PSEH GEVV]MRK TEVXW < < < 4IVJSVQ E LSYV JYPPPSEH GYVVIRX XIWX WM\
WXEVXW EX TIEO LSVWITS[IV PSEH ERH
XVERWJIV JVSQ RSVQEP TS[IV XS
IQIVKIRG] TS[IV ERH FEGO SRI XMQI
8VERWJIV W[MXGL { RSPSEH TEVXW < < < 4IVJSVQ WM\ RSPSEH STIVEXMSRW SJ XVERWJIV
SJ TS[IV
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
7XIEQ 8YVFMRIW
7XIEQ XYVFMRI < < 4IVJSVQ EGGITXERGI XIWX MR EGGSVHERGI
[MXL 2*4%
7XIEQ VIKYPEXSV SV WSYVGI YTKVEHI < < 4IVJSVQ EGGITXERGI XIWX MR EGGSVHERGI
[MXL 2*4%
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
2*4% WLEPP FI GSRWYPXIH JSV XLI QMRMQYQ VIUYMVI 8LI XIQTIVEXYVI SJ [EXIV MR XEROW [MXL PS[ XIQTIVE
QIRXW JSV HIWMKR MRWXEPPEXMSR ERH EGGITXERGI XIWXMRK XYVI EPEVQW GSRRIGXIH XS E GSRWXERXP] EXXIRHIH PSGEXMSR WLEPP
FI MRWTIGXIH ERH VIGSVHIH QSRXLP] HYVMRK XLI LIEXMRK WIEWSR
6ITPEGIQIRX TEVXW WLEPP FI TVSZMHIH XLEX [MPP QEMRXEMR
XLI PMWXMRK JSV XLI JMVI TYQT GSQTSRIRX EWWIQFP] [LIRIZIV [LIR XLI QIER XIQTIVEXYVI MW PIWW XLER * '
TSWWMFPI 8LI XIQTIVEXYVI SJ [EXIV MR XEROW [MXLSYX PS[ XIQ
-J XLI TEVX MW RS PSRKIV EZEMPEFPI JVSQ XLI SVMKMREP TIVEXYVI EPEVQW GSRRIGXIH XS E GSRWXERXP] EXXIRHIH PSGEXMSR
IUYMTQIRX QERYJEGXYVIV XLIR ER ETTVSZIH PMOI TEVX WLEPP FI WLEPP FI MRWTIGXIH ERH VIGSVHIH [IIOP] HYVMRK XLI LIEXMRK
TIVQMXXIH XS FI YWIH WIEWSR [LIR XLI QIER XIQTIVEXYVI MW PIWW XLER * '
)\XIVMSV -RWTIGXMSR
8LI I\XIVMSV SJ XLI XERO WYTTSVXMRK WXVYGXYVI ZIRXW
'LETXIV ;EXIV 7XSVEKI 8EROW
JSYRHEXMSR ERH GEX[EPOW SV PEHHIVW [LIVI TVSZMHIH WLEPP FI
+IRIVEP MRWTIGXIH UYEVXIVP] JSV WMKRW SJ SFZMSYW HEQEKI SV [IEOIRMRK
1MRMQYQ 6IUYMVIQIRXW 8LI EVIE WYVVSYRHMRK XLI XERO ERH WYTTSVXMRK WXVYG
XYVI [LIVI TVSZMHIH WLEPP FI MRWTIGXIH UYEVXIVP] XS IRWYVI
8LMW GLETXIV WLEPP TVSZMHI XLI QMRMQYQ VIUYMVI XLEX XLI JSPPS[MRK GSRHMXMSRW EVI QIX
QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ
[EXIV WXSVEKI XEROW HIHMGEXIH XS JMVI TVSXIGXMSR YWI
8LI EVIE MW JVII SJ GSQFYWXMFPI WXSVEKI XVEWL HIFVMW FVYWL
SV QEXIVMEP XLEX GSYPH TVIWIRX E JMVI I\TSWYVI LE^EVH
8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRM
8LI EVIE MW JVII SJ XLI EGGYQYPEXMSR SJ QEXIVMEP SR SV RIEV
QYQ VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMR
TEVXW XLEX GSYPH VIWYPX MR EGGIPIVEXIH GSVVSWMSR SV VSX
XIRERGI
8LI XERO ERH WYTTSVX EVI JVII SJ MGI FYMPHYT
:EPZIW ERH 'SRRIGXMSRW :EPZIW ERH JMVI HITEVXQIRX
8LI I\XIVMSV WMHIW ERH XST SJ IQFEROQIRXW WYTTSVXMRK
GSRRIGXMSRW WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR EG GSEXIH JEFVMG XEROW EVI JVII SJ IVSWMSR
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8EFPI 7YQQEV] SJ ;EXIV 7TVE] *M\IH 7]WXIQ -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI
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)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
-RWTIGXMSRW WLEPP RSX FI VIUYMVIH JSV MXIQW MR EVIEW
)\XIVREP GSRHMXMSRW IK QMWWMRK SV HEQEKIH TEMRX SV
[MXL RS TVSZMWMSR JSV EGGIWW ERH XLEX EVI RSX WYFNIGX XS XLI GSEXMRKW VYWX ERH GSVVSWMSR
GSRHMXMSRW RSXIH MR ERH
1MWEPMKRQIRX SV XVETTIH WIGXMSRW
0S[TSMRX HVEMRW EYXSQEXMG SV QERYEP
-XIQW MR EVIEW XLEX EVI MREGGIWWMFPI JSV WEJIX] GSRWMH
0SGEXMSR SJ VYFFIVKEWOIXIH JMXXMRKW
IVEXMSRW WLEPP FI XIWXIH EX PSRKIV MRXIVZEPW MR EGGSVHERGI [MXL
,ERKIVW ERH 7YTTSVXW ,ERKIVW ERH WYTTSVXW WLEPP
FI MRWTIGXIH JSV XLI JSPPS[MRK ERH VITEMVIH SV VITPEGIH EW
3XLIV QEMRXIRERGI MRXIVZEPW WLEPP FI TIVQMXXIH HI RIGIWWEV]
TIRHMRK SR XLI VIWYPXW SJ XLI ZMWYEP MRWTIGXMSR ERH STIVEXMRK
XIWXW
'SRHMXMSR IK QMWWMRK SV HEQEKIH TEMRX SV GSEXMRK
VYWX ERH GSVVSWMSR
(IPYKI ZEPZI IRGPSWYVIW WLEPP FI MRWTIGXIH MR EGGSV
7IGYVI EXXEGLQIRX XS WXVYGXYVEP WYTTSVXW ERH TMTMRK
HERGI [MXL XLI TVSZMWMSRW SJ 'LETXIV
(EQEKIH SV QMWWMRK LERKIVW
2S^^PI WXVEMRIVW WLEPP FI VIQSZIH MRWTIGXIH ERH ;EXIV 7TVE] 2S^^PIW
GPIERIH HYVMRK XLI JPYWLMRK TVSGIHYVI JSV XLI QEMRPMRI
WXVEMRIV ;EXIV WTVE] RS^^PIW WLEPP FI MRWTIGXIH ERH QEMR
XEMRIH XS IRWYVI XLEX XLI] EVI MR TPEGI GSRXMRYI XS FI EMQIH
1EMRPMRI WXVEMRIVW WLEPP FI VIQSZIH ERH MRWTIGXIH SV TSMRXIH MR XLI HMVIGXMSR MRXIRHIH ERH EVI JVII JVSQ I\XIV
IZIV] ]IEVW JSV HEQEKIH ERH GSVVSHIH TEVXW REP PSEHMRK ERH GSVVSWMSR
(IPYKI :EPZIW (IPYKI ZEPZIW WLEPP FI MRWTIGXIH XIWXIH ;LIVI GETW SV TPYKW EVI VIUYMVIH XLI MRWTIGXMSR WLEPP
ERH QEMRXEMRIH MR EGGSVHERGI [MXL 'LETXIV GSRJMVQ XLI] EVI MR TPEGI ERH JVII XS STIVEXI EW MRXIRHIH
%YXSQEXMG (IXIGXMSR )UYMTQIRX 1MWEPMKRIH [EXIV WTVE] RS^^PIW WLEPP FI EHNYWXIH
%YXSQEXMG HIXIGXMSR IUYMTQIRX WLEPP FI MRWTIGXIH EMQIH
F] ZMWYEP QIERW ERH XLI HMWGLEVKI TEXXIVRW WLEPP FI
XIWXIH ERH QEMRXEMRIH MR EGGSVHERGI [MXL 2*4% 2EXMSREP MRWTIGXIH EX XLI RI\X WGLIHYPIH JPS[ XIWX
*MVI %PEVQ ERH 7MKREPMRK 'SHI ;EXIV 7YTTP]
%YXSQEXMG JMVI HIXIGXMSR IUYMTQIRX RSX GSZIVIH F] 8LI HITIRHEFMPMX] SJ XLI [EXIV WYTTP] WLEPP FI IR
2*4% WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH XS IRWYVI WYVIH F] VIKYPEV MRWTIGXMSR ERH QEMRXIRERGI [LIXLIV JYV
XLEX XLI HIXIGXSVW EVI MR TPEGI WIGYVIP] JEWXIRIH ERH TVS RMWLIH F] E QYRMGMTEP WSYVGI SRWMXI WXSVEKI XEROW E JMVI
XIGXIH JVSQ GSVVSWMSR [IEXLIV ERH QIGLERMGEP HEQEKI ERH TYQT SV TVMZEXI YRHIVKVSYRH TMTMRK W]WXIQW
XLEX XLI GSQQYRMGEXMSR [MVMRK GSRXVSP TERIPW SV XYFMRK W]W
XIQ MW JYRGXMSREP ;EXIV WYTTP] TMTMRK WLEPP FI QEMRXEMRIH JVII SJ MR
XIVREP SFWXVYGXMSRW
7]WXIQ 'SQTSRIRXW 7]WXIQ TMTMRK JMXXMRKW LERKIVW
ERH WYTTSVXW WLEPP FI MRWTIGXIH ERH QEMRXEMRIH XS IRWYVI 7XVEMRIVW
GSRXMRYMX] SJ [EXIV HIPMZIV] XS XLI WTVE] RS^^PIW EX JYPP [EXIV
JPS[ ERH HIWMKR TVIWWYVI 1EMRPMRI WXVEMRIVW FEWOIX SV WGVIIR
WLEPP FI
JPYWLIH YRXMP GPIEV EJXIV IEGL STIVEXMSR SV JPS[ XIWX
4MTMRK ERH *MXXMRKW 7]WXIQ TMTMRK ERH JMXXMRKW WLEPP
FI MRWTIGXIH JSV XLI JSPPS[MRK -RHMZMHYEP [EXIV WTVE] RS^^PI WXVEMRIVW WLEPP FI VI
QSZIH GPIERIH ERH MRWTIGXIH EJXIV IEGL STIVEXMSR SV JPS[
1IGLERMGEP HEQEKI IK FVSOIR TMTMRK SV GVEGOIH JMXXMRKW
XIWX
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%PP WXVEMRIVW WLEPP FI MRWTIGXIH ERH GPIERIH MR EGGSV FIIR MQTIHIH F] TEVXMEPP] GPSWIH ZEPZIW SV F] TPYKKIH WXVEMR
HERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW IVW SV TMTMRK
(EQEKIH SV GSVVSHIH TEVXW WLEPP FI VITPEGIH SV VI % WIGSRH TVIWWYVI VIEHMRK WLEPP FI VIGSVHIH EX XLI
TEMVIH HIPYKI ZEPZI XS IRWYVI XLI [EXIV WYTTP] MW EHIUYEXI
(VEMREKI 8LI EVIE FIRIEXL ERH WYVVSYRHMRK E [EXIV 6IEHMRKW WLEPP FI GSQTEVIH XS XLI L]HVEYPMG HI
WTVE] JM\IH W]WXIQ WLEPP FI MRWTIGXIH ZMWYEPP] SR E UYEVXIVP] WMKR TVIWWYVIW XS IRWYVI XLI SVMKMREP W]WXIQ HIWMKR VIUYMVI
FEWMW XS IRWYVI XLEX HVEMREKI JEGMPMXMIW WYGL EW XVET WYQTW ERH QIRXW EVI QIX ERH XLI [EXIV WYTTP] MW EHIUYEXI XS QIIX XLI
HVEMREKI XVIRGLIW EVI RSX FPSGOIH ERH VIXIRXMSR IQFERO HIWMKR VIUYMVIQIRXW
QIRXW SV HMOIW EVI MR KSSH VITEMV ;LIVI XLI L]HVEYPMGEPP] QSWX VIQSXI RS^^PI MW
*MVI 4YQTW 'LETXIV WLEPP FI JSPPS[IH JSV MRWTIGXMSR MREGGIWWMFPI RS^^PIW WLEPP FI TIVQMXXIH XS FI GLIGOIH ZMWYEPP]
ERH QEMRXIRERGI VIUYMVIQIRXW [MXLSYX XEOMRK E TVIWWYVI VIEHMRK SR XLI QSWX VIQSXI RS^^PI
;EXIV 8EROW +VEZMX] 4VIWWYVI SV 7YGXMSR 8EROW SV ;LIVI XLI VIEHMRK XEOIR EX XLI VMWIV MRHMGEXIW
6IWIVZSMVW
'LETXIV WLEPP FI JSPPS[IH JSV MRWTIGXMSR ERH XLEX XLI [EXIV WYTTP] LEW HIXIVMSVEXIH E KEYKI WLEPP FI TPEGIH
QEMRXIRERGI VIUYMVIQIRXW SR XLI L]HVEYPMGEPP] QSWX VIQSXI RS^^PI ERH XLI VIWYPXW GSQ
TEVIH [MXL XLI VIUYMVIH HIWMKR TVIWWYVI
3TIVEXMSREP 8IWXW
1YPXMTPI 7]WXIQW 8LI QE\MQYQ RYQFIV SJ W]WXIQW
4IVJSVQERGI I\TIGXIH XS STIVEXI MR GEWI SJ JMVI WLEPP FI XIWXIH WMQYPXE
*VIUYIRG] SJ W]WXIQ XIWXW WLEPP FI MR EGGSVHERGI [MXL RISYWP] XS MRWTIGX XLI EHIUYEG] SJ XLI [EXIV WYTTP]
8EFPI 1ERYEP 3TIVEXMSR 1ERYEP EGXYEXMSR HIZMGIW WLEPP FI
;EXIV WTVE] JM\IH W]WXIQW WLEPP FI WIVZMGIH MR EGGSV STIVEXIH ERRYEPP]
HERGI [MXL XLMW WXERHEVH ERH [MXL XLI QERYJEGXYVIVvW 6IXYVR XS 7IVZMGI %JXIV XLI JYPP JPS[ XIWX XLI [EXIV
MRWXVYGXMSRW WTVE] W]WXIQ WLEPP FI QEMRXEMRIH ERH VIXYVRIH XS WIVZMGI MR
c EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW
8IWX 4VITEVEXMSR 4VIGEYXMSRW WLEPP FI XEOIR XS TVI c
ZIRX HEQEKI XS TVSTIVX] HYVMRK XLI XIWX 0S[ 4SMRX (VEMRW
3TIVEXMSREP 8IWX 4IVJSVQERGI 3TIVEXMSREP XIWXW WLEPP 8S TVIZIRX JVII^MRK ERH GSVVSWMSR EPP PS[ TSMRX
FI GSRHYGXIH XS IRWYVI XLEX XLI [EXIV WTVE] JM\IH W]WXIQW VI HVEMRW MR EFSZIKVSYRH TMTMRK WLEPP FI STIRIH XLI TMTI
WTSRH EW HIWMKRIH FSXL EYXSQEXMGEPP] ERH QERYEPP] HVEMRIH ERH XLI ZEPZIW GPSWIH ERH TPYKW VITPEGIH
6IWTSRWI 8MQI ;LIVI [IIT LSPIW EVI TVSZMHIH MR PMIY SJ PS[TSMRX
HVEMRW XLI] WLEPP FI MRWTIGXIH XS IRWYVI XLI] EVI GPIEV ERH
9RHIV XIWX GSRHMXMSRW XLI LIEX HIXIGXMSR W]WXIQW YRSFWXVYGXIH
[LIVI I\TSWIH XS E LIEX XIWX WSYVGI WLEPP STIVEXI [MXLMR
WIGSRHW 9PXVE,MKL7TIIH ;EXIV 7TVE] 7]WXIQ 9,7;77
3T
IVEXMSREP 8IWXW
9RHIV XIWX GSRHMXMSRW XLI JPEQQEFPI KEW HIXIG
XMSR W]WXIQ [LIVI I\TSWIH XS E WXERHEVH XIWX KEW GSRGIRXVE % JYPP STIVEXMSREP XIWX MRGPYHMRK QIEWYVIQIRXW SJ VI
XMSR WLEPP STIVEXI [MXLMR XLI XMQI JVEQI WTIGMJMIH MR XLI W]W WTSRWI XMQI WLEPP FI GSRHYGXIH EX MRXIVZEPW RSX I\GIIHMRK
XIQ HIWMKR ]IEV
8LIWI VIWTSRWI XMQIW WLEPP FI VIGSVHIH 7]WXIQW SYX SJ WIVZMGI WLEPP FI XIWXIH FIJSVI FIMRK
TPEGIH FEGO MR WIVZMGI
(MWGLEVKI 8MQI 8LI XMQI PETWI FIX[IIR STIVEXMSR
SJ HIXIGXMSR W]WXIQW ERH [EXIV HIPMZIV] XMQI XS XLI TVSXIGXIH %PP HIXIGXSVW WLEPP FI XIWXIH ERH MRWTIGXIH QSRXLP] JSV
EVIE WLEPP FI VIGSVHIH TL]WMGEP HEQEKI ERH EGGYQYPEXMSR SJ HITSWMXW SR XLI PIRWIW
SJ STXMGEP HIXIGXSVW
(MWGLEVKI 4EXXIVRW
'SRXVSPPIVW WLEPP FI MRWTIGXIH JSV JEYPXW EX XLI WXEVX SJ
8LI [EXIV HMWGLEVKI TEXXIVRW JVSQ EPP SJ XLI STIR IEGL [SVOMRK WLMJX
WTVE] RS^^PIW WLEPP FI SFWIVZIH XS IRWYVI XLEX TEXXIVRW EVI RSX
MQTIHIH F] TPYKKIH RS^^PIW XS IRWYVI XLEX RS^^PIW EVI GSV :EPZIW
VIGXP] TSWMXMSRIH ERH XS IRWYVI XLEX SFWXVYGXMSRW HS RSX TVI :EPZIW SR XLI [EXIV WYTTP] PMRI WLEPP FI MRWTIGXIH EX
ZIRX HMWGLEVKI TEXXIVRW JVSQ [IXXMRK WYVJEGIW XS FI TVSXIGXIH XLI WXEVX SJ IEGL [SVOMRK WLMJX XS ZIVMJ] XLI] EVI STIR
;LIVI XLI REXYVI SJ XLI TVSXIGXIH TVSTIVX] MW :EPZIW WIGYVIH MR XLI STIR TSWMXMSR [MXL E PSGOMRK
WYGL XLEX [EXIV GERRSX FI HMWGLEVKIH XLI RS^^PIW WLEPP FI MR HIZMGI SV QSRMXSVIH F] E WMKREPMRK HIZMGI XLEX WSYRHW E
WTIGXIH JSV TVSTIV SVMIRXEXMSR ERH XLI W]WXIQ XIWXIH [MXL EMV XVSYFPI WMKREP EX XLI HIPYKI W]WXIQ GSRXVSP TERIP SV SXLIV GIR
XS IRWYVI XLEX XLI RS^^PIW EVI RSX SFWXVYGXIH XVEP PSGEXMSR WLEPP RSX VIUYMVI MRWTIGXMSR
;LIVI SFWXVYGXMSRW SGGYV XLI TMTMRK ERH RS^^PIW 6IWTSRWI 8MQI
WLEPP FI GPIERIH ERH XLI W]WXIQ VIXIWXIH
8LI VIWTSRWI XMQI WLEPP FI ZIVMJMIH HYVMRK XLI ST
4VIWWYVI 6IEHMRKW IVEXMSREP XIWX
4VIWWYVI VIEHMRKW WLEPP FI VIGSVHIH EX XLI L]HVEY 8LI VIWTSRWI XMQI WLEPP FI MR EGGSVHERGI [MXL XLI VI
PMGEPP] QSWX VIQSXI RS^^PI XS IRWYVI XLI [EXIVJPS[ LEW RSX UYMVIQIRXW SJ XLI W]WXIQ FYX RSX QSVI XLER QMPPMWIGSRHW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
6ITEMV
'SQTSRIRX %HNYWX 6IGSRHMXMSR 6ITPEGI 6IUYMVIH %GXMSR
7XEXYW-RHMGEXMRK 'SQTSRIRXW
+EYKIW < :IVMJ] EX TWM FEV
ERH W]WXIQ
[SVOMRK TVIWWYVI
7XVYGXYVEP 'SQTSRIRXW
,ERKIVWIMWQMG FVEGMRK < < < -RWTIGX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4%
7XERHEVH JSV XLI -RWXEPPEXMSR SJ
7TVMROPIV 7]WXIQW
4MTI WXERHW < < < -RWTIGX JSV GSRJSVQERGI [MXL
2*4% ERHSV 2*4%
-RJSVQEXMSREP 'SQTSRIRXW
-HIRXMJMGEXMSR WMKRW < < < -RWTIGX JSV GSRJSVQERGI [MXL
2*4%
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
8EFPI 7YQQEV] SJ *SEQ;EXIV 7TVMROPIV 7]WXIQ -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI
-RWTIGXMSR
(MWGLEVKI HIZMGI PSGEXMSR WTVMROPIV
%RRYEPP]
(MWGLEVKI HIZMGI PSGEXMSR WTVE] RS^^PI
1SRXLP]
(MWGLEVKI HIZMGI TSWMXMSR WTVMROPIV
%RRYEPP]
(MWGLEVKI HIZMGI TSWMXMSR WTVE] RS^^PI
1SRXLP]
*SEQ GSRGIRXVEXI WXVEMRIVW
5YEVXIVP]
(VEMREKI MR W]WXIQ EVIE 5YEVXIVP]
4VSTSVXMSRMRK W]WXIQW
{ EPP 1SRXLP]
4MTI GSVVSWMSR %RRYEPP]
4MTI HEQEKI %RRYEPP]
*MXXMRKW GSVVSWMSR %RRYEPP]
*MXXMRKW HEQEKI %RRYEPP]
,ERKIVWWYTTSVXW %RRYEPP]
;EXIVJPS[ HIZMGIW 5YEVXIVP]
;EXIV WYTTP] XEROW
'LETXIV
*MVI TYQTW
'LETXIV
;EXIV WYTTP] TMTMRK
'SRXVSP ZEPZIW
;IIOP]QSRXLP] {
(IPYKITVIEGXMSR ZEPZIW
'LETXIV
(IXIGXMSR W]WXIQ 7II 2*4% 2EXMSREP *MVI %PEVQ
ERH 7MKREPMRK 'SHI
8IWX
(MWGLEVKI HIZMGI PSGEXMSR %RRYEPP]
(MWGLEVKI HIZMGI TSWMXMSR %RRYEPP]
(MWGLEVKI HIZMGI SFWXVYGXMSR %RRYEPP]
*SEQ GSRGIRXVEXI WXVEMRIVW
%RRYEPP]
4VSTSVXMSRMRK W]WXIQW
{ EPP %RRYEPP]
'SQTPIXI JSEQ[EXIV W]WXIQW
%RRYEPP]
*SEQ[EXIV WSPYXMSR %RRYEPP]
1ERYEP EGXYEXMSR HIZMGIW
%RRYEPP]
&EGOJPS[ TVIZIRXIVW
%RRYEPP] 'LETXIV
*MVI TYQTW
7II 'LETXIV {
;EXIVJPS[ HIZMGIW 5YEVXIVP]WIQMERRYEPP]
;EXIV WYTTP] TMTMRK %RRYEPP] 'LETXIV
'SRXVSP ZEPZIW
7II 'LETXIV {
7XVEMRIVW
{ QEMRPMRI 7II 'LETXIV
(IPYKITVIEGXMSR ZEPZIW
7II 'LETXIV
(IXIGXMSR W]WXIQ 7II 2*4%
&EGOJPS[ TVIZIRXIVW
7II 'LETXIV {
;EXIV WYTTP] XEROW
7II 'LETXIV {
;EXIV WYTTP] JPS[ XIWX ]IEVW
:EPZI WXEXYW XIWX
1EMRXIRERGI
*SEQ GSRGIRXVEXI TYQT STIVEXMSR 1SRXLP]
*SEQ GSRGIRXVEXI WXVEMRIVW
5YEVXIVP] 7IGXMSR
*SEQ GSRGIRXVEXI WEQTPIW %RRYEPP]
4VSTSVXMSRMRK W]WXIQW
WXERHEVH TVIWWYVI X]TI
&EPP HVMT EYXSQEXMG X]TI
HVEMR ZEPZIW ]IEVW
*SEQ GSRGIRXVEXI XERO { HVEMR ERH JPYWL ]IEVW
'SVVSWMSR ERH L]HVSWXEXMG XIWX ]IEVW
&PEHHIV XERO X]TI
7MKLX KPEWW ]IEVW
*SEQ GSRGIRXVEXI XERO { L]HVSWXEXMG XIWX ]IEVW
0MRI X]TI
*SEQ GSRGIRXVEXI XERO { GSVVSWMSR ERH TMGOYT ]IEVW
TMTIW
*SEQ GSRGIRXVEXI XERO { HVEMR ERH JPYWL ]IEVW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
2SXI %PWS VIJIV XS QERYJEGXYVIVvW MRWXVYGXMSRW ERH JVIUYIRG] 1EMRXIRERGI MRXIVZEPW SXLIV XLER TVIZIRXMZI
QEMRXIRERGI EVI RSX TVSZMHIH EW XLI] HITIRH SR XLI VIWYPXW SJ XLI ZMWYEP MRWTIGXMSRW ERH STIVEXMSREP XIWXW
*SV JSEQ[EXIV W]WXIQW MR EMVGVEJX LERKEVW VIJIV XS XLI MRWTIGXMSR XIWX ERH QEMRXIRERGI VIUYMVIQIRXW SJ
2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW 8EFPI
3XLIV 7]WXIQ 'SQTSRIRXW *MVI TYQTW [EXIV WXSVEKI -QTEMVQIRXW 8LI TVSGIHYVIW SYXPMRIH MR 'LETXIV
XEROW ERH ZEPZIW GSQQSR XS SXLIV X]TIW SJ [EXIVFEWIH JMVI WLEPP FI JSPPS[IH [LIVI ER MQTEMVQIRX XS TVSXIGXMSR SGGYVW
TVSXIGXMSR W]WXIQW WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH c
MR EGGSVHERGI [MXL 'LETXIVW ERH VIWTIGXMZIP] ERH EW -RWTIGXMSR 7]WXIQW WLEPP FI MRWTIGXIH MR EGGSVHERGI
[MXL XLI JVIUYIRG] WTIGMJMIH MR 8EFPI
WTIGMJMIH MR 8EFPI
(IPYKI :EPZIW (IPYKI ZEPZIW WLEPP FI MRWTIGXIH MR EG
*SEQ;EXIV 7]WXIQW GSVHERGI [MXL XLI TVSZMWMSRW SJ 'LETXIV
8LMW WIGXMSR WLEPP ETTP] XS JSEQ[EXIV W]WXIQW EW %YXSQEXMG (IXIGXMSR )UYMTQIRX %YXSQEXMG HIXIGXMSR
WTIGMJMIH MR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV IUYMTQIRX WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR EG
7TVMROPIV ERH *SEQ;EXIV 7TVE] 7]WXIQW GSVHERGI [MXL 2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI
8LMW WIGXMSR WLEPP RSX MRGPYHI W]WXIQW HIXEMPIH MR XS IRWYVI XLEX XLI HIXIGXSVW EVI MR TPEGI WIGYVIP] JEWXIRIH
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR *SEQ ERH TVSXIGXIH JVSQ GSVVSWMSR [IEXLIV ERH QIGLERMGEP HEQ
EKI ERH XLEX XLI GSQQYRMGEXMSR [MVMRK GSRXVSP TERIPW SV
*SEQ;EXIV 7]WXIQ TRIYQEXMG XYFMRK W]WXIQ MW JYRGXMSREP
-J HYVMRK VSYXMRI MRWTIGXMSR ERH XIWXMRK XLI JSEQ 7]WXIQ 4MTMRK ERH *MXXMRKW 7]WXIQ TMTMRK ERH JMXXMRKW
[EXIV W]WXIQ MW HIXIVQMRIH XS LEZI FIIR EPXIVIH SV VITPEGIH WLEPP FI MRWTIGXIH JSV XLI JSPPS[MRK
IK IUYMTQIRX VITPEGIH VIPSGEXIH SV JSEQ GSRGIRXVEXI VI
1IGLERMGEP HEQEKI IK FVSOIR TMTMRK SV GVEGOIH JMXXMRKW
TPEGIH
MX WLEPP FI HIXIVQMRIH [LIXLIV XLI HIWMKR MRXIRX LEW
)\XIVREP GSRHMXMSRW IK QMWWMRK SV HEQEKIH TEMRX SV
FIIR EPXIVIH ERH [LIXLIV XLI W]WXIQ STIVEXIW TVSTIVP] GSEXMRKW VYWX ERH GSVVSWMSR
1IGLERMGEP [EXIVJPS[ HIZMGIW MRGPYHMRK FYX RSX
1MWEPMKRQIRX SV XVETTIH WIGXMSRW
PMQMXIH XS [EXIV QSXSV KSRKW WLEPP FI XIWXIH UYEVXIVP]
0S[TSMRX HVEMRW EYXSQEXMG SV QERYEP
0SGEXMSR ERH GSRHMXMSR SJ VYFFIVKEWOIXIH JMXXMRKW
:EPZIX]TI ERH TVIWWYVI W[MXGLzX]TI [EXIVJPS[ HI ,ERKIVW ERH 7YTTSVXW ,ERKIVW ERH WYTTSVXW WLEPP
ZMGIW WLEPP FI XIWXIH WIQMERRYEPP] FI MRWTIGXIH JSV XLI JSPPS[MRK ERH VITEMVIH SV VITPEGIH EW
;EXIVJPS[ HIZMGIW WLEPP FI MRWTIGXIH UYEVXIVP] XS RIGIWWEV]
ZIVMJ] XLEX XLI] EVI JVII SJ TL]WMGEP HEQEKI
'SRHMXMSR IK QMWWMRK SV HEQEKIH TEMRX SV GSEXMRK
8LI MRWTIGXMSR WLEPP ZIVMJ] XLEX EPP GSQTSRIRXW MR VYWX ERH GSVVSWMSR
GPYHMRK JSEQ GSRGIRXVEXI HMWGLEVKI HIZMGIW ERH TVSTSVXMSR
7IGYVI EXXEGLQIRX XS WXVYGXYVEP WYTTSVXW ERH TMTMRK
MRK IUYMTQIRX EVI MRWXEPPIH MR EGGSVHERGI [MXL XLIMV PMWXMRK
(EQEKIH SV QMWWMRK LERKIVW
*SEQ;EXIV (MWGLEVKI (IZMGIW
3FWXVYGXMSR -RZIWXMKEXMSRW 8LI TVSGIHYVIW SYXPMRIH
MR 'LETXIV WLEPP FI JSPPS[IH [LIVI XLIVI MW E RIIH XS GSR *SEQ[EXIV HMWGLEVKI HIZMGIW WLEPP FI MRWTIGXIH ZMWY
HYGX ER SFWXVYGXMSR MRZIWXMKEXMSR EPP] ERH QEMRXEMRIH XS IRWYVI XLEX XLI] EVI MR TPEGI GSRXMRYI
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
XS FI EMQIH SV TSMRXIH MR XLI HMVIGXMSR MRXIRHIH MR XLI W]WXIQ &PEHHIV 8ERO 4VSTSVXMSRIV
HIWMKR ERH EVI JVII JVSQ I\XIVREP PSEHMRK ERH GSVVSWMSR
8LI TVIWWYVI WLEPP FI VIQSZIH FIJSVI XLI MRWTIG
;LIVI GETW SV TPYKW EVI VIUYMVIH XLI MRWTIGXMSR WLEPP XMSR XS TVIZIRX MRNYV]
GSRJMVQ XLI] EVI MR TPEGI ERH JVII XS STIVEXI EW MRXIRHIH
8LI MRWTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
1MWEPMKRIH HMWGLEVKI HIZMGIW WLEPP FI EHNYWXIH
EMQIH
F] ZMWYEP QIERW ERH XLI HMWGLEVKI TEXXIVRW WLEPP FI
;EXIV GSRXVSP ZEPZIW XS JSEQ GSRGIRXVEXI XERO
%R MRWTIGXMSR JSV I\XIVREP GSVVSWMSR SR JSEQ GSRGIR
MRWTIGXIH EX XLI RI\X WGLIHYPIH JPS[ XIWX
XVEXI WXSVEKI XEROW
-RWTIGXMSR WLEPP ZIVMJ] XLEX YRPMWXIH GSQFMREXMSRW
%R MRWTIGXMSR JSV XLI TVIWIRGI SJ JSEQ MR XLI [EXIV WYV
SJ HMWGLEVKI HIZMGIW ERH JSEQ GSRGIRXVEXI LEZI RSX FIIR VSYRHMRK XLI FPEHHIV ERRYEP
WYFWXMXYXIH
0MRI 4VSTSVXMSRIV 8LI MRWTIGXMSR WLEPP MRGPYHI XLI
;EXIV 7YTTP] JSPPS[MRK
;EXIV WYTTP] TMTMRK WLEPP FI QEMRXEMRIH JVII SJ MR 7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV 8LI MR
XIVREP SFWXVYGXMSRW WTIGXMSR WLEPP MRGPYHI XLI JSPPS[MRK
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
8LI XIWX TVSGIHYVIW WLEPP WMQYPEXI ERXMGMTEXIH IQIV *SEQ 'SQTSRIRXW 1EMRXIRERGI SJ WTIGMJMG JSEQ GSQ
KIRG] IZIRXW WS XLI VIWTSRWI SJ XLI JSEQ[EXIV W]WXIQW
GER TSRIRXW WLEPP FI MR EGGSVHERGI [MXL XLVSYKL
FI IZEPYEXIH
7XERHEVH 4VIWWYVI 4VSTSVXMSRIV
;LIVI HMWGLEVKI JVSQ XLI W]WXIQ HMWGLEVKI HIZMGIW
[SYPH GVIEXI E LE^EVHSYW GSRHMXMSR SV GSRJPMGX [MXL PSGEP VI 8LI FEPP HVMT EYXSQEXMGX]TI
HVEMR ZEPZIW WLEPP FI
UYMVIQIRXW ER ETTVSZIH EPXIVREXI QIXLSH XS EGLMIZI JYPP JPS[ HMWEWWIQFPIH GPIERIH ERH VIEWWIQFPIH
GSRHMXMSRW WLEPP FI TIVQMXXIH 8LI JSEQ PMUYMH WXSVEKI XERO WLEPP FI HVEMRIH SJ
6IWTSRWI 8MQI 9RHIV XIWX GSRHMXMSRW XLI EYXS JSEQ PMUYMH ERH JPYWLIH
QEXMG JMVI HIXIGXMSR W]WXIQW [LIR I\TSWIH XS E XIWX WSYVGI *SEQ PMUYMH WLEPP FI TIVQMXXIH XS FI WEPZEKIH ERH
WLEPP STIVEXI [MXLMR XLI VIUYMVIQIRXW SJ 2*4% 2EXMSREP *MVI VIYWIH
%PEVQ ERH 7MKREPMRK 'SHI JSV XLI X]TI SJ HIXIGXSV TVSZMHIH
ERH XLI VIWTSRWI XMQI WLEPP FI VIGSVHIH 8LI JSEQ PMUYMH XERO WLEPP FI MRWTIGXIH JSV MRXIVREP
ERH I\XIVREP GSVVSWMSR ERH L]HVSWXEXMGEPP] XIWXIH XS XLI WTIGM
(MWGLEVKI 8MQI 8LI XMQI PETWI FIX[IIR STIVEXMSR JMIH [SVOMRK TVIWWYVI
SJ HIXIGXMSR W]WXIQW ERH [EXIV HIPMZIV] XMQI XS XLI TVSXIGXIH
EVIE WLEPP FI VIGSVHIH JSV STIR HMWGLEVKI HIZMGIW &PEHHIV 8ERO 4VSTSVXMSRIV
(MWGLEVKI 4EXXIVRW 7MKLX KPEWW [LIVI TVSZMHIH WLEPP FI VIQSZIH ERH
GPIERIH
8LI HMWGLEVKI TEXXIVRW JVSQ EPP SJ XLI STIR WTVE]
HIZMGIW WLEPP FI SFWIVZIH XS IRWYVI XLEX TEXXIVRW EVI RSX MQ 8LI JSEQ GSRGIRXVEXI XERO WLEPP FI L]HVSWXEXMGEPP]
TIHIH F] TPYKKIH HMWGLEVKI HIZMGIW ERH XS IRWYVI XLEX HMW XIWXIH XS XLI WTIGMJMIH [SVOMRK TVIWWYVI
GLEVKI HIZMGIW EVI GSVVIGXP] TSWMXMSRIH ERH XLEX SFWXVYGXMSRW
0MRI 4VSTSVXMSRIV
HS RSX TVIZIRX HMWGLEVKI TEXXIVRW JVSQ GSZIVMRK WYVJEGIW XS
FI TVSXIGXIH 8LI JSEQ GSRGIRXVEXI XERO WLEPP FI MRWTIGXIH JSV
MRXIVREP GSVVSWMSR
;LIVI SFWXVYGXMSRW SGGYV XLI TMTMRK ERH HMW
GLEVKI HIZMGIW WLEPP FI GPIERIH ERH XLI W]WXIQ VIXIWXIH 4MGOYT TMTIW MRWMHI XLI XERO WLEPP FI MRWTIGXIH JSV
(MWGLEVKI HIZMGIW WLEPP FI TIVQMXXIH XS FI SJ HMJ GSVVSWMSR WITEVEXMSR SV TPYKKMRK
JIVIRX SVMJMGI WM^IW ERH X]TIW 8LI JSEQ GSRGIRXVEXI XERO WLEPP FI HVEMRIH ERH
4VIWWYVI 6IEHMRKW JPYWLIH
4VIWWYVI VIEHMRKW WLEPP FI VIGSVHIH EX XLI LMKLIWX *SEQ GSRGIRXVEXI WLEPP FI TIVQMXXIH XS FI WEPZEKIH
QSWX VIQSXI HMWGLEVKI HIZMGI ERH VIYWIH
% WIGSRH TVIWWYVI VIEHMRK WLEPP FI VIGSVHIH EX XLI 7XERHEVH &EPERGIH 4VIWWYVI 4VSTSVXMSRIV
QEMR GSRXVSP ZEPZI 4YQT 3TIVEXMSR
6IEHMRKW WLEPP FI GSQTEVIH XS XLI L]HVEYPMG HI 8LI JSEQ GSRGIRXVEXI TYQT WLEPP FI STIVEXIH
WMKR TVIWWYVIW XS IRWYVI XLI SVMKMREP W]WXIQ HIWMKR VIUYMVI
QIRXW EVI QIX *SEQ GSRGIRXVEXI WLEPP FI GMVGYPEXIH FEGO XS XLI
XERO
1YPXMTPI 7]WXIQW 8LI QE\MQYQ RYQFIV SJ W]WXIQW
I\TIGXIH XS STIVEXI MR GEWI SJ JMVI WLEPP FI XIWXIH WMQYPXE 7IVZMGMRK *SEQ TYQTW HVMZI XVEMR ERH HVMZIVW WLEPP
RISYWP] XS MRWTIGX XLI EHIUYEG] SJ XLI [EXIV WYTTP] ERH GSR FI WIVZMGIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MRWXVYG
GIRXVEXI TYQT XMSRW ERH JVIUYIRG] FYX RSX EX MRXIVZEPW SJ QSVI XLER ]IEVW
1ERYEP %GXYEXMSR (IZMGIW 1ERYEP EGXYEXMSR HIZMGIW *PYWLMRK 8LI HMETLVEKQ FEPERGMRK ZEPZI WLEPP FI
WLEPP FI XIWXIH ERRYEPP] JPYWLIH XLVSYKL XLI HMETLVEKQ WIGXMSR [MXL [EXIV SV JSEQ
GSRGIRXVEXI YRXMP JPYMH ETTIEVW GPIEV SV RI[
'SRGIRXVEXMSR 8IWXMRK
(YVMRK XLI JYPP JPS[ JSEQ XIWX E JSEQ WEQTPI WLEPP FI 'SVVSWMSR ERH 7IHMQIRX
XEOIR 8LI JSEQ GSRGIRXVEXI XERO WLEPP FI MRWTIGXIH MR
8LI JSEQ WEQTPI WLEPP FI MRWTIGXIH F] VIJVEGXSQIX XIVREPP] JSV GSVVSWMSR ERH WIHMQIRX
VMG SV SXLIV QIXLSHW XS ZIVMJ] GSRGIRXVEXMSR SJ XLI WSPYXMSR )\GIWWMZI WIHMQIRX WLEPP VIUYMVI HVEMRMRK ERH
'SRGIRXVEXMSR WLEPP FI [MXLMR TIVGIRX SJ XLI EG JPYWLMRK SJ XLI XERO
GITXERGI XIWX VIWYPXW FYX MR RS GEWI QSVI XLER TIVGIRX FI -R0MRI &EPERGIH 4VIWWYVI 4VSTSVXMSRIV
PS[ QMRMQYQ HIWMKR WXERHEVHW
4YQT 3TIVEXMSR
6IXYVR XS 7IVZMGI %JXIV XLI JYPP JPS[ XIWX XLI JSEQ
[EXIV W]WXIQ WLEPP FI VIXYVRIH XS WIVZMGI ERH XLI JSEQ GSRGIR 8LI JSEQ GSRGIRXVEXI TYQT WLEPP FI STIVEXIH
XVEXI XERO WLEPP FI VITPIRMWLIH XS HIWMKR PIZIP *SEQ GSRGIRXVEXI WLEPP FI GMVGYPEXIH FEGO XS XLI
1EMRXIRERGI XERO
1EMRXIRERGI SJ JSEQ[EXIV W]WXIQW WLEPP FI MR EGGSV 7IVZMGMRK *SEQ TYQTW HVMZI XVEMR ERH HVMZIVW WLEPP
HERGI [MXL XLI VIUYMVIQIRXW SJ XLSWI GLETXIVW GSZIVMRK XLI FI WIVZMGIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MRWXVYG
WTIGMJMG GSQTSRIRX TEVXW XMSRW ERH JVIUYIRG] FYX RSX EX MRXIVZEPW SJ QSVI XLER ]IEVW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
*PYWLMRK 8LI HMETLVEKQ FEPERGMRK ZEPZI WLEPP FI -J XLI PMUYMH LEW FIGSQI I\GIWWMZIP] KYQQ] SV WSPMHM
JPYWLIH XLVSYKL XLI HMETLVEKQ WIGXMSR [MXL [EXIV SV JSEQ JMIH XLI ZIRX FSH] ERH TEVXW WLEPP FI WSEOIH MR LSX WSET]
GSRGIRXVEXI YRXMP JPYMH ETTIEVW GPIEV SV RI[ [EXIV
'SVVSWMSR ERH 7IHMQIRX 8LI ZIRX FSH] WLEPP FI XYVRIH YTWMHI HS[R ERH
HVEMRIH XLSVSYKLP]
8LI JSEQ GSRGIRXVEXI XERO WLEPP FI MRWTIGXIH MR
XIVREPP] JSV GSVVSWMSR ERH WIHMQIRX 4EVXW WLEPP FI HVMIH F] TPEGMRK XLIQ MR E [EVQ ERH
HV] EVIE SV F] YWMRK ER EMV LSWI
)\GIWWMZI WIHMQIRX WLEPP VIUYMVI HVEMRMRK ERH
JPYWLMRK SJ XLI XERO 4EVXW WLEPP FI WTVE]IH [MXL E PMKLX 8IJPSR GSEXMRK
ERH XLI ZIRX WLEPP FI VIEWWIQFPIH
4VIWWYVI :EGYYQ :IRXW 8LI TVSGIHYVIW WTIGMJMIH MR
XLVSYKL WLEPP FI TIVJSVQIH SR TVIWWYVI 8LI YWI SJ ER] X]TI SJ SMP JSV PYFVMGEXMSR TYVTSWIW
ZEGYYQ ZIRXW IZIV] ]IEVW WLEPP RSX FI TIVQMXXIH
8LI ZIRX WLEPP FI VIQSZIH JVSQ XLI I\TERWMSR 8LI ZIRX FSRRIX WLEPP FI VITPEGIH ERH XLI ZIRX
HSQI WLEPP FI XYVRIH YTWMHI HS[R WPS[P] E JI[ XMQIW XS IRWYVI
TVSTIV JVIIHSQ SJ XLI QSZEFPI TEVXW
8LI ZIRX WLEPP FI MRWTIGXIH XS IRWYVI XLEX XLI STIR
MRK MW RSX FPSGOIH ERH XLEX HMVX SV SXLIV JSVIMKR SFNIGXW HS RSX 8LI ZIRX WLEPP FI EXXEGLIH XS XLI PMUYMH WXSVEKI XERO
IRXIV XLI XERO I\TERWMSR HSQI
8LI ZIRX FSRRIX WLEPP FI VIQSZIH 'SQTSRIRX %GXMSR 6IUYMVIQIRXW
8LI ZEGYYQ ZEPZI ERH TVIWWYVI ZEPZI WLEPP FI PMJXIH ;LIRIZIV E GSQTSRIRX MR E JSEQ[EXIV WTVMROPIV W]W
SYX XIQ MW EHNYWXIH VITEMVIH VIGSRHMXMSRIH SV VITPEGIH XLI EG
XMSR VIUYMVIH MR 8EFPI WLEPP FI TIVJSVQIH
8LI ZIRX FSH] WLEPP FI JPYWLIH MRXIVREPP] ERH XLI
ZEGYYQ ZEPZI ERH XLI TVIWWYVI ZEPZI WLEPP FI [EWLIH XLSV ;LIVI XLI SVMKMREP MRWXEPPEXMSR WXERHEVH MW HMJJIVIRX
SYKLP] JVSQ XLI GMXIH WXERHEVH XLI YWI SJ XLI ETTVSTVMEXI MRWXEPPMRK
c WXERHEVH WLEPP FI TIVQMXXIH
8LI ZIRX WLEPP FI MRWTIGXIH XS IRWYVI XLEX XLI WGVIIR
MW RSX GPSKKIH ERH XLI YWI SJ ER] LEVH TSMRXIH SFNIGXW XS 8LI EGXMSRW SJ ERH WLEPP RSX VIUYMVI E
GPIEV XLI WGVIIR WLEPP FI EZSMHIH HIWMKR VIZMI[ [LMGL MW SYXWMHI XLI WGSTI SJ XLMW WXERHEVH
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
6ITEMV
'SQTSRIRX %HNYWX 6IGSRHMXMSR 6ITPEGI 6IUYMVIH %GXMSR
*SEQ 'SQTSRIRXW
*SEQ GSRGIRXVEXI WXVEMRIVW
7II 'LETXIV
4VSTSVXMSRMRK W]WXIQW
< < < 'SRHYGX JPS[ XIWX ERH MRWTIGX TVSTSVXMSRMRK F]
VIJVEGXSQIXIV XIWX SV IUYMZEPIRX
;EXIV WYTTP] XEROW
7II 'LETXIV
*SEQ GSRGIRXVEXI < < 7YFQMX TMRX Q0
WEQTPI JSV PEFSVEXSV]
EREP]WMW JSV GSRJSVQERGI [MXL QERYJEGXYVIVvW
WTIGMJMGEXMSRW
*SEQ GSRGIRXVEXI TYQT 7II 'LETXIV
&EPP HVMT EYXSQEXMGX]TI
HVEMR ZEPZIW 7II 'LETXIV
*SEQ GSRGIRXVEXI XERO < < < -RWTIGX JSV GSRHMXMSR VITEMV EW ETTVSTVMEXI
&PEHHIV XERO < < < -RWTIGX [EXIV NEGOIX JSV TVIWIRGI SJ JSEQ
GSRGIRXVEXI
7XEXYW-RHMGEXMRK 'SQTSRIRXW
+EYKIW < :IVMJ] EX TWM FEV
ERH W]WXIQ [SVOMRK
TVIWWYVI
7XVYGXYVEP 'SQTSRIRXW
,ERKIVWIMWQMG FVEGMRK < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERHSV
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ
7TVMROPIV 7]WXIQW
4MTI WXERHW < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERHSV
2*4%
-RJSVQEXMSREP 'SQTSRIRXW
:EPZI WMKRW < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERHSV
2*4%
,]HVEYPMG TPEGEVHW < < < -RWTIGX JSV GSRJSVQERGI [MXL 2*4% ERHSV
2*4%
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
'LETXIV ;EXIV 1MWX 7]WXIQW ;EXIV QMWX RS^^PIW MRWXEPPIH MR GSRGIEPIH WTEGIW
WYGL EW EFSZI WYWTIRHIH GIMPMRKW WLEPP RSX VIUYMVI MRWTIGXMSR
-RWTIGXMSR ERH 8IWXMRK ;EXIV QMWX RS^^PIW MRWXEPPIH MR EVIEW XLEX EVI MREG
'SQTSRIRXW ERH 7]WXIQW GIWWMFPI JSV WEJIX] GSRWMHIVEXMSRW HYI XS TVSGIWW STIVEXMSRW
WLEPP FI MRWTIGXIH HYVMRK IEGL WGLIHYPIH WLYXHS[R
%PP GSQTSRIRXW ERH W]WXIQW WLEPP FI MRWTIGXIH ERH
7XSGO JYVRMWLMRKW SV IUYMTQIRX GPSWIV XS XLI [E
XIWXIH XS ZIVMJ] XLEX XLI] JYRGXMSR EW MRXIRHIH
XIV QMWX RS^^PI XLER TIVQMXXIH F] XLI GPIEVERGI WTIGMJMIH MR
;EXIV QMWX W]WXIQW XLEX EVI IUYMTTIH [MXL ER EHHM XLI QERYJEGXYVIVvW MRWXEPPEXMSR MRWXVYGXMSRW WLEPP FI GSVVIGXIH
XMZI W]WXIQ WLEPP FI XIWXIH [MXL XLI WTIGMJMG EHHMXMZI W]WXIQ IR 8LI WYTTP] SJ WTEVI EYXSQEXMG [EXIV QMWX RS^^PIW
KEKIH SV YWIH HYVMRK XLI EGGITXERGI XIWXMRK WLEPP FI MRWTIGXIH ERRYEPP] JSV XLI GSVVIGX RYQFIV ERH X]TI SJ
6IUYMVIQIRXW 8LI GSQTSRIRXW SJ X]TMGEP [EXIV QMWX W]W [EXIV QMWX RS^^PIW EW VIUYMVIH F] 2*4%
XIQW XS FI MRWTIGXIH ERH XIWXIH EVI TVSZMHIH MR 8EFPI ;LIVI VIUYMVIH F] XLMW WIGXMSR WEQTPI EYXSQEXMG
;EXIV QMWX RS^^PIW WLEPP FI MRWTIGXIH JVSQ XLI JPSSV [EXIV QMWX RS^^PIW WLEPP FI WYFQMXXIH XS E VIGSKRM^IH XIWXMRK
PIZIP ERRYEPP] PEFSVEXSV] EGGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR JSV
JYRGXMSREP XIWXMRK
%R] [EXIV QMWX RS^^PI XLEX WLS[W WMKRW SJ ER] SJ XLI
%YXSQEXMG [EXIV QMWX RS^^PIW XLEX LEZI FIIR MR
JSPPS[MRK WLEPP FI VITPEGIH
WIVZMGI JSV ]IEVW WLEPP FI VITPEGIH SV VITVIWIRXEXMZI
0IEOEKI WEQTPIW WLEPP FI XIWXIH ERH XLIR VIXIWXIH EX ]IEV MRXIVZEPW
'SVVSWMSR ;LIVI [EXIV QMWX RS^^PIW EVI WYFNIGXIH XS LEVWL
4L]WMGEP HEQEKI IRZMVSRQIRXW MRGPYHMRK GSVVSWMZI EXQSWTLIVIW ERH GSVVSWMZI
0SWW SJ JPYMH MR XLI KPEWW FYPF LIEX VIWTSRWMZI IPIQIRX [EXIV WYTTPMIW XLI] WLEPP FI IMXLIV VITPEGIH SV VITVIWIRXEXMZI
0SEHMRK WEQTPIW XIWXIH SR E ]IEV FEWMW
4EMRXMRK YRPIWW TEMRXIH F] XLI [EXIV QMWX RS^^PI
QERYJEGXYVIV % VITVIWIRXEXMZI WEQTPI SJ [EXIV QMWX RS^^PIW JSV
XIWXMRK TIV WLEPP GSRWMWX SJ E QMRMQYQ SJ JSYV [EXIV
%R] [EXIV QMWX RS^^PI XLEX LEW FIIR MRWXEPPIH MR XLI QMWX RS^^PIW SV TIVGIRX SJ XLI RYQFIV SJ [EXIV QMWX RS^^PIW
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FVERGL PMRI HVST SV WTVMK SV WLEPP FI VITPEGIH
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;EXIV QMWX RS^^PIW [MXL KPEWW FYPFW WLEPP FI VI WEQTPI JEMPW XS QIIX XLI XIWX VIUYMVIQIRX EPP [EXIV QMWX RS^^PIW
TPEGIH MJ XLI FYPFW EVI IQTX] SJ JPYMH [MXLMR XLI EVIE VITVIWIRXIH F] XLEX WEQTPI WLEPP FI VITPEGIH
7IQM
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
7IQM
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
7IQM
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4YQTW ERH HVMZIVW -RWTIGXMSR XIWXMRK ERH < < < < <
QEMRXIRERGI MR EGGSVHERGI [MXL
XLI VIUYMVIQIRXW SJ 2*4%
7XERHEVH JSV XLI -RWXEPPEXMSR SJ
7XEXMSREV] 4YQTW JSV *MVI
4VSXIGXMSR ERH 2*4%
7]WXIQ GSRXVSP ZEPZIW -RWTIGXMSR XIWXMRK ERH < < < < <
QEMRXIRERGI MR EGGSVHERGI [MXL
XLI VIUYMVIQIRXW SJ 2*4%
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RS^^PIW QEMRXIRERGI MR EGGSVHERGI [MXL HMWGLEVKI
2*4%
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ERH WXVEMRIVW WII SJ
2*4% 7XERHEVH SR ;EXIV 1MWX
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
1EMRXIRERGI 8LI EYXSQEXMG [EXIV QMWX RS^^PIW WLEPP FI OITX MR E
GEFMRIX PSGEXIH [LIVI XLI XIQTIVEXYVI [MPP EX RS XMQI I\GIIH
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RS^^PIW
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;LIVI VIUYMVIH F] XLI QERYJEGXYVIV QEMRXI RS^^PIW
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WXERHEVH
QMWX RS^^PI [VIRGL WLEPP FI TVSZMHIH ERH OITX MR XLI GEFMRIX
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XERGI XIWX VIGSVHW ERH HIZMGI QERYJEGXYVIVvW QEMRXIRERGI
3RI [EXIV QMWX RS^^PI [VIRGL WLEPP FI TVSZMHIH
FYPPIXMRW WLEPP FI VIXEMRIH XS EWWMWX MR XLI TVSTIV GEVI SJ XLI
JSV IEGL X]TI SJ RS^^PI MRWXEPPIH
W]WXIQ ERH MXW GSQTSRIRXW
c 4VSXIGXMZI 'SZIVMRKW
6ITPEGIQIRX GSQTSRIRXW WLEPP FI MR EGGSVHERGI
[MXL XLI QERYJEGXYVIVvW WTIGMJMGEXMSRW ERH XLI SVMKMREP W]WXIQ ;EXIV QMWX RS^^PIW TVSXIGXMRK WTVE] EVIEW ERH QM\
HIWMKR MRK VSSQW MR VIWMR ETTPMGEXMSR EVIEW MRWXEPPIH [MXL TVSXIGXMZI
GSZIVMRKW WLEPP GSRXMRYI XS FI TVSXIGXIH EKEMRWX SZIVWTVE] VIWM
7TEVI GSQTSRIRXW WLEPP FI EGGIWWMFPI ERH WLEPP FI
HYI WS XLEX XLI] [MPP STIVEXI MR XLI IZIRX SJ JMVI
WXSVIH MR E QERRIV XS TVIZIRX HEQEKI SV GSRXEQMREXMSR
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%JXIV IEGL W]WXIQ STIVEXMSR E VITVIWIRXEXMZI WEQTPI
WLEPP FI TVSXIGXIH YWMRK GIPPSTLERI FEKW LEZMRK E
SJ STIVEXIH [EXIV QMWX RS^^PIW MR XLI EGXMZEXIH ^SRI WLEPP FI
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SV PIWW SV XLMR TETIV FEKW
MRWTIGXIH
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;EXIV QMWX RS^^PIW WLEPP RSX FI EPXIVIH MR ER] VIWTIGX
;LIVI ETTPMGEFPI XS XLI X]TI SJ [EXIV QMWX W]WXIQ
SV LEZI ER] X]TI SJ SVREQIRXEXMSR TEMRX SV GSEXMRKW ETTPMIH
WGLIHYPIH QEMRXIRERGI WLEPP FI TIVJSVQIH EW SYXPMRIH MR
EJXIV WLMTQIRX JVSQ XLI QERYJEGXYVIV
8EFPI
%YXSQEXMG [EXIV QMWX RS^^PIW YWIH JSV TVSXIGXMRK
GSQQIVGMEPX]TI GSSOMRK IUYMTQIRX ERH ZIRXMPEXMRK W]WXIQW
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8EFPI 1EMRXIRERGI *VIUYIRGMIW
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XIVMEP SR XLI RS^^PIW XLI RS^^PIW WLEPP RSX FI VIUYMVIH XS FI
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7]WXIQ *PYWLMRK %RRYEPP] 8VEMRMRK
7XVEMRIVW ERH JMPXIVW 'PIER SV VITPEGI EW %JXIV W]WXIQ
VIUYMVIH STIVEXMSR %PP TIVWSRW [LS QMKLX FI I\TIGXIH XS MRWTIGX XIWX
QEMRXEMR SV STIVEXI [EXIV QMWX W]WXIQW WLEPP FI XVEMRIH XLSV
SYKLP] MR XLI JYRGXMSRW XLI] EVI I\TIGXIH XS TIVJSVQ
6IJVIWLIV XVEMRMRK WLEPP FI TVSZMHIH EW VIGSQQIRHIH
;EXIV 1MWX 2S^^PIW F] XLI QERYJEGXYVIV SV F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
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TVSTIV GLEVEGXIVMWXMGW JSV XLI ETTPMGEXMSR MRXIRHIH MRGPYHMRK
XLI RS^^PI QSHIP ERH XIQTIVEXYVI VEXMRK 'LETXIV :EPZIW :EPZI 'SQTSRIRXW ERH 8VMQ
3RP] RI[ [EXIV QMWX RS^^PIW WLEPP FI YWIH XS VITPEGI
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I\MWXMRK [EXIV QMWX RS^^PIW
1MRMQYQ 6IUYMVIQIRXW
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XLER XLVII
WLEPP FI QEMRXEMRIH SR XLI TVIQMWIW WS XLEX ER] 8LMW GLETXIV WLEPP TVSZMHI XLI QMRMQYQ VIUYMVI
[EXIV QMWX RS^^PIW XLEX LEZI STIVEXIH SV FIIR HEQEKIH MR ER] QIRXW JSV XLI VSYXMRI MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ
[E] GER FI TVSQTXP] VITPEGIH ZEPZIW ZEPZI GSQTSRIRXW ERH XVMQ
8LI [EXIV QMWX RS^^PIW WLEPP GSVVIWTSRH XS XLI 8EFPI WLEPP FI YWIH XS HIXIVQMRI XLI QMRM
QERYJEGXYVIVW
QSHIPW ERH XIQTIVEXYVI VEXMRKW SJ XLI [E QYQ VIUYMVIH JVIUYIRGMIW JSV MRWTIGXMSR XIWXMRK ERH QEMR
XIV QMWX RS^^PIW MR XLI TVSTIVX] XIRERGI
)HMXMSR
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
8EFPI 7YQQEV] SJ :EPZIW :EPZI 'SQTSRIRXW ERH 8VMQ -RWTIGXMSR 8IWXMRK ERH 1EMRXIRERGI
-RWTIGXMSR
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7IEPIH ;IIOP]
0SGOIH SV IPIGXVMGEPP] WYTIVZMWIH 1SRXLP]
%PEVQ :EPZIW
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7XVEMRIVW JMPXIVW SVMJMGIW ]IEVW
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4VIEGXMSR(IPYKI :EPZIW
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(EMP][IIOP]
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7XVEMRIVW JMPXIVW SVMJMGIW ]IEVW
8IWXMRK
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4SWMXMSR %RRYEPP]
3TIVEXMSR %RRYEPP]
7YTIVZMWSV] 7IQMERRYEPP]
4VIEGXMSR(IPYKI :EPZIW
4VMQMRK [EXIV 5YEVXIVP]
0S[ EMV TVIWWYVI EPEVQW 5YEVXIVP]ERRYEPP]
*YPP JPS[ %RRYEPP]
%MV PIEOEKI ]IEVW
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0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
1EMRXIRERGI
+IRIVEP 4VSZMWMSRW :ERIX]TI ERH TVIWWYVI W[MXGLzX]TI [EXIVJPS[ HI
ZMGIW WLEPP FI XIWXIH WIQMERRYEPP]
8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI WLEPP
LEZI QERYJEGXYVIVWv PMXIVEXYVI EZEMPEFPI XS TVSZMHI WTIGMJMG MR +EYKIW
WXVYGXMSRW JSV MRWTIGXMRK XIWXMRK ERH QEMRXEMRMRK XLI ZEPZIW +EYKIW WLEPP FI MRWTIGXIH QSRXLP] XS ZIVMJ] XLEX XLI]
ERH EWWSGMEXIH IUYMTQIRX EVI MR KSSH GSRHMXMSR ERH XLEX RSVQEP TVIWWYVI MW FIMRK QEMR
%PP TIVXMRIRX TIVWSRRIP HITEVXQIRXW EYXLSVMXMIW LEZMRK XEMRIH
NYVMWHMGXMSR SV EKIRGMIW WLEPP FI RSXMJMIH XLEX XIWXMRK SV QEMRXI ;LIVI SXLIV WIGXMSRW SJ XLMW WXERHEVH LEZI HMJJIV
RERGI SJ XLI ZEPZI ERH EWWSGMEXIH EPEVQW MW XS FI GSRHYGXIH IRX JVIUYIRG] VIUYMVIQIRXW JSV WTIGMJMG KEYKIW XLSWI VIUYMVI
%PP W]WXIQ ZEPZIW WLEPP FI TVSXIGXIH JVSQ TL]WMGEP HEQ QIRXW WLEPP FI YWIH
EKI ERH WLEPP FI EGGIWWMFPI +EYKIW WLEPP FI VITPEGIH IZIV] ]IEVW SV XIWXIH IZIV]
&IJSVI STIRMRK E XIWX SV HVEMR ZEPZI MX WLEPP FI ZIVMJMIH ]IEVW F] GSQTEVMWSR [MXL E GEPMFVEXIH KEYKI
XLEX EHIUYEXI TVSZMWMSRW LEZI FIIR QEHI JSV HVEMREKI +EYKIW RSX EGGYVEXI XS [MXLMR TIVGIRX SJ XLI JYPP
WGEPI WLEPP FI VIGEPMFVEXIH SV VITPEGIH
1EMR (VEMR 8IWX % QEMR HVEMR XIWX WLEPP FI GSRHYGXIH
ERRYEPP] JSV IEGL [EXIV WYTTP] PIEHMR XS E FYMPHMRK [EXIV 6IGSVHW 6IGSVHW WLEPP FI QEMRXEMRIH MR EGGSVHERGI
FEWIH JMVI TVSXIGXMSR W]WXIQ XS HIXIVQMRI [LIXLIV XLIVI LEW [MXL 7IGXMSR
FIIR E GLERKI MR XLI GSRHMXMSR SJ XLI [EXIV WYTTP]
'SRXVSP :EPZIW MR ;EXIV&EWIH *MVI 4VSXIGXMSR 7]WXIQW
;LIVI XLI PIEHMR XS E FYMPHMRK WYTTPMIW E LIEHIV SV )EGL GSRXVSP ZEPZI WLEPP FI MHIRXMJMIH ERH LEZI E WMKR
QERMJSPH WIVZMRK QYPXMTPI W]WXIQW E WMRKPI QEMR HVEMR XIWX MRHMGEXMRK XLI W]WXIQ SV TSVXMSR SJ XLI W]WXIQ MX GSRXVSPW
WLEPP FI TIVQMXXIH
7]WXIQW XLEX LEZI QSVI XLER SRI GSRXVSP ZEPZI XLEX
-R W]WXIQW [LIVI XLI WSPI [EXIV WYTTP] MW XLVSYKL E QYWX FI GPSWIH XS [SVO SR E W]WXIQ WLEPP LEZI E WMKR SR IEGL
FEGOJPS[ TVIZIRXIV ERHSV TVIWWYVIVIHYGMRK ZEPZIW XLI QEMR EJJIGXIH ZEPZI VIJIVVMRK XS XLI I\MWXIRGI ERH PSGEXMSR SJ SXLIV
HVEMR XIWX SJ EX PIEWX SRI W]WXIQ HS[RWXVIEQ SJ XLI HIZMGI WLEPP ZEPZIW
FI GSRHYGXIH SR E UYEVXIVP] FEWMW
;LIR E RSVQEPP] STIR ZEPZI MW GPSWIH XLI TVSGI
;LIR XLIVI MW E TIVGIRX VIHYGXMSR MR JYPP JPS[ HYVIW IWXEFPMWLIH MR 'LETXIV WLEPP FI JSPPS[IH
TVIWWYVI [LIR GSQTEVIH XS XLI SVMKMREP EGGITXERGI XIWX SV
TVIZMSYWP] TIVJSVQIH XIWXW XLI GEYWI SJ XLI VIHYGXMSR WLEPP FI ;LIR XLI ZEPZI MW VIXYVRIH XS WIVZMGI E ZEPZI WXEXYW
MHIRXMJMIH ERH GSVVIGXIH MJ RIGIWWEV] XIWX IMXLIV QEMR SV WIGXMSREP HVEMR EW ETTVSTVMEXI
WLEPP FI
GSRHYGXIH XS HIXIVQMRI XLEX XLI ZEPZI MW RSX GPSWIH
%PEVQ (IZMGIW
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1IGLERMGEP [EXIVJPS[ EPEVQ HIZMGIW MRGPYHMRK FYX SJ E WIEP SV E PSGO SV WLEPP FI IPIGXVMGEPP] WYTIVZMWIH MR EGGSV
RSX PMQMXIH XS [EXIV QSXSV KSRKW WLEPP FI XIWXIH UYEVXIVP] HERGI [MXL XLI ETTPMGEFPI 2*4% WXERHEVHW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
2SVQEPP] GPSWIH ZEPZIW WLEPP FI WIGYVIH F] QIERW SJ 7]WXIQ :EPZIW
E WIEP SV WLEPP FI IPIGXVMGEPP] WYTIVZMWIH MR EGGSVHERGI [MXL XLI
ETTPMGEFPI 2*4% WXERHEVH -RWTIGXMSR SJ %PEVQ :EPZIW %PEVQ ZEPZIW WLEPP FI MR
WTIGXIH EW HIWGVMFIH MR ERH
7IEPMRK SV IPIGXVMGEP WYTIVZMWMSR WLEPP RSX FI VI
UYMVIH JSV LSWI ZEPZIW %PEVQ ZEPZIW ERH W]WXIQ VMWIV GLIGO ZEPZIW WLEPP FI
I\XIVREPP] MRWTIGXIH QSRXLP] ERH WLEPP ZIVMJ] XLI JSPPS[MRK
-RWTIGXMSR
8LI KEYKIW MRHMGEXI RSVQEP WYTTP] [EXIV TVIWWYVI MW FI
%PP ZEPZIW WLEPP FI MRWTIGXIH [IIOP] MRK QEMRXEMRIH
:EPZIW WIGYVIH [MXL PSGOW SV WYTIVZMWIH MR EGGSV
8LI ZEPZI MW JVII SJ TL]WMGEP HEQEKI
HERGI [MXL ETTPMGEFPI 2*4% WXERHEVHW WLEPP FI TIVQMXXIH XS FI
%PP ZEPZIW EVI MR XLI ETTVSTVMEXI STIR SV GPSWIH TSWMXMSR
MRWTIGXIH QSRXLP]
8LI VIXEVHMRK GLEQFIV SV EPEVQ HVEMRW EVI RSX PIEOMRK
'SRXVSP ZEPZI WYTIVZMWSV] EPEVQ HIZMGIW WLEPP FI MR %PEVQ ZEPZIW ERH XLIMV EWWSGMEXIH WXVEMRIVW JMPXIVW
WTIGXIH UYEVXIVP] XS ZIVMJ] XLEX XLI] EVI JVII SJ TL]WMGEP HEQEKI ERH VIWXVMGXMSR SVMJMGIW WLEPP FI MRWTIGXIH MRXIVREPP] IZIV]
]IEVW YRPIWW XIWXW MRHMGEXI E KVIEXIV JVIUYIRG] MW RIGIWWEV]
%JXIV ER] EPXIVEXMSRW SV VITEMVW ER MRWTIGXMSR WLEPP
FI QEHI F] XLI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI 1EMRXIRERGI
XS IRWYVI XLEX XLI W]WXIQ MW MR WIVZMGI ERH EPP ZEPZIW EVI MR XLI -RXIVREP GSQTSRIRXW WLEPP FI GPIERIHVITEMVIH EW
RSVQEP TSWMXMSR ERH TVSTIVP] WIEPIH PSGOIH SV IPIGXVMGEPP] RIGIWWEV] MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW
WYTIVZMWIH
8LI W]WXIQ WLEPP FI VIXYVRIH XS WIVZMGI MR EGGSV
8LI ZEPZI MRWTIGXMSR WLEPP ZIVMJ] XLEX XLI ZEPZIW EVI MR HERGI [MXL XLI QERYJEGXYVIVvW MRWXVYGXMSRW
XLI JSPPS[MRK GSRHMXMSR
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-R XLI RSVQEP STIR SV GPSWIH TSWMXMSR
7IEPIH PSGOIH SV WYTIVZMWIH -RWTIGXMSR :EPZIW WLEPP FI MRWTIGXIH MRXIVREPP] IZIV]
%GGIWWMFPI ]IEVW XS ZIVMJ] XLEX EPP GSQTSRIRXW STIVEXI GSVVIGXP] QSZI
4SWX MRHMGEXSV ZEPZIW 4-:W
EVI TVSZMHIH [MXL GSVVIGX JVIIP] ERH EVI MR KSSH GSRHMXMSR
[VIRGLIW
*VII JVSQ I\XIVREP PIEOW 1EMRXIRERGI -RXIVREP GSQTSRIRXW WLEPP FI GPIERIH
4VSZMHIH [MXL ETTPMGEFPI MHIRXMJMGEXMSR VITEMVIH SV VITPEGIH EW RIGIWWEV] MR EGGSVHERGI [MXL XLI
QERYJEGXYVIVvW MRWXVYGXMSRW
8IWXMRK
4VIEGXMSR :EPZIW ERH (IPYKI :EPZIW
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7]WXIQW MRWXEPPIH MR EGGSVHERGI [MXL 2*4% ( 7XER FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP] 8LMW ERRI\ GSRXEMRW
HEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR 3RI ERH 8[S*EQMP] I\TPEREXSV] QEXIVMEP RYQFIVIH XS GSVVIWTSRH [MXL XLI ETTPMGEFPI XI\X
([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW WLEPP FI MRWTIGXIH XIWXIH ERH TEVEKVETLW
QEMRXEMRIH MR EGGSVHERGI [MXL XLVSYKL
SJ 2*4% [LMGL VIJIVIRGI WTIGMJMG WIGXMSRW SJ 2*4% 8LI % 8LIVI EVI XMQIW [LIR E WMRKPI MRWTIGXMSR SV XIWX GER
JVIUYIRG] SJ XLI MRWTIGXMSR XIWX SV QEMRXIRERGI WLEPP FI MR EG QIIX XLI VIUYMVIQIRXW SJ FSXL 2*4% ERH 2*4% IK
GSVHERGI [MXL ?2*4% A [LIVIEW XLI TYVTSWI ERH TVSGIHYVI STIVEXMSR SJ E XEQTIV W[MXGL
8LMW WXERHEVH HSIW RSX RIGIW
WLEPP FI JVSQ 2*4% ?A WEVMP] VIUYMVI XLEX X[S WITEVEXI MRWTIGXMSRW SV XIWXW FI GSR
HYGXIH SR XLI WEQI GSQTSRIRX TVSZMHIH XLI MRWTIGXMSR SV
'SRXVSP ZEPZIW WLEPP FI MRWTIGXIH QSRXLP] MR EGGSV XIWX QIIXW XLI VIUYMVIQIRXW SJ FSXL WXERHEVHW ERH XLI MRHM
HERGI [MXL SJ 2*4% ?A ZMHYEP TIVJSVQMRK XLI MRWTIGXMSR SV XIWX MW UYEPMJMIH XS TIV
JSVQ XLI MRWTIGXMSR SV XIWX VIUYMVIH F] FSXL WXERHEVHW
+EKIW WLEPP FI MRWTIGXIH QSRXLP] MR EGGSVHERGI
[MXL SJ 2*4% ?A % +IRIVEPP] EGGITXIH 2*4% MRWXEPPEXMSR TVEGXMGIW JSV
[EXIVFEWIH JMVI TVSXIGXMSR W]WXIQW VIPIZERX XS XLMW WXERHEVH
%PEVQ HIZMGIW WLEPP FI MRWTIGXIH UYEVXIVP] MR EG EVI JSYRH MR XLI JSPPS[MRK
GSVHERGI [MXL SJ 2*4% ?A 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW
%PEVQ HIZMGIW WLEPP FI XIWXIH WIQMERRYEPP] MR EG 2*4% 6 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR
GSVHERGI [MXL SJ 2*4% ?A 0S[6MWI 6IWMHIRXMEP 3GGYTERGMIW
:EPZI WYTIVZMWSV] W[MXGLIW WLEPP FI XIWXIH WIQMERRY 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI
7]WXIQW
EPP] MR EGGSVHERGI [MXL SJ 2*4% ?A
2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG
:MWMFPI WTVMROPIVW WLEPP FI MRWTIGXIH ERRYEPP] MR XMSR
EGGSVHERGI [MXL SJ 2*4% ?A 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMROPIV
:MWMFPI TMTI WLEPP FI MRWTIGXIH ERRYEPP] MR EGGSV ERH *SEQ;EXIV 7TVE] 7]WXIQW
HERGI [MXL SJ 2*4% ?A 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV
*MVI 4VSXIGXMSR
:MWMFPI TMTI LERKIVW WLEPP FI MRWTIGXIH ERRYEPP] MR
2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
EGGSVHERGI [MXL SJ 2*4% ?A
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI
&YMPHMRKW WLEPP FI MRWTIGXIH ERRYEPP] TVMSV XS XLI 1EMRW ERH 8LIMV %TTYVXIRERGIW
SRWIX SJ JVII^MRK [IEXLIV XS IRWYVI XLEX XLIVI MW EHIUYEXI LIEX 2*4% 7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW
[LIVIZIV [EXIVJMPPIH TMTMRK MW VYR MR EGGSVHERGI [MXL SJ
2*4% ?A % 8LI VIUYMVIQIRX XS IZEPYEXI XLI EHIUYEG] SJ XLI
HIWMKR SJ XLI MRWXEPPIH W]WXIQ MW RSX E TEVX SJ XLI TIVMSHMG
% VITVIWIRXEXMZI WEQTPI SJ JEWXVIWTSRWI WTVMR MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI VIUYMVIQIRXW SJ XLMW
OPIVW WLEPP FI XIWXIH SRGI XLI WTVMROPIVW MR XLI W]WXIQ EVI WXERHEVH ,S[IZIV WYGL IZEPYEXMSR MW XLI VIWTSRWMFMPMX] SJ XLI
]IEVW SPH MR EGGSVHERGI [MXL SJ 2*4% -J XLI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI EW MRHMGEXIH MR
WEQTPI JEMPW XLI XIWX EPP SJ XLI WTVMROPIVW VITVIWIRXIH F] XLEX ERH
WEQTPI WLEPP FI VITPEGIH -J XLI WTVMROPIVW TEWW XLI XIWX XLI XIWX
% *SV W]WXIQW SVMKMREPP] MRWXEPPIH MR EGGSVHERGI [MXL
WLEPP FI VITIEXIH IZIV] ]IEVW XLIVIEJXIV ?A
SRI SJ XLIWI WXERHEVHW XLI VITEMV VITPEGIQIRX EPXIVEXMSR SV
% VITVIWIRXEXMZI WEQTPI SJ HV]TIRHIRX WTVMROPIVW I\XIRWMSR SJ WYGL W]WXIQW WLSYPH EPWS FI TIVJSVQIH MR EGGSV
WLEPP FI XIWXIH SRGI XLI WTVMROPIVW MR XLI W]WXIQ EVI ]IEVW HERGI [MXL XLEX WEQI WXERHEVH ;LIR SVMKMREP MRWXEPPEXMSRW EVI
SPH MR EGGSVHERGI [MXL SJ 2*4% -J XLI WEQTPI FEWIH SR SXLIV ETTPMGEFPI GSHIW SV WXERHEVHW VITEMV VITPEGI
JEMPW XLI XIWX EPP SJ XLI WTVMROPIVW VITVIWIRXIH F] XLEX WEQTPI QIRX EPXIVEXMSR SV I\XIRWMSR TVEGXMGIW WLSYPH FI GSRHYGXIH
WLEPP FI VITPEGIH -J XLI WTVMROPIVW TEWW XLI XIWX XLI XIWX WLEPP MR EGGSVHERGI [MXL XLSWI SXLIV ETTPMGEFPI GSHIW SV WXERHEVHW
FI VITIEXIH IZIV] ]IEVW XLIVIEJXIV ?A % ,MWXSV] LEW WLS[R XLEX XLI TIVJSVQERGI VIPMEFMPMX] SJ E
%RXMJVII^I WSPYXMSRW WLEPP FI XIWXIH ERRYEPP] MR [EXIVFEWIH JMVI TVSXIGXMSR W]WXIQ YRHIV JMVIVIPEXIH GSRHM
EGGSVHERGI [MXL SJ 2*4% ?A XMSRW MRGVIEWIW [LIVI GSQTVILIRWMZI MRWTIGXMSR XIWXMRK ERH
QEMRXIRERGI TVSGIHYVIW EVI IRJSVGIH (MPMKIRGI HYVMRK ER
'SRXVSP ZEPZIW WLEPP FI STIVEXIH XLVSYKL XLIMV MRWTIGXMSR MW MQTSVXERX 8LI MRWTIGXMSR XIWXMRK ERH QEMRXI
JYPP VERKI ERH VIXYVRIH XS RSVQEP ERRYEPP] MR EGGSVHERGI RERGI SJ WSQI MXIQW MR XLI WXERHEVH QMKLX RSX FI TVEGXMGEP SV
[MXL SJ 2*4% ?A TSWWMFPI HITIRHMRK SR I\MWXMRK GSRHMXMSRW 8LI MRWTIGXSV
WLSYPH YWI KSSH NYHKQIRX [LIR QEOMRK MRWTIGXMSRW
3TIVEXMRK WXIQW SJ 37
= ZEPZIW WLEPP FI PYFVM
GEXIH ERRYEPP] MR EGGSVHERGI [MXL SJ 2*4% % %R IRXMVI TVSKVEQ SJ UYEPMX] GSRXVSP MRGPYHIW FYX MW
?A RSX PMQMXIH XS QEMRXIRERGI SJ IUYMTQIRX MRWTIGXMSR JVI
UYIRG] XIWXMRK SJ IUYMTQIRX SRWMXI JMVI FVMKEHIW PSWW GSR
(V]TMTI W]WXIQW XLEX I\XIRH MRXS XLI YRLIEXIH TSV XVSP TVSZMWMSRW ERH TIVWSRRIP XVEMRMRK 4IVWSRRIP XVEMRMRK
XMSRW SJ XLI FYMPHMRK WLEPP FI MRWTIGXIH XIWXIH ERH QEMRXEMRIH MR GER FI YWIH EW ER EPXIVREXMZI IZIR MJ E WTIGMJMG JVIUYIRG] HMJ
EGGSVHERGI [MXL SJ 2*4% ?A JIVW JVSQ XLEX WTIGMJMIH MR XLMW WXERHEVH
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
% 8LI PMXIV ERH FEV YRMXW [LMGL EVI RSX TEVX SJ FYX EVI EYXLSVMX] *SV MRWYVERGI TYVTSWIW ER MRWYVERGI MRWTIGXMSR HI
VIGSKRM^IH F] 7- GSQQSRP] EVI YWIH MR MRXIVREXMSREP JMVI TVS TEVXQIRX VEXMRK FYVIEY SV SXLIV MRWYVERGI GSQTER] VITVI
XIGXMSR 8LIWI YRMXW EVI TVSZMHIH MR 8EFPI % [MXL XLIMV GSR WIRXEXMZI QE] FI XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR -R QER]
ZIVWMSR JEGXSVW GMVGYQWXERGIW XLI TVSTIVX] S[RIV SV LMW SV LIV HIWMKREXIH
EKIRX EWWYQIW XLI VSPI SJ XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR EX
KSZIVRQIRX MRWXEPPEXMSRW XLI GSQQERHMRK SJJMGIV SV HITEVX
8EFPI % 1IXVMG 'SRZIVWMSRW QIRXEP SJJMGMEP QE] FI XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
2EQI SJ 9RMX 9RMX 7]QFSP 'SRZIVWMSR *EGXSV % 0MWXIH 8LI QIERW JSV MHIRXMJ]MRK PMWXIH IUYMTQIRX
QE] ZEV] JSV IEGL SVKERM^EXMSR GSRGIVRIH [MXL TVSHYGX IZEPY
PMXIV 0 KEP ! 0 EXMSR WSQI SVKERM^EXMSRW HS RSX VIGSKRM^I IUYMTQIRX EW
PMXIV TIV QMRYXI 0QMRQ KTQJX ! PMWXIH YRPIWW MX MW EPWS PEFIPIH 8LI EYXLSVMX] LEZMRK NYVMWHMG
TIV WUYEVI 0QMRQ XMSR WLSYPH YXMPM^I XLI W]WXIQ IQTPS]IH F] XLI PMWXMRK SVKERM
QIXIV ^EXMSR XS MHIRXMJ] E PMWXIH TVSHYGX
GYFMG HIGMQIXIV HQ KEP ! HQ % %PEVQ 6IGIMZMRK *EGMPMX] 8LMW GER MRGPYHI TVSTVMIXEV]
TEWGEP 4E TWM ! 4E WYTIVZMWMRK WXEXMSRW GIRXVEP WYTIVZMWMRK WXEXMSRW VIQSXI WYTIVZMW
FEV FEV TWM ! FEV MRK WXEXMSRW SV TYFPMG JMVI WIVZMGI GSQQYRMGEXMSRW GIRXIVW
FEV FEV FEV ! 4E
% %YXSQEXMG (IXIGXMSR )UYMTQIRX ;EXIV WTVE] W]WXIQW
2SXI *SV EHHMXMSREP GSRZIVWMSRW ERH MRJSVQEXMSR WII -)))%781 GER YWI JM\IH XIQTIVEXYVI VEXISJVMWI VEXIGSQTIRWEXMSR
7- %QIVMGER 2EXMSREP 7XERHEVH JSV 9WI SJ XLI -RXIVREXMSREP 7]WXIQ SJ JM\IH XIQTIVEXYVI STXMGEP HIZMGIW JPEQQEFPI KEW HIXIGXSVW
9RMXW 7-
8LI 1SHIVR 1IXVMG 7]WXIQ SV TVSHYGXW SJ GSQFYWXMSR HIXIGXSVW
% %YXSQEXMG 3TIVEXMSR 8LMW STIVEXMSR MRGPYHIW FYX MW
% %TTVSZIH 8LI 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR RSX PMQMXIH XS LIEX VEXI SJ LIEX VMWI WQSOI SV TVIWWYVI
HSIW RSX ETTVSZI MRWTIGX SV GIVXMJ] ER] MRWXEPPEXMSRW TVSGI GLERKI
HYVIW IUYMTQIRX SV QEXIVMEPW RSV HSIW MX ETTVSZI SV IZEPY % (IJMGMIRG] (ITIRHMRK SR XLI REXYVI ERH WMKRMJM
EXI XIWXMRK PEFSVEXSVMIW -R HIXIVQMRMRK XLI EGGITXEFMPMX] SJ GERGI SJ XLI HIJMGMIRG] MX GER VIWYPX MR E W]WXIQ MQTEMVQIRX
MRWXEPPEXMSRW TVSGIHYVIW IUYMTQIRX SV QEXIVMEPW XLI EYXLSV 'VMXMGEP HIJMGMIRGMIW [MPP EHZIVWIP] MQTEGX TIVJSVQERGI FYX
MX] LEZMRK NYVMWHMGXMSR QE] FEWI EGGITXERGI SR GSQTPMERGI [MXLSYX XLI RIIH JSV XLI MQTPIQIRXMRK MQTEMVQIRX TVSGI
[MXL 2*4% SV SXLIV ETTVSTVMEXI WXERHEVHW -R XLI EFWIRGI SJ HYVIW 2SRGVMXMGEP HIJMGMIRGMIW LEZI XLI TSXIRXMEP XS MQTEGX
WYGL WXERHEVHW WEMH EYXLSVMX] QE] VIUYMVI IZMHIRGI SJ TVSTIV TIVJSVQERGI
MRWXEPPEXMSR TVSGIHYVI SV YWI 8LI EYXLSVMX] LEZMRK NYVMWHMG
8EFPI % TVSZMHIW I\EQTPIW JSV GPEWWMJ]MRK GSRHMXMSRW
XMSR QE] EPWS VIJIV XS XLI PMWXMRKW SV PEFIPMRK TVEGXMGIW SJ ER
RIIHMRK VITEMV SV GSVVIGXMSR XLEX EVI MHIRXMJMIH HYVMRK XLI
SVKERM^EXMSR XLEX MW GSRGIVRIH [MXL TVSHYGX IZEPYEXMSRW ERH MW
MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI SJ [EXIVFEWIH WYTTVIW
XLYW MR E TSWMXMSR XS HIXIVQMRI GSQTPMERGI [MXL ETTVSTVMEXI
WMSR W]WXIQW 8LI GSRHMXMSRW EVI GPEWWMJMIH EW ER MQTEMVQIRX
WXERHEVHW JSV XLI GYVVIRX TVSHYGXMSR SJ PMWXIH MXIQW
GVMXMGEP HIJMGMIRG] SV RSRGVMXMGEP HIJMGMIRG] 8LI XEFPI MW RSX
% %YXLSVMX] ,EZMRK .YVMWHMGXMSR %,.
8LI TLVEWI wEY EPPMRGPYWMZI FYX MW MRGPYHIH XS TVSZMHI KYMHERGI MR VIWTSRHMRK
XLSVMX] LEZMRK NYVMWHMGXMSRx SV MXW EGVSR]Q %,. MW YWIH MR XS XLIWI GSRHMXMSRW *SV I\EQTPI ER MQTEMVQIRX WLSYPH FI
2*4% HSGYQIRXW MR E FVSEH QERRIV WMRGI NYVMWHMGXMSRW ERH EHHVIWWIH TVSQTXP] F] IMXLIV MQQIHMEXIP] GSVVIGXMRK XLI GSR
ETTVSZEP EKIRGMIW ZEV] EW HS XLIMV VIWTSRWMFMPMXMIW ;LIVI TYF HMXMSR SV MQTPIQIRXMRK XLI MQTEMVQIRX TVSGIHYVIW JSYRH MR
PMG WEJIX] MW TVMQEV] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR QE] FI E 'LETXIV 'VMXMGEP ERH RSRGVMXMGEP HIJMGMIRGMIW WLSYPH FI
JIHIVEP WXEXI PSGEP SV SXLIV VIKMSREP HITEVXQIRX SV MRHM GSVVIGXIH EW WSSR EW TVEGXMGEP EJXIV GSRWMHIVMRK XLI REXYVI ERH
ZMHYEP WYGL EW E JMVI GLMIJ JMVI QEVWLEP GLMIJ SJ E JMVI TVIZIR WIZIVMX] SJ XLI VMWO -X WLSYPH FI RSXIH XLEX QER] NYVMWHMGXMSRW
XMSR FYVIEY PEFSV HITEVXQIRX SV LIEPXL HITEVXQIRX FYMPH LEZI VIUYMVIQIRXW JSV XLI XMQIP] GSVVIGXMSR SJ MQTEMVQIRXW
MRK SJJMGMEP IPIGXVMGEP MRWTIGXSV SV SXLIVW LEZMRK WXEXYXSV] ERHSV HIJMGMIRGMIW
8EFPI % ;EXIV&EWIH *MVI 4VSXIGXMSR 7]WXIQ -RWTIGXMSR ERH 8IWXMRK *MRHMRKW
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
'LETXIV 7TVMROPIV 7]WXIQW { -RWTIGXMSR
%PP WTVMROPIVW 0IEOMRK { WTVE]MRK SV VYRRMRK <
[EXIV
%PP WTVMROPIVW 0IEOMRK { HVMTTMRK [EXIV <
%PP WTVMROPIVW *SVIMKR QEXIVMEP EXXEGLIH SV <
WYWTIRHIH JVSQ
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XLER MR QQ
SV MR
QQ
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JYVRMWLMRKW ERH IUYMTQIRX
XIQTSVEV] SV RSRTIVQERIRX
WMKRW FERRIVW HIGSVEXMSRW IXG
%PP WTVMROPIVW 0MKLXP] PSEHIH <
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< % z
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< % z
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
(MIWIP IRKMRI W]WXIQ 'SSPMRK [EXIV PIZIP RSX RSVQEP
<
(MIWIP IRKMRI W]WXIQ 'SSPMRK [EXIV PIZIP RSX ZMWMFPI
<
(MIWIP IRKMRI W]WXIQ 'VEROGEWI SMP PIZIP RSX RSVQEP
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(MIWIP IRKMRI W]WXIQ 'VEROGEWI SMP PIZIP FIPS[ PS[ PIZIP
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(MIWIP IRKMRI W]WXIQ )PIGXVSP]XI PIZIP MR FEXXIVMIW RSX
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RSVQEP
(MIWIP IRKMRI W]WXIQ )PIGXVSP]XI PIZIP MR FEXXIVMIW FIPS[
<
XST SJ FEXXIV] TPEXIW
(MIWIP IRKMRI W]WXIQ )RKMRI VYRRMRK XMQI QIXIV RSX
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VIEHMRK
(MIWIP IRKMRI W]WXIQ *YIP XERO PIWW XLER X[SXLMVHW JYPP
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(MIWIP IRKMRI W]WXIQ ;EXIVNEGOIX LIEXIV RSX STIVEXMRK
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(MIWIP IRKMRI W]WXIQ 3MP PIZIP MR VMKLX ERKPI KIEV HVMZI
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RSX RSVQEP RSX EX PIZIP QEVO
FYX ZMWMFPI MR WMKLX KPEWW
(MIWIP IRKMRI W]WXIQ 3MP PIZIP MR VMKLX ERKPI KIEV HVMZI
<
FIPS[ PS[ PIZIP RSX ZMWMFPI MR
WMKLX KPEWW SV FIPS[ SRI JMRKIV
ORYGOPI JSV MRWTIGXMSR LSPI
7XIEQ W]WXIQ 7XIEQ TVIWWYVI KEYKI VIEHMRK RSX <
RSVQEP
'LETXIV *MVI 4YQTW { 8IWXMRK
*MVI TYQT XIWX 4YQT HMH RSX WXEVX EYXSQEXMGEPP] <
4YQT JEMPIH XS VYR JSV QMRYXIW <
4YQT JEMPIH XS VYR JSV QMRYXIW <
*MVI TYQT XIWX { TYQT W]WXIQ 7]WXIQ WYGXMSR ERH HMWGLEVKI
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KEYKI VIEHMRK SV TYQT WXEVXMRK
TVIWWYVI RSX EGGITXEFPI
*MVI TYQT XIWX { TYQT W]WXIQ 4YQT TEGOMRK KPERH HMWGLEVKI RSX
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EGGITXEFPI YRYWYEP RSMWI SV
ZMFVEXMSR TEGOMRK FS\IW
FIEVMRKW SV TYQT GEWMRK
SZIVLIEXMRK
*MVI TYQT XIWX { IPIGXVMGEP 8MQI JSV QSXSV XS EGGIPIVEXI XS
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QSXSVzHVMZIR W]WXIQ JYPP WTIIH XMQI GSRXVSPPIV MW SR
JMVWX WXIT SV XMQI TYQT VYRW
EJXIV WXEVXMRK RSX EGGITXEFPI
*MVI TYQT XIWX { HMIWIP 8MQI JSV IRKMRI XS GVERO ERH XMQI
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IRKMRIzHVMZIR W]WXIQ JSV IRKMRI XS VIEGL VYRRMRK
WTIIH RSX EGGITXEFPI IRKMRI XS
VIEGL VEXIH WTIIH [MXLMR
WIGSRHW TIV SJ
2*4% IHMXMSR
*MVI TYQT XIWX { HMIWIP 0S[ VTQ
<
IRKMRIzHVMZIR W]WXIQ
*MVI TYQT XIWX { HMIWIP 0S[ SMP TVIWWYVI LMKL
<
IRKMRIzHVMZIR W]WXIQ XIQTIVEXYVI LMKL GSSPMRK [EXIV
TVIWWYVI
*MVI TYQT XIWX { HMIWIP 8MQI JSV IRKMRI XS GVERO ERH XMQI <
IRKMRIzHVMZIR W]WXIQ JSV IRKMRI XS VIEGL VYRRMRK
WTIIH RSX EGGITXEFPI PS[ VTQ
PS[ SMP TVIWWYVI LMKL
XIQTIVEXYVI LMKL GSSPMRK [EXIV
TVIWWYVI
*MVI TYQT XIWX { WXIEQ W]WXIQ +EYKI VIEHMRK ERH XMQI JSV <
XYVFMRI XS VIEGL VYRRMRK WTIIH
RSX EGGITXEFPI
*MVI TYQT XIWX { WXIEQ W]WXIQ +EYKI VIEHMRK ERH XMQI JSV
<
XYVFMRI XS VIEGL VYRRMRK WTIIH
RSX EGGITXEFPI
*MVI TYQT ERRYEP XIWX 'MVGYPEXMSR VIPMIJ ZEPZI ERHSV
<
TVIWWYVI VIPMIJ ZEPZI HMH RSX
[SVO TVSTIVP] EX GLYVR
GSRHMXMSR
*MVI TYQT ERRYEP XIWX 4VIWWYVI VIPMIJ ZEPZI HMH RSX [SVO <
TVSTIVP] EX IEGL JPS[ GSRHMXMSR
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< % z
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
*MVI TYQT ERRYEP XIWX [MXL 3ZIVGYVVIRX TVSXIGXMZI HIZMGIW <
XVERWJIV W[MXGL
STIRIH [LIR WMQYPEXMRK E
TS[IV JEMPYVI GSRHMXMSR EX TIEO
PSEH TS[IV RSX XVERWJIVVIH XS
EPXIVREXI WSYVGI TYQT HMH RSX
GSRXMRYI XS TIVJSVQ EX TIEO
PSEH TYQT HMH RSX VIGSRRIGX
XS RSVQEP TS[IV EJXIV VIQSZMRK
TS[IV JEMPYVI GSRHMXMSR
*MVI TYQT ERRYEP XIWX %PEVQW HMH RSX TVSTIVP] STIVEXI <
4YQT LSYWIVSSQ ,IEXMRK PMKLXMRK ZIRXMPEXMRK <
W]WXIQW HMH RSX TEWW XIWX
*MVI TYQT ERRYEP XIWX 4EVEPPIP SV ERKYPEV EPMKRQIRX RSX <
GSVVIGX
*MVI TYQT ERRYEP XIWX *PS[ XIWX VIWYPXW RSX [MXLMR SJ <
EGGITXERGI XIWX SV REQITPEXI
*MVI TYQT ERRYEP XIWX :SPXEKI VIEHMRKW EX QSXSV RSX <
[MXLMR FIPS[ SV EFSZI
VEXIH REQITPEXI
*MVI TYQT ERRYEP XIWX *PS[ XIWX VIWYPXW RSX [MXLMR SJ <
MRMXMEP YREHNYWXIH EGGITXERGI
XIWX SV REQITPEXI
'LETXIV ;EXIV 7XSVEKI 8EROW { -RWTIGXMSR
;EXIV PIZIP ;EXIV PIZIP ERHSV GSRHMXMSR RSX <
GSVVIGX
;EXIV PIZIP 8ERO MW IQTX] <
%MV TVIWWYVI %MV TVIWWYVI MR TVIWWYVI XEROW RSX <
GSVVIGX
,IEXMRK W]WXIQ ,IEXMRK W]WXIQ RSX STIVEXMSREP <
[EXIV XIQTIVEXYVI FIPS[ *
,IEXMRK W]WXIQ ;EXIV XIQTIVEXYVI EX SV FIPS[ <
*
)\XIVMSV 8ERO I\XIVMSV WYTTSVXMRK <
WXVYGXYVI ZIRXW JSYRHEXMSR
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TVSZMHIH HEQEKIH
)\XIVMSV %VIE EVSYRH XERO LEW JMVI <
I\TSWYVI LE^EVH MR JSVQ SJ
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EGGIPIVEXIH GSVVSWMSR SV VSX
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)\XIVMSV )VSWMSR I\MWXW SR I\XIVMSV WMHIW SV <
XST SJ IQFEROQIRXW WYTTSVXMRK
GSEXIH JEFVMG XEROW
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GVEGOMRK
)\XIVMSV ,SSTW ERH KVMPPIW SJ [SSHIR XEROW <
MR TSSV GSRHMXMSR
)\XIVMSV )\XIVMSV TEMRXIH GSEXIH SV <
MRWYPEXIH WYVJEGIW SJ XEROW SV
WYTTSVXMRK WXVYGXYVI HIKVEHIH
-RXIVMSV TVIWWYVI XEROW SV WXIIP 4MXXMRK GSVVSWMSR WTEPPMRK VSX <
XEROW [S GSVVSWMSR TVSXIGXMSR SXLIV JSVQW SJ HIXIVMSVEXMSR
IZIV] ]IEVW EPP SXLIVW IZIV] [EWXI QEXIVMEPW I\MWX EUYEXMG
]IEVW
KVS[XL PSGEP SV KIRIVEP JEMPYVI
SJ MRXIVMSV GSEXMRK
-RXIVMSV TVIWWYVI XEROW SV WXIIP :SMHW FIRIEXL JPSSV [MXL WERH MR <
XEROW [S GSVVSWMSR TVSXIGXMSR QMHHPI SJ XEROW SR VMRKX]TI
IZIV] ]IEVW EPP SXLIVW IZIV] JSYRHEXMSRW
]IEVW
-RXIVMSV TVIWWYVI XEROW SV WXIIP ,IEXMRK W]WXIQ GSQTSRIRXW SV <
XEROW [S GSVVSWMSR TVSXIGXMSR TMTMRK MR TSSV GSRHMXMSR FYX
IZIV] ]IEVW EPP SXLIVW IZIV] [SVOMRK
]IEVW
GSRXMRYIW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< % z
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
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'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
4VIEGXMSR ZEPZI ERH HIPYKI ZEPZI )\XIVREP TL]WMGEP HEQEKI XVMQ <
ZEPZIW RSX MR ETTVSTVMEXI STIR
SV GPSWIH TSWMXMSR ZEPZI WIEX
PIEOMRK
4VIEGXMSR ZEPZI ERH HIPYKI ZEPZI )PIGXVMGEP GSQTSRIRXW RSX MR <
WIVZMGI
(V] TMTI ZEPZIUYMGOSTIRMRK )\XIVREP TL]WMGEP HEQEKI XVMQ <
HIZMGI ZEPZIW RSX MR ETTVSTVMEXI STIR
SV GPSWIH TSWMXMSR MRXIVQIHMEXI
GLEQFIV PIEOMRK
7TVMROPIV TVIWWYVIVIHYGMRK 2SX MR STIR TSWMXMSR <
GSRXVSP ZEPZIW
7TVMROPIV TVIWWYVIVIHYGMRK 2SX QEMRXEMRMRK HS[RWXVIEQ <
GSRXVSP ZEPZIW TVIWWYVIW MR EGGSVHERGI [MXL
HIWMKR GVMXIVME
7TVMROPIV TVIWWYVIVIHYGMRK 0IEOMRK ZEPZI HEQEKIH LERH <
GSRXVSP ZEPZIW [LIIP QMWWMRK SV FVSOIR
,SWI GSRRIGXMSR ,ERH [LIIP FVSOIR SV QMWWMRK <
TVIWWYVIVIHYGMRK ZEPZIW LSWI XLVIEHW HEQEKIH PIEOMRK
VIHYGIV QMWWMRK
,SWI GSRRIGXMSR 'ET QMWWMRK <
TVIWWYVIVIHYGMRK ZEPZIW
,SWI VEGO EWWIQFP] ,ERH [LIIP FVSOIR SV QMWWMRK <
TVIWWYVIVIHYGMRK ZEPZI PIEOMRK
,SWI ZEPZIW 0IEOMRK ZMWMFPI SFWXVYGXMSRW GETW <
LSWI XLVIEHW ZEPZI LERHPI GET
KEWOIX RS VIWXVMGXMRK HIZMGI
HEQEKIH SV MR TSSV GSRHMXMSR
,SWI ZEPZIW ,SWI XLVIEHW RSX GSQTEXMFPI <
&EGOJPS[ TVIZIRXMSR EWWIQFPMIW 6IHYGIHTVIWWYVI EWWIQFPMIW <
HMJJIVIRXMEPWIRWMRK ZEPZI VIPMIJ
TSVX GSRXMRYSYWP] HMWGLEVKMRK
*MVI HITEVXQIRX GSRRIGXMSR 2SX EGGIWWMFPI HEQEKIH <
GSYTPMRKW SV GPETTIV RSX
STIVEXMRK TVSTIVP] SV QMWWMRK
*MVI HITEVXQIRX GSRRIGXMSR 'SYTPMRKW ERH W[MZIPW HEQEKIH <
HS RSX VSXEXI WQSSXLP] GLIGO
ZEPZI PIEOMRK EYXSQEXMG HVEMR
RSX STIVEXMRK TVSTIVP] SV
QMWWMRK
*MVI HITEVXQIRX GSRRIGXMSR 1MWWMRK MHIRXMJMGEXMSR WMKR <
'LETXIV :EPZIW :EPZI 'SQTSRIRXW ERH 8VMQ { 8IWXMRK
1EMR HVEMR 1SVI XLER HVST MR JYPP JPS[ <
TVIWWYVI
%PEVQ HIZMGIW ;EXIV QSXSV ERH KSRK RSX <
JYRGXMSRMRK
%PEVQ HIZMGIW 4VIWWYVI W[MXGL SV ZERIX]TI W[MXGL <
RSX JYRGXMSRMRK RS EPEVQ
+EYKIW 2SX VITPEGIH SV GEPMFVEXIH MR <
]IEVW RSX EGGYVEXI [MXLMR
SJ WGEPI
'SRXVSP ZEPZI :EPZI RSX STIVEXMRK XLVSYKL MXW JYPP <
VERKI
'SRXVSP ZEPZI 2S WTVMRK SV XSVWMSR JIPX MR VSH <
[LIR STIRMRK TSWX MRHMGEXSV
ZEPZI
7YTIVZMWSV] W[MXGLIW 2S WMKREP JVSQ X[S VIZSPYXMSRW SJ <
LERH [LIIP JVSQ RSVQEP
TSWMXMSR SV [LIR WXIQ LEW
QSZIH SRIJMJXL SJ HMWXERGI
JVSQ RSVQEP TSWMXMSR WMKREP
VIWXSVIH MR TSWMXMSR SXLIV XLER
RSVQEP
4VIEGXMSR ZEPZI 4VMQMRK [EXIV PIZIP RSX GSVVIGX <
GSRXMRYIW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
'VMXMGEP 2SRGVMXMGEP
-XIQ *MRHMRK 6IJIVIRGI -QTEMVQIRX (IJMGMIRG] (IJMGMIRG]
8LI XEFPI HSIW RSX XEOI MRXS EGGSYRX IZIV] ZEVMEXMSR SJ XLI % 1SRMXSV 2S^^PI ,]HVERX 7II *MKYVI %
GSRHMXMSRW RIIHMRK VITEMV SV GSVVIGXMSR *SV I\EQTPI E WMRKPI
PMKLXP] TEMRXIH WTVMROPIV MR E PEVKI [EVILSYWI QMKLX FI RSR % ;EPP ,]HVERX 7II *MKYVI %
GVMXMGEP MR MXW VMWO [LMPI E WMRKPI TEMRXIH WTVMROPIV MR E FEXXIV]
GLEVKMRK WXEXMSR QMKLX FI GSRWMHIVIH E GVMXMGEP HIJMGMIRG] SV % ;IX &EVVIP ,]HVERX 7II *MKYVI %
TIVLETW ER MQTEMVQIRX -R EHHMXMSR XLI REXYVI SJ XLI LE^EVH
SV XLI PMJI WEJIX] I\TSWYVI SJ XLI SGGYTERG] WLSYPH FI GSRWMH % *SEQ 'SRGIRXVEXI *SV XLI TYVTSWI SJ XLMW HSGYQIRX
IVIH [LIR EWWMKRMRK E GPEWWMJMGEXMSR 8LI XEFPI WLSYPH FI YWIH JSEQ GSRGIRXVEXI ERH GSRGIRXVEXI EVI YWIH MRXIVGLERKIEFP]
[MXL KSSH NYHKQIRX ERH GSYPH VIUYMVI MRTYX JVSQ XLI EYXLSV
MX] LEZMRK NYVMWHMGXMSR % ,SWI ,SYWI 7II *MKYVI %E
XLVSYKL
*MKYVI %G
% 7IGXMSREP (VEMR %R I\EQTPI SJ E WIGXMSREP HVEMR MW
E HVEMR PSGEXIH FI]SRH E JPSSV GSRXVSP ZEPZI SR E QYPXMWXSV] % 'SRZIRXMSREP 4MR 6EGO 7II *MKYVI %
FYMPHMRK
% ,SVM^SRXEP 6EGO 7II *MKYVI %
% *MVI ,]HVERX 7II *MKYVI %E
ERH
*MKYVI %F
% ,SWI 6IIP 7II *MKYVI %
% (V] &EVVIP ,]HVERX *VSWXTVSSJ ,]HVERX
% HVEMR
MW PSGEXIH EX XLI FSXXSQ SJ XLI FEVVIP EFSZI XLI GSRXVSP ZEPZI % 7IQMEYXSQEXMG ,SWI 6EGO %WWIQFP] 7II
WIEX JSV TVSTIV HVEMREKI EJXIV STIVEXMSR XS TVIZIRX JVII^MRK *MKYVI %
7II *MKYVI %
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
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3MPLSPI
;IEXLIVLSSH
&SRRIX
7XYJJMRKFS\
&SRRIXHVEMR
3TIVEXMRKWXIQ
FVSR^I
GSRGVIXIWPEF +EYKILSPI
:EPZIVSH
&EVVIP
:EPZIKYMHI
:EPZIWIEXVMRK
+VEHI MRQQ
» (VEMR
MRQQ
:EPZIPIEXLIV
7XVETTMRK &SSX
MR
PYKW
QQ
MR
QQ
XVIRGL
QMRMQYQ
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
MRQQ
QMRMQYQRSRVMWMRK
WXIQKEXIZEPZI
&EPPHVMT
1MRMQYQMRQQ
GSRRIGXMSRFIPS[ MRQQ
ZEPZIH[EXIVWYTTP] QMRMQYQTMTI
)WGYXGLISRTPEXI
7TIGMEP ;EPP
GSYTPMRK STIRMRK
7UYEVIVSH
&PERO[EPP
'ETTIH[VIRGLLIEHZEPZI
GSRXVSPSV[EPPX]TIMRHMGEXSVTSWX 'ETTIHSYXPIXW
4PER
3TIVEXMRKRYX
'SQTVIWWMSR
ZEPZISRIJSV ,]HVERXGETW
IEGLSYXPIX
3TIVEXMRK ,]HVERXSYXPIX
RYX
7IEX[EWLIV
:EPZIGEVVMIV VIXEMRIV
7IEX[EWLIV 'LEMR *-+96) %F
7XIIP ,SWI ,SYWI SJ 'SQTEGX (MQIR
WMSRW JSV -RWXEPPEXMSR SZIV 4VMZEXI ,]HVERX ,SYWI MW WLS[R
GPSWIH XST PMJXW YT ERH HSSVW SR JVSRX WMHI STIR JSV GSQTPIXI
8LVYWX EGGIWWMFMPMX]
FPSGO
'VSWWWIGXMSRWLS[MRKSTIVEXMRK
ZEPZIEVVERKIQIRXX]TMGEP
(YGXMPIMVSR
8LVYWXFPSGO
=SOIWERHVSHW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< % z
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
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1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
&SRRIX
:EGYYQ
ZEPZI
;IEXLIV
HIJPIGXSV
4VIWWYVI
ZEPZI 7GVIIR
*IQEPI248JSEQGSRGIRXVEXIMRPIX
1EPI248 *SEQ[EXIV
;EXIV WSPYXMSR
MRPIX HMWGLEVKI
*IQEPI248
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< % z
)\TERWMSRHSQIERH
GPIERSYXSTIRMRK *MPPGSRRIGXMSR[MXLJMPPJYRRIP
4VIWWYVI *SEQGSRGIRXVEXI
ZEGYYQ WXSVEKIXERO -RPMRIFEPERGIH 4VIWWYVIVIKYPEXMRKZEPZI
ZIRX
TVIWWYVITVSTSVXMSRIV (METLVEKQFEPERGMRKZEPZI
TVIWWYVIVIKYPEXMRKWIVZMGI
(VEMRZEPZI *SEQWSPYXMSR [MXLQERYEPSZIVVMHI
7LYXSJJZEPZI
*SEQGSRGIRXVEXI *SEQ 7[MRKGLIGOZEPZI
VIXYVRZEPZI WSPYXMSR 4VIWWYVIVIPMIJZEPZI
*PYWLMRGSRRIGXMSR
*PYWLSYXGSRRIGXMSR
7XVEMRIV
*SEQ 4VIWWYVIKEYKI
GSRGIRXVEXI
WYTTP]ZEPZI 6EXMSGSRXVSPPIV
4VIWWYVIKEYKI ;EXIV
*SEQGSRGIRXVEXI
*SEQGSRGIRXVEXI *SEQWSPYXMSR
TYQTERHQSXSV
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% ,ERKIVW ERH WYTTSVXW EVI HIWMKRIH XS WYTTSVX ERH FI YWIH MR LE^EVHSYW PSGEXMSRW 3XLIV XIWX QIXLSHW GER
VIWXVEMR XLI TMTMRK JVSQ WIZIVI QSZIQIRX [LIR XLI [EXIV WYTTP] FI TIVQMXXIH XS FI IQTPS]IH FYX XLI VIWYPXW WLSYPH FI
STIVEXIW ERH XS TVSZMHI EHIUYEXI TMTI WPSTI JSV HVEMREKI SJ [E SFXEMRIH YRHIV XLIWI GSRHMXMSRW
XIV JVSQ XLI TMTMRK EJXIV XLI [EXIV WTVE] W]WXIQ MW WLYX HS[R
,ERKIVW WLSYPH FI OITX MR KSSH VITEMV &VSOIR SV PSSWI LERKIVW % 7TVE] RS^^PIW GER FI SJ HMJJIVIRX WM^IW ERH X]TIW
GER TYX YRHYI WXVEMR SR TMTMRK ERH JMXXMRKW GEYWI TMTI FVIEOW 7SQI EVI QSVI WYFNIGX XS MRXIVREP SFWXVYGXMSRW XLER SXLIVW
ERH MRXIVJIVI [MXL TVSTIV HVEMREKI SJ XLI TMTI &VSOIR SV PSSWI % 7II
LERKIVW WLSYPH FI VITPEGIH SV VIJEWXIRIH
% (MVIGXMSREPX]TI JSEQ[EXIV HMWGLEVKI HIZMGIW EVI
% 7]WXIQW RIIH MRWTIGXMSR XS IRWYVI [EXIV WTVE] UYMXI SJXIR PSGEXIH MR LIEZ] XVEJJMG EVIEW ERH EVI QSVI ETX XS
RS^^PIW IJJIGXMZIP] HMWGLEVKI [EXIV YRSFWXVYGXIH SRXS WYVJEGIW FI HMWPSGEXIH GSQTEVIH XS SVHMREV] WTVMROPIV PSGEXMSRW 3J
XS FI TVSXIGXIH JVSQ VEHMERX LIEX I\TSWYVI TVSXIGXMSR
SV TEVXMGYPEV GSRGIVR EVI PS[PIZIP HMWGLEVKI HIZMGIW MR PSEHMRK
SRXS JPEQMRK WYVJEGIW XS I\XMRKYMWL SV GSRXVSP GSQFYWXMSR VEGOW MR ERH EVSYRH PS[PIZIP XEROEKI ERH QSRMXSVQSYRXIH
*EGXSVW EJJIGXMRK XLI TVSTIV TPEGIQIRX SJ [EXIV WTVE] RS^^PIW HIZMGIW XLEX LEZI FIIR TYWLIH SYX SJ XLI [E] JSV GSRZIRMIRGI
MRGPYHI XLI JSPPS[MRK -RWTIGXMSR JVIUYIRG] QMKLX LEZI XS FI MRGVIEWIH EGGSVHMRKP]
'LERKIW SV EHHMXMSRW XS XLI TVSXIGXIH EVIE XLEX SFWXVYGX % (MWGLEVKI HIZMGIW EVI PMWXIH SV ETTVSZIH JSV TEV
I\MWXMRK RS^^PIW SV VIUYMVI EHHMXMSREP GSZIVEKI JSV GSQ XMGYPEV JSEQ GSRGIRXVEXIW
TPMERGI % ;EXIV WYTTP] TMTMRK WLSYPH FI JVII SJ MRXIVREP SF
6IQSZEP SJ IUYMTQIRX JVSQ XLI TVSXIGXIH EVIE XLEX VI WXVYGXMSRW XLEX GER FI GEYWIH F] HIFVMW IK VSGOW QYH XY
WYPXW MR RS^^PI TPEGIQIRX EX I\GIWWMZI HMWXERGIW JVSQ XLI FIVGPIW
SV F] GPSWIH SV TEVXMEPP] GPSWIH GSRXVSP ZEPZIW 7II
LE^EVH 'LETXIV JSV MRWTIGXMSR ERH QEMRXIRERGI VIUYMVIQIRXW
1IGLERMGEP HEQEKI SV TVIZMSYW JPS[ XIWXW XLEX LEZI
GEYWIH RS^^PIW XS FI QMWHMVIGXIH % 4VSTSVXMSRMRK W]WXIQW QMKLX SV QMKLX RSX MRGPYHI
% GLERKI MR XLI LE^EVH FIMRK TVSXIGXIH XLEX VIUYMVIW JSEQ GSRGIRXVEXI TYQTW -J TYQTW EVI TEVX SJ XLI TVSTSVXMSR
QSVI SV HMJJIVIRX RS^^PIW XS TVSZMHI EHIUYEXI GSZIVEKI MRK W]WXIQ XLI HVMZIV TYQT ERH KIEV VIHYGIV WLSYPH FI MR
JSV GSQTPMERGI WTIGXIH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW VIGSQQIRHE
XMSRW ERH XLI MRWTIGXMSR GER MRGPYHI MXIQW WYGL EW
7TVE] RS^^PIW GER FI TIVQMXXIH XS FI TPEGIH MR ER] TSWMXMSR PYFVMGEXMSR JYIP JMPXIVW SMP PIZIPW ERH GPYXGLIW
RIGIWWEV] XS SFXEMR TVSTIV GSZIVEKI SJ XLI TVSXIGXIH EVIE
4SWMXMSRMRK SJ RS^^PIW [MXL VIWTIGX XS WYVJEGIW XS FI TVSXIGXIH % -R WSQI GEWIW ER EHIUYEXI WYTTP] SJ JSEQ PMUYMH MW
SV XS JMVIW XS FI GSRXVSPPIH SV I\XMRKYMWLIH WLSYPH FI KYMHIH EZEMPEFPI [MXLSYX E JYPP XERO 8LMW MW TEVXMGYPEVP] XVYI SJ JSEQ
F] XLI TEVXMGYPEV RS^^PI HIWMKR ERH XLI GLEVEGXIV SJ [EXIV PMUYMH WXSVIH MR RSRQIXEPPMG XEROW -J PMUYMH MW WXSVIH MR QIXEP
WTVE] TVSHYGIH -R TSWMXMSRMRK RS^^PIW GEVI WLSYPH FI XEOIR PMG XEROW XLI TVSTIV PMUYMH PIZIP WLSYPH FI SRILEPJ XLI HMW
XLEX XLI [EXIV WTVE] HSIW RSX QMWW XLI XEVKIXIH WYVJEGI ERH XERGI MRXS XLI I\TERWMSR HSQI
VIHYGI XLI IJJMGMIRG] SV GEPGYPEXIH HMWGLEVKI VEXI % 8LI WXERHEVH TVIWWYVI TVSTSVXMSRIV MW E TVIW
WYVI ZIWWIP %PXLSYKL YRHIV RSVQEP WXERHF] GSRHMXMSRW XLMW
% ;EXIV WYTTP] TMTMRK WLSYPH FI JVII SJ MRXIVREP SF X]TI SJ TVSTSVXMSRMRK W]WXIQ WLSYPH RSX FI TVIWWYVM^IH WSQI
WXVYGXMSRW XLEX GER FI GEYWIH F] HIFVMW IK VSGOW QYH XY MRWXEPPEXMSRW EPPS[ JSV MREHZIVXIRX TVIWWYVM^EXMSR 4VIWWYVI
FIVGPIW
SV F] GPSWIH SV TEVXMEPP] GPSWIH GSRXVSP ZEPZIW 7II WLSYPH FI VIQSZIH FIJSVI MRWTIGXMSR
'LETXIV JSV MRWTIGXMSR ERH QEMRXIRERGI VIUYMVIQIRXW
% 8LI FPEHHIV XERO TVSTSVXMSRIV MW E TVIWWYVI
% 1EMRPMRI WXVEMRIVW WLSYPH FI VIQSZIH ERH MR ZIWWIP ;LIVI MRWTIGXMRK JSV E JYPP PMUYMH XERO XLI QERYJEGXYV
WTIGXIH JSV HEQEKIH ERH GSVVSHIH TEVXW IZIV] ]IEVW IVvW MRWXVYGXMSRW WLSYPH FI JSPPS[IH -J MRWTIGXIH MRGSVVIGXP]
XLI XERO WMKLX KEYKIW GSYPH MRHMGEXI E JYPP XERO [LIR XLI XERO
% 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI
EGXYEPP] MW IQTX] SJ JSEQ PMUYMH 7SQI JSEQ PMUYMHW HYI XS
WLSYPH XEOI GEVI XS TVIZIRX HEQEKI XS IUYMTQIRX SV XLI WXVYG
XLIMV ZMWGSWMX] QMKLX RSX MRHMGEXI XVYI PIZIPW SJ JSEQ PMUYMH MR
XYVI HYVMRK XLI XIWX (EQEKI GSYPH FI GEYWIH F] XLI W]WXIQ
XLI XERO [LIVI MRWTIGXIH ZME XLI WMKLX KPEWW
HMWGLEVKI SV F] VYRSJJ JVSQ XLI XIWX WMXI -X WLSYPH FI ZIVMJMIH
XLEX XLIVI MW EHIUYEXI ERH YRSFWXVYGXIH HVEMREKI )UYMTQIRX '%98-32 (ITIRHMRK SR W]WXIQ GSRJMKYVEXMSR XLMW X]TI SJ
WLSYPH FI VIQSZIH SV GSZIVIH EW RIGIWWEV] XS TVIZIRX HEQ TVSTSVXMSRIV W]WXIQ QMKLX FI TVIWWYVM^IH SV RSRTVIWWYVM^IH
EKI 1IERW WYGL EW GYVFMRK SV WERHFEKKMRK WLSYPH FI YWIH XS YRHIV RSVQEP GSRHMXMSRW 4VIWWYVI WLSYPH FI VIQSZIH FIJSVI
TVIZIRX IRXV] SJ XLI [EXIV MRWTIGXMSR
%
7II
% 8IWX QIXLSHW EVI EW JSPPS[W
%
7II *MKYVI %
7SQI HIXIGXMSR GMVGYMXW GER FI TIVQMXXIH XS FI HIPMFIV
EXIP] HIWIRWMXM^IH MR SVHIV XS SZIVVMHI YRYWYEP EQFMIRX %
7II
GSRHMXMSRW -R WYGL GEWIW XLI VIWTSRWI VIUYMVIH MR %
7II *MKYVI %
GER FI TIVQMXXIH XS FI I\GIIHIH
8IWXMRK SJ MRXIKVEXMRK XYFMRK W]WXIQW GER FI TIVQMXXIH XS %
7II
FI VIPEXIH XS XLMW XIWX F] QIERW SJ E WXERHEVH TVIWWYVI %
7II *MKYVI %
MQTYPWI XIWX WTIGMJMIH F] XLI PMWXMRK PEFSVEXSV]
%
7II
3RI QIXLSH SJ XIWXMRK LIEX HIXIGXMSR YWIW E VEHMERX LIEX
WYVJEGI EX E XIQTIVEXYVI SJ * '
ERH E GETEGMX] %
7II *MKYVI %
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
%22)< % z
% 3TIVEXMSREP XIWXW KIRIVEPP] WLSYPH FI GSQTVMWIH SJ PMWXMRK MW E QMRMQYQ WTVMROPIV STIVEXMRK TVIWWYVI 7TVMROPIV
XLI JSPPS[MRK STIVEXMRK TVIWWYVI EJJIGXW JSEQ UYEPMX] HMWGLEVKI TEXXIVRW
% HIXIGXMSREGXYEXMSR XIWX [MXL RS JPS[ XS ZIVMJ] XLEX EPP ERH JMVI I\XMRKYMWLQIRX GSRXVSP
GETEFMPMXMIW (MWGLEVKI
GSQTSRIRXW WYGL EW EYXSQEXIH ZEPZIW JSEQ ERH [EXIV TVIWWYVIW PIWW XLER XLMW WTIGMJMIH QMRMQYQ TVIWWYVI WLSYPH FI
TYQTW ERH EPEVQW STIVEXI TVSTIVP] GSVVIGXIH MQQIHMEXIP] XLIVIJSVI MX MW RIGIWWEV] XS XIWX YRHIV
% [EXIVSRP] JPS[ XIWX XS MRWTIGX TMTMRK GSRXMRYMX] HMW JYPP JPS[ GSRHMXMSRW
GLEVKI TEXXIVRW TVIWWYVIW ERH PMRI JPYWLMRK
% 8LI QEMRXIRERGI MXIQW WTIGMJMIH MR XLI FSH] SJ XLMW WXER
% JSEQ JPS[ XIWX XS ZIVMJ] WSPYXMSR GSRGIRXVEXMSR
HEVH EVI MR EHHMXMSR XS XLI X]TMGEP MRWTIGXMSR ERH XIWX TVSGIHYVIW
6IWIXXMRK SJ W]WXIQ XS MXW RSVQEP WXERHF] GSRHMXMSR MR
MRHMGEXIH *SEQ[EXIV W]WXIQW EVI EW EVI EPP JMVI TVSXIGXMSR W]W
GPYHMRK HVEMRMRK SJ PMRIW ERH JMPPMRK SJ JSEQ PMUYMH XERO
XIQW HIWMKRIH XS FI FEWMGEPP] QEMRXIRERGI JVII 8LIVI EVI LS[
% 8LI TVSTIVX] S[RIV SV HIWMKREXIH VITVIWIRXEXMZI IZIV WSQI EVIEW XLEX RIIH WTIGMEP EXXIRXMSR *SEQ GSRGIRXVEXI
WLSYPH XEOI GEVI XS TVIZIRX HEQEKI XS IUYMTQIRX SV XLI WXVYG WLIPJ PMJI ZEVMIW FIX[IIR PMUYMHW ERH MW EJJIGXIH F] JEGXSVW WYGL EW
XYVI HYVMRK XLI XIWX (EQEKI GSYPH FI GEYWIH F] XLI W]WXIQ LIEX GSPH HMPYXMSR GSRXEQMREXMSR ERH QER] SXLIVW %W [MXL EPP
HMWGLEVKI SV F] VYRSJJ JVSQ XLI XIWX WMXI -X WLSYPH FI ZIVMJMIH W]WXIQW GSQQSR WIRWI HMGXEXIW XLSWI QEMRXIRERGIWIRWMXMZI EV
XLEX XLIVI MW EHIUYEXI ERH YRSFWXVYGXIH HVEMREKI )UYMTQIRX IEW XLEX WLSYPH FI KMZIR EXXIRXMSR 6SYXMRI XIWXMRK ERH MRWTIG
WLSYPH FI VIQSZIH SV GSZIVIH EW RIGIWWEV] XS TVIZIRX HEQ XMSR KIRIVEPP] HMGXEXI XLI RIIH JSV EHHMXMSREP QEMRXIRERGI MXIQW
EKI 1IERW WYGL EW GYVFMRK SV WERHFEKKMRK WLSYPH FI YWIH XS 8LSWI QEMRXIRERGI MXIQW WTIGMJMIH EVI OI] TVSGIHYVIW XLEX
TVIZIRX IRXV] SJ XLI JSEQ[EXIV WSPYXMSR WLSYPH FI TIVJSVQIH VSYXMRIP]
% %R EPXIVREXMZI QIXLSH JSV EGLMIZMRK JPS[ GER FI TIV % *SEQ GSRGIRXVEXIW XIRH XS WIXXPI SYX SZIV XMQI (I
QMXXIH XS FI ER MRWXEPPEXMSR EW WLS[R MR *MKYVI % 8LMW TIRHMRK SR XLI WTIGMJMG GLEVEGXIVMWXMGW SJ XLI JSEQ GSRGIRXVEXI
X]TI SJ XIWXMRK HSIW RSX ZIVMJ] W]WXIQ TMTI GSRHMXMSRW SV HMW WIHMQIRXEXMSR EGGYQYPEXIW MR XLI FSXXSQ SJ XLI WXSVEKI ZIWWIP
GLEVKI HIZMGI TIVJSVQERGI FYX SRP] XLI [EXIV WYTTP] JSEQ
8LMW WIHMQIRX GER EJJIGX TVSTSVXMSRMRK ERH JSEQ GSRGIRXVEXI
GSRGIRXVEXI WYTTP] ERH TVSTSVXMSRMRK EGGYVEG]
MRXIKVMX] 7SQI GSRGIRXVEXIW XIRH XS WIXXPI SYX QSVI VETMHP] XLER
% 7TIGMJMG JSEQ GSRGIRXVEXIW X]TMGEPP] EVI PMWXIH SV SXLIVW -J XLI ERRYEP WEQTPIW MRHMGEXI I\GIWWMZI WIHMQIRX JPYWL
ETTVSZIH [MXL WTIGMJMG WTVMROPIVW 4EVX SJ XLI ETTVSZEP ERH MRK XLI XERO GSYPH FI VIUYMVIH QSVI JVIUYIRXP]
348-32% 348-32&
'SRXVSPPIVEJXIV 'SRXVSPPIVFIJSVI
WTVMROPIVZEPZI
WTVMROPIVZEPZI
8SWTVMROPIVW 8SWTVMROPIVW
37
=ZEPZIWYTIVZMWIH
8SMWSPEXMSRZEPZI
*PS[EPEVQW[MXGL
8IWXGSRRIGXMSR
'SRGIRXVEXIMWSPEXMSRZEPZI 7TVMROPIVZEPZIEPEVQHV]TMTI
8STPERXEPEVQW SVHIPYKI
4VSTSVXMSRIVGSRXVSPPIV
*VSQTVSTSVXMSRIV
8SMWSPEXMSRZEPZI
8STVSTSVXMSRIV 37
=ZEPZIWYTIVZMWIH
8STPERXEPEVQW
*PS[EPEVQW[MXGL 7TVMROPIVZEPZIEPEVQHV]TMTI
SVHIPYKI
8IWXGSRRIGXMSR 'SRGIRXVEXIMWSPEXMSRZEPZI
4VSTSVXMSRIVGSRXVSPPIV *VSQTVSTSVXMSRIV
37
=ZEPZIWYTIVZMWIH
8STVSTSVXMSRIV
2SXI
(IXEMPWX]TMGEPSJ[IXTMTIWTVMROPIVW]WXIQ
[MXLFPEHHIVX]TITVSTSVXMSRIV
;EXIVWYTTP] ;EXIVWYTTP]
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
% ;LIVI L]HVSWXEXMGEPP] XIWXMRK FPEHHIV XEROW XLI &YXXIVJP] :EPZIW &YXXIVJP] ZEPZIW EVI [EXIV WYTTP] GSRXVSP
KIRIVEXMSR SJ E TVIWWYVI HMJJIVIRXMEP EGVSWW XLI HMETLVEKQ ZEPZIW [MXL KIEV STIVEXSVW XS EWWMWX MR STIRMRK ERH GPSWMRK
WLSYPH RSX FI EPPS[IH 8LI QERYJEGXYVIV WLSYPH FI GSRWYPXIH &YXXIVJP] ZEPZIW GER FI SJ XLI [EJIV SV KVSSZIHIRH X]TI ?7II
JSV WTIGMJMG TVSGIHYVIW *MKYVI %F
A
%
-R PMIY SJ VITPEGMRK [EXIV QMWX RS^^PIW XLEX EVI 'LIGO :EPZIW 'LIGO ZEPZIW EPPS[ [EXIVJPS[ MR SRI HMVIGXMSR
PSEHIH [MXL E GSEXMRK SJ HYWX MX MW TIVQMXXIH XS GPIER XLI SRP] ?7II *MKYVI %G
A
RS^^PIW [MXL GSQTVIWWIH EMV SV F] E ZEGYYQ TVSZMHIH XLEX XLI ('% % HSYFPI GLIGO EWWIQFP] ('%
GSRWMWXW SJ X[S MRHI
IUYMTQIRX HSIW RSX XSYGL XLI RS^^PI TIRHIRXP] STIVEXMRK WTVMRKPSEHIH GLIGO ZEPZIW 8LI EWWIQFP]
% ;EXIV QMWX RS^^PIW WLSYPH FI JMVWX KMZIR E ZMWYEP MRGPYHIW X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW ERH JSYV XIWX
MRWTIGXMSR JSV WMKRW SJ QIGLERMGEP HEQEKI GPIERMRK TEMRX GSGOW VIUYMVIH JSV XIWXMRK
MRK PIEOEKI MR WIVZMGI SV WIZIVI PSEHMRK SV GSVVSWMSR EPP SJ ('(% % HSYFPI GLIGO HIXIGXSV EWWIQFP] ('(%
MW L]
[LMGL EVI GEYWIW JSV MQQIHMEXI VITPEGIQIRX 2S^^PIW XLEX HVEYPMGEPP] FEPERGIH XS MRGPYHI E QIXIVIH F]TEWW EWWIQFP] XS
LEZI TEWWIH XLI ZMWYEP MRWTIGXMSR WLSYPH FI PEFSVEXSV] XIWXIH HIXIGX W]WXIQ PIEOEKI 8LI QEMR ZEPZI EWWIQFP] ERH F]TEWW
JSV WIRWMXMZMX] ERH JYRGXMSREPMX] 8LIVQEP WIRWMXMZMX] WLSYPH FI EWWIQFP] EJJSVH IUYEP PIZIPW SJ FEGOJPS[ TVIZIRXMSR ERH EVI
RSX PIWW XLER XLEX TIVQMXXIH MR TSWXGSVVSWMSR XIWXMRK SJ RI[ IEGL IUYMTTIH [MXL X[S VIWMPMIRXWIEXIH MWSPEXMSR ZEPZIW ERH
[EXIV QMWX RS^^PIW SJ XLI WEQI X]TI ;EXIV QMWX RS^^PIW XLEX JSYV XIWX GSGOW VIUYMVIH JSV XIWXMRK
LEZI FIIR MR WIVZMGI JSV E RYQFIV SJ ]IEVW WLSYPH RSX FI I\
TIGXIH XS LEZI EPP SJ XLI TIVJSVQERGI UYEPMXMIW SJ E RI[ [EXIV (IPYKI :EPZIW (IPYKI ZEPZIW LSPH [EXIV EX XLI ZEPZI YRXMP
QMWX RS^^PI ,S[IZIV MJ XLIVI MW ER] UYIWXMSR EFSYX XLIMV GSR EGXYEXIH F] XLI STIVEXMSR SJ E HIXIGXMSR W]WXIQ SV QERYEP
XMRYIH WEXMWJEGXSV] TIVJSVQERGI XLI [EXIV QMWX RS^^PIW WLSYPH VIPIEWI ?7II *MKYVI %H
A
FI VITPEGIH (VMT :EPZIW (VMT ZEPZIW EYXSQEXMGEPP] HVEMR GSRHIRWEXMSR SV
WQEPP EQSYRXW SJ [EXIV XLEX LEZI PIEOIH MRXS W]WXIQ TMTMRK SV
% 8LIWI IRZMVSRQIRXW MRGPYHI SYXHSSV [IEXLIV
GSRHMXMSRW ERH TSVXMSRW SJ ER] EVIE [LIVI GSVVSWMZI ZETSVW ZEPZIW (VMT ZEPZIW GPSWI [LIR I\TSWIH XS W]WXIQ TVIWWYVI
TVIZEMP ,EVWL [EXIV IRZMVSRQIRXW MRGPYHI [EXIV WYTTPMIW XLEX (V] 4MTI :EPZIW (V] TMTI ZEPZIW GSRXVSP XLI JPS[ SJ [EXIV XS
EVI GLIQMGEPP] VIEGXMZI EVIEW XLEX GSYPH FI I\TSWIH XS JVII^MRK GSRHMXMSRW ;EXIV MW
LIPH EX XLI ZEPZI F] EMV TVIWWYVI MR XLI W]WXIQ TMTMRK ;LIR XLI
% ;MXLMR XLI EVIE VITVIWIRXIH F] XLI WIPIGXIH EMV TVIWWYVI MW VIHYGIH XLI ZEPZI STIVEXIW ERH JPSSHW XLI W]W
WEQTPI [EXIV QMWX RS^^PIW SJ XLI WEQI HIWMKR TVSHYGIH F] XLI
XIQ ?7II *MKYVI %I
ERH *MKYVI %J
A
WEQI QERYJEGXYVIV GER FI GSRWMHIVIH TEVX SJ XLI WEQI
WEQTPI FYX EHHMXMSREP [EXIV QMWX RS^^PIW [SYPH RIIH XS FI -RHMGEXMRK :EPZIW -RHMGEXMRK ZEPZIW TVSZMHI E HITIRHEFPI
WIPIGXIH MJ TVSHYGIH F] E HMJJIVIRX QERYJEGXYVIV ZMWMFPI MRHMGEXMSR SJ XLI STIR TSWMXMSR IZIR EX E HMWXERGI
-RHMGEXSV 4SWXW -RHMGEXSV TSWXW MRGPYHI [EPP ERH YRHIV
% 8LI VITVIWIRXEXMZI WEQTPI WLSYPH MRGPYHI TIV
GIRX SJ XLI [EXIV QMWX RS^^PIW MR XLI EGXMZEXIH ^SRI -J GSRXEQMRE KVSYRH X]TIW ERH EVI MRXIRHIH JSV YWI MR STIVEXMRK MRWMHI
XMSR SJ JMPXIVW SV WXVEMRIVW MW JSYRH SR MRWTIGXMSR MX MW VIGSQ WGVI[IH TEXXIVR KEXI ZEPZIW ERH JSV MRHMGEXMRK XLI TSWMXMSR SJ
QIRHIH XLEX EPP RS^^PIW [MXLMR XLI EGXMZEXIH ^SRI FI MRWTIGXIH XLI KEXIW MR XLI ZEPZIW ?7II *MKYVI %K
A
267 +EXI :EPZIW 37
= +EXI :EPZIW 2SRVMWMRK WXIQ 267
% )EGL [EXIV QMWX RS^^PI LEW YRMUYI VIUYMVIQIRXW
KEXI ZEPZIW EVI YWIH YRHIVKVSYRH [MXL MRHMGEXSV TSWXW EX
JSV TVSXIGXMSR ETTPMGEXMSRW ERH IRHYWI PMQMXEXMSRW
XEGLIH SV EW VSEH[E] FS\ ZEPZIW GYVFFS\ MRWXEPPEXMSR
3YX
% % QMRMQYQ SJ X[S [EXIV QMWX RS^^PIW SJ IEGL X]TI WMHI WGVI[ ERH ]SOI 37
=
KEXI ZEPZIW EVI YWIH MRHSSVW ERH
ERH XIQTIVEXYVI VEXMRK MRWXEPPIH WLSYPH FI TVSZMHIH MR TMXW SYXHSSVW 8LI ZEPZI WXIQ QSZIW SYX [LIR XLI ZEPZI MW
STIR ERH QSZIW MR [LIR MX MW GPSWIH 8LI WXIQ MRHMGEXIW XLI
% 3XLIV X]TIW SJ [VIRGLIW GSYPH HEQEKI XLI [EXIV
QMWX RS^^PIW TSWMXMSR SJ XLI ZEPZI ?7II *MKYVI %L
ERH *MKYVI %M
A
64% % VIHYGIHTVIWWYVI ^SRI TVMRGMTPI EWWIQFP] 64%
% 8]TMGEP WERH[MGL FEKW TYVGLEWIH MR E KVSGIV] GSRWMWXW SJ X[S MRHITIRHIRXP] WTVMRKPSEHIH GLIGO ZEPZIW WITE
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TIVMSH SJ ]IEVW EVI TEVXMGYPEVP] WYWGITXMFPI XS XLI EGGYQYPEXMSR [EXIV LIEXIVW 8LYW XLI QSWX PMOIP] PSGEXMSRW JSV HITSWMXW MR
SJ WGEPI %PWS MR W]WXIQW XLEX EVI GSRXMRYSYWP] HV] GSRHIRWEXMSR WTVMROPIV W]WXIQW EVI [LIVI WTVMROPIVW EVI RSX GSRRIGXIH XS
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* 3XLIV 4YFPMGEXMSRW %;;% ( -RWTIGXMRK ERH 6ITEMVMRK 7XIIP ;EXIV 8EROW
* %781 4YFPMGEXMSRW %781 -RXIVREXMSREP &EVV 7XERHTMTIW 6IWIVZSMVW ERH )PIZEXIH 8EROW JSV ;EXIV 7XSVEKI
,EVFSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% * 774' 4YFPMGEXMSRW 7SGMIX] SJ 4VSXIGXMZI 'SEXMRKW
XL 7XVIIX XL *PSSV 4MXXWFYVKL 4%
-)))%7817- %QIVMGER 2EXMSREP 7XERHEVH JSV 9WI SJ XLI 774' 'LETXIV w7TIGMEP 4VI4EMRX 8VIEXQIRXWx
-RXIVREXMSREP 7]WXIQ SJ 9RMXW 7-
8LI 1SHIVR 1IXVMG 7]WXIQ
774'4% 7LST *MIPH ERH 1EMRXIRERGI 4EMRXMRK
* %;;% 4YFPMGEXMSRW %QIVMGER ;EXIV ;SVOW %WWSGME
774' 4EMRX %PYQMRYQ :MR]P 4EMRX
XMSR ;IWX 5YMRG] %ZIRYI (IRZIV '3
%;;% 1ERYEP SJ ;EXIV 7YTTP] 4VEGXMGIW { 1 7XIIP ;EXIV 774' 4EMRX ;LMXI SV 'SPSVIH
:MR]P 4EMRX
7XSVEKI 8EROW 774'74 'SQQIVGMEP &PEWX 'PIERMRK
* ,]HVEYPMG -RWXMXYXI 4YFPMGEXMSRW ,]HVEYPMG -RWXMXYXI 774'74 4MGOPMRK
7]PZER ;E] 4EVWMTTER] 2. 774'74 2IEV;LMXI &PEWX 'PIERMRK
,]HVEYPMG -RWXMXYXI 7XERHEVHW JSV 'IRXVMJYKEP 6SXEV] ERH 6IGMT * 97 +SZIVRQIRX 4YFPMGEXMSRW 97 +SZIVRQIRX
VSGEXMRK 4YQTW XL IHMXMSR 4VMRXMRK 3JJMGI ;EWLMRKXSR ('
* 7*4) 4YFPMGEXMSRW 7SGMIX] SJ *MVI 4VSXIGXMSR )RKM &YVIEY SJ 6IGPEQEXMSR 7TIGMJMGEXMSR :6
RIIVW ;MWGSRWMR %ZIRYI 7YMXI ; &IXLIWHE 1(
*IHIVEP 7TIGMJMGEXMSR 88 4 7TIGMJMGEXMSRW JSV :MR]P 6IWMR
4EMRX 1
7*4) )RKMRIIVMRK +YMHI *MVI 6MWO %WWIWWQIRX
* 6IJIVIRGIW JSV )\XVEGXW MR -RJSVQEXMSREP 7IGXMSRW
* 3XLIV 4YFPMGEXMSRW
)H[EVH / &YHRMGO 4) w%YXSQEXMG 7TVMROPIV 7]WXIQ 6I 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW
PMEFMPMX]x *MVI 4VSXIGXMSR )RKMRIIVMRK 7SGMIX] SJ *MVI 4VSXIGXMSR IHMXMSR
)RKMRIIVW ;MRXIV 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI
*MVI 4VSXIGXMSR )UYMTQIRX 7YVZIMPPERGI 3TXMQM^EXMSR ERH 1EMRXI 7]WXIQW IHMXMSR
RERGI +YMHI )PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI .YP] 2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG
;MPPMEQ ) /SJJIP 4) 6IPMEFMPMX] SJ %YXSQEXMG 7TVMROPIV 7]W XMSR IHMXMSR
XIQW %PPMERGI JSV *MVI 7EJIX] 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XEXMSREV] 4YQTW JSV
* -RJSVQEXMSREP 6IJIVIRGIW 8LI JSPPS[MRK HSGYQIRXW SV *MVI 4VSXIGXMSR IHMXMSR
TSVXMSRW XLIVISJ EVI PMWXIH LIVI EW MRJSVQEXMSREP VIWSYVGIW SRP] 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 4VMZEXI *MVI 7IVZMGI
8LI] EVI RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW HSGYQIRX 1EMRW ERH 8LIMV %TTYVXIRERGIW IHMXMSR
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
-2()< z
-RHI\
% '
%GGIWWMFMPMX] % % 'EPGMYQ GEVFSREXI SFWXVYGXMSR F] ( (
%HNYWX HIJMRMXMSR
'LERKIW
%HNYWXQIRXW WII 6ITEMVW VIGSRHMXMSRMRK VITPEGIQIRXW SV -R LE^EVH %
EHNYWXQIRXW -R SGGYTERG] YWI TVSGIWW SV QEXIVMEPW %
%PEVQ HIZMGIW WII EPWS ;EXIVJPS[ EPEVQ HIZMGIW 'LIGO ZEPZIW 8EFPI 8EFPI 8EFPI
*EPWI EPEVQW WII 7YTIVZMWSV] WIVZMGI RSXMJMGEXMSR XS 8EFPI
% WII EPWS (SYFPI GLIGO
*MVI TYQTW % ZEPZI EWWIQFP] (':%
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 8EFPI % 'PIER HIJMRMXMSR
-RWTIGXMSR 8EFPI 'SPH [IEXLIV WII *VII^MRK GSRHMXMSRW SV GSPH [IEXLIV
4VMZEXI JMVI WIVZMGI QEMRW 8EFPI 'SQFMRIH WXERHTMTI ERH WTVMROPIV W]WXIQW HIJMRMXMSR
7TVMROPIV W]WXIQW 8EFPI 'SQQIVGMEPX]TI GSSOMRK IUYMTQIRX WTVMROPIVW ERH
8EFPI % % % % RS^^PIW JSV
7XERHTMTI ERH LSWI W]WXIQW 8EFPI 'SRGIEPIH WTEGIW WTVMROPIVW MR
:EPZIW % %
'SRGIEPIH WTVMROPIVW
8EFPI (IJMRMXMSR
;EXIV WTVE] W]WXIQW 8EFPI 'SRJMRIH WTEGIW IRXV] XS
;EXIV XEROW WII ;EXIV XEROW 'SRRIGXMSRW
%PEVQ VIGIMZMRK JEGMPMX] HIJMRMXMSR
% *MVI HITEVXQIRX WII *MVI HITEVXQIRX GSRRIGXMSRW
%PEVQ ZEPZIW 8EFPI 8EFPI % % *PYWLMRK (
% % ,SWI WII ,SWI GSRRIGXMSRW
%RXMJVII^I WTVMROPIV W]WXIQW 8IWX 8EFPI
8EFPI % % 'SRXVSPPIVW TYQT % '
%RXMJVII^I WSPYXMSR 8EFPI 'SRXVSP QSHI WTIGMJMG ETTPMGEXMSR '17%
WTVMROPIVW
8EFPI % HIJMRMXMSR
%
'SRXVSP ZEPZI MRJSVQEXMSR WMKR WII -RJSVQEXMSR WMKRW 'SRXVSP ZEPZIW % % XS %
(IJMRMXMSR 'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EFPI
4VIQM\IH ERXMJVII^I WSPYXMSR (IJMRMXMSR %
%
-QTEMVQIRXW WMKRW MRHMGEXMRK
(IJMRMXMSR -RJSVQEXMSR WMKRW WII -RJSVQEXMSR WMKRW
%TTPMGEXMSR SJ WXERHEVH % -RWTIGXMSR 8EFPI 8EFPI 8EFPI
%TTVSZIH HIJMRMXMSR
% 8EFPI 8EFPI 8EFPI
%WMER GPEQW SFWXVYGXMSR F] ( ( %
%YXLSVMX] LEZMRK NYVMWHMGXMSR HIJMRMXMSR
% 1EMRXIRERGI WII 1EMRXIRERGI ZEPZIW
%YXSQEXMG HIXIGXMSR IUYMTQIRX 8EFPI 3FWXVYGXMSR MRZIWXMKEXMSRW GPSWYVI HYVMRK (
8IWXMRK WII 8IWXMRK ZEPZIW
8EFPI
'SRZIRXMSREP TMR VEGO WII ,SWI WXSVEKI HIZMGIW
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI
'SVVIGXMZI EGXMSR %
8EFPI 8EFPI
'SVVSWMSR 8EFPI % WII EPWS 1MGVSFMSPSKMGEPP] MRJPYIRGIH
(IJMRMXMSR %
GSVVSWMSR 1-'
%YXSQEXMG STIVEXMSR
'SVVSWMSRVIWMWXERX WTVMROPIVW %
(IJMRMXMSR %
(IJMRMXMSR
7XERHTMTI W]WXIQ HIJMRMXMSR
'SVVSWMZI EXQSWTLIVIW SV [EXIV WYTTPMIW %
%YXSQEXMG XVERWJIV W[MXGL HIJMRMXMSR
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI
3FWXVYGXMSR HYI XS GSVVSWMSR TVSHYGXW
& ( ( ( (
&EGOJPS[ TVIZIRXMSR EWWIQFPMIW 8EFPI 4MTMRK 8EFPI 8EFPI %
8EFPI 8EFPI 8EFPI 7TVMROPIV W]WXIQW
%
% % % XS % WII EPWS %
% %
6IHYGIHTVIWWYVI TVMRGMTPI FEGOJPS[ 7XERHTMTI ERH LSWI W]WXIQW
TVIZIRXMSR EWWIQFPMIW 64&%
;EXIV QMWX RS^^PIW %
&EPP ZEPZIW 8EFPI % ;EXIV WTVE] W]WXIQW
&MSPSKMGEP KVS[XL SFWXVYGXMSR GEYWIH F] ( WII EPWS ;EXIV XEROW
1MGVSFMSPSKMGEPP] MRJPYIRGIH GSVVSWMSR 1-'
'SZIVTPEXIW 8EFPI %
&PEHHIV XERO TVSTSVXMSRIVW 8EFPI
8EFPI 8EFPI % % (
% (IJMGMIRG]
(IJMRMXMSR % *MK % 'VMXMGEP %
&YMPHMRKW (IJMRMXMSR
-RWTIGXMSR SJ 8EFPI (IJMRMXMSR %
8IQTIVEXYVI SJ 2SRGVMXMGEP %
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
-2()< z
7XEXYW HYVMRK MRWTIGXMSR XIWXMRK ERH QEMRXIRERGI ;EXIV WTVE] W]WXIQW 8EFPI % %
*MVI [EXGL
F
%
F
,E^EVH IZEPYEXMSRW %RRI\ )
*MXXMRKW WII 4MTMRK ,E^EVHSYW QEXIVMEPW %
*M\IH RS^^PI W]WXIQW WII ;EXIV WTVE] W]WXIQW ,E^EVHW %
*PS[ XIWXW ,IEX XETI
3FWXVYGXMSR MRZIWXMKEXMSR
,IEX XVEGMRK
4VMZEXI JMVI WIVZMGI QEMRW 8EFPI % ,SVM^SRXEP VEGO WII ,SWI WXSVEKI HIZMGIW
7XERHTMTI ERH LSWI W]WXIQW 8EFPI ,SWI WII *MVI LSWI 7XERHTMTI ERH LSWI W]WXIQW
% XS % ,SWI GSRRIGXMSRW
:EPZIW (IJMRMXMSR
4VIWWYVIVIHYGMRK ZEPZIW 8EFPI 8EFPI %
% % % 4VIWWYVIVIKYPEXMRK ZEPZIW %
% % % 7XERHTMTI ERH LSWI W]WXIQW 8EFPI 8EFPI
*MVI TYQT ,SWI LSYWIW 8EFPI 8EFPI
*PYWLMRK TVSGIHYVIW 8EFPI
( ( 8EFPI 8EFPI %
*PYWL WTVMROPIVW (IJMRMXMSR % *MKW %E
XS G
(IJMRMXMSR ,SWI RS^^PIW 8EFPI 8EFPI 8EFPI %
*SEQ GSRGIRXVEXIW 8EFPI % (IJMRMXMSR
(IJMRMXMSR % ,SWI VIIP WII ,SWI WXSVEKI HIZMGIW
7EQTPIW ,SWI WXEXMSR HIJMRMXMSR
8IWXMRK ,SWI WXSVEKI HIZMGIW 8EFPI 8EFPI
*SEQ HMWGLEVKI HIZMGIW % 8EFPI 8EFPI %
(IJMRMXMSR 'SRZIRXMSREP TMR VEGO HIJMRMXMSR
*SEQ[EXIV WTVE] W]WXIQ HIJMRMXMSR
WII EPWS *SEQ[EXIV % *MK %
WTVMROPIV W]WXIQW ,SVM^SRXEP VEGO HIJMRMXMSR
% *MK %
*SEQ[EXIV WTVMROPIV W]WXIQW 'LET ,SWI VIIP HIJMRMXMSR
% *MK %
'SQTSRIRX EGXMSR VIUYMVIQIRXW 7IQMEYXSQEXMG LSWI VEGO EWWIQFP] HIJMRMXMSR
(IJMRMXMSR % *MK %
-QTEMVQIRXW ,SWI ZEPZIW 8EFPI %
-RWTIGXMSRW WII -RWTIGXMSRW (IJMRMXMSR
1EMRXIRERGI % ,]HVERXW JMVI WII *MVI L]HVERXW
4VSTSVXMSRIVW WII 4VSTSVXMSRIVW ,]HVEYPMG HIWMKR MRJSVQEXMSR WMKRW WII -RJSVQEXMSR WMKRW
6IXYVR XS WIVZMGI EJXIV XIWXMRK ,]HVEYPMG REQITPEXI 8EFPI
8IWXMRK 8EFPI % % ,]HVEYPMG TPEGEVHW 8EFPI 8EFPI 8EFPI
*VII^IVW W]WXIQW TVSXIGXMRK ,]HVSWXEXMG XIWXW 8EFPI %
% (IJMRMXMSR
*VII^MRK GSRHMXMSRW SV GSPH [IEXLIV
8EFPI % % WII EPWS %RXMJVII^I WTVMROPIV
W]WXIQW -
-GI SFWXVYGXMSR TVIZIRXMSR -GI SFWXVYGXMSR TVIZIRXMSR WII EPWS *VII^IVW W]WXIQW
7XERHTMTI ERH LSWI W]WXIQW TVSXIGXMRK *VII^MRK GSRHMXMSRW SV GSPH [IEXLIV
:EPZIW -QTEMVQIRX GSSVHMREXSV %
% % -QTEMVQIRXW 'LET WII EPWS 7]WXIQ WLYXHS[R
;EXIV WTVE] W]WXIQW 'SSVHMREXSV
;EXIV XEROW (IJMRMXMSR % %
% )QIVKIRG] %
*VIUYIRG] WII -81 XEWO JVIUYIRGMIW (IJMRMXMSR
*VSWXTVSSJ L]HVERXW WII (V] FEVVIP L]HVERXW )UYMTQIRX MRZSPZIH
*MVI TYQTW
+ *SEQ[EXIV WTVMROPIV W]WXIQW
4VITPERRIH
+EYKIW XS %
(IJMRMXMSR
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EFPI
4VITPERRIH TVSKVEQW %
8EFPI 8EFPI 8EFPI 8EFPI
4VMZEXI JMVI WIVZMGI QEMRW
*MVI TYQTW
% %
6IWXSVMRK W]WXIQW XS WIVZMGI %
7TVMROPIV W]WXIQW 8EFPI
7TVMROPIV W]WXIQW
8EFPI % % % %
7XERHTMTI ERH LSWI W]WXIQW
7XERHTMTI ERH LSWI W]WXIQW 8EFPI
8EK W]WXIQ
% %
%
;EXIV WTVE] W]WXIQW %
:EPZIW
8EFPI %
;EXIV XEROW
%
-RJSVQEXMSR WMKRW 8EFPI
;EXIV XEROW 8EFPI 8EFPI 8EFPI %
8EFPI 8EFPI 8EFPI 8EFPI
%
8EFPI
% %
, ,]HVEYPMG HIWMKR 8EFPI % % % WII
,ERKIVW % EPWS ,]HVEYPMG TPEGEVHW
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI 8EK MQTEMVQIRX W]WXIQ
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI
% %
8EFPI 8EFPI % -RPMRI FEPERGIH TVIWWYVI TVSTSVXMSRIVW 8EFPI
7TVMROPIV W]WXIQW 8EFPI 8EFPI % %
%
8EFPI % % (IJMRMXMSR % *MK %
7XERHTMTI ERH LSWI W]WXIQW 8EFPI -RVEGO WTVMROPIVW
)HMXMSR
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YP]XS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
1EKH]1SLEQQEHMR2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK8LMW2*'77%PP
-RWTIGXMSR XIWXMRK ERH QEMRXIRERGI WIVZMGI HIJMRMXMSR
1EMRPMRI WXVEMRIVW 8EFPI %
% *SEQ[EXIV WTVMROPIV W]WXIQW
-RWTIGXMSRW 8EFPI 4VMZEXI JMVI WIVZMGI QEMRW 8EFPI
% % WII EPWS -QTEMVQIRXW 7]WXIQ WLYXHS[R 8EFPI %
RSXMJMGEXMSR SJ ;EXIV WTVE] W]WXIQW %
&EGOJPS[ TVIZIRXMSR EWWIQFPMIW % % 1EMRW
(IJMRMXMSR &VSOIR
*MVI HITEVXQIRX GSRRIGXMSRW *PYWLMRK
%
4VMZEXI JMVI WIVZMGI WII 4VMZEXI JMVI WIVZMGI QEMRW
*MVI L]HVERXW 8EFPI % =EVH % ( (
*MVI TYQTW 8EFPI 8EFPI 1EMRXIRERGI % WII EPWS -QTEMVQIRXW
8EFPI 8EFPI 8EFPI &EGOJPS[ TVIZIRXMSR EWWIQFPMIW
8EFPI % % % (IJMRMXMSR
*SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI *MVI HITEVXQIRX GSRRIGXMSRW
8EFPI % % XS %
*MVI L]HVERXW 8EFPI %
*SVQW JSV %RRI\ & *MVI TYQTW 8EFPI
3FWXVYGXMSRW % % 8EFPI % % %
3[RIVSGGYTERX VIWTSRWMFMPMXMIW XS %
4IVJSVQERGIFEWIH TVSKVEQW % *SEQ[EXIV WTVMROPIV W]WXIQW %
4VMZEXI JMVI WIVZMGI QEMRW 8EFPI % % *SVQW JSV %RRI\ &
6IGSVHW WII 6IGSVHW 3[RIVSGGYTERX VIWTSRWMFMPMXMIW XS
6IXYVR XS WIVZMGI % XS %
7TVMROPIVW 8EFPI 4IVJSVQERGIFEWIH TVSKVEQW %
8EFPI % % XS % 4VMZEXI JMVI WIVZMGI QEMRW %
7TVMROPIV W]WXIQW 8EFPI % % 6IGSVHW WII 6IGSVHW
% % 7TVMROPIVW % XS %
7XERHTMTI ERH LSWI W]WXIQW 8EFPI 7TVMROPIV W]WXIQW % XS
8EFPI % % % % %
7XIEQ W]WXIQ GSRHMXMSRW
%
7XERHTMTI ERH LSWI W]WXIQW 8EFPI
:EPZIW 8EFPI :EPZIW 8EFPI 8EFPI
8EFPI 8EFPI 8EFPI
% % %
%PEVQ % % %PEVQ
%YXSQEXMG XERO JMPP ZEPZIW %YXSQEXMG XERO JMPP ZEPZIW
'LIGO 'LIGO
'SRXVSP 8EFPI 8EFPI 8EFPI 'SRXVSP 8EFPI 8EFPI 8EFPI
8EFPI 8EFPI 8EFPI (IPYKI %
% (V] TMTIUYMGO STIRMRK HIZMGIW %
(IPYKI ,SWI
(V] TMTIUYMGO STIRMRK HIZMGIW % 4VIEGXMSR %
*MVI TYQT VIPMIJ ;EXIV QMWX W]WXIQW 8EFPI % XS %
,SWI ;EXIV WTVE] W]WXIQW WII ;EXIV WTVE] W]WXIQW MRWTIGXMSR ERH
4VIEGXMSR QEMRXIRERGI TVSGIHYVIW
4VIWWYVIVIHYGMRK % ;EXIV WYTTP] WXEXYW HYVMRK
4VIWWYVIVIKYPEXMRK ;EXIV XEROW 8EFPI
% % 8EFPI 8EFPI %
;EXIV QMWX W]WXIQW %
XS % 1ERYEP STIVEXMSR
;EXIV WTVE] W]WXIQW WII ;EXIV WTVE] W]WXIQW (IJMRMXMSR
;EXIV WYTTP] WXEXYW HYVMRK *SEQ[EXIV WTVMROPIV W]WXIQW 8EFPI 8EFPI
;EXIV XEROW 8EFPI 4VIEGXMSR ERH HIPYKI ZEPZIW
8EFPI % % % XS % 7XERHTMTI ERH LSWI W]WXIQW 8EFPI % %
-RWTIGXSVvW XIWX GSRRIGXMSRW
(IJMRMXMSR
-81 XEWO JVIUYIRGMIW ;EXIV WTVE] W]WXIQW
*VIUYIRGMIW 1EVMRI WTVMROPIV W]WXIQW %
(IJMRMXMSRW % (IJMRMXMSR
1EWXIV TVIWWYVIVIHYGMRK ZEPZI %
(IJMRMXMSR
0 1EWXIV TVIWWYVIVIKYPEXMRK ZEPZI % XS %
0MRI TVSTSVXMSRIVW 8EFPI 1EXIVMEPW GLERKIW MR %
8EFPI % %
%
1IEWYVIQIRX YRMXW SJ %
(IJMRMXMSR % *MK % 1MGVSFMSPSKMGEPP] MRJPYIRGIH GSVVSWMSR 1-'
8EFPI %
0MWXIH HIJMRMXMSR
% ( ( ( (
1SRMXSV RS^^PI L]HVERX HIJMRMXMSR
% *MK %
1 1SRMXSV RS^^PIW
1EMR HVEMRW 8EFPI 'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI
'SQTSRIRX EGXMSR VIUYMVIQIRXW 8EFPI (IJMRMXMSR
8EFPI 8EFPI % *MK %E
*MK %F
(IJMRMXMSR -RWTIGXMSR 8EFPI 8EFPI %
8IWX 8EFPI 8EFPI 8EFPI 1EMRXIRERGI 8EFPI
8EFPI 8EFPI % 8IWXMRK 8EFPI
% 1YPXMTPI W]WXIQW XIWXMRK
)HMXMSR
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Submitting Public Input / Public Comment through the Electronic Submission System (e-Submission):
OR
Products/training tab:
Community tab:
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The following is general information on the NFPA process. All participants, however, should refer to the actual rules and regulations for a
full understanding of this process and for the criteria that govern participation.
II. Technical Committee Report. The Technical Committee Report is defined as “the Report of the responsible Committee(s), in
accordance with the Regulations, in preparation of a new or revised NFPA Standard.” The Technical Committee Report is in two parts and
consists of the First Draft Report and the Second Draft Report. (See Regs at 1.4)
III. Step 1: First Draft Report. The First Draft Report is defined as “Part one of the Technical Committee Report, which documents the
Input Stage.” The First Draft Report consists of the First Draft, Public Input, Committee Input, Committee and Correlating Committee
Statements, Correlating Input, Correlating Notes, and Ballot Statements. (See Regs at 4.2.5.2 and Section 4.3) Any objection to an action
in the First Draft Report must be raised through the filing of an appropriate Comment for consideration in the Second Draft Report or the
objection will be considered resolved. [See Regs at 4.3.1(b)]
IV. Step 2: Second Draft Report. The Second Draft Report is defined as “Part two of the Technical Committee Report, which documents
the Comment Stage." The Second Draft Report consists of the Second Draft, Public Comments with corresponding Committee Actions
and Committee Statements, Correlating Notes and their respective Committee Statements, Committee Comments, Correlating Revisions,
and Ballot Statements. (See Regs at Section 4.2.5.2 and 4.4) The First Draft Report and the Second Draft Report together constitute the
Technical Committee Report. Any outstanding objection following the Second Draft Report must be raised through an appropriate
Amending Motion at the Association Technical Meeting or the objection will be considered resolved. [See Regs at 4.4.1(b)]
V. Step 3a: Action at Association Technical Meeting. Following the publication of the Second Draft Report, there is a period during
which those wishing to make proper Amending Motions on the Technical Committee Reports must signal their intention by submitting a
Notice of Intent to Make a Motion. (See Regs at 4.5.2) Standards that receive notice of proper Amending Motions (Certified Amending
Motions) will be presented for action at the annual June Association Technical Meeting. At the meeting, the NFPA membership can
consider and act on these Certified Amending Motions as well as Follow-up Amending Motions, that is, motions that become necessary as
a result of a previous successful Amending Motion. (See 4.5.3.2 through 4.5.3.6 and Table1, Columns 1-3 of Regs for a summary of the
available Amending Motions and who may make them.) Any outstanding objection following action at an Association Technical Meeting
(and any further Technical Committee consideration following successful Amending Motions, see Regs at 4.5.3.7 through 4.6.5.3) must be
raised through an appeal to the Standards Council or it will be considered to be resolved.
VI. Step 3b: Documents Forwarded Directly to the Council. Where no Notice of Intent to Make a Motion (NITMAM) is received and
certified in accordance with the Technical Meeting Convention Rules, the standard is forwarded directly to the Standards Council for action
on issuance. Objections are deemed to be resolved for these documents. (See Regs at 4.5.2.5)
VII. Step 4a: Council Appeals. Anyone can appeal to the Standards Council concerning procedural or substantive matters related to the
development, content, or issuance of any document of the Association or on matters within the purview of the authority of the Council, as
established by the Bylaws and as determined by the Board of Directors. Such appeals must be in written form and filed with the Secretary
of the Standards Council (See Regs at 1.6). Time constraints for filing an appeal must be in accordance with 1.6.2 of the Regs. Objections
are deemed to be resolved if not pursued at this level.
VIII. Step 4b: Document Issuance. The Standards Council is the issuer of all documents (see Article 8 of Bylaws). The Council acts on
the issuance of a document presented for action at an Association Technical Meeting within 75 days from the date of the recommendation
from the Association Technical Meeting, unless this period is extended by the Council (See Regs at 4.7.2). For documents forwarded
directly to the Standards Council, the Council acts on the issuance of the document at its next scheduled meeting, or at such other meeting
as the Council may determine (See Regs at 4.5.2.5 and 4.7.4).
IX. Petitions to the Board of Directors. The Standards Council has been delegated the responsibility for the administration of the codes
and standards development process and the issuance of documents. However, where extraordinary circumstances requiring the intervention
of the Board of Directors exist, the Board of Directors may take any action necessary to fulfill its obligations to preserve the integrity of the
codes and standards development process and to protect the interests of the Association. The rules for petitioning the Board of Directors
can be found in the Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council and in 1.7 of the
Regs.
X. For More Information. The program for the Association Technical Meeting (as well as the NFPA website as information becomes
available) should be consulted for the date on which each report scheduled for consideration at the meeting will be presented. For copies of
the First Draft Report and Second Draft Report as well as more information on NFPA rules and for up-to-date information on schedules
and deadlines for processing NFPA documents, check the NFPA website (www.nfpa.org/aboutthecodes) or contact NFPA Codes &
Standards Administration at (617) 984-7246.
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