Professional Documents
Culture Documents
Energía Amazonía
Energía Amazonía
!
"
#
#
$
%
&
'
(
# ) "
"
$
)
#
&
#
)
)
*
+
,
-
.
/0
*
1
)
2
-
,
3
0
4 5
.
,
-
0
*
/661
4
7
/845.1
!"#"#
$
%&
- .
/
-
.
.
!
0 1 .
( - % 1
/
- % %
% % % %
- % 2
1 --
1% % 2
4 5
5 " 6 5 7
"4" )*83 +)
*
!9!& :!;%::<=<& %
"
5 35-
> !
;2?4J.!216<:/62;A2F2@.??<99<2;9.:.G<;J.
./6.;<(<;6F&</2?A<$<??<216A<?2@
;1602
4?.1206:62;A<@
;A?<1B006L;
$%%$
%(*%%((%
2@.??<99<;2?4IA60<<@>B2@F<:B;61.12@ <0.92@2;9.&246L;
)0.F.96'29C.2;A?.9129$2?M
%( %(%!)
E=9<A.06L;12$2A?L92<F2@.??<99<2;9.:.G<;J.<9<:/6.;.29.@<
12#?6A<
%(*%#3(0
$<9JA60.@$M/960.@;2?4IA60.@F29&<9129@A.1<2;9.:.G<;J.
<96C6.;.
($(%(%
$2A?L92<'B@A2;A./6961.1F2@.??<99<2;9.:.G<;J.1290B.1<?
692:.@=.?.9.(?.;@606L;5.06.B;.'<0621.1$<@A=2A?<92?.
("%)
((
$)"
((
$
+3(,%
$<9JA60.@;2?4IA60.@2:=.0A<'<06<.:/62;A.92;9.B.F.;.
*2;2G<9.;.
%( % %()* ""%
$<9JA60.@;2?4IA60.@2;9.:.G<;J.;H96@6@129<:=927<&J<!.126?.
&<;1<;6.
$ +"(
$+$%)$*%)
6<162@292;9.:.G<;J.
$*()%$ . ($(
$(- %" )
$2?@=20A6C.@129B9A6C<12.K.12GM0.?2;9.:.G<;J.?.@692K.
=.?.9.$?<1B006L;12A.;<9
%2( %+(*
)@<129.?/L;*242A.90<:<B2;A212;2?4J.=.?.29$.?>B2
'612?M?460<12.?.7H@<;A?<C2?@6.@:/62;A.92@'<06.92@F
0<;L:60.@
"" #$*%))) )
("%%# $%)#& %($ (%
2;1?<2;2?4J.2;9.:.G<;J.$2?B.;.
%( %(%!)
;2?4J.!216<:/62;A2F2@.??<99<2;9.:.G<;J.B;.9.;02?JA60<
$%%$
6<4?.3J.@129<@.BA<?2@
;A?<1B006L;
$%%$
%(*%%((%
%QRC JG@PM CQ CJ PCQSJR?BM DGL?J BC SL NPMWCARM BC GLTCQRGE?AGgL GLGAG?BM CL CJ
@?HM J? AMMPBGL?AGgL BCJ #MLQMPAGM )LGAG?RGT? !K?XgLGA? )!
%J
#MLQMPAGM CQ SL? ?JG?LX? GLRCPGLQRGRSAGML?J OSC CQR?@JCAC LCVMQ BC
AMJ?@MP?AGgL W AMMNCP?AGgL CL AGCLAG?
RCALMJMEe? W CVRCLQGgL BC CQRC
AMLMAGKGCLRM ? J? AMKSLGB?B AGCLReDGA?
?A?BbKGAMQ
RbALGAMQ W NPMBSARMPCQ
PSP?JCQ CL J? !K?XMLe? 'SG?B? NMP QS M@HCRGTM NPGLAGN?J BC NPMNMPAGML?P J?
@?QC RbALGA? N?P? CJ BCQ?PPMJJM QMQRCLG@JC CL J? PCEGgL ?K?XgLGA?
J? )!
NPMKSCTC QGQRCK?Q BC SQM BC J? RGCPP? QMAG?J
CAMJgEGAM W CAMLgKGA?KCLRC
TG?@JCQ OSC NPCTGCLCL
PCBSACL M PCTGCPRCL J? BCEP?B?AGgL BC JMQ PCASPQMQ
L?RSP?JCQ
%J#MLQMPAGM)!
@?HMCJAMLACNRMWCLQGLRMLe?AMLJ?/PE?LGX?AGgLBCJ4P?R?BM
BC#MMNCP?AGgL!K?XgLGA? /4#!
DSCAMLAC@GBMDMPK?JKCLRCCLMARS@PCBC
? RP?TbQ BC SL #MLTCLGM BC #MMNCP?AGgL DGPK?BM CLRPC JMQ GLQRGRSRMQ
L?AGML?JCQ BC GLTCQRGE?AGgL ?EPeAMJ? ).)!
BC "MJGTG?
"P?QGJ
#MJMK@G?
%AS?BMP
0CPjW6CLCXSCJ?
?BCK\QBCAS?RPMACLRPMQNCPRCLCAGCLRCQ?J'PSNM
#MLQSJRGTM N?P? J? )LTCQRGE?AGgL !EPeAMJ? GLRCPL?AGML?J #')!2
! CQRMQ
KGCK@PMQ
CL CJ R?K@GbL QC QSKg J? !QMAG?AGgL BC 5LGTCPQGB?BCQ
!K?XgLGA?Q 5.!-!:
$SP?LRC JMQ QCGQ NPGKCPMQ ?fMQ BC CVGQRCLAG? W EP?AG?Q ? J? NPMKMAGgL C
GLRCPA?K@GM BC CVNCPGCLAG?Q AGCLReDGA?Q W BC CHCASAGgL BC NPMWCARMQ
CJ
#MLQMPAGM)!AMLDMPKgSLA?NGR?JQMAG?J
GLQRGRSAGML?JWFSK?LM
AMLA?N?AGB?B
N?P?BCQ?PPMJJ?P?ARGTGB?BCQAMJ?@MP?RGT?QCLRCK?QPCJCT?LRCQ N?P?J?2CEGgL
!K?XgLGA? AML bLD?QGQ CL GLTCQRGE?AGgL
ECQRGgL BCJ AMLMAGKGCLRM
AMKSLGA?AGgLWBGQCKGL?AGgL
$GAFM JMEPM QC BC@C ?BCK\Q ?J CQDSCPXM JJCT?BM ? A?@M N?P? APC?P PCBCQ
RCK\RGA?Q?JPCBCBMPBCSL?!ECLB?#GCLReDGA?BCRCPKGL?B?NMPJMQKGCK@PMQ
C
GKNJCKCLR?B??RP?TbQBCJ0PMEP?K?%AM2CEGML?J)LGAG?RGT?!K?XgLGA?
,MQ PCQSJR?BMQ OSC ?OSe QC NPCQCLR?L QML DPSRM BCJ RP?@?HM BC SL? BC CQR?Q
PCBCQRCK\RGA?Q
OSCQCAMKNSQMCLCJ
AMLCJM@HCRGTMBCBGQASRGPAgKM
J?Q GLTCPQGMLCQ CL NPMWCARMQ BC ECLCP?AGgL BC CLCPEe? ?DCAR?L CJ KCBGM
?K@GCLRCWJMQNM@J?BMPCQBCJ?PCEGgL?K?XgLGA?%JCQRSBGMPCAG@GgCJ?NMWM
DGL?LAGCPM BCJ )LQRGRSRM .?AGML?J BC )LTCQRGE?AGgL W 4CALMJMEe? !EP?PG? W
!JGKCLR?PG? ).)!
BC %QN?f?
BC J? %KNPCQ? "P?QGJCGP? BC 0CQOSGQ?
!EPMNCAS\PG? %-"2!0!
BCJ #CLRPM -SLBG?J !EPMDMPCQR?J )#2!&
W BCJ
#CLRPMN?P?)LTCQRGE?AGgL&MPCQR?J)LRCPL?AGML?J #)&/2
)LGAG?JKCLRC
J? PCB BC CQRSBGMQ BC CLCPEe? DSC AMKNSCQR? NMP LSCTC
GLTCQRGE?BMPCQ BC "MJGTG?
"P?QGJ
#MJMK@G?
%AS?BMP
0CPj W 6CLCXSCJ? %J
COSGNM FGXM SL? PCSLGgL CL "MEMR\
CL ?EMQRM BC
CL J? OSC QC
BGQASRGCPML JMQ CQRSBGMQ BC A?QM
J?Q T?PG?@JCQAJ?TC W J? KCRMBMJMEe? BCJ
CQRSBGM,SCEMMRPMQQGCRCGLTCQRGE?BMPCQQCQSK?PML?JCOSGNMWRP?@?H?PMLCL
JMQBGCXCQRSBGMQOSCQCNPCQCLR?LCLCQR?CBGAGgL
%J NPMWCARM BC GLTCQRGE?AGgL N?PRC BC SL? GLOSGCRSB DPCLRC ? JMQ BGQASPQMQ
AMLRP?QR?LRCQ PCJ?AGML?BMQ ? J?Q NMJeRGA?Q CLCPEbRGA?Q BC JMQ N?eQCQ
?K?XgLGAMQ *SQRGDGA?RGT?Q @?Q?B?Q CL J? LCACQGB?B BC CVN?LQGgL W
BGTCPQGDGA?AGgL BC J? K?RPGX CLCPEbRGA? N?P? CTGR?P CJ AMJ?NQM BC J?Q DSCPX?Q
KMRPGACQ BCJ BCQ?PPMJJM CAMLgKGAM
NPGLAGN?JKCLRC CL JMQ ACLRPMQ SP@?LGX?BMQ
BC BGAFMQ N?eQCQ
CL QS K?WMPe? BGQR?LRCQ BC J? !K?XMLe?
QC AMLRP?NMLCL ?
J?QAMLQR?LRCQCTGBCLAG?QBCJMQGKN?ARMQA?SQ?BMQNMPR?JCVN?LQGgL
W?QC?
QM@PCCJKCBGM?K@GCLRCWJMQPCASPQMQL?RSP?JCQ
MQM@PCJ?NM@J?AGgLPSP?JBC
J?!K?XMLe?
,? AMLRPMTCPQG? AML PCQNCARM ? J?Q NMJeRGA?Q CLCPEbRGA?Q CL J? !K?XMLe? QC
PCDGCPC?JFCAFMBCOSCJMQN?eQCQBCJ?PCEGgL?KCLSBMQCF?L?NPMTCAF?BM
BCQSQPCASPQMQL?RSP?JCQCLLMK@PCBCJAPCAGKGCLRMCAMLgKGAM3GLCK@?PEM
CLECLCP?J
CQRMF?MASPPGBMQGLJ??BMNAGgLBCKCBGB?Q?BCAS?B?QN?P?CTGR?P
MKGRGE?PJMQGKN?ARMQQMAG?JCQW?K@GCLR?JCQA?SQ?BMQNMPBGAF?CVNJMR?AGgL
$C FCAFM
?N?PRC BC J?Q AMLQGBCP?AGMLCQ RbALGA?Q QM@PC J? NPMBSAAGgL W J?
BCK?LB? BC CLCPEe?
J?Q NMJeRGA?Q CLCPEbRGA?Q BC JMQ N?eQCQ ?K?XgLGAMQ QC
TCL ?DCAR?B?Q NMP SL? QCPGC BC D?ARMPCQ
CLRPC JMQ OSC QC BCQR?A?L
JMQ
KMBCJMQBCBCQ?PPMJJMCAMLgKGAM?BMNR?BMQ
JMQGLRCPCQCQCKNPCQ?PG?JCQW
BC JMQ MPE?LGQKMQ GLRCPL?AGML?JCQ
JMQ ?ASCPBMQ GLRCPL?AGML?JCQ
CJ
A?K@GM RCALMJgEGAM W J? ?NCPRSP? BC LSCTMQ KCPA?BMQ
J? ?AAGgL
AMLRCQR?R?PG?BCJMQKMTGKGCLRMQA?KNCQGLMQ
GLBeECL?QW?K@GCLR?JGQR?Q
!NCQ?PBCJMQPCAGCLRCQA?K@GMQNMJeRGAMQOSCMASPPGCPMLCLT?PGMQN?eQCQBC
J? PCEGgL
NPCBMKGL? CL QSQ EM@GCPLMQ L?AGML?JCQ SL? GBCMJMEe? AMKjL BC
CVRP?AAGgL BC PCASPQMQ L?RSP?JCQ %QR? GBCMJMEe? N?PCAC RMK?P CJ KMBCJM
L?AGML?JBCQ?PPMJJGQR? CL @ME? CL JMQ ?fMQ
?SLOSC CL ?JESLMQ A?QMQ
AMLQCPT?LBM CJCKCLRMQ BC J? GBCMJMEe? JG@CP?J BC JMQ ?fMQ
NMP CHCKNJM
N?P? K?LRCLCP SL ?K@GCLRC CAMLgKGAM NPMNGAGM ? J?Q GLTCPQGMLCQ CVRP?LHCP?Q
%QRC KMBCJM QC A?P?ARCPGX? NMP SL? CVACQGT? ACLRP?JGX?AGgL @SPMAP\RGA?
OSC
CVAJSWCJ??KNJG?N?PRGAGN?AGgLBCJ?NM@J?AGgL
WAMLQGBCP?JMQGKN?ARMQQMAGM
?K@GCLR?JCQAMKMCVRCPL?JGB?BCQGLFCPCLRCQ?JMQNPMACQMBCBCQ?PPMJJM
%QRC JG@PM
OSC QC NPMNMLC NPMDSLBGX?P CQR? BGQASQGgL
CQR\ BGTGBGBM CL BMQ
N?PRCQ,?NPGKCP?N?PRC?@MPB?NMJeRGA?QCLCPEbRGA?QL?AGML?JCQWMPCEGML?JCQ
AML SL? KGP?B? K\Q CQNCAGDGA? QM@PC J?Q NMJeRGA?Q BC NPMBSAAGgL BC
FGBPMA?P@SPMQ,MQCQRSBGMQBCA?QMBCKSCQRP?LAJ?P?KCLRCJ?AMLRGLSGB?BCL
J?Q NMJeRGA?Q CLCPEbRGA?Q BC JMQ N?eQCQ BC J? PCEGgL CL JMQ jJRGKMQ ?fMQ
'M@GCPLMQ AML BGQASPQMQ W NCPDGJCQ ? TCACQ K\Q NPMEPCQGQR?Q
MRP?Q K\Q
AMLQCPT?BMPCQ
F?LGES?JKCLRC?BMNR?BMNMJeRGA?QOSCNPGMPGX?LCJAPCAGKGCLRM
CAMLgKGAM%QR?QNMJeRGA?Q
QGLCK@?PEM
PCQSJR?P?LCLP?PMQ@CLCDGAGMQN?P?J?
NM@J?AGgLNM@PCBCJ?PCEGgL%LA?K@GM
JMQEP?LBCQNPMWCARMQ CLCPEbRGAMQW
J?GLDP?CQRPSARSP?PCQSJR?PMLCLSL?SKCLRMBCJ?BCDMPCQR?AGgL
CLJ?APC?AGgL
MCV?ACP@?AGgLBCJMQAMLDJGARMQNMPJ?RGCPP?
CLJ?TGMJ?AGgLBCJMQBCPCAFMQBC
JMQNSC@JMQRP?BGAGML?JCQWCLCJBCQNJ?X?KGCLRMBCEP?LBCQNM@J?AGMLCQ
%L CJ A?NeRSJM
2MBPGEM !PAC BGQASRC AgKM CJ BCQ?PPMJJM CAMLgKGAM BC J?
PCEGgL BC 5A?W?JG CL 0CPj QC @?Q? DSLB?KCLR?JKCLRC CL J?Q ?ARGTGB?BCQ
CVRP?ARGT?Q
NPGLAGN?JKCLRCBCK?BCP?,?CVN?LQGgLBCJ?DPMLRCP?CLCPEbRGA??
TCACQ MASPPC QM@PC RCPPGRMPGMQ GLBeECL?Q W AMKSL?JCQ
JM OSC A?SQ? EP?TCQ
AMLDJGARMQ,?NMJeRGA?CLCPEbRGA?BCJEM@GCPLMQCA?P?ARCPGX?NMPJ??RP?AAGgLBC
GLTCPQMPCQN?P?J?CVNJMP?AGgLNCRPMJCP?%JEM@GCPLMPCEGML?JBC5A?W?JG
NMPQS
N?PRC
LMK?LGDCQRgSL?NMJeRGA?CLCPEbRGA?AJ?P?OSC?NSLRC?SLNPMACQMBC
BCQ?PPMJJMQMQRCLG@JC
RCLBGCLBM
CLA?K@GM
?@SQA?PK?WMPCQ@CLCDGAGMQBCJ?
CVNJMR?AGgL BC KGLCP?JCQ W E?Q L?RSP?J %L CQRC AMLRCVRM
F?W SL? RCLBCLAG?
APCAGCLRC BC KMTGJGX?AGgL BC J?Q MPE?LGX?AGMLCQ GLBeECL?Q CL AMLRP? BC J?
CVNJMR?AGgLBCNCRPgJCMWE?Q
%J CQRSBGM BC A?QM BC J? !K?XMLe? AMJMK@G?L? MAAGBCLR?J
NPCQCLR?BM NMP
2M@CPRM 2?KePCX CL CJ A?NeRSJM
QC PCDGCPC ? J? CVNJMP?AGgL BC NCRPgJCM CL
/PGRM 0SRSK?WM
%J?SRMPBCQR?A?QSGKNMPR?LAG?N?P?CJN?eQCLJMQ?fMQ
WCJGKNSJQMOSCCJNCRPgJCMPCNPCQCLRgN?P?J?AMJMLGX?AGgLA?KNCQGL?WN?P?
J?Q RP?LQDMPK?AGMLCQ SP@?L?Q BC J? PCEGgL %J CQRSBGM R?K@GbL ?L?JGX? CJ
GKN?ARM ?K@GCLR?J JMA?J
J?Q A?P?ARCPeQRGA?Q BC J? CVNJMR?AGgL CVRP?ARGT?
W QS
PCBSAGB? AMLRPG@SAGgL ?J BCQ?PPMJJM JMA?J 2?KePCX R?K@GbL BGQASRC CJ
?EMR?KGCLRMBCJMQPCASPQMQNCRPMJCPMQWCJ?SKCLRMBCJMQAMLDJGARMQQMAG?JCQ
CL J?Q XML?Q BC NPMBSAAGgL CL 0SRSK?WM
D?ARMPCQ OSC FGAGCPML OSC J?Q
CKNPCQ?Q NPGT?B?Q JC BCTMJTGCP?L JMQ BCPCAFMQ BC CVNJMR?AGgL ? J? CKNPCQ?
CQR?R?JAMJMK@G?L?
#?PJMQ ,?PPC? W QSQ AMJ?@MP?BMP?Q
CL CJ A?NeRSJM
BCQAPG@CL J? CVNJMR?AGgL
BCJNCRPgJCMCLJ?!K?XMLe?CAS?RMPG?L?
J?AS?JAMKCLXg?DGL?JCQBCW
OSCAMLBGAGMLgJ??NCPRSP?BCA?KGLMQWECLCPgSL?GLRCLQ?KGEP?AGgLF?AG?J?
PCEGgL%QRMQNPMACQMQQCF?LRP?BSAGBMCLCJ?SKCLRMBCJ?BCDMPCQR?AGgLCL
J? PCEGgL W
CL JSE?P BC AMLBSAGP CJ BCQ?PPMJJM BC J? !K?XMLe?
PCNJGA?P?L C
GLRCLQGDGA?P?L JMQ GKN?ARMQ LCE?RGTMQ BC AGAJMQ CAMLgKGAMQ CVRP?ARGTGQR?Q
?LRCPGMPCQ
AMKM JMQ AGAJMQ BCJ MPM W BCJ A?SAFM %QRM F? QGELGDGA?BM SL
?SKCLRM BC J? NM@PCX? W J? NbPBGB? ?ACJCP?B? BC J? @GMBGTCPQGB?B
CL SL? BC
J?Q XML?Q K\Q PGA?Q BC J? !K?XMLe? ,MQ ?SRMPCQ BGQASRCL AgKM ?LRC CJ
GLKGLCLRC ?EMR?KGCLRM BC J?Q PCQCPT?Q BC NCRPgJCM CL CJ N?eQ
CJ NPCQGBCLRC
2?D?CJ #MPPC? J?LXg J? NPMNSCQR? BC GKNCBGP J? CVNJMR?AGgL BC JMQ A?KNMQ BC
APSBM NCQ?BM CL CJ 0?POSC .?AGML?J 9?QSLe
QGCKNPC W AS?LBM J? AMKSLGB?B
GLRCPL?AGML?JAMKNCLQC?JN?eQN?P?QSK?LSRCLAGgL
%LCJA?NeRSJM
(MP?AGM"GMPB?L?JGX?J?QGRS?AGgL?ARS?JBCJ?AMJMLGX?AGgLCL
J?!K?XMLe?TCLCXMJ?L?3CNPCQCLR?LJ?Q?ARGTGB?BCQCAMLgKGA?Q?N?PRGPBC
SL?TGQGgLFGQRgPGA?BCJ?CAMLMKe?BCJMQjJRGKMQ?fMQ
WQSBCNCLBCLAG?BCJ?
CVNJMR?AGgL BCJ NCRPgJCM
OSC QC NPMBSAC CL QS RMR?JGB?B DSCP? BC J? PCEGgL
?K?XgLGA?%LCJCQRSBGMQCCV?KGL?LJ?Q\PC?QBCNPMRCAAGgL?K@GCLR?JWQC
PCQSKC CJ K?PAM HSPeBGAM ?ARS?J %J ?SRMP ?L?JGX? J?Q GKNJGA?AGMLCQ BCJ
BCQ?PPMJJMBCJ?CLCPEe?FGBPMCJbARPGA?WBCJ?QGBCPSPEG?CLJ?PCEGgL?QeAMKM
BC J? AMLQRPSAAGgL BC GLDP?CQRPSARSP? SP@?L? W TG?J %J CQRSBGM NPCQCLR? J?
QGRS?AGgL BC JMQ NSC@JMQ GLBeECL?Q W CJ ?T?LAC BC JMQ DPCLRCQ ?EPeAMJ?Q
CVRP?ARGT?Q W KGLCP?JCQ
?Qe AMKM J? DMPKSJ?AGgL BC NMJeRGA?Q Nj@JGA?Q N?P? J?
!K?XMLe?&GL?JKCLRC
QCBGQASRCLJ?QNCPQNCARGT?QBCBCQ?PPMJJMN?P?J?XML?
CLCJKCBG?LMNJ?XM
%L J? QCESLB? N?PRC BCJ JG@PM
JMQ A?NeRSJMQ RGCLCL SL DMAM QCARMPG?J K\Q
CQNCAeDGAM
AML CQNCAG?J ?RCLAGgL ? J?Q DSCLRCQ PCLMT?@JCQ BC CLCPEe? ,MQ
CQRSBGMQ BC A?QM KSCQRP?L OSC JMQ @GMAMK@SQRG@JCQ NSCBCL PC?JKCLRC
@CLCDGAG?P ?J KCBGM ?K@GCLRC W ? J? NM@J?AGgL BC J? !K?XMLe?
NCPM CQMQ
@CLCDGAGMQLMCQR\LE?P?LRGX?BMQ0MPCJAMLRP?PGM
CJ?SKCLRMBCJ?NPMBSAAGgL
?EPMNCAS?PG?WDMPCQR?JN?P?J?NPMBSAAGgLBCCR?LMJ
@GMBGCQCJ
A?P@gLWJCf?
NSCBC AMLBSAGP ? SL? GLRCLQGDGA?AGgL BC J? BCDMPCQR?AGgL W ? J? AMLACLRP?AGgL
BCJ?RGCPP?-CBG?LRCCJAMRCHMBCJMQPGCQEMQGLTMJSAP?BMQCLJ?NPMBSAAGgLBC
@GMAMK@SQRG@JCQAMLJ?NMJeRGA?CLCPEbRGA??BMNR?B?NMPJMQN?eQCQ?K?XgLGAMQ
CQR\AJ?PMOSCCQMQPGCQEMQLMNSCBCLQCPQS@CQRGK?BMQ
%L CJ A?NeRSJM
-?EL? #SLF? W !L? %SJCP ?L?JGX?L CJ GKN?ARM BC J?
AMLQRPSAAGgL BC BMQ PCNPCQ?Q 3?L !LRMLGM
AML SL? A?N?AGB?B GLQR?J?B? BC
-7
W*GP?S
AMLSL?A?N?AGB?BGLQR?J?B?BC-7,MQNPMWCARMQ
BCAMLQRPSAAGgLBCPCNPCQ?QQMLSLAMKNMLCLRCACLRP?JBCJ?)LGAG?RGT?"P?QGJ
"MJGTG?0CPj N?P? J? )LRCEP?AGgL BC J? )LDP?CQRPSARSP? 2CEGML?J 3SP?KCPGA?L?
))23!
%J CQRSBGM AMLDPMLR? J? NCPQNCARGT? BC J? NMJeRGA? ES@CPL?KCLR?J BC
ECLCP?AGgL BC FGBPMCJCARPGAGB?B AML AGCPR?Q NCPACNAGMLCQ C GLRCPCQCQ BC
BGTCPQMQ EPSNMQ QMAG?JCQ GLTMJSAP?BMQ CL CJ NPMWCARM ,?Q ?SRMP?Q JJ?K?L J?
?RCLAGgL N?P? J? AMLACQGgL BC JGACLAG?Q N?P? J?Q M@P?Q
SL AMLRPMTCPRGBM
NPMACQMCLAS?JQCGELMP?PMLQSQGKN?ARMQQMAG?JCQW?K@GCLR?JCQ
WOSCA?SQg
SL?GLRCLQ?KMTGJGX?AGgLQMAG?JCLJ?PCEGgL
AMKM QS BCK?LB? BC CJCARPGAGB?B W J?Q BGDGASJR?BCQ BC RP?LQNMPRC BC
AMK@SQRG@JCCLJ?PCEGgL,MQ?SRMPCQ?L?JGX?LJMQPGCQEMQBCJ?CVN?LQGgLBC
J? QMW? CL J? PCEGgL W CJ NMRCLAG?J BC JMQ ASJRGTMQ BC CQNCAGCQ MJC?EGLMQ?Q
NCPCLCQ AMKM J? N?JK? BC ?ACGRC
OSC NSCBC ECLCP?P GLEPCQMQ N?P? JMQ
?EPGASJRMPCQ
?Qe AMKM NPMNMPAGML?P K?RCPG? NPGK? GKNMPR?LRC N?P? J?
ECLCP?AGgLBCCJCARPGAGB?BCLAMKSLGB?BCQ?GQJ?B?Q,MQ?SRMPCQQCf?J?L
QGL
CK@?PEM
OSCQCBC@CRCLCPASGB?BMN?P?OSCCJASJRGTMBCN?JK?QCPC?JGACCL
\PC?QBCEP?B?B?Q
WLMCL\PC?QBC@MQOSCL?RGTM
%LCJA?NeRSJM
2MEbPGM0SCPR??PESKCLR?OSCAMLSL?FGQRMPG?BCK\QBC
?fMQCLJ?NPMBSAAGgLBCCR?LMJ
"P?QGJ?QSKCSL?NMQGAGgLBCJGBCP?XEMCLJ?
?EPMCLCPEe?%JCQRSBGMBCA?QMCV?KGL?CJASJRGTMBCJ?A?f?BC?XjA?PN?P?
J? NPMBSAAGgL BC CLCPEe? CL CJ LMPCQRC BCJ CQR?BM BC 0?P\ ,? GLBSQRPG? BCJ
CR?LMJ QGESC KMTGbLBMQC F?AG? CJ LMPRC BC "P?QGJ
BMLBC F?W GLTCPQGMLCQ CL
NPMWCARMQ BC NPMBSAAGgL CL CJ LMPRC BC JMQ CQR?BMQ BC -?RM 'PMQQM
!APC
0?P\
W2MP?GK?,MQKMTGKGCLRMQQMAG?JCQ
QGLCK@?PEM
?BTGCPRCL?ACPA?BC
J?QAMLQCASCLAG?QBCJ?SKCLRMBCJASJRGTMBCJ?A?f?BC?XjA?PN?P?CJKCBGM
?K@GCLRC
QM@PC CLDCPKCB?BCQ PCQNGP?RMPG?Q A?SQ?B?Q NMP J? OSCK? BC J?
A?f?
J? AMLRGLS? AMLACLRP?AGgL BC J? RGCPP? W CJ AMLQGESGCLRC ?SKCLRM BC J?Q
BCQGES?JB?BCQQMAG?JCQ0CPKGRGPJ?QGCK@P?BCA?f?BC?XjA?PCLJ?!K?XMLe?
QGLSLQGQRCK?CDGA?XBCAMLRPMJES@CPL?KCLR?JPCNPCQCLR?SLEP?LPGCQEMN?P?
JMQ@MQOSCQ
%JA?NeRSJMAMLRGCLCCJ?L\JGQGQBC7GJJG?K!QQGQW-?PACJM#?PLCGPM?ACPA?BC
J?APC?AGgLBCJ$GQRPGRM&MPCQR?J3SQRCLR?@JCBC#?P?H\QWQSQGKN?ARMQQM@PCCJ
KCBGM ?K@GCLRC W QM@PC J? QMAGCB?B JMA?J %J BGQRPGRM AS@PC SL? QSNCPDGAGC BC
SL?QKGJJMLCQBCFCAR\PC?Q
GLAJSWCLBMKSLGAGN?JGB?BCQCLJMQCQR?BMQ
@P?QGJCfMQBC0?P\
4MA?LRGLQW-?P?LF_M,?PCEGgLCQAMLQGBCP?B?J?K?WMP
NPMBSARMP? BC KGLCP?J BC FGCPPM CL CJ KSLBM
AMLACLRP?LBM NJ?LR?Q
NMJMQBCNPMBSAAGgLBCK?BCP?
W?JPCBCBMPBC?QCLR?KGCLRMQBCPCDMPK?
?EP?PG?
AMLSLEP?LNMRCLAG?JN?P?J?NPMBSAAGgLBCA?P@gLTCECR?J,?N?SR?
NPGLAGN?J N?P? J? APC?AGgL BCJ $GQRPGRM CQ PCDMPCQR?P W PCQR?SP?P J?Q \PC?Q
BCEP?B?B?QN?P?Q?RGQD?ACPJ?BCK?LB?BCKGJJMLCQBCKBCK?BCP?BCJ?
PCEGgL
BC JMQ AS?JCQ QC AMLQSKCL CL J?Q GLBSQRPG?Q BC DSLBGAGgL 3C
CQRGK?OSC?JKCLMQBCJ?NPMBSAAGgLBCA?P@gLCQGJCE?JCGLQMQRCLG@JC
?BCK\Q BC NPMBSAGB? @?HM K?J?Q AMLBGAGMLCQ BC RP?@?HM 3C CQRGK? R?K@GbL
OSCCQRCAMLQSKMQCF?RP?BSAGBMCLJ?BCDMPCQR?AGgLBCJBCJ?PCEGgL
%LCJA?NeRSJM
2MBPGEM!PAC?L?JGX?CJSQMBCJ?CLCPEe?BCJ?K?BCP?CLCJ
0CPj
BMLBCJ?JCf?PCNPCQCLR??NPMVGK?B?KCLRCCJBCJAMLQSKMRMR?JBC
CLCPEe? 3C RP?R? BC SL? BGQASQGgL QM@PC JMQ GKN?ARMQ BCJ SQM BC
BCLBPMCLCPEe?CLCJ@?J?LACBCJ?QCKGQGMLCQBCA?P@MLM
RCK?AMLRPMTCPRGBM
W? OSC J? JGRCP?RSP? ?ARS?J GLBGA? OSC ? TCACQ CQRC @?J?LAC CQ NMQGRGTM
W ?
TCACQLCE?RGTM3CEjLCJ?SRMP
CJK?LCHMBCJ?K?BCP?CQCJD?ARMPBCAGQGTMCL
J?BCRCPKGL?AGgLBCCQRCCOSGJG@PGM%LCJA?QMBC0CPj
SL?ECQRGgL?BCAS?B?
?WSB?Pe??JN?eQ?ASKNJGPAMLQSQM@HCRGTMQBCPCBSAAGgLBCCKGQGMLCQBC#/
W?jLECLCP?Pe?NSCQRMQBCRP?@?HMW?SKCLR?Pe?JMQGLEPCQMQBCJ?NM@J?AGgL
PSP?J
CQNCAG?JKCLRC CL J? PCEGgL ?K?XgLGA?
OSC RGCLC SL EP?L NMRCLAG?J BC
NPMBSAAGgLWR?K@GbLCJAMLQSKMK\QEP?LBCBCJN?eQ
&GL?JKCLRC
CL J? AMLAJSQGgL BCJ JG@PM QC NPCQCLR? SL CQRSBGM AMKN?P?RGTM BC
JMQA?QMQ%LCQRCA?NeRSJMQCBCQR?A?LJ?QNPGLAGN?JCQQGKGJGRSBCQWBGDCPCLAG?Q
CLRPCJMQQCGQN?eQCQCQRSBG?BMQ
CLPCJ?AGgLAMLQSQKMBCJMQBCMASN?AGgLW
BCQ?PPMJJM BC J? !K?XMLe?
AML CQNCAG?J ?RCLAGgL ? QSQ NMJeRGA?Q CLCPEbRGA?Q
3C TSCJTC ? J? BGQASQGgL QM@PC J? PCJ?AGgL N?P?BgHGA? CLRPC CJ BGQASPQM W J?
NP\ARGA? BC JMQ EM@GCPLMQ BC JMQ N?eQCQ ?K?XgLGAMQ QM@PC CJ BCQ?PPMJJM BC J?
PCEGgL,MOSCFCKMQTGQRM
QGLCK@?PEM
DSCCJDMPR?JCAGKGCLRMBCJ?QNMJeRGA?Q
BC BCQ?PPMJJM OSC JC B?L NPGMPGB?B ?J APCAGKGCLRM BCJ 0)" BC CQRMQ N?eQCQ
QGL
EP?LBCQNPCMASN?AGMLCQAMLQSQGKN?ARMQ?K@GCLR?JCQWQMAG?JCQ
2@.??<99<;2?4IA60<<@>B2@F<:B;61.12@ <0.92@2;9.
&246L;)0.F.96'29C.2;A?.9129$2?M
%( %(%!)
)LRPMBSAAGgL
%J ?BCAS?BM CLDMOSC CLCPEbRGAM CQ SL D?ARMP AJ?TC N?P? CJ BCQ?PPMJJM BC J?
!K?XMLG?0MPMRPMJ?BM
QMLPCJCT?LRCQJMQPGCQEMQBCGKN?ARMQLCE?RGTMQBC
NMJeRGA?QBCBCQ?PPMJJMCLCPEbRGAM
R?LRMCLJMQNPMACQMQCAMJgEGAMQCQCLAG?JCQ
W J? A?N?AGB?B BC PCASNCP?AGgL BC JMQ CAMQGQRCK?Q
AMKM CL J?Q BGL\KGA?Q
QMAG?JCQ?QMAG?B?Q,?AMLQR?R?AGgLBCOSCCJA?JCLR?KGCLRMEJM@?JWCJA?K@GM
BC N?RPMLCQ AJGK\RGAMQ RGCLCL GLDJSCLAG? CL J? NbPBGB? BC @GMBGTCPQGB?B W NMP
R?LRMCLJ?QMNAGMLCQBCBCQ?PPMJJMBCJ?QAMKSLGB?BCQJMA?JCQGLTGR??OSCJ?
NPMKMAGgL BC NMJeRGA?Q Nj@JGA?Q N?P? CJ BCQ?PPMJJM QMQRCLG@JC LM NSCBC
QS@CQRGK?PJ?BGKCLQGgLCLCPEbRGA?%JNPCQCLRCCQRSBGM?L?JGX?JMQNPMACQMQW
NMJeRGA?Q BC BCQ?PPMJJM CLCPEbRGAM CL J? 2CEGgL BC 5A?W?JG
0CPj AML CQNCAG?J
bLD?QGQ CL QSQ GKN?ARMQ CL J?Q AMKSLGB?BCQ JMA?JCQ ,? NPCESLR? @\QGA? BC
GLTCQRGE?AGgL OSC QC OSGCPC PCQNMLBCP CQ s$C OSb K?LCP? J?Q NMJeRGA?Q
CLCPEbRGA?QGKN?AR?LQM@PCJ?QAMKSLGB?BCQJMA?JCQ
,MQM@HCRGTMQBCJCQRSBGMQMLG
0PCQCLR?PJ?QNMJeRGA?QNj@JGA?QCVGQRCLRCQ?
LGTCJ L?AGML?J W PCEGML?J AML PCJ?AGgL ?J BCQ?PPMJJM CLCPEbRGAM
@MQOSCQ W
AMKSLGB?BCQCLJ?2CEGgLBC5A?W?JG
GG
)BCLRGDGA?PJMQD?ARMPCQBCRCPKGL?LRCQ
OSCCQR\LGLDJSWCLBMCLJ?QGRS?AGgL?ARS?JBCJ?QNMJeRGA?QNj@JGA?QCLCPEbRGA?Q
W QSQ PCJ?AGMLCQ AML J? CVNJMP?AGgL BC @MQOSCQ W KCBGMQ BC TGB? BC J?Q
AMKSLGB?BCQ JMA?JCQ
GGG
2CAMLMACP JMQ GKN?ARMQ ?K@GCLR?JCQ ?QMAG?BMQ ?
NMJeRGA?Q CLCPEbRGA?Q W GT
0PMNMLCP PCAMKCLB?AGMLCQ ? JMQ RMK?BMPCQ BC
BCAGQGMLCQQM@PCNMJeRGA?QCLCPEbRGA?Q
%JAMLRCVRMCLCJOSCQCGLQAPG@CCJCQRSBGMB?ASCLR?BCSLNPMACQML?AGML?J
BC BCQACLRP?JGX?AGgL CL CJ OSC NPGK? CJ A?P\ARCP ?BKGLGQRP?RGTM ?LRCQ OSC
NMJeRGAM JM OSC PCBSAC CJ K?PECL BC ?SRMLMKe? JMA?J #MKM AMLQCASCLAG? BC
CJJMCJBGQASPQMMDGAG?JBCBCQ?PPMJJMQMQRCLG@JCCLJMQNPMWCARMQCLCPEbRGAMQLM
LCACQ?PG?KCLRC RGCLCL AMPPCJ?RM AML J?Q NPCMASN?AGMLCQ ?K@GCLR?JCQ W JMQ
BCPCAFMQ FSK?LMQ BC JMQ NSC@JMQ GLBeECL?Q ,? QCN?P?AGgL BC JMQ BCPCAFMQ
CLRPCCJQSCJMWCJQS@QSCJM
CQAMLDPCASCLAG?A?SQ?BCAMLDJGARMQ
0?P? ?JA?LX?P JMQ M@HCRGTMQ
QC PC?JGXg CLRPCTGQR?Q ? ?ARMPCQ AJ?TC R?LRM BCJ
QCARMP GLBeECL?
EM@GCPLM PCEGML?J W ?SRMPGB?BCQ PCEGML?JCQ !Qe KGQKM QC
QGQRCK?RGXgJ?GLDMPK?AGgLBCKCKMPG?QBCR?JJCPCQBCNSC@JMQGLBeECL?QWQS
PCJ?AGgL AML FGBPMA?P@SPMQ !BGAGML?JKCLRC QC PC?JGXg SL? CVF?SQRGT? PCTGQGgL
@G@JGMEP\DGA? QM@PC J? CQRPSARSP? GLQRGRSAGML?J PCJ?RGT? ?J QCARMP CLCPEbRGAM CL CJ
N?eQ
NMJeRGA?QCLCPEbRGA?QWCQR?BeQRGA?QPCJ?RGT?Q?JQCARMP
J??EPGASJRSP?!BGAGML?JKCLRCR?K@GbLQCPCEGQRP?J?KGLCPe?WJ?NCQA??SLOSC
AMLSL?AMLRPG@SAGgLKCLMP%J#S?BPMPCEGQRP?JMQKMLRMQBCAMLRPG@SAGgL
BC JMQ QCARMPCQ CL J? 2CEGgL
)0.F.96
&SCLRC0CPjCL.jKCPMQ)LQRGRSRM#S\LRM
#S?BPM 0PMBSARM "PSRM )LRCPLM
-GJJMLCQ BC .SCTMQ 3MJCQ ? NPCAGMQ
AMPPGCLRCQ
,MQNPGLAGN?JCQAMPPCBMPCQCAMLgKGAMQBCJ?2CEGgL5A?W?JGQML
/CQRC0SA?JJN?z!ES?WRe?z4GLEM-?Pe?
.MPRC0SA?JJN?#MLR?K?L?
3SP0SA?JJN?z-?QGQC?z)N?Pe?!R?J?W?
!QNCARMQQMAG?JCQ
%J BC J? NM@J?AGgL BC 5A?W?JG RGCLC ?J KCLMQ SL? LCACQGB?B @\QGA?
GLQ?RGQDCAF? -GLGQRCPGM BC %AMLMKe? W &GL?LX?Q
,? QGRS?AGgL BC J?
"202@61.12@/H@60.@6;@.A6@3205.@ .")
CQSLKbRMBMBGPCARMN?P?GBCLRGDGA?P
A?PCLAG?QAPeRGA?QCLSL?NM@J?AGgLWA?P?ARCPGX?PJ?NM@PCX?5QS?JKCLRCSRGJGX?
GLBGA?BMPCQBGPCAR?KCLRCPCJ?AGML?BMQAMLAS?RPM\PC?QBCLCACQGB?BCQ@\QGA?QBC
J?QNCPQML?Q TGTGCLB?
QCPTGAGMQQ?LGR?PGMQ
CBSA?AGgL@\QGA?CGLEPCQMKeLGKM
BGQNMLG@JCQCLJMQACLQMQBCNM@J?AGgLWTGTGCLB?
2CEGgLQCNSCBCCLRCLBCPKCHMP?RP?TbQBCJMQLBGACQBC$CQ?PPMJJM(SK?LM
KMQRP?BMQCLCJ#S?BPM
CLAMKN?P?AGgLAMLJ?QPCEGMLCQBCJN?eQ
#S?BPMLBGACBC$CQ?PPMJJM(SK?LMBC5A?W?JG !fM
(?@GR?L 2?L )$( 2?L !fMQ 2?L 2?L 2?L 2?L .SCT &.;86
RCQ IGLE IGLE IGLE IGLE IGLE IGLE MQ ;4
QMJCQ
KCQ
&SCLRC0.5$
%LJ?PCEGgL5A?W?JGCVGQRCLACPA?BCAMKSLGB?BCQGLBeECL?Q
BCJ?Q
AS?JCQ ASCLR?L AML PCAMLMAGKGCLRM MDGAG?J
AML SL? NM@J?AGgL ?NPMVGK?B? BC
F?@GR?LRCQ
OSCF?LM@RCLGBMBCPCAFMQPC?JCQN?P?CJSQSDPSARMBC
KGJJMLCQBCFCAR\PC?QBC@MQOSCQCLQSQRCPPGRMPGMQ
JMOSCPCNPCQCLR?CJ
BCJ?QSNCPDGAGCBC@MQOSCQNSCQR?@?HMNPMACQMQBCCVRP?AAGgLCLCQR?PCEGgL
BCQNSbQBCJ?QAMLACQGMLCQDMPCQR?JCQOSC?JA?LX?LKGJJMLCQBCFCAR\PC?Q
,?QAMLACQGMLCQDMPCQR?JCQAMLQRGRSWCLSL?KMB?JGB?BBC?AACQM?JMQ
@MQOSCQ N?P? QS ?NPMTCAF?KGCLRM AML DGLCQ K?BCP?@JCQ M LM K?BCP?@JCQ ?
RP?TbQ BC NJ?LCQ BC K?LCHM DMPCQR?J ,?Q AMLACQGMLCQ RGCLCL SL NJ?XM
BCRCPKGL?BM
QML BC A?P\ARCP PCLMT?@JC W CVGECL CJ N?EM BC BCPCAFMQ BC
?NPMTCAF?KGCLRM ! NCQ?P BC NMQCCP CQRC CLMPKC NMRCLAG?J CVGQRCL
A?N?AGB?BCQ BGDCPCLAG?B?Q CLRPC AMLACQGML?PGMQ W AMKSLGB?BCQ GLBeECL?Q
BC@GBM?D?ARMPCQMPE?LGX?AGML?JCQ
CAMLgKGAMQ
CKNPCQ?PG?JCQWRCALMJgEGAMQ
OSCJCQGKNGBCL?J?QAMKSLGB?BCQM@RCLCPK?WMPCQ@CLCDGAGMQWAMLTCPRGPQSQ
PCASPQMQ@MQAMQMQCLPGOSCX?WN?J?LA?BCQSNPMNGMBCQ?PPMJJM.MM@QR?LRC
F?WCVNCPGCLAG?QNPMKGQMPG?QCLASPQMBCK?LCHMDMPCQR?JGLBeECL?OSCNMBPe?L
B?PN?SR?QN?P?PCTCPRGPCQRCNPMACQM
%J APCAGKGCLRM BCKMEP\DGAM BC 5A?W?JG F? QGBM NPMBSARM BC J?Q KGEP?AGMLCQ
DSLB?KCLR?JKCLRCBC?LBGLMQCL@SQA?BCMNMPRSLGB?BCQBCTGB??RP?TbQBC
J? CVNJMR?AGgL BC QSQ PCASPQMQ L?RSP?JCQ QSCJMQ
@MQOSCQ
W BC LCEMAGMQ
GLDMPK?JCQ !SLOSC 0SA?JJN? W? RGCLC K\Q BC KCBGM QGEJM BC ?QCLR?KGCLRM
RMB?Te? ?ASQ? QCPG?Q BCDGAGCLAG?Q CL MPBCL?KGCLRM RCPPGRMPG?J W NPMTGQGgL BC
QCPTGAGMQ@\QGAMQ,?A?PPCRCP?OSCSLC0SA?JJN??4GLEM-?Pe?CQKSW?LRGES?
WCQR\QCPG?KCLRCBCRCPGMP?B?3CCLASCLRP?CLNPMACQMJ?AMLQRPSAAGgLBCJ?
A?PPCRCP??QD?JR?B??SLOSCRMB?Te?D?JR?SLGKNMPR?LRCRP?KMOSCAMKNJCR?P
CL
#S?BPM&?KGJG?Q,GLEkeQRGA?QW'PSNMQ[RLGAMQBCJ?2CEGgL5A?W?JG
&?KGJG? 'PSNMQbRLGAMQ
JGLEkeQRGA?
&SCLRC-GLGQRCPGMBC%LCPEe?W-GL?Q'/2%5
,MQ 3FGNG@M #MLG@M
CJ EPSNM bRLGAM NPGLAGN?J BC J? 2CEGgL
QML
DSLB?KCLR?JKCLRC QMAGCB?BCQ BC ?EPGASJRMPCQ W PCAMJCARMPCQ
GLAJSWCLBM A?X?
W NCQA? ,?Q AMKSLGB?BCQ QgJM QML NPMNGCR?PG?Q BC J?Q RGCPP?Q BC ?NRGRSB
?EPMNCAS?PG?K\QLM?QeBCJ?QRGCPP?QDMPCQR?JCQWBCNPMRCAAGgLOSCCQR\LCL
ACQGgL CL SQM NSCQ ?ARS?JKCLRC JMQ @MQOSCQ LM QC NSCBCL RGRSJ?P NMP QCP
N?RPGKMLGMBCJ?.?AGgL!ARS?JKCLRCCVGQRCR?LRMBCQBCCJ%QR?BMAMKMBCQBC
CJQCARMPNPGT?BMSL?DSCPRCNPCQGgLN?P?OSCJ?QAMKSLGB?BCQNSCB?LTCLBCP
QSQ RGCPP?Q
D?TMPCAGB? NMP SL N?OSCRC JCEGQJ?RGTM NPMKSJE?BM NMP CJ 0MBCP
%HCASRGTM CL HSLGM BC OSC F? ECLCP?BM J?Q K\Q DSCPRCQ NPMRCQR?Q BC J?Q
AMKSLGB?BCQWQSQJeBCPCQ
$G?ELgQRGAMCLCPEbRGAM
,?CLCPEe?CLCJ0CPj
$CJMQKGJJMLCQBCFCAR\PC?QOSCPCNPCQCLR?LJ?!K?XMLe?NCPS?L?BCRMB?
J? ASCLA? ?K?XgLGA?
A?QG KGJJMLCQ BC FCAR\PC?Q RGCLCL JMRCQ BC
FGBPMA?P@SPMQ '?K@M?
$C CQR? PC?JGB?B LM CQA?N? J? PCEGgL 5A?W?JG
NSCQ EP?L N?PRC BC QS RCPPGRMPGM ASCLR? AML BCLSLAG?Q N?P? J? NPMQNCAAGgL
NCRPMJCP?
GLAJSQM QM@PC \PC?Q BC AMKSLGB?BCQ L?RGT?Q W BC 2CQCPT?Q
4CPPGRMPG?JCQ N?P? 0SC@JMQ )LBeECL?Q CL !GQJ?KGCLRM 6MJSLR?PGM ,? &GESP?
,? NPMBSAAGgL BC FGBPMA?P@SPMQ CL CJ ?fM AMLRGLSg PCEGQRP?LBM SL
GKNMPR?LRC BGL?KGQKM
GKNSJQ?BM NMP J? CVRP?AAGgL BC E?Q L?RSP?J
OSC APCAGg
PCQNCARM?J?fM?LRCPGMP
NPGLAGN?JKCLRCNMPCJ0PMWCARM#?KGQC?
AMKM
AMLQCASCLAG? BC J? K?WMP BCK?LB? NMP N?PRC BC NJ?LR?Q RbPKGA?Q BC
ECLCP?AGgL CJbARPGA?
?Qe AMKM BC CKNPCQ?Q GLBSQRPG?JCQ 0MP QS N?PRC
J?
NPMBSAAGgL BC FGBPMA?P@SPMQ JeOSGBMQ CL CJ ?fM ?SKCLRg
PCQNMLBGCLBM R?K@GbL ?J CDCARM BC #?KGQC? "?LAM #CLRP?J BC 2CQCPT? BCJ
0CPj
%QRSBGMQBCJ-GLGQRCPGMBC%LCPEe?W-GL?Q ?
KCLAGML?LOSCJ?BCK?LB?
BC BCPGT?BMQ BC FGBPMA?P@SPMQ JeOSGBMQ
CL CJ NCPeMBM
QCP\
?DCAR?B? CL EP?L KCBGB? NMP CJ AMLQSKM BC E?Q L?RSP?J %L R?J QCLRGBM
QC
CQNCP? SL EP?L APCAGKGCLRM BC J? BCK?LB? BC AMK@SQRG@JCQ JeOSGBMQ CL JMQ
NPgVGKMQ ?fMQ ,? BCK?LB? RMR?J BC FGBPMA?P@SPMQ QC TGCLC ?APCACLR?LBM
NMPCJQMQRCLGBMGLAPCKCLRMBCJ??ARGTGB?BCAMLgKGA?CLCJN?eQ%Q?QeOSCQC
CQRGK? OSC CL CJ ?fM J? BCK?LB? RMR?J BC AMK@SQRG@JCQ BCPGT?BMQ BCJ
NCRPgJCM QCP\ BCJ MPBCL BC
KGJJMLCQ BC @?PPGJCQ BC NCRPgJCM -"0$
JM
AS?J QGELGDGA? SL APCAGKGCLRM NPMKCBGM ?LS?J BC
0MP MRPM J?BM
J?
BCK?LB? RMR?J BC FGBPMA?P@SPMQ GLAJSWC CJ E?Q L?RSP?J
GP\ APCAGCLBM ? SL?
R?Q??LS?JBC
,?NPMBSAAGgLL?AGML?JCLCPEbRGA?QCEjLQCARMPCQCAMLgKGAMQ
,?0PMBSAAGgL.?AGML?J%LCPEbRGA?QCEjLQCARMPCQCAMLgKGAMQQCKSCQRP?CL
CJ #S?BPM ,? NPMBSAAGgL L?AGML?J BC -GLCPe? C (GBPMA?P@SPMQ PCNPCQCLR?
?JEM KCLMQ BCJ BC AMLRPG@SAGgL ?J 0")
?NPMVGK?B?KCLRC SL RCPAGM BC J?
AMLRPG@SAGgL BC J? K?LSD?ARSP? W J? AMLRPG@SAGgL BCJ AMKCPAGM .M M@QR?LRC
RGCLCSLNCQMCQNCAeDGAMR?LRMCLCJBCQ?PPMJJMGLBSQRPG?JAMKMCLJ?CAMLMKe?
D?KGJG?P NMP JM OSC QC AMLQRGRSWC CL SL D?ARMP CQRP?RbEGAM ,?Q ?JX?Q BC
AMK@SQRG@JCQ QGCKNPC RCPKGL?L ?DCAR?LBM J? A?L?QR? D?KGJG?P %J #S?BPM
KSCQRP?J?NPMBSAAGgLL?AGML?JQCEjLQCARMPCQ?QCRGCK@PCBCJ
%JNPMWCARM#?KGQC?CQSLKCE?NPMWCARME?QeDCPMS@GA?BMCLJ?QCJT?NCPS?L?CL
J?QGLKCBG?AGMLCQBCJ2eM#?KGQC?BCJOSCBCPGT?QSLMK@PC#MKNPCLBCJ?NSCQR?
CLNPMBSAAGgLGLGAG?JBCJ?QPCQCPT?QBCE?QWJeOSGBMQ
?BCK\QBCJDP?AAGML?KGCLRMCL
J?AMQR?NCPS?L?
#S?BPM0PMBSAAGgL.?AGML?JQCEjLQCARMPCQ?QCRGCK@PCBCJ !fM@?QC
3CARMPCQCAMLgKGAMQ 0MLBCP?AGgL
AMPPCQNMLBC ? J?
CQRPSARSP? BCJ 0")
T?JMPGX?BM ?
NPCAGMQ@\QGAMQ
02/$5##)/..!#)/.!,
!EPMNCAS?PGM
0CQA?
-GLCPe?C(GBPMA?P@SPMQ
-?LSD?ARSP?
%JCARPGAGB?BW?ES?
#MLQRPSAAGgL
#MKCPAGM
/RPMQQCPTGAGMQ
&SCLRCQ ).%)
-GLGQRCPGM BC !EPGASJRSP?
-GLGQRCPGM BC %LCPEe? W -GL?
-GLGQRCPGM BC J?
0PMBSAAGgLW35.!4
3CPTGAGMQ 'S@CPL?KCLR?JCQ
4P?LQNMPRCQ
#MKSLGA?AGMLCQ W MRPMQ QCPTGAGMQ
,?PCLR?BCJMQPCASPQMQL?RSP?JCQF?TSCJRM?RMK?PGKNMPR?LAG?CLJMQjJRGKMQ
?fMQ
BC@GBM ? JMQ CVACNAGML?JCQ NPCAGMQ BCJ KCPA?BM GLRCPL?AGML?J OSC JJCEg
F?QR? ?JA?LX?P F?QR? BgJ?PCQ 53 .M M@QR?LRC
F? F?@GBM SL? A?eB? BC
NPCAGMQW?DGL?JCQBCCQR?@?LBC@?HMBCJMQBgJ?PCQ53
%LCJ0CPjQCSRGJGX?CJEP?LNMRCLAG?JFeBPGAMBCJMQPeMQ
J?EMQWJ?ESL?QN?P?
ECLCP?PCJCARPGAGB?B%QR?ECLCP?AGgLFGBPMCJbARPGA?PCNPCQCLR?CJBCJRMR?J
BCJ?CJCARPGAGB?BBCJN?eQ%JMRPMJMECLCP?LJ?QACLRP?JCQRbPKGA?Q
OSC
RP?@?H?L AML J? DSCPX? BCJ T?NMP W ASWM AMK@SQRG@JC NPGLAGN?J CQ CJ NCRPgJCM
-SQCMBCJ?%JCARPGAGB?B
2CQCPT?QBCCLCPEe?
#S?BPM2CQCPT?QNPM@?B?QBCCLCPEe?AMKCPAG?J
4*RCP?HMSJC
2CQCPT?QNPM@?B?Q 4*
%QRPSARSP?
'?Q.?RSP?J
(GBPMCLCPEe?
,eOSGBMQBCJ'.
0CRPgJCMAPSBM
#?P@gLKGLCP?J
5P?LGM
%LCLCPMBCJCJ$GPCARMP2CEGML?JBC%LCPEe?W-GL?QBC5A?W?JGPCNMPRg
CJF?JJ?XEMCLCJ,MRCCL3CN?FS?BCPCQCPT?QBCE?QBCRPGJJMLCQBCNGCQ
Aj@GAMQ M KGJ KGJJMLCQ BC KCRPMQ Aj@GAMQ
A?LRGB?B QSNCPGMP ?J E?Q BC
!ES?WRe?AMLSL?PCQCPT?BCKGJJMLCQBCNGCQAj@GAMQ
3GL CK@?PEM
J?Q
PCQCPT?Q BCJ JMRC QML AGLAM TCACQ K\Q NCOSCf?Q OSC CJ E?Q BC #?KGQC?
6eJAFCX
B
0PMBSAAGgLBCCLCPEe?NPGK?PG?
,? CLCPEe? AMKCPAG?J BCJ 0CPj QC QSQRCLR? @\QGA?KCLRC CL CJ NCRPgJCM APSBM
FGBPMCLCPEe? W CJ E?Q L?RSP?J GLAJSWCLBM ,eOSGBMQ BC '?Q .?RSP?J
%LRPC J?
CLCPEe?LMAMKCPAG?J
KMQRP?B?CLCJ#S?BPM
QCBCQR?A?LeRGB?KCLRCCJSQM
BCJ?JCf?CLRMBMCJN?eQ%LJ?QAMKSLGB?BCQPSP?JCQBCJ?!K?XMLe?CJSQM
BC J? JCf? CQ K?WMPGR?PGM %J N?eQ CQ AMLQAGCLRC BC J? LCACQGB?B BC B?P A?B?
TCXK\QGKNMPR?LAG??JSQMBCJ?QCLCPEe?QPCLMT?@JCQ
OSCQML K\QJGKNG?Q
NMP JM OSC CL J? K?RPGX CLCPEbRGA? L?AGML?J QC CQNCP? OSC QS N?PRGAGN?AGgL
NSCB??JA?LX?PSLCLJMQNPgVGKMQ?fMQ '?KGM
#S?BPM0PMBSAAGgLBCCLCPEe?NPGK?PG? 4*
&SCLRC 2CQCPT?QNPM@?B?Q 4*
6?PG?AGgL
%LCPEe?AMKCPAG?J
0CRPgJCMAPSBM
(GBPMCLCPEe?
'?QL?RSP?J,'.
#?P@gLKGLCP?J
3S@RMR?J
%LCPEe?LMAMKCPAG?J
,Cf?
"?E?XM
"MQR?WW?PCR?
%LCPEe?QMJ?P
3S@RMR?J
4MR?J
0PMBSAAGgLDGQA?JGX?B?
%QRGK?BM
&SCLRC-GLGQRCPGMBC%LCPEe?W-GL?Q
@
,?CLCPEe?CL5A?W?JG
,? XML? BC 0SA?JJN? BCQBC CJ QC CLASCLRP? GLAMPNMP?B? ?J 3GQRCK?
%JbARPGAM )LRCPAMLCAR?BM .?AGML?J W ?J 3GQRCK? %JbARPGAM !GQJ?BM BC !ES?WRe?
,?AGDP?BCNPMTGCLCBCJFCAFMBCOSCQCRCLE?SL?AMLRPG@SAGgLK\QMKCLMQ
NPMNMPAGML?JBCJ?QBGDCPCLRCQDSCLRCQBCCLCPEe?BGQKGLSWCLBMJ?NPMACBCLAG?BC
CLCPEe?BCDSCLRCQLMPCLMT?@JCQW?SKCLR?LBMJ?N?PRGAGN?AGgLBCCLCPEe?Q
PCLMT?@JCQ
0MP QS N?PRC J? XML? BC !R?J?W? RGCLC SL 3GQRCK? %JbARPGAM !GQJ?BM ,?
ECLCP?AGgLBCCLCPEe?N?P?5A?W?JGQCKSCQRP?CLCJ#S?BPM
#S?BPM'CLCP?AGgLBCCLCPEe?CJbARPGA?CL5A?W?JG
3CEjL CJ 0J?L BC 'M@GCPLM BCJ N?PRGBM EM@CPL?LRC J? AM@CPRSP? PCEGML?J BC
QCPTGAGMBC?JSK@P?BMCJbARPGAMCQBC
DPCLRC?OSCQC?JSK@P?L
AMLKCAFCPMWOSCLMASCLR?LAMLLGLEjLQCPTGAGMBC?JSK@P?BM
%L CJ \K@GRM BC GLDJSCLAG? BC 5A?W?JG R?K@GbL MNCP?L CKNPCQ?Q E?QeDCP?Q
!ES?WRe? W #?KGQC?
%J NMRCLAG?J E?QeDCPM CQ KSW GKNMPR?LRC
CJ W?AGKGCLRM
BCE?QL?RSP?JBC!ES?WRe?NMQCCPCQCPT?QBCKGJKGJJMLCQBCNGCQAj@GAMQ
J?NPMBSAAGgLNPMKCBGM?ARS?JNMPBe?BCE?QL?RSP?JCQBCKGJJMLCQBC
NGCQ Aj@GAMQ -GLGQRCPGM BC %LCPEe? W -GL?Q'/2%5
4?K@GbL CVGQRC
NPMQNCAAGgL W CVNJMR?AGgL NCRPMJCP?
?SLOSC CQR? jJRGK? ?ARGTGB?B CL KCLMP
NPMNMPAGgL AML KGJ @?PPGJCQ BC NCRPgJCM APSBM CL JMQ JMRCQ " W $
QCEjL JM AMLQGEL? CJ 0J?L BC $CQ?PPMJJM 2CEGML?J #MLACPR?BM BCJ '/2%5
$CJMQPCASPQMQBGQNMLG@JCQBCNCRPgJCM
KGJJMLCQBC@?PPGJCQ
W E?Q KGJ KGJJMLCQ BC NGCQ Aj@GAMQ
CQRMQ ASCLR?L AML SL NMRCLAG?J BC
W BCJ RMR?J BC JMQ PCASPQMQ CVGQRCLRCQ QCEjL JM KCLAGML? CJ 0J?L
2CEGML?J#MLACPR?BMBC$CQ?PPMJJMBC5A?W?JG?J
-?PAMNMJeRGAM
GLQRGRSAGML?JWLMPK?RGTM
,?Q NMJeRGA?Q Nj@JGA?Q
CLRCLBGB?Q AMKM SL AMLHSLRM BC JGLC?KGCLRMQ W
BGPCARGT?Q OSC F?ACL NMQG@JC J? NPMKMAGgL W E?P?LRe? BC JMQ BCPCAFMQ BCJ
AGSB?B?LM
BC@CLQCPNPMBSARMBCJAMLQCLQMCLRPCEM@CPL?LRCQW J?QMAGCB?B
AGTGJ %L BCKMAP?AG?Q GLAGNGCLRCQ AMKM J? NCPS?L? CVGQRC CJ QCQEM BC NCLQ?P
OSC J? ECLCP?AGgL BC J?Q NMJeRGA?Q Nj@JGA?Q AMPPCQNMLBC DSLB?KCLR?JKCLRC ?
JMQEM@GCPLMQBCRSPLMWOSCCJNPM@JCK?
QCEjLCQRCCLRCLBGKGCLRM
LMCQCL
OSb KCBGB? QC D?TMPCAC J? N?PRGAGN?AGgL BC J? QMAGCB?B AGTGJ
QG LM CL OSb
KCBGB? QC GLDMPK? ? J? NM@J?AGgL BC J?Q BCAGQGMLCQ ES@CPL?KCLR?JCQ $CQBC
CQR? NCPQNCARGT? JMQ NPM@JCK?Q BC EM@CPL?@GJGB?B QC PCBSAGPe?L ? CQRP?RCEG?Q
AMKSLGA?RGT?Q
!FMP? @GCL
N?P? SL? KCHMP EM@CPL?@GJGB?B LM QgJM CQ LCACQ?PGM SL K?PAM
LMPK?RGTM AMFCPCLRC
QG LM SL? CQRPSARSP? GLQRGRSAGML?J
SL? ASJRSP?
MPE?LGX?AGML?J ?NPMNG?B? W SL QGQRCK? OSC NCPKGR? CJ ASKNJGKGCLRM BC J?Q
LMPK?Q%JNPMACQMBCBCQACLRP?JGX?AGgLCLK?PAF?BC@CNMPR?LRMAMLRPG@SGP?
J? PCDMPK? BCJ %QR?BM OSC ? QS TCX D?TMPCXA? CJ NPMACQM BC BCKMAP?RGX?AGgL
BCJN?eQ
?J?ECQRGgLNj@JGA?CDCARGT?W?JCHCPAGAGM?ARGTMBCJ?AGSB?B?Le?"?HM
CQRC CLDMOSC QC NJ?LRC? J? LCACQGB?B BC D?TMPCACP J? BCKMAP?RGX?AGgL CL J?
ECQRGgL BC JMQ PCASPQMQ L?RSP?JCQ PCLMT?@JCQ W LM PCLMT?@JCQ BMLBC NSCB?
AMLHSE?PQC?BCAS?B?KCLRCJMQGLRCPCQCQBCJ?L?AGgLAMLJMQGLRCPCQCQJMA?JCQ
$C ?Fe J? LCACQGB?B BC F?ACP SL? @PCTC BGQASQGgL QM@PC CJ K?PAM NMJeRGAM
GLQRGRSAGML?J W LMPK?RGTM OSC LMQ JJCTC ? SL KCHMP CLRCLBGKGCLRM CLRPC
BCQ?PPMJJMCLCPEbRGAM
@MQOSCQWAMKSLGB?BCQJMA?JCQ
-?PAMNMJeRGAM
!LGTCJ.?AGML?J
#MKM NMJeRGA? 'CLCP?J CJ -GLGQRCPGM BC %LCPEe? W -GL?Q MPGCLR? JMQ CQDSCPXMQ
BCJ %QR?BM F?AG? J? NPMKMAGgL BC J? GLTCPQGgL NPGT?B? CL J?Q ?ARGTGB?BCQ BC
%JCARPGAGB?B
(GBPMA?P@SPMQ W -GLCPe?
ASGB?LBM JMQ GLRCPCQCQ BCJ %QR?BM
?ARS?LBM CL DMPK? BGPCAR? CL J? ?KNJG?AGgL BC J? DPMLRCP? CJbARPGA? PSP?J W
NPGMPGX?LBM J? GLRCPTCLAGgL CQR?R?J CL DSLAGgL BC APGRCPGMQ QMAG?JCQ !Qe KGQKM
DMKCLR? W QSQRCLR? J? NPMKSJE?AGgL BC LMPK?Q OSC PCESJCL J? KCHMP PCJ?AGgL
NPMBSARMPAMLQSKGBMP
E?P?LRGX?LBM J? GLTCPQGgL NPGT?B?
J?Q AMLBGAGMLCQ BC
JG@PC AMKNCRCLAG? W CJ BCQ?PPMJJM NPMBSARGTM CLCPEbRGAMKGLCPM CDGAGCLRC
CL
?PKMLe? AML JMQ ?QNCARMQ QMAGM ?K@GCLR?JCQ W CL ?NMWM ? J? JSAF? AMLRP? J?
NM@PCX?CLCJN?eQ -GLGQRCPGMBC%LCPEe?W-GL?Q
,M OSC NMBCKMQ ?NPCAG?P CL CJ A?KNM BC ?NJGA?AGgL CQ OSC CJ EP?BM BC
NPCMASN?AGgL ?K@GCLR?J W QMAG?J CQR\ QS@MPBGL?BM ? J?Q LCACQGB?BCQ BC
GLTCPQGgL %JJM CVNJGA? NMP OSb CJ 'M@GCPLM F? NPCRCLBGBM BCQAMLMACP J?
GKNMPR?LAG?BCJMQRCPPGRMPGMQAMKSL?JCQWJ?NPCQCLAG?GLBeECL?MJ?NPCRCLQGgL
BCACPACL?PPC?Q0PMRCEGB?QAMLMQGLCJAMLQCLRGKGCLRMBC).2%.!!CJJMQC
QSK? J? TGCH? BGQASQGgL CLRPC RGCPP?Q W RCPPGRMPGM -GCLRP?Q CJ %QR?BM QgJM
PCAMLMAC CJ BCPCAFM ?J SQM BCJ QSCJM DMPCQR?J N?P? QS@QGQRCLAG? M AML DGLCQ
AMKCPAG?JCQ KCBG?LRC NCPKGQMQ DMPCQR?JCQ
QC PCQCPT? CJ BCPCAFM BC J?
NPMNGCB?B BCJ QS@QSCJM W QSQ PCASPQMQ $C ?Fe OSC LM QC F?E? LGLEjL
NPM@JCK? CL MRMPE?P BCPCAFMQ BC AMLACQGgL R?LRM BC PCASPQMQ L?RSP?JCQ
PCLMT?@JCQ AMKM LM PCLMT?@JCQ QM@PC RGCPP?Q BC AMKSLGB?BCQ L?RGT?Q M
2CQCPT?Q 4CPPGRMPG?JCQ -jJRGNJCQ QML J?Q DMPK?Q CL J?Q OSC QC NMLC BC
K?LGDGCQRMJ?QRCLQGMLCQCLRPCJ?QLCACQGB?BCQBCBCQ?PPMJJMBCJ?Q?ARGTGB?BCQ
CVRP?ARGT?Q W J?Q LCACQGB?BCQ BC BCQ?PPMJJM BCJ N?eQ W J?Q NCPQNCARGT?Q BC
BCQ?PPMJJMBCJ?QPCEGMLCQWJMA?JGB?BCQ
$CMRPMJ?BM
CJ3CARMP%LCPEe?W-GL?QRGCLCAMKMTGQGgL?J?QCESP?PCJ
?@?QRCAGKGCLRMBCJ?CLCPEe??AMQRMQAMKNCRGRGTMQOSCPCOSGCPCCJAPCAGKGCLRM
BC J? CAMLMKe?
BCLRPM BC SL K?PAM GLQRGRSAGML?J OSC NPMKSCT? CJ BCQ?PPMJJM
QMQRCLG@JC BCJ N?eQ 0?P? CJJM QC F? NJ?LRC?BM JMQ QGESGCLRCQ M@HCRGTMQ G
-MBGDGA?P J? ?ARS?J K?RPGX CLCPEbRGA? BCJ 0CPj KCBG?LRC CJ BCQ?PPMJJM BC J?Q
DSCLRCQ NPGK?PG?Q BGQNMLG@JCQ CL CJ N?eQ AMLQSKGCLBM JM OSC RCLCKMQ E?Q
L?RSP?J W PCASPQMQ FeBPGAMQ
W BCH?P BC AMLQSKGP JM OSC CJ N?eQ LM NPMBSAC C
GKNMPR? NPGLAGN?JKCLRC BGCQCJ
GG
0PMKMTCP CJ BCQ?PPMJJM QMQRCLG@JC BC J?Q
DSCLRCQPCLMT?@JCQBCCLCPEe?FGBPMCLCPEe?
CLCPEe?ECMRbPKGA?
CgJGA?
QMJ?P
W @GMAMK@SQRG@JCQ %JJM CQ AMGLAGBCLRC AML %J !ASCPBM .?AGML?J OSC CL QS
BbAGKMLMTCL?NMJeRGA?BCCQR?BM $CQ?PPMJJM3MQRCLG@JCW'CQRGgL!K@GCLR?J
KCLAGML? OSC |CQRGKSJ?P\ J? GLTCPQGgL ?K@GCLR?J W J? RP?LQDCPCLAG? BC
RCALMJMEe? N?P? J? ECLCP?AGgL BC ?ARGTGB?BCQ GLBSQRPG?JCQ
KGLCP?Q
BC
RP?LQNMPRC
BCQ?LC?KGCLRMWBCCLCPEe?K\QJGKNG?QWAMKNCRGRGT?Q}
0?P? J? NPMKMAGgL BC %LCPEe?Q 2CLMT?@JCQ CL CJ 0CPj KCBG?LRC J? GLGAG?RGT?
NPGT?B?BCQACLRP?JGX?B? $e?X
NPMNMLC G
$GQNMLG@GJGB?B BC GLDMPK?AGgL
QM@PC CQRSBGMQ BCJ NMRCLAG?J CLCPEbRGAM K?N? QMJ?P
K?N? CgJGAM
K?N?
FeBPGAM
MRPMQ
GG
%QR?@JCACPSL?KCRMBMJMEe??KNJG?KCLRC?ACNR?B?QM@PCJMQ
@CLCDGAGMQ QMAG?JCQ BC J? CLCPEe? PSP?J SQMQ NPMBSARGTMQ
CBSA?AGgL
ASGB?BM
BCJ?Q?JSB
AMLRPMJBCBCDMPCQR?AGgL
MASN?AGgLBCJ?QDPMLRCP?QWGGG
3M@PCJ?
@?QC BC JMQ @CLCDGAGMQ QMAG?JCQ
BCDGLGP DMLBMQ AMLASPQ?@JCQ N?P? AMDGL?LAG?P
NPMWCARMQ NGJMRM AML CLCPEe?Q PCLMT?@JCQ A?QM BCJ &MLBM N?P? J?
%JCARPGDGA?AGgL2SP?J &/.%2
%J -GLGQRCPGM BC %LCPEe? W -GL?Q N?PRC BCJ AMLTCLAGKGCLRM BC OSC QC NSCBC
?PKMLGX?P J? A?N?AGB?B NPMBSARGT?
J? M@RCLAGgL BC BGTGQ?Q W J? ECQRGgL QMAG?J
CLSLK?PAMCQNCAeDGAMCJBCQ?PPMJJMQMQRCLG@JC '?KGM
%LJ?NP\ARGA?
CQRC BGQASPQM MDGAG?J CLASCLRP? BGDGASJR?BCQ BC NJ?QK?PQC CL CJ A?KNM NMP CJ
?JRM EP?BM BC AMLDJGARGTGB?B PCEGQRP?B? CLRPC AMKSLGB?BCQ W CKNPCQ?Q
CVRP?ARGT?Q W OSC F? QGBM ?KNJG?KCLRC BMASKCLR?BM NMP J? $CDCLQMPe? BCJ
0SC@JM CL CJ GLDMPKC CVRP?MPBGL?PGM ,MQ AMLDJGARMQ QMAGM?K@GCLR?JCQ NMP
?ARGTGB?BCQCVRP?ARGT?QCLCJ0CPj $CDCLQMPe?BCJ0SC@JM
!LGTCJ2CEGML?J
,? NMJeRGA? PCEGML?J BC BCQ?PPMJJM CLCPEbRGAM LM CQ QGLM SL? CVRCLQGgL BC J?
NMJeRGA? L?AGML?J 3GL CK@?PEM F?W OSC QCf?J?P OSC CJ N?eQ QC CLASCLRP? CL
NPMACQM BC BCQACLRP?JGX?AGgL KCBG?LRC CJ AS?J QC F?L ?QGEL?BM DSLAGMLCQ
CQNCAeDGA?Q ? JMQ 'M@GCPLMQ 2CEGML?JCQ .M M@QR?LRC
J? @?H? GKNJCKCLR?AGgL
CLPCASPQMQK?RCPG?JCQWDGL?LAGCPMQ?RCLR?AMLRP?SLBCQ?PPMJJMK\Q?SRgLMKM
%J MRMPE?KGCLRM BC AMLACQGMLCQ QC F?AC BGPCAR?KCLRC CLRPC 0%25 0%42/ W
J?QCKNPCQ?QWAS?LBMF?WQSNCPNMQGAGgLAMLJ?QAMKSLGB?BCQQCJCQGLDMPK?
BGPCAR?KCLRC
%LCLCPMBCJCJEM@GCPLMPCEGML?JBC5A?W?JG '/2%5
W0%250%42/
DGPK?PML SL? $CAJ?P?AGgL BC !JG?LX? %QRP?RbEGA? ASWM M@HCRGTM CQ PC?JGX?P
CQDSCPXMQ AMLHSLRMQ N?P? J? NPMKMAGgL BC J? GLTCPQGgL CL ?ARGTGB?BCQ BC
CVNJMP?AGgL W CVNJMR?AGgL BC FGBPMA?P@SPMQ !QCESP?L OSC QC JJCT?P\ ? A?@M
BCLRPM BCJ K?PAM BCJ PCQNCRM ? ?QNCARMQ QMAG?JCQ W ?K@GCLR?JCQ %Q ?Qe OSC
?K@?QGLQRGRSAGMLCQQCAMKNPMKCRGCPML?NPMRCECP?J?QAMKSLGB?BCQL?RGT?Q
S@GA?B?Q CL JMQ JMRCQ BC CVNJMP?AGgL BC FGBPMA?P@SPMQ !(/2!
%L CJ
0J?LBC!AAGgL!K@GCLR?JBC5A?W?JGQCAMLQGEL?J?PC?JGX?AGgLBCSLGLDMPKC
@G?LS?JBCJGKN?ARMBCJ??ARGTGB?BNCRPMJCP?(?QR?BMLBCQCRCLE?LMRGAG?LM
CVGQRCLR?JCQPCNMPRCQ
5L?EP?LNPCMASN?AGgLKMQRP?B?NMPJ?Q?SRMPGB?BCQWJeBCPCQPCEGML?JCQCQCJ
GLAPCKCLRMBC@CLCDGAGMQNPMBSARMQBCJ?CVNJMR?AGgLE?QeDCP?WNCRPMJCP?R?LRM
?J GLRCPGMP BC J? PCEGgL AMKM J? OSC QC PC?JGX? CL XML?Q ?BW?ACLRCQ !Qe
J?
$GPCAAGgL 2CEGML?J BC -GLCPe? BC 5A?W?JG NPMNMLC OSC CJ E?QCMBSARM BC
#?KGQC? JJCESC F?QR? CJ 0SCPRM BC 0SA?JJN? W OSC J? ASCLA? BCJ 5A?W?JG QC?
GLAJSGB?CLJ?XML?BCGKN?ARMBCJ0PMWCARM#?KGQC?%QRMCLDSLAGgL?OSCCJ
2eM5A?W?JGQCSQ?N?P?CJRP?LQNMPRCBCK?OSGL?PG?QWCOSGNMQBCCVNJMP?AGgL
W ?BCK\Q NMPOSC QSQ ?ES?Q PCAG@CL JMQ PCQGBSMQ AMLR?KGL?LRCQ BC J?
CVNJMR?AGgLE?QeDCP?BC#?KGQC?%JJMNCPKGRGPe?
QCEjLCJ$GPCARMP2CEGML?JBC
-GLCPe?
M@RCLCPNPCQSNSCQRMQN?P?NPCTCPAMLRGLECLAG?Q?K@GCLR?JCQ 6eJAFCX
A
(?QR??@PGJBCJJ?QQMJGAGRSBCQ?JCHCASRGTMN?P?M@RCLCPCJBCJ
A?LML BCJ E?Q BC !ES?WRe? LM F?@e?L RCLGBM CAM CL CJ %HCASRGTM :?K@P?LM
A
!jL AS?LBM CJ 'M@GCPLM 2CEGML?J BC 5A?W?JG CQR\ AJ?PM QM@PC J? RCLBCLAG?
APCAGCLRC BC BCQ?PPMJJM BC JMQ @GMAMK@SQRG@JCQ CL J? !K?XMLe?
CJ K?LGDGCQR?
KSAF?Q BSB?Q QM@PC J? AMLTCLGCLAG? BC NPMKMAGML?PJ? NMP CJ RCKMP ? J?
BCDMPCQR?AGgLK?QGT?OSCNSBGCP?A?SQ?P$CQBCCJQCARMPNPGT?BM
GLRCPCQ?BM
CL CJ BCQ?PPMJJM BC @GMAMK@SQRG@JCQ
QC NJ?LRC? SQ?P J?Q \PC?Q BCDMPCQR?B?Q
!Qe NMP CHCKNJM J? CKNPCQ? %R?LMJ 5A?W?JG F? NJ?LRC?BM J? QGCK@P? BC SL
KGJJgL BC F? BC A?f? BC ?XjA?P SQ?LBM QSCJMQ BCEP?B?BMQ CVGQRCLRCQ
-CLAGML?LAMKM?QNCARMQNMQGRGTMQOSCQCECLCP?P\LKGJCKNJCMQBGPCARMQ
W
CKNJCMQ CL J? GLBSQRPG? !AJ?P?L OSC LM RMA?P\L SL ACLReKCRPM
AS?BP?BM BCJ @MQOSC -?ACBM
?
%L LMTGCK@PC BCJ CJ ).)!
?LSLAG?@? J? JJCE?B? ? 5A?W?JG BC NJ\LRSJ?Q BC A?f? BC ?XjA?P N?P? J?
CKNPCQ?%R?LMJBC5A?W?JG3!#J?QAS?JCQG@?L?QCPBCQRGL?B?Q ?QCKGJJCPMQ
-?ACBM
A
%VGQRC SL NPMWCARM BCJ 'M@GCPLM .?AGML?J BC PCDMPCQR?P
F? BC \PC?Q BCDMPCQR?B?Q CL J?Q PCEGMLCQ BC 3?L -?PReL
5A?W?JG
,MPCRMW(S\LSAM%LCQRCAMLRCVRMCLCLCPMBCJQCBGMGLGAGMCL5A?W?JG
?J CQR?@JCAGKGCLRM BC F? BC N?JK? ?ACGRCP? 3C RGCLC NPCTGQRM CJ
CQR?@JCAGKGCLRM BC F? ?BGAGML?JCQ BC J? CQNCAGC N?P? GLACLRGT?P J?
NPMBSAAGgL BC @GMBGCQCJ 6eJAFCX
?
3C BC@C AMLQGBCP?P OSC CL J? ,CW
&MPCQR?J W BC &?SL? 3GJTCQRPC .l QC GLAJSe? ? J? N?JK? ?ACGRCP? AMKM
CQNCAGCN?P?PCDMPCQR?AGgL
CPPMPOSCQCPCNGRCCLCJ$CAPCRM,CEGQJ?RGTM
!ARS?JKCLRC CJ $CAPCRM JCEGQJ?RGTM CQR\ QCPG?KCLRC ASCQRGML?BM NMPOSC
LMMASJR?QSMPGCLR?AGgL?J?NPMKMAGgLBC@GMAMK@SQRG@JCQ
%J NPCQGBCLRC BCJ ))!0 NMP QS N?PRC AMLQGBCP? OSC BGCX KGJJMLCQ BC FCAR\PC?Q
BCDMPCQR?B?Q CL J? !K?XMLe? NSCBCL QCP SRGJGX?B?Q N?P? CJ ASJRGTM BC J? A?f?
BC?XjA?P
FGESCPGJJ?
NGfgL@J?LAMWN?JK??ACGRCP?AMLJ?DGL?JGB?BBCCVRP?CP
@GMAMK@SQRG@JCQ W PCBSAGP J? CKGQGgL BC AMLR?KGL?LRCQ 1SGQNC
@
.M
M@QR?LRC QC F?L J?LX?BM ?JESL?Q APeRGA?Q ? J? NPMKMAGgL BC @GMAMK@SQRG@JCQ
NSCQ CL CJ NPMACQM BC NPMBSAAGgL QC CQR\ CKGRGCLBM E?QCQ BC CDCARM
GLTCPL?BCPM '%)
CL ?JESLMQ A?QMQ NMQG@JCKCLRC F?QR? K\Q BC JM OSC
CKGRGCP?CJSQMBCAMK@SQRG@JCQDgQGJCQ 6CCL
%L CJ 0J?L #MLACPR?BM BC $CQ?PPMJJM BC J? 2CEGgL BC 5A?W?JG QC
QCf?J?@? AMKM M@HCRGTMQ G
CVNJMR?AGgL KGLCP? DMPK?JGX?B? W BGTCPQGDGA?B?
GG
DPMLRCP? CLCPEbRGA? ?KNJG?B? AMLQGBCP?LBM DSCLRCQ ?JRCPL?RGT?Q LM
RP?BGAGML?JCQ
GGG
?SRM?@?QRCAGKGCLRM BC FGBPMA?P@SPMQ
GT
KCPA?BM BC E?Q
L?RSP?J NJCL?KCLRC BCQ?PPMJJ?BM CL J? PCEGgL
T
QCESPGB?B CVRPCK? BC JMQ
RP?@?H?BMPCQ W J? QMAGCB?B GLTMJSAP?BMQ CL J?Q ?ARGTGB?BCQ CVNJMP?RMPG?Q
NPMBSARGT?Q W BC RP?LQDMPK?AGgL
R?LRM KGLCP?Q AMKM CLCPEbRGA?Q W TG
ASJRSP?
BCAMLQCPT?AGgLWLMAMLR?KGL?AGgLBCJKCBGM?K@GCLRC
,? CLCPEe? QMJ?P AMLQRGRSWC SL EP?L NMRCLAG?J CL 5A?W?JG AML SL? P?BG?AGgL
QMJ?P BC ? IUFKBe?
NMP JM OSC BC@CPe? PCAG@GP SL? NMJeRGA? BC
NPMKMAGgLK\QCLD\RGA?
%L HSJGM BCJ J? PCEGgL QC BCAJ?Pg CL N?PM GLBCDGLGBM AMKM KCBGB? BC
NPMRCQR?AMLRP?CJ'M@GCPLM.?AGML?JNMPCTGR?POSCQCPCRGPCJ?QCVMLCP?AGMLCQ
RPG@SR?PG?Q
PbEGKCLCQNCAG?JOSCDSCNPMKSJE?BMN?P?D?TMPCACPJ?QGLTCPQGMLCQ
CL J? !K?XMLe?
W N?P? JMEP?P K?WMPCQ GLEPCQMQ NMP CJ A?LML CLCPEbRGAM BCJ
E?QOSCAMLRCKNJ?J?JCEGQJ?AGgLNCPS?L?
%JA?LMLCQJ?N?PRGAGN?AGgLCDCARGT?W?BCAS?B?BCJ?OSCEMX?LJMQEM@GCPLMQ
PCEGML?JCQWJMA?JCQBCJRMR?JBCJMQGLEPCQMQWPCLR?QM@RCLGBMQNMPCJ%QR?BMNMPJ?
CVNJMR?AGgLCAMLgKGA?BCJMQPCASPQMQL?RSP?JCQ
OSC QC NPMBSXA? CL J? PCEGgL 5A?W?JG !ES?WRe? W MRPMQ
W CJ OSC LMQ
AMPPCQNMLBC
NMPQCP\PC?BCGLDJSCLAG? #?KGQC?W0?EMPCLG
}
,?QCVMLCP?AGMLCQRPG@SR?PG?QDSCPMLAMLRCKNJ?B?QCLJ?,CWBC0PMKMAGgLBC
J? )LTCPQGgL CL J? !K?XMLe? ,CW .r
OSC DSC NPMKSJE?B? ? DGLCQ BC
AML J? DGL?JGB?B BC GKNSJQ?P CJ BCQ?PPMJJM QMQRCLG@JC C GLRCEP?J CL CQR?
XML? 3GL CK@?PEM
?JESLMQ GLBGA?BMPCQ KSCQRP?L OSC LM QC F?@Pe?L JMEP?BM
JMQ M@HCRGTMQ NCPQCESGBMQ NMP CQR? KCBGB? !Qe
CJ APCAGKGCLRM ?ASKSJ?BM
BCQBCF?QR?CJF?@Pe?QGBM?JPCBCBMPBCN?P?J?!K?XMLe?
CL
AMKN?P?AGgL?JBCJPCQRMBCBCN?PR?KCLRMQ!QGKGQKM
J?CVMLCP?AGgLBC
JMQ GKNSCQRMQ AMKM CJ )KNSCQRM 'CLCP?J ? J?Q 6CLR?Q )'6
N?P? RMB? J?
!K?XMLe? W CJ )KNSCQRM 3CJCARGTM ?J #MLQSKM )3#
BC AMK@SQRG@JCQ CL
,MPCRM
5A?W?JG W -?BPC BC $GMQ LM QC F? RP?BSAGBM CL KCLMPCQ NPCAGMQ N?P?
SL PS@PM @\QGAM C GKNMPR?LRC AMKM !JGKCLRMQ W "C@GB?Q -GLGQRCPGM BC
%AMLMKe? W &GL?LX?Q
%QRMQ QML JMQ ?PESKCLRMQ NMP JMQ OSC CJ
'M@GCPLM .?AGML?J NPCRCLBGg CJGKGL?P J?Q CVMLCP?AGMLCQ RPG@SR?PG?Q CL 5A?W?JG
NCPM LM DSC NMQG@JC NMP CJ DSCPRC PCAF?XM BC J? NM@J?AGgL W QSQ BGPGECLRCQ ?
RP?TbQBCJKCLAGML?BMN?PMPCEGML?J3CF?NPCTGQRMQSTGECLAG?F?QR?CJ
-?PAMGLQRGRSAGML?J
%JNPM@JCK?BCJ?ECQRGgL?K@GCLR?JCLCJ0CPjCQOSCCQCLEMPPMQ?WBGQNCPQ?
JM OSC BGDGASJR?@? OSC CJ #MLQCHM .?AGML?J BC BCJ !K@GCLRC #/.!-
OSGCL
RCLe? CJ ReRSJM BC !SRMPGB?B !K@GCLR?J .?AGML?J
NSBGCP? CHCPACP CDCARGT?KCLRC
QSQDSLAGMLCQ
CLR?LRMQSDSLAGML?KGCLRMCVFG@e?NMA?TGQG@GJGB?B
A?PCAe?BC
NCQM NMJeRGAM W LM AMLR?@? AML JMQ PCASPQMQ DGL?LAGCPMQ N?P? JMEP?P QSQ
GKNMPR?LRCQ DGLCQ $C CJJM B? ASCLR? CJ FCAFM BC OSC JSCEM BC ?fMQ BC
DSLAGML?KGCLRM CJ 0CPj LM AMLR?P? AML SL? NMJeRGA? ?K@GCLR?J $CDCLQMPe? BCJ
0SC@JM
#ML K\Q BC CLRGB?BCQ W CLRGB?BCQ KGLGQRCPG?JCQ CQR?
BGQNCPQGgL ?K@GCLR?J AMLRPG@SWC ?J BC@GJGR?KGCLRM BCJ QGQRCK? BC ECQRGgL
?K@GCLR?J !DGPK? ,SL?
OSC |A?B? QCARMP M@QCPT? W PCQSCJTC BCQBC QS
NPMNGM PGLAgL W BCQBC QS NPMNGM GLRCPbQ JMQ AMLDJGARMQ OSC CVNJMR?L CL CJ
A?KGLM
?SLOSC QGCKNPC F?W? K\Q BC SL KGLGQRCPGM GLTMJSAP?BM %L CQMQ
A?QMQ
J?ASJN?QCP\BCRMBMQ
J?PCQNMLQ?@GJGB?BQCP\BCL?BGC}#?B?SLMBC
JMQQCARMPCQRGCLC?JGLRCPGMPSL?MDGAGL??K@GCLR?JJMOSCJMAMLTGCPRCCLHSCXW
N?PRC0MPCHCKNJM
CLCJA?QMCQNCAeDGAMBCJ-GLGQRCPGMBC%LCPEe?W-GL?QQC
ASCLR? JMQ QGESGCLRCQ PE?LMQ BC ,eLC? $GPCAAGgL 'CLCP?J BC %JCARPGAGB?B
$GPCAAGgL'CLCP?JBC%JCARPGDGA?AGgL2SP?J
$GPCAAGgL'CLCP?JBC(GBPMA?P@SPMQ
$GPCAAGgL 'CLCP?J BC -GLCPe?
$GPCAAGgL 'CLCP?J BC !QSLRMQ !K@GCLR?JCQ
-GLCPMQW$GPCAAGgL'CLCP?JBC!QSLRMQ!K@GCLR?JCQ%LCPEbRGAMQ
?K@GCLR?JSLGDGA?B?,?APC?AGgLBCJ-GLGQRCPGMBCJ!K@GCLRCQCB?CLCJK?PAM
BCJASKNJGKGCLRM?JMQAMKNPMKGQMQGLRCPL?AGML?JCQECLCP?BMQNMPCJ4P?R?BM
BC ,G@PC #MKCPAGM 4,#
AML %QR?BMQ 5LGBMQ BC !KbPGA? W NMP CJ
AMLBGAGML?KGCLRM OSC FGAGCP? %QR?BMQ 5LGBMQ N?P? B?P SL NPbQR?KM CL J?
QCESLB?N?PRCBCJNPMWCARME?QeDCPMBC#?KGQC? ,?LCEP?
%J K?PAM GLQRGRSAGML?J AML PCJ?AGgL ?J BCQ?PPMJJM CLCPEbRGAM CQ DPMLBMQM AML
CVNPCQGMLCQ ? LGTCJ L?AGML?J W PCEGML?J %J #S?BPM KSCQRP? J?Q NPGLAGN?JCQ
GLQRGRSAGMLCQJGE?B?Q?JBCQ?PPMJJMCLCPEbRGAM
#S?BPM0PGLAGN?JCQGLQRGRSAGMLCQL?AGML?JCQWPCEGML?JCQJGE?B?Q?JBCQ?PPMJJM
CLCPEbRGAMW?K@GCLRC
NPMNGAG?LBM J? AMKNCRCLAG? CL CJ
KCPA?BM
.?AGML?J 0%250%42/ %Q J? %KNPCQ? %QR?R?J BC BCPCAFM $?<:<A<?. 12
3! NPGT?BM
CLA?PE?B? BC NPMKMTCP J? 6;C2?@6L;
GLTCPQGgLCL?ARGTGB?BCQBCCVNJMP?AGgLW
CVNJMR?AGgLBCFGBPMA?P@SPMQCLCJN?eQ
.?AGML?J /3).%2'-). %LA?PE?BM BC QSNCPTGQ?P CJ AMPPCARM 'B=2?C6@<?
/PE?LGQKM ?@?QRCAGKGCLRM BC CLCPEe?
PCESJ?P
3SNCPTGQMP BC CDGAGCLRCKCLRC JMQ QCPTGAGMQ Nj@JGAMQ BC
J? )LTCPQGgL CJCARPGAGB?B W E?Q L?RSP?J
C GKNSJQ?P CJ
CL %LCPEe? W BCQ?PPMJJMLMPK?RGTMBCJQCARMP
?ARS?LBM
-GLCPe? N?P?CJJMAML?SRMLMKe?WRP?LQN?PCLAG?
.?AGML?J 0PMWCARM 2CQNMLQ?@JC BC NPMKMTCP CJ BCQ?PPMJJM $?<:<A<? 12
&/.%2 BC J? CJCARPGDGA?AGgL PSP?J
CJ SQM 2920A?6360.06L;
&MLBM N?P? J? NPMBSARGTM BC J? CLCPEe? W CJ CKNJCM BC ?B?.9
%JCARPGDGA?AGgL CLCPEe?Q PCLMT?@JCQ
CL SL ?BCAS?BM
2SP?J K?PAMJCE?JWLMPK?RGTM
.?AGML?J ).2%.! %LA?PE?BM BC PC?JGX?P J?Q ?AAGMLCQ "<?:.A6C<
)LQRGRSRM BC LCACQ?PG?Q N?P? CJ ?NPMTCAF?KGCLRM
2CASPQMQ QMQRCLG@JC BC JMQ PCASPQMQ L?RSP?JCQ
.?RSP?JCQ PCLMT?@JCQ
A?SRCJ?P J? AMLQCPT?AGgL BC
J? ECQRGgL QMQRCLG@JC BCJ KCBGM ?K@GCLRC
PSP?J W J? @GMBGTCPQGB?B QGJTCQRPC #MKM
?SRMPGB?B L?AGML?J
BC@C PC?JGX?P QS
RP?@?HM CL CQRPCAF? PCJ?AGgL AML
EM@GCPLMQ PCEGML?JCQ W JMA?JCQ
QMAGCB?B
AGTGJMPE?LGX?B?CGLQRGRSAGMLCQNj@JGA?QW
NPGT?B?Q
2CEGML?J $GPCAAGgL BC %LA?PE?B? BC NPMKMTCP J? GLTCPQGgL $?<:<A<? 12
%LCPEe? W NPGT?B? CL J?Q ?ARGTGB?BCQ KGLCPM 6;C2?@6L;
-GL?Q BCJ CLCPEbRGA?Q
CL SL K?PAM JCE?J =?6C.1. .
'M@GCPLM AMKNCRGRGTM BCLRPM BC SL BCQ?PPMJJM ;6C29?246<;.9
2CEGML?J BC QMQRCLG@JC
GLACLRGT?LBM J? GLTCQRGE?AGgL
5A?W?JG W J? A?N?AGR?AGgL W AMLRPG@SWCLBM
?QGKGQKM ? J? NPCQCPT?AGgL BCJ KCBGM
?K@GCLRC
W JMEP?P SL? ASJRSP? BC
AMLQCPT?AGgL
QCESP?
W PCJ?AGMLCQ
?PKMLGMQ?Q CLRPC JMQ ?ARMPCQ CQR?BM
CKNPCQ?AMKSLGB?B
2CEGML?J 920A?< @B;.2:=?2@.12@2?C606<=M/960<12 $?<C221<? 12
)0.F.96' 2920A?6061.1 129 12=.?A.:2;A< 12 @2?C606<@
)0.F.96 >B2 ?2.96G. .0A6C61.12@ 12 29I0A?60<@
42;2?.06L;A?.;@:6@6L;F16@A?6/B06L;
12 2;2?4J. 29I0A?60. 12;A?< 129 H:/6A<
12@B.0A6C61.12;29:.?0<129. 2F
<;02@6<;2@ 9I0A?60.@ F @B
&249.:2;A<
&SCLRC %J?@MP?AGgL NPMNG? RMK?LBM AMKM PCDCPCLAG? GLDMPK?AGMLCQ GLQRGRSAGML?JCQ BC QSQ
PCQNCARGTMQQGRGMQ7C@
,?GLQRGRSAGgLBGPCAR?KCLRCPCJ?AGML?B?AMLJ?BCDCLQ?BCJMQBCPCAFMQBCJMQ
NSC@JMQ GLBeECL?Q CQ CJ )LQRGRSRM .?AGML?J BC $CQ?PPMJJM BC JMQ 0SC@JMQ
!LBGLMQ
!K?XgLGAMQ W !DPMNCPS?LMQ ).$%0!
QGL CK@?PEM
CJ 'M@GCPLM
NCPS?LMBCAGBGg
CJBCDC@PCPMBC
BGQMJTCP).$%0!WPCBSAGPJM?SL?
$GPCAAGgLBC0SC@JMQ/PGEGL?PGMQ
BCLRPMBCJ-GLGQRCPGMBCJ?-SHCPW$CQ?PPMJJM
3MAG?J -)-$%3
#MLCQR?KCBGB?
CJ%QR?BMPCRPMACBGgQGCRC?fMQCLK?RCPG?
BC GLQRGRSAGML?JGB?B Nj@JGA? ? D?TMP BC JMQ NSC@JMQ GLBeECL?Q
NSCQ BC SL
MPE?LGQKM Nj@JGAM BCQACLRP?JGX?BM /0$
AML ?SRMLMKe? W P?LEM KGLGQRCPG?J
OSC BCNCLBe? BGPCAR?KCLRC BC J? 0PCQGBCLAG? BCJ #MLQCHM BC -GLGQRPMQ
QC
PCRMPLg ? SL? GLQR?LAG? HCP\POSGA? W DSLAGML?J KSAFM KCLMP )7')!
"?HM CQRC AMLRCVRM GLQRGRSAGML?J RGCLC KSW NMAM K?PECL BC ?AAGgL DPCLRC ?
A?QMQ BC TGMJ?AGMLCQ BC BCPCAFMQ FSK?LMQ BC NSC@JMQ GLBeECL?Q PCQNCARM ?
?ARGTGB?BCQCVRP?ARGT?Q
$CQBC CJ \K@GRM LMPK?RGTM QC CLASCLRP?L A?QMQ BC GLAMLQGQRCLAG?Q JCE?JCQ
JCWCQOSCQCBCQAMLMACL
JCWCQOSCLMQCPCEJ?KCLR?L
AMKMCQCJA?QMBCJ?
,CWOSCPCESJ?CJNPMACBGKGCLRMBC%T?JS?AGgLBC)KN?ARM!K@GCLR?J
W
QCPG?Q JGKGR?AGMLCQ N?P? F?ACP CVGEG@JC J? JCW %L MRPMQ A?QMQ CVGQRC J? LMPK?
QGL CK@?PEM CVGQRC BC@GJGB?B W NbPBGB? BC APCBG@GJGB?B BC JMQ GLQRPSKCLRMQ BC
ECQRGgL ?K@GCLR?J R?JCQ AMKM G
,? %T?JS?AGgL BC )KN?ARM !K@GCLR?J
GG
,MQ
0PMEP?K?QBC!BCAS?AGgLW-?LCHM!K@GCLR?J
GGG
,MQ%QR\LB?PCQBC#?JGB?B
GT
,?Q LMPK?Q N?P? CJ ?GPC W J? GLGAG?RGT? NMP J? JCW BC ?GPC JGKNGM W T
,?
PCQGQRCLAG??SQ?PKCA?LGQKMQDGL?LAGCPMQCGLACLRGTMQ 0SJE?P6GB?J
%Q
?Qe AMKM ? BGAGCK@PC BCJ LM QC F?@e? ?NPM@?BM LGLESL? BC J?Q
LMPK?Q QM@PC %QR\LB?PCQ BC #?JGB?B !K@GCLR?J %#!3
W JeKGRCQ -\VGKMQ
0CPKGQG@JCQ ,-0
? JMQ OSC QC AMKNPMKCRGg CJ 'M@GCPLM ,? .CEP?
%QRMDSCN?PAG?JKCLRCAMPPCEGBMF?AG?KCBG?BMQBCK?WMBCJCLCJOSC?
RP?TbQ BCJ $CAPCRM 3SNPCKM .l 0#- QC CQR?@JCAGCPML JMQ ,eKGRCQ
-\VGKMQ0CPKGQG@JCQBCCDJSCLRCQN?P?CJQCARMP(GBPMA?P@SPMQ
0CPMLMQgJMCQSLNPM@JCK?BCBGQNCPQGgLGLQRGRSAGML?JQGLMBCJ?QAMLBGAGMLCQ
CL J?Q OSC BCQ?PPMJJ?L QSQ DSLAGMLCQ !J PCQNCARM QC B? ASCLR? BCJ GLAGNGCLRC
BCQ?PPMJJMBCJ?QPCESJ?AGMLCQQM@PCCQR\LB?PCQ?K@GCLR?JCQWCJFCAFMOSCJ?
?NPM@?AGgLBCJMQCQRSBGMQBCGKN?ARM?K@GCLR?JQC?PC?JGX?B?NMPCJ-GLGQRCPGM
BC %LCPEe? W -GL?Q -).%-
BCRCPKGL? JMQ ?JA?LACQ BC J? DGQA?JGX?AGgL ,?
$CDCLQMPe? BCJ 0SC@JM
KCLAGML? OSC CJ /3).%2'-). LM ASCLR? AML
JMQ GLQRPSKCLRMQ OSC JC NCPKGR?L E?P?LRGX?P J? NPMRCAAGgL BCJ CQN?AGM TGR?J
NSCQRM OSC LM DGH? JMQ JeKGRCQ K\VGKMQ NCPKGQG@JCQ LG GLRCPTGCLC CL J?
CT?JS?AGgL BC JMQ CQRSBGMQ BC GKN?ARM ?K@GCLR?J 3C NSCBC ?DGPK?P CLRMLACQ
OSCCJQGQRCK?BCGLQNCAAGgL
DGQA?JGX?AGgLWQ?LAGMLCQQMLNMAMCDCARGT?QNSCQ
K\Q BC SL BC J?Q KSJR?Q GKNSCQR?Q QML ?LSJ?B?Q CL NPMACQMQ JCE?JCQ
"CPL?JCQ
4?K@GbLQCPCEGQRP?LKSAF?QD?JCLAG?QCLJ?ECQRGgLWNJ?LGDGA?AGgLWSL??JR?
GLHCPCLAG? NMJeRGA? !BCK\Q
DPCLRC ? QGRS?AGMLCQ AMLAPCR?Q F?W NPM@JCK?Q BC
PCASPQMQ W A?N?AGB?BCQ RbALGA?Q CQNCAG?JGX?B?Q AMKM QC BCKSCQRP? CL CJ
AS?BPM
#S?BPM 0PM@JCK?Q GLQRGRSAGML?JCQ N?P? J? BCKMQRP?AGgL AGCLReDGA? BC
GKN?ARMQNMPJ??ARGTGB?BBCFGBPMA?P@SPMQ
.CACQGB?BBCBCKMQRP?AGgLAGCLReDGA? 0PM@JCK?GLQRGRSAGML?J
"6C292@120<;A.:6;.06L;12.4B. .6?2006L;2;2?.912'.9B1
.6?2F@B29< :/62;A.9';<0B2;A.0<;
?20B?@<@AI0;60<@F36;.;062?<@>B2
92=2?:6A.;B;.9./<?2320A6C.
320A<@129.0<;A.:6;.06L; !I160<@;<@62:=?22@AH;2;9.
.:/62;A.92;9.@=2?@<;.@ 0.=.061.11216.4;<@A60.?9.
6;A<E60.06L;=<?:2A.92@=2@.1<@
0<;3B;16I;1<9<@0<;@J;A<:.@12
<A?.@2;32?:21.12@
&SCLRC$CDCLQMPe?BCJ0SC@JM
/RPM RCK? AJ?TC PCDGCPC ? JMQ GLQRPSKCLRMQ BC ECQRGgL ?K@GCLR?J !JESLMQ
NPM@JCK?QBCRCAR?BMQAMLJMQ%)!PCDGCPCL?OSCJ?Q'Se?QLMQMLTGLASJ?LRCQ
LG CQR\L ?ARS?JGX?B?Q AML CQR\LB?PCQ GLRCPL?AGML?JCQ ,MQ RbPKGLMQ BC
PCDCPCLAG? BCR?JJ?BMQ LM QML CVGEG@JCQ W J? ?SRMPGX?AGgL DGL?J BCNCLBC BCJ
-).%- $GPCAAGgL 'CLCP?J BC !QSLRMQ !K@GCLR?JCQ -GLCPMQ%LCPEbRGAMQ
$'!!-%
LM CQ RP?LQCARMPG?J !BGAGML?JKCLRC
JMQ R?JJCPCQ GLDMPK?RGTMQ W
?SBGCLAG?Q Nj@JGA?Q NPCTG?Q ? J? ?NPM@?AGgL BCJ %)! QML NMAM CDCARGT?Q
"CPL?JCQ
%J#S?BPMKSCQRP?J?NPM@JCK\RGA?QBCJMQCQR\LB?PCQBC
A?JGB?B?K@GCLR?J
#S?BPM0PM@JCK\RGA?BCJMQCQR\LB?PCQBCA?JGB?B?K@GCLR?J
%VGQRC SL 3GQRCK? BC 'CQRGgL !K@GCLR?J NCPM OSC LM QC GKNJCKCLR?
?NPMNG?B?KCLRC %L J? NCPACNAGgL AGSB?B?L? JMQ RCK?Q BC FGBPMA?P@SPMQ W
KGLCPe? CQR\L ?QMAG?BMQ ? AMLDJGARMQ %J %QR?BM Q?R?LGX? ? J?Q /.'
?K@GCLR?JGQR?Q W QS@CQRGK? J?Q PC?AAGMLCQ JMA?JCQ CVGEGCLBM NPMACQMQ BC
BG\JMEMCLCJK?PAMBCQSNPMNG??ECLB?WLMB?LBMKSAF?K?PECLN?P?J?Q
NPMNSCQR?QAGSB?B?L?Q,?J?@MPBCTGEGJ?LAG?QMAG?JW?K@GCLR?JBCJ?Q/.'CQ
A?JGDGA?B? BC ?LRGN?RPGMR? CL R?LRM
? CLRCLBCP BCJ %QR?BM
AMLQRGRSWCL SL
M@QR\ASJM N?P? J? DJSGBCX BC J?Q GLTCPQGMLCQ &PCLRC ?J NPMACQM BC
BCQACLRP?JGX?AGgLCVGQRCSLRCKMP?J?RMK?BCBCAGQGMLCQJMA?JCQOSCNMBPe?L
?DCAR?PJ?QGLTCPQGMLCQ $CDCLQMPe?BCJ0SC@JM
%QGKNMPR?LRCOSCCJ%QR?BMNCPS?LM?QSK?J?PC?JBGKCLQGgL?K@GCLR?JCLCJ
BCQ?PPMJJM BCJ N?eQ %J GLDMPKC BCJ "?LAM -SLBG?J BCJ KCLAGML? OSC CJ
AMQRM BC J? BCEP?B?AGgL ?K@GCLR?J CL CJ N?eQ CQ BCJ MPBCL BCJ BCJ
0PMBSARM "PSRM )LRCPLM BCJ
KGCLRP?Q OSC CJ %QR?BM GLTGCPRC QgJM CJ
BCJ0")CLCJRCK??K@GCLR?J 3?J?X?P
-?PAMLMPK?RGTM
%JK?PAMOSCPCESJ?CJBCQ?PPMJJMCLCPEbRGAMCQKSWDPMLBMQMWCJNPM@JCK?LM
CQ BC ?SQCLAG? BC LMPK?Q QGLM BC A?N?AGB?BCQ N?P? J? GKNJCKCLR?AGgL
!SLOSCQGCKNPCF?W?JRCPL?RGT?QN?P?QCESGPKCHMP?LBMCJK?PAMLMPK?RGTM,M
OSC QC RGCLC OSC ?L?JGX?P QML J?Q AMLBGAGMLCQ OSC F?ACL NMQG@JC J?
GKNJCKCLR?AGgLBCJ?QLMPK?Q%LCJN?eQWCLJ?2CEGgLQCNSBCCLAMLRP?PJMQ
QGESGCLRCQA?QMQ
! TCACQ F?W NMJeRGA?Q NCPM LM F?W LMPK?Q! TCACQ F?W LMPK?Q NCPM LM F?W
NMJeRGA?Q
!TCACQQCAMLDSLBCLJ?QLMPK?QAMLJ?QNMJeRGA?Q
!TCACQF?WJCWCQNCPMLMCQR\LPCEJ?KCLR?B?Q
!TCACQF?WJCWCQPCEJ?KCLR?B?QNCPMLMNPCQSNSCQRMQN?P?GKNJCKCLR?PJMQ
!TCACQF?W?AAGMLCQOSCLMLCACQ?PG?KCLRCQCGLQAPG@CLCLNMJeRGA?Q
.M @?QR? J? ,CW N?P? NPMBSAGP CJ A?K@GM
F?W OSC AMLR?P AML SL?
GLQRGRSAGML?JGB?B ?NPMNG?B? 0?P? OSC F?W? SL? GLQRGRSAGML?JGB?B ?NPMNG?B?
RGCLC OSC RP?R?PQC JMQ ?QNCARMQ BC BCQ?PPMJJM
AMKNMPR?KGCLRM
W ASJRSP?
MPE?LGX?AGML?J %Q BCAGP RGCLC OSC TCPQC LM QgJM JMQ AMLRCLGBMQ CL
AMLMAGKGCLRMQ W NP\ARGA?Q AML PCJ?AGgL ? NMJeRGA?Q CLCPEbRGA?Q
@MQOSCQ W
AMKSLGB?BCQ JMA?JCQ QGLM R?K@GbL SL? ECQRGgL CDCARGT? %QRM CQ CL @SCL?
ASCLR?F?@J?PBCSLCQOSCK?BC@SCLEM@GCPLMAMKNJGA?BMAS?LBM?ASQ?KMQ
SLBbDGAGRBC%QR?BM
SLBbDGAGRBCN?PRGAGN?AGgLWBCAGSB?B?Le?
%LRPC J?Q LMPK?Q K\Q PCJCT?LRCQ N?P? CJ CQRSBGM QC KCLAGML?L ,?
#MLQRGRSAGgL 0MJeRGA? BC J? 2CNj@JGA?
,CW 'CLCP?J BCJ !K@GCLRC ,CW
,CW&MPCQR?JWBC&?SL?3GJTCQRPC ,CW
,CW/PE\LGA?BC(GBPMA?P@SPMQ
$CAPCRM 3SNPCKM .l %-
,CW BC !ARS?JGX?AGgL BC (GBPMA?P@SPMQ
,CW
,CW BC 0PMKMAGgL BC J? )LBSQRPG? BCJ '?Q .?RSP?J ,CW
,CWBC0PMKMAGgLBCJ?)LTCPQGgLCLJ?!K?XMLG? ,CW
,CWBCJ#?LML
WQSQKMBGDGA?AGMLCQ
,CW'CLCP?JBC-GLCPe?
,CWBC#MLACQGMLCQ%JbARPGA?Q
,CWBC0PMKMAGgLBCJSQMCDGAGCLRCBCJ?CLCPEe?
CLRPCMRPMQ
%J$CAPCRM3SNPCKMBCJ-GLGQRCPGMBC%LCPEe?W-GL?QNPMKSCTCCJ
SQMK?QGTMBCJE?QL?RSP?JAMKMSL?DMPK?BCDMKCLR?PJ?ASJRSP?BCJE?QCLJ?
NM@J?AGgL NCPS?L? -MLQ?JTC
,? LMPK? RGCLC NMP M@HCRM NPMKMTCP CJ
SQMK?QGTMBCJE?QL?RSP?JCLJMQKCPA?BMQGLBSQRPG?J
AMKCPAG?J
BMKbQRGAMW
TCFGASJ?P BC RMBM CJ RCPPGRMPGM L?AGML?J
KCBG?LRC J? GLAMPNMP?AGgL BC
AMLBGAGMLCQ D?TMP?@JCQ OSC D?AGJGRCL CJ ?AACQM BC JMQ AMLQSKGBMPCQ ?J SQM BCJ
E?Q L?RSP?J 3\LAFCX
KCLAGML? OSC LM QC RP?R? QgJM BC QSQRGRSGP
AMK@SQRG@JCQQGLMBCDMKCLR?PSL?BCK?LB?QMQRCLG@JC
-CBG?LRCCJ$CAPCRM3SNPCKM.M%-QC?NPM@gCJ2CEJ?KCLRMBCJ?
,CWBC0PMKMAGgLBCJ5QM%DGAGCLRCBCJ?%LCPEe? BCJ?,CW.M
OSC
BCAJ?P? BC GLRCPbQ L?AGML?J J? NPMKMAGgL BCJ SQM CDGAGCLRC BC J? CLCPEe? ,?
LMPK? RGCLC NMP M@HCRM PCEJ?KCLR?P J?Q BGQNMQGAGMLCQ N?P? NPMKMTCP CJ SQM
CDGAGCLRCBCJ?CLCPEe?CLCJN?eQAMLRCLGB?QCLJ?,CW
OSCAMLRPG@SWC?
?QCESP?P CJ QSKGLGQRPM BC CLCPEe?
KCHMP?P J? AMKNCRGRGTGB?B BCJ N?eQ
ECLCP?P
Q?JBMQ CVNMPR?@JCQ BC CLCPEbRGAMQ
PCBSAGP CJ GKN?ARM ?K@GCLR?J
NPMRCECP ?J
AMLQSKGBMP W DMPR?JCACP CL J? NM@J?AGgL J? RMK? BC AMLAGCLAG? QM@PC J?
GKNMPR?LAG?BCJ5QM%DGAGCLRCBCJ?%LCPEe?3CCLRGCLBCAMKM5QM%DGAGCLRCBC
J? %LCPEe? J? SRGJGX?AGgL BC JMQ CLCPEbRGAMQ CL J?Q BGDCPCLRCQ ?ARGTGB?BCQ
CAMLgKGA?Q W BC QCPTGAGMQ
KCBG?LRC CJ CKNJCM BC COSGNMQ W RCALMJMEe?Q AML
K?WMPCQPCLBGKGCLRMQCLCPEbRGAMQW@SCL?QNP\ARGA?QWF\@GRMQBCAMLQSKM
%L R?J QCLRGBM
CJ 2CEJ?KCLRM BC ,CW BC 0PMKMAGgL BCJ -CPA?BM BC
#MK@SQRG@JCQ $3.lzz%-
KCLAGML?CLQS?PROSCCJNMPACLR?HC
BC?JAMFMJA?P@SP?LRCCLJ?QE?QMJGL?QOSCQCAMKCPAG?JGX?LCLCJN?eQQCP\BC
%L CJ !PR l QCf?J? OSC ? N?PRGP BCJ l BC CLCPM BC J?Q E?QMJGL?Q
CAMJgEGA?QQCP\LNPMBSAGB?QWAMKCPAG?JGX?B?QCLT?PG?QPCEGMLCQWCLRPCCJJ?Q
5A?W?JG%LCJ!PRlQCf?J?OSC?N?PRGPBCJlBCCLCPMBCCJ$GCQCJ.r
%AMJgEGAMW$GCQCJ.r%AMJgEGAMQCAMKCPAG?JGX?P\LCLT?PG?QPCEGMLCQCLRPC
CJJ?Q5A?W?JG
%J$CAPCRM3SNPCKM.r%-PCEJ?KCLR?J?0PMRCAAGgL!K@GCLR?JCLJ?Q
!ARGTGB?BCQ BC (GBPMA?P@SPMQ W RGCLC NMP M@HCRM CQR?@JCACP J?Q LMPK?Q W
BGQNMQGAGMLCQ ? LGTCJ L?AGML?J N?P? CJ BCQ?PPMJJM BC J?Q ?ARGTGB?BCQ BC
CVNJMP?AGgL
RP?LQDMPK?AGgL
RP?LQNMPRC
AMKCPAG?JGX?AGgL
?JK?ACL?KGCLRM W
AMLCV?Q CL CJ ?NPMTCAF?KGCLRM BC JMQ PCASPQMQ FGBPMA?P@SPeDCPMQ CL
AMLBGAGMLCQ OSC bQR?Q LM MPGEGLCL SL GKN?ARM ?K@GCLR?J WM QMAG?J LCE?RGTM
N?P? J?Q NM@J?AGMLCQ W CAMQGQRCK?Q OSC QM@PCN?QC JMQ JeKGRCQ OSC QC
CQR?@JCXA?LCLCJNPCQCLRC2CEJ?KCLRM
BCAMLDMPKGB?BAMLJMCQR?@JCAGBMCL
CJ $CAPCRM ,CEGQJ?RGTM .r #gBGEM BCJ -CBGM !K@GCLRC W JMQ 2CASPQMQ
.?RSP?JCQ
$CAPCRM ,CEGQJ?RGTM
J? ,CW /PE\LGA? BC (GBPMA?P@SPMQ
,CW .r
W BCK\Q BGQNMQGAGMLCQ JCE?JCQ NCPRGLCLRCQ @?HM CJ AMLACNRM BC
BCQ?PPMJJMQMQRCLG@JC -GLGQRCPGMBC%LCPEe?W-GL?Q
,? JCW BCJ #?LML CQRGNSJ? OSC ? J? PCEGgL BMLBC QC CVNJMR? CJ PCASPQM
L?RSP?J
AMKM CJ A?QM BC !ES?WRe?
JC AMPPCQNMLBC CJ BC PCE?Je?Q W BCJ
GKNSCQRM ? J? PCLR? OSC ECLCP? QS CVNJMR?AGgL 3GL CK@?PEM NMP KMBGDGA?AGgL
BCJ?,CWKCBG?LRCSL$CAPCRM3SNPCKMCVNCBGBMBSP?LRCCJ'M@GCPLMBCJCV
NPCQGBCLRC &SHGKMPG JJCTg ? PCBSAGP CQRC KMLRM QgJM F?QR? CJ 0MP R?J
QGRS?AGgL 5A?W?JG BCH? BC NCPAG@GP KGJJMLCQ BC LSCTMQ QMJCQ NMP ?fM
:?K@P?LM
A
%J#?LMLW3M@PCA?LML0CRPMJCPMCQJ?N?PRGAGN?AGgLCDCARGT?BCJ?OSCEMX?L
JMQ 'M@GCPLMQ ,MA?JCQ KSLGAGN?JGB?BCQ NPMTGLAG?JCQ W BGQRPGR?JCQ
W JMQ
'M@GCPLMQ2CEGML?JCQBCJRMR?JBCJMQGLEPCQMQWPCLR?QM@RCLGBMQNMPCJ%QR?BM
NMPJ?CVNJMR?AGgLCAMLgKGA?BCBGAFMPCASPQML?RSP?JCLBGAF?QXML?Q0?P?J?
?ARGTGB?BBCCVNJMR?AGgLPC?JGX?B?CLJMQBCN?PR?KCLRMQBC,MPCRMW5A?W?JGCJ
KMLRMBCJ#?LMLCQBC?BT?JMPCKQM@PCJ?NPMBSAAGgLRMR?JBCNCRPgJCMW
CJ KMLRM BCJ 3M@PCA?LML CQ BC BCJ T?JMP BC J? NPMBSAAGgL NCRPMJCP? CL
BGAF?QXML?Q $CDCLQMPe?BCJ0SC@JM
,MQ NMPACLR?HCQ BC BGQRPG@SAGgL CL CJ BCN?PR?KCLRM BC 5A?W?JG QML G
'M@GCPLM 2CEGML?J
GG
5LGTCPQGB?B .?AGML?J BC 5A?W?JG
GGG
5LGTCPQGB?B .?AGML?J )LRCPASJRSP?J BC J? !K?XMLe?
GT
)LQRGRSRM BC
)LTCQRGE?AGMLCQ BC J? !K?XMLe? 0CPS?L? W T
#MLQCHMQ -SLGAGN?JCQ BCJ
BCN?PR?KCLRM
)KN?ARMQ?K@GCLR?JCQBCJ?CVNJMP?AGgLWCVNJMR?AGgLCLCPEbRGA?CLJ?PCEGgL
BC5A?W?JG
,MQ GKN?ARMQ BCLSLAG?BMQ NMP J?Q #MKSLGB?BCQ .?RGT?Q QC BC@CL
NPGLAGN?JKCLRC ? JMQ CDCARMQ BC JMQ BCPP?KCQ NCRPMJCPMQ W BC E?Q
AMLR?KGL?AGgLBCJ?ES?BCJMQPeMQAMLJS@PGA?LRCQ
RP?LQGRMCVACQGTMQM@PCPeMQ
QSNCPDGAG?JCQ
PSGBMQ KMJCQRMQ BC JMQ FCJGAgNRCPMQ W KMRMPCQ BC J?Q
CK@?PA?AGMLCQ ! NCQ?P BC AMLR?P AML %QRSBGMQ BC )KN?ARM !K@GCLR?J
J?Q
KCBGB?QBCKGRGE?AGgLLMF?LNCPKGRGBMKGLGKGX?PBGAFMQCDCARMQ -GLGQRCPGMBC
%LCPEe? W -GL?Q '/2%5
%J #S?BPM KSCQRP? JMQ GKN?ARMQ BC J?Q
?ARGTGB?BCQNCRPMJCP?QQCEjLJ?QAMKSLGB?BCQL?RGT?Q
KGCLRP?QOSCCJ#S?BPM
KSCQRP?JMQGKN?ARMQQCEjLJ?$CDCLQMPe?BCJ0SC@JM
#S?BPM)KN?ARMQBCJ?Q?ARGTGB?BCQNCRPMJCP?QQCEjLJ?NCPACNAGgLBCJ?Q
AMKSLGB?BCQL?RGT?Q
<??B=06L; 12 7232@ F .94B;<@ 6@0?6:6;.06L; . 23<?2@A.06L;
0<:B;2?<@ 9<@ =B2/9<@ 12@A?B006L;12=?21.06L;
6;1J42;.@ F @B@ 129<@/<@>B2@;.AB?.92@F
6C6@6<;6@:< 2;A?2 9.@
0B9AB?.@ 12@A?B006L; 12 9.
0<:B;61.12@F0<:B;2?<@
=9.;A.06<;2@ 3<?2@A.92@ 12
$I?161. <
$I?161. 12 9612?.G4< F 9.@0<:B;61.12@
12/696A.:62;A< 12
.BA<?61.1 =<? =?21<:6;6< 12
612;A61.1 <;A.:6;.06L; 12 9. 39<?.
6;A2?2@2@=2?@<;.92@
6;1J42;. F F3.B;.
<;3960A<@ 6;A2?;<@ 0.:/6<@
<;A.:6;.06L; 12 .4B.@
0<:B;61.12@ 12 /.@2 F 9.@ ?2=2;A6;<@ 2; 9.
?J<@F0<05.@;29$2?M
<?4.;6G.06<;2@6;1J42;.@ C61.0B9AB?.9129.
;< 2E6@A2 B; =.?H:2A?< 12
/.;1<;<129.0<:B;61.1 0<:B;61.1
561?<0.?/B?<@ 2; 29 .4B.
.K<@.9..4?60B9AB?. *6<9.06L; 12 F12@.=.?606L;12=202@
9B4.?2@ 0<;
<:=?. 12 =?<1B0A<@ >B2 C.9<?2@ 0B9AB?.92@ <;A.:6;.06L;129.6?2
9B24<;<@<;=.4.1<@ F129<@12?205<@ <;A.:6;.06L;129@B29<F
$?2@2;06. 12 2;32?:21.12@ 129.@=2?@<;.@ 129@B/@B29<
0<;A.46<@.@ 12@0<;<061.@ &B61<@ 12 :<A<?2@ F
=?2C6.:2;A2 @J3696@ 4<;<??2. :.>B6;.?6.@>B2=?<C<0.;
05.;0?<2A0
29 .927.:62;A< 12 .;6:.92@
/B@< @2EB.9 129 =2?@<;.9 12 @69C2@A?2@ F @B
0<;@64B62;A22@0.@2G
9.2:=?2@..9.@:B72?2@129.@
0<:B;61.12@;.A6C.@ .@ .4B.@ 12 =?<1B006L;
/.;1<;< 12 ;6K<@ =?<1B0A<@ .9?2121<? 12 9<@ =<G<@
12 ?29.06<;2@ @2EB.92@ 0<; ?2/.9@.; 2; 9.@ I=<0.@ 12
99BC6. .9 64B.9 >B2 .4B.@
:B72?2@6;1J42;.@
2@A.;0.1.@ .9?2121<? 12
$?<@A6AB06L;=<?2916;2?< 9.@ AB/2?J.@ .;A64B.@ <
90<5<96@:< 2; 9. 0<:B;61.1 C642;A2@
0<; 299< @2 :.9A?.A. . 9.@
:B72?2@
00612;A2@
;32?:21.12@ F :B2?A2@
=?2@B:6/92:2;A2 =<? 29
0<;@B:< 12 .4B.@ F =202@
0<;A.:6;.1<@
<;3B@6L; =<? 3.9A. 12
A?.;@=.?2;06.
&SCLRC
4?JJCPBC!R?J?W?QM@PC0SC@JMQ)LBeECL?QC(GBPMA?P@SPMQ/2!5
#S?BPM)KN?ARMQNMQGRGTMQWLCE?RGTMQBCJ?Q?ARGTGB?BCQNCRPMJCP?QCLJ?Q
AMKSLGB?BCQL?RGT?QQCEjLJMPCAMEGBMNMPJ?$CDCLQMPe?BCJ0SC@JM
)KN?ARMQNMQGRGTMQ )KN?ARMQLCE?RGTMQ
.:6;<@F0.??2A2?.@ $I?161. < 124?.1.06L; 12 ?20B?@<@
;202@.?6<@ =.?. 9. @B/@6@A2;06. 12 9.
6@A?6/B06L; 12 2;2?4J.
=</9.06L;0<:<@B29<.4B.
29I0A?60.
2;2?.06L;122:=92< /6<16C2?@61.1 ?20B?@<@ 3<?2@A.92@
@2?C606<@.:/62;A.92@
:=B9@< 12 :2?0.1< 9<0.9 12
$I?161.129.0.=.061.1=?<1B0A6C.
/62;2@ F @2?C606<@
12:.;1.1<@ =<? 9. 2:=?2@. 9A2?.06<;2@129=.6@.72
F@B@0<;A?.A6@A.@ :=.0A<@ 2; 9. 612;A61.1 F 2@A?B0AB?.
.;<; @</?2 0.;<; F @<06.9
?24.9J.@ =.?. 9<@ </62?;<@ 9A2?.06<;2@ 12 9<@ =.A?<;2@ 0B9AB?.92@
<0.92@ F &246<;.92@ .9A2?.06<;2@ 2; 9.@ 3<?:.@ 12 B@< 12 9<@
.@2;A.1<@ 2; 29 H:/6A< 12 ?20B?@<@F292@=.06<
6;39B2;06.
&SCLRC$CDCLQMPe?BCJ0SC@JM
,MQBGPGECLRCQBCJ?#MKSLGB?B.?RGT?0SLRGH?Mz3CARMP#MFCLES?2eM5A?W?JG
zBCLSLAG?PMLOSCJMQNCACQOSCCVRP?CLBCJ?QAMAF?QWPeMQCCLASCLRP?LLM
?NRMQN?P?CJAMLQSKMFSK?LMCQNCAG?JKCLRCCJ@MOSGAFGAM 3CK?NPMAFGJMBSQ
GLQGELGQ
W A?P?AF?K? ,WNMQ?PASQ QN
?J NPCQCLR?P SL MJMP QGKGJ?P ?J E?Q
BMKbQRGAM #S?LBM CQRMQ NCQA?BMQ QML AMLQSKGBMQ NPMTMA?L BMJMPCQ BC
A?@CX?
TgKGRMQWMRPMQK?JCQR?PCQ%LCJ?fMNM@J?BMPCQBCJ6?JJC)LSW?
R?K@GbL BCLSLAG?PML CQRC RGNM BC AMLR?KGL?AGgL
QGL NMBCP CVNJGA?P QSQ
A?SQ?Q
NMPOSC CL CQR? XML? LGLESL? CKNPCQ? NCRPME?QeDCP? PC?JGX? RP?@?HMQ
BCCVNJMP?AGgLKCLMQBCCVNJMR?AGgL 6CJ\QOSCX
,?NM@J?AGgLJMA?JKCXAJ?GKN?ARMQPC?JCQAMLGKN?ARMQNCPAG@GBMQMNMQG@JCQ
.M QGCKNPC QC F?AC SL? AJ?P? BGQRGLAGgL QM@PC J? PCQNMLQ?@GJGB?B BC JMQ
N?QGTMQ?K@GCLR?JCQ,?QNM@J?AGMLCQLMRGCLCLQSDGAGCLRC?QGQRCLAG?RbALGA?W
CL MA?QGMLCQ QML BCNCLBGCLRCQ BC DMLBMQ CVRCPLMQ N?P? QSQ KMTGJGX?AGMLCQ
$CDCLQMPe?BCJ0SC@JM
2CJ?AGMLCQCLRPCBCQ?PPMJJMCLCPEbRGAMW@MQOSCQ
%L CJ 0CPj
CVGQRCL ?JPCBCBMP BC KGJJMLCQ BC FCAR\PC?Q BC @MQOSCQ
L?RSP?JCQ
J?Q KGQK?Q OSC CQR\L QGCLBM M@HCRM BC SL NPMACQM AMLRGLSM W
APCAGCLRCBCBCDMPCQR?AGgL?SL?R?Q?BCKGJ?KGJFCAR\PC?QNMP?fM
CQRGK\LBMQC OSC ? J? DCAF? QC F?L BCDMPCQR?BM ?JPCBCBMP BC KGJJMLCQ BC
FCAR\PC?Q$C?FeOSCF?W?LCQDSCPXMQNMPPCTCPRGPR?JQGRS?AGgL
CJN?eQASCLR?
AMLSL0J?L.?AGML?JBC2CDMPCQR?AGgL
BMLBCQCCQRGNSJ?OSCCJ0CPj
RGCLC AMKM KCR? ?JA?LX?P ?J
SL? QSNCPDGAGC BC NJ?LR?AGMLCQ DMPCQR?JCQ
AML DGLCQ GLBSQRPG?JCQ BC FCAR\PC?Q BC J?Q AS?JCQ CQR\L
AMLQGBCP?B?Q N?P? J? QCJT? %J 0MPR?DMJGM .?AGML?J BC 0PMWCARMQ &MPCQR?JCQ
-$, GLAJSWC NPMWCARMQ CL XML?Q BCJ N?eQ
FCAR\PC?Q AML SL?
GLTCPQGgLBC53KGJJMLCQ *SQRM
,? BCDMPCQR?AGgL ?DCAR? CJ BC JMQ @MQOSCQ BC 5A?W?JG $C JMQ
F?
F?QGBMBCDMPCQR?B?QWQS?T?LACCQK\Q?JRMOSCJ?QPCEGMLCQBC
,MPCRMW-?BPCBC$GMQHSLRMQ 6eJAFCX
?
,?BCDMPCQR?AGgLCQR?LRMNMP
J??EPGASJRSP?KGEP?RMPG?AMKMNMPJ??NCPRSP?BCTG?JCQBCJ??ARGTGB?BDMPCQR?J
OSC D?AGJGR? CJ GLEPCQM BC ?EPGASJRMPCQ KGEP?RMPGMQ ! JMQ NPM@JCK?Q BC
BCDMPCQR?AGgLQCQSK?J?CKGQGgLBCFSKMQNPMBSARMBCJ?OSCK?BC@MQOSCQ
W?J?OSCK?BCPCQGBSMQCLJ?QGLBSQRPG?QDMPCQR?JCQ%QRSBGMQPCTCJ?LOSCCL
CJACLRPMBCJ?AGSB?BBC0SA?JJN?QCCLAMLRPg
SEK
AMLDMPK?B?NMP
N?PReASJ?QBCNMJTMW?QCPPeL
AGDP?OSCQSNCP?CLBCJMNCPKGRGBMNMPJMQ
CQR\LB?PCQBCA?JGB?BBCJ?GPC 9MKML?
,?NbPBGB?BCJMQ@MQOSCQL?RSP?JCQBCJKSLBMAMLRPG@SWCK\Q?J?QCKGQGMLCQ
EJM@?JCQ?LS?JCQOSCCJQCARMPBCJRP?LQNMPRC3CEjLCJGLTCLR?PGMBCE?QCQBC
CDCARM GLTCPL?BCPM '%)
CL CJ 0CPj PC?JGX?BM CJ ?fM CJ SQM BCJ QSCJM W
A?K@GMBCSQMBCJQSCJMAMLRPG@SWCAML
J?CLCPEe?AML
J??EPGASJRSP?
AML
JMQ NPMACQMQ GLBSQRPG?JCQ AML W JMQ BCQCAFMQ AML JT?PCX
,? OSCK? BC @MQOSCQ M JCf? NPMBSAC CKGQGMLCQ BC E?QCQ RP?X?
OSC
QML #( W ./
CL CJ KMKCLRM BC J? AMK@SQRGgL $C ?ASCPBM ?J GLTCLR?PGM
L?AGML?JBCNPMBSAAGgLBCBGMVGL?QWDSP?LMQ
J?OSCK?BC@MQOSCQAMLRPG@SWC
AML SL W J? GLAGLCP?AGgL BC BCQCAFMQ BC K?BCP? W @GMK?Q? AMLRPG@SWCL
AMLCJ #?JTM
,MQ AGCLReDGAMQ NPCTbL OSC J? RCKNCP?RSP? KCBG? ?LS?J BC J? !K?XMLG? NMBP\
CJCT?PQC CLRPC RPCQ W QGCRC EP?BMQ ACLReEP?BMQ ?LRCQ BCJ ?fM !BCK\Q
PCBSAAGMLCQ QGELGDGA?RGT?Q BC JJSTG?Q NMBP\L NMLCP CL PGCQEM J? @GMBGTCPQGB?B
PCEGML?JCGLTG?@GJGX?PCJKMBMBCTGB?WJ?ASJRSP?BCEP?LN?PRCBCJ?NM@J?AGgL
OSC BCNCLBC BCJ @MQOSC %L R?J QCLRGBM
QC ?JCPR? OSC CJ PGRKM ?ARS?J BC J?
BCDMPCQR?AGgL NMBP\ BCEP?B?P BP\QRGA?KCLRC JMQ @MQOSCQ ?K?XgLGAMQ BCLRPM
BC NMA?Q BbA?B?Q
AMLRPG@SWCLBM ? J? ?ACJCP?AGgL BCJ A?JCLR?KGCLRM EJM@?J
$CAJ?P?AGgL BC 0SA?JJN? 3M@PC #?K@GMQ #JGK\RGAMQ W !K?XMLe?
3SBMAAGBCLR?J
%LRPC J?Q ?AAGMLCQ BC NPCTCLAGgL N?P? A?K@GMQ AJGK\RGAMQ QC KCLAGML? J?
PCBSAAGgLBCJ?BCDMPCQR?AGgLCLJ?!K?XMLe?WJ?PCBSAAGgLBC CKGQGMLCQBC
E?QCQ BC CDCARM GLTCPL?BCPM 6?JTCPBC W -?PCLEM
,? PCBSAAGgL BC J?
BCDMPCQR?AGgL CQ SL KbRMBM ?JR?KCLRC PCLR?@JC BC PCBSAGP J?Q CKGQGMLCQ
QGCLBMNMQG@JCOSCQCNMLE?LKSWNPMLRMCLK?PAF?T?QRMQNPMEP?K?QNGJMRM
GLRCPL?AGML?JCQN?P?CVNJMP?PJ?DMPK?K\Q?BCAS?B?BCAMLQCESGPJMQCEjLQC
AMLQGEL?CLCJ)LDMPKC3RCPL0?P?KGRGE?PJMQNPM@JCK?QBCJA?K@GMAJGK\RGAM
6?JTCPBC W -?PCLEM
PCAMKGCLB?L G
5QM BC DMPK?Q ?JRCPL?RGT?Q BC
CLCPEe?
OSC LM CLTSCJT?L J? OSCK? BC AMK@SQRG@JC DgQGJ GG
4?Q?P J?Q
CKGQGMLCQ BC A?P@MLM CL CJ QCARMP CLCPEbRGAM RMLCJ?B? BC #/
GGG
5QM
BC CLCPEe?Q PCLMT?@JCQ QMJ?P W CgJGA? GT
$CQCLTMJTGKGCLRM QSQRCLR?@JC W T
A?K@GMQ CL CJ CQRGJM BC TGB? OSC NSCBCL ?WSB?P CL CJ AMK@?RC BCJ
A?JCLR?KGCLRMEJM@?J
%JBCLMTGCK@PCBCJCJ3CPTGAGM!JCK\LBC#MMNCP?AGgL3MAG?J4bALGA?
$%$
PC?JGXg CJ ) #MLEPCQM )LRCPL?AGML?J QM@PC PCQGBSMQ BC K?BCP?@GMK?Q?
BMLBCQCBGM?AMLMACPCJNMRCLAG?JBCJ?2CEGgL5A?W?JGN?P?J?NPMBSAAGgLBC
NCJJCRQ
@PGOSCR?Q W A?P@gL TCECR?J ? N?PRGP BC JMQ PCQGBSMQ BC J? K?BCP? 3C
KCLAGMLg BC J? D?ARG@GJGB?B BC QS GKNJCKCLR?AGgL BC@GBM ?J A?P\ARCP BC
RCALMJMEe??NPMNG?B?W?PCJ?RGTM@?HMAMQRM%L%SPMN?F?WSL?EP?LBCK?LB?
BC CQRMQ NPMBSARMQ !Qe KGQKM QC BGM ? AMLMACP SL? RCALMJMEe? N?P? J?
NPMBSAAGgL BC CLCPEe? CJbARPGA? CKNJC?LBM PCQGBSMQ DMPCQR?JCQ .M M@QR?LRC
OSCBgJ?NPCMASN?AGgLQM@PCCJK?LCHMBCJMQFSKMQWE?QCQNPMBSARMBCQS
D?@PGA?AGgL%LCJKGQKMQCLRGBM
J?AMMNCP?AGgLRbALGA?PSQ?F?CVNPCQ?BMQS
GLRCPbQ BC PC?JGX?P CJ CQRSBGM BCDGLGRGTM N?P? GLBSQRPG?JGX?P CJ ?QCPPeL W JMQ
PCQGBSMQ QgJGBMQ OSC QC NPMBSACL CL CJ BGQRPGRM BC -?L?LR?W W NPMBSAGP E?Q
KCR?LM :?K@P?LM
@
$CQ?PPMJJMCLCPEbRGAMWNM@J?AGMLCQJMA?JCQ
0?P? J? /DGAGL? 'CLCP?J BC 'CQRGgL 3MAG?J BCJ -).%- CQ GKNMPR?LRC J?
NPMKMAGgL BC PCJ?AGMLCQ ?PKMLGMQ?Q CLRPC J?Q CKNPCQ?Q BCJ QCARMP W J?
NM@J?AGgL JMA?J
AML ?NJGA?AGgL BC NMJeRGA?Q N?PRGAGN?RGT?Q W BC PCQNMLQ?@GJGB?B
QMAG?JBCLRPMBCSLK?PAMBCBCQ?PPMJJMQMQRCLG@JC3GLCK@?PEM
D?JR?RP?@?H?P
KSAFM ?J PCQNCARM N?P? KCHMP?P
CL CJ AMPRM NJ?XM
J? CDGA?AG? BC J? ECQRGgL
QMAG?J W ?K@GCLR?J BCJ %QR?BM $GAF? CDGA?AG? QC M@RCLBPe? KCBG?LRC J?
GLAMPNMP?AGgL ? J? PCESJ?AGgL BCJ CLDMOSC QMAG?J
CJ DMPR?JCAGKGCLRM BC JMQ
gPE?LMQCLA?PE?BMQBCJ?CT?JS?AGgLBCJGKN?ARMQMAG?J
CJCQR?@JCAGKGCLRMBC
KCA?LGQKMQDMPK?JCQBCPCAJ?KMQD\AGJKCLRC?AACQG@JCQN?P?J?NM@J?AGgL
WCJ
DMPR?JCAGKGCLRM BC JMQ gPE?LMQ CQR?R?JCQ CLA?PE?BMQ BC J? CT?JS?AGgL W
DGQA?JGX?AGgL QMAG?J
?K@GCLR?J W Q?LGR?PG? AMKM JM QCf?J? ?ACPR?B?KCLRC J?
$CDCLQMPe? BCJ 0SC@JM ,? APC?AGgL BC J? 5LGB?B BC 0PCTCLAGgL BC #MLDJGARMQ
BC J? 0PCQGBCLAG? BCJ #MLQCHM BC -GLGQRPMQ CQ SL NPGKCP N?QM N?P? OSC CJ
%QR?BMNSCB?RCLCPA?N?AGB?BBCPC?AAGgLMNMPRSL?
$C GES?J DMPK? J? $CDCLQMPe? BCJ 0SC@JM QCf?J? OSC
PCAGCLRCKCLRC
CJ
-GLGQRCPGM BC %LCPEe? W -GL?Q F? KMBGDGA?BM CJ 2CEJ?KCLRM !K@GCLR?J BC
%VNJMP?AGgL -GLCP? AML CJ NPMNgQGRM BC BGQKGLSGP JMQ NJ?XMQ BCJ AGR?BM
NPMACBGKGCLRM ?BKGLGQRP?RGTM
? AMQR? BC PCBSAGP CJ NJ?XM BC J? N?PRGAGN?AGgL
AGSB?B?L? W BC BGQKGLSGP QS BC@CP BC CT?JS?AGgL BC JMQ CQRSBGMQ ?K@GCLR?JCQ
NPCQCLR?BMQCLCQR?CR?N?
#MLSL?NMJeRGA?BCJQCARMPBC%LCPEe?QW-GL?QMPGCLR?B?DSLB?KCLR?JKCLRC?
D?TMPCACPJ?GLTCPQGgLNPGT?B?NMPQSEP?LAMLRPG@SAGgL?J?CAMLMKe?BCJN?eQ
NP\ARGA?KCLRC JMQ EM@GCPLMQ LM QC F?ACL KSAFMQ NPM@JCK?Q CL NPGTGJCEG?P J?
CVNJMP?AGgL W CVNJMR?AGgL BC NCRPgJCM W E?Q ?jL QM@PC JMQ BCPCAFMQ BC J?Q
AMKSLGB?BCQ JMA?JCQ M GLAJSQM AMLRP? J? NPMNG? AMLQCPT?AGgL BC J? BGTCPQGB?B
@GMJgEGA?0MPCHCKNJM
?JQSNCPNMLCPQCQM@PCPC?Q0PMRCEGB?Q #?QM2CQCPT?
#MKSL?J %J 3GP? CL 5A?W?JG
CJ -).%- W 0CPj 0CRPM 3! F?L TSJLCP?BM CJ
MPBCL AMLQRGRSAGML?J NSCQ CJ %QR?BM CQR\ M@JGE?BM ? J? AMLQCPT?AGgL BC J?
BGTCPQGB?B @GMJgEGA? W J?Q PC?Q .?RSP?JCQ 0PMRCEGB?Q '?K@M?
%QRC
N?RPgLCQPCASPPCLRCCLCJN?eQ
SL?PCAGCLRCNS@JGA?AGgLB?ASCLR?OSCF?QR?CJ
CJBCJ?QPC?Q.?RSP?JCQ0PMRCEGB?Q !.0
CQR?R?JCQ
OSCBC@CPe?L
QCPNPMRCEGB?QNMPCJ%QR?BM
DSCPMLAMLACQGML?B?Q?CKNPCQ?QNPGT?B?QN?P?
J?QGLBSQRPG?QCVRP?ARGT?Q !JX?C)NCLX?
%LRMR?J'?K@M?
PCDGCPC
OSCCLJ?ASCLA?BCJ5A?W?JGCVGQRCLMAFMJMRCQAMLQM@PCNMQGAGgLQM@PCT?PG?Q
AMKSLGB?BCQ
BMQ 2CQCPT?Q 4CPPGRMPG?JCQ W AGLAM PC?Q .?RSP?JCQ 0PMRCEGB?Q
%L K?PXM BC
CJ 'M@GCPLM KMBGDGAg CJ PCEJ?KCLRM BC J? ,CW BC PC?Q
.?RSP?JCQ 0PMRCEGB?Q W BCPMEg JM PCDCPGBM ? J?Q PC?Q BC #MLQCPT?AGgL
-SLGAGN?J AMKM \PC?Q L?RSP?JCQ NPMRCEGB?Q AMKNJCKCLR?PG?Q ?J 3GQRCK?
.?AGML?J BC PC?Q .?RSP?JCQ 0PMRCEGB?Q 3).!.0%
#ML CQR? KCBGB? QC
D?TMPCACCJAMLDJGARMWJ?GLDMPK?JGB?BCLCQR?Q\PC?Q?JA?PCACPBCPCESJ?AGgLW
NPMACBGKGCLRMQ BCDGLGBMQ )7')!
%J AS?BPM B? ASCLR? BC J?Q
CKNPCQ?Q CVRP?ARGT?Q CL J? 2CEGgL BC 5A?W?JG W QS PCJ?AGgL AML AMKSLGB?BCQ
JMA?JCQ
%LJ?Q?ARGTGB?BCQBCFGBPMA?P@SPMQ
J?CR?N?BCCVNJMP?AGgLCQJ?OSCECLCP?
K?WMP PGCQEM BC AMLR?ARM AML JMQ NSC@JMQ GLBeECL?Q CL QGRS?AGgL BC
?GQJ?KGCLRM
BC@GBM?J??JR?KMTGJGB?BBCJMQCOSGNMQSRGJGX?BMQN?P?J?QeQKGA?
OSCQCGLRPMBSACLCLJMQ@MQOSCQ
GLAJSWCLBMKSAF?QTCACQJ?QN?PRCQ?JR?QBC
J?Q ASCLA?Q BC JMQ PeMQ %Q NMP CJJM OSC J? $CDCLQMPe? BCJ 0SC@JM QSEGCPC ?J
-).%-QMJGAGR?P?J?QCKNPCQ?QNCRPMJCP?QOSCMNCP?LCL\PC?QBMLBCCVGQRCL
NSC@JMQGLBeECL?QCLQGRS?AGgLBC?GQJ?KGCLRMWAMLR?ARMGLGAG?J
OSCJGKGRCLQS
GLRPSQGgLCLBGAF?Q\PC?QJMK\VGKMNMQG@JC
AMLQSKMPGEMPRbALGAMWPCQNCRM
?JF\@GR?RBCCQRMQNSC@JMQ
CQR?@JCAGCLBMSL?XML?BC?KMPRGES?KGCLRMCLRPC
QS\PC?BC?ARGTGB?BWCJRCPPGRMPGMMASN?BMNMPBGAFMQNSC@JMQ $CDCLQMPe?BCJ
0SC@JM
,? ?NCPRSP? F?AG? J? GLTCPQGgL NPGT?B? CL BCRPGKCLRM BC J? NPMNGCB?B AMKSL?J
R?K@GbL QC RP?QJ?B? ?J A?QM BC J?Q QCPTGBSK@PCQ 0MP CHCKNJM
J? ,CW
,CW BC )LTCPQGgL 0PGT?B? CL CJ $CQ?PPMJJM BC !ARGTGB?BCQ %AMLgKGA?Q CL J?Q
4GCPP?QBCJ4CPPGRMPGM.?AGML?JWBCJ?QAMKSLGB?BCQCLQS!PReASJMQCf?J?@?
J? M@JGE?RMPGCB?B NMP N?PRC BCJ RGRSJ?P KGLCPM BC AMLR?P AML SL ?ASCPBM NPCTGM
AMLCJNPMNGCR?PGMBCJ?RGCPP?%QR?LMPK?QCP\BCPME?B?AS?LBMQC?NPSC@CJ?
PCEJ?KCLR?AGgL BCJ $CAPCRM ,CEGQJ?RGTM 2bEGKCL *SPeBGAM N?P? CJ
?NPMTCAF?KGCLRM BC J?Q RGCPP?Q BC SQM ?EP?PGM
? RP?TbQ BCJ AS?J QC CQR?@JCAC
OSCLMF?@P\LCEMAG?AGgLWQCP\J??SRMPGB?BCQR?R?JOSC?SRMPGACCJGLEPCQMW
BCAGB?AS\LRMBC@CN?E?PJCJ?CKNPCQ??J?AMKSLGB?BNMPJ?QCPTGBSK@PCCL
QSQRCPPGRMPGMQ 9PGEMWCL
#S?BPM%KNPCQ?QCVRP?ARGT?QWQSNCPNMQGAGgLQM@PCRCPPGRMPGMQGLBeECL?QCL
J?ASCLA?BCJ5A?W?JG
$ '.; !.AJ.@ '.; .?9<@
$(&#&' %VNJMP?AGgL <:B;61.12@ &2@2?C.
(2??6A<?6.9!B?B;.5B.
$" "" %VNJMP?AGgL <:B;61.12@
&'#)&'
&2@2?C.<:B;.99'6?.
$
!& %VNJMP?AGgL '6;6;3<?:.06<;2@
''
!& # %VNJMP?AGgL '6;6;3<?:.06<;2@
'' 0MPRGJJM
!& # %VNJMP?AGgL <:B;61.12@
'' 0MPRGJJM
(?B2 ;2?4F ,GACLAG? N?P? '6;6;3<?:.06<;2@
$2?M' CVNJMP?AGgL W
CVNJMR?AGgL
"<?A5:2?60.;
*.;.16B: $2?M
'
$" "" #MLRP?RMQ BC &2@2?C.<:B;.99'6?.
&'#)&' ,GACLAG? N?P?
$ J?%VNJMP?AGgL
W %VNJMR?AGgL
BC
(GBPMA?P@SPMQ
$.06360 'A?.AB@ %L 'B=2?=B2@A<@ 0<; 9. &2@2?C.
;2?4F' LCEMAG?AGgL (2??6A<?6.9 . 3.C<? 129 =B2/9<
6;1J42;. 2; .6@9.:62;A<
$.06360 'A?.AB@
S@0<;.5B.T ?20<;<061. 0<;
;2?4F'
&2@ 6? &246<;.9 "N
(&)&#( 129
F 29 H?2. ;.AB?.9
=?<A2461. -<;. &2@2?C.1.
S'62??. 129 6C6@<?T ?20<;<061.
0<; &! "N 129
=B/960.1. 29
$.06360 'A?.AB@
0<;A?.A<@ 12 &2@2?C.(2??6A<?6.9@0<;.5B.
;2?4F' 9602;06.
-<;. &2@2?C.1. '62??. 129
6C6@<?
&SCLRCQ $CDCLQMPe? BCJ 0SC@JM
'?K@M?
-).%- 5LGB?B 4bALGA? BCJ
PC? BC (GBPMA?P@SPMQ BC J? $GPCAAGgL 2CEGML?J BC -GLCPe? BC 5A?W?JG 3CRGCK@PC
3%26).$)
0MQGAGgLGLBeECL?QM@PCJ?Q?ARGTGB?BCQNCRPMJCP?Q
%L AS?LRM ? J? NMQGAGgL BC JMQ NSC@JMQ GLBeECL?Q CL ECLCP?J CVGQRC SL TGCHM
AMLDJGARMCLRPCCJQeWCJLM?J?Q?ARGTGB?BCQNCRPMJCP?Q!)$%3%0WQSTCPQGgL
PCEGML?J/2!5?NSCQR?L@\QGA?KCLRCNMPCJLMKGCLRP?QOSC#/.!0?NSCQR?
NMP CJ Qe !Qe NMP CHCKNJM 0%2
0%42/ W #/.!0 F?L QSQAPGRM SL ?ASCPBM
K?PAMBCAMMNCP?AGgLGLQRGRSAGML?JOSCCLJ?NP\ARGA?|GKNJGA?J?PC?JGX?AGgLBC
?ARGTGB?BCQ FGBPMA?P@SPeDCP?Q ? A?K@GM BC J? CHCASAGgL BC R?PC?Q CQNCAeDGA?Q
?JSQGT?Q?J?BCDCLQ?WCJBCQ?PPMJJMBCJ?QAMKSLGB?BCQWNSC@JMQ?K?XgLGAMQ
CLCJK?PAMBCJBCQ?PPMJJMQMQRCLG@JC}0MPQSN?PRC/2!5K?LGDGCQR?OSCSL?
D?JQ? MPE?LGX?AGgL RP?GAGML? ? JMQ NSC@JMQ GLBeECL?Q %J 0CPS?LM
JSLCQ BC
K?WM BCJ
N\EGL?
,? NMQGAGgL LCE?RGT? DPCLRC ? J?Q ?ARGTGB?BCQ
NCRPMJCP?QRGCLCOSCTCPAMLCJB?fM?J?K@GCLRCWCJ?RPMNCJJM?JMQBCPCAFMQ
FSK?LMQ
&PCLRC?JMQGKN?ARMQBCJ?Q?ARGTGB?BCQNCRPMJCP?QJMQGLBeECL?QCLJMQR?JJCPCQ
F?LRMK?BMJ?NMQGAGgLBCLMBCH?PCLRP?P?J?QCKNPCQ?QNCRPMJCP?Q
E?QeDCP?Q
KGLCP?QWK?BCPCP?Q?QSQRCPPGRMPGMQ1SGCPCLF?ACPT?JCPQSQBCPCAFMQWNMP
CJJM ?NCJ?L ? J? SLGB?B BCJ NSC@JM GLBeECL? #MLQGBCP?L OSC LM CQ CJ RGNM BC
BCQ?PPMJJM OSC CJJMQ OSGCPCL 3Cf?J?L OSC CQ CJ AJ?TC CJ DMPR?JCAGKGCLRM BC
A?N?AGB?BCQ BC JMQ NSC@JMQ GLBeECL?Q 3GL CK@?PEM
CQR? NMQGAGgL LM CQ
?@QMJSR?0MPCHCKNJMCLSL?AMLQSJR?PC?JGX?B?CLJ?#SCLA?BCJ0GQOSGCJKCQ
BC LMTGCK@PC BCJ ? BGCX AMKSLGB?BCQ
J?Q BMQ AMKSLGB?BCQ OSC QC
CLAMLRP?@?LBCLRPMBCJ,MRCQe?ACNR?@?LJ?NPCQCLAG?BCJ?QNCRPMJCP?Q
DPCLRC
?JMQMAFMPCQR?LRCQOSCLMCQR?@?LBC?ASCPBM 3\LAFCX
0
%JRCK?BCJ?AMLQSJR?WN?PRGAGN?AGgL
%LCJ0CPjCVGQRCLBMQEP?LBCQMPE?LGX?AGMLCQOSCQCAMLQGBCP?LPCNPCQCLR?RGT?QBC
JMQNSC@JMQGLBeECL?Q?K?XgLGAMQ
J?!QMAG?AGgL)LRCPbRLGA?BC$CQ?PPMJJMBCJ?3CJT?
0CPS?L? !)$%3%0
WJ?#MLDCBCP?AGgLBC.?AGML?JGB?BCQ!K?XgLGA?QBCJ0CPj
#/.!0
!)$%3%0KSCQRP?K?WMPAM@CPRSP?L?AGML?J,?AMLDMPK?AGgLBC#/.!0
CQNMQRCPGMP?J?BC!)$%3%0!K@?QMPE?LGX?AGMLCQK?LRGCLCLSL?PCJ?AGgLBC
KSRS?QS@CQRGK?AGgL
3\LAFCX
02C?AAGMLCQBCJ?QAMKSLGB?BCQL?RGT?QDPCLRC?J?QNCRPMJCP?Q
0SA?JJN?/2!5#MKSLGA?AGgLNCPQML?J
%J PCAJ?KM BC JMQ NSC@JMQ GLBeECL?Q CQ OSC JMQ NPMACQMQ AMLQSJRGTMQ LM QML
R?JCQ QGLM QML K\Q @GCL GLDMPK?RGTMQ PCQNCARM ? BCAGQGMLCQ OSC W? DSCPML
RMK?B?Q NMP CJ %QR?BM OSC NPGTGJCEG? J? CVNJMP?AGgL W CVNJMR?AGgL BC
FGBPMA?P@SPMQCL\PC?QBCAMKSLGB?BCQ
GLAJSQMQM@PC\PC?QOSCAMKNPCLBCL
? NSC@JMQ GLBeECL?Q CL ?GQJ?KGCLRM TMJSLR?PGM %L QCRGCK@PC BCJ JMQ
#?A?R?G@MQPC?JGX?PMLSLNPMLSLAG?KGCLRMCLAMLRP?BCJ?CVNJMR?AGgLNCRPMJCP?
CLBCDCLQ?BCQSQFCPK?LMQLMAMLR?AR?BMQ 1SGQNC
?
,?HCD?BCJ?AMKSLGB?B-?PGQA?J#\ACPCQK?LGDGCQR?QSNPCMASN?AGgLNMPOSC
LMQCASKNJCCJAMLTCLGMCLCJQCLRGBMOSCBGACOSCJ?AMLQSJR?BC@CQCP
NPCTG? CL CQC QCLRGBM QCf?J? OSC JMQ NSC@JMQ BC@CL F?ACP SL JJ?K?BM BC
?RCLAGgL?JNPCQGBCLRCBCJ?2CNj@JGA?W?JMQAMLEPCQGQR?QOSCPCNPCQCLR?LJ?Q
PCEGMLCQ
N?P??RCLBCPCQR?QGRS?AGgL
|CLJMQCQRSBGMQBCGKN?ARM LMQCRMK?LCLASCLR?JMQ?QNCARMQQMAG?JCQW
ASJRSP?JCQ
LM KCLAGML?L J? TCPB?B
RMBM Q?JC ? D?TMP BC J? CKNPCQ?
J?Q
AMKSLGB?BCQQMLQMJMMWCLRCQWLM?ARMPCQN?PRGAGN?RGTMQ} BGPGECLRCBC/)2!
!JPCQNCARMJ?2CBBC#MKSLGA?AGMLCQBC5A?W?JGCLQSLMR?CKGRGB?CJBC
HSLGM BCJ KCLAGML? OSC 0%25 0%42/ CLRGCLBC J? N?PRGAGN?AGgL
AGSB?B?L? W J? AMLQSJR? AMKM CJ GLRCPA?K@GM BC GLDMPK?AGgL
K?LGDGCQRM BC
NPCMASN?AGMLCQ
RCKMPCQ M ?DCAR?AGgL BC GLRCPCQCQ BC J?Q NM@J?AGMLCQ
GLDJSCLAG?B?Q NMP SL NPMWCARM BC FGBPMA?P@SPMQ ?LRCQ OSC QC CKNPCLB? M
?SRMPGACAS?JOSGCPNPMEP?K?BC?ARGTGB?BCQ
CQCHCPAGB?BC@SCL?DC
%L CJ 0CPj CJ CHCPAGAGM BCJ BCPCAFM ? J? AMLQSJR? LM CQ NJCLM NSCQ LM QC
AMLRCKNJ?L JMQ KCA?LGQKMQ W NPGLAGNGMQ CQNCAGDGA?BMQ NMP CJ #MLTCLGM
/)4
OSC ?J QCP P?RGDGA?BM NMP CJ N?eQ KCBG?LRC 2CQMJSAGgL ,CEGQJ?RGT? .M
QC AMLTGCPRC CL N?PRC BC J? LMPK?RGT? L?AGML?J 4?KNMAM QC RMK?L CL
ASCLR? J?Q DMPK?Q NPMNG?Q BC AMKSLGA?AGgL JMA?J OSC RGCLCL JMQ NSC@JMQ
GLBeECL?Q
LMCQNPCTG?WKSAFMKCLMQTGLASJ?LRC
J? DMPK? AMKM QC B? J? N?PRGAGN?AGgL W J? DMPK? AgKM JCQ ESQR?Pe? ? JMQ
GLBeECL?QOSCDSCP?
#S?BPM 0PM@JCK\RGA? ?J ?AACQM ? J? GLDMPK?AGgL ?K@GCLR?J W N?PRGAGN?AGgL
AGSB?B?L?
<@=.?A606=.;A2@0<:B;6A.?6<@@2=2?06/2;@L9<0<:<S6;C6A.1<@T
"<@20<;@612?.29B@<129<@616<:.@9<0.92@
"< @2 0B:=92 29 5205< 12 6;3<?:.? F 3B;1.:2;A.? 9.@ ?.G<;2@ =<? 9.@
0B.92@;<@2A<:.2;0B2;A.9.@</@2?C.06<;2@<?20<:2;1.06<;2@>B2
@2.;3<?:B9.1.@0<:<:20.;6@:<@12=.?A606=.06L;06B1.1.;.
"< @2 0<;A2:=9. 9. ?2.96G.06L; 12 .B162;06.@ =M/960.@ F< A.992?2@ 2; 9.
29./<?.06L;122C.9B.06<;2@.:/62;A.92@1B?.;A29.2A.=.122E=9<?.06L;
:6;2?.
@0.@.163B@6L;B@<12=2?6L160<@9<0.92@.9<@0B.92@9.@0<:B;61.12@
;<.00212;
.@0<:B;61.12@;<A62;2;.@2@<?J.AI0;60.
(62:=< 2@0.@<
1J.@ =.?. 9. ?2C6@6L; 12 C<9B:6;<@<@ @AB16<@ 12
C.9B.06L; =B2@A<@ . 16@=<@606L; 129 =M/960< F 9. ?2.96G.06L; 12 9.
B162;06.C.9B.06L;=B2@A<@.16@=<@GAGgLBCJNj@JGAMWJ?PC?JGX?AGgLBC
J?!SBGCLAG?
&SCLRC$CDCLQMPe?BCJ0SC@JM
#S?BPMs#MKMF?QGBMJ?AMLQSJR?WAMKMJCESQR?Pe?OSCQC?
(!3)$/ -%'534!2)!15%3%!
.M F? F?@GBM AMLQSJR?
1SC QC PCQNCRCL JMQ BCPCAFMQ BC JMQ NSC@JMQ
QGLM QMJM R?JJCPCQ GLBeECL?Q
GLDMPK?RGTMQPC?JKCLRC
#ML GLDMPK?AGgL AMKNJCR? W OSC LM CQRb
.M QC F? SQ?BM CJ GBGMK? JGKGR?B?NMPCJRGCKNM
JMA?J
#ML?AMKN?f?KGCLRMWTGEGJ?LAG?
1SC CJ %QR?BM AMMPBGLC AML J?Q MPE?LGX?AGMLCQ
N?P?OSCCQR?QGLDMPKCL?QSQ@?QCQ
&SCLRC 4?JJCPBC!R?J?W?QM@PC0SC@JMQ)LBeECL?QC(GBPMA?P@SPMQ@/2!5
0MP CJJM K\Q OSC KCHMP?P JMQ NPMACQMQ BC AMLQSJR? JM OSC QC RP?R?Pe? CQ BC
NPMKMTCPNPMACQMQBCAMLQCLRGKGCLRM%QJMOSCQCJJ?K?JGACLAG?QMAG?J
,MQPCAJ?KMQOSCF?ACLJMQGLBeECL?QCLJMQR?JJCPCQCQOSCJ?QCKNPCQ?QLM
ASKNJe?L AML JM OSC NPMKCRe?L P?BGMDMLe?
KCBGAGL?Q
BGLCPM CL CDCARGTM
AMLQRPSAAGgL BC NMQR? KbBGA?
CLRPC MRPMQ
#MLQGBCP?L ?BCK\Q OSC CL
PC?JGB?BJMQK?WMPCQ@CLCDGAG?PGMQQMLECLRCDMP\LC?WJMQNMAMQGLBeECL?QOSC
QC GLQCPR?L J?@MP?JKCLRC QML K?J N?E?BMQ
K?JRP?RM TCP@?J W NQGAMJgEGAM ?J
NCPQML?J GLBeECL? OSC RP?@?H? CQNMP\BGA?KCLRC CL J? CKNPCQ? -CLAGML?L
?BCK\Q OSC CJ CV?KCL KbBGAM OSC PC?JGX?L CQ CV?ECP?BM ,?Q CKNPCQ?Q
NPMKSCTCL SL BCQ?PPMJJM ?HCLM ? J? NCPQNCARGT? GLBeECL? W LM BCKSCQRP?L
QMJGB?PGB?B QMAG?J M TMJSLR?B BC AMKNPMKCRCPQC AML CJ BCQ?PPMJJM BC J? XML?
BMLBC CVRP?CL PCASPQMQ W ECLCP?L GKN?ARMQ ?K@GCLR?JCQ /2!5
?
!BGAGML?JKCLRC AMLQGBCP?L OSC JMQ @GgJMEMQ W ECgJMEMQ Q?A?L GLDMPK?AGgL BC
J?QAMKSLGB?BCQ
0?P?2M@CPR'SGK?P?CQ
6GACNPCQGBCLRC2CEGML?JBC!)$%3%0
?NPMNgQGRMBC
JMQ PCAGCLRCQ BCQAS@PGKGCLRMQ BC PCQCPT?Q E?QeDCP?Q CL CJ ,MRC CLRPC
3CN?FS?
#SQAM W *SLeL
KCLAGML? OSC LM CVGQRCL AMLBGAGMLCQ RbALGA?Q N?P?
GLGAG?P CQR?Q CVNJMP?AGMLCQ E?QeDCP?Q CL J? 2CEGgL BC 5A?W?JG
W NMLC AMKM
CHCKNJMQ JMQ A?QMQ BC CVNJMQGMLCQ BCJ MJCMBSARM W J? AMLR?KGL?AGgL BC PeMQ
-CLAGMLgOSCCJ&MLBMBC#?KGQC? &/#!-
LM@CLCDGAG?BGPCAR?KCLRC?J?Q
AMKSLGB?BCQ GLBeECL?Q
NMP JM OSC NPMNSQM OSC SL BCJ A?LML BCJ E?Q BC
#?KGQC? N?QC BGPCAR?KCLRC ? QCP ?BKGLGQRP?BM NMP JMQ GLBeECL?Q 6eJAFCX
@
$CQ?PPMJJMCLCPEbRGAMCGLBeECL?QCL?GQJ?KGCLRMTMJSLR?PGM
%Q J?KCLR?@JC OSC F?QR? CJ NPMNGM NPCQGBCLRC BC J? 2CNj@JGA? BCQAMLMXA? J?
NPCQCLAG? BC JMQ GLBeECL?Q CL ?GQJ?KGCLRM TMJSLR?PGM %L QS NMJbKGAM ?PReASJM
|%JNCPPMBCJFMPRCJ?LM}KCLAGML?
|AMLRP?CJNCRPgJCM
F?LAPC?BMJ?DGESP?BCJL?RGTMQCJT\RGAMLMAMLCAR?BM
CQ BCAGP
BCQAMLMAGBM NCPM NPCQSKG@JC
NMP JM OSC KGJJMLCQ BC FCAR\PC?Q LM
BC@CLQCPCVNJMP?B?Q
WCJNCRPgJCMNCPS?LMBC@COSCB?PQC@?HMRGCPP?KGCLRP?Q
QC N?E? CL CJ KSLBM 53 NMP A?B? @?PPGJ %Q NPCDCPG@JC N?P? CJJMQ OSC CJ
0CPjQGE?GKNMPR?LBMWCKNM@PCAGbLBMQC !J?L'?PAe?0bPCX
%J#MKCPAGM
BC/ARS@PCBCJ
9? ?LRCPGMPKCLRC CJ 0PCQGBCLRC BCJ $GPCARMPGM BC 0%2
0%42/
$?LGCJ 3?@?
F?@e?LCE?BMJ?CVGQRCLAG?BCJMQGLBeECL?QLMAMLR?AR?BMQCLSL?CLRPCTGQR?
RCJCTGQGT? CL ?@PGJ BC CQRC ?fM 3%26).$)
@
3GL CK@?PEM J? CVGQRCLAG?
BCJMQNSC@JMQGLBeECL?QCL?GQJ?KGCLRMTMJSLR?PGMCQR\RMR?JKCLRCPCAMLMAGBM
AMKMB?ASCLR?CJ)LDMPKC$CDCLQMPG?J.r|0SC@JMQGLBeECL?QCLQGRS?AGgL
BC?GQJ?KGCLRMWAMLR?ARMGLGAG?J}
&PCLRC?CQR?QGRS?AGgL!)$%3%0CVGECG
%JPCQNCRMGPPCQRPGARM?JMQBCPCAFMQ
?BOSGPGBMQ W BCPCAFMQ NPCCVGQRCLRCQ BC JMQ NSC@JMQ GLBeECL?Q CL ?GQJ?KGCLRM
TMJSLR?PGMBCJ?!K?XMLe?NCPS?L?
GG
,?GLKCBG?R?CVAJSQGgLBCDGLGRGT?BCJMQ
JMRCQ BC J?Q \PC?Q QSNCPNSCQRMQ BC JMQ RCPPGRMPGMQ 2CQCPT?Q 4CPPGRMPG?JCQ
APC?B?Q W NPMNSCQR?Q
BC JMQ NSC@JMQ GLBeECL?Q CL ?GQJ?KGCLRM TMJSLR?PGM NMP
?RCLR?PAMLRP?J?TGB?WJ?Q?JSBBCCQRMQNSC@JMQCLCVRPCK?TSJLCP?@GJGB?B
GGG
J?CVAJSQGgLBCDGLGRGT?BCJMQJMRCQNCRPMJCPMQOSCQCQSNCPNMLCL?JMQRCPPGRMPGMQ
BCJMQNSC@JMQGLBeECL?QCL?GQJ?KGCLRMTMJSLR?PGMWOSCW?QCCLASCLRP?LCL
J?CR?N?BCCVNJMP?AGgLWCVNJMR?AGgL !)$%3%0
%JBCBGAGCK@PCBCJ
J? &CBCP?AGgL .?RGT? BC #MKSLGB?BCQ #?A?R?G@M BC 0?BPC !@?B
0SC@JMQGLBeECL?QCL#MLR?ARM)LGAG?JQML?OSCJJMQOSCF?QR?F?ACNMAMF?LCQR?BM
CL?GQJ?KGCLRMWOSCPCAGCLRCKCLRCF?LCQR?@JCAGBMPCJ?AGMLCQAMLJ?QMAGCB?BLM
GLBeECL?
NCPMBCQC?LAMLRPMJ?PWJGKGR?PCQ?QPCJ?AGMLCQ !)$%3%0
&%.!#/#!
QCNPMLSLAGgAMLRP?J?CVNJMP?AGgLQeQKGA?CLCJJMRCBMLBC
KMP?LSL?QD?KGJG?Q|LMAMLR?AR?B?Q} 1SGQNC
?
!J@CPRM 0GX?LEM
NPCQGBCLRC BC !)$%3%0 B? ASCLR? OSC J? MPE?LGX?AGgL
GLBeECL?F?@e?JJCE?BM?SL?ASCPBMAMLCJ-).%-W0%250%42/N?P?OSC
QC PCQNCRCL JMQ BCPCAFMQ BC JMQ GLBeECL?Q CL ?GQJ?KGCLRM TMJSLR?PGM %J JeBCP
GLBeECL? PCAMPBg OSC CJ N?Q?BM BC DC@PCPM BC QC DGPKg CJ |!AR? BC
2CSLGgL}BMLBCQC?AMPBgCLPCJ?AGgL?J?Q2CQCPT?Q4CPPGRMPG?JCQAPC?B?Q CL
CQRC A?QM )QAML?FS?
OSC |PCQNCARM ? JMQ JMRCQ K?RCPG? BC AMLASPQM
GLRCPL?AGML?J NMP 0%25 0%42/
JSCEM BC OSC QC AMLMXA? J? CVGQRCLAG? BC
GLTCPQGMLGQR?Q GLRCPCQ?BMQ CL ?JESLM BC JMQ JMRCQ ? QCP JGAGR?BMQ
J? CKNPCQ?
B?P\ ? AMLMACP J?Q KMBGDGA?AGMLCQ BCJ \PC? BC JMQ JMRCQ N?P? CTGR?P
QSNCPNMQGAGMLCQ AML J?Q PCQCPT?Q RCPPGRMPG?JCQ
BCAJ?P?B?Q ?Qe MDGAG?JKCLRC NMP
CJ%QR?BM} 3%26).$)
?
0SC@JMQGLBeECL?QW@GMAMK@SQRG@JCQ
%J RCK? BC @GMAMK@SQRG@JCQ CL JMQ NSC@JMQ GLBeECL?Q BC J? !K?XMLe? ECLCP?
AGCPRMQ RCKMPCQ TGLASJ?BMQ ?J GKN?ARM BC JMQ KMLMASJRGTMQ R?JCQ AMKM J?
NbPBGB? BC @GMBGTCPQGB?B
AMLR?KGL?AGgL NMP CJ SQM BC ?EPMOSeKGAMQ W
RCLBCLAG?Q N?P? D?TMPCACP J? GLTCPQGgL NPGT?B? CL \PC?Q OSC CTCLRS?JKCLRC
NMBPe?L CQR?P MASN?B?Q NMP NSC@JMQ GLBeECL?Q !SLOSC J?Q ?SRMPGB?BCQ
MDGAG?JCQF?LGLQGQRGBMCLCJSQMBC\PC?QBCEP?B?B?QWCJNJCLMPCQNCRMNMPJ?Q
RGCPP?Q GLBeECL?Q JMQ ?LRCACBCLRCQ QM@PC MRMPE?KGCLRM CQR?R?J BC AMLACQGMLCQ
BC PCDMPCQR?AGgL CL @MQOSCQ NPGK?PGMQ LM MDPCACL QSDGAGCLRC E?P?LRe? %L R?J
QCLRGBM !)$%3%0 F? K?LGDCQR?BM QS PCAF?XM ? J? NPMKMAGgL BC
@GMAMK@SQRG@JCQCL@MQOSCQNPGK?PGMQ?K?XgLGAMQOSC?DCAR?LCJAMLACNRMWJ?
NP\ARGA?BCJ|@SCLTGTGP}BCJMQNSC@JMQGLBeECL?Q%QGLRCPCQ?LRCAMLQGEL?POSC
J? !Q?K@JC? BC J? 5LGgL )LRCPL?AGML?J BC #MLQCPT?AGgL BC J? .?RSP?JCX?
5)#.
AMLQGBCP?B? CJ N?PJ?KCLRM NJ?LCR?PGM BCJ KCBGM ?K@GCLRC
?NPM@g CL
MARS@PC BCJ SL? PCAMKCLB?AGgL ? JMQ EM@GCPLMQ BC RMBM CJ KSLBM N?P?
OSC BCHCL BC QS@TCLAGML?P J? NPMBSAAGgL BC @GMAMK@SQRG@JCQ %L RMBM A?QM
AS?JOSGCPBCAGQGgLOSCQCOSGCP?RMK?PQM@PCJ?NPMKMAGgLBCAMK@SQRG@JCQCL
RCPPGRMPGMQGLBeECL?QBC@CP\PC?JGX?PQCAMLJ?NJCL?AMLQSJR?WN?PRGAGN?AGgLBC
JMQNSC@JMQGLBeECL?QGLTMJSAP?BMQ
$GQASQGgL
%J BCQ?PPMJJM QMQRCLG@JC BCJ N?eQ PCOSGCPC SL? NMJeRGA? CLCPEbRGA? AMLQGQRCLRC
AML CJ PCQNCRM BC JMQ BCPCAFMQ BC J?Q AMKSLGB?BCQ JMA?JCQ W CJ PCQNCRM ?
AMLQGBCP?AGMLCQ?K@GCLR?JCQ,MOSCQCF?NMBGBMAMLQR?R?PCQK\Q@GCLOSC
CL CJ NPMACQM BC KMBCPLGX?AGgL BCJ N?eQ QC F? NPGTGJCEG?BM J?Q GLTCPQGMLCQ
NPGT?B?QCLCJQCARMPCLCPEbRGAMW?SLOSCQCKCLAGML?AMLKSAFMbLD?QGQNMP
N?PRCBCJ%QR?BMJ?PCBGQRPG@SAGgLBC@CLCDGAGMQNPMACBCLRCQBCJ?CVNJMP?AGgLW
CVNJMR?AGgLBCPCASPQMQLMPCLMT?@JCQCLJ?NP\ARGA?OSCB?CLJ?NM@J?AGgLJ?
QCLQ?AGgLBCOSCCJ%QR?BMCQR\K\QNPCMASN?BMCLBCDCLBCPJMQGLRCPCQCQBC
J?Q CKNPCQ?Q OSC JMQ GLRCPCQCQ BC J?Q AMKSLGB?BCQ JMA?JCQ %J PCAGCLRC
N?OSCRC JCEGQJ?RGTM NPMKSJE?BM NMP CJ %HCASRGTM ? P?eX BC J?Q D?ASJR?BCQ
MRMPE?B?Q NMP CJ #MLEPCQM N?P? JCEGQJ?P ? D?TMP BC J? ?BCAS?AGgL BC J?
LMPK?RGTGB?B?J4P?R?BMBC,G@PC#MKCPAGMAMLJMQ%QR?BMQ5LGBMQRGCLCSL?
BGPCAAGML?JGB?B AJ?P? BC BCQCQRPSARSP?P ? J?Q AMKSLGB?BCQ L?RGT?Q AML J?
DGL?JGB?B BC D?TMPCACP J?Q GLTCPQGMLCQ NPGT?B?Q CL ?EPMGLBSQRPG? W
CQNCAG?JKCLRC CL @GMAMK@SQRG@JCQ !SLOSC J? ,CW BC J? 3CJT? CL QCLRGBM
CQRPGARM CQR\ N?P?JGX?B? CL CJ #MLEPCQM CL J? NP\ARGA? CJ KGQKM CQNePGRS CQR\
BGJSGBM CLCJN?OSCRCJCEGQJ?RGTM%QRMM@CBCAC?JCLDMOSCES@CPL?KCLR?J OSC
AMLQGBCP?OSCJ?QRGCPP?QBCJ?QAMKSLGB?BCQL?RGT?QQCCLASCLRP?LMAGMQ?QCL
K?LM BC ECLRC NM@PC OSC LM RGCLC A?NGR?J
LG RCALMJMEe? LG A?N?AGB?BCQ N?P?
NPMKMTCP CJ BCQ?PPMJJM ?EPMGLBSQRPG?J %L CQRC AMLRCVRM QC BCQNPCAG?L JMQ
?QNCARMQ QMAG?JCQ W ?K@GCLR?JCQ W QC JCQ F?AC ?N?PCACP AMKM RP?@?Q ?J
BCQ?PPMJJM |CJNCPPMBCJFMPRCJ?LM}
#S?LBMJ?QNM@J?AGMLCQF?LFCAFMT?JCPQSQBCPCAFMQF?QGBMK\QNMPNPCQGgL
QMAG?JOSCNMPSL?NMJeRGA?CVNJeAGR?BCPCQNCRM?J?QAMLQGBCP?AGMLCQQMAG?JCQW
?K@GCLR?JCQ%J'M@GCPLM?NCJ??JPCASPQMD\AGJBCBCQA?JGDGA?P?JMQ|MNMQGRMPCQ
BCJNPMEPCQM}CGLAJSQMJMQA?JGDGA?AMKMPCR?PB?R?PGMQ0CPMLMCQQgJMSLRCK?
BC BGQASPQM
QC F? NPMKSJE?BM SL? QCPGC BC LMPK?Q OSC CL J? NP\ARGA? QC
AMLQGBCP?J?APGKGL?JGX?AGgLBCJ?NPMRCQR?!OSeQC?NPCAG?SLEGPMBCJN?PRGBM
BC EM@GCPLM BC SL? NMQGAGgL K\Q L?AGML?JGQR? BCJ ?LRCPGMP NCPGMBM ? SL?
NMQGAGgL K\Q ? RMLM AML J?Q CVNPCQGMLCQ BCJ JG@PC KCPA?BM $C CQR? QGRS?AGgL
W? F? B?BM ASCLR? J? NPMNG? $CDCLQMPe? BCJ 0SC@JM NCPM J?Q KCBGB?Q
NMQRCPGMPCQ GLBGA?Pe?L K\Q @GCL OSC QC RP?R? BC GLRCLRMQ BC B?PJC SL PMQRPM
?K@GCLR?JWQMAG?J?J?NMJeRGA?CLCPEbRGA?OSCLMRCPKGL?BCAMLTCLACPLG?J?Q
NM@J?AGMLCQJMA?JCQLG?JMQJeBCPCQQMAG?JCQW?K@GCLR?JCQ
0CPM R?KNMAM CQ AGCPRM OSC LM RMB?Q J?Q CKNPCQ?Q ?ARjCL NPGTGJCEG?LBM
jLGA?KCLRC AMLQGBCP?AGMLCQ ?K@GCLR?JCQ 3C? NMP NPCQGgL CVRCPL? M NMP
NMJeRGA?Q GLRCPL?Q A?B? TCX T? E?L?LBM K\Q AGSB?B?Le? RCK?Q AMKM J?
PCQNMLQ?@GJGB?B QMAG?J AMPNMP?RGT? CL J? OSC QC GLAJSWCL AMLQGBCP?AGMLCQ
?K@GCLR?JCQ ,?Q CKNPCQ?Q QC T?L ? KMTCP CL DSLAGgL ? JM OSC CJ %QR?BM JC
NCPKGRC!QMAG?BM?JRCK?BCJMQCQR\LB?PCQ?K@GCLR?JCQWQMAG?JCQQCPCOSGCPC
SL?GLQRGRSAGML?JGB?BOSCJ?QF?E?ASKNJGP
$C MRPM J?BM
QC PCOSGCPC OSC J?Q NM@J?AGMLCQ JMA?JCQ JCEeRGK?KCLRC QGE?L
RP?R?LBM BC F?ACP T?JCP QSQ JCEeRGKMQ BCPCAFMQ
NCPM LM QC BC@CPe?L OSCB?P
jLGA?KCLRCCLSLPMJAMLDPMLR?AGML?JQGLMOSCPCOSGCPCLBCQ?PPMJJ?PCQRP?RCEG?Q
K\Q BGPCAR?Q OSC JCQ ?WSBCL ? KCHMP?P QS A?N?AGB?B BC LCEMAG?AGgL 0MP
CHCKNJMQCLCACQGR?OSCCJJMQWCJJ?QR?K@GbLF?E?LCHCPAGAGMQBCQ?@CPAgKM
NGCLQ?L J?Q CKNPCQ?Q M AgKM NGCLQ? CJ %QR?BM %QRM
M@TG?KCLRC
PCOSGCPC
BCQ?PPMJJ?P SL? A?N?AGR?B BC CKN?Re? W BC CQASAF? OSC F?QR? ?FMP? F? QGBM
CQOSGT?N?P?JMQ?ARMPCQ
A?B?SLMRP?R?LBMBCGKNMLCPQSP?XgL3CPCOSGCPC
?BCK\Q OSC RMB? J? A?PE? ?RPG@SGB? ? J?Q CKNPCQ?Q CVRP?ARGT?Q RGCLC OSC QCP
?BCAS?B?KCLRC AMLRCVRS?JGX?B? N?P? BGDCPCLAG?P JMQ EP?BMQ BC
PCQNMLQ?@GJGB?B (?W?QNCARMQ?RPG@SGBMQ?J?QCKNPCQ?QOSCBCNCLBCL BCJ?
BCAGQGgL GLBeECL?
CL MRPMQ A?QMQ F?W PCQNMLQ?@GJGB?BCQ AMKN?PRGB?Q AMKM
R?K@GbL F?W EP?BMQ BGPCARMQ BC ASJN?@GJGB?B BC J?Q CKNPCQ?Q %QR? CQ SL?
AMLBGAGgLN?P?CLRP?PCLSLBG\JMEMECLCP?RGTMWLMSLBG\JMEMBCQMPBMQAMKM
F?QR??FMP?N?PCACF?@CPNPGK?BM
,? NPCQCLAG? BC CKNPCQ?Q CVRP?ARGT?Q CL J?Q AMKSLGB?BCQ ECLCP? BGTGQGgL LM
QgJMCLRPCJMQEP?LBCQEPCKGMQGLBeECL?QQGLMCLRPCJ?QNPMNG?QAMKSLGB?BCQ
,?Q ?SRMPGB?BCQ PCEGML?JCQ ? TCACQ NGCPBCL NCPQNCARGT? BC J? GKNMPR?LAG? BCJ
BCQ?PPMJJM CLCPEbRGAM W AMLACLRP?L QS ?AAGML?P K\Q CL AgKM ?PP?LA?P K\Q
GLEPCQMQ ? J?Q CKNPCQ?Q NCRPMJCP?Q HSQRGDGA?LBM PCAG@GP JMQ CDCARMQ BC J?
AMLR?KGL?AGgL ?K@GCLR?J .M CQR\ K?J CQRC CKNCfM NCPM BC@CPe? GLQAPG@GPQC
K\Q@GCLCLSL?NPMNSCQR?BCBCQ?PPMJJMQMQRCLG@JCBMLBCQCPCAMLMACCJPC?J
N?NCJBCJBCQ?PPMJJMCLCPEbRGAMWCJBCQ?PPMJJMBCJ?QNM@J?AGMLCQE?P?LRGX?LBM
JMQNPMACQMQCAMJgEGAMQCQCLAG?JCQ,?QAMKSLGB?BCQR?K@GbLQCTCLBGTGBGB?Q
DPCLRC ? J? NPCQCLAG? BC J?Q CKNPCQ?Q CVRP?ARGT?Q NSCQ J? MDCPR? BC RP?@?HM
RCKNMP?J OSCLMCQN?P?RMBMQWRMB?Q
CQKSW?RP?ARGT?DPCLRC?J?QEP?LBCQ
A?PCLAG?Q CL J?Q AMKSLGB?BCQ 4?KNMAM CQ AGCPRM OSC J?Q CKNPCQ?Q
CVRP?ARGT?Q RGCLCL OSC PCQMJTCP RMBM CJ N?QGTM QMAG?J BC J? FGQRMPG? BCJ 0CPj W
KCLMQ CJ %QR?BM RGCLC OSC BCQ?RCLBCPQC BC J?Q JMA?JGB?BCQ OSC PCAG@CL
@CLCDGAGMQBCJ?CVNJMP?AGgLWCVNJMR?AGgLBCPCASPQMQCVRP?ARGTMQ
%JRCK?BC@GMAMK@SQRG@JCQRMB?Te?CQKSWNMJbKGAM,MQ?LRCACBCLRCQBCSQM
BC RGCPP?Q |BCEP?B?B?Q} LM QML KSW AMLDG?@JCQ CL CJ N?eQ .M M@QR?LRC
CQ
NMQG@JC ECLCP?P SL ?KNJGM NPMACQM N?PRGAGN?RGTM CL CJ OSC QC NSCB? TCP J?
K?LCP?BCAMLTGTGP@?Q?BMLMQgJMCLSLNPMACQMBCXMLGDGA?AGgLCAMJgEGA?W
CAMLgKGA? QGLM R?K@GbL CL DSLB?KCLRMQ CAMJgEGAMQ BC JMQ CAMQGQRCK?Q
?K?XgLGAMQ N?P? KGLGKGX?P JMQ NPM@?@JCQ GKN?ARMQ LCE?RGTMQ ,MQ
DSLB?KCLRMQ BC J? CAMJMEe? BC N?GQ?HCQ NSCBCL QCPTGP N?P? ECLCP?P QGQRCK?Q
BC RP?@?HM AML PMR?AGgL BC KMQ?GAMQ NPMBSARGTMQ 0?P? CJJM CQ @\QGAM OSC QC
NSCB? ?T?LX?P CL CJ A?R?QRPM BC RGCPP?Q 4MBM CJJM BCLRPM BC SL K?PAM BC
CQRPGARMPCQNCARMBCJ?QRGCPP?QGLBeECL?Q
!BCK\Q BCJ GKNMPR?LRC PMJ OSC BC@CPe? ASKNJGP CJ -GLGQRCPGM BCJ -CBGM
!K@GCLRC CQ BC DSLB?KCLR?J GKNMPR?LAG? CJ BCQ?PPMJJM BC KCA?LGQKMQ BC
AMLRPMJ QMAG?J ,?Q CVNCPGCLAG?Q BC KMLGRMPCM ?K@GCLR?J AMKSLGR?PGM
AMKM
CQRPSARSP?QTCCBMP?Q?QMAG?B?Q?J?QDCBCP?AGMLCQGLBeECL?QASWMCLA?PEMCQ
KMLGRMPC?PJMQGKN?ARMQBCJ?Q?ARGTGB?BCQBCJ?QCKNPCQ?QFGBPMA?P@SPeDCP?Q
NPMKMTCP TGEGJ?LAG? AMKSLGR?PG? ?LRC GLAGBCLRCQ C GLDMPK?P QM@PC CJJMQ ? J?Q
AMKSLGB?BCQ
J? CKNPCQ? W DCBCP?AGMLCQ MDPCACL GKNMPR?LRCQ N?SR?Q N?P?
DMPR?JCACPJ?N?PRGAGN?AGgLGLBeECL?WCJAMLRPMJQMAG?J
#MLAJSQGMLCQWPCAMKCLB?AGMLCQ
4MK?LBMCLASCLR?JMQF?JJ?XEMQBCJCQRSBGMQCAMLAJSWCOSC
%VGQRC SL? AJ?P? NPGK?Ae? BC D?TMPCACP J? GLTCPQGgL NPGT?B? CL ?QNCARMQ
KGLCPMQCFGBPMA?P@SPMQQM@PCJMQBCPCAFMQBCJMQNSC@JMQGLBeECL?Q%JjJRGKM
N?OSCRC JCEGQJ?RGTM BC HSLGM BCJ ?NSLR? ? BCQNCH?P JMQ |M@QR\ASJMQ} ? J?
GLTCPQGgLWJ?NPMNGCB?BNPGT?B?
! J? DCAF? CVGQRC SL? TMJSLR?B NMJeRGA? BC ?T?LX?P F?AG? SL? GLQRGRSAGML?JGB?B
?K@GCLR?J OSC QSNCPC J?Q BCDGAGCLAG?Q CQRPSARSP?JCQ #S\L CDCARGT? W AS\LRM
NMBCP PC?J ASCLRC N?P? F?ACP T?JCP J? JCEGQJ?AGgL ?K@GCLR?J L?AGML?J C
GLRCPL?AGML?J CQ ?JEM OSC RMB?Te? CQR\ NMP BCQNCH?PQC CL R?LRM QC T?W?L
AMLMAGCLBMJMQ?PPCEJMQMPE?LGX?AGML?JCQ?JGLRCPGMPBCJ-GLGQRCPGMBCJ!K@GCLRC
,? NMJeRGA? CLCPEbRGA? CL J? 2CEGgL BC 5A?W?JG LM CQ QGLM NP\ARGA?KCLRC SL?
CVRCLQGgLBCJ?NMJeRGA?CLCPEbRGA?L?AGML?JOSCBGAR?CJ-GLGQRCPGMBC%LCPEe?W
-GL?Q
NCQC?OSCCVGQRCSLNPMACQMBCBCQACLRP?JGX?AGgLCLASPQMWDSLAGMLCQ
?QGEL?B?Q ? J? $GPCAAGgL 2CEGML?J BC %LCPEe? W -GL?Q CL J? NP\ARGA? QSQ
DSLAGMLCQ QC TCL JGKGR?B?Q NMP CJ CQA?QM ?NMWM CAMLgKGAM W K?RCPG?J BC J?
MDGAGL?
%LJ?PCEGgLJ??ECLB?NMJeRGA?CLPCJ?AGgL?JBCQ?PPMJJMCLCPEbRGAMK\QOSCSL?
MPGCLR?AGgLF?AG?SL?NMJeRGA?CLCPEbRGA?MPGCLR?B??JBCQ?PPMJJMQMQRCLG@JCCQR\
K\QTGLASJ?B??J?JSAF?NMPGLAPCKCLR?PCJA?LMLWCJQM@PCA?LMLCLCPEbRGAM
NMP J? HSQRGDGA?AGgL BC CQR?P @?HM J? GLDJSCLAG? BC NPMWCARMQ CVRP?ARGTMQ M NMP
RCLCP\PC?QBCCVNJMP?AGgLWCVNJMR?AGgLBCLRPMBCJRCPPGRMPGMPCEGML?J
%VGQRC QSNCPNMQGAGgL BC JMRCQ BC CVNJMP?AGgL NCRPMJCP? QM@PC RCPPGRMPGMQ BC
AMKSLGB?BCQL?RGT?Q
PC?Q.?RSP?JCQ0PMRCEGB?QW2CQCPT?Q4CPPGRMPG?JCQN?P?
NSC@JMQGLBeECL?QCL?GQJ?KGCLRMTMJSLR?PGM
QC?LJ?QMDGAG?JKCLRCPCAMLMAGB?Q
M J?Q NPMNSCQR?Q NMP J?Q MPE?LGX?AGMLCQ GLBeECL?Q &PCLRC ? CQR? QGRS?AGgL CJ
%QR?BM QC K?LRGCLC DGPKC CL F?ACP T?JCP QS AMLBGAGgL BC NPMNGCR?PGM BCJ
QS@QSCJM W NMP R?LRM CJ BCPCAFM BC BCAGBGP CL OSb JSE?P W ? OSGbLCQ MRMPE?
BCPCAFMQBC?NPMTCAF?KGCLRMBCJMQPCASPQMQL?RSP?JCQLMPCLMT?@JCQ
!JGLRCPGMPBCJKMTGKGCLRMGLBeECL?F?WAMLRP?BGAAGMLCQQM@PCJ??ACNR?AGgLBC
J? NPCQCLAG? BC CKNPCQ?Q CVRP?ARGT?Q CL RCPPGRMPGMQ !SLOSC K?WMPKCLRC F?W
SL?NMQGAGgLNMJeRGA?BCLCE?RGT??N?PRGPBCJ?QDCBCP?AGMLCQ
?JGLRCPGMPBCJ?Q
AMKSLGB?BCQ ?JESL?Q BC CJJ?Q Qe CQR\L BC ?ASCPBM NMP J?Q MNMPRSLGB?BCQ BC
CKNJCMOSC@PGLB?LRCKNMP?JKCLRC
%VGQRC SL AMLRSLBCLRC PCAJ?KM BC J?Q AMKSLGB?BCQ CL KCHMP?P JMQ
KCA?LGQKMQBCAMLQSJR?WN?PRGAGN?AGgLNSCQQCAMLQGBCP?OSCF?QR??FMP?F?
NPGK?BM SL A?P\ARCP K\Q BC GLDMPK?AGgL W AMLQSJR? NMQRCPGMP ?J MRMPE?KGCLRM
BC J? AMLACQGgL OSC SL? ?ARGRSB BC @jQOSCB? BC AMLQCLRGKGCLRM M JGACLAG?
QMAG?JNPCTGM?JMRMPE?KGCLRMBCJ?AMLACQGgLNCRPMJCP?ME?QeDCP?
!SLOSC CJ 'M@GCPLM 2CEGML?J BC 5A?W?JG CQ AMLQAGCLRC BC J? RCLBCLAG? BC
NPMBSAAGgL BC @GMAMK@SQRG@JCQ CL J? 2CEGgL ?jL LM F? RMK?BM SL? NMQGAGgL
BCDGLGB?%JRCKMPCQNMPCJNPMACQMBCBCDMPCQR?AGgLOSCNMBPe?ECLCP?PNCQC
?OSCJ?QPCAMKCLB?AGMLCQB?B?QNPGTGJCEG?LCJSQMBCJ?Q\PC?QBCDMPCQR?B?Q
.M CQ NMJeRGA? BCJ 'M@GCPLM 2CEGML?J J? NPMBSAAGgL CLCPEbRGA? ? N?PRGP BC J?
@GMK?Q?DMPCQR?JQGLCK@?PEMQCCQR\LECLCP?LBM?JESLMQNPMWCARMQNCOSCfMQ
CLCJQCARMPNPGT?BMN?P?DMPR?JCACPCJSQMBCCQR?MNAGgLCLCPEbRGA?
4?JCQAMLAJSQGMLCQLMQF?ACLBCDGLGPRPCQPCAMKCLB?AGMLCQNPGMPGR?PG?QN?P?JM
OSCQCPCDGCPC?NMJeRGA?QCLCPEbRGA?QCLJ?2CEGgLBC5A?W?JG
0CPj
%J'M@GCPLM2CEGML?JBC5A?W?JGBC@CNPMKMTCPJ?DMPKSJ?AGgLN?PRGAGN?RGT?BC
SL? NMJeRGA? BC BCQ?PPMJJM CLCPEbRGAM GLQAPGR? CL CJ K?PAM BCJ BCQ?PPMJJM
QMQRCLG@JC %L CQRC K?PAM QC BC@CP\ AMLRCKNJ?P AMLQGBCP?AGMLCQ CQRPGAR?Q BC
PCQNCRMQMAG?JW?K@GCLR?J
,? ECQRGgL ?K@GCLR?J PCEGML?J BC@C RCLCP J? QSDGAGCLRC ?SRMLMKe?
QMJTCLAG?
RP?LQN?PCLAG? W JMQ PCASPQMQ ?NPMNG?BMQ N?P? OSC ASKNJ? QSQ DSLAGMLCQ
CDCARGT?KCLRC CL CJ K?PAM BCJ NPMACQM BC BCQACLRP?JGX?AGgL W AML SL?
?NPMNG?B?AMMPBGL?AGgLCLRPCJMQBGDCPCLRCQLGTCJCQBCEM@GCPLM
"G@JGMEP?De?
!(/2!
'/2%5W0CPjNCRPMDGPK?P\LFMW?JG?LX?CQRP?RbEGA?0SA?JJN?
0CPj-GbPAMJCQBCCLCPMBCJ0\E
!JX?
#?PJMQW#bQ?P)NCLX?|,?ECQRGgLNj@JGA?GLAMLCV?%JA?QMBCJ?
NMJeRGA??K@GCLR?J?NPMNgQGRMBCJ?QSNCPNMQGAGgLBCJMRCQBCFGBPMA?P@SPMQCL
J?QPC?Q.?RSP?JCQ0PMRCEGB?Q!0%#/,GK?
"?LAM#CLRP?JBC2CQCPT?BCJ0CPj -CKMPG?,GK?N
"CPL?JCQ
!LRMLGM (CPP?KGCLR?Q N?P? SL BG?ELgQRGAM BC AMLDJGARMQ CL
GLBSQRPG?QCVRP?ARGT?Q&SRSPM3MQRCLG@JC,GK?BCK?PXM$G?NMQGRGT?Q
#?JTM
%BS?PBM)KN?ARMQ?K@GCLR?JCQBCJ?1SCK?BC@GMK?Q?)0##
5.-3-,GK?$G?NMQGRGT?Q
#MCJJM
*?TGCP0CPQNCARGT?CLCJBCQ?PPMJJMBCJMQ@GMAMK@SQRG@JCQCLCJ
0CPj)4$'))#SPQM)LRCPL?AGML?J-CA?LGQKMBC$CQ?PPMJJM,GKNGMAMKMSL?
LSCT?MNMPRSLGB?BBCLCEMAGM,GK?
WBCHSJGM$G?NMQGRGT?Q
$CAJ?P?AGgLBC0SA?JJN?3M@PC#?K@GMQ#JGK\RGAMQW!K?XMLe?3SBMAAGBCLR?J
0SA?JJN?
5A?W?JG
0CPj
%L JeLC?
$GQNMLG@JC CL FRRNK?N
?K?XMLG?LCRDMPSKQFMURFPC?BNFN R2CTGQ?BMCJBCK?WMBCJ
$CDCLQMPe?BCJ0SC@JM
0SC@JMQ)LBeECL?QCLQGRS?AGgLBC?GQJ?KGCLRMW
AMLR?ARMGLGAG?J)LDMPKC$CDCLQMPG?J.r,GK?N
$GPCAAGgL 2CEGML?J BC %LCPEe? W -GL?Q BC 5A?W?JG
-GLCPe? $GQNMLG@JC
CL
FRRNUUUPCEGMLSA?W?JGEM@NCCKGL?QGLBCVNFN MNRGMLAMK=AMLRCLRR?QI
TGCUGB)RCKGB2CTGB?BMCJBCMARS@PCBCJ
'?K@M?
#bQ?P0PCQCLR?AGgLBCJ?Q!ARGTGB?BCQBC(GBPMA?P@SPMQAMKM
#MLRCLGBM BCJ -MBSJM BC #?N?AGR?AGgL $CPCAFMQ BC JMQ 0SC@JMQ )LBeECL?Q C
(GBPMA?P@SPMQ$!2%QASCJ?3CLCL3MG0SA?JJN?$G?NMQGRGT?Q
'?K@M?
#bQ?P )LDMPKC JCE?J QSNCPNMQGAGgL GPPCESJ?P BC JMRCQ BC
FGBPMA?P@SPMQ AML PC?Q .?RSP?JCQ 0PMRCEGB?Q W 2CQCPT?Q 4CPPGRMPG?JCQ
CVGQRCLRCQ$!2,GK?N
'?KGM!GR?
0CBPM#?K@GMBCK?RPGXCLCPEbRGA?WBCQ?PPMJJMQMQRCLG@JC
/@HCRGTMQ BC NMJeRGA? BC %QR?BM -GLGQRCPGM BC %LCPEe? W -GL?Q ,GK?
$G?NMQGRGT?Q
)LQRGRSRM BCJ "GCL #MKjL !RJ?Q BC #MKSLGB?BCQ .?RGT?Q BC J? 3CJT?
#CLRP?J,GK?N
'/2%5
3D0J?LBC$CQ?PPMJJM2CEGML?J#MLACPR?BMBCJ'/2%5
0SA?JJN?N
*SQRM
*SJG? !T?LACQ BCJ KCA?LGQKM BC BCQ?PPMJJM JGKNGM CL CJ 0CPj
&MLBM.?AGML?JBCJ!K@GCLRC &/.!-
,GK?$G?NMQGRGT?Q
,?LCEP?
)T\L -GRMQ OSC AMLR?KGL?L %L $MKGLEM
QSNJCKCLRM BC ,?
2CNj@JGA?%BGAGgL.r
,GK?0CPj0N
,SL?
.CJJW 5L CLPCBM ?K@GCLR?J %L %J #MKCPAGM ,GK?
0CPj BC
HSLGMBCJ
-?ACBM
0 %J E?Q
CLCPEe? N?P? CJ ?EPM PCEGML?J %L $G?PGM
!FMP?0SA?JJN?
0CPj3\@?BMBCDC@PCPMBCJ0\E
-?ACBM
0 ? ,JCE?PML KGJ NJ?LR?Q N?P? CJ 0PMWCARM %R?LMJ%L $G?PGM
!FMP?
0SA?JJN?
0CPj6GCPLCQBCLMTGCK@PCBCJ0\E
-?ACBM
0@%KNPCQ?%R?LMJ5A?W?JGQCK@P?P\KGJF?QBCA?f?BC
?XjA?P%L$G?PGM!FMP?
0SA?JJN?
0CPjBCK?PXM
-GLGQRCPGMBC%LCPEe?W-GL?Q
?0J?L2CDCPCLAG?JBC%LCPEe?
%L JeLC?
$GQNMLG@JC CL
FRRNUUUKGLCKEM@NCFGBPMA?P@SPMQNS@=NJ?LPCDCPCL=?QN
#MLQSJR?BMCJBC?@PGJBCJ
-GLGQRCPGM BC %LCPEe? W -GL?Q @ "?J?LAC .?AGML?J BC %LCPEe?
/DGAGL?BC0J?LC?KGCLRM
)LTCPQGMLCQW#MMNCP?AGgL)LRCPL?AGML?J,GK?N
-GLGQRCPGMBC%LCPEe?W-GL?Q -).%-
'M@GCPLM2CEGML?J$C5A?W?JG
#?P?ARCPGX?AGgL BCJ $CN?PR?KCLRM BC 5A?W?JG
AML DGLCQ BC /PBCL?KGCLRM
4CPPGRMPG?J0SA?JJN?N
-MLQ?JTC
#J?SBG? #?K@GM BC AMK@SQRG@JC @?HM CJ -$, )LAMPNMP?AGgL
BCJE?QL?RSP?JCLJ?K?RPGXCLCPEbRGA?BCJ0CPj&/.!-,GK?$G?NMQGRGT?Q
-SQCM BC J? %JCARPGAGAGB?B ,? CJCARPGAGB?B CL CJ 0CPj
FRRNKSQCMCJCARPGNCPSASJRSP?JMPENCACLRP?JFRK 2CTGQ?BM CJ BC K?PXM
BCJ
/2!5
@4?JJCPBC(GBPMA?P@SPMQW0SC@JMQ)LBeECL?Q!R?J?W?-CKMPG?
N
/2!5
)LDMPKC QM@PC CJ A?QM BC #?L?\L BC #?AFGW?AS W J? CKNPCQ?
NCRPMJCP? -!0,% '!3 #/20 %OSGNM RbALGAM BC /2!5 2M@CPR 'SGK?P?CQ
2ML?JB3S\PCXW8GKCL?7?PL??PQN
0.5$
)LDMPKC QM@PC $CQ?PPMJJM (SK?LM 0CPj (?AG? SL?
BCQACLRP?JGX?AGgLAMLAGSB?B?Le?,GK?N
1SGQNC $ ? #?A?R?G@MQ BCDGCLBCL RCPPGRMPGMQ BC D?KGJG?Q LM
AMLR?AR?B?Q%L$G?PGM!FMP?
0SA?JJN?
0CPjBCBGAGCK@PC
1SGQNC
$@PC?QBCDMPCQR?B?QBCJ?!K?XMLe?NSCBCLCKNJC?PQCN?P?
NPMBSARMP AMK@SQRG@JCQ !JRCPL?RGT?Q N?P? J? NPMBSAAGgL BC FMH? BC AMA? %L
$G?PGM!FMP?0SA?JJN?
0CPj-GbPAMJCQBCMARS@PCBCJ
1SGQNC $ A #?A?R?G@MQ QC MNMLCL ? CVNJMR?AGgL NCRPMJCP? %L BCDCLQ?
BCFCPK?LMQLMAMLR?AR?BMQ%L$G?PGM!FMP?
0SA?JJN?
0CPjBCQCRGCK@PC
3%26).$)
@ *CDC BC 0CPjNCRPM LGCE? CVGQRCLAG? BC GLBeECL?Q LM
AMLR?AR?BMQ !@PGJ ,GK? $GQNMLG@JC CL
FRRNUUUQCPTGLBGMPE?PAFGTM2CTGQ?BMCJBCCLCPMBCJ
3%26).$)
A 0CPj .M F?@P\ QSNCPNMQGAGgL BC JMRCQ NCRPMJCPMQ AML
PCQCPT?Q N?P? GLBeECL?Q ?GQJ?BMQ !@PGJ $GQNMLG@JC CL
FRRNUUUQCPTGLBGMPE?PAFGTM2CTGQ?BMCJBCCLCPMBCJ
3RCPL
.( %J GLDMPKC 3RCPL J? TCPB?B QM@PC CJ A?K@GM AJGK\RGAM
.GAFMJ?Q 3RCPL ;4P?BSAAGgL BC !J@GLM 3?LRMQ q N?PRC
W *M?L 6GJ?JRCJJ? q
N?PRC
<"?PACJML?0?GBgQ
4MSPLML
*,?KCPK?K\EGA?6GB?CFGQRMPG?BCJMQ3FGNG@M#MLG@MBCJ
5A?W?JG #CLRPM !K?XgLGAM BC %AMJMEe? W !NJGA?AGgL 0P\ARGA? #!!!0
,GK?
N
6?JTCPBC
- W * -?PCLEM %J GLDMPKC BCJ 0?LCJ )LRCPES@CPL?KCLR?J
QM@PC CJ #?K@GM #JGK\RGAM NPGLAGN?JCQ ?QNCARMQ BCJ GLDMPKC W QSQ
AMLQCASCLAG?Q N?P? J? !K?XMLe? #04%#).0%
3_M 0?SJM
"P?QGJ
$G?NMQGRGT?Q
6CCL
-?PRGHL,eLC?BC"?QC"GMAMK@SQRG@JCQCLJ?!K?XMLG?0CPS?L?
4?JJCPBC@GMAMK@SQRG@JCQ
.MTGCK@PC0SA?JJN?$G?NMQGRGT?Q
6CJ\QOSCX
2$CLSLAG?LOSCNCACQCQR\LAMLR?KGL?BMQ$GPGECLRCQBC
#MKSLGB?B .?RGT? 0SLRGH?M %L $G?PGM !FMP? 0SA?JJN?
0CPj ,SLCQ BC
MARS@PC
6eJAFCX
&?)LGAG?LPCDMPCQR?AGgLAMLJ?QGCK@P?BCKGJFCAR\PC?Q
BC N?JK? ?ACGRCP? %L $G?PGM !FMP? 0SA?JJN?
0CPj -GbPAMJCQ BC CLCPM
BCJN\E
6eJAFCX
& @ 0J?LRC?L OSC CJ BCJ A?LML E?QeDCPM QC BCQRGLC ? J?Q
AMKSLGB?BCQ GLBeECL?Q N?P? DMKCLR?P M@P?Q W COSGJG@P?P AMLR?KGL?AGgL
!BCK\Q MPBCL?LX? PCEGML?J OSC M@JGESC ? PCBSAGP GKN?ARMQ ?K@GCLR?JCQ %L
$G?PGM!FMP?0SA?JJN?
0CPj6GCPLCQBCCLCPMBCJN\E
6eJAFCX
& A %LCPEe? W -GL?Q NPMNMLC OSC E?QCMBSARM BC #?KGQC?
JJCESC F?QR? CJ 0SCPRM BC 0SA?JJN? %L $G?PGM !FMP? 0SA?JJN?
0CPj *SCTCQ
BCCLCPMBCJN\E
6eJAFCX
&!jLLMNPMKSJE?LJCWOSCK?LRGCLCCVMLCP?AGMLCQRPG@SR?PG?Q
F?QR? CJ %L $G?PGM !FMP?
0SA?JJN?
0CPj 3\@?BM BC BGAGCK@PC BCJ
0\E
6eJAFCX
& ? $CDMPCQR?AGgL ?DCAR? ?J BC @MQOSCQ CL 5A?W?JG %L
$G?PGM!FMP?0SA?JJN?
0CPj6GCPLCQBCLMTGCK@PCBCJN\E
6eJAFCX
& @ )LBeECL?Q QC LGCE?L ? CVNJMP?AGgL BCJ JMRC BC 0CPj
0CRPMNMPJ?CKNPCQ?!-%2!$!%L$G?PGM!FMP?0SA?JJN?
0CPj*SCTCQ
BCK?PXMBCJ0\E
9MKML?
*2CQNGP?KMQN?PReASJ?QK\QBCJMNCPKGRGBM%L$G?PGM
!FMP?0SA?JJN?
0CPj6GCPLCQBCK?PXMBCJN\E
9PGEMWCL
2?OSCJ ,?Q AMLRP?BGAAGMLCQ BC J? ,CEGQJ?AGgL CL CJ 0CPj
)),3
#MMNCP?AGgLz!AAGgL3MJGB?PG?N?P?CJ$CQ?PPMJJM#GR?BMCL6?JMP?LBM
LSCQRP?BGTCPQGB?B3SNJCKCLRMBC%J#MKCPAGMBC?EMQRM,GK?N
:?K@P?LM
2@2SQMQQCGLRCPCQ?LCLD?@PGA?PE?QAML?QCPPeLWPCQGBSMQ
QgJGBMQ%L$G?PGM!FMP?0SA?JJN?
0CPj-?PRCQBCK?PXMBCJ0\E
:?K@P?LM
2 A 5A?W?JG BCH? BC NCPAG@GP 3 KGJJMLCQ ?LS?JCQ NMP
A?LML BCJ '?Q BC !ES?WRe? %L $G?PGM !FMP? 0SA?JJN?
0CPj -?PRCQ BC
CLCPMBCJ0\E
:?K@P?LM
2 ? 0GBCL ? '/2%5 CJ?@MP?P NPMWCARM BC ,CW N?P? AMLR?P
AMLQM@PCA?LMLBCJE?QBC#?KGQC?%L$G?PGM!FMP?0SA?JJN?
0CPj,SLCQ
BCMARS@PCBCJ
:?K@P?LM
2@5A?W?JGPCAG@GPe?KGJJMLCQBCBgJ?PCQNMPJ?CVNJMR?AGgL
BCJE?QBC!ES?WRe?%L$G?PGM!FMP?0SA?JJN?
0CPj6GCPLCQBC?EMQRMBCJ
0\E
E=9<A.06L;12$2A?L92<F2@.??<99<2;9.:.G<;J.
<9<:/6.;.29.@<12#?6A<
%(*%#3(0
)LRPMBSAAGgL
%L CJ NPCQCLRC RP?@?HM LMQ NPMNMLCKMQ F?ACP SL? PCTGQGgL BC JMQ CDCARMQ
QMAG?JCQW?K@GCLR?JCQBCJ?CVNJMR?AGgLNCRPMJCP?CLJ?JMA?JGB?BBC/PGRMCLCJ
BCN?PR?KCLRMBCJ0SRSK?WM
N?PRCBCJ?!K?XMLe?MAAGBCLR?JAMJMK@G?L?
OSC
QCGLGAGgCLJ?BbA?B?BCJMQ?fMQBCJN?Q?BMQGEJM
%L J? NPGKCP? QCAAGgL
QC CV?KGL? CJ AMLRCVRM FGQRgPGAM BC J? NPMBSAAGgL
CLCPEbRGA? W KGLCPMzCLCPEbRGA? CL #MJMK@G?
N?P? JM AS?J QC AMLQRPSWC SL?
NCPGMBGX?AGgL ? RP?TbQ BC J? AS?J QC T?L KMQRP?LBM JMQ A?K@GMQ BC NMJeRGA?Q
Nj@JGA?Q
JMQ QCARMPCQ OSC QC T?L GLAMPNMP?LBM W CJ RGNM BC CKNPCLBGKGCLRMQ
OSCQCPC?JGX?L
%L J? QCESLB? QCAAGgL
QC AMLQGBCP? J? JGKGR?B? TGLASJ?AGgL BC J? PCEGgL
?K?XgLGA?CLBGAFMQQCARMPCQNPMBSARGTMQ
QCf?J?LBMOSCCJBCQCLTMJTGKGCLRM
BCJ?CVNJMR?AGgLNCRPMJCP?CLSL?DP?LH?BCJNGCBCKMLRC?K?XgLGAMPCQSJRgSL
A?QMCVACNAGML?JNMPJ?GKNMPR?LAG?RCKNMP?JBCJ?QPCQCPT?QCLAMLRP?B?Q,?
CQA?QCX BC PCASPQMQ E?QeDCPMQ W A?P@MLeDCPMQ
JM KGQKM OSC BC GLGAG?RGT?Q W
PCASPQMQ N?P? CJ GKNSJQM ? CLCPEe?Q ?JRCPL?RGT?Q
?BCK\Q BCJ PCJ?RGTM
?GQJ?KGCLRM BC J? !K?XMLe? AMJMK@G?L? F?L QGBM D?ARMPCQ OSC F?L NPMNGAG?BM
CJ CQA?QM BCQ?PPMJJM BC CQRMQ QCARMPCQ CL J? PCEGgL 0?P? CJ A?QM BC J?
BGQRPG@SAGgL CJbARPGA?
DSC KCBG?LRC J? KMTGJGX?AGgL W NPCQGgL BC BGDCPCLRCQ
QCARMPCQ QMAG?JCQ OSC QC JMEPg J? ?KNJG?AGgL BCJ QCPTGAGM F?AG? J?Q NPGLAGN?JCQ
DMPK?AGMLCQSP@?L?QBCJ?!K?XMLe?MAAGBCLR?JAMJMK@G?L?
%LJ?RCPACP?QCAAGgL
QC?L?JGX?LJMQBGTCPQMQNPMACQMQBCAMJMLGX?AGgLF?AG?
CJNGCBCKMLRC?K?XgLGAM
?SQNGAG?BMQM?NMW?BMQNMPCJ%QR?BMAMJMK@G?LM
OSC CL CJ A?QM BCJ 0SRSK?WM QC TGCPML D?TMPCAGBMQ NMP CJ BCQ?PPMJJM BC J?
GLBSQRPG? NCRPMJCP? BC MRP? N?PRC
QC KSCQRP? AMKM ?JESL?Q BC J?Q NMJeRGA?Q
CQR?R?JCQN?P?J?PCEGgLF?LPCQSJR?BMAMLRP?BGARMPG?Q
OSC?JKGQKMRGCKNMOSC
GLRCLR?L PCQMJTCP NPM@JCK\RGA?Q QMAG?JCQ CVgECL?Q R?K@GbL NPMBSACL CDCARMQ
QMAG?JCQ W ?K@GCLR?JCQ NCPHSBGAG?JCQ CL J?Q XML?Q PCAGbL GLAMPNMP?B?Q ?J
BCQ?PPMJJML?AGML?J
%L J? AS?PR? QCAAGgL
GLGAG?JKCLRC QC CQR?@JCAC SL? A?P?ARCPGX?AGgL BC JM OSC
F? QGBM J? CVNJMR?AGgL NCRPMJCP? CL CJ \PC? BC /PGRM BSP?LRC SL NMAM K\Q BC
AGLASCLR? ?fMQ BC F?@CPQC GLGAG?BM ! AMLRGLS?AGgL QC NPCQCLR?L JMQ CDCARMQ
QMAG?JCQ AMLRP?BGARMPGMQ BC J? CVNJMR?AGgL NCRPMJCP? KGCLRP?Q OSC J?Q
AMKSLGB?BCQ GLBeECL?Q ?QCLR?B?Q CL J? XML? QC BCQGLRCEP?PML N?PAG?JKCLRC
?J RGCKNM QC AMLDMPK?PML LSCTMQ QCARMPCQ QMAG?JCQ
R?LRM SP@?LMQ AMKM
PSP?JCQ
CLJ?XML?BCJ"?HM0SRSK?WM!BCK\Q
QCBGQASRCCJCQR?@JCAGKGCLRM
BC MRP?Q BGL\KGA?Q QMAG?JCQ ?QMAG?B?Q AML J? CVNJMR?AGgL BCJ FGBPMA?P@SPM
AMKM DSCPML JMQ NPMACQMQ MPE?LGX?RGTMQ W BC KMTGJGX?AGgL QMAG?J BC LSCTMQ
?ARMPCQ OSC QSPEGCPML CL J? XML?
W? DSCP?L ?QMAG?BMQ ? J? CVNJMR?AGgL
NCRPMJCP?MBCK?LCP?GLBGPCAR?ECLCP?BMQNMPCJJ?
0?P? DGL?JGX?P CQR? QCAAGgL
QC CQR?@JCACL J?Q A?P?ARCPeQRGA?Q BC J?Q
?DCAR?AGMLCQ ?K@GCLR?JCQ OSC F?L PCQSJR?BM BC J? CVNJMR?AGgL NCRPMJCP? CL CJ
0SRSK?WM
J?Q QMJSAGMLCQ N?PAG?JCQ OSC QC F?L BCQ?PPMJJ?BM NMP J? CKNPCQ?
%AMNCRPMJ BCQNSbQ BC JMQ ?fMQ
JM KGQKM OSC J? ?AAGgL R?PBe?
N?PAG?J W
JGKGR?B? BCJ %QR?BM CL J? NPCQCPT?AGgL W PCASNCP?AGgL BC JMQ PCASPQMQ
L?RSP?JCQ
,?FGNgRCQGQOSCF?QGBMQMKCRGB??CV?KCLCQOSCJ?!K?XMLe?AMJMK@G?L?
F? QGBM TGQR? NMP CJ %QR?BM CVAJSQGT?KCLRC AMKM SL? DSCLRC BC PCASPQMQ
CAMLgKGAMQ W AMKM NMQG@GJGB?B BC QMJSAGgL ? J? NPM@JCK\RGA? QMAG?J ECLCP?B?
CLMRP?QXML?QBCJ?ECMEP?De?L?AGML?J0MBPe?KMQ?DGPK?POSCJ?FGNgRCQGQF?
QGBM PCJ?RGT?KCLRC AMLDGPK?B?
NSCQ CQ CTGBCLRC OSC CL CJ A?QM BC /PGRM QC
M@RSTGCPML GKNMPR?LRCQ PCASPQMQ CLCPEbRGAMQ W QC AMLRPG@SWg ? QMJSAGML?P CJ
NPM@JCK? BC BCQAMKNMQGAGgL QMAG?J BC PCQES?PBMQ GLBeECL?Q W KGLGDSLBGMQ
A?KNCQGLMQ BCJ BCN?PR?KCLRM BC .?PGfM QGL CK@?PEM
JMQ CDCARMQ QMAG?JCQ W
?K@GCLR?JCQ OSC QC NPMBSHCPML CL J? XML? BC CVRP?AAGgL NCRPMJCP? QC F?L
AMLTCPRGBM CL SL? LSCT? DSCLRC BC AMLDJGARGTGB?B QMAG?J
?J RGCKNM OSC JMQ
PCASPQMQ QC F?L GBM ?EMR?LBM W QC F?L NPMBSAGBM CDCARMQ ?K@GCLR?JCQ
AMLRP?NPMBSACLRCQ
0PMBSAAGgLCLCPEbRGA?L?AGML?JNCPGMBGX?AGgLWA?P?ARCPGX?AGgL
0?P?J?A?P?ARCPGX?AGgLECLCP?JBCJ?NPMBSAAGgLCLCPEbRGA?CL#MJMK@G?QCF?
AMLQRPSGBM SL? NCPGMBGX?AGgL AML @?QC CL RPCQ ?QNCARMQ DSLB?KCLR?JCQ AMKM
QMLJMQA?K@GMQCLJ?QNMJeRGA?QNj@JGA?QN?P?CJQCARMPCLCPEbRGAM
J?QDSCLRCQ
CLCPEbRGA?QOSCQCF?LBCQ?PPMJJ?BM
W
CJA?P\ARCPBCJ?GLGAG?RGT?CGLTCPQGgL
CKNPCQ?PG?J %QRMQ ?QNCARMQ LMQ NCPKGRCL BCDGLGP RPCQ NCPeMBMQ BC ?L\JGQGQ ?
N?PRGP BCJ GLGAGM BC J? GLBSQRPG?JGX?AGgL CLCPEbRGA? W KGLCPMCLCPEbRGA?
ASW?Q
N?PRGASJ?PGB?BCQNPCQCLR?PCKMQBCK?LCP?QSAGLR?
0PGKCPNCPeMBMAMLACQGMLCQNPGT?B?Q
CQA?J?OSC?NPMTCAF?@?LA?eB?QBC?ES?
MKCBG?LRCNJ?LR?QBCAMK@SQRGgL
%L W? AMLR?@?L AML QCPTGAGM CJbARPGAM AGSB?BCQ CL RMBM CJ N?eQ
-?LPGOSCCR?J
2CQNCARM BC J? CVNJMP?AGgL W CVNJMR?AGgL NCRPMJCP?
CL CJ EM@GCPLM
AMJMK@G?LMFGXMJ?QNPGKCP?QAMLACQGMLCQ?CKNPCQ?PGMQL?AGML?JCQ
NCPMQgJM
CLCKNCXgJ?CVRP?AAGgLCLCJBCN?PR?KCLRMBC.MPRCBC3?LR?LBCP
CLJ?
XML?LMPMPGCLR?JBCJN?eQJGKeRPMDCAML6CLCXSCJ?
NMPN?PRCBCJ?#MKN?fe?BCJ
0CRPgJCM #MJMK@G? 3 ! z #MJNCR %QR? CKNPCQ? ?QMAG?@? SL? AMKN?fe? BC
%QR?BMQ 5LGBMQ AML JMQ AMLACQGML?PGMQ L?AGML?JCQ
OSGCLCQ ?JCE?PML J?
LCACQGB?B BC |AMLQCESGP CJ DSCPRC A?NGR?J} PCOSCPGBM AMKM HSQRGDGA?AGgL N?P? CJ
RP?QN?QMBCJ?AMLACQGgL #MLAF?
3CESLBMNCPeMBMCQR?RGX?AGgLWNJ?LGDGA?AGgLACLRP?JGX?B?
%J GLGAGM BC CQR? CR?N? QC NSCBC DGH?P ?JPCBCBMP BC
CL @SCL? N?PRC
?QMAG?BM?J?APGQGQA?NGR?JGQR?KSLBG?JD?QCOSCQCNPMJMLE?F?QR?DGLCQBCJMQ
?fMQ
AS?LBM CJ %QR?BM AMJMK@G?LM BCDGLC GLTMJSAP?PQC CL SL? NMJeRGA?
NJCL?BC?NCPRSP?CAMLgKGA?
,? A?P?ARCPeQRGA? DSLB?KCLR?J BC CQRC NCPeMBM CQ OSC QC T? CQR?RGX?LBM
N?SJ?RGL?KCLRC J? NPMBSAAGgL CLCPEbRGA? W KGLCPMCLCPEbRGA?
AML BGDCPCLAG?Q
QCEjL CJ QCARMP W CJ KMKCLRM
JM KGQKM OSC AML K?RGACQ CL J? DMPK? BC
GLRCPTCLAGgLCQR?R?J
,MQ A?K@GMQ CL J?Q NMJeRGA?Q BCJ QCARMP CJbARPGAM KSCQRP?L CQRMQ K?RGACQ
BSP?LRCJMQ?fMQQCBCAJ?P?PMLBCNPMNGCB?BNj@JGA?J?QA?eB?QBC?ES?W
QC BCAPCRg J? KSLGAGN?JGX?AGgL BC J?Q CKNPCQ?Q ECLCP?BMP?Q CVGQRCLRCQ
-?LPGOSC
0?P??SKCLR?PJ?AM@CPRSP?BCJQCPTGAGM
CLCJ%QR?BM
APCg CJ )LQRGRSRM BC !NPMTCAF?KGCLRM BC !ES?Q W &MKCLRM %JbARPGAM z
%JCARPM?ES?Q
OSC NMQRCPGMPKCLRC QC CLA?PEg BC AMLDMPK?P J?Q CKNPCQ?Q
CJCARPGDGA?BMP?QBCN?PR?KCLR?JCQ 2?KGPMCR?J
%L JMQ ?fMQ
CJ %QR?BM ACLRP?J ?QSKGg BGPCAR?KCLRC J? ?PRGASJ?AGgL W
NPCQR?AGgLBCJQCPTGAGMBCECLCP?AGgLWBGQRPG@SAGgLCJbARPGA?Q
NSCQQCF?@e?L
AMLHSE?BM ?JESL?Q QGRS?AGMLCQ AMKM CJ GLSQGR?BM APCAGKGCLRM SP@?LM
J?
BCQAMMPBGL?AGgL BC J?Q CKNPCQ?Q CJbARPGA?Q JMA?JCQ W PCEGML?JCQ
W
CJ
BCQNCPBGAGMBCCQDSCPXMQWPCASPQMQ0MPJMR?LRMQCAMLDMPK?PMLJ?QCKNPCQ?Q
CQR?R?JCQ )LRCPAMLCVGgL %JbARPGA? 3 ! z )3!
C
)LQRGRSRM #MJMK@G?LM BC
%LCPEe? %JbARPGA? z )#%, OSC QSQRGRSWg ? %JCARPM?ES?Q
W QC APCg J? *SLR?
.?AGML?JBC4?PGD?QOSCSLGDGAgCJQGQRCK?R?PGD?PGM -?LPGOSCCR?J
$CQBCCJ-SLGAGNGMBC-CBCJJeLF?@e?AMKNP?BMJ?#MKN?fe?!LRGMOSCf?BC
)LQR?J?AGMLCQ%JbARPGA?Q
AMLDGESP?LBMJMQNPGKCPMQTGQMQBCuCQR?R?JGX?AGgLBCJ?
GLDP?CQRPSARSP?CJbARPGA?vCQR??BOSGQGAGgLDSCJ?@?QCN?P?AMLTCPRGPJ?K\Q?BCJ?LRC
CL%KNPCQ?Q0j@JGA?QBC-CBCJJeLz%0-
OSC?ARS?JKCLRCCQ|J?NPGKCP?AMKN?fe?
BCJ?CJCARPGAGB?BCL#MJMK@G?} 2?KGPMCR?J
%L JMQ ?fMQ W
CJ %QR?BM AMJMK@G?LM QC AMKNPMKCRGg CL J? ?KNJG?AGgL
BCJ QGQRCK? BC ECLCP?AGgL FGBPMCJbARPGA? KCBG?LRC SL |GLRCLQM NPMEP?K? BC
GLTCPQGMLCQ}DGL?LAG?BMNMPJ?@?LA?KSJRGJ?RCP?J3C?PESKCLR?@?
CLKCBGMBCJ
eKNCRSRCgPGAMBCQ?PPMJJGQR?
OSCJ?AMLQRPSAAGgLBCEP?LBCQGLDP?CQRPSARSP?QCP?
|J? QMJSAGgL N?P? ;< J? NM@PCX?} CL JMQ N?eQCQ BCJ 3SP W NMP CLBC N?P?
!KCPGA?,?RGL? 2?KGPMCR?J
#ML PCQNCARM ?J QCARMP NCRPMJCPM
BCQBC QC ?KNJG?PML CJ LjKCPM BC
AMLACQGMLCQ ? CKNPCQ?Q KSJRGL?AGML?JCQ CLRP?LBM ? AMKNCRGP CKNPCQ?Q BC
K?RPGXCSPMNC?AMLJ?QCQR?BMSLGBCLQCQ
CLJ?K?WMPe?BCMA?QGMLCQ?RP?TbQ
BC J? GLRCPKCBG?AGgL BC CKNPCQ?PGMQ L?AGML?JCQ !TCJJ?LCB?
%L
QC AMLDMPKg J? %KNPCQ? #MJMK@G?L? BC 0CRPgJCMQ z %AMNCRPMJ OSC
?SLOSC
AMLRCKNJ?@?N?PRGAGN?AGgLBCJQCARMPNPGT?BM
QCAMLQRGRSWgCVAJSQGT?KCLRCAML
A?NGR?J CQR?R?J %AMNCRPMJ CKNCXg ? DSLAGML?P CL CL J? JMA?JGB?B BC
"?PP?LA?@CPKCH? 3?LR?LBCP
CL J?Q NPGKCP?Q AMLACQGMLCQ OSC DSCPML
PCTCPRGB?Q?J%QR?BMNMPRCPKGL?AGgLBCJNCPeMBMAMLRP?R?BM 4MPPCQ
%L
?LRCJ?BGQKGLSAGgLBCJ?NPMBSAAGgLNCRPMJCP?L?AGML?JWCJ?SKCLRM
BCJ NPCAGM GLRCPL?AGML?J
CJ EM@GCPLM AMJMK@G?LM A?K@Gg J? DMPK? BC
AMLRP?R?AGgL N?P? J? CVNJMP?AGgL W CVNJMR?AGgL BC J?Q PCQCPT?Q NCRPMJCP?Q
N?Q?LBM BC J? AMLACQGgL BC RCPPGRMPGMQ CL JMQ OSC QC NPCQSKe?L PCQCPT?Q BCJ
FGBPMA?P@SPM ? J? ?QMAG?AGgL CLRPC %AMNCRPMJ W J?Q BGDCPCLRCQ AMKN?fe?Q
CVRP?LHCP?Q ,?Q AMKN?fe?Q ?LRCPGMPKCLRC AMLACQGML?PG?Q DSCPML J?Q OSC
NPCBMKGL?LRCKCLRC M@RSTGCPML JMQ AMLRP?RMQ BC ?QMAG?AGgL
JMEP\LBMQC SL?
PC?ARGT?AGgL BC J? CVNJMR?AGgL !BCK\Q
BSP?LRC CQR? BbA?B?
%AMNCRPMJ
CVN?LBGg QSQ ?ARGTGB?BCQ
GLASPQGML?LBM CL J? GLBSQRPG? NCRPMOSeKGA?
LCEMAG?LBM J? PCTCPQGgL ?LRGAGN?B? BC MRP?Q AMLACQGMLCQ
?BOSGPGCLBM W
?KNJG?LBMNJ?LR?QBCPCDGL?AGgLWMJCMBSARMQ
WN?PRGAGN?LBMK\Q?ARGT?KCLRC
CLJ?CVNMPR?AGgLBCJFGBPMA?P@SPM )@eB
0CQC?RMBMQCQRMQA?K@GMQCLJ?NMJeRGA?NCRPMJCP?
CL#MJMK@G?CKNCXg
? GKNMPR?P CJ FGBPMA?P@SPM
KMKCLRM CL OSC QC F?@e? AS?BPSNJGA?BM CJ NPCAGM
CL CJ KCPA?BM GLRCPL?AGML?J QGRS?AGgL OSC QC K?LRSTM F?QR?
AS?LBM
CKNPCQ?Q KSJRGL?AGML?JCQ JMA?JGX?PML PCQCPT?Q NMP K\Q BC KGJJMLCQ BC
@?PPGJCQ CL CJ BCN?PR?KCLRM BC !P?SA?
DPMLRCPGXM AML 6CLCXSCJ? 2?KGPM CR
?J
0?P?BgHGA?KCLRC
AS?LBM #MJMK@G? TSCJTC ? AMLTCPRGPQC CL N?eQ
CVNMPR?BMP BCJ FGBPMA?P@SPM
CJ NPCAGM GLRCPL?AGML?J F?@e? @?H?BM
MQRCLQG@JCKCLRC
%JQGQRCK?BCCK@?JQCQAMLQRPSGBMQCLCJACLRPMBCJN?eQF?QGBMAMLQGBCP?BMAMKM
SL?M@P?BCA?P\ARCP~D?P?gLGAM 2?KGPMCR?J
,?CVNJMR?AGgLQCGLGAGgCLJ?KGL?%J#CPPCHgL CLJ?'S?HGP?
?JLMPRCBCJN?eQ
KCBG?LRC AMLRP?RM BC ?QMAG?AGgL CLRPC J? AMKN?fe? CQR?R?J #?P@MLCQ BC
#MJMK@G? z #?P@MAMJ W J? CKNPCQ? NPGT?B? )LRCPAMP DGJG?J BC %VVML
$C MRP?
N?PRC
?DGLCQBCCQ?BbA?B?QCFGXMCLRPCE?CLAMLACQGgLBCJ?CVNJMR?AGgLBCJ
W?AGKGCLRM ,? ,MK? BCN?PR?KCLRM BCJ #CQ?P
?J LMPMPGCLRC BCJ N?eQ
? J?
KSJRGL?AGML?J $PSKKMLB K?RPGX CL 53!
NMP SL NCPeMBM BC ?fMQ 3GJT?
#MLPCQNCARM?J?GLBSQRPG?BCJE?QL?RSP?J
bQR?QSPECCLJMQ?fMQAMLJ?
CVNJMR?AGgLBCNPMKGQMPGMQA?KNMQNMPN?PRCBCJ?AMKN?fe?#FCTPML?JLMPRC
BCJ N?eQ CL J? 'S?HGP?
W J? AMLQRPSAAGgL BCJ NPGKCP E?QMBSARM CLRPC J?Q
AGSB?BCQ BC J? #MQR? !RJ\LRGA?
NMP N?PRC BC CKNPCQ?PGMQ NPGT?BMQ
N?P?
?@?QRCACPJMQAMLQSKGBMPCQSP@?LMQBCCQR?PCEGgLBCJN?eQ 'SCPPCPMW,J?LM
3gJM F?QR? DGLCQ BC JMQ ?fMQ
CJ %QR?BM ? RP?TbQ BC %AMNCRPMJ
?QSKGg J?
GLGAG?RGT? BC J? CVNJMR?AGgL W AMKCPAG?JGX?AGgL BC E?Q L?RSP?J
CVRP?eBM BC
LSCTMQ A?KNMQ BCQAS@GCPRMQ CL CJ LMPMPGCLRC BCJ N?eQ
CL CJ NGCBCKMLRC
MPGLMOSCLQC W CL J? ASCLA? BCJ PeM -?EB?JCL? 0?P? CJJM QC AMLDMPKg J?
CKNPCQ?'?Q.?RSP?J%LQCDMPKSJgCJ0J?L.?AGML?JBCSQMECLCP?JBCJ
E?Q L?RSP?J
NCPM CJ @?HM TMJSKCL BC PCQCPT?Q W J? AMWSLRSP? CLCPEbRGA?
JGKGR?PMLQSGKNJCKCLR?AGgL )@eB
4CPACPNCPeMBMJG@CP?JGX?AGgLWPCESJ?AGgLCQR?R?J
%L CJ NCPeMBM ?ARS?J OSC QC GLGAG? CL JMQ ?fMQ
NMBCKMQ BGDCPCLAG?P BMQ
RCLBCLAG?Q BC SL? N?PRC
J? NPMBSAAGgL CLCPEbRGA? W KGLCPMCLCPEbRGA?
AMLTCLAGML?JCQQMKCRGB??NPMACQMQBCNPGT?RGX?AGgLWCVN?LQGgL
?SLOSCCJ
%QR?BMAMLQCPT??JESL?Q?ARGTGB?BCQCLJMQBGDCPCLRCQQCARMPCQBCMRP?N?PRC
CL J? NPCQCLRC BbA?B? QC B? GKNSJQM ?J LSCTM PCLEJgL CLCPEbRGAM
JMQ
?EPMAMK@SQRG@JCQN?P?J?KCXAJ?AMLJMQBCPGT?BMQBCFGBPMA?P@SPMQ
CLCJAS?J
GLASPQGML?L CKNPCQ?PGMQ NPGT?BMQ W %AMNCRPMJ
?FMP? AMLQRGRSGB? AMKM
CKNPCQ?KGVR?
,?NPMBSAAGgLCLCPEbRGA?AMLTCLAGML?J
%L CQR? D?QC QC B? J? PCASNCP?AGgL BC J? GLGAG?RGT? NPGT?B? CL JMQ BGDCPCLRCQ
PCLEJMLCQBCNPMBSAAGgLCLCPEbRGA?WKGLCPMCLCPEbRGA?
N?P?JMAS?JCJLSCTM
K?PAM AMLQRGRSAGML?J GLAJSWg CQR? BCDGLGAGgL NMJeRGA? !BCK\Q
CL CJ
EM@GCPLML?AGML?JCQR?@JCAGgJ?LCACQGB?BBCAMLQMJGB?PSL?K?RPGXCLCPEbRGA?
K\QCDGAGCLRCKCBG?LRCJ?QSQRGRSAGgLBCCLCPEbRGAMQBC?JRMAMQRM 'SCPPCPMW
,J?LM
!SLOSCBCQBC?fMQ?LRCPGMPCQ
CLJ?QEP?LBCQAGSB?BCQQC?@?QRCAe?E?QJGAS?BM
NPMN?LMNMPAMKN?fe?QNPGT?B?QBC?JA?LACJMA?J
%LCQRCKMKCLRMBCNPGT?RGX?AGgL
?N?PCACLLSCTMQGLTCPQGMLGQR?QCVRP?LHCPMQ
CL DMPK? BC ?QACLBCLRCQ CKNPCQ?Q KSJRGL?AGML?JCQ BCJ QCARMP DPSRM BC J?
EJM@?JGX?AGgL
OSC ?BOSGCPCL BCJ %QR?BM AMJMK@G?LM J?Q CKNPCQ?Q BC
CVNJMR?AGgLMBCECLCP?AGgL
JMKGQKMOSCJ?QGLDP?CQRPSARSP?QBCBGQRPG@SAGgLW
AMKCPAG?JGX?AGgL
OSC@PGLBCLK?WMPPCLR?@GJGB?B
MJMEP?LLSCTMQAMLRP?RMQBC
AMLACQGgLN?P?CVNJMR?PJMQPCASPQMQCLCPEbRGAMQ
,? ?ARS?J #MLQRGRSAGgL 0MJeRGA? AMJMK@G?L? CVNCBGB? CL K?LRSTM J?
NPMNGCB?B CQR?R?J BCJ QS@QSCJM W BC JMQ PCASPQMQ L?RSP?JCQ LM PCLMT?@JCQ
!f?BC CJ RCVRM AMLQRGRSAGML?J OSC
AS?LBM J?Q CKNPCQ?Q CQR?R?JCQ LM NSCB?L
?QSKGP BGPCAR?KCLRC J? CVNJMR?AGgL BCJ QS@QSCJM M BC JMQ PCASPQMQ
NMBP\L
F?ACPJMJMQN?PRGASJ?PCQOSGCLCQN?E?P\LPCE?Je?Q?J%QR?BM
ASWMKMLRMDGH?P\
CJ JCEGQJ?BMP 0?P? CJ A?QM BC JMQ QCPTGAGMQ Nj@JGAMQ ;AMKM J? BGQRPG@SAGgL BC
CLCPEe?CJbARPGA?WBCE?QL?RSP?J<QCBCDGLGgOSCR?K@GbLNSCBCLQCPMDPCAGBMQ
NMP N?PRGASJ?PCQ M NMP AMKSLGB?BCQ MPE?LGX?B?Q
W QC K?LRSTM @?HM NMRCQR?B
BCJ %QR?BM J? PCESJ?AGgL
CJ AMLRPMJ W J? TGEGJ?LAG? CL QS NPCQR?AGgL %3!0
%L
CJ EM@GCPLM L?AGML?J QCN?Pg J?Q D?QCQ BC ECLCP?AGgL W
AMKCPAG?JGX?AGgL BC CLCPEe? OSC PC?JGX?@? )3!
APC?LBM J? CKNPCQ? KGVR?
)3!'%. 3! -GCLRP?Q R?LRM
)3! QC K?LRSTM AMKM PCQNMLQ?@JC BC J?
RP?LQKGQGgLBC?JRMTMJR?HCWBCJ?PCBBCJQGQRCK?GLRCPAMLCAR?BML?AGML?J%L
CJ )#%, QC RP?LQDMPKg CL )LQRGRSRM BC 0J?LGDGA?AGgL W 0PMKMAGgL BC
3MJSAGMLCQ%LCPEbRGA?Qz)03%
N?P?CQRPSARSP?PWNPMKMTCPJ?QQMJSAGMLCQWCJ
BCQ?PPMJJMBCJ?GLDP?CQRPSARSP?CLCPEbRGA?CLJ?QXML?QLMGLRCPAMLCAR?B?QBCJ
N?eQ
%L CJ ?fM
J?Q CKNPCQ?Q MNCP?BMP?Q CL J?Q BGDCPCLRCQ ?ARGTGB?BCQ BCJ
QCARMPCJbARPGAM 50-%
QCBGQRPG@Se?LBCJ?QGESGCLRCK?LCP?
ECLCP?BMP?Q A?NGR?JNPGT?BMWA?NGR?JNj@JGAM
AMKCPAG?JGX?BMP?Q NPGT?BMWNj@JGAM
BGQRPG@SGBMP?Q NPGT?BMWNj@JGAM
RP?LQNMPR?BMP?Q NPGT?BMWNj@JGAM
,MQ A?K@GMQ BC NMJeRGA?Q CLCPEbRGA?Q NPMNGAG?PML SL? K?WMP TGLASJ?AGgL BC
CKNPCQ?Q KSJRGL?AGML?JCQ AML K?RPGACQ CL %QR?BMQ 5LGBMQ
%QN?f? W #FGJC
CL J? ECLCP?AGgL CJbARPGA?
CKNPCQ?Q OSC ? NPGLAGNGMQ BCJ ?ARS?J QGEJM
AMLRPMJ?@?L CJ BCJ RMR?J BC A?N?AGB?B CJbARPGA? GLQR?J?B? CL CJ N?eQ
-?LPGOSCCR?J
#MKMEP?LN?PRCBCJ?APGQGQCJbARPGA?BCQCF?@e?BCPGT?BMBCJFCAFMOSC
J?NPMNMPAGgLCLRPCECLCP?AGgLFeBPGA?WRbPKGA?CL#MJMK@G?CQR?@?CL
PCQNCARGT?KCLRC
QC BGM GKNSJQM ? GLGAG?RGT?Q NPGT?B?Q BC AMLQRPSAAGgL M
GLQR?J?AGgLBCNJ?LR?QRbPKGA?Q
NMPJMOSCBGAF?NPMNMPAGgLCLJJCEg?QCP
BC 'SCPPCPMW,J?LM
3GL CK@?PEM
CL CQR? PCJ?AGgL BC LSCTM T? ? ?SKCLR?P CJ NCQM BC J?
ECLCP?AGgL FeBPGA?
NSCQ CL QC F? BCDGLGBM CKNPCLBCP QCGQ EP?LBCQ
NPMWCARMQ FGBPMCJbARPGAMQ OSC T?L ? ?NMPR?P ?JPCBCBMP BC KCE?T?RGMQ ?
N?PRGP BCJ
KGCLRP?Q OSC JMQ NPMWCARMQ RCPKMCJbARPGAMQ NPCTGQRMQ QgJM
?NMPR?Pe?L-7 50-%
?
,?QM@P?QQCP\LCHCASR?B?QNMPCKNPCQ?Q
R?LRM Nj@JGA?Q AMKM NPGT?B?Q W QC DGL?LAG?P\L KCBG?LRC CJ KCA?LGQKM BC
~A?PEMNMPAMLDG?@GJGB?B ,MLBMfM
@
%J%QR?BMQGESC?T?LX?LBMCLJ?NMJeRGA?BCTCLR?BCJMQ?ARGTMQCJbARPGAMQCL
CJ QCESLBM QCKCQRPC BC QC F? BCDGLGBM J? TCLR? BC QS N?PRGAGN?AGgL
?AAGML?PG?K?WMPGR?PG?CL)3!'%.3!
KGCLRP?QOSCCLK?PXMBCCQCKGQKM
-CA?LGQKMDGL?LAGCPMBCQS@?QR?
AMLCJAS?JJMQECLCP?BMPCQQCAMKNPMKCRCL?
AMLQRPSGPLSCT?QACLRP?JCQCJbARPGA?QN?P?ECLCP?P2;2?4J.36?:2CLAMLBGAGMLCQ
APGRGA?QBC?@?QRCAGKGCLRMN?P?M@RCLCPCJPCASPQMKMLCR?PGMQCCQRGNSJ?SLAM@PM
KCLQS?J?JMQSQS?PGMQBCJQGQRCK?BCCLCPEe? 50-%
?
0MP~NPGT?RGX?AGgLQMAG?JQCF?BCLMKGL?BMCJNPMACQMKCBG?LRCCJAS?JJMQ
AGSB?B?LMQAMJMK@G?LMQMJMQDMLBMQNPGT?BMQBCNCLQGMLCQWACQ?LRe?Q
NSBGCPML
?BOSGPGPCLCJKCPA?BM@SPQ\RGJSL?A?LRGB?BJGKGR?B?BCLSCT?Q?AAGMLCQBCJ?
CKNPCQ?)3! F?QR?CJBCJ?AMKNMQGAGgL?AAGML?PG?
)3!F?QGBMAMLRP?R?B?NMPCJ%QR?BM@P?QGJCPMN?P?AMLQRPSGPWMNCP?PJeLC?QBC
GLRCPAMLCVGgLF?AG?J?PCEGgL?K?XgLGA??BCK\Q
HSLRMAMLJ?%%"7*$(1$"
()&%$) " .&$ ("("2*( &(+$8 ,MLBMfM
?
4?K@GbL
ASCLR?AMLQS@QGBG?PG?QCLCQRMQN?eQCQWCL"MJGTG?
CGLTCPQGMLCQQGELGDGA?RGT?QCL
!KbPGA?#CLRP?J "MFgPOSCX
?fM TCLBGg J? N?PRC OSC K?LRCLe? CL T?PG?Q CJCARPGDGA?BMP?Q BCN?PR?KCLR?JCQ
0GP?H\L
.M M@QR?LRC
?JESL?Q BC CQR?Q jJRGK?Q DSCPML ?BOSGPGB?Q NMP
AMLQMPAGMQNj@JGAMQ
MPE?LGX?BMQCLRPC%0-WJMQEM@GCPLMQBCN?PR?KCLR?JCQ
$CMRP?N?PRC
CJ%QR?BMAMJMK@G?LMF?GBMRP?X?LBMSL?QCPGCBCKCBGB?QN?P?
J?P?AGML?JGX?AGgLBCJAMLQSKMCLCPEbRGAM
AMKMCQCJPCCKNJ?XMBC@MK@GJJMQ
GLA?LBCQACLRCQNMPDJSMPCQACLRCQ OSCAMLQSKCLQgJMSLBCCLCPEe?
%L
#MJMK@G?QCPCOSGCPCL@GJJMLCQBC@MK@GJJMQ?J?fM
NMPJMOSCCJ?FMPPMBC
CLCPEe? NSCBC GLAGBGP CL KCLMP NPCQGgL N?P? J? AMLQRPSAAGgL BC LSCT?Q
ACLRP?JCQCJbARPGA?Q 3?@ME?J
%L CJ QCARMP NCRPMJCPM
BCLRPM BC J? NMJeRGA? NPCBMKGL?LRC QC RMK?PML
BCAGQGMLCQGKNMPR?LRCQ?LGTCJBCJ?AMKN?fe?CQR?R?JCJBCAPCRMBC
BCAGBGgJ?CQAGQGgLBC%AMNCRPMJ
APC?LBMBMQLSCT?QAMKN?fe?Q?
J?!ECLAG?
.?AGML?JBC(GBPMA?P@SPMQz!.(
N?P??BKGLGQRP?PJ?CVNJMP?AGgLWCVNJMR?AGgL
BC J?Q PCQCPT?Q NCRPMJCP?Q BCJ N?eQ W
@
J? 0PMKMRMP? %LCPEbRGA?
CLA?PE?B?
BC ECQRGML?P J?Q GLTCPQGMLCQ BC %AMNCRPMJ CL MRP?Q CKNPCQ?Q BCJ QCARMP
CLCPEbRGAM
$CQBC CQC ?fM
%AMNCRPMJ QC F? BCBGA?BM CQNCAeDGA?KCLRC ? J?Q ?ARGTGB?BCQ
GLBSQRPG?JCQ W AMKCPAG?JCQ BCJ QCARMP
R?K@GbL F? QGBM QMKCRGB? ?J NPMACQM BC
|NPGT?RGX?AGgL QMAG?J} JCW BC
W CL ?QMAGM BC KSJRGL?AGML?JCQ F?
N?Q?BM ? AMKNCRGP R?LRM CL CJ KCPA?BM L?AGML?J
?LRC J? !.(
AMKM CL CJ
GLRCPL?AGML?J !BCK\Q
CQR\ ?BOSGPGCLBM GLDP?CQRPSARSP? BC RP?LQNMPRC BC
FGBPMA?P@SPMQ CL CJ N?eQ
JM KGQKM OSC ?ARGTMQ BC DGJG?JCQ AMJMK@G?L?Q BC
KSJRGL?AGML?JCQCSPMNC?Q %AMNCRPMJ
/RPMA?K@GMBCNMJeRGA?NCRPMJCP?QCBGMCLJMQAMLRP?RMQBC?QMAG?AGgLOSCF?
K?LRCLGBM%AMNCRPMJBCQBCJMQ?fMQ
OSCCL?JESLMQA?QMQCQR?@?L?NSLRM
BC PCTCPRGP ? J? L?AGgL AMKM CL CJ A?QM BCJ AMLRP?RM AML J? /8) CL !P?SA?
W
?FMP? QC F?L NPMPPME?BM |F?QR? CJ JGKGRC CAMLgKGAM BC QS CVNJMR?AGgL}
3\LAFCX
,? CKNPCQ? 4CPNCJ
AMLDMPK?B? BCQBC DGLCQ BC JMQ ?fMQ N?P? F?ACP J?
BGQRPG@SAGgL W AMKCPAG?JGX?AGgL PCEGML?J BC BCPGT?BMQ BCJ NCRPgJCM
AMKM
QS@QGBG?PG? BC %AMNCRPMJ
BCHg BC QCP NPMNGCB?B CQR?R?J BCQBC
(CPL\LBCX
%L JM PCJ?RGTM ? J? PCDGL?AGgL
QC F? NPCTGQRM J? CVN?LQGgL W KMBCPLGX?AGgL BC
J?QBMQEP?LBCQPCDGLCPe?QOSCRGCLCCJN?eQ "?PP?LA?@CPKCH?W#?PR?ECL?
AML
GLTCPQGMLCQ OSC QSNCP?L JMQ KGJJMLCQ BC BgJ?PCQ CL CJ A?QM BC
%LCJA?QMBC%AMNCRPMJ
QCAMJMA?PMLCLCJKCPA?BM?AAGML?PGMF?QR?CJBC
LSCT?Q?AAGMLCQ
3CEjLGLDMPK?AGgLCKNPCQ?PG?J %AMNCRPMJ
F?QR??FMP?QCF?LFCAFM
GKNMPR?LRCQGLTCPQGMLCQCL"P?QGJ
0CPjW%QR?BMQ5LGBMQ
"?PP?LA?@CPKCH?CQ?GLTCPQGgLQCF?P\CVAJSQGT?KCLRCNMPN?PRCBC%AMNCRPMJ
'gKCX
%LCJ%AMNCRPMJTCLBGg?J?QSGX?'JCLAMPCCJBCJ?NPMNGCB?BCLJ?
2CDGLCPe? BC #?PR?ECL? QGL CK@?PEM
? P?eX BC J? PCAGCLRC APGQGQ CL CJ QCARMP
DGL?LAGCPM GLRCPL?AGML?J OSC F? BGDGASJR?BM J? M@RCLAGgL BC JMQ PCASPQMQ
LCACQ?PGMQN?P?CJNPMWCARMBCCVN?LQGgL
J?CKNPCQ?QSGX?F??AMPB?BMAML
J?NCRPMJCP?L?AGML?JJ?PCTCPQGgLBCCQR?RP?LQ?AAGgL %AMNCRPMJ
#ML CJ ?SKCLRM BCJ NPCAGM BCJ NCRPgJCM BSP?LRC JMQ ?fMQ PCAGCLRCQ W CJ LSCTM
K?PAM PCESJ?RMPGM
CL J? ?ARS?J BbA?B? F? PCNSLR?BM J? ?ARGTGB?B CVNJMP?RMPG?
J?Q GLTCPQGMLCQ CL CVNJMP?AGgL NCRPMJCP? F?L N?Q?BM BC 53 KGJJMLCQ CL
?SLKMLRMACPA?LM?JMQ53KGJJMLCQCLCJ 2?KGPMCR?J
,? NPMBSAAGgL ?LS?J F? TCLGBM PCNSLR?LBM JCLR?KCLRC W QC NPMWCAR?
?JA?LX?P J? AGDP? NPMKCBGM BC @?PPGJCQ BG?PGMQ CL CJ ,MLBMfM
@
!N?PRC BC J?Q KSJRGL?AGML?JCQ CQR?BMSLGBCLQCQ W CSPMNC?Q
CL CQRC
NCPeMBM CKNGCX?L ? NMQGAGML?PQC MRP?Q AML K?RPGACQ CL N?eQCQ BC PCAGCLRC
GLBSQRPG?JGX?AGgL AMKM#?L?B\
"P?QGJ
%QN?f?
#FGL?
)LBG?
#MPC?BCJ3SP
%LCJPCLEJgLBCJA?P@gL
?N?PRGPBCJ?fMCJ%QR?BMC)LRCPAMPBCH?PMLBC
QCPQMAGMQCLJ?CVNJMR?AGgLBCJ?KGL?%J#CPPCHgL
AMKN?fe?OSCN?Qg?QCP
NPMNGCB?B BC SL AMLQMPAGM BC CKNPCQ?Q CSPMNC?Q W ?SQRP?JG?L?Q
AMLTGPRGbLBMQC CL SL? BC J?Q CKNPCQ?Q K\Q GKNMPR?LRCQ ? LGTCJ KSLBG?J
#FMKQIWCR?J
#ML J? CVNCBGAGgL BC J? JCW BC
CL CJ QCARMP KGLCPM QC TMJTGg ?
?BMNR?P J? KMB?JGB?B BC AMLRP?R?AGgL NMP AMLACQGgL ? N?PRGASJ?PCQ N?P? J?
CVNJMR?AGgLBCCQRMQPCASPQMQ?BCK\QQCD?AGJGR?LJ?QQSACQGT?QNPMPPME?QBCJ
AMLRP?RM BC CVNJMR?AGgL
NMP JM OSC CJ PCASPQM QC NMBP\ CVNJMR?P F?QR? QS
CVRGLAGgL -GLGQRCPGMBC-GL?Q
%J -GLGQRCPGM BC -GL?Q F? NPCTGQRM OSC J?Q CVNCAR?RGT?Q BC APCAGKGCLRM BCJ
QCARMP GKNJGA?L SL ?SKCLRM BC J? CVNJMR?AGgL A?P@MLeDCP? BC KGJJMLCQ BC
RMLCJ?B?Q CL CJ ? KGJJMLCQ N?P? CJ %L CJ ?fM
T?PG?Q
CKNPCQ?Q @P?QGJCf?Q 'CPB?S
-08
6?JC
FGAGCPML AMLQGBCP?@JCQ GLTCPQGMLCQ
?JPCBCBMPBC53KGJJMLCQ
N?P??BOSGPGPGKNMPR?LRCQPCQCPT?QBCJKGLCP?J
CLJMQBCN?PR?KCLRMQBCJ#CQ?PWJ?'S?HGP? ,MX?LM
%L AS?LRM ?J E?Q L?RSP?J
CL QC CQR?@JCAGg CJ NPMEP?K? N?P? J?
K?QGDGA?AGgLBCJAMLQSKMBCE?Q
OSCD?AGJGRgJ?QAMLACQGMLCQ?GLTCPQGMLGQR?Q
NPGT?BMQ OSC AMLQRPSWCP?L E?QMBSARMQ CL JMQ ACLRPMQ SP@?LMQ ?BCK\Q
CL
QCAMLDMPKgCJQGQRCK?BC\PC?QBCQCPTGAGMCVAJSQGTMN?P?J?BGQRPG@SAGgL
BMKGAGJG?PG?BCE?Q
OSCQCMRMPE?PMLCLJ?QNPGLAGN?JCQAGSB?BCQWKSLGAGNGMQ?
CKNPCQ?PGMQNPGT?BMQ 'SCPPCPMW,J?LM
%J QCARMP E?QeDCPM ?ARS?J CQR? K?WMPGR?PG?KCLRC NPGT?RGX?BM CL J?Q D?QCQ BC
CVNJMR?AGgLWBGQRPG@SAGgLCL
QgJMCJ
BCJMQA?KNMQCLCVNJMR?AGgL
CQR?@?L CL K?LMQ BC %AMNCRPMJ
KGCLRP?Q OSC JMQ PCQR?LRCQ CP?L CVNJMR?BMQ
BGPCAR?KCLRCNMPCKNPCQ?PGMQNPGT?BMQMCL?QMAG?AGgLAMLJ?CQR?R?J 50-%
BCQBC
J? CKNPCQ? CQR?R?J '?Q .?RSP?J %30 DSC ?BOSGPGB? NMP
GLTCPQGMLGQR?QCQN?fMJCQ
?RP?TbQBCDGJG?JCQL?AGML?JCQ 2?KGPMCR?J
,? CKNPCQ? #FCTPML F? ?LSLAG?BM SL? CVN?LQGgL BC J? CVNJMR?AGgL BC E?Q
L?RSP?J F?QR? KGJJMLCQ BC NGCQ Aj@GAMQ BG?PGMQ CL CJ
CL JMQ A?KNMQ
S@GA?BMQ AMQR? ?DSCP? CL J? 'S?HGP?
OSC QML J?Q K?WMPCQ PCQCPT?Q E?QeDCP?Q
BCJ N?eQ "CLHSKC?
2CAGCLRCKCLRC
J? AMKN?fe? $PSKKMLB OSC
CVNJMR? JMQ W?AGKGCLRMQ A?P@MLeDCPMQ CL CJ #CQ?P
F? PCNMPR?BM CJ F?JJ?XEM BC
PCQCPT?QBCE?QKCR?LMNMPCJMPBCLBC
RPGJJMLCQBCNGCQAj@GAMQ
?QMAG?B?Q
?JMQBCNgQGRMQBCA?P@gLJ?BCAJ?P?AGgLBCAMKCPAG?JGB?BQCCQNCP?@?ASKNJGP
CLCJNPGKCPQCKCQRPCBC !K?R
$CQBC
QC F? B?BM GKNSJQM ?J 0PMEP?K? '?Q .?RSP?J 6CFGASJ?P z '.6
N?P? QSQRGRSGP BCPGT?BMQ BCJ NCRPgJCM CL CJ QCARMP RP?LQNMPRC (?W OSC QCf?J?P
OSCQCEjLJ?NPMQNCARGT?BCJQCARMP
?N?PRGPBC#MJMK@G?QCP\GKNMPR?BMP
BCE?QTCLCXMJ?LM )@eB
%LCPEe?Q?JRCPL?RGT?Q
%LJ?NPCQCLRCBbA?B?
AMLJ?LSCT?QGRS?AGgLQSQAGR?B?NMPJMQA?K@GMQCLCJ
T?JMPBCJNCRPgJCMWJ?LMRMPG?BGQKGLSAGgLBCJ?QPCQCPT?Q
J?NPMBSAAGgLBC
?EPMAMK@SQRG@JCQCL#MJMK@G?F?N?Q?BM?QCPRCK?BCGLRCPbQCLJ?QNMJeRGA?Q
Nj@JGA?QCLCPEbRGA?Q
,??BMNAGgLBCKCBGB?QES@CPL?KCLR?JCQ ,CWBC
N?P?DMKCLR?PJ?
NPMBSAAGgLBC?JAMFMJCQA?P@SP?LRCQWN?P?CQR?@JCACPQSAMK@GL?AGgLAMLJ?
E?QMJGL?
ASW?NPMNMPAGgL?ARS?JKCLRCCQBCJCLJ?QAGSB?BCQK?WMPCQBC
F?@GR?LRCQ
AMLQRGRSWCPML GLACLRGTM GKNMPR?LRC ?J LSCTM QCARMP BC
NPMBSAAGgLCLCPEbRGA?
,? GLTCPQGgL PCQNCARGT? QC CQR\ F?AGCLBM NPCDCPCLRCKCLRC NMP N?PRC BC
CKNPCQ?PGMQNPGT?BMQL?AGML?JCQCLT?PG?QPCEGMLCQBCJN?eQCLCJ6?JJCBCJPGM
#?SA?
PCEGgL TGLASJ?B? NPCTG?KCLRC ? J? ?EPMGLBSQRPG? ?XSA?PCP?
JMQ AGLAM
NPGLAGN?JCQ GLECLGMQ F?L KMLR?BM NJ?LR?Q BC BCQRGJ?AGgL BC CR?LMJ AML
A?N?AGB?BN?P?JGRPMQBe?
N?P?JMAS?JF?LAMLR?BMAML?NMWMDGQA?J
%QRC?N?PRCQCRP?@?HgAML@?QCCLCJCQRSBGMBCJ?#MLRP?JMPe?'CLCP?JBCJ?
2CNj@JGA?
AS?LBMQCRMK?PMLMRP?QDSCLRCQQCF?ACJ?AGR?PCQNCARGT?
WDGL?LAGCPMBCJ%QR?BMAMJMK@G?LM,?NPMBSAAGgL?ARS?JCLCQR?QNJ?LR?QCQ
BCJGRPMQBe?N?P?CJ?fMQCNPMWCAR??KNJG?PJ?A?N?AGB?BF?QR?
JGRPMQBe? 50-%
@
5LLSCTMPCLEJgLBCNPMBSAAGgLBC?EPMAMK@SQRG@JCQQCCQR\GKNJCKCLR?LBM
CL CJ BCN?PR?KCLRM BCJ -CR? ,J?LMQ /PGCLR?JCQ
AML J? NJ?LR?AGgL GLGAG?J BC
FCAR\PC?QBCWSA??K?PE?
J?AS?JLMCQAMKCQRG@JC
WJ?AMLQRPSAAGgLBC
SL?NJ?LR?N?P?BCQRGJ?PJGRPMQBG?PGMQBCCR?LMJ,?NPMBSAAGgLAMKCPAG?J
QC GLGAGg CL K?WM BCJ ! KCBG?LM NJ?XM QC RGCLC NPMWCAR?BM QCK@P?P
FCAR\PC?Q BCJ RS@bPASJM W CJ KMLR?HC BC RPCQ NJ?LR?Q N?P? BCQRGJ?P SL
KGJJgLBCJGRPMQBe? ,MLBMfM
2CQNCARM?J@GMBGCQCJ
F?WOSCBCAGPOSCCQSLQCARMPGLAGNGCLRCCL#MJMK@G?
?SLOSC CJ N?eQ CQ SL GKNMPR?LRC NPMBSARMP BC N?JK? ?ACGRCP? CL CJ KSLBM
3CEjL CJ CQRSBGM BC J? #MLRP?JMPe? 'CLCP?J BC J? 2CNj@JGA?
CL CJ QC
PCOSCPe? J? NPMBSAAGgL BC FCAR\PC?Q BC CQR? N?JK? N?P? NMBCP
PCCKNJ?X?PCJBCJAMLQSKMBCBGCQCJ
%LRPCW
QCNPCQCLRgSL?ACJCP?BMPGRKMBCQGCK@P?QBCN?JK?CLCJ
N?eQ
A?QGFCAR\PC?Q
NCPMNMPJMKCLMQCLCJA?QMBCJ#FMAg 0?AeDGAM
LMPRC
QC F? BMASKCLR?BM J? DSCPRC GLHCPCLAG? BCJ L?PAMRP\DGAM W CJ
N?P?KGJGR?PGQKMCLCJBCQNJ?X?KGCLRMBCAMKSLGB?BCQLCEP?QWCJBCQNMHMBC
QSQ NPMNGCB?BCQ AMJCARGT?Q
N?P? CJ CQR?@JCAGKGCLRM BC BGAFM RGNM BC ASJRGTMQ
-MJ?LM
,?NPMBSAAGgLGLBSQRPG?JBC@GMBGCQCJQCGLGAGgCL
AMLSL?A?N?AGB?BBC
JGRPMQBe?
CL NJ?LR?Q CVRP?ARMP?Q CL #CQ?P
-?EB?JCL? W
#SLBGL?K?PA? CL ACPA?Le?Q BC J? A?NGR?J BCJ N?eQ
N?P? DGLCQ BC QC
?QNGP? ? ?KNJG?P J? A?N?AGB?B BC NPMBSAAGgL CL JGRPMQBe? %L CQRC
QCARMP GLASPQGML?L CKNPCQ?PGMQ L?AGML?JCQ ?QMAG?BMQ AML GLTCPQGMLGQR?Q BC
%QR?BMQ 5LGBMQ
JM KGQKM OSC CL QMAGCB?B AML J? CKNPCQ? %AMNCRPMJ
CL
LSCT?QNJ?LR?AGMLCQWNJ?LR?QBCQRGJ?BMP?QCLJMQBCN?PR?KCLRMQBC"MJeT?PW
3?LR?LBCP 50-%
@
0PMBSAAGgLCLCPEbRGA?CL#MJMK@G?
,?4?@J?NPCQCLR?J?K?RPGXBCNPMBSAAGgLCLCPEbRGA?WKGLCPMCLCPEbRGA?CL
#MJMK@G?N?P?CJ?fM
,MQQS@QGBGMQ?CQRMQGLBSQRPG?JCQGLAJSWCLBCBSAAGgLCLCJGKNSCQRMQM@PCJ?PCLR?
APbBGRMQ~@J?LBMQWMRPMQGLACLRGTMQ 2M@JCBM
4?@J?"?J?LACCLCPEbRGAMAMLQMJGB?BM%LCPEe?NPGK?PG?#MJMK@G?
,?Q CVNMPR?AGMLCQ FGBPMCLCPEbRGA?Q CL #MJMK@G? QC GLGAG?PML CL CJ ?fM
AMLQRGRSWCLBMCLCJ
BCJRMR?JBCJ?NPMBSAAGgLCLCQRCKGQKM?fM
CL CJ PCLEJgL NCRPMJCPM J?Q CVNMPR?AGMLCQ PCNPCQCLR?PML CJ
W CL CJ
A?P@MLeDCPMDSCPMLCJ
BCJRMR?JNPMBSAGBM
#MLTCLAGMLCQSQ?B?Q'7F 'GE?T?RGMQFMP?
-0# -GJJMLCQBCNGCQAj@GAMQ
'0# 'GE?NGCQAj@GAMQ
+"JQ -GJCQBC@?PPGJCQ
-"JQ -GJJMLCQBC@?PPGJCQ
+RML
-GJCQBC4MLCJ?B?Q
4A?J 4CP?A?JMPe?Q
-7 -CE?T?RGMQ
,?QCVNMPR?AGMLCQFGBPMCLCPEbRGA?Q
CLN?PRCQCF?LTGQRM?DCAR?B?QNMPJ?Q
RCLQGMLCQNMJeRGA?QAMLJ?QPCNj@JGA?QBC%AS?BMPW6CLCXSCJ?CLBGQKGLSWCPML
AMLPCQNCARM?J?fM?LRCPGMP$CMRP?N?PRC
CLCQC?fMQCGKNMPR?PML
'7F
BCQBCBGAFMQN?eQCQ
4?@J?#?N?AGB?BBCECLCP?AGgLCJbARPGA?#MJMK@G?
4GNMBC #?N?AGB?B
#MK@SQRG@JC -7
(GBP\SJGA?
#?P@gL
'?Q
%gJGA?
/RPMQ
4MR?J
&SCLRC50-%
?
#MLJ?QNMJeRGA?QBCQSQRGRSAGgLBCDSCLRCQCLCPEbRGA?QWBCP?AGML?JGX?AGgLBCJ
AMLQSKM
CL J? BbA?B? z QC P?JCLRGXg CJ APCAGKGCLRM BCJ AMLQSKM
CLCPEbRGAM W QC CTGBCLAG?PML A?K@GMQ CL J?Q DSCLRCQ ? LGTCJ PCQGBCLAG?J QC
?T?LXgCLCJPCCKNJ?XMBCJ?JCf?NMPE?QL?RSP?JCLCJRP?LQNMPRCQC?T?LXg
CLJ?QSQRGRSAGgLBCE?QMJGL?NMPBGCQCJWE?QL?RSP?JCLJ?ECLCP?AGgLRbPKGA?
QCPCCKNJ?XgA?P@gLNMPE?QL?RSP?J 50-%
#MLJ?GLRPMBSAAGgLBCJMQ
@GMAMK@SQRG@JCQ R?K@GbL QC F? CTGBCLAG?BM AGCPR? BGQKGLSAGgL CL CJ AMLQSKM
BC JMQ AMK@SQRG@JCQ BCPGT?BMQ BC FGBPMA?P@SPMQ CL CJ A?QM BCJ ?JAMFMJ
A?P@SP?LRC
|J?BCK?LB?RMR?JBCE?QMJGL?F?TCLGBMBGQKGLSWCLBM}JMAS?JF?
NCPKGRGBMGLAPCKCLR?PJ?AM@CPRSP?ECMEP\DGA?BCBGAF?KCXAJ? 50-%
@
4?@J? #S?BPM AMKN?P?RGTM BC NMJeRGA?Q CLCPEbRGA?Q CL #MJMK@G?
QCEjL
NCPGMBMWDSCLRCCLCPEbRGA?
CVRP?LHCPMQ
N?P? CKNPCQ?QECLCP?BMP?Q GLTCPQGgLNPGT?B?
CQR?@JCACP CJ QCPTGAGM
!fMQ CJ %QR?BM 3CN?P?AGgL BC J?Q
CL J?Q NPGLAGN?JCQ
?QSKC NJCL?KCLRC J? ?ARGTGB?BCQ CL CJ QCARMP W
AGSB?BCQ
ECLCP?AGgL W J? AMLDMPK?AGgL BC CKNPCQ?Q
5QM BC RCALMJMEe?Q BGQRPG@SAGgLCJbARPGA?Q QCEjL?ARGTGB?B
BCNCOSCf?CQA?J?
2CESJ?AGgL CQR?R?J BC )KNSJQM?ACLRP?JCQRbPKGA?Q
J?QR?PGD?Q ?P?eXBCJ?APGQGQBC
!fMQ W 0PMQNCARGT?FGBPMCJbARPGA?CL
?KNJG?AGgL BCJ QGQRCK? NPgVGK?BbA?B?
BCFGBPMCJbARPGA?Q
2?AGML?JGX?AGgL W CDGAGCLAG?
BCJQCPTGAGM
0CRPgJCM %L QC BCDGLCL !KNJG?AGgL W ?SKCLRM %QAGQGgL BC %AMNCRPMJ
J?Q NPGKCP?Q BC J?Q AMLACQGMLCQ !ECLAG? .?AGML?J BC
AMLACQGMLCQ ? F?QR? J? BbA?B? BC JMQ (GBPMA?P@SPMQ W 0PMKMRMP?
CKNPCQ?PGMQ ?fMQ %LCPEbRGA?
L?AGML?JCQ
&MPK?AGgL BC J? 0PGT?RGX?AGgL QMAG?J BC
!QMAG?AGgL BC JMQ CKNPCQ? CQR?R?J %AMNCRPMJ
AMLACQGML?PGMQ AML %AMNCRPMJ
N?P?CVNJMR?P
#?K@GM CL J?Q NMJeRGA?Q BC
KSJRGL?AGML?JCQ C W?AGKGCLRMQ
?QMAG?AGgL
GLGAGM BC J? AMLACQGML?BMQ OSC
CVNJMR?AGgL PCTGPRGCP?L?J%QR?BM 2CQR?@JCAGKGCLRM BC J?
NMJeRGA?BCAMLACQGMLCQ
0MJeRGA? BC ?QMAG?AGgL
CLRPC %AMNCRPMJ W )LEPCQM BC LSCT?Q
KSJRGL?AGML?JCQ
? N?PRGP KSJRGL?AGML?JCQ CL CJ
BCJMQ?fMQ KCPA?BML?AGML?J
#?P@gL !fMQ GLGAGM BC J? 0PGT?RGX?AGgL NJCL? BCJ
CVNJMR?AGgL GLBSQRPG?J QCARMP
N?P? CJ KCPA?BM
!BMNAGgL CVAJSQGT? BC J?
CVRCPLM
NMJeRGA? BC AMLACQGgL ?
3CAMK@GL?PMLNMJeRGA?Q N?PRGASJ?PCQ
BC?QMAG?AGgL %QR?BMz
0MJeRGA? BC CVNJMR?AGgL
CKNPCQ?PGMQNPGT?BMQ
W
NPGT?B? BCJ PCASPQM F?QR? QS
BC AMLACQGgL ?
?EMR?KGCLRM
CKNPCQ?Q
KSJRGL?AGML?JCQ )LASPQGgL BC CKNPCQ?Q
@P?QGJCf?Q
'?Q !fMQ GLGAGM BC J? 0MJeRGA? BC K?QGDGA?AGgL BCJ
L?RSP?J CVNJMR?AGgL GLBSQRPG?J AMLQSKM
N?P? CJ KCPA?BM
0PGT?RGX?AGgL BC J? CKNPCQ?
L?AGML?J
KCBG?LRC
'?Q.?RSP?J
AMLACQGMLCQ
#MLACQGgL ? N?PRGASJ?PCQ BC
#MLQRPSAAGgL BC
J? AMLQRPSAAGgL W MNCP?AGgL
E?QMBSARMQNPGT?BMQ
BCE?QMBSARMQSP@?LMQ
!fMQ DMPK?AGgL BC
%J %QR?BM AMLQCPT? J?
J? CKNPCQ? CQR?R?J '?Q
MNCP?AGgL BC J? PCB RPMLA?J
.?RSP?J
N?P? GKNSJQ?P
BC E?QMBSARMQ
? RP?TbQ BC
CJ SQM ECLCP?J CL CJ
N?eQ %#/'!3
0PMQNCARGT? BC GKNMPR?AGgL
BCE?QTCLCXMJ?LM
!EPMAMK@ !BMNAGgL BC NMJeRGA?Q BC
SQRG@JCQ DMKCLRM?JMQASJRGTMQN?P?J?
BCQRGJ?AGgL BC CR?LMJ W
@GMBGCQCJ
)LTCPQGMLCQ NPGT?B?Q
L?AGML?JCQWCVRP?LHCP?Q
0?PRGAGN?AGgL CQR?R?J
K?PEGL?J KCBG?LRC
?QMAG?AGMLCQCKNPCQ?PG?JCQ
,?QNMJeRGA?QCLCPEbRGA?QWJ?PCEGgL?K?XgLGA?AMJMK@G?L?
%JBCQ?PPMJJMBCJ?QBGTCPQ?QNMJeRGA?QNj@JGA?QCLCPEbRGA?QCL#MJMK@G?QgJMF?
GLTMJSAP?BMN?PAG?JKCLRC?J?PCEGgL?K?XgLGA?AMJMK@G?L?%LJ?KCBGB?OSC
CLJ?PCEGgLQCF?NPCQCLR?BMJ?MNMPRSLGB?BBCM@RCLCPPCASPQMQCLCPEbRGAMQ
GKNMPR?LRCQ N?P? J? L?AGgL AMJMK@G?L? W J?Q CKNPCQ?Q KSJRGL?AGML?JCQ
LM QC
F?BSB?BMCLNPMTCCPJMQPCASPQMQDGL?LAGCPMQ
RbALGAMQWFSK?LMQN?P?JMEP?P
QS P\NGB? CVNJMR?AGgL
AMKM F? QSACBGBM CL CJ 0SRSK?WM W JM CV?KGL?PCKMQ
N?P? CJ A?QM BC J? CVRP?AAGgL NCRPMJCP? CL /PGRM #S?LBM CQR? CVNJMR?AGgL
CQRSTMCL?SEC
CL
JJCEg?PCNPCQCLR?PCJBCJ?NPMBSAAGgLL?AGML?J
BCAPSBM
-GCLRP?Q R?LRM CL CJ 0SRSK?WM
?BCK\Q BC AMLRGLS?PQC AML J? CVNJMR?AGgL BC
JMQ A?KNMQ OSC DMPK?PML N?PRC BC J? AMLACQGgL 4CV?Q
QC F?L NSCQRM CL
NPMBSAAGgL SL? QCPGC BC NMXMQ KCLMPCQ NMP N?PRC BC BGTCPQ?Q CKNPCQ?Q
CVRP?LHCP?Q
CL?JESLMQA?QMQ?QMAG?B?QAML%AMNCRPMJ
#MLJ?LSCT?MPE?LGX?AGgLCKNPCQ?PG?JBCJQCARMPNCRPMJCPM
CLRPCW
J? !.( F? CQR?@JCAGBM SL? QCPGC BC AMLRP?RMQ BC CVNJMP?AGgL BMAC
CVNJMR?AGgL LSCTC
W BC CQRSBGM W CT?JS?AGgL A?RMPAC
? JM J?PEM BCJ
%L AS?LRM ? NJ?LCQ BC ECLCP?AGgL CJbARPGA?
?JESLMQ BGPGECLRCQ NMJeRGAMQ W
QMAG?JCQPCEGML?JCQ
JMKGQKMOSC?JESLMQQCARMPCQQMAG?JCQ
F?LGLQGQRGBMNMP
KSAFMQ ?fMQ CL J? AMLQRPSAAGgL BC FGBPMCJbARPGA?Q CL \PC?Q ACPA?L?Q ?
&JMPCLAG? W -MAM?
N?P? ?NPMTCAF?P JMQ A?SACQ DJSTG?JCQ OSC NPMTGCLCL BC J?
AMPBGJJCP? ?LBGLM?K?XgLGA? )LAJSQM
KMTGKGCLRMQ NMJeRGAMQ JMA?JCQ CL CJ
0SRSK?WM
BSP?LRC JMQ ?fMQ W
J? GLAJSWCPML AMKM |SL? BC ;QSQ<
@?LBCP?Q} 2?KePCX-#
%L
QC?NPM@gCJGLGAGMBCJ?AMLQRPSAAGgLBCJ?0#(QM@PCCJPeM-MAM?
AMLA?N?AGB?BN?P?ECLCP?P-7F!SLOSCQCBCQRGL?PML?JESLMQPCASPQMQ
N?P?CJCQRSBGMBCD?ARG@GJGB?BWCJBGQCfM
CLJMQ?fMQW?QCF?@e?NCPBGBMCJ
GLRCPbQ BC JMQ QCARMPCQ OSC J? GKNSJQ?@?L NSCQ AML J? GLRCPAMLCVGgL CJbARPGA?
BCJBCN?PR?KCLRMCQRCNPMWCARMNCPBGgTGECLAG?
W
DGL?JKCLRCCJNPCBGMBMLBC
QC G@? ? AMLQRPSGP DSC GLT?BGBM NMP BCQNJ?X?BMQ BCJ AMLDJGARM ?PK?BM CL CJ
0SRSK?WM %LRPCTGQR?.M
%LJMQ?ARS?JCQNPMWCARMQBCECLCP?AGgLGLQAPGRMQCLJ?5LGB?B BC0J?LC?AGgL
-GLCPMz%LCPEbRGA?50-%BCJ-GLGQRCPGMBC-GL?QW%LCPEe?
CQR\NPCTGQR?J?
AMLQRPSAAGgL BC J? ACLRP?J FGBPMCJbARPGA? !LB?OSe CL CJ !JRM #?OSCR\
AML SL?
A?N?AGB?BBC-7%JNPMWCARMCQNPMKMTGBMNMP)3!'%.3!
?JDPCLRC
BC SL AMLQMPAGM BC CKNPCQ?Q NPGT?B?Q %03!
W Nj@JGA?Q %-#!,)
)03%
GLSLB?Pe? SL? QSNCPDGAGC BC FCAR\PC?Q W ?jL LM QC F? DGH?BM DCAF? BC
GLGAGM BC J?Q M@P?Q 50-%
3ML AMLMAGB?Q J?Q AMLQCASCLAG?Q
?K@GCLR?JCQBCCQRCRGNMBCM@P?Q?JRCP?AGgLBCJMQASPQMQBC?ES?
?DCAR?AGgL
BC J? A?BCL? RPgDGA? DJSTG?J
BGQKGLSAGgL BC J? D?SL? eARGA? BC JM AS?J PCQSJR?L
AMLQCASCLAG?QQMAG?JCQBCQTCLR?HMQ?Q
%LCJA?QMBCJ?BGQRPG@SAGgLWAMKCPAG?JGX?AGgLBCCLCPEe?CJbARPGA?
ECLCP?B?
CL J?Q ACLRP?JCQ FGBPMCJbARPGA?Q BC JMQ T?JJCQ GLRCP?LBGLMQ
QgJM KCBG?LRC J?
NPCQGgL QMAG?J CHCPAGB? NMP JMQ NM@J?BMPCQ
? RP?TbQ BC N?PMQ AeTGAMQ W
KMTGKGCLRMQQMAG?JCQ
DSCNMQG@JCJ?GLRCPAMLCVGgL?JQGQRCK?CJbARPGAML?AGML?J
BCJMQNPGLAGN?JCQACLRPMQSP@?LMQBCJ?!K?XMLe?MAAGBCLR?JAMJMK@G?L?
%LRPCTGQR??J)LECLGCPM&CPLCW,SACPM
#MMPBGL?BMPBC/NCP?AGgL%KNPCQ?BC
%LCPEe?BCJ0SRSK?WM
-MAM?
BCQCNRGCK@PCBC
,? GLRCPAMLCVGgL BC JMQ BCN?PR?KCLRMQ ?K?XgLGAMQ MAAGBCLR?JCQ AMLQRGRSWC J?
BCLMKGL?B? AMJMOSG?JKCLRC |AMJ? BCJ QGQRCK? CJbARPGAM} ?BCK\Q
CL CJ
#?OSCR\ J?Q PCBCQ BC BGQRPG@SAGgL CVRCPL? CQR\L @?QR?LRC BCRCPGMP?B?Q NMP QS
?LRGEkCB?B 0MP CQR?Q QGRS?AGMLCQ QC NPCQCLR?L AMLRGLS?Q GLRCPPSNAGMLCQ W
@PSQA?Q MQAGJ?AGMLCQ BCJ DJSGBM
MA?QGML?LBM B?fMQ CL ?N?P?RMQ
CJCARPMBMKbQRGAMQBCNM@J?BMPCQWAMKCPAG?LRCQJMA?JCQ
2CQNCARM ? J? GKNJCKCLR?AGgL BC J?Q PCAGCLRCQ NMJeRGA?Q BC SQM BC
@GMAMK@SQRG@JCQ
CL BGAGCK@PC BC QC BGQNSQM QS ?@?QRCAGKGCLRM CL JMQ
BCN?PR?KCLRMQ ?K?XgLGAMQ
BC@GBM ? J? CVGQRCLAG? BC CVACBCLRCQ BC
NPMBSAAGgL 50-%
@
NCQC ? OSC RMB?Q J?Q A?@CACP?Q KSLGAGN?JCQ BC
CQRMQBCN?PR?KGCLRMQRGCLCLNM@J?AGMLCQKCLMPCQ?F?@GR?LRCQOSCCQ
J?CVGECLAG?AMLRCKNJ?B?CLJ?JCW
%JDMKCLRMCQR?R?J?J?QGLGAG?RGT?QNPGT?B?QN?P?CJASJRGTMWRP?LQDMPK?AGgLBC
?EPMAMK@SQRG@JCQQCCQR\LPC?JGX?LBMWNPMWCAR?LBMCLJMQBCN?PR?KCLRMQBCJ
N?eQOSCRGCLCL?EPMGLBSQRPG?A?fCP?MN?JKeAMJ? #'2
!SLOSCCLCJ
BCN?PR?KCLRM BC #?OSCR\ F?W ASJRGT?B?Q FCAR\PC?Q AML N?JK? ?ACGRCP?
CQR?Q LM QML DSLB?KCLRM N?P? NCLQ?P CL AMLRPG@SGP ? J? NPMBSAAGgL BC
@GMBGCQCJ
,?AMJMLGX?AGgLBCJ?!K?XMLe?MAAGBCLR?JAMJMK@G?L?
%JNGCBCKMLRC?K?XgLGAMAMLQRGRSWCSL?XML?BCRP?LQGAGgLCLRPCJ?AMPBGJJCP?
?LBGL? W J?Q ?JRGJJ?LSP?Q ?K?XgLGA?Q !SLOSC "PkAFCP
JJCEg ? ?BTCPRGP
OSC JMQ NPMDSLBMQ T?JJCQ BC JMQ PeMQ ?LBGLM?K?XgLGAMQ NMBe?L PCQSJR?P
0PMBSARMLMK@P?BMAMKM~NGLF_MK?LQMCLN?eQCQBCF?@J?NMPRSESCQ?
,?QD?QCQMCR?N?QBCAMJMLGX?AGgLCLCJQGEJM88
$C K?LCP? QSAGLR?
F?PCKMQ SL? A?P?ARCPGX?AGgL BC J?Q QGRS?AGMLCQ K\Q
LMRMPG?Q OSC GLDJSWCPML CL J? BCDGLGAGgL BC BGAF?Q CR?N?Q W BC ?JESLMQ BC JMQ
NPMACQMQOSCQCNPCQCLR?PMLCLQSBCQ?PPMJJM
%LJ?QCESLB?D?QCBCAMJMLGX?AGgL
CJAMLDJGARMDPMLRCPGXMAMLCJ0CPjCL
NPCAGNGRgSL?QCPGCBC?AAGMLCQBCN?PRCBCJ%QR?BMAMJMK@G?LMN?P?P?RGDGA?PJ?
QM@CP?Le?QM@PCCJCVRCLQMRCPPGRMPGMBCJ?!K?XMLe?AMJMK@G?L?
$C SL? N?PRC
QC NPMACBGg ? J? ?KNJG?AGgL BC GLQR?J?AGMLCQ KGJGR?PCQ W QS
RP?LQDMPK?AGgL CL @?QCQ NCPK?LCLRCQ CL 0SCPRM ,CESeX?KM QM@PC CJ PeM
0SRSK?WM ?LRCQ BC J? ESCPP? QC LMK@P?@? #?SA?W\
J? 4?ES? CL CJ PeM
#?OSCR\
6CLCAG? CL CJ ?JRM PeM /PRCES?X?
W
&JMPCLAG?
A?NGR?J BCJ #?OSCR\
?BCK\Q
QC BGQNSQM J? APC?AGgL BC J? @?QC ?bPC? BC 4PCQ %QOSGL?Q CL J?
BCQCK@MA?BSP?BCJ/PRCES?X??JPeM#?OSCR\
$C MRP? N?PRC
QC BCDGLGg J? AMLQRPSAAGgL BC SL? GLDP?CQRPSARSP? TG?J RCPPCQRPC
N?P? J? |BCDCLQ? L?AGML?J} J? A?PPCRCP? OSC T? BCQBC !JR?KGP?
CL CJ !JRM
-?EB?JCL?
F?QR? &JMPCLAG?
N?P? AMLCAR?P AML JMQ PeMQ /PRCES?X? z
#?OSCR\
W J? Te? OSC CLJ?X? ? 0?QRM CL J? ?JRGNJ?LGAGC ?LBGL?
AML -MAM?
W BCQBC CQR? AGSB?B F?QR? 0SCPRM !QeQ
N?P? SLGP AML CJ PeM
0SRSK?WM
!QGKGQKM
QC CLA?PEg ?J -GLGQRCPGM BC 'SCPP? ?NMW?P J? AMJMLGX?AGgL CL J?Q
XML?Q DPMLRCPGX?Q
NMP JM AS?J QC BCDGLGCPML GLACLRGTMQ N?P? J? AMJMLGX?AGgL CL
&JMPCLAG? W QSQ ?JPCBCBMPCQ
? JMQ KGJGR?PCQ OSC
SL? TCX CL PCRGPM
QC
CQR?@JCAGCP?L CL J? XML? %L J? KGQK? RgLGA?
CL SL? CKNPCQ? KGJGR?P
?@PGg J? PSR? BC L?TCE?AGgL ? T?NMP NMP CJ PeM 0SRSK?WM
BC 0SCPRM !QeQ ?
0SCPRM,CESeX?KM
AMLCJM@HCRGTMBC?NMW?PJ?AMJMLGX?AGgLPG@CPCf?
,?QDSLB?AGMLCQBCNM@J?BMQDSCPMLK?WMPGR?PG?QCLCJRCPPGRMPGMAMPPCQNMLBGCLRC?J
?ARS?JBCN?PR?KCLRMBCJ#?OSCR\
$MQ AGAJMQ CVRP?ARGTMQ OSC QC NCPDGJ?PML BCQBC CQRC NCPeMBM
CL JMQ ?fMQ
DSCPML J? CVRP?AAGgL BC NGCJCQ BC ?LGK?JCQ CVgRGAMQ
AMJMOSG?JKCLRC AMLMAGBM
AMKM CJ |RGEPGJJCM}
W
J? CVNJMR?AGgL K?BCPCP?
M |BCQDJMPC BCJ ACBPM} CQR?Q
DMPK?QCVRP?ARGTGQR?QQCNPMJMLE?PMLF?QR?KCBG?BMQBCJMQ?fMQ
NSCQJ?Q
KCBGB?Q BC NPMRCAAGgL RCPKGL?PML AML CJ RGEPGJJCM
W J?Q PCQCPT?Q L?RSP?JCQ BC
ACBPM~BCQ?N?PCAGCPML 3GLAFG
0?P? CJ 0SRSK?WM
J? KGEP?AGgL BSP?LRC CQRC NCPeMBM QC ?QMAG? AML J?
GLQSDGAGCLAG? PCNPMBSARGT? BCJ KGLGDSLBGM A?KNCQGLM W J? BGQMJSAGgL BC
PCQES?PBMQGLBeECL?QCLJ?PCEGgL?LBGL?BC.?PGfM
J?QAS?JCQDSCPMLA?SQ?Q
N?P?CVNSJQ?PNM@J?BMPCQF?AG?CJRCPPGRMPGM?K?XgLGAM(?WOSCQCf?J?POSCCL
CJ0SRSK?WM
BCQBCKCBG?BMQBCJMQ?fMQJ?CVNJMR?AGgLNCRPMJCP?D?TMPCAGg
J?BGL\KGA?BCAMJMLGX?AGgL
AMKMJMBCR?JJ?PCKMQK\Q?BCJ?LRC
! N?PRGP BC AS?LBM QC AMLDMPKg CJ )LQRGRSRM #MJMK@G?LM BC J? 2CDMPK?
!EP?PG? z ).#/2!
CL J? !K?XMLe? MAAGBCLR?J AMJMK@G?L? QC BCQ?PPMJJ?PML
NPMEP?K?Q BC ?NMWM ? J? AMJMLGX?AGgL CQNMLR\LC?
AML DMKCLRM E?L?BCPM W
AMLQRPSAAGgLBCGLDP?CQRPSARSP?TG?JWBCQCPTGAGMQQMAG?JCQ%L?fMQ?LRCPGMPCQ
CL CJ #?OSCR\ QC F?@e?L GLGAG?BM ?JESLMQ NJ?LCQ NSLRS?JCQ BC AMJMLGX?AGgL
BGPGEGB?
DMKCLR?LBMJMQASJRGTMQBCA?SAFMWBCN?JK??DPGA?L?
! DGLCQ BC JMQ ?fMQ
DSC CTGBCLRC J? APGQGQ BCJ KMBCJM BC AMJMLGX?AGgL
GKNJ?LR?BM BSP?LRC JMQ ?fMQ W J? BCAJGL?AGgL BC J? CVNJMR?AGgL NCRPMJCP?
QGRS?AGMLCQ OSC NPMNGAG?PML SL? AS?PR? D?QC BC AMJMLGX?AGgL
AML J? ?N?PGAGgL
BC AMPPGCLRCQ CLBgECL?Q BC KGEP?AGgL $GAF?Q AMPPGCLRCQ DSCP?L AMLQRGRSGB?Q
NMPAMJMLMQOSCF?@e?LNCPBGBMQSQKCHMP?QGLGAG?JCQCGLGAG?PMLLSCT?QCR?N?Q
BCAMJMLGX?AGgL
F?AG?XML?QK\Q?JMPGCLRCBCJ?Q?LRCPGMPCQ
?FMP??QMAG?B?Q
? JMQ ASJRGTMQ GJeAGRMQ GLGAG?JKCLRC J? QGCK@P? BC K?PGFS?L? W BCQNSbQ J?
~@ML?LX? AMA?JCP?
%L CJ #?OSCR\
J? AMJMLGX?AGgL ?T?LXg F?AG? CJ PeM
#?ES\L
KGCLRP?QOSCCLCJ0SRSK?WMCQRCNPMACQMQCCLPSK@gNMPJ?QPG@CP?Q
BCJMQPeMQ#?OSCR\W0SRSK?WM
0MP jJRGKM
BCQBC
J? K\Q PCAGCLRC CR?N? BC AMJMLGX?AGgL CL JMQ
BCN?PR?KCLRMQBCJNGCBCKMLRC?K?XgLGAMQCF?A?P?ARCPGX?BMNMPAMLQRGRSGPQC
AMKM SL? |KGEP?AGgL BC PCRMPLM} 4?J KGEP?AGgL DSC A?SQ?B? CL @SCL? N?PRC
NMP CJ BCQ?PPMJJM BC BGTCPQMQ NJ?LCQ KGJGR?PCQ BC JSAF? ?LRGQS@TCPQGT? W BC
CPP?BGA?AGgL BC ASJRGTMQ GJeAGRMQ AMLMAGBMQ CL RbPKGLMQ ECLCP?JCQ AMKM 0J?L
#MJMK@G?
JM AS?J F? NPMNGAG?BM CJ BCQNJ?X?KGCLRM BC AGCLRMQ BC D?KGJG?Q
AMJMLGX?BMP?Q W A?KNCQGL?Q ,?Q D?KGJG?Q F?L KGEP?BM F?AG? J?Q A?@CACP?Q
KSLGAGN?JCQ
AML CQNCAG?J bLD?QGQ F?AG? J?Q A?NGR?JCQ BCN?PR?KCLR?JCQ BCJ
MAAGBCLRC?K?XgLGAM-MAM?W&JMPCLAG?
CLBMLBCF?LGLT?BGBMRCPPCLMQN?P?
CQR?@JCACPQSQNPCA?PG?QTGTGCLB?Q%L?JESLMQA?QMQ
J?QD?KGJG?QBCQNJ?X?B?Q
F?LQ?JGBMBCJ?PCEGgL?K?XgLGA?
!JESL?QNMJeRGA?QBCBCQ?PPMJJMN?P?J?!K?XMLe?AMJMK@G?L?
%L ECLCP?J
QC NSCBC ?DGPK?P OSC ?JESL?Q BC J?Q BGTCPQ?Q NMJeRGA?Q Nj@JGA?Q
OSCQCF?LBCRCPKGL?BMN?P?J?!K?XMLe?AMJMK@G?L?
MOSCF?LGLTMJSAP?BM
BC?JESL?K?LCP??J?PCEGgL
F?LPCQSJR?BMAMLRP?BGARMPG?Q
-CBG?LRCJ?JCWqBCQCBCAJ?PgJ?RMR?JGB?BBCJ?!K?XMLe?AMJMK@G?L?
AMKM PCQCPT? DMPCQR?J NCPM CL BGTCPQMQ ?fMQ NMQRCPGMPCQ QC F?L CJ?@MP?BM
JCWCQ N?P? CVRP?CP N?PRCQ BCJ RCPPGRMPGM BC PCQCPT? L?RSP?J
AML CJ DGL BC
BCBGA?PJ?Q ? J? AMJMLGX?AGgL R?LRM CL CJ NGCBCKMLRC NSRSK?WCLQC AMKM CL CJ
A?OSCRCfM
,? NMJeRGA? BC DMKCLRM ? J? E?L?BCPe? AMKM ?NMWM ? J? AMJMLGX?AGgL
OSC F?
RCLGBMK?WMPBCQ?PPMJJMCLCJ#?OSCR\
F?AMLRPG@SGBMBCK?LCP?GPPCDSR?@JC?J
?EMR?KGCLRM BC JMQ PCASPQMQ BCJ @MQOSC NMP J? R?J? ECLCP?JGX?B? OSC QC F?
FCAFM
JM KGQKM OSC NMP J? ?DCAR?AGgL QCTCP? BC JMQ PCASPQMQ FeBPGAMQ W BCJ
QSCJM
%JCVRP?ARGTGQKMNCRPMJCPMCLCJ0SRSK?WMQGPTGgAMKMHSQRGDGA?AGgLN?P?JCT?LR?P
J? PCQCPT? DMPCQR?J CL SL \PC? @?QR?LRC ?KNJG? N?P? DMKCLR?P J? AMJMLGX?AGgL
OSC QC TGM D?TMPCAGB? NMP J? GLDP?CQRPSARSP? TG?J AMLQRPSGB? NMP J?Q CKNPCQ?Q
OSCPCAG@GCPMLJ?QAMLACQGMLCQ
3GLCK@?PEM
CJGLRCPbQWJ??ARGRSBAMLQCPT?AGMLGQR?QBC?JESL?QGLQRGRSAGMLCQ
F?AG? J? PCEGgL QC F? K?LRCLGBM
NMP JM OSC CJ BCJ RCPPGRMPGM ?K?XgLGAM
AMJMK@G?LM QC AMLQCPT? CL QS CQR?BM L?RSP?J AML @?QC CL NPMRCAAGMLCQ
JCE?JCQ ? N?PRGP BC JMQ ?fMQ
QC F?L GBM BCDGLGCLBM JMQ RCPPGRMPGMQ BC
PCQES?PBMQ N?P? CRLG?Q ?K?XgLGA?Q OSC ?@?PA?L K\Q BC
KGJJMLCQ BC
FCAR\PC?Q %L CJ 3GQRCK? BC 0?POSCQ W 2CQCPT?Q .?AGML?JCQ .?RSP?JCQ CQR\L
AMKNPCLBGBMQ SL NMAM KCLMQ BC
KGJJMLCQ BC FCAR\PC?Q BC J? !K?XMLe?
AMJMK@G?L? !JESL?Q BC J?Q \PC?Q BC PCQES?PBMQ GLBeECL?Q W BC PCQCPT?Q
L?RSP?JCQ QC QSNCPNMLCL
JCEGRGK?LBM OSC JMQ GLBeECL?Q K?LRCLE?L CJ SQM
RP?BGAGML?JBCJMQPCASPQMQL?RSP?JCQ 2SGX
WBGDSQGgLBCASJRGTMQAMA?JCPMQ BCQBCDGLCQBCJMQ?fMQ
F?JJCT?BM?BMQ
QGRS?AGMLCQ CJ BCQ?PPMJJM BC NJ?LCQ KGJGR?PCQ OSC
AMKM JM FCKMQ QCf?J?BM
GLAGBCL CL J? BGQKGLSAGgL BCJ ?T?LAC BC J? AMJMLGX?AGgL PSP?J
W
OSC BGTCPQ?Q
NMJeRGA?QBCJEM@GCPLMACLRP?JWJMQEM@GCPLMQQCAAGML?JCQRCLE?LOSCQSHCR?PQC
?JMQPCOSCPGKGCLRMQBCJ?CQRP?RCEG?KGJGR?P )@eB
)KN?ARMQMAG?JW?K@GCLR?JBCJ?CVNJMR?AGgLNCRPMJCP?CL/PGRM 0SRSK?WM
,?ASCLA?QCBGKCLR?PG?BCJ0SRSK?WMQCS@GA?CLCJQCARMPQSPMPGCLR?JBCJN?eQ
W RGCLC ?NPMVGK?B?KCLRC IK !J LMPCQRC CQR\ J? QS@ASCLA? BCJ
#?ES\L
QCN?P?B?NMPCJ?PAMBCJ#?OSCR\F?ACN?PRCBCJQGQRCK?BCASCLA?Q
QS@?LBGL?QMPGCLR?JCQOSCQCN?P?LJ?AMPBGJJCP?BCJMQ!LBCQBCJMQCQASBMQBC
'S?W?L?W"P?QGJ #MPNM?K?XMLG?
%L CJ NCPGMBM NPCAMJMLG?J
JMQ GLBeECL?Q BC CQRC BCN?PR?KCLRM QC SLR?@?L
NCRPgJCMCLCJASCPNMAMLDGLCQKCBGAGL?JCQ
?NPMTCAF?LBMOSCCJFGBPMA?P@SPM
|DJSe?JG@PCKCLRC},MQAMJMLMQK\Q?LRGESMQJMSQ?@?L|N?P??JSK@P?PQCCLJ?Q
LMAFCQ W N?P? A?J?D?RC?P QSQ A?LM?Q BC K?BCP?} %QRMQ PCJ?RMQ JJCE?PML ?
MeBMQ BC J?Q AMKN?fe?Q NCRPMJCP?Q OSC BCQBC JMQ ?fMQ BCJ N?Q?BM QGEJM
CLTG?PMLECgJMEMQ?AMKNPM@?PQSCVGQRCLAG? #MPNM?K?XMLG?
(GQRMPG?BCJ?CVNJMR?AGgLNCRPMJCP?CL/PGRM
,?CVNJMR?AGgLNCRPMJCP?CLCQR?JMA?JGB?BBCJNGCBCKMLRC?K?XgLGAMF?RCLGBM
BMQ NCPGMBMQ AJ?P?KCLRC BCDGLGBMQ SL NPGKCP KMKCLRM CLRPC W CL
OSC J? ?ARGTGB?B CVRP?ARGT? DSC PC?JGX?B? NMP J? 4CV?Q 0CRPMJCSK #MKN?LW
AS?LBM QC A?P?ARCPGXg AMKM SL NCPGMBM BC @ML?LX? NCRPMJCP? CL CJ "?HM
0SRSK?WM SL QCESLBM KMKCLRM ? N?PRGP BC J? PCTCPQGgL BC J? AMLACQGgL ? J?
CKNPCQ? CQR?R?J %AMNCRPMJ
NCPeMBM CL OSC J? NPMBSAAGgL F? BGQKGLSGBM
LMR?@JCKCLRC
%LK?WMBC
AS?LBMCJ0PCQGBCLRCBCJ?2CNj@JGA?GL?SESPgCJMJCMBSARM
4P?LQ?LBGLM
CJ|?QCTCPgOSCCJNCRPgJCMQCPe?J?Q?JT?AGgLN?P?CQR?PCEGgLR?L
BCNPGKGB?} AGR?BM NMP $CTG?
CL NMQRCPGMPCQ GLRCPTCLAGMLCQ
CJ ?JRM
BGEL?R?PGM QCf?J?@? OSC J?Q PCE?Je?Q NMP J? CVNJMR?AGgL BCJ NCRPgJCM CL /PGRM
N?AR?B?QCLLSCT?QAMLBGAGMLCQAMLQGBCP?B?QTCLR?HMQ?QN?P?CJN?eQ
G@?L|?
0?P?J?NPCQCLRCQCQGgLDSCBC@?QR?LRCSRGJGB?BCJRP?@?HMBC$CTG?
CL
?JESLMQN\PP?DMQOSCLM?N?PCACPCDCPCLAG?@G@JGMEP\DGA?
QCCLRGCLBCOSCQCPCASPPGg?
BGAF?KMLMEP?De?
%L?BCJ?LRC
J?LMK@P?PCKMQAMKM~J?4CV?Q
@CLCDGAG?P BC K?LCP? KSW LMR?@JC ? J? )LRCLBCLAG? BCJ 0SRSK?WM W
;
NCPKGRGPe?L< BCBGA?P PCASPQMQ AS?LRGMQMQ ? J? AMLQRPSAAGgL BC J? A?PPCRCP? OSC
T? ? -MAM? W ? J? KCHMP? BC J? A?PPCRCP? 0?QRM z 0SCPRM !QeQ} 0PCQGBCLAG?
3GL CK@?PEM
J? A?PPCRCP? 0?QRMz-MAM? QGESC QGCLBM SL? BC J?Q K\Q
NCJGEPMQ?QBCJN?eQ NMPJMKCLMQCLCJRP?WCARMCLRPCCJT?JJCBC3G@SLBMWWJ?
A?NGR?J BCJ BCN?PR?KCLRM
NSCQ K?LRGCLC CJ RP?X?BM PC?JGX?BM CL JMQ ?fMQ
BCJ N?Q?BM QGEJM
AS?LBM ?jL LM CVGQRe? SL? NJ?LGDGA?AGgL ES@CPL?KCLR?J
?ACPR?B?
W LM F?W SL QMJM RP?KM ?QD?JR?BM ,? A?PPCRCP? -MAM?z0SCPRM !QeQ
QgJM CL JMQ jJRGKMQ ?fMQ QC F? N?TGKCLR?BM CL ?JESLMQ RP?WCARMQ ,M OSC QC
?LSLAGgAMKMJ?~Q?JT?AGgLBCJ0SRSK?WMNMPN?PRCBCJEM@GCPLML?AGML?J
AML
KMRGTMBCJGLGAGMBCJ?CVNJMR?AGgLNCRPMJCP?
QGESCQGCLBMSL?CQNCP?LX?D?JJGB?
%L
CJ%QR?BMAMJMK@G?LMWJ?4CV?QPC?JGX?PMLSLAMLRP?RMBCAMLACQGgL
N?P? J? CVNJMP?AGgL W CVNJMR?AGgL BC NCRPgJCM CL SL? XML? ?J MAAGBCLRC BCJ
0SRSK?WM
NMPSLJ?NQMBC?fMQ
AMLMAGBMAMKMJ?#MLACQGgL/PGRM$CQBC
CJEM@GCPLML?AGML?JF?@e?NPCRCLBGBMCQRGKSJ?PJ?GLTCPQGgLCLCJQSPBCJ
N?eQ?JPCBSAGPCJNMPACLR?HCBCJ?QPCE?Je?QOSCJ?QCKNPCQ?QNCRPMJCP?QBC@e?L
N?E?P?J?.?AGgL 4CV?AM
%L
J?Q CVNJMP?AGMLCQ BGCPML PCQSJR?BMQ D?TMP?@JCQ
NMP JM OSC J? 4CV?Q
BCAGBGg GLGAG?P CJ KMLR?HC GLBSQRPG?J N?P? J? CVNJMR?AGgL CL JMQ NMXMQ
BCQAS@GCPRMQ W J? AMLBSAAGgL BCJ FGBPMA?P@SPM ?J NSCPRM BC 4SK?AM
QM@PC CJ
/Ab?LM 0?AeDGAM
HSLRM AML QS ?QMAG?B? J? #MJMK@G?L 'SJD /GJ #MKN?LW
CLA?PE?B?BCJMQRP?@?HMQNP\ARGAMQCLCJRCPPCLM "PkAFCP
%J \PC? RMR?J BC CQR? AMLACQGgL
CQR?@? PCN?PRGB? CL T?PGMQ A?KNMQ OSC
?@?PA?@?L F? (?QR?
J? 4CV?Q NCPDMPg NMXMQ CLAMLRP?LBM
T?PGMQ BC KCLMP NMRCLAG?J 3CEjL J? AMKN?fe?
J?Q PCQCPT?Q PCASNCP?@JCQ BCJ
A?KNM /PGRM0SLEM DSCPML A?JASJ?B?Q CL KGJJMLCQ BC @?PPGJCQ BC APSBM
OSCCLCQCKMKCLRM
DSCAMLQGBCP?BMCJK\QEP?LBCF?JJ?XEMNCRPMJCPM
CL #MJMK@G? %L QC GLGAGg J? CVNJMR?AGgL CL CQRMQ NMXMQ
SL? TCX QC
AMLQRPSWgJ?GLDP?CQRPSARSP?LCACQ?PG? )@eB
$C ?ASCPBM AML $CTG?
J?Q AMKN?fe?Q 4CV?Q W 'SJD R?K@GbL QC TGCPML
@CLCDGAG?B?Q NMP ?JESL?Q KCBGB?Q BC NMJeRGA? RPG@SR?PG?
CVNCBGB?Q AML
?LRCPGMPGB?B ?J GLGAGM BC J? CVNJMR?AGgL CL J? AMLACQGgL /PGRM
NSCQRM OSC J?Q
CVCLAGMLCQ AMLRCKNJ?B?Q N?P? J? GLTCPQGgL CVRP?LHCP? CL #MJMK@G?
JCQ
NCPKGRe?LBCBSAGPQSK?QQSNCPGMPCQ?J?QOSCN?E?@?LNMPPCE?Je?Q
%L
J? 4CV?Q RP?QN?Qg CJ BCJ AMLRP?RM CL CJ |$GQRPGRM 0SRSK?WM} R?J
AMKM JM BCLMKGL?@? J? AMKN?fe? KSJRGL?AGML?J
? J? AMKN?fe? 0CRPMJCP? BCJ
2eM
AML QCBC CL 0?L?K\ %L ?@PGJ BC
JC ACBGg CJ PCQR?LRC $C
?ASCPBMAMLJMGLDMPK?BMNMPBGPGECLRCQQGLBGA?JCQ
CQR?AMKN?fe?DSCDMPK?B?
NMP J? KGQK? 4CV?Q CL SL? K?LGM@P? CKNPCQ?PG?J N?P? CT?BGP AMKNPMKGQMQ
JCE?JCQWDGQA?JCQ %LRPCTGQR?.M
0?P? J? CVNJMR?AGgL W AMLBSAAGgL BCJ FGBPMA?P@SPM
JM KGQKM OSC N?P? J?
BGPCAAGgLW?BKGLGQRP?AGgLCKNPCQ?PG?JCQ
J?4CV?QAMLQRPSWgBGTCPQ?QM@P?QBC
GLDP?CQRPSARSP? $C SL? N?PRC
N?P? CJ RP?QJ?BM BCJ NCPQML?J BGPCARGTM W
QSNCPTGQMP BC J? LSCT? CVNJMR?AGgL
QC ?KNJGg J? NGQR? BC ?RCPPGX?HC CL CJ
KSLGAGNGM BC 0SCPRM !QeQ
?J QSPMPGCLRC BC JMQ A?KNMQ OSC CKNCX?@?L ?
NPMBSAGP !Qe KGQKM
QC AMLQRPSWCPML NCOSCf?Q NGQR?Q ?bPC?Q CL J?Q
JMA?JGB?BCQ OSC AMLR?@?L AML J?Q PCQCPT?Q K\Q GKNMPR?LRCQ
AMKM DSCPML %J
4GEPC
,?(MPKGE?W/PGRM
%L
J? AMKN?fe? AMKNJCRg J? AMLQRPSAAGgL BC J? A?PPCRCP? OSC AMKSLGA?
BCQBC 3?LR? !L? IGJgKCRPMQ ?J LMPRC BC 0SCPRM !QeQ
AML CJ A?KNM /PGRM
0SLEM
CL SL? CVRCLQGgL BC IGJgKCRPMQ
QGESGCLBM CJ RP?X?BM BC J? RPMAF?
NMP J? OSC CLRPg CJ NPGKCP COSGNM BC NCPDMP?AGgL 3CEjL GLDMPK?AGgL OSC
NS@JGAg J? AMKN?fe?
QC SRGJGX?PML RPMLAMQ N?P? J? CKN?JGX?B? OSC QC
SQM AMKM @?QC N?P? CJ A?PPCRC?@JC 4CV?AM
%Q GLBSB?@JC OSC CJ K?J
CQR?BM ?ARS?J BC CQ? A?PPCRCP? RGCLC OSC TCP AML CQR? ?AAGgL BCQNSbQ BC
?fMQBCF?@CPAMJMA?BMKGJCQBCRPMLAMQAMKM@?QCBCJ?A?PPCRCP?
CQRMQQC
F?LNMBPGBMNMPJ??AAGgLBCJ?ES?WBCJNCQMBCJMQTCFeASJMQOSCJ?RP?LQGR?L
$CQNSbQ QC AMLQRPSWg J? Te? OSC AMLCAR? /PGRM AML CJ PeM 3?L -GESCJ CL J?
DPMLRCP? AML %AS?BMP
?RP?TCQ?LBM BGTCPQMQ A?KNMQ BC CVNJMP?AGgL
W CL JMQ
?fMQQGESGCLRCQQCDSCPML?@PGCLBMJMQP?K?JCQOSCAMLBSACL?JMQNMXMQCL
CVNJMR?AGgL ,?Q A?PPCRCP?Q QC AMLQRPSWCPML AMLQGBCP?LBM DSLB?KCLR?JKCLRC
JMQ GLRCPCQCQ BC J? NCRPMJCP?
QGL RCLCP CL ASCLR? MRP?Q NMQG@GJGB?BCQ BC
BCQ?PPMJJMPCEGML?J $CTG?
0?P?CJ?DGPK?BMWJ?PCN?P?AGgLBCCQR?QTe?Q
QCF?SRGJGX?BMCJAPSBMPCAMEGBM
BCQNSbQBCJMQBCPP?KCQWCJ?ES?AMLR?KGL?B?
AMKM|K?RCPG?JJGE?LRCCLJ?
KCXAJ?} 0'.
0PCAGQ?KCLRC CQRC CQ SLM BC JMQ D?ARMPCQ OSC F?
NPMBSAGBMK?WMPAMLR?KGL?AGgLF?AG?JMQ?DJSCLRCQBCJ?XML?
0?P? J? AMLBSAAGgL BCJ FGBPMA?P@SPM QC KMLR?PML MJCMBSARMQ BCQBC JMQ
BGTCPQMQ A?KNMQ BC CVNJMR?AGgL F?AG? JMQ R?LOSCQ BC ?JK?ACL?KGCLRM CL
/PGRM#MLCJDGLBCRP?LQNMPR?PJMN?P?QSCVNMPR?AGgL
CLQCAMKNJCRgJ?
AMLQRPSAAGgL BCJ /JCMBSARM 4P?LQ?LBGLM CLRPC /PGRM W 4SK?AM
NSCPRM CL CJ
0?AGDGAMAMJMK@G?LM
#MLSL?CVRCLQGgLBCIGJgKCRPMQ
CJ|RS@M}?QAGCLBC
BCQBCKCRPMQBC?JRGRSBCL/PGRMF?QR?J?AGK?BCJ?AMPBGJJCP??LBGL?CLCJ
%LRPCTGQR??JQCfMP$ST\L6bJCX
0PCQGBCLRCQCAAGML?J5LGgL3GLBGA?J/@PCP?BCJ?
)LBSQRPG?BCJ0CRPgJCM53/
/PGRM
BCQCNRGCK@PCBC
QGRGM !JGQ?JCQ ? KCRPMQ BC ?JRSP?
N?P? BCQACLBCP QCESGB?KCLRC ?J LGTCJ
BCJ K?P CL 4SK?AM 4CV?AM
0MP J?Q AMLBGAGMLCQ CQA?@PMQ?Q W
QCJT\RGA?QBCJRCPPCLMNMPBMLBCAPSX?CJMJCMBSARM
CJRP?LQNMPRCBCNCPQML?J
COSGNMQ W K?RCPG?JCQ
JM KGQKM OSC CJ ?NMWM N?P? CJ KMLR?HC QC FGXM AML
FCJGAgNRCPMQ
QSACQM B?BM |NMP NPGKCP? TCX CL J? FGQRMPG? BC J? NPMBSAAGgL BC
NCRPgJCM}
WNMPCJJMCJMJCMBSARMDSCAMLQGBCP?BMAMKMSL|KMLSKCLRMBCJ?
GLECLGCPe?}CLJ?bNMA? "PkAFCP
-GCLRP?Q OSC CL
AS?LBM QC GL?SESPg CJ MJCMBSARM QC RP?LQNMPR?@?L
KGJ @?PPGJCQ NMP Be? 0PCQGBCLAG?
CL ?@PGJ BC QC RP?LQNMPR?@?L
@?PPGJCQBG?PGMQ 50-%
,MQR?LOSCQBC?JK?ACL?KGCLRMBCJFGBPMA?P@SPMOSCQCAMLQRPSWCPMLCL/PGRM
W CL CJ RCPKGL?J BC 4SK?AM
RGCLCL A?N?AGB?B N?P? KGJ W KGJ @?PPGJCQ
PCQNCARGT?KCLRC ,? A?N?AGB?B BC @MK@CM BCJ MJCMBSARM CQ BC
@?PPGJCQBG?PGMQ
ASCLR?AMLAS?RPMCQR?AGMLCQBC@MK@CMWAS?RPMBCPCBSAAGgL
BCNPCQGgL
%L /PGRM R?K@GbL QC KMLRg SL? NCOSCf? PCDGLCPe? OSC NPMACQ? @?PPGJCQ
BG?PGMQ
NCQC?JMAS?JCLJ?XML?LMQCASCLR?AMLCJQSDGAGCLRC?@?QRCAGKGCLRM
BC AMK@SQRG@JCQ 2?KePCX 2
!BCK\Q
QS CQR?BM BC BCRCPGMPM W J?
GLCDGAGCLRC RCALMJMEe? SQ?B? J? F?L AMLTCPRGBM CL A?SQ?LRC BC NPM@JCK?Q
?K@GCLR?JCQ
!BCK\Q
QC AMLQRPSWCPML CJ A?KN?KCLRM BC 3?LR? !L? BCQBC BMLBC QC
AMMPBGLgCJGLEPCQMBCJ?K?OSGL?PG?
J?AMLQRPSAAGgLBCJ?RPMAF?GLGAG?JF?AG?CJ
#?KNM/PGRMWBCK\QJ?@MPCQPCJ?AGML?B?Q
JMKGQKMOSCJ?QGLQR?J?AGMLCQBC
J?CKNPCQ?CL/PGRM
%L
J?AMKN?fe?0CRPMJCP?BCJ2eM|PCLSLAGg?JAMLRP?RMWACBGgRMBMQQSQ
BCPCAFMQ} ? J? AMKN?fe? CQR?R?J %AMNCRPMJ 0CQC ? OSC CJ AMLRP?RM BC
AMLACQGgL QC F?@e? CQRGNSJ?BM NMP ?fMQ
J? ~FCPCBCP? BC J? 4CV?Q NPCDGPGg
PCTCPRGPJM?LRCQBCJNJ?XMDGL?J)LBSB?@JCKCLRC
CJ?EMR?KGCLRMBCJPCASPQMWJ?
NPCQGgLQMAG?JDSCPMLD?ARMPCQAJ?TCQCLCQR?BCAGQGgL
#S?LBM %AMNCRPMJ PCAG@Gg CJ A?KNM NCRPMJCPM MPE?LGXg CJ ~$GQRPGRM 3SP BC
0PMBSAAGgL /PGRM
AMLDMPK?BM AML SL RMR?J BC NMXMQ CL RMB? J? XML? BCJ
"?HM 0SRSK?WM #MPNM?K?XMLG?
$SP?LRC JMQ ?fMQ QGESGCLRCQ J?
NPMBSAAGgL QGESGg BGQKGLSWCLBM KGCLRP?Q CL QC CVRP?e?L
@?PPGJCQBe?CLNPMKCBGM
?KCBG?BMQBCJ?BbA?B?BCJMQQgJMQCCVRP?e?L
@?PPGJCQBe? NPMKCBGM CL /PGRM 2?KePCX 2
#ML J? CLRP?B? CL
,?BCAJGL?AGgLBCJ?NPMBSAAGgLCLCJ0SRSK?WMAMJMK@G?LMAMGLAGBGgAMLCJ
?SKCLRMBCJ?CVRP?AAGgLBCJFGBPMA?P@SPMCLJ?PCEGgL?K?XgLGA?CAS?RMPG?L?
CL
BMLBCQCJMA?JGX?PMLQSQR?LAG?JCQPCQCPT?QNCRPMJCP?Q?JRCPKGL?PJ?AMLQRPSAAGgLBC
J?QM@P?QBCGLDP?CQRPSARSP?CL/PGRM
J?CKNPCQ?4CV?QBCQNJ?XgK?OSGL?PG?
COSGNMQ
RbALGAMQWA?KN?KCLRMQNMPTe??bPC?WRCPPCQRPC?JTCAGLMN?eQ
CVNJMR?AGgLBCLSCTMQNMXMQ?JMJ?PEMBCJNGCBCKMLRC?K?XgLGAM
CJNPMKCBGM
BCNPMBSAAGgL
N?P?CJ?fM
CLCJ\PC?AMPPCQNMLBGCLRC?J$GQRPGRM3SPCP?
BC@?PPGJCQBe?
,?QJ?@MPCQBC%AMNCRPMJ
?JPCTCPRGPJ?AMLACQGgLBCJ?4CV?QCLCJ0SRSK?WM
QC CLDMA?PML CL JMEP?P BCRCLCP J? BCAJGL?AGgL BC JM CVRP?eBM CL RMBMQ JMQ
A?KNMQCLNPMBSAAGgL
?J?TCXOSCQC@SQA?@?LLSCT?QPCQCPT?QBCJPCASPQM
NCRPMJCPM
!JBCAGPBCDSLAGML?PGMQBCJ?CKNPCQ?CQR?R?J
%AMNCRPMJLMQMJ?KCLRCPCAG@Gg
J? J?@MP GLBSQRPG?J QGLM OSC ?BCK\Q PCAG@Gg SL APCAGCLRC AMLDJGARM QMAG?J CL J?
XML?NMPCJ?SKCLRMBCJBCQCKNJCMWJ?GPPCQNMLQ?@GJGB?B?BKGLGQRP?RGT?BCJMQ
EM@GCPLMQ JMA?JCQ
?J RGCKNM OSC QC NPCQCLR?@? CJ ?ESBGX?KGCLRM BCJ AMLDJGARM
?PK?BM AML J? APCAGCLRC NPCQCLAG? BC J? GLQSPECLAG? CL J?Q \PC?Q NCRPMJCP?Q
CLRPCMRPMQ?QNCARMQ %LRPCTGQR?.M
%QR?CKNPCQ?F?NPMASP?BMBGQKGLSGPJ?AMLQRPSAAGgLBCTe?QF?AG?J?QLSCT?Q
CVNJMR?AGMLCQ NCRPMJCP?Q
F?AGCLBM ?BCAS?AGMLCQ KCLMPCQ N?P? ?AACBCP ? JMQ
NMXMQ ACPA?LMQ ? JMQ K\Q ?LRGESMQ A?KNMQ !J KMKCLRM BC J? PCTCPQGgL J?Q
Te?Q AMLQRPSGB?Q NMP J? 4CV?Q DSCPML CLRPCE?B?Q ?J %QR?BM
? RP?TbQ BCJ
-GLGQRCPGM BC /@P?Q 0j@JGA?Q
?SLOSC @SCL? N?PRC BC JMQ ?PPCEJMQ W
K?LRCLGKGCLRMJMQQGESCF?AGCLBM%AMNCRPMJ )@eB
%DCARMQQMAG?JCQNMPJ?CVNJMR?AGgLNCRPMJCP?CL/PGRM
#?K@GMQQCTCPMQCLRPCJ?NM@J?AGgLGLBeECL?
%LCJ\PC?ECLCP?JOSCJ?4CV?QCKNCXg?MNCP?P
QCCLAMLRP?@?L?QCLR?B?Q
NMPJMKCLMQAMKSLGB?BCQBCBMQCRLG?QMPGEGL?PG?Q
%JNPCQCLRC?N?PRCQCPC?JGXMAML@?QCCLJMQRCVRMQBC,SACL?
WBC#F?TCQW
6GCAM
AS?LBMQCF?LSRGJGX?BMMRP?QDSCLRCQQCQCf?J?P\CVNPCQ?KCLRC
JMQ 3GML?Q
SL? AMKSLGB?B S@GA?B? ? MPGJJ?Q BCJ PeM /PGRMz0SLEM
CL
GLKCBG?AGMLCQBCJ?QXML?QCLBMLBCQCJMA?JGX?PMLJMQNMXMQOSCNSQGCPMLCL
CVNJMR?AGgLCLNPGKCPRbPKGLM
W
JMQ +MD?LCQ
AMKSLGB?BCQ BGQNCPQ?Q OSC QC CVRCLBe?L BCQBC CJ PeM 'S?KSCX
?J QSP BCJ /PGRMz0SLEM
F?QR? CJ PeM .?NM CL RCPPGRMPGM CAS?RMPG?LM
CL ASW?Q
XML?Q QC CHCASR?PML BGTCPQ?Q M@P?Q BC GLDP?CQRPSARSP? N?P? J? CVNJMR?AGgL
NCRPMJCP?
AMKM J? A?PPCRCP? BCQBC /PGRM ? J? DPMLRCP? AML %AS?BMP W CJ
MJCMBSARMLCACQ?PGMN?P?AMLBSAGPCJAPSBMM@RCLGBMCLLSCTMQNMXMQ
%J A?QCPeM BC JMQ 3GML? CL CJ /PGRMz0SLEM DSC AMLDMPK?BM AMKM NM@J?BM BC
PCBSAAGgL NMP JMQ KGQGMLCPMQ A?NSAFGLMQ W QC F?@e? CQR?@JCAGBM SL? AS?QG
N?PPMOSG?
QCEjLCJ)LDMPKC-GQGMLCPMBC -MLAMLGJJ
%P? CJLjAJCMK\Q
GKNMPR?LRC BC CQ? CRLG? CL CJ 0SRSK?WM W QC F?@e? K?LRCLGBM ?GQJ?BM BC J?
?AAGgL AMJMLGX?BMP? NMP JM KCLMQ F?QR? DGLCQ BC JMQ ?fMQ !JJe QC F?AG? J?
RP?LQKGQGgLGLRCPECLCP?AGML?JBCJAMLMAGKGCLRMRP?BGAGML?JBCJMQASP?A?Q
N?P?
JMOSCQCAMLR?@?AMLJ?K?JMA?BCJW?Eb
!N?PRCBCJ?QAMKSLGB?BCQ3GML?W+MD\L
?DGLCQBCJMQ?fMQQCNPCQCLRg
SL? GKNMPR?LRC KGEP?AGgL BC EPSNMQ !U\
NPMTCLGCLRCQ BCJ BCN?PR?KCLRM BC
.?PGfM
OSCQCCQR?@JCAGCPMLCLXML?QQCJT\RGA?QACPA?L?Q?JMQPeMQ3?L*S?L
W/PGRM%JJMQJJCE?PML?CQ?QXML?QNMPJ?CVGQRCLAG?NPCTG?BC?JESL?QD?KGJG?Q
BC CQ? CRLG?
QGL OSC RSTGCP?L GLDMPK?AGgL ?JESL? QM@PC CJ GLGAGM BC J?
CVNJMR?AGgLNCRPMJCP? %LRPCTGQR?.M
%L
JMQ GLBeECL?Q QC TGCPML QMPNPCLBGBMQ NMP SL? QCPGC BC FCAFMQ OSC
A?K@G?PMLQCLQG@JCKCLRCQSQTGB?QJMQAMLRGLSMQQM@PCTSCJMQBCFCJGAgNRCPMQ
J? JJCE?B? BC LSKCPMQMQ AMLRGLECLRCQ BC NCPQML?Q CVRP?f?Q J? R?J?
GLBGQAPGKGL?B? BC J? QCJT? CJ KMLR?HC BC A?Q?Q C GLQR?J?AGMLCQ NPCD?@PGA?B?Q
J? ?NCPRSP? BC RPMAF?Q W A?PPCRC?@JCQ J? MNCP?AGgL BC K?OSGL?PG? BC
NCPDMP?AGgLCJSQMAMLRGLSMBCTCFeASJMQJGECPMQ
CLRPCMRPMQ
!JESL? N?PRC BC J?Q D?KGJG?Q 3GML?Q BC /PGRMz0SLEM W BC JMQ +MD?LCQ BCJ
'S?KSCX
?@?LBML?PML QSQ CQN?AGMQ RP?BGAGML?JCQ W KGEP?PML F?AG? MRPMQ
?QCLR?KGCLRMQBCQSQNPMNG?QCRLG?Q
N?PAG?JKCLRCGL?AACQG@JCQ ?JMQAMJMLMQ
!SLOSC JMQ GLBeECL?Q NPCRCLBGCPML ?JCH?PQC BC J? CVNJMR?AGgL NCRPMJCP? W J?
AMJMLGX?AGgLN?P?NPCQCPT?PJ?ASJRSP?NPMNG?
bQR?QLSCT?KCLRCJMQ?JA?LX?PML
W J? QGRS?AGgL QC RMPLg A?B? TCX K\Q APeRGA? 5L? TCX N?Qg J? @ML?LX?
NCRPMJCP?
CLJMQ?fMQ
CLJ?XML?BC/PGRMz0SLEMQgJMQCK?LRCLe?LAS?RPM
D?KGJG?Q3GML?Q
&SCF?QR?OSCCJ).#/2!AMLQRGRSWgJ?QNPGKCP?QPCQCPT?QGLBeECL?QCL
CJ 0SRSK?WM
CL TGQR? BCJ NCJGEPM BC BCQGLRCEP?AGgL QMAG?J BC CQ?Q
AMKSLGB?BCQ OSC GKNJGA?@? J? CVNJMR?AGgL BCJ FGBPMA?P@SPM W J? AMLQRPSAAGgL
%LRPCTGQR??JQCfMP#?PJMQ!EPCB?
#MMPBGL?BMPBCJ?!QMAG?AGgLBC#?@GJBMQ
)LBeECL?QBCJ0SC@JM!U\BCJ0SRSK?WMz!#)0!0
/PGRM
BCQCNRGCK@PCBC
BC M@P?Q OSC ?RP?TCQ?@?L QSQ RCPPGRMPGMQ
AMKM F?@e? QSACBGBM CL J? PCQCPT?
BC 3?LR? 2MQ? BCJ 'S?KSCX CL N?PRGASJ?P 0MP CQR? P?XgL
MRPMQ +MD?LCQ
NPCDGPGCPMLNCPK?LCACPCLQSQRCPPGRMPGMQW@SQA?PCJPCAMLMAGKGCLRMJCE?JBCJ?Q
PCQCPT?Q ?SLOSC
AMLRP?PGM ? JM CQNCP?BM
CQRM LM GKNGBGg CJ ?T?LAC BC J?
AMJMLGX?AGgLQGLMOSCNMPJMAMLRP?PGMQCFGXMK\QGLRCLQM!DGLCQBCJMQ?fMQ
CJ BC JMQ RCPPGRMPGMQ BC PCQCPT? GLBeECL? +MD?L CQR?@?L GLT?BGBMQ NMP
AMJMLMQ ?BCK\Q
CL GLKCBG?AGMLCQ BC J? Te? QC F?@e?L AMLQRPSGBM LSCT?Q
GLQR?J?AGMLCQN?P?SQMBCJ?AMKN?fe?%AMNCRPMJ
0?P? J?Q AMKSLGB?BCQ GLBeECL?Q BC J? XML? CL OSC QC F? BCQ?PPMJJ?BM J?
CVNJMR?AGgLNCRPMJCP?
JMQCDCARMQQMAG?JCQF?LQGBMBCBGTCPQMMPBCL
BCQ?JMHM BC EP?L N?PRC BC QSQ RCPPGRMPGMQ ?LACQRP?JCQ
W? DSCP? NMP J? ?AAGgL
BGPCAR?BCJ?AMKN?fe?NCRPMJCP?MNMPJ?NPCQCLAG?BC?QCPP?BMPCQWAMJMLMQ
AMLDJGARMQ BC RGCPP?Q AML AMJMLMQ NMP J? GLT?QGgL BC RCPPGRMPGMQ BC PCQCPT?
OSGCLCQ CL KSAFMQ A?QMQ SQSPN?@?L W BCQRPSe?L J?Q AF?EP?Q W ASJRGTMQ
GLBeECL?Q
JMQJSE?PCQBCA?X?QCTGCPMLPCBSAGBMQNMPJ?R?J?BCJ?QCJT?WJ?AMLQRPSAAGgL
BCA?PPCRCP?Q
NMPJMOSCJMQ?LGK?JCQQGJTCQRPCQW?LMCQR?@?L?QS?JA?LAC
?JESL?QKSHCPCQGLBeECL?QHgTCLCQQCNPMQRGRSWCPML
GLBSAGB?QNMPCJNCPQML?J
BCJ?AMKN?fe?
JMOSCGLAGBGgCLCJ?SKCLRMBCCLDCPKCB?BCQTCLbPC?QCLRPC
J?QAMKSLGB?BCQ
PMACQ GLRCPECLCP?AGML?JCQ
NSCQ JMQ HgTCLCQ ?FMP? |LM ;OSCPe?L< QCP GLBGMQ}
NMPJMOSCPCAF?X?PMLJMRP?BGAGML?JWAFMA?PMLAMLJMQ?LAG?LMQ
NbPBGB?QASJRSP?JCQNSCQT?PGMQBCJMQQGRGMQKeRGAMQWJMQACKCLRCPGMQNPMNGMQ
DSCPMLMASN?BMQNMPJMQAMJMLMQWJ?CKNPCQ?
A?K@GMQ ASJRSP?JCQ CL J? TGB? AMRGBG?L?
CL CJ TCQRGP W CL CJ AMLQSKM NMP
CHCKNJM
BCH?PMLBC@C@CP~AFGAF?N?P?RMK?PACPTCX?CLJ?R?B?
W
0?P?BgHGA?KCLRC
AML J? NPCQCLAG? BC J? CKNPCQ? NCRPMJCP? W BC JMQ
RP?@?H?BMPCQ NGMLCPMQ CL CQNCAG?J JMQ CVRP?LHCPMQ
JMQ GLBeECL?Q CLAMLRP?PML
LSCT?Q DSCLRCQ BC RP?@?HM W BC GLEPCQMQ
?SLOSC CJJM GKNJGAg ?FMLB?P J?
OSGC@P? ASJRSP?J BC J? AMKSLGB?B CL CJ RP?X?BM BC J?Q RPMAF?Q N?P? J?Q
A?PPCRCP?Q
J? AMKN?fe? AMLRP?Rg AMKSLGB?BCQ GLBeECL?Q N?P? J? R?J? BCJ
@MQOSC
AMLRP?R?AGgL OSC QC PC?JGXg NMP GLRCPKCBGM BC JMQ A?AGOSCQ
EM@CPL?BMPCQ KGCLRP?Q R?LRM
JMQ MNCP?PGMQ OSC BCQC?@?L AMLQCESGP
|QMSTCLGPQ} N?P? JJCT?P BC PCEPCQM ? QSQ N?eQCQ M AGSB?BCQ BC MPGECL
QC
GLRCPCQ?L NMP ?BOSGPGP ?PAMQ W DJCAF?Q CKNJSK?B?Q
NMP JM OSC JMQ GLBeECL?Q
BCQRGL?PML K\Q RGCKNM W CQDSCPXM ? J? NPMBSAAGgL BC R?JCQ ?PRCQ?Le?Q
J?@MP
OSCLMCP?RP?BGAGML?JCLCQR?QCRLG?Q
0CQC ? OSC QC BCQR?A? J? ?EPCQGTGB?B BC JMQ AMJMLMQ AMLRP? J?Q AMKSLGB?BCQ
GLBeECL?Q
#F?TCQ W 6GCAM
QCf?J?L OSC NMP JM KCLMQ CL SL? BC J?Q
PCQCPT?Q
?JESLMQAMJMLMQQC?ACPA?PML?J?ASJRSP?GLBeECL?
CQNCAG?JKCLRCCL
RMPLM BCJ AMLMAGKGCLRM AF?K?LeQRGAM CL @SQA? BC PCKCBGMQ W NJ?LR?Q
KCBGAGL?JCQN?P?QSQNPMNG?QCLDCPKCB?BCQ
3CEjL J? #MLQRGRSAGgL 0MJeRGA? BC
JMQ EPSNMQ GLBeECL?Q S@GA?BMQ CL
XML?QBCCVNJMR?AGgLNCRPMJCP?BC@CLQCPAMLQSJR?BMQNPCTG?KCLRC?JGLGAGMBC
J?Q J?@MPCQ BC QeQKGA? %QRM F? GLAGBGBM CL J? PCMPE?LGX?AGgL BC J?Q
AMKSLGB?BCQ OSC ?FMP? K?LRGCLCL DSLAGMLCQ N?P? ECQRGML?P J? AMLACPR?AGgL
AML J?Q CKNPCQ?Q NCRPMJCP?Q 3GL CK@?PEM
? JMQ GLBeECL?Q QC JCQ QGESC
KCLMQNPCAG?LBM CL J?Q KCBGB?Q BC ?AAGgL QMAG?J CKNPCQ?PG?J 0MP CHCKNJM
N?P? CJJMQ QgJM QC @PGLB? SL ASNM BC RP?@?HM NMP A?B? AMLRP?RM BC QeQKGA?
CVNJMP?AGgL M CVNJMR?AGgL
OSC BC@C QCP PMR?BM KCLQS?JKCLRC CLRPC J?Q
BGTCPQ?Q?EPSN?AGMLCQbRLGA?Q )@eB
0MPQSN?PRC
%AMNCRPMJQCf?J?OSCJ?AMLQSJR?NPCTG?QgJMQCNSCBCF?ACPAML
J?Q AMKSLGB?BCQ GLBeECL?Q MPE?LGX?B?Q
NMPOSC ?SLOSC CQR?Q K?LRGCLCL J?
RP?BGAGgL MP?J
JMQ ?ASCPBMQ QM@PC CVNJMR?AGgL NCRPMJCP? AS?LBM QC F?ACL BC
DMPK? TCP@?J LM QML PCQNCR?BMQ 3Cf?J?L ?BCK\Q OSC AMLACPR?P AML J?Q
AMKSLGB?BCQLMMPGEGL?PG?QBCJ?XML?F?PCQSJR?BMK?QBGDGASJRMQM%J?NMWM?
JMQ EPSNMQ bRLGAMQ QC F? MPGCLR?BM ? NPMACQMQ BC PCASNCP?AGgL ASJRSP?J
N?PRGAGN?AGgLCLCKNJCMWCLNPMWCARMQNPMBSARGTMQ %LRPCTGQR?.M
,? GLT?QGgL BC RCPPGRMPGMQ GLBeECL?Q W CJ BCQNJ?X?KGCLRM BC JMQ NM@J?BMPCQ
L?RGTMQQCK?LRGCLCBCN?PRCBCLSCT?QAMKN?fe?QBCCVNJMR?AGgLNCRPMJCP?CL
CJ 0SRSK?WM R?J AMKM QC F? BCLSLAG?BM CL J? NPCLQ? L?AGML?J
RCPPGRMPGMQ BC
EPSNMQ 3GML?Q W +MD?LCQ F?L QGBM GLT?BGBMQ NMP J? CKNPCQ? !PEMQW %LCPEW
53!
?J RGCKNM OSC EPSNMQ N?P?KGJGR?PCQ QC F?L CLA?PE?BM BC QS
BCQNJ?X?KGCLRMMBCQSCVRCPKGLGM #CNCB?
%J NM@J?KGCLRM SP@?LM NPMNGAG?BM NMP J? CVNJMR?AGgL NCRPMJCP?
!SLOSC J? GLDJSCLAG? OSC RSTM J? 4CV?Q CL J? AMLDMPK?AGgL SP@?L? CL CJ
NGCBCKMLRCNSRSK?WCLQCGLTMJSAP?J??N?PGAGgLBCT?PGMQNM@J?BMQCLRMPLM?
J? CVNJMR?AGgL NCRPMJCP? AMKM /PGRM
,? (MPKGE?
,? $MP?B? W 3?L -GESCJ
CLRPC MRPMQ
N?P? CDCARMQ BC CQRC RP?@?HM T?KMQ ? AMLQGBCP?P @\QGA?KCLRC CJ
NPMACQMCL/PGRM
NMPQCPCQRCCJNPGKCPA?KNMOSCQCNSQMCLCVNJMR?AGgL
W
NMP OSC QC AMLTGPRGg CL |J? A?NGR?J NCRPMJCP?} BCJ 0SRSK?WM NSCQ ?JJe QC
AMLACLRP?PMLJ?QJ?@MPCQ?BKGLGQRP?RGT?QWRbALGA?QBCJ?QBGTCPQ?QAMKN?fe?Q
%J GLGAGM BC J? ?ARGTGB?B NCRPMJCP? CL CJ A?KNM /PGRM0SLEM QGELGDGAg J? JJCE?B?
BC LSKCPMQM NCPQML?J
CLA?PE?BM BC J?Q J?@MPCQ RbALGA?Q NPMNG?Q BC J?
CVNJMR?AGgL
JMKGQKMOSCN?P?J?QJ?@MPCQAMKNJCKCLR?PG?QAMKMKMLR?HCBC
GLDP?CQRPSARSP?
AMLQRPSAAGgL BC GLQR?J?AGMLCQ
?NCPRSP? BC RPMAF?Q W
FCJGNSCPRMQ
BGPCAAGgL W ?BKGLGQRP?AGgL BC J?Q M@P?Q !BCK\Q
QC ECLCPg SL?
@SCL? A?LRGB?B BC CKNJCM GLBGPCARM
CL CJ QCARMP BC QCPTGAGMQ ? J? KGQK?
GLBSQRPG?CVRP?ARGT?W?JMQRP?@?H?BMPCQNCRPMJCPMQ
,SACL?
BCQR?A?J?QBGDCPCLAG?QbRLGA?QWQMAG?JCQBC@SCL?N?PRCBCJMQ
KGEP?LRCQ GLGAG?JCQ JMQ ~@J?LAMQ M ~RCV?Q OSC JJCE?PML ? BGPGEGP J? M@P? CL
ECLCP?J W J? NCPDMP?AGgL CL N?PRGASJ?P JMQ LCEPMQ RSK?OSCfMQ OSC DSCPML
AMLRP?R?BMQN?P?BCQ?PPMJJ?PJMQRP?@?HMQK\QNCQ?BMQJMQ~PMJMQ OSCTCLe?L
? BCQCKNCf?P MDGAGMQ RbALGAMQ M NPMDCQGML?JCQ CQNCAG?JGX?BMQ
W
JMQ
~GLRCPGMP?LMQ OSGCLCQ JJCE?@?L CL @SQA? BC MNMPRSLGB?BCQ BCQBC M@PCPMQ W
AMJMLMQF?QR?T?EMQ
BCJGLASCLRCQWNPMQRGRSR?Q
3CEjL A\JASJMQ BC J? bNMA?
J? AMKN?fe? JJCEg ? CKNJC?P K\Q BC
NCPQML?Q CL DMPK? BGPCAR?
BCBGA?B?Q ? J? AMLQRPSAAGgL BC M@P?Q BC
GLDP?CQRPSARSP?
J?QJ?@MPCQBCNCPDMP?AGgLWCVNJMR?AGgL
JMKGQKMOSCN?P?CJ
RP?LQNMPRC BC NCPQML?J W K?OSGL?PG? CLRPC JMQ QGRGMQ BC CVNJMR?AGgL W JMQ
A?KN?KCLRMQ
%L JMQ NPGKCPMQ ?fMQ BC ?ARGTGB?BCQ
J? NM@J?AGgL BC 0SCPRM !QeQ QC AMLTGPRGg
CL CJ NPGLAGN?J ACLRPM BC MNCP?AGMLCQ BC J? 4CV?Q
NMP JM OSC BGAFM QCARMP
SP@?LMAPCAGgCLDMPK?BCQMPBCL?B?
JMOSCJJCTg?"PkAFCP
?A?JGDGA?PJ?
AMKMSL?ReNGA?|@MMKRMUL}
%JA?JGDGA?RGTMBC@J?LAMQCPCDGCPC?A?P?ARCPeQRGA?QBCJ?NGCJW?JMPGECLCVRP?LHCPM
CLKSAFMQA?QMQ
JMQGLBeECL?QWAMJMLMQJMQGBCLRGDGA?@?LAMKMJMQ|RCV?Q}
/PGEGL?PGMQBC4SK?AM
NSCPRMCLCJ0?AeDGAMAMJMK@G?LM
$CLMKGL?AGgLAMJMOSG?JN?P?JMQMPGEGL?PGMQBCJ?A?NGR?JBCJ?2CNj@JGA?WQSQ
?JPCBCBMPCQ
$CLMKGL?AGgLAMJMOSG?JN?P?J?QNCPQML?QMPGSLB?QBCJMQBCN?PR?KCLRMQBCJ?
DP?LH?ACLRP?JBCJN?eQ
$CQBC
J? BGPCAAGgL
QSNCPTGQGgL W ?NMWM BC J?Q MNCP?AGMLCQ BC
CVNJMR?AGgL QC RP?QJ?B?PML ? J?Q GLQR?J?AGMLCQ AMLQRPSGB?Q NMP J? 4CV?Q CL CJ
CQN?AGM AGPASLB?LRC BCJ A?KNM /PGRM0SLEM $SP?LRC T?PGMQ KCQCQ
QC
K?LRSTM J? NPMFG@GAGgL BC AMLQRPSGP |P?LAFMQ} CL J?Q GLKCBG?AGMLCQ ? J?Q
GLQR?J?AGMLCQ BC J? CKNPCQ? #S?LBM QC JCT?LRg J? NPMFG@GAGgL BC AMLQRPSGP
TGTGCLB? CL BGAF? XML?
JMQ NM@J?BMPCQ BC@e?L GLQAPG@GPQC CL SL PCEGQRPM OSC
JJCT?@?J?)LQNCAAGgLBC0MJGAe?
3CEjLCJRCQRGKMLGMBCSLMBCJMQNPGKCPMQF?@GR?LRCQBC/PGRM|,?Q&SCPX?Q
!PK?B?QJJCT?@?LCJAS?BCPLMBCAMLRPMJBCCLRP?B?BCAMJMLMQ!BCK\QCP?L
CLA?PE?BMQNMPJ?CKNPCQ?BCJAMLRPMJBCQSCQN?AGM
NMPJMOSCQ?A?@?LNMPJ?
DSCPX? ? JMQ AMJMLMQ C GLAJSQM BCPPG@?@?L JMQ A?K@SAFCQ OSC F?@e?L
AMLQRPSGBM
?PESKCLR?LBMOSCCJQSCJMCP?BCJ?CKNPCQ?} #GR?BMNMP$CTG?
$SP?LRCJMQKCQCQOSCQCK?LRSTMJ?NPMFG@GAGgL
WCJSBGCLBMJ??AAGgLBCJ?Q
?SRMPGB?BCQ
QM@PC J? RPMAF? BC CLRP?B? ? J?Q GLQR?J?AGMLCQ BC J? CKNPCQ? QC
DSCPMLAMLQRPSWCLBMP?LAFMQCLW?PGN?
N?H?WK?BCP?
A?QCPeMOSCCKNCXg?
QCP AMLMAGBM AMKM |&GJM BC (?K@PC}
CJ AS?J QC AMLQGBCP? CJ GLGAGM BCJ QCARMP
SP@?LMBCJ?ARS?JKSLGAGNGMBC/PGRM$CQCKNJC?BMQWKGEP?LRCQCLCQNCP?BC
|CLE?LAFC} N?P? SL AMLRP?RM RCKNMP?J M |TCGLRGMAFM}
CP?L NPGLAGN?JKCLRC
OSGCLCQTGTe?LCLCJLSCTMA?QCPeM,?CVNCAR?RGT?NMPJMEP?PBGAF?TGLASJ?AGgL
PCDMPXg CJ GLRCPbQ NMP NCPK?LCACP TGTGCLBM CL CQC QCARMP
?SLOSC KSAFMQ BC
CQRMQ F?@GR?LRCQ CKNCX?PML ? BCQ?PPMJJ?P MRP?Q ?ARGTGB?BCQ KGCLRP?Q QC
JMEP?@?CJAMLRP?RMRCKNMP?J
AMKMAMKCPAGMKGLMPGQR?MDGAGMQT?PGMQNCQA?BC
QS@QGQRCLAG? CVNJMR?AGgL K?BCPCP? QCPTGAGMQ BC ?JMH?KGCLRM
PCQR?SP?LRCQ W
@?PCQHMPL?JCPMQPSP?JCQ
CLRPCMRPMQ
3GL CK@?PEM
CL J? 4CV?Q AMLQRPSWg SL LSCTM @?PPGM NMP DSCP? BC J?Q
GLQR?J?AGMLCQCKNPCQ?PG?JCQ
N?P?OSCDSCP?MASN?BMNMPQSQRP?@?H?BMPCQ
AML
JM OSC R?K@GbL QC NPMNMLe? DGH?PJC SL LSCTM MPBCL?KGCLRM ?J NM@J?KGCLRM
SP@?LMBCQMPE?LGX?BMOSCJJCT?@?L?A?@MJMQNM@J?BMPCQW?CQR?@JCAGBMQCL
/PGRM
%LJMQ?fMQNMQRCPGMPCQ
N?PRCBCJMQLSCTMQKGEP?LRCQJJCE?PML?NMW?BMQNMP
JMQ D?KGJG?PCQ W? NPCQCLRCQ CL CJ \PC? ,? QMJGB?PGB?B CLRPC JMQ F?@GR?LRCQ W?
CQR?@JCAGBMQ W JMQ PCAGbL JJCE?BMQ QC NPCQR?@? CL ?JGKCLR?AGgL W TGTGCLB?
CQNCAG?JKCLRC
,?BCLMKGL?AGgLBC~TCGLRGMAFMQCMPGEGLgNMPOSCJ?AMLRP?R?AGgLRCKNMP?JBCJ?
K?WMPe?BCRP?@?H?BMPCQQCF?AG?NMPCQCLjKCPMBCBe?Q
%JQCARMPBCQCPTGAGMQW?ARGTGB?BCQAMKCPAG?JCQCL/PGRMQCDMPKgWDMPR?JCAGg
BSP?LRC J? NPGKCP? CR?N? BC CVNJMR?AGgL
BC@GBM ? J? GLRCLQ? AGPASJ?AGgL
KMLCR?PG? BCPGT?B? BC J? ?ARGTGB?B NCRPMJCP? 3CEjL JM ?DGPK? MQRCLRMQ?KCLRC
J? 4CV?Q
|&SC SL? bNMA? BC EP?L NPMQNCPGB?B N?P? JMQ RP?@?H?BMPCQ
OSC TGCPML PCAMKNCLQ?BMQ QSQ CQDSCPXMQ '?L?@?L ?JRMQ Q?J?PGMQ ;!Qe<
TCe?LKMBGDGA?BMQSBCQRGLM
JG@PCQ?JDGLBCJ?QNCLSPG?QW?X?PCQBCQSTGB?BC
AMJMLMQ}
0?Q?BMQ?JESLMQ?fMQBCJGLGAGMBCJ?CVNJMR?AGgL
@SCL?N?PRCBCJ?NM@J?AGgL
SP@?L?OSCBgACQ?LRC
NSCQRMOSCKSAF?QJ?@MPCQQC?SRMK?RGX?PML
?BCK\Q
OSCJ?NPMBSAAGgLNCRPMJCP?F?@e?BGQKGLSGBMNMPJMR?LRM
CJRGCKNMBCCQNCP?
N?P?M@RCLCPSLLSCTM|TCGLRGMAFM}CP?K?WMP
J?PMR?AGgLBCRP?@?H?BMPCQCP?
K\Q ?KNJG?
C GLAJSQM QC DMPK?PML ?ASCPBMQ CLRPC JMQ A?N?R?ACQ N?P? J?
?QGEL?AGgLBCJMQAMLRP?RMQ ,SACL?
,?AMJMLGX?AGgLPSP?JD?TMPCAGB?NMPJ?CVNJMR?AGgLNCRPMJCP?
3G@GCLCLSLNPGKCPKMKCLRMJ?4CV?QPCAF?XgA?RCEgPGA?KCLRCJ?JCEGRGKGB?B
BCJ?QNPGKCP?QMASN?AGMLCQPSP?JCQWSRGJGXgT?PGMQKCBGMQN?P?CTGR?PJ?Q
RSTM
OSC AMLDMPK?PQC AML CJ DCLgKCLM
NSCQ SLM BC JMQ ?PESKCLRMQ BCJ %QR?BM
AMJMK@G?LM N?P? HSQRGDGA?P CJ GLGAGM BC J? CVNJMR?AGgL NCRPMJCP? CL J? PCEGgL CP?
OSC J? CKNPCQ? W QS GLDP?CQRPSARSP? TG?J AMLQRPSGB? NCPKGRGPe?L J? AMJMLGX?AGgL
BC SL? XML? BC DPMLRCP?
AML JM OSC QC ?RCLS?Pe?L JMQ NPM@JCK?Q RCPPGRMPG?JCQ
AML JMQ N?eQCQ TCAGLMQ
C GLBGPCAR?KCLRC QC ?NJ?X?Pe? J? PC?JGX?AGgL BC SL?
PCDMPK??EP?PG?CLCJN?eQ
-GCLRP?QR?LRM
?QCPP?BMPCQGLRCPCQ?BMQCLCVRP?CPK?BCP?QBC?JRMT?JMPCLCJ
KCPA?BM
A?KNCQGLMQCKNM@PCAGBMQWAMJMLMQNPMTCLGCLRCQBCMRP?QPCEGMLCQ
BCJ N?eQ
CL CQNCAG?J BCJ BCN?PR?KCLRM BC .?PGfM
CKNCX?PML ? ?@PGP DGLA?Q ?
JMQAMQR?BMQBCJ?QTe?QWCLJ?QPG@CP?QBCJMQ?DJSCLRCQBCJ?XML?3CEjLJM
NJ?LRCgSLRP?@?H?BMPBCJ?CKNPCQ?NCRPMJCP?
KGCLRP?QOSC|SL?ECLRCJJCE??
JMQ A?KNMQ NCRPMJCPMQ
MRPMQ JJCE?L BGPCARM ? AMJMLGX?P} CL JMQ ?fMQ
J?
AMJMLGX?AGgL AMLRGES? ? J? CVNJMR?AGgL NCRPMJCP? F?@e? ?BOSGPGBM |BGL\KGA?
NPMNG?} 2?KePCX2
#ML@?QCCLJMMPBCL?BMJCE?JKCLRC
J?4CV?QNS@JGAgCLJMQNCPGgBGAMQJMA?JCQ
SL?TGQMPCDCPCLRC?OSCCL|J?QDGLA?QBMLBCFS@GCP?NCRPgJCMLMN?E?@?QGLM
JMQASJRGTMQWOSCCLJMQJSE?PCQQCJT\RGAMQLMN?E?Pe?L?B?}
?f?BGCLBMOSCJ?
CKNPCQ?DGH?Pe?JMQT?JMPCQ?GLBCKLGX?P%QRM?DCAR?@?R?LRM?JMQAMJMLMQOSC
FS@GCP?L AMLQRGRSGBM KCHMP?Q CL JMQ RCPPCLMQ BC CVNJMR?AGgL
AMKM ? J?Q
AMKSLGB?BCQ GLBeECL?Q OSC NCPK?LCAe?L CL J?Q XML?Q @MQAMQ?Q NCQC ? J?
CVNSJQGgLMPGEGL?B?AMLCJGLGAGMBCJ?CVNJMR?AGgL 2?KePCX2
%L J? KCBGB? OSC CJ PGRKM BC AMLRP?R?AGgL RCKNMP?J CL J? NCRPMJCP? DSC
BGQKGLSWCLBM
?JESLMQ BC JMQ LSCTMQ BCQCKNJC?BMQ SP@?LMQ MNR?PML NMP J?
AMJMLGX?AGgLPSP?J
$C?ASCPBM?J?GLDMPK?AGgL?EPSN?B?CLJ?4?@J?
QCNSCBC?DGPK?POSCRP?Q
?fMQBCAMJMLGX?AGgLD?TMPCAGB?NMPJ?GLDP?CQRPSARSP?TG?JAMLQRPSGB?NMPJ?
4CV?Q
CL /PGRM QC F? AMLDMPK?BM SL? CQRPSARSP? BC BGQRPG@SAGgL NPCBG?J BC
A?P\ARCP K?PA?B?KCLRC KGLGDSLBGQR? NPCBGMQ KCLMPCQ BC FCAR\PC?Q
KGCLRP?Q OSC CJ QCARMP GLRCPKCBGM NPCBGMQ CLRPC W FCAR\PC?Q
N?SJ?RGL?KCLRCT?AMLQMJGB?LBMSL\PC?QGELGDGA?RGT?
(CAR\PC?Q
&SCLRC)'!#"MJCReL0PCBG?J2SP?J
%J?@MP?AGgL2M@CPRM2?KePCX-
/PE?LGX?AGMLCQWKMTGJGX?AGMLCQQMAG?JCQCL/PGRM
!BGDCPCLAG?BCJMOSCF?QSACBGBMCLJ?K?WMPN?PRCBCJ#?OSCR\
CLBMLBCCJ
KMBCJME?L?BCPMF?AMLQMJGB?BMSL?CQRPSARSP?BCBGQRPG@SAGgLNPCBG?JBCA?P\ARCP
J?RGDSLBGQR?WAMLSLQCARMPKCBGM@?QR?LRCGKNMPR?LRC
%LCQRCP?LEMQCCLASCLRP?SLNPCBGMBC
F?QCQRCNPCBGMAMPPCQNMLBC?J
RCPPCLMOSCQCJCCLRPCEg?J?4CV?Q
NMPPCQMJSAGgLBCBCJ).#/2!
AMKM
N?PRCBCJ?AMLACQGgL
WBCLRPMBCJ\PC?QSQRP?eB??J?PCQCPT?DMPCQR?J?K?XgLGA?
BGAFMNPCBGM?FMP?CQNPMNGCB?BBC%AMNCRPMJ
4?J TCX
J? NPGKCP? W K\Q ?KNJG? JSAF? QMAG?J QC BGM NMP J? AMLTCPQGgL BC J?
)LQNCAAGgL BC 0MJGAe? BC /PGRM CL SL LSCTM KSLGAGNGM
QCN?P\LBMJM BCJ BC
0SCPRM !QeQ
CL J? AS?J QC GLTMJSAP?PML RMBMQ JMQ QCARMPCQ QMAG?JCQ
AMLDMPK?BMQ CL CJ RCPPGRMPGM BCJGKGR?BM ?BKGLGQRP?RGT?KCLRC ,? NCRGAGgL BC
QCN?P?AGgL ?LRC J? 0PCQGBCLAG? BC J? 2CNj@JGA?
QC QSQRCLR?@? R?LRM CL J?
A?LRGB?BBCNM@J?AGgLAMPPCQNMLBGCLRC?J?GLQNCAAGgL
AMKMCLJ?GLCDGA?AG?BC
J? GLTCPQGgL BC PCE?Je?Q ? A?PEM BCJ KSLGAGNGM BC 0SCPRM !QeQ KGCLRP?Q OSC J?
CVRP?AAGgL NCRPMJCP? QC PC?JGX?@? DSLB?KCLR?JKCLRC CL CJ RCPPGRMPGM
AMPPCQNMLBGCLRC?/PGRM%LQCAMLDMPKgCJKSLGAGNGMBC/PGRMNMPKCBGM
BCJ$CAPCRM%HCASRGTM
OSCCKNCXg?PCEGPCJlBCHSJGMBC $CTG?
,? MPE?LGX?AGgL QGLBGA?J BC JMQ RP?@?H?BMPCQ NCRPMJCPMQ RMKg DSCPX? BC@GBM ?
J?Q GPPCESJ?PCQ LCEMAG?AGMLCQ CL CJ RP?QN?QM BC J? AMLACQGgL
NSCQRM OSC QC
TCe?L AMKNPMKCRGB?Q J?Q E?P?LRe?Q J?@MP?JCQ ?BOSGPGB?Q 0?P? CJJM
QC
DSQGML?PMLJMQQGLBGA?RMQAMLDMPK?BMQCLCJNCPeMBMBCCVNJMR?AGgLBCJ?4CV?Q
W NPMACBGCPML ? APC?P SL? QS@BGPCARGT? BC J? 5LGgL 3GLBGA?J /@PCP? 53/ CL
/PGRMQCEjLBGPCARGTMQQGLBGA?JCQ
J?53/BGMJ?NCJC?NMPJ?PCTCPQGgLBSP?LRC
MLACKCQCQ
CLRPCW %LRPCTGQR?.M
,? AMLTCLAGgL AMJCARGT? CLRPC JMQ RP?@?H?BMPCQ NCRPMJCPMQ
?JPCBCBMP BC
NCPQML?Q
AML J? LSCT? ?BKGLGQRP?AGgL BC %AMNCRPMJ QC DGPKg CL MARS@PC BC
$CTG?
!JESLMQ @CLCDGAGMQ OSC QC M@RSTGCPML CL CQC KMKCLRM
N?P? J? AMKSLGB?B MPGRCLQC RCLe?L OSC TCP AML RP?LQNMPRC SP@?LM EP?RSGRM
JM
KGQKMOSCCLRPC/PGRMW0SCPRM!QeQCLCPEe?CJbARPGA?N?P?CJFMQNGR?JBC/PGRM
W
J? AMLRP?R?AGgL BC SL @?ARCPGgJMEM NMP N?PRC BC %AMNCRPMJ N?P? ?BCJ?LR?P
NPMEP?K?QBCQ?JSBNj@JGA? %LRPCTGQR?.M
CL N?PRC NMP CJ FCAFM BC K?LRCLCP SL? QCESPGB?B J?@MP?J W CAMLgKGA? OSC
GLDJSWCCLJ?BCQNPCMASN?AGgLF?AG?CJCLRMPLMQMAG?J
0MP JM AMLRP?PGM
JMQ BGPGECLRCQ QGLBGA?JCQ ?DGPK?L OSC QGCKNPC F?L CQR?BM
TGLASJ?BMQAMLJ?AMKSLGB?BJMA?JCLJ?JSAF?QMAG?JWNMJeRGA?
JMAS?JQCPCDJCH?
CLCJFCAFMBCOSCJ?QAMKSLGB?BCQQGCKNPCGLTGR?L?J?53/?N?PRGAGN?PCL
QSQKMTGJGX?AGMLCQ!DGPK?LOSCJ?MPE?LGX?AGgLQGLBGA?JNCRPMJCP?F?RP?@?H?BM
BSP?LRC RMB? QS CVGQRCLAG? NMP BGTCPQ?Q PCGTGLBGA?AGMLCQ QMAG?JCQ AMKM
BGQKGLSAGgL BC J?Q R?PGD?Q BC QCPTGAGMQ Nj@JGAMQ ?QCESP?P OSC J?Q CKNPCQ?Q
AMLRP?RGQR?Q TGLASJCL K?LM BC M@P? PCQGBCLRC CL J?Q XML?Q NCRPMJCP?Q
A?N?AGR?AGgL ? J? AMKSLGB?B CL BCPCAFMQ FSK?LMQ LCEMAG?AGgL N?P? J?
A?N?AGR?AGgL BC JMQ HgTCLCQ MPGRCLQCQ ? RP?TbQ BCJ 3CPTGAGM .?AGML?J BC
!NPCLBGX?HC z 3%.! ?QCQMPe? HSPeBGA? ? J?Q MPE?LGX?AGMLCQ QMAG?JCQ JMA?JCQ
TGLASJ?AGgL AML J?Q MPE?LGX?AGMLCQ BC BCQCKNJC?BMQ GLRCPTCLAGgL ?LRC J?Q
AMKSLGB?BCQ OSC QC MNMLCL ? J? CVNJMR?AGgL NCRPMJCP? A?N?AGR?AGgL ? J?Q
AMKSLGB?BCQ N?P? PCAJ?KM BC J?Q PCE?Je?Q NCRPMJCP?Q ?QCQMPe? CL J?
PCAJ?K?AGgLBCPCN?P?AGMLCQNMPB?fMQ?K@GCLR?JCQPCAJ?K?AGgLBCM@P?QBC
GLDP?CQRPSARSP?N?PRGAGN?AGgLNMJeRGA?HSLRM?J?QAMKSLGB?BCQAMLRP?J?NMJeRGA?
LCMJG@CP?J AMLDMPK?AGgL BC DPCLRCQ CJCARMP?JCQ JMA?JCQ W
AF?PJ?Q QM@PC J?
QGRS?AGgLNMJeRGA?L?AGML?JCGLRCPL?AGML?J %LRPCTGQR?.M
$CMRP?N?PRC
JMQ|TCAGLMQ}CLJ?QTCPCB?QPSP?JCQWCLJMQ@?PPGMQSP@?LMQQC
F?LGBMMPE?LGX?LBM?RP?TbQBCJ?AMLDMPK?AGgLBC*SLR?QBC!AAGgL#MKSL?J
*!#
N?P? J? PC?JGX?AGgL
AML ?WSB? BCJ %QR?BM
BC M@P?Q BC GLRCPbQ ECLCP?J
AMKM CQASCJ?Q
NSCQRMQ BC Q?JSB
A?KGLMQ
A?JJCQ
NSCLRCQ
N?POSCQ M
N?P?
RP?KGR?P J? TGLASJ?AGgL RCKNMP?J BC NPMDCQMPCQ CL J?Q GLQRGRSAGMLCQ CBSA?RGT?Q
JMA?JCQ
,?Q*!#CL/PGRMGLRCP?ARj?LCLBMQLGTCJCQBCSL?N?PRC?LRCJ?Q?SRMPGB?BCQ
BCN?PR?KCLR?JCQ W KSLGAGN?JCQ N?P? QMJGAGR?P M@P?Q W PCASPQMQ
JM KGQKM OSC
N?P?BCDGLGPWQSNCPTGQ?PJ?QGLTCPQGMLCQFCAF?QAMLJ?QPCE?Je?QBCMRP?N?PRC
?LRC J? CKNPCQ? %AMNCRPMJ F?L ?BCJ?LR?BM KMTGJGX?AGMLCQ AML CJ DGL BC
@SQA?P K?WMP ?AAGgL QMAG?J JMA?J BC J? CKNPCQ?
M N?P? M@RCLCP AMLRP?RMQ BC
RP?@?HMAMJCARGTMCLBCRCPKGL?B?QJ?@MPCQ
AMKMF?QGBMCJA?QMBCJ?JGKNGCX?
BCXML?QAMLR?KGL?B?QNMPCJBCPP?KCBCNCRPgJCM
,?PCTCPQGgLBCJ?AMLACQGgL?J?CKNPCQ?CQR?R?JNPMNGAGMCLRPCJMQNM@J?BMPCQ
BC /PGRM CJ GLRCPbQ NMP ?BCJ?LR?P NPMACQMQ MPE?LGX?RGTMQ OSC JCQ NCPKGRGCP?L
?AACBCP?JK?LCHMBCJ?QPCE?Je?QNCRPMJCP?Q3GLCK@?PEM
CJ?AACQMWK?LCHM
BC JMQ PCASPQMQ BC J?Q PCE?Je?Q F?L MPGEGL?BM AMLDJGARMQ CLRPC J?Q KGQK?Q
MPE?LGX?AGMLCQAMKSL?JCQ
!SLOSCBSP?LRCCJNCPeMBMBCJ?4CV?QQCAMLDMPK?PML*!#PSP?JCQW*!#
SP@?L?QCLCJKSLGAGNGMBC/PGRM
LMFS@MGLRCPbQLGNMQG@GJGB?BCLRPCJ?QAMKSLGB?BCQ
NMPNJ?LRC?P?JEjLRGNMBCCVGECLAG??J?CKNPCQ?
%L?JESL?QMA?QGMLCQCLJ?QOSCMPE?LGX?AGMLCQAMKSL?JCQWQMAG?JCQPSP?JCQ
F?L RCLGBM OSC PCASPPGP ? J? KMTGJGX?AGgL QMAG?J N?P? JMEP?P ?JESL? ?RCLAGgL
CQR?R?J ? QSQ NCRGAGMLCQ
QC F?L PC?JGX?BM ?AAGMLCQ BC ~DSCPX? AMLRP?
GLQR?J?AGMLCQ
COSGNMQCGLDP?CQRPSARSP?BC%AMNCRPMJ,MQB?fMQK\QEP?TCQ?
J? GLDP?CQRPSARSP?
BC N?PRC BC NM@J?BMPCQ JMA?JCQ
QC NPMBSHCPML CL CLCPM BC
?LRC J? LCE?RGT? ES@CPL?KCLR?J ? LCEMAG?P AML JMQ K?LGDCQR?LRCQ BCJ
N?PM AeTGAM CL J? XML? NCRPMJCP? BCJ 0SRSK?WM
?JESLMQ CV?JR?BMQ NPCLBGCPML
DSCEM ? SL? @?RCPe? BC %AMNCRPMJ CL J? (MPKGE?
AMKM DMPK? BC NPCQGML?P J?
LCEMAG?AGgL %L JMQ ?ASCPBMQ DGPK?BMQ
QC CQR?@JCAGg OSC J? CKNPCQ? CQR?R?J
?QCESP?Pe? CJ N?EM BC PCE?Je?Q
?BCJ?LR?Pe? NPMEP?K?Q BC BCQ?PPMJJM
AMKSLGR?PGM
W F?Pe? K?LRCLGKGCLRM ? J?Q A?PPCRCP?Q BC J? XML? NCRPMJCP?
2?KePCX-#
(?W OSC QCf?J?P OSC J? BGDSQGgL BC JMQ ASJRGTMQ BC AMA? QC AMLTGPRGg CL
M@QR\ASJM?JMQNPMACQMQMPE?LGX?RGTMQWPCGTGLBGA?RGTMQBCJ?QAMKSLGB?BCQCL
CJ QCARMP PSP?J BSP?LRC JMQ ?fMQ BC @ML?LX? AMOSCP? DGLCQ BC JMQ W
NPGLAGNGMQ BC JMQ
NSCQ ?LRC CJ ?SKCLRM BC PCASPQMQ KMLCR?PGMQ CLRPC
AMJMLMQWA?KNCQGLMQ
CJJMQNMBe?L?BOSGPGPJMLCACQ?PGMQGLRCLCPOSCPCASPPGP
?J??RCLAGgLBCJ%QR?BM 2?KePCX2
%Q BCQR?A?@JC OSC J?Q MPE?LGX?AGMLCQ QMAG?JCQ W AMKSLGR?PG?Q BC J? XML?
NCRPMJCP? BCJ 0SRSK?WM
?J A?JMP BC J?Q KMTGJGX?AGMLCQ AMLDMPK?PML SL
KMTGKGCLRMNMJeRGAMPCEGML?JOSCN?PRGAGNgCLJ?CJCAAGgLBC?BKGLGQRP?AGMLCQW
JCEGQJ?BMPCQ JMA?JCQ
BSP?LRC JMQ ?fMQ W %L N?PRGASJ?P
CL /PGRM CQRC
ECPKCLNMJeRGAM?PPMHgPCQSJR?BMQNMQGRGTMQNSCQQCJMEPgCJ?AACQM?J?!JA?JBe?
-SLGAGN?J
CL J?Q CJCAAGMLCQ BC W BC
BCQBC J? AS?J QC NPMNMLe?
AMKM?AAGgLDSLB?KCLR?JJMEP?PCJASKNJGKGCLRMBCJMQ?ASCPBMQM@RCLGBMQAML
CJ'M@GCPLM.?AGML?JCLJ?Q?LRCPGMPCQKMTGJGX?AGMLCQQMAG?JCQ 2?KePCX-#
5L? N?PRGASJ?P DMPK? BC MPE?LGX?AGgL QMAG?J OSC QC F? AMLDMPK?BM R?LRM CL
/PGRM
AMKM CL MRP?Q A?@CACP?Q KSLGAGN?JCQ ?QMAG?B?Q ? J? CVRP?AAGgL
NCRPMJCP?
CQ J? BC JMQ RP?@?H?BMPCQ NCRPMJCPMQ A?JGDGA?BMQ OSC F?L OSCB?BM
!QeJMNJ?LRC?PMLBGPGECLRCQQGLBGA?JCQBCJ?53/CL/PGRM
CL
BCQCKNJC?BMQCLJMQNCPeMBMQBCBGQKGLSAGgLBCJ?NPMBSAAGgL %LRPCTGQR?.M
!LRC R?J QGRS?AGgL
CL K?WM BC QC AMLDMPKg J? #MPNMP?AGgL BC
$CQCKNJC?BMQ BC /DGAGMQ 6?PGMQ BCJ 0SRSK?WM #MPBMTGN
OSC BCQBC CQC
KMKCLRM JGBCPg J? KMTGJGX?AGgL BC CQRC QCARMP QMAG?J N?P? JMEP?P OSC J?Q
CKNPCQ?Q NCRPMJCP?Q RSTGCP?L CL ASCLR? ? JMQ RP?@?H?BMPCQ A?JGDGA?BMQ W?
PCQGBCLRCQCL/PGRM
?JESLMQBCJMQAS?JCQF?@e?LJMEP?BM?ASKSJ?PCVNCPGCLAG?
BCQBCCJNCPeMBMBCMNCP?AGgLBCJ?4CV?Q
%L ?fMQ NMQRCPGMPCQ
? N?PRGP BC J?Q QS@BGPCARGT?Q BC #MPBMTGN OSC QC
CQR?@JCAGCPML CL MRPMQ KSLGAGNGMQ NCRPMJCPMQ BCJ 0SRSK?WM QC F?L GBM
AMLDMPK?LBMBGTCPQ?QMPE?LGX?AGMLCQ
WCL/PGRMQCF?LAMLDMPK?BMMRP?QNMP
N?PRC BC RP?@?H?BMPCQ K\Q CQNCAG?JGX?BMQ #ML J? JSAF? QMAG?J CKNPCLBGB?
CQR?Q MPE?LGX?AGMLCQ F?L JMEP?BM JCEGRGK?PQC ?LRC %AMNCRPMJ W J?Q BCK\Q
CKNPCQ?Q NCRPMJCP?Q F?QR? JJCE?P ? ?AMPB?P OSC J? AMLTMA?RMPG? N?P? TGLASJ?P
RP?@?H?BMPCQCLJ?QJ?@MPCQBCCVNJMP?AGgLWCVNJMR?AGgLCLRMB?J?ASCLA?BCJ
"?HM 0SRSK?WM QC F?E? ? RP?TbQ BC BGAF?Q ?QMAG?AGMLCQ
NPGMPGX?LBM JMQ
RP?@?H?BMPCQPCQGBCLRCQCLJ?QXML?QNCRPMJCP?QBCJBCN?PR?KCLRM
0?P?JMQ?ARS?JCQBGPGECLRCQ
J?KCKMPG?EPCKG?JJCQF?ACCTMA?PJ?KMTGJGX?AGgL
?LRC J? AMKN?fe? !LQML $PGJJGLE
OSC LM QMJ?KCLRC RP?HM QSQ NPMNGMQ
RP?@?H?BMPCQQGLMOSCCJJMQTCLe?LMPE?LGX?BMQQGLBGA?JKCLRC
BCKMBMOSCJ?
JSAF?DSC?LRCJ?CKNPCQ?WJ?MPE?LGX?AGgLQGLBGA?JCJ?NMWMBCJNSC@JMWJ?Q
?SRMPGB?BCQJMA?JCQJCNCPKGRGg?#MPBMTGNM@RCLCPQSQNPMNG?QPCGTGLBGA?AGMLCQ
NCPM KCQCQ BCQNSbQ DSC ?QCQGL?BM CJ NPCQGBCLRC BCJ EPCKGM NMP JMQ EPSNMQ
N?P?KGJGR?PCQ
!ARS?JKCLRCCQR?QMPE?LGX?AGMLCQF?L?AMPB?BMOSCJMQNSCQRMQBCRP?@?HMQC
PMRCLA?B?AS?RPMKCQCQCLRPCQSQ?DGJG?BMQ
PMKNGCLBMCJCQOSCK??LRCPGMPBC
TGLASJ?AGgLNMPBe?Q#MKMJ??DGJG?AGgLQCF??KNJG?BMAMLRP?@?H?BMPCQLM
A?JGDGA?BMQ W J?Q CQNMQ?Q BC JMQ RP?@?H?BMPCQ
F?L NPCQCLR?BM SL NPMWCARM BC
A?N?AGR?AGgL CKNPCQ?PG?J CL AMLDCAAGgL BC PMN? GLBSQRPG?J N?P? ?RCLBCP J?
BCK?LB?JMA?J
4MB?J?GLDMPK?AGgLPCDCPCLRC?CQRCRGNMBCMPE?LGX?AGMLCQQCJMEPgCLJ?CLRPCTGQR?
?JQCfMP"?W?PBM6GJJMR?
0PCQGBCLRCBCJ?#MPNMP?AGgLBC$CQCKNJC?BMQBC/DGAGMQ
6?PGMQ)LRCEP?BMQBCJ0SRSK?WMz#MPBMTGN
/PGRM
BCQCNRGCK@PCBC
0MP jJRGKM
F?W OSC QCf?J?P OSC #MPBMTGN K?LRGCLC PCJ?AGMLCQ AML RMB?Q J?Q
BCK\Q MPE?LGX?AGMLCQ QMAG?JCQ BC J? XML?
CQNCAG?JKCLRC AML J? 53/ N?P?
CDCARMQBC?QCQMPe?MPE?LGX?AGML?J
HSPeBGA?WQGLBGA?J
$C MRP? N?PRC
?SLOSC LM CQ SL? MPE?LGX?AGgL JCE?J
CQ LCACQ?PGM ?LMR?P OSC
J?Q &!2# ? QS K?LCP? F?L CHCPAGBM NPCQGgL QM@PC %AMNCRPMJ W J?Q BGQRGLR?Q
AMKN?fe?Q CVRP?LHCP?Q KCBG?LRC ?AAGMLCQ AMKM ?R?OSCQ ? JMQ NMXMQ W J?
TMJ?BSP? BCJ MJCMBSARM 4P?LQ?LBGLM NMP JM KCLMQ CLRPC W QC
NPMBSHCPML?RCLR?BMQBGL?KGRCPMQAMLRP?CQR?GLDP?CQRPSARSP? $CTG?
$C ?ASCPBM ?J NJ?LRC?KGCLRM BC SL BGPGECLRC JMA?J BC J? GLQSPECLAG?
CQR?
MPE?LGX?AGgL F? NJ?LRC?BM NMP JM KCLMQ RPCQ PCGTGLBGA?AGMLCQ J?
L?AGML?JGX?AGgLBCJNCRPgJCM
CJGLAPCKCLRMBCJNPCAGMOSCN?E?LJ?QCKNPCQ?Q
KSJRGL?AGML?JCQNMPCJ@?PPGJ
W
J?GLTCPQGgLM@JGE?RMPG?CLM@P?QQMAG?JCQ?LGTCJ
JMA?J 3GJT?-#
/RPM ?QNCARM ? PCQ?JR?P NMP J?Q GKNJGA?AGMLCQ QMAG?JCQ CQ OSC MPE?LGX?AGMLCQ
AMKM J? !QMAG?AGgL .?AGML?J BC 5QS?PGMQ #?KNCQGLMQ !.5# W J?Q KGQK?Q
*SLR?Q BC !AAGgL #MKSL?J
CL MA?QGMLCQ F?L NPMKMTGBM J? GLT?QGgL BC
RCPPCLMQ BC PCQCPT?Q L?RSP?JCQ W BC JMQ PCQES?PBMQ GLBeECL?Q
JM AS?J F?
JJCT?BM?CLDPCLR?PJMQNMJeRGA?WHSPeBGA?KCLRCAMLJ?QMPE?LGX?AGMLCQGLBeECL?Q
2?KePCX2
%JGKN?ARM?K@GCLR?JBCJ?CVNJMR?AGgLNCRPMJCP?CL/PGRM
!JAMLQGBCP?PJMQCDCARMQ?K@GCLR?JCQBCJ?CVNJMR?AGgLWRP?LQNMPRCNCRPMJCPMQ
CL /PGRM
F?W OSC BCQR?A?P J? BGDCPCLAG? CLRPC JM NMAM OSC FGXM J? 4CV?Q NMP
PCN?P?P W PCASNCP?P BGAF?Q ?DCAR?AGMLCQ
DPCLRC ? JM OSC F? RP?R?BM BC F?ACP
%AMNCRPMJ
R?LRM NMP CJ GLRCPbQ CKNPCQ?PG?J AMKM NMP J?Q CVGECLAG?Q
ES@CPL?KCLR?JCQWQMAG?JCQ
$SP?LRC J? CVNJMR?AGgL FCAF? NMP J? 4CV?Q
CL #MJMK@G? LM QC F?@e? B?BM J?
|K?ELGRSBPCOSCPGB?}?J?GKNMPR?LAG?BCJ?BGKCLQGgL?K@GCLR?J
P?XgLNMPJ?
AS?JJMQCDCARMQ?K@GCLR?JCQBGPCARMQCGLBGPCARMQ
GLKCBG?RMQMR?PBeMQ
BCCQC
NCPGMBMPCTGPRGCPMLCLBCRCPGMPM?K@GCLR?J%LAMLRP?QRC
BCQBC
%AMNCRPMJ
AMLDMPKg SL #MKGRb BC !FMPPM BC %LCPEe? W #MLRPMJ BC 0CPBGB?Q
CJ AS?J QC
MPGCLRg ? D?TMPCACP J? NPMRCAAGgL ?K@GCLR?J %L
AMLDMPKg J? 5LGB?B
!K@GCLR?JCLCJ$GQRPGRM3SP
J?AS?JNPMACBGg?JCE?JGX?PJ?QGRS?AGgL?K@GCLR?J
BC J?Q GLQR?J?AGMLCQ CVGQRCLRCQ W ? ECQRGML?P J?Q JGACLAG?Q N?P? JMQ LSCTMQ
NPMWCARMQ 0PMASP?BSPe?
3CEjL DSLAGML?PGMQ BC %AMNCRPMJ CL /PGRM
AS?LBM CQR? CKNPCQ? ?QSKGg J?
CVNJMR?AGgL NCRPMJCP?
BC J? 4CV?Q PCAG@Gg LMRMPGMQ N?QGTMQ QMAGM?K@GCLR?JCQ
CLRPC MRPMQ PCQSJR?BMQ 0MAMQ ?fMQ BCQNSbQ
CKNCX?PML J?Q CVGECLAG?Q
QMAG?JCQW?K@GCLR?JCQBCJ?QAMKSLGB?BCQ?DCAR?B?Q %LRPCTGQR?.M
!JESL?QMNCP?AGMLCQPC?JGX?B?QCLJ??ARGTGB?BNCRPMJCP?
R?LRMCLCJNCPeMBMCL
CJ OSC MNCPg J? 4CV?Q AMKM CL CJ OSC J? CVRP?AAGgL F? QGBM ?QSKGB? NMP
%AMNCRPMJ
F?L MA?QGML?BM CDCARMQ ?K@GCLR?JCQ NCJGEPMQ?Q
AMKM QML J?Q
QGESGCLRCQ
?PPMHM BC BCQCAFMQ AMLR?KGL?LRCQ NPMTCLGCLRCQ BC JMQ NMXMQ W BC JMQ
GLQSKMQSRGJGX?BMQN?P?F?ACPNPSC@?Q?JFGBPMA?P@SPM
BGQNMQGAGgLGL?BCAS?B?BCJMBMQRgVGAMQ
GL?NPMNG?BMSQMBCJ?Q|?ES?QBCDMPK?AGgL}
CVNJMR?AGgLBCQMPBCL?B?BCMRPMQPCASPQMQ AMKMJ?EP?TGJJ?BCJPeM
OSCK?BCJE?Q?QMAG?BM
BCPP?KCBCAMK@SQRgJCMN?P?K?LRCLGKGCLRMBCA?PPCRCP?Q
?@?LBMLMBCJ?QGLQR?J?AGMLCQTGCH?Q
W
CQA?NC AMLRGLSM BC E?QCQ CL J?Q NCPDMP?AGMLCQ
LMAGTMQ ? J? Q?JSB
FSK?L?
,MQCDCARMQ?K@GCLR?JCQK\QLMRMPGMQRGCLCLOSCTCPAML
R?J?GLBGQAPGKGL?B?BCJ?QCJT?CLBGDCPCLRCQXML?Q
?JRCP?AGgLBCJ?QDSCLRCQBC?ES?
AMLR?KGL?AGgL AML CJ ?ES? BC JJSTG? OSC ?PP?QRP? |SL? N?QR? LCEP? W
@PGJJMQ?}CLBGPCAAGgL?JPeMK?QACPA?LM
AMLR?KGL?AGgL?bPC?NMPgVGBMQWAJMPMDJSMPA?P@ML?BMQ
BCQCA?AGgLMGLRCPTCLAGgLBCOSC@P?B?QWPG?AFSCJMQ
PCNPCQ?KGCLRMBC?ES?QAMLR?KGL?B?QCLBGDCPCLRCQQCARMPCQ
BGQKGLSAGgLW?FSWCLR?KGCLRMBCJ?D?SL?RCPPCQRPC
PCBSAAGgLLMRMPG?BCJ?D?SL??AS\RGA?
BCQ?N?PGAGgLBCCQNCAGCQTCECR?JCQMPGEGL?PG?Q
DP?EKCLR?AGgLBC?JESL?QXML?QSQ?B?QN?P?J?A?X?WJ?NCQA?
W
?JRCP?AGgLBCAGAJMQWPCBCQRPgDGA?Q
)LAJSQM
JMQ RP?@?H?BMPCQ TGLASJ?BMQ AML J? CVNJMR?AGgL NCRPMJCP? W JMQ AMJMLMQ
R?K@GbL BCNPCB?PML D?SL? QGJTCQRPC N?P? Q?RGQD?ACP QSQ NPMNGMQ ESQRMQ W
LCACQGB?BCQ
#ML J? CLRPCE? BC J? AMLACQGgL /PGRM ? J? CKNPCQ? %AMNCRPMJ QC GLRPMBSHCPML
?JESLMQ AMLRPMJCQ ?K@GCLR?JCQ
|OSC ?BCK\Q BC ?NJGA?PQC ? J? NPMBSAAGgL
?ARS?J
F?L NPCRCLBGBM QS@Q?L?P JMQ CDCARMQ ?K@GCLR?JCQ BC J? ?LRCPGMP
CVNJMR?AGgL} $CTG?
0?P? CJJM
QC CQR?@JCAGCPML ?JESL?Q KCBGB?Q CL
%QRC?SRMP?DGPK?OSCJ?A?LRGB?BBCJMBMQRgVGAMQAMPPCQNMLBC?9(( "):
;<
?SLOSCLMF?WSL?QSQRCLR?AGgLBCAgKMNSBMTCPGDGA?PR?JAGDP?
AS?LRM?J?BGQNMQGAGgLBCJ?Q?ES?QGLBSQRPG?JCQ
?JRGCKNMOSCQCBGQNSQMJ?
APC?AGgLBCAMKGRbQWAMMPBGL?AGMLCQ?K@GCLR?JCQCLJ??ARGTGB?BCKNPCQ?PG?J
,?Q ?AAGMLCQ BC NPMRCAAGgL ?K@GCLR?J BC K?WMP GKNMPR?LAG? N?P? %AMNCRPMJ
?ARS?JKCLRC
QML JMQ AMLRPMJCQ BC BGDCPCLRCQ RGNMQ BC CKGQGMLCQ
J?
AMLQRPSAAGgL BC GLQR?J?AGMLCQ N?P? TCPRGKGCLRMQ
CJ CK@CJJCAGKGCLRM BC NMXMQ
CLAGCPPM
H?PBGLCPe?
?LBCLCQ
J? NPCTCLAGgL BCJ PM@M BC APSBM W BC E?QMJGL?
SQ?B? N?P? ~AMAGL?P FMH? BC AMA?
J? PCAMJCAAGgL BCJ APSBM BCPP?K?BM
?N?E?PGLACLBGMQNPMTMA?BMQNMP?AAGgLGLQSPECLRC
CLRPCMRPMQ$MQTCACQNMP
?fMQCF?ACCT?JS?AGgLGLzQGRSBCJ?Q?ARGTGB?BCQBCNPMRCAAGgLWPCASNCP?AGgL
?K@GCLR?J %LRPCTGQR?.M
3GL CK@?PEM
J?Q AMLQCASCLAG?Q QMAG?JCQ BC JMQ B?fMQ ?J CJ KCBGM ?K@GCLRC
QGESCL QGCLBM NPCMASN?LRCQ
NSCQRM OSC GLBeECL?Q W AMJMLMQ BC J?Q XML?Q
?BW?ACLRCQ?J?CVNJMR?AGgLNCRPMJCP?QCCLDCPK?LAMLRGLS?KCLRC
CLCQNCAG?J
NMPJ?AMLR?KGL?AGgLBCJ?GPCWJ?Q?ES?Q
3M@PC JMQ QSCJMQ BCQAS@GCPRMQ NMP J? R?J? FCAF? NMP J?Q NCRPMJCP?Q |QC F?L
BCPP?K?BM ;<BCQCAFMQ RgVGAMQ BC J?Q NCPDMP?AGMLCQ} %J CDCARM K\Q
NCPHSBGAG?J QC NPCQCLR? CL J?Q JJ?K?B?Q |NGQAGL?Q BC BCQCAFMQ NCRPMJCPMQ}
CL
J?Q AS?JCQ QC ?ASKSJ?L JMBMQ JS@PGA?LRCQ SQ?BMQ CL J?Q NCPDMP?AGMLCQ
?ES?Q
BCDMPK?AGgLQS@RCPP\LC?OSCQSPECLBCJMQNMXMQNCPDMP?BMQ OSCAMLRGCLCL
Q?JCQ
QSJD?RMQ
@GA?P@ML?RMQ
AG?LSPM
KCR?JCQ NCQ?BMQ W MRPMQ CJCKCLRMQ
?JR?KCLRC NCJGEPMQMQ
W BCQCAFMQ BC J? CVNJMR?AGgL NCRPMJCP? %Q?Q NGQAGL?Q
QC BCQ@MPB?L AML J?Q JJSTG?Q M QC AMKSLGA?L AML CJ LGTCJ DPC\RGAM
AMLR?KGL?LBMPeMQWOSC@P?B?Q
ASW??ES?BCH?BCQCPNMR?@JC $MKeLESCX#
0MPJ?D?JR?BCACPP?KGCLRMBCJ?Q|NGQAGL?Q}WQSACPA?Le??TGTGCLB?QW
XML?QBCPCAPC?AGgLQCF?LNPCQCLR?BM?AAGBCLRCQ
AMKMJ?A?eB?BC?LGK?JCQ
BMKbQRGAMQ
$C MRP? N?PRC
JMQ BCPP?KCQ BC NCRPgJCM MPGEGL?BMQ CL CJ B?fM BC JMQ
MJCMBSARMQ
W?QC?NMPCJBCRCPGMPMNPMNGMBCJMQK?RCPG?JCQ
NMPJMQ?RCLR?BMQ
OSC F?L FCAFM JMQ EPSNMQ GLQSPECLRCQ
M NMP JMQ ?AAGMLCQ BC DSCPX? OSC F?L
QSACBGBMCL?JESL?QBCJ?QKMTGJGX?AGMLCQQMAG?JCQR?K@GbLF?L AMLRPG@SGBM?
J?QCTCP??DCAR?AGgLBCJMQQSCJMQWJMQA?SACQDJSTG?JCQ
#S?LBM CQRMQ BCPP?KCQ QSACBCL CL CJ NGCBCKMLRC
CL BMLBC J?Q AMPPGCLRCQ
DJSTG?JCQ QML ?JR?KCLRC RMPPCLAG?JCQ
QC BGDGASJR? J? SRGJGX?AGgL BC @?PPCP?Q BC
AMLRCLAGgL BCJ APSBM
NMP JM OSC RMA? BCQNJ?X?PJ?Q CL RPCQ M K\Q MA?QGMLCQ
#MPNM?K?XMLG?
0?PRC BC CQC APSBM QC PCAMEC CL A?LCA?Q N?P?
JJCT?PJM?J?QGLQR?J?AGMLCQBCJ?CKNPCQ?
?SLOSCCL?JESL?QMNMPRSLGB?BCQCQ
OSCK?BMCLCJQGRGMBCJBCPP?KC
%LCQRCA?QM
$MKeLESCX?DGPK?OSCCQRMQBCQCAFMQJJCE?PML?QCP|# ""%$)
*%$")8
?SLOSCLMQCGLBGA?J?K?LCP?CLOSCQCTCPGDGAgR?JCTCLRS?JGB?B
3GLCK@?PEM
J?D?JR?BCAMLMAGKGCLRMBCJMQA?KNCQGLMQWJ?GKNPMTGQ?AGgLBC
J? CKNPCQ?
JJCT?L ? OSC CL MA?QGMLCQ CJJMQ R?NCL CJ APSBM AML ?PCL?
NMP JM
OSCCQRCQCF?BGQNCPQ?BM?JQSCJMW?J?ES?%QR?QJ?@MPCQ?BCK\QCVNMLCL
J? Q?JSB BC JMQ A?KNCQGLMQ
OSC RP?@?H?L CL J? PCAMJCAAGgL BCJ APSBM
BCPP?K?BM
??JRMQPGCQEMQNMPLMAMLR?PAMLJ?A?N?AGR?AGgLQSDGAGCLRCLGAML
SLCOSGNMBCNPMRCAAGgL?BCAS?BMN?P?J?J?@MPCLAMKCLB?B?
,? CKNPCQ? CQR?R?J NMP QS N?PRC B? ? AMLMACP OSC F? AMLQR?R?BM OSC CL JMQ
KCQCQ BC K?WM W BGAGCK@PC ?SKCLR?L JMQ B?fMQ CL J?Q GLQR?J?AGMLCQ W J?
GLDP?CQRPSARSP? NPMBSARGT? ,? CVNJGA?AGgL OSC CJJMQ NPMTCCL CQ OSC CL CQMQ
KCQCQ ?QMAG?BMQ ? DCQRGTGB?BCQ QMAG?JCQ ACJC@P?AGgL ? J?Q K?BPCQ W L?TGB?B
PCQNCARGT?KCLRC
JMQ NM@J?BMPCQ BCQ?PPMJJ?L CQ?Q ?AAGMLCQ N?P? M@RCLCP
CKNJCM RCKNMP?J CL J?Q PCN?P?AGMLCQ W AML CJJM ?QCESP?P GLEPCQMQ N?P? J?
AMKNP?BCPCE?JMQ %LRPCTGQR?.M
/RPMCDCARMNPCMASN?LRCBCJ?CVNJMR?AGgLNCRPMJCP?CLCJ"?HM0SRSK?WMRGCLC
OSC TCP AML CJ DCLgKCLM BCJ |MQASPCAGKGCLRM EJM@?J}
NPMBSAGBM NMP JMQ ?JRMQ
LGTCJCQ BC AMLR?KGL?AGgL PCQSJR?LRCQ BC J? ?ARGTGB?B CVRP?ARGT? W BC PCDGL?AGgL
OSC GLAPCKCLR? JMA?JKCLRC CJ CDCARM GLTCPL?BCPM
?JRCP?LBM J? TGB? TCECR?J W
?LGK?J CL J? XML?
?BCK\Q OSC GLAGBC AMJ?RCP?JKCLRC CL CJ ?SKCLRM BC
CLDCPKCB?BCQRPMNGA?JCQCLRPCJMQF?@GR?LRCQ 0?LRMH?
,??AAGgLCQR?R?JDPCLRC?JCDCARM?K@GCLR?JBCJ?CVNJMR?AGgLNCRPMJCP?
(?W OSC ?LMR?P OSC BCQBC
CJ -GLGQRCPGM BC -GL?Q CQR?@JCAGg ?JESL?Q
LMPK?Q N?P? J?Q ?ARGTGB?BCQ PCJ?AGML?B?Q AML J? NCPDMP?AGgL
NPMBSAAGgL
RCPKGL?AGgL W R?NML?KGCLRM BC NMXMQ NCRPMJCPMQ
W AML J? BGQNMQGAGgL W
PCGLWCAAGgL BC DJSGBMQ ?QMAG?BMQ ? CQR? CVNJMR?AGgL
BC ?ASCPBM ? CQR\LB?PCQ
GLBSQRPG?JCQ GLRCPL?AGML?JCQ
OSC QGL NPMNMLbPQCJM AMLQRGRSe?L KCBGB?Q BC
NPMRCAAGgL ?K@GCLR?J 3GL CK@?PEM
QCf?J? $CTG?
OSC J? 4CV?Q CL J?
CVNJMR?AGgLBC/PGRMLMRSTMCLASCLR?BGAF?QBGQNMQGAGMLCQ
%LBGAGCK@PCBCCJEM@GCPLML?AGML?JAMLDMPKgJ?#MPNMP?AGgL!SRgLMK?
2CEGML?JBCJ0SRSK?WMz#!0
OSCCLRPCMRPMQNPMNgQGRMQRCLG?CJBC|PCESJ?PW
MPBCL?P CJ SQM P?AGML?J BC JMQ PCASPQMQ L?RSP?JCQ W J? NPMRCAAGgL BCJ KCBGM
?K@GCLRC}JMKGQKMOSCDMKCLR?PCJBCQ?PPMJJMKGLCPMW|J?CVNJMR?AGgLBCJMQ
PCASPQMQ CL ?PKMLe? AML J? NPCQCPT?AGgL W SRGJGX?AGgL ?BCAS?B? BCJ KCBGM
?K@GCLRC}%LBGAGCK@PCBC
DSCRP?LQDMPK?B?CLJ?#MPNMP?AGgLN?P?CJ
$CQ?PPMJJM 3MQRCLG@JC BCJ 3SP BC J? !K?XMLe? z#MPNM?K?XMLG?
AML
HSPGQBGAAGgLCLJMQBCN?PR?KCLRMQBC0SRSK?WM
!K?XML?QW#?OSCR\
$CQBC CQRC ?fM
N?P? JMQ NPMWCARMQ BC CVRP?AAGgL NCRPMJCP? QC CVGEC J?
NPCQCLR?AGgL BC NPMEP?K?Q BC PCASNCP?AGgL
?BCAS?AGgL
AMKNCLQ?AGgL
AMPPCAAGgL W KGRGE?AGgL BC CDCARMQ ?K@GCLR?JCQ
JM KGQKM OSC NJ?LCQ BC
CBSA?AGgL?K@GCLR?JN?P?J?QAMKSLGB?BCQ?QCLR?B?QCLCJ\PC?BCGLDJSCLAG?
BC JMQ NMXMQ %L ?JESLMQ A?QMQ NSLRS?JCQ CL J? "?H? "MR? #?SA?L?
?J LMPRC
BCJBCN?PR?KCLRMBCJ0SRSK?WM
CJ-GLGQRCPGMBCJ-CBGM!K@GCLRC?RP?TbQBC
#MPNM?K?XMLG? LM NCPKGRGg OSC QC ?@PGCP?L LSCT?Q Te?Q LG QC AMLQRPSWCP?L
GLQR?J?AGMLCQN?P?CVNJMR?PLSCTMQNMXMQ #MPNM?K?XMLG?
,MQ BMASKCLRMQ C GLDMPKCQ BC J?Q GLQRGRSAGMLCQ ? J?Q OSC JCQ AMPPCQNMLBC
?ARS?P DPCLRC ? J? NPM@JCK\RGA? ?K@GCLR?J NCPKGRCL KMQRP?P OSC T?PG?Q BC J?Q
AMKSLGB?BCQ BC GLBeECL?Q W AMJMLMQ ?DCAR?B?Q NMP JMQ BCPP?KCQ BC
FGBPMA?P@SPMCLJ?QBGTCPQ?QCVNJMR?AGMLCQBCJ0SRSK?WMF?LPCASPPGBM?CJJ?Q
N?P? @SQA?P QMJSAGMLCQ W M@JGE?P ? J?Q CKNPCQ?Q NCRPMJCP?Q ? ?QSKGP J?Q
AMLQCASCLAG?Q BC JMQ B?fMQ NPMTMA?BMQ 0'.
#MPNM?K?XMLG?
2CAMPBCKMQ OSC QCEjL RCQRGKMLG?PML BGPGECLRCQ QGLBGA?JCQ BC J? 53/
CJJMQ
R?K@GbL NPMASP?L ?QCQMP?P ? J?Q AMKSLGB?BCQ JMA?JCQ N?P? NPCQCLR?P J?Q
OSCH?QNMPB?fMQ?K@GCLR?JCQWCVGEGPJ?QPCN?P?AGMLCQPCQNCARGT?Q
#MLAJSQGMLCQ
$CMRP?N?PRC
?RP?TbQBCJQGEJM88QCCTGBCLAG?SL??KNJG?AGgLLMRMPG?BCJ?Q
DSCLRCQ CLCPEbRGA?Q OSC QML SRGJGX?B?Q N?P? NPMTCCP J?Q LCACQGB?BCQ
CLCPEbRGA?Q GLBSQRPG?JCQ
AMKCPAG?JCQ W PCQGBCLAG?JCQ ! RMLM AML JMQ A?K@GMQ
QSQAGR?BMQ NMP CJ CLA?PCAGKGCLRM BC JMQ CLCPEbRGAMQ AMLTCLAGML?JCQ W JMQ
CDCARMQ ?K@GCLR?JCQ NCPHSBGAG?JCQ QMAG?JKCLRC
CL #MJMK@G? QC F? B?BM
GKNSJQM CL J? NPCQCLRC BbA?B? ? J? GLQR?SP?AGgL BC J? NPMBSAAGgL
?EPMCLCPEbRGA?
AML J? M@RCLAGgL BC CR?LMJ W @GMBGCQCJ
N?P? AMK@GL?PJMQ AML
JMQFGBPMA?P@SPMQ
,?Q NMJeRGA?Q CLCPEbRGA?Q CL #MJMK@G? F?L GLTMJSAP?BM K?PEGL?JKCLRC ? J?
PCEGgL ?K?XgLGA? CL J? KCBGB? OSC ?N?PCAGCPML PCASPQMQ NCRPMJCPMQ
GKNMPR?LRCQ CQRMQ DSCPML NSCQRMQ CL CVNJMR?AGgL
AMLQRGRSWCLBM SL ?NMPRC
QGELGDGA?RGTMBSP?LRCJ?QBbA?B?QBCJMQ?fMQWBCJN?Q?BMQGEJM?SLOSC
J? CVNJMR?AGgL BCJ FGBPMA?P@SPM CL J? XML? BCJ NGCBCKMLRC NSRSK?WCLQC F?
AMLRGLS?BM
?ARS?JKCLRCCQSL?NPMBSAAGgLK?PEGL?J
,?KMBCPLGX?AGgLBCJQCPTGAGMBCCLCPEe?CJbARPGA?CLJMQBCN?PR?KCLRMQBCJ?
!K?XMLe?MAAGBCLR?JAMJMK@G?L?QgJMQCJMEPgRP?QJ?KMTGJGX?AGgLQMAG?JBCJMQ
NM@J?BMPCQ
OSC CL QS KMKCLRM RSTM J? PCQNSCQR? PCNPCQGT? BCJ %QR?BM
NCPM
OSC LM CLAMLRPg MRP? Te? N?P? JMEP?P J? PCQMJSAGgL BC CQR? QCLRGB? LCACQGB?B
3GLCK@?PEM
QGESCQGCLBMSLQCPTGAGMGPPCESJ?PWAMLDPCASCLRCQGLRCPPSNAGMLCQ
%L J? NPMQNCARGT? CLCPEbRGA? QC RGCLC NPMWCAR?B? J? AMLQRPSAAGgL BC SL
CK@?JQCCLJ?ASCLA??JR?BCJPeM#?OSCR\
AMLA?N?AGB?BN?P?-7
OSC
CLRP?Pe? ? PCDMPX?P J? MDCPR? CL J?Q XML?Q K\Q GKNMPR?LRCQ BCJ KCPA?BM
CLCPEbRGAM CL #MJMK@G? J? AMPBGJJCP? ?LBGL? W JMQ T?JJCQ GLRCP?LBGLMQ ,?Q
A?P?ARCPeQRGA?QBCJ?BCK?LB?CLCPEbRGA?CLJ?!K?XMLe?MAAGBCLR?J BGQNCPQ?
WJGKGR?B?
LMQNCPKGRCL?DGPK?POSCCQR?M@P?LMCQR\BCQRGL?B?N?P??RCLBCP
NPMNG?KCLRC?J?PCEGgL
,?QNMJeRGA?QNj@JGA?QN?P?J?!K?XMLe?AMJMK@G?L?F?LCLD?RGX?BMCJGKNSJQM
? J? MASN?AGgL RCPPGRMPG?J W CJ NM@J?KGCLRM CQR?@JC
?SLOSC bQRC F? PCQSJR?BM
AMLRP?BGARMPGM AML J? NPCQCPT?AGgL JCE?J BC J? QCJT? FjKCB? RPMNGA?J JMQ
NPMEP?K?QBC?NMWM?J?AMJMLGX?AGgLWBCDMKCLRME?L?BCPMF?L QGELGDGA?BM
J?BGQKGLSAGgLBCJ\PC?PCQCPT?B?N?P?J?AMLQCPT?AGgLL?RSP?JQGLCK@?PEM
J?
K?WMP N?PRC BC J? !K?XMLe? AMJMK@G?L? QC K?LRGCLC AMKM \PC?Q BC
PCQES?PBMQGLBeECL?QWBCN?POSCQL?RSP?JCQ
,?CVNJMR?AGgLNCRPMJCP?CL0SRSK?WMBSP?LRCJMQ?fMQPCAGCLRCQQG@GCLF?
RCLGBM AMLRGLSGB?B FGQRgPGA?
R?K@GbL PCTCJ? SL LMRMPGM AMLRP?QRC KGCLRP?Q J?
4CV?Q GLGAGM W K?LRSTM J? CVRP?AAGgL BCJ FGBPMA?P@SPM LM RSTM OSC ?RCLBCP
NPCMASN?AGMLCQ QMAG?JCQ W ?K@GCLR?JCQ
?J RGCKNM OSC J? CKNPCQ? W J?
NM@J?AGgL JGE?B? ? J? ?ARGTGB?B TGTe?L SL NCPeMBM BC ~@ML?LX? #S?LBM
%AMNCRPMJ PCAG@C J? PCTCPQGgL BC J? AMLACQGgL CLRMLACQ R?K@GbL QC NPCAGNGR?L
J?Q CVGECLAG?Q QMAG?JCQ BC JMQ NM@J?BMPCQ
JM KGQKM OSC J?Q NPCMASN?AGMLCQ
?K@GCLR?JCQBCJ%QR?BMWJ?QMAGCB?BJMA?J
,MQ GKN?ARMQ QMAG?JCQ RGCLCL OSC TCP AML J? AMJMLGX?AGgL SP@?L? W PSP?J
BC
SL? ?KNJG? DP?LH? BCJ NGCBCKMLRC ?K?XgLGAM CL CJ 0SRSK?WM W J? "?H? "MR?
#?SA?L?
D?TMPCAGB? NMP J?Q A?PPCRCP?Q AMLQRPSGB?Q NMP J?Q CKNPCQ?Q
NCRPMJCP?QCQRC?NMWMGLBGPCARM?J?AMJMLGX?AGgLD?TMPCAGgCJGLRCPbQBCJ%QR?BM
AMJMK@G?LM NMP GKNSJQ?P J? AMJMLGX?AGgL ?K?XgLGA? AMKM DMPKSJ? N?P?
BCQAMLECQRGML?P J?Q PCEGMLCQ ?LBGL?Q ?DCAR?B?Q NMP CJ AMLDJGARM NMJeRGAM CLRPC
JMQ N?PRGBMQ RP?BGAGML?JCQ W NMP J? GLQSDGAGCLAG? BCJ KGLGDSLBGM A?KNCQGLM W CJ
PCQES?PBMGLBeECL?
,?Q KMTGJGX?AGMLCQ BC JMQ QCARMPCQ QMAG?JCQ MPE?LGX?BMQ F?L NPMNGAG?BM J?
M@RCLAGgLBC?JESLMQ@CLCDGAGMQJMA?JCQ
NCPMF?LQGBMJMQQCARMPCQBCRbALGAMQ
NCRPMJCPMQ MPE?LGX?BMQ CL !QMAG?AGMLCQ BC $CQCKNJC?BMQ W JMQ NM@J?BMPCQ
PSP?JCQ ?EPSN?BMQ CL *SLR?Q BC !AAGgL #MKSL?J
CL TCAGLB?BCQ BC J?Q
CVNJMR?AGMLCQNCRPMJCP?Q
JMQOSCF?LNMBGBMM@RCLCPK?WMPCQ@CLCDGAGMQR?LRM
? LGTCJ BC CKNJCM AMKM BC ?WSB?Q CAMLgKGA?Q W QMAG?JCQ NMP N?PRC BC
%AMNCRPMJ
5L CDCARM QMAG?J BCQD?TMP?@JC F? QGBM J? BCQAMKNMQGAGgL QMAG?J BC
AMKSLGB?BCQ GLBeECL?Q L?RGT?Q C GLKGEP?LRCQ !SLOSC ?ARS?JKCLRC J?Q
AMKN?fe?Q NCRPMJCP?Q MDPCACL ?JESL?Q KCBGB?Q BC ?JGTGM ? J? QGRS?AGgL BC JMQ
PCBSAGBMQ EPSNMQ GLBeECL?Q OSC ?jL K?LRGCLCL QSQ J?XMQ AMKSLGR?PGMQ
?LACQRP?JCQ
bQR?Q LM QML QSDGAGCLRCQ N?P? BCRCLCP CJ NPMACQM BC
BCQAMKNMQGAGgL OSC QC GLGAGM CL JMQ ?fMQ AS?LBM QC NPCQCLR?PML J?Q
NPGKCP?QAMKGQGMLCQBCRbALGAMQWRP?@?H?BMPCQNCRPMJCPMQ
!LGTCJ?K@GCLR?JQMLR?K@GbLLMRMPGMQJMQGKN?ARMQWBCQ?HSQRCQBSP?LRCJMQ
NPGKCPMQ ?fMQ BC CVNJMR?AGgL NCRPMJCP? PC?JGX?BMQ NMP J? 4CV?Q
J?Q
AMLQCASCLAG?Q BCQ?QRPMQ?Q ? LGTCJ ?K@GCLR?J LM DSCPML NPCMASN?AGgL BC CQR?
CKNPCQ?WQCJCQNPCQRgKeLGK??RCLAGgLNMPN?PRCBCJ%QR?BMBCQBCJMQ?fMQ
W AML K?WMP bLD?QGQ ? N?PRGP BC J? #MLQRGRSAGgL BC
J? NPCMASN?AGgL
CQR?R?J W QMAG?J NMP JMQ CDCARMQ ?K@GCLR?JCQ BC J? CVNJMR?AGgL NCRPMJCP? F? GBM
?SKCLR?LBM W F?L ECLCP?BM KMTGJGX?AGMLCQ W NPMRCQR?Q N?P? QS ?RCLAGgL W
QMJSAGgL
2CQNCARM?J?FGNgRCQGQOSCQC?BMNRgCLCJNPCQCLRCRP?@?HM
CQGLBSB?@JCOSC
J?!K?XMLe?AMJMK@G?L?F?QGBM
WJMQCESGP\QGCLBMNMPSL@SCLNCPeMBM
SL?
PCQCPT?BCPCASPQMQL?RSP?JCQWBCQS?NPMTCAF?KGCLRMN?P?QCARMPCQQMAG?JCQ
W PCEGML?JCQ BCJ PCQRM BCJ N?eQ QGL CK@?PEM
QG @GCL JMQ NPMACQMQ BC
AMJMLGX?AGgL F?L QCPTGBM N?P? BGQKGLSGP J? RCLQGgL QMAG?J W ?RCLS?P J?
BCQAMKNMQGAGgL BC QCARMPCQ QMAG?JCQ ?LBGLMQ
BCQNSbQ BC AGLASCLR? ?fMQ BC
KGEP?AGgLWNM@J?KGCLRM
CLJ?!K?XMLe?MAAGBCLR?JAMJMK@G?L?QCNPCQCLR?L
AMLDJGARMQQMAG?JCQR?LEP?TCQWBGDeAGJCQAMKMJMQOSCQCAPCe?OSCQCCQR?@?L
QMJSAGML?LBM
"G@JGMEP?De?
!K?R 9?KGB
|#MJMQ?J F?JJ?XEM BC E?Q KCR?LM CL #CQ?P
PCTCJ?
$PSKKMLB}%L%J4GCKNM
"MEMR\
#MJMK@G?
BCMARS@PC
!PRSLBS?E? &bJGV
|(GQRMPG? 'CLCP?J BCJ #?OSCR\} 'PSNM %BGRMPCQ BCJ
#?OSCR\
&JMPCLAG?
.?AGML?J BC 6e?Qz ).6)!3
|%J?@MP?AGgL BCJ 0J?L "\QGAM BC -?LCHM
!K@GCLR?JW3MAG?J 0"-!3
BCJ?2CQCPT?&MPCQR?J
0PMRCARMP? BC J? #SCLA? !JR? BCJ 2eM -MAM?
CL CJ $CN?PR?KCLRM BC
0SRSK?WM} $MASKCLRM PCQSKCL $GQNMLG@JC CL FRRNUUUGLTG?QEMTAM
#MLQSJR?BMCJBCK?PXMBC
"MFgPOSCX!%BUGL
|,?GLRCPL?AGML?JGX?AGgLBCJ?CLCPEe?AMJMK@G?L?}
%L %J %QNCAR?BMP
"MEMR\
#MJMK@G? $GQNMLG@JC CL
FRRNUUUCJCQNCAR?BMPAMKLMBC #MLQSJR?BM CJ BC ?EMQRM BC
"PkAFCP7MJDE?LE
|,?AMJMLGX?AGgLBCJ?QCJT?NJSTG?JCLCJNGCBCKMLRC
?K?XgLGAM BC #MJMK@G? %J RCPPGRMPGM AMKNPCLBGBM CLRPC CJ PeM !PG?PG W CJ
%AS?BMP}%BGAGgL)LQRGRSRM'CMEP\DGAM!ESQReL#MB?XXG)'!#
"MEMR\
#MLRP?JMPe?'CLCP?JBCJ?2CNj@JGA?z#'2
;<|"GMCR?LMJW"GMBGCQCJ,MQ
AMK@SQRG@JCQ CAMJgEGAMQ CL #MJMK@G?} $GQNMLG@JC CL
FRRNUUUAMLRP?JMPG?ECLEMTAM#MLQSJR?BMCJBC?@PGJBC
#MPNMP?AGgL N?P? CJ $CQ?PPMJJM 3MQRCLG@JC BCJ 3SP BC J? !K?XMLG? z
#MPNM?K?XMLG?
|-CKMPG?Q QGKNMQGM NCRPMJCPM} 2CAMNGJ?AGgL BC
BMASKCLRMQ
-MAM?
#F?TCQ -?PE?PGR? W * * 6GCAM !
|,? CLAPSAGH?B? BC J?Q AMKSLGB?BCQ
QGML? W IMD\L BCJ 0SRSK?WM} %L 5LGTCPQGB?B BC .?PGfM 2CTGQR? BC
)LTCQRGE?AGMLCQ!fM
.r
0?QRM
$CN?PR?KCLRM.?AGML?JBC0J?LC?AGgLz$.0
|#?K@GMN?P?AMLQRPSGPJ?
0?X 0J?L .?AGML?J BC $CQ?PPMJJM "?QCQ z } 4CPACP -SLBM
%BGRMPCQ
"MEMR\
$CTG? ! #J?SBG? 9
|/PGRM W J? CVNJMR?AGgL NCRPMJCP? 5L A?QM BC
AMJMLGX?AGgL CL CJ KCBGM 0SRSK?WM
} -MLMEP?De? BC EP?BM
5LGTCPQGB?B .?AGML?J BC #MJMK@G?
&?ASJR?B BC #GCLAG?Q (SK?L?Q
$CN?PR?KCLRM BC !LRPMNMJMEe?
"MEMR\ $GQNMLG@JC CL
FRRNUUUSLGAMJK?WMPCBSAMGLTCQRGE?AGMLCQ@G@JGMRCA?MPGRMNBD #MLQSJR?BM
CJBCQCNRGCK@PCBC
$MKeLESCX#?KGJM
|0CRPgJCMWPCMPBCL?KGCLRMRCPPGRMPG?JCLJ?/PGLMOSG?
W J? !K?XMLe?} %L &CPL?LBM #S@GBCQ W #?KGJM $MKeLESCX CBGRMPCQ
|$CQNJ?X?BMQ
KGEP?AGMLCQGLRCPL?QWPCCQRPSARSP?AGMLCQRCPPGRMPG?JCQ}%BGAGgL
5LGTCPQGB?B.?AGML?JBC#MJMK@G?
"MEMR\
$MKeLESCX *S?L #?PJMQ
|)LGAG?RGT? ~CL DGPKC AML J? H?RPMNF?} %L %J
4GCKNM
"MEMR\
#MJMK@G?
BCBGAGCK@PC
&CBCP?AGgL .?AGML?J BC #SJRGT?BMPCQ BC 0?JK? BC !ACGRC &CBCN?JK?
|#MJMK@G?
NPGKCP N?eQ KSLBG?J W J?RGLM?KCPGA?LM CL ?JA?LX?P SL? KCXAJ? BC
BC @GMBGCQCJ CL RMBM QS RCPPGRMPGM} $GQNMLG@JC CL
FRRNUUUDCBCN?JK?MPEAEG@GLLMRGAG?NJ GB#MLQSJR?BMCJBC?EMQRM
BC
'gKCX / !LBPbQ
|,MQ ~NPMWCARMQ Q?EP?BMQ BCJ 'M@GCPLM} %L %J
4GCKNM
"MEMR\
#MJMK@G?
BCBGAGCK@PC
(CPL\LBCX ,SGQ (
|,M OSC SL AMKNP?BMP BC ?AAGMLCQ BC %AMNCRPMJ
BC@C Q?@CP QM@PC %AMNCRPMJ} $GQNMLG@JC CL
FRRNUUUCQN?AGMAPGRGAMAMK?PRGASJM?QN #MLQSJR?BM CJ BC BGAGCK@PC BC
,MLBMfM *S?L 'SGJJCPKM
? |0PMWCARM #?LR?AJ?PM KGJ JGRPMQ C ?JAMFMJ
A?P@SP?LRCCLCJ-CR?}%L0MPR?DMJGM
"MEMR\
#MJMK@G?
BCDC@PCPM
==========
@ | QCP\ ?fM BC AMQCAF? NCRPMJCP?} %L 0MPR?DMJGM
"MEMR\
#MJMK@G?
BCCLCPM
,MX?LM ' 2MJ?LBM
|!SEC BC GLTCPQGgL @P?QGJCf? CL CJ A?P@gL
AMJMK@G?LM}%L0MPR?DMJGM
"MEMR\
#MJMK@G?
BCCLCPM
,SACL? 3 -?LSCJ
|,?Q SJRGK?Q APCCLAG?Q BC JMQ GLBGMQ IMD\L -?EG?
QCJT?WNCRPgJCMCLCJ!JRM0SRSK?WM}%BGAGgL5LGTCPQGB?BBC-SPAG?%QN?f?
-GLGQRCPGMBCJ-CBGM!K@GCLRC)LQRGRSRM!K?XgLGAMBC)LTCQRGE?AGMLCQz3GLAFG
|#?OSCR\ #MLQRPSAAGgL BC SL RCPPGRMPGM ?K?XgLGAM CL CJ QGEJM 88}
%BGAGgL)LQRGRSRM3GLAFG
"MEMR\
-MJ?LM "P?TM !JDPCBM
0?JK? W NCRPgJCM %L %J %QNCAR?BMP
"MEMR\
#MJMK@G?
BC?@PGJ
} -CA?LMEP?DG?BM
6GA?PG?RM !NMQRgJGAM BC #?OSCR\
,?Q #?Q?Q ;?ARS?J
3G@SLBMW<
0GP?H\L & ,?SP?
|$CDGLCL DCAF?Q CL TCLR? BC )Q?ECL} %L
,!2%05",)#!AMKAM
"MEMR\
#MJMK@G? $GQNMLG@JC CL
FRRNUUUJ?PCNS@JGA?AMKAM?PAFGTMQ-!#2/ #MLQSJR?BM CJ
BC?EMQRMBC
==========
|-CLQ?HC BCJ QCfMP 0PCQGBCLRC BC J? 2CNj@JGA? BC
#MJMK@G? $P #?PJMQ ,JCP?Q 2 ?J #MLEPCQM .?AGML?J BC HSJGM BC }
)KNPCQMCL4?JJCPCQ'P\DGAMQBCJ"?LAMBCJ?2CNj@JGA?
"MEMR\
0PMASP?BSPe? 'CLCP?J BC J? .?AGgL z 0'.
|6GQGR? BC J? 0PMASP?BSPe?
!EP?PG??J?QGLQR?J?AGMLCQNCRPMJCP?QBCJ0SRSK?WM})LDMPKCCQAPGRM
-MAM?
2?KePCX -?Pe? #JCKCLAG?
|%LRPC CJ %QR?BM W J? ESCPPGJJ? GBCLRGB?B W
AGSB?B?Le? CL CJ KMTGKGCLRM BC JMQ A?KNCQGLMQ AMA?JCPMQ BCJ 0SRSK?WM}
%BGAGgL)#!.(
"MEMR\
2?KePCX - 2M@CPRM
|#MLDJGARMQ QMAG?JCQ CL CJ 0SRSK?WM} %L *MQb
*?GPM 'MLX\JCX CR ?J |#MLDJGARMQ QMAG?JCQ /PGLMOSG? z !K?XMLe?}
%BGAGgL
)%02)5LGTCPQGB?B.?AGML?J
"MEMR\
2M@JCBM *MPEC
|%J BC@?RC BC JMQ ?EPMAMK@SQRG@JCQ} )LRCPTCLAGgL CL CJ
3CL?BM BC J? 2CNj@JGA? BC #MJMK@G? $GQNMLG@JC CL
FRRNUUUQCL?BMPPM@JCBMMPE OLMBC#MLQSJR?BMCJBCBGAGCK@PCBC
2SGX *S?L 0?@JM
|0?Q?BM
NPCQCLRC W DSRSPM BC J? RP?LQDMPK?AGgL BCJ
@MQOSC CL J? !K?XMLe? AMJMK@G?L?} %L 'CPK\L !LBP?BC
! (SPR?BM W 2
4MPPCQ %BGRMPCQ
|!K?XMLe? AMJMK@G?L? $GTCPQGB?B W AMLDJGARM} %BGAGgL
#/,#)%.#)!3z#/.)!z#%'!"MEMR\
3?@ME?J (SEM
|)JSKGL?AGgL W A?JCLR?KGCLRM EJM@?J %L %J %QNCAR?BMP
"MEMR\
#MJMK@G?
BCBGAGCK@PC
3\LAFCX 0 /QA?P
|)KNJGA?AGMLCQ BC J?Q NMJeRGA?Q BCJ ")$ W J?Q
KSJRGL?AGML?JCQ NCRPMJCP?Q CL #MJMK@G?} $GQNMLG@JC CL
FRRNUUUAMJMK@G?GLBWKCBG?MPELCUQ#MLQSJR?BMCJBCK?PXMBC
3GJT?#*SJGM
|#MJMK@G?SLKMBCJM?JRCPL?RGTMBCBCQ?PPMJJM}%BGAGMLCQ
&MLBM%BGRMPG?J3SP?KbPGA?
"MEMR\
3GJT?-?Pe?#CAGJG?
|3MKMQCJ%HbPAGRMBCJ0SC@JM4CQRGKMLGMBC0CBPM
-?PReLCX}%L2CTGQR?2?GE?K@PC
!fM.M
"MEMR\
#MJMK@G?
.MTGCK@PC
BC
4CV?AM
|(GQRMPG? BC SL? CNMNCW? ,? 4CV?Q 0CRPMJCSK #MKN?LW CL
#MJMK@G?}%BGAGgL4CV?AM
"MEMR\
4MPPCQ!,SGQ
|,?APGQGQBCJNCRPgJCMCL#MJMK@G?}%BGRMPG?J5LGTCPQGB?B
).##!
"MEMR\
5LGB?BBC0J?LC?AGgL-GLCPM%LCPEbRGA?z50-%
?|0J?LBCCVN?LQGgL
BC 2CDCPCLAG? 'CLCP?AGgL 4P?LQKGQGgL z } $GQNMLG@JC CL
FRRNUUUSNKCEMTAM$MAQ#MLQSJR?BMCJBCQCNRGCK@PCBC
6bJCX ' (GJBC@P?LBM
|%AMJMEe? NMJeRGA? BC J? CLCPEe? )BC?Q N?P? CJ
A?KGLM} %BGRMPCQ #CLQ?R !ES? 6GT?
"MEMR\
$<9JA60.@$M/960.@;2?4IA60.@F29&<9129@A.1<2;9.
:.G<;J.<96C6.;.
($(%(%
)LRPMBSAAGgL
%J ?ARS?J EM@GCPLM
CJCEGBM CL $GAGCK@PC BC W ?KNJG?KCLRC PCCJCARM CL
$GAGCK@PC BC
AMLQGBCP? ?AAGMLCQ CQNCAeDGA?Q N?P? CJ LMPRC ?K?XgLGAM
BCLRPM BCJ K?PAM BC NMJeRGA?Q Nj@JGA?Q BCJ %QR?BM @MJGTG?LM OSC PCNPCQCLR?L
R?LRMMNMPRSLGB?BCQAMKMBCQ?DeMQN?P?CJJMEPMBCSLN?P?BGEK?BCBCQ?PPMJJM
AMLA?P?ARCPeQRGA?QQSQRCLR?@JCQ%QR?QNMJeRGA?QQCAMLTGCPRCLCLSL?NPGMPGB?B
N?P? RP?LQDMPK?P J?Q AMLBGAGMLCQ BC TGB? BC JMQ NM@J?BMPCQ BC CQR? PCEGgL ?
N?PRGPBCSL?K?WMPNPCQCLAG?BCJ%QR?BM
J?AMLQGBCP?AGgLBCJLMPRC?K?XgLGAM
AMKM SL NMJM BC BCQ?PPMJJM W J? DMPKSJ?AGgL BC NMJeRGA?Q Nj@JGA?Q W NPMWCARMQ
CL CJ QCARMP CLCPEbRGAM AMKM CHC ACLRP?J BC SL? LSCT? K?RPGX NPMBSARGT? W
TGQGgLBCBCQ?PPMJJMCL"MJGTG?
%JNPCQCLRCBMASKCLRM?L?JGX?CQRMQCQACL?PGMQCLPCJ?AGgLAMLJ?DMPKSJ?AGgL
C GKNJCKCLR?AGgL BC NMJeRGA?Q W NPMWCARMQ CLCPEbRGAMQ BCLRPM BCJ AMLRCVRM BCJ
LMPRC?K?XgLGAM@MJGTG?LM
OSCCQR\AMKNSCQRMNMPCJBCN?PR?KCLRMBC0?LBM
W J?Q NPMTGLAG?Q )RSPP?JBC CL CJ LMPRC BC ,? 0?X
W 6?A? $GCX W "?JJGTG\L CL CJ
LMPRCBCJBCN?PR?KCLRMBCJ"CLG 6CP-?N?
%QR? AMKNMQGAGgL RCPPGRMPG?J F? QGBM PCAMLMAGB? CL J? .SCT? #MLQRGRSAGgL
0MJeRGA? BCJ %QR?BM
J? AS?J CQRGNSJ? OSC CJ BCQ?PPMJJM GLRCEP?J BC J? ?K?XMLG?
@MJGTG?L?AMKMCQN?AGMRCPPGRMPG?JBC@MQOSCQFjKCBMQRPMNGA?JCQ
QCPC?JGX?P\
BC ?ASCPBM ? QSQ A?P?ARCPeQRGA?Q CQNCAeDGA?Q BC PGOSCX? DMPCQR?J CVRP?ARGT? W
PCAMJCARMP?
NMPJMOSCQCPCEGP\NMPJCWCQNCAG?JCL@CLCDGAGMBCJ?PCEGgLBCJ
LMPRC?K?XgLGAMWBCJN?eQ 'M@GCPLMBC"MJGTG?
?
(GQRgPGA?KCLRC
J?PCEGgL?K?XgLGA?@MJGTG?L?QCF?AMLQRGRSGBM?N?PRGPBCSL
N?RPgLCAMLgKGAMOSCEGPg?JPCBCBMPBCJ?NPMBSAAGgLBCEMK?WJ?CVRP?AAGgL
W CVNJMR?AGgL BC PCASPQMQ L?RSP?JCQ 3RMG?L
4?J N?RPgL QC @?Qg CL
GLGAG?RGT?QNCPQML?JCQBCAMJMLGX?BMPCQWCKNPCQ?PGMQOSCJMEP?PMLAMLTCPRGP?
J? !K?XMLe? @MJGTG?L? CL SL ACLRPM CVNMPR?BMP BC NPMBSARMQ DMPCQR?JCQ LM
K?BCP?@JCQ AML TeLASJMQ GLRCPL?AGML?JCQ W AML SL? GKNMPR?LRC GLQCPAGgL CL CJ
KCPA?BM KSLBG?J &GDCP
,? AMLDMPK?AGgL FGQRgPGA? W QMAG?J BC J? PCEGgL
CQ CJ PCQSJR?BM BC CQRC N?RPgL NPMBSARGTM OSC RSTM QS ?SEC F?QR?
?NPMVGK?B?KCLRC
$CQBCJ?QNPGKCP?QBbA?B?QBCJQGEJMN?Q?BMF?QR?KCBG?BMQBCJ?BbA?B?BC
?NPMVGK?B?KCLRC
J? PCEGgL TGTGg BCJ CAM BC J? CAMLMKe? BC J? EMK?
F?QR?NP\ARGA?KCLRCAMJ?NQ?PCLAS?LBM"P?QGJBCHgBCQS@TCLAGML?PJ?Q
AMKNP?Q BC EMK? @MJGTG?L? %L CQRC NCPeMBM QC PC?JGX?PML ?JESLMQ CQDSCPXMQ
NMP N?PRC BCJ %QR?BM AML CJ M@HCRM BC DMPR?JCACP JMQ TeLASJMQ BC J? !K?XMLe?
@MJGTG?L? AML J? L?AGgL 0?AFCAM 3RMG?L
?SLOSC QGL KSAFMQ
PCQSJR?BMQ R?LEG@JCQ W? OSC J? !K?XMLG? @MJGTG?L? CP? AMLQGBCP?B? AMKM SL?
BCJ?QPCEGMLCQK\QBCQ?RCLBGB?QBCJN?eQ
%LRPC J?Q KCBGB?Q ?BKGLGQRP?RGT?Q K\Q GKNMPR?LRCQ QM@PCQ?JC J? APC?AGgL BCJ
BCN?PR?KCLRM BC 0?LBM CJ BC QCNRGCK@PC BC W CJ DMKCLRM ? SL?
MNAGgL NPMBSARGT? KSW NPMNG? BC J? PCEGgL ?K?XgLGA? AMKM CQ J? PCAMJCAAGgL
BC J? A?QR?f? 3GL CK@?PEM
CQ PCAGbL CL J? BbA?B? BC AS?LBM QC
AMKGCLAC?PCAMLQRGRSGPSLLSCTMAGAJMCAMLgKGAM
?QCLR?BMDSCPRCKCLRCCLJ?
CAMLMKe? BC J? A?QR?f? %QR? CAMLMKe? QC DMPR?JCAC AML CJ GLAPCKCLRM
QGELGDGA?RGTMBCJ?QCVNMPR?AGMLCQBCA?QR?f?@CLCDGAG?B?OSCQCAMKNJCKCLR?
AMLSLPCLMT?BMBGL?KGQKM@?Q?BMCLJ?CVN?LQGgLBCJ?E?L?BCPe?T?ASL??
N?PRGPBCJ?AMLTCPQGgLBC\PC?Q@MQAMQ?QCLRGCPP?QBCN?QRMPCM
GLGAG?JKCLRC?
JM J?PEM BC J?Q NPGLAGN?JCQ A?PPCRCP?Q OSC AMLBSACL ? ACLRPMQ SP@?LMQ W
CL
KCLMPKCBGB?
CLJ?CVNJMR?AGgLBCK?BCP?CLJ?KGQK?BbA?B?
$C?ASCPBM?J0.5$
JMQGLEPCQMQECLCP?BMQNMPCQR?Q?ARGTGB?BCQF?L
AMLRPG@SGBM ? DMPK?P SLM BC JMQ 0)" NCP A\NGR? PCEGML?J K\Q CJCT?BMQ CL CJ
N?eQ 3GL CK@?PEM
JMQ DSLB?KCLRMQ BC J? CAMLMKe? PCEGML?J BCJ LMPRC
?K?XgLGAM LM BCH?L BC QCP DP\EGJCQ W ?JR?KCLRC BCNCLBGCLRCQ BC J?Q
DJSARS?AGMLCQ BC JMQ NPCAGMQ BC QSQ NPGLAGN?JCQ NPMBSARMQ CL JMQ KCPA?BMQ
GLRCPL?AGML?JCQ
%L RbPKGLMQ BC GLDP?CQRPSARSP?
QC RSTM SL bLD?QGQ CL J? AMLQRPSAAGgL BC
A?KGLMQ
R?LRM BC TGLASJ?AGgL GLRCPL?
AMKM AML CJ CHC RPMLA?J BC "MJGTG? W
NMQRCPGMPKCLRC
AMLSL?TGQGgLBC?PRGASJ?AGgLAML"P?QGJW0CPj3CAMLQRPSWg
SL ?CPMNSCPRM GLRCPL?AGML?J CL #M@GH?
0?LBM W QC KSJRGNJGAg CJ LjKCPM BC
KCBGMQBCAMKSLGA?AGgL
$CKMEP\DGA?KCLRC
QC TGTC SL NPMACQM BC SP@?LGX?AGgL K?QGTM CL J?Q RPCQ
NPGLAGN?JCQ AGSB?BCQ #M@GH?
CL CJ BCN?PR?KCLRM BC 0?LBM W 2G@CP?JR? W
'S?W?P?KCPeL CL CJ "CLG
BMLBC CJ BC J? NM@J?AGgL BCJ LMPRC ?K?XgLGAM
BC"MJGTG?RGCLCTGTGCLB?QNCPK?LCLRCQ 0.5$
%LCQRCAMLRCVRM
LSCTMQCQACL?PGMQBCBCQ?PPMJJMAMKGCLX?L??PRGASJ?PQCCL
RMPLM ? JMQ NPMACQMQ ?SRMLgKGAMQ W BC BCQACLRP?JGX?AGgL
CJ PMJ BC EM@GCPLMQ
BCN?PR?KCLR?JCQWKSLGAGN?JCQ
J?AMLQGBCP?AGgLBCJ?GKNMPR?LAG?BCJ?PCEGgL
?K?XgLGA? @MJGTG?L? CL RbPKGLMQ BC PCASPQMQ L?RSP?JCQ
J?Q NMQG@GJGB?BCQ BC
GLRCEP?AGgL LM QgJM AML CJ PCQRM BCJ N?eQ QGLM DSLB?KCLR?JKCLRC AML "P?QGJ W
0CPj
W J? MNMPRSLGB?B BC BCQ?PPMJJ?P GLGAG?RGT?Q OSC NPMKSCT?L @CLCDGAGMQ
CAMLgKGAMQW?NPMTCAFCLJ?QNMRCLAG?JGB?BCQL?RSP?JCQBCCQR?PCEGgL
0?LBMCQSLMBCJMQNPGKCPMQBCN?PR?KCLRMQCLNPCQCLR?PW?T?LX?PAMLJMQ
CQR?RSRMQ?SRMLgKGAMQBCN?PR?KCLR?JCQCL"MJGTG?
%QRMQ CQACL?PGMQ QC CLK?PA?L BCLRPM BC JMQ A?K@GMQ W RP?LQDMPK?AGMLCQ
NMJeRGA?Q W CAMLgKGA?Q OSC RGCLCL AMKM ?QNCARM ACLRP?J CJ PMJ BCJ %QR?BM W J?
DMPKSJ?AGgL BC NMJeRGA?Q NS@JGA?Q CLCPEbRGA?Q QM@PC J? @?QC ACLRP?J BCJ PMJ BC
JMQ PCASPQMQ CLCPEbRGAMQ CL J? ?ARS?JGB?B CL CJ N?eQ
?Qe AMKM BCJ
PCAMLMAGKGCLRM BC J?Q NMRCLAG?JGB?BCQ C GLRCEP?AGgL BC J? !K?XMLe? @MJGTG?L?
R?LRMAMLCJPCQRMBCJN?eQAMKMAMLJMQN?eQCQTCAGLMQ
%J NPCQCLRC BMASKCLRM QC CQRPSARSP? CL QCGQ N?PRCQ
GLAJSWCLBM CQR?
)LRPMBSAAGgL ,?Q QCAAGMLCQ 3CESLB? W 4CPACP? PC?JGX?L SL BG?ELgQRGAM BCJ
QCARMP CLCPEbRGAM CL "MJGTG? W SL? BCQAPGNAGgL BC J? PCEGgL BCJ LMPRC
?K?XgLGAM
PCQNCARGT?KCLRC ,? #S?PR? 0?PRC ?L?JGX? JMQ D?ARMPCQ
BCRCPKGL?LRCQ W AMLBGAGML?LRCQ BC J?Q NMJeRGA?Q CLCPEbRGA?Q W J? 1SGLR? 0?PRC
NPMTCC SL? BCQAPGNAGgL W ?L\JGQGQ BC JMQ NPMWCARMQ CLCPEbRGAMQ K\Q
GKNMPR?LRCQ NPMNSCQRMQ W CL NPMACQM BC GKNJCKCLR?AGgL CL CQR? PCEGgL
&GL?JKCLRC
J?3CVR?N?PRC@PGLB?AMLAJSQGMLCQWPCAMKCLB?AGMLCQBCJCQRSBGM
#MLRCVRM
$G?ELgQRGAMBCJQCARMPCLCPEbRGAMCLCJN?eQ
,?Q XML?Q BC GLRCPbQ FGBPMA?P@SPeDCPM CL "MJGTG? PCNPCQCLR?L CJ NMP AGCLRM
BCJRCPPGRMPGML?AGML?J.MM@QR?LRC
CJ\PC?RP?BGAGML?JBCCVNJMR?AGgLBCCQRMQ
PCASPQMQ NMP 9?AGKGCLRMQ 0CRPMJeDCPMQ &GQA?JCQ "MJGTG?LMQ CL CJ N?Q?BM W NMP
J?QCKNPCQ?QRP?LQL?AGML?JCQCLNPCQCLRCQMJ?KCLRCAMLQRGRSWCCJNMPAGCLRM
$CJE?BM
,?Q NPGLAGN?JCQ PCQCPT?Q BC E?Q QC CLASCLRP?L CL JMQ
BCN?PR?KCLRMQBC4?PGH?
3?LR?#PSX
#MAF?@?K@?W#FSOSGQ?A?
!NCQ?PBCF?@CPQCPC?JGX?BMCVNJMP?AGMLCQNPCJGKGL?PCQCLCJLMPRC?K?XgLGAM
BC "MJGTG? CL CJ N?Q?BM
DSLB?KCLR?JKCLRC CL CJ LMPRC BC ,? 0?X W CJ
BCN?PR?KCLRM0?LBM
LMCQF?QR??NPMVGK?B?KCLRCCJOSCQCAMLQGBCP?
CJBCQAS@PGKGCLRMBCPCQCPT?QBCNCRPgJCMS@GA?B?QCLJ?PCEGgLBC!NMJMCLCJ
BCN?PR?KCLRMBC,?0?X
,? CTMJSAGgL BC J?Q PCQCPT?Q KSCQRP? SL GLAPCKCLRM LMRMPGM BCQBC
?SLOSC QC T? NPMBSAGCLBM SL? RCLBCLAG? BC CQR?LA?KGCLRM ? N?PRGP BCJ
R?LRMCLJ?QPCQCPT?QBCNCRPgJCMWE?QL?RSP?J
OSCLMM@QR?LRCNPCQCLR?LSL?
CQACL?PGM ?KNJG?KCLRC D?TMP?@JC W BGDCPCLRC ? JM ?AMLRCAGBM CL J? BbA?B? BC
WNPGLAGNGMQBCJLSCTMQGEJM
OSCAMLJJCT?Pe?L?AMLLMR?AGMLCQNMJeRGA?QW
CAMLgKGA?Q N?P? KCBG?BMQ BC CQR? LSCT? BbA?B? W OSC QML ?L?JGX?B?Q K\Q
?BCJ?LRC
4?@J?2CQCPT?QBC(GBPMA?P@SPMQACPRGDGA?B?Q?JBC%LCPMBC
0PM@?@JC 0PM@?@JC
&SCLRC90&"
&GESP?2CQCPT?QBC0CRPgJCMWBC'?Q.?RSP?J
%L CQRC QCLRGBM
CQRGK?AGMLCQ NJ?LRC?L OSC CJ KCPA?BM PCEGML?J BCK?LB?P\
?JPCBCBMP BC KGJJMLCQ BC KCRPMQ Aj@GAMQ BC E?Q L?RSP?J @MJGTG?LM
!QGKGQKM
CJKCPA?BMPCEGML?JN?P?CJE?Q@MJGTG?LMCQAMKNSCQRMNMPAS?RPM
N?eQCQ!PECLRGL?
"P?QGJ
NPGLAGN?JKCLRC
W5PSES?WW#FGJC
NMRCLAG?JKCLRC
,? AMLQGBCP?AGgL BC CQACL?PGMQ OSC QC NCPDGJ?L N?P? J? NPgVGK? BbA?B? CL CJ
QCARMP
CQR?@JCACL AMLBGAGMLCQ D?TMP?@JCQ QG CQ OSC QC AMLQGBCP? OSC "MJGTG?
BGQNMLC BC GKNMPR?LRCQ PCQCPT?Q E?QeDCP?Q
AML SL AMLQSKM GLRCPLM OSC QC
JGKGR? ? SL RPGJJgL BC NGCQ Aj@GAMQ CL MAFM ?fMQ
W OSC QC PCDJCH? CL CJ
GLAPCKCLRMQGELGDGA?RGTMBCJ?NPMBSAAGgLBCE?QL?RSP?J?N?PRGPBC
&GESP?0PMBSAAGgLBC0CRPgJCMWBC'?Q.?RSP?J
%QRM QC RP?BSAC CL SL? CTMJSAGgL NMQGRGT? W BC GKNMPR?LAG? CL J?Q
CVNMPR?AGMLCQ BC FGBPMA?P@SPMQ ? N?PRGP BCJ ?fM
AML SL QGELGDGA?RGTM
GLAPCKCLRM BC J?Q CVNMPR?AGMLCQ BC E?Q L?RSP?J
W SL K?WMP TMJSKCL W T?JMP
ECLCP?BM ? N?PRGP BC J? NPMKSJE?AGgL BC J? LSCT? ,CW BC (GBPMA?P@SPMQ CL
K?WM BC OSC GLRPMBSHM A?K@GMQ CL J? JCEGQJ?AGgL W APCg CJ )KNSCQRM
$GPCARM?JMQ(GBPMA?P@SPMQ
NPMACQMOSCQCAMLQMJGB?CLK?WMBC
DCAF?
BC J? GKNJCKCLR?AGgL BC J? NMJeRGA? BC L?AGML?JGX?AGgL NMP CJ EM@GCPLM BC %TM
-MP?JCQ PCQSJR?LBM CL J? KGEP?AGgL BC AMLRP?RMQ W CJ GLAPCKCLRM BCJ N?EM
CVGEGBM?J?QCKNPCQ?Q
&GESP?%TMJSAGgLBC%VNMPR?AGMLCQBC(GBPMA?P@SPMQ
! !
#
#"
#
!
!
## "
!
&GESP?%VNMPR?AGMLCQBC"MJGTG?
,? N?PRGAGN?AGgL BCJ QCARMP FGBPMA?P@SPMQ CL CJ RMR?J BC J?Q CVNMPR?AGMLCQ
@MJGTG?L?QCQ?@QMJSR?KCLRCGLBGQNCLQ?@JC
AMLQRGRSWCLBMSLT?JMPBCK\QBC
53 KGJJMLCQ CL CJ
OSC JJCEg ? PCNPCQCLR?P CJ BC J?Q
CVNMPR?AGMLCQ %L CJ
CJ T?JMP CVNMPR?BM BC FGBPMA?P@SPMQ ?JA?LX?
?NPMVGK?B?KCLRC?53KGJJMLCQ
AMLSL?N?PRGAGN?AGgLBCJCLE?Q
L?RSP?JWCJCLNCRPgJCM
E?QMJGL?WMRPMQAMK@SQRG@JCQ "?LAM#CLRP?JBC
"MJGTG?
%QRCAPCAGKGCLRMR?K@GbLNPCQCLR?SL?PCNCPASQGgLNMQGRGT?CLJ?N?PRGAGN?AGgL
CL CJ 0)" L?AGML?J
?JA?LX?BM ?NPMVGK?B?KCLRC CJ ?fM %QRC
APCAGKGCLRM PCNPCQCLR? SL? CTMJSAGgL NMQGRGT? ? N?PRGP BCJ BC SL
NMPACLR?HCA?QGCQR?LA?BMCLBSP?LRCJ?BbA?B?BC
&GESP?0?PRGAGN?AGgLBC?ARGTGB?BCQBC
CVRP?AAGgLBC0CRPgJCMW'?Q.?RSP?JCLCJ0)"
%LCQRCQCLRGBM
QCRGCLCSLAPCAGKGCLRMAMLRGLSMBCJT?JMPBCJ?QCVNMPR?AGMLCQ
BC FGBPMA?P@SPMQ F?QR? CJ ?fM
CL CJ AS?J QC RGCLC SL? AGDP? FGQRgPGA? BC
CVNMPR?AGMLCQ RMR?JCQ 53 KGJJMLCQ
AMKM BCJ T?JMP BC CVNMPR?AGgL BC
FGBPMA?P@SPMQ OSC ?JA?LXg ?NPMVGK?B?KCLRC 53
KGJJMLCQ ).%
%J
QGLCK@?PEM
QCNPCQCLR?SL?PCBSAAGgLBP\QRGA?BC@GBM?J?A?eB?BC
JMQ NPCAGMQ GLRCPL?AGML?JCQ OSC ?DCAR?L CJ T?JMP BC J?Q CVNMPR?AGMLCQ BC
FGBPMA?P@SPMQ AMKN?P?BM AML ?fMQ ?LRCPGMPCQ )LDMPK?AGgL BGQNMLG@JC ?
QCNRGCK@PCBCBCJ"?LAM#CLRP?JBC"MJGTG?
CQR?@JCACOSCCJT?JMP
BC CVNMPR?AGMLCQ BC FGBPMA?P@SPMQ MQAGJ? ?JPCBCBMP BC 53 KGJJMLCQ
F?QR? CQRC KCQ
KMLRM OSC PCNPCQCLR? CJ BCJ RMR?J BC CVNMPR?AGMLCQ
AMKN?P?BMAMLCJBCJ?fM?LRCPGMP
%J %QR?BM ?QSKC SL PMJ NPMR?EgLGAM CL J? ?ARS?JGB?B CL J? A?BCL? NPMBSARGT?
BC CQRC QCARMP 3C CQRGK? OSC CJ %QR?BM @MJGTG?LM ? RP?TbQ BC J? CKNPCQ?
CQR?R?J 90&"
?QSKGP\J?PC?JGX?AGgLBCGLTCPQGMLCQLCACQ?PG?QN?P?CJQCARMP
@SQA?LBM PCKCBG?P CQR? QGRS?AGgL
BC ?ASCPBM ? JM NPMKMTGBM NMP CJ ?ARS?J
EM@GCPLM CL @?QC ?J LSCTM PMJ BC 90&" AMLHSLR?KCLRC AML LSCTMQ QMAGMQ
AMKM 0$63!
W J? AMLQMJGB?PML BC ?ASCPBMQ AML 2CRPM@?Q W 2%03/, CL
N?PRGASJ?P
&GESP?.jKCPMBC0MXMQ0CPDMP?BMQ
%LCQRCQCLRGBM
90&"GLDMPKMNj@JGA?KCLRCOSCQCRGCLCNPCQSNSCQR?B?SL?
GLTCPQGgL BC 53 KGJJMLCQ N?P? NCPDMP?P SL NMXM NCRPMJCPM CL CJ KSLGAGNGM
BC#F?P?ES?CL3?LR?#PSX
CLCJA?KNM3?P?PCLB?
BCQNSbQBC?fMQOSC
LMRSTM?ARGTGB?BCQBCNCPDMP?AGgLRP?QF?@CPQGBMA?NGR?JGX?B? 90&"?
%QRC QCPe? CJ NPGKCP NPMWCARM OSC NCPKGRGP\ J? PC?LSB?AGgL BC CQRC RGNM BC
MNCP?AGMLCQ CL J? CKNPCQ? CQR?R?J BCQNSbQ BC J? L?AGML?JGX?PML BCJ QCARMP
NPMKSJE?B?CL-?WMBCNMPCJNPCQGBCLRC-MP?JCQ!QGKGQKM
J?#\K?P?
"MJGTG?L?BC(GBPMA?P@SPMQ
GLDMPKgOSCQMJ?KCLRCQCNCPDMP?PMLAS?RPM
NMXMQCLCJN?eQ
RCLGCLBMBMQNMXMQCVNJMP?RMPGMQWBMQNMXMQBCBCQ?PPMJJM
3eLRCQGQBCJ?QNMJeRGA?QCLCPEbRGA?QCLCJN?eQ
,?QNMJeRGA?QCLCPEbRGA?QCLCJN?eQF?LQGBMA?P?ARCPGX?B?QBCLRPMBCNPMACQMQ
AeAJGAMQ OSC RGCLCL SL? PCJ?AGgL BGPCAR? AML NMJeRGA?Q CAMLgKGA?Q
DGJMQMDe?Q C
GBCMJMEe?Q NMJeRGA?Q CL RMPLM ? J? NPMNGCB?B BC JMQ PCASPQMQ L?RSP?JCQ ,?Q
NMJeRGA?QCLCPEbRGA?QWN?PRGASJ?PKCLRCJ?GLBSQRPG?NCRPMJCP?QCF?BCQCLTSCJRM
? JM J?PEM BCJ QGEJM N?Q?BM W ? GLGAGMQ BC CQRC LSCTM QGEJM BCLRPM BC K?PAMQ
JCE?JCQA?K@G?LRCQ
"MJGTG?F?B?BMSL?TSCJR?AMKNJCR?CLQSJCEGQJ?AGgLWNP\ARGA?CLCPEbRGA?AML
PCJ?AGgL ?J QCARMP BC FGBPMA?P@SPMQ )LGAG?JKCLRC
QC RSTM J? ?NCPRSP? RMR?J ? J?
GLTCPQGgL NPGT?B? CL
JM OSC AM?BWSTg ? J?Q MNCP?AGMLCQ BC J? CKNPCQ?
?KCPGA?L?3R?LB?PB/GJ.MM@QR?LRC
?fMQBCQNSbQQCBCAPCRgJ?PCTCPQGgL
BCJ?QAMLACQGMLCQWAMLDGQA?AGgLBC@GCLCQBCCQR?CKNPCQ?
JMOSCBGMJSE?P
? SL? NPGKCP? L?AGML?JGX?AGgL CL W SL KMLMNMJGM ES@CPL?KCLR?J AML J?
APC?AGgL BC J? CKNPCQ? CQR?R?J 9?AGKGCLRMQ 0CRPMJeDCPMQ &GQA?JCQ "MJGTG?LMQ
90&"
BCBGA?B??J?CVNJMP?AGgL
CVNJMR?AGgL
BCQRGJ?AGgLWTCLR?BCJNCRPgJCM
WQSQNPMBSARMQBCPGT?BMQ -GP?LB?
3GLCK@?PEM
QCRGCLCLB?RMQBCJ?GKNMPR?AGgLBCNCRPgJCMWQSQBCPGT?BMQ?
NCQ?P BC J? CVGQRCLAG? BC PCQCPT?Q FGBPMA?P@SPeDCP?Q CL CJ N?eQ $SP?LRC J?
BbA?B?BC
J?GKNMPR?AGgLBCNCRPgJCMWQSQBCPGT?BMQPCNPCQCLRgCJ
BCJRMR?JBCK?RCPG?QNPGK?Q "#"
%LAMLQCASCLAG?
CJQCESLBMAGAJMBC
GKNMPR?LAG?CLPCJ?AGgLAMLCQRCNPMACQMQCCLK?PAg?N?PRGPBCJ?PCTMJSAGgL
L?AGML?J BC W CJ CQR?@JCAGKGCLRM BC NMJeRGA?Q BC QS@QRGRSAGgL BC
GKNMPR?AGMLCQWAMLRPMJCQR?R?J
OSCAMLJJCTg?SLNPMACQMBCGLBSQRPG?JGX?AGgL
BC DMPK? SL R?LRM GLAGNGCLRC
?BCK\Q BC SL? CVN?LQGgL QGELGDGA?RGT? BC
CVNJMP?AGgLCLCPEbRGA? !SRWW%TG?
%J 0PCQGBCLRC 0?X %QRCLQMPM CLA?NQSJ?@? CQR? QGRS?AGgL ?J K?LGDCQR?P OSC
AMKM AMLQCASCLAG? BC T?PGMQ D?ARMPCQ
J? CAMLMKe? BC "MJGTG? F? QGBM
AMLQRPSGB? AML SL? MPGCLR?AGgL KMLMNPMBSARMP? KSW BCQGES?J CL @?QC ? J?
GLBSQRPG? KGLCP?
N?PRGASJ?PKCLRC BCJ CQR?fM %Q CLRMLACQ LCACQ?PG? J?
BGTCPQGDGA?AGgLCAMLgKGA?OSCNCPKGR??JN?eQLMBCNCLBCPCVAJSQGT?KCLRCBC
SLQMJMQCARMPWNPMBSARM5LMBCJMQQCARMPCQAMLK?WMPNMRCLAG?JCQCJQCARMP
CLCPEbRGAM
GLAJSWCLBM CJ BCQ?PPMJJM BC J? GLBSQRPG? NCRPMJCP? OSC NSCBC
AMLQRGRSGPQCLMQMJMCLSL?DSCLRCBCCLCPEe?N?P?CJBCQ?PPMJJM
QGLM?BCK\Q
QCP SL NGJ?P BCJ AMKCPAGM GLRCPL?AGML?J BC "MJGTG? 0?X %QRCLQQMPM
AGR?BM CL
7GJIGC
%QR? TGQGgL CQRSTM ?QGKGQKM CLK?PA?B? BCLRPM BC J? TGQGgL BCJ EM@GCPLM BC
NPMKMTCP J? AMJMLGX?AGgL BC J?Q RGCPP?Q @?H?Q N?P? AMLTCPRGPJ?Q CL GKNMPR?LRCQ
CQACL?PGMQ BC NPMBSAAGgL W TGLASJ?B?Q ?QGKGQKM AML J? NPMBSAAGgL BC
FGBPMA?P@SPMQBCLRPMBCJPMJ?ARGTMBCJ%QR?BMCLJ?CAMLMKe? %JEM@GCPLMBC
0?X %QRCLQMPM BGM NPGMPGB?B ? NMJeRGA?Q CLCPEbRGA?Q DGL?LAG?LBM J? AMKNP? BC
COSGNMQ KMBCPLMQ BC NCPDMP?AGgL BC DMLBMQ NPMTCLGCLRCQ BC J? KGLCPe?
PCAGCLRCKCLRC L?AGML?JGX?B?
AML PCQSJR?BMQ QGELGDGA?RGTMQ "?LAM #CLRP?J BC
"MJGTG?
,?NPMBSAAGgLQS@GgBCKGJJMLCQBC@?PPGJCQNMP?fM --@N?
CL?
--@N? CL
QSNCP?LBM AML APCACQ J? BCK?LB? GLRCPL? 0MP
AMLQGESGCLRC
?N?PRGPBCCQC?fMCJN?eQGLEPCQg?SL?LSCT?CR?N?CAMLgKGA?
BCH?LBM BC QCP GKNMPR?BMP N?P? AMLTCPRGPQC CL SL CQR?BM ?SRMQSDGAGCLRC
C
GLAJSQM QC NPMDSLBGXg J? CVNMPR?AGgL BC CVACBCLRCQ F?AG? J? !PECLRGL? 90&"
CKNCX?@? ? AMLTCPRGPQC CL CJ N?P?BGEK? BC SL %QR?BM L?AGML?JGQR?
GLBCNCLBGCLRC -GP?LB?
!NCQ?PBCCQRCK?PAMJCE?J
NMPQCESLB?TCX"MJGTG?BCH?@?CQRSNCD?AR??J?
AMKSLGB?BNCRPMJCP??JF?@CPQGBMBCAPCR?B?J?L?AGML?JGX?AGgLBCJ?CKNPCQ?
'SJD /GJ #M CL /ARS@PC BC %L K?PXM BC QC NPMKSJEg J? ,CW
'CLCP?J BC (GBPMA?P@SPMQ
CL J? AS?J CJ %QR?BM K?LRCLe? J? NPMNGCB?B QM@PC
RMBMQ JMQ W?AGKGCLRMQ BC FGBPMA?P@SPMQ 90&" DSC CLAMKCLB?B? ? J?
CVNJMP?AGgL W NPMBSAAGgL
W NMP QS N?PRC
J? GLTCPQGgL NPGT?B? QC CHCASR?@?
KCBG?LRCAMLRP?RMQBCMNCP?AGgL%L
JMQGLEPCQMQBC90&" RP?LQDCPGBMQ
?J%QR?BMJJCE?PML??JA?LX?PCJBCJ4CQMPM'CLCP?JBCJ?.?AGgL -GP?LB?
%QRM BCKSCQRP? AJ?P?KCLRC J? GKNMPR?LAG? BCJ QCARMP CLCPEbRGAM W
N?PRGASJ?PKCLRCBCFGBPMA?P@SPMQN?P?J?CAMLMKe?BCJN?eQ
%LQCNPMKSCTCLJ?QPCDMPK?QCQRPSARSP?JCQBCQCESLB?ECLCP?AGgLNMP
CJ NPGKCP EM@GCPLM BC 3\LAFCX BC ,MX?B?
AML SL? ?ECLB? CLCPEbRGA? OSC
GLAJSe? J? A?NGR?JGX?AGgL BC CKNPCQ?Q PCJ?AGML?B?Q
GLAJSWCLBM 90&"
CJ
CQR?@JCAGKGCLRMBCSLQGQRCK?BCPCESJ?AGgLWJ?AMLQMJGB?AGgLBCAMLRP?RMQBC
TCLR?WCVNMPR?AGgL?"P?QGJ
%L CQRC K?PAM
CJ BC ?@PGJ BC QC ?NPM@g J? LSCT? ,CW BC
(GBPMA?P@SPMQ
OSC @SQA?@? ?RP?CP GLTCPQGMLCQ AMLTGPRGCLBM ? "MJGTG? CL SL
N?eQ FGBPMA?P@SPeDCPM BC GKNMPR?LAG? W DJCVG@GJGX?LBM KSAF?Q BGQNMQGAGMLCQ
?LRCPGMPCQ,MQA?K@GMQDSLB?KCLR?JCQOSCGLRPMBSAe?CQR?,CWAMLQGBCP?@?J?
PC@?H?BCGKNSCQRMQBCJ?JNMPAGCLRMWJ??KNJG?AGgLBCJ?QAMLACQGMLCQ
R?LRM CL CVRCLQGgL F?QR? KGJJgL BC FCAR\PC?Q
AMKM CL RGCKNM
F?QR?
?fMQ
,??QDGVG?RMR?JBCJCLRCCQR?R?JQCNPMBSACAMLCJ$CAPCRM3SNPCKMBCJ
BC?EMQRMBC
CLCJAS?JQCCLRPCE?J?NPMNGCB?BBCJMQFGBPMA?P@SPMQ?
J?Q CKNPCQ?Q CL @MA? BC NMXM "?HM CQR?Q BGQNMQGAGMLCQ QC QSQAPG@CL
AMLRP?RMQBCPGCQEMAMKN?PRGBM HMGLRTCLRSPCQ
NMP?fMQ !LRCJM
0?P?BgHGA?KCLRC
CL CJ W BSP?LRC CJ QCESLBM EM@GCPLM BC 3\LAFCX BC
,MX?B?
J? ?ECLB? TSCJTC ? A?K@G?P BC@GBM ? SL? CQA?J?B? BC NPMRCQR?Q
QMAG?JCQ TGMJCLR?Q CL AMLRP? BC J? NPMNSCQR? BC GKNJCKCLR?P SL NPMWCARM BC
CVNMPR?AGgLBCE?QL?RSP?J?%QR?BMQ5LGBMQW-bVGAMTe?#FGJC,?QNPMRCQR?Q
CL RMBM CJ RCPPGRMPGM AJ?K?@?L NMP J? PCASNCP?AGgL BC J? NPMNGCB?B BC JMQ
PCASPQMQL?RSP?JCQWSL?KCHMPBGQRPG@SAGgLBCJMQ@CLCDGAGMQECLCP?BMQNMPJMQ
PCASPQMQ BC FGBPMA?P@SPMQ 0CPCBM 6GBC?
NPMACQM OSC QC AMLQMJGB? ?
RP?TbQ BCJ PCDCPbLBSK TGLASJ?LRC QM@PC J? NPMNGCB?B BC FGBPMA?P@SPMQ
GKNJCKCLR?BMCLCJ
!QGKGQKM
R?JCQ ASCQRGML?KGCLRMQ CL PCJ?AGgL AML J? PCASNCP?AGgL BC J?
NPMNGCB?BBCJMQPCASPQMQL?RSP?JCQWSL?KCHMPBGQRPG@SAGgLBCJMQ@CLCDGAGMQ
QC TMJTGg SL? BC J?Q NPGLAGN?JCQ @?LBCP?Q NMJeRGA?Q BCJ -MTGKGCLRM ?J
3MAG?JGQKM -!3
? J? A?@CX? BC %TM -MP?JCQ
NPMACQM OSC RCPKGLg AML J?
FGQRgPGA?TGARMPG?CJCAAGML?PG?BCDGL?JCQBCAMLSL?K?WMPe?BCJBC
JMQ TMRMQ J? NPGKCP? TCX CL J? FGQRMPG? BC "MJGTG?
W OSC NMJeRGA?KCLRC QC
RP?BSHMCLCJNPMEP?K?BCL?AGML?JGX?AGgLBCJMQFGBPMA?P@SPMQ CDCARS?B?CJ
BCK?WMBC
GLAJSWCLBMJ?PCDSLB?AGgLBCJ?QCKNPCQ?QCQR?R?JCQ90&"W
J?%KNPCQ?.?AGML?JBC%LCPEe? %.$%
%QR?Q KCBGB?Q B?L JSE?P ? SL LSCTMM NPMNG?KCLRC SL? PCNCRGAGgLBCJ AGAJM
BC NMJeRGA?Q CLCPEbRGA?Q CL "MJGTG? OSC QC AMLQMJGB? AML J? PCCJCAAGgL
GLBGQASRGB? BCJ 0PCQGBCLRC -MP?JCQ AML CL $GAGCK@PC BC
AMLQGBCP?LBM ?J QCARMP BC FGBPMA?P@SPMQ LM QgJM AMKM CJ NSLR?J CL J?
ECLCP?AGgLBCGLEPCQMQN?P?CJ4CQMPM'CLCP?JBCJ?.?AGgLWCJDGL?LAG?KGCLRM
BC NPMEP?K?Q QMAG?JCQ
QGLM ?BCK\Q AMKM CJ KMRMP BC J?Q NMJeRGA?Q Nj@JGA?Q
CLCPEbRGA?QBCLRPMBCJPMJBCJ%QR?BMCLJ?CAMLMKe?
,?NMJeRGA?CLCPEbRGA?TGECLRCWQSQPCJ?AGMLCQAMLJ?!K?XMLe?
,?NMJeRGA?CLCPEbRGA?TGECLRCF?GBMCTMJSAGML?LBMBCLRPMBCSLK?PAMNMJeRGAM
WQMAG?JQM@PCJ?@?QCBCRPCQCJCKCLRMQWCR?N?QNPGLAGN?JCQBCBGQASQGgLOSC
QC MPGEGL?L BCQBC CJ W QC CLASCLRP?L ?KNJG?KCLRC PCJ?AGML?B?Q AML J?
BGQASQGgL QM@PC CJ PMJ BC JMQ FGBPMA?P@SPMQ W BC JMQ PCASPQMQ L?RSP?JCQ CL CJ
N?eQ
G
,? BGQASQGgL QM@PC CJ NSCPRM BC Q?JGB? #FGJC M 0CPj
N?P? CJ NPMWCARM BC
CVNMPR?AGgL BC E?Q L?RSP?J
JM OSC AMLJJCTg ? J? BP?K\RGA? QGRS?AGgL BC
KMTGJGX?AGgL QMAG?J CL AMLRP? BC CQRC NPMWCARM
W BGM JSE?P ?J BGQASPQM BC
PCASNCP?AGgLBCJMQPCASPQMQL?RSP?JCQ
G
CJ BC@?RC QM@PC CJ NPMACQM KGQKM BC CVNMPR?AGgL
W QG CQ KCHMP N?P? JMQ
@MJGTG?LMQCVNMPR?PMLMCVNMPR?P
QGESGCLBMJ?JeLC?BCJMQBGQASPQMQGLGAG?BMQ
B?B?J?A?LRGB?BBCPCQCPT?NPM@?B?QWNPM@?@JCQW
GGG
DGL?JKCLRC
J? BGQASQGgL QM@PC J? NPMNGCB?B BC JMQ FGBPMA?P@SPMQ AMKM
AMPMJ?PGMBCRMBMCQRCBC@?RC
OSCDSCCL?P@MJ?BMAMKMSL?BCJ?QNPMNSCQR?Q
NPGLAGN?JCQ BC J? A?KN?f? CL J?Q CJCAAGMLCQ BC NMP CJ -MTGKGCLRM ?J
3MAG?JGQKM -!3
QM@PC J? NPCKGQ? BC PCASNCP?P J? NPMNGCB?B BC JMQ
FGBPMA?P@SPMQWJMQPCASPQMQL?RSP?JCQ
%L CQRC QCLRGBM
J?Q NMJeRGA?Q TGECLRCQ CQR?@JCACL OSC CJ %QR?BM RGCLC J?
NPMNGCB?B BC JMQ PCASPQMQ L?RSP?JCQ W CJ AMLRPMJ W BGPCAAGgL BC J? CAMLMKe?
AMLQGBCP?LBM J? EP?L GKNMPR?LAG? W NCQM QGELGDGA?RGTM BCJ QCARMP CLCPEbRGAM CL
J? KGQK? ,? NMJeRGA? ?ARS?J BC EM@GCPLM AMLRCKNJ? ?J LMPRC ?K?XgLGAM
@MJGTG?LMAMKMSLCQN?AGMGKNMPR?LRC?GLRCEP?P?N?PRGPBCJ?NPMNSCQR?BC|,?
-?PAF??J.MPRC}WJ?AMLQRPSAAGgLBCA?KGLMQOSCGLRCEPCLJMQBCN?PR?KCLRMQ
BC ,? 0?X
"CLG W 0?LBM W QS AMLCVGgL AML CJ 0?AeDGAM W !RJ\LRGAM
B?BM OSC
CQR?PCEGgLCQRSTM?GQJ?B?BSP?LRCKSAFMQ?fMQBCJPCQRMBCJN?eQ
R?LRMDeQGA?
AMKMCLK?RCPG?BCNMJeRGA?QWNPMWCARMQ
WBMLBCJ?NPCQCLAG?BCJ%QR?BMCP?
NP\ARGA?KCLRCGLCVGQRCLRC
%LPCJ?AGgLAMLCJQCARMPBCFGBPMA?P@SPMQWNPMWCARMQCLCPEbRGAMQCLJ?PCEGgL
?K?XgLGA?
QG @GCL J? EP?L K?WMPe? BC JMQ NPMWCARMQ BC GLTCPQGgL CL
FGBPMA?P@SPMQ ?LRCPGMPKCLRC QC CLAMLRP?@?L CL J?Q PCEGMLCQ ReNGA?Q
NPMBSARMP?Q CL CJ AMLM QSP BC J? L?AGgLJMQ BCN?PR?KCLRMQ BC 4?PGH?
3?LR?
#PSX
W CL KCLMP KCBGB? #MAF?@?K@? W #FSOSGQ?A?QC RGCLC AJ?P?KCLRC
GBCLRGDGA?B?CLJ??ARS?JGB?BJ?NPGMPGB?BBCCVNJMP?AGgLBCNCRPgJCMCLXML?QLM
RP?BGAGML?JCQ ? N?PRGP BCJ $CAPCRM 3SNPCKM NPMKSJE?BM CJ CL J?
?BKGLGQRP?AGgLBC2MBPeESCX6CJRXb
%QRC $CAPCRM PCQCPT? ? D?TMP BC 90&" MLAC @JMOSCQ
GLAJSWCLBM CJ @JMOSC
-?BGBGCLJ?PCEGgL?K?XgLGA?BCJLMPRCBC,?0?X
CJ"JMOSC-?BPCBC$GMQ
CL CJ BCN?PR?KCLRM BC 0?LBM W CJ "JMOSC 3bASPC CL CJ "CLG 'M@GCPLM BC
"MJGTG? ?
@JMOSCQ OSC QC CLASCLRP?L ?J GLRCPGMP W CL XML?Q BC
?KMPRGES?KGCLRMBC!PC?Q0PMRCEGB?Q
!QGKGQKM
QC NPMNMLC BC K?LCP? ?ARGT? J? PC?JGX?AGgL BC NPMWCARMQ
CLCPEbRGAMQ CL J? KGQK? PCEGgL ? RP?TbQ BCJ CQR?@JCAGKGCLRM BC SL?
FGBPMCJbARPGA?CLJ?PCEGgLBC%J"?J?CLCJLMPRCBCJBCN?PR?KCLRMBC,?0?X
W
MRP? CL J? NM@J?AGgL BC #?AFSCJ? %QNCP?LX? CL CJ BCN?PR?KCLRM BCJ "CLG
NPMWCARMQ OSC QML ?NMW?BMQ R?LRM NMP JMQ EM@GCPLMQ BCN?PR?KCLR?JCQ AMKM
NMPCJEM@GCPLML?AGML?J
&GL?JKCLRC
CJ NPGLAGN?J NPMWCARM OSC ?PRGASJ? LM QgJM J?Q NMJeRGA?Q CLCPEbRGA?Q
QGLMJ?TGQGgLBCJ?NMJeRGA?BCJEM@GCPLMAMLPCJ?AGgL?J?!K?XMLe?@MJGTG?L?QC
@?Q?CLJ?|-?PAF??J.MPRC}
OSCRGCLCAMKMNGJ?PJ?GLRCEP?AGgLBCCQR?PCEGgL
? N?PRGP BC J? GLRCEP?AGgL A?KGLCP? CQR?@JCAGB? AML CJ #MPPCBMP .MPRC %QRMQ
NPMWCARMQQC?L?JGX?LCLJ?QCAAGgLBCJNPCQCLRCA?NeRSJM
,?TGQGgLWNMJeRGA?CLCPEbRGA??ARS?JQC@?Q?CLJMNPMNSCQRMCLJ?DMPKSJ?AGgL
BCJ?LSCT?#MLQRGRSAGgL0MJeRGA?BCJ%QR?BMWOSCPCDJCH?J?QRP?LQDMPK?AGMLCQ
WCJPMJBCJ%QR?BMCLCQRCLSCTMAMLRCVRMNMJeRGAM%LPCJ?AGgLAMLCJQCARMPBC
FGBPMA?P@SPMQ
CJRCVRMBCJ?LSCT?#MLQRGRSAGgL0MJeRGA?BCJ%QR?BM
J?AS?JDSC
?NPM@?B?CL%LCPMBC
NJ?LRC?CLCJ!PReASJMOSCJMQFGBPMA?P@SPMQ
AS?JOSGCP?QC?CJCQR?BMCLOSCQCCLASCLRPCLMJ?DMPK?CLOSCQCNPCQCLRCL
QMLBCNPMNGCB?BGL?JGCL?@JCCGKNPCQAPGNRG@JCBCJNSC@JM@MJGTG?LM
%J%QR?BMCHCPACJ?NPMNGCB?BBCRMB?J?NPMBSAAGgLBCFGBPMA?P@SPMQBCJN?eQW
CQ CJ jLGAM D?ASJR?BM N?P? QS AMKCPAG?JGX?AGgL ,? RMR?JGB?B BC JMQ GLEPCQMQ
NCPAG@GBMQ NMP J? AMKCPAG?JGX?AGgL BC JMQ FGBPMA?P@SPMQ QCP\ NPMNGCB?B BCJ
%QR?BM%LCQRCQCLRGBM
LGLEjLAMLRP?RM
?ASCPBMMAMLTCLGMBCDMPK?BGPCAR?
MGLBGPCAR?
R\AGR?MCVNPCQ?
NMBP\TSJLCP?PJMCQRGNSJ?BMCL CJ!PReASJM
W
CLCJA?QMBCTSJLCP?AGgLJMQAMLRP?RMQQCP\LLSJMQBCNJCLMBCPCAFM
%Q D?ASJR?B NPGT?RGT? BCJ %QR?BM CJ BCQ?PPMJJM BC J? A?BCL? NPMBSARGT?
CLCPEbRGA?CLJ?QCR?N?QBCECLCP?AGgL
RP?LQNMPRCWBGQRPG@SAGgL!QGKGQKM
J?
A?BCL?NPMBSARGT?CLCPEbRGA?LMNMBP\CQR?PQSHCR?CVAJSQGT?KCLRC?GLRCPCQCQ
NPGT?BMQLGNMBP\AMLACQGML?PQCWJ?N?PRGAGN?AGgLNPGT?B?QCP\PCESJ?B?NMPJ?
JCW&GL?JKCLRC
CJ!PReASJMNJ?LRC?OSCCJ%QR?BME?P?LRGX?P\J?ECLCP?AGgL
BC CLCPEe? N?P? CJ AMLQSKM GLRCPLM W J? CVNMPR?AGgL BC JMQ CVACBCLRCQ BC
CLCPEe?BC@CNPCTCPJ?QPCQCPT?QLCACQ?PG?QN?P?CJN?eQ
,?GKNJCKCLR?AGgLBCJ?.SCT?#MLQRGRSAGgL0MJeRGA?BCJ%QR?BMQCAMLQMJGB?W
E?P?LRGX? AML J? TGARMPG? CJCARMP?J BCJ -!3 CL $GAGCK@PC BC #MKM
PCQSJR?BM
J? ?NJGA?AGgL W ?NPM@?AGgL BC LSCT?Q JCWCQ QC PC?JGX?P\
QCESGB?KCLRC
NMP JM OSC QC RCLBP\ SL? LSCT? ,CW BC (GBPMA?P@SPMQ ? QCP
RP?R?B?WCTCLRS?JKCLRC?NPM@?B?BSP?LRCCJ
%J.MPRC?K?XgLGAMBC"MJGTG?
,? PCEGgL ?K?XgLGA? CL "MJGTG? RSTM BMQ NCPeMBMQ CAMLgKGAMQ @?Q?BMQ CL J?
CVNJMR?AGgL BC J? OSGL? BCQBC ?NPMVGK?B?KCLRC KCBG?BMQ BCJ QGEJM 8)8
W J?
CP? BC J? EMK?
OSC RSTM QS ?SEC CL CJ NCPeMBM
?SLOSC AMLRGLSg
NMPT?PG?QBbA?B?QK\QAMLBGTCPQ?QDJSARS?AGMLCQF?QR?AMJ?NQ?P?KCBG?BMQ
BC
,??ARGTGB?BBCJ?OSGL?AMLBSHM?J?@?LBMLMN?PAG?J
WCL?JESLMQA?QMQRMR?J
BC JMQ A?KNMQ BC ASJRGTM
BC@GBM ? OSC J? K?LM BC M@P? QC AMLACLRPg CL J?
PCAMJCAAGgL BC J? AMPRCX? BC CQR? NJ?LR?
MA?QGML?LBM J? PCBSAAGgL BC JMQ
ASJRGTMQ BC QS@QGQRCLAG? W J? KGEP?AGgL BC HgTCLCQ W ?BSJRMQ BC J?Q
AMKSLGB?BCQN?P?RP?@?H?PCLMRPMQJSE?PCQAMKMPCAMJCARMPCQBCJ?A?QA?PGJJ?
2MKCPM
,?CAMLMKe?BCJ?OSGL?ECLCPgBGTCPQMQGKN?ARMQCAMJgEGAMQ
WQMAGMCAMLgKGAMQCLJ?PCEGgL
J?NJ?LR?DSCA?QGCVRCPKGL?B?BCJMQ@MQOSCQ
W?JESL?QNM@J?AGMLCQBCCQNCAGCQBCD?SL?QGJTCQRPCBGQKGLSWCPMLNMPJ?A?X?
WNCQA?GLBGQAPGKGL?B?Q 'P?KGAAG?
.M M@QR?LRC
CJ ?QNCARM MPE?LGX?AGML?J CL J? CVNJMR?AGgL BC OSGL? QCLRg J?Q
@?QCQ N?P? J? NMQRCPGMP bNMA? BC J? EMK? 3RMLG?L
!QGKGQKM
QC
CQR?@JCAGCPML F?AGCLB?Q ?EPMNCAS?PG?Q ASW? NPMBSAAGgL QC BCQ?PPMJJg BC
K?LCP?GLRCLQGT?WMPGCLR?B?NPGLAGN?JKCLRC?J?AMKCPAG?JGX?AGgL%QRCLSCTM
AMLACNRM BC NPMBSAAGgL GLDJSWg BC K?LCP? BCRCPKGL?LRC CL JMQ N?RPMLCQ
RP?BGAGML?JCQBCMASN?AGgLWSQMBCJ?RGCPP?WBCJMQPCASPQMQL?RSP?JCQ
B?LBM
JSE?P?SL?LSCT?NP\ARGA?CAMLgKGA?W?KMB?JGB?BCQBCSQMLMQMQRCLG@JCQ
BCJMQPCASPQMQL?RSP?JCQ
OSCCLJ??ARS?JGB?BQCK?LRGCLCL
%L CQRC AMLRCVRM
J? PCEGgL ?K?XgLGA? @MJGTG?L? CP? AMLQGBCP?B? BC K?LCP?
MDGAG?JBCLRPMBCJK?PAMNMJeRGA?QNj@JGA?QBCGLGAGMQBCJQGEJM88AMKM4CPPGRMPGM
BC #MJMLG?Q
PCNPCQCLR?LBM SL CQN?AGM BCQNM@J?BM AML NMRCLAG?JGB?BCQ
L?RSP?JCQ OSC BC@CPe?L QCP ?NPMTCAF?B?Q 0MP JM R?LRM
J? MASN?AGgL W
AMJMLGX?AGgL BC CQR? DPMLRCP? AMLQRGRSWC J? TGQGgL OSC QC RCLe? QM@PC CQR?
PCEGgL
AMLBGTCPQ?QGLGAG?RGT?QWNPMNSCQR?QBCAMJMLGX?AGgLDMPKSJ?B?QNMPCJ
MRPMP?-GLGQRCPGMBC#MJMLGX?AGgL 7PGEFR
3G @GCL CJ AMKCPAGM BC J? EMK? APCg BCK?LB? BC MRPMQ NPMBSARMQ PCEGML?JCQ
AMA?
A?f? BC ?XjA?P
?ES?PBGCLRC BC A?f?
A?Db
A?A?M
R?@?AM W E?L?BM
T?ASLM
BGL?KGX?LBM CJ KCPA?BM GLRCPLM ,MQ @CLCDGAGMQ BGPCARMQ BC CQR?
CVNMPR?AGgL OSCB?PML CL K?LMQ BC JMQ NPMNGCR?PGMQ NPGT?BMQ BC J?Q CQRP?B?Q
EMKCP?Q
QGL OSC QC PC?JGX?P?L GLTCPQGMLCQ CL CJ KCHMP?KGCLRM BC J?Q
AMLBGAGMLCQ BC TGB? BC J?Q NPMTGLAG?Q W KSLGAGNGMQ W CL J? TGLASJ?AGgL BC J?
PCEGgL?K?XgLGA?AMLCJPCQRMBCJN?eQ 0CPCBM6GBC?
! KCBG?BMQ BC J? BbA?B? BCJ QCQCLR?
J? PCEGgL CVNCPGKCLRg SL LSCTM ?SEC
CAMLgKGAMCLRMPLM?J?TCLR?BCNGCJCQBC?LGK?JCQQGJTCQRPCQ
CQNCAG?JKCLRC
BC J?E?PRMQ
DCJGLMQ
JMLBP?Q W AF?LAFMQ BC RPMN? ,? A?X? BC CQRMQ ?LGK?JCQ
DSCPC?JGX?B?NMPJMQGLBeECL?Q4?A?L?QWA?KNCQGLMQL?RGTMQ
CQNCAG?JKCLRC
BCJ QCARMP BC !NMJM
W J? AMKCPAG?JGX?AGgL NMP J?Q D?KGJG?Q OSC ?LRCPGMPKCLRC
CQRSTGCPMLGLTMJSAP?B?QCLJ?OSGL?
J?EMK?WCJAMKCPAGM 7CLRXCJ
5L? LSCT? CP? AMKGCLX? AML J? APC?AGgL CL BC J? #MPNMP?AGgL BC
$CQ?PPMJJM 2CEGML?J BC ,? 0?X #/2$%0!:
N?P? NPMKMTCP SL? NMJeRGA? BC
BCQ?PPMJJM
BCLMKGL?B? |-?PAF? F?AG? CJ .MPRC}
OSC NJ?LRC?@? J?Q QGESGCLRCQ
JeLC?QNPMBSARGT?Q
APC?AGgLBCSLNMJMBCBCQ?PPMJJMCLRMPLM?SLGLECLGM
?XSA?PCPM
OSC QCPe? S@GA?BM ACPA? BC J? JMA?JGB?B BC 3?L "SCL?TCLRSP?
AMLQRPSAAGgL BC SL? ACLRP?J FGBPMCJbARPGA? CL CJ "?J? W
CVNJMP?AGgL W
CVNJMR?AGgLNCRPMJCP?
%QR?Q RPCQ JeLC?Q NPMBSARGT?Q GKNJGA?@?L CJ BCQ?PPMJJM BC GLDP?CQRPSARSP?
A?KGLCP?WSLGLAPCKCLRMNM@J?AGML?J?RP?TbQBCJ?AMJMLGX?AGgL,??NJGA?AGgL
BCCQR?NMJeRGA?BCBCQ?PPMJJMLMJMEPgJMQM@HCRGTMQNJ?LRC?BMQ
W?OSCLMDSC
NMQG@JC NMLCP CL K?PAF? JMQ NPMWCARMQ ?LRCQ KCLAGML?BMQ !QGKGQKM
J?
AMLQRPSAAGgLBCJ?QA?PPCRCP?QQCPC?JGXgBCK?LCP?GLAMKNJCR?
.M M@QR?LRC
J?Q CVNCAR?RGT?Q CVGQRCLRCQ CL JMQ NPMWCARMQ BC BCQ?PPMJJM BC
#/2$%0!: W JMQ ?T?LACQ CL J? AMLQRPSAAGgL BC A?KGLMQ BGCPML JSE?P ? J?
JJCE?B?BCEPSNMQBCAMJMLGX?BMPCQ1SCAFS?QW!WK?P?Q
?J??BHSBGA?AGgLBC
GKNMPR?LRCQ CVRCLQGMLCQ BC RGCPP?Q ? NCPQML?Q BC DSCP? BC J? PCEGgLB?LBM
JSE?P?JJ?RGDSLBGMW?JGLEPCQMBCCKNPCQ?QK?BCPCP?QN?P?J?CVNJMR?AGgLBC
J?K?BCP?DGL? #MLQCPT?AGgL)LRCPL?AGML?J
%QRMQNPMACQMQBCMASN?AGgLBCJCQN?AGM?DCAR?PMLJMQRCPPGRMPGMQRP?BGAGML?JCQ
BC J?Q AMKSLGB?BCQ GLBeECL?Q OSC TGCPML PCBSAGB?Q QSQ \PC?Q BC A?ACPe? W
PCAMJCAAGgL BC NPMBSARMQ
W ECLCP?PML A?K@GMQ GKNMPR?LRCQ CL J? ECMEP?De?
FSK?L? BC J? PCEGgL
CQNCAG?JKCLRC CL J?Q NPMTGLAG?Q )RSPP?JBC BC ,? 0?X
6?A? $GCX BCJ "CLG W NMQRCPGMPKCLRC CL 0?LBM
BMLBC QC NPMBSHM J? K?WMP
GLKGEP?AGgL BC NM@J?BMPCQ BC J? XML? ?LBGL? CL jJRGKMQ ?fMQ -?AFGA?M
,?CVRP?AAGgLBCK?BCP?DGL?BCJLMPRCBC,?0?XQCGLGAGgBCK?LCP?GLRCLQGT?
QGLASKNJGPJMQPCOSGQGRMQCQR?@JCAGBMQNMPJ?,CW'CLCP?J&MPCQR?JBC
JM
OSCJJCTg?SL??ARGTGB?BCVRP?ARGT?BCQMPBCL?B?CGLQMQRCLG@JC%QR??ARGTGB?B
QC NPMDSLBGXg
? N?PRGP BC
AML J? CVRP?AAGgL BC K?BCP? ? RP?TbQ BC
?SRMPGX?AGMLCQ BC ?NPMTCAF?KGCLRM jLGAM
GLRCLQGDGA\LBMQC ? KCBG?BMQ BC JMQ
?fMQMAFCLR?AMLCJGLEPCQMBCCKNPCQ?QK?BCPCP?QBC,?0?XW3?LR?#PSX
OSCM@RSTGCPMLAMLRP?RMQBC?NPMTCAF?KGCLRMDMPCQR?J?J?PEMNJ?XM
3GLCK@?PEM
BSP?LRCRMBMCQRCNCPeMBMBCK\QBCAGCL?fMQBCQBCCJ?SECBC
J?EMK?
J?Bb@GJNPCQCLAG?BCJ%QR?BMCLCJLMPRC?K?XgLGAM@MJGTG?LMF?QGBM
NP\ARGA?KCLRC AMLRGLS?
W CL KSAFMQ A?QMQ
GLCVGQRCLRC $CQBC JMQ \K@GRMQ
CAMLgKGAMQ F?QR? JMQ QMAG?JCQ M HSPeBGAMQ
CJ %QR?BM LM F? NMBGBM B?P
QSDGAGCLRCQ PCQNSCQR?Q W KSAFM KCLMQ K?PA?P SL? NPCQCLAG? GLQRGRSAGML?J
0.5$
,?RP?LQDMPK?AGgLGLGAG?JBCJ?PCEGgLQCPCJ?AGML?AMLJ?QPCDMPK?QCAMLgKGA?Q
W BCJ %QR?BM BC KCBG?BMQ BC J? BbA?B? BC
N?PRGASJ?PKCLRC J?
KSLGAGN?JGX?AGgLWBCQACLRP?JGX?AGgL?BKGLGQRP?RGT?%AMLgKGA?KCLRCJ?PCEGgL
AMKCLXg ? PCAG@GP K?WMPCQ GLEPCQMQ NMP N?PRC BCJ %QR?BM W NMJeRGA?KCLRC CJ
BCN?PR?KCLRM BC 0?LBM ?BOSGPGg K?WMP GKNMPR?LAG? W AMLLMR?AGMLCQ
PCEGML?JCQW
PCAGCLRCKCLRCL?AGML?JCQ
%L AMLQCASCLAG?
? N?PRGP BC DGL?JCQ BC J? BbA?B? BC
CJ EM@GCPLM
BCN?PR?KCLR?J BC 0?LBM
PCNPCQCLR?BM NMP J? 0PCDCARSP?
QC AMLTGCPRC CL J?
GLQR?LAG?ES@CPL?KCLR?JAMLK?WMPN?PRGAGN?AGgLCLM@P?QBCGLDP?CQRPSARSP?CL
J?PCEGgL 0.5$
%QRCNPMACQMBCBCQACLRP?JGX?AGgLQCAMKNJCKCLR?AML
SL GLTMJSAP?KGCLRM W DMPR?JCAGKGCLRM N?SJ?RGLM BC JMQ KSLGAGNGMQ BCJ
BCN?PR?KCLRM 0?LBM
OSC JJCE?L ? AMLDMPK?P BGTCPQ?Q K?LAMKSLGB?BCQ
QSK?BM?JMQKSLGAGNGMQBC'S?W?P?KCPeLW2G@CP?JR?CLCJLMPRCBCJ"CLG
%L CJ A?QM BCJ LMPRC BC ,? 0?X
JMQ NPMACQMQ BC BCQACLRP?JGX?AGgL KSLGAGN?J
RSTGCPMLSLAMKNMPR?KGCLRMQGKGJ?P?JMQBC0?LBM
?SLOSCJ?0PCDCARSP?RSTM
SLPMJK?WMPPCAGbLCLJMQjJRGKMQ?fMQ0MPKSAFMRGCKNM
CJLMPRCBC,?0?X
LM RSTM SL? NPCQCLAG? BCJ %QR?BM ACLRP?J LG BCN?PR?KCLR?J .M M@QR?LRC
J?
EP?L K?WMPe? BC JMQ KSLGAGNGMQ BCJ LMPRC ?K?XgLGAM NPCQCLR?L QCPG?Q
JGKGR?AGMLCQ BC A?N?AGB?BCQ
BCQAMLMAGKGCLRM BC LMPK?RGT? W PCASPQMQ
DGL?LAGCPMQOSCPCQSJR?LCLBC@GJGB?BCQGLQRGRSAGML?JCQ #?PMCR?J
%QCL
CQRC QCLRGBM OSC JMQ PCAJ?KMQ NMP SL? K?WMP ?RCLAGgL C GLRCEP?AGgL DSCPML
AMKSLCQCL?fMQN?Q?BMQ
#MLDJGARMQNMJeRGAMQCLRPCJ?0PCDCARSP?BC0?LBM@?HM?BKGLGQRP?AGgLBCN?PRGBMQ
RP?BGAGML?JCQWJGE?BMQ?CJGRCQJMA?JCQWMPE?LGX?AGMLCQA?KNCQGL?QRCPKGL?PMLCLJ?
BCLMKGL?B?|-?Q?APCBC0MPTCLGP}CJBCQCNRGCK@PCBC
OSCRSTMSLQ?JBM
J?KCLR?@JCA?QGSL?TCGLRCL?BCKSCPRMQ
K?WMPKCLRCBCJQCARMPA?KNCQGLM%QRC
FCAFMM@JGEg?J?GLRCPTCLAGgLBCJ?QDSCPX?Q?PK?B?QPCQSJR?LBMCLJ?BCRCLAGgLBCJ
0PCDCARMBC0?LBM
MRPMP?AMLMAGBMAMKMCJ#?AGOSCBC0?LBM
WCJLMK@P?KGCLRMBC
SL0PCDCARM)LRCPGLMTGLASJ?BM?J??ARS?JECQRGgLBCEM@GCPLM
"SCL?TCLRSP?
DMPM OSC CQ GLRCEP?BM NMP BGTCPQ?Q MPE?LGX?AGMLCQ BC J?
QMAGCB?BAGTGJ
MPE?LGX?AGMLCQA?KNCQGL?QWBCNPMBSARMPCQ
,?CVGQRCLAG?BCAMMNCP?RGT?Q?EPMCVRP?RGTGQR?QK?WMPKCLRCCLPCJ?AGgLAMLJ?
NPMBSAAGgL W PCAMJCAAGgL BC A?QR?f? QC CLASCLRP?L CLRPC JMQ NPGLAGN?JCQ
?ARMPCQ NPMBSARGTMQ JMA?JCQ
GLAJSWCLBM ?QMAG?AGMLCQ BC NPMBSARMPCQ AMKM
#/).!#!0! #MMNCP?RGT?)LRCEP?J!EPMCVRP?ARGTGQR?BC#?KNCQGLMQBC0?LBM
W &%30!) &CBCP?AGgL 3GLBGA?J BC 0PMBSARMPCQ !EPMNCAS?PGMQ BC !@CJ
)RSPP?JBC
CLCJLMPRCBC,?0?X
,? NPCQCLAG? BCJ QCARMP NPGT?BM CL CJ LMPRC ?K?XgLGAM @MJGTG?LM CQ PCBSAGB?
AML PCNPCQCLR?AGgL DSLB?KCLR?JKCLRC BC QCARMPCQ RP?BGAGML?JCQ A?QR?fCPMQ
E?L?BCPMQ W K?BCPCPMQOSC CL ?JESLMQ A?QMQ RGCLCL TGLASJ?AGgL BGPCAR? AML
N?PRGBMQ RP?BGAGML?JCQ OSC CHCPAGCPML SL AMLRPMJ NMJeRGAM W CAMLgKGAM CL J?
PCEGgLCL?fMQN?Q?BMQ,?GLDJSCLAG?BCJCKNPCQ?PGMNPGT?BMCLPCJ?AGgLAML
J? EMK? DSC BCRCPKGL?LRC
JJCE?LBM GLAJSQM ? PCCKNJ?X?P J? NPCQCLAG? W CJ PMJ
BC%QR?BM
JMQAS?JCQDSCPMLBCQ?N?PCAGCLBM?KCBGB?OSCJ?CAMLMKe?BCJ?
EMK?AMJ?NQ?@? &GDCP
!QGKGQKM
?N?PRGPBCJMQjJRGKMQBGCX?fMQCJPMJBCJQCARMPNPGT?BMCLRMPLM?
CKNPCQ?QBCA?QR?f?DSLB?KCLR?JKCLRCCL"CLGW0?LBMJMEP?AMLQMJGB?PQC
?NPMTCAF?LBMCJGLAPCKCLRMBCNPCAGMQGLRCPL?AGML?JCQ%QAMLQGBCP?BMOSCJ?
CAMLMKe?BCJ?A?QR?f?CQSL?BCJ?QNPGLAGN?JCQ?ARGTGB?BCQCAMLgKGA?QOSC
QMQRGCLC J? PCEGgL ?K?XgLGA? @MJGTG?L?
?J AMLTCPRGPQC CL CJ NPGKCP N?eQ
NPMBSARMPBCA?QR?f??LGTCJKSLBG?J #&"
&GL?JKCLRC
B?B? J? ?SQCLAG? BCJ %QR?BM W J? BC@GJGB?B BC EM@GCPLMQ JMA?JCQ
AMLHSLR?KCLRC AML SL? K?WMP ?RCLAGgL QM@PC J? BCEP?B?AGgL ?K@GCLR?J CL J?
!K?XMLe?
/.'Q ?K@GCLR?JCQ W BC BCQ?PPMJJM AMKGCLX?L ? JJCL?P R?JCQ
CQN?AGMQ BCQBC DGL?JCQ BC J? BbA?B? BC
MPGCLR\LBMQC ? JMEP?P CJ
ASKNJGKGCLRMBCJN?P?BGEK?BCJBCQ?PPMJJMQMQRCLG@JC
%LCQRCQCLRGBM
J?NPCQCLAG?BCT?PG?Q/.'QJMA?JCQNPGLAGN?JKCLRCCL0?LBM
W "CLG
QC QSK? ?J RP?@?HM BC /.'Q GLRCPL?AGML?JCQ ?K@GCLR?JCQ W BC
AMLQCPT?AGgL AMKM 77&
3.6 (MJ?LB? CL 0?LBM W "CLG
W #!2%
#MLQCPT?AGgL )LRCPL?AGML?J
7GJBJGDC #MLQCPT?RGML 3MAGCRW CL CJ LMPRC BC ,?
0?X %QR? ?AAGgL GLQRGRSAGML?J QC ?PRGASJ? AML DGL?LAG?KGCLRMQ CVRCPLMQ BC
BML?LRCQ ?SLOSC LM F? CVGQRGBM SL NPMEP?K? K?QGTM BC J? AMMNCP?AGgL
GLRCPL?AGML?J-\Q@GCL
QCRSTMCJ?NMWM?NPMWCARMQNSLRS?JCQNMPMPE?LGQKMQ
@GJ?RCP?JCQBCAMMNCP?AGgL
!QGKGQKM
CJ ?ARS?J EM@GCPLM GLGAGg ? KCBG?BMQ BC SL 0PMEP?K? BC
!QCLR?KGCLRMQ (SK?LMQ CL CJ BCN?PR?KCLRM BC 0?LBM BCLRPM BCJ 0J?L BC
2CBGQRPG@SAGgL BC 4GCPP?Q
CJ AS?J QC CLK?PA? CL SL NPMACQM BC KGEP?AGgL W
AMJMLGX?AGgL BGPGEGB? BC ?NPMVGK?B?KCLRC D?KGJG?Q A?KNCQGLMQ BCJ
?JRGNJ?LM@MJGTG?LMWBCJ?PCEGgLBCJ#F?N?PCF?AG?JMA?JGB?BCQS@GA?B?QCLJ?
DPMLRCP? AML CJ "P?QGJ AMLQGBCP?LBM
FCAR\PC?Q BC BMR?AGgL BC RGCPP?Q
N?P? CQRC NPGKCP AMLRGLECLRC 'M@GCPLM BC "MJGTG? @
.M M@QR?LRC
CVGQRGCPML ASCQRGML?KGCLRMQ NMP N?PRC BC AMKSLGB?BCQ ?EPMCVRP?ARGTGQR?Q W
MPE?LGX?AGMLCQGLBeECL?QQM@PCCQRCNJ?LBC?QCLR?KGCLRMQFSK?LMQ
&GL?JKCLRC
SL CJCKCLRM BC EP?L GKNMPR?LAG? CL J? ?ARS?JGB?B
W OSC
PCNPCQCLR?SLA?K@GMBCLRPMBCJ?QNMJeRGA?QNj@JGA?QQM@PCJ?PCEGgL
QCPCDGCPC
? J? GLAJSQGgL BC SL A?NeRSJM CQNCAeDGAM QM@PC J? !K?XMLe? @MJGTG?L? CL J?
LSCT? #MLQRGRSAGgL 0MJeRGA? BCJ %QR?BM
JM OSC BCKSCQRP? CJ GLRCPbQ W
PCAMLMAGKGCLRMCLJ??ARS?JGB?BBCQSQNMRCLAG?JGB?BCQWJ?GKNMPR?LAG?BCCQR?
PCEGgLN?P?CJNPCQCLRCEM@GCPLM@MJGTG?LM
%L AMLQCASCLAG?
CJ ?PReASJM QCf?J? OSC J? ASCLA? ?K?XgLGA? @MJGTG?L?
AMLQRGRSWC SL CQN?AGM CQRP?RbEGAM BC CQNCAG?J NPMRCAAGgL N?P? CJ BCQ?PPMJJM
GLRCEP?JBCJN?eQNMPQSCJCT?B?QCLQG@GJGB?B?K@GCLR?J
@GMBGTCPQGB?BCVGQRCLRC
PCASPQMQ FeBPGAMQ W NMP J?Q CAMPCEGMLCQ ,? !K?XMLe? @MJGTG?L? AMKNPCLBC J?
RMR?JGB?B BCJ BCN?PR?KCLRM BC 0?LBM
J? NPMTGLAG? )RSPP?JBC BCJ BCN?PR?KCLRM
BC,?0?XWJ?QNPMTGLAG?Q6?A?$GCXW"?JJGTG\LBCJBCN?PR?KCLRMBCJ"CLG
%J BCQ?PPMJJM GLRCEP?J BC J? !K?XMLe? @MJGTG?L?
AMKM CQN?AGM RCPPGRMPG?J
QCJT\RGAM BC @MQOSCQ FjKCBMQ RPMNGA?JCQ
BC ?ASCPBM ? QSQ CQNCAeDGA?Q
A?P?ARCPeQRGA?Q BC PGOSCX? DMPCQR?J CVRP?ARGT? W PCAMJCARMP?
QC PCEGP\ NMP JCW
CQNCAG?J CL @CLCDGAGM BC J? PCEGgL W CJ N?eQ !QGKGQKM
CJ CQR?BM NPGMPGX?P\ CJ
BCQ?PPMJJM GLRCEP?J QSQRCLR?@JC BC J? !K?XMLe? @MJGTG?L?
? RP?TbQ BC SL?
?BKGLGQRP?AGgL GLRCEP?J
N?PRGAGN?RGT?
AMKN?PRGB? W COSGR?RGT? BC J? QCJT?
?K?XgLGA?4?J?BKGLGQRP?AGgLCQR?P\MPGCLR?B??J?ECLCP?AGgLBCCKNJCMW?
KCHMP?P JMQ GLEPCQMQ N?P? QSQ F?@GR?LRCQ
CL CJ K?PAM BC J? NPMRCAAGgL W
QSQRCLR?@GJGB?B BCJ KCBGM ?K@GCLRC
BMLBC CJ %QR?BM DMKCLR?P\ CJ ?AACQM ?J
DGL?LAG?KGCLRM N?P? ?ARGTGB?BCQ CAMRSPeQRGA?Q W MRP?Q BC CKNPCLBGKGCLRM
PCEGML?J 'M@GCPLMBC"MJGTG??
0?P? CJJM
CJ ?PReASJM AMLQGBCP? OSC CJ %QR?BM GKNJCKCLR?P\ NMJeRGA?Q
CQNCAG?JCQ CL @CLCDGAGM BC J?Q L?AGMLCQ W NSC@JMQ GLBeECL? MPGEGL?PGM
A?KNCQGLMQ BC J? PCEGgL N?P? ECLCP?P J?Q AMLBGAGMLCQ LCACQ?PG?Q N?P? J?
PC?ARGT?AGgL
GLACLRGTM
GLBSQRPG?JGX?AGgL
AMKCPAG?JGX?AGgL
NPMRCAAGgL W
AMLQCPT?AGgLBCJMQNPMBSARMQCVRP?ARGTMQRP?BGAGML?JCQ#MLQCASCLRCKCLRC
QC
PCAMLMAC CJ T?JMP FGQRgPGAM
ASJRSP?J W CAMLgKGAM BC JMQ \P@MJCQ BC QGPGLE? W
A?QR?fM
OSC QML PCAMLMAGBMQ AMKM QeK@MJMQ BC J? ?K?XMLG? @MJGTG?L?
ASW?
R?J?QCP\NCL?JGX?B?
Q?JTMCLJMQA?QMQBCGLRCPbQNj@JGAMPCESJ?BMQNMPJCW
,? PCEGgL ?K?XgLGA? AMLQRGRSWC SL? NPGMPGB?B W SL NMJM BC BCQ?PPMJJM GLRCEP?J
N?P? CJ ?ARS?J EM@GCPLM
OSC AMLQGBCP? PCASNCP?P J? NPCQCLAG? BCJ %QR?BM W
K?WMP QCESPGB?B BC J?Q DPMLRCP?Q
N?P? CTGR?P J? AMLRGLSGB?B BC ?ARGTGB?BCQ
GJCE?JCQ
AMKM J? CVRP?AAGgL BC K?BCP?
R?J? GJCE?J W CJ RP\DGAM BC BPME?Q
&?ARMPCQBCRCPKGL?LRCQWAMLBGAGML?LRCQBCJ?QNMJeRGA?QTGECLRCQ
0MJeRGA?QN?PRGB?PG?Q GBCMJMEe?WKMTGKGCLRMQQMAG?JCQ
%JPSK@MBCJ?NMJeRGA?CLCPEbRGA?CL"MJGTG?QSDPCSLA?K@GMGKNMPR?LRC?N?PRGP
BC J?Q KMTGJGX?AGMLCQ QMAG?JCQ BC
J?Q AS?JCQ AMLQRGRSWCL SL NSLRM BC
GLDJCVGgL CL J? NMJeRGA? CLCPEbRGA?
NPMDSLBGX\LBMQC ? N?PRGP BC J? K?QGDGA?AGgL
BCNPMRCQR?QBCBGDCPCLRCQKMTGKGCLRMQQMAG?JCQ?JMJ?PEMBCJN?eQ
?SLOSCAML
bLD?QGQCLJ?PCEGgL?LBGL?
%QR? ?ECLB? BC NMJeRGA? Nj@JGA? QC @?Q? CL D?ARMPCQ BCRCPKGL?LRCQ W
AMLBGAGML?LRCQ BC J? NMJeRGA? CLCPEbRGA? @MJGTG?L? @?HM CJ ?ARS?J EM@GCPLM
OSC
GLAJSWCL
,? PCASNCP?AGgL BC J? QM@CP?Le? L?AGML?J QM@PC JMQ PCASPQMQ
FGBPMA?@SPeDCPMQ
CJ NMRCLAG?KGCLRM BC 90&" AMKM NPGLAGN?J ?ECLRC BC J?
A?BCL? NPMBSARGT?
J? BCAGQGgL NMP N?PRC BCJ %QR?BM QM@PC TMJjKCLCQ W
NPCAGMQ
J? BCDGLGAGgL BC LSCT?Q PCEJ?Q CL J? QSQAPGNAGgL BC AMLRP?RMQ AML
J?Q CKNPCQ?Q CVRP?LHCP?Q W
J? A?NR?AGgL BC K?WMPCQ GLEPCQMQ ? D?TMP BCJ
%QR?BM@MJGTG?LM -!3
0MP AMLQGESGCLRC
CJ EM@GCPLM BC %TM -MP?JCQ RGCLC AMKM QS N?PRC LSAJC?P CJ
A?K@GM W AMLQRPSAAGgL BC SL? LSCT? K?RPGX NPMBSARGT? OSC NCPKGRGP\ J?
PCTCPQGgL BC J? CAMLMKe? BS?J W CJ ?N?P?RM NPMBSARGTM ?QCLR?BM CL J?
CVNJMR?AGgL BC PCASPQMQ L?RSP?JCQ %QR? K?RPGX @SQA?Pe? J? A?N?AGB?B BC
?QCESP?PJ?ECLCP?AGgL
?NPMNG?AGgLWSQMQMQRCLGBMBCJCVACBCLRCCAMLgKGAM
N?P?ECLCP?AGgLBCCKNJCMWPCBGQRPG@SAGgLBCJMQGLEPCQMQ
?RP?TbQBCJAMLRPMJ
QM@CP?LMBCJCVACBCLRCCAMLgKGAM
%J M@HCRGTM ACLRP?J BC CQR? K?RPGX CQ GKNSJQ?P CJ BCQ?PPMJJM NPMBSARGTM W J?
GLBSQRPG?JGX?AGgL BC JMQ PCASPQMQ L?RSP?JCQ AMLQGBCP?LBM ?J %QR?BM AMKM CJ
NPMR?EMLGQR? ACLRP?J BCJ BCQ?PPMJJM L?AGML?J KCBG?LRC J? N?PRGAGN?AGgL CL
?ARGTGB?BCQ NPMBSARGT?Q ? RP?TbQ BC CKNPCQ?Q Nj@JGA?Q CL JMQ QCARMPCQ
CQRP?RbEGAMQBCFGBPMA?P@SPMQWKGLCPe?
,MQ NPGLAGNGMQ ACLRP?JCQ BC J?Q NMJeRGA?Q BC %QR?BM NPMNSCQR?Q NMP CJ -!3
GLAJSWCLJMQQGESGCLRCQG
,?CLCPEe?CQSLGLQSKMCQCLAG?JN?P?SL?CAMLMKe?
BC SL N?eQ W QSQ AGSB?B?LMQ
W? OSC J? A?JGB?B BC TGB? BC J? NM@J?AGgL W J?
NPMBSARGTGB?BGLBSQRPG?JPCOSGCPCLSLQSKGLGQRPMBCCLCPEe?AMLDG?@JC?NPCAGMQ
GLRCPLMQAMKNCRGRGTMQGG
,?CLCPEe?GLAGBCBGPCAR?KCLRCCLJ?QCESPGB?BBCSL
N?eQGGG
,?CLCPEe??DCAR?J?A?JGB?BBCJKCBGM?K@GCLRCWGT
%JE?QL?RSP?JCQ
SLD?ARMPTG?@GJGX?BMPBCNPMWCARMQCQRP?RbEGAMQL?AGML?JCQ
%LCQRCQCLRGBM
JMQM@HCRGTMQL?AGML?JCQBCJQCARMPCLCPEbRGAMCQR?@JCAGBMQCL
CJ0J?L.?AGML?JBC$CQ?PPMJJMGLAJSWCLG
3M@CP?Le?CLCPEbRGA?N?P?MNRGKGX?P
J?PGOSCX?ECLCP?B?NMPJ?CVNJMR?AGgLBCJMQFGBPMA?P@SPMQGG
%J%QR?BMAMKM
GLQRPSKCLRM
OSC GLAJSW? CJ AMLRPMJ W N?PRGAGN?AGgL CDCARGT? CL CJ QCARMP
FGBPMA?P@SPeDCPM GGG
2CLR?@GJGB?B 3MAG?J PCDCPGB? ? J? BGQRPG@SAGgL BC J? PGOSCX?
ECLCP?B? NMP J? CVNJMR?AGgL BC FGBPMA?P@SPMQ N?P? CJ BCQ?PPMJJM QMAG?J AML
COSGB?BGT
)LBSQRPG?JGX?AGgLSRGJGX?AGgLBCJMQFGBPMA?P@SPMQN?P?CJBCQ?PPMJJM
NPMBSARGTMBCJN?eQ
,?Q KCBGB?Q OSC QC PC?JGX?P\L N?P? ?JA?LX?P JMQ KCLAGML?BMQ M@HCRGTMQ QC
@?Q?L CL G
,? GKNJCKCLR?AGgL BC SL 0J?L -?CQRPM BC %VNJMR?AGgL BC
(GBPMA?P@SPMQOSCRCLE?AMKMNPGMPGB?BCJT?JMP?EPCE?BMCLJ?CVNMPR?AGgLBC
FGBPMA?P@SPMQ GG
&MPR?JCAGKGCLRM GLQRGRSAGML?J W CAMLgKGAM BC 90&" GGG
5RGJGX?AGgL BCJ E?Q L?RSP?J AMKM K?RCPG? NPGK? N?P? J? M@RCLAGgL BC
A?P@SP?LRCQ N?P? CJ ?@?QRCAGKGCLRM ?J KCPA?BM L?AGML?J
AML NPCAGMQ @?HMQ W
CQR?@JCQQGLLCACQGB?BBCQS@TCLAGMLCQ
BCKMAP?RGX?LBMCJSQMBCJE?QL?RSP?J
R?LRMCLAGSB?BCQAMKMCLCJ\PC?PSP?JWGT
)LBSQRPG?JGX?AGgLBCJE?QCLEP?L
CQA?J?N?P?CJBCQ?PPMJJMNPMBSARGTMBCJN?eQ 'M@GCPLMBC"MJGTG?
!QGKGQKM
BCLRPM BCJ K?PAM BC NMJeRGA?Q CLCPEbRGA?Q
CJ EM@GCPLM BC %TM
-MP?JCQ NPCRCLBC PCRMK?P CJ AMLRPMJ BCJ KCPA?BM CJbARPGAM AML J? PCDSLB?AGgL
BC J? %KNPCQ? .?AGML?J BC %JCARPGAGB?B %.$%
? RP?TbQ BCJ GLEPCQM CL J?
ECLCP?AGgL
RP?LQNMPRC W BGQRPG@SAGgL BC CLCPEe? ? CQA?J? L?AGML?J 0?P? CJJM
CLTGgSLNPMWCARMBCJCW?J0MBCP,CEGQJ?RGTMN?P?KMBGDGA?PCJ?PReASJMBCJ?
?ARS?JLMPK?BC%JCARPGAGB?B
AMLJ?DGL?JGB?BBCGLAJSGPJ?N?PRGAGN?AGgLBCJ
%QR?BM CL RMBM CJ NPMACQM BCJ QCARMP CJbARPGAM W J? BC AMMNCP?RGT?Q CL J?
BGQRPG@SAGgL %L CJ #MLEPCQM CQR\ R?K@GbL SL NPMWCARM N?P? OSC J? CKNPCQ?
CQR?R?J ?NMPRC PCASPQMQ BC A?NGR?J ? SL? QMAGCB?B DMPK?B? CLRPC %.$% W
0$63! BCLMKGL?B? %LBC !LBGL? 3!-
N?P? CHCASR?P CKNPCLBGKGCLRMQ CL CJ
QCARMP
,?PCDSLB?AGgLBC%.$%CQSLMBCJMQNGJ?PCQBCJ0J?L.?AGML?JBC$CQ?PPMJJM
0.$
NPMNSCQR?OSC@\QGA?KCLRCQCCLASCLRP?CLK?PA?B?CLJ?N?PRGAGN?AGgL
BCJ %QR?BM CL J? GLBSQRPG? CJbARPGA?
OSC GLAJSWC J? LCACQGB?B BC PCDMPK?Q ?J
K?PAM JCE?J %J 0.$ RMK? CL ASCLR? OSC %.$% QC MASNC R?K@GbL BC J?
AMLQRPSAAGgLBCJ?QJeLC?QBCRP?LQKGQGgL#?P?L?TG4PGLGB?BW0SLSRSK?4?PGH?
WBCJGLGAGMBCCQRSBGMQN?P?CJ?NPMTCAF?KGCLRMFGBPMCJbARPGAMBCJ?ASCLA?BCJ
PeM-?BCP?WBCJ?PCNPCQ?%J"?J?
S@GA?B?QM@PCCJPeM"CLG
)BCMJgEGA?KCLRC
J?NPMNSCQR?BCJ-!3AMLQGBCP?OSC%.$%DSCBCQRPSGB?NMP
CJ KMBCJM LCMJG@CP?J GLGAG?JKCLRC ?NJGA?BM ? N?PRGP BC
W CL N?PRGASJ?P
BSP?LRCCJNPMACQMBCA?NGR?JGX?AGgLBCKCBG?BMQBCJ?BCA?B?BC%LJ?
?ARS?JGB?B QC AMLQGBCP? J? PC?ARGT?AGgL BC CQR? CKNPCQ? @?HM CJ AMLRPMJ W
BGPCAAGgL BCJ %QR?BM %J ?PESKCLRM ACLRP?J NJ?LRC?BM NMP PCNPCQCLR?LRCQ BCJ
?ARS?JEM@GCPLMCQOSCCLTCXBC?T?LX?PCLCJBCQ?PPMJJMBCJQCPTGAGMCJbARPGAM
CL"MJGTG?
QCPCRPMACBGgCLJ?RP?LQDMPK?AGgLBCCQRCQCARMPBSP?LRCCJ?LRCPGMP
KMBCJM NMP JM OSC SL? EP?L A?LRGB?B BC AGSB?B?LMQ W NM@J?AGMLCQ BCJ N?eQ
QGESCL BCNCLBGCLBM BC TGCH?Q SLGB?BCQ RCPKMCJbARPGA?Q
? J?Q AS?JCQ F?W OSC
NPMTCCPBCAMK@SQRG@JCCLDMPK?QA?B?TCXK\QMLCPMQ?Q
!LRCQ BCJ GLGAGM BC J? NPCQCLRC BbA?B?
CJ BC J?Q D?KGJG?Q BC "MJGTG? QC
CLAMLRP?@?L CVAJSGB?Q BCJ ?AACQM ? CLCPEe? CJbARPGA? !QGKGQKM
J? AM@CPRSP?
?JA?LX?@??CLJ?XML?PSP?JWCLCJ\PC?SP@?L?
CQBCAGP
BCA?B?
AGCL@MJGTG?LMQCLCJ\PC?PSP?J
QgJMASCLR?LAMLCJQCPTGAGM 5$!0%
JM OSC PCNPCQCLR? SL? R?Q? BC AM@CPRSP? BCK?QG?BM @?H? ,? KCR? ?ARS?J CQ
AS@PGP CJ BCJ \PC? PSP?J W BCJ \PC? SP@?L? N?P? CJ BCLRPM BCJ
NPMEP?K?OSCQCBCLMKGL?|%JCARPGAGB?BN?P?TGTGPAMLBGELGB?B} 'M@GCPLMBC
"MJGTG?
,? NPGKCP? CKNPCQ? Nj@JGA? QMKCRGB? ?J NPMEP?K? BC A?NGR?JGX?AGgL DSC
NPCAGQ?KCLRC %.$% $CQNSbQ BCJ NPMACQM BC A?NGR?JGX?AGgL CDCARS?BM CL
J?%KNPCQ?.?AGML?JBC%JCARPGAGB?BOSCBgPCBSAGB??J??BKGLGQRP?AGgL
BC RPCQ QGQRCK?Q ?GQJ?BMQ ,? PCDSLB?AGgL BC %.$% W QS PCAMLQRPSAAGgL CQ
NJ?LRC?B? RMK?LBM CL ASCLR? J? LCACQGB?B BC BCQ?PPMJJ?P W AMKNJCR?P J? PCB
L?AGML?JCJbARPGA?#MLQGESGCLRCKCLRC
CJ-GLGQRCPGMBC(GBPMA?P@SPMQW%LCPEe?
CQJ?CLRGB?BCLA?PE?B?BCJ?PCDSLB?AGgLBC%.$%
0?P?R?JCDCARM
QC@SQA?JMEP?POSCJ?K?WMPN?PRCBCJ?ECLCP?AGgLCJbARPGA?
QC?BCNPMACBCLAG?FeBPGA?K\QOSCBCJSQMBCFGBPMA?P@SPMQ%LCQRCQCLRGBM
BC ?ASCPBM ?J 6GAC-GLGQRCPGM BC %JCARPGAGB?B
CVGQRC QSDGAGCLRC A?SB?J
DJSTG?JR?LRMCLJ?ASCLA?BCJ!K?XML?QAMKMCLJ?BCJ0J?R?OSCBC@CPe?QCP
SRGJGX?BMN?P?J?ECLCP?AGgLBCCLCPEe?CJbARPGA?CLCJN?eQ
0MJeRGA?QCAMLgKGA?QWECMNMJeRGA?
#MKMPCQSJR?BMBCJ?QKMTGJGX?AGMLCQQMAG?JCQBCK?LB?LBMJ?PCASNCP?AGgLBC
JMQ FGBPMA?P@SPMQ OSC QC GLGAG?PML CL CJ
J? LSCT? ,CW BC (GBPMA?P@SPMQ
CQR?@JCAC OSC RMBMQ JMQ FGBPMA?P@SPMQ CVRP?eBMQ CL @MA? BC NMXM QML
NPMNGCB?B BCJ %QR?BM .?AGML?J
W RMB? J? NPMBSAAGgL BC J?Q CKNPCQ?Q
NCRPMJCP?QBC@CP\LQCPCLRPCE?B?Q?RP?TbQBC90&"?J%QR?BM.?AGML?J%QRM
GKNJGA? OSC CJ PbEGKCL BC #MLACQGgL GKNSCQRM CL EM@GCPLMQ ?LRCPGMPCQ
CVNPCQ?BM CL JMQ #MLRP?RMQ BC 2GCQEM #MKN?PRGBM
BCHg BC CVGQRGP W QC
?@PGg N?QM ? SL LSCTM 2bEGKCL BC 0PCQR?AGgL BC 3CPTGAGMQ
CL CJ AS?J J?Q
CKNPCQ?QQC?LAMKNCLQ?B?QCLCQNCAGCMCDCARGTM !LRCJM
,?LSCT?,CWBC(GBPMA?P@SPMQNPMKSJE?B?CJBCK?WMBCAMLRCKNJ?
SL?QCPGCBCRCK?QPCJCT?LRCQOSCA?K@G?LWMPCAMLDGESP?LCJQCARMP?RP?TbQ
BC J? KGEP?AGgL M@JGE?RMPG? ? J? LSCT? JCEGQJ?AGgL BC JMQ AMLRP?RMQ BC PGCQEM
AMKN?PRGBMQSQAPGRMQNMPJ?QCKNPCQ?QNCRPMJCP?Q3CAPCgCJ)KNSCQRM$GPCARM
? JMQ (GBPMA?P@SPMQ BGQRPG@SWCLBM CJ N?P? A?B? SLM BC JMQ BCN?PR?KCLRMQ
NPMBSARMPCQ CL PCJ?AGgL BC QS AMPPCQNMLBGCLRC NPMBSAAGgL BCN?PR?KCLR?J
DGQA?JGX?B?WCJN?P?A?B?BCN?PR?KCLRMLMNPMBSARMP 'M@GCPLMBC"MJGTG?
@
5LM BC JMQ RCK?Q K\Q PCJCT?LRCQ QC PCDGCPC ? J? PCDSLB?AGgL BC 9?AGKGCLRMQ
0CRPMJeDCPMQ &GQA?JCQ "MJGTG?LMQ 90&"
? N?PRGP BC J? PCASNCP?AGgL BC J?Q
?AAGMLCQ BC J?Q CKNPCQ?Q A?NGR?JGX?B?Q BCJ QCARMP BC FGBPMA?P@SPMQ %Q SL
M@HCRGTM ACLRP?J BCJ ?ARS?J EM@GCPLM OSC 90&" NSCB? N?PRGAGN?P CL RMB? J?
A?BCL?NPMBSARGT?BCJMQFGBPMA?P@SPMQ
%L CQRC AMLRCVRM
CJ QCARMP BC FGBPMA?P@SPMQ QC AMLTGCPRC CL CJ KMRMP
CQRP?RbEGAM BC J? CAMLMKe? KCBG?LRC J? ECLCP?AGgL BC CVACBCLRCQ W BGTGQ?Q
N?P? GKNSJQ?P CJ BCQ?PPMJJM NPMBSARGTM L?AGML?J CL CJ K?PAM BC J? LSCT?
AMLACNAGgL BC BCQ?PPMJJM NPMNSCQR? NMP CJ 0J?L .?AGML?J BC $CQ?PPMJJM 0.$
0?P?R?JCDCARM
J?TGQGgLBCJEM@GCPLMAMLQGBCP?AMKMGKNPCQAGLBG@JCCJ
A?K@GMBCJPMJBCJ%QR?BMOSCLMQgJMLMPKC
PCESJC
DGQA?JGAC WAMLRPMJC
QGLM
OSC R?K@GbL N?PRGAGNC CL RMB? J? A?BCL? NPMBSARGT? AML CJ M@HCRGTM BC
GLAPCKCLR?PCJT?JMP?EPCE?BMECLCP?BMNMPCQRCQCARMP
%L CQRC LSCTM K?PAM
JMQ NPGLAGN?JCQ ?ARMPCQ CL J? A?BCL? BC NPMBSAAGgL BC
FGBPMA?P@SPMQ QML 90&"
OSGCL ? LMK@PC BCJ %QR?BM CHCPACP\ CJ BCPCAFM
NPMNGCR?PGM QM@PC J? RMR?JGB?B BC JMQ FGBPMA?P@SPMQ W JM PCNPCQCLR? CL J?
QSQAPGNAGgLBCAMLRP?RMQNCRPMJCPMQWCLJ?CHCASAGgLBC?ARGTGB?BCQCLRMB?J?
A?BCL? NPMBSARGT? J?Q GLQRGRSAGMLCQ CQR?R?JCQ LMPK?BMP?Q W PCESJ?BMP?Q
OSGCLCQ QC CLA?PE?L BC DMPKSJ?P
CT?JS?P W AMLRPMJ?P CJ ASKNJGKGCLRM BC J?
0MJeRGA? .?AGML?J BC (GBPMA?P@SPMQ W PCESJ?P CQRC KCPA?BM W J?Q CKNPCQ?Q
NPGT?B?QL?AGML?JCQWCVRP?LHCP?QOSCRGCLCLCJPMJBCECLCP?PCVACBCLRCQWAM
N?PRGAGN?P BC JMQ KGQKMQ AML CJ %QR?BM BC ?ASCPBM ? J?Q LMPK?Q JCE?JCQ
'M@GCPLMBC"MJGTG?
#MLQGESGCLRCKCLRC
JMQ APGRCPGMQ BC J? NMJeRGA? CLCPEbRGA? L?AGML?J OSC DSCPML
NPMNSCQR?Q NMP CJ EM@GCPLM BCJ -!3 GLAJSWCL J?Q QGESGCLRCQ NPGMPGB?BCQ W
M@HCRGTMQ %J %QR?BM PCASNCP? W BCQ?PPMJJ? QS A?N?AGB?B N?P? NJ?LGDGA?P
CJ?@MP?P C GKNJCKCLR?P NMJeRGA?Q W NPMWCARMQ CL RMB?Q W A?B? SL? BC J?Q
?ARGTGB?BCQ BCJ QCARMP BC FGBPMA?P@SPMQ
?Qe AMKM R?K@GbL DGQA?JGX?P J?Q
?ARGTGB?BCQ BCJ QCARMP !QGKGQKM
CJ %QR?BM PCASNCP? J? NPMNGCB?B BC J?
NPMBSAAGgLBCRMBMQJMQFGBPMA?P@SPMQ E?QL?RSP?J
NCRPgJCMWAMLBCLQ?BMQ
W
QC JMEP?P\ SL COSGJG@PGM P?AGML?J CLRPC CJ SQM BC J?Q PCQCPT?Q BC E?Q N?P? J?
CVNMPR?AGgLCK?RCPG?NPGK?
N?P?CJKCPA?BMGLRCPLMWN?P?J?GLBSQRPG?JGX?AGgL
BCE?QL?RSP?J
%LCJSQMBCJ?QPCQCPT?QN?P?CVNMPR?AGgLBCE?QL?RSP?J
QCB?P\NPGMPGB?B?
JMQ KCPA?BMQ PCEGML?JCQ
NSCQ QML JM OSC NCPKGRCL KCHMP NPCAGM CL @MA? BC
NMXM W OSC NSCB?L ?PRGASJ?P J? CVNMPR?AGgL BC CLCPEe? CJbARPGA? W MRPMQ
NPMBSARMQ 3C BC@C E?P?LRGX?P
AMLQGESGCLRCKCLRC
J? ?SRMQSDGAGCLAG?
CLCPEbRGA?BCJN?eQWNPMKMTCPJ?GLTCQRGE?AGgLBCQ?PPMJJM
ECLCP?AGgLWSQMBC
@GMAMK@SQRG@JCQ 0.$
#MLHSLR?KCLRC
QC NPGMPGX? J? N?PRGAGN?AGgL BCJ %QR?BM W QC CQRGKSJ? SL?
N?PRGAGN?AGgL K\Q ?ARGT? BC J? GLGAG?RGT? NPGT?B? L?AGML?J CL CJ QCARMP BC
FGBPMA?P@SPMQR?LRMCLJ?Q?ARGTGB?BCQMNCP?RGT?QBCJQCARMPAMKMCLM@P?QBC
GLDP?CQRPSARSP? W CL J? NPCQR?AGgL BC QCPTGAGMQ ! N?PRGP BCJ NPMACQM BC
L?AGML?JGX?AGgLGLGAG?BMCLK?WMBC
J?CKNPCQ?CQR?R?J90&"ASCLR?CL
J? ?ARS?JGB?B AML MAFM QS@QGBG?PG?Q 90&" !LBGL?
#F?AM
90&" 4P?LQNMPRC
90&" 0CRPM?LBGL?
90&" 2CDGL?AGgL
90&" !TG?AGgL
90&" ,MEeQRGA? W '?Q
4P?LQ"MJGTG?LM
0?P?JMEP?PCJASKNJGKGCLRMBCRMBMQCQRMQM@HCRGTMQ
CJ?ARS?JEM@GCPLMNJ?LRC?
J? CHCASAGgL BC AS?RPM NMJeRGA?Q G
J? PCASNCP?AGgL BC J? NPMNGCB?B BC JMQ
PCASPQMQFGBPMA?P@SPeDCPMQWDMPR?JCAGKGCLRMBC90&"
GG
J??NPMNG?AGgLWSQMBC
JMQ CVACBCLRCQ CAMLgKGAMQ
GGG
J? NPMBSAAGgL C GLBSQRPG?JGX?AGgL
W GT
J?
A?NR?AGgLBCLSCTMQKCPA?BMQ
#MLPCJ?AGgL?CQRCjJRGKMNSLRM
J?NMJeRGA?OSCCJEM@GCPLMNPCRCLBCGKNSJQ?P
CQ J? AMLQMJGB?AGgL W ?NCPRSP? BC KCPA?BMQ GLRCPLMQ W CVRCPLMQ
BMLBC J?
CQRP?RCEG? N?P? CJ KCPA?BM GLRCPLM QC @?Q? CL CJ A?K@GM BC J? K?RPGX
CLCPEbRGA?
OSC AMLQGQRGP\ CL J? QSQRGRSAGgL EP?BS?J BCJ SQM BC AMK@SQRG@JCQ
JeOSGBMQAMKME?QMJGL?
BGCQCJ
E?QJGAS?BMWMRPMQAMK@SQRG@JCQAMLR?KGL?LRCQ
NMPE?QL?RSP?JWQSQBCPGT?BMQ
.M M@QR?LRC
J? NPMBSAAGgL L?AGML?J AML BCQRGLM ? J? CVNMPR?AGgL CLDPCLR?
AGCPR?QBGDGASJR?BCQ!/ARS@PCBC
J?NPMBSAAGgLQCCLAMLRP?@?CLJMQ
KGJJMLCQBCKCRPMQAj@GAMQBG?PGMQ --KAB
BC?ASCPBM?AGDP?QMDGAG?JCQBCJ
6GACKGLGQRCPGM BC (GBPMA?P@SPMQ ,? NPMBSAAGgL BC E?Q L?RSP?J JJCEg ?
--KAB NPMACQ?BMQ
BC JMQ AS?JCQ QC CQR\ BCQRGL?LBM ?J "P?QGJ --KAB
,? A?LRGB?B BC NPMBSAAGgL OSC T? ? J? !PECLRGL? CQ QMJ?KCLRC --KAB
OSC QC CLASCLRP? GLAJSQM NMP BC@?HM BCJ KeLGKM AMKNPMKCRGBM
OSC CL QS
KMKCLRM J?Q ?SRMPGB?BCQ BCJ QCARMP ?DGPK?PML OSC QC CLAMLRP?@? CL
--KAB %QRC GLASKNJGKGCLRM ?A?PPC?Pe? NCL?JGB?BCQ W BGDGASJR?BCQ CL CJ
KCBG?LM NJ?XM !QGKGQKM
CJ AMLQSKM CL CJ KCPA?BM GLRCPLM
OSC ? HSJGM BC
CP? R?L QgJM BC
--KAB
CL MARS@PC BCJ KGQKM ?fM QC QGRj? CL
--KAB
%L ?fMQ PCAGCLRCQ W BC@GBM ? J? @?H? NPMBSAAGgL BC NCRPgJCM ?Qe AMKM ? J?
PCBSAAGgLBCJ?BCK?LB?BCE?QL?RSP?JBCJKCPA?BMCVRCPLM%J'M@GCPLMQC
TGM M@JGE?BM ? GKNMPR?P E?QMJGL? W E?Q JGAS?BM BC NCRPgJCM ',0
?BCK\Q BC
BGCQCJMGJCJN?Q?BM$C?ASCPBM?AMKSLGA?BMQMDGAG?JCQBC 9?AGKGCLRMQ
0CRPMJeDCPMQ&GQA?JCQ"MJGTG?LMQ 90&"
J?CKNPCQ?CQR?R?JBCH?P\BCGKNMPR?P
E?QMJGL? W E?Q JGAS?BM BC NCRPgJCM ',0
CJ 90&" ?LSLAGg OSC QC
QCESGP\GKNMPR?LBMBGCQCJKGCLRP?QLMQCRCLE?A?N?AGB?BBCNPMBSAAGgLN?P?
?@?QRCACPCJKCPA?BMGLRCPLM$CJRMR?JBCJTMJSKCLGKNMPR?BM
CLRPCCJWCJ
NPMTGCLCBC6CLCXSCJ?
%JBCQAS@PGKGCLRMBCLSCT?QPCQCPT?QQGELGDGA?RGT?QCLLMTGCK@PCBCCL
CJ BCN?PR?KCLRM BC #FSOSGQ?A? ?@PCL CVNCAR?RGT?Q MNRGKGQR?Q N?P? NMBCP
CVN?LBGPJ?NPMBSAAGgLBCE?QL?RSP?J
?SLOSCQCP\GKNCP?RGTMJ?PC?JGX?AGgLBC
GLTCPQGMLCQ CL CJ AMPRM NJ?XM %QRMQ NJ?LRC?KGCLRMQ @SQA?L K?RCPG?JGX?PQC
BSP?LRC J? LSCT? ?BKGLGQRP?AGgL BC %TM -MP?JCQ ? RP?TbQ BCJ GLRCPbQ BC
0%42/"2!3 BC PC?JGX?P LSCT?Q GLTCPQGMLCQ
OSC DMPR?JCXA?L W AMLAPCRCL CJ
BCQAS@PGKGCLRMBCLSCT?QPCQCPT?QBCE?QCLCJBCN?PR?KCLRMBC#FSOSGQ?A?
W?J?GLTCPQGgL?LSLAG?B?NMP2%03/,CLCJQCESLBMQCKCQRPCBCOSC
?JA?LX??53KGJJMLCQ?QCESP?J?NPMBSAAGgLBCJTMJSKCLQSDGAGCLRCBC
E?QL?RSP?JN?P?ASKNJGPAMLCJKCPA?BM?PECLRGLM
%QR? GLTCPQGgL QC BCQRGL?P\ ? J? AMLQRPSAAGgL BC J? NJ?LR? BC RP?R?KGCLRM BCJ
E?Q L?RSP?J W QC BCQ?PPMJJ?P\L JMQ A?KNMQ -?PE?PGR? W (S?A?W? BCJ @JMOSC
#?GNGNCLBG CL J? PCEGgL BCJ #F?AM
N?P? ?SKCLR?P J? NPMBSAAGgL BC BMQ
KGJJMLCQ BC KCRPMQ Aj@GAMQ BG?PGMQ ? MAFM KGJJMLCQ CJ ?fM W CL SL?
QCESLB?D?QCF?QR?KGJJMLCQCJ
!DGLCQBC
9&0"?LSLAGgOSC0CRPM@P\QGLTCPRGP\CLNPgVGKMQ?fMQCLJ?
NCPDMP?AGgLBCAS?RPMNMXMQ
BMQCL3?L!J@CPRMWBMQCL3\@?JM
WCLJ??KNJG?AGgL
BCJ?NJ?LR?BCNPMACQ?KGCLRMBC3?L!LRMLGMN?P?M@RCLCPTMJjKCLCQ?BGAGML?JCQBC
E?QAMLBCQRGLMBCCVNMPR?AGgL
! N?PRGP BC JMQ LSCTMQ K?PAMQ JCE?JCQ W AMLQRGRSAGML?JCQ PCQSJR?LRCQ BC J?
PCCJCAAGgL BCJ -!3 CL $GAGCK@PC BC
QC NPMNMLC J? APC?AGgL BC SL
PbEGKCL RPG@SR?PGM CQNCAG?J N?P? CJ QCARMP BCLRPM BC J? LSCT? ,CW BC
(GBPMA?P@SPMQ
OSCKMBGDGA?Pe?CJ?ARS?J)KNSCQRM$GPCARM?JMQ(GBPMA?P@SPMQ
%QRC )KNSCQRM PCNPCQCLR? CJ BC JMQ GLEPCQMQ NMP TCLR? BC FGBPMA?P@SPMQ
OSCCQBGQRPG@SGBMCLRPCNPCDCARSP?Q
KSLGAGNGMQ
SLGTCPQGB?BCQ
DMLBMGLBeECL?
WCJ4CQMPM'CLCP?JBCJ?.?AGgL
GLAJSWCLBM?QGKGQKMPCASPQMQN?P?CJN?EM
BCJ?2CLR?$GELGB?B
,? DSRSP? ,CW BC (GBPMA?P@SPMQ CQR?Pe? ?JGLC?B? ?J 0J?L BC )LTCPQGMLCQ
BC 90&"
CJ AS?J CQR? PCJ?AGML?BM AML CJ BCQ?PPMJJM BC J? CVNJMP?AGgL
CVNJMR?AGgL W NPMBSAAGgL BC E?Q L?RSP?J W NCRPgJCM
R?LRM N?P? CJ KCPA?BM
GLRCPLMAMKMN?P?JMQKCPA?BMQBCCVNMPR?AGgL
-CPA?BMQ
%J 0J?L -?CQRPM BC %VNJMR?AGgL BC (GBPMA?P@SPMQ NJ?LRC? AMK@GL?P J?
CVNMPR?AGgL BC E?Q L?RSP?J AMKM K?RCPG? NPGK? W J? GLBSQRPG?JGX?AGgL BCJ E?Q
L?RSP?J
QM@PC J? @?QC BC J? AMLQMJGB?AGgL BC JMQ KCPA?BMQ JGKeRPMDCQ BC
CVNMPR?AGgL !PECLRGL?
"P?QGJ
DSLB?KCLR?JKCLRC
0?P?ES?W W 5PSES?W
W
CTCLRS?JKCLRC #FGJC
QGCKNPC W AS?LBM QC NSCB?L JJCE?P ? ?ASCPBMQ BC
QM@CP?Le?K?PeRGK?
%J EM@GCPLM ?ARS?J NJ?LRC? OSC CQRMQ KCPA?BMQ
CL J? KCBGB? OSC NPMQNCPCL
QCPe?L JMQ jLGAMQ W jJRGKMQ N?P? J? CVNMPR?AGgL BC E?Q L?RSP?J AMKM K?RCPG?
NPGK?
@SQA?LBMGLEPCQ?P?SL?LSCT?D?QCOSCAMLAG@?J?GLBSQRPG?JGX?AGgLBCJ
E?Q L?RSP?J AML @?QC CL CQNCAG?J ? J? RP?LQDMPK?AGgL BCJ KCR?LM CL BGCQCJ
CAMJgEGAMW',0QGLRbRGAM
?KNJG?LBMMRPMQKCPA?BMQDSCP?BCJMQJGKeRPMDCQ
!QGKGQKM
JMQ BMQ CVRPCKMQ BCJ N?eQ
CJ QSP PCNPCQCLR?BM CL 4?PGH? AML J?
CLMPKCQ PCQCPT?Q BC E?Q L?RSP?J W CJ LMPRC ?K?XgLGAM PCNPCQCLR?BM NMP J?
RMR?JGB?BBCJBCN?PR?KCLRM0?LBM?QNGP?L?ECLCP?PLSCTMQNMJMQBCBCQ?PPMJJM
W ?AACQM ? KCPA?BMQ KCBG?LRC QS GLTMJSAP?KGCLRM AML KCPA?BMQ CVRCPLMQ
?NPMTCAF?LBM QS AMLBGAGgL ECMEP\DGA?
DSLB?KCLR?JKCLRC AML CJ KCPA?BM
@P?QGJCPM
WJ?NMQG@GJGB?BBC?AACBCP?NSCPRMQBCJ!RJ\LRGAMWBCJ0?AeDGAM
%LPCJ?AGgLAMLCJLMPRC?K?XgLGAM
CQRCNMQRSJ?BMF?QGBMGKNSJQ?BMR?LRMNMP
CJEM@GCPLMBCN?PR?KCLR?JAMKMNMPCJEM@GCPLMKSLGAGN?JBC#M@GH?
KCBG?LRC
SL? NMJeRGA? BC ?RP?AAGgL BC GLTCPQGMLCQ ? RP?TbQ BC J? CVGQRCLAG? BC J? :ML?
&P?LA? #MKCPAG?J C )LBSQRPG?J BC #M@GH?
OSC RGCLC SL NCPeKCRPM BC
IGJgKCRPMQ AS?BP?BMQ %L CQR? CVRCLQGgL
JMQ CKNPCLBGKGCLRMQ AMKCPAG?JCQ C
GLBSQRPG?JCQ NSCBCL BCQCLTMJTCPQC @?HM CJ PbEGKCL BC CVACNAGMLCQ RPG@SR?PG?Q
CQR?@JCAGB?QCLCJBCAPCRM
OSCPCEJ?KCLR?CJDSLAGML?KGCLRMBCJ?:MDP?
#M@GH?
.M M@QR?LRC
? NCQ?P BC J? TGECLAG? BC CQRC BCAPCRM W CJ CVNPCQM GLRCPbQ BC
NPMKMAGML?PJ??RP?AAGgLBCGLTCPQGMLCQGLBSQRPG?JCQAMKMN?PRCBCSL?NMJeRGA?
BC BCQ?PPMJJM BC J? 0PCDCARSP? BC 0?LBM
RMB?Te? LM CVGQRCL NPMWCARMQ
AMLAPCRMQ N?P? GKNJCKCLR?P ?ARGTGB?BCQ GLBSQRPG?JCQ BC K?ELGRSB CL CJ LMPRC
?K?XgLGAM
9?AGKGCLRMQ0CRPMJeDCPMQ&GQA?JCQ"MJGTG?LMQ 90&"
NPCTbOSCJMQGLEPCQMQNMP
J?TCLR?BCE?Q@MPBC?P\LCJJMQ53
KGJJMLCQ%QR?AGDP?CQKCLMP
CL53
KGJJMLCQ?J?PCEGQRP?B?CJ
AS?LBMCJT?JMPNMPJ?TCLR?BCJ
CLCPEbRGAM PCNMPRg SLMQ GLEPCQMQ BC 53
KGJJMLCQ %QR? QGRS?AGgL QC
CVNJGA?NMPJ?A?eB?CLCJNPCAGMWNMPOSC"P?QGJ{CJNPGLAGN?JKCPA?BMN?P?CJ
E?Q@MJGTG?LM{BCK?LBgKCLMQTMJjKCLCQBCJCLCPEbRGAM
3CEjL JMQ B?RMQ NPMNMPAGML?BMQ NMP J? CKNPCQ? CQR?R?J
J? TCLR? BC E?Q ?
"P?QGJPCNMPRgCLJ?ECQRGgLGLEPCQMQNMP53KGJJMLCQDPCLRC?JMQ
53 KGJJMLCQ OSC QC M@RCLBP\L CJ
RCLGCLBM SL? A?eB? CL JMQ
GLEPCQMQ AMPPCQNMLBGCLRC ? 53 KGJJMLCQ .M M@QR?LRC
J?Q TCLR?Q ?J
KCPA?BM ?PECLRGLM QC GLAPCKCLR?PML CL CJ KGQKM NCPeMBM )LDMPK?AGgL
BGQNMLG@JCQM@PCJ?CVNMPR?AGgL?CQRCKCPA?BMPCTCJ?OSCCJCJT?JMPBC
J?Q CVNMPR?AGMLCQ BC E?Q ? CQRC KCPA?BM ?JA?LX?PML JMQ 53 KGJJMLCQ
DPCLRC?JMQ53KGJJMLCQOSCQCNPMWCAR?LN?P?J?ECQRGgLBC
JMOSC
PCNPCQCLR?SLGLAPCKCLRMCQBC53KGJJMLCQ 90&"
$CQAPGNAGgLW?L\JGQGQBCGKN?ARMQBCJMQNPMWCARMQCLCPEbRGAMQ
$CLRPM BC JMQ NPMWCARMQ CLCPEbRGAMQ AMLAPCRMQ CL J? PCEGgL BCJ LMPRC
?K?XgLGAM@MJGTG?LM
QCRGCLCLAS?RPMGLGAG?RGT?QCLBGTCPQMQEP?BMQBC?T?LAC
NCPMOSCRGCLCLGLRCPPCJ?AGMLCQKSRS?QWDMPK?LN?PRCBCJ?QNMJeRGA?QNS@JGA?Q
CLCPEbRGA?Q
R?LRM ? LGTCJ L?AGML?JW NMP JM R?LRM NPMKMTGB?Q ?ARGT?KCLRC NMP
CJ EM@GCPLM ?ARS?JAMKM NMP JMQ EM@GCPLMQ BCN?PR?KCLR?JCQ
W AMLHSLR?KCLRC
PCAG@CL?NMWMBCBGTCPQMQEM@GCPLMQKSLGAGN?JCQBCJ?PCEGgL
3C TC NMP NCPRGLCLRC ?L?JGX?P JMQ GKN?ARMQ CQRGK?BMQ W NMRCLAG?JCQ BC CQR?Q
GLGAG?RGT?Q OSC PCQNMLBCL ? SL? QCPGC BC BGL\KGA?Q W N?PRGASJ?PGB?BCQ ,MQ
AS?RPMNPMWCARMQ?L?JGX?BMQQMLG
J?CVNJMP?AGgLWCVNJMR?AGgLBCNCRPgJCMCL
J? PCEGgL BC !NMJM CL CJ LMPRC BCJ BCN?PR?KCLRM BC ,? 0?X GG
ECLCP?AGgL
FGBPMCJbARPGA??RP?TbQBCJ?AMLQRPSAAGgLBCJ?PCNPCQ?BC%J "?J?CLCJLMPRC
BC ,? 0?X GGG
NPMWCARMQ BC AMLQRPSAAGgL W N?TGKCLR?AGgL BC A?KGLMQ W
A?PPCRCP?Q
BCLRPMBCJBCLMKGL?BM#MPPCBMP.MPRCWOSCRGCLCQSbLD?QGQCLJ?
GLRCEP?AGgLBCJ?PCEGgL?K?XgLGA?@MJGTG?L?NPMNSCQRMNMPCJEM@GCPLMBCLRPM
BC J? NPMNSCQR? BC -?PAF? ?J .MPRC W GT
CJ AMKNJCHM ?EPMGLBSQRPG?J BC 3?L
"SCL?TCLRSP?CLCJLMPRCBC,?0?X
%VNJMP?AGgLBCFGBPMA?P@SPMQCLCJLMPRC?K?XgLGAM
,MQ GLGAGMQ BC J? ?ARGTGB?B NCRPMJCP? CL J? PCEGgL BCJ LMPRC ?K?XgLGAM
AMKGCLX?L?KCBG?BMQBCJMQ?fMQQCRCLR?KCBG?LRCJ?PC?JGX?AGgLBCNPSC@?Q
QeQKGA?Q CL SL? AMLACQGgL MRMPE?B? ? 3FCJJ /GJ CL CJ LMPRC BC ,? 0?X
!NPMVGK?B?KCLRC CL J? KGQK? bNMA?
QC AMLAJSWg J? AMLQRPSAAGgL BC J?
A?PPCRCP?QGLN?TGKCLR?AGgLCLRPC3?L"SCL?TCLRSP?C)VG?K?Q
JMOSC?RP?HM?
LSCT?Q AMKSLGB?BCQ BC AMJMLMQ F?AG? CQR? PCEGgL BCJ LMPRC
ASW? NM@J?AGgL
RP?BGAGML?JAMLQGQRe?BCNSC@JMQGLBeECL?QBCMPGECL4?A?L?
,? CKNPCQ? CQR?R?J 90&"
NMP QS N?PRC
CDCARSg CVNJMP?AGMLCQ ?J QSP BC J?
NPMTGLAG? -?LSPGNG BMLBC QC BCRCARg J? CVGQRCLAG? BC NCRPgJCM QGL OSC QC
PC?JGACL MRPMQ NPMWCARMQ BC CVNJMR?AGgL ,? CVNCAR?RGT? NCRPMJCP? CL CJ
BCN?PR?KCLRM BC 0?LBM AMLRGLSg CL
RCLGCLBM AMKM PCQSJR?BM J?
GBCLRGDGA?AGgLBCRPCQ@JMOSCQBCGLRCPbQNCRPMJCPMCJ"JMOSC#M@GH?
-?LSPGNGW
-?BPC BC $GMQ -M@GJ W /AAGBCLR?J NCPDMP?PML BMQ NMXMQ ?SLOSC LM QC
PC?JGX?PML?ARGTGB?BCQNMQRCPGMPCQBCCVNJMR?AGgL :/.)3)'
3FCJJPC?JGXgCVNJMP?AGMLCQ?BGAGML?JCQCLCJLMPRCBC,?0?X?KCBG?BMQBCJMQ
MAFCLR? W J? CKNPCQ? 4MR?J PC?JGXg LSCT?Q CVNJMP?AGMLCQ CL
NCPM J?
CVNJMP?AGgLNCRPMJCP?AMKCPAG?JBCJ?PCEGgLRMB?Te?LMDSCBCQ?PPMJJ?B?F?QR?
CJBCQAS@PGKGCLRMBCLSCT?QTCR?QCLJ?PCEGgLBC!NMJMCL
3G @GCL LM CVGQRGCPML NPMWCARMQ BC K?ELGRSB CQNCAeDGA?KCLRC CL CJ LMPRC
?K?XgLGAM CL J? BbA?B? N?Q?B?
CJ GKN?ARM QMAG?J W ?K@GCLR?J BCJ QCARMP
FGBPMA?P@SPeDCPMCL"MJGTG?F?QGBM?KNJG?KCLRCBMASKCLR?BMAMLSL?QCPGCBC
NPM@JCK?Q DSLB?KCLR?JKCLRC CL PCJ?AGgL AML J? QSNCPNMQGAGgL AML RCPPGRMPGMQ
GLBeECL?Q W \PC?Q NPMRCEGB?Q OSC MA?QGML?PML AMLDJGARMQ AML AMKSLGB?BCQ
GLBeECL?QWJMA?JCQ '?T?JB\2G@CP??
,MQA?QMQK\QGKNMPR?LRCQ
CL RGCPP?Q @?H?Q QC PCDGCPCL ? J? NPM@JCK\RGA? CL CJ RCPPGRMPGM GLBeECL? )QG@MPM
3CASPC OSC AMLRg AML GPPCESJ?PGB?BCQ CL CJ NPMACQM BC AMLQSJR? W BC
CT?JS?AGgL BC GKN?ARM ?K@GCLR?J '?T?JB\
W DSLB?KCLR?JKCLRC CL J?
PCEGgLBCJ#F?AM@MJGTG?LMCLRPCAMKSLGB?BCQWMPE?LGX?AGMLCQGLBeECL?QWJ?
CKNPCQ?2%03/,
@MQOSCQ 6CP2G@CP?
0PM@JCK?QQMAGM?K@GCLR?JCQBCJMQFGBPMA?P@SPMQ
CL"MJGTG?
%LGKN?ARMQQMAG?JCQ
J?MPE?LGX?AGgLCQN?fMJ?-CBGASQ-SLBGF?PC?JGX?BMSL
CQRSBGM QM@PC CJ GKN?ARM BC J? ?ARGTGB?B NCRPMJCP? CL J? Q?JSB BC J?Q
NM@J?AGMLCQBCJ#F?AM@MJGTG?LMKMQRP?LBMJMQGKN?ARMQBCJ?AMLR?KGL?AGgL
!QGKGQKM
QC RSTGCPML BCLSLAG?Q PC?JGX?B?Q NMP J? !Q?K@JC? BCJ 0SC@JM
'S?P?Le !0'
?J?AMKN?fe?NCRPMJCP?NMPJ?LSJ?N?PRGAGN?AGgLMAMLQSJR?BC
J? AMKSLGB?B BSP?LRC J? CJ?@MP?AGgL BCJ %QRSBGM BC %T?JS?AGgL BC )KN?ARM
!K@GCLR?J 6CPCJ)LDMPKCBC)LRCPKgL/8&!-2CNQMJ90&CL"MJGTG?
%LPCJ?AGgLAMLCJLMPRC?K?XgLGAMBC"MJGTG?
WAMLAPCR?KCLRCAMLCJLMPRCBCJ
BCN?PR?KCLRM BC ,? 0?X
JMQ PCAGCLRCQ BCQAS@PGKGCLRMQ BC NCRPgJCM CL J?
PCEGgLBCJPeM+CPMQbL
S@GA?BMCLGLKCBG?AGMLCQBCJ?QJMA?JGB?BCQBC!NMJMW
!X?PG?K?QRGCLCLSL?NMWMGKNMPR?LRCWCVNCAR?RGT?QQGELGDGA?RGT?QR?LRMNMPCJ
EM@GCPLM KSLGAGN?J AMKM BC J?Q AMKSLGB?BCQ JMA?JCQ ?BW?ACLRCQ %L CQRC
QCLRGBM
QC PC?JGX?PML NPMQNCAAGMLCQ CL ?fMQ ?LRCPGMPCQ OSC AMLDGPK?PML J?
NPCQCLAG?BCCQRCPCASPQML?RSP?JWR?LRMJ?0PCDCARSP?BCJBCN?PR?KCLRMBC,?
0?XAMKMCJEM@GCPLML?AGML?JNJ?LRC?PMLJ?GKNMPR?LAG?BCJJCT?P?BCJ?LRCJ?Q
?AAGMLCQLCACQ?PG?Q
%J-GLGQRCPGMBC(GBPMA?P@SPMQW%LCPEe??LSLAGgCLBGAGCK@PCBCOSCW?
QC ECQRGML?PML JMQ AMLRP?RMQ PCQNCARGTMQ AML J? CKNPCQ? TCLCXMJ?L? 0$63!
N?P?OSCAMKGCLACLJMQCQRSBGMQBCD?ARG@GJGB?B
JMQAS?JCQDSCPMLNPCQCLR?BMQ
? 90&" N?P? B?P GLGAGM ? J? CVNJMP?AGgL FGBPMA?@SPeDCP? W J?Q GLTCPQGMLCQ
LCACQ?PG?QCLJ?PCEGgLBC!NMJMCLCJ\PC?BCJ-?BGBG
%L CQRC QCLRGBM
J? AMKN?fe? 0CRPM?LBGL? DSC AMLDMPK?B? NMP J?Q CKNPCQ?Q
CQR?R?JCQ90&"BC"MJGTG?AMLSLW0$63!BC6CLCXSCJ?AMLCJPCQR?LRC
WOSCQCCLASCLRP??A?PEMBCPC?JGX?PJ?CVNJMP?AGgLNCRPMJCP?CL!NMJMW
CLMRP?QPCEGMLCQBC"MJGTG?%L!@PGJBC
CJ0MBCP%HCASRGTMQSQAPG@GgAML
0CRPM?LBGL? JMQ AMLRP?RMQ BC CVNJMP?AGgL W CVNJMR?AGgL CL PC?Q 2CQCPT?B?Q
AMLSL?QSNCPDGAGC?NPMVGK?B?BCKGJJMLCQBCFCAR\PC?QCLJMQQGESGCLRCQ
AGLAM @JMOSCQ 3CASPb
-?BGBG
#FG?N?LG
,JGOSGKSLG W #FCNGRC S@GA?BMQ CL
XML?QRPMNGA?JCQBCJMQBCN?PR?KCLRMQBC,?0?X
"CLGW#MAF?@?K@?
%QRMQAMLRP?RMQDSCPML?NPM@?BMQNMPJ?#\K?P?BC$GNSR?BMQCL?@PGJBC
W NMP J? #\K?P? BC 3CL?BMPCQ CL HSJGM BCJ KGQKM ?fM $C GES?J K?LCP?
QC
PCLMT?PMLAMLRP?RMQNCRPMJCPMQAML2CNQMJ90&
0CRPM@P\QW4MR?JCLSLKGJJgL
WKCBGMBCFCAR\PC?QCLJ?PCEGgL?K?XgLGA?@MJGTG?L? !P?K?WM
!QGKGQKM
QCAPC?SL?3MAGCB?B!LMLGK?-GVR?CLRPC90&"SJ?CKNPCQ?'?Q
RM ,GOSGB )LRCPL?AGML?J ',4)
N?P? GKNSJQ?P J? CVNJMP?AGgL W CVNJMR?AGgL BC
FGBPMA?P@SPMQCLCJ@JMOSC2eM"CLGOSC?@?PA?SLKGJJgLBCFCAR\PC?QS@GA?BM
CL J? AMLDJSCLAG? BC JMQ BCN?PR?KCLRMQ BC 0?LBM
"CLG W ,? 0?X %J 3CL?BM
.?AGML?J ?NPM@M CL *SJGM J? JCW AMPPCQNMLBGCLRC OSC TG?@GJGX? J? CVNJMR?AGgL
NCRPMJCP?CLCQRC@JMOSC
',4) CL QMAGCB?B AML J? CKNPCQ? GLBG? *GLB?J 3RCCJ 0MUCP OSC DGPKg
AMLRP?RMQAMLCJEM@GCPLM@MJGTG?LMN?P?CVNJMR?PFGCPPMCLJ?PCEGgLBCJ-SRjL
CL3?LR?#PSX
RGCLCLNPCTGQRMAMKNJCR?PJMQCQRSBGMQBCCVNJMP?AGgLCLCJ2eM
"CLGAMLSL?GLTCPQGgLBC53KGJJMLCQ 90&"A
#MKSLGA?BMQ BC NPCLQ? PC?JGX?BMQ NMP CJ ?LRCPGMP -GLGQRPM BC (GBPMA?P@SPMQ
#?PJMQ6GJJCE?Q ?ARS?JNPCQGBCLRCBC90&"
?LSLAG?@?LMDGAG?JKCLRCOSCQCP\
PC?JGX?B? SL? GLTCPQGgL BC KGJJMLCQ BC BgJ?PCQ N?P? CJ BCQ?PPMJJM BC
?ARGTGB?BCQ BC CVNJMP?AGgL CL "MJGTG? NMP 0CRPM?LBGL?
AML SL? GLTCPQGgL
?QGEL?B?BCKGJJMLCQBCBgJ?PCQN?P?CJLMPRCBC,?0?XCLSLNCPeMBM
BC AGLAM ?fMQ 0?P? CQRC NPMNgQGRM
CJ 0PCQGBCLRC -MP?JCQ ?NPM@g J? ,CW
CL *SJGM BCJ KGQKM ?fM
J? AS?J P?RGDGA? JMQ AMLRP?RMQ BC J? LSCT?
CKNPCQ? 0CRPM?LBGL? N?P? AMKCLX?P J?Q ?ARGTGB?BCQ BC CVNJMP?AGgL W
CVNJMR?AGgLCLCJN?eQ !")
%QRCN?QMJCE?JB?Pe?GLGAGM?J?Q?ARGTGB?BCQBCCVRP?AAGgLWCVNJMR?AGgLCLCJ
AMPRMNJ?XM
JMOSCCQCQNCP?BMNMPJ?NM@J?AGgLWEM@GCPLMJMA?JBC!NMJMWCJ
EM@GCPLM BCN?PR?KCLR?J BC ,? 0?X
OSC @PGLB? SL PCQN?JBM NPCNMLBCP?LRC ?
CQRMQ NPMWCARMQ 0PCDCARSP? BC ,? 0?X
%QNCAeDGA?KCLRC BCLRPM BC J?
PCEGgL ?K?XgLGA? @MJGTG?L?
J? CVNJMP?AGgL W CVNJMR?AGgL BC FGBPMA?P@SPMQ CQ
MDGAG?JKCLRC AMLDGPK?B? CL CJ "CLG W CJ LMPRC BC ,? 0?X AMKM SL? BC J?Q
NPGLAGN?JCQXML?QCLJ?Q?ARGTGB?BCQBC0CRPM?LBGL?%JGLGAGMBCJ?NPGKCP?D?QC
BC J?Q ?ARGTGB?BCQ BC CVNJMP?AGgL
BCLMKGL?B? |#?P?T?L? F?AG? CJ 0PMEPCQM}
DSCPC?JGX?B?CL/ARS@PCBCAMLJ?NPCQCLAG?BCJNPCQGBCLRC%TM-MP?JCQ
.SCTC KCQCQ BCQNSbQ BCJ GLGAGM BC CQRMQ RP?@?HMQ
CL HSJGM BCJ
CJ
NPMWCARM JMEPg AMKNJCR?P QS JGACLAG? ?K@GCLR?J 3GL CK@?PEM
J? NPM@JCK\RGA?
?ARS?J CL CJ LMPRC BC ,? 0?X QC @?Q? CL BCLSLAG?Q W NPMRCQR?Q QM@PC J?Q
?ARGTGB?BCQ BC J? CKNPCQ? 0CRPM?LBGL?
N?PRGASJ?PKCLRC PCJ?AGML?B?Q AML CJ
GLGAGMBCRP?@?HMQBCCVNJMP?AGgLQGLASKNJGPAMLJ?QLMPK?Q?K@GCLR?JCQWQGL
OSC QC F?W?L BCQ?PPMJJ?BM JMQ NPMACQMQ BC AMLQSJR? AML J?Q NM@J?AGMLCQ
GLBeECL?Q
JMOSCCQLMPK?BMNMPCJBCAPCRMBCAMLQSJR?WN?PRGAGN?AGgL
%LCQRCQCLRGBM
CVGQRGCPMLBCLSLAG?QPC?JGX?B?QNMPMPE?LGX?AGMLCQGLBeECL?Q
W ?K@GCLR?JGQR?Q QM@PC CJ GLGAGM BC CVNJMP?AGgL NCRPMJCP? CL CQR? PCEGgL QGL
AMLR?PAMLCJNCPKGQMBCJ?QMPE?LGX?AGMLCQBCJMQNSC@JMQGLBeECL?Q4?A?L?Q
,CAMQ
-MQCRCLCQW#FGK?LCQ
CLAMLRP?NMQGAGgLBCJ!PReASJMBCJ?,CWBC
(GBPMA?P@SPMQ W BCJ $CAPCRM 3SNPCKM PCDCPGBM ?J 2CEJ?KCLRM BC
#MLQSJR?W0?PRGAGN?AGgLN?P?!ARGTGB?BCQ(GBPMA?P@SPJDCP?Q
NPMKSJE?BMCLBC
DC@PCPM BC BSP?LRC J? ?BKGLGQRP?AGgL BC -MP?JCQ !QGKGQKM
J?Q
MPE?LGX?AGMLCQ GLBeECL?Q W ?K@GCLR?JGQR?Q GKNSEL?L J? JGACLAG? ?K@GCLR?J
MRMPE?B??0CRPM?LBGL?
%JNPCQGBCLRC%TM-MP?JCQBCLSLAGgCLCQRCQCLRGBMOSC?JESL?Q/.'QSRGJGX?L
PCAJ?KMQBCNSC@JMQGLBeECL?QN?P?RP?@?PJ?CVNJMP?AGgLBCFGBPMA?P@SPMQCL
"MJGTG?
@?HMRSGAGgLCQR?R?J
AMLJ?GLRCPNMQGAGgLBCSL?QCPGCBCPCOSGQGRMQN?P?
J? ?BOSGQGAGgL BC J?Q JGACLAG?Q ?K@GCLR?JCQ ASCQRGML?LBM J? A?KN?f?
BCLMKGL?B?!K?XMLG?QGL0CRPgJCMBCJ&MPM"MJGTG?LMBC-CBGM!K@GCLRC|$C
OSCCLRMLACQ"MJGTG?T??TGTGP
CQR\LBGAGCLBMCLMRP?QN?J?@P?QOSCCJNSC@JM
@MJGTG?LM LM R?LE? NJ?R?
LM RCLE? )$(
OSC LM F?W? CJ @MLM BC CBSA?AGgL
*S?LAGRM0GLRMMJ?2CLR?$GELGB?B} !")
5LMBCJMQNPGLAGN?JCQPCAJ?KMQCKGRGBMQNMPMPE?LGX?AGMLCQGLBeECL?Q?RP?TbQ
BC PCQMJSAGMLCQ CL CJ KCQ BC HSJGM BC CQ OSC LM QC ASKNJGg AML CJ
NPMACQM BC AMLQSJR? PCEJ?KCLR?BM NMP JCW ,? #MLDCBCP?AGgL BC 0SC@JMQ
)LBeECL?Q BC "MJGTG? #)$/"
BCDGCLBC J? AMLQSJR? W N?PRGAGN?AGgL BC JMQ
NSC@JMQ GLBeECL?Q QM@PC JMQ NPMWCARMQ BC CVNJMR?AGgL BC PCASPQMQ L?RSP?JCQ
AMLCJ?NMWMBCJ?QMPE?LGX?AGMLCQGLBeECL?QPCEGML?JCQR?LRMBCJ?!K?XMLG?
WBCJ?PCEGgLBCJ#F?AM
#)$/" QC ?NMW? CL J? LSCT? #MLQRGRSAGgL 0MJeRGA? BCJ %QR?BM #0%
W J?
LMPK?RGT? NCRPMJCP? TGECLRC
OSC CVGECL AMLQSJR?P ? JMQ NSC@JMQ GLBeECL?Q
QM@PCJMQNPMWCARMQBCCVNJMR?AGgLBCPCASPQMQL?RSP?JCQOSCQCRCLE?NPCTGQRM
PC?JGX?PCLQSQRCPPGRMPGMQ%J?PReASJMBCJ?#0%BGQNMLCCJBCPCAFMBCJ?Q
L?AGMLCQGLBeECL?Q?J?AMLQSJR?NPCTG?CGLDMPK?B?W?J?N?PRGAGN?AGgLCLJMQ
@CLCDGAGMQ NMP J? CVNJMR?AGgL BC JMQ PCASPQMQ L?RSP?JCQ LM PCLMT?@JCQ OSC QC
CLASCLRP?LCLQSQRCPPGRMPGMQ 'M@GCPLMBC"MJGTG??
3CEjL SL GLDMPKC BCJ EM@GCPLM NPCQCLR?BM ? DGLCQ BC
QCf?J? OSC
CVGECLAG?Q ?K@GCLR?JCQ DPCL?L NPMWCARMQ CL (GBPMA?P@SPMQ NPMTGCLCL G
BCJ
A?P\ARCP BC J? LCEMAG?AGgL QM@PC AMKNCLQ?AGMLCQ CLRPC J?Q CKNPCQ?Q
NCRPMJCP?Q W JMQ NSC@JMQ GLBeECL?Q MPGEGL?PGMQ W AMKSLGB?BCQ A?KNCQGL?Q
GG
BC J? NPCQCPT?AGgL CQRPGAR? BC J?Q \PC?Q NPMRCEGB?Q
GGG
BC JMQ NPMACQMQ BC
#MLQSJR?W0?PRGAGN?AGgL
GT
BCJNPMACQMBCM@RCLAGgLBCJ?,GACLAG?!K@GCLR?J
WT
BCJMQN?QGTMQ?K@GCLR?JCQ 2G@CP?
$C ?ASCPBM ? 90&"
J?Q CKNPCQ?Q NCRPMJCP?Q MNCP?LBM CL "MJGTG? GLTGPRGCPML
CLRPCWBCJMQPCASPQMQAMKNPMKCRGBMQF?QR?LMTGCK@PCBC
NMP
JM OSC J? @?H? CHCASAGgL NPCQSNSCQR?PG? QC BC@C
CLRPC MRPMQ D?ARMPCQ ? J?Q
BCK?LB?Q BC JMQ NSC@JMQ GLBeECL?Q W ?J PCRP?QM CL CJ MRMPE?KGCLRM BC J?Q
JGACLAG?Q ?K@GCLR?JCQ %QRC GLDMPKC R?K@GbL NJ?LRC? OSC J?Q \PC?Q NPMRCEGB?Q
CQRPGAR?KCLRC AMLQCPT?AGMLGQR?Q NSCBCL GLTG?@GJGX?P JMQ NPMWCARMQ BC GLRCPbQ
L?AGML?J?BCK\Q
OSCAMLQGBCP?QCRCLBPe?SLQGKGJ?PAMLJ?LCEMAG?AGgLJG@PC
QM@PC AMKNCLQ?AGMLCQ OSC CLR?@J?L J?Q AMKN?fe?Q NCRPMJCP?Q W JMQ NSC@JMQ
GLBeECL?Q W J?Q AMKSLGB?BCQ A?KNCQGL?Q ?QCLR?B?Q CL \PC?Q CL J?Q OSC QC
OSGCPCCVNJMP?PWCVNJMR?PFGBPMA?P@SPMQ
%L CQRC AMLRCVRM
CJ EM@GCPLM ?LSLAGg Nj@JGA?KCLRC OSC J?Q JGACLAG?Q
?K@GCLR?JCQ W J? N?PRGAGN?AGgL BC NSC@JMQ GLBeECL?Q W AMLQSJR? GLBeECL? CL J?
CHCASAGgL BC NPMWCARMQ NCRPMJCPMQ QML SL M@QR\ASJM N?P? J? GLTCPQGgL
W? OSC
GKN?ARMQ LCE?RGTMQ QM@PC J? ?ARGTGB?B FGBPMA?P@SPeDCP? QC MPGEGL?L CL JMQ
"MLMQW@CLCDGAGMQQMAG?JCQN?E?BMQ?LGTCJL?AGML?J?RP?TbQBCJ4CQMPMECLCP?JBC
.?AGgLKCBG?LRCJMQPCASPQMQECLCP?BMQNMPFGBPMA?P@SPMQ
NPMACQMQ J?PEMQ C GLRCPCQ?BMQ CL #MLQSJR? W 0?PRGAGN?AGgL #\K?P? "MJGTG?L?
BC(GBPMA?P@SPMQ
!J PCQNCARM
90&" ?LSLAGg J? GLRPMBSAAGgL BC A?K@GMQ QM@PC CQRMQ BMQ
NPMACQMQ CL J? LSCT? ,CW BC (GBPMA?P@SPMQ
GLAJSWCLBM J? PCBSAAGgL CL JMQ
NJ?XMQ BC JMQ NPMACQMQ BC AMLQSJR? W N?PRGAGN?AGgL GLBeECL? CL NPMWCARMQ
NCRPMJCPMQ
?AAGMLCQ MPGCLR?B?Q ? JMEP?P OSC CJ NPMACQM BC #MLQSJR? W
0?PRGAGN?AGgL LM AMLQRGRSW? SL GKNCBGKCLRM W OSC JMQ F?@GR?LRCQ AMLQSJR?BMQ
CLR?JCQNPMACQMQLMRCLE?LBCPCAFM?TCR?P?ARGTGB?BCQ
M@P?QWNPMWCARMQ
,? ,CW BC (GBPMA?P@SPMQ TGECLRC CQR?@JC OSC J? AMLQSJR? QC PC?JGX?P\ CL BMQ
KMKCLRMQNPCTG?KCLRC?J?JGAGR?AGgL
?SRMPGX?AGgL
AMLRP?R?AGgL
AMLTMA?RMPG?
W?NPM@?AGgLBCJ?QKCBGB?Q
M@P?QMNPMWCARMQFGBPMA?P@SPJDCPMQ
WQCESLBM
AML ?LRCPGMPGB?B ? J? ?NPM@?AGgL BC JMQ CQRSBGMQ BC %T?JS?AGgL BC )KN?ARM
!K@GCLR?J 'M@GCPLMBC"MJGTG?@
$CQNSbQBCSL?fMBCRP?@?HMCVNJMP?RMPGMCLCJ@JMOSC,JGOSGKSLG LMPRCBC,?
0?X
0CRPM?LBGL? BCAGBGg ?BCJ?LR?P QS APMLMEP?K? W BSNJGA?P J? GLTCPQGgL
NPMEP?K?B? BC 53 KGJJMLCQ ? 53 KGJJMLCQ %L CQRC QCLRGBM
QC
NPMEP?K?J?NCPDMP?AGgLCVNJMP?RMPG?CLCJLMPRCBC,?0?XN?P?DGLCQBCW
CJGLGAGMBCMNCP?AGMLCQN?P?CJ!QGKGQKM
QC?LSLAG?OSCCQR?CKNPCQ?
NPMACBCP\ CJ ? PCJCT?P B?RMQ BC ?CPMEP?TGKCRPe? CL JMQ MRPMQ AS?RPM
@JMOSCQ?BHSBGA?BMQCLCQR?PCEGgL-?BGBG
#FCNGRC
3CASPCW#FGQN?LG 90&"
A
%JNSC@JMGLBeECL?-MQCRCL?BTGPRGgOSCLMQCNCPKGRGP\OSCCL J?Q4#/QBCJ
LMPRC BCJ BCN?PR?KCLRM BC ,? 0?X QC JJCTC ? A?@M J? RCPACP? D?QC BC NPSC@?Q
QeQKGA?QN?P?J?CVNJMP?AGgLBCNCRPgJCMBC@GBM?JGLASKNJGKGCLRMBCNPMWCARMQ
BC BCQ?PPMJJM CL J? PCEGgL NMP N?PRC BC 0CRPM?LBGL?
OSC TSJLCPg CJ ?ASCPBM
N?AR?BM AML J?Q AMKSLGB?BCQ GLBeECL?Q BCJ KSLGAGNGM BC 0?JMQ "J?LAMQ
&SLB?AGgL4GCPP?
.M M@QR?LRC
CQRC SL NPM@JCK? ?jL LM PCQSCJRM OSC RGCLC BGTCPQ?Q
P?KGDGA?AGMLCQ W AMLLMR?AGMLCQ W OSC QC RMPL? CL SL NPMACQM AMKNJCHM W
BCJGA?BM $C ?ASCPBM ? "C@@GLERML
CL QS ?L\JGQGQ QM@PC NMJeRGA?Q
CVRP?ARGT?Q W BGL\KGA?Q RCPPGRMPG?JCQ CL "MJGTG?
0CPj W %AS?BMP
CJ NMBCP
?PRGASJ?P ?ARGTGB?BCQ BC CVRP?AAGgL W BCQ?PPMJJM RCPPGRMPG?J CQ SL NPMACQM K\Q
BGDeAGJOSCRP?BSAGPPCLR?QCVRP?ARGT?QWBCQ?PPMJJM
BMLBCJ?Q?PRGASJ?AGMLCQCLRPC
?K@MQ \K@GRMQ LM QC B?L NMP Qe KGQK?Q
W? OSC CVGQRC J? LCACQGB?B BC
?PRGASJ?P R?JCQ NMJeRGA?Q CVRP?ARGT?Q AML NMJeRGA?Q BC RGCPP?Q W RCPPGRMPGM
NMJeRGA?Q
?EP?PG?Q
BCBCQ?PPMJJMPSP?JWBCECQRGgLBCJCQN?AGM
%LCQRCQCLRGBM
QCP\BCRCPKGL?LRCCJNMBCPCQR?@JCACP?ASCPBMQWKCA?LGQKMQ
OSC PCQNMLB?L ? LCACQGB?BCQ L?AGML?JCQ AML J?Q LCACQGB?BCQ W BCK?LB?Q
RCPPGRMPG?JCQ
?QeAMKM?JMQBCPCAFMQAGSB?B?LMQAMLJMQBCPCAFMQRCPPGRMPG?JCQ
"C@@GLERML
DSLB?KCLR?JKCLRC AMLQGBCP?LBM CJ PMJ BCJ %QR?BM CL J?
?ARS?JGB?B
J? QM@PCNMQGAGgL BC AMLACQGMLCQ FGBPMA?P@SPeDCP?Q AML RCPPGRMPGMQ
GLBeECL?Q
J? NPMKSJE?AGgL BC K?PAMQ JCE?JCQ ? N?PRGP BC JM CQRGNSJ?BM CL J?
.SCT? #MLQRGRSAGgL 0MJeRGA? BCJ %QR?BM W JMQ NPMACQMQ BC MASN?AGgL RCPPGRMPG?J
OSCDMPK?LN?PRCBCJ?QA?P?ARCPeQRGA?QBCJ?PCEGgL?K?XgLGA?@MJGTG?L?
%J#MPPCBMP.MPRC
#MKM F? QGBM ?KNJG?KCLRC BMASKCLR?BM
J? CHCASAGgL BC KCE?NPMWCARMQ BC
GLDP?CQRPSARSP?CLJ?PCEGgL?K?XgLGA?NPMTMA?SLMBCJMQK?WMPCQGKN?ARMQ?
J? AMLQCPT?AGgL
QGCLBM J? AMLQRPSAAGgL BC A?KGLMQ W A?PPCRCP?Q SLM BC JMQ
NPGLAGN?JCQBCQ?DeMQCLCQRCQCLRGBM &JCAICR?J
,?QA?PPCRCP?QCLCQR?PCEGgLCLN?PRGASJ?PQMLAMLQGBCP?B?QBCLRPMBCJK?PAM
BC NMJeRGA?Q Nj@JGA?Q AMKM KCBGMQ GLBGQNCLQ?@JCQ BC BCQ?PPMJJM C GLRCEP?AGgL
CQNCAG?JKCLRC AML PCEGMLCQ ?GQJ?B?Q W QGL MNMPRSLGB?BCQ BC JMEP?P SL
BCQ?PPMJJM
CL N?PRC NPCAGQ?KCLRC BC@GBM ? CQR? AMLBGAGgL .M M@QR?LRC
JMQ
GKN?ARMQ ?K@GCLR?JCQ W QMAG?JCQ QML BGTCPQMQ
W T?L BCQBC J? ?NCPRSP? BC
A?KGLMQ CL XML?Q AMLQCPT?B?Q
OSC AMLJJCT?L GLAPCKCLRMQ CL J?
BCDMPCQR?AGgL
NbPBGB? BC @MQOSCQ
AMLDJGARMQ NMP CJ ?AACQM ? PCASPQMQ BCJ
@MQOSCW?QCLR?KGCLRMQGJCE?JCQ
K?WMPKGEP?AGgLLMNJ?LGDGA?B?
NPMN?E?AGgL
BCCLDCPKCB?BCQWJ?CQNCASJ?AGgLBCRGCPP?Q
%L CJ LMPRC ?K?XgLGAM @MJGTG?LM QC RGCLCL BMQ NPMWCARMQ A?KGLCPMQ BC
GKNMPR?LAG?
OSC GLAJSWCL J? N?TGKCLR?AGgL BCJ #MPPCBMP .MPRC
AMKNMLCLRC
BCJCHC0CPj"P?QGJ"MJGTG?BCJ?)LGAG?RGT?N?P?J?)LRCEP?AGgLBC)LDP?CQRPSARSP?
2CEGML?J CL 3SB?KbPGA? ))23!
W J? AMLQRPSAAGgL BC J? A?PPCRCP? )VG?K?Q%J
#FGTb
OSCAMLCAR?JMQBCN?PR?KCLRMQBC,?0?XW0?LBM
WOSCCQN?PRCBCJ
?LRGESMNPMWCARM3?L"SCL?TCLRSP?#M@GH? 3%2.!0
!K@MQNPMWCARMQ
NPCRCLBCL KCHMP?P J? AMLCVGgL BCJ LMPRC @MJGTG?LM AML CJ PCQRM BCJ N?eQ W
?QGKGQKM
AML0CPjW"P?QGJAMKMN?PRCCQRP?RbEGA?BCJ?GLRCEP?AGgLAMKCPAG?J
W ECMNMJeRGA? BCJ LMPRC ?K?XgLGAM
JM OSC AMLQRGRSWC SL? NPGMPGB?B R?LRM BCJ
EM@GCPLMACLRP?JAMKMBCJMQEM@GCPLMQBCN?PR?KCLR?JCQBCJ?PCEGgL
%J /@HCRGTM BCJ #MPPCBMP .MPRC CQ KCHMP?P J?Q AMLBGAGMLCQ BC GLRCEP?AGgL
L?AGML?JWJ?AMLCVGgLGLRCPL?BCJ?QNPMTGLAG?QBCJMQBCN?PR?KCLRMQBC"CLGW
0?LBM
AML NPGMPGB?B CL QCESPGB?B TG?J
E?P?LRGX?LBM CJ JG@PC RP\LQGRM
NCPK?LCLRCCLCJ#MPPCBMPCGLACLRGT?LBMBCDMPK?QMQRCLG@JCJ?GLRCEP?AGgLW
CJBCQ?PPMJJMCAMLgKGAMBCJ?PCEGgLLMPRCAMLCJPCQRMBCJN?eQ ")$
5LM BC JMQ NPGLAGN?JCQ KMRGTMQ CQRP?RbEGAMQ BCJ NPMWCARM #MPPCBMP .MPRC CQ
TG?@GJGX?PCJRP?LQNMPRCBCA?PE?BCNPMBSARMQBCJMQKCPA?BMQBCJ?QPCEGMLCQ
BCJ !APC
2MLBhLG? W -?RM 'PMQQM
CL "P?QGJ
N?P? J? CVNMPR?AGgL ? RP?TbQ BC
JMQ NSCPRMQ BCJ 0?AeDGAM RMK?LBM AMKM PSR? CJ N?QM AJ?TC NMP "MJGTG?
?SLOSC
QC CQRGK? OSC JMQ AMQRMQ BC RP?LQNMPRC ? RP?TbQ BC CQRC #MPPCBMP QCPe?L
K?WMPCQOSCMRP?QTe?Q?JRCPL?RGT?QBCLRPMBCJRCPPGRMPGM@P?QGJCPM
QGCQOSCQC
PC?JGX?J?NJ?LGDGA?B?N?TGKCLR?AGgLBCJ?QA?PPCRCP?Q#SG?@\3?LR?PbKW0MPRM
6CJFM-?L?SQ &JCAICR?J
%J NPCQGBCLRC %TM -MP?JCQ NJ?LRC? AMKM SL? NMJeRGA? BC QS EM@GCPLM J?
CHCASAGgLBCJBCLMKGL?BM#MPPCBMP.MPRC
OSCPCNPCQCLR?CJNPGKCPN?QMBCJ?
NPMNSCQR?K?PAF??JLMPRC
AMLCJM@HCRMBCTGLASJ?PSL?BCJ?QPCEGMLCQK\Q
?JCH?B?Q W BCQTGLASJ?B?Q BC "MJGTG?
AMKM CQ J? PCEGgL ?K?XgLGA?
AMLRPG@SWCLBM ? J? GLRCEP?AGgL L?AGML?J W PCEGML?J
W JMEP?P CJ BCQ?PPMJJM BC J?
PCEGgL !"#
3GL CK@?PEM
J?Q CVGECLAG?Q ?K@GCLR?JCQ W QMAG?JCQ QML
CTGBCLRCQ
W?OSCJ?QA?PPCRCP?QNPMWCAR?B?Q?RP?TGCQ?LJ?PCEGgLQSBMCQRCBC
J? ASCLA? ?K?XgLGA? %QR? PCEGgL ASCLR? AML @?H? BCLQGB?B BCKMEP\DGA?
RCPPGRMPGMQ GLBeECL?Q
\PC?Q NPMRCEGB?Q BC GKNMPR?LAG? W CVRCLQMQ @MQOSCQ W
Q?@?L?Q CL @SCL CQR?BM BC AMLQCPT?AGgL
OSC ?J@CPE?L SL? CLMPKC PGOSCX?
BC@GMBGTCPQGB?B 5$!0%
,?%T?JS?AGgL!K@GCLR?J%QRP?RbEGA?BCJ#MPPCBMP.MPRC
DGL?LAG?B?NMPCJ")$
DSCAMLAJSGB?CLJSCEMBCBMQ?fMQBCCVRCLQMQ?L\JGQGQW BGQASQGgLBC
JMQ GKN?ARMQ ?K@GCLR?JCQ
QMAG?JCQ W CAMLgKGAMQ %J \PC? BC GLDJSCLAG? BCJ
NPMWCARM ?QAGCLBC ? IGJgKCRPMQ AS?BP?BMQ
OSC COSGT?JCL ?J NMP
AGCLRM BCJ RCPPGRMPGM @MJGTG?LM $(6
?DCAR?LBM BGPCAR?KCLRC ? QCGQ
NPMTGLAG?Q BC "CLG W 0?LBM
BGPCAR?KCLRC PCJ?AGML?B?Q ?J RCPPGRMPGM OSC
AMPPCQNMLBC?JLMPRC?K?XgLGAMBC"MJGTG?
%J6GACKGLGQRCPGMBC4P?LQNMPRCQCL?L?JGXgCLCQRCAMLRCVRM
OSCBC@GBM
?JMQ@?HMQTMJjKCLCQBCRP\DGAMCVGQRCLRCCLT?PG?QA?PPCRCP?Q
N?PRGASJ?PKCLRC
CL J? PCEGgL ?K?XgLGA? @MJGTG?L?
J?Q GLTCPQGMLCQ BC KCHMP?KGCLRM W
AMLQRPSAAGgLBC@CLQCPJ?QK\QQGKNJCQNMQG@JCQ
QGCLBMOSCJ??JRCPL?RGT?K\Q
CAMLgKGA? CL GLTCPQGgL BC A?PPCRCP?Q CQ CJ SQM BC J? A?PPCRCP? BC PGNGM
6-4#!#
W? OSC CLRPC JMQ NPGLAGN?JCQ NPM@JCK?Q ?ARS?JCQ BC J? PCB
@MJGTG?L? A?KGLCP? CQR\L CJ K?LRCLGKGCLRM BCDGAGCLRC OSC ?DCAR? CJ ?AACQM
AMLRGLSM BSP?LRC RMBM CJ ?fM W J? D?JR? BC AMLCVGgL BC J? PCB A?KGLCP?
6-4#!#
,? GLAJSQGgL BC AMQRMQ ?K@GCLR?JCQ KeLGKMQ GLASPPGBMQ CQRGK?BMQ N?P? \PC?Q
NPMRCEGB?Q CL CJ ?L\JGQGQ BC TG?@GJGB?B CAMLgKGA? BCJ &MLBM BC #MLQCPT?AGgL
%QRP?RbEGA?RGCLCLSLCDCARMBCPCBSAGPJMQ@CLCDGAGMQM?SKCLR?PJ?QNbPBGB?Q
BCJMQNPMWCARMQNCPMQGLA?K@G?PQSTG?@GJGB?B
%JCQRSBGMBCGKN?ARM?K@GCLR?JBCJAMPPCBMPLMPRCGLBGA?
CLRPCQSQNPGLAGN?JCQ
AMLAJSQGMLCQ
OSC J? KCHMP? BCJ A?KGLM RP?CP\ AMLQGEM K?WMPCQ AMLDJGARMQ NMP
J?RGCPP?
J??ACJCP?AGgLBCJ?CVRP?AAGgLGLDMPK?JBCK?BCP?
WCJAPCAGKGCLRMBC
JMQ N?QRGX?JCQ /RPMQ RP?@?HMQ R?K@GbL F?L ?JCPR?BM OSC J? K?WMP GLRCEP?AGgL
CAMLgKGA?BCJ?PCEGgLLMQgJM?JCLR?P\CJBCQ?PPMJJMBCJ??ARGTGB?BCVRP?ARGT?
K?BCPCP? W BC J? E?L?BCPe?
QGLM OSC NMBPe?L ?SKCLR?P CJ ?RP?ARGTM BC MRPMQ
ASJRGTMQ?EPeAMJ?QAMKMCJBCJ?QMW? 0?AFCAMCR?J
5L CQACL?PGM DSRSPM
OSC GLAJSWC J? N?TGKCLR?AGgL BCJ AMPPCBMP LMPRC W BCJ
A?KGLM ?J 0?AGDGAM
QSEGCPC OSC SL BCJ GLAPCKCLRM BC \PC?Q BC ASJRGTM
NPGLAGN?JKCLRC N?P? QMW?
QC NPMBSAGPe? QM@PC RGCPP?Q DMPCQR?JCQ
QM@PC
N?QRGX?JCQ W QgJM QM@PC \PC?Q ?EPeAMJ?Q -\Q BCJ BC CQR? CVN?LQGgL
NMBPe?MASPPGPCLJ?PCEGgLLMPRCBC"MJGTG? $e?XCR?J
%L CQRC QCLRGBM
J? N?TGKCLR?AGgL BC J?Q QCAAGMLCQ BCJ #MPPCBMP .MPRC NSCBC
MA?QGML?P EP?LBCQ A?K@GMQ CL CJ SQM BCJ QSCJM CL CQR? PCEGgL
OSC CL J?
?ARS?JGB?B NPCQCLR? CQR?BMQ KSW D?TMP?@JCQ BC AMLQCPT?AGgL
W? OSC J?
BGQKGLSAGgL BC JMQ AMQRMQ BC RP?LQNMPRC PCQSJR?LRCQ BC J? N?TGKCLR?AGgL
AM?BWST?Pe?L ? JMEP?P SL? TG?@GJGB?B CAMLgKGA? N?P? J? GKNJCKCLR?AGgL BC
?ARGTGB?BCQCAMLgKGA?QAMKMCJASJRGTMBCQMW?CLCQR?PCEGgL
AMLHSLR?KCLRC
AMLMRP?Q?ARGTGB?BCQ?EPeAMJ?QWNCAS?PG?Q
?JBGQKGLSGPAMQRMQBCRP?LQNMPRCW
RGCKNM
JM OSC MA?QGML?Pe? SL A?K@GM BC EP?L CQA?J? AML CQRGK?AGMLCQ
AMLQGBCP?@JCQGKN?ARMQ?K@GCLR?JCQ 6CP?$e?X
3CCQRGK?OSCJ?KCHMP?
BC CQRC AMPPCBMP AMLRPG@SGP\ ? JCT?LR?P J?Q @?PPCP?Q OSC F?L GKNCBGBM F?QR?
?FMP? J? CVN?LQGgL BC J? DPMLRCP? ?EPeAMJ? CL CJ LMPRC ?K?XgLGAM @MJGTG?LM
0?AFCAMCR?J
,?Q A?PPCRCP?Q BCJ %HC #CLRP?J BC "MJGTG? F?L QGBM AMLQGBCP?B?Q AMKM
NPGMPGB?BCQ BC GLTCPQGgL
AMKM J? A?PPCRCP? 3?LR? #PSX0SCPRM 3S\PCX OSC
%J%HC#CLRP?JGLRCEP?BMNMPJMQBCN?PR?KCLRMQBC,?0?X
#MAF?@?K@?W3?LR?
#PSXAMPPCQNMLBC?K\QBCJ?KGR?BBCJRCPPGRMPGMWAMLACLRP?CJBCJ?NM@J?AGgL
NCPKGRCCJRP?LQNMPRCBCA?PE?WNCPQML?QF?AG?"P?QGJWCJ/Ab?LM!RJ\LRGAMW
F?AG? CJ CVRPCKM MCQRC F?AG? CJ /Ab?LM 0?AeDGAM
CL AMLRP?QRC AML J?
AMLQGBCP?AGgL OSC QC B?@? ? J?Q A?PPCRCP?Q BCJ LMPRC BC NMA? GKNMPR?LAG? W
RP\DGAM
B?BM OSC QC RGCLC SL? BC J?Q BCLQGB?BCQ K\Q @?H?Q BCJ N?eQ
BC
QMJ?KCLRCF?@GR?LRCQNMPIGJgKCRPMAS?BP?BM3GLCK@?PEM
AMLCJEM@GCPLM
BC%TM-MP?JCQCJCHC.MPRCQCAMLTGCPRCCLSL?NPGMPGB?B
5L? BC J?Q AMLBGAGML?LRCQ N?P? J? GKNJCKCLR?AGgL BC CQRC NPMWCARM CP?L JMQ
DMLBMQ LCACQ?PGMQ ?J F?@CPQC QSQNCLBGBM CL CJ CJ DGL?LAG?KGCLRM BC J?
#SCLR? BCJ -GJCLGM NMP SL KMLRM BC 53 KGJJMLCQ 3GL CK@?PEM
?
KCBG?BMQ BC QC JMEP? SL APbBGRM BC 53 KGJJMLCQ N?P? CJ NPGKCP
RP?KM BCJ #MPPCBMP .MPRC ? RP?TbQ BC SL NPbQR?KM AMLACQGML?J BCJ "?LAM
)LRCP?KCPGA?LMBC$CQ?PPMJJM
??fMQNJ?XMWAMLSL?R?Q?BCGLRCPbQOSCLM
QSNCP? CJ ?LS?J !"#
%QRC NPbQR?KM QC CHCASR?P\ CL CJ
KCHMP?KGCLRM
PCF?@GJGR?AGgL
AMLQRPSAAGgL W N?TGKCLR?AGgL BCJ RP?KM 3?LR?
"\P@?P? ,?0?X
z2SPPCL?@?OSC "CLG
!QGKGQKM
CQRCNPMWCARMPCRMK?CJGKNSJQM?JPCAG@GPJ?AMLDGPK?AGgLMDGAG?JBCJ
0PCQGBCLRC BC "P?QGJ W QS BCAGQGgL BC ?NMW?P DGL?LAGCP? W NMJeRGA?KCLRC J?
AMLQRPSAAGgL BC IGJgKCRPMQ CLRPC J?Q JMA?JGB?BCQ BC 2SPPCL?@?OSC W
2G@CP?JR? CL CJ BCN?PR?KCLRM BCJ "CLG %J BC *SJGM BC
CJ 0PCQGBCLRC
-MP?JCQAMLDGPKgOSC6CLCXSCJ?NPMTCCP\SLAPbBGRMBC53KGJJMLCQN?P?
J?AMLQRPSAAGgLBCA?KGLMQCLRPCJMQBCN?PR?KCLRMQBC0?LBMW"CLG
OSCQC
QSK?L ? JMQ 53 KGJJMLCQ OSC CJ EM@GCPLM BC "P?QGJ PC?JGX?P\ AMKM
NPbQR?KMBCJ"?LAM.?AGML?JBC$CQ?PPMJJM%AMLgKGAMW3MAG?J
%QRMQ AMKNPMKGQMQ DSCPML P?RGDGA?BMQ CL J? PCSLGgL RPGL?AGML?J CLRPC "MJGTG?
"P?XGJW6CLCXSCJ?CLJ?AGSB?BBC2G@CP?JR?CLCJLMPRC!K?XgLGAMBC"MJGTG?
AMKMN?PRCBCJ#MPPCBMP"GMAC\LGAM
CLCJAS?JCJ#MPPCBMP.MPRCDMPK?N?PRC
GLRCEP?J !QGKGQKM
CJ EM@GCPLM BC "MJGTG? F? CQRGK?BM 53 KGJJMLCQ
LCACQ?PGMQ N?P? J? AMLQRPSAAGgL BCJ CHC 3?L "SCL?TCLRSP?)VG?K?Q#FGTC
CL
SL?QMJGAGRSBBCDMLBMQ?J?#MPNMP?AGgL!LBGL?BC&MKCLRM -0$
!NCQ?PBCJ?QNPCMASN?AGMLCQQM@PCCJGKN?ARM?K@GCLR?JWQMAG?JCL?JESL?Q
PCEGMLCQ BCJ LMPRC ?K?XgLGAM @MJGTG?LM
CQRC NPMWCARM CQ SL? BC J?Q K?WMPCQ
NPGMPGB?BCQ BCJ ?ARS?J EM@GCPLM
OSC PCAG@C ?NMWM GLRCPL?AGML?J
DSLB?KCLR?JKCLRC BC JMQ EM@GCPLMQ BC "P?QGJ W 6CLCXSCJ? N?P? J? AMLAPCAGgL
BCJKGQKMCLJ??ARS?JGB?B
2CNPCQ?Q FGBPMCJbARPGA?Q CL CJ LMPRC ?K?XgLGAM %J "?J? W J? CKCPECLRC
#?AFSCJ?%QNCP?LX?
$SP?LRC T?PG?Q BbA?B?Q
CJ ?LEMQRM BCJ "?J? DSC AMLQGBCP?BM AMKM SL JSE?P
GBgLCM N?P? AMLQRPSGP SL? PCNPCQ? FGBPMCJbARPGA?
W? OSC CQCLAG?JKCLRC
AMLQRGRSWC SL? GLKCLQ? @?fCP? ASWMQ J?BMQ CQR\L AMLDMPK?BMQ NMP SL? QCPGC
BC NCf?QAMQ CQA?PN?BMQ 9? CL
CJ GLRCPbQ CL CQRC JSE?P KMRGTg ?J
GLECLGCPM?JCK\L(CGLPGAF0PCQQ?PC?JGX?PSLNPGKCPBGQCfM
%QR? NPMNSCQR? LM QC JMEPg K?RCPG?JGX?P CL R?J MNMPRSLGB?B .M M@QR?LRC
R?J
GBC?BCNPMWCARMQCF?TSCJRM?AMLQGBCP?PCLBGDCPCLRCQNCPeMBMQBSP?LRCJMQ
jJRGKMQ ?fMQ
N?PRGASJ?PKCLRC CL
W CL AS?LBM CJ
NPMWCARMDSCBCAJ?P?BMAMKMSL?NPGMPGB?BL?AGML?JNMPQCESLB? TCX?N?PRGP
BC BMQ CQRSBGMQ ? LGTCJ BC NCPDGJ W BC D?ARG@GJGB?B PC?JGX?BMQ CL W
PCQNCARGT?KCLRC !ESGPPC
%J?fMJ?0PCDCARSP?BCJBCN?PR?KCLRMBC,?0?XLSCT?KCLRCNJ?LRC?J?
LCACQGB?BBCPC?JGX?PCQRCNPMWCARM?N?PRGPBCLSCTMQCQRSBGMQOSCNJ?LRC?@?L
QSNCP?P JMQ BCDCARMQ BC J?Q NPMNSCQR?Q BC 0PCQQ W BC J?Q AMLQSJRMPe?Q BC
KCBG?BMQBCJ?BbA?B?BC
N?PRGASJ?PKCLRCPCJ?AGML?BMQ?J?GLSLB?AGgL
BC \PC?Q KSW CVRCLQ?Q NPMBSARM BC J? AMLQRPSAAGgL BCJ CK@?JQC %QR? LSCT?
NPMNSCQR? NJ?LRC? J? AMLQRPSAAGgL BC BMQ PCNPCQ?Q ?JCB?f?Q K\Q NCOSCf?Q
OSCGLSLB?Pe?LSL?CVRCLQGgLBCIGJgKCRPMQAS?BP?BMQWJ?A?N?AGB?BBC
ECLCP?P-7 -MPPGQ
,?Q P?XMLCQ OSC HSQRGDGA?L J? PCNPCQ?
QGL CK@?PEM
F?L A?K@G?BM CL J?Q
jJRGK?QBbA?B?QBCQBCOSC0PCQQPC?JGXgCJNPGKCPBGQCfM,?GLBSQRPG?KGLCP?
@MJGTG?L? AMJ?NQg ? KCBG?BMQ BC J? BbA?B? BC JMQ
JM OSC AMLJJCTg ? J?
GKNJCKCLR?AGgL BC NPMEP?K?Q BC ?HSQRC CQRPSARSP?J ,MQ NPMWCARMQ A?PPCRCPMQ
?QGKGQKM
F?L NPMKMTGBM CJ BCQ?PPMJJM EP?BS?J BC GLDP?CQRPSARSP? W A?KGLMQ
CLRPC,?0?XWJ?PCEGgLBC3?L"SCL?TCLRSP?WMRP?QJMA?JGB?BCQF?AG?CJLMPRC
?K?XgLGAM @MJGTG?LM
BGQKGLSWCLBM J? LCACQGB?B BC AMLCVGgL DJSTG?J CLRPC J?Q
XML?QKMLR?fMQ?QWRGCPP?Q@?H?QBCJ?!K?XMLe?@MJGTG?L?
%J EP?L A?K@GM QC B? CL J? ?NCPRSP? BCJ EGE?LRCQAM KCPA?BM @P?QGJCfM BC
CLCPEe?%L
CJAMLQSKMBCCJCARPGAGB?BCL"P?QGJDSCBCKGJJ?PCQBC
KGJJMLCQ BC IGJMT?RGMQFMP? I7F
JM OSC COSGT?JC ? K\Q BC TCACQ CJ
AMLQSKM BC "MJGTG? W ?JPCBCBMP BC TCACQ J? NMQG@JC NPMBSAAGgL BC J?
PCNPCQ? BC %J "?J? 2CGB
%QRGK?AGMLCQ PC?JGX?B?Q NMP J? CKNPCQ? )#%
)LECLGCPMQCLQSCQRSBGMBCNJ?LRC?@?LSL?NMRCLAG?BC-7
JMOSC
PCNPCQCLR? TCACQ J? NMRCLAG? GLQR?J?B? CL "MJGTG? W K\Q BC TCACQ J?
BCK?LB? K\VGK?
NMP JM OSC CJ CLDMOSC BC CVNMPR?AGgL CQ ?@QMJSR?KCLRC CJ
KMRMPBCCQRCNPMWCARM )#%
,? NCPQNCARGT? BC CVNMPR?AGgL BC CJCARPGAGB?B F?AG? CJ "P?QGJ F? AMLDCPGBM SL
PCLMT?BM GLRCPbQ CL CJ NPMWCARM
JM OSC PCNPCQCLRg CJ KMRMP LCACQ?PGM N?P?
GKNSJQ?P CJ KGQKM @?HM NMJeRGA?Q BC ?RP?AAGgL BC GLTCPQGgL CVRP?LHCP? W
CVNMPR?AGMLCQOSCQCB?LCLRPCW?fMQQS@QGESGCLRCQ
%L CJ ?L\JGQGQ BC ?AACQM ? KCPA?BMQ
SL? CTGBCLRC BCQTCLR?H? CAMLgKGA?
?QMAG?B? ?J NPMWCARM BC %J "?J? CQ CJ CQA?QM ?AACQM ? KCPA?BMQ BC
CJCARPGAGB?B
W? OSC CJ KCPA?BM @MJGTG?LM CQ BCK?QG?BM PCBSAGBM N?P? J?
PCNPCQ? W NSCBC QCP ?@?QRCAGBM NMP NPMWCARMQ FGBPMCJbARPGAMQ KCLMQ
?K@GAGMQMQ W OSC KGLGKGACL JMQ GKN?ARMQ QMAG?K@GCLR?JCQ OSC CQR? PCNPCQ?
ECLCP?Pe?
,MQ N?eQCQ TCAGLMQ RGCLCL KCPA?BMQ NCOSCfMQ
AMKM CQ CJ A?QM BCJ QSPCQRC
BCJ0CPj
KCPA?BMQJCH?LMQ?J?PCEGgL?K?XgLGA?@MJGTG?L?
AMKMQCP#FGJCM
!PECLRGL?
M KCPA?BMQ OSC QML QSDGAGCLRCKCLRC ?@?QRCAGBMQ NMP EP?LBCQ
NPMWCARMQ BMKbQRGAMQ
AMKM AMLQRGRSWC J? PCNPCQ? BC )R?GNj CL 0?P?ES?W
53$%
%J?L\JGQGQOSCCJ&MLBMBC#MLQCPT?AGgL%QRP?RbEGA?PC?JGXgCLCQR?@JCAC
OSC?SLOSCJMQCQR?BMQBC!APCW2MLBhLG?QCCLASCLRP?LKSAFMK\QACPA?
BCJNMQG@JCQGRGMBCJ?PCNPCQ?
JMQKGQKMQLMQCCLASCLRP?LAMLCAR?BMQAMLJ?
PCB BC QSKGLGQRPM BC CJCARPGAGB?B @P?QGJCP? W Q?RGQD?ACL QSQ KMBCQR?Q
LCACQGB?BCQ BC CLCPEe? CJbARPGA? AML NJ?LR?Q RCPK?JCQ CVGQRCLRCQ !QGKGQKM
CL CJ KCPA?BM BCJ #CLRPM W 3SP BC "P?QGJ
CJ NPMWCARM BC %J "?J? NMBPe? QCP
PCJCE?BM?NPMTCCPCLCPEe?jLGA?KCLRCBSP?LRCJMQAGAJMQBCK?WMPBCK?LB?
?KCLMQOSCNSCB?QSNCP?PJMQAMQRMQBCRP?LQKGQGgL
,? NPMBSARGTGB?B ?L?JGX?B? BCJ PeM "CLG RGCLC SL A?SB?J NPMKCBGM BC
KCRPMQAj@GAMQNMPQCESLBMCLCJ?LEMQRMBC%J"?J?
CGLAJSQMQC@CLCDGAG?BC
J? L?RSP?JCX? CQR?AGML?J BC J? NPCAGNGR?AGgL CL J? ASCLA? AML SL A?SB?J
NPMKCBGMBCKCRPMQAj@GAMQNMPQCESLBMCLCJKCQBCDC@PCPM!NCQ?P
BCCQR?QA?P?ARCPeQRGA?Q
OSCCLRbPKGLMQBCNPMTGQGgLBC?ES?QCCQRGK?OSC
LMBC@CPe?QCPSLM@QR\ASJMN?P?J?PCNPCQ?JMQAMQRMQCGKN?ARMQ?K@GCLR?JCQ
W QMAG?JCQ NMBPe?L QCP BC K?ELGRSB %J CQRSBGM PC?JGX?BM NMP 2CGB
NJ?LRC? OSC CVGQRGP\L NbPBGB?Q DGL?LAGCP?Q W CAMLgKGA?Q CL J? PCNPCQ? BC %J
"?J?
OSC MQAGJ?L CLRPC BC 53 KGJJMLCQ W 53 KGJJMLCQ CL SL
CQACL?PGM BC KCBG?LM W @?HM AMQRM
PCQNCARGT?KCLRC !QGKGQKM
QC RGCLCL
CQACL?PGMQ KSW @?HMQ BC NPM@?@GJGB?B BC TG?@GJGB?B BCJ NPMWCARM
JMQ KGQKMQ
OSCQMLKCLMPCQ?J
-\Q GKNMPR?LRC ?jL
QC GLSLB?Pe?L CVRCLQ?Q \PC?Q BC @MQOSC RPMNGA?J OSC QC
CLASCLRP?L CL KSW @SCL CQR?BM BC AMLQCPT?AGgL W QC RCLBPe?L GKN?ARMQ
QGELGDGA?RGTMQ N?P? AMKSLGB?BCQ GLBeECL?Q BC JMQ EPSNMQ bRLGAMQ 4?A?L?Q
4QGK?LCQ W -MQCRCLCQ OSC F?@GR?L CL J? PCEGgL ,MQ AMQRMQ ?K@GCLR?JCQ
A?JASJ?BMQNMP2CGB?QAGCLBCL??NPMVGK?B?KCLRC53KGJJMLCQ
!BCK\Q
QCJMEP?Pe??DCAR?PQCPG?KCLRC?KSAF?Q?ARGTGB?BCQBCCAMRSPGQKMW
RSPGQKM AMKSLGR?PGM BC AMKSLGB?BCQ GLBeECL?Q OSC QC PC?JGX?L CL CJ 0?POSC
.?AGML?J -?BGBG W XML?Q ?BW?ACLRCQ
GLGAG?RGT?Q OSC F?L QGBM PCAMLMAGB?Q ?
LGTCJGLRCPL?AGML?JWOSCQMLAMLQGBCP?B?QAMKMCVGRMQ?QN?P?J?AMLQCPT?AGgL
BCCAMQGQRCK?QWJ?NPMTGQGgLBC@CLCDGAGMQCAMLgKGAMQ?LGTCJJMA?JWPCEGML?J
0CPCBM6GBC??02!)!
%LCQRCQCLRGBM
JMQ@CLCDGAGMQECLCP?JCQ
QMLGLDCPGMPCQ?JAMQRMCGKN?ARMBCJNPMWCARM
! NCQ?P BC OSC CVGQRC SL? MNMQGAGgL
?PESKCLRMQ W PCAJ?KMQ NMP JMQ
NMRCLAG?JCQ GKN?ARMQ ?K@GCLR?JCQ
R?LRM NMP CJ QCARMP ?K@GCLR?JGQR? ,)$%-!
-MJGL?
AMKMNMPMPE?LGX?AGMLCQWAMKSLGB?BCQGLBeECL?Q
CVGQRC
SL ?NMWM JMA?J K?LGDGCQRM NMP N?PRC BC EM@GCPLMQ KSLGAGN?JCQ
DSLB?KCLR?JKCLRC BC 3?L "SCL?TCLRSP?
OSC AMLQGBCP? CQR? GLGAG?RGT? AMKM
SL?MNMPRSLGB?BN?P?CJBCQ?PPMJJMBCQSPCEGgL
-\Q ?jL
CJ NPCQGBCLRC -MP?JCQ F? BCAJ?P?BM KCBG?LRC $CAPCRM 3SNPCKM .
BCJ BC HSJGM BC AMKM GLRCPbQ W NPGMPGB?B L?AGML?J CJ
?NPMTCAF?KGCLRM BC J? ASCLA? BCJ PeM "CLG W J? LCACQGB?B BC BCDGLGP JMQ
KCA?LGQKMQN?P?PC?JGX?PJMQCQRSBGMQ?BGQCfMDGL?JBCJNPMWCARMFGBPMCJbARPGAM
BC%J"?J? 'M@GCPLMBC"MJGTG?
,?@?QC?PESKCLR?RGT?N?P?R?JCDCARMQC@?Q?CLJ?NMJeRGA?CQR?@JCAGB?CLCJ
0J?L.?AGML?JBC%JCARPGAGB?BBCAJ?P?LBMNPMNGCB?BBCJ%QR?BM?JMQPCASPQMQ
L?RSP?JCQOSCQMLDSCLRCBCECLCP?AGgLBCCJCARPGAGB?B
@SQA?LBME?P?LRGX?PJ?
GLBCNCLBCLAG?CLCPEbRGA?BCJN?eQ
?RP?TbQBCJ?N?PRGAGN?AGgLBCJ%QR?BMCLCJ
BCQ?PPMJJM BC J? GLBSQRPG? CJbARPGA? W J? LCACQGB?B BC ?NPMTCAF?P CJ NMRCLAG?J
CLCPEbRGAMOSCMDPCACJ?ASCLA?BCJPeM"CLGN?P?BCQ?PPMJJ?PCJNPMWCARMBC%J
"?J?
%L CQRC QCLRGBM
QC ?QGEL? SL PMJ NPMR?EgLGAM ? J? %KNPCQ? .?AGML?J BC
%JCARPGAGB?BBC@GBM?OSCCVGQRCSL?QGRS?AGgLBCGLACPRGBSK@PCCLCPEbRGA?NMP
D?JR? BC GLTCPQGMLCQ BCJ QCARMP NPGT?BM
QGCLBM BC GKNMPR?LAG? ?QCESP?P CJ
QSKGLGQRPM CLCPEbRGAM L?AGML?J CL CJ KCBG?LM NJ?XM ?SLOSC CQ GKNPCQAGLBG@JC
AMLQGBCP?P JMQ GKN?ARMQ QMAGM?K@GCLR?JCQ ? NPMBSAGPQC
B?BM OSC CJ %QR?BM
?QSKC CJ PMJ N?P? PC?JGX?P J?Q ECQRGMLCQ LCACQ?PG?Q N?P? J? AMLAPCAGgL BC JMQ
NPMWCARMQFGBPMCJbARPGAMQCLCJN?eQ
%QRMQ NJ?LRC?KGCLRMQ QC CLK?PA?L BCLRPM BCJ LSCTM AMLRCVRM NMJeRGAM W QC
NJ?LRC? OSC CJ %QR?BM R?K@GbL NSCB? RCLCP CJ AMLRPMJ BC J?Q CKNPCQ?Q W
AMMNCP?RGT?Q BC BGQRPG@SAGgL BC CLCPEe? CJbARPGA? 0CPCBM 6GBC? @
!QGKGQKM
QC NPCTb OSC QC CJ?@MP?P\ W NPMKSJE?P\ SL? LSCT? ,CW BC
%JCARPGAGB?BOSCQCP\?BCAS?B??J?LSCT?#MLQRGRSAGgL0MJeRGA?BCJ%QR?BM
J?
AS?J AMLQGBCP? OSC J? CJCARPGAGB?B CQ SL QCPTGAGM @\QGAM BC BCPCAFM
DSLB?KCLR?J
0?P? R?J CDCARM
CJ EM@GCPLM NPMWCAR? GLTCPQGMLCQ CLRPC JMQ 53 W 53
KGJJMLCQN?P?J?ECLCP?AGgLBCCLCPEe?CJbARPGA?CLJMQNPgVGKMQ?fMQ
JM
OSCJCNCPKGRGPe??JN?eQAMLTCPRGPQCCLCVNMPR?BMPBCCJCARPGAGB?BCLJ?PCEGgL
%J 6GACKGLGQRCPGM BC %JCARPGAGB?B F?AC PCDCPCLAG? ? NPMWCARMQ OSC QCPG?L
BCQ?PPMJJ?BMQCLJMQQGESGCLRCQ?fMQ
J?K?WMPe?BCCJJMQ?RP?TbQBC%.$%
%LRPCJMQNPMWCARMQK\QGKNMPR?LRCQOSCAMLQGBCP?CJ6GACKGLGQRCPGMBCJQCARMP
?N?PRC BC GLGAG?RGT?Q AMLMAGB?Q CL "MJGTG? AMKM -GQGASLG M -GESGJJ?Q
QC
GLAJSWCLJ?QFGBPMCJbARPGA?QBC%J"?J?N?P?ECLCP?P-UAMLSL?GLTCPQGgL
CQRGK?B?BC53KGJJMLCQ
#?AFSCJ?%QNCP?LX?AMLA?N?AGB?BCQRGK?B?
ACPA?L??JMQ-UWJ?#CLRP?J4?FS?K?LSCLCJBCN?PR?KCLRMBC0?LBM
AMLCJM@HCRGTMBCQSKGLGQRP?PCLCPEe?CJbARPGA??J?AGSB?BBC#M@GH?WPCEGMLCQ
?JCB?f?QPCCKNJ?X?LBMJ?ECLCP?AGgLCJbARPGA?OSCQCPC?JGX?CLJ??ARS?JGB?B
CL@?QC?BGCQCJ
0MP AMLQGESGCLRC
#?AFSCJ? %QNCP?LX? CKCPEC AMKM MRPM BC JMQ NPMWCARMQ
NPGMPGR?PGMQCLCJQCARMPFGBPMCJbARPGAM
WOSCCLJ??ARS?JGB?BNPCQCLR?K?WMPCQ
?T?LACQ OSC J? NPMNSCQR? BCJ NPMWCARM BC %J "?J? ,? FGBPMCJbARPGA? BC
#?AFSCJ? %QNCP?LX?
MRPMP? QCBC BCJ GKNCPGM BCJ BCLMKGL?BM @?PgL BC J?
EMK? .GAMJ\Q 3S\PCX
QC CLK?PA? BCLRPM BC J? )LGAG?RGT? ))23! W DMPK? N?PRC
BCJ #MKNJCHM 2GM -?BCP?
NMP JM OSC RGCLC PCJ?AGgL AML J?Q PCNPCQ?Q BC 3?L
!LRMLGMW*GP?SCL"P?QGJ%QRCCQCJNPMWCARMK\QNMJbKGAMBC))23!WOSCF?
QGBM ?KNJG?KCLRC ASCQRGML?BM NMP JMQ GKN?ARMQ QMAG?JCQ
CAMLgKGAMQ W
?K@GCLR?JCQ ,??RQ
,?CKNPCQ?A?L?BGCLQC4CAQSJR!CAMKPC?JGX?CJCQRSBGMBCGKN?ARMCL"MJGTG?
KCBGM?K@GCLR?J
QMAG?J W CAMLgKGAM BC J? AMLQRPSAAGgL BC ?K@?Q PCNPCQ?Q
!QGKGQKM
CQR?CKNPCQ?DGPKgSLAMLRP?RMAML%.$%N?P?PC?JGX?PJMQCQRSBGMQ
BC J? #CLRP?J (GBPMCJbARPGA? CL #?AFSCJ? %QNCP?LX? KGCLRP?Q OSC J?
CJ?@MP?AGgL BCJ BGQCfM DGL?J CQR?P\ ? A?PEM BC %.$% %QRC NPMWCARM W? DSC
AMLQGBCP?BMF?AC?fMQAMLCJM@HCRMBCNPMTCCPBCCLCPEe?CJbARPGA??JMQ
BCN?PR?KCLRMQBC"CLGW0?LBM
%LJ??ARS?JGB?B
QCCQRGK?SL?GLTCPQGgLCLRPC53?53KGJJMLCQ
N?P? J? ACLRP?J FGBPMCJbARPGA? OSC RCLBPe? SL? A?N?AGB?B ?NPMVGK?B? BC
-7
OSC PCNPCQCLR? A?QG J? K?ELGRSB BC J? ?ARS?J BCK?LB? BCJ QGQRCK?
GLRCPAMLCAR?BM @MJGTG?LM ,? A?N?AGB?B GLQR?J?B? CL "MJGTG? CQ BC -7
KGCLRP?Q OSC CJ AMLQSKM BC CLCPEe? CL J?Q AGSB?BCQ W NM@J?AGMLCQ BC J?
?K?XMLG? @MJGTG?L? ?JA?LX? ? -7 2G@CP? @
%J M@HCRGTM ACLRP?J BC J?
AMLQRPSAAGgLNCPKGRGP\CVNMPR?PCLCPEe?CJbARPGA??JKCPA?BM@P?QGJCPMJMOSCCQ
NJ?LRC?BM NMP CJ 6GAC-GLGQRCPGM BC %JCARPGAGB?B
CQRGK?LBM OSC CJ QC
PC?JGX?P\ J? JGAGR?AGgL W QC GLGAG?P\ J? AMLQRPSAAGgL W RCLGCLBM CJ GLGAGM BC
MNCP?AGMLCQ?DGLCQBCJ
.MM@QR?LRC
CVGQRCLR?K@GbLASCQRGML?KGCLRMQQM@PCCQRCBCLMKGL?BM|KCE?
NPMWCARM} NMP N?PRC BC JMQ A?KNCQGLMQ BC J? NPMTGLAG? 6?A? $GCX CL CJ
BCN?PR?KCLRM BCJ "CLG
OSGCLCQ K?LGDGCQR?L QS NPCMASN?AGgL QM@PC JMQ
NMRCLAG?JCQ CDCARMQ LCE?RGTMQ C GKN?ARMQ ?K@GCLR?JCQ W QMAG?JCQ CL J? PCEGgL
NPMBSAGBMQ NPGLAGN?JKCLRC NMP GLSLB?AGMLCQ NPMBSAGB?Q NMP J? PCNPCQ? ,??RQ
,MQ4GCKNMQ
%QRMQ GKN?ARMQ NMRCLAG?JCQ NPMBSAGBMQ NMP CJ AMKNJCHM BCJ 2eM -?BCP? F?L
QGBM ?L?JGX?BM NMP CJ &MPM "MJGTG?LM BC -CBGM !K@GCLRC
GLAJSWCLBM CQRSBGMQ
BCJ GKN?ARM NPMBSARM BC GLSLB?AGMLCQ BC AMKSLGB?BCQ GLBeECL?Q
W CJ
GLAPCKCLRMBCCLDCPKCB?BCQWTCARMPCQAMKMJCGQFK?LG?QGQ
K?J?PG?WBCLESC
?Qe AMKM KMTGJGB?B NM@J?AGML?J W ?JRCP?AGMLCQ CL DJMP? W D?SL? &/"/-!$%
W-MJGL?
0?P?SL?L\JGQGQBCR?JJ?BMBCJMQGKN?ARMQTCP!PLCXCR?J
"?HMCJA?SB?J%J
GKN?ARMBCJ?QPCNPCQ?QBCJPeM-?BCP?CL"MJGTG?
NS@JGA?AGgLNPMBSAGB?NMP
&/"/-!$%
%QR?BM
NPGMPGX?LBM?QNCARMQWD?ARMPCQCAMLgKGAMQCLBCQKCBPMBC?QNCARMQ
CGKN?ARMQQMAGM?K@GCLR?JCQ
%J BCQ?DeM CL CJ AMPRM W KCBG?LM NJ?XM CL CJ QCARMP CLCPEbRGAM QCP\ J?
PC?JGX?AGgL BC J?Q GLTCPQGMLCQ LCACQ?PG?Q BC K?LCP? CDCARGT? CLK?PA?B?Q
BCLRPM BC N?RPMLCQ BC SQM QMQRCLG@JC W KGLGKGX?AGgL BC GKN?ARMQ QMAG?JCQ W
?K@GCLR?JCQ
AMLQGBCP?LBM OSC SL? CVN?LQGgL BC J? ECLCP?AGgL FGBPMCJbARPGA?
CL "MJGTG? BC J? K?ELGRSB NPMNSCQR? QgJM QCPe? NMQG@JC QG QC ?T?LX? F?AG?
KCPA?BMQBCCVNMPR?AGgL
QCKCHMP?CJK?PAMLMPK?RGTM
QCPC?JGX?LPCTGQGMLCQ
?J?QS@TCLAGgLBCE?QL?RSP?J
WQCMRMPE?LGLACLRGTMQDGQA?JCQ
#MLQCASCLRCKCLRC
CJ K?PAM JCE?J BC J? LSCT? ,CW BC %JCARPGAGB?B ? QCP
BGQASRGB?WNPMKSJE?B?CLCJDSRSPMQCP\SLD?ARMPBCAGQGTMN?P?J?PC?JGX?AGgL
BC LSCT?Q GLTCPQGMLCQ CL CJ QCARMP FGBPMCJbARPGAM
N?PRGASJ?PKCLRC N?P? J?Q
NPMNSCQR?QJMA?JGX?B?QCLCJLMPRC?K?XgLGAM@MJGTG?LM
%J "?LAM #CLRP?J BC "MJGTG? MRMPE?P\ SL APbBGRM AMLACQGML?J ?NPMVGK?BM BC
53 KGJJMLCQ N?P? CJ DGL?LAG?KGCLRM BC NPMWCARMQ CL CJ QCARMP CJbARPGAM
JMQ AS?JCQ QC CLK?PA?L BCLRPM BC J?Q GLGAG?RGT?Q BC QCESPGB?B CLCPEbRGA? ?
N?PRGP BCJ %QR?BM @MJGTG?LM %QRC APbBGRM F? QGBM GLAJSGBM W ?NPM@?BM CL CJ
0PCQSNSCQRM'CLCP?JBCJ%QR?BMN?P?CLCJKCQBCBGAGCK@PCBC
%QR?KCBGB?CQN?P?JCJ?AMLCJAPbBGRMAMLACQGML?JOSCPC?JGXgCJ"?LAM#CLRP?J
? 90" CL QCNRGCK@PC BC %J APbBGRM MRMPE?BM DSC BCQRGL?BM ? NPMWCARMQ
CL RMB? J? A?BCL? BC FGBPMA?P@SPMQ 0MP AMLQGESGCLRC
R?JCQ QCf?JCQ
BCKSCQRP?L CJ PMJ BCJ %QR?BM CL ?N?J?LA?P GLTCPQGMLCQ CL CQRMQ QCARMPCQ
CQRP?RbEGAMQ
A?P?ARCPGX\LBMQC NMPOSC CJ %QR?BM ?BKGLGQRP?P\ J?Q CKNPCQ?Q
K\Q GKNMPR?LRCQ BC J? CAMLMKe?
BCLRPM BC SL NPMACQM BCLMKGL?BM AMKM
A?NGR?JGQKMBC%QR?BM
#MKNJCHM?EPMGLBSQRPG?JBCJ.MPRC0MJMBC$CQ?PPMJJM
%J jJRGKM NPMWCARM OSC TSCJTC ? QCP PCRMK?BM CL J? ?ARS?JGB?B QC PCDGCPC ? J?
AMLQRPSAAGgLBCJ#MKNJCHM!EPMGLBSQRPG?JBCJ.MPRC
CJAS?JRGCLCK\QBCBC
?fMQ CL QS NPMNSCQR? %L CJ ?fM QC APC? J? #MPNMP?AGgL BC $CQ?PPMJJM
2CEGML?JBC,?0?X #/2$%0!:
N?P?NPMKMTCPJ?JJ?K?B?|K?PAF?F?AG?CJ
LMPRC}BC,?0?X
OSCAMLQGQRe?CLAPC?PSLNMJMBCBCQ?PPMJJMCAMLgKGAMOSC
AMKNGR?AMLCJBC3?LR?#PSX
?RP?TbQBCJBCQ?PPMJJM?EPMGLBSQRPG?JCLRMPLM?
SL GLECLGM ?XSA?PCPM 4?K@GbL DMPK?@?L N?PRC BC CQR? TGQGgL JMQ NPMWCARMQ
KCLAGML?BMQ BC AMLQRPSAAGgL BC SL? ACLRP?J FGBPMCJbARPGA? CL CJ "?J? W J?
CVNJMP?AGgLWCVNJMR?AGgLNCRPMJCP?%QR?QRPCQJeLC?QNPMBSARGT?QGKNJGA?@?LCJ
BCQ?PPMJJMBCGLDP?CQRPSARSP?A?KGLCP?WSLGLAPCKCLRMNM@J?AGML?J?RP?TbQBCJ
DMKCLRM?J?AMJMLGX?AGgLCLCQR?PCEGgL 3?JE?BM
"SCL?TCLRSP? )VG?K?Q W J? AMJMLGX?AGgL BC J? XML? NMP A?KNCQGLMQ BC
#FSOSGQ?A? W 4?PGH?
OSGCLCQ QML ?RP?eBMQ NMP CJ QSCfM BC BCQ?PPMJJM ?EPM
GLBSQRPG?J AML @?QC CL J? A?f? BC ?XjA?P OSC QSNSCQR?KCLRC ECLCP?Pe?
#/2$%0!: #FGMTMJMLG
! AMKGCLXMQ BC J? BbA?B? BC QC FGXM SL CQRSBGM BC QSCJMQ CL J? XML?
!SLOSC CL DMPK? R?PBe?
J?Q AMLAJSQGMLCQ ? A?PEM BC J? AMLQSJRMP? #5-!4
AMLQGBCP?@?L OSC
SL @?HM NMPACLR?HC BC JMQ QSCJMQ QC NPCQR?@?L N?P? J?
?EPGASJRSP? KCA?LGX?B?
GLAJSWCLBM J? A?f? CL CQA?J? EP?LBC
? NCQ?P BC J?Q
NPCQGMLCQ NMJeRGA?Q AMLRP?PG?Q DPCLRC ? R?JCQ AMLAJSQGMLCQ W PCQSJR?BMQ BCJ
CQRSBGM #5-!4
(?QR? J? DCAF?
LM QC RGCLC SL CHCKNJM CVGRMQM BC NPMBSAAGgL BC A?f? CL
CQA?J? KCBG?L? M EP?LBC CL J? XML? .GLESL? BC J?Q A?P?ARCPeQRGA?Q OSC
?AMKN?fg CJ BCQ?PPMJJM ?EPMGLBSQRPG?J CL 3?LR? #PSX QC BGM CL CJ #MKNJCHM
BC@GBM NPGLAGN?JKCLRC ? OSC J? ?AACQG@GJGB?B CP? KSW NPCA?PG?
AML JMQ ?JRMQ
AMQRMQBCRP?LQNMPRCOSCCQRMGKNJGA?.MQCNSCBCAMKN?P?PJ?QAMLBGAGMLCQ
BCRP?LQNMPRCCLJ?XML?
LGQGOSGCP?CLCJ?fM
AMLJMOSCW?RCLe?3?LR?
#PSXCL,MjLGAMOSCOSCB?CLJ??ARS?JGB?BBCCQR?KGJJML?PG?GLTCPQGgL
CQCJA?KN?KCLRMBC#/2$%0!:CL3?L"SCL?TCLRSP? 2M@GLQMLW-A+C?L
3GL CK@?PEM
BCQNSbQ BC K\Q BC ?fMQ LSCT?KCLRC QC NJ?LRC? CQRC
KCE?NPMWCARM%LCQRCLSCTMAMLRCVRM
J?0PCDCARSP?BCJBCN?PR?KCLRMBC,?
0?X CQ J? GLQRGRSAGgL OSC NPMKSCTC JMQ CQRSBGMQ W NPMNSCQR?Q PCQNCARGT?Q
PCQN?JB?B?CLJ?NPMKSJE?AGgLBCJ?,CWOSCBCAJ?P?NPGMPGB?BL?AGML?JJ?
AMLQRPSAAGgLBCJ#MKNJCHM!EPMGLBSQRPG?JCL3?L"SCL?TCLRSP?
CJKGQKMOSC
RGCLC AMKM M@HCRGTM NPGLAGN?J DMPR?JCACP CJ BCQ?PPMJJM QMAGMCAMLgKGAM BC CQR?
MJTGB?B?PCEGgL /PQ?E
%J#MKNJCHM!XSA?PCPMBCJ.MPRC?QCPCHCASR?BMNMPJ?0PCDCARSP?BC,?0?X
CQR\ AMLQGBCP?BM BCLRPM BCJ 0PMEP?K? BC )LTCPQGMLCQ BCJ 0J?L $CACL?J
RMB?
TCXOSCBGAFMNPMWCARMAMLQRGRSWCN?PRCGLRCEP?LRCBCSLN?OSCRCBCNPMWCARMQ
BCJCQN?AGMCAMLgKGAM
AMLQRGRSGBMNMP!NMJM
)VG?K?QW3?L"SCL?TCLRSP?
%J #MKNJCHM CQR?P\ MPGCLR?BM ? J? NPMBSAAGgL NPGLAGN?JKCLRC BC A?f? BC
?XjA?P
AMLCJM@HCRGTMBCNPMBSAGP?XjA?P
AMLQGBCP?LBMGLAJSQMJ?NPMBSAAGgL
BC @GMAMK@SQRG@JCQ ? N?PRGP BC ?JAMFMJ BC A?f? W @GMBGCQCJ ? N?PRGP BC J?
NPMBSAAGgL BC N?JK? ?DPGA?L? !BCK\Q
QC NJ?LRC? OSC CJ #MKNJCHM PC?JGAC
CLT?Q?BM BC N?JKGRM
ASJRGTMQ BC NGKGCLR? W A?A?M 0PCDCARSP? BC ,? 0?X
?
3GL CK@?PEM
J? NPGMPGB?B CQ J? AMLQRPSAAGgL BCJ GLECLGM ?XSA?PCPM AML SL?
A?N?AGB?BBCKMJGCLB?BCRMLCJ?B?QKbRPGA?QBCA?f?BG?PG? 4#$
OSC
PCQNMLBC ? J? NPMBSAAGgL NPMNG? BC ?XjA?P W BC CQR? K?LCP? CTGR?P ?QGKGQKM
SL?BCNCLBCLAG?BCCQRCNPMBSARMBCJMPGCLRCBC"MJGTG? 3?LR?#PSXW4?PGH?
3CNPCRCLBCBCQRGL?PJ?NPMBSAAGgLN?P?KCPA?BMGLRCPLMWJMQCVACBCLRCQN?P?
CVNMPR?AGgL
$C?ASCPBM?JCQRSBGMBCD?ARG@GJGB?BBCJNPMWCARMPC?JGX?BMNMPJ?0PCDCARSP?BC
,? 0?X
CJ #MKNJCHM !XSA?PCPM GLAMPNMP?P\ ? AMPRM NJ?XM ?NPMVGK?B?KCLRC
SL?Q F? BC RGCPP?Q
RCLGCLBM OSC
F? QCP\L BCDMPCQR?B?Q CL SL
NJ?XM BC AGLAM ?fMQ
@?HM SL CQOSCK? BC BCDMPCQR?AGgL NPMEP?K?B?BC J?Q
AS?JCQ F? QCP\Q BCDMPCQR?B?Q NMP J? 0PCDCARSP?AMLQGBCP?LBM OSC QC
PCOSCPGP\ BC F? AML ASJRGTM BC A?f? BC ?XjA?P 0PCDCARSP? BC ,? 0?X
@
,?Q GLTCPQGMLCQ BCJ #MKNJCHM !XSA?PCPM
GLAJSWCLBM JMQ GLRCPCQCQ BSP?LRC J?
AMLQRPSAAGgL W E?QRMQ BC NPCGLTCPQGMLCQ
?JA?LX?L SL RMR?J BC 53
KGJJMLCQ F?QR? CJ ?fM
AS?LBM QC NPCRCLBC OSC CJ GLECLGM CQR?P\
RMR?JKCLRC GKNJCKCLR?BM %J DGL?LAG?KGCLRM N?P? CQRC NPMWCARM COSGT?JBPe? ?
KGJJMLCQ BC BgJ?PCQ
BC JMQ AS?JCQ J? 0PCDCARSP? DGL?LAG?Pe? K\Q BC
KGJJMLCQ BC BgJ?PCQ W QC @SQA?Pe?L M@RCLCP K\Q BC KGJJMLCQ BC APbBGRMQ
CVRCPLMQ !QGKGQKM
CJ CQRSBGM BC D?ARG@GJGB?B AMLQGBCP? OSC CJ AJGK? BCJ \PC?
CQ D?TMP?@JC ?J ASJRGTM BC J? A?f? BC ?XjA?P
W CJ #MKNJCHM APC?P\ SL RMR?J BC
CKNJCMQBGPCARMQCGLBGPCARMQCLJ?PCEGgLBC3?L"SCL?TCLRSP?
JMOSC
AMPPCQNMLBC?SL?NM@J?AGgLRMR?JBCNCPQML?Q
,MQ KSLGAGNGMQ BC J? PCEGgL
N?PRGASJ?PKCLRC CJ BC 3?L "SCL?TCLRSP?
K?LGDCQR?PML QS ?NMWM ? CQR? GLGAG?RGT?
PCAG@GCLBM SL? PCQNSCQR? JMA?J KSW
D?TMP?@JC BC J?Q ?SRMPGB?BCQ KSLGAGN?JCQ %QRC BCQCM GLQ?RGQDCAFM BC SL
BCQ?PPMJJM QGKGJ?P ?J BC 3?LR? #PSX
QCLRGBM NMP KSAF?Q NCPQML?Q ? LGTCJ
BCN?PR?KCLR?J BCQBC F?AC T?PGMQ ?fMQ
CQ SLM BC JMQ ?QNCARMQ NMJeRGAM
QMAG?JCQACLRP?JCQN?P?CQR?QGLGAG?RGT?QCLCJLMPRCN?ACfM
.MM@QR?LRC
CVGQRCLAMLQGBCP?AGMLCQRbALGA?QOSCNJ?LRC?LM@QCPT?AGMLCQ?J?
TG?@GJGB?BBCJNPMWCARM
GLAJSWCLBMJ?GLTG?@GJGB?BBCAMLR?PAMLSLGLECLGMAML
A?N?AGB?BBC4#$RMK?LBMCLASCLR?J?PC?JGB?BBCJ?XML?
?QeAMKM?
JMQGKN?ARMQ?K@GCLR?JCQNMRCLAG?JCQ 2M@GLQMLW-A+C?L
$C?ASCPBM?CQRSBGMQBC|:MLGDGA?AGgL!EPMCAMJgEGA?W0PMNSCQR?4bALGA?BCJ
0J?L BC 5QM BCJ 3SCJM BC J? PCEGgL !K?XgLGA? BCJ $CN?PR?KCLRM BC ,? 0?X
%SPMAMLQSJR
QC GBCLRGDGA? OSC LM CVGQRCL RGCPP?Q N?P? SQM ?EPeAMJ?
GLRCLQGTM
GLAJSWCLBMASJRGTMQGLBSQRPG?JCQAMLKCA?LGX?AGgLW SQMBCGLQSKMQ
?EPeAMJ?Q
AMKMCQCJA?QMBCJ?A?f?BC?XjA?P
,? PCEGgL
BC ?ASCPBM ? R?JCQ CQRSBGMQ
NPCQCLR? RGCPP? AML ?NRGRSB N?P? SQM
DMPCQR?J W QGQRCK?Q ?EPMQGJTMN?QRMPGJCQ !QGKGQKM
CQRSBGMQ BC J? AMLQSJRMP?
?EPeAMJ? 3F?B?G NJ?LRC? ?BCK\Q OSC CJ KCPA?BM L?AGML?J N?P? ?XjA?P W? QC
CLASCLRP?Q?RSP?BM
BMLBCJ?BCK?LB?CQKCLMP?J?NPMBSAAGgL
WCJ?AACQM
?J KCPA?BM GLRCPL?AGML?J CQ KSW AMKNJGA?BM NMP QS ?JR? PCESJ?AGgL
AMKNCRGRGTGB?B W AML QCTCP?Q DJSARS?AGMLCQ BC NPCAGMQ 0MP AMLQGESGCLRC
J?
NMQG@GJGB?BBCJMEP?P?AACQM?KCPA?BMQGLRCPL?AGML?JCQCQKeLGK?
?SLOSCJ?
QGRS?AGgLNSCBCQCPBGDCPCLRCN?P?CJKCPA?BMBC?JAMFMJBCA?f?
!LGTCJRbALGAM
CVGQRCLT?PGMQRP?@?HMQWCQRSBGMQBCXMLGDGA?AGgLOSCGBCLRGDGA?L
? JMQ QSCJMQ BC J? XML? AMKM \AGBMQ CL J? K?WMPe? BC JMQ A?QMQ W SL? @?H?
DCPRGJGB?B L?RSP?J W AMLRCLGBMQ BC LSRPGCLRCQ KSW @?HMQ
?BCK\Q BC OSC J?Q
NPCAGNGR?AGMLCQ NJSTG?JCQ CL J? XML? CQR\L A?R?JME?B?Q AMKM ?JR?KCLRC
CPMQGT?Q
JM OSC NSCBC RCLCP AMKM PCQSJR?BM SL? ?JR? BCEP?B?AGgL BC QSCJMQ
@?HM ?ARGTGB?BCQ BC ?EPGASJRSP? GLRCLQGT? BC KMLMASJRGTMQ CL EP?LBCQ
CVRCLQGMLCQ BC RCPPCLM W K?OSGL?PG? ?EPeAMJ? 4?JCQ D?ARMPCQ NJ?LRC?L QCPGMQ
ASCQRGML?KGCLRMQ ? J? TG?@GJGB?B W PCLBGKGCLRM BC JMQ QSCJMQ ?K?XgLGAMQ BCJ
LMPRCBC,?0?X &JMPCQ/PQ?E!OSGLM
%L CQRC QCLRGBM
J? #CLRP?J BC #MMNCP?RGT?Q %J #CG@M CQR\ NPMKMTGCLBM SL
NPMWCARM N?P? NPMBSAGP ?XjA?P MPE\LGA?
JM OSC QC NPMNMLC AMKM ?JRCPL?RGT?
OSCCVGECSL@SCLK?LCHMBCJ?RGCPP?WSL?BGQRPG@SAGgLHSQR?BCJMQ@CLCDGAGMQ
0MPSLJ?BM
SL?N?PRCBCJ?NPMBSAAGgLNPMBSAGB?QCPe?SRGJGX?B?AMKMGLQSKM
N?P?J?NPMBSAAGgLBCAFMAMJ?RCMPE\LGAMCLJ?NJ?LR?GLBSQRPG?JBC%J#CG@MCL
J?AGSB?BBC%J!JRM
%L HSJGM BC
CJ 0PCDCARM BCJ BCN?PR?KCLRM ?LSLAGM Nj@JGA?KCLRC OSC J?
NPGKCP?A?PE?BCQCKGJJ?QBCA?L?WK?RCPG?JCQDSCPMLCLTG?BMQ?J?JMA?JGB?B
BC 3?L "SCL?TCLRSP? N?P? J? AMQCAF? GLGAG?J ? QCP PC?JGX?B? CL J? NPGK?TCP?
BCJKGQKM?fM
AMKMCJNPGKCPN?QMBCJ?GKNJCKCLR?AGgLBCCQRCNPMWCARMWJ?
PCF?@GJGR?AGgL BC J? PCDGLCPe? N?P? J? NPMBSAAGgL BC ?XjA?P W @GMAMK@SQRG@JCQ
,?QGLTCPQGMLCQLCACQ?PG?Q
QGLCK@?PEM
QMLSLAMLBGAGML?LRC OSCNCPKGRGP\
J?CHCASAGgLCLCJAMPRMMJ?PEMNJ?XMBCCQR?GLGAG?RGT?
!QGKGQKM
MRPMD?ARMPAMLBGAGML?LRC?J?P?RGDGA?AGgLBCJ?NPMNSCQR?QCPCDGCPC?
J?AMLRGLSGB?BBCJ?NMWM?JNPMWCARM%LCJKCQBC!EMQRMBCCJNPCDCARM
OSCBCAGBGB?KCLRCNPMKMTe?CQRCNPMWCARMDSCPCTMA?BMBCQSA?PEM?RP?TbQ
BCJ PCDCPbLBSK PCTMA?RMPGM PC?JGX?BM
PCQSJR?LBM CL J? NMQCQGgL BC SL LSCTM
NPCDCARM ? A?PEM BCJ 0PCQGBCLRC BC J? 2CNj@JGA? OSC CQ N?PRC BCJ N?PRGBM BC
EM@GCPLM %L CQR? LSCT? ?BKGLGQRP?AGgL BCN?PR?KCLR?J R?K@GbL QC J? B? SL
?NMWMWPCQN?JBMBCAGQGTM?CQRCEM@GCPLMNPMWCARMWQCGLAJSWCQS?PRGASJ?AGgL
BCLRPMBCJ?QNMJeRGA?QCLCPEbRGA?QWBCBCQ?PPMJJML?AGML?JCQ
%QRC FCAFM DSC BCKMQRP?BM W P?RGDGA?BM ? DGLCQ BC 5L LSCTM CQRSBGM
QM@PC J? TG?@GJGB?B RbALGA? W DGL?LAGCP? BCJ GLECLGM DSC BCQ?PPMJJ?BM NMP J?Q
MPE?LGX?AGMLCQ ?K@GCLR?JGQR?Q #MLQCPT?AGgL )LRCPL?AGML?J W CJ &MLBM BC
#MLQCPT?AGgL %QRP?RbEGA? W NPCQCLR?BM CL LMTGCK@PC BC %QRC CQRSBGM
NJ?LRC?@? SL ?L\JGQGQ QM@PC J? TG?@GJGB?B DGL?LAGCP? W NMRCLAG?JCQ GKN?ARMQ
?K@GCLR?JCQ BCQR?A?LBM OSC J? TG?@GJGB?B BCJ NPMWCARM BCNCLBC CL EP?L
KCBGB?BCJ?AMKNCRGRGTGB?BOSCNSCB??JA?LX?PQCCLJ?NPMBSAAGgLBCK?RCPG?
NPGK? AMPPCQNMLBGCLRC ? J? D?QC ?EPeAMJ? W OSC CJ GLECLGM LM QCPe?
DGL?LAGCP?KCLRC ?RP?ARGTM N?P? NMRCLAG?JCQ GLTCPQGMLGQR?Q BC@GBM ? OSC CJ
NMPACLR?HCBCGLEPCQMQNCPAG@GBMLMMDPCACSLPCLBGKGCLRMQSDGAGCLRCN?P?AS@PGP
JMQAMQRMQ 6CP-?JIWW,CBCQK?
.M M@QR?LRC
R?JCQ PCQSJR?BMQ APC?PML LSCT? RCLQGMLCQ CLRPC CJ EM@GCPLM W
53!)$
AMKMCLRCDGL?LAG?BMPBCJCQRSBGM ,?0PCLQ?
%J6GACNPCQGBCLRC
CJ %QR?BM @MJGTG?LM ?PESKCLRg OSC CQRC NPMWCARM AMLRGLS?P\ NCQC ? OSGCL JC
NCQC
WOSCCJEM@GCPLMRGCLCCQRSBGMQPC?JGX?BMQNMPMPE?LGX?AGMLCQ@P?QGJCP?Q
WAS@?L?Q%J?NMWMBCAGQGTM?CQRCNPMWCARMNMPN?PRCBC?SRMPGB?BCQBC?JRM
LGTCJBCJEM@GCPLML?AGML?J
BCJ?0PCDCARSP?BCJ$CN?PR?KCLRMBC,?0?XWBCJ
KSLGAGNGMBC3?L"SCL?TCLRSP?CQR?@JCACLJ?Q@?QCQN?P?J?TG?@GJGB?BNMJeRGA?
WJ?QGLTCPQGMLCQOSCNSCB?LB?PQCNMPN?PRCBCJ%QR?BMCLCJDSRSPM
#MLAJSQGMLCQWPCAMKCLB?AGMLCQ
%J QCARMP CLCPEbRGAM CL "MJGTG? PCNPCQCLR? CJ QCARMP K\Q CQRP?RbEGAM BC J?
CAMLMKe? @MJGTG?L? AMLQGBCP?LBM CJ QGELGDGA?RGTM APCAGKGCLRM BC CVNMPR?AGMLCQ
BC FGBPMA?P@SPMQ W CQ
CL CQRC AMLRCVRM
J? @?QC BCJ A?K@GM BC K?RPGX
NPMBSARGT? W BCJ BCQ?PPMJJM CL CJ N?eQ BC ?ASCPBM ? JM CLK?PA?BM BCLRPM BCJ
?ARS?J0J?L.?AGML?JBC$CQ?PPMJJM
%J GLAPCKCLRM BC J?Q CVNMPR?AGMLCQ BC FGBPMA?P@SPMQ CL JMQ jJRGKMQ ?fMQ
CL
CQNCAG?J BC E?Q L?RSP?J
QC @?Q? CL JMQ AMLTCLGMQ QSQAPGRMQ CLRPC "MJGTG? AML
"P?QGJW!PECLRGL?.MQCTGQJSK@P?CJBCQ?PPMJJMBCLSCTMQKCPA?BMQCVRCPLMQ
AMLQGBCP?LBMOSCJ?NPMBSAAGgLQCCLASCLRP??JRMNC!jLK\Q
J?GKNMPR?AGgL
BCMRPMQNPMBSARMQAMKME?QMJGL?WBGCQCJDSCPC?JGX?B?CLCQRCjJRGKMNCPeMBM
,?A?eB?CLCJT?JMPBCCVNMPR?AGgLBCFGBPMA?P@SPMQQCBC@CNPGLAGN?JKCLRC?
J? A?eB? CL JMQ NPCAGMQ GLRCPL?AGML?JCQ BC FGBPMA?P@SPMQ OSC PCNCPASRGg CL CJ
T?JMPBCJRMR?JBCCVNMPR?AGMLCQ@MJGTG?L?QWCLJ?KCPK?WBGQKGLSAGgLBCJMQ
GLEPCQMQPCA?SB?BMQNMPCJEM@GCPLML?AGML?JCLJ?ECQRGgL
%LCQRCQCLRGBM
CQLCACQ?PGMNMBCPGLAPCKCLR?PJ?NPMBSAAGgLCLCPEbRGA?N?P?
CJASKNJGKGCLRMBCJMQAMLRP?RMQPCQNCARGTMQWCJAMLQSKMGLRCPLM
NPMBSAAGgL
CLDMA?B?BCLRPMBCJA?K@GMBCJ?K?RPGXCLCPEbRGA?.MM@QR?LRC
QCAMLQGBCP?
OSC CQRC A?K@GM NMBPe? RMK?P K\Q RGCKNM BC JM NJ?LC?BM BC@GBM
DSLB?KCLR?JKCLRC?J?GKNCPGMQ?LCACQGB?BBCLSCT?QGLTCPQGMLCQ
%P? NPCAGQ?KCLRC GLGAG?JKCLRC AMLQGBCP?BM OSC CJ PS@PM BC GLTCPQGMLCQ
QC?L
Nj@JGA?QMNPGT?B?Q
CQJ?NPGLAGN?JBC@GJGB?BOSCNSCBC?DCAR?PKSAFMQBCJMQ
NJ?LCQ
NPMEP?K?Q W NMJeRGA?Q Nj@JGA?Q BC BCQ?PPMJJM W BCJ QCARMP BC
FGBPMA?P@SPMQ
?QeAMKMNPGLAGN?JKCLRC?OSCJJ?QPCDCPGB?Q?JMQKCE?NPMWCARMQ
?L?JGX?BMQCLJ?PCEGgL?K?XgLGA?
3GL CK@?PEM
QC RGCLC AMLDGPK?AGgL MDGAG?J CL CJ BC J? M@RCLAGgL BC
DGL?LAG?KGCLRMCGLTCPQGMLCQCQR?R?JCQ
R?LRMNMPJ?CKNPCQ?0CRPM?LBGL?CLJ?
CVNJMP?AGgLNCRPMJCP?CLJMQLSCTMQ@JMOSCQGBCLRGDGA?BMQ
AMKMCLCJ?AACQM?
APbBGRMQ N?P? J? K?RCPG?JGX?AGgL BC J? -?PAF? ?J .MPRC ? RP?TbQ BC J?
AMLQRPSAAGgL W KCHMP?KGCLRM BC A?KGLMQ CL JMQ BCN?PR?KCLRMQ BC ,? 0?X
"CLG
0?LBMW#MAF?@?K@?CLK?PA?BMQCLCJ#MPPCBMP.MPRC%QRCNPMACQMQC
B? N?PRGP BCJ PMJ BCJ %QR?BM W QS PCJ?AGML?KGCLRM AML "P?QGJ W 6CLCXSCJ?
OSC
GLAJSWCL ?BCK\Q BC AMLBGAGML?LRCQ AMKCPAG?JCQ W CAMLgKGAMQ
D?ARMPCQ
ECMNMJeRGAMQ
GBCMJgEGAMQWBCGLRCEP?AGgL
$CLRPM BC J? PCEGgL ?K?XgLGA? @MJGTG?L?
J? CVNJMP?AGgL W CVNJMR?AGgL BC
FGBPMA?P@SPMQASCLR?AMLCJPMJCQCLAG?JBCJ?CKNPCQ?CQR?R?J0CRPM?LBGL?OSC
QC CLASCLRP? CLK?PA?B? BCLRPM BC J?Q NMJeRGA?Q Nj@JGA?Q CLCPEbRGA?Q CL CQR?
RCK\RGA?
WJ?AMLDGPK?AGgLBCJ?Q?ARGTGB?BCQBCCVNJMP?AGgLWCVNJMR?AGgLCL
CJLMPRCBCJBCN?PR?KCLRMBC,?0?XWCJ"CLG
0MPAMLQGESGCLRC
CJPMJBCNMJeRGA?QBCFGBPMA?P@SPMQCLJ?PCEGgLRGCLCK?WMP
NPCNMLBCP?LAG?CLPCJ?AGgLAML?LRCPGMPCQ?fMQW?BKGLGQRP?AGMLCQ?RP?TbQBC
SL??ARGT?N?PRGAGN?AGgLBCJ?CKNPCQ?CQR?R?JQM@PCJ?@?QCBCJLSCTMK?PAM
BCNMJeRGA?QNj@JGA?QCLCQRCQCARMPGLQR?SP?BM?N?PRGPBCJBCK?WMBC
!QGKGQKM
QCBCQ?PPMJJ?AMLHSLR?KCLRCECQRGMLCQNPGMPGR?PG?QAMLMRP?QNMJeRGA?Q
CLCPEbRGA?Q W BC BCQ?PPMJJM
DSLB?KCLR?JKCLRC PCJ?AGML?B?Q ? J? GLRCEP?AGgL
A?KGLCP?WECLCP?AGgLFGBPMCJbARPGA?
%L CQRC QCLRGBM
QC RGCLC OSC J? NPMNSCQR? BC -?PAF? ?J .MPRC AMKM SL?
PC?JGB?B?JF?@CPQCAMLDGPK?BMCJ?AACQM?DGL?LAG?KGCLRMWAPbBGRMQNMPN?PRC
BCJ")$WBCJ?#!&
WCQNCAG?JKCLRCBCJMQEM@GCPLMQBC"P?QGJW6CLCXSCJ?
%QR?QBMQGLGAG?RGT?Q
BCCVNJMP?AGgLBCFGBPMA?P@SPMQWJ?-?PAF??J.MPRC
F?L
QGBM AMLDGPK?B?Q MDGAG?JKCLRC $C GES?J K?LCP?
QC RGCLCL ?T?LACQ CL JMQ
CQRSBGMQWJGACLAG??K@GCLR?JBCJ?PCNPCQ?BC#?AFSCJ?%QNCP?LX?.MCVGQRC
AMLDGPK?AGgL MDGAG?J ?J KMKCLRM QM@PC GLTCPQGMLCQ M DGL?LAG?KGCLRM M@RCLGBM
N?P? J? PCNPCQ? FGBPMCJbARPGA? BC %J "?J? W CJ GLECLGM BC 3?L "SCL?TCLRSP?
?SLOSC QML AJ?P?KCLRC NPMWCARMQ NPGMPGX?BMQ BCLRPM BC JMQ NJ?LCQ BC
BCQ?PPMJJMBCJMQEM@GCPLMQL?AGML?JCQWBCN?PR?KCLR?JCQ
!NCQ?PBCJ?QNPMNSCQR?QGBCMJgEGA?QWBCNMJeRGA?QNj@JGA?QNPMNSCQR?QNMPCJ
?ARS?J EM@GCPLM
GLAJSWCLBM JMQ A?K@GMQ BC K?RPGX NPMBSARGT? W CJ PMJ
NPMR?EgLGAMBCJ%QR?BM
SLCJCKCLRMACLRP?JOSCCQRCCQRSBGM?L?JGX?QC@?Q?
CLCJFCAFMBCOSCQCPCRMK?L?LRGESMQNPMWCARMQOSCDSCPMLAMLAC@GBMQCL
KSAFMQA?QMQF?ACW?K\QBCRPCGLR??fMQ
WOSCDSCPMLR?K@GbLNPMKMTGBMQ
W ?NMW?BMQ CL J? CP? LCMJG@CP?J W BC ?HSQRC CQRPSARSP?J ? KCBG?BMQ BC J?
BbA?B? BC
AML J? BGDCPCLAG? BCJ LSCTM PMJ BCJ %QR?BM @?HM CJ ?ARS?J
AMLRCVRM NMJeRGAM
?SLOSC QGL OSC CVGQR?L EP?LBCQ BGDCPCLAG?Q CL RMPLM ? J?
CHCASAGgL BC R?JCQ KCE?NPMWCARMQ
DSLB?KCLR?JKCLRC AML PCJ?AGgL ? J?Q
PCNPCQ?QFGBPMCJbARPGA?QCLCJLMPRC?K?XgLGAM@MJGTG?LM
WCLKCLMPKCBGB??J
GLECLGM?XSA?PCPMBC3?L"SCL?TCLRSP?
%LCJA?QMBCJ#MPPCBMP.MPRC
QCTSCJTC?AMLQGBCP?PCJCLDMOSCAMLACNRS?JBC
J?K?PAF??JLMPRCWJ?GLRCEP?AGgLA?KGLCP?
?SLOSCAMLK\QBCAGQGgLNMJeRGA?
W ?NMWM JMA?J OSC CL CJ N?Q?BM
GLAJSWCLBM J? ECQRGgL BC DGL?LAG?KGCLRM W
NPbQR?KMQN?P?CQRCAMKCRGBM
?SLOSCCVGQR?L?JESLMQ?L\JGQGQCAMLgKGAMQW
?K@GCLR?JCQLMD?TMP?@JCQN?P?J?TG?@GJGB?BDGL?LAGCP?BCJKGQKM.MM@QR?LRC
QCRGCLCSL??ACNR?AGgLAMLQGBCP?@JCCLBGTCPQMQLGTCJCQBCJ?PCEGgL
?SLOSC
QCCQRGK?OSCQCJJCE?Pe?L?NPMBSAGPA?K@GMQQGELGDGA?RGTMQCLCJSQMBCJQSCJM
%JPMJBC"P?QGJCQAJ?TCN?P?J?AMLAPCAGgLBCCQRCNPMWCARMBCGLRCEP?AGgL
JM
OSC F? QGBM MDGAG?JGX?BM CL CJ KCQ BC HSJGM BC W OSC CL AGCPR? KCBGB?
AMLRCKNJ?D?ARMPCQECMNMJeRGAMQWJ?TGQGgLBCBCQ?PPMJJMOSCNPMKSCTCLMQgJM
J? GLRCEP?AGgL CAMLgKGA? W AMKCPAG?J
QGLM ?BCK\Q CJ SQM BCJ CQN?AGM CL CJ
LMPMCQRCBCJ?!K?XMLe?
%J NPMWCARM BC CVNJMP?AGgL NCRPMJCP? CL J? PCEGgL BC !NMJM AMLRCKNJ?
?QGKGQKM
SL? AMLLMR?AGgL ECMNMJeRGA? CL PCJ?AGgL AML J? BGTCPQGDGA?AGgL BC
LSCT?Q PCEGMLCQ NPMBSARMP?Q BC NCRPgJCM ?BCK\Q BC J?Q XML?Q NPMBSARMP?Q
RP?BGAGML?JCQ S@GA?B?Q CL CJ QSPCQRC BCJ N?eQ !QGKGQKM
QC RGCLC OSC J?
N?PRGAGN?AGgL BC J? CKNPCQ? TCLCXMJ?L? 0$63! QCP\ DSLB?KCLR?J N?P?
CHCASR?PWJJCT?P?A?@MCQR?GLGAG?RGT?
JMOSCCLAS?BP??QSTCXAMLLMR?AGMLCQ
GBCMJgEGA?Q?BGAGML?JCQCLK?PA?B?QCLCJAMLRCVRMNMJeRGAM?ARS?J
5LM BC JMQ NPM@JCK?Q NPGLAGN?JCQ P?BGA? CL OSC J? PCEGgL BMLBC F? QGBM
AMLDGPK?B? J? CVGQRCLAG? BC NCRPgJCM QC CLASCLRP? CL XML?Q BC
?KMPRGES?KGCLRMBCJ0?POSC.?AGML?J-?BGBGWRCPPGRMPGMQGLBeECL?QBCJLMPRCBC
,?0?X
NMPJMOSCQCNPCQCLR?SLAMLDJGARMCLPCJ?AGgLAMLCDCARMQGLBGPCARMQW
NMQRCPGMPCQ
AMKM J? ?NCPRSP? BC A?KGLMQ F?AG? JMQ NMXMQ W J? ?RP?AAGgL BC
K?WMPDJSHMKGEP?RMPGMF?AG?J?XML?BC@GBM?J?QCVNCAR?RGT?QBCECLCP?AGgLBC
GLEPCQMQNMPJ?CVNJMR?AGgLNCRPMJCP?
JMOSCNSCBCRCLCPGKN?ARMQ?K@GCLR?JCQ
N?P?CJ\PC?NPMRCEGB?CGKN?ARMQQMAGM?K@GCLR?JCQCLJ?Q4#/QBCJ?PCEGgL
%QRCF?QGBMSLMBCJMQNPM@JCK?QW?QSQAGR?BMQCLCJCLRPCCJEM@GCPLMW
J? CKNPCQ? CQR?R?J AMLRP? J?Q MPE?LGX?AGMLCQ W AMKSLGB?BCQ GLBeECL?Q W
MPE?LGX?AGMLCQ?K@GCLR?JGQR?Q
,?"PGE?B?0?PJ?KCLR?PG?BC,?0?XW?CLCJ?fMCJCTg?J0PCQGBCLRCBC
J? 2CNj@JGA? J? NPGMPGB?B BC J? CHCASAGgL BC SL? QCPGC BC NPMWCARMQ CL CJ
BCN?PR?KCLRM
JMQ AS?JCQ GLAJSe?L AMKM NPGMPGB?B J? CVNJMP?AGgL BC
FGBPMA?P@SPMQ
J? A?PPCRCP? ?J LMPRC W CJ AMKNJCHM ?EPMGLBSQRPG?J BC 3?L
"SCL?TCLRSP?
%LPCQSKCL
RMBMQJMQKCE?NPMWCARMQ?L?JGX?BMQF?LQGBMAMLQGBCP?BMQAMKM
BC GLRCPbQ W NPGMPGB?B L?AGML?J
KCBG?LRC JCWCQ BC J? 2CNj@JGA?
BCAPCRMQ
QSNPCKMQMPCQMJSAGMLCQNPCDCARSP?JCQ
JMOSCCQR?@JCACAJ?P?KCLRCJ?TMJSLR?B
NMJeRGA? W ECQRGgL BC NMJeRGA?Q Nj@JGA?Q W QS GKNMPR?LAG? CL J? ?ECLB?
ES@CPL?KCLR?JN?P?QSASKNJGKGCLRMWCHCASAGgL
%J LMPRC ?K?XgLGAM BC "MJGTG? F? QGBM AMLQGBCP?BM AMKM SL? BC J?Q PCEGMLCQ
K\Q MJTGB?B?Q W BCQ?RCLBGB?Q CL CJ N?eQ
? NCQ?P BC QS EP?L NMRCLAG?J N?P?
JMEP?PSLN?P?BGEK?BCBCQ?PPMJJMQMQRCLG@JC%QR?AMLLMR?AGgLF?K?PA?BMCJ
GLRCPbQ NMJeRGAM
R?LRM ? LGTCJ JMA?J AMKM PCEGML?J W AML K?WMP BCAGQGgL CL CJ
?ARS?J EM@GCPLM
BC GKNJCKCLR?P NMJeRGA?Q W ?AAGMLCQ OSC PCTGCPR?L CQR?
QGRS?AGgL
NPMKMTGCLBMJ?GLRCEP?AGgLWCJBCQ?PPMJJMBCCQR?PCEGgL
0MPAMLQGESGCLRC
J?AMLQRPSAAGgLQMAG?JBCJLMPRC?K?XgLGAMQCCLK?PA?R?LRM
CLJ?TGQGgLWAMLACNAGgLBCSLCQN?AGMAMLPGOSCX?QL?RSP?JCQ
OSCBC@CLQCP
AMLQCPT?B?Q M CVNJMR?B?Q BCNCLBGCLBM BCJ APGRCPGM
?Qe AMKM SL CQN?AGM CL
ECLCP?J BCQNM@J?BM OSC LCACQGR? BCQ?PPMJJ?PQC W QGL OSC QC F?W? RCLGBM J?
NPCQCLAG?BCJ%QR?BMOSCAMKGCLX??QCPAPCAGCLRCWDMPR?JCAGB?AMLJ??ARS?J
ECQRGgLBCEM@GCPLM
%QR? BS?JGB?B QC AMK@GL? N?P? OSC JMQ KCE?NPMWCARMQ ?L?JGX?BMQ W J?Q
NMJeRGA?QCLCPEbRGA?QASKNJ?LSLPMJNPMR?EgLGAMN?P?CJASKNJGKGCLRMBCCQRMQ
M@HCRGTMQ W BC J?Q NPMNSCQR?Q BCJ EM@GCPLM @MJGTG?LM
OSC ? BGDCPCLAG? BC
?LRCPGMPCQ bNMA?Q PCAG@C SL ?NMWM JMA?J CL QS K?WMPe?
JM OSC MRMPE? K?WMP
PCQN?JBMN?P?CJASKNJGKGCLRMBCCQRMQNPMWCARMQ,?QPCJ?AGMLCQAMLRP?PG?QW
?LR?EgLGA?QCLRPCLGTCJCQJMA?JCQWAMKSLGR?PGMQAMLCJEM@GCPLML?AGML?J
OSC
CVGQRGCPML CL EP?L KCBGB? CL NPMNSCQR?Q ?LRCPGMPCQ
W? LM QML R?L BGPCAR?Q W
CVNJeAGR?Q
.M M@QR?LRC
CQR? QGRS?AGgL NSCBC QCP QSNCP?B? CL PCJ?AGgL AML J?Q NMJeRGA?Q
CLCPEbRGA?QCLJ?!K?XMLe?@MJGTG?L?
W?OSCLMQCAMLQGBCPgCQRCRCK?AMKM
SL NSLRM CQRPSARSP?J ?LR?EgLGAM CLRPC J? ?PKMLGX?AGgL BC J? AMLQRGRSAGgL
NPMNSCQR? W JMQ CQR?RSRMQ ?SRMLgKGAMQ
QGCLBM GKNMPR?LRC ?L?JGX?P J?
?BCAS?AGgL BC R?JCQ CQR?RSRMQ AML CJ LSCTM RCVRM AMLQRGRSAGML?J ?NPM@?BM CL
CLCPMBCWJMQKCA?LGQKMQBCCHCASAGgLBCNMJeRGA?QCLCPEbRGA?QCLCQR?
PCEGgL ? N?PRGP BC J? GKNJCKCLR?AGgL BC J? .SCT? #MLQRGRSAGgL 0MJeRGA? BCJ
%QR?BM?GLGAG?PQCCJ
%QRC CQ SL CQACL?PGM AMKNJCHM W OSC PCNPCQCLR? R?LRM SL? MNMPRSLGB?B W SL
BCQ?DeM N?P? JMQ NPMACQMQ BC BCQ?PPMJJM QMQRCLG@JC C GLRCEP?AGgL 0MP JM R?LRM
QCP\ BC GKNMPR?LAG? AMLQGBCP?P SL LSCTM CLDMOSC BC QSQRCLR?@GJGB?B OSC
GLAMPNMPCLCJPMJNPMR?EgLGAMWQGELGDGA?RGTMBCNMJeRGA?QCLCPEbRGA?QCLCJLMPRC
?K?XgLGAM @MJGTG?LM
\PC?Q OSC ?LRCPGMPKCLRC LM CP?L R?L GLDJSWCLRCQ CL JMQ
NJ?LCQ
NMJeRGA?QWNPMWCARMQ?QCPGKNJCKCLR?BMQCLJ?PCEGgL
,? NMJeRGA? CAMLgKGA? OSC QC JJCT? ? A?@M CL J? ?ARS?JGB?B QC @?Q? CL CQR?Q
AMLQGBCP?AGMLCQ W CL J? NPCKGQ? BC ?NPMTCAF?P J? NMRCLAG?JGB?B BCJ LMPRC
?K?XgLGAM
B?BMQ JMQ A?K@GMQ QGELGDGA?RGTMQ BC NMJeRGA?Q Nj@JGA?Q OSC QC
NPMBSACL CL "MJGTG?
CQNCAeDGA?KCLRC AML PCJ?AGgL ?J PMJ BCJ %QR?BM W BC JMQ
PCASPQMQ L?RSP?JCQ N?P? CJ BCQ?PPMJJM BCJ N?eQ
W CL N?PRGASJ?P BCJ LMPRC
?K?XgLGAM@MJGTG?LM
,? ?ARS?J NPMNSCQR? BCJ EM@GCPLM QM@PC GLAMPNMP?P JMQ BCPCAFMQ BC J? -?BPC
4GCPP? CQ JM?@JC W NSCBC QCP SL? @?QC AMLACNRS?J N?P? ?T?LX?P F?AG? R?JCQ
AMLLMR?AGMLCQ BC QSQRCLR?@GJGB?B
QGCKNPC W AS?LBM
NSCB?L ?PRGASJ?PQC BC
K?LCP? CDCARGT? AML J?Q NMJeRGA?Q Nj@JGA?Q W NPMWCARMQ NPMKMTGBMQ CL CQR?
PCEGgLN?P?JMEP?PJ?KCHMP?BCJ?QAMLBGAGMLCQBCTGB?WJ?QSQRCLR?@GJGB?BCL
CJ SQM BC JMQ PCASPQMQ L?RSP?JCQ W MASN?AGgL BCJ CQN?AGM RCPPGRMPG?J CL J?
!K?XMLG?@MJGTG?L?
"G@JGMEP?De?
!"#
-CKMPG? )LQRGRSAGML?J !BKGLGQRP?BMP? "MJGTG?L? BC
#?PPCRCP?Q,?0?X
!")
-GLGQRCPGM BC (GBPMA?P@SPMQ BC@C KMBGDGA?P AMLRP?RMQ AML 0$63!
%J$G?PGM
,?0?X
!")
-MP?JCQ BCLSLAG? CQRP?RCEG?Q N?P? CTGR?P CVNJMP?AGgL BC
FGBPMA?P@SPMQCL"MJGTG?BC*SJGM,?0?X
"MJGTG?
"?LAM#CLRP?JBC"MJGTG?
-CKMPG?!LS?J,?0?X
"?LAM#CLRP?JBC"MJGTG?
-CKMPG?!LS?J,?0?X
"?LAM#CLRP?JBC"MJGTG?
-CKMPG?!LS?J,?0?X
"?LAM#CLRP?JBC"MJGTG?
-CKMPG?!LS?J,?0?X
")$
$MASKCLRM #MLACNRS?J BC 0PMWCARM 0PMEP?K? 6G?J BCJ #MPPCBMP
.MPRCN$MASKCLRM4bALGAM
#&"
!LS?PGM %QR?BeQRGAM #\K?P? &MPCQR?J BC "MJGTG?
5LGB?B BC
#CPRGDGA?AGgLBC/PGECL3?LR?#PSX
"MJGTG?
#5-!4
%QRSBGMBCJ?A?N?AGB?BBCSQMK?WMPBCJ?RGCPP?6MJSKCL)
4SKSN?Q?0PMWCARM#5-!4
53!)$z"MJGTG?0,
$(6
%T?JS?AGgL!K@GCLR?J%QRP?RbEGA?BCJ#MPPCBMP.MPRCBC"MJGTG?,?
0?X'S?W?P?KCPeL#M@GH?$/#5-%.4/4bALGAM,?0?X
$G?X
-$ 2CGB
* 3M?PCX
" +?SDK?LL
2 &JCAI
,
%DCGRMQ BC
NPMHCARMQBCGLDP?CQRPSRSP?BCCLCPEG?CRP?LQNMPRCQQM@PC?CVN?LQ?MBCQMH?
L?@?AG?BMPGM-?BCGP?#MLQCPT?RGML3RP?RCEW&SLB,?0?X
%52/#/.35,4
:MLGDGA?AGgL ?EPMCAMJgEGA? W NPMNSCQR? RbALGA? BCJ
0J?L BC 5QM BCJ 3SCJM BC J? 2CEGgL !K?XgLGA? BCJ $CN?PR?KCLRM BC ,? 0?X
CL 0PMEP?K? N?P? CJ /PBCL?KGCLRM 4CPPGRMPG?J BC J? 2CEGgL !K?XgLGA?
"MJGTG?L?CLJMQ$CN?PR?KCLRMQBC,?0?X
"CLGW#MAF?@?K@?,?0?X
&JCAI
,
0?GLRCP
, W !KCLB
-
#?PPCRCP?Q W \PC?Q NPMRCEGB?Q SL
?L\JGQGQ CAMLgKGAM GLRCEP?BM BC NPMWCARMQ CL CJ LMPRC BC J? !K?XMLG?
"MJGTG?L?#MLQCPT?RGML3RP?RCEW&SLB
3CPGC4bALGA?
%BGAGgL"P?QGJ
&/"/-!$%
"?HMCJA?SB?J%JGKN?ARMBCJ?QPCNPCQCQBCJPeM-?BCP?
CL"MJGTG?,?0?X
"MJGTG?
'M@GCPLMBC"MJGTG? ?
.SCT?#MLQRGRSAGgL0MJeRGA?BCJ%QR?BM,?0?X
'M@GCPLMBC"MJGTG? ?
$CAPCRM3SNPCKM
2CEJ?KCLRMBC#MLQSJR?
W0?PRGAGN?AGgLN?P?!ARGTGB?BCQ(GBPMA?P@SPeDCP?Q,?0?X
'M@GCPLMBC"MJGTG? @
$CAPCRM3SNPCKM.M,?0?X
'M@GCPLMBC"MJGTG?
0J?L.?AGML?JBC$CQ?PPMJJM,?0?X
"MJGTG?
'M@GCPLMBC"MJGTG? ?
$CAPCRM3SNPCKM.M,?0?X
'M@GCPLMBC"MJGTG? @
,CWBC(GBPMA?P@SPMQ.M,?0?X
).%
#MKCPAGM %VRCPGMP BC "MJGTG? )LQRGRSRM .?AGML?J BC
%QR?BeQRGA?Q
,?0?X
"MJGTG?
).%
,?Q%VNMPR?AGMLCQ"MJGTG?L?QQC)LAPCKCLR?PMLCL
.MR?BC
0PCLQ?.M,?0?X
"MJGTG?
,?0PCLQ?
5LGLDMPKC?K@GCLR?J?SKCLR?J?RCLQGgLCLRPCCJ'M@GCPLMW
53!)$BC.MTGCK@PC
,?0?X
,)$%-!
s-CE?0PMWCARM N?P? BCQRPSGP J? -?BPC 4GCPP? .MR? BC
0PCLQ?
,GE?BC$CDCLQ?BCJ-CBGM!K@GCLRC,?0?X
"MJGTG?
-!3)030
0PMEP?K?BC'M@GCPLM"MJGTG?$GEL?
3M@CP?L?
W0PMBSARGT?
0?P?6GTGP"GCL-MTGKGCLRM!J3MAG?JGQKM)LQRPSKCLRM0MJeRGAM
NMPJ?3M@CP?Le?BCJMQ0SC@JMQ,?0?X
"MJGTG?
-MPPGQ
5L LSCTM CLDMOSC QM@PC CJ 0PMWCARM %J "?J? 0PCDCARSP? BCJ
BCN?PR?KCLRMBC,?0?X
"MJGTG?
-0$
0PMNSCQR? N?eQ ? J? #MPNMP?AGgL !LBGL? BC &MKCLRM
6GACNPCQGBCLAG?BCJ?2CNj@JGA?W-GLGQRCPGMBC0J?LGDGA?AGgLN?P?CJ$CQ?PPMJJM
,?0?X
/PQ?E
6
#MKNJCHM ?EPMGLBSQRPG?J N?P? CJ LMPRC BC ,? 0?X s-GRM M
2C?JGB?B -?LSQAPGRM
&MPM "MJGTG?LM QM@PC -CBGM !K@GCLRC W $CQ?PPMJJM
,?
0?X
0.5$
)LDMPKCBC$CQ?PPMJJM(SK?LMCLCJ.MPRC!K?XgLGAM"MJGTG?LM
0PMEP?K?BCJ?Q.?AGMLCQ5LGB?QN?P?CJ$CQ?PPMJJM,?0?X
"MJGTG?
02!)!
,CAAGMLCQ !NPCLBGB?Q QM@PC !JG?LX?Q W %KNPCLBGKGCLRMQ
)LBeECL?Q #MLQRPSWCLBM 0PMACQMQ #MLHSLRMQ N?P? CJ &SRSPM 0PMEP?K?
2CEGML?JBC!NMWM?JMQ0SC@JMQ)LBeECL?QBCJ!K?XML?Q02!)!
,?0?X
0PCDCARSP? BC ,? 0?X @
)LDMPKC &GL?J %QRSBGM BC &?ARG@GJGB?B 4bALGAM
%AMLgKGAM&GL?LAGCPMBCJ)LECLGM!XSA?PCPMBCJ.MPRC0PMEP?K?)LRCEP?BMBC
0PMWCARMQN?P?CJ.MPCQRCBCJ$CN?PR?KCLRMBC,?0?X"MJGTG?
3%2.!0
%T?JS?AGgL BC J? &?ARG@GJGB?B !K@GCLR?J BC JMQ 4P?KMQ
0PMNSCQRMQNMPJ?0PCDCARSP?BCJ$CN?PR?KCLRMBCJ?0?XN?P?6GLASJ?P!NMJM
AML)VG?K?QCLCJ0?POSC.?AGML?J-?BGBG7#3
,?0?X
5$!0%
3CARMP%JbARPGAMCL"MJGTG?
,?0?X
"MJGTG?
5$!0%
!RJ?Q BC 2CASPQMQ .?RSP?JCQ 2CLMT?@JCQ CL "MJGTG? 6MJ
5$!0%W#MLQCPT?AGgL)LRCPL?AGML?J,?0?X
"MJGTG?
53 $CN?PRKCLR MD %LCPEW
!L %LCPEW /TCPTGCU MD "P?XGJ %LCPEW
)LDMPK?RGML!BKGLQGRP?RGML
7?QFGLERML$#
6-4#!#
0J?L -?CQRPM BC 4P?LQNMPRC NMP 3SNCPDGAGC )LDMPKC &GL?J
6GACKGLGQRCPGM BC #MKSLGA?AGMLCQ
4P?LQNMPRC W !CPML\SRGA? #GTGJ ,? 0?X
"MJGTG?
6-4#!#
0J?L -?CQRPM BC 4P?LQNMPRC NMP 3SNCPDGAGC 6CPQGgL @?HM
PCTGQGgLDGL?J /ARS@PC
6GACKGLGQRCPGMBC#MKSLGA?AGMLCQ
4P?LQNMPRCW
!CPML\SRGA?#GTGJ,?0?X
"MJGTG?
90&" ?
90&" )LDMPK? 2CRMK?KMQ J? %VNJMP?AGgL N?P? @CLCDGAGM BC
"MJGTG?"MJCReL)LQRGRSAGML?J.M
3CNRGCK@PC,?0?X
"MJGTG?
90&" @
90&" )LDMPK? %QR?KMQ PC?ARGT?LBM LSCQRP? CKNPCQ? "MJCReL
)LQRGRSAGML?J.M
-?WM,?0?X
"MJGTG?
90&" A
90&")LDMPK?"MJCReL)LQRGRSAGML?J.M
*SJGM,?0?X
"MJGTG?
:/.)3)'
:MLGDGA?AGgL ?EPMCAMJgEGA? W QMAGMCAMLgKGA? W 0CPDGJ
!K@GCLR?J BCJ $CN?PR?KCLRM 0?LBM -GLGQRCPGM BC $CQ?PPMJJM 3MQRCLG@JC W
-CBGM ?K@GCLRC W 0PCDCARSP? BCJ BCN?PR?KCLRM 0?LBM $(6 #MLQSJRMPCQ
,?
0?X
"MJGTG?
$2A?L92<'B@A2;A./6961.1F2@.??<99<2;9.:.G<;J.129
0B.1<?692:.@=.?.9.(?.;@606L;5.06.B;.'<0621.1$<@A
=2A?<92?.
("%)
((
$)"
((
$
+3(,%
)LRPMBSAAGgL
!SLOSCJ?QNPMTGLAG?Q?K?XgLGA?QAS@PCLCJBCJRCPPGRMPGMCAS?RMPG?LM
J?
PCEGgL F? NCPK?LCAGBM FGQRgPGA?KCLRC ?GQJ?B? CL RbPKGLMQ CAMLgKGAMQ W
BCKMEP\DGAMQ
KGCLRP?QJ?3GCPP?WJ?#MQR?F?LAMLACLRP?BMJ?K?WMPN?PRCBC
J??ARGTGB?BCAMLgKGA?WBCJ?NM@J?AGgL%LJ?NM@J?AGgL?K?XgLGA?
AML
F?@GR?LRCQ
?NCL?Q PCNPCQCLR?@? CJ BCJ RMR?J L?AGML?J %J
BCQAS@PGKGCLRM BCJ NCRPgJCM CL J? !K?XMLe? LMPRC CL AMLBSHM ? SL?
P\NGB? RP?LQDMPK?AGgL
GKNSJQ?LBM SL NPMACQM BC GLKGEP?AGgL
AMJMLGX?AGgL W
BCDMPCQR?AGgL?QMAG?BM?J?AMLQRPSAAGgLBCGLDP?CQRPSARSP?WTe?QBC?AACQM?
JMQA?KNMQNCRPMJCPMQ%L
?fMBCJjJRGKMACLQM
J?NM@J?AGgL?K?XgLGA?
JJCE?@? ? F?@GR?LRCQ
COSGT?JCLRCQ ?J BCJ RMR?J L?AGML?J 5L?
NPMWCAAGgLKMBCP?B?QSEGCPCOSCJ?NM@J?AGgL?K?XgLGA?CAS?RMPG?L?JJCE?Pe?
?F?@GR?LRCQCL(?AG?J?Q\PC?QGLRCPTCLGB?Q?JA?LX?@?L
CJ BCJ RCPPGRMPGM BC J? PCEGgL 3GCPP?
,? BCDMPCQR?AGgL BC JMQ
@MQOSCQ RPMNGA?JCQ F? QGBM ?ACJCP?B? CL CJ %AS?BMP
N?PRGASJ?PKCLRC CL J?
!K?XMLe?WCL%QKCP?JB?Q!SLOSCLMQCAMLMACAMLNPCAGQGgLQS K?ELGRSB
W? OSC J?Q AGDP?Q BGQNMLG@JCQ KSCQRP?L SL? LMR?@JC FCRCPMECLCGB?B
J?Q
CQRGK?AGMLCQ K\Q AMLDG?@JCQ W PCAGCLRCQ
NPMTCLGCLRCQ BC &!/
CQR?@JCACL
T?JMPCQNPgVGKMQ?J?QFCAR\PC?QNMP?fM
S@GA?LBM?J%AS?BMPAMKM
CJQCESLBMN?eQAMLK\Q?JR?R?Q?BCBCDMPCQR?AGgLCLCJAMLRGLCLRC 7SLBCP
!SLOSCJ?KCLMPCVN?LQGgLECMEP\DGA?BCJ?CVNJMP?AGgLNCRPMJCP?
WJ?
AMLQCASCLRC PCBSAAGgL CL J? AMLQRPSAAGgL BC A?KGLMQ BSP?LRC JMQ jJRGKMQ
?fMQQSEGCPCLSL?KCLMPBCDMPCQR?AGgL
QCCQRGK?OSCJ?AGDP?CQ?jLCJCT?B?
CLJ?PCEGgL?K?XgLGA?CAS?RMPG?L?
3CF?LCQRGK?BMR?Q?QBCAPCAGKGCLRMBCJ?LS?JCLCJ\PC?SP@?L?
WBCJ
?LS?JCLCJ\PC?PSP?J
AMLSLAPCAGKGCLRMPCEGML?JAMLHSLRMBCJ?LS?JN?P?CJ
GLRCPT?JM
T?JMPCQGLDCPGMPCQ?JMQBCJjJRGKMGLRCPT?JMACLQ?JCLRMBMQJMQ
A?QMQ #S?BPM
3C?QSKCSL?KCLMPDCPRGJGB?BWR?K@GbLKCLMPCQR?Q?QBC
GLKGEP?AGgLGLRCPL?PCQNCARM?JGLRCPT?JM,?NPMWCAAGgLBCDSCLRCQMDGAG?JCQ
CQBCNCPQML?QN?P?Q
AGDP?QSNCPGMP?J?MNAGgLQSECPGB?CLCQRC
CQRSBGM
!SLOSCCVGQRCGLDMPK?AGgLK\QPCAGCLRCOSCCTGBCLAG?SL?CVN?LQGgLBCJ?Q\PC?Q
GLRCPTCLGB?Q
CJCQRSBGMBC3GCPP?QGESCQGCLBMJ?DSCLRCK\QAMLDG?@JCWAMLQGQRCLRC
BGQNMLG@JC
,?CVRP?AAGgLNCRPMJCP?F??PRGASJ?BM
BGPCAR?CGLBGPCAR?KCLRC
CJNPMACQMK\Q
GLRCLQM BC RP?LQDMPK?AGgL BC J? !K?XMLe? CAS?RMPG?L? ,? K?ELGRSB BC J?Q
PCQCPT?Q PCK?LCLRCQ W J? CTMJSAGgL PCAGCLRC BC J? NPMBSAAGgL
QGL CK@?PEM
QSEGCPCL SL CQACL?PGM BC BCAJGL?AGgL NPMEPCQGT? BC J? NPMBSAAGgL F?QR? QS
TGPRS?J?EMR?KGCLRM?JA?@MBCNMA?QBbA?B?Q%JAGAJMNCRPMJCPMF?BCH?BMSL?
QCASCJ? BC GKN?ARMQ LCE?RGTMQ QM@PC J? @GMBGTCPQGB?B
JMQ PCASPQMQ L?RSP?JCQ
J?Q ASJRSP?Q GLBeECL?Q W JMQ CAMQGQRCK?Q
QGL F?@CP JMEP?BM NPMNMPAGML?P
AMLBGAGMLCQBCTGB?K\Q?JJ\BCJJeKGRCBCQS@QGQRCLAG?N?P?J?K?WMPN?PRCBC
J?NM@J?AGgLPCEGML?J
$CQBC SL? NCPQNCARGT? K\Q ?KNJG?
CJ NCRPgJCM BCQBC QC AMLTGPRGg CL CJ
NPMBSARMK\QGKNMPR?LRCBCJ?CAMLMKe?L?AGML?J
QGCLBMCJNPGLAGN?JPS@PMBC
J?Q CVNMPR?AGMLCQ W SL? BC J?Q NPGLAGN?JCQ DSCLRCQ BC GLEPCQMQ DGQA?JCQ 3GL
CK@?PEM
QS BGQNMLG@GJGB?B F? AMLJJCT?BM R?K@GbL ? SL? CVN?LQGgL LM
QSQRCLR?@JCBCJAMLQSKMGLRCPLMBCFGBPMA?P@SPMQ
WF?BC@GJGR?BMJ?CVN?LQGgL
BC DSCLRCQ PCLMT?@JCQ BC CLCPEe? %J AMLQSKM CLCPEbRGAM BCJ N?eQ
?JR?KCLRC
BCNCLBGCLRC BCJ NCRPgJCM
NJ?LRC? EP?TCQ BCQ?DeMQ N?P? J?Q NMJeRGA?Q
CLCPEbRGA?QDSRSP?Q?LRCJ?NPCTGQG@JCBCAJGL?AGgLBCJ?NPMBSAAGgLWPCQCPT?Q
%QRC?PReASJM?L?JGX?JMQCDCARMQBCJ??ARGTGB?BNCRPMJCP?CLJ?!K?XMLe?LMPRC
R?LRM CL RbPKGLMQ QMAG?JCQ
NPMBSARGTMQ W BCKMEP\DGAMQ
AMKM BCQBC J?
NCPQNCARGT? BC J? QSQRCLR?@GJGB?B 3C GLAJSWCL BMQ CQRSBGMQ BC A?QM QM@PC J?
AMJMLGX?AGgL %J NPGKCPM CL J? NPGLAGN?J \PC? BC CVN?LQGgL NCRPMJCP? W CJ
QCESLBM CL J? !K?XMLe? QSP
GLBCNCLBGCLRC BC J? ?ARGTGB?B NCRPMJCP? ,?
AMKN?P?AGgL NCPKGRGP\ M@QCPT?P M@QR\ASJMQ ? J? QSQRCLR?@GJGB?B CL ?K@MQ
A?QMQ
NCPM AML BGDCPCLRCQ GLRCLQGB?BCQ
NPM@JCK?Q W PGRKMQ FGQRgPGAMQ
#MKNJCKCLR?PG?KCLRC QC CLDMA?L JMQ JeKGRCQ W J?Q MNAGMLCQ N?P? SL?
RP?LQGAGgL F?AG? SL? CAMLMKe? NMQRNCRPMJCP? CL J? PCEGgL W CL CJ N?eQ CL
ECLCP?J
%J?PReASJMNJ?LRC?AMKMFGNgRCQGQACLRP?JOSCCJAGAJMNCRPMJCPMCLJ?!K?XMLe?
CAS?RMPG?L?
GLGAG?BM CL
JCHMQ BC AMLRPG@SGP ? SL A?K@GM QMAG?JKCLRC
GLAJSQGTMW?K@GCLR?JKCLRCQSQRCLR?@JCOSCK?LRCLE?J?CLMPKC@GMBGTCPQGB?B
CLBCKGQKM W PGOSCX? ASJRSP?J BC J? PCEGgL W QC LSRP? BC CJJ?Q
F? PCNCRGBM W
NPMDSLBGX?BM CL K?WMP CQA?J? JMQ GKN?ARMQ BCQRPSARGTMQ BC AGAJMQ CVRP?ARGTMQ
?LRCPGMPCQ MPM
A?SAFM
OSC BCQBC CJ GLGAGM BC J? AMJMLG? F?L ?DCAR?BM ? J?
PCEGgL ?K?XgLGA? CAS?RMPG?L?
BCQ?PRGASJ?LBM QS RCHGBM QMAG?J W ASJRSP?J W
BCRCPGMP?LBMQSPGOSCX??K@GCLR?J
,MQAGAJMQCVRP?ARGTMQBCPCASPQMQL?RSP?JCQBCJ?!K?XMLe?
WCLN?PRGASJ?PCJ
AGAJMNCRPMJCPM
QCF?L@?Q?BMCLJ?NCPACNAGgLBCJ?PCEGgLAMKMSL?DSCLRC
GL?EMR?@JC BC PCASPQMQ
W K\Q PCAGCLRCKCLRC
AMKM SL? T\JTSJ? BC CQA?NC ?
J?Q NPCQGMLCQ QMAG?JCQ W BCKMEP\DGA?Q BC J?Q PCEGMLCQ K\Q BCLQ?KCLRC
NM@J?B?Q BCJ N?eQ ,? !K?XMLe? F? QSDPGBM J? BCQ?PRGASJ?AGgL BC QSQ ASJRSP?Q
GLBeECL?Q W F? CVNCPGKCLR?BM SL NPMACQM BC AMJMLGX?AGgL ?QMAG?BM ? J?
CVRP?AAGgL BC PCASPQMQ LM PCLMT?@JCQ W ? SL? ?EPGASJRSP? BC KeLGK?
QSQRCLR?@GJGB?B
OSC LM F?L JMEP?BM KCHMP?P J?Q AMLBGAGMLCQ QMAG?JCQ BC TGB?
BCJ?NM@J?AGgL,MQGLBGA?BMPCQQMAG?JCQBCJ?PCEGgLJ?S@GA?LCLRPCJ?QK\Q
BCNPGKGB?Q BCJ N?eQ
W JMQ GKN?ARMQ ?K@GCLR?JCQ BC J? ?ARGTGB?B NCRPMJCP? W J?
AMJMLGX?AGgL QM@PC J? @GMBGTCPQGB?B W J? Q?JSB BC JMQ F?@GR?LRCQ F?L QGBM
QCTCPMQ!NCQ?PBCJ?APCAGCLRCAMLAGCLAG??K@GCLR?JWBCNMJeRGA?QRCLBGCLRCQ
? AMLQCPT?P J?Q \PC?Q NPMRCEGB?Q W CJ AMLHSLRM BC J? PCEGgL
F? NPCT?JCAGBM J?
AMLACNAGgL CVRP?ARGTGQR? QM@PC SL? CQRP?RCEG? CLA?KGL?B? F?AG? J?
QSQRCLR?@GJGB?B
,? CVRP?AAGgL NCRPMJCP?
GLGAG?B? CL
F? GLGAG?BM QS D?QC BCAJGL?LRC W QS
DSRSPMQCJGKGR??BMQMRPCQBbA?B?Q
NMPJ?K?ELGRSBBCJ?QPCQCPT?Q%JN?eQ
PCOSGCPC J? RP?LQGAGgL F?AG? SL KMBCJM BC BCQ?PPMJJM NMQRNCRPMJCPM %QR?
MNMPRSLGB?B?@PCNCPQNCARGT?QN?P?SLK?LCHMK\QQSQRCLR?@JCWCJBCQ?PPMJJM
BC CLCPEe?Q PCLMT?@JCQ
NCPM J?Q ?KCL?X?Q BC SL NPM@?@JC LSCTM AGAJM
CVRP?ARGTM
@?Q?BMCLJ?KGLCPe?KCR\JGA??EP?LCQA?J?
ECLCP?LGLACPRGBSK@PC
QM@PCCJBCQ?PPMJJMDSRSPMBCJ?!K?XMLe?CAS?RMPG?L?
%J ?L\JGQGQ GLRCEP? CJ CLDMOSC FGQRgPGAM BC J?EM NJ?XM AML ?L\JGQGQ CQNCAeDGAMQ
QM@PCJ?QGRS?AGgL?ARS?JBCQBCBGQRGLR?QNCPQNCARGT?Q
AMKMJ?BCKMEP\DGA?
J?
QMAG?J
W J?Q NMJeRGA?Q NCRPMJCP?Q #MKNJCKCLR?PG?KCLRC QC NPCQCLR?L BMQ
CQRSBGMQ BC A?QM QM@PC J? AMJMLGX?AGgL &GL?JKCLRC QC CT?Jj? CJ DSRSPM BC J?
?ARGTGB?B NCRPMJCP? CL @?QC J? GLDMPK?AGgL QM@PC J?Q PCQCPT?Q W J?Q NMJeRGA?Q
CLCPEbRGA?QBCJ%QR?BM
%J ?L\JGQGQ AMKGCLX? AML SL? @PCTC PCTGQGgL FGQRgPGA? ? N?PRGP BC J? AMLOSGQR?
FGQN\LGA?
QCESGB? NMP SL? QeLRCQGQ BC J?Q NCPQNCARGT?Q AMLACNRS?JCQ OSC CJ
%QR?BM W J? QMAGCB?B CAS?RMPG?L? F?L K?LRCLGBM QM@PC J? !K?XMLe? %L
QCESLBM JSE?P QC NPCQCLR? CL BCR?JJC CJ AGAJM NCRPMJCPM
AMKCLX?LBM NMP SL?
NCPGMBGX?AGgL
WJSCEMCVNMLGCLBMQSQCDCARMQBCKMEP\DGAMQ
J?CVN?LQGgLBCJ?
DPMLRCP??EPeAMJ?WJ?CQRPSARSP??ARS?JBCJ?DSCPX?J?@MP?J%QRC?L\JGQGQECLCP?J
QC AMKNJCKCLR? AML BMQ CQRSBGMQ BC A?QM QM@PC J? AMJMLGX?AGgL CL J?
!K?XMLe?
SLM ?QMAG?BM ? J? ?ARGTGB?B NCRPMJCP? W MRPM NCLBGCLRCCLRC BC CJJ?
,SCEMQC?L?JGX?CLBCR?JJCJ?QAMLBGAGMLCQQMAG?JCQ?ARS?JCQ
AMLbLD?QGQCLJ?
Q?RGD?AAGgL BC LCACQGB?BCQ @\QGA?Q &GL?JKCLRC QC CLDMA? CJ RCK? BC J?
QSQRCLR?@GJGB?B?K@GCLR?JWQMAG?JBCJ?PCEGgL
N?PRGASJ?PKCLRCCLPCJ?AGgLAML
CJ?EMR?KGCLRMDSRSPMBCJ?QPCQCPT?QNCRPMJCP?Q
!LRCACBCLRCQFGQRgPGAMQ
,? !K?XMLe? CAS?RMPG?L? F? QGBM LCE?RGT?KCLRC ?DCAR?B? NMP T?PGMQ AGAJMQ
NPMNGMQ
NPGLAGN?JKCLRC BC RGNM CVRP?ARGTM
OSC F?L BCH?BM QCASCJ?Q
NCPBSP?@JCQ CL QSQ QMAGCB?BCQ %QRMQ NCPeMBMQ QC F?L A?P?ARCPGX?BM NMP
NPMACQMQPCJ?RGT?KCLRCAMPRMQBCCVN?LQGgL
QCESGBMQNMPJ?PEMQGLRCPT?JMQBC
JCR?PEMMBCAJGL?AGgL
!LRCQ BC J? AMLOSGQR? FGQN\LGA?
J? NM@J?AGgL BC J? ?ARS?J !K?XMLe?
CAS?RMPG?L? F? QGBM CQRGK?B? CL NCPQML?Q
?EPSN?B?Q CL BGQRGLR?Q
ASJRSP?QOSCK?LRCLe?LSL?ARGTMGLRCPA?K@GMAMKCPAG?J
NPGLAGN?JKCLRCAMLJMQ
QCfMPeMQ bRLGAMQ BC J? 3GCPP? ,? AMLOSGQR? G@bPGA? RSTM T?PG?Q QCASCJ?Q
LCE?RGT?Q N?P? JMQ NSC@JMQ ?K?XgLGAMQ %J K\Q EP?TC DSC SL? QCTCP?
BCAJGL?AGgLBCKMEP\DGA?
AMKMAMLQCASCLAG?QM@PCRMBMBCJ?NPMN?E?AGgLBC
CLDCPKCB?BCQ AMLR?EGMQ?Q DPCLRC ? J?Q AS?JCQ JMQ GLBeECL?Q A?PCAe?L BC
BCDCLQ?Q4?WJMPCQRGK?OSCF?AG?J?NM@J?AGgLQCF?@e?PCBSAGBM?CLRPC
WNCPQML?Q
5LQCESLBMCDCARMBCJ?AMLOSGQR?DSCJ?GLRCPPSNAGgLMPSNRSP?BCJMQAGPASGRMQ
AMKCPAG?JCQBCRGNMTCPRGA?JOSCSLe?L?JMQNSC@JMQS@GA?BMQCLBGQRGLRMQNGQMQ
CAMJgEGAMQ &GL?JKCLRC
CJ AMLR?ARM AML JMQ AMLOSGQR?BMPCQ W QSQ
BCQACLBGCLRCQ AMLBSHM ? J? BCQ?PRGASJ?AGgL M BCQ?N?PGAGgL BC T?PGMQ NSC@JMQ
GLBeECL?Q #SJRSP?Q |A?KNCQGL?Q QCBCLR?PG?Q
CAMLgKGA? W NMJeRGA?KCLRC
CQRP?RGDGA?B?Q OSC CVGQRe?L ? MPGJJ?Q BCJ .?NM ? NPGLAGNGMQ BCJ QGEJM 86)
W JMQ
AMLHSLRMQNJSPGRPG@?JCQ?JR?KCLRCGLRCEP?BMQ?LGTCJCAMLgKGAM
NMJeRGAMWPGRS?J}
4?WJMP
N
QCBCQGLRCEP?PML
B?LBMMPGECL?EPSNMQQCKGLgK?B?QW
BGQNCPQMQAML?EPGASJRSP?GRGLCP?LRCWCAMLMKe?Q@?Q?B?QCLJ?PCAMJCAAGgLWJ?
A?X?
PCDSEG?BMQCLJ?QNJ?LGAGCQGLRCPDJSTG?JCQ
AMKMJMQ(S?MP?LG
4?WJMP GBCLRGDGA? T?PGMQ AGAJMQ CL J? FGQRMPG? ?K?XgLGA? %J NPGKCPM BC CJJMQ
OSC ?AMKN?fg ? J? AMLOSGQR?
QC A?P?ARCPGXg NMP SL? DSCPRC
?SLOSC CDeKCP? NCLCRP?AGgL CQN?fMJ?
NPGLAGN?JKCLRC CL @SQA? BC MPM ,?
CVNJMR?AGgL ?SPeDCP? GKNSJQg J? APC?AGgL BC ACLRPMQ SP@?LMQ AMKM "?CX?
3CTGJJ?BM/PMW:?KMP?,?PCQGQRCLAG?GLBeECL?CL?JESLMQA?QMQ
J?FSeB?W
BCAJGL?AGgLBCJ?NM@J?AGgLWCJ?EMR?KGCLRMBCJ?QKGL?QCLMRPMQ
AMLBSHCPML
?JRCKNP?LM?@?LBMLMBCCQRMQ?QCLR?KGCLRMQW?QSNMQRCPGMPBCAJGL?AGgL%J
AMJ?NQMBCJAGAJMKGLCPMDSCQCESGBMNMPSL?QCESLB?D?QC
KCLMQGLRCLQ?
BC
NCLCRP?AGgL
@?Q?B? CL KGQGMLCQ PCJGEGMQ?Q
NPGLAGN?JKCLRC HCQSGR?Q
%LECLCP?J
QC@SQAgAMLQRPSGPCAMLMKe?QCQAJ?TGQR?QAMLJ?NM@J?AGgL
GLBeECL? AMLACLRP?B? CL PCBSAAGMLCQ
OSC R?K@GbL DP?A?Q?PML W DSCPML
BCAJGL?LBM N?SJ?RGL?KCLRC %J NPMACQM AMLAJSWg AML J? CVNSJQGgL BC JMQ
HCQSGR?QNMPJ?AMPML?CQN?fMJ?CLCJQGEJM86)))
BCJ-?P?fgL,?CAMLMKe?A?SAFCP?QC@?QgCLPCJ?AGMLCQCQAJ?TGQR?QCLJ?Q
PGTCP?QBCJMQNPGLAGN?JCQPeMQ
?AMKN?f?B?QNMPMRP?QDMPK?QNPCA?NGR?JGQR?QBC
BMKGL?AGgLCLJ?QNJ?LGAGCQGLRCPDJSTG?JCQ%JP\NGBMAMJ?NQMBCJ?CVRP?AAGgLBCJ
A?SAFMBGMMPGECL?MRPMNCPeMBMBC?JCR?PE?KGCLRM
GLRCPPSKNGBMCLCJQGEJM88
NMPJ?CVN?LQGgLNCRPMJCP?
(?AG?
J? PCEGgL QC K?LRCLe? ?jL NPMDSLB?KCLRC ?GQJ?B? BCJ PCQRM BCJ
N?eQ,MQA?K@GMQNPMDSLBMQ?JMJ?PEMBCJQGEJM88F?LCQR?BMCQRPCAF?KCLRC
TGLASJ?BMQ ? J? CVNJMP?AGgL W CVNJMR?AGgL BCJ NCRPgJCM %J jLGAM NPMACQM
QGELGDGA?RGTMBCAMJMLGX?AGgL?K?XgLGAMLMTGLASJ?BM?J??ARGTGB?BNCRPMJCP?QC
F?B?BMBCQBCCLJ?!K?XMLe?QSP T?JJCQBCJ5N?LMW:?KMP?
AMLCJ
?SQNGAGMBCKGQGMLCPMQQ?JCQG?LMQ -CSLGCP
,? ?ARGTGB?B NCRPMJCP? CL CJ %AS?BMP QC GLGAGg CL CL J? #MQR?
AML J?
NCPDMP?AGgL BCJ NPGKCP NMXM NCRPMJCPM CL 3?LR? %JCL?
ASWMQ W?AGKGCLRMQ QC
AMLACQGML?PML?J?CKNPCQ?!LEJMBCQBC
?A?K@GMBCSL?N?PRGAGN?AGgL
CQR?R?J BCJ CL J? NPMBSAAGgL
AMKM PCE?Je?Q 2CWCQ
%L QC
CLRPCEgJ?NPGKCP?AMLACQGgLCLJ?!K?XMLe??J?CKNPCQ?,CML?PB
TGLASJ?B?
?3R?LB?PB/GJMD.CU*CPQCW%LJ?AMKN?fe?QSQAPG@GgAMLCJNPCQGBCLRC
!WMP? SL AMLRP?RM N?P? J? AMLQRPSAAGgL BC J? A?PPCRCP? !K@?RM-CP?
NMQG@JCKCLRC J? NPGKCP? Te? KMBCPL? BC NCLCRP?AGgL CL J? !K?XMLe?
CAS?RMPG?L? %L J? AMKN?fe? QC AMKNPMKCRGg R?K@GbL ? J? AMLQRPSAAGgL
BC A?KGLMQ BC FCPP?BSP? -CP?.?NM
2eM "J?LAM-CP?
W 4SJA\L2eM
3SASK@eMQ %L CJ NPCQGBCLRC 0\CX A?LACJg CJ AMLRP?RM AML ,CML?PB
CKNPCQ?OSCLSLA?GLGAGgJ?CVNJMR?AGgLNCRPMJCP?WQCJGKGRg?J?CVNJMP?AGgL
%J KGQKM ?fM 0\CX DGPKg SL AMLRP?RM BC AMLACQGgL ? J? 3FCJJ NMP
IGJgKCRPMQ AS?BP?BMQ
OSC GLAJSe? A?QG RMBM CJ ?ARS?J RCPPGRMPGM ?K?XgLGAM
L?AGML?J
ASWM NCPDGJ BG@SH?@? J? JeLC? BC DSRSP? BCK?PA?AGgL BCJ 0PMRMAMJM BC
2eMBC*?LCGPMBC '?J?PX?
%LCQRC?fMJ?3FCJJAMLAJSWgJ?PSR?
"?fMQ-CP?
AMKNJCKCLR?B?BCQBCNMPJ?A?PPCRCP?F?QR?0SWM0SWMW
-CP?DSCPML?LRGES?QKGQGMLCQBMKGLGA?QCLJ?!K?XMLe?ACLRP?J 0PMTGLAG?BC
0?QR?X?
DSLB?B?Q CL W PCQNCARGT?KCLRC ,?Q Te?Q BC NCLCRP?AGgL
CL CJ NGCBCKMLRC ?K?XgLGAM ACLRP?J MPGEGL?PML SL JCLRM
?SLOSC AMLRGLSM
NPMACQMBCAMJMLGX?AGgL%LAMLAJSWCPMLJ?Q?ARGTGB?BCQCVNJMP?RMPG?QBC
J?3FCJJ
CKNPCQ?OSCLCEgF?@CPCLAMLRP?BMNCRPgJCMCLJ?PCEGgL -?N?
%LCJ%AS?BMPDSCBCPPMR?BMCLJ?ESCPP?DPMLRCPGX?AML0CPj
OSCASJKGLg
AML CJ 0PMRMAMJM BC 2eM BC *?LCGPM BC
CL CJ AS?J CJ N?eQ NCPBGg
?NPMVGK?B?KCLRCJ?KGR?BBCQSRCPPGRMPGM?K?XgLGAM,?BCPPMR?DPCLRC?J0CPj
CQRGKSJ?P\ BSP?LRC J?Q NPgVGK?Q BbA?B?Q J? NPMKMAGgL BC J? AMJMLGX?AGgL CL
JMQBGQASPQMQMDGAG?JCQBCBCQ?PPMJJMWQCESPGB?BL?AGML?J
AMLCJM@HCRMBCAPC?P
|DPMLRCP?Q TGT?Q} CL J? !K?XMLe? %QR? TGQGgL L?AGML?JGQR? GLDJSWg CL J?
AMJMLGX?AGgLBCJMQT?JJCQBCJ5N?LMW:?KMP?CLCJQSPWCLMRP?QXML?QBCJ?
!K?XMLe? ACLRP?J W LMPRC
CL J? AMLQRPSAAGgL BC Te?Q BC NCLCRP?AGgL
NPGLAGN?JKCLRCBCQBC
GLAJSWCLBMJ?RPMLA?J?K?XgLGA?
WCLJ?QJCWCQBC
PCDMPK??EP?PG?WAMJMLGX?AGgLBCW
?QeAMKMCLCJCQR?@JCAGKGCLRM
BCLSKCPMQMQ?QCLR?KGCLRMQKGJGR?PCQ?JMJ?PEMBCJ?DPMLRCP?AML0CPj
$bA?B?Q K\Q R?PBC
QC PCGLGAGg J? CVNJMP?AGgL NCRPMJCP? %L QC DGPKg SL
AMLRP?RMBCAMLACQGgLAML4CV?AM'SJDCLJ?!K?XMLe?LMPRC
WCLCQRC
AMLQMPAGMNCPDMPgCJNPGKCPNMXMNPMBSARGTMCL,?EM!EPGM%LAMLAJSWgJ?
AMLQRPSAAGgL BCJ MJCMBSARM 3/4%
W QC GLGAGg J? CVNMPR?AGgL BCJ APSBMMPGCLRC
AMLTGPRGCLBM?JNCRPgJCMCLCJNPGLAGN?JNPMBSARMBCCVNMPR?AGgLBCJN?eQ
%LQeLRCQGQ
J?FGQRMPG??K?XgLGA?CAS?RMPG?L?F??RP?TCQ?BMNMPSL?QSACQGgL
BC AGAJMQ NPMNGMQ
ECLCP?JKCLRC BGQRGLRMQ BC JMQ NCPeMBMQ CAMLgKGAMQ
L?AGML?JCQ
NCPM BCRCPKGL?BMQ NMP DSCPX?Q CVRCPL?Q OSC BCQ?PPMJJ?PML
CAMLMKe?Q CVRP?ARGT?Q MPM
A?SAFM
NCRPgJCM
BC JGKGR?B? BSP?AGgL W DSCPRCQ
GKN?ARMQ CL J?Q ASJRSP?Q JMA?JCQ
W CL CJ A?QM BCJ NCRPgJCM
QM@PC JMQ
CAMQGQRCK?QL?RSP?JCQ
%QR?BMW!K?XMLe?6GQGMLCQAMLACNRS?JCQ
,?Q RP?LQDMPK?AGMLCQ QSDPGB?Q NMP J?Q ASJRSP?Q GLBeECL?Q W JMQ CAMQGQRCK?Q
?K?XgLGAMQ CAS?RMPG?LMQ BCQBC J? AMLOSGQR? FGQN\LGA? QC F?L MPGEGL?BM CL
NPCQGMLCQ CVRCPL?Q ? J? PCEGgL
W NPGLAGN?JKCLRC F?L QGBM GKNSJQ?B?Q NMP J?
CVRP?AAGgLBCPCASPQMQAMKMCJMPM
CJA?SAFMWPCAGCLRCKCLRCCJNCRPgJCM%L
CQRMQ A?QMQ
W R?K@GbL BSP?LRC J? CVN?LQGgL BC J?Q KGQGMLCQ CL J? AMJMLG?
NPCT?JCAGgSL?TGQGgLBCAMPRMNJ?XM
ACLRP?B?CLJ?QLCACQGB?BCQCVRCPL?QBC
OSGCLCQ GKNSJQ?PML CQRMQ NPMACQMQ
W R?LRM JMQ NSC@JMQ GLBeECL?Q AMKM J?
L?RSP?JCX?|DSCPMLM@HCRMBCSLMBGMQMQ?OSCMK\QMKCLMQBCQRPSARMPQCEjL
J? bNMA?
QGL OSC H?K\Q ?N?PCAGCP? LG QGOSGCP? J? GBC? BC SL? ECQRGgL
CAMLgKGA? P?AGML?J
LG J? NPCMASN?AGgL NMP CJ NMQG@JC ?EMR?KGCLRM BC J?Q
PGOSCX?QAMBGAG?B?Q} 4?WJMP
N
3G@GCLCQR?DP?QCBC4?WJMP
PCDCPGB?
? JMQ AGAJMQ F?QR? GLGAGMQ BCJ QGEJM 88
NSCBC ?NJGA?PQC CL @SCL? KCBGB? ? J?
D?QCNCRPMJCP?
CQR?K@GbLAGCPRMOSC
?JKCLMQBCQBCJMQ?fMQ?N?PCACL
NPCMASN?AGMLCQ CL J?Q NMJeRGA?Q Nj@JGA?Q NMP J? QSQRCLR?@GJGB?B BC JMQ
CAMQGQRCK?QWJMQBCPCAFMQBCJMQNSC@JMQGLBeECL?Q
OSCQCAMLAPCR?LCLJ?
APC?AGgL BC JMQ N?POSCQ L?AGML?JCQ
AMKM CJ #SW?@CLM W CJ 9?QSLe
CQR?@JCAGBMQ CL
CJ 3?LE?W
W J?Q 2CQCPT?Q !LRGQ?L?
#?W?K@C#MA?
CLRPCMRP?Q
?QeAMKMJ?Q:ML?Q)LR?LEG@JCQ#SW?@CLM
)KSW?W4?E?CPG4?PMKCL?LC
,?FGQRMPG?BCJ?QPC?Q0PMRCEGB?QCLCJ%AS?BMPQCPCKMR??AS?LBMQC
APC? CJ 0?POSC .?AGML?J '?J\N?EMQ 3GL CK@?PEM
CJ 3GQRCK? .?AGML?J BC
PC?Q0PMRCEGB?Q 3.!0
QCGLGAG?CLAMLJ?APC?AGgLBCSLBCN?PR?KCLRM
BC N?POSCQ L?RSP?JCQ BCLRPM BCJ \PC? DMPCQR?J BCJ -GLGQRCPGM BC !EPGASJRSP? CL
CQC KGQKM ?fM QC CQR?@JCAC J? CQRP?RCEG? N?P? J? AMLQCPT?AGgL BC \PC?Q
QGJTCQRPCQ QM@PCQ?JGCLRCQ
QCEjL J? AS?J CP? LCACQ?PGM APC?P \PC?Q
NPMRCEGB?Q
OSC K\Q R?PBC QC CVRCLBGCPML ? %L QC APC? CJ )LQRGRSRM
NMQGAGMLCQ NMP CJ LjKCPM ?@QMJSRM BC CQNCAGCQ BC ?LDG@GMQ
?TCQ W K?PGNMQ?Q
*MQQC
!BGAGML?JKCLRC
CJ%AS?BMPCQSLN?eQNJSPGASJRSP?JWKSJRGbRLGAM
%L
?RP?TbQBCJBCAPCRMCHCASRGTMQCBCAJ?PgAMKMXML?GLR?LEG@JC
BC AMLQCPT?AGgL TCB?B? ? NCPNCRSGB?B ? RMBM RGNM BC ?ARGTGB?B CVRP?ARGT?
J?Q
RGCPP?Q BC F?@GR?AGgL W BCQ?PPMJJM BC JMQ EPSNMQ (S?MP?LG AMLMAGBMQ AMKM
4?E?CPG
4?PMKCL?LC W MRPMQ CTCLRS?JCQ OSC NCPK?LCACL QGL AMLR?ARM
S@GA?B?QF?AG?CJQSPBCJ?QRGCPP?Q?BHSBGA?B?Q?J?L?AGML?JGB?B(S?MP?LGCL
W BCJ 0?POSC .?AGML?J 9?QSLe XML?
OSC ?JA?LX? ?NPMVGK?B?KCLRC
FCAR\PC?Q
,? LSCT? AMLQRGRSAGgL CAS?RMPG?L? BC GLRCEP? SL? TGQGgL BCDGLGB?KCLRC
D?TMP?@JC ? J? QSQRCLR?@GJGB?B %J %AS?BMP CQ CJ NPGKCP N?eQ CL CJ KSLBM CL
PCAMLMACPJMQBCPCAFMQBCJ?L?RSP?JCX?CLQSA?PR?K?EL?%JPCAMLMAGKGCLRM
AMLQRGRSAGML?J BC JMQ BCPCAFMQ BC J? L?RSP?JCX?
W CQNCAeDGA?KCLRC ?J BCPCAFM
BC JMQ CAMQGQRCK?Q ? CVGQRGP W K?LRCLCP QSQ NPMACQMQ CTMJSRGTMQ
NSCBC
AMLQRGRSGPQC CL SL NSLRM BC N?PRGB? DSLB?KCLR?J F?AG? SL LSCTM KMBCJM BC
BCQ?PPMJJM ,CHMQ BC KGP?P JMQ PCASPQMQ BC J? L?RSP?JCX? AMKM QGKNJCQ M@HCRMQ
BCCVNJMR?AGgLMBCQRPSAAGgL
WDSCLRCQGL?EMR?@JCQBCPCASPQMQ
BGAFMKMBCJM
CLRGCLBC ? J? ?ARGTGB?B FSK?L? AMKM NPMBSARM BC J? CTMJSAGgL BC JMQ
CAMQGQRCK?Q W ? QS BCQ?PPMJJM W NPMQNCPGB?B AMKM PC?JGX?@JCQ jLGA?KCLRC CL
SL ?K@GCLRC BC ?PKMLe?
CL SL QCLRGBM NPMDSLBM
AML RMBMQ JMQ QCPCQ
?LGK?BMQ C GL?LGK?BMQ OSC AMLDMPK?L J?Q PCBCQ OSC F?L FCAFM NMQG@JC J?
CTMJSAGgLWJ?TGB?QM@PCCJNJ?LCR?
%J ?PReASJM BC J? AMLQRGRSAGgL PCAMLMAC CJ BCPCAFM BC JMQ CAMQGQRCK?Q ?
CVGQRGP W K?LRCLCP QSQ NPMACQMQ CTMJSRGTMQ
W AMLDGCPC ? RMB? NCPQML? CJ
BCPCAFM?CVGEGPOSCQCPCQNCRCLJMQBCPCAFMQBCJ?L?RSP?JCX?,MQ?PReASJMQ
WPCAMLMACLCJBCPCAFM?J?PCQR?SP?AGgLBCJMQCAMQGQRCK?Q?JRCP?BMQ
?BCK\Q BC J? GLBCKLGX?AGgL ? J?Q NCPQML?Q ?DCAR?B?Q NMP CJ BCRCPGMPM
?K@GCLR?J %J ?PReASJM NPMFe@C |J? ?ARGTGB?B CVRP?ARGT? BC PCASPQMQ LM
$CAPCRM%HCASRGTM.M
3SNJCKCLRMBCJ2CEGQRPM/DGAG?J.M
BCDC@PCPMBC
PCLMT?@JCQ CL J?Q \PC?Q NPMRCEGB?Q W CL XML?Q BCAJ?P?B?Q AMKM GLR?LEG@JCQ
GLAJSGB? J? CVNJMR?AGgL DMPCQR?J %VACNAGML?JKCLRC BGAFMQ PCASPQMQ QC NMBP\L
CVNJMR?P ? NCRGAGgL DSLB?KCLR?B? BC J? 0PCQGBCLAG? BC J? 2CNj@JGA? W NPCTG?
BCAJ?P?RMPG? BC GLRCPbQ L?AGML?J NMP N?PRC BC J? !Q?K@JC? .?AGML?J
OSC
BC
CQRGK?PJMAMLTCLGCLRC
NMBP\AMLTMA?P?AMLQSJR?NMNSJ?P}
!BCK\QBCJ?Q?ARGTGB?BCQCVRP?ARGT?Q
J?BCDMPCQR?AGgLCGLKGEP?AGgLF?AG?J?
!K?XMLe?QCF?L?DCAR?BMNMPJ?AMJMLGX?AGgL
?ARGT?KCLRCNPMKMTGB?NMPJ?Q
JCWCQBCPCDMPK??EP?PG?BCW
WNMPBGTCPQ?QGLQRGRSAGMLCQNj@JGA?Q
AMKMNMJeRGA?N?P?PCBSAGPNPCQGMLCQBCKMEP\DGA?QWBCCKNJCM
WBCCOSGJG@P?P
J?QAMLQCASCLAG?QQMAG?JCQBCJ?BCQGES?JB?BCLJ?BGQRPG@SAGgLBCJ?RGCPP?CL
J?3GCPP?WJ?#MQR? #S?BPM
$CQBCJMQ?fMQJ?AMJMLGX?AGgLF?BCH?BM
BCNPMKMTCPQCCLCJBGQASPQMMDGAG?J
NCPMbQR?F?QGBMSLCDCARMAMJ?RCP?JBCJ?
CVN?LQGgLBCGLDP?CQRPSARSP?NCRPMJCP?
%L QeLRCQGQ
?SLOSC J? AMLQCPT?AGgL
J? QSQRCLR?@GJGB?B W JMQ BCPCAFMQ BC JMQ
NSC@JMQ GLBeECL?Q ?N?PCACL AML DPCASCLAG? CL CJ BGQASPQM MDGAG?J QM@PC J?
!K?XMLe?
WF?LQGBMPCDMPX?BMQNMPJ?LSCT?AMLQRGRSAGgL
CLJ?NP\ARGA?F?L
NPCT?JCAGBM AML NMA?Q PCQRPGAAGMLCQ J?Q NMJeRGA?Q @?Q?B?Q CL J? CVRP?AAGgL BC
PCASPQMQ LM PCLMT?@JCQ M BC BGDeAGJ PCASNCP?AGgL K?BCP?
M CL DJSHMQ BC
AMJMLGX?AGgLOSCQCK?LRGCLCLNCQC?JJGKGR?BMNMRCLAG?J?EPeAMJ?BCJ?PCEGgL
|%J9?QSLeQCBCQ?LEP?}%J#MKCPAGM
BCBGAGCK@PCBC
#S?BPM%VRCLQGgLBCJ?QNPMNGCB?BCQPSP?JCQWAMLACLRP?AGgLBCJ?RCLCLAG?
BCJ?RGCPP?NMPPCEGMLCQ
&SCLRC).%##CLQMQ?EPMNCAS?PGMQ W
0PMBSAAGgL0CRPMJCP?CLJ?!K?XMLe?%AS?RMPG?L?0CPGMBGX?AGgL
%J NCRPgJCM
AMKM QC F? TGQRM
AMLQRGRSWC J? K?WMP ?ARGTGB?B CVRP?ARGT? CL J?
FGQRMPG?BCJ?!K?XMLe?CAS?RMPG?L?3CGLGAG?CJ?L\JGQGQBCQSGKN?ARMAMLSL?
NCPGMBGX?AGgL
W?OSCJ??ARGTGB?BNCRPMJCP?F??RP?TCQ?BMBGQRGLR?QCR?N?QAML
CDCARMQ R?K@GbL BGDCPCLRCQ QM@PC J? CAMLMKe? L?AGML?J 3C NSCBCL BGQRGLESGP
RPCQD?QCQCLCJNCPeMBMNCRPMJCPMCAS?RMPG?LMGLGAG?BMCL ,?PPC?
?
0PGKCP?D?QC
%QRCGLRCPT?JMAMPPCQNMLBGg@\QGA?KCLRC?J?SECNCRPMJCPMWQCNPMJMLEgF?QR?
$SP?LRCCQRMQ?fMQNPCT?JCAGgSL?CJCT?B?A?N?AGB?BBCLCEMAG?AGgLBC
J?/0%0CLCJKCPA?BMGLRCPL?AGML?J
WCJN?eQ?BMNRgSL?NMJeRGA?L?AGML?JGQR?
OSC AMLBSHM ? J? AMLQRGRSAGgL BC J? CKNPCQ? CQR?R?J #%0% NMQRCPGMPKCLRC
0CRPMCAS?BMP
?J?PCLCEMAG?AGgLBCJMQAMLRP?RMQNCRPMJCPMQAML4CV?AM'SJD
W ?J CQR?@JCAGKGCLRM BC AMLBGAGMLCQ OSC NCPKGRGCPML ?J %QR?BM A?NR?P
?NPMVGK?B?KCLRCCJBCJCVACBCLRCNCRPMJCPM!SLOSCBSP?LRCCQR?D?QCJ?
BCSB?CVRCPL?APCAGg
F?QR?KCBG?BMQBCJMQ?fMQCJCLBCSB?KGCLRMCP?
KMBCP?BM
W CJ %QR?BM JMEPg GLTCPRGP J?Q E?L?LAG?Q NCRPMJCP?Q GKNSJQ?LBM J?
GLBSQRPG?JGX?AGgL
J? AMLQRPSAAGgL BC GLDP?CQRPSARSP? FGBPMCJCARPGAGB?B
PCDGLCPe?
Te?Q
CRA
WCJBCQ?PPMJJMQMAG?J!SLOSCJ?CQRP?RCEG?BCBCQ?PPMJJM?BMNR?B?LM
JMEPgPCQSJR?BMQNCPBSP?@JCQ
BC@GBM?JAPCAGCLRCCLBCSB?KGCLRM
?J??SQCLAG?
BC NMJeRGA?Q PCBGQRPG@SRGT?Q
W ? JeKGRCQ CL CJ KMBCJM BC KMBCPLGX?AGgL
NPMBSARGT? C GLBSQRPG?JGX?AGgL QSQRGRSRGT?
JMQ PCQSJR?BMQ DSCPML GLGAG?JKCLRC
D?TMP?@JCQ
AMKMQCF?KCLAGML?BM,?NPMBSAAGgLNCRPMJCP?CLJ?!K?XMLe?
OSC QC K?LRSTM @?HM JMQ @?PPGJCQ BG?PGMQ
QC JGKGRg ? JMQ A?KNMQ BCJ
LMPMPGCLRC
MNCP?BMQNMPCJAMLQMPAGM#%0%4CV?AM
3CESLB?D?QC
! N?PRGP BC %QR?BMQ 5LGBMQ JMEPg PMKNCP J? GLDJSCLAG? BC J? /0%0 CL CJ
KCPA?BM NCRPMJCPM ,MQ NPCAGMQ A?WCPML BP?K\RGA?KCLRC W QC K?LRSTGCPML
@?HMQNMPSLNCPeMBMNPMJMLE?BMF?QR?
AS?LBMJJCE?L?QSKeLGKMBC
BgJ?PCQNMP@?PPGJ!LRCCJBC@GJGR?KGCLRMBCJQCARMPCVRCPLM
CJ%AS?BMPA?K@Gg
QS NMJeRGA? NCRPMJCP?
?@?LBMLg J? /0%0 C GKNSJQg SL APCAGKGCLRM BC JMQ
TMJjKCLCQ ?KNJG?LBM J? A?N?AGB?B BC @MK@CM BCJ MJCMBSARM 3/4% F?QR?
@?PPGJCQBG?PGMQWNPMKMTGCLBMJ?CVNJMP?AGgLAMLCKNPCQ?QNPGT?B?Q
%L QC DGPKg SL AMLRP?RM AML /AAGBCLR?J N?P? J? CVNJMR?AGgL BC APSBMQ
NCQ?BMQ CL CJ "JMOSC
GLGAG\LBMQC J? CVN?LQGgL BC J? DPMLRCP? NCRPMJCP?
F?AG? CJ QSP W CJ CQRC
AML CKNPCQ?Q NPGT?B?Q -?N?
,? CQRP?RCEG? QC
AMLQMJGBg ? KCBG?BMQ BC JMQ ?fMQ
AS?LBM 0CRPMCAS?BMP DSC BC@GJGR?B?
NMPPCDMPK?QJCE?JCQOSCJGKGR?LQSA?N?AGB?BBCGLTCPQGgL$C CQR?DMPK?QC
GLGAGg SL? NPMEPCQGT? BCQL?AGML?JGX?AGgL BC J? NPMBSAAGgL NCRPMJCP? ,?
GLQRGRSAGML?JGB?B NMJeRGA? QC BC@GJGRg W CJ %QR?BM ?@?LBMLg R?K@GbL QS N?NCJ
NPMR?EgLGAM CL J? GLTCPQGgL CAMLgKGA?
@?HM SL KMBCJM OSC RP?LQDGPGg ?J
KCPA?BM J? PCQNMLQ?@GJGB?B CL CJ APCAGKGCLRM %J CVACBCLRC NCRPMJCPM QC
BCQRGLgCLDMPK?APCAGCLRC?JQCPTGAGMBCJ?BCSB?CVRCPL?
NCPBGCLBMQS?NMPRC
?J?GLTCPQGgLCAMLgKGA?WQMAG?J
(?QR? QC AMLQMJGBg J? NPMEPCQGT? BCQL?AGML?JGX?AGgL BC J? NPMBSAAGgL
NCRPMJCP? CL CJ N?eQ
AML J? AMLQRPSAAGgL BCJ /JCMBSARM BC #PSBMQ 0CQ?BMQ
/#0
W CJ GLAPCKCLRM BC J? NPMBSAAGgL NPGT?B? AML JGKGR?B? N?PRGAGN?AGgL
CQR?R?J
ASWM T?JMP QC CQR?@JCAGg ?JPCBCBMP BCJ -GCLRP?Q R?LRM
J?
NPMBSAAGgL CQR?R?J BC APSBMQ JGTG?LMQ F? BCAJGL?BM BCQBC
BC@GBM ? J?
JGKGR?B?PCGLTCPQGgLBC0CRPMCAS?BMPCLPCASNCP?AGgLQCASLB?PG?WRCPAG?PG?CL
A?KNMQ ?LRGESMQ
W ?J ?EMR?KGCLRM BC J?Q PCQCPT?Q CL JMQ A?KNMQ K?BSPMQ
$CQBC J? N?PRGAGN?AGgL CQR?R?J CL CJ CVACBCLRC NCRPMJCPM QC F?
PCASNCP?BM
AMKMPCQSJR?BMR?LRMBCJ?A?BSAGB?BBCJAMLRP?RMAML/AAGBCLR?J
W J? RP?LQDCPCLAG? ?J %QR?BM BC J?Q GLQR?J?AGMLCQ BCJ "JMOSC
AML
@?PPGJCQ BG?PGMQ BC NPMBSAAGgL
AMKM BCJ GLAPCKCLRM QS@QR?LAG?J CL J?
N?PRGAGN?AGgL CQR?R?J DPCLRC ? J?Q CKNPCQ?Q NPGT?B?Q
OSC ?QACLBGg BC
?NPMVGK?B?KCLRCCJF?QR?ACPA?BCJ
BCNCLBGCLBMBCJMQNPCAGMQBCJ
NCRPgJCM 0CQC ? J? KCHMP? CL J? N?PRGAGN?AGgL BCJ %QR?BM
CL ECLCP?J
J?
?NCPRSP? BC LSCTMQ A?KNMQ NCRPMJCPMQ
GLAJSQGTC CL \PC?Q NPMRCEGB?Q
F?
?ACLRS?BMQSGKN?ARM?K@GCLR?JWF?AMLRPG@SGBM?J?BCDMPCQR?AGgLWJ?NbPBGB?
GPPCTCPQG@JCBCJ?@GMBGTCPQGB?BCLJ?!K?XMLe?
0CRPgJCM
KGEP?AGgLWAMJMLGX?AGgLCLJ?!K?XMLe?CAS?RMPG?L?
%JAPCAGKGCLRMNM@J?AGML?JCQR\TGLASJ?BM?SL?BP?K\RGA?CVN?LQGgLBCJ?PCB
TG?J #S?BPM
OSC N?Q? BC IGJgKCRPMQ CL
?fM CL CJ OSC QC
BCQAS@PCNCRPgJCM
?IGJgKCRPMQCL
#S?BPM?0M@J?AGgLBCJ%AS?BMPNMP2CEGMLCQWPC?BC2CQGBCLAG?
#S?BPM@4?Q?Q?LS?JCQBCAPCAGKGCLRM
#S?BPMA0M@J?AGgL0MPACLR?HCQ3M@PCCJ4MR?J.?AGML?J
#S?BPM %VRCLQGgL BC J? 2CB 6G?J CL CJ %AS?BMP NMP 2CEGMLCQ
+GJgKCRPMQ
'?J\N?EMQ
&SCLRC!JKCGB?W!JKCGB?
-GEP?AGgLWCKNJCMSLKMBCJMBCPCEPCQGgLKjJRGNJC
,?!K?XMLe?F?CVNCPGKCLR?BMSL?ACJCP?BMAPCAGKGCLRMBCKMEP\DGAMBSP?LRC
CJ NCPeMBM BC CVRP?AAGgL NCRPMJCP?
QGL CK@?PEM QS BGQRPG@SAGgL ECMEP\DGA? F?
QGBM BCQGES?J
AMLACLRP\LBMQC CL J?Q \PC?Q BC K?WMP ?ARGTGB?B NCRPMJCP? W
R?K@GbL CL J? PCEGgL QSP #ML CJ NPMNgQGRM BC CVNJMP?P J? PCJ?AGgL CLRPC J?
CQRPSARSP? BC CKNJCM CL J?Q \PC?Q PCACNRGT?Q BC CKGEP?AGgL W CJ APCAGKGCLRM
NM@J?AGML?J QC F? PC?JGX?BM SL? PCEPCQGgL KjJRGNJC
CKNJC?LBM AMKM T?PG?@JC
BCNCLBGCLRCJ?R?Q??LS?JBCAPCAGKGCLRMNM@J?AGML?JBCA?B?N?PPMOSG?CLCJ
GLRCPT?JM SL? NPMVW P?XML?@JC BC QS GLKGEP?AGgL
?QSKGCLBM SL
APCAGKGCLRMTCECR?RGTMPCJ?RGT?KCLRCAMLQR?LRCCLJ?PCEGgL!K?XgLGA?BSP?LRC
CJNCPeMBM
WRMK?LBMAMKMBCNCLBGCLRCQT?PG?QT?PG?@JCQPCJ?AGML?B?QAMLJ?
CQRPSARSP?BCJCKNJCM,MQPCQSJR?BMQQCNPCQCLR?LCLCJ#S?BPM
#S?BPM 2CEPCQGgL -jJRGNJC QM@PC CKNJCM W APCAGKGCLRM NM@J?AGML?J CL J?
!K?XMLe?
6?PG?@JCBCNCLBGCLRC4?Q?BCAPCAGKGCLRM?LS?JNMPN?PPMOSG?Q2L
#MLQR?LRC
%LRPC J?Q T?PG?@JCQ OSC KSCQRP?L CDCARMQ QGELGDGA?RGTMQ QM@PC CJ APCAGKGCLRM
BCKMEP\DGAM QM@PCQ?JC J? NPMNMPAGgL BCJ NCRPgJCM CL J? NM@J?AGgL
CAMLgKGA?KCLRC ?ARGT? 0%!
AML SL AMCDGAGCLRC NMQGRGTM QGELGDGA?RGTM ?J
%JCDCARMBGPCARMBCJNCRPgJCMQM@PCCJCKNJCMCQ
QGLCK@?PEM
PCBSAGBM0?P?
J?!K?XMLe?CJNCRPgJCMCKNJC?QMJ?KCLRC?JBCJ?DSCPX?BCRP?@?HM
WQS
?NMPRC?LGTCJL?AGML?JCQBCJ,MQNMPACLR?HCQK\Q?JRMQAMPPCQNMLBCL?
J?Q NPMTGLAG?Q BC 3SASK@eMQ
/PCJJ?L?
0?QR?X?
W .?NM
0MPAMLQGESGCLRC
QCNSCBC?QSKGPOSCCJGKN?ARMBCJNCRPgJCMQM@PCJ?
GLKGEP?AGgL CQ NPGLAGN?JKCLRC GLBGPCARM
?QMAG?BM ? J? AMLQRPSAAGgL BC
A?PPCRCP?QCGLDP?CQRPSARSP?
OSC?RP?CLSLGKNMPR?LRCDJSHMKGEP?RMPGM
,?QCESLB?T?PG?@JCNMQGRGT?WQGELGDGA?RGT??JCQJ?NPMNMPAGgLBCAMKCPAGM
RP?LQNMPRC W AMKSLGA?AGMLCQ CL J? 0%!
OSC KSCQRP? CJ CDCARM BC ?ARGTGB?BCQ
RCPAG?PG?Q QM@PC J? KGEP?AGgL
OSC NMQG@JCKCLRC QC CVN?LBCL AMKM PCQSJR?BM
BC J? ?NCPRSP? BC Te?Q BC AMKSLGA?AGgL
W AMLBSACL ?J BCQ?PPMJJM BC SL?
?EPGASJRSP?BCKCPA?BMWMRP?Q?ARGTGB?BCQBC?NMWM?J?CVNJMR?AGgLNCRPMJCP?
%JNMPACLR?HCBC?Q?J?PG?BMQCLCJ0%!?EPeAMJ?RGCLCSLAMCDGAGCLRCLCE?RGTMW
QGELGDGA?RGTM?J%QRCPCQSJR?BMQSEGCPCOSCLMF?WSLGKN?ARMBCKMEP\DGAM
GKNMPR?LRC BCJ BCQ?PPMJJM BC J? ?EPGASJRSP? A?NGR?JGQR? CL EP?L CQA?J? CL J?
!K?XMLe? CAS?RMPG?L? %VGQRCL NJ?LR?AGMLCQ BC N?JK? ?DPGA?L? CL ?JESL?Q
\PC?Q
NCPM CQRC NPMBSARM LM CQ GLRCLQGTM CL BCK?LB? BC RP?@?HM
W J?
?EPGASJRSP? ?QMAG?B? ? J? KGEP?AGgL CQ NPGLAGN?JKCLRC A?KNCQGL? BC
AMJMLGX?AGgL
OSCCKNJC?NPGLAGN?JKCLRCK?LMBCM@P?D?KGJG?PLM?Q?J?PG?B?
%JAMCDGAGCLRCBCJ?NPMNMPAGgLBCJ??EPGASJRSP?CLJ?0%!
?SLOSCNMQGRGTM
LM
CQ QGELGDGA?RGTM
NMQG@JCKCLRC BC@GBM ?J CDCARM BC \PC?Q ?EPeAMJ?Q BC
AMJMLGX?AGgL?LRGES?
AMLKCLMPAPCAGKGCLRMBCKMEP\DGAM
4?KNMAM CQ QGELGDGA?RGTM CJ NMPACLR?HC BC ?Q?J?PG?BMQ CL J? 0%! %QRC
PCQSJR?BM KSCQRP? OSC J?Q XML?Q BC GLKGEP?AGgL RGCLCL SL BCQ?PPMJJM @?HM BC
PCJ?AGMLCQ Q?J?PG?JCQ
W NPCT?JCAC
NMP CJ AMLRP?PGM SL CKNJCM K\Q GLDMPK?J M
TGLASJ?BMAMLCAMLMKe?Q?EPeAMJ?QBCQS@QGQRCLAG?
,? K?LSD?ARSP? A?PCAC BC CDCARMQ QGELGDGA?RGTMQ
B?BM CJ NPCBMKGLGM BC
?ARGTGB?BCQ NPGK?PG?Q W RCPAG?PG?Q CL J? !K?XMLe?
W CJ Bb@GJ GKN?ARM BC J?
?PRCQ?Le? W CJ RSPGQKM ,? CQAMJ?PGB?B LjKCPM BC ?fMQ BC GLQRPSAAGgL DMPK?J
BC J? 0%! RGCLC SL AMCDGAGCLRC LCE?RGTM K?PEGL?JKCLRC QGELGDGA?RGTM
CTGBCLAG?LBM OSC J? GLKGEP?AGgL LM ?RP?C ? RP?@?H?BMPCQ A?JGDGA?BMQ
QGLM K\Q
@GCL?SLNCPQML?JAML@?HMLGTCJBCGLQRPSAAGgL%JAMCDGAGCLRCBCJ?NPMNMPAGgL
DCKCLGL? CL J? 0%! CQ NMQGRGTM
NCPM LM QGELGDGA?RGTM
QSEGPGCLBM OSC J?
KGEP?AGgLLMRGCLCSLNPCBMKGLGMK?QASJGLM
AMKMMASPPCAS?LBM CQGLBSAGB?
NMPSL?CAMLMKe?AMLDSCPRCBCK?LB?BCCKNJCM?Q?J?PG?BMCLQCARMPCQAMKM
J?AMLQRPSAAGgLMJ?QNJ?LR?AGMLCQCLEP?LCQA?J?
4CLCLAG?BCJ?RGCPP?WAMJMLGX?AGgLCLJ?!K?XMLe?
%LRPCJMQCQRSBGMQPCAGCLRCQQM@PCJ?AMJMLGX?AGgLCLJ?!K?XMLe?
QM@PCQ?JCL
CJ CVRCLQM ?L\JGQGQ PC?JGX?BM NMP 2GAF?PB "GJJQ@MPPMU
&P?LAGQAM 0GAFgL W SL
COSGNMBCGLTCQRGE?BMPCQBCJ?5LGTCPQGB?BBC#?PMJGL?BCJ.MPRCQM@PCJ?XML?
NCRPMJCP? BC J? !K?XMLe? .MPRC "GJJQ@MPPMU
"?P@GCPG W 0?L
W SL
?PReASJM BC !JCVGQ -CSLGCP
QM@PC J? !K?XMLe? QSP
ASWMQ ?NMPRCQ QC
QGLRCRGX?L?AMLRGLS?AGgL%LCJNPGKCPA?QMJ?CVN?LQGgLNCRPMJCP?AMLBSHM?J?
AMJMLGX?AGgL
KGCLRP?Q OSC CL J? !K?XMLe? QSP QC CLASCLRP? CJ CHCKNJM K\Q
QGELGDGA?RGTMBCAMJMLGX?AGgLQGLPCJ?AGgLBGPCAR?AMLCJNCRPgJCM
0CRPgJCMWAMJMLGX?AGgLCLJ?!K?XMLe?.MPRC
,MQ CQRSBGMQ KCLAGML?BMQ QM@PC J? !K?XMLe? LMPRC QC @?Q?L NPGLAGN?JKCLRC
CL BMQ CLASCQR?Q ? JMQ AMJMLMQ CQR?@JCAGBMQ CL CJ QCARMP NCRPMJCPM BC ,?EM
!EPGM CL W
AML SL? CQRPSARSP? BC N?LCJ ,?EM !EPGM F? QGBM CJ
ACLRPM NPGLAGN?J BC CVN?LQGgL BCKMEP\DGA? ?QMAG?BM ? J? ?ARGTGB?B NCRPMJCP?
CLRPCW
,? GLTCQRGE?AGgL CT?Jj? JMQ A?K@GMQ MASPPGBMQ CLRPC W CL J?Q
A?P?ARCPeQRGA?QBCKMEP\DGA?Q
CJSQMWNPMNGCB?BBCJ?RGCPP?
RCALMJMEe?
RP?@?HM
W AMLBGAGMLCQ BC TGB? BC JMQ KGEP?LRCQ CQR?@JCAGBMQ CL J? NPMTGLAG? BC
3SASK@eMQ CL CJ LMPRC BC J? !K?XMLe? $C ?ASCPBM ?J CQRSBGM PC?JGX?BM
J?
AM@CPRSP?@MQAMQ?CLJ?QEP?LH?QF?N?Q?BMBCCL?CL
W?CL%QR?BCDMPCQR?AGgLA?SQ?SL?EP?LNbPBGB?BC@GMBGTCPQGB?B
OSC?jLLMF?QGBMAS?LRGDGA?B? "GJJQ@MPPMU
"?P@GCPGW0?L
,?AMJMLGX?AGgLQCGLGAGgJSCEMBCJBCQAS@PGKGCLRMBCJNCRPgJCMCL!CQRC
CTCLRM JC QGESGg J? AMLQRPSAAGgL BCJ MJCMBSARM
J? PCB BC A?PPCRCP?Q N?P? J?
CVNJMR?AGgLBCJNCRPgJCMWCJCQR?@JCAGKGCLRMBCSLLSCTMNSC@JM
,?EM!EPGM
ACPA?LM ?J NPGKCP A?KNM NCRPMJCPM BC 4CV?AM $CQBC CLRMLACQ
CJ NCRPgJCM
AMLQRGRSWCK\QBCJ?KGR?BBCJ?QCVNMPR?AGMLCQCAS?RMPG?L?QW?JPCBCBMPBCJ?
KGR?B BC JMQ GLEPCQMQ BCJ EM@GCPLM !ARS?JKCLRC F?W AS?RPM AGSB?BCQ
NPGLAGN?JCQ CL CJ \PC? BC CQRSBGM ,?EM !EPGM CJ K\Q EP?LBC AML KGJ
F?@GR?LRCQCL
#MA?
*MW?BCJMQ3?AF?QW3FSQFSDSLBG%LJ??ARS?JGB?B
J?QKGEP?AGMLCQ?J?XML?AMLRGLj?L
NPGLAGN?JKCLRCBCJ?3GCPP?WJ?#MQR?
W
CL JMQ jJRGKMQ ?fMQ NPMTCLGCLRCQ BC #MJMK@G?
AML CJ NPCBMKGLGM BC
PCDSEG?BMQ
%QR? AMJMLGX?AGgL F? QGBM CQNMLR\LC?
D?AGJGR?B? NMP J? ?NCPRSP? BC A?PPCRCP?Q
OSC KCHMP?PML KSAFM J? ?AACQG@GJGB?B DeQGA? ? J? XML? %V?KGL?LBM J?Q
KMRGT?AGMLCQ OSC JJCT?L ? SL EP?L LjKCPM BC KGEP?LRCQ CQNMLR\LCMQ ? BCH?P
QSQJSE?PCQBCMPGECL
N?PCACOSCJ?NM@PCX?PSP?JHSLRM?J??JR?AMLACLRP?AGgL
BCJ?RGCPP?QMLJMQK?WMPCQD?ARMPCQOSCGKNSJQ?LJ?KGEP?AGgL
$C@GBM ?J ?SKCLRM BC J? NPCQGgL BCKMEP\DGA?
J? !K?XMLe? LMPRC CQR\
CVNCPGKCLR?LBM SL? QS@BGTGQGgL BC J? RGCPP? C GLRCLQGDGA?AGgL BC QS SQM
3MPNPCLBCLRCKCLRC
CL J?Q DGLA?Q TGTCL K\Q D?KGJG?Q OSC CL
AMKM
PCQSJR?BM BC SL? CVRCLQGT? QS@BGTGQGgL BC JMQ RCPPCLMQ !Qe KSAFMQ BC JMQ
NPMNGCR?PGMQ BC J?Q DGLA?Q
?JPCBCBMP BCJ
J?Q F?L QS@BGTGBGBM QC? N?P?
CLRPCE?PJ?Q ? QSQ FGHMQ M N?P? TCLBCPJ?Q ? JMQ LSCTMQ KGEP?LRCQ ,?Q BMQ
DMPK?Q BC QS@BGTGQGgL PCDJCH?L J? K?LCP? CL J? OSC QC F?L ?AMKMB?BM J?Q
NM@J?AGMLCQBCJ?XML?DPCLRC?J?QPCQRPGAAGMLCQOSCJGKGR?LJ?CVN?LQGgLBCJ?
DPMLRCP? ?EPeAMJ?
NSCQ QC APC?PML BMQ N?POSCQ L?AGML?JCQ W QC ?BHSBGA?PML
ReRSJMQ BC NPMNGCB?B AMKSL?J BC CVRCLQ?Q \PC?Q ? NM@J?AGMLCQ GLBeECL?Q
#?K@GMQCLCJSQMBCJ?RGCPP?
%LPCJ?AGgL?JSQMBCJ?RGCPP?
J?AM@CPRSP?@MQAMQ?F?BGQKGLSGBM?LS?JKCLRC
? SL PGRKM BC CL J?Q DGLA?Q CQR?@JCAGB?Q ,MQ ASJRGTMQ NCPCLLCQ
NPGLAGN?JKCLRCA?Db
F?LBGQKGLSGBMBCJCL?JCLBC@GBM
? J? A?eB? BC JMQ NPCAGMQ BCJ A?Db CL JMQ Q ,? K?WMPe? BC JMQ DGLOSCPMQ
RGCLCLNCOSCf?Q\PC?QBCASJRGTMQ?LS?JCQN?P?CJAMLQSKMD?KGJG?PWLMN?P?
J? TCLR? CL CJ KCPA?BM %LRPC JMQ ASJRGTMQ ?LS?JCQ F?W SL? BGQKGLSAGgL CL CJ
NMPACLR?HCBCDGLOSCPMQOSCNPMBSACLK?eX
BCJCL?JCL
,?E?L?BCPe?F?BGQKGLSGBMCLJ?PCEGgL
QSCVN?LQGgLQCF?DPCL?BMBC@GBM?J
NPMACQM BC DP?EKCLR?AGgL BC J?Q DGLA?Q OSC J?Q F?AC KSW NCOSCf?Q N?P?
QMNMPR?P DMPK?Q BC SQM CVRCLQGTM BC J? RGCPP? AMKM J? E?L?BCPe? %J LjKCPM
RMR?J BC A?@CX?Q BC E?L?BM BCQACLBGg BC CL ? CL
"GJJQ@MPPMU
"?P@GCPGW0?L
%L PCJ?AGgL AML J? RCLCLAG? BC J? RGCPP?
F?W SL? BP?K\RGA? PCBSAAGgL BC JMQ
HCDCQBCFME?POSCRGCLCLReRSJMQBCNPMNGCB?B%LCJBCJMQDGLOSCPMQ
KGEP?LRCQRCLe?LReRSJMQBCNPMNGCB?BJCE?JGX?BMQAMLCQAPGRSP?QWSLRCLe?
SLACPRGDGA?BMNPMTGQGML?JBCNMQCQGgL%LCQRMQNMPACLR?HCQF?LN?Q?BM
?WPCQNCARGT?KCLRC
/RPMA?K@GMGKNMPR?LRCRGCLCOSCTCPAMLCJRP?@?HM,?QDGLA?QOSCAMLRP?R?@?L
RP?@?H?BMPCQF?LBGQKGLSGBMBC??JKGQKMRGCKNMCJNMPACLR?HCBC
DGLOSCPMQOSCRGCLCLSLMMK\QKGCK@PMQBCJ?D?KGJG?RP?@?H?LBMDSCP?BCJ?
DGLA? A?QG QC F? BSNJGA?BM
N?Q?LBM BC ? )LBSB?@JCKCLRC
CQRMQ
A?K@GMQ CQR\L PCJ?AGML?BMQ AML J? DP?EKCLR?AGgL
NSCQ QC F?L APC?BM BMQ
RGNMQBCDGLA?QSL?QOSCQMLNPGLAGN?JKCLRCAMKNP?BMP?QBCDSCPX?BCRP?@?HM
WMRP?QOSCJ?TCLBCL0MPMRPMJ?BMF?F?@GBMSL?GKNMPR?LRCBGQKGLSAGgLBC
?QGQRCLAG?RbALGA?
BC@GBM?JMQA?K@GMQ@?HMJ?QNMJeRGA?QLCMJG@CP?JCQBC
%L CJ BC JMQ DGLOSCPMQ QCf?J?@? F?@CP PCAG@GBM ?JESL? TCX
?QGQRCLAG?RbALGA?CLQgJMCJJMF?AC
%J APbBGRM @?LA?PGM QGESC QGCLBM BGQNMLG@JC C GLAJSQM RGCLBC ? CVN?LBGPQC %L
CJBCJMQDGLOSCPMQQCf?JgF?@CPPCAG@GBMSLMMK\QAPbBGRMQBCQBC
OSC JJCE?PML ? J? !K?XMLe?
NPGLAGN?JKCLRC BCJ "?LAM .?AGML?J BC &MKCLRM
%L J? KGR?B BC OSGCLCQ PCAG@GCPML CJ APbBGRM LM JM F?@e?L N?E?BM ,MQ
NPbQR?KMQ CQR\L BGQNMLG@JCQ N?P? JMQ DGLOSCPMQ OSC NMQCCL ReRSJMQ BC
NPMNGCB?B
CJBGLCPMM@RCLGBMF?QGBMSRGJGX?BMN?P?AMKNP?PE?L?BM
AMLRP?R?P
RP?@?H?BMPCQ N?P? R?J?P J? QCJT? W APC?P N?QRGX?JCQ ?BGAGML?JCQ %L
AMLQCASCLAG?
JMQNPbQR?KMQCQR\LJGE?BMQBGPCAR?KCLRCAMLJ?BCDMPCQR?AGgL
(?W SL AJ?PM GLAPCKCLRM CL J? NPMNMPAGgL BC J?Q DGLA?Q OSC RGCLC CJCARPGAGB?B
CLDPCLRC?
CL
/RPM A?K@GM GKNMPR?LRC CLRPC W CQ CJ GLAPCKCLRM QSQR?LAG?J CL J?
?AACQG@GJGB?B BC JMQ DGLOSCPMQ ? J?Q PCBCQ TG?JCQ W ? JMQ KCPA?BMQ [QRC CQ
R?K@GbLSLD?ARMPGKNMPR?LRCOSC?SKCLR?J?BCDMPCQR?AGgL,?GLDP?CQRPSARSP?
TG?J F? KCHMP?BM
AML J? CVN?LQGgL W N?TGKCLR?AGgL BC A?PPCRCP?Q BC NPGKCP
MPBCLWJ?AMLQRPSAAGgLMCVN?LQGgLBCA?KGLMQQCASLB?PGMQ-GCLRP?QCL
QMJ?KCLRC CJ BC DGLA?Q PCNMPR?PML RCLCP ?AACQM ? SL? Te? NPGLAGN?J M
QCASLB?PG?CLCQR?AGDP?QS@Gg?J#MLCQR?QKCHMP?QJ?QBGQR?LAG?Q
F?L BGQKGLSGBM AMLQGBCP?@JCKCLRC
CQNCAG?JKCLRC J? BGQR?LAG? ? NGC ? J? Te?
K\QACPA?L? #S?BPM
#S?BPM $GQR?LAG? BC J?Q DGLA?Q BC ,?EM !EPGM ? J? PCB
TG?JW?KCPA?BMQW
#MJMLGX?AGgL%J#?QMBCJ?!K?XMLe?3SP
,? NPMTGLAG? BC -MPML? 3?LRG?EM QC CLASCLRP? CL CJ 3SP BC J? !K?XMLe?
QS
PCJGCTC CQR\ K?PA?BM NMP BMQ AMPBGJJCP?Q
N?P?JCJ?Q ? JMQ !LBCQ ,?Q XML?Q
NM@J?B?Q
BC3SP?.MPRC
QMLCJT?JJCBCJPeM:?KMP?
CJT?JJCBCJ5N?LMWSL?
NJ?LGAGCCLRPCCJPeM0?QR?X?WCJ.MPRCBCJPeM5N?LM
%L QC PC?JGX?PML J?Q NPGKCP?Q CVNCBGAGMLCQ ? JMQ T?JJCQ BCJ 5N?LM W BCJ
:?KMP?
CL QC CKNCX?PML ? DSLB?P AGSB?BCQ F?QR? OSC CL SL?
PC@CJGgL BCJ NSC@JM 3FS?P CVNSJQg ? JMQ NMAMQ NM@J?BMPCQ BC J? XML? %L CJ
QGEJM 86)) J?Q NPGLAGN?JCQ CLRP?B?Q ? CQR? N?PRC BC J? !K?XMLe? T?JJCQ BCJ
0?SRC
BCJ:?KMP?WBCJ0?QR?X?
CP?LAMLRPMJ?B?QNMPJMQNSC@JMQGLBeECL?Q
-?A?Q DSC CJ jLGAM ?QCLR?KGCLRM CQN?fMJ OSC JMEPg QM@PCTGTGP F?QR? !
NCQ?P BC CQRC ?N?PCLRC ?GQJ?KGCLRM CQR? PCEGgL K?LRCLe? AMLR?ARM AML J?
3GCPP?W?J?KGR?BBCJQGEJM8)8QCCQR?@JCAGgAMLR?ARMAMLCJNSC@JMGLBeECL?
3FS?P?QCLR?BM?JPCBCBMPBC-?A?Q
,?AMJMLGX?AGgLBGPGEGB?BCCQR?XML?QCGLGAGgCLAMLCJ?QCLR?KGCLRMBC
J?KGQGgLQ?JCQG?L?CL-bLBCX,?KGQGgLHSEgSLPMJNPGLAGN?JCLCQRCNPMACQM
%L?@PGgCJNPGKCPGLRCPL?BMN?P??JSKLMQ3FS?PWNMQRCPGMPKCLRC?AMEGg
? JMQ AMJMLMQ
NPMTCWCLBM CBSA?AGgL N?P? QSQ FGHMQ W QCPTGAGMQ BC Q?JSB %L
CQC KGQKM ?fM JMQ Q?JCQG?LMQ GLGAG?PML J? AMLQRPSAAGgL BCJ A?KGLM 0?L
-bLBCX
NPGKCPCLJ?ACAMLJ?3GCPP?
OSCKCHMPgJ?QAMLBGAGMLCQBC?AACQMW
?KNJGgCJDJSHMBCJMQAMJMLGX?BMPCQ
(?AG?QCNPMBSHMSL?DSCPRCMJ?KGEP?RMPG?
JSCEMBCJPCBCQAS@PGKGCLRMBC
SL?LRGESMDGJgLBCMPMCVNJMR?BMNMPJMQCQN?fMJCQ
?RP?WCLBMSLDJSHMBCCLRPC
KGJ W KGJ NCPQML?Q !EMR?BM CJ MPM F?AG?
J? K?WMPe? BC JMQ
@SQA?BMPCQ PCEPCQg ? J? 3GCPP? 3GL CK@?PEM
?JESLMQ SQ?PML QSQ E?L?LAG?Q
N?P? GLQR?J?PQC CL J? XML?
ACPA? BC JMQ NM@J?BMQ %QR?Q NPMNGCB?BCQ RCLe?L
?JPCBCBMPBCWF?WBCQ?PPMJJ?@?LQGQRCK?QBCNMJGASJRGTMQNMJGAPG?LX?Q
,SCEMJJCE?PMLMRPMQAMJMLMQQGLA?NGR?J
OSGCLCQQCGLGAG?@?LAMKMHMPL?JCPMQW
K\QR?PBCAMKNP?@?LSL?NPMNGCB?B?EPeAMJ?MQGKNJCKCLRCQCNMQCQGML?@?L
BC RGCPP? CL JMQ K\PECLCQ BC J? DPMLRCP? BC AMJMLGX?AGgL ,MQ RCPPCLMQ K\Q
?JCH?BMQ CP?L AMLQGBCP?BMQ |@?JBeMQ} W QC NMBe? PCAJ?K?P F?QR? F? QGL
N?E?P LGLEjL T?JMP 0MP MRPM J?BM
CVGQRGg R?K@GbL SL? AMJMLGX?AGgL QCKG
BGPGEGB? NPMKMAGML?B? NMP CJ #CLRPM BC 2CAMLTCPQGgL %AMLgKGA? BCJ !XS?W
#?f?P W -MPML? 3?LRG?EM #2%!
%QR? GLQRGRSAGgL ?QCLRg ?JPCBCBMP BC KGJ
AMJMLMQ PCN?PRGBMQ CL QGCRC AMMNCP?RGT?Q CL J? NJ?LGAGC 5N?LM0?JMP? CLRPC
W
,MQAMJMLMQBCQKMLR?@?LJ?QCJT?N?P?AMLQRPSGPQSQA?Q?QWQCK@P?PN?QRMBC
BMQ T?PGCB?BCQ EP?K?JMRC !VMLMNSQ QAMN?PGSQ
W CJCD?LRC 0CLLGQCRSK
NSPNSPCSK
JMQ ?LGK?JCQ CP?L K?LCH?BMQ ?J QMESCM ! KCBGB? OSC JMQ
AMJMLMQ?T?LX?@?L
?T?LX?@?LR?K@GbLJMQRCPPCLMQBCBGA?BMQ?J?E?L?BCPe?
%QR? ?ARGTGB?B CP? CJ jLGAM KMBM BC RP?@?H?P EP?LBCQ CVRCLQGMLCQ BC RGCPP? W
?BCK\QNPMTCe?SLT?JMP?EPCE?BM
CLPCJ?AGgL?J?QDGLA?QBCNMJGASJRGTM
NMP
CJ NPCAGM QSNCPGMP BC J? A?PLC !BGAGML?JKCLRC
CLRPC J?Q BbA?B?Q BC JMQ
QCQCLR? W JMQ QCRCLR? CJ "?LAM .?AGML?J BC &MKCLRM MRMPE?@? APbBGRMQ AML
R?Q?QBCGLRCPbQK\Q@?P?R?QOSCJ?GLDJ?AGgLOSCQGPTGCPMLN?P?J?E?L?BCPe?
,MQ NPGKCPMQ ACLRPMQ QC DSLB?PML CL J? PCEGgL BC 3SAj? W NMQRCPGMPKCLRC QC
MPE?LGX?PMLMRPMQCLBGQRGLR?QN?PRCQBCJ?NPMTGLAG?$?BMQSbVGRM
QCAPCgCL
AML J? N?PRGAGN?AGgL BC JMQ Q?JCQG?LMQ
SL? GLQRGRSAGgL BC AMMPBGL?AGgL
BCLMKGL?B? &CBCP?AGgL BC #CLRPMQ 3FS?P %QRMQ ACLRPMQ NPMBSHCPML SL
A?K@GM CL CJ KMBM BC TGB? BCJ NSC@JM 3FS?P OSC JC JJCTg BC SL N?RPgL BC
?QCLR?KGCLRMBGQNCPQMCGRGLCP?LRC
?SLM?EPSN?BMWQCBCLR?PGM
%L
@?HM CJ AMLRCVRM BC J? ,CW BC 2CDMPK? !EP?PG? W #MJMLGX?AGgL
J?
&CBCP?AGgL W JMQ Q?JCQG?LMQ J?LX?PML SL NPMEP?K? BC BCQ?PPMJJM BC J?
E?L?BCPe? AMKM SL KCBGM BC RP?@?H?P J? RGCPP? W ?QCESP?P QS JCE?JGX?AGgL ,?
&CBCP?AGgL MRMPEg NPbQR?KMQ ? JMQ ?EPGASJRMPCQ 3FS?P
SRGJGX?LBM PCASPQMQ
NPMTCLGCLRCQBC%SPMN?
N?P?J?APG?LX?@MTGL?%LF?@e?AMMNCP?RGT?Q
WCLCP?L
%LJ?BbA?B?BCJMQMAFCLR?
JMQ3FS?PCKNCX?PML?BCQA?NGR?JGX?PQC?A?SQ?
BC J?Q CLDCPKCB?BCQ GLRPMBSAGB?Q NMP CJ E?L?BM RP?eBM BC MRP?Q PCEGMLCQ W
R?K@GbL NMPOSC CJ NPCAGM OSC M@RCLe?L NMP QSQ ?LGK?JCQ CP? GLDCPGMP ?J BC JMQ
AMJMLMQ !BCK\Q
JMQ 3FS?P
BC@GBM ? QS S@GA?AGgL
RCLe?L E?QRMQ K\Q
CJCT?BMQ?JGLRCEP?PQCCLJ?QMAGCB?BBCKCPA?BM
RMBMQJMQE?QRMQD?KGJG?PCQ
?SKCLR?PMLN?P?CQR?AMKSLGB?B
%LJ??ARS?JGB?BJ?E?L?BCPe?@MTGL?CQJ?NPGLAGN?J?ARGTGB?BCLJ?NPMTGLAG?BC
-MPML? 3?LRG?EM CL RbPKGLMQ BC QSNCPDGAGC C GLEPCQM ?EPMNCAS?PGM 3C
BGQRGLESCL CLRPC JMQ AMJMLMQ RPCQ QGQRCK?Q BC APG?LX? JMQ E?L?BCPMQ BCJ
QGQRCK? BC ECLbRGA? KCHMP?B? W ?JRMQ GLQSKMQ
JMQ BC ECLbRGA? KCHMP?B? C
GLQSKMQ GLRCPKCBGMQ W JMQ BC QGQRCK?Q APGMJJMQ W NMAMQ GLQSKMQ ,MQ BMQ
NPGKCPMQ EPSNMQ NSCBCL TGTGP BC bQR? ?ARGTGB?B ?SLOSC N?Q?L NMP D?QCQ BC
?ASKSJ?AGgL W BCQA?NGR?JGX?AGgL %J RCPACP EPSNM
QGL CK@?PEM
CQR? @?HM CJ
SK@P?JBCQM@PCTGTCLAG?#?QGJ?RMR?JGB?BBCJMQAMJMLMQQMLE?L?BCPMQ
%LRPC JMQ E?L?BCPMQ 3FS?P JMQ QGQRCK?Q QML KSW N?PCAGBMQ ? JMQ BC JMQ
AMJMLMQ
AML J?Q QGESGCLRCQ BGDCPCLAG?Q ?
%J LjKCPM BC ?ARGTMQ D?KGJG?PCQ
3FS?PCQK\QCJCT?BM@
,MQ3FS?PLMMPBCf?LQSQT?A?Q
JMAS?JPCNCPASRC
CLCJGLEPCQMKMLCR?PGMWBCJ??JGKCLR?AGgLD?KGJG?P%LRPCCJWCJBC
JMQ3FS?PLMRGCLCLE?L?BM
CLRPCCJWRGCLCL?JESL?QA?@CX?QWBCJ
?JK?LCH?LSLPC@?fMCLQGQRCK?ECLbRGA?KCHMP?B?K\QGLQSKMQ
!ARS?JKCLRC
J??ARGTGB?BE?L?BCP?CLJ?XML?CLDPCLR?NPM@JCK?QMA?QGML?BMQ
NPGLAGN?JKCLRC NMP J? NbPBGB? BC DCPRGJGB?B BCJ QSCJM OSC QC PCDJCH? CL SL?
BGQKGLSAGgL CL J? A?JGB?B BC JMQ N?QRGX?JCQ !BCK\Q F?L QSPEGBM NJ?E?Q OSC
R?K@GbL JGKGR?L QS ?NPMTCAF?KGCLRM 2CAGCLRCKCLRC QC F?L CVNCPGKCLR?BM
?JESL?Q ?JRCPL?RGT?Q
CQNCAG?JKCLRC PCCKNJ?X?LBM J? T?PGCB?B BC N?QRM C
GKNJCKCLR?LBM QGQRCK?Q BC APG?LX? @MTGL?
JCAFC WM OSCQM %QRMQ A?K@GMQ
QGLCK@?PEM
QMLJCLRMQ
AMQRMQMQWNMBP\LQCPGKNJCKCLR?BMQQMJ?KCLRCNMP
JMQAMJMLMQ
%J 0SC@JM 3FS?P CLDPCLR? SL? QGRS?AGgL KSW BGDeAGJ
NSCQ J? K?WMPe? BC JMQ
?QCLR?KGCLRMQQCCLASCLRP?L?GQJ?BMQWCJNPCAGMOSCM@RGCLCLNMPJ?A?PLCCQ
KSW @?HM ?BCK\Q LM RGCLCL ?AACQM ?J APbBGRM NMPOSC LM NMQCCL ReRSJMQ BC
NPMNGCB?B GLBGTGBS?J !J GLEPCQ?P CL SL? DMPK? BC NPMBSAAGgL AMKNJCR?KCLRC
BGDCPCLRC
CLRP?PMLCLSLHSCEMQGLAMLMACPQSQPCEJ?Q
OSCCLJ??ARS?JGB?BJCQ
NCPHSBGA?L #MKM SL? ?JRCPL?RGT? LSCT? QC QSEGCPC CJ ?NMWM ? CQRMQ NSC@JMQ
N?P? CKNPCLBCP ?ARGTGB?BCQ RSPeQRGA?Q CL J?Q XML?Q BC QCJT? OSC QC F?L
AMLQCPT?BM
#MLBGAGMLCQQMAG?JCQCLJ?!K?XMLe?
%L CQR? QCAAGgL QC AMKNJCKCLR? CJ ?L\JGQGQ BC J?Q CQRPSARSP?Q ?EP?PG?Q W J?
KGEP?AGgLAMLSL?TGQGgLN?LMP\KGA?BCJ?PC?JGB?BQMAG?JBCJ?!K?XMLe?CL
AMKN?P?AGgLAMLCJAMLRCVRML?AGML?J
%LECLCP?J
JMQGLBGA?BMPCQQMAG?JCQCLJ?!K?XMLe?KSCQRP?LSLPCX?EMBCJ?
PCEGgL DPCLRC ?J PCQRM BCJ N?eQ ,? NM@PCX? CL ?DCAR?@? ?J BC J?
NM@J?AGgL ?K?XgLGA?
DPCLRC ? SL? KCBG? L?AGML?J BCJ #S?BPM
,?
!K?XMLe? NPCQCLR? K?WMP NM@PCX? C GLBGECLAG? OSC J? 3GCPP? W J? #MQR? CL
RMBMQJMQ?fMQBCQBC%QR?BCQTCLR?H?QCBC@C
CLEP?LN?PRC
?J?K?WMP
PSP?JGB?B BC J? NPGKCP? PCEGgL PCQNCARM ? J?Q PCQR?LRCQ ,? !K?XMLe? PSP?J
NPCQCLR?LGTCJCQBCNM@PCX?QCKCH?LRCQ?J?QMRP?QPCEGMLCQPSP?JCQBCJN?eQ
#S?BPM0M@PCX?CGLBGECLAG?NMPPCEGgLMAGSB?B
0M@PCX? )LBGECLAG?
LBGACKSJRGT?PG?BMBCBCQ?PPMJJMQMAG?JW
#MLCJM@HCRMBCCT?JS?PCJAMLHSLRMBCJ?QAMLBGAGMLCQBCTGB?CLCJN?eQCLRPC
WNMPPCEGMLCQ
QCF?CQRGK?BM?LGTCJN?PPMOSG?JGLBGA?BMPCQBC
CBSA?AGgL
SLMBCQ?JSB
SLMBCNM@PCX?
BCTGTGCLB?WSLMBCCKNJCM
W?
N?PRGPBCCJJMQQCF?CJ?@MP?BMSLeLBGACKSJRGT?PG?BMBCBCQ?PPMJJMQMAG?JNMPCJ
KbRMBMBCJMQAMKNMLCLRCQNPGLAGN?JCQ
JSCEMQCF?RP?LQDMPK?BMJMQeLBGACQ?
SL?CQA?J?CLRPCWNSLRMQ,MQPCQSJR?BMQQCNPCQCLR?LCLCJ#S?BPM
,?!K?XMLe?RGCLCJMQeLBGACQK\Q@?HMQBCJN?eQR?LRMCLAMKMCL
R?LRMN?P?JCRMR?JBCJ?NM@J?AGgLAMKMCLN?PRGASJ?PCLCJ\PC?PSP?J4MK?LBM
CL ASCLR? CJ ?JRM NCQM BC J?Q T?PG?@JCQ BC Q?JSB W TGTGCLB? CL CJ eLBGAC
QC
NSCBC AMLAJSGP OSC J?Q A?PCLAG?Q CL GLDP?CQRPSARSP? QMAG?J CL J? PCEGgL
?K?XgLGA?QCCLASCLRP?LCLRPCJ?QK\QAPeRGA?QBCJN?eQ
#S?BPMLBGACQBCBCQ?PPMJJMQMAG?JNMPPCEGgL
W\PC?W
2CEGgLWPC? LBGACBCBCQ?PPMJJMQMAG?J
#MQR?2SP?J
#MQR?5P@?L?QGL'S?W?OSGJ
'S?W?OSGJ
#MQR?4MR?J
3GCPP?2SP?J
3GCPP?5P@?L?3GL1SGRM
1SGRM
3GCPP?4MR?J
!K?XMLe?2SP?J
!K?XMLe?5P@?LM
!K?XMLe?4MR?J
'?J\N?EMQ
4MR?J2SP?J
4MR?J5P@?LM
4MR?J.?AGML?J
&SCLRC).%#
#CLQMQBCNM@J?AGgL
W
.MR?,MQeLBGACQF?LQGBMA?JASJ?BMQ?LGTCJN?PPMOSG?J
CKNJC?LBM?L\JGQGQBC
AMKNMLCLRCQNPGLAGN?JCQ
?N?PRGPBCJ?QQGESGCLRCQT?PG?@JCQCQAMJ?PGB?BBCNCPQML?Q
%RLGAGB?B
,?!K?XMLe?CQJ?PCEGgLBCJN?eQAMLK?WMPNMPACLR?HCBCNM@J?AGgLGLBeECL?
DPCLRC ?J CL J? 3GCPP? W SL? KCBG? L?AGML?J BCJ 6b?QC
-?N?
%LECLCP?J
J?QAMLBGAGMLCQBCTGB?BCJMQGLBeECL?QQMLNCMPCQOSC
J?Q BCJ PCQRM BC J? NM@J?AGgL L?AGML?J ,?PPC? W -MLRCLCEPM
%L J?
!K?XMLe? QC F? CLAMLRP?BM SL? AMPPCJ?AGgL NMQGRGT? CLRPC CJ NMPACLR?HC BC
NM@J?AGgLGLBeECL?BCJ?QN?PPMOSG?QWJMQLGTCJCQBCBCQLSRPGAGgLAPgLGA?CLRPC
JMQKCLMPCQBC?fMQ
?QeAMKMAMLCJNMPACLR?HCBCFGHMQKSCPRMQPCNMPR?BMQ
NMPQSQK?BPCQCLCJ#CLQMBC
%BSA?AGgL
BCWK\Q?fMQ
?JD?@CRGQKMBCNCPQML?QBCWK\Q?fMQ
R?Q?QLCR?QBC
?QGQRCLAG?NPGK?PG?
QCASLB?PG?WQSNCPGMP
NMPACLR?HCBCK?WMPCQBC?fMQAML
GLQRPSAAGgLQSNCPGMP
NCPQML?JCOSGT?JCLRCBCQ?JSBNMPA?B?F?@GR?LRCQ
GLAGBCLAG?BCJ?CVRPCK?NM@PCX?
NMPACLR?HCBCFME?PCQAML?ES?CLRS@?B?BCLRPMBC
J?TGTGCLB?
NMPACLR?HCBCFME?PCQAMLQCPTGAGMFGEGbLGAMCVAJSQGTM
NMPACLR?HCBC
FME?PCQAMLCJCARPGAGB?B
NMPACLR?HCBCTGTGCLB?QAMLKCLMQBCNCPQML?QNMP
AS?PRM
NMPACLR?HCBCTGTGCLB?QAMLN?PCBCQBCFMPKGEgL
J?BPGJJMM@JMOSC
NMPACLR?HC
BCTGTGCLB?QAMLCJGKGL?AGgLBC@?QSP?AMLA?PPMPCAMJCARMP
NMPACLR?HCBC?Q?J?PG?BMQ
CLJ?0%!6b?QC
N?P?K?WMPCQBCR?JJCQ,?PPC?
#?PJMQCR?J$CQ?PPMJJM3MAG?JW
'CQRGgL-SLGAGN?JCLCJ%AS?BMP*CP?OSGX?AGgLW4GNMJMEe?1SGRM/$%0,!.
-/34!
,?PPC?
#?PJMQ|#PGQGQ
BCQACLRP?JGX?AGgLWBCQ?PPMJJMJMA?JCLCJ
%AS?BMP}%L/QNGL?
0?@JM %BGRMP
%LJ?QDGQSP?QBCJNMBCP-MTGKGCLRMGLBeECL?
A?K@GMQMAG?JWEM@GCPLMQJMA?JCQ1SGRM)%%
QGL NPCACBCLRCQ
W J? AMJMLGX?AGgL DSRSP? BGDeAGJKCLRC RGCLC NCPQNCARGT?Q BC
QSQRCLR?@GJGB?B
B?B?J?JGKGR?AGgLBCJMQQSCJMQ?K?XgLGAMQN?P?J??EPGASJRSP?
Q?JTM\PC?QAMLQSCJMQTMJA\LGAMQOSCECLCP?JKCLRCW?F?LQGBMGLRCPTCLGB?Q
,?Q AMLBGAGMLCQ QMAG?JCQ QGESCL QGCLBM NPCA?PG?Q
W JMQ GKN?ARMQ ?K@GCLR?JCQ
BC J? ?ARGTGB?B NCRPMJCP? QM@PC J? Q?JSB BC J? NM@J?AGgL QML AMLQGBCP?@JCQ
!AAGgL%AMJgEGA?
%J AGAJM NCRPMJCPM F? GLGAG?BM QS D?QC BCAJGL?LRC
B?B? J? JGKGR?AGgL BC J?Q
PCQCPT?QWJ?CTMJSAGgLBCJ?NPMBSAAGgLCLJMQNPGLAGN?JCQA?KNMQBCAPSBMQ
JGTG?LMQ3?JTMCJCQACL?PGM?JR?KCLRCGKNPM@?@JCBCEP?LBCQBCQAS@PGKGCLRMQ
DSRSPMQ BC A?KNMQ LM CVNJMP?BMQ
CJ %AS?BMP BCH?P\ BC CVNMPR?P NCRPgJCM CL
?NPMVGK?B?KCLRC BMQ BbA?B?Q
W J?Q PCQCPT?Q QC ?EMR?P\L CL SL J?NQM
?BGAGML?J BC LM K\Q BC BGCX ?fMQ 'P\DGAM
#MKM CL JMQ AGAJMQ CVRP?ARGTMQ
NPCTGMQ
J?Q QCASCLAG?Q QMAG?JCQ W ?K@GCLR?JCQ BC J? ?ARGTGB?B NCRPMJCP? QCP\L
NCPBSP?@JCQ
NCPM CL CQRC A?QM QS K?ELGRSB QCP\ QSNCPGMP CL RbPKGLMQ BC
BCDMPCQR?AGgL
NbPBGB? BC J? @GMBGTCPQGB?B
A?K@GM AJGK\RGAM C GKN?ARM QM@PC
J?QAMLBGAGMLCQBCTGB?WJ?QASJRSP?QGLBeECL?Q
#
"
!
$
!
" " " " ! !"
2CQCPT?Q0CRPMJCP?QW0PMWCAAGMLCQBC0PMBSAAGgL
%LJ?NPMBSAAGgLBCNCRPgJCMA?WgNMPNPGKCP?TCXCLSL&PCLRC?J
?SKCLRM BC J?Q GKNMPR?AGMLCQ W CJ AMLQSKM GLRCPLM
J?Q CVNMPR?AGMLCQ LCR?Q
?LS?J "?HM CQRC CQACL?PGM MNRGKGQR?
W ?QSKGCLBM SL? BCAJGL?AGgL
EP?BS?JBCJ?NPMBSAAGgL
CJ%AS?BMPCVNMPR?P\NCRPgJCMF?QR?CJWBCH?P\
BCNPMBSAGPJMCL/RP?QNPMWCAAGMLCQKSCQRP?LSL?BCAJGL?AGgLK?WMP
QG
QC GLAPCKCLR? J? CVRP?AAGgL CL CJ AMPRM NJ?XM %J 'P\DGAM KSCQRP?
NPMWCAAGMLCQBCJ-GLGQRCPGMBC%LCPEe?BCNPMBSAAGgLNCRPMJCP?NMPA?KNMQ
%LQeLRCQGQ
J?NPMBSAAGgLNCRPMJCP?CAS?RMPG?L?F?GLGAG?BMQSD?QCBCAJGL?LRC
OSC NSCBC KGRGE?PQC M LCSRP?JGX?PQC GLGAG?JKCLRC AML J? GLAMPNMP?AGgL BC
LSCTMQA?KNMQBCAPSBMQNCQ?BMQ
NCPMOSCAMLBSAGP\?J?CJGKGL?AGgLBCJ?Q
CVNMPR?AGMLCQCLSLNJ?XMAMKNPCLBGBMCLRPCW?fMQ%QRCNCPeMBMBC@C
AMPPCQNMLBCP ? J? RP?LQGAGgL CAMLgKGA?
QMAG?J W CLCPEbRGA? F?AG? SL?
CAMLMKe? NMQRNCRPMJCP?
W? OSC ?ARS?JKCLRC JMQ FGBPMA?P@SPMQ AMLQRGRSWCL
?NPMVGK?B?KCLRCCJBCJ?QCVNMPR?AGMLCQCLW?NMPR?PMLAMLCJ
BC JMQ GLEPCQMQ DGQA?JCQ CLRPC W %L CJ DSRSPM CQRMQ T?JMPCQ
BCAJGL?P\LNPMEPCQGT?KCLRC!BCK\Q
J??@PSNR?A?eB?PCAGCLRCBCJMQNPCAGMQ
BCJNCRPgJCMECLCP?SL?APGQGQQCTCP?
,? !K?XMLe? NSCBC TCPQC ?DCAR?B? NMP SL? GLRCLQGDGA?AGgL GLGAG?J BC J?
?ARGTGB?B BC CVNJMP?AGgL W NPMBSAAGgL BC APSBMQ NCQ?BMQ W J? ?NCPRSP? BC J?
DPMLRCP? NCRPMJCP?
AMKM KCBGB? BC AMKNCLQ?AGgL ?LRC J? BCAJGL?AGgL BC J?
NPMBSAAGgL BC A?KNMQ K?BSPMQ 0MQRCPGMPKCLRC J? BCAJGL?AGgL NPMBSARGT?
AMLJJCT?P\ SL CQACL?PGM BC @?H?Q GLTCPQGMLCQ W NMQG@JCQ NPM@JCK?Q BC
BCQCKNJCM CQRPSARSP?J CL J? PCEGgL
ASW?Q MNAGMLCQ @?Q?B?Q CL J? ?EPGASJRSP?
QML KeLGK?Q
W ASW?Q NMQG@GJGB?BCQ BC PCAMLTCPQGgL F?AG? MRP?Q DSCLRCQ BC
GLEPCQMQAMKMCJCAMRSPGQKMNSCBCLQCPJGKGR?B?QNMPJMQGKN?ARMQNPCTGMQBC
J??ARGTGB?BNCRPMJCP?
J?CVRP?AAGgLBCK?BCP?
J?A?ACPe?
J?KGEP?AGgLWMRP?Q
A?SQ?Q
,?QNCPQNCARGT?QBCCVNJMR?AGgLKGLCP?CLEP?LCQA?J?BCPCQCPT?QBCAM@PC
MPM W MRPMQ KCR?JCQ CL J? !K?XMLe? 3SP
CL A?QM BC AMLAPCR?PQC
AMLJJCT?P\L
R?K@GbLSLQCTCPMGKN?ARMCAMJgEGAM
WNSCBCLK?PA?PCJGLGAGMBCSLLSCTM
AGAJMCVRP?ARGTM
AMLNCPQNCARGT?QKSWJGKGR?B?QN?P?QSNCP?PJMQNPM@JCK?QBCJ
?ARS?JNCPeMBMNCRPMJCPM
0MJeRGA?QCLCPEbRGA?QL?AGML?JCQWBCNCLBCLAG?BCJNCRPgJCM
,? ?@SLB?LAG? BC NCRPgJCM F? APC?BM NPM@JCK?Q CL CJ AMLQSKM L?AGML?J BC
CLCPEe?
JGKGR?LBMJ?BGTCPQGDGA?AGgLBCQSQDSCLRCQ,MQ?fMQRP?LQASPPGBMQ
BCQBC
AS?LBM J? APGQGQ BC J? BCSB? CVRCPL? GKNSJQg J? RP?LQGAGgL F?AG?
NMJeRGA?Q BC ?HSQRC CQRPSARSP?J W PCBSAAGgL BC J? GLRCPTCLAGgL CQR?R?J CL J?
CAMLMKe?
F?L AMLBSAGBM ? SL? Bb@GJ GLTCPQGgL CL DSCLRCQ PCLMT?@JCQ BC
CLCPEe?
W ? SL? BCNCLBCLAG? APCAGCLRC CL CJ NCRPgJCM W QSQ BCPGT?BMQ %QR?
QGRS?AGgLCQGLQMQRCLG@JCCLCJKCBG?LMNJ?XM
3G @GCL BSP?LRC JMQ ?fMQ BCJ |@MMK} NCRPMJCPM QC PC?JGX?PML GLTCPQGMLCQ
CQR?R?JCQ AMLQGBCP?@JCQ CL NPMWCARMQ FGBPMCJbARPGAMQ
BCQBC KCBG?BMQ BC JMQ
?fMQCQR?QGLTCPQGMLCQQCPCBSHCPMLBP\QRGA?KCLRC
KGCLRP?QJ?APCAGCLRC
BCK?LB?BCCJCARPGAGB?BCP??@?QRCAGB?NMPNJ?LR?QRbPKGA?Q
?TCACQNPMTGQR?Q
NMPCKNPCQ?QNPGT?B?Q
OSCPCOSCPe?LSL?GLTCPQGgLGLGAG?JKCLMP
%L J? ?ARS?JGB?B J? FGBPMCJCARPGAGB?B ?@?QRCAC ?NPMVGK?B?KCLRC CJ BC J?
BCK?LB?
CJ QC GKNMPR? BC #MJMK@G? W 0CPj
W SL NPMTGCLC BC
NJ?LR?QRCPKMCJbARPGA?Q%L?fMQQCAMQJ?QNPMNMPAGMLCQBCECLCP?AGgLRbPKGA?
F?L JJCE?BM F?QR? CJ !SLOSC QC F?L GLQR?J?BM J?Q NPGKCP?Q RSP@GL?Q
CgJGA?Q CL '?J\N?EMQ
J? AMLRPG@SAGgL BC CQR? DSCLRC
?Qe AMKM BC J? CLCPEe?
QMJ?PCQKeLGK?
$SP?LRCJMQjJRGKMQBMQ?fMQQCF?PCRMK?BMJ?GLTCPQGgLNj@JGA?CLNPMWCARMQ
FGBPMCJbARPGAMQ
W PCAGCLRCKCLRC QC F?L B?BM JMQ NPGKCPMQ N?QMQ N?P? J?
CVN?LQGgL DSRSP? BC DSCLRCQ PCLMT?@JCQ
AMKM J? CgJGA?
J? ECMRbPKGA? W J?
QMJ?P3GLCK@?PEM
R?LRMJ?QGLTCPQGMLCQCLNPMWCARMQFGBPMCJbARPGAMQEP?LBCQ
AMKM JMQ CQRSBGMQ GLGAG?JCQ QM@PC DSCLRCQ ?JRCPL?RGT?Q PCOSGCPCL RGCKNM %L CJ
AMPRMNJ?XM
J?BCNCLBCLAG?BCDSCLRCQRbPKGA?QQCK?LRCLBP\
,? BCK?LB? BC CJCARPGAGB?B F? APCAGBM BSP?LRC JMQ jJRGKMQ ?fMQ ? R?Q?Q
ACPA?L?Q?J?LS?J
?QeAMKMCJAMLQSKMGLRCPLMBCBCPGT?BMQBCJNCRPgJCM
!LRC J? BCAJGL?AGgL DSRSP? BC J? CVRP?AAGgL BC NCRPgJCM
CQ SPECLRC R?LRM J?
BGTCPQGDGA?AGgL BC J?Q DSCLRCQ NPGK?PG?Q BC CLCPEe?
AML J? PCBSAAGgL BC J?
ECLCP?AGgLRbPKGA?
J?CVN?LQGgLBCJ?FGBPMCJCARPGAGB?B
ASWMNMRCLAG?J?NCL?Q
QCF??NPMTCAF?BMCL?NPMVGK?B?KCLRCCJ
WJ?BGTCPQGDGA?AGgLF?AG?MRP?Q
DMPK?QPCLMT?@JCQBCCLCPEe?
AMKMJ?CgJGA?
QMJ?PWECMRbPKGA?
/NAGMLCQ?JRCPL?RGT?Q
%LJ?!K?XMLe?CAS?RMPG?L?F?LNPCT?JCAGBMNMJeRGA?QCLA?KGL?B?QR?LRMF?AG?
J? CVRP?AAGgL BC PCASPQMQ L?RSP?JCQ
AMKM F?AG? J? PCBSAAGgL BC NPCQGMLCQ
QMAG?JCQMPGEGL?B?QCLMRP?QPCEGMLCQBCJN?eQ
NPGLAGN?JKCLRCPCJ?AGML?B?QAML
J?Q MNMPRSLGB?BCQ BC CKNJCM W ?AACQM ? J? RGCPP? ,?Q CQRP?RCEG?Q OSC F?L
@SQA?BMJ?AMLQCPT?AGgLBCJ?@GMBGTCPQGB?B
CJ?NMWM?J?QASJRSP?QWBCPCAFMQ
BC JMQ NSC@JMQ GLBeECL?Q
W J? NPMKMAGgL BC ?ARGTGB?BCQ CAMLgKGA?Q
QSQRCLR?@JCQ LM F?L JMEP?BM AMKNCLQ?P CDCARGT?KCLRC J?Q CQRP?RCEG?Q
BMKGL?LRCQ
MNAGMLCQNMQG@JCQDPCLRC?JBCQAS@PGKGCLRMBCAMLQGBCP?@JCQPCQCPT?QBCAPSBM
NCQ?BM CL CJ @JMOSC )44
S@GA?BM CL CJ 0?POSC .?AGML?J 9?QSLe
\PC? BC
?JReQGKMT?JMPNMPQS@GMBGTCPQGB?BWNMPJ?NPCQCLAG?BCASJRSP?QGLBeECL?QLM
AMLR?AR?B?Q
CJ NPCQGBCLRC CAS?RMPG?LM 2?D?CJ #MPPC? F? NJ?LRC?BM
PCAGCLRCKCLRC ?LRC J? !Q?K@JC? BC J?Q .?AGMLCQ 5LGB?Q
J? NPGMPGB?B BC
K?LRCLCP GLBCDGLGB?KCLRC CJ APSBM @?HM RGCPP?
QG J? AMKSLGB?B GLRCPL?AGML?J
?NMPR? AML SL? AMKNCLQ?AGgL COSGT?JCLRC ?J KCLMQ ? J? KGR?B BC JMQ
NMRCLAG?JCQ@CLCDGAGMQN?P?CJCQR?BMBCJ?CVRP?AAGgLNCRPMJCP? #MPPC?
%QR? NPMNSCQR? ?@PC CJ A?KGLM N?P? LSCT?Q CQRP?RCEG?Q BC PCBSAAGgL BC J?Q
CKGQGMLCQ BC BGgVGBM BC A?P@MLM
@?Q?B?Q CL CTGR?P J? CVRP?AAGgL BC
AMK@SQRG@JCQ DgQGJCQ W J? BCDMPCQR?AGgL ?QMAG?B?
CL \PC?Q BC CVRPCK?
QCLQG@GJGB?BCAMQGQRbKGA?S@GA?B?QCLN?eQCQCLBCQ?PPMJJM
%LCJA?QMCAS?RMPG?LM
J?NPMNSCQR?NSCBCGLGAG?PCJA?K@GMF?AG?CQRP?RCEG?Q
?JRCPL?RGT?Q BC BCQ?PPMJJM FSK?LM W QSQRCLR?@JC
OSC @SQOSCL KCHMP?P J?
Q?RGQD?AAGgL BC LCACQGB?BCQ QMAG?JCQ BC J? NM@J?AGgL CL ?PKMLe? AML J?
AMLQCPT?AGgL BC JMQ PCASPQMQ L?RSP?JCQ
NCPKGRGCLBM BC CQR? DMPK? SL?
RP?LQGAGgLF?AG?SL?CAMLMKe?NMQRNCRPMJCP?
#MLAJSQGMLCQ
,? !K?XMLe? CAS?RMPG?L? QC BGQRGLESC R?LRM NMP QS N?RPGKMLGM ASJRSP?J AMKM
NMP QS ?JR? @GMBGTCPQGB?B W CLBCKGQKM 3S PGOSCX? W QS CQRPSARSP? QMAG?J F?L
QGBM NCPRSP@?B?Q NMP T?PGMQ AGAJMQ FGQRgPGAMQ BCQBC J? AMLOSGQR? FGQN\LGA?
ECLCP?JKCLRC?QMAG?BMQ?J?CVRP?AAGgLBCPCASPQMQL?RSP?JCQAMKMCJMPM
CJ
A?SAFM
W?ARS?JKCLRCCJNCRPgJCM%QRMQAGAJMQ
PCJ?RGT?KCLRCGLRCLQMQ
QCF?L
QSACBGBM
AML CVACNAGgL BCJ ?ARS?J
NMP NCPeMBMQ BC ?JCR?PE?KGCLRM W
BCAJGL?AGgL %J ?ARS?J NCPeMBM NCRPMJCPM
QGL CK@?PEM
QC A?P?ARCPGX? NMP J?
CQA?J? AMLQGBCP?@JCKCLRC K?WMP BC QSQ GKN?ARMQ ?K@GCLR?JCQ W QMAG?JCQ
?QMAG?BMQ?SL??ACJCP?B?BCDMPCQR?AGgL
J?CVN?LQGgLBCJ?DPMLRCP??EPeAMJ?
WJ?GLKGEP?AGgL$?B?J?@?H??NRGRSB?EPeAMJ?BCJ?K?WMPN?PRCBCJMQQSCJMQ
?K?XgLGAMQ
J?Q AMLBGAGMLCQ BC TGB? BC JMQ AMJMLMQ C GLBeECL?Q QC TCL
?KCL?X?B?Q NMP NPM@JCK?Q BC QSQRCLR?@GJGB?B
W J? NM@PCX? ?JA?LX?
NPMNMPAGMLCQK?QGT?Q
%J %AS?BMP F? GLGAG?BM PCAGCLRCKCLRC J? D?QC BCAJGL?LRC BC QS NPMBSAAGgL
NCRPMJCP?
WCJ?EMR?KGCLRMBCJ?QPCQCPT?QQCTGQJSK@P?N?P?J?QNPgVGK?QBMQ
M RPCQ BbA?B?Q %J NCRPgJCM F? ECLCP?BM SL? CQRPSARSP? CLCPEbRGA? @?Q?B?
BCQNPMNMPAGML?B?KCLRCCLAMK@SQRG@JCQDgQGJCQ
QGLOSCQCF?W?BCQ?PPMJJ?BM
CJ ?JRM NMRCLAG?J N?P? J? RP?LQGAGgL F?AG? CJ CKNJCM BMKGL?LRC BC DSCLRCQ
PCLMT?@JCQWJGKNG?Q
%J A?QM CAS?RMPG?LM KSCQRP? CJ NMRCLAG?J BC GLGAG?P NMJeRGA?Q @?Q?B?Q CL J?
AMLQCPT?AGgL BC J? @GMBGTCPQGB?B W J? NPMKMAGgL BC NMJeRGA?Q QMAG?JCQ
COSGR?RGT?Q
QG QC AMLAPCR? J? NPMNSCQR? BC K?LRCLCP J?Q PCQCPT?Q NCRPMJCP?Q
@?HM RGCPP? ? A?K@GM BC SL? AMKNCLQ?AGgL N?PAG?J GLRCPL?AGML?J
OSC @SQA?Pe?
KGRGE?P CJ A?K@GM AJGK\RGAM
NPCQCPT?P J? @GMBGTCPQGB?B W NPMRCECP ? NSC@JMQ
GLBeECL?QLMAMLR?AR?BMQ
"G@JGMEP?De?
!AAGgL%AMJgEGA?0\EGL?7C@UUU?AAGMLCAMJMEGA?MPE
#MPPC?
2?D?CJ $GQASPQM NPMLSLAG?BM ?LRC CJ &MPM BC 0PCQGBCLRCQ QM@PC
#?K@GM#JGK\RGAMBCJ?Q.?AGMLCQ5LGB?Q.CU9MPI
BC3CRGCK@PCBC
UUUNPCQGBCLAG?EMTCA
%AM#GCLAG? 3GQRCK?BC-MLGRMPCM3MAGM?K@GCLR?J
).%##CLQMQ?EPMNCAS?PGMQ W
).%#
%LASCQR? BC #MLBGAGMLCQ BC 6GB?
UUUGLCAEMTCA
,?PPC?
#?PJMQ CR?J $CQ?PPMJJM 3MAG?J W 'CQRGgL -SLGAGN?J CL CJ %AS?BMP
*CP?OSGX?AGgLW4GNMJMEe?1SGRM/$%0,!.-/34!
,?PPC?
#?PJMQ |0CRPgJCM W %QRP?RCEG?Q BC $CQ?PPMJJM CL CJ %AS?BMP
} %L &MLR?GLC
'SGJJ?SKC CB
0CRPgJCM W $CQ?PPMJJM QMQRCLG@JC CL CJ
%AS?BMP,?Q'?L?LAG?QW0bPBGB?Q1SGRM&,!#3/
,?PPC?
#?PJMQ
-MLRCLCEPM
&CPL?LBM
'PCCLC
.?R?JG? W #CT?JJMQ
"CJbL
0SC@JMQ)LBeECL?Q
$CQ?PPMJJM(SK?LMW$GQAPGKGL?AGgLCLCJ%AS?BMP1SGRM
!@W?9?J?
-CSLGCP
!JCVGQ|'?L?BCPe?CLCJQSPBCJ?!K?XMLe?CAS?RMPG?L?KMRMPBCJ?
AMJMLGX?AGgL C GLKSR?@JC @?QC BC J? CAMLMKe? ?EP?PG? s3CP\ A?N?X BC
?B?NR?PQC ? JMQ LSCTMQ PCRMQ 6?JJC BCJ PGM 5N?LM
NPMTGLAG? BC -MPML?
3?LRG?EM} %L 6?GJJ?LR
-GAFCJ
#CNCB?
$?PeM
CR ?J %BQ
-MQ?GAM ?EP?PGM
BGTCPQGB?BCQ W ?LR?EMLGQKMQ QMAGMCAMLgKGAMQ CL CJ A?KNM CAS?RMPG?LM
1SGRM3)0!%)2$)&%!
3GCPP?
2MBPGEM 0PMNSCQR? 0PCJGKGL?P BC SL 3GQRCK? BC #J?QGDGA?AGgL BC
6CECR?AGgLN?P?CJ%AS?BMP#MLRGLCLR?J1SGRM
%AMAGCLAG?z'%&
4?WJMP
!LLC #FGQRGLC |%J /PGCLRC CAS?RMPG?LM CL CJ QGEJM 8)8 CJ MRPM JGRMP?J}
%L-?GES?QFA?
*S?L %B
(GQRMPG?WPCEGgLCLCJ%AS?BMP1SGRM
#MPNMP?AGgL%BGRMP?.?AGML?J
$<9JA60.@;2?4IA60.@2:=.0A<'<06<.:/62;A.92;9.B.F.;.
*2;2G<9.;.
%( % %()* ""%
)LRPMBSAAGgL
,?T?QR?ASCLA?BCJ!K?XML?QJJ?K?A?B?TCXK\QJ??RCLAGgLKSLBG?J
?JQCP
NCPAG@GB? AMKM SL BCNgQGRM BC KCE?BGTCPQGB?B @GMJgEGA? -SAFMQ CVNCPRMQ
?ARGTGQR?Q W MPE?LGX?AGMLCQ CAMJMEGQR?Q GLQGQRCL CL OSC QM@PC CJJ? BC@CPe?L
CQR?P NSCQRMQ JMQ MHMQ W JMQ GLRCPCQCQ BC J? FSK?LGB?B
? DGL BC NPCQCPT?P J?Q
GLKCLQ?Q PGOSCX?Q ?JJe CVGQRCLRCQ BC J? BCT?QR?AGgL OSC NMBPe?L MA?QGML?P
NJ?LCQBCBCQ?PPMJJMAMLTCLAGML?J?EP?LCQA?J? !PTCJM*GKbLCX
,?BGTCPQGB?B@GMJgEGA?BCJ?!K?XMLG?CQNPMBSARMBCSL?K@GCLRCNPeQRGLMW
CQA?Q?KCLRC GLRCPTCLGBM OSC AMLRP?QR? AML J? BCQRPSAAGgL ?K@GCLR?J MASPPGB?
CL MRP?Q PCEGMLCQ
CQNCAG?JKCLRC CL JMQ N?eQCQ GLBSQRPG?JGX?BMQ !SLOSC JMQ
CQR?BMQ PG@CPCfMQ BC J? ASCLA? ?K?XgLGA? QC CLASCLRP?L CLRPC JMQ N?eQCQ
KCE?BGTCPQMQ BCJ KSLBM
CVGQRC SL? T?JMP?AGgL BGDCPCLAG?J ?ACPA? BC JM OSC
BC@CLQCPJ?Q?ARGRSBCQBCJMQEM@GCPLMQWQSQNMJeRGA?QDPCLRC?R?JBGTCPQGB?B
0?P?QGKNJGDGA?PCQRCAMKNJCHM?QSLRMQCNSCBCBGQRGLESGP
G
SL? TGQGgL OSC ?LRCNMLC DGLCQ QSNSCQR?KCLRC AMLQCPT?AGMLGQR?Q
NMQGAGgL
AMKN?PRGB?NMPJ?QEP?LBCQNMRCLAG?QBCJKSLBMWMPE?LGQKMQGLRCPL?AGML?JCQ
OSC@SQA?LGLQGQRCLRCKCLRCRCLCPGLHCPCLAG?CLJ?QNMJeRGA?Q?K@GCLR?JCQQM@PC
J?!K?XMLG?W
GG
SL? TGQGgL ACLRP?B? CL J?Q NMRCLAG?JGB?BCQ BC JMQ PCASPQMQ ?K?XgLGAMQ
PCNPCQCLR?B? @\QGA?KCLRC NMP JMQ EM@GCPLMQ BC JMQ N?eQCQ PG@CPCfMQ %QR?
NMQGAGgL CLAGCPP?
? QS TCX
BMQ CVRPCKMQ CJ SQM QMQRCLG@JC W CJ SQM
AMLTCLAGML?JBCCQMQPCASPQMQ
,MQ EM@GCPLMQ BC JMQ N?eQCQ ?K?XgLGAMQ
?SLOSC AMLQAGCLRCQ BC J? PGOSCX?
PCNPCQCLR?B?NMPJ?BGTCPQGB?B@GMJgEGA??JMH?B?CLJ?QASCLA?QBCJ!K?XML?Q
W BCJ /PGLMAM
QC TCL AMKNCJGBMQ ? GLRCLR?P SL COSGJG@PGM CLRPC JMQ DGLCQ
,?#SCLA?BCJ!K?XML?Q
KCBG?LRCCJ#?fM#?QGOSG?PC
CQR\SLGB??J?#SCLA?BCJ
/PGLMAM!K@?QAMKN?PRCLA?P?ARCPeQRGA?QECMEP\DGA?Q
?K@GCLR?JCQ
ASJRSP?JCQ
FGQRgPGA?QWCAMLgKGA?Q
%LPC?JGB?B
J?QNM@J?AGMLCQL?RGT?QF?LGLRCPTCLGBMJMQCAMQGQRCK?Q?K?XgLGAMQ?JM
J?PEMBCKGJCLGMQ
NCPMCLCQA?J?QWKMBMQ?B?NR?BMQ?QSQJeKGRCQBCA?PE?%QR?
PC?JGB?BAMLRP?QR?AMLCJKGRMBCJEP?LT?AeM?K?XgLGAMWAMLJ?QRCQGQECMNMJeRGA?Q
CLA?KGL?B?Q?GKNMLCPSLBCQ?PPMJJMAMLTCLAGML?JCLJMQCQN?AGMQ?K?XgLGAMQBCJMQ
N?eQCQPG@CPCfMQ QM@PCCQRCRCK?TCPCJKSWBGDSLBGBMRP?@?HMBC-CEECPQ
AMLQCPT?AGMLGQR?Q W J? LCACQGB?B BC CVNJMR?AGgL BC PCASPQMQ L?RSP?JCQ ?JJe
NPCQCLRCQ 5L? P?XgL CL CVRPCKM NMBCPMQ? CQ CJ GKNCP?RGTM BC QMQRCLCP QSQ
PCQNCARGT?Q CAMLMKe?Q
J?Q AS?JCQ NSCBCL A?R?JME?PQC
CL ECLCP?J
AMKM BC
N?eQCQNM@PCQWQS@BCQ?PPMJJ?BMQ.MPCQSJR?D\AGJN?P?SLN?eQNM@PCQ?APGDGA?P
CLLMK@PCBC?JEMOSCN?PCACPe?SLR?LRM?@QRP?ARMAMKMCQJ?AMLQCPT?AGgL
BC J? BGTCPQGB?B @GMJgEGA?
J?Q NMQG@GJGB?BCQ BC M@RCLCP K?WMPCQ PCASPQMQ 3GL
CK@P?EM
CJSQMAMLTCLAGML?JBCCQMQPCASPQMQNMBPe?ECLCP?PK?WMPNM@PCX?
? KCBG?LM NJ?XM %QC AMLQRGRSWC OSGX\ CJ EP?L BGJCK? ?K?XgLGAM GLRCPTCLGP M
LMGLRCPTCLGPCVNJMR?PMAMLQCPT?PK?LRCLCP
NCPMN?P?OSGbLWAgKMF?ACPJM
$CQBCF?ACT?PG?QBbA?B?Q
CQCCQNGLMQM?QSLRMF?AMJMA?BM?J?!K?XMLG?
TGQR? AMKM SL EP?L CQN?AGM BC QCJT?Q TePECLCQ
CL CJ DMAM BC J? ?RCLAGgL
KSLBG?JQM@PCJ?AMLQCPT?AGgL?K@GCLR?J
0MP QG DSCP? NMAM
CL CJ KSLBM AMLRCKNMP\LCM SLM BC JMQ EP?LBCQ PCRMQ OSC
QC JCQ NJ?LRC?L ? JMQ N?eQCQ CQ CJ ?AACQM ? J? CLCPEe? %J NCRPgJCM QC F?
AMLTCPRGBMCLSL?CQNCAGCBCMPMLCEPMNMPQSQ?JRMQNPCAGMQWNMPOSCKSCTC
EP?L N?PRC BC J? RCALMJMEe? KMBCPL? 0?P? BCQEP?AG? BC J? !K?XMLG?
CL
KSAFMQ N?eQCQ ?K?XgLGAMQ QC F?L CLAMLRP?BM W?AGKGCLRMQ NCRPMJeDCPMQ CL
KCBGM BC J? QCJT? %L MRPMQ
AMKM CL 6CLCXSCJ?
QC F? GLRCLR?BM @SQA?P
DSCLRCQ BC CLCPEe? ?JRCPL?Q ?J NCRPgJCM FGBPMCJCARPGAGB?B
NMP CHCKNJM
SRGJGX?LBMN?P?CJJMJMQPeMQ?K?XgLGAMQ
,?CAMLMKe?TCLCXMJ?L?WJ?QNMJeRGA?QCLCPEbRGA?Q
!N?PRGPBCJ?BbA?B?BC
6CLCXSCJ?BCHgBCQCPSLN?eQ?EPMCVNMPR?BMPW
QCAMLTGPRGgCLCVNMPR?BMPBCNCRPgJCM%QRMNMQG@GJGRg
CLJ?QCESLB?KGR?BBCJ
QGEJM88
CJBCQ?PPMJJMBCSL?GLBSQRPG?NCRPMJCP?NPMNG?%LCDCARM
CJNCRPgJCM
DSC L?AGML?JGX?BM CJ r BC CLCPM BC
AS?LBM
KCBG?LRC SL? JCW
J?Q
AMLACQGMLCQ OSC F?@e?L QGBM MRMPE?B?Q NPCTG?KCLRC ? CKNPCQ?Q
RP?QL?AGML?JCQ N?Q?PML ? K?LMQ BCJ %QR?BM TCLCXMJ?LM 0?P? CLDPCLR?P CQRC
PCRM QC AMLQRGRSWg SL? CKNPCQ? CQR?R?J AML CJ LMK@PC BC 0CRPgJCMQ BC
6CLCXSCJ?
3! 0$63!
OSCJJCEg?QCPSL?BCJ?QK\QQgJGB?QBCJKSLBM
!SLOSCCJ%QR?BMTCLCXMJ?LMF?RP?R?BMBCBGTCPQGDGA?PJ?CAMLMKe?WBCAPC?P
MRP?QDSCLRCQBCNPMBSAAGgL
J?CAMLMKe?TCLCXMJ?L?QGESCEGP?LBMCLRMPLM?J
LCEMAGMNCRPMJCPM
,? A?QG RMR?JGB?B BC JMQ W?AGKGCLRMQ NCRPMJCPMQ BC 6CLCXSCJ?
QC CLASCLRP?
DSCP? BC J? 'S?W?L? TCLCXMJ?L?
CQ BCAGP
?J LMPRC BCJ N?eQ CL CJ
.MPMAAGBCLRC
CL CJ ,?EM BC -?P?A?G@M
CL JMQ JJ?LMQ
CL J? AMQR? MPGCLR?J W
R?K@GbL CL J? DP?LH? LMPRC BCJ /PGLMAM
3gJM CL JMQ jJRGKMQ ?fMQ QC F?
CVNJMP?BM J? JJ?K?B? 0J?R?DMPK? $CJR?L?
S@GA?B? CL JM OSC QC NSBGCP?
AMLQGBCP?PAMKMSLK?PECLBCJ?PCEGgL?K?XgLGA?
$C@GBM ? J? S@GA?AGgL BC QSQ W?AGKGCLRMQ NCRPMJCPMQ
6CLCXSCJ? F? NMBGBM
AMLACLRP?PJ?Q?ARGTGB?BCQBCCVNJMR?AGgLWBCPCDGL?AGgLBCJNCRPgJCMDSCP?BCJ
\PC? ?K?XgLGA? .M M@QR?LRC
BCQBC J? BbA?B? BC QC GKNJCKCLR?PML
T?PGMQ NPMEP?K?Q MPGCLR?BMQ ? ?NPMTCAF?P CJ NMRCLAG?J FGBPMCJbARPGAM BC JMQ
EP?LBCQPeMQOSCAMLQRGRSWCLJMQ?DJSCLRCQKCPGBGML?JCQBCJ/PGLMAM
S@GA?BMQ
CLJ?'S?W?L?%DCARGT?KCLRC
?N?PRGPBCCJ%QR?BMF?AMLQRPSGBMQM@PC
CJ ASPQM @?HM BCJ PeM #?PMLe AGLAM EP?LBCQ PCNPCQ?Q -?A?ES? )
-?A?ES? ))
#?PS?AFG
4MAMK? W 'SPG ,? FGBPMCJCARPGAGB?B ECLCP?B? QC SRGJGX? N?P? DGLCQ
GLBSQRPG?JCQ W BC ?JSK@P?BM Nj@JGAM
W R?K@GbL K\Q PCAGCLRCKCLRC QC F?
AMKCLX?BM?CVNMPR?P
#MLHSLR?KCLRC AML CJ BCQ?PPMJJM FGBPMCJbARPGAM BC 'S?W?L?
QC APCg SL?
GLBSQRPG? QGBCPjPEGA? N?P? J? CVNJMR?AGgL W RP?LQDMPK?AGgL BCJ FGCPPM W BC
?JESLMQ KGLCP?JCQ ?QMAG?BMQ 3GL CK@?PEM
CJ FCAFM BC OSC 6CLCXSCJ?
BCNCLB?BCJNCRPgJCMWOSCQSCVNJMR?AGgLQCF?E?A?QGCVAJSQGT?KCLRCDSCP?
BC J? PCEGgL ?K?XgLGA?
JC F? NCPKGRGBM ?J N?eQ CLD?RGX?P SL BGQASPQM
?K@GCLR?JGQR?OSCF??JRCPL?BMDPCLRC?JBGQASPQMBCQ?PPMJJGQR?
$CQBC J? BbA?B? BC
QC F?L APC?BM BGTCPQ?Q SLGB?BCQ BC AMLQCPT?AGgL
CL J? PCEGgL ?K?XgLGA? AMKM N?POSCQ L?AGML?JCQ
PCQCPT?Q DMPCQR?JCQ
KMLSKCLRMQ L?RSP?JCQ W
K\Q PCAGCLRCKCLRC
PCQCPT?Q BC @GgQDCP?
OSC
%QJMOSCQCAMLMACAMLCJLMK@PCBC&?H?0CRPMJeDCP?M&?H?"GRSKGLMQ?BCJ
/PGLMAM
OSCAMLRGCLCSLNCRPgJCMK\QNCQ?BMOSCCJOSCM@RCLGBMK\Q?JLMPRC
,?2CNPCQ?BC'SPGCQJ?K\QEP?LBCBCRMB?Q
N?P?J?AS?JQCF?APC?BMSL
GLKCLQMJ?EM?PRGDGAG?J
MASN?LSL?EP?LN?PRCBCJ?CVRCLQGgLBCJ?'S?W?L?.MM@QR?LRC
AS?LBMJMQ
NPCAGMQBCJNCRPgJCMRGCLBCL?J?@?H?
JMOSCMASPPCAeAJGA?KCLRC
CL6CLCXSCJ?
QCNPGTGJCEG?CJBGQASPQMBCQ?PPMJJGQR?
$SP?LRCJMQjJRGKMQ?fMQ
QCNSCBCLGBCLRGDGA?PBMQKMKCLRMQCLJMQOSCQC
CLD?RGX? CJ BGQASPQM BCQ?PPMJJGQR? DPCLRC ?J ?K@GCLR?JGQR? M AMLQCPT?AGMLGQR?
!PTCJM*GKbLCX W "GMPB#?QRGJJM
%J NPGKCPM BC CQMQ KMKCLRMQ DSC
BSP?LRC CJ OSGLOSCLGM %LRMLACQ CJ EM@GCPLM QMAG?JAPGQRG?LM BCJ $P
2?D?CJ #?JBCP? BCQ?PPMJJg CJ BCLMKGL?BM 0PMEP?K? BC #MLOSGQR? BCJ 3SP
N?PRGCLBM BC J? NPCKGQ? BC J? BCQAMLCVGgL W BCQ?PRGASJ?AGgL BC J? PCEGgL
?K?XgLGA?BCJPCQRMBCJN?eQ
3C APCg CLRMLACQ J? #MKGQGgL N?P? CJ $CQ?PPMJJM BCJ 3SP #/$%352
CQNCAG?JKCLRC CLDMA?B? F?AG? JMQ CLRMLACQ 4CPPGRMPGM &CBCP?J !K?XML?Q W
$GQRPGRM #CBCfM BCJ %QR?BM "MJeT?P
AML CJ NPMNgQGRM BC JMEP?P SL? K?WMP
AMFCQGgLCLRPCCJLMPRCWCJQSPBCJ/PGLMAM0?P?CJJM
QCNJ?LCgAMLQRPSGPSL?
GLDP?CQRPSARSP? KeLGK? N?P? E?P?LRGX?P OSC CJ CQR?BM TCLCXMJ?LM LM RSTGCP?
QgJMSL?QM@CP?Le?NPCA?PG?CLJ?PCEGgL?K?XgLGA? !PTCJM*GKbLCX
3C BGQCf?PML PCBCQ BC A?PPCRCP?Q NMP SL J?BM
CL CJ CVRPCKM CQRC BC J?
'S?W?L?
N?P? AMLCAR?P J?Q NM@J?AGMLCQ BC 4SKCPCKM W %J $MP?BM AML J?
DPMLRCP? AML "P?QGJ
NPCTGM ?ASCPBM AML CJ EM@GCPLM @P?QGJCfM OSC QC
AMKNPMKCRe??AMLQRPSGPJ?A?PPCRCP?CLRPC-?L?MQWJ?DPMLRCP?AML6CLCXSCJ?
N?Q?LBM NMP "M? 6GQR?
FMW A?NGR?J BCJ CQR?BM BC 2MP?GK? NMP MRPM J?BM
QC
AMLQRPSWg SL? A?PPCRCP?
AMLAJSGB? ? NPGLAGNGMQ BC J? BbA?B? BC
CLRPC
#?GA?P? BCJ /PGLMAM A?NGR?J BCJ -SLGAGNGM #CBCfM BCJ CQR?BM "MJeT?P
W J?
A?NGR?JBCJCQR?BMTCLCXMJ?LMBC!K?XML?Q
0SCPRM!W?ASAFM
B?BMOSCF?QR?
CQCKMKCLRMJ?AMLCVGgLCLRP?CQ?AGSB?BWCJPCQRMBCJN?eQQgJMCP?NMQG@JCM
NMPTe?DJSTG?JMNMPTe??bPC?4?K@GbLQCNPMWCAR?PMLMRP?QA?PPCRCP?QOSCLM
QCJJCE?PML?AMLAJSGPWOSCAMLCAR?Pe?L#?GA?P?BCJ/PGLMAMAML3?L*S?LBC
-?L?NG?PC CQR?BM !K?XML?Q
W CQRC NM@J?BM AML 0SCPRM !W?ASAFM W J? Te?
OSCBCQBCCQR?AGSB?BGPe?F?QR?3?L&CPL?LBMBC!R?@?NM
!CQRCbLD?QGQCLJ?NMJeRGA?BCQ?PPMJJGQR?
JCQGESGgSLMBGQRGLRMPCNPCQCLR?BMNMP
J?NMJeRGA?AMLQCPT?AGMLGQR?M?K@GCLR?JGQR?
OSCAMGLAGBGgNPCAGQ?KCLRCAMLSL
?JX?BCJMQNPCAGMQBCJNCRPgJCMRP?QJ?GLCQR?@GJGB?BBCJKCPA?BMNMPJ?APGQGQCL
JMQN?eQCQBCJ/PGCLRCKCBGM%QRMQSACBGgCLJ?QCESLB?KGR?B BCJ?BbA?B?
BC!NPGLAGNGMQBCJ?BC
AS?LBMJMQNPCAGMQBCJNCRPgJCMA?WCPMLW
CJNCQMBCJ?BCSB?CVRCPL?BC6CLCXSCJ?QCFGXMGLQMNMPR?@JCN?P?CJDGQAM
QC
%L
CJ4CPPGRMPGM&CBCP?J!K?XML?QDSCCJCT?BM?%QR?BM
,?BCLMKGL?AGgLBC$GQRPGRMQCA?K@GgNMPJ?BC-SLGAGNGM!SRgLMKMCLJ?NPGKCP?
KGR?BBCJ?BbA?B?BC
%LJ??ARS?JGB?B
CQR?A?PPCRCP?CQJ?jLGA?GLRCPAMLCVGgLTG?JOSCRGCLC-?L?MQ
A?NGR?JBCJCQR?BM@P?QGJCfMBC!K?XML?Q3CRP?R?BCSL?A?PPCRCP??QD?JR?B?OSCJ?
AMLCAR?AML#?P?A?QWCJLMPRCBC3SB?KbPGA?
TMJTGg?NPGTGJCEG?PSLBGQASPQMBCQ?PPMJJGQR?OSC@SQA?@?CVNJMR?PJMQPCASPQMQ
PCNPCQCLR?BMQ NMP J? GLKCLQ? BGTCPQGB?B @GMJgEGA? CVGQRCLRC CL J? PCEGgL
?K?XgLGA? !PTCJM*GKbLCX CR ?JGG
%QRC LSCTM bLD?QGQ CL CJ BGQASPQM
BCQ?PPMJJGQR? PCDMPXg SL? GBCMJMEe? QM@PC J? GLAMLTCLGCLAG? ECMNMJeRGA? BC LM
B?PJC SQM ? JMQ PCASPQMQ L?RSP?JCQ BC J? PCEGgL ?K?XgLGA? 3C GLRCLQGDGAg J?
?ARGTGB?B KGLCP? W J? BCDMPCQR?AGgL BC \PC?Q NPCQCPT?B?Q
AMKM J? 3GCPP? BC
)K?R?A?
5L PCNSLRC CL JMQ NPCAGMQ BCJ NCRPgJCM
MASPPGBM ? NPGLAGNGMQ BC J? BbA?B? BC
WJ?NPCQGgLBCEPSNMQ?K@GCLR?JGQR?QL?AGML?JCQCGLRCPL?AGML?JCQCLNPM
BC J? NPCQCPT?AGgL BC JMQ CQN?AGMQ ?K?XgLGAMQ DPCL?PML SL NMAM CJ BGQASPQM
BCQ?PPMJJGQR? NCPM
QGL CK@?PEM
AMLRGLSg SL? ?K@GEkCB?B DPCLRC ?J BCJGA?BM
RCK? BC J? AMLQCPT?AGgL BC JMQ CQN?AGMQ ?K?XgLGAMQ W J? PCESJ?AGgL BC J?Q
?ARGTGB?BCQ BC CVNJMR?AGgL BC PCASPQMQ L?RSP?JCQ %QRM QC RP?BSHM CL SL?
MKGQGgL ES@CPL?KCLR?J BSP?LRC J? QCESLB? KGR?B BC J? BbA?B? BC
QGEL?B?NMPSL?@?H?CLJMQNPCAGMQNCRPMJCPMQ
-\QPCAGCLRCKCLRC
6CLCXSCJ?F?RCLGBMSL?NMJeRGA??K@GT?JCLRCDPCLRC?JMQ
@GMAMK@SQRG@JCQWCJBGQASPQM?K@GCLR?JGQR?3GCLBMCJN?eQSLMBCJMQK?WMPCQ
NPMBSARMPCQ BC NCRPgJCM
W ? NCQ?P BC OSC JMQ FGBPMA?P@SPMQ ECLCP?L SL?
AMLR?KGL?AGgL KSW DSCPRC OSC ?KCL?X? J? A?N? BC MXMLM W RGCLC CDCARMQ
BGPCARMQQM@PCCJA?JCLR?KGCLRMEJM@?JWCJA?K@GMAJGK\RGAM
CJ?ARS?JEM@GCPLM
BC 6CLCXSCJ? QC F? MNSCQRM PMRSLB?KCLRC ?J RCK? BC JMQ @GMAMK@SQRG@JCQ
NPMNSCQRM NMP "P?QGJ
NMP AMLQGBCP?P OSC QC AMKNPMKCRCPe?L PCASPQMQ W
CQN?AGMQ OSC BC@CPe?L BCQRGL?PQC ? J? QCESPGB?B ?JGKCLR?PG? W LM ? J?
NPMBSAAGgL BC AMK@SQRG@JCQ %QRM LM QMJ?KCLRC BCH?Pe? QGL AMKGB?
W
NPM@?@JCKCLRC QGL CKNJCM B?BM J? ?JR? KCA?LGX?AGgL BC CQMQ ASJRGTMQ
?
KSAF?Q NCPQML?Q QGLM OSC
?BCK\Q
QGELGDGA?Pe? J? BCDMPCQR?AGgL BC EP?LBCQ
CQN?AGMQ BCQRGL?BMQ ? QGCK@P?Q CVRCLQGT?Q
AML QSQ AMLQCASCLRCQ CDCARMQ
?K@GCLR?JCQ
%QRMDSCCQRGKSJ?BMNMPJ?NPCQGgLBCPGT?B?BCJMQNPGKCPMQCQRSBGMQOSC?PPMH?PML
JMQCDCARMQBCT?QR?BMPCQBCJA?K@GMAJGK\RGAMWJ?PCQNMLQ?@GJGB?BOSCRCLe?L?OSCJJMQ
N?eQCQAMLEP?LBCQCVRCLQGMLCQBC@MQOSC!BCK\QAMGLAGBGgAMLJ?#SK@PC-SLBG?J
QM@PCJ?4GCPP?
CDCARS?B?CL2eMBC*?LCGPM "P?QGJ
CLHSLGMBCWJ?DGPK?BCJ?
#MLTCLAGgLQM@PCJ?$GTCPQGB?B"GMJgEGA?
AMQRMCAMLgKGAM%QRMF?ACOSCQCJCMRMPESCNMA?GKNMPR?LAG??J?@jQOSCB?
BCDMPK?Q?JRCPL?QBCCLCPEe?
BGQRGLR?Q?J?FGBPMCJCARPGAGB?B
#MKM N?PRC BC CQ? ?K@GT?JCLAG? R?K@GbL QC BC@C AMLQGBCP?P OSC
NPCAGQ?KCLRC
CJ AMLR?P AML JMQ PCASPQMQ NPMTCLGCLRCQ BC J? CVNJMR?AGgL
NCRPMJCP?JCF?NCPKGRGBM?6CLCXSCJ?J?NMQG@GJGB?BBCAMLQCPT?PJMQCQN?AGMQ
?K?XgLGAMQ3CRP?R?BCSLRCK?AMKNJCHMOSCLMCQD\AGJPCQMJTCPLGBCRMK?P
SL?NMQGAGgLDPCLRC?SLMSMRPMBCJMQNMJMQBCJ?BGQASQGgL
,?'S?W?L?6CLCXMJ?L?M2CEGgL!K?XgLGA?BC6CLCXSCJ?
,?BCJGKGR?AGgLBCJ?PCEGgL?K?XgLGA?BC6CLCXSCJ?NSCBCF?ACPQCQGESGCLBM
BGTCPQMQAPGRCPGMQ TCP-?N?
SL APGRCPGM FGBPMEP\DGAM CQRPGARM
QCEjL CJ AS?J J? PCEGgL ?K?XgLGA? CQR?Pe?
AMKNPCLBGB? NMP J? ASCLA? FGBPMEP\DGA? BCJ !K?XML?Q
OSC CL 6CLCXSCJ?
GLRCEP?L J?Q QS@ASCLA?Q BCJ #?QGOSG?PC W CJ 2eM .CEPM %QRM AMPPCQNMLBC ?J
CVRPCKMQSPMAAGBCLR?JBCJCQR?BM!K?XML?Q
SL APGRCPGM ECMQMAG?J PCQRPGLEGBM
QCEjL CJ AS?J J? PCEGgL ?K?XgLGA? CQR?Pe?
GLRCEP?B?NMPCJ?ARS?JCQR?BM!K?XML?QBC6CLCXSCJ?
SL APGRCPGM ECMQMAG?J ?KNJGM
QCEjL CJ AS?J J? PCEGgL ?K?XgLGA? CQR?Pe?
GLRCEP?B? NMP RMBM CJ RCPPGRMPGM ?J QSP BCJ PeM /PGLMAM CQ BCAGP
JMQ CQR?BMQ
!K?XML?Q
"MJeT?P W $CJR? !K?ASPM
JM AS?J AMGLAGBC AML J? 'S?W?L?
TCLCXMJ?L?
WCJ?ARS?JCQR?BM!K?XML?QBC6CLCXSCJ?
$C FCAFM
AS?LBM CL 6CLCXSCJ? QC BGQASRGg J? ?NJGA?AGgL BCJ 4P?R?BM BC
#MMNCP?AGgL !K?XgLGA? FS@M BMQ NMQGAGMLCQ CLDPCLR?B?Q CL J? A?LAGJJCPe? BC
J? 2CNj@JGA? 0MP SL J?BM
J? K\Q AMLQCPT?BMP? OSC AMGLAGBe? AML JM OSC
ECLbPGA?KCLRCQCNSBGCP?BCLMKGL?PSL??ARGRSB?LRGGLBGECLGQR?
QS@P?W?@?CJ
QSNSCQRMGKNCP?RGTMECMNMJeRGAMBCJGKGR?PJ??NJGA?AGgL?J?ASCLA??K?XgLGA?
CQRPGAR?KCLRC AMLQGBCP?B? 0MP MRPM J?BM
J? NMQGAGgL AMLRP?PG? KMQRP?@? J?Q
AMLTCLGCLAG?Q BC RGNM ?K@GCLR?J
CAMLgKGAM W QMAGMASJRSP?J
BC ?KNJG?P CJ
\K@GRM BC ?NJGA?AGgL ? RMB? J? 'S?W?L? 5L? NMQGAGgL GLRCPKCBG? CP?
AMLQGBCP?P QgJM CJ CQR?BM !K?XML?Q AMKM \K@GRM BC ?NJGA?AGgL BCJ 4P?R?BM
#MKM QC TC
CQR?Q NMQGAGMLCQ AMGLAGBCL AML JMQ APGRCPGMQ BC BCJGKGR?AGgL
QCf?J?BMQ ?LRCPGMPKCLRC .SLA? QC NSBM JJCE?P ? SL AMLQCLQM QM@PC QS
?NJGA?AGgL
JM AS?J AMLRPG@SWg ?J BCQGLRCPbQ BC J?Q ?SRMPGB?BCQ BGNJMK\RGA?Q
,?QDSCPRCQQCOSe?QOSCF?L?DCAR?BM?6CLCXSCJ?CLJ?NPGKCP?BbA?B?BCJQGEJM
88)
WCQNCAG?JKCLRCBSP?LRCJMQjJRGKMQ?fMQBCbQR?
JJCT?PML?JEM@GCPLM?BCAPCR?P
SL?CKCPECLAG?CJbARPGA?CLDC@PCPMBCW??BMNR?PQCTCP?QKCBGB?Q
CLA?KGL?B?Q?J?FMPPMCJbARPGAM%QR?QGRS?AGgL?@PCNPMDSLB?QGLRCPPME?LRCQQM@PCJ?
DSRSP?@jQOSCB?BCMRP?QDMPK?QBCCLCPEe?CLSLAMLRCVRMKSLBG?JBC?ACJCP?BM
A?K@GMAJGK\RGAMWAMLDPMLR?AGMLCQNMJeRGAMGBCMJgEGA?QQM@PCCQRC?QNCARM
[QRCCQCJAPGRCPGM?BMNR?BMCLCQRCRP?@?HM
TCLCXMJ?L?Q BC NPMKMTCP CJ 4P?R?BM
GLAJSQM AS?LBM J? 3CAPCR?Pe? 0PM
4bKNMPCCQRSTMCL#?P?A?Q
BC?
,?'S?W?L?CQSL?GLKCLQ?GQJ?AMLRGLCLR?JCLTGPRSBBCJ?GLRCPAMLCVGgLCLRPC
CJ /PGLMAM W CJ !K?XML?Q KCBG?LRC CJ A?fM #?QGOSG?PC W CJ 2eM .CEPM %QR\
JGKGR?B? NMP JMQ PeMQ /PGLMAM
#?QGOSG?PC
.CEPM
!K?XML?Q W CJ /Ab?LM
!RJ\LRGAM'P?LN?PRCBCCQRCGLKCLQMRCPPGRMPGMNCPRCLCAC?6CLCXSCJ?
?SLOSC
R?K@GbL JM AMKN?PRCL "P?QGJ
'SW?L?
3SPGL?K W &P?LAG? ? RP?TbQ BC J?
NPMTGLAG?BCSJRP?K?PBCJ?'S?W?L?&P?LACQ?
-?N?$CJGKGR?AGMLCQBCJ?!K?XMLe?6CLCXSCJ?L?
0?P?J?QA?P?ARCPeQRGA?QECLCP?JCQBCJ?PCEGgLTCP6CLCXSCJ?
C#$
$0+"$, ) 4$)& "
,?Q DMPK?AGMLCQ TCECR?JCQ K\Q CVRCLQ?Q QML J?Q QCJT?Q RPMNGA?JCQ JJSTGMQ?Q W
J?QQ?@?L?Q?K?XgLGA?Q,MQQSCJMQ
NMPQS?LRGEkCB?BW?JRMBPCL?HC
RGCLCL
SL? BCJE?B? A?N? TCECR?J ,? ?JR? FSKCB?B W J? CJCT?B? NJSTGMQGB?B F?L
D?TMPCAGBM CJ APCAGKGCLRM BC J? QCJT? W CJ L?AGKGCLRM BC EP?LBCQ PeMQ
ASWM
A?SB?J T?Pe? CQR?AGML?JKCLRC BC K?LCP? AMLQGBCP?@JC !JJe QC F? BCQ?PPMJJ?BM
SL? @GMBGTCPQGB?B KSW PGA? W
CL KSAFMQ A?QMQ
BC A?P\ARCP CLBbKGAM
3MAGMASJRSP?JKCLRC
CL J? 'S?W?L? F?@GR?L QMAGCB?BCQ MPGEGL?PG?Q M NSC@JMQ
GLBeECL?QOSC?JMJ?PEMBCKGJCLGMQF?LBCQ?PPMJJ?BMKMBMQBCTGB?NPMNGMQW
?JR?KCLRC ?B?NR?BMQ ? J?Q AMLBGAGMLCQ ?K@GCLR?JCQ BCJ CLRMPLM -GEJG?XX?
2GTGcPC
(GQRgPGA?KCLRC
J? 'S?W?L? F? QGBM SL? BC J?Q jJRGK?Q
DPMLRCP?Q R?LRM BC 3SB?KbPGA? AMKM BCJ 0J?LCR? 3S BCQGES?J AMJMLGX?AGgL CQ
CJ PCQSJR?BM BC SL? R?PBe? NCLCRP?AGgL W AMLQMJGB?AGgL BC J?Q QMAGCB?BCQ
AMJMLG?JCQWLCMAMJMLG?JCQMPCNS@JGA?L?QCLQSQCQN?AGMQ
,?'S?W?L?TCLCXMJ?L?RGCLCSL?CVRCLQGgLBCIK
OSCPCNPCQCLR?L
CJ
BCJ RMR?J BC J? CVRCLQGgL BC 6CLCXSCJ? 4?J AMKM QC KSCQRP? CL J?
R?@J? .r
N?P? JMQ DGLCQ BC CQRC RP?@?HM
J? 'S?W?L? TCLCXMJ?L? CQ
QSQACNRG@JC BC BGTGBGPQC CL RPCQ \PC?Q MAAGBCLR?J M !K?XMLG?
ACLRP?J M
GLRCPKCBG?
MPGCLR?J %QR? jJRGK?
? QS TCX
QC NSCBC QS@BGTGBGP CL BMQ
QS@\PC?QAMLRGLCLR?J BCLRPMBCJ?GQJ?'S?W?LCQ?
WBCJR?GA? CJBCJR?BCJPeM
/PGLMAMWQSQ?BW?ACLAG?Q
4?@J? $GTGQGgL BC J? 'S?W?L? 6CLCXMJ?L? M 2CEGgL !K?XgLGA? BC
6CLCXSCJ?
!SLOSC J? CVRCLQGgL BC J? PCEGgL ?K?XgLGA? AMPPCQNMLBC ?J
BCJ
RCPPGRMPGM TCLCXMJ?LM
?NCL?Q CJ
BC J? NM@J?AGgL BCJ N?eQ F?@GR? CL CQ?
PCEGgL%LAMLRP?QRC
CJ
PCQR?LRCTGTCCLCJ
BCJ RCPPGRMPGM3GQC
BGTGBCCJNMPACLR?HCBCNM@J?AGgLCLRPCCJNMPACLR?HCBCCVRCLQGgLQCM@RGCLCSL
eLBGAC BC MASN?AGgL OSC NMBPe? QSQRCLR?P J? GBC? BCJ T?AeM ?K?XgLGAM 4?@J?
.r
4?@J? LBGAC BC MASN?AGgL BC J?Q PCEGMLCQ ?K?XgLGA? W LM?K?XgLGA? BC
6CLCXSCJ?
&SCLRC)LQRGRSRM.?AGML?JBC%QR?BeQRGA?Q ).%
,MQPCQSJR?BMQBCJ?4?@J?.rKSCQRP?LeLBGACQBCMASN?AGgLGLTCPQ?KCLRC
NPMNMPAGML?JCQ J? PCEGgL ?K?XgLGA?
CQR\ R?L ?JCH?B? BCJ OSC CQ CJ
T?JMPLMPK?JBCJeLBGACAMKMJMCQR\CJPCQRMBCJN?eQ
%QRMQCRP?BSACCL
SL?QS@MASN?AGgLCLCJA?QMBCJ?PCEGgL?K?XgLGA?WSL?FGNCPMASN?AGgLCL
CJA?QMBCJPCQRMBCJN?eQ%QR?QAGDP?QQCNSCBCLAMKNJCKCLR?PAMLJMQB?RMQ
PCJ?RGTMQ?J?BCLQGB?BBCNM@J?AGgL0MPCHCKNJM
J?PCEGgL?K?XgLGA?KSCQRP?
SL
BC BCLQGB?B
KGCLRP?Q OSC J? BCLQGB?B N?P? CJ PCQRM BCJ N?eQ CQ BC
QGCLBM J? BCLQGB?B RMR?J BCJ N?eQ BC
3G @GCL CQRMQ B?RMQ NMBPe?L
%JeLBGACBCMASN?AGgLQCA?JASJgBGTGBGCLBMCJNMPACLR?HCBCJ?NM@J?AGgLCLRPCCJ
NMPACLR?HCBCJ?CVRCLQGgL
QSQRCLR?P J? RCQGQ BCJ T?AeM ?K?XgLGAM
BC@CL NMLBCP?PQC ? J? JSX BC J?Q
JGKGR?AGMLCQ ?K@GCLR?JCQ W J? A?N?AGB?B BC A?PE? BC JMQ CAMQGQRCK?Q
?K?XgLGAMQWES?W?LCQCQ%LJ?QR?@J?Q.MQWQCNPCQCLR?LCQMQKGQKMQ
B?RMQBCQEJMQ?BMQNMP\PC?Q
A?NSAFGLMQ %L A?K@GM
CL CJ \PC? MAAGBCLR?J CQR?BM !K?XML?Q
OSC
AMPPCQNMLBC AML J? !K?XMLG?
J? BCLQGB?B NM@J?AGML?J CQ KSW @?H? W QgJM
CLAMLRP?KMQ SL? AGSB?B BC NCOSCfM R?K?fM AMKM CQ 0SCPRM !W?ASAFM
J?
A?NGR?J BCJ CQR?BM !K?XML?Q %QR? AGSB?B F? GBM APCAGCLBM A?B? TCX K\Q
CLRPCMRP?QP?XMLCQ
BC@GBM?SLKMTGKGCLRMKGEP?RMPGMKSWDSCPRCNPMTCLGCLRC
BCJGLRCPGMPBCJCQR?BM!K?XML?Q
,?QS@\PC?BCJR?GA?BCJ\PC?MPGCLR?JAMPPCQNMLBC?JCQR?BM$CJR?!K?ASPM,?
K?WMPN?PRCBCJ?QSNCPDGAGCBCbQRCAMPPCQNMLBC?FSKCB?JCQMPGEGL?BMQNMP
CJBCJR?BCJ/PGLMAM?JBCQCK@MA?P
KCBG?LRCSL?KSJRGNJGAGB?BBCA?fMQ
CLCJ
/Ab?LM !RJ\LRGAM %Q? QS@\PC? RCLBPe? SL? CVRCLQGgL BC IK OSC
COSGT?JCL ?J
BCJ RCPPGRMPGM TCLCXMJ?LM !J LMPCQRC BCJ CQR?BM $CJR?
!K?ASPM CQR\ S@GA?B? J? 0J?R?DMPK? $CJR?L? 3C RP?R? BC SL W?AGKGCLRM
NCRPMJeDCPM CL CJ K?P !JJe QC F? FCAFM
? N?PRGP BC J? BbA?B? BC
CVNJMP?AGMLCQ N?P? J? CVNJMR?AGgL NCRPMJCP? .M M@QR?LRC
QC RP?R? BC SL?
CVNJMR?AGgLOSCQCF?P\CLK?P?@GCPRMWCQR\NP\ARGA?KCLRCCLJMQJeKGRCQBC
JMOSCCLCQRCRP?@?HMFCKMQAMLQGBCP?BMAMKMPCEGgL?K?XgLGA?
!BCK\QF?WSL\PC?GLRCPKCBG?MBCRP?LQGAGgLOSCCQCJKSLGAGNGM#CBCfMBCJ
CQR?BM "MJeT?P 3C RP?R? BC SL? XML? CL J? OSC QC F? B?BM
NMP SL J?BM
J?
NCLCRP?AGgL BC DPCLRCQ E?L?BCPMQ
CVRP?ARGTGQR?Q W KGLCPMQ ,? E?L?BCPe?
AMKCLXg?BGDSLBGPQCCQNCAG?JKCLRCCLCJQGEJM8)8
KGCLRP?QOSCJ?CVRP?AAGgL
BCQ?PP?NG? $GNRCPWVNSLAR?R?
QCPC?JGXgBSP?LRCJ?NPGKCP?KGR?BBCJQGEJM88
,SCEMFS@MNCOSCf?QKGL?QBCMPMWBG?K?LRCW
?N?PRGPBCJ?QCESLB?KGR?B
BC J? BbA?B? BC
QC F? BCQ?PPMJJ?BM SL? KGL? BC AGCJM ?@GCPRM N?P? J?
CVNJMR?AGgL BC @?SVGR? W
CL RMPLM ? CJJ?
QC F? APC?BM SL A?KN?KCLRM KSW
EP?LBC
AMLMAGBMAMLCJLMK@PCBC,MQ0GHGES?MQ%QRCA?KN?KCLRMF??RP?eBM
GLKGEP?LRCQR?LRMBCJ\PC?MPGCLR?JAMKMBCJ?MAAGBCLR?J
?QeAMKMBCDSCP?BC
J?PCEGgL?K?XgLGA? CQBCAGP
BCJLMPRCBCJ/PGLMAM
,MQDPCLRCQBCAMJMLGX?AGgLF?L?T?LX?BMBCSL?K?LCP?BGQRGLR?CLJ?Q\PC?Q
AMLQGBCP?B?Q CL CQRC RP?@?HM %L CJ \PC? MPGCLR?J CJ ?T?LAC BC JMQ DPCLRCQ BC
AMJMLGX?AGgL F? QGBM K\Q ?KNJGM W ?ACJCP?BM $CQBC J? bNMA? AMJMLG?J
F?
MASPPGBMCLSL?K?WMPK?ELGRSBOSCCLCJ\PC?MAAGBCLR?JM!K?XMLG?%QRMF?
APC?BMSL?BGDCPCLAG?QGELGDGA?RGT?CLRPC?K@?Q\PC?Q
%J \PC? MPGCLR?J CQ J? K\Q NM@J?B? BC J? PCEGgL ?K?XgLGA? TCLCXMJ?L? W
CL
CDCARM
QS NM@J?AGgL PCNPCQCLR? CJ
BC J? NM@J?AGgL PCEGML?J KGCLRP?Q
OSC CJ \PC? MAAGBCLR?J ?J@CPE? ?NCL?Q CJ
BC CQ? NM@J?AGgL %QR?
BCQGES?JB?B
AMKMQCKSCQRP?CLJMQeLBGACQBCJ?Q4?@J?Q.MQW
CVNPCQ?
J?K?ELGRSBBCJ?T?LACBCJ?QDPMLRCP?QWBCJMQDPCLRCQAMJMLGX?BMPCQQM@PCCJ
\PC?MPGCLR?J
J?AS?JPCNPCQCLR?CJ
BCJ?CVRCLQGgLRMR?J%LA?K@GM
CJ
\PC?MAAGBCLR?JM!K?XMLG?PCNPCQCLR?CJ
BCBGAFMRMR?J%QMQeLBGACQ
NMLCLBCK?LGDGCQRMSLK?PA?BMAMLRP?QRCWSL??ACJCP?AGgLCLJMQNPMACQMQ
BCSP@?LGX?AGgLCLCJ\PC?MPGCLR?JDPCLRC?JMOSCMASPPCCLJ?!K?XMLG?%QRM
CQR\ PCJ?AGML?BM AML CJ FCAFM BC OSC CQ CL CJ \PC? MAAGBCLR?J BMLBC QC
AMLACLRP?LMQgJMCJK?WMPLjKCPMBCSLGB?BCQBCAMLQCPT?AGgLQGLMR?K@GbL
J? K?WMP CVRCLQGgL BC CAMQGQRCK?Q AMLQCPT?BMQ
JM OSC MRMPE? KCHMPCQ
NMQG@GJGB?BCQ BC QSNCPTGTCLAG? ? J? @GMBGTCPQGB?B ?JJe ?JMH?B? CL AMLRP?QRC AML
J?BCJ\PC?MPGCLR?J
3GRS?AGgL?ARS?JWNPM@JCK?QK\QPCJCT?LRCQ
PC?MPGCLR?J
%J\PC?MPGCLR?JCQQSQACNRG@JCBCBGTGBGPQCCLBMQQS@\PC?QJ?AMLRGLCLR?JWJ?
BCJR?GA? %L J? AMLRGLCLR?J
AMKM W? QC F? QCf?J?BM
CQR\L S@GA?B?Q J?Q
GLBSQRPG?Q @\QGA?Q
MPGCLR?B?Q ? J? NPMBSAAGgL BC FGCPPM W QSQ BCPGT?BMQ
?JSKGLGM C FGBPMCJCARPGAGB?B
?BCK\Q BC JMQ ACLRPMQ SP@?LMQ BC J? PCEGgL
?K?XgLGA?BC6CLCXSCJ? #GSB?B'S?W?L?W#GSB?B"MJeT?P
WMRP?QAGSB?BCQ
K\Q NCOSCf?Q AMKM 5N?R?
'S?QGN?RG
%J #?JJ?M W 4SKCPCKM
%QR?Q jJRGK?Q
RGCLCL @\QGA?KCLRC SL? ?ARGTGB?B ?EPMNCAS?PG? W KGLCP? CQNCAG?JKCLRC %J
#?JJ?M W 4SKCPCKM
?Qe AMKM R?K@GbL DMPCQR?J 4SKCPCKM
5N?R?
NMP QS
N?PRC
QC CLASCLRP? ACPA? BC J?Q KGL?Q BC AGCJM ?@GCPRM BC FGCPPM #CPPM
"MJeT?P
%L
CJEM@GCPLMTCLCXMJ?LMAPCgJ?#MPNMP?AGgL6CLCXMJ?L?BC'S?W?L?
#6'
?ECLAG?CQR?R?JCLA?PE?B?BCJBCQ?PPMJJMCAMLgKGAMBCJ?PCEGgL[QR?
F?AMLACLRP?BMQSQ?ARGTGB?BCQ
NPGLAGN?JKCLRC
CLCJ\PC?MPGCLR?JW
CLKCLMP
KCBGB?
CL J? GLRCPKCBG? %QR? ?ECLAG? F? BGQNSCQRM BC EP?LBCQ PCASPQMQ
CAMLgKGAMQW
CLRPCW
QSNPCQGBCLRCEMXgBCJP?LEMBC-GLGQRPMBC
%QR?BM
JMOSCCTGBCLAG?CJNMBCPOSCCLRMLACQJJCEg?RCLCPJ?#6'
%L J?Q jJRGK?Q BbA?B?Q QC F? ?ACLRS?BM J? NCOSCf? KGLCPe? BC MPM W
BG?K?LRCQ CL BGTCPQ?Q XML?Q BCJ \PC? MPGCLR?J BC J? 'S?W?L? %LRPC MRPMQ
CDCARMQ
CQR? KGLCPe? F? RP?eBM LM QMJ?KCLRC BCDMPCQR?AGMLCQ QGLM OSC
?BCK\Q
F? ECLCP?BM J? AMLR?KGL?AGgL NMP KCPASPGM BC ?JESL?Q DSCLRCQ BC
?ES? CLRPCCJJ?Q
J?BCJPeM#?PMLeWJ?PCNPCQ?BCJ'SPG
%QRCJ?EM?PRGDGAG?J
CL
TGPRSBBCQSCVRCLQGgL
NMBPe?F?@CPD?TMPCAGBMJ?NGQAGASJRSP?WJ?Q?ARGTGB?BCQ
RSPeQRGA?QWPCAPC?RGT?Q
!BGAGML?JKCLRC
CL CJ \PC? MPGCLR?J BC J? 'S?W?L? TCLCXMJ?L? F?L MASPPGBM
EP?LBCQ BCDMPCQR?AGMLCQ NMP J? NPCQCLAG? BC AMJMLMQ CL J? 3GCPP? BC )K?R?A?
#MSQGLQ
[QR?DSCBCAJ?P?B?PCQCPT?DMPCQR?JCLJ?BbA?B?BCQGL
CK@?PEM
BSP?LRC J?Q BbA?B?Q QGESGCLRCQ DSC NPMEPCQGT?KCLRC GLT?BGB? NMP
AMJMLMQ OSC CKNCX?PML ? R?J?P J? QCJT? AML DGLCQ ?EPeAMJ?Q W BC CVNJMR?AGgL
K?BCPCP?
?QeAMKMR?K@GbLN?P?D?AGJGR?PJ?NCLCRP?AGgLF?AG?J?QKGL?QBCMPM
WBG?K?LRC%QRMF?ECLCP?BMSL?EP?LRP?LQDMPK?AGgLCLJ?Q\PC?Q@MQAMQ?Q
J?Q AS?JCQ GLRCLR?PML NPMRCECP KCBG?LRC J? BCAJ?P?RMPG? BC SL? SLGB?B BC
AMLQCPT?AGgL 2CQCPT?&MPCQR?JBC)K?R?A?
,?NPMBSAAGgLBCFGBPMCJCARPGAGB?BCQJ?NPGLAGN?J?ARGTGB?BCAMLgKGA?BCJ\PC?
MPGCLR?J BC J? 'S?W?L? TCLCXMJ?L?
N?P? JM AS?J QC F?L AMLQRPSGBM AGLAM
EP?LBCQ PCNPCQ?Q CL CJ ASPQM @?HM BCJ #?PMLe %Q? CJCARPGAGB?B RGCLC BMQ
BCQRGLMQ NPGLAGN?JCQ CJ SQM JMA?J NMP N?PRC BC J? 3GBCPjPEGA? BCJ /PGLMAM
S@GA?B?CL#GSB?B'S?W?L?
ACPA?BCJAMLDJSTGMBCJ/PGLMAMAMLCJ#?PMLe
W
QSCKNJCMDSCP?BCJ?'S?W?L?%QR?QPCNPCQ?QNPMBSACLJ?K?WMPN?PRCBCJ?
CJCARPGAGB?BOSCQCAMLQSKCCLCJN?eQ-\QPCAGCLRCKCLRC
QCF?AMKCLX?BM
?CVNMPR?P
NPGLAGN?JKCLRCF?AG?CJLMPRCBC"P?QGJ
$C FCAFM
BSP?LRC J? QCESLB? KGR?B BC J? BbA?B? BC QC AMLQRPSWg SL
RCLBGBMCJbARPGAMOSCN?QgNMPCJ0?POSC.?AGML?JBC#?L?GK? ?JQSPCQRCBCJ
\PC? MPGCLR?J BC J? 'S?W?L?
N?P? JJCT?P CJCARPGAGB?B ?J LMPRC BC "P?QGJ
K\Q
CQNCAeDGA?KCLRC ? JMQ CQR?BMQ BC 2MP?GK? W !K?XML?Q ,? AMLQRPSAAGgL BCJ
RCLBGBM DSC ?KNJG?KCLRC APGRGA?B? NMP EPSNMQ CAMJMEGQR?Q W NMP AMKSLGB?BCQ
GLBeECL?Q
?Qe AMKM R?K@GbL NMP EPSNMQ OSC CL ?OSCJ KMKCLRM F?Ae?L
MNMQGAGgL ?J EM@GCPLM W OSC CQR?@?L ?QMAG?BMQ ? OSGCL JSCEM QCPe? CJCARM
0PCQGBCLRCBCJ?2CNj@JGA? CJ?ARS?JNPCQGBCLRCBC6CLCXSCJ?
3CGLTMA?@?L
NPGLAGN?JKCLRC
BMQ P?XMLCQ J? ECLCP?AGgL BC A?KNMQ K?ELbRGAMQ B?fGLMQ
N?P?J?Q?JSBBCJ?QAMKSLGB?BCQACPA?L?Q?JMQA?@JCQWJ?AMLR?KGL?AGgLM
BCRCPGMPM TGQS?J BC CQN?AGMQ AMLQGBCP?BMQ AMKM T?JMP N?RPGKMLG?J BC J?
FSK?LGB?B NMP QSQ @CJJCX?Q CQAbLGA?Q W J?Q DMPK?Q BC TGB? CLBbKGA?Q OSC
?J@CPE?@?L4STMJSE?PCLRMLACQSL?A?KN?f?KSW?KNJG?CLOSCJ?KGJGR?LRCQ
CAMJMEGQR?Q W ?JESLMQ KGCK@PMQ BC J?Q AMKSLGB?BCQ GLBeECL?Q RSK@?@?L J?Q
RMPPCQ
J?Q AS?JCQ CP?L LSCT?KCLRC JCT?LR?B?Q NMP J? CKNPCQ? CLA?PE?B? BC
BGAFM RCLBGBM %JCARPGDGA?AGgL BCJ #?PMLe
#! %$%,#!
@?HM J? QCTCP?
TGEGJ?LAG?BCJ?'S?PBG?.?AGML?J
#MLCJA?K@GMBCEM@GCPLMMASPPGBMCLCLCPMBC
QCECLCPgSL?K?RPGXBC
MNGLGgLOSCAMLDG?@?OSCQCG@??NPMBSAGPR?K@GbLSLA?K@GMCLJMQNJ?LCQBC
AMLQRPSAAGgL BCJ RCLBGBM CJbARPGAM %QRM QC TGM PCDMPX?BM NMP CJ LMK@P?KGCLRM
BCSL?BGPGECLRCGLBeECL?BCJNSC@JMU?WSSAMKM-GLGQRP?BCJ!K@GCLRCWJMQ
2CASPQMQ .?RSP?JCQ .M M@QR?LRC
?SLOSC ?J NPGLAGNGM FS@M SL? K?WMP ?ARGRSB
BCBG\JMEMWQCGLBCKLGXg??JESL?QAMKSLGB?BCQ
JMQNJ?LCQCQR?R?JCQLMQC
BCRSTGCPMLW
CLBCDGLGRGT?
QCAMLQRPSWgCJRCLBGBM5L?APeRGA??BGAGML?JCQOSC
KSAF?QBCJ?QAMKSLGB?BCQ?DCAR?B?QNMPJ?AMLQRPSAAGgLBCJ?QRMPPCQBC?JR?
RCLQGgLLMRGCLCLCJCARPGAGB?BN?P?QSSQMAMRGBG?LM
,? QS@\PC? BCJR?GA? AMPPCQNMLBC ?J CQR?BM $CJR? !K?ASPM SL? XML?
@\QGA?KCLRC BC FSKCB?JCQ
!JJe QC F? B?BM SL NPMACQM BC CVNJMP?AGgL W BC
GLGAGMBCJ?CVNJMR?AGgLNCRPMJCP?
CLJMOSCQCAMLMACAMKM0J?R?DMPK?$CJR?L?
OSCQMLW?AGKGCLRMQNCRPMJCPMQK?PeRGKMQ%QRMECLCPgCL?JESL?QNM@J?AGMLCQ
BCJCQR?BM$CJR?!K?ASPM CLCQNCAG?J
0CBCPL?JCQ
J?KGEP?AGgLBCK?LMBC
M@P? OSC GLRCLR?@? QCP AMLRP?R?B? NMP J?Q NCRPMJCP?Q CL J?Q J?@MPCQ BC
0SC@JMGLBeECL?BCJCLES??P?FS?A? OSCASCLR?AMLK?WMPNM@J?AGgLCLCJN?eQ
S@GA?BM?JLMPMCQRCBC6CLCXSCJ?
DSCP?BCJ?PCEGgL?K?XgLGA?
CVNJMP?AGgL W
CTCLRS?JKCLRC
CL J?Q NPGKCP?Q ?ARGTGB?BCQ BC CVNJMR?AGgL .M
M@QR?LRC
bQR? CQ SL? XML? OSC K?WMPKCLRC CQR\ S@GA?B? DSCP? BC J? PCEGgL
?K?XgLGA?BC6CLCXSCJ?
%L J? BbA?B? BC QC ACPPg SLM BC JMQ @P?XMQ BCJ /PGLMAM CJ A?fM
-\L?KM
AML J? DGL?JGB?B BCQTG?P J?Q ?ES?Q ? MRPM BC JMQ @P?XMQ CJ A?fM
'P?LBC
WBCB?PJCSLK?WMPA?SAC?bQRCN?P?NCPKGRGP?QeJ?L?TCE?AGgLBC
@SOSCQBCEP?LA?J?BM
AMLBCQRGLM?J?3GBCPjPEGA?BCJ/PGLMAM!JLMDJSGPCJ
?ES?BSJACF?AG?CJK?PCLQSDGAGCLRCTMJSKCLWPCESJ?PGB?B
CQRCAGCPPCECLCPg
OSC CJ ?ES? Q?J?B? DSCP? GKNSJQ?B? RGCPP? ?BCLRPM NMP J?Q K?PC?Q BCJ MAb?LM
!RJ\LRGAM
PC?GLRCPKCBG?
%J \PC? GLRCPKCBG? M ACLRP?J
OSC AMPPCQNMLBC CL QS RMR?JGB?B ?J KSLGAGNGM
#CBCfMBCJCQR?BM"MJeT?P
AMLQRGRSWCSL?CQNCAGCBCRP?LQGAGgLCLRPCJ?Q\PC?Q
MAAGBCLR?J !K?XMLG?
W MPGCLR?J BC J? 'S?W?L? TCLCXMJ?L? QS@\PC?
AMLRGLCLR?J
%L CQR? \PC? F?W BMQ CAMQGQRCK?Q NPCBMKGL?LRCQ ?J LMPRC J?Q
Q?@?L?Q BC RGNM ?K?XgLGAM W ?J QSP CJ @MQOSC ?K?XgLGAM $SP?LRC J?
RCKNMP?B? QCA?
AS?LBM CJ A?SAC BCJ /PGLMAM @?H?
CKCPECL GQJ?Q M |NJ?W?Q}
OSCQMLSRGJGX?B?QN?P?ASJRGTMQBCAGAJMAMPRM%LJ?QQ?@?L?Q
CLA?K@GM
QC
NP?ARGA?SL?E?L?BCPe?CVRCLQGT?
'P?LN?PRCBCCQR?\PC?QCCLAMLRP?@?BCQAMLCAR?B?BCJPCQRMN?eQKCBG?LRC
A?PPCRCP?Q
J?QAS?JCQDSCPMLAMLQRPSGB?Q?NPGLAGNGMQBCJ?BbA?B?BC%L
J? ?ARS?JGB?B TGTCL ?JJe R?LRM NSC@JMQ GLBeECL?Q AMKM A?KNCQGLMQ W
NM@J?AGMLCQ SP@?L?Q %QR? \PC? QC AMLTGPRGg CL SL DMAM BC ?RP?AAGgL N?P?
KGLCPMQBCBG?K?LRCQW
CLKCLMPKCBGB?
BCMPMOSCQCCQR?@JCAGCPMLCLJ?
XML?BCJPeM'S?LG?KMCLJ?BbA?B?BC0MQRCPGMPKCLRC
CLJ?BCQC
AMKCLXg ? CVNJMR?P SL W?AGKGCLRM BC @?SVGR?
KCBG?LRC SL? KGL? BC AGCJM
?@GCPRM
AML BCQRGLM ? J? 3GBCPjPEGA? BCJ /PGLMAM
CL #GSB?B 'S?W?L? 3C
BCQ?PPMJJgSLA?KN?KCLRMKGLCPMKSWEP?LBCAMLMAGBMAMLCJLMK@PCBC,MQ
0GHGES?MQ
CL J? A?PPCRCP? OSC AMLCAR? #?GA?P? BCJ /PGLMAM A?NGR?J BCJ
KSLGAGNGM#CBCfM
AML0SCPRM!W?ASAFM4?JA?KN?KCLRMQCF?AMLTCPRGBMCL
SLDMAMBC?RP?AAGgLBCK?LMBCM@P?BCBGTCPQ?QPCEGMLCQBCJN?eQ
!J NPGLAGNGM
BSP?LRC J? D?QC BC ?NCPRSP? BC J? KGL?
QC PCOSGPGg BC SL? K?WMP
A?LRGB?B BC K?LM BC M@P? %QR? BCK?LB? @?Hg NMQRCPGMPKCLRC AS?LBM QC
RCPKGLgQS?NCPRSP?WQCAMKNJCRgJ?KCA?LGX?AGgLBCQSDSLAGML?KGCLRM3GL
CK@?PEM
KSAFMQ KGEP?LRCQ F?AG? J? XML? QC F?L CQR?@JCAGBM BC DMPK?
NCPK?LCLRC CL JMQ ?JPCBCBMPCQ BCJ A?KN?KCLRM KGLCPM $C FCAFM
CL QSQ
?JPCBCBMPCQF?QSPEGBMSL?CQNCAGCBCAGLRSPgLK?PEGL?J!BGAGML?JKCLRC
EP?L
N?PRC BC CQR? NM@J?AGgL DJMR?LRC QC F? CQR?@JCAGBM R?LRM CL 0SCPRM !W?ASAFM
AMKMCL#?GA?P?BCJ/PGLMAM$CCQR?DMPK?F??SKCLR?BMJ?NPCQGgLJ?@MP?J
CL CQR?Q BMQ AGSB?BCQ 5L? NCPACNAGgL ECLCP?JGX?B? CQ OSC
RP?Q J? ?NCPRSP?
BCJ?KGL?BC,MQ0GHGES?MQWJ??RP?AAGgLBCKGEP?LRCQ
?SKCLRgJ?NM@PCX?W
J?BCJGLASCLAG?CLBGAF?QAGSB?BCQ
%QRMQ DCLgKCLMQ BC AMJMLGX?AGgL PCAGCLRC F?L ECLCP?BM AMLDJGARMQ CLRPC JMQ
BGTCPQMQEPSNMQNMPCJ?AACQM?J?RGCPP?WNMPJMQKMBMQBC?NPMTCAF?KGCLRM
BCJMQPCASPQMQ 0CPMXM$e?X!PTCJM*GKbLCXCR?JGG
,??NCPRSP?BC
J? A?PPCRCP? CLRPC #?GA?P? BCJ /PGLMAM W 0SCPRM !W?ASAFM ?RP?HM R?K@GbL ?
GLBeECL?QBCJ?NMPAGgLLMPCQRCBCJCQR?BM!K?XML?Q
?QeAMKMBCJ2eM.CEPM
OSCCQSL?BCJ?QXML?QK\QBCNPGKGB?QBCCQCCQR?BM%QR?QLSCT?Q?JBC?Q
QCS@GA?LNPGLAGN?JKCLRCCLRMPLM?J?A?PPCRCP?OSCT?F?AG?0SCPRM!W?ASAFM
W AMKNGRCL AML NSC@JMQ GLBeECL?Q BC ?PP?GEM ?LRGESM W MRPMQ EPSNMQ QMAG?JCQ
CQR?@JCAGBMQPCAGCLRCKCLRC
%L J? ?ARS?JGB?B QC CQR\ AMLQRPSWCLBM CJ RCPACP NSCLRC QM@PC CJ /PGLMAM
OSC
SLGP\#?GA?P?BCJ/PGLMAMAML#?@PSR?
CLCJCQR?BM'S\PGAM$CCQR?K?LCP?
OSCB?P\ CLJ?X?BM CJ KSLGAGNGM #CBCfM AML CJ LMPRC BCJ /PGLMAM !J NPCQCLRC
EP?L N?PRC BCJ RP\LQGRM F?AG? 0SCPRM !W?ASAFM QC F?AC NMP J? A?PPCRCP? OSC
AMLCAR? 3?L &CPL?LBM BC !NSPC A?NGR?J BCJ CQR?BM !NSPC
AML 0SCPRM 0\CX
CLJ?NMPAGgLQSPCQRCBCCQCKGQKMCQR?BM
WBC?JJeQCCLRPMLA?AML%J"SPPM
CQR?BM"MJeT?P
?SLMQIKBC0SCPRM!W?ASAFM,?NPCDCPCLAG?NMPCQR?Te?
QC BC@C ? J? EP?L A?LRGB?B BC RGCKNM OSC QSNMLC J? CQNCP? W CJ RP?WCARM CL
DCPPW AF?J?L?
BCQBC#?@PSR?F?QR?#?GA?P?BCJ/PGLMAM%QNPM@?@JCOSCAML
CJLSCTMNSCLRCCJRP\LQGRMNMP#?GA?P?BCJ/PGLMAMQC?APCAGCLRCWQCBGL?KGAC
?QeJ??ARGTGB?BCAMLgKGA?CLCJ\PC?GLRCPKCBG?
PC?/AAGBCLR?J
%J \PC? MAAGBCLR?J AMPPCQNMLBC ?J CQR?BM !K?XML?Q W CQ J? QCESLB? K\Q
CVRCLQ? ?NPMVGK?B?KCLRC CJ
BCJ RMR?J BC J? PCEGgL ?K?XgLGA? BC
6CLCXSCJ?
%LCQR?\PC?F?WSLAJ?PMAMLRP?QRCCLRPC0SCPRM!W?ASAFM
A?NGR?J
BCJCQR?BM!K?XML?Q
WJ?QAMKSLGB?BCQBCJGLRCPGMPBCJCQR?BM
CLQSK?WMPe?
GLBeECL?Q !PTCJM*GKbLCXCR?JGG
%LCJGLRCPGMPBCJCQR?BMQCF?LAPC?BMBGTCPQ?QSLGB?BCQBCAMLQCPT?AGgLOSC
LM M@QR?LRC
A?QG CL QS RMR?JGB?B A?PCACL BC ?BCAS?BMQ NJ?LCQ BC K?LCHM
%QR?Q \PC?Q BC AMLQCPT?AGgL CLEJM@?L J?Q RGCPP?Q BC JMQ NSC@JMQ GLBeECL?Q C
GKNMLCLPCQRPGAAGMLCQ?JSQMBCJMQPCASPQMQ?K@GCLR?JCQ3GCQRMJMQSK?KMQ
?JFCAFMBCOSC
NMPCJ?T?LACBCJMQDPCLRCQBCJ?QMAGCB?BCLTMJTCLRC
QCF?L
APC?BM LCACQGB?BCQ BC AMLQSKM OSC PCOSGCPCL BC SL KCPA?BM BC @GCLCQ
K?LSD?ARSP?BMQ W NPMBSARMQ CVgECLMQ W ? OSC KSAFMQ GLBeECL?Q
CQNCAG?JKCLRC J?Q ECLCP?AGMLCQ K\Q HgTCLCQ
F?L PCAG@GBM CBSA?AGgL DMPK?J
CL ACLRPMQ KGQGML?JCQ AML JM OSC QC PCDSCPX?L R?JCQ LCACQGB?BCQ
KSAF?Q
NM@J?AGMLCQ GLBeECL?Q RGCLBCL ? KGEP?P F?AG? 0SCPRM !W?ASAFM N?P? RCLCP SL
KCHMP ?AACQM ? JMQ QCPTGAGMQ CBSA?AGgL
Q?JSB
PCEGQRPMQ MDGAG?JCQ
@?LAMQ
CRA
%L AMLQCASCLAG?
QC F? GBM APC?LBM SL BCQCOSGJG@PGM CLRPC J? NM@J?AGgL
BCJ GLRCPGMP BCJ CQR?BM !K?XML?Q W CJ APCAGKGCLRM BCQKCQSP?BM BC J? A?NGR?J
S@GA?B?
CLCJCVRPCKMLMPMCQRC "GMPB
%JPMQRPMGLBeECL?BC0SCPRM!W?ASAFMQCF?GBMKMBGDGA?LBMN?SJ?RGL?KCLRC
!LRCQ CP? KSAFM K\Q LMRMPGM CJ FCAFM BC OSC QC RP?R?@? BC SL? AGSB?B
?K?XgLGA? BC@GBM ? J? DSCPRC W BCRCPKGL?LRC NPCQCLAG? GLBeECL? 5L TGQGR?LRC
NMBe? TCP GLBeECL?Q NMP RMB? J? AGSB?B %L A?K@GM
FMW CL Be? CQM QC F?
KMBGDGA?BMLMR?@JCKCLRC5LCHCKNJMBCCJJMCQCJKCPA?BMOSCDSCAMLQRPSGBM
CLJ?NPGKCP?KGR?BBCJ?BbA?B?BCN?P?JMQGLBeECL?Q
KSWACPA?BCJ?
'M@CPL?AGgL BCJ %QR?BM W BC J? #?RCBP?J
CL NJCLM ACLRPM BC J? AGSB?B %QC
KCPA?BM DSC GLQR?J?BM CL CJ 0?POSC |2gKSJM "CR?LAMSPR}
CL J? ?TCLGB? 2eM
.CEPM
W MPGEGL?JKCLRC CP? SL KCPA?BM ?J OSC JMQ GLBeECL?Q MASPPe?L NMP JM
ECLCP?J JMQ Be?Q HSCTCQ
TGCPLCQ W Q\@?BM W
? TCACQ
R?K@GbL ?JESLMQ
BMKGLEMQ 0MQRCPGMPKCLRC CQC KCPA?BM DSC NP\ARGA?KCLRC CL?HCL?BM ? JMQ
GLBeECL?QNMPN?PRCBCAMKCPAG?LRCQOSCQCGLQR?J?PMLBCK?LCP?NCPK?LCLRC
?JJe (MW CL Be? J? K?WMPe? BC JMQ IGMQAMQ W BC JMQ RCLBCPCRCQ NCPRCLCACL ?
AMKCPAG?LRCQLMGLBeECL?Q KSAFMBCCJJMQBCMPGECLAMJMK@G?LM
OSCQMLJMQ
NPMNGCR?PGMQ BC JMQ AMKCPAGMQ #MKM R?JCQ
AMKNP?L J? ?PRCQ?Le? S MRPMQ
NPMBSARMQ ? JMQ GLBeECL?Q N?P? PCTCLBCPJMQ
AML JM OSC QC APC?L A?BCL?Q BC
AMKCPAG?JGX?AGgLOSCLMD?TMPCACL?JMQGLBeECL?Q
5L D?ARMP GLRCPCQ?LRC BC PCQ?JR?P OSGX\ PCJ?AGML?BM AML J?Q LSCT?Q A?BCL?Q
AMKCPAG?JCQ
CQ J? QCLQG@JC BGQKGLSAGgL BC J? NPMBSAAGgL ?PRCQ?L?J GLBeECL?
?Qe AMKM BC MRPMQ NPMBSARMQ BCQRGL?BMQ ? J? TCLR? %L CJJM F?L RCLGBM SL?
CQNCAG?J A?SQ?JGB?B JMQ NPMEP?K?Q ?QGQRCLAG?JGQR?Q BC JMQ EM@GCPLMQ L?AGML?J
CQR?B?JWKSLGAGN?JCQ
4?JCQNPMEP?K?QF?LECLCP?BMDJSHMQBCBGLCPMOSCF?L
RCPKGL?BM NMP BCQCQRGKSJ?P J? NPMBSAAGgL GLBeECL? %QRM QC QSK? ? JMQ
AMLDJGARMQCLRPC?JBC?QGLBeECL?QWJ?Q?SRMPGB?BCQ?K@GCLR?JCQBCJ?QSLGB?BCQ
BC AMLQCPT?AGgL OSC RGCLBCL ? NPMFG@GP M ? PCEJ?KCLR?P QCTCP?KCLRC
?ARGTGB?BCQ R?JCQ AMKM RSK@?P NCLA?Q BC N?JKCP?Q N?P? JMQ RCAFMQ M
AMLQRPSAAGMLCQ
M CVRP?CP K?BCP? N?P? J?Q ?PRCQ?Le?Q W J? AMLQRPSAAGgL BC
A?Q?Q
CRA
!BGAGML?JKCLRCCVGQRCMRPMD?ARMPOSCPCDSCPX?CQR?QGRS?AGgL$CQBCNPGLAGNGMQ
BCJ?BbA?B?BC
AS?LBM!K?XML?QN?QgBCQCPSL4CPPGRMPGM&CBCP?J?
SL%QR?BM
QCCPGEGCPMLQGCRCKSLGAGNGMQ?SRgLMKMQ%QRMQGELGDGAgCLRMLACQJ?
N?SJ?RGL? APC?AGgL BC J? @SPMAP?AG? KSLGAGN?J #ML CQRM QC F? ECLCP?BM SL
DSCPRC AJGCLRCJGQKM NMJeRGAM W QC F? PCDMPX?BM J? RCLBCLAG? ? OSC KSAFMQ
GLBeECL?Q QC RP?QJ?BCL BC QSQ AMKSLGB?BCQ BC MPGECL ? J?Q A?NGR?JCQ BC JMQ
KSLGAGNGMQ N?P? NMBCP CHCPACP CQMQ A?PEMQ !J NPGLAGNGM
CQR? RCLBCLAG? QC
NMBPe? GLRCPNPCR?P AMKM SL? QGRS?AGgL RP?LQGRMPG? C GLBGTGBS?J
NCPM JSCEM QC
F?AC NCPK?LCLRC
GLTMJSAP? ? MRPMQ KGCK@PMQ BC JMQ EPSNMQ D?KGJG?PCQ W
CL
BCDGLGRGT?
T?ECLCP?LBMBCQ?PP?GEM%JFCAFMBCOSCJ?QA?NGR?JCQKSLGAGN?JCQ
QC CLASCLRPCL ?JCH?B?Q BC J? BCJ CQR?BM W A?PCXA?L BC GLRCPAMLCVGgL NMP
A?PPCRCP?
F? MPGEGL?BM R?K@GbL OSC KSAF?Q ?JA?JBe?Q CQR?@JCXA?L CL 0SCPRM
!W?ASAFMMDGAGL?QBCPCNPCQCLR?AGgLBCJMQKSLGAGNGMQ%QRMF? ?SKCLR?BMJ?
RCLBCLAG?KGEP?RMPG?F?AG?J?QAGSB?BCQWBCBCQNM@J?KGCLRMBCJ?Q?JBC?Q
/RPM?QNCARMGKNMPR?LRCBCQCf?J?PCQJ?RCLQGgLOSCQCF?TCLGBMB?LBMCLJ?
DPMLRCP?CLRPC#MJMK@G?W6CLCXSCJ?NMPRPCQD?ARMPCQ
J? GLQCESPGB?B OSC F?L ECLCP?BM J?Q ESCPPGJJ?Q AMJMK@G?L?Q W MRPMQ EPSNMQ
?PK?BMQ OSC MNCP?L BCJ MRPM J?BM BC J? DPMLRCP?
JM AS?J F? APC?BM SL?
QGRS?AGgL BC GLQCESPGB?B R?LRM N?P? J?Q NCPQML?Q
AMKM N?P? JMQ M@HCRMQ W
NPMNGCB?BCQ
JMAS?JQCF?AMLTCPRGBMCLKMRGTMNCPK?LCLRCBCNPCMASN?AGgL
N?P? J? ECLRC OSC TGTC ACPA? BC J? DPMLRCP? %Q?Q NM@J?AGMLCQ TGTCL @?HM J?
?LESQRG? BC J? NMQG@GJGB?B BC QCP ?Q?JR?BMQ W ?R?A?BMQ NMP CJCKCLRMQ
NPMTCLGCLRCQBCJ?DPMLRCP?!RMBMCQRMQCQSK?J??ARGRSB?K@GT?JCLRCOSCF?
K?LRCLGBM CJ EM@GCPLM ?ARS?J BC 6CLCXSCJ? AML J?Q &SCPX?Q !PK?B?Q
2CTMJSAGML?PG?Q BC #MJMK@G? &!2#
%QM F? TCLGBM APC?LBM SL? DSCPRC
RCLQGgLCLAS?LRM?J?QCESPGB?B
J? NCLCRP?AGgL BC J? KGLCPe? DSPRGT? CL CJ CQR?BM !K?XML?Q
R?LRM CL J?Q
A?@CACP?Q BCJ /PGLMAM ?BMLBC ?ASBCL E?PGKNCPGMQ M KGLCPMQ BC MPGECL
@P?QGJCfM
OSCF?LECLCP?BMAMLDJGARMQAMKMJ?K?R?LX?BC(?VGKj
CL?EMQRM
W J? CVNJMR?AGgL BC KGLCPe? GJCE?J CL MRP?Q PCEGMLCQ BCJ CQR?BM
CQNCAG?JKCLRCCLCJ#CPPM9?N?A?L? CLJ?BCQCK@MA?BSP?BCJPeM6CLRS?PGCL
CJ/PGLMAM
%J \PC? MAAGBCLR?J BC J? PCEGgL ?K?XgLGA? BC 6CLCXSCJ? CQR\ TGTGCLBM SL?
QGRS?AGgLKSWAMKNJCH?CLJ?OSCMASPPCSLAPCAGKGCLRMBCKMEP\DGAM?ACJCP?BM
BC J? A?NGR?J BCJ CQR?BM W CJ GLASKNJGKGCLRM BC NPMKCQ?Q ES@CPL?KCLR?JCQ
F?AG?JMQNSC@JMQGLBeECL?Q%QRMjJRGKMQCRP?BSAC
NPGLAGN?JKCLRC
CLJ?D?JR?
BC PCAMLMAGKGCLRM JCE?J BC J? BCK?PA?AGgL BC QSQ RCPPGRMPGMQ RP?BGAGML?JCQ
K?LB?RM CVNPCQM BC J? #MLQRGRSAGgL TGECLRC (CPL\LBCX
(CPL\LBCX
#?QRGJJM
,MQNSC@JMQGLBeECL?QF?L?QNGP?BM
BCQBCF?ACKSAFMQ?fMQ
? OSC CJ %QR?BM TCLCXMJ?LM BCK?POSC QSQ RGCPP?Q !JESLMQ GLBeECL?Q F?L
NPMACBGBM ? J? ?SRMBCK?PA?AGgL BC QSQ RCPPGRMPGMQ NCPM
LM M@QR?LRC QCP SL?
LMPK? AMLQRGRSAGML?J AMLRCKNJ?B? ?BCK\Q CL BGTCPQ?Q JCWCQ NPMKSJE?B?Q CL
JMQ jJRGKMQ ?fMQ AMKM BCQ?PPMJJMQ JCEGQJ?RGTMQ BC J?Q BGQNMQGAGMLCQ
AMLQRGRSAGML?JCQ
LM QC F? NPMACBGBM ? J? BCK?PA?AGgL MDGAG?J LG ? J? RGRSJ?AGgL
BCRCPPGRMPGMQGLBeECL?QCLCJCQR?BM!K?XML?Q
LGCLMRP?Q\PC?QBCJ?PCEGgL
?K?XgLGA? %QR? KMP?RMPG? F? CKNCX?BM ? APC?P AMLDJGARMQ W DPSQRP?AGMLCQ
AMJCARGT?Q
!BCK\Q CJ APCAGKGCLRM BC 0SCPRM !W?ASAFM F? ECLCP?BM SL? NPCQGgL
?K@GCLR?JOSCQCRP?BSACCLJ?APCAGCLRCBCDMPCQR?AGgLBC\PC?QACPA?L?Q?J?
A?NGR?J BCJ CQR?BM %QRM AMGLAGBC AML CQC DCLgKCLM A?B? TCX K\Q LMRMPGM CL
RMB?J?#SCLA?!K?XgLGA?OSCCQJ?NPMEPCQGT?SP@?LGX?AGgLBCQSNM@J?AGgL
$GQASQGgL
!SLOSC J?Q NMJeRGA?Q W JMQ NPMWCARMQ CLCPEbRGAMQ BC 6CLCXSCJ? QC F?L
BCQ?PPMJJ?BM DSLB?KCLR?JKCLRC DSCP? BC J? PCEGgL ?K?XgLGA?
R?K@GbL ?JJe F?
F?@GBM NPMWCARMQ CLCPEbRGAMQ OSC F?L RCLGBM QCTCPMQ GKN?ARMQ ?K@GCLR?JCQ W
QMAG?JCQ %LRPC CJJMQ BCQR?A?L
NPGLAGN?JKCLRC
J? ECLCP?AGgL BC
FGBPMCJCARPGAGB?B
OSC F? QSNSCQRM J? AMLQRPSAAGgL BC EP?LBCQ PCNPCQ?Q
J?
APC?AGgL BC AGSB?BCQ W J? CBGDGA?AGgL BC GLDP?CQRPSARSP?
AMKM A?PPCRCP?Q W
NSCLRCQ
,?Q NMJeRGA?Q CLCPEbRGA?Q ACLRP?B?Q CL J? ECLCP?AGgL BC FGBPMCJCARPGAGB?B F?L
JJCT?BM ? OSC
NMP CHCKNJM
CL CJ A?QM BCJ 'SPG
QC GLSLB?P?L T?QR?Q
CVRCLQGMLCQ BC RGCPP? W QC PCJMA?JGX?P?L NM@J?AGMLCQ %QRM
?BCK\Q
F?
NCPKGRGBMJ?APC?AGgLBCSLN?POSCGLBSQRPG?J
AMKMJ?3GBCPjPEGA?BCJ/PGLMAM
CL #GSB?B 'S?W?L? M 0SCPRM /PB?X
-\Q PCAGCLRCKCLRC R?K@GbL QC F?
GLGAG?BMCJNPMACQMBCCVNJMP?AGgLNCRPMJCP?CLJ?JJ?K?B?0J?R?DMPK?$CJR?L?
,MQBMQjLGAMQNSCLRCQOSCSLCLJ?EP?LGQJ?ES?W?LCQ?AMLCJLMPRCWCJPCQRMBCJ
AMLRGLCLRCQMLCJNSCLRCBC#GSB?B"MJeT?PGL?SESP?BMCLWBC#GSB?B'S?W?L?
AMLAJSGBMCL!ARS?JKCLRCQCAMLQRPSWCCJBC#?GA?P?BCJ/PGLMAM
NCPM CQRM LM F? RCLGBM RMB?Te? SL CDCARM AMLQGBCP?@JC LG ?K@GCLR?J LG QMAG?J
?BCK\QBCOSCQCCLASCLRP?
AMKMW?QCF?BGAFM
CLSLCVRPCKMBCJ?PCEGgL
?K?XgLGA?BC6CLCXSCJ?
%L A?K@GM
CJ FCAFM BC OSC J? K?WMPe? BC J?Q ?ARGTGB?BCQ CVRP?ARGT?Q BC
NCRPgJCMQCPC?JGACL?JLMPRCBCJ/PGLMAMF?CTGR?BMSL?NCPKGRGBMSL?PCJ?RGT?
AMLQCPT?AGgLBCJMQCQN?AGMQ?K?XgLGAMQ(?MASPPGBMSLCDCARMBGDCPCLAG?JBC
CQR?QNMJeRGA?QCLCPEbRGA?QQM@PCJ?PCEGgL?K?XgLGA?NMPSLJ?BM
RCLCKMQCJ
\PC? MPGCLR?J CL J? OSC CJ GKN?ARM BCKMEP\DGAM W ?K@GCLR?J F? QGBM BC K?WMP
CLTCPE?BSP?
NPCAGQ?KCLRCBC@GBM?JMQNPMWCARMQPCJ?RGTMQ?J?NPMBSAAGgLBC
CLCPEe? W
NMP CJ MRPM
CJ FCAFM BC OSC J?Q ?ARGTGB?BCQ BC J? NPMBSAAGgL BC
NCRPgJCM QC PC?JGACL DSCP? BC J? PCEGgL ?K?XgLGA? F? NCPKGRGBM SL? PCJ?RGT?
AMLQCPT?AGgLBCJMQCAMQGQRCK?QBCJCQR?BM!K?XML?Q
%QRM APC? BMQ AMLRP?QRCQ SLM
CLRPC J?Q \PC?Q MPGCLR?J W MAAGBCLR?J BC J?
'S?W?L? TCLCXMJ?L? .M M@QR?LRC
QM@PC CQRM QC BC@C ?AMR?P OSC CJ \PC?
GLRCPKCBG?KSCQRP?J?QRCLBCLAG?QF?AG?J?SP@?LGX?AGgLWJ?KGLCPe?GLBSQRPG?J
OSC QC F? AMLQMJGB?BM CL CJ \PC? MPGCLR?J 0MP MRP? N?PRC
CJ \PC? GLRCPKCBG?
RGCLC SL? EP?L GKNMPR?LAG? CQRP?RbEGA?
NSCQ QC RP?R? BCJ ?AACQM ?J \PC?
MAAGBCLR?J BC J? 'S?W?L? TCLCXMJ?L? M !K?XMLG? ,MQ DCLgKCLMQ OSC QC
BCQ?PPMJJCL?JJeNMBPe?L?DCAR?P?CQR?jJRGK?WOSGX\QC?LSL PCDJCHMBCJMOSC
CQR?Pe?NMPMASPPGP
%L CQRC QCLRGBM
? NPGLAGNGMQ BC J? BbA?B? BC
6CLCXSCJ? ? RP?TbQ BCJ
CLRMLACQ BCLMKGL?BM -GLGQRCPGM BCJ !K@GCLRC W BC JMQ 2CASPQMQ .?RSP?JCQ
2CLMT?@JCQ CLA?PEg SL CQRSBGM
BCLRPM BCJ NPMEP?K? BC |%J (MK@PC W J?
"GgQDCP?}NPMKMTGBMQNMPCJQGQRCK?BCJ?/PE?LGX?AGgLBCJ?Q.?AGMLCQ5LGB?Q
CL CJ OSC N?PRGAGN?PML COSGNMQ GLRCPBGQAGNJGL?PGMQ ECgEP?DMQ
CAMLMKGQR?Q
CAgJMEMQ
?LRPMNgJMEMQ
QMAGgJMEMQ
CRA
N?P? XMLGDGA?P JMQ BGTCPQMQ CQN?AGMQ
TCLCXMJ?LMQ %QC NPMWCARM
AMLMAGBM AMKM |3GQRCK?Q !K@GCLR?JCQ
6CLCXMJ?LMQ}
NCPKGRGg AJ?QGDGA?P JMQ BGTCPQMQ KSLGAGNGMQ BCJ N?eQ QCEjL J?
TMA?AGgLNPMBSARGT?BCA?B?PCEGgL3CAMLAJSWgOSCCP?LCACQ?PGMK?LRCLCP
?J KCLMQ CL CJ \PC? MAAGBCLR?J BC J? PCEGgL ?K?XgLGA? CQR?BM !K?XML?Q
QSDGAGCLRCQSLGB?BCQBCAMLQCPT?AGgLN?P?CTGR?PJ?BCQRPSAAGgL?K@GCLR?JWJ?
BCDMPCQR?AGgL
!BGAGML?JKCLRC QC BC@C QCf?J?P OSC SL? JCEGQJ?AGgL FMW CL Be? M@QMJCR?
W
N?PAG?JKCLRC BCPME?B? W OSC
CL CJ N?Q?BM PCAGCLRC
QC ?NJGAg BC SL? DMPK?
KSW BGQAPCAGML?J
OSC PCESJ?@? CJ ?AACQM ? XML?Q F?@GR?B?Q NMP GLBeECL?Q
PCQRPGLEGgCJJG@PC?AACQMBCNCPQML?Q?J!JRM/PGLMAMW?EP?LN?PRCBCJ?PCEGgL
?K?XgLGA? TCLCXMJ?L? TCP !PKCJJ?B?
%QRM QC RP?BSHM
AML RMB?Q QSQ
JGKGR?AGMLCQW?JRG@?HMQ
CLSLK?WMPAMLRPMJNMPN?PRCBCJ?Q?SRMPGB?BCQQM@PC
CJ?AACQMGLBGQAPGKGL?BMBCAMJMLMQ?J?PCEGgL?K?XgLGA?CLAMLRP?QRCAMLJM
OSCQSACBGgCLMRPMQN?eQCQBCJ?#SCLA?
#MLAJSQGMLCQ
#MKM CL MRPMQ N?eQCQ BC J? #SCLA? !K?XgLGA?
R?K@GbL J?Q NMJeRGA?Q
CLCPEbRGA?QF?LQCPTGBMCL6CLCXSCJ?N?P?BCRCPKGL?PCJ?T?LACBCJMQDPCLRCQ
BC AMJMLGX?AGgL QM@PC J? PCEGgL ?K?XgLGA? %J FCAFM BC OSC J? CVNJMR?AGgL
NCRPMJCP?QCF?W?AMLACLRP?BM?JLMPRCBCJ/PGLMAM
F?NCPKGRGBMOSCJ?PCEGgL
?K?XgLGA? F?W? QGBM KCLMQ GKN?AR?B? NMP CJ ?T?LAC BC CQMQ DPCLRCQ BC
AMJMLGX?AGgL 5L? GLRCPNPCR?AGgL NMQG@JC BC CJJM CQ OSC J? AMLQCPT?AGgL BC J?
PCEGgL?K?XgLGA?BCNCLBC
CLEP?LN?PRC
BCJ?QNMJeRGA?QCLCPEbRGA?Q
#S?LBM JMQ NPCAGMQ BCJ NCRPgJCM F?L @?H?BM W J? CAMLMKe? TCLCXMJ?L? F?
CLRP?BM CL APGQGQ
F? MASPPGBM SL K?WMP GLRCPbQ NMP CVNJMR?P JMQ PCASPQMQ
L?RSP?JCQ?JMH?BMQCLJ?PCEGgL?K?XgLGA?BCJN?eQ%LRMLACQEP?TGR?BCLSCTM
CLJ?AMLAGCLAG?WCLCJGK?EGL?PGMQMAGMNMJeRGAMTCLCXMJ?LMAMKMSLQSNSCQRM
?QSLRM NCLBGCLRC W SL PCRM SPECLRC
CJ FCAFM BC OSC J? K?WMP N?PRC BC J?
NM@J?AGgL QC AMLACLRPC ?J LMPRC BCJ /PGLMAM
KGCLRP?Q OSC ?J QSP BCJ PeM F?W?
SL?AMLACLRP?AGgLNM@J?AGML?JAMLQGBCP?@JCKCLRCKCLMP4?JAMLRP?QRCOSCB?
CTGBCLAG?BMCLCQCeLBGACBCMASN?AGgLBC
N?P?J?PCEGgL?K?XgLGA?WBC
N?P? CJ PCQRM BCJ N?eQ
JGECP?KCLRC KCLMP CL CVRCLQGgL OSC JMQ CQN?AGMQ
?OSeAMLQGBCP?BMQAMKM?K?XgLGAMQ
4?J NPMNMPAGgL
QGL CK@?PEM
F?AC CTGBCLRC OSC QC LCACQGR?L BC NMJeRGA?Q
BGTSJE?RGT?Q?QCPRGT?QOSCJMEPCLCVNJGA?P?J?NM@J?AGgL
CLECLCP?J
?QeAMKM
?NMJeRGAMQWNJ?LGDGA?BMPCQJ?QP?XMLCQBCR?JQGRS?AGgL%LMRP?QN?J?@P?Q
OSC
LMCQSL?BGQRPG@SAGgLA?NPGAFMQ?LG?X?PMQ?
QGLMOSCPCQNMLBCLMQMJ?KCLRC
? P?XMLCQ FGQRgPGA?Q QGLM
NPGLAGN?JKCLRC
? JGKGR?AGMLCQ BC RGNM ?K@GCLR?J W
CAMJgEGAMOSCBC@CLQCPPCQNCR?B?QWOSCBC@CLQCPCLA?SX?B?Q-GCLRP?QLM
QC F?E? R?J BGTSJE?AGgL
QC AMPPC CJ NCJGEPM BC OSC F?W? CL CJ DSRSPM SL?
AMLRP?BGAAGgL K?WMP CLRPC CJ BGQASPQM BCQ?PPMJJGQR? W JMQ BGQASPQMQ
AMLQCPT?AGMLGQR?Q W ?K@GCLR?JGQR?Q #MKM PCQSJR?BM BC CJJM
?SKCLR?Pe?L
R?K@GbLJ?QNPCQGMLCQAMJMLGX?BMP?QQM@PCJ?PCEGgL?K?XgLGA?BC6CLCXSCJ?
,?Q P?XMLCQ PCAGCLRCQ BC CQC EP?L AMLRP?QRC CLRPC CJ QSP W CJ LMPRC BC
6CLCXSCJ? z?KbL BC J?Q BC RGNM FGQRgPGAM QML DSLB?KCLR?JKCLRC BC RGNM
CLCPEbRGAM
CQ BCAGP
RGCLCL QS NPGLAGN?J MPGECL CL J? AMLACLRP?AGgL BC J?
?ARGTGB?B NCRPMJCP? ?J LMPRC BCJ /PGLMAM 'P?AG?Q ? CJJM QC F? JMEP?BM J?
AMLQCPT?AGgL BC JMQ CQN?AGMQ ?K?XgLGAMQ $C LM QCP ?Qe
NPM@?@JCKCLRC J?
QGRS?AGgLQCPe?BGQRGLR?W?@PGPe?DSCPRCQGLRCPPME?LRCQQM@PCJ?AMLRGLSGB?BBCJ?
BGTCPQGB?B@GMJgEGA?
QMAGMASJRSP?JWJGLEkeQRGA?NPCQCLRCCLJ?PCEGgL?K?XgLGA?
BC 6CLCXSCJ? $GAFM BC MRP? DMPK?
?J LM AMLACLRP?PQC J? NPMBSAAGgL
CLCPEbRGA??JLMPRCBCJ/PGLMAMCQR?Pe?QCPG?KCLRC?KCL?X?B?J?AMLBGAGgLBC
N?eQKCE?BGTCPQMOSC
AMKMJMQMRPMQCQR?BMQ?K?XgLGAMQ
RGCLC6CLCXSCJ?
!LCVM 0M@J?AGgL )LBeECL? W NM@J?AGgL RMR?J BC J? 'S?W?L? TCLCXMJ?L? M
PCEGgL?K?XgLGA?BC6CLCXSCJ?
"G@JGMEP?De?
!PTCJM*GKbLCX
.CJJW2CASPQMQFSK?LMQMCJHSCEMBCJ?QDSCPX?QCLJ?
PCEGgL?K?XgLGA?%L%JSLGTCPQM?K?XgLGAMWJ?GLRCEP?AGgLJ?RGLM?KCPGA?L?
#?P?A?Q )LQRGRSRM BC !JRMQ %QRSBGMQ BC !KbPGA? ,?RGL?
5LGTCPQGB?B 3GKgL
"MJeT?P
NN
#MSQGLQ
!LBPCU,CML?PB|,?DPMLRCP?bRLGA?NCKMLWCJGKN?ARMQMAGM
CAMLgKGAM BC J? KGLCPe? BC MPM} 4P?@?HM BC EP?BM BC -?CQRPe? CL
!LRPMNMJMEe? #CLRPM BC %QRSBGMQ !T?LX?BMQ )LQRGRSRM 6CLCXMJ?LM BC
)LTCQRGE?AGMLCQ#GCLReDGA?Q#?P?A?Q
'PkL@CPE
'CMPECQ,MQGLBGMQBCJ?3CJT?LSCT?QCQRP?RCEG?QWLSCT?Q
?JG?LX?Q %L !JGAG? "?P?@?Q -GESCJ "?PRMJMKb W 3?JMKgL .?FK?B CBQ
!PRGASJ?AGgL BC J? BGTCPQGB?B 0JSP?JGB?B bRLGA?
?SRMLMKe?Q W BCKMAP?RGX?AGgL
CL !KbPGA? ,?RGL? 'PSNM BC "?P@?BMQ 1SGRM !@W? 9?J? "G@JGMRCA? !@W?
9?J?
.r
NN;<
(CPL\LBCX#?QRGJJM
&P?LAGQAM$CPCAFMQGLBeECL?QCLJ?#MLQRGRSAGgLBC
J?2CNj@JGA?"MJGT?PG?L?BC6CLCXSCJ?BC#?P?A?Q$GPCAAGgLBC!QSLRMQ
)LBeECL?Q
-GLGQRCPGMBC%BSA?AGgL
#SJRSP?W$CNMPRCQ#MLQCHM.?AGML?J)LBGM
BC6CLCXSCJ?W!QMAG?AGgL/RPM&SRSPM
)K?ECL BC 6CLCXSCJ? 5L? TGQGgL CQN?AG?J #?P?A?Q 0CRPgJCMQ BC
6CLCXSCJ?
3! CBGAPCTWAMPP
-CEECPQ
"CRRW * !K?XMLG? FMK@PC W ASJRSP? CL SL N?P?eQM GJSQMPGM
-bVGAM3GEJM88)
-GEJG?XX?
%PLCQR # ,?LES?ECQ MD RFC /PGLMAM!K?XML "?QGL ASPPCLR
QR?RSQ!LRPMNMJgEGA? 2CTGQR?BCJ)LQRGRSRM#?PG@CBC!LRPMNMJMEe?W3MAGMJMEe?
&SLB?AGgL,?3?JJCBC#GCLAG?Q.?RSP?JCQ
#?P?A?Q
.r
0CPMXM $e?X
!@CJ %J AMLDJGARM BC J?Q ACPA?Q 4CLCLAG? BC J? 4GCPP? CL
#?GA?P? BCJ /PGLMAM
KSLGAGNGM #CBCfM
CQR?BM "MJeT?P 4P?@?HM BC EP?BM
NPCQCLR?BM AMKM PCOSGQGRM N?PAG?J N?P? MNR?P ?J ReRSJMBC -?EGQRCP 3AGCLRG?PSK
CL "GMJMEe?
KCLAGgL !LRPMNMJMEe? #CLRPM BC %QRSBGMQ !T?LX?BMQ )LQRGRSRM
6CLCXMJ?LMBC)LTCQRGE?AGMLCQ#GCLReDGA?Q#?P?A?Q
2GTGcPC
0CRCP )LBGTGBS?J ?LB QMAGCRW GL 'SG?L? ? AMKN?P?RGTC QRSBW MD
!KCPGLBG?LQMAG?JMPE?LGX?RGML.CU9MPI#?K@PGBEC5LGTCPQGRW0PCQQ
6CLCXSCJ?
2CNj@JGA? BC !RJ?Q BC 6CLCXSCJ? #?P?A?Q -GLGQRCPGM BCJ
!K@GCLRCWBCJMQ2CASPQMQ.?RSP?JCQ2CLMT?@JCQ
6CLCXSCJ?
2CNj@JGA? BC 0PCQGBCLAG? BC J? 2CNj@JGA? /DGAGL? #CLRP?J BC
%QR?BeQRGA? C )LDMPK\RGA? #CLQM GLBeECL? BC 6CLCXSCJ? .MKCLAJ?BMP
BC AMKSLGB?BCQ W AMJCARGTGB?BCQ #?P?A?Q /DGAGL? #CLRP?J BC %QR?BeQRGA? C
)LDMPK\RGA?
6CLCXSCJ?
2CNj@JGA? BC 0PCQGBCLAG? BC J? 2CNj@JGA? /DGAGL? #CLRP?J BC
%QR?BeQRGA? C )LDMPK\RGA? #CLQM GLBeECL? BC 6CLCXSCJ? 4 )
#?P?A?Q/DGAGL?#CLRP?JBC%QR?BeQRGA?C)LDMPK\RGA?
6CLCXSCJ?
2CNj@JGA? BC 0PCQGBCLAG? BC J? 2CNj@JGA? /DGAGL? #CLRP?J BC
%QR?BeQRGA? C )LDMPK\RGA? #CLQM GLBeECL? BC 6CLCXSCJ?
.MKCLAJ?BMPBC?QCLR?KGCLRMQ4))#?P?A?Q/DGAGL?#CLRP?JBC%QR?BeQRGA?C
)LDMPK\RGA?
$<9JA60.@;2?4IA60.@2;9.:.G<;J.;H96@6@129<:=927<&J<
!.126?.&<;1<;6.
$ +"(
$+$%)$*%)
)LRPMBSAAGgL
%QRC CQRSBGM ?L?JGX? JMQ ?QNCARMQ RbALGAMQ W NMJeRGAMQ ?QQMAG?BMQ ?J NPMWCARM
BCLMKGL?BM #MKNJCHM (GBPMCJbARPGAM BCJ 2eM -?BCGP?
J? K?WMP M@P? NPCTGQR?
BCLRPMBCJ0PMEP?K?BC!ACJCP?AGgLBCJ#PCAGKGCLRM 0!#
BCJ'M@GCPLM&CBCP?J
@P?QGJCfM
OSCDMPK?N?PRCBCJ0J?L$CACL?JBCJ-GLGQRCPGMBC-GL?QW
%LCPEe?,?QM@P?QQCP\LCHCASR?B?QCLCJCQR?BMBC2MLBMLG?
?SLOSCRCLBP\L
GKN?ARMQQMAG?JCQ
?K@GCLR?JCQWCAMLgKGAMQCLMRPMQCQR?BMQBCJ?!K?XMLe?
@P?QGJCf?WQM@PC"MJGTG?
%J M@HCRGTM NPGLAGN?J BCJ CQRSBGM CQ CT?JS?P JMQ D?ARMPCQ OSC BCRCPKGL?L JMQ
NPMACQMQ BC RMK? BC BCAGQGMLCQ BC SL NPMWCARM AMKM CQRC
R?JCQ AMKM J?Q
DSCPX?Q NMJeRGA?Q ?ARS?LRCQ
JMQ NPMEP?K?Q BC BCQ?PPMJJM N?P? J? PCEGgL
JMQ
GLRCPCQCQ CAMLgKGAMQ GLTMJSAP?BMQ W J? A?N?AGB?B BC ?PRGASJ?AGgL BC J?Q
MPE?LGX?AGMLCQ QMAG?JCQ W Nj@JGA?Q %J CQRSBGM RGCLC AMKM M@HCRGTM BGQASRGP
?JESLMQ BC JMQ GKN?ARMQ QMAGM?K@GCLR?JCQ W CAMLgKGAMQ BCJ #MKNJCHM 2eM
-?BCGP?QM@PCJ?NM@J?AGgLWQM@PCJMQPCASPQMQL?RSP?JCQ
?QeAMKMJ?PCJ?AGgL
AMQRM@CLCDGAGMBCJCKNPCLBGKGCLRM
%JNPMWCARMBCAMLQRPSAAGgLBCJ?QFGBPMCJbARPGA?QBC3?LRM!LRMLGM A?N?AGB?B
GLQR?J?B?BC-7
W*GP?S A?N?AGB?BGLQR?J?B?BC-7
CLCJCQR?BM
BC 2MLBMLG? CQ CJ AMKNMLCLRC ACLRP?J BCJ CHC CLRPC "P?QGJ"MJGTG?0CPj BC J?
)LGAG?RGT? N?P? J? )LRCEP?AGgL BC J? )LDP?CQRPSARSP? 2CEGML?J CL !KbPGA? BCJ 3SP
))23!
TCPCJAS?BPM
%QR?QPCNPCQ?QCQR\LJMA?JGX?B?QCLCJ2eM-?BCGP?J?
NPGKCP?
QGCRC IGJgKCRPMQ ?ES?Q ?PPG@? BC 0MPRM 6CJFM A?NGR?J BCJ CQR?BM
W J?
QCESLB?
?IGJgKCRPMQBCJ?DPMLRCP?CLRPC"P?QGJW"MJGTG?%VGQRCLMRP?QBMQ
PCNPCQ?QOSCAMKNMLCLCJNPMWCARMMPGEGL?J
SL?@GL?AGML?JCLCJ2eM'S?NMPb
-7
CL J? DPMLRCP? CLRPC "P?QGJ W "MJGTG?
W J? MRP? CL #?AFMCGP?
%QNCP?LX? -7
CLRCPPGRMPGM@MJGTG?LM
%J 2eM -?BCGP? CQ SLM BC JMQ NPGLAGN?JCQ ?DJSCLRCQ BCJ 2eM !K?XML?Q
CQR?LBM
QS A?@CACP? JMA?JGX?B? CL J? #MPBGJJCP? BC JMQ !LBCQ
CL RCPPGRMPGM @MJGTG?LM W
NCPS?LM 3S ASCLA? PCNPCQCLR? SL AS?PRM BCJ \PC? BC J? !K?XMLe? %Q CJ
QCESLBM K?WMP ?DJSCLRC BCJ 2eM !K?XML?Q CL RbPKGLMQ BC BCQA?PE? BC ?ES?
BC J? BCQA?PE? JeOSGB? RMR?J
W CJ NPGLAGN?J AMLRPG@SWCLRC CL A?PE? BC
QCBGKCLRMQ
,?ASCLA?BCJ2eM-?BCGP?CQECMJgEGA?WECMEP\DGA?KCLRC
AMKNJCH? NMPOSC
?BCK\Q BC QS CVRCLQGgL BC ACPA? BC
KGJJMLCQ BC IK
N?Q? NMP XML?Q BC PCJGCTC
JGRMJMEe?
AJGK? W TCECR?AGgL T?PG?B?Q
BPCL?LBM
AS?RPM SLGB?BCQ KMPDMCQRPSARSP?JCQ !LBCQ
NJ?LGAGC ?ES?Q ?PPG@? JJ?LMQ
CQASBM @P?QGJCfM W J? NJ?LGAGC ?ES?Q ?@?HM TCE? ?K?XgLGA?
--!)"!-!
,? PCEGgL BC J? ASCLA? BCJ 2eM -?BCGP? F? QGBM PCAMLMAGB? BCQBC CJ QGEJM 8)8
AMKMSL?@?PPCP?@GMECMEP\DGA?
WAMKMCJJeKGRCOSCBCDGLC?JKCLMQBMQ\PC?Q
BC CLBCKGQKM 3AFLCGBCP W &GESCGPCBM
%VRPCK?B?KCLRC PGAM CL
@GMBGTCPQGB?B
CJ2eM-?BCGP??J@CPE??ACPA?BCCQNCAGCQBCNCACQW
CQNCAGCQBCN\H?PMQ
?QeAMKMBGTCPQ?QSLGB?BCQBCN?GQ?HCQjLGAMQW?LGK?JCQ
QGJTCQRPCQCLNCJGEPMBCCVRGLAGgL &52.!3CR?J
3SQ@MQOSCQWJJ?LSP?Q
?JSTG?JCQ MDPCACL KCBGMQ BC TGB? N?P? ACLRCL?Q BC AMKSLGB?BCQ CVRP?ARGTGQR?Q
GLBeECL?Q EPSNMQ bRLGAMQ PCAMLMAGBMQ W AGLAM QGL AMLR?ARM
W PG@CPCf?Q
QGCLBMJ?NCQA?WJ?A?QR?f? "CPRFMJJCRG?CVACJQ?
JMQNPGLAGN?JCQPCASPQMQBCJ?
CAMLMKe?BCQS@QGQRCLAG?
%J AMKNJCHM BCJ 2GM -?BCGP?
CL QS AMLACNAGgL MPGEGL?J
CQ SL NPMWCARM BC
NPMBSAAGgL BC CLCPEe? W R?K@GbL BC GLRCEP?AGgL DJSTG?J $C ?ASCPBM AML CJ
EM@GCPLM@P?QGJCfM *CD?RSP?BC'?@GLCRCBCJ?0PCQGBCLAG?BCJ?2CNj@JGA?
QS
AMLQRPSAAGgL PCNPCQCLR? SL EP?L NPMWCARM BC GLDP?CQRPSARSP? N?P? J? PCEGgL
3SBMCQRC BC J? !K?XMLe? 3S AMLAJSQGgL CL CJ J?BM @P?QGJCfM NCPKGRGP\ J?
GLRCPAMLCVGgLBCJMQQGQRCK?QBCCLCPEe??GQJ?BMQBC!APC2MLBMLG?BCJ3GQRCK?
)LRCPAMLCAR?BM.?AGML?J 3).
AMLA?PE?QBCJ?PCEGgL3SBCQRC#CLRPM/CQRCBC
"P?QGJ
?BCK\QBC?JA?LX?PSL?QGELGDGA?RGT?PCBSAAGgLBCJMQAMQRMQBCCLCPEe?
CLCJ\K@GRML?AGML?JWPCEGML?J!QGKGQKM
SL?GLRCPAMLCVGgLBCCQRCQGQRCK?
?GQJ?BM
CL N?PRGASJ?P N?P? J? PCEGgL ?K?XgLGA?
NPMKMTCP\ J? QSQRGRSAGgL BC
OSCK?BCJ?ACGRCAMK@SQRG@JC
BGQKGLSWCLBMJ?QCKGQGMLCQ?LS?JCQBC#/CL
?NPMVGK?B?KCLRC R W J? MNRGK?AGgL BCJ ?@?QRCAGKGCLRM BC CLCPEe?
CJbARPGA??J?QPCEGMLCQOSCA?PCACLBCQCPTGAGMQCGLDP?CQRPSARSP? --%
,? GLRCEP?AGgL FGBPMTG?PG? BCJ 2eM -?BCGP?
CL CJ RP?WCARM 0MPRM 6CJFM!@Sf?
NCPKGRGP\ J? L?TCE?AGgL BC SL? JMLEGRSB BC IK
NCPKGRGCLBM CJ DJSHM BC
NPMBSARMQAMKMJ?QMW?
K?BCP?WKGLCP?JCQN?P?DSCP?BCJ?PCEGgL?K?XgLGA?
? N?PRGP BC JMQ NSCPRMQ BCJ !RJ\LRGAM W BCJ 0?AeDGAM /RPMQ NPMWCARMQ BC
GLDP?CQRPSARSP? BC RP?LQNMPRC NJ?LC?BMQ N?P? J? PCEGgL W PCJ?AGML?BMQ AML J?
NPMNSCQR?JMEeQRGA?BCJ?FGBPMTe?GLAJSWCLJ?N?TGKCLR?AGgLBCJ?A?PPCRCP?0MPRM
6CJFM-?L?MQ "2
"P?QGJBCJ#MPPCBMP.MPRCCL"MJGTG?WBCJ?A?PPCRCP?
)LRCPMAC\LGA?CL0CPj
5L NPMWCARM BC CQR? K?ELGRSB LM NMBPe? BCH?P BC ECLCP?P SL GLRCLQM BC@?RC W
BGQAMPB?LAG? NMP N?PRC BC JMQ BGDCPCLRCQ QCEKCLRMQ BC J? QMAGCB?B @P?QGJCf? C
GLRCPL?AGML?J0MPSLJ?BM
CQR\LJMQOSCBCDGCLBCLCJAPCAGKGCLRMCAMLgKGAMWCJ
%LBCKGQKM%L@GMJMEe? BCJEPGCEM$#%)
CQBCAGP
GLBeECL?
BCLMKGL?EPSNMQ
R?VMLgKGAMQOSCQCBCQ?PPMJJ?PMLCLSL?PCEGgLPCQRPGAR?%LECLCP?J
CJCLBCKGQKMCQ
CJPCQSJR?BMBCJ?QCN?P?AGgLBCCQNCAGCQ
OSCAMKGCLX?L?PCNPMBSAGPQCCLPCEGMLCQ
BGQRGLR?Q
B?LBMMPGECL?CQNCAGCQAMLDMPK?QBGDCPCLRCQBCCTMJSAGgL
,MQA\JASJMQLMAMLQGBCP?LJMQAMQRMQQMAGM?K@GCLR?JCQ
W?jLLMQCNSCBC?DGPK?P
AMLCV?ARGRSBAS\JCQQCP\LJMQAMQRMQBCRP?LQKGQGgLBCJ?CLCPEe?
N?NCJ NPCNMLBCP?LRC BC J? !K?XMLe? AMKM DSCLRC BC CLCPEe? PCLMT?@JC
GKNPCQAGLBG@JCN?P?NMRCLAG?PJ?QKCR?QBCBCQ?PPMJJMNPMWCAR?B?QNMPJMQN?eQCQ
QSB?KCPGA?LMQ0MPMRPMJ?BM
CQR\LJMQOSC?PESKCLR?LOSCCQRCKMBCJM
AMKM
CLCJN?Q?BM
LMAMLQGBCP?JMQCLMPKCQAMQRMQQMAGM?K@GCLR?JCQOSCJJCT?L?J?
PCEGgL ? ?JA?LX?P LGTCJCQ ?J?PK?LRCQ BC BCDMPCQR?AGgL W BC AMLACLRP?AGgL BCJ
GLEPCQM W BC J?Q RGCPP?Q ?EPeAMJ?Q ,?Q AMKSLGB?BCQ JMA?JCQ
QSQ ?QNGP?AGMLCQ
T?JMPCQ W ASJRSP?
?Qe AMKM J? AMKNJCHGB?B PCNPCQCLR?B? NMP J? @GMBGTCPQGB?B
AMLRGLj?LQGCLBMGLRCPNPCR?BMQAMKMGKNCBGKCLRMQN?P?CJBCQ?PPMJJMBCJN?eQ
%J A?NeRSJM NPCQCLR? SL ?L\JGQGQ AMWSLRSP?J BC J? K?RPGX CLCPEbRGA? @P?QGJCf?
AMKM GLQSKM N?P? SL? KCHMP AMKNPCLQGgL BC J?Q NMJeRGA?Q CLCPEbRGA?Q
NPMNSCQR?Q N?P? J? !K?XMLe? 0?PRGASJ?PKCLRC
QC NPCRCLBC RP?R?P CJ AMLRCVRM
PCEGML?JBCJCQR?BMBC2MLBMLG?
?L?JGX?LBMJMQNPGLAGN?JCQ?ARMPCQGLTMJSAP?BMQ
CLCJNPMACQM
QSQGLRCPCQCQWDMPK?QBCMPE?LGX?AGgLW?PRGASJ?AGgLCVGQRCLRCQ
%J CQRSBGM ?@MPB? JMQ GKN?ARMQ ?K@GCLR?JCQ W QMAG?JCQ KCLAGML?BMQ NMP JMQ
CKNPCLBCBMPCQ W CQNCAG?JGQR?Q
?Qe AMKM ?OSCJJMQ NJ?LRC?BMQ NMP J?Q
MPE?LGX?AGMLCQ BC J? QMAGCB?B AGTGJ W J?Q GLQRGRSAGMLCQ Nj@JGA?Q &GL?JKCLRC
QC
NPCRCLBCL BGQASRGP JMQ D?ARMPCQ BCRCPKGL?LRCQ W J?Q AMLBGAGMLCQ N?P? CJ
CQR?@JCAGKGCLRMBCJ?QNMJeRGA?QTGECLRCQ
RP?WCLBMPCDJCVGMLCQQM@PCCJKMKCLRM
?ARS?J BC CQRC NPMWCARM W J?Q AMLRPG@SAGMLCQ N?P? J? ?KNJG?AGgL BCJ BC@?RC
?ACPA?BCCQRCRCK?
%J QGESGCLRC RCVRM QC BGTGBC CL QGCRC QCAAGMLCQ ,? NPGKCP? ?FMLB? CJ ?L\JGQGQ
AMWSLRSP?JBCJ?K?RPGXCLCPEbRGA?@P?QGJCf?WQSGLRCPPCJ?AGgLAMLJMQAGAJMQBCJ
BCQ?PPMJJMBCJ?!K?XMLe?,?QCESLB?QCAAGgLBCQR?A??2MLBMLG?
SLCQR?BM
OSC PCAG@C BMQ EP?LBCQ PCNPCQ?Q FGBPMCJbARPGA?Q
A?SQ?LRCQ BC NPMDSLB?Q
RP?LQDMPK?AGMLCQ PCEGML?JCQ ,? RCPACP? QCAAGgL MDPCAC SL? BCQAPGNAGgL BCJ
NPMWCARM BCJ #MKNJCHM BCJ 2eM -?BCGP? W BC QSQ BGTCPQ?Q D?QCQ CQRSBGMQ BC
GKN?ARM
JGACLAG?KGCLRM ?K@GCLR?J
CRA
,? AS?PR? QCAAGgL BCJ RCVRM ?@MPB? J?
NCPACNAGgLWJMQGLRCPCQCQBCJMQBGDCPCLRCQ?ARMPCQCLTSCJRMQWMJMQGKN?AR?BMQ
CL J? GKNJCKCLR?AGgL BC J?Q FGBPMCJbARPGA?Q ,MQ GKN?ARMQ ?K@GCLR?JCQ QML
BGQASRGBMQ CL J? OSGLR? QCAAGgL
CLD?RGX\LBMQC J? FGBPMQCBGKCLRMJMEe? AMKM
ASCQRGgL LCSP\JEGA? N?P? J? QSQRCLR?@GJGB?B BC CQR? M@P? ,? QCVR? QCAAGgL
NSLRj?D?ARMPCQAMLQGBCP?BMQBCRCPKGL?LRCQWAMLBGAGML?LRCQN?P?J?QNMJeRGA?Q
ES@CPL?KCLR?JCQ TGECLRCQ &GL?JKCLRC
J? jJRGK? QCAAGgL @SQA? QGLRCRGX?P
PCDJCVGMLCQ W JCAAGMLCQ ?NPCLBGB?Q AML CQRC CQRSBGM BC A?QM
?NSLR?LBM
PCAMKCLB?AGMLCQ OSC CVNPCQ?L J? LCACQGB?B M CQNCP?LX?
BC SL A?K@GM BC
N?P?BGEK? N?P? J? AMLQMJGB?AGgL BC SL NPMACQM BC BCQ?PPMJJM BCKMAP\RGAM W
N?PRGAGN?RGTM
)LAJSQM QG QC JC B? NPGMPGB?B ?@QMJSR? ? J? CVN?LQGgL BC J? MDCPR? NMP KCBGM BC
FGBPMCJbARPGA?Q
CJCT?LBM ? SL CJ SQM BCJ NMRCLAG?J
CQRM NSCBC LM QCP
QSDGAGCLRC N?P? ?RCLBCP J? BCK?LB? NMP CLCPEe? NPMWCAR?B? NMP J? %KNPCQ? BC
)LTCQRGE?AGgL %LCPEbRGA? %0%
OSC CQ BC
??
CLRPC CJ W CJ
--%
%QRC AS?BPM QCf?J?
BC AGCPR? DMPK?
SL? NCPQNCARGT? BC
?EMR?KGCLRM
?J?PEMNJ?XM
BCJNMRCLAG?JFGBPMCJbARPGAML?AGML?J3GRCLCKMQCL
ASCLR? JMQ K?PAMQ PCESJ?RMPGMQ
NPGLAGN?JKCLRC JMQ PCJ?AGML?BMQ ? J? JCEGQJ?AGgL
?K@GCLR?J
J? NMQG@GJGB?B BC ?NPMTCAF?KGCLRM BC CQRC NMRCLAG?J CL CJ FMPGXMLRC
KCLAGML?BMQCPCBSACKSAFM0CPMCQRCFCAFMDSCGELMP?BMCLCJ0J?L$CACL?J
zN?P?J?CVN?LQGgLBCCLCPEe?CJbARPGA?
OSCTGLASJ?CJ?SKCLRMBC
J? MDCPR? N?P? J? AMLACQGgL BC JGACLAG?Q BC J?Q ASCLA?Q AMLQGBCP?B?Q BC ?JRM
GKN?ARM
AMKMJ?QBCJMQPeMQ-?BCGP?W8GLES 4?@J?
4?@J?(GBPMCJbARPGA?QGLQCPR?B?QCLJ?QKCR?QBCCVN?LQGgLCLCJ0!#WOSC
AMLQR?LCLCJ0J?L$CACL?JBCJ--%AMKMCLD?QCBCCQRSBGMQBCTG?@GJGB?BNMP
J?!ECLAG?.?AGML?JBC%LCPEe?%JbARPGA? !.%%,
%LTe?QN?P?QS?NPM@?AGgL
&SCLRC!.%%,3'( BCAGCK@PC
0MP MRPM J?BM
J? BCKMP? BC J? ?NPM@?AGgL BC J?Q JGACLAG?Q ?K@GCLR?JCQ
FGBPMCJbARPGA?Q AMLQGBCP?B?Q AMKM BC ?JRM PGCQEM JJCT? ?J QCARMP NPGT?BM
CL
AMLHSLRM AML CJ EM@GCPLM
? RMK?P BCAGQGMLCQ BC AMPRM NJ?XM CVRPCK?B?KCLRC
NPCMASN?LRCQ
AMKM J? PCAGCLRC NPMNSCQR? BC GLQR?J?AGgL BC RCPKMCJbARPGA?Q ?
A?P@gLCLJ?PCEGgLBC#?P?H\Q 0?P\
OSCCKGRGP\L
KGJJMLCQBCRMLCJ?B?QBC
#/?J?fM
.MF?WBSB?QBCOSCCJ\PC?BCJQCARMPCLCPEbRGAMOSCBCK?LB?K?WMP?RCLAGgL
C GLTCPQGMLCQ CQ J? BC CDGAGCLAG? CLCPEbRGA? 3CEjL SL CQRSBGM NS@JGA?BM NMP
77&
CL AMJ?@MP?AGgL AML BGTCPQ?Q GLQRGRSAGMLCQ BCJ QCARMP CLCPEbRGAM
EP?LBCQGLTCPQGMLCQCLCQR?\PC?NMBPe?LE?P?LRGX?PSL?CAMLMKe?BCF?QR?
'7 BC LSCT? ECLCP?AGgL
QGL AMKNPMKCRCP JMQ M@HCRGTMQ BC APCAGKGCLRM
CAMLgKGAM ?BMNR?BMQ 0?P? RCLCP SL? GBC? BC J? BGKCLQGgL BC J?Q NbPBGB?Q
?ARS?JCQ
CJ4PG@SL?JBC#SCLR?QBCJ?5LGgL 4#5
QCf?J?OSCCLCJ?fM
J?Q NbPBGB?Q RbALGA?Q PCJ?AGML?B?Q ?J K?LRCLGKGCLRM W ? J? A?JGB?B BC JMQ
COSGNMQ SRGJGX?BMQ N?P? J? RP?LQKGQGgL W BGQRPG@SAGgL PCNPCQCLR?L J? A?LRGB?B BC
CLCPEe?QSDGAGCLRCN?P??@?QRCACPNMPSL?fM?RPCQCQR?BMQ"?FG?
0CPL?K@SAM
W #C?P\ HSLRMQ
AML
KGJJMLCQ BC AMLQSKGBMPCQ 0MP QS N?PRC
J?Q NbPBGB?Q
AMKCPAG?JCQ QML COSGT?JCLRCQ ? J? CLCPEe? OSC ?@?QRCAC JMQ
KGJJMLCQ BC
AMLQSKGBMPCQBC-GL?Q'CP?GQ
,?FGQRMPG?BCJ?NMJeRGA?CLCPEbRGA?CLJ?!K?XMLe?
,?!K?XMLe?@P?QGJCf?PCNPCQCLR?ACPA?BCJBCJRCPPGRMPGML?AGML?JWNMQCC
SL? BC J?Q K\Q CVRCLQ?Q PCBCQ FGBPMEP\DGA?Q BCJ KSLBM
AS@GCPR?Q BC BCLQMQ
@MQOSCQWAMLSL?PCJ?RGT?KCLRC@?H?BCLQGB?BECMEP\DGA?%JCLMPKCNMRCLAG?J
BC ECLCP?AGgL FeBPGA? ACPA? BCJ BCJ NMRCLAG?J PCQR?LRC BCJ N?eQ
W CJ
BCQAS@PGKGCLRMBCCLMPKCQBCNgQGRMQBCE?QL?RSP?JCLCJCQR?BMBC!K?XML?Q
*SPS\ W 5PSAS
NMRCLAG?JGX?L J? A?N?AGB?B BC NPMBSAAGgL BC CLCPEe? BC J?
PCEGgL
AMJMA\LBMJ? CL CJ ACLRPM BCJ BC@?RC QM@PC CJ BCQ?PPMJJM CLCPEbRGAM BCJ
N?eQ ,CKMQ
,? CLCPEe? CJbARPGA? AMKM RCK? BCJ NJ?LC?KGCLRM PCEGML?J QSPEGg ? N?PRGP BC J?
APC?AGgL BC J? 3SNCPGLRCLBCLAG? BCJ 0J?L BC 6?JMPGX?AGgL BC J? %AMLMKe?
!K?XgLGA? 306%!
CL JMQ GLGAGMQ BC JMQ ?fMQ 5L? BC QSQ NPGLAGN?JCQ
DSLAGMLCQBCRCPKGL?B?CLJ?,CWBC#PC?AGgL JCW.lBC
?PR
CP?
CJ CQR?@JCAGKGCLRM BC SL? NMJeRGA? BC CLCPEe? AMKM QMNMPRC N?P? CJ
?@?QRCAGKGKGCLRM BC JMQ ACLRPMQ BC NPMBSAAGgL W BC J? GLBSQRPG? N?P? CJ
|?NPMTCAF?KGCLRMP?AGML?J}BCJMQPCASPQMQL?RSP?JCQ
$SP?LRC CJ NCPGMBM OSC T? BCQBC J? APC?AGgL BC J? 306%! ? J? APC?AGgL BC
%JCRPMLMPRC #CLRP?JCQ%JbARPGA?QBCJ.MPRCBC"P?QGJ3!
CL JCWBCJ
J? NMJeRGA? CLCPEbRGA? BC J? PCEGgL QC ACLRPg CL CJ CQR?@JCAGKGCLRM
BCSL?GLDP?CQRPSARSP?CLCPEbRGA?N?P?CJQSKGLGQRPMWBCQ?PPMJJMGLBSQRPG?JBCJ?
PCEGgL %JCRPMLMPRC
AMKM CKNPCQ? PCEGML?J AMLRPMJ?B? NMP J? CKNPCQ? CQR?R?J
%JCRPM@P\Q
TG?@GJGXg J? PC?JGX?AGgL BC CQRSBGMQ FGBPMCLCPEbRGAMQ
W CJ
NJ?LC?KGCLRM W CHCASAGgL BC EP?LBCQ NPMWCARMQ FGBPMCJbARPGAMQ AML CLMPKCQ
GKN?ARMQ CAMLgKGAMQ
QMAG?JCQ W ?K@GCLR?JCQ 4SASPSe
"?J@GL? W 3?KSCJ QC
AMLQ?EP?PML AMKM CJ LSCTM KMBCJM BC CVNJMR?AGgL BC JMQ PCASPQMQ
FGBPMCLCPEbRGAMQCLJ?!K?XMLe?
GLBSQRPG? CVNMPR?BMP? KGLCPMKCR?JjPEGA? W
NMQRCPGMPKCLRC
N?P? ?JGKCLR?P ?J
3).
AMLKGP?Q?CVNMPR?PCLCPEe?N?P?MRP?QPCEGMLCQBCJN?eQ 3SBCQRCz3SP
%QRMQ NPMWCARMQ GKNJGA?P\L CJ BCQNJ?X?KGCLRM BC SL AMLRGLECLRC QGELGDGA?RGTM
NM@J?AGML?J
?BCK\Q BC F?@CP ?JA?LX?BM \PC?Q BMLBC CVGQRCL PCQRPGAAGMLCQ
AMLQRGRSAGML?JCQ N?P? J? CVNJMR?AGgL
AMKM RGCPP?Q NCPRCLCAGCLRCQ ? EPSNMQ
GLBeECL?QWPCQR?LRCBCOSGJMK@MQ
?BCK\QBC\PC?QBCNPMRCAAGgL?K@GCLR?J
%L CQRC KMKCLRM
JMQ AMQRMQ QMAGM?K@GCLR?JCQ W BC AMKNCLQ?AGgL LM DSCPML
AMLQGBCP?BMQ CL CJ ?L\JGQGQ BC TG?@GJGB?B BC JMQ NPMWCARMQ %L 4SASPSe
-7
NMP CHCKNJM
CLRPC W NCPQML?Q DSCPML BCQNJ?X?B?Q
3!.4/3
W J?Q OSC FMW TGTCL CL J? PCEGgL BC QS GLQR?J?AGgL LM RGCLCL
?AACQM ? CLCPEe? CJbARPGA? ! NCQ?P BC OSC CJ NPMWCARM F? QGBM A?P?ARCPGX?BM
AMKM|BCGLRCPbQQMAG?J}
BCJ?CLCPEe?ECLCP?B?CQBCQRGL?B??JAMLQMPAGM
KGLCPMGLBSQRPG?J BC J? #MKN?fe? 6?JC BM 2GM $MAC
NPGT?RGX?BM CL
?
R?PGD?Q QS@QGBG?B?Q NMP K\Q BC ?fMQ %L CJ A?QM BC "?J@GL?
N?P? SL?
NMRCLAG?GLQR?J?B?BC-7 H?K\Q?JA?LX?B?
QCNPMTMAgSL?GLSLB?AGgLBC
ACPA?BCIK
SLMBCJMQeLBGACQK\Q?JRMQNMPKCE?U?RRQNPMBSAGBMQCL
CJ KSLBM 3!.4/3
,? GLQR?J?AGgL BC "?J@GL? M@JGEg J? PCS@GA?AGgL BC
BMQ ?JBC?Q 7?GKGPG!RPM?PG W JJCEg ? ?DCAR?P \PC?Q BC SQM BC EPSNMQ GLBeECL?Q
?GQJ?BMQ 0GPGSRGRG
4GOSGPGb
WNMQG@JCKCLRCJMQ+?P?D?UW?L?
%J CQR?BM @P?QGJCfM F? RCLGBM K?WMP NCQM CL CJ BCQ?PPMJJM BC J? GLBSQRPG?
CLCPEbRGA? CL CJ NCPGMBM BC ? 3GL CK@?PEM
CJ EP?L NMPRC BC J?Q
CKNPCQ?Q CLCPEbRGA?Q
J?Q BGDGASJR?BCQ BC ECQRGgL CKNPCQ?PG?J W DGL?LAGCP?
W CJ
?JRM EP?BM BC CLBCSB?KGCLRM
GLTG?@GJGX?PML J? K?LSRCLAGgL BCJ KMBCJM BC
MPE?LGX?AGgLGLQRGRSAGML?JBCJQCARMP!N?PRGPBCCQRCBG?ELgQRGAM
QCBGQKGLSWCCJ
NCQM BC J? N?PRGAGN?AGgL BGPCAR? BCJ CQR?BM
?KNJG\LBMQC J? N?PRGAGN?AGgL BCJ
A?NGR?J NPGT?BM AML KGP?Q ?J CQR?@JCAGKGCLRM BC NPMACQMQ K\Q AMKNCRGRGTMQ %J
QCARMPCJbARPGAMQC?@PGg?J?GLGAG?RGT?NPGT?B?
R?LRMNMPKCBGMBCJ?NPGT?RGX?AGgL
BC CKNPCQ?Q W? CVGQRCLRCQ
AMKM NMP J? GKNJCKCLR?AGgL BC LSCTMQ NPMWCARMQ
#MLSLQGQRCK?BCJGAGR?AGgL
J?LSCT?JCEGQJ?AGgLGLRPMBSACJ?AMKNCRCLAG?CLCJ
QCARMP BC ?NPMTCAF?KGCLRMQ FGBPMCJbARPGAMQ AML J? BCDGLGAGgL NPCTG? BC R?PGD?Q
KeLGK?Q
%L CQRC LSCTM DMPK?RM BC PCEJ?KCLR?AGgL BCJ QCARMP
QC @SQA?
DSLB?KCLR?JKCLRC J? GLQCPAGgL AMKNCRGRGT? BCJ N?eQ CL CJ CQACL?PGM
GLRCPL?AGML?J
CLCJAS?JCJN?NCJBCJ?!K?XMLe?CLCJK?N?CLCPEbRGAMN?P?AC
CQR?PMPGCLR?BMNMPRPCQ?QNCARMQG
AMKMNSCLRCN?P?J?GLRCEP?AGgLCLCPEbRGA?
BC!KbPGA?,?RGL?NMPKCBGMBCJCQR?@JCAGKGCLRMBCLSCTMQDJSHMQCLCPEbRGAMQGG
AMKM QMJSAGgL N?P? JMQ NPM@JCK?Q BCPGT?BMQ BCJ ?EMR?KGCLRM BC J?Q
A?N?AGB?BCQNPMBSARGT?QBCCLCPEe?BCMRP?QPCEGMLCQAMKMCJ3SBCQRCWCJ3SP
M
CLMRP?QN?J?@P?Q
J?CVNMPR?AGgLBCCLCPEe?N?P?JMQACLRPMQBGL\KGAMQBCJ?
CAMLMKe? L?AGML?J W
DGL?JKCLRC
GGG
AMKM ACLRPM BC ?RP?AAGgL BC GLBSQRPG?Q
.B4,MQ|OSGJMK@MQ}M|N?JCLOSCQ}CP?LJSE?PCQMAMLACLRP?AGMLCQNMJeRGA?KCLRC
MPE?LGX?B?QBCLCEPMQCQAJ?TMQ
OSCFSe?LBCQSQ?KMQBSP?LRCJ?bNMA?AMJMLG?J
J?RGLM?KCPGA?L?
CJCARPMGLRCLQGT?Q
JM OSC QGELGDGA? J? CVNMPR?AGgL GLBGPCAR? W QS@QGBG?B? BC
CLCPEe?N?P?JMQN?eQCQACLRP?JCQ
2MLBMLG?sKMBCJMBC|BCQ?PPMJJMQMQRCLG@JC}N?P?J?!K?XMLe?
%J CQR?BM BC 2MLBMLG? QC JMA?JGX? CL J? PCEGgL 3SBMCQRC BC J? !K?XMLe?
AMLQGBCP?B? SL? BC J?Q BGCX PCEGMLCQ NPGMPGR?PG?Q BCJ NJ?LCR? N?P? J?
AMLQCPT?AGgLBCJ?@GMBGTCPQGB?B 77&
,GKGR??J.MPRCAMLJMQCQR?BMQ
BC!K?XML?QW!APC
?J%QRCW3SPAMLCJCQR?BMBC-?RM'PMQQMW?J/CQRCAML
"MJGTG?0MQCCSL\PC?BC
IK
QGCLBMJ?TCECR?AGgLNPCBMKGL?LRCCJ
@MQOSC MK@PgDGJM BCLQM W ?@GCPRM
NMNSJ?PKCLRC AMLMAGBM AMKM @MQOSC BC
RGCPP?DGPKC3GLCK@?PEM
QSPGOSCX?@GMJgEGA?CQR\?QMAG?B??J?MASPPCLAG?BC
LSKCPMQMQ CAMRMLMQ
AMKM JMQ A?KNMQ GLSLB?BMQ
Q?@?L?Q ?K?XgLGA?Q
A?KNMQ BC ?JRGRSB W SKGPGX?JCQ
CLRPC MRPMQ ,? N?PRC QSP BCJ CQR?BM QC
A?P?ARCPGX?NMP\PC?QBCRCLQGgLCAMJgEGA?AMLNPCQCLAG?BCCVRCLQ?Q\PC?QBC
RP?LQGAGgLBC@MQOSCzQ?@?L?
,? A?NGR?J BCJ CQR?BM CQ 0MPRM 6CJFM
AML SL? NM@J?AGgL BC NCPQML?Q
)"'%
! BGDCPCLAG? BCJ N?RPgL BC MASN?AGgL BC J? PCEGgL ?K?XgLGA?
@P?QGJCf?
OSCAMLACLRP?BC?BCJ?NM@J?AGgLCLJ?QA?NGR?JCQCQR?R?JCQ
T?PGMQKSLGAGNGMQBCCQRCCQR?BMQGRS?BMQCLCJCHCBCJ?A?PPCRCP?"2RGCLCL
GKNMPR?LAG? CAMLgKGA? W NMJeRGA? QSNCPGMP OSC J? BC J? A?NGR?J
?J NSLRM BC
BCQGEL?P?JMQNPGLAGN?JCQPCNPCQCLR?LRCQBCJMQNMBCPCQ%HCASRGTM EM@CPL?BMP
W ,CEGQJ?RGTM QCL?BMPCQ W BGNSR?BMQ DCBCP?JCQ
$C JMQ K\Q BC KGJ IK BC
A?PPCRCP?Q
QgJM CJ CQR\ N?TGKCLR?B? W CJ QML A?KGLMQ CLBgECLMQ
CQ
BCAGP
AMLQRPSGBMQ?LGTCJJMA?JW
CLECLCP?J
BCK?LCP?GJCE?J 3/5:!*PCR?J
%JQ?LC?KGCLRM@\QGAMCQNPCA?PGMKCLMQBCJBCJMQBMKGAGJGMQRGCLCL
?JA?LR?PGJJ?BM%LRPCJMQK?WMPCQNPM@JCK?QBCQ?JSBQCCLASCLRP?LJ?K?J?PG?W
J?DGC@PC?K?PGJJ?
CLBbKGA?QCLJ?PCEGgL
%JCQR?BMF?N?Q?BMNMPT?PGMQAGAJMQCAMLgKGAMQWBCMASN?AGgLBCQBCCJQGEJM
86))) BCJA?SAFM
BCJRCJbEP?DM
BCJ?KGLCPe?
BCJ?E?L?BCPe?
BCJ?NPMBSAAGgL
BCQMW?
FGBPMCJCARPGAGB?B
CRA
AMLGLDJSCLAG?BCBGDCPCLRCQ ASJRSP?QWNPMDSLBM
KCQRGX?HCbRLGAM,?MASN?AGgLBCJCQR?BMQCA?P?ARCPGXgNMPNPMACQMQTGMJCLRMQ
BCCVNJSQGgL QGLMBC?LGOSGJ?AGgL
BCJ?QNM@J?AGMLCQGLBeECL?QWRP?BGAGML?JCQ
MPGEGL?PG?Q BC J? PCEGgL %LRPC JMQ ?fMQ W
2MLBMLG? ?RP?HM CJ K?WMP
DJSHMKGEP?RMPGMBCJ?!K?XMLe?@P?QGJCf?%L
CJ"?LAM-SLBG?J?NPM@gSL
DGL?LAG?KGCLRMN?P?CJNPMWCARMBCAMJMLGX?AGgLJJ?K?BM0MJM.MPMCQRC
N?P?J?
N?TGKCLR?AGgL BC J? A?PPCRCP? #SG?@\0MPRM 6CJFM
J? "2 5L KGJJgL BC
KGEP?LRCQQCBCQNJ?X?PMLN?P?2MLBMLG?
F?AGCLBMOSCJ?NM@J?AGgLN?Q?P?BC
CL
? F?@GR?LRCQ CL #MKM AMLQCASCLAG?
QC
%AMRMLMCQJ?PCEGgLBCRP?LQGAGgLCLRPCBMQAMKSLGB?BCQMCLRPCBMQCAMQGQRCK?Q
%LCJ\PC?BCRP?LQGAGgL CAMRMLM
QCCLASCLRP?SLEP?LLjKCPMBCCQNCAGCQW
NMPJM
R?LRM
SLEP?LLjKCPMBCLGAFMQCAMJgEGAMQ%LCJCAMRMLMTGTCLCQNCAGCQBCJ?Q
AMKSLGB?BCQJGKeRPMDCQ
?BCK\QBCCQNCAGCQNCASJG?PCQBCJ?PCEGgL
.B4RbPKGLMCLNMPRSESbQ3CBCLMKGL?|5KGP?J}?SLRGNMBCDMPK?AGgLECMEP\DGA?
GLRCLQGDGA?PML JMQ AMLDJGARMQ AML J?Q GLT?QGMLCQ BC RGCPP? W J? CVN?LQGgL ? RP?TbQ
BC J? ?NPMNG?AGgL BC RGCPP?Q )LKCLQ?Q \PC?Q BC @MQOSCQ DSCPML R?J?B?Q
RP?LQDMPK?LBM CJ N?GQ?HC CL EP?LH?Q BC NPMBSAAGgL E?L?BCP? !ARS?JKCLRC
CJ
PC@?fM CQR?R?J CQ SLM BC JMQ K\Q EP?LBCQ BCJ N?eQ
AML BMAC KGJJMLCQ BC
A?@CX?Q )"'%
?NPMVGK?B?KCLRCMAFMTCACQJ?NM@J?AGgLBC2MLBMLG?
,?BCT?QR?AGgL?K@GCLR?JF?CKN?f?BMGLRCPL?AGML?JKCLRCJ?GK?ECLBCJCQR?BM
W BCJ "?LAM -SLBG?J
DGL?LAG?BMP BCJ NPMWCARM BC MASN?AGgL BC J? PCEGgL 0?P?
PCTCPRGPCQRCAS?BPM
QCCJ?@MPgSLLSCTMNPMWCARMAMLCJDGLBC?BMNR?PKCBGB?Q
BC NPMRCAAGgL ?K@GCLR?J %J 0J?L !EPMNCAS?PGM W &MPCQR?J BC 2MLBMLG?
0,!.!&,/2/
RGCLC AMKM M@HCRGTM ?NMW?P J? CJ?@MP?AGgL BC SL QGQRCK? BC
XMLGDGA?AGgL BC RCPPGRMPGMQ N?P? J? ?EPGASJRSP? W MRPMQ SQMQ CAMLgKGAMQ
AMLQCPT?AGgL W SQM QMQRCLG@JC BC JMQ @MQOSCQ $SP?LRC CJ NCPGMBM BCJ NPMWCARM
J?GLTCPQGgLBCJ"?LAM-SLBG?JDSCBC53KGJJMLCQ -GJJGI?L
%J K?N? BC J? NPGKCP? ?NPMVGK?AGgL BC J? :MLGDGA?AGgL 3MAGMCAMLgKGAM
%AMJgEGA? :3%%
BC2MLBMLG?DSCGLQRGRSGBMDMPK?JKCLRCCJBCHSLGMBC
NMPKCBGMBCJ$CAPCRM!AMLRGLS?AGgL
SL?PCTGQGgLBCJ?#MLQRGRSAGgLBCJ
CQR?BM BC BCRCPKGLg J? GLQRGRSAGML?JGX?AGgL BCJ :3%%
NMP KCBGM BC J?JCW
AMKNJCKCLR?PG? .r BCJ 0S@JGA?BM CL J? CQA?J? BC
CJ
K?N?F?BGTGBGBMCJCQR?BMCLQCGQ|XML?Q}
A?B?SL?AMLBGPCARPGACQCQNCAeDGA?Q
QM@PCJ?MASN?AGgLWCJSQMBCJMQPCASPQMQL?RSP?JCQ
%J NPMACQM BC CJ?@MP?AGgL BCJ :3%% BC 2MLBMLG? CQRSTM K?PA?BM NMP
GKNMPR?LRCQAMLOSGQR?QNMPN?PRCBCJ?QMAGCB?BAGTGJMPE?LGX?B?
OSCCQRSTMCL
CJKMKCLRMBCJ&MPMBC/.'QW-MTGKGCLRMQ3MAG?JCQBC2MLBMLG?%QRCDMPM
RSTM PCNPCQCLR?AGgL CL CJ #MLQCHM $CJG@CP?RGTM BC 0J?L?DJMPM
ASWM M@HCRGTM
NPGLAGN?J DSC B?P RP?LQN?PCLAG? ? JMQ NPMACQMQ BC GKNJCKCLR?AGgL BC CQRC NJ?L
BCJEM@GCPLM%JDMPMF?BCLSLAG?BMCLBGTCPQ?QMA?QGMLCQ?J"?LAM-SLBG?JNMP
CJ BCQTeM BC JMQ M@HCRGTMQ W NMP LM SRGJGX?P JMQ PCASPQMQ BCQRGL?BMQ N?P? J?
NPMRCAAGgL ?K@GCLR?J ,MQ NPGLAGN?JCQ JMEPMQ
PCJ?AGML?BMQ ? J? APC?AGgL BC
SLGB?BCQ BC AMLQCPT?AGgL 5#
W ? J? BCK?PA?AGgL W NPMRCAAGgL BC J?Q RGCPP?Q
GLBeECL?Q 4)
MASPPGCPML EP?AG?Q ? J? NPCQGgL CHCPAGB? NMP J?Q MPE?LGX?AGMLCQ
AGTGJCQWNMPJ?QAMLBGAGMLCQNPCQCLR?B?QNMPCJ"?LAMN?P?CJBCQCK@MJQMBCJMQ
PCASPQMQ
!NCQ?PBCOSC2MLBMLG?F?QGBMCJNPGKCPCQR?BMCLAMLAJSGPQSXMLGDGA?AGgLW
OSC bQR? F?W? QGBM ?NPM@?B? NMP CJ #MLQCHM .?AGML?J BCJ -CBGM !K@GCLRC
#/.!-!
CVGQRC CQACNRGAGQKM PCQNCARM ? QS T?JGB?AGgL %Q AMKjL OSC
gPE?LMQES@CPL?KCLR?JCQAMKMCJ)LQRGRSRM.?AGML?JBC#MJMLGX?AGgLW2CDMPK?
!EP?PG? ).#2!
WJ?3CAPCR?Pe?%QR?R?JBC$CQ?PPMJJM!K@GCLR?J 3%$!-
F?E?L
A?QM MKGQM ? J?Q SLGB?BCQ BC AMLQCPT?AGgL W ?J NPMNGM :3%% CL JMQ
NPMACBGKGCLRMQBCRGRSJ?AGgLBC\PC?QMASN?B?QNMPGLT?QMPCQWCQR?LAGCPMQ
CL
J? BCK?PA?AGgL BC LSCTMQ ?QCLR?KGCLRMQ W CL J? ?NPM@?AGgL BC NJ?LCQ BC
K?LCHMDMPCQR?JN?P?J?CVRP?AAGgLBCK?BCP?
,?Q GLGAG?RGT?Q BCJ NMBCP %HCASRGTM W ,CEGQJ?RGTM
CLRPC JMQ ?fMQ W
MA?QGML?PMLJ?PCBSAAGgLBCK\QBCBMQKGJJMLCQBCFCAR\PC?Q IK
CL
CJ \PC? BC SLGB?BCQ BC AMLQCPT?AGgL ,?Q RGCPP?Q NPMRCEGB?Q PCQR?LRCQ QC
CLASCLRP?L AML SL? DSCPRC NPCQGgL NMP N?PRC BC JMQ GLT?QMPCQ W J? CVNJMP?AGgL
BCNPCB?BMP? BC JMQ PCASPQMQ L?RSP?JCQ
QGL A?QRGEM ? JMQ GLDP?ARMPCQ W QGL
KCBGB?Q CDCARGT?Q OSC PCTGCPR?L CJ AS?BPM '4!
,? BCDMPCQR?AGgL
?ASKSJ?B? CL CJ CQR?BM
QCEjL CJ )LQRGRSRM .?AGML?J BC )LTCQRGE?AGMLCQ
%QN?AG?JCQ )LNC
JJCEg ? A?QG KGJJMLCQ BC FCAR\PC?Q IK
CL HSJGM BC
JMOSCPCNPCQCLR?K\QBCSLRCPAGM
BCQS\PC?RMR?J%QRMF?AC
BC 2MLBMLG? CJ CQR?BM ?K?XgLGAM NMPACLRS?JKCLRC AML K?WMP eLBGAC BC
BCDMPCQR?AGgL
5L ?L\JGQGQ BC J? NMJeRGA? ?K@GCLR?J BC CQRC CQR?BM LMQ PCKGRC ?J NCPDGJ BC JMQ
MASN?LRCQ BCJ A?PEM BC 3CAPCR?PGM BC -CBGM !K@GCLRC
A?PEM SQS?JKCLRC
BCQRGL?BM ? NPMRCEGBMQ NMJeRGAMQ BC EM@CPL?BMPCQ
OSC CL KSAFMQ A?QMQ CQR\L
GLTMJSAP?BMQCLAPeKCLCQ?K@GCLR?JCQ 0%$,/73+)CR?J
%HCKNJMQBC
CQR? QGRS?AGgL QML JMQ EM@GCPLMQ BC 2?SNN
"G?LAM
W
#?QQMJ
%L CJ NPGKCPM
CJ OSC MASNg CJ A?PEM DSC SL ECPCLRC BC
?QCPP?BCPM %L CJ QCESLBM
CJ RGRSJ?P CQR?@? TGLASJ?BM AML SL? DCPPCRCPe?
CQNCAG?JGX?B? CL J? TCLR? BC KMRMQGCPP?Q 0%$,/73+) CR ?J
&GL?JKCLRC
CL CJ EM@GCPLM #?QQMJ
CJ QCAPCR?PGM A?K@Gg BC A?PEM ?J QCP
?ASQ?BM NMP CJ -GLGQRCPGM 0j@JGAM BC ?BKGLGQRP?AGgL GL?NPMNG?B? CL CJ SQM BC
QSQ ?RPG@SAGMLCQ N?P? RP?R?P BC @CLCDGAG?P ? CKNPCQ?PGMQ BC J? K?BCP?
!2#!.*/
%J ?EPMLCEMAGM
J? KGLCPe? W ?FMP? J? ECLCP?AGgL BC CLCPEe? QML NPCQCLR?BMQ
AMKM J? jLGA? ?JRCPL?RGT? BC BCQ?PPMJJM CAMLgKGAM N?P? CJ CQR?BM %J @MQOSC W
J?Q AMKSLGB?BCQ RP?BGAGML?JCQ
AMKM CL CJ N?Q?BM
AMLRGLj?L PCJCE?B?Q ? SL?
NMQGAGgL BC |M@QR\ASJM N?P? CJ BCQ?PPMJJM} 0PSC@? BC CQRM CQ J? ?SQCLAG? BC
NMJeRGA?QES@CPL?KCLR?JCQN?P?CQRGKSJ?PJ?CAMLMKe?CVRP?ARGT?WDMPCQR?J
WJMQ
EP?LBCQGLACLRGTMQN?P?J?Q?ARGTGB?BCQ?LRCPGMPKCLRCKCLAGML?B?Q
%J#MKNJCHM(GBPMCJbRPGAMBCJ2eM-?BCGP?
s1SbCQCJAMKNJCHMBCJ2GM-?BCGP?
%J #MKNJCHM (GBPMCJbARPGAM C (GBPMTG?PGM BCJ 2eM -?BCGP? CQ AMLQGBCP?BM CJ
NPMWCARMNPGLAGN?JBCJ?)LGAG?RGT?BC)LRCEP?AGgLBC)LDP?CQRPSARSP?3SB?KCPGA?L?
))23!
%QRCAMKNJCHMGLAJSWCJ?AMLQRPSAAGgL
CLJ?!K?XMLe?@P?QGJCf?
BCJ?Q
FGBPMCJbARPGA?Q BC *GP?S W 3?LRM !LRMLGM
OSC HSLR?Q QSK?Pe?L -7 BC
NMRCLAG? GLQR?J?B? BC SL? RCPACP? FGBPMCJbARPGA? CL CJ RPCAFM CLRPC !@SL_
CL
"P?QGJ
W 'S?W?P?KCLPeL
CL "MJGTG? W NPM@?@JCKCLRC
BC SL? AS?PR?
4?@J?$?RMQECLCP?JCQBCJ?QPCNPCQ?QBC3?LRM!LRMLGMW*GP?S 2MLBMLG?
#MLQRPSAAGgLBCFGBPMTe?QWCQAJSQ?Q
,? AMLQRPSAAGgL BC BMQ PCNPCQ?Q NJ?LGDGA?B?Q LM NCPKGRGP\ NMP Qe QMJ? OSC CJ
RPCAFM BC 0MPRM 6CJFM!@SL_ QC TSCJT? L?TCE?@JC
QGCLBM LCACQ?PG? J?
AMLQRPSAAGgL BC CQAJSQ?Q 3CEjL GLDMPK?AGgL BCJ CQRSBGM BC %JCRPM@P\Q
CJ 2eM
-?BCGP?NMQCC
NMPCLAGK?BCJ?AGSB?BBC0MPRM6CJFMF?QR?J?BCQCK@MA?BSP?
BCJPeM"CLG
SLRMR?JBCA?QA?B?QL?RSP?JCQ
J?QAS?JCQQMLSLM@QR\ASJMN?P?
J?L?TCE?AGgL
WOSCNMPJMR?LRMBC@CP\LQCPAS@GCPR?QNMPJ?EMQWPCNPCQ?QOSC
BC@CP\L QCP DJ?LOSC?B?Q NMP J?Q CQAJSQ?Q
N?P? NCPKGRGP CJ N?QM BC @SOSCQ BC
A?PE? %L J? 5(% BC 3?LRM !LRMLGM QCP\ AMLQRPSGBM SL A?L?J BC
IK NMP CJ
K?PECL GXOSGCPBM %L J? 5(% BC *GP?S CJ A?L?J QCP\ NMP CJ K?PECL BCPCAFM W
RCLBP\ IK BC CVRCLQGgL %J AMQRM ?BGAGML?J NPCTGQRM N?P? J? AMLQRPSAAGgL BC
CQ?QCQAJSQ?QCQBC2KGJJMLCQ 3?LRM!LRMLGM
W2KGJJMLCQ *GP?S
%JAMLHSLRMBCJMQNPMWCARMQNPCTCCSL?SKCLRMBCIKBCPeMQL?TCE?@JCQ
?ES? ?PPG@? BC 0MPRM 6CJFM CLRPC "P?QGJ
"MJGTG? W 0CPj
QCEjL JMQ B?RMQ
GLDMPK?BMQ NMP CJ "?LAM .?AGML?J BC $CQ?PPMJJM %AMLgKGAM W 3MAG?J ".$%3
%J RPCAFM OSC T? BCQBC 0MPRM 6CJFM F?QR? !@SL_
PCEGgL AS@GCPR? NMP J?Q BMQ
FGBPMCJbARPGA?Q
3?LRM!LRMLGMW*GP?S
RGCLC?JPCBCBMPBCIKBCCVRCLQGgL
,eLC?QBCRP?LQKGQGgL
,?QJeLC?QBCRP?LQKGQGgLQMLLMPK?JKCLRCAMLQGBCP?B?QAMKMN?PRCCQRPSARSP?J
BC J?Q CKNPCQ?Q FGBPMCJbARPGA?Q
BCQBC CJ NPMACQM BCJ ?L\JGQGQ BC TG?@GJGB?B
CAMLgKGA?
F?QR? JMQ CQRSBGMQ BC GKN?ARM ?K@GCLR?J %L CJ A?QM BCJ #MKNJCHM
BCJ2eM-?BCGP?
CJRbPKGLMBCPCDCPCLAG?CJ?@MP?BMNMP)"!-!AMLGLQRPSAAGMLCQ
N?P? CJ MRMPE?KGCLRM BC J? JGACLAG? ?K@GCLR?J
CVAJSe? J? PCQNMLQ?@GJGB?B BC JMQ
NPMNMLCLRCQ BC AMLBSAGP JMQ CQRSBGMQ LCACQ?PGMQ N?P? J? AMLQRPSAAGgL BC J?Q
JeLC?QBCRP?LQKGQGgLWQgJMCVGEGgJ?GLBGA?AGgLBCQSKCHMPRP?X?BM#MLCQMQC
APC?SL?QGRS?AGgLBC|FCAFMAMLQSK?BM}
NMPOSCSL?TCXOSCJ?M@P?CQRbJGQR?
LM F?@P\ SL? P?XgL N?P? OSC bQR? CVGQR? QG LM QC NSCBC BGQNMLG@GJGX?P CJ
NPMBSARMDGL?J
J?CLCPEe?%QRMAMLRP?BGACJMQRbPKGLMQBCJ?2CQMJSAGgLBC
#/.!-!
OSCNPCTCCJ??JRCPL?RGT?BCLMPC?JGX?PJ?M@P? -/.4%)2/
0MP JM R?LRM
J? JeLC? BC RP?QKGQGgL DSC QMJ?KCLRC AGR?B? CL JMQ %QRSBGMQ BC
)KN?ARM !K@GCLR?J %)!
BC J?Q 5(%Q AMKM SL AMPPCBMP |TGPRS?J} BC IK BC
?LAFM NMP IK BC CVRCLQGgL !Qe
DSCPML RP?LQDCPGBMQ N?P? CJ DSRSPM JMQ
CQRSBGMQ BCJ GKN?ARM OSC PCNPCQCLR?P\ CQRC AMPPCBMP
OSC ?RP?TCQ?P\ \PC?Q
NPMRCEGB?Q C GLAJSQGTC RGCPP?Q GLBeECL?Q
CL JMQ CQR?BMQ BC 2MLBMLG? W -?RM
'PMQQM 6?JC QCf?J?P OSC CJ AMQRM N?P? J? AMLQRPSAAGgL BC CQRC NPMWCARM CQ CJ
KGQKM BC J? AMLQRPSAAGgL BC J?Q FGBPMCJbARPGA?Q
CLRPC W KGJ KGJJMLCQ BC
PC?JCQ#CPA?BCJBCJMQ2OSCBC@CP\N?E?PCJAMLQSKGBMPNMP-7F
BC J? CLCPEe? ECLCP?B? NMP J?Q FGBPMCJbARPGA?Q BC 3?LRM !LRMLGM W *GP?S
AMPPCQNMLBCP\L?JMQAMQRMQBCRP?LQKGQGgL &52.!3
/RP? ASCQRGgL NJ?LRC?B? NMP CJ #MLQCHM 2CEGML?J BC )LECLGCPe? W !POSGRCARSP?
#2%!
BC 2MLBMLG?
CQ J? D?JR? BC AJ?PGB?B PCQNCARM ?J RGNM BC JeLC? BC
RP?LQKGQGgLOSCQCP\SRGJGX?B?%LA?QMQCMNRCNMPJ?JeLC?BCAMPPGCLRCAMLReLS?
##
QC PCOSCPGP\ J? CVNMPR?AGgL BC RMB? J? CLCPEe? ECLCP?B? N?P? MRP?Q
PCEGMLCQBCJN?eQ
QM@PCRMBMCJ#CLRPM/CQRCWCJ3SBCQRC TCPDGESP??@?HM
QGL
ECLCP?P GKNSCQRMQ W QGL NMQG@GJGB?BCQ BC CQRGKSJ?P J? CVN?LQGgL BCJ N?POSC
GLBSQRPG?J BCJ CQR?BM ,? MRP? ?JRCPL?GT? BCDCLBGB? NMP CJ #2%! W NMP J?
&CBCP?AGgLBCJ?Q)LBSQRPG?QBC2MLBMLG? &)%2/
CQJ?SRGJGX?AGgLBCAMPPGCLRC
?JRCPL? #!
JM OSC
QGL CK@?PEM
CLA?PCACP\ ?jL K\Q JMQ AMQRMQ BC
RP?LQKGQGgL
,?QS@?QR?BCJ?FGBPMCJbRPGA?BCJ-?BCGP?
0PMKMTGB?NMPJ?!ECLAG?.?AGML?JBC%LCPEe?%JbARPGA? !.%%,
J?QS@?QR?BC
3?LRM !LRMLGM RSTM AMKM TCLACBMP ?J #MLQMPAGM -?BCGP? %LCPEe? 3! -CQ?
DMPK?BM NMP J?Q CKNPCQ?Q /BC@PCAFR
!LBP?BC 'SRGCPPCX
#CKGE
&SPL?Q W NMP
SL DMLBM BC GLTCPQGgL AMKNSCQRM NMP JMQ @?LAMQ "?LGD W 3?LR?LBCP ,? MDCPR?
E?L?BMP?DSCBC2
NMP-7F#MKMBCJ?CLCPEe?QCP\N?P?ASKNJGP
AML CJ !K@GCLRC BC #MLRP?R?AGgL 2CESJ?B? !#2
DSC ?NJGA?BM CJ KCA?LGQKM
PCBSARMP NPCTGQRM CL J? QS@?QR?
OSC PCQSJRg CL CJ NPCAGM DGL?J BC 2
NMP
-7F
%J#MLQMPAGMBC%LCPEe?3MQRCLG@JCJGBCP?BMNMPJ?DP?LAM@CJE?3SCXTCLAGgJ?
QS@?QR?N?P?J?AMLACQGgLBCJ?SQGL?FGBPMCJbARPGA?BC*GP?S
OSCCQJ?QCESLB?
BCJ#MKNJCHMBCJ2eM-?BCGP?CL2MLBMLG?,?TGARMPG?MASPPGgBCQNSbQBCOSC
CJ AMLQMPAGM NPCQCLR?P? J? NPMNSCQR? BC AM@P?P 2
NMP KCE?U?RRFMP?
-7F
%J AMLQMPAGM CQR\ DMPK?BM NMP 3SCX
.:.?4< <??2.
;C2?@6<;2@CL)LDP?CQRPSARSP?
92A?<@B9#CLRP?JCQ%JbARPGA?Q
WJ?
#MKN?fe? (GBPMCJbARPGA? BC 3?L &P?LAGQAM '
,? TGARMPG? BCJ
AMLQMPAGM %LCPEe? 3MQRCLG@JC A?SQg NMJbKGA? AS?LBM 3SCX ?LSLAGg OSC
?JRCP?Pe? CJ JMA?J BC AMLQRPSAAGgL BC J? PCNPCQ? 3SCX NPCRCLBC AMLQRPSGP SL?
LSCT?FGBPMCJbARPGA?LSCTCIGJgKCRPMQ?@?HMBCJJMA?JGLGAG?JKCLRCCQRGNSJ?BM
CL
J?#?QA?B?BCJ)LDGCPLM3CEjLCJAMLQMPAGM
CJA?K@GMRP?CP\CAMLMKe?N?P?J?
M@P?WBGQKGSGP\JMQGKN?ARMQ?K@GCLR?JCQ
NCPMJMQCQRSBGMQBCCQRMQGKN?ARMQ
CLJ?LSCT?JMA?JGB?B?jLLMF?LQGBMNPCQCLR?BMQ
,MQAMLQMPAGMQTCLACBMPCQBCJ?QS@?QR?BCJ?QSQGL?QQCP\LJMQ|BSCfMQ}BCJ?
CLCPEe? NMP JMQ NPgVGKMQ ?fMQ
AMLDMPKC JM NPCTGQRM CL JMQ AMLRP?RP?RMQ BC
AMLACQGgL 4?@J?
4?@J?6?JMPCQBCECLCP?AGgLBCCLCPEe?WPCAMJCAAGgLBCJ?QSQGL?QBC3?LRM
!LRMLGMW*GP?S
AML@?QCCLJMQAMLRP?RMQDGPK?BMQCLJ?QS@?QR?
.B4%J!K@GCLRCBC#MLRP?R?AGgL2CESJ?B? !#2
CQSLMBCJMQBMQKMBCJMQ
TGECLRCQCL"P?QGJN?P?J?AMKCPAG?JGX?AGgLBCJ?CLCPEe?CJbARPGA?,?AMLRP?R?AGgLCLCJ
!#2CQDMPK?JGX?B?NMPKCBGMBCAMLRP?RMQ@GJ?RCP?JCQPCESJ?BMQ
ACJC@P?BMQCLRPC
?ECLRCQTCLBCBMPCQ ?ECLRCQBCECLCP?AGgL
AMKCPAG?JGX?AGgLMBCGKNMPR?AGgL
W
BGQRPG@SGBMPCQOSCN?PRGAGN?LCLJ?QQS@?QR?QBCAMKNP?WTCLR?BCCLCPEe?CJbARPGA?
,GACLAG?BCJ#MKNJCHM-?BCGP?sSL?NGCX?RbALGA?MNPMRMAMJ?P
$CQBCQSGLGAGM
CJNPMACQMBCJGACLAG?KGCLRMBCJ#MKNJCHMBCJ2eM-?BCGP?DSC
CVRPCK?B?KCLRCNMJbKGAM
BC@GBM?J?D?JR?BCAMKSLGA?AGgLCLRPCCJCQR?BMWJ?
QMAGCB?B0PGKCPM
DSCPMLPC?JGX?BMQJMQCQRSBGMQBCGKN?ARM?K@GCLR?J %)!
CL
JMQ AS?JCQ DSCPML CVAJSGBMQ BCJ ?L\JGQGQ CJ BC J? FGBPMTe? W CJ BC J?Q JeLC?Q BC
RP?LQKGQGgL
?K@?Q BC DSLB?KCLR?J GKNMPR?LAG? N?P? CJ NPMWCARM ,? ASCQRGgL
ACLRP?J QCPe? KGLGKGX?P CJ PGCQEM BC GLTG?@GJGX?P J? M@P?
W? QC? NMP SL?
NCPQNCARGT??K@GCLR?J
BGNJMK\RGA?MRCKNMP?J$CCQR?K?LCP?
QCPCQRPGLEGgCJ
\PC? BC CQRSBGM N?P? CJ RPCAFM BC GKN?ARM BGPCARM
CVAJSWbLBMQC ? "MJGTG? BCJ
?JA?LACBCJMQGKN?ARMQW
JSCEM
BCJ?LCEMAG?AGgLBCJNPMWCARMDGL?JKCLRCQC
MPGEGLgSL?TCPEkCLX?NMJeRGA?CLRPCCJ-GLGQRCPGMBC-GL?QW%LCPEe? --%
WJ?
*CD?RSP? BC '?@GLCRC
OSC CL AMLHSLRM NPCQGML?@?L ?J -GLGQRCPGM BC -CBGM
!K@GCLRC --!
N?P? |?EGJGX?P} J? JG@CP?AGgL BC J? JGACLAG? ?K@GCLR?J
AMLQGBCP?LBM OSCJ?QFGBPMCJbARPGA?Q BCJ2eM-?BCGP?QMLSL?NPGMPGB?BN?P?CJ
0!#
,MQCQRSBGMQBCGKN?ARMNPCQCLR?BMQ?)"!-!ECLCP?PMLNPCESLR?QRbALGA?Q
C
GLDMPK?AGMLCQ AMKNJCKCLR?PG?Q DSCPML QMJGAGR?B?Q NMP JMQ ?L?JGQR?Q BC CQRC
MPE?LGQKM ,?Q ?SBGCLAG?Q Nj@JGA?Q DSCPML MDGAG?JKCLRC ?ECLB?B?Q ?LRCQ BC J?
NPCQCLR?AGgL
NMPN?PRCBC&SPL?Q
BCJ?AMKNJCKCLR?AGgLBCJMQCQRSBGMQ0MP
CQRCKMRGTM
CJ-GLGQRCPGM0j@JGAM%QR?R?J -0%2/
F?NPCQCLR?BMSL?KCBGB?
A?SRCJ?P BC QSQNCLQGgL BC J?Q ?SBGCLAG?Q
?JCE?LBM OSC LM FS@M SL? ?KNJG?
BGDSQGgLBCJ?GLDMPK?AGgL
JMAS?JTGMJ?CJBCPCAFMAMLQRGRSAGML?JWSLGTCPQ?JBC
?AACQM ? J? GLDMPK?AGgL W N?PRGAGN?AGgL $CQNSbQ BC J? MPBCL BC PSNRSP?
PCNCLRGL?
J?Q ?SBGCLAG?Q DSCPML PC?JGX?B?Q AML @?HeQGK? ?QGQRCLAG? W
KMTGJGX?AGgL BC J? QMAGCB?B AGTGJ
CQNCAG?JKCLRC CL JM PCDCPCLRC ? J?Q
AMKSLGB?BCQNMRCLAG?JKCLRC?DCAR?B?Q
,?Q ?SBGCLAG?Q PCTCJ?PML J?Q DSCPX?Q NMJeRGA?Q W QSQ GLRCPCQCQ NMP CJ NPMWCARM
(GQRgPGAMQ PGT?JCQ NMJeRGAMQ QC ?JG?PML N?P? BCDCLBCP ? J?Q FGBPMCJbARPGA?Q
AMKM
NMP CHCKNJM JMQ N?PRGBMQ BC GXOSGCPB? W BCPCAF?
C GLAJSQM CJ CLRMLACQ
EM@CPL?BMP BC !APC
*MPEC 6G?L?
AML SL? ?ARGRSB OSC NSCBC QCP TGQR? AMKM
AMLRP?PG??J?NMJeRGA??K@GCLR?JNP?ARGA?B?NMPQSEPSNMNMJeRGAMCLJ?PCEGgL%J
BC@?RC QC JGKGRg ? J? CVNMQGAGgL BC JMQ NMJeRGAMQ W RbALGAMQ BCJ AMLQMPAGM
NPMNMLCLRC &SPL?Q/BC@PCAFR
%L J? NPGKCP? ?SBGCLAG?
OSC QC PC?JGXg CL
0MPRM 6CJFM
J? N?J?@P? DSC B?B? ?J Nj@JGAM QCGQ FMP?Q BCQNSbQ BCJ GLGAGM BC J?
?ARGTGB?B%L-SRSK0?P?L\
JMA?JBCSL?BCJ?Q?SBGCLAG?Q
J?AMKNPCLQGgLBC
JMQ F?@GR?LRCQ DSC OSC J? AGSB?B N?Q?Pe? NMP SL AGAJM BC RP?LQDMPK?AGgL
AML J?
GL?SESP?AGgL BC J? .SCT? -SRSK 3GL CK@?PEM
LM RCLe?L CL ASCLR? OSC J?
NM@J?AGgLQCPe?RP?QJ?B?B?BCSLJSE?P?MRPM
?jLLMBCDGLGBM
3C AMLAJSWC BC CQR? DMPK?
OSC CQR?Q NM@J?AGMLCQ DSCPML PCBSAGB?Q ? J?
AMLBGAGgLBCMWCLRCQBCJMQBGQASPQMQRbALGAMQWNMJeRGAMQ
?JAMLRP?PGMBCJMOSC
BCAJ?P?J?2CQMJSAGgL#/.!-!
OSCPCAMKGCLB?OSCCJ2)-! GLDMPKCBC
GKN?ARM?K@GCLR?J
CQRbCQAPGRMCLSLJCLES?HCQGKNJCWBCD\AGJ?AACQM
|.?BGC CLRCLBe?L?B? BC JM OSCCQR?@? F?@J?LBM
QgJM RCLe? KGLSRMQ N?P?
NPCESLR?P
J? AMKSLGB?B?NCL?Q CQRSTM NPCQCLRC
CJ CTCLRM DSCNMAM BGDSLBGBM
WCJAMLQMPAGM@MRgQSECLRCAMLA?KGQCR?QCL?NMWM?JNPMWCARM
NMPJMOSCCL
J? PCSLGgL
EP?L N?PRC CQR?@? ? D?TMP
OSGCLCQR?@? CL AMLRP? CP?J?
AMKSLGB?B?DCAR?B? ?JESL?Q NPCESLR?Q DSCPML AMLRCQR?B?QBC DMPK?
GLBC@GB?
L?BGC NSBM BCAGPL?B?
2MQC?LM
2CQGBCLRCBCJ?#MKSLGB?B3?L!LRMLGM
%J?PESKCLRMNPCQCLR?BMNMP&SPL?QDSCOSCCJNPMACQMF?@e?QGBM?KNJG?KCLRC
BGQASRGBMAMLJ?QAMKSLGB?BCQCLK\QBCPCSLGMLCQPC?JGX?B?QNMPCOSGNMQ
RbALGAMQ %QR?Q PCSLGMLCQ LM RSTGCPML AMKM M@HCRGTM CQAJ?PCACP JMQ NMQG@JCQ
GKN?ARMQBCJ?M@P?
QGLMBCF?ACPSL?JGQR?AMLAS\JCQQCPe?LJ?QBCK?LB?QBC
J?Q AMKSLGB?BCQ N?P? J? AMKNCLQ?AGgL BC QSQ NbPBGB?Q 3C N?PRGg BCJ NPGLAGNM
BC OSC J? M@P? CP? SL FCAFM AMLQSK?BM
GLAJSQM ?LRCQ BC OSC QC JJCT?P?L ?
A?@MJ?Q?SBGCLAG?Q
MBCOSCCJNPMACQMBCJGACLAG?KGCLRMCQRSTGCQCAMLAJSGBM
$CQNSbQ BC AMLAJSeBM CJ NPMACQM NPMRMAMJ?P BC J?Q ?SBGCLAG?Q
CJ BC K?PXM
BC
MAFMCQNCAG?JGQR?QBC)"!-!
PCQNMLQ?@JCQNMP?L?JGX?PCJ%)!2)-!
NPCQCLR?PML SL BGAR?KCL BCAJ?P?LBM J? GLQSDGAGCLAG? BC JMQ CQRSBGMQ
NPCQCLR?BMQ
W PCOSGPGCLBM J? ?KNJG?AGgL BC QS \PC? W QS ?JA?LAC %J CLRMLACQ
BGPCARMP BC JGACLAG?Q BC )"!-!
,SGX &CJGNNC +SLX
PCAF?Xg CJ N?PCACP BC QSQ
RbALGAMQ
QMJGAGR?LBM SL LSCTM N?PCACP BC SL AMLQSJRMP CVRCPLM 0?P?JCJ?KCLRC
CJ -GLGQRCPGM 0j@JGAM %QR?R?J BC 2MLBMLG? -0%2/
DGPKg SL !ASCPBM BC
#MKNPMKGQM !K@GCLR?J AML /BC@PCAFR N?P? PC?JGX?P CQRSBGMQ GLBCNCLBGCLRCQ
N?P??L?JGX?PCJ%)!2)-!BCJNPMWCARM
AMLCJDGLBCQS@QGBG?PJ?BGQASQGgLOSC
NMQRCPGMPKCLRCQCPe?NPMKMTGB?NMPJ?MPE?LGX?AGgL,?Q/.'Q!KGEMQB?4CPP?
C)LRCPL?RGML?J2GTCPCJ?@MP?PML
?@?QCBCCQRSBGMQNPCQCLR?BMQNMPCJ-0%
SL
BMASKCLRM?NSLR?LBMD?JJ?QEP?TCQBCJ%)!2)-!
4PCAFMPCRGP?BMBCJGLDMPKCBCJ?!ECLAG?.?AGML?JN?P?CJ$CPCAFM(SK?LM?J-CBGM
!K@GCLRC
PCSLGgLBCJ??ECLAG?AMLPCQGBCLRCQBC3?L!LRMLGM
CLJ?CQASCJ?3?L
!LRMLGM
CJBe?BCLMTGCK@PCBC
!JA?LACCOSGTMA?BMD?JR?CQRSBG?PJ?FGBPMTe?
PC?GLSLB?B?NSCBCQCPCJ
BM@JCBCJMCQRGK?BM
$G?ELgQRGAMECLbPGAM
D?JR?L?L\JGQGQWAMLAJSQGMLCQ
AMLQGQRCLRCQ
&SE?BCJMQNPM@JCK?QAMKNJCHMQ
%QRGK?RGT?CGKN?ARMQBCJ
?SKCLRMNM@J?AGML?JBCQASGB?BMQ
)KN?ARMQQM@PCCJRCPPGRMPGMCQRSBG?BMQ
QSNCPDGAG?JKCLRC
&?JR?PCJ?AGgLAMLCJBCQ?PPMJJMPCEGML?JWJMA?J
/KGQGgLQM@PC
J?GLSLB?AGgLCLRCPPGRMPGM@MJGTG?LM
-MBCJMQKMLMBGKCLQGML?JCQN?P??L?JGX?P
NPMACQMQRPGBGKCLQGML?JCQ
!L\JGQGQBCJNMRCLAG?JBCCSRPMDGX?AGgLGL?BCAS?B?
3CBGKCLR?AGgLDMAMGL?BCAS?BMWA\JASJMQGLAMLQGQRCLRCQ
!L\JGQGQGLQSDGAGCLRCBCJ
GKN?ARMBCJ?CPMQGgLCLJMQK\PECLCQWAMPPGCLRC?PPG@?
3S@CQRGK?AGgLBC
QCBGKCLRMQWCPMQGgL
NMPKCRMBMJMEe?GL?BCAS?B?
%QRGK?RGT?QGKNPCAGQ?QBC
QCBGKCLR?AGgLECLCP?LGLAMLDMPKGB?BCLJMQA\JASJMQBCJ?TGB?jRGJBCJ?QPCNPCQ?Q
/KGQGgLQM@PCNMQG@JCNCPHSGAGMN?P?3?LRM!LRhLGM
&?JR?GBCLRGDGA?PJ?Q
CQNCAGCQBCNCACQK\Q?DCAR?B?Q
)LACPRCX?QM@PCJ?TG?@GJGB?BBCJ?RP?LQNMQGAGgL
BCNCACQ
&?JR?CQRSBG?PKMPR?JGB?BBCFSCTMQWJ?PT?QCLRSP@GL?QWJCAFM
0CACQBMP?B?W@?@MQMQML?KCL?X?BMQBCCVRGLAGgL
&?JR?LCQRSBGMQ?BCAS?BMQ
QM@PCGKN?ARMCLJ?NCXA?CLCJ@?HM-?BCGP?
/KGQGgLBCGKN?ARMQCVNPCQGTMQCL
3GLCK@?PEM
LGLESLMBCJMQCQDSCPXMQDSCA?N?XBCBCRCLCPJ? JGACLAG?NPCTG?
BCJ?5(%BC3?LRM!LRMLGM
OSCDSCAMLACBGB?NMPCJNPMNGMBGPCARMPBCJ)"!-!
AMLAMLBGAGMLCQPCJ?AGML?B?Q?NPMEP?K?QBCKMLGRMPCMN?P?QCPCHCASR?BMQ
BCQNSbQBCOSCJ?QPCNPCQ?QCQRSTGCQCLMNCP?LBM%QGKNMPR?LRCBCQR?A?POSC
J? JGACLAG? DSC CKGRGB? AS?LBM J?Q ?ARGTGB?BCQ BCJ )"!-! CQR?@?L QSQNCLBGB?Q
BC@GBM ? J? FSCJE? BC QSQ CKNJC?BMQ %L CQR? KGQK? bNMA?
CJ gPE?LM QC
BGTGBGg CL BMQ LSCT?Q ?SR?POSe?Q
W KSAFMQ CKNJC?BMQ QC K?LGDCP?PRML
Nj@JGA?KCLRC ?DGPK?LBM OSC CVGQRe? GLRCPDCPCLAG? NMJeRGA? CL J? ?NPM@?AGgL BC
JGACLAG?QBCJ#MKNJCHMBCJ2eM-?BCGP?
JMOSCF?@Pe?QGBMSLMBCJMQKMRGTMQ
N?P?R?JBCAGQGgL
AMKMDMPK?BCBC@GJGR?P?JgPE?LM
,? PC?JGX?AGgL BC LSCT?Q ?SBGCLAG?Q Nj@JGA?Q DSC QMJGAGR?B?
NCPM J? NPGQ? BCJ
EM@GCPLM NMP GLGAG?P J?Q M@P?Q AMLQGBCPg GLLCACQ?PG? J? ?KNJG?AGgL BCJ BC@?RC
Nj@JGAM.MFS@MAMLQSJR?Nj@JGA?N?P?J?QBGQRGLR?QNM@J?AGMLCQRP?BGAGML?JCQW
JMQNSC@JMQGLBeECL?QOSCQCCLASCLRP?LBCLRPMBCJ?CQDCP?BC ?JA?LACBCJMQ
CKNPCLBGKGCLRMQ
TGMJ?LBM
NMP JM R?LRM
J? LCACQGB?B BC AMLQCLRGKGCLRM NPCTGM
NMPN?PRCBCCQRMQNSC@JMQ
%L LMTGCK@PC BC J? JGACLAG? ?K@GCLR?J NPCTG? W J? JGACLAG? N?P? J?
GLQR?J?AGgL BC D?CL?Q BC M@P? BC J? SQGL? BC *GP?S DSCPML AMLACBGB?Q
QGL OSC
JMQ CQRSBGMQ BC GKN?ARM PCDCPCLRCQ ? J? LSCT? JMA?JGB?B NPMNSCQR? DSCP?L
NPCQCLR?BMQ,?HSQRGDGA?AGgLBCJ--%DSCJ?SPECLAG?CL?NPMTCAF?PJ?|TCLR?L?
FGBPMJgEGA?} BCJ DGL?J BC J? CQR?AGgL QCA? N?P? J? AMLQRPSAAGgL BC J?Q D?CL?Q BC
M@P? %J GLDMPKC RbALGAM OSC ?AMKN?f? ? J? JGACLAG? KSCQRP? OSC CQR? DSC
AMLACBGB? NMP BCAGQGgL NMJeRGA?
QGL CJ ?T?J BCJ \PC? RbALGA?
?Qe AMKM F?@Pe?
MASPPGBMN?P?J?,GACLAG?0PCTG?WN?P?J?,GACLAG?BC)LQR?J?AGgLBCJ?SQGL?CL
3?LRM!LRMLGM
!ARMPCQACLRP?JCQWQSQGLRCPCQCQ
'M@GCPLMDCBCP?J
%J EM@GCPLM BCJ NPCQGBCLRC ,SGX )L\AGM ,SJ? B? 3GJT? AMLRg AMLSL ?KNJGM ?NMWM
KSJRGN?PRGB?PGM
AMWSLRSP? OSC E?P?LRGXg J? |EM@CPL?@GJGB?B} NMP KCBGM BC J?
K?WMPe? CL J? #\K?P? BC $GNSR?BMQ W CJ 3CL?BM %J ?ASCPBM GLQRGRSAGML?J
ACJC@P?BM CL CJ 0MBCP %HCASRGTM .CRM
AML J? BGQRPG@SAGgL BC A?PEMQ BC
NPGKCP LGTCJ KGLGQRCPGMQ W NPCQGBCLAG? BC CKNPCQ?Q CQR?R?JCQ
CLRPC JMQ
J?NCXA?CLCJCQRS?PGMBCJPeM!K?XML?Q
&?JR?BCAMLMAGKGCLRMBCJ?QBGL\KGA?QW
KCRMBMJMEe?BC?L\JGQGQBCJKCPASPGM
/KGQGgLCLJ?CQRGK?RGT?BCJMQGKN?ARMQBCJ
KCPASPGMQM@PCPG@CPCfMQ
3CMKGRCCQRSBG?PCJBCQACLQMBCJKCPASPGMBCJ?QKGL?Q
BC-?BPCBC$GMQ
&?SL?PCAMJCAAGgLGLQSDGAGCLRCCGKN?ARMQLMCT?JS?BMQ
2CEGgLCQBC?JReQGK?NPGMPGB?BWPCOSGCPCMRPM?L\JGQGQBC@GMBGTCPQGB?B
&?JR?
?L?JGX?PGKN?ARMQCLJMQJ?EMQBCJ?ASCLA?F?AG??@?HMBCJPeM
3S@
BGKCLQGML?KGCLRMCVNPCQGTMBCJMQAMQRMQBCJ?QM@P?QWBCJ?CLCPEe?
&?JR?
CQRSBG?PJ?LCACQGB?BBCAMLRPMJQ?LGR?PGM
&?JR?L?L\JGQGQWQMJSAGMLCQN?P?CJ
?SKCLRMBCJMQNPM@JCK?QBCQ?LC?KGCLRM
BGDCPCLRCQ N?PRGBMQ BC @?QC EM@CPLGQR? ECLCP?
NMP KMKCLRMQ
RCLQGMLCQ W
NMQGAGMLCQBGTCPECLRCQAS?LBMQCRP?R?BC?QSLRMQCQRP?RbEGAMQ
-?PGL? 3GJT? DSC CJ NPGKCP LMK@PC ?LSLAG?BM NMP ,SJ? CLRPC JMQ KGLGQRPMQ
LMK@P?BMQCLQSNPGKCPK?LB?RM#MLMAGB?GLRCPL?AGML?JKCLRCNMPBCDCLBCPJ?
A?SQ? ?K?XgLGA? HSLRM AML #FGAM -CLBCQ
-?PGL? CQ SL? BC J?Q P?P?Q
PCQNPCQCLR?LRCQ BC NM@J?AGMLCQ RP?BGAGML?JCQ OSC ?JA?LXg R?LRM BCQR?OSC C
GLDJSCLAG?NMJeRGA?CLCJAMLRCVRML?AGML?J$CQBCQSbNMA?BCQCL?BMP?
QGCKNPC
K?LRSTM SL @SCL BG\JMEM AML JMQ KMTGCKGCLRMQ QMAG?JCQ W ?K@GCLR?JGQR?Q
F?@GCLBM NP?ARGA?BM BGQNSR?Q CK@JCK\RGA?Q AML CJ QCARMP PSP?J CL BCDCLQ? BCJ
#gBGEM &MPCQR?J JCW .r
BCJ
W AMLRP? J? JG@CP?AGgL BC JMQ
RP?LQEbLGAMQ
CLRPC MRPMQ RCK?Q NMJbKGAMQ CL CJ \PC? ?K@GCLR?J !J ?QSKGP CJ
A?PEM BC -CBGM !K@GCLRC
J? KGLGQRP? QC CLDPCLRg AML CJ NPM@JCK? BC J?
KMPMQGB?BBCJ?JGACLAG?BCGLSKCP?@JCQM@P?QBCGLDP?CQRPSARSP?NJ?LGDGA?B?QNMP
CJ 0PMEP?K? !T?LX? "P?QGJ W
NMQRCPGMPKCLRC
AML JMQ NCBGBMQ BC JGACLAG? BC
J?QLSCT?QM@P?QNPMNSCQR?QNMPCJ0!#
%QR? CQRP?RCEG? CQR?@JCAGB? NMP CJ 0PCQGBCLRC BC J? 2CNj@JGA? F? JJCT?BM ? J?
Q?JGB? BC -?PGL? 3GJT? BCJ KGLGQRCPGM W QC NSCBC GLAJSGP CJ NPMNgQGRM BC CTGR?P
K?WMPDPGAAGgLAMLJMQEM@CPL?BMPCQBCCQR?BMQAMKM-?RM'PMQQM
2MLBMLG?
W
0?P\
JMQ CQR?BMQ AML K?WMPCQ R?Q?Q BC BCDMPCQR?AGgL CL J? !K?XMLe?
W CL
BMLBCEP?LBCQM@P?QCQR\LQGCLBMNJ?LC?B?Q
,? CJCAAGgL BCJ KGLGQRPM OSC PCKNJ?Xg ? -?PGL? 3GJT? QC @?Qg CL SL NCPDGJ K\Q
BGL\KGAMWAML?EGJGB?BCLJ?RMK?BCBCAGQGMLCQ#?PJMQ-GLARCLe?CVNCPGCLAG?
CL ECQRGgL ?K@GCLR?J
F?@GCLBM TG?@GJGX?BM P\NGBMQ NPMACQMQ BC JGACLAG?KGCLRM
N?P? J? MNCP?AGgL BC GLBSQRPG?Q BC N?NCJ W ACJSJMQ? CL CJ 3SBCQRC BC "P?QGJ %J
KGLGQRPM ?QSKGg CJ A?PEM AML CJ AMKNPMKGQM BC |BCQ@JMOSC?P} CJ NPMACQM BC
JGACLAG?KGCLRM BCLRPM BCJ )"!-! 3S NPGLAGN?J M@HCRGTM QCPe? |?ACJCP?P} J?
?NPM@?AGgL BC J?Q JGACLAG?Q
QGCLBM CJ ?L\JGQGQ BC J?Q KCBGB?Q AMKNCLQ?RMPG?Q
PGESPMQM
JMOSCK?PA?SL?EP?LBGDCPCLAG?CLCJAMLRCVRMNMJeRGAMCLCJOSCCQR\L
GLQCPGB?QJ?QFGBPMCJbARPGA?QBCJ2eM-?BCGP?
/'-Qz/PE?LGQKMQECLbRGA?KCLRCKMBGDGA?BMQ
!T?LX?"P?QGJz0PMEP?K?BCJEM@GCPLMBCJCVNPCQGBCLRC&CPL?LBM(CLPGOSC
#?PBMQM ?LRCACQMPBC,SJ?
&GL?JKCLRC
RGCLC QCLRGBM ?L?JGX?P J? QGRS?AGgL BCJ 0!# W
CL N?PRGASJ?P
J? BCJ
#MKNJCHM BCJ -?BCGP? ? J? JSX BCJ KMKCLRM NMJeRGAM CL OSC
? SL ?fM BC J?Q
CJCAAGMLCQ NPCQGBCLAG?JCQ
J? KGLGQRP? $GJK? 2MSQQCD
|K?BPC} BCJ 0!#
F?@e?
QGBM ?NSLR?B? AMKM J? QSACQMP? BC ,SJ? %J EM@GCPLM RCLe? NPGQ? CL ?JA?LX?P
PCQSJR?BMQBCNCQM
OSCAGCPR?KCLRCQCPe?LSRGJGX?BMQCLJ?A?KN?f?CJCARMP?J
-GLGQRCPGM0j@JGAM
%J-GLGQRCPGM0j@JGAMBCQCKNCf?SLGKNMPR?LRCN?NCJWSL?CDCARGT?AMLRPG@SAGgL
N?P? J? NPMRCAAGgL BC JMQ BCPCAFMQ DSLB?KCLR?JCQ W J? NPMRCAAGgL BC JMQ
GLRCPCQCQBGDSQMQ
CLCQNCAG?JBCJKCBGM?K@GCLRC$C?ASCPBMAMLCJ!PRBC
J? #MLQRGRSAGgL &CBCP?J BC
|CJ -GLGQRCPGM 0j@JGAM CHCPAC SL? DSLAGgL
CQACLAG?J BC BCDCLQ? BCJ MPBCL HSPeBGAM
BCJ PbEGKCL BCKMAP\RGAM
W BC JMQ
GLRCPCQCQQMAG?JCQCGLBGTGBS?JCQGLBGQNMLG@JCQ}
%L CJ A?QM BC J?Q JGACLAG?Q BCJ #MKNJCHM BCJ -?BCGP?
JMQ NPMKMRMPCQ BCJ
-GLGQRCPGM0j@JGAM%QR?R?JW&CBCP?JQCNPMLSLAG?PML?NSLR?LBMGPPCESJ?PGB?BCQ
CLCJNPMACQMBCJ?Q?SBGCLAG?QNj@JGA?Q
QMJGAGR?LBMMNGLGMLCQAMKNJCKCLR?PG?Q
?J%)!2)-!
CGLAJSQMCLA?P\ARCPBC?BTCPRCLAG?
ASCQRGML?LBM?J)"!-!QM@PC
GLAMLDMPKGB?BCQ CL JMQ NPMACQMQ BC JGACLAG?KGCLRM ?K@GCLR?J BC J? 5(% *GP?S
3GLCK@?PEM
?JN?PCACP
CQR?Q?AAGMLCQF?LQGBMNMAMCDCARGT?QN?P?E?P?LRGX?P
CJ ASKNJGKGCLRM BC J? JCEGQJ?AGgL ?K@GCLR?J DPCLRC ? J?Q DSCPX?Q NMJeRGA?Q
ES@CPL?KCLR?JCQOSC?NCJ?LN?P?CJ0PGLAGNGMBC3SNPCK?Ae?BCJ)LRCPbQ0j@JGAM
N?P? J? GLKSLGX?AGgL BCJ 0MBCP %HCASRGTM
CL PCJ?AGgL ?J AMLRPMJ NMP JMQ BCK\Q
0MBCPCQW
NPGLAGN?JKCLRC
?JAMLRPMJBCJAGSB?B?LM
'M@GCPLMQ%QR?R?JCQW-SLGAGN?JCQ
,??ACNR?AGgLBCJ?NPMNSCQR?BCJ#MKNJCHMBCJ2eM-?BCGP?CLRPCJMQEM@GCPLMQ
JMA?JCQ
CLbNMA?BCJ?QCJCAAGMLCQKSLGAGN?JCQBCJ
DSCSL\LGKC.MFS@M
AMLRP?NMQGAGgL CL JMQ BGDCPCLRCQ QCARMPCQ BCJ %HCASRGTM W ,CEGQJ?RGTM
CLRPC JMQ
N?PRGBMQ BC GXOSGCPB? W BCPCAF? ,? P?XgL N?P? J? EP?L ?ACNR?AGgL NMJeRGA? QC
CLASCLRP?CLJMQLjKCPMQNPCQCLR?BMQ?@?HM
3CEjL B?RMQ NPCQCLR?BMQ NMP &SPL?Q CL J?Q ?SBGCLAG?Q Nj@JGA?Q
JMQ GLEPCQMQ
?LS?JCQ BC PCE?Je?Q BCQRGL?B?Q ?J KSLGAGNGM BC 0MPRM 6CJFM QCPe?L BC 2
KGJJMLCQ?fM
KGQKMT?JMPBCQRGL?BM?J'M@GCPLM%QR?R?J0MPMRP?N?PRC
CVGQRCJ?
CVNCAR?RGT? BC ?SKCLRM BC J? PCA?SB?AGgL CL ACPA? BC 2 KGJJMLCQ CL CJ
)KNSCQRM QM@PC #GPASJ?AGgL BC -CPA?BCPe?Q W 3CPTGAGMQ )#-3
W CL K\Q BC
2KGJJMLCQCLCJ)KNSCQRMQM@PC3CPTGAGMQ )33
?BCK\QBCJ?ECLCP?AGgL
BCACPA?BCCKNJCMQBGPCARMQCLJMQNPGKCPMQAGLAM?fMQBCAMLQRPSAAGgL
BCJ?QSQGL?Q
.MR?QRbALGA?QLr
WBCJ?q#\K?P?BCJ-GLGQRCPGM
0j@JGAM&CBCP?J-CBGM!K@GCLRCW0?RPGKMLGM#SJRSP?JW!AAGgL#GTGJ0j@JGA?Lr
!BCK\Q BC J?Q AGDP?Q ?LRCPGMPKCLRC QCf?J?B?Q
0MPRM 6CJFM W? CQR\ QGCLBM
@CLCDGA?BM BCQBC CJ AML J? BCQRGL?AGgL BC 2 KGJJMLCQ BCJ 0!# N?P?
M@P?Q BC GLDP?CQRPSARSP? ,? A?NGR?J
?LRCQ BC PCAG@GP ?J CKNPCLBGKGCLRM
NPCQCLR?@? CQR?BeQRGA?Q ?J?PK?LRCQ G
CJ K\Q ?JRM eLBGAC BC KSCPRCQ TGMJCLR?Q
CLCJN?eQBCA?B?KGJF?@GR?LRCQ N?P?J?NM@J?AGgLBC??fMQ
CL
AMKN?P?AGgL AML CJ NPMKCBGM BC CL "P?QGJ /PE?LGX?AGgL BC JMQ %QR?BMQ
)@CPM?KCPGA?LMQN?P?J?%BSA?AGgL
J?#GCLAG?WJ?#SJRSP?
GG
SLMBCJMQ
K?WMPCQBbDGAGRQF?@GR?AGML?JCQBCJN?eQ
KGJD?KGJG?Q
MBCJMQPCQGBCLRCQ
CL CJ KSLGAGNGM "P?QGJ -GLGQRCPGM BC J?Q #GSB?BCQ
3CAPCR?Pe? .?AGML?J BC
(?@GR?AGgL
GGG
QMJ?KCLRC
BC J?Q PCQGBCLAG?Q NMQCCL AMLCVGMLCQ
AML ?JA?LR?PGJJ?BMQ
OSC LM QML RP?R?BMQ
GT
CP? N?PRC BC J? JGQR? BC JMQ
KSLGAGNGMQBCJ?!K?XMLe?AMLJ?K?WMPR?Q?BCBCDMPCQR?AGgLCLRPC
%Q GKNMPR?LRC BCQR?A?P OSC CJ #MKNJCHM BCJ 2eM -?BCGP? DSC SQ?BM AMKM
@?LBCP? BC J? A?KN?f? BC J? @?QC ?JG?B? BCJ EM@GCPLM CL J?Q PCAGCLRCQ
CJCAAGMLCQKSLGAGN?JCQ
RCLGCLBMAMKMNPGLAGN?J?PRGASJ?BMPNMJeRGAMBCJEM@GCPLM
DCBCP?J?JKGLGQRPMBC-GL?QW%LCPEe?
%BGQML,M@_M
3CARMP0PGT?BM
!BCK\QBCJ?QBCK?LB?QGLKCBG?R?Q
JMQCKNPCQ?PGMQNPMNMLCLJ?AMLRPSAAGgL
BCSL?P?K?BCIKBCJE?QMBSARM5PSAS-?L?MQ !-
F?QR?0MPRM6CJFM
N?P??JGKCLR?PSLNMJMNCRPMOSeKGAMNPMBSARMPBCRGLR?Q
NMJeKCPMQWDCPRGJGX?LRCQ
JMOSCNMBP\BSNJGA?PJMQCKNJCMQCLJ?GLBSQRPG?CLKGJNSCQRMQCLBGCX?fMQ
W ?@QMPTCP CJ CVACBCLRC BC K?LM BC M@P? ECLCP?BM NMP J? AMLQRPSAAGgL BC
SQGL?Q |0PCAGQ?KMQ SL KMBCJM BC BCQ?PPMJJM OSC QGPT? N?P? JMQ GLRCPCQCQ
,MQPCASPQMQBCJ0!#DSCPML@JMOSC?BMQNMPCJ4PG@SL?JBC#SCLR?QBCJ%QR?BM
BC@GBM?OSCJ?!Q?K@JC?,CEGQJ?RGT?F?RCLGBMD?JR?BCASGB?BMAMLJ?,CWBC
2CQNMLQ?@GJGB?B&GQA?J
PCEGML?JCQ}
BGAC %SXb@GM 'S?PCQAFG
NPCQGBCLRC BC &)%2/ |,?Q SQGL?Q QML SL
NPMWCARM N?P? ?RCLBCP ? "P?QGJ
NCPM CJ E?Q CQ SL? ?JRCPL?RGT? PC?J N?P? OSC
2MLBMLG?F?E?CJN?QMBCJ?NPMBSAAGgLNPGK?PG??J?RP?LQDMPK?AGgLGLBSQRPG?J}
*MPL?J6?JMP%AMLhKGAM
!RP?eB?Q NMP CQRC KMTGKGCLRM
CKNPCQ?Q BC EP?L NMPRC AMKM !JQRMK
!AAMP
(MRCJQ
#?PPCDMSPW6MRMP?LRGK#GKCLRMQNJ?LC?LGLTCPRGPMCQR\LAMKCLX?LBM?
GLQR?J?PQC CL J? A?NGR?J $MQ ACLRPMQ AMKCPAG?JCQ
AML RGCLB?Q A?B? SLM
R?K@GbLQCCLASCLRP?LCLAMLQRPSAAGgL
-MTGKGCLRMQQMAG?JCQMPE?LGX?BMQWNM@J?AGMLCQNMRCLAG?JKCLRC?DCAR?B?Q
0M@J?AGMLCQLMGLBeECL?Q
,?Q GLACPRGBSK@PCQ QCf?J?B?Q LM DSCPML AMLQGBCP?B?Q CL CJ NPMACQM BC
?NPM@?AGgL BC J?Q JGACLAG?Q ?K@GCLR?JCQ W BC GLQR?J?AGgL BC J?Q M@P?Q $SP?LRC
TGQGR?QBCA?KNMPC?JGX?B?QNMPCJEPSNMBCCQRSBGMQBCJ?5LGTCPQGB?B&CBCP?J
BC 2MLBMLG? 5.)2
J? K?WMPe? BC J?Q NCPQML?Q CLRPCTGQR?B?Q ACPA? BC
D?KGJG?Q
?DGPK?PML OSC DSCPML TGQGR?B?Q NMP CJ AMLQMPAGM N?P? CJ PCEGQRPM BC QS
NPMNGCB?B W BC J?Q PCDMPK?Q PC?JGX?B?Q CL J? KGQK?
K?Q LM PCAG@GCPML LGLEjL
#MKSLGB?BCQ@?HMGLDJSCLAG?BCJ?!(%*GP?S-SRSK0?P?L\
0P?G?BM!TG_M
,GLF?
0PMEPCQQM
!@SL_
&MPR?JCX?BM!@SL_
#?JBCGP_MBM)LDCPLM
2CK?J0PGK?TCP?
0!3_
&P?LAGQAM
%K@?j@?
2?K?J3_M,MSPCLaM
#MKSLGB?BCQJMA?JGX?B?QCLCJ\PC?BCGLDJSCLAG?BGPCAR?BCJ?!(%BC3?LRM!LRhLGM
"CRCJ
#?AFMCGP?BMQ-?A?AMQ
%LECLFM.MTM
)JF?BM4CMRhLGM
*?AG0?P?L\
*M?L?
$?PA)
*M?L?$?PA))
*M?L?$?PA)))
*M?L?$?PA))) P?K?GQ
-MPPGLFMQ
0?BPC
%RCPLM
0MPRM3CESPM
2?K?JBM!PPCNCLBGBM
3?LRM!LRhLGM
3_M$MKGLEMQ
4CMRhLGM
4P?R?3bPGM"CJ?6GQR?
:CA?'MPBM
#MKSLGB?BCQJMA?JGX?B?Q?ES??@?HMBC0MPRM6CJFM!JG?La?
"CJKMLRC
"M?6GRgPG?
"MK*?PBGK
"P?QGJCGP?
#?J?K?
#SHS@GK'P?LBC
#SHS@GLXGLFM
#SPSA?A?Q
$CK?PA?a_M
)JF?BC)P?ACK?
)JF?.MT?
)R?AM_
,?EMBM#SLG_
,GLF?B?!KGX?BC
%QRSB?LRCQ
-SRSLQ
.?X?Pb
.GRCPgG
.MT?!JG?La?
.MT?%QNCP?La?
0?N?E?GM
2CQQ?A?
3?LR?#?R?PGL?
3?LRM%VNCBGRM
3_M#?PJMQ
3_M-GESCJ
3_M3C@?QRG_M
BMASKCLRM QM@PC CJ PCEGQRPM
CJ NPMACQM BC GLBCKLGX?AGgL
QSQ BCPCAFMQ BC
AMKNCLQ?AGgLW?QGQRCLAG?
MGLAJSQGTCQM@PCCJCKNPCLBGKGCLRMWCJAPMLMEP?K?
BCJ?M@P? &?PPCJ
,?A?N?AGB?BBCKMTGJGX?AGgLWMPE?LGX?AGgLBCJMQPCQGBCLRCQBCJ?Q\PC?QOSC
NMBPe?L QCP PC?QCLR?B?Q CQ @?QR?LRC JGKGR?B?
NSCQ RGCLCL SL @?HM LGTCJ BC
CQAMJ?PGB?B W J? K?WMPe? TGTC CL \PC?Q MASN?B?Q (?QR? J?Q TeQNCP?Q BCJ GLGAGM
BCJ?AMLQRPSAAGgLBCJ?M@P?
CLJ?A?QA?B?BC3?LRM!LRMLGM
JMQNM@?JBMPCQLM
F?@e?L QGBM GLDMPK?BMQ QM@PC CJ LSCTM JMA?J N?P? BMLBC QCPe?L JJCT?BMQ
!JESLMQ DSCPML JJCT?BMQ ? FMRCJCQ
QGL F?@CP PCAG@GBM MDGAG?JKCLRC E?P?LRe?Q BC
QSQ BCPCAFMQ ,? DMPK? BC LCEMAG?AGgL BC JMQ @GCLCQ K?RCPG?JCQ LM QGESGg
APGRCPGMQ AJ?PMQ W LM DSC FCAF? BC DMPK? AMJCARGT? W RP?LQN?PCLRC ,? CKNPCQ?
MNRg NMP LCEMAG?P A?QM NMP A?QM
B?LBM JSE?P ? BGQRMPQGMLCQ CL PCJ?AGgL ? JMQ
T?JMPCQMDPCAGBMQ
NPGLAGN?JKCLRCNMPJ?QPCDMPK?QPC?JGX?B?QCLJMQGLKSC@JCQ
%J -MTGKGCLRM BC JMQ !DCAR?BMQ NMP J?Q 2CNPCQ?Q -!"
QGEJ? CL NMPRSESbQ
?
NCQ?P BC JMQ JGKGR?BMQ PCASPQMQ FSK?LMQ W DGL?LAGCPMQ N?P? CJ NPMACQM BC
KMTGJGX?AGgL
CQRSTM NPCQCLRC CL J?Q ?SBGCLAG?Q Nj@JGA?Q
JJCT?LBM ?
PCNPCQCLR?LRCQ BC J?Q AMKSLGB?BCQ ?DCAR?B?Q NMP J? PCNPCQ? BC 3?KSCJ
AMLQRPSGB?CLJMQ?fMQWJMA?JGX?B??IGJgKCRPMQBC0MPRM6CJFM-SAFMQ
BCCJJMQQMLRCQRGEMQBCJ?LCEJGECLAG?BCJ0MBCP0j@JGAMWBCJ?QM@P?Q
WAMLQR?
OSCF?QR??FMP?LMF?LPCAG@GBMQSQGLBCKLGX?AGMLCQ
/RP? ?AAGgL GKNMPR?LRC QC PCDGCPC ? J? ?PRGASJ?AGgL PC?JGX?B? CL J?Q PCEGMLCQ
DPMLRCPGX?Q CLRPC "MJGTG? W CJ 0CPj
OSC ASJKGLg AML J? |$CAJ?P?AGgL BCJ
KMTGKGCLRM QMAG?J CL BCDCLQ? BC J? ASCLA? BCJ -?BCGP? W BC J? PCEGgL
?K?XgLGA?} %L CQRC CLASCLRPM
PC?JGX?BM CL J? AGSB?B BC 0MPRM 6CJFM
J?Q MPE?LGX?AGMLCQ N?PRGAGN?LRCQ BCJA?P?PML OSC CJ NSC@JM BC
-?BCGP? LM CQR?@? BC ?ASCPBM AML CJ NPMWCARM NPMNSCQRM NMP CJ EM@GCPLM
@P?QGJCfM
0SC@JMQGLBeECL?Q
-\Q BC EPSNMQ bRLGAMQ F?@GR?L J? ASCLA? BCJ 2eM -?BCGP?
QMJ?KCLRC CL CJ
J?BM @P?QGJCfM BCJ RCPPGRMPGM +!.).$[
,?Q RGCPP?Q GLBeECL?Q 4)Q
AMLQGBCP?B?Q BCLRPM BCJ PC? BC )KN?ARM )LBGPCARM !))
QML 4) +?PGRG?L?
4)
+?PGNSL?
4))E?P?Nb,?EC
4)2G@CP?MW4)5PSCSU?SU?S3CEjLGLDMPK?AGgL
-MTGKGCLRMQBCJMQ!DCAR?BMQNMPJ?Q2CNPCQ?Q
-!""P?QGJ-MTGKGCLRMQBCJMQ3GL
4GCPP?
-34"P?QGJ-MTGKGCLRMBCJMQ0COSCfMQ!EPGASJRMPCQ
-0!"P?QGJ&CBCP?AGgL
3GLBGA?J
LGA?BC4P?@?H?BMPCQ#?KNCQGLMQBC0?LBM
&354#"MJGTG?&CBCP?AGgL
$CN?PR?KCLR?JBC-SHCPCQ#?KNCQGL?QBC0?LBM
&$-#"3"MJGTG?#MKSLGB?B
#PGQRG?L?BC(SCRCNSFC
0SCPRM-?JBML?BM0CPj
NPCQCLR?B? NMP J? #MMPBGL?AGgL 'CLCP?J BC )LBGMQ !GQJ?BMQ #'))
QGEJ?Q CL
NMPRSESbQ
BC J? &5.!)
CLRPC J?Q QCQCLR? W LSCTC PCDCPCLAG?Q CVGQRCLRCQ BC
GLBGMQ?GQJ?BMQ
AGLAMCQR\LCLCJ\PC?BCGLDJSCLAG?BCJ?5(%3?LRM!LRMLGM
CL
JMQCQR?BMQBC2MLBMLG?W!K?XML?Q
!SLOSC CJ %)! QCf?J? OSC J?Q 4)Q QC CLASCLRP?L @?QR?LRC ?KCL?X?B?Q NMP J?
SQSPN?AGgLBCRGCPP?QWJ?CLRP?B?BCK?BCPCPMQ
AML?KCL?X?Q?J?GLRCEPGB?B
DeQGA? BC J?Q AMKSLGB?BCQ GLBeECL?Q
LM CVGQRC SL 0J?L BC !AAGgL N?P? 4GCPP?Q
)LBeECL?Q 0!4)
WLMQCF?LPC?JGX?BMCLASCQR?QBCKMEP\DGA?QLGRCPPGRMPG?JCQ
MAMLQSJR?QQGQRCK\RGA?Q?CQR?QAMKSLGB?BCQ
$SP?LRC CJ ))) &MPM 0CPK?LCLRC BC JMQ 0SC@JMQ )LBeECL?Q BC J? !K?XMLe?
NPMKMTGBMNMPJ?#MMPBGL?AGgLBCJ?Q/PE?LGX?AGMLCQ)LBeECL?QBCJ?!K?XMLe?
"P?QGJCf? #/)!"
W PC?JGX?BM CL 0MPRM 6CJFM
JeBCPCQ
PCNPCQCLR?LBM?MPE?LGX?AGMLCQGLBeECL?QBCJMQLSCTCCQR?BMQBCJ?!K?XMLe?
,CE?J PCAF?X?PML J? NPMNSCQR? BC AMLQRPSAAGgL BCJ #MKNJCHM BC 2eM -?BCGP?
K?LGDCQR\LBMQC NMP CQAPGRM #?PR? BC 0MPRM 6CJFM
NMP KCBGM BC SL? !AAGgL
#GTGJ 0j@JGA? CLRPCE?B? ?J -GLGQRCPGM 0j@JGAM &CBCP?J -0&
W AML
K?LGDCQR?AGMLCQ Nj@JGA?Q CL J?Q A?JJCQ NGBGCLBM J? QSQNCLQGgL BC J? ,GACLAG?
0PCTG?AMLACBGB?NMPCJ)"!-!
#?PR?BC0MPRM6CJFM
K?LGDCQR\LBMQC CL AMLRP? ? J? CKGQGgL BC J?Q JGACLAG?Q NPCTG?Q N?P? JMQ
CKNPCLBGKGCLRMQ BC J?Q 5(%Q 3?LRM !LRMLGM W *GP?S GG
J? LCACQGB?B BC J?Q
?SBGCLAG?Q Nj@JGA?Q CQNCAeDGA?Q N?P? JMQ EPSNMQ GLBeECL?Q ? QCP PC?JGX?B?Q CL
RGCPP?QGLBeECL?Q GGG
OSCF?WBGTCPQ?QRGCPP?QGLBeECL?QCLCJ\PC?BCGLDJSCLAG?
BCJ AMPPCBMP BCJ 3GQRCK? BC 4P?LQKGQGgL *GP?S3?LRM !LRMLGM#SG?@\ OSC
BC@CPe?L R?K@GbL QCP M@HCRM BC CQRSBGMQ ?K@GCLR?JCQ GT
OSC JMQ CQRSBGMQ
BC@CPe?LAMLQGBCP?PRMB?QJ?QRGCPP?QGLBeECL?QBCJ?ASCLA?BCJ2eM-?BCGP?W
BCJ AMPPCBMP BCJ 3GQRCK? BC 4P?LQKGQGgL W LM QgJM ?OSCJJ?Q ACPA?L?Q ? JMQ
CKNPCLBGKGCLRMQ T
OSC MRPM ?QNCARM GKNMPR?LRC CQ J? NPCQCLAG? BC GLBGMQ
?GQJ?BMQCLCJ\PC?BCGLDJSCLAG?BCJ#MKNJCHM-?BCGP?
/PE?LGX?AGMLCQ.M'S@CPL?KCLR?JCQ
,MQKMTGKGCLRMQMPE?LGX?BMQBCJCQR?BMBC2MLBMLG?QCBGTGBCLCLRPCCJ?NMWM
WCJPCAF?XM?JNPMWCARM!jLCLRPCJMQEPSNMQOSCAMLBCL?LTCFCKCLRCKCLRC
J? AMLQRPSAAGgL BCJ #MKNJCHM BCJ 2eM -?BCGP?
FS@M BGTGQGMLCQ GLRCPL?Q
BC@GJGR?LBM J? PCQGQRCLAG? W J? JSAF? NMJeRGA? BC CQRC QCEKCLRM 4?JCQ
BCQ?ASCPBMQ QC PCDGCPCL ? ASCQRGMLCQ N?PRGBGQR?Q z KGJGR?LRCQ ?DGJG?BMQ ? ReRSJMQ
OSC QC NMQGAGML?L ? D?TMP BCJ CKNPCLBGKGCLRM M ? J? L?RSP?JCX? BC JMQ DMLBMQ
OSCK?LRGCLCLCQR?QMPE?LGX?AGMLCQzGLRCPPME?LRCQCLAS?LRM?J?A?NR?AGgLBC
PCASPQMQNPMTCLGCLRCQBCDSLB?AGMLCQWEM@GCPLMQCVRP?LHCPMQ
,? A?KN?f? JMA?J BC K?WMP TGQG@GJGB?B CQ J? BC 6GT? CJ 2eM -?BCGP? 6GTM OSC
APCgSLQGRGMCLGLRCPLCR UUUPGMK?BCGP?TGTMMPE
N?P?NPMNMPAGML?PGLDMPK?AGgL
QM@PC CJ CKNPCLBGKGCLRM
CQRGKSJ?P GLDMPK?AGMLCQ BC JMQ KCBGMQ BC
AMKSLGA?AGgL BC DSCP? BCJ CQR?BM W ?PRGASJ?P W A?N?AGR?P ? JeBCPCQ BC JMQ
KMTGKGCLRMQ QMAG?JCQ N?P? BGQASRGP J? AMLQRPSAAGgL BC J?Q M@P?Q W CLRCLBCP JMQ
NMRCLAG?JCQGKN?ARMQCLJ?PCEGgLWCLJ?TGB?BCJ?QNCPQML?Q%QR?A?KN?f?
JGBCP?B?NMPJ?/.')LQRGRSRM-?BCGP?6GTM
R?K@GbLDMPKgSL?PCB?KNJG?B?BC
AMJ?@MP?BMPCQ AMLQRGRSGB? NMP JeBCPCQ GLBeECL?Q
A?SAFCPMQ
PCNPCQCLR?LRCQ BC
KMTGKGCLRMQ QMAG?JCQ
GLTCQRGE?BMPCQ W ?K@GCLR?JGQR?Q BC BGTCPQ?Q PCEGMLCQ BCJ
N?eQ
! AMLRGLS?AGgL QC NPCQCLR?L J?Q ?AAGMLCQ JGBCP?B?Q NMP /.'Q OSC RSTGCPML
GKNMPR?LRCPCNCPASQGgLCLJ?BGQASQGgLNj@JGA?BCJ#MKNJCHMBCJ-?BCGP?
!KGEMQ B? 4CPP? C )LRCPL?RGML?J 2GTCPQ .CRUMPI
$GDSLBGCPML JMQ PCQSJR?BMQ
BC J? CT?JS?AGgL CVRCPL? BCJ %)!2)-! NPCQCLR?LBM SL BMASKCLRM
ASCQRGML\LBMJC?)"!-!QM@PCD?JJ?QEP?TCQBCJNPMACQMBCJGACLAG?
*SLRM
AMLJ?#MLDCBCP?AGgLBCJ?Q/PE?LGX?AGMLCQ)LBeECL?QBCJ?!K?XMLe?"P?QGJCf?
#/)!"
NPCQCLRg SL? ?AAGgL AGTGJ Nj@JGA? N?P? J? QSQNCLQGgL BC J? ,GACLAG?
0PCTG? ,0
AMLACBGB?NMP)"!-!
/@RSTGCPMLCQRSBGMQBCR?JJ?BMQQM@PCJMQ
PGCQEMQ DGL?LAGCPMQ BCJ CKNPCLBGKGCLRM W TGQGR?PML @?LAMQ W KSJRGL?AGML?JCQ CL
%SPMN? N?P? ?BTCPRGPJMQ QM@PC JMQ PGCQEMQ BC GLTCPQGgL CL J?Q SQGL?Q
$GDSLBGCPML JMQ PCQSJR?BMQ BC J? CT?JS?AGgL BC JMQ 0PMWCARMQ !K@GCLR?JCQ
"\QGAMQ 0"!Q
NPCQCLR?BMQ ?J #MLQMPAGM -?BCGP? %LCPEG? 3!
PCNJGA?LBM CJ
ASKNJGKGCLRM BC J?Q NPCAMLBGAGMLCQ CQR?@JCAGB?Q NMP )"!-! N?P? J?
AMLACQGgLBCJ?,GACLAG?0PCTG?WNMQRCPGMPKCLRCJ?,GACLAG?BC)LQR?J?AGgLBCJ?
5(%3?LRM!LRMLGM
,?LX?PMLJ?NS@JGA?AGgL|!ES?QRSP@G?Q!JCPR?QM@PCJ?Q
AMLQCASCLAG?Q BC BCRCLCP CJ K?WMP ?DJSCLRC BCJ !K?XML?Q} CL SL? QCQGgL
QMJCKLCCLJ?#\K?P?BC$GNSR?BMQ
))
!QMAG?AGgLBC$CDCLQ?%RLM?K@GCLR?Jz+?LGLBb
#MKMPCNPCQCLR?LRCBCJ
'PSNMBC4P?@?HM!K?XgLGAM '4!
CLCJ#MLQCHM.?AGML?JBCJ-CBGM!K@GCLRC
#/.!-!
QC ?PRGASJg AML PCNPCQCLR?LRCQ BC KMTGCKGCLRMQ BC MRP?Q PCEGMLCQ
3!-!.
!02/-!#
!0%$%-!2*
'2!-!
!'!0!.
#%"2!#
)3!
)#6
!$%-!30
6)$'5!
!NPM@g J? -MAGgL .M NPCQCLR?B? CL J? ?
2CSLGgL%VRP?MPBGL?PG?BCJ#/.!-!BGPGEGB??J)"!-!
QMJGAGR?LBMJ??KNJG?AGgL
BC JMQ RbPKGLMQ BC PCDCPCLAG? BCJ %)!2)-! N?P? RMB? J? SLGB?B RCPPGRMPG?J BC J?
ASCLA? BCJ 2eM -?BCGP? W QMJGAGR\LBMJC ?J CKNPCLBCBMP J? ?KNJG?AGgL BC JMQ
CQRSBGMQBCGKN?ARM?K@GCLR?JCQCLRMB?J?ASCLA?FGBPMEP\DGA?BCJ2eM-?BCGP?
AMLJ?QSQNCLQGgLBCJNPMACQMBCJGACLAG?Q?K@GCLR?JCQF?QR?OSCJ?QKCBGB?Q
?BCAS?B?Q QC?L RMK?B?Q
JMQ CQRSBGMQ GLRCEP?JCQ CL J? ASCLA? F?W?L QGBM
AMLAJSeBMQWJMQM@HCRGTMQBCJCKNPCLBGKGCLRMQC?LNPCQCLR?BMQBCDMPK?MDGAG?J
? J?Q NM@J?AGMLCQ
0PCQCLRg SL? BCLSLAG? CL J? !SBGCLAG? 0j@JGA? BCJ
4PG@SL?J,?RGLM?KCPGA?LMBCJ!ES?CLAMLRP?BCJ'M@GCPLM&CBCP?J
CLTGPRSBBC
J??KCL?X?BCB?fMQGPPCN?P?@JCQ?J?GLRCEPGB?BDeQGA?WRCPPGRMPG?JBCJMQGLBGMQW
EPSNMQ?GQJ?BMQ
TGMJ?AGgLBCJNPGLAGNGMBCN?PRGAGN?AGgLNMNSJ?PCLCJNPMACQMBC
JGACLAG?KGCLRM?K@GCLR?JWJ?CTGBCLAG?BCEP?TCQB?fMQ?K@GCLR?JCQL?AGML?JCQ
WRP?LQDPMLRCPGXMQ%JRPG@SL?JCLTGgSL?LMR?BCACLQSP??JEM@GCPLM@P?QGJCfMW
SL?PCAMKCLB?AGgLBCQSQNCLQGgLGLKCBG?R?BCJ?JGACLAG?BCJCKNPCLBGKGCLRM
)))
%J )LDMPKC .?AGML?J N?P? CJ $CPCAFM (SK?LM ?J -CBGM !K@GCLRC BC J?
0J?R?DMPK?"P?QGJCf?BC$CPCAFMQ(SK?LMQ
%AMLgKGAMQ
3MAG?JCQ
#SJRSP?JCQW
)3!z)LQRGRSRM3MAGM?K@GCLR?J $&
)#6z)LQRGRSRM#CLRPMBC6GB? -4
!02/-!#
!QQMAG?a_MBC0PMRCa_M?M-CGM!K@GCLRCBC#G?LMPRC 02
3!-!.3MAGCB?BC
!K@GCLR?JGQR?-_C.?RSPCX?
!0%$%-!2*!QQCK@JbG?0CPK?LCLRCBC%LRGB?BCQCK
$CDCQ?BM-CGM!K@GCLRC
'2!-!'PSNMBC2CQGQRdLAG??Q!EPCQQiCQ?M-CGM
!K@GCLRC
!'!0!.!QQMAG?a_M'?jAF?BC0PMRCa_M?M!K@GCLRC.?RSP?J 23
#%"2!#&SLB?a_M#CLRPM"P?QGJCGPMBC2CDCPCLAG?C!NMGM#SJRSP?J
!$%-!
!QQMAG?a_MBC$CDCQ?BM-CGM!K@GCLRC 30
6)$!'5!)LQRGRSRM!K@GCLR?J6GB?ES?
30
!K@GCLR?JCQ 0J?R?DMPK? $F%3#! "P?QGJ
NS@JGAg SL BMASKCLRM QM@PC J?
6GMJ?AGgLBCJMQ$CPCAFMQ(SK?LMQ!K@GCLR?JCQCLCJ#MKNJCHMBCJ-?BCGP?
CL?@PGJBC%QRCGLDMPKCAMPPCQNMLBC?SL?L\JGQGQBCJNPMACQMBCRMK?BC
BCAGQGMLCQ BC GKNJCKCLR?AGgL BC J?Q SQGL?Q
PC?JGX?BM ? N?PRGP BC ?KNJG?Q
AMLQSJR?QJJCT?B?Q?A?@MNMPJ?KGQGgLBCJCQR?BMBC2MLBMLG?
J?QNM@J?AGMLCQ
PG@CPCf?QNMRCLAG?JKCLRC ?DCAR?B?QNMPCJCKNPCLBGKGCLRM
MPE?LGX?AGMLCQ OSC
?QCQMP?L ? JMQ NSC@JMQ GLBeECL?Q
AMKSLGB?BCQ ?DCAR?B?Q NMP J? PCNPCQ? BC
3?KSCJ
J? BCJCE?AGgL BC A?KNCQGLMQ C GLBGMQ @MJGTG?LMQ
D?KGJG?Q BC @?PPGMQ
NM@PCQ BC J? NCPGDCPG? BC 0MPRM 6CJFM
?BCK\Q BC AMLQSJR?Q ? MPE?LGQKMQ
Nj@JGAMQ AMKM J? 3CAPCR?Pe? BC $CQ?PPMJJM !K@GCLR?J 3%$!-
3CAPCR?Pe?Q BC
0J?LC?KGCLRM -SLGAGN?J W %QR?R?J 3%-0,! W 3%0,!.
-GLGQRCPGM 0j@JGAM
%QR?R?J W &CBCP?J -0% W -0&
,?Q NPGLAGN?JCQ AMLAJSQGMLCQ W
PCAMKCLB?AGMLCQBCJEM@GCPLM@P?QGJCfMDSCPML
)LKCBG?R?QSQNCLQGgLBCJ?
JGACLAG? BC J?Q SQGL?Q BC 3?LRM !LRMLGM W *GP?S
W J? LSJGB?B BC J? QS@?QR?
%T?JS?AGgLGLBCNCLBGCLRCWN?PRGAGN?RGT?BCJ?QLCACQGB?BCQCLCPEbRGA?QBCJN?eQ
SQ?LBMCJKMBCJMKSJRGAPGRCPGM
OSCGLAJSW?MRPMQT?JMPCQ?BCK\QBCJMQNPMNGMQ
BC J? CAMLMKe? BC KCPA?BM
!BMNAGgL BC NMJeRGA?Q CLCPEbRGA?Q
BCQACLRP?JGX?B?Q
AMLDMPKC J?Q PCAMKCLB?AGMLCQ BC J? #MKGQGgL -SLBG?J BC
2CNPCQ?Q
'?P?LRGX?P OSC CJ ?ES? W J? CLCPEe?
@GCLCQ TGR?JCQ N?P? J?
QS@QGQRCLAG? BC J? NM@J?AGgL
CQRbL @?HM CJ AMLRPMJ BCJ %QR?BM
GKNGBGCLBM J?
NPGT?RGX?AGgLWAMKCPAG?JGX?AGgLBCJQCARMP
#MKSLGB?B@MJGTG?L?BCJ?PCEGgLDPMLRCPGX?
%J BC@?RC QM@PC J?Q FGBPMCJbARPGA?Q BCJ 2eM -?BCGP? LM DSC JJCT?BM ? "MJGTG? BC
DMPK? MDGAG?J ,MQ @MJGTG?LMQ OSC TGTCL CL J? PCEGgL DPMLRCPGX? AML "P?QGJ W OSC
CQASAF?LJ?QLMRGAG?QOSCJJCE?LAMKMNPMN?E?LB?BCJEM@GCPLM@P?QGJCfMLMQC
KMQRP?PML KSW NPCMASN?BMQ PCQNCARM ? JMQ GKN?ARMQ ?K@GCLR?JCQ OSC J?
AMLQRPSAAGgLBCJ?QSQGL?QFGBPMCJbARPGA?QBCJ2eM-?BCGP?NMBP\LA?SQ?PCLQS
RCPPGRMPGM %L J? AGSB?B BC 'S?W?P?KCPGK
? IGJgKCRPMQ BC BMLBC QCP\
AMLQRPSGPB? J? FGBPMCJbARPGA? BC *GP?S
CJ AMKCPAG?LRC /PGL 0CL? ?DGPK? CQR?P
CLRSQG?QK?BM AML CJ KMTGKGCLRM CAMLgKGAM OSC J?Q SQGL?Q BCJ J?BM @P?QGJCfM
NMBP\LNPMTMA?PCLJ?PCEGgL|AS?LBMQCF?@J?BCCLCPEe?CJbARPGA?
QCF?@J?BC
BCQ?PPMJJM
F?W K\Q ?ARGTGB?BCQ AMKCPAG?JCQ
K\Q AGPASJ?AGgL BC BGTGQ?Q
K\Q
KMTGKGCLRM}
?
/DCLQ?Q?JMQ$CPCAFMQ(SK?LMQ&SLB?KCLR?JCQ @
6GMJ?AGgLBCJ0PGLAGNGMBCJ?
?SRMBCRCPKGL?AGgLBCJMQNSC@JMQWQM@CP?Le?BCJMQN?eQCQ
A
/DCLQ??JMQNPGLAGNGMQ
BCKMAP\RGAMQW?JBCPCAFMFSK?LMBCGLDMPK?AGgLWN?PRGAGN?AGgL
B
6GMJ?AGgLBCJMQ
BCPCAFMQBCJMQNSC@JMQGLBeECL?QWNM@J?AGMLCQRP?BGAGML?JCQ C
/DCLQ??JBCPCAFM
FSK?LM?J?Q?JSBPGCQEMBCAMLR?KGL?AGgLNMPKCPASPGM
NPMJGDCP?AGgLBCJ?K?J?PG?
?SQCLAG?BCCQRSBGMQQM@PCJ?A?JGB?BBCJ?ES? D
/DCLQ??JBCPCAFM?J??JGKCLR?AGgL
QCESP?
RP?@?HM
?AACQM?RGCPP?WTGTGCLB??BCAS?B?
E
!EPCQGgL?JN?RPGKMLGM
FGQRgPGAM?POSGRCARgLGAM
APCC|#PCMOSC"P?QGJNSCBCRMK?PRMB?QJ?QNPCA?SAGMLCQ?LRCQBCF?ACPSL?
M@P? AMKM CQR?
CJJMQ RGCLCL OSC F?@CP FCAFM A\JASJMQ N?P? OSC LM N?QC CQM
GKN?ARMCLCJJ?BM@MJGTG?LM
}
,MQ NCQA?BMPCQ BC J? PCEGgL
QGL CK@?PEM
LM CQR\L R?L QCESPMQ BC OSC J?
PCNPCQ?BCJ2eM-?BCGP?LMT?W??NCPHSBGA?PJ?KGEP?AGgLBCJMQNCACQPeM?PPG@?
N?P? "MJGTG? |#PCM OSC NCPHSBGA?P\ NMPOSC JMQ NCACQ TGCLCL NMP J? AMPPGCLRC
Q?JR?LBMCLCJNPMACQMBCAPCAGKGCLRM3GCJPeMCQPCNPCQ?BM
T???DCAR?P?J?
NCQA? ?OSe}
BGAC CJ NPCQGBCLRC BC J? !QMAG?QGgL BC 0CQA?BMPCQ BC #?AFSCJ?
%QNCP?LX?
-?LSCJ 3?JBe? ! NCQ?P BCJ RCKMP BC JMQ NCQA?BMPCQ
CJ AMPPCEGBMP
BC J? TGJJ? #?AFSCJ? %QNCP?LX?
'SGJJCPKM -CLBCQ 6?PE?Q
CQR\ ? D?TMP BC J?Q
SQGL?QBCJ-?BCGP?WCQR\CKNCf?BMCLOSCCJNPMWCARMBCJ?FGBPMCJbARPGA?QC?
?NPM@?BM ?Fe KGQKM |#PCCKMQ OSC T? ? @?H?P J? NPMBSAAGgL BC NCQA?BM JMQ
NPGKCPMQ?fMQ
NCPMBCQNSbQ
SL?TCXAMLRPSGB?
JMQNCACQTMTJCP\L??N?PCACP
(MW CL Be? LM RCLCKMQ SL? DSCLRC BC RP?@?HM
W APCCKMQ OSC
AML J?
AMLQRPSAAGgL BC J? FGBPMCJbARPGA? BC #?AFSCJ? %QNCP?LX?
J?Q NCPQML?Q OSC
TGTCL ?OSe T?L ? RCLCP SL? DSCLRC BC RP?@?HM W SL? PCLR? DGH?
OSC ?FMP? LM
RGCLCL}BGAC6?PE?Q
%LJ??ARS?JGB?B
ACPA?BCF?@GR?LRCQBC#?AFSCJ?%QNCP?LX?TGTCLAMLSL?
PCLR?D?KGJG?PBCCLRPCW@MJGTG?LMQNMPKCQ 2W2
NMPOSC
J?Q jLGA?Q DSCLRCQ BC PCASPQMQ CL CJ NSC@JM QML JMQ NCACQ
J?Q A?QR?f?Q
W CJ
N?JKGRM
RMB?Q CQR?AGML?JCQ !BCK\Q
CL 'S?W?KCPGL
AMKM CL #?AFSCJ?
%QNCP?LX?
RMBMQ PCAJ?K?L BCJ AMQRM BC CLCPEe? BC J? PCEGgL
OSC CQ K\Q BC
RPCQ TCACQ QSNCPGMP OSC CJ NPMKCBGM L?AGML?J ,? FGBPMCJbARPGA? BC #?AFSCJ?
%QNCP?LX? CQR\ CL CJ NPMEP?K? ))23!
AMKM N?PRC BCJ #MKNJCHM (GBPMCJbARPGAM
BCJ2eM-?BCGP?
!JESL?Q /.'Q BC "MJGTG? APGRGA?L J? BCAGQGgL BCJ )"!-! %J &MPM "MJGTG?LM BCJ
-CBGM!K@GCLRC &M@MK?BC
WJ?,GE?BC$CDCLQ?BCJ-CBGM!K@GCLRC ,GBCK?
PCAF?X?L J? GLQR?J?AGgL BC J?Q BMQ SQGL?Q CL J? PCEGgL !DGPK?L OSC J?Q
FGBPMCJbARPGA?Q Qe NSCBCL GLSLB?P JMQ @MQOSCQ
NCPM OSC QML RGCPP?Q MASN?B?Q
NMP A?KNCQGLMQ OSC QM@PCTGTCL BC J? A?LQR?f? %QRM A?SQ?Pe? SL? PCBSAAGgL
AMLQGBCP?@JCBCJNPGLAGN?JNPMBSARMBCCVNMPR?AGgLBC"MJGTG?
?BCK\QBC?DCAR?P
?JMQNCACQ
OSCQMLSL?@?QCBCQSQRCLRMWBCJ?QCESPGB?B?JGKCLR?PG?BCJ?Q
AMKSLGB?BCQJMA?JCQ
)KN?ARMQBCJNPMWCARM
%T?JS?P JMQ GKN?ARMQ BC SL CKNPCLBGKGCLRM AML J? BGKCQGgL BCJ #MKNJCHM BCJ
2eM -?BCGP? CQ SL BCQ?DeM BC EP?L PCQNMLQ?@GJGB?B
NMPOSC QC RP?R?BC SLM BC
JMQPeMQK\QGKNMPR?LRCQBCJNJ?LCR?$CQBCCJNSLRMBCTGQR??K@GCLR?JWQMAG?J
CVGQRCL EP?LBCQ PGCQEMQ ,? AMLRPSAAGgL BC PCNPCQ?Q CL PeMQ W J? DMPK?AGgL BC
EP?LBCQJ?EMQCL\PC?QBCTCECR?AGgLNPMNMPAGML?LEP?LBCQCKGQMLCQBCE?QCQ
BC CDCARM GLTCPL?BCPM
KMBGDGA?L BP\QRGA?KCLRC CJ PbEGKCL FGBPMJgEGAM
AMKNPMKCRCL J? A?JGB?B BCJ ?ES?
PCQRPGLECL J? A?LBCL? ?JGKCLRGAG? BC JMQ
NCACQ
D?TMPCACL J? NPMJGDCP?AGgL BC K?J?PG? W J? AMLR?KGL?AGgL NMP KCPASPGM
BCQNJ?X?L ? KGJJ?PCQ BC NCPQML?Q
KMBGDGA?L ASJRSP?Q RP?BGAGML?JCQ W
BCQMPE?LGX?L ?jL K\Q ? J?Q AGSB?BCQ ACPA?L?Q -!"
)-6
+?LGLBb
3UGRICQ
-MLRCGPM
6?PG?Q NPCESLR?Q DSCPML
QCf?J?B?QCLJ?QQCQGMLCQ?LRCPGMPCQCLAS?LRM?J?QD?JJ?QMASPPGB?QCLCJ%)!
2)-! BC CQRC NPMWCARM ,? K?WMPe? BC CJJ?Q QC PCDGCPCL ? J? MKGQGgL BC SL
?L\JGQGQK\QNPMDSLBM%QR?QCQGgLLMNPCRCLBCQCPCVF?SQRGT?
QGLM?@MPB?PCJ
RCK? BC DMPK? NSLRS?J
? RP?TbQ BC J? BGQASQGgL BC SL? BC J?Q ASCQRGMLCQ
?K@GCLR?JCQAMLQGBCP?B?QLCSP\JEGA?QN?P?CJCOSGJG@PGMBCJ?ASCLA??K?XgLGA?
J?FGBPMQCBGKCLRMJMEe?
%J EP?L K?JCQR?P CL RMPLM ? CQRC RCK? CQR\ PCJ?AGML?BM ?J NMAM AMLMAGKGCLRM
QM@PC JMQ NMRCLAG?JCQ GKN?ARMQ OSC CJ NPMWCARM NMBP\ MA?QGML?P
LM QMJ?KCLRC
CL J? CQDCP? JMA?J
AMKM CQR\ QGCLBM NPMNSCQRM
QGLM CL RMB? J? ASCLA?
?K?XgLGA?3CEjLCJ-GJJCLGSK%AMQWQRCK!QQCQQKCLR 0.5$
CQRSBGMQ
QCf?J?LOSCJ?PCRCLAGgLBCQCBGKCLRMQNMPPCNPCQ?QCQR\PCBSAGCLBMBCDMPK?
AMLQGBCP?@JCJ?Q\PC?Q?EPeAMJ?QWA?SQ?LBMCJCKNM@PCAGKGCLRMBCCAMQGQRCK?Q
AMQRCPMQCLT?PG?QPCEGMLCQBCJKSLBM
%LSLCQRSBGMQM@PCJ?GKNMPR?LAG??K@GCLR?JBCJMQjJRGKMQEP?LBCQPeMQJG@PCQ
BCJ NJ?LCR? OSC GLAJSWCL CJ -?BCGP?
77& ?DGPK? OSC J? CVNJMR?AGgL
CLCPEbRGA? BC CQRMQ PeMQ
BC GLCQRGK?BM T?JMP CAMJgEGAM
NSCBC RCLCP
AMLQCASCLAG?Q QCPG?Q
KSAF?Q TCACQ GPPCTCPQG@JCQ %L CJ A?QM CQNCAeDGAM BCJ
-?BCGP?
R?J CVNJMR?AGgL NMBP\ KMBGDGA?P CJ PbEGKCL BC GLSLB?AGgL CQR?AGML?J W
PCBSAGP J? BCQA?PE? BC LSRPGCLRCQ N?P? JMQ ?K@GCLRCQ BC J?Q JJ?LSP?Q W F\@GR?RQ
BCJ CQRS?PGM 0MBP\ R?K@GbL GKN?AR?P ? T?PG?Q CQNCAGCQ GKNMPR?LRCQ BC NCACQ
KGEP?RMPGMQ
AMKMJ?BMP?B? "P?AFWNJ?RWQRMK?PMSQQC?SVG
OSCPCAMPPCK\QBC
IKN?P?AMKNJCR?PQSAGAJMPCNPMBSARGTMBCBCQMTC
KGEP?LBMBCJCQRS?PGM
F?AG? J? A?@CACP? BC JMQ !LBCQ %QR? CQNCAGC CQ PCQNMLQ?@JC NMP J? QCESPGB?B
?JGKCLR?PG?WCAMLMKe?BCQS@QGQRCLAG?BCKGJCQBCD?KGJG?QPG@CPCf?QBC"P?QGJ
"MJGTG?W0CPj
,? ECQRGgL BC JMQ QCBGKCLRMQ CQ SLM BC JMQ NPGLAGN?JCQ D?ARMPCQ BC PGCQEM
?K@GCLR?J W BC DSLAGML?JGB?B MNCP?AGML?J BC SL? FGBPMCJbARPGA? 3CEjL #?PJMQ
%BS?PBM-MPCJJG4SAG
AMLQSJRMPAMLRP?R?BMNMP)"!-!N?P??L?JGX?PCJ%)!2)-!
BCJ#MKNJCHMBCJ-?BCGP?
CVGQRCLGKNMPR?LRCQGLACPRGBSK@PCQQM@PCJ?AM@CPRSP?
BCJ?GLSLB?AGgLBC?K@MQCK@?JQCQ3CEjLB?RMQQCf?J?BMQCLCJ%)!2)-!
JMQ CK@?JQCQ BC@CP\L PCRCLCP BSP?LRC JMQ NPGKCPMQ ?fMQ F?QR? CJ BC JMQ
QCBGKCLRMQ
AMLSL?CVNCAR?RGT?BCAMJK?R?AGgLBCF?QR?BCJ\PC?RMR?JCL
JMQNPGKCPMQ?fMQ
%J GLTCQRGE?BMP @MJGTG?LM
AML LMRMPGM AMLMAGKGCLRM CL CQR? \PC?
*MPEC -MJGL?
#?PNGM
CT?Jj? OSC CJ \PC? BC GLSLB?AGgL BC *GP?S QCP\ K?WMP ? J?
&PCCDJMUGLEPGTCPQ%AMLMKGAJSVSPWMPCAMJMEGA?JLCACQQGRW UUUUUDMPEB?KQ
NPCTGQR?
NSBGCLBM ?JA?LX?P CJ RCPPGRMPGM @MJGTG?LM !BCK\Q
RCKC OSC J?
BCNMQGAGgL BC QCBGKCLRMQ A?SQC SL QGELGDGA?RGTM ?SKCLRM ?J LGTCJ BC J?Q
GLSLB?AGMLCQ BCJ J?BM @MJGTG?LM
CQNCAG?JKCLRC CL J?Q NPMTGLAG?Q BC "CLG W
0?LBM ,?Q AMLQCASCLAG?Q QML GKNPCBCAG@JCQ
W? OSC LM QC F?L PC?JGX?BM
CQRSBGMQCQNCAeDGAMQN?P?CQR?N?PRCBCJ?ASCLA?
$CJJ?BM@P?QGJCfM
J?QPCNPCQ?QKMBGDGA?P\LCJCDCARMCQR?AGML?JBCJPbEGKCLBC
GLSLB?AGMLCQWJ?AMLRPG@SAGgLBCQCBGKCLRMQWLSRPGCLRCQCLJ?PCEGgLPeM?@?HM
CL J?Q TCE?Q BC J? NJ?LGAGC ?K?XgLGA? 3GL CK@?PEM
L?BGC Q?@C AS\JCQ QCP\L
J?QNbPBGB?QBCBGTCPQGB?B@GMJgEGA?CLCQR?PCEGgL?jLR?LNMAMCQRSBG?B?
CJ
GKN?ARM QGQRbKGAM CL J? CAMJMEe? W J? DCPRGJGX?AGgL BCJ CAMQGQRCK? BC J? JJ?LSP?
GLSLB?@JC
W J? GLDJSCLAG? CL JMQ QGQRCK?Q BC NPMBSAAGgL BC J?Q AMKSLGB?BCQ
PG@CPCf?Q,?GLRCEPGB?BBCJMQQGQRCK?Q?AS\RGAMQCQR\BGPCAR?KCLRCPCJ?AGML?B?
?JCOSGJG@PGMBCRMB?J?#SCLA??K?XgLGA?
&?ARMPCQBCRCPKGL?LRCQWAMLBGAGML?LRCQBCJ?QNMJeRGA?QTGECLRCQ
0MJeRGA?QCAMLgKGA?Q
(?ACP OSC J? K\OSGL?BCJ CQR?BM QC? ?SQRCP? PCQNCARM ? J?Q DSLAGMLCQ
CQR?R?JCQW ? J? NMJeRGA? DGQA?J
CDGAGCLRC W CDGA?X PCQNCARM ? J? NPMTGQGgL BCJ?Q
LCACQGB?BCQ BCJ KCPA?BM
BC JMQ CKNPCQ?PGMQ WBC JMQ AMLQSKGBMPCQ ?JJe
?@?PA?BMQ
QC F? AMLTCPRGBM CL CJ BCQ?DeM ?QSKGBMNMP CJ EM@GCPLM
@P?QGJCfMCLJ?Q BMQ jJRGK?Q BbA?B?Q 3MSX?W6?JCLAGM
%VGQRC SL?
NPGMPGB?B AJ?P? C FGQRgPGA? BCJ CQR?BM CL NPMKMTCP ?ARGTGB?BCQ CAMLgKGA?Q BC
EP?L CQA?J? OSC ECLCPCL GLEPCQMQ BC CVNMPR?AGgL
? NCQ?P BC QCP ? AMQRMQ BC
QS@QGBGMQ
,? TCLR?H? AMKNCRGRGT? BCJ ?ACPM W BCJ ?JSKGLGM NPGK?PGM BC "P?QGJ QC @?Q?
CL
EP?L KCBGB?
CL CJ @?HM AMQRM BC J? CLCPEe? NPMTCLGCLRC BC NPMWCARMQ
FGBPMCJbARPGAMQ BC ?SRMECLCP?AGgL %J AMQRM BC -7F N?P? CQRC QCARMP JJCE? ?
RCLCP SL BCQASCLRM BC F?QR?
CL AMKN?P?AGgL ?J NPCAGM OSC N?E?L JMQ
AMLQSKGBMPCQ GLRCPLMQ 3MJ?KCLRC CJ QCEKCLRM BCJ ?JSKLGM
BCLRPM BC JMQ
CJCARPMGLRCLQGTMQ
PCNPCQCLR?CLCJAMLHSLRMBCJ?BCK?LB?L?B?KCLMQOSCCJ
BCJRMR?JBCCLCPEe?CJbARPGA?NPMBSAGB?CLCJN?eQ!NMW?BMQCLGLACLRGTMQ
C GLTCPQGMLCQ Nj@JGA?Q
DSCPML AMLQRPSGB?Q NMP AMKN?fe?Q BC CQRC QCARMP
SQGL?QQMJ?KCLRCCLJ?ASCLA?QBCJ!P?ES?G?W4MA?LRGLQ 3MSX?
,? PCESJ?AGgL BCJ QCARMP CJbARPGAM F? B?BM NJCLMQ NMBCPCQ N?P? CJ NPMBSARMP
GLBCNCLBGCLRC !.%%,
$CAPCRM.MBC
WQCJJCEg?AMLQGBCP?P
AMKM BC SRGJGB?B Nj@JGA? ? J?Q M@P?Q BC GKNJ?LR?AGgL BC ?NPMTCAF?KGCLRM
3CEjLJ?3MAGCB?B"P?QGJCf?BC)ARGMJMEe?z3")
"P?QGJCQCJN?eQBCK?WMP
@GMBGTCPQGB?BKSLBG?JBCNCACQBC?ES?BSJAC
BMLBCJ?ASCLA??K?XgLGA?BCQNSLR?
AMKMJ?K\QPGA?CLCQNCAGCQ
?JESL?Q?jLBCQAMLMAGB?QN?P?J?AGCLAG?
FGBP\SJGAM AMLAC@GB?Q NMP CKNPCQ?Q NPGT?B?Q 3GL CK@?PEM
J? A?N?AGB?B BC
DGQA?JGX?AGgL BC CQRMQ CKNPCLBGKGCLRMQ CQ JGKGR?B?
JM OSC NSCBC AMJMA?P CL
BSB? QS A?P\ARCP BC SRGJGB?B Nj@JGA?
NPGLAGN?JKCLRC QG AMLQGBCP?KMQ RMBMQ QSQ
GKN?ARMQ
$CDMPCQR?AGgLWJ??KCLX?BCJ?CVN?LQGgLBCJ?QMW?
,? QMW? CQ FMW SLM BC JMQ NPGLAGN?JCQ NPMBSARMQ BC CVNMPR?AGgL @P?QGJCf?
AMLR?LBM AML SL? EP?L GLTCPQGgL Nj@JGA? N?P? CJ AMQRCM BCJ ASJRGTM W J?
?QGEL?AGgLBCGLDP?CQRPSARSP?%JNPCAGMBCJ?QMW?
QCEjLCJ)LQRGRSRM.?AGML?JBC
)LTCQRGE?AGMLCQ BC J? !K?XMLe? ).0!
QGEJ?Q CL NMPRSESbQ
?SKCLRg CL SL
CL JMQ jJRGKMQ AGLAM ?fMQ
RCLGCLBM AMKM AMLQCASCLAG? CJ ?SKCLRM BC J?
BCDMPCQR?AGgLLMRMPG?KCLRCCLCJCQR?BMBC-?RM'PMQQM%JCVEM@CPL?BMPW
QCL?BMP"J?GPM-?EEGCQR?K@GbLNPCQGBCLRCBCJK?WMPEPSNMNPMBSARMPBCQMW?
BCJ KSLBM 3S AMKN?fe? PCAG@Gg PCAGCLRCKCLRC BMQ NPbQR?KMQ BC 53
KGJJMLCQ BC J? #MMPNMP?AGgL &GL?LAGCP? )LRCPL?AGML?J #&)
'PSNM "?LAM
-SLBG?J
WSLNPbQR?KMBC53KGJJMLCQBCJ".$%3
3C CQRGK? OSC
AML J? AMLQRPSAAGgL BCJ #MKNJCHM BCJ 2eM -?BCP? F?@P\ SL
APCAGKGCLRMBCJBCJ?A?PE?BCQMW?RP?LQNMPR?B?NMPCQRCPeM
OSCFMWCL
Be? CQ BC QGCRC KGJJMLCQ BC RMLCJ?B?Q ?LS?JCQ 1SGCLCQ APGRGA?L CJ NPMWCARM
RCKCLOSCPCBSAGCLBMJMQAMQRMQBCRP?LQNMPRCF?W?SLGLACLRGTMBCCVN?LQGgL
BCJ?QMW?CLJMQCQR?BMQBC2MLBMLG?W!K?XML?Q,?@?H?N?PRGAGN?AGgLQMAG?J
WJ??SQCLAG?BCJNMBCPNj@JGAMCQR?@JCAGBMOSCA?P?ARCPGX?LCQR?PCEGgLJJCT?L?
APCCP OSC QC GLRCLQGDGA?P\L JMQ ?ARMQ GJeAGRMQ BC ?NPMNG?AGgL BC RGCPP?Q
PM@M BC
K?BCP?W?NCPRSP?BCN?QRMQN?P?J??EPMNCAS?PG?
0MJeRGA?QN?PRGB?PG?Q
$SP?LRC QS BGQASPQM GL?SESP?J
CJ KGLGQRPM BC -GL?Q W %LCPEe?
%BGQML ,M@?M
GLQGQRGg CL PC@?RGP J?Q APeRGA?Q OSC PCAG@Gg BC J? NPCLQ? PCQNCARM BCJ A?P\ARCP
NMJeRGAMBCQSLMK@P?KGCLRM2CQ?JRgOSCCLCQRCA?PEM
?JMJ?PEMBCJ?FGQRMPG?
BC JMQ RGRSJ?PCQ QML M DSCPML NMJeRGAMQ
CLRPC CJJMQ QS DSLB?BMP !J DGL?J
NPMLSLAGg AML MPESJJM J? ?DGPK?AGgL BC QS AMJCE? -GJRML #?KNMQ |CJ RbALGAM
RGCLCCJQ?@CPCJNMJeRGAM
J?Q?@GBSPe?}
%JFCAFMAGR?BMCVNMLCJ?BGQRMPQGgLOSCCVGQRCCLJ?NMJeRGA?BCJLMK@P?KGCLRM
BCA?PEMQCQRP?RbEGAMQBCLRPMBCJEM@GCPLM,?BGTGQGgLBCJMQ|A?PEMQ}CLRPCJMQ
N?PRGBMQ ?JG?BMQ BC J? @?QC BCJ EM@GCPLM JC OSGR? APCBG@GJGB?B ? JMQ gPE?LMQ
%LCJCJEM@GCPLM@P?QGJCfMGLTGQRGg2KGJKGJJMLCQCLCJAMQRCMBCJASJRGTM
T?JMPK?WMPOSCAGLAM?fMQ?RP\Q%J"?LAMBM"P?QGJ?SKCLRgCLCJ
TMJSKCLBCPCASPQMQBCQRGL?BMQ?JAPbBGRMBCJQCARMP?EPeAMJ? 2KGJKGJJMLCQ
%LCJNCPeMBMBC
BCRMB?J?BCDMPCQR?AGgLCLJ?!K?XMLe?"P?QGJCf?
QCAMLACLRPgCLCJCQR?BMBC-?RM'PMQQM
Nj@JGAMQ CL AS?LRM ?J A?P\ARCP RbALGAM BC JMQ NPMACQMQ BC RMK? BC BCAGQGMLCQ
%Q AMKjL OSC MASPP?L GLAGBCLRCQ BC DSLAGML?PGMQ AML ?JRMQ A?PEMQ OSC QC
CLASCLRP?L GLTMJSAP?BMQ AML A?@GJBCPMQ BC J?Q CKNPCQ?Q OSC DGL?LAG?L J?Q
A?KN?f?QCJCARMP?JCQ%JCQA\LB?JMOSCGLTMJSAPg?J?CKNPCQ?'?SR?K?
OSC
JGBCP?@? SLM BC JMQ AMLQMPAGMQ BCJ -?BCGP?
W CJ CLRMLACQ KGLGQRPM BC -GL?Q W
%LCPEe?
3GJ?Q 2MLBC?S
JJ?K? J? ?RCLAGgL N?P? J? DP?EGJGB?B BC SL QCARMP
CJbARPGAMOSCQSCJCTGLASJ?PBCAGQGMLCQ?BCK?LB?QBCCKNPCQ?QAMLQRPSARMP?Q
GLT?PG?@JCKCLRCAMLPCASPQMQBC@?LAMQCQR?R?JCQ
/RPM NSLRM NPCMASN?LRC CL CJ BGQASPQM NMJeRGAM TGECLRC CQ CJ A?P\ARCP
PCBSAAGMLGQR? AML CJ OSC QC JGBG? AML J?Q AMKNJCHGB?BCQ QMAGM?K@GCLR?JCQ BC J?
!K?XMLe? 3C PCQSKCL J?Q ?QNGP?AGMLCQ BC BCQ?PPMJJM PCEGML?J ? J? QGKNJC
ECLCP?AGgL BC CKNJCM C GLEPCQMQ
QGL AMLQGBCP?P CJ A?P\ARCP K\Q ?KNJGM BC SL
NPMWCARM BC BCKMAP?AG? OC GLAJSW? R?K@GbL ? J?Q KGLMPe?Q &P?QCQ PCRgPGA?Q
AMKM J?Q BCJ EM@CPL?BMP BC 2MLBMLG?
)TM #?QQMJ
QGPTCL N?P? GJSQRP?P CJ
NCLQ?KGCLRMBCKSAFMQBCJMQNMJeRGAMQBCJ?PCEGgL
|-CBG?BMACL?BCD?KGJG?QLMT?L?CQRMP@?PKGJJMLCQ0SCBCRCLCPJ?ACPRCX?BC
OSCLMF?WBCQ?@PGE?BMQ;<%LRPCSL\P@MJWSLQCPFSK?LM
WMKCOSCBMAML
CJ QCP FSK?LM %LRPC SL ?LGK?J W CJ QCP FSK?LM
WM KC OSCBM AML CJ QCP
FSK?LM}
%LRPCTGQR?BC#?QQMJ?2?BGM@P\Q
CJQGCRCBCHSLGMBC
'CMNMJeRGA? QM@CP?Le?WAMLDJGARMQDPMLRCPGXMQ
,??ARGRSB?QSKGB?NMPCJEM@GCPLM@P?QGJCfMBCJJCT?P?A?@MSLCKNPCLBGKGCLRM
FGBPMCJbARPGAM BC J? K?ELGRSB BCJ #MKNJCHM BCJ 2eM -?BCGP?
QGL AMLQSJR?P ? JMQ
N?eQCQTCAGLMQOSCAMKN?PRCLJ?ASCLA?WCJPCASPQML?RSP?JRP?LQDPMLRCPGXM
CQ
SL? BCKMQRP?AGgL BC J? OSGC@P? BC NPGLAGNGMQ BCKMAP\RGAMQ W QCf?J? J?
?EPCQGTGB?BBCJ?NMJeRGA?CLCPEbRGA?@P?QGJCf?
,? GLCQR?@GJGB?B NMJeRGA? OSC "MJGTG? CLDPCLRg ?J KMKCLRM BCJ ?SEC BC J?Q
BGQASQGMLCQ NMP J? JGACLAG? BCJ #MKNJCHM DSC BCAGQGT? N?P? OSC LM FS@GCQC
K?LGDCQR?AGMLCQ BGNJMK\RGA?Q K\Q \QNCP?Q ! NCQ?P BC JMQ ASCQRGML?KGCLRMQ
NPCQCLR?BMQNMPCJEM@GCPLM@MJGTG?LMWBCJ?DMPK?AGgLBCSLEPSNMBCRP?@?HM
N?P?RP?R?PCJRCK?
NPCT?JCAGgCJGLRCPbQK?WMPBC?NMWMBCJEM@GCPLM@P?QGJCfM
%QRSBGMQKSCQRP?LOSCJ?#MLQRPSARMP?/BC@PCAFR
"P?QICKW#"0/%LECLF?PG?
RMB?QN?PRCBCJEPSNM/BC@PCAFR
MRMPE?PML2
KGJJMLCQCLBML?AGMLCQ?
A?LBGB?RMQBCT?PGMQN?PRGBMQBSP?LRCJ?QCJCAAGMLCQBC
CL J? QMJSAGgL BC J? APGQGQ NMJeRGA?
OSC ASJKGLg CL AMLDJGARMQ CLRPC AGTGJCQ W
KGJGR?PCQ
CV?AR?KCLRCCLJ?PCEGgLDPMLRCPGX?
4MBMJJCT??APCCPOSCJ?QLCEMAG?AGMLCQCLRMPLM?JE?QL?RSP?J@MJGTG?LM
OSC
JJCTg ? J? CQR?R?J 0CRPM@P\Q ? ?QSKGP NbPBGB?Q GKNMPR?LRCQ
R?K@GbL QGPTGCPML
AMKM KMLCB? BC A?K@GM N?P? DJCVG@GJGX?P J? LCEMAG?AGgL ?ACPA? BC J?Q
FGBPMCJbARPGA?QBCJ-?BCGP?
%L J? ?ARS?J CR?N? BC J? BGQASQGgL BCJ CKNPCLBGKGCLRM LM F?W E?P?LRe?Q BC
E?L?LAG? N?P? "MJGTG? 3G LM QC AMLQRPSWC J? FGBPMTe? OSC E?P?LRGX?Pe? J?
GLRCPPCJ?AGgL DJSTG?J ?J !RJ\LRGAM
W SL? RCPACP? SQGL? @GL?AGML?J
QgJM JC PCQR? ?J
N?eQ TCAGLM CQNCP?P OSC J?Q NPCTGQGMLCQ BC JMQ GLECLGCPMQ @P?QGJCfMQ QC
AMLAPCRCLWOSCLGLEjLGKN?ARMQC?MA?QGML?BMBC?OSCJJ?BMBCJRCPPGRMPGM
#MLAJSQGMLCQWPCAMKCLB?AGMLCQ
%L QS AMLRCVRM FGQRgPGAM
J? !K?XMLe? QGCKNPC DSC AMLQGBCP?B? SL RCPPGRMPGM BC
EP?LBCQPGOSCX?QBGQNMLG@JCQN?P?CVNJMR?P,MQNPMWCARMQNMJeRGAMQBCBCQ?PPMJJM
BCJ?PCEGgLLSLA?AMLQGBCP?PMLCJBCPCAFMBC?NPMNG?AGgLBCCQRMQPCASPQMQNMP
N?PRC BC J?Q NM@J?AGMLCQ JMA?JCQ ,? K?WMPe? BC CQR?Q NM@J?AGMLCQ AMLRGLS?
CVAJSGB??jLFMWBCJ?QBCAGQGMLCQOSCGKN?AR?LQSDSRSPM
,? CQA?QCX BC CLCPEe? QC F? TSCJRM SL? NPCAMASN?AGgL BC JMQ AMLQSKGBMPCQ W
BC JMQ EM@GCPLMQ DPCLRC ?J ?ARS?J KMBCJM BC J? QMAGCB?B W QS ?JRM LGTCJ BC
AMLQSKM ,? !K?XMLe?
BC@GBM ? QS GLKCLQM NMRCLAG?J FeBPGAM
F? QGBM TGQR?
AMKMSLPCASPQMCQRP?RbEGAMN?P?CTGR?PSL?DSRSP?APGQGQCLCPEbPRGA?WN?P?QSNJGP
J?APCAGCLRCBCK?LB?BCMRP?QPCEGMLCQBC"P?QGJ
AMKMCJ3SPWCJ3SBCQRC
%LCJCQACL?PGMGLRCPL?AGML?J
J?D?JR?BCCLCPEe?R?K@GbLCQCQRP?RbEGA?PCQNCARM
? J? GLQCPAGgL AMKNCRGRGT? BC "P?QGJ
QGCLBM AMLQGBCP?B? SL NSCLRC N?P? J?
GLRCEP?AGgL CLCPEbRGA? BC ,?RGLM?KbPGA? NMP KCBGM BCJ CQR?@JCAGKGCLRM BC
LSCTMQ DJSHMQ AMKCPAG?JCQ W AMKM ACLRPM BC ?RP?AAGgL BC GLBSQRPG?Q
CJCARPMGLRCQGT?Q
BCQCMQ?QBCQS@QGBGMQWK?RCPG?NPGK?
%JPGCQEMBCSL?APGQGQCLCPEbRGA?AMLCJPCEPCQMBCJ?Q?KCL?X?QBCJ?N?EgLW
J?CVNCAR?RGT?BCECLCP?AGgLBCCKNJCMCGLEPCQMF?LQGBMQCf?J?BMQAMKMJMQ
NPGLAGN?JCQ ?PESKCLRMQ BCJ EM@GCPLM N?P? AMLTCLACP ? J? NM@J?AGgL CL ECLCP?J
QM@PC J? LCACQGB?B BC J? AMLRPSAAGgL BC EP?LBCQ NPMWCARMQ CLCPEbRGAMQ CL J?
!K?XMLe?3GLCK@?PEM
AS?LBM?L?JGX?KMQCJAMLRCVRMPCEGML?J
CQR?QM@P?QLM
QMJSAGML?P\L JMQ NPM@JCK?Q CAMLgKGAMQ W QMAG?JCQ BC J? PCEGgL W
?J AMLRP?PGM
NMBP\LECLCP?PGKN?ARMQGPPCTCPQG@JCQBCBGDeAGJKCBGAGgL
,? PCJ?AGgL BCJ @CLCDGAGM CAMLgKGAM W JMQ AMQRMQ QMAG?JCQ W ?K@GCLR?JCQ BC JMQ
NPMWCARMQ CLCPEbRGAMQ F? QGBM ?JR?KCLRC BCQD?TMP?@JC N?P? J?Q AMKSLGB?BCQ W
JMQ NSC@JMQ RP?BGAGML?JCQ ?K?XgLGAMQ
W? OSC J? CVNJMR?AGgL BC CQRMQ PCASPQMQ
CL LMK@PC BCJ NPMEPCQM
? JM J?PEM BC JMQ ?fMQ
TGCLC QGCLBM RP?BSAGB? CL
CVAJSQGgL W NCPNCRS?AGgL BC J? NM@PCX? 3C ASCQRGML? QG CQRC KMBCJM BC
SRGJGX?AGgLBCJMQPCASPQMQCQQSQRCLR?@JC
NSCQCLECLCP?J
J?BCQRPSAAGgLBCJ?Q
?ARGTGB?BCQ CAMLgKGA?Q RP?BGAGML?JCQ W BC J? NPMNG? @GMBGTCPQGB?B LM CQ
AMLR?@GJGX?B?CLJMQGKN?ARMQQMAG?JCQWCAMLgKGAMQBCCQRMQCKNPCLBGKGCLRMQ
@?HMDSCPRCQ?PESKCLRMQBCAMKNCLQ?AGgL
W?OSCJ?ECLCP?AGgLBCCKNJCMQC
GLEPCQMQCQAMLR?@GJGX?B?AMKMSLGKN?ARMNMQGRGTM
,MQAMLDJGARMQNMJeRGAMQWBCGLRCPCQCQOSCCVGQRCL?JPCBCBMPBCJ#MKNJCHMBCJ2eM
-?BCGP? F?L QGBM BGQASRGBMQ BC SL? DMPK? KSW QGKNJGQR? %J FCAFM BC OSC CJ
EM@GCPLM LM BCQCC F?ACP RP?LQN?PCLRCQ JMQ CDCARMQ AMLHSLRMQ BCJ NPMWCARM BCJ
#MKNJCHMBCJ-?BCGP?
GLAJSWCLBM?JMQN?eQCQDPMLRCPGXMQ
"MJGTG?W0CPj
PCTCJ?
OSC CJ BGQASPQM BCJ |BCQ?PPMJJM QMQRCLG@JC} W BC J? |GLRCEP?AGgL PCEGML?J} LM T?
K\Q ?JJ\ BCJ K?PICRGLE NMJeRGAM %L J? NP\ARGA?
J? BGQNSR? NMP J? AMLQRPSAAGgL
BCKMAP\RGA? CQ SL NPMACQM AMKNJCHM
BCQGES?J
AMLRP?BGARMPGM W DSCPRCKCLRC
GLDJSCLAG?BM NMP JMQ EPSNMQ CAMLgKGAMQ W NMJeRGAMQ OSC
?PRGASJ?BMQ
BCDGCLBCL
QSQ GLRCPCQCQ %L J? PCEGgL ?K?XgLGA? @P?QGJCP?
CQRMQ EPSNMQ NMJeRGAMQ
LMPK?JKCLRC QML PCNPCQCLR?BMQ NMP SL LjKCPM NCOSCfM BC D?KGJG?Q CL A?B?
SLM BC JMQ CQR?BMQ ,MQ EPSNMQ CAMLgKGAMQ QML K\Q BGTCPQGDGA?BMQ
K?Q CL CJ
A?QM BCJ #MKNJCHM BCJ -?BCGP?
QC BCQR?A? CJ NCQM BC J?Q EP?LBCQ
AMLQRPSARMP?Q
,?NMJbKGA?CLRMPLM?JJGACLAG?KGCLRM?K@GCLR?JBCJ#MKNJCHMBCJ-?BCGP?LMQ
JJCT? ? AMLAJSGP AMKM SL D?ARMP BCRCPKGL?LRC BC CQRC NPMACQM J? DP?EGJGB?B BCJ
K?PAMBCJ?QJCWCQ?K@GCLR?JCQWBCJQGQRCK?BCJGACLAG?QCL"P?QGJ
DPCLRC?J?Q
DSCPX?QNMJeRGA?QWCJNMBCPCAMLgKGAM0MPMRPMJ?BM
J?QPCQRPGAAGMLCQGKNSCQR?Q
NMP J? JCEGQJ?AGgL W J? AMLQGESGCLRC GLQCESPGB?B HSPeBGA? BCJ NPMWCARM NMLCL CL
PGCQEM J? ?RP?AAGgL BC LSCT?Q GLTCPQGMLCQ CVRP?LHCP?Q CL CJ QCARMP BC J?
ECLCP?AGgLBCCLCPEe?
/RPM D?ARMP BCRCPKGL?LRC BCJ NSLRM BC TGQR? NMJeRGAM W CAMLgKGAM CQ J?
JMA?JGX?AGgLBCJAMKNJCHMBCJ2eM-?BCGP?CLCJCQR?BMBC2MLBMLG?
OSCD?AGJGR?
CJ SQM BC KCA?LGQKMQ LM RP?LQN?PCLRCQ W ?SRMPGR?PGMQ
NSCQ CJ CQR?BM NMQCC
RMB?QJ?QA?P?ARCPeQRGA?QBCSL?PCEGgLBCDPMLRCP??EPeAMJ?AML?JRMQeLBGACQBC
DP?EKCLR?AGgL RCPPGRMPG?J W BMKGLGM BC EPSNMQ NMJeRGAMQ PCNPCQCLR?LRCQ BC
CKNPCQ?Q K?BCPCP?Q
KGLCP?Q W ?EPMNCAS?PG?Q #ML PCQNCARM ?J ASKNJGKGCLRM
BC J? JCEGQJ?AGgL ?K@GCLR?J
JM OSC QC M@QCPT? CQ J? D?JR? BC A?N?AGB?B BC
Q?LAGML?KGCLRMNMPN?PRCBCJ%QR?BMBC$CPCAFM
AMKMGLBGA?BMPGLCOSeTMAMBC
J?PSNRSP?AMLCJMPBCLHSPeBGAMTGECLRC
%L AMLAJSQGgL
J? BCAGQGgL QM@PC J? CDCARGT? AMLQRPSAAGgL BC J?Q SQGL?Q BCJ
-?BCGP?T?KSAFMK\Q?JJ\BCJNJ?LC?KGCLRMCLCPEbRGAML?AGML?J!SLOSCCQRC
NJ?LC?KGCLRMQC?NPCQCLR?BMAMKMSLKMRGTM?GQJ?BM
PCNPCQCLR?CLPC?JGB?BSL
LSCTMAGAJMBCEP?LBCNPMWCARMQBCGLDP?CQRPSARSP?CLJ?!K?XMLe?WR?K@GbLJ?
AMLDGESP?AGgL BC SL LSCTM MPBCL?KGCLRM RCPPGRMPG?J
TGLASJ?BM ? JMQ QCARMPCQ
NPGK?PGMCVNMPR?BMP W DMKCLR?BM NMP GLQRGRSAGMLCQ DGL?LAGCP?Q CQR?R?JCQ W
NPGT?B?Q
%Q LCACQ?PGM OSC QC ?@P? SL CQN?AGM BC BGQASQGgL L?AGML?J QM@PC J?
AMLDGESP?AGgLBCJ?K?RPGXCLCPEbRGA?@P?QGJCf?WQSQPCDJCHMQQM@PCCJBCQ?PPMJJM
CAMLgKGAMWQMAG?J
RCLGCLBMCLASCLR?OSCJ?QBCAGQGMLCQBC@CLAMLRCKNJ?PJ?Q
CVNCAR?RGT?Q BC APCAGKGCLRM BC J? L?AGgL
QGL CJSBGP J? AMLQGBCP?AGgL BC J?
AMKNJCHGB?BWJ?BGKCLQGgLQMAG?K@GCLR?JBCJ?!K?XMLe?
0?P? CQRM
JMQ N?QMQ AJ?TCQ CL J? GKNJCKCLR?AGgL BC J? NP\ARGA? BCJ BCQ?PPMJJM
PCEGML?J QMQRCLG@JC QML G
J? A?JGDGA?AGgL BC JMQ CQN?AGMQ BC BG\JMEM CLRPC JMQ
MPE?LGQKMQ BCJ EM@GCPLM W EPSNMQ BC J? QMAGCB?B AGTGJ W CKNPCQ?PG?J GG
J?
RP?LQN?PCLAG?WCJ?AMKN?f?KGCLRMBCJ?BCQRGL?AGgLBCJMQPCASPQMQNj@JGAMQ
?
RP?TbQ BC JMQ #MLQCHMQ KSLGAGN?JCQ W CQR?R?JCQ
CVGQRCLRCQ W GGG
J? KCHMP? BC
JMQ NPMACBGKGCLRMQ ?BMNR?BMQ CL J?Q ?SBGCLAG?Q Nj@JGA?Q /RPM NSLRM
DSLB?KCLR?J CQ ?QCESP?P CJ ?KN?PM JCE?J BCDCLQ?
N?P? J?Q KGLMPe?Q
BGPCAR?KCLRC ?DCAR?B?Q NMP EP?LBCQ CKNPCLBGKGCLRMQ W AMLBGAGMLCQ N?P? CJ
CLRCLBGKGCLRMWBGQASQGgLBCCQRMQGKN?ARMQzNPCTGQRMQCLCJ%)!2)-!zNPCTGM
?PC?JGX?AGgLBC?SBGCLAG?QNj@JGA?Q
#MLQGBCP?LBMJ?LCACQGB?BBCQSNCP?PJ?RP?BGAGML?JBGAMRMKe?|KCBGM?K@GCLRC
TCPQSQ BCQ?PPMJJM}
W AMKM SL? DMPK? BC B?PJCQ TGQG@GJGB?B ? JMQ AMLDJGARMQ
QMAGM?K@GCLR?JCQ
SL? ?JRCPL?RGT? CQ J? APC?AGgL BC AMLQCHMQ BC BCQ?PPMJJM
QMQRCLG@JC CL JMQ KSLGAGNGMQ W CQR?BMQ OSC PCAG@CL EP?LBC M@P?Q
AMKM DSC
PCAMKCLB?BM NMP J? !ECLB?
OSC QML ?AMKN?f?BMQ NMP CJ 0MBCP 0j@JGAM
&CBCP?J /RPM NSLRM DSLB?KCLR?J CQ E?P?LRGX?P J? QM@PCTGTCLAG? W J? A?JGB?B BC
TGB? BC BGTCPQMQ EPSNMQ BC J? NM@J?AGgL JMA?J
NMP KCBGM BC J? PCQMJSAGgL BC
AMLDJGARMQQM@PCCJ?AACQM?J?RGCPP?W?MRPMQPCASPQMQL?RSP?JCQ
?BCK\QBCJ?
BCDGLGAGgL BC CQRP?RCEG?Q ?JRCPL?RGT?Q BC APbBGRM W ?QGQRCLAG? RbALGA? N?P? J?
NPMBSAAGgLWAMKCPAG?JGX?AGgL
#MKM PCAMKCLB?AGgL ECLCP?J
J?Q GLTCPQGMLCQ K?AGX?Q BC CLCPEe?
OSC QML
TGR?JCQ N?P? CJ BCQ?PPMJJM BCJ N?eQ
LM NSCBCL QCP AMLACLRP?B?Q ?NCL?Q CL QS
ECLCP?AGgL
QGLM OSC BC@CL NPGK?P NMP K?WMP CDGAGCLAG? CL ECLCP?AGgL
RP?LQNMPRCWSQMBCJ?CLCPEe?
JMOSCMDPCACPe?BCRPCQ?AS?RPMTCACQJ?CLCPEe?
ECLCP?B?NMPCJ#MKNJCHMBCJ2eM-?BCGP?
NMPSLKCLMPNPCAGM
,?QM@P?QBCJ#MKNJCHMBCJ2eM-?BCGP?QGESCL?RMBMAMQRM
BCQAMLQGBCP?LBM
J?Q APeRGA?Q W A?SQ?LBM AMLRPMTCPQG?Q -GCLRP?Q R?LRM
JMQ NPGLAGN?JCQ ?DCAR?BMQ
QGESCLPCGLTGLBGA?LBMCQRSBGMQFMLCQRMQCGLDMPK?AGgLRP?LQN?PCLRC
?BCK\QBCJ
BCPCAFMBCCT?JS?P
GLRCPTCLGPW?QSKGPJMQAMQRMQBCJ?BCAGQGgLBCJKMBCJMBC
BCQ?PPMJJMOSCBCQC?LN?P?QSPCEGgL%JPGCQEM
CLCQRCKMKCLRM
CQOSCLMQC
?QGKGJCLJMQCPPMPCQBCCQRCNPMACQM
WOSCCQRCNPMWCARMQCRMPLCSLNPMEP?K?
K\QBC|JSXN?P?NMAMQ}
!EP?BCAGKGCLRMQ
,?Q?SRMP?Q?EP?BCACL?JMQMPE?LGX?BMPCQBCCQR?NS@JGA?AGgL&?@G?LM4MLGW
2M@CPRM0MPPMNMPJ?QAPeRGA?QWMPGCLR?AGgLCLJ?MPE?LGX?AGgLBCJ?GLDMPK?AGgL
W CJ RCVRM !EP?BCAGKGCLRMQ R?K@GbL ? $?LGCJ "P?LB_M W "PSLM 4?GRQML NMP CJ
?NMWMCLJ?PCTGQGgLWBGQASQGgLBCJAMLRCLGBM
"G@JGMEP?De?
!LBPCGQ
#?PCL
*& BMQ !LHMQ *SLGMP
,-4 !JDCPCQ
* 7CQAFCLDCBCP
03
3?LRMQ
%TMJSa_M BM BCQK?R?KCLRM CLRPC MQ ?LMQ BC C L?
&JMPCQR? .?AGML?J "MK &SRSPM
2CQCPT? %VRP?RGTGQR? *?AW0?P?L\
0?POSC
%QR?BS?J BC 'S?H?P\-GPGK
C 4CPP? )LBeECL? +?PGNSL? 2MLBhLG?
"P?QGJ
3)0!-#CLRPM4bALGAMC/NCP?AGML?JBC0MPRM6CJFM
)LQRGRSRMBC'MCAGdLAG?Q
5LGTCPQGB?BC&CBCP?JBM2GM'P?LBCBM3SJ
!PAF?LHM
,SGX?*MPL?J%VRP?2MLBhLG?-0&BCLSLAG?CVQCAPCR\PGM!SESQRGLFM
0?QRMPC NMP BCQASKNPGP JCEGQJ?a_M ?K@GCLR?J !ACQQ?BM CK
UUUCVRP?PMLBMLG?AMK@PJCP=LMRGAG?NFN AMB
#?PNGM
*MPEC -MJGL?
!L?JGQGQ BC JMQ CQRjBGMQ BC GKN?ARM ?K@GCLR?J BCJ
AMKNJCHMFGBPMCJCARPGAM$CJPGM-?BCP?FGBPMJMEe?WQCBGKCLRMQ,?0?X"MJGTG?
2CJ?RgPGM?NPCQCLR?BM?MEMTCPLM@MJGTG?LM
#?Q?#GTGJB?0PCQGBdLAG?B?2CNj@JGA?0!#
#/)!"
#?PR? BC 0MPRM 6CJFM ))) &/25- 0%2-!.%.4% $/3 0/6/3
).$'%.!3$!!-!:.)!0MPRM6CJFM
2MLBhLG?
#/.!-!0PMNMQR?BC-Ma_M!NPMTCGR?KCLRMFGBPCJbRPGAMBMPGM-?BCGP?
0PMACQQM LM q 2CSLG_M %VRP?MPBGL\PG? C BC
K?PaMBC
%AMLMKG?%LCPEG?.M3CRCK@PM/SRS@PM)33.
%0%
%QRSBMQN?P?JGAGR?a_MB?CVN?LQ_MB?ECP?a_M!(%*GP?S!L\JGQC
BM %QRSBM BC )KN?ARM !K@GCLR?J %)!2)-!
C B?Q #MLBGAGML?LRCQ B? ,GACLa?
0PbTG?.M%0%$%%2%P
%SJCP
!-# 0SPPG
*, .CEPCR
*& / 0PMACQQM BC 'MTCPL?La? CK
2CQCPT?Q%VRP?RGTGQR?QBC2MLBhLG?)5#.0MPR?JQM@PC#MLQCPT?AGMLW%OSGB?B
3MAG?J
&?PPCJJ
,C?LLC5K??L\JGQCBM0PMHCRM"\QGAM!K@GCLR?J BC!(%3?LRM
!LRhLGM)LRCPL?RGML?J2GTCPQ
&CPL?LBCQ
, # CR ?J !RJ?Q 'CM?K@GCLR?J BC 2MLBhLG? CB 0MPRM
6CJFM3%$!-
N
&CPPCGP?
!LRhLGM )PCK?P -?AGCJ
-.
5K /JF?P QM@PC ? !K?XMLG? z
.?PP?RGT?
-CKMgPG? C M BC@?RC B?Q 0MJGRGA?Q $CQCLTMJTGKCLRGQR?Q
'0%235.)2N
'PSNMBC4P?@?JFM!K?XhLGAM '4!
/&GKB?&JMPCQR? !QGRS?a_MBC
BCT?QR?a_M B?Q SLGB?BCQ BC AMLQCPT?a_M C RCPP?Q GLBeECL?Q BM %QR?BM BC
2MLBhLG?
)LQRGRSRM"P?QGJCGPMBC'CMEP?DG?C%QR?ReQRGA? )"'%
UUUG@EC@P!ACQQM
CKLMTCK@PM
)LRCPL?RGML?J2GTCPQ.CRUMPIz!!K?XhLG?QM@?KC?a?2CNPCQ?KCLRMBM2GM
-?BCGP?N
)PTGLE
-?PR? BC !XCTCBM
& #MXXMJGLM
# &P?ECJJG
C ! 3?LAFM
'MTCPL?La? C NMJeRGA?Q Nj@JGA?Q BCQ?DGMQ N?P? ? ECQR_M BC N?POSCQ L?AGML?GQ
LM "P?QGJ GL 0MJGRGA?Q !K@GCLR?JCQ W EMTCPL?@GJGB?B CL !KbPGA? ,?RGL?
'
&MLR?GLC
'6 6JGCR C 2 0?QOSGQ AMMPBCL?BMPCQ
&,!#3/
)$$2)
#)2!$
%AS?BMP1SGRM
*52!$/$%,42)"5.!,,!4)./!-%2)#!./$%,!'5!
6CPCBGARMB?
!SBGCLAG? 0j@JGA? QM@PC CJ #?QM #MLQRPSAAGgL BC -CE?CK@?JQCQ QM@PC CJ PGM
-?BCGP?%QR?BMBC2MLBMLG?
2CNj@JGA?&CBCP?RGT?BC"P?QGJ'5!4%-!,!
$%3%04)%-"2%$%
+!.).$[
#?PR?!@CPR?w3MAGCB?BC#GTGJ/PE?LGX?B?QM@PCMHSJE?KCLRM
B? BCLjLAG? BC TGMJ?a_M BC $GPCGRMQ )LBeECL?Q #MLQRGRSAGML?GQ NCJM 0PMHCRM BM
#MKNJCVM %LCPEbRGAM $M 2GM -?BCGP?2/ CK GLQR^LAG? GLRCPL?AGML?J C *SQRGa?
!K@GCLR?J
-GJJGI?L
"PCLR ( / 0?GLCJ BC )LQNCa_M BM "?LAM -SLBG?J C M 0CBGBM BC
)LTCQRGE?a_M QM@PC M 0,!.!&,/2/
GL "?LAM -SLBG?J
0?PRGAGN?a_M
4P?LQN?PdLAG? C 2CQNMLQ?@GJGX?a_M ! %VNCPGdLAG? "P?QGJCGP? AMK M 0?GLCJ BC
)LQNCa_M
&J\TG? "?PPMQ MPE
2CBC "P?QGJ QM@PC )LQRGRSGaiCQ &GL?LACGP?Q
)LRCPL?AGML?GQ
H?LCGPM BC
NN
-GJJGI?L
"PCLR ( 0,!.!&,/2/ -MBCJM BC 0PMHCRM 0?PRGAGN?RGTM
GL
,CPMW
*C?L0GCPPC C -?PG? #J?P? # 3M?PCQ MPEQ
"?LAMQ -SJRGJ?RCP?GQ C
$CQCLTMJTGKCLRM0?PRGAGN?RGTMLM"P?QGJ$GJCK?QC$CQ?DGMQ
&!3%)"!3%
2GM
BC*?LCGPM
NN
-GJJGI?L
"PCLR ( ! 0?PRGAGN?a_M CK 0PMHCRMQ &GL?LAG?BMQ NCJM "?LAM
-SLBG?J/#?QMBM0,!.!&,/2/CK2MLBhLG?
-GLBJGL
"CRRW
.gQ
0?GRCPMQ3SPSGBC2MLBhLG?
0CRPgNMJGQ
2*
"P?QGJ
%BGRMP?6MXCQ
,RB?
-MTGKCLRMBMQ?RGLEGBMQNMP@?PP?ECLQ-!"
#!24),(!$%%345$/z
/NPM@JCK?B?D?JR?BCCLCPEG?KSLBG?JRCK?TCPAMK?QM@P?QBM|#MKNJCVMBM
2GM-?BCGP?}N
.CRM
/AR?TGM!KMPGK0PCQGBCLAG?JGQKMCEMTCPL?@GJGB?BCL?Q!KbPGA?Q
&'6
2GMBC*?LCGPM
.jAJCM !KGEMQ B? 4CPP? / -?GMP 4PG@SR\PGM BM 2GM !K?XML?Q ?KC?a?BM z
(GBPCJbRPGA?QLM2GM-?BCGP?!EMQRM
N
0CPB?Q BC CLCPEG? LM "P?QGJ QSNCP?K SK? FGBPCJbRPGA? &MLRC /
)KN?PAG?J
0J?LM$CACL?JUUUKKCEMT@P!ACQQMCKLMTCK@PM
0.5$
-GJJCLGSK %AMQWQRCK !QQCQQKCLR
FRRNUUUKGJJCLLGSK?QQCQQKCLRMPECLGLBCV?QNV !ACQQM CK *?LCGPM
02/$%.!z0PMLSLAG?KGCLRMQM@PCJ_QPCNPCQ?QCLJ?ASCLA?$CJ-?BCP?,?
0?X
*SJGM
N
2G@CGPM
"C?RPGX
! 6CPeQQGKM C + 0CPCGP? / !T?LaM BM $CQKR??KCLRM
QM@PC ?Q PC?Q 0PMRCEGB?Q CK 2MLBhLG?
)-!:/.
QbPGC / %QR?BM B?
!K?XhLG?
.M
2MLBhLG?
!Q 5LGB?BCQ BC #MLQCPT?a_M BC 2MLBhLG?
/JKMQ
&\@GM
1SCGPMX &GJFM
!JDPCBM 0CPCGP? BC ,GQ@M?
#CJG BC !PPSB?
3%0,!.0,!.!&/2/0.5$
"2!
0MPRM6CJFM
N
3/5:!
0 ! 0 6!,%.#)/
. & , 3 #MLRCVRM 0MJeRGAM )LQRGRSAGML?J B?
2CCQRPSRSP?a_M BM 3CRMP %JbRPGAM .?AGML?J C MQ .MTMQ !RMPCQ %LTMJTGBMQ )L ))
%LAMLRPMB?!QQMAG?a_M.?AGML?JBC0gQ'P?BS?a_MC0CQOSGQ?CK!K@GCLRCC
3MAGCB?BC
)LB?G?RS@?))%LAMLRPMB?!.00!3
3UGRICQ
'JCLL "MLGJF?
0?RPeAG? ES?Q 4SPT?Q !JCPR?Q QM@PC ?Q
AMLQCOkdLAG?QBC@?PP?PMK?GMP?DJSCLRCBM?K?XML?Q
4MQGL 0 # CR ?J 0J?LM BC -?LCHM BM 0?POSC %QR?BS?J #MPSK@G?P?
2MLBhLG?CB#SPGRG@?3063
4PG@SL?J ,?RGLM?KCPGA?LM BCJ !ES? 6CPCBGARM BCJ A?QM #MLQRPSAAGgL BC
-CE?CK@?JQCQQM@PCCJPeM-?BCGP?%QR?BMBC2MLBMLG?
"P?QGJ5.%3#/
6?JMP%AMLhKGAM-?BCGP??RP?GLMT?MLB?KGEP?RgPG??2MLBhLG?
77&
3MSRFUCQR !K?XML %AMPCEGML "GMBGTCPQGRW 6GQGML #MLQCPT?RGML
0J?LDMP?JGTGLENJ?LCR
77&
-?RPGX%JbRPGA?3SQRCLR\TCJ%QRSBMBCACL\PGMQN?P?SKQCRMP
CJbRPGAM @P?QGJCGPM CDGAGCLRC
QCESPM C AMKNCRGRGTM 3bPGC 4bALGA? 6MJSKC 8)) n
K?PaMBC
4M B?K MP LMR RM B?K >C WC?PQ ML DPMK RFC 7MPJB #MKKGQQGML ML
$?KQUUUUUDMPEB?KQ
6<162@292;9.:.G<;J.
$*()%$ . ($(
$(- %" )
)LRPMBSAAGgL,?CVNJMQGgLBCJ@GMBGCQCJCL"P?QGJWCLJ?!K?XMLe?
|3G QC QGESC N?P? -?RM 'PMQQM
N?P? !APC M !JRM *SPS\
M N?P? J?Q PG@?Q
CVRPCK?QBC-?j
CQCJKCBGM?BKGP?@JCBC?KNJG?PJ?TGB?MBCRMPL?PJ?jRGJW
R?JTCX@PGJJ?LReQGK?} %SAJGBCQB?#SLF?
CL"P?LB_M
|4MBM "P?QGJ KGP? F?AG? CJ .MPRC
AML CJ BCQCM N?RPGgRGAM BC ?SVGJG?P J?
GPPSNAGgLBCQSBCQ?PPMJJM} 'CRjJGM6?PE?Q
$GQASPQMBCJ2eM!K?XML?Q
BC
MARS@PCBCCL"CJbK
%J @GMBGCQCJ CQ SL AMK@SQRG@JC NPMBSAGBM AML ?ACGRCQ TCECR?JCQ M EP?Q?Q
?LGK?JCQ $CACL?Q BC CQNCAGCQ TCECR?JCQ NPCQCLRCQ CL "P?QGJ F?L QGBM
GLTCQRGE?B?Q W SQ?B?Q CL J? NPMBSAAGgL BCJ @GMBGCQCJ
CLRPC CJJ?Q J? QMW?
'JWAGLC K?V
N?JK? ?DPGA?L? %J?CGQ ESGLCCLQGQ
EGP?QMJ
@?@?Qj !RR?JC?
QNCAGMQ?
K?Le !P?AFGQ FGNME?C?
PGAGLM 2GAGLSQ AMKKSLGQ
A?QR?f?Q W
NGfgL BC RCKN?RC M H?RPMD? *?RPMNF? ASPA?Q
?BCK\Q BC QC@M @MTGLM W
PCQGBSMQBC?ACGRCBCAMAGL?%JBCQ?PPMJJMBCCQRC?EPMAMK@SQRG@JCCL"P?QGJ
DSC GKNSJQ?BM CL CJ
AS?LBM FS@M SL? CVNJMQGgL BC NJ?LCQ BC
GLTCQRGE?AGgL W BCQ?PPMJJM )$
W LSCTMQ NPMWCARMQ N?P? J? NPMBSAAGgL BC
@GMBGCQCJ CL T?PGMQ CQR?BMQ @P?QGJCfMQ
BCQ?PPMJJ?BMQ NMP GLTCQRGE?BMPCQ
GLTCPQMPCQ
LSCT?QSQGL?QBC@GMBGCQCJWBGTCPQMQQCARMPCQBCJEM@GCPLM%LRPC
R?JCQGLGAG?RGT?Q
BCQR?A?KMQ?JESL?QCQNCAeDGA?KCLRCPCQNCARM?J?!K?XMLe?
,CE?J
OSCCQCJDMAMBCCQRCCQRSBGM
%J EPSNM !EPMN?JK? GL?SESPg QS SQGL? BC ?ACGRC BC N?JK? ?DPGA?L?
CL CJ
CQR?BM BC 0?P\
W ?NMQRg CL J?Q TCLR?H?Q BCJ #CPRGDGA?BM BC #MK@SQRG@JC
3MAG?J
GLGAG?PML J?Q LCEMAG?AGMLCQ CLRPC J? CKNPCQ? %JCRPMLMPRC W J? &SLB?AGgL BC
4CALMJMEe?BCJ%QR?BMBC!APC &5.4!#
N?P?J?GKNJ?LR?AGgLBC SLACLRPM
6CPCLCJA?NeRSJMBC2MEbPGM0SCPR?CLCQRCJG@PM
%QRSBGMBCA?QMBCJ?A?f?BC
?XjA?PCLJ?!K?XMLe?
BCCVACJCLAG?QM@PC@GMBGCQCJCLJ?5LGTCPQGB?B&CBCP?JBC!APC
@?Q\LBMQC
CLCJ0J?LBC"GMBGCQCJBC!APC
?jL CL CJ
CL !K?N\
CJ EM@GCPLM DCBCP?J BCQRGLg 2 KGJ N?P?
GLTCPQGMLCQ CL NPMWCARMQ BC GLTCQRGE?AGgL W 2 KGJ N?P? @CA?Q BC
GLTCQRGE?AGgL
AMLSL?AMLRP?N?PRGB?BC2KGJBCJ%QR?BMN?P?GLTCQRGE?P
MJC?EGLMQ?Q AMKM J? ?LBGPM@? M ACBPM K?AFM #?P?N? ESG?LCLQGQ
CJ
?JKCLBPM #?PWMA?P TGJJMQSK
W CJ E?TGJ\L 0CLR?AJCRFP? K?APMJM@?
CL J?
NPMBSAAGgL BC @GMBGCQCJ N?P? SQM CL NCOSCf?Q AMKSLGB?BCQ
? DGL BC JJCT?P
CLCPEe?CJbARPGA?N?P?D?KGJG?QOSCTGTCLCL?QCLR?KGCLRMQ
CLCJCQR?BMBC2MLBMLG?
J?&CBCP?AGgLBCJMQ4P?@?H?BMPCQCLJ?!EPGASJRSP?
BC2MLBMLG?z&%4!'2/
HSLRMAMLJ?3CAPCR?Pe?BC2CMPBCL?KGCLRM!EP?PGM
BCJ -GLGQRCPGM BC $CQ?PPMJJM !EP?PGM 32!-$!
PC?JGXg CJ QCKGL?PGM QM@PC
|#PbBGRMN?P?J?!EPGASJRSP?W"GMBGCQCJ}N?P?BGQASRGPCJ0PMEP?K?"GMBGCQCJW
NPMBSAAGgL CL J? ?EPGASJRSP? D?KGJG?P
?BCAS?AGgL RCALMJgEGA? W
AMKCPAG?JGX?AGgLBCJNPMBSARM
/@QCPT?LBM J? CVNJMQGgL BC GLGAG?RGT?Q N?P? BCQ?PPMJJ?P CJ @GMBGCQCJ CL J?
!K?XMLe? JCE?J
QC NMBPe? HSXE?P OSC CQRC AMLHSLRM BC NPMWCARMQ W NJ?LCQ
N?PCACK\QSL?A?AMDMLe?BC?AAGMLCQ3GLCK@?PEM
QCQ?@COSCNMPBCRP\Q
BC CQRC ?N?PCLRC A?MQ CVGQRC SL EP?L KMTGKGCLRM BC NMJeRGA?Q Nj@JGA?Q
MPOSCQR?BMNMPCJEM@GCPLMDCBCP?JBCQBCCJ
AS?LBM,SGX)L\AGM,SJ?B?
3GJT? ?QSKGg J? NPCQGBCLAG? BC "P?QGJ %L CQC KGQKM ?fM
J? NPCQGBCLAG?
PCSLGg SL 'PSNM BC 4P?@?HM )LRCPKGLGQRCPG?J '4)
N?P? BCRCPKGL?P J?Q JeLC?Q
NPGMPGR?PG?QBCBCQ?PPMJJMBCJ@GMBGCQCJCLCJ #/00%!$
0PCTGCLBM SL DSRSPM CQNCP?LX?BMP N?P? CJ @GMBGCQCJ BCQBC CJ NSLRM BC TGQR?
CLCPEbRGAM?K@GCLR?J
BCJ ?EPMLCEMAGM W BC J? GLAJSQGgL QMAG?J
CJ '4) BCJ
@GMBGCQCJ PC?JGXg SL CQDSCPXM AMLHSLRM BC ?PRGASJ?AGgL N?P? J? NPMKMAGgL BC
NMJeRGA?Q PCEGML?JCQ W JMA?JCQ BC BCQ?PPMJJM BCJ @GMBGCQCJ %J 0PMEP?K?
.?AGML?J BC 0PMBSAAGgL W 5QM BCJ "GMBGCQCJ 0.0"
?NPM@?BM CL CJ
|MPE?LGXg J? A?BCL? NPMBSARGT?
BCDGLGg JeLC?Q BC DGL?LAG?AGgL
CQRPSARSPg J?
@?QCRCALMJgEGA?WCBGRgCJK?PAMPCESJ?BMPBCJLSCTMAMK@SQRG@JC} 2MSQQCD
0MPR?JBM"GMBGCQCJ
FRRNUUUQCD?XKREMT@PNMPR?JGLBCVNFN ?ARGMLLMRGAMBE=.MRGAG?
FRRNUUUAPCBGRMDSLBG?PGMMPE@PAMKSLGA?A?MMLCCLRPW CLRPW=GB
FRRNUUU@GMBGCQCJEMT@P
%JK?PAMPCESJ?BMPDSCNPCQCLR?BMW?CLCJNPGKCPQCKCQRPCBCJ
AS?LBM
CJ NPCQGBCLRC ,SGX )L\AGM ,SJ? B? 3GJT? Q?LAGMLg J? ,CW BCJ "GMBGCQCJ
OSC
CQR?@JCACJ?CLRP?B?BCJ@GMBGCQCJCLJ?K?RPGXCLCPEbRGA?
CJPCEGQRPMCQNCAG?J
N?P?CJNPMBSARMPWN?P?CJGKNMPR?BMPBC@GMBGCQCJWJ?APC?AGgLBCJACPRGDGA?BM
QMAG?J BC @GMBGCQCJ
CLRPC MRP?Q BGPCARPGACQ BC GLACLRGTM DGQA?J QM@PC J?Q
E?L?LAG?QNPMTCLGCLRCQBCJ?TCLR?BCJ@GMBGCQCJ%JNPCQGBCLRC,SJ?JCQJJ?Kg
J??RCLAGgL?JMQDMRgEP?DMQOSCPCEGQRP?@?LCJKMKCLRM
N?P?OSCES?PB?QCL
?OSCJJ?Q GK\ECLCQ AML ASGB?BM |SQRCBCQ LM RGCLCL LMAGgL BC JM OSC CJ
@GMBGCQCJ T? ? PCNPCQCLR?P N?P? "P?QGJ W N?P? CJ KSLBM CL CJ DSRSPM
AS?LBM
BC@CP\PCCKNJ?X?PCLEP?LN?PRC?JNCRPgJCM}
?DGPKg
%QR?TGQGgLBCDSRSPMNPMKGQMPGMN?P?CJ@GMBGCQCJAMKMNMRCLAG?JAMKKMBGRW
?
CHCKNJMBCJCR?LMJ
CQSL?N?PRCGLRCEP?LRCBCJ?QNMJeRGA?QAPC?B?Q?N?PRGPBCJ
CL CJ QCARMP BC ?EPMCLCPEe? !J KGQKM RGCKNM OSC CJ @GMBGCQCJ CQR?@?
QGCLBMTGQJSK@P?BMAMKMLSCTMAMK@SQRG@JCN?P?QCP?BGAGML?BM?JBGCQCJCL
J? !K?XMLe? ,CE?J OSC ?@?PA? CJ @GMK? !K?XMLe? W \PC?Q BC #CPP?BM
CJ
BCQ?PPMJJM BC NMJeRGA?Q ?EPMCLCPEbRGA?Q R?K@GbL ECLCP?@? KSAF?
AMLRPMTCPQG?
CQNCAG?JKCLRC BC@GBM ? JMQ NMRCLAG?JCQ GKN?ARMQ QMAGM
?K@GCLR?JCQ BC J? NPMBSAAGgL BC MJC?EGLMQ?Q CL JMQ @GMK?Q !K?XMLe? W
#CPP?BM
,?CVN?LQGgLBCJ?QMW?CLCJ@GMK?#CPP?BMW!K?XMLe?CP?QCf?J?B?AMKM
NMQG@JC A?SQ? BC BCDMPCQR?AGgL CL CQRMQ @GMK?Q "SQF@?AFCP
'PCCLNC?AC?W@
,?CVN?LQGgLBCKMLMASJRGTMQBCMJC?EGLMQ?Q
AMKMCJBCJ?N?JK??DPGA?L?QGESGCLBMJMQKMJBCQBCJMOSCF?QSACBGBMCL
)LBMLCQG? &PGCLBQ MD RFC %?PRF
AMKCLX?@? ? NPCMASN?P
?K@GCLR?JGQR?QWKMTGKGCLRMQQMAG?JCQL?AGML?JCQCGLRCPL?AGML?JCQJGE?BMQ?
J? @GMBGTCPQGB?B
BCPCAFMQ FSK?LMQ
?EPGASJRSP? QMQRCLG@JC W ?EPGASJRSP?
D?KGJG?P
OSCNPMRCQR?PMLAMLRP?J?KMLMASJRSP?BCJ?EPMBGCQCJ
%L CJ A?QM BC J? QMW?
J? AMLRPMTCPQG? CQR?@? CQR?@JCAGB? CLRPC EPSNMQ
?K@GCLR?JGQR?Q GLRCPL?AGML?JCQ
OSC BCLSLAG?@?L J? BCDMPCQR?AGgL CL J?
!K?XMLe? 77&
'PCCLNC?AC ?
@ C
BC@GBM ? QS
CVN?LQGgLQM@PCCJ@MQOSC?K?XgLGAM
WNPMBSARMPCQBCQMW?WBC?ACGRCBC
QMW?
AMKMQCTCCLJ?&GESP?
!ECLAG?#4CL
,?!K?XMLe?,CE?JCQR\AMKNSCQR?NMPJMQCQR?BMQBC!K?XML?Q
0?P\
2MLBMLG?
!APCM'PMQQM
4MA?LRGLQWJ?N?PRCBC-?P?LF_M?JMCQRCBCJKCPGBG?LM
r7'P
UUU@GMDSCJU?RAFMPESI
'PCCLNC?AC
)#6
77&
&PGCLBQMDRFC%?PRF
$CQNSbQ BC DGPK?B? J? -MP?RMPG? BC J? 3MW?
J? AMLRPMTCPQG? QM@PC J?
NPMBSAAGgL BC @GMBGCQCJ W MRPMQ @GMAMK@SQRG@JCQ AMLRGLSg CL CJ %L
LMTGCK@PC BC CQC ?fM
BMQ CTCLRMQ PC?JGX?BMQ QGKSJR\LC?KCLRC CL 3_M
0?SJMBCQR?A?PMLNSLRMQBCTGQR?KSWBGDCPCLRCQQM@PCJ?QMQRCLG@GJGB?BBCJ?
NPMBSAAGgL BC @GMAMK@SQRG@JCQ !LBP?BC W -GAAMJGQ
,? |0PGKCP?
#MLDCPCLAG? )LRCPL?AGML?J QM@PC "GMAMK@SQRG@JCQ} DSC SL CTCLRM GKNMPR?LRC
MPE?LGX?BMNMPJ?*CD?RSP?BC'?@GLCRCWCJ-GLGQRCPGMBC$CQ?PPMJJM
)LBSQRPG?
W #MKCPAGM %VRCPGMP 0?PRGAGN?PML BCJ CTCLRM J? ?JR? AjNSJ? BCJ EM@GCPLM
GLAJSWCLBM CJ 0PCQGBCLRC ,SJ? W J? *CD? BC '?@GLCRC $GJK? 2MSQQCD
J?
AMKSLGB?B AGCLReDGA? L?AGML?J C GLRCPL?AGML?J
GLRCPCQ?B? CL JMQ
@GMAMK@SQRG@JCQ
W PCNPCQCLR?LRCQ BC MPE?LGX?AGMLCQ BC J? QMAGCB?B AGTGJ W
MPE?LGX?AGMLCQ LM ES@CPL?KCLR?JCQ
N?P? BGQASRGP JMQ jJRGKMQ ?T?LACQ W J?
QMQRCLG@GJGB?BBCJ?GLBSQRPG?BCJMQ@GMAMK@SQRG@JCQCL"P?QGJWCJKSLBM
%LRPC JMQ MPE?LGX?BMPCQ BCJ 3CKGL?PGM CL "P?QGJ CQR?@? J? /.' 2CNgPRCP
"P?QGJ
ASWM#CLRPMBC-MLGRMPCMBC!EPMAMK@SQRG@JCQ #-!
F??AMKN?f?BM
J?CTMJSAGgLBCJMQ?EPMAMK@SQRG@JCQCL"P?QGJ
CLJMPCDCPCLRC?JMQGKN?ARMQ
QMAGM?K@GCLR?JCQW?@SQMQBCBCPCAFMQFSK?LMQWOSCNS@JGAgSLGLDMPKCz
|%J "P?QGJ BC JMQ ?EPMAMK@SQRG@JCQ} z CL AS?RPM TMJjKCLCQ TCP 0?PRC )) BC
CQRCA?NeRSJM
J?/.'!KGEMQB?4CPP?CJ)LQRGRSRM%RFMQ
WJ?#04#MKGQGgL
0?QRMP?J BC J? 4GCPP? ,MQ N?PRGAGN?LRCQ
?J DGL?J
CJ?@MP?PML SL -?LGDGCQRM
ASCQRGML?LBMJ?QMQRCLG@GJGB?BBCJ??EPMCLCPEe?CLPCJ?AGgL?T?PGMQNSLRMQ
CLRPCCJJMQ
CJ?SKCLRMBCJ?BCDMPCQR?AGgLCLCJ#CPP?BMWCLJ?!K?XMLe?
QSQCDCARMQQM@PCCJNPCAGMWJ?MDCPR?BC?JGKCLRMQ
QSQGKN?ARMQQM@PC
J? AMLACLRP?AGgL BC J? RGCPP? W J? AMLQCASCLRC NbPBGB? BC CQN?AGM N?P? J?
?EPGASJRSP?BCQS@QGQRCLAG?
?QeAMKMJ?BGQKGLSAGgLBCJ?AACQM?JMQPCASPQMQ
L?RSP?JCQ JMA?JCQ NMP N?PRC BC NCOSCfMQ ?EPGASJRMPCQ
PCQNCRM ? J?
JCEGQJ?AGgLJ?@MP?JWBCPCAFMQFSK?LMQ
4P?R?BM CL CQRC BC@?RC QM@PC NMJeRGA?Q CLCPEbRGA?Q CL J? !K?XMLe?
CQRC
A?NeRSJM NPCQCLR? SL K?NCM BC J?Q NMJeRGA?Q Nj@JGA?Q PCJ?AGML?B?Q ?J
BCQ?PPMJJMBCJ@GMBGCQCJCL"P?QGJWCLJ?!K?XMLe?.MRCLCKMQJ?GLRCLAGgL
BC F?ACP SL ?L\JGQGQ NPMDSLBM BC J? NMJeRGA? CAMLgKGA? W CAMJgEGA? BCJ
@GMAMK@SQRG@JC
QGLM BC NPCQCLR?P ?JESL?Q RP?WCARMPG?Q BC J?Q LCEMAG?AGMLCQ
CVGQRCLRCQCLJ?GKNJ?LR?AGgLBCNMJeRGA?QCQRP?RbEGA?QNMPN?PRCBCJEM@GCPLM
DCBCP?J
CQR?R?J W CJ QCARMP NPGT?BM CL J? NPMBSAAGgL BCJ @GMBGCQCJ !BCK\Q
NPCQCLR?PCKMQR?K@GbLJ?QNCPQNCARGT?QPCQNCARM?J?QBGDGASJR?BCQWTCLR?H?Q
N?P?J?GKNJ?LR?AGgLBCCQR?QNMJeRGA?QCLJ?PCEGgL?K?XgLGA?@P?QGJCf?
N?P?
OSC AMKNPCLB?KMQ KCHMP CJ CQACL?PGM ?ARS?J W DSRSPM BC J?Q NMJeRGA?Q BC
@GMBGCQCJCLJ?!K?XMLe?
$C CQR? DMPK?
BGTGBGPCKMQ CQRC A?NeRSJM CL BMQ N?PRCQ ,? NPGKCP?
AMLRCVRS?JGX?J?NMJeRGA?CLCPEbRGA?BCJMQ?EPMAMK@SQRG@JCQ
W
CLCQNCAG?J
J?
BCJ0PMEP?K?.?AGML?JBC0PMBSAAGgLW5QMBC"GMBGCQCJ 0.0"
CL"P?QGJW
CL J? !K?XMLe? ,CE?J
AMKM CJ RCK? CLCPEbRGAM W ?EP?PGM ! AMLRGLS?AGgL
NPCQCLR? ?QNCARMQ RbALGAMQ W RCALMJgEGAMQ BC J?Q A?BCL?Q NPMBSARGT?Q W
K?NC? JMQ NPGLAGN?JCQ ?ARMPCQ GLTMJSAP?BMQ CL CJ BCQ?PPMJJM BC NMJeRGA?Q
Nj@JGA?QBC@GMBGCQCJWQSGKNJCKCLR?AGgLCLJ?!K?XMLe?,?QCESLB?N?PRC
QC ACLRP? CL J? NPMBSAAGgL ?ARS?J BC @GMBGCQCJ ? N?PRGP
NPGLAGN?JKCLRC
BC J?
QMW? W BC J? N?JK? ?DPGA?L? CL CJ @GMK? !K?XMLe? 0PCQCLR? R?K@GbL SL
?L\JGQGQ BC J?Q TCLR?H?Q W BC J?Q BGDGASJR?BCQ BCQBC CJ NSLRM BC TGQR? QMAGM
?K@GCLR?J W CAMLgKGAM BC J?Q A?BCL?Q NPMBSARGT?Q BC CQR?Q BMQ K?RCPG?Q
NPGK?Q %L J?Q AMLAJSQGMLCQ
NPCQCLR?KMQ ?JESL?Q NCPQNCARGT?Q W
PCAMKCLB?AGMLCQ N?P? J? AMLQRPSAAGgL BC NMJeRGA?Q Nj@JGA?Q BCQRGL?B?Q ?J
@GMBGCQCJCLJ?!K?XMLe?
%JAMK@SQRG@JCQMAG?J@GMBGCQCJ
%J BC HSJGM BC
CJ NPCQGBCLRC BC J? 5LGgL "P?QGJCf? BC J? )LBSQRPG? BCJ
"GMBGCQCJ 5"2!")/
3bPEGM "CJRP_M
AMLKCKMP?@? J? CLRP?B? CL TGEMP BC J?
KCXAJ?" BC@GMBGCQCJ?JBGCQCJ
CLJ?QCQR?AGMLCQBCQCPTGAGM$SP?LRC
SL BCQ?WSLM AML J? #\K?P? BC $GNSR?BMQ CL "P?QGJG?
JJCTg ? A?@M SL?
NPCQCLR?AGgL BMLBC BCQR?A?@? QS MNGLGgL PCQNCARM ? JMQ QGESGCLRCQ NSLRMQ
NMQGRGTMQBCCQR?NPMEPCQGgLCLJ?KCXAJ? CLRPCTGQR?"CJRP_M
|!SKCLRM
BC J?Q QMAGCB?BCQ CLRPC NPMBSARMPCQ BC @GMBGCQCJ W J? ?EPGASJRSP? D?KGJG?P
AMLRPG@SWCLBM N?P? CJ DMPR?JCAGKGCLRM BC CQR? PCJ?AGgL NPMKMAGgL BC J?
?ARGTGB?B CAMLgKGA?
AMK@?RGCLBM JMQ CDCARMQ BC J? APGQGQ ECLCP?AGgL BC
CKNJCM CL CJ A?KNM
CL J? GLBSQRPG? W CL CJ \PC? BC QCPTGAGMQ PCJ?AGML?BMQ
PCDJCHMNMQGRGTMCLJ?"?J?LX?#MKCPAG?JBC@GBM?J?PCBSAAGgLBCJ?LCACQGB?B
BC GKNMPR?AGgL BC BGCQCJ W B?LBM QSQRCLRM BC NPCAGMQ ? J?Q CVNMPR?AGMLCQ
@P?QGJCf?Q BC ?ACGRCQ TCECR?JCQ} s#gKM NMBCKMQ CLRCLBCP CQR? E?K? BC
D?ARMPCQQMAG?JCQWCAMLgKGAMQPCJ?AGML?BMQAMLCJAPCAGKGCLRMBCJ?GLBSQRPG?
BCJ@GMBGCQCJCL"P?QGJ
!JMJ?PEMBCCQRCA?NeRSJMF?PCKMQSLK?NCMBCJMQNPGLAGN?JCQ?ARMPCQCLCJ
QCARMP BC @GMBGCQCJ
?Qe AMKM BC JMQ ?PESKCLRMQ W BC J?Q NMJeRGA?Q BC
NPMBSAAGgL BCJ @GMBGCQCJ CL "P?QGJ W J? !K?XMLe?
RP?R?BMQ BCQBC SL? JgEGA?
BC QMQRCLG@GJGB?B CLCPEbRGA?
RCPPGRMPG?J
?EP?PG?
QMAG?J W RCALMJgEGA? W CL SL
K?PAM PCEJ?KCLR?PGM @GCL BCDGLGBM %J 0PMEP?K? .?AGML?J BC 0PMBSAAGgL W
5QM BC "GMBGCQCJ z 0.0" CQR?@JCAC J?Q NMJeRGA?Q W BGPCARPGACQ BCJ K?PAM
PCEJ?KCLR?PGM @P?QGJCfM OSC PGEC J? NPMBSAAGgL BCJ @GMBGCQCJ %QRMQ
GLQRPSKCLRMQ AMKNMLCL ?AAGMLCQ CQRP?RbEGA?Q BCJ -GLGQRCPGM BC !EPGASJRSP?
%LSLNPGKCPK?NCM
J?QNPGLAGN?JCQGLQRGRSAGMLCQPCESJ?BMP?QBCJ@GMBGCQCJCL
"P?QGJQML
!NCQ?PBCQCPKSWPCAGCLRC
J?FGQRMPG?NMJeRGA?WCAMJgEGA?BCJ@GMBGCQCJCLJ?
!K?XMLe?F?L?AGBMPCNJCR?BCAMKNJCHGB?BCQ%J@GMBGCQCJCLCQR?PCEGgLQC
GLQGCPCCLSLAMLRCVRMFGQRgPGAMBCAMLACNRMQEJM@?JCQBCQSQRCLR?@GJGB?BWBC
QMAGM@GMBGTCPQGB?B
OSCQCAMK@GL?LAMLT?JMPCQJMA?JCQBCPCQNMLQ?@GJGB?B
QMAGM?K@GCLR?J %L CQRC AMLRCVRM FGQRgPGAM
QC PCQ?JR? CJ N?NCJ BCJ @MQOSC
?K?XgLGAMCLCJA?K@GMAJGK\RGAMWJ?SRGJGX?AGgLBCKCA?LGQKMQBCBCQ?PPMJJM
JGKNGMCLJ?!K?XMLe?
BCQBCJ?gNRGA?BCJ?QCESPGB?BCLCPEbRGA?WRCPPGRMPG?J
%LCQR?FGQRMPG?AMKNJCH?
BGTCPQMQ?ARMPCQCLRP?LCLCQACL?N?P?AMLQRPSGPJ?
FGQRMPG? NMJeRGA? W CAMJgEGA? BCJ @GMBGCQCJ CL J? !K?XMLe? LSCT?Q PCBCQ BC
AGCLAG? W RCALMJMEe? DMPK?B?Q NMP GLTCQRGE?BMPCQ BC BGTCPQ?Q SLGTCPQGB?BCQ
DCBCP?JCQ CL T?PGMQ CQR?BMQ @P?QGJCfMQ PCBCQ QMAGM?K@GCLR?JCQ
AMKNPMKCRGB?Q AML J? BCDCLQ? BC JMQ BCPCAFMQ FSK?LMQ W J? HSQRGAG?
?K@GCLR?J QGLBGA?RMQ BC RP?@?H?BMPCQ PSP?JCQ W AMMNCP?RGT?Q BC NPMBSARMPCQ
D?KGJG?PCQgPE?LMQBC?QGQRCLAG?RbALGA??JMQ?EPGASJRMPCQD?KGJG?PCQGLQCPGBMQ
CLJ?A?BCL?BCJ@GMBGCQCJJ?GLBSQRPG?APCAGCLRCBCNPMBSARMPCQCGLTCPQMPCQ
BCJ @GMBGCQCJ @?LAMQ L?AGML?JCQ BC APbBGRM PSP?J gPE?LMQ PCESJ?BMPCQ AMKM
J? !.0 W BGTCPQ?Q GLQRGRSAGMLCQ ES@CPL?KCLR?JCQ KGLGQRCPGMQ
QCAPCR?Pe?Q W
A\K?P?Q RCK\RGA?Q
PCJ?AGML?B?Q ?J @GMBGCQCJ ? LGTCJ DCBCP?J
CQR?R?J W
KSLGAGN?J
?QeAMKMPCTGQR?QCGLDMPK?RGTMQAMKMCJNMPR?J"GMBGCQCJ"P
%QRMQ ?ARMPCQ AMLRPG@SWCPML N?P? J? AMLQRPSAAGgL BC AS?RPM JeLC?Q BC
?PESKCLRMQ OSC ?NMW?L ? J?Q NMJeRGA?Q BCJ 0.0" BC GLQCPAGgL
CVN?LQGgL W
BCQ?PPMJJM BCJ @GMBGCQCJ CL "P?QGJ
NPGLAGN?JKCLRC CL J? !K?XMLe? CLCPEe? W
QSQRCLR?@GJGB?B ?EPMCLCPEe? C GLAJSQGgL QMAG?J A?BCL? NPMBSARGT? W PSR?Q
RCALMJgEGA?QJGKNG?QWK?PAMPCESJ?RMPGM
,?3MQRCLG@GJGB?B%LCPEbRGA?BCJ"GMBGCQCJWCJ!GQJ?KGCLRM4CPPGRMPG?JCL
J?!K?XMLe?
! DGL BC NPMKMTCP CQR? QSQRCLR?@GJGB?B CLCPEbRGA?
CJ 0.0" APC? SL K?PAM
PCESJ?BMP OSC GLQRGRSWC SL QGQRCK? BC QS@?QR? AMLBSAGBM NMP J? !ECLAG?
.?AGML?JBC0CRPgJCM
'?Q.?RSP?JW"GMAMK@SQRG@JCQz!.0zOSCNPMKSCTC
J?AMKNCRGRGTGB?BWCJSQMBCRMB?NPMBSAAGgLBC@GMBGCQCJCLCJN?eQ !L\JGQC
! QS TCX
J? ,CW BCJ "GMBGCQCJ BGAR? J?Q NMJeRGA?Q BC QMQRCLG@GJGB?B
CLCPEbRGA? W BC J? ?BGAGgL BCJ @GMBGCQCJ CL BGDCPCLRCQ NPMNMPAGMLCQ ?J BGCQCJ
CLRPC JMQ ?fMQ W
AML J? GLRCLAGgL BC NPMBSAGP SL? A?LRGB?B BC
@GMBGCQCJ GES?J M QSNCPGMP ?J BGCQCJ GKNMPR?BM CL "P?QGJ CL CJ ,?
5"2!")/ 5LGgL "P?QGJCf? BC "GMBGCQCJ
RP?Xg SL CQACL?PGM QGKNJC BCJ
?SKCLRM BC CQR? NPMBSAAGgL BC @GMBGCQCJ BC " N?P? "
AMLQGBCP?LBM CJ
AMLQSKM?LS?JBCBGCQCJBCJMPBCLBCKGJKGJJMLCQBCJGRPMQ?fM
#?B?BC@GMBGCQCJAMPPCQNMLBC?KGJJMLCQBCJGRPMQ?LM
J?BCK?LB?
AMPPCQNMLBGCLRC?J"CQBC
KGJKGJJMLCQBCJGRPMQ?fMMKGJJMLCQBC
JGRPMQRPGKCQRPC KGCLRP?Q OSC J? BCK?LB? AMPPCQNMLBGCLRC ?J " OSCB? CL
?NPMVGK?B?KCLRC
KGJ KGJJMLCQ BC JGRPMQ?fM M KGJJMLCQ BC
JGRPMQRPGKCQRPC !Qe
0CRPM@P\Q
OSC AMKNP? CJ @GMBGCQCJ BC J?Q GLBSQRPG?Q
BC@CP\CJCT?PQSLGTCJCLCJRPGKCQRPCBCKGJJMLCQBCJGRPMQ "CJRP_M
NCRPgJCM
PCQSJR?LBMCLSL?CAMLMKe?BCACPA?BC53KGJJMLCQ?LS?JCQ
!BCK\Q
T?PGMQ CQRSBGMQ KSCQRP?L J?Q TCLR?H?Q BCJ SQM BCJ @GMBGCQCJ CL J?
BGQKGLSAGgL CL BC J?Q CKGQGMLCQ BC JMQ E?QCQ BC CDCARM GLTCPL?BCPM
?BCK\Q BC J? PCBSAAGgL CL F?QR? BC J?Q CKGQGMLCQ BC N?PRGASJ?BMQ W
AMKNSCQRMQBC?XSDPC (MJ?LB?
#MCJFM
-!0!
$CFCAFM
KSAFMQBMASKCLRMQBCJEM@GCPLM?PESKCLR?LOSCJ?GLQCPAGgLBCJ
@GMBGCQCJCLJ?K?RPGXCLCPEbRGA?@P?QGJCf?N?P?BGQKGLSGPJ?QGKNMPR?AGMLCQBC
?ACGRC BGCQCJ W BGQKGLSGP J?Q CKGQGMLCQ BC JMQ E?QCQ BC CDCARM GLTCPL?BCPM
?SKCLR?PML J? QSQRCLR?@GJGB?B W ?SRMLMKe? CLCPEbRGA? CL "P?QGJ (MJ?LB?
.SLCQ
!L\JGQC%LCPEG?
-!0!
%L CJ A?QM BC J? !K?XMLe? ,CE?J
J? QSQRCLR?@GJGB?B CLCPEbRGA? CQR\
eLRGK?KCLRCJGE?B??JRCK?BCJ?JA?LACW?GQJ?KGCLRMRCPPGRMPG?J,?!K?XMLe?
,CE?JAMKNPCLBCSL\PC?BCK\QBC
KGJJMLCQBCIK BCJ RCPPGRMPGM
@P?QGJCfM
QGCLBM
KGJJMLCQ BC IK BC RGCPP? W KGJ IK BC ?ES? $CJ
\PC? BC J? RGCPP?
ACPA? BC KGJ IK QML TCE?Q GLSLB?@JCQ
JMA?JGX?B?Q
NPGLAGN?JKCLRC CL J?Q K\PECLCQ BC JMQ EP?LBCQ PeMQ ,? ASCLA? FGBPMEP\DGA?
BCJ PeM !K?XML?Q3MJGKiCQ NMQCC ACPA? BC KGJ IK BC Te?Q L?TCE?@JCQ
NPMDSLBGB?BCQ QSNCPGMPCQ ? K BSP?LRC BCJ ?fM
$C FCAFM
J?Q
BGQR?LAG?QN?P?CJRP?LQNMPRCBCNCPQML?QWA?PE?QQML?K?XgLGA?Q
CQBCAGP
JMQ RP?QJ?BMQ GLTMJSAP?L KGJJ?PCQ BC IGJgKCRPMQ
KSAF?Q TCACQ PC?JGX?BMQ
CVAJSQGT?KCLRCNMPJ?PCBDJSTG?J
0MP CHCKNJM
-?L?MQ
CJ K?WMP NMJM SP@?LM BC J? PCEGgL
NSCBC QCP
AMLQGBCP?BM SL? GQJ?
W JMQ jLGAMQ KCBGMQ N?P? J? AGPASJ?AGgL BC A?PE?Q W
N?Q?HCPMQ BC -?L?MQ N?P? J? K?WMP N?PRC BC "P?QGJ QML J? L?TCE?AGgL W J?
?TG?AGgL3SjLGA?AMLCVGgLRCPPCQRPCCQJ?A?PPCRCP?"2N?P?2MP?GK?W
6CLCXSCJ?
NSBGCLBM
? N?PRGP BC "M? 6GQR? 22
?JA?LX?PQC R?K@GbL J?Q
'S?W?L?Q NMP KCBGM BC J? "2 $C CQR? DMPK?
CJ NPGLAGN?J KCBGM BC
RP?LQNMPRCQMLJ?QA?QGKGJCK@?PA?AGMLCQ?KMRMPOSCL?TCE?LJ?T?QR?
PCB DJSTG?J CL J? !K?XMLe?
AMLQRGRSGB? NMP BMQ QS@QGQRCK?Q J? ASCLA? BCJ
!K?XML?Q3MJGKiCQ WJ?ASCLA?BCJ4MA?LRGLQ!P?ES?G?%JRP?LQNMPRCDJSTG?J
BC N?Q?HCPMQ W A?PE?Q ASCLR? AML QCGQ JeLC?Q RPMLAM QCPTGB?Q NMP
CK@?PA?AGMLCQBCNMPRCEP?LBCKMTGB?Q?BGCQCJ-?L?MQz"CJbK-?L?MQ
0MPRM 6CJFM -?L?MQ 3?LR?PbK "CJbK -?A?N\ "CJbK 3?LR?PbK
-?A?N\3?LR?PbK ".$%3
!JKGQKMRGCKNM
CJRP?LQNMPRCDJSTG?J?QCESP?J?BGQRPG@SAGgLBCBCPGT?BMQBCJ
NCRPgJCM N?P? CJ AMLQSKM ?SRMKMRPGX W ?bPCM
W N?P? J? ECLCP?AGgL BC
CJCARPGAGB?BCLJ?!K?XMLe?,MQBCQCK@?POSCQQMLPC?JGX?BMQCLCJNMJMBC
"CJbK
OSCPCAG@CBCPGT?BMQBCNCRPgJCMNMPA?@MR?HC
MCL2CK?L
PCDGLCPe?
BC-?L?MQ6?JCBCQR?A?PR?K@GbLJ?PSR?-?L?MQ0MPRM6CJFM
OSCPCQNMLBC
NMP BCJ KMTGKGCLRM BC AMK@SQRG@JCQ BC J? PCEGgL
NSCQ J? ?ARGTGB?B
CAMLgKGA? BC JMQ CQR?BMQ BC 2MLBhLG? W !APC CQ ?KNJG?KCLRC BCNCLBGCLRC
BCJMQAMK@SQRG@JCQKMTGBMQCLCQ?PSR? ".$%3
%L CJ %QR?BM BC !K?XML?Q
NMP CHCKNJM
CL CJ
QCEjL B?RMQ BC J?Q
#CLRP?JCQ %JbARPGA?Q BCJ %QR?BM BC !K?XML?Q #%!-
CL RMBM CJ CQR?BM W?
CVGQRe?L ECLCP?BMPCQ BC CJCARPGAGB?B ? BGCQCJ GLQR?J?BMQ
QGCLBM OSC
ECLCP?BMPCQ?@?QRCAe?L
KGJJMLCQBCF?@GR?LRCQCL-?L?MQ%LCQCKGQKM
?fM
JMQECLCP?BMPCQBC-?L?MQAMLQSKGCPMLACPA?BCKGJJMLCQBCJGRPMQ
BC ?ACGRC BGCQCJ W MRPMQ BCPGT?BMQ BC NCRPgJCM
? SL AMQRM BC 2
KGJ
KGJJMLCQ %L MRP?Q JMA?JGB?BCQ BCJ %QR?BM BC !K?XML?Q
J? #%!- AMKNPg
ACPA?BCKGJJMLCQBCJGRPMQBC?ACGRCBGCQCJ
NPMBSAGCLBMSLAMQRMBC2
KGJJMLCQ $C@GBM ?J ?GQJ?KGCLRM W EP?LBCQ BGQR?LAG?Q
CL AGCPR?Q
JMA?JGB?BCQ CL !K?XML?Q
SL? A?PE? BC ?ACGRC BGCQCJ BCKMP? F?QR? Be?Q
CL JJCE?P ?J COSGNM ECLCP?BMP !Qe
JMQ T?PGMQ EM@GCPLMQ CQR?R?JCQ CL J?
!K?XMLe? CQNCP?L OSC J? NPMBSAAGgL BCQACLRP?JGX?B? BCJ @GMBGCQCJ CL J?
PCEGgL KMBGDGOSC CQR? QGRS?AGgL BC DMPK? CQRP?RbEGA? N?P? J? QSQRCLR?@GJGB?B
CLCPEbRGA?BCJMQKSAFMQKSLGAGNGMQ?GQJ?BMQ 3?JMKML
$C FCAFM
|,? GLQCPAGgL BCJ %QR?BM BC !K?XML?Q CL CJ 0.0" QGELGDGA? J?
@jQOSCB? NMP J? R?L QMf?B? ?SRMQSQRCLR?@GJGB?B CLCPEbRGA? N?P? J?Q
AGSB?BCQBCJGLRCPGMP
W?OSCJ?CJ?@MP?AGgLBCJ0PMEP?K??LGTCJCQR?R?JNPCTb
OSCA?B?AMKSLGB?BNPMBSXA?CJ@GMBGCQCJLCACQ?PGMN?P?QS?@?QRCAGKGCLRM}
#MLTMA?RMPG?BCJM3CKGL?PGMCLCPEe?QPCLMT?@JCQ"GMBGCQCJ
3CEjL
M@QCPT?KMQCLJ?4?@J?
!K?XML?QCQCJRCPACPCQR?BMOSCK\Q AMLQSKC
BGCQCJCLJ?!K?XMLe?,CE?J
BCQNSbQBCJMQCQR?BMQBC-?RM'PMQQMW0?P\
4?@J?#MLQSKMBC$GCQCJCLJMQCQR?BMQBCJ?!K?XMLe?
!K?XMLe?,CE?J
2MLBMLG?
!APC
!K?XML?Q
2MP?GK?
0?P\
!K?N\
4MA?LRGLQ
-?RM'PMQQM
4MR?J
&SCLRC!.0
4SASPSe0MPCQM
J?#CLRP?JCQ%LCPEbRGA?QBC0?P\ #%,0!
R?K@GbL?NSCQR?
CLJ?NPMBSAAGgLBCQACLRP?JGX?B?BC@GMBGCQCJN?P?NPMBSAGPCJCARPGAGB?BN?P?
CQR?QAGSB?BCQ 3?LRMQ
,?NPMBSAAGgLBC@GMBGCQCJAMKMGLQRPSKCLRMBCGLAJSQGgLQMAG?J
%J QCESLBM EP?L ?PESKCLRM W AMLHSLRM BC NMJeRGA?Q N?P? J? NPMBSAAGgL BC
@GMBGCQCJCL"P?QGJWCLJ?!K?XMLe?CLEJM@?J?ASCQRGgLBCJBCQ?PPMJJMBCJ?
?EPMGLBSQRPG? BCJ @GMBGCQCJ AMKM GLQRPSKCLRM BC GLAJSQGgL BC ?EPGASJRSP?
D?KGJG?P
0MJeRGA?BC?EPMLCEMAGMBCJ@GMBGCQCJWDMPR?JCAGKGCLRMBCJ??EPGASJRSP?
D?KGJG?P
,? CQRP?RCEG? OSC TGCLC MPGCLR?LBM J?Q BCDGLGAGMLCQ BCJ EM@GCPLM BCQBC J?
BbA?B? BC JMQ
CL PCJ?AGgL ? J? ?EPGASJRSP? W NMQRCPGMPKCLRC ? J?
?EPMCLCPEe?
CQR\ @?Q?B? CL BMQ AMKNMLCLRCQ NMP SL J?BM
CL CJ
DMPR?JCAGKGCLRMBCJ?AMKNCRGRGTGB?BBCJ??EPGASJRSP?CKNPCQ?PG?JW
NMPCJMRPM
CLCJDMPR?JCAGKGCLRMBCJ??EPGASJRSP?D?KGJG?P%LCJNPGKCPA?QM
J?3CAPCR?Pe?
BC 0PMBSAAGgL W !EPMCLCPEe? BCJ -GLGQRCPGM BC !EPGASJRSP?
'?L?BCPe? W
!@?QRCAGKGCLRM -!0!
W J? !ECLAG? BC 0PMBSAAGgL BC %VNMPR?AGgL !0%8
F?L MPE?LGX?BM CJ BCQ?PPMJJM BC ?EPMLCEMAGMQ CL CJ KCPA?BM BC
?@?QRCAGKGCLRMBCMJC?EGLMQ?QN?P?@GMBGCQCJ?JMQKMJBCQBCJCR?LMJBCA?f?
BC?XjA?P
!JGLBSAGPJ?CVN?LQGgLRCPPGRMPG?JBCASJRSP?Q?EPeAMJ?QOSCQGPT?LBCK?RCPG?
NPGK? N?P? J?Q SQGL?Q BC @GMBGCQCJ NMP KCBGM BC SL? XMLGDGA?AGgL ?EPeAMJ?
AJGK\RGA?WCAMJgEGA?CAMLgKGA?BCCQR?QMJC?EGLMQ?Q
JMQCQR?BMQBC!APCW
2MP?GK?QMJGAGR?PMLJ?SBMQCQNCAeDGAMQBCXMLGDGA?AGgLAJGK\RGA?N?P?CJNJ?LReM
BCBGTCPQ?QMJC?EGLMQ?Q
?J DMKCLR?P J? APC?AGgL BC ACLRPMQ BC CVACJCLAG? C GLTCQRGE?AGgL BC NSLR?
QM@PCJ?A?BCL?BCNPMBSAAGgLBC@GMBGCQCJ CQRCjJRGKMPCTGQRMCLJ?3CAAGgL
%L CJ
CJ -!0! APCg J? #\K?P? 3CARMPG?J BC J? #?BCL? 0PMBSARGT? BCJ
"GMBGCQCJ
OSC N?PRGAGN? BCJ #MLQCHM BCJ !EPMLCEMAGM ? DGL BC
CLRPC MRP?Q
KCBGB?Q
NPCQCLR?P |NPMNSCQR?Q OSC @SQOSCL KCHMP?P J? ?ARGTGB?B
?EPMNCAS?PG?
AMLQGBCP?LBM J? CVN?LQGgL BC JMQ KCPA?BMQ GLRCPLM W CVRCPLM
?QeAMKMJ?ECLCP?AGgLBCCKNJCMQ
PCLR?W@GCLCQR?P}
!EPGASJRSP?
'?L?BCPe?W!@?QRCAGKGCLRM -!0!
A
NPMBSAAGgLBCQCKGJJ?QW
NJ?LRMLCQB
?QGQRCLAG?RbALGA?AMMPBGL?B?NMPJ?2CB4CK\RGA?BCJ"GMBGCQCJ
ASW?QNPMNSCQR?QRGCLCLAMKMPCQSJR?BMKCR?QW?ARGTGB?BCQGLQCPGB?QCLJMQ
NPMWCARMQ
? RP?TbQ BCJ AMLTCLGM %K?RCP-$! C
?AMR?AGgL BC MJC?EGLMQ?Q
HSLRM AML J? 5LGTCPQGB?B &CBCP?J BC 6GaMQ? %J -$! TGCLC GBCLRGDGA?LBM J?Q
BCK?LB?Q BC J? ?EPGASJRSP? D?KGJG?P W ?NMW?LBM
BGPCAR? M GLBGPCAR?KCLRC
CJ
BCQ?PPMJJMBCGLTCQRGE?AGMLCQOSCECLCPCLQMJSAGMLCQWLSCT?QNMQG@GJGB?BCQ
N?P?J??EPGASJRSP?D?KGJG?PPCJ?AGML?B?Q?J??EPMCLCPEe?
%L CJ .MPBCQRC
3SBCQRC W CL CJ 3SP
ACPA? BC KGJ ?EPGASJRMPCQ D?KGJG?PCQ
CQR\L GLTMJSAP?BMQ CL CJ ASJRGTM BC MJC?EGLMQ?Q %L J?Q PCEGMLCQ .MPRC W
#CLRPM/CQRC
CQRCLjKCPMCQBC?NPMVGK?B?KCLRC
KGJ?EPGASJRMPCQ
%J#CPRGDGA?BM#MK@SQRG@JC3MAG?J
$C ?ASCPBM AML J? 3!&-$!
CJ #CPRGDGA?BM #MK@SQRG@JC 3MAG?J QCP\
AMLACBGBM ? JMQ NPMBSARMPCQ BC @GMBGCQCJ OSC AMKNPCL K?RCPG? NPGK? BC J?
?EPGASJRSP? D?KGJG?P CL SL NMPACLR?HC KeLGKM BC | N?P? J?Q PCEGMLCQ
.MPBCQRC
3SBCQRCW3SPWN?P?J?QPCEGMLCQ.MPRCW#CLRPM/CQRCF?QR?
J? AMQCAF? W BC ? N?PRGP BC J? AMQCAF? } 3!&
$C ?ASCPBM AML 3!&-$!
CQRMQ NPMBSARMPCQ QML M@JGE?BMQ ? DGPK?P
%JKgBSJMDGQA?JCQSL?SLGB?BBCKCBGB?ASWMR?K?fMT?Pe?BC?ASCPBMAMLCJ
KSLGAGNGM%LJ?!K?XMLe?
SLKgBSJMDGQA?JT?Pe?CLRPCWFCAR\PC?QWNMQCC
CLNPMKCBGM
ACPA?BCFCAR\PC?Q
AMLRP?RMQLCEMAG?BMQAMLJMQ?EPGASJRMPCQD?KGJG?PCQ
AMLQR?LBM
NMPJMKCLMQ
NJ?XM AMLRP?ARS?J
T?JMP BC AMKNP? W APGRCPGMQ BC PC?HSQRC BCJ NPCAGM
AMLRP?R?BM
AMLBGAGMLCQBCCLRPCE?BCK?RCPG?NPGK?
Q?JT?ES?PBG?QBCA?B?
N?PRC
GBCLRGDGA?AGgLWAMLAMPB?LAG?BCSL?PCNPCQCLR?AGgLBCJMQ?EPGASJRMPCQ
OSC N?PRGAGNg BC J?Q LCEMAG?AGMLCQ W
DGL?JKCLRC
AJ\SQSJ?Q OSC ?QCESPCL
?QGQRCLAG?WA?N?AGR?AGgLRbALGA??JMQ?EPGASJRMPCQD?KGJG?PCQ
(?QR? NPGLAGNGMQ BC
J?Q CKNPCQ?Q OSC RCLe?L CJ #CPRGDGA?BM
PCQNMLBe?L NMP K\Q BC BCJ TMJSKCL AMLRP?R?BM CL J?Q QS@?QR?Q BC
@GMBGCQCJBCJ?!.0,?QQS@?QR?QNj@JGA?QN?P?AMKCPAG?JGX?AGgLBC@GMBGCQCJ
PCQCPT?LBCJMQJMRCQN?P?MDCPR?CVAJSQGT?BC?OSCJJMQNPMBSARMPCQOSC
RCLE?LCJ#CPRGDGA?BM#MK@SQRG@JC3MAG?JzAMLQGBCP?BM?QeAMKMMNMPRSLGB?B
DSLB?KCLR?J N?P? NPMNMPAGML?P QCESPGB?B CL J? AMKCPAG?JGX?AGgL BC J?
NPMBSAAGgL %QR?Q CKNPCQ?Q BC@CL ASKNJGP ? PGEMP J?Q CVGECLAG?Q BCJ
#CPRGDGA?BM3GLCK@?PEM
AMKMTCPCKMQCLJ?0?PRCBCCQRCA?NeRSJM
CQRM
LMQGCKNPCQCASKNJC
0MPKCBGMBCJ#CPRGDGA?BM
CJNPMBSARMPBC@GMBGCQCJCLBGDCPCLRCQPCEGMLCQBCJ
N?eQ RCLBP\ ?AACQM ? ?JeASMR?Q BC QCESPGB?B QMAG?J AML AMCDGAGCLRCQ BC
PCBSAAGgL BGDCPCLAG?BMQ
?BCK\Q BC NMBCP SQSDPSARS?P BC KCHMPCQ
AMLBGAGMLCQBCDGL?LAG?KGCLRMBCJ"?LAM.?AGML?JBC$CQ?PPMJJM%AMLgKGAMW
3MAG?J ".$%3
W BC QSQ )LQRGRSAGMLCQ &GL?LAGCP?Q !APCBGR?B?Q
?J "?LAM BC
J?!K?XMLe?3! "!3!
?J"?LAMBCJ.MPBCQRCBC"P?QGJ "."
?J"?LAMBM
"P?QGJ 3! S MRP?Q GLQRGRSAGMLCQ DGL?LAGCP?Q OSC MDPCXA?L AMLBGAGMLCQ
CQNCAG?JCQ BC DGL?LAG?KGCLRM N?P? NPMWCARMQ AML #CPRGDGA?BM #MK@SQRG@JC
3MAG?J
2CB4CK\RGA?BCJ"GMBGCQCJ
$C?ASCPBMAMLCJ-$!
J?2CB4CK\RGA?BCJ"GMBGCQCJ|RGCLCCJM@HCRGTMBC
?PRGASJ?P W ?NMW?P J? GLQCPAGgL BC J? ?EPGASJRSP? D?KGJG?P CL J? A?BCL? BCJ
FRRNUUURCPPGRMPGMQB?AGB?B?LG?EMT@PBMRJPLAJS@QPCBCQRCK?RGA?QBC?RCP@GMBGCQCJM
LCAMKKSLGRW N?EC=LSK jJRGKM?AACQM
@GMBGCQCJ W NMRCLAG?JGX?P J?Q ?AAGMLCQ BC !4%2 !QGQRCLAG? 4bALGA? W
%VRCLQGgL 2SP?J
} ,? 2CB 4CK\RGA? BCJ "GMBGCQCJ NPMKSCTC CJ ?AACQM ?
NMJeRGA?Q Nj@JGA?Q W ?SVGJG? J? MPE?LGX?AGgL BC J? @?QC NPMBSARGT? BC
MJC?EGLMQ?QBCJ??EPGASJRSP?D?KGJG?P$C?ASCPBMAMLCJ-$!
J?QNPGLAGN?JCQ
?AAGMLCQ BC J? 2CB QML GLRCEP?P J?Q ?AAGMLCQ BC J?Q CKNPCQ?Q CQR?R?JCQ BC
!4%2 AML J?Q BC J?Q CKNPCQ?Q BC @GMBGCQCJ W AML J? @?QC NPMBSARGT? BC
MJC?EGLMQ?Q BC J? ?EPGASJRSP? D?KGJG?P CL JMQ 0MJMQ BC "GMBGCQCJ CQRGKSJ?P J?
A?N?AGR?AGgL
J? MPE?LGX?AGgL W J? ?AAGgL BC AMMNCP?RGT?Q W ?QMAG?AGMLCQ BC
?EPGASJRMPCQD?KGJG?PCQCLJ?A?BCL?BCJ@GMBGCQCJWNPMKMTCPCJGLRCPA?K@GMBC
GLDMPK?AGMLCQ W CVNCPGCLAG?Q CLRPC JMQ ?PRGASJ?BMPCQ BC J?Q ?AAGMLCQ
CHCASR?B?Q CL JMQ CQR?BMQ 9? OSC J? D?JR? BC PCESJ?PGB?B BC J?Q RGCPP?Q
?EPeAMJ?Q W QSQRCLR?@GJGB?B ?K@GCLR?J QML AMLQGBCP?B?Q M@QR\ASJMQ
GKNMPR?LRCQ N?P? J? GKNJ?LR?AGgL BC NPMEP?K?Q BC NPMBSAAGgL ?EPeAMJ? CL J?
!K?XMLe?
DSCAPC?BMMRPMNPMEP?K?BCPCESJ?PGX?AGgLBCJ?QRGCPP?Q?EPeAMJ?Q
OSCD?AGJGR?P\CJNPMACQMBCPCEGQRPMBC?EPGASJRMPCQD?KGJG?PCQDPCLRC?J?!4%2
W?J02/.!&
,?#?BCL?0PMBSARGT?BCJ"GMBGCQCJWJ?"?QC4CALMJgEGA?
%J RCPACP ?PESKCLRM W AMLHSLRM BC NMJeRGA?Q QC @?Q?L CL J? GLTCQRGE?AGgL BC
MNRGKGX?AGgL CAMLgKGA? BC J? A?BCL? NPMBSARGT? BCJ @GMBGCQCJ W BC J?Q
T?PG?B?QPSR?QRCALMJgEGA?Q?QMAG?B?Q
0?P?AMLMACPCJNMRCLAG?JBCNPMBSAGPA?B?SL?BCCQR?QK?RCPG?QNPGK?QCL
BGDCPCLRCQPCEGMLCQBC"P?QGJ
QCCDCARS?PMLCQRSBGMQBCJMEeQRGA?MBCA?BCL?
BCNPMBSAAGgLBC@GMBGCQCJ
?BCK\QBCJMQJ?SBMQBCXMLGDGA?AGgL?EPeAMJ?BC
PGCQEMAJGK\RGAMN?P?A?B?CQNCAGCCLCQR?BMQCQNCAeDGAMQ -$!
%LJ?
NPgVGK? QCAAGgL RP?R?PCKMQ @PCTCKCLRC QM@PC JMQ CQRSBGMQ CDCARS?BMQ
PCQNCARM ? J?Q A?BCL?Q NPMBSARGT?Q BCJ @GMBGCQCJ W QM@PC J?Q CQAMH?Q
RCALMJgEGA?Q?QMAG?B?Q?CQR?QA?BCL?Q
4?@J? #?P?ARCPeQRGA?Q BC J?Q K?RCPG?Q NPGK?Q SRGJGX?B?Q N?P? NPMBSAGP
@GMBGCQCJCL"P?QGJ
&SCLRC3MSX?
,?A?BCL?NPMBSARGT?WPSR?QRCALMJgEGA?Q
5LM BC JMQ CQRSBGMQ K\Q AMKNJCRMQ QM@PC J?Q A?BCL?Q NPMBSARGT?Q BCJ
@GMBGCQCJDSCPC?JGX?BMNMPJ?#/00%!$5&2*CLCJ0MQRCPGMP?JCQRSBGM
QM@PC@GMBGCQCJPC?JGX?BMNMPJ?#MKGQGgLBC!JRMQ%QRSBGMQBCJ?#\K?P?BC
$GNSR?BMQ (MJ?LB?
CJ NPMWCARM |0J?LC?KGCLRM %QRP?RbEGAM BCJ
0PMEP?K?.?AGML?JBC0PMBSAAGgLW5QMBC"GMBGCQCJ
}BCQ?PPMJJg
N?P? CJ 0.0"-!0! SL CQRSBGM CL NPMDSLBGB?B QM@PC JMQ CQACL?PGMQ BC
JMEeQRGA? BC NPMBSAAGgL BC @GMBGCQCJ CL "P?QGJ
NMP CQR?BM W NMP PCEGgL
N?P?
Q?RGQD?ACPJ?QBCK?LB?QBC@GMBGCQCJAS?LBMDSC?BGAGML?BM??JBGCQCJCL
CQRCNCPeMBM%JRP?@?HMBCJ?#/00%!$PCAMJCARgGLDMPK?AGMLCQPCJCT?LRCQ
QM@PCMJC?EGLMQ?Q 4?@J?
R?JCQAMKM?JEMBgL
N?JK??DPGA?L?
PGAGLM
K?Le
EGP?QMJ
QMW? W R?K@GbL QC@M @MTGLM
AML CJ NPMNgQGRM BC CJ?@MP?P CJ NPGKCP
AMLHSLRM BC QSECPCLAG?Q W ?NMPRCQ RbALGAMQ CQRP?RbEGAMQ N?P? CJ
0J?LC?KGCLRM%QRP?RbEGAMBCJ0.0"zNCPeMBMBC?
2CQSKGB?KCLRC
F?WRPCQPSR?QRCALMJgEGA?QCLCJNPMACQMBCNPMBSAAGgLBCJ
@GMBGCQCJJ?RP?LQCQRCPGDGA?AGgL PC?AAGgLOSeKGA?CLRPCSLbQRCPWSL?JAMFMJ
M CJ AP?OSC?KCLRM RbPKGAM NPMACQM BC NGPgJGQGQ BCJ ?ACGRC TCECR?J
,?
RP?LQCQRCPGDGA?AGgL NMQCC BMQ PSR?Q RCALMJgEGA?Q J? CReJGA? W J? KCReJGA? ,MQ
AMQRMQBCJNPMACQMBCNPMBSAAGgLBCJ@GMBGCQCJBCNCLBCLNPGKMPBG?JKCLRCBC
JMQ AMQRMQ BCJ ?ACGRC TCECR?J
BCJ ?JAMFMJ CReJGAM M KCReJGAM
W BCJ A?R?JGX?BMP
FGBPgVGBMBCQMBGM
%JQS@NPMBSARMCQJ?EJGACPGL?BCQRGJ?B?
?J?AS?JNSCBC
QCP?EPCE?BMT?JMPCAMLgKGAM
4?@J?/JC?EGLMQ?QWQSQSQMQ
&SCLRC #/00%!$ %VRP?eBM BCJ 0J?LC?KGCLRM %QRP?RbEGAM BCJ 0PMEP?K? .?AGML?J BC
0PMBSAAGgLW5QMBC"GMBGCQCJz"?QC4CALMJgEGA?z!LCVM
%L CJ
BMQ ?fMQ BCQNSbQ BC OSC CJ CQRSBGM BC J? #/00%!$ J?LX?P?
CQRMQ CQACL?PGMQ BC JMEeQRGA?
J? !.0 PCTCJg OSC J? BGQRPG@SAGgL BC K?RCPG?Q
NPGK?QCLJ?NPMBSAAGgLBC@GMBGCQCJCLCJN?eQQCf?J?OSCJ?QMW?CQR?P\CL
RMB?Q J?Q PCEGMLCQ %L J? PCEGgL LMPRC
J? QMW? AMLRPG@SWC AML K\Q BC
KGCLRP?QOSCCJQC@M@MTGLM
J?N?JK??DPGA?L?WCJ?JEMBgLN?PRGAGN?LAMLSL?
NMPAGgLKSWNCOSCf?
$C?ASCPBMAMLCJ?PReASJMNS@JGA?BMCLJ?&MJF?BC3_M0?SJMCJBC?@PGJBC
3?JMKML
CJ -!0! RGCLC NJ?LCQ N?P? CVN?LBGP J? ASJRSP? BC J?
N?JK??DPGA?L?CLJ?!K?XMLe?
AMLCJM@HCRGTMBCBGQKGLSGPJ?GKNMPR?AGgLBCJ
?ACGRC BC N?JK? W ?SKCLR?P J? N?PRGAGN?AGgL BCJ KGQKM CL J? NPMBSAAGgL BC
@GMBGCQCJ%QR?CVN?LQGgLCQR\QGCLBMNJ?LC?B?N?P?KGJJMLCQBCFCAR\PC?Q
CL \PC?Q AMLQGBCP?B?Q BCEP?B?B?Q CL J? !K?XMLe?
SL \PC? COSGT?JCLRC ?J
CQR?BMBC0CPL?K@SAM,MQM@QR\ASJMQN?P?CQR?CVN?LQGgLQMLBCBMQRGNMQ
CJNPGKCPMRP?R?BCJ?ASCQRGgLBCJ?QRGCPP?Q?EPeAMJ?QWBCJ?GLACPRGBSK@PCBC
J? NPMNGCB?B CL J? PCEGgL N?P? ?QCLR?KGCLRMQ W APC?AGgL BC NMJMQ BC
NPMBSAAGgLBC@GMBGCQCJ%JMRPMGKNCBGKCLRMCQJ?ASCQRGgLBCJAgBGEMDMPCQR?J
@P?QGJCfM OSC NPMFe@C CJ NJ?LReM BC CQNCAGCQ CVgRGA?Q CL \PC?Q BC
NPCQCPT?AGgLNCPK?LCLRCWPCQCPT?JCE?J
,?RCLR?RGT?BC?JRCP?PCJAgBGEMDMPCQR?JN?P??A?R?PCJBCQ?PPMJJMBCJ@GMBGCQCJ
CLJ?!K?XMLe?WDMPR?JCACPJ?A?BCL?BCNPMBSAAGgLBC@GMBGCQCJ?N?PRGPBCJ?
N?JK??DPGA?L?CQR\QGCLBMBC@?RGB?CLCJ#MLEPCQM.?AGML?JWCLJMQKCBGMQ
BC AMKSLGA?AGgL %L J? 0?PRC BGQASRGPCKMQ J? CVN?LQGgL BC J? N?JK?
?DPGA?L?CLJ?!K?XMLe?
QCEjLCQR\NPCTGQRMCLCJNMJbKGAMNPMWCARMBCJCW
NPCQCLR?BM NMP CJ QCL?BMP &JCV? 2G@CGPM 03$"0!
CL CJ #?K?PEM
OSCBCDGCLBCJ?CVN?LQGgL
?QeAMKMJ??JRCP?AGgLBCJAgBGEMDMPCQR?J
3CEjLBCQR?A?CJQCL?BMP
|J?N?JK??DPGA?L?CQCJNCRPgJCMTCPBC
!DGLBCCLRCLBCPJMQGKN?ARMQBCJ?NMRCLAG?JCVN?LQGgLBCJ?N?JK??DPGA?L?
CLJ?A?BCL?BCNPMBSAAGgLBC@GMBGCQCJCLJ?!K?XMLe?
J?#/00%5&2*F?
CQRGKSJ?BM J? NPMBSAAGgL ?A?BbKGA? CL CQRC RCK? ,?Q RCQGQ BC K?CQRPe? BC
3?LRMQ
W 6GJJCJ?
CL CQNCAG?J
?L?JGX?L J?Q TCLR?H?Q W
BCQTCLR?H?Q BC CQR? CVN?LQGgL CL \PC?Q BCEP?B?B?Q N?P? J? NPMBSAAGgL BC
CLCPEe? CL AMKSLGB?BCQ ?GQJ?B?Q
PCQNCARGT?KCLRC BCQBC J? gNRGA? BC J?
QMQRCLG@GJGB?BCAMLgKGA?CLCPEbRGA?WBCA?K@GMQAJGK\RGAMQ AMKMN?PRCBCJ
-CA?LGQKMBC$CQ?PPMJJM,GKNGMz-$,
,?0?PRCBCCQRCA?NeRSJM?L?JGX?J?NMJbKGA?BCJ?CVN?LQGgLBCJ?N?JK?
?DPGA?L? CL J? !K?XMLe?
NCPM A?@C BCQR?A?P ?OSe OSC CQRMQ CQRSBGMQ BC J?
#/00% QCf?J?L AMKM NPMKGQMPG? J? CVN?LQGgL BC J? N?JK? ?DPGA?L? N?P? J?
NPMBSAAGgL BC CLCPEe? CL QGQRCK?Q ?GQJ?BMQ CL \PC?Q BCEP?B?B?Q W W?
BCDMPCQR?B?Q
QGCLBM OSC CJ @GMBGCQCJ BC N?JK? ?DPGA?L? NJ?LR?BM CL CQR?Q
FRRNUUUDMJF?SMJAMK@PDMJF??K@GCLRCSJRSQFRKJ
AMLBGAGMLCQ |RGCLC EP?L NMRCLAG?J BC KGRGE?AGgL CL J?Q CKGQGMLCQ BC '%)
E?QCQBCCDCARMGLTCPL?BCPM
%JK?PAMPCEJ?KCLR?PGMBCJLSCTMAMK@SQRG@JCWCJDSRSPMBCJ?CVN?LQGgL
BCJ@GMBGCQCJ
%L CLCPM BC
CLRPg CL TGEMP J? ,CW BCJ "GMBGCQCJ
GLQRGRSWCLBM J?
M@JGE?RMPGCB?B BC J? ?BGAGgL BC BC @GMBGCQCJ ? J? KCXAJ? BC ?ACGRC BGCQCJ
KGLCP?JTCLBGBMCLJ?QCQR?AGMLCQBCQCPTGAGM@P?QGJCf?Q%LHSJGMBC
CJ
NMPACLR?HC N?Qg N?P? %L CQRC AMPRM CQN?AGM BC RGCKNM
CQ? KCBGB? W?
AMJMAg ? "P?QGJ CLRPC JMQ K?WMPCQ NPMBSARMPCQ KSLBG?JCQ BC @GMBGCQCJ
AML
SL?NPMBSAAGgL?LS?JBC
KGJKGJJMLCQBCJGRPMQCLCJ -!0!
$CQBC CJ NSLRM BC TGQR? KCPA?BMJgEGAM
CJ NPMEP?K? DSC CVGRMQM
NSCQ FS@M
SL?SKCLRMBCJ?KCXAJ?BCN?P?CLCJ
W?ARS?JKCLRCN?P?
? N?PRGP BC HSJGM BC
AMKM DMPK? BC ?@QMP@CP CJ APCAGKGCLRM BC J?
NPMBSAAGgL PCEGQRP?BM CL JMQ jJRGKMQ ?fMQ %J #MLQCHM .?AGML?J BC 0MJeRGA?
%LCPEbRGA? #.0%
RMKgCQR?KCBGB?AMKM@?QCCLJ?QQSECPCLAG?QFCAF?Q
NMP J? #/00%!$
W CL J?Q AMLBGAGMLCQ ?ARS?JCQ BC MDCPR? W BCK?LB?
BCJ?MPE?LGX?AGgLBCJ?A?BCL?NPMBSARGT?BC@GMBGCQCJCLCJN?eQ$CQBCCJ
SQGL?Q W? DSCPML GLQR?J?B?Q CL CJ N?eQ
AML A?N?AGB?B RMR?J BC
NPMBSAAGgLBC
KGJKGJJMLCQBCJGRPMQBC@GMBGCQCJNMP?fM !.0
6GJJCJ?
4?@J?%QRGK?RGT?QBCJGKN?ARMBCJ??BGAGgLBCBC@GMBGCQCJCLCJ?ACGRC
BGCQCJ AMLQSKGBM CL "P?QGJ NMP CJ \PC? BC ASJRGTM BC MJC?EGLMQ?Q
QCJCAAGML?B?Q 3MSX?
#SJRSP? PC? F?
!SKCLRM F?
0MPACLR?HC
&SCLRC #/.!"
)"'%
#\JASJMQ BCJ $CN?PR?KCLRM %AMLgKGAM BC J? &!%30
AGR?BM NMP
-CGPCJCQ
W?B?NR?BMNMP3MSX?
!BCK\Q BC J?Q NMJeRGA?Q BC ?@?QRCAGKGCLRM ?EPeAMJ?
J? AMLAPCRGX?AGgL BC J?
CVN?LQGgL BCJ @GMBGCQCJ NPCQSNMLC CJ ?JGLC?KGCLRM BC BGTCPQ?Q NMJeRGA?Q
ES@CPL?KCLR?JCQ
AMKM J?Q NMJeRGA?Q RPG@SR?PG?Q
?EP?PG?RCPPGRMPG?J
APCBGRGAG?
DGQA?J
CLCPEbRGA?
BC AGCLAG? W RCALMJMEe?
?K@GCLR?J
GLBSQRPG?J
BC AMKCPAGM
GLRCPL?AGML?J W BC PCJ?AGMLCQ CVRCPGMPCQ
?JESL?Q BC J?Q AS?JCQ CQR\L
AMLRCKNJ?B?Q CL JCWCQ CQNCAeDGA?Q %J AS?BPM ?@?HM PCQSKC J?Q NPGLAGN?JCQ
JCWCQOSCPGECLJ?A?BCL?NPMBSARGT?BCJ@GMBGCQCJCL"P?QGJ
#S?BPM 0PGLAGN?JCQ JCWCQ OSC GLAGBCL QM@PC J? A?BCL? NPMBSARGT? BCJ
@GMBGCQCJCL"P?QGJ
2F;Q
129
12:.F<12
6@=<;2@</?229&246@A?<@=206.92;9.'20?2A.?J.12&2;A.@129!6;6@A2?6<12
.062;1. 129 =?<1B0A<? < 6:=<?A.1<? 12 /6<162@29 F @</?2 9. 6;0612;06. 12 9.
<;A?6/B06L;=.?.29$'$.@2=F129.<36;@@</?29.@?2;A.@42;2?.1.@129.
C2;A.12A.9=?<1B0A<.9A2?.9.@92F2@;M:2?<@
12
12:.F<12
F
12
122;2?<12 21.<A?.@6;160.06<;2@
2F;Q
129
122;2?<12
6@=<;2 @</?2 9. 6;A?<1B006L; 129 /6<162@29 2; 9. :.A?6G 2;2?4IA60. /?.@692K.
.9A2?.9.@ 2F2@
12912.4<@A<12
1212<0AB/?212
F
129 1216062:/?212 F1.<A?.@6;160.06<;2@
20?2A<"Q
129
12:.F<12
:=96L9.@<=06<;2@12:.A2?6.@=?6:.@129..4?60B9AB?.3.:696.?=.?.9.?246L;
;<?A2F;<?12@A2F@2:6H?61<F.9A2?L29$'#""'=.?.2@.@?246<;2@
&21B02 9.@ .9J0B<A.@ 12 9. <;A?6/B06L; =.?. 29 $'$'$ F 12 9. #"'
6;0612;A2@@</?29.6:=<?A.06L;F9.0<:2?06.96G.06L;12/6<162@29
&24B9.29O
129.?A129.92F"N
129
122;2?<12 >B216@=<;2
@</?29.6;A?<1B006L;129/6<162@292;9.:.A?6G2;2?4IA60./?.@692K.F1.<A?.@
6;160.06<;2@
20?2A<"Q1291216062:/?212
20?2A<"Q1291216062:/?212
6@=<;2 @</?2 9<@ 0<236062;A2@ 12 ?21B006L; 12 9.@ .9J0B<A.@ 12 0<;A?6/B06L;
=.?. 29 $'$'$ F 12 9. #"' 6;0612;A2@ 2; 9. =?<1B006L; F 2; 9.
0<:2?06.96G.06L; 12 /6<162@29 @</?2 9<@ AI?:6;<@ F 9.@ 0<;1606<;2@ =.?. 9.
BA696G.06L;129.@.9J0B<A.@1632?2;06.1.@F1.<A?.@6;160.06<;2@
20?2A<1291216062:/?212
;@A6ABF29.<:6@6L;720BA6C.;A2?:6;6@A2?6.92;0.?4.1.129.6:=9.;A.06L;12
9.@ .006<;2@ 16?6461.@ . 9. =?<1B006L; F .9 B@< 129 .026A2 C242A.9 R /6<162@29
0<:<3B2;A2.9A2?;.A6C.122;2?4J.
20?2A<129 127B96<12
;@A6ABF229?B=<12(?./.7<;A2?:6;6@A2?6.92;0.?4.1<12=?2@2;A.?2@AB16<@
@</?2 9. C6./6961.1 12 BA696G.06L; 129 .026A2 C242A.9 R /6<162@29 0<:< 3B2;A2
.9A2?;.A6C. 12 2;2?4J. =?<=<;62;1< 0.@< @2. ;202@.?6< 9.@ .006<;2@
;202@.?6.@=.?.29B@<129/6<162@29
#?12;!6;6@A2?6.9!!
12912<0AB/?212
@A./92029.@16?20A?602@=.?.9.?2.96G.06L;=<?9."$12@B/.@A.@=M/960.@12
.1>B6@606L;12/6<162@29
&2@<9B06L;"$;Q 129
:.?G<12
9A2?L9.2@=206360.06L;=.?.9.0<:2?06.96G.06L;129/6<162@29
&21B02 9<@ =9.G<@ =.?. 29 0B:=96:62;A< 129 =<?02;A.72 :J;6:< </964.A<?6< 12
.1606L; 12 /6<162@29 .9 .026A2 162@29 12A2?:6;. 9. .1>B6@606L; 129 /6<162@29
=?<1B061<=<?=?<1B0A<?2@=<?A.1<?2@12902?A6360.1<S<:/B@A6/92'<06.9T=<?
:216<12@B/.@A.@=M/960.@
@A./92029.2@=206360.06L;=.?.9.0<:2?06.96G.06L;12/6<162@29>B2=<1?H@2?
.1606<;.1<.9.026A2162@292;9.=?<=<?06L;2;C<9B:2;
&2@<9B06L;"$;Q
129
12;<C62:/?212
%B21. 6;@A6AB61. 9. ?249.:2;A.06L; F 9. </964.A<?621.1 12 .BA<?6G.06L; 12 9.
"$=.?.29272?0606<129..0A6C61.112=?<1B006L;12/6<162@29
&2@<9B06L;"'"Q
@B;A<$?<4?.:.12=<F<6;.;062?<.;C2?@6<;2@2;6<162@292;29H:/6A<
129 $?<4?.:. 12 $?<1B006L; F )@< 129 6<162@29 0<:< B2;A2 9A2?;.A6C. 12
;2?4J.
;@A?B006L;"<?:.A6C.;Q
129
1232/?2?<12
!K?XMLe?W"GMBGCQCJCLJ?A?PPCP?NMPCJ|0CRPgJCM6CPBC}
$MQ CVRP?LHCPMQ OSC TGQGR?@?L "P?QGJ CL J? QCESLB? QCK?L? BC K?PXM
AMJMA?PML CJ BC@?RC QM@PC @GMAMK@SQRG@JCQ CL J? @MA? BCJ NSC@JM %J
NPCQGBCLRC ?KCPGA?LM
'CMPEC "SQF
CQRGKSJg J? CSDMPG? BC OSC CJ CR?LMJ
@P?QGJCfM QC NSCB? AMLTCPRGP CL SL NPMBSARM T?JGMQM CL RGCKNMQ BC
A?JCLR?KGCLRM EJM@?J 9? CJ BGPCARMP CHCASRGTM BCJ 0PMEP?K? BC J?Q .?AGMLCQ
5LGB?Q N?P? CJ -CBGM !K@GCLRC 0.5-!
!AFGK 3RCGLCP
TCP@?JGXg J?Q
NPCMASN?AGMLCQ BC OSC SL QSPRM BC NPMBSAAGgL BC @GMAMK@SQRG@JCQ NSCB?
A?SQ?P BCEP?B?AGgL ?K@GCLR?J CL J? !K?XMLe? %LRPC CJ CLRSQG?QKM W J?
NPCMASN?AGgL
CVGQRCL CL "P?QGJ GLTCQRGE?AGMLCQ ?T?LX?B?Q CL @SQA? BC
NPMACQMQ OSC NSCB?L CVRP?CP BCJ K?WMP @MQOSC RPMNGA?J BCJ KSLBM CLCPEe?
TCPBC
4P?R\LBMQC BCJ |NCRPgJCM TCPBC}
J? 0?PRC BC CQRC A?NeRSJM NPCQCLR? J?Q
AMLRPMTCPQG?QCLJ?GKNJ?LR?AGgLBCNMJeRGA?QBC@GMBGCQCJ
NPGLAGN?JKCLRCCLJ?
NPMBSAAGgL BC MJC?EGLMQ?Q AMKM J? QMW? W J? N?JK? ?DPGA?L? CL J? A?BCL?
NPMBSARGT? BCJ @GMBGCQCJ CL J? !K?XMLe? %L NPGKCP JSE?P
NPCQCLR?KMQ
PCQSKGB?KCLRC T?PG?Q GLGAG?RGT?Q W NPMWCARMQ BCJ 0.0" W BC J?Q SQGL?Q BC
@GMBGCQCJ CVGQRCLRCQ CL CJ "GMK? !K?XgLGAM %LQCESGB?
BGQASRGKMQ J?Q
NMQG@GJGB?BCQ W BGDGASJR?BCQ N?P? J? CVN?LQGgL BC J? A?BCL? NPMBSARGT? BCJ
@GMBGCQCJ
AMLDMAMCLJ?QMW?WJ?N?JK??DPGA?L?%L?K@MQA?QMQ
CJRCK?
BC J? PCESJ?PGB?B BC RGCPP?Q ?EPeAMJ?Q AMLQRGRSWC SL D?ARMP JGKGR?LRC
W CL CJ
A?QMBCJ?QMW?
D?ARMPCQNMJeRGAMQ?K@GCLR?JCQR?JCQAMKMJ?KMP?RMPG?BCJ?
QMW?
JGKGR?L QS CVN?LQGgL CL CJ @GMK? !K?XMLe? %L CJ A?QM BC J? N?JK?
?DPGA?L?
?L?JGX?KMQJ?QTCLR?H?QWBCQTCLR?H?QCLNMRCLAG?JBCQSCVN?LQGgL
CL J? PCEGgL
? J? JSX BC D?ARMPCQ QMAGM?K@GCLR?JCQ W CAMLgKGAMQ !J DGL?J
NPCQCLR?KMQJCAAGMLCQGKNMPR?LRCQN?P?J?NPMBSAAGgLBC@GMBGCQCJ?N?PRGPBC
J? N?JK? ?DPGA?L? W NMP KCBGM BC ?JESLMQ CQRSBGMQ BC A?QM L?AGML?JCQ W
BGPCARPGACQCJ?@MP?B?QGLRCPL?AGML?JKCLRC
%J0.0"CLJ?!K?XMLe?
%L J? GLRPMBSAAGgL BC CQRC A?NeRSJM
KMQRP?KMQ AgKM J? CVN?LQGgL BCJ
@GMBGCQCJGKNSJQ?B?NMPCJ0.0"APCgSLAMLHSLRMBC?AAGMLCQ?LGTCJDCBCP?J
AML PCDJCHM CL J? !K?XMLe? ,CE?J %L J? R?@J? ?@?HM NPCQCLR?KMQ
PCQSKGB?KCLRC JMQ NPMEP?K?Q CQR?R?JCQ
?ARMPCQ
RGNMQ BC MJC?EGLMQ?Q W J?Q
NPGLAGN?JCQJeLC?QBC?AAGgLCLJMQCQR?BMQBC!APC
!K?N\
!K?XML?Q
0?P\
2MLBMLG? W 2MP?GK? ,? 4?@J? KSCQRP? OSC %K@P?N? %KNPCQ? "P?QGJCf?
BC )LTCQRGE?AGgL !EPMNCAS?PG?
TGLASJ?B? ?J -!0!
CQR\ GKNSJQ?LBM J?
GLTCQRGE?AGgLBCNSLR?WJ?GKNJCKCLR?AGgLBCNPMWCARMQNGJMRM
AMLJ?N?JK?
?DPGA?L?CLBCQR?OSC
JMOSCCQR\CLJ?,eLC?BC!AAGgLBCRMBMQJMQCQR?BMQ
CVACNRM !K?N\ 0MBCKMQ AJ?QGDGA?P J?Q JeLC?Q BC ?AAGgL CL RCALMJgEGA?Q
NPMACQM BC NPMBSAAGgL BCJ @GMBGCQCJ
GLDP?CQRPSARSP? ECLCP?AGgL BC
CJCARPGAGB?B CL AMKSLGB?BCQ PSP?JCQ KCBG?LRC J? NPMBSAAGgL BC @GMBGCQCJ
KCPA?BMJgEGA?Q LSCTMQ CKNPCLBGKGCLRMQ CL @GMBGCQCJ
?EPeAMJ?Q
XMLGDGA?AGgL ?EPeAMJ?
SQM BC CQNCAGCQ L?RGT?Q W KCHMP?KGCLRM ECLbRGAM
W
&?JCGPMQ
'SQR?TM!K?XhLG?"GMCLCPEbRGA?
NS@JGA?BMCLCJQGRC/%AMCJ
$GQNMLG@JCCLFRRNUUUGLN?EMT@PLMRGAG?QLMRGAG?=QELMNFN AMBGEM
?K@GCLR?JCQ PCASNCP?AGgL BC \PC?Q BCEP?B?B?Q NMP KCBGM BCJ NJ?LReM BC
CQNCAGCQL?RGT?QWBCN?JK??DPGA?L?N?P?J??EPMCLCPEe?
-GCLRP?QOSCJ?KMP?RMPG?BCJ?QMW?GLFG@CJ?CVN?LQGgLBCCQR?MJC?EGLMQ?
CL\PC?QGLR?AR?QBCJ@GMK?!K?XMLe?
MRP?QMJC?EGLMQ?QCQR\LBCQNCPR?LBM
J? ?RCLAGgL BC DMPKSJ?BMPCQ BC NMJeRGA?Q
gPE?LMQ BC GLTCQRGE?AGgL C
GLTCPQMPCQ BCJ QCARMP NPGT?BM %LRPC CQR?Q
QC BCQR?A?L ?JESL?Q CQNCAGCQ BC
N?JKCP?Q AMKM J? N?JK? ?DPGA?L? %J?CGQ ESGLCCLQGQ
@?@?Qj !RR?JC?
QNCAGMQ?
AMPMXM M AMWMJ !APMAMKG? ?ASJC?R?
W ASK?PC !QRPMA?PWSK
?ASJC?RSK
?BCK\Q BCJ NGfgL K?LQM *?RPMNF? ASPA?Q ,
OSC R?K@GbL F?
PCAG@GBMSL??RCLAGgLAPCAGCLRCCLJMQKCBGMQBCAMKSLGA?AGgLWCLCJKCBGM
?A?BbKGAM?NCQ?PBCJ?QGRS?AGgLGLAGNGCLRCBCNPMBSAAGgLCGLTCQRGE?AGMLCQ
BC KCHMP?KGCLRM ECLbRGAM AML CQR? NJ?LR? CL CJ N?eQ %VACNRM J? N?JK?
?DPGA?L?
CQR?Q N?JKCP?Q ?jL A?PCACL BC CVNCPGCLAG?Q BC NPMBSAAGgL CL
CQA?J? 3GL CK@?PEM
?JESL?Q NPCQCLR?PML SL ?JRM NMRCLAG?J N?P? CJ
CVRP?ARGTGQKM
LMR?@JCKCLRC CJ @?@?Qj W CJ AMPMXM M AMWMJ
%-"2!0!
(?W SL? NPMJGDCP?AGgL BC NMJeRGA?Q C GLTCQRGE?AGMLCQ QM@PC CQR?Q
MJC?EGLMQ?Q CL CJ \K@GRM BC NPMEP?K?Q CQR?R?JCQ
AMLDMPKC GJSQRP?BM CL J?
4?@J?
4?@J? $GPCARPGACQ BC JMQ NPMEP?K?Q CQR?R?JCQ BC @GMBGCQCJ CL CJ @GMK?
!K?XMLe?
0PMEP?K?
%QR?R?JBC
"GMBGCQCJ ,eLC?BC?AAGgL !ARMPCQ /JC?EGLMQ?Q /@QCPT?AGM
LCQ
!QNGBMQNCPK?
BCQK?LRFSK
C
GL?WSE?
-?VGKGJG?L?
K?PGN?
)$ %K@P?N?
&SCLRCQ 3?LRMQ
3GJT?
#PGQRGL?
3%#4!-
4SNGL?K@\
3%#/.-4
32!
&P?La?
!XCTCBMCR?J
-?NCMBCJ?Q5QGL?QBC"GMBGCQCJCLCJ"GMK?!K?XMLe?
#MLQGBCP?LBM J? BGKCLQGgL AMLRGLCLR?J BC J? !K?XMLe?
OSC MASN? ACPA? BC
BCJ RCPPGRMPGM @P?QGJCfM
W BC J?Q NMRCLAG?JGB?BCQ OSC CJ @GMK? NPCQCLR?
N?P? J? NPMBSAAGgL BC @GMBGCQCJ
?jL QML NMAMQ JMQ CKNPCLBGKGCLRMQ OSC
NPMBSACL CL CQA?J? AMKCPAG?J CL CQRC @GMK? %LRPC CJJMQ
J?Q NPGLAGN?JCQ
DSCLRCQN?P?J?NPMBSAAGgLBC@GMBGCQCJCLJ?!K?XMLe?@P?QGJCf?QMLJ?QMW?
J? N?JK? ?DPGA?L? ?ACGRC BC N?JK?
CJ ?ACGRC BC DPGRSP? W CJ QC@M @MTGLM
QCEjLJMBCR?JJ?BMCLJ?4?@J?
!B?NR?B? ? N?PRGP BC JMQ B?RMQ MRMPE?BMQ NMP CJ 0MPR?J "GMBGCQCJ"P W NMP J?
!.0
CQR? R?@J? AMLRCKNJ? QgJM J?Q SQGL?Q NPMBSARMP?Q BC @GMBGCQCJ
PCEGQRP?B?Q W JMA?JGX?B?Q CL KSLGAGNGMQ AMLQGBCP?BMQ MDGAG?JKCLRC N?PRC BCJ
@GMK? !K?XMLe? z W LM JMQ BC J? !K?XMLe? ,CE?J 5L ?L\JGQGQ BC CQRMQ
B?RMQ GLBGA? OSC BC J?Q SQGL?Q GLQR?J?B?Q M CL AMLQRPSAAGgL CL CJ N?eQ
QgJMOSGLACCQR\LJMA?JGX?B?QCLCJ@GMK?!K?XMLe?
GLAJSWCLBMBGCXCLK?RM
'PMQQM
RPCQCL2MLBhLG?
BMQCL0?P\WSL?CL!APC
4?@J? 0PGLAGN?JCQ A?P?ARCPeQRGA?Q BC J?Q 5QGL?Q BC @GMBGCQCJ CL CJ
"GMK? !K?XMLe?
'P?Q?
?LGK?J
&SCLRC?B?NR?BMNMPJMQ?SRMPCQ?N?PRGPBCB?RMQMRMPE?BMQNMP"GMBGCQCJ"PW!.0
!L\JGQGQBC%LCPEe?
T?JMPCQCLKGJJMLCQBCJGRPMQ
RMR?JNPMBSAGBMF?QR??@PGJBC
0MBCKMQM@QCPT?PR?K@GbL
?JESL?QRCLBCLAG?QPCJCT?LRCQCLCQRCEPSNMBC
SQGL?Q
6MJjKCLCQNPMBSAGBMQTQ#?N?AGB?BCJFCAFMBCOSCJ?EP?LK?WMPe?BCJ?Q
SQGL?QCLCJ@GMK?RCLE?LGTCJCQBCNPMBSAAGgLK\Q?JJ\BCJ?A?N?AGB?BRMR?J
QSEGCPCJ?L?RSP?JCX?GLAGNGCLRCWCJ?JRMEP?BMBCMAGMQGB?BBCCQR?QSQGL?Q
GLDP?CQRPSARSP? BC NPMBSAAGgL
?JK?ACL?KGCLRM W RP?LQNMPRC PCJ?RGT?KCLRC
@GCLBCQ?PPMJJ?B?
$GQRPG@SAGgL ECMEP\DGA? J? ?SQCLAG? BC SQGL?Q PCEGQRP?B?Q CL MRPMQ CQR?BMQ
NPGLAGN?JCQOSCAMKNMLCLCJ@GMK?!K?XMLe?CL"P?QGJ!K?XML?Q
2MP?GK?
!K?N\
JM OSC AMLDGPK? J? L?RSP?JCX? GLAGNGCLRC BCJ @GMBGCQCJ CL CQRMQ
CQR?BMQ
#CPRGDGA?BM#MK@SQRG@JC3MAG?JCLRPCJ?QBMACSQGL?QAMLQRPSGB?Q
J?KGR?BW?
NMQCCCJ#CPRGDGA?BM TCPAPGRCPGMQBCJ#CPRGDGA?BMCLJ?QCAAGgL
4CALMJMEe? BC NPMBSAAGgL K\Q BC J? KGR?B BC J?Q SQGL?Q
SRGJGX?
RCALMJMEe?QNPMNG?QBCNPMBSAAGgL
2SR? SL? SQGL? SQ? QgJM J? PSR? CReJGA?
KGCLRP?Q OSC QCGQ SRGJGX?L J? PSR?
KCReJGA?WSQGL?QSRGJGX?LJ?QBMQPSR?Q
&SCLRC BCJ ?ACGRC CL J? KGR?B BC JMQ A?QMQ BC J?Q SQGL?Q CL NPMBSAAGgL
CJ
?ACGRCCVRP?eBMLMCQCJBCJ?NPMNG?CKNPCQ?
JMOSCQSEGCPCJ??JR?GLAGBCLAG?
BC?ASCPBMQBCGLRCEP?AGgLAMLNPMBSARMPCQBCK?RCPG?NPGK?
4GCKNM BC MNCP?AGgL CLRPC J?Q SQGL?Q OSC PCJ?R?PML J? DCAF? BC GLGAGM BC J?
NPMBSAAGgL
J? CVNCPGCLAG? K\Q ?LRGES? CQ J? BC !EPMN?JK?
OSC GLGAGg J?
NPMBSAAGgLBC@GMBGCQCJCL?@PGJBC
QCESGB?NMP"?PP?JAMMJ
CLCLCPMBC
WCJPCQRM
CLCJW
-?RCPG? NPGK? J?Q jLGA?Q CKNPCQ?Q OSC SRGJGX?L N?JK? ?DPGA?L? N?P? J?
NPMBSAAGgLBC@GMBGCQCJCLCQA?J?AMKCPAG?JCLJ?!K?XMLe?CQR\LJMA?JGX?B?Q
CLCJCQR?BMBC0?P\AGLAMSQGL?QNPMACQ?LEP?Q?BCMPGECL?LGK?JJ?QMW?
NPCBMKGL?AMKMK?RCPG?NPGK?
%QRC?L\JGQGQAMLDGPK?J?NPCBMKGL?LAG?BCJ?QMW?AMKMK?RCPG?NPGK?N?P?
J? A?BCL? NPMBSARGT? BCJ @GMBGCQCJ CL J? !K?XMLe? $C FCAFM
CL J? PCEGgL
.MPRC
J?QMW?CQPCQNMLQ?@JCNMP
BCJ?K?RCPG?NPGK?SRGJGX?B? !.0
AMKN?P?B? AML
? LGTCJ L?AGML?J
QCESGB? NMP CJ QC@M @MTGLM
%QR?NPCBMKGL?LAG?BCJ?QMW?CLJ?A?BCL?BCJ@GMBGCQCJQCBC@C
CL
EP?L N?PRC
? J? BGQNMLG@GJGB?B BC TMJjKCLCQ CQRP?RMQDbPGAMQ BCJ EP?LM CL CJ
N?eQ
K\Q BC KGJJMLCQ BC RMLCJ?B?Q CL J? AMQCAF? QCEjL
CQRSBGM BC J? #ML?@ PC?JGX?BM CL HSJGM BC
0MP ECLCP?P GKNMPR?LRCQ
BGTGQ?Q N?P? CJ N?eQ W ?WSB?P ? NPMKMTCP SL Q?JBM NMQGRGTM CL J? @?J?LX?
AMKCPAG?J
CJ #MKNJCVM BC J? 3MW? CQ R?K@GbL SL? NGCX? ACLRP?J CL J?
CAMLMKe? L?AGML?J
ECLCP?LBM CL RMPLM BCJ BC J?Q CVNMPR?AGMLCQ CL CJ
3AFJCQGLECP
,MQCQR?BMQBC-?P?LF_MW4MA?LRGLQR?K@GbLAMLRGCLCL@MQOSC?K?XgLGAM
QGL
CK@?PEM
CLBGKCLQGMLCQKCLMPCQOSCCQRMQMRPMQCQR?BMQ
%LJ?QNPgVGK?QQCAAGMLCQ?L?JGX?PCKMQJ?QBGDGASJR?BCQWJ?QMNMPRSLGB?BCQ
AML DMAM CL J?Q A?BCL?Q BCJ @GMBGCQCJ NPMBSAGBM ? N?PRGP BC J? QMW? W BC J?
N?JK? ?DPGA?L?
NPGLAGN?JKCLRC PCQNCARM ? QSQ GKN?ARMQ CAMLgKGAMQ
?K@GCLR?JCQWQMAG?JCQ
,?QMW?CLJ?A?BCL?NPMBSARGT?BCJ@GMBGCQCJCLJ?!K?XMLe?
,? FCECKMLe? BC J? QMW? CL J? NPMBSAAGgL BC @GMBGCQCJ F?QR? CJ KMKCLRM
PCQSJR?
CLEP?LN?PRC
BCJ?A?BCL?NPMBSARGT?@GCLAMLQMJGB?B?CLRMBMQJMQ
CQJ?@MLCQ BCJ #MKNJCHM BC J? 3MW? EP?LM
NGCLQM W ?ACGRC
GLAJSWCLBM J?
GLDP?CQRPSARSP? BC NPMBSAAGgL ?EPeAMJ?
RP?LQNMPRCBGQRPG@SAGgL
?JK?ACL?KGCLRM W NPMACQ?KGCLRM %QRC LM CQ CJ A?QM BC J?Q MRP?Q K?RCPG?Q
NPGK?Q AML NMRCLAG?J CL J? !K?XMLe? AMKM JM QML J? N?JK? ?DPGA?L?
CJ
@?@?QjWCJAMWMJ
N?JKCP?QN?P?J?QAS?JCQJ?GLDP?CQRPSARSP?WJ?JMEeQRGA?BC
NPMBSAAGgL ?EPeAMJ? W NPMACQ?KGCLRM ?jL NPCAGQ?Pe?L QCP AMLQRPSGB?Q CL J?
K?WMP N?PRC BC J? PCEGgL 3CEjL JM M@QCPT?BM CL J? 3CAAGgL
J?
BGQRPG@SAGgL ECMEP\DGA? BC J?Q SQGL?Q AMKCPAG?JCQ PCEGQRP?B?Q CL CJ @GMK?
CQ ?JR?KCLRC AMLACLRP?B?
W? OSC SQGL?Q CQR\L JMA?JGX?B?Q ?J LMPRC BC
-?RM 'PMQQM
PCEGgL BC NJ?LReM BC QMW? OSC ASCLR? AML GLDP?CQRPSARSP? @GCL
BCQ?PPMJJ?B?CLAMKN?P?AGgLAMLJMQBCK\QCQR?BMQBCJ?PCEGgL
%LJ?QPCEGMLCQ.MPRCW#CLRPM/CQRC BMLBCCQR\JMA?JGX?BM-?RM'PMQQM
J?
A?BCL? NPMBSARGT? BC J? QMW? QC A?P?ARCPGX? NMP CQRPSARSP?Q TCPRGA?JGX?B?Q
BMKGL?B?Q NMP EP?LBCQ AMLEJMKCP?BMQ BC ?EPMLCEMAGMQ
AMKM !$-
!K?EEG
"SLECW#?PEGJJ
?JG?B?Q?CKNPCQ?QBCR?K?fMEP?LBCWKCBG?LMW
?AMMNCP?RGT?QBCNPMBSARMPCQ!BGDCPCLAG?BCJ?QGRS?AGgLCLCJ3SPBC"P?QGJ
BMLBC J? ?EPGASJRSP? D?KGJG?P RGCLC SL? N?PRGAGN?AGgL CVNPCQGT? CL J? A?BCL?
NPMBSARGT? BC J? QMW?
CL CJ @GMK? !K?XMLe?
J?Q EP?LBCQ CKNPCQ?Q RGCLCL
K?WMP N?PRGAGN?AGgL CL JMQ T?PGMQ CQJ?@MLCQ BC CQR? A?BCL? !OSe A?@C
BCQR?A?P OSC
CL J? K?WMP N?PRC BC J? !K?XMLe?
J? GLDP?CQRPSARSP? RGCLBC ?
QCPNPCA?PG?
JMOSCNMPQeKGQKMAMLQRGRSWCSLM@QR\ASJMGKNMPR?LRCN?P?J?
TG?@GJGB?B CAMLgKGA? BC J? QMW? AMKM DSCLRC BC @GMBGCQCJ CL J? PCEGgL !J
KGQKM RGCKNM
CQ ?KNJG?KCLRC PCAMLMAGBM CJ GKN?ARM ?K@GCLR?J BGPCARM C
GLBGPCARM BC J? GLDP?CQRPSARSP? LCACQ?PG? N?P? CJ RP?LQNMPRC
W? OSC J?Q
A?PPCRCP?Q QGPTCL BC NSLRM DMA?J N?P? J? BCDMPCQR?AGgL W N?P? J? MASN?AGgL
BCQMPBCL?B?CLJ?!K?XMLe?
9?CLCJ?fM
CJ)LQRGRSRMBC)LTCQRGE?AGgL!K@GCLR?JCLJ?!K?XMLe? z
)0!-
J?LXg JMQ PCQSJR?BMQ BC SL? CVRCLQ? GLTCQRGE?AGgL ?DGPK?LBM
CLRPC
MRP?QAMLAJSQGMLCQ
OSC
,? PCAGCLRC CVN?LQGgL BCJ NJ?LReM KCA?LGX?BM BC EP?LMQ CL J? PCEGgL
?K?XgLGA? CQR\ ?QSKGCLBM SL? NMQGAGgL BC BCQR?OSC CL J? BGL\KGA? BC J?
BCDMPCQR?AGgL ;< %L \PC?Q BC QCJT? ?K?XgLGA?
CJ NJ?LReM BC QMW? QC F?
AMLACLRP?BMCL\PC?QBCN?QRMQ
PCBSAGCLBM?QeJMQAMQRMQBCGKNJ?LR?AGgLBC
CQRC KMLMASJRGTM 3GL CK@?PEM
J? MASN?AGgL BC \PC?Q BC N?QRMQ CQR\
RP?LQDGPGCLBMJ?E?L?BCPe?N?P?LSCT?Q\PC?QBC@MQOSC
JMOSCPCNPCQCLR?SL
CQReKSJMGLBGPCARMN?P?J?BCDMPCQR?AGgL
,?-MP?RMPG?BCJ?3MW?
%L PCQNSCQR? ? CQR?Q NPCQGMLCQ z ?Qe AMKM ? J?Q APCAGCLRCQ CVGECLAG?Q NMP
N?PRC BCJ KCPA?BM AMKNP?BMP W AMLQSKGBMP
NPGLAGN?JKCLRC CL %SPMN?
CL
%QR?BMQ 5LGBMQ W CL *?NgL
QM@PC J? LCACQGB?B BC NPMBSAGP SL? QMW? K\Q
|TCPBC} z QSPEGCPML ?JESL?Q GLGAG?RGT?Q W NMJeRGA?Q
R?LRM CL CJ EM@GCPLM
@P?QGJCfM AMKM CL CJ QCARMP NPGT?BM
OSC GLDJSCLAG?PML DSCPRCKCLRC CJ ?ARS?J
CQACL?PGM BC NPMBSAAGgL W CVN?LQGgL BC CQR? MJC?EGLMQ? CL J? !K?XMLe?
@P?QGJCf?0PGKCPM
J?|-MP?RMPG?BCJ?3MW?}
?ASCPBMBC?BFCQGgLTMJSLR?PG?
DGPK?BM NMP JMQ NPGLAGN?JCQ EPSNMQ CKNPCQ?PG?JCQ CL CJ #MKNJCHM BC J? 3MW?
HSLRM AML /.'Q L?AGML?JCQ C GLRCPL?AGML?JCQ %QRC N?ARM NPMFe@C J? AMKNP?
BCQMW?NJ?LR?B?CL\PC?QBCDMPCQR?B?QBCQNSbQBCJBCHSJGMBC
! DGL BC RMK?P J?Q BCAGQGMLCQ AML PCQNCARM ? J? GKNJCKCLR?AGgL W AMLRPMJ BC
CQR?GLGAG?RGT?
DSCDMPK?BMCJ'PSNMBC4P?@?HMBCJ?3MW?
AMKNSCQRMNMPCJ
QCARMP CKNPCQ?PG?J
PCNPCQCLR?BM NMP J? !")/6%
!.%# W NMP J?Q CKNPCQ?Q
!$-
!K?EEG
"SLEC #?PEGJJ
W NMP J?Q /.'Q !PRGASJ?a_M 3MH?"P?QGJ
#MLQCPT?AGgLM)LRCPL?AGML?J
'PCCLNC?AC
)0!-
4FC.?RSPC#MLQCPT?LAWW
77&"P?QGJ0PCTGQR?GLGAG?JKCLRCN?P?SLNCPeMBMBCBMQ?fMQ
J?-MP?RMPG?
DSCCVRCLBGB?NMPSL?fMK\QF?QR?HSJGMBC
WPCAGCLRCKCLRCNPMPPME?B?
F?QR?HSJGMBC
$C ?ASCPBM AML CJ GLDMPKC BC AMLRPMJ BC CQR? GLGAG?RGT?
OSC ?L?JGXg
NMP
KCBGMNPGLAGN?JKCLRCBCQM@PCTSCJMQ
\PC?QCLNPMNGCB?BCQAMLK\QBC
FCAR\PC?Q?@GCPR?QBCQNSbQBCHSJGMBCzWCLKSLGAGNGMQAMLNMPJM
KCLMQKGJFCAR\PC?QBCQMW? QSK?LBMSLRMR?JBCKSLGAGNGMQW
F?
z QC JJCEg ? J? AMLAJSQGgL BC OSC BMAC NMJeEMLMQ CL BGCX NPMNGCB?BCQ
NPCQCLR?PMLLSCT?Q\PC?QBCBCDMPCQR?AGgL
CLRPC
C
FCAR\PC?QNMP
\PC?
QSK?LBMSL\PC?RMR?JBCFCAR\PC?QBCQMW?NJ?LR?B?QCL\PC?Q
PCAGbL BCDMPCQR?B?Q %L RbPKGLMQ PCJ?RGTMQ
NMP JM R?LRM
QML NMA?Q KCLMQ
%JKMLGRMPCMDSCPC?JGX?BMNMPJ?CKNPCQ?BCAMLRPMJ?EPeAMJ?'JM@?JQ?R?NCBGBM
BCJ'PSNMBC4P?@?HMBCJ?3MW?
%QRCGLDMPKCCQR\BGQNMLG@JCCL
UUUEPCCLNC?ACMPE@P?K?XMLG?NBD@MJCRGKKMP?RMPG?UC@NBD
BC
J?Q LSCT?Q \PC?Q BCDMPCQR?B?Q N?P? CJ NJ?LReM BC QMW? CL JMQ
NMJeEMLMQ?L?JGX?BMQ
%L SL? PCSLGgL PCAGCLRC N?P? NPCQCLR?P JMQ PCQSJR?BMQ BC CQR? GLGAG?RGT?
J?Q
NPGLAGN?JCQ CKNPCQ?Q AMKCPAG?JGX?BMP?Q BC QMW? PCJ?AGML?B?Q AML J?
!QMAG?AGgL "P?QGJCf? BC J? )LBSQRPG? BC !ACGRCQ 6CECR?JCQ !@GMTC
W AML J?
!QMAG?AGgL .?AGML?J BC J?Q %KNPCQ?Q %VNMPR?BMP?Q BC #CPC?JCQ !.%#
?LSLAG?PML
CL ?@PGJ BC
OSC | LM T?L ? AMKNP?P QMW? OSC F?W?
NPMTMA?BM BCDMPCQR?AGgL CL J? !K?XMLe? 9 K\Q
LM F?@P\ APbBGRM N?P?
CQR?LAGCPMQ OSC LM PCQNCRCL J? KMP?RMPG?} %L CQR? KGQK? PCSLGgL
CJ
-GLGQRPM BCJ -CBGM !K@GCLRC
#?PJMQ -GLA
?LSLAGg CJ ?NMWM BCJ EM@GCPLM
DCBCP?J N?P? GKNJCKCLR?P J? -MP?RMPG?
BCQRGL?LBM KGJJMLCQ BC PC?JCQ BCJ
00' 0PMEP?K? 0GJMRM N?P? 0PMRCAAGgL BC JMQ "MQOSCQ 4PMNGA?JCQ
N?P?
PC?JGX?PCJPCEGQRPM?K@GCLR?JPSP?JWQCAMKNPMKCRGg?AMLAJSGPJ?:MLGDGA?AGgL
%AMJgEGA?%AMLgKGA?CLCJ@GMK?
#MLACQGgL BC APbBGRM AMLBGAGML?BM ? J? PCESJ?PGB?B BC J?Q RGCPP?Q
?EPeAMJ?QW?K@GCLR?J
5L?QCESLB?GLGAG?RGT?GKNMPR?LRCOSCGLAGBCQM@PCJ?NPMBSAAGgLBCQMW?CL
J? PCEGgL DSC J? ?NPM@?AGgL
? NPGLAGNGMQ BC
BC SL? 2CQMJSAGgL NMP CJ
#MLQCHM-MLCR?PGM.?AGML?J"?LAM#CLRP?JBC"P?QGJ
OSCJCQNPMFe@C?JMQ
@?LAMQ Nj@JGAMQ W NPGT?BMQ CJ AMLACBCP APbBGRM N?P? NPMNGCR?PGMQ BC RGCPP?Q
OSC CQRbL GPPCESJ?PCQ CL RbPKGLMQ BC NPMNGCB?B W JGACLAG?KGCLRM ?K@GCLR?J
4?J KCBGB? RP?HM CLMPKCQ GKNJGA?AGMLCQ N?P? JMQ NPMBSARMPCQ CL J? PCEGgL
?K?XgLGA?
OSC BCNCLBCL BCJ APbBGRM N?P? DGL?LAG?P QSQ ?ARGTGB?BCQ
NPMBSARGT?Q %QR? PCQMJSAGgL RMPL? M@JGE?RMPG? J? NPCQCLR?AGgL BCJ #CPRGDGA?BM
BC#?R?QRPMBC)LKSC@JC2SP?Jz##)2WBCBMASKCLRMQOSCAMKNPSC@CLJ?
PCESJ?PGB?B?K@GCLR?JBCJ?QNPMNGCB?BCQ
%L QSK?
CQR?Q BMQ GLGAG?RGT?Q BCQCQRGKSJ?PML J?Q GLTCPQGMLCQ CL LSCT?Q
NJ?LR?AGMLCQ BC QMW? CL J?Q PCEGMLCQ A?P?ARCPGX?B?Q NMP QCJT? ?K?XgLGA?
)LBCNCLBGCLRCKCLRCBCJ?AMLRPMTCPQG??JPCQNCARMBCJ?QMW?AMKMTCARMPBC
BCDMPCQR?AGgLCLJ?PCEGgL
?QeWRMBM
LMPCQR?LBSB?QBCOSCCQR?MJC?EGLMQ?
AMLRGLS?P\ BCQCKNCf?LBM SL N?NCJ NPCNMLBCP?LRC CL J? NPMBSAAGgL BC
@GMBGCQCJ CL "P?QGJ W CL J? !K?XMLe?
GLAJSQGTC NMP RP?R?PQC BC J? jLGA?
K?RCPG? NPGK? CL J? ?ARS?JGB?B A?N?X BC QSNJGP J? BCK?LB? NMP @GMBGCQCJ
ECLCP?B?NMPJ?M@JGE?RMPGCB?BBCKCXAJ?PBC@GMBGCQCJ?JBGCQCJKGLCP?J?
N?PRGPBCJQCESLBMQCKCQRPCBC !.0
'PCCLNC?AC!K?XhLG?6GT?0S@JGA?AGgLBC'PCCLNC?ACQM@PCJ?KMP?RMPG?
CLJ?AMKCPAG?JGX?AGgLBCQMW?ASJRGT?B?CLLSCT?QBCDMPCQR?AGMLCQCLJ?!K?XMLe?
@P?QGJCf?.jKCPM
K?WM
2CQMJSAGgLBCJ"!#%..r
BCBCDC@PCPMBC$/5
NPGLAGN?JKCLRC CL PCEGMLCQ AML ?JRMQ eLBGACQ BC BCDMPCQR?AGgL
?@PGbLBMQC
K\QMNMPRSLGB?BCQN?P?CJCQR?@JCAGKGCLRMBCJ??EPMCLCPEe?CLJ?PCEGgL
%J !PAM 6CPBC 4GCPP? ,CE?J !K?XMLe? CQR\ AMMPBGL?BM NMP J? *CD?RSP? BC
'?@GLCRC W NMP JMQ KGLGQRCPGMQ BC $CQ?PPMJJM !EP?PGM -$!
W BCJ -CBGM
!K@GCLRC --!
W BCQ?PPMJJ?BM HSLRM AML CQR?BMQ W KSLGAGNGMQ 3GCLBM SL
NPMEP?K? PCAGCLRCKCLRC APC?BM
CQ BGDeAGJ KCBGP QSQ GKN?ARMQ CL J?
PCESJ?PGX?AGgL ?EP?PG? W CL CJ AMLRPMJ BC J? BCDMPCQR?AGgL CL J? QCJT?
?K?XgLGA? 4GCPP? ,CE?J !K?XMLe? W? PCEGQRP? QMJGAGRSBCQ BC
JCE?JGX?AGgLBCRGCPP?QCL\PC?QLMBCTMJSR?QBCJEM@GCPLMDCBCP?JAMLF?QR?
KgBSJMQDGQA?JCQ
QGCLBMOSCCLJ?!K?XMLe?
A?B?KgBSJMDGQA?JCOSGT?JC
?
CLNPMKCBGM
ACPA?BCFCAR\PC?Q
%QRC NPMEP?K? ASCLR? AML J? N?PRGAGN?AGgL BC JMQ QGESGCLRCQ KGLGQRCPGMQ W
gPE?LMQ TGLASJ?BMQ BC !EPGASJRSP? %K@P?N?
#ML?@ W #CNJ?A
3CESPGB?B
3MAG?J ).33
BCJ?Q#GSB?BCQBCJ?#SJRSP?
BCJ?$CDCLQ?BCJ?%BSA?AGgL
BCJ 4P?@?HM W %KNJCM 3CAPCR?Pe? BC 0?RPGKMLGM BC J? 5LGgL
3CAPCR?Pe?
%QNCAG?JBC!ASGASJRSP?W0CQA?
3CAPCR?Pe?%QNCAG?JBC$CPCAFMQ(SK?LMQ
"?LAM BM "P?QGJ
"?LAM B? !K?XhLG?
".$%3
3C@P?C
GLRCLBCLAG?Q W
EM@GCPLMQBC-?RM'PMQQM
0?P\
-?P?LF_M
2MP?GK?
2MLBhLG?W!K?XML?Q
0?P? J? NPMBSAAGgL BC @GMBGCQCJ
QGL CK@?PEM
CJ NPMEP?K? NMBP\ ?@PGP CJ
A?KGLM N?P? CJ NJ?LReM BC CQNCAGCQ MJC?EGLMQ?Q CL \PC?Q OSC ?LRCQ LM
FS@GCP?LRCLGBM?AACQM?J?QNMJeRGA?QW?JMQNPMEP?K?QNj@JGAMQBCDMKCLRM
GLACLRGTMDGQA?JW?QGQRCLAG?RbALGA?3CEjLJ?QNMJeRGA?QBCJEM@GCPLM@P?QGJCfM
CL CJ \K@GRM BCJ 0.0" W BC ?JESLMQ EM@GCPLMQ CQR?R?JCQ AMKM JMQ BC
!K?XML?Q W 0?P\
?Qe AMKM J?Q RCLBCLAG?Q BCJ QCARMP NPGT?BM BCQAPGNR?Q
?PPG@?
J?NPGLAGN?JASJRSP?OSCAMLR?P\AMLGLACLRGTMQDGQA?JCQ
GLTCQRGE?AGMLCQ
C GLTCPQGMLCQ NPMKMTGCLBM QS CVN?LQGgL CL J? !K?XMLe? CL JMQ NPgVGKMQ
?fMQQCP\J?N?JK??DPGA?L?,?CVN?LQGgLBCJ?ASJRSP?BCJ?N?JK??DPGA?L?
RP?CP\
NMPAMLQGESGCLRC
A?K@GMQCGKN?ARMQGKNMPR?LRCQN?P?CJN?GQ?HCWCJ
NSC@JM BC J? PCEGgL ,? QCAAGgL QGESGCLRC NPCQCLR? ?JESL?Q NCPQNCARGT?Q
PCAMEGB?Q CL CQRSBGMQ PCAGCLRCQ QM@PC JMQ GKN?ARMQ QMAG?JCQ W ?K@GCLR?JCQ
OSC NMBP\L PCQSJR?P BC J? CVN?LQGgL BCJ KMBCJM BC NPMBSAAGgL BC N?JK?
?DPGA?L?
,? CVN?LQGgL BC J? 0?JK? !DPGA?L? CL J? !K?XMLe? MNMPRSLGB?BCQ W
BGDGASJR?BCQ
!SLOSC ?JESL?Q GLGAG?RGT?Q GKNMPR?LRCQ BC NPMBSAAGgL BC ?ACGRC BC N?JK?
?DPGA?L? %J?CGQESGLCCLQGQ
W?CVGQR?LF?ACK\QBCRPCQBbA?B?QN?P?DGLCQ
?JGKCLRGAGMQ W BC SQM CL J? GLBSQRPG? BC AMQKbRGAMQ
CL JMQ CQR?BMQ BC 0?P\
OSCRGCLCCJBCJ?NPMBSAAGgLL?AGML?J
W
CLKCLMPEP?BM
CLJMQMRPMQ
CQR?BMQBCJ?!K?XMLe?
CJ@GMBGCQCJBCN?JK??DPGA?L??jLPCNPCQCLR?KCLMQ
.B44GCPP?Q,%"+*)QMLRGCPP?QBCJ%QR?BMN?P?J?QOSCLMAMLQR?MDGAG?JKCLRC
SLNPMNGCR?PGM
BC
BC J? NPMBSAAGgL L?AGML?J BC @GMBGCQCJ
W ?jL CL J? PCEGgL .MPRC
QgJM
!.0
!jL ?Qe
J? N?JK? ?DPGA?L? CQ QCf?J?B? AMKM J?
NPGLAGN?J MJC?EGLMQ? CL CVN?LQGgL BC JMQ @GMAMK@SQRG@JCQ CL J? PCEGgL LMPRC
BC"P?QGJ .!%
#!%C#/00%!$
5LM BC JMQ NPGLAGN?JCQ ?PESKCLRMQ D?TMP?@JCQ N?P? J? N?JK? ?DPGA?L?
BCQR?A?BMQNMPCQRMQCQRSBGMQCQJ?BGQNMLG@GJGB?BBCT?QR?Q\PC?Q?NR?QN?P?
QS NPMBSAAGgL @?Q?B? CL J? XMLGDGA?AGgL AJGK\RGA? BC PGCQEM CL RbPKGLMQ BC
LGTCJCQ NJSTGMKbRPGAMQ
GLAGBCLAG? QMJ?P
QSCJM
PCJGCTC
CRA
3CEjL JM
QCf?J?BM NMP CJ .jAJCM BC !QSLRMQ %QRP?RbEGAMQ BC J? 0PCQGBCLAG? BC J?
2CNj@JGA?
CJN?eQNPCQCLR?CLMPKCNMRCLAG?JN?P?J?CVN?LQGgLBCJ?
NPMBSAAGgL BC N?JK? ?DPGA?L?
W? OSC ASCLR? AML ACPA? BC KGJJMLCQ BC
FCAR\PC?Q AMLQGBCP?B?Q ?NR?Q N?P? CJ NJ?LReM BC CQR? MJC?EGLMQ?
BC JMQ
AS?JCQ ACPA? BC RCLBPe?L ?JR? ?NRGRSB .!%
%Q BCAGP
CQR?Q
\PC?Q ?NR?Q N?P? CJ NJ?LReM BC N?JK? ?DPGA?L? QSNCP?L J?Q \PC?Q BGQNMLG@JCQ
CL JMQ NPGLAGN?JCQ N?eQCQ NPMBSARMPCQ z )LBMLCQG? W -?J?QG? z OSC NMQCCL
QgJMKGJIKWKGJIK
PCQNCARGT?KCLRC "SRJCPC,?SP?LAC
#MKMJMTGKMQ?JDGL?JBCJ?3CAAGgL
CQR?LEP?LBCCJCLRSQG?QKMAMLJ?
N?JK? ?DPGA?L? OSC F? QGBM JJ?K?B? NMP ?JESLMQ |NCRPgJCM TCPBC}
LMR?@JCKCLRC NMP CJ 3CL?BMP &JCV? 2G@CGPM
?SRMP BCJ 0PMWCARM BC ,CW OSC
RGCLC CJ M@HCRM BC NCPKGRGP CJ NJ?LReM BC CQNCAGCQ CVgRGA?Q AMKM J? N?JK?
?DPGA?L? N?P? J? PCAMKNMQGAGgL BC \PC?Q BCEP?B?B?Q KCBG?LRC J?
DJCVG@GJGX?AGgLBCJAgBGEMDMPCQR?J%LA?QMBCQCP?NPM@?BMCQRC0PMWCARMBC
,CW CL CJ #MLEPCQM .?AGML?J
QC CQRGK? OSC F?@P\ SL? CVNJMQGgL BC
NPMWCARMQ BC NPMBSAAGgL BC N?JK? ?DPGA?L? CL CJ @GMK?
RP?WCLBM A?K@GMQ
GKNMPR?LRCQ CL CJ N?GQ?HC
JMQ KMBMQ BC TGB? BC J?Q NM@J?AGMLCQ W J?Q
CAMLMKe?QJMA?JCQ
!QNCARMQ?K@GCLR?JCQ
! KCBGB? OSC T? APCAGCLBM CJ CLRSQG?QKM NMP J? N?JK? ?DPGA?L?
APCACL
R?K@GbLJ?QTMACQOSCOSGCPCLCTGR?POSCQC?LAMKCRGBMQJMQKGQKMQCPPMPCQ
GBCLRGDGA?BMQCL-?J?QG?C)LBMLCQG?
AMKMJ?BCDMPCQR?AGgL
J?AMLACLRP?AGgL
BCRGCPP?Q?EPeAMJ?QWCJRP?QJ?BMBCAMKSLGB?BCQRP?BGAGML?JCQ &GRXFCP@CPRCR
?J
%LSLCQRSBGMPCAGCLRC
"SRJCPC,?SP?LAC
QCf?J?LJ?NCPBGB?
BC @GMBGTCPQGB?B W J? BCDMPCQR?AGgL BC @MQOSCQ GLR?ARMQ z CL TCX BCJ NJ?LReM
CL \PC?Q BCEP?B?B?Q z AMKM QGCLBM NMQG@JCQ GKN?ARMQ ?K@GCLR?JCQ BC J?
CVN?LQGgLBCJ?N?JK??DPGA?L?CLJ?!K?XMLe?
3CEjL SL? PCTGQGgL BCR?JJ?B? BC J? JGRCP?RSP? PC?JGX?B? NMP &GRXFCP@CPR CR ?J
J?@GMBGTCPQGB?BCLNJ?LR?AGMLCQAMLTCLAGML?JCQBCN?JK??DPGA?L?CQ
?L\JME? ? MRP?Q ASJRSP?Q ?P@gPC?Q C GLDCPGMP ? J?Q BC @MQOSCQ QCASLB?PGMQ
"SRJCP
2!W7GJJJG?K&,?SP?LAC)QMGJN?JKRFCLCVRCKCPEGLERFPC?RRMRFC
!K?XML -MLE?@?WAMK/NCL!AACQQ*MSPL?J4PMNGA?J#MLQCPT?RGML3AGCLAC
6MJ
#MLQCPT?RGML,CRRCP
%QRMQ ?SRMPCQ ?PESKCLR?L OSC F?W AS?RPM K?LCP?Q NMP J?Q AS?JCQ J?
CVN?LQGgL BC J? N?JK? NMBPe? NMRCLAG?JKCLRC A?SQ?P BCDMPCQR?AGgL
AMKM
TCARMP BC ?NCPRSP? BC @MQOSCQ NPGK?PGMQ
NMP CJ PCCKNJ?XM BC @MQOSCQ
BCEP?B?BMQ ?LRCPGMPKCLRC NMP DSCEM M CVNJMR?AGgL K?BCPCP?
AMKM N?PRC
BC CKNPCLBGKGCLRMQ KGVRMQ OSC AMKNCLQ?L CJ AMQRM GLGAG?J BC LSCT?Q
NJ?LR?AGMLCQ NMP KCBGM BC J? TCLR? BC NPMBSARMQ K?BCPCPMQ M
GLBGPCAR?KCLRC
BC@GBM?J?KCHMP?BCJ?QTe?QBC?AACQM?\PC?QOSCLMCP?L
?AACQG@JCQ ?LRCPGMPKCLRC M AMKM PCQSJR?BM BCJ RP?QJ?BM BC MRP?Q ASJRSP?Q
?EPeAMJ?Q?\PC?QBC@MQOSCQ
%LRbPKGLMQBC@?J?LACCLCPEbRGAMN?P?NPMBSAGPJMQ?ACGRCQ PCJ?AGgLCLRPCJ?
NPMBSAAGgLWCJAMLQSKMBCCLCPEe?
J?N?JK??DPGA?L?RGCLCJ? PCJ?AGgLK\Q
TCLR?HMQ? OSC J?Q BCK\Q MJC?EGLMQ?Q .!%
!SLOSC CJ ?JRM LGTCJ BC
NPMBSAAGgLBCN?JK?LMPK?JKCLRCAMKGCLAC?N?PRGPBCJQCVM?JQbNRGKM?fM
BCNJ?LReMCLCJA?KNM
J?KGQK?QCK?LRGCLCAMKCPAG?JKCLRCTG?@JCNMP
?fMQ!QGKGQKM
?BCK\QBCQCPSL?CQNCAGCN?JK\AC?KSW?B?NR?B??JMQ
RPgNGAMQ FjKCBMQ
J? N?JK? ?DPGA?L? NMQCC SL? ?JR? A?N?AGB?B BC QCASCQRPM
BC A?P@MLM W BC NPMBSAAGgL BC K?RCPG? MPE\LGA?
JM OSC ?WSB?Pe? ?
AMKNCLQ?P JMQ CDCARMQ BC J?Q CKGQGMLCQ BC E?QCQ BC CDCARM GLTCPL?BCPM
?J
KGQKMRGCKNMPCBSAGCLBMJMQNPMACQMQBCCPMQGgLWJGVGTG?AGgLBCJMQQSCJMQ
.!%
3?LRMQ
6GJJCJ?
%L CJ
J? /.' 2CNMPRCP "P?QGJ NS@JGAg SL GLDMPKC ?L?JGX?LBM JMQ
GKN?ARMQ QMAG?JCQ W ?K@GCLR?JCQ NMRCLAG?JCQ BC J? CVN?LQGgL BC JMQ
?EPMAMK@SQRG@JCQ CL "P?QGJ ,?Q NPgVGK?Q QCAAGMLCQ BGQASRGP\L ?JESLMQ BC
CQRMQ GKN?ARMQ QCf?J?BMQ
CL CQNCAG?J QM@PC J? ASJRSP? BC J? N?JK? ?DPGA?L?
CLJ?!K?XMLe?
%J ?ACGRC BC N?JK? ?DPGA?L? CL J? A?BCL? NPMBSARGT? BCJ @GMBGCQCJ
MNMPRSLGB?BCQW?KCL?X?Q
%J APCAGCLRC GLRCPbQ CL CQR? N?JKCP? QC BC@C ? SL? QCPGC BC D?ARMPCQ
GLAJSWCLBM ?QNCARMQ CAMLgKGAMQ
QMAG?JCQ
?K@GCLR?JCQ W CB?DMAJGK\RGAMQ
AMLQGBCP?BMQ D?TMP?@JCQ CL CJ AMLRCVRM ?K?XgLGAM .!%
#!%
#/00%!$
3?LRMQ
6GJJCJ?
! QS TCX
?JESLMQ GLDMPKCQ W
CQRSBGMQ QCf?J?L J?Q ?KCL?X?Q OSC J? N?JK? ?DPGA?L? NMBPe? MA?QGML?P N?P?
CJN?GQ?HCWN?P?JMQNSC@JMQBCJ?PCEGgL
BCNCLBGCLBMNPGLAGN?JKCLRCBCJMQ
KMBCJMQBCNPMBSAAGgLWCQOSCK?QNPMBSARGTMQ?BMNR?BMQ
CLJ?KCBGB?CL
OSCCJNJ?LReMBCN?JK??DPGA?L?QC?CVN?LBGBM 2CNgPRCP"P?QGJ
"SRJCPW
,?SP?LAC
&GRXFCP@CPRCR?J
%QR?QCAAGgLNPCQCLR?SL?L\JGQGQBC
CQR?Q BGDCPCLRCQ NCPQNCARGT?Q PCQNCARM ? JMQ GKN?ARMQ NMRCLAG?JCQ
R?LRM
NMQGRGTMQAMKMLCE?RGTMQ
BCJ?CVN?LQGgLBCJ?ASJRSP?BCJ?N?JK??DPGA?L?
CLCJAMLRCVRMBCJ?!K?XMLe?@P?QGJCf?
!N?PRGPBCCQR?CB?B
J?AMQCAF?QCTCBGDGASJR?B?NMPJ??JRSP?BCJ?N?JK??DPGA?L?
W
NMPJMR?LRM
QCRMPL?MLCPMQ?
!DGLBCAMKNPCLBCPKCHMPCQR?QNCPQNCARGT?Q
A?@CPCAMPB?PJMQ?ARMPCQOSC
TGCLCL GLTCQRGE?LBM W NPMKMTGCLBM J? CVN?LQGgL BC J? N?JK? ?DPGA?L? CL J?
!K?XMLe?@P?QGJCf?
GLQRGRSAGMLCQOSCBCQCKNCf?LSLN?NCJCQRP?RbEGAMCLJ?
DMPKSJ?AGgL BC NMJeRGA?Q Nj@JGA?Q
QCEjL BCR?JJ?BM CL J? 0?PRC BC CQRC
A?NeRSJM
?Q?@CP
.jAJCM BC !QSLRMQ %QRP?RbEGAMQ BC J? 0PCQGBCLAG? BC J? 2CNj@JGA?
.!%
%K@P?N?
NMP KCBGM BC BGTCPQ?Q SLGB?BCQ
LMR?@JCKCLRC %K@P?N?
!EPM@GMJMEe?
!K?XMLe?/PGCLR?J #0!45
W/AAGBCLR?J #0!!
-GLGQRCPGMQ BC $CQ?PPMJJM
)LBSQRPG? W #MKCPAGM -$)#
$CQ?PPMJJM
!EP?PGM -$!
!EPGASJRSP?
'?L?BCPe? W !@?QRCAGKGCLRM -!0!
W
*CD?RSP?BC'?@GLCRC
!ECLAG?.?AGML?JBC0CRPgJCM
'?Q.?RSP?JW"GMAMK@SQRG@JCQ!.0
5LGTCPQGB?BCQAMKM530%3!,1
5&2*#/00%
5."
".$%3
6CLR?H?QCAMLgKGA?QBCJ?N?JK??DPGA?L?
4?@J? 0PMBSARGTGB?B AMKN?P?RGT? BC MJC?EGLMQ?Q N?P? J? NPMBSAAGgL BC
@GMBGCQCJ
%J?CGQ
ESGLCCLQGQ
2GAGLSQ
AMKKSLGQ
!P?AFGQFGNME?C?
'JWAGLCK?V
&SCLRC "GJGAF
&CPSAAGM W $?3GJT?
2GA?PBM CL !L\JGQGQ KSJRGAPGRCPGM BC J? NPMBSAAGgL BC
@GMBGCQCJ "GJGAF
!BCK\Q
CJAMQRMBCNPMBSAAGgLBCJ?ACGRCBCN?JK??DPGA?L?CQAMLQGBCP?BM
@?HM
NCPBGCLBM QgJM DPCLRC ? J? QMW? CLRPC J?Q NPGLAGN?JCQ MJC?EGLMQ?Q
NPMBSAGB?Q CL "P?QGJ W F?QR? COSGT?JCLRC ?J AMQRM BCJ BGCQCJ KGLCP?J 3GL
CK@?PEM
QCEjLKSCQRP?J?&GESP?
CJNPCAGMNPMKCBGMBCJ?ACGRCBCN?JK?
?DPGA?L? 2
+E
CQRSTMNMP?PPG@?BCJNPCAGMNPMKCBGMBCJBGCQCJKGLCP?J
QGL CJ )KNSCQRM QM@PC #GPASJ?AGgL BC -CPA?BCPe?Q W 0PCQR?AGgL BC 3CPTGAGMQ
)#-3
WQGLAMKCPAG?JGX?AGgL 2
,
CLRPCW
%J?JRMT?JMPBCJ?ACGRCBCN?JK??DPGA?L?CLCJKCPA?BMGLRCPL?AGML?JQCBC@C
CLRPC MRPMQ D?ARMPCQ
?J FCAFM BC QCP JG@PC BC EP?Q?Q |RP?LQ} W
NMP JM R?LRM
GBC?JN?P?J?NPMBSAAGgLBC?JGKCLRMQAMKMK?PE?PGL?
E?JJCR?Q
RMPR?Q
CRAz
WR?K@GbLNMPQCP?JR?KCLRCAMBGAG?BMNMPJ?GLBSQRPG?BCAMQKbRGAMQ 3?LRMQ
.MPBCQRC %QR? CVCLAGgL CQ AMLACBGB? ? J?Q CKNPCQ?Q NPMBSARMP?Q OSC
NMQCCL CJ #CPRGDGA?BM #MK@SQRG@JC 3MAG?J
N?P? JM AS?J CQ CVGEGBM AMKNP?P
AMKMKeLGKMBCJ?K?RCPG?NPGK?BCJ??EPGASJRSP?D?KGJG?PCLJ?AMQCAF?
z W ? N?PRGP BC J? AMQCAF? TCP 0?PRC BC CQRC
A?NeRSJM
%QR?@JCAGBM CL CJ \K@GRM BCJ 0.0"
CQRC KCA?LGQKM R?K@GbL
E?P?LRGX? ?QGQRCLAG? RbALGA? W AMLRP?RMQ BC AMKNP? LCEMAG?BMQ AML JMQ
?EPGASJRMPCQ
#SCQRGMLCQJMEeQRGA?QWRbALGA?Q
!NCQ?PBCCQR?QGLLjKCP?QTCLR?H?Q
CVGQRCL?JESL?QBGDGASJR?BCQGKNMPR?LRCQ
N?P?TG?@GJGX?PJ?CVN?LQGgLBCJ?N?JK??DPGA?L?CLJ?!K?XMLe?
PCQNCARM?
RCK?Q BC JMEeQRGA?
RbALGA? W MPE?LGX?AGgL QMAG?J W NPMBSARGT?
QCEjL JM
BCQR?A?BMNMP3?LRMQ
W.!%
%LRPCCQRMQM@QR\ASJMQ
NMBCKMQ
BCQR?A?PJMQQGESGLRCQ
%J?ACGRCNPCAGQ?QCPCVRP?eBMAMKMK\VGKMFMP?QBCQNSbQBCJ?AMQCAF?
BCJ P?AGKM
NSCQ BC JM AMLRP?PGM QC NMLC P?LAGM
JM OSC QGELGDGA? OSC J?Q
SLGB?BCQ BC NPMACQ?KGCLRM BC@CL CQR?P JMA?JGX?B?Q NPgVGK?Q ? J?Q
NJ?LR?AGMLCQ
,?QNJ?LR?AGMLCQBC@CLCQR?PJMA?JGX?B?QCL\PC?QNPgVGK?QN?P?TG?@GJGX?PJ?
JMEeQRGA? BC RP?LQNMPRC W D?TMPCACP SL TMJSKCL BC P?AGKMQ QSDGAGCLRCQ N?P?
OSCJ?QSQGL?QQC?LCAMLgKGA?KCLRCTG?@JCQ
,?GKNJ?LR?AGgLGLGAG?JBCJ?N?JK??DPGA?L?PCOSGCPCSL?JRMEP?BMBCGLTCPQGgL
CL JMQ NPGKCPMQ ?fMQ W BCNCLBC BC J? A?N?AGR?AGgL ?BCAS?B? BC JMQ
?EPGASJRMPCQ D?KGJG?PCQ
?Qe AMKM BC ?AMKN?f?KGCLRM
?QGQRCLAG? RbALGA? W
KMLGRMPCMDGRMQ?LGR?PGM
5L PGCQEM NMRCLAG?JKCLRC BCT?QR?BMP N?P? J? N?JK? ?DPGA?L? CQ CJ !&
!K?PGJJCAGKGCLRM &?R?J
CLDCPKCB?B OSC A?SQ? ?JRM eLBGAC BC KMPR?JGB?B CL
CQR?NJ?LR?,?N?JK??DPGA?L?Fe@PGB? APSX?CLRPCJ?QCQNCAGCQ?DPGA?L?QWCJ
A?G?Sd
%J?CGQ KCJ?LMAMAA?
L?RGTM BC J? !K?XMLe?
F? BCKMQRP?BM QCP
PCQGQRCLRC?CQR?CLDCPKCB?B
3CEjLJMCQR?@JCAGBMNMPJMQ$CAPCRMQBCWBC
ASKNJGKGCLRM NMP N?PRC BC JMQ NSC@JMQ W AMKSLGB?BCQ RP?BGAGML?JCQ W
?EPGASJRMPCQD?KGJG?PCQ -GAAMJGQ
0?JK??DPGA?L?W?EPGASJRSP?D?KGJG?P
,MQ RP?R?KGCLRMQ ASJRSP?JCQ BC J? N?JK? ?DPGA?L? QML GLRCLQGTMQ CL K?LM BC
M@P?
JM OSC NPMNMPAGML?Pe? ?KNJGM NMRCLAG?J BC ECLCP?AGgL BC GLEPCQMQ W
CKNJCM W RMPL?Pe? CQR? NJ?LR? ?BCAS?B? N?P? QS GKNJ?LR?AGgL CL CJ AMLRCVRM
BCJ??EPGASJRSP?D?KGJG?P%JNMRCLAG?JBCGLRCPA?J?PN?JK??DPGA?L?AMLASJRSP?Q
?JGKCLRGAG?QAMKMWSA?
NGf?
@?R?R?W@?L?L?
NPGLAGN?JKCLRCCLJMQNPGKCPMQ
?fMQ BC GKNJ?LR?AGgL KGCLRP?Q LM QC GLGAG? J? NPMBSAAGgL BC P?AGKMQ
QC
AMLTGCPRC CL SL A?KGLM NPMKGQMPGM N?P? CJ CQR?@JCAGKGCLRM BC QGQRCK?Q K\Q
BGTCPQGDGA?BMQ NMP N?PRC BC JMQ ?EPGASJRMPCQ D?KGJG?PCQ %L SL CVNCPGKCLRM
AMMPBGL?BM NMP J? GLTCQRGE?BMP? W HCDC ECLCP?J BC %K@P?N? !K?XMLe?
/AAGBCLR?J #0!!
CL CJ $GQRPGRM !EPMNCAS?PGM BC J? 3SNCPGLRCLBCLAG? BC J?
:ML? &P?LA? BC -?L?MQ 3SDP?K?
-?PG? BM 2MQ\PGM 2MBPGESCQ
CQR?Q
ASJRSP?Q ECLCP?L E?L?LAG?Q ? AMPRM NJ?XM QGL NCPHSBGA?P CJ BCQ?PPMJJM BC J?Q
N?JK?Q?DPGA?L?Q!jLCLJMQQGQRCK?QAMKCPAG?JCQK\QBCLQMQ
CJCQN?AGM
CLRPCNJ?LRMLCQBCN?JK??DPGA?L?CQBCAMKMKeLGKMKCRPMQW J?QAMN?Q
BCKMP?L NMP JM KCLMQ ?fMQ F?QR? OSC AMKGCLX?L ? CLAMLRP?PQC
JM OSC
?@PCMNMPRSLGB?BCQN?P?CJNJ?LReMBCCQNCAGCQKSJRGDSLAGML?JCQ ?JGKCLRGAG?Q
AMKCPAG?JCQ
JCESKGLMQ?Q
MJC?EGLMQ?Q
DPSAReDCP?Q
$C FCAFM
PCQNCARM ? JMQ ?QNCARMQ QMAGMCAMLgKGAMQ
J? N?JK? ?DPGA?L? CQ
AMLQGBCP?B?NPMKGQMPG?
NSCQECLCP?CKNJCMQWPCLR?QSNCPGMPCQ?JNPMKCBGM
L?AGML?J3CEjLSLCQRSBGMBCJ#-!
QCCQRGK?
NMPCHCKNJM
OSCJ?ASJRSP?BC
J? N?JK? ?DPGA?L? CKNJCC
CL \PC?Q BC NJ?LReM
SL RP?@?H?BMP A?B?
FCAR\PC?Q
GLAJSWCLBMRP?RMQBCK?LCHMWAMQCAF? 2CNgPRCP"P?QGJ
%QRCCQRSBGMPCJ?R??jLOSC
|BC?ASCPBMAMLCJ3GLBGA?RMBCJMQ4P?@?H?BMPCQ
2SP?JCQ BCJ KSLGAGNGM ;BC 4?GJ^LBG?<
CL 0?P\ CJ QSCJBM NPMKCBGM BC JMQ
RP?@?H?BMPCQCLCJK?LCHMWCLJ?AMQCAF?BCJ?N?JK??DPGA?L?CQBC2
AMLBGAGML?BMQ ? SL? A?LRGB?B KeLGK? BC KGJ IGJMQ AMQCAF?BMQ W IGJMQ
CLRPCAMQCAF?Q%LCJA?QMBCOSCJ?K?LMBCM@P?QC?PCNPCQCLR?B?QgJMNMP
CJ NPMBSARMP W QS D?KGJG?
QC CQRGK? OSC J? PCLR? JeOSGB? ?LS?J NMBP\ QSNCP?P
JMQ2KGJ3CEjLCQRGK?RGT?QBC!EPMN?JK?
J?K?WMPCKNPCQ?NPMBSARMP?
BCN?JK??DPGA?L?CLCJN?eQ
CQR?PCLR?NMBP\JJCE?P?JMQ2KGJ?LS?JCQ
NMPD?KGJG?} 2%0/24%2"2!3),
3CEjLJMPCJ?R?BMNMP3?LRMQ
QGLCK@?PEM
F?WBGTCPECLAG?QPCQNCARM?JLjKCPMBCCKNJCMQECLCP?BMQNMP
CJNJ?LReMBCN?JK??DPGA?L?
NCPMQCCQRGK?SLNPMKCBGMBCSL?D?KGJG?A?B?
FCAR\PC?QM?NPMVGK?B?KCLRC
CKNJCMQNMPFCAR\PC?
%LSL?PReASJMNS@JGA?BMCLJ?(?PT?PB2CTGCUMD,?RGL!KCPGA? z2%6)34!
GLTCQRGE?BMPCQ BC J? 5LGTCPQGB?B BC 3?L 0?@JM ?L?JGX?L CJ NPMWCARM BC
!EPGASJRSP?&?KGJG?PBC!EPMN?JK?AMKMQGCLBMCVRPCK?B?KCLRCCVGRMQM
|SL
#GR?BMCL?PReASJMMLJGLCBC%K@P?N?#0!!
CHCKNJM BC NPMBSAAGgL BC SL? ASJRSP? NCPCLLC OSC ECLCP? GLEPCQMQ
KCLQS?JCQ W AMLRGLSMQ W OSC QC RP?LQDMPKg CL PC?JGB?B CL J? PCEGgL
!K?XgLGA?
PCBSAGCLBM J? KGEP?AGgL PSP?J W DMPR?JCAGCLBM J? AMKSLGB?B}
&GQAFCPCR?J
!BCK\Q
JMQGLTCQRGE?BMPCQ?DGPK?LOSCSLMBCJMQNPGLAGN?JCQPCQSJR?BMQBC
CQRC NPMWCARM DSC CJ DMPR?JCAGKGCLRM BCJ A?NGR?J QMAG?J BC J? AMKSLGB?B z ?Qe
AMKMQSA?N?AGB?BBC?PRGASJ?PAMLCJEM@GCPLMzPCQSJR?LRCBCJ?APC?AGgLBC
SL??QMAG?AGgL!BCK\QBCCQRMQ@CLCDGAGMQN?P?J?AMKSLGB?B
CJNPMWCARMJC
NPMNMPAGMLgSL?QCPGCBCTCLR?H?Q?J?CKNPCQ?
?Q?@CP
JCNCPKGRC?!EPMN?JK?BCKMQRP?PJCSL?AMLBSAR?QMAG?JKCLRCPCQNMLQ?@JC
? J?Q N?PRCQ GLRCPCQ?B?Q
?BCK\Q BC MRMPE?PJC ? J? CKNPCQ? @CLCDGAGMQ
BGPCARMQ
R?JCQAMKMJ?BGQKGLSAGgLBCE?QRMQAMLGLTCPQGMLCQ
TMJjKCLCQBC
NPMBSAAGgL K\Q CJCT?BMQ W J? E?P?LRe? BC M@RCLCP K?RCPG? NPGK? BC ?JR?
A?JGB?B -\Q CQNCAeDGA?KCLRC
CQRMQ NPMWCARMQ NCPKGRCL J? NPMBSAAGgL QGL
?R?PQSA?NGR?J?J?AMKNP?BCRGCPP?QWQGLRCLCPOSC?SKCLR?PCJLjKCPMBC
CKNJC?BMQ
JM OSC PCBSAC LMR?@JCKCLRC JMQ AMQRMQ BC NCPQML?J W A?PEMQ
QMAG?JCQ
,?CVN?LQGgLBCJ?N?JK??DPGA?L??JESLMQCQRSBGMQBCA?QM
%LRPCCQRMQCQRSBGMQ
QCBCQR?A?SLGLDMPKCJ?LX?BMCLCJNMPCJ#CLRPM
BC-MLGRMPCMBCJMQ!EPMAMK@SQRG@JCQBCJ?/.'2CNgPRCP"P?QGJ
RGRSJ?BM/
"P?QGJ BMQ !EPMAMK@SQReTCGQ 2CNgPRCP "P?QGJ
"?Q?BM CL SL ?KNJGM
RP?@?HM BC A?KNM W CLRPCTGQR?Q AML ?ARMPCQ AJ?TC BCJ QCARMP
CQRC GLDMPKC
NS@JGA?BM CL AS?RPM TMJjKCLCQ
?L?JGX? JMQ GKN?ARMQ QMAG?JCQ W ?K@GCLR?JCQ
%J#-!CQR\?NMW?BMNMP#MPB?GB
3MJGB?PGB?BW$/%.&MSLB?RGML
MPE?LGX?AGMLCQFMJ?LBCQ?QOSCDGL?LAG?LNPMWCARMQN?P?CJBCQ?PPMJJMQMQRCLG@JC
AMKCPAGMHSQRMWA?BCL?QNPMBSARGT?QQMQRCLG@JCQ
UUUPCNMPRCP@P?QGJMPE@P?EPMAMK@SQRGTCGQ
BC BGTCPQ?Q K?RCPG?Q NPGK?Q SRGJGX?B?Q CL J? NPMBSAAGgL BC @GMAMK@SQRG@JCQ
GLAJSWCLBM J? QMW?
PGAGLM
NGfgL K?LQM
?JEMBgL
A?f? BC ?XjA?P
@?@?Qj W
N?JK? ?DPGA?L? #MKM CQRSBGMQ BC A?QM QM@PC J? N?JK? ?DPGA?L?
CJ GLDMPKC
PCDJCVGML?QM@PCJMQ?T?LACQWJ?QBGDGASJR?BCQCLNPMWCARMQBCNPMBSAAGgLBC
CQR? MJC?EGLMQ?
NPGLAGN?JKCLRC NMP !EPMN?JK?
jLGA? CKNPCQ? OSC NPMBSAC
@GMBGCQCJ?N?PRGPBCJ?N?JK??DPGA?L?CLJ?!K?XMLe?@P?QGJCf?
%LRPCJMQNPGLAGN?JCQASCQRGML?KGCLRMQM@QCPT?BMQCLCQRCGLDMPKC
NMBCKMQ
BCQR?A?P JMQ ?PPCEJMQ BC GLRCEP?AGgL DGPK?BMQ CLRPC JMQ NPMBSARMPCQ W J?
CKNPCQ?
AMLRP?RMQOSCBCRCPKGL?LCJN?OSCRCRCALMJgEGAM?QCPCKNJC?BMCL
CJ NJ?LReM
?Qe AMKM JMQ ?PPCEJMQ BC DGL?LAG?KGCLRM W AMKCPAG?JGX?AGgL
!BCK\Q
CQR? NS@JGA?AGgL ASCQRGML? F?QR? OSb NSLRM CJ KMBCJM BC
NJ?LR?AGMLCQ BC N?JK? ?DPGA?L? CL EP?LBCQ KMLMASJRGTMQ R?J AMKM CQ
NP?ARGA?BM FMW QC ?BCAS? ? J? PC?JGB?B BC J? ?EPGASJRSP? D?KGJG?P CL J?
!K?XMLe?
%J CQRSBGM PCTCJ? OSC CJ N?OSCRC RCALMJgEGAM W J?Q PCEJ?Q BC NPMBSAAGgL
CQR?@JCAGBMQ NMP J? CKNPCQ? LM NCPKGRCL CJ NJ?LReM BC ASJRSP?Q GLRCPA?J?B?Q
AML J? N?JK? ?DPGA?L? AMKM
NMP CHCKNJM
WSA?
DPGHMJ
FMPR?JGX?Q M DPSR?JCQ
AMKNPMKCRGCLBMJ?QCESPGB?B?JGKCLRGAG?
J?BGTCPQGDGA?AGgLBCJ?NPMBSAAGgLW
NMPJMR?LRM
JMQKMBMQBCTGB?BCJMQNPMBSARMPCQ!BCK\Q
CJ\PC?BCNJ?LReM
BCBGA?B? ? J? N?JK? ?DPGA?L? LMPK?JKCLRC FCAR\PC?QNPMBSARMP
OSC
PCNPCQCLR?@SCL?N?PRCBCJ\PC?BGQNMLG@JCN?P?J??EPGASJRSP?
WJMQQGQRCK?Q
BCK?LCHMCVGECLKSAFMQPCASPQMQBCJMQ?EPGASJRMPCQD?KGJG?PCQ
CLPCJ?AGgL
? J? K?LM BC M@P? C GLQSKMQ %QRM RCPKGL? LM NCPKGRGCLBM J? BCBGA?AGgL BC
RGCKNM W PCASPQMQ BC JMQ ?EPGASJRMPCQ N?P? MRP?Q ASJRSP?Q ?JGKCLRGAG?Q M
AMKCPAG?JCQ
JMOSCAMKNPMKCRCR?K@GbLJ?BGTCPQGDGA?AGgLBCJ?NPMBSAAGgLW
APC? SL? BCNCLBCLAG? CL J? ASJRSP? BC N?JK? ?DPGA?L? W J? CKNPCQ?
AMKNP?BMP? 2CNgPRCP"P?QGJ
!SLOSC J? AMKNP? BC RMB? J? NPMBSAAGgL CQRb E?P?LRGX?B? CL JMQ AMLRP?RMQ
QCEjLCJ#-!
bQRMQNPCTbLR?K@GbLJ?CVAJSQGTGB?BNMP?fMQ TGB?jRGJBC
J? N?JK? ?DPGA?L? CL NJ?LR?AGMLCQ AMKCPAG?JCQ
JM OSC GKNGBC OSC JMQ
NPMBSARMPCQTCLB?L?RCPACPMQWJMQM@JGE???ACNR?PJMQNPCAGMQN?EMQNMPJ?
CKNPCQ? !BCK\Q
CJ ?JRM AMQRM BC GKNJ?LR?AGgL ACPA? BC 2
KGJ NMP
FCAR\PC? BC NJ?LReM
?DGPK? CJ GLDMPKC
JJCT? ?J CLBCSB?KGCLRM BC JMQ
NPMBSARMPCQ NMP T?PGMQ ?fMQ ? NCQ?P BC JMQ J?PEMQ NCPeMBMQ BC A?PCLAG?
GLAJSQGTCNMPOSCJ?N?JK??DPGA?L?GLGAG?J?NPMBSAAGgLQgJM?N?PRGPBCJAS?PRM
?fMWCLRP?CLNJCL?NPMBSAAGgL?N?PRGPBCJQbNRGKM?fM
!BCK\QBCCQR?QBGDGASJR?BCQ
CJ#-!PCJ?R?AMLDJGARMQBCRGCPP?Q?EPeAMJ?QCL
MRPM CQRSBGM BC A?QM ?L?JGX?BM
J? CVNCPGCLAG? BC "GMN?JK?
R?K@GbL CL CJ
CQR?BM BC 0?P\ 3CEjL J? NPCQGBCLRC BC J? !QMAG?AGgL BC 1SGJMK@MJ?Q BC
.MT? %QNCP?La? B? #MLAgPBG? z !OSGL?A
J? AMKNP? BC RGCPP?Q CL J? PCEGgL
N?P? J? GLQR?J?AGgL BC SL NPMWCARM BC ASJRSP? BC N?JK? ?DPGA?L? |AMKCLXg ?
NPCQGML?PSL?QCPGCBCRGCPP?QAMLQGBCP?B?QOSGJMK@MJ?Q}
%J A?QM BC "P?QN?JK?
CL J?Q NPMVGKGB?BCQ BC 4CDb
%QR?BM BC !K?XML?Q
L?AGg ? N?PRGP BC SL? CVNCPGCLAG? DGL?LAG?B? NMP CJ "?LAM -SLBG?J CL J?
BbA?B? BC AML J? %KNPCQ? !K?XMLCLQC BC 0?JK? !DPGA?L? %-!$%
3CEjLCJ#-!
CQRCNPMWCARMLMRSTMbVGRMCLJ?bNMA?BC@GBM? J?|D?JR?BC
GLTCPQGMLCQ C GLRCPbQ Nj@JGAM
W CJ ?@?LBMLM BCJ \PC? NMP N?PRC BCJ NMBCP
Nj@JGAM} 2CNgPRCP "P?QGJ
! NPGLAGNGMQ BC
CJ EM@GCPLM BCJ CQR?BM
PC?JGXg CQRSBGMQ N?P? CT?JS?P J? NMQG@GJGB?B BC PCRMK?P CJ NPMWCARM W
CL CJ
LCEMAGgJ?ACQGgLBCKGJFCAR\PC?Q?JgPE?LMBCBCQ?PPMJJMBCRGCPP?Q
BC -?J?QG? &%,$!
PCNPCQCLR?BM CL "P?QGJ NMP "P?QN?JK? !SLOSC JMQ
?ARMPCQJMA?JCQCQRbLKMRGT?BMQNMPJ?NCPQNCARGT?BCECLCP?AGgLBCCKNJCMW
PCLR?
?JESLMQ BC JMQ CLRPCTGQR?BMQ NMP CQRC CQRSBGM CL J? PCEGgL RCKCL CJ
RP?QJ?BM BC JMQ MASN?LRCQ GLQR?J?BMQ CL J? RGCPP? ? QCP ACBGB? W J? @?H?
BGQNMLG@GJGB?B BC \PC?Q W? BCDMPCQR?B?Q N?P? J? GKNJ?LR?AGgL BC J?Q N?JK?Q
?DPGA?L?Q
JMOSCNMBP\NMRCLAG?JKCLRCPCQSJR?PCLLSCT?QBCDMPCQR?AGMLCQCL
J? PCEGgL 3C PCQ?JR? R?K@GbL J? NMQG@JC D?JR? BC TG?@GJGB?B CAMLgKGA? BCJ
NPMWCARMBC@GBM?JMQ?JRMQAMQRMQBCRP?LQNMPRCF?QR?-?L?MQ
#MLPCJ?AGgL?JMQGKN?ARMQ?K@GCLR?JCQ
CQRCCQRSBGMQCf?J?J?SRGJGX?AGgLBC
?EPMOSeKGAMQ CL J? NPMBSAAGgL ?EPeAMJ?
OSC NSCBC PCQSJR?P CL J?
AMLR?KGL?AGgLBCQSCJMQWASPQMQBC?ES?
?QeAMKMCLJ?BCDMPCQR?AGgLN?P?
J? ?NCPRSP? BC LSCT?Q \PC?Q BC NJ?LReM
OSC PCQSJR?Pe? NMRCLAG?JKCLRC CL
NbPBGB?QBCJ?@GMBGTCPQGB?B
QCEjLTGCLCMASPPGCLBMCL)LBMLCQG?W-?J?QG?
0?JK??DPGA?L?CL3GQRCK?Q!EPMDMPCQR?JCQ
%LRPC J?Q PCAMKCLB?AGMLCQ BCJ GLDMPKC BCJ #-! CQR\ J? ?BCAS?AGgL BC J?
NPMBSAAGgL BC J? N?JK? ?DPGA?L? N?P? J? ?EPGASJRSP? D?KGJG?P CL CJ AMLRCVRM
?K?XgLGAM
GLAJSWCLBM CJ AMLQMPAGM BC J? N?JK? ?DPGA?L? AML MRP?Q ASJRSP?Q
AMKCPAG?JCQ W ?JGKCLRGAG?Q CL QGQRCK?Q ?EPMDMPCQR?JCQ 3!&Q
,? N?JK?
?DPGA?L? TGCLC QGCLBM ASJRGT?B? CL FSCPRMQ ?EPMDMPCQR?JCQ F?AC QGEJMQ CL
"?Fe? W CL JMQ RPgNGAMQ FjKCBMQ BCJ MCQRC BC DPGA? QS ACLRPM BC MPGECL
W
NSCBCL QCP CLAMLRP?BMQ CL \PC?Q BC @MQOSC QCASLB?PGM CL )LBMLCQG?
-?J?QG? W CL 0?Nj? .SCT? 'SGLC? CL NJ?LR?AGMLCQ ?@?LBML?B?Q
3GL
CK@?PEM
?jLQMLGLAGNGCLRCQJ?QGLTCQRGE?AGMLCQQM@PCCJNJ?LReMAMKCPAG?JBC
J? N?JK? ?DPGA?L? CL AMLQMPAGM AML MRP?Q CQNCAGCQ NCPCLLCQ CL QGQRCK?Q
?EPMDMPCQR?JCQ 5L? GLTCQRGE?AGgL NGMLCP? CL CQRC QCLRGBM CQR\ QGCLBM
GKNJ?LR?B? F?AC BMQ ?fMQ CL SL NPMWCARM AMLMAGBM AMKM 0PMWCARM 0?JK?
!DPGA?L?
NPMKMTGBMNMP.!452!HSLRMAMLJ?#MMNCP?RGT?!EPeAMJ?-GVR?BC
4MKb!aS #!-4! W %K@P?N? !K?XMLe? /PGCLR?J $GQCf?BM BC DMPK?
.B4RGCPP?Q'+ "%#%")QMLJ?QOSCNCPRCLCACL?BCQACLBGCLRCQBCCQAJ?TMQ
LCEPMQ+ "%#%CP?SLRbPKGLMSQ?BMCL,?RGLM?KbPGA?CLJ?bNMA?BCJ?
#MJMLG?
N?P?BCLMKGL?P?JMQJSE?PCQMAMLACLRP?AGMLCQNMJeRGA?KCLRCMPE?LGX?B?Q
BCLCEPMQCQAJ?TMQOSCFSe?LBCQSQ?KMQ
N?PRGAGN?RGT?
CJ NPMWCARM RGCLC AMKM NPGLAGN?J M@HCRGTM BCQ?PPMJJ?P QGQRCK?Q
NPMBSARGTMQ BC N?JK? ?DPGA?L? AMLQMPAG?BMQ AML 3!&Q BC R?J DMPK? BC
NPMNMPAGML?PQSQSQRCLR?@GJGB?BCAMLgKGA?
QMAG?JW?K@GCLR?J
%L QCNRGCK@PC BC
DSC GLGAG?B? J? GKNJ?LR?AGgL BC RPCQ \PC?Q
BCKMQRP?RGT?Q CL \PC?Q BCEP?B?B?Q
AML FCAR\PC?Q A?B? SL?
CL
NPMNGCB?BCQBC?EPGASJRMPCQ?QMAG?BMQ?J?#!-4!
QGCLBMOSCN?PRCBCJ?Q
\PC?QDSCNPCN?P?B?AMLKCA?LGX?AGgLWJMPCQR?LRCK?LS?JKCLRC%QR?QRPCQ
\PC?QDSCPMLAMKNSCQR?QBCN?JK??DPGA?L? ACPA?BC?NJ?LRMLCQNMP
FCAR\PC?
W BGDCPCLRCQ AMK@GL?AGMLCQ BC F?QR? MRP?Q CQNCAGCQ
GLRPMBSAGB?Q!BCK\QBCJMQ?QNCARMQ?EPMLgKGAMQPCJ?RGTMQ?JBCQ?PPMJJMBC
J? N?JK? ?DPGA?L? W BC JMQ 3!&Q
CQR\L QGCLBM CT?JS?BMQ GLBGA?BMPCQ BC
@GMBGTCPQGB?B KGAPMD?SL?
?TGD?SL?
W QCASCQRPM BC A?P@MLM !SLOSC CQR?
CVNCPGCLAG??jLQC?NPCAMXAMKMN?P?CQRGK?PPCQSJR?BMQBCNPMBSARGTGB?BBC
J? N?JK? ?DPGA?L? W BC J?Q MRP?Q ASJRSP?Q NCPCLLCQ OSC ?jL LM CLRP?PML CL
NPMBSAAGgL
JMQ PCQSJR?BMQ NPCJGKGL?PCQ CL A?KNM GLBGA?L OSC CQ NMQG@JC
?QMAG?PCQNCAGCQBCAGAJMAMPRMBSP?LRCJMQNPGKCPMQ?fMQBCGKNJ?LR?AGgLBC
J?N?JK??DPGA?L?WOSCF?WMNMPRSLGB?BCQN?P??QMAG?PMRP?QCQNCAGCQAMKM
CJ A?A?M
J? NGKGCLR? W J? @?L?L? ?J KGQKM RGCKNM PCASNCP?LBM \PC?Q
BCEP?B?B?Q AML CQNCAGCQ JCESKGLMQ?Q W NPMBSARMP?Q BC K?RCPG? MPE\LGA?
#?QRCJJ?LGCR?J
!JESL?QJCAAGMLCQ?NPCLBGB?Q
%QRMQ CQRSBGMQ BC A?QM
?Qe AMKM CJ ?L\JGQGQ BCJ ?ARS?J CQACL?PGM BC
NPMBSAAGgL BC @GMBGCQCJ CL J? !K?XMLe?
Q?A?L ? PCJSAGP ?JESL?Q JCAAGMLCQ
GKNMPR?LRCQ 0PGKCPM
NMBCKMQ AMLAJSGP OSC J? QSQRCLR?@GJGB?B QMAG?J W
?K@GCLR?J BC J? N?JK? ?DPGA?L? BCNCLBC BCJ BCQ?PPMJJM BC KMBCJMQ BC
NPMBSAAGgLW?PPCEJMQNPMBSARGTMQJMA?JCQ?BCAS?BMQ?J?PC?JGB?B?K?XgLGA?
AMLQSDCLMKCL?J@GMBGTCPQGB?BWKGPe?B?BCNSC@JMQRP?BGAGML?JCQ!BCK\Q
LMF?WBSB?BCOSCCJ@GMBGCQCJNPCQCLR?SL?JRMNMRCLAG?JN?P?J?ECLCP?AGgL
BC CKNJCM
GLEPCQMQ W CLCPEe? CL J? !K?XMLe?
NCPM CQ NPCAGQM ?L?JGX?P CL
DMPK? QCN?P?B? J?Q BGDCPCLRCQ DSCLRCQ BC K?RCPG? NPGK? W J?Q A?P?ARCPeQRGA?Q
CQNCAeDGA?Q BC A?B? KGAPMPCEGgL
? DGL BC CT?JS?P W KGRGE?P JMQ GKN?ARMQ
QMAG?JCQ W ?K@GCLR?JCQ LCE?RGTMQ BC J? CVN?LQGgL BC J? NPMBSAAGgL CL CQR?
PCEGgL
%LCJA?QMBCJ?ECLCP?AGgLBCCLCPEe?CLAMKSLGB?BCQ?GQJ?B?Q
SLCQRSBGM
BCR?JJ?BMPC?JGX?BMNMP3?LRMQ
BCKSCQRP?OSCCVGQRCR?JNMRCLAG?J
K?Q
OSC J? TG?@GJGB?B CAMLgKGA? BC ECLCP?AGgL BC CLCPEe? ? N?PRGP BCJ @GMBGCQCJ
CLAMKN?P?AGgLAMLCJBGCQCJKGLCP?J
BCNCLBCNPGLAGN?JKCLRCBCJEP?BMBC
TCPRGA?JGX?AGgL BC J? NPMBSAAGgL
BC J?Q BGQR?LAG?Q ? QCP PCAMPPGB?Q
?Qe AMKM
&SCPMLNJ?LR?B?QCQNCAGCQJCESKGLMQ?QBCAGAJMAMPRM
AMKMHSBe?BCNSCPAMW
DPGHMJBCN?JM
DPSRCP?QAMKM@?L?L?
A?A?M
?Q?e
KGJNCQGJJM
RPCN?BMP?QAMKM
NGKGCLR?BCJPCGLMWK?P?ASW\W\P@MJCQL?RGTMQK?BCPCPMQWMJC?EGLMQ?Q
GLAJSWCLBM
J?N?AFM
H?RM@\
CNCL\WOSC@P?AFM
BC J?Q AMLBGAGMLCQ BC GLDP?CQRPSARSP? BC NPMACQ?KGCLRM W RP?LQNMPRC
OSC
RGCLCLDSCPRCGKN?ARMCLCJAMQRMBCNPMBSAAGgL
%LRPCJ?QK?RCPG?QNPGK?QOSCCQR\LQGCLBMAMEGR?B?Q
J?N?JK??DPGA?L?QCF?
BCQR?A?BM CLRPC J?Q MRP?Q BC@GBM ? QS @?HM AMQRM BC NPMBSAAGgL ? J?PEM
NJ?XM
?JRM NMRCLAG?J BC ECLCP?AGgL BC CKNJCM C GLEPCQMQ
?JR? BCK?LB? BC
K?LMBCM@P?CLJ?AMQCAF?WCLCJK?LCHM
?QeAMKMJ?@?QR?CVRCLQGgLBC
\PC?Q AMLQGBCP?B?Q ?NR?Q N?P? J? NPMBSAAGgL W QS ?B?NR?@GJGB?B N?P? J?
PCASNCP?AGgL BC \PC?Q BCEP?B?B?Q ! NCQ?P BC CQR?Q TCLR?H?Q BC J? N?JK?
?DPGA?L? AMKN?P?B? AML MRP?Q MJC?EGLMQ?Q CL J? !K?XMLe?
?JESLMQ BC JMQ
NMQG@JCQ GKN?ARMQ QMAG?JCQ BC J? GKNJ?LR?AGgL BC KMLMASJRGTMQ BC N?JK?
?DPGA?L? CL EP?L CQA?J? GLAJSWCL J? AMLACLRP?AGgL BC RGCPP?Q ?EPeAMJ?Q W J?
PCBSAAGgL CL CJ NJ?LReM BC ASJRSP?Q ?JGKCLRGAG?Q NMP N?PRC BC JMQ ?EPGASJRMPCQ
BC DMPK? OSC AMKNPMKCR?
NMRCLAG?JKCLRC
QS QCESPGB?B ?JGKCLRGAG? W
?SKCLRCQSTSJLCP?@GJGB?B
%QRC AMLHSLRM BC RP?@?Q NSCBCL AMKNPMKCRCP J? QSQRCLR?@GJGB?B BC J?
CVN?LQGgLBCN?JK??DPGA?L?CLJ?NPMBSAAGgLBCJ@GMBGCQCJNMPBCRCPKGL?BMQ
EPSNMQQMAG?JCQCLJ?!K?XMLe?
CQNCAG?JKCLRC?OSCJJMQOSCLMASCLRCLAML
QSDGAGCLRC A?N?AGB?B RbALGA?
CQRPSARSP? DGL?LAGCP? S MPE?LGX?AGgL QMAG?J W
NPMBSARGT?
,?N?JK??DPGA?L?QMQRCLG@JC
4?@J?0PGLAGNGMQW#PGRCPGMQN?P?J?0?JK?3MQRCLG@JC
0PGLAGNGMQ ?6A2?6<@.@<06.1<@
<:=?<:6@< 0<; 9. $?PGLDMPK?AGMLCQ?JMQ?ARMPCQGLTMJSAP?BMQCLSL
A?.;@=.?2;06. JCLES?HC?NPMNG?BM
B:=96:62;A< 12 9.@ 2CQNCR?P JMQ BCPCAFMQ BC SQM BC J? RGCPP? W
92F2@ F ;<?:.@ ?QCESP?P CJ AMLQCLRGKGCLRM NPCTGM BC J?Q
;.06<;.92@F9<0.92@ AMKSLGB?BCQJMA?JCQ
*6./6961.1 20<;L:60. F
36;.;062?..9.?4<=9.G<
B2;.@ =?H0A60.@ 12 !SKCLRMBCJ?DCPRGJGB?BBCJQSCJM
=?<1B006L;6;09BF2;1<
#MLRPMJBCCPMQGgLWBCEP?B?AGgLBCJMQQSCJMQ
#?JGB?BWBGQNMLG@GJGB?BBCPCASPQMQFeBPGAMQ
#MLRPMJ BC CQNCAGCQ GLT?QMP?Q W K?LCHM GLRCEP?BM
BCNJ?E?Q
"jQOSCB? BC ?JRCPL?RGT?Q ? JMQ BCDCLQGTMQ
?EPeAMJ?Q RGNM ! W " JM OSC LM QGELGDGA? GKNCBGP
QSSQM
&2@=<;@./6961.1 )BCLRGDGA?AGgLWKGRGE?AGgLBCGKN?ARMQ?K@GCLR?JCQ
.:/62;A.9 F BCJMQNJ?LReMQWBCSQGL?Q
0<;@2?C.06L; 12 0J?LCQBCAMLQCPT?AGgLCLA?QMBCCQNCAGCQP?P?Q
?20B?@<@;.AB?.92@ M?KCL?X?B?QBCCVRGLAGgL
$CQRGLM ?NPMNG?BM BC PCQGBSMQ
PCAGAJ?BM W
PCSRGJGX?AGgL
%DGAGCLRCSQMWDSCLRCQPCLMT?@JCQBCCLCPEe?
%TGR?POSCK?B?Q
2CBSAAGgLBCCKGQGMLCQWBCNMJSAGgL
&2@=<;@./6961.1@<06.9 2CQNCRM?JMQBCPCAFMQFSK?LMQWJ?@MP?JCQ
2@.??<99< ?2@=<;@./92 .MPCCKNJ?X?P@MQOSCQNPGK?PGMQ
12;B2C.@=9.;A.06<;2@ 0PMRCAAGgL BC JMQ BCPCAFMQ BC JMQ NSC@JMQ
GLBeECL?Q
!27<?J.0<;AJ;B. #MLRPMJWKCHMPe?AMLReLSMQ
&SCLRC ?B?NR?BM BC 2MSLBR?@JC DMP 3SQR?GL?@JC 0?JK /GJ
230/ W
UUUPQNMMPE
N?P? CJ QCARMP GKNJCKCLRCL CDCARGT?KCLRC CQRC AMLHSLRM BC BGPCARPGACQ W OSC
?JESLMQ BC JMQ AMLACNRMQ SRGJGX?BMQ QC?L K\Q AJ?P?KCLRC BCDGLGBMQ W
?BCAS?BMQ?JMQAMLRCVRMQL?AGML?JCQ0?P?R?JDGL
J?QGLTCQRGE?AGMLCQCLCQR?
\PC? QC BC@CL ACLRP?P CL QGQRCK?Q BC NPMBSAAGgL BC K?RCPG? NPGK? W
D?@PGA?AGgLBC@GMBGCQCJ?BCAS?BMQ?JAMLRCVRM?K?XgLGAM
%L JMQ KGQKMQ KMJBCQ BCJ 230/
DSC APC?BM CJ 23" z 2MSLBR?@JC ML
3SQR?GL?@JC "GMDSCJQ NMP CJ #CLRPM BC %LCPEe? BCJ )LQRGRSRM &CBCP?J 3SGXM BC
4CALMJMEe?CL,?SQ?LLC
%0&, SLMBCJMQGLQRGRSRMQDCBCP?JCQBCRCALMJMEe?
CL 3SGX?
%J %0&, FMQNCB? J? -CQ? 2CBMLB? QM@PC "GMAMK@SQRG@JCQ
3MQRCLG@JCQ 23"
,MQKGCK@PMQBCJ#MLQCHMBC/PGCLR?AGgLGLAJSWCL
CLRPC
MRPMQ
PCNPCQCLR?LRCQBCJ?"0
"SLEC
%0&,
J?.?RGML?J7GJBJGDC&CBCP?RGML
CJ 0PMEP?K? !K@GCLR?J BC J?Q .?AGMLCQ 5LGB?Q
0CRPM@P?Q
3FCJJ
?ECLAG?Q
DCBCP?JCQQSGX?QWFMJ?LBCQ?Q
4%2))LBG?
4MWMR?
5.)#! J? SLGgLBCJMQ
NPMBSARMPCQ BC ?XjA?P W ?JAMFMJ
CJ &MPM %AMLgKGAM -SLBG?J 7%&
W CJ
7MPJB7GJB&SLBDMP.?RSPC 77&
$CQBCCJ
DSCPMLDMPK?BMQEPSNMQ
BC RP?@?HM N?P? BGQASRGP JMQ APGRCPGMQ W BGPCARPGACQ EJM@?JCQ N?P? J? NPMBSAAGgL
QMQRCLG@JCBC@GMAMK@SQRG@JCQ
QCEjLJMPCQSKGBMCLJ?4?@J?
4?@J? 0PGLAGNGMQ W APGRCPGMQ EJM@?JCQ N?P? CJ BCQ?PPMJJM QMQRCLG@JC BC J?
A?BCL?BCNPMBSAAGgLBC@GMAMK@SQRG@JCQ
0PGLAGNGMQ ?6A2?6<@9</.92@
3CESPGB?B?JGKCLReAG? .MAMKNCRGPAMLJ?NPMBSAAGgLBC?JGKCLRMQ
%DGAGCLAG? CAMLgKGA?
3CP NPMBSAGBM AML @?HM AMQRM
W CJ SQM BC
RCALMJMEe? W KCHMPe?Q RCALMJMEe? BC@C ?SKCLR?P J? CDGAGCLAG? W CJ
DSRSP?Q BCQCKNCfM QMAG?J W ?K@GCLR?J CL RMB?Q J?Q D?QCQ
BCJ?A?BCL?NPMBSARGT?
$CPCAFMQM@PCJ?RGCPP? .MTGMJ?PCJBCPCAFMQM@PCJ?RGCPP?
&SCLRC!B?NR?BMBCJ?6CPQGgL#CPMBCJ2MSLBR?@JCDMP3SQR?GL?@JC"GMDSCJQ
#?KGLMQN?P?CJDSRSPM
! N?PRGP BC J?Q NCPQNCARGT?Q PCSLGB?Q CL CQRC A?NeRSJM
NMBCKMQ BCQR?A?P
?JESLMQ D?ARMPCQ PCJCT?LRCQ PCQNCARM ? J? NPMBSAAGgL BC @GMBGCQCJ JMQ AJ?PMQ
GLACLRGTMQ CAMLgKGAMQ
RCALMJgEGAMQ W PCESJ?RMPGMQ ? LGTCJ L?AGML?J J?Q
BCK?LB?QCLCPEbRGA?QCLJ?!K?XMLe? NMPCLCPEe?CJbARPGA?WRP?LQNMPRC
J?
PC?JGB?B ECMEP\DGA? W BC JMEeQRGA? CL J? PCEGgL W J?Q BCK?LB?Q BC J?Q
AMKSLGB?BCQ?K?XgLGA?QNMPDSCLRCQPCLMT?@JCQBCCLCPEe?W?JRCPL?RGT?QBC
PCLR? W CKNJCM @?Q?B?Q CL CJ SQM QMQRCLG@JC BC JMQ PCASPQMQ L?RSP?JCQ !
N?PRGP BCJ ?L\JGQGQ BC CQRMQ D?ARMPCQ
NMBCKMQ ?DGPK?P OSC J? NPMBSAAGgL BC
@GMBGCQCJ
NPGLAGN?JKCLRC ? N?PRGP BC CQNCAGCQ NCPCLLCQ AMKM J? N?JK?
?DPGA?L?
CKCPEC AMKM ?JRCPL?RGT? NMRCLAG?JKCLRC NPMKGQMPG? N?P? J?
NPMBSAAGgL BC CLCPEe? CL AMKSLGB?BCQ ?GQJ?B?Q W N?P? QSNJGP J? APCAGCLRC
BCK?LB? NMP @GMBGCQCJ CL J? K?RPGX CLCPEbRGA? L?AGML?J
QGCKNPC OSC QC?L
M@QCPT?BMQNPGLAGNGMQQMAGM?K@GCLR?JCQPGESPMQMQN?P?QSNPMKMAGgL
%L CJ A?QM CQNCAeDGAM BCJ ASJRGTM BC N?JK? ?DPGA?L?
SLM BC JMQ K?WMPCQ
BCQ?DeMQ CQ OSC QC? CDCARGT?KCLRC GKNJ?LR?B? CL \PC?Q BCEP?B?B?Q W OSC
NSCB? QCP CQR?@JCAGBM CL QGQRCK?Q W ?PPCEJMQ NPMBSARGTMQ OSC AMLAGJGCL J?Q
BCK?LB?Q BC J?Q AMKSLGB?BCQ JMA?JCQ AML D?ARMPCQ CAMLgKGAMQ W
?K@GCLR?JCQ ,? QMW?
NMP MRPM J?BM
AMLRGLS?P\ BCQCKNCf?LBM CJ N?NCJ
ACLRP?J CL JMQ CQACL?PGMQ L?AGML?J W ?K?XgLGAM BC NPMBSAAGgL BC @GMBGCQCJ
MA?QGML?LBM AMLRGLSMQ GKN?ARMQ ?K@GCLR?JCQ W QMAG?JCQ 3GL CK@?PEM
CJ
?ARS?J K?PAM BC NMJeRGA?Q Nj@JGA?Q @P?QGJCf?Q
?JG?BM ? GLGAG?RGT?Q BCJ QCARMP
NPGT?BM AMKM J? -MP?RMPG? BC J? 3MW?
?Qe AMKM J? NPCQGgL NMP N?PRC BCJ
KCPA?BM AMKNP?BMP NMP SL? QMW? K\Q |TCPBC}
?N?PCLRCKCLRC RGCLBCL ?
DPCL?PJ?CVN?LQGgLBCJ?DPMLRCP?BCJ?QMW?CLJ?!K?XMLe?
-GCLRP?QR?LRM
GLTCQRGE?AGMLCQQM@PCMRP?QN?JK\AC?QWMJC?EGLMQ?QL?RGT?QW
QM@PCRCALMJMEe?QQGKNJCQW?AACQG@JCQBCCVRP?AAGgLBCJ?ACGRCWNPMBSAAGgL
BC @GMBGCQCJ CL NCOSCf? CQA?J? AMKGCLX?L ? ?NSLR?P F?AG? NMQG@GJGB?BCQ
AMLAPCR?Q BC NPMBSAGP @GMBGCQCJ ? N?PRGP BC ?ARGTGB?BCQ ?EPMCVRP?ARGTGQR?Q CL
AMKSLGB?BCQ ?GQJ?B?Q
?SLOSC CQR?Q GLTCQRGE?AGMLCQ ?jL NPCAGQCL QCP
?KNJG?B?Q2CQNCARM?CQR?QNMQG@GJGB?BCQ
J?N?JK??DPGA?L?CQQGLBSB?QJ?
NPCDCPGB?BCJ?QNMJeRGA?QNj@JGA?QBC?EPMAMK@SQRG@JCQCLJ?!K?XMLe?
WRMBM
GLBGA?OSCCQRCGLRCPbQRGCLBC?APCACP?JMJ?PEMBCJMQNPgVGKMQ?fMQ
!SLOSC CJ 0.0"
BC KMBM ECLCP?J
CQRb ?JG?BM AML JMQ NPGLAGNGMQ W APGRCPGMQ
EJM@?JCQ ?BMNR?BMQ CL J? DMPKSJ?AGgL BC J? 6CPQGgL #CPM BCJ 23"
?JESL?Q
GLGAG?RGT?Q AMKM CJ #-! BCJ 2CNgPRCP "P?QGJ F?L ASCQRGML?BM CJ EP?BM BC
ASKNJGKGCLRM BC CQR?Q BGPCARPGACQ NMP N?PRC BC JMQ EP?LBCQ NPMBSARMPCQ BC
N?JK??DPGA?L?CLJ?NP\ARGA?!Qe
CJEP?LBCQ?DeMN?P?J?DSRSP?CVN?LQGgLBC
J? NPMBSAAGgL BC @GMBGCQCJ CL T?QR?Q CVRCLQGMLCQ BC RGCPP? CL J? !K?XMLe?
QCP\ CJ BC GKNJCKCLR?P JMQ NPGLAGNGMQ BC AMLQCPT?AGgL BC J? @GMBGTCPQGB?B
?AACQM ? J? RGCPP?
QCESPGB?B ?JGKCLRGAG? W BCPCAFMQ FSK?LMQ W J?@MP?JCQ !
NCQ?P BC OSC CQR?Q BGPCARPGACQ ?NSLR?L F?AG? ?JESLMQ A?KGLMQ CL NMRCLAG?J
PSK@M ? J? QMQRCLG@GJGB?B CL J? NPMBSAAGgL BC @GMBGCQCJ CL J? !K?XMLe?
NPCAGQ?LQCPCDCARGT?KCLRCGLAMPNMP?B?Q?J?QNMJeRGA?QNj@JGA?QWAMLRPMJ?B?Q
PCQNCARM?QSGKNJCKCLR?AGgLCLJ?NP\ARGA?
"G@JGMEP?De?
!")/6%0?P?%LRCLBCP?-MP?RgPG?B?3MH?!")/6%
!EdLAG?0?P\JCMBC$CLBdBM0?P\3CP\4P?LQDMPK?BMCK"GMBGCQCJ
L? %SPMN?
FRRNUUUPCNMPRCP@P?QGJMPE@P?EPMAMK@SQRGTCGQAJGNNGLENFN GB
2CNMPRCP@P?QGJ jJRGKM?ACQQM
!.0$?BMQ'CP?GQB?Q0J?LR?Q!SRMPGX?B?Q
"GJJGAF
&CPSAAGMC2GA?PBMB?3GJT?!L\JGQC-SJRGAPGRbPGMB?NPMBSa_MBC
"GMBGCQCJ!L?GQBM8)))3)-0%0
.MTCK@PM"?SPS3_M0?SJM
".$%34P?LQNMPRCL?2CEG_M!K?XhLGA?2GMBC*?LCGPM".$%3
"SRJCP
2FGRR ! C 7GJJJG?K & ,?SP?LAC )Q MGJ N?JK RFC LCVR CKCPEGLE
RFPC?R RM RFC !K?XML -MLE?@?WAMK /NCL !AACQQ *MSPL?J 4PMNGA?J
#MLQCPT?RGML3AGCLAC6MJ
#MLQCPT?RGML,CRRCP
#?K?PEM
2CL?R? %VN?LQ_M BM 0J?LRGM BM $CLBd L? !K?XhLG? 'CP?
0MJdKGA? #MLEPCQQM CK &MAM
FRRNAMLEPCQQMCKDMAMGEAMK@P5JRGK?Q?QNV GB jJRGKM ?ACQQM
0PMNPGCB?BCQ 2SP?GQ BC 4MKb!aS 0?
6))) #MLEPCQQM "P?QGJCGPM BC
3GQRCK?Q!EPMDJMPCQR?GQ"P?QeJG?
#/00%!$
)"00J?LCH?KCLRM%QRP?RbEGAMC,MEeQRGAMN?P?M0PMEP?K?
.?AGML?J BC "GMBGCQCJ 2CJ?RgPGM &GL?J 2GM BC *?LCGPM 5LGTCPQGB?BC &CBCP?J
BM2GMBC*?LCGPM
#PGQRGL?
,?L?!K?XML?QOSCPJCT?P@GMBGCQCJNPMBSXGBMBMBCLBdN?P?
AMKSLGB?BCQ GQMJ?B?Q !EdLAG? "P?QGJ
FRRNUUU@P?QGJMCQRCAMK@PLMRGAG?@GMBGCQCJ?K?XMLG? jJRGKM ?ACQQM
!L\JGQC%LCPEG?"GMBGCQCJ
&GQAFCP
2MQ? - "MQC
-MLGA?
"MP@?
0?SJM 2 $CLBd MGJ D?KGJW
?EPGASJRSPCNPMHCAR?OSCQRDMPQSQR?GL?@JCCAMLMKGA?LBQMAG?JBCTCJMNKCLR
2C6GQR?3MAG?J%LRCPNPGQC(?PT?B5LGTCPQGRW
&PGCLBQ MD RFC %?PRF
4FC /GJ DMP !NC 3A?LB?J{(MU 0?JK /GJ GQ
4FPC?RCLGLERFC/P?LESR?L&PGCLBQMDRFC%?PRF
,MLBML
'MLX?E?
$MPGJ?-MR?3MP?W?0CPCGP?!K?XhLG?$GQASRC0PMBSa_MBC
$CLBd C "GMBGCQCJ %K@P?N?
FRRNUUUCK@P?N?@P jJRGKM ?ACQQM
'PCCLNC?AC ? #MKCLBM ? !K?XhLG?
FRRNUUUEPCCLNC?ACMPE@P?QGJBMASKCLRMQ?K?XMLG?AMKCLBM??K?XLG?
jJRGKM?ACQQM
'PCCLNC?AC (MU RFC 0?JK /GJ )LBSQRPW )Q #MMIGLE RFC #JGK?RC
!KQRCPB?K'PCCLNC?AC
+MF
,0
0MRCLRG?J F?@GR?R ?LB @GMBGTCPQGRW JMQQCQ DPMK GLRCLQGCB
@GMBGCQCJDCCBQRMAINPMBSARGML#MLQCPT?RGML"GMJMEW
z
-!0!
-#4
--%
-$)# $GPCRPGXCQ $C 0MJeRGA? $C !EPMCLCPEG?
"P?QeJG?
-!0! 0J?LM .?AGML?J BC !EPMCLCPEG? "P?QGJG? %K@P?N?
)LDMPK?A_M4CALMJgEGA?
-!0! 0PMEP?K? BC "GMBGCQCJ E?P?LRC BGCQCJ K?GQ JGKNM LM "P?QGJ
FRRNUUUNMPR?JBM?EPMLCEMAGMAMK@PAMLRCSBMNFN ?GKNPCQQ?MGB
SJRGKM?ACQQM
-GAAMJGQ
!LBPCU#?BCG?Q0PMBSRGT?QB?3MAGM@GMBGTCPQGB?BCE?PE?JMQ
LMQK?PAMQPCESJ?RgPGMQ&!/
--!
.jAJCM BC !QQSLRMQ %QRP?RbEGAMQ B? 0PCQGBdLAG? B? 2CNj@JGA? .!%
#?BCPLM
"GMAMK@SQReTCGQ"P?QeJG?
2CBC 4CK\RGA? BC !4%2 "GMBGCQCJ UUURCPPGRgPGMB?AGB?B?LG?EMT@P
jJRGKM?ACQQM
2CNgPRCP "P?QGJ@/"P?QGJBMQ!EPMAMK@SQReTCGQz3MH?C-?KML?
2MSLBR?@JCMLQSQR?GL?@JC@GMDSCJQ0PGLAeNGMQCAPGRbPGMQEJM@?GQN?P??
0PMBSa_M QSQRCLR\TCJ BC @GMAMK@SQReTCGQ 6CPQ_M :CPM %LCPEW #CLRCP
%0&,
3?JMKML
-?PR?'MTCPLM%VN?LBGP\$CLBd.?!K?XhLG?&MJF?BC3_M
0?SJM
FRRNUUU@GMBGCQCJ@PAMKLMRGAG?Q@GMBGCQCJEMTCPLMCVN?LBGP?
BCLBC?K?XMLG?FRK jJRGKM?ACQQM
3?LRMQ
!L?KbJG? -CBCGPMQ !L\JGQC BM 0MRCLAG?J BM "GMBGCQCJ BC $CLBd
N?P? ? 'CP?a_M %JbRPGA? CK 3GQRCK?Q )QMJ?BMQ B? !K?XhLG? -CQRP?BM
5LGTCPQGB?BC&CBCP?JBM2GMBC*?LCGPM
3AFJCQGLECP
3CPEGM 3MH? M EP_M OSC QCESC APCQACLBM 'PSNM BC
4P?@?JFMQM@PC$CQCLTMJTGKCLRMC-CGM!K@GCLRCL?Q!KbPGA?Q*SJFM
3GJT?
*MQb 3R?LJCW BC /JGTCGP? 0PMBSRGTGB?BC BC JCM BC 0?JK? L?
#SJRSP? BM $CLBd L? !K?XhLG? /PGCLR?J )LDJSdLAG? BM #JGK? C BM -?RCPG?J
'CLbRGAM5LGTCPQGB?BC&CBCP?JBC6GaMQ?
3GJT?
2?OSCJ - B? CR ?J "GMBGCQCJ BC $CLBd $CQCLTMJTGKCLRM
3SQRCLR\TCJ CK $CDCQ? B? !K?XhLG? 0MPR?J BM "GMBGCQCJ
FRRNUUU@GMBGCQCJEMT@PBMAQAMLEPCQQQMNPMBSA?M"GMBGCQCJNBD
jJRGKM?ACQQM
3MSX?
* $CLBd NMRCLAG?J N?P? NPMBSa_M BC CLCPEG? PCLMT\TCJ
$GQNMLeTCJ CK UUUACNJ?AEMT@PP?B?P!PRGEMQ?PRGEMFRK SJRGKM ?ACQQM
CKBCHSJFMBC
32!
!QQCQQMPG? BC #MKSLGA?a_M B? &CR?EPM 0PMKMTC 3CKGL\PGM
3M@PC #PbBGRM &SLBG\PGM % "GMBGCQCJ
FRRNUUUAPCBGRMDSLBG?PGMMPE@PAMKSLGA?A?MMLCCLRPW CLRPW=GB
jJRGKM?ACQQM
4SNGL?K@\
-?PG?*MQb%K@P?N?)L?SESP?0PGKCGP?5QGL?BC"GMBGCQCJ
BC $CLBd BM !K?XML?Q
FRRNUUU?EPMQMDRMPE@P?EPMN?EFRK
jJRGKM?ACQQM
6CP?$G?X
-?PG? BCJ #?PKCL +?SDK?LL
2M@CPR + .CNQR?B
$?LGCJ #
3AFJCQGLECP
0CRCP -MBCJ?ECK B? %VN?LQ_M B? 3MH? L? "?AG?
!K?XhLGA?)0!-
$2?@=20A6C.@129B9A6C<12.K.12GM0.?2;9.:.G<;J.
?.@692K.=.?.9.$?<1B006L;12A.;<9
%2( %+(*
)LRPMBSAAGgL
%J NPCQCLRC CQRSBGM CV?KGL? J?Q DMPK?Q ? RP?TbQ BC J?Q AS?JCQ J?Q NMJeRGA?Q
CLCPEbRGA?Q @P?QGJCf?Q PCJ?AGML?B?Q ? J? A?BCL? BC NPMBSAAGgL BC CR?LMJ F?L
RCLGBM GKN?ARM CL J?Q NM@J?AGMLCQ W CL CJ KCBGM ?K@GCLRC ?K?XgLGAM W QG
CQR?Q NMJeRGA?Q ?RGCLBCL W AMLQGBCP?L J?Q LCACQGB?BCQ BC J? NM@J?AGgL
?K?XgLGA? %L CQRC QCLRGBM
J?Q NPGLAGN?JCQ BGQASQGMLCQ QC CLDMA?L CL
ASCQRGMLCQ AMKM J? ECLCP?AGgL BC CKNJCM W BC ?JRCPL?RGT?Q CLCPEbRGA?Q
?K@GCLR?JKCLRCK\Q?BCAS?B?Q
DPCLRC?J?QNMQG@GJGB?BCQBCCVN?LQGgLBCJMQ
J?RGDSLBGMQ
J? BCK?LB? BC K?LM BC M@P? CL J?Q BSP?Q AMLBGAGMLCQ BC JMQ
A?KNMQWJ?CVN?LQGgLBCJ?BCDMPCQR?AGgLCLJ?!K?XMLe?
,?FGNgRCQGQNPGLAGN?JBCJCQRSBGMCQOSCJ?!K?XMLe?LMBC@CQCPAMLQGBCP?B?
AMKM SL? DSCLRC GL?EMR?@JC BC PCASPQMQ
W OSC QS CVNJMP?AGgL
?J KGQKM
RGCKNM OSC ECLCP? SL NMRCLAG?J BC BCQ?PPMJJM BC J?Q CAMLMKe?Q L?AGML?JCQ
BCK?LB? NJ?LGDGA?AGgL W KCBGB?Q BC KGRGE?AGgL BC GKN?ARMQ JMA?JCQ
!QGKGQKM
J?!K?XMLe?QGESCQGCLBMSL?T\JTSJ?BCCQA?NCN?P?JMQNPM@JCK?Q
QMAG?JCQBCMRP?QPCEGMLCQ
NMPKCBGMBCJMQNPMACQMQBCKGEP?AGgL?J?QXML?Q
DMPCQR?JCQ
BC@GBM ? J?Q NMJeRGA?Q BC AMJMLGX?AGgL
J? PCDMPK? ?EP?PG?
M
QGKNJCKCLRCNMPJ?AMJMLGX?AGgLCQNMLR\LC?,MQOSCJJCE?L?CQR?PCEGgL
?Qe
AMKMJMQNM@J?BMPCQJMA?JCQ
QSDPCLNMPJ?GLCVGQRCLAG?BCNMJeRGA?QBC?NMWM?J
BCQ?PPMJJMJMA?J5L?TGQGgLECLCP?JBCJASJRGTMBCA?f?BC?XjA?PCLJ?PCEGgL
?K?XgLGA? @P?QGJCf? AML DGLCQ CLCPEbRGAMQ QCP\ NMP JM R?LRM RP?X?B?
?NMW?B?
NMPJ?NPCESLR?ACLRP?JBCJCQRSBGMWNMPJ?FGNgRCQGQBCQAPGR?
$?BMOSCFGQRgPGA?KCLRCJ?NPMBSAAGgLBCCR?LMJCL"P?QGJLMQCAMLACLRP?CL
J?PCEGgL!K?XgLGA?
QMLBGTCPQMQJMQD?ARMPCQPCJ?AGML?BMQ?J?GLRPMBSAAGgLM
? J? CVN?LQGgL BC JMQ ASJRGTMQ BC A?f? BC ?XjA?P CL J? PCEGgL %HCKNJMQ BC
CQRMQ D?ARMPCQ GLAJSWCL J? A?N?AGB?B CB?DMAJGK\RGA? BC JMQ ASJRGTMQ
J?
BGQNMLG@GJGB?BBCAJMLCQMASJRGT?PCQ?BCAS?BMQ
J?JCEGQJ?AGgLQM@PCCJSQMBC
J?RGCPP?CLJ?PCEGgLWJMQCQReKSJMQN?P?J?NPMBSAAGgLGLBSQRPG?JBCCR?LMJ,?
PCAGCLRC GLRCLQGDGA?AGgL BC JMQ BC@?RCQ PCJ?AGML?BMQ ? JMQ @GMAMK@SQRG@JCQ QC
ACLRP? CL ?JRCPL?RGT?Q R?JCQ AMKM CJ @GMBGCQCJ OSC CQ NPMBSAGBM ? N?PRGP BCJ
NJ?LR?QMJC?EGLMQ?QF?QR??FMP?
CLCQA?J?KSAFMKCLMPOSCCJ CR?LMJBCJ?
A?f?BC?XjA?P
NCPMR?K@GbLAMLNCPQNCARGT?QBCCVN?LQGgL
%JAMLACNRMBC|J?!K?XMLe?@P?QGJCf?}
BGQNMLG@JC J? |!K?XMLe? ,CE?J} W CJ |"GMK? !K?XgLGAM}
OSC PCNPCQCLR?L
PCQNCARGT?KCLRCACPA?BCJWBCJRCPPGRMPGM@P?QGJCfM )"'%
,?
!K?XMLe? ,CE?J GLAJSWC \PC?Q BC Q?@?L? OSC LM NCPRCLCACL ?J @GMK?
?K?XgLGAM %QR?Q QML \PC?Q BMLBC CJ NMPACLR?HC K\VGKM NCPKGRGBM BC
BCDMPCQR?AGgLCQBCKGCLRP?QOSC
CLCJ"GMK?!K?XgLGAMJ?JCWCQK\Q
CQRPGAR?
QGCLBM CJ NMPACLR?HC NCPKGRGBM BC BCDMPCQR?AGgL BC ,?
A?P?ARCPeQRGA? CAMJgEGA? K\Q ?NPMNG?B? BCJ @MQOSC ?K?XgLGAM
AML SL?
AM@CPRSP? TCECR?J W A?P?ARCPeQRGA?Q CB?DMAJGK\RGA?Q
CQ NMP JM R?LRM J? OSC
AMPPCQNMLBC?J@GMK??K?XgLGAM
3CEjLJ?QJCWCQ?ARS?JCQ
QCBC@CK?LRCLCPCJBCPCQCPT?JCE?JBCJ"GMK?
!K?XgLGAM CL J?Q PCEGMLCQ BC Q?@?L?Q
OSC GLAJSWCL \PC?Q BCLRPM W
DSCP? BC J? !K?XMLe? JCE?J W CJ CL J?Q BCK\Q PCEGMLCQ BCJ N?eQ %J
AMLACNRM BC |PCQCPT? JCE?J} CL TGEMP AMPPCQNMLBC ?J |\PC? JMA?JGX?B? CL CJ
GLRCPGMP BC SL? NPMNGCB?B M NMQCQGgL PSP?J
CVACNRM J? BC NPCQCPT?AGgL
NCPK?LCLRC
LCACQ?PG? N?P? CJ SQM QMQRCLG@JC BC JMQ PCASPQMQ L?RSP?JCQ
J?
AMLQCPT?AGgLWJ?PCF?@GJGR?AGgLBCJMQNPMACQMQCAMJgEGAMQ
J?AMLQCPT?AGgLBC
J?@GMBGTCPQGB?B
WCJ?@PGEM
WNPMRCAAGgLBCJ?D?SL?WDJMP?L?RGT?Q}%LCQR?Q
\PC?Q
J?CVNJMR?AGgLAMLDGLCQCAMLgKGAMQQCNCPKGRCKCBG?LRCJ??BMNAGgLBC
J? ECQRGgL QMQRCLG@JC BC JMQ PCASPQMQ L?RSP?JCQ ,?Q \PC?Q BC NPCQCPT?AGgL
NCPK?LCLRCQ
NMPBCDGLGAGgLBCJ#gBGEM&MPCQR?J
QMLNPGLAGN?JKCLRC\PC?QAML
NCLBGCLRCQ QSNCPGMPCQ ? EP?BMQ
@?LB?Q K?PEGL?JCQ BCJ ASPQM BCJ ?ES? W
ACPA?BCJMQK?L?LRG?JCQBCJMQPeMQ
%JASJRGTMBCJ?A?f?BC?XjA?P
%JASJRGTMBCJ?A?f?BC?XjA?PCQR\GLRPeLQCA?KCLRC?QMAG?BM?J?FGQRMPG?BCJ?
AMJMLGX?AGgL@P?QGJCf?
?NCQ?PBCOSCF?@e?
F?QR?CJNPCQCLRC
NMAMGLRCPbQ
CLJ?!K?XMLe?)LAJSQMFMWCLBe?QSNPCQCLAG?CQBCQR?A?B?
BC@GBM?OSC
,?!K?XMLe?,CE?JDSCQSQAPGR?NMPJ?JCWCJ!ARS?JKCLRC
AMKNPCLBCGLRCEP?JKCLRCJMQCQR?BMQBC!APC
0?P\
!K?XML?Q
2MP?GK?
2MLBhLG?
-?RM'PMQQMW!K?N\
WJ?QRGCPP?QQGRS?B?Q?JMCQRCBCJKCPGBG?LMl7CLCJ
CQR?BMBC-?P?LF?M
%J#gBGEM&MPCQR?J"P?QGJCfM ,CW
CQR?@JCACSLBC\PC?KeLGK?BC
PCQCPT?JCE?JCLJ?!K?XMLe?,?GKNMQGAGgLBCJ?QSNCPDGAGCKeLGK?BCQC
NPMBSHMCLJ?!K?XMLe?NMPKCBGB?QNPMTGQGML?JCQ
CLHSLGMBC
@?HMJ?NPCQGgL
BCJ?QMPE?LGX?AGMLCQGLRCPL?AGML?JCQ2CB?AAGgLKMBGDGA?B?NMP("W
T?JGB?BMNMPCJ-0!PReASJMm%LJ?QNPMNGCB?BCQBMLBCJ?
AM@CPRSP??P@gPC?CQR\AMLQRGRSGB?NMPDGRMDGQMLMKe?QDMPCQR?JCQ
LMQCNCPKGRGP\J?R?J?
CLNMPJMKCLMQCJMAFCLR?NMPAGCLRMBCCQ?QRGNMJMEe?QDMPCQR?JCQ&SCLRC-GLGQRCPGM
BCJ-CBGM!K@GCLRCUUUKK?EMT@P
-CBGB?0PMTGQMPG?LjKCPM
BCJBC?EMQRMBC0PCQGBCLAG?BCJ?
.?AGgL
*CD?RSP?BC'?@GLCRC
3S@HCD?RSP?N?P?!QSLRMQ*SPeBGAMQ
UUUNPCQGBCLAG?EMT@P
CJAMLQSKM?LS?JBC?XjA?PCL"P?QGJCQBC+ENCPA\NGR?
CLAMKN?P?AGgL
AMLCJNPMKCBGMKSLBG?JOSCCQBC+E
%J GLGAGM BCJ ASJRGTM BC J? A?f? BC ?XjA?P CL "P?QGJ B?R? ?NPMVGK?B?KCLRC BCJ
?fM%LCQCKMKCLRMQCGLGAG?CJ#GAJMBCJ!XjA?P
CLCJAS?JA?QGRMBMCJ
ASJRGTM BC A?f? CP? BCQRGL?BM ? J? NPMBSAAGgL BC ?XjA?P #?PBMQM
%L
?JESL?Q D?ARMPe?Q GLEJCQ?Q W FMJ?LBCQ?Q BC AMKCPAGM DSCPML GLQR?J?B?Q
CL J? !K?XMLe? (?W GLBGAGMQ BC OSC DSCPML JMQ FMJ?LBCQCQ OSGCLCQ
GLRPMBSHCPML CJ ASJRGTM BC A?f? BC ?XjA?P CL J? PCEGgL
ACPA? BC J?
BCQCK@MA?BSP?BCJPeM!K?XML?Q%JNPGKCPGLECLGMBCQRGL?BM?J?D?@PGA?AGgL
BC?XjA?PCL0?P\B?R?BCJ?fM%LJ?QTCE?Q RGCPP?QGLSLB?@JCQ
BCJPeM
4MA?LRGLQ
J?NPMBSAAGgLBC?ES?PBGCLRCBCA?f?BC?XjA?PQM@PCTGTGgNMPK\Q
BC BMQ QGEJMQ
BC@GJGR\LBMQC BC@GBM ? J? AMKNCRCLAG? AML NPMBSARMQ
NPMACBCLRCQBCMRP?QPCEGMLCQBC"P?QGJ !LBCPQML
$SP?LRC QGEJMQ "P?QGJ
AMKM AMJMLG? NMPRSESCQ?
DSC SL GKNMPR?LRC NPMTCCBMP
BC K?RCPG?Q NPGK?Q W NPMBSARMQ @CLCDGAGMQMQ N?P? %SPMN? %L
BCQNSbQ
BCJ?GLBCNCLBCLAG?@P?QGJCf?DPCLRC?0MPRSE?J
CJCQR?BMBC0?P\AMLR?@?AML
GLECLGMQN?P?J?NPMBSAAGgLBC?XjA?PW?ES?PBGCLRC3GLCK@?PEM
J?@?H?
NPMBSAAGgLBCA?f?WJ?D?JR?BCNMJeRGA?QBC?NMWMJJCT?PML?OSCJ?NPMBSAAGgL
BGQKGLSWCP? (MKK?
#MLRPG@SWg R?K@GbL AML CJ BC@GJGR?KGCLRM BC J?
AMQCAF?CLCQR?bNMA?CJJJ?K?BMAGAJMBCJA?SAFM
MPGEGL?BMNMPJ?CVRP?AAGgL
BC J\RCV BC JMQ \P@MJCQ L?RGTMQ
?@QMP@GCLBM NP\ARGA?KCLRC RMB? J? ?ARGTGB?B
CAMLgKGA?PCEGML?JCLJ?!K?XMLe?CLRPCJMQ?fMQW $C?L
,? PC?LSB?AGgL QGELGDGA?RGT? BC NJ?LR?AGgL BC A?f? BC ?XjA?P CL CJ CQR?BM BC
0?P\ MASPPGg CL CJ ?fM
? RP?TbQ BCJ 0!#!, 0PMWCARM !EPMGLBSQRPG?J BC
#?f? BC !XjA?P
CL SL \PC? BC
KGJ FCAR\PC?Q CL J? PCEGgL MCQRC BCJ
CQR?BMWBCQRGL?B??J?NPMBSAAGgLBC?XjA?PW?JAMFMJN?P?CJ?@?QRCAGKGCLRM
BCNPMWCARMQGLRCEP?BMQBCAMJMLGX?AGgLBCJEM@GCPLMDCBCP?J%JNPMWCARM
QGL
CK@?PEM
BGQKGLSWg EP?BS?JKCLRC NMP ASCQRGMLCQ BC K?J? ECQRGgL W @?H?
NPMBSAAGgL
ASJKGL?LBM QSQ ?ARGTGB?BCQ CL CJ ?fM (MKK?
%L
QCGLQR?JgSL?BCQRGJCPe?BC?JAMFMJ?JLMPBCQRCBC0?P\
J?AS?JPCNPCQCLR?
J? K?WMP GLTCPQGgL CL CJ CQR?BM W SL? BC J?Q K?WMPCQ CL RMB? J? !K?XMLe?
@P?QGJCf?
AMLSL\PC?NJ?LR?B?BC
KGJFCAR\PC?QWSL?NPMBSAAGgL?LS?J
BCKGJJMLCQBCJGRPMQBC?JAMFMJ
,? A?f? BC ?XjA?P CQ AMLQGBCP?B? SLM BC JMQ NMAMQ ASJRGTMQ AML SL @?J?LAC
CLCPEbRGAM ?JR?KCLRC NMQGRGTM
AMKM QC NPCQCLR? CL J? 4?@J? %Q BCAGP
QC
3GLBGA?BMBCJ?)LBSQRPG?BCJ!XjA?PW!JAMFMJBCJ%QR?BMBC0CPL?K@SAMz
UUUQGLB?ASA?PAMK@P
!KGEP?a_MBMQRP?@?JF?BMPCQE?jAFMQN?P??!K?XhLG?,CE?J
,?PGQQ?
+?QFGL?2C@CJJMB?3GJT?(440777+,%03)$2!.%4+,%03)$2!23
-4(4-
%LTMJTCPBC
2CTGQR?$GEGR?JBC-CGM!K@GCLRCC$CQCLTMJTGKCLRM
FRRNCLTMJTCPBCGEAMK@PK?RCPG?NFN AMBCBR
ECLCP? RMB? J? CLCPEe? BCJ QGQRCK? BC NPMBSAAGgL BC ?XjA?P W ?JAMFMJ
W QC
CVNMPR?J?CLCPEe?QM@P?LRC#MKN?P?RGT?KCLRC
MRPMQTCECR?JCQ
AMKMCJK?eX
WJ?PCKMJ?AF?
OSCECLCP?LNPMBSARMQDGL?JCQQCKCH?LRCQ
PCOSGCPCLCLCPEe?
CVRCPL?CLQSQAGAJMQBCNPMBSAAGgL !LBPCMJG3MSX?
5POSG?E?CR?J
#4"P?QGJ-GLGQRbPGMB?#GdLAG?C4CALMJMEG?'MTCPLM&CBCP?J"?J?LaMBC%LCPEG?
L?0PMBSa_MBC#?L?BC?ajA?PC\JAMMJL?QSQGL?QAMMNCP?B?Q#MLTCLa_M
QM@PCKSB?La?BMAJGK?
0MRCLAG?JBC"GMK?QQ?Q6CECR?GQLM%QR?BMBC3_M0?SJM)LQRGRSRMBC0CQOSGQ?Q
4CALMJgEGA?Q
30
%QRSBM%LCPEbRGAMB?0PMBSa_MBCJAMMJ9CE?LG?LRX
$CR?J!L?GQBM88)#MLEP
"P?QBC%AMLC3MA2SP?J
%LCPEW"?J?LACDMP%RFWJ!JAMFMJ0PMBSARGMLDPMK#PMNQ'MJBCK@CPE
*CR?J
3AGCLAC
TMJ
3CNR
/0PgJAMMJ6?JC }Ll"MPX?LG
7/%QR?BMBC3_M0?SJM
0CPDGJ%LCPEbRGAM!EPGASJRSP?0?SJGQR?#?QR?LFM&GJFM
%0#F?@CPG@CPG
$)LQR
BC%AMLMKG?!EPeAMJ?BC30
%LCPEW)LTCLRMPWDMP43#Q3SE?P#?LC0PMBSARGML7?LE
##4?GU?L3SE?P
%LJeLC?QECLCP?JCQ
CJASJRGTMBCA?f?BC?XjA?PNPCQCLR?NCASJG?PGB?BCQOSC
GLDJSWCL BGPCAR?KCLRC CL JMQ GLRCPCQCQ BC JMQ NPMBSARMPCQ W BC JMQ KCPA?BMQ
AMLQSKGBMPCQ G
J? A?f? BC ?XjA?P CQ SL ASJRGTM OSC NCPKGRC
CL ECLCP?J
AGLAMAMPRCQAMLQCASRGTMQ
BCQNSbQBCJMQAS?JCQBC@CF?@CPSL?PCLMT?AGgL
BC J? NPMBSAAGgL ?XSA?PCP?
AML SL RP?R?KGCLRM ?BCAS?BM ? J? RGCPP? W ? J?
NPMBSAAGgL BC LSCTMQ NJ?LRMLCQ GG
J? A?f? BC ?XjA?P CQ SL NPMBSARM
NCPCACBCPM
RGCLC SL KMKCLRM ?BCAS?BM N?P? J? AMQCAF? W LM NSCBC QCP
?JK?ACL?B? LG RP?LQNMPR?B? NMP J?PE?Q BGQR?LAG?Q GGG
J? NPMBSAAGgL
?EPMGLBSQRPG?J ?XSA?PCP? CQ @?QR?LRC DJCVG@JC W ?RGCLBC ? BGQRGLRMQ KCPA?BMQ
R?JCQ AMKM CJ ?XjA?P
?JAMFMJ W J? CLCPEe? CJbARPGA? 7??AI .CTCQ
3XKPCAQ\LTG-MPCGP?
%JQCARMPCLCPEbRGAMBCJ?JAMFMJCL"P?QGJWCLJ?!K?XMLe?
%JQCARMPQSAPM?JAMFMJCPM@P?QGJCfMPCDJCH?JMQB?RMQBCNPMBSAAGgLWAMKCPAGM
BCJ ?XjA?P W BCJ ?JAMFMJ ,? KGQK? K?RCPG? NPGK? CQ LCACQ?PG? N?P? J?
M@RCLAGgL BC JMQ BMQ NPMBSARMQ
QGCLBM ?NPMVGK?B?KCLRC CJ BCJ ?JAMFMJ
NPMBSAGBM NPMTCLGCLRC BCJ HSEM BC J? A?f? BC ?XjA?P
KGCLRP?Q OSC CJ
PCQR?LRC NPMTGCLC BC J? KCJ?X? PCQSJR?LRC BC J? NPMBSAAGgL BC ?XjA?P ,MQ
B?RMQBCJ?NPMBSAAGgL@P?QGJCf?BC?XjA?PW?JAMFMJQMLPCNPCQCLR?BMQCLJ?
&GESP?
&GESP? 0PMBSAAGgL @P?QGJCf? BC ?XjA?P CL RMLCJ?B?Q W BC ?JAMFMJ CL K
FGBP?R?BMQ W ?LFGBPM
CL J?Q AMQCAF?Q BC ?
&GESP? ?B?NR?B? BC -!0!
$CN?PR?KCLRM BC #?f? BC !XjA?P30!%-!0!
FRRNUUU?EPGASJRSP?EMT@P
%LCPEW)LNSR?LB/SRNSRDMP3SE?P#?LCGL,MSGQG?L?2GA?SB
2#?NeRSJM)LAJSGBM
CLJ?PCD
0?P? CDCARMQ BC AMKN?P?AGgL
@?Q?B?Q CL CJ AMLQSKM BC AMK@SQRG@JC BC
TCFeASJMQCLCJN?eQ
CLCJNPGKCPQCKCQRPC
CJ?JAMFMJPCNPCQCLRgCJ
W CJ @GMBGCQCJ CJ DSCLRC !.0
%L AS?LRM ?J \PC? ?EPeAMJ? NJ?LR?B?
BCQRGL?B? ? JMQ BMQ BGDCPCLRCQ @GMAMK@SQRG@JCQ
CJ CR?LMJ NPMTGCLC
AMKNJCR?KCLRCBCJMQASJRGTMQBCA?f?BC?XjA?P
AMLSL\PC?AMQCAF?B?BC
K\QBCKGJJMLCQBCFCAR\PC?Q3GLCK@?PEM
CJ@GMBGCQCJ@P?QGJCfMNPMTGCLC
CL SL BC J? QMW?
OSC MASN? SL \PC? ?EPeAMJ? BC KGJJMLCQ BC
FCAR\PC?Q
J?EP?LK?WMPe?BCQRGL?B??J?CVNMPR?AGgLBCEP?LMQW?JAMKCPAGM
GLRCPLM
AML DGL?JGB?BCQ ?JGKCLRGAG?Q FSK?L?Q W ?LGK?JCQ %J MRPM BCJ
@GMBGCQCJNPMTGCLCBCK?RCPG?QNPGK?QAMKMJ?EP?Q??LGK?J
CJ?JEMBgL
?ACGRC
BCPGAGLMWBCN?JK??DPGA?L? -!0!
%LJ?K?RPGXCLCPEbRGA?TCFGASJ?P@P?QGJCf?BCJ?fM
CJCR?LMJAMKNMLe?CJ
BCJRMR?J
?RP\QBCJ?E?QMJGL?|RGNM!} NSP?
QGLJ??BGAAGgLBCCR?LMJ
AML
CJ W NMP CLAGK? BCJ E?Q TCFGASJ?P L?RSP?J
AML W BCJ @GMBGCQCJ
AML
NP\ARGA?KCLRCCLCJNCPGMBM0?P?CJ?fM
QCF?NPCTGQRMSL?SKCLRM
BCJ?JCLRPCJ?QDSCLRCQBCCLCPEe?PCLMT?@JCQ%LCQR?NPCTGQGgL
CJ
?JAMFMJAMKNMLBPe?CJBCJRMR?J
CJ@GMBGCQCJCJ
CJE?QTCFGASJ?PL?RSP?J
CJWJ?E?QMJGL?|RGNM!}PCBSAGPe?QSN?PRGAGN?AGgL?SLLGTCJBCJ "%.
5@P?@GMz5LG_M"P?QGJCGP?BM"GMBGCQCJ UUUS@P?@GMAMK@P
,CWLjKCPM
BCJBCCLCPMBC0PCQGBCLAG?BCJ?2CNj@JGA?*CD?RSP?
BC'?@GLCRC3S@HCD?RSP?N?P?!QSLRMQ*SPeBGAMQ$GQNMLG@JCCL
UUU@GMBGCQCJEMT@P
4?@J? 0PMBSARGTGB?B
CJ NMRCLAG?J BC NPMBSAAGgL W \PC? QCK@P?B? BC J?Q
NPGLAGN?JCQDSCLRCQBCCR?LMJWBC@GMBGCQCJCL"P?QGJ
%R?LMJ "GMBGCQCJ
PC?QCK@P?B? (!
KGJJMLCQ
%JEM@GCPLM@P?QGJCfMCQRGNSJ?SL?KCR?BCNPMBSAAGgLBCCR?LMJN?P?CJ
AML J? AS?J QCPe? LCACQ?PGM BSNJGA?P CJ \PC? QCK@P?B? AML A?f? BC ?XjA?P
CVGQRCLRC CL J? ?ARS?JGB?B
BC ?ASCPBM AML J? %KNPCQ? BC )LTCQRGE?AGgL
%LCPEbRGA? 3C CQRGK? OSC QCPe?L LCACQ?PG?Q KGJJMLCQ BC FCAR\PC?Q N?P?
ASKNJGPJ?KCR?
?NPMVGK?B?KCLRCCJBM@JCBCJ\PC?NJ?LR?B?AMLA?f??XjA?P
CLCJ
5L?A?P?ARCPeQRGA?N?PRGASJ?P@P?QGJCf?CQCJBCQ?PPMJJMGLBSQRPG?J?EP?LCQA?J?W
J??NJGA?AGgLBCRCALMJMEe?QBCCLCPEe?BCJ?@GMK?Q?$CLRPMBCJMQCHCKNJMQ
QC BCQR?A?L J? NPMBSAAGgL BC CR?LMJ ? N?PRGP BC J? A?f? BC ?XjA?P W J?
AMECLCP?AGgL BC CJCARPGAGB?B ? N?PRGP BCJ @?E?XM
SL QS@NPMBSARM BCJ NPMACQM
GLBSQRPG?J $?RMQ BCJ PCTCJ?L OSC CJ K?WMP NMRCLAG?J BC ECLCP?AGgL BC
!LBPCMJG
#3MSX?
30#?L?BC?AjA?P?KCJFMP?JRCPL?RGT?N?P?AMLTCPQ_MB?
CLCPEG?QMJ?PCDgQQGJCKCR?LMJ%#/./-)!%.%2')!!LM
L
BCXCK@PM
H?LCGPM
)"'%z)LQRGRSRM"P?QGJCGPMBC'CMEP?DG?C%QR?ReQRGA?#CLQM!EPMNCAS\PGM3C
BCQR?A?OSCJ?K?WMPN?PRCBCJ?NPMBSAAGgLBC?ACGRCBCN?JK??DPGA?L?CQBCQRGL?B?
?J?GLBSQRPG??JGKCLRGAG?WOSCCJ@GMBGCQCJNPMBSAGBMNMPCQR?DSCLRCCQSLQS@
NPMBSARMBCJPCQGBSMBCCQR?GLBSQRPG?
#/.!"z#MKN?fe?.?AGML?JBC!@?QRCAGKGCLRM-GLGQRCPGMBC!EPGASJRSP?
'?L?BCPe?W!@?QRCAGKGCLRM)LDMPKCN?PAG?JBCJ?AMQCAF?zDC@PCPMBC3C
BCQR?A?OSCA?QGRMBMCJ?ACGRCBCPGAGLMCQSRGJGX?BMCLNPMACQMQOSeKGAMQ
GLBSQRPG?JCQ
#\JASJMQBCJ$CN?PR?KCLRM%AMLgKGAMBCJ?&!%30z&CBCP?AGgLBCJ?!EPGASJRSP?
W'?L?BCPe?BCJ%QR?BMBC3_M0?SJM
$CAJ?P?AGgL?J?NPCLQ?BC-?SPeAGM4MJK?QOSGK
NPCQGBCLRCBCJ?%KNPCQ?BC
)LTCQRGE?AGgL%LCPEbRGA?-GLGQRCPGMBC-GL?QW%LCPEe?
CJ
CJCARPGAGB?B BC J?Q ACLRP?JCQ CJbARPGA?Q OSC SRGJGX?L @GMK?Q? BC @?E?XM QC
CLASCLRP?LCLCJCQR?BMBC3?M0?SJMWCL?JESLMQCQR?BMQBCJ.MPCQRC%LJ?
!K?XMLe?
?jLLMQCPCEGQRP?LB?RMQBCECLCP?AGgLBCCVACBCLRCQBCCLCPEe?
CJbARPGA??N?PRGPBCA?N?AGB?BCQGLQR?J?B?QCLCJQCARMPNPMBSARMPBC?XjA?PW
?JAMFMJ
3C NSCBC ?DGPK?P OSC J?Q SLGB?BCQ NPMBSARMP?Q BC A?f? BC ?XjA?P
R?LRM J?Q
NCOSCf?Q AMKM J?Q EP?LBCQ
QML BCNCLBGCLRCQ BC J?Q SLGB?BCQ BC
NPMACQ?KGCLRM ACPA?L?Q ? CJJ?Q %QRM RGCLBC ? PCQRPGLEGP J?Q NMQG@GJGB?BCQ BC
AGCPR?Q \PC?Q N?P? CJ ASJRGTM BC A?f? BC ?XjA?P W F?AC OSC J?Q \PC?Q
NCPRCLCAGCLRCQ ? NCOSCfMQ NPMBSARMPCQ OSC QC CLASCLRPCL BGQR?LRCQ ?J
KCPA?BMQCTC?L?jLK\QPCQRPGLEGB?QN?P?J?A?f?BC?XjA?P
$C@GBM ? OSC JMQ AMQRMQ JMEeQRGAMQ QML PCJ?RGT?KCLRC CJCT?BMQ CL "P?QGJ
J?Q
SLGB?BCQ NPMACQ?BMP?Q ACPA?L?Q ? JMQ KCPA?BMQ BCJ AMLQSKGBMP QML
ECLCP?JKCLRC K\Q AMKNCRGRGT?Q %QRM RGCLBC ? CQR?@JCACP SL? A?BCL? BC
GLRCPPCJ?AGMLCQCGLRCPCQCQ?JPCBCBMPBCJ?QNJ?LR?QBCCR?LMJ0MPCJAMLRP?PGM
CQRSBGMQ BCKSCQRP?L J?Q NMQG@GJGB?BCQ BC SL KMBCJM CAMLgKGAM N?P? J?
NPMBSAAGgL BC A?f? BC ?XjA?P CL NCOSCf?Q NPMNGCB?BCQ BC J? !K?XMLe?
%3!,1
!J ?L?JGX?P J?Q \PC?Q ?JRCP?B?Q ?J %QRC BCJ CQR?BM BC 0?P\
!K?XMLe? @P?QGJCf?
JMQ ?SRMPCQ JJCE?L ? J? AMLAJSQGgL BC J? TG?@GJGB?B
CAMLgKGA? BC QS SRGJGX?AGgL AML A?f? BC ?XjA?P
CL J? BCNCLBCLAG?
QGL
CK@?PEM
BC J? PCESJ?AGgL BC JMQ KCA?LGQKMQ BC AMKCPAG?JGX?AGgL BC J?
K?RCPG? NPGK? NMP CJ EM@GCPLM W BC J? MPE?LGX?AGgL CL ?QMAG?AGMLCQ W
AMMNCP?RGT?QNMPJMQNPMBSARMPCQPSP?JCQ
%L"P?QGJ
CJQCARMPNPMBSARMPBC?JAMFMJQCCLASCLRP?CLAPCAGKGCLRMBC@GBM
CL CQNCAG?J
? J? BCK?LB? KSLBG?J BC DSCLRCQ BC CLCPEe?Q KCLMQ
AMLR?KGL?LRCQ
NCPM R?K@GbL BC@GBM ?J ?SKCLRM BCJ AMLQSKM GLRCPLM %J
AMLQSKMBCCR?LMJKMQRPgSL?SKCLRMBCJ
CLRPCJMQ?fMQW
%L AMKN?P?AGgL
CJ AMLQSKM BC E?QMJGL? ?SKCLRg CL SL
CL CJ KGQKM
NCPGMBM %J AMLQSKM DGL?J BC E?QMJGL?
QGL CK@?PEM
CQ ?NPMVGK?B?KCLRC SL
K?WMP OSC CJ AMLQSKM BC CR?LMJ 9
?ARS?JKCLRC
CJ AMLQSKM BC ?ACGRC
BGCQCJCQACPA?BCRPCQTCACQQSNCPGMP?JAMLQSKMBCCR?LMJ %0%
0MJeRGA?QNj@JGA?QN?P?CJQCARMPCLCPEbRGAM
%J CR?LMJ @P?QGJCfM MASN? SL JSE?P BCQR?A?BM BCLRPM BC J?Q ?JRCPL?RGT?Q BC
@GMAMK@SQRG@JCQBC@GBM?J?SKCLRMNMRCLAG?JCQRGK?BMBCJAMLQSKMKSLBG?JW
? J? CVNCPGCLAG? ?BOSGPGB? NMP CJ N?eQ
AML CJ ?NMWM BCJ EM@GCPLM
BSP?LRC
BbA?B?Q0MPCQR?P?XgL
CJCR?LMJCQCJRCK?ACLRP?JBCNMJeRGA?QOSC@SQA?L
QSPCESJ?AGgL
?QeAMKMJ?BCRMB?QSA?BCL?NPMBSARGT?
!ECLAG?.?AGML?JBC%LCPEe?%JbARPGA? !.%%,
!RJ?QBC%LCPEG?%JbRPGA?BM"P?QGJ
!.%%,
"P?QeJG?
"P?QGJ$GQNMLG@JCCLFRRNUUU?LCCJEMT@P?POSGTMQ
0$&JGTPM=?RJ?QNBD
! LGTCJ DCBCP?J
"P?QGJ FGQRgPGA?KCLRC NMQCC AMLACQGMLCQ BC QS@QGBGMQ BC
NPMBSAAGgL NMP KCBGM BC J? GLRCPTCLAGgL CQR?R?J %J CHCKNJM K\Q LMR?@JC BC
QS@TCLAGMLCQ N?P? CJ DMKCLRM ?EPMNCAS?PGM DSC J? AMLACQGgL B?B? ? J?
NPMBSAAGgLBCCR?LMJ?RP?TbQBCJ?APC?AGgLBCJ0PMEP?K?.?AGML?JBC!JAMFMJ
CL
CJAS?JBSPgF?QR?NPGLAGNGMBCJMQ?fMQ
,?GLBSQRPG?BCJ?A?f?BC?XjA?PCLEP?LCQA?J?
OSCBCQBCCJNCPeMBMAMJMLG?J
zBCBGA?B??J?NPMBSAAGgLBC?XjA?PzQCCQR?@JCAe?AMKMSL?BCJ?Q@?QCQ
BC J? CAMLMKe? BC J?Q PCEGMLCQ 3SBCQRC W .MPBCQRC BCJ N?eQ
AMKCLXg ? QCP
DMPR?JCAGB?WPCTGR?JGX?B??DGLCQBCJ?BbA?B?BCJ
AMLJMQGLACLRGTMQBCJ0PM
?JAMFMJ %L J? PCEGgL ?K?XgLGA?
CJ BCQAMLMAGKGCLRM BCJ ?K@GCLRC
JMQ AMQRMQ
CJCT?BMQ BC K?LSRCLAGgL BC JMQ ASJRGTMQ W J? BGQKGLSAGgL BC J? ?ARGTGB?B BCJ
NPMEP?K? ?J DGL?J BC J? BbA?B? BC JMQ AMLBGAGML?PML ? OSC J? GLBSQRPG? BC
A?f? BC ?XjA?P JMA?J QC K?LRSTGCQC AMKM SL? KCP? NPMBSARMP? BC
?ES?PBGCLRC %J PCAGCLRC APCAGKGCLRM BC J? @jQOSCB? BC AMK@SQRG@JCQ
PCLMT?@JCQ
PCDPCLB?B? ? LGTCJ KSLBG?J
F? PC?TGT?BM J?Q CVNCAR?RGT?Q
PCEGML?JCQ PCJ?AGML?B?Q ? J? CJCT?AGgL BC J? A?N?AGB?B NPMBSARGT? BC
CKNPCLBGKGCLRMQBCJQCARMP
5LM BC JMQ ?PESKCLRMQ ? D?TMP BC J? CVN?LQGgL BC JMQ ASJRGTMQ BC A?f? BC
?XjA?P CQ J? LCACQGB?B AMPPGCLRC BCJ QSNCP\TGR BC J? @?J?LX? AMKCPAG?J
CL J?
OSC CJ ?JAMFMJ PCNPCQCLR? SL D?ARMP QGELGDGA?RGTM %QRM QC BC@C ? J?Q DSRSP?Q
MNMPRSLGB?BCQ BC CVNMPR?AGgL BCJ NPMBSARM ? N?PRGP BC JMQ PCAGCLRCQ ?ASCPBMQ
GLRCPL?AGML?JCQ
AMKM CJ DGPK?BM AML %QR?BMQ 5LGBMQ CL K?PXM BCJ
?
RP?TbQ BCJ AS?J QC @SQA?P\ J? LMPK?JGX?AGgL GLRCPL?AGML?J BCJ NPMBSARM N?P?
AMLTCPRGP CJ CR?LMJ CL SL AMKKMBGRW ,?Q NMQG@GJGB?BCQ BC CVNMPR?AGgL
R?K@GbL QML NPMKCRCBMP?Q
AMLQGBCP\LBMQC CJ NMRCLAG?J BC J? GKNJCKCLR?AGgL
-GLGQRCPGMBC-GL?QW%LCPEe?@P?QGJCfM0PMEP?K?BC!ACJCP?AGgLBCJ
#PCQAGKCLRM)LDP?CQRPSARSP?CLCPEbRGA?-?PXMBC
!ECLAG?"P?QGJ%"#z%KNPCQ?"P?QGJCf?BC#MKSLGA?AGgL
FRRNUUU?ECLAG?@P?QGJEMT@P
BC NPMWCARMQ BCQRGL?BMQ ? PCCKNJ?X?P JMQ AMK@SQRG@JCQ DgQGJCQ NMP CLCPEe?
PCLMT?@JC CL JMQ N?eQCQ CL BCQ?PPMJJM
AMLRCKNJ?BMQ NMP CJ -CA?LGQKM BC
$CQ?PPMJJM,GKNGM -$,
BCJNPMRMAMJMBC+WMRM &PCGR?Q&PCBM
%LCJK?PAMBCJNPMEP?K?DCBCP?JBCAPCAGKGCLRMCAMLgKGAM
?JESLMQNMJeRGAMQ
CLJ?!K?XMLe?F?LK?LGDCQR?BMQSNMQRSP?CLBCDCLQ?BCJASJRGTMBCA?f?BC
?XjA?PCLCQR?PCEGgLBC@GBM?J??JCE?B?NMQG@GJGB?BBCBCQ?PPMJJMCAMLgKGAM
W ECLCP?AGgL BC CKNJCMQ %J EM@GCPLM @P?QGJCfM QC CLASCLRP? ?ARS?JKCLRC
RP?@?H?LBM CL J? XMLGDGA?AGgL CAMJgEGAMCAMLgKGA? N?P? GBCLRGDGA?P J?Q \PC?Q
K\Q ?NR?Q M PCAMKCLB?B?Q N?P? J? NJ?LR?AGgL BC A?f? BC ?XjA?P CL CJ N?eQ
J?Q \PC?Q CL BMLBC F?@P\ PCQRPGAAGgL ?J ASJRGTM W J?Q PCEGMLCQ OSC PCAG@GP\L
GLACLRGTMQ MDGAG?JCQ BCJ EM@GCPLM N?P? J? NPMBSAAGgL
AMKM CQ CJ A?QM BC JMQ
N?QRGX?JCQBCEP?B?BMQ,MQK?N?QBC?NRGRSBCAMJgEGAMCAMLgKGA?QCP\L
NMP
JMR?LRM
SL?FCPP?KGCLR?QGELGDGA?RGT?N?P?BGPCAAGML?PJ?QNMJeRGA?QCAMLgKGA?Q
BGPGEGB?Q?JASJRGTMBCA?f?BC?XjA?PCLJ?PCEGgL?K?XgLGA?
,?QCQDCP?QES@CPL?KCLR?JCQ?LGTCJDCBCP?JWCQR?R?JF?L?PESKCLR?BM?D?TMP
WCLAMLRP?BCJ?QNJ?LR?AGMLCQBCA?f?BC?XjA?PCLJ?!K?XMLe?)LAJSQM?
LGTCJ DCBCP?J
?jL LM CVGQRC SL? NMQGAGgL AMKjL CLRPC J? NPCQGBCLAG? W JMQ
KGLGQRCPGMQ ,MQ NPGLAGN?JCQ ?ARMPCQ CL CQRC BC@?RC F?L QGBM CJ -GLGQRCPGM BCJ
-CBGM!K@GCLRCCJ-GLGQRCPGMBC!EPGASJRSP?
'?L?BCPe?W!@?QRCAGKGCLRMWJ?Q
MPE?LGX?AGMLCQ?K@GCLR?JCQCQR?R?JCQ
AMKMNMPCHCKNJM
CJ)LQRGRSRMBCJ-CBGM
!K@GCLRCBCJCQR?BMBC!APC
%L"P?QGJ
J?QNMJeRGA?QCQR?R?JCQQMLAMKNJCKCLR?PG?Q?J?QNMJeRGA?QDCBCP?JCQ
NCPM LM KCLMQ PCQRPGARGT?Q $C CQR? K?LCP?
JMQ CQR?BMQ NSCBCL PC?JGX?P
XMLGDGA?AGMLCQCAMJgEGAMCAMLgKGA?Q?KN?P?B?QCLJ?QBGPCARPGACQBCJ?NMJeRGA?
L?AGML?J BC KCBGM ?K@GCLRC 0?SJ? 3?JCQ
4?JCQ BGPCARPGACQ CQR\L
BCQRGL?B?QNPGLAGN?JKCLRC?MPGCLR?P?J?QBGTCPQ?QCQDCP?QBCJEM@GCPLMQM@PC
J? NPCQCPT?AGgL BC J? A?JGB?B ?K@GCLR?J W CJ COSGJG@PGM CAMJgEGAM BC JMQ
CAMQGQRCK?Q %J CQR?BM BC 0?P\
CL J? !K?XMLe? MPGCLR?J @P?QGJCf?
ASCLR?
AML SL? XMLGDGA?AGgL CAMJgEGAMCAMLgKGA? BCQBC CJ ?fM
KGCLRP?Q OSC
JMQCQR?BMQBC2MBMLG?W!APC
W?J?F?@e?LPC?JGX?BM?JGLGAGMBCCQ?BbA?B?
%L AS?LRM ? JMQ RPG@SRMQ
GKNSCQRMQ W R?Q?Q OSC QCP\L ?NJGA?B?Q QM@PC JMQ
NPMBSARMQ W QCPTGAGMQ
CQR?Q BC@CL QCP PCESJ?B?Q NMP JCWCQ CQNCAeDGA?Q 0MP
CHCKNJM
CJ NMBCP BC JMQ KSLGAGNGMQ N?P? CVGEGP JMQ GKNSCQRMQ QM@PC QCPTGAGMQ
)33
PCDCPCLRC ?J RP?LQNMPRC BC J? AMQCAF? BC A?f? BC ?XjA?P
CLRPC MRPMQ
QCPTGAGMQ
RGCLC SL DSLB?KCLRM JCE?J CL J? #MLQRGRSAGgL &CBCP?J W CL J? JCW
-GLGQRCPGMBC!EPGASJRSP?
'?L?BCPe?W!@?QRCAGKGCLRM:!%#?L?
FRRNUUU?EPGASJRSP?EMT@P
,CWDCBCP?J.l
BCJ"P?QeJG?$/5 $G\PGM/DGAG?JB?5LG_M
LMPK?RGX?B?NMP$CAPCRM.l
BCJBCHSJGMBC"P?QeJG?$/5
,CWBCJ?-?APMXMLGDGA?AGgL%AMJgEGAM%AMLgKGA?BCJ%QR?BMBC0?P\,CWLjKCPM
$G\PGM/DGAG?JBM%QR?BMBM0?P\
LjKCPMBCJ
AMKNJCKCLR?PG? ,M KGQKM MASPPC AML JMQ NMBCPCQ BC JMQ CQR?BMQ N?P?
PCA?SB?P JMQ GKNSCQRMQ QM@PC J? AGPASJ?AGgL BC @GCLCQ W QCPTGAGMQ )#-3
NMP
CHCKNJM
CJ AMKCPAGM BC CR?LMJ CL J?Q E?QMJGLCP?Q !BCK\Q BCJ GKNSCQRM
QM@PC J? AGPASJ?AGgL BC @GCLCQ W QCPTGAGMQ
W CJ GKNSCQRM QM@PC JMQ QCPTGAGMQ
CVGQRCLMRPMQGKNSCQRMQGKNMPR?LRCQN?P?JMQNPMBSARMPCQBCCR?LMJ
R?JCQAMKM
CJ 0)3#/&).3
SL? AMLRPG@SAGgL N?P? CJ 0PMEP?K? BC )LRCEP?AGgL 3MAG?J BCJ
'M@GCPLM &CBCP?J W N?P? J? DGL?LAG?AGgL BC J? QCESPGB?B QMAG?J BCJ N?eQ
PCQNCARGT?KCLRC
%JNPM@?@JCK?WMPKCPA?BMAMLQSKGBMPBCJCR?LMJ@P?QGJCfM
%QR?BMQ5LGBMQ
GKNMLC F?QR? CJ KMKCLRM SL? NMJeRGA? ACLRP?B? CL J?Q R?PGD?Q BC GKNMPR?AGgL
-?PGMRMLG &SPR?BM
-SAFMQ JCEGQJ?BMPCQ LMPRC?KCPGA?LMQ RMB?Te?
BCDGCLBCLJ?R?PGD?WJMQQS@QGBGMQ?EPeAMJ?QN?P?CJKCPA?BMBC?JAMFMJGLRCPLM
@?Q?BM CL CJ ASJRGTM BC K?eX ,? 5LGgL %SPMNC?
? QS TCX
NPMNMLC
AMLACQGMLCQ?EPeAMJ?QKeLGK?Q?A?K@GMBCSLK?WMP?AACQM?JMQNPMBSARMQ
K?LSD?ARSP?BMQCLJMQN?eQCQCLBCQ?PPMJJM
%L J?Q jJRGK?Q LCEMAG?AGMLCQ AMKCPAG?JCQ CL J? 2MLB? BC $MF?
CJ EM@GCPLM
@P?QGJCfM QC BGQR?LAGg BC QSQ QMAGMQ RP?BGAGML?JCQ
R?JCQ AMKM J? )LBG?
#FGL?
3SB\DPGA?W!PECLRGL?
AMLJMAS?JBCKSCQRP?J?AMKNJCHGB?BBC CQR?CR?N?BC
LCEMAG?AGMLCQ %J AMLQCLQM
CL ASCQRGMLCQ BC EP?L T?JMP N?P? JMQ N?eQCQ
GLTMJSAP?BMQ
CQNCP? J?Q NPgVGK?Q PMLB?Q KSJRGJ?RCP?JCQ BC AMKCPAGM
GLRCPL?AGML?J
?FMP? GLDJSCLAG?B?Q NMP J? PCAGCLRC APGQGQ CAMLgKGA? OSC QC
CQR?@JCAGgKSLBG?JKCLRC?JDGL?JBCJ
!K?XMLe?
APC?BM CL CJ NMP CJ -GLGQRCPGM BCJ -CBGM !K@GCLRC
CJ AS?J
PCAG@C BML?AGMLCQ BC N?eQCQ KGCK@PMQ
? RP?TbQ BCJ &MLBM -SLBG?J BCJ
-CBGM!K@GCLRC
%LCJQCESLBMQCKCQRPCBCJDSCAPC?BMNMPCJEM@GCPLMDCBCP?JCJ&MLBM
!K?XMLe?
AML CJ M@HCRGTM BC A?NR?P J?Q AMLRPG@SAGMLCQ TMJSLR?PG?Q N?P? J?
GLTCPQGgL BC J? PCBSAAGgL BC J? BCDMPCQR?AGgL BC J? !K?XMLe? @P?QGJCf?
NMP
KCBGM BC J? CVNJMR?AGgL QMQRCLG@JC BC JMQ PCASPQMQ DMPCQR?JCQ
J? CBSA?AGgL
?K@GCLR?J
NPMWCARMQBCCLCPEe?CAMJgEGA?KCLRCAMPPCAR?
CLRPCMRP?Q?AAGMLCQ
OSC QC CQR?@JCXA?L %J EM@GCPLM @P?QGJCfM R?K@GbL N?PRGAGN?P\ AML QS
AMLRP?N?PRGB?
W .MPSCE?
CJ NPGKCP N?eQ BML?BMP BCJ &MLBM
?NMPR?P\ KGJ
KGJJMLCQBCBgJ?PCQF?QR?CJ
,?Q MPE?LGX?AGMLCQ LM ES@CPL?KCLR?JCQ APGRGA?PML J? GBC? BC ?SRMPGX?P CJ SQM
BC \PC?Q BCDMPCQR?B?Q CL J? !K?XMLe? N?P? CJ ASJRGTM BC A?f? BC ?XjA?P W
?BTGPRGCPMLOSCJ?BCAGQGgLNCPHSBGA?P\J?GK?ECLBCJCR?LMJCLCJCVRP?LHCPM!
QS TCX
BGNSR?BMQ @P?QGJCfMQ F?L PCQNMLBGBM ? J?Q NPCQGMLCQ GLRCPL?AGML?JCQ
AMLRP?PG?Q ? J? NPMBSAAGgL BC CR?LMJ CL J? !K?XMLe?
W J?Q BGQASQGMLCQ
AMLRGLj?LCLRPCCJ-GLGQRCPGMBCJ-CBGM!K@GCLRCWCJBC!EPGASJRSP?
'?L?BCPe?
W !@?QRCAGKGCLRM ,? ASCQRGgL BC JMQ NMQG@JCQ GKN?ARMQ ?K@GCLR?JCQ
PCJ?AGML?BMQ ?J ASJRGTM BC A?f? BC ?XjA?P CQ RP?R?B? CL K?WMP BCR?JJC CL J?
QCQGgL|)KN?ARMQBCJMQNPMWCARMQBC?JAMFMJCL"P?QGJ}
4P?R\LBMQCBCGLGAG?RGT?QNj@JGA?QCLJ?PCEGgL!K?XgLGA?
A?@CKCLAGML?POSC
CJ'M@GCPLMCQR?R?JBC!APC
CLJ?!K?XMLe?MAAGBCLR?J
CQAMBCQ?PPMJJ?BMPBC
J? 5QGL? !JAMFMJ 6CPBC %J NPMWCARM N?P? J? NPMBSAAGgL BC ?JAMFMJ FGBP?R?BM
SRGJGX?BM AMKM AMK@SQRG@JC BC ?SRMKgTGJCQ PCjLC ? NCOSCfMQ NPMBSARMPCQ
PSP?JCQ
?JMQBSCfMQBCSQGL?QBCMRPMQCQR?BMQ
?JMQ?EPGASJRMPCQW?JNMBCP
Nj@JGAMCQR?R?J?QMAG?BM3CCQNCP?OSC?JDGL?JBCJ?D?QCBC GKNJ?LR?AGgL
J?
NJ?LR? ?@?QRCXA? ? JMQ BCK\Q CQR?BMQ ?K?XgLGAMQ
K\Q ?JJ\ BC J? QGRS?AGgL
PC?J BCJ CQR?BM %J EM@GCPLM JMA?J DMKCLR? CJ CKNPCLBGKGCLRM
?PESKCLR?LBM
OSC J? NPMBSAAGgL BC A?f? BC ?XjA?P QC B?P\ NMP KCBGM BC SL? XMLGDGA?AGgL
CAMJgEGAMCAMLgKGA?WQCBC@CP\?KNJG?PJ?MDCPR?BCAPbBGRMQBCA?P@MLMCLCJ
CQR?BM3GLCK@?PEM
CLMARS@PCBC
CJ-GLGQRCPGM0j@JGAM&CBCP?JWCJ
)LQRGRSRM BCJ -CBGM !K@GCLRC BC !APC BCK?LB?PML CJ ASKNJGKGCLRM BC J?Q
-GLGQRbPGMBM-CGM!K@GCLRCBM"P?QGJz0PMEP?K?PC?Q0PMRCEGB?QB?!K?XhLG?z
!20!z$CAPCRML
".$%3z"?LAM.?AGML?JBC$CQCLTMJTGKCLRM%AMLhKGAMC3MAG?J-GLGQRbPGMBM
$CQCLTMJTGKCLRM
)LBjQRPG?C#MKbPAGMFRRNUUU@LBCQEMT@P
#^K?P?BMQ$CNSR?BMQBM"P?QGJUUUA?K?P?EMT@P
'M@GCPLMBCJ%QR?BMBC!APCFRRNUUU?AEMT@P
AMLBGAGMLCQ LCACQ?PG?Q N?P? J? AMLACQGgL BC JGACLAG?Q BC J? GLQR?J?AGgL BC J?
NJ?LR?
4?K@GbL CL J? PCEGgL !K?XgLGA?
CJ EM@GCPLM BCJ CQR?BM BC 0?P\ CQRSBG? J?Q
NMQG@JCQ?JRCPL?RGT?QN?P?J?GLQCPAGgLCLJMQKMBCJMQBCNPMBSAAGgLGLRCEP?B?
W J? ECQRGgL BC NPMBSAAGgL BC A?f? BC ?XjA?P
NMP KCBGM BCJ RP?R?KGCLRM
RPG@SR?PGM C GLACLRGTMQ DGQA?JCQ BCQRGL?BMQ ? J?Q GLBSQRPG?Q W ? J?Q CKNPCQ?Q
GLQR?J?B?QCLCJRCPPGRMPGM
%L CJ CQR?BM BC -?RM 'PMQQM
ASWM @GMK? !K?XgLGAM PCNPCQCLR? CJ BCJ
RCPPGRMPGM
CQR?LBM AMKNJCR?KCLRC GLRCPL?BM CL J? JJ?K?B? |!K?XMLe? ,CE?J}
)"'%
R?K@GbL CVGQRCL NCPQNCARGT?Q BC ?SKCLRM BC J? NPMBSAAGgL BC
A?f? BC ?XjA?P
GKNSJQ?B?Q NMP J? GLDP?CQRPSARSP? NPMNMPAGML?B? NMP JMQ W?
AGR?BMQ ?JAMFMJBSARMQ %J CQR?BM ASCLR? AML SL? FGQRMPG? BC ?EPGASJRSP? W
E?L?BCPe? ? EP?L CQA?J?
NPGLAGN?JKCLRC CL \PC?Q BC Q?@?L?
J?Q AS?JCQ
MASN?L CJ BC QS RCPPGRMPGM %J 'M@GCPLM %QR?R?J W JMQ JCEGQJ?BMPCQ
AMLHSLR?KCLRC AML JMQ ?EPGASJRMPCQ W CJ QCARMP GLBSQRPG?J
F?L BG?JME?BM N?P?
GBCLRGDGA?P CJ NMRCLAG?J BC ASJRGTM BC A?f? BC ?XjA?P CL CJ AMLRCVRM BC J?
JCEGQJ?AGgLDCBCP?J
%VN?LQGgL BC J? A?f? BC ?XjA?P CL J? !K?XMLe? CVNCAR?RGT?Q BCJ QCARMP
NPGT?BMWBCJ?QMAGCB?BAGTGJMPE?LGX?B?
5LMBCJMQ?PESKCLRMQBCJQCARMPNPGT?BMN?P?BCKMQRP?POSCJ?!K?XMLe?
?
NCQ?P BC J?Q BCQTCLR?H?Q
RGCLC AMLBGAGMLCQ N?P? NPMBSAGP A?f? BC ?XjA?P
QC
CLASCLRP? CL CJ KSLGAGNGM BC 0PCQGBCLRC &GESCGPCBM
ACPA? BC J? AGSB?B BC
-?L?MQ %L SL \PC? BC FCAR\PC?Q CQR\L QGCLBM ASJRGT?B?Q MAFM
T?PGCB?BCQBCA?f?
?B?NR?B?Q?J?QAMLBGAGMLCQJMA?JCQ
3CEjL CJ QSNCPGLRCLBCLRC BCJ NPMWCARM
? NCQ?P BC RMB?Q J?Q BGDGASJR?BCQ N?P?
NPMBSAGP A?f? BC ?XjA?P CL J? PCEGgL !K?XgLGA?
CJ NPMWCARM QM@PCTGTC
W?
CLAMLRPg CJ COSGJG@PGM CAMLgKGAMDGL?LAGCPM
W QgJM NPCAGQ? ?KNJG?P QS CQA?J?
N?P??JA?LX?PJ?PCLR?@GJGB?B%JNPMWCARMCQSL?BCJ?QK?WMPCQ?EPMGLBSQRPG?Q
BCJ CQR?BM BC !K?XML?Q
NPMBSARMP?Q BC ?XjA?P
?JAMFMJ W CVRP?ARM BC
ES?P?L\
? N?PRGP BC ASJRGTMQ NPMNGMQ AMKM K?RCPG? NPGK? BC SL AMKNJCHM
GLBSQRPG?J BC D?@PGA?AGgL BC PCDPCQAMQ %L CJ NCPGMBM BC AMQCAF? BC A?f?
QML
.MReAG?QBM-GLGQRbPGM0j@JGAM&CBCP?J!QQCQQMPG?BC#MKSLGA?a_M0PMASP?BMPG?
B?2CNj@JGA?LM!APCFRRNLMRGAG?QNEPKNDEMT@P
,CWCQR?R?JBC0?P\LjKCPM3CAPCR?Pe?%HCASRGT?BC(?AGCLB?BCJ%QR?BM
BC0?P\z,CWLjKCPMBCJBCMARS@PCBC$G\PGM/DGAG?JBM%QR?BMBM
0?P\
&gPSKBC%LRGB?BCQ.?AGML?GQBC$GPCGRMQ(SK?LMQFRRNUUUBGPCGRMQMPE@P
AMLRP?R?BMQRP?@?H?BMPCQ
R?LRMCLJ?SQGL?AMKMN?P?J?AMQCAF?K?LS?J
WKCA\LGA?
0MP MRPM J?BM
J? CVN?LQGgL BCJ ASJRGTM BC A?f? BC ?XjA?P N?P? PCEGMLCQ AML
NMA? M LGLESL? RP?BGAGgL FGQRgPGA? BC ASJRGTM F? ECLCP?BM SL? EP?L NMJbKGA?
CLRPC JMQ PCNPCQCLR?LRCQ BC KMTGKGCLRMQ QMAG?JCQ W ?K@GCLR?JGQR?Q 0MP
CHCKNJM
J?PCEGgLBCJ0?LR?L?JBC-?RM'PMQQM
CLCJ#CLRPMMCQRCBC"P?QGJ
AML QS T?QR? PCB FGBPMEP\DGA? NCPGgBGA?KCLRC GLSLB?B?
F? QGBM M@HCRGTM BC
BC@?RCQCLRPCSL?N?PRCBCJ?QMAGCB?B
OSCBCQ?De?J?A?N?AGB?BBCJ?PCEGgL
N?P? CJ ASJRGTM BC A?f? BC ?XjA?P )LAJSQGTC CJ -GLGQRCPGM BCJ -CBGM !K@GCLRC
PCAMLMAC OSC
? NCQ?P BC JMQ JeKGRCQ ECMEP\DGAMQ W DeQGAMQ NPMNSCQRMQ NMP JMQ
NPMWCARMQ BC GLQR?J?AGMLCQ BC NJ?LR?Q BC ?JAMFMJ CL CJ 0?LR?L?J
J?
NPCQCPT?AGgL BCJ CAMQGQRCK? NSCBC CQR?P CL PGCQEM BC@GBM ? J?Q NMQG@GJGB?BCQ
BCAMLR?KGL?AGgLBCJMQPeMQ
,? BCDGLGAGgL BC SL? XMLGDGA?AGgL ?EPMCAMJgEGA? OSC GLBGOSC J?Q \PC?Q ?NR?Q
N?P?J??EPGASJRSP?CLCJN?eQCQSL?QSLRM@?QR?LRC?ARS?JWBCEP?LGLRCPbQNMP
N?PRCBCJQCARMPNPGT?BM!BCK\QBCJMQNPMWCARMQCLCJLMPRCBC-?RM'PMQQM
W JMQ NJ?LCQ W? KCLAGML?BMQ N?P? J? NPMBSAAGgL BC ?JAMFMJ CL !APC W 0?P\
CVGQRCL BMQ LSCTMQ NPMWCARMQ N?P? JMQ CQR?BMQ BC 2MP?GK? W 2MLBMLG?
CQR?LBM CL SL LGTCJ ?T?LX?BM BC LCEMAG?AGMLCQ N?P? J? AMLQRPSAAGgL BC BMQ
NJ?LR?Q BC CR?LMJ
W AML ?KNJG?Q CVNCAR?RGT?Q BC ECLCP?AGgL BC CKNJCMQ W
KCHMP?QN?P?J?CAMLMKe?JMA?J
%QRC LSCTM AGAJM BCJ CR?LMJ CQR\
NMP JM R?LRM
GKNSJQ?LBM J? CVN?LQGgL BC J?
GLBSQRPG?BC?XjA?PW?JAMFMJK\Q?JJ\BCJCQR?BMBC3?M0?SJM WCJ.MPBCQRC
BC"P?QGJ
PSK@M?J?PCEGgLLMPRCf?BCJN?eQ
MASN?LBMRGCPP?QCLJ?!K?XMLe?
0?P? J?Q /.'oQ
AMKM 'PCCLNC?AC
CJ 'M@GCPLM DCBCP?J CQ AMLRP?BGARMPGM CL
AS?LRM?JRCK?BCJ?QGCK@P?BCA?f?BC?XjA?PCLJ?!K?XMLe? ,?ASCQRGgL
ACLRP?J BCDCLBGB? CQ OSC
CL J? !K?XMLe?
SL? EP?L A?LRGB?B BC RGCPP?Q DSC
MASN?B? BC K?LCP? GJCE?J
QGCLBM J? K?WMPe? CVNJMR?B? AML BMASKCLR?AGgL
D?JQ? !BCK\Q
BGTCPQ?Q \PC?Q QCPe?L CVNJMR?B?Q NMP ?EPGASJRMPCQ OSC LM
ASKNJCLAMLJ?QJCWCQ?K@GCLR?JCQ
0?P?J?QMPE?LGX?AGMLCQ?K@GCLR?JGQR?Q
NCPKGRGPCJASJRGTMBCJ?A?f?BC?XjA?P
CL J? !K?XMLe? QGL SL QGQRCK? OSC NCPKGR? RCLCP SL AMLRPMJ CDCARGTM BC J?
AMQCAF? CQ SL EP?L PGCQEM %J ?T?LAC BC J? A?f? BC ?XjA?P N?P? \PC?Q
DMPCQR?JCQNMBPe?QCPGLKGLCLRC
AMLJ??SQCLAG?BCJEM@GCPLMCLJ?PCEGgL/RPM
BC JMQ ?PESKCLRMQ CQ OSC J? BCDMPCQR?AGgL CL J? !K?XMLe? F? BGQKGLSGBM CL
JMQjJRGKMQRPCQ?fMQ
NPGLAGN?JKCLRCBC@GBM?J?PCBSAAGgLBCJMQNPCAGMQBCJ?
QMW? W BC J? A?PLC @MTGL? CL JMQ KCPA?BMQ CVRCPLMQ %Q BCAGP
AS?LBM F?W
NPCQGMLCQ CAMLgKGA?Q LCE?RGT?Q
J? BCDMPCQR?AGgL RGCLBC ? BGQKGLSGP ,?
!EPMNCAS\PG?*?WMPMUUUH?WMPMAMK@P
-GLGQRCPGMBCJ-CBGM!K@GCLRC@P?QGJCfMFRRNUUUKK?EMT@P
NPCMASN?AGgLCQOSCJ?NPMBSAAGgLBCCR?LMJ?RP?GE?GLTCPQGMLCQCVRP?LHCP?QBC
EP?LBCQKMLRMQ
JMOSCNSCBC?ACJCP?PCJPGRKMBCBCDMPCQR?AGgL
%J PMJ BC J?Q ?QMAG?AGMLCQ W BC J?Q AMMNCP?RGT?Q N?P? J? QMQRCLG@GJGB?B BC JMQ
NCOSCfMQ NPMBSARMPCQ PCAGCLRCKCLRC F? E?L?BM KSAF? GKNMPR?LAG? CL J?Q
PCEGMLCQNPMBSARMP?QQGCLBMQGLCK@?PEMF?QR?CJKMKCLRM
GLCVNPCQGT?CLJ?
!K?XMLe? @P?QGJCf? ,? CVGQRCLAG? BC DSCPX?Q BC AJ?QC MPE?LGX?B?Q NCPKGRC
OSC J?Q LCEMAG?AGMLCQ BC NPCAGM W A?JGB?B BC K?RCPG? NPGK? QC ?HSQRCL ? J?Q
PC?JGB?BCQ BC JMQ NPMTCCBMPCQ
JM OSC RMPL? QS NPMBSAAGgL CAMLgKGA?KCLRC
TG?@JC
5LFCAFMOSCBC@CQCPBCQR?A?BMCLPCJ?AGgL?JMQKMTGKGCLRMQQMAG?JCQOSC
?ARj?L K\Q ?JJ\ BC J?Q DPMLRCP?Q RCPPGRMPG?JCQ QC NPMBSHM CL J? PCEGgL BCJ
0?LR?L?J
OSC DMPK? J? #SCLA? BCJ 0J?R?
CL CJ #CLRPMMCQRC BC "P?QGJ ,?
JMA?JGB?BF?QGBMCQACL?PGMBCSLGLRCLQMBC@?RCCLRPCCJEM@GCPLMCQR?R?JWSL
DMPM N?P? J? BCDCLQ? BCJ 0?LR?L?J QM@PC J? NPMNSCQR? BC A?LACJ?P SL? JCW BC
OSCNPMFG@e?J?GLQR?J?AGgLBCNJ?LR?QBC?JAMFMJCLCJN?LR?L?J@P?QGJCfM
,?#SCLA?BCJ0J?R??@?PA?N?PRCQBC"P?QGJ
5PSES?W
0?P?ES?W W!PECLRGL?
%QR?Q PCBCQ RP?LQL?AGML?JCQ BC KMTGKGCLRMQ QMAG?JCQ @SQA?L NPGLAGN?JKCLRC
SL?PCQRPSARSP?AGgLCQN?AG?JBC!KbPGA?,?RGL?AMKMPCEGgL
CLSLAMLRCVRMCL
CJ AS?J QC GLQGCP?L NPMWCARMQ BC GLRCEP?AGgL N?P? JMQ NSC@JMQ MASN?LRCQ
"PGLECJ&?JCPM
/RP?BCJ?Q?AAGMLCQGKNMPR?LRCQMASPPGgCLK?PXMBC
AS?LBMKSHCPCQBC
J? 6e? #?KNCQGL? MASN?PML J? K?WMP NJ?LR? NPMBSARMP? BC ?JAMFMJ BCJ N?eQ
S@GA?B? CL CJ CQR?BM BC 3?M 0?SJM
J? AS?J ASCLR? AML K?WMPe? BC A?NGR?J
CVRP?LHCPM ,? CJCAAGgL BC CQRC JMA?J N?P? J? K?LGDCQR?AGgL QGK@MJGXg J?
GLQ?RGQD?AAGgL PCQNCARM ? J? CVN?LQGgL BCJ J?RGDSLBGM BC J? A?f? BC ?XjA?P
KMBCJM ?NMW?BM
QCEjL JMQ K?LGDCQR?LRCQ
CL J? CVNJMR?AGgL CVACQGT? BC J?
K?LMBCM@P?WCLJ?BCQRPSAAGgLBCJKCBGM?K@GCLRC
'PCCLNC?AC"P?QGJFRRNUUUEPCCLNC?ACMPE@P?QGJ
!&/#!0)z!QQMAG?a_MBMQ&MPLCACBMPCQBC#?L?BC0GP?AGA?@?
FRRNUUUA?L?AMK@P?DMA?NGFGQRMPGAMFRKJ
&gPSKBC%LRGB?BCQ.?AGML?GQBC$GPCGRMQ(SK?LMQFRRNUUUBGPCGRMQMPE@P
4CALMJMEe?QBCNPMBSAAGgLWNPMACQ?KGCLRMNCPQNCARGT?QN?P?CJCR?LMJCL
J?!K?XMLe?
%J ASJRGTM BC A?f? BC ?XjA?P
?Qe AMKM CJ PCQRM BC J? A?BCL? NPMBSARGT? BC
CR?LMJ
PCNPCQCLR? SL GLRCPCQ?LRC NMRCLAG?J BC NPMBSAAGgL BC CLCPEe? ? QCP
CVNJMP?BMWCJAS?J?jLLMCQ?NPMTCAF?BMRMR?JKCLRC"P?QGJSRGJGX?FMWCLBe?
?NCL?Q SL RCPAGM BC J? A?f? BC ?XjA?P N?P? NPMBSAGP ?JAMFMJ
J? DP?AAGgL
AMKNSCQR?NMPJ?Q?A?PMQ?/RPMRCPAGM
CJ@?E?XM
CQOSCK?BMBCDMPK?NMAM
CDGAGCLRC N?P? ECLCP?P CLCPEe? N?P? J?Q GLBSQRPG?Q BC ?JAMFMJ %J jJRGKM RCPAGM
BCJ?N?H?BCJ?NJ?LR?CQ
CLQSK?WMPe?
OSCK?BMCLCJA?KNMN?P?D?AGJGR?PJ?
AMQCAF?
#ML J? KCA?LGX?AGgL BC J? AMQCAF? BC J? A?f? BC ?XjA?P QCP\ NMQG@JC CJ LM
OSCK?P J? N?H? W RP?LQNMPR?P NMP JM KCLMQ CJ BC bQR? F?AG? J?Q SQGL?Q
QGCLBM BCH?B? CL CJ A?KNM SL? N?PRC N?P? J? NPMRCAAGgL W PCAGAJ?HC BC JMQ
LSRPGCLRCQBCJQSCJM%JCVACBCLRC
CJ@?E?XMWJ?N?H?
AMKNMLCLSLK?RCPG?J
JGELMACJSJgQGAM
OSC?RP?TbQBCJNPMACQMBCFGBPgJGQGQNSCBCQCPAMLTCPRGBMCL
?JAMFMJ%QRMBCKSCQRP?MRPMCLDMOSCN?P?CJ?NPMTCAF?KGCLRMBCJ@?E?XMBC
J? A?f?
CJ AS?J ?ARS?JKCLRC CQ SRGJGX?BM CL RCPKMCJbARPGA?Q AMKM @GMK?Q?
AMK@SQRG@JCN?P?J?ECLCP?AGgLBCCJCARPGAGB?B +?KKCR?J
0?P? CJ ?T?LAC RCALMJgEGAM BC J? NPMBSAAGgL BC CR?LMJ
CJ )LQRGRSRM BC
)LTCQRGE?AGMLCQ 4CALMJgEGA?Q )04
GLGAGg CL CJ ?fM BC@?RCQ QM@PC CJ
BCQ?PPMJJMBCJ?FGBPgJGQGQ
SL?RCALMJMEe?OSCSRGJGX?CJ@?E?XMBCJ?A?f?N?P?
K?VGKGX?P J? NPMBSAAGgL BC CR?LMJ %QR? RCALMJMEe? NSCBC QCP BC BMQ RGNMQ
FGBPgJGQGQ\AGB?MFGBPgJGQGQCLXGK\RGA?,?NPGKCP?W?QCCLASCLRP?DSLAGML?LBM
CL SL NPMWCARM NGJMRM BC SLM BC JMQ K?WMPCQ EPSNMQ GLRCPL?AGML?JCQ BC
COSGN?KGCLRM N?P? CJ QCARMP BCJ ?JAMFMJ W ?XjA?P 0MP QS N?PRC
J? FGBPgJGQGQ
CLXGK\RGA? ?jL LM JJCE? ? J? CR?N? BC AMKCPAG?JGX?AGgL ? AMPRM NJ?XM 0CPMXXG
,WLBCR?J
!BCK\QBCJMQNPMACQMQBCFGBPgJGQGQ
CVGQRCLMRP?QBMQDMPK?QBC?SKCLR?PJ?
NPMBSAAGgL
QGL LCACQGB?B BC ?SKCLR?P J? QSNCPDGAGC NJ?LR?B? ,? NPGKCP? CQ
NMPKCBGMBCJKCHMP?KGCLRMECLbRGAM
NCPKGRGCLBMT?PGCB?BCQK\QNPMBSARGT?Q
JM OSC NMQG@GJGR?Pe? SL ?SKCLRM BC J? NPMBSARGTGB?B ?EPeAMJ? W BC J?
AMLACLRP?AGgLBC?XjA?PCLJ?A?f?)LAJSQMJ?QT?PGCB?BCQRP?LQEbLGA?QCQR\L
QGCLBM GLTCQRGE?B?Q
?SLOSC ?jL LCACQGR?L SL? ?SRMPGX?AGgL JCE?J N?P? QS
ASJRGTMCL"P?QGJ
,? QCESLB? DMPK? BC ?SKCLR?P J? NPMBSAAGgL CQ J? AMK@GL?AGgL BC SL?
?BCAS?B? CJCAAGgL BC T?PGCB?BCQ ?NPMNG?B?Q N?P? A?B? RGNM BC QSCJM W BC
AJGK?
AMLJ?KCHMP?BCJ?QRbALGA?QBCK?LCHMWNP\ARGA?QASJRSP?JCQ
AMKMCJ
AMK@?RC?J?QNJ?E?QWCLDCPKCB?BCQ
W
CTCLRS?JKCLRCJ?SRGJGX?AGgLBCJPGCEM
0PMEP?K?BC-CJFMP?KCLRM'CLbRGAMB?#?L?BC?ajA?Pz5LGTCPQGB?BC&CBCP?JBC
3_M#?PJMQ
30FRRNNKEA?B@TAA?SDQA?P@P
W DCPRGJGX?AGgL .M F?W F?QR? CJ KMKCLRM T?PGCB?BCQ CQNCAG?JKCLRC
BCQ?PPMJJ?B?QN?P?J?QAMLBGAGMLCQ?K?XgLGA?Q
,?ASCQRGgLBCJ?SRGJGX?AGgLBCT?PGCB?BCQBCA?f?BC?XjA?P?NPMNG?B?QCQSL
RCK?CLBGQASQGgL
NMPCHCKNJM
CLSLNPMWCARMBCGKNJ?LR?AGgLBCASJRGTMQBC
A?f?AMLJ?DGL?JGB?BBCJ?NPMBSAAGgLBCCR?LMJCLCJCQR?BMBC!APC%LCQRC
NPMWCARM
J? CR?N? GLGAG?J BC BCQ?PPMJJM BC JMQ NJ?LRMLCQ CQ AMLQGBCP?B? SL?
CR?N? AMKNJGA?B? !ARS?JKCLRC J?Q NJ\LRSJ?Q CL R?JJMQ N?P? J? NPMN?E?AGgL
TCECR?RGT?
QML RP?eB?Q BC MRP?Q PCEGMLCQ BCJ N?eQ OSC NMQCCL AMLBGAGMLCQ
AJGK\RGA?QWCB\DGA?QCLECLCP?JBGDCPCLRCQ?J?QOSCQCCLASCLRP?LCLCJ@GMK?
!K?XgLGAM &SCPML GKNJ?LR?B?Q T?PGCB?BCQ W CJ ?AMKN?f?KGCLRM BC QS
BCQ?PPMJJM W J?Q A?P?ARCPeQRGA?Q DeQGAMOSeKGA?Q BC J? A?f? NPMBSAGB? N?P? J?
M@RCLAGgL BC CR?LMJ QCP\L APSAG?JCQ N?P? J? CVNCPGKCLR?AGgL PCQNCARM ? J?
KCHMPMNAGgL
%L JM PCDCPCLRC ? J?Q RCALMJMEe?Q BC ASJRGTM
J? NPGLAGN?J BGDGASJR?B N?P? J?
NPMBSARGTGB?B BC J? A?f? BC ?XjA?P CL CJ ?K@GCLRC ?K?XgLGAM N?PCAC CQR?P
PCJ?AGML?B??J?AMLACLRP?AGgLBC?XjA?P
K\QCQNCAeDGA?KCLRCBCJ?Q?A?PMQ?
CL J? NJ?LR? ,?Q ?JR?Q NPCAGNGR?AGMLCQ RGCLBCL ? BGQKGLSGP J? AMLACLRP?AGgL BC
JMQ QgJGBMQ QMJS@JCQ RMR?JCQ
JM AS?J AMLBSAC ? SL KCLMP NMRCLAG?J BC
NPMBSAAGgLBCCR?LMJ !QQGQCR?J
%LNJ?LR?AGMLCQBCA?f?GPPGE?B?
?jL
J?QSQNCLQGgLBCJPGCEMCLJMQBe?QNPCTGMQ?J?AMQCAF?CQQSECPGB?AMKMSL
KbRMBMN?P??SKCLR?PJ?AMLACLRP?AGgLBCQ?A?PMQ?CLJ?QNJ?LR?Q $MMPCL@MQ
+?QQ?L
,? ?BMNAGgL BC NP\ARGA?Q BC K?LCHM BC AMQCAF?
R?JCQ AMKM CJ QGQRCK? BC
NJ?LR?AGgL BGPCAR? QSQRGRSWCLBM CJ QGQRCK? AMLTCLAGML?J W J? AMQCAF? BC A?f?
BC ?XjA?P KCA?LGX?B? CL JSE?P BC J? AMQCAF? AML J? OSCK? BC N?H?
AMLRPG@SWCL HSLR?Q ? SL? KGRGE?AGgL QGELGDGA?RGT? BC J?Q CKGQGMLCQ BC A?P@MLM
CLJ??RKgQDCP?
!N?PCLRCKCLRC
CJQGQRCK?BCNJ?LReMBGPCARMCLCJASJRGTMBCA?f?BC?XjA?PCQ
K\Q CDGAGCLRC CL PCJ?AGgL ?J QCASCQRPM BC A?P@MLM OSC CJ QGQRCK? BC AMQCAF?
QGL OSCK?P J? N?H? #?KNMQ
3GL CK@?PEM
RP?R\LBMQC BC N?eQCQ CL
BCQ?PPMJJMAMKM"P?QGJ
QCBC@CQCf?J?POSCJ??BMNAGgLBCBGDCPCLRCQNP\ARGA?Q
BCK?LCHMOSCD?TMPCXA?L?J?AMQCAF?KCA?LGX?B?BC@CAMLQGBCP?PR?K@GbL
NPM@JCK?Q QMAG?JCQ AMKM CJ BCQCKNJCM
NPGLAGN?JKCLRC BC K?LM BC M@P? LM
CQNCAG?JGX?B?3CCQRGK?OSCQMJ?KCLRCCLCJCQR?BMBC3?M0?SJM
CJK?WMP
NPMBSARMPL?AGML?J
CVGQRCLKGJAMPR?BMPCQBCA?f?
0MP MRPM J?BM
J?Q AMLBGAGMLCQ BC RP?@?HM BC AMPRC K?LS?J BC A?f? BC ?XjA?P
QMLAMLQGBCP?B?Q?PBS?Q
AMLJ?CVNMQGAGgL?CJCT?B?QRCKNCP?RSP?Q
CQDSCPXM
DeQGAM GLRCLQM
J?PE?Q HMPL?B?Q BC RP?@?HM
CRA 2MAF? CR ?J
4?JCQ
%-"2!0!!EPMCLCPEe?FRRNUUUALN?CCK@P?N?@P
5.)#!z5LGgLBCJ?!EPMGLBSQRPG?BCA?f?BC?XjA?PBC3_M0?SJM
FRRNUUUSLGA?AMK@P
NPM@JCK?Q
CL RCMPe?
NMBPe?L QCP ?RCLS?BMQ M N?PAG?JKCLRC QMJSAGML?BMQ NMP
KCBGMBCGLTCPQGMLCQCLNPMEP?K?QBCA?N?AGR?AGgL
SRGJGX\LBMQCN?PRCBCJMQ
PCASPQMQ DGL?LAGCPMQ NPMTCLGCLRCQ BC JMQ N?eQCQ BCQ?PPMJJ?BMQ ? RP?TbQ BCJ
-CA?LGQKMBC$CQ?PPMJJM,GKNGMQSQAPGRMCLCJ0PMRMAMJMBC+WMRM
%L J? NPMBSAAGgL GLBSQRPG?J BC CR?LMJ
JMQ COSGNMQ BC J?Q SQGL?Q W BCQRGJCPe?Q
R?JCQAMKMKMJGLMQWR?LOSCQBC?JK?ACL?KGCLRM
QCBCQRGL?LCVAJSQGT?KCLRC
N?P? J? NPMBSAAGgL BC ?JAMFMJ ? N?PRGP BC J? A?f?
QGCLBM BGDeAGJKCLRC
?NPMTCAF?BMQCLMRP?Q?ARGTGB?BCQ
JMOSCQS@P?W?J?GKNMPR?LAG?BCCQRSBGMQ
BCKCPA?BMNPCTGMQ?J?GLTCPQGgL
-CPA?BMQ
5L? CQNCAGDGAGB?B BC KCPA?BM
OSC BC@C QCP RMK?B? CL ASCLR? CL J?
NPMBSAAGgL GLBSQRPG?J BC CR?LMJ
CQ OSC CJ KGQKM ?jL LM DSLAGML? AMKM SL
AMKKMBGRW NPMBSAGBM GLRCPL?AGML?JKCLRC
CL OSC SL CTCLRS?J CVACQM BC J?
BCK?LB?GLRCPL?NSCB?D\AGJKCLRCQCPQSKGLGQRP?B?NMPCJKCPA?BMCVRCPLM,?
BCK?LB?BCCR?LMJQCCLASCLRP?CQRPCAF?KCLRCPCJ?AGML?B??JCVGQRCLRCQRMAI
BCTCFeASJMQOSCDSLAGML?LAML?JAMFMJWCLJ?NPMNMPAGgLCLJ?OSCCJ?JAMFMJ
?LFGBPMCQSRGJGX?BMAMKM?BGRGTMM@JGE?RMPGMCLJ?E?QMJGL?OSCQCPCOSGCPCNMP
JCW CL "P?QGJ #?@C QCf?J?P OSC J? NPMNMPAGgL BC ?SRMQ OSC SRGJGX?L
@GMAMK@SQRG@JCQ F? ?SKCLR?BM CL CJ N?eQ
W OSC J? MNAGgL BC SRGJGX?P CR?LMJ
AMKMPCCKNJ?XMBCJ?E?QMJGL?BCNCLBCNPGLAGN?JKCLRCBCJ?DJSARS?AGgLBCJMQ
NPCAGMQ GLRCPL?AGML?JCQ BCJ @?PPGJ BC NCRPgJCM %L CJ
CJ BC JMQ
TCFeASJMQD?@PGA?BMQCL"P?QGJDSCPMLBCAMK@SQRG@JCDJCVG@JC
JMOSCPCNPCQCLRg
SL?SKCLRMBCA?QGTCACQCLJ?NPMBSAAGgLBCCQRCRGNMBCTCFeASJMQBCQBC
CJGLGAGMBCQSD?@PGA?AGgLCL"P?QGJCLCJ !.&!6%!
0MPMRPMJ?BM
AGCLReDGAMQ
AMKMCJDeQGAM*MQb'MJBCK@CPE
BCDGCLBCLJ?RCQGQBCOSCCJCR?LMJ
QC NSCBC RP?LQDMPK?P CL SL AMKKMBGRW EJM@?J
BC@GBM ? QS APCAGCLRC
GKNMPR?LAG?CQRP?RbEGA?CLJ?K?RPGXCLCPEbRGA?KSLBG?J
,?MDCPR?WJ?BCK?LB?BCJ?JAMFMJBCNCLBCLR?K@GbLBCJ?PCJ?AGgLCLRPCJMQ
NPCAGMQ BC J? E?QMJGL? W BCJ ?JAMFMJ #ML CJ ?SKCLRM BCJ NPCAGM BCJ NCRPgJCM
F?W CVACQM BC BCK?LB? BC ?JAMFMJ
OSC CQ R?K@GbL SRGJGX?BM AMKM
AMK@SQRG@JC CVAJSQGTM CL QSQRGRSAGgL ? J? KCXAJ? CLRPC E?QMJGL? W ?JAMFMJ %Q
BCAGP
CJ CR?LMJ CQ AMLQSKGBM CL "P?QGJ NMP ?SRMQ AML KMRMPCQ KMTGBMQ ?
?JAMFMJ
CL ?SRMQ AML KMRMPCQ &JCV
OSC DSLAGML?L AML AMKNMQGAGMLCQ
T?PG?@JCQ CLRPC ?JAMFMJ W E?QMJGL? W CL ?SRMQ KMTGBMQ ? E?QMJGL?
OSC SRGJGX?L
SL?NPMNMPAGgLM@JGE?RMPG?BCBC?JAMFMJ
!.0z!ECLAG?.?AGML?JBC0CRPgJCM
'?Q.?RSP?JW"GMAMK@SQRG@JCQ
FRRNUUU?LNEMT@P
,CWDCBCP?JLjKCPM
BCJBCK?WMBC2CQMJSAGgLLrBCJ?!.0
BCJ
%L J? QGESGCLRC DGESP? QC NSCBC ?NPCAG?P OSC JMQ NPCAGMQ BC PCTCLR? NPMKCBGM
BCE?QMJGL?T?Pe?LCLRPC
W
PC?JCQNMPJGRPM
WOSCJMQBCJ?JAMFMJCQR\L
CLRPC
W
PC?JCQ NMP JGRPM CL J?Q PCEGMLCQ @P?QGJCf?Q $SP?LRC RMBM CJ
NCPGMBM ?L?JGX?BM
BC K?PXM ? ?EMQRM BC
JMQ NPCAGMQ NCPK?LCAGCPML
NP\ARGA?KCLRCCQR?@JCQ
AMLCVACNAGgLBCJMQNPCAGMQBCJCR?LMJFGBP?R?BMCLJ?
PCEGgL LMPBCQRC BC "P?QGJ
QGKGJ?PCQ ? JMQ NPCAGMQ NP?ARGA?BMQ CL HSJGM?EMQRM
PCNPCQCLR?BMQCLJ?DGESP?
&GESP? 0PCAGMQ NPMKCBGMQ KCLQS?JCQ BC PCTCLR? BC E?QMJGL? AMKjL W
?JAMFMJFGBP?R?BMNMPPCEGMLCQBC"P?QGJCLRPCHSJGMW?EMQRMBC
&SCLRC!ECLAG?.?AGML?JBC0CRPgJCM !.0
!L\JGQGQBCNPCAGMQFRRNUUU?LNEMT@P
%L CDCARM
J? A?f? BC ?XjA?P N?P? J? NPMBSAAGgL BC CR?LMJ CQ AMLQGBCP?B?
DSLB?KCLR?JCLJ??ECLB??EPeAMJ?@P?QGJCf?,?NPMBSAAGgLCL"P?QGJRGCLCSL?
RCLBCLAG??APCACPN?P?Q?RGQD?ACPJ?BCK?LB?BC%QR?BMQ5LGBMQ!GLGAGMQBCJ
CJ EM@GCPLM LMPRC?KCPGA?LM ?LSLAGg OSC RCLe? SL EP?L GLRCPbQ CL CJ
NPMBSARM@P?QGJCfM
NPCRCLBGCLBMCJCT?PJ?BCK?LB?GLRCPL?BCCR?LMJ?KGJ
KGJJMLCQBCE?JMLCQNMP?fMN?P?CJ
&SCLRC!B?NR?BMBC&/,GAFR W3?T?GIM
,?Q NPMWCAAGMLCQ N?P? CJ ?fM ?NSLR?L ? OSC JMQ NPGLAGN?JCQ N?eQCQ
NPMBSARMPCQ BC CR?LMJ AMLRGLS?P\L QGCLBM %QR?BMQ 5LGBMQ W "P?QGJ &/ ,GAFR
-GCLRP?QOSCCL%QR?BMQ5LGBMQJ?NPMBSAAGgLBCCR?LMJQCCLASCLRP?
AMLACLRP?B?CLCJK?eX
RMB?J?NPMBSAAGgLCL"P?QGJQCJJCT??A?@M?N?PRGPBC
J?A?f?BC?XjA?P3?T?GIM
CQRGK?N?P?CJ?fMOSC"P?QGJ
%QR?BMQ
5LGBMQ W J? 5LGgL %SPMNC? QCP\L JMQ K?WMPCQ NPMBSARMPCQ KSLBG?JCQ BC
CR?LMJWOSC%QR?BMQ5LGBMQ
"P?QGJWJ?5LGgL%SPMNC?PCQNCARGT?KCLRCQCP\L
JMQK?WMPCQAMLQSKGBMPCQ
!LGTCJDCBCP?J
CJEM@GCPLMQCf?J?OSCMDPCACP\CVCLAGMLCQBCJMQGKNSCQRMQM
AMLRPG@SAGMLCQN?P?J?NJ?LR?AGgLBCA?f?BC?XjA?P
AMKMMASPPGgAMLCJA?QM
BCJ @GMBGCQCJ NPMACBCLRC BC J? NPMBSAAGgL D?KGJG?P BC QCKGJJ?Q BC PGAGLM %J
EM@GCPLM R?K@GbL QCf?J?
?SLOSC LM CVGQRCL T?JMPCQ BCDGLGBMQ
OSC F?@P\L
GLACLRGTMQ DGQA?JCQ
AMKM SL ?BGAGML?J ?J APbBGRM PSP?J MDGAG?J N?P? JMQ
NPMBSARMPCQ OSC JC BCL NPCDCPCLAG? ? J?Q NJ?LR?AGMLCQ BC A?f? BC ?XjA?P CL
\PC?QN?QRMP?JCQBCEP?B?B?Q
QSQRGRSWCLBMJ?E?L?BCPe?CVRCLQGT?KCBG?LRCCJ
?PPCLB?KGCLRMBCRGCPP?QN?P?SQGL?QBCA?f?
%J KCA?LGQKM BC QSQRGRSAGgL BCJ KCPA?BM W? QC TGCLC JJCT?LBM ? A?@M CL J?Q
BCK\QPCEGMLCQBC"P?QGJ )"'%
0MPCHCKNJM
CLJ?PCEGgL#CLRPMMCQRC
CVGQRCL A?QMQ BC E?L?BCPMQ OSC CQR\L ?@?LBML?LBM J? APG?LX? @MTGL? W
QSQRGRSWbLBMJ?NMPCJASJRGTMBCA?f?BC?XjA?PN?P?J?NPMBSAAGgLBC?JAMFMJ
%LPCJ?AGgL?J?Q\PC?QQCK@P?B?Q
CLRMBM"P?QGJCJASJRGTMBCA?f?BC?XjA?P
QC CQR\ CVN?LBGCLBM $C ?ASCPBM AML CJ )LDMPKC BC 0PMBSAAGgL !EPeAMJ? BCJ
)LQRGRSRM@P?QGJCfMBC'CMEP?De?W%QR?BeQRGA?z)"'%
CLCJCJASJRGTMBC
A?f? BC ?XjA?P APCAGg CL SL CL PCJ?AGgL ?J ?fM ?LRCPGMP %QRC APCAGKGCLRM
CQ CJ PCQSJR?BM BC J? ?N?PGAGgL BC LSCT?Q \PC?Q NJ?LR?B?Q %J CQR?BM BC 3?M
0?SJM
CL BMLBC J? NPMBSAAGgL BC A?f? BC ?XjA?P CQ K\Q GKNMPR?LRC
PCNPCQCLR? ACPA? BCJ BC J? NPMBSAAGgL L?AGML?J 3CEjL CJ GLDMPKC
CL CJ
CJNPMLgQRGAMBCAPCAGKGCLRMBC3?M0?SJMCP?BC
CLPCJ?AGgL?J?fM
?LRCPGMP%QRCGLAPCKCLRMQCHSQRGDGA?
QM@PCRMBM
AMLCJAMLQSKMGLRCPLMWJ?Q
3"0#z3MAGCB?BC"P?QGJCGP?N?P?M0PMEPCQQMB?#GdLAG?*MPL?JB?#GdLAG?
QCR
FRRNUUUQ@NALCRMPE@P
#MK#GdLAG?z2CTGQR?%JCRPhLGA?BC*MPL?JGQKM#GCLReDGAM3"0#!LBPb'?PBGLG
.MT?Q&PMLRCGP?Q!EPeAMJ?QB?#?L?FRRNUUUAMKAGCLAG?@P
CVNCAR?RGT?Q BC APCAGKGCLRM BC J? BCK?LB? BC JMQ QS@NPMBSARMQ BC A?f? BC
?XjA?PCLCJKCPA?BMKSLBG?J
CLCQNCAG?JBCCR?LMJ
%QNCAG?JKCLRC CL JMQ jJRGKMQ ?fMQ
CJ ASJRGTM BC A?f? BC ?XjA?P CQ
AMLQGBCP?BMAMKMSL??JRCPL?RGT?CLJ?PCEGgL?K?XgLGA?
AMLNMQG@GJGB?BCQBC
CVN?LQGgL BCJ \PC? NJ?LR?B? QGL CK@?PEM
CVGQRC SL RCK? NMJbKGAM CLRPC JMQ
?K@GCLR?JGQR?Q
JMQ NPMBSARMPCQ W CJ EM@GCPLM %L CJ CQR?BM BC 2MP?GK? QC
NPCBGHMOSCCLCJQCF?@Pe?LAMLQMJGB?BMNMPJMKCLMQFCAR\PC?QBC
A?f?BC?XjA?P0?P??RP?CP?JMQGLTCPQGMLGQR?Q
CJEM@GCPLMQC@?QgCLJ?JCW
CQR?R?J
OSC BGQNMLC BC GLACLRGTMQ DGQA?JCQ N?P? JMQ CKNPCLBGKGCLRMQ
?EPMNCAS?PGMQ
R?JCQAMKMBCQASCLRMQCLJ?CJCARPGAGB?BCGKNSCQRMQ
%L J?Q PCEGMLCQ CL BMLBC CVGQR?L KSAFMQ NPMTCCBMPCQ BC A?f? BC ?XjA?P W
QgJM SL? NJ?LR? GLBSQRPG?J
SL jLGAM AMKNP?BMP NSCBC CHCPACP QS NMBCP CL CJ
KCPA?BMKCBG?LRCCJN?EMK\Q@?HMNMPJ?A?f?BC?XjA?POSCJMQNPCAGMQBC
SL KCPA?BM CL BMLBC CVGQR? AMKNCRCLAG?
BC@GBM ? OSC CJ NPMTCCBMP LM
RCLBPe?MRP?MNAGgLN?P?TCLBCPQSNPMBSARM5L?TCXOSCJ?A?f?BC?XjA?P
QC RP?QJ?B? ? J?Q NJ?LR?Q LM CVGQRCL J?Q NMQG@GJGB?BCQ BC SQMQ ?JRCPL?RGTMQ
QGCLBMQSASJRGTMTG?@JCQgJMQGCVGQRCSL?E?P?LRe?N?P?JMQNPMTCCBMPCQBCOSC
QCP\LA?N?ACQBCCLRPCE?PCJNPMBSARM?SLNPCAGMOSCJMQPCKSLCPCBCDMPK?
?BCAS?B?
3CBC@CLAMLQGBCP?PSL?QCPGCBCD?ARMPCQAS?LBMQCAMKN?P?LJMQKCPA?BMQ
BCJMQNPMBSARMQDGL?JCQBCJ?RP?LQDMPK?AGgLBCA?f?BC?XjA?P
W?QC??JAMFMJ
M ?XjA?P
CLRPC CJJMQ
JMQ NPCAGMQ W J? BCK?LB? BC JMQ NPMBSARMQ CL JMQ
KCPA?BMQ CVRCPLMQ C GLRCPLMQ 0?P? CJ NJ?LC?KGCLRM BC J? NJ?LR?AGgL BC J?
AMQCAF?
JMQNPMBSARMPCQCLECLCP?JCQAMECLSL?KCXAJ?BCNPMBSAAGgLCLRPC
?XjA?P W ?JAMFMJ
CQ BCAGP
CJ NMPACLR?HC CVRP?eBM BC ?XjA?PCQ BC J? A?f? OSC
QCP\BCQRGL?BM?J?NPMBSAAGgLBCJMQBMQBCPGT?BMQ!N?PRGPBCCQR?NPCKGQ?
CQ K\Q L?RSP?J OSC JMQ NPCAGMQ BC ?XjA?P W CJ ?JAMFMJ CQRbL TGLASJ?BMQ
NPGLAGN?JKCLRCCLCJKCPA?BMGLRCPLM
4?K@GbL QC BC@C BCQR?A?P OSC "P?QGJ CQ CJ K?WMP NPMBSARMP W CVNMPR?BMP
KSLBG?J BC ?XjA?P
QGCLBM 2SQG? CJ K?WMP GKNMPR?BMP %L J? AMQCAF? BC
CJ ?JAMFMJ PCKSLCPg KCHMP ? J?Q SQGL?Q OSC CJ ?XjA?P CL
?NPMVGK?B?KCLRC SL %QR? TCLR?H? BCJ ?JAMFMJ QM@PC CJ COSGJG@PGM
CAMLgKGAM BC J? AMQCAF? LM MASPPe? BCQBC J? BbA?B? BC JMQ
bNMA? BCJ
NPMEP?K?ES@CPL?KCLR?JBCGLACLRGTMQ0PM?JAMFMJWPCDJCH?J?DSCPRCA?eB?BC
JMQ NPCAGMQ BCJ ?XjA?P CL CJ jJRGKM ?fM
BC@GBM ?J QSNCP\TGR BC J? NPMBSAAGgL
EJM@?J
'M@GCPLMBCJ%QR?BMBC2MP?GK?FRRNUUUPPEMT@P
-GLGQRCPGMBCJ$CQ?PPMJJM
)LBSQRPG?W#MKCPAGM%VRCPGMPBC"P?QGJz3%#%8z
3CAPCR?Pe?BC#MKCPAGM%VRCPGMPz)LBGA?BMPCQW%QR?BeQRGA?QBC#MKCPAGM%VRCPGMPz
CLCPMMARS@PCz
%J DSRSPM NPgVGKM BCJ KCPA?BM GLRCPL?AGML?J BC CR?LMJ QC CLASCLRP? CL SL
KMKCLRM BC GLRCLQMQ BC@?RCQ 5L AMKGRb BC J? 5LGgL %SPMNC? F? QGBM
CQNCAG?JKCLRC APC?BM N?P? CQR?@JCACP SL QGQRCK? BC ACPRGDGA?AGgL OSC
GKNMLBP\AMLBGAGMLCQN?P?CJCR?LMJOSCQC?AMKCPAG?JGX?BM!JESLMQNMJeRGAMQ
GLAJSQMQSEGCPCLOSCJMQAPGRCPGMQQMAG?JCQ
J?QLMPK?QBCRP?@?HMWJ?SRGJGX?AGgL
BC JMQ PCASPQMQ FeBPGAMQ QC?L ?L?JGX?BMQ ,? NMQGAGgL MDGAG?J BCJ EM@GCPLM
@P?QGJCfMQCCLASCLRP?CLJ?NMQRSP?BCLM?ACNR?P@?PPCP?Q?@SQGT?Q
GLAJSQM
AML PCDCPCLAG? ? JMQ RPG@SL?JCQ BC J? /PE?LGX?AGgL -SLBG?J BCJ #MKCPAGM
/-#
CL A?QM QC NPSC@C CJ B?fM CAMLgKGAM /RPM BC@?RC CQ QM@PC J?
NPMNSCQR? BCJ -GLGQRCPGM BC 2CJ?AGMLCQ %VRCPGMPCQ BC "P?QGJ BC OSC CJ CR?LMJ
GLEPCQC?J?JGQR?BC@GCLCQ?K@GCLR?JCQ
JMAS?JGKNJGA?Pe?J?CJGKGL?AGgLBCJMQ
?P?LACJCQBCGKNMPR?AGgLCLRMBMCJKSLBM
?JEMOSCJ?/-#PCAF?X?%LCQR?
JGQR? BC AGCLRMQ BC NPMBSARMQ GBCLRGDGA?BMQ NMP JMQ N?eQCQ PGAMQ AMKM @GCLCQ
?K@GCLR?JCQ
CLRPC CJJMQ J? CLCPEe? QMJ?P W J?Q RCALMJMEe?Q N?P? CJ RP?R?KGCLRM
BCJ ?ES?
CJ CR?LMJ CQ J? jLGA? CLCPEe? PCLMT?@JC OSC ?jL LM QC CLASCLRP?
GLAJSGB?
%L K?PXM BC QC DGPKg SL ?ASCPBM BC AMMNCP?AGgL QM@PC CJ CR?LMJ CLRPC
"P?QGJ W %QR?BMQ 5LGBMQ %L JeLC?Q ECLCP?JCQ
CJ ?ASCPBM QC CLDMA? CL CJ
BCQ?PPMJJM BC RCALMJMEe?Q N?P? J? M@RCLAGgL BC CR?LMJ
QGL ?DCAR?P ? JMQ
QSKGLGQRPMQ BC ?JGKCLRMQ
M A?SQ?P B?fMQ CL JMQ @MQOSCQ RPMNGA?JCQ 4?K@GbL
NCPKGRC J?Q AMMPBGL?AGMLCQ CLRPC CQRMQ N?eQCQ
CL PCJ?AGgL ?J CQR?@JCAGKGCLRM
BC LMPK?Q GLRCPL?AGML?JCQ W BC RCALMJMEe?Q DeQGAMOSeKGA?Q N?P? JMQ
@GMAMK@SQRG@JCQ
D?AGJGR?LBM QS AMKCPAG?JGX?AGgL CL JMQ KCPA?BMQ
GLRCPL?AGML?JCQ %J ?ASCPBM DGPK?BM R?K@GbL NPMNMLC OSC "P?QGJ W %QR?BMQ
5LGBMQ
OSC ?ASKSJ?L EP?L N?PRC BC J? NPMBSAAGgL KSLBG?J BC CR?LMJ
NPMKSCT?L QS NPMBSAAGgL CL N?eQCQ BC !KbPGA? #CLRP?J W CJ #?PG@C
N?P?
NMBCPPCQNMLBCP?J?APCAGCLRCBCK?LB?KSLBG?J
,MQ ?ASCPBMQ GLRCPL?AGML?JCQ QM@PC J? SRGJGX?AGgL BC CR?LMJ AMKM AMK@SQRG@JC
QML N?PRGASJ?PKCLRC GKNMPR?LRCQ CL AS?LRM ?J ?L\JGQGQ BC J?Q JCWCQ BC T?PGMQ
N?eQCQ OSC PCAMKGCLB?L SL? KCXAJ? A?B? TCX K?WMP BC AMK@SQRG@JC
PCLMT?@JC
AMKMCJ?ACGRCTCECR?JWCJ?JAMFMJ?J?ACGRCBGCQCJW?J?E?QMJGL?
%LRPCCQRMQN?eQCQ
QCBCQR?A?LAMKMJMQK\QGLRCPCQ?BMQ!JCK?LG?
*?NgLW
%QR?BMQ5LGBMQ%L"P?QGJ
QCCVGEC?ARS?JKCLRCCJBCKCXAJ?BC?JAMFMJW
E?QMJGL?,?5LGgL%SPMNC?CVGECSLNMPACLR?HCBC
N?P?CJ*?NgL
W?GLQRGRSWgBCJ?KCXAJ?TMJSLR?PG?WNPCRCLBCGLQRGRSGPJ?KCXAJ?M@JGE?RMPG?
%QR?BMQ 5LGBMQ CVGEC F?QR? CJ CL ?JESLMQ CQR?BMQ ,MQ BCK\Q N?eQCQ
R?JCQAMKMJ?)LBG?W#FGL?
R?K@GbLCVGECLKCXAJ?Q,?)LBG?@SQA?CQR?@JCACP
SLKMBCJMN?PCAGBM?J@P?QGJCfM
CLRPCCJWCJ
KGCLRP?QOSCCL#FGL?
QC NPCQCLR?L T?PG?Q KCXAJ?Q NMPACLRS?JCQ
JJCE?LBM F?QR? ?J 0?SJGJJM CR
?J
$G?PGM|/%QR?BMBC3_M0?SJM}%AMLMKG?C.CEgAGMQ"P?QGJNPCQQGML?
?/-#NCJMCR?LMJ
,?A?f?BC?XjA?PR?K@GbLASCLR?AMLSL?BGAGML?JQGELGDGA?RGTMPCQNCARM?J?Q
NMQG@GJGB?BCQ CLCPEbRGA?Q $C J? @GMK?Q? BC J? NJ?LR?
ACPA? BC SL RCPAGM QC
RP?LQDMPK? CL ?JAMFMJ W ?XjA?P
KGCLRP?Q OSC BMQ RCPAGMQ AMPPCQNMLBCL ?J
@?E?XM
SLQS@NPMBSARMBCJNPMACQ?KGCLRMGLBSQRPG?J
W?J?N?H?BCJTCECR?J%J
@?E?XM CQ SRGJGX?BM CL EP?L CQA?J? AMKM AMK@SQRG@JC N?P? J? ECLCP?AGgL BC
CLCPEe?CLRCPKMCJbARPGA?Q
JMOSCR?K@GbLGKNJGA?SL??JRCPL?RGT??J?OSCK?
BCAMK@SQRG@JCQDgQGJCQ
,? K?WMPe? BC J?Q NJ?LR?Q QML ?SRMQSDGAGCLRCQ PCQNCARM ? J? NPMBSAAGgL W CJ
AMLQSKMBCCLCPEe?CJbARPGA?
QGCLBMAMKjLJ?TCLR?BCJCVACBCLRCECLCP?BM
CLJ?QRCPKMCJbARPGA?QOSCOSCK?LCJ@?E?XMBCJ?A?f?%J@?J?LACCLCPEbRGAM
LCRM AMLQGBCP? J? CLCPEe? LCACQ?PG? N?P? J? NPMBSAAGgL BC J? AMQCAF? W J?
CLCPEe?CVGEGB?N?P?CJNPMACQ?KGCLRM
PCQR\LBMQCJ?A?LRGB?BBCCLCPEe?OSC
CQECLCP?B?CLCJNPMACQM !LBPCMJG3MSX?
5L? TCX OSC J? AMQCAF? BC A?f? BC ?XjA?P BC@C QCP PC?JGX?B?
GLBCNCLBGCLRCKCLRC BC J? OSCK? NPCTG? BC J? N?H? BCJ TCECR?J
CJ QGQRCK? BC
K?LCHM QGL OSCK? BC J? N?H?
QCEjL #?KNMQ
?jL NSCBC ?ARS?P BC
K?LCP?QGELGDGA?RGT?CLCJQCASCQRPMBCA?P@MLM
)KN?ARMQBCJMQNPMWCARMQBC?JAMFMJCL"P?QGJ
%J ASJRGTM BC A?f? BC ?XjA?P
?J GES?J OSC MRPMQ KMLMASJRGTMQ BC CVNPCQGgL
?EPMGLBSQRPG?J
LM QC CLASCLRP? JG@PC BC A?SQ?P GKN?ARMQ LCE?RGTMQ
W? QC?L
BGPCARMQMGLBGPCARMQ%LRbPKGLMQQMAG?JCQ
QC?PESKCLR?OSCCJASJRGTMCQR?Pe?
?QMAG?BM ? J? NM@PCX? W J?Q AMLBGAGMLCQ BC RP?@?HM BCEP?B?LRCQ N?P? SL EP?L
LjKCPMBCRP?@?H?BMPCQBCA?KNM ,??R6GJCJ?
%QRSBGMQBCKSCQRP?L
R?K@GbLOSCCJAMPRCK?LS?JBCA?f?BC?XjA?PNMBPe?PCNPCQCLR?PSLCVACQM
BC CQDSCPXM DeQGAM 0MP MRPM J?BM
J? APCAGCLRC KCA?LGX?AGgL BC J? ?EPGASJRSP?
#/.!"z#MKN?fe?.?AGML?JBC!@?QRCAGKGCLRM-GLGQRCPGMBC!EPGASJRSP?
E?L?BCPe?W!@?QRCAGKGCLRMFRRNUUUAML?@EMT@P
NMBPe? ECLCP?P BCQCKNJCM CLRPC JMQ RP?@?H?BMPCQ AML A?f? 3AMNGLFM CR ?J
,? PCEGgL BC 2G@CP?M 0PCRM
?J GLRCPGMP BCJ CQR?BM BC 3?M 0?SJM
SL? BC J?Q
K?WMPCQ XML?Q NPMBSARMP?Q BC A?f? BC ?XjA?P CL CJ N?eQ
QMQRSTM BSP?LRC
BbA?B?QJ?CVNPCQGgLBCOSCJ?A?f?BC?XjA?PKSCTCJ?CAMLMKe?-GCLRP?Q
R?LRM
N?P?JCJ?KCLRC ?J BCQ?PPMJJM CAMLgKGAM
JMQ CQRSBGMQ BCKSCQRP?L SL?
QM@PCCVNJMR?AGgL BC J? DSCPX? BC RP?@?HM
J? AMLACLRP?AGgL BC EP?LBCQ
NPMNGCB?BCQ PSP?JCQ W J? AMLR?KGL?AGgL ?RKMQDbPGA?
AML CJ ?SKCLRM BC J?
MASPPCLAG? BC NPM@JCK?Q PCQNGP?RMPGMQ CL J? NM@J?AGgL BC J? PCEGgL 2?KMQ
&GJFM0CJJCEPGLG
,MNCQ2G@CGPM
!JESLMQBCJMQGKN?ARMQ?K@GCLR?JCQ
OSCPCQSJR?Pe?LBCJ?T?LACBCJASJRGTMBC
J? A?f? BC ?XjA?P CL J? PCEGgL ?K?XgLGA? QCPe?L
QM@PC RMBM
?OSCJJMQ AMKM
AMLQCASCLAG? BCJ NPMACQM BC BCDMPCQR?AGgL
AMKM J? NbPBGB? BC J?
@GMBGTCPQGB?BWJ?TGMJ?AGgL?J?NPCQCPT?AGgLBCJMQPCASPQMQFeBPGAMQ!JESL?Q
GLGAG?RGT?QNPCTCLRGT?QF?LQGBMTCPGDGA?B?Q
AMKMJ?JCWBCJ?-?APMXMLGDGA?AGgL
CAMLgKGAMCAMJgEGA?CLCJCQR?BMBC0?P\%QR?JCWRGCLCAMKMM@HCRGTMPCRGP?P
J?Q \PC?Q CQNCAG?JKCLRC NPMRCEGB?Q BCJ AMLHSLRM BC \PC?Q N?P? J?
GKNJCKCLR?AGgLBCASJRGTMQ?EPeAMJ?Q
%LJ?PCEGgLBCJ0?LR?L?JBC"P?QGJ
J?QBGQASQGMLCQ?ACPA?BCJMQGKN?ARMQBC
J? GLRPMBSAAGgL BCJ ASJRGTM BC A?f? BC ?XjA?P ?JCPR?L OSC J?Q NJ?LR?AGMLCQ
QCPe?L GLQR?J?B?Q CL J?Q N?PRCQ K\Q ?JR?Q
CQ BCAGP
CL J?Q \PC?Q BCJ ?JRGNJ?LM
%LCQCA?QM
CJGKN?ARM?K@GCLR?JA?SQ?BMNMPJ?ECLCP?AGgLBCTGL?X?
CLRPC
MRPMQ
QCPe? QGELGDGA?RGTM
BC@GBM ? OSC J?Q N?PRCQ ?JR?Q QML \PC?Q BC
K?L?LRG?JCQ
RP?WCLBMQCPG?QAMLQCASCLAG?QN?P?JMQPeMQOSCDMPK?LJ?ASCLA?
BCJ0J?R?CGLDJSCLAG?LR?K@GbLN?eQCQTCAGLMQAMKM0?P?ES?WW5PSES?W
,CWBCJ?-?APMXMLGDGA?AGgL%AMJgEGAM%AMLgKGA?BCJ%QR?BMBC0?P\,CWLjKCPM
$G\PGM/DGAG?JBM%QR?BMBM0?P\
LjKCPMBC
%J BGJCK? CLRPC NPMBSAGP ?JGKCLRMQ W NPMBSAGP AMK@SQRG@JC F? GBM ?SKCLR?LBM
CL T?PGMQ N?eQCQ #GDP?Q BCJ PCTCJ?L SL \PC? AMQCAF?B? AML A?f? BC
?XjA?PBC?NPMVGK?B?KCLRC
KGJJMLCQBCFCAR\PC?QCL"P?QGJ -!0!
AMLSLRMR?JBCACPA?BCKGJJMLCQBCFCAR\PC?QBCRGCPP?QASJRGT?B?Q%QRC
LjKCPM CQ SRGJGX?BM AMKM ?PESKCLRM NMP KSAFMQ ?EPgLMKMQ AS?LBM QC RP?R?
QM@PCJ?PCJ?AGgLCLRPCJ?Q\PC?QASJRGT?@JCQN?P?J?NPMBSAAGgLBCCR?LMJWBC
?JGKCLRMQ
%LJMOSCPCQNCAR??JA?K@GMAJGK\RGAM
CJASJRGTMBCA?f?BC?XjA?P?QSKCSL
N?NCJ GKNMPR?LRC %L NPGKCP JSE?P
CVGQRC CJ PGCQEM BC J? SRGJGX?AGgL BC \PC?Q
MPGEGL?JKCLRC@MQAMQ?Q
JMOSCECLCP?Pe?SLGKN?ARMLCE?RGTMCLCJ@?J?LACBC
CKGQGMLCQ W CJ QCASCQRPM BC A?P@MLM ?RKMQDbPGAM ,? BGQASQGgL QM@PC J?Q
CKGQGMLCQBCE?QCQBCCDCARMGLTCPL?BCPMCQPCJCT?LRCFMWCLBe?CLRMBMCJ
KSLBM
WR?K@GbLCL"P?QGJJ?QCKGQGMLCQRGCLBCL??SKCLR?P#GDP?QBCJ
PCJCT?LOSCR?JCQCKGQGMLCQDSCPMLSLK?WMPCQ?J?QOSCQCNPCQCLR?PML
CL
QGCLBM J? ?EPGASJRSP? W JMQ A?K@GMQ BCJ SQM BCJ QSCJM JMQ NPGLAGN?JCQ
PCQNMLQ?@JCQ &C?PLQGBC
%LCQRCAMLRCVRM
QMLJMQASJRGTMQBCA?f?BC
?XjA?PWBC?JEMBgLFCP@\ACMJMQOSCGKNJGA?LJ?K?WMPN?PRCBCJ?OSCK?BC
PCQGBSMQ?EPeAMJ?QCL"P?QGJ %-"2!0!
#?@C QCf?J?P OSC QGL CK@?PEM ? CQA?J? KSLBG?J
CQ J? OSCK? BC
AMK@SQRG@JCQDgQGJCQNMPJ?GLBSQRPG?WJ?DJMR?BC?SRMKgTGJCQJ?OSCPCNPCQCLR?
J? K?WMPe? BC J?Q CKGQGMLCQ RMR?JCQ BC E?QCQ BC CDCARM GLTCPL?BCPM )0##
%J -CA?LGQKM BC $CQ?PPMJJM ,GKNGM BCJ 0PMRMAMJM BC +WMRM JCQ NCPKGRC ? JMQ
N?eQCQ BCQ?PPMJJ?BMQ ASKNJGP QSQ M@JGE?AGMLCQ BC AMLRPMJ BC CKGQGMLCQ
?J
DGL?LAG?PNPMWCARMQCLMRPMQN?eQCQ 3SCPBGCAI
,MQNPMWCARMQ?EPeAMJ?Q
BC NPMBSAAGgL BC CR?LMJ
N?P? QS GLAJSQGgL CL JMQ KCA?LGQKMQ BC
AMKNCLQ?AGgLNMPJ?DGH?AGgLBCA?P@MLM
QCP\LKMLGRMPC?BMQNMPGLQNCAAGMLCQ
RbALGA?Q OSC ACPRGDGA?P\L J?Q A?LRGB?BCQ BC E?Q A?P@gLGAM W J? E?L?LAG? BC
CLCPEe? CDGAGCLRC GLTMJSAP?BMQ CL CJ NPMACQM %Q CJ JJ?K?BM ACPRGDGA?BM BC
PCBSAAGgL BC CKGQGMLCQ CJ OSC NPMNMPAGML? GLDMPK?AGgL QM@PC CJ NMRCLAG?J
KCLQS?J W ?LS?J BC SL? BCRCPKGL?B? \PC? NJ?LR?B? ,MQ ACPRGDGA?BMQ QML
MDPCAGBMQ NMP JMQ @?LAMQ W CKNPCQ?Q CQNCAG?JGX?B?Q
W QML LCEMAG?BMQ W
N?E?BMQ BC ?ASCPBM AML J? DGH?AGgL BC RMLCJ?B?Q BC A?P@MLM
? RP?TbQ BCJ
KCPA?BMBCA?P@MLM .CTCQ
2MAF?
,?A?f?BC?XjA?PCQSL?NJ?LR?OSC
BCDMPK?QCKCH?LRC?J?QMJC?EGLMQ?Q
CQ A?N?X BC DGH?P A?P@MLM CL QS @GMK?Q? BSP?LRC QS AGAJM TCECR?RGTM 3GL
CK@?PEM
?BGDCPCLAG?BCJASJRGTMN?P?J?NPMBSAAGgLBCEP?LMQBCMJC?EGLMQ?Q
NPMBSAC FGBP?RMQ BC A?P@MLM
OSC BCQNSbQ BCJ NPMACQM BC DCPKCLR?AGgL
GLBSQRPG?J QC RP?LQDMPK?L CL CR?LMJ AMK@SQRG@JC 0MP JM R?LRM
CL AMKN?P?AGgL
AML J? OSCK? BC AMK@SQRG@JCQ DgQGJCQ
OSC QgJM ECLCP? CKGQGMLCQ W LM
QCASCQRPMQBCA?P@MLM?RKMQDbPGAM
J?OSCK?BC@GMAMK@SQRG@JCQR?JCQAMKMCJ
CR?LMJGKNJGA?SL?NPCTG?NPMBSAAGgL?EPeAMJ?BCA?f?BC?XjA?P
CQBCAGP
CJ
QCASCQRPMNCPGgBGAMBCA?LRGB?BCQBCA?P@MLM?RKMQDbPGAM "SAICPGBEC
,? KGQK? NPMBSAAGgL ?EPeAMJ?
QGL CK@?PEM
CQR\ ?QMAG?B? ? CKGQGMLCQ OSC
BC@CLQCPAMLR?@GJGX?B?Q
5L? CQRP?RCEG? OSC QC CLASCLRP? CL BGQASQGgL NMP N?PRC BCJ EM@GCPLM DCBCP?J
N?P? KGRGE?P JMQ CTCLRS?JCQ GKN?ARMQ QMAGM?K@GCLR?JCQ CQ J? NPMNSCQR? BC
BCQ?PPMJJM BC SL NPMACQM BC ACPRGDGA?AGgL QMAGM?K@GCLR?J N?P? JMQ ASJRGTMQ BC
A?f? BC ?XjA?P
W R?K@GbL N?P? J?Q SQGL?Q QSAPM?JAMFMJCP?Q %J CQR?BM BC
3?M0?SJM
K?WMPNPMBSARMPL?AGML?JBCCR?LMJ
ASCLR?W?AMLSLNPMWCARMBC
JCW OSC CQR?@JCAC SL ACPRGDGA?BM BC PCQNMLQ?@GJGB?B QMAGM?K@GCLR?J N?P? J?Q
CKNPCQ?Q BCJ QCARMP BC NPMBSAAGgL BC CLCPEe? ? N?PRGP BC J? @GMK?Q? ,?Q
NPGLAGN?JCQCVGECLAG?QNPMNSCQR?QQMLJ?KCHMP?BCJ?QAMLBGAGMLCQBCRP?@?HM
J?NPMFG@GAGgLBCJ?OSCK??EPeAMJ?WBCJ?CKGQGgLBCPCQGBSMQBGPCAR?KCLRCCL
CJ QSCJM
?BCK\Q BCJ CQR?@JCAGKGCLRM BC J?Q LMPK?Q ?K@GCLR?JCQ N?P? CJ
KMLGRMPCM?BCAS?BMBCJ?A?JGB?BBCJ?ES?WBCJQSCJM
#MLAJSQGMLCQWPCAMKCLB?AGMLCQ
,MQ A?K@GMQ AJGK\RGAMQ EJM@?JCQ F?L QGBM SL RCK? PCASPPCLRC CL BC@?RCQ W
BGQASQGMLCQ CL JMQ jJRGKMQ ?fMQ "P?QGJ
QGCKNPC AMLQGBCP?BM SL N?eQ
CQRP?RbEGAM CL CQRC RCK?
F? QCPTGBM BC NJ?R?DMPK? N?P? SL APCAGCLRC GLRCPbQ
GLRCPL?AGML?J CL AS?LRM ?J NMRCLAG?J BC J? NPMBSAAGgL BC AMK@SQRG@JCQ
PCLMT?@JCQ
)LAJSQM AML SL CLMPKC NMRCLAG?J BC ECLCP?AGgL BC CLCPEe? FGBPMCJbARPGA?
J?Q
CVGECLAG?Q BCJ KCPA?BM N?P? SL? T?PGCB?B BC KMRMPCQ BC AMK@SQRGgL
E?P?LRGX?L J? BCK?LB? BC AMK@SQRG@JCQ
W? QC?L DgQGJCQ M PCLMT?@JCQ ,?
CLMPKC \PC? BC ASJRGTM
CJ AJGK? D?TMP?@JC
J? CVNCPGCLAG? RCALMJgEGA? W
?EPgLMK? QML NSLRMQ D?TMP?@JCQ N?P? CJ N?eQ
CL CJ KCPA?BM CKCPECLRC BC
AMK@SQRG@JCQ PCLMT?@JCQ(?AC K\Q BC SL? BbA?B? OSC "P?QGJ CVN?LBC QS
NPMBSAAGgL BC CR?LMJ W KCHMP? J? RCALMJMEe? N?P? QS SQM %J NMPACLR?HC BCJ
CR?LMJ M@JGE?RMPG?KCLRC KCXAJ?BM AML E?QMJGL? F?AC NMQG@JC J? MNCP?AGgL BC
J?Q BCQRGJCPe?Q
GLAJSQM QGL AMKNSR?P CJ ?@?QRCAGKGCLRM BC KMRMPCQ ? ?JAMFMJ M
JMQ KMRMPCQ BC RGNM &JCV BC BMQ AMK@SQRG@JCQ
#ML PCJ?AGgL ? J? PCEGgL
NPMBSARMP?
CJ 3SPCQRC BCJ N?eQ CQ BMLBC AJ?P?KCLRC QC AMLACLRP?L J?Q
K?WMPCQ GLTCPQGMLCQ W CL BMLBC CQR\ J? K?WMP NPMBSAAGgL 4MB? CQR?
A?N?AGB?B ?EPeAMJ? C GLBSQRPG?J GLQR?J?B?
?EPCE?B? ? J?Q NCPQNCARGT?Q BC
CVN?LQGgL BCJ AMLQSKM KSLBG?J BC CR?LMJ
S@GA? ? "P?QGJ
AML QS CVRCLQM
RCPPGRMPGM
CL CJ ACLRPM BC AMLTCPECLAG? BC J? ?RCLAGgL KSLBG?J F?AG? JMQ
@GMAMK@SQRG@JCQ
!ECLAG?BC)LDMPK?AGMLCQ%-"2!0!-GLGQRCPGMBC!EPGASJRSP?
E?L?BCPe?W
!@?QRCAGKGCLRMFRRNUUU?ECLAG?ALNRG?CK@P?N?@P
0PMWCARMBC,CWBC!Q?K@JC?,CEGQJ?RGT?BCJ%QR?BMBC3_M0?SJM
FRRNUUU?JQNEMT@P
&PCLRC ? JM CVNSCQRM
J?Q NPGLAGN?JCQ PCAMKCLB?AGMLCQ W AMLAJSQGMLCQ QC
BGPGECL?J?QGKNJGA?AGMLCQBCJMQNMQG@JCQGKN?ARMQ
PCJ?RGTMQ?JASJRGTMBCA?f?
BC ?XjA?P CL J? PCEGgL ?K?XgLGA?
?Qe AMKM ? J?Q NCPQNCARGT?Q NMQGRGT?Q W
LCE?RGT?Q BC J? GKNJ?LR?AGgL BC JMQ NPMWCARMQ PCJ?AGML?BMQ AML QS A?BCL?
NPMBSARGT? %J EPSNM BC GLTCQRGE?BMPCQ
?K@GCLR?JGQR?Q
CAMLMKGQR?Q W JeBCPCQ
BCMNGLGgLOSCQCCLASCLRP?LCLTSCJRMQCLCJRCK?CQAMLQGBCP?@JC
CLDSLAGgL
BC QS GKNMPR?LAG? W NCPRGLCLAG? ,?Q BGDCPCLRCQ BGKCLQGMLCQ OSC GLTMJSAP?L J?
CTCLRS?J CVN?LQGgL BCJ ASJRGTM BC A?f? BC ?XjA?P CL J? !K?XMLe?
W? QC?L
?K@GCLR?JCQ
CAMLgKGA?QMQMAG?JCQ
QCPCQSKCL?AMLRGLS?AGgL
&?ARMPCQ?K@GCLR?JCQ
%J EM@GCPLM @P?QGJCfM ?BMNRg SL BGQASPQM BGPCARM CL BCDCLQ? BC JMQ
@GMAMK@SQRG@JCQWPCQNMLBGg?J?QAPeRGA?QGLRCPL?AGML?JCQPCQNCARM?JPGCQEMBC
J? BCDMPCQR?AGgL CL J? !K?XMLe? !J KGQKM RGCKNM
J?Q NCPQNCARGT?Q BC J?
CVN?LQGgL BCJ KCPA?BM KSLBG?J BCJ CR?LMJ QML @?QR?LRC D?TMP?@JCQ 3GL
CK@?PEM
J? CVN?LQGgL BCJ ASJRGTM BC A?f? BC ?XjA?P CL J? !K?XMLe? F? QGBM
?L?JGX?B? AML NPCA?SAGgL 3C Q?@C OSC CVGQRC SL? EP?L CVRCLQGgL BC \PC?Q
BCEP?B?B?QCLJ?PCEGgL
CLECLCP?J\PC?QBCN?QRMPCM?@?LBML?B?Q
ASJRGTMQ
?EPeAMJ?QK?JMEP?BMQW\PC?QBCTCECR?AGgLQCASLB?PG?CLBGTCPQMQCQR?BMQBC
QSACQGgL
BMLBC JMQ DP?EKCLRMQ DMPCQR?JCQ LM ?QSKCL K\Q J?Q DSLAGMLCQ
CAMJgEGA?Q BC JMQ @MQOSCQ NPGK?PGMQ %J ASJRGTM BC A?f? BC ?XjA?P CL \PC?Q
BCEP?B?B?Q M CL ?@?LBMLM NMBPe?
CL RCMPe?
BGQKGLSGP J? NPCQGgL N?P? J?
?NCPRSP? BC LSCT?Q \PC?Q ?EPeAMJ?Q
BCPGT?B?Q BC J? BCDMPCQR?AGgL 3GL
CK@?PEM
"P?QGJ FGQRgPGA?KCLRC F? NPCQCLR?BM BGDGASJR?BCQ N?P? AMLRCLCP J?
BCDMPCQR?AGgL CL J? !K?XMLe? ,? CVRCLQGgL BC J? PCEGgL
CJ BGDeAGJ ?AACQM
J?Q
BCDGAGCLAG?Q BC JMQ gPE?LMQ BC DGQA?JGX?AGgL W J? D?JR? BC ?JRCPL?RGT?Q
CAMLgKGA?QN?P?J?QNM@J?AGMLCQJMA?JCQQMLD?ARMPCQOSCAMKNJGA?LCJAMLRPMJ
BC J? BCDMPCQR?AGgL %J ?T?LAC BC J? BCDMPCQR?AGgL CL J? !K?XMLe? N?P? J?
GLRPMBSAAGgLBCJ?A?f?BC?XjA?PQCAMLDGESP?
NMPJMR?LRM
AMKMCJNPGLAGN?J
PGCQEM ?K@GCLR?J NMRCLAG?J
CL N?P?JCJM AML J?Q AMLQCASCLAG?Q BGPCAR?Q C
GLBGPCAR?Q
R?JCQ AMKM JMQ GKN?ARMQ QM@PC JMQ PCASPQMQ FeBPGAMQ
J?
AMLQCPT?AGgLBCJMQQSCJMQWJ?CVRGLAGgLBCJ?QCQNCAGCQ
&?ARMPCQCAMLgKGAMQ
0?P?JCJ?KCLRC ?J ASJRGTM BC J? A?f? BC ?XjA?P N?P? J? NPMBSAAGgL BCJ CR?LMJ
CVGQRCL MRP?Q BMQ ?JRCPL?RGT?Q OSC BC@CL QCP RMK?B?Q CL ASCLR? AS?LBM QC
F?@J? BC J? K?RPGX CLCPEbRGA? ,? NPGKCP? CQ CJ ASJRGTM BC MJC?EGLMQ?Q N?P? J?
NPMBSAAGgL BCJ @GMBGCQCJ #SJRGTMQ AMKM J? QMW?
CJ PGAGLM W J? N?JK? ?DPGA?L?
CLRPCMRPMQ
NSCBCLCLRCMPe?QCPSRGJGX?BMQN?P?J?NPMBSAAGgLBC@GMBGCQCJ
/RP? ?JRCPL?RGT? CLCPEbRGA? BCQR?A?B? CL "P?QGJ
CL J? AMLRP?K?LM BC JMQ
AMK@SQRG@JCQ PCLMT?@JCQ
CQ CJ ?NPMTCAF?KGCLRM BCJ E?Q L?RSP?J W BC
QS@NPMBSARMQ BCJ NCRPgJCM %J E?Q L?RSP?J
KSAFM KCLMQ AMLR?KGL?LRC OSC J?
E?QMJGL?MCJBGCQCJ
F?QGBMM@HCRMBCGLTCPQGMLCQCLMPKCQ
B?B?J?NMQG@GJGB?B
BC QCP SL? DSCLRC ?@SLB?LRC W ? SL AMQRM TG?@JC NMP N?PRC BC "MJGTG?
GLAJSQM
NMPKCBGMBCJMQE?QMBSARMQ
JJCE?LBMBGPCAR?KCLRC?J?QPCEGMLCQNPMBSARMP?Q
WAMLQSKGBMP?Q
%J ?NPMTCAF?KGCLRM BC JMQ QS@NPMBSARMQ BCJ NCRPgJCM F? E?L?BM PCNCPASQGgL
GLRCPL?AGML?J BCQBC DGL?JCQ BC
AS?LBM CJ EM@GCPLM @P?QGJCfM ?LSLAGg CJ
BCQAS@PGKGCLRM BC BCNgQGRMQ CLMPKCQ BC NCRPgJCM BC ?JR? A?JGB?B CL J? AMQR?
JGRMP?J,?CVNJMR?AGgLBCCQR?QPCQCPT?Q
BCJBCLMKGL?BM0PCQ?J
?SLOSCQgJM
QC? NMQG@JC BCQNSbQ BC ?fMQ BC GLTCPQGgL CL J? NCPDMP?AGgL
GLDP?CQRPSARSP? W
RCALMJMEe?
W? AMJMA? ? "P?QGJ CLRPC JMQ N?eQCQ AML J?Q K?WMPCQ PCQCPT?Q
AMLMAGB?QBCNCRPgJCMWE?QL?RSP?JBCJNJ?LCR?
%JBCQ?PPMJJMCAMLgKGAMBCJ?PCEGgL?K?XgLGA?
OSCRMB?Te?QCA?P?ARCPGX?NMP
\PC?Q AML NMQG@GJGB?BCQ CAMLgKGA?Q NMAM ?NPMTCAF?B?Q W A?PCLRCQ BC
BG?ELgQRGAMQ KSJRGBGQAGNJGL?PGMQ
NSCBC
CL RCMPe?
QCP D?TMPCAGBM AML J?
?JRCPL?RGT? BC J? A?BCL? NPMBSARGT? BC CR?LMJ CL \PC?Q BCEP?B?B?Q 3gJM CJ
RP?LQASPQMBCJMQ?fMQRP?CP\B?RMQK\QNPCAGQMQQM@PC?J?QAMLQCASCLAG?QBC
SLLSCTMCGLbBGRMDJSHMCAMLgKGAM
?SLOSCPCQSJRCBCSLKMBCJMGKNMPR?BMBC
J?QMRP?QPCEGMLCQBCJN?eQ
N?P?J?NM@J?AGgLBCJ?!K?XMLe?
&?ARMPCQQMAG?JCQ
,?Q NCPQNCARGT?Q BC KGEP?AGMLCQ PSP?JCQ
W CJ RP?QJ?BM BC JMQ AMLRGLECLRCQ BC
D?KGJG?Q ?EPeAMJ?Q
M BC NM@J?AGMLCQ RP?BGAGML?JCQ
BC QSQ PCEGMLCQ MPGEGL?JCQ
DPCLRC?J?CQNCASJ?AGgLBCJ?QRGCPP?QBCQRGL?B?Q?JASJRGTMBCA?f?BC?XjA?P
QML NSLRMQ OSC BC@CL QCP AMLQGBCP?BMQ ,M KGQKM QC B? CL PCJ?AGgL ? J?
NbPBGB? BC GBCLRGB?B BC JMQ MASN?LRCQ MPGEGL?JCQ
DPCLRC ? ?JRCPL?RGT?Q
CAMLgKGA?QOSCPCQSJRCLBCJ?PPGCLBMBCQSQRGCPP?QN?P?J?QSQGL?Q
5L? NMQG@JC CVRCLQGgL BCJ ASJRGTM BC A?f? BC ?XjA?P ? J? !K?XMLe? LM QCP\
jLGA?PCQNCARM?J?GLRPMBSAAGgL?EPMNCAS?PG?CLJMOSCNSCBCQCPAMLQGBCP?B?
SL? DPMLRCP? ?EPeAMJ? ,? PCEGgL RGCLC SL? T?QR? FGQRMPG? BC NPMWCARMQ
?EPMNCAS?PGMQ
KSAF?QTCACQ?AMKN?f?BMQBCDJSHMQKGEP?RMPGMQTGLASJ?BMQ?
CJJMQ%LCQR?QKGEP?AGMLCQ
NPGLAGN?JKCLRCCLJ?QBbA?B?QBCW
W?QC?L
CQNMLR\LC?QMGLBSAGB?Q
NCPQML?QCL@SQA?BCMNMPRSLGB?BCQ
KSAF?QTCACQ
?EMR?B?Q CL QSQ JSE?PCQ BC MPGECL
RP?HCPML QS ASJRSP?
CVNCPGCLAG? BC TGB? W
DSCPX? BC RP?@?HM
? SL ?K@GCLRC NMAM AMLMAGBM ,? A?N?AGB?B BC ?B?NR?AGgL
BCCQR?QNM@J?AGMLCQ
J??QGKGJ?AGgLWJ?GLRCP?AAGgLAMLCJKCBGM?K@GCLRCF?L
QGBMDSLB?KCLR?JCQN?P?QSCQR?@JCAGKGCLRM
5L? CTCLRS?J CVN?LQGgL BCJ ASJRGTM BC J? A?f? BC ?XjA?P CL J? !K?XMLe?
QGL
CK@?PEM
RGCLCA?P?ARCPeQRGA?QNCASJG?PCQOSCJ?BGQRGLESCLBCJMQNPMWCARMQBC
AMJMLGX?AGgLBCJ?PCEGgLCLJ?QBbA?B?QN?Q?B?Q%JEP?BMRCALMJgEGAMBCJ?Q
J?@P?LX?QWBCJN?POSCGLBSQRPG?JLCACQ?PGMN?P?J?NPMBSAAGgLWJ?BGQRPG@SAGgL
BCJ CR?LMJ BCK?LB?L K?LM BC M@P? A?JGDGA?B?
F?QR? CJ KMKCLRM AML @?H?
MDCPR?CLJ?PCEGgL
/RP?NPCESLR??JPCBCBMPR?LRMBCJASJRGTMBCJ?A?f?BC?XjA?P AMKMBCJBCJ?
QMW?WJ?QBCK\QMJC?EGLMQ?QCQJ?NPMNMPAGgLCLJ?AS?JJ?QRGCPP?Q?NR?QN?P?
J??EPGASJRSP?QCP\LBCQRGL?B?Q?J?NPMBSAAGgLBC@GMAMK@SQRG@JCQ
CLTCXBC
N?P? ?JGKCLRMQ !ARS?JKCLRC
J? QMW? JGBCP? J? NPMBSAAGgL BCJ @GMBGCQCJ CL
"P?QGJ
AMLCTGBCLRCQGKNJGA?AGMLCQPCQNCARM?JBGPCAAGML?KGCLRMBCJASJRGTMBC
EP?LMQ CL ECLCP?J N?P? JMQ AMK@SQRG@JCQ
CL TCX BC JMQ ?JGKCLRMQ ,? KGQK?
QGRS?AGgL CVGQRC CL AS?LRM ? J? NPMBSAAGgL BCJ CR?LMJ BCJ K?eX CL %QR?BMQ
5LGBMQ3GLCK@?PEM
CQRMjJRGKMMASPPCCLSL?BGKCLQGgLKSWQSNCPGMP
QGQC
AMKN?P? AML J? NPMBSAAGgL BCJ @GMBGCQCJ ? N?PRGP BC J? QMW? CL "P?QGJ %J
@GMBGCQCJ CQ AMLQGBCP?BM SL QS@QRGRSRM L?RSP?J BCJ ?ACGRC BGCQCJ W KSAFMQ
KMRMPCQDSLAGML?L?N?PRGPBCJ?AMK@SQRGgLBCJ?ACGRCBGCQCJ
WLMBCJCR?LMJ
$C CQR? DMPK?
N?PCAC OSC CJ @GMBGCQCJ MASN?
?J GES?J OSC CJ CR?LMJ
SL?
NMQGAGgLNPMKGLCLRC
LMCVGQRGCLBMLCACQ?PG?KCLRCAMKNCRCLAG?CLRPCJ?QBMQ
DSCLRCQBCCLCPEe?
0MPJMR?LRM
J?QNPCESLR?QOSCBC@CLQCPKCHMPBGQASRGB?QNMPJMQEM@GCPLMQW
J?QMAGCB?BCLECLCP?JCQR\LPCJ?AGML?B?Q?J?NPMNMPAGgLBCRGCPP?Q?EPeAMJ?Q
OSC QC BCQRGL?P\L N?P? J? NPMBSAAGgL BC @GMAMK@SQRG@JCQ
W JM OSC CQRM
PCNPCQCLR? CL J? BGQRPG@SAGgL L?AGML?J
PCEGML?J W EJM@?J BC J? MDCPR? BC
?JGKCLRMQ$CJ?KGQK?DMPK?
CVGQRCLGKNJGA?LAG?QPCQNCARM?J?AMLQMJGB?AGgL
W?J?CVN?LQGgLBCJ?QQMAGCB?BCQOSCBCK?LB?LSL?APCAGCLRCNPMBSAAGgLBC
AMK@SQRG@JCQ
W? QC?L BC MPGECL DgQGJ M PCLMT?@JC
N?P? CJ K?LRCLGKGCLRM BC
QSQN?RPMLCQBCTGB?AMRGBG?LMQ
"G@JGMEP?De?
!LBCPQML
3$ %LECLFMQ L? T\PXC? SK? ?L\JGQC BC BCAJeLGM BC SK
QGQRCK?BCNPMBSa_MRP?BGAGML?JL?!K?XhLG?)L,[.!
0/,)6%)2!
!%
!K?XhLG??DPMLRCGP??EPeAMJ??LMQBCNMGQ"CJbK
-SQCS0?P?CLQC%KeJGM
'MCJBG #MJCa_M%BS?PBM'?JT_M
N
!PGK?
% "?PPCRM
0 "PGRM
- 0CAS\PG? L? !K?XhLG? RCLBdLAG?Q C
GKNJGA?aiCQ N?P? ? AMLQCPT?a_M ?K@GCLR?J
"CJbK )K?XML z )LQRGRSRM BM
(MKCKC-CGM!K@GCLRCB?!K?XhLG?
N
!QQGQ
0#/ ,?ACPB?
2$ !XCTCBM
(- .CRM
*$ &?PG?Q
#(!
2CQNMQR?Q BMQ N?P^KCRPMQ RCALMJgEGAMQ B? A?L?BC?ajA?P ? BGDCPCLRCQ
J^KGL?Q BC GPPGE?a_M C ?BS@?a_M 2CTGQR? BC "GMJMEG? C #GdLAG?Q B? 4CPP?
TMJL3CESLBMQCKCQRPCBC
"?AA?PGL
*' #?QRGJFM
2# ! ECP?a_M BC CLCPEG? AMKM MNa_M BC
BGTCPQGDGA?a_MNPMBSRGT?B??EPMGLBjQRPG?A?L?TGCGP?r%LAMLRPMBC%LCPEG?LM
-CGM2SP?Jz!'2%.%2
5.)#!-0
"CAICP
"+ #CL\PGMQ BC ASPRM NP?XM N?P? M BCQCLTMJTGKCLRM B?
!K?XhLG?#?BCPLMQ.!$)!-
"P?QeJG?
--!
"CAICP
"+ !K?XhLG? ECMNMJeRGA? L? TGP?B? BM ))) KGJdLGM 2GM BC
*?LCGPM
'?P?KMLB
".$%3z"?LAM.?AGML?JBC$CQCLTMJTGKCLRM%AMLhKGAMC3MAG?J0MP
OSC M 0!# T?G ?SKCLR?P M GLTCQRGKCLRM ".$%33!% 6GQ_M BM
$CQCLTMJTGKCLRMLDCT
"PGLECJ
" &?JCPM
! 2CBCQ RP?LQL?AGML?GQ BC KMTGKCLRMQ QMAG?GQ L?
!KbPGA? ,?RGL? C M BCQ?DGM BC SK? LMT? AMLQRPSa_M QMAGMRCPPGRMPG?J 3AGCJM
"P?QGJ#?BCPLM#2(TL3?JT?BMP
K?GM?EMQRM
#?KNMQ
$# 0MRCLAG?JGB?BCQ BM QGQRCK? BC AMJFCGR? QCK OSCGK? B?
A?L?BC?ajA?PN?P?MQCOkCQRPMBCA?P@MLMz%QAMJ?3SNCPGMPBC!EPGASJRSP?
,SeQBC1SCGPMX4CQC BMSRMP?BM
0GP?AGA?@?
N
#?PBMQM
, %LECLFMQ BC ?ajA?P C NMTM?KCLRM BM "P?QGJ #MLEPCQQM
)LRCPL?AGML?JBC!KCPGA?LGQR?Q
0?JCPK
*"J?LAM
2' /PEQ
3CTGJJ?
%QN?LF?*SJFMBC
$C?L
7!JSR?NCJ?@MPP?AF?LM"P?QGJSKCQRSBMBCFGQRgPG?CAMJgEGA?
3RSBGM.M@CJ
N
%0%z%KNPCQ?BC0CQOSGQ?%LCPEbRGA?"?J?LaM%LCPEbRGAM.?AGML?Jz
2CJ?RgPGM&GL?J--%z-GLGQRbPGMBC-GL?QC%LCPEG?
%3!,1 z %QAMJ? 3SNCPGMP BC !EPGASJRSP? ,SeQ BC 1SCGPMX 5LGTCPQGB?BC BC
3_M0?SJM0gJM.?AGML?JBC"GMAMK@SQReTCGQ0PMBSa_MBC%R?LMJ5K?
/Na_M #MKNCRGRGT? N?P? M !NPMTCGR?KCLRM BC PC?Q !JRCP?B?Q LM ,CQRC BM
0?P\z0GP?AGA?@?
30
&C?PLQGBC
0- &MEM C CKGQQ_M BC E?QCQ BC CDCGRM CQRSD? BMQ
CAMQQGQRCK?Q DJMPCQR?GQ B? !K?XhLG? @P?QGJCGP? 3AGCJM z %QRSBMQ !T?La?BMQ
TMJLM3_M0?SJM*?L!@P
&PCGR?Q
3- &PCBM
# % &MLRCQ CLCPEbRGA?Q C NPMRMAMJM BC +WMRM ?
NMQGa_MBM"P?QGJ)LDMPK?aiCQ%AMLhKGA?Q
306
L
K?GMBC
&/,GAFRQ)LRCPL?RGML?J3SE?P3UCCRCLCP2CNMPR
&/,GAFR7MPJB%RF?LMJ-?PICRQ4FC/SRJMMIRM-?GM
(MKK?
! + / / BCQCLTMJTGKCLRM B? ?EPMGLBjQRPG? LM %QR?BM BM
0?P\3?@CP
"CJbK
T
LH?LBCX
N
)"'%z)LQRGRSRM"P?QGJCGPMBC'CMEP?DG?C%QR?ReQRGA?-0/'2CJ?RgPGMBC
0PMBSa_M!EPeAMJ?
)"'%z)LQRGRSRM"P?QGJCGPMBC'CMEP?DG?C%QR?ReQRGA?-0/'-GLGQRbPGMBM-CGM
!K@GCLRC-?N?QBC"GMK?QBM"P?QGJ
+?KK
" CR ?J "GMPCDGLCPGCQ z )LBSQRPG?J 0PMACQQCQ ?LB 0PMBSARQ
7CPLCGK
&''7GJCW
,CC2,WLB*?LCR(#SQFK?L2M@CPR?*.GAFMJQ#F?PJCQ%7WK?L
&SCJ%RF?LMJDPMK#CJJSJMQGA"GMK?QQ3AGCLAC
.CU3CPGCQ
6MJ
.M
-?P
NN
,GK?
4!NMJeRGA?AMKCPAG?JL??ECLB?BCNMJeRGA?CVRCPL?BMQ%5!N?P?
? !KbPGA? ,?RGL? 2CTGQR? $C@?RCQ
0MPRM !JCEPC
T
L
N
H?LHSL
-?PGMRMLG
-! &SPR?BM
!4 ! MPE?LGX?a_M KSLBG?J BM AMKbPAGM C ?Q
LMT?Q MNMPRSLGB?BCQ LM KCPA?BM GLRCPL?AGML?J N?P? M QCRMP QSAPM?JAMMJCGPM
@P?QGJCGPM)LQRGRSRMBC'CMAGdLAG?Qz5.)#!-0
-!0!z-GLGQRbPGMB?!EPGASJRSP?
0CAS\PG?C!@?QRCAGKCLRM3CAPCR?PG?
BC0MJeRGA?!EPeAMJ?,30!
HSJFMBC
-#4z-GLGQRbPGMB?#GdLAG?C4CALMJMEG?#4"P?QGJ'MTCPLM&CBCP?J
"?J?LaM BC %LCPEG? L? 0PMBSa_M BC #?L?BC?ajA?P C \JAMMJ L?Q SQGL?Q
AMMNCP?B?Q#MLTCLa_MQM@PCKSB?La?BMAJGK?
-$)#z-GLGQRbPGMBM$CQCLTMJTGKCLRM
)LBjQRPG?C#MKbPAGM%VRCPGMPBM"P?QGJ
z 3%#%8 z 3CAPCR?PG? BC #MKbPAGM %VRCPGMP )LBGA?BMPCQ C %QR?ReQRGA?Q
BC#MKbPAGM%VRCPGMPz*?L/SRz
--!z-GLGQRbPGMBM-CGM!K@GCLRCBM"P?QGJz0PMEP?K?PC?Q0PMRCEGB?QB?
!K?XhLG?z!20!$CAPCRML
--%z-GLGQRbPGMBC-GL?QC%LCPEG?BM"P?QGJz0PMEP?K?BC!ACJCP?a_MBM
#PCQAGKCLRM)LDP?CQRPSRSP?CLCPEbRGA?-?PaMBC
0CPMXXG
- / BM@PM BC \JAMMJ L? KCQK? \PC? NJ?LR?B? )LMT?a_M
5LGCKN
TMJ
LjKCPM#?KNGL?Qz30-?P!@P
2?KMQ &GJFM
,/ 0CJJCEPGLG
*"2 )KN?ARMQ B? CVN?LQ_M A?L?TGCGP?
CK 2G@CGP_M 0PCRM z 30 2CTGQR? "P?QGJCGP? BC !EPMCAMJMEG? 2CQSKMQ BM 6
#"! z 5QM C #MLQCPT?a_M BC 2CASPQMQ .?RSP?GQ 6MJ
LjKCPM /SRS@PM
2MAF?
-4 !OSCAGKCLRM EJM@?J C M KCPA?BM BC A?P@MLM SK?
?NJGA?a_M BM KMBCJM #%24 4CQC BMSRMP?BM
%3!,1 z %QAMJ? 3SNCPGMP BC
!EPGASJRSP?,SeQBC1SCGPMXz0GP?AGA?@?
N
3?T?GIM
"! 0PMKGQGLE &SRSPC DMP %RF?LMJ )L &/ ,GAFRoQ
7MPJB
%RF?LMJ?LB"GMDSCQ2CNMPR
3%&!z3CAPCR?PG?%VCASRGT?B?&?XCLB?BM%QR?BMBM0?P\,CGLjKCPM
BC BC MSRS@PM BC $G\PGM /DGAG?J BM %QR?BM BM 0?P\ CK
3AMNGLFM
2! CR ?J .MT?Q RCALMJMEG?Q C Q?jBC BM RP?@?JF?BMP ?
KCA?LGX?a_MBMAMPRCB?A?L?BC?ajA?P#?B3?jBC0j@JGA?
2GMBC*?LCGPM
H?LK?P
3SCPBGCAI
33 0CPQNCARGT?Q BM -CPA?BM BC #CPRGDGA?BMQ BC #?P@MLM
3%)z0S@JGA?a_MKCLQ?J
3?JT?BMPz"!
L
N
?EMQRMBC
)@<129.?/L;*242A.90<:<B2;A212;2?4J.=.?.29$.?>B2
'612?M?460<12.?.7H@<;A?<C2?@6.@:/62;A.92@
'<06.92@F0<;L:60.@
"" #$*%))) )
("%%# $%)#& %($ (%
)LRPMBSAAGgL
,? NPMTGQGgL BC A?P@gL TCECR?J N?P? CJ 0MJM 3GBCPjPEGAM BC #?P?H\Q QC F?
RP?LQDMPK?BM CL SL? BC J?Q ASCQRGMLCQ ?K@GCLR?JCQ K\Q NPCMASN?LRCQ BC J?
?ARS?JGB?BCLJMQCQR?BMQBC0?P\W-?P?LF_M#MLSLN?POSCQGBCPjPEGAMCL
DP?LAM APCAGKGCLRM
JMQ BMQ CQR?BMQ LM BGQNMLCL BC KCA?LGQKMQ CDGA?ACQ BC
AMLRPMJ BC J? NPMBSAAGgL W BCJ RP?LQNMPRC BCJ A?P@gL TCECR?J
AMKNMLCLRC OSC
GLRCEP?CJNPMACQMNPMBSARGTMBCCQ?QGLBSQRPG?Q
,MQ B?RMQ CQRGK?BMQ BC NPMBSAAGgL BC ?PP?@GM ? A?P@gL TCECR?J KSCQRP?L
AJ?P?KCLRC CJ NMRCLAG?J BC BCT?QR?AGgL BC CQR? ?ARGTGB?B
A?QM KCBGB?Q
KGRGE?BMP?QQCPG?QWDSLAGML?JCQLMQC?LCQR?@JCAGB?QNMPCJNMBCPNj@JGAM,?
DP?EGJGB?B BC JMQ KCA?LGQKMQ BC AMLRPMJ NMQG@GJGRg J? APC?AGgL BC SL? PCB BC
D?TMPCAGKGCLRM N?P? J? NPMBSAAGgL W CJ RP?LQNMPRC GJCE?J BCJ NPMBSARM CL J?
PCEGgL
BGDeAGJBCQCPAMK@?RGB?%LRPCJMQ?fMQW
J?MDGAGL?PCEGML?J
BCJ )LQRGRSRM "P?QGJCfM BCJ -CBGM !K@GCLRC W 2CASPQMQ .?RSP?JCQ 2CLMT?@JCQ
)"!-!
CK-?P?@\A?NRSPg?NPMVGK?B?KCLRCKBCA?P@gLGJCE?JCL
KSLGAGNGMQBCQSHSPGQBGAAGgL
!jL LM QC Q?@C AGCPR?KCLRC J? PC?J AMLRPG@SAGgL BC J? NPMBSAAGgL BC A?P@gL
N?P? J? BCDMPCQR?AGgL BC J? PCEGgL
NCPM QC NSCBC GK?EGL?P J? BGKCLQGgL BCJ
NPM@JCK? NMP CJ FCAFM BC OSC QgJM CL J? PCEGgL BC -?P?@\
CL 0?P\
CVGQRCL
K\QBCNPMWCARMQBC?QCLR?KGCLRM!NCQ?PBCJ?CVGQRCLAG?BC?JESLMQ
EP?LBCQ NPMBSARMPCQ BC A?P@gL
EP?L N?PRC BC CQR? NPMBSAAGgL QC MPGEGL? CL
NCOSCf?Q NPMNGCB?BCQ BGQRPG@SGB?Q CL RMB? J? PCEGgL
JM OSC BGDGASJR? J?
DGQA?JGX?AGgL W CJ AMLRPMJ BC J? NPMBSAAGgL W CJ RP?LQNMPRC %Q NPM@?@JC OSC
QMJ?KCLRCSL?NCOSCf?A?LRGB?BNPMBSAGB?CLCQR?QNPMNGCB?BCQCQRbQGCLBM
GLAMPNMP?B? ? J?Q NMA?Q A?P@MLCPe?Q AML JGACLAG? BC DSLAGML?KGCLRM %VGQRC
NMPJMR?LRM
SLBM@JCNCPHSGAGMSLM?K@GCLR?JWMRPMDGQA?J
%J!PReASJMBCJ#gBGEM&MPCQR?JM@JGE??RMB?QJ?QCKNPCQ?QQGBCPjPEGA?Q
BC
RP?LQNMPRCWMRP?QCKNPCQ?QOSCSRGJGX?LA?P@gLTCECR?J
JCf?SMRP?QK?RCPG?Q
NPGK?Q DMPCQR?JCQ
? GKNJ?LR?P \PC?Q BC @MQOSCQ NPMNGMQ N?P? J? CVNJMR?AGgL
P?AGML?J3GLCK@?PEM
CJASKNJGKGCLRMBCCQRC?PReASJM?jLCQR\KSWJCHMQBC
)LDMPK?AGgLM@RCLGB?CLJ?MDGAGL?PCEGML?JBC)"!-!CL-?P?@\
4MBMA?P@gLTCECR?JNPMTGQRM?J?GLBSQRPG?QGBCPjPEGA?M?MRP?DGL?JGB?B
QGLJ?BC@GB?
BMASKCLR?AGgLJCE?J
BCH?BCQCPRPG@SR?BM
ECLCP\LBMJC
NMPJMR?LRM
NCPHSGAGMDGQA?J?J
CQR?BM
JMBCQC?@JC5LMBCJMQNPGLAGN?JCQNSLRMQBCBGTCPECLAG?PCJ?AGML?BMQ?CQRC
RCK?QCPCDGCPC?JRGNMBC@MQOSC?QCPGKNJ?LR?BM@MQOSCQBGTCPQGDGA?BMQAML
CQNCAGCQL?RGT?QMKMLMASJRGTMQAMLCQNCAGCQ?P@gPC?QCVgRGA?Q!J?TCXOSC
CKNPCQ?QRGCLBCL?GKNJ?LR?PKMLMASJRGTMQ?P@gPCMQAMLCQNCAGCQCVgRGA?QBC
APCAGKGCLRMP\NGBM
EPSNMQJMA?JCQJGE?BMQ?KMTGKGCLRMQQMAG?JCQWCLRGB?BCQ
BC PCNPCQCLR?AGgL BC J? QMAGCB?B AGTGJ QC NMQGAGML?L CL AMLRP? ,? D?JR? BC
AMLMAGKGCLRMQM@PCCJAMKNMPR?KGCLRMBCCQNCAGCQL?RGT?QCQ?JCE?B?NMPJ?Q
CKNPCQ?Q AMKM SLM BC JMQ NPGLAGN?JCQ JGKGR?LRCQ N?P? J? SRGJGX?AGgL BC J?Q
KGQK?QN?P?J?PCAMKNMQGAGgLBCJ@MQOSCCL\PC?QBCEP?B?B?Q
4?JCQ ASCQRGMLCQ CQR\L CL CJ ACLRPM BCJ BC@?RC QM@PC J? TG?@GJGB?B BC SL?
QGBCPSPEG? ? @?QC BC A?P@gL TCECR?J CL J? !K?XMLe? $GTCPQ?Q GLGAG?RGT?Q
ES@CPL?KCLR?JCQ W CKNPCQ?PG?JCQ $GQRPGRM &MPCQR?J
:MLC?KGCLRM %AMLgKGAM
%AMJgEGAM
&MLBM&MPCQR?JBC#?P?H\Q
F?LQGBMCQ@MX?B?QCLJMQjJRGKMQ?fMQ
N?P?CLDPCLR?PCJNPM@JCK?BCJGLQSKMCLCPEbRGAM?QCPSRGJGX?BMNMPCKNPCQ?Q
BC ?PP?@GM 3GL CK@?PEM
RMB?Q CQR?Q GLGAG?RGT?Q CQR\L JJCL?Q BC NMJbKGA?Q W
ECLCP?LBC@?RCQOSCGLTMJSAP?LBGDCPCLRCQQCEKCLRMQQMAG?JCQ
%TMJSAGgL BC J? NPMBSAAGgL BC ?PP?@GM W BC J? NPMBSAAGgL BC A?P@gL N?P?
DGLCQGLBSQRPG?JCQCLJ?PCEGgLBC#?P?H\Q
,? NPMBSAAGgL BC A?P@gL TCECR?J CL EP?L CQA?J?
N?P? DGLCQ GLBSQRPG?JCQ
CQ
PCJ?RGT?KCLRC PCAGCLRC CL J? !K?XMLe? /PGCLR?J 3S GKNJ?LR?AGgL PCQSJR? BCJ
0PMEP?K?'P?LBC#?P?H\QWBCCQReKSJMQBCJEM@GCPLMDCBCP?JWBCJMQCQR?BMQ
BC0?P\W-?P?LF_MN?P?J?GKNJ?LR?AGgLBCSLGB?BCQBCNPMBSAAGgLBC?PP?@GM
? JM J?PEM BC J? #?PPCRCP? BC (GCPPM #?P?H\Q %QRP?B? BC &CPPM #?P?H\Q
CL
,MQNPM@JCK?Q?K@GCLR?JCQPCJ?AGML?BMQ?J?CVNJMR?AGgLDMPCQR?JCLCJN?eQ
W
CQNCAG?JKCLRCCLJ?!K?XMLe?
LMQMLPCQSJR?BMBCJ?D?JR?BCJCWCQ
QGLMBCJ?D?JR?
BC?NJGA?AGgLBCJ?QKGQK?Q!ARS?JKCLRC
JCWCQ
BCAPCRMQ
gPBCLCQKGLGQRCPG?JCQW
PCQMJSAGMLCQRP?R?LBCJRCK? #'%%
N
KSLGAGNGM BC -?P?@\ 0!
AGLAM CL !a?GJ^LBG? -!
W J?Q BCK\Q CL JMQ
KSLGAGNGMQ BC "?A?@CGP? -!
0GLB?Pb-GPGK -!
W "?PA?PCL? 0!
#S?BPM
#S?BPM0CPDGJBCJ?QCKNPCQ?QQGBCPjPEGA?QBCJ0PMEP?K?'P?L#?P?H\Q
%J APCAGKGCLRM BC J? NPMBSAAGgL BC ?PP?@GM BC J? PCEGgL BC #?P?H\Q PCQSJR? BC
SL? AMLHSE?AGgL BC D?ARMPCQ OSC GLAJSWC J? ?KNJG?AGgL BC J? A?N?AGB?B
GLQR?J?B? BC ?JESLMQ EPSNMQ NGMLCPMQ #MQGN?P
6GCL? 3GBCPjPEGA?
1SCGPMX
'?JT_M
J? CLRP?B? BC EPSNMQ QGBCPjPEGAMQ BC K?WMP NMPRC 'CPB?S
!aM
#C?PCLQC
BC SL? RP?BGLE OSC N?Q? ? NPMBSAGP CJ ?PP?@GM ?LRCQ GKNMPR?BM
0PMKMRMP? 6?QAM?QRSPG?L?
W BC EPSNMQ CKNPCQ?PG?JCQ JMA?JCQ 'PSNM
2CTCK?P
'PSNM,CMJ?P
CRA
/RPM?QNCARMOSCGKNSJQgJ??KNJG?AGgLBCJN?POSCBC?PP?@GMDSCJ?CJCT?AGgL
BC JMQ NPCAGMQ BCJ KGQKM CL CJ KCPA?BM KSLBG?J %L JMQ ?fMQ
SL?
RMLCJ?B?BC?PP?@GMMPGSLB?BCJ?QQGBCPjPEGA?QBC#?P?H\QCP?TCLBGB??53
z #!2.%)2/
? JM J?PEM BC J? BbA?B? QGESGCLRC M@RSTM SL
NPCAGM NPMKCBGM BC 53 -/.4%)2/
?JA?LX?BM CL CJ CJ
NPCAGM NPMKCBGM BC 53 #MKM CJ NPMACQM N?P? J? NPMBSAAGgL BC
?PP?@GM ?BMNR?BM NMP R?JCQ CKNPCQ?Q CQR\ @?Q?BM CL J? SRGJGX?AGgL BCJ A?P@gL
TCECR?JAMKMGLQSKMCLCPEbRGAM
J?NPMBSAAGgLBCA?P@gLQCRMPLgSL?BCJ?Q
NPGLAGN?JCQ
QGLM J? K\Q GKNMPR?LRC
?ARGTGB?B CAMLgKGA? BC J? PCEGgL %L CJ
JCLES?HC BC J? CAMLMKe? BCJ BCQ?PPMJJM
J? GLBSQRPG? BCJ ?PP?@GM APCg SL
CQJ?@ML?KGCLRMNPMEPCQGTM@?AIU?PBJGLI?EC ()23#(-!.
!J GLGAGM BC J? GKNJ?LR?AGgL BC J?Q QGBCPjPEGA?Q CL !a?GJ^LBG? W -?P?@\
J?
NPMBSAAGgL BC A?P@gL TCECR?J QC MPGEGL?@? @\QGA?KCLRC BC PCQGBSMQ BC
QCPP?Pe?Q W BC J? CVRP?AAGgL BC @MQOSC L?RGTM ,MQ NPMTCCBMPCQ BC A?P@gL BC
QCPPCPe?N?P?J?QCKNPCQ?QBC?PP?@GMBC!a?GJ^LBG?CQR?@?LJMA?JGX?B?QCLJMQ
KSLGAGNGMQBC0?P?EMKGL?Q
$MK%JGQCS
5JG?LgNMJGQW2MLBMLBM 0?P\
CLCJ
CQR?BM BC 0?P\ W CL !K?P?LRC BC -?P?LF_M
*M_M ,GQ@M?
3?LR? ,SXG?
N?PRGASJ?PKCLRC CL "SPGRGASNS
'P?H?j
)KNCP?RPGX
W CJ NPMNPGM N?POSC
K?BCPCPM BCJ KSLGAGNGM BC !a?GJ^LBG?
KGCLRP?Q OSC CJ A?P@gL BCJ @MQOSC
L?RGTMNPMTCLe?BCCQRMQWBCMRPMQKSLGAGNGMQQGRS?BMQCLJ?KCQMPCEGgLBCJ
MCQRCBC-?P?LF_M #!2.%)2/
N
%LCJA?QMBC-?P?@\MASPPe?
SL?QGRS?AGgLQCKCH?LRC
AMKMKMQRPg-MLRCGPM
?JCV?KGL?PJ?JGQR?BC
NPMTCCBMPCQBCJ?#MKN?fe?3GBCPjPEGA?BC0?P\
| BC JMQ NPMTCCBMPCQ OSC CL JC TCLBGCPML A?P@gL ? #MQGN?P
SRGJGX?@?L PCQGBSMQ BC QCPPCPe?Q W JMQ PCQR?LRCQ SRGJGX?@?L PCQGBSMQ BC
DGLA?Q ,MQ NPMTCCBMPCQ BC A?P@gL ? @?QC BC PCQGBSMQ BC QCPP?Pe?Q
AMPPCQNMLBe?L?BCJLjKCPMBCNPMTCCBMPCQW
AMPPCQNMLBe?L?
BCJ?BCK?LB?BCJ?CKNPCQ?%LJMQNPMTCCBMPCQBCA?P@gLBCQCPPCPe?
AMPPCQNMLBe?L?
WNPMBSAe?L
BCJA?P@gLAMLQSKGBMNMP#MQGN?P}
MNAGR
N
,JCE?KMQ?JT?JMPBC?RP?TbQBCJ?BGTGQGgLBCJT?JMPBCJ?CVNMPR?AGgLNMPJ?
A?LRGB?BCVNMPR?B?
BC?ASCPBM?JMQB?RMQBCJ?3CAPCR?Pe?BCJ#MKCPAGM%VRCPGMP
3%#%8
6?JCBCAGPOSCCQRCNPCAGMBCAJGLg@?QR?LRCCLCJ
BC@GBM?J?APGQGQ
CAMLgKGA?W?J?PCRP?AAGgLBCJ?QAMKNP?QNMPCJKCPA?BMLMPRC?KCPGA?LM
#!2.%)2/2!-!,(/
%VACNRMJ?D?@PGA?AGgLBC?ACPMPC?JGX?B?NMPJ?CKNPCQ?3GLM@P\Q
OSCCL
?BOSGPGgJ?SLGB?BBCNPMBSAAGgLBC?PP?@GMBCJ?CKNPCQ?3GK?P?CL-?P?@\0?P?R?J
NPMBSAAGgL
3GLM@P\QSRGJGX?AMKMK?RCPG?NPGK?SLKGVBCAF?R?PP?
W?PP?@GM
AMLSL?K?RPGXCLCPEbRGA?OSCRGCLC?J?CJCARPGAGB?B
WLM?JA?P@gLTCECR?J
AMKMQSNPGLAGN?JGLQSKM
PCQNCARGT?KCLRC ?BMNR?BMQ NMP )"!-! K\VGKM
W NMP J?Q QGBCPjPEGA?Q BC
-?P?LF_M KeLGKM
6?JCBCQR?A?POSC?BCK\QBCJ?CVN?LQGgLAS?LRGR?RGT?BCJAMLQSKMBCA?P@gL
TCECR?J
QCTCPGDGA?R?K@GbL
?N?PRGPBCJ?QCESLB?KGR?BBCJMQ?fMQ
SL?
BGTCPQGDGA?AGgL BC J?Q DSCLRCQ BCJ A?P@gL TCECR?J AMLQSKGBM NMP J?Q CKNPCQ?Q
BC?PP?@GM-GCLRP?QOSCJ?QDSCLRCQGLGAG?JCQBC?@?QRCAGKGCLRMCP?LCJA?P@gL
BC PCQGBSMQ BC QCPP?Pe?Q W BC J? ?NCPRSP? BCJ @MQOSC L?RGTM
CL CQRC LSCTM
KMKCLRM MASPPC
?SLOSC BC DMPK? QCASLB?PG?
CJ SQM BCJ A?P@gL NPMBSAGBM ?
N?PRGPBCJ?OSCK?BCJAMAM@?@?Qj
BCJ?JCf?NPMBSAGB?CLNJ?LReMQDMPCQR?JCQ
GLBSQRPG?JCQ PCDMPCQR?AGgL
WBCPCQGBSMQBCNPMWCARMQBCK?LCHMDMPCQR?J
#S?BPM0PMBSAAGgLBC?PP?@GMWAMLQSKMCQRGK?BMBCA?P@gLTCECR?J
?
%JT?JMPK\VGKMSRGJGX?CJD?ARMPBCAMPPCAAGgL?BMNR?BMNMP)"!-!
OSCCQR?@JCAC
OSCN?P?J?NPMBSAAGgLBCSL?RMLCJ?B?BCA?P@gLQMLLCACQ?PGMQ
KBCA?P@gL
TCECR?J%JT?JMPKeLGKMRGCLCAMKM@?QCCJD?ARMPGLBGA?BMNMPJ?QCKNPCQ?Q
QGBCPjPEGA?QBC-?P?LF_M
OSCPCJ?AGML?L
KBCA?P@gLN?P?J?NPMBSAAGgLBC
SL?RMLCJ?B?BC?PP?@GM )"!-!
&SCLRCQ3%#%8-$)#C)"!-!
%J'P\DGAMKSCQRP?J?BGTCPQGDGA?AGgLBCJ?QDSCLRCQBC?@?QRCAGKGCLRMBCJ?Q
CKNPCQ?Q BC ?PP?@GM %J EP\DGAM BC@C QCP GLRCPNPCR?BM AML ASGB?BM
NSCQ JMQ
T?JMPCQ NPCQCLR?BMQ AMPPCQNMLBCL ? J?Q GLDMPK?AGMLCQ BCAJ?P?B?Q NMP J?Q
CKNPCQ?Q ?J )"!-! BSP?LRC SL? MNCP?AGgL BC DGQA?JGX?AGgL %L CQR?
GLQNCAAGgL
CJCOSGNMBCJgPE?LM?K@GCLR?JDCBCP?JAMLQR?Rg|DSCPRCQGLBGAGMQBC
OSC J?Q !SRMPGX?AGMLCQ BC 4P?LQNMPRC BC 0PMBSARMQ &MPCQR?JCQ !40&Q
SRGJGX?B?Q N?P? CJ RP?LQNMPRC BC A?P@gL NPMTCLGCLRC BC PCQGBSMQ BC QCPPCPe?Q
CQR?@?LQGCLBMSRGJGX?B?QN?P?CLAS@PGPCJRP?LQNMPRCBCA?P@gLNPMTCLGCLRCBC
BCDMPCQR?AGgLGJCE?J} )"!-!
N
%QBCAGP
RMBMGLBGA?OSCJ?NPGLAGN?J
DSCLRCBC?@?QRCAGKGCLRMBCJ?QCKNPCQ?QBC?PP?@GMCL-?P?LF_MWCL0?P\
AMLRGLS?@? QGCLBM J? R?J? BC @MQOSCQ
NPGLAGN?JKCLRC CL CQRC jJRGKM CQR?BM
!jL ?Qe
K\Q ?JJ\ BC J?Q GKNPCAGQGMLCQ OSC CQR?Q GLDMPK?AGMLCQ NSCB?L
AMLRCLCP
QC BCQR?A? CJ APCAGKGCLRM BC J? N?PRGAGN?AGgL BC MRP?Q DSCLRCQ BC
A?P@gL TCECR?J AMAM @?@?Qj
PCDMPCQR?AGgL W K?LCHM
CL J? NPMBSAAGgL BC
?PP?@GM
!N?PRGPBCJGLGAGMBCJNPCQCLRCQGEJMMASPPCSLAPCAGKGCLRMAMLRGLSMBCJA?P@gL
MPGSLBM BC NJ?LR?AGMLCQ DMPCQR?JCQ #MLQGBCP?LBM JMQ ?fMQ CL OSC CQ? DSCLRC
?BOSGCPCK?WMPGKNMPR?LAG? ?
QCTCPGDGA?OSCF?PCNPCQCLR?BMBC
?J BC J? NPMBSAAGgL BCJ A?P@gL BC @MQOSC L?RGTM BCJ CQR?BM BC
-?P?LF_M
JMOSCAMLDGPK?CJGLDMPKCBCGLQNCAAGgLBCJ)"!-!
BCOSC
J?Q CKNPCQ?Q QGBCPjPEGA?Q JMA?JGX?B?Q CL -?P?LF_M CQR\L CL KCHMP QGRS?AGgL
PCQNCARM?J?KCR?BC?JA?LX?PJ??SRMQSDGAGCLAG?CLJ?NPMTGQGgLBCA?P@gL
3GLCK@?PEM
QCBC@CPCQ?JR?POSCCJTMJSKCLBCA?P@gLCVRP?eBMBCJ@MQOSC
L?RGTM NPCQCLR?BM CL CJ 'P\DGAM LM CQ SL @SCL GLBGA?BMP N?P? KCBGP CJ RMR?J
BCJ A?P@gL BC CQR? DSCLRC AMLQSKGBM NMP J?Q QGBCPjPEGA?Q JMA?JGX?B?Q CL
-?P?LF_M
NSCQ N?PRC GKNMPR?LRC BC CQRC AMLQSKM CQ MPGSLB? BCJ CQR?BM BC
0?P\W
CLKCLMPKCBGB?
BCJMQCQR?BMQBC0G?SeWBC4MA?LRGLQ
%L CJ CNGQMBGM BCJ ?fM OSC CQ AMLMAGBM AMKM J? |ESCPP? BCJ A?P@gL}
NPMTMA?BM NMP CJ ?SKCLRM BC J? ?JeASMR? BCJ )KNSCQRM QM@PC #GPASJ?AGgL BC
-CPA?BCPe?Q W 3CPTGAGMQ )#-3
AM@P?BM NMP CJ CQR?BM BC 0?P\ QM@PC CJ
RP?LQNMPRC GLRCPCQR?R?J BC A?P@gL TCECR?J
PCQSJRg CTGBCLRC CQR? BCNCLBCLAG?
BCJA?P@gLBCJ?QCPPCPe?W@MQOSCL?RGTMBCJCQR?BMTCAGLM
AMKMJMBCKSCQRP?
J?LMR?BCJ"MJCReLBCJ?&CBCP?AGgLBCJ?Q)LBSQRPG?QBCJ%QR?BMBC-?P?LF_M
&)%-!
|%J NPM@JCK? ?J OSC QC PCDGCPC CJ ?JA?JBC BC !a?GJ^LBG?
GLGAGg CJ BC K?WM
AS?LBMCJEM@GCPLMBCJCQR?BMBC0?P\CKGRGgJ?MPBCLKGLGQRCPG?JLl
BCJ?
3CAPCR?Pe?%QR?R?JBCJ?(?AGCLB?
?SKCLR?LBMJ??JeASMR?BCJ)#-3CL
QM@PCJ?QMNCP?AGMLCQCLRPCBGDCPCLRCQCQR?BMQ#MLJ?KCBGB?
J?QQGBCPjPEGA?Q
BC -?P?LF_M DSCPML M@JGE?B?Q ? AMKNP?P NMP PC?JCQ CJ KCRPM Aj@GAM BC
A?P@gLTCECR?J
TCLBGBM?LRCPGMPKCLRCNMPPC?JCQ
%QBCAGP
J?GLBSQRPG?
BC?PP?@GMBC-?P?LF_MQCPe?GLTG?@GJGX?B?
W?OSC
BCJMQKBCA?P@gL
TCECR?J AMLQSKGBMQ BG?PG?KCLRC NMP JMQ ?JRMQ FMPLMQ BC !a?GJ^LBG?
QML
AMKNP?BMQ CL J? PCEGgL BC 0?P?EMKGL?Q
} ! APGQC BM A?PT_M -?P?LF_M
)LBSQRPG?J"MJCRGKB?&)%-!
-?G*SL
N
! NCQ?P BC NMQCCP SL LjKCPM K\Q CJCT?BM BC QGBCPjPEGA?Q
CJ NJ?LReM BC
CSA?JGNRM N?P? J? NPMBSAAGgL BC A?P@gL TCECR?J CQ KCLMP CL CKNPCQ?Q
JMA?JGX?B?Q CL CJ CQR?BM BC 0?P\ 3CEjL GLDMPK?AGMLCQ BCJ "MJCReL BCJ
3GLBGA?RMBCJ?Q)LBSQRPG?QBC!PP?@GMBCJ%QR?BMBC0?P\ 3GLBGDCPN?
CLCJ
?fM J?Q CKNPCQ?Q BC ?PP?@GM BC -?P?@\ NMQCe?L KGJ FCAR\PC?Q
NJ?LR?B?QAMLCSA?JGNRM
BCJ?QAS?JCQKGJFCAR\PC?QCQR?@?LJMA?JGX?B?QCL
CJ CQR?BM BC 4MA?LRGLQ #MKN?P?LBM CJ 'P\DGAM QGRS?AGgL CL 0?P\
AML CJ
?LRCPGMP QGRS?AGgL CL -?P?LF_M
QC NCPAG@C OSC J? NPMBSAAGgL BC A?P@gL
MPGSLB? BC J? QGJTGASJRSP? CQ GLCVNPCQGT? %L BGAGCK@PC BC
3GLBGDCPN?
.B4QGEJ?CLNMPRSESbQ
#DLMR?|.MT?QRCALMJMEG?QL?NPMBSa_MBCA?PT_MTCECR?J}
0MJM3SQRCLR\TCJ
)LDMPK?RGTMBM3GLBGA?RMB?Q)LBjQRPG?QBC&CPPM'SQ?BMCQR?BMBM0?P\!LM
L
.MTBCX
N
?DGPKg OSC CVGQRe?L FCAR\PC?Q BC @MQOSCQ NJ?LR?BMQ CL 0?P\
BC J?Q
AS?JCQ KGJ QML BC QGBCPjPEGA?Q N?P?CLQCQ W KGJ BC QS AMLEbLCPC BC
-?P?LF_M
$C ?ASCPBM AML CQR? GLDMPK?AGgL
J? GLTCPQGgL PC?JGX?B? NMP J?Q CKNPCQ?Q BC
?PP?@GM BC 0?P\ CL NJ?LR?AGMLCQ DMPCQR?JCQ F? MASPPGBM NPGLAGN?JKCLRC CL CJ
CQR?BM BC 4MA?LRGLQ
BC@GBM ?J JeKGRC DGH?BM NMP J? JCEGQJ?AGgL ?K@GCLR?J
PCQNCARM ?J \PC? BC PCQCPT? JCE?J #MKM CVNJGAg
CL SL? CLRPCTGQR? ?J BG?PGM
6?JMP%AMLgKGAM
CJCVNPCQGBCLRCBC3GLBGDCPN?
|
!DMLQM !J@SOSCPOSC
?DGPK? OSC J?Q GLBSQRPG?Q PCOSGCPCL PCDMPCQR?P W
?BCAS?PQC?J?QLMPK?Q?K@GCLR?JCQN?P?GLTCPRGP0CPMPCAJ?K?OSCJ?PCQCPT?
JCE?JBCNPCQCPT?AGgLDMPCQR?JBCJCQRGNSJ?B?NMPCJEM@GCPLMDCBCP?JN?P?
RMBM 0?P\ z N?P? A?B? FCAR\PC?Q AMQCAF?B?Q
RGCLCL OSC QCP
NPCQCPT?B?Q z AMLRP? J?Q ?LRCPGMPCQ
RMPL? KSW AMKNJGA?BM GLTCPRGP CL
PCDMPCQR?AGgL N?P? NPMBSAGP A?P@gL !BCK\Q
QCEjL bJ
F?W NPM@JCK?Q CL J?
RCLCLAG? JCE?J BC J? RGCPP? OSC BGDGASJR?L J? ?BOSGQGAGgL BC \PC?Q N?P? NJ?LReM}
#?PT_M b QMJSa_M C BMP BC A?@Ca? LM 3SBCQRC BM %QR?BM 6?JMP %AMLhKGAM
N"
0?P? TG?@GJGX?P J? CVN?LQGgL BC JMQ NPMWCARMQ BC PCDMPCQR?AGgL
J?Q CKNPCQ?Q
ASCLR?L AML BMQ RGNMQ BC DGL?LAG?KGCLRM CJ &MLBM &MPCQR?J BC #?P?H\Q W CJ
?AACQM ? JeLC?Q BC APbBGRM MDGAG?JCQ
AMKM CQ CJ A?QM
NMP CHCKNJM
BCJ &MLBM
#MLQRGRSAGML?JBCJ.MPBCQRC &.%
z6CPBCMNCP?BMNMPCJ"?LAM BM.MPBCQRC
"P?QGJCGPM "."
W BCJ 0PMEP?K? BC 0J?LRGM #MKCPAG?J W 2CASNCP?AGgL BC
"MQOSCQ z 02/0&,/2!
JeLC? BC APbBGRM BCJ "?LAM .?AGML?J BM
$CQCLTMJTGKCLRM%AMLhKGAMC3MAG?J ".$%3
*MPL?J#MPPCGMBM4MA?LRGLQ
BCBCXCK@PMBC
.B4QGEJ?CLNMPRSESbQ
ASKNJGKGCLRMBCJNPMWCARM
?NPM@?BMNMPCJ#MKGRbBC&GQA?JGX?AGgLBCJ&&#
!JKMKCLRMBCQSJ?LX?KGCLRM
CJ&&#W?AMLR?@?AMLSLA?NGR?JBCACPA?BC
2KGJJMLCQWCQRGK?@?N?P?JMQNPgVGKMQ?fMQSL\PC?PCDMPCQR?B?CLRMPLM
BCKGJFCAR\PC?QCL0?P\
-?P?LF_MW4MA?LRGLQ5L@?J?LAC PC?JGX?BM?
DGLCQBCAMLR?@GJGX?@?SLRMR?J?NJGA?BMCLRMPLM?JMQ2KGJJMLCQNMP
AS?RPM CKNPCQ?Q BC 0?P\ W QCGQ BC -?P?LF_M #MKNPMKGQQM AMK M
PCDJMPCQR?KCLRM0MJM3SQRCLR\TCJ
!LM
Ll
N
/RP? K?RCPG? NPGK? OSC F? E?L?BM GKNMPR?LAG? CL J? NPMBSAAGgL BCJ A?P@gL
AMLQSKGBMNMPJ?QCKNPCQ?QBC?PP?@GMCQCJAMAMBC@?@?Qj,?NPCQCLAG?BCJ
AMAMBC@?@?QjAMKMDSCLRCBCA?P@gLCQK?WMPCLCJCQR?BMBC-?P?LF_M
BC@GBM?J?EP?LNM@J?AGgLBCCQR?N?JKCP?CLJ?TCECR?AGgLBCJCQR?BMW?J?
CQRPSARSP? BC AMKCPAG?JGX?AGgL NPCCVGQRCLRC
OSC D?TMPCAC J? ?BOSGQGAGgL BCJ
KGQKM CL EP?LBCQ A?LRGB?BCQ NMP N?PRC BC J?Q CKNPCQ?Q BC ?PP?@GM 3GL
CK@?PEM
CL CJ A?QM BCJ CQR?BM BC -?P?LF_M
CJ AMLQSKM BC A?P@gL TCECR?J
MPGSLBM BCJ AMAM BC @?@?Qj QC AMLACLRP? CL BMQ CKNPCQ?Q z #MQGK? C
-?PESQ? z OSC HSLR?Q PCQNMLBCL NMP ACPA? BCJ BCJ A?P@gL AMLQSKGBM
BCAJ?P?BMCLJMQAGLAM?fMQBCDGQA?JGX?AGgLJJCT?B??A?@MNMPCJ)"!-!
%QR? APCAGCLRC SRGJGX?AGgL BCJ AMLQSKM BCJ AMAM BC @?@?Qj NMP N?PRC BC J?
GLBSQRPG? BC ?PP?@GM F? NPMTMA?BM PC?AAGMLCQ NMP N?PRC BC QCEKCLRMQ
CAMLgKGAMQ OSC RP?BGAGML?JKCLRC SQ?L CQR? ?JKCLBP? CL NPMACQMQ BC
NPMBSAAGgL BC H?@gL W ?ACGRC CL CJ CQR?BM BC -?P?LF_M CJ -MTGKCLRM
)LRCPCQR?BS?J B?Q 1SC@P?BCGP?Q BC #MAM "?@?aS -)1#"
W CJ 3GLBGA?RM B?Q
)LBjQRPG?QBCJCMQ6CECR?GQBM%QR?BMBM-?P?LF_M 3GLBgJCM
!NCQ?PBCJ?
LCE?AGgL BCJ 3GLBGA?RM B?Q )LBjQRPG?Q BC &CPPM 'SQ? BM %QR?BM BM -?P?LF_M
3)&%-!
PCNPCQCLR?LRC BC J?Q CKNPCQ?Q BC ?PP?@GM CL CJ CQR?BM BC
-?P?LF_M
SL PCNPCQCLR?LRC BC J? NPGLAGN?J GLBSQRPG? BC ?ACGRC BCJ CQR?BM
AMLDGPKg J? GKNMPR?LAG? BC J? AMKNCRCLAG? BC J?Q CKNPCQ?Q BC ?PP?@GM CL CJ
KCPA?BMBCAMKNP?QBC?JKCLBP?BC@?@?Qj
|,SGQ #?PJMQ 0CGVMRM ASCLR? OSC J? OSCK?B? BCJ @?@?Qj CLRCPM N?P? J?
NPMBSAAGgL BCJ A?P@gL AMKCLXg F?AC AS?RPM ?fMQ
AML J? GLQR?J?AGgL BC J?
3GBCPjPEGA?#MQGK?CLJ?PCEGgLBC0GLB?Pb
WOSCJ?QGRS?AGgLQCF??EP?T?BM
BCQBC CLRMLACQ ~!LRCQ JMQ NPMTCCBMPCQ BC A?P@gL AMKNP?@?L J? A\QA?P? BC
3CEjLCJQGRGMGLQRGRSAGML?JBCJ&&#
JMQNPGKCPMQNPMWCARMQGKNJ?LR?BMQ@?HMJ?
ECQRGgLBCJ&&#CQR\LJMA?JGX?BMQCL0?P\ 0?P?EMKGL?QW5JG?LgNMJGQ
.MT?)NGVSL?
CL-?P?LF_M !a?GJ^LBG?
"?PP?BM#MPB?
"MK*CQSQB?Q3CJT?Q
W4MA?LRGLQ
7?LBCPJ^LBG?
$?PAGLgNMJGQ
3_M"CLRMBM4MA?LRGLQ
,MQPCASPQMQAMKNJCKCLR?PCQ
N?P?JMQNJ?LReMQPC?JGX?BMQQCMPGEGL?PMLBCPCASPQMQNPMNGMQBCJ?QCKNPCQ?QWBC
DGL?LAG?KGCLRMQBCJMQMPE?LGQKMQBCDMKCLRMPCEGML?JCQ,?KGQK?DSCLRC?DGPK?OSC
CLCJDSCPMLPCDMPCQR?B?QKGJFCAR\PC?QCLQS\PC?BC?ARS?AGgL
3CEjL&GESCGPCBM
N
J?QBMQCKNPCQ?QOSCSQ?PMLNPGKCPMCJA?P@gLBC
AMAM@?@?QjCLJ?D?@PGA?AGgLBC?PP?@GMDSCPML#MQGK?W&CPESK?P,?CKNPCQ?
#MQGK?TGCLCBCQ?PPMJJ?LBMGLTCQRGE?AGMLCQN?P?J?SRGJGX?AGgLBCJA?P@gLBC@?@?Qj
BCQBC
KGCLRP?QOSC&CPESK?PGLGAGgQSNPMWCARMBCSRGJGX?AGgLBC@?@?QjAMKM
GLQSKM?N?PRGPBCJ?fM
@?@?QjN?P?QCPOSCK?B?#MLCJ?SKCLRMBCJ?BCK?LB?
CQR\LCQRGKSJ?LBM
? JMQ PCAMJCARMPCQ ? F?ACP A?P@gL BCJ DPSRM CLRCPM )LAJSQGTC CQR\L ACBGCLBM
R?K@MPCQ BC J?R? N?P? D?AGJGR?P J?Q OSCK?B?Q $CLSLAG?} 1SCGK? BM @?@?aS
NPCHSBGA?/JC?K?/%QR?BMBM-?P?LF_M
Nz%AMLMKG?
%L 0?P\
QgJM BMQ CKNPCQ?Q JC BCAJ?P?PML ?J )"!-! CJ SQM BC A?P@gL
NPMTCLGCLRC BCJ AMAM BC @?@?Qj #MQGN?P
J? K?WMP AMLQSKGBMP? BC A?P@gL
BCJ RMR?J AMLQSKGBM NMP J?Q QGBCPjPEGA?Q BCJ CQR?BM BC 0?P\
W J?
QGBCPjPEGA? )@bPGA?
ASWM AMLQSKM CLRPC AMPPCQNMLBGg ?
BCJ
RMR?JBCJA?P@gLTCECR?JSRGJGX?BM
%L CJ A?QM BCJ ?NPMTCAF?KGCLRM BC PCQGBSMQ MPGSLBMQ BC J? ?ARGTGB?B BC
K?LCHMDMPCQR?JMASPPCSK?QGRS?AGgLGLTCPQ?
AMLJ?K?WMPN?PRCBCCQCRGNMBC
DSCLRCBCA?P@gLQGCLBMBCAJ?P?B?NMPJ?QCKNPCQ?QBC?PP?@GMGLQR?J?B?QCLCJ
CQR?BMBC0?P\3GLCK@?PEM
BC@CQCPPCQ?JR?BMOSCJMQPCQGBSMQAGR?BMQCLCJ
GLDMPKC BC )"!-!
QC PCDGCPCL R?K@GbL ? J? K?BCP? PCAMJCAR?B? AMKM
PCQGBSMQBCJ??ARGTGB?B?EPeAMJ?
LMQGCLBMNMQG@JCBGQRGLESGPNMPJMQB?RMQBCJ
GLDMPKCJMOSCNPMTGCLCBCSL?SMRP??ARGTGB?B
|#GICJ"P?QGJ6CPBC-?BCGP?Q,RB?TGCLCSRGJGX?LBMPCQGBSMQGLBSQRPG?JCQN?P?J?
NPMBSAAGgL BC A?P@gL TCECR?J N?P? J? QGBCPSPEG? 0PCRCLBC
? N?PRGP BC
CQR?@JCACPSLQGQRCK?BCNPMBSAAGgLMNCP?AGML?JBCA?P@gLTCECR?J
? N?PRGP BC PCQGBSMQ BC J? CVNJMR?AGgL DMPCQR?J
$C ?ASCPBM AML JMQ
PCQSJR?BMQ M@RCLGBMQ N?P? A?B? K BC RPMLAM BC K?BCP? PCRGP?BM BCJ @MQOSC
PCQSJR?LKQRBCPCQGBSMQ} 3AGCLRGDGA#CPRGDGA?RGML3WQRCKQ
N
#MLQGBCP?LBM OSC J? F?AGCLB? 2GM #?NGK NPMBSAC ?LS?JKCLRC KGJ K BC
K?BCP?CLRPMLAMQ
F?@Pe?SL?BGQNMLG@GJGB?BBCKGJKBCPCQGBSMQN?P?J?
NPMBSAAGgLBCA?P@gLTCECR?J3GAMLR?KMQCJTMJSKCLBCK?BCP??SRMPGX?B?
N?P? J? CVNJMR?AGgL NMP K?LCHM DMPCQR?J CL CJ CQR?BM BC 0?P\ CL CJ ?fM
K
,%.4).) CR ?J
N
CJ NMRCLAG?J BC PCQGBSMQ N?P? J?
NPMBSAAGgLBCA?P@gLQCPe?BC
KGJJMLCQBCK
/RP?CKNPCQ?OSCGLDMPKgSRGJGX?PPCQGBSMBCK?LCHMN?P?J?NPMBSAAGgLBCA?P@gL
DSC3GBCPjPEGA?)@bPGA?
#MLQGBCP?LBMJ?PCJ?AGgLBCCQRbPCMN?P?
KCRPMQAj@GAMQ
.M M@QR?LRC
LM CQ NMQG@JC ?DGPK?P AML QCESPGB?B CJ MPGECL BC CQ? JCf?
NPMTCLGCLRCBCJK?LCHMDMPCQR?J!JKMKCLRMBCJ?CJ?@MP?AGgLBCCQRCRCVRM
CJ
)"!-! F? BGTSJE?BM CL J? NPCLQ? JMA?J BC -?P?@\ OSC F? GBCLRGDGA?BM W
JCT?LR?BM ?AR?Q AMLRP? CKNPCQ?Q D?LR?QK?Q BC AMKCPAG?JGX?AGgL BC
K?BCP?WMRPMQNPMBSARMQDMPCQR?JCQ?ARS?LBMCLCJCQR?BM$GACJ?LMR?
|,?QCKNPCQ?QNGJJ?B?QCLDJ?EP?LRCNMPCJ)"!-!B?@?LGLDMPK?AGMLCQD?JQ?Q
QM@PCJMQNJ?LCQBCK?LCHMWJ?QESe?QDMPCQR?JCQN?P?HSQRGDGA?PJ?AMKNP?BC
K?BCP? GJCE?J ,?Q LMR?Q DGQA?JCQ CP?L BC CKNPCQ?Q OSC LM CVGQRe?L ;< ,MQ
GLDP?ARMPCQ RCLBP\L OSC BCTMJTCP KGJ KCRPMQ Aj@GAMQ BC K?BCP?
?BCK\Q
BCA?P@gLWJCf?%JRMR?JBCNPMBSARMQDMPCQR?JCQQCPe?QSDGAGCLRCN?P?JJCL?P
KGJA?KGMLCQ} )@?K?GBCLRGDGA?CKNPCQ?QD?LR?QK?Q#MPPCGMBM4MA?LRGLQ
#?BCPLM
?BCDCTCPCGPM
!BCK\QBCJ?QDSCLRCQBCNPMBSAAGgLBCA?P@gLTCECR?JAGR?B?Q?PPG@?
QCBC@C
BCQR?A?P OSC J?Q CKNPCQ?Q BC ?PP?@GM F?L PC?JGX?BM GLTCPQGMLCQ CL J?
NPMBSAAGgLBC?PP?@GM?N?PRGPBCMRPMQGLQSKMQCLCPEbRGAMQ%QRCCQCJA?QMBC
J?5QGL?3GBCPjPEGA?BM0?P\ 53)0!2
JMA?JGX?B?CL"?PA?PCL?
OSCRGCLCQS
NPMACQM NPMBSARGTM @?Q?BM GLRCEP?JKCLRC CL J? SRGJGX?AGgL BC AMOSC
KCR?JjPEGAM
?QeAMKMBCMRP?QCKNPCQ?QJMA?JGX?B?QCL-?P?@\W!a?GJ^LBG?
OSC
CLBCRCPKGL?B?QAGPASLQR?LAG?QGKNMPR?LAMOSCKCR?JjPEGAM
/RP?NMQG@GJGB?BBCQR?A?B?NMP3GLBGDCPN?CQCJPCCKNJ?XMBCN?PRCBCJA?P@gL
TCECR?JNMPE?QL?RSP?J
?NPMTCAF?LBMSL?GLGAG?RGT?BCJEM@GCPLMBCJCQR?BMBC
0?P\ OSC NPCRCLBC GKNMPR?P E?Q L?RSP?J BC 6CLCXSCJ? N?P? BMQ
RCPKMCJbARPGA?Q OSC QCPe?L GLQR?J?B?Q CL -?P?@\ W "?PA?PCL? 3CEjL SL
CQRSBGM QMJGAGR?BM NMP 3GLBGDCPN? | KGJJMLCQ BC K BC E?Q L?RSP?J NMP ?fM}
NCPKGRGPe?L J? PCBSAAGgL CL CJ AMLQSKM BC A?P@gL TCECR?J CL CJ MPBCL BC
K?fM
#MKMCJAMOSCKCR?JjPEGAMCQGKNMPR?BM
JMOSCNCQ?CLCQR?CJCAAGgLCQJ?
CTMJSAGgLBCJNPCAGMBCCQRC%##% */DPCLRC?DPCLRCAMLCJNPCAGMBCJ?PP?@GM
?Qe
AMKMCJAMKNMPR?KGCLRMBCJ?R?Q?BCA?K@GM
#DLMR?|0?P\C6CLCXSCJ??L?JGQ?KTG?@GJGB?BCRbALGA?N?P?MAMKbPAGMBCE\Q}
NS@JGA?B?CLJ?N\EGL?BCJ?3CAPCR?PG?%QR?BS?JBC$CQCLTMJTGKCLRM
#GdLAG?C
4CALMJMEG?-MLRCGPM
BCQR?A?MRP?NMQQG@GJGB?BN?P?CQ?NPMTGQGgLBCE?Q
L?RSP?J
QSEGPGCLBMJ?CVRCLQGgLBCJE?QMBSARMBCJLMPBCQRCBC3_M,SGQ-!N?P?
)KNCP?RPGX-!
#DLMR?|.MTMN?QQMPSKM?QSQRCLR?@GJGB?BC}
0MJM3SQRCLR\TCJ
)LDMPK?RGTMBM
3GLBGA?RMB?Q)LBjQRPG?QBC&CPPM'SQ?BMCQR?BMBM0?P\!LM
L
*SJ!EM
N
QGRS?AGgL
J? NPMBSAAGgL BC A?P@gL CQ PC?JGX?B? NMP J? NPMNG? CKNPCQ?
QGBCPjPEGA?MJ?KGQK?NSCBCRCPAG?PGX?PCQR??ARGTGB?B
%LJ?QCESLB?QGRS?AGgL
OSCAMPPCQNMLBC?JA?P@gLMPGSLBMBC?QCLR?KGCLRMQ
DGLA?Q W QCPPCPe?Q
CJ ?@?QRCAGKGCLRM CQ PC?JGX?BM ? RP?TbQ BC SLM M K\Q
GLRCPKCBG?PGMQ CKNPCQ?PGMQBCJA?P@gL
OSC
AMLDMPKCJ?QA?P?ARCPeQRGA?QBCJ?
?ARGTGB?BA?P@MLCP?CLASCQRGgL
MPE?LGX?LRMBMCJNPMACQMNPMBSARGTM!Qe
CL
CJ A?QM BC JMQ ?QCLR?KGCLRMQ
BC@C L
CQR?@JCACP SL AMLRP?RM AML JMQ
?QCLR?BMQ
M@RCLCP J? ?SRMPGX?AGgL BC BCDMPCQR?AGgL CL CJ gPE?LM ?K@GCLR?J
AMKNCRCLRC
PC?JGX?PJ??ARGTGB?BBCA?P@MLGX?AGgL ECLCP?JKCLRCAML@?RCPe?Q
BC FMPLMQ CL CJ KGQKM ?QCLR?KGCLRM
W BC AMKCPAG?JGX?AGgL AML J?Q
QGBCPjPEGA?Q
,MQNPM@JCK?QQMAG?JCQW?K@GCLR?JCQGLGAG?JCQNPMTMA?BMQNMPJ?GKNJ?LR?AGgL
BC J? QGBCPSPEG? CL CJ CQR?BM BC -?P?LF_M DSCPML @GCL BMASKCLR?BMQ CL JMQ
CQRSBGMQPC?JGX?BMQNMP#?PLCGPM
WNMP0?SJ?!LBP?BC
OSC
?L?JGX?PML J?Q PCNCPASQGMLCQ BC J?Q ?ARGTGB?BCQ BC NPMBSAAGgL BC A?P@gL CL
J?Q KCQMPCEGMLCQ ECMEP\DGA?Q BCJ MCQRC W BCJ CQRC BC -?P?LF_M %L CQRMQ
RP?@?HMQ
JMQ?SRMPCQJJ?K?LJ??RCLAGgLN?P?JMQNPMACQMQQMAG?JCQNPMTMA?BMQ
M ?EP?T?BMQ
NMP J? ?ARGTGB?B A?P@MLCP?
AMKM J? AMLACLRP?AGgL BCJ RCPPCLM
?EP?PGM
J? AMKNCRCLAG? AML J? ?ARGTGB?B ?EPeAMJ? BC JMQ A?KNCQGLMQ W JMQ
NPM@JCK?Q ?K@GCLR?JCQ PCJ?AGML?BMQ AML J? OSCK? BCJ A?P@gL CL FMPLMQ
JMA?JGX?BMQCL\PC?QSP@?L?Q
/RPM ?QNCARM OSC DSC M@HCRM BC CQRSBGMQ QC PCDGCPC ? J? CVGQRCLAG? BC
QGRS?AGMLCQ BC RP?@?HM CQAJ?TM CL J? NPMBSAAGgL BC A?P@gL TCECR?J
#!2.%)2/
!N?PRGPBCJ?DGPK?BCJ?|#?PR?AMKNPMKGQMNMPCJ
DGLBCJRP?@?HMCQAJ?TMCLJ?NPMBSAAGgLBCJA?P@gLTCECR?JWNMPJ?BGELGDGA?AGgL
DMPK?JGX?AGgL W KMBCPLGX?AGgL BCJ RP?@?HM CL J? A?BCL? NPMBSARGT? BCJ QCARMP
QGBCPjPEGAM}
CL ?EMQRM BC
?AAGMLCQ BC DGQA?JGX?AGgL DSCPML PC?JGX?B?Q
NMPSL?CLRGB?BAPC?B?NMPJ?QCKNPCQ?QQGBCPjPEGA?QBCJ?PCEGgLBC#?P?H\Q
CJ)LQRGRSRM#?PT_M#GB?B_M #!2.%)2/
?
%J RP?@?HM BCJ )LQRGRSRM #?PT_M #GB?B_M
J?Q A?KN?f?Q PC?JGX?B?Q NMP /.'Q
#MKGQQ_M 0?QRMP?J B? 4CPP?
#CLRPM BC $CDCQ? B? 6GB? BC !a?GJ^LBG?
?Qe
AMKMJ??ARS?AGgLBCJ%OSGNM-gTGJBC&GQA?JGX?AGgLBCJ-GLGQRCPGMBC4P?@?HM
F?L NPMKMTGBM ?T?LACQ PCQNCARM ? J? BGQKGLSAGgL BC JMQ A?QMQ BC RP?@?HM
CQAJ?TM CL J?Q A?P@MLCPe?Q OSC ?@?QRCACL J?Q QGBCPjPEGA?Q BC #?P?H\Q 3GL
CK@?PEM
AMKM KMQRPg CJ CQRSBGM PC?JGX?BM NMP 3MSQ?
?jL NCPQGQRCL
%LJ?QDGLA?Q
CJA?P@gLNSCBCNPMTCLGPR?LRMBCJMQPCQGBSMQMPGSLBMQBCJ??NCPRSP?
BC@MQOSCL?RGTMAMKMBCJAMAM@?@?QjOSCN?Q??QCPTCLBGBMN?P?RP?@?H?BMPCQ
PSP?JCQ
R?K@GbLBCQGEL?BMQAMKMPCAMJCARMPCQBCAMAM@?@?Qj &GESCGPCBM
EP?TCQ QGRS?AGMLCQ BC D?JR? BC PCQNCRM ? J?Q AMLBGAGMLCQ BC RP?@?HM CL J?
NPMBSAAGgLBCA?P@gLTCECR?JCLCJCQR?BMBC-?P?LF_M
%L J? PCEGgL QSBCQRC BC 0?P\
J? NPMBSAAGgL BC A?P@gL TCECR?J ? N?PRGP BC
@MQOSCQNPGK?PGMQWQCASLB?PGMQGLGAGg?LRCQBCJDSLAGML?KGCLRMBCJNPGKCP?JRM
FMPLM,?NPGKCP?CKNPCQ?OSCGLACLRGTgJ?NPMBSAAGgLBCA?P@gLDSC#MQGN?P
NMQG@JCKCLRCBSP?LRCCJ?fM-MLRCGPM
?DGPK?OSCJ?NPGKCP?A?PE?
BC A?P@gL CLRPM CL CJ N?RGM BC J? QGBCPjPEGA? CL DC@PCPM BC %L CQMQ
NPGKCPMQ ?fMQ
J?Q A?P@MLCPe?Q QC AMLACLRP?@?L CL CJ RPCAFM CLRPC CJ $GQRPGRM
)LBSQRPG?JBC-?P?@\WJ?AGSB?BBC*?ASLB\
QGESGCLBMJ?A?PPCRCP?0!
,?BGTCPQGDGA?AGgLBCJ?QDSCLRCQBC?@?QRCAGKGCLRMBCA?P@gLTCECR?J?NSLR?B?
CL J? QCAAGgL ?LRCPGMP
AML CJ DSCPRC ?SKCLRM CL CJ \PC? BC NJ?LR?AGMLCQ BC
@MQOSCQ CLCPEbRGAMQ W CJ GLAPCKCLRM BC J? SRGJGX?AGgL BCJ AMAM @?@?Qj NMP
N?PRCBCJ?QCKNPCQ?QQGBCPjPEGA?QRP?HMLSCTMQPCQSJR?BMQN?P?J?BGL\KGA?BC
RGCPP?Q ?EPeAMJ?Q PCEGML?J #!2.%)2/
W N?P? J? PCJ?AGgL BC CQ?Q
CKNPCQ?Q AML QCEKCLRMQ A?KNCQGLMQ N?P? JMQ AS?JCQ CJ AMAM @?@?Qj CQ CJ
CJCKCLRM ACLRP?J BC QS CAMLMKe? !2!
*/
,?Q NPgVGK?Q QCAAGMLCQ
?@MPB?LCQR?QASCQRGMLCQ
0PM@JCK?QPCJ?AGML?BMQAMLJ?CVN?LQGgLBCJMQKMLMASJRGTMQBCCSA?JGNRM
N?P?DGLCQCLCPEbRGAMQ
!EP?T?KGCLRMBCJ?AMLACLRP?AGgLBCRGCPP?Q?EPeAMJ?Q
,MQ NJ?LReMQ BC CSA?JGNRM ?QMAG?BMQ ? J? NPMBSAAGgL QGBCPjPEGA? BC #?P?H\Q
NPCQCLR?LSLAJ?PMGKN?ARMQM@PCJ?BGQRPG@SAGgLBCJ?NPMNGCB?BBCJ?RGCPP?!
N?PRGPBCJ?L\JGQGQBCJMQB?RMQBCJ#CLQM!EPMNCAS?PGMCQNMQG@JCGBCLRGDGA?PJ?
DSCPRCNPCQCLAG?BCCQRMQKMLMASJRGTMQCLJ?QKGAPMPCEGMLCQBC0GLB?PbCBC
)KNCP?RPGX -?P?LF_M
#!2.%)2/
%QRSBGMQ KSCQRP?L J? ?NPMNG?AGgL
BCT?QR?QNMPAGMLCQBCRGCPP?NMPEPSNMQQGBCPjPEGAMQCLKSLGAGNGMQAMKM"?PP?
BM #MPB? 3/53!
M KGAPMPCEGMLCQ AMKM #F?N?BGLF? W CJ "?GVM
0?PL?e@?-?P?LFCLQC #!2.%)2/
@
%L CJ A?QM BC J? KGAPMPCEGgL BC )KNCP?RPGX
J? BGL\KGA? BC J? ?BOSGQGAGgL BC
RGCPP?Q N?P? J? PCDMPCQR?AGgL QC F? AMLDPMLR?BM AML J? PCQGQRCLAG? BC
KMTGKGCLRMQ QMAG?JCQ MPE?LGX?BMQ -MTGKCLRM 3GLBGA?J BMQ 4P?@?JF?BMPCQ
2SP?GQ
-MTGKCLRM BC 4P?@?JF?BMPCQ 3CK4CPP? z -34 z W -MTGKCLRM NCJ?
,G@CPR?a_MBMQ3CK4CPP?
NPMTMA?LBMBGTCPQMQAMLDJGARMQCLRPCCKNPCQ?QBC
?PP?@GMWEPSNMQBCRP?@?H?BMPCQPSP?JCQ
#MKM NPSC@? BC CQR? QGRS?AGgL RCLCKMQ CJ PCJ?RM BC JMQ BGPCARMPCQ BC J?
CKNPCQ? &CPPM 'SQ? #?P?H\Q
BC OSC CL QgJM AGLAM ?fMQ MASPPGCPML BGCX
MASN?AGMLCQBCNPMNGCB?BCQBCJ?CKNPCQ?
AMKMKSCQRP?CJ#S?BPM
#S?BPM.MK@PC
\PC?RMR?JWA?LRGB?BBCTCACQCLJ?QOSCGLKSC@JCQBCJ?
CKNPCQ?&CPPM'SQ?#?P?H\Q
DSCPMLM@HCRMBC|GLT?QGgL}NMPN?PRCBCKMTGKGCLRMQBCRP?@?H?BMPCQPSP?JCQ
&SCLRC%LRPCTGQR?AMLBGPCARMPCQBC&CPPM'SQ?#?P?H\Q
0?P? JMQ PCNPCQCLR?LRCQ BC KMTGKGCLRMQ QMAG?JCQ OSC N?PRGAGN?L CL CQR?Q
MASN?AGMLCQ
CJ APCAGKGCLRM BC J? NPMBSAAGgL BC A?P@gL F? ?DCAR?BM
NPMDSLB?KCLRC CJ KCPA?BM PCEGML?J BC RGCPP?Q 3CEjL JeBCPCQ BCJ -34
CJ
NPMACQM BC J? PCDMPK? ?EP?PG? CL J? |PCEGgL RMA?LRGL?} QC CLASCLRP?
GLKMTGJGX?BM
W? OSC J? ?ARS?AGgL BC J?Q CKNPCQ?Q BC ?PP?@GM CQRGKSJg CJ
KCPA?BM BC RGCPP?Q
RMPL?LBM K\Q BGDeAGJ J? ?AAGgL BCJ )LQRGRSRM .?AGML?J BC
#MJMLGX?AGgLW2CDMPK?!EP?PG? ).#2!
!PESKCLR?LOSC?LRCQBCJ?GLGAG?RGT?
BC ?BOSGQGAGgL BC RGCPP?Q NMP N?PRC BC CQ?Q CKNPCQ?Q
JMQ CQR?LAGCPMQ JMA?JCQ
KMQRP?@?LNMA?MLGLESL?PCQGQRCLAG?DPCLRC?J??AAGgLBCBCQ?NPMNG?AGgLBCJ
gPE?LMBCJ?NPMNGCB?BRCPPGRMPG?JDCBCP?J
QGRS?AGgLOSCQCPCTGPRGgRMR?JKCLRC
,MQB?RMQBCJ)"'%N?P?CQ?-GAPMPCEGgL(MKMEbLC? -2(
KSCQRP?LOSCCL
CJ J?Q \PC?Q AMPPCQNMLBGCLRCQ ? @MQOSCQ PCNPCQCLR?@?L BCJ \PC?
RMR?J BC JMQ CQR?@JCAGKGCLRMQ ?EPMNCAS?PGMQ
eLBGAC ?NCL?Q GLDCPGMP ?J BC J?Q
\PC?Q MASN?B?Q AML N?QRMQ
W KSW QSNCPGMP ?J \PC? BC ASJRGTMQ RCKNMP\PGMQ
BCJ RMR?J
#!2.%)2/
N
,? DSCPRC NPCQCLAG? BC NJ?LReMQ BC
CSA?JGNRM CL CQ? PCEGgL NSCBC QCP CVNJGA?B? NMP J? NPMVGKGB?B AML CJ NMJM
QGBCPjPEGAMBC!a?GJ?LBG?
?QeAMKMR?K@GbLNMPJ?NPCQCLAG?BCJ\PC?DMPCQR?J
BCJ0PMWCARM#CJK?POSC
CLCJ
N?Qg?AMKNMLCPCJ?ARGTMDMPCQR?JBCJ?
CKNPCQ?&CPPM'SQ?#?P?H\Q
%L MRP?Q PCEGMLCQ BCJ CQR?BM BMLBC CJ APCAGKGCLRM BCJ NJ?LReM BC CSA?JGNRM CL
KMLMASJRGTMQ TGCLC MASPPGCLBM
R?K@GbL QC M@QCPT?L NPMACQMQ BC
AMLACLRP?AGgL BC RGCPP?Q %Q CJ A?QM BC J?Q -2( BC #F?N?BGLF? W BCJ "?GVM
0?PL?e@? -?P?LFCLQC
BMLBC JMQ NJ?LReMQ BC CSA?JGNRM BC J? #MKCPAG?J W
!EPeAMJ? 0?GLCGP?Q AMKNGRCL AML J? CVN?LQGgL BC J? NPMBSAAGgL BC QMW?
#!2.%)2/
@
?Qe AMKM J? -2( BCJ !JRM -C?PGK W 'P?H?j
CK OSC QC
AMLACLRP?LJMQKMLMASJRGTMQBCJ?CKNPCQ?'SQ?.MPBCQRC 3/53!
%J \PC? BC NJ?LReM BC CSA?JGNRM CL J? PCEGgL QSBCQRC BC 0?P\ CQ GLDCPGMP ? J?
CVGQRCLRCCL-?P?LF_M$MQD?ARMPCQAMKNGRCLBCDMPK??PRGASJ?B?N?P?CQRMCJ
EP?L LjKCPM BC NPMTCCBMPCQ BC A?P@gL MPGSLBMQ BC QCPPCPe?Q W BCDMPCQR?AGgL
GLAJSWCLBM NCOSCfMQ W EP?LBCQ NPMNGCR?PGMQ
W J? JCEGQJ?AGgL DMPCQR?J OSC
GKNMLC J? K?LSRCLAGgL BC SL? PCQCPT? JCE?J CL BCJ \PC? BC J?Q
NPMNGCB?BCQ
%LPCJ?AGgL?JNPGKCPD?ARMP
J?CVGQRCLAG?BCNPMWCRMQBC?QCLR?KGCLRMW
K\QBCQCPPCPe?QCLJ?PCEGgLNCPKGRCLJ??AAGgLJG@PCBCJMQGLRCPKCBG?PGMQ
BC J? A?BCL? BCJ A?P@gL 5L? BC J?Q DMPK?Q BC ?ARS?AGgL BC CQRMQ
GLRCPKCBG?PGMQ CQ J? OSC DSC BCQAPGNR? NMP 0CPCGP?
OSC GBCLRGDGAg J?
CQRP?RCEG?BCGLQCPAGgLCLCJ?QCLR?KGCLRM?RP?TbQBCJ?PPCLB?KGCLRMBCJJMRC
BC SL ?EPGASJRMP N?P? J? GKNJ?LR?AGgL BC SL? @?RCPe? BC FMPLMQ 5L? TCX
GLQR?J?B? J? D\@PGA? BC A?P@gL
CJ GLRCPKCBG?PGM AMKCLXg ? AMKNP?P CJ PCQGBSM
BCJ?K?BCP?R?J?B?WOSCK?B?CLRCPPCLMQN?P?ASJRGTMMGLAJSQGTCJ?K?BCP?
?jLBGQNMLG@JCCLJMQJMRCQBCJMQ?QCLR?BMQ
1SCF?QR?CJ?fMCQR?@?LACBGBMQ
?RP?TbQBCAMLRP?RMBC?PPCLB?KGCLRM
N?P?J?CKNPCQ?-?PESQ?
NMPCLRMLACQNPMNPGCB?BBCJEPSNMQGBCPjPEGAM'CPB?S
3CEjLB?RMQQGQRCK?RGX?BMQ?N?PRGPBCGLDMPK?AGMLCQBCJ).#2!
CJ\PC?RMR?JBCJMQ
?QCLR?KGCLRMQCLJ?HSPGQBGAAGgLBCJ?32%)LAP?BC-?P?@\CQBC
FCAR\PC?Q
OSC?@PGE?LD?KGJG?Q ).#2!
2CQNCARM ?J QCESLBM D?ARMP
J?Q CKNPCQ?Q F?L MNR?BM NMP J? PCDMPCQR?AGgL
BCQRGL?B??J?NPMBSAAGgLBCA?P@gLCLCQR?BMQTCAGLMQ
AMKMCQCJA?QMBC
4MA?LRGLQ
CL \PC?Q BC ACPP?BM BC CQC CQR?BM
CL J?Q AS?JCQ J? M@JGE?AGgL BC
K?LSRCLAGgL BCJ \PC? BC PCQCPT? JCE?J AMPPCQNMLBC ? BCJ \PC? RMR?J BCJ
GLKSC@JC AD?PReASJM
BCJ?-CBGB?0PMTGQMPG?Lr
BC
%J GLACLRGTM N?P? J? PCDMPCQR?AGgL F? ?SKCLR?BM BC@GBM ? JMQ A?K@GMQ CL J?
JCEGQJ?AGgL ?K@GCLR?J %L CQC QCLRGBM
J? !QMAG?AGgL BC J?Q )LBSQRPG?Q
3GBCPjPEGA?QBC#?P?H\Q !3)#!
AMKMDSCKCLAGML?BMCLJ?QCAAGgL?LRCPGMP
APCg CL CJ CJ &MLBM &MPCQR?J BC #?P?H\Q &&#
%J &&# DSC APC?BM NMP
MLAC
CKNPCQ?QBC0?P\W-?P?LF_MAMLSLA?NGR?JBC2
KGJJMLCQ
%LCJCTCLRMBCJ?LX?KGCLRM
DSC?LSLAG?B?NMPCJNPCQGBCLRCBCJDMLBMJ?KCR?
? QCP ?JA?LX?B? CL CJ BC KGJ FCAR\PC?Q BC \PC? PCDMPCQR?B? &?JR?
Q?@CPJ?JMA?JGX?AGgLBCCQRMQCKNPCLBGKGCLRMQDMPCQR?JCQ
NSCQ?NCQ?PBCOSC
?jL LM F?L ?DJMP?BM
CQ EP?LBC CJ NMRCLAG?J BC AMLDJGARMQ ?QMAG?BMQ ?J
ASKNJGKGCLRMBCCQ?QKCR?QNMPN?PRCBCJ?QCKNPCQ?Q
5QMBC?EPMRgVGAMQCLKMLMASJRGTMQBCCSA?JGNRM
/RPM NPM@JCK? KCLAGML?BM NMP PCNPCQCLR?LRCQ BC KMTGKGCLRMQ QMAG?JCQ CQ
PCQNCARM?NPMACQMQBCCLTCLCL?KGCLRMBCRP?@?H?BMPCQPSP?JCQNMPNPMBSARMQ
OSeKGAMQ SRGJGX?BMQ CL CJ CQR?@JCAGKGCLRM W K?LSRCLAGgL BC JMQ NJ?LReMQ
DMPCQR?JCQ %L BGAGCK@PC BC
CJ NPCQGBCLRC BCJ 3GLBGA?RM BC JMQ
4P?@?H?BMPCQ2SP?JCQ 342
BC*M_M,GQ@M?
HSLRMAML?JESLMQAMLACH?JCQWCJ
NPCQGBCLRC BC J? #\K?P? -SLGAGN?J BCJ KSLGAGNGM NPCQCLR?PML SL GLDMPKC
BCLSLAG?LBM J? AMLR?KGL?AGgL NMP ?EPMRgVGAMQ BC RP?@?H?BMPCQ BC CKNPCQ?Q
RCPAG?PGX?B?QNMP#CJK?P3! ,?K?PC
4GK@GP?W#MLRCPNJ?K
CLJ?JMA?JGB?BBC
6?PH_MBMQ#PCLRCQ
5L? AMKGQGgL BC NCPGRMQ BC J? 5LGTCPQGB?B &CBCP?J BC -?P?LF_M TGQGRg J?
JMA?JGB?B KCLAGML?B? ?PPG@? N?P? CT?JS?P J? BCLSLAG? !JESLMQ RPCAFMQ BCJ
GLDMPKCBCJ?#MKGQGgLQCNPCQCLR?L?QCESGP
|%L J? DGLA? BC J? #CJK?P 3! DSCPML SRGJGX?BMQ T?PGMQ NPMBSARMQ RgVGAMQ
PCJ?AGgL ?BHSLR? MRMPE?B? NMP #CJK?P
QGCLBM ?JESLMQ AJ?QGDGA?BMQ AMKM ) z
%VRPCK?KCLRCRgVGAMQ "PMKCVW$-!
))z!JR?KCLRCRgVGAMQ '?PJML
W'M?J"2
JMOSCQGLBSB??ACLRj?WAMKNPSC@?J?EP?TCB?BBCJNPM@JCK?QG
AMLQGBCP?KMQ JMQ D?ARMPCQ ?EP?T?LRCQ AMKM D?JR? BC CLRPCL?KGCLRM BCJ
NCPQML?J N?P? J? K?LGNSJ?AGgL BCJ NPMBSARM
LM SQM BCJ %0) LCACQ?PGM
CVNMQGAGgL CVACQGT? ?J NPMBSARM SRGJGX?BM
?SQCLAG? BC AMLRPMJ @GMJgEGAM W BC
!BCK\QBCJA?NGR?JBCDSLB?AGgLBC2
NMPCKNPCQ?
CJDMLBMNPCTCC
SL?A?NGR?JGX?AGgL!A?B?RMLCJ?B?BC?PP?@GMCVNMPR?B?
J?QCKNPCQ?QBCQRGL?P\L5
RPCQBgJ?PCQ
?JDMLBM FRRNUUUQGLBGDCPN?AMK@PLMRGAG?Q==FRK
%L
CJCJDMLBMW?AMLR?@?AMLSLA?NGR?JBCKGJJMLCQBCPC?JCQ "MJCRGK0MJM
3SQRCLR\TCJ
!LM
Lr
QCRMSRBC
CV\KCLCQKbBGAMQNCPGgBGAMQ
?QeAMKMCQRPSARSP?KbBGA?N?P??RCLBCPA?QMQ
BC GLRMVGA?AGMLCQ ,? 3GLRMK?RMJMEe? #JeLGA? AS?BPM ))
NPCQCLR?B? NMP JMQ
RP?@?H?BMPCQ BC@GBM ? J? CVNMQGAGgL ? ?EPMRgVGAMQ
QC RP?BSAC CL SL AS?BPM
AJeLGAMBCGLRMVGA?AGgL?ESB?} 5&-!
2CJ?RM BC JeBCPCQ BCJ -MTGKGCLRM BC JMQ 4P?@?H?BMPCQ 3GL 4GCPP?
? QCP
QGQRCK?RGX?BM
GLBGA?OSCT?PGMQBCJMQRP?@?H?BMPCQGLTMJSAP?BMQCLCJCNGQMBGM
BC CLTCLCL?KGCLRM BC J? JMA?JGB?B 6?PH_M BMQ #PCLRCQ NCPBGCPML J? TGQR?
KGCLRP?QOSCMRPMQNPCQCLR?LQ?JSB@?QR?LRCBC@GJGR?B?
,? BCAJ?P?AGgL BC SL GLRCEP?LRC BCJ #CLRPM BC $CDCLQ? BC J? 6GB? W BC JMQ
$CPCAFMQ (SK?LMQ BC !a?GJ^LBG? ?NSLRg J? CVGQRCLAG? BC T?PGMQ A?QMQ BC
AMLR?KGL?AGgL NMP NCQRGAGB?Q CL J? PCEGgL 5L NPMACQM NPMKMTGBM NMP SL?
NPMDCQMP?PCQGBCLRCCLJ?JMA?JGB?B1SGJhKCRPM4PGLR?
KSLGAGNGMBC!a?GJ^LBG?
AMLRP?J?CKNPCQ?#CJK?P3!
@SQA?J?GLBCKLGX?AGgLNMPAMLR?KGL?AGgLNMP
NPMBSARMRgVGAM
?NJGA?BMNMPJ?CKNPCQ?CLNJ?LReMBCCSA?JGNRMJMA?JGX?BMCL
J?QNPMVGKGB?BCQBCQSPCQGBCLAG?
!SLOSC ?jL LM F?L QGBM PCEGQRP?BMQ A?QMQ BC GLRMVGA?AGgL CL NJ?LReMQ
DMPCQR?JCQCLJ?PCEGgLBC-?P?@\
CJAPCAGKGCLRMBCJ\PC?NJ?LR?B?CQSLDSCPRC
GLBGAGM BC OSC CL JMQ NPgVGKMQ ?fMQ MASPPGP\L !BCK\Q BC J? NMQG@GJGB?B BC
CLTCLCL?KGCLRMFSK?LM
CVGQRCR?K@GbLCJPGCQEMGLKGLCLRCBCAMLR?KGL?AGgL
BC ASCLA?Q FGBPMEP\DGA?Q AMKM J?Q BCJ )R?A?GSL?Q
3MPMPg
!P?ES?G? W
4MA?LRGLQ
BMLBCCQR\LJMA?JGX?B?Q?JESL?QDGLA?Q
0PM@JCK?QBCL?RSP?JCX?J?@MP?J
,?ECLCP?AGgLBCCKNJCMCQSL?PESKCLRM?JOSCQCPCDGCPCLAMLQR?LRCKCLRC
J?Q CKNPCQ?Q C GLQRGRSAGMLCQ BCJ EM@GCPLM OSC ?NMW?L J? CVN?LQGgL BC JMQ
NJ?LReMQBCCSA?JGNRM
!SLOSC LM CQRb BGQNMLG@JC SL GLDMPKC EJM@?J QM@PC J? NCPQNCARGT? BC
ECLCP?AGgLBCCKNJCMCLJMQNJ?ReMQBCCSA?JGNRM?QMAG?BMQ?J?QCKNPCQ?QBC
?PP?@GM BC #?P?H\Q CL N?PRC
NMPOSC LM DSC NMQG@JC GBCLRGDGA?P J? NPCTGQGgL BCJ
\PC??QCPCDCARGT?KCLRCGKNJ?LR?B?NMPJ?QCKNPCQ?QCLJMQNPgVGKMQ?fMQ
?JRMK?PQCAMKM@?QCJMQB?RMQBCJ?CKNPCQ?&CPPM'SQ?#?P?H\Q
QCNSCBC
AMLAJSGP OSC QCPe?L ECLCP?BMQ ACPA? BC CKNJCMQ NMP ?fM CL CJ QCARMP
DMPCQR?J
3GLCK@?PEM
AMKMKSCQRP?J?CVNCPGCLAG?PCAGCLRCBCJ?GKNJ?LR?AGgLBCCQMQ
ASJRGTMQ CL J? PCEGgL
J? GLAMPNMP?AGgL BC CQMQ RP?@?H?BMPCQ ?J KCPA?BM BC
RP?@?HMDMPCQR?JQCPC?JGX?
AMKMPCEJ?
BCDMPK?@?QR?LRCNPCA?PG?
AMLCJSQM
PCASPPCLRCBCJ?QS@AMLRP?R?AGgLNMPCKNPCQ?QRCPAG?PGX?B?Q
JMOSCGKNJGA?J?
3CEjLCJNPMACQM|J??SRMP?PCQGBCWRP?@?H?ACPA?BCSL?DGLA?AMKNJ?LR?AGgLBC
CSA?JGNRMBCNPMNGCB?BBCJ?3SNJGA?B? J?CKNPCQ?#CJK?P3!
QGCLBMOSCCLCJ
\PC?PCDCPGB?QC?NJGA?NCQRGAGB?AMLQR?LRCKCLRC}N
BCQM@CBGCLAG? BCJ KeLGKM CVGEGBM NMP J? JCEGQJ?AGgL J?@MP?J
AMKM M@QCPTg
3FGP?GQFG.CRM
CLCJCNGQMBGMBCSL?FSCJE?BCRP?@?H?BMPCQDMPCQR?JCQ
RCPAG?PGX?BMQBCJ?CLRMLACQCKNPCQ?#CJK?P3!
|%QR? QGRS?AGgL NCPK?LCLRC BC AMLDJGARM ECLCPg J? FSCJE?
OSC RP?HM J?Q
QGESGCLRCQ PCGTGLBGA?AGMLCQ ?SKCLRM Q?J?PG?J BC HMPL?B? BC RP?@?HM
LMPK?J N?EM BC FMP?QCVRP?Q N?EM BCJ Q?J?PGMD?KGJG? N?EM NMP GLQ?JS@PGB?B
DGL BC JMQ BCQASCLRMQ QGL ?SRMPGX?AGgL W LM BGQAPGKGL?AGgL CL JMQ PCAG@MQ BC
N?EM RP?LQNMPRC AML QCESPGB?B W AMKMBGB?B
?JGKCLR?AGgL Q?JSB?@JC W BC
K?WMP A?LRGB?B W ?QGQRCLAG? KbBGA? 342) 2CGTGLBGA?a_M BMQ 4P?@?JF?BMPCQ
B?#%,-!2
)KNCP?RPGX
?NSB3FGP?GQFG.CRM
N
}
$C DMPK? QGKGJ?P
3MSQ?
GBCLRGDGAg J? ?AAGgL J?@MP?J NPMKMTGB? NMP CJ
3GLBGA?RMBCJMQ4P?@?H?BMPCQCLJ?Q)LBSQRPG?QBC2CDMPCQR?AGgLN?P?#?P@gL
6CECR?J BCJ %QR?BM BC -?P?LF_M
PCTGLBGA?LBM AMLRP? J?Q CKNPCQ?Q BC
PCDMPCQR?AGgL QGRS?B?Q CL "?PP? BM #MPB? W 'P?H?j J? PCN?P?AGgL BC J?Q
QGESGCLRCQM@JGE?AGMLCQJ?@MP?JCQ
|
RP?@?H?BMPCQCQR\LBCQCKNCf?LBMQSQ?ARGTGB?BCQLMCQR?LBMBC?ASCPBM
AML J? JCEGQJ?AGgL NCPRGLCLRC
CL JM OSC QC PCDGCPC ? J?Q LMPK?Q BC FGEGCLC W
QCESPGB?B J?@MP?J
RP?@?H?BMPCQ CQR\L BCQCKNCf?LBM QSQ ?ARGTGB?BCQ BC
?NJGA?AGgL BC FCP@GAGB? NCQRGAGB?Q
QGL CJ SQM BC %0)Q ?BCAS?BMQ
GC
SRGJGX?LBM K\QA?P?Q TCLAGB?Q
TGCH?Q
PCSRGJGX?B?Q
QGL JMQ A?K@GMQ BC@GBMQ
OSCB?LBM CVNSCQRMQ ?J AMLR?ARM BGPCARM AML CJ TCLCLM
A?SQ?LBM QCPGMQ
PGCQEMQ N?P? J? Q?JSB
QGL J? M@QCPT?LAG? ? JM OSC BCRCPKGL?L J?Q LMPK?Q
PCEJ?KCLR?PG?Q
CLJ?QD\@PGA?QBCA?P@gL
JMQRP?@?H?BMPCQ QMLM@JGE?BMQ?
SRGJGX?PPMN?QGL?BCAS?B?QN?P?CJRP?@?HM
CLRPCMRPMQ?EP?T?LRCQ
R?JFCAFM
W??DCARgSLRP?@?H?BMP
FMW?DCAR?BMNMPJMQB?fMQA?SQ?BMQNMPCJNCQRGAGB?
AML QCASCJ?Q EP?TCQ
GKNMQG@GJGR\LBMJM BC RP?@?H?P NMP RGCKNM GLBCRCPKGL?BM
3/53!
N
0PM@JCK?Q PCJ?AGML?BMQ ?J SQM BCJ AMAM @?@?Qj N?P? J? NPMBSAAGgL BC
A?P@gL
%JFCAFMBCOSCJ?QCKNPCQ?QQGBCPjPEGA?QN?Q?PML?AMLQSKGPCLEP?LCQA?J?
CJ AMAM @?@?Qj AMKM GLQSKM N?P? J? NPMBSAAGgL BC A?P@gL TCECR?J RP?HM SL?
QCPGCBCNPM@JCK?QN?P?EPSNMQOSCRP?BGAGML?JKCLRCSRGJGX?LCQRCNPMBSARMCL
CJCQR?BMBC-?P?LF_M
AMKMCQCJA?QMBCJQCARMPBCJ?GLBSQRPG?BC?ACGRCQW
BCJKMTGKGCLRMBCJ?QOSC@P?BCP?QBCAMAM@?@?Qj -)1#"
4CgPGA?KCLRC
LM BC@CPe? F?@CP LGLEjL NPM@JCK? AML CQR? SRGJGX?AGgL
NSCQ
AMKM ?PESKCLRg CJ PCNPCQCLR?LRC BC 3)&%-!
BC@GBM ? J? NMJbKGA? MASPPGB?
NMPCJFCAFMBCOSCJ?QCKNPCQ?QCQR\LAMLQSKGCLBMA?P@gLFCAFMBCJAMAM
GLRCEP?J
QMJ?KCLRC GLRCPCQ?Pe? ? J? GLBSQRPG? BC ?PP?@GM J? A\QA?P? BCJ AMAM
@?@?Qj
|
#J\SBGM!XCTCBM
AMLDGPKgOSCCJAMAM@?@?QjCLRCPMLMGLRCPCQ?N?P?J?
NPMBSAAGgL BC ?PP?@GM
W? OSC CJ ?ACGRC NPMTMA? NPM@JCK?Q RbALGAMQ CL JMQ
?JRMQFMPLMQ
!BCK\Q
Q?@CKMQOSCJ??JKCLBP?CQBCEP?LGLRCPbQN?P?J?
GLBSQRPG?MJC?EGLMQ?
M@QCPTg!XCTCBM
?EPCE?LBMOSCCJQCARMPQGBCPjPEGAMLM
AMKNP? J? A\QA?P? W KSAFM KCLMQ CJ AMAM ~#MKNP?KMQ BC JMQ NPMBSARMPCQ
QgJMCJA?P@gLNPMBSAGBMAMLJ?A\QA?P?PCDMPXg} 3GDCK?CVNJGA?OSCA?PT_MBM
AMAM GLRCGPM B?LGDGA? M DMPLM / %QR?BM BM -?P?LF_M
N
%AMLMKG?
3GL CK@?PEM
JMQ B?RMQ BC A?KNM PCAMEGBMQ NMP GLTCQRGE?BMPCQ ?QMAG?BMQ ?J
-)1#"KSCQRP?L OSC
CQRGKSJ?BMQ NMP CJ NPCAGM MDPCAGBM NMP J?Q QGBCPjPEGA?Q
JMQ PCAMJCARMPCQ BC AMAM @?@?Qj RCPKGL?L PCAMEGCLBM W OSCK?LBM CJ AMAM
@?@?QjGLRCEP?JKCLRC !,-%)$!CR?J
NCPHSBGA?LBMJ?CAMLMKe?BCJMQ
QCEKCLRMQ A?KNCQGLMQ OSC NMQCCL CL J? CVRP?AAGgL W @CLCDGAG?AGgL BCJ AMAM
@?@?QjSLGLQRPSKCLRMDSLB?KCLR?JN?P?QSPCNPMBSAAGgLCAMLgKGA?
|0MP SL J?BM
PCNPCQCLR? J? NMQQG@GJGB?B BC AMKCPAG?JGX?AGgL BCJ NPMBSARM GL
L?RSP? AMAM CLRCPM
M QCKGNPMACQ?BM J? A\QA?P?
OSC F?QR? CLRMLACQ
NPCAGQ?Pe?L QCP OSC@P?BMQ N?P? J? CVRP?AAGgL BC J? ?JKCLBP? M RP?LQDMPK?BMQ
CLA?P@gLN?P?RCLCPT?JMPBCA?K@GMNMPMRPMJ?BM
NSCBCQGELGDGA?PJ?NbPBGB?
BC?AACQM?JAMAM
W?QC?NMPJ?QPCQRPGAAGMLCQGKNSCQR?QNMPJMQNPMNGCR?PGMQ
BCJ?QRGCPP?Q
MNMPJ??AAGgLBCJMQPCAMJCARMPCQBCAMAM
OSCRMPL?CJNPMBSARM
CQA?QMCLJ?QDGLA?QBC@?@?Qj} MNAGR
N
%LQGRS?AGMLCQCLJ?QOSCRMB?Te?LMQCASCLR?LAMLKCA?LGQKMQAJ?PMQN?P?
PCESJ?P CJ SQM BC J?Q DGLA?Q BC @?@?Qj
AMKM CL ?JESLMQ KSLGAGNGMQ BCJ
QSBCQRC BCJ CQR?BM BC 0?P\
F?L ?SKCLR?BM JMQ AMLDJGARMQ CLRPC J?Q
OSC@P?BCP?Q BC AMAM BC @?@?Qj W JMQ CQR?LAGCPMQ 2CNGRGCLBM QGRS?AGMLCQ BC
?JESLMQ?fMQ?RP\QCLCJCQR?BMBC-?P?LF_M
CQR?LAGCPMQBCJMQKSLGAGNGMQBC
3_M $MKGLEMQ BM !P?ES?G?
3_M *M_M BM !P?ES?G? W 0?JCQRGL?
ACPA?PML J?Q
DGLA?Q BC @?@?Qj !BCK\Q BC PCQRPGEGPJCQ CJ ?AACQM ? J?Q DGLA?Q ? J?Q
OSC@P?BCP?Q BC AMAM
JMQ KGQKMQ CQR?LAGCPMQ AMKCLX?PML ? AMKCPAG?JGX?P CJ
AMAM 3gJM SL? D\@PGA? BC A?P@gL GLQR?J?B? CL 3_M $MKGLEMQ BM !P?ES?G?
ASCLR? AML SL? A?N?AGB?B BC NPMBSAAGgL KCLQS?J BC K BC A?P@gL BC
AMAM
/RPMCDCARMBCCQR?AMKNCRCLAG?BCJ?QCKNPCQ?QBC?PP?@GMNMPCJ@?@?QjCQ
J?DMPK?AGgLBC?QMAG?AGMLCQBCPCAMJCARMPCQBCAMAM@?@?QjOSC
?NCQ?PBCJ
BGQASPQMAMLRP?PGM
RCPKGL?LCVAJSWCLBM?J?QOSC@P?BCP?QBCAMAM@?@?QjBCJ
?AACQM ? J?Q \PC?Q BC DGLA?Q BC @?@?Qj CL J?Q AS?JCQ RP?BGAGML?JKCLRC
PCAMJCAR?@?L !2!
*/
N
%QRP?RCEG?QCKNPCQ?PG?JCQWNMJeRGA?QNj@JGA?QN?P?J?NPMBSAAGgLBCA?P@gL
#MKM DSC BGQASRGBM CL J?Q QCAAGMLCQ ?LRCPGMPCQ
CJ BCQ?PPMJJM PCAGCLRC BC J?
NPMBSAAGgLBC?PP?@GMCLJ?PCEGgLBC#?P?H\QQCF?KMBGDGA?BM@?QR?LRC
R?LRM
CL JM PCDCPCLRC ? J? L?RSP?JCX? BC JMQ EPSNMQ ?ARS?LRCQ CL CQRC QCARMP
NPMBSARGTM AMKM PCQNCARM ?J NPMACQM BC BGTCPQGDGA?AGgL BC J?Q DSCLRCQ BC
?@?QRCAGKGCLRMBCA?P@gLTCECR?J
MGLAJSQGTCBCJPCCKNJ?XMBC CQRCNPMBSARM
NMPMRPMGLQSKMCLCPEbRGAM AMOSCKCR?JjPEGAM
E?QL?RSP?J
CJCRPGAGB?B
,??BOSGQGAGgLBCJ?QGBCPjPEGA?4CPP?.MPRCNMPN?PRCBCJ?CKNPCQ?BCJQCARMP
DMPCQR?J#GICJ"P?QGJ6CPBC3!
PC?JGX?B?CLCJ?fM
CQSL@SCLCHCKNJM
BCJ?QRP?LQDMPK?AGMLCQCLASPQM(?QR?CQR??BOSGQGAGgL
#GICJTCLBe?N?PRCBC
JMQPCQGBSMQM@RCLGBMQCLQSCVNJMR?AGgLDMPCQR?JACPRGDGA?B?N?P?CKNPCQ?QBC
?PP?@GM BC -?P?@\ #ML J? ?BOSGQGAGgL BC SL? SLGB?B QGBCPjPEGA? BC@CP\
AMLQSKGP BCLRPM BCJ NPMNGM EPSNM CKNPCQ?PG?J @SCL? N?PRC BC JMQ PCQGBSMQ
DMPCQR?JCQOSCNPMBSAC
?NCQ?PBC?LSLAG?POSCR?K@GbLGLTCPRGP\CLNJ?LReMQ
BCCSA?JGNRM
/RPM CHCKNJM BC CQR? RP?LQDMPK?AGgL CQ J? GKNJ?LR?AGgL BC J? NPGKCP?
QGBCPjPEGA?GLRCEP?B?CLJ?!K?XMLe?
J?CKNPCQ?3GLM@P\Q
OSCQSPEGg?N?PRGP
BC J? ?BOSGQGAGgL BC J? ?LRGES? CKNPCQ? 3GBCPjPEGA? -?P?@\ 3! NMP CJ EPSNM
!aM #C?PCLQC 3GLM@P\Q NPMBSAC KGJ RMLCJ?B?Q ?LS?JCQ BC ?ACPM
J?KGL?BMQ WRPCDGJ?BMQ
SRGJGX?LBM AMKMK?RCPG?NPGK?AF?R?PP? BCFGCPPM?ACPM
W?PP?@GMJeOSGBM
3CEjL GLDMPK?AGMLCQ BCJ BGPCARMP BC QSQRCLR?@GJGB?B BC J? CKNPCQ?
J?
NPGLAGN?J N?PACJ? BC A?P@gL TCECR?J SRGJGX?BM N?P? J? NPMBSAAGgL BC ?PP?@GM
NPMTGCLCBCA?RMPACDGLA?QBCCSA?JGNRMOSCJ?CKNPCQ?K?LRGCLCCLCJCQR?BM
BC4MA?LRGLQ
BCLRPMBCJ?CQRP?RCEG?BCCTGR?PJ?GKNJ?LR?AGgLBCNPMWCARMQBC
PCDMPCQR?AGgLCLCJCQR?BMBC0?P\
BC@GBM?J?JGKGR?AGgLBCJ R?K?fMBCJ\PC?
BC PCQCPT? JCE?J OSC J? JCEGQJ?AGgL GKNMLC
NSCQ AMKM W? GLBGA?KMQ CL J?
!DGLCQBC
CQR?D\@PGA?BCA?P@gLN?E?@?2
NMP@MJQ?BCAMAM !L?
-?DCXMJJG
AMKSLGA?AGgLNCPQML?J
%LRPCTGQR?PC?JGX?B?CJCLJ?QCBCBCJ?CKNPCQ?3GLM@P\QCL-?P?@\
QCAAGgL ?LRCPGMP
J? PCQCPT? DMPCQR?J JCE?J CL \PC?Q BC Q?@?L?
?jL CL J?
!K?XMLe?,CE?J
BC@CQCPBCBCJ\PC?RMR?JBCJGLKSC@JC
%Q BCAGP
J?Q CKNPCQ?Q BC ?PP?@GM OSC NPCRCLBCL K?LRCLCPQC CL J? ?ARGTGB?B
BC@CL NPCQCLR?P CQRP?RCEG?Q CDCARGT?Q BC ?@?QRCAGKGCLRM BC A?P@gL TCECR?J ?
N?PRGP BC DSCLRCQ JCE?JCQ
BC@GBM ?J DMPR?JCAGKGCLRM BC JMQ KCA?LGQKMQ BC
DGQA?JGX?AGgL ?K@GCLR?J W J?@MP?J CL J? PCEGgL
?Qe AMKM R?K@GbL NMP CJ N?NCJ
BCQCKNCf?BM NMP J?Q CLRGB?BCQ OSC MPE?LGX?L A?KN?f?Q AMLRP? CJ RP?@?HM
CQAJ?TM
%J A?QM BC J? CKNPCQ? 5QGL? 3GBCPjPEGA? BC -?P?@\ CQ CHCKNJ?P CL CQC
QCLRGBM$C@GBM?J?QGPPCESJ?PGB?BCQ?K@GCLR?JCQWJ?@MP?JCQ
QSNPMTGQGgLBCJ
KGLCP?J BC FGCPPM DSC QSQNCLBGBM NMP J? CKNPCQ? 6?JC
Q?JGg BCJ )LQRGRSRM
#?PT_M #GB?B_M W DSC CVAJSeB? BCJ 0?ARM .?AGML?J NMP J? %PP?BGA?AGgL BCJ
4P?@?HM%QAJ?TM4?JTCXBC@GBM?CQR?QGRS?AGgL
J?CKNPCQ?F?W?RCLGBMCLCJ
SL BCQCKNCfM @?QR?LRC GLDCPGMP ?J BC
AML SL? BGQKGLSAGgL CL CJ
T?JMPCVNMPR?BMBC?PP?@GMBC?NPMVGK?B?KCLRC
!BCK\Q BC CQR?Q GLGAG?RGT?Q GLBGTGBS?JCQ
J?Q CKNPCQ?Q QGBCPjPEGA?Q BC J?
PCEGgLBC#?P?H\QF?L@SQA?BM?JRCPL?RGT?QEJM@?JCQN?P?CLDPCLR?PCJRCK?BCJ
?@?QRCAGKGCLRMBCA?P@gLTCECR?J
BCJ?KGQK?DMPK?OSCJMQEM@GCPLMQDCBCP?J
W CQR?R?J R?K@GbL F?L NPCQCLR?BM NPMNSCQR?Q N?P? CQR? ASCQRGgL %LRPC J?Q
NPMNSCQR?QNPCQCLR?B?Q
BMQKCPCAGCPMLK?WMPBCQR?OSCF?QR?CJKMKCLRMJ?
APC?AGgL BCJ $GQRPGRM &MPCQR?J 3MQRCLG@JC $&3
BC #?P?H\Q W J? NPMNSCQR? BC
DJCVG@GJGX?AGgLBCJ?JCEGQJ?AGgLPCDCPCLRC?JNMPACLRS?JBCJ\PC?BCPCQCPT?JCE?J
NMPKCBGMBCJ:MLC?KGCLRM%AMLgKGAM%AMJgEGAM :%%
"SQA?LBM SL? NPCQCLAG? K?WMP CL CJ NMJbKGAM BC@?RC QM@PC QGBCPSPEG?
NPCQCPT?AGgL?K@GCLR?JWBCQ?PPMJJM
CJEM@GCPLMDCBCP?JNMPKCBGMBCJ3CPTGAGM
&MPCQR?J "P?QGJCfM 3&"
NPMNSQM J? APC?AGgL BCJ $&3 #?P?H\Q %J NPMWCARM
NPCRCLBe??@?PA?PKSLGAGNGMQBCJMQCQR?BMQBC0?P\
-?P?LF_MW4MA?LRGLQ
W SL \PC? BC KGJJMLCQ BC FCAR\PC?Q 3CEjL GLDMPK?AGgL BCJ NPGKCP GLDMPKC
BC?ARGTGB?BCQBCJ3CPTGAGM&MPCQR?J"P?QGJCfM
,? GKNJ?LR?AGgL BCJ $GQRPGRM &MPCQR?J BC #?P?H\Q CQR\ QGCLBM NJ?LC?B? N?P?
PCQMJTCP CJ NPM@JCK? BC J? MDCPR? BC K?BCP? W ?QCESP?P J? CVGQRCLAG? BCJ NMJM
QGBCPjPEGAM?KCBG?LMNJ?XM ?fMQ
?QeAMKMBCJMQNMJMQBCNPMBSAAGgL
DMPCQR?J %L DMPK? BGDCPCLRC BCJ $&3 BC J? A?PPCRCP? "2
J?Q ?AAGMLCQ
CQRP?RbEGA?Q ? QCP NPGMPGX?B?Q CL #?P?H\Q QCP\L @?Q?B?Q CL J? PCDMPCQR?AGgL W
CL J? PCASNCP?AGgL BC \PC?Q BCEP?B?B?Q !BCK\Q BC JMQ @MQOSCQ BC
NPMBSAAGgLAMLCQNCAGCQBCP\NGBMAPCAGKGCLRM
SLNPMEP?K?BCGLTCQRGE?AGgL
AMLCLDMOSCCLJ?QGJTGASJRSP?BCCQNCAGCQL?RGT?QQCP\GKNJCKCLR?BMHSLRMAML
%-"2!0!N?P?J?BCDGLGAGgLBCKMBCJMQ?NPMNG?BMQN?P?J?PCEGgL
GLAJSWCLBM
R?K@GbL J? NPMKMAGgL BC QGQRCK?Q ?EPMDMPCQR?JCQ W J? GLRCEP?AGgL BC
?ARGTGB?BCQ DMPCQR?JCQ AML ?EPGASJRSP?
E?L?BCPe? W NPMBSAAGgL BC @GMBGCQCJ
--!3&"
N
!JESL?Q BC J?Q HSQRGDGA?AGMLCQ N?P? J? APC?AGgL BCJ $GQRPGRM &MPCQR?J #?P?H\Q
GLAJSWCL G
J? CVGQRCLAG? BC SL EP?L N?QGTM ?K@GCLR?J GG
J? D?JR? BC
ASKNJGKGCLRM BC J? PCNMQGAGgL BC JMQ QRMAIQ AMLQSKGBMQ z NPCTGQRMQ CL JMQ
?PReASJMQWBCJ#gBGEM&MPCQR?JGGG
JGACLAG?KGCLRMBCJDSLAGML?KGCLRMBC
J?Q CKNPCQ?Q BC ?PP?@GM QGL AMLQGBCP?P ASCQRGMLCQ DMPCQR?JCQ W J? D?JR? BC
ASKNJGKGCLRM BC JMQ AMLBGAGML?LRCQ GT
J? DP?EKCLR?AGgL BC AMLRPMJCQ CLRPC
)"!-!WJ?QMPE?LGX?AGMLCQCQR?R?JCQBCKCBGM?K@GCLRC /%-!Q
T
GLBGAGMQ
BCGLQSQRCLR?@GJGB?BBCJ0MJM3GBCPjPEGAM
CLJMPCDCPCLRC?J?QDSCLRCQJCE?JCQW
QMQRCLG@JCQ W TG
J? NPCTGQGgL BC GLQR?J?AGgL BC K\Q FMPLMQ W LSCT?Q
QGBCPjPEGA?Q QGL J? PCQMJSAGgL BC JMQ N?QGTMQ W BC JMQ NPM@JCK?Q GBCLRGDGA?BMQ
)"!-!
%QR? AMLQR?R?AGgL BCJ EM@GCPLM KSCQRP? CJ EP?BM BC DP?EGJGB?B
BCJAMLRPMJWMPBCLBCJ?ECQRGgLBCJMQPCASPQMQ
%L ?@PGJ BC CJ 3&" PC?JGXg J?Q NPGKCP?Q AMLQSJR?Q Nj@JGA?Q N?P? J?
GKNJ?LR?AGgL BCJ $&3 #?P?H\Q CL J?Q AGSB?BCQ BC -?P?@\ 0?P\
!a?GJ^LBG?
-?P?LF_M
0?P?EMKGL?Q 0?P\
W !P?ES?RGLQ 4MA?LRGLQ
%L CQ?Q AGSB?BCQ
CQR\LDSLAGML?LBMJMQFMPLMQBC?P?P@GMWCLJMQKSLGAGNGMQTCAGLMQMASPPCJ?
NPMBSAAGgL BC A?P@gL
ESGH?PPM W A?JA\PCM %QRMQ NPMBSARMQ QML AMKNMLCLRCQ
GKNMPR?LRCQBCJNPMACQMBCD?@PGA?AGgLBC?PP?@GM%LJ?AMLTMA?RMPG?N?P?J?Q
AMLQSJR?QNj@JGA?Q
CJ3&"NPCQCLR??J$&3#?P?H\QBCJ?QGESGCLRCK?LCP?
,?APC?AGgLBCJ$GQRPGRM&MPCQR?J3MQRCLG@JCAML?NPMVGK?B?KCLRC KGJJMLCQ
BC FCAR\PC?Q QC AMLDGESP? AMKM SL EP?L CQDSCPXM GLRCEP?BM ? D?TMP BC J?
QSQRCLR?@GJGB?B BC J? PCEGgL %L CQ? PCEGgL
NMJeRGA?Q Nj@JGA?Q BC T?PGMQ
QCARMPCQ ES@CPL?KCLR?JCQ
GLAJSWCLBM NMJeRGA? ?EP?PG?
BC GLDP?CQRPSARSP?
BC
BCQ?PPMJJM GLBSQRPG?J
BC ECQRGgL BC \PC?Q Nj@JGA?Q
?QGQRCLAG? RbALGA? W BC
CBSA?AGgL
QCP\L BGPCAAGML?B?Q N?P? CJ CQR?@JCAGKGCLRM BC SL? CAMLMKe? BC
@?QC DMPCQR?J
@SQA?LBM M@RCLCP CJ K\VGKM @CLCDGAGM QMAGM?K@GCLR?J ,?
GLGAG?RGT? CQ NGMLCP? W @SQA? CQR?@JCACP SL LSCTM CQR\LB?P BC BCQ?PPMJJM
@?Q?BM CL SL? DSCPRC CAMLMKe? DMPCQR?J
AMLHSE?B? AML MRP?Q ?ARGTGB?BCQ
CAMLgKGA?Q /DeAGM#GPASJ?PLr3&"--!
BCBC?@PGJBC
,? AMLTMA?RMPG? DSC J?LX?B? CJ BC ?@PGJ BC W ? NPGLAGNGMQ BC K?WM
PCNPCQCLR?LRCQ BCJ 3&" DSCPML ? -?P?@\ N?P? BG?JME?P AML JMQ ?ARMPCQ
PCEGML?JCQ %J 3&" NPCQCLRg AS?RPM ?AAGMLCQ NPGMPGR?PG?Q N?P? CJ NPMACQM BC
GKNJ?LR?AGgLBCJ$&3#?P?H\QG
#PC?AGgLBCSL?JeLC?BCDGL?LAG?KGCLRMN?P?
J? NPMBSAAGgL BC K?RCPG? NPGK? N?P? J?Q CKNPCQ?Q BC ?PP?@GM AML CJ ".$%3
"?LAM .?AGML?J BC $CQCLTMJTGKCLRM %AMLhKGAM C 3MAG?J
[QR?
QCEjL J?
PCNPCQCLR?LRC BCJ 3&"
W? CQR?@? CL CQR?BM ?T?LX?BM BC BGQASQGgL CLRPC CJ
3&"WCJ".$%3GG
#PC?AGgLBCSL#CLRPM)LRCPGLQRGRSAGML?JBC)LTCQRGE?AGgL
CL 3GJTGASJRSP? BC %QNCAGCQ .?RGT?Q %J 3&" W? K?LRCLe? LCEMAG?AGMLCQ
?T?LX?B?Q AML %-"2!0! N?P? J? APC?AGgL BCJ ACLRPM
ASW?Q ?ARGTGB?BCQ
GLGAG?JCQ NPCTGQR?Q GLAJSe?L PCAMJCAAGgL BC QCKGJJ?Q
GKNJ?LR?AGgL BC TGTCPMQ W
NJ?LRMLCQ
CVNCPGKCLRMQ CL KCBGM PC?J W SLGB?BCQ BCKMQRP?RGT?Q
ECLCP?AGgL
BC RCALMJMEe?
BGTSJE?AGgL BC RCALMJMEe?Q N?P? R?J DGL
%-"2!0! PCQA?R?Pe?
QSQGLTCQRGE?AGMLCQCLCJQCARMPDMPCQR?J
3CEjLJMQPCNPCQCLR?LRCQBCJ3&"
CJ
#CLRPM PC?JGX?Pe? GLTCQRGE?AGgL CVAJSQGT?KCLRC AML CQNCAGCQ L?RGT?Q ,?
GKNJ?LR?AGgLBCJ#CLRPMQCPe?DGL?LAG?B?NMPCJ".$%3GGG
-GAPMXMLC?KGCLRM
CAMJgEGAM
? RP?TbQ BC SL AMLQMPAGM GLTMJSAP?LBM JMQ CQR?BMQ BC 0?P\
-?P?LF_M W 4MA?LRGLQ
@SQA?LBM SL XMLC?KGCLRM GLRCEP?BM
CQ BCAGP
SL
XMLC?KGCLRMBCJ$&3#GT
GLAMPNMP?PJ?NPMNSCQR?BCJ'4&JMPCQR?CLCJNJ?L
BC?AAGgLBCJ$&3#?P?H\Q ,!3!4
!NCQ?PBCJCQDSCPXMBCJMQPCNPCQCLR?LRCQBCJ3&"CLCJGLRCLRMBCCVNJGA?PJ?Q
TGLASJ?AGMLCQBCJ?GLGAG?RGT?AMLSL?LSCT?CQRP?RCEG?BCBCQ?PPMJJMPCEGML?J
J?
NPMNSCQR? LM DSC @GCL PCAG@GB? NMP SL AMLHSLRM BC ?ARMPCQ BC J? PCEGgL ,?
NPGLAGN?J APeRGA? CP? PCQNCARM ?J BG?ELgQRGAM BCJ EM@GCPLM OSC ECLCPg J?
NPMNSCQR? BCJ $GQRPGRM &MPCQR?J #?P?H\Q 0?P? JMQ ?ARMPCQ JMA?JCQ
CJ QCEKCLRM
ACLRP?J ? N?PRGP BCJ AS?J BC@CPe? QCP ECLCP?BM SL NPMEP?K? GLRCEP?BM BC
BCQ?PPMJJMBC@CPe?QCPJ?NPMBSAAGgLD?KGJG?P
WLMJ?NPMBSAAGgLQGBCPjPEGA?%J
QCARMP BCJ ?PP?@GM LM BC@CPe? QCP AMLQGBCP?BM AMKM CJ ?ARMP NPGLAGN?J CL CJ
BCQ?PPMJJMBCJ?PCEGgL!J?L?JGX?PQCCJGKN?ARMBCJ?NPMNSCQR?PCQNCARM?J?
PCDMPK? ?EP?PG? CL J? PCEGgL
W AS\J QCPe? CDCARGT?KCLRC J? AMLRPG@SAGgL BC J?
QGBCPSPEG? N?P? CJ BCQ?PPMJJM PCEGML?J
QC AMLQR?Rg BC GLKCBG?RM OSC LM QC
RP?R?@? QgJM BC SL NPMEP?K? K\Q BCJ EM@GCPLM %J $&3 #?P?H\Q RP?e? SL?
BGQNSR?CLRPC?ARMPCQWTGQGMLCQBCBCQ?PPMJJM
%JQCESLBMNSLRMBCRCLQGgLDSCPRCDSCJ?NMQG@GJGB?BBC?NCPRSP?BCSL?JeLC?
BC APbBGRM N?P? OSC J?Q CKNPCQ?Q BC ?PP?@GM DGL?LAG?P?L J? NPMBSAAGgL BC
A?P@gL TCECR?J 3CEjL J? TGQGgL BC JMQ KMTGKGCLRMQ QMAG?JCQ NPCQCLRCQ CL J?
?SBGCLAG?
AMLQGBCP?PCJ$GQRPGRM&MPCQR?J?N?PRGPBCJNMJMBC?PP?@GM CP?AMKM
MNR?P NMP SL RGNM BC BCQ?PPMJJM OSC LM ?R?A?Pe? J? NPGLAGN?J A?SQ? BC
BCDMPCQR?AGgL CL J? PCEGgL 0?P? CJJMQ
J? NPMNSCQR? BC DGL?LAG?KGCLRM
PCNPCQCLR?@?SL?EP?LTCLR?H?N?P?J?QCKNPCQ?QBC?PP?@GMWSLPGCQEMN?P?
JMQ ?EPGASJRMPCQ D?KGJG?PCQ 3G CJ A?P@gL CP? CJ NPMBSARM DGL?J BC JMQ
DGL?LAG?KGCLRMQ
J? AMKNP? ?LRGAGN?B? NMP J?Q CKNPCQ?Q BC ?PP?@GM AML
PCASPQMQ BCJ ".$%3 CJGKGL?@? J? NMQG@GJGB?B BC ?EPCE?AGgL BC T?JMP BC J?
?ARGTGB?B DMPCQR?J BCQ?PPMJJ?B? NMP JMQ ?EPGASJRMPCQ D?KGJG?PCQ %L CQRC QCLRGBM
F?@Pe?SL?BSNJ?QSKGQGgLJ?CAMLgKGA?WJ?NMJeRGA?
5LRCPACPRCK?BCQR?A?BMNMPJMQKMTGKGCLRMQQMAG?JCQBCJ?PCEGgLDSCJ?D?JR?
BCN?PRGAGN?AGgLNMNSJ?PCLJ?AMLQRPSAAGgLBCJNJ?LBCJ$&3#?P?H\Q%LA?PR?
)LGAG?RGT?BCJQCARMP?K@GCLR?JBCJ).#2!
AMLJ?N?PRGAGN?AGgLBCBGTCPQ?Q
GLQRGRSAGMLCQJMA?JCQWCQR?R?JCQ!NCQ?PBCQCPGLRCPCQ?LRC
J?GLGAG?RGT?LMNPMQNCPg
%J).#2!LMDSCA?N?XBCF?ACPDSLAGML?PCJ'4
?@GCPR?
JMQ KMTGKGCLRMQ QMAG?JCQ BC -?P?LF_M ?DGPK?PML OSC LM DSCPML
GLDMPK?BMQNPCTG?KCLRCQM@PCJ?Q?SBGCLAG?QNj@JGA?Q
LGDSCPMLJJ?K?BMQN?P?
CJ?@MP?P J?Q AMLBGAGMLCQ BC GKNJ?LR?AGgL BCJ $GQRPGRM %QRMQ KMTGKGCLRMQ
PCTGLBGA?@?L OSC CJ NPMACQM BC #MLQSJR? 0MNSJ?P DSCQC ?@GCPRM N?P? J?
N?PRGAGN?AGgLBCJ?QCLRGB?BCQBCJ?QMAGCB?BAGTGJ
?BCK\QBCJ?QSQNCLQGgLBCJ
NPMACQM BC APC?AGgL BC J? JeLC? BC APbBGRM NMP CJ ".$%3 N?P? CJ NJ?LReM BC
CSA?JGNRM
%J PCQSJR?BM BC CQRC BC@?RC AML JMQ KMTGKGCLRMQ QMAG?JCQ DSC J? NMQRCPE?AGgL
BC J? APC?AGgL BCJ $&3 #?P?H\Q NMQRCPGMPKCLRC BCLMKGL?BM $&3 !P?ES?G?
4MA?LRGLQ
AMKM JM PCAMLMAC CJ GLDMPKC BC ECQRGgL BCJ 3&" PCDCPCLRC ?J ?fM
&PCLRC?JMQCLRCLBGKGCLRMQCVNPCQ?BMQNMPN?PRCBCJMQKMTGKGCLRMQQMAG?JCQ
J? APC?AGgL BCJ $&3 !P?ES?G?4MA?LRGLQ DSC NMQRCPE?B? N?P? OSC JMQ CQRSBGMQ
QM@PCJMQCJCKCLRMQPCGTGLBGA?BMQNSBGCQCLQCPBCQ?PPMJJ?BMQWQSQPCQSJR?BMQ
QSK?BMQ ? J? NPMNSCQR? 0MP CHCKNJM
CJ ).#2! CQR\ CJ?@MP?LBM SL?
NPMNSCQR?N?P?SL?K?WMPGLAJSQGgLBCJMQNCOSCfMQNPMBSARMPCQCLCJAPbBGRM
WJ??QGQRCLAG?DMPCQR?J%J3CPTGAGM&MPCQR?J
%K@P?N?WCJ".$%3?T?LX?LCL
CJCLRCLBGKGCLRMN?P?J?GKNJ?LR?AGgLBCSLACLRPMBCBGDSQGgLBCRCALMJMEe?BC
QGJTGASJRSP? BC CQNCAGCQ L?RGT?Q
CJ AS?J DMKCLR?P\ CJ BCQ?PPMJJM DMPCQR?J CL J?
PCEGgL
NPGLAGN?JKCLRC CL J?Q \PC?Q BC NCOSCfMQ W KCBG?LMQ NPMBSARMPCQ
--!3&"
N
,MQCKNPCQ?PGMQBCJ?GLBSQRPG?QGBCPjPEGA??NMW?PMLJ?NPMNSCQR?BCJEM@GCPLM
N?P?J?APC?AGgLBCJ$GQRPGRM&MPCQR?J3MQRCLG@JCWF?L?NMW?BMGLGAG?RGT?QN?P?
CJA?K@GMBC?QNCARMQBCJ?JCEGQJ?AGgL?K@GCLR?J
OSCBGDGASJR?LJ?NPMBSAAGgL
BC A?P@gL TCECR?J
NPGLAGN?JKCLRC J?Q OSC ?KNJe?L J?Q NMQG@GJGB?BCQ BC J?
PCDMPCQR?AGgL
%QR?Q GLGAG?RGT?Q CQR\L PCJ?AGML?B?Q AML J? NPMNSCQR? BC KMBGDGA?AGgL BCJ
#gBGEM&MPCQR?JWJ?NCPQNCARGT?BCDJCVG@GJGX?PCJR?K?fMBCJ PC?BC2CQCPT?
,CE?J !2,
? N?PRGP BC J? ?NPM@?AGgL BCJ :MLC?KGCLRM %AMLgKGAM %AMJgEGAM
:%%
BCJ CQR?BM BC 0?P\ ,MQ NPGLAGN?JCQ A?K@GMQ CL CJ #gBGEM &MPCQR?J
BCDCLBGBMQQMLGLAMPNMP?AGgLBCJPC?BC0PCQCPT?AGgL0CPK?LCLRC !00
CL
CJAgKNSRMBCJPC?BC2CQCPT?,CE?J
J?PCBSAAGgLBCJ?!2,BCN?P?
CLJ?!K?XMLe?,CE?JWJ?NMQG@GJGB?BBCSRGJGX?AGgLBCCQNCAGCQCVgRGA?QN?P?
J?PCAMKNMQGAGgLBCJ?!2,
,? GBC? BC J? DJCVG@GJGX?AGgL BCJ NMPACLR?HC BC J? NPMNGCB?B OSC BC@C
NCPK?LCACP AMKM \PC? BC PCQCPT? JCE?J
SRGJGX?LBM CJ :%%
F? QGBM QMQRCLGB?
NMP JMQ CKNPCQ?PGMQ AMKM SL KCA?LGQKM N?P? TG?@GJGX?P J? GKNJ?LR?AGgL BC
.MCQNMPA?QS?JGB?BOSCN?PRCGKNMPR?LRCBCJ?QNPMNSCQR?QBCA?K@GMCLCJ
#gBGEM&MPCQR?JQMLBC?SRMPe?BCN?PJ?KCLR?PCQN?P?CLQCQ%J0PMWCARMBC,CWCQBC
?SRMPe?BCJ3CL?BMP&JCV?2G@CGPM 03$"0!
WJ?NPMNSCQR?BCA?K@GMBCJ?!2,
N?P?J?!K?XMLe?,CE?JCQBCJ$GNSR?BM&CBCP?J7?LBCPIMJI'MLa?JTCQ 0-$"0!
PCDMPCQR?AGgL CL CJ NPMNGM CQR?BM BC 0?P\ ,? RCQGQ BCDCLBGB? NPMNMLC OSC J?
!2,N?QCBCN?P?WOSCCLCQ?\PC?BCPCQCPT?PCAMKNSCQR?NSCB?
QCP PC?JGX?B? J? CVNJMR?AGgL DMPCQR?J
? RP?TbQ BCJ K?LCHM DMPCQR?J
AMKM JM
CVNJGAg CJ $GPCARMP BC J? !QMAG?AGgL #MKCPAG?J C )LBSQRPG?J BC -?P?@\ CL
CLRPCTGQR?
|4CLCKMQCLJ?ASCQRGgLBCJA?P@gL?JESL?QAMQ?QPC?JCQWMRP?QGPPC?JCQ
%QSLQCARMPCLCJOSCJ?PCEJ?KCLR?AGgLCQR?R?JQCMNMLCQCTCP?KCLRC?OSe?
J?NPMNG?NMJeRGA?BCBCQ?PPMJJMWCJCQR?BMCQR\@SQA?LBMSL?CAS?AGgLN?P?R?J
DGL
OSC N?Q? NMP J? APC?AGgL BC BGQRPGRMQ DMPCQR?JCQ
NMP CJ XMLC?KGCLRM
CAMLgKGAMCAMJgEGAMBCJCQR?BMOSCDSCBCJGLC?BMCLCJEM@GCPLM?LRCPGMPWCJ
EM@GCPLM ?ARS?J BGM SL ?A?@g SL NPMACBGKGCLRM ?SLOSC KSW ReKGBM NMPOSC
BC@CPe?QCP?ACLRS?BM
,?PCQCPT?JCE?J?BMNR?B?CLJ?!K?XMLe?BC?
GLTG?@GJGX? AS?JOSGCP NPMWCARM OSC @SQA? PCRMPLM DGL?LAGCPM N?P? CQM
GLTG?@GJGX?
CLRMLACQ sOSb CQ JM OSC CQ J? EP?L PCGTGLBGA?AGgL %Q OSC AML CJ
XMLC?KGCLRM CAMJgEGAM CAMLgKGAM W AML CJ BGQRPGRM DMPCQR?J QC CQR?@JCXA?L
\PC?QNPGLAGN?JCQ
J?QW?BCEP?B?B?Q
OSCQCNSCB?CQR?@JCACPSL?PCQCPT?
BCNMPJMKCLMQBC?WOSCBCJMOSCQCNJ?LRCAMLQCNSCB?F?ACP
SLAMPRCBCBCLRPMBCSLNPMWCARMBCK?LCHM
NCPDCARM}
%QR?NPMNSCQR?R?K@GbLDSCBCDCLBGB?NMPCJCVQCAPCR?PGMBCKCBGM?K@GCLRC
BCJ CQR?BM BC 0?P\
6?JKGP /PRCE?
OSC CL CLRPCTGQR? ?J BG?PGM |/ ,G@CP?J}
?PESKCLRg?D?TMPBCSL?JCEGQJ?AGgL?BCAS?B??J?PC?JGB?BBCJNMJMBC?PP?@GM
N?P?CLQC
|,?QGRS?AGgL?EPeAMJ?CLCQR?BMQAMKM-?P?LF_MW4MA?LRGLQNCPKGRCOSCCJ
eLBGAC BC 2CQCPT? ,CE?J QC? KCLMP !OSe CL CJ @GMK? ?K?XgLGAM J? PCEJ? CQ
NPCQCPT?P CJ W ?JRCP?P CJ
KGCLRP?Q CL ?OSCJJMQ BMQ CQR?BMQ
AML
@GMK?ACPP?BM
CQCV?AR?KCLRCJMAMLRP?PGM%QSLAMQRM?JRMPCF?ACPBCJ
@MQOSC
NMP CQM CVGQRC J? NMQG@GJGB?B BC PC?BCAS?PJM N?P? W
eLBGAC
AMLQGBCP?BM BCLRPM BCJ XMLC?KGCLRM CAMJgEGAM W CAMLgKGAM !Qe RCLBPCKMQ
DSCLRCN?P?A?P@gLTCECR?JCLEP?LCQA?J?
QGLNPCAGQ?P?R?A?PCJ@MQOSCL?RGTM}
'MTCPLM@SQA?Q?eB?AMLRP?A?PT_MGJCE?J/,G@CP?J
N
,? BCAJ?P?AGgL BCJ CV QCAPCR?PGM NPCQCLR? ?JESL?Q GKNPCAGQGMLCQ
NSCQ
?J
AMLRP?PGMBCJMOSC?DGPK?
N?PRCGKNMPR?LRCBCJCQR?BMBC-?P?LF_MQCJMA?JGX?
CLJ?PCEGgLBCDGLGB?AMKM!K?XMLe?,CE?J
JMOSCF?ACOSCCJNMPACLRS?JBC
K?LRCLGKGCLRM M PCASNCP?AGgL
BC J? !2, QC? CJ KGQKM OSC PGEC N?P? CJ
%LRPCTGQR?AMLR?JM)NMHSA?L
$GPCARMPBCJ?!QMAG?AGgL#MKCPAG?JC)LBSQRPG?JBC
-?P?@\
#MLDMPKCBCDGLGgJ?,CW
BC
OSCAPCgJ?3SNCPGLRCLBCLAG?BC
6?JMPGX?AGgL%AMLgKGA?BCJ?!K?XMLe? 306%!
WBCDGLGgNMPNPGKCP?TCXCJ
AMLACNRMBC!K?XMLe?JCE?J
GLAMPNMP?LBMCJCQR?BMBC-?P?LF_M F?QR?CJKCPGBG?LM
l
N?PRCBCJCQR?BMBC'MG\Q FMW4MA?LRGLQ
WBCJCQR?BMBC-?RM'PMQQM,?,CW
#MKNJCKCLR?PG?Ll
BCGLAMPNMP?CJAMLHSLRMBCJCQR?BMBC-?RM
'PMQQMCLJ?!K?XMLe?,CE?J
CQR?BM BC 0?P\ %Q BCAGP
J?Q CKNPCQ?Q QGBCPjPEGA?Q OSC RGCLCL QSQ NJ?LRGMQ
JMA?JGX?BMQCLBCRCPKGL?B?QPCEGMLCQBCJCQR?BMBC-?P?LF_MR?K@GbLBC@CL
?RCLBCPJ?BCDGLGAGgLBCJK?LRCLGKGCLRMBCBCJ\PC?BCPCQCPT?JCE?J
|
1SC -?P?LF_M
W? @CLCDGAG?BM AML JMQ PCASPQMQ BCJ &MLBM #MLQRGRSAGML?J
BCJ .MPBCQRC &.%
W NMP JMQ @CLCDGAGMQ GLQRGRSAGML?JCQ N?P? J? PCEGgL OSC
?@?PA?J?35$%.%QC?CVAJSeBMBCJ\PC?OSC?@?PA?J?!K?XMLe?,CE?J
1SC CJ \PC? BC 2CQCPT? ,CE?J W PC? BC 0PCQCPT?AGgL 0CPK?LCLRC z !00
CQR?@JCAGB?Q CL CJ #gBGEM &MPCQR?J
QC?L DGH?B?Q CL F?QR? N?P? RMB? J?
CVRCLQGgLRCPPGRMPG?JBCJCQR?BM
?RCLBGCLBMJMBGQNSCQRMCLJ?,CW%QR?R?J
BC
1SCCLJ?PCAMKNMQGAGgLBCJ?Q\PC?QBCPCQCPT?JCE?J
PCQNCR?LBMCJJeKGRC
BCF?QR?WJ?QBC0PCQCPT?AGgL0CPK?LCLRC
QC?L?BKGRGB?QJ?SRGJGX?AGgL
BCCQNCAGCQCVgRGA?Q
}
!NCQ?PBCCQR?PK\Q?BCJ?LR?BMQOSCQSQN?PCQN?P?CLQCQCLJM PCDCPCLRC?
\PC?Q BC @MQOSCQ CLCPEbRGAMQ
CJ QCARMP BC ?PP?@GM BC -?P?LF_M R?K@GbL QC
QSK? ? CQ?Q PCGTGLBGA?AGMLCQ 0?P? CJ NPCQGBCLRC BCJ 3)&%-!
#J?SBGM
!XCTCBM
J?NCPQNCARGT?BCOSCJ?QCKNPCQ?QAMLQGE?LQCP?SRMQSDGAGCLRCQCL
CJ?@?QRCAGKGCLRMBCA?P@gLTCECR?JQCCLASCLRP?BGDGASJR?B?NMPJ?JCEGQJ?AGgL
?K@GCLR?J
|4CLCKMQ OSC PCDMPCQR?P ?jL ACPA? BC KGJ FCAR\PC?Q N?P? AMLOSGQR?P J?
?SRMQSDGAGCLAG? CL A?P@gL TCECR?J
NCPM CQRM LM BCNCLBC QgJM BC LMQMRPMQ
(CKMQ CLDPCLR?BM KSAF?Q BGDGASJR?BCQ
BC@GBM ?J #gBGEM &MPCQR?J "P?QGJCfM W
AMLJ?QJGACLAG?Q?K@GCLR?JCQ} 3GBCPSPEG?K?P?LFCLQCDCAF?M?LMNPMBSXGLBM
QgB?A?N?AGB?BC/%QR?BMBM-?P?LF_M
Nz%AMLMKG?
0MPJMR?LRM
?jLCQR?LBMCLAMLBGAGMLCQK\QD?TMP?@JCQN?P?NMBCPCLDPCLR?P
JMQNPM@JCK?QPCJ?RGTMQ?J?M@RCLAGgLBCA?P@gLTCECR?JBCLRPMBCJMQK?PAMQ
BC J? JCE?JGB?B ?K@GCLR?J TGECLRC
J?Q CKNPCQ?Q BC ?PP?@GM JMA?JGX?B?Q CL
-?P?LF_M ?jL GLTGCPRCL AMLRP? JM OSC AMLQGBCP?L J?Q RP?@?Q BC J? JCEGQJ?AGgL
?K@GCLR?J
#MLAJSQGgL
#DBMASKCLRMNS@JGA?BMCLJ?N\EGL?
FRRNUUUPCNMPRCP@P?QGJMPE@P@MVNFN GB=@MV
%JNPMACQMPCAGCLRCBCCTMJSAGgLBCJ?QGBCPSPEG?CLJ?!K?XMLe?CQR\K?PA?BM
NMP BGQNSR?Q %J CQJ?@gL K\Q Bb@GJ BC CQR? GLBSQRPG? AMLRGLj? QGCLBM J?
NPMBSAAGgLBCA?P@gLTCECR?J
R?LRMCLJMPCDCPCLRC?J?QAMLBGAGMLCQJ?@MP?JCQ
AMKMPCQNCARM?J?JCEGQJ?AGgL?K@GCLR?J
M@HCRMBCJ?KMTGJGX?AGgLBC/.'QW
BCJ??ARS?AGgLBCgPE?LMQCQR?R?JCQBCDGQA?JGX?AGgL
%J APCAGKGCLRM BC J? A?LRGB?B CVNMPR?B? W CJ ?SKCLRM BCJ T?JMP NPMKCBGM BCJ
NPCAGM BCJ ?PP?@GM CL CJ KCPA?BM GLRCPL?AGML?J A?NGR?JGX?PML J?Q CKNPCQ?Q BC
?PP?@GM
OSC@?HMJ?NPCQGgLBCJ?KCHMP?BCJ?DGQA?JGX?AGgLJ?@MP?JW?K@GCLR?J
W BC A?KN?f?Q GLRCPL?AGML?JCQ BC AMK@?RC ?J RP?@?HM CQAJ?TM
AMKCLX?PML ?
GLTCPRGPCLJ?JCE?JGB?BBCQS?ARS?AGgL #!2.%)2/
!LAJ?BMQ CL CJ @SCL NCPeMBM BC JMQ NPCAGMQ GLRCPL?AGML?JCQ BC ?PP?@GM
BCRCPKGL?B?Q CKNPCQ?Q OSC RGCLCL K?WMP QMJGBCX CAMLgKGA? W SL AMLHSLRM
CQNCAeDGAMBCA?NGR?JCQzF?LPC?JGX?BMDSCPRCQGLTCPQGMLCQCLJ??BOSGQGAGgLBC
RGCPP?Q N?P? J? GKNJ?LR?AGgL BC @MQOSCQ CLCPEbRGAMQ PCDMPCQR?AGgL AML
CSA?JGNRM
CLJMQCQR?BMQBC-?P?LF_MW4MA?LRGLQ
KGCLRP?QOSCMRP?Q@SQA?L
DSCLRCQ?JRCPL?RGT?QBC?@?QRCAGKGCLRM AMOSCKCR?JjPEGAM
A?P@gLBC@?@?Qj
E?QL?RSP?J
%J NPGLAGN?J PCQSJR?BM M@RCLGBM AML J? PC?JGX?AGgL BC CQR?Q GLTCPQGMLCQ DSC J?
PCBSAAGgLBCJMQA?QMQBCRP?@?HMCQAJ?TMCLJ?A?BCL?BC?@?QRCAGKGCLRMBC
A?P@gL N?P? J? QGBCPSPEG? BC #?P?H\Q
B?RM OSC QC M@QCPT? AML K?WMP DSCPX?
N?P? J?Q CKNPCQ?Q JMA?JGX?B?Q CL CJ CQR?BM BC -?P?LF_M )LQRGRSRM
/@QCPT?RgPGM 3MAG?J
.M M@QR?LRC
AMKM BCQR?A?KMQ CL J? QCAAGgL
MRPMQ NPM@JCK?Q ?QMAG?BMQ ? J? NPMBSAAGgL QGBCPjPEGA? NCPK?LCACL
J?
AMLACLRP?AGgL BC RGCPP?Q ?EPeAMJ?Q W J? AMLR?KGL?AGgL NMP NCQRGAGB?Q
KGCLRP?Q
LSCT?Q PCNCPASQGMLCQ QML QCLRGB?Q
AMKM CJ A?QM BC J? AMKNCRCLAG? AML CJ
CVRP?ARGTGQKMBCJAMAM@?@?Qj
%LDPCLR?PCQRCAMLHSLRMBCNPM@JCK?QN?Q?NMPJ?PCASNCP?AGgLBCJ?A?N?AGB?B
BCJ %QR?BM N?P? F?ACP T?JCP J? JCEGQJ?AGgL J?@MP?J W ?K@GCLR?J
NCPM R?K@GbL
N?Q?NMPJ?BGQASQGgLBCOSbRGNMBC?ARGTGB?BCAMLgKGA?BC@CQCPGLACLRGT?B?
CL J?Q BGTCPQ?Q PCEGMLCQ OSC AMKNMLCL J? !K?XMLe? /PGCLR?J
? RP?TbQ BC J?
AMLQRPSAAGgLBCDMPK?QBCECQRGgLRCPPGRMPG?JN?PRGAGN?RGT?Q
$C@GJGR?BMNMPJ?APGQGQCAMLgKGA?BCJ
AMLDMPKCKMQRP?CJCQRSBGMBC#?PLCGPM
2?K?JFM
%LCQRCQCLRGBM
JMQ?SRMPCQAMLASCPB?LAMLCJ?L\JGQGQBC-MLRCGPM
OSC
?PESKCLR?QM@PCJ?LCACQGB?BBCJCQR?BMBCMPGCLR?Pz?RP?TbQBCRP?@?QCGLACLRGTMQ
z?JMQ?ECLRCQCAMLgKGAMQNPGT?BMQ CKNPCQ?QBC?PP?@GM
N?P?J??BMNAGgLBCPSR?Q
RCALMJgEGA?QQMQRCLG@JCQ
BGDGASJR?LBMJ?PCNPMBSAAGgLBC?OSCJJMQ?ECLRCQOSC
RP?LQDGCPCLN?P?CJAMLHSLRMBCJ?QMAGCB?BJMQAMQRMQBCQS?ARGTGB?BCAMLgKGA?
"G@JGMEP?De?
!,-%)$!
! 7 " 'SCPP? CAMJgEGA? LMQ @?@?aS?GQ M NPMACQQM BC
BCT?QR?a_MB?QN?JKCGP?Q
?CJCT?a_MBMNPCaMBCAMKKMBGRGCQC?OSCAGKCLRM
BM KCPA?BM BC RCPP?Q L? !K?XhLG? 3_M ,SeQ
-)1#""?J?GMQ 4WNMEP?NFG?
%BGRMP?
!2!
*/
(CJAG?LC BC &! !Q BGDCPCLRCQ CQRP?RbEG?Q BC MPE?LGX?a_M N?P? ?
NPMBSa_M ?QQSKGB? NMP KSJFCPCQ OSC@P?BCGP?Q BC AMAM
L? BCLMKGL?B?
KGAPMPPCEG_M BC )KNCP?RPGX )L !,-%)$!
!7" BC MPE
%AMLMKG? BM
"?@?aS JCT?LR?KCLRM NPCJGKGL?P BC B?BMQ 3_M ,SGQ -)1#""?J?GMQ
4WNMEP?NFG?
N
====== 2CJ?aiCQ BC RP?@?JFM
NPMNPGCB?BC B? RCPP? C NMJSGa_M SP@?L? L?Q
?RGTGB?BCQBCA?PTMCH?KCLRMN?P??NPMBSa_MBCDCPPMESQ?CK!a?GJ^LBG?)L
'MLa?JTCQ
& /PE
#?P?H\Q BCQCLTMJTGKCLRM MS BCQRPSGa_M 3_M ,SGQ
#04%QR?a_M'P\DGA?
N
===== ! CVN?LQ_M C MQ GKN?ARMQ B? QMH? LM -?P?LF_M )L 3#(,%3).'%2
3 .5.%3
30 #!2.%)2/
-$3 /PE
! ?EPGASJRSP? D?KGJG?P B? QMH? L?
PCEG_MQSJCMKMLMASJRGTMLM-?P?LF_M2GMBC*?LCGPM&!3%
@
N
#!2.%)2/
- 3 # 2!-!,(/
*2 ! APGQC CAMLhKGA? KSLBG?J C QCS
GKN?ARM QM@PC M QCRMP QGBCPjPEGAM K?P?LFCLQC PCJ?aiCQ CLRPC M BCQCKNCLFM
PCACLRCB?QCKNPCQ?QESQCGP?QCMBCQCKNPCEMLMKSLGAeNGMBC!a?GJ^LBG?)L
#!2.%)2/
-$3 #/34!
7# B? /PE
! RCPACGP? K?PECK BM PGM
CLQ?GMQQM@PC?PC?JGB?BCBM-?P?LF_MLMLMTMKGJdLGM3_M,SGQ%$5&-!
N
#'%% 5K NPMHCRM N?P? ? !K?XhLG? LM QbASJM BCQ?DGMQ C AMLRPG@SGaiCQ
"P?QeJG?
$&#CLRPMBC'CQR_MC%QRSBMQ%QRP?RbEGAMQ
&)'5%)2%$/
2M@CPR?-"!aiCQBCPCQGQRdLAG?BCD?KeJG?QCVRP?RGTGQR?QLM
-?P?LF_MCKD?ACBMSQMGLBSQRPG?JBCA?PT_MBCAMAM@?@?aSNMPSQGL?QBC
DCPPMESQ?4CQCBC$MSRMP?BM?NPCQCLR?B?LM0PMEP?K?BC0gQEP?BS?a_MBC
'CMEP?DG?B?5&2*
N
()23#(-!.
!J@CPR/!CAMLMKG?AMKMAGdLAG?KMP?JCNMJeRGA?3_M0?SJM
%BGRMP?"P?QGJGCLQC
,!3!4 )LDMPKC QM@PC ? NPGKCGP? PCSLG_M BM 3&" LM QSBCQRC N?P?CLQC
-?P?@\
BCK?GMBC
===== %K @SQA? BC A?PT_M TCECR?J @?P?RM M BCQJMA?KCLRM BC QGBCPjPEGA?Q
N?P??!K?XhLG?.MTMQ#?BCPLMQBM.!%!
"CJbK
T
L
N
--!3&"'CQR_MBC&JMPCQR?Q0j@JGA?Qz2CJ?RgPGM"P?QeJG?-GLGQRbPGM
BM-CGM!K@GCLRC3CPTGaM&JMPCQR?J"P?QGJCGPM
0!5,!!.$2!$%
-!NPMBSa_MBCA?PT_MTCECR?JLM,CQRCK?P?LFCLQCz
AMLQCOSdLAG?Q B? BCT?QR?a_M BM ACPP?BM C B? AMLACLRP?a_M DSLBG\PG? N?P? ?
CAMLMKG? A?KNMLCQ? )L 0!5,! !.$2!$%
- /PE
#?P?H\Q
BCQCLTMJTGKCLRMMSBCQRPSGa_M 3_M,SGQ#04%QR?a_M'P\DGA?
N
0%2%)2!
2SRFG?LC 3 !EPGASJRSP? D?KGJG?P C NPMBSa_M BC A?PT_M TCECR?J
CQRP?RbEG?Q BC NPMBSa_M C PCNPMBSa_M QgAGMCAMLhKGA? CK \PC?Q BC PCDMPK?
?EP\PG?$GQQCPR?a_MBC-CQRP?BM?NPCQCLR?B??M0PMEP?K?BC0gQEP?BS?a_M
CK0MJeRGA?Q0j@JGA?Q
3_M,SGQ
N
3/53!
2?NF?CJ # ! ?RGTGB?BC BC A?PTMCH?KCLRM N?P? DGLQ QGBCPjPEGAMQ LM
KSLGAeNGM BC "?PP? BM #MPB? z -! GKNJGA?aiCQ QgAGMCAMLhKGA?Q C
?K@GCLR?GQ-MLMEP?DG?BC#MLAJSQ_MBM#SPQMBC#GdLAG?Q3MAG?GQ3_M,SGQ
5LGTCPQGB?BC&CBCP?JBM-?P?LF_M
$MASKCLRMQW-?RbPG?QCL2CTGQR?Q 3GRGMQUC@W0CPGMBGAMQ
#?PT_M b QMJSa_M C BMP BC A?@Ca? LM 3SBCQRC BM %QR?BM 6?JMP %AMLhKGAM
N"
3GDCK? CVNJGA? OSC A?PT_M BM AMAM GLRCGPM B?LGDGA? M DMPLM / %QR?BM BM
-?P?LF_M
Nz%AMLMKG?
/DeAGM#GPASJ?PLr3&"--! BCBC?@PGJBC
4eRSJMB?-?RbPG?0MJM3SQRCLR\TCJ)LDMPK?RGTMBM3GLBGA?RMB?Q)LBjQRPG?QBC
&CPPM'SQ?BM%QR?BMBM0?P\!LM
Lr"CJbK
K?PaM?@PGJBC
2SKM ] ?SRMQSDGAGdLAG?
2CTGQR? 1SCGPMX '?JT_M l
!LM )
L
*?L&CT-?P
N
!JN?"GJGML\PG?#MPPCGMBM4MA?LRGLQ ?BCH?LCGPMBC
2;1?<2;2?4J.2;9.:.G<;J.$2?B.;.
%( %(%!)
)LRPMBSAAGgL
$?B?QQSQA?P?ARCPeQRGA?QBC@?HMAMQRMWD\AGJ?AACQM
JMQAMK@SQRG@JCQQgJGBMQ
QSCJCL QCP SRGJGX?BMQ NMP JMQ QCARMPCQ K\Q NM@PCQ BC J? NM@J?AGgL 0.5$
%L J?Q \PC?Q PSP?JCQ BCJ N?eQ
J? JCf? M @GMK?Q? QML J?Q NPGLAGN?JCQ
DSCLRCQ BC CLCPEe? OSC SRGJGX?L J?Q D?KGJG?Q A?KNCQGL?Q N?P? AMAGL?P
BG?PG?KCLRCQSQ?JGKCLRMQ
N?P?A?JCLR?PQCW?@PGE?PQCBCJDPeM -SfMX
%LCJN?eQSL?EP?LN?PRCBCJ?QNM@J?AGMLCQPSP?JCQSQ?J?JCf?AMKMGLQSKM
CLCPEbRGAM N?P? JMQ FME?PCQ
W QC CQRGK? OSC NMP ?fM QC SRGJGX?L SLMQ
KGJJMLCQ BC K BC CQRC PCASPQM '250/ $% 42!"!*/ -5,4)3%#4/2)!,
%JSQMBCJ?BCLBPMCLCPEe?NSCBC?WSB?P?J?PCBSAAGgLBCJ?NM@PCX?NCPM?J
KGQKM RGCKNM NSCBC AMLRPG@SGP ? J? BCDMPCQR?AGgL M BCEP?B?AGgL BC JMQ
@MQOSCQQGLMCVGQRCSL?ECQRGgLQMQRCLG@JCBCJMQ@MQOSCQ
!KCBGB?OSCRP?LQASPPCCJRGCKNM
CQRCGKNMPR?LRCPCASPQMzJ?JCf?CQA?B?
TCXK\QCQA?Q?CLKSAF?Q\PC?QBCJRCPPGRMPGML?AGML?J
NMPR?LRM
J?QD?KGJG?Q
T?L CLAMLRP?LBM QCPG?Q BGDGASJR?BCQ N?P? ?@?QRCACPQC BC JCf?
KMRGTM NMP CJ
OSC KSAF?Q TCACQ RGCLCL OSC BCQNJ?X?PQC ? EP?LBCQ BGQR?LAG?Q
BCBGA?LBM
@SCL? N?PRC BC QS RGCKNM ? J? PCAMJCAAGgL
PCQR?LBM MNMPRSLGB?B N?P?
BCBGA?PQC ? MRP?Q ?ARGTGB?BCQ -SfMX
,?Q AMKSLGB?BCQ ?K?XgLGA?Q
?SLOSC CL NPMNMPAGMLCQ KSAFM KCLMPCQ
R?K@GbL CKNGCX?L ? QCLRGP J?
CQA?QCXBCJ?JCf?NPMBSARMBCJ?EP?LGLRCPTCLAGgLFSK?L??JMQ?JPCBCBMPCQ
BC JMQ ACLRPMQ NM@J?BMQ 0MP CJJM CQ KSW AMKjL TCP OSC R?LRM FMK@PCQ W
KSHCPCQ OSC TGCLCL BC RP?@?H?P BC QSQ AF?AP?Q PCRMPLCL AML A?PE?Q BC JCf?
,?QLGf?QWLGfMQR?K@GbLN?PRGAGN?LCLJ?PCAMJCAAGgLBCJCf?
%J NPCQCLRC CQRSBGM QC PC?JGXg AML CJ M@HCRGTM BC B?P ASCLR? BCJ CQR?BM ?ARS?J
BCJ?BCLBPMCLCPEe?CLJ?!K?XMLe?NCPS?L?0?P?J?PC?JGX?AGgLBCJCQRSBGMQC
PC?JGXg SL? CVF?SQRGT? PCTGQGgL @G@JGMEP\DGA? QM@PC CJ RCK? %J ?SRMP RSTM J?
MNMPRSLGB?B BC N?PRGAGN?P CL CJ ) #MLEPCQM )LRCPL?AGML?J QM@PC PCQGBSMQ BC
K?BCP?@GMK?Q?PC?JGX?BMCLLMTGCK@PCBCJCLJ?AGSB?BBC0SA?JJN?CL
CJ $CN?PR?KCLRM BC 5A?W?JG CL J? !K?XMLe? NCPS?L? NMP JM OSC R?K@GbL DSC
SL?T?JGMQ?DSCLRCBCPCDCPCLAG?BGPCAR?
-?RPGXCLCPEbRGA?L?AGML?J
%L CJ N?eQ J?Q DSCLRCQ ECLCP?BMP?Q BC CLCPEe? PCLMT?@JC QML J? JCf?
@MQR? W
W?PCR?
@?E?XM
CLCPEe? QMJ?P
A?P@gL TCECR?J
CLCPEe? FGBP\SJGA? W CLCPEe?
CgJGA? %J AS?BPM KSCQRP? J? NPMBSAAGgL BC CLCPEe? NPGK?PG? CL CJ 0CPj
AJ?QGDGA?B?AMKMAMKCPAG?JWLMAMKCPAG?J
,? JCf? W J? @MQR? QML BC SQM RP?BGAGML?J CL CJ 0CPj 3C RP?R? BC SL SQM
NPGLAGN?JKCLRCBMKbQRGAM
LMAMKCPAG?J ?SRMAMLQSKM
CVGQRGCLBMSLKCPA?BM
N?P? JCf? CL J?Q AGSB?BCQ GLRCPKCBG?Q W NCOSCf?Q NPGLAGN?JKCLRC %L J?
?ARS?JGB?BJ?JCf?AMLQRGRSWCCJBCCLCPEe?NPGK?PG?AMLQSKGB?CLCJN?eQ
%JBCJ?NM@J?AGgLPSP?JBCJ0CPjAMAGL?AMLJCf?WCJAMLCQRGbPAMJ
M @MQR? !NPMVGK?B?KCLRC
FME?PCQ CLRPC CJ \K@GRM SP@?LM W PSP?J
BCNCLBCLBCCJJ? -).!'
#S?BPM0PMBSAAGgLBCCLCPEe?NPGK?PG? 4%2!*/5,%
&SCLRC 2CQCPT?QNPM@?B?Q 4*
6?PG?AGgL
%LCPEe?AMKCPAG?J
0CRPgJCMAPSBM
(GBPMCLCPEe?
'?QL?RSP?J,'.
#?P@gLKGLCP?J
'B/A<A.9
%LCPEe?LMAMKCPAG?J
,Cf?
"?E?XM
"MQR?WW?PCR?
%LCPEe?QMJ?P
'B/A<A.9
?fM ,? APCAGCLRC N?PRGAGN?AGgL BC J? FGBPMCLCPEe? W CJ E?Q L?RSP?J CL J?
CQRPSARSP?CLCPEbRGA?L?AGML?JGLAGBCLCLJ?BGQKGLSAGgLBCJAMLQSKML?AGML?J
BCJCf?
&GESP?%QRPSARSP?BCJ?NPMBSAAGgLBCCLCPEe?NPGK?PG?
&SCLRC-GLGQRCPGMBC%LCPEe?W-GL?Q
,? &GESP? KSCQRP? J? CQRPSARSP? BCJ AMLQSKM BC CLCPEe? NMP DSCLRCQ
PCLMT?@JCQ 0CPj $C J? DGESP? QC BCQNPCLBC OSC CJ N?eQ BCNCLBC
DSLB?KCLR?JKCLRC BC J? JCf? ?NPMVGK?B?KCLRC BCJ AMLQSKM RMR?J BC
CLCPEe?
W BC J? CLCPEe? FGBP\SJGA? 3C M@QCPT? ?BCK\Q OSC J? N?PRGAGN?AGgL
APCAGCLRCBCJ?CLCPEe?CJbARPGA?CQR\CLPCJ?AGgLGLTCPQ??JAMLQSKMBCJ?JCf?
QGL CK@?PEM CJ CKNJCM BC J? JCf? LM BCH? BC QCP QGELGDGA?RGT? %J #S?BPM
EP?DGA?AJ?P?KCLRCCQR?QRCLBCLAG?Q ).%)-).!-0.5$
&GESP? %QRPSARSP? BC N?PRGAGN?AGgL BCJ AMLQSKM BC CLCPEe? NMP DSCLRCQ
PCLMT?@JCQ0CPj
&SCLRC ).%)-).!-0.5$ -).%-
W B?RMQ BC 0PMBSAAGgL BC CLCPEe? CJbARPGA?
M@RCLGBMQBCJ!LS?PGM%QR?BeQRGAMBC%JCARPGAGB?B-).%-
%J AS?BPM KSCQRP? JMQ FME?PCQ CL TGTGCLB?Q N?PRGASJ?PCQ AML MASN?LRCQ
NPCQCLRCQ
NMPRGNMBCCLCPEe?MAMK@SQRG@JCOSCK\QSRGJGX?LCLCJFME?PN?P?
AMAGL?PQSQ?JGKCLRMQ
QCEjL\PC?SP@?L?WPSP?J
#S?BPM(ME?PCQCLTGTGCLB?QN?PRGASJ?PCQ
NMPRGNMBCCLCPEe?MAMK@SQRG@JC
OSCK\QSRGJGX?B?
0CPj
(ME?PCQ
MASN?LRCQ
5P@?L?
2SP?J
(ME?PCQ
/ASN?LRCQ
&SCLRC-).!'
#MLB?RMQBCJ#CLQM.?AGML?JBCJBC0M@J?AGgLW
6GTGCLB?PC?JGX?BMNMPCJ).%)
$CLBPMCLCPEe?
%QNCAGCQDMPCQR?JCQAMLDGLCQCLCPEbRGAMQ
%L QCLRGBM ECLbPGAM AS?JOSGCP CQNCAGC ?P@gPC? M ?P@SQRGT? NSCBC SQ?PQC N?P?
JCf? ?SLOSC CVGQRCL NPCDCPCLAG?Q NMP AGCPR?Q CQNCAGCQ 3C CQRGK? OSC CL CJ
0CPjSL?QCQNCAGCQQMLJ?QK\QSQ?B?QN?P?JCf?WA?P@gL,?QCQNCAGCQ
BCJ EbLCPM )LE? QML ?JR?KCLRC ?NPCAG?B?Q N?P? JCf? 0?P? J? NPMBSAAGgL BC
A?P@gL TCECR?J F?W NPCDCPCLAG? BC SQM BC CQNCAGCQ BC ?JR? BCLQGB?B NMP
AMLACLRP?P K?WMP CLCPEe? A?JgPGA? !JESL?Q BC J?Q CQNCAGCQ K\Q AMKSLCQ
SQ?B?QAMLDGLCQCLCPEbRGAMQQMLKMQRP?B?QCLCJ#S?BPM
#S?BPM %QNCAGCQ K\Q AMKSLCQ SQ?B?Q AML DGLCQ CLCPEbRGAMQ CL J?
!K?XMLe?NCPS?L?
.MK@PCAMKjL .MK@PCRbALGAM
(S?WPSPM /PKMQG?QN
,?LAF?L 3GLGLDMPK?AGgL
,CAFCA?QNG #MSK?QN
/Hb &GASQQN
!ES?LMK?QF? -?AF?CPGSKQN
#?AFGK@M #?PGLG?L?QN
#?NGPML? #?JWAMNFWJJSKQNPSAC?LSK
#?R?FS? (SP?APCNGR?LQ
#MN?G@? #MN?GDCP?QN
#SK?J? 6GPMJ?QN
%QRMP?OSC
1SGL?OSGL? -WPMVWJML@?JQ?KSL
-MCL? .MK@PC ?QGEL?BM ? SL? BGTCPQGB?B BC
,?SP?AC?C
0SK?OSGPM !QNGBMQNCPK?K?APMA?PNML
1SGJJM@MPBgL !QNGBMQNCPK?QN
1SGLGJJ? -?LGJI?P?@GBCLR?B?
3FGFSFS?AM $GNRCPWVQN
4?FS?Pe 4?@C@SG?QN
&SCLRC).2%.!
3C BC@C QCf?J?P OSC CJ ?@?QRCAGKGCLRM BC JCf? LM QgJM QC F?AC BC JMQ
@MQOSCQ!JESL?QGLBSQRPG?QDMPCQR?JCQCL5A?W?JGNCPKGRCL
@?HMAGCPR?QPCEJ?Q
OSC J?Q NCPQML?Q NSCB?L PCAMECP JMQ PCQGBSMQ BC K?BCP? BC JMQ @MR?BCPMQ
%QR? CQ SL? DMPK? BC KSRS?JGQKM CL J? OSC J? ECLRC QC @CLCDGAG? AML J?
@GMK?Q? W J? CKNPCQ? DMPCQR?J QC @CLCDGAG? AML CJ KCHMP SQM BCJ CQN?AGM C
GLAJSQMPCBSAAGgLBCAMLR?KGL?AGgLBCJMQPeMQMOSC@P?B?Q
$CLBPMCLCPEe?WA?K@GMAJGK\RGAM
!LGTCJEJM@?JJ?QCKGQGMLCQ?LS?JCQBCE?QCQBCCDCARMGLTCPL?BCPMA?SQ?B?
NMP J? BCDMPCQR?AGgL QML BC QCEjL DSCLRCQ BCJ )0##
! LGTCJ
L?AGML?J CJ A?K@GM BC SQM BCJ QSCJM AMLRPG@SWC CJ QCEjL CJ )LTCLR?PGM
.?AGML?J BC '?QCQ BC %DCARM )LTCPL?BCPM N?P? CJ ?fM ?SLOSC ? LGTCJ
EJM@?J CJ 0CPj ?NMPR? ?NCL?Q CJ BC CKGQGMLCQ BC E?QCQ BC CDCARM
GLTCPL?BCPM QCEjL CJ )LQRGRSRM 'CMDeQGAM BCJ 0CPj %J N?eQ CKGRC
RMLCJ?B?Q BC # +GJJCCL
%J 0CPj ?LSLAGg CL J? #MLDCPCLAG? BC J?Q
0?PRCQPC?JGX?BMCL0MXL?L
0MJMLG?OSCQCF?NPMNSCQRMPCBSAGPCLSL
QSQ CKGQGMLCQ ? RP?TbQ BCJ AMLRPMJ BC J? BCDMPCQR?AGgL
CL ?fMQ
-).!-
%L CJ N?eQ J? BCDMPCQR?AGgL CQRGK?B? CQ BC
F? ?LS?JCQ W J?
BCDMPCQR?AGgL ?ASKSJ?B? N?P? CJ N?eQ F?QR? CJ
CQ BC
F? ,?
BCDMPCQR?AGgLL?AGML?JQCAMLACLRP?CL3?L-?PReL
!K?XML?Q
,MPCRM
*SLeL
5A?W?JG
(S\LSAM W #SQAM 3C KCLAGML? OSC J? NMB? N?P? M@RCLCP JCf?
R?K@GbLAMLQRGRSWCSLD?ARMPBC|BCEP?B?AGgLDMPCQR?J}?J?DCAR?PJ?CQRPSARSP?W
J?DSLAGgLBCJMQ@MQOSCQ 5.5)!3
(?WOSC?AJ?P?PQGLCK@?PEMOSC
SL? EP?L N?PRC BC J? AMQCAF? BC JCf? N?P? AMK@SQRG@JC NPM@?@JCKCLRC
NPMTGCLCBCK?BCP?A?eB?MBCPCQRMQBCJ?R?J?GLBSQRPG?J !KGEMQBCJ?4GCPP?
)LRCPL?AGML?J
,?#MPNMP?AGgLBC#CPRGDGA?AGgLBC,Cf?
?DGPK?OSC?BGDCPCLAG?BCJ?Q
DSCLRCQBCCLCPEe?DgQGJ
J?AMK@SQRGgLBCJCf?RGCLCSLCDCARMLCSRPMQM@PCCJ
@?J?LACBCBGgVGBMBCA?P@MLM #/
CLJ??RKgQDCP?%QBCAGP
LMAMLRPG@SWC
?J CDCARM GLTCPL?BCPM A?SQ?LRC BCJ A?K@GM AJGK\RGAM
QGCKNPC W AS?LBM
NPMTCLE?BCSL@MQOSCMNJ?LR?AGgLK?LCH?BMCLDMPK?QSQRCLR?@JC
0MPQSN?PRC"MLBW2MBCL
AGR?BMQNMP(CGQGLE
KCLAGML?LOSC
J?Q AMAGL?Q OSC CKNJC?L JCf? M BCQCAFMQ BC AMQCAF? AMKM AMK@SQRG@JC
AMLRPG@SWCL ?J A?K@GM AJGK\RGAM KSAFM K\Q BC JM OSC QC NCLQ?@? %JJMQ F?L
BCQAS@GCPRM OSC CJ FSKM ECLCP?BM NMP CQRMQ FMPLGJJMQ
RP?BGAGML?JKCLRC
SRGJGX?BMQ CL N?eQCQ CL BCQ?PPMJJM N?P? AMAGL?P W N?P? A?JCLR?P
AMLRGCLC CJ
BM@JC BC N?PReASJ?Q BC FMJJeL BC JM OSC GLBGA?L KCBGAGMLCQ NPCTG?Q CL
J?@MP?RMPGM %QR?Q N?PReASJ?Q LMAGT?Q W LCEP?Q zK\Q MQASP?Q OSC ?OSCJJ?Q
NPMBSAGB?Q NMP J? OSCK? BC N?QRGX?JCQ M JMQ GLACLBGMQ DMPCQR?JCQ ?@QMP@CL
EP?L A?LRGB?B BC JSX QMJ?P W AMLRPG@SWCL ?Qe ? ?SKCLR?P J? RCKNCP?RSP? BCJ
NJ?LCR? ?J QCP JG@CP?B?Q ? J? ?RKgQDCP? ,CGEFRML
AGR?BM NMP (CGQGLE
(CGQGLE
B? ASCLR? BC SL? CQA?J? BC AMK@SQRG@JCQ BC JM K\Q
AMLR?KGL?LRC ? JM KCLMQ AMLR?KGL?LRC
CL CJ QGESGCLRC MPBCL GAFS
@MQR?
CQRGbPAMJ
PCQGBSMQ?EPeAMJ?Q
JCf?
A?P@ML
ICPMQCLC
?ACGRCTCECR?J
E?Q
CR?LMJ
WCJbARPGAM
&!/
?DGPK? OSC QG QC NPMBSAC CJ AMK@SQRG@JC BC K?BCP? BC DMPK?
GLQMQRCLG@JC R?J?LBM @MQOSCQ
J? QSQRGRSAGgL BC AMK@SQRG@JCQ DgQGJCQ NMP
BCLBPMCLCPEe? LM CHCPACP\ SL CDCARM NMQGRGTM CL JMQ @?J?LACQ BCJ A?P@MLM W
NMBPe? GLAJSQM QCP NCMP OSC CJ SQM BC AMK@SQRG@JCQ DgQGJCQ %QRM MASPPC
CQNCAG?JKCLRC QG QC NPMBSAC J? BCLBPMCLCPEe? BC DMPK? GLCDGAGCLRC 0MP
CHCKNJM
QG JMQ FMPLMQ BC NPMBSAAGgL BCJ A?P@gL TCECR?J QML GLCDGAGCLRCQ
CKGRCL EP?L A?LRGB?B BC #/
B?LBM JSE?P ? CKGQGMLCQ KSW ?JR?Q NMP SLGB?B
BCCLCPEe?NPMBSAGB? &!/
0MP CQR?Q P?XMLCQ
J?Q GLGAG?RGT?Q BCQRGL?B?Q ? ?QCESP?P OSC J? NPMBSAAGgL BC
@GMCLCPEe?LMQCRP?BSXA?CLNbPBGB?QBCA?P@MLMRCPPCQRPCBC@GB?Q?J?R?J?BC
JMQ @MQOSCQ QCP\L BC SL? GKNMPR?LAG? APeRGA? ,?Q GLTCQRGE?AGMLCQ PCAGCLRCQ
F?LGLBGA?BMOSCCJA?P@MLMOSCQCF?NCPBGBM?A?SQ?BCJ?AMPR?P?Q?BCJMQ
N?QRGX?JCQ M J? R?J? BC JMQ @MQOSCQ N?P? J? NPMBSAAGgL BC @GMAMK@SQRG@JCQ
PCAGbL NMBPe? TMJTCP ? A?NRSP?PQC QGEJMQ K\Q R?PBC 3C?PAFGLECP CR ?J
&?PEGMLCCR?J
AGR?BMQNMP&!/
@
0PMBSAAGgLBCA?P@gLCLJ?!K?XMLe?0CPS?L?
%J BCN?PR?KCLRM K\Q GKNMPR?LRC CL J? NPMBSAAGgL BC A?P@gL CQ 5A?W?JG AML
IE $C CJJM B?L ASCLR? JMQ KCPA?BMQ BC 0SA?JJN? CL 5A?W?JG ,C
QGESCL CL GKNMPR?LAG?
?SLOSC CL SL? NPMNMPAGgL KSAFM KCLMP
!K?XML?Q
(S\LSAM W -?BPC BC $GMQ %J AS?BPM KSCQRP? J? NPMBSAAGgL BC A?P@gL NMP
$CN?PR?KCLRMN?P?CJ?fM
%LRPC J? CQNCAGCQ K\Q SQ?B?Q N?P? NPMBSAAGgL BC A?P@gL
CL MPBCL BC
GKNMPR?LAG?
QC KCLAGML?L ?J QFGFS?FS?AM $GNRCPWV QN &?@?AC?C
FS?GPSPM
/PKMQG? QN 0?NGJGML?AC?C
AMN?G@? #MN?GDCP? QN &?@?AC?C
OSGLGJJ?
-?LGJI?P? QN 3?NMR?AC?C
A?NGPML? #?JWAMNFWJJSK QN 2S@G?AC?C
CLRPC
MRPMQ #MKM CQ BC CQNCP?P J? K?WMPe? BC CQR?Q CQNCAGCQ QC A?P?ARCPGX?L NMP
QCPK?BCP?QBC?JR?BCLQGB?B CLEAK
OSCQCCLASCLRP?LDSLB?KCLR?JKCLRC
CL@MQOSCQBCCQR?BGMQSACQGML?JQSNCPGMP
#S?BPM0PMBSAAGgLBCA?P@gLNMP$CN?PR?KCLRM !fM
!K?XML?Q 4MR?J
(S\LSAM 4MR?J
-?BPCBC$GMQ 4MR?J
5A?W?JG 4MR?J
1SGL?OSGL?
&SCLRC).2%.!
%J #S?BPM KSCQRP? J? NPMBSAAGgL BC JCf? @?Q?BM CL CJ AMLQSKM CQRGK?BM
NMPBCN?PR?KCLRMWNM@J?AGgLPSP?J
$CJAS?BPMQCBCQNPCLBCOSCJMQBCN?PR?KCLRMQASW?NM@J?AGgLAMLQSKCK\Q
JCf? #?H?K?PA?
0SLM W #SQAM
AMKNPCLBCL R?LRM PCEGMLCQ ?LBGL?Q AMKM
?K?XgLGA?Q $C JMQ BCN?PR?KCLRMQ ?K?XgLGAMQ BCQR?A? ,MPCRM
3?L -?PReL W
5A?W?JG ?SLOSC CL SL? NPMNMPAGML?JGB?B KSAFM K\Q @?H? OSC JMQ K?WMPCQ
AMLQSKGBMPCQ BC JCf? 3C BC@C QCf?J?P OSC CQRMQ A\JASJMQ QML CQRGK?BMQ
?QSKGCLBMOSCCJAMLQSKM?LS?JNCPA\NGR?CLJ?QGCPP?CQBC
KWCLJ?
QCJT?CQBC
K P
(?W OSC KCLAGML?P OSC CL J? !K?XMLe? QC SQ? AS?JOSGCP CQNCAGC OSC CQRb
QCA? W ?AACQG@JC #ML CJ ?JCH?KGCLRM BC JMQ @MQOSCQ NPGK?PGMQ CL JMQ
?JPCBCBMPCQBCJ?QAGSB?BCQWA?QCPeMQQC?NCJ?A?B?TCXK\Q?J?QCQNCAGCQ
BC JMQ @MQOSCQ QCASLB?PGMQ !Qe KGQKM F?W OSC KCLAGML?P OSC CJ
?@?QRCAGKGCLRM BC JCf? LM QgJM QC F?AC NMP PCAMJCAAGgL BGPCAR? QGLM R?K@GbL
NMPAMKNP?CLJMQKCPA?BMQJMA?JCQ%L3?L,MPCLXM
CL$?RCKBCJ-?P?fgL
CQNMQG@JCCLAMLRP?PCQRCRGNMBCMDCPR?
#S?BPM 0PMBSAAGgL BC JCf? @?Q?BM CL CJ AMLQSKM CQRGK?BM
NMP
BCN?PR?KCLRMWNM@J?AGgLPSP?J
!fM
#MLQSKMBCJCf?WA?P@gLCLJ?!K?XMLe?0CPS?L?
3CEjLCJ#CLQMBC0M@J?AGgLW6GTGCLB?BCJ?fMPC?JGX?BMNMPCJ)LQRGRSRM
.?AGML?J BC %QR?BeQRGA? C )LDMPK\RGA? -).!-).%)0.5-!
? LGTCJ
L?AGML?J CJ
BC J? NM@J?AGgL SQ? JCf?
KGCLRP?Q OSC CJ
SQ?
A?P@gL ,MQ NPGLAGN?JCQ BCN?PR?KCLRMQ CL BMLBC J? NM@J?AGgL SRGJGX? CQRMQ
AMK@SQRG@JCQ QgJGBMQ QML (S?LA?TCJGA?
!NSPeK?A
W
#?H?K?PA?
AMGLAGBCLRCKCLRC RMBMQ CL J? QGCPP? NCPS?L? %LRPC JMQ
BCN?PR?KCLRMQ ASW? NM@J?AGgL SRGJGX? KCLMQ AMK@SQRG@JCQ QgJGBMQ QC
CLASCLRP?L ,GK?
!PCOSGN?
C )A?
RMBMQ S@GA?BMQ
CLJ?AMQR? -).!-).%)0.5$
3CEjL J? KGQK? DSCLRC ?PPG@? KCLAGML?B? J? NPMNMPAGgL BC SQM BC
AMK@SQRG@JCQQgJGBMQN?P?AMAGL?PCLJMQBCN?PR?KCLRMQ?K?XgLGAMQCQ,MPCRM
AML
3?L-?PReLAML
5A?W?JGAML
W-?BPCBC$GMQ
AML
,?DGESP?KSCQRP?J?NPMNMPAGgLBCJSQMBCAMK@SQRG@JCQQgJGBMQ
N?P?AMAGL?P
NMPBCN?PR?KCLRM%QR?QAGDP?QB?LASCLR?BCJ?EP?LGKNMPR?LAG?
OSCRMB?Te?RGCLCLJMQAMK@SQRG@JCQQgJGBMQCLJ?NPCN?P?AGgLBCJMQ?JGKCLRMQ
!SLOSC CJ SQM BCJ A?P@gL NPMNMPAGML?JKCLRC CQ KCLMP LM BCH? BC QCP
QGELGDGA?RGT?
&GESP? 0PMNMPAGgL BCJ SQM BC AMK@SQRG@JCQ QgJGBMQ N?P? AMAGL?P
NMP
BCN?PR?KCLRM
0CPj
,?Q P?XMLCQ
NMPOSC J?Q D?KGJG?Q LM |QS@CL} CL J? CQA?J? CLCPEbRGA? QML
DSLB?KCLR?JKCLRC CAMLgKGA?Q CJ NPCAGM BCJ AMK@SQRG@JC
J? NMA? GLRCEP?AGgL
?JKCPA?BMWJ?D?JR?BCJGOSGBCX (CGQGLE
)KN?ARMQ?K@GCLR?JCQBCJSQMBCJ?BCLBPMCLCPEe?WBCQ?PPMJJMBCMNAGMLCQ
BCSQMBCPCQGBSMQBCK?BCP?@GMK?Q?CL5A?W?JG
,MQGKN?ARMQ?K@GCLR?JCQBCJ?CVRP?AAGgLBCJCf?CLJ?!K?XMLe?LMQMLR?L
BP?K\RGAMQ AMKM QC PCEGQRP?L CL JMQ CAMQGQRCK?Q ?LBGLMQ M BCQbPRGAMQ BMLBC
CQ NMQG@JC OSC QC NSCB? ECLCP?P SL? A?BCL? BC BCEP?B?AGgL ?K@GCLR?J NMP
NbPBGB? BC AM@CPRSP? TCECR?J
NPMRCAAGgL BC JMQ QSCJMQ C GLAJSQM JJCE?P ?
?DCAR?P J? CQR?@GJGB?B QMAG?J NM@J?BMPCQ W J? CQR?@GJGB?B ?K@GCLR?J BC JMQ
CAMQGQRCK?Q ,MQ GKN?ARMQ CL J? !K?XMLe? QC AMLACLRP?L K\Q @GCL CL J?
?DCAR?AGgL BC J? A?N?AGB?B BC PCECLCP?AGgL BC JMQ @MQOSCQ QCASLB?PGMQ BC
BMLBCQCCVRP?CJ?JCf?
,?CVRP?AAGgLGJCE?JBCK?BCP?N?P?A?P@gLAMLJ?AMLQCASCLRCR?J?BC\P@MJCQ
Qe A?SQ? QCTCPMQ GKN?ARMQ ?K@GCLR?JCQ NMP AS?LRM J? CVNJMR?AGgL BCJ PCASPQM
QC PC?JGX? QGL LGLESL? AMLQGBCP?AGgL BC K?LCHM ,? GLRCLQGT? CVRP?AAGgL BC
3FGFS?FS?AM $GNRCPWV QN
F? NSCQRM ? J? CQNCAGC CL AMLBGAGgL BC
?KCL?X?B?
,? NPMBSAAGgL BC A?P@gL TCECR?J CQ SL NPM@JCK? NCPK?LCLRC CL J? XML? BC
-?L?LR?W
3?L &CPL?LBM W CL CJ CHC BC J? A?PPCRCP? &CBCPGAM "?Q?BPC CL
5A?W?JGCLBMLBCJMQNM@J?BMPCQPC?JGX?LJ?OSCK?BC?P@MJCQW K?BCPMQ
BC
ASWMQ FMPLMQ CK?L?L JMQ FSKMQ OSC ?DCAR?L J?Q Te?Q PCQNGP?RMPG?Q CL JMQ
LGfMQ
?LAG?LMQ W QS CLRMPLM -).)34%2)/ $% %.%2')! 9
-).!3'/")%2./2%')/.!,$%5#!9!,)
-\QBCJ?KGR?BBCJ?CLCPEe?AMLQSKGB?NMPJMQFME?PCQWAMKCPAGMQBCJ0CPj
NPMTGCLC NPGLAGN?JKCLRC BC J? JCf?
AML SL @?HM NMPACLR?HC BC CDGAGCLAG? CL CJ
AMLQSKM BC J? JCf? ?
%QR? QGRS?AGgL CQR\ ?QMAG?B? ? NPM@JCK?Q BC
BCDMPCQR?AGgL W BC Q?JSB
NMP NPM@JCK?Q PCQNGP?RMPGMQ
NPGLAGN?JKCLRC CL
KSHCPCQWLGfMQ
BC@GBM?JFSKMCLCJGLRCPGMPBCJ?QTGTGCLB?QPSP?JCQ -).!'
%J'M@GCPLM?RP?TbQBCJ?#?KN?f?-CBGM-GJJgLBC#MAGL?Q-CHMP?B?Qz0MP
SL0CPjQGL(SKMGLGAG?BMCJ
@CLCDGAG?P\?
D?KGJG?QN?P?CJ
? RP?TbQ BC J? GLQR?J?AGgL BC AMAGL?Q KCHMP?B?Q OSC ?BCK\Q BC BGQKGLSGP JMQ
E?QCQ AMLR?KGL?LRCQ BC AMK@SQRGgL BC J? JCf? QGL DGJRPMQ
NCPKGRCL AMLQSKGP
F?QR?SLNMPAGCLRMBCJCf?KCLMQOSCJ?QAMAGL?QRP?BGAGML?JCQ WCTGR?CJ
GLAPCKCLRM QMQRCLGBM BC J? BCDMPCQR?AGgL W AMKM AMLQCASCLAG? AMLRPMJ? J?
CPMQGgL BC JMQ QSCJMQ CL J?Q N?PRCQ ?JR?Q BC J? PCEGgL ?LBGL? -).!'
%QR?CVNCPGCLAG?
LMQCPCNJGA??J?!K?XMLe?NCPS?L?
!BCK\Q BCJ K?LCHM BC JMQ @MQOSCQ
J? SRGJGX?AGgL BC PCQGBSMQ BC K?BCP?
NSCBC BGQKGLSGP CJ GKN?ARM BCJ SQM BC J? BCLBPMCLCPEe? %L 5A?W?JG QC F?
PCEGQRP?BM GLBSQRPG?Q DMPCQR?JCQ $\TGJ?
%L J? ?ARS?JGB?B CVGQRC CL
5A?W?JG ECLCP?AGgL BC PCQGBSMQ BC K?BCP? CL SL TMJSKCL BC
K?fM
AMKM NPMBSARM BC J? GLBSQRPG? BC NPGKCP? RP?LQDMPK?AGgL %LRPC W
!*/$25!02/&5$%$PC?JGXgSL?CLASCQR??CKNPCQ?QDMPCQR?JCQCLJ?
AS?J QC GLTCQRGE?PML JMQ TMJjKCLCQ BC PCQGBSMQ BC K?BCP? CL 0SA?JJN? W
?JPCBCBMPCQ,MQPCQSJR?BMQQCNPCQCLR?LCLCJAS?BPM
#S?BPMTMJjKCLCQBCPCQGBSMQBCK?BCP?CL0SA?JJN?W?JPCBCBMPCQ
4GNMBCPCQGBSMQ 6MJSKCL K
0MPACLR?HC
3gJGBMQ
LM GLAJSWC
TGPSR?
.MQgJGBMQ !QCPPeL
#MPRCX?
&SCLRC&GQAF@CGL
q
5A?W?JG CQ CJ ACLRPM BC RP?LQDMPK?AGgL DMPCQR?J K\Q GKNMPR?LRC BCJ N?eQ 3C
?NPCAG?SLKeLGKMSQMWPCAGAJ?HCBCPCQGBSMQCLRMB?J?A?BCL?BCT?JMPBCJ?
K?BCP? ?SLOSC CVGQRC SL KCPA?BM W RCALMJMEe? BGQNMLG@JC N?P? NPMBSARMQ ?
N?PRGPBCJMQPCQGBSMQBCJ?K?BCP? 3\LAFCX
%JFSKMBCJ?QGLBSQRPG?Q
DMPCQR?JCQ
CJ NMJTGJJM BC K?BCP?
J? OSCK? BC PCQGBSMQ QgJGBMQ QML
PCQNMLQ?@JCQBCBMJCLAG?QPCQNGP?RMPG?Q3CKCLAGML?OSCCJ
BCRMB?Q
J?Q CLDCPKCB?BCQ BC J? 2CEGgL 5A?W?JG
AMPPCQNMLBCL ?J QGQRCK? PCQNGP?RMPGM
$\TGJ?
3C CQRGK? OSC CL CJ ?NPMTCAF?KGCLRM DMPCQR?J QC NGCPBC F?QR? SL BC
@GMK?Q?CLCJ@MQOSCOSCNMBPe?QCPSRGJGX?B?N?P?J?NPMBSAAGgLBCA?P@gLBC
K?BCP? RCLGCLBM CL ASCLR? OSC QS BCK?LB? CQ APCAGCLRC ? LGTCJ KSLBG?J
GLAJSWCLBMCJ0CPj$CCQR?K?LCP?R?K@GbLQC@?H?Pe?LJMQAMQRMQMNCP?RGTMQ
BCJ?NPMTCAF?KGCLRMDMPCQR?J &GQAF@CGL
@
%JAS?BPMKSCQRP?JMQRGNMQ
BCPCQGBSMQDMPCQR?JCQ
#S?BPM4GNMQBCPCQGBSMQDMPCQR?JCQ
&SCLRC!QQSPCGP?W!QQSPCGP?
,? BCLQGDGA?AGgL CQ CJ NPMACQM BC RP?LQDMPK?AGgL DeQGA? BC JMQ PCQGBSMQ
DMPCQR?JCQCLCJCKCLRMQAMKN?ARMQBCDMPK?BCDGLGB?
BCK?WMPBCLQGB?BWBC
K?WMP T?JMP CLCPEbRGAM %LRPC JMQ NPMBSARMQ M@RCLGBMQ NMP BCLQGDGA?AGgL QC
KCLAGML?L ? J?Q @PGOSCR?Q W ? JMQ NCJJCRQ %LRPC J?Q TCLR?H?Q BCJ SQM BC
BCLQGDGA?BMQQgJGBMQQCKCLAGML?
!K@GCLR?JCQCKGQGgLA?QGLSJ?BC#WKeLGK?BC3/
3MAG?JCQDSCLRCQBCRP?@?HMJMA?J
%AMLgKGA?QAMLRPG@SWC?JA?K@GMBCJ?K?RPGXCLCPEbRGA?L?AGML?J !QQSPCGP?
W!QQSPCGP?
%LJ?!K?XMLe?NCPS?L?CVGQRCSLNMRCLAG?JN?P?CJSQMBCNCJJCRQBCK?BCP?
AMKM AMK@SQRG@JC #ML J? NPMKMAGgL BC SQM BC CLCPEe?Q ?JRCPL?RGT?Q CL
%SPMN?QCF?GLAPCKCLR?BMJ?BCK?LB?BCNCJJCRQWNMPJMR?LRMAMLQRGRSWCSL
NMRCLAG?JKCPA?BM4?K@GbLCQNMQG@JCCJSQMBC@PGOSCR?QBCK?BCP?FCAFMQ
BC ?QCPPeL ,?Q @PGOSCR?Q QC D?@PGA?L @?HM ?JR? NPCQGgL W LM AMLRGCLCL
?EJMKCP?LRCQ
,MQ NCJJCRQ M @PGOSCR?Q CQR\L CL SL? D?QC BC BCQ?PPMJJM KSW NPCJGKGL?P CL CJ
N?eQ %VGQRCL BGTCPQ?Q CVNCPGCLAG?Q NGJMRMQ CL CJ N?eQ OSC ?jL LM BCQ?PPMJJ?L
JMQ ?QNCARMQ CAMLgKGAMQ BC PCLR?@GJGB?B JGKGR?LBM QS PCNJGA?@GJGB?B ? SL?
CQA?J? AMKCPAG?J %L MRPMQ A?QMQ CVGQRCL GLGAG?RGT?Q AMKCPAG?JCQ CL SL? D?QC
R?K@GbL GLGAG?J
BMLBC QC CQR\ RMB?Te? RP?R?LBM BC GBCLRGDGA?P CJ KCPA?BM N?P?
JMQ NPMBSARMQ #?@C GLBGA?P OSC CJ KCPA?BM CSPMNCM A?B? TCX CQ K\Q
BCK?LB?LRCBCCQRCRGNMBC@GMAMK@SQRG@JCQ -).!'
,? E?QGDGA?AGgL BC K?BCP?
@GMK?Q? W A?P@gL QC NPCQCLR? R?K@GbL AMKM SL?
GLRCPCQ?LRC ?JRCPL?RGT? CLCPEbRGA? CQNCAG?JKCLRC N?P? J? GLBSQRPG? DMPCQR?J OSC
NMBPe? PCCQRPSARSP?P QSQ NJ?LR?Q BC A?JBCP?Q BGQNMLG@JCQ AML OSCK?BMPCQ BC
BGCQCJ?OSCK?BMPCQBCE?QBCK?BCP?%VGQRCL?BCK\QRCALMJMEe?QN?P?J?
NPMBSAAGgL BC AMPPGCLRC CJbARPGA? W A?JMP ECLCP?BMQ ? N?PRGP BC PCQGBSMQ BC
K?BCP?L?RSP?JCQ
2CQNCARM ? J? NMQG@GJGB?B BC ACPRGDGA?P J? A?BCL? BC ASQRMBG? BC J?Q JeLC?Q BC
PCASNCP?AGgL CL J? GLBSQRPG? DMPCQR?J
0?AFCAM
QCf?J? ?DGPK?RGT?KCLRC
OSC QC NSCBCL ?NJGA?P QGL LGLESL? PCQRPGAAGgL RCLGCLBM CL ASCLR? OSC N?P?
ACPRGDGA?P SL? JeLC? BC NPMBSAAGgL QC BC@C |RCLCP NPMACBGKGCLRMQ AJ?PMQ W
QGQRCK?QBCAMLRPMJBCDGLGBMQOSCNCPKGR?LP?QRPC?PJ?K?RCPG?NPGK?ACPRGDGA?B?
?JMJ?PEMBCRMBMCJNPMACQMNPMBSARGTM
E?P?LRGX?LBM?QeOSCLMCVGQR?PGCQEM
BCKCXAJ?AMLK?RCPG?JLMACPRGDGA?BM}
#MLQSKMBCJCf?CLAMKSLGB?BCQBCJ?!K?XMLe?0CPS?L?
#gPBMT?
NMP CLA?PEM BCJ #CLRPM N?P? CJ $CQ?PPMJJM BCJ )LBeECL?
!K?XgLGAM #%$)!
F?CT?JS?BMCJAMLQSKMBCJCf?CLBMQAMKSLGB?BCQBCJ
@?HM 5PS@?K@? NCPRCLCAGCLRCQ ? J? CRLG? -?AFGESCLE? JJ?K?B?Q 4GKNe? W
+GPGESCRG #?PNGLRCPM
3CNPCQCLR?JMQPCQSJR?BMQM@RCLGBMQCLCJCQRSBGM
%J TMJSKCL NPMKCBGM BC JCf? AMLQSKGB? NMP NCPQML? CL J? AMKSLGB?B BC
4GKNe? CQ BC K KGCLRP?Q OSC CL J? AMKSLGB?B BC #?PNGLRCPM CJ
TMJSKCLNPMKCBGMBCJCf?NMPNCPQML?CQBCK
%JLjKCPMBCBe?QCLOSCJ?QD?KGJG?QR?PB?LCLPC?@?QRCACPQCBCJCf?CQBC
Be?Q
KGCLRP?QOSCCL#?PNGLRCPMCJRGCKNMCQK?WMPQGCLBMBCSL?QCK?L?
,?Q NPGLAGN?JCQ DSCLRCQ BC ?@?QRCAGKGCLRM CL J? AMKSLGB?B BC 4GKNe? J?
AMLQRGRSWCLJ?AF?AP?WQSQXML?Q?JCB?f?Q
ASWMNMPACLR?HCBCNPCDCPCLAG?CQ
BC KGCLRP?Q OSC CJ PeM RGCLC SL BC NPCDCPCLAG? W DGL?JKCLRC JMQ
PCQRMQBCJ?QCPP?BCPMAMLBCNPCDCPCLAG?
%LJ?AMKSLGB?BBC#?PNGLRCPMCJBCJMQCLRPCTGQR?BMQPCAMECJ?JCf?BCJ
PeM
KGCLRP?QOSCCJJ?M@RGCLCBCJ?AF?AP?W?JCB?fMQ
%J BC 4GKNe? W BC #?PNGLRCPM K?LGDGCQR?L ?DGPK?RGT?KCLRC J?
TMJSLR?BBCPCDMPCQR?P.GLESLMBCJMQCLRPCTGQR?BMQF?MeBMF?@J?PBCAMAGL?Q
KCHMP?B?QLGBCLGLESL?QRCALMJMEe?PCJ?AGML?B?AMLCJJ?Q
%LJ?AMKSLGB?BBC4GKNe?CJAMLQGBCP?OSCF?WKCLMQBGQNMLG@GJGB?BBC
JCf?OSC?LRCQKGCLRP?QOSCSL
AMLQGBCP?OSCJ?BGQNMLG@GJGB?BBCJCf?
CQ J? KGQK? %L #?PNGLRCPM CJ
BC JMQ CLRPCTGQR?BMQ AMLQGBCP? OSC J?
BGQNMLG@GJGB?B BC JCf? CQ KCLMP AML CJ RGCKNM KGCLRP?Q OSC CJ
AMLQGBCP?OSCJ?BGQNMLG@GJGB?BQCK?LRGCLCGES?J
%L J? AMKSLGB?B BC 4GKNe? J?Q RPCQ CQNCAGCQ K\Q GKNMPR?LRCQ N?P? CJ SQM
AMKM JCf? J? AMLDMPK?L CJ AbRGAM #CAPMNG? QN
4?LE?P?L? 4PGNJ?PGQ QN
W
N?A?C )LE? QN
QCESGB?Q BC J? #?NGPML? #?JGAMNFWJSK QNPSAC?LSK
4MN?
/AFPMK?NWP?KGB?JC
#SK?J? 6GPMJ?QN
CJ#?A?M 4FCM@PMK?A?A?M
CLRPC
MRP?Q
$C RMBMQ JMQ CLRPCTGQR?BMQ CJ BC J? AMKSLGB?B BC 4GKNe? W CJ BC J?
AMKSLGB?BBC#?PNGLRCPM?QCESP?LK?LCH?PCJE?QAMKMDSCLRC?JRCPL?RGT?BC
CLCPEe??J?JCf?AMLSL?BSP?AGgLBCBe?QNMPE?JgL
#MKNJCKCLR?PG?KCLRC
QC RGCLC JMQ PCQSJR?BMQ BC SL CQRSBGM BC JCf? CL
AMKSLGB?BCQ PG@CPCf?Q BC J? 2CEGgL ,MPCRM BCQ?PPMJJ?BM NMP CJ )LQRGRSRM BC
)LTCQRGE?AGMLCQBCJ?!K?XMLe?0CPS?L? ))!0
%LR?JCQRSBGMQCQCf?J?
OSC J? NPMBSAAGgL BC JCf? CL J? ASCLA? BCJ -MKgL
QC B? QgJM CL RPCQ
AMKSLGB?BCQ
CQR?Q QC BCBGA?L ? J? NPMBSAAGgL BC JCf? AMKCPAG?J
KGCLRP?Q
OSC J?Q BCK\Q D?KGJG?Q NPMBSACL JCf?
N?P? AMLQSKM D?KGJG?P
LCACQGR?LBM
CVRP?CP KKCQD?KGJG?
CL QCESLBM MPBCL Q?A?L JCf? N?P? NPMBSAGP A?P@gL
AML SL AMLQSKM BC K BC JCf?FMPL?B? 3CGQ QML J?Q CQNCAGCQ K?BCP?@JCQ
OSC SRGJGX?L K\Q CL J? NPMBSAAGgL BC JCf? A?NGPML? #?JGAMNFWJSK
QNPSAC?LSK
QFGPGLE?P?L? CQNCAGC LM BCRCPKGL?B?
N?QF?AM 3AFGXMJM@GSK
QN
QFGK@GJJM )LE? QNN
R?LE?P?L? 4PGNJ?PGQ QN
W A?P?FS?QA? 'S?RRCPG?
QN
%L CQR? ASCLA? QC NPMBSACL
KGJJ?PCQ BC P?H?Q BC JCf?
SL KGJJ?P BC
JCf?QCNPMBSACLBCKBCK?BCP?
NMPJMOSCQCLCACQGR?BC
KBC
K?BCP? ?LS?JKCLRC N?P? NPMBSAGP JCf? AMKCPAG?J
QGL AMLR?@GJGX?P CJ AMLQSKM
D?KGJG?PBCJCf?OSCQCCQRGK?QC?BCKBCK?BCP??LS?JCQ0?P?J?
JCf? CJ 0PMWCARM #MLQCPT?AGgL BC J? "GMBGTCPQGB?B W -?LCHM #MKSL?J BC
2CASPQMQ.?RSP?JCQCLJ?#SCLA?BCJ.?L?W"?LAM-SLBG?J))!0
PCNMPR?OSC
BCSLRMR?JBCCLASCQR?BMQ
QgJMNPMBSARMPCQQCBCBGA?L?NPMBSAGPJCf?
WCVRP?CLK?BCP?PCBMLB?N?P?QSAMKCPAG?JGX?AGgL ))!0
,?BCLBPMCLCPEe?CLCJBCQ?PPMJJMPSP?JQMQRCLG@JC
%LR?LRMJ?BGQNMLG@GJGB?BBCDSCLRCQCLCPEbRGA?QCQR\?QMAG?B??JMQKCBGMQBC
TGB?BCJ?QNM@J?AGMLCQPSP?JCQCQGKNMPR?LRCQCf?J?PJ?QDMPK?QBC?AACQM?J
PCASPQM JCf? ,? ,CW &MPCQR?J W BC &?SL? 3GJTCQRPC ,CW .r
CL ?ARS?J
NPMACQM BC PCTGQGgL
AMLRCKNJ? J?Q A?RCEMPe?Q BC /PBCL?KGCLRM 4CPPGRMPG?J JMQ
"MQOSCQ CL AMKSLGB?BCQ L?RGT?Q W A?KNCQGL?Q W JMQ "MQOSCQ JMA?JCQ ,MQ
"MQOSCQ CL AMKSLGB?BCQ L?RGT?Q W A?KNCQGL?Q QML ?OSCJJMQ OSC QC
CLASCLRP?L BCLRPM BCJ RCPPGRMPGM BC BGAF?Q AMKSLGB?BCQ W JMQ "MQOSCQ JMA?JCQ
QML JMQ OSC MRMPE? CJ ).2%.! BC ?ASCPBM ?J PCEJ?KCLRM
KCBG?LRC
?SRMPGX?AGMLCQWNCPKGQMQ?J?QNM@J?AGMLCQPSP?JCQWACLRPMQNM@J?BMQN?P?CJ
?NPMTCAF?KGCLRM QMQRCLG@JC BC JMQ PCASPQMQ DMPCQR?JCQ NMP JM R?LRM PCOSGCPCL
NJ?LBCK?LCHM
%J 2CEJ?KCLRM BC J? ,CW QCf?J? OSC J? CVRP?AAGgL DMPCQR?J AML DGLCQ BC
?SRMAMLQSKMAMKSL?JCQ?OSbJJ?OSCPC?JGX?LJMQAMKSLCPMQN?P?CJAMLQSKM
BGPCARMBCbJWBCQSD?KGJG?MBCJ?AMKSLGB?BCLDMPK??QMAG?RGT?
QGLBCQRGL?P
? J? AMKCPAG?JGX?AGgL WM GLBSQRPG?JGX?AGgL JMQ NPMBSARMQ CVRP?eBMQ ,?
SRGJGX?AGgL BC JMQ PCASPQMQ L?RSP?JCQ PCLMT?@JCQ N?P? ?SRMAMLQSKM
SQMQ
PGRS?JCQ
AMLQRPSAAGgL M PCN?P?AGgL BC TGTGCLB?Q
ACPA?BMQ
A?LM?Q
RP?KN?Q W
MRPMQ CJCKCLRMQ BMKbQRGAMQ NMP N?PRC BC JMQ GLRCEP?LRCQ BC J?Q AMKSLGB?BCQ
L?RGT?Q
LM PCOSGCPCL BC NCPKGQM LG ?SRMPGX?AGgL ,? CVRP?AAGgL BC JCf? CQR\
AMKNPCLBGB?CLCQR?BGQNMQGAGgL
,?,CWBCPC?Q.?RSP?JCQ0PMRCEGB?Q ,CW.M
AMLRCKNJ?J?A?RCEMPe?
BC 2CQCPT?Q #MKSL?JCQ OSC QML \PC?Q BCQRGL?B?Q ? J? AMLQCPT?AGgL BC J?
DJMP?WD?SL?QGJTCQRPC
CL@CLCDGAGMBCJ?QNM@J?AGMLCQPSP?JCQTCAGL?Q%JSQMW
AMKCPAG?JGX?AGgL BC PCASPQMQ QC F?P\ @?HM NJ?LCQ BC K?LCHM
?NPM@?BMQ W
QSNCPTGQ?BMQ NMP J? ?SRMPGB?B W AMLBSAGBMQ NMP JMQ KGQKMQ @CLCDGAG?PGMQ
0SCBCL QCP CQR?@JCAGB?Q QM@PC QSCJMQ BC A?N?AGB?B BC SQM K?WMP ?EPeAMJ?
NCAS?PGM
DMPCQR?JMBCNPMRCAAGgLWQM@PCFSKCB?JCQ3CCLRGCLBCOSCJMQSQMQ
BC QS@QGQRCLAG?
CLRPC CJJMQ J? PCAMJCAAGgL BC JCf?
LM PCOSGCPCL NJ?LCQ BC
K?LCHMLGNCPKGQMQLG?SRMPGX?AGMLCQ
#MLJ??N?PGAGgLBCJMQCQOSCK?Q2%$$ 2CBSAAGgLBC%KGQGMLCQ$CPGT?B?Q
BCJ?$CDMPCQR?AGgLW$CEP?B?AGgLBC"MQOSCQ
F?L?N?PCAGBMLSCTMQRCKMPCQ
QM@PC CJ ?AACQM ? JMQ PCASPQMQ W CLRPC CQRMQ QC GLAJSWC J? JCf? 3C KCLAGML?
OSCACPA?PSL@MQOSCN?P?NPMRCECPJMBCJ?Q?ARGTGB?BCQBCPCAMJCAAGgLBCJCf?
BC J?Q AMKSLGB?BCQ JMA?JCQ QGL PCASPQMQ CAMLgKGAMQ
LM T? ? PCQMJTCP J?Q
LCACQGB?BCQ CLCPEbRGA?Q BC CQ?Q NCPQML?Q 3GKNJCKCLRC T? ? CKNCMP?P QS
QGRS?AGgL WM RP?QJ?B?P CJ KGQKM NPM@JCK? ? MRP?Q \PC?Q %L CQRC A?QM
CJ
CLDMOSC P?AGML?J
CL AMLQML?LAG? AML JMQ /@HCRGTMQ BC $CQ?PPMJJM BCJ -GJCLGM
QCPe? SRGJGX?P N?PRC BCJ DGL?LAG?KGCLRM N?P? J? AMLQCPT?AGgL BCJ @MQOSC
N?P?
PCQMJTCP J?Q LCACQGB?BCQ BC ?AACQM ? J? CLCPEe? BC DMPK? COSGR?RGT? W
QSQRCLR?@JC !KGEMQBCJ?4GCPP?)LRCPL?AGML?J
3CPCOSGCPCLAMLSPECLAG?GLQRGRSAGMLCQWNCPQML?J?BCAS?B?KCLRCA?N?AGR?BM
R?LRM CL CJ QCARMP DMPCQR?J AMKM CL JMQ MPE?LGQKMQ BC CLCPEe? N?P? J?
PCAMJCAAGgL W ?L\JGQGQ BC B?RMQ BC J? BCLBPMCLCPEe? W J? DMPKSJ?AGgL BC
?BCAS?B?QNMJeRGA?QBCLBPMCLCPEbRGA?Q &!/
&!/
NJ?LRC? J?Q QGESGCLRCQ ASCQRGMLCQ N?P? QS CV?KCL NMP JMQ
PCQNMLQ?@JCQBCJ?QNMJeRGA?Q
,MQ EM@GCPLMQ BC@CP\L QCESGP QS@TCLAGML?LBM J? BCLBPMCLCPEe? N?P? OSC
NSCB? AMKNCRGP AML MRPMQ RGNMQ BC CLCPEe? 3GL CK@?PEM
?J AMLACBCP J?Q
QS@TCLAGMLCQQCBC@CP\LRCLCPCLASCLR?JMQCDCARMQOSCSLSQMK?WMPBCJ?
BCLBPMCLCPEe?NSCBCA?SQ?PCLMRP?QN?PRCQBCJQCARMPDMPCQR?J
,?QNMJeRGA?QWNPMWCARMQCLD?TMPBCJSQMBCJ?BCLBPMCLCPEe?BC@CP\L@?Q?PQC
CLSL?L\JGQGQAMKNJCRMBCRMBMQQSQAMQRMQW@CLCDGAGMQCAMLgKGAMQ
QMAG?JCQ
W ?K@GCLR?JCQ %L QGRS?AGMLCQ CL OSC CJ CKNJCM BC BCLBPMCLCPEe? Bb JSE?P ?
LMR?@JCQ@CLCDGAGMQ
CQR?GLDMPK?AGgLBC@CP\BGDSLBGPQC?KNJG?KCLRC
$C@CP\ NPCQR?PQC ?RCLAGgL ? J?Q NMQG@JCQ CVRCPL?JGB?BCQ LCE?RGT?Q BCJ SQM BC
J? BCLBPMCLCPEe? AMKM CKGQGMLCQ BC gVGBMQ BC LGRPgECLM W N?PReASJ?Q
OSC
?ARS?JKCLRCQMLNMAMAMLMAGB?Q
(?@P\ OSC QCESGP CQDMPX\LBMQC NMP KCHMP?P J? CDGAGCLAG? BC J? NPMBSAAGgL BC
BCLBPMCLCPEe? CL JMQ N?eQCQ CL BCQ?PPMJJM %LRPC R?JCQ CQDSCPXMQ NMBPe?
GLAJSGPQC CJ DMKCLRM BC AMAGL?Q OSC SRGJGACL K\Q CDGA?XKCLRC J? JCf?
NCPM
R?K@GbL CJ BCQ?PPMJJM BC QGQRCK?Q BC NPMBSAAGgL K\Q KMBCPLMQ
AMKM CJ
CKNJCMBCK?BCP?N?P?J?NPMBSAAGgLBCCJCARPGAGB?B
,?Q CVNCPGCLAG?Q AML QGQRCK?Q KMBCPLMQ BC BCLBPMCLCPEe? OSC F?L RCLGBM
bVGRM CL ?JESLMQ N?eQCQ BCQ?PPMJJ?BMQ BC@CP\L AMKN?PRGPQC AML JMQ N?eQCQ CL
BCQ?PPMJJMNMPKCBGMBCJ?GLTCPQGgLWJ?RP?LQDCPCLAG?BCRCALMJMEe?
%Q NPM@?@JC OSC J?Q MNCP?AGMLCQ GLRCEP?B?Q OSC AMK@GL?L CJ CKNJCM BC J?
K?BCP? N?P? J? M@RCLAGgL R?LRM BC CLCPEe? AMKM BC @GCLCQ DMPCQR?JCQ QC?L
CAMLgKGA?KCLRCK\QTG?@JCQOSCJMQQGQRCK?QOSCQCACLRP?LjLGA?KCLRCCL
J?BCLBPMCLCPEe?
4CLBCLAG?QBCPCCKNJ?XMNMPMRP?QKMB?JGB?BCQCLCPEbRGA?Q
,? QS@GB? TCPRGEGLMQ? BCJ AMLQSKM W JMQ NPCAGMQ BC JMQ AMK@SQRG@JCQ
CJ
?SKCLRM BC J?Q CKGQGMLCQ BC E?QCQ BC CDCARM GLTCPL?BCPM W J?Q
NPCMASN?AGMLCQ OSC BCQNGCPR? J? BCNCLBCLAG? BC J?Q GKNMPR?AGMLCQ BC
NPMBSARMQ CLCPEbRGAMQ QML JMQ D?ARMPCQ OSC CQR\L GKNSJQ?LBM J? @jQOSCB? BC
MNAGMLCQ?JRCPL?RGT?Q?JMQAMK@SQRG@JCQDgQGJCQN?P?J?ECLCP?AGgLBCCLCPEe?
,MQ@GMAMK@SQRG@JCQAMLQRGRSWCLCLJ??ARS?JGB?BJ?NPGLAGN?JDSCLRCBCCLCPEe?
PCLMT?@JC NPMBSAGB? CL CJ KSLBM &!/
#MKM @GMK?Q?
J? K?BCP?
NPMNMPAGML? SLMQ BC JMQ LGTCJCQ K\Q ?JRMQ BC CDGAGCLAG? CLCPEbRGA? W BC
A?P@MLM
%JAS?BPMKSCQRP?JMQ?SKCLRMQKSLBG?JCQBCJ?QCLCPEe?QPCLMT?@JCQ$CJ
AS?BPM QC BCQNPCLBC OSC ? LGTCJ EJM@?J J? CLCPEe? QMJ?P QC GLAPCKCLR?P\
QGELGDGA?RGT?KCLRC
?Qe AMKM J? CLCPEe? K?PCMKMRPGX W J? CLCPEe? CgJGA? ,MQ
@GMAMK@SQRG@JCQR?K@GbLKSCQRP?LSLGKNMPR?LRCGLAPCKCLRM3CCQRGK?OSCCJ
AMLQSKM BC J? @GMK?Q? QC AS?BPSNJGA?P\ N?P? CJ %L CJ A?QM NCPS?LM W
N?P? J? QGRS?AGgL ?K?XgLGA? CQ NMQG@JC OSC J? CLCPEe? FGBPMCJbARPGA? W J?
CLCPEe? BCJ E?Q AMLDGESPCL SL CQACL?PGM N?PRGASJ?P CL SL AMLRCVRM BC
GLAPCKCLRM QGELGDGA?RGTM BC J? NM@J?AGgL SP@?L? 0MP CJJM CQ NMQG@JC OSC QC
TCPGDGOSCSL?BGQKGLSAGgLBCJLjKCPMBCSQS?PGMQBC@GMK?Q?RP?BGAGML?J
.M F?W AMLAMPB?LAG? CLRPC J?Q NPMWCAAGMLCQ QM@PC J? BCNCLBCLAG? ? JMQ
AMK@SQRG@JCQ QgJGBMQ $C SL J?BM QC K?LGDGCQR? OSC J? RCLBCLAG? ? J?
BCNCLBCLAG?BCAMK@SQRG@JCQQgJGBMQCQBCAPCAGCLRCCLCJ0CPj
NPGLAGN?JKCLRC
BC@GBM?BMQD?ARMPCQJ?APCAGCLRCSP@?LGX?AGgL?QMAG?B??J?BGQNMLG@GJGB?BBC
AMK@SQRG@JCQDgQGJCQWJ?NCLCRP?AGgLBCJE?QL?RSP?JCLJ?QAGSB?BCQ
#S?BPM!SKCLRMQKSLBG?JCQBCJ?QCLCPEe?QPCLMT?@JCQ
&SCLRC%)!
/#$%)%!AGR?BMCL)%!
q
&SCLRC&!/
q
.SCT?QMNAGMLCQBCBCLBPMCLCPEe?BCPGT?B?QBCJ?ACJSJMQ?
NPMACQMQ @GMOSeKGAMQ W RCPKMOSeKGAMQ FGBPgJGQGQDCPKCLR?AGgL
E?QGDGA?AGgL M
NGPMJGQGQ
RP?LQDMPK?L J? K?BCP? W MRP? @GMK?Q? JGELMACJSJgQGA? CL @GMCR?LMJ M
CL @GMAMK@SQRG@JCQ JeOSGBMQ M E?QCMQMQ OSC ASKNJCL AML J?Q DSLAGMLCQ BCJ
@GMBGbQCJ
0?P? NPMBSAGP CR?LMJ ? N?PRGP BC @GMK?Q?
NPGKCPM QC BC@C JG@CP?P JMQ
AMKNMLCLRCQBC?XjA?P?RP?N?BMQCLCJQSQRP?RM,?@GMK?Q?QCAMKNMLCBC
RPCQ DP?AAGMLCQ NPGLAGN?JCQ ACJSJMQ?
FCKGACJSJMQ? W JGELGL? ,? ACJSJMQ? W
FCKGACJSJMQ? AMLRGCLCL ?XjA?PCQ CL DMPK? NMJGKbPGA? OSC NSCBCL QCP
AMLTCPRGBMQNMPJ?QCLXGK?QCLKMLgKCPMQN?P?J?DCPKCLR?AGgLNMQRCPGMP3GL
CK@?PEM
J? JGELGL?
CJ BSPM AMKNMLCLRC BC J? NJ?LR? N?PCAGBM ? J? K?BCP?
NPMRCEC J?Q DG@P?Q AMLRP? JMQ ?R?OSCQ BC KGAPMMPE?LGQKMQ W CLXGK?Q
GKNGBGCLBM OSC J? ACJSJMQ? W J? FCKGACJSJMQ? PC?AAGMLCL AML CJ ?ES? W QC
FGLAFCL 0MP JM R?LRM
CJ SQM BC @GMK?Q? AMKM K?RCPG? NPGK? PCOSGCPC J?
BCQAMKNMQGAGgL BC J? JGELGL? N?P? OSC J?Q DP?AAGMLCQ BC ACJSJMQ? W
FCKGACJSJMQ?OSCBCL?QCOSG@JCQN?P?J?FGBPgJGQGQCLXGK\RGA? "WP?LR
,? BGDCPCLAG? DSLB?KCLR?J BC JMQ LSCTMQ A?P@SP?LRCQ BC QCESLB? ECLCP?AGgL
'
AMLPCQNCARM?JMQ?ARS?JCQCQOSCQCT?L?CJ?@MP?P?N?PRGPBCKCHMPCQ
NPMACQMQRCALMJgEGAMQWK?RCPG?QNPGK?QOSCLMQCBCQRGL?L?J??JGKCLR?AGgLW
QC ASJRGT?L CL RCPPCLMQ LM ?EPeAMJ?Q M K?PEGL?JCQ
NMP JM R?LRM CQRMQ
AMK@SQRG@JCQ NMBPe?L BCH?P SL? FSCJJ? BC A?P@MLM KSAFM KCLMP OSC J? BC
MRPMQ@GMAMK@SQRG@JCQ$CCQR?K?LCP?
J?NMJbKGA?ECLCP?B?NMPJMQ?ARS?JCQ
BCQSQRGRSGP?JGKCLRMNMPA?P@SP?LRCOSCB?Pe?X?LH?B?3CNPCTbOSCBCLRPMBC
??fMQQCNSCB?BGQNMLCPBCSL?RCALMJMEe?AMKCPAG?JKCLRCAMKNCRGRGT?
N?P? J? AMLTCPQGgL BC J? ACJSJMQ? CL @GMAMK@SQRG@JCQ JeOSGBMQ )LQRGRSRM BC J?
6GEGJ?LAG?-SLBG?J
0CPjF?GLGAG?BMNPMACQMQN?P?CQR?@JCACPSLK?PAMPCESJ?RMPGMN?P?CJQCARMP
BCQBC CJ ?fM QC F?L APC?BM T?PG?Q JCWCQ N?P? CJ BCQ?PPMJJM BC
@GMAMK@SQRG@JCQ
AMKM J? JCW M ,CW BC 0PMKMAGgL BCJ -CPA?BM BC
"GMAMK@SQRG@JCQWJMQ$CAPCRMQ%-W%-N?P?PCEJ?KCLR?P
J?NPMKMAGgLWAMKCPAG?JGX?AGgLBCJMQ@GMAMK@SQRG@JCQ #\PBCL?Q
$GQASQGgL
%L J? BbA?B? BC JMQ QC BCQ?PPMJJg CL CJ N?eQ CJ NPMWCARM |!NMWM ? J?Q
0J?LR?AGMLCQ &MPCQR?JCQ AML &GLCQ %LCPEbRGAMQ W N?P? CJ $CQ?PPMJJM BC J?Q
#MKSLGB?BCQ#?KNCQGL?QBCJ?3GCPP?0CPS?L?}AML?NMWMBC&!/(MJ?LB?
!N?PRGPBCCQRCNPMWCARMQCPC?JGX?PMLGKNMPR?LRCQCQDSCPXMQBCPCDMPCQR?AGgL
BCQ?PPMJJM BC NCOSCf?Q GLBSQRPG?Q DMPCQR?JCQ
CBSA?AGgL DMPCQR?J W NPMKMAGgL
BCAMAGL?QKCHMP?B?QN?P?J?MNRGKGX?AGgLBCJSQMBCJ?CLCPEe?BCJ?JCf?,?Q
M@QCPT?AGMLCQPC?JGX?B?Q?JNPMWCARMQCMPGCLR?L?BCQR?A?PJ?BCQAMMPBGL?AGgL
GLRCPGLQRGRSAGML?JN?P?JMEP?PGKN?ARMQK\QCDCARGTMQWQMQRCLG@JCQ &!/
.MQCAMLMACSLNPMWCARMCQNCAeDGAMN?P?CJBCQ?PPMJJMBCDSCLRCQCLCPEbRGA?Q
N?P?J?QNM@J?AGMLCQPSP?JCQ?N?PRGPBCJ?@GMK?Q?DMPCQR?J%J&MLBM.?AGML?J
BCJ!K@GCLRC &/.!-
PCEGQRP?SLNPMWCARMBC|0PMBSAAGgLBCBCLBPMCLCPEe?
KCBG?LRC J? SRGJGX?AGgL BC PCQGBSMQ BC J? GLBSQRPG? DMPCQR?J BC RP?LQDMPK?AGgL
KCA\LGA? BC J? K?BCP?} AMKM N?PRC BC J?Q NPMNSCQR?Q BC -CA?LGQKMQ BC
$CQ?PPMJJM,GKNGM
3GQCPCTGQ?JMQK?PAMQBCNMJeRGA?WBCBCQ?PPMJJMDMPCQR?JQCCLASCLRP?OSCJ?
0MJeRGA?.?AGML?JBCJ!K@GCLRC -).!-
CLCJRCK?BCCLCPEe?AMLQGBCP?
JMQ QGESGCLRCQ JGLC?KGCLRMQ BC NMJeRGA? G
0PMKMTCP J? GLTCPQGgL
BCQ?PPMJJM W
SQM BC @GMAMK@SQRG@JCQ
CLCPEe?Q PCLMT?@JCQ W E?Q KCR?LM BCPGT?BM BC
PCJJCLMQQ?LGR?PGMQ
AMKMSL?MNMPRSLGB?BN?P?J?QSQRGRSAGgLBCNCRPgJCMWE?Q
W J? PCBSAAGgL BC J?Q CKGQGMLCQ BC A?P@MLM
CL CJ K?PAM BCJ BGQCfM BC SL?
LSCT?K?RPGXCLCPEbRGA?WGG
&MKCLR?PJ?CDGAGCLAG?CLCPEbRGA?
KCBG?LRCCJSQM
BCRCALMJMEe?QKMBCPL?Q
GLACLRGTMQCAMLgKGAMQW QGQRCK?QRP?LQN?PCLRCQBC
GLDMPK?AGgL
5LMBCJMQM@HCRGTMQCQNCAeDGAMQBCJGLC?KGCLRMQBCNMJeRGA?BCJ?PEMNJ?XMN?P?
CJQCARMPCLCPEe?CQR\PCDCPGBM?|AS@PGPJMQPCOSCPGKGCLRMQBCCLCPEe?N?P?JMQ
SQMQ A?JgPGAMQ @\QGAMQ BC J? NM@J?AGgL W BGQKGLSGP J? BCNCLBCLAG? BC J?
@GMK?Q?N?P??@?QRCACPJMQ} -).%-
%J 0J?L %QRP?RbEGAM 3CARMPG?J -SJRG?LS?J BC !EPGASJRSP? LM
AMLRCKNJ??QNCARMQCQNCAeDGAMQN?P?CJBCQ?PPMJJMBCJ?BCLBPMCLCPEe?NSCQCJ
bLD?QGQBC@GMAMK@SQRG@JCQCQR\PCDCPGBM?ASJRGTMQ
%J 2CEJ?KCLRM BC J? JCW Lr JCW BC NPMKMAGgL BCJ KCPA?BM BC
@GMAMK@SQRG@JCQ NPMKSCTC J?Q GLTCPQGMLCQ N?P? J? NPMBSAAGgL W
AMKCPAG?JGX?AGgL BC "GMAMK@SQRG@JCQ
BGDSLBGCLBM J?Q TCLR?H?Q CAMLgKGA?Q
QMAG?JCQ W ?K@GCLR?JCQ BC QS SQM
W CQR?@JCAC JMQ PCOSGQGRMQ RbALGAMQ BC
QCESPGB?BN?P?QSNPMBSAAGgLWBGQRPG@SAGgLBCKMBMOSCQ?JT?ES?PBCJ?Q?JSB
Nj@JGA? W CJ KCBGM ?K@GCLRC W AM?BWSTC ? J? %QRP?RCEG? .?AGML?J BC ,SAF?
AMLRP? J?Q $PME?Q NPMKMTGCLBM J? GLTCPQGgL CL ASJRGTMQ ?JRCPL?RGTMQ CL J?Q
XML?QAMA?JCP?QBCJN?eQ3CBCQNPCLBCOSCLMF?WSL?MPGCLR?AGgLCQNCAeDGA?
N?P?CJBCQ?PPMJJMBC@GMAMK@SQRG@JCQ?N?PRGPBCJ?K?BCP?
,? %QRP?RCEG? .?AGML?J BC $CQ?PPMJJM 2SP?J $CAPCRM 3SNPCKM .r
0#-
PCDGCPC?J?NPMTCAF?KGCLRMQMQRCLG@JCBCJMQPCASPQMQL?RSP?JCQ?SLOSC
LMF?ACSLBCQ?PPMJJMCQNCAeDGAMBCJ?BCLBPMCLCPEe?
,? %QRP?RCEG? .?AGML?J BC $CQ?PPMJJM &MPCQR?J AMLRCKNJ? CLRPC SLM BC QSQ
M@HCRGTMQ CQRP?RbEGAMQ |,?Q NM@J?AGMLCQ JGE?B?Q ? J? ?ARGTGB?B DMPCQR?J RGCLCL
Q?RGQDCAF?Q QSQ LCACQGB?BCQ @\QGA?Q W ?AACBCL COSGR?RGT?KCLRC ? QSQ
@CLCDGAGMQ
? RP?TbQ BCJ K?LCHM QMQRCLG@JC BC JMQ @MQOSCQ} W LM QC CLASCLRP?
SLbLD?QGQN?P?CJBCQ?PPMJJMBCJ?BCLBPMCLCPEe?
1SCB? AJ?PM CLRMLACQ OSC CJ BCQ?PPMJJM BC J? BCLBPMCLCPEe? CL CJ N?eQ
W NMP
R?LRM CL J? !K?XMLe?
QC? AML MPGCLR?AGgL ?J ?@?QRCAGKGCLRM BC LCACQGB?BCQ
CLCPEbRGA?QBCJ?QNM@J?AGMLCQPSP?JCQMQC?AMLMPGCLR?AGgL?J?NPMBSAAGgLBC
@GMAMK@SQRG@JCQ BC QCESLB? ECLCP?AGgL LM DMPK?L N?PRC BC J?Q NPGMPGB?BCQ
NMJeRGA?QBCJN?eQ
%Q GLRCPCQ?LRC KCLAGML?P OSC CJ -GLGQRCPGM BC !EPGASJRSP? NMP 2CQMJSAGgL
-GLGQRCPG?J .r !' AMLQRGRSWg CJ 'PSNM 4bALGAM BC 4P?@?HM
!EPMCLCPEe? AML J? DGL?JGB?B BC CJ?@MP?P CJ 0J?L .?AGML?J BC !EPMCLCPEe?
?
RP?TbQ BC SL NPMACQM ?KNJG?KCLRC N?PRGAGN?RGTM
OSC AMLRCKNJC ?AAGMLCQ W
NPGMPGB?BCQ OSC MPGCLRCL J? ?ARGTGB?B ?EPMCLCPEbRGA? CL CJ N?eQ CL CJ AMPRM
KCBG?LMWJ?PEMNJ?XM#MKMPCQSJR?BMBCCQRCRP?@?HM?ARS?JKCLRCQCASCLR?
AMLJ?NPMNSCQR?BCJ0J?L.?AGML?JBC!EPMCLCPEe? -).!'
5L CV?KCL K\Q CVF?SQRGTM BCJ BMASKCLRM PCTCJ? OSC CL CJ RP?R?KGCLRM BC
JGLC?KGCLRMQBCNMJeRGA?F?@J?CLECLbPGAMBCJ?!EPMCLCPEe? CLRPCJMQOSCQC
GLAJSWC?JMQPCQGBSMQQgJGBMQNPMACBCLRCQBCJMQ@MQOSCQ
NCPMCJbLD?QGQCQR\
BGPGEGBMF?AG?JMQ|ASJRGTMQAMLDGLCQCLCPEbRGAMQ} N?JK??ACGRCP?
NGfgL@J?LAM
FGESCPGJJ?
QMPEMBSJAC
A?f?BC?XjA?P
CLRPCMRPMQ
%JJMLM M@TG?BCQAMLMACP
OSC QC NJ?LRC? CJ BCQ?PPMJJM BC J? !EPMCLCPEe? QM@PC J? @?QC BC
AMLQGBCP?AGMLCQ?K@GCLR?JCQWQMAG?JCQ0MPCHCKNJMQCF?@J?BCJ?LCACQGB?B
BCMPBCL?PCJRCPPGRMPGM
Q?LC?PJ?NPMNGCB?B
AMLQCPT?PJMQPCASPQMQL?RSP?JCQW
LM?DCAR?PRGCPP?QN?P?J?QCESPGB?B?JGKCLR?PG?CLRPCMRPMQD?ARMPCQ
%LRPCJMQ@GMAMK@SQRG@JCQJeOSGBMQBCQCESLB?ECLCP?AGgLN?P?J?M@RCLAGgLBC
CR?LMJW?ACGRCBCNGPMJGQGQR?K@GbLQC?NPCAG?SLK?WMPbLD?QGQ?JMQPCQGBSMQ
?EPeAMJ?Q OSC JMQ DMPCQR?JCQ .M M@QR?LRC CQM BCNCLBC BCJ bLD?QGQ N?PRGASJ?P
OSC JCQ NSCB?L B?P JMQ 'M@GCPLMQ 2CEGML?JCQ NPGMPGX?BMQ CLRPC CJJMQ 3?L
-?PReL
,MPCRM W 5A?W?JG
%QNCAeDGA?KCLRC CJ 0J?L AMLQGBCP? J?Q QGESGCLRCQ
KCR?Q
!J QC F?L GKNJCKCLR?BM NPMEP?K?Q PCEGML?JCQ BC PCDMPCQR?AGgL OSC
AMLQGBCP?LJ?PCNMQGAGgLNMPCJSQMBCJCf?
!J QC RGCLC SL? PCBSAAGgL BCJ CL J? R?Q? BC BCDMPCQR?AGgL NMP CJ
AMLQSKMBCJCf?WA?P@gLAMKMDSCLRCBCCLCPEe??LGTCJL?AGML?J
%J N?eQ CQR\ ?NMQR?LBM NMP CJ GLAPCKCLRM BC J? NPMBSAAGgL W AMLQSKM BC
CLCPEe? BCPGT?B? BC J?Q ACLRP?JCQ FGBPMCJbARPGA?Q W E?QeDCP?Q JM OSC QC
K?LGDGCQR? CL J?Q NPMWCAAGMLCQ BC J? K?RPGX CLCPEbRGA? L?AGML?J W CL J?
CQRPSARSP? BC N?PRGAGN?AGgL BCJ AMLQSKM BC CLCPEe? NMP DSCLRCQ PCLMT?@JCQ
%QRM DMPK? N?PRC BC J?Q CVGECLAG?Q EJM@?JCQ BC OSC A?B? N?eQ RCLE? SL?
CQRPSARSP?CLCPEbRGA?KCLMQAMLR?KGL?LRCAMKM?JRCPL?RGT?N?P? J?KGRGE?AGgL
BCJ A?K@GM AJGK\RGAM NCPM R?K@GbL NMPOSC J? DGESP? BC N?eQ KMBCPLM AML
GKNMPR?LRCAPCAGKGCLRMCAMLgKGAMLMTGQS?JGX??NPMNG?B?KCLRCCJBCQ?PPMJJMBC
J? BCLBPMCLCPEe? AMKM MNAGgL N?P? J?Q NM@J?AGMLCQ PSP?JCQ W J? QMAGCB?B CL
ECLCP?JCQNCAG?JKCLRC?N?PRGPBCJMQ@GMAMK@SQRG@JCQBCQCESLB?ECLCP?AGgL
%JJM ? BCQNCAFM BC AMLR?P AML SL? EP?L NPMNMPAGgL BC J? NM@J?AGgL PSP?J OSC
BCNCLBCBCJ?JCf?WBCAMLR?PAMLGKNMPR?LRCQPCASPQMQBC@GMK?Q?DMPCQR?J?
N?PRGPBCJMQPCQGBSMQBCJ?QGLBSQRPG?Q
%Q NMQG@JC OSC CL J? AMLACNAGgL BC N?eQ KMBCPLM CJ NMRCLAG?J BC J?
BCLBPMCLCPEe? F?W? QGBM BCQCQRGK?BM AMKM AMLQCASCLAG? BC J? K?WMP
GKNMPR?LAG?OSCF??BOSGPGBMCJE?QCLCJN?eQ
.MM@QR?LRC
J?CVRP?AAGgLBCJCf?WJ?NPMBSAAGgLBCA?P@gLTCECR?JQCQGESC
B?LBM QC? BC K?LCP? JCE?J M GJCE?J %Q NPCMASN?LRC J? QGRS?AGgL BC ?KCL?X?
CL J? OSC QC CLASCLRP? J? CVRP?AAGgL BCJ QFGFS?FS?AM N?P? NPMBSAAGgL BC
A?P@gL TCECR?J 3C BCQAMLMACL GLGAG?RGT?Q JGE?B?Q ? J? AMLQCPT?AGgL BCJ
PCASPQM3CBCQAMLMAC?BCK\QN?P?J?!K?XMLe?GLGAG?RGT?QAMLBSACLRCQ?J?
CDGAGCLAG? CLCPEbRGA? BCJ SQM BC J? JCf? 3C PCOSGCPC BCQ?PPMJJ?P ?AAGMLCQ ?J
PCQNCARMLMQgJMN?P?BGQKGLSGPJ?NPCQGgLQM@PCJMQ@MQOSCQQGLMR?K@GbLN?P?
AMLRPG@SGP?JASGB?BMBCJ?Q?JSBBCJ?QKSHCPCQOSCGLF?J?LJMQFSKMQBCJMQ
FMPLMQRP?BGAGML?JCQ
,? NPMKMAGgL BC JMQ QGQRCK?Q ?EPMDMPCQR?JCQ MDPCACL SL? EP?L MNMPRSLGB?B
N?P? Q?RGQD?ACP KjJRGNJCQ LCACQGB?BCQ W CLRPC CJJ?Q J?Q BC JCf? 4?K@GbL CQ
NMQG@JC KCHMP?P J?Q AMLBGAGMLCQ DeQGAMOSeKGA?Q BCJ QSCJM CL JMQ QGQRCK?Q
?EPMDMPCQR?JCQ?N?PRGPBCJSQMBCAMKNMQRNPMBSAGBMBCJMQPCQGBSMQDMPCQR?JCQ
-MLRCGPMWAMJ?@MP?BMPCQ
%J NMRCLAG?J BC J? @GMK?Q? DMPCQR?J N?P? J? NPMBSAAGgL BC CLCPEe? ? N?PRGP BC
NCJJCRQ
@PGOSCR?Q
JeOSGBMQME?QCQ
AMLQRGRSWCSL?T?JGMQ?MNMPRSLGB?BN?P?J?
!K?XMLe?LMQgJMAMLRPG@SGPCLJ?AMLQMJGB?AGgLBCSL?K?RPGXCLCPEbRGA?K\Q
?KGE?@JCAMLJ??RKgQDCP?QGLMR?K@GbLN?P?ECLCP?PMNMPRSLGB?BCQBCCKNJCM
CGLEPCQMQN?P?J?QNM@J?AGMLCQJMA?JCQ3GLCK@?PEM
N?P?OSCCQRMNSCB?QCP
NMQG@JC QC PCOSGCPCL NMJeRGA?Q Nj@JGA?Q CVNPCQ?Q W SL DSCPRC NPMEP?K? BC
GLTCQRGE?AGgLWBCQ?PPMJJMRCALMJgEGAM,?NPMNSCQR?BC0MJeRGA?!EPMCLCPEbRGA?
NSCBC D?TMPCACP CL CQRC QCLRGBM QG CQ OSC QC JC B? ?J AMKNMLCLRC DMPCQR?J J?
GKNMPR?LAG?OSCQCKCPCAC
3CPCOSGCPCF?ACPK\QCDGAGCLRCCJSQMBCJ?K?BCP?CLJ?QGLBSQRPG?QDMPCQR?JCQ
N?P? BGQKGLSGP J? NPMBSAAGgL BC PCQGBSMQ W J?Q OSC QC ECLCPCL TSCJT?L ? QCP
GLAMPNMP?B?QCLCJAGAJMCLCPEbRGAMBCJ?NJ?LR?3CCLRGCLBCOSCCJNPMWCARMBC
&/.!- T? CL CQR? BGPCAAGgL NCPM QC PCOSGCPC SL? ?ARGRSB KSAFM K\Q
NPM?ARGT?
NCPS?L? RMK?LBM CL ASCLR? OSC SL? QGELGDGA?RGT? NPMNMPAGgL BC J? NM@J?AGgL
PSP?JBCNCLBCBCJ?@GMK?Q?DMPCQR?J3CBC@CP\LRMK?PKCBGB?QN?P?KCHMP?P
J? CDGAGCLAG? CLCPEbRGA? BCJ SQM BC J? JCf?
A?P@gL TCECR?J W MRPMQ
BCLBPMAMK@SQRG@JCQ
BGQKGLSGPJ?QCKGQGMLCQBCA?P@MLMWAMLRPG@SGP?JASGB?BM
BC J? Q?JSB BC J?Q NCPQML?Q OSC SQ?L CQRMQ PCASPQMQ CLCPEbRGAMQ %QRM DMPK?
N?PRCLMQgJMBCSL?NPMNSCQR?BCGLAJSQGgLQMAG?JQGLMR?K@GbLBCAMLRPG@SGP?
J??BCAS?B?ECQRGgL?K@GCLR?J
#MLAJSQGMLCQWPCAMKCLB?AGMLCQ
$CJ?L\JGQGQCGLRCPNPCR?AGgLBCJMQF?JJ?XEMQQCPC?JGX?BMQQCAMLAJSWCOSCCJ
RCK?BCJ?BCLBPMCLCPEe?CLJ?!K?XMLe?RGCLCSL?@?H?NPGMPGB?BNMJeRGA?NCQC
? OSC GKNMPR?LRCQ QCARMPCQ BC J? NM@J?AGgL ?K?XgLGA? BCNCLBCL BC J?
@GMK?Q?DMPCQR?JN?P?J?AMAAGgLBCQSQ?JGKCLRMQ
0MP J?Q A?P?ARCPeQRGA?Q BC J? GLBSQRPG? DMPCQR?J CL J? !K?XMLe? CVGQRC SL EP?L
NMRCLAG?J N?P? J? NPMBSAAGgL BC BCLBPMCLCPEe? ? N?PRGP BC J? @GMK?Q? DMPCQR?J
OSC QC ECLCP?L AML JMQ PCQGBSMQ DMPCQR?JCQ %QRC NMRCLAG?J BC@CP\ QCP
BCQ?PPMJJ?BMAMLNMJeRGA?QNj@JGA?QWAMLGLTCQRGE?AGgLWBCQ?PPMJJMRCALMJgEGAM
%JBCQ?PPMJJMBCQGQRCK?Q?EPMDMPCQR?JCQAMLQRGRSWCSL?T?JGMQ?NMQG@GJGB?BN?P?
AMLR?PAMLDSCLRCQBC?@?QRCAGKGCLRMBCJCf?QGLNPCQGML?PQM@PCJMQ@MQOSCQ
CQNCAG?JKCLRC JMQ QCASLB?PGMQ OSC QC S@GA?L CL JMQ ?JPCBCBMPCQ BC JMQ
?QCLR?KGCLRMQFSK?LMQ
#ML @?QC CL J? BGQASQGgL W AML J? MPGCLR?AGgL BC NPMKMTCP SL SQM K\Q
CDGAGCLRC BC JMQ PCASPQMQ DMPCQR?JCQ OSC ?RGCLB?L J?Q LCACQGB?BCQ CLCPEbRGA?Q
BCSL?N?PRCQGELGDGA?RGT?BCJ?NM@J?AGgLNCPS?L?
QCPCAMKGCLB?
'CLCP?PNMJeRGA?QNj@JGA?QN?P?CJBCQ?PPMJJMCQRP?RbEGAMBCJ?BCLBPMCLCPEe?CL
J?!K?XMLe?NCPS?L?AMKMN?PRCBCQSCLDMOSCBCBCQ?PPMJJMQMQRCLG@JC
0PMKMTCPCJDMPR?JCAGKGCLRMBCA?N?AGB?BCQWJ?GKNJCKCLR?AGgLBCNPMEP?K?Q
BCGLTCQRGE?AGgLBC@GB?KCLRCNPCQSNSCQR?Q
COSGN?B?QWBMR?B?QAMLR?JCLRMQ
FSK?LMQ A?JGDGA?BMQ N?P? CJ BCQ?PPMJJM BC JMQ @GMAMK@SQRG@JCQ BC QCESLB?
ECLCP?AGgL?N?PRGPBCJ?@GMK?Q?DMPCQR?J
2C?JGX?P CQRSBGMQ QM@PC CJ CQR?BM BC AMLQCPT?AGgL BC J?Q CQNCAGCQ DMPCQR?JCQ
BC?JR?BCLQGB?BOSCQMLSQ?B?QN?P?J?NPMBSAAGgLBCA?P@gLTCECR?J
0PMKMTCP SL? ACPRGDGA?AGgL JMA?J BC J? NPMBSAAGgL BC A?P@gL TCECR?J N?P?
E?P?LRGX?PQSMPGECLJCE?J
$CQ?PPMJJ?P NPMEP?K?Q BC CDGAGCLAG? CLCPEbRGA? BCJ SQM BC J? JCf? W A?P@gL
TCECR?J
2C?JGX?P CQRSBGMQ BC NM@J?AGgL BC J?Q CQNCAGCQ GLRCLQGT?KCLRC SQ?B?Q AML
DGLCQ BC NPMBSAAGgL BC A?P@gL CL J? !K?XMLe? NCPS?L? AML J? DGL?JGB?B BC
BCDGLGP QS CQR?BM BC AMLQCPT?AGgL W BCDGLGP NMJeRGA?Q N?P? NPMKMTCP QS
?NPMTCAF?KGCLRMQMQRCLG@JC
"G@JGMEP?De?
!KGEMQ BC J? 4GCPP? )LRCPL?AGML?J -GRMQ CL RMPLM ? 2%$$ 5L?
CT?JS?AGgL APeRGA? BC JMQ KCA?LGQKMQ NPMNSCQRMQ N?P? PCBSAGP J?Q CKGQGMLCQ
ECLCP?B?Q NMP J? BCDMPCQR?AGgL W J? BCEP?B?AGgL CL JMQ N?eQCQ CL BCQ?PPMJJM
$GAGCK@PCYCBGAGgL!KQRCPB?KN
"PG?QAM 6?JCLAG?
/JE? #MAGL?Q CAMJgEGA?Q N?P? J? !K?XMLG? NCPS?L?
$GQNMLG@JCCL
FRRNUUUJCT?LRC
CKTAMKQCAAGMLCQLMRGAG?HQN N2CD====#MKSLGR?R
6?JCLAG?L?#MAGL?QCAMJMEGA?QN?P?!K?XMLG?NCPS?L? !AACQM CJ BC
QCRGCK@PCBCJ
"WP?LR
#WLRFG? ,MQ AMK@SQRG@JCQ BC QCESLB? ECLCP?AGgL CQR\L K\Q
ACPA? BC JM OSC QC NGCLQ? $GQNMLG@JC CL
UUU@GMRGKCQAMKCL!PRGAJCQ-?PAF="GMDSCJQ=%3NBD
!AACQMCJBCLMTGCK@PCBCJ
#\PBCL?Q
(CJCL? ,? 3SQRCLR?@GJGB?B CL CJ 5QM BC "GMAMK@SQRG@JCQ
5L 2CRM BC !L\JGQGQ
$CAGQGMLCQ W %OSGJG@PGM #CLRPM %AS?RMPG?LM BC
$CPCAFM!K@GCLR?Jz#%$!1SGRM
N
#gPBMT?
0CBPM%QRSBGMQQM@PCCJSQMBCJ?K?BCP?AMKMAMK@SQRG@JC
CL J?Q #MKSLGB?BCQ .?RGT?Q $MASKCLRM BC 4P?@?HM #%$)! 0PMWCARM
|0?PRGAGN?AGgL BC J?Q AMKSLGB?BCQ L?RGT?Q CL ? AMLQCPT?AGgL W ECQRGgL
QMQRCLG@JC BC JMQ @MQOSC RPMNGA?JCQ CL J? ?K?XMLG? NCPS?L?}
#SCLA? "?HM
5PS@?K@?
N
#MPNMP?AGgLBC#CPRGDGA?AGgLBC,Cf?,GLC?KGCLRMQN?P?SL?NMJeRGA?BC
BCLBPMCLCPEe?AMPNMP?AGgLBCACPRGDGA?AGgLBCJCf?%QR?BMBCJ?PRC
M@HCRGTMQW
NPMNSCQR?Q%L6#SK@PCBCJ?JCf?
#?QRPM#FGJMbN
$\TGJ?
-GESCJ 3GRS?AGgL ?ARS?J ?K@GCLR?J W QMAG?J BC J? GLBSQRPG?
K?BCPCP? CL 5A?W?JG %L ) #MLEPCQM )LRCPL?AGML?J QM@PC PCQGBSMQ BC
K?BCP?@GMK?Q?.MTGCK@PC0SA?JJN?$G?NMQGRGT?Q
&! 3GRS?AGgLBCJMQ@MQOSCQCLCJKSLBM2MK?N
&!/ ? "MQOSCQ W CLCPEe? #SCQRGMLCQ AJ?TC %QRSBGM &!/ -MLRCQ
2MK?
N
&!/
@ "GMAMK@SQRG@JCQ W A?JCLR?KGCLRM EJM@?J $GQNMLG@JC CL
FRRN@GMAMK@SQRG@JCQ@JMEQNMRAMKBCDGLGAGLBCJ?BCLBPMCLCPE?FRKJ
!AACQMCJBCQCRGCK@PCBCJ
&!/3GRS?AGgLBCJMQ@MQOSCQBCJKSLBM2MK?
&!/3D-?BCP?N?P?NPMBSAGPCLCPEe?$CN?PR?KCLRMBCKMLRCQ BCJ?&!/
)LDMPKCQM@PCASCQRGMLCQDMPCQR?JCQ.l
2MK?
&GQAF@CGL
.GJQ?4CALMJMEe?N?P?J?NPMBSAAGgLBCA?P@gLTCECR?J%L)
#MLEPCQM )LRCPL?AGML?J QM@PC PCQGBSMQ BC K?BCP?@GMK?Q? .MTGCK@PC
0SA?JJN?$G?NMQGRGT?Q
&GQAF@CGL
.GJQ@#S?LRGDGA?AGgLBCJMQPCQGBSMQBCK?BCP?QCEjLDSCLRC
CLASCQR? %L ) #MLEPCQM )LRCPL?AGML?J QM@PC PCQGBSMQ BC K?BCP?@GMK?Q?
.MTGCK@PC0SA?JJN?$G?NMQGRGT?Q
'MLX\JCQ-MP?
%LPGOSC,?K?BCP?AMKMDSCLRCBCCLCPEe?CLCJ0CPj
5LGTCPQGB?B.?AGML?J!EP?PG?,?-MJGL?,GK?BG?NMQGRGT?Q
(CGQGLE
+J?Q $GTCPQGB?B BC AMK@SQRG@JCQ BMKbQRGAMQ CL CJ 0CPj W J?
D?JR?BCAMAGL?Q?NPMNG?B?Q4PCQAM!LBCQ,GK?
N
-).!-).%)0.5-!0CPj)LBGA?BMPCQ)LGAG?RGT?,?RGLM?KCPGA?L?
W#?PG@Cf?N?P?CJ$CQ?PPMJJM3MQRCLG@JC)LBGA?BMPCQBCQCESGKGCLRM,GK?
N
-GLGQRCPGM BC %LCPEe? W -GL?Q "?J?LAC .?AGML?J BC %LCPEe?
/DGAGL?BC0J?LC?KGCLRM
)LTCPQGMLCQW#MMNCP?AGgL)LRCPL?AGML?J,GK?N
).2%.!0J?L.?AGML?JBC2CDMPCQR?AGgL,GK?N
)LQRGRSRM BC )LTCQRGE?AGMLCQ BC J? !K?XMLe? 0CPS?L? z ))!0 0PMWCARM
&/#!, "/315%3 2CB BC 3GQRCK?Q BC )LDMPK?AGgL BC KCPA?BMQ BC
NPMBSARMQ DMPCQR?JCQ BC @MQOSCQ K?LCH?BMQ )OSGRMQ !AACQG@JC CL
FRRNUUUQGDMPCQR?JMPENC)$CR?JJC0PMBSARM?QNV 0PMBSARM)B !AACQM CJ
BCLMTGCK@PCBCJ
-).!'0J?L%QRP?RbEGAM3CARMPG?J-SJRG?LS?JBC!EPGASJRSP?
,GK?
N
-).!-
0MJeRGA?.?AGML?JBCJ!K@GCLRC,GK?
N
-).!-).%)0.5$)LGAG?RGT?,?RGLM?KCPGA?L?W#?PG@Cf?)LBGA?BMPCQ
BC3CESGKGCLRM0CPj,GK?N
-MLRCGPM
+ +CPL
$ 2SGTM
- W 4 2MBPGESCQ 5QM BC PCQeBSMQ B?
GLBjQRPG?K?BCGPCGP?LMQMJMAMKM?JRCPL?RGT?BCKCJFMP?KCLRMB?QAMLBGaiCQ
?K@GCLR?GQ CK SK QGQRCK? ?EPMDJMPCQR?J N?P? PCDJMPCQR?KCLRM
4?GJ^LBG?
0!
%L !JRCPL?RGT? !EPMDMPCQR?J .? !K?XMLG? CK 4P?LQDMPK?A?M 2M@CPRM 0MPPM
%BGRMP
7MPJB!EPMDMPCQRPW#CLRPC%-"2!0!"P?QGJG?
NN
)LQRGRSRM BC J? 6GEGJ?LAG? -SLBG?J "GMDSCJQ DMP RP?LQNMPR EJM@?J NMRCLRG?J
?LBGKNJGA?RGMLQDMPQSQR?GL?@JCCLCPEW?LB?EPGASJRSPC,MLBPCQ
2CGLM5LGBM
%?PRFQA?L
).2%.! 0CPj &MPCQR?J CL LjKCPMQ !fM #CLRPM BC )LDMPK?AGgL
&MPCQR?J#)&,GK?
N
)0##
#?K@GM AJGK\RGAM )LDMPKC BC QeLRCQGQ #MLRPG@SAGgL BC JMQ
'PSNMQ BC RP?@?HM )
)) W ))) ?J #S?PRM )LDMPKC BC CT?JS?AGgL BCJ 'PSNM
)LRCPES@CPL?KCLR?J BC %VNCPRMQ QM@PC CJ #?K@GM #JGK\RGAM ;%OSGNM BC
PCB?AAGgL NPGLAGN?J 0?AF?SPG
2+ W 2CGQGLECP
! BGPCARMPCQ BC J?
NS@JGA?AGgL
<)0##
'GLC@P?
3SGX?
N\EQ
,CGEFRML
0?SJ? #MAGL? BC JCf?
EP?L ASJN?@JC BCJ A?K@GM AJGK\RGAM
$GQNMLG@JC CL FRRNUUUQAGBCTLCRCQLCUQAMAGL?BCJC?EP?LASJN?@JCBCJ
A?K@GMAJGKRGAMFRKJ!AACQMCJBCLMTGCK@PCBCJ
-).!-
0MQGAGgL BCJ 0%2
86 #SK@PC -SLBG?J BC #?K@GM #JGK\RGAM
,GK?
N
-).%-
,GLC?KGCLRMQ BC NMJeRGA? BC J?PEM NJ?XM N?P? CJ QCARMP CLCPEe?
,GK?
N
-GLGQRCPGM BC %LCPEe? W -GL?Q "?J?LAC .?AGML?J BC %LCPEe?
/DGAGL?BC0J?LC?KGCLRM
)LTCPQGMLCQW#MMNCP?AGgL)LRCPL?AGML?J,GK?
N
-).)34%2)/ $% %.%2')! 9 -).!3'/")%2./ 2%')/.!, $% 5#!9!,)
#?P?ARCPGX?AGgLBCJBCN?PR?KCLRMBC5A?W?JGAMLDGLCQBCMPBCL?KGCLRM
RCPPGRMPG?J0SA?JJN?
N
0?AFCAM
-GESCJ3GQRCK?QBCA?BCL?BCASQRMBG??NJGA?BMQ?JeLC?QBC
PCASNCP?AGgL BC PCQGBSMQ %L ) #MLEPCQM )LRCPL?AGML?J QM@PC PCQGBSMQ BC
K?BCP?@GMK?Q?.MTGCK@PC0SA?JJN?$G?NMQGRGT?Q
0.5$(?AG?CJASKNJGKGCLRMBCJMQ/@HCRGTMQBC$CQ?PPMJJMBCJ-GJCLGM
CLCJ0CPj5LAMKNPMKGQMBCJN?eQN?P??A?@?PAMLJ?NM@PCX?
J?BCQGES?JB?B
WJ?CVAJSQGgL)LDMPKC/@HCRGTMBC$CQ?PPMJJMBCJ-GJCLGME?P?LRGX?PJ?
QMQRCLG@GJGB?BBCJKCBGM?K@GCLRC$GQNMLG@JCCL
3\LAFCX
-GESCJ %QRSBGM BC D?ARG@GJGB?B N?P? PCQGBSMQ BC J? GLBSQRPG?
K?BCPCP? CL 0SA?JJN? 4bPKGLMQ BC 2CDCPCLAG? %L ) #MLEPCQM )LRCPL?AGML?J
QM@PCPCQGBSMQBCK?BCP?@GMK?Q?.MTGCK@PC0SA?JJN?$G?NMQGRGT?Q
;2?4J.!216<:/62;A2F2@.??<99<2;9.:.G<;J.B;
.9.;02?JA60<
$%%$
)LRPMBSAAGgL
,? PCACR? LCMJG@CP?J PCQSJRg KSW JCLR? N?P? PCQMJTCP JMQ NPM@JCK?Q OSC
QSNSCQR?KCLRC G@?L ? QMJSAGML?P
PC?JKCLRC QC RMPL?@? CL SL? QGRS?AGgL BC
BGDeAGJ?QGKGJ?AGgLN?P?J?NM@J?AGgL
QM@PCRMBMN?P?J?QAJ?QCQK\QNM@PCQ
J?Q
AS?JCQ BCNCLBe?L BC ?JESLMQ QS@QGBGMQ NMP N?PRC BCJ EM@GCPLM ,?Q
DPSQRP?AGMLCQ QM@PC JMQ PCQSJR?BMQ BC CQR?Q PCDMPK?Q
?SL?BM ? J? NCPACNAGgL
NMNSJ?P OSC BGAF?Q PCDMPK?Q DSCPML GKNSCQR?Q NMP JMQ N?eQCQ PGAMQ W J?Q
MPE?LGX?AGMLCQ GLRCPL?AGML?JCQ J?Q KGQK?Q OSC QCPTGPe?L QMJ?KCLRC N?P? QSQ
GLRCPCQCQWLMN?P?J?NM@J?AGgLJ?RGLM?KCPGA?L?
6CPB?BCP?KCLRC
CQRMQ BGQASPQMQ LM NPCQCLR?@?L L?B? LSCTM
W? OSC CL
PC?JGB?BAMLQRGRSe?LJ?Q?LRGES?Q@?LBCP?QBCJ?GXOSGCPB?J?RGLM?KCPGA?L?
SL
AMLRGLCLRC OSC QGCKNPC F? CQR?BM K?PA?BM NMP EP?LBCQ BCQGES?JB?BCQ
QMAG?JCQWCAMLgKGA?Q,?AMLQMJGB?AGgLBCJ?QLMPK?QWT?JMPCQBCKMAP\RGAMQ
?QeAMKMCJDGLBCJAMKSLGQKMAPC?PMLSL?K@GCLRCD?TMP?@JCN?P?J?CJCAAGgL
BCA?LBGB?RMQKMBCP?BMQOSCNMPSL?N?PRCPCQNMLBe?L?J?QCVNCAR?RGT?QBC
J? NM@J?AGgL W
NMP J? MRP?
OSC LM ?KCL?X?@?L ? J?Q CJGRCQ JMA?JCQ LG ? QSQ
?JG?BMQCVRCPLMQ #JC?PW
!SLOSC CQRM F? QGBM SL? RCLBCLAG? ECLCP?J CL CJ AMLRGLCLRC
QC CVNPCQg AML
GLRCLQGB?B CL BGDCPCLRCQ KMKCLRMQ CL A?B? N?eQ 3SQ PCQSJR?BMQ R?K@GbL
T?Pe?L
?SLOSCJMOSCQCTCCLJ?K?WMPe?BCJMQN?eQCQDSCJ?JJCE?B??JNMBCP
BC JMQ EPSNMQ NMJeRGAMQ OSC KCHMP QSNGCPML A?R?JGX?P CQRMQ QCLRGKGCLRMQ BC
DPSQRP?AGgLAMLCJNCPeMBMBCJMQ?HSQRCQLCMJG@CP?JCQ
%QRCNPMACQMQCGLGAGgCL6CLCXSCJ?
AMLCJ?QACLQMBC(SEM#F\TCX?JNMBCP
CLCJ?fMWAMLRGLSgF?QR?CJ?fM
AS?LBM/JJ?LR?(SK?J?
NMJeRGAM
BC RCLBCLAG? GXOSGCPBGQR? W L?AGML?JGQR? DSC CJCEGBM NPCQGBCLRC BCJ 0CPj
#?KCPML
PCAMLMACJ?QBGDCPCLAG?QCLRPCJMQBGQRGLRMQEM@GCPLMQCJCARMQ
CL CQRC NCPeMBM K\Q ?JJ\ BC J? BGAMRMKe? NMNSJGQR?QMAG?JBCKgAP?R?
NCPM
GBCLRGDGA??JESL?QQGKGJGRSBCQCLRPCCJJMQ%LQSMNGLGgL
CQRMQJeBCPCQRP?R?LBC
PCBSAGP J?Q BCQGES?JB?BCQ CL QSQ BGTCPQ?Q DMPK?Q
NPMKMTCP J? GLAJSQGgL
QMAG?J
W?QC??RP?TbQBCJ?KMTGJGX?AGgLNMNSJ?PWBCQSQ@?QCQ
?GLGAG?RGT?BC
QSQJeBCPCQMR?K@GbLNMPJCWCQ?NPM@?B?QNMPGLRCPKCBGMBCJMQKGCK@PMQBCJ
N?PRGBM
SRGJGX?PCJNMBCPCQR?R?JN?P?KGRGE?PJMQCDCARMQBCJKCPA?BM
W?QC?
CL LMK@PC BC J?Q EP?LBCQ AM?JGAGMLCQ KSJRGAJ?QCQ M CL PCQNSCQR? ? J?Q
BCK?LB?Q BC J?Q AJ?QCQ QMAG?JCQ CQNCAeDGA?Q
NPMKMTCP A?K@GMQ CL J?Q
PCJ?AGMLCQ %QR?BMQMAGCB?B ? RP?TbQ BC J? N?PRGAGN?AGgL NMNSJ?P
BCQ?DG?LBM ?
TCACQ J?Q CQRPSARSP?Q BC BMKGL?AGgL
?NCJ?LBM ? D?ARMPCQ R?JCQ AMKM AJ?QC
AGSB?B?Le?WCRLG?%LQSMNGLGgL
?JESLMQBCJMQJeBCPCQCJCARMQJMPCAF?X?LW
?JESLMQ GLAJSQGTC RP?R?L BC QSQRGRSGP ?QNCARMQ BC J? BCKMAP?AG? PCNPCQCLR?RGT?
CL DMPK?Q ?JRCPL?RGT?Q BC N?PRGAGN?AGgL NMNSJ?P /RPMQ RP?@?H?L BCLRPM BCJ
K?PAM HSPeBGAM W AMLQRGRSAGML?J CVGQRCLRC ! NCQ?P BC CQR? BGDCPCLAG?
RMBMQ
K?LRGCLCLQSAMKNPMKGQMAMLJ?BCKMAP?AG?CJCARMP?J
,?CJCAAGgLBCCQRMQEM@CPL?LRCQAMGLAGBCAMLCJKMKCLRMFGQRgPGAMCLCJOSC
JMQ A?K@GMQ AJGK\RGAMQ E?L?L GKNMPR?LAG? CL J? ?ECLB? KSLBG?J -SAFMQ BC
CQRMQ EM@GCPLMQ RGCLCL CL QS @?QC BC ?NMWM ? KGJGR?LRCQ AMKNPMKCRGBMQ AML
J?Q A?SQ?Q ?K@GCLR?JCQ
JM OSC NMBPe? D?AGJGR?P J? GKNJCKCLR?AGgL BC SL?
?ECLB?NMJeRGA?AMLK?WMPbLD?QGQCLJMQRCK?Q?K@GCLR?JCQ%QRMQSACBGgCL
CJA?QMBC"P?QGJ
BMLBCCJN?PRGBMEM@CPL?LRCAMLR?@?AMLSLEP?LAMLRGLECLRC
BCCAMJMEGQR?Q
(SEM#F\TCXJJCEg?JNMBCPCLCJ?fM,SCEMQGESGgJ?CJCAAGgLBC2GA?PBM
,?EMQCL#FGJCCLCJ
W,SGQ)EL?AGM,SJ?B?3GJT?CL"P?QGJ
CLCJ%L
!PECLRGL?
CJNCPMLGQR?.bQRMP+GPAFLCPDSCCJCEGBMCLCJ%LCJJCRMAg?
4?@?Pb6\QOSCX?JA?LX?PJ?NPCQGBCLAG?BC5PSES?W?RP?TbQBCCJCAAGMLCQ,SJ?DSC
PCCJCEGBMCLCJ
?fMCLCJAS?JJMQ@MJGTG?LMQCJGEGCPML?%TM-MP?JCQAMKM
NPCQGBCLRC.GA?P?ES?TGMCJPCEPCQMBCJQ?LBGLGQR?$?LGCJ/PRCE??JNMBCPCLCJ
%LCJJMQCAS?RMPG?LMQCJGEGCPML?2?D?CJ#MPPC?%LCJ
$?LGCJ,SEMQC
AMLTGPRGgCLCJNPGKCPGXOSGCPBGQR?CLEM@CPL?P0?P?ES?WCL?fMQ%J3?JT?BMP
R?K@GbLCJGEGg?SLA?LBGB?RMBCJ?GXOSGCPB?
-?SPGAGM&SLCQ
NCPRCLCAGCLRC?J&PCLRC
BC,G@CP?AGgL.?AGML?J&?P?@SLBM-?PRe
CLCJ&GL?JKCLRC
CLCJ
J?
NM@J?AGgLNCPS?L?CJCEGBMAMKMNPCQGBCLRC?/JJ?LR?(SK?J?
-SAFMQBCJMQKGJGR?LRCQBCJMQKMTGKGCLRMQBCGXOSGCPB?
BSP?LRCCJNPMACQM
BCPCBCKMAP?RGX?AGgLBCJN?eQ
?DGL?JCQBCJ?BbA?B?BCCGLGAGMBC
BCH?PMLBCJ?BMQSKGJGR?LAG?K?PVGQR?RP?BGAGML?J
@?Q?B?CLJ?JSAF?BCAJ?QCQ
W CJ K?RCPG?JGQKM
W AMKCLX?PML ? JSAF?P NMP JMQ BCPCAFMQ K\Q ?KNJGMQ W
BGDSQMQ (MAFQRCJCP C +CAI
%QRC A?K@GM QC PCDJCHg AML J? A?eB? BC JMQ
PCEeKCLCQ QMAG?JGQR?Q BC %SPMN? /PGCLR?J W R?K@GbL QC GLQNGPg CL J?Q
RCLBCLAG?Q QMAG?JCQ C GLRCJCARS?JCQ NPGLAGN?JKCLRC BC %SPMN? /AAGBCLR?J
W
R?K@GbLBCJMQ%QR?BMQ5LGBMQ
BMLBCDJMPCAe?LLSCTMQKMTGKGCLRMQQMAG?JCQ
CL@?QC?GBCLRGB?BCQCGLRCPCQCQOSCLMCP?LBC?OSCJJ?AJ?QC
4?K@GbL CL "P?QGJ
W LMRMPG?KCLRC CL "MJGTG?
CQRMQ LSCTMQ EM@GCPLMQ RCLe?L
SL? DSCPRC @?QC BC ?NMWM CLRPC JMQ QCARMPCQ BCQD?TMPCAGBMQ BC J? NM@J?AGgL
PSP?J
JMQKMTGKGCLRMQQMAG?JCQWNSC@JMQGLBeECL?Q%QRMQKMTGKGCLRMQRCLe?L
CVNPCQ?KCLRC BCLRPM BC QS JGQR? BC BCK?LB?Q J? BCDCLQ? BC J? ?EPGASJRSP?
RP?BGAGML?J
BC@?HMGKN?ARM?K@GCLR?JWSL?GLRCLQGT?K?LMBCM@P?
?QeAMKM
CJ BCQ?PPMJJM BC J? CAMLMKe? QMAG?J W CJ SQM QMQRCLG@JC BC JMQ PCASPQMQ
L?RSP?JCQ
#MKM TCPCKMQ CL CQRC A?NeRSJM
J?Q CVNCAR?RGT?Q BC JMQ CAMJMEGQR?Q W BC JMQ
KMTGKGCLRMQA?KNCQGLMQOSCGK?EGL?PMLLSCTMQKMBCJMQBCBCQ?PPMJJMLMQC
ASKNJGCPML %L QS JSE?P
QC M@QCPT?PML NMJeRGA?Q BC CQR?BM BGPGEGB?Q ?J
GLAPCKCLRM BC J? NPMBSAAGgL BC CLCPEe?
AML KGP?Q ? J? CVNMPR?AGgL W ?J
QSKGLGQRPM BC JMQ QCARMPCQ BC J? CAMLMKe? L?AGML?J AML K?WMP GLRCLQGB?B BC
CLCPEe? ,MQ LSCTMQ EM@GCPLMQ BC JMQ N?eQCQ ?K?XgLGAMQ
NPGKCP?KCLRC
LCACQGR?@?L K?LRCLCP M PCASNCP?P CJ APCAGKGCLRM CAMLgKGAM AML CJ DGL BC
E?P?LRGX?P QS QSNCPTGTCLAG? NMJeRGA? %J QCARMP NPGK?PGM
W CJ BC CLCPEe?
CP?L
DSLB?KCLR?JCQN?P?CJJM #S?BPM
%QRC A?NeRSJM NPCQCLR? J?Q AMLAJSQGMLCQ ECLCP?JCQ BCJ CQRSBGM QM@PC J?Q
NMJeRGA?QCLCPEbRGA?Q
J?QMAGCB?BWCJKCBGM?K@GCLRCCLJ?!K?XMLe?!JESLMQ
BC JMQ A?NeRSJMQ ?LRCPGMPCQ DSCPML CQAPGRMQ AML SL CLDMOSC QCARMPG?J
AMKM JMQ
A?NeRSJMQ
W
OSCRP?R?PMLQM@PCJ?CLCPEe?FGBPMCJbARPGA?
@GMBGCQCJ
CR?LMJ
A?P@gL W JCf? /RPMQ A?NeRSJMQ QC ACLRP?PML CL SL N?eQ M CL N?PRC BC
bQRC
AMKM CJ A?NeRSJM
OSC RP?Rg QM@PC J? NMJeRGA? CLCPEbRGA? CL J? PCEGgL
5A?W?JG
CL0CPj
WCJA?NeRSJMQM@PCJ?CLCPEe?CLCJ!K?XMLe?6CLCXMJ?L?
,MQ A?NeRSJMQ PCQR?LRCQ
W RSTGCPML SL CLDMOSC KGVRM
CL CJ AS?J QC
?L?JGX??SL?PCEGgL0SRSK?WM
CL#MJMK@G?
CJ.MPRCBC"MJGTG?W3SASK@GMQ
W /PCJJ?L?
CL CJ %AS?BMP NCPM BCQR?A\LBMQC SL QCARMP CQNCAeDGAM
CL CQRC
A?QMCJBCJMQFGBPMA?P@SPMQ
#S?BPM2CQSKCLBCJ?QGRS?AGgLCLJMQN?eQCQ?K?XgLGAMQ
TSCJTC?J? QGELGDGA?RGT? GLTCPQGMLCQNPGT?B?Q
NPCQGBCLAG? N?PRGAGN?AGgLBC CLJ?CVNJMR?AGgLBC
CLCJC FGBPMCJbARPGA?W NCRPgJCMWE?Q
@?HM
GLRCLQGDGA?J? JCf? AMLACQGgLBCJ?
GLRCEP?AGgL CKNPCQ?CQR?R?J0CPj
?J? 0CRPM
CAMLMKe?
'JM@?J%J
.?AGML?JGQR?
/JJ?LR?
(SK?J?CQ
CJCARMCLCJ
6CLCXSCJ? (SEM
0PGLAGN?J $GQKGLSAGgLBCJ?
#F\TCX BCNCLBCLAG?BCJ ?SRMLMKe?BC0$63!
NCRPgJCM
WE?Q L?AGML?JGX?AGgLBC
QCARMPCQBCJ?
CAMLMKe?
%L CQRC A?NeRSJM
CJ CLDMOSC QCP\ RCK\RGAM
NCPM LM CVAJSQGT?KCLRC @?HM SL?
gNRGA? QCARMPG?J %QRC ?L\JGQGQ QCARMPG?J QC PC?JGX? CL J?Q RPCQ NPGKCP?Q
QCAAGMLCQ
BMLBC QC BGQASRC QM@PC JMQ FGBPMA?P@SPMQ
JMQ @GMAMK@SQRG@JCQ
J?
CLCPEe? FGBPMCJbARPGA? W J? BCLBPMCLCPEe? %L CQR?Q QCAAGMLCQ
QC BCQR?A? J?
GKNMPR?LAG? BCJ QCARMP BCJ NCRPgJCM W CJ E?Q
LM QMJ?KCLRC NMP QS GKN?ARM
BGPCARM
QGLM OSC R?K@GbL ?DCAR?L JMQ NPCAGMQ PCJ?RGTMQ BC MRP?Q DSCLRCQ BC
CLCPEe?AMKMJMQ@GMAMK@SQRG@JCQ
%L J?Q RPCQ QCAAGMLCQ QGESGCLRCQ
QC ?@MPB? SL RCK? OSC ?N?PCAC AJ?P?KCLRC
CL RMBMQ JMQ A?NeRSJMQ BCJ JG@PM
JMQ AMLDJGARMQ QMAGM?K@GCLR?JCQ %L J? AS?PR?
QCAAGgL
QC BGQASRCL CQNCAeDGA?KCLRC JMQ AMLDJGARMQ PCJ?AGML?BMQ AML J?Q
NM@J?AGMLCQ A?KNCQGL?Q %QRMQ AMLDJGARMQ ECLCP?JKCLRC CQR\L PCJ?AGML?BMQ
AML CJ ?AACQM ? J? RGCPP?
NCPM OSC R?K@GbL AMKNPCLBCL ?QNCARMQ KCLMQ
M@TGMQBCJMQNPMWCARMQBCCLCPEe?
AMKMNMPCHCKNJMQSQGKN?ARMQQM@PCJMQ
KCBGMQ BC TGB? BC CQRMQ EPSNMQ BC@GBM ? JMQ A?K@GMQ PCNCLRGLMQ CL JMQ
KCPA?BMQ BC JMQ NPMBSARMQ CL CQR?BM NPGK?PGM
R?JCQ AMKM CJ A?P@gL
W CJ
KCPA?BM J?@MP?J %L J? OSGLR? QCAAGgL QC ?L?JGX?L JMQ AMLDJGARMQ PCJ?AGML?BMQ
AML JMQ BCPCAFMQ GLBeECL?Q
AML SL? CQNCAG?J ?RCLAGgL ? J?Q ASCQRGMLCQ
RCPPGRMPG?JCQ %L J? jJRGK? QCAAGgL
?LRCQ BC J?Q AMLAJSQGMLCQ BCJ A?NeRSJM
QC
BGQASRCL JMQ GKN?ARMQ K\Q BGDSQMQ BC JMQ NPMWCARMQ CLCPEbRGAMQ CL J?
!K?XMLe? 3C RP?R?L BC GKN?ARMQ OSC LM QMJ?KCLRC ?DCAR?L ? J? NM@J?AGgL
JMA?J
QGLM OSC R?K@GbL ?DCAR?L ? JMQ EPSNMQ QMAG?JCQ W CAMQGQRCK?Q K\Q
?KNJGMQ 0MP JM ECLCP?J
CQRMQ GKN?ARMQ QML BCLSLAG?BMQ W CLDPCLR?L J?
PCQGQRCLAG?BCJ?QMPE?LGX?AGMLCQLMES@CPL?KCLR?JCQ?K@GCLR?JGQR?Q
0MJeRGA?QBCCLCPEe?
NCRPgJCMWCJL?AGML?JGQKM
,MQCQRSBGMQBCJMQA?QMQNPCQCLR?BMQCLCQRCJG@PMRGCLCLAMKMRCK?ACLRP?J
M
BC ?JESL? DMPK? RMA?L CJ RCK? PCJ?AGML?BM ? J? CVNJMP?AGgL CVRP?ARGT? BC
FGBPMA?P@SPMQ !PAC 2?KePCX ,?PPC?
,?PPC? W "P?TM 0CPCBM "GMPB
J?
NPMBSAAGgL BC @GMAMK@SQRG@JCQ W @GMK?Q? !LBP?BC W -GAAMJGQ !PAC !QQGQ W
#?PLCGPM0SCPR?
W?J?CLCPEe?FGBPMCJbARPGA? %SJCPW3?LRMQ
"GMPB
0CPCBM
,? JCARSP? BC JMQ A?NeRSJMQ KSCQRP? OSC CQRMQ RCK?Q CQR\L BGPCAR?KCLRC
PCJ?AGML?BMQAMLJ?A?BCL?BCJMQFGBPMA?P@SPMQ%QRMCQM@TGMCLCJA?QMBCJ
NCRPgJCMWCJE?Q
NCPMJ?BCAGQGgLNPGLAGN?JBCJEM@GCPLM@P?QGJCfMN?P?GLTCPRGP
CL @GMAMK@SQRG@JCQ
CQ R?K@GbL GLQCN?P?@JC BC J? BGL\KGA? BC JMQ KCPA?BMQ
BCJ NCRPgJCM W BCJ E?Q )LAJSQGTC J? CLCPEe? FGBPMCJbARPGA? PCQNMLBC R?K@GbL ?
JMQ CQReKSJMQ BC CQRC KCPA?BM
W? OSC J?Q BCAGQGMLCQ N?P? F?ACP EP?LBCQ
GLTCPQGMLCQCLGLDP?CQRPSARSP?FGBPMCJbARPGA?QMLCDCARS?B?QA?JASJ\LBMQCQM@PC
CJAMQRMBCMNMPRSLGB?BBCECLCP?AGgLBCCJCARPGAGB?B?RP?TbQBCJE?QMBCJMQ
BCPGT?BMQBCJNCRPgJCM
4?@J?0?PRGAGN?AGgLPCJ?RGT?BCBGDCPCLRCQDSCLRCQCLJ?NPMBSAAGgLWAMLQSKMBC
CLCPEe?CLJMQN?eQCQ?K?XgLGAMQCLCJ?fM BCJRMR?J
&SCLRC 0PMB #MLQ 0PMB #MLQ 0PMB #MLQ 0PMB #MLQ 0PMB #MLQ 0PMB #MLQ
#?P@gL
0CRPgJCM
'?Q
(GBPMCJbARPGA?
2CLMT?@JCQ
&SCLRC&)%30
%VNJMP?AGgLBCNCRPgJCMWE?QCLJ?!K?XMLe?
%J ?L\JGQGQ FGQRgPGAM PC?JGX?BM CL JMQ A?NeRSJMQ
W KSCQRP? OSC JMQ
NPGLAGN?JCQ N?eQCQ NPMBSARMPCQ BC NCRPgJCM W E?Q BC J? PCEGgL N?L?K?XgLGA?
RGCLCL SL? J?PE? FGQRMPG? BC A?K@GMQ NCPGgBGAMQ BCJ KMBCJM BC CVNJMR?AGgL BC
CQRMQ PCASPQMQ %L ?JESL?Q MA?QGMLCQ
CJ AMLRPMJ BC JMQ PCASPQMQ CQ
K?WMPGR?PG?KCLRC CQR?R?J %L MRPMQ
CVGQRCL NCPeMBMQ BC JG@CP?JGX?AGgL
AML
BGTCPQMQ EP?BMQ BC N?PRGAGN?AGgL BCJ QCARMP NPGT?BM %L CQC QCLRGBM
CJJMQ QC
BGDCPCLAG?L BC "P?QGJ
W? OSC CL CQRC N?eQ J? NPCQCLAG? CQR?R?J F? QGBM
NPCBMKGL?LRC
6CLCXSCJ? QC BCQR?A? BCQBC F?AC BbA?B?Q NMP AMLR?P AML SL? CAMLMKe?
@?Q?B?NPGLAGN?JKCLRCCLJ?NPMBSAAGgLBCFGBPMA?P@SPMQ!NCQ?PBCRCLCPSL?
GLDCPGMPCQA?J?BCNPMBSAAGgL
J?BCNCLBCLAG?BC%AS?BMPCLJMOSCPCQNCAR??
CQRMQNPMBSARMQCLQSJGQR?BCCVNMPR?AGMLCQCQ?jLK?WMP"MJGTG?
QGCKNPCQC
F?A?P?ARCPGX?BMNMPJ?BCNCLBCLAG?BCCVNMPR?AGMLCQBCNPMBSARMQNPGK?PGMQ
CJE?QL?RSP?JF?RCLGBMSLJSE?PBCQR?A?BMCLRPCJMQNPGLAGN?JCQNPMBSARMQBC
CVNMPR?AGgL 4?@J?
,??NCPRSP?BCLSCTMQA?KNMQCLJ?PCEGgL?K?XgLGA?BCJ%AS?BMP
GLAJSQGTC
CLJ?QXML?QNPMRCEGB?Q
?SKCLRgAMLQGBCP?@JCKCLRCCJGKN?ARM?K@GCLR?JBC
J?CVNJMR?AGgLNCRPMJCP?
NPGLAGN?JKCLRC?RP?TbQBCJ??NCPRSP?BCA?KGLMQ
CJ
?SKCLRMBCJ?GLKGEP?AGgLF?AG?J?PCEGgLWJ?AMLQGESGCLRCGLRCLQGDGA?AGgLBCJ?
BCDMPCQR?AGgL
0CRPM@P?QDSCDSLB?B?CLCJ?fM%J%QR?BMK?LRSTMCJKMLMNMJGMBCJ?
CVNJMP?AGgLBCNCRPgJCMF?QR?CJ?fM
AS?LBMQCNPMBSHMSL?JG@CP?JGX?AGgLBCJ
KCPA?BMAMLJ?DGL?JGB?BBCNPMKMTCPSL?K?WMPAMKNCRCLAG?%LJ?NP\ARGA?
QGL
CK@?PEM
JMOSCQCM@QCPTgDSCJ?MKLGNPCQCLAG?AMLRGLS?B?BC0CRPM@P?Q%LCJ
EM@GCPLMBC,SGQ)EL?AGM,SJ?B?3GJT?
QCRP?RgBCPCDMPX?PJ?NMQGAGgLBCJ?AMKN?fe?
CLCJKCPA?BMGLRCPLM
?RP?TbQBCA?NGR?JGX?AGMLCQAMLBGLCPMNj@JGAMWNPMNSCQR?QBC
A?K@GMCLCJKMBCJMBCAMLACQGMLCQ
AMLCJDGLBCNPMRCECPSL?K?WMPN?PRGAGN?AGgL
CLCQR?CKNPCQ?CLJ?CVNJMP?AGgLBCNCRPgJCMCL?ES?QNPMDSLB?Q
4?@J? 0PMBSAAGgL BC NCRPgJCM W E?Q CL JMQ N?eQCQ ?K?XgLGAMQ CL CJ ?fM
&SCLRC#)!
$GQNMLG@JCCL
FRRNQUUUAG?EMTQC?PAF OMGJVWQGRC#)!MSRNSRVKJ=LM=BRBAJGCLR#)!KW!ARGM
L&QC?PAFNPMVWQRWJCQFCCR#)!QS@KGR-CRFMBECR
!J?QSKGPCJEM@GCPLMBC"MJGTG?
CJNPCQGBCLRC%TM-MP?JCQ?JXgJ?@?LBCP?BC
J? QM@CP?Le? @MJGTG?L? QM@PC JMQ PCASPQMQ L?RSP?JCQ
QM@PC RMBM CL CJ E?Q .M
QGL?JESL?P?XgL
bJWQSQ@?QCQBC?NMWM?DGPK?@?LOSCCJN?eQCQR?@?CLSL?
NMQGAGgLBCQTCLR?HMQ?CLPCJ?AGgLAMLJMQAMKNP?BMPCQBCE?Q
N?PRGASJ?PKCLRC
"P?QGJ W !PECLRGL? %L K?WM BCJ
CJ EM@GCPLM @MJGTG?LM L?AGML?JGXg J?Q
AMKN?fe?Q CVRP?LHCP?Q OSC MNCP?@?L CL CJ N?eQ
J?Q KGQK?Q OSC QC TGCPML
M@JGE?B?Q ? N?PRGP BC ?OSCJ KMKCLRM ? PC?JGX?P J? CLRPCE? BC RMB? QS
NPMBSAAGgL ? J? CKNPCQ? CQR?R?J 9?AGKGCLRMQ 0CRPMJeDCPMQ &GQA?JCQ "MJGTG?LMQ
90&"
!BCK\Q
CJCTgJ?R?Q?BCGKNSCQRMQM@PCCJNCRPgJCMWCJE?QBC?
SL
!NCQ?PBCJ?CQA?QCXBCPCASPQMQL?AGML?JCQN?P?J?GLTCPQGgLWJ?NCPACNAGgL
BC PGCQEM CL CJ GLASKNJGKGCLRM BC JMQ AMLRP?RMQ N?P? JMQ GLTCPQGMLGQR?Q
CVRP?LHCPMQ
CJ QCARMP GLAPCKCLRg QS N?PRGAGN?AGgL CL J? K?RPGX CAMLgKGA? BCJ
N?eQ 0?Qg BC BCJ 0)" CL CJ ?J
BC 0)" CL CJ 4?K@GbL
FS@M SL ?SKCLRM BCJ CL GLTCPQGMLCQ BCJ QCARMP CLRPC CJ W CJ
,?QCVNMPR?AGMLCQBCE?QWMRPMQFGBPMA?P@SPMQJJCE?PML?AMPPCQNMLBCPACPA?
BCJ BCJ T?JMP RMR?J BC J?Q CVNMPR?AGMLCQ @MJGTG?L?Q TCP A?NeRSJM
#ML
CJJM
CJ KMBCJM BC NPMBSAAGgL CL QG LM A?K@Gg CL L?B?
JM OSC PC?JKCLRC QC
NPMBSHM DSC SL A?K@GM BC BSCfM
N?Q?LBM BC J?Q CKNPCQ?Q NPGT?B?Q ?J
EM@GCPLM@MJGTG?LM
%L 6CLCXSCJ?
CJ L?AGML?JGQKM CP? ?jL K\Q CTGBCLRC ! NCQ?P OSC CJ QCARMP
NCRPMJeDCPMW?QCCLAMLRP?@?L?AGML?JGX?BMBCQBCCJ?fM
AS?LBMQCAPCg
J? NCRPMJeDCP? 0CRPgJCMQ BC 6CLCXSCJ? 3! 0$63!
CJ NPCQGBCLRC #F\TCX
BCAGBGgPCBSAGPJ??SRMLMKe?BCJ?AS?JEMX?@?BGAF?CKNPCQ?%QRMMASPPGg?
RP?TbQ BC J? APC?AGgL BC SL KCA?LGQKM AMLQRGRSAGML?J OSC E?P?LRGX?@? ?J
%QR?BM J? NMQCQGgL BC RMBMQ JMQ PCASPQMQ NCRPMJeDCPMQ BCJ N?eQ
CJ ?SKCLRM
QGELGDGA?RGTMBCJ?R?Q?BCJ?QPCE?Je?QOSCQCN?E?@?L?J%QR?BM OSCN?QgBCJ
? SL
W BGTCPQMQ A?K@GMQ CL CJ BGPCARMPGM BC 0$63!
F?QR? OSC
bQRMQQC?BCAS?P?L?J?QLSCT?QPCEJ?QBCHSCEMBCJEM@CPL?LRC
#F\TCX R?K@GbL RSTM SL N?NCJ BCQR?A?BM CL J? /PE?LGX?AGgL BC JMQ 0?eQCQ
%VNMPR?BMPCQBC0CRPgJCM /0%0
W?OSCDSCBCAGQGTMN?P?J?PCASNCP?AGgLBC
JMQNPCAGMQBCJNCRPgJCM?NPGLAGNGMQBCJ.MF?WBSB?OSC6CLCXSCJ?
?J
QCP CJ QCVRM NPMBSARMP BC NCRPgJCM CL CJ KSLBM 4?@J?
CQ SL QMAGM
K?WMPGR?PGM BC J? CAMLMKe? KSLBG?J BCJ ?JRM A?P@MLM
C FGXM KSW NMAM N?P?
A?K@G?P CQR? QGRS?AGgL %J N?eQ A?PCAC BC NPMEP?K?Q N?P? @SQA?P LSCT?Q
DSCLRCQBCCLCPEe?WPCBSAGPCJAMLQSKMBCAMK@SQRG@JCQDgQGJCQ5L?CTGBCLRC
NMJeRGA?BCBCNCLBCLAG?WAMLDG?LX?CLCJKMBCJM?ARS?JBC6CLCXSCJ?
QM@PCCJ
?ARS?J N?RPgL BC AMLQSKM BC AMK@SQRG@JCQ DgQGJCQ QML JMQ TGPSJCLRMQ ?R?OSCQ
OSCCJNPCQGBCLRC#F\TCXF?AC?JMQNPMEP?K?QBC@GMAMK@SQRG@JCQAMKMCJBC
"P?QGJ
W?OSCCLQSMNGLGgL
QgJMNPMKSCTCLCJBCQCKNJCMWJ? BCDMPCQR?AGgL
?KCL?X?LBMJ?QCESPGB?B?JGKCLR?PG?BCJ?NM@J?AGgLK\QNM@PC
#MJMK@G? QC CLASCLRP? SL NMAM JCHMQ BC JMQ BCK\Q N?eQCQ NPMBSARMPCQ BC
NCRPgJCMBCJ?!K?XMLe?
R?LRMCLRbPKGLMQBCBGQASPQMGBCMJgEGAMNMPN?PRCBC
QSQ EM@CPL?LRCQ
?Qe AMKM CL CJ AMLRCLGBM BC QSQ NMJeRGA?Q PCAGCLRCQ N?P? CJ
QCARMP !J PCQNCARM
CQRC N?eQ R?K@GbL F? TGTGBM QSQ NCPeMBMQ BC ?JRCPL?LAG?
CLRPCCJCQR?RGQKMWCJJG@CP?JGQKM
QSFGQRMPG?PCAGCLRCQCA?P?ARCPGX?NMPQCPSL
NCPeMBMBCCQR?@GJGB?BBCLRPMBCSLKMBCJMJG@CP?J!BGDCPCLAG?BC6CLCXSCJ?
"MJGTG? W %AS?BMP
CJ NPCQGBCLRC JT?PM 5PG@C
LSLA? ?BMNRg SL
BGQASPQM L?AGML?JGQR? LG ?LRGCQR?BMSLGBCLQC 0MP CJ AMLRP?PGM
J?Q PCJ?AGMLCQ
CLRPC#MJMK@G?W%QR?BMQ5LGBMQQCCLRPCJ?X?PMLAMLJ?DGL?JGB?BBCNPMKMTCP
SL? AMMNCP?AGgL N?P? AMK@?RGP J? NPMBSAAGgL W CVNMPR?AGgL BC BPME? CL
#MJMK@G?
$SP?LRC CQRC NCPeMBM
CJ EM@GCPLM AMJMK@G?LM QCN?Pg J?Q ?ARGTGB?BCQ BC
NPMBSAAGgL BC J?Q ?ARGTGB?BCQ BC PCESJ?AGgL W AMLRPMJ BC J? CVNJMP?AGgL BC
NCRPgJCM(S@MSL?SKCLRMBCJ?GLTCPQGgLCVRP?LHCP?CLCJN?eQ
GLAJSQGTCAML
J?N?PRGAGN?AGgLBCCKNPCQ?QBCN?eQCQCKCPECLRCQAMKM"P?QGJ
#FGL?C)LBG?
!JESL?Q QS@QGBG?PG?Q BC J? CKNPCQ? CQR?R?J BC NCRPgJCM %AMNCRPMJ DSCPML
NPGT?RGX?B?Q
?JKGQKMRGCKNMOSCN?PRCBCQSA?NGR?JDSCLCEMAG?BMCLJ?@MJQ?
BC T?JMPCQ %L CQR? CR?N?
J? CKNPCQ? R?K@GbL CKNCXg ? PC?JGX?P GLTCPQGMLCQ
DSCP?BCJN?eQ
KSAF?QTCACQCL?QMAG?AGgLAMLJ?QCKNPCQ?QCVRP?LHCP?Q
"GMAMK@SQRG@JCQ
,MQ@GMAMK@SQRG@JCQQCA?P?ARCPGX?LK\QAMKMSL?NMQG@GJGB?BOSCAMKMSL?
PC?JGB?B CL JMQ N?eQCQ N?L?K?XgLGAMQ ,?Q BMQ CVACNAGMLCQ QML #MJMK@G? W
"P?QGJ 3GL CK@?PEM
#MJMK@G? PCAGbL GLGAG? QSQ GLTCPQGMLCQ CL CJ QCARMP %L
R?LRMOSC"P?QGJ
CQSLN?eQOSCW?RGCLCSL?K?WMPCVNCPGCLAG?
NPGLAGN?JKCLRC
AMLJ?NPMBSAAGgLBCCR?LMJ
J?QNJ?LR?AGMLCQBCA?f?BC?XjA?PQCAMLACLRP?L
DSCP? BC J? PCEGgL ?K?XgLGA? $C RMBMQ KMBMQ
J? JJCE?B? BC JMQ ASJRGTMQ BC
A?f?BC?XjA?P
WCLCQNCAG?JJMQASJRGTMQBCNJ?LR?QMJCMQ?QCLCQR?PCEGgLW?
ECLCP?LSL?NPCMASN?AGgL
#MJMK@G? GLGAGg SL NPMEP?K? BC DMKCLRM N?P? J? NPMBSAAGgL BC CR?LMJ CL CJ
5L? BC J?Q KCBGB?Q K\Q GKNMPR?LRCQ DSC J? ?BGAGgL BC SL BCJ
AMK@SQRG@JC?J?E?QMJGL?CLJ?QAGSB?BCQAMLK\QBC
F?@GR?LRCQ,?Q
GLTCPQGMLCQNPMBSARGT?QN?P??KNJG?PJ?MDCPR?BCCR?LMJCQR\LQGCLBMPC?JGX?B?Q
NMPJ?GLGAG?RGT?NPGT?B?
AMLR?LBMAMLCJ?NMWMDGQA?JWDGL?LAGCPMBCJEM@GCPLM
%J @GMBGCQCJ QC CVN?LBC K\Q JCLR?KCLRC
? NCQ?P OSC #MJMK@G? CQ SL
GKNMPR?LRCNPMBSARMPKSLBG?JBC?ACGRCBCN?JK?
(?QR?F?ACNMAM
"P?QGJRCLe?SL?EP?LBCNCLBCLAG?BCJ?QGKNMPR?AGMLCQN?P?
Q?RGQD?ACP QS AMLQSKM BC BCPGT?BMQ BCJ NCRPgJCM 3C APCe? OSC QS NCRPgJCM W
E?Q CP?L KSW NCOSCfMQ $C@GBM ? CJJM
BCQNSbQ BC J? NPGKCP? APGQGQ BC
NCRPgJCM ? NPGLAGNGMQ BC J? BbA?B? BC
CJ N?eQ GLGAGg SL ?K@GAGMQM
NPMEP?K? BC BCQ?PPMJJM BCJ CR?LMJ AMKM AMK@SQRG@JC ?SRMKMRMP
M 0PM?JAMFMJ
-CJMC&MLQCA?
%QRCNPMEP?K?GLAJSWgCJBCQ?PPMJJMBCSL?RCALMJMEe?
N?P? J? APC?AGgL W ?B?NR?AGgL BC JMQ KMRMPCQ W
JM K\Q GKNMPR?LRC
SL
NPMEP?K?N?P?NPMBSAGPAMK@SQRG@JC?N?PRGPBCJ?A?f?BC?XjA?P4MBMCQRMQC
AMLAPCRGXgEP?AG?Q?J?QS@TCLAGgLBCJEM@GCPLM
,?NPMBSAAGgLBCA?f?BC?XjA?P
GLGAG?JKCLRCQCAMLACLRPgCLJ?QPCEGMLCQBCJ
3SPCQRCW.MPCQRCBCJN?eQ
BMLBCW?CVGQRe?LNJ?LR?Q?XSA?PCP?QGLQR?J?B?Q%J
NPMEP?K? RSTM SL PCJ?RGTM bVGRM
?J NSLRM OSC ?J DGL?JGX?P J? BbA?B? BC
?NPMVGK?B?KCLRC CJ BC JMQ TCFeASJMQ NPMBSAGBMQ CL CJ N?eQ QC
KMTGJGX?@?L AML CJ CR?LMJ 3GL CK@?PEM
CL CQ? bNMA? CJ NPCAGM BCJ @?PPGJ BCJ
NCRPgJCM APSBM OSC RCLe? SL AMQRM BC ? BgJ?PCQ ?NPMVGK?B?KCLRC
A?Wg?SLLGTCJBC?BgJ?PCQ
KGCLRP?QOSCJMQNPCAGMQ BCJ?XjA?PQC
CJCT?@?L
J?NPMBSAAGgLBCJAPSBMQCF?Ae?K\Q?RP?ARGT?OSCJ?NPMBSAAGgLBC
CR?LMJ %QRM A?SQg SL? APGQGQ BC QSKGLGQRPM BCJ CR?LMJ
W SL? NbPBGB? BC
AMLDG?LX?NMPN?PRCBCJMQAMLQSKGBMPCQBCCQRCAMK@SQRG@JC
%JBCQAPbBGRMBCJCR?LMJDSCQSNCP?BMNMPBMQD?ARMPCQAMGLAGBCLRCQ
CJLSCTM
?SKCLRMCLCJNPCAGMBCJNCRPgJCM?KCBG?BMQBCJ?BbA?B?BCJ
OSCFGXM
QS@GP JMQ NPCAGMQ BC J? E?QMJGL? CL RMBM CJ KSLBM W
CJ BCQ?PPMJJM BC J?
RCALMJMEe?BCKMRMPCQ@GMAMK@SQRG@JCQ
OSCNMBe?LQCP?@?QRCAGBMQAMLCR?LMJ
E?QMJGL? M AML SL? KCXAJ? ?K@MQ CL AS?JOSGCP NPMNMPAGgL %QRC ?T?LAC FGXM
OSC CJ AMLQSKGBMP LM QC QGLRGCP? ?RP?N?BM ? JMQ NPMBSARMPCQ BC CR?LMJ !J
KGQKM RGCKNM OSC CL CJ KCPA?BM GLRCPLM CJ CR?LMJ APCAGg BC LSCTM
QSQ
CVNMPR?AGMLCQ R?K@GbL ?SKCLR?PML %QRM QC NPMBSHM R?LRM NMP CJ ?SKCLRM BC
JMQNPCAGMQCLCJNCRPgJCM
?QeAMKMR?K@GbLNMPJ?@jQOSCB?BCAMK@SQRG@JCQ
KCLMQAMLR?KGL?LRCQOSCJ?E?QMJGL?
%QRCKCPA?BMGLRCPL?AGML?JCVN?LQGTMBCJCR?LMJFGXMOSCCJEM@GCPLM@P?QGJCfM
@SQA?P??NPMTCAF?PJ?CVNCPGCLAG?WJ?A?N?AGB?BNPMBSARGT?BCQSN?eQAMLJ?
DGL?JGB?B BC AMLTCPRGPQC CL CJ JeBCP KSLBG?J CL J? NPMBSAAGgL W CVNMPR?AGgL BC
CQRCAMK@SQRG@JC4?JAMKMPCQ?JR?P?0SCPR?CLCJA?NeRSJM
SLNPGKCPN?QMCL
CQR? BGPCAAGgL DSC CJ CQDSCPXM AMLHSLRM AML JMQ %QR?BMQ 5LGBMQ N?P?
CQR?LB?PGX?P CJ CR?LMJ AML CJ M@HCRGTM BC RP?LQDMPK?PJ? CL SL NPMBSARM
AMKCPAG?J !J KGQKM RGCKNM
CJ EM@GCPLM ?SKCLRg J?Q GLTCPQGMLCQ CL
GLDP?CQRPSARSP? N?P? CVN?LBGP J? NPMBSAAGgL W E?P?LRGX?P J? KCR? BC BSNJGA?P CJ
\PC?NJ?LR?B?AMLA?f?BC?XjA?PF?QR?CJ?fM
,? NPMBSAAGgL BC A?f? BC ?XjA?P CL J? !K?XMLe? CQ ?jL KSW NCOSCf?
0SCPR?
F?@J? BC AgKM CL CJ CQR?BM BC !APC NPMKMTGg J? GLQR?J?AGgL BC SL?
BCQRGJCPe? CL ?QMAG?AGgL AML CKNPCQ?Q NPGT?B?Q
OSC ?ARS?JKCLRC W? QC
AMLAPCRGXg %L CJ !K?XML?Q R?K@GbL F?W SL NCOSCfM NPMWCARM OSC QC
CLASCLRP? CL D?QC BC NPMBSAAGgL %J EM@GCPLM BCJ CQR?BM BC 0?P\ R?K@GbL F?
KMQRP?BMGLRCPbQCL?SKCLR?PJ?NPMBSAAGgLBCA?f?BC?XjA?PWCR?LMJCLQS
CQR?BM 3GL CK@?PEM
CJ FCAFM CQ OSC NMP CJ KMKCLRM J?Q AMQCAF?Q QC
CLASCLRP?L AMLACLRP?B?Q CL J?Q PCEGMLCQ BCJ 3SBCQRC W .MPBCQRC
CVN?LBGbLBMQCP\NGB?KCLRCNMPCJ#CLRPMMCQRC
LMCVGQRGCLBMNMPCJKMKCLRM
SL?QGELGDGA?RGT?NPCQCLAG?CLJ?!K?XMLe?
!QeAMKMJMQCf?J?P?0SCPR?
CVGQRCSL?EP?LNPCMASN?AGgL?LRCJ?BGDGASJR?BBC
F?ACP ASKNJGP J? JCW W J? BC@GJGB?B BC JMQ KCA?LGQKMQ N?P? CJ SQM BCJ QSCJM
R?JCQ AMKM J? :MLGDGA?AGgL %AMJgEGA? W %AMLgKGA?
OSC NMBPe? BCRCLCP CJ
?T?LACBCCQRCASJRGTMCLJ?QXML?QDMPCQR?JCQ!BGAGML?JKCLRC
SL?PESKCLRM
SRGJGX?BMNMPJMQAPeRGAMQBCJ?CVN?LQGgLBCJCR?LMJWMBCJ?A?f?BC?XjA?P
CQ
OSC ?J ?T?LX?P QM@PC J?Q XML?Q ?EPeAMJ?Q DSCP? BC J? !K?XMLe?
M@JGE? CJ
BCQNJ?X?KGCLRMBCCQR?QXML?Q?GLRCPL?PQCBCLRPMBCJ?PCEGgL
?EP?T?LBMAML
CJJMJ?BCDMPCQR?AGgL
4?K@GbL A?@C BCQR?A?P OSC CL LGLEjL KMKCLRM CVGQRGg NPCMASN?AGgL ?JESL?
QM@PC CJ FCAFM OSC J? NPMBSAAGgL BC ?JGKCLRMQ NMBPe? BGQKGLSGP BC@GBM ? J?
CVN?LQGgL BCJ CR?LMJ
J? AS?J QC F? E?L?BM SL? GKNMPR?LRC BGKCLQGgL CL CJ
N?eQ!BGDCPCLAG?BCJMQBGQASPQMQBCJMQNPCQGBCLRCQBC"MJGTG?%TM-MP?JCQ
#?NeRSJM
WBC6CLCXSCJ?(SEM#F\TCX A?NeRSJM
OSCQ?R?LGX?PMLCJ
AMK@SQRG@JC
CJ EM@GCPLM @P?QGJCfM GLQGQRGg CL NMJeRGA?Q BC ?NMWM N?P? J?
CVN?LQGgL BC J? NPMBSAAGgL BC CQRC AMK@SQRG@JC !BCK\Q BC AMLRP??R?A?P
BGAFMQ KCLQ?HCQ
RMKg TCLR?H? BC J? RCQGQ BC JMQ NPCQGBCLRCQ TCAGLMQ OSC
?DGPK?@?L OSC CJ CR?LMJ @P?QGJCfM CP? SL NPMBSARM QSNCPGMP ?J CR?LMJ
LMPRC?KCPGA?LM
FCAFM ? N?PRGP BC EP?LMQ #MLRP?PG?KCLRC ? JM OSC MASPPC CL
JMQ %QR?BMQ 5LGBMQ
CL "P?QGJ
NMP ?FMP?
J? NPMBSAAGgL BC ?JGKCLRMQ W J?
NPMBSAAGgLBCCR?LMJLMQMLAMKNCRGBMPCQBGPCARMQ
%JKCLQ?HCBCJEM@GCPLMR?K@GbLDSCKSWCLD\RGAM?JNPMKMTCPCJCR?LMJAMKM
SLAMK@SQRG@JCCAMJgEGAM
QGCLBMKCLMQ?EPCQGTMN?P?CJKCBGM?K@GCLRCOSC
J?E?QMJGL?
W?OSCQSAMK@SQRGgLECLCP?KCLMPCQCKGQGMLCQBC#/%LCQRC
NSLRM
CJBGQASPQM@P?QGJCfMQCKSCQRP?SLNMAMAMLRP?BGARMPGM
W?OSC?JKGQKM
RGCKNM OSC NPMKSCTC CJ CR?LMJ
CJ EM@GCPLM F?AC EP?LBCQ CQDSCPXMQ N?P?
NPMKMTCP?JN?eQ?J?AMLBGAGgLBCEP?LNPMBSARMPWCVNMPR?BMPBCNCRPgJCM
,?CLCPEe?FGBPMCJbARPGA?
%JBGQASPQM?K@GCLR?JGQR?BCJEM@GCPLM@P?QGJCfMQCPCNGRCAMLJ?HSQRGDGA?AGgLBC
SL?K?WMPGLTCPQGgLCLACLRP?JCQFGBPMCJbARPGA?Q0MPMRP?N?PRC
J?AMLQRPSAAGgL
BC J?Q FGBPMCJbARPGA?Q CL CJ PeM -?BCGP?
BGQASRGBM CL CJ A?NeRSJM
CQ SL
AMKNMLCLRCGKNMPR?LRCBCLRPMBCJ0J?LBC!ACJCP?AGgLBCJ#PCAGKGCLRM 0!#
J?LX?BM NMP CJ EM@GCPLM BC ,SGQ )EL?AGM ,SJ? B? 3GJT? %J NJ?L RGCLC SL DSCPRC
AMKNMLCLRC BC BCQ?PPMJJM
W ?QCESP?P J? NPMBSAAGgL BC CLCPEe? N?P? CJ
APCAGKGCLRM CAMLgKGAM BCJ N?eQ CQ SLM BC QSQ NPGLAGN?JCQ AMKNMLCLRCQ
!BCK\Q
CQ GKNMPR?LRC PCAMPB?P OSC CQRC RCK? DSC APSAG?J CL J? A?KN?f?
NPCQGBCLAG?J BCJ
W? OSC "P?QGJ QC F?@e? CLDPCLR?BM ? SL? APGQGQ CL CJ
QSKGLGQRPMCJbARPGAMBC@GBM?J?QQCOSe?QCLCJW,?QBSP?QAPeRGA?Q
FCAF?QNMPCJA?LBGB?RM,SJ??JEM@GCPLMBC&CPL?LBM(CLPGOSC#?PBMQM
NMP
QS NPCQSLR? D?JR? BC NJ?LGDGA?AGgL W BC GLTCPQGgL CL CJ QCARMP CJbARPGAM QC
PCDJCH?PMLCLQSNPMEP?K?BCEM@GCPLM
%QR?Q M@P?Q CLAMLRP?PML SL? EP?L PCQGQRCLAG? NMP N?PRC BC JMQ QCARMPCQ
MPE?LGX?BMQBCJ?QMAGCB?BAGTGJ
PCNPCQCLR?LRCQBCJ?AMKSLGB?B?A?BbKGA?C
GLAJSQGTC BCLRPM BC JMQ QCARMPCQ BCJ EM@GCPLM DCBCP?J QC NPCMASN?PML NMP QSQ
GKN?ARMQ QMAG?JCQ W ?K@GCLR?JCQ 3GL CK@?PEM
JMQ NJ?LCQ BCJ EM@GCPLM BC
E?P?LRGX?P CJ QSKGLGQRPM BC CJCARPGAGB?B LM A?K@G?PML 0MP MRP? N?PRC
CJ
EM@GCPLMDCBCP?JQGESGg?BCJ?LRCAMLCJGLGAGMBCJ?AMLQRPSAAGgLBCSL?RCPACP?
NJ?LR?FGBPMCJbARPGA?
QGCLBMK\QEP?LBCWNMJbKGAMOSCJ?BCJPeM-?BCGP?3C
RP?R?@? BC J? NJ?LR? FGBPMCJbARPGA? BC "CJM -MLRC CL CJ PeM 8GLES %QRC CP? SL
NPMWCARM ?LRGESM CJ AS?J F?@e? ECLCP?BM KSAF?Q BGQASQGMLCQ
F?@GCLBM QGBM
N?P?JGX?B? CL CJ ?fM BC@GBM ? J? CLMPKC NPCQGgL OSC CHCPAGCPML JMQ
KMTGKGCLRMQQMAG?JCQ
W?OSCCQR?M@P?RCLBPe?SLEP?LGKN?ARMCLCJPeMWCL
J?QNM@J?AGMLCQGLBeECL?QOSCQCCLAMLRP?@?LCLQSQ?JPCBCBMPCQ%JEM@GCPLM
BCJ NPCQGBCLRC ,SJ? PCTGTGg CJ NPMWCARM
PC?JGXg ?JESL?Q KMBGDGA?AGMLCQ W CL CJ
QCGLGAG?PMLJ?QM@P?Q
-GCLRP?QOSCJ?NJ?LR?FGBPMCJbARPGA?BCJPeM-?BCGP?*GP?SWJ?BC3?L!LRMLGM
RGCLCLSL?A?N?AGB?BBCNPMBSAAGgLBCW-7
PCQNCARGT?KCLRC
J?
BC "CJM -MLRC NMP Qe QMJ? NSCBC NPMBSAGP -7 BC NMRCLAG? 3GL
CK@?PEM
CQR? NPMBSAAGgL QgJM QC NPMBSAGPe? CL JMQ KCQCQ BC K?WMP
NPCAGNGR?AGgL NJSTG?J
W? OSC CJ J?EM BC J? PCNPCQ? DSC BGQCf?B? N?P? BGQKGLSGP
BC JMQ IK BCJ NPMWCARM MPGEGL?J F?QR? JMQ IK %L NPMKCBGM
QC
CQRGK? OSC J? NJ?LR? RCLBP\ SL? A?N?AGB?B PC?J BC -7 BC NMRCLAG?
!BCK\Q
CJ NPMWCARM MPGEGL?J NPCTCe? J? AMLQRPSAAGgL BC MRP?Q PCNPCQ?Q CL J?Q
?JRSP?Q BC "CJM -MLRC
RCLGCLBM NMP M@HCRGTM PCESJ?P CJ A?SB?J BCJ PeM W
E?P?LRGX?PJ?ECLCP?AGgLBCCJCARPGAGB?BQGCKNPCACPA?BCQSK\VGK?A?N?AGB?B
BCJ?NJ?LR?
,? PCBSAAGgL BCJ J?EM
? NCQ?P BC BGQKGLSGP CJ GKN?ARM GLGAG?J BC J? M@P?
DSC
PCAG@GB? AML NMAM CLRSQG?QKM NMP JMQ ?K@GCLR?JGQR?Q
OSGCLCQ JM AMLQGBCP?PML
AMKMSLA?@?JJMBCRPMW? )LQRGRSRM3MAGM?K@GCLR?J
0?P?CJJMQ
SL?TCX
OSC J? NJ?LR? CLRP?P? CL DSLAGML?KGCLRM W J? T?PG?AGgL BC J? A?N?AGB?B QC
CKNCX?P??QCLRGP
CJEM@GCPLMDCBCP?JAMLRGLS?Pe?AMLCJNPMWCARMBCJ?QM@P?Q
N?P?PCESJ?PCJA?SB?J%JGKN?ARMBCCQR?M@P?NMBPe?QCPBCT?QR?BMP
LMQgJM
NMP QSQ CDCARMQ BGPCARMQ QM@PC CJ PeM
QGLM R?K@GbL NMP JMQ A?KGLMQ OSC
LCACQ?PG?KCLRCQCRGCLCLOSC?@PGPCLCJAMP?XgLBCJ?QCJT?N?P?JJCE?P?JPeM
8GLES )LBSB?@JCKCLRC CQRM QGELGDGA?Pe? J? ?NCPRSP? BC LSCTMQ DPCLRCQ BC
AMJMLGX?AGgLWJ?BCDMPCQR?AGgLCLJ?PCEGgL
"CJM-MLRCCQJ?M@P?K\QEP?LBCBCJ0!#%JAMLQMPAGMOSCJ?AMLQRPSGP\WJ?
CVNJMR?P\%LCPEe?BCJ.MPRCzRGCLCSL?N?PRGAGN?AGgLK?WMPGR?PG?BCJEM@GCPLM
@P?QGJCfM
? RP?TbQ BC QSQ CKNPCQ?Q BC ECLCP?AGgL BC CLCPEe? #FCQD
%JCARPMLMPRC W %JCARPM@P?Q
OSC RGCLCL CJ
BC QSQ ?AAGMLCQ W
BC JMQ
DMLBMQBCNCLQGMLCQBCJMQCKNJC?BMQBC0CRPM@P?QWBCJ"?LAMBM"P?QGJOSC
NMQCCLCJ
BCJ?Q?AAGMLCQ%JAMLQMPAGMPCQNMLQ?@JCBCJ?AMLQRPSAAGgL
W CVNJMP?AGgL BC J? NJ?LR? BC *GP?S %LCPEe? 3MQRCLG@JC CL "P?QGJ CQ
AMLRPMJ?BMNMPJ?QCKNPCQ?QNPGT?B?Q
NCPMASCLR?LAMLSL?EP?LN?PRGAGN?AGgL
BCJ EM@GCPLM @P?QGJCfM
? RP?TbQ BC J?Q CKNPCQ?Q %JCARPM@P?Q W #FCQD
OSC
NMQCCLCJBCQSQ?AAGMLCQ,?NJ?LR?BC3?L!LRMLGMCQAMLQRPSGB?NMPSL
EPSNM BC CKNPCQ?Q AMLRP?R?B?Q NMP J? AMLACQGML?PG? GLAJSWbLBMQC JMQ
BCPCAFMQ BC CVNJMP?AGgL BC J? NJ?LR? ? RP?TbQ BC SL? QS@?QR? ,?
AMLACQGML?PG? 3?L !LRMLGM %LCPEe? z RGCLC AMKM ?AAGMLGQR? K?WMPGR?PGM ? J?
CKNPCQ? CQR?R?J &SPL?Q #CLRP?JCQ %JbARPGA?Q
OSC NMQCC CJ BC QSQ
?AAGMLCQ!BCK\Q
SLDMLBMBCGLTCPQGgLAMLRPMJ?BMNMPCJEM@GCPLM&)&'43
OSCRGCLCLCJBCQSQ?AAGMLCQ
!BCK\QBCNPMNGCR?PGMK?WMPGR?PGMBCJ?QLSCT?QNJ?LR?Q
CJEM@GCPLM@P?QGJCfM
R?K@GbL QCP\ CJ K?WMP DGL?LAG?BMP BC JMQ KGQKMQ "CJM -MLRC RGCLC SL AMQRM
CQRGK?BM BC ?JPCBCBMP BC 2
@GJJMLCQ BC PC?JCQ SLMQ
@GJJMLCQ BC
&'43&MLBMBC'?P?LRe?BC4GCKNMBC3CPTGAGMCQSLBCPCAFMBCRMBMQJMQ
RP?@?H?BMPCQ@P?QGJCfMQOSCASCLR?LAMLSLAMLRP?RMJ?@MP?JBCK?LCP?DMPK?J
J?
KGQK?OSC?ARj?AMKMSL?CQNCAGCBCQCESPM,MQCKNJC?BMPCQPC?JGX?LBCNgQGRMQ
KCLQS?JCQ?J&MLBM
CJAS?JCQ?BKGLGQRP?BMNMPJ?#?H?%AMLgKGA?&CBCP?J
NSBGCLBM
CJRP?@?H?BMPPCRGP?PJMQDMLBMQ?OSCRGCLCBCPCAFMCL?JESL?QMA?QGMLCQCQNCAeDGA?Q
AMKMNMPCHCKNJMCLJ?AMKNP?BCQSA?Q?
AS?LBMQCPCRGP?MAS?LBMCQBCQNCBGBM
M
R?K@GbLCLCJA?QMOSCNPCQCLR?P?SL?EP?TCCLDCPKCB?B
FRRNUUUDERQEMT@PRP?@?JF?BMPGLBCV?QN
%J&)&'43QCAPCgCLCJN?P?
T?JMPGX?PJ?QASMR?QBCJ&MLBMBC'?P?LRe?BC4GCKNMBC3CPTGAGMKCBG?LRCJ?
?NJGA?AGgLBCQSQPCASPQMQCLJ?AMLQRPSAAGgL
PCLMT?AGgL
?KNJG?AGgLM
GKNJCKCLR?AGgLBCNPMWCARMQBCGLDP?CQRPSARSP?CLA?PPCRCP?Q
NSCPRMQ
FGBPMTe?Q
DCPPMA?PPGJCQ
CLCPEe?WQ?LC?KGCLRM FRRNUUUDERQEMT@PRP?@?JF?BMPDG=DERQ?QN
BgJ?PCQ
,?N?PRGAGN?AGgLBCJ"?LAM.?AGML?JBC$CQ?PPMJJM%AMLgKGAMW3MAG?J
".$%3
NSCBCPCNPCQCLR?PF?QR?SLBCJ?GLTCPQGgLRMR?JBCJNPMWCARM
BC
?ASCPBMAMLCJNPMNGM@?LAM".$%3?NPM@gDGL?LAG?AGMLCQBC2
@GJJMLCQ
BCPC?JCQN?P?NJ?LR?BC*GP?SW2
@GJJMLCQN?P?J?BC3?L!LRMLGM
%J EM@GCPLM ?ARS?JKCLRC RGCLC AJ?PM JM OSC BC@C QCESGP
BCQBC CJ ?fM
TGCLCPC?JGX?LBMCQDSCPXMQLMQgJMN?P??SKCLR?PJ?MDCPR?BCCJCARPGAGB?B
QGLM
R?K@GbL N?P? AMLTCPRGPQC CL QMAGM K?WMPGR?PGM BC JMQ LSCTMQ BCQ?PPMJJMQ CL
CQR?\PC?%J%QR?BM?QSKC?QeQSN?NCJBCNPMNSJQMPBCJ?CAMLMKe?
JMAS?J
CQ AMFCPCLRC AML CJ BGQASPQM BCJ CV NPCQGBCLRC ,SGQ )EL?AGM ,SJ? B? 3GJT?
AS?LBMCP?A?LBGB?RM3GLCK@?PEM
?J?DCAF?JMGLAMFCPCLRCCQJ??ARGRSBBCJ
EM@GCPLM DPCLRC ? JMQ GKN?ARMQ QMAG?JCQ W ?K@GCLR?JCQ BC J?Q EP?LBCQ NJ?LR?Q
FGBPMCJbARPGA?Q CL J? !K?XMLe? #MKM JM BCQR?A? CJ )LQRGRSRM 3MAGM!K@GCLR?J
J? FGBPMCJbARPGA? BC "CJM -MLRC ?N?PCAC AMKM SL? BC J?Q M@P?Q
CQRP?RbEGA?Q BCJ NPMEP?K? !T?LX? "P?QGJ
NCPRCLCAGCLRC ?J EM@GCPLM BCJ
NPCQGBCLRC &CPL?LBM (CLPGOSC #?PBMQM
?LRCACQMP BC ,SJ? #S?LBM CP?
A?LBGB?RM
,SJ? W QS N?PRGBM QC MNSQGCPML RCL?XKCLRC ? CQR? M@P? %L CJ
AMLRCLGBM CQNCAG?J QM@PC %J JSE?P BC J? !K?XMLe? CL CJ BCQ?PPMJJM BCJ "P?QGJ
N?PRCBCJNPMEP?K?BCEM@GCPLMBCJNPCQGBCLRCCJCARM
JJ?KgJ? ?RCLAGgLQM@PC
CJQGESGCLRCFCAFM
$MQ NPMWCARMQ TGCLCL QGCLBM M@HCRM BC GLRCLQMQ BC@?RCQ J? NJ?LR?
FGBPMCJbARPGA?BC"CJM-MLRC
CL0?P\
WCJBCE?QBC5PSAS
CLCJ!K?XML?Q
!BCK\Q BC CQRM R?K@GbL CQ NPCMASN?LRC J?Q PCNPCQ?Q NPMNSCQR?Q CL J?
#SCLA? BCJ PeM !P?ES?G? W 4MA?LRGLQ ,? K?RPGX CLCPEbRGA? @P?QGJCf?
OSC
BCNCLBC @\QGA?KCLRC BC J? CLCPEe? FGBPMCJbARPGA?
AML J? AMLQRPSAAGgL BC
KCE? NPMWCARMQ BC PCNPCQ?Q BC PeMQ
?DCAR?P\L J? #SCLA? !K?XgLGA?
#MLQGBCP\LBMQC J?Q A?P?ARCPeQRGA?Q BC J? !K?XMLG?
CJ AMLMAGKGCLRM
DP?EKCLR?BMCGLQSDGAGCLRCOSCQCF??ASKSJ?BMCLQSQBGTCPQ?QDMPK?QQM@PC
J? PC?AAGgL BC J? L?RSP?JCX? CL PCJ?AGgL ? J? AMLQRPSAAGgL BC PCNPCQ?Q CL QSQ
ASCLA?Q
LMCQPCAMKCLB?@JCPC?JGX?P?AGCE?QCQR?QAMLQRPSAAGMLCQR?JAMKM
JMTGCLCF?AGCLBMCLJ?NP\ARGA?%JCARPMLMPRC N
,? NMJeRGA? @P?QGJCf? CL PCJ?AGgL ? J? ECLCP?AGgL BC CLCPEe? CJbARPGA? CQ SL?
DSCPRC CTGBCLAG? BCJ PMJ OSC CJ %QR?BM ?QSKGg BCQBC CJ %VGQRGg SL
?SKCLRM BC J? GLTCPQGgL Nj@JGA? CL BGAFM QCARMP
AML NMA? M LGLESL?
FRRNUUU@LBCQEMT@P3GRC".$%3@LBCQ@LBCQ=NR)LQRGRSAGML?J3?J?=BC=)KNPCLQ?
.MRGAG?QCLCPEG?="CJM=-MLRCFRKJ#MLQSJR?BMCJ
FRRNUUU@LBCQEMT@P3GRC".$%3@LBCQ@LBCQ=NR)LQRGRSAGML?J3?J?=BC=)KNPCLQ?
.MRGAG?Q%LCPEG?=HGP?SFRKJ#MLQSJR?BMCJ
FRRNUUU@LBCQEMT@P3GRC".$%3@LBCQ@LBCQ=NR)LQRGRSAGML?J3?J?=BC=)KNPCLQ?
.MRGAG?Q=LMR=FRKJ#MLQSJR?BMCJ
%JJSE?PBCJ?!K?XMLe?CLCJ$CQ?PPMJJMBC"P?QGJ
0PMEP?K?BC'M@GCPLMBCJ
#M?JGAGgL,SJ?0PCQGBCLRC#M?JGAGgL,SJ?0PCQGBCLRC0,
0-.
0#"$GQNMLG@JCCL
UUUDN?@P?KMMPE@PSNJM?BQMJSE?PB??K?XMLG?LMBCQCLTMJTGKCLRMNBD
NPCMASN?AGgLCLJ?@jQOSCB?BC?JRCPL?RGT?QBCCLCPEe?
MCLJ?PCBSAAGgLBC
QS AMLQSKM ? RP?TbQ BC SL? K?WMP CDGAGCLAG? -\Q GKNMPR?LRC ?jL
AMKM QC
BCQNPCLBCBCJA?NeRSJMWCLCJ@PCTC?L\JGQGQPC?JGX?BMNMP"CJM-MLRC
CQJ?
GLBGDCPCLAG? BCJ EM@GCPLM OSC ?J NPMACBCP AML J? CHCASAGgL BC CQR?Q M@P?Q QC
NPMBSXA?LJMQGKN?ARMQ?K@GCLR?JCQWQMAG?JCQ
$CLBPMCLCPEe?
%J0PMEP?K?'P?LBC#?P?H\QRGCLCQSQMPeECLCQCLJ?BbA?B?BC
?N?PRGP
BC SL CQRSBGM AMLRP?R?BM NMP J? CKNPCQ? KGLCP? |#MKN?fe? 6?JJC BCJ 2eM
$MAC} #62$
QGCLBMCL?OSbJCLRMLACQCQR?R?J#62$F?@e??BOSGPGBMBCJ?
CKNPCQ? CQR?BMSLGBCLQC |5LGRCB 3RCCJ} JMQ BCPCAFMQ KGLCPMQ BMLBC QC
CLAMLRP?@?S@GA?B?SL?PGA?NPMTGLAG?CLKGLCP?JCQCLCJCQR?BMBC0?P\%LCJ
?fM
SLEPSNMBCRbALGAMQH?NMLCQCQDSCPMLAMLRP?R?BMQNMP#62$N?P?
NPCN?P?PSLNJ?LGLRCEP?BMBCBCQ?PPMJJMCLJ?PCEGgLBC#?P?H\Q%JBMASKCLRM
GLGAG?J GLQNGPg ?J CLRMLACQ KGLGQRPM BC (?AGCLB?
$CJDGK .CRM
N?P? NMLCP CL
K?PAF? CJ 0PMEP?K? 'P?LBC #?P?H\Q 0'#
NMP KCBGM BC SL $CAPCRM,CW
#MCJFMCR?J
!BCK\Q BC J? CVNJMP?AGgL KGLCP?J
CJ 0'# GLAJSe? NPMWCARMQ ?EPMNCAS?PGMQ
DMPCQR?JCQWBCGLBSQRPG?JGX?AGgL%JBCAPCRMOSCAPC?@?CJ0'#CQR?@JCAe?SL?
QCPGC BC GLACLRGTMQ DGL?LAGCPMQ N?P? ?JCLR?P ? J?Q CKNPCQ?Q GLRCEP?LRCQ CL CJ
NPMEP?K? 5L NJ?L BC BCQ?PPMJJM PCEGML?J N?P? CJ \PC? BC GLAGBCLAG? BCJ 0'#
DSCCJ?@MP?BMNMPJ?!ECLAG?*?NMLCQ?BC#MMNCP?AGgL)LRCPL?AGML?J *)#!
%J
BMASKCLRMAMLRCLe?SL?QCPGCBCNPMNSCQR?QN?P?CJBCQ?PPMJJMGLRCEP?JBCJMQ
PCASPQMQ L?RSP?JCQ S@GA?BMQ CL J? PCEGgL BC #?P?H\Q
J?Q AS?JCQ LSLA? QC
K?RCPG?JGX?PML%J0'#DGL?JKCLRCQCAMLTGPRGgCLSLNJ?LBCGLACLRGTMQDGQA?JCQ
WAPCBGRGAGMQN?P?CJBCQ?PPMJJMBCNMJMQBCBGA?BMQ?J?CVRP?AAGgLWNPMBSAAGgL
BC@?PP?QBCFGCPPMWN?P?J?CVNJMP?AGgLBCK?BCP?CLJ?PCEGgL #MCJFMCR?J
$CAPCRM,CW.r
BCJBCLMTGCK@PCBC
3G J? GKNJCKCLR?AGgL BC J?Q GLBSQRPG?Q KGLCP?Q W KCR?JjPEGA?Q GLGAG?JKCLRC
RSTGCPMLSL?N?PRGAGN?AGgL?ARGT?BCJ%QR?BM
?N?PRGPBCJ?fM
J?QDSCPX?Q
BCJKCPA?BMPC?JGX?PMLSLDSCPRCGKNSJQMN?P?QSAMLQMJGB?AGgLWCVN?LQGgL
R?J
AMKMJMQCf?J?L!QeQW#?PLCGPMCLCJA?NeRSJM,MQNPCAGMQBCJ?Q@?PP?QBC
FGCPPM?SKCLR?PML?SLLGTCJBCBgJ?PCQNMPRMLCJ?B?
?BgJ?PCQNMP
RMLCJ?B? ?NPMVGK?B?KCLRC CL CJ ?fM %L CQC ?fM
J? APGQGQ DGL?LAGCP?
EJM@?J RP?HM F?AG? ?@?HM JMQ NPCAGMQ BCJ FGCPPM
NCPM CQR? BGQKGLSAGgL DSC
RP?LQGRMPG?
BC@GBM@\QGA?KCLRC?OSC#FGL?
NPGLAGN?JAMLQSKGBMPKSLBG?JBCJ
NPMBSARM
K?LRSTM QS CAMLMKe? KSW ?ARGT? !Qe
CL CJ JMQ NPCAGMQ LM
QMJ?KCLRCQCF?@e?LPCASNCP?BMQGLMOSCN?Q?PML?SLLGTCJBCBgJ?PCQ
NMPRMLCJ?B?
$CQBCCJNSLRMBCTGQR?BCJ?QNMJeRGA?QBCBCQ?PPMJJM
QCNSCBC?DGPK?POSCCJ
0'#F?QGBMKSWCVGRMQM3CAPCgSLEP?LNMJMBCKGLCPe?WBCQGBCPjPEGA?CL
SL? PCEGgL PSP?J
ASW? CAMLMKe? QC @?Q?@? CL J? CVRP?AAGgL BC TCECR?JCQ BC
@?HMT?JMP?EPCE?BM%LJ??ARS?JGB?B
J?PCEGgLCQR\QGCLBM?RP?TCQ?B?NMPSL
DCPPMA?PPGJ
OSC SLC CJ NMJM AML SL NSCPRM KMBCPLM CL J? AMQR? BCJ CQR?BM BCJ
-?P?fgL ,MQ NPMWCARMQ
BGPCAR? C GLBGPCAR?KCLRC PCJ?AGML?BMQ AML CJ 0'#
ECLCP?LCKNJCM
GLEPCQMQ
WNPGLAGN?JKCLRCBGTGQ?QN?P?CJN?eQNMPOSCQCRP?R?
BCSL??ARGTGB?BOSCQCCLASCLRP?ACLRP?B?CLJ?QCVNMPR?AGMLCQ!QGKGQKM
CJ
GLDMPKC PC?JGX?BM NMP !QQGQ W #?PLCGPM BCR?JJ? KSW @GCL OSC CQR? GLBSQRPG? CQ
AMKNCRGRGT?
LM QgJM NMP J? PGOSCX? KGLCP?J BC J? PCEGgL
QGLM R?K@GbL NMP J?
?@SLB?LRC MDCPR? BC A?P@gL TCECR?J OSC QC CJ?@MP? ? N?PRGP BC JMQ @MQOSCQ
L?RGTMQ !BCK\Q
QCEjL 2CGQ
QgJM SL? NCOSCf? N?PRC BC JMQ GLEPCQMQ
ECLCP?BMQCLJ?PCEGgLQMLBCQRGL?BMQN?P?J?NM@J?AGgLJMA?J
QMJ?KCLRCNMP
RP?R?PQCBCQCARMPCQOSCRGCLCLSL@?HMSQMBCK?LMBCM@P?MPGCLR?BMQF?AG?
J?CVNMPR?AGgL
0MQG@JCKCLRCJMQ@CLCDGAGMQCAMLgKGAMQCQR?Pe?LKCHMPBGQRPG@SGBMQNMPCJ0'#
AMLCJPCQSJR?BMBCJ?NPMBSAAGgLBCA?P@gL%QR??ARGTGB?BGLTMJSAP??KGJCQBC
NCOSCfMQ?EPGASJRMPCQBCJMQCQR?BMQBC0?P\
4MA?LRGLQW-?P?fgL3CBC@C
NPCAGQ?P R?K@GbL OSC CQR? R?K@GbL CQ PCQNMLQ?@JC NMP CJ CLMPKC N?QGTM
?K@GCLR?J CL CQR? PCEGgL
CL CQC QCLRGBM QC NSCBC ?DGPK?P OSC J?
AMKNCRGRGTGB?BBCJ?GLBSQRPG?GLQR?J?B?CLBGAF?PCEGgLLMQCBC@CQMJ?KCLRC?
J?PGOSCX?KGLCP?J
QGLMR?K@GbL?J@?HMNPCAGMBCJA?P@gLTCECR?J
,MQB?RMQNPCQCLR?BMQCLCJA?NeRSJMKSCQRP?LOSCCJAMLQSKMBCA?P@gLQC
GLAPCKCLRg A?QG BGCX TCACQ CLRPC CJ ?fM W CJ 0MP JM KCLMQ SL?
AS?PR?N?PRCBCJA?P@gLOSCQCAMLQSKCNPMTGCLCBCJ?BCDMPCQR?AGgL
A?LRGB?B
OSC NSCBC QCP ?jL K?WMP
AMLDMPKC ?BTGCPRCL JMQ ?SRMPCQ
CQRM BC@GBM ? JMQ
DP?SBCQCVGQRCLRCQCLCJQGQRCK?BCAMLRPMJN?P?CJRP?LQNMPRCBCJ?K?BCP?WCJ
A?P@gL %J ?PESKCLRM NPCQCLR?BM NMP !QQGQ W #?PLCGPM BCH?L CL AJ?PM OSC J?
GLBSQRPG?QBCJ?Q@?PP?QBCFGCPPMF?QR?F?ACNMAMFGAGCPMLSLCQDSCPXMKeLGKM
FRRNDMSLBPWE?RCAMK@PLMRGAG?QTCPQM@CNPCAMBMDCPPMESQ?#MLQSJR?BMCJ
N?P??SKCLR?PJ?NPMBSAAGgLBCJA?P@gLTCECR?J?N?PRGPBC@MQOSCQASJRGT?BMQ
W OSC R?JCQ BCAGQGMLCQ QC TGCPML ?DCAR?B?Q NPGLAGN?JKCLRC NMP D?ARMPCQ
CAMLgKGAMQ AJ?P?KCLRC J? BGQKGLSAGgL BCJ A?P@gL CL \PC?Q OSC QC
CLASCLRP?L ?ARS?JKCLRC BCDMPCQR?B?Q W NMP JMQ GLQRPSKCLRMQ DGQA?JCQ
BCQRGL?BMQ ? J? GKNMQGAGgL BC R?Q?Q CL CJ RP?LQNMPRC BCJ A?P@gL CLRPC JMQ
CQR?BMQ
!NCQ?PBCJ?PGESPMQGB?BBCJ?JCEGQJ?AGgL@P?QGJCf?
CQNCAG?JKCLRCBCJ#gBGEM
&MPCQR?J
JMQKCA?LGQKMQBCQSNCPTGQGgLWAMLRPMJF?LBCKMQRP?BMQCPGLjRGJCQ
N?P?BCRCLCPJ?R?J?GJCE?JCLCQR?PCEGgL,?JCLR?QSQRGRSAGgLBCJA?P@gLL?RGTM
NMP MRP?Q DSCLRCQ BC @GMK?Q? LM PCQSJRg QCP SL? LMRGAG? R?L @SCL?
R?J AMKM
GLGAG?JKCLRCNSBMN?PCACP%VGQRCLPCNMPRCQQM@PCCJ?SKCLRMBCJ?NPMBSAAGgL
BCJ A?P@gL BC AMAM |@?@?aS} N?JK? ?ACGRMQ? OSC QC CLASCLRP?
ECMEP\DGA?KCLRCS@GA?B?CLCJLMPRCBCJ"P?QGJ
RP?WCLBMAMKM AMLQCASCLAG?
J? PCBSAAGgL BC QS BGQNMLG@GJGB?B N?P? J?Q NM@J?AGMLCQ OSC BCNCLBCL BC J?
CVRP?AAGgL 0MP MRPM J?BM
JMQ @MQOSCQ OSC F?L QGBM ASJRGT?BMQ RGCLBCL ?
?SKCLR?P J? AMLAGCLAG? BC J? NPMNGCB?B ?EPeAMJ?
W BC@GBM ? CJJM
JMQ NJ?LCQ
N?P? CVN?LBGPJ?Q CLASCLRP?L SL? DSCPRC PCQGQRCLAG? CL JMQ KMTGKGCLRMQ BC
RP?@?H?BMPCQPSP?JCQ
%J?@?LBMLMFGQRgPGAMBCJEM@GCPLMDCBCP?JWBCJMQEM@GCPLMQBCJMQCQR?BMQBC
0?P\WBCJ-?P?fgLCLAS?LRM?J?JCEGQJ?AGgL?K@GCLR?J
R?K@GbLQCCVRCLBGg?
J? JCEGQJ?AGgL J?@MP?J %VGQRCL GLDMPKCQ QM@PC RP?@?H?BMPCQ OSC PC?JGX?L QSQ
J?@MPCQ CL AMLBGAGMLCQ BCEP?B?LRCQ C GLAJSQM CL AMLBGAGMLCQ ?L\JME?Q ? J?
CQAJ?TGRSB
JMQKGQKMQOSCPC?JGX?LJ?BCDMPCQR?AGgLWJ?D?@PGA?AGgLBCJA?P@gL
CL J? PCEGgL BCJ 0'# %L PCQSKCL
CJ bVGRM BCJ NPMEP?K? CQ KSW PCJ?RGTM !
NCQ?POSCAMLRPG@SWg?J?ECLCP?AGgLBCPGOSCX?Q
bQR?F?QGBMK?JBGQRPG@SeB?
AMLRGLS\LBMQC APC?LBM CL J? ?ARS?JGB?B CLMPKCQ N?QGTMQ QMAG?JCQ W
?K@GCLR?JCQ
,? NPMBSAAGgL BC A?P@gL CL CJ 0CPj QGESC SL? JgEGA? KSW BGDCPCLRC ? J? BC
"P?QGJ 3S M@HCRGTM F? QGBM MPGCLR?BM F?AG? CJ KCPA?BM GLRCPLM -SAFM K\Q
GKNMPR?LRC OSC CJ A?P@gL CQ J? JCf?
AMK@SQRG@JC OSC QC SRGJGX?BM NMP A?QG SL
RCPAGMBCJ?NM@J?AGgLNCPS?L?
QCEjL!PAC #?NeRSJMBCCQRCJG@PM
3GCQRC
T?JMP PCQSJR? CJCT?BM CL J? !K?XMLe? 0CPS?L?
CL J? NM@J?AGgL BCJ
BCN?PR?KCLRMBC,MPCRMPCQSJR?QGCLBMK?WMP?jL
W?OSC?JA?LX??SL
!PACR?K@GbLBCQR?A?OSCCJAMK@SQRG@JCRGCLCSL?CLMPKCGKNMPR?LAG?QMAG?J
WBGDeAGJKCLRCNMBP\QCPQSQRGRSGB?NMP?JRCPL?RGT?QKCLMQAMLR?KGL?LRCQ
B?BM
?QS@?HMNPCAGMWEP?L?AACQG@GJGB?B
3GNMPSL?N?PRCCQTCPB?BOSCJ?JCf?RGCLCSLK?WMPNMRCLAG?JBCCKGQGgLBC
E?QCQ BC CDCARM GLTCPL?BCPM OSC MRPMQ AMK@SQRG@JCQ AMKM CJ E?Q
CJ ?ACGRC
TCECR?J
CJ ICPMQCLC C GLAJSQGTC F?QR? CJ KGQKM A?P@gL NMP MRP? N?PRC
?J
KCLMQ CL J? PCEGgL !K?XgLGA?
QS NPMBSAAGgL RGCLC SL CDCARM KSW NCOSCfM
QM@PCJ?BCEP?B?AGgLBCJMQ@MQOSCQ'P?LN?PRCBCJ?K?RCPG?NPGK?SRGJGX?B?
NPMTGCLC BC K?BCP? KSCPR? M BC PCQGBSMQ BC J? CVRP?AAGgL K?BCPCP? ,?
NPMBSAAGgL BC A?P@gL RGCLC SL K?WMP GKN?ARM BC@GBM ? J? BCK?LB? BC SL
K?WMPTMJSKCLBCK?BCP?N?P?OSCK?P?CQA?J?QRbALGA?QWCAMLgKGA?KCLRC
TG?@JCQ#MKMCJAMLQSKMBCJA?P@gLCQPCJ?RGT?KCLRC@?HMKCLMQBCJ
BCJMQFME?PCQNCPS?LMQSRGJGX?LA?P@gLN?P?AMAGL?P
CLAMLRP?QRCAMLCJ
OSCSRGJGX?JCf?CJGKN?ARMCQNCOSCfM
!PAC QCf?J?
QGL CK@?PEM
CJ FCAFM OSC CDCARGT?KCLRC CVGQRC SL? EP?L
NPCMASN?AGgLCLCJSQMBMKbQRGAMBCJ?JCf?
K\QNMPP?XMLCQBCQ?JSBNj@JGA?
W LM ?K@GCLR?JCQ %J EM@GCPLM APCg SL? NMJeRGA? BC QSQRGRSAGgL BC AMAGL?Q
BMKbQRGA?Q ? DGL BC ?SKCLR?P J? CDGAGCLAG? CL J? OSCK? BC J? JCf? W AML CJJM
PCBSAGPBCCQR?K?LCP?QSAMLQSKMWJ?AMLR?KGL?AGgLGLRCPL?
,MQ BMQ A?QMQ NPCQCLR?BMQ CL CQRC JG@PM QML KSW AMLRP?QR?LRCQ %L "P?QGJ
CJ
AMLQSKM BC JCf? NMP A?P@gL TCECR?J ECLCP? CLMPKCQ GKN?ARMQ ?K@GCLR?JCQ
KGCLRP?QOSCCLCJ0CPj
CQRMQGKN?ARMQQMLPCJ?RGT?KCLRCNCOSCfMQ!NCQ?P
OSC J? JCEGQJ?AGgL DMPCQR?J @P?QGJCf? CQ CVRPCK?B?KCLRC PGESPMQ?
FGQRgPGA?KCLRC
LM F? JMEP?BM BCRCLCP J? NPMBSAAGgL W CJ AMKCPAGM GJCE?J BC
A?P@gL 3G NMP SL J?BM J?Q KCBGB?Q BC QSNCPTGQGgL W AMLRPMJ D?JJ?PML
R?KNMAM
CVGQRGCPML GLACLRGTMQ NMP N?PRC BCJ EM@GCPLM N?P? OSC NSBGCP?L A?K@G?P CJ
AMKNMPR?KGCLRM BC JMQ AMLQSKGBMPCQ BC A?P@gL %QR? QGRS?AGgL AMKCLXg ?
A?K@G?P PCAGCLRCKCLRC
BC@GBM ? JMQ A?K@GMQ BCJ KCPA?BM W J? ?AAGgL BCJ
EM@GCPLM %Q SL FCAFM OSC LM FS@M SL? GLRCLQGDGA?AGgL BC J? DGQA?JGX?AGgL
?K@GCLR?JWJ?@MP?JCLJ?PCEGgL)ES?JKCLRCCQGKNMPR?LRCJ?APCAGCLRCCQA?QCX
BC K?RCPG? NPGK? N?P? J? NPMBSAAGgL BC A?P@gL CL J? PCEGgL BC #?P?H\Q
?QMAG?BM AML CJ ?SKCLRM BC JMQ NPCAGMQ BC J?Q @?PP?Q BC FGCPPM 5LM BC JMQ
B?RMQ K\Q PCJCT?LRCQ OSC KSCQRP? J? GKNMPR?LAG? BC J?Q DSCPX?Q BCJ KCPA?BM
CL CQRMQ A?K@GMQ EP?BS?JCQ CQ CJ FCAFM OSC SL? CKNPCQ? DMPCQR?J W SL
NPMTCCBMPBCGLQSKMQCLJ?NPMBSAAGgLBC@?PP?QBCFGCPPM
F?L?BOSGPGBMSL?
D\@PGA?N?P?PC?JGX?PJ?CVRP?AAGgLWD?@PGA?AGgLBC@?PP?QBCFGCPPM
!NCQ?PBCJ?D?JR?BCSL?L\JGQGQK\QNPMDSLBMBCJ?QSQRGRSAGgLBCJ?QAMAGL?Q
BMKbQRGA?QCL0CPj
J?NMJeRGA?N?PCACKSW?NPMNG?B?BCQBCCJNSLRMBCTGQR?
BC J? QMQRCLG@GJGB?B %J SQM BC J? JCf? CQ DSLB?KCLR?JKCLRC GKNMPR?LRC AMKM
SLKCBGMBCTGB?N?P?EP?LN?PRCBCJ?NM@J?AGgLNCPS?L?
QGCLBMQSGKN?ARM
PCJ?RGT?KCLRC @?HM %L CQRC QCLRGBM
N?PCAC KSW ?NPMNG?BM OSC QC @SQOSC
?SKCLR?PJ?CDGAGCLAG?CLCJSQMBCCQRCPCASPQM
CLJSE?PBCQGKNJCKCLRCRP?R?P
BC PCCKNJ?X?PJM NMP ?JRCPL?RGT?Q OSC NSCBCL QCP KSAFM KCLMQ GKN?AR?LRCQ
NCPMOSCBGDeAGJKCLRCQCPe?L?ACNR?BMQNMPJ?NM@J?AGgL
#MLDJGARMQQMAGM?K@GCLR?JCQ
%L K?WMP M KCLMP EP?BM
RMBMQ JMQ CQRSBGMQ NPCQCLR?BMQ CL CQRC TMJSKCL
PCJ?R?L ?JEjL RGNM BC AMLDJGARM QMAGM?K@GCLR?J ,?Q M@P?Q BC GLDP?CQRPSARSP?
CLCPEbRGA?
JMQNPMWCARMQBCNPMBSAAGgLBC@GMAMK@SQRG@JCQWBC@GMK?Q?WJMQ
NPMWCARMQBCCVNJMP?AGgLBCE?QWBCNCRPgJCMF?L?DCAR?BM?J?QAMKSLGB?BCQ
RP?BGAGML?JCQ W ? JMQ NCOSCfMQ ?EPGASJRMPCQ %QRMQ GKN?ARMQ NSCBCL QCP
BGPCARMQ
AMKMCJA?QMBCGLSLB?AGMLCQCLJ?QXML?QGLBeECL?QNMPN?PRCBCJMQ
J?EMQ BC J?Q ACLRP?JCQ FGBPMCJbARPGA?Q
M GLBGPCARMQ
AMKM MASPPC AML JMQ
NPMWCARMQ OSC CQRGKSJ?L J? KGEP?AGgL BC F?@GR?LRCQ F?AG? J? PCEGgL BC J?
!K?XMLe?
A?QMReNGAMCQJ?MASN?AGgLBCJ?!K?XMLe?CAS?RMPG?L?CLA?KGLM
F?AG? J? GLQR?J?AGgL BC J? GLBSQRPG? NCRPMJCP? ,M OSC OSCB? KSW AJ?PM CL JMQ
A?NeRSJMQ?LRCPGMPCQ
CQOSCCLJ?K?WMPe?BCJMQA?QMQJMQNPMWCARMQWNMJeRGA?Q
?@MPB?B?QRP?CLNMAMQ@CLCDGAGMQNCPACNRG@JCQN?P?J?NM@J?AGgLOSCW?PCQGBe?
CLCQR?Q\PC?QQM@PCJ?QAS?JCQCJJMQGLAGBCL
0MQCQGgLBCRGCPP?QWJMQAMLDJGARMQA?KNCQGLMQ
%JA?QMBCJA?P@gLWJ?JCf?
NPCQCLR?BMQCLJMQA?NeRSJMQWQCPe?LJMQBC
KCLMPGKN?ARM,?BGQASQGgLFCAF?NMPJMQ?SRMPCQBCKSCQRP?OSCCJSQMBCJ?
JCf?CLCJ0CPjWJ?NPMBSAAGgLBCA?P@gLCLJ?PCEGgLBC#?P?H\QRGCLCLSL?
EP?LPCJCT?LAG?QMAGCAMLgKGA?N?P?J?NM@J?AGgLPSP?J%QRMQNPMBSARMQ
ECLCP?LCKNJCMCGLEPCQMQ
CQNCAG?JKCLRCCLCJA?QMBCJ?JCf?
OSCQML
GLQSKMQ@\QGAMQN?P?CJK?LRCLGKGCLRMBCTGB?BCCQR?QNM@J?AGMLCQ
%L CJ A?NeRSJM
QGL CK@?PEM
OSCB? AJ?PM CJ GKN?ARM NPMBSAGBM CL J? PCEGgL
NMPCJ?SKCLRMBCJ?BCK?LB?BCJA?P@gL,MQNPCAGMQBCJ?RGCPP??SKCLR?P\L
BGDGASJR?LBM CJ CQR?@JCAGKGCLRM BC LSCTMQ ?QCLR?KGCLRMQ BC 2CDMPK? !EP?PG?
0MPMRP?N?PRC
CQR\CLK?PAF?SLNPMACQMBCPCAMLACLRP?AGgLBCJ?NPMNGCB?B
BC J? RGCPP? ,MQ KMTGKGCLRMQ QMAG?JCQ PSP?JCQ
CL N?PRGASJ?P CJ -MTGKGCLRM BC
JMQ 4P?@?H?BMPCQ 2SP?JCQ 3GL 4GCPP? -34
F?L CQR?BM NPMRCQR?LBM CL AMLRP?
BC J? ?BOSGQGAGgL BC RGCPP?Q N?P? NJ?LR?AGMLCQ BC CSA?JGNRM NMP CKNPCQ?Q
DMPCQR?JCQ W BC NCOSCf?Q QGBCPjPEGA?Q BC DGCPPM DSLBGBM !QQGQ W #?PLCGPM
QCf?J?L OSC CL AGLAM ?fMQ QgJM SL? CKNPCQ? QSDPGg BGCX GLT?QGMLCQ BC
?EPGASJRMPCQ QGL RGCPP? 2CASCPB?L OSC FGQRgPGA?KCLRC CQR? CQ SL? BC J?Q
PCEGMLCQ PSP?JCQ K\Q TGMJCLR?Q BCJ N?eQ
BMLBC QML AMLQR?LRCQ JMQ ?QCQGL?RMQ
BC RP?@?H?BMPCQ PSP?JCQ W BC QGLBGA?JGQR?Q 0PCAGQ?KCLRC
AMKM SL? DMPK? BC
PCBSAGP JMQ AMLDJGARMQ
CJ )LQRGRSRM .?AGML?J BC #MJMLGX?AGgL W 2CDMPK? !EP?PG?
).#2!
AMLACLRP? EP?L N?PRC BC QSQ CQDSCPXMQ CL CQR? PCEGgL
OSC RGCLC J?
K?WMP AMLACLRP?AGgL BC ?QCLR?KGCLRMQ BC 2CDMPK? !EP?PG? CL "P?QGJ %J
CQR?@JCAGKGCLRM BC KMLMASJRGTMQ DMPCQR?JCQ CL EP?L CQA?J? NSCBC NMLCP CL
NCJGEPMCQRCCQDSCPXM
!BCK\QBCJMQAMLDJGARMQPCJ?AGML?BMQQM@PCCJSQMWNPMNGCB?BBCJ?RGCPP?
J?
APCAGCLRCBCK?LB?NMPCJA?P@gLF?L?DCAR?BM?JMQSQS?PGMQBCMRPMQPCASPQMQ
L?RSP?JCQ
R?J CQ CJ A?QM BC J?Q PCAMJCARMP?Q BCJ AMAM @?@?aj
OSC QC
AMLACLRP?L CL CJ CQR?BM BCJ -?P?fgL
.MPRC BC 4MA?LRGLQ
W %QRC BCJ 0?P\
%QR?Q NCPQML?Q TGTCL BC J? PCAMJCAAGgL BCJ AMAM W BC J? CVRP?AAGgL BC QS
A?QR?f? 3C RP?R? BC SL? ?ARGTGB?B OSC CKNJC? KSAF? K?LM BC M@P?
CL QS
K?WMPe?KSHCPCQWECLCP?LSL?N?PRCAMLQGBCP?@JCBCGLEPCQMQCLJ?K?WMPe?
BC J? NM@J?AGgL PSP?J BC CQR? PCEGgL #MKM CJ AMAM @?@?aj RGCLC ?JRM NMBCP
A?JgPGAM
CQRC NPMBSARM CQ A?B? TCX K\Q QMJGAGR?BM N?P? J? D?@PGA?AGgL BC
A?P@gL%JJ?BMK\QNCPTCPQMBCCQR?T?JMP?AGgLBCJAMAMCQCJFCAFMBCOSCJ?
K?WMP N?PRC BC CQRC NPMBSARM CQ PCAMJCAR?BM CL XML?Q QGRS?B?Q BMLBC CJ
@?@?aj APCAC JG@PCKCLRC CL KCBGM BC JMQ N?QRGX?JCQ -SAF?Q BC CQR?Q \PC?Q
CP?LBC?AACQMJG@PCN?P?J?QPCAMJCARMP?Q#MLCJ?SKCLRMBCJMQNPCAGMQ
CQRC
?AACQMQCJCQF?PCQRPGLEGBMW
QCEjL!QQGQW#?PLCGPM
KSAF?Q\PC?QW?DSCPML
ACPA?B?QNMPQSQNPMNGCR?PGMQCKNCX?LBM?TCLBCPCJA?P@gLBCAMAM
,MQAMLDJGARMQBCRGCPP?A?SQ?BMQNMPJMQ@GMAMK@SQRG@JCQLMQMLR?LCTGBCLRCQ
AMKM JMQ PCJ?AGML?BMQ AML J? NPMBSAAGgL BCJ A?P@gL 3GL CK@?PEM
AMKM
-?PQML W -GAAMJG ?BTGCPRCL CL CJ A?NeRSJM
JMQ NPGLAGN?JCQ NPMBSARMPCQ BCJ
?ACGRC BC N?JK? CL J? !K?XMLe? F?L DGPK?BM AMLRP?RMQ BC QSKGLGQRPM OSC
NMBPe?L QCP NCPHSBGAG?JCQ N?P? J?Q D?KGJG?Q BC ?EPGASJRMPCQ %QRMQ AMLRP?RMQ
GKNMLCL?JMQ?EPGASJRMPCQSLN?OSCRCRCALMJgEGAMOSCJCQGKNGBCLQCK@P?PJ?
N?JK? CL AMLQMPAGM AML MRPMQ ASJRGTMQ OSC NMBPe?L E?P?LRGX?PJCQ K?WMPCQ
GLEPCQMQWSL?QCESPGB?B?JGKCLR?PG?
OSCCLJ?NP\ARGA?CJGKGL?SL?NMRCLAG?J
TCLR?H? BC NJ?LR?P J? N?JK? CL QGQRCK?Q ?EPMDMPCQR?JCQ 4?K@GbL QC TCL
M@JGE?BMQ ? TCLBCP QS NPMBSAAGgL ? J?Q CKNPCQ?Q AMLRP?RGQR?Q NMP ?fMQ
RCLGCLBMOSC?ACNR?PBCCQR?K?LCP?JMQNPCAGMQOSCbQR?QJCQGKNMLCL
,MQ ?SRMPCQ R?K@GbL QCf?J?L BC MRPM A?QM CL CJ AS?J SL? EP?L CKNPCQ? OSC
PCAGbLJJCEg?J?PCEGgL?BMNRgSL?CQRP?RCEG??EPCQGT?BCAMKNP?BCRGCPP?Q?
NCOSCfMQ NPMNGCR?PGMQ
OSC GLAJSQGTC MA?QGMLg SL GKN?ARM QM@PC \PC?Q OSC
RMB?Te?LMQCCLAMLRP?@?LPCESJ?B?QBCNM@J?AGMLCQRP?BGAGML?JKCLRCOSCCP?L
BCQACLBGCLRCQ BC CQAJ?TMQ ,? LCACQGB?B BCJ ?@?QRCAGKGCLRM BC K?RCPG?Q
NPGK?Q ? EP?L CQA?J? JJCT? ? SL RCKMP BC OSC QC PCNGR? AML J? N?JK? JM OSC
MASPPGgAMLJ?QMW?
OSCQCCVRCLBGgCLCJ3SPBCJN?eQCLJ?BbA?B?BC
NPMTMA?LBMSLGLRCLQMNPMACQMBCAMLACLRP?AGgLBCRGCPP?Q%QR?AMLACLRP?AGgL
DSC SL? BC J?Q NPGLAGN?JCQ A?SQ?Q BCJ DSCPRC GLEPCQM BC AMJMLMQ F?AG? J?
!K?XMLe?
J? KGQK? OSC QC NPMBSHM CL J?Q QGESGCLRCQ BMQ BbA?B?Q ! NCQ?P
OSC BGAF? PCEGgL CQRSTM RP?@?H?LBM AMKM SL? T\JTSJ? BC CQA?NC N?P? JMQ
AMLDJGARMQ BC RGCPP?Q CL MRP?Q PCEGMLCQ BCJ N?eQ
bQR?Q DGL?JKCLRC RCPKGL?PML
PCNGRGCLBM JM KGQKM OSC CL J? !K?XMLe? BC@GBM ? J? AMLACLRP?AGgL BC RGCPP?Q
N?P? J? NPMBSAAGgL CVRCLQGT? BC E?L?BM W R?K@GbL
GPgLGA?KCLRC
N?P? J?
NPMBSAAGgLKCA?LGX?B?BCJ?QMW??EP?LCQA?J?
$CPCAFMQWRCPPGRMPGMQGLBeECL?Q
!J GES?J OSC CL CJ A?QM BC "P?QGJ
CJ GKN?ARM BC J? CVNJMP?AGgL NCRPMJCP? CL CJ
0SRSK?WM
#MJMK@G?
?DCARg DSCPRCKCLRC ? J?Q NM@J?AGMLCQ RP?BGAGML?JCQ
CL
CQRCA?QM
?JMQNSC@JMQGLBeECL?Q,??NCPRSP?BCJ?QA?PPCRCP?QWJ?QEP?LBCQ
MJ?QBCKGEP?AGgLBCJMQRP?@?H?BMPCQNPMTMA?PMLBP\QRGAMQA?K@GMQCLJ?TGB?
BC JMQ NSC@JMQ GLBeECL?Q BC 3GML? W +MD?LC ,MQ NPGKCPMQ F?L TGQRM OSC QSQ
RGCPP?QQCAMLTGPRGCPMLCLQGRGMQBCNCPDMP?AGgLBCNMXMQ?N?PRGPBCJ?BbA?B?BC
%L R?LRM
J?Q RGCPP?Q RP?BGAGML?JCQ BC JMQ +MD?LC DSCPML ?RP?TCQ?B?Q NMP
A?PPCRCP?QWMJCMBSARMQN?P?D?AGJGR?PJ?CVNJMP?AGgLBCNCRPgJCMCLJ?PCEGgL
!NCQ?PBCJ?PCQGQRCLAG?BCJMQGLBeECL?QWJ?@jQOSCB?BCSLPCAMLMAGKGCLRM
JCE?JBCQSQRGCPP?QzJSAF?BCJ?AS?JRSTGCPMLbVGRM2?KePCX A?NeRSJM
L?PP?
OSC ? DGL?JCQ BC J? BbA?B? BC
?NPMVGK?B?KCLRC CJ BC J? PCQCPT?
+MD?LCW?QCCLAMLRP?@?GLT?BGB?NMPJMQAMJMLMQ,MQ3GML?QBC/PGRM0SLEM
? QS TCX
QC CLAMLRP?@?L PCBSAGBMQ ? R?L QgJM AS?RPM D?KGJG?Q BCQNSbQ BCJ
NCPGMBMBCK\VGK?NPMBSAAGgL
%L "MJGTG? QC M@QCPT?L AMLDJGARMQ KSW QGKGJ?PCQ $CQBC CJ GLGAGM BC J?
CVNJMP?AGgLBCJNCRPgJCMCLCJ.MPRCBCJ?!K?XMLe??KCBG?BMQBCJ?BbA?B?
BC
JMQ AMJMLMQ AMKCLX?PML ? MASN?P J?Q RGCPP?Q GLBeECL?Q BC 4?A?L?
0CPCBM A?NeRSJM
QCf?J?OSCCVGQRGCPMLA?QMQCLJMQAS?JCQLMQCPCQNCR?PML
JMQNPMACQMQDMPK?JCQBCAMLQSJR?WBCCT?JS?AGgLBCJMQGKN?ARMQ?K@GCLR?JCQ
CL RGCPP?Q GLBeECL?Q AMKM )QG@MPM
OSC DSCPML CVNJMP?B?Q NMP J? CKNPCQ?
CQN?fMJ?2CNQMJ
! NCQ?P BC J? ?QSLAGgL BC SL GLBeECL? ? J? NPCQGBCLAG? BC "MJGTG?
W BC J?
CQR?RGX?AGgL BC J? GLBSQRPG? NCRPMJCP? OSC NPMKMTGg bQRC
JMQ NPM@JCK?Q LM QC
BCRSTGCPML 0MP CJ AMLRP?PGM
J? CKNPCQ? 0CRPM?LBGL?
SL? ?QMAG?AGgL CLRPC J?
NCRPMJCP? CQR?R?J @MJGTG?L? 90&"
W J? TCLCXMJ?L? 0$63!
CL CJ ?fM
GLGAGgSLLSCTMCQDSCPXMN?P?J?CVNJMP?AGgLBCFGBPMA?P@SPMQCLJ?!K?XMLe?
AML CJ QSECQRGTM LMK@PC BC #?P?T?L? F?AG? CJ 0PMEPCQM !JESLMQ KCQCQ
BCQNSbQ BCJ GLGAGM BC J?Q MNCP?AGMLCQ
CVGQRGCPML BCLSLAG?Q OSC J?Q
MNCP?AGMLCQQCGLGAG?PMLQGLJ??SRMPGX?AGgLDMPK?JBCJ?QMPE?LGX?AGMLCQBCJMQ
NSC@JMQ BC 4?A?L?
,CAM
-MQCRCLC W #FGK?LC
AMLRP?PG?KCLRC ? JM OSC QC
F?@e? CQR?@JCAGBM NMP JCW
J? KGQK? OSC DSCP? NPMKSJE?B? NMP CJ NPMNGM
NPCQGBCLRC-MP?JCQ#SPGMQ?KCLRC
CJNPCQGBCLRC?BMNRgSL?NMQRSP?BC?R?OSC
? J?Q MPE?LGX?AGMLCQ LM ES@CPL?KCLR?JCQ CAMJMEGQR?Q
?PESKCLR?LBM OSC
bQR?Q SRGJGX?@?L ? JMQ GLBeECL?Q N?P? F?ACP GLTG?@JC J? CVNJMP?AGgL BC
FGBPMA?P@SPMQCL"MJGTG?
!SLOSCCLSL?BGKCLQGgLKCLMP
JMQAMLDJGARMQAMLJ?QAMKSLGB?BCQGLBeECL?Q
R?K@GbL QC M@QCPT?PML CL 6CLCXSCJ? %L CJ A?NeRSJM
"GMPB L?PP? QM@PC J?
PCQGQRCLAG?GLBeECL??J?AMLQRPSAAGgLBCJ?JeLC?BCRP?LQKGQGgLOSCAMLCAR?J?
FGBPMCJbARPGA? BCJ 'SPG
AML CJ LMPRC BC "P?QGJ
J? KGQK? OSC AMKCLXg ?
KCBG?BMQBCJ?BbA?B?BC,?FGBPMCJbARPGA?DSCAMLQRPSGB?MPGEGL?JKCLRC
N?P? CVNMPR?P CLCPEe? ? MRP?Q PCEGMLCQ BC 6CLCXSCJ? W N?P? CJ "P?QGJ %L J?
PCEGgL ?K?XgLGA? BC 6CLCXSCJ?
CQR? QGPTC NPGLAGN?JKCLRC N?P? Q?RGQD?ACP J?
BCK?LB? BC J? QGBCPjPEGA? BCJ /PGLMAM ,? JeLC? BC RP?LQKGQGgL ?RP?TGCQ? CJ
0?POSC .?AGML?J BC #?L?GK?
?JA?LX?LBM R?K@GbL J? PCQGQRCLAG? BC EPSNMQ
CAMJMEGQR?QBCJN?eQ,MQCAMJMEGQR?QCGLBeECL?QJJCE?PML?BCPPG@?PJ?QRMPPCQ
BC RP?LQKGQGgL
NCPM CJ EM@GCPLM TCLCXMJ?LM @PGLBg NPMRCAAGgL NMJGAG?J ? J?
CKNPCQ? CLA?PE?B? BC J? M@P?
JMEP?LBM BC CQR? K?LCP? AMLAPCRGX?P QSQ
NJ?LCQ
,?RMK?BCJNMBCPNMPCJNPCQGBCLRC(SEM#F\TCXCLCJ?fMAPCgCLRPCJMQ
GLBeECL?Q W CAMJMEGQR?Q J? CVNCAR?RGT? OSC CJ NPMWCARM BC J? M@P? DSCQC
PCT?JS?BM
QM@PCRMBMBCQNSbQBCJLMK@P?KGCLRMBCSL?KSHCPGLBeECL?N?P?
CJA?PEMBCKGLGQRPMBCKCBGM?K@GCLRCWPCASPQMQL?RSP?JCQ%QR?CVNCAR?RGT?
DSC DPSQRP?B?
NMPOSC J? JeLC? QC JMEPg AMLQRPSGP W ?ARS?JKCLRC 6CLCXSCJ?
CVNMPR?N?PRCBCJ?CLCPEe?NPMBSAGB?CLJ?PCEGgL?K?XgLGA?N?P?JMQCQR?BMQ
BC2MP?GK?W!K?XML?Q
CL"P?QGJ
%J CQRSBGM QM@PC CJ BCQ?PPMJJM BCJ QCARMP CLCPEbRGAM CL CJ 5A?W?JG
NPCQCLR?BM
NMP!PACCLCJA?NeRSJMNMLCBCK?LGDGCQRMSL?K?WMPAMKNJCHGB?BQM@PCJMQ
AMLDJGARMQ CLRPC J? GLBSQRPG? NCRPMJeDCP? W J?Q AMKSLGB?BCQ GLBeECL?Q #MKM
BCQR?A? CJ ?SRMP
J?Q BMQ EP?LBCQ MPE?LGX?AGMLCQ OSC BGACL PCNPCQCLR?P ? JMQ
NSC@JMQ GLBeECL?Q #/.!0 W !)$%3%0 QC BGTGBCL CLRPC CJ ?NMWM W J?
MNMQGAGgL ? J? ?ARGTGB?B BC J? CVNJMP?AGgL BC FGBPMA?P@SPMQ $C RMBMQ KMBMQ
!PAC KSCQRP? J? DP?EGJGB?B BC JMQ NPMACBGKGCLRMQ BC AMLQSJR? W N?PRGAGN?AGgL
PCOSGQGRMQ JCE?JCQ N?P? J? GLQR?J?AGgL BC CQR?Q GLBSQRPG?Q CL J?Q XML?Q
GLBeECL?Q
W? OSC CJ N?eQ QC ?BFGPGg W PCESJg ? J? #MLTCLAGgL BC J?
/PE?LGX?AGgL )LRCPL?AGML?J BCJ 4P?@?HM
J? AS?J CQR?@JCAC JMQ BCPCAFMQ
DSLB?KCLR?JCQBCJMQNSC@JMQGLBeECL?Q
3G @GCL CQ AGCPRM OSC CVGQRCL BGTGQGMLCQ W AMLDJGARMQ CLRPC JMQ NPMNGMQ NSC@JMQ
GLBeECL?Q
CLCJA?QMBC5A?W?JG
OSCB?AJ?PMOSCJMQNPMACQMQDMPK?JCQQGPTCL
K?QN?P?GLDMPK?P?J?NM@J?AGgLQM@PCJ?QBCAGQGMLCQ?BMNR?B?QNMPCJ%QR?BM
W NMP J?Q CKNPCQ?Q NPGT?B?Q OSC BGQASRGP QM@PC J? ?ACNR?AGgL M LM BC CQRMQ
NPMWCARMQ 5L AJ?PM CHCKNJM BC CJJM CQ J? ?SRMPGX?AGgL BC J? @jQOSCB? W
CVNJMP?AGgL BC FGBPMA?P@SPMQ CL XML?Q ?GQJ?B?Q BC F?@GR?LRCQ
CL CJ AS?J
M@TG?KCLRCLMNSBMF?@CPCVGQRGBMSLNPMACQMBCAMLQSJR?%QQGELGDGA?RGTMCJ
?@?LBMLM BC JMQ NSC@JMQ GLBeECL?Q NCPM
K\Q QMPNPCLBCLRC CQ ?jL CJ FCAFM
BC OSC CJ CV NPCQGBCLRC BCJ 0CPj W CJ NPCQGBCLRC BCJ BGPCARMPGM BC J? CKNPCQ?
0CRPM 0CPj BCQAMLMAGCP?L CQR? QGRS?AGgL W F?QR? GLAJSQGTC LCE?P?L QS
CVGQRCLAG?
,?Q FGBPMCJbARPGA?Q BCJ 2eM -?BCGP? R?K@GbL RGCLCL SL EP?L GKN?ARM CL J?Q
NM@J?AGMLCQGLBeECL?Q%SJCPW3?LRMQ #?NeRSJM
K?LGDGCQR?LOSCK\QBC
EPSNMQ bRLGAMQ TGTCL CL CJ J?BM @P?QGJCfM BCJ 2eM -?BCGP? %L CJ \PC? BC
GKN?ARM BGPCARM BC CQR?Q NJ?LR?Q CVGQRCL QCGQ RCPPGRMPGMQ GLBeECL?Q OSC QC
CLASCLRP?L W? BCK?PA?BMQ %J gPE?LM ES@CPL?KCLR?J PCQNMLQ?@JC BC JMQ
?QSLRMQ GLBeECL?Q &SLB?AGgL .?AGML?J BCJ )LBGM &5.!)
?DGPK? OSC ?jL
CVGQRCLGLDMPKCQQM@PCJ?NPCQCLAG?BCNMPJMKCLMQAGLAMEPSNMQ?GQJ?BMQCL
J? XML? ,? #MMPBGL?BMP? BC J?Q !QMAG?AGMLCQ )LBeECL?Q BC J? !K?XMLe?
#/)!"
PCAF?Xg J? NPMNSCQR? BC J? AMLQRPSAAGgL BC CQR?Q FGBPMCJbARPGA?Q C
GLRCPNSQM SL? BCLSLAG? ?LRC CJ -GLGQRCPGM 0j@JGAM &CBCP?J ? DGL BC CTGR?P J?
QSQNCLQGgLBCJ?JGACLAG?NPCTG?AMLACBGB?NMPCJ)LQRGRSRM"P?QGJCfMBC-CBGM
!K@GCLRC W 2CASPQMQ .?RSP?JCQ 2CLMT?@JCQ )"!-!
N?P? CJ GLGAGM BC J?Q
M@P?Q
JSAF?LBM AMLRP? J? GLQR?J?AGgL BC FGBPMCJbARPGA?Q CL J? PCEGgL BCQBC CJ ?fM
AS?LBM QC PC?JGXg CJ 0PGKCP %LASCLRPM BC JMQ 0SC@JMQ BC 8GLES
CL
!JR?KGP?$CQNSbQBC?fMQ
J?QK?LGDCQR?AGMLCQQCPCNGRGCPMLCLCJ3CESLBM
%LASCLRPM %L ?K@?Q MA?QGMLCQ
FS@M AMLDJGARMQ CLRPC JMQ +?W?Ng W JMQ
PCNPCQCLR?LRCQ BCJ EM@GCPLM W BC J? CKNPCQ? CQR?R?J %JCARPMLMPRC
OSC A?QG
RCPKGL?CLSLBCPP?K?KGCLRMBCQ?LEPC
%L CJ
J? #MKGQGgL )LRCP?KCPGA?L? BC $CPCAFMQ (SK?LMQ #)$(
BC J?
/PE?LGX?AGgLBC%QR?BMQ!KCPGA?LMQ /%!
QMJGAGRgOSCCJEM@GCPLM@P?QGJCfM
QSQNCLBGCP? CJ NPMACQM BC NCPKGQMQ W BC J? AMLQRPSAAGgL BCJ #MKNJCHM
(GBPMCJbARPGA?BC"CJM-MLRC
CL0?P\
AGR?LBMCJB?fMNMRCLAG?JBCJMQRP?@?HMQ
BC AMLQRPSAAGgL ?RCLR?LBM AMLRP? JMQ BCPCAFMQ BC J?Q AMKSLGB?BCQ
RP?BGAGML?JCQBCJ?ASCLA?BCJ2eM8GLES,?AMKGQGgL?ACNRgJ?BCLSLAG?CLCJ
QCLRGBM OSC LM QC F?@e? ASKNJGBM AML J? CVGECLAG? BC J? PC?JGX?AGgL BC SL?
AMLQSJR? NPCTG?
JG@PC C GLDMPK?B?
BC @SCL? DC W ASJRSP?JKCLRC ?BCAS?B?
?LRCQBCB?PGLGAGM?J?M@P?
/PE?LGX?AGMLCQBCJ?QMAGCB?BAGTGJWJMQBCPCAFMQBGDSQMQ
,MQ CQRSBGMQ BCJ A?QM NPCQCLR?BMQ CL CQRC TMJSKCL PCTCJ?L SL? RCLQGgL
AMLQR?LRC CLRPC JMQ ?ARMPCQ GLRCPCQ?BMQ CL JMQ NPMWCARMQ BC ECLCP?AGgL BC
CLCPEe?CLJ??K?XMLe?
JMQAS?JCQQCCLASCLRP?LDPCASCLRCKCLRCBGPGEGBMQNMP
CJ %QR?BM W JMQ EPSNMQ BCDCLQMPCQ BC JMQ BCPCAFMQ FSK?LMQ W BCJ KCBGM
?K@GCLRC#MKMTGKMQCLJ?QQCAAGMLCQ?LRCPGMPCQ
?JESLMQBCCQRMQNPMWCARMQ
RGCLCLSLGKN?ARMBGPCARMQM@PCQCARMPCQCQNCAeDGAMQBCJ?NM@J?AGgLPSP?J%L
MRPMQ
QGLCK@?PEM
JMQGKN?ARMQQMLK\QBGDSQMQ
WLMQMJ?KCLRC?DCAR?L?J?
NM@J?AGgLJMA?J
QGLMOSCR?K@GbL?DCAR?L?JMQF?@GR?LRCQBCMRP?QPCEGMLCQ
,MQ @GMAMK@SQRG@JCQ W J? FGBPMCJCARPGAGB?B QML TGQR?Q AMKM DMPK?Q JGKNG?Q BC
CLCPEe?
CL DMPK? PCJ?RGT? 3GL CK@?PEM
JMQ CQRSBGMQ BCJ A?QM ?OSe
NPCQCLR?BMQNJ?LRC?LNPCMASN?AGMLCQAMLCQR?QBMQKMB?JGB?BCQBCCLCPEe?
%L CJ A?NeRSJM
0SCPR? KSCQRP? JMQ @CLCDGAGMQ ?K@GCLR?JCQ BC J? A?f? BC
?XjA?P CL PCJ?AGgL ? JMQ AMK@SQRG@JCQ DgQGJCQ CL JM OSC PCQNCAR? ? J?Q
CKGQGMLCQ BC E?QCQ OSC ECLCP?L CJ CDCARM GLTCPL?BCPM %J ?SRMP NMLC BC
K?LGDGCQRM R?K@GbL OSC
? NCQ?P BC CQR? TCLR?H? W BCJ ?JRM PCLBGKGCLRM
CLCPEbRGAMBCCQRCASJRGTM
J?NPMBSAAGgLBCCR?LMJECLCP?EP?LBCQA?LRGB?BCQ
BC PCQGBSMQ OSC NMBPe?L AMLR?KGL?P J?Q ?ES?Q QSNCPDGAG?JCQ -\Q GKNMPR?LRC
CQ ?jL CJ GKN?ARM NMRCLAG?J BC J?Q NJ?LR?AGMLCQ BC A?f? BC ?XjA?P QM@PC J?
BCDMPCQR?AGgL
0SCPR? KSCQRP? OSC J?Q NJ?LR?AGMLCQ BC A?f? BC ?XjA?P W J? NPMBSAAGgL BC
CR?LMJ CL J? !K?XMLe? QML ?jL GLAGNGCLRCQ 3GL CK@?PEM
CJ ASJRGTM RGCLC
?T?LACQ QM@PC J?Q \PC?Q BCJ #CPP?BM
GLAJSQGTC CL CJ CQR?BM BC -?RM 'PMQQM
CLJ?PCEGgL3SPMCQRCBCJ?!K?XMLe?%JRCKMPBCKSAFMQCAMJMEGQR?QCQOSC
J?CVN?LQGgLBCJ?A?f?BC?XjA?PCLCJ3SPCQRCW#CLRPM/CQRCBCJN?eQF?E?L
OSC JMQ ?EPGASJRMPCQ BC CQR?Q PCEGMLCQ KGEPCL F?AG? J? !K?XMLe?
BMLBC J?Q
RGCPP?Q QML KSAFM K\Q @?P?R?Q .CNQR?B
%QRM PCQSJR?Pe?
AMKM W? QC
KCLAGML?P?
CLSL?K?WMPNPCQGgLQM@PCJMQ@MQOSCQ
5LCQRSBGMCLA?PE?BMNMPJ?77&"P?QGJ
KSCQRP?OSCNMBPe?QCPNMQG@JC
Q?RGQD?ACPJ?BCK?LB?DSRSP?BCJCR?LMJQGLJ?LCACQGB?BBC?@PGPLSCT?Q\PC?Q
BC @MQOSCQ
QGESGCLBM SL? CQRPGAR? JCEGQJ?AGgL ?K@GCLR?JGQR? @P?QGJCf?
"?QR?Pe?L QMJ?KCLRC GLTCPQGMLCQ N?P? J? PCASNCP?AGgL BC J?Q \PC?Q BC
N?QRGX?JCQ OSC DSCPML BCEP?B?B?Q 3GL CK@?PEM
CL CJ AJGK? NMJeRGAM W
CAMLgKGAM?ARS?J
CQNMAMNPM@?@JCOSCCJJMQSACB?0MPSLJ?BM
CJEM@GCPLM
F?PC?JGX?BMEP?LBCQGLTCPQGMLCQCLGLDP?CQRPSARSP?
JMOSCBC@CPe?PCBSAGPJMQ
AMQRMQ BCJ RP?LQNMPRC W BC J? AMKCPAG?JGX?AGgL BCJ CR?LMJ 0MP MRPM J?BM
J?
#\K?P? BC $GNSR?BMQ ?NPM@g KMBGDGA?AGMLCQ CL CJ #gBGEM &MPCQR?J "P?QGJCfM
OSC NCPKGRGP\L CJ ?SKCLRM BC J? BCDMPCQR?AGgL JCE?J CL RMBM CJ N?eQ %QR?
KCBGB?BC@CP\QCP?NPM@?B??jLNMPCJ3CL?BM
NCPMCJJMNMLCBCK?LGDGCQRM
J? NPCQGgL NMJeRGA? OSC QC CHCPAC N?P? J? ?NPM@?AGgL BC Bb@GJCQ LMPK?Q
?K@GCLR?JCQ
%J @GMBGCQCJ NPCQCLR? PGCQEMQ QGKGJ?PCQ %J NPMNGM NPCQGBCLRC ,SJ? FGXM SL?
?NMJMEe? BC CQRMQ AMK@SQRG@JCQ AMKM SL? QMJSAGgL A?N?X BC KGRGE?P J?Q
CKGQGMLCQ BC E?QCQ BC CDCARM GLTCPL?BCPM W OSC ?J KGQKM RGCKNM ECLCP?Pe?
GLEPCQMQ N?P? JMQ NCOSCfMQ ?EPGASJRMPCQ %QR? NMQG@GJGB?B BC ECLCP?AGgL BC
GLEPCQMQCQASCQRGML?@JC
B?B?J?LCACQGB?BBCNPMBSAAGgL?EP?LCQA?J?N?P?
B?PSL?TG?@GJGB?BCAMLgKGA??J?QGLBSQRPG?QBCNPMACQ?KGCLRMQ%JASJRGTMOSC
?ARS?JKCLRC RGCLC R?J CQA?J? CQ J? QMW? 3GL CK@?PEM
AMKM -?PQML W -GAAMJG
PCDGCPCLCLCJA?NeRSJM
NMP?FMP?CQNMAMNPM@?@JCOSCJ?QMW?QCAMLTGCPR?
CL K?RCPG? NPGK? N?P? J? NPMBSAAGgL BC @GMBGCQCJ
B?B? QS GKNMPR?LAG? CL CJ
KCPA?BMKSLBG?JBCJ?QNPMRCeL?Q
OSCCQR\CL?SKCLRM
,? N?JK? CQ SL ASJRGTM K\Q ?RP?ARGTM N?P? J? NPMBSAAGgL BCJ @GMBGCQCJ
NMPOSC
QC ?B?NR? KSW @GCL ?J AJGK? BC J? !K?XMLe? W LM CQR\ R?L ?PP?GE?B? CL JMQ
KCPA?BMQ K\Q AMKNCRGRGTMQ
AMKM CJ A?QM BC J? QMW? !Qe AMKM J? A?f? BC
?XjA?P
CVGQRC SL? NPCMASN?AGgL ?ACPA? BC J? LCACQGB?B BCJ SQM GLRCLQGTM BC
GLQSKMQ OSeKGAMQ CL CQRC ASJRGTM 3GL CK@?PEM
J? K?WMP ?KCL?X? ?K@GCLR?J
NPMTGCLC BC J? NMQG@JC CVN?LQGgL BC J?Q NJ?LR?AGMLCQ CL J?Q XML?Q DMPCQR?JCQ
%QRC RCKMP LM CQ GLDSLB?BM #MKM QC F? TGQRM CL CJ A?NeRSJM
NMJeRGAMQ BCJ
CQR?BMBC0?P\
PCEGgLOSCAMLACLRP?J?QK?WMPCQNJ?LR?AGMLCQBCN?JK?CLCJ
"P?QGJ
?NMW?L J? GBC? BC JMQ A?K@GMQ CL CJ #gBGEM &MPCQR?J "P?QGJCfM OSC
NCPKGR?LJ?QGCK@P?BCCQRCASJRGTMCLXML?QOSCBC@CPe?LK?LRCLCPQCAMLSL
@MQOSCL?RGTM
3C? J? N?JK? M J? QMW?
CJ ASJRGTM BC QCKGJJ?Q ?ACGRMQ?Q CQ SL? TCPB?BCP?
?KCL?X?N?P?JMQ@MQOSCQ5LCQRSBGMPCAGCLRCBC'PCCLNC?ACPCTCJ?OSCCJ
?fM ?EPeAMJ? BCJ
QC NPMBSHM SL ?SKCLRM QGELGDGA?RGTM BC
BCDMPCQR?AGgL CL J?Q \PC?Q ?EPeAMJ?Q BC J? PCEGgL !K?XgLGA? BCJ CQR?BM BC
-?RM'PMQQM
OSCRGCLCJ?K?WMP\PC?BCNPMBSAAGgLBCQMW?CLCJN?eQ%QRC
?SKCLRM DSC QGELGDGA?RGT?KCLRC K?WMP OSC CJ PCEGQRP?BM CL J? XML? E?L?BCP?
OSC FGQRgPGA?KCLRC QML CL bQR?Q BMLBC MASPPCL J? K?WMPe? BC LSCT?Q
?NCPRSP?Q BC \PC?Q BC @MQOSCQ ! NCQ?P BC J?Q KCBGB?Q BC QSNCPTGQGgL W
AMLRPMJ BCJ EM@GCPLM DCBCP?J
CQ CTGBCLRC OSC J? BCDMPCQR?AGgL QC CLASCLRP?
RMB?Te? AMLBGAGML?B? CL N?PRC NMP J?Q DSCPX?Q BCJ KCPA?BM ,? CVN?LQGgL BC
J?Q \PC?Q BC QMW? W BC MRP?Q XML?Q ?ACGRMQ?Q N?P? Q?RGQD?ACP J? BCK?LB? BC
@GMBGCQCJNMBPe?LB?PSLLSCTMGKNSJQM?J?BCDMPCQR?AGgLCLJ?!K?XMLe?
%J BC@?RC NPCQCLR?BM NMP !QQGQ W #?PLCGPM CL CJ A?NeRSJM R?K@GbL BCKMQRPg
JMQCDCARMQBCJ?NPMBSAAGgLBCJA?P@gLQM@PCJ?BCDMPCQR?AGgLCLJ?PCEGgLBC
#?P?H\Q%JEP?LKCPA?BMAMKNP?BMP
DMPK?BMNMPJ?QGLBSQRPG?QBCJ?QT?PGJJ?Q
BC FGCPPM JMEPg AMLTCPRGP OSC R?J? BC \P@MJCQ QC? K\Q ?RP?ARGTM N?P? JMQ
E?L?BCPMQ
K?BCPCPMQ W NPMBSARMPCQ D?KGJG?PCQ %L CQRC jJRGKM A?QM
J?
NPMBSAAGgLBCA?P@gLQCAMLTGPRGgCLSLAMKNMLCLRCGKNMPR?LRCBCJQGQRCK?BC
NPMBSAAGgL D?KGJG?P
A?N?X BC ECLCP?P GLEPCQMQ QGL EP?LBCQ GLTCPQGMLCQ 0?P?
JMQ?EPGASJRMPCQ
CJA?P@gLQGELGDGAgSL?PCBSAAGgLBCAMQRMQBCJ?BCDMPCQR?AGgL
AML JM AS?J QC NSBM NMLCP CL NP\ARGA? J? GKNJCKCLR?AGgL BC N?QRGX?JCQ ,MQ
K?BCPCPMQ?QSTCXR?K@GbLM@RSTGCPMLSL?DSCLRC?BGAGML?JBCGLEPCQMQWSL
GLACLRGTM N?P? LM QCP CJJMQ OSGCLCQ PC?JGACL J? R?J? BC \P@MJCQ
W? OSC J?Q
CQNCAGCQ KCLMQ LM@JCQ W NCOSCfMQ \P@MJCQ NMBe?L QCP CKNJC?BMQ CL J?
NPMBSAAGgLBCA?P@gL
,? AMLQRPSAAGgL BC NJ?LR?Q FGBPMCJbARPGA?Q RGCLC SL GKN?ARM QM@PC CJ N?GQ?HC
KSAFM KCLMP OSC CJ BC JMQ N?QRGX?JCQ
JMQ KMLMASJRGTMQ W J? NPMBSAAGgL BC
A?P@gL 3GL CK@?PEM
CQR? DMPK? BC NPMBSAAGgL BC CLCPEe? R?K@GbL A?SQ?
GKN?ARMQ QGELGDGA?RGTMQ ?J KCBGM ?K@GCLRC %L CJ A?QM BC J?Q NJ?LR?Q BCJ PeM
-?BCGP?
NPCQCLR?BMNMP%SJCPW3?LRMQCLCJA?NeRSJM
J?QMPE?LGX?AGMLCQLM
ES@CPL?KCLR?JCQ!KGEMQBCJ?RGCPP?C)LRCPL?AGML?J2GTCPQQCf?J?@?LQM@PCJ?
CVGQRCLAG? BC EP?TCQ BCDGAGCLAG?Q CL CJ %QRSBGM BC )KN?ARM !K@GCLR?J W CL CJ
)LDMPKCBC)KN?ARM!K@GCLR?JBCJ?0J?LR?BC3?L!LRMLGM
%L QS CQRSBGM
JMQ ?SRMPCQ KSCQRP?L OSC SL? EP?L PCB BC MPE?LGX?AGMLCQ LM
ES@CPL?KCLR?JCQ RP?@?H?PML GLRCLQ?KCLRC CL J? NPMBSAAGgL W BGDSQGgL BC
GLDMPK?AGMLCQRbALGA?QQM@PCJMQGKN?ARMQPC?JCQBCJAMKNJCHMBC2eM-?BCGP?
!JESL?Q BC CQR?Q /.'Q AMJ?@MP?PML BGPCAR?KCLRC AML CJ -GLGQRCPGM 0j@JGAM
&CBCP?J N?P? RP?R?P BC QMJSAGML?P ?JESLMQ NPM@JCK?Q PCJ?AGML?BMQ AML CJ
NPMACQM BC J? AMLACQGgL BC JGACLAG?Q ?K@GCLR?JCQ BC J?Q M@P?Q
?ASCPBMQ OSC
LMDSCPMLBCRMR?JbVGRM
,?Q APeRGA?Q K\Q AMKSLCQ BC J?Q M@P?Q CL CJ PeM -?BCGP? CQR\L PCJ?AGML?B?Q
AML QS GKN?ARM CL J? D?SL? K?PGL?
QM@PC J? ?ARS?AGgL BCJ KCPASPGM CL QSQ
?ES?Q W CJ RP?LQNMPRC BC QCBGKCLRMQ OSC
?J QCP ?DCAR?BM
NSCBCL GKN?AR?P
RMBM CJ 2eM !K?XML?Q
W? OSC CJ 2eM -?BCGP? CQ CJ NPGLAGN?J ?DJSCLRC BCJ QSP
-\QGKNMPR?LRCQQML?jLJMQKMTGKGCLRMQKGEP?RMPGMQCLJ?PCEGgLBC@GBM?J?
?NCPRSP?BCNSCQRMQBCRP?@?HMCLJ?QM@P?Q,MQCKNJCMQECLCP?BMQQMLNMPJM
ECLCP?J N?P? RP?@?HMQ BC @?H? A?JGDGA?AGgL W OSC QgJM QC CVRCLBCP\L F?QR? J?
DGL?JGX?AGgLBCJ?QM@P?Q
3C RCKC OSC N?PRC BC CQR? NM@J?AGgL @SQOSC RGCPP?Q CL J? PCEGgL N?P?
CQR?@JCACPQCBCQNSbQM?JRbPKGLMBCQSQAMLRP?RMQBCRP?@?HM%QR?QGRS?AGgLQG
NMBPe??JGKCLR?PJ?BCDMPCQR?AGgL?EP?LCQA?J?4?JNPM@JCK?NMBPe??EP?T?PQC
?jLK\QQGCJEM@GCPLMDCBCP?JASKNJCAMLJMQNJ?LCQBCN?TGKCLR?AGgLBCJ?
A?PPCRCP?"2
OSCSLCJ?A?NGR?JBC2MLBMLG?
0MPRM6CJFMWJ?A?NGR?JBC
!K?XML?Q
-?L?SQ$C@GBM?OSCJ?PCEGgLBC0MPRM6CJFMW?RGCLCSL?EP?L
NPCQGgLBCKMEP\DGA?WEP?TCQAMLDJGARMQNMPJ?QRGCPP?Q
JMQGLKGEP?LRCQNMBPe?L
CQR?@JCACPQC ? JM J?PEM BC J? A?PPCRCP? CL SL \PC? BCJ @MQOSC OSC ?jL QC
CLASCLRP?KSW@GCLAMLQCPT?B?
/RPM NSLRM GKNMPR?LRC OSC QC NJ?LRC? CL CJ A?NeRSJM CQ OSC CJ gPE?LM BC
KCBGM ?K@GCLRC @P?QGJCfM
CJ )"!-!
F? CVGKGBM BC PCQNMLQ?@GJGB?B ? JMQ
NPMKMRMPCQBCJMQNPMWCARMQBCJ?QNJ?LR?QQM@PCJ?QJeLC?QBCRP?LQKGQGgL0MP
JM ECLCP?J
J?Q JeLC?Q QML N?PRC GLRCEP?LRC BC JMQ NPMWCARMQ FGBPMCJbARPGAMQ
LM
QgJMN?P?DGLCQBCJ?QJGACLAG?Q?K@GCLR?JCQ
QGLMR?K@GbLN?P?CJ?L\JGQGQBCQS
TG?@GJGB?BCAMLgKGA?%LCJA?QMBC-?BCGP?
NMQG@JCKCLRCJ?QJeLC?QRGCLCLSL
?JRM AMQRM
B?B? J? BGQR?LAG? BC CQR?Q BMQ NJ?LR?Q N?P? J? PCB BC BGQRPG@SAGgL
L?AGML?J 0MP MRP? N?PRC
J?Q JeLC?Q RCLBP\L OSC ?RP?TCQ?P XML?Q NPMRCEGB?Q W
RGCPP?QGLBeECL?QBCJMQCQR?BMQBC2MLBMLG?W-?RM'PMQQM
,? NPCMASN?AGgL NMP CJ GKN?ARM OSC J? AMLQRPSAAGgL BC J?Q NJ?LR?Q CL CJ PeM
-?BCGP? NSCBCL RCLCP QM@PC JMQ @MQOSCQ NMP J? CQRGKSJ?AGgL BC LSCTMQ DJSHMQ
KGEP?RMPGMQ
BC AGCPR? DMPK? CQ SL? AMLQR?LRC AML JMQ MRPMQ CQRSBGMQ
NPCQCLR?BMQ CL CQRC JG@PM ,? FGQRMPG? BC J? PCAGCLRC BCDMPCQR?AGgL CL J?
!K?XMLG? @P?QGJCf? CQR\ CQRPCAF?KCLRC TGLASJ?B? AML J? AMLQRPSAAGgL BC
A?PPCRCP?Q
N?PRGASJ?PKCLRCJ?"2
OSCAMPR?J?PCEGgLCLQCLRGBMBC%QRC
/CQRCWJ?"2
OSCAMLCAR?CJ!K?XML?QAMLCJ#CLRPM/CQRCBCJN?eQ%L
JMQ A?NeRSJMQ
W 2?KePCX
,?PPC? W AMJ?@MP?BMPCQ W 0CPCBM BCQAPG@CL
AgKMJ??NCPRSP?BCA?KGLMQN?P?NCPKGRGPJ?CVNJMP?AGgLNCRPMJCP?WBCE?QCL
J? !K?XMLe? %AS?RMPG?L?
"MJGTG?L? W #MJMK@G?L?
PCQNCARGT?KCLRC
BGCPML
GKNSJQM?JNPMACQMBCAMJMLGX?AGgLBCCQR?Q\PC?Q
,?PPC?
KSCQRP? AgKM J? PCEGgL .MPRC BC J? !K?XMLe? CAS?RMPG?L? DSC
P\NGB?KCLRC MASN?B? ? N?PRGP BCJ ?fM
?Qe AMKM JMQ GKN?ARMQ OSC QC
NPMBSHCPMLCLCJ@MQOSCNMPBGAF?MASN?AGgL
OSCAMLRGLj?@?HMJ?NPCQGgLBC
SL?NM@J?AGgLPSP?JOSC?jLQCCLASCLRP?CLAPCAGKGCLRMWOSCTGTCSLNPMACQM
BCDP?EKCLR?AGgLBCQSQNPMNGCB?BCQ,MQKMTGKGCLRMQKGEP?RMPGMQF?AG?CQR?
PCEGgLAMLRGLj?L
R?LRM?N?PRGPBCMRP?QPCEGMLCQBCJ%AS?BMP
?QeAMKMBCJQSP
BC #MJMK@G?
BMLBC J? CVNJMP?AGgL BCJ NCRPgJCM AMKCLXg CL J? KGQK? bNMA?
OSCCLCJ%AS?BMP
#MLAJSQGMLCQ
,? JJCE?B? BC JMQ EM@GCPLMQ BC GXOSGCPB? ?J NMBCP CL RMB? !KbPGA? ,?RGL? F?
QGBMPCRP?R?B?NMPJ?AMKSLGB?BGLRCPL?AGML?JAMKMSL?K?PC?PMQ?%JAMJMP
QC ?JSBC ?J FCAFM OSC
? BGDCPCLAG? BC JMQ BGQASPQMQ P?BGA?JCQ W J?Q ?ARGRSBCQ
BCJ N?Q?BM
BC N?PRC QSW? M BC QSQ N?PRGBMQ
ECLCP?JKCLRC JMQ EM@CPL?LRCQ
CJCARMQ ?BMNR?PML NPMEP?K?Q W ?ECLB?Q BC EM@GCPLMQ KMBCP?BMQ 3GL
CK@?PEM
CQRMQEM@GCPLMQQCNPCQCLR?PMLAMKMGXOSGCPBGQR?Q(?QR?OSbNSLRM
CQRMQ EM@CPL?LRCQ ASKNJGP\L M ASKNJCL AML J?Q ?ECLB?Q ECLSGL?KCLRC
NPMEPCQGQR?Q
CQRC CQ SL RCK? OSC ?jL QC CLASCLRP? CL BGQASQGgL 3G
AMLQGBCP?KMQSL??ECLB?K\Q?KNJG?
OSCGLAJSW?NMJeRGA?Q?K@GCLR?JCQWBC
BCQ?PPMJJM QMQRCLG@JC
JMQ CQRSBGMQ BC JMQ A?QMQ NPCQCLR?BMQ CL CQRC TMJSKCL
GLBGA?LAJ?P?KCLRCOSCLM0MAMQCF?FCAFMCLJMQN?eQCQ?K?XgLGAMQN?P?
OSCA?K@GCLQSKMBCJMBCBCQ?PPMJJM
OSCRP?R??J?PCEGgLAMKMSLGLKCLQM
QRMAIBCPCASPQMQL?RSP?JCQ
CL@?QC?SL?CAMLMKe?CVRP?ARGT?M
CLJ?KCHMP
BC J?Q FGNgRCQGQ
?EPMNCAS?PGMQ ,MQ GKN?ARMQ QMAG?JCQ W ?K@GCLR?JCQ BC CQRC
KMBCJMQCCLASCLRP?L@GCLBCR?JJ?BMQWPCQSKGBMQCLCJ#S?BPM
%L JMQ A?QMQ ?L?JGX?BMQ CL CQRC TMJSKCL
FCKMQ TGQRM OSC J?Q M@P?Q BC
GLDP?CQRPSARSP? F?L A?SQ?BM EP?LBCQ B?fMQ ? J? QCJT? !K?XgLGA?
W? OSC
CL
ECLCP?J
CJJ?Q PCOSGCPCL J? ?NCPRSP? BC A?KGLMQ
OSC QML SRGJGX?B?Q N?P? J?
AMJMLGX?AGgLCQNMLR\LC?WBGPGEGB??TCACQBCQBCJ?PCEGgL%QRMQSACBGgCL
JMQ A?QMQ BC J? CVNJMP?AGgL BC NCRPgJCM W CL J? AMLQRPSAAGgL BC A?PPCRCP?Q
FGBPMCJbARPGA?QWJeLC?QBCRP?LQKGQGgL
,MQ CDCARMQ BGPCARMQ BC JMQ NPMWCARMQ BC CVN?LQGgL BC ASJRGTMQ BGPGEGBMQ ? J?
NPMBSAAGgLBC@GMAMK@SQRG@JCQLMCQR\@GCLBCDGLGBM
NCPMJMOSCQeCQR\AJ?PM
CQ OSC J? CVGECLAG? BC J? CQA?J? BC NPMBSAAGgL RGCLC SL EP?L NMRCLAG?J N?P?
CVN?LBGP JMQ KMLMASJRGTMQ
NPGLAGN?JKCLRC J? N?JK? CL J? PCEGgL ,? A?f? BC
?XjA?P RGCLC RMB?Te? SL? NPCQCLAG? KSW GLAGNGCLRC CL J? !K?XMLe?
NMP J?Q
AMLBGAGMLCQ BCJ QSCJM
CJ AJGK? W J? D?JR? BC GLDP?CQRPSARSP? 3GL CK@?PEM
QC
Q?@COSCCQRCNPMBSARMTGCLCNPMEPCQ?LBMNMPCJ#CPP?BMQ?@?L?QACLRP?JCQ
BCJ "P?QGJ W NSCBCL RCLCP SL CDCARM BC KMTGJGX?P CJ E?L?BM BC CQR? PCEGgL
F?AG?RGCPP?QK\Q@?P?R?QBCJ?!K?XMLe?
,? NPMBSAAGgL BC A?P@gL N?P? ?@?QRCACP ? J? GLBSQRPG? QGBCPjPEGA? BCJ MPGCLRC
?K?XgLGAM @P?QGJCfM W? BCHg SL? FSCJJ? BC BCT?QR?AGgL GK@MPP?@JC !FMP? QC
AGCPLC QM@PC J? PCEGgL J? NMQG@GJGB?B BC SL? P\NGB? CVN?LQGgL BC JMQ
KMLMASJRGTMQ DMPCQR?JCQ N?P? Q?RGQD?ACP J? BCK?LB? BC J? GLBSQRPG? BCJ A?P@gL
TCECR?J
,MQEM@GCPLMQBCJMQN?eQCQCQRSBG?BMQF?LQGBMCL?JESLMQA?QMQLCEJGECLRCQ
M GLCDGA?ACQ CL J? KGRGE?AGgL BC JMQ GKN?ARMQ ?K@GCLR?JCQ BC CQR?Q M@P?Q W
NPMEP?K?Q 0CMP ?jL
CL ?JESLMQ A?QMQ F?L QGBM AgKNJGACQ
M GLAJSQM JMQ
NPGLAGN?JCQNPMKMRMPCQBCR?JCQGKN?ARMQ%LCJA?QMBCJ?QFGBPMCJbARPGA?QBCJ
PeM -?BCP? CQ CK@JCK\RGAM
W? OSC CJ EM@GCPLM DCBCP?J @P?QGJCfM NPCQGMLg ?J
MPE?LGQKM?K@GCLR?JN?P?OSCQC?NPM@?P?LJ?QJGACLAG?QN?P?J?CHCASAGgLBC
J?QM@P?Q
?QeAMKMCJDGL?LAG?KGCLRMN?PAG?JBCJ?AMLQRPSAAGgLBCbQR?Q
,? BGQNMLG@GJGB?B BC CLCPEe? CQ SL D?ARMP CQRP?RbEGAM N?P? CJ APCAGKGCLRM
CAMLgKGAM ,MQ EM@GCPLMQ
W? QC?L BC GXOSGCPB? M BC BCPCAF?
BCNCLBCL BC
CQRCAPCAGKGCLRM
R?LRMN?P?@PGLB?PK\QWKCHMPCQQCPTGAGMQW@GCLCQNj@JGAMQ
AMKM N?P? Q?RGQD?ACP JMQ GLRCPCQCQ N?RPGKMLG?JCQ BCJMQ EM@CPL?LRCQBC RSPLM
0MPMRP?N?PRC
J?QPCE?Je?QBCJNCRPgJCMWJMQGKNSCQRMQQM@PCJ?NPMBSAAGgLWCJ
AMLQSKM BC CLCPEe? CJbARPGA? QML DSCLRCQ QCESP?Q BC GLEPCQMQ N?P? JMQ
EM@GCPLMQ
JM OSC JCQ B? NMAM GLACLRGTM N?P? @SQA?P SL BCQ?PPMJJM ?JRCPL?RGTM
KCLMQGKN?AR?LRC
#MLTCLAGBMQ OSC JMQ EM@GCPLMQ BC JMQ N?eQCQ ?K?XgLGAMQ
GLAJSQGTC JMQ
BCLMKGL?BMQ BC GXOSGCPB?
NMLBPe?L CL NP\ARGA? NMJeRGA?Q BC BCQ?PPMJJM
QMQRCLG@JC
NMBPe?QCPSL?CVNCAR?RGT?NMAMPC?JGQR?
CGLAJSQMGLECLS?%VGQRCL
CTGBCLAG?Q OSC JMQ EM@GCPLMQ GXOSGCPBGQR?Q CL RMBM CJ KSLBM QGCKNPC F?L
?BMNR?BM ?ECLB?Q TCPBCQ !LRC CQR? PC?JGB?B
CLRMLACQ A?@C NPCESLR?P QG
CQRMQ EM@GCPLMQ NMP JM KCLMQ ASKNJGP\L QSQ AMKNPMKGQMQ N?P? PCBSAGP J?
BCQGES?JB?B
AMLJ?GLAJSQGgLQMAG?JWCJSQMBCJNMBCPBCJ%QR?BMN?P?KGRGE?P
JMQ CDCARMQ LCE?RGTMQ BCJ KCPA?BM QM@PC J?Q NM@J?AGMLCQ K\Q NM@PCQ
/@TG?KCLRC
SL? PCQNSCQR? ?BCAS?B? ? CQR? NPCESLR? BC@C RCLCP CL ASCLR?
RMB?Q J?Q NMJeRGA?Q CAMLgKGA?Q W QMAG?JCQ BC A?B? SLM BC JMQ N?eQCQ
CQRSBG?BMQ
OSCNMPQSNSCQRMCQR\DSCP?BCJ?JA?LACBCCQRCJG@PM
3GL BSB?
JMQ NSC@JMQ GLBeECL?Q QML JMQ OSC K\Q QSDPCL CJ NPMACQM BC J?
CVNJMP?AGgL CAMLgKGA? BC J? !K?XMLe? (CKMQ TGQRM CL A?NeRSJMQ ?LRCPGMPCQ
OSCQSQBCPCAFMQ
NPGLAGN?JKCLRCJMQBCJ?RGCPP?
QMLTGMJ?BMQNMPJ??NCPRSP?
BC A?KGLMQ W NMP CJ N?QM BC J?Q JeLC?Q BC RP?LQKGQGgL
NMP J? NCPDMP?AGgL BC
NMXMQBCNCRPgJCM
NMPJ?GLKGEP?AGgLK?QGT?BCNCPQML?QOSCLMNCPRCLCACL?
CQRC RCPPGRMPGM GLBeECL? W NMP J? GLSLB?AGgL BC N?PRC BC QSQ RCPPGRMPGMQ NMP JMQ
J?EMQ BC J?Q NJ?LR?Q FGBPMCJbARPGA?Q ,? GLRCLQGDGA?AGgL BC QSQ AMLR?ARMQ AML
MRP?Q NM@J?AGMLCQ ? KCLSBM ECLCP? AMLDJGARMQ W NMLC CL PGCQEM JMQ ASJRGTMQ W
JMQKCBGMQBCQS@QGQRCLAG?BCCQRMQEPSNMQ%QRCDCLgKCLMCQN?PRGASJ?PKCLRC
NPCMASN?LRC CL J?Q \PC?Q BC CVNJMP?AGgL BCJ NCRPgJCM W BC E?Q
W? OSC
GLBeECL?QDSCPMLPCAJSR?BMQAMKMK?LMBCM@P?LMA?JGDGA?B?N?P?RP?@?H?PCL
J?Q M@P?Q BC GLDP?CQRPSARSP? %Q GPgLGAM OSC CL ?JESLMQ A?QMQ J? NPMKCQ? BCJ
CKNJCMWNPMQNCPGB?BF?W?LQGBMSRGJGX?B?QCLJ?Q?SBGCLAG?QNj@JGA?QWCLJ?Q
LCEMAG?AGMLCQ AML JMQ JeBCPCQ AMKM SL D?ARMP BC AMLTCLAGKGCLRM N?P? OSC
CQRMQEPSNMQCQRbLBC?ASCPBMAMLJ?CVNJMP?AGgLBCQSQRGCPP?Q
%L JMQ A?NeRSJMQ ?LRCPGMPCQ
OSCB? AJ?PM OSC JMQ GLBeECL?Q LM QML J?Q jLGA?Q
NCPQML?QOSCQSDPCLBCJ?CQRPSARSP??ARS?JBCJ?CVNJMP?AGgLBCJ?!K?XMLe?
! JM J?PEM BC J? PCEGgL
JMQ AMJMLMQ MASN?PML \PC?Q DMPCQR?JCQ ? RP?TbQ BC
NPMEP?K?QNj@JGAMQ
MCLDMPK?CQNMLR\LC?
QGESGCLBMJ??NCPRSP?BCA?KGLMQ
$CQNSbQBCQSJJCE?B??J?PCEGgL
QCJCQ@PGLBgNMAMQQCPTGAGMQNj@JGAMQN?P?
E?P?LRGX?P QS QSNCPTGTCLAG? CL AMLBGAGMLCQ BGEL?Q !JESLMQ QSDPCL AML J?
AMLACLRP?AGgL BC J? RGCPP?
JM OSC JCQ M@JGE? ? OSC QC GLRCPLCL K\Q CL CJ
@MQOSC
JM OSC F?AC ?T?LX?P J?Q DPMLRCP?Q ?EPeAMJ?Q /RPMQ QSDPCL AML J?
DP?EKCLR?AGgLBCQSQNPMNGCB?BCQ
BC@GBM?J?LCACQGB?BBC?AMKMB?P?QSQ
D?KGJG?Q OSC A?B? TCX QML K?WMPCQ CL SL \PC? BMLBC J?Q LSCT?Q RGCPP?Q LM
CQR\LBGQNMLG@JCQ
#?@CQCf?J?POSCCQRMQNPM@JCK?QLMQMLPCAGCLRCQ%LTCPB?B
QSGLGAGMCQ?
N?PRGP BC J? BbA?B? BC 3GL CK@?PEM
CQ LMR?@JC J? AMLRGLSGB?B BC CQRC
N?RPgLBCCVNJMP?AGgL
OSCQCK?LRSTMNCPQGQRCLRCCLJMQEM@GCPLMQ?SRMPGR?PGMQ
W BCKMAP\RGAMQ
AMLQCPT?BMPCQ W QSNSCQR?KCLRC NPMEPCQGQR?Q 3G J? K?PC?
PMQ?RP?HM?JEjLA?K@GMCLJMQN?eQCQ!K?XgLGAMQ
CQRCA?K@GMDSCCJPCEPCQM
BCSLTGCHML?AGML?JGQKMCAMLgKGAMOSCCQRSTMGL?ARGTMBSP?LRCSLNCPeMBMBC
?HSQRCQCAMLgKGAMQBCL?RSP?JCX?JG@CP?J%J%QR?BMPCEPCQgAMLDSCPX?
K\QLM
N?P?ASKNJGPAMLJMQAMKNPMKGQMQQMAG?JGQR?QMBCJMQQMAG?JBCKgAP?R?Q6MJTGg
N?P? NPMKMTCP CJ APCAGKGCLRM CAMLgKGAM
AML RMB?Q QSQ AMLQCASCLAG?Q
NMQGRGT?QWLCE?RGT?Q
#S?BPM2CQSKCLBCJMQGKN?ARMQBCJMQBGDCPCLRCQNPMWCARMQBCECLCP?AGgL
BCCLCPEe?CLJ?QNM@J?AGMLCQWCLCJKCBGM?K@GCLRCBCJ?!K?XMLe?
(GBPMCJbARPGA? 0bPBGB? BC RGCPP?Q 0bPBGB? BC J?Q )LSLB?AGMLCQ BC J?Q
OSC QCP\L RGCPP?Q NMP XML?Q?EPeAMJ?QWBC
GLSLB?B?Q M GLSLB?AGMLCQ NCQA?
KMTGKGCLRMQ
SRGJGX?B?Q AMKM KGEP?RMPGMQ
@?QC N?P? J?
AMLQRPSAAGgL BC
M@P?Q ! NCQ?P OSC
JMQ ?EPGASJRMPCQ
QCP\L GLBCKLGX?BMQ
W PCS@GA?BMQ
J?Q
LSCT?Q AMLBGAGMLCQ
BC TGTGCLB? LM
?RGCLBCL QSQ
LCACQGB?BCQ
NPMBSARGT?Q W
QMAG?JCQ
/ASN?AGgL BC
RGCPP?Q BC
4?A?L? BCJ .MPRC
C )QG@MPM
CL J?
PCEGgL BCJ #F?AM
"MJGTG?LM
CVNJMP?AGgL QGL CJ
NCPKGQM BC J?Q
MPE?LGX?AGMLCQ
4?A?L?
,CAM
-MQCRCLC C
#FGK?LC CL J?Q
\PC?Q BC J?
!K?XMLe?
.CE?RGT? ?
PCAMLMACP JMQ
BCPCAFMQ BC JMQ
GLBeECL?Q OSC QC
CLASCLRP?L
?GQJ?MQ W CL
AMLR?ARMGLGAG?JCL
J? PCEGgL BC
5A?W?JG
0CPj
"G@JGMEP?De?
#JC?PW-2
!JCDRRSPLGL,?RGL!KCPGA? %VNJ?GLGLERFC,CDRQ2CQSPECLAC
*MSPL?JMD$CKMAP?AW
6MJSKC
.SK@CP
NN{
&)%30 z &CBCP?AGgL BC J?Q )LBSQRPG?Q BCJ %QR?BM BC 3_M 0?SJM
3CESPGB?B %LCPEbRGA? CL !KbPGA? BCJ 3SP 5K 0?LMP?K? "P?QGJCGPM 3_M
0?SJM
&)%30
'PCCLNC?AC
PC?Q?EPeAMJ?QJGBCP?L?SKCLRMBCJ?BCDMPCQR?AGgLCL-4
'PCCLNC?AC
!EMQRM $GQNMLG@JC CL
FRRNUUUEPCCLNC?ACMPE@P?QGJNR$MASKCLRMQ!?EPGASJRSP??T?LA?
#MLQSJR?BMCJ
.CNQR?B $
4FC !K?XMLQ 6GAGMSQ #WAJCQ BPMSEFR ?LB DGPC GL RFC
EPCCLFMSQC'J?LB
3UGRXCPJ?LB
77&)LRCPL?RGML?J
2CGQ%*
-MBCJMQWCQACL?PGMQN?P?J?!K?XMLe?%JN?NCJBCJ?AGCLAG?
W JMQ GKN?ARMQ BCJ NMJM QGBCPjPEGAM BC #?P?H\Q CL LM BCDMPCQR?AGgL BC J?
!K?XMLe?@P?QGJCf?!QMAG?AGMLCQ%QRP?RbEGA?Q.jKCPM
77&"P?QGJ
%J GKN?ARM BCJ KCPA?BM KSLBG?J BC @GMAMK@SQRG@JCQ CL J?
CVN?LQGgL BC J? ?EPGASJRSP? @P?QGJCf? W QSQ AMLQCASCLAG?Q N?P? CJ A?K@GM
AJGK\RGAM$MASKCLRMBCBC@?RC$GQNMLG@JCCL
FRRNUUUUUDMPE@PGLDMPK?AMCQLMRGAG?Q=KCGM=?K@GCLRC=C=L?RSPCX?
"GMAMK@SQRTCGQNMQQTCJCVN?LBGP?NPMBSMQCKBCQK?R?P?!K?XLG?CM
#CPP?BM!AACQMFCAFMCJ
6<4?.3J.@129<@.BA<?2@
;. @./29 .??2. CQRSBGg CAMLMKe? CL J? 5LGTCPQGB?B BC 4PCLR
#?L?B\
W
?ARS?JKCLRC ASPQ? QS K?CQRPe? CL %AMLMKe? !NJGA?B? CL J? 5LGTCPQGB?B
!SRgLMK? BC "?PACJML?
%QN?f? (? RP?@?H?BM N?P? T?PG?Q GLQRGRSAGMLCQ
Nj@JGA?Q
LM ES@CPL?KCLR?JCQ C GLRCPL?AGML?JCQ CL KMJBC?KGCLRM K?RCK\RGAM
?NJGA?BM?J?QAGCLAG?QQMAG?JCQ#MLRPG@SWg?AMLQRPSGPCJ/@QCPT?RMPGM,?@MP?J
W J? 5LGB?B BC )LDMPK?AGgL 3MAGM?K@GCLR?J CL J? 5LGTCPQGB?B !LBGL? 3GKgL
"MJeT?P AMKM ?QGQRCLRC BC GLTCQRGE?AGgL CL RCK?Q BC NM@PCX?
BCQLSRPGAGgL W
CKNJCM(?NS@JGA?BMT?PGMQ?PReASJMQQM@PCBCQ?PPMJJMQMAG?JCLCJ%AS?BMP
;. B0J. ?.C< M@RSTM QS K?CQRPe? CL CQRSBGMQ QMAGM?K@GCLR?JCQ CL
&,!#3/ %AS?BMP
F? QGBM @CA?PG? BC #,!#3/ CL RCK?Q BC QM@CP?Le?
?JGKCLR?PG?
W F? PC?JGX?BM T?PG?Q GLTCQRGE?AGMLCQ QM@PC RCK?Q ?EP?PGMQ CL CJ
%AS?BMP
MPE?LGQKMQECLbRGA?KCLRCKMBGDGA?BMQ
FGQRMPG?QMAG?J
?EPMCAMJMEe?
W QSQRCLR?@GJGB?B (? AMJ?@MP?BM AML MPE?LGX?AGMLCQ LM ES@CPL?KCLR?JCQ
AMKM!AAGgL%AMJgEGA?WJ?&SLB?AGgL(CGDDCP
;. !.?4.?61. .@A?< B92? CQ GLTCQRGE?BMP? BC J? %KNPCQ? "P?QGJCf? BC
)LTCQRGE?AGgL!EPMNCAS?PG? %-"2!0!
BC!K?N\3S\PC?BCCQNCAG?JGX?AGgL
CQJ?BCJ?QAGCLAG?QL?RSP?JCQWDMPCQR?JCQ
WQS\PC?BCGLTCQRGE?AGgL K?CQRPe?
W BMARMP?BM
QML JMQ @MQOSCQ BCJ CQR?BM BC !APC 4P?@?Hg CL CJ RCPACP QCARMP
AML ECQRGgL BC NPMWCARMQ
NPGLAGN?JKCLRC HSLRM AML MPE?LGX?AGMLCQ BC JMQ
KMTGKGCLRMQQMAG?J
?K@GCLR?JCGLBeECL?!ARS?JKCLRCJJCT??A?@MNPMWCARMQ
BC GLTCQRGE?AGgL PCJ?AGML?BMQ ?J K?LCHM AMKSLGR?PGM W CRLM@MR\LGA? CL CJ
CQR?BM BC !K?N\ W CL "SPIGL?&?QM DPGA?
W CQ $GPCARMP? 0PCQGBCLRC BCJ
)LQRGRSRM%QR?R?JBC"MQOSCQBC!K?N\
2?;.?1< $2?21< *612. CQ $MARMP BC J? 5LGTCPQGB?B BC /VDMPB )LEJ?RCPP?
&?ASJR?B BC 'CMEP?De? 2C?JGXg CQRSBGMQ BC $MARMP?BM CL %AMJMEe? 0MJeRGA? W
'M@CPL?LX?
WBCK?CQRPe?CL'CQRGgLBC2CASPQMQ.?RSP?JCQW"GMBGTCPQGB?B
/VDMPB
WCL'CQRGgL%KNPCQ?PG?J!K@GCLR?J #MQR?2GA?
4GCLCSLBGNJMK?BM
CL#GCLAG?Q3MAG?JCQ /VDMPB
WCL,GBCP?XEM!K@GCLR?JW#MKSLGA?AGMLCQBCJ
3KGRFQMLG?L )LQRGRSRGML 7?QFGLERML $#
&SC AMLQSJRMP BC BGTCPQ?Q
MPE?LGX?AGMLCQ GLRCPL?AGML?JCQ W BC AMMNCP?AGgL
?Qe AMKM BC MPE?LGX?AGMLCQ
LMES@CPL?KCLR?JCQBC"MJGTG?CL\PC?QBCBCQ?PPMJJMQMQRCLG@JC
EM@CPL?LX?
BCPCASPQMQL?RSP?JCQ
A?K@GMAJGK\RGAMWNSC@JMQGLBeECL?Q
.?9<@ .??2. M@RSTM QS 0F$ CL %AMLMKe? 0MJeRGA? CL J? 5LGTCPQGB?B BC
9MPI
#?L?B\
QS -?CQRPe? CL #GCLAG?Q 3MAG?JCQ CL J? &SLB?AGgL "?PGJMAFC
!PECLRGL?
W QS NMQRBMARMP?BM CL 3?JSB W $CQ?PPMJJM CL J? 5LGTCPQGB?B BC
(?PT?PB%QNPMDCQMPBCJ?QSLGTCPQGB?BCQ!LBGL?3GKgL"MJeT?P W#CLRP?JBCJ
%AS?BMP
CL 1SGRM %LRPC QSQ NS@JGA?AGMLCQ QC BCQR?A?L JMQ JG@PMQ |(?AG? SL?
FGQRMPG? CAMJgEGA? BCJ %AS?BMP}
|9?QSLe)44 5L? GLGAG?RGT? N?P? A?K@G?P J?
FGQRMPG?} W ?NPMVGK?B?KCLRC RP?@?HMQ ?A?BbKGAMQ %Q ?QCQMP RbALGAM BC J?
)LGAG?RGT? 9?QSLe)44 BCJ EM@GCPLM CAS?RMPG?LM
W F? QGBM AMLQSJRMP BC 0.5$
/)4
5.)#%&
0.5-!
")$ W CJ "?LAM -SLBG?J 3SQ A?KNMQ NPGLAGN?JCQ BC
CQRSBGMQCPCDGCPCL?GLBGA?BMPCQBCJBCQ?PPMJJMQMAG?JW?K@GCLR?JCLCJ%AS?BMP
W!KbPGA?,?RGL?
<?.06<6<?1.@A699<RGCLCAMKMJeLC?QBCGLTCQRGE?AGgLCRLMFGQRMPG?
FGQRMPG?
MP?J
DMJAJMPC
CRLGAGB?BWNMJeRGA?QNj@JGA?QN?P?KGLMPe?QbRLGA?Q CLCQNCAG?J
NSC@JMQGLBeECL?Q
#MKNJCRgQSDMPK?AGgLCLJ?5LGTCPQGB?B#?RgJGA?!LBPbQ
"CJJMJGACLAG?RSP?CL,CRP?Q
-?CQRPe?CL(GQRMPG?
W$MARMP?BMCL
(GQRMPG?
(? BCQ?PPMJJ?BM QS A?PPCP? NPMDCQGML?J CL CJ )LQRGRSRM
6CLCXMJ?LMBC)LTCQRGE?AGMLCQ#GCLReDGA?QCLRPCJMQ?fMQWWBCQBC
CL ?BCJ?LRC !ARS?JKCLRC QC BCQCKNCf? CL BGAF? GLQRGRSAGgL AMKM
)LTCQRGE?BMP !QMAG?BM W *CDC BCJ ,?@MP?RMPGM BC %RLMFGQRMPG? W /P?JGB?B BCJ
#CLRPMBC!LRPMNMJMEe?%LRPCJMQ?fMQWDSC*CDCBCJ?$GTGQGgLBC
3CPTGAGMQ4bALGAMQBCJ?$GPCAAGgLBC!QSLRMQ)LBeECL?Q
GLQRGRSAGgLPCARMP?BC
J?Q NMJeRGA?Q Nj@JGA?Q N?P? JMQ NSC@JMQ GLBeECL?Q BCJ %QR?BM TCLCXMJ?LM
CLRMLACQ ?BQAPGR? ?J -GLGQRCPGM BC %BSA?AGgL
$CQBC CQ 0PMDCQMP BC J?
5LGTCPQGB?B #?RgJGA? !LBPbQ "CJJM (? RP?@?H?BM AML T?PG?Q NM@J?AGMLCQ
?K?XgLGA?Q
!.4;.B;5.1<@'.;A<@RP?@?H?CLJ?'):z#MMNCP?AGgL4bALGA?!JCK?L?
AMKM #MMPBGL?BMP? BC J? /DGAGL? 2CEGML?J BC CQR?BM BC !APC "P?QGJ
!ARS?JKCLRCAMMPBGL?J?Q?AAGMLCQBCJ0PMEP?K?"MQOSC4PMNGA?JCLJ?PCEGgL
CL ?QNCARMQ PCDCPCLRCQ ?J /PBCL?KGCLRM 4CPPGRMPG?J W &MPR?JCAGKGCLRM BC J?
%AMLMKe?,MA?J
!.?029<'.:=.6<.?;26?<CQ$MARMPCL3MAGMJMEe?BCJ?5LGTCPQGB?B&CBCP?J
BC 2eM BC *?LCGPM
AML N?Q?LRe? CL J? [AMJC BC (?SRCQ [RSBCQ CL 3AGCLACQ
3MAG?JCQ &P?LAG?
%Q 0PMDCQMP !BHSLRM BCJ 0PMEP?K? BC 0MQREP?BS?AGgL CL
#GCLAG?Q 3MAG?JCQ BC J? 5LGTCPQGB?B &CBCP?J BC -?P?LF_M 0S@JGAg
PCAGCLRCKCLRC CL AM?SRMPe?
JMQ JG@PMQ |%J RCPACP K?PECL BCJ PeM CLQ?WMQ
QM@PC J? PC?JGB?B BC -?P?LF_M CL CJ LSCTM KGJCLGM} %$5&-!
W |,?
?EPGASJRSP? D?KGJG?P BC J? QMW? CL J? PCEGgL QSP W CJ KMLMASJRGTM CL -?P?LF_M}
&!3%
W JMQ ?PReASJMQ |#PeRGA? 3MAG?J W 2CQNMLQ?@GJGB?B %KNPCQ?PG?J
!L\JGQGQBCJ?QCQRP?RCEG?QN?P?J?JCEGRGK?AGgLBCJ?NPMBSAAGgLQGBCPjPEGA?CL
J? !K?XMLe? /PGCLR?J} #?BCPLM #2(
W |$C J? ACPRGDGA?AGgL ? J?Q
AMLACQGMLCQ DMPCQR?JCQ /.'Q
CKNPCQ?Q W J? AMLQRPSAAGgL BC SL LSCTM
GLQRGRSAGML?J N?P? CJ BCQ?PPMJJM BC J? CVNJMR?AGgL DMPCQR?J CL J? !K?XMLe?
@P?QGJCf?}"MJCReLBCJ-0%'
&2;.A. !.?@<; (26E26?. 12 ;1?.12 CQ NPMDCQMP? BCJ 0PMEP?K? QM@PC
0J?LC?KGCLRMW'CQRGgL!K@GCLR?JWBCJ0PMEP?K?QM@PC)LECLGCPe?!K@GCLR?JW
#GTGJBCJ?5LGTCPQGB?B#?RgJGA?BC"P?QeJG?
CL"P?QGJ!ARS?JKCLRCAMMPBGL?CJ
'PSNMBC'M@CPL?LX?BC"GMAMK@SQRG@JCQW'CQRGgLBCJ#?K@GM#JGK\RGAMCL
J? KGQK? SLGTCPQGB?B
OSC AMJ?@MP? AML CJ )LQRGRSRM BC "GMAGCLAG?Q BC J?
%LCPEe?
?BQAPGNRM ? J? 5LGTCPQGB?B BC #?JGDMPLG?
CL "CPICJCW 4?K@GbL
N?PRGAGN? CL )#!253 )LGRG?RGTC ML #JGK?RC #F?LEC !B?NR?RGML 2CQC?PAF ?LB
5LBCPQR?LBGLE RFPMSEF 3MAG?J 3AGCLACQ
BC J? 5LGTCPQGB?B BC )JJGLMGQ 5P@?L?
#F?KN?ELCWBCJ?5LGTCPQGB?BBC-GAFGE?L
&</2?A< $<??< RP?@?H? CL J? !K?XMLe? BCQBC CJ ?fM
AS?LBM NMP BGCX
?fMQ @PGLBg ?QCQMPe? ? MPE?LGX?AGMLCQ BC NPMBSARMPCQ D?KGJG?PCQ W
MPE?LGX?AGMLCQ ?EPMCVRP?ARGTGQR?Q %Q EP?BS?BM CL )LECLGCPe? !EPgLMK? BC J?
%QASCJ? 3SNCPGMP BC !EPGASJRSP? ,SGX BC 1SCGPMX
-?QRCP CL
#MLQCPT?AGgL W $CQ?PPMJJM BCJ #CLRPM BC %QRSBGMQ ,?RGML?KCPGA?LMQ BC J?
5LGTCPQGB?B BC &JMPGB?
W $MARMP CL !LRPMNMJMEe? #SJRSP?J BC J?
5LGTCPQGB?B BC &JMPGB?
%LRPC JMQ ?fMQ W ?ARSg AMKM
GLTCQRGE?BMPQCLGMPBCJ#CLRPM-SLBG?J!EPMDMPCQR?J 7MPJB!EPMDMPCQRPW#CLRPC
)#2!&
CHCPAGCLBMJ?AMMPBGL?AGgLPCEGML?JBCJKGQKMN?P?!KbPGA?,?RGL?
?Qe
AMKMR?K@GbLJ?3CAPCR?Pe?%HCASRGT?BCJ#MLQMPAGM)LGAG?RGT?!K?XgLGA?N?P?
J?#MLQCPT?AGgLW5QM2?AGML?JBCJMQ2CASPQMQ.?RSP?JCQ$CQBCNPGLAGNGMQ
BC CQ GLTCQRGE?BMP BC J? %KNPCQ? "P?QGJCf? BC )LTCQRGE?AGgL
!EPMNCAS?PG? %-"2!0!
!K?XMLe? /PGCLR?J
CL J? AGSB?B BC "CJbK "P?QGJ
#SCLR?AMLCVNCPGCLAG?CLCJ\PC?BC!LRPMNMJMEe?%AMLgKGA?
AMLbLD?QGQCL
A?KNCQGL?BM W KCBGM ?K@GCLRC
?ARS?LBM NPGLAGN?JKCLRC CL JMQ QGESGCLRCQ
RCK?QSQMBCJ?RGCPP?CLJ?!K?XMLe?
CQRP?RGDGA?AGgLCAMLgKGA?
A?KNCQGL?BM
W?EPMCVRP?ARGTGQKM
&</2?A< &.:J?2G !<;A2;24?< CQ NPMDCQMP BC J? &?ASJR?B BC $CPCAFM CL J?
5LGTCPQGB?B BC J? !K?XMLe? &JMPCLAG?#?OSCR\#MJMK@G?
3MAGgJMEM BC J?
5LGTCPQGB?B.?AGML?JBC#MJMK@G?-?EGQRCPCL%QRSBGMQ3MAG?JCQ!K?XgLGAMQ
BCJ?&?ASJR?B,?RGLM?KCPGA?L?BC#GCLAG?Q3MAG?JCQ &,!#3/
%QRSBGMQMBCJ
AMLDJGARMQMAG?JCLCJNGCBCKMLRC?K?XgLGAMAMJMK@G?LM
&<1?64< ?02 &<7.@ CQ )LECLGCPM &MPCQR?J
-E 3A CL #MLQCPT?AGgL BC
2CASPQMQ.?RSP?JCQ
AML$GNJMK?BMQCL#?K@GM#JGK\RGAMW'M@CPL?@GJGB?BW
'CPCLAG?0MJeRGA?%QNCAG?JGQR?CLK?LCHMDMPCQR?J
K?LCHMDMPCQR?JAMKSLGR?PGM
A?K@GM AJGK\RGAM W CL DMPR?JCAGKGCLRM BC A?N?AGB?BCQ !SRMP BC AGLAM JG@PMQ W
NPMJeDGAM?PRGASJGQR?N?P?KCBGMQTGPRS?JCQ!ARS?JKCLRCCQ#MMPBGL?BMP2CEGML?J
BCJ0PMWCARM0PMKMTGCLBMJMQBCPCAFMQBCJMQNSC@JMQGLBeECL?QCLJ?ECQRGgL
BCJMQPCASPQMQL?RSP?JCQCLJ?!K?XMLe?BC"MJGTG?
%AS?BMPW0CPj}CL#!2%
0CPj W #MMPBGL?BMP BC J? #MKGQGgL BC #?N?AGB?BCQ BC J? 2CB 0CPj BC
)LGAG?RGT?Q BC #MLACPR?AGgL N?P? CJ $CQ?PPMJJM ,MA?J 4?K@GbL QC BCQCKNCf?
AMKM6GACNPCQGBCLRCBCJ?!QMAG?AGgL0CPS?L?BC&?AGJGR?AGgL
&<4I?6< $B2?A. CQ ?EPgLMKM AML -?CQRPe? CL #GCLAG?Q BC "MQOSCQ
4PMNGA?JCQ!ARSgCLBGTCPQ?QPCEGMLCQBCJ?!K?XMLe?
CLCQNCAG?JCLCJ\PC?
BCK?LCHMDMPCQR?J!ARS?JKCLRCCQCVRCLQGMLGQR?PSP?JCLPCEGMLCQBCJ#CPP?BM
BC"P?QeJG?
+6996.: '.;A<@ 12 @@6@ CQ EP?BS?BM CL !EPMLMKe? BC J? 5LGTCPQGB?B
&CBCP?J 2SP?J BC J? !K?XMLe?
-?QRCP CL !EPGASJRSP?Q &?KGJG?PCQ W
$CQ?PPMJJM BC J? 5LGTCPQGB?B &CBCP?J BC 0?P\
W $MARMP CL $CQ?PPMJJM
!EPGASJRSP? W 3MAGCB?B BC J? 5LGTCPQGB?B &CBCP?J 2SP?J BC 2eM BC
*?LCGPM#0$!
!ARS?JKCLRC QC BCQCKNCf? AMKM NPMDCQMP ?BHSLRM BCJ
NPMEP?K? BC 0MQREP?BS?AGgL BC !EPGASJRSP?Q !K?XgLGA?Q
ASPQM BC -?CQRPe?
CL !EPGASJRSP?Q &?KGJG?PCQ W $CQ?PPMJJM 3MQRCLG@JC BCJ .jAJCM BC #GCLAG?Q
!EP?PG?Q W $CQ?PPMJJM 2SP?J BC J? 5LGTCPQGB?B &CBCP?J BC 0?P\%KNPCQ?
"P?QGJCP? BC )LTCQRGE?AGgL !EPMNCAS?PG? !K?XMLe? /PGCLR?J%-"2!0!
2C?JGXgSL?N?Q?LRe?0MQR$MACLCJ0'$25&2'3 DC@PCPMBC?CLCPM
BC
,JCT? ? A?@M GLTCQRGE?AGMLCQ CL NMJeRGA?Q Nj@JGA?Q
BCQ?PPMJJM PSP?J
BCQ?PPMJJMRCPPGRMPG?JWQMAGMJMEe?PSP?J
Buy your books fast and straightforward online - at one of world’s
fastest growing online book stores! Environmentally sound due to
Print-on-Demand technologies.