Topics in Geobiology 24 Studies On Mexican Paleontologyfrancisco

Volume 24 • TOPICS IN GEOBIOLOGY • Series Editors: Neil H. Landman and Douglas S.
Jones
Studies on Mexican
Paleontology
Edited by
Francisco J. Vega, Torrey G. Nyborg, María del Carmen Perrilliat,
Marisol Montellano-Ballesteros, Sergio R.S. Cevallos-Ferriz and
Sara A. Quiroz-Barroso
STUDIES ON MEXICAN PALEONTOLOGY
TOPICS IN GEOBIOLOGY
For detailed information on our books and series please visit: www.springer.com
Series Editors:
Neil H. Landman, American Museum of Natural History, New York, New York, landman@amnh.org
Douglas S. Jones, University of Florida, Gainesville, Florida, dsjones@flmnh.ufl.edu
Current volumes in this series
Volume 24: Studies on Mexican Paleontology

Francisco J. Vega, Torrey G. Nyborg, María del Carmen Perrilliat, Marison Montellano-
Ballesteros, Sergio R.S. Cevallos-Ferriz and Sara A. Quiróz-Barroso
Hardbound, ISBN, 1-4020-3882-8, December 2005
Volume 23: Applied Stratigraphy

Eduardo A. M. Koutsoukos
Hardbound, ISBN, 1-4020-2632-3, January 2005
Volume 22: The Geobiology and Ecology of Metasequoia

Ben A. LePage, Christopher J. Williams and Hong Yang
Hardbound, ISBN, 1-4020-2631-5, 2005
Volume 21: High-Resolution Approaches in Stratigraphic Paleontology

Peter J. Harries
Hardbound, ISBN 1-4020-1443-0, September 2003
Volume 20: Predator-Prey Interactions in the Fossil Record

Patricia H. Kelley, Michal Kowalewski, Thor A. Hansen
Hardbound, ISBN 0-306-47489-1, January 2003
Volume 19: Fossils, Phylogeny, and Form

Jonathan M. Adrain, Gregory D. Edgecombe, Bruce S. Lieberman
Hardbound, ISBN 0-306-46721-6, January 2002
Volume 18: Eocene Biodiversity

Gregg F. Gunnell
Hardbound, ISBN 0-306-46528-0, September 2001
Volume 17: The History and Sedimentology of Ancient Reef Systems

George D. Stanley Jr.
Hardbound, ISBN 0-306-46467-5, November 2001
Volume 16: Paleobiogeography

Bruce S. Lieberman
Hardbound, ISBN 0-306-46277-X, May 2000
Volume 15: Environmental Micropaleontology

Ronald E. Martin
Hardbound, ISBN 0-306-46232-X, July 2000
Volume 14: Neogene, Paleontology of the Manonga Valley, Tanzania

Terry Harrison
Hardbound, ISBN 0-306-45471-8, May 1997
Volume 13: Ammonoid Paleobiology

Neil H. Landman, Kazushige Tanabe, Richard Arnold Davis
Hardbound, ISBN 0-306-45222-7, May 1996
Studies on Mexican
Paleontology
Edited by
FRANCISCO J. VEGA
Universidad Nacional Autónoma de México,
Mexico
TORREY G. NYBORG
Department of Natural Sciences, Loma Linda University,
CA, USA
MARÍA DEL CARMEN PERRILLIAT

Mexico
MARISOL MONTELLANO-BALLESTEROS
Mexico
SERGIO R.S. CEVALLOS-FERRIZ

Mexico
and
SARA A. QUIROZ-BARROSO
Mexico
A C.I.P. Catalogue record for this book is available from the Library of Congress.
ISBN-10 1-4020-3882-8 (HB)

ISBN-13 978-1-4020-3882-2 (HB)
ISBN-10 1-4020-3985-9 ( e-book)
ISBN-13 978-1-4020-3985-0 (e-book)
Published by Springer,
P.O. Box 17, 3300 AA Dordrecht, The Netherlands.
www.springer.com
Cover illustrations:
Reconstruction of Lambeosaurus laticaudus with the skull of L. lambei. Campanian of Baja
California (illustration by Rubén Rodríguez-de la Rosa).
Late Cretaceous ophiuroid from Chihuahua (photograph by Leonora Martín-Medrano).
Bauhcis moranii from the Oligocene of Puebla (photograph by Sergio R. S. Cevallos-Ferriz).
Top cover illustrations:

Tselfatia sp. from Turonian outcrops of Vallecillo, Nuevo León (photograph by Alberto
Blanco-Piñón). Megaxantho zoque from Maastrichian outcrops of Ocozocoautla, Chiapas
(photograph by Francisco Vega).
Printed on acid-free paper
All Rights Reserved

© 2006 Springer
No part of this work may be reproduced, stored in a retrieval system, or transmitted
in any form or by any means, electronic, mechanical, photocopying, microfilming, recording
or otherwise, without written permission from the Publisher, with the exception
of any material supplied specifically for the purpose of being entered
and executed on a computer system, for exclusive use by the purchaser of the work.
Printed in the Netherlands.

Aims & Scope Topics in Geobiology Book Series
Topics in Geobiology series treats geobiology --- the broad discipline that
covers the history of life on Earth. The series aims for high quality, scholarly
volumes of original research as well as broad reviews. Recent volumes have
showcased a variety of organisms including cephalopods, corals, and rodents. They
discuss the biology of these organisms-their ecology, phylogeny, and mode of life ---
and in addition, their fossil record --- their distribution in time and space.
Other volumes are more theme based such as predator-prey relationships,

skeletal mineralization, paleobiogeography, and approaches to high resolution
stratigraphy, that cover a broad range of organisms. One theme that is at the heart of
the series is the interplay between the history of life and the changing environment.
This is treated in skeletal mineralization and how such skeletons record
environmental signals and animal-sediment relationships in the marine environment.
The series editors also welcome any comments or suggestions for future
volumes;
Series Editors:
Douglas S. Jones dsjones@flmnh.ufl.edu
Neil H. Landman landman@amnh.org
v
In Memoriam
While this book was in press, our dear and respected colleague Shelton P. Applegate
(1928-2005), unexpectedly passed away. For many of us, more than a fellow researcher
and a friend, he was an enthusiastic and esteemed teacher. Evidence for this can be
found in the chapter by Alvarado-Ortega et al., contained in this volume, where
“Shelly” is considered the founder of “Mexican Paleoichtyology”. We feel extremely
fortunate to have had him share his passion and controversial ideas on Paleontology and
Earth Sciences. For all his contributions and genuine love for Mexico, we will sorely
miss him. We, editors and authors, would like to dedicate this book to his memory.
vii
Foreword
During the last few years, the number of contributions to the Paleontology of Mexico
has increased considerably. Paleontological work in Mexico has been focused on
providing important information for petroleum exploration and specific studies
dealing with pollen, foraminifera, radiolaria, dinoflagellates, rudists, and ammonites.
Often these reports were published only in local or regional journals and therefore
not available to the scientific community at large. The purpose of this book is to
offer an updated review of the fossil groups from Mexico, providing their
significance to the stratigraphy, tectonics, sedimentology, evolution and
paleontology of Mexico whose study has proved to be relevant in stratigraphy,
tectonics, sedimentology, and evolution. The fossil record of Mexico ranges from
Precambrian to Pleistocene. Almost every Mexican State has reported fossil
localities with ongoing studies and potential for the discovery of new localities. Even
those localities that have been studied since the eighteen-century, such as the early
Cretaceous San Juan Raya, have recently reported new fossil groups. Unfortunately,
much of the fossil reports from Mexico have been published in Spanish from local
journals, which represent a language barrier to the international community. There is
little doubt that the paleontological history of Mexico deserves to be known in other
countries. By making this book available to the international scientific community
we hope that interest in the fossil record of Mexico will grow. Important topics, such
as the Cretaceous/Tertiary controversy, were not included in this book because the
topic has received a lot of attention and many papers in English have already been
published. The main value of this book is the compilation, updated information and
critical review of research on the diverse taxonomic groups, which include plants,
pollen, corals, rudists, bivalves, crustaceans, echinoids, ophiuroids, brachiopods,
fishes, amphibians, reptiles and mammals, as well as a review of one of the most
famous localities of Mexico: Tepexi de Rodríguez, Puebla. The first chapters deal
with the study of plant macrofossils and pollen, with emphasis on
paleoenvironmental interpretations, stratigraphic implications, and paleogeographic
considerations. The invertebrate chapters include reviews of taxa, biostratigraphy,
and paleobiogeographic implications. The vertebrate chapters emphasize the
importance of taxa recently found in different locations of Mexico, including
evolutionary implications and correlation with other localities around the world.
Chapter authors present this work not in Spanish but in English and we are grateful
to all of them for this. There are excellent books on diverse topics, dealing with
fossils of Mexico, but this is the first book to be published that represents the most
active research groups in the country including interpretative reviews of many taxa.
This book will be useful for teaching, reference, research and for the enthusiast to the
relicts of the past.
ix
Preface
Mexico, as a world paradigm of diversity and prolonged natural history, could
not leave aside a fundamental aspect of her cultural inheritance, namely, the nature
and evolution of life, as contained in the fossil register of animals and plants left in
rocks of all epochs in the Mexican territory. This book, because of its timeliness and
precious content, undoubtly will remain for years to come as a classical work in the
scientific literature related to the subject. Throughout its 13 chapters it can be found
either treated for the first time, or otherwise aptly reviewed, the results of many
decades of research on fundamental fossil groups that tell us about the geologic,
paleogeographic, and paleobiologic evolution of the past 350 million years in this
part of the planet.
From the revision of the late Paleozoic fossil register of invertebrates (Chapter
8), represented in Mexico in formations that extend from Chiapas in the southeast, to
Sonora and Baja California in the northwest, to the analysis of recent advances on
the paleontology of the Tlayua Quarry in the State of Puebla (Chapter 13), a
fossiliferous locality that is justly considered one of the most important
paleontologic discoveries of the past century, this book also has the virtue to show
the quality of life forms as a central element for the full understanding of how the
Mexican territory was tectonically integrated, and also how these geologic changes
of the earthly environment might have influenced the evolution of its inhabitants to
the present time (Chapter 1). Particularly welcome is research material that deals
with essential aspects of the plant fossil record (Chapter 2), Mammals (Chapter 12),
or Dinosaurs (Chapter 11) that inhabited the Mesozoic or Cenozoic continental
basins of Mexico, as well as others that bring to the attention of the international
community animal groups for which the Mesoamerican and particularly the Mexican
region was the theater of rapid changes and radiation, and yet little or nothing had
been published before in Mexico (Chapters 5, 7, 9 and 10). Indeed, classical and
internationally well known Mexican fossil groups such as Rudists (Chapter 4),
Echinoids (Chapter 6), and Corals (Chapter 3), are more timely treated in the book
to the benefit of readers interested in major episodes of natural history, as recorded
in the Mexican geology and paleontology, and how this history integrated with the
ever changing earth of those times.
Considering the various aspects handled by both original research, as well as in
revision chapters, one very important added value should be the rather extensive
bibliography of almost 1000 references related to the central topic contained in the
book, an invaluable information which by itself constitutes a tribute to the memory
of pioneer contributions by researchers that have worked in Mexico for the past two
centuries.
Finally, as a student of the Mexican physical geology for several decades, and
therefore may be as a relative outsider to the main subject of the book, I wish to
congratulate sincerely the builders of this great work, and wish for it the best success
it undoubtly deserves, and I am sure it will achieve.
Fernando Ortega-Gutiérrez
Instituto de Geología
UNAM
xi
Contributors
Jesús Alvarado-Ortega Instituto de Geología, Universidad Nacional Autónoma de

México, Ciudad Universitaria, 04510, D. F., México, brujaynerón@hotmail.com
Shelton P. Applegate Instituto de Geología, Universidad Nacional Autónoma de

México, Ciudad Universitaria, 04510, D. F., México
Mouloud Benammi Instituto de Geofísica, Universidad Nacional Autónoma de

México, Ciudad Universitaria, 04510, D. F., México
Alberto Blanco-Piñón Centro de Investigaciones en Ciencias de la Tierra,

Universidad Autónoma del Estado de Hidalgo, Km. 4.5 Carretera Pachuca-
Tulancingo, 42184 Pachuca, Hidalgo, México
Sergio R. S. Cevallos-Ferriz Instituto de Instituto de Geología, Universidad

Nacional Autónoma de México, Ciudad Universitaria, Delegación Coyoacán, 04510,
México, D.F., scrscfpb@servidor.unam.mx
Luis Espinosa-Arrubarrena Instituto de Geología, Universidad Nacional

Autónoma de México, Ciudad Universitaria, 04510, D. F., México
Harry F. Filkorn Department of Invertebrate Paleontology, Natural History

Museum of Los Angeles County, 900 Exposition Boulevard, Los Angeles, California
90007 USA, hfilkorn@nhm.org
Pedro García-Barrera Museo de Paleontología, Departamento de Biología

Evolutiva, Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán,
Mexico, D.F. pgb@hp.fciencias.unam.mx
Katia A. González-Rodríguez Centro de Investigaciones Biológicas, Universidad

Autónoma del Estado de Hidalgo, Km. 4.5 carretera Pachuca-Tulancingo, 42184
Pachuca, Hidalgo, México, katiag@uaeh.edu.mx
Enrique A. González-Torres Instituto de Instituto de Geología, Universidad

Nacional Autónoma de México, Ciudad Universitaria, Delegación Coyoacán, 04510,
México, D.F., eagtgaia@geologia.unam.mx
Eduardo Jiménez-Hidalgo Universidad del Mar - Campus Puerto Escondido, Km

3.5 Carretera Puerto Escondido-Oaxaca, Puerto Escondido, 71980 Oaxaca, México.
eduardojh@zicatela.umar.mx
xiii
xiv
Leonora Martín-Medrano Museo de Paleontología, Departamento de Biología

México, D.F.
Enrique Martínez-Hernández Instituto de Geología, UNAM. Departamento de

Paleontología. Laboratorio de Palinología. Ciudad Universitaria 04510, Coyoacán,
México, D.F. emar@servidor.unam.mx
Marisol Montellano-Ballesteros Instituto de Geología, UNAM. Circuito Exterior,

Ciudad Universitaria, Delegación Coyoacán, 04510, DF, México.
marmont@servidor.unam.mx
Itzia Nieto-López Museo de Paleontología, Departamento de Biología Evolutiva,

Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán, Mexico D.F.
nlie@minervaux2.fciencias.unam.mx
Torrey G. Nyborg Department of Natural Sciences, Loma Linda University, Loma

Linda, California, 92350 USA, tnyborg06g@ns.llu.edu
Jorge A. Ortíz-Mendieta Departamento de Paleontología, Museo del Desierto, A.P.

307, C.P. 25000, Saltillo, Coahuila, México
Ernesto Ovalles-Damián Museo Eliseo Palacios Aguilera, Calz. de los Hombres

Ilustres s/n Parque Madero, Colonia Centro, CP 29000, Tuxtla Gutiérrez, Chiapas,
México
María del Carmen Perrilliat Instituto de Geología, Universidad Nacional Autónoma

de México, Ciudad Universitaria, Delegación Coyoacán, 04510 – México, D.F.,
mariacp@servidor.unam.mx
Sara A. Quiroz-Barroso Museo de Paleontología, Departamento de Biología

México, D. F. saqb@hp.fciencias.unam.mx
Elia Ramírez-Arriaga Instituto de Geología, UNAM. Departamento de Paleontología.

Laboratorio de Palinología. Ciudad Universitaria 04510, Coyoacán, México, D.F.
Víctor Hugo Reynoso Instituto de Biología, UNAM. Circuito Exterior. Ciudad

Universitaria 04510, Coyoacán, México, D.F. vreynoso@ibunam.ibiologia.unam.mx
Héctor E. Rivera-Sylva Departamento de Paleontología, Museo del Desierto, A.P.

307, C.P. 25000, Saltillo, Coahuila, México, hriveras@yahoo.com.mx
xv
Rubén Rodríguez de La Rosa Departamento de Paleontología, Museo del Desierto,

A.P. 307, C.P. 25000, Saltillo, Coahuila, México
Francisco Sour-Tovar Museo de Paleontología, Departamento de Biología Evolutiva,

Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán, México, D. F.
fst@hp.fciencias.unam.mx
Francisco J. Vega Instituto de Geología, Universidad Nacional Autónoma de México,

Ciudad Universitaria, Delegación Coyoacán, 04510 – México, D. F.,
vegver@servidor.unam.mx
Contents
Published titles in Topics in Geobiology Book Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii

Aims & Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v
In Memoriam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii
Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . ix
Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi
Contributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii
Chapter 1 Ɣ Geological Setting and Phytodiversity in Mexico
Sergio R. S. Cevallos-Ferriz and Enrique A. González-Torres
1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3. Organization of this Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4. Geological Setting . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
5. Outstanding Aspects of the Fossil Record. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
6. Integration of the Biodiversity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Chapter 2 Ɣ Tertiary Palynofloristic Correlations between Mexican Formations with

Emphasis in Dating the Balsas Group
Enrique Martínez-Hernández and Elia Ramírez-Arriaga
1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
3. Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
4. Geological Settings of the Balsas Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
5. Paleopalynology, Environments and Chronostratigraphic Inference throughout Tertiary
of Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
6. Palynofloristic Affinities of the Balsas Group with other Tertiary Formations. . . . . . . . . 31
7. Historical Biogeographic Analysis between Mexican Tertiary Palynofloras. . . . . . . . . . . 35
8. General Climatic Trends during Tertiary Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Appendix: List of Palynomorphs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
x v ii
xv iii Contents
Chapter 3 Ɣ Mesozoic Corals of Mexico
Harry F. Filkorn
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
3. Mesozoic Corals of Mexico: Recent Additions to the Cretaceous Faunas. . . . . . . . . . . . . 48
4. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Chapter 4 Ɣ Rudists of Mexico: Historical Aspects and Selected Areas of Research
Pedro García-Barrera
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
3. Paleogeography of Mexican Rudists. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
4. Rudists from Southern Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
5. Rudists from Central Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
6. Rudists from North Central Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
7. Rudists from Chiapas, SE Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
8. Final Comments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Chapter 5 Ɣ Mesozoic and Tertiary Decapod Crustacea from Mexico
Francisco J. Vega, Torrey G. Nyborg and María del Carmen Perrilliat
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
3. Occurrence, Curation and Identification of Fossil Decapod Crustaceans of Mexico . . . . 80
4. Systematics, Stratigraphy and Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
5. Origin, Evolution and Extinction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
6. Paleobiogeography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
7. Paleoecology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
8. Cuticle Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Contents x ix
Chapter 6 Ɣ Cretaceous Echinoids of Mexico
Itzia Nieto-López and Pedro García-Barrera
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
3. History. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
4. Types of Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
5. Result of Investigations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105
6. Types of Work. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
7. Main Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
8. Present Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Chapter 7 Ɣ Fossil Ophiuroids of Mexico
Leonora Martín-Medrano and Pedro García-Barrera
1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
3. The Fossil Record of Mexican Ophiuroids . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
4. Present Studies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
5. Other Fossil Echinoderms of Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
6. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Chapter 8 Ɣ Fossil Record of Upper Paleozoic Marine Invertebrates from Mexico
Sara A. Quiróz-Barroso and Francisco Sour-Tovar
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
3. Tectonic Framework. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
4. Communities of the Upper Paleozoic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136
5. Groups of Marine Invertebrates Related to the Upper Paleozoic of Mexico. . . . . . . . . . . . . . .136
6. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
xx Contents
Chapter 9 Ɣ Mesozoic Osteichthyans of Mexico
Jesús Alvarado-Ortega, Katia A. González-Rodríguez, Alberto Blanco-Piñón, Luis

Espinosa-Arrubarrena, and Ernesto Ovalles-Damián
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
3. History of Mexican Paleoichthyology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170
4. Main Mesozoic Mexican Osteichthyan Localities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
5. Systematic Review of Mesozoic Osteichthyan Fishes of Mexico. . . . . . . . . . . . . . . . . . 180
6. Paleobiogeographical Implications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
7. Final Remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198
Chapter 10 Ɣ Research on Fossil Amphibians and Reptiles in Mexico, from 1869 to

Early 2004 (Including Marine Forms but Excluding Pterosaurs, Dinosaurs, and
Obviously Birds)
Víctor Hugo Reynoso

1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
3. Historical Background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
4. Taxa Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
5. Amphibians and Reptiles in Time and Space. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
6. The Validity of Taxa Erected with Mexican Fossil Material. . . . . . . . . . . . . . . . . . . . . . 221
7. Museums and Institutions Housed Types and Other Material . . . . . . . . . . . . . . . . . . . . 222
8. Analysis of the Documents Produced Concerning with Amphibians and Reptiles in
Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223
9. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226
Chapter 11 Ɣ A Review of the Dinosaurian Record from Mexico
Héctor E. Rivera-Sylva, Rubén Rodríguez-de la Rosa and Jorge A. Ortiz-Mendieta
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234
3. Dinosaur Evidence of Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235
4. Final Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
5. Appendix: Summary of the Dinosaur-Bearing Localities in Mexico. . . . . . . . . . . . . . . . 242
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245
Contents xxi
Chapter 12 Ɣ Mexican Fossil Mammals, Who, Where and When?
Marisol Montellano-Ballesteros and Eduardo Jiménez-Hidalgo
1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250
3. What DoWe Know? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
4. Who, Where and When? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252
5. Some Interesting Topics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261
6. Final Remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269
Chapter 13 Ɣ Revision of Recent Investigations in the Tlayúa Quarry
Shelton P. Applegate, Luis Espinosa Arrubarrena, Jesús Alvarado-Ortega and Moloud

Benammi
1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276
2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276
3. Geological Aspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277
4. Sedimentological and Taphonomical Aspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282
5. The Paleobiota of Tlayúa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288
6. Paleoecological Models of Tlayúa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293
7. Final Remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297
Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299
Appendix: Faunal and Floral List of Tlayúa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305
%JCRVGT
)GQNQIKECNUGVVKPICPFRJ[VQFKXGTUKV[KP/GZKEQ
5'4)+145%'8#..15('44+<CPF'04+37'#)10<.'<
6144'5
+PUVKVWVQFG)GQNQIÈC7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ%KWFCF7PKXGTUKVCTKC
&GNGICEKÎP%Q[QCE¶PŌ/ÃZKEQ&(UETUEHRD"UGTXKFQTWPCOOZGCIVICKC"IGQNQIKC
WPCOOZ
#DUVTCEV
+PVTQFWEVKQP
1TICPK\CVKQPQH%JCRVGT
)GQNQIKECN5GVVKPI
1WVUVCPFKPI#URGEVUQHVJG(QUUKN4GEQTF
+PVGITCVKQPQHVJG$KQFKXGTUKV[
#EMPQYNGFIOGPVU
4GHGTGPEGU
#DUVTCEV
6JGLQKPVFKUEWUUKQPQHDKQVKECPFCDKQVKEHCEVQTUCNNQYURTQRQUCNQHCJ[RQVJGUKUKP
YJKEJVJGF[PCOKEPCVWTGQHVJGIGQNQIKECNRTQEGUUGUCPFQHVJGQTICPKUOUHCEKNKVCVG
VJG WPFGTUVCPFKPI QH VJG DKQFKXGTUKV[ QH /GZKEQ +P VJKU TGURGEV YG JKIJNKIJV VJCV
UKPEGVJG%TGVCEGQWU/GZKEQJCFCEQPſIWTCVKQP UKOKNCT VQ VJCV QH C RGPKPUWNC VJCV
KPETGCUGF KP UK\G VJTQWIJ VKOG DWV VJCV YKVJ VJG GUVCDNKUJOGPV QH VJG +UVJOWU QH
2CPCOC CRRTQZKOCVGN[ O[ CIQ KV PQ NQPIGT JCF UWEJ C EQPſIWTCVKQP &WTKPI
VJKURGPKPUWNCTEQPſIWTCVKQP VJG OCKP OQWPVCKP DGNVU QH /GZKEQ HQTOGF KP FKHHGTGPV
GRKUQFGU QH VKOG CVVCKPKPI XCTKCDNG UK\GU VJTQWIJ F[PCOKE CPF ƀWEVWCPV RTQEGUUGU
WPVKN VJG[ TGCEJGF VJGKT GZVCPV RJ[UKQIPQO[ #V VJG UCOG VKOG VJG TGVTGCV QH VJG
UGCU YCU UKIPKſECPV KP GZRQUKPI RQUKVKXG \QPGU QH VJG EQPVKPGPV YJGTG NKHG YCU
GUVCDNKUJGF (KPCNN[ CHVGT QEEWR[KPI VJGKT EWTTGPV RQUKVKQPU VJG $CLC %CNKHQTPKC
2GPKPUWNCCPFVJG;WECVCP2GPKPUWNCUVCTVGFRTQXKFKPIEQXGTVQVJGEGPVTCNEQPVKPGPVCN
OCUUQH/GZKEQ6JGHQUUKNTGEQTFUWIIGUVUVJCVYJKNGCNNQHVJKUQEEWTTGFVJGPGYN[
IGPGTCVGFGPXKTQPOGPVUYGTGQEEWRKGFD[RNCPVUVJCVYGTGHQTOGTN[RCTVQHJKIJGT
NCVKVWFGEQOOWPKVKGUQH0QTVJ#OGTKEC6JCVVJTQWIJVJGNCPFDTKFIGUVJCVEQPPGEVGF
F. Vega et al. (eds.), Studies on Mexican Paleontology, 1–18.

© 2006 Springer. Printed in the Netherlands.
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
0QTVJ #OGTKEC YKVJ 'WTQRG CPF #UKC RNCPVU YKVJ FKHHGTGPV IGQITCRJKECN CHſPKVKGU
CTTKXGFKP/GZKEQ#NUQYKVJVJGGUVCDNKUJOGPVQHVJG%JQTVKU$NQEMCUVJGPQTVJGTP
RCTV QH %GPVTCN #OGTKEC CV NGCUV RCTV QH VJG RNCPVU CNTGCF[ ITQYKPI QP VJG %JQTVKU
$NQEMCTTKXGFKPVQVJGTGUVQH%GPVTCN#OGTKECGXGPVWCNN[GZRCPFKPIVJGKTFKUVTKDWVKQP
KPVQ5QWVJ#OGTKEC6JGKPVGTCEVKQPQHVJGDKQNQIKECNRTQEGUUGUCUUWIIGUVGFD[VJG
HQUUKN TGEQTF YKVJ VJG GPXKTQPOGPV EQWRNGF YKVJ VJG IGQNQIKECN UGVVKPI RTQOQVGF
VJGFGXGNQROGPVCPFGUVCDNKUJOGPVQHCFKUVKPEVKXGDKQVCCOQPIYJKEJVJGGPFGOKE
RNCPVUVJCVEJCTCEVGTK\GVQFC[VJGXGIGVCVKQPQH/GZKEQUVCPFQWV
5QOGQHVJGGZVCPV/GZKECPRNCPVUYGTGCNTGCF[RTGUGPVKPVJG1NKIQEGPGCPF
RQUUKDN[ UKPEG VJG 'QEGPG (KPCNN[ VJG EWTTGPV NCPFUECRG CPF VJG GNGOGPVU VJCV
EQPHQTO KV DGICP VJGKT őOQFGTPK\CVKQPŒ UQOG OKNNKQP [GCTU CIQ DWV VJG[ OC[
JCXGCNQPIGTJKUVQT[VJCVUVCTVGFKPVJG%TGVCEGQWU
+PVTQFWEVKQP
6JGFKXGTUKV[CPFVCZQPQOKETGNCVKQPUJKRUQHVJGGZVCPVƀQTC CPF XGIGVCVKQP QH

/GZKEQEQORCTGFYKVJVJCVQHQVJGTIGQITCRJKECNTGIKQPUJCUDGGPTGRQTVGFUKPEGCV
NGCUVVJGDGIKPPKPIQHVJG:+:EGPVWT[ GI*GOUNG['PINGT
5VCPFNG[,QJPUVQP5JCTR/CVWFC/KTCPFC
6QNGFQ4\GFQYUMK 4GEQIPK\KPIVJCVFKXGTUKV[CPF
VCZQPQO[ UWRRQTV VJG PCVWTCN JKUVQT[ QH VJG RCTVKEKRCVKPI NKPGCIGU VYQ J[RQVJGUGU
JCXGDGGPRTQRQUGFVQGZRNCKPVJGEQPHQTOCVKQPQHVJGGZVCPVXGIGVCVKQPQH/GZKEQ
CPF%GPVTCN#OGTKEC6JGſTUV KFGC GZRNCKPU VJG YGCNVJ QH XGIGVCVKQP KP /GZKEQ CU C
HWPEVKQPQHVJGRTGUUWTGUVJCVVJGGPXKTQPOGPVCPFQTVJGENKOCVGGZGTEKUGFWRQPVJG
RNCPVEQOOWPKVKGUFWTKPIVJGGUVCDNKUJOGPVQHVJG+UVJOWUQH2CPCOCCPFVJTQWIJVJG
+EGCIGUQHVJG2NKQ2NGKUVQEGPG6JKUKFGCKURQUUKDN[VJGOQUVYKFGURTGCFQPG6JKU
RTQRQUCN KORNKGU VJCV VJG DKQNQIKECN TGCTTCPIGOGPVQH RNCPVU VQQM RNCEG QPN[ KP VJG
NCUVOKNNKQP[GCTUYJGPVJGEWTTGPVNCPFUECRGEQPHQTOGF #ZGNTQF4CXGP
5CTWMJ¶P)TCJCO$WTPJCOCPF)TCJCO +PEQPVTCUVC
UGEQPFJ[RQVJGUKUVJCVJCUCESWKTGFITGCVGTKORQTVCPEGKPTGEGPV[GCTUUWIIGUVUVJCV
VJGFKXGTUKV[CPFVJGIGQITCRJKECNTGNCVKQPUJKRUQHVJGXGIGVCVKQPVJCVVQFC[FGXGNQRKP
/GZKEQCPF%GPVTCN#OGTKECJCXGCEQPUKFGTCDN[NQPIGTJKUVQT[KPVJGTGIKQPRQUUKDN[
IQKPIDCEMVQVJG%TGVCEGQWU ECO[DR DWVCVNGCUVVQVJG2CNGQEGPG O[DR
QT UNKIJVN[ GCTNKGT $TC[ -TWGIGT ,QJPUVQP 4\GFQYUMK
9GPFV 6JKU UGEQPF J[RQVJGUKU CNUQ CEMPQYNGFIGU VJG KPƀWGPEG QH
VJG GPXKTQPOGPV CPFQT ENKOCVG CU RTQOKPGPV HCEVQTU VJCV IWKFGF VJG FGXGNQROGPV
QH RQRWNCVKQPU CPF EQOOWPKVKGU DWV GORJCUK\GU VJG CIG KP YJKEJ VJKU KPVGTCEVKQP
QEEWTTGF#NVJQWIJDQVJJ[RQVJGUGUJKIJNKIJVVJGKORQTVCPEGQHRJ[UKECNRCTCOGVGTU
CUF[PCOKEHCEVQTUKPƀWGPEKPI VJG DKQNQIKECN VTCEM QH RNCPVU VJGKT FKUEWUUKQP HTQO C
JKUVQTKERGTURGEVKXGJCUDGGPTGRQTVGFKPVJGDGUVQHVJGECUGUYKVJNKVVNGFGVCKN
%QOOWPKVKGU EQORQUGF QH C RCTVKEWNCT OKZVWTG QH QTICPKUOU VJCV EQGZKUV
CPF KPVGTCEV KP IKXGP CTGCU RTQFWEG VJG EJCTCEVGTKUVKE DKQFKXGTUKV[ QH C TGIKQP 6JG
%'8#..15('44+<#0&)10<.'<6144'5
GUVCDNKUJOGPV QH VJGUG EQOOWPKVKGU KU NKPMGF VQ C PCVWTCN CUUGODNCIG QH XCTKCDNG
HCEVQTUUWEJCUCKTYCVGTUQKNVGORGTCVWTGCNVKVWFGCPFNCVKVWFGVJCVFWGVQVJGKTQYP
KPVGTCEVKQPU QHHGT VJG DKQVC FKHHGTGPV UGVVKPIU KP YJKEJ NKHG OC[ FGXGNQR &GſPKPI
VJGUGUGVVKPIUCPFVJGEQOOWPKVKGUVJG[EQPVCKPJCUDGGPCPCTFWQWUVCUMVQVJGRQKPV
VJCVVQFC[VJGVQRKEEQPVKPWGUVQDGVJGEGPVGTQHKORQTVCPVFGDCVGU GI*GOUNG[
,QJPUVQP9KIIKPU/KTCPFC4\GFQYUMK
6TGLQ8¶\SWG\CPF)QP\¶NG\/GFTCPQ 6JGHQTOKPYJKEJVJGUGHCEVQTUJCF
KPVGTCEVGFVJTQWIJVKOGKPVJGCTGCQEEWRKGFVQFC[D[/GZKEQCPF%GPVTCN#OGTKEC
UWTGN[HCXQTGFVJGGUVCDNKUJOGPVQHXCTKQWUUGVVKPIUVJCVCTGPQVPGEGUUCTKN[UKOKNCT
VQ VJG GZVCPV QPGU 7PFGTUVCPFKPI JQY VJKU TGIKQP YCU IGQNQIKECNN[ DWKNV WR CPF
KFGPVKH[KPIVJGRNCPVUVJCVYGTGCDNGVQGUVCDNKUJKPFKHHGTGPVUGVVKPIUCVVJGUCOGVKOG
CNNQYUVJGRTQRQUCNQHVJKUPGYJ[RQVJGUKUVQGZRNCKPVJGDKQFKXGTUKV[VJCVEJCTCEVGTK\GU
VJGTGIKQPCPFKPVTQFWEGUCPJKUVQTKECNDKQIGQITCRJKEEQORQPGPVVQVJGNKPGCIGUVJCV
EQPHQTOKV
1TICPK\CVKQPQHVJKU%JCRVGT
+P VJG HQNNQYKPI UGEVKQPU UQOG RTQOKPGPV CURGEVU QH VJG KPVGITCVKQP QH VJG
IGQNQIKECNUGVVKPIQH/GZKEQCPFVJGPQTVJGTPRQTVKQPQH%GPVTCN#OGTKECFWTKPIVJG
7RRGT%TGVCEGQWUCPF%GPQ\QKEYKNNDGRTGUGPVGF6JGUGUEGPCTKQUIGPGTCVGCIGPGTCN
XKUKQP PQVYKFGN[FKUEWUUGFJGTG QHVJGQTQITCRJ[J[FTQITCRJ[CPFFKUVTKDWVKQPCPF
GZVGPUKQPQHVJGUGCUFWTKPIFKHHGTGPVVKOGRGTKQFU6JGUGHCEVQTUCNQPIYKVJQVJGTU
KPƀWGPEGF VJG FKUVTKDWVKQP QH CKT OCTKPG EWTTGPVU CPF JWOKFKV[ VQIGVJGT VJG[ KORQUGF
TGUVTKEVKQPUVQVJGFKUVTKDWVKQPQHVJGRNCPVUCEEQTFKPIVQVJGKTGEQNQIKECNECRCDKNKVKGU
+OOGFKCVGN[HQNNQYKPIUQOGCURGEVUQHVJGRCNGQDQVCPKECNTGEQTFQHVJGCTGCYKNNDG
RTGUGPVGFDGIKPPKPIKPVJG7RRGT%TGVCEGQWU(KPCNN[COGEJCPKUOVQGZRNCKPJQY
VJGXGIGVCVKQPVJCVVQFC[FGXGNQRUKPVJGTGIKQPKURTQRQUGF
)GQNQIKECN5GVVKPI
6JGIGQNQIKECNGXQNWVKQPQH/GZKEQCPF%GPVTCN#OGTKECFWTKPIVJG%TGVCEGQWU
CPF%GPQ\QKEJCFUKIPKſECPV KPƀWGPEG QP VJG RTQEGUUGU VJCV EQPVTQNNGF VJGKPVGITCVKQP
QHVJGKTXGIGVCVKQP (KI 6QDGVVGTWPFGTUVCPFVJGOCKPIGQNQIKECNGXGPVUVJCVVQQM
RNCEGKP/GZKEQFWTKPIVJKUVKOGKPVGTXCNVJGHQNNQYKPIIGPGTCNRTQEGUUGUECPDGGP
TGEQIPK\GFK FGXGNQROGPVQHNCTIGOCIOCVKERTQXKPEGU 5KGTTC/CFTG1EEKFGPVCN
(CLC8QNE¶PKEC/GZKECPC5KGTTC/CFTGFGN5WT KK HTCIOGPVCVKQPCPFFKURNCEGOGPV
QH EQPVKPGPVCN UGIOGPVU KPENWFKPI VJG QRGPKPI QH VJG )WNH QH %CNKHQTPKC CPF VJG
FKURNCEGOGPV QH VJG %JQTVKU $NQEM KKK OCTKPG TGITGUUKQP VJCV QWVNKPGF VJG EWTTGPV
EQPVQWTQH/GZKEQCPFKX HQTOCVKQPCPFNKHVKPIQHVJGGCUVGTPQTQIGPKEDGNV 5KGTTC
/CFTG1TKGPVCN
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
(+)74'5EJGOCVKETGEQPUVTWEVKQPQHVJGIGQNQIKECNJKUVQT[QH/GZKEQFWTKPIVJGNCUV
OKNNKQP [GCTU JKIJNKIJVKPI UKIPKſECPV HGCVWTGU $NCEM NKPGU TGRTGUGPV VJG CRRTQZKOCVG
GZVGPUKQP QH VJG XQNECPKE CTEJ C #NDKCP IGPGTCNK\CVKQP QH OCTKPG VTCPUITGUUKQPU D
/CCUVTKEJVKCPNKHVKPIQHVJGPQTVJYGUVRQTVKQPE 7RRGT2CNGQEGPGEQPVKPWCVKQPQHVJGOCTKPG
TGITGUUKQPU YJKNG VJG .CTCOKFG FGHQTOCVKQP KU KP RTQITGUU F /KFFNG 'QEGPG GZVGPUKXG
XQNECPKECEVKXKV[G 7RRGT'QEGPGFKURNCEGOGPVQHVJG%JQTVKU$NQEMUVCTVUYKFGPKPIQHVJG
8QNECPKE#TEJH .QYGT1NKIQEGPGKIPKODTKVKEƀCTG WR I 'CTN[ /KQEGPG GZVGPUKQPCN RWNUGU
CPFEJCPIGKPQTKGPVCVKQP PQY095' QHVJG8QNECPKE#TEJJ .CVG/KQEGPGQRGPKPIQH
VJG)WNHQH%CNKHQTPKCDGIKPUCPFHQTOCVKQPQHVJG(CLC8QNE¶PKEC/GZKECPCK 'CTN[2NKQEGPG
GOGTIGPEGQHVJG;WECVCP2GPKPUWNCVJGEQPPGEVKQPDGVYGGPVJG2CEKſE CPF VJG %CTKDDGCP KU
KPVGTTWRVGF
K &GXGNQROGPVQHNCTIGOCIOCVKERTQXKPEGU (KI &GXGNQROGPVQHVJG5KGTTC

/CFTG1EEKFGPVCNYJKEJJCUCIGPGTCN05QTKGPVCVKQPCNQPIVJG2CEKſE EQCUV UVCTVGF
KPVJGPQTVJQHVJGEQWPVT[URCPPKPIHTQO%TGVCEGQWUVQVJGGCTN[/KQEGPG (KIUC
I &WTKPIVJG'QEGPGXQNECPKETQEMUHQTOGFCYKFGT5KGTTC/CFTG1EEKFGPVCN (KI
G#IWKTTG&ÈC\CPF/E&QYGNN #VVJGQPUGVQHVJG1NKIQEGPG EC
O[DR VJGXQNECPKECEVKXKV[QHVJKURTQXKPEGDGECOGGURGEKCNN[KPVGPUGHQTOKPIVJG
NCTIGUVKIPKODTKVGFGRQUKVQPVJGRNCPGV (KIH1TVGICGVCN/E&QYGNNCPF
%NCDCWIJ +VJCUDGGPECNEWNCVGFVJCVOQUVQHVJGUGXQNECPKERTQFWEVUTGCEJKPI
CXGTCIGVJKEMPGUUQHOYGTGFGRQUKVGFKPVJGURCPQHOKNNKQP[GCTU 1TVGIC
GVCN(GTTCTKGVCN
6JG (CLC 8QNE¶PKEC /GZKECPC KU C XQNECPKE CTEJ YKVJ CP GZVGPUKXG XCTKGV[ QH
%'8#..15('44+<#0&)10<.'<6144'5
UVTCVQXQNECPQUOQPQIGPGVKEEQPGUGVE6JKUXQNECPKERTQXKPEGJCUDGGPCEVKXGUKPEG
VJG/KFFNG/KQEGPGCPFKVKUEQORQUGFD[CNOQUVXQNECPKEEGPVGTUKPCPCTGC
QH CRRTQZKOCVGN[ MO D[ MO 8GNC\EQ6CRKC CPF 8GTOC +V KU
QTKGPVGF KP CP '9 FKTGEVKQP CPF FKXKFGU /GZKEQ KPVQ VYQ TGIKQPU C FTQWIJV CPF
UWDVTQRKECNTGIKQPVQYCTFUVJGPQTVJCPFCJWOKFCPFVTQRKECNTGIKQPVQVJGUQWVJ
6JG5KGTTC/CFTGFGN5WTKUEQORQUGFQHRNWVQPKECPFXQNECPKETQEMUQH2CNGQEGPGVQ
/KFFNG/KQEGPGCIG /QT¶P<GPVGPQGVCN *QYGXGTVJGUQWVJGTPOCTIKPQH
VJG/GZKECP2CEKſE FGOQPUVTCVGU VJCV VJG TGIKQP YCU GZRQUGF VQ KPVGPUG NKHVKPI CPF
GTQUKQPCUVJGTGCTGGZVGPUKXGRNWVQPUGZRQUGF
6JGCHQTGOGPVKQPGFGPQTOQWUXQNECPKECEVKXKV[EQPVTKDWVGFCEQNQUUCNXQNWOG
QH OCVGTKCNU VJCV VJTQWIJ VKOG VTCPUHQTOGF VJG RJ[UKQITCRJ[ QH /GZKEQ GI
OQTRJQNQI[ CPF J[FTQNQI[ #U KIPGQWU OCVGTKCN RKNGF WR PGY OQWPVCKP EJCKPU
YKVJXCT[KPICNVKVWFGUYGTGHQTOGFQRGPKPICPFQTENQUKPIDCUKPUYKVJCEQPUGSWGPV
EJCPIGKPVJGJ[FTQNQIKEEQPFKVKQPU6JKUEQOOQPRTQEGUUOQUVNKMGN[CHHGEVGFVJG
OCIPKVWFGQHVJGPCVWTCNDCTTKGTUCPFUGNGEVKXGHQTEGUVJCVKPƀWGPEGF VJG FKUVTKDWVKQP
QHRNCPVU(WTVJGTOQTGICUGOKUUKQPUCUYGNNCUVJGRTGUGPEGQHUWURGPFGFRCTVKENGU
KPVJGCVOQURJGTGUWIIGUVVJGFGXGNQROGPVQHURGEKCNCVOQURJGTKEEQPFKVKQPUKPVJG
TGIKQP(QTGZCORNGFGRGPFKPIQPVJGEQPEGPVTCVKQPQHHTGGICUGUKPVJGUVTCVQURJGTG
FWGVQXQNECPKECEVKXKV[51CPF%1OC[JCXGQRRQUKVGGHHGEVUCPFOC[RGTHQTO
FKHHGTGPVN[ CV FKHHGTGPV VKOG UECNGU FGRGPFKPI QP JQY NQPI VJGUG ICUGU UVC[ KP VJG
CVOQURJGTG 6JWU C TGIKQPCN YCTOKPI DCUGF QP VJG ITGGPJQWUG GHHGEV YQWNF DG
GZRGEVGFFWGVQVJGRTGUGPEGQH51FWTKPICTGNCVKXGN[UJQTVRGTKQFQHVKOGDWVKHVJG
VKOGURCPKUDKIIGT OQPVJUVQEC[GCTU VJGNCTIGGTWRVKQPUOC[ECWUGEQQNKPI
KPUVGCF+PEQPVTCUVVJG%1GOKUUKQPUOC[ECWUGCTGIKQPCNYCTOKPIKPVJGUECNG
HTQOVQ[GCTU 9KIPCNN
KK (TCIOGPVCVKQP CPF FKURNCEGOGPV QH EQPVKPGPVCN UGIOGPVU (KI 6JG

HTCIOGPVCVKQP CPF FKURNCEGOGPV QH EQPVKPGPVCN DNQEMU KU C FKUVKPEVKXG HGCVWTG QH
VJG %GPQ\QKE IGQNQI[ QH /GZKEQ 6YQ KORQTVCPV RTQEGUUGU ECP DG TGEQIPK\GF
VJG FKURNCEGOGPV QH VJG %JQTVKU $NQEM CPF VJG HQTOCVKQP QH VJG $CLC %CNKHQTPKC
2GPKPUWNC
6JG%JQTVKU$NQEMCEQPVKPGPVCNHTCIOGPVVJCVURCPUHTQO*QPFWTCUVQ0KECTCIWC
#PFGTUQPCPF5EJOKFV OQXGFCNQPIVJGUQWVJYGUVGTPOCTIKPQHVJG/GZKECP
2CEKſE %QCUV KP CP KPVGTXCN QH VKOG FWTKPI VJG %GPQ\QKE 6JG QNFGUV TGEQIPK\GF
RQUKVKQPHQTVJKUEQPVKPGPVCNDNQEMFWTKPIVJG7RRGT%TGVCEGQWUYCUCVCOCZKOWO
NCVKVWFGUKOKNCTVQVJCVQHVJGTGIKQPQH<KJWCVCPGLQ (KICE5EJCCHGVCN +VU
OQXGOGPVUQWVJYCTFUDGICPUQOGO[DR (KIF #UVJGOQXGOGPVQHVJKUDNQEM
RTQEGGFGF (KIGK VJTGGOCKPGHHGEVUVJCVNKOKVGFVJGDKQVCFKUVTKDWVKQPKPVJGRCUV
EQWNFDGRTGFKEVGF(KTUVUQOGEQPVKPGPVCNCTGCUYGTGITCFWCNN[GZRQUGFQTRTQVGEVGF
HTQOVJGKPƀWGPEG QH VJG QEGCP 5GEQPF KP VJG UQWVJGTP OCTIKP QH VJG /GZKECP 2CEKſE
CPKPVGPUGNKHVKPIQHVJGEQPVKPGPVCNETWUVYCURTQOQVGFCNNQYKPIVJGHQTOCVKQPQH
NCTIGDCUKPUYKVJEQPVKPGPVCNFGRQUKVUCNVGTKPIVJGFTCKPCIGCPFRTQOQVKPIKORQTVCPV
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
RTQEGUUGU QH GTQUKQP #PF ſPCNN[ VJG GUVCDNKUJOGPV QH C NCPF EQPPGEVKQP DGVYGGP
0QTVJCPF5QWVJ#OGTKECCRRTQZKOCVGN[O[DRCUKVEQPVCEVGFVJGRQTVKQPVJCV
VQFC[KU5QWVJ%GPVTCN#OGTKEC
6JGHQTOCVKQPQHVJG$CLC%CNKHQTPKC2GPKPUWNCCPFVJGQRGPKPIQHVJG)WNHQH
%CNKHQTPKC CTG CNUQ TGNCVGF VQ VJG HTCIOGPVCVKQP CPF FKURNCEGOGPV QH C EQPVKPGPVCN
HTCIOGPV#RRTQZKOCVGN[OKNNKQP[GCTUCIQ (KIJK VJG1TKGPVCN2CEKſE 2NCVG
DGICPURTGCFKPIPQTVJYCTFUGPVGTKPIKPVJGKPEKRKGPV)WNHQH%CNKHQTPKCCPFKPKVKCVKPI
COCTKPGKPXCUKQP /CTVÈP$CTCLCU (TQOVJCVOQOGPVQPVJGUGRCTCVKQPQH
EQPVKPGPVCN DNQEMU EQPVKPWGF IGPGTCVKPI GZVGPUKQPCN VGEVQPKE RTQEGUUGU VJCV DGICP
VJGHQTOCVKQPQHVJGDCUKPCPFTCPIGU[UVGOKPVJGCTGC6JGQRGPKPIQHVJG)WNHQH
%CNKHQTPKC KU VJG EQPUGSWGPEG QH C TKIJV NCVGTCN OQXGOGPV DGVYGGP VJG 2CEKſE CPF
0QTVJ#OGTKECRNCVGU
KKK /CTKPG TGITGUUKQPU (KI 6JG OCTKPG TGITGUUKQPU VJCV GZVGPUKXGN[

CHHGEVGFGCUVGTP/GZKEQFWTKPIVJG%GPQ\QKEEQPVTKDWVGFVQVJGEQPſIWTCVKQP QH VJG
TGIKQP 6JG[ CNUQ YGTG C FGVGTOKPCPV HCEVQT HQT VJG GUVCDNKUJOGPV QH VJG ƀQTC CPF
XGIGVCVKQPVJTQWIJVJGJCDKNKVCVKQPQHRQUKVKXGGZRQUGFCTGCUYJGTGQTICPKUODGECOG
GUVCDNKUJGF

KX .KHVKPI QH VJG QTKGPVCN QTQIGPKE DGNV (KI 6JG .CTCOKFG QTQIGP[ C
RTQEGUU NKPMGF VQ VJG OCTKPG TGITGUUKQPU UVCTVGF KP VJG .CVG %TGVCEGQWU CPF GPFGF
KP VJG /KFFNG 'QEGPG (KI CF RTQORVKPI UKPEG VJGP VJG TGVTGCV QH VJG UGCU CPF
KPƀWGPEKPI VJG EWTTGPV EQPſIWTCVKQP QH VJG CTGC 6JG VGTTKVQT[ VJCV GOGTIGF FWG VQ VJKU
RTQEGUUKPETGCUGFVJGUWTHCEGQHVJGEQWPVT[KPEC 1TVGICGVCN QHHGTKPI
VJGEQPVKPGPVCNDKQVCCEQPUKFGTCDNGPGYURCEGHQTKVUGUVCDNKUJOGPVCPFFGXGNQROGPV
6JG TGVTGCV QH VJG UGCU YCU C ITCFWCN RTQEGUU YKVJ CNVGTPCVKQP QH TGITGUUKQPU CPF
VTCPUITGUUKQPUGCEJQPGQHYJKEJJCFKPFKXKFWCNEJCTCEVGTKUVKEUKPFKHHGTGPVTGIKQPU
#URTGXKQWUN[RQKPVGFQWVVJGHQTOCVKQPQHFKXGTUGUGFKOGPVCT[DCUKPUKUCPKORQTVCPV
EJCTCEVGTKUVKEQHVJGIGQNQI[QH/GZKEQCPFKPVJKUTGURGEVVJG%QCUVCN2NCKPQHVJG
)WNHQH/GZKEQKUCRTQOKPGPVGZCORNG#UUGCUYKVJFTGYCPFVJGQTQIGPKEU[UVGOQH
VJG5KGTTC/CFTG1TKGPVCNEQPHQTOGFCPFNKHVGFQPGQHVJGOQTGKORQTVCPVOQWPVCKP
U[UVGOUQHVJGEWTTGPVIGQITCRJ[QH/GZKEQDGECOGGUVCDNKUJGF
1WVUVCPFKPI#URGEVUQHVJG(QUUKN4GEQTF
6JG J[RQVJGUGU VJCV JCF DGGP RTGXKQWUN[ RTQRQUGF VQ GZRNCKP VJG QTKIKP QH
VJG XGIGVCVKQP QH /GZKEQ YGTG OCKPN[ DCUGF QP KPVGTRTGVCVKQPU QH VJG GZVCPV ƀQTC
CPF XGIGVCVKQP +P C HGY GZEGRVKQPU HQUUKN RNCPVU EQNNGEVGF KP /GZKEQ DWV NKVVNG
UVWFKGFYGTGEQPUKFGTGF GI4\GFQYUMK +PUVGCFHQUUKNUQHJKIJGTNCVKVWFG
RCNGQEQOOWPKVKGUYGTGHTGSWGPVN[GZVTCRQNCVGFKPQTFGTVQſNN VJKU ICR GI 7PKVGF
5VCVGUQH0QTVJ#OGTKEC'WTQRGGI)TCJCO 6JGNKOKVGFKPVGITCVKQP
QHVJGƀQTC CPF XGIGVCVKQP QH /GZKEQ CPF VJG OKUWUG QH QVJGT DKQNQIKECN RTKPEKRNGU
%'8#..15('44+<#0&)10<.'<6144'5
GIVJGRTGUGPVKUVJGMG[VQVJGRCUV GPEQWTCIGFVJGGZVTCRQNCVKQPUVQVJGRQKPVVJCV
VJGDKQNQIKECNCPFIGQNQIKECNRTQEGUUGUVJCVYGTGVCMKPIRNCEGKPVJGCTGCYGTGCVDGUV
OCTIKPCNN[EQPUKFGTGF
+V KU C HCEV VJCV VJG HQUUKN TGEQTF QH VJG ƀQYGTKPI RNCPVU QH /GZKEQ JCU PQV
DGGP GZVGPUKXGN[ UVWFKGF CPF VJCV VJG OCLQTKV[ QH VJG TGRQTVU CTG MPQYP HTQO VJG
RCN[PQNQIKECNTGEQTF YJQUGHQEWUJCUDGGPOCKPN[DKQUVTCVKITCRJKE NKOKVKPIKPVJCV
UGPUG VJG MPQYNGFIG QH VJG VCZQPQOKE CHſPKVKGU QH VJG RNCPVU %GXCNNQU(GTTK\ CPF
4COÈTG\/CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCIC 0GXGTVJGNGUUVJG
EQODKPGFYQTMQPOCETQCPFOKETQHQUUKNUQHVJGƀQYGTKPI RNCPVU QH /GZKEQ OCFGKP
TGEGPV[GCTUTGPFGTUOQTGVJCPKFGPVKſGF VCZC #NVJQWIJ VJKU PWODGT QHKFGPVKſGF
RNCPVUKUUVKNNNQYVQſTON[ UWRRQTV C EQPENWUKXG GZRNCPCVKQP HQT VJGKPVGITCVKQPQHVJG
XGIGVCVKQPQH/GZKEQKVKUUWHſEKGPV VQ RTQOQVG TGEQPUKFGTCVKQP QH UQOG KFGCU (QT
GZCORNG +NGZ 3WGTEWU CPF 2KPWU ITQY PCVKXGN[ KP VJG VTQRKECN TGIKQPU QH /GZKEQ
VQFC[DWVVTCFKVKQPCNN[VJGKTQTKIKPKUEQPUKFGTGFVQJCXGQEEWTTGFPQTVJQH/GZKEQ
CPFVJG[JCXGDGGPWUGFCUCPGZCORNGQHRNCPVUVJCVTGCEJGFVJGUQWVJGTPRCTVQH
0QTVJ#OGTKECYJGPVJGKEGUJGGVUURTGCFQPVJGEQPVKPGPVFWTKPIVJG2NKQ2NGKUVQEGPG
*QYGXGT +NGZ CPF 2KPWU CTG PQY MPQYP HTQO 'QEGPG UGFKOGPVU QH VJG 0' QH
/GZKEQCPF2KPWUCPF3WGTEWUCTGKORQTVCPVGNGOGPVUQHVJG/GZKECPVCRJQƀQTCU
UKPEG VJG 1NKIQEGPG /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC 6JWU VJGKT
RCTVKEKRCVKQPKPVJGKPVGITCVKQPQHVJGXGIGVCVKQPQH/GZKEQJCUVQDGTGEQPUKFGTGF
+PCUKOKNCTYC[VJGRTGUGPEGQHRNCPVUKPVJGVTQRKECNHQTGUVUQH/GZKEQNKMG%[TKNNC
6KEQFGPFTQP#NHCTQCCPF1TGQOWPCJCUDGGPGZRNCKPGFCUPQTVJGTPGNGOGPVUVJCV
DGECOGGUVCDNKUJGFKPVJGUQWVJYJGPUGGMKPIUJGNVGTFWTKPIVJGINCEKCNOCZKOWOQH
VJG2NKQ2NGKUVQEGPG#PQVJGTGZCORNGEQPEGTPKPIVJGUGTGKPVGTRTGVCVKQPUKPXQNXGUVJG
TGEQIPKVKQPQHHQUUKNUQHEGTVCKPITQWRUUWEJCU#PCECTFKCEGCGCPF.GIWOKPQUCGKP
/GZKEQ (KIU 6TCFKVKQPCNN[/GZKECPRTGUGPEGQHVJGUGRNCPVHCOKNKGUJCUDGGP
KPVGTRTGVGFCUCEQPUGSWGPEGQHVJGGUVCDNKUJOGPVQHVJG+UVJOWUQH2CPCOCVJTQWIJ
YJKEJ VJG[ UWRRQUGFN[ CTTKXGF *QYGXGT VJG MPQYP HQUUKN TGEQTF KP VJG /GZKECP
VGTTKVQT[QHVJGHQTOGTOC[IQDCEMVQVJG%TGVCEGQWUCPFOGODGTUQHVJGNCVVGTJCXG
DGGPEQNNGEVGFKP'QEGPGUGFKOGPVUKPPQTVJGTP/GZKEQUWIIGUVKPIQPEGCICKPVJG
PGGFHQTCTGGXCNWCVKQPQHQWTKFGCUQPVJGKPVGITCVKQPQHXGIGVCVKQPKPNQYNCVKVWFG
0QTVJ #OGTKEC GI /CICNNÎP2WGDNC C )QP\¶NG\/GFTCPQ %CNXKNNQ
%CPCFGNNCPF%GXCNNQU(GTTK\/CTVÈPG\/KNN¶P/CTVÈPG\%CDTGTC
4COÈTG\CPF%GXCNNQU(GTTK\C
#OQPI VJG VCZC VJCV ITGY KP /GZKEQ FWTKPI VJG 6GTVKCT[ VJGTG CTG UQOG VJCV
UWIIGUV TGNCVKQPUJKRU YKVJ RNCPVU QH FKHHGTGPV TGIKQPU QH VJG YQTNF (QT GZCORNG
'WEQOOKC (KI 'WEQOOKCEGCG YCU YKFGURTGCF KP VJG 0QTVJGTP *GOKURJGTG
FWTKPI VJG 'QEGPG/KQEGPG DWV VQFC[ NKXGU QPN[ KP VJG JWOKF HQTGUVU QH %JKPC
/CICNNÎP2WGDNCCPF%GXCNNQU(GTTK\D %GFTGNQURGTOWO (KI7NOCEGCG
KUCPGZVKPEVVCZQPVJCVEQGZKUVGFYKVJ'WEQOOKCKPVJG/KQEGPG /CICNNÎP2WGDNC
CPF %GXCNNQU(GTTK\ E 6JG RTGUGPEG QH 5VCV\KC (KI KPEGTVCG UGFKU KP
/GZKEQKUGZVTGOGN[KPVGTGUVKPIUKPEGCUKFGHTQOVJKUTGRQTVKVKUQPN[MPQYPHTQO
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
1NKIQEGPGUGFKOGPVUQH4QVJ)GTOCP[ /CICNNÎP2WGDNCCPF%GXCNNQU(GTTK\F
UWIIGUVKPI CICKPTGNCVKQPUJKRUYKVJ VJG QVJGT TGIKQPU QH VJG 0QTVJGTP *GOKURJGTG
5QOGƀQYGTU TGEQXGTGF HTQO VJG C ODGT QH 5KOQLQXGN %JKCRCU CTG EQORCTCDNGVQ
VJG 5VCV\KC KORTGUUKQPEQORTGUUKQP HQUUKNU HTQO 6GRGZK FG 4QFTÈIWG\ /GZKEQ CPF
4QVJ)GTOCP[1VJGT6GTVKCT[RNCPVUQH/GZKEQUWIIGUVTGNCVKQPUJKRUYKVJQVJGT
TGIKQPUQHVJGYQTNF$GTDGTKUCPF/CJQPKC (KIU$GTDGTKFCEGCG OC[
DGTGNCVGFVQGZVCPVRNCPVUQH#UKCCPF5QWVJ#OGTKEC 4COÈTG\CPF%GXCNNQU(GTTK\
D YJKNG%QRCKHGTQZ[NQP .GIWOKPQUCG UWRRQTVUQNFTGNCVKQPUJKRUYKVJ#HTKEC
QT5QWVJ#OGTKEC %GXCNNQU(GTTK\CPF$CTCLCU/QTCNGU
5QOG QVJGT HQUUKN RNCPVU QH VJG 6GTVKCT[ QH /GZKEQ RQKPV VQ KORQTVCPV NKPMU
YKVJ VJG %CTKDDGCP CPF TGKPHQTEG VJQUG YKVJ 5QWVJ #OGTKEC %GTVCKPN[ *[OGPCGC
.GIWOKPQUCG VJG RNCPV VJCV RTQFWEGF VJG CODGT QH VJG 1NKIQEGPG/KQEGPG QH
5KOQLQXGN %JKCRCU &QOKPKECP 4GRWDNKE CPF 2WGTVQ 4KEQ NGCFU VJG NKUV %CNXKNNQ
%CPCFGNN 0QVNGUUUWTRTKUKPIKUVJGRTGUGPEGQH*CRNQTJWUCPF.QZQRVGT[IKWO
#PCECTFKCEGCG COQPI VJG HQUUKNU EQNNGEVGF KP /GZKEQ 6JG HQTOGT KU CP GPFGOKE
RNCPVVJCVITQYUCVRTGUGPVKPVJGFT[\QPGUQH2GTWCPF%JKNG 4COÈTG\GVCN
4COÈTG\CPF%GXCNNQU(GTTK\ YJKNGVJGNCVVGTITQYUPCVWTCNN[HTQO8GPG\WGNC
VQ#TIGPVKPC %QNKPC*GTP¶PFG\RGTUEQO JQYGXGTDQVJQHVJGOCTGHQWPFCU
HQUUKNUKPVJG1NKIQEGPGQH/GZKEQCPF/KQEGPGQH'EWCFQT $WTPJCOCPF%CTTCPEQ
1VJGT RNCPVU VJCV UWIIGUV QNF CPF EQORNGZ JKUVQTKE ƀQTKUVKE NKPMU DGVYGGP
/GZKEQCPF5QWVJ#OGTKECCTG+PICCPF2KVJGEGNNQDKWO (KIU.GIWOKPQUCG
#NVJQWIJVJGKTEWTTGPVFKUVTKDWVKQPKPENWFGUVJGVYQCTGCUVJGKTFKXGTUKV[KUITGCVGTKP
5QWVJ#OGTKECDWVVJGQNFGUVMPQYPHQUUKNTGEQTFEQOGUHTQO'QEGPGCPF1NKIQEGPG
UGFKOGPVUKP/GZKEQ %CNXKNNQ%CPCFGNNCPF%GXCNNQU(GTTK\
6JG HQUUKN TGEQTF QH 6CRKTKTC #PCECTFKCEGCG UWIIGUVU KP C UWDVNG YC[ C
UQWVJYCTFU OQXGOGPV QH VJG NKPGCIG FWTKPI VJG 6GTVKCT[ VJKU RCVVGTP OC[ CNUQ DG
TGKPHQTEGF D[ VJG HQUUKN TGEQTF QH QVJGT VCZC /CTVÈPG\%CDTGTC 6JG QNFGUV
TGEQTFQHVJKUNKPGCIGEQTTGURQPFUVQYQQFHTQOVJG'QEGPGQH9[QOKPI /CPEJGUVGT
/QTGTGEGPVN[YQQFUQHVJKUVCZQPCRRGCTKP1NKIQEGPG/KQEGPGUGFKOGPVU
QH $CLC %CNKHQTPKC CPF $CLC %CNKHQTPKC 5WT CPF KVU ƀQYGTU CTG MPQYP HTQO GXGP
[QWPIGTTQEMUEQPVCKPKPIVJGCODGTQH5KOQLQXGN /KTCPFC/E-GQYPGVCN
/CTVÈPG\%CDTGTC (KPCNN[VQFC[6CRKTKTCKUHQWPFITQYKPIPCVWTCNN[KP
5QWVJGTP/GZKEQCPF0QTVJGTP5QWVJ#OGTKEC 6GTTC\CUCPF9GPFV
# TGEGPV TGRQTV QH $GTDGTKU (KIU $GTDGTKFCEGCG HTQO 1NKIQEGPG
UGFKOGPVU QH %GPVTCN /GZKEQ 4COÈTG\ CPF %GXCNNQU(GTTK\ C KPVTQFWEGU VQ
VJGFKUEWUUKQPUQOGKORQTVCPVCURGEVUCUKPHQTOCVKQPHTQODQVJHQUUKNUCPFGZVCPV
RNCPVU CTG WUGF KP EQPLWPEVKQP 6QFC[ VJKU IGPWU ITQYU PCVWTCNN[ KP 0QTVJ CPF
5QWVJ#OGTKECDWVPQVKP/GZKEQ+VUHQUUKNTGEQTFPGXGTVJGNGUUFGOQPUVTCVGUVJCV
FWTKPIVJG6GTVKCT[KVYCUCDNGVQITQYKP/GZKEQCPFVJCVVJGEJCTCEVGTUQHVJGHQUUKN
NGCXGUEQNNGEVGFKPVJKUTGIKQPNKPMVJGOVQGZVCPVURGEKGUQH5QWVJ#OGTKECCPF#UKC
4COÈTG\CPF%GXCNNQU(GTTK\C
#PQVJGT KORQTVCPV RKGEG QH KPHQTOCVKQP VJCV ECP DG GZVTCEVGF HTQO VJG HQUUKN
%'8#..15('44+<#0&)10<.'<6144'5
(+)74'5 %TGVCEGQWUHQUUKNU6GTVKCT[HQUUKNU5VTKCVQTPCVCUCPCPVQPGPUKU
/WUCEGCG 6TKEQUVCVQECTRQP UKNXCRKPGFCG 5VTGNKV\KCEGCG *COCOGNKFCEGQWU
HTWKV (TWKV QH C RTQDCDNG #TCEGCG (NQYGT QH 4JCOPCEGCG 6CTCJWOCTC UQRJKGCG
*CNQTCICEGCG #PCECTFKCEGCG 4JWU VQZKEQFGPFTQKFGU 2UGWFQUOQFKPIKWO
VGTTC\CUKCG 2KUVCEKC OCTSWG\KK %QOQENCFKC KPVGTOGFKC 2UGWFQOQFKPIKWO
OKTCPFCG TKIJV CPFGZVCPVURGEKOGP NGHV HQTEQORCTKUQP.GIWOKPQUCG
4GKPYGDGTKCQTPKVJQRQKFGU5QRJQTCUQWUCG.[UKNQOCOKZVGECPC
TGEQTFQH/GZKEQKUVJGTGEQIPKVKQPQHVJGOKPKOWOCIGKPYJKEJVJGRTGEWTUQTUQH
GPFGOKEIGPGTCQTURGEKGUUWEJEJCTCEVGTKUVKEQHVJGEWTTGPVXGIGVCVKQPQHVJGEQWPVT[
ſTUV CRRGCTGF (QT GZCORNG KP 1NKIQEGPG UGFKOGPVU QH VJG UWTTQWPFKPIU QH6GRGZKQH
4QFTÈIWG\ 2WGDNC YJKEJ CTG CUUWOGF CP CIG QH O[ HQUUKN HTWKVU CPF NGCXGU
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
UWIIGUVVJCVNKPGCIGUVJCVEWTTGPVN[IKXGVJGXGIGVCVKQPQHVJGTGIKQPCWPKSWGEJCTCEVGT
YGTG CNTGCF[ RTGUGPV D[ VJCV VKOG #OQPI VJGO CTG 2UGWFQUOQFKPIKWO (KIU
#PCECTFKCEGCG %QOQENCFKC (KI#PCECTFKCEGCG /KOQUC .GIWOKPQUCG
5QRJQTC (KI .GIWOKPQUCG .[UKNQOC (KI .GIWOKPQUCG 4GKPYGDGTKC
(KI .GIWOKPQUCG CPF 2QRWNWU (KI 5CNKECEGCG /CICNNÎP2WGDNC CPF
%GXCNNQU(GTTK\ C /CTVÈPG\/KNN¶P 4COÈTG\ GV CN 4COÈTG\ CPF
%GXCNNQU(GTTK\D
&GVCKNGFEQORCTKUQPDGVYGGPHQUUKNCPFGZVCPVRNCPVUDCUGFQPNGCHCTEJKVGEVWTG
QH1NKIQEGPGNGCXGUEQNNGEVGFKPVJG.QU#JWGJWGVGUNQECNKV[YKVJKPVJGUWTTQWPFKPIU
QH6GRGZKQH4QFTÈIWG\2WGDNCOCMGUKVGXKFGPVVJCVCNVJQWIJVJGKFGPVKſGF IGPGTC
ECPDGUKOKNCTVQVJQUGQHVJGEWTTGPVXGIGVCVKQPQHVJGCTGCCVVJGURGEKſE NGXGN VJGTG
CTGKORQTVCPVFKHHGTGPEGU 4COÈTG\CPF%GXCNNQU(GTTK\CD8GNCUEQ
FG .GÎP GV CN 8GNCUEQ FG .GÎP CPF %GXCNNQU(GTTK\ (WTVJGTOQTG
UKOKNCTUVWFKGUYKVJUQOGHQUUKNRNCPVUQHVJG/KQEGPG2NKQEGPGQH*KFCNIQCPFQHVJG
2NKQ2NGKUVQEGPGQH/QTGNQUUWIIGUVVJCVVJGFGXGNQROGPVQHVJGGZVCPVURGEKGUVQQM
RNCEGKPTGNCVKXGN[TGEGPVVKOGU+VKUCNUQGZVTGOGN[KPVGTGUVKPIVJCVVJGCUUGODNCIG
QHHQUUKNRNCPVUKPVJGQWVETQRUUQHCTUVWFKGFUJQYCEQODKPCVKQPQHGNGOGPVUVJCV
CTGEJCTCEVGTKUVKEQHFKHHGTGPVV[RGUQHGZVCPVXGIGVCVKQP6JKUUWIIGUVUVJCVVJGV[RGU
QH XGIGVCVKQP PQY TGEQIPK\GF JCXG CNUQ EJCPIGF CPF VJGTGHQTG KV KU PGEGUUCT[ VQ
WPFGTUVCPF JQY VJG RCVVGTPU QH RNCPV CUUQEKCVKQP XCTKGF VJTQWIJ VKOG 8GNCUEQ FG
.GÎP4COÈTG\)CTFWÌQ
+PVGITCVKQPQHVJG$KQFKXGTUKV[
&WTKPIVJGCUUGODNCIGQH/GZKEQCURCTVQHVJG0QTVJ#OGTKECP2NCVGVJGCEETGVKQP
QHDNQEMUJCUCNYC[UDGGPCPKORQTVCPVRTQEGUUGURGEKCNN[FWTKPIVJG2CNGQ\QKECPF
/GUQ\QKEDWVKVKUFWTKPIVJG%GPQ\QKEVJCVVJKURTQEGUUCNQPIYKVJVJGFKURNCEGOGPV
QHNCPFUEWNOKPCVGFKPVJGEWTTGPVEQPſIWTCVKQP QH VJG TGIKQP #FKUEWUUKQPQHVJG
XGIGVCVKQPQH/GZKEQCPFVJGKPVGITCVKQPQHVJGRNCPVUHTQOCPJKUVQTKECNRQKPVQHXKGY
KU RTGUGPVGF PGZV 6JKU FKUEWUUKQP UVCTVU KP VJG 7RRGT %TGVCEGQWU YJGTG VJG QNFGUV
RNCPVOCETQHQUUKNUJCXGDGGPTGRQTVGFUKPEGVJGOCLQTKV[QHVJGEQPVKPGPVCNNCPFYCU
HQTOGTN[EQXGTGFD[UGC*QYGXGTKVKUPGEGUUCT[VQOGPVKQPUQOGGPKIOCVKE.QYGT
%TGVCEGQWU RQNNGP ITCKP TGEQTFU #HTQRQNNKU 9KPVGTCEGCG CPF 4GVKOQPQEQNRKVGU
.CWTCNGU CTG HQWPF KP #RVKCP#NDKCP UGFKOGPVU QH /KEJQCE¶P CPF %QNKOC CPF
6TKEQNRKVGU *COCOGNKFCEGCG CPFEH5RCVJKRJ[NNWO #TCEGCG KP&WTCPIQ /CTVÈPG\
*GTP¶PFG\ CPF 4COÈTG\#TTKCIC 6JGUG TGEQTFU UWIIGUV VJG RTGUGPEG QH
GZRQUGFCTGCUKPVJGEGPVTCNRCTVQH/GZKEQTGRTGUGPVKPIRGTJCRUKUNCPFUKPYJKEJ
VJGCPIKQURGTOUYGTGCDNGVQDGEQOGGUVCDNKUJGF /CTVÈPG\*GTP¶PFG\CPF4COÈTG\
#TTKCIC 5VGOU QT YQQF QH 2CNOQZ[NQP CPF /KOQZ[NQP HTQO %TGVCEGQWU
UGFKOGPVU QH 1CZCEC JCF DGGP TGRQTVGF /×NNGT5VQNN CPF /¼FGN %GXCNNQU
(GTTK\CPF4KECNFG/QTGPQ%GXCNNQU(GTTK\CPF$CTCLCU/QTCNGU DWV
WPHQTVWPCVGN[VJGNQECNKV[YJGTGVJGOCVGTKCNYCUEQNNGEVGFJCUPQVDGGPHQWPFCICKP
%'8#..15('44+<#0&)10<.'<6144'5
(+)74'56GTVKCT[HQUUKNU(TWKVUKOKNCTVQ+PIC.GCƀGV UKOKNCT VQ 2KVJGEGNNQDKWO

$CWJEKU OQTCPKK 'WEQOOKC EQPUVCPU 'WEQOOKCEGCG $GTDGTKU VGRGZKCPC
$GTDGTKFCEGCG %GFTGNQURGTOWOOCPEJGUVGTK 7NOCEGCG 5VCV\KC +PUGTVCGUGFKU
$GTDGTKUNQ\CPQHQNKC $GTDGTKFCEGCG 2QRWNWUFGPVKCEWOKPCVC 5CNKECEGCG 5CNKZ
CNGPECUVGTCG 5CNKECEGCG 5CNKZDCNUCPC 5CNKECEGCG /CJQPKCOCTVKPG\KK $GTDGTKFCEGCG
%GTEQECTRWUOKZVGEC 4QUCEGCG
UQVJGRTGUGPEGCPFCIGQHVJGUGRNCPVUECPPQVDGEQPſTOGF
6JG OQUV GZVGPUKXG CPF DGUV MPQYP RQUKVKXG EQPVKPGPVCN CTGC QH VJG UQWVJGTP
RQTVKQPQHVJG0QTVJ#OGTKECP2NCVGYJGTGNKHGEQWNFJCXGGUVCDNKUJGFKPVJG7RRGT
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
%TGVCEGQWUEQTTGURQPFUVQRQTVKQPUQHVJGPQTVJGTPUVCVGUQH/GZKEQKPVJGUQECNNGF
2CNGQRGPKPUWNCQH%QCJWKNC (KID 6JKURCNGQRGPKPUWNCGZVGPFGFHTQOVJGPQTVJ
EGPVGTRQTVKQPQH6COCWNKRCUVQVJGUQWVJGTPTGIKQPQH%QCJWKNCCPFVJGPVQVJG0'
VKRQH$CLC%CNKHQTPKC6JGTGKUKPFKECVKQPVJCVUQOGKUNCPFUGZKUVGFVQYCTFVJGUQWVJ
DWVNKVVNGKUMPQYPCDQWVVJGNKHGGUVCDNKUJGFQPVJGO*QYGXGTUQOGHTCIOGPVUQH
YQQFEQNNGEVGFKPVJGUWTTQWPFKPIUQH*WGVCOQ/KEJQCE¶PJCXGDGGPKFGPVKſGF CU
#TCWECTKQZ[NQP5QOGQVJGTEQPKHGTUJCFDGGPTGRQTVGFHTQOVJGRCNGQRGPKPUWNCQH
%QCJWKNCGURGEKCNN[HTQOKVUEQCNFGRQUKVUCPFKP5QPQTCCPF$CLC%CNKHQTPKC 4WGFC
)CZKQNC/CTVÈPG\*GTP¶PFG\GVCN9GDGT
0GXGTVJGNGUU VJG CPIKQURGTOU CTG OQTG EQOOQP KP CNN VJGUG UGFKOGPVU 6JG
OCETQHQUUKNUEQNNGEVGFUQHCTCTQWPF4KPEÎP%QNQTCFQKP%QCJWKNCTGRTGUGPVRNCPVU
QHVJGHCOKNKGU#TGECEGCG/WUCEGCG (KI 5VTGNKV\KCEGCG (KI 4CPWPEWNCEGCG
/GPKURGTOCEGCG*COCOGNKFGCG (KI 2J[VQNCEECEGCG4JCOPCEGCG (KI CPF
RTQDCDN[#TCEGCG (KI 4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTK\4QFTÈIWG\
FG NC 4QUC GV CN 2ÃTG\*GTP¶PFG\ GV CN (TQO 5QPQTC OGODGTU QH
#TGECEGCG CPF *CNQTCICEGCG (KI JCXG DGGP TGRQTVGF %GXCNNQU(GTTK\
*GTP¶PFG\%CUVKNNQCPF%GXCNNQU(GTTK\ CPFKPDQVJUKVGU2CTCRJ[NNCPVJQZ[NQP
C YQQF V[RG VJCV OC[ TGRTGUGPV .CWTCEGCG #PCECTFKCEGCG QT $WTUGTCEGCG COQPI
QVJGTHCOKNKGUJCUDGGPFGUETKDGF
6JGUGRNCPVUUJQYVJCVKPVJG7RRGT%TGVCEGQWUVJGDKQVCQHVJGRQUKVKXGEQPVKPGPVCN
RCTVU QH /GZKEQ YCU TGRTGUGPVGF D[ ITQWRU VJCV VQFC[ CTG OQTG EQOOQP GKVJGT KP
VJG0QTVJGTP GI4CPWPEWNCEGCG/GPKURGTOCEGCG QTKPVJG5QWVJGTP*GOKURJGTG
GI /WUCEGCG 5VTGNKV\KCEGCG#PCECTFKCEGCG 4CXGP CPF #ZGNTQF 6C[NQT
(WTVJGTOQTGVJGHQUUKNTGEQTFQHUQOGQHVJGHCOKNKGUVJCVCTGEWTTGPVN[OQTG
FKXGTUGKPVJG5QWVJGTP*GOKURJGTGUWIIGUVUVJCVFWTKPIVJG%TGVCEGQWUCPFRQUUKDN[
VJG6GTVKCT[VJG[YGTGOQTGFKXGTUGKPVJG0QTVJGTP*GOKURJGTG6JKUQDUGTXCVKQP
JKIJNKIJVUVJGPGGFQHCECWVKQWUKPVGTRTGVCVKQPQHVJGDKQIGQITCRJKERCVVGTPUQHVJG
RCUVGURGEKCNN[KHVJG[CTGWUGFCUCTGHGTGPEGVQGZRNCKPVJGEWTTGPVFKUVTKDWVKQPQH
RNCPVU
7PHQTVWPCVGN[ OCETQHQUUKNU HTQO VJG 2CNGQEGPG JCXG PQV DGGP EQNNGEVGF KP
/GZKEQ 0GXGTVJGNGUU VJG RQNNGP TGEQTF QH VJG $WTIQU $CUKP %QCJWKNC UWIIGUVU
VJCV C EQOOWPKV[ EQORCTCDNG VQ VJQUG TGRQTVGF HTQO VJG /KUUKUUKRRK 'ODC[OGPV
KP 7PKVGF 5VCVGU YCU ECRCDNG QH GUVCDNKUJKPI KVUGNH YKVJKP 0QTVJYGUVGTP /GZKEQ
FWTKPIVJKUVKOG /CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCIC $[VJGGPFQHVJG
%TGVCEGQWURNCPVUTGNCVGFVQVJQUGHTQOVJG/KUUKUUKRRK$CUKPHQNNQYGFVJGTGVTGCVQH
VJG'RKEQPVKPGPVCN5GCGUVCDNKUJKPIVJGOUGNXGUKPVJGUQWVJKPCUKOKNCTYC[FWTKPI
VJG6GTVKCT[VJG[HQNNQYGFVJGVTCPUITGUUKQPTGITGUUKQPE[ENGUQH'CUVGTP/GZKEQ#V
VJGUCOGVKOGVJG5KGTTC/CFTG1EEKFGPVCNYCUFGXGNQRKPIUQWVJYCTFURTQOQVKPI
VJGGZRQUKVKQPQHEGPVTCN/GZKEQ+PIGPGTCNVGTOUVJGTGIKQPCVVJKURQKPVYCUKPVJG
UJCRGQHCITGCVRGPKPUWNC (KIUCE
$[ VJG 'QEGPG RCTV QH VJG GNGOGPVU TGRQTVGF KP VJG $WTIQU $CUKP ƀQTC GI
+NGZ 5CRQVCEGCG ,WINCPFCEGCG $GVWNCEGCG JCF GZRCPFGF UQWVJYCTFU TGCEJKPI
%'8#..15('44+<#0&)10<.'<6144'5
UQOGCTGCUQH%JKCRCU /CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCIC #NUQD[

VJG'QEGPG.GIWOKPQUCG (KI KUTGEQIPK\GFVJTQWIJYGNNRTGUGTXGFHTWKVUCPF
UGGFUKP.C2QRC$CUKP0WGXQ.GÎP %CNXKNNQ%CPCFGNNCPF%GXCNNQU(GTTK\
6JG .GIWOKPQUCG C OCLQT EQORQPGPV QH VJG GZVCPV XGIGVCVKQP QH /GZKEQ UGGOU
VQJCXGGZRCPFGFKVUFKUVTKDWVKQPFWTKPIVJG'QEGPGCPF1NKIQEGPGUKPEGKVKUYGNN
TGRTGUGPVGF KP 1NKIQEGPG CPF /KQEGPG UGFKOGPVU QH $CLC %CNKHQTPKC 5WT 2WGDNC
6NCZECNC 1CZCEC CPF %JKCRCU (KIU GI /KTCPFC /CICNNÎP2WGDNC
CPF%GXCNNQU(GTTK\C%GXCNNQU(GTTK\CPF$CTCLCU/QTCNGU/×NNGT5VQNN
CPF /¼FGN %CNXKNNQ%CPCFGNN CPF %GXCNNQU(GTTK\ %CUVCÌGFC
2QUCFCURGTUEQO 6JGUGGZCORNGUHWTVJGTUWRRQTVVJGKFGCVJCVD[VJKUVKOG
VJG XGIGVCVKQP QH /GZKEQ TGRTGUGPVGF CP GZVGPUKQP QH VJG 0QTVJGTP *GOKURJGTG
6GTVKCT[ƀQTC GI4\GFQYUMK9GPFV *QYGXGTKVCNUQUWIIGUVUVJCV
D[ VJKU VKOG TGRTGUGPVCVKXGU QH /GZKECP GPFGOKE NKPGCIGU YGTG CNTGCF[ RTGUGPV KP
VJGTGIKQPIKXKPIVQVJGUQWVJGTP6GTVKCT[XGIGVCVKQPQH0QTVJ#OGTKECCFKUVKPEVKXG
EJCTCEVGT+VKUFWTKPIVJG1NKIQEGPGVQQVJCVVJGTQUGHCOKN[ 4QUCEGCG CNUQCRRGCTU
KPVJGHQUUKNTGEQTFQHVJGTGIKQP (KI
6JG 1NKIQEGPG YCU CP KORQTVCPV OQOGPV HQT RNCPV NKHG KP /GZKEQ (KI H
(QT EC OKNNKQP [GCTU Ō O[DR KIPKODTKVGU ƀCTG WR KP VJG 5KGTTC /CFTG
1EEKFGPVCNDWKNFKPIVJGNCTIGUVUVTWEVWTGQHVJKUMKPFKPVJGYQTNF6JKUXQNECPKECTEJ
UWDUGSWGPVN[ HTQO VJG /KFFNG /KQEGPG QP GXQNXGF CPF EJCPIGF KVU QTKGPVCVKQP
VQ EQPHQTO VQ VJG (CLC 8QNE¶PKEC /GZKECPC (KI I (GTTCTK GV CN &WTKPI
VJKUVKOGCNUQVJG;WECVCP2GPKPUWNCYCUUVKNNEQXGTGFD[UGCCPFYJCVVQFC[KUVJG
$CLC %CNKHQTPKC 2GPKPUWNC YCU RCTV QH VJG EQPVKPGPV /QUV NKMGN[ VJGKT UWDUGSWGPV
IGQNQIKECN GXQNWVKQP IGPGTCVGF KORQTVCPV CPF XCTKCDNG RJ[UKQITCRJKE CPF ENKOCVKE
EQPFKVKQPU VJCV KPƀWGPEGF DKQNQIKECN UGNGEVKQP TCFKCVKQP CPF GXQNWVKQP (KI JK
6JGUQWVJYCTFUOQXGOGPVQHVJG%JQTVKU$NQEMKURCTVKEWNCTN[KORQTVCPVVQIGPGTCVG
CPKFGCQHVJGIGQNQIKECNUGVVKPIYJGTGVJGRNCPVUYGTGGUVCDNKUJKPIVJGOUGNXGU (KI
JK /GZKEQ JCF VJG EQPſIWTCVKQP QH C RGPKPUWNC DWV CNQPI KVU UQWVJGTP YGUVGTP
EQCUVVJGFKURNCEGOGPVQHVJG%JQTVKU$NQEMIGPGTCVGFUQOGFGITGGQHEQPVKPGPVCNKV[
OQFKH[KPIVJGGPXKTQPOGPVCNEQPFKVKQPUWPFGTYJKEJRNCPVUYGTGCDNGVQGUVCDNKUJ
ITQYTCFKCVGGVE
6JGFKXGTUKV[QHUQOGITQWRUQHRNCPVUCVVCKPGFFWTKPIVJG1NKIQEGPGEQPVTCUVU
YKVJVQFC[ŏURNCPVƀQTC (QT GZCORNG VJG RTGUGPEG QH UKZ IGPGTC QH #PCECTFKCEGCG CPF
GNGXGPURGEKGUQH5CNKECEGCGKPVJG.QU#JWGJWGVGUNQECNKV[KP2WGDNCFQGUPQVJCXG
EQWPVGTRCTVU COQPIUV VJG EWTTGPV XGIGVCVKQP (KIU 4COÈTG\ )CTFWÌQ
4COÈTG\CPF%GXCNNQU(GTTK\ #NVJQWIJVJGFKXGTUKV[HQWPFKPVJGHQUUKN
TGEQTF KU EQPVTCFKEVQT[ YKVJ TGURGEV VQ VJG EWTTGPV EQOOWPKVKGU OQUV NKMGN[ VJGUG
FKHHGTGPEGUTGƀGEV VJG GZKUVGPEG KP VJG RCUV QH FKHHGTGPV RCVJU VJCV VJG RNCPV EQOOWPKVKGU
HQNNQYGF RCVJU FGVGTOKPGF D[ VJG XCTKCDNG F[PCOKEU QH VJG IGQNQIKECN UGVVKPI CPF
VJGDKQNQIKECNTGURQPUGQHVJGRNCPVUVQVJGEJCPIKPIGPXKTQPOGPV&GſPKVGN[ VJGUG
F[PCOKEDKQNQIKECNIGQNQIKECNKPVGTCEVKQPUUKIPKſECPVN[ EQPVTKDWVGF VQ VJGTGNCVKXGN[
UWFFGPCRRGCTCPEGQHGPFGOKERNCPVUKP/GZKEQ6JCVVJTQWIJVJGGXQNWVKQPQHVJG
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
UVCIG IGQNQI[ CPF VJG CEVQTU RNCPVU FWTKPI VJG 0GQIGPG VJG OGICFKXGTUKV[ QH
RNCPVU CPF GPXKTQPOGPVU VJCV CTG EWTTGPVN[ QDUGTXGF KP VJG NCPFUECRG QH VJG TGIKQP
IGPGTCVGFCPFGUVCDNKUJGF
6JGHQUUKNRNCPVTGEQTFKPKPETGCUKPIN[[QWPIGTUGFKOGPVUEQPVKPWGUFQEWOGPVKPI
V[RGU QH XGIGVCVKQP EQORQUGF QH GNGOGPVU VJCV EWTTGPVN[ YQWNF DG CUUQEKCVGF YKVJ
FKHHGTGPVEQOOWPKVKGU5QOGTGUGCTEJGTUJCXGUWIIGUVGFVJCVVJKUOKZVWTGQHRNCPVU
KPVJGHQUUKNKHGTQWUQWVETQRUKUFWGVQVJGQEEWTTGPEGQHCNQEJVJQPQWUCPFKPFKIGPQWU
GNGOGPVU GI /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC )TCJCO
6JG[RTGFKEVVJGRTGUGPEGQHOQWPVCKPUENQUGVQVJGHQUUKNNQECNKVKGUCPFCUUWOGCP
CNVKVWFKPCN ITCFKGPV KP YJKEJ KV YQWNF DG RQUUKDNG VQ NQECVG FKHHGTGPV EQOOWPKVKGU
/CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCIC)TCJCO 9JKNGVJKUUEGPCTKQ
ECPPQV DG FKUECTFGF QPG YQWNF GZRGEV VJCV VJGUG UVTQPI RJ[UKQITCRJKE CNVGTCVKQPU
YQWNFDGTGƀGEVGF KP VJG IGQNQIKECN TGEQTF GURGEKCNN[ KP RQUV/KQEGPG VKOGU
6QHWNN[WPFGTUVCPFVJGEQORNGZKV[QHVJGKPVGITCVKQPQHVJGDKQVCCPFEQOOWPKVKGU
QH /GZKEQ KV KU KORQTVCPV VQ FKUEWUU VJG IGQNQIKECN RTQEGUU CNQPI YKVJ VJG RNCPVU
KPJCDKVKPIVJGFKHHGTGPVUGVVKPIUCPFVJGYC[VJGUGYGTGCUUQEKCVGF#PKPVGITCNXKGY
YQWNFDGKPEQORNGVGKHUQOGENKOCVKERCTCOGVGTUVJCVJCFCRTGFQOKPCPVTQNGKPVJKU
JKUVQT[YGTGPQVOGPVKQPGF(QTGZCORNGVJGENKOCVKEDGNVUVJCVCTGTGEQIPK\GFVQFC[
FKFPQVCNYC[UJCXGVJGUCOGGZVGPUKQPVJG[GZRCPFGFQTEQPVTCEVGFCEEQTFKPIVQVJG
RQUKVKQPQHVJGEQPVKPGPVUVJGRTGUGPEGCDUGPEGQHKEGQPVJGRQNGUCPFVJGEKTEWNCVKQP
QH CKT CPF OCTKPG EWTTGPVU CU YGNN CU VJGKT VGORGTCVWTG COQPI QVJGT HCEVQTU 9KVJ
TGICTFVQVJGKPVGITCVKQPQHVJGXGIGVCVKQPQH/GZKEQFWTKPIVJGNCUVOKNNKQP[GCTUVJG
DTKFIGEQPPGEVKPI0QTVJCPF5QWVJ#OGTKECVJG+UVJOWUQH2CPCOCJCFQPN[GZKUVGF
HQTVJGNCUVOKNNKQP[GCTU$GHQTGVJCVVKOG/GZKEQJCFVJGUJCRGQHCRGPKPUWNC
CPF OQUV NKMGN[ CNN VJG HCEVQTU FKUEWUUGF CDQXG RGTHQTOGF FKHHGTGPVN[ KH EQORCTGF
YKVJVJGKTGZVCPVDGJCXKQT$GHQTGVJG+UVJOWUQH2CPCOCHQTOGFVJGFQWDNGENKOCVKE
EGNN VJCV VQFC[ EJCTCEVGTK\GU DQVJ JGOKURJGTGU YCU PQV YGNN GUVCDNKUJGF 5JQTVN[
DGHQTG/GZKEQDGECOGHWNN[EQPPGEVGFVQ5QWVJ#OGTKECVJGUJCRGQHVJGEQWPVT[
EJCPIGFHTQOCRTQOKPGPVRGPKPUWNCVQKVUEWTTGPVEQPſIWTCVKQP D[VJGCFFKVKQPQHVJG
;WECVCP2GPKPUWNCVQKVUUQWVJGCUVGTPTGIKQPCPFVJG$CLC%CNKHQTPKC2GPKPUWNCVQKVU
PQTVJYGUVGTPTGIKQP/QUVNKMGN[VJGCFFKVKQPQHVJGUGRGPKPUWNCUCNVGTGFVJGRJ[UKECN
HCEVQTUQHVJGGPXKTQPOGPVVQUQOGGZVGPVIGPGTCVKPIKPVJGOCKPEQPVKPGPVCNOCUU
PGYEQPFKVKQPUHQTVJGGUVCDNKUJOGPVQHRNCPVU(WTVJGTOQTGVQVJKUPGYEQPHQTOCVKQP
QH/GZKEQYGOWUVCFFCPKORQTVCPVHCEVQTHQTVJGKPVGITCVKQPQHKVUXGIGVCVKQPVJG
KEGUJGGVUVJCVRTQITGUUGFWRQPVJGEQPVKPGPVUFWTKPIVJG2NKQ2NGKUVQEGPG%GTVCKPN[
KP VJG NCVGUV OKNNKQP [GCTU VJG FKXGTUKV[ QH VJG ƀQTC CPF XGIGVCVKQP QH /GZKEQ
VJCVJCFGUVCDNKUJGFCPFFGXGNQRGFKPVJGTGIKQPVJTQWIJVJG7RRGT%TGVCEGQWUCPF
6GTVKCT[DGECOGőOQFGTPK\GFŒCPFUVCTVGFTGUGODNKPIOQTGCPFOQTGVJGRTGUGPVFC[
XGIGVCVKQP
(KPCNN[ KV KU KORQTVCPV VQ JKIJNKIJV VJCV VJKU NQPI JKUVQTKECN RTQEGUU GZRNCKPU
JQYUQOGUQWVJGTPCPFPQTVJGTPNKPGCIGUYGTGCDNGVQCTTKXGKPVQ/GZKEQFWTKPIVJG
%TGVCEGQWUCPF6GTVKCT[YJKNGKVUVKNNGZRNCKPUJQYQVJGTNKPGCIGUEQWNFJCXGCTTKXGF
%'8#..15('44+<#0&)10<.'<6144'5
KPVQ%GPVTCN#OGTKECVJTQWIJVJG%JQTVKU$NQEMCPFJQYVJKUUVGRJGNRGFUQOGRNCPVU
KPVJGKTLQWTPG[VQ5QWVJ#OGTKEC6QEQPVKPWGUWRRQTVKPIJ[RQVJGUKUQPVJGKPVGITCVKQP
QHVJGƀQTC CPF XGIGVCVKQP QH /GZKEQ NKMG VJG QPG QWVNKPGF JGTG VJGJKUVQTKECNRQKPV
QHXKGYUJQWNFCNYC[UDGEGPVTCNKPVJGFKUEWUUKQPUGGMKPIOGEJCPKUOUVJCVGZRNCKP
JQY VJG ƀQTCU QH XCTKQWU EQPVKPGPVU KPVGTCEVGF VJTQWIJ RTQEGUUGU UKOKNCT VQ VJQUG
QWVNKPGFJGTG
#EMPQYNGFIOGPVU
9GYQWNFNKMGVQVJCPMVJGEQOOGPVCTKGUVQKORTQXGVJKUYQTMCPFKVUFKUEWUUKQP
D[ . %CNXKNNQ%CPCFGNN +PUVKVWVQ FG )GQNQIÈC 70#/ CPF / /CTVÈPG\/KNN¶P
%QTPGNN 7PKXGTUKV[ VJGKT EQOOGPVU EGTVCKPN[ KORTQXGF EQPVGPVU TGCFCDKNKV[ CPF
EQPEKUGPGUU
4GHGTGPEGU
#IWKTTG&ÈC\)CPF/E&QYGNN(96JGXQNECPKEUGEVKQPCV0C\CU&WTCPIQ/GZKEQCPFVJG
RQUUKDKNKV[ QH YKFGURTGCF 'QEGPG XQNECPKUO YKVJKP VJG 5KGTTC /CFTG 1EEKFGPVCN , )GQRJ 4GU

#PFGTUQP6CPF5EJOKFV46JGGXQNWVKQPQH/KFFNG#OGTKECCPFVJG)WNHQH/GZKEQ%CTKDDGCP
5GCTGIKQPFWTKPI/GUQ\QKEVKOG)GQN5QE#O$WNN
#ZGNTQF & + 'XQNWVKQP QH FGUGTV XGIGVCVKQP KP YGUVGTP 0QTVJ #OGTKEC %CT +PUV 9CUJ 2WDN

$TC[9.1PVJGTGNCVKQPQHVJGƀQTC QH VJG .QYGT 5QPQTCP \QPG KP 0QTVJ#OGTKECVQVJGƀQTC QH
CTKF\QPGUKP%JKNGCPF#TIGPVKPC$QV)C\
$TC[9.6JGTGNCVKQPUQHVJG0QTVJ#OGTKECPƀQTC VQ VJCV QH 5QWVJ #OGTKEC 5EKGPEGPU

$WTPJCO 4 , CPF )TCJCO # 6JG JKUVQT[ QH 0GQVTQRKECN XGIGVCVKQP PGY FGXGNQROGPVU CPF
UVCVWU#PP/KUUQWTK$QV)CTF
$WTPJCO4,CPF%CTTCPEQ0+/KQEGPGYKPIGFHTWKVUQH.QZQRVGTKIKWO #PCECTFKCEGCG HTQO
VJG'EWCVQTKCP#PFGU#O,$QV
%CNXKNNQ%CPCFGNN . &GVGTOKPCEKÎP VCZQPÎOKEC FG GUVTWEVWTCU TGRTQFWEVKXCU [ XGIGVCVKXCU FG
RNCPVCU HÎUKNGU FG 6GRGZK FG 4QFTÈIWG\ 2WGDNC 7PRWDNKUJGF /5 VJGUKU 7PKXGTUKFCF 0CEKQPCN
#WVÎPQOCFG/ÃZKEQ
%CNXKNNQ%CPCFGNN . CPF %GXCNNQU(GTTK\ 5 4 5 6GTVKCT[ NGIWOGU HTQO EGPVTCN CPF PQTVJGTP
/GZKEQ+8+PVGTPCVKQPCN.GIWOG%QPHGTGPEG%CPDGTTC#DUVR
%CNXKNNQ%CPCFGNN.CPF%GXCNNQU(GTTK\545&KXGTUGCUUGODNCIGQH'QEGPGCPF1NKIQEGPG
.GIWOKPQUCGHTQO/GZKEQ+PV,2NCPV5EK
%GXCNNQU(GTTK\545&GUETKREKÎPFGWPCOCFGTCFGCPIKQURGTOCETGV¶EKECFG%CPCPGC5QP
/ÃZ.QUZKNKVQUGPGNGUVWFKQFGNQTKIGPFGNCUCPIKQURGTOQRUKFC#P+PUV$KQN70#/
%GXCNNQU(GTTK\545CPF$CTCLCU/QTCNGU,(QUUKNYQQFUHTQOVJG'N%KGP(QTOCVKQPKP$CLC
%CNKHQTPKC5WT.GIWOKPQUCG+#9#$WNN
%GXCNNQU(GTTK\545CPF4COÈTG\'#URGEVQUFGNCJKUVQTKCFGNCXGIGVCEKÎPFG/ÃZKEQEQP
DCUGGPOCETQHÎUKNGU$QN5QE$QV/ÃZ
%GXCNNQU(GTTK\545CPF4KECNFG/QTGPQ152CNOGTCUHÎUKNGUFGN0QTVGFG/ÃZKEQ#P+PUV
$KQN70#/
'PINGT#8GTUWEJGKPG'PVYKEMNWPIUIGUEJKEJVGFGT2ƀCP\GPYGNV KPUDGUQPFGTG FGT (NQTGPIGDKGVG
UGKVFGT6GTVKCGTRGTKQFG2CTV++&KGGZVTCVTQRKUEJGP(NQTGPIGDKGVGFGTUWGFNKEJGP*GOKURJCGTG
CPFFKGVTQRKUEJGP)GDKGVG9'PIGNOCPP.KGR\KIRR
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
'PINGT # 7GDGT ƀQTKUVKUEJG 8GTYCPFUEJCHV \YKUEJGP FGO VTQRKUEJGP #HTKMC WPF #OGTKMC
5VK\WPIUD-QGPKIN2TGWUU#MCF9KUU
'PINGT#7GDGT*GTMWPHV#NVGTWPF8GTDGKVWPIGZVTGOGTZGTQVJGTOGT2ƀCP\GP 5KV\WPIDU-QGPKIN
2TGWUU#MCF9KUU
(GTTCTK . .ÎRG\/CTVÈPG\ / #IWKTTG&ÈC\ ) CPF %CTTCUEQ0WÌG\ ) 5RCEGVKOG RCVVGTPU
QH%GPQ\QKECTEXQNECPKUOKPEGPVTCN/GZKEQŌHTQOVJG5KGTTC/CFTG1EEKFGPVCNVQVJG/GZKECP
8QNECPKE$GNV)GQNQI[
(GTTCTK..ÎRG\/CTVÈPG\/CPF4QUCU'NIWGTC)+IPKODTKVG(NCTG7RCPFFGHQTOCVKQPKPVJG
UQWVJGTP5KGTTC/CFTG1EEKFGPVCNYGUVGTP/GZKEQ+ORNKECVKQPUHQTVJGNCVGUWDFWEVKQPJKUVQT[QH
(CTCNNQP2NCVG6GEVQPKEU
)QP\¶NG\/GFTCPQ(#NIWPQUCURGEVQUFGNCGXQNWEKÎPFGNCXGIGVCEKÎPFG/ÃZKEQ$QN5QE$QV
/ÃZ
)TCJCO # *KUVQT[ QH VJG CTDQTGEGPV VGORGTCVG GNGOGPV KP VJG PQTVJGTP .CVKP #OGTKECP DKQVC
KP 8GIGVCVKQP CPF XGIGVCVKQPCN JKUVQT[ QH PQTVJGTP .CVKP #OGTKEC # )TCJCO GF 'NUGXKGT
#OUVGTFCORR
)TCJCO # 5VWFKGU KP PGQVTQRKECN 2CNGQDQVCP[ RCTV 6JG /KQEGPG EQOOWPKVKGU QH 8GTCETW\
/GZKEQ#PP/KUUQWTK$QV)CTF
*GOUNG[9$$QVCP[KP)QFYKP(&CPF15CNXKP$KQNQIKC%GPVTCNK#OGTKECPC4*
2QTVGT.QPFQPXQNU
*GTP¶PFG\%CUVKNNQ)4CPF%GXCNNQU(GTTK\5454GRTQFWEVKXGCPFXGIGVCVKXGQTICPUYKVJ
*CNQTCICEGCG CHſPKV[ HTQO VJG *WGRCE EJGTV 7RRGT %TGVCEGQWU QH 5QPQTC /GZKEQ #O , $QV

,QJPUVQP+/'ZRGFKVKQPQHVJG%CNKHQTPKC#ECFGO[QH5EKGPEGUVQVJG)WNHQH%CNKHQTPKCKP
2TQE%CN#ECF5EK+8
,QJPUVQP+/6JGƀQTKUVKE UKIPKſECPEG QH UJTWDU EQOOQP VQ 0QTVJ CPF 5QWVJ #OGTKECP FGUGTVU
,#TPQNF#TD
-TWGIGT 1 &KG )TCOKPGGPƀQTC KO PQTFCOGTKMCPKUEJGP WPF UWFCOGTKMCPKUEJGP 6TQEMGPIGDKGV
6GUKU2JKNQU(CMWNVCGV(TKGFTKEJ9KNJGNOU7PKXGTUKVCGV$GTNKPR
/CICNNÎP2WGDNC 5 CPF %GXCNNQU(GTTK\ 5 4 5 C (QUUKN NGIWOG HTWKVU HTQO 6GTVKCT[ UVTCVC QH
2WGDNC/GZKEQ%CP,$QV
/CICNNÎP2WGDNC5CPF%GXCNNQU(GTTK\545D'WEQOOKCEQPUVCPUPURHTWKVUHTQOWRRGT
%GPQ\QKE UVTCVC QH 2WGDNC /GZKEQ /QTRJQNQIKECN CPF CPCVQOKECN EQORCTKUQP YKVJ 'WEQOOKC
WNOQKFGU1NKXGT+PV,2NCPV5EK
/CICNNÎP2WGDNC 5 CPF %GXCNNQU(GTTK\ 5 4 5 E .CVGUV QEEWTTGPEG QH VJG GZVKPV IGPWU
%GFTGNQURGTOWO 7NOCEGCG KP0QTVJ#OGTKEC%GFTGNQURGTOWOOCPEJGUVGCTKHTQO/GZKEQ4GX
2CNGQDQV2CN[P
/CICNNÎP2WGDNC 5 CPF %GXCNNQU(GTTK\ 5 4 5 F #P GPKIOCVKEHTWKV HTQO 1NKIQEGPG UVTCVC QH
2WGDNC/GZKEQ$5##O,$QV
/CPEJGUVGT 5 4 9QQF QH 6CRKTKTC #PCECTFKCEGCG HTQO VJG 2CNGQIGPG %NCTPQ (QTOCVKQP QH
1TGIQP4GX2CNGQDQV2CN[P
/CTVÈP$CTCLCU#8QNECPKUOQ[GZVGPUKÎPGPNCRTQXKPEKCGZVGPUKQPCNFGN)QNHQFG%CNKHQTPKC$QN
5QE)GQN/GZ.+++0QR
/CTVÈPG\%CDTGTC * + .CU OCFGTCU FGN 1NKIQEGPQ/KQEGPQ FG NC (QTOCEKÎP 'N %KGP $%5
/ÃZKEQ7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
/CTVÈPG\*GTP¶PFG\ ' CPF 4COÈTG\#TTKCIC ' 2CNGQEQTQNQIÈC FG CPIKQURGTOCU FG NC ƀQTC
/GZKECPCFWTCPVGGN/GUQ\QKEQ[6GTEKCTKQCNIWPCUGXKFGPEKCURCNKPQNÎIKECU$QN5QE$QV/GZKEQ

/CTVÈPG\*GTP¶PFG\'*GTP¶PFG\%CORQU*CPF5¶PEJG\.ÎRG\/2CNKPQNQIÈCFGN'QEGPQGP
GN0QTGUVGFG/ÃZKEQ4GX+PUV)GQN70#/
/CTVÈPG\/KNN¶P/$KQIGQITCHÈCJKUVÎTKEC 6GTEKCTKQ[%WCVGTPCTKQ FG#PCECTFKCEGCGEQPDCUG
GP ECTCEVGTGU CPCVÎOKEQU FG NC OCFGTC 7PRWDNKUJGF 2TQHGUUKQPCN VJGUKU 7PKXGTUKFCF 0CEKQPCN
#WVÎPQOCFG/ÃZKEQ
%'8#..15('44+<#0&)10<.'<6144'5
/CVWFC'2NCPVCUCUK¶VKECUGP/ÃZKEQ/GO%QPI%KGPV/GZ
/E&QYGNN(CPF%NCDCWIJ5+IPKODTKVGUQHVJG5KGTTC/CFTG1EEKFGPVCNCPFVJGKTTGNCVKQPVQ
VGEVQPKEJKUVQT[QHYGUVGTP/GZKEQ)GQN5QE#O5RGE2CR
/E-GQYP , .GQP FG NC .W\ , . CPF ,QPGU , * (QUUKN YQQF HTQO VJG /KQEGPG %QOQPFÕ
(QTOCVKQPQH$CLC%CNKHQTPKC5WT2CNGQ$KQU UWRRN
/KTCPFC ( .C XGIGVCEKÎP FG %JKCRCU 'FKEKQPGU FGN )QDKGTPQ FGN 'UVCFQ 6WZVNC )WVKÃTTG\
XQNU
/KTCPFC ( 'UVWFKQU CEGTEC FG NC XGIGVCEKÎP KP .QU TGEWTUQU PCVWTCNGU FGN UWTGUVG [ UW
CRTQXGEJCOKGPVQ+PUV/GZ4GE0CV4GPQX/ÃZKEQ&(XQNRR
/KTCPFC(2QUKDNGUKIPKſECEKÎP FGN RQTEGPVCLG FG IÃPGTQU DKEQPVKPGPVCNGU GP #OÃTKEC VTQRKECN #P
+PUV$KQN70#/
/KTCPFC(6YQHQUUKNRNCPVUHTQOVJGCODGTQH5KOQLQXGN%JKCRCU/ÃZKEQ,2CN
/QT¶P<GPVGPQ&/CTVKP[$6QNUQP)5QNÈU2KEJCTFQ)#NDC#NFCXG.*GTP¶PFG\$GTPCN/
/CEÈCU4QOQ % /CTVÈPG\5GTTCPQ 4 5EJCCH 2 CPF 5KNXC4QOQ ) )GQETQPQNQIÈC [
ECTCEVGTÈUVKECUIGQSWÈOKECUFGNCUTQECUOCIO¶VKECUVGTEKCTKCUFGNC5KGTTC/CFTGFGN5WT$QN5QE
)GQN/GZ.+++0Q+
/×NNGT5VQNN 9 4 CPF /¼FGN ' &KG (QUUKNGP .GIWOKPQUG*ÑN\GT 'KPGP 4GXKUKQP FGT OKV
.GIWOKPQUGP8GTINKEJGPGP(QUUKNGP*ÑN\GTWPF$GUEJTGKDWPINVGTGTWPF#TVGP2CNGQPVQITCRJKEC
$
1TVGIC(/KVTG./4QNFCP,#TCPFC,/QTCP&#NCPKU5CPF0KGVQ#6GZVQGZRNKECVKXQ
FGNCSWKPVCGFKEKÎPFGNC%CTVC)GQNÎIKECFGNC4GRÕDNKEC/GZKECPC'UECNC70#/
+PUV)GQN[5GE'PGT/KP+PF2CTCGUVCVCN%QPU4GE/KPR
2ÃTG\*GTP¶PFG\$44QFTÈIWG\FGNC4QUC4#CPF%GXCNNQU(GTTK\5452GTOKPGTCNK\GF
KPHTWEVGUEGPEGHTQOVJG%GTTQFGN2WGDNQ(QTOCVKQP %CORCPKCP PGCT5CNVKNNQ%QCJWKNC/GZKEQ
2J[VQNCEECEGCG#O,$QV
4COÈTG\)CTFWÌQ , . #PCNKUKU HQNKCT FG #PCECTFKCEGCG $GTDGTKFCEGCG [ 5CNKECEGCG GP .QU
#JWGJWGVGU 1NKIQEGPQ 6GRGZK FG 4QFTÈIWG\ 2WGDNC 7PRWDNKUJGF /5 VJGUKU 7PKXGTUKFCF
PCEKQPCN#WVÎPQOCFG/ÃZKEQ
4COÈTG\,.CPF%GXCNNQU(GTTK\545C.GCXGUQH$GTDGTKFCEGCG $GTDGTKUCPF/CJQPKC HTQO
1NKIQEGPGUGFKOGPVUPGCT6GRGZKFG4QFTÈIWG\2WGDNC4GX2CNCGQDQV2CN[P
4COÈTG\ , . CPF %GXCNNQU(GTTK\ 5 4 5 D .GCXGU QH 5CNKECEGCG 5CNKZ CPF 2QRWNWU HTQO
1NKIQEGPGUGFKOGPVUPGCT6GRGZKFG4QFTÈIWG\2WGDNC+PV,2NCPV5EK
4COÈTG\,.CPF%GXCNNQU(GTTK\545#FKXGTUGCUUGODNCIGQH#PCECTFKCEGCGHTQO1NKIQEGPG
UGFKOGPVU6GRGZKFG4QFTÈIWG\2WGDNC/GZKEQ#O,$QVCP[
4COÈTG\,.%GXCNNQU(GTTK\545CPF5KNXC2KPGFC#4GEQPUVTWEVKQPQHVJGNGCXGUQHVYQ
PGYURGEKGUQH2UGWFQUOQFKPIKWOHTQO1NKIQEGPGUVTCVCQH2WGDNC/GZKEQ+PV,2NCPV5EK

4CXGP2*#ORJKVTQRKECNTGNCVKQPUJKRUKPVJGƀQTCU QH 0QTVJ CPF 5QWVJ #OGTKEC 3WCTV4GX
$KQN
4CXGP 2 * CPF #ZGNTQF + #PIKQURGTO DKQIGQITCRJ[ CPF RCUV EQPVKPGPVCN OQXGOGPVU #PP
/KUUQWTK$QV)CTF
4QFTÈIWG\FGNC4QUC4#CPF%GXCNNQU(GTTK\5457RRGT%TGVCEGQWU<KPIKDGTCNGCPHTWKVU
YKVJKPUKVWUGGFUHTQOUQWVJGCUVGTP%QCJWKNC/GZKEQ+PV,2NCPV5EK
4QFTÈIWG\ FG NC 4QUC 4 # %GXCNNQU(GTTK\ 5 4 5 CPF 5KNXC2KPGFC # 2CNGQDKQNQIKECN
KORNKECVKQPUQH%CORCPKCPEQRTQNKVGU2CNCGQI2CNCGQENKOCV2CNCGQGEQN
4WGFC)CZKQNC,%QPVTKDWVKQPCNŏÃVWFGRCN[PQNQIKSWGGVRÃVTQITCRJKSWGFWEJCTDQPETGVCEÃFW
$CUUKPFG5CDKPCU%QCJWKNC/GZKSWG7PRWDNKUJGFVJGUKU7PKXGTVKVÃFG.KNNG
4\GFQYUMK,4GNCEKQPGUIGQIT¶ſECU [ RQUKDNGU QTÈIGPGU FG NC ƀQTC FG /ÃZKEQ $QN5QE$QV/GZ

4\GFQYUMK,8GIGVCEKÎPFGN'UVCFQFG5CP.WKU2QUVQUÈ#EVC%KGP2QVQUKPC
4\GFQYUMK,%QPVTKDWEKÎPCNCſVQIGQITCHÈC ƀQTÈUVKEC GJKUVÎTKEC FG /ÃZKEQ ++ #ſPKFCFGU
IGQIT¶ſECU FG NC ƀQTC HCPGTQI¶OKEC FG FKHGTGPVGU TGIKQPGU FG NC 4GRÕDNKEC /GZKECPC#P'UE0CE
%KGP$KQN/ÃZ
)'1.1)+%#.5'66+0)#0&2*;61&+8'45+6;
4\GFQYUMK,8GIGVCEKÎPFG/ÃZKEQ.KOWUC/ÃZKEQR
4\GFQYUMK,&KXGTUKFCF[QTÈIGPGUFGNCƀQTC HCPGTQI¶OKEC FG /ÃZKEQ #EVC$QV/GZ
5CTWMJ¶P-,.QUVKRQUFGXGIGVCEKÎPCTDÎTGCFGNC\QPCE¶NKFQJÕOGFCFG/ÃZKEQKP/CPWCN
RCTC NC KFGPVKſECEKÎP FG NQU RTKPEKRCNGU ¶TDQNGU VTQRKECNGU FG /ÃZKEQ 2GPPKPIVQP 6& CPF ,
5CTWMJ¶P-GFU +PUVKVWVQ0CEKQPCNFG+PXGUVKICEKQPGU(QTGUVCNGU[(#1/ÃZKEQ&(2R
5EJCCH 2 /QT¶P<GPVGPQ & *GTP¶PFG\$GTPCN / 5 5QNÈU2KEJCTFQ ) 6QNUQP ) CPF -QJNGT
* 2CNGQIGPQ EQPVKPGPVCN OCTIKP VTWPECVKQP KP UQWVJYGUVGTP /GZKEQ )GQEJTQPQNQIKECN
GXKFGPEG6GEVQPKEUŌ
5JCTR#,6JGTGNCVKQPQHVJG'QEGPG9KNEQZƀQTC VQ UQOG OQFGTP ƀQTCU'XQNWVKQP
5JCTR#,0QVGUQPVJGƀQTC QH /GZKEQ YQTNF FKUVTKDWVKQP QH VJG YQQF[FKEQV[NGFQPQWUHCOKNKGU
CPFVJGQTKIKPQHVJGOQFGTPXGIGVCVKQP,'EQN
5VCPFNG[2%.CUTGNCEKQPGUIGQIT¶ſECU FG NC ƀQTC OGZKECPC #P+PUV$KQN70#/
6C[NQT & 9 2CNGQDKQIGQITCRJKE TGNCVKQPUJKRU QH CPIKQURGTOU HTQO VJG %TGVCEGQWUCPF
GCTN[6GTVKCT[QHVJG0QTVJ#OGTKECPCTGC$QV4GX
6GTTC\CU6CPF9GPFV65[UVGOCVKEYQQFCPCVQO[QHVJGIGPWU6CRKTKTC#WDNGV #PCECTFKCEGCG
ŌCPWOGTKECNCRRTQCEJ$TKVVQPKC
6QNGFQ8/2NGKUVQEGPGEJCPIGUQHXGIGVCVKQPKPVTQRKECN/ÃZKEQKP$KQNQIKECNFKXGTUKſECVKQP KP
VJGVTQRKEU%QNWODKC7PKXGTUKV[2TGUU0GY;QTMRR
6TGLQ8¶\SWG\+CPF)QP\¶NG\/GFTCPQ(0QOGPENCVWTCFGNQUVKRQUFGXGIGVCEKÎPFG/ÃZKEQ
:8%QPITGUQ/GZKECPQFG$QV¶PKEC3WGTÃVCTQ/ÃZ
8GNCUEQFG.GÎP2'UVWFKQRCNGQGEQNÎIKEQFGWPCEQOWPKFCFFGN6GTEKCTKQGPGNGUVCFQFG2WGDNC
/ÃZKEQ7PRWDNKUJGF2J&VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
8GNCUEQFG.GÎP2CPF%GXCNNQU(GTTK\545.GCXGUQH%GTEQECTRWUOKZVGECPUR 4QUCEGCG
HTQO1NKIQEGPGUGFKOGPVUPGCT6GRGZKFG4QFTÈIWG\2WGDNC4GX2CNGQDQV2CN[P
8GNCUEQ FG .GÎP 2 %GXCNNQU(GTTK\ 5 4 5 CPF 5KNXC2KPGFC # .GCXGU QH -CTYKPUMKC
CZCOKNRGPUGPUR 4JCOPCEGCG HTQO1NKIQEGPGUGFKOGPVUPGCT6GRGZKFG4QFTÈIWG\2WGDNC
%CP,$QV
8GNC\EQŌ6CRKC(CPF8GTOC5'UVCFQCEVWCNFGNCKPXGUVKICEKÎPIGQSWÈOKECGPGNECORQ
OQPQIGPÃVKEQFGNC5KGTTC%JKEJKPCWV\KPCP¶NKUKUFGKPHQTOCEKÎP[RGTURGEVKXCU4GX/GZ%KGP
)GQN
9GDGT4.CXGIGVCEKÎPOCGUVTKEJVKCPCFGNC(QTOCEKÎP1NOQUFG%QCJWKNC/ÃZKEQ$QN5QE
)GQN/ÃZ
9GPFV 6 %QORQUKEKÎP CſPKFCFGU ƀQTÈUVKECU [ QTÈIGPGU FG NC ƀQTC CTDÎTGC FGN FQUGN FG NQU
DQUSWGUVTQRKECNGUJÕOGFQUFGNCXGTVKGPVGOGZKECPCFGN#VN¶PVKEQ+P.QV#4COCOQQTVJ[2(C
,CPF$[G4 GFU &KXGTUKFCF$KQNÎIKECFG/ÃZKEQQTÈIGPGU[FKUVTKDWEKÎP+PUVKVWVQFG$KQNQIÈC
70#/RR
9KIIKPU + . 6JG QTKIKPU CPF TGNCVKQPUJKRU QH VJG NCPF ƀQTC +P 6JG DKQIGQITCRJ[ QH $CLC
%CNKHQTPKCCPFCFLCEGPVUGCU2CTV+++6GTTGUVTKCNCPFHTGUJYCVGTDKQVCU5[UV<QQN
9KIPCNN2$.CTIGKIPGQWURTQXKPEGUCPFOCUUGZVKPEVKQPU'CTVJ5EK4GX
%JCRVGT
6GTVKCT[ 2CN[PQHNQTKUVKE EQTTGNCVKQPU DGVYGGP /GZKECP

(QTOCVKQPUYKVJGORJCUKUKPFCVKPIVJG$CNUCU)TQWR
'04+37' /#46 0'<*'400&'< CPF '.+# 4#/ 4'<

#44+#)#
+PUVKVWVQ FG )GQNQIÈC 70#/ &GRCTVCOGPVQ FG 2CNGQPVQNQIÈC .CDQTCVQTKQ FG 2CNKPQNQIÈC
%KWFCF7PKXGTUKVCTKC%Q[QCE¶P/ÃZKEQ&(GOCT"UGTXKFQTWPCOOZ
#DUVTCEV
+PVTQFWEVKQP
/GVJQFQNQI[
)GQNQIKECN5GVVKPIUQHVJG$CNUCU)TQWR
2CNGQRCN[PQNQI['PXKTQPOGPVUCPF%JTQPQUVTCVKITCRJKE+PHGTGPEGVJTQWIJQWV
6GTVKCT[QH/GZKEQ
2CNGQEGPG'QEGPG
'QEGPG
'QEGPGŌ1NKIQEGPG
$CNUCU)TQWR
1NKIQEGPG
1NKIQEGPGŌ/KQEGPG
/KQEGPG
2NKQEGPG
2CN[PQƀQTKUVKE #HſPKVKGU QH VJG $CNUCU )TQWR YKVJ QVJGT 6GTVKCT[ (QTOCVKQPU
*KUVQTKECN$KQIGQITCRJKE#PCN[UKUDGVYGGP/GZKECP6GTVKCT[2CN[PQƀQTCU
)GPGTCN %NKOCVKE6TGPFUFWTKPI6GTVKCT[2GTKQF
#EMPQYNGFIOGPVU
4GHGTGPEGU
#RRGPFKZ.KUVQH2CN[PQOQTRJU

6'46+#4;2#.;01(.14+56+%%144'.#6+105
#DUVTCEV
6JGRTGUGPVYQTMKPENWFGUCRCN[PQƀQTKUVKE U[PVJGUKU QH 6GTVKCT[ TGUGCTEJ ECTTKGFQWVCV

OCTKPGCPFEQPVKPGPVCNDCUKPUYKVJRCTVKEWNCTGORJCUKUQPUVTCVKITCRJ[QHVJG$CNUCU
)TQWR UGPUW (TKGU #NUQ KV KPENWFGU RCN[PQUVTCVKITCRJKE KPHQTOCVKQP TGNCVGF
YKVJ 5CP )TGIQTKQ (QTOCVKQP $CLC %CNKHQTPKC 5WT 5VCVG CPF %WC[WEC (QTOCVKQP
2WGDNC5VCVG CUUGODNCIGU6CZCQHEJTQPQUVTCVKITCRJKECPFGEQNQIKEKORQTVCPEGCTG
GORJCUK\GFCVGXGT[RCNGQDCUKP6JGPWOGTKECNCPFENCFKUVKEEQTTGNCVKQPUJQYGFVJCV
RCN[PQNQIKECNCUUGODNCIGUQHWPKVUDGNQPIKPIVQVJG$CNUCU)TQWRCTGENQUGN[TGNCVGF
VQ5CP)TGIQTKQƀQTC 6JG TGUWNVU KPFKECVG VJCV UKPEG VJG 2CNGQEGPG WPFGT CVTQRKECN
TGIKOG CP GXGTITGGP HQTGUV YCU RTGUGPV VQIGVJGT YKVJ YCTO VGORGTCVG GNGOGPVU
.CVGTKPVJG'QEGPGGRQEJVJGVTQRKECNƀQTCU TGOCKPGF CU VJG RTKPEKRCN EQORQPGPVU
QHVJGXGIGVCVKQP+PVJG.CVG'QEGPG'CTN[1NKIQEGPGVJGCUUGODNCIGUCTGCOKZVWTG
QH VGORGTCVG CPF FGUGTV VCZC RTGXCKNKPI QXGT VTQRKECN GNGOGPVU CV VJG 5KGTTC /CFTG
1EEKFGPVCN 2TQXKPEG $WV VJG UWDVTQRKECN CPF VTQRKECN ƀQTCU EQPVKPWGF CU VJG OCKP
EQORQPGPVU KP VJG )WNH %QCUV 2TQXKPEG YJGTG VJG VTQRKECN XGIGVCVKQP UVC[GF WR VQ
VJG *QNQEGPG +P EQPVTCUV KP VJG YGUVGTP DCUKP NQECNKVKGU 5KGTTC /CFTG 1EEKFGPVCN
2TQXKPEG KVYCUFGVGEVGFCFGUGTVKſECVKQP UKPEG VJG 1NKIQEGPG YJGTG UCXCPPCU CPF
ITCUUGU DGECOG GUVCDNKUJGF #HVGTYCTFU KP VJG /KQEGPG CV VJG UCOG TGIKQP VJG
ZGTQRJKVKEƀQTC FQOKPCVGU VJG CUUGODNCIGU RTQXKPI VJG GZKUVGPEG QH C FGUGTV CV VJCV
VKOG
+VKUGXKFGPVVJCVVJGEQPKHGTQWUHQTGUVCPFQCMEQOOWPKVKGUKPJCDKVVJGOQWPVCKP
TCPIGUUKPEGVJG'QEGPGDGEQOKPIOQTGCDWPFCPVKPVJG1NKIQEGPGDWVVJG[DGECOG
VJGFQOKPCPVVCZCKPVJGRQNNGPCUUGODNCIGUHTQOVJG0GQIGPGVQ3WCVGTPCT[
#EEQTFKPIYKVJVJG6GTVKCT[ƀQTC CPCN[\GF KP VJKU UWTXG[ VJG CEVWCN XGIGVCVKQP
RTGUGPVKP/GZKEQKUCTGURQPUGVQENKOCVKEEJCPIGUCPFCEVKXGXQNECPKUOVJTQWIJQWV
VJG6GTVKCT[(KPCNN[FKHHGTGPVV[RGUQHXGIGVCVKQPDGICPVQDGTGEQIPK\CDNGKPVJGHQUUKN
CUUGODNCIGU UKPEG VJG 1NKIQEGPG 6JG JKUVQTKECN FGXGNQROGPV QH /GZKEQ VGEVQPKE
TKHVKPIXQNECPKUO GZRNCKPUVJGTKEJPGUUCPFGPFGOKUOQH/GZKECPƀQTC
+PVTQFWEVKQP
/QUVRCN[PQUVTCVKITCRJKEYQTMJCUDGGPFGXGNQRGFHTQO0QTVJ#OGTKECP6GTVKCT[
DCUKPU 'NUKMCPF&KNEJGT(TGFGTKMUGP5TKXCUVCXC6UEJWF[
+PVJKUUGPUGKORQTVCPVRCN[PQƀQTKUVKE KPHQTOCVKQP YCU IGPGTCVGF CV FKHHGTGPV
HQTOCVKQPU$GUKFGUVJGTGNGXCPEGVJCVRCN[PQOQTRJUJCXGKPUVTCVKITCRJKEIGQNQI[
RCN[PQNQI[ NKMGYKUG IKXGU KPHQTOCVKQP TGNCVGF VQ RCNGQEQOOWPKVKGU RCNGQENKOCVGU
CPFRCNGQGPXKTQPOGPVUQH6GTVKCT[DCUKPU
6JG$CNUCU)TQWRYCUFGUETKDGFD[(TKGUKPCPFKVTGRTGUGPVUVJGQNFGUV
6GTVKCT[ EQPVKPGPVCN TQEMU FGRQUKVGF QXGT %TGVCEGQWU HQTOCVKQPU $CUKPU VJCV
DGNQPIVQ$CNUCU)TQWRJCXGCVGEVQPKEQTKIKPRTQDCDN[TGNCVGFVQVJG%JQTVKUDNQEM
FKURNCEGOGPVU
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
5KPEG (TKGU RWDNKUJGF JKU QWVUVCPFKPI IGQNQIKECN YQTM TGNCVGF VQ VJG
OGTKFKQPCNEGPVTCNTGIKQPQH/GZKEQVJGTGJCUPQVDGGPCPFPGYIGQNQIKECNHTCOGYQTM
RWDNKUJGF QP VJG CTGC PGXGTVJGNGUU RCNGQRCN[PQNQIKECN UVWFKGU JCXG IGPGTCVGF
VTCPUEGPFGPVCN UVTCVKITCRJKE ſPFU FCVKPI UQOG HQTOCVKQPU KP UQWVJGTP /GZKEQ CU
RCTV QH VJG $CNUCU )TQWR /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC
4COÈTG\#TTKCICCPF/CTVÈPG\Ō*GTP¶PFG\
6JGRTGUGPVRCRGTKUCU[PVJGUKUQHVJG6GTVKCT[RCN[PQUVTCVKITCRJ[ECTTKGFQWVKP
/GZKECPDCUKPUYKVJGORJCUKUKPVJGKTVKOGEQTTGNCVKQPYKVJEQPVKPGPVCNDCUKPUQHVJG
$CNUCU)TQWR
/GVJQFQNQI[
6JGRTGUGPVEQPVTKDWVKQPKPENWFGUCTGXKUKQPQHRTGXKQWUN[RWDNKUJGFRCN[PQNQIKE
UVWFKGUQPVJG6GTVKCT[DCUKPUQH/GZKEQCPFCNUQKPENWFGUPGYKPHQTOCVKQPTGNCVGFVQ
TGUGCTEJECTTKGFQWVYKVJKPVJG5CP)TGIQTKQ(QTOCVKQPCV.C2WTÈUKOC$CLC%CNKHQTPKC
5WTCPF%WC[WEC(QTOCVKQPPGCT%WC[WECXKNNCIG2WGDNC (KIWTGCPF6CDNG
6JGRCN[PQNQIKECUUGODNCIGUYGTGCPCN[\GFD[065;5RTQITCOYJKEJRTQXKFGU
CSWCNKVCVKXGEQTTGNCVKQPDCUGFKPUKOKNCTKV[DGVYGGPVJGFKHHGTGPVHQTOCVKQPUD[VJG
72)/# OGVJQF 7PYGKIJVGF RCKTITQWR OGVJQF WUKPI CTKVJOGVKE CXGTCIGU 6JG
PWOGTKECN CPCN[UKU CUUWOGU VJG HQTOCVKQPU CU 167U CPF VJG EJCTCEVGTU UGNGEVGF
(+)74'6GTVKCT[NQECNKVKGUKPENWFGFKPVJKUUWTXG[
6'46+#4;2#.;01(.14+56+%%144'.#6+105
6#$.'2WDNKUJGFRCNGQRCN[PQNQI[TGUGCTEJYKVJKP/GZKECP6GTVKCT[(QTOCVKQPU5QOG
NQECNKVKGU YGTGEQPUKFGTGFHQTVJGCPCN[UKUQHUKOKNCTKV[CPFRCTUKOQP[CPCN[UKUQHGPFGOKEKV[
2#' 4GUGCTEJTGNCVGFVQVJG$CNUCU)TQWRCTGOCTMGF Ö
YGTGRCN[PQOQTRJU#FCVCOCVTKZKUVJGPRTQFWEGFEJCTCEVGTK\GFD[167UKPVJG
EQNWOPUCPFEJCTCEVGTUKPVJGTQYUYJKEJKPENWFGVJGRTGUGPEGU QTCDUGPEGU
QHRCN[PQOQTRJU6JGRJGPQITCOJCUCPWOGTKEUECNGHTQOVQVJCVEQTTGURQPFUVQ
VJGEQGHſEKGPV QH UKOKNCTKV[ YKVJ VJG PWODGT QPG TGRTGUGPVKPI VJG JKIJGUV UKOKNCTKV[
/ÃPFG\CPF8KNNCUGÌQT
#PQVJGTOGVJQFCRRNKGFYCURCTUKOQP[CPCN[UKUQHGPFGOKEKV[ő2#'Œ $TQQMU
CPF XCP 8GNNGT .WPC CPF #NE¶PVCTC /QTTQPG VJCV RTQFWEG C
ENCFQITCOQHTGNCVKQPUJKRUCOQPI6GTVKCT[HQTOCVKQPUDCUGFQPUJCTGFRCN[PQOQTRJU
+PQTFGTVQCEJKGXGVJKUCPCN[UKUCFCVCOCVTKZYCUOCFGYJGTGEQNWOPUEQTTGURQPF
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
VQVCZCCPFTQYUEQTTGURQPFVQHQTOCVKQPU CTGCU (WTVJGTOQTGVJGTGYGTGEQFKPI

RTGUGPV VCZC CU őŒ CPF CDUGPEG VCZC CU őŒ 6CZC VJCV CTG GZENWUKXG QH QPN[ QPG
CTGCYGTGGZENWFGFHTQOVJGOCVTKZ#J[RQVJGVKECNHQTOCVKQPEQFGFYKVJőŒHQTCNN
EQNWOPUYCUCFFGFVQTQQVVJGVTGG6JGENCFKUVKERTQITCOUWUGFYGTG9+0%.#&#
0KZQP CPF010# )QNQDQHH VJCVRGTHQTOCJGWTKUVKEUGCTEJKPIQHVJG
FCVC
)GQNQIKECN5GVVKPIUQH$CNUCU)TQWR
#EEQTFKPI VQ (TKGU VJG $CNUCU )TQWR KPENWFGU TQEMU QH 6GTVKCT[ CIG
VJCVNKGWPEQPHQTOCDN[QXGT%TGVCEGQWUQTQNFGTHQTOCVKQPUNQECVGFVJTQWIJQWVVJG
J[FTQNQIKEDCUKPQHVJG/GZECNC$CNUCUTKXGTNQECVGFYKVJKPEGPVTCNOGTKFKQPCNCPF
UQWVJYGUVGTP/GZKEQ)GQITCRJKECNN[VJKU)TQWRKUHQWPFKPVJGUVCVGUQH/KEJQCE¶P
)WGTTGTQ2WGDNC/QTGNQU*KFCNIQ1CZCECCPF/ÃZKEQ(TKGU FKFPQVOCMG
CFGVCKNGFFKHHGTGPVKCVKQPQHNKVJQUVTCVKITCRJKEWPKVUVJCVEQPUVKVWVGVJG$CNUCU)TQWR
0GXGTVJGNGUUJGCUUWTGFVJCVUGXGTCNHQTOCVKQPUEQWNFDGFKHHGTGPVKCVGFDCUGFWRQP
FGVCKNGFECTVQITCRJKECPFIGQNQIKECNHTCOGYQTM
6JG $CNUCU )TQWR KU EJCTCEVGTK\GF D[ C ITGCV NKVJQNQIKE JGVGTQIGPGKV[ COQPI
VJGENCUVKETQEMUVJGOQUVCDWPFCPVCTGVJGTGFEQPINQOGTCVGOWFUVQPGUCPFOCTNU
#NUQEJGTVI[RUWOYKVJFKHHGTGPVITCFGUQHRWTKV[NKOGUVQPGUCPFXQNECPKETQEMUCTG
RTGUGPV
+PIGPGTCNVJGGUVKOCVGFCIGQHVJG$CNUCU)TQWRKUHTQO/CCUVTKEJVKCPVQ.CVG
1NKIQEGPG#EEQTFKPIVQ(TKGU VJGOCLQTKV[QHVJG$CNUCU)TQWRYCUFGRQUKVGF
HTQO VJG .CVG 'QEGPG VQ /KFFNG 1NKIQEGPG (KI CFFKVKQPCN TCFKQOGVTKE FCVGU
UWRRQTV VJKU J[RQVJGUKU %UGTPC CPF (TKGU 1TVGIC)WVKÃTTG\ /QT¶P
<GPVGPQGVCN
4GEGPV DKQUVTCVKITCRJKE UVWFKGU JCXG CNNQYGF VJG KPENWUKQP QH VYQ HQTOCVKQPU
CURCTVQHVJG$CNUCU)TQWRő2KGFG8CECŒ(QTOCVKQPCPF%WC[WEC(QTOCVKQPCIG
FGVGTOKPCVKQPHTQORCN[PQUVTCVKITCRJ[CPFRTGXKQWUEJTQPQUVTCVKITCRJKECUUKIPOGPVU
QH VJGUG WPKVU /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC 4COÈTG\
#TTKCICCPF/CTVÈPG\*GTP¶PFG\
2CNGQRCN[PQNQI['PXKTQPOGPVUCPF%JTQPQUVTCVKITCRJKE
+PHGTGPEGVJTQWIJQWVVJG6GTVKCT[QH/GZKEQ
2CNGQEGPG'QEGPG
9KVJKP VJG 2CNGQEGPG'QEGPG VKOG KPVGTXCN 4QUCNGU.QOGNÈ GV CN

CPCN[\GF C DQTGJQNG HTQO 2GVTÎNGQU /GZKECPQU HTQO VJG 6CORKEQ/K\CPVNC DCUKP
+PQTFGTVQFGVGTOKPGVJGCIGCPFVJGGPXKTQPOGPVQHFGRQUKVKQPVJGCWVJQTUUVWFKGF
UKZ MKPFU QH RCN[PQOQTRJU URQTGU RQNNGP FKPQƀCIGNCVGU CNICG UEQNGEQFQPVGU
CPF VJGECOQGDKCPU 6JG RCN[PQOQTRJU TGEQXGTGF TCPIG HTQO 2CNGQEGPG VQ VJG
6'46+#4;2#.;01(.14+56+%%144'.#6+105
(+)74'%QORQUKVGUGEVKQPUQHUQOGNQECNKVKGUYJGTG$CNUCU)TQWRJCUDGGPTGRQTVGF
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
.QYGT 'QEGPG Ō /KFFNG 'QEGPG DQWPFCT[ 6JG FQOKPCPV RCN[PQOQTRJU YGTG VJG
FKPQƀCIGNCVGU CU GXKFGPEG QH C OCTKPG DCUKP CPF CNUQ VJGTG YGTG TGIKUVGTGF RQNNGPITCKPU
QHEJTQPQUVTCVKITCRJKEKORQTVCPEGUWEJCU/QOKRKVGUVGPWKRQNWU6TKEQNRQRQNNGPKVGU
JKCPU 2CPFCPKKFKVGU 0WFQRQNNKU VGTOKPCNKU 4GVKVTGUEQNRKVGU CPIWNQNWOKPQUWU
2KUVKNNKRQNNGPKVGU EH OEITGIQTKK #PCEQNQUKFKVGU ENCKDQTPGPUKU %KECVTKEQUKURQTKVGU
FQTQIGPUKU'RJGFTKRKVGUENCTKETKUVCVCCOQPIQVJGTU
'QEGPG
9KVJKPVJGPQTVJGCUVGTP/GZKECP$WTIQUDCUKPVYQMKPFUQHRCNGQGPXKTQPOGPVU
GUVWCTKPG CPF OCTKPG JCXG DGGP KFGPVKſGF /CTVÈPG\*GTP¶PFG\ GV CN #
DQTGJQNGUWTXG[HQTNKIPKVGUKPENWFGFGZRNQTCVKQPCVVJTGGNQECNKVKGU%QNQODKC 0WGXQ
.GÎP5VCVG 5CP+IPCEKQCPF/KIWGN#NGO¶P DQVJHTQO6COCWNKRCU5VCVG
$CUGF QP RCN[PQUVTCVKITCRJKE TGUWNVU %QNQODKC YGNNU DGNQPI VQ VJG %NCKDQTPG
)TQWR YKVJ CP CUUGODNCIG FQOKPCVGF D[ $QODCECEKFKVGU ENCKDQTPGPUKU
%JQCRQNNGPKVGU GZKOKWU 5GTPCRQNNGPKVGU FWTCVWU 2TQZCRGTVKVGU URR CPF %CUVCPGC
URRVJGUGVCZCCTGKPFGZHQUUKNUHQTVJG'CTN['QEGPGCPF/KFFNG'QEGPG.KIPKVGU
CV VJG 5CP +IPCEKQ CTGC CNUQ DGNQPI VQ VJG %NCKDQTPG )TQWR YKVJ CP CUUGODNCIG
FQOKPCVGF D[ 2NCV[ECT[C UYCUVKEQKFWU CPF 0WFQRQNNKU VGTOKPCNKU VJGUG VCZC CTG
KPFGZ HQUUKNU HQT VJG OKFFNG 'QEGPG /CTVÈPG\*GTP¶PFG\ GV CN (KPCNN[
/KIWGN#NGO¶PYGNNUDGNQPIEJTQPQUVTCVKITCRJKECNN[VQVJG/KFFNGVQ7RRGT'QEGPG
FWG VQ VJG CEOG \QPG QH %KECVTKEQUKURQTKVGU URR /QOKRKVGU URR 5CRQVCEGCG
CPF 2QN[RQFKWO JGVGTQXGTTWECVWU 6JG CIG CUUKIPOGPV KU EQTTQDQTCVGF D[ VJG
RTGUGPEG QH VJG FKPQƀCIGNCVG E[UVU %JCTNGUFQYPKGC 9GV\GNNKGNNC EQNGQVJT[RVC CPF
4JQODQFKPKWO FTCEQ YJKEJ KPFKECVG C PGCT UJQTG OCTKPG GPXKTQPOGPV (TQO VJG
ƀQTKUVKE RQKPV QH XKGY VJG RCN[PQNQIKECN CUUGODNCIGUKPFKECVGVJGGZKUVGPEGQHUGXGTCN
V[RGUQHXGIGVCVKQPCENQWFHQTGUV /QOKRKVGU CPFCVTQRKECNHQTGUV $QODCECEKFKVGU
%KECVTKEQUKURQTKVGUEHFQTQIGPUKUCPF5CRQVCEGCG CUYGNNCUYCTOVGORGTCVGƀQTC
HTQOVJGCDWPFCPEGQH%CUVCPGCCPF+NGZ 'NUKM
'QEGPGŌ1NKIQEGPG
2CNGQRCN[PQNQIKECNTGUGCTEJKPENWFGUVJGHQNNQYKPIHQTOCVKQPU'N$QUSWG.C
6TKPKFCFCPF4CPEJQ$GTNÈPCV5KOQLQXGN%JKCRCU2CN[PQNQIKECUUGODNCIGURNCEG
VJGUG HQTOCVKQPU YKVJKP VJG 'QEGPG Ō 1NKIQEGPG DQWPFCT[ CPF GPXKTQPOGPVCNN[
TGRTGUGPV PGTKVKE HCEKGU 6QOCUKPK1TVÈ\ CPF /CTVÈPG\*GPT¶PFG\ +P VJG
PGCTUJQTGHCEKGUOCPITQXGEQOOWPKVKGUYGTGYGNNFGXGNQRGFYKVJCDWPFCPVRQNNGP
QH<QPQEQUVKVGUCPF2GNNKEKGTQKRQNNKUVQIGVJGTYKVJCFKXGTUKV[QHFKPQE[UVU
9KVJKPVJGUGHQTOCVKQPUVJTGGCEOG\QPGUYGTGFGſPGF +PCRGTVKURQTKVGUXWNICTKU
CHWPIQURQTGCDWPFCPVKPVJG6TKPKFCF(QTOCVKQP 7RRGT'QEGPG +PCRGTVKURQTKVGU
EHEKTEWNCTKUCHWPIQURQTGEJCTCEVGTKUVKEQH4CPEJQ$GTNÈP .QYGT1NKIQEGPG CPF
2GNNKEKGTQKRQNNKUURCPCDWPFCPV\QPGGUVCDNKUJGFCV.C3WKPVC (QTOCVKQP 7RRGT
6'46+#4;2#.;01(.14+56+%%144'.#6+105
1NKIQEGPG +PCFFKVKQPſXG TCPIG\QPGU YGTG GUVCDNKUJGF2UKNCVTKEQNRQTKVGUETCUUWU

YKVJCVCZQPTCPIG\QPGHTQO.CVG'QEGPGVQ'CTN[1NKIQEGPG%KECVTKEQUKURQTKVGU
UR YKVJ C VCZQP TCPIG\QPG HTQO 'CTN[ 1NKIQEGPG VQ 'CTN[ NCVG 1NKIQEGPG CPF
ſPCNN[ VJTGG TCPIG \QPGU YKVJ VJG VCZQP 2QN[RQFKKURQTKVGUEHCNKGPWU/QOKRKVGUUR
CPF&KRQTKURQTKVGUURDGNQPIKPIVQVJG.CVG1NKIQEGPG+PIGPGTCNVJKURCTVQHVJG
+UVJOWU UCNKPG DCUKP YCU QXGTTGRTGUGPVGF D[ OCPITQXG GNGOGPVU +P CFFKVKQP VJG
RCN[PQNQIKECNCUUGODNCIGUKPFKECVGVJGRTGUGPEGQHQVJGTV[RGUQHXGIGVCVKQPUWEJCU
VJGGZKUVGPEGQHCENQWFHQTGUVYKVJ/QOKRKVGU 'PIGNJCTFVKC CPFEQPKHGTHQTGUVYKVJ
#DKGVKPGCGRQNNGPKVGUCPF%GFTKRKVGU
$CNUCU)TQWR
+V KU KORQTVCPV VQ TGXKGY RTGXKQWU RCN[PQNQIKE TGUGCTEJ TGNCVGF VQ VJG $CNUCU
)TQWRYJKEJKUVJGOCKPCKOQHVJKUUWTXG[6JGſTUV ECUG UVWF[ HQT VJGFKHHGTGPVKCVKQP
QHVJG$CNUCU)TQWRYCUFGXGNQRGFPGCT6GRGZKFG4QFTÈIWG\XKNNCIG2WGDNC*GTG
VJG2KGFG8CEC(QTOCVKQP 28( YCUCUUKIPGFVQVJG2CNGQIGPG /CTVÈPG\*GTP¶PFG\
CPF4COÈTG\#TTKCICD (TKGU FCVGFVJG28(CU.CVG'QEGPGVQ
'CTN[1NKIQEGPGRNCEKPIKVCUCRCTVQHVJG$CNUCU)TQWRUGPUW28(YCUFGRQUKVGF
KPCEQPVKPGPVCNNCEWUVTKPGGPXKTQPOGPVYJGTGUGXGTCNRNCPVRCNGQEQOOWPKVKGUYGTG
TGEQIPK\GFHQNNQYKPICNVKVWFKPCNITCFKGPVYKVJFKHHGTGPVOQUCKEUQHXGIGVCVKQPKPVJG
WRRGTRCTVQHVJGOQWPVCKPTCPIGCEQPKHGTQWUHQTGUVYKVJ2KPWUCPF2KEGCYCUEQOOQP
+PEQPVTCUVCVNQYNCPFUITCUUGUCPF'RJGFTCEGCGYGTGRTGUGPV#NUQKPUQOGRNCEGU
VJG FGXGNQROGPV QH VJQTP YQQFNCPF YKVJ $WTUGTC %QORQUKVCG #ECEKCCPF QVJGTU
.GIWOKPQUCG YCU RQUUKDNG (KI 6CZC DGNQPIKPI VQ VJG ENQWF HQTGUV KPFKECVG
JKIJGT JWOKFKV[ CV TCXKPG YJGTG UGXGTCN URGEKGU QH 'PIGNJCTFVKC ITGY /QOKRKVGU
EQT[NQKFGU/OKETQEQT[RJCGWU (KI CPF/VTKQTDKEWNCTKU +PVJKUECUGUVWF[
VJGMG[GNGOGPVUVJCVIKXGEJTQPQUVTCVKITCRJKEKPHQTOCVKQPYGTGVJG/QOKRKVGUITQWR
#INCQTGKFKC E[ENQRU (KI CPF 'WEQOOKC (KI +P VJKU RCTV QH UQWVJGTP
0QTVJ#OGTKECEJTQPQUVTCVKITCRJKECUUKIPOGPVYCUFKHſEWNV VQGUVCDNKUJFWGVQVJG
GCTN[ CDWPFCPEG QH ITCUUGU (KI /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC

2CNGQDQVCPKEUVWFKGUJCXGCNUQIGPGTCVGFKORQTVCPVƀQTKUVKE EQPVTKDWVKQPU CV VJG
28(/CICNNÎP2WGDNCCPF%GXCNNQU(GTTK\ FGUETKDGF'WEQOOKCEQPUVCPUCPF
CNVJQWIJVJKUURGEKGUKUUKOKNCTVQ'OQPVCPCHTQOVJG1NKIQEGPGQH0QTVJ#OGTKEC
VJGCWVJQTUEQPUKFGTGF'EQPUVCPUCUC0GQIGPGHQUUKN1VJGTRCNGQDQVCP[TGUWNVUFQ
PQVOCMGCP[EQPVTKDWVKQPVQVJGEJTQPQUVTCVKITCRJ[QH28(
#PQVJGTHQTOCVKQPVJCVJCUDGGPTGCUUKIPGFVQVJG$CNUCU)TQWRKUVJG%WC[WEC
(QTOCVKQPVJCVKPKVKCNN[(TKGU FGUETKDGFCUDGNQPIKPIVQVJG/KQEGPG2NKQEGPG
CIG $CUGF QP RCN[PQNQIKECN UVWFKGU 4COÈTG\#TTKCIC CPF /CTVÈPG\*GTP¶PFG\
CUUKIPGFVJGCIGQHVJG%WC[WEC(QTOCVKQPCU.CVG'QEGPGVQ'CTN[1NKIQEGPG
UWIIGUVKPIVJCVKVYCURCTVQHVJG$CNUCU)TQWR#VQVCNQHVCZCYGTGCUUKIPGF
YKVJCRCNGQRCN[PQIKECNCUUGODNCIGJCXKPICNICGURQTGUQHRVGTKFQRJ[VGU
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
CPFDT[QRJ[VGUI[OPQURGTOUCPFCPIKQURGTOU OQPQEQV[NGFQPUCPF
QHFKEQV[NGFQPGU #DWPFCPVRQNNGPITCKPUCVVJG%WC[WECNQECNKV[YGTG$WTUGTC
%JGPQRQFKCEGCG Ō #OCTCPVJCEGCG %[CVJGCEGCG 'RJGFTKRKVGU (KIU CPF
ITCUUGU /QOKRKVGU EQT[NQKFGU /QOKRKVGU OKETQEQT[RJCGWU 2KEGC (KI CPF
2KPWU#VVJG+\ÕECTFG/CVCOQTQUNQECNKV[%KECVTKEQUKURQTKVGUFQTQIGPUKU (KI
%[CVJGCEGCG %QORQUKVCG .GKQURJCGTKFKC .GRVQNGRKFKVGU .KNKCEKFKVGU /QOKRKVGU
EQT[NQKFGU 2KPWU 6KNKCEGCG CPF 5VGTGKURQTKVGU 5RJCIPWO URR YGTG EQOOQP
4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\
6JG RTGUGPEG QH RQNNGP CPF URQTGU KPFGZGU UWEJ CU #INCQTGKFKC RTKUVKPC
%KECVTKEQUKURQTKVGUFQTQIGPUKU'WEQOOKCCPF/QOKRKVGUITQWRCNNQYVQRTQRQUGC
.CVG 'QEGPG VQ 'CTN[ 1NKIQEGPG CIG HQT VJG %WC[WEC (QTOCVKQP 9KVJ VJG FKXGTUG
CUUGODNCIG QH VJKU HQTOCVKQP KV YCU RQUUKDNG VQ TGEQIPK\G FKHHGTGPV V[RGU QH
XGIGVCVKQP RTQDCDN[ ITQYKPI VJTQWIJQWV C RCNGQCNVKVWFKPCN ITCFKGPV UWEJ CU RKPG
HQTGUV ENQWF HQTGUV VTQRKECN FGEKFWQWU HQTGUV VTQRKECN UETWD ITCUUGU CPF EJCRCTTCN
4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\
1NKIQEGPG
/CTVÈPG\Ō*GTP¶PFG\CPF4COÈTG\#TTKCIC C UVWFKGFDQTGJQNGUQHVJG5CP

)TGIQTKQ(QTOCVKQPCOCTKPGRCNGQDCUKPFCVGFCU.CVG1NKIQEGPGD[OGCPUQH-#T
FCVKPI *CWUDCEM CPFFKCVQOƀQTC -KO CPF $CTTQP 6JG CIG QH VJG 5CP
)TGIQTKQ(QTOCVKQPJCUDGGPFCVGFVQVJG1NKIQEGPGHTQOVJGRTGUGPEGQHFKPQE[UVU
QHYJKEJ%JKTQRVGTKFKWONQDQURKPQUWO (KI JCUEJTQPQUVTCVKITCRJKEKORQTVCPEG
/CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCICC
6JG RQNNGP CUUGODNCIGU QH VJG 5CP )TGIQTKQ (QTOCVKQP CTG EKVGF KP 6CDNG
CPF UQOG VCZC CTG UJQYP KP (KIU 6JG CUUGODNCIGU YGTG FQOKPCVGF D[
JGTDUUWEJCU%JGPQRQFKCEGCG#OCTCPVJCEGCG 'RJGFTCEGCG CPF
)TCOKPKFKVGU YJKEJUWIIGUVUCPGCTN[GXQNWVKQPQHNQYDKQOCUUXGIGVCVKQP
KG ITCUUNCPF UCXCPPC CPF EJCRCTTCN ƀQTC YKVJ CNUQ VTQRKECN GNGOGPVU RTGUGPV
5VGTEWNKCEGCG $QODCECEGCG CPF /GNCUVQOCVCEGCG (KPCNN[ VJGTG CTG VCZC KPFGZGU
UWEJCU'WEQOOKCCPF%QTUKPKRQNNGPKVGUCNUQRTGUGPVCV28(CPF%WC[WEC(QTOCVKQP
$CNUCU)TQWR
1NKIQEGPG/KQEGPG
.CPIGPJGKOGVCN OCFGCRCN[PQNQIKEUVWF[QHCODGTDGCTKPIUVTCVCVJCV

QEEWTTGFCV5KOQLQXGNDGNQPIVQVJG'URGTCP\C)TQWR%JKCRCU6JGCKOQHVJCVUVWF[
YCUVQIKXGKPHQTOCVKQPTGNCVGFVQVJGGPXKTQPOGPVQHVJGCODGTFGRQUKVKQPCPFVJG
XGIGVCVKQP FWTKPI VJG /KFFNG 6GTVKCT[ KP UQWVJGTP /GZKEQ 6JG CPCN[\GF UCORNGU
EQTTGURQPFVQGUVWCTKPGGPXKTQPOGPVUYJGTGPQVKEGCDNGCDWPFCPEGCPFFKXGTUKV[QH
4JK\QRJQTC URGEKGU KU RTGUGPV UWEJ CU 4 OCPING 4 TCEGOQUC 4 UCOQGPUKU 4
UCTTKUQPKKCPF2GNNKEKGTCUR6JGUG4JK\QRJQTCURGEKGUTGRTGUGPVCEQORNGZVTQRKECN
6'46+#4;2#.;01(.14+56+%%144'.#6+105
(+)74' %KECVTKEQUKURQTKVGU FQTQIGPUKU =%WC[WEC (O 2D ? 'RJGFTKRKVGU
=%WC[WEC (O 2D ? 'RJGFTC ENCTKETKUVCVC =%WC[WEC (O 2D
? 2KEGC =2KG FG 8CEC (O 2D ? #INCQTGKFKC =2KG FG 8CEC (O
2D ? )TCOKPGCG =2KG FG 8CEC (O 2D ? /QOKRKVGU
OKETQEQT[RJCGWU=2KGFG8CEC(O2D ?%CGUCNRKPKC=2KGFG8CEC(O2D
?%QTUKPKRQNNGPKVGU=2KGFG8CEC(O2D ?'WEQOOKC
=2KGFG8CEC(O2D ?
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
(+)74'#NNVCZCHTQO5CP)TGIQTKQ(QTOCVKQP5GNCIKPGNNC=2D?2KPWU
=2D ?'RJGFTC=2D ?)TCOKPKFKVGU=2D #
?%JGPQRQFKRQNNKU=2D # ?%QORQUKVCG=2D ?
%QTUKPKRQNNGPKVGU=2D # ?%JKTQRVGTKFKWONQDQURKPQUWO=2D
?
6'46+#4;2#.;01(.14+56+%%144'.#6+105
OCPITQXGEQOOWPKV['NGOGPVUYKVJNQYHTGSWGPEKGUYGTG'PIGNJCTFVKC2QFQECTRWU
CPF2KPWU#EEQTFKPIVQVJGDKQUVTCVKITCRJ[QHVJGTGIKQPVJGCWVJQTUCUUKIPGFC.CVG
1NKIQEGPGVQ'CTN[/KQEGPGCIGHQTVJGRCN[PQNQIKECUUGODNCIGU
#PQVJGT KORQTVCPV EQPVTKDWVKQP YCU OCFG D[ $KCIIK YJGTG
RCN[PQUVTCVKITCRJKE TGUGCTEJ CV ő.C 3WKPVCŒ (QTOCVKQP UQWVJ 5KOQLQXGN %JKCRCU
EQTTGURQPFU VQ VJG 7RRGT 1NKIQEGPG VQ .QYGT /KQEGPG 6JG UGFKOGPVU UVWFKGF
EQTTGURQPFVQUJCNNQYOCTKPGGPXKTQPOGPVUYKVJRTGUGPEGQHFKPQƀCIGNCVGU CPF RQNNGP
ITCKPUCUUQEKCVGFYKVJOKETQHQTCOKPKHGTCEQTCNNKPGCNICGCPFKPXGTVGDTCVGU$KCIIKŏU
UVWF[TGXGCNGFHQWTRNCPVEQOOWPKVKGUVYQQHVJGOFGXGNQRGFCVNQYNCPFC C
OCPITQXGXGIGVCVKQPYKVJ4JK\QRJQTC2GNNKEKGTC0[RC#ETQUVKEJWOCPF6JGURGUKC
D C VTQRKECNUWDVTQRKECN HQTGUV KPENWFKPI $QODCZ 6GTOKPCNKC CPF (KEWU CPF VYQ
EQOOWPKVKGUITQYKPICVWRNCPFUE UWDVTQRKECNVQYCTOVGORGTCVGEQOOWPKV[CPF
VGORGTCVGVQEQQNVGORGTCVGEQOOWPKV[YKVJ2KPWU3WGTEWU.KSWKFCODCT0[UUC
(CIWUCPF2KEGC
/KQEGPG
5GFKOGPVU HTQO C DQTGJQNG CV 2KEJWECNEQ PQTVJ QH %JKCRCU YGTG FCVGF D[
OGCPUQHHQTCOKPKHGTCCU.QYGT/KQEGPGVQOKFFNG/KQEGPG6JGRQNNGPCUUGODNCIGU
YGTGCPCN[\GFCPFEQORCTGFYKVJOQFGTPRQNNGPTCKPQHENQWFHQTGUVUCPFVTQRKECN
GXGTITGGP HQTGUVU 2CNCEKQU CPF 4\GFQYUMK 6JG UGFKOGPVU CPCN[\GF [KGNFGF
RCN[PQOQTRJU QH OCPITQXG XGIGVCVKQP QH 4JK\QRJQTC CPF 2GNNKEKGTC KPFKECVKXG QH
PGCTUJQTG OCTKPG GPXKTQPOGPV YJGTG RQNNGP TGRTGUGPVCVKXGU QH ENQWF HQTGUV YGTG
CDWPFCPV 'PIGNJCTFVKC1TGQOWPPGC 6JGENQWFHQTGUVEGTVCKPN[FKFPQVITQYPGCT
VJGEQCUVQXGTRCTVKEWNCTGFCRJKEEQPFKVKQPUCUUVCVGFD[2CNCEKQUCPF4\GFQYUMK
DWVTCVJGTKPVJGJKIJNCPFUYJGTGTCXKPGCTGRTGUGPVYKVJJKIJJWOKFKV[CUQEEWTU
VQFC[CVVJGOQFGTPENQWFHQTGUVCVVJG5KGTTC/CFTG1VJGTVCZCTGRQTVGFD[2CNCEKQU
CPF 4\GFQYUMK CTG #EGT #NEJQTPGC #NHCTQC $KNNKC $TWPGNNKC %CNCVQNC
%CN[RVTCPVJGU%CT[C%JKTCPVJQFGPFTQP%NGVJTC%QTPWU&GRRGC(CIWU)WPPGTC
*GDGTFGPKC *GF[QUOWO *QHHOCPKC +NGZ .KSWKFCODCT .KTKQFGPFTQP /CIPQNKC
/GNKQUOC /[TKEC 0QVJQHCIWU 0[UUC 1TGQRCPCZ 2J[NNQPQOC 2QFQECTRWU
5OKNCEKPC 5V[TCZ 5[ORNQEQU 6GTPUVTQGOKC 6KNKC 8KDWTPWO 9GKPOCPPKC URQTGU
QH %[CVJGCEGCG RVGTKFQRJ[VGU CPF /GNCUVQOCVCEGCG +P CFFKVKQP RQNNGP ITCKPU
HTQOJKIJNCPFUEQPKHGTQWUHQTGUVYGTGCDWPFCPV 2KPWUCPF2KEGC #PQVJGTV[RGQH
XGIGVCVKQPYCUVJGTKRCTKCPHQTGUVYKVJVJGRTGUGPEGQH6CZQFKWO#NPWU2NCVCPWU
2QRWNWU5CNKZ%CT[C(TCZKPWU*GF[QUOWOCPF0[UUC
+P EQPVTCUV VQ VJG ENKOCVKE EQPFKVKQPU QH JKIJ VGORGTCVWTGU CPF JWOKFKV[ VJCV
RTGXCKNGFFWTKPIVJG/KQEGPGCV%JKCRCUVJGTGKUCRCN[PQNQIKEUVWF[QHUKOKNCTCIG
YKVJKP 6WDWVCOC (QTOCVKQP PQTVJGCUV QH 5QPQTC YJGTG FT[ EQPFKVKQPU RTGXCKNGF
YKVJVJGRTGUGPEGQHZGTKEGNGOGPVUNKMG%QORQUKVCG)TCOKPGCG%JGPQRQFKCEGCG
#OCTCPVJCEGCG.GIWOKPQUCGCPF$QGTJCXKCYJKEJCTGEJCTCEVGTKUVKEVCZCQHFGUGTV
XGIGVCVKQPCPFVJQTPUETWDHQTGUV /CTVÈPG\*GTP¶PFG\CPF6QOCUKPK
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
2NKQEGPG
)TCJCO NCWPEJGF C RTQITCO QP VJG 6GTVKCT[ 2CN[PQNQI[ QH VJG
%CTKDDGCPTGIKQP6JGſTUV UVWF[ YCU FQPGQPNKIPKVGUCV2CTCLG5QNQ(QTOCVKQPPGCT
%QCV\CEQCNEQU 8GTCETW\ 6JG CUUGODNCIG QH OKFFNG 2NKQEGPG CIG EQPVCKPGF
FKHHGTGPV RCN[PQOQTRJU C JKIJ PWODGT QH VCZC EQPUKFGTKPI VJCV VJQUG CUUGODNCIGU
ECOG HTQO NKIPKVGU VJCV TGRTGUGPV OQUVN[ C NQECN ƀQTC #NVJQWIJ )TCJCO
FKF PQV EQPUKFGT VJKU C FGſPKVKXG RTQQH VJCV VTQRKECN GXGTITGGP HQTGUV YCU RTGUGPV
KP 8GTCETW\ CV NGCUV UKPEG OKNNKQPU [GCTU CIQ *G OGPVKQPGF VJCV VTQRKECN TCKP
HQTGUVYCURQQTN[FGXGNQRGFCV2CTCLG5QNQ(O )TCJCOD 6JGRTGUGPEGQH
OCPITQXGXGIGVCVKQPVTQRKECNFGEKFWQWUHQTGUVCPFRKPGQCMHQTGUVYCUOGPVKQPGFCU
RCTVQHVJGEQOOWPKVKGU\QPCVKQPHTQOVJGUJQTGNKPGVQVJGOQWPVCKPTCPIG)TCJCO
KPHGTTGFVJCVFWGVQVJGRTGUGPEGQH2KEGCVJGGZKUVGPEGQHOQTGEQNFCPFJWOKF
EQPFKVKQPUOWUVJCXGGZKUVGF

2CN[PQƀQTKUVKE#HſPKVKGU QH VJG $CNUCU )TQWR YKVJ QVJGT
6GTVKCT[(QTOCVKQPU
6JGQPN[HQTOCNUVWF[QHVJG$CNUCU)TQWRYCUCEEQORNKUJGFD[(TKGU
5KPEGVJCVVKOGPQDQF[JCUCEEQORNKUJGFCFGVCKNGFUVTCVKITCRJKEYQTM%QPUGSWGPVN[
VJGHQTOCVKQPUVJCVEQPUVKVWVGVJG$CNUCU)TQWRTGOCKPWPMPQYP6JKUNCEMQHIGQNQIKECN
KPVGTGUVRTQDCDN[YCUECWUGFD[VJGCDUGPEGQHEJTQPQUVTCVKITCRJKEEQPVTQN+VYCUPŏV
WPVKNVJGRCN[PQUVTCVKITCRJKEUVWFKGUYGTGEQORNGVGFYJGPVJGFKHHGTGPVKCVKQPQHVJG
$CNUCU)TQWRKPVQUGXGTCNHQTOCVKQPDGICPCUYCUKPKVKCNN[RQUVWNCVGFD[(TKGU
#OQPI VJG ſTUV RCN[PQUVTCVKITCRJKE UVWFKGU CTG VJQUG QH /CTVÈPG\*GTP¶PFG\ CPF
4COÈTG\#TTKCIC CPF4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\ YJGTG
CEEQTFKPIVQCIGFGVGTOKPCVKQPVJGVYQHQTOCVKQPUKG2KGFG8CEC(QTOCVKQPő28(Œ
'QEGPGŌ1NKIQEGPG CPF%WC[WEC(QTOCVKQP 1NKIQEGPG EQWNFDGKPEQTRQTCVGFKPVQ
VJG $CNUCU )TQWR CEEQTFKPI YKVJ VJG WRRGT NKOKV QH VJKU WPKV GUVCDNKUJGF D[ (TKGU
CU.CVG1NKIQEGPG /C HQTVJG6KN\CRQVNCTJ[QNKVGVJCVQXGTNKGVJG)TQWR
+VKUKORQTVCPVVQOGPVKQPVJCVFWGVQVJGCDUGPEGQHVTCFKVKQPCNHQUUKNU XGTVGDTCVGU
KPXGTVGDTCVGU GVE CPF IGQEJTQPQNQIKE FCVC 28( YCU EQPUKFGTGF CU 2NKQEGPG
2NGKUVQEGPG 2CPVQLC GV CN CPF VJG %WC[WEC (QTOCVKQP YCU GTTQPGQWUN[
CUUKIPGF VQ /KQEGPG2NKQEGPG (TKGU 9KVJ VJG RCN[PQUVTCVKITCRJ[E UVWFKGU
28(CPF%WC[WEC(QTOCVKQPCTGPQYEQPUKFGTGF7RRGT'QEGPGVQ.QYGT1NKIQEGPG
/CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC 4COÈTG\#TTKCIC CPF /CTVÈPG\
*GTP¶PFG\
6JG CKO QH VJKU UGEVKQP KU VQ ECTT[ QWV C SWCNKVCVKXG EQORCTKUQP DGVYGGP VJG
FKHHGTGPV RCN[PQNQIKE CUUGODNCIGU VJCV QEEWT VJTQWIJQWV VJG 6GTVKCT[ QH /GZKEQ
6JKUCRRTQCEJCUUGTVUVJGGZKUVGPEGQHFKHHGTGPVV[RGUQHƀQTCU CPF VJGKT UWEEGUUKQP
VJTQWIJQWVVJG6GTVKCT[VKOGCUCTGURQPUGVQIGQNQIKECPFENKOCVKEEJCPIGU
6'46+#4;2#.;01(.14+56+%%144'.#6+105
%QORCTKUQPQHVJGRCN[PQƀQTC QH VJG $CNUCU )TQWR 28( CPF %WC[WEC(QTOCVKQP

YKVJ QVJGT 6GTVKCT[ RCN[PQNQIKECN CUUGODNCIGU TGRQTVGF RTGXKQWUN[ OCMGU RQUUKDNG
VJGFGVGTOKPCVKQPQHEQOOQPVCZCYJKEJTGƀGEVU VJG RCNGQEJQTQNQI[ CPF GXQNWVKQP
QH6GTVKCT[GEQU[UVGOKPUQWVJGTP0QTVJ#OGTKEC
+PIGPGTCNYJGPEQORCTKPI28(CPFVJG%WC[WEC(QTOCVKQP DQVJDGNQPIKPI
VQ $CNUCU )TQWR C JKIJ PWODGT QH GNGOGPVU P JCF KP EQOOQP #ECEKC
#INCQTGKFKC #PCECTFKCEGCG #PVJQEGTQU #TOGTKC $QODCECEGCG $WTUGTC
%CGUCNRKPKC%CT[C%QORQUKVCG%QTUKPKRQNNGPKVGU%WRTGUUWU,WPKRGTWU6CZQFKWO
%[CVJGCEGCG%[RGTCEGCG%JGPQRQFKCEGCG#OCTCPVJCEGCG'RJGFTCENCTKETKUVCVC
'RJGFTKRKVGU 'WEQOOKC )TCOKPGCG ,WINCPU .CDKCVCG .CGXKICVQURQTKVGU
.GIWOKPQUCG .KNKCEKFKVGU .KSWKFCODCT .[EQRQFKWO /CNXCEKRQNNKU /GNKCEGCG
/QOKRKVGUEQT[NQKFGU/QOKRKVGUOKETQEQT[RJCGWU/QOKRKVGUVTKTCFKCVWU/QTCEGCG
/[TVCEGCG 2KEGC 2KPWU 2NCVCPWU 2QN[ICNCEGCG 2QN[IQPCEGCG 2VGTQECT[C
3WGTEWU 4QUCEGCG 5CRKPFCEGCG 5GNCIKPGNNC 6KNKCEGCG 6[RJC 7NOWU CPF
7TVKECEGCG6JGXCTKCVKQPDGVYGGPVJG28(CPF%WC[WEC(QTOCVKQPEQWNFDGECWUGF
D[FKHHGTGPEGKPCIGCPFNKVJQNQI[YJGTGCU%WC[WEC(QTOCVKQPRTGUGPVUFQOKPCPEG
QHGXCRQTKVKEHCEKGUVJCVYGTGFGRQUKVGFQXGTZGTKEEQPFKVKQPU28(JCURTGFQOKPCPVN[
CENCUVKEUGFKOGPVCVKQP
28(CPFRJQUHQTKVGUQH$CLC%CNKHQTPKC5WT 5CP)TGIQTKQ(QTOCVKQP UJCTG
VCZC #ECEKC #ICXCEGCG #PCECTFKCEGCG $GVWNC $KIPQPKCEGCG $QODCECEGCG
$WTUGTC%CGUCNRKPKC%CT[C%NGVJTCEGCG%QORQUKVCG%QTUKPKRQNNGPKVGU%WRTGUUWU
,WPKRGTWU6CZQFKWO %[CVJGCEGCG %JGPQRQFKCEGCG#OCTCPVJCEGCG 'RJGFTKRKVGU
'WEQOOKC )TCOKPGCG ,WINCPU .CDKCVCG .KNKCEKFKVGU .[EQRQFKWO /GNKCEGCG
/QOKRKVGU EQT[NQKFGU /[TVCEGCG 2CNOCG 2KPWU 2QN[ICNCEGCG 2QN[IQPCEGCG
3WGTEWU 4QUCEGCG 5GNCIKPGNNC 5QNCPCEGCG 6KNKCEGCG 6[RJC 7NOWU CPF
7TVKECEGCG
%QORCTKPI 28( YKVJ 1NKIQ/KQEGPG UGFKOGPVU $KCIIK VCZC CTG
KP EQOOQP #ECEKC %CT[QRJ[NNCEGCG %QT[NWU %JGPQRQFKCEGCG#OCTCPVJCEGCG
)TCOKPGCG +NGZ ,WINCPU .CDKCVCG .KNKCEKFKVGU .KSWKFCODCT .[EQRQFKWO
/[TVCEGCG 2KPWU 2QN[RQFKCEGCG 2VGTQECT[C 3WGTEWU 5GNCIKPGNNC 7NOWU CPF
7TVKECEGCG
&GURKVGVJGFKHHGTGPEGKPCIGVJG28(CPF2KEJWECNEQ%JKCRCU 2CNCEKQUCPF
4\GFQYUMK DCUKPUUJCTGVCZC#DKGU#ECEKC#ICXCEGCG$WTUGTC%CT[C
%QORQUKVCG%QT[NWU%WRTGUUWU,WPKRGTWU6CZQFKWO%[CVJCEGCG%JGPQRQFKCEGCG
#OCTCPVJCEGCG 'RJGFTKRKVGU )TCOKPGCG +NGZ ,WINCPU .CGXKICVQURQTKVGU
.KNKCEKFKVGU .KSWKFCODCT .[EQRQFKWO /CNRKIJKCEGCG /GNKCEGCG 2KEGC 2KPWU
2NCVCPWU2QFQECTRWU3WGTEWU5GNCIKPGNNC5RJCIPWO7NOWUCPF7TVKECEGCG
+V KU YQTVJ PQVKPI VJG TGUGODNCPEG DGVYGGP VJG %WC[WEC (QTOCVKQP $CNUCU
)TQWR CPF5CP)TGIQTKQ(QTOCVKQPCUUGODNCIGUYJKEJJCXGVCZCKPEQOOQP
#ECEKC #NEJQTPGC #NPWU #PCECTFKCEGCG $QODCECEGCG $WTUGTC %CGUCNRKPKC
%CT[C %CUWCTKPKFKVGU %QORQUKVCG %QTUKPKRQNNGPKVGU %WRTGUUWU,WPKRGTWU
6CZQFKWO%[CVJGCEGCG%JGPQRQFKCEGCG#OCTCPVJCEGCG'RJGFTKRKVGU'WEQOOKC
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
'WRJQTDKCEGCG(CDCEGCG)TCOKPGCG,WINCPU.CDKCVCG.KNKCEKFKVGU.[EQRQFKWO
/GNKCEGCG /QOKRKVGU EQT[NQKFGU /[TVCEGCG 2KPWU 2QN[ICNCEGCG 2QN[IQPCEGCG
2VGTKFQRJ[VC3WGTEWU4QUCEGCG5GNCIKPGNNC5VGTEWNKCEGCG6KNKCEGCG6[RJC7NOWU
CPF 7TVKECEGCG 6JKU ENQUG CUUQEKCVKQP KPFKECVGU UKOKNCT ƀQTC ITQYKPI CV VJG UCOG
RCNGQNCVKVWFGDGECWUGVJG2GPKPUWNCQH$CLC%CNKHQTPKCFWTKPIVJG1NKIQEGPGYCURCTV
QH/GZKECPOCKPNCPFCPFYCUCNUQNQECVGFHCTVJGTUQWVJCVVJGVKOG .[NGCPF0GUU

$GVYGGP .C 3WKPVC (QTOCVKQP 1NKIQ/KQEGPG %JKCRCU $KCIIK CPF
%WC[WEC(QTOCVKQP2WGDNC 4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\ VJGTG
CTGVCZCKPEQOOQP#ECEKC#NEJQTPGC#NPWU#TGEKRKVGU%CUWCTKPKFKVGU%GNVKU
%JGPQRQFKCEGCG#OCTCPVJCEGCG(KEWU)TCOKPGCG,WINCPU.CDKCVCG.KNKCEKFKVGU
.KSWKFCODCT .[EQRQFKWO /[TVCEGCG %QTKUKPKRQNNGPKVGU 2KPWU 2VGTQECT[C
3WGTEWU5CNKZ5GNCIKPGNNC5RJCGTQRVGTKU5VGTEWNKCEGCG7NOWUCPF7TVKECEGCG
&GURKVGVJGFKUUKOKNCTCIGDGVYGGP2KEJWECNEQ 2CNCEKQUCPF4\GFQYUMK
CPF%WC[WEC(QTOCVKQPVJG[UJCTGVCZC#ECEKC#NEJQTPGC#NPWU#PPQPCEGCG
$WTUGTC %CT[C %GNVKU %QORQUKVCG %WRTGUUWU,WPKRGTWU6CZQFKWO %[CVJGCEGCG
%JGPQRQFKCEGCG#OCTCPVJCEGCG 'RJGFTKRKVGU )TCOKPGCG ,WINCPU .GKQVTKNGVGU
.CGXKICVQURQTKVGU.KNKCEKFKVGU.KSWKFCODCT.[EQRQFKWO/GNKCEGCG/KOQUC2KEGC
2KPWU2NCVCPWU2NCV[ECT[C3WGTEWU4JCOPWU5CNKZ5GNCIKPGNNC6JQOUQPKRQNNKU
7NOWUCPF7TVKECEGCG
%WC[WEC(O 'QEGPG1NKIQEGPG
#
5CP)TGIQTKQ(O 1NKIQEGPG
+
2KGFG8CEC(O 'QEGPG1NKIQEGPG
%NCKDQTPG(O 'QEGPG
+++ 'URGTCP\C)TQWR 'QEGPG1NKIQEGPG

++
+ZVCRC(O /KQEGPG
$
2CTCLG5QNQ(O 2NKQEGPG
.C3WKPVC(O 1NKIQ/KQEGPG
2KEJWECNEQ /KQEGPG

%QGHſEKGPV
(+)74' 3WCNKVCVKXG UKOKNCTKV[ VTGG QDVCKPGF YKVJ 065;5 RTQITCO DCUGF QP FCVC QH
%NCKDQTPG (QTOCVKQP /CTVÈPG\*GTP¶PFG\ GV CN 'URGTCP\C )TQWR 'N $QUSWG .C
6TKPKFCFCPF4CPEJQ$GTNÈP(QTOCVKQPU 6QOCUKPK1TVÈ\CPF/CTVÈPG\*GTP¶PFG\ 2KG
FG 8CEC (QTOCVKQP /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC %WC[WEC (QTOCVKQP
4COÈTG\#TTKCIC CPF /CTVÈPG\*GTP¶PFG\ 5CP )TGIQTKQ (QTOCVKQP /CTVÈPG\
*GTP¶PFG\CPF4COÈTG\#TTKCICKPRTQEGUU .C3WKPVC(QTOCVKQP $KCIIK 2KEJWECNEQ
2CNCEKQU[4\GFQYUMK +ZVCRC(QTOCVKQP /CTVÈPG\*GPT¶PFG\ CPF2CTCLG5QNQ
(QTOCVKQP )TCJCO
6'46+#4;2#.;01(.14+56+%%144'.#6+105
1PVJGQVJGTJCPFUGXGPVGGPVCZCYGTGUJCTGFDGVYGGP2CTCLG5QNQ8GTCETW\
/KFFNG 2NKQEGPG )TCJCO CPF %WC[WEC (QTOCVKQP 1NKIQEGPG 2WGDNC
#NEJQTPGC #NPWU $WTUGTC %GNVKU %JGPQRQFKCEGCG #OCTCPVJCEGCG %QORQUKVCG
%[RGTCEGCG)TCOKPGCG,WINCPU.KSWKFCODCT.[EQRQFKWO/KOQUC2KEGC2KPWU
3WGTEWU 5GNCIKPGNNC CPF 7NOWU 6JKU KPFKECVGU FKHHGTGPV V[RGU QH XGIGVCVKQP #U
UVCVGFGCTNKGTVJGNKIPKVGUTGƀGEV VJCV VJG VTQRKECN GXGTITGGP HQTGUV ITGY PGCT VJG UKVG
QHFGRQUKVKQPCPFCV%WC[WEC(QTOCVKQPCEQPVKPGPVCNDCUKPYKVJTGIKQPCNRQNNGPTCKP
KPFKECVGUFKHHGTGPVRNCPVEQOOWPKVKGUKPCPCNVKVWFKPCNITCFKGPV
+PQTFGTVQWPFGTUVCPFPWOGTKECNN[VJGUKOKNCTKV[DGVYGGPVJGCUUGODNCIGUKVYCU
PGEGUUCT[VQCRRN[CSWCNKVCVKXGCPCN[UKU$[OGCPUQHCPWOGTKECNCPCN[UKUCVTGG
QHSWCNKVCVKXGUKOKNCTKV[YCUQDVCKPGF (KI 6JKUKUCRJGPQITCOYKVJJ[RQVJGVKE
TGNCVKQPUJKRUDGVYGGP6GTVKCT[DCUKPU
6JG RJGPQITCO UJQYU VYQ KPVGTGUVKPI ENWUVGTU # CPF $ (KI 6JG ſTUV
CUUQEKCVKQP (KI# YKVJQHUKOKNCTKV[KPENWFGUVJG$CNUCU)TQWR %WC[WEC
(QTOCVKQPCPF28( 6JKURJGPQITCOUJQYUVJCVDGVYGGPVJG28(CPF5CP)TGIQTKQ
(QTOCVKQPVJGTGKUCEQGHſEKGPV QH UKOKNCTKV[ (KI + 6JKU UWIIGUVU VJCV 28(
CPF5)(JCXGRCN[PQNQIKECNCHſPKVKGU CPF UJCTG VCZC QH EJTQPQUVTCVKITCRJKEKORQTVCPEG
UWEJCU'WEQOOKC%QTUKPKRQNNGPKVGUCPF/QOKRKVGUITQWR+PCFFKVKQP5CP)TGIQTKQ
(QTOCVKQP CNUQ JCU FKPQE[UV KPFGZGU VJCV EQPſTO CP 1NKIQEGPG CIG 6JG RTGXKQWU
CUUQEKCVKQP (KI + KU ENWUVGTGF YKVJ %WC[WEC (QTOCVKQP CV NGXGN ő#Œ TGXGCNKPI
IGPGTCNN[ VJG $CNUCU )TQWR 28( CPF %WC[WEC (O KU XGT[ RCN[PQNQIKECNN[ ENQUG
VQVJG5CP)TGIQTKQ(QTOCVKQP6JKUENWUVGTKUCEQPſTOCVKQP QH UKOKNCT ƀQTCU VJCV
YGTGITQYKPIKPUQWVJGTP/GZKEQKPVJG.QYGT6GTVKCT[9KVJVJGRTGUGPEGQHCNQY
DKQOCUUXGIGVCVKQPKGUCXCPPCQTFT[VJQTPYQQFNCPFYJGTGITCUUGUYGTGCDWPFCPV
EQTTQDQTCVGUCRTGXKQWUTGRQTV /CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCIC QH
GCTN[ CDWPFCPEG QH ITCUUGU KP 0QTVJ #OGTKEC /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\
#TTKCIC
6JGUGEQPFCUUQEKCVKQP (KI$ JCUCUCEQGHſEKGPV QH UKOKNCTKV[ KVKPENWFGU
VJGUQWVJGCUVGTP6GTVKCT[HQTOCVKQPUYKVJGZEGRVKQPQHVJG%NCKDQTPG(QTOCVKQP6JKU
ENWUVGTKPI TGXGCNU VJCV VJG 6GTVKCT[ PQTVJGCUVGTP RCN[PQƀQTC QH /GZKEQ %NCKDQTPG
(O /GZKEQ %NCKDQTPG (O JCU CHſPKVKGU YKVJ UQWVJGCUVGTP /GZKECP HQTOCVKQPU
(KI ++ 6JG 'URGTCP\C )TQWR %JKCRCU 'QEGPG1NKIQEGPG CPF VJG %NCKDQTPG
(QTOCVKQP 6COCWNKRCU CTGLQKPGFCVNGXGN+++YKVJQHUKOKNCTKV[ (KI +VUJQYU
VJCV FGURKVG VJG UNKIJV FKUETGRCPE[ KP CIG VJG CUUGODNCIG TGƀGEVU UKOKNCT EQCUVCN
XGIGVCVKQPRTQDCDN[ITQYKPIWPFGTCVTQRKECNENKOCVGITQYKPIPGCTVJGUJQTGQH)WNH
QH/GZKEQCNVJQWIJVJGOCPITQXGXGIGVCVKQPKUPQVRTGUGPV[GVFWTKPI%NCKDQTPGVKOG
/KFFNG'QEGPG
%QPUKFGTKPI VJG VQVCN CUUGODNCIGU KV YCU FKHſEWNV VQ FGNKOKV VJG TGNCVKQPUJKRU
DGVYGGP CNN HQTOCVKQPU D[ OGCPU QH C RJGPGVKE CPCN[UKU 0GXGTVJGNGUU VJG $CNUCU
)TQWRTGNCVKQPUJKRUEQWNFDGEQPſTOGF WUKPI C ENCFKUVKE OGVJQF
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
*KUVQTKECN$KQIGQITCRJKE#PCN[UKUDGVYGGP/GZKECP6GTVKCT[
2CN[PQƀQTCU
+PQTFGTVQOCMGKPHGTGPEGUQHJKUVQTKEEQPPGEVKQPDGVYGGPCTGCUCPFƀQTCU KV
KU PGEGUUCT[ VQ GORNQ[ C ENCFKUVKE OGVJQF DCUGF QP VJG PWODGT QH URGEKGU UJCTGF
COQPIUV FKHHGTGPV CTGCU +P VJKU UGPUG őRCTUKOQP[ CPCN[UKU QH GPFGOKEKV[Œ 2#'
EQWNFKFGPVKH[CPEKGPVJKUVQTKECNEQPPGEVKQP 4QUGP$TQQMUGVCN
6JKUOGVJQFRTQRQUGUVJCVVJGENWUVGTGFCTGCUYGTGECWUGFD[CEQOOQPJKUVQTKE
FGXGNQROGPVVJCVEQWNFDGKPVGTRTGVGFCUTGIKQPUFQOCKPUQTDKQIGQITCRJKERTQXKPEGU
'URKPQUCGVCN +PVJKUUWTXG[VJG2#'CPCN[UKUQPN[EQPUKFGTGFVJGEQOOQP
VCZCUJCTGFCVVJGFKHHGTGPVDCUKPU #PPGZ6CDNG KPEQPVTCUVYKVJVJGPWOGTKECN
CPCN[UKUQHUKOKNCTKV[VJCVKPENWFGFCNNVJGVCZCHQWPFCOQPIVJGFKHHGTGPVHQTOCVKQPU
6JGTGHQTG VJG 2#' ENCFKUVKE CPCN[UKU ENWUVGT VJG HQTOCVKQPU YJKEJ CTG JKUVQTKECNN[
TGNCVGFVJTQWIJQWVVJG6GTVKCT[
6JGCPCN[UKURTQFWEGFQPN[QPGENCFQITCO UVGRUEQPUKUVGPE[KPFGZ
TGVGPVKQPKPFGZ (KI
6JG ENCFQITCO UJQYU J[RQVJGVKE ENWUVGTU CV FKHHGTGPV FGITGGU QH JKUVQTKECN
TGNCVKQPUJKR 6JG ITQWR TGUWNVU YKVJ VJG ENQUGUV EQPITWGPEG (KI + KPENWFG VJG
%WC[WEC CPF 2KG FG 8CEC HQTOCVKQPU DGNQPIKPI VQ VJG $CNUCU )TQWR YJKEJ CTG
WPKH[KPID[VJGRTGUGPEGQH#PVJQEGTQU'RJGFTCENCTKETKUVCVC#INCQTGKFKC#TOGTKC
/CNXCEKRQNNKU /QOKRKVGU OKETQEQT[RJCGWU / VTKTCFKCVWU CPF 5CRKPFCEGKFKVGU
#OQPI VJGO VJG VCZC QH EJTQPQUVTCVKITCRJKE KORQTVCPEG CTG ' ENCTKETKUVCVC
#INCQTGKFKC#TOGTKC/OKETQEQT[RJCGWUCPF/VTKTCFKCVWU
6JGPGZVNGXGNQHJKUVQTKECNCUUQEKCVKQPGZKUVUDGVYGGPVJG$CNUCU)TQWRCPFVJG5CP
)TGIQTKQ(QTOCVKQP (KI++ FGſPGF D[ 6[RJC$QODCECEKFKVGU%QTUKPKRQNNGPKVGU
'WEQOOKC*GNKQECTRWU/EQT[NQKFGU2QN[ICNCEKFKVGUCPF4GGXGUKC6JGKORQTVCPV
HQUUKNKPFGZGUCTG$QODCECEKFKVGU%QTUKPKRQNNGPVKGU'WEQOOKCCPF/EQT[NQKFGU
6JGƀQTKUVKE CUUQEKCVKQP KU KORQTVCPV DGECWUG UKPEG VJG 6GTVKCT[ VJG[ JCXG UJCTGF C
ENQUGƀQTCN JKUVQTKECN TGNCVKQPUJKR YJGP VJG $CLC %CNKHQTPKC RGPKPUWNC YCU UQWVJGTN[
RNCEGF CPF CVVCEJGF VQ VJG OCKPNCPF QH /GZKEQ FGURKVG CEVWCNN[ DGKPI KP FKULWPEV
CTGCU
#PQVJGTEQPITWGPEGCUUQEKCVKQP (KI+++ UJQYUUKOKNCTGPXKTQPOGPVUDGVYGGP
VJG2CTCLG5QNQ(QTOCVKQPCPF2KEJWECNEQYJKEJCTG0GQIGPGKPCIGCPFXGT[ENQUG
IGQITCRJKECNN[6JKUENWUVGTKUFGſPGF D[ %GFTGNCEH/CNRKIJKC%QEEQNQDC%WRJGC
(CTCOGC )WCTGC *GF[QUOWO /GNKQUOC /[TKEC 2CUUKƀQTC 2QRWNWU 5GTLCPKC
5OKNCZCPF5VTWVJCPVJWU
9JGPITQWR+++KUCUUQEKCVGFYKVJVJG.C3WKPVC(QTOCVKQP (KI+8 CUOCNNGT
PWODGTQHVCZC%QODTGVWO'WIGPKCCPF6QWTPGHQTVKCCTGEQOOQPDGVYGGPVJGVYQ
QHVJGO
/QUVQHVJG2CNGQIGPGHQTOCVKQPUITQWRKPICVNGXGN++CPFVJG0GQIGPGHQTOCVKQPU
CUUQEKCVGFCVNGXGN+8UJCTG#ECEKC#NEJQTPGC,WINCPU3WGTEWUCPF4JCOPWU (KI
8
6'46+#4;2#.;01(.14+56+%%144'.#6+105
(+)74'%NCFQITCOYJGTGDTCPEJGUCTGFGſPGF D[ RTGUGPEG QH VCZC 0WODGTU EQTTGURQPF

VQVCZCEKVGFQPVCDNG(QTOCVKQPUYGTGUVWFKGFD[/CTVÈPG\*GTP¶PFG\GVCN %NCKDQTPG
(O 6QOCUKPK1TVÈ\ CPF /CTVÈPG\*GTP¶PFG\ 'N $QUSWG .C 6TKPKFCF CPF 4CPEJQ
$GTNÈP (OU /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC 2KG FG 8CEC (O 4COÈTG\
#TTKCIC CPF /CTVÈPG\*GTP¶PFG\ %WC[WEC (O /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\
#TTKCIC KP RTQEGUU 5CP )TGIQTKQ (O )TCJCO 2CTCLG 5QNQ (O $KCIIK .C
3WKPVC(O 2CNCEKQUCPF4\GFQYUMK 2KEJWECNEQ /CTVÈPG\*GTP¶PFG\ +ZVCRC
(O CPF)TCJCO 2CTCLG5QNQ(O
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
+ZVCRC(QTOCVKQPKUTGNCVGFYKVJCNNVJGRTGXKQWUHQTOCVKQPUEKVGF (KI8+
DGECWUGKVUJCTGU.[EQRQFKWO5GNCIKPGNNC2KPWUCPF)TCOKPKFKVGUYKVJVJGOCPFCNN
VJGUGVCZCJCXGDGGPTGRQTVGFHTQO2CNGQIGPGVQVJGRTGUGPV
6JG'URGTCP\C)TQWR (KI8++ UJCTGUYKVJVJGRTGEGFKPIHQTOCVKQPU%[CVJGC
CPF.KNKCEKFKVGU1PVJGQVJGTJCPFVJG%NCKDQTPG(QTOCVKQPJCUQPN[RCN[PQOQTRJU
VJCV EQWNF DG EQOOQP KP FKHHGTGPV 6GTVKCT[ RCNGQDCUKPU %COCTQ\QPQURQTKVGU
.GKQURJCGTKFCG5VGTGKURQTKVGU8GTTWECVQURQTKVGU/QPQEQNRQRQNNGPKVGU#GUEWNKFKVGU
#NPWU%CUVCPGC%WRWNKHGTQKRQNNGPKVGU%JGPQRQFKRQNNKUCPF2NCV[ECT[C
%NCKDQTPGCUUGODNCIGUKPFKECVGCWPKSWGƀQTC ITQYKPI WPFGT CUVGCF[GPXKTQPOGPV
YKVJ C UWDVTQRKECN ENKOCVG HCT CYC[ HTQO VJG XQNECPKUO QH YGUVGTP CPF UQWVJGTP
/GZKEQ%QPUGSWGPVN[VJGJKUVQTKECNTGNCVKQPUJKRQHVJG%NCKDQTPGCUUGODNCIGUYKVJ
VJG$CNUCU)TQWRQHUKOKNCTCIGKUQDUEWTGDGECWUGVJGCFCRVCVKQPQHVJG$CNUCUƀQTC
VQHTGSWGPVGZRNQUKXGXQNECPKUOVJCVRTQFWEGFPCVWTCNUGNGEVKQPQHEGTVCKPVCZC+PVJKU
ECUGVJGGHHGEVUQHXQNECPKUORTQFWEGFCFKHHGTGPVƀQTC FWTKPI VJG 'QEGPG1NKIQEGPG
DGVYGGPPQTVJGCUVGTPCPFUQWVJGTPCUUGODNCIGUQH/GZKEQ /CTVÈPG\*GTP¶PFG\CPF
4COÈTG\#TTKCICD
5WDUGSWGPV RCN[PQNQIKECN UVWFKGU QH +ZVCRC .C 'URGTCP\C CPF %NCKDQTPG
(QTOCVKQPU YKNN KORTQXG VJG RQNNGP HQUUKN TGEQTF CNNQYKPI HQT C DGVVGT JKUVQTKECN
TGNCVKQPUJKRU
+P UWOOCT[ UGSWGPVKCN EJCPIGU KP /GZKECP HQUUKN ƀQTCU ECP DG RTQFWEGF D[
INQDCNENKOCVKEEJCPIGUCPFTGIKQPCNXQNECPKUOVJTQWIJVKOG
)GPGTCN%NKOCVKE6TGPFUFWTKPI6GTVKCT[2GTKQF
6JGENKOCVKEVTGPFUKPVJG6GTVKCT[QH0QTVJ#OGTKECYGTGCPCN[\GFTGEGPVN[D[
)TCJCO C DCUGFOCKPN[QPKPVJGRCN[PQNQIKEUVWFKGUFQPGKPVJG7PKVGF5VCVGU
+PVJKU/GZKECPUWTXG[ENKOCVKEEJCPIGUFGVGEVGFD[OGCPUQHUGXGTCNRCN[PQƀQTCU FQ
EQTTGURQPFKPIGPGTCNYKVJENKOCVKEOQFGGUVCDNKUJGFD[)TCJCO C 'ORJCUKU
KURNCEGFKPVJG2CNGQIGPGDGECWUGFWTKPIVJKURGTKQFVJG$CNUCU)TQWRYCUFGRQUKVGF
KPUQWVJGTP/GZKEQCPFVJGGPJCPEGOGPVQHENKOCVKE\QPCVKQPJCFDGICPVQGUVCDNKUJ
KP0QTVJ#OGTKECUWDEQPVKPGPV
&WTKPIVJG2CNGQEGPGVJG0QTVJ#OGTKECPRCNGQRJ[VQIGQITCRJ[KPFKECVGCENQUG
TGNCVKQPUJKRYKVJ#UKCCPF'WTQRG6JKUKUFWGVQUKOKNCTENKOCVGTGIKOGUCPFƀQTC
OKITCVKQPD[CNCPFEQPPGEVKQPDGVYGGPGCUVGTP#UKCCPFYGUVGTP0QTVJ#OGTKECCPF
VJGENQUGRTQZKOKV[QH9GUVGTP'WTQRGYKVJGCUVGTP0QTVJ#OGTKEC $TKIIU
#VVJGUCOGVKOGVJG/GZKECPVGTTKVQT[DGICPKVUFKHHGTGPVKCVKQPQHƀQTCN RTQXKPEGU
DGVYGGPVJG2CEKſE %QCUV YJGTG VJG ő5KGTTC /CFTG 1EEKFGPVCN 2TQXKPEGŒ YCU UWDLGEV
VQ EQPUVCPV CPF GZRNQUKXG XQNECPKUOU VJTQWIJQWV VJG 6GTVKCT[ CPF VJG 2TQXKPEG QH
VJG)WNH%QCUVRNCKPUVJCVUWHHGTGFVJG.CTCOKFGQTQIGP[ /CTVÈPG\*GTP¶PFG\CPF
4COÈTG\#TTKCICD
6'46+#4;2#.;01(.14+56+%%144'.#6+105
+VKUYGNNMPQYPVJCVKPVJG2CNGQEGPGVJGTGYCUCYQTNFYKFGINQDCNYCTOKPI
YKVJCJKIJRNWXKCNTGIKOGYJKEJCNNQYGFVJGGUVCDNKUJOGPVQHCVTQRKECNTCKPHQTGUV
YKVJ CPIKQURGTO RTGFQOKPCPEG (TCMGU GV CN )TCJCO C +P /GZKEQ
VJGTGCTGHGYTGRQTVUQH2CNGQEGPGCIG+PPQTVJGCUVGTP/GZKEQ4QUCNGU.QOGNÈGVCN
KPENWFGFIGPGTCVJCVDGNQPIVQVJG9KNEQZ(NQTCYKVJVTQRKECNCHſPKVKGU #V VJG
UCOGVKOGKPPQTVJYGUVGTP/GZKEQVJGƀQTC KPFKECVGF C YCTO VGORGTCVG HQTGUV YKVJ
RTGFQOKPCPEGQHYKPFRQNNKPCVGFRNCPVU %TQUUCPF/CTVÈPG\
&WTKPIVJG'CTN['QEGPGVJGVTQRKECNOQFGRGTUKUVGFYKVJJKIJVGORGTCVWTGUCPF
JKIJ RTGEKRKVCVKQP 6JG TCKPHQTGUV EQPVKPWGF VQ KPJCDKV VJG NQY RNCKP GPXKTQPOGPVU
*QYGXGT HTQO CDQWV VJG /KFFNG 'QEGPG VJGTG KU C FTCUVKE ENKOCVKE EJCPIG YKVJ C
FGETGCUGKPRTGEKRKVCVKQPCPFNQYGTKPIVGORGTCVWTG )TCJCOC +PEQPUGSWGPEG
VJTQWIJQWVVJG/KFFNG'QEGPGKPPQTVJGCUVGTP/GZKEQGZEGRVHQTVJGDQTGQVTQRKECN
VCZC QH VJG 9KNEQZ ƀQTC $QODCECEGCG 5CRQVCEGCG /CTVÈPG\ GV CN EGTVCKP
VGORGTCVGVCZCUWEJCU2KPWUCPF3WGTEWUDGICPVQJCXGRTGUGPEGYKVJKPVJKU)WNH
%QCUV 2TQXKPEG +P EQPVTCUV CV VJG YGUVGTP NQECNKVKGU VJG 'QEGPG ƀQTCU YGTG CP
CFOKZVWTGQHVGORGTCVGCPFYCTOVGORGTCVGƀQTCU YKVJ VJG RTGUGPEG QH EGTVCKP RNCPV
HCOKNKGU%QORQUKVCGCPF'RJGFTCEGCG %TQUUCPF/CTVÈPG\ YJKEJKPFKECVGF
RGTKQFKECNFT[PGUUCPFCHGYVTQRKECNVCZC
+PVJG1NKIQEGPGFTCOCVKERCNGQIGQITCRJKEEJCPIGUQEEWTTGFYJGPVJG6WTICK
UVTCKVYCUENQUGFCPFVJGUWRGTEQPVKPGPV'WTQ#UKCVKEYCUHQTOGF#UCEQPUGSWGPEG
RCVVGTPUKPQEGCPKEEWTTGPVUYQTNFYKFGVTKIIGTGFENKOCVKEEJCPIGUVQYCTFFT[PGUUCPF
KPETGCUKPIUGCUQPCDNGPGUU
6JKU ENKOCVKE EJCPIG ECWUGF VJG FGXGNQROGPV QH C NQY DKQOCUUXGIGVCVKQP
.GQRQNFGVCN 6JKUKUUWRRQTVGFD[RCN[PQNQIKECNGXKFGPEGHTQOVJG%WC[WEC
(QTOCVKQP CPF 28( YJGTG VJGTG KU C FKXGTUG CPF CDWPFCPV )TCOKPKFKVGU ITCUUGU
CUUGODNCIGHQTVJGſTUV VKOG KP 0QTVJ #OGTKEC /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\
#TTKCICD #FFKVKQPCNN[VJGENKOCVGEJCPIGKUUWRRQTVGFD[VJGRTGUGPEG
QH'RJGFTKRKVGUURRCPFQVJGTVCZCHQWPFKPVJGVJQTPHQTGUVCPFEJCRCTTCNCNVJQWIJ
YKVJKPVJGJKIJNCPFUITGYVJGENQWFHQTGUVCPFVJGEQPKHGTQWUHQTGUV#V5CP)TGIQTKQ
(QTOCVKQP .CVG 1NKIQEGPG JKIJ HTGSWGPEKGU QH ITCUUGU CPF %JGPQRQFKCEGCG
#OCTCPVJCEGCG FGPQVG VJG GZKUVGPEG QH C UCXCPPC YKVJ C JKIJ FGPUKV[ QH ITCUUGU
)TCOKPGCG WPKSWGVQ0QTVJ#OGTKEC&CVCVJCVEQPVTCUVUYKVJVJGUVCVWUSWQYJKEJ
EQPUKFGTUVJGITCUUGEQU[UVGOUFQOKPCVGFKP0QTVJ#OGTKECWPVKNVJGOKF/KQEGPG
.GQRQNF GV CN FGURKVG VJG QRKPKQPU QH QVJGT CWVJQTU VJCV UVCVGF CP GCTN[
QEEWTTGPEGQHITCUUGUGEQU[UVGOKP0QTVJ#OGTKEC 4GVCNCEM
6JGRCN[PQNQIKEFCVCHTQOVJG'QEGPGVQVJG'CTN[/KQEGPGCTGEQPEGPVTCVGKPVJG
UQWVJGCUVGTPTGIKQPQHVJG)WNH%QCUV2TQXKPEG6JGUWTXG[QHVJG'URGTGP\C)TQWR
FQPGD[$KCIIK CPF6QOCUKPK1TVÈ\CPF/CTVÈPG\*GTP¶PFG\ ENGCTN[
UJQYVJCVUKPEGVJG.CVG'QEGPGVJGTGYGTGUGXGTCNRCN[PQƀQTCU VJCV TGRTGUGPVGF C
OKZVWTGQHPGQVTQRKECNGNGOGPVUYJKEJYGTGRTQDCDN[TGNKEVUQHVJG0QTVJ#OGTKEC
DQTGQVTQRKECNƀQTC UGPUW9QNHG UWEJCU4JK\QRJQTC2GNNKEGTKC$QODCECEGCG
CPF(KEWUYJKEJITGYKPNQYRNCKPUYKVJQVJGTEQOOWPKVKGUVQYCTFJKIJGTCNVKVWFGU
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
CUENQWFHQTGUVCPF3WGTEWUCPF2KPWUHQTGUV#VVJGUCOGVKOGVJGEQOOWPKVKGUVJCV
ITGYVQYCTFVJGYGUV 28(%WC[WECCPF5CP)TGIQTKQ KPFKECVGCENKOCVKETGIKOG
EQNFGTCPFFT[GTYKVJƀQTC UKOKNCT VQ VJG 4QEM[ /QWPVCKPU YKVJ VJQTP HQTGUV EJCRCTTCN
CVNQYGNGXCVKQPUCPF3WGTEWU2KPWUCPF2KEGCKPVJGTCPIGU
#NUQKPVJG)WNH%QCUV2TQXKPEGYKVJKPVJG2KEJWECNEQTGIKQP PQTVJGTP%JKCRCU
VJGRCN[PQNQIKECNURGEVTCQHOKFFNG/KQEGPGCIGFGOQPUVTCVGFVJGKPƀWGPEG QH C EQQN
OQFGVJCVRTGXCKNKPVJG/KQEGPGYKVJVGORGTCVGVCZCUWEJCU2KEGC2KPWU#NPWU
3WGTEWUVQIGVJGTYKVJCITGCVFKXGTUKV[QHVCZCDGNQPIKPIVQVJGVTQRKECNTCKPHQTGUV
VJCVKPJCDKVGFVJGRNCKPU 2CNCEKQUCPF4\GFQYUMK
%QPVGORQTCPGQWUN[ VQ VJG FGXGNQROGPV QH VJG GXGTITGGP HQTGUV KP UQWVJGTP
/GZKEQKPVJGUVCVGQH5QPQTC PQTVJGCUVGTP/GZKEQ VJG/KFFNG/KQEGPG6WDWVCOC
(QTOCVKQP QH 5QPQTC YJKEJ KU GPENQUGF KP VJG 5KGTTC /CFTG 1EEKFGPVCN 2TQXKPEG
VJG RCN[PQNQIKE FCVC UJQY SWKVG FKHHGTGPV ENKOCVKE TGIKOG YKVJ RQNNGP CUUGODNCIGU
FQOKPCVGF D[ %QORQUKVCG )TCOKPGCG %JGPQRQFKCEGCG Ō #OCTCPVJCEGCG 6JKU
UWIIGUVUCPCTKFENKOCVGEJCTCEVGTK\GFD[UVTQPIUGCUQPCNFT[PGUUCPFVJGDGIKPPKPI
QHFGUGTVKſECVKQP QH PQTVJYGUVGTP /ÃZKEQ /CTVÈPG\*GTP¶PFG\ CPF 6QOCUKPK
CPFUWRRQTVKPIRTGXKQWUJ[RQVJGUKUQH#ZGNTQF
#EMPQYNGFIOGPVU
6JG CWVJQTU YKUJ VQ CEMPQYNGFIG VJG XCNWCDNGPWOGTKE CPF ENCFKUVKEOGVJQFU

CUUKUVCPEG ECTTKGF QWV D[ &TC *KNFC (NQTGU 1NXGTC +PUVKVWVQ FG $KQNQIÈC 70#/
%WC[WEC (O UWTXG[ YCU UWRRQTVGF D[ &)#2# YKVJ PWODGT +0 CPF VJG
TGUWNVUCTGRCTVQHC&QEVQTCVGVJGUKUFGXGNQRGFD['NKC4COÈTG\#TTKCIC
4GHGTGPEGU
#ZGNTQF&+'XQNWVKQPQHFGUGTVXGIGVCVKQPKPYGUVGTP0QTVJ#OGTKEC%CTPGIKG+PUV9CUJ2WD

#ZGNTQF&+#IGCPFQTKIKPQH5QPQTCPFGUGTVXGIGVCVKQP1EE2CR%CNKHQTPKC#ECF5EK
R
$KCIIK 4 ' 2CN[PQNQI[ CPF 2CNGQGEQNQI[ QH UQOG 1NKIQ/KQEGPG UGFKOGPVU HTQO %JKCRCU
/GZKEQ/56JGUKU9CNNC9CNNC%QNNGIG%CNKHQTPKC75#R
$TKIIU,5$KQIGQITCRJ[CPFRNCVGVGEVQPKEUFGXGNQROGPVU2CNCPF5VTCV
$TQQMU&4CPF8CP8GNNGT/)2%TKVKSWGQHRCTUKOQP[CPCN[UKUQHGPFGOKEKV[CUCOGVJQF
QHJKUVQTKECNDKQIGQITCRJ[,$KQIGQI
%TQUU#6CPF/CTVÈPG\*GTP¶PFG\'%QORQUKVCGRQNNGPKPGCTN[6GTVKCT[TQEMU$CLC%CNKHQTPKC
/GZKEQ#DUVTCEVUVJ+PVGTPCVKQPCN2CN[PQNQIKECN%QPHGTGPEG%CODTKFIGR
%UGTPC<FG4GEQPQEKOKGPVQIGQNÎIKEQGPNC5KGTTC/CFTGFGN5WTFG/ÃZKEQGPVTG%JKNRCPKPIQ[
#ECRWNEQ'UVCFQFG)WGTTGTQ70#/+PUV)GQN$QNR
%UGTPC<FG4GNCEKQPGUFG(CEKGUFGNCU4QECUETGV¶EKECUGPGNPQTGUVGFG)WGTTGTQ[GP¶TGCU
EQNKPFCPVGUFG/ÃZKEQ[/KEJQCE¶P70#/+PUV)GQN4GX
%UGTPC<CPF(TKGU%,T*QLC6CZEQ3J 4GUWOGPFGNC)GQNQIÈCFGNCJQLC6CZEQ'UVCFQU
FG)WGTTGTQ/ÃZKEQ[/QTGNQU70#/+PUV)GQN%CTVC)GQNÎIKECFG/ÃZKEQ5GTKG
R
%UGTPC<FG1TVGIC)WVKÃTTG\(CPF2CNCEKQU0KGVQ/4GEQPQEKOKGPVQ)GQNÎIKEQFGNCRCTVG
6'46+#4;2#.;01(.14+56+%%144'.#6+105
EGPVTCNFGNCEWGPECFGNCNVQTÈQ$CNUCU'UVCFQUFG)WGTTGTQ[2WGDNC+P.KDTQ)WÈCFGNCGZEWTUKÎP
IGQNÎIKECCNC2CTVG%GPVTCNFGNC%WGPEC5QE)GQN/GZR
'NUKM9%%JCTCEVGTKUVKE'QEGPGRCN[PQOQTRJUKPVJG)WNH%QCUV75#2CNCGQPV#DV$

'NUKM95CPF&KNEJGT& .2CN[PQNQI[CPFCIGQHENC[UGZRQUGF.CYTGPEGENC[RKV*GPT[
%QWPV[6GPPGUUGG2CNCGQPV#DV$
'URKPQUC1&#IWKNCT<%CPF'UECNCPVG'6'PFGOKUOQ¶TGCU[TGQTICPK\CEKÎPDKQIGQIT¶ſEC
KP+PVTQFWEEKÎPCNC$KQIGQITCHÈCGP.CVKPQCOÃTKEC6GQTÈCUEQPEGRVQUOÃVQFQU[CRNKECEKQPGU
.NQTGPVG$,CPF/QTTQPG,,GFU .CU2TGPUCUFG%KGPEKCU(CE%KGPEKCU70#/
(TCMGU.#(TCPEKU,'CPF5[MVWU,+%NKOCVGOQFGUQH2JCPGTQ\QKE%CODTKFIG7PKXGTUKV[
2TGUUR
(TGFGTKMUGP 0 1 5VTCVKITCRJKE RCNGQENKOCVKE CPF RCNGQDKQIGQITCRJKE UKIPKſECPEG QH 6GTVKCT[
URQTQOQTRJUHTQO/CUUCEJWUGVVU75)GQN5WTX2TQH2CR
(TGFGTKMUGP015RQTQOQTRJ$KQUVTCVKITCRJ[ƀQTCN EJCPIGU CPF RCNGQENKOCVQNQI[ 'QEGPG CPF
GCTNKGUV1NKIQEGPGQHVJGGCUVGTP)WNH%QCUV75)GQN5WT2TQH2CR
(TKGU%,T)GQNQIÈCFGN'UVCFQFG/QTGNQU[FGRCTVGUCF[CEGPVGUFG/ÃZKEQ[)WGTTGTQTGIKÎP
EGPVTCNOGTKFKQPCNFG/ÃZKEQ70#/+PUV)GQN$QN
(TKGU%,T*QLC%WGTPCXCEC3J 4GUÕOGPFGNCIGQNQIÈCFGNC*QLC%WGTPCXCEC'UVCFQFG
/QTGNQU7PKX0CE#WVÎP/ÃZKEQ+PUV)GQNQIÈC%CTVC)GQNÎIKECFG/ÃZKEQ5GTKG
OCRCEQPVGZVQ
)QNQDQHH2#010#XGTUKQP2TQITCOCPFFQEWOGPVCVKQP%QORWVGTRTQITCOFKUVTKDWVGFD[
,/%CTRGPVGT&GRVQH'PVQOQNQI[#OGTKCECP/WUGWOQH0CVWTCN*KUVQT[0GY;QTM
)TCJCO#.CVG%GPQ\QKEGXQNWVKQPQHVTQRKECNNQYNCPFXGIGVCVKQPKP8GTCETW\/ÃZKEQ'XQNWVKQP

)TCJCO # C .CVG %TGVCEGQWU CPF %GPQ\QKE *KUVQT[ QH 0QTVJ #OGTKECP 8GIGVCVKQP 1ZHQTF
7PKXGTUKV[2TGUUR
)TCJCO # D 6GTTGUVTKCN 2NKQEGPG ENKOCVGU KP PQTVJGTP .CVKP #OGTKEC KP 6JG 2NKQEGPG 6KOG QH
EJCPIG 9TGPP,*5WE,2CPF.GTQ[5#)GFU #O#UUQE5VTCV2CN[P(QWPFCVKQPR

*CWUDCEM $ 2 %GPQ\QKE XQNECPKE CPF VGEVQPKE GXQNWVKQP QH $CLC %CNKHQTPKC 5WT /GZKEQ KP
)GQNQI[QHVJG$CLC%CNKHQTPKC2GPKPUWNC5CP&KGIQ2CEKſE 5GEVKQP (TK\GNN8#,TGF 5'
2/
-KO9*CPF$CTTQP,#&KCVQODKQUVTCVKITCRJ[QHVJG7RRGT1NKIQEGPGVQNQYGTOQUV/KQEGPG
5CP)TGIQTKQ(QTOCVKQP$CLC%CNKHQTPKC5WT/GZKEQ&KCVQO4GU
.CPIGPJGKO , * *CEMPGT $ . CPF $CTVNGVV # /CPITQXG RQNNGP CV VJG FGRQUKVKQPCN UKVG QH
1NKIQ/KQEGPGCODGTHTQO%JKCRCU/ÃZKEQ$QV/WU.GCƀGVU *CTXCTF 7PKX
.GQRQNF'$)GPIYW.CPF5EQVV%2.QYDKQOCUUXGIGVCVKQPKPVJG1NKIQEGPG!KP'QEGPG
1NKIQEGPGENKOCVKECPFDKQVKEGXQNWVKQP &42TQVJGTQCPF9#$GTIITGPGFU 2TKPEGVQP
7PKXGTUKV[2TGUU
.WPC 8 + CPF #NE¶PVCTC # 1 #P¶NKUKU FG UKORNKEKFCF FG GPFGOKUOQU 2#' RCTC GUVCDNGEGT
WPOQFGNQFGXKECTKCP\CRTGNKOKPCTFGN$QUSWG/GUÎſNQ FG /QPVCÌC OGZKECPQ KP +PVTQFWEEKÎPC
NC$KQIGQITCHÈCGP.CVKPQCOÃTKEC6GQTÈCUEQPEGRVQUOÃVQFQU[CRNKECEKQPGU.NQTGPVG$,CPF
/QTTQPG,, GFU .CU2TGPUCUFG%KGPEKCU(CEWNVCFFG%KGPEKCU70#/
.[NG / CPF 0GUU )' 6JG QRGPKPI QH VJG UQWVJGTP )WNH QH %CNKHQTPKC +P &CWRJKP ,2 CPF
5KOQPGKV$46 GFU 6JG)WNHCPF2GPKPUWNCT2TQXKPEGQHVJG%CNKHQTPKCU#O#UUQE2GV)GQN
/GO
/CICNNÎP2WGDNC 5 CPF %GXCNNQU(GTTK\ 5 4 5 'WEQOOKC EQPUVCPU P UR HTWKVU HTQO 7RRGT
%GPQ\QKE UVTCVC QH 2WGDNC /ÃZKEQ /QTRJQNQIKECN CPF CPCVQOKECN EQORCTCUQP YKVJ 'WEQOOKC
WNOQKFGU1NKXGT+PV,2NCPV5EK
/CTVÈPG\*GTP¶PFG\'%CTCEVGTK\CEKÎPCODKGPVCNFGN6GTEKCTKQFGNCTGIKÎPFG+ZVCRCGUVCFQFG
%JKCRCUŌWPGPHQSWGRCNKPQGUVTCVKIT¶ſEQ 70#/+PUV)GQN4GX
/CTVÈPG\*GTP¶PG\'CPF4COÈTG\#TTKCIC'C1NKIQEGPGRJQURJQTKVGUGSWGPEGCPFRTGUGPEGQH
NQYDKQOCUUXGIGVCVKQPHTQO5CP)TGIQTKQ(O$CLC%CNKHQTPKC/GZKEQ+:+2%/GGVKPI*QWUVQP
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
6GZCU75#,WPG#DUVTCEVUR
/CTVÈPG\*GTP¶PG\ ' CPF 4COÈTG\#TTKCIC ' D 2CNGQEQTQNQIÈC FG CPIKQURGTOCU FG NC ƀQTC
OGZKECPCFWTCPVGGN/GUQ\QKEQ[6GTEKCTKQ#NIWPCUGXKFGPEKCURCNKPQNÎIKECU$QN5QE$QV/ÃZ

/CTVÈPG\*GTP¶PFG\ ' CPF 4COÈTG\#TTKCIC ' 2CNGQIGQITCRJKE KORNKECVKQPU QH 1NKIQEGPG
FKPQE[UVUHTQOVJGRJQURJQTKVGUFGRQUKVUQH$CLC%CNKHQTPKC5WTQRGPKPIQHVJG)WNHQH%CNKHQTPKC
5KZVJ+PVGTPCEKQPCN%QPHGTGPEGQP/QFGTPCPF(QUUKN&KPQƀCIGNNCVGU &+01 6TQPFJGKO 0QTYC[
,WPG
/CTVÈPG\*GTP¶PFG\ ' CPF 4COÈTG\#TTKCIC ' 2CNKPQGUVTCVKITCHÈC FG NC TGIKÎP FG 6GRGZK FG
4QFTÈIWG\2WGDNCKORNKECEKQPGUETQPQGUVTCVKIT¶ſECU 4GX/GZ%KGPE)GQN
/CTVÈPG\*GTP¶PFG\'CPF4COÈTG\#TTKCIC'2CNKPQGUVTCVKITCHÈC[CODKGPVGUFGNC(O%WC[WEC
+\ÕECTFG/CVCOQTQU)'15$QNGVÈPKPHQTOCVKXQRQEC++7PKÎP)GQH/GZ
/CTVÈPG\*GTP¶PFG\'CPF4COÈTG\#TTKCIC''CTN[CDWPFCPEGQHITCUUGU 2QCEGCG FWTKPIVJG
1NKIQEGPGKPUQWVJGTP0QTVJ#OGTKEC#O#UUQE5VTCV2CN[P5V%CVJCTKPGU1PVCTKQ#DUVTCEVU
R
/CTVÈPG\*GTP¶PFG\ ' CPF 6QOCUKPK 1 # % 2CNKPQGUVTCVKITCHÈC RTGNKOKPCT FGN 6GTEKCTKQ
EQPVKPGPVCNFG5QPQTCGT5KORQUKQ)GQNQIÈC4GIKQPCNFG/ÃZKEQ+PUVKVWVQFG)GQNQIÈC%KWFCF
7PKXGTUKVCTKC2TQITCOCU[4GUÕOGPGU
/CTVÈPG\*GTP¶PFG\'*GTP¶PFG\%CORQU*CPF5¶PEJG\.ÎRG\/2CNKPQNQIÈCFGN'QEGPQ
GPGN0QTGUVGFG/ÃZKEQ70#/+PUV)GQN4GXR
/ÃPFG\.+CPF8KNNCUGÌQT4,.$TGXGIWÈCRCTCGNWUQFG065;52%GPGUVWFKQUFG6CZQPQOÈC
PWOÃTKEC+PUVKVWVQFG$KQNQIÈC70#/&GRCTVCOGPVQFG$QV¶PKECR
/QT¶P<GPVGPQ&,#NDC#NFCXG.#5QNÃ,CPF+TKQPFQ##OCLQTTGUWTIGPVECNFGTCKPUQWVJGTP
/GZKEQVJGUQWTEGQHVJGNCVG'QEGPG6KN\CRQVNCKIPKODTKVG,8QN)GQVJ4GU
/QTTQPG,,1PVJGKFGPVKſECVKQP QH CTGCU QH GPFGOKUO 5KUV$KQN
0KZQP-%9KP%NCFCXGT2WDNKUJGFD[VJGCWVQT+VJCEC0;
1TVGIC)WVKÃTTG\(4QECUXQNE¶PKECUFGN/CGUVTKEJVKCPQGPGN¶TGCFG5CP,WCP6GVGNEKPIQ'UVCFQ
FG )WGTTGTQ KP .KDTQIWÈC FG NC GZEWTUKÎP IGQNÎIKEC C NC RCTVG EGPVTCN FG NC EWGPEC FGN CNVQ 4ÈQ
$CNUCU/ÃZKEQ&(5QE)GQN/GZKECPCR
2CNCEKQU%J4CPF4\GFQYUMK,'UVWFKQRCNKPQNÎIKEQFGNCUƀQTCU HÎUKNGU FGN /KQEGPQ KPHGTKQT [
RTKPEKRKQUFGN/KQEGPQOGFKQFGNCTGIKÎPFG2KEJWECNEQ%JKCRCU/ÃZKEQ#EVC$QV/GZ
2CPVQLC#NQT,/CNRKEC%TW\8/CPF)CNIWGTC)#)GQNQIÈCFGNQUCNTGFGFQTGUFGNCECPVGTC
FG6NC[WC6GRGZKFG4QFTÈIWG\2WGDNC70#/6GTEGT5KOR)GQN4GI/ÃZKEQ/GOR
4COÈTG\#TTKCIC'CPF/CTVÈPG\*GTP¶PFG\'5[PVJGUKUQH%WC[WEC(QTOCVKQPCPFEQTTGNCVKQP
YKVJRCN[PQƀQTC QH $CNUCU )TQWR 2CNGQIGPG .CEWUVTKPG GPXKTQPOGPVU HTQO EGPVTCN QH /GZKEQ #O
#UUQE5VTCV2CN[P2CN[PQNQI[
4GVCNNCEM),0GQIGPGGZRCPUKQPQHVJG0QTVJ#OGTKECP2TCKTG2CNCKQU
4QUCNGU.QOGNÈ , #[CNC0KGVQ / CPF /CTVÈPG\*GTP¶PFG\ ' +PXGUVKICEKÎP RCNKPQNÎIKEC
FGHÎUKNGUVGTEKCTKQUGPWPCEQNWOPCFGNC%WGPEC6CORKEQ/KUCPVNC2TQ[GEVQ%#1R
7PRWDTGRQTV
4QUGP & ' (TQO HQUUKNU VQ GCTVJ JKUVQT[ CRRNKGF JKUVQTKECN DKQIGQITCRJ[ +P /[GTU ## CPF
25 )KNNGT GFU #PCN[VKECN DKQIGQITCRJ[ CP KPVGITCVGF CRRTQCEJ VQ VJG UVWF[ QH CPKOCN CPF RNCPV
FKUVTKDWVKQPU%JCROCP.QPFQP0GY;QTM
5TKXCUVCXC 5 - 2CN[PQNQI[ QH VJG /QPVGTG[ (QTOCVKQP /KQEGPG 2JQURJCVKE HCEKGU CV .KQPU
*GCF5CPVC/CTKCCTGC%CNKHQTPKC2CN[PQNQI[
6QOCUKPK1TVÈ\#%CPF/CTVÈPG\*GTP¶PFG\'2CNKPQNQIÈCFGN'QEGPQ1NKIQEGPQFG5KOQLQXGN
%JKCRCU70#/+PUV)GQN2CN/GZR
6UEJWF[ 4 * 5VTCVKITCRJKE FKUVTKDWVKQP QH UKIPKſECPV 'QEGPG RCN[PQOQTRJU QH VJG /KUUKUUKRRK
GODC[OGPV%QPVTKDWVKQPUVQ2CNGQPVQNQI[75)GQN5WTX2TQH2CR$$Ō$
9QNHG,#&KUVTKDWVKQPQHOCLQTXGIGVCVKQPCNV[RGUFWTKPIVJG6GTVKCT[#O)GQRJ7PKQP/QP

6'46+#4;2#.;01(.14+56+%%144'.#6+105
#RRGPFKZ.KUVQH2CN[PQOQTRJU
6#$.'.KUVQH2CN[PQOQTRJUUJCTGFDGVYGGP6GTVKCT[DCUKPU+FGPVKſECVKQP PWODGT +F
WUGFKPVJGRCTUKOQP[CPCN[UKUQHGPFGOKEKV[ 2#' 6CZCYKVJ (#/+.; QT=$16#0+%#.
#((+0+6;?/CTVÈPG\*GTP¶PFG\GVCN ,. 6QOCUKPKCPF/CTVÈPG\ ' /CTVÈPG\
*GTP¶PFG\CPF4COÈTG\#TTKCIC + 4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\
* /CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCICKPRTQEGUU ) $KCIIK ( 2CNCEKQUCPF
4\GFQYUMK % /CTVÈPG\*GTP¶PFG\ $ CPF)TCJCO #
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
6#$.'%QPVKPWGF
6'46+#4;2#.;01(.14+56+%%144'.#6+105
6#$.'%QPVKPWGF
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
6#$.'%QPVKPWGF
%JCRVGT
/GUQ\QKE%QTCNUQH/GZKEQ
*#44;((+.-140
&GRCTVOGPVQH+PXGTVGDTCVG2CNGQPVQNQI[0CVWTCN*KUVQT[/WUGWOQH.QU#PIGNGU%QWPV[
'ZRQUKVKQP$QWNGXCTF.QU#PIGNGU%CNKHQTPKC75#JſNMQTP"PJOQTI
#DUVTCEV
+PVTQFWEVKQP
/GUQ\QKE%QTCNUQH/GZKEQ4GEGPV#FFKVKQPUVQVJG%TGVCEGQWU(CWPCU
,WTCUUKE%QTCNUQH/GZKEQ
6TKCUUKE%QTCNUQH/GZKEQ

%QPENWUKQPU
#EMPQYNFIOGPVU
4GHGTGPEGU
#DUVTCEV
6JGOCLQTKV[QHVJG/GUQ\QKEUENGTCEVKPKCPEQTCNUTGRQTVGFHTQO/GZKEQURGEKGU
QTCDQWVRGTEGPVCTGHTQO%TGVCEGQWUUVTCVC%QORCTCVKXGN[NKVVNGKUMPQYPQHVJG
GCTNKGT/GUQ\QKEEQTCNU6JG,WTCUUKEEQTCNUCVQVCNQHURGEKGUJCXGDGGPFGUETKDGF
HTQO ſXG NQECNKVKGU KP /GZKEQ CNN KP 7RRGT ,WTCUUKE TQEMU 6JG 6TKCUUKE EQTCN
URGEKGUFGUETKDGFHTQO/GZKEQCTGHTQOVJG7RRGT6TKCUUKE#PVKOQPKQ(QTOCVKQPQH
PQTVJYGUVGTP5QPQTC6JGOCLQTKV[QHVJG,WTCUUKECPF6TKCUUKEEQTCNURGEKGUTGRQTVGF
HTQO/GZKEQJCXGDGGPFGUETKDGFRTGXKQWUN[HTQOQEEWTTGPEGUKP'WTQRG
+PVTQFWEVKQP
6JG/GUQ\QKETQEMUQH/GZKEQEQPVCKPCPKORQTVCPVRCTVQHVJGHQUUKNTGEQTFQH
UENGTCEVKPKCPEQTCNU6JGXCUVOCLQTKV[QHVJG/GUQ\QKEEQTCNURGEKGUCPFQEEWTTGPEGU
MPQYPHTQO/GZKEQJCXGDGGPTGRQTVGFHTQOVJG%TGVCEGQWU (KNMQTP *QYGXGT
EQTCNUCNUQJCXGDGGPFGUETKDGFHTQOVJGQNFGT/GUQ\QKERGTKQFUKPENWFKPIUQOG
HTQOVJG,WTCUUKECPFCFKXGTUG6TKCUUKEHCWPC
F. Vega et al. (eds.), Studies on Mexican Paleontology , 47–59.

/'51<1+%%14#.51(/':+%1
6JG QDLGEVKXG QH VJKU TGRQTV KU VQ RTQXKFG C EWTTGPV U[PQRUKU QH VJG /GUQ\QKE
EQTCNUQH/GZKEQ6JGQEEWTTGPEGUCPFJKUVQT[QHTGUGCTEJQHVJG%TGVCEGQWUEQTCNU
QH /GZKEQ TGEGPVN[ JCXG DGGP TGXKGYGF (KNMQTP UQ QPN[ UWRRNGOGPVCT[
%TGVCEGQWUEQTCNFCVCCTGRTQXKFGFJGTGKP#PGCTNKGTEQORKNCVKQPQHVJGRWDNKUJGF
UVWFKGUQH/GUQ\QKEEQTCNU NXCTG\GVCN YCURWDNKUJGFOQTGVJCPVGP[GCTU
CIQCPFKVKPENWFGFQPN[CTVKENGURGTVCKPKPIVQVJGEQTCNUHTQOVJGGPVKTG/GUQ\QKE
QH/GZKEQ*QYGXGTPQEQORKNCVKQPUQHVJGEQTCNURGEKGUTGRQTVGFHTQOVJGQNFGT
/GUQ\QKE RGTKQFU KP /GZKEQ JCXG GXGT DGGP RWDNKUJGF 6JG EQORKNCVKQP QH EQTCN
URGEKGUTGRQTVGFHTQOVJG/GUQ\QKEQH/GZKEQRTGUGPVGFKPVJKUTGRQTVUJQWNFJGNR
VQCFXCPEGHWTVJGTKPXGUVKICVKQPUQHVJGKTVCZQPQO[CPFGXQNWVKQPCUYGNNCUVJGKT
IGQITCRJKECPFUVTCVKITCRJKEFKUVTKDWVKQPU
6JGTGRQTVGFQEEWTTGPEGUQHEQTCNUHTQOVJG/GUQ\QKEQH/GZKEQCTGTGXKGYGF
KPVJGHQNNQYKPIFKUEWUUKQP6JKUFKUEWUUKQPYCUQTICPK\GFKPVJTGGRCTVUQPGRCTV
HQT GCEJ QH VJG VJTGG RGTKQFU CPF CTTCPIGF HTQO [QWPIGUV VQ QNFGUV %TGVCEGQWU
,WTCUUKECPF6TKCUUKE6JGRWDNKUJGFUVWFKGUFKUEWUUGFKPGCEJRCTVYGTGTGXKGYGFKP
EJTQPQNQIKEQTFGTDCUGFQP[GCTQHRWDNKECVKQPCPFCP[EQTCNURGEKGUFGUETKDGFQT
KNNWUVTCVGFKPVJCVYQTMYGTGNKUVGFKP6CDNG6JGTGHQTGVJGTGUWNVCPVNKUVQHUVWFKGU
CPFEQTCNURGEKGUKP6CDNGCTGKPCIGPGTCNK\GFUVTCVKITCRJKEQTFGTYKVJVJQUGHTQO
VJG%TGVCEGQWUCVVJGVQRQHVJGVCDNGCPFVJQUGHTQOVJG6TKCUUKECVVJGDQVVQO6JG
OCLQTKV[QHVJGUVWFKGUVJCVFGUETKDGF/GZKECP%TGVCEGQWUEQTCNUCPFVJGEQTCNURGEKGU
FGUETKDGFKPGCEJQHVJQUGYQTMUCTGNKUVGFKPVJGVCDNGQHCPGCTNKGTTGRQTV (KNMQTP
6CDNG 6JGVCDNGQHUVWFKGUCPFEQTCNURGEKGURTGUGPVGFJGTGKPEQPVCKPUVJG
UCOGMKPFUQHKPHQTOCVKQPKPVJGUCOGQTFGTCURTGUGPVGFKPVJGGCTNKGTTGRQTV
CWVJQT U QH VJG UVWF[ CPF [GCT QH RWDNKECVKQP PCOG QH VJG IGQNQIKE HQTOCVKQP
CPFCIGQHVJGQEEWTTGPEG VJGPCOGQHVJG/GZKECPUVCVGCPF CNKUVQHVJGEQTCN
URGEKGUFGUETKDGFKPGCEJUVWF[+PVJGUVWFKGUVJCVWVKNK\GFPGYN[EQNNGEVGFOCVGTKCN
QTRTGUGPVGFPGYKPHQTOCVKQPQPGZKUVKPIEQNNGEVKQPUVJGKPUVKVWVKQPVJCVUGTXGFCUVJG
TGRQUKVQT[HQTVJGURGEKOGPUYCUUVCVGFCNQPIYKVJVJGFKUEWUUKQPQHVJCVUVWF[
6JG KPUVKVWVKQPCN CDDTGXKCVKQPU VJCV YGTG WUGF KP VJG HQNNQYKPI FKUEWUUKQP
CTG +)/ /WUGQ FG 2CNGQPVQNQIÈC +PUVKVWVQ FG )GQNQIÈC 7PKXGTUKFCF 0CEKQPCN
#WVÎPQOC FG /GZKEQ 70#/ /GZKEQ %KV[ 70#/ 7PKXGTUKFCF 0CEKQPCN
#WVÎPQOCFG/GZKEQ
/GUQ\QKE%QTCNUQH/GZKEQ4GEGPV#FFKVKQPUVQVJG%TGVCEGQWU
(CWPCU
5WDUGSWGPVVQCTGEGPVTGXKGYQHVJG%TGVCEGQWUEQTCNUQH/GZKEQ (KNMQTP
VJGTGJCXGDGGPHGYCFFKVKQPCNRWDNKUJGFUVWFKGUQHVJGUGHCWPCU.CVGKPCVQVCN
QHEQTCNURGEKGUEQNNGEVGFHTQOVJG/CCUVTKEJVKCPWRRGTOGODGTQHVJG%¶TFGPCU
(QTOCVKQP5CP.WKU2QVQUÈYGTGNKUVGFKPCUVWF[QHVJGFGRQUKVKQPCNGPXKTQPOGPVQH
VJGWPKVŏUEQTCNTWFKUVCUUQEKCVKQPUD[#5EJCHJCWUGTCPFEQNNGCIWGU 5EJCHJCWUGT
GV CN R DWV PQPG QH VJG URGEKGU YCU FGUETKDGF QT KNNWUVTCVGF VJGTGKP
(+.-140
6#$.'.KUVQHVJGEQTCNURGEKGUFGUETKDGFHTQOVJG/GUQ\QKEQH/GZKEQGZENWUKXGQHVJG
%TGVCEGQWUEQTCNURGEKGUFGUETKDGFKPUVWFKGURTKQTVQYJKEJCTGRTGUGPVGFKPCPGCTNKGT
TGRQTV UGG(KNMQTP 6JGCWVJQT U QHGCEJUVWF[VJGHQTOCVKQPPCOGCPFCIGQHGCEJ
QEEWTTGPEGKHMPQYPVJG/GZKECPUVCVGCPFVJGEQTCNURGEKGUFGUETKDGFVJGTGKPCTGNKUVGFKP
EJTQPQNQIKEQTFGTDCUGFQP[GCTQHRWDNKECVKQP4GHGTVQVJGVGZVHQTFKUEWUUKQP
/'51<1+%%14#.51(/':+%1
6#$.'%QPVKPWGF
#FGVCKNGFVCZQPQOKEUVWF[QHVJGEQTCNURGEKGUHTQOVJG%¶TFGPCU(QTOCVKQPKU
PGGFGFKPQTFGTVQJGNRGNWEKFCVGVJGRCNGQDKQIGQITCRJKEFKUVTKDWVKQPUCPF%TGVCEGQWU
6GTVKCT[GZVKPEVKQPUQH/CCUVTKEJVKCPEQTCNUYKVJKPVJG%CTKDDGCPTGIKQP
# EQNQPKCN EQTCN HTQO VJG WRRGT #NDKCP NQYGT %GPQOCPKCP WRRGT OGODGT QH VJG
/CN 2CUQ (QTOCVKQP KP VJG 5VCVG QH )WGTTGTQ UQWVJYGUVGTP /GZKEQ JCU TGEGPVN[
DGGPFGUETKDGFCUCPGYIGPWUCPFURGEKGU$NCUVQ\QRUCOOKCIWGTTGTQVGTKQP(KNMQTP
CPF 2CPVQLC #NQT 6JKU EQTCN KU VJG GCTNKGUV MPQYP EQNQPKCN OGODGT QH VJG
&GPFTQRJ[NNKKFCG C HCOKN[ YKVJ YQTNFYKFG FKUVTKDWVKQP KP OQFGTP QEGCPU 6JKU
PGY EQTCN KU OQUV WPWUWCN DGECWUG QH VJG EQPſIWTCVKQP QH KVU FKOQTRJKE EQTCNNKVGU
URGEKſECNN[ VJG EQPVKPWQWU CZKCN EQTCNNKVG CV VJG EQTG QH GCEJ DTCPEJ CPF VJGKT
(+.-140
GXGPN[URCEGFTCFKCNN[CTTC[GFFCWIJVGTEQTCNNKVGUYJKEJKUCEQTCNNKVGCTTCPIGOGPV
UKOKNCTKPCRRGCTCPEGVQOCP[OQFGTPURGEKGUQHVJGTGGHDWKNFKPIEQTCN#ETQRQTC
$NCUVQ\QRUCOOKCIWGTTGTQVGTKQPKUVJGſTUV %TGVCEGQWU EQTCN URGEKGU VQ DG FGUETKDGF
HTQOUQWVJYGUVGTP/GZKEQKPOQTGVJCPCEGPVWT[6JGNCUVRGTUQPMPQYPVQJCXG
FGUETKDGF C URGEKGU QH %TGVCEGQWU EQTCN HTQO VJKU TGIKQP YCU / 7TSWK\C KP
(KNMQTP 6JG V[RG URGEKOGPU QH $NCUVQ\QRUCOOKC IWGTTGTQVGTKQP CTG KP
VJG EQNNGEVKQPU QH VJG /WUGQ FG 2CNGQPVQNQIÈC QH VJG +PUVKVWVQ FG )GQNQIÈC +)/
7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/GZKEQ 70#/ /GZKEQ%KV[
,WTCUUKE%QTCNUQH/GZKEQ
6JG,WTCUUKEEQTCNUCTGRGTJCRUVJGNGCUVUVWFKGFCPFOQUVRQQTN[MPQYPITQWR
QH/GUQ\QKEKPXGTVGDTCVGUKP/GZKEQ#NVJQWIJ,WTCUUKEEQTCNUJCXGDGGPOGPVKQPGF
KP PWOGTQWU IGQNQIKE KPXGUVKICVKQPU TGNCVKXGN[ HGY QH VJGUG YQTMU JCXG RTGUGPVGF
FGVCKNGF VCZQPQOKE VTGCVOGPVU QH VJG EQTCN URGEKGU ,WTCUUKE OCTKPG FGRQUKVU YGTG
DGNKGXGF VQ GZKUV KP /GZKEQ UKPEG VJG OKF VQ NCVG U HQT GZCORNGU UGG 0[UV
CPF )CNGQVVK 0KMKVKP (GNKZ *GKNRTKP #IWKNGTC
(GNKZ DWV VJG GCTNKGUV OGPVKQP QH /GZKECP ,WTCUUKE EQTCNU NQECVGF VJWU HCT
KP VJG NKVGTCVWTG FKF PQV QEEWT WPVKN VJG GCTN[ U +P C IWKFGDQQM HQT VJG 6GPVJ
+PVGTPCVKQPCN)GQNQIKE%QPITGUU%CTNQU$WTEMJCTFVTGRQTVGFVJGſTUV ,WTCUUKE EQTCNU
HTQO/GZKEQURGEKſECNN[ VJG QEEWTTGPEGU QH 7RRGT ,WTCUUKE EQTCN DCPMU DGNQY VJG
-KOOGTKFIKCPRTQDCDN[5GSWCPKCPKGWRRGT1ZHQTFKCP CV2KECEJQFGNC#DTCKP
VJG5KGTTCFG%QPEGREKÎPFGN1TQ $WTEMJCTFVCR CPFKPVJG5KGTTCFG
5CPVC4QUC5KGTTCFG/C\CRKN<CECVGECU $WTEMJCTFVDRVCDNG 6JG
QEEWTTGPEG QH EQTCNU CV VJG NCVVGT NQECNKV[ YCU FGTKXGF HTQO CPF CNUQ FKUEWUUGF KP
JKUFGVCKNGFTGRQTVQPVJG,WTCUUKEHCWPCQH/C\CRKN $WTEMJCTFVER
VCDNG #UVQPKUJKPIN[UWDUGSWGPVVQVJGUGKPKVKCNTGRQTVUUGXGTCNFGECFGURCUUDGHQTG
VJGſTUV EQTCN URGEKGU YCU FGUETKDGF HTQO VJG /GZKECP ,WTCUUKE D[ ,QJP 9 9GNNU KP
UGGFKUEWUUKQPDGNQY
6JG,WTCUUKEEQTCNQEEWTTGPEGUſTUV TGRQTVGF D[ $WTEMJCTFV YGTG NCVGT PQVGF D[
,QUÃ)#IWKNGTC R KPJKUIGPGTCNUWOOCT[QHVJGIGQNQI[QH/GZKEQ
# HGY [GCTU NCVGT $WTEMJCTFV R CPF VCDNG R CPF
VCDNG HQNNQYKPI R TGRQTVGF 7RRGT ,WTCUUKE 1ZHQTFKCP EQTCNU HTQO %GTTQ FGN
8QNE¶P KP VJG XKEKPKV[ QH 5CP 2GFTQ FGN )CNNQ &WTCPIQ CPF EQTTGNCVGF VJG EQTCN
DGCTKPIUVTCVWOYKVJVJGQPGCV/C\CRKN<CECVGECU0GCTN[CFGECFGNCVGT9KNJGNO
(TGWFGPDGTI R KPENWFGF C TGXKGY QH $WTEMJCTFVŏU UVWFKGU QH VJG
,WTCUUKE UVTCVKITCRJ[ CPF RCNGQPVQNQI[ QH /C\CRKN CPF 5CP 2GFTQ FGN )CNNQ KP JKU
DQQMő)GQNQIKGXQP/GZKMQŒ5WDUGSWGPVN[KPCPCPCN[UKUQHVJGUVTCVKITCRJ[CPF
UVTWEVWTGQHPQTVJGCUVGTP/GZKEQ'OKN$ÑUG R CNUQOGPVKQPGFVJG
,WTCUUKEEQTCNQEEWTTGPEGUTGRQTVGFGCTNKGTD[$WTEMJCTFVCPFKPCFFKVKQPPQVGFVJG
UCOGEQTCNDGCTKPIDGFCVCPGYN[FKUEQXGTGFNQECNKV[KPVJGXCNNG[QH5CP,QUÃFG
$QSWKNNCU5KGTTCFGNCU8KICU%QCJWKNCCPF0WGXQ.GóP $ÑUGR
/'51<1+%%14#.51(/':+%1
.CVGT$WTEMJCTFVKPJKUGZVGPUKXGő'VWFGU[PVJÃVKSWGUWTNG/ÃUQ\QÊSWGOGZKECKPŒ
FKUEWUUGF VJG TGIKQPCN GZVGPV QH VJG ,WTCUUKE EQTCN DGF CPF PQVGF VJCV KV NKMGN[ YCU
NQYGT1ZHQTFKCP $WTEMJCTFVHQTGZCORNGUUGGR
VCDNGVCDNG
.CVGKPVJGŏUKPXGUVKICVKQPQHVJGIGQNQI[KPVJG/GNEJQT1ECORQCTGCQH
PQTVJGTP<CECVGECUUQWVJGTP%QCJWKNCD[4CNRJ9+ONC[TGUWNVGFKPVJGFKUEQXGT[
QHRQQTN[RTGUGTXGFEQTCNUKPUQOGDGFUQHVJG7RRGT,WTCUUKE 1ZHQTFKCP <WNQCIC
.KOGUVQPG KP VJG 5KGTTC 5QODTGTGVKNNQ PQTVJGTP <CECVGECU +ONC[ PQVGF VJCV VJKU
HQTOCVKQP YCU VJG UCOG CU VJG QPG VJCV $WTEMJCTFV R CPF JKU RTGXKQWU
CTVKENGU JCFTGHGTTGFVQKPJKUGCTNKGTYQTMUKPVJKUTGIKQPCUVJGőECNECKTGU´0ÃTKPÃGUŒ
QTVJG0GTKPGCDGCTKPINKOGUVQPG +ONC[R #HGY[GCTUNCVGTKPVJGGCTN[
ŏU%JCTNGU.$CMGT R PQVGFVJG7RRGT,WTCUUKE 1ZHQTFKCP EQTCNUKP
VJGCPVKENKPGQH5CP,QUÃFG$QSWKNNCUVJCVJGCPF'OKN$ÑUGJCFFKUEQXGTGFFGECFGU
GCTNKGTFWTKPITGEQPPCKUUCPEGVTKRUDGVYGGP/QPVGTTG[CPF5CNVKNNQ UGGCDQXG$ÑUG
(TKGFTKEJ-)/×NNGTTKGF R NCVGTPQVGFVJGTGIKQPCNFKUVTKDWVKQP
QH VJG 7RRGT ,WTCUUKE EQTCNDGCTKPI TQEMU KP PQTVJGCUVGTP /GZKEQ KP C TGRQTV VJCV
UWOOCTK\GF VJG /GUQ\QKE IGQNQI[ QH /GZKEQ CPF PQTVJYGUVGTP %GPVTCN #OGTKEC
+ONC[ R KP C UVWF[ QH VJG ,WTCUUKE HQTOCVKQPU QH VJG )WNH QH
/GZKEQTGIKQPUWDUGSWGPVN[FKUEWUUGFVJGUVTCVKITCRJ[EQTTGNCVKQPCPFFGRQUKVKQPCN
GPXKTQPOGPVQHVJG<WNQCIC.KOGUVQPGKPPQTVJGCUVGTP/GZKEQCPFPQVGFVJGUCOG
QEEWTTGPEGUQHEQTCNUVJCVJGJCFOGPVKQPGFKPJKUGCTNKGTTGRQTVKP
+P ,QJP 9 9GNNU FGUETKDGF QPG ,WTCUUKE EQTCN URGEKGU HTQO VJG
-KOOGTKFIKCPUVTCVCQHVJG.C%CUKVC(QTOCVKQPCVCNQECNKV[UQWVJYGUVQH.CU%WGXCU
4CPEJ5VCVGQH&WTCPIQ#UVTQEQGPKCMGNNWOK9GNNU RRNſI #V VJCV
VKOG9GNNUTGCNK\GFVJCVVJKUEQTCNURGEKGUőŗUGGOUVQDGVJGſTUV UENGTCEVKPKCP EQTCN
VQDGFGUETKDGFHTQOVJG/GZKECP,WTCUUKEŗŒ 9GNNUR $CUGFQPVJG
RTGUGPVNKVGTCVWTGTGXKGYJKUUVCVGOGPVCRRGCTUVQDGEQTTGEV6JGV[RGURGEKOGPUQH
#MGNNWOKTGRQTVGFN[CTGKPVJGEQNNGEVKQPUQHVJG7PKXGTUKV[QH/KEJKICP/WUGWOQH
2CNGQPVQNQI[#PP#TDQT6JKU,WTCUUKEURGEKGUJCUUKPEGDGGPTGCUUKIPGFVQCPQVJGT
IGPWU#EVKPCUVTGCMGNNWOK 9GNNU 0QVCDN[UKZURGEKGUQH%TGVCEGQWUEQTCNU
HTQOXCTKQWUQVJGTJQTK\QPUCPFNQECNKVKGUKP/GZKEQCNUQYGTGFGUETKDGFD[JKOKP
VJGUCOGUVWF[
+PCſGNF GZEWTUKQP IWKFG HQT VJG 6YGPVKGVJ +PVGTPCVKQPCN )GQNQIKECN %QPITGUU
JGNF KP /GZKEQ KP # %CNFGTÎP )CTEÈC C R D R ſI
TGRQTVGF VJG QEEWTTGPEG QH 7RRGT ,WTCUUKE 1ZHQTFKCP! EQTCNU KP VJG ő%CNK\C EQP
%KFCTKUŒ CV CP QWVETQR CNQPI VJG UQWVJYGUV UKFG QH VJG JKIJYC[ CV C RQKPV
MO PQTVJYGUV QH 2GVNCNEKPIQ UQWVJGTP 2WGDNC *GKPTKEJ - 'TDGP EQPUKFGTGF VJG
őNKOGUVQPGYKVJ%KFCTKUŒCVVJGNCVVGTNQECNKV[VQDGEQORCTCDNGCPFNCVGTCNN[GSWKXCNGPV
VQ VJG 1ZHQTFKCP 6GRQUEQNWNC .KOGUVQPG 'TDGP R R CPF RN
6JG HQUUKN EQTCNU HTQO VJKU JQTK\QP JCXG PGXGT DGGP UVWFKGF DWV QPG ,WTCUUKE
URGEKGU YCU FGUETKDGF HTQO VJKU CTGC UGXGTCN [GCTU NCVGT UGG DGNQY 6JCV UCOG
[GCT%.4QIGTUYKVJ/GZKECPEQNNGCIWGU<FG%UGTPC'6CXGTCCPF57NNQC
(+.-140
TGRQTVGFEQTCNDGCTKPIJQTK\QPUKPVJG<WNQCIC.KOGUVQPGQHVJG%QPEGREKÎPFGN1TQ
FKUVTKEV<CECVGECU 4QIGTUGVCNR 6JG[NKUVGFQPGEQTCNURGEKGUD[
PCOG6JCOPCUVGTKCKONC[K9GNNUCPFCUUKIPGFCPWRRGT1ZHQTFKCPCIGVQVJG
HQTOCVKQPDCUGFQPKVUUVTCVKITCRJKERQUKVKQP6JGHQNNQYKPI[GCTVJKUKPHQTOCVKQP
YCUTGKVGTCVGFKPC5RCPKUJXGTUKQPQHVJGCTVKENGD[VJGUCOGCWVJQTU 4QIGTUGVCN
R +PCPGZRCPFGFUVWF[QHVJGRJQURJCVGFGRQUKVUKPVJGUCOGTGIKQP
QH/GZKEQRWDNKUJGFCHGY[GCTUNCVGT4QIGTUCPFJKUEQNNCDQTCVQTUTGRGCVGFOWEJ
QHVJGUCOGKPHQTOCVKQPCDQWVVJG<WNQCIC.KOGUVQPGVJCVYCUIKXGPKPVJGGCTNKGT
TGRQTVUCPFKFGPVKſGF VYQ EQTCN URGEKGU HTQO VJG HQTOCVKQP 6KONC[KCPF5V[NKPCUR
4QIGTUGVCNR 6JGQEEWTTGPEGQHEQTCNUKPVJG<WNQCIC.KOGUVQPG
KPVJGXKEKPKV[QH%QPEGREKÎPFGN1TQ<CECVGECUVJCVYCUTGRQTVGFD[4QIGTUCPF
EQNNGCIWGU 4QIGTUGVCNR YCUNCVGTCEMPQYNGFIGFCPFXGTKſGF D[
'/CRGU8¶\SWG\CPFEQYQTMGTUKPCUVWF[QHVJGIGQNQI[CPFOKPGTCNFGRQUKVUQH
VJCVCTGC /CRGU8¶\SWG\GVCNR (CTVJGTVQVJGUQWVJUWDUGSWGPV
KPXGUVKICVKQPUQHVJGUVTCVKITCRJ[CPFRCNGQPVQNQI[QHVJGCTGCYGUVCPFPQTVJYGUVQH
2GVNCNEKPIQUQWVJGTP2WGDNC 2ÃTG\+DCTI×GPIQKVKCGVCN#NGPE¶UVGTFG%UGTPC
CPF$WKVTÎPR TGUWNVGFKPVJGFKUEQXGT[QHEQTCNUKPVYQ7RRGT,WTCUUKE
HQTOCVKQPUVJG%CNK\C%JKOGEQ 1ZHQTFKCP YJKEJYCUEQPUKFGTGFVQDGGSWKXCNGPV
VQVJG%CNK\CEQP%KFCTKUDGFUFKUEWUUGFGCTNKGTCPFVJG(QTOCEKÎP/CRCEJG1PG
EQTCN URGEKGU YCU FGUETKDGF DWV PQV KNNWUVTCVGF KP VJG NCVVGT TGRQTV QP VJG 7RRGT
,WTCUUKE HCWPC HTQO VJCV CTGC +UCUVTGC UR HTQO VJG /CRCEJG (QTOCVKQP CV #TTQ[Q
#IWC'UEQPFKFC #NGPE¶UVGTFG%UGTPCCPF$WKVTÎPR 6JGURGEKOGPKU
KPVJGEQNNGEVKQPUQHVJG/WUGQFG2CNGQPVQNQIÈCQHVJG+PUVKVWVQFG)GQNQIÈC +)/
7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/GZKEQ 70#/ /GZKEQ%KV[ 2GTTKNNKCV
6JG QEEWTTGPEG QH VJKU EQTCN YCU PQVGF NCVGT KP C UVWF[ QH VJG UVTCVKITCRJ[ QH VJG
6GJWCE¶PCTGCQH2WGDNCD[,$CTEGNÎ&WCTVG R 6JGTGJCXGDGGPPQ
CFFKVKQPCNUVWFKGUQHVJG,WTCUUKEEQTCNUHTQOVJKUNQECNKV[
5GXGTCN QEEWTTGPEGU QH EQTCNU YGTG TGRQTVGF KP KPXGUVKICVKQPU QH VJG /GZKECP
,WTCUUKE FWTKPI VJG ŏU CPF UQOG QH VJGUG UVWFKGU RTQXKFGF FGUETKRVKQPU CPF
KNNWUVTCVKQPUQHVJGEQTCNURGEKGU%JCTNGU.$CMGT R PQVGFVJGQEEWTTGPEG
QH EQTCNU CPF QVJGT HQUUKNU QH 7RRGT ,WTCUUKE 2QTVNCPFKCP KG 6KVJQPKCP CIG KP C
NKOGUVQPGPGCT/KSWKJWCPCUQWVJYGUVGTP6COCWNKRCU6JGEQTCNUHTQOVJKUNQECNKV[
JCXG PGXGT DGGP UVWFKGF # HGY [GCTU NCVGT /CTÈC / 4G[GTQU FG %CUVKNNQ
FGUETKDGFUGXGPEQTCNURGEKGUHTQOVJG7RRGT,WTCUUKEQHVJG5KGTTCFGIWKNCPQTVJGTP
%JKJWCJWC5KZQHVJGUGXGPEQTCNURGEKGUJCFDGGPFGUETKDGFRTGXKQWUN[HTQO'WTQRG
CPF VJG TGOCKPKPI QPG YCU FGUETKDGF CU PGY 2NCEQRJ[NNKC EJKJWCJWGPUKU 4G[GTQU
FG %CUVKNNQ 6JG EQTCN URGEKGU FGUETKDGF D[ 4G[GTQU FG %CUVKNNQ CTG
NKUVGFKP6CDNG6JGURGEKOGPUCTGKPVJGEQNNGEVKQPUQHVJG/WUGQFG2CNGQPVQNQIÈC
QH VJG +PUVKVWVQ FG )GQNQIÈC +)/ 7PKXGTUKFCF 0CEKQPCN #WVÎPQOC FG /GZKEQ
70#/ /GZKEQ %KV[ 2GTTKNNKCV 6YQ [GCTU NCVGT .QWKUG $GCWXCKU CPF
6QO ' 5VWOR TGRQTVGF QP VJG EQTCN URGEKGU QH C FKXGTUG 7RRGT ,WTCUUKE
KPXGTVGDTCVG HCWPC HTQO %GTTQ 2Q\Q 5GTPC PQTVJYGUVGTP 5QPQTC 6JG[ FGUETKDGF
/'51<1+%%14#.51(/':+%1
UGXGP EQTCN URGEKGU UGG 6CDNG OQUV QH YJKEJ YGTG MPQYP RTGXKQWUN[ HTQO VJG
'WTQRGCP,WTCUUKECRCNGQDKQIGQITCRJKETGNCVKQPUJKRVJCVJCFDGGPPQVGFGCTNKGTD[
$GCWXCKU R 6JG UGXGP EQTCN VCZC CNUQ KPENWFGF QPG PGYN[ FGUETKDGF
URGEKGU /CEIGQRUKU UQPQTGPUKU $GCWXCKU CPF 5VWOR CPF VJG PGYN[ GTGEVGF
VJG IGPWU .GRKFQRJ[NNKQRUKU $GCWXCKU CPF 5VWOR 6JG EQTCN URGEKOGPU VJCV
VJG[FGUETKDGFCTGFGRQUKVGFKPVJG5VWOR%QNNGEVKQP7PKXGTUKV[QH%CNKHQTPKC&CXKU
$GCWXCKUCPF5VWOR
1PGURGEKGUGCEJQHEQTCNCPFEJCGVGVKFHTQOVJG7RRGT,WTCUUKE WRRGT1ZHQTFKCP
<WNQCIC.KOGUVQPGPGCT%JCTECUPQTVJYGUVGTP5CP.WKU2QVQUÈYGTGFGUETKDGFD[
//4G[GTQUFG%CUVKNNQKP6JGUKPINGUENGTCEVKPKCPEQTCNURGEKGU5V[NQUOKNKC
OKEJGNKPK/KNPG'FYCTFUCPF*CKOGYCUMPQYPRTGXKQWUN[HTQOVJG7RRGT
,WTCUUKEQH'WTQRGDWVVJGURQPIGYCUFGUETKDGFCUPGY2V[EJQEJCGVGVGURQVQUKGPUKU
4G[GTQU FG %CUVKNNQ 6JG URGEKOGPU CTG KP VJG EQNNGEVKQPU QH VJG /WUGQ FG
2CNGQPVQNQIÈCQHVJG+PUVKVWVQFG)GQNQIÈC +)/ 7PKXGTUKFCF0CEKQPCN#WVÎPQOC
FG/GZKEQ 70#/ /GZKEQ%KV[ 2GTTKNNKCV 6JKUYCUVJGſTUV EQTCN URGEKGU
VQDGFGUETKDGFHTQOVJG<WNQCIC.KOGUVQPG
+P VJG ŏU CPF NCVGT VJGTG YGTG TGNCVKXGN[ HGY UVWFKGU QH /GZKECP ,WTCUUKE
EQTCNU)GQNQIKEKPXGUVKICVKQPUD[&#$CTPGUCPF,,*KEMG[KPVJGXKEKPKV[QHVJG
8K\ECKPQ2GPKPUWNCPQTVJGTP$CLC%CNKHQTPKC5WTPQVGFEQTCNUKPVJGECTDQPCVGHQUUKN
FGDTKUCPFENCUVUQHVJGEQPINQOGTCVGUQHVJG'WIGPKC(QTOCVKQP $CTPGUR
*KEMG[R 6JGQXGTCNNCIGTCPIGQHVJKUHQTOCVKQPYCUEQPUVTCKPGF
VQ YKVJKP VJG NCVGUV ,WTCUUKE GCTNKGUV %TGVCEGQWU DCUGF QP OKETQHQUUKNU TCFKQNCTKC
CPFHQTCOKPKHGTC VJGTGHQTGVJGEQTCNUHTQOVJGUVTCVKITCRJKECNN[NQYGTDGFUCTGRTG
%TGVCEGQWUCPFOQUVNKMGN[7RRGT,WTCUUKE0QHWTVJGTUVWFKGUQHVJGEQTCNUHTQOVJG
'WIGPKC(QTOCVKQPJCXGDGGPOCFG6QVJGGCUVKPVJG5CNVKNNQ/QPVGTTG[CTGC#
(TCOGCPF9%9CTFTGEQIPK\GFEQTCNUKPVJGUGEVKQPQHVJG7RRGT,WTCUUKE.C%CUKVC
(QTOCVKQPGZRQUGFKP5CP,WCP%CP[QP0WGXQ.GÎP (TCOGCPF9CTFR
+P VJKU TGIKQP VJG EQTCNDGCTKPI DGFU QH VJG .C %CUKVC (QTOCVKQP CTG EQPHQTOCDN[
QXGTNCKP D[ VJG EQTCNTKEJ 5CP ,WCP NGPVKN $GTTKCUKCP QH VJG .QYGT %TGVCEGQWU
6CTCKUGU (QTOCVKQP 6JG EQTCNU HTQO VJGUG VYQ HQTOCVKQPU JCXG PQV DGGP UVWFKGF
.CUVN[KPCUVWF[QHVJG,WTCUUKEEQTCNUHTQOVJGEKTEWO2CEKſE TGIKQP . $GCWXCKU
NKUVGFVJGEQTCNUVJCVJCFDGGPFGUETKDGFRTGXKQWUN[HTQOVJG7RRGT,WTCUUKEQH
5QPQTC UGG$GCWXCKUCPF5VWOR CPFCFFKVKQPCNN[PQVGFVJGQEEWTTGPEGQHQPG
QVJGTURGEKGU%QNWOPQEQGPKCUR
6TKCUUKE%QTCNUQH/GZKEQ
6TKCUUKE TQEMU QH OCTKPG QTKIKP JCF DGGP MPQYP VQ GZKUV KP YGUVGTP 0QTVJ
#OGTKEC UKPEG VJG ŏU UGG 5OKVJ DWV EQORCTCVKXG DGFU QH
VJKUCIGKP/GZKEQYGTGPQVYKFGN[TGEQIPK\GFD[IGQNQIKUVUWPVKNVJGŏU UGG
$WTEMJCTFVCPF5ECNKC-GNNGT #NVJQWIJ%CTNQU$WTEMJCTFVCPF
5CNXCFQT5ECNKC R PQVGFVJGQEEWTTGPEGQHRQQTN[RTGUGTXGFEQTCNUKPVJG
(+.-140
7RRGT 6TKCUUKE UVTCVC QH <CECVGECU VJG EQTCNU QH VJGUG DGFU JCXG PQV DGGP UVWFKGF
6JG 6TKCUUKE EQTCNU QH /GZKEQ CTG VJWU HCT MPQYP QPN[ HTQO KPXGUVKICVKQPU KP VJG
PQTVJYGUVGTPUVCVGQH5QPQTC
)GQTIG & 5VCPNG[ ,T CPF EQNNGCIWGU 5VCPNG[ GV CN RTGUGPVGF C
EQORTGJGPUKXG UVWF[ QH VJG KPXGTVGDTCVG HCWPC HTQO VJG 7RRGT 6TKCUUKE 0QTKCP
#PVKOQPKQ (QTOCVKQP KP VJG 5KGTTC FGN NCOQ PGCT 'N #PVKOQPKQ PQTVJYGUVGTP
5QPQTC YJKEJ KPENWFGF FGUETKRVKQPU QH UGXGP UENGTCEVKPKCP URGEKGU UGG 6CDNG
6JGKTEQTCNURGEKOGPUCTGKPVJG2CNGQPVQNQI[/WUGWOQHVJG7PKXGTUKV[QH/QPVCPC
/KUUQWNC6JG[PQVGFVJCVCNNUGXGPQHVJGEQTCNURGEKGUCNUQJCFDGGPKFGPVKſGF KP
VJG6TKCUUKEQH0GXCFCDWVVJCVOQUVQHVJGOYGTGFKHHGTGPVHTQOVJGURGEKGUMPQYP
HTQOVJGFKURNCEGFVGTTCPGUCVQVJGTNQECVKQPUKPVJG0QTVJ#OGTKECP%QTFKNNGTC6JG
HQNNQYKPI[GCTUKZQHVJGUCOGEQTCNURGEKGUYGTGNKUVGFKPCPCPCN[UKUCPFFKUEWUUKQP
QHVJGRCNGQDKQIGQITCRJKECPFVGEVQPKEKORNKECVKQPUQHVJGDKQVCHTQOVJG#PVKOQPKQ
(QTOCVKQP 5VCPNG[CPF)QP\¶NG\.GÎP 5WDUGSWGPVTGUGCTEJQPVJGIGQNQI[
QH PQTVJYGUVGTP 5QPQTC 5VCPNG[ CPF )QP\¶NG\ .GÎP C CPF CTVKENGU VJGTGKP
RTQFWEGFPGYTGRQTVUQH6TKCUUKEEQTCNUPQVCDN[KPVJG5KGTTC5CPVC6GTGUC 5VGYCTV
GV CN R CPF VJG $CTTC NQU 6CPSWGU )QQFYKP CPF 5VCPNG[ CPF
CFFGFVJTGGOQTGURGEKGUVQVJGNKUVQHEQTCNVCZCMPQYPHTQOVJCVTGIKQP 5VCPNG[CPF
)QP\¶NG\.GÎPDE 6JGURGEKOGPUQHVJGEQTCNURGEKGUFGUETKDGFKPVJG
NCVVGTUVWF[ UGG6CDNG CTGFGRQUKVGFKPVJGEQNNGEVKQPUQHVJG+PUVKVWVQFG)GQNQIÈC
70#/*GTOQUKNNQ5QPQTC6JGVCZQPQO[QHVJGUGXGPUENGTCEVKPKCPEQTCNURGEKGU
TGRQTVGFGCTNKGTCNUQYCUWRFCVGFVJGURGEKOGPUVJCVYGTGFGUETKDGFCU2COKTQUGTKU
TGEVKNCOGNNQUC 9KPMNGT D[5VCPNG[GVCN YGTGFGVGTOKPGFVQCEVWCNN[
DGNQPIVQ%WKHCUVTCGCITCPWNCVC/GNPKMQXC
%QPENWUKQPU
6Q UWOOCTK\G C VQVCN QH UENGTCEVKPKCP EQTCN URGEKGU JCXG DGGP FGUETKDGF
HTQOVJG/GUQ\QKETQEMUQH/GZKEQVJGOCLQTKV[QHVJGO QTCDQWVRGTEGPV
HTQOVJG%TGVCEGQWU UGG(KNMQTP 6JGQNFGT/GUQ\QKETQEMUQH/GZKEQJCXG
[KGNFGF QPN[ UENGTCEVKPKCP EQTCN URGEKGU HTQO VJG 7RRGT ,WTCUUKE UVTCVC KP
5QPQTC%JKJWCJWC&WTCPIQ5CP.WKU2QVQUÈCPF2WGDNCCPFHTQOVJG7RRGT
6TKCUUKE#PVKOQPKQ(QTOCVKQPQHPQTVJYGUVGTP5QPQTC
#EMPQYNGFIOGPVU
6JGCWVJQTVJCPMU(TCPEKUEQ,8GICHQTVJGKPXKVCVKQPVQEQPVTKDWVGVJKUU[PQRUKU
VQVJGRTGUGPVXQNWOGQP/GZKECPRCNGQPVQNQI[&GD,.[QPU-GPV5VCVG7PKXGTUKV[
JGNRGF VJG CWVJQT VQ CESWKTG EQRKGU QT NQCPU QH OWEJ QH VJG NKVGTCVWTG EKVGF KP VJKU
TGRQTVCPFJGTGHHQTVUCTGCRRTGEKCVGF
/'51<1+%%14#.51(/':+%1
4GHGTGPEGU
#IWKNGTC,)5KPQRUKUFGIGQNQIÈCOGZKECPC$QN+PUV)GQN/ÃZKEQ
#IWKNGTC,)#RGTÁWUWTNCIÃQNQIKGFW/GZKSWGRQWTUGTXKTFŏGZRNKECVKQP´NCECTVGIÃQNQIKSWG
FGNŏ#OÃTKSWGFW0QTF%QPITÂU)ÃQNQIKSWG+PVGTPCVKQPCN%QORVG4GPFWFGNC&KZKÂOG5GUUKQP
/GZKEQXR
#NGPE¶UVGTFG%UGTPC)CPF$'$WKVTÎP'UVTCVKITCHÈC[RCNGQPVQNQIÈCFGN,WT¶UKEQ5WRGTKQTFG
NCRCTVGEGPVTQOGTKFKQPCNFGN'UVCFQFG2WGDNC2CTVG++(CWPCFGN,WT¶UKEQ5WRGTKQTFGNCTGIKÎPFG
2GVNCNEKPIQ'UVCFQFG2WGDNC2CNGQPV/GZ2CTVG++RRNUſI
NXCTG\ ) ( $QUGNNKPK * Eliášová ) )KNN $ .CVJWKNKÂTG * .ÑUGT & /CTEJCN & 6WTPš GM ,
5VQNCTUMKCPF#<JWTCXNGX6JG/GUQ\QKEEQTCNU$KDNKQITCRJ[+P*.ÑUGT
GF %QTCN4GU$WNN
$CMGT%.7RRGT,WTCUUKEFGRQUKVUCPFUVTWEVWTGUQHVJG/QPVGTTG[5CNVKNNQCTGCR+P5QWVJ
6GZCU )GQNQIKECN 5QEKGV[ 6JKTVGGPVJ #PPWCN /GGVKPI 1EVQDGT UV CPF 0QXGODGT UV CPF PF
/QPVGTTG[/GZKEQ5QWVJ6GZCU)GQNQIKECN5QEKGV[5CP#PVQPKQ
$CMGT%.)GQNQIKE4GEQPPCKUUCPEGKPVJG'CUVGTP%QTFKNNGTCQH/GZKEQ)GQN5QE#OGT5RGE
2CRRRNU
$CTEGNÎ&WCTVG,'UVTCVKITCHÈC[2GVTQITCHÈC&GVCNNCFCFGNTGCFG6GJWCE¶P5CP,WCP4C[C'FQ
FG2WGDNC6GUKU2TQHGUKQPCN7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ(CEWNVCFFG+PIGPKGTÈC
RVCDNGUſIU RNU
$CTPGU & # 8QNECPKE CTE FGTKXGF /GUQ\QKE UGFKOGPVCT[ TQEMU 8K\ECKPQ 2GPKPUWNC $CLC
%CNKHQTPKC 5WT /GZKEQ R +P 8 # (TK\\GNN ,T GF )GQNQI[ QH VJG $CLC %CNKHQTPKC
2GPKPUWNC6JG2CEKſE 5GEVKQP QH VJG 5QEKGV[ QH 'EQPQOKE 2CNGQPVQNQIKUVU CPF /KPGTCNQIKUVU
.QU#PIGNGU%CNKHQTPKC
$GCWXCKU.3WGNSWGUGZGORNGURTKUFCPUNG/CNOOQPVTCPVNGTÏNGFGU/CFTÃRQTCKTGUFCPUNC
VJÃQTKGFGNCOQDKNKVÃEQPVKPGPVCNG$WNN5QE)ÃQN(TCPEG5ÃT
$GCWXCKU.,WTCUUKEEQTCNUHTQOVJGEKTEWO2CEKſE CTGC R +P 2 # ,GNN CPF , 9 2KEMGVV
GFU (QUUKN %PKFCTKC 2TQEGGFKPIU QH VJG (KHVJ +PVGTPCVKQPCN 5[ORQUKWO QP (QUUKN %PKFCTKC
KPENWFKPI#TEJCGQE[CVJCCPF5RQPIKQOQTRJUJGNFKP$TKUDCPG3WGGPUNCPF#WUVTCNKC,WN[

$GCWXCKU.CPF6'5VWOR%QTCNUOQNNWUEUCPFRCNGQIGQITCRJ[QH.CVG,WTCUUKEUVTCVCQHVJG
%GTTQ2Q\Q5GTPC5QPQTC/GZKEQ2CNCGQIGQI2CNCGQENKOCVQN2CNCGQGEQN
$ÑUG'8GUVKIGUQHCPCPEKGPVEQPVKPGPVKPPQTVJGCUV/GZKEQ#OGT,5EK (KHVJ5GTKGU

$WTEMJCTFV%C)ÃQNQIKGFGNC5KGTTCFG%QPEGREKÎPFGN1TQ)WKFGFGU'ZEWTUKQPUFW&KZKÂOG
%QPITÂU)ÃQNQIKSWG+PVGTPCVKQPCN/GZKEQ::+8 'ZEWTUKQPUFW0QTF ROCR
$WTEMJCTFV%D)ÃQNQIKGFGNC5KGTTCFG/C\CRKNGV5CPVC4QUC)WKFGFGU'ZEWTUKQPUFW&KZKÂOG
%QPITÂU)ÃQNQIKSWG+PVGTPCVKQPCN/GZKEQ::8+ 'ZEWTUKQPFW0QTF RVCDNGOCRU
RTQſNGU UJGGV RNU
$WTEMJCTFV%E.C(CWPG,WTCUUKSWGFG/C\CRKNCXGEWPCRRGPFKEGUWTNGU(QUUKNGUFW%TÃVCEKSWG
+PHÃTKGWT$QN+PUV)GQN/ÃZKEQRRNU
$WTEMJCTFV%'UVWFKQIGQNÎIKEQFGNCTGIKÎPFG5CP2GFTQFGN)CNNQ &WTCPIQ 2CTGTIQPGUFGN
+PUV)GQN/ÃZKEQ VCDNGRNU
$WTEMJCTFV%(CWPGU,WTCUUKSWGUGV%TÃVCEKSWGUFG5CP2GFTQFGN)CNNQ$QN+PUV)GQN/ÃZKEQ
RCPF#VNCURNU
$WTEMJCTFV%'VWFGU[PVJÃVKSWGUWTNG/ÃUQ\QÊSWGOGZKECKP#DJ5EJYGK\2CNCGQPV)GU/ÃO
5QE2CNÃQPV5WKUUG CPF
$WTEMJCTFV%CPF55ECNKC.CHCWPGOCTKPGFW6TKCU5WRÃTKGWTFG<CECVGECU$QN+PUV)GQN
/ÃZKEQRRNU
%CNFGTÎP)CTEÈC#C'UVTCVKITCHÈCFGNC%CTTGVGTC2CPCOGTKECPCGPVTG2GVNCNEKPIQ2WG[2WGDNC
2WGR+P//CNFQPCFQ-QGTFGNN GF 'UVTCVKITCHÈCFGN/GUQ\QKEQ[6GEVÎPKECFGNUWT
FGN'UVCFQFG2WGDNC2TGUCFG8CNUGSWKNNQ5KHÎPFG*WGZQVKVNCPCRC[2TQDNGOCU*KFTQNÎIKEQUFG
2WGDNC%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN8KIÃUKOC5GUKÎP/ÃZKEQ'ZEWTUKÎP#Ō
%CNFGTÎP )CTEÈC # D )WÈC FG %CORQ R ſIU +P / /CNFQPCFQ -QGTFGNN GF
(+.-140
'UVTCVKITCHÈCFGN/GUQ\QKEQ[6GEVÎPKECFGNUWTFGN'UVCFQFG2WGDNC2TGUCFG8CNUGSWKNNQ5KHÎPFG
*WGZQVKVNCPCRC[2TQDNGOCU*KFTQNÎIKEQUFG2WGDNC%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN8KIÃUKOC
5GUKÎP/ÃZKEQ'ZEWTUKÎP#Ō
Caratini, C., and L. Beauvais. 1969. Les Polypiers du Kimmridgien inf Ãrieur de Chellala – Reibell
(D Ãpartement de MÃdea Alg – Ãrie). Publications du Service GÃ ologique de Alg – Ãrie , 39:19-38.
'TDGP*- 'N,WT¶UKEQ/GFKQ[GN%CNNQXKCPQFG/ÃZKEQ%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN
8KIÃUKOC5GUKÎP%KWFCFFG/ÃZKEQ%QPVTKDWEKÎPCN%QPITGUQFGN+PUVKVWVQFG)GQNQIÈCFG
NC7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQXKK RRNUOCRU
'TDGP*-0GYDKQUVTCVKITCRJKEEQTTGNCVKQPUKPVJG,WTCUUKEQHGCUVGTPCPFUQWVJEGPVTCN/GZKEQ
%QPITGUQ )GQNÎIKEQ +PVGTPCEKQPCN 8KIÃUKOC 5GUKÎP %KWFCF FG /ÃZKEQ 5GEEKÎP 'N
/GUQ\QKEQFGN*GOKUHGTKQ1EEKFGPVCN[5WU%QTTGNCEKÎPGU/WPFKCNGURRNU
VCNNQP#VWFGURCNÃQPVQNQIKSWGUUWTNG*CWV,WTC4C[QPPÃUFW%QTCNNKGP/ÃO5QEOWN
&ÃRCTV&QWDU5ÃTKG HQT
(GNKZ,8GTUVGKPGTWPIGPCWUFGTOGZKECPKUEJGP,WTCWPF-TGKFG(QTOCVKQP2CNCGQPVQITCRJKEC
RNU
(GNKZ,7GDGTUKEJV×DGTFKG'PVYKEMNWPIFGTIGQNQIKUEJGP(QTOCVKQPGPKP/GZKEQPGDUVGKPGO
#PJCPI×DGTFKG*ÑJNGPDKNFWPIGPFKGUGU.CPFGUR+P,(GNKZCPF*.GPM$GKVT¼IG\WT
)GQNQIKGWPF2CN¼QPVQNQIKGFGT4GRWDNKM/GZKEQ6JGKN#TVJWT(GNKZ.GKR\KI
(KNMQTP*(6JG%TGVCEGQWUEQTCNUQH/GZKEQQEEWTTGPEGUCPFJKUVQT[QHTGUGCTEJ4GX/GZ
%KGP)GQN
(KNMQTP * ( CPF , 2CPVQLC #NQT # PGY 'CTN[ %TGVCEGQWU EQTCN #PVJQ\QC 5ENGTCEVKPKC
&GPFTQRJ[NNKKPC CPFKVUGXQNWVKQPCT[UKIPKſECPEG ,2CNGQPV
(TCOG # CPF 9 % 9CTF .QYGTOQUV %TGVCEGQWU EQTCNTKEJ NKOGUVQPG KP 0WGXQ .GQP CPF
%QCJWKNC /GZKEQ R +P , / $CTDCTÈP %CUVKNNQ *, )WTUM[ CPF 2 /GKDWTI GFU 'N
%TGV¶EKEQFG/ÃZKEQ[#OÃTKEC%GPVTCN4GUÕOGPGU5KORQUKQ+PVGTPCEKQPCNFG0QXKGODTG
FG.KPCTGU/ÃZKEQ#EVCUFGNC(CEWNVCFFG%KGPEKCUFGNC6KGTTCFGNC7PKXGTUKFCF#WVÎPQOC
FG0WGXQ.GÎP.KPCTGU8QNWOG
(TGEJ(&KG-QTCNNGPHCWPCFGT6TKCU2CNCGQPVQITCRJKEC RNUCPF
RNU
(TGWFGPDGTI9)GQNQIKGXQP/GZKMQ)GDT×FGT$QTPVTCGIGT$GTNKPRRNſIU
)QNFHWUU)#2GVTGHCEVC)GTOCPKCGVCOGC3WCGKP/WUGQ7PKXGTUKVCVKU4GIKCG$QTWUUKECG
(TKFGTKEKCG 9KNJGNOKCG 4JGPCPCG 5GTXCPVWT 3WCO #NKC 3WCGEWPSWG KP /WUGKU *QGPKPIJWUKCPQ
/WGPUVGTKCPQ #NKKUSWG 'ZVCPV +EQPKDWU GV &GUETKRVKQPKDWU +NNWUVTCVC #DDKNFWPIGP WPF
$GUEJTGKDWPIGPFGT2GVTGHCEVGP&GWVUEJNCPFUWPFFGTCPIT¼P\GPFGP.¼PFGTWPVGT/KVYKTMWPIFGU
*GTTP)TCHGP)GQTI\W/×PUVGT'TUVGT6JGKN#TP\%QOR&×UUGNFQTHRRN
)QQFYKP & * CPF ) & 5VCPNG[ ,T 0QTKCP URQPIG CPF EQTCN DKQUVTQOGU KP VJG #PVKOQPKQ
(QTOCVKQPPQTVJYGUVGTP5QPQTC/GZKEQ4GX/GZ%KGPE)GQN
*GKNRTKP#6JGIGQNQI[CPFRCNGQPVQNQI[QHVJG%TGVCEGQWUFGRQUKVUQH/GZKEQ2TQE#ECF0CV
5EK2JKNCFGNRJKCRNU
*KEMG[,,5VTCVKITCRJ[CPFEQORQUKVKQPQHC,WTCŌ%TGVCEGQWUXQNECPKECTECRTQP2WPVC'WIGPKC
$CLC%CNKHQTPKC5WT/GZKEQR+P8#(TK\\GNN,T GF )GQNQI[QHVJG$CLC%CNKHQTPKC
2GPKPUWNC6JG2CEKſE 5GEVKQPQHVJG5QEKGV[QH'EQPQOKE2CNGQPVQNQIKUVUCPF/KPGTCNQIKUVU
.QU#PIGNGU%CNKHQTPKC
+ONC[495VWFKGUQHVJG/GZKECP)GQU[PENKPG$WNN)GQN5QE#O RNU
+ONC[49,WTCUUKEHQTOCVKQPUQH)WNH4GIKQP$WNN#O#UUQE2GV)GQN
-GNNGT965VTCVKITCRJKUEJG$GQDCEJVWPIGPKP5QPQTC 0QTFYGUV/GZKEQ 'EN)GQN*GNXGVKCG

-GNNGT961DUGTXCEKQPGUGUVTCVKITCſECU GP 5QPQTC 0QTQGUVG FG /ÃZKEQ $QN#UQE/GZ)GÎN
2GVT
-QD[(/QPQITCRJKGFGURQN[RKGTULWTCUUKSWGUFGNC5WKUUGEKPSWKÂOGRCTVKG #DJ5EJYGK\
2CN¼QPVQN)GUGNN /ÃO5QE2CNÃQPV5WKUUG RNU
.GUCWXCIG//ÃOQKTGUWTWPPQWXGCWIGPTGFG2QN[RKGTHQUUKNG/ÃO5QE*KUV0CVWT2CTKU
RN
/'51<1+%%14#.51(/':+%1
/CRGU 8¶\SWG\ ' 5 <COQTC /QPVGTQ CPF , )GTÎPKOQ )QFQ[ )GQNQIÈC [ [CEKOKGPVQU
OKPGTCNGUFGN&KUVTKVQFG%QPEGREKÎPFGN1TQ[#XCNQU<CECVGECU%QPUGLQFG4GEWTUQU0CVWTCNGU
0Q4GPQXCDNGU2WDNKECEKÎP'RRNU
/GNPKMQXC)-0GY7RRGT6TKCUUKE5ENGTCEVKPKCHTQOVJG2COKTTGIKQP2CNGQPV,
/KEJGNKP*+EQPQITCRJKG<QQRJ[VQNQIKSWG&GUETKRVKQPRCT.QECNKVÃUGV6GTTCKPUFGU2QN[RKGTU
(QUUKNGUFG(TCPEGGV2C[U'PXKTQPPCPVU2$GTVTCPF2CTKUZKK RRNU
/KNPG'FYCTFU*CPF,*CKOG1DUGTXCVKQPUUWTNGU2QN[RKGTUFGNCHCOKNNGFGU#UVTÃKFGU%QOR
4GPF*GDF5ÃCPE#ECF5EK2CTKU
/KNPG'FYCTFU*CPF,*CKOG%QTCNUHTQOVJGQQNKVKEHQTOCVKQPURRNU5GEQPF
2CTV+P#/QPQITCRJQHVJG$TKVKUJ(QUUKN%QTCNU2CNCGQPVQITCRJKECN5QEKGV[.QPFQP
/×NNGTTKGF(-)6JG/GUQ\QKEQH/ÃZKEQCPFPQTVJYGUVGTP%GPVTCN#OGTKECR+P
2*1GJUGT GF 2TQEGGFKPIUQHVJG'KIJVJ#OGTKECP5EKGPVKſE %QPITGUU 8QNWOG )GQNQIKECN
5EKGPEGU&GRCTVOGPVQH5VCVG9CUJKPIVQP&%
0KMKVKP5'KPKIGU×DGTFGP,WTCKP/GZKEQWPF%GPVTCNCUKGP0GW,CJT/KPGT)GQN2CN¼QPV

0[UV*CPF*)CNGQVVK&GUETKRVKQPFGSWGNSWGUHQUUKNGUFWECNECKTGLWTCUUKSWGFG6GJWCECPCW
/GZKSWG$WNN#ECF4Q[5EK$GNNGU.GVVTGUFG$TWZGNNGU RNU
2ÃTG\+DCTI×GPIQKVKC,/#*QMWVQ%CUVKNNQCPF<FG%UGTPC'UVTCVKITCHÈC[RCNGQPVQNQIÈC
FGN,WT¶UKEQ5WRGTKQTFGNCRCTVGEGPVTQOGTKFKQPCNFGN'UVCFQFG2WGDNC2CTVG+4GEQPQEKOKGPVQ
IGQNÎIKEQFGN¶TGCFG2GVNCNEKPIQ5CPVC%TW\/WPKEKRKQFG#ECVN¶P'UVCFQFG2WGDNC2CNGQPV
/GZ2CTVG+RRNſIU
2GTTKNNKCV/%%CV¶NQIQFGGLGORNCTGUVKRQKPXGTVGDTCFQUHÎUKNGUGPGN/WUGQFG2CNGQPVQNQIÈCFGN
+PUVKVWVQFG)GQNQIÈC70#//ÃZKEQ2CNGQPV/GZR
2GTTKNNKCV/%%CV¶NQIQFGGLGORNCTGUVKRQKPXGTVGDTCFQUHÎUKNGUGPNCEQNGEEKÎPRCNGQPVQNÎIKECFGN
+PUVKVWVQFG)GQNQIÈC70#//ÃZKEQFGNQUCÌQUC2CNGQPV/GZR
3WGPUVGFV(# -QTCNNGP 4ÑJTGPWPF5VGTPMQTCNNGP 2GVTGHCEVGPMWPFG&GWVUEJNCPFU
#DVJGKNWPI$CPFRYKVJ#VNCU\WFGP4ÑJTGPWPF5VGTPMQTCNNGPRNU
4G[GTQUFG%CUVKNNQ//%QTCNGUFGN,WT¶UKEQ5WRGTKQTFG%JKJWCJWC2CNGQPV/GZR
RNU
4G[GTQUFG%CUVKNNQ//+PXGTVGDTCFQU 2QTKHGTC[%QGNGPVGTCVC FGN,WT¶UKEQ6CTFKQFGN'UVCFQ
FG5CP.WKU2QVQUÈ7PKX0CN#WVÎP/ÃZKEQ+PUV)GQN4GX
4QIGTU%.<FG%UGTPC'6CXGTCCPF57NNQC)GPGTCNIGQNQI[CPFRJQURJCVGFGRQUKVUQH
%QPEGREKÎPFGN1TQ&KUVTKEV<CECVGECU/GZKEQ75)GQN5WTX$WNN#RRNU
4QIGTU%.<FG%UGTPC'6CXGTC#OG\EWCCPF57NNQC)GQNQIÈCIGPGTCN[FGRÎUKVQUFG
HQUHCVQUFGN&KUVTKVQFG%QPEGREKÎPFGN1TQ'UVCFQFG<CECVGECU+PUV0CN+PXGUV4GE/KPGT$QN
RRNU
4QIGTU%.<FG%UGTPC4XCP8NQVGP'6CXGTC#OG\EWCCPF,1LGFC4KXGTC4GEQPQEKOKGPVQ
IGQNÎIKEQ[FGRÎUKVQUFGHQUHCVQUFGNPQTVGFG<CECVGECU[CTGCUCF[CEGPVGUGP%QCJWKNC0WGXQ.GÎP
[5CP.WKU2QVQUÈ%QPU4GE0CV0Q4GPQX$QNRRNU
4QPKGYKE\ ' 6TKCUUKE UENGTCEVKPKCP EQTCNU QH VJG <NCODCEJ $GFU 0QTVJGTP %CNECTGQWU #NRU
#WUVTKC&GPM©UVGTT#MCF9KUU/CVJ0CVWTYKUU-NCUUG9KGPRRNU
5EJCHJCWUGT#5)ÑV\4$CTQP5\CDQCPF95VKPPGUDGEM&GRQUKVKQPCNGPXKTQPOGPVQHEQTCN
TWFKUVCUUQEKCVKQPUKPVJG7RRGT%TGVCEGQWU%CTFGPCU(QTOCVKQP EGPVTCN/GZKEQ )GQN%TQCVKEC

5OKVJ,26JGEQORCTCVKXGUVTCVKITCRJ[QHVJGOCTKPG6TKCUQHYGUVGTP#OGTKEC2TQE%CNKHQTPKC
#ECF5EK6JKTF5GTKGU)GQNQI[ RNU
5OKVJ,26JGQEEWTTGPEGQHEQTCNTGGHUKPVJG6TKCUUKEQH0QTVJ#OGTKEC#OGT,5EK(QWTVJ
5GTKGU
5OKVJ,27RRGT6TKCUUKE/CTKPG+PXGTVGDTCVG(CWPCUQH0QTVJ#OGTKEC75)GQN5WTX2TQH
2CRRRNU
5VCPNG[)&,T%)QP\¶NG\.GÎP/45CPF[$5GPQYDCTK&CT[CP2&Q[NG/6COWTCCPF&
* 'TYKP 7RRGT 6TKCUUKE +PXGTVGDTCVGU HTQO VJG #PVKOQPKQ (QTOCVKQP 5QPQTC /GZKEQ
(+.-140
2CNGQPV5QE/GO ,2CNGQPV 5WRRNRCTVQH R

5VCPNG[)&,TCPF%/)QP\¶NG\.GÎP2CNGQIGQITCRJKECPFVGEVQPKEKORNKECVKQPUQH6TKCUUKE
HQUUKNU CPF UVTCVC HTQO VJG #PVKOQPKQ (QTOCVKQP PQTVJYGUVGTP 5QPQTC R +P % ,CESWGU
#[CNC%/)QP\¶NG\.GÎPCPF,4QNF¶P3WKPVCPC 'FU 5VWFKGUQPVJG/GUQ\QKEQH5QPQTCCPF
#FLCEGPV#TGCU)GQN5QE#OGT5RGE2CR
5VCPNG[)&,TCPF%/)QP\¶NG\.GÎP GFU C5RGEKCNKUUWGFGFKECVGFVQVJG+PVGTPCVKQPCN
9QTMUJQRQPVJG)GQNQI[QH0QTVJYGUVGTP5QPQTC/GZKEQ4GX/GZ%KGP)GQN HQT
KKKXKKK
5VCPNG[)&,TCPF%/)QP\¶NG\.GÎPD5RGEKCNKUUWGFGFKECVGFVQVJG+PVGTPCVKQPCN9QTMUJQR
QPVJG)GQNQI[QH0QTVJYGUVGTP5QPQTC(QTGYQTF4GX/GZ%KGP)GQN KKKXKKK
5VCPNG[)&,TCPF%/)QP\¶NG\.GÎPE0GY.CVG6TKCUUKEUENGTCEVKPKCPEQTCNUHTQOVJG
#PVKOQPKQ(QTOCVKQPPQTVJYGUVGTP5QPQTC/GZKEQ4GX/GZ%KGP)GQN
5VGYCTV,*4#OC[C/CTVÈPG\4)5VCOO$49CTFNCY)&5VCPNG[,TCPF%*5VGXGPU
5VTCVKITCRJ[ CPF TGIKQPCN UKIPKſECPEG QH /KUUKUUKRRKCP VQ ,WTCUUKE TQEMU KP 5KGTTC 5CPVC
6GTGUC5QPQTC/GZKEQ4GX/GZ%KGP)GQN
7TSWK\C/'ZRNQTCEKQPFGN&KUVTKVQFG%QCNEQOCP'UVCFQFG/KEJQCE¶P#PCNGUFGN/KPKUVGTKQ
FG(QOGPVQ%QNQPK\CEKQP+PFWUVTKC[%QOGTEKQ/ÃZKEQRſIU OCR
9GNNU,9,WTCUUKEEQTCNUHTQOVJG5OCEMQXGT.KOGUVQPG#TMCPUCU,2CNGQPV
RN
9GNNU,95QOG,WTCUUKECPF%TGVCEGQWUEQTCNUHTQOPQTVJGTP/GZKEQ,2CNGQPV
RNU
Winkler, G. G. 1861. Der Oberkeuper, nach Studien in den bayrischen Alpen. Zeitschrift der Deutschen
Geologischen Gesellschaft, 13:459-521, pls. 5-9.
%JCRVGT
4WFKUVUQH/GZKEQ*KUVQTKECN#URGEVUCPF5GNGEVGF#TGCU
QH4GUGCTEJ
2'&41)#4% #$#44'4#
/WUGQFG2CNGQPVQNQIÈC&GRCTVCOGPVQFG$KQNQIÈC'XQNWVKXC(CEWNVCFFG%KGPEKCU70#/
%KWFCF7PKXGTUKVCTKC%Q[QCE¶P/GZKEQ&(RID"JRHEKGPEKCUWPCOOZ
#DUVTCEV
+PVTQFWEVKQP
2CNGQIGQITCRJ[QH/GZKECP4WFKUVU
4WFKUVUHTQO5QWVJGTP/GZKEQ
4WFKUVUHTQO%GPVTCN/GZKEQ
4WFKUVUHTQO0QTVJ%GPVTCN/GZKEQ
4WFKUVUHTQO%JKCRCU5'/GZKEQ
(KPCN%QOOGPVU
4GHGTGPEGU
#DUVTCEV
/GZKEQCUCEQWPVT[KUTGOCTMCDNGHQTKVUCDWPFCPV%TGVCEGQWUHQUUKNKPXGTVGDTCVG
HCWPC&WTKPIVJG%TGVCEGQWUYJCVPQYKU/GZKEQYCUCNOQUVGPVKTGN[EQXGTGFD[
NCTIGUJCNNQYUGCUYJKEJTGEQTFCPWODGTQHTWFKUVFGRQUKVU6JGFKUVTKDWVKQPQHNCPF
OCUUGUUGCUENKOCVGCPFNQYQEGCPYCVGTFGRVJYGTGXGT[UWKVCDNGHQTTWFKUVITQYVJ
#UVKOGRCUUGFVJGIGQITCRJ[EJCPIGFCPFTWFKUVCDWPFCPEGFKUVTKDWVKQPCPFHCWPCN
CUUQEKCVKQPU FGENKPGF 6JKU EJCRVGT TGXKGYU VJG ENQUG TGNCVKQPUJKR DGVYGGP TWFKUV
CUUGODNCIGUCPF/GZKECPRCNGQIGQITCRJ[6JGFCVCQHHGTGFJGTGKPEQPEGTPKPIVJG
PWODGTQHIGPGTCCPFURGEKGUQHTWFKUVUKUDCUGFQPYJCVKUTGEQTFGFKPVJGNKVGTCVWTG
6JKU KU PQV C U[UVGOCVKE TGXKGY DGECWUG YG PGXGT VCMG KPVQ CEEQWPV U[PQP[OU QT
RCTVKEWNCTQRKPKQPUCDQWVVJGXCNKFKV[QHQPGQTCPQVJGTIGPGTCQTURGEKGUQHTWFKUVU
(KPCNN[YGYKNNGZCOKPGUQOGUGNGEVGFCTGCUYKVJKPVGTGUVKPIHQUUKNTWFKUVHCWPCU

47&+5651(/':+%1
+PVTQFWEVKQP
4WFKUVUCTGGZVKPEVDKXCNXGOQNNWUMUYJKEJRQUUGUUEQORNGVGN[FKHHGTGPVGZVGTPCN
OQTRJQNQI[ YJGP EQORCTGF YKVJ GZVCPV DKXCNXGU (KI 4WFKUVU CTG NCTIG VJKEM
YCNNGF CPF GZENWUKXGN[ OCTKPG DKXCNXGU VJCV JCF FKUVKPEVN[ WPGSWCN UJCRGF XCNXGU
4WFKUVUYGTGITGICTKQWUCPKOCNUVJCVNKXGFſZGF VQ VJG UWDUVTCVG CPF ITGY EQPUVTWEVKPI
RCVEJGUDCPMUCPFVTWGTGGHU
4WFKUVUYGTGYKFGURTGCFFWTKPIVJG%TGVCEGQWU2GTKQFKPUJCNNQYVTQRKECNUGCU
YKVJKP VJG 6GVJ[U &QOCKP YJKEJ EQXGTGF UQWVJGTP 'WTQRG PQTVJGTP #HTKEC VJG
/KFFNG 'CUV UQWVJGTP 7PKVGF 5VCVGU VJG %CTKDDGCP TGIKQP CPF CNN QH VJG /GZKECP
VGTTKVQT[#UCDKQNQIKECNITQWRTWFKUVUURCPCNOQUVOKNNKQP[GCTUſTUV CRRGCTKPI
KP'WTQRGCVVJGGPFQHVJG,WTCUUKE O[CIQ CPFFKUCRRGCTKPICVVJGGPFQHVJG
%TGVCEGQWU O[CIQ
4WFKUV URGEKGU CTG KORQTVCPV UVTCVKITCRJKE VQQNU DGECWUG QH VJGKT TGEQIPK\CDNG
OQTRJQNQIKECNEJCPIGUVJTQWIJVKOGCPFVJGKTJCDKVCVU4WFKUVUNKXGFKPCUUQEKCVKQP
YKVJECNECTGQWUCNICGHQTCOKPKHGTCURQPIGUEQTCNUDT[Q\QCICUVTQRQFURGNGE[RQFU
GEJKPQKFUCPFQVJGTITQWRUKPCUKOKNCTYC[CUEQTCNUFQVQFC[6JGTCRKFITQYVJ
QHVJGUGQTICPKUOUVJGUWRGTRQUKVKQPQHOCP[IGPGTCVKQPUQHVJGKTUMGNGVCNTGOCKPU
CPFVJGEQPUVTWEVKQPQHNCTIGCPFVJKEMUJGNNYCNNUOCFGRQUUKDNGVJGCEEWOWNCVKQP
QHNKOGUVQPGUGFKOGPVUYJKEJTGCEJGFWRVQOKPVJKEMPGUU )W\O¶P
(+)74'&WTCPKCQLCPEJCNGPUKU/[GTU:HTQO%¶TFGPCU(QTOCVKQP /CCUVTKEJVKCP
0QTVJ%GPVTCN/GZKEQ#TVD['FICT)C[V¶P
)#4% #$#44'4#
.KOGUVQPGVJCVQHVGPEQPVCKPTWFKUVUTGOCKPUCTGGZRNQKVGFKPFWUVTKCNN[CUőOCTDNGŒ
HQTOCMKPIƀQQTU VJCV FGEQTCVG OCNNU CKTRQTVU VJGCVGTU OCP[ RWDNKE RNCEGU CPF GXGP
KPJQOGU
+PUQOGTGIKQPUQH/GZKEQUQWVJGTP7PKVGF5VCVGU+TCMCPF+TCPTWFKUVTGGHUQHVGP
YGTGUWTTQWPFGFD[KORGTOGCDNGTQEMUEQPUVKVWVKPIVJGRQTQWUTQEMUVJCVVTCRCPF
UVQTGICUCPFQKN %QQICP5EQVVGVCN (QTGZCORNGTKEJQKNFGRQUKVU
HQWPFKPNKOGUVQPGYKVJTWFKUVUCTGTGRQTVGFCV'N#DTC(QTOCVKQPCNQPIVJG)WNHQH
/GZKEQ 5EQVVGVCN
2CNGQIGQITCRJ[CPF/GZKECP4WFKUVU
&WTKPI VJG 2CNGQ\QKE 'TC VJGTG YGTG TGUVTKEVGF CPF CRRCTGPVN[ KUQNCVGF UGCU
KP UGXGTCN FKHHGTGPV TGIKQPU QH VJG /GZKECP VGTTKVQT[ .ÎRG\4COQU +P VJG
/GUQ\QKE 'TC FWTKPI 6TKCUUKE CPF OQUV QH VJG ,WTCUUKE /GZKEQ YCU CP GOGTIGF
VGTTKVQT[YKVJCVNGCUVVJTGGPCTTQYDC[UQPGPQTVJQH5QPQTCCUGEQPFQPGPQTVJQH
8GTCETW\CPF2WGDNCCPFVJGVJKTFDGVYGGP1CZCECCPF)WGTTGTQKPUQWVJGTP/GZKEQ
$WTEMJCTFV'TDGP+ONC[
6JG7RRGT,WTCUUKEKUVGEVQPKECNN[KORQTVCPVDGECWUGVJGQRGPKPIQHVJG/GZKECP
)WNHDGICPVQQEEWTCVVJKUVKOG 8KPKGITC1UQTKQ #UCTGUWNVQHVJKU
RJGPQOGPCPGCTN[O[CIQFWTKPIVJG1ZHQTFKCPUGFKOGPVUUVCTVGFVQCEEWOWNCVG
YKVJKPYKFGOCTKPGRNCVHQTOUQHUJCNNQYUGCU (KI
(+)74'6JG7RRGT,WTCUUKEVTCPUITGUUKQP O[CIQ EQXGTGFCNOQUVſHV[ RGTEGPV QH VJG

/GZKECPVGTTKVQT[#HVGT#NGPE¶UVGT
47&+5651(/':+%1
#P7RRGT,WTCUUKEVTCPUITGUUKQPCFXCPEGFHTQOVJGOCTIKPQHVJGDCUKPVJTQWIJ
VJGYGUVPQTVJCPFUQWVJCPFITCFWCNN[EQXGTGFNCTIGCTGCUQHVJG/GZKECPVGTTKVQT[
6TCPUITGUUKQPYCUEQPVTQNNGFD[CPEKGPVVQRQITCRJ[YJGTGCUVJGJKIJNCPFUUVQQFCU
RGPKPUWNCUQTCUKUNCPFU
+P .QYGT %TGVCEGQWU FWTKPI VJG $CTTGOKCP CPF #RVKCP O[ CIQ VJGTG
YCUCOCTKPGVTCPUITGUUKQPYJKEJEQXGTGFCNNQHVJG/GZKECPVGTTKVQT[GZEGRVKPVJG
YGUVYJGTGCYKFGHTKPIGGZVGPFKPIHTQOUQWVJGTPVQPQTVJYGUVGTP/GZKEQGZKUVGF
%UGTPC ;QWPI #P CPEKGPV DGNV QH JKIJ NCPFU EQORQUGF OCKPN[ QH
2CNGQ\QKE OGVCOQTRJKE CPF XQNECPKE TQEMU CNQPI )WGTTGTQ 1CZCEC CPF %JKCRCU
5VCVGUCNUQTGOCKPGFGZRQUGF .ÎRG\4COQU (KI +POCP[CTGCUDGECWUG
QH HQNFKPI QH VJG UVTCVC UJCNNQY UGCU DGECOG OWEJ UJCNNQYGT 'OGTIGPEG QH XGT[
UJCNNQYUGCUYJKEJFGRQUKVGFVJKEMUGSWGPEGUQHGXCRQTKVGUCEEWOWNCVGFYJKEJCNUQ
CNNQYGFTWFKUVUVQUGVVNGCPFHQTORCVEJGUCPFTGGHU;QWPI DGNKGXGFVJCV
OQUVQHVJGGXCRQTKVGFGRQUKVUYGTGFGUVTQ[GFD[VGEVQPKECEVKXKV[KPVJGUWDFWEVKQP
\QPGCNQPI/GZKEQ´UUQWVJYGUVGTPEQCUVCVVJGGPFQHVJG#RVKCP*QYGXGTKP,CNKUEQ
%QNKOC/KEJQCE¶P)WGTTGTQCPF1CZCECVJGTGCTGNCTIGHQUUKNKHGTQWUFGRQUKVUYKVJ
TWFKUVU 2CPVQLC#NQT)CTEÈC$CTTGTC
&WTKPIVJG#NDKCPCPF%GPQOCPKCP O[CIQ VJGUGCTGCEJGFKVUOCZKOWO
GZVGPUKQPEQXGTKPICNOQUVEQORNGVGN[VJGYGUVGTPNCPFHTKPIGCPFVJGJKIJNCPFUQH
UQWVJYGUVGTP/GZKEQ5QOGTGIKQPUDGECOGYKFGRNCVHQTOUCVVJKUVKOG
(+)74' /GZKEQ KP VJG .QYGT %TGVCEGQWU $CTTGOKCP#RVKCP O[ CIQ #HVGT #NGPE¶UVGT

)#4% #$#44'4#
5GRCTCVGF RNCVHQTOU GXGPVWCNN[ HQTOGF C OGICECTDQPCVGF RNCVHQTO YJKEJ

UWTTQWPFGFVJG)WNHQH/GZKEQ 9KNUQP/KEJCWFCPF(QWTECFG 6JG
PCOGUQHVJGUGRNCVHQTOUCTG$CJCOCU(NQTKFC6GZCU%QCJWKNC8CNNGU5CP.WKU
2QVQUÈ %CTTKNNQ$TCXQ CPF %ÎTFQDC )QP\¶NG\#NXCTCFQ #PQVJGT
NCTIGTGIKQPYKVJRNCVHQTOFGRQUKVUCPFTWFKUVDGCTKPIHTCOGYQTMUHTQOVJG#NDKCP
%GPQOCPKCPYCUFGXGNQRGFHTQO,CNKUEQKPEGPVTCNYGUV/GZKEQVQUQWVJGTP/GZKEQ
KPVJGTGIKQPQH%JKCRCU #NGPE¶UVGT (KI &WTKPIVJKUVKOGTWFKUVUTGCEJGF
VJGKT OCZKOWO FKXGTUKV[ CDWPFCPEG CPF IGQITCRJKE FKUVTKDWVKQP KP /GZKEQ HTQO
$CLC %CNKHQTPKC VQ ;WECV¶P .ÎRG\4COQU #NGPE¶UVGT 5RGEKGU QH
%CRTKPKFCGYGTGVJGFQOKPCPVVCZC#UJGNNYCNNVJCVJCUECPCNUVJCVTWPCNQPIVJG
UJGNNECNNGFRCNKCNECPCNUYJKEJECPDGUKPINGQTDKHWTECVGFQPEGQTVYKEGCPFOC[
DGEQOGRQN[IQPCNEJCTCEVGTK\GUVJG%CRTKPKFCGHCOKN[
6JG ſTUV GPFGOKE TWFKUV IGPWU KP #OGTKEC #ORJKVTKUEQGNWU CRRGCTGF GKVJGT
FWTKPIGCTN[#RVKCPVKOGU O[CIQ QTKPWRRGT$CTTGOKCP
&WTKPI #NDKCP CPF %GPQOCPKCP VJGTG YGTG QVJGT GPFGOKE IGPGTC UWEJ CU
%QCNEQOCPC %CRTKPWNQKFGC ,CNRCPKC /GZKECRTKPC 6GZKECRTKPC -KODNGKC CPF
QVJGTU VJCV CTG EQOOQP KP 6GZCU CNN /GZKECP VGTTKVQT[ CPF VJG %CTKDDGCP TGIKQP
6JGUGGPFGOKEIGPGTCYGTGFKUVTKDWVGFYKVJKPCJQOQIGPGQWUHCWPCNRTQXKPEGYJKEJ
GZVGPFGF KVU DQWPFCTKGU HTQO UQWVJGTP 7PKVGF 5VCVGU KP VJG PQTVJ VQ VJG %CTKDDGCP
TGIKQPTGCEJKPICUHCTUQWVJCU8GPG\WGNC&WGVQVJGRCNGQDKQIGQITCRJKEFKUVTKDWVKQP
CPFCEEQTFKPIYKVJ#NGPE¶UVGTVJKUCTGCUJQWNFDGECNNGFVJG/GZKECP2TQXKPEG
(+)74' /GZKECP VGTTKVQT[ FWTKPI #NDKCP%GPQOCPKCP VKOGU O[ CIQ #HVGT #NGPE¶UVGT

47&+5651(/':+%1
&WTKPIOKFFNG%GPQOCPKCPCPFDGECWUGQHKPVGPUGXQNECPKECEVKXKV[DQVJ#NDKCP
CPFGCTN[%GPQOCPKCPTWFKUVUFKUCRRGCTGF5QQPCHVGTPGYURGEKGUQHTWFKUVUCRRGCTGF
5QOGO[CIQFWTKPI6WTQPKCPVJGUGCTGVTGCVGFHTQORCTVQHVJG/GZKECPVGTTKVQT[
NGCXKPICYKFGHTKPIGQHNCPFCDQXGVJGUGCNGXGNVQVJGYGUVVJKURCTVQHVJGVGTTKVQT[YCU
GNGXCVGFD[HQNFKPICPFNCTIGXQNWOGUQHKPVTWUKXGKIPGQWUTQEMU6JGVGEVQPKECEVKXKV[
YCUVJGUVCTVKPIRQKPVQHVJGGNGXCVKQPQHVJG5KGTTC/CFTG1EEKFGPVCNYJKEJD[KVURQU
VGTKQTGTQUKQPRTQFWEGFITGCVCOQWPVUQHVGTTKIGPQWUFGRQUKVUCPFCNQPIYKVJXQNECPKE
TQEMUFKURNCEGFVJGUGCRTQITGUUKXGN[HTQOYGUVVQGCUV/QTGQXGTVJGEQPVKPWQWUTG
ITGUUKQPQHVJGUGCCNUQYCUEQPVTQNNGFD[VJGEQQNKPIQHVJGENKOCVGCPFVJGGOGTIGPEG
QHRQNCTTGIKQPUYJKEJECRVWTGFYCVGTCURGTOCPGPVKEG (KI 6JGTGITGUUKQPQHVJG
UGCYCUUNQYDWVEQPVKPWQWUFWTKPIWRRGT%TGVCEGQWUWRWPVKNVJGGPFQHVJG6GTVKCT[
YJGPVJGGPVKTGEQPVKPGPVYCUGZRQUGFCUUGGPVQFC[
9JGPEQORCTGFVQHQUUKNTWFKUVUKPQNFGTFGRQUKVU6WTQPKCPTWFKUVUCTGUECTEG6JG
HCOKN[4CFKQNKVKFCGFQOKPCVGUCPFVJGKTIGPGTCCTGCDWPFCPV#NUQFWTKPIVJG6WTQPKCP
VJG NCUV ITQWR QH TWFKUVU VJG *KRRWTKVKFCG CRRGCTU $QVJ ITQWRU JCF NCTIG UJGNNU CPF
VJKEMYCNNUXGTVKECNITQYVJNCTIGE[NKPFTKECNCVVCEJGFXCNXGUCPFCTGFWEGFWRRGTXCNXG
QRGTEWNCT
(TQO %QPKCEKCP VQ %CORCPKCP O[ CIQ VJGTG CTG PQ NQPIGT NCTIG TWFKUV
DCPMUQTTGGHUVJGTGCTGQPN[KUQNCVGFRCVEJGUYKVJURCTUGKPFKXKFWCNU#VVJGGPFQHVJG
%TGVCEGQWU %CORCPKCP/CCUVTKVEJKCPO[CIQ VJGUGCQEEWRKGFCNQPIHTKPIG
QHVJG/GZKECP)WNHYJKEJGZVGPFGFPQTVJVQVJG%QCJWKNCTGIKQPVQVJGUQWVJWRVQ
PQTVJGCUV)WGTTGTQCPFVQVJGUQWVJGCUVVQVJG2GPKPUWNCQH;WECV¶P (KI
(+)74'/GZKECPVGTTKVQT[KPVJG6WTQPKCPUVCIG O[CIQ #HVGT#NGPE¶UVGT

)#4% #$#44'4#
6JG%¶TFGPCUNQECNKV[KP5CP.WKU2QVQUÈKUCUGRVGPVTKQPCNCTGCYKVJCPCDWPFCPV
CPFYGNNRTGUGTXGFTWFKUVUHCWPC $ÑUG/[GTU 6JG%¶TFGPCUNQECNKV[
KUVJGUGEQPFOQUVKORQTVCPV/CCUVTKEJVKCPNQECNKV[CHVGTVJG%GPVTCN%JKCRCUTGIKQP
+PDGVYGGPVJGVYQCTGCUVJGTGCTGUQOGHQUUKNQWVETQRUEQPVCKPKPIEQOOQPURGEKGU
QHTWFKUVUYJKEJKPFKECVGVJGEQPVKPWKV[QHVJGRNCVHQTOHTQO%¶TFGPCUVQ%JKCRCU
RCUUKPIVJTQWIJUQWVJGTP5CP.WKU2QVQUÈ6COCWNKRCU 5VGRJGPUQP UQWVJGTP
8GTCETW\CPF6CDCUEQ ;QWPI (KI
4WFKUVUHTQO5QWVJGTP/GZKEQ
1PG QH VJG OQUV UVWFKGF CTGCU KP UQWVJGTP /GZKEQ KU VJG *WGVCOQ TGIKQP KP
/KEJQCE¶PCPF)WGTTGTQ6JGCTGCUKVWCVGFVQVJGUQWVJYGUVGTPRCTVQH/GZKEQCPF
VQ VJG UQWVJ QH VJG /GZKECP XQNECPKE DGNV KU EQPUKFGTGF VQ DG YKVJKP VJG )WGTTGTQ
6GTTCKP %CORCCPF%QPG[ 6JKUVGEVQPQUVTCVKITCRJKEWPKVKUEJCTCEVGTK\GFD[
OCIOCVKEXQNECPKENCUVKECPFUGFKOGPVCT[TQEMUV[RKECNQHKUNCPFCTEU6JG)WGTTGTQ
6GTTCKP YCU UWDFKXKFGF KPVQ VJG *WGVCOQ +ZVCRC<KJWCVCPGLQ CPF 6GNQNQCRCP UWD
6GTTCKPU %CORCCPF%QPG[ $QVJVJGGCUVGTPCPFYGUVGTPRCTVQH*WGVCOQ
TGIKQPCTGKPVJG*WGVCOQUWD6GTTCKP6JGUVTCVKITCRJKE/GUQ\QKEUGSWGPEGCPFKVU
IGQNQIKECNWPKVUYGTGUVWFKGFHQTVJGſTUV VKOG D[ 2CPVQLC#NQT KP YJQ FKXKFGF
VJGUVTCVKITCRJKEEQNWOPCUHQNNQYUCVVJGDCUGKUVJG#PICQ(QTOCVKQP .CVG,WTCUUKE
(+)74'/GZKEQCVVJGGPFQHVJG%TGVCEGQWUO[CIQ#HVGT#NGPE¶UVGT
47&+5651(/':+%1
5CP.WECU(QTOCVKQPEQPVCKPKPIUVTCVCHTQO*CWVGTKXKCPVQ#RVKCP/QTGNQU(QTOCVKQP
QH#NDKCPCIGCPF/CN2CUQ(QTOCVKQPHTQO%GPQOCPKCPVQ6WTQPKCP0GXGTVJGNGUU
OQTG TGEGPV UVWFKGU ECTTKGF QWV D[ 2CPVQLC#NQT QHHGTGF PGY
FCVC CDQWV HQUUKN CUUGODNCIGU UWD FKXKUKQP QH VJG GZVCPV IGQNQIKE HQTOCVKQPU CPF
FGUETKRVKQPQHPGYNKVJQNQIKECNWPKVUCPFHQTOCVKQPU2CNGQPVQNQIKECNUVWFKGUHQEWUGF
QPOCTKPGKPXGTVGDTCVGUKPENWFKPITWFKUVUYGTGſTUV FQPG D[ #NGPE¶UVGT CPF 2CPVQLC
#NQT CPF D[ )CTEÈC$CTTGTC 4GEGPV EQPVTKDWVKQPU QP
RCNGQPVQIKECNCURGEVUQHTWFKUVUECPDGHQWPFKP2CPVQLC#NQT2CPVQLC#NQTCPF
5MGNVQP(KNMQTP
#VRTGUGPVVJGUGSWGPEGQH/GUQ\QKETQEMUKP*WGVCOQTGIKQPJCUDGGPFKXKFGF
D[2CPVQLC#NQT KPVQVYQCTGCUGCUV*WGVCOQCPFYGUV*WGVCOQ9KVJKPVJG
'CUVGTPTGIKQPVJGUVTCVKITCRJKEUGSWGPEGKPENWFGUVJG#PICQ(QTOCVKQP5CP.WECU
(QTOCVKQP'N%CLÎP(QTOCVKQP/CN2CUQ(QTOCVKQPCPF%WV\COCNC(QTOCVKQP
#VVJGDCUGVJG#PICQ(QTOCVKQPKUEQPUKFGTGFCƀ[UEJ VWTDKFKVKE FKUVCN UGSWGPEG
%QPHQTOCDN[QXGTN[KPIVJG,WTCUUKEUGFKOGPVUCTGVJGUVTCVCQH5CP.WECUCPVKENKPG
YJKEJKUCƀ[UEJ UGSWGPEG EQPVCKPKPI UJCNG UCPFUVQPG CPF EQPINQOGTCVG VWTDKFKVKE
VJCVEQTTGURQPFUVQ5CP.WECU(QTOCVKQP 8CNCPIKPKCP$CTTGOKCP#RVKCP
6JG 5CP .WECU (QTOCVKQP YCU FKXKFGF KPVQ VYQ OGODGTU VJG NQYGT 6GTTGTQ
2TKGVQ OGODGT CPF VJG WRRGT .CU (TCIWCU OGODGT 6JG 6GTTGTQ 2TKGVQ OGODGT
EQPUKUVUQHUJCNGECNECTGQWUUCPFUVQPGCPFEQPINQOGTCVGUYJKEJEQPVCKPTWFKUVUDCPMU
CVVJGWRRGTRCTVQHVJGUGSWGPEGCPF7RRGT8CNCPIKPKCPCPF$CTTGOKCPCOOQPQKFU
)ÎOG\ .WPC GV CN CPF NQYGT $CTTGOKCP COOQPQKFU )QP\¶NG\#TTGQNC GV
CN 6JG.CU(TCIWCUOGODGTKUCNOQUVOGVGTUVJKEMEQPUKUVKPIQHUJCNG
HGNFGURCVJKEECNECTGQWUUCPFUVQPGOWFUVQPGCPFCTIKNNKVG&QOKPCVKPIVJGUGSWGPEG
VJGTG CTG XQNECPKENCUVKE UGFKOGPVU VJCV EQPVCKP CDWPFCPV CPF FKXGTUG DTCEJKQRQFU
ICUVTQRQFUGEJKPQKFUCPFCOOQPQKFUQH#RVKCPCIG 5QWT6QXCTCPF)CTEÈC$CTTGTC

6JG NCVG #RVKCP 'N %CLÎP (QTOCVKQP EQPHQTOCDN[ QXGTNKGU VJG 5CP .WECU
(QTOCVKQP 6JG 'N %CLÎP (QTOCVKQP EQPUKUVU QH C VJKEM NKOGUVQPG UVTCVC DKQIGPKE
KPVGTDGFFGFYKVJEQSWKPCEQORQUGFQH1TDKVQNKPCCPFCTIKNNCEGQWUUGFKOGPVU6JG
GZRQUGF TQEMU TGRTGUGPV NCIQQPCN HCEKGU QH C UJCNNQY RNCVHQTO FGXGNQRGF COQPI
TWFKUVUDCPMUCPFQUVTGKFUKPCPKPVGTVKFCN\QPG
5VTCVCQHVJG/CN2CUQ(QTOCVKQPQXGTNC[YKVJCUNKIJVCPIWNCTWPEQPHQTOKV[
VJGUVTCVCQH'N%CLÎP(QTOCVKQP6JG'N%CLÎP(QTOCVKQPKUCENCUVKEOCTKPGUGSWGPEG
EQPUKUVKPI QH UJCNG UCPFUVQPG OCTN NKOGUVQPG CPF KPVGTDGFFGF EQPINQOGTCVG 6JG
/CN2CUQ(QTOCVKQPKUDGVYGGPOGVGTUVJKEM6JG/CN2CUQ(QTOCVKQPKU
EQPUKFGTGFOCKPN[#NDKCPJQYGXGTVJGWRRGTRQTVKQPOC[JCXG%GPQOCPKCPUVTCVC
6JG/CN2CUQ(QTOCVKQPKUFKXKFGFKPVQVYQOGODGTUVJGNQYGT ENCUVKE OGODGT
TGRTGUGPVU FGNVCKE HCEKGU YJGTGCU VJG WRRGT OGODGT YJKEJ KU OCKPN[ ECNECTGQWU
TGRTGUGPVU NCEWPCT GPXKTQPOGPVU 6JG WRRGT OGODGT KU OQTG HQUUKNKHGTQWU VJCP VJG
NQYGTYKVJCITGCVSWCPVKV[CPFXCTKGV[QHTWFKUVURGEKGU 6CDNG VJGNQYGTOGODGT
EQPVCKPUKPXGTVGDTCVGTGOCKPUCPFTWFKUVDCPMU )CTEÈC$CTTGTC
)#4% #$#44'4#
5VTCVCQHVJG/CN2CUQ(QTOCVKQPQXGTNC[YKVJCUNKIJVCPIWNCTWPEQPHQTOKV[VJG
%WV\COCNC(QTOCVKQPRTQRQUGFD[%CORC 6JKUWPKVKUEQORQUGFD[CTIKNNKVG
OWFUVQPGUCPFUVQPGCPFCDWPFCPVEQPINQOGTCVG6JG%WV\COCNC(QTOCVKQPTGRTGUGPVU
FKUVCNFGNVCKEGPXKTQPOGPVUƀWXKCN EQPVKPGPVCN CPF CNNWXKCN FGRQUKVU 2QN[OKEVKE CPF
QNKIQOKEVKEEQPINQOGTCVGUCTGEQORQUGFOCKPN[QHNKOGUVQPGHTCIOGPVUHTQOQNFGT
/GUQ\QKEHQTOCVKQPU
#V VJG YGUVGTP RQTVKQP QH VJG *WGVCOQ TGIKQP VJG UGSWGPEG FGUETKDGF D[
2CPVQLC#NQTKPENWFGVJG<KT¶PFCTQCPF%WODWTKPFKQHQTOCVKQPU
6JG WRRGT ,WTCUUKE.QYGT %TGVCEGQWU UVTCVC KP *WGVCOQ CTG KPENWFGF KP VJG
<KT¶PFCTQ CPF %WODWTKPFKQ (QTOCVKQPU 6JG <KT¶PFCTQ (QTOCVKQP YCU RTQRQUGF
D[2CPVQLC#NQT HQTVJGNQYGUVNKVJQUVTCVKITCRJKEWPKVOCRRGFKPCPFCTQWPF
VJGVQYPQH<KTCPFCTQNQECVGFMOUQWVJQHVJGVQYPQH6WTKV\KQ6JG<KT¶PFCTQ
(QTOCVKQP KU EQORQUGF QH C VJKEM UWEEGUUKQP QH OCTKPG EQPINQOGTCVKE TGF DGFU
ECNECTGQWU UKNVUVQPG UCPFUVQPG CPF NKOGUVQPG KPVGTECNCVGF D[ CPFGUKVKEFCEKVKE
NCXC ƀQYU DTGEEKC CPF VWHH 6JG UWEEGUUKQP KU KPVGTRTGVGF CU OCTKPG FGNVCKE ENCUVKE
UGFKOGPVUYKVJUQOGƀ[UEJNKMG HCEKGU FGRQUKVGF KP C UOCNN UWDUKFKPI UJGNH CHHGEVGF
D[XQNECPKEGXGPVU'CUVYCTFUVJKUWPKVITCFWCNN[RCUUGUKPVQFKUVCNƀ[UEJ VWTDKFKVKE
6#$.'4WFKUVURGEKGUHQWPFCV*WGVCOQTGIKQP
47&+5651(/':+%1
CPFFGGRYCVGTDCUKPFGRQUKVUQHVJGWRRGT,WTCUUKE#PICQ(QTOCVKQP 2CPVQLC#NQT

6JG %WODWTKPFKQ (QTOCVKQP YCU RTQRQUGF CNUQ D[ 2CPVQLC#NQT KP HQT
C $CTTGOKCP!#RVKCP UWEEGUUKQP OQTG VJCP O VJKEM EQORQUGF QH UCPFUVQPG
CTIKNNCEGQWUUKNVUVQPGCPFDKQUVTQOKETWFKUVNKOGUVQPG6JGUWEEGUUKQPRTQITGUUKXGN[
EJCPIGUVQFGNVCHCEKGUEQORQUGFQHTGFUJCNGUKNVUVQPGUCPFUVQPGEQPINQOGTCVGCPF
XQNECPKEDTGEEKCYKVJKPVGTDGFFGFNCXCƀQYU CPF VWHH QH CPFGUKVKEFCEKVKE EQORQUKVKQP
#EEQTFKPI VQ 2CPVQLC#NQT VJG %WODWTKPFKQ (QTOCVKQP ECP DG UWDFKXKFGF
KPVQ VYQ OGODGTU C NQYGT ECNECTGQWUUCPF[ HGNFGURCVJKE OGODGT YJKEJ KU XGT[
HQUUKNKHGTQWUJCXKPICVNGCUVHQWTTWFKUVDKQUVTQOGUCPFCPWRRGTFGNVCKEXQNECPKENCUVKE
CPFRTQITCFKPIOGODGTOCFGQHTGFDGFUYKVJENC[UVQPGUKNVUVQPGUCPFUVQPG
EQPINQOGTCVG CPF KPVGTECNCVKQPU QH XQNECPKE ƀQYU DTGEEKC CPF VWHH QH CPFGUKVKE VQ
TJ[QNKVKEEQORQUKVKQP6JGDCUGQHVJGNQYGTECNECTGQWUUCPF[HGNFGURCVJKEOGODGT
QHVJG%WODWTKPFKQ(QTOCVKQPEQPUKUVUQHVQOQHſPG EQPINQOGTCVG OCTN CPF
NKOGUVQPGYJKEJWPEQPHQTOCDN[QXGTNC[VJGXQNECPKENCUVKENCXCƀQYU ITGGP VWHH CPF
TGFFKUJNKOGUVQPGQHVJG<KT¶PFCTQ(QTOCVKQP
4WFKUVUHTQO%GPVTCN/GZKEQ
9KVJKP EGPVTCN /GZKEQ VJG 'N #DTC (QTOCVKQP QH 3WGTÃVCTQ 5VCVG JCU CP
GZVTCQTFKPCT[HQUUKNKHGTQWUNQECNKV[ECNNGF'N/CFTQÌQYJGTGGZEGNNGPVRTGUGTXCVKQP
QHVJGKPXGTVGDTCVGHCWPCGZKUVUKPENWFKPITWFKUVURGEKGUGURGEKCNN[ECRTKPKFU -GNNWO
$QPGV 6CDNG 6JGQWVETQRUQH'N/CFTQÌQCTGNQECVGFQPDQVJ
6#$.'4WFKUVURGEKGUHQWPFCV'N/CFTQÌQ4GIKQP
)#4% #$#44'4#
UKFGUQHHGFGTCNTQCFDGVYGGP3WGTÃVCTQEKV[CPF:KNKVNC5CP.WKU2QVQUÈ )W\\[
'N/CFTQÌQKUCNUQMPQYPCU.CIWPC%QNQTCFC 4GF.CIQQPKP'PINKUJ
$CUGF WRQP VJG HQUUKN CUUGODNCIG QH HQTCOKPKHGTU CPF TWFKUVU VJG 'N #DTC
(QTOCVKQPKUIGPGTCNN[EQPUKFGTGF/KFFNG#NDKCP%GPQOCPKCP 'PQU *QYGXGT
RQTVKQPUQHVJG'N#DTC(QTOCVKQPCTGEQPUKFGTGF#NDKCP6WTQPKCP #IWC[Q
CPF GXGP $CTTGOKCP%QPKCEKCP 5WVGT 5QOG CWVJQTU KPENWFG 'N /CFTQÌQ
TGIKQPYKVJKPCUVTCVKITCRJKEWPKVECNNGF'N&QEVQT(QTOCVKQP 9KNUQPGVCN
6JGNKVJQNQI[CPFHCWPCNEQPVGPVQH'N#DTCCPF'N&QEVQTHQTOCVKQPUCTGXGT[UKOKNCT
CPF UQOG TGUGCTEJGU CTG WUKPI DQVJ PCOGU DCUGF QP IGQITCRJKE RQUKVKQPKPI QH VJG
HQTOCVKQPU#OQPIOQUVIGQNQIKUVUCPFRCNGQPVQNQIKUVUKVKUCEEGRVGFVJCVDQVJPCOGU
TGRTGUGPVVJGUCOGWPKV'N&QEVQTUJQWNFDGUWRRTGUUGFCU'N#DTCKUVJGQNFGTPCOG
%CTTCUEQ 'N#DTC(QTOCVKQPKPENWFGUVJG6CPKPWNHCEKGUCPF'N#DTCHCEKGU
6JGſTUV EQTTGURQPFU VQ VJG TGGHCN ECTDQPCVGF GPXKTQPOGPV FGXGNQRGF CV VJG OCTIKP QH
VJGNCTIG8CNNGU5CP.WKU2QVQUÈ2NCVHQTOCPFVJGUGEQPFVQVJGNCIQQPCNQTDCEMTGGH
GPXKTQPOGPV $QPGV#IWC[Q
6JGCIGQH'N/CFTQÌQFGRQUKVUYCUEQPUKFGTGFNCVG#NDKCPGCTN[%GPQOCPKCP
#NGPE¶UVGT CPF #IWKNCT2ÃTG\ DWV EQPUKFGTKPI VJG URGEKGU QH TWFKUVU CPF
HQTCOKPKTGTU HQWPF VJGTGKP VJG CIG UJQWNF DG TGUVTKEVGF VQ NCVG #NDKCP #NGPE¶UVGT
#NGPE¶UVGTCPF1XKGFQ)CTEÈC
4GEGPVRCNGQPVQNQIKECNRWDNKECVKQPU #IWKNCT2ÃTG\CPF2KEJCTFQ$CTTÎP
2KEJCTFQ$CTTÎP CPF #IWKNCT2ÃTG\ #NGPE¶UVGT CPF 2KEJCTFQ$CTTÎP
JCXGEQPVTKDWVGFVQVJGTWFKUVUURGEKGUMPQYPHTQOVJG'N/CFTQÌQFGRQUKVU
4WFKUVUHTQO0QTVJ%GPVTCN/GZKEQ
6Q VJG PQTVJ /GZKEQ CNUQ JCU IQQF GZRQUWTGU QH 7RRGT %TGVCEGQWU TQEMU
EQPVCKPKPI C FKXGTUG CPF XGT[ YGNN RTGUGTXGF KPXGTVGDTCVG OCTKPG HCWPC KPENWFKPI
TWFKUVU#UCPGZCORNGYGYKNNVCMGCNQQMCVVJG%¶TFGPCU(QTOCVKQPCPFKVUTWFKUV
HCWPC #NGPE¶UVGTGVCN5EJCHJCWUGTGVCN 6CDNG +PCFFKVKQPQVJGT
6#$.'4WFKUVURGEKGUHQWPFCV%¶TFGPCU4GIKQP
(QTOCVKQP5RGEKGU .QECNKV[
%¶TFGPCU %QTCNNKQEJCOCIDQGJOK$ÑUG #TTQ[Q#VCTLGC

*KRRWTKVGUOWGNNGTTKGFK 8GTOWPV
*KRRWTKVGURGTMKPUK/[GTU
*KRRWTKVGUEGKDCTWO/WGNNGTTKGF
$KTCFKQNKVGUCIWKNGTCG$ÑUG
$KTCFKQNKVGUECTFGPCUGPUKU$ÑUG
6CORUKCUR
6CORUKCƀQTKHQTOKU/[GTU
6CORUKCRQEWNKHQTOKU/[GTU
&WTCPKCQLCPEJCNGPUKU/[GTU
2TCGDCTTGVVKCUR
$KTCFKQNKVGUTWFKUUKOWU6TGEJOCPP
47&+5651(/':+%1
NQECNKVKGUUWEJCU%JCTEQ$NCPEQ)WCFCNEC\CT.NCPQUFGN%CTOGPCPF5CPVC+UCDGN
YKNNDGOGPVKQPGF 5KGTTCFGNC4WFC
6JG%¶TFGPCU(QTOCVKQPETQRUQWVKP5CP.WKU2QVQUÈKPPQTVJEGPVTCN/GZKEQ
PGCTVJGVQYPQH%¶TFGPCUUQOGMOGCUVQH5CP.WKU2QVQUÈ%KV[6JGVQYPQH
%¶TFGPCUKUQPVJGYGUVGTPNKODQHCPCU[OOGVTKEU[PENKPGQHWRRGT%TGVCEGQWUTQEMU
OCKPN[QH/CCUVTKEJVKCPCIG'CUVQHVJGU[PENKPGKUVJGGCUVGTPUNQRGQHVJG5KGTTC
/CFTG1TKGPVCNYJKEJEQPUKUVUQHOKFFNG%TGVCEGQWUNKOGUVQPGCPFVJG6COCUQRQ
5CP(GNKRGCPF'N#DTC(QTOCVKQPU9GUVQH%¶TFGPCUVJGTGCTGCPVKENKPCNJKNNUQH
/KFFNG %TGVCEGQWU NKOGUVQPG UGRCTCVGF D[ %GPQ\QKE CNNWXKWO 5EJCHJCWUGT GV CN

#EEQTFKPIVQ/[GTU VJG%¶TFGPCU(QTOCVKQPKUCXGT[HQUUKNKHGTQWUWPKV
OQTG VJCP OGVGTU VJKEM EQORQUGF QH UGFKOGPVCT[ TQEMU VJCV ETQR QWV KP CP
CU[OOGVTKECN U[PENKPG QH VJG 5KGTTC /CFTG 1TKGPVCN 6JG %¶TFGPCU (QTOCVKQP YCU
QTKIKPCNN[FKXKFGFKPVQVJTGGOGODGTUVJGNQYGTOGODGTEQPUKUVUQHOGVGTVJKEM
UGSWGPEGEQORQUGFQHCNVGTPCVKPIUJCNGUCPFUVQPGCPFDKQURCTKVGVJGOKFFNGOGODGT
EQPUKUVUQHOQHUJCNGCPFUKNVUVQPGVJGWRRGTOGODGTEQPUKUVUQHOQHVJKEM
UKNVUVQPG UCPFUVQPG CPF DKQURCTWFKVG 6JG %¶TFGPCU (QTOCVKQP KU WPEQPHQTOCDN[
QXGTNCKP D[ WPHQUUKNKHGTQWU UKNVUVQPG UCPFUVQPG CPF EQPINQOGTCVG QH VJG 6CDCEQ
(QTOCVKQP.CVGTCNN[VJGUGFKOGPVCT[TQEMUQHVJG%¶TFGPCU(QTOCVKQPRCUUKPVQVJG
OCTNUQHVJG/ÃPFG\(QTOCVKQPYJKEJKUGSWKXCNGPVDWVFGRQUKVGFKPCFGGRGTYCVGT
GPXKTQPOGPV VJCP VJG %¶TFGPCU (QTOCVKQP 6JG %¶TFGPCU (QTOCVKQP EQPHQTOCDN[
QXGTNKGUVJGWRRGTOQUVNKOGUVQPGWPKVUQHVJG6COCUQRQ(QTOCVKQP %GPQOCPKCPVQ
5CPVQPKCPCIG YJKEJKURCTVQHVJG8CNNGU5CP.WKU2QVQUÈRNCVHQTO
5QOGQVJGTKORQTVCPVHQUUKNKHGTQWUNQECNKVKGUKP5CP.WKU2QVQUÈKUVJGOCKPN[#NDKCP
5CPVC+UCDGNNQECVGFCV5KGTTCFGNC4WFC PQTVJGCUV YJGTGVJGTGCTG%QCNEQOCPCUR
%CRTKPWNQKFGCUR-KODNGKCURCPFQVJGTURGEKGU6WTQPKCPJKRRWTKVKFUECPDGHQWPF
CV.NCPQUFGN%¶TOGP PQTVJYGUV YJGTGVJGTGCTG*KRRWTKVGUUR8CEEKPKVGUURCPF
TCFKQNKVKFUNKMG'QTCFKQNKVGUUR&WTCPKCUR
6YQGZEGNNGPVNQECNKVKGU%JCTEQ$NCPEQCPF)WCFCNEC\CTCTGUKVWCVGFMOPQTVJ
QH5CP.WKU2QVQUÈQPDQVJUKFGUQHVJGTQCFVQ/CVGJWCNCYJGTGVJGTGCTGCDWPFCPV
7RRGT %TGVCEGQWU TWFKUVU UWEJ CU &WTCPKC QLCPEJCNGPUKU $KTCFKQNKVGU TWFKUUKOWU
8CEEKPKVGUXGTOWPVKCPFQVJGTURGEKGUKPENWFKPIRTQDCDNGPGYIGPGTC
4WFKUVUHTQO%JKCRCU5'/GZKEQ
4WFKUVU HTQO #NDKCP CPF %GPQOCPKCP UVCIGU CTG HQWPF KP VJG 5KGTTC /CFTG
(QTOCVKQPYJKEJKUGZRQUGFKPCNOQUVCVJKTFQH%JKCRCU+VGZVGPFUHTQO0'6WZVNC
)WVKÃTTG\EKV[VQ)WCVGOCNCTGCEJKPIOQTGVJCPOGVGTUVJKEMPGUU6JG5KGTTC
/CFTG(QTOCVKQPEQPUKUVUQHDQVJKPPGTCPFQWVGTUJGNHFGRQUKVU6JGWPKVQHNKOGUVQPG
YJGTGTWFKUVUCTGHQWPFYCUFGUETKDGFHQTVJGſTUV VKOG D[ 5CRRGT 6JG UCOG
NKOGUVQPGWPKVYCUPCOGFD[$ÑUG CUő%TGVCEGQWUNKOGUVQPGYKVJ4WFKUVUŒ
8GT[KORQTVCPVNQECNKVKGUEQPVCKPKPITWFKUVUHTQO#NDKCPCPF%GPQOCPKCPUVCIGUCTG
)#4% #$#44'4#
HQWPFCV%KPVCNCRC1EQ\QEQCWVNC$GTTKQ\CDCN'N%Q[QN8GPWUVKCPQ%CTTCP\C.C
%QPEQTFKCCPF%QOKV¶P #NGPE¶UVGT5VGGNG9CKVG 6CDNG
7RRGT%TGVCEGQWUUVTCVCCTGGZRQUGFCVCNQYVQRQITCRJKETGIKQPECNNGF%GPVTCN
&GRTGUUKQP KP %JKCRCU YJKEJ GZVGPFU VJTQWIJQWV VJG 5VCVG HTQO 095' CPF CNUQ
YKVJKPVJGJKIJNCPFUQH%JKCRCU /×NNGTTKGF /QUVQHVJGHQUUKNKHGTQWUUVTCVC
CTG CUUKIPGF VQ VJG #PIQUVWTC (QTOCVKQP 5¶PEJG\/QPVGU FG 1EC 4WFKUVU
EQOGHTQOVJKUWPKVYJKEJKU7RRGT%CORCPKCP/CCUVTKEJVKCPCIG6JGV[RGNQECNKV[
KU5'HTQO6WZVNC)WVKÃTTG\EKV[CTQWPF2TGUC#PIQUVWTCYJGTGFGRQUKVUTGCEJ
OGVGTUEQPUKUVKPIOCKPN[QHOKETKVGDKQOKETKVGCPFDKQURCVKVGCPFEQPVCKPKPINCTIG
SWCPVKVKGU QH HQTCOKPKHGTC ICUVTQRQFU GEJKPQFGTOU EQTCNU ECNECTGQWU CNICG CPF
TWFKUVU
6#$.'4WFKUVURGEKGUHQWPFKP%JKCRCU5'/GZKEQ
(QTOCVKQP5RGEKGU .QECNKV[
5KGTTC/CFTG 4CFKQNKVGUUR 1EQ\QEQCWVNC

5CWXCIGUKC%JQHHCV %KPVCNCRC
6QWECUKC/WPKGT%JCNOCU
4GSWKGPKCUR
%QCNEQOCPC*CTTKU*QFUQP
%CRTKPWNQKFGC2CNOGT
-KODNGKC%QQICP
6GZKECRTKPC%QQICP
#PIQUVWTC 2NCIKQRV[EJWULCOCKEGPUKU 9JKVſGNF 6WZVNC$GTTKQ\CDCN

2NCIKQRV[EJWUOWGNNGTTKGFK#NGPE¶UVGT 1EQ\QEQCWVNC
2NCIKQRV[EJWUCICTKEKHQTOKU#NGPE¶UVGT
6KVCPQUCTEQNKVGUIKICPVGWU 9JKVſGNF
6KVCPQUCTEQNKVGUOCEIKNNCXT[K#NGPE¶UVGT
$KTCFKQNKVGUECPEGNNCVWU 9JKVſGNF
$KTCFKQNKVGUTWFKUUKOWU6TGEJOCPP
$QWTPQPKCECTFGPCUGPUKU $ÑUG
6JKTCUV[NQPEJWDD[#NGPE¶UVGT
&WTCPKCPKEJQNCUK 9JKVſGNF
&WTCPKCQLCPEJCNGPUKU/[GTU
5CWXCIGUKCOCETQRNKECVC 9JKVſGNF
6CORUKCƀQTKHQTOKU/[GTU
$CTTGVVKCOQPKNKHGTC9QQFYCTF
$CTTGVVKCOWNVKNKTCVC9JKVſGNF
$CTTGVVKCIKICU%JWDD
2TCGDCTTGVVKCURCTEKNKTCVC 9JKVſGNF
%JKCRCUGNNCTCFKQNKVKHQTOKU 6TGEJOCPP
%QTCNNKQEJCOCUR
/KVTQECRTKPCUR
#PVKNNQECRTKPCVTKNQDCVC)CTEÈC$CTTGTC
GVCN
8CEEKPKVGUKPCGSWKEQUVCVWUXGTOWPVK/CE)KNNCXT[
2CTCUVTQOCUR
47&+5651(/':+%1
#VVJGGPFQH%TGVCEGQWUTWFKUVUYGTGOQTGFKXGTUGVJCPKPCP[QVJGTIGQNQIKE
CIG &WTKPI %CORCPKCP CPF /CCUVTKEJVKCP TWFKUVU TGCEJGF VJGKT OCZKOWO PWODGT
QHIGPGTCCPFURGEKGUEQPUKUVKPIOCKPN[QHECRTKPKFUTCFKQNKVKFUCPFJKRRWTKVKFU+P
CFFKVKQPVJGTGCTGUGXGTCNIGPGTCYJQUGEQORNKECVGFUVTWEVWTGFQPQVCNNQYCUUKIPOGPV
VQCP[TGEQIPK\GFTWFKUVUHCOKNKGUCVVJKUVKOG
7RRGT%TGVCEGQWUTWFKUVUHTQO%JKCRCUDGNQPIVQCWPKSWGHCWPCDGECWUGOQUV
QHVJGVCZCUVWFKGFCTGGPFGOKECPFCNUQDGECWUGVJGKTRQRWNCVKQPUFGXGNQRGFYKVJKP
CRCNGQDKQIGQITCRJKEUWDRTQXKPEGYJKEJYCUFGUKIPCVGFVJG#PVKNNGCPUWDRTQXKPEG
D[ -CWHHOCP 6JKU TGIKQP EQORTKUGU VJG PQTVJGTP RCTV QH 5QWVJ #OGTKEC
%GPVTCN#OGTKEC%WDC,COCKEC2WGTVQ4KEQCNNQHVJG%CTKDDGCPKUNCPFUUQWVJGTP
/GZKEQCPFPQTVJEGPVTCN/GZKEQ %¶TFGPCUTGIKQP KPYJKEJVJGTGCTGOCP[EQOOQP
TWFKUVU URGEKGU YKVJ %JKCRCU #NVJQWIJ VJGTG CTG UQOG FKHHGTGPV URGEKGU YKVJKP VJG
CUUQEKCVKQPCUCYJQNGOCP[EQPUKFGTKVCUVJGOQUVUGRVGPVTKQPCNRCTVQHVJG#PVKNNGCP
UWDRTQXKPEG )CTEÈC$CTTGTCGVCN
2TQXKPEKCNKUOCNUQVQQMRNCEGKPQVJGTTGIKQPUYKVJKPVJG6GVJ[U4GCNOYJGTG
GPFGOKEHCWPCUFGXGNQRGFUWEJCUYGUVGTPCPFEGPVTCN'WTQRGGCUVGTP#HTKECCPFVJG
/KFFNG'CUV#UKP%JKCRCUVJGQVJGTVGVJ[UGPFGOKETWFKUVHCWPCUYGTGEQORNGZCPF
TGCEJGFNCTIGUK\GU#OQPIVJGNCTIGUVQTICPKUOUCTG6KVCPQUCTEQNKVGUYJKEJTGCEJGF
VYQOGVGTUNQPI$CTTGVVKCCPF2CTCUVTQOCEQWNFTGCEJWRVQEOKPFKCOGVGTCPF
EOJKIJCPF&WTCPKCPKEJQNCUKEQWNFTGCEJEOKPFKCOGVGT'PFGOKETWFKUVU
IGPGTC CTG TGRTGUGPVGF D[ $CTTGVVKC 2TCGDCTTGVVKC 6KVCPQUCTEQNKVGU %JKCRCUGNNC
6CORUKC6J[TCUV[NQPCPF#PVKNNQECRTKPC #NGPE¶UVGT
,WUVCUTWFKUVUTGCEJGFVJGKTITGCVGUVFKXGTUKV[CPFFGXGNQROGPVVJTQWIJQWVVJG
YQTNFVJG[SWKEMN[FGENKPGFCPFFKUCRRGCTGFD[VJGGPFQHVJG/CCUVTKEJVKCP4WFKUV
GZVKPEVKQP ECP DG GZRNCKPGF DGECWUG VJG[ YGTG RCTV QH C VTQRKECN HCWPC CFCRVGF VQ
XGT[URGEKCNGPXKTQPOGPVCNEQPFKVKQPUVJGTGHQTGVJG[EQWNFPQVGXQNXGVQVJGEJCPIGU
RTQFWEGFD[VGEVQPKUOXQNECPKUOCPFQEGCPKETGITGUUKQPUVJCVVQQMRNCEGCVVJGGPF
QHVJG/CCUVTKEJVKCPCPFEQPVKPWGFVJTQWIJGCTN[CPFOKFFNG%GPQ\QKEVKOGU
#PQVJGTRQUUKDNGGZRNCPCVKQPQHTWFKUVUGZVKPEVKQPKUVJCVVJGITQWRFKUCRRGCTGF
YJGPCOGVGQTKVGKORCEVGFVJG'CTVJO[CIQ 5VGWDGTGVCN
(KPCNN[ PQV QPN[ TWFKUVU FKUCRRGCTGF DWV OCP[ NCPF CPF OCTKPG HCWPCU CPF
ƀQTCU CNUQ YGPV GZVKPEV CV VJG GPF QH VJG /CCUVTKEJVKCP $GECWUG TWFKUVU FQ PQV JCXG
FGUEGPFCPVUVJGKTYC[QHNKHGRJ[UKQNQI[CPFVKUUWGUVTWEVWTGOWUVDGFGFWEGFHTQO
TGEGPV OQNNWUMU RCTVKEWNCTN[ DKXCNXGU (QTVWPCVGN[ VJG %TGVCEGQWU HQUUKN TGEQTF VJG
QRRQTVWPKV[VQUVWF[CPFKPVGTRTGVTWFKUVUCURCTVQHVJGNKXKPIURGEKGUVJCVRQRWNCVGF
VJGYQTNFCNOQUVOKNNKQP[GCTUCIQ
(KPCN%QOOGPVU
5VWFKGU QH /GZKECP TWFKUVU DGICP KP VJG PKPGVGGP EGPVWT[ 1PG QH VJG GCTNKGUV
HQTOCNRWDNKECVKQPUEQPEGTPKPITWFKUVUYCUYTKVVGPD[(GNKZKPCHVGTVJCVVJGTG
CTGOCP[RWDNKECVKQPUOCFGD[FKXGTUGCWVJQTU+P/GZKEQQPN[VYQTGUGCTEJGTUJCXG
)#4% #$#44'4#
FGFKECVGFGHHQTVUVQVJGUVWF[QHTWFKUVUVJGNCVG&T(GFGTKEQ-/×NNGTTKGF
YJQ FGUETKDGF OCP[ URGEKGU QH TWFKUVU HTQO UGXGTCN TGIKQPU QH VJG EQWPVT[
CPF&T)NQTKC#NGPE¶UVGTYJQKUUVKNNYQTMKPICPFRWDNKUJKPIKORQTVCPVRCRGTUQP
/GZKECPTWFKUVUHCWPC
6JG VYQ TGUGCTEJGTU OGPVKQPGF CDQXG JCXG OCFG GZVTGOGN[ XCNWCDNG
EQPVTKDWVKQPUVQ/GZKECP2CNGQPVQNQI[JQYGXGTPGYFKUEQXGTKGUQHTWFKUVUGORJCUK\G
VJGPGGFVQEQPVKPWGTWFKUVUUVWFKGU+VKUFKHſEWNV VQ TGRQTV JQY OCP[ TWFKUVU URGEKGU
CTGTGIKUVGTGFKP/GZKEQJQYGXGTVCMKPIKPVQCEEQWPVYJCVCRRGCTUKPVJGNKVGTCVWTG
VJGTGCTGCTQWPFIGPGTCCPFURGEKGUDWVCICKPYKVJQWVEQPUKFGTKPIU[PQP[OU
CHſPKUFQWDVHWNCUUKIPOGPVUXCTKGVKGUCPFQVJGTRTQDNGOCVKEVCZCVJGUGPWODGTUCTG
UQOGYJCVXCTKCDNG
4GHGTGPEGU
#IWC[Q'5GFKOGPVCT[GPXKTQPOGPVUCPFFKCIGPGUKUQHC%TGVCEGQWUTGGHEQORNGZGCUVGTP/GZKEQ
#P+PUV%KGP/CT.KOPQN70#/
#IWKNCT2ÃTG\CPF2KEJCTFQ$CTTÎP;.QU4WFKUVCUFGNC(QTOCEKÎP%WRKFQGPNC\QPCFGNEGTTQFG
.CDTCFQTGU/WPKEKRKQFG)CNGCPC0WGXQ.GÎP8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC.KDTQFG
TGUÕOGPGU(CEWNVCFFG%KGPEKCUFGNC6KGTTC7#0.CPF5QE/GZ2CNGQPVR
#NGPE¶UVGT ) 4WFKUVCU FGN %TGV¶EKEQ 5WRGTKQT FG %JKCRCU 70#/ +PUVKVWVQ FG )GQNQIÈC
2CNGQPVQNQIÈC/GZKECPC
#NGPE¶UVGT)&KUVTKDWEKÎPFGHCWPCUOCTKPCUFGNUWTFG/GZKEQ[FGN0QTVGFG#OÃTKEC%GPVTCN
FWTCPVGGN%TGV¶EKEQ70#/+PUVKVWVQFG)GQNQIÈCKP(GTTWUSWÈC8+ 'F %QPGZKQPGUVGTTGUVTGU
GPVTG0QTVG[5WFCOÃTKEC70#/+PUVKVWVQFG)GQNQIÈC
#NGPE¶UVGT)/QNWUEQUDGPVÎPKEQUFGNCOKVCFOGTKFKQPCNFG/GZKEQFWTCPVGGN%TGV¶EKEQ4GX
5QE/GZ2CNGQPVQN
#NGPE¶UVGT)/QNWUEQUGZVKPVQU 4WFKUVCU FGN%TGV¶EKEQFG%JKCRCU4GX+%#%*
#NGPE¶UVGT ) 0GY %CRTKPKF TWFKUV IGPGTC )W\\[GNNC CPF /WGNNGTTKGFKC $KXCNXKC*KRRWTKVCEGC
HTQOVJG#NDKCP %TGVCEGQWU QH%GPVTCN/GZKEQ4GX/GZ%KGP)GQN
#NGPE¶UVGT)CPF#IWKNCT2ÃTG\,,CNRCPKCSWGTGVCPCCPGYTWFKUV $KXCNXKC*KRRWTKVCEGC HTQO
VJG/KF%TGVCEGQWUQH%GPVTCN/GZKEQ4GX/GZ%KGP)GQN
#NGPE¶UVGT ) CPF 1XKGFQ)CTEÈC # 4GGZCOKPCVKQP QH VJG IGPGTC 6GZKECRTKPC %QQICP
/GZKECRTKPC%QQICPCPF-KODNGKC%QQICP%CRTKPKF4WFKUVUHTQOVJG#NDKCPQH%GPVTCN/GZKEQ
4GX5QE/GZ2CNGQPVQN
#NGPE¶UVGT ) CPF 2CPVQLC#NQT , 0GY 'CTN[ #RVKCP TWFKUVU $KXCNXKC*KRRWTKVCEGC HTQO VJG
*WGVCOQCTGCQHUQWVJYGUVGTP/GZKEQ4GX/GZ%KGP)GQN
#NGPE¶UVGT ) CPF 2CPVQLC#NQT , 6JG TWFKUV #ORJKVTKUEQGNWU $KXCNXKC*KRRWTKVCEGC KP VJG
.QYGT%TGVCEGQWUQHUQWVJYGUVGTP/GZKEQ,2CNGQPVQN
#NGPE¶UVGT)CPF2CPVQLC#NQT,6YQPGY.QYGT%TGVCEGQWU4WFKUVU $KXCNXKC*KRRWTKVCEGC KP
VJG*WGVCOQTGIKQPQHUQWVJYGUVGTP/GZKEQ)'1$+15/GO5RGE
#NGPE¶UVGT)1OCÌC.2QPU,/6QTTGU,/6TKUVCP/CPF8¶\SWG\07RRGT%TGVCEGQWU
TWFKUVUCPFNCTIGTHQTCOKPKHGTCHTQOVJG%¶TFGPCUTGIKQP5CP.WKU2QVQUÈ/GZKEQ'TN)GQN#DJ

#NGPE¶UVGT)CPF2KEJCTFQ$CTTÎP;'NIÃPGTQ/QPQRNGWTC $KXCNXKC*KRRWTKVQKFGC FGN#NDKCPQ
FGNC2CNVCHQTOC8CNNGU5CP.WKU2QVQUÈKP#IWUVÈP#[CNC%CUVCÌCTGUWPKXGTUKVCTKQKORWNUQTFGNC
KPXGUVKICEKÎPEKGPVÈſEC5QVQ.# 'FKVQT +PUV%KGP/CT.KOPQN70#//GZKEQ
$QPGV(.CHCEKGU7TIQPKCPCFGN%TGV¶EKEQOGFKQFGNCTGIKÎPFG6CORKEQ$QN#UQE/GZ)GÎN
2GVTQN
$QPGV ( $KQUVTCVKITCRJKE PQVGU QP VJG %TGVCEGQWU QH GCUVGTP /GZKEQ KP $Q[F 4 & 'FKVQT
47&+5651(/':+%1
)GQNQI[QH2GTGITKPC%CP[QPCPF5KGTTC'N#DTC/GZKEQ%QTRWU%JTKUVK)GQN5QE#PPWCNVTKR
IWKFGDQQM
$ÑUG'.CHCWPCFGOQNWUEQUFGN5GPQPKCPQFG%¶TFGPCU5CP.WKU2QVQUÈ$QN+PUV)GQN/ÃZ

$WTEMJCTFV%'VWFGUWTNG/ÃUQ\QKSWG/GZKECKP/GO5QE2CNÃQPVQN5WKUUGCPF
%CORC/(.CGXQNWEKÎPVGEVÎPKECFG6KGTTC%CNKGPVG)WGTTGTQ$QN5QE)GQN/GZ
%CORC/(CPF%QPG[,26GEVQPQUVTCVKITCRJKE6GTTCKPUCPFOKPGTCNTGUQWTEGUFKUVTKDWVKQPKP
/GZKEQ%CP,'CTVJ5EK
%CTTCUEQ8$.C(QTOCEKÎP'N#DTC (QTOCEKÎP'N&QEVQT GPNC2NCVCHQTOC8CNNGU5CP.WKU
2QVQUÈ4GX+PUV/GZ2GVTÎN
%CTTKNNQ$TCXQ,.C2NCVCHQTOC8CNNGU5CP.WKU2QVQUÈ$QN#UQE/GZ)GQN2GVTQN
%QQICP#*'CTN[CPF/KFFNG%TGVCEGQWU*KRRWTKVCEGC 4WFKUVU QHVJG)WNH%QCUV7PKX6GZCU
#WUVKP$WT'EQP)GQN4GRV+PX
%UGTPC</GZKEQ)GQVGEVQPKEUCPF/KPGTCNFGRQUKVU0GY/GZKEQ)GQN5QE5RGE2WD
'PQU24GGHURNCVHQTOUCPFDCUKPUQH/KFFNG%TGVCEGQWUKPPQTVJGCUV/GZKEQ#O#UUQE2GVTQN
)GQN$
'TDGP*-2CNGQIGQITRJKETGEQPUVTWEVKQPQHVJG.QYGTCPF/KFFNG,WTCUUKECPFHQTVJG%CNNQXKCP
QH/GZKEQKP'N/GUQ\QKEQFGNJGOKUHGTKQ1EEKFGPVCN[UWUEQTTGNCEKQPGUOWPFKCNGU::%QPIT
)GQN+PVGTPCN/GZKEQ&(5GEEKÎP

(KNMQTP(*#PGYURGEKGUQH/GZKECRTKPC %CRTKPKFCG%QCNEQOCPKPCG CPFTGXKGYQHVJGCIGCPF
RCNGQIGQITCRJ[QHVJGIGPWU,2CNGQPVQN
)CTEÈC$CTTGTC 2 $KQGUVTCVKITCHÈC [ DKQIGQITCHÈC NQECN FG NQU TWFKUVCU ETGV¶EKEQU *KRRWTKVCEGC
FG NC TGIKÎP FG *WGVCOQ /KEJQCE¶P 6GUKU FQEVQTCN (CEWNVCF FG %KGPEKCU 70#/ /GZKEQ
WPRWDNKUJGF
)CTEÈC$CTTGTC2#XGPFCÌQ)KN,1OCÌC.CPF#NGPE¶UVGT)#PVKNNQECRTKPCVTKNQDCVCPQX
URCPF7RRGT%TGVCEGQWUCUUQEKCVGFHCWPCHTQO%JKCRCUUQWVJGCUV/GZKEQ)'1$+15/ÃO5RÃE

)ÎOG\.WPC / ' %QPVTGTCU [ /QPVGTQ $ 5WCUVGIWK / CPF 4COÈTG\ ' , #OQPKVCU FGN
8CNCPIKPKCPQ5WRGTKQT$CTTGOKCPQFGNC(QTOCEKÎP5CP.WECUGPGN¶TGCFG*WGVCOQ/KEJQCE¶P
4GX5QE/GZ2CNGQPVQN
)QP\¶NG\#NXCTCFQ,4GUWNVCFQUQDVGPKFQUFGNCGZRNQTCEKÎPFGNC2NCVCHQTOC%ÎTFQDC[RTKPEKRCNGU
ECORQURTQFWEVQTGU5QE)GQN/GZ
)QP\¶NG\#TTGQNC % 2CPVQLC#NQT , 1NQTK\ ( 8KNNCUGÌQT # $ CPF )CTEÈC$CTTGTC 2
.QYGT#RVKCP#OOQPKVKPC2UGWFQJCRNQEGTCUNKRVQXKGPUG <GWUEJPGT KP%WODWTKPFKQ(QTOCVKQP
UQWVJYGUVGTP/GZKEQ )'1$+15
)W\O¶P',4GGHV[RGUVTCVKITCRJKEVTCRUKP/GZKEQKP1TKIKPQHQKN)GQNQI[CPF)GQRJ[UKEU
6JG9QTNF2GVTQNGWO%QPITGUU
)W\\[#)4CFKQNKVKFQU /QNNWUEC$KXCNXKC'ZVKPVC FGN%TGV¶EKEQ/GFKQFGNCTGIKÎPFG,CNRCP
3WGTÃVCTQ6GUKUFG.KEGPEKCVWTC(CEWNVCFFG%KGPEKCU70#//GZKEQWPRWDNKUJGF
+ONC[49,WTCUUKERCNGQDKQIGQITCRJ[QHVJGEQPVGTOKPQWU7PKVGF5VCVGUKPKVUEQPVKPGPVCNUGVVKPI
75)GQN5WTX2TQH2CRGT
-CWHHOCP')%TGVCEGQWU$KXCNXKCKP*CNNCO# 'FKVQT #VNCUQH2CNGQIGQITCRJ['NUGXKGT5EK
2WDN#OUVGTFCO
-GNNWO.$5KOKNCTKV[QHUWTHCEGIGQNQI[KPHTQPVTCPIGUQH5KGTTC/CFTG1TKGPVCNVQUWDUWTHCEGKP
/GZKECPUQWVJſGNFU #O#UUQE2GVTQN)GQN$
.ÎRG\4COQU''UVWFKQIGQNÎIKEQFGNC2GPÈPUWNCFG;WECV¶P/GZKEQ$QN#UQE/GZ)GÎN
2GVTQN
.ÎRG\4COQU')GQNQIÈCFG/GZKEQ6QOQU++++++#WVJQTBU'FKVKQP/GZKEQ&(
.ÎRG\4COQU'2CNGQIGQITCHÈC[6GEVÎPKECFGN/GUQ\QKEQFG/GZKEQ70#/4GX+PUV)GQN

)#4% #$#44'4#
/KEJCWF ( CPF (QWTECFG ( 5VTCVKITCRJKG GV RCNÃQIGÎITCRJKG FW ,WTCUUKSWG GV FW %TÃVCEÃ FW
%JKCRCU 5WF'UVFW/ÃZKSWG $5QE)ÃQN(T
/×NNGTTKGF(-).C)GQNQIÈCFG%JKCRCU)QDKGTPQ%QPUVKVWEKQPCNFGN'UVCFQFG%JKCRCU
/[GTU 4 . $KQUVTCVKITCRJ[ QH VJG %¶TFGPCU (QTOCVKQP 7RRGT %TGVCEGQWU 5CP .WKU 2QVQUÈ
/GZKEQ70#/+PUVKVWVQFG)GQNQIÈC2CNGQPVQNQIÈC/GZKECPC
2CPVQLC#NQT,'UVWFKQIGQNÎIKEQFGTGEQPQEKOKGPVQFGNCTGIKÎPFG*WGVCOQ'UVCFQFG/KEJQCE¶P
$QN%QPU4GE0CVPQ4GPQX
2CPVQLC#NQT,4GFGſPKEKÎP FG NCU WPKFCFGU GUVTCVKIT¶ſECU FG NC UGEWGPEKC OGUQ\QKEC FG NC TGIKÎP
FG *WGVCOQ#NVCOKTCPQ GUVCFQU FG /KEJQCE¶P [ )WGTTGTQ .KDTQ FG TGUÕOGPGU : %QPXGPEKÎP
)GQNÎIKEC0CEKQPCN5QE)GQN/GZR
2CPVQLC#NQT , .C HQTOCEKÎP /CN 2CUQ [ UW KORQTVCPEKC GP NC GUVTCVKITCHÈC FGN UWT FG /GZKEQ
/GOQTKC:+%QPXGPEKÎP)GQNÎIKEC0CEKQPCN5QE)GQN/GZR
2CPVQLC#NQT,&GUETKRVKQPQHVJGNQECNKVKGUXKUKVGFKPVJGſGNF VTKR $ KP 2CPVQLC#NQT , #NGPE¶UVGT
)CPF)ÎOG\%CDCNNGTQ 'FKVQTU )GQNQI[CPFTWFKUVEQOOWPKVKGUQHVJG*WGVCOQTGIKQPUVCVG
QH /KEJQCE¶P /GZKEQ 70#/ +PUVKVWVQ FG )GQNQIÈC TF +PVGTPCVKQPCN %QPHGTGPEG QP 4WFKUVU
/GZKEQ)WKFG$QQMſGNF 6TKR $
2CPVQLC#NQT , %QPVTKDWVKQPU VQ VJG DKQUVTCVKITCRJ[ QH VJG /CN 2CUQ (QTOCVKQP 59 /GZKEQ
8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC.KDTQFGTGUÕOGPGU(CEWNVCFFG%KGPEKCUFGNC6KGTTC
7#0.[5QEKGFCF/GZKECPCFG2CNGQPVQNQIÈC
2CPVQLC#NQT,CPF5MGNVQP296GRG[CEKCEQTTWICVC2CNOGT4WFKUVQHVJG2QN[EQPKVKFCG(COKN[
8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC.KDTQFGTGUÕOGPGU(CEWNVCFFG%KGPEKCUFGNC6KGTTC
7#0.[5QE/GZ2CNR
2KEJCTFQ$CTTÎP ; CPF #IWKNCT2ÃTG\ , 4WFKUVCU %CRTKPKFQU FG NC (QTOCEKÎP GN #DTC GP GN
/WPKEKRKQFG.CPFCFG/CVCOQTQU3WGTÃVCTQ8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC.KDTQFG
TGUÕOGPGU(CEWNVCFFG%KGPEKCUFGNC6KGTTC7#0.[5QE/GZ2CNR
5¶PEJG\/QPVGU FG 1EC 4 'UVTCVKITCHÈC [ 2CNGQPVQNQIÈC FGN /GUQ\QKEQ FG %JKCRCU 5GOKPCTKQ
UQDTGGZRNQTCEKÎPRGVTQNGTC4GX+PUV/GZ2GVTÎN/GUCTGFQPFC
5CRRGT-+PHQTOGUQDTGNCIGQITCHÈCHÈUKEC[NCIGQNQIÈCFGNQUGUVCFQUFG%JKCRCU[6CDCUEQ$QN
#IT/KP+PF
5EJCHJCWUGT # )ÑV\ 5 $CTQP5\CDQ 4 CPF 5VKPPGUDGEM 9 &GRQUKVKQPCN GPXKTQPOGPV QH
%QTCN4WFKUV CUUQEKCVKQPU KP VJG 7RRGT %TGVCEGQWU %¶TFGPCU (QTOCVKQP %GPVTCN /GZKEQ )GQN
%TQCVKEC
5EQVV 4 9 6QPK5KOQ , # CPF /CUGG , 2 'EQPQOKE TGUQWTEGU KP %TGVCEGQWU ECTDQPCVG
RNCVHQTOUCPQXGTXKGYKP5EQVV496QPK5KOQ,#CPF/CUUG,2 'FKVQTU %TGVCEGQWU
%CTDQPCVG2NCVHQTOU##2)/GOQKT
5QWT6QXCT ( CPF )CTEÈC$CTTGTC 2 $TCSWKÎRQFQU HÎUKNGU FG NC (QTOCEKÎP 5CP .WECU
0GQEQOKCPQ#RVKCPQ GP GN GUVCFQ FG /KEJQCE¶P UKIPKſECFQ RCNGQDKQIGQIT¶ſEQ 8 %QPITGUQ
0CEKQPCNFG2CNGQPVQNQIÈC/GOQTKC5QE/GZ2CNR
5VGGNG&42J[UKECNUVTCVKITCRJ[CPFRGVTQNQI[QHVJG%TGVCEGQWU5KGTTC/CFTG.KOGUVQPGYGUV
EGPVTCN%JKCRCUKP%UGTPC<CPF(1TVGIC 'FKVQTU %QPVTKDWVKQPUVQVJGUVTCVKITCRJ[QHVJG5KGTTC
/CFTG.KOGUVQPG %TGVCEGQWU QH%JKCRCU70#/$QN+PUV)GQN/GZ
5VGRJGPUQP.95QOG7RRGT%TGVCEGQWUUJGNNUQHVJGTWFKUVKFITQWRHTQO6COCWNKRCU/GZKEQ
750CV/WU2TQE
5VGWDGT 6 /KVEJGNN 5 ( $WJN & )WPVGT ) CPF -CURGT * 7 %CVCUVTQRJKE GZVKPEVKQP QH
%CTKDDGCPTWFKUVDKXCNXGUCVVJG%TGVCEGQWU6GTVKCT[DQWPFCT[)GQNQI[
5WVGT / 5VTWEVWTCN VTCPUXGTUG CETQUU VJG 5KGTTC /CFTG 1TKGPVCN HQNFVJTWUV DGNV KP GCUVEGPVTCN
/GZKEQ)GQN5QE#O$WNN
8KPKGITC1UQTKQ(#IGCPFGXQNWVKQPQHUCNVDCUKPUQHUQWVJGCUVGTP/GZKEQ#O#UUQE2GVTQN
)GQN$
8KPKGITC1UQTKQ ( )TGCV ECTDQPCVG DCPM QH ;WECV¶P UQWVJGTP /GZKEQ , 2GVTQN )GQN

47&+5651(/':+%1
9CKVG . ' $KQUVTCVKITCRJ[ CPF RCNGQGPXKTQPOGPVCN CPCNKU[U QH VJG 5KGTTC /CFTG .KOGUVQPG
%TGVCEGQWU %JKCRCUKP%UGTPC<CPF(1TVGIC 'FKVQTU %QPVTKDWVKQPUVQVJGUVTCVKITCRJ[QH
VJG5KGTTC/CFTG.KOGUVQPG %TGVCEGQWU QH%JKCRCU70#/$QN+PUV)GQN/GZ
9KNUQP$9*GTP¶PFG\,2CPF/GCXG'7PDCPEQECNK\QFGN%TGV¶EKEQGPNCRCTVGQTKGPVCN
FGNGUVCFQFG3WGTÃVCTQ/GZKEQ$QN5QE)GQN/GZ
9KNUQP,.%CTDQPCVGHCEKGUKP)GQNQIKE*KUVQT[5RTKPIGT8GTNCI
;QWPI-/GZKEQ%JCRVGTKP/QWNNCFG/CPF#'0CKTP 'FKVQTU 6JGRJCPGTQ\QKEIGQNQI[
QHVJGYQTNF++6JG/GUQ\QKE$'NUGXKGT5EK2WDNKUJKPI%Q#OUVGTFCO
;QWPI-$KQIGQITCRJ[CPFUVTCVKITCRJ[QHUGNGEVGFOKFFNG%TGVCEGQWUTWFKUVUKPUQWVJYGUVGTP
0QTVJ#OGTKEC/GOQTKC6GTEGT%QPITGUQ.CVKPQCOGTKECPQFG2CNGQPVQNQIÈC/GZKEQ
%JCRVGT
/GUQ\QKECPF6GTVKCT[&GECRQF%TWUVCEGCHTQO/GZKEQ
(4#0%+5%1,8')#6144';)0;$14)CPF/#4 #&'.
%#4/'02'44+..+#6

|+PUVKVWVQFG)GQNQIÈC7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ%KWFCF7PKXGTUKVCTKC
&GNGICEKÎP%Q[QCE¶PŌ/ÃZKEQ&(XGIXGT"UGTXKFQTWPCOOZOCTKCER"UGTXKFQT
WPCOOZ

|&GRCTVOGPVQH0CVWTCN5EKGPEGU.QOC.KPFC7PKXGTUKV[.QOC.KPFC%CNKHQTPKC
75#VP[DQTII"PUNNWGFW
#DUVTCEV
+PVTQFWEVKQP
1EEWTTGPEG%WTCVKQPCPF+FGPVKſECVKQP QH (QUUKN &GECRQF %TWUVCEGCPU QH /GZKEQ .......
5[UVGOCVKEU5VTCVKITCRJ[CPF&KUVTKDWVKQP
1TKIKP'XQNWVKQPCPF'ZVKPEVKQP
2CNGQDKQIGQITCRJ[
2CNGQGEQNQI[
%WVKENG5VTWEVWTG
#EMPQYNGFIOGPVU
4GHGTGPEGU
#DUVTCEV
+PTGEGPV[GCTUVJGPWODGTQHFGUETKDGFURGEKGUQHHQUUKNETWUVCEGCPUHTQO/GZKEQ
JCUKPETGCUGFPQVKEGCDN[0WOGTQWUPGYQEEWTTGPEGUCPFPGYVCZCYGTGFGUETKDGF
HTQO NKVJQUVTCVKITCRJKE WPKVU VJCV TCPIG KP CIG HTQO 'CTN[ %TGVCEGQWU VQ /KQEGPG
6JGUGTGRQTVUKPENWFGFPQVQPN[VJGU[UVGOCVKEFGUETKRVKQPQHVJGURGEKOGPUDWVCNUQ
KPHQTOCVKQPQPRCNGQGPXKTQPOGPVRCNGQGEQNQI[CPFGXQNWVKQP6JGRTGUGPVYQTMKUC
TGXKGYQHVJGHQUUKNTGEQTFQHHQUUKNETWUVCEGCPUHTQO/GZKEQKPENWFKPIEQOOGPVUQP
PGYNQECNKVKGUCPFHCWPCVJCVCTGWPFGTUVWF[$CUGFQPVJGQPIQKPITGUGCTEJKPVJKU
ſGNF KV KU RQUUKDNG VJCV VJG PWODGT QH HQUUKN URGEKGU QH DTCEJ[WTCPU YKNN TGCEJ VYKEG CU
OWEJCUVJGQPGUTGRQTVGFPQYCFC[UKPCHGY[GCTU

/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
+PVTQFWEVKQP
(QUUKN FGECRQF ETWUVCEGCPU YJGP EQORCTGF VQ QVJGT CTVJTQRQF ITQWRU UWEJ
CU VTKNQDKVGU CPF KPUGEVU CTG TCTG KP VJG HQUUKN TGEQTF #V NGCUV KP RCTV VJKU TCTKV[
OC[CEVWCNN[TGƀGEV C NCEM QH EQNNGEVKPI CPF CVVGPVKQP D[ VJG UEKGPVKſE EQOOWPKV[
GURGEKCNN[KPEQWPVTKGUQWVUKFGQH'WTQRGCPFVJG7PKVGF5VCVGU6JKUKUGZGORNKſGF KP
VJGHCEVVJCVCRRTQZKOCVGN[QHVJGMPQYPHQUUKNURGEKGUQHFGECRQFETWUVCEGCPU
CTGTGRQTVGFHTQO'WTQRGCPFVJG7PKVGF5VCVGU6JGTGHQTGU[UVGOCVKERCNGQPVQNQI[
CPFRCNGQDKQIGQITCRJKERCVVGTPUDCUGFWRQPFGECRQFETWUVCEGCPUOC[DGDKCUGFVQ
VJQUGCTGCUYJGTGOQUVUEKGPVKſE YQTM KU HQEWUGF
*KUVQTKECNN[/GZKEQJCUJCFXGT[NKVVNGU[UVGOCVKERCNGQPVQNQI[YQTMEQPEGTPKPI
HQUUKNFGECRQFETWUVCEGCPU6JGQPN[RTGXKQWUYQTMYCUD[/CT[,4CVJDWP
QH VJG 5OKVJUQPKCP 4CVJDWP +P VJG RCUV VYGPV[ [GCTU VJG HQUUKN FGECRQF
ETWUVCEGCPU QH /GZKEQ JCXG TGEGKXGF TGPGYGF KPVGTGUV 8GIC CPF 2GTTKNNKCV
8GICCPF(GNFOCPP8GICGVCN(GNFOCPP
GVCND
6QFCVGQPN[CUOCNNCOQWPVQHRQVGPVKCNURGEKGUQHHQUUKNFGECRQFETWUVCEGCPU
JCXG DGGP TGRQTVGF /GZKECP HQUUKN FGECRQF ETWUVCEGCPU CTG UKIPKſECPV DGECWUG
VJG[ TGRTGUGPV CP KORQTVCPV ETQUUTQCFU HQT FGECRQF ETWUVCEGCP QTKIKPCVKQPU CPF
FKURGTUCNU
6JGQDLGEVKXGQHVJKUEQPVTKDWVKQPKUVQTGRQTVVJGYQTMVJCVJCUDGGPRTGXKQWUN[
FQPG CPF JKIJNKIJV VJG QPIQKPI UVWFKGU QH HQUUKN FGECRQF ETWUVCEGCPU QH /GZKEQ
KPENWFKPI C NKUV QH HQTOCNN[ TGRQTVGF URGEKGU CPF RTGNKOKPCT[ KPHQTOCVKQP QP
VJQUG CUUGODNCIGU VJCV CTG DGKPI UVWFKGF KPENWFKPI NQECNKV[ KPHQTOCVKQP CIG CPF
RCNGQGPXKTQPOGPV
1EEWTTGPEG%WTCVKQPCPF+FGPVKſECVKQP QH (QUUKN &GECRQF

%TWUVCEGCPUQH/GZKEQ
+P /GZKEQ HQUUKN FGECRQF ETWUVCEGCPU RTKOCTKN[ QEEWT YKVJKP UJCNNQY OCTKPG
UGFKOGPVCT[ TQEMU UWEJ CU FGNVCU CPF NCIQQPU (WTVJGTOQTG VJG QEEWTTGPEG QH
HQUUKNFGECRQFETWUVCEGCPUKUUGNGEVKXGN[CUUQEKCVGFYKVJUVQTOFGRQUKVUQTGRKUQFKE
QRRQTVWPKUVKERQRWNCVKQPITQYVJ $KUJQR 5WDUGSWGPVN[QPGGRKUQFKEFGRQUKV
VJCVEQPVCKPUHQUUKNFGECRQFETWUVCEGCPUECPDGVTCEGFNCVGTCNN[CNQPICUGFKOGPVCT[
NC[GT WUWCNN[ TGXGCNKPI CFFKVKQPCN URGEKOGPU 3WCNKV[ QH HQUUKN FGECRQF ETWUVCEGCP
RTGUGTXCVKQPKUFGRGPFCPVQPXCTKQWUHCEVQTUUWEJCUVJGNGXGNQHEWVKENGECNEKſECVKQP
PCVWTGQHVJGTGOCKPU EQTRUQTOQNVU UGFKOGPVITCKPUK\GFGRQUKVKQPCNGPXKTQPOGPV
V[RG QH HQUUKNK\CVKQP RJQURJCVKE ECNEKVKE EQPETGVKQPU TCVG QH DWTKCN CPF QVJGT
FGRQUKVKQPCNHCEVQTU(QTGZCORNGYKVJKPVJGHCOKNKGU%CNNKCPCUUKFCGCPF2CIWTKFCG
QPN[VJGENCYRCTVUCTGWUWCNN[HQUUKNK\GFDGECWUGKVKUVJGQPN[RQTVKQPQHVJGETWUVCEGCP
VJCV KU ECNEKſGF +P CFFKVKQP FGECRQF ETWUVCEGCPU IQ VJTQWIJ UGXGTCN OQNVU YKVJKP
VJGKTNKHGURCPUGCEJOQNVOC[DGRTGUGTXGFKPVJGHQUUKNTGEQTFUWEJVJCVCFGECRQF
ETWUVCEGCPOC[JCXGNGHVUGXGTCNECTCRCEGOQNVUYKVJKPVJGHQUUKNTGEQTF
8')#0;$14)#0&2'44+..+#6
5KOKNCTIGQNQIKEVQQNUWUGFHQTVJGGZVTCEVKQPQHHQUUKNETWUVCEGCPUTGRTGUGPVPQNGUU
GHHQTVVJCPVJGQPGUPGGFGFHQTCP[QVJGTHQUUKNKPXGTVGDTCVGITQWR)GQNQIKEJCOOGTU
EJKUGNURPGWOCVKECKTVQQNUCPFCKTCDTCUKXGUCTGWUGFVQTGXGCNVJGOQTRJQNQI[QHVJG
HQUUKNFGECRQFETWUVCEGCPURGEKOGPU(QUUKNFGECRQF%TWUVCEGCQEEWTKPCNNTQEMV[RGU
KPENWFKPINKOGUVQPGEQCTUGUCPFUVQPGQTſPG OWFUVQPG +P CFFKVKQP HQUUKN FGECRQF
ETWUVCEGCPU CTG QHVGP VKOGU EQPVCKPGF YKVJKP EQPETGVKQPU /QTRJQNQI[ FKHHGTGPEGU
COQPIUV VJG OCP[ HCOKNKGU QH FGECRQF ETWUVCEGCPU CPF OQTRJQNQIKECN FKHHGTGPEGU
QH VJG FQTUCN CPF XGPVTCN ECTCRCEG UWTHCEGU OCMG ENGCPKPI QH URGEKOGPU GURGEKCNN[
FKHſEWNV 6JG ſPCN TGUWNV KU QPN[ CRQTVKQP QH OQTRJQNQI[ UWEJ CU CFQTUCN ECTCRCEG
XKGYQTCXGPVTCNECTCRCEGXKGY#RRGPFCIGUKHRTGUGTXGFCTGXCNWCDNGENWGUVQVJG
U[UVGOCVKERNCEGOGPVCPFJCDKVCVV[RGQHFGECRQFETWUVCEGCPU
+FGPVKſECVKQP QH HQUUKN FGECRQF ETWUVCEGCPU KU RTKOCTKN[ DCUGF WRQP FQTUCN
ECTCRCEGOQTRJQNQI[YJKEJKUVJGOQUVTGCFKN[HQUUKNK\GFRQTVKQPQHVJGETWUVCEGCP
CPFKPVJGECUGUQHOQNVUKUVJGQPN[RTGUGTXGFRQTVKQP/CP[YQTMGTUJCXGUVTGUUGF
VJGHCEVVJCVU[UVGOCVKEKFGPVKſECVKQPU ECP DG DCUGF UQNGN[ WRQP VJG FQTUCN ECTCRCEG
OQTRJQNQI[ JQYGXGT OKUVCMGU CTKUG YJGP U[UVGOCVKE RNCEGOGPV KU DCUGF UQNGN[
WRQP FQTUCN ECTCRCEG OQTRJQNQI[ 6JKU KU GZGORNKſGF KP VJG PWODGT QH YCNMKPI
NGIUVJCVKPRCTVFGVGTOKPGUVJGFKHHGTGPEGUDGVYGGPVJGHCOKNKGU2KPPQVJGTKFCGCPF
*GZCRQFKFCG6JKUKUCNUQVTWGKPFGECRQFETWUVCEGCPVCZCVJCVJCXGXGT[UKOKNCTFQTUCN
ECTCRCEGOQTRJQNQIKGUVJTQWIJQWVVJGIGPWUUWEJCUKPVJGIGPWU%CPEGT+PVJGUG
ECUGUHWTVJGTEQNNGEVKPIQHHQUUKNFGECRQFETWUVCEGCPUCTGPGGFGFDGHQTGU[UVGOCVKE
RNCEGOGPVECPDGEQPſFGPVKCNN[ CEJKGXGF
6JG OCKP RTQDNGO JQYGXGT KU VJG HCEV VJCV PGQPVQNQIKUVU WUG RQTVKQPU QH VJG
ETWUVCEGCPVJCVCTGPQVWUWCNN[RTGUGTXGFKPVJGHQUUKNTGEQTFUWEJCUHGCVWTGUQHVJG
XGPVTCNUWTHCEGCPFOQWVJRCTVU+PFGGFVJGHQUUKNRTQEGUUFQGUPQVPQTOCNN[RTGUGTXG
CNN VJG OQTRJQNQI[ RCTVU QH VJG URGEKGU JQYGXGT KV KU XGT[ KORQTVCPV VQ UVTGUU VJCV
KPENWUKQPQHCNNOQTRJQNQIKECNHGCVWTGUQHHQUUKNFGECRQFETWUVCEGCPUDG[QPFVJGFQTUCN
ECTCRCEGKUGUUGPVKCNKHPGQPVQNQIKUVUCTGIQKPIVQCEEGRVRCNGQPVQNQIKECNENCUUKſECVKQP
QHHQUUKNFGECRQFETWUVCEGCPU
5[UVGOCVKEU5VTCVKITCRJ[CPF&KUVTKDWVKQP
9G QHHGT C NKUV QH URGEKGU HQTOCNN[ TGRQTVGF HTQO /GZKEQ CPF HQUUKN FGECRQF
ETWUVCEGCPUEWTTGPVN[WPFGTUVWF[QTKPVJGRTQEGUUQHDGKPIRWDNKUJGF+PCFFKVKQP
HQUUKNQEEWTTGPEGUQHVJGQTFGTU6CPCKFCEGCCPF+UQRQFCCTGKPENWFGF
5[UVGOCVKE2CNGQPVQNQI[
1TFGT6CPCKFCEGC*CPUGP
1RJVJCNOCRUGWFGUUR
(KIWTG
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
.QECNKV[(QTOCVKQP %JKCRCU 'N 'URKPCN 3WCTT[ 5KGTTC /CFTG (QTOCVKQP #IG

#RVKCP#NDKCP &KUEWUUKQP *WPFTGFU QH URGEKOGPU KP OCUU OQTVCNKV[ JQTK\QPU
.CIQQPFGRQUKVU(KTUVTGEQTFQHHQUUKN6CPCKFCEGCKP/GZKEQ4GHGTGPEG8GICGVCN

1TFGT+UQRQFC.CVTGKNNG
(COKN[5RJCGTQOKFCG9JKVG
5RJCGTQOCDWTMCTVKK$¶TEGPC
.QECNKV[(QTOCVKQP ,CNKUEQ #IG 6GTVKCT[ &KUEWUUKQP %QPVKPGPVCN FGRQUKVU
4GHGTGPEG$¶TEGPC*GUUNGT
(COKN[#TEJCGQPKUEKFCG*CCEM
#TEJCGQPKUEWUCTCPIWVJ[QTWO(GNFOCPP8GIC#RRNGICVGCPF$KUJQR
(KIWTG
.QECNKV[(QTOCVKQP2WGDNC6GRGZKFG4QFTÈIWG\6NC[ÕC(QTOCVKQP#IG#NDKCP
&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG(GNFOCPPGVCN
5WDQTFGT(NCDGNNKHGTC5CTU
(COKN[5RJCGTQOCVKFCG/KNPG'FYCTFU
5WDHCOKN[5RJCGTQOCVKPCG/KNPG'FYCTFU
(KIWTG
#RVKCP#NDKCP&KUEWUUKQP#VNGCUVVYQURGEKGUTGRTGUGPVGFD[QPN[CHGYURGEKOGPU
$TCEMKUJYCVGTFGRQUKVU4GHGTGPEG8GICGVCN
1TFGT&GECRQFC.CVTGKNNG
5WDQTFGT2NGQE[GOCVC$WTMGPTQCF
+PHTCQTFGT#UVCEKFGC.CVTGKNNG
(COKN['T[OKFCG8CP5VTCGNGP
'PQRNQEN[VKCVWOKOCPWU4CVJDWP
.QECNKV[(QTOCVKQP%QCJWKNC'UEQPFKFQ(QTOCVKQP#IG/CCUVTKEJVKCP&KUEWUUKQP
/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP
+PHTCQTFGT2CNKPWTC.CVTGKNNG
(COKN[/GEQEJKTKFCG8CP5VTCGNGP
/GEQEJKTWUUR
.QECNKV[(QTOCVKQP *KFCNIQ <KOCR¶P 6TCPECU (QTOCVKQP #IG %GPQOCPKCP
&KUEWUUKQP/CTKPGECTDQPCVGRNCVHQTO4GHGTGPEG8GICGVCN
/G[GTKCOGZKECPC4CVJDWP
.QECNKV[(QTOCVKQP%JKJWCJWC%WEJKNNQ2CTCFQ(QTOCVKQP#IG#RVKCP&KUEWUUKQP
8')#0;$14)#0&2'44+..+#6
/G[GTKCRWGDNCGPUKU(GNFOCPP8GIC)CTEÈC$CTTGTC4KEQ/QPVKGNCPF/CTVÈPG\
.ÎRG\
.QECNKV[(QTOCVKQP2WGDNC5CP,WCP4C[C5CP,WCP4C[C(QTOCVKQP#IG#RVKCP
&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG(GNFOCPPGVCND
(COKN[2CNKPWTKFCG.CVTGKNNG
2CNKPWTWUUR
(KIWTG
#RVKCP#NDKCP&KUEWUUKQP1PGURGEKOGPTGRTGUGPVGFD[CPGZWXKC$TCEMKUJYCVGT
FGRQUKVU (KTUV TGEQTF HQT VJG IGPWU CU C HQUUKN KP /GZKEQ 4GHGTGPEG 8GIC GV CN

#UVCEQFGUUR
(KIWTG
.QECNKV[(QTOCVKQP )WGTTGTQ 5CP .WECU (QTOCVKQP #IG *CWVGTKXKCP#RVKCP
&KUEWUUKQP/CTKPGECNECTGQWURNCVHQTO4GHGTGPEG#NGPE¶UVGT
+PHTCQTFGT#PQOWTC/CE.GC[
5WRGTHCOKN[6JCNCUUKPQKFGC.CVTGKNNG
(COKN[%CNNKCPCUUKFCG&CPC
%CNNKCPCUUCVGRGVCVGPUKU4CVJDWP
.QECNKV[(QTOCVKQP $CLC %CNKHQTPKC 5WT 6GRGVCVG (QTOCVKQP #IG 7RRGT 'QEGPG
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP
%CNNKCPCUUCRWUVWNCVC9KVJGTU
.QECNKV[(QTOCVKQP8GTCETW\#IG'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG
4CVJDWP
%CNNKCPCUUCXCWIJCPK4CVJDWP
.QECNKV[(QTOCVKQP6COCWNKRCU5CP(GTPCPFQ#IG1NKIQEGPG&KUEWUUKQP/CTKPG
RNCVHQTO4GHGTGPEG4CVJDWP
%CNNKCPCUUCRGNNWEKFC4CVJDWP
.QECNKV[(QTOCVKQP 8GTCETW\ #IG /KQEGPG &KUEWUUKQP /CTKPG RNCVHQTO
4GHGTGPEG4CVJDWP
%CNNKCPCUUCUR
.QECNKV[(QTOCVKQP %JKCRCU 8GKPVG FG 0QXKGODTG 'N $QUSWG (QTOCVKQP #IG
.QYGT'QEGPG&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG8GICGVCND

/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#

(+)74' 1RJVJCNOCRUGWFGU! UR'N'URKPCN 3WCTT[5KGTTC /CFTG (QTOCVKQP %JKCRCU

#RVKCP#NDKCP #TEJCGQPKUEWU CTCPIWVJ[QTWO (GNFOCPP 8GIC #RRNGICVG CPF $KUJQR
6GRGZK FG 4QFTÈIWG\ 6NC[ÕC (QTOCVKQP 2WGDNC #NDKCP (NCDGNNKHGTC 'N 'URKPCN 3WCTT[
5KGTTC/CFTG(QTOCVKQP%JKCRCU#RVKCP#NDKCP2CNKPWTWUUR'N'URKPCN3WCTT[5KGTTC
/CFTG(QTOCVKQP%JKCRCU#RVKCP#NDKCP#UVCEQFGUUR5CP.WECU(QTOCVKQP)WGTTGTQ
*CWVGTKXKCP#RVKCP 6GRGZKECTEKPWU VNC[WCGPUKU (GNFOCPP 8GIC #RRNGICVG CPF $KUJQR
6GRGZKFG4QFTÈIWG\6NC[ÕC(QTOCVKQP2WGDNC#NDKCP5ECNGDCTUEO
8')#0;$14)#0&2'44+..+#6
! %CNNKCPCUUCUR
.QECNKV[(QTOCVKQP 0WGXQ .GÎP 'N #PVTKUEQ 2QVTGTKNNQU (QTOCVKQP #IG
/CCUVTKEJVKCP&KUEWUUKQP&GNVCKEHTQPV4GHGTGPEG8GICGVCN
2TQVQECNNKCPCUUCUR
.QECNKV[(QTOCVKQP 5CP .WKU 2QVQUÈ %¶TFGPCU %¶TFGPCU (QTOCVKQP #IG
/CCUVTKEJVKCP&KUEWUUKQP&GNVCKERNCVHQTO4GHGTGPEG8GICGVCN
%JGTCOWUUR
.QECNKV[(QTOCVKQP 5CP .WKU 2QVQUÈ %¶TFGPCU %¶TFGPCU (QTOCVKQP #IG
+PHTCQTFGT$TCEJ[WTC.CVTGKNNG
(COKN[2CIWTKFCG.CVTGKNNG
2CNGQRCIWTWUEH2RKNUDT[K4QDGTVU
.QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ2QVTGTKNNQU(QTOCVKQP#IG/CCU
VTKEJVKCP&KUEWUUKQP&GNVCKEHTQPV4GHGTGPEG8GICGVCN
(COKN[&KQIGPKFCG1TVOCPP
&CTFCPWUOGZKECPWU8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF
9CWIJ
.QECNKV[(QTOCVKQP%JKCRCU%QRQ[C5CP,WCP(QTOCVKQP#IG/KFFNG'QEGPG
&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG8GICGVCND
&CTFCPWUEH&OGZKECPWU8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GT
CPF9CWIJ
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT#TTQ[Q;GUGPKC$CVGSWG(QTOCVKQP#IG
'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
(COKN[#GINKFCG&CPC
2TQVCGINCOKPWUEWNC(GNFOCPP8GIC#RRNGICVGCPF$KUJQR
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG(GNFOCPPGVCN
(COKN[! *QOQNKFCG9JKVG
6GRGZKECTEKPWUVNC[WCGPUKU(GNFOCPP8GIC#RRNGICVGCPF$KUJQR
(KIWTG
&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG(GNFOCPPGVCN
(COKN[&[PQOGPKFCG1TVOCPP
)TCRVQECTEKPWUOWKTK5VGP\GN
.QECNKV[(QTOCVKQP5CP.WKU2QVQUÈ6CPKPWN.KOGUVQPG#IG#RVKCP&KUEWUUKQP
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
/CTKPGRNCVHQTO4GHGTGPEG5VGP\GN
(COKN[&CMQVKECPETKFCG4CVJDWP
&CMQVKECPEGTCWUVTCNKU4CVJDWP
(KIWTG
.QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ2QVTGTKNNQU(QTOCVKQP%QCJWKNC
5CNVKNNQ%GTTQFGN2WGDNQ(QTOCVKQP#IG/CCUVTKEJVKCP&KUEWUUKQP&GNVCKE
RNCVHQTO4GHGTGPEG8GICCPF(GNFOCPP.QECNKV[(QTOCVKQP5CP.WKU
2QVQUÈ%¶TFGPCU%¶TFGPCU(QTOCVKQP#IG/CCUVTKEJVKCP&KUEWUUKQP&GNVCKE
RNCVHQTO4GHGTGPEG8GICGVCN

(COKN[&QTKRRKFCG/CE.GC[
5QFCMWUOGZKECPWU8GIC(GNFOCPPCPF8KNNCNQDQU*KTKCTV
.QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ2QVTGTKNNQU(QTOCVKQP#IG
(COKN[%CNCRRKFCGFG*CCP
%CNCRRKNKCJQPFQGPUKU4CVJDWP
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT6GRGVCVG(QTOCVKQP#IG7RRGT'QEGPG
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP
%CNCRRKNKCEH%JQPFQGPUKU4CVJDWP
.QECNKV[(QTOCVKQP%JKCRCU'N,QDQ5CP,WCP(QTOCVKQP#IG/KFFNG'QEGPG
%CNCRRC\WTEJGTK$QWXKGT
.QECNKV[(QTOCVKQP8GTCETW\#IG1NKIQEGPG&KUEWUUKQP/CTKPGRNCVHQTO
4GHGTGPEG4CVJDWP
%CNCRRCƀCOOGC *GTDUV
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT6GRGVCVG#IG1NKIQEGPG&KUEWUUKQP
2TGJGRCVWUJCTTKUK$KUJQR
.QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ2QVTGTKNNQU(QTOCVKQP#IG
/CCUVTKEJVKCP&KUEWUUKQP&GNVCKEHTQPV4GHGTGPEG8GICGVCN
(COKN[*GRCVKFCG5VKORUQP
'TKQUCEJKNCDCLGPUKU5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT%CÌCFC'N/CPING#IG'QEGPG
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
8')#0;$14)#0&2'44+..+#6
'TKQUCEJKNCUR
(COKN[4CPKPKFCGFG*CCP
4CPKPCDGTINWPFK5SWKTGUCPF&GOGVTKQP
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT/GUC.C5CNKPC$CVGSWG(QTOCVKQP#IG
'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5SWKTGUCPF&GOGVTKQP
.QRJQTCPKPCRTGEQEKQWU(GNFOCPP8GIC)CTEÈC$CTTGTC6WEMGTCPF#XGPFCÌQ

(KIWTG
.QECNKV[(QTOCVKQP%JKCRCU6WZVNC)WVKÃTTG\1EQ\QEQCWVNC1EQ\QEQCWVNC
(QTOCVKQP#IG/CCUVTKEJVKCP&KUEWUUKQP5JCNNQYECTDQPCVGRNCVHQTO4GHGTGPEG
(GNFOCPPGVCN
.QRJQTCPKPCETKUVCURKPC8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF
9CWIJ
(KIWTG
.QRJQTCPKPCDKUJQRK5SWKTGUCPF&GOGVTKQP
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT/GUC.C5CNKPC$CVGSWG(QTOCVKQP#IG
'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5SWKTGUCPF&GOGVTKQP
.CGXKTCPKPCUR
.QECNKV[(QTOCVKQP%JKCRCU8GKPVGFG0QXKGODTG'N$QUSWG(QTOCVKQP#IG
0QVQRWUOKPWVWU8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF
9CWIJ
4CPKPQKFGUOGZKECPWU4CVJDWP
.QECNKV[(QTOCVKQP8GTCETW\#IG/KQEGPG&KUEWUUKQP/CTKPGRNCVHQTO
4GHGTGPEG4CVJDWP
(COKN[ ? /CLKFCG5COQWGNNG
7PEGTVCKPURGEKGU
.QECNKV[(QTOCVKQP5CP.WKU2QVQUÈ%¶TFGPCU%¶TFGPCU(QTOCVKQP#IG
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
/CCUVTKEJVKCP&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG8GICGVCN
(COKN[+PCEJKFCG/CE.GC[
1TGIQPKCURKPKHGTC5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT5CP,WCPFGNC%QUVC'N%KGP(QTOCVKQP
#IG1NKIQEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
(COKN[#VGNGE[ENKFCG1TVOCPP
.GXKE[ENWUVGRGVCVG5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT%CÌCFC2CNQ#NVQ6GRGVCVG(QTOCVKQP
#IG'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
/QPVG\WOGNNCVWDWNCVC4CVJDWP
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT#TTQ[Q%QNQTCFQ6GRGVCVG(QTOCVKQP
#IG7RRGT'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP
(COKN[%CTEKPGTGVKFCG9KVJGTU
%CTEKPGTGVGURNCPGVCTKWU8GIC(GNFOCPP1ECORQCPF2QRG
(KIWTGU
.QECNKV[(QTOCVKQP%JKCRCU1EQ\QEQCWVNC1EQ\QEQCWVNC(QTOCVKQPCPF$GNK\G
#NDKQP+UNCPF$CTVQP%TGGM(QTOCVKQP#IG/CCUVTKEJVKCP&KUEWUUKQP.CIQQP
FGRQUKVU4GHGTGPEG8GICGVCN8GICGVCNC
1RJVJCNOQRNCZFKHWPVCGPUKU 8GICCPF(GNFOCPP
(KIWTG
.QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ2QVTGTKNNQU(QTOCVKQP%QCJWKNC
2CTGFÎP.CU'PEKPCU(QTOCVKQP#IG/CCUVTKEJVKCP&KUEWUUKQP&GNVCKERNCVHQTO
4GHGTGPEG8GICCPF(GNFOCPP1TKIKPCNN[FGUETKDGFCU/CUECTCPCFC
FKHWPVCGPUKU/QTGEQORNGVGURGEKOGPUCNNQYKVUIGPGTKERNCEGOGPVCU
1RJVJCNOQRNCZ7PFGTUVWF[
$TCPEJKQECTEKPWUEQTPCVWU8GIC(GNFOCPPCPF5QWT6QXCT
.QECNKV[(QTOCVKQP5CP.WKU2QVQUÈ%¶TFGPCU%¶TFGPCU(QTOCVKQP#IG
+ETKQECTEKPWUZGUVQU$KUJQR
(KIWTG
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC4QUCTKQ(QTOCVKQP#IG/CCUVTKEJVKCP
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG$KUJQR5EJYGKV\GTGVCN
(COKN[2QTVWPKFCG4CſPGUSWG
2QTVWPWUCVGEWKEKVNKU8GIC(GNFOCPP8KNNCNQDQU*KTKCTVCPF)ÈQ#TI¶G\
.QECNKV[(QTOCVKQP8GTCETW\5CP2CDNQ6WZRCP(QTOCVKQP#IG/KQEGPG
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG8GICGVCN
8')#0;$14)#0&2'44+..+#6

(+)74' &CMQVKECPEGTCWUVTCNKU4CVJDWP LWXGPKNGURGEKOGP 5KGTTC'N#PVTKUEQ0WGXQ

.GÎP 2QVTGTKNNQU (QTOCVKQP /CCUVTKEJVKCP .QRJQTCPKPC RTGEQEKQWU (GNFOCPP 8GIC
)CTEÈC$CTTGTC6WEMGTCPF#XGPFCÌQ6WZVNC)WVKÃTTG\%JKCRCU1EQ\QEQCWVNC(QTOCVKQP
/CCUVTKEJVKCP . ETKUVCURKPC 8GIC %QUOC %QWVKÌQ (GNFOCPP 5EJYGKV\GT 0[DQTI CPF
9CWIJ'N,QDQ%JKCRCU5CP,WCP(QTOCVKQP/KFFNG'QEGPG%CTEKPGTGVGURNCPGVCTKWU
8GIC (GNFOCPP 1ECORQ CPF 2QRG 1EQ\QEQCWVNC %JKCRCU 1EQ\QEQCWVNC (QTOCVKQP
/CCUVTKEJVKCP1RJVJCNOQRNCZFKHWPVCGPUKU 8GICCPF(GNFOCPP 5KGTTC'N#PVTKUEQ0WGXQ
.GÎP 2QVTGTKNNQU (QTOCVKQP /CCUVTKEJVKCP +ETKQECTEKPWU ZGUVQU $KUJQR $CLC %CNKHQTPKC
4QUCTKQ(QTOCVKQP/CCUVTKEJVKCP5ECNGDCTUEO
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
0GETQPGEVGUPQFQUC5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT5CP,WCPFGNC%QUVC'N%KGP(QTOCVKQP
#IG1NKIQEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
0GETQPGEVGUVCLKPGPUKU8GIC(GNFOCPP8KNNCNQDQU*KTKCTVCPF)ÈQ#TI¶G\
.QECNKV[(QTOCVKQP8GTCETW\5CP2CDNQ6WZRCP(QTOCVKQP#IG/KQEGPG
&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG8GICGVCN
5E[NNCEQUVCVC4CVJDWP
.QECNKV[(QTOCVKQP7PMPQYPNQECNKV[#IG1NKIQEGPG4GHGTGPEG4CVJDWP
2QFQRJVJCNOWU ! UR
.QECNKV[(QTOCVKQP6COCWNKRCU8KNNCIT¶P#IG7RRGT%TGVCEGQWU4GHGTGPEG
4CVJDWP
(COKN[:CPVJKFCG/CE.GC[
#O[FTQECTEKPWUFCPVGK5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT$CVGSWG(QTOCVKQP#IG'QEGPG
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
8GTTWEQKFGUUVGPQJGFTC8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF
9CWIJ
(KIWTG
.QYGT'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG8GICGVCND
:CPVJQUKCCOGTKECPC4CVJDWP
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC6GRGVCVG#IG1NKIQEGPG&KUEWUUKQP/CTKPG
RNCVHQTO4GHGTGPEG4CVJDWP
/GICZCPVJQ\QSWG8GIC(GNFOCPP)CTEÈC$CTTGTC(KNMQTP2KOGPVGNCPF
#XGPFCÌQ
(KIWTG
.QECNKV[(QTOCVKQP%JKCRCU1EQ\QEQCWVNC1EQ\QEQCWVNC(QTOCVKQP#IG
/CCUVTKEJVKCP&KUEWUUKQP.CIQQPFGRQUKVU4GHGTGPEG8GICGVCNC
2CTC\CPVJQRUKUOG[CRCSWGPUKU8GIC(GNFOCPP)CTEÈC$CTTGTC(KNMQTP2KOGPVGN
CPF#XGPFCÌQ
(KIWTG
.QECNKV[(QTOCVKQP%JKCRCU1EQ\QEQCWVNC1EQ\QEQCWVNC(QTOCVKQP#IG
/CCUVTKEJVKCP.CIQQPFGRQUKVU4GHGTGPEG8GICGVCNC
8')#0;$14)#0&2'44+..+#6
.QDQPQVWUOGZKECPWU4CVJDWP
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT#TTQ[Q%QNQTCFQ6GRGVCVG(QTOCVKQP
#IG7RRGT'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP
5EJYGKV\GTGVCN
*CTRCEVQECTEKPWUCOGTKECPWU4CVJDWP
.QECNKV[(QTOCVKQP6COCWNKRCU#IG'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO
4GHGTGPEG4CVJDWP
:CPFCTQUUVGTPDGTIK 4CVJDWP
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC4QUCTKQ(QTOCVKQP#IG/CCUVTKEJVKCP
&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP$KUJQR5EJYGKV\GT
GVCN
(COKN[)QPGRNCEKFCG/CE.GC[
5VQCRNCZPCPFCEJCTG8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF
9CWIJ
(COKN[2KPPQVJGTKFCGFG*CCP
8KCRKPPKZCCNXCTG\K8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF
9CWIJ
(KIWTG
(COKN[4GVTQRNWOKFCG)KNN
#TEJCGQRWUOGZKECPWU5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC
.QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5CN5KRWGFGU4QUCTKQ(QTOCVKQP#IG
/CCUVTKEJVKCP&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
%QUVCEQRNWOCOGZKECPC8GICCPF2GTTKNNKCV
(KIWTG
.QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ%QCJWKNC)GPGTCN%GRGFC#IG
/CCUVTKEJVKCP&KUEWUUKQP*WPFTGFUQHURGEKOGPURTGUGTXGFKPFKHHGTGPVUV[NGU
&GNVCKERNCVHQTO4GHGTGPEG8GICCPF2GTTKNNKCV
%QUVCEQRNWOCDKUJQRK8GICCPF(GNFOCPP
(KIWTG
.QECNKV[(QTOCVKQP)WGTTGTQ6GOCNCE/GZECNC(QTOCVKQP#IG6WTQPKCP
&KUEWUUKQP5OCNNURGEKOGPUYKFVJQHECTCRCEGNGUUVJCPOO&GNVCKERNCVHQTO
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#

(+)74' 8GTTWEQKFGUUVGPQJGFTC8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GT
CPF9CWIJ8GKPVGFG0QXKGODTG%JKCRCU'N$QUSWG(QTOCVKQP.QYGT'QEGPG/GICZCPVJQ
\QSWG 8GIC (GNFOCPP )CTEÈC$CTTGTC (KNMQTP 2KOGPVGN CPF #XGPFCÌQ 1EQ\QEQCWVNC
%JKCRCU 1EQ\QEQCWVNC (QTOCVKQP /CCUVTKEJVKCP 2CTC\CPVJQRUKU OG[CRCSWGPUKU 8GIC
(GNFOCPP )CTEÈC$CTTGTC (KNMQTP 2KOGPVGN CPF #XGPFCÌQ 1EQ\QEQCWVNC %JKCRCU
1EQ\QEQ\WVNC (QTOCVKQP /CCUVTKEJVKCP 8KCRKPPKZC CNXCTG\K 8GIC %QUOC %QWVKÌQ
(GNFOCPP 0[DQTI 5EJYGKV\GT CPF 9CWIJ 8GKPVG FG 0QXKGODTG %JKCRCU 'N $QUSWG
(QTOCVKQP.QYGT'QEGPG%QUVCEQRNWOCOGZKECPC8GICCPF2GTTKNNKCV5KGTTC'N#PVTKUEQ
0WGXQ.GÎP2QVTGTKNNQU(QTOCVKQP/CCUVTKEJVKCP%DKUJQRK8GICCPF(GNFOCPP6GOCNCE
)WGTTGTQ/GZECNC(QTOCVKQP%QPKCEKCP!5ECNGDCTUEO
8')#0;$14)#0&2'44+..+#6
4GHGTGPEG8GICCPF(GNFOCPP%DKUJQRKHTQOVJG%¶TFGPCU(QTOCVKQPKU
%OGZKECPC4GHGTGPEG8GICGVCN
1TKIKP'XQNWVKQPCPF'ZVKPEVKQP
(QUUKNFGECRQFETWUVCEGCPUſTUV CRRGCT KP VJG HQUUKN TGEQTF CV VJG GPF QH VJG ,WTCUUKE

2GTKQF 5KPEG VJG ,WTCUUKE FGECRQF ETWUVCEGCPU JCXG JCF CV NGCUV VYQ GRKUQFGU QH
TCFKCVKQP6JGſTUV QEEWTTGF FWTKPI VJG .CVG %TGVCEGQWU YKVJ OCP[ URGEKGU CUUQEKCVGF
YKVJ FGNVCKE GPXKTQPOGPVU 6JG UGEQPF QEEWTTGF FWTKPI VJG 'QEGPG YJGTG FKXGTUG
CUUGODNCIGUQEEWTTGFKPTGGHGPXKTQPOGPVU )NCGUUPGT
0QVCDN[VJGQNFGUVTGEQTFUQHQTKIKPCVKQPHQTEGTVCKPFGECRQFETWUVCEGCPIGPGTC
QEEWTTGFKP/GZKEQYKVJUWDUGSWGPVYQTNFYKFGFKUVTKDWVKQPVJGTGCHVGT5QOGGZCORNGU
CTGIKXGPDGNQY
2CPWNKTWU 4GEGPVN[ GZWXKC QH C URGEKGU QH VJG IGPWU 2CPWNKTWU HTQO VJG 'N
'URKPCN3WCTT[%JKCRCUYKVJKP#RVKCP#NDKCPTQEMUQHVJG5KGTTC/CFTG(QTOCVKQP
YCUFKUEQXGTGF 8GICGVCN 6JKUURGEKOGPOCTMUVJGQNFGUVMPQYPQEEWTTGPEG
QH 2CPWNKTWU KP #OGTKEC 2TGXKQWUN[ VJG QNFGUV TGEQTF HQT VJKU IGPWU YCU HTQO VJG
.QYGT%TGVCEGQWUQH'WTQRG )NCGUUPGT +PVGTGUVKPIN[VJGECTCRCEGOQTRJQNQI[
DGVYGGPVJG/GZKECPCPF'WTQRGCPIGPWUJCUEJCPIGFNKVVNGVJGTGHQTGVJKUOC[DG
EQPUKFGTGFCUCRCPETQPKEIGPWU
.QRJQTCPKPC 6JKU TCPKPKF IGPWU JCF C YKFG IGQITCRJKE FKUVTKDWVKQP FWTKPI
GCTN[6GTVKCT[VKOGU6JGHQUUKNTGEQTFQH.QRJQTCPKPCGZVGPFUHTQOVJGNQYGT'QEGPG
VQVJG1NKIQEGPGQHUQWVJGCUVGTP7PKVGF5VCVGU$CLC%CNKHQTPKC5WT%JKCRCU5RCKP
(TCPEG *WPICT[ +VCN[ CPF VJG +PFQRCEKſE TGIKQP 6WEMGT .QRJQTCPKPC
RQUUGUUGUCUGTKGUQHFQTUCNVTCPUXGTUGVGTTCEGUYKVJURKPGUCPFHTQPVCNURKPGUVJCVCTG
FKTGEVGFHQTYCTF+VJCUDGGPUWIIGUVGFVJCVVJGURKPGUQHVJGVTCPUXGTUGVGTTCEGUUGTXG
VQCPEJQT.QRJQTCPKPCVQCNICNOCVUHQTOKOGVKUOQTCUCDWTKCNCPEJQT 5CXC\\K
6JG QNFGUV MPQYP URGEKGU KU HTQO /CCUVTKEJVKCP TQEMU QH %JKCRCU 6GTTCEG
RCVVGTPQHVJG%JKCRCU.QRJQTCPKPCKUUKORNKUVKEYJGPEQORCTGFVQ6GTVKCT[URGEKGU
(GNFOCPPGVCN8GICGVCN +VKUCNUQKORQTVCPVVQPQVGVJCVVJGOGCP
UK\G QH .QRJQTCPKPC RTCGEQEKQWU HTQO VJG /CCUVTKEJVKCP QH %JKCRCU KU UNKIJVN[
NCTIGT VJCP VJCV QH VJG URGEKGU VJCV HQNNQYGF #PVGTKQT UWTHCEG QH VJG .QRJQTCPKPC
RTCGEQEKQWUECTCRCEGNCEMUCP[VGTTCEGUCPFVJGRQUVGTKQTVYQVJKTFUCTGQTPCOGPVGF
QPN[YKVJCHGYRCTCNNGNVGTTCEGU+PCFFKVKQPCPVGTQNCVGTCNURKPGUVGPFVQDGEQOGOQTG
DTCPEJGFCPFEQORNGZKP6GTVKCT[URGEKOGPU8KC UWIIGUVGFVJGRQUUKDKNKV[QH
UGZWCNFKOQTRJKUOKPHGTTGFHTQOVJGFKHHGTGPVDTCPEJKPIRCVVGTPQHCUCOGURGEKGU
QH .QRJQTCPKPC HTQO VJG 'QEGPG QH 5RCKP +PVGTGUVKPIN[ .QRJQTCPKPC DKUJQRK KU
HQWPFHTQOVJG/KFFNG'QEGPG$CVGSWG(QTOCVKQPQH$CLC%CNKHQTPKC5WT+PCFFKVKQP
VJG QNFGUV TGEQTF QH VJG IGPWU 4CPKPC CNUQ QEEWTU CV VJG $CVGSWG (QTOCVKQP +V KU
DGNKGXGFD[VJGCWVJQTUVJCVVJTQWIJVKOG.QRJQTCPKPCURRNQUVKVUVGTTCEGUCPFVJG
FQTUCNECTCRCEGDGECOGUECDTQWU URKP[ OQUVNKMGN[TGƀGEVKPI C JCDKVCV EJCPIG HTQO
ECTDQPCVG TKEJ TGGH EQORNGZGU VQ OQTG UCPF[ GPXKTQPOGPVU 6QFC[ VJG QPN[ NKXKPI
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
URGEKGUQHVJKUIGPWU4CPKPCTCPKPCKUHQWPFGZENWUKXGN[QPUCPF[UWDUVTCVGUQHVJG
+PFQRCEKſE TGIKQP
(COKN[ &CMQVKECPETKFCG 6JG .CVG %TGVCEGQWU HCOKN[ &CMQVKECPETKFCG JCU
DGGP TGRQTVGF HTQO TQEMU GZVGPFKPI HTQO 5QWVJ &CMQVC 75# VQ 5CP .WKU 2QVQUÈ
/GZKEQ 5RGEKGU QH VJKU HCOKN[ RQUUGUU C EJCTCEVGTKUVKE TQDWUV ECTCRCEG 6JG
&CMQVKECPETKFCGYGTGXGT[CDWPFCPVCUVJQWUCPFUQHURGEKOGPUJCXGDGGPTGRQTVGF
HTQO VJG %CORCPKCP/CCUVTKEJVKCP QH UQWVJGCUVGTP 7PKVGF 5VCVGU $KUJQR
6GVTCECTEKPWU &CMQVKECPEGT 5GQTUWU CPF #XKVJGNOGUUWU CTG VJG TGRTGUGPVCVKXG
IGPGTCQHVJKUHCOKN[6JKUHCOKN[FKUCRRGCTGFCVVJGGPFQHVJG%TGVCEGQWU2GTKQF
$KUJQRGVCN 1PGRQUUKDNGGZRNCPCVKQPHQTVJGFKUCRRGCTCPEGQHVJKUHCOKN[KU
TGNCVGFVQKVUTGUVTKEVGFRCNGQDKQIGQITCRJKEFKUVTKDWVKQPPQTVJQHVJG%JKEZWNWDKORCEV
UKVG#EEQTFKPIVQOQFGNUHTQOVJGKORCEVVTCLGEVQT[KPƀWGPEG QH UGEQPFCT[ GHHGEVU
UJQWNFJCFDGGPYQTUVPQTVJYGUVQHVJGKORCEVUKVG 5JCTRVQPGVCN #NQPIYKVJ
VJGGZVKPEVKQPQHVJG(COKN[%CTEKPGTGVKFCGCNUQFKUVTKDWVGFTGNCVKXGN[PGCTVJGKORCEV
UKVGVJG&CMQVKECPETKFCGUGGOUVQJCXGDGGPCPQVJGTXKEVKOQHVJGOCUUGZVKPEVKQP
VJCVQEEWTTGFOKNNKQP[GCTUCIQ
(COKN[%CTEKPGTGVKFCG4GICTFNGUUVJCVVJGTGKUQPIQKPIFGDCVGQPVJGIGPGTC
VJCVOCMGWRVJKUHCOKN[OQUVCWVJQTUCITGGVJCVVJKUITQWRFKUCRRGCTGFCVVJGGPFQH
VJG%TGVCEGQWU5QOGCWVJQTUJCXGTGRQTVGFVJGRTGUGPEGQHOGODGTUQHVJKUHCOKN[
KP'WTQRGYKVJKP/CCUVTKEJVKCPTQEMU (TCC[Ã *QYGXGTVJGOQUVKORQTVCPV
FKCIPQUVKE HGCVWTGU VJG RTGUGPEG QH ſHVJ ƀCVVGPGF RGTGKQRQFU C TQDWUV CPF URKP[
EJGNCG CPF C ECTCRCEG YKVJ UJCTR VTCPUXGTUG TKFIGU CTG VQ DG HQWPF QPN[ KP VJTGG
IGPGTC%CTEKPGTGVGU1RJVJCNOQRNCZCPF$TCPEJKQECTEKPWU%CTEKPGTGVGUJCUDGGP
TGRQTVGFHTQO/CCUVTKEJVKCPTQEMUQH,COCKEC$GNK\GCPF%JKCRCU 9JKVVGTU
/QTTKU8GICGVCN8GICGVCNC 1RJVJCNOQRNCZJCUDGGPTGRQTVGF
HTQO /CCUVTKEJVKCP NQECNKVKGU QH UQWVJGCUVGTP 7PKVGF 5VCVGU PQTVJGCUVGTP /GZKEQ
%QCJWKNC0WGXQ.GÎP CPF%QNQODKC 4CVJDWP8GICCPF(GNFOCPP
(GNFOCPPGVCN(GNFOCPPCPF8KNNCOKN $TCPEJKQECTEKPWUYCUHQWPF
HTQO VJG %¶TFGPCU (QTOCVKQP /CCUVTKEJVKCP QH 5CP .WKU 2QVQUÈ +H YG EQPUKFGT
QPN[ VJGUG VJTGG IGPGTC CU RCTV QH VJG %CTEKPGTGVKFCG VJGP KVU RCNGQDKQIGQITCRJKE
FKUVTKDWVKQPYCUTGUVTKEVGFVQVJG)WNHQH/GZKEQCPF%CTKDDGCPTGIKQP9KVJKPVJG
EGPVGT QH VJKU FKUVTKDWVKQP YG ſPF VJG KORCEV UKVG QH VJG %JKEZWNWD GXGPV CPF VJKU
OC[DGVJGUGEQPFHCOKN[QHFGECRQFETWUVCEGCPUVQDGEQOGGZVKPEVCVVJGGPFQHVJG
%TGVCEGQWU2GTKQF 8GICGVCN
%QUVCEQRNWOC 6JG IGPWU %QUVCEQRNWOC JCU DGGP TGRQTVGF HTQO VJG 7RRGT
%TGVCEGQWUQH0KIGTKC+PFKC)TGGPNCPFCPF/GZKEQ 0WGXQ.GÎP%QCJWKNC)WGTTGTQ
%QNNKPUCPF/QTTKU)CGVCPKGVCN%QNNKPUCPF4CUOWUUGP8GIC
CPF 2GTTKNNKCV 8GIC CPF (GNFOCPP 8GIC GV CN #NUQ VJG IGPWU
JCUDGGPTGRQTVGFHTQO2CNGQEGPGTQEMUQH5GPGICN#TIGPVKPC$TC\KNCPF8GPG\WGNC
4ÃO[(GNFOCPPGVCNC(GNFOCPPCPF/CTVKPU0GVQ%QNNKPUGV
CN +P CFFKVKQP VJGTG KU C TGEGPV TGRQTV QH VJKU IGPWU HTQO 2CNGQEGPG TQEMU
%CNKHQTPKC75# 0[DQTIGVCN 6JGFKUVTKDWVKQPRCVVGTPQH%QUVCEQRNWOCKU
8')#0;$14)#0&2'44+..+#6
FKUVKPEVN[FKHHGTGPVHTQOVJG%TGVCEGQWUVQVJG2CNGQEGPG6JKUFKHHGTGPEGOC[TGRTGUGPV
VJGGZVKPEVKQPF[PCOKEUVJCVQEEWTTGFCVVJGGPFQHVJG%TGVCEGQWU2GTKQF6QFCVG
VJGQNFGUVTGEQTFQH%QUVCEQRNWOC%QUVCEQRNWOCDKUJQRKKUHTQOVJG%QPKCEKCPQH
)WGTTGTQ/GZKEQ 8GICCPF(GNFOCPP UWIIGUVKPICP#OGTKECPQTKIKPHQTC
ITQWRQPN[HQWPFVQFC[KPVJG+PFQRCEKſE TGIKQP
+PFKHHGTGPEGVQQVJGTETWUVCEGCPITQWRUTGVTQRNWOKFETCDUUGGOVQJCXGDGGP
FGRQUKV HGGFGTU 4GEGPV TGVTQRNWOKFU NKXG QP VJG +PFQRCEKſE 1EGCP DQVVQO OQTG
VJCPOFGGRHGGFKPIQPQTICPKEOCVVGTVJCVKUCNYC[UCXCKNCDNG 5CKPV.CWTGPV

2CNGQDKQIGQITCRJ[
6JG HQUUKN TGEQTF HQT FGECRQF ETWUVCEGCP URGEKGU KU PQV ENGCTN[ WPFGTUVQQF
*QYGXGTKVKUENGCTVJCVYJKNGUQOGIGPGTCNCUVGFVGPUQHOKNNKQP[GCTU %QUVCEQRNWOC
.QRJQTCPKPC2CPWNKTWU QVJGTUNCUVGFPQOQTGVJCPOKNNKQP[GCTU %CTEKPGTGVGU
&CMQVKECPEGT #RRCTGPVN[ VJKU FWTCVKQP KU TGNCVGF VQ VJG RCNGQDKQIGQITCRJKE
FKUVTKDWVKQP QH VJG ITQWR 6JQUG IGPGTC VJCV JCF C NCTIGT IGQITCRJKE FKUVTKDWVKQP
VGPFGF VQ JCXG C NQPI CPF TQDWUV HQUUKN TGEQTF YJGTGCU VJQUG VJCV JCF C TGUVTKEVGF
FKUVTKDWVKQPVGPFGFVQUWEEWODVQGXQNWVKQPCT[GZVKPEVKQP
&WG VQ VJG TGNCVKXG RQUKVKQP QH VJG /GZKECP VGTTKVQT[ FWTKPI %TGVCEGQWU CPF
6GTVKCT[VKOGU/GZKEQCRRGCTUVQJCXGDGGPCOCLQTCTGCHQTHQUUKNFGECRQFETWUVCEGCP
QTKIKPCVKQPUCPFFKUVTKDWVKQPRCVVGTPU6JGTGNCVKXGN[UECTEGTGEQTFQHHQUUKNFGECRQF
ETWUVCEGCPU KP /GZKEQ FWTKPI VJG .QYGT %TGVCEGQWU KU UVKNN TGNCVKXGN[ WPMPQYP
#RVKCP/GZKECPOGEQEJKTKFUJCXGCHſPKVKGU VQ 'WTQRGCP OGEQEJKTKF URGEKGU 7RRGT
%TGVCEGQWU ETWUVCEGCPU HTQO %JKCRCU CTG TGNCVGF VQ ETWUVCEGCPU QH VJG %CTKDDGCP
TGIKQPYJKNG/CCUVTKEJVKCPETWUVCEGCPUHTQOPQTVJGCUVGTP/GZKEQCTGTGNCVGFVQVJG
/KUUKUUKRK'ODC[OGPVCPF#VNCPVKE%QCUVCN2NCKPETWUVCEGCPU'QEGPGURGEKGUHTQO
$CLC%CNKHQTPKC5WTCPF%JKCRCUJCXGTGNCVKQPUJKRUYKVJ0QTVJ#OGTKECYGUVEQCUV
ETWUVCEGCPUDWVCNUQUJQYUQOG6GVJ[CPKPƀWGPEG 6JG /KQEGPG URGEKGU QH 8GTCETW\
CPF%JKCRCUCTGTGNCVGFVQ%GPVTCN#OGTKECCPF8GPG\WGNCETWUVCEGCPU
2CNGQGEQNQI[
6JG V[RG QH TQEM KP YJKEJ FGECRQF ETWUVCEGCPU CTG HQWPF CNQPI YKVJ VJG
CUUQEKCVGFHCWPCTGRTGUGPVUVJGMG[VQVJGMKPFQHGPXKTQPOGPVKPYJKEJVJG[NKXGF
+P OCP[ ECUGU VJGTG CTG HGY URGEKGU QH HQUUKN FGECRQF ETWUVCEGCPU HQWPF KP QPG
NQECNKV[CPFVJGTGWUWCNN[KUQPN[QPGQTVYQFQOKPCPVURGEKGU(QTGZCORNGKPUGXGTCN
/CCUVTKEJVKCP NQECNKVKGU QH %QCJWKNC CPF 0WGXQ .GÎP %QUVCEQRNWOC OGZKECPC KU
HQWPFQPN[YKVJ5QFCMWUOGZKECPWUYJKNGKPQVJGTNQECNKVKGU%QUVCEQRNWOCOGZKECPC
KU QPN[ HQWPF YKVJ 1RJVJCNOQRNCZ FKHWPVCGPUKU DWV KV KU PGXGT HQWPF CNQPI YKVJ
&CMQVKECPEGT CWUVTCNKU VJCV CRRGCTU VQ JCXG GZENWFGF CP[ QVJGT ETWUVCEGCP GZEGRV
HQT2TGJGRCVWUUR
&CMQVKECPETKFETCDUYGTGCEQORGVKVKXGITQWRRQUUGUUKPICNCTIGTQDWUVECTCRCEG
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
CPF UVTQPI EJGNCG +P CFFKVKQP UJQTV DWV TGUKUVCPV URKPGU EQXGTGF VJG ECTCRCEG CPF
RGTGKQRQFU&CMQVKECPETKFUKPJCDKVGFUJCNNQYOCTKPGGPXKTQPOGPVUCPFOC[JCXG
GXGPDGGPCDNGVQJCXGUWDCGTKCNKPEWTUKQPU)CNNGTKGUJCXGDGGPQDUGTXGFCVNQECNKVKGU
YJGTG&CMQVKECPEGTCWUVTCNKUKUCDWPFCPV
%CTEKPGTGVKF ETCDU YGTG GKVJGT UYKOOGT CPFQT DWTTQYGT ETCDU FWG VQ VJGKT
V[RKECNƀCVVGPGF ſHVJ RGTGKQRQFU CPF VQ VJGKT ƀCV ECTCRCEGU 5KOKNCTKVKGU DGVYGGP VJKU
GZVKPEVHCOKN[CPFCUKOKNCTFGECRQFETWUVCEGCPHCOKN[VJG2QTVWPKFCGCTGKORQTVCPV
CNVJQWIJPQFKTGEVRJ[NQIGPGVKETGNCVKQPUJKRJCU[GVDGGPCEEGRVGF )NCGUUPGT
%CTEKPGTGVKFUJCXGGNQPICVGFEJGNCGYKVJUJCTRVGGVJCPFCEWVGJQQMUJCRGFGPFU
+VOC[DGRQUUKDNGVJCVCUTGEGPVRQTVWPKFUFQECTEKPGTGVKFUYGTGUECXGPIGTUQTGXGP
CDNGVQECRVWTGſUJ
4GVTQRNWOKFETCDUHGGFQPQTICPKEOCVVGTCEEWOWNCVGFQPVJGKTHGCVJGTUJCRGF
ſHVJ RCKT QH RGTGKQRQFU 5CKPV.CWTGPV 6JGKT EJGNCG CTG TCVJGT UOCNN RTQDCDN[
PQVWUGFHQTFGHGPUGQTCVVCEM*QYGXGT%QUVCEQRNWOCOGZKECPCHTQO/CCUVTKEJVKCP
NQECNKVKGUQHPQTVJGCUVGTP/GZKEQCTGVJGOQUVCDWPFCPVFGECRQFETWUVCEGCP+VCRRGCTU
VJCVGXGPYKVJUOCNNEJGNCG%QUVCEQRNWOCOGZKECPCYCUCDNGVQUJCTGGPXKTQPOGPVU
YKVJ QVJGT FGECRQF ETWUVCEGCP URGEKGU 1PG URGEKOGP QH VJKU URGEKGU YCU TGEGPVN[
HQWPFKPUKFGCICNNGT[
%WVKEWNG5VTWEVWTG
#PKPVGTGUVKPIHCEVQHVJGUVWF[QHETWUVCEGCPUKUVQTGXKGYCPFEQORCTGVJGKTEWVKENG
UVTWEVWTG+POCP[ECUGUVJKUUVTWEVWTGJCUDGGPQDUEWTGFD[OKPGTCNTGRNCEGOGPVQH
VJGQTKIKPCNECNEKWOECTDQPCVGCPFCNUQDGECWUGQHVJGFKCIGPGVKERTQEGUUKPIGPGTCN
(KI *QYGXGTKPUQOGECUGUNC[GTUQHVJGGPFQCPFGZQEWVKENGECPDGFGſPGF
(KI CPFGXGPſPG FGVCKNU UWEJ CU INCPFWNCT FWEVU CPF RQTG ECPCNU JCXG DGGP
RTGUGTXGF 8GICGVCN 4GEGPVUVWFKGUJCXGTGXGCNGFEGNNNKMGUVTWEVWTGUQPVQR
QHVJGGRKEWVKENGQH%QUVCEQRNWOCOGZKECPC (KI &CMQVKECPEGTCWUVTCNKU (KI
CPF %CTEKPGTGVGU RNCPGVCTKWU (KI URGEKOGPU 6JG RGEWNKCT UVTWEVWTG QH C
2CNGQEGPG#UVCEKFCGHTQO%QCJWKNCKUCNUQWPFGTUVWF[ (KI %WVKENGUVTWEVWTGQH
GZVKPEVETWUVCEGCPHCOKNKGUECPDGEQORCTGFYKVJGZVCPVHCOKNKGUKPCVVGORVUVQFGſPG
RJ[UKQNQIKECNCPFRCNGQEQNQIKECNKORNKECVKQPU
#EMPQYNGFIOGPVU
#WVJQTUYKUJVQGZRTGUUVJGKTITCVKVWFGVQ%10#%[6HQTVJGUWRRQTVHTQOVJG
ITCPV VKVNGF ő2CNGQDKQIGQITCHÈC [ GXQNWEKÎP FG ETWUV¶EGQU [ OQNWUEQU FGN 'QEGPQ
1NKIQEGPQFG$CLC%CNKHQTPKC5WT[%JKCRCU/ÃZKEQŒ
4GHGTGPEGU
#NGPE¶UVGT)%TWUV¶EGQ /CNCEQUVTCEC&GECRQFC FGN%TGV¶EKEQ+PHGTKQTFGN'UVCFQFG)WGTTGTQ
/ÃZKEQ7PKX0CN#WVÎP/ÃZKEQ+PUV)GQN4GX
8')#0;$14)#0&2'44+..+#6

(IGURE %WVKEWNCT UVTWEVWTG QH %CTEKPGTGVGU RNCPGVCTKWU8GIC (GNFOCPP1ECORQ CPF

2QRG 0QVG NCEM QH FGVCKN QP NCOGNNCG FWG VQ TGRNCEGOGPV 6JKP UGEVKQP QH EWVKENG HTQO
%QUVCEQRNWOC OGZKECPC 8GIC CPF 2GTTKNNKCV 0QVG GPFQEWVKENG 'P GZQEWVKENG 'Z CPF
GRKEWVKENG 'R CU YGNN CU RQTG ECPCNU 2E %WVKENG QH % OGZKECPC 8GIC CPF 2GTTKNNKCV
UJQYKPIEGNNNKMG %. UVTWEVWTGUQPGRKEWVKENG%WVKENGQH&CMQVKECPEGTCWUVTCNKU4CVJDWP
0QVG EGNN NKMG %. UVTWEVWTGU QP GRKEWVKENG %WVKENG UGEVKQP QH %CTEKPGTGVGU RNCPGVCTKWU
8GIC(GNFOCPP1ECORQCPF2QRGUJQYKPIEGNNNKMGUVTWEVWTGU %. %WVKEWNCTUGEVKQPQH
CPCUVCEKFETC[ſUJ 5ECNG DCTU µ
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
$¶TEGPC / &GUETKREKÎP FG WP %TWUV¶EGQ HÎUKN FGN IÃPGTQ 5RJCGTQOC 5 DWTMCTVKK [ TGUGÌC
IGQNÎIKECFGN8CNNGFG#OGEC,CNKUEQ.C0CVWTCNG\C
$KUJQR)#(QUUKNFGECRQFETWUVCEGCPUHTQOVJG.CVG%TGVCEGQWU%QQP%TGGM6QPIWG4KRNG[
(QTOCVKQP7PKQP%QWPV[/KUUKUUKRRK,%TWUV$KQN
$KUJQR)#1EEWTTGPEGRTGUGTXCVKQPCPFDKQIGQITCRJ[QHVJG%TGVCEGQWUETCDUQH0QTVJ#OGTKEC
KP%TWUVCEGCP$KQIGQITCRJ[%TWUVCEGCP+UUWGU8QN 4*)QTGCPF-.*GEMGFU ##
$CNMGOC4QVVGTFCO6JG0GVJGTNCPFUR
$KUJQR)#6YQETCDU:CPFCTQUUVGTPDGTIK 4CVJDWP PIGPCPF+ETKQECTEKPWUZGUVQUP
IGPPURHTQOVJG.CVG%TGVCEGQWUQH5CP&KGIQ%QWPV[%CNKHQTPKC75#CPF$CLC%CNKHQTPKC
0QTVG/ÃZKEQ6TCPU5CP&KGIQ5QE0CV*KUV
$KUJQR)#(GNFOCPP4/CPF8GIC(,6JG&CMQVKECPETKFCG &GECRQFC$TCEJ[WTC HTQO
VJG.CVG%TGVCEGQWUQH0QTVJ#OGTKECCPF/GZKEQ%QPVT<QQN
$QWXKGT'.%CNCRRC\WTEJGTK%TCDGPQXGCWFGU6GTTCKPU/KQEÃPGUFG2CPCOC$WNN/WU*KUV
0CV2CTKU
$WTMGPTQCF / & 6JG *KIJGT 6CZQPQO[ CPF 'XQNWVKQP QH &GECRQFC %TWUVCEGC 6TCPU 5CP
&KGIQ5QE0CV*KU
%QNNKPU,5*CPF/QTTKU5(#PGYETCD%QUVCEQRNWOCEQPECXCHTQOVJG7RRGT%TGVCEGQWU
QH0KIGTKC2CNCGQPVQNQI[
%QNNKPU , 5 * CPF 4CUOWUUGP * 9 7RRGT %TGVCEGQWU.QYGT6GTVKCT[FGECRQF%TWUVCEGCPU
HTQO9GUV)TGGPNCPF)TÓP)GQNQI7FGT$WNN
%QNNKPU,*5*KIIU4CPF%QTVKEWNC$#PGYETCD%QUVCEQRNWOCDKſFC %TWUVCEGC&GECRQFC
HTQOVJG2CNGQEGPGQH8GPG\WGNC/K\WPCOK(QUUKN/WU$WNN
&CPC,&%TWUVCEGC7PKVGF5VCVGU'ZRNQTKPI'ZRGFKVKQPFWTKPIVJG[GCTU
7PFGTVJG%QOOCPFQH%JCTNGU9KNMGU750%5JGTOCP2JKNCFGNRJKC
(GNFOCPP 4 / CPF /CTVKPU0GVQ 4 ) %QUVCEQRNWOC PQTFGUVKCPC P UR &GECRQFC
4GVTQRNWOKFCG HTQOVJG/CTKC(CTKPJC(QTOCVKQP 2CNGQEGPG QH$TC\KN,2CNGQPV
(GNFOCPP4/8GIC(,#RRNGICVG52CPF$KUJQR)#'CTN[%TGVCEGQWUCTVJTQRQFUHTQO
VJG6NC[ÕC(QTOCVKQPCV6GRGZKFG4QFTÈIWG\2WGDNC/GZKEQ,2CNGQPV
(GNFOCPP 4 / %CUCFÈQ 5 %JKTKPQ)¶NXG\ . CPF #IWKTTG7TTGVC / C (QUUKN FGECRQF
ETWUVCEGCPU HTQO VJG ,CIWGN CPF 4QEC (QTOCVKQPU /CCUVTKEJVKCP&CPKCP QH VJG 0GWSWÃP $CUKP
#TIGPVKPC,2CNGQPV/GO
(GNFOCPP 4 / 8GIC ( , )CTEÈC$CTTGTC 2 4KEQ/QPVKGN 4 CPF /CTVÈPG\.ÎRG\ . D #
PGY URGEKGU QH /G[GTKC &GECRQFC /GEQEJKTKFCG HTQO VJG 5CP ,WCP 4C[C (QTOCVKQP #RVKCP
%TGVCEGQWU 2WGDNC5VCVG/ÃZKEQ,2CNGQPV
(GNFOCPP4/8GIC(,)CTEÈC$CTTGTC26WEMGT#CPF#XGPFCÌQ,6JGQNFGUVTGEQTF
QH.QRJQTCPKPC &GECRQFC4CPKPKFCG HTQOVJG.CVG%TGVCEGQWUQH%JKCRCUUQWVJGCUVGTP/GZKEQ
,2CNGQPV
(GNFOCPP 4 / CPF 8KNNCOKN 6 # PGY ECTEKPGTGVKF ETCD 7RRGT 6WTQPKCP %TGVCEGQWU QH
%QNQODKC,2CNGQPV
(GNFOCPP4/8KNNCOKN6CPF-CWHHOCP'&GECRQFCPFUVQOCVQRQFETWUVCEGCPUHTQOOCUU
OQTVCNKV[NCIGTUVCVVGP6WTQPKCP %TGVCEGQWU QH%QNQODKC,2CNGQPV
(TC[GÃ4*$.CVG%TGVCEGQWUUYKOOKPIETCDUTCFKCVKQPOKITCVKQPEQORGVKVKQPCPFGZVKPEVKQP
#EVC)GQN2QNQPKEC
)CGVCPK/0KEQTC#2TGOQNK5KNXC+(QKU')CT\CPVK'CPF6KPVQTK#7RRGT%TGVCEGQWU
CPF2CNGQEGPGKP<CPUMCT4CPIG 09*KOCNC[C 4KX+VCN2CN5VTCV
)KNN6#PGYDCUUCNKCPV[RGQHETCDU#O0CVWT
)NCGUUPGT/(&GECRQFCKP6TGCVKUGQH+PXGTVGDTCVG2CNGQPVQNQI[2CTV4#TVJTQRQFC 4
%/QQTGGF )GQNQIKECN5QEKGV[QH#OGTKECCPF7PKXGTUKV[QH-CPUCU2TGUU.CYTGPEGR4
4
*CCEM97GDGTGKPGP+UQRQFGPCWUFGO5GRWNKVFGUYGKUNKEJGP1UPGIU #TEJCGQPKUEWU$TQFGK
/KNPG'FYCTFU ,CJT-ÑPKI2TGWU)GQNQI.CPF
*CCP 9 FG %TWUVCEGC KP HCWPC ,CRQPKEC UKXG FGUETKRVKQ CPKOCNKWO SWCG KP KVKPGTG RGT
LCRQPKCO LWUUW GV CWURKEKKU UWRGTKQTWO SWK UWOOWO KP +PFKC DCVCXC +ORGTKWO VGPGPV UWEGRVQ
8')#0;$14)#0&2'44+..+#6
CPPKUEQNNGIKVPQVKUQDUGTXCVKQPKDWUGVCFWODTCVKQPKDWUKNNWUVTCVKX 2(FG5KGDQNF #

#TP\.QPFQPR
*TGDUV,(98GTUWEJGKPGT0CVWTIGUEJKEJVGFGT-TGDDGPWPF-TGDUGPGDUVGKPGTU[UVGOCVKUEJGP
DGUEJTGKDWPIKJTGTXGTUEJGKFGPGPCTVGPXQNR
*GUUNGT42GTCECTKFCKP6TGCVKUGQH+PXGTVGDTCVG2CNGQPVQNQI[2CTV4#TVJTQRQFC 4%
/QQTGGF )GQNQIKECN5QEKGV[QH#OGTKECCPF7PKXGTUKV[QH-CPUCU2TGUU.CYTGPEGR4
4
.CVTGKNNG2#*KUVQKTGPCVWTGNNGIÃPÃTCNGVRCTVKEWNKÃTGFGUETWUVCEÃUGVFGU+PUGEVGU8QN
(&WHCTV2CTKUR
.CVTGKNNG2#.GUETWUVCEÃUNGUCTCEJPKFGUGVNGUKPUGEVGUKP)%WXKGT.GTGIPGCPKOCNFKUVTKDWG
FŏCRTÂUUQPQTICPKUCVKQPRQWTUGTXKTFGDCUGCNŏJKUVQKTGPCVWTGNNGFGUCPKOCWZGVFŏKPVTQFWEVKQPC
NŏCPCVQOKGEQORCTÃG'F8QN&ŏGVGTXKNNG2CTKUR
.CVTGKNNG2#%QWTUFŏ'PVQOQNQIKGQWFGNŏJKUVQKTGPCVWTGNNGFGU%TWUVCEÃUFGUCTCEJPKFGUFGU
/[TKCRQFGUGVFGUKPUGEVGUGVECPPCNGU+#VNCU4QTGV2CTKU(TCPEG
/CE.GC[951PVJG$TCEJ[WTQWU&GECRQF%TWUVCEGCDTQWIJVHTQOVJG%CRGD[&T5OKVJKP
+NNWUVTCVKQPUQHVJG#PPWNQUCQH5QWVJ#HTKECDGKPICRQTVKQPQHVJGQDLGEVUQH0CVWTCN*KUVQT[EJKGƀ[
EQNNGEVGFFWTKPICPGZRGFKVKQPKPVQVJGKPVGTKQTQH5QWVJ#HTKECWPFGTVJGFKTGEVKQPQH&T#PFTGY
5OKVJKPVJG[GCTUCPFſVVGF QWV D[ ő6JG %CRG QH )QQF *QRG #UUQEKCVKQP HQT
'ZRNQTKPI%GPVTCN#HTKECŒ.QPFQPR
/KNPG'FYCTFU**KUVQKTG0CVWTGNNGFGU%TWUVCEÃUEQORTGPCPVNŏCPCVQOKGNCRJ[UKQNQIKGGVNC
ENCUUKſECVKQP FGU EGU CPKOCWZX2CTKU
/QTTKU5(6JGHQUUKNCTVJTQRQFUQH,COCKECKP$KQUVTCVKITCRJ[QH,COCKEC 4/9TKIJVCPF'
4QDKPUQPGFU $QWNFGT%QNQTCFQ)GQN5QE#O/GO
0[DQTI68GIC(,CPF(KNMQTP*0GY.CVG%TGVCEGQWUCPF'CTN[6GTVKCT[FGECRQFETWUVCEGCPU
HTQO%CNKHQTPKC75#KORNKECVKQPUHQTVJGQTKIKPCVKQPQHVCZCKPVJGGCUVGTP0QTVJ2CEKſE %QPVT
<QQN
1TVOCPP # ' &KG &GECRQFGP-TGDUG FGU 5VTCUUDWTIGT /WUGWOU 8 6GKN &KG CDVGKNWPIGP
*KRRKFCG&TQOKKFCGWPF1Z[UVQOCVC<QQN,CJTD
4CſPGUSWG % 5 #PCN[UGFGNCPCVWTGQWVCDNGCWFGNŏWPKXGTUGGVFGUEQTRUQTICPKUGÃU2CNGTOQ
+VCNKC
4CVJDWP/,0GYURGEKGUQH5QWVJ&CMQVC%TGVCEGQWUETCDU2TQE750CV/WU
4CVJDWP/,6JGHQUUKNUVCNMG[GF%TWUVCEGCQHVJGPQTVJ2CEKſE UNQRG QH 0QTVJ #OGTKEC 75
0CV/WU$WNN
4CVJDWP/,(QUUKNFGECRQFETWUVCEGCPUHTQO/GZKEQ2TQE750CV/WU
4CVJDWP/,(QUUKN%TWUVCEGCQHVJG#VNCPVKECPF)WNH%QCUVCN2NCKP)GQN5QE#O5RGE2CR

4ÃO[,/5WTNGU&ÃECRQFGUÃQEÃPGUFW5ÃPÃICNQEEKFGPVCN'VWFGIÃQNQIKSWGRCT#)QTQFKUMK
'VWFG2CNÃQPVQNQIKSWGRCT,/4ÃO[$WNN5QE)ÃQN(TVJUGT
4QDGTVU * $ 6JG 7RRGT %TGVCEGQWU FGECRQF ETWUVCEGCPU QH 0GY LGTUG[ CPF &GNCYCTG KP
6JG %TGVCEGQWU HQUUKNU QH 0GY ,GTUG[ * ) 4KEJCTFU GF 0GY ,GTUG[ $WTGCW QH )GQNQI[ CPF
6QRQITCRJ[$WNN
5CKPV.CWTGPV / FG .C PQWXGNNG UWRGTHCOKNNG FGU 4GVTQRNWOQKFGC )KNN &GECRQFC
$TCEJ[WTC U[UVÃOCVKSWGCHſPKVKGU GV GXQNWVKQP KP 4ÃUWNVCVUFGU%CORCIPGU/WUQTUVQO ,(QTGUV
GF /ÃO/WU0CV*KUV0CVWT #
5COQWGNNG ) 6JG 'PVQOQNQIKUVŏU 7UGHWN %QORGPFKWO QT CP +PVTQFWEVKQP VQ VJG -PQYNGFIG QH
$TKVKUJ+PUGEVUGVE6$Q[U.QPFQP
5CTU ) 1 #P CEEQWPV QH VJG %TWUVCEGC QH 0QTYC[ +UQRQFC 8QN #ND %COOGTOG[GTU
(QTNCICPFDGTIGP/WUGWO %JTKUVKCPKCCPF%QRGPJCIGP
5CXC\\K'(WPEVKQPCNOQTRJQNQI[QHVJGEWVKEWNCTVGTTCEGUKP4CPKPC .QRJQTCPKPC DTCEJ[WTCP
FGECRQFU'QEGPGQH0'+VCN[ 0GWGU,CJTD)GQN2CN¼QPVQN#DJ
5EJYGKV\GT%(GNFOCPP4/)QP\¶NG\$CTDC)CPF8GIC(,0GY%TCDUHTQOVJG'QEGPG
CPF1NKIQEGPGQH$CLC%CNKHQTPKC5WT/GZKEQ,2CN/GO
5JCTRVQP.'/CTÈP,.%CTPG[5.GG)4[FGT$%5EJWTC[V\25KMQTC2&5RWFKU#
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
#OQFGNQHVJG%JKEZWNWDKORCEVDCUKPDCUGFQPGXCNWCVKQPQHIGQRJ[UKECNFCVCYGNNNQIU
CPFFTKNNEQTGUCORNGUKP6JG%TGVCEGQWU6GTVKCT['XGPVCPF1VJGT%CVCUVTQRJGUKP'CTVJ*KUVQT[
) 4[FGT & (CUVQXUM[ CPF 5 )CTVPGT GFU $QWNFGT %QNQTCFQ )GQN 5QE #O 5RGE 2CR

5SWKTGU4.CPF&GOGVTKQP4#2CNGQPVQNQI[QHVJG'QEGPG$CVGSWG(QTOCVKQP$CLC%CNKHQTPKC
5WT/GZKEQ0CV*KUV/WU.QU#PIGNGU%QWPV[%QPVT5EK
5VGP\GN * $ # PGY %TGVCEGQWU ETCD )TCRVQECTEKPWU OWKTK HTQO /GZKEQ , 2CNGQPV

5VKORUQP9$TCEJ[WTCKP2TGNKOKPCT[TGRQTVQPVJG%TWUVCEGCFTGFIGFKPVJG)WNH5VTGCO
KPVJG5VTCKVUQH(NQTKFC .(FG2QWVCNÂUGF 2V$WNN/WU%QOR<QQN*CTXCTF%QNN

5VTCGNGP 8 8CP %QPVTKDWVKQP ´ NŏÃVWFG FGU ETWUVCEÃU FÃECRQFGU FG NC RÃTKQFG ,WTCUUKSWG /GO
#ECFTQ[CNG$GNIKSWG%NCUU5EK2CTV5GT
6WEMGT##U[UVGOCVKEGXCNWCVKQPQHHQUUKN4CPKPKFCGHTQOVJG6YKP4KXGT(QTOCVKQP1N[ORKE
2GPKPUWNC9CUJKPIVQPCPFCTGGZCOKPCVKQPQHVJG4CPKPKFCG7PRWDNKUJGF2J&FKUUGTVCVKQP-GPV
5VCVG7PKXGTUKV[
8GIC(,CPF(GNFOCPP4/(QUUKNETCDU %TWUVCEGC&GECRQFC HTQOVJG/CCUVTKEJVKCP&KHWPVC
)TQWRPQTVJGCUVGTP/GZKEQ#PP%CTPGIKG/WU
8GIC ( , CPF (GNFOCPP 4 / 1EEWTTGPEG QH %QUVCEQRNWOC &GECRQFC $TCEJ[WTC
4GVTQRNWOKFCG KP VJG /CCUVTKEJVKCP QH UQWVJGTP /GZKEQ CPF KVU RCNGQDKQIGITCRJKE KORNKECVKQPU
#PP%CTPGIKG/WU
8GIC(,(GNFOCPP4/CPF&¶XKNC#NEQEGT8%WVKEWNCTUVTWEVWTGKP%QUVCEQRNWOCOGZKECPC
8GIC CPF 2GTTKNNKCV HTQO VJG &KHWPVC )TQWR /CCUVTKEJVKCP QH PQTVJGCUVGTP /GZKEQ CPF KVU
RCNGQGPXKTQPOGPVCNKORNKECVKQPU,2CNGQPV
8GIC(,CPF2GTTKNNKCV/%7PCGURGEKGPWGXCFGNIÃPGTQ%QUVCEQRNWOC #TVJTQRQFC&GECRQFC
FGN/CCUVTKEJVKCPQFG0WGXQ.GÎP/ÃZKEQ7PKX0CN#WVÎP/ÃZ+PUV)GQN4GX
8GIC(,(GNFOCPP4/CPF5QWT6QXCT((QUUKNETCDU %TWUVCEGC&GECRQFC HTQOVJG.CVG
%TGVCEGQWU%¶TFGPCU(QTOCVKQP'CUV%GPVTCN/GZKEQ,2CNGQPV
8GIC(,(GNFOCPP4/CPF8KNNCNQDQU*KTKCTV,.#FFKVKQPUVQVJGETWUVCEGCP &GECRQFC
HCWPCHTQOVJG2QVTGTKNNQU(QTOCVKQP .CVG%TGVCEGQWU KPPQTVJGCUVGTP/GZKEQ#PP%CTPGIKG/WU

8GIC(,(GNFOCPP4/1ECORQ#1CPF2QRG-1#PGYURGEKGUQH.CVG%TGVCEGQWU
ETCD $TCEJ[WTC%CTEKPGTGVKFCG HTQO#NDKQP+UNCPF$GNK\G,2CNGQPV
8GIC(,(GNFOCPP4/8KNNCNQDQU*KTKCTV,.CPF)ÈQ#TI¶G\4#PGYFGECRQFHCWPC
HTQOVJG/KQEGPG6WZRCP(QTOCVKQP'CUVGTP/GZKEQ,2CNGQPV
8GIC ( , (GNFOCPP 4 / )CTEÈC$CTTGTC 2 (KNMQTP * 2KOGPVGN ( CPF #XGPFCÌQ , C
/CCUVTKEJVKCP %TWUVCEGC $TCEJ[WTC &GECRQFC HTQO VJG 1EQ\QEWCWVNC (QTOCVKQP KP %JKCRCU
UQWVJGCUV/GZKEQ,2CNGQPV
8GIC(,%QUOC6%QWVKÌQ/(GNFOCPP4/0[DQTI65EJYGKV\GT%CPF9CWIJ&D
0GY/KFFNG'QEGPGETCDU %TWUVCEGC&GECRQFC HTQO%JKCRCU/GZKEQ,2CNGQPV
8GIC ( , )CTEÈC$CTTGTC 2 %QWVKÌQ / 0[DQTI 6 %KHWGPVGU4WK\ 2 )QP\¶NG\4QFTÈIWG\ -
/CTVGPU#&GNICFQ4CPF%CTDQV)'CTN[%TGVCEGQWU#TVJTQRQFUHTQORNCVVGPMCNMHCEKGU
KP/GZKEQ%QPVT<QQN
8ÈC.%TWUV¶EGQU&GE¶RQFQUFGN'QEGPQGURCÌQN VJÃUG 2KTKPGQU
9JKVG # .KUV QH VJG URGEKOGPU QH %TWUVCEGC KP VJG EQNNGEVKQP QH VJG $TKVKUJ /WUGWO $TKVKUJ
/WUGWO.QPFQP
9KVJGTU6*1PCPGYDTCEJ[WTQWUETWUVCEGCPHTQOVJG7RRGT%TGVCEGQWUQH,COCKEC#PP/CI
0CV*KUV
9KVJGTU6*&GECRQFETWUVCEGCPU %CNNKCPCUUC HTQOVJG5EQVNCPF$GFUQH$CTDCFQU)GQNQIKECN
/CIC\KPG
%JCRVGT
%TGVCEGQWU'EJKPQKFUQH/GZKEQ
+6<+#0+'61.¦2'<CPF2'&41)#4% #$#44'4#
%KWFCF7PKXGTUKVCTKC%Q[QCE¶P/GZKEQ&(PNKG"OKPGTXCWZHEKGPEKCUWPCOOZ
#DUVTCEV
+PVTQFWEVKQP
*KUVQT[
6[RGUQH2WDNKECVKQPU
4GUWNVQH+PXGUVKICVKQPU
6[RGUQH9QTM
/CKP.QECVKQPU
2TGUGPV9QTM
4GHGTGPEGU
#DUVTCEV
6JKUEJCRVGTQHHGTUCPWRVQFCVGNKUVQH7RRGT%TGVCEGQWU/GZKECPHQUUKNGEJKPQKFU
6JGTGCTGMPQYP%TGVCEGQWUGEJKPQKFUHTQOUVCVGUQH/GZKEQKPENWFKPI$CLC
%CNKHQTPKC5WT%JKCRCU%JKJWCJWC%QCJWKNC)WGTTGTQ*KFCNIQ,CNKUEQ/KEJQCE¶P
0WGXQ .GÎP 1CZCEC 2WGDNC 5CP .WKU 2QVQUÈ 5QPQTC 6COCWNKRCU 6NCZECNC CPF
%QNKOC7RWPVKNVJGſTUV JCNH QH VJG :+: EGPVWT[ TGRQTVU QP VJG HQUUKN GEJKPQKFU QH
/GZKEQYGTGQPN[XCIWGN[OGPVKQPGFYKVJKPIGQNQIKECNRCRGTU#HVGTVJG:+:EGPVWT[
FCVGURGEKſE RCNGQPVQNQIKECN YQTM QP GEJKPQKFU DGICP VQ HTGSWGPVN[ CRRGCT 4GEGPVN[
FKXGTUG RCNGQPVQNQIKECN UVWFKGU CTG KP RTQITGUU KP VJG 5VCVG QH %JKCRCU YJKEJ JCU
IGPGTCVGFCNQECNNKUVQHPKPGURGEKGUTGIKUVGTGFHQTVJGſUV VKOG KP /GZKEQ DGNQPIKPI
VQVJGHQNNQYKPIIGPGTC1TVJQRUKUUR5CNGPKCUR)QPKQRKIWUUR0GQVNKPICUVGTUR
)QORGEJKPWUUR.CPKGTKCUR2GVCNQDTKUUWUUR)KVQNCORCUURCPF*GVGTCUVGTUR
6JGUGURGEKGUUJQYITGCVCHſPKVKGU YKVJ %CTKDDGCP 'WTQRGCP CPF#UKCVKEHCWPCU
+P /GZKEQ VJGTG CTG VYQ RTKPEKRCN RTQDNGOU TGHGTTKPI VQ VJG UVWF[ QH HQUUKN
GEJKPQKFUQPGKUVJGNCEMQHKPXGUVKICVKQPUHQEWUGFQPDKQIGQITCRJKEGXQNWVKQPCPF
RCNGQDKQNQIKECNCURGEVUCPFVJGUGEQPFKUVJGNCEMQHCVCZQPQOKETGXKUKQPQHGEJKPQKF
URGEKGUTGRQTVGFKPVJGNKVGTCVWTG

%4'6#%'175'%*+01+&51(/':+%1
+PVTQFWEVKQP
%TGVCEGQWU GEJKPQKFU QH /GZKEQ YGTG ſTUV FGUETKDGF KP HTQO 6GJWCE¶P
2WGDNC 0[UVCPF)CNGQVVK 5KPEGVJKUKPKVKCNTGRQTV%TGVCEGQWUGEJKPQKF
URGEKGU JCXG DGGP FGUETKDGF HTQO /GZKEQ 2CNGQPVQNQIKECN UVWFKGU QH %TGVCEGQWU
GEJKPQKFUQH/GZKEQCTGTGNCVKXGN[TCTGYJGPKVKUVCMGPKPVQCEEQWPVVJCV/GZKEQYCU
CNOQUVEQORNGVGN[EQXGTGFD[CUJCNNQYUGCFWTKPIVJG/GUQ\QKEGTC2WDNKUJGFRCRGTU
QP%TGVCEGQWUGEJKPQKFQEEWTTGPEGUQH/GZKEQCTGWUWCNN[UVTKEVN[U[UVGOCVKEQTCTG
RCTVQHIGPGTCNHCWPCCUUGODNCIGNKUVU(GYTGRQTVUJCXGFGCNVYKVJVJGRCNGQDKQNQIKECN
KORNKECVKQPUQH%TGVCEGQWUGEJKPQKFUQH/GZKEQ
(TQO%TGVCEGQWUGEJKPQKFUQH/GZKEQYGTGCNOQUVGPVKTGN[TGRQTVGF
D[HQTGKIPYQTMGTU6JGTGHQTGOQUVEQNNGEVGFOCVGTKCNFWTKPIVJKUVKOGYCURNCEGFKP
OWUGWOUQWVUKFGQH/GZKEQ+PURKVGQHVJKUVJGTGCTGFKXGTUGEQNNGEVKQPUKP/GZKEQ
(QTGZCORNGVJGHQUUKNGEJKPQKFEQNNGEVKQPCVVJG/WUGQFG2CNGQPVQNQIÈC+PUVKVWVQ
FG)GQNQIÈC +)/ CVVJG7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ 70#/ JCU
%TGVCEGQWUHQUUKNUHTQO/GZKECPUVCVGU$CLC%CNKHQTPKC5WT%JKCRCU%JKJWCJWC
%QCJWKNC)WGTTGTQ*KFCNIQ,CNKUEQ/KEJQCE¶P0WGXQ.GÎP1CZCEC2WGDNC5CP
.WKU2QVQUÈ5QPQTC6COCWNKRCU6NCZECNCCPF%QNKOC
+P &T $NCPEC ' $WKVTÎP RTQFWEGF C ECVCNQIWG QH MPQYP %TGVCEGQWU
GEJKPQKFU QH /GZKEQ 6JG OCKP RWTRQUG QH VJKU RCRGT KU VQ WRFCVG &T $WKVTÎPŏU
NKUV 1P FQKPI VJKU VJG CWVJQTU TGCNK\GF VJCV VJGTG CTG VYQ OCKP RTQDNGOU YKVJ VJG
UVWF[ QH /GZKECP %TGVCEGQWU GEJKPQKFU QPG KU VJG UECTEKV[ QH RWDNKECVKQPU YKVJ C
DKQIGQITCRJKE GXQNWVKQPCT[ QT DKQNQIKECN CRRTQCEJ CPF VJG UGEQPF KU VJG PGGF VQ
TGXKGY VJG URGEKGU TGRQTVGF CU WPEGTVCKP QT CHſPKU KP QTFGT VQ IKXG VJGO C EQTTGEV
VCZQPQOKECUUKIPOGPV
*KUVQT[
#NVJQWIJVJGPCVKXGJWOCPITQWRUVJCVNKXGFKP/GZKEQKPRTGEQNWODKCPVKOGU
YGTGWPFQWDVGFN[HCOKNKCTYKVJHQUUKNUKVYCUPŏVWPVKNVJGVJEGPVWT[VJCVVJGſTUV
HQTOCNTGRQTVQP%TGVCEGQWUGEJKPQKFUQH/GZKEQYCURWDNKUJGF 0[UVCPF)CNGQVVK
0[UV CPF )CNGQVVK EQNNGEVGF VJG %TGVCEGQWU GEJKPQKFU %KFCTKVGU
RTQRKPSWWU%INCPFKHGTWUCPF%RWUVWNQUWUHTQOVJGCTGCQH6GJWCE¶P2WGDNC6JG
6GJWCE¶PNQECNKV[YCUQTKIKPCNN[CUUKIPGFVQVJG,WTCUUKE 0[UVCPF)CNGQVVK
.CVGT YQTM OQFKſGF VJG UVTCVKITCRJ[ CPF VCZQPQO[ QH VJGUG ſPFKPIU UWEJ VJCV %
RTQRKPSWWU%INCPFKHGTWUYGTGGUVCDNKUJGFCU%KFCTKUICNGQVVKCPF%RWUVWNQUWUYCU
TGFGſPGF CU 6GVTCITCOOCOCNDQUKK+PCFFKVKQPVJG6GJWCE¶PNQECNKV[YCUTGCUUKIPGF
VQVJG#RVKCP(TQOQPN[VJTGGCFFKVKQPCNUVWFKGUVJCVKPENWFGF%TGVCEGQWU
GEJKPQKFUQH/GZKEQYGTGRWDNKUJGFVYQHTQOVJGPQTVJGTPRCTVQH/GZKEQ 5EJN×VVGT
%QVVGCW CPFQPGOQTGHTQOVJGUQWVJ (GNKZ $[VJGGPFQHVJG
EGPVWT[QPN[UKZ%TGVCEGQWUGEJKPQKFURGEKGUYGTGMPQYPHTQO/GZKEQ
0+'61.¦2'<#0&)#4% #$#44'4#
6JG+PUVKVWVQ)GQNÎIKEQFG/GZKEQYCUGUVCDNKUJGFKPWPFGTVJGFKTGEVKQP
QH'PIKPGGT,QUÃ)WCFCNWRG#IWKNGTC6JG+PUVKVWVQ)GQNÎIKEQFG/GZKEQKUVJGOCKP
TGRQUKVQT[HQTHQUUKNOCVGTKCNQH/GZKEQKPENWFKPIHQUUKNGEJKPQKFU
&WTKPIVJGſTUV JCNH QH VJG VJ EGPVWT[ KPVGTGUV KP VJG IGQNQI[ QH /GZKEQ DTQWIJV
CDQWVPGYFKUEQXGTKGUQHHQUUKNGEJKPQKFU/QUVQHVJGIGQNQIKEYQTMKP/GZKEQYCU
UVKNN EQPFWEVGF D[ HQTGKIP KPXGUVKICVQTU FWTKPI VJKU VKOG JQYGXGT OQUV YQTM YCU
RWDNKUJGFYKVJKP/GZKECPLQWTPCNUCPFRNCEGFKP/GZKECPOWUGWOU
5KPEG CDQWV HQUUKN GEJKPQKFU QH /GZKEQ JCXG KPETGCUKPIN[ DGGP TGRQTVGF
D[ /GZKECP RCNGQPVQNQIKUVU CPF RWDNKUJGF YKVJKP /GZKECP LQWTPCNU OCKPN[ YKVJKP
VJG4GXKUVCQHVJG+PUVKVWVQFG)GQNQIÈCRTGUGPVN[MPQYPCUVJG4GXKUVC/GZKECPCFG
%KGPEKCU)GQNÎIKECU
+PVJGRCNGQPVQNQIKEEQNNGEVKQPUQHVJG+)/YGTGOQXGFVQVJG/WUGQFG
2CNGQPVQNQIÈC+PUVKVWVQFG)GQNQIÈC +)/ 70#/+)/JCUVJGNCTIGUVEQNNGEVKQPQH
/GZKECPHQUUKNGEJKPQKFU%TGVCEGQWUGEJKPQKFURGEKGUQHVJGOV[RGURGEKGU
CTGEQPVCKPGFYKVJKPVJGEQNNGEVKQPUQH+)/
6[RGUQH2WDNKECVKQPU
&KUEQXGTKGU QH %TGVCEGQWU GEJKPQKFU QH /GZKEQ JCXG OCKPN[ EQOG HTQO
IGQNQIKE UVWFKGU +P HCEV CNOQUV QH MPQYP %TGVCEGQWU GEJKPQKFU QH /GZKEQ
YGTGHTQOIGQNQIKEUVWFKGUQH/GZKEQ/CP[QHVJGUGV[RGUQHUVWFKGUQPN[OGPVKQP
VJGQEEWTTGPEGUQHHQUUKNGEJKPQKFURTQXKFKPIPQKNNWUVTCVKQPUQTRJQVQITCRJUQHVJG
URGEKOGPU .CVGT RCNGQPVQNQIKUVU YGTG CDNG VQ WUG VJGUG IGQNQIKE TGRQTVU VQ NQECVG
CTGCU YJGTG VJGUG HQUUKN GEJKPQKFU QEEWTTGF OCMKPI EQNNGEVKQPU CPF RWDNKUJKPI QP
PWOGTQWUPGYURGEKGUCPFTGFGUETKRVKQPUQHQNFHQUUKNGEJKPQKFURGEKGURQUUKDNG
0WODGTQHRWDNKECVKQPU
(+)74')GQNQIKEXU2CNGQPVQNQIKERWDNKECVKQPU
%4'6#%'175'%*+01+&51(/':+%1
#NVJQWIJKPOQTGVJCPQHRTGUGPVN[MPQYPHQUUKNGEJKPQKFUJCFDGGP
CNTGCF[FGUETKDGFCPFHTQOQPPQOQTGVJCPPGYURGEKGUJCXGDGGPFGUETKDGF
HTQO/GZKEQURGEKſE TGRQTVU QP GEJKPQKFU JCXG DGGP KPETGCUKPIN[ OQTG PWOGTQWU CU
NQECVKQPUYKVJCDWPFCPVGEJKPQFGTOUCTGDGKPIUVWFKGFKPFGVCKN (KI
$GHQTGOQUVTGRQTVUQP%TGVCEGQWUGEJKPQKFUQH/GZKEQJCFDGGPRWDNKUJGF
D[HQTGKIPURGEKCNKUVUCPFQPN[CHGYD[PCVKQPCNRCNGQPVQNQIKUVU9KVJVJGFKUEQXGT[
QHOCP[PGYHQUUKNKHGTQWUNQECVKQPUCPFVJGKPVGITCVKQPQHRCNGQPVQNQIKEUVWFKGUCV
VJG +PUVKVWVQ FG )GQNQIÈC HQUUKN GEJKPQKF TGUGCTEJ D[ PCVKQPCN RCNGQPVQNQIKUVU JCU
ITQYPUKPEGVJGŏU (KI +PURKVGQHVJGTGEGPVKPVGTGUVKPHQUUKNGEJKPQKFUD[
PCVKQPCN RCNGQPVQNQIKUVU VJG QPN[ /GZKECP UEKGPVKUV YJQ KU FGFKECVGF HQTOCNN[ CPF
RTQHGUUKQPCNN[VQVJGUVWF[QHGEJKPQKFUKU&T$NCPEC'UVGNC$WKVTÎP+VUJQWNFCNUQDG
OGPVKQPGFVJCVQVJGTKPXGUVKICVQTUJCXGYQTMGFQPTGEGPVGEJKPQKFUUWEJCU&T'NGPC
%CUQ Ŕ &T#NHTGFQ.CIWCTFCCPF&T(TCPEKUEQ5QNÈUQHVJG+PUVKVWVQFG%KGPEKCU
FGN/CT[.KOPQNQIÈC70#/
6JGTGHGTGPEGUWUGFVQEQPUVTWEV(KIWTGUCPFCTG 0[UVCPF)CNGQVVK
&GUQT /GGM 8KTNGV &ŏ#QWUV )CDD .QTKQN
5EJN×VGT %QVVGCW *GKNRTKP (GNKZ (GNKZ CPF .GPM
#IWKNGTC CPF 1TFÎÌG\ *KNN $Q[NG #IWKNGTC GV CN
5VCPVQPCPF8CWIJCP(GNKZ8KNNCFC#IWKNGTC$ÑUG
$WTEMJCTFVCPF8KNNCTGNQ$ÑUG#FMKPU$WTEMJCTFV
$ÑUG +UTCGNUM[ $WTEMJCTFV ,QTFCP CPF *GTVNGKP $ÑUG
CPF%CXKPU$WTEMJCTFV/×NNGTTKGF.CODGTV/WKT
,QPGU+ONC[-GNNWO-KPICPF#FMKPU/CNFQPCFQ
0WODGTQHRWDNKECVKQPU
(+)74'0CVKQPCNXU(QTGKIPRWDNKECVKQPU
0+'61.¦2'<#0&)#4% #$#44'4#
%CUQ %QQMG /CNFQPCFQ #NNKUQP %QQMG
%CNFGTÎP 'TDGP -GNNWO &WTJCO CPF #NNKUQP 2GTMKPU
#NGPE¶UVGT CPF $WKVTÎP $WKVTÎP /[GTU $WKVTÎP
CDCD#NOC\¶PCPF$WKVTÎP)CTEÈC
$CTTGTC5¶PEJG\
4GUWNVQH+PXGUVKICVKQPU
#NVJQWIJHWTVJGTTGUGCTEJKUPGGFGFVJGTGKUCFKXGTUGCPFCDWPFCPVTGRTGUGPVCVKQP
QH%TGVCEGQWUGEJKPQKFUQH/GZKEQ$WKVTÎP YCUVJGſTUV VQ EQORKNG RWDNKUJGF
TGRQTVUQP%TGVCEGQWUGEJKPQKFUQH/GZKEQ$WKVTÎP RTGUGPVGFCNKUVQHURGEKGU
IGQNQIKEHQTOCVKQPUCIGUCPFEQTTGURQPFKPITGHGTGPEGU+PVJGRTGUGPVTGRQTVYGWRFCVG
VJCVNKUVGNKOKPCVGU[PQP[OUCPFURGEKGUEQPUKFGTGFCUCHſPKUCPFKPENWFGURGEKGU
TGRQTVGFKPLQWTPCNUEQPITGUUOGOQKTUCPFVJGUKUFKUUGTVCVKQPUVWFKGURWDNKUJGFCHVGT
6CDNG +PCFFKVKQPU[PQP[OUCPFCHſPKUURGEKGUYGTGFGNGVGFHTQO$WKVTÎPŏU
NKUVDGECWUGVJGUGURGEKGUJCFPQVDGGPEQTTGEVN[TGXKGYGFHQTRNCEGOGPVKPVQC
IKXGPURGEKGUCPFRQUUKDN[OC[TGRTGUGPVTGFWPFCPVURGEKGUPCOGU
1P6CDNGYGUJQYVJG%TGVCEGQWUGEJKPQKFUQH/GZKEQWRFCVGFHTQO$WKVTÎPŏU
NKUV (KTUV EQNWOP TGRTGUGPVU VJG PWODGT QH GEJKPQKF URGEKGU RTGUGPV KP
/GZKEQ 5GEQPF EQNWOP TGRTGUGPVU VJG CWVJQT U YJQ FGUETKDGF VJG URGEKGU 6JKTF
EQNWOPKPFKECVGUKPYJKEJUVCVGQHVJG/GZKECP4GRWDNKEVJGHQUUKNUYGTGEQNNGEVGF
5RGEKGUVJCVFQPŏVJCXGCTGHGTGPEGKPVJGUGEQPFEQNWOPCTGRCTVQHVJG%QNGEEKÎP
2CNGQPVQNÎIKEC0CEKQPCN+PUVKVWVQFG)GQNQIÈC70#/JQYGXGTVJGUGURGEKGUJCXG
PGXGTDGGPHQTOCNN[FGUETKDGF
6#$.' %TGVCEGQWU HQUUKN GEJKPQKFU TGRQTVGF HTQO /GZKEQ /WUGQ FG 2CNGQPVQNQIÈC
+PUVKVWVQFG)GQNQIÈC70#/ /WUGQFG2CNGQPVQNQIÈC(CEWNVCFFG%KGPEKCU70#/
.KUVQHURGEKGU UV4GRQTV .QECVKQPU

#PCPEJKVGUUWNECVC)QNFHWUU #IWKNGTCCPF1TFQÌG\ *KFCNIQ
#UVTQFCRUKUDCLCUWTGPUKU $CLC%CNKHQTPKC5WT
5SWKTGUCPF&GOGVTKQP
%CUUKFWNWUCGSWQTGWU/QTVQP 5¶PEJG\ 5CP.WKU2QVQUÈ
%KFCTKUICNGQVVKK&GUQT /GGM 2WGDNC
%KFCTKUINCPFKHGTC)QNFHWUU 5EJN×VGT 2WGDNC
ő%KFCTKUŒOWGNNGTTKGFK.CODGTV /×NNGTTKGF 2WGDNC
%KFCTKUPQDKNKU#ICUUK\ (GNKZ 1CZCEC
%KFCTKU ! RQUVWNQUWU)CNGQVVK /GGM 0QTVJQH/GZKEQ
%KFCTKUUWDOCTIKPCVC(GNKZ (GNKZ 2WGDNC
%KFCTKUVGZCPWU%NCTM /CNFQPCFQ 2WGDNC
%KFCTKVGUINCPFKHGTWU)QNFHWUU 0[UVCPF)CNGQVVK 2WGDNC
%KFCTKVGURTQRKPSWWU/×PUVGT 0[UVCPF)CNGQVVK 2WGDNC
%KFCTKVGURQUVWNQUWU0[UVCPF 0[UVCPF)CNGQVVK 2WGDNC
)CNGQVVK
%N[RGCUVGTRKNGWU+UTCGNUM[
%4'6#%'175'%*+01+&51(/':+%1
6#$.'%QPVKPWGF

%N[RGCUVGTTQIGTUK /QTVQP
%QFKQRUKUUVGRJGPUQPK%QQMG 5¶PEJG\ 0WGXQ.GÎP
%QGPJQNGEV[RWURNCPCVWU
4QGOGT
%QGPJQNGEV[RWUVTCPURGEQUGPUKU
%TCIKP
%QPWNWUCPVKNNGPUKU%QVVGCW .CODGTV %JKCRCU
%QPWNWUEJKCRCUGPUKU.CODGTV .CODGTV %JKCRCU
%QPWNWUEQQMGK$WKVTÎP %JKCRCU
%QPWNWUNCODGTVK$WKVTÎP
%QPWNWUOWGNNGTTKGFK.CODGTV
%QPWNWUTCWNKPK Fŏ1TDKIP[
%[RJQUQOCCSWKVCPKEWO%QVVGCW %JKCRCU
%[RJQUQOCVGZCPC4QGOGT (GNKZ 2WGDNC
%[RJQUQOCVGZCPWO4QGOGT #IWKNGTCCPF1TFQÌG\ 0CPF'QH/GZKEQ
&KRNQRQFKCOCNDQUK #ICUUK\ )CDD 5QPQTC
&GUQT %QVVGCW 2WGDNC
&KRNQRQFKC 2UGWFQFKCFGOC *GKNRTKP 2WGDNC
OCNDQUK $ÑUG 5QPQTC
&KRNQRQFKCVGZCPC 4QGOGT 5VCPVQPCPF8CWIJCP %JKJWCJWC
&KRNQRQFKCVGZCPWO 4QGOGT $WTEMJCTFV 2WGDNC
&KRNQRQFKCXCTKQNCTKU$TQPIPKCTV
&KUEQKFGUEQTFQDCK$WKVTÎP
&WODNGCU[OOGVTKEC%TCIKP
'PCNNCUVGTDTCXQGPUKU$ÑUG %QQMG %JKJWCJWC
'PCNNCUVGT 9CUJKVCUVGT $ÑUG %JKJWCJWC
DTCXQGPUKU$ÑUG %QQMG %JKJWCJWC
'PCNNCUVGTFGNICFQK.QTKQN
'PCNNCUVGTOGZKECPWU%QVVGCW #IWKNGTCCPF1TFQÌG\ %JKJWCJWC
'PCNNCUVGTVGZCPWU 4QGOGT %QVVGCW %JKJWCJWC%QNKOC
5VCPVQPCPF8CWIJCP %JKJWCJWC$CLC
'PEQRGITCPFKUUWDURKPG\CPC %CNKHQTPKC5WTCPF
&WTJCO %QCJWKNC
'PEQRGNQTGVQGPUKU&WTJCO
'PEQRGOKEJQCECPGPUKU&WTJCO
'PEQRGRGTURGEVKXG#ICUUK\
'PEQRGUJGRJGTFK&WTJCO
'PEQRGVCVGVNCGPUKU$ÑUG
'RKCUVGTCIWKNGTCG$ÑUG
'RKCUVGTEJKCRCUGPUKU.CODGTV $ÑUG
'RKCUVGTFCTVQPK%QQMG .CODGTV %JKJWCJWC
'RKCUVGTGNGICPU 5JWOCTF %QQMG %JKCRCU
5VCPVQPCPF8CWIJCP %QCJWKNC
'RKCUVGTVGZCPWU4QGOGT 6COCWNKRCUCPF
'RKCUVGTYJKVGK%NCTM #IWKNGTCCPF1TFQÌG\ %JKJWCJWC
)CNGTKVGUIKICU%QVVGCW 8KNNCFC 0CPF'QH/GZKEQ
0+'61.¦2'<#0&)#4% #$#44'4#
6#$.'%QPVKPWGF

)QPKR[IWUDQNCGPUKU,QPGU 5¶PEJG\ 2WGDNC
)QPKQR[IWU \KVVGNK VGNQUVQEGPUKU ,QPGU )WGTTGTQ
/CNFQPCFQ-QGTFGNN /CNFQPCFQ %QCJWKNC
*CKOGCDCLCUWTGPUKU 2WGDNC
5SWKTGUCPF&GOGVTKQP
*CTFQWKPKCRQVQUKGPUKU.CODGTV
*GOKCUVGTDGZCTK%NCTM .CODGTV
,QPGU 5CP.WKU2QVQUÈ
*GOKCUVGTECNXKPK%NCTM %QCJWKNCCPF
$ÑUG 5CP.WKU2QVQUÈ
*GOKCUVGTEJQNCOGPUKU-GY %JKJWCJWCCPF
*GOKCUVGTJWORJTG[CPWU 5¶PEJG\ %QCJWKNC
/GGMCPF*C[FGP 5¶PEJG\ 5CP.WKU2QVQUÈ
*GOKCUVGLCEMQPK/CWT[ 5CP .WKU 2QVQUÈ CPF
*GOKCUVGTNCEWPQUWU5NQEWO 5¶PEJG\ 0WGXQ.GÎP
*GOKCUVGTOKTCDKNKU 5¶PEJG\ )WGTTGTQ
2GTQPCPF)CWVJKGT 5¶PEJG\ 5CP.WKU2QVQUÈ
*GOKCUVGTQNFJCOK0QGVNKPI )WGTTGTQ
*GOKCUVGTURJGTKEWU.CODGTV 5¶PEJG\
*GOKCUVGTUVGNNC/QTVQP .CODGTV 5CP.WKU2QVQUÈ
*GOKCUVGTVGZCPWU4QGOGT 5¶PEJG\ %JKCRCU
*GOKCUVGTWPIWNC/QTVQP #IWKNGTCCPF1TFQÌG\ 5CP.WKU2QVQUÈ
5¶PEJG\ 0CPF'QH/GZKEQ
*GOKCUVGTYGNNGTK%NCTM 5CP .WKU 2QVQUÈ CPF
*GOKCUVGTYGVJGTD[K.QTKQN 5¶PEJG\ )WGTTGTQ
*GOKCUVGTYJKVGK %NCTM 5¶PEJG\ 5CP.WKU2QVQUÈ
*GOKEKFCTKU 2UGWFQEKFCTKU -GNNWO 5CP.WKU2QVQUÈ
ENWPKHGTC #ICUUK\ /CNFQPCFQ
*GOKEKFCTKUXKNNCFCK 2WGDNC
/CNFQPCFQ-QGTFGNN /CNFQPCFQ
*GVGTCUVGTCIWKNGTCK$WKVTÎP 2WGDNC
*GVGTCUVGT CNGPECUVGTCG $WKVTÎP
*GVGTCUVGTDTCXQGPUKU$ÑUG 2WGDNC
#FMKPU /KEJQCE¶P
*GVGTCUVGTOGZKECPWU %QVVGCW %JKJWCJWCCPF
#FMKPU /KEJQCE¶P
*GVGTCUVGTQDNKEWCVWU #FMKPU %JKJWCJWCCPF
*GVGTCUVGTVGZCPWU4QGOGT %QNKOC
*GVGTCUVGT 'WCUVGT VGZCPWU4QGOGT #IWKNGTC %JKJWCJWC
*GVGTCUVGTVTCJVJK-×JP .CODGTV %JKJWCJWC
*GVGTCUVGTYGPQPGPUKU #FMKPU 5¶PEJG\ %JKJWCJWC
*GVGTQUCNGPKCVNCZKCEGPUKU$WKVTÎP 5CP.WKU2QVQUÈ
*QNCUVGTPCPWU%TCIKP /KEJQCE¶P
*QNCUVGTUKORNGZ5JWOCTF ,QPGU 6NCZECNC
*QNGEV[RWUECUVKNNQK%QVVGCW %QQMG %QCJWKNC
*QNGEV[RWU %QGPJQNGEV[RWU %QVVGCW %QCJWKNC
%4'6#%'175'%*+01+&51(/':+%1
6#$.'%QPVKPWGF

ECUVKNNQK%QVVGCW %QQMG ,CNKUEQ
*QNGEV[RWUNKOKVKU$ÑUG %QCJWKNCCPF,CNKUEQ
*QNGEV[RWURCTXWU,QPGU $ÑUG
*QNGEV[RWURNCPCVWU4QGOGT ,QPGU %JKJWCJWC
*QNGEV[RWU %QGPJQNGEV[RWU 5VCPVQP %QCJWKNC
RNCPCVWU4QGOGT #NNKUQP %JKJWCJWC
*QNGEV[RWUVTCPURGEQUGPUKU%TCIKP $CLC%CNKHQTPKC5WT
+UQOKETCUVGTOGZKECPWU.CODGTV %QQMG
.CPKGTKCNCPKGTK &ŏ1TDKIP[ .CODGTV %JKJWCJWC
&WPECP %JKCRCU
.GRVCTDCEKCCTIWVC%NCTM %QVVGCW
.KPVJKCOWNNGTTKGFK.CODGTV %JKCRCUCPF
.KPVJKCRCTQPCK%JGEEJK4KURQNK $ÑUGCPF%CXKPU 5CP.WKU2QVQUÈ
.KPVJKCXCTKCDKNKU5NQEWO .CODGTV %QCJWKNC
.QTKQNKCRKEVGVK &GUQT 5¶PEJG\ %JKCRCU
/CETCUVGTCIWKNGTCG $ÑUG 5¶PEJG\ 0WGXQ.GÎP
/CNFQPCFQ 0WGXQ.GÎP
/CETCUVGTFCTVQPK %QQMG $ÑUG 2WGDNC
/CETCUVGTGNGICPU4QOGT %JKJWCJWC 0WGXQ
/CETCUVGTVGZCPWU4QGOGT .GÎPCPF6COCWNKRCU
/KETCUVGTCOGTKECPWU5VGRJGPUQP *KNN
/KETCUVGTJCIGPQYK&GUQT #FMKPU 0WGXQ.GÎP
1TVJQRUKUCIWKNGTCK 5¶PEJG\ %JKJWCJWC
/CNFQPCFQ-QGTFGNN 5¶PEJG\ 5CP.WKU2QVQUÈ
1TVJQRUKUUCPſNKRRQK /CNFQPCFQ 5CP.WKU2QVQUÈ
%JGEEJKC4KURQNK 2WGDNC
2GFKPQRUKUOGTKFCPGPUKU%QVVGCW 5¶PEJG\
2GVCNQDTKUUWUDWTEMJCTFVK.CODGTV )WGTTGTQ
2J[NNQDTKUUWURQVQUKGPUKU.CODGTV
2J[OQUQOCCSWKVCPKEWO .CODGTV
%QVVGCW %QQMG %JKCRCU
2J[OQUQOCOGZKECPWO$ÑUG /CNFQPCFQ 5CP.WKU2QVQUÈ
2WGDNC
2J[OQUQOCOQTVGPUGPK $ÑUG
%JGEEJKC4KURQNK %JKJWCJWCCPF
2J[OQUQOCVGZCPWO 4QGOGT 5¶PEJG\ /KEJQCE¶P
2J[OQUQOCXQNCPWO %TCIKP )WGTTGTQ
2TQTCUVGTFCNNK%NCTM #FMKPU
2UGWFQCPCPEJ[VGU ,QPGU 2WGDNCCPF5QPQTC
EQORNGVC! %TCIKP 5¶PEJG\ %QCJWKNC
2UGWFQEKFCTKUENWPKHGTC #ICUUK\ 2GTMKPU 0WGXQ.GÎP
2UGWFQEKFCTKUICNGQVVK&GUQT %QCJWKNC
2UGWFQEKFCTKUNWUKVCPKEC&G.QTKQN
2UGWFQEKFCTKURCTT[K*CNN 8KNNCFC 2WGDNC
2UGWFQEKFCTKUUCWUUWTGK.QTKQN 2WGDNC
2UGWFQEKFCTKUVJWTOCPPK #ICUUK\ $WTEMJCTFV
0+'61.¦2'<#0&)#4% #$#44'4#
6#$.'%QPVKPWGF

2UGWFQFKCFGOCCIWKNGTCK .QTKQN 5QPQTC
/CNFQPCFQ 2WGDNC
2UGWFQFKCFGOC &KRNQRQFKC
OCNDQUK!&GUQT 2WGDNCCPF1CZCEC
2UGWFQFKCFGOCUCWUUWTGK.QTKQN #IWKNGTCCPF1TFQÌG\
2UGWFQR[TKPCENCTMK $ÑUG 2WGDNC
#IWKNGTC
2UGWFQR[TKPCKPCWFKVC$ÑUG #FMKPU 2WGDNC
2UGWFQR[TKPCQEJQVGTGPCK %JKCRCUCPF
/×NNGTTKGF .CODGTV %JKJWCJWC
2[TKPCENCTMK$ÑUG
2[TKPCKPCWFKVC$ÑUG /×NNGTTKGF 2WGDNC
2[TKPCOGZKECPC.CODGTV
2[TKPCRCTT[K*CNN $ÑUG %JKJWCJWC
$ÑUG %JKJWCJWC
4CEJKQUQOCOQTVQPK&G.QTKQN .CODGTV %JKCRCU
5CNGPKCOGZKECPC5EJN×VGT )CDD 5QPQTCCPF
5CNGPKCRTGUVGPUKU&GUQT %JKJWCJWC
5¶PEJG\ )WGTTGTQ
5CNGPKCRTGUVGPUKUOGZKECPC5EJN×VGT 5EJN×VGT %JKJWCJWC
5CNGPKCVGZCPC%TGFPGT %QVVGCW %JKJWCJWCCPF
5VGTGQEKFCTKUHWUKHQTOKU %QVVGCW 2WGDNC
5VQOGEJKPWUUGOKRNCEGPVC #ICUUK\ /CNFQPCFQ %JKJWCJWC
6GVTCITCOOCDQUGK,QPGU %QNKOC
6GVTCITCOOCINQTKCG$WKVTÎP
6GVTCITCOOCOCNDQUKK #ICUUK\
6GVTCITCOOCRKEVGVK &GUQT ,QPGU %QCJWKNCCPF5QPQTC
6GVTCITCOOCUVTGGTWYKV\K %TCIKP $WKVTÎP D /KEJQCE¶P
6GVTCITCOOCXCTKQNCTG $TQPIPKCTV .CODGTV 5QPQTC
6QZCUVGTGNGICPU5EJWOCTF
9CUJKVCUVGTDTCXQGPUKU $ÑUG %QQMG %JKJWCJWC
9CUJKVCUVGTNQPIKUWNEWU /KEJQCE¶P
#FMKPUCPF9KPVQP #IWKNGTCCPF1TFQÌG\ 0CPF'QH/GZKEQ
6[RGUQH9QTM
4GUGCTEJVJCVCFFTGUUGURCNGQGEQNQI[QTTGEQPUVTWEVKQPQHCPEKGPVGPXKTQPOGPVU
QH%TGVCEGQWUGEJKPQKFUQH/GZKEQCTGTCTG/QUVQHVJGRWDNKECVKQPUQP%TGVCEGQWU
GEJKPQKFU QH /GZKEQ JCXG C U[UVGOCVKE QTKGPVCVKQP EQPVCKPKPI FGUETKRVKQPU QT
TGFGUETKRVKQPUQHURGEKGUQTTGEQTFUQHPGYNQECVKQPUHQTVJGUCOGURGEKGU6JGQPN[
RCRGTYKVJCPGXQNWVKQPCT[CRRTQCEJVQ%TGVCEGQWUGEJKPQKFUQH/GZKEQKUVJGQPG
D[ $WKVTÎP YJKEJ KPENWFGU VJG UVWF[ QH /GUQ\QKE URGEKGU HTQO 5CP ,WCP
4C[C 2WGDNC %QPUKFGTKPI VJG HCEV VJCV VJG HQUUKN TGEQTF QH %TGVCEGQWU GEJKPQKFU
%4'6#%'175'%*+01+&51(/':+%1
QH/GZKEQKUEQPUKFGTCDNGHWVWTGYQTMKUPGGFGFVQEQORNGVGPQVQPN[CVCZQPQOKE
NKUV QH %TGVCEGQWU GEJKPQKFU DWV CNUQ RCRGTU FGCNKPI YKVJ VJG RCNGQGEQNQI[ CPF
RCNGQGPXKTQPOGPVQHVJKUITQWR
+VUJQWNFCNUQDGEQPUKFGTGFVJCVOQUVQHVJG%TGVCEGQWUGEJKPQKFUQH/GZKEQ
JCXGCPCTTQYUVTCVKITCRJKETCPIGCPFIGQITCRJKEFKUVTKDWVKQP6JGTGHQTG%TGVCEGQWU
GEJKPQKFU QH /GZKEQ EQWNF DG WUGF CU TGIKQPCN KPFGZ HQUUKNU GURGEKCNN[ KH VJG[ CTG
EQPUKFGTGFVQIGVJGTYKVJQVJGTHQUUKNITQWRUUWEJCUHQTCOKPKHGTC
/CKP.QECVKQPU
&WTKPI VJG %TGVCEGQWU /GZKEQ YCU EQXGTGF D[ VJG YGUVGTP GZVGPUKQP QH VJG
6GVJ[U 5GC +P VJG .QYGT %TGVCEGQWU VJG UGC EQXGTGF CNN QH VJG UQWVJGCUV CTGCU QH
OQFGTPFC[/GZKEQKPENWFKPIVJGUVCVGUQH1CZCEC2WGDNC)WGTTGTQCPF%JKCRCU
CPFCNCTIGRQTVKQPQHPQTVJGTP/GZKEQ&WTKPIVJG.CVG%TGVCEGQWUGRKEQPVKPGPVCN
UGCU TGCEJGF VJGKT OCZKOWO GZVGPUKQP 6JGTGHQTG FWTKPI VJG %TGVCEGQWU /GZKEQ
YQWNFJCXGJCFCFKXGTUGCPFCDWPFCPVGEJKPQKFJKUVQT[
2TGUGPV9QTM
%QPUKFGTKPIVJGHCEVVJCV/GZKEQYCUEQXGTGFD[UGCUFWTKPIVJG%TGVCEGQWUKVKU
RQUUKDNGVJCVHQUUKNGEJKPQKFUEQWNFDGHQWPFYKVJKPCP[QHVJGGZVGPUKXG%TGVCEGQWU
GZRQUWTGUQH/GZKEQ(WTVJGTRTQURGEVKPIQHHQUUKNGEJKPQKFUYKVJKP%TGVCEGQWUTQEMU
KUPGGFGFDGHQTGCEQORNGVGNKUVQH%TGVCEGQWUGEJKPQKFUQH/GZKEQECPDGCEJKGXGF
+P VJG NCUV VYQ FGECFGU YKVJ VJG ETGCVKQP QH VJG /WUGQ FG 2CNGQPVQNQIÈC KP
6WZVNC)WVKÃTTG\%JKCRCUVJGUVWF[QHUGXGTCNHQUUKNITQWRU KPENWFKPIGEJKPQKFU JCU
TGEGKXGFTGPGYGFKPVGTGUVCPFUWRRQTV(WTVJGTſGNF EQNNGEVKPI CPF EQPVKPWGF UVWFKGU
U[UVGOCVKEUVTCVKITCRJKEUGFKOGPVQNQIKEVCRJQPQOKECPFRCN[PQNQIKE CTGEWTTGPVN[
WPFGTYC[
1PG PGY %TGVCEGQWU NQECNKV[ KP VJG UVCVG QH %JKCRCU KU EWTTGPVN[ WPFGT UVWF[
6JGQPIQKPIRTQLGEVő4WFKUVCUFGN%TGV¶EKEQ5WRGTKQTFG%JKCRCU[HCWPC%TGV¶EKEQ
6GTEKCTKCCUQEKCFCŒEQQTFKPCVGFD[&T2GFTQ)CTEÈC$CTTGTC/WUGQFG2CNGQPVQNQIÈC
(CEWNVCF FG %KGPEKCU 70#/ JCU ITGCVN[ KPETGCUGF VJG MPQYNGFIG QH %TGVCEGQWU
GEJKPQKFUQH/GZKEQ6JGTGKUQPN[QPGRTGXKQWUTGRQTVHTQOVJKURCTVQHVJGEQWPVT[
$WKVTÎP KPYJKEJVYQURGEKGUCTGTGRQTVGF %QPWNWUEQQMGKCPF%NCODGTVK
#PQVJGTUVWF[YKVJKPVJGUVCVGQH%JKCRCUő'SWKPQFGTOQU%TGV¶EKEQUFG%JKCRCUŒ
JCU HQT VJG ſTUV VKOG HTQO VJKU UVCVG FGUETKDGF PKPG URGEKGU KPENWFKPI 1TVJQRUKU
UR 5CNGPKC UR )QPKQRKIWU UR 0GQVNKPICUVGT UR )QORGEJKPWU UR .CPKGTKC UR
2GVCNQDTKUUWUUR)KVQNCORCUURCPF*GVGTCUVGTUR6JGUGIGPGTCKPFKECVGCITGCV
CHſPKV[ YKVJ %CTKDDGCP CPF %WDCP HCWPCU CPF VQ C NGUUGT GZVGPV YKVJ HCWPCU HTQO
'WTQRGCPF#UKC
%TGVCEGQWU GEJKPQKFU QH /GZKEQ JCXG TGEGPVN[ DGGP WUGF VQ EQPſTO VJG CIG
QH VJG WRRGT RCTV QH VJG 1EQ\QEQCWVNC (QTOCVKQP KP %JKCRCU HQTOGTN[ GUVCDNKUJGF
WUKPIKPQEGTCOKFUCPFHQTCOKPKHGTC6JKUFGOQPUVTCVGUVJCVHQUUKNGEJKPQKFUECPKP
CUUQEKCVKQPYKVJQVJGTHQUUKNITQWRUDGWUGFCUKPFGZHQUUKNU
0+'61.¦2'<#0&)#4% #$#44'4#
%TGVCEGQWUGEJKPQKFUQH/GZKEQJCXGCNUQDGGPTGEGPVN[WUGFKPRCNGQGPXKTQPOGPV
TGEQPUVTWEVKQPU UWEJ CU VJG RTQLGEV EWTTGPVN[ DGKPI YQTMGF QP KP %JKCRCU YJGTG
UWDFKXKUKQP QH VJG GPXKTQPOGPV D[ VJG CUUQEKCVKQP QH GEJKPQKF URGEKGU EQPUKFGTKPI
UGXGTCNVCRJQPQOKECURGEVUCPFCPCN[UKUQHRQNNGPITCKPUUWEJCUCEJTKVCTEUCPFVJG
RQNNGPITCKP%NCUUQRQNNKUCNNVQIGVJGTKPFKECVGVJCVVJGUGUGFKOGPVUCPFHQUUKNUYGTG
FGRQUKVGFKPCEQCUVNKPGOCTKPGGPXKTQPOGPVYKVJRCTVKEWNCTEQPFKVKQPU
4GHGTGPEGU
#FMKPU 9 5 6JG 9GPQ CPF 2CYRCY HQTOCVKQPU QH VJG 6GZCU %QOCPEJGCP 7PKX 6GZ $WNN

#FMKPU956JG/GUQ\QKE5[UVGOKP6GZCU7PKX6GZ$WNNR
#IWKNGTC,)'ZEWTUKÎPFG6GJWCE¶PC<CRQVKVN¶P5CP,WCP4C[C%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN
:C5GU/ÃZKEQ.KDTGVQIWÈC
#IWKNGTC,)CPF1TFÎÌG\'&CVQURCTCNC)GQNQIÈCFG/ÃZKEQ+ORTGPVCő%QUOQUŒ6CEWDC[C
&(/ÃZKEQ
#IWKNGTC,)1TFÎÌG\'CPF$WGNPC4$QUSWGLQ)GQNÎIKEQFG/ÃZKEQ$QN+PUV)GQN/ÃZ

#NGPE¶UVGT)CPF$WKVTÎP$'(CWPCFGN,WT¶UKEQ5WRGTKQTFGNCTGIKÎPFG2GVNCNEKPIQ'UVCFQFG
2WGDNC7PKX0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZRCTV++
#NOC\¶P8'CPF$WKVTÎP$'$KQGUVTCVKITCHÈCFGN%TGV¶EKEQKPHGTKQTFG$CLC%CNKHQTPKC0QTVG
/ÃZKEQ+++%QPITGUQ.CVKPQCOGTKECPQFG2CNGQPVQNQIÈC/GOQTKCUR
#NNKUQP ' % /KFFNG %TGVCEGQWU )CUVTQRQFC HTQO 2WPVC %JKPC $CLC %CNKHQTPKC , 2CNGQPVQN

$ÑUG''ZEWTUKÎPCW%GTTQFG/WNGTQURTÂUFG%KWFCF,W¶TG\%JKJWCJWC%QPITGUQ)GQNÎIKEQ
+PVGTPCEKQPCN:C5GUKÎP/ÃZKEQ.KDTGVQIWÈCR
$ÑUG ' /QPQITCHÈC IGQNÎIKEC [ RCNGQPVQNÎIKEC FGN %GTTQ FG /WNGTQU EGTEC FG %KWFCF ,W¶TG\
'UVCFQFG%JKJWCJWC$QN+PUV)GQN/ÃZ
$ÑUG'(CWPCUFGN%TGV¶EKEQ5WRGTKQTFG%QCJWKNC[TGIKQPGUNKOÈVTQHGU$QN+PUV)GQN/ÃZ

$ÑUG'#NIWPCUHCWPCUETGV¶EKECUFG<CECVGECU&WTCPIQ[)WGTTGTQ$QN+PUV)GQN/ÃZ

$ÑUG ' CPF %CXKPU # 6JG %TGVCEGQWU CPF 6GTVKCT[ QH 5QWVJGTP 6GZCU CPF 0QTVJGTP /GZKEQ
7PKX6GZ$WNN
$Q[NG%$#ECVCNQIWGCPFDKDNKQITCRJ[QH0QTVJ#OGTKECP/GUQ\QKENPXGTVGDTCVC75)GQN
5WTX$WNN
$WKVTÎP 5 $ %CV¶NQIQ FG GSWKPQKFGU HÎUKNGU FG /ÃZKEQ 7PKX 0CN #WVÎP /ÃZ +PUV )GQN
2CNGQPV/GZ
$WKVTÎP5$'SWKPQKFGUFGN%TGV¶EKEQ+PHGTKQTFGNCTGIKÎPFG5CP,WCP4C[C<CRQVKVN¶P'FQFG
2WGDNC7PKX0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ
$WKVTÎP5$'SWKPQKFGUFGN%TGV¶EKEQFGN0QTVGFG/ÃZKEQ7PKX0CN#WVÎP/ÃZ+PUV)GQN
2CNGQPV/GZ
$WKVTÎP 5 $ C 'SWKPQKFGU FGN %TGV¶EKEQ /GFKQ FG %QNKOC 7PKX 0CN #WVÎP /ÃZ +PUV )GQN
2CNGQPV/GZ
$WKVTÎP5$D6GVTCITCOOCINQTKCGPURGSWKPQKFGFGNC(QTOCEKÎP5CP.WECU *CWVGTKXKCPQ
#RVKCPQ FGNC4GIKÎPFG*WGVCOQ/KEJQCE¶P7PKX0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ

$WKVTÎP 5 $ C %CGPQEKFCTKU EH % EWEWOKHGTC #ICUUK\ 'SWKPQKFG FGN ,WT¶UKEQ 5WRGTKQT FG
%JKJWCJWC7PKX0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ
$WKVTÎP5$D#NIWPCUGURGEKGUFGNCHCOKNKC%QPWNKFCG.CODGTV 'EJKPQKFGC FGN%TGV¶EKEQ
5WRGTKQTFG%JKCRCU7PKX0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ
%4'6#%'175'%*+01+&51(/':+%1
$WKVTÎP5$6TGUGURGEKGUFGGSWKPQKFGU 'EJKPQFGTOCVC'EJKPQKFGC FGN%TGV¶EKEQ5WRGTKQTFG

#VGPCPIQFGN4ÈQ)WGTTGTQ$QN5QE)GQN/ÃZ
$WKVTÎP5$#NIWPQUCURGEVQUGXQNWVKXQUFGNQU'SWKPQKFGUFG5CP,WCP4C[C2WGDNC4GX5QE
/GZ*KUV0CV
$WTEMJCTFV%(CWPCU,WT¶UKECUFGN5[OQP <CECVGECU [HCWPCU%TGV¶EKECUFG<WORCPIQFGN4ÈQ
)WGTTGTQ $QN+PUV)GQN/ÃZ
$WTEMJCTFV%(CWPCUFGN#RVKCPQFG0C\CU &WTCPIQ $QN+PUV)GQN/ÃZ
$WTEMJCTFV % VWFG 5[PVJÃVKSWG UWT NG /GUQ\ÑKSWG OGZKECKPG /ÃO 5QE 2CNÃQPV 5WKUU

$WTEMJCTFV%CPF8KNNCTGNQ+'UVWFKQIGQNÎIKEQFGNQUCNTGFGFQTGUFGWPCRCTVGFGN4ÈQ0C\CU
2CTGTIQPGU$QN+PUV)GQN/ÃZ
%CNFGTÎP ) # 'UVTCVKITCHÈC FGN /GUQ\QKEQ [ VGEVÎPKEC FGN 5WT FGN 'UVCFQ FG 2WGDNC 2TGUC FG
8CNUGSWKNNQ 5KHÎP FG *WGZQVKNNCPCRC [ RTQDNGOCU JKFTQNÎIKEQU FG 2WGDNC %QPITGUQ )GQNÎIKEQ
+PVGTPCEKQPCN::C5GUKÎP/ÃZKEQ.KDTGVQIWÈC'ZEWTUKÎP#NR
%CUQ/'.QU'SWKPQKFGUHÎUKNGUFGN%GPQ\QKEQFG/ÃZKEQ$QN#UQE/GZ)GÎN2GVTQN

%QQMG%9%QOCPEJGGEJKPQKFU,2CNGQPVQN
%QQMG%9#OGTKECP7RRGT%TGVCEGQWU'EJKPQKFGC75)GQN5WTX2TQH2CRGT#
%QQMG%95QOG%TGVCEGQWU'EJKPQKFUHTQOVJG#OGTKEC75)GQN5WTX2TQH2CRGT
'
%QVVGCW)*0QVGUWTSWGNSWGUSWKPKFGUFWVGTTCKP%TÃVCEÃFW/GZKSWG$WNN5QE)ÃQN(T5GT

&GUQT'5[RPQUKUFGUEJKPKFGUHÎUKNGU2CTKU9KGUDCFGP
&WTJCO,9CPF#NNKUQP%6JGIGQNQIKEJKUVQT[QH$CLC%CNKHQTPKCCPFKVUOCTKPGHCWPCU5[UV
<QQN
'TDGP*-'N,WT¶UKEQ+PHGTKQTFG/ÃZKEQ[UWUCOQPKVGU%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN
::C5GUKÎP/ÃZKEQ/QPQITCHÈC

(GNKZ,7GDGTUKEJV×DGTFKGIGQNQIKUEJGP8GTJ¼NVPKUUGFGU/GZKECPKUEJGP5VCCVGU1CZCEC$GKVT¼IG
\WT)GQNQIKGWPF2CNCQPVQNQILGFGT4GRWDNKM/GZKEQ5EJYGK\GTDCTVŏUEJG8GTV5VWVVICTVR
(GNKZ,CPF.GPM*7GDGTUKEJV×DGTFKGIGQNQIKUEJGP8GTJ¼NVPKUUGFGUOGZKECPKUEJGP5VCCVGU
2WGDNC2CNCGQPVQITCRJKEC
)CDD9/&GUETKRVKQPQH%TGVCEGQWUHQUUKNUHTQO/GZKEQ2CNGQPVQN%CNKH
)CTEÈC$CTTGTC 2 'SWKPQKFGU FGN #NDKCPQ 6CTFÈQ FG NC (QTOCEKÎP /CN 2CUQ FG NC 4GIKÎP FG
%JWODÈVCTQGUVCFQUFG)WGTTGTQ[/KEJQCE¶P/ÃZKEQ4GX5QE/GZ2CNGQPVQN
*GKNRTKP#6JG)GQNQI[CPF2CNGQPVQNQI[QHVJG%TGVCEGQWUFGRQUKVUQH/GZKEQ2TQE#ECF0CV
5EK2JKNCR
*KNN466JG%QOCPEJGUGTKGUQHVJG6GZCU#TMCPUCUTGIKQP)GQN5QE#O$WNN
*KNN466JG%TGVCEGQWUHQTOCVKQPUQH/GZKEQCPFVJGKTTGNCVKQPUVQ0QTVJ#OGTKECPIGQITCRJKE
FGXGNQROGPV#O,5EK
+ONC[49%QTTGNCVKQPQHVJG%TGVCEGQWUHQTOCVKQPUQHVJG)TGCVGT#PVKNNGU%GPVTCN#OGTKECCPF
/GZKEQ)GQN5QE#O$WNN
+UTCGNGUM[/%0QVGUQPUQOG'EJKPQKFUHTQOVJG5CP4CHCGNCPF6WZRCPDGFUQHVJG6CORKEQ
TGIKQP/GZKEQ2TQE%CNKH#ECF5EK5GT
,QPGU65)GQNQI[QH5KGTTCFGNC2GÌCCPF2CNGQPVQNQI[QHVJGNPFKFWTC(QTOCVKQP%QCJWKNC
/ÃZKEQ)GQN5QE#O$WNN
,QTFCP'-CPF*GTVNGKP.)%QPVTKDWVKQPVQVJG)GQNQI[CPF2CNGQPVQNQI[QHVJG6GTVKCT[QH
%GFTQU+UNCPFCPFCFLCEGPVRCTVUQHNQYGT%CNKHQTPKC2TQE%CNKH#ECF5EK5GT
-GNNWO.$)GQNQIKEJKUVQT[QHPQTVJGTP/GZKEQCPFKVUDGCTKPIQPRGVTQNGWOGZRNQTCVKQP#OGT
#UUQE2GVTQN)GQN$WNN
-GNNWO.$%TGVCEGQWUKPXGTVGDTCVGUQHVJG#WTQTCNKOGUVQPG/KEJ#ECF5EK#TVU.GVVGTU

0+'61.¦2'<#0&)#4% #$#44'4#
-KPI4'CPF#FMKPU95)GQNQI[QHCRCTVQHVJG.QYGT%QPEJQU8CNNG[%JKJWCJWC/GZKEQ
)GQN5QE#O$WNN
.CODGTV,0QVGUUWTSWGNSWGUEJKPKFGUHQUUKNGU++5WTWP'EJKPQNCORCUFW&ÃUGTV.KD[SWG+++
EJKPKFGUFW/GZKSWG$WNN5QE)GQN(T5GT
.CODGTV , 3WGNSWGU PQWXGCWZ EJKPKFGU HQUUKNGU FW %TÃVCEÃ FW /GZKSWG $WNN 5QE )GQN (T
5GT
.QTKQN 2 0QVG UWT SWGNSWGU GURÂEGU PQWXGNNGU CRRCTVGPCPV ´ NC ENCUUG FGU 'EJKPQFGTOGU
/ÃO5QE5EK2J[U*KUV0CV)ÂPGXG
/CNFQPCFQ-/1VTQGSWKPQKFG[WPDTCSWKÎRQFQFGN%TGV¶EKEQ/GFKQNPHGTKQTFGN'UVCFQFG
%QNKOC/ÃZKEQ%KGPEKC
/CNFQPCFQ-/.QUGSWKPQKFGUTGIWNCTGUFGN/GUQ\QKEQFG/ÃZKEQ#P'UE0CN%KGPE$KQN

/GGM($%JGEMNKUVQHVJGKPXGTVGDTCVGHQUUKNUQH0QTVJ#OGTKEC%TGVCEGQWUCPF,WTCUUKE5OKVJ
/KUE%QNN
/WKT,/)GQNQI[QHVJG6CORKEQTGIKQP/GZKEQ6WNUC1MNCJQOC
/×NNGTTKGF(-'UVWFKQURCNGQPVQNÎIKEQU[GUVTCVKIT¶ſEQU GP NC TGIKÎP FG 6GJWCE¶P 2WGDNC #P
+PUV$KQN
/[GTU4.$KQGUVTCVKITCHÈCFGNC(QTOCEKÎP%¶TFGPCU %TGV¶EKEQ5WRGTKQT 5CP.WKU2QVQUÈ7PKX
0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ
0[UV * GV )CNGQVVK * &GUETKRVKQP FG SWGNSWGU HQUUKNGU FW ECNECKTG LWTCUUKSWG FG 6GJWCE¶P
/GZKSWG$WNN#ECF5EK$TWZR
2GTMKPU$$KQUVTCVKITCRJKEUVWFKGUKPVJG%QOCPEJG %TGVCEGQWU UGTKGUQH0QTVJGTP/GZKEQCPF
6GZCU)GQN5QE#O/GO
5¶PEJG\/#2CNGQDKQIGQITCHÈCFGGSWKPQKFGQUFGN%TGV¶EKEQ5WRGTKQT /CCUVTKEJVKCPQ FG0WGXQ
.GÎP5CP.WKU2QVQUÈ[)WGTTGTQ7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOC
FG/ÃZKEQ
5EJN×VGT % &KG TGIWN¼TGP 'EJKPKFGP FGT PQTFFGWVUEJGP -TGKFG #DJ )GQN MÑT 5RGEMCTVG
2TGWUU6J×T5VR
5VCPVQP69CPF8CWIJCP65GEVKQPQHVJG%TGVCEGQWUCV'N2CUQ6GZCU#O,5EK5GT

8KNNCFC//7PCGZRNQTCEKÎPCNC%WGPECHQUKNÈHGTCFG5CP,WCP4C[C'UVCFQFG2WGDNC%QPHGT
/WU0CN*KUV0CV/GZR
8KTNGV&ŏ#QWUV6%QWRFŏQGKNIÃPÃTCNUWTNCVQRQITCRJKGGVNCIÃQNQIKGFG/GZKSWGGVFGNŏ#OÃTKSWG
%GPVTCNG$WNN5QE)ÃQN(T5GT
%JCRVGT
(QUUKN1RJKWTQKFUQH/GZKEQ
.'1014#/#46 0/'&4#01CPF2'&41)#4% #$#44'4#

%KWFCF7PKXGTUKVCTKC%Q[QCE¶P/ÃZKEQ&(RID"JRHEKGPEKCUWPCOOZ
#DUVTCEV
+PVTQFWEVKQP
6JG(QUUKN4GEQTFQH/GZKECP1RJKWTQKFU
+ZVCNVGRGE(O1CZCEC
6NC[ÕC(O2WGDNC
#IWLC(O%JKJWCJWC
%GTTQFGN2WGDNQ(O%QCJWKNC
5CP,WCP(O%JKCRCU
'N%KGPCPF#NOGLCU(OU$CLC%CNKHQTPKC5WT
2TGUGPV5VWFKGU
1VJGT(QUUKN'EJKPQFGTOUQH/GZKEQ
%QPENWUKQPU
4GHGTGPEGU
#DUVTCEV
*GTGYGRTGUGPVCPWRVQFCVGUVWF[QPHQUUKNQRJKWTQKFUHTQO/GZKEQ6JGURGEKOGPU
EQOGHTQOVJGHQNNQYKPI5VCVGUYKVJKPVJG/GZKECP4GRWDNKE$CLC%CNKHQTPKC5WT
%JKCRCU%JKJWCJWC%QCJWKNC1CZCECCPF2WGDNC6JGVQVCNPWODGTQHURGEKOGPU
KUCPFQPGQRJKWTQKFDGFVJCVDGCTUOCP[URGEKOGPU6JGQRJKWTQKFUJCXGDGGP
EQNNGEVGFKPTQEMUHTQOWRRGT2CNGQ\QKECIG 2GPPU[NXCPKCP VQ2NKQEGPG#NOQUVCNN
URGEKOGPUCTGYGNNRTGUGTXGFCPFYKVJVJGCKFQHUGXGTCNVGEJPKSWGUUWEJCU:TC[U
CPFFGVCKNGFKOCIGUVCMGPHTQO5'/VJG[CTGDGKPIFGUETKDGF9GJCXGTGEQIPK\GF
VYQHCOKNKGUCPFHQWTIGPGTCCNNDGNQPIKPIVQVJGQTFGT1RJKWTKFC#PGYURGEKGUYKNN
UQQPDGRWDNKUJGFKPCTGUGCTEJRCRGT

+PVTQFWEVKQP
1RJKWTQKFU CTG QPG QH UKZ NKXKPI ENCUUGU VJCV HQTO VJG RJ[NWO 'EJKPQFGTOCVC
*GPFNGTGVCN VJG[EQORTKUGOQTGVJCPIGPGTCCPFURGEKGUOCMKPI
VJGOVJGOQUVCDWPFCPVCPFFKXGTUGENCUUQH'EJKPQFGTOCVC 5OKVJGVCN

(155+.12*+741+&51(/':+%1
1RJKWTQKFU JCXG C EQUOQRQNKVCP FKUVTKDWVKQP CNOQUV GZENWUKXGN[ TGUVTKEVGF

VQFC[VQOCTKPGGPXKTQPOGPVU*QYGXGTCHGYURGEKGUECPUWTXKXGKPDTCEMKUJYCVGT
HQT GZCORNG 1RJKQRJTCIOWU ſNQITCPGWU YJKEJ QEEWTU KP GUVWCTKGU YKVJ TGFWEGF
UCNKPKVKGUCPFPQVKPVJGQRGPUGC 6CNDQVCPF.CYTGPEG 1RJKWTQKFUCTGHQWPF
DWTKGFKPUGFKOGPVKPJCDKVKPIETCEMUQTPCVWTCNJQNNQYU6JGUGGEJKPQFGTOUCNUQECP
HQTO U[ODKQVKE CUUQEKCVKQPU YKVJ EQTCNU CPF URQPIGU 6JG NKHGURCPU QH QRJKWTQKFU
XCT[ DGVYGGP CPF [GCTU FGGRYCVGT URGEKGU OC[ IGPGTCNN[ NKXG NQPIGT VJCP
UJCNNQYYCVGTQPGU &QPQXCP
6JGDQF[QHQRJKWTQKFUKUEQORQUGFQHCEGPVTCNFKUMYJKEJECPTGCEJCFKCOGVGT
HTQOVQOO1RJKWTQKFUCNUQJCXGſXG OQDKNG CTOU UKORNG QT DTCPEJGF YJKEJ
CNNQY VJGO VQ MGGR VJGKT PQTOCN EQTRQTCN RQUKVKQP YKVJ VJG QTCN UWTHCEG FKTGEVGF
VQYCTFUVJGUWDUVTCVG
6JG UWEEGUU QH VJKU ITQWR KU RCTVN[ FWG VQ VJGKT KPVGTPCN UMGNGVQP VJG OQUV
URGEKCNK\GFCOQPIGEJKPQFGTOU YJKEJKUTGURQPUKDNGHQTVJGKTXGTUCVKNGOQXGOGPVU
6JG UMGNGVQP KU EQORQUGF QH OCP[ ECNECTGQWU QUUKENGU EQPPGEVGF D[ OGUQFGTOKE
VKUUWG+PVJGEGPVGTQHVJGQTCNUWTHCEGCPFUWTTQWPFKPIVJGOQWVJVJGTGKUCEQORNGZ
EJGYKPIU[UVGOOCFGWRQHCUGTKGUQHQUUKENGUVJGQTCNRNCVGQTCNCPFCFQTCNUJKGNFU
VGGVJCPFQTCNRCRKNNC (KIWTG 'XGT[CTOLQKPVKUEQORQUGFQHCTVKEWNCVGFUGIOGPVU
KPENWFKPIVYQMKPFUQHUMGNGVQPUKPVGTPCNCPFUWRGTſEKCN +PVGTPCN QUUKENGU CTG ECNNGF
XGTVGDTCGYJKEJCTGRCKTGFCPFOC[CNUQDGHWUGFCPFVJGGZVGTPCNQTUWRGTſEKCN
EQORQUGF QH HQWT RNCVGU YJKEJ CTG PCOGF CEEQTFKPI VQ VJGKT RQUKVKQP CU FQTUCN
XGPVTCNQTNCVGTCN (KIWTG 'CEJNCVGTCNRNCVGJCUURKPGUYKVJXCTKCDNGUK\GUHQTOU
CPFPWODGTU#TOURQUUGUCRKECNFGXGNQROGPVUWEJVJCVVJGHQTOQHRNCVGUKPGCEJ
CTOUGIOGPVKUPQVVJGUCOG#EQOOQPOKUVCMGKUVQIKXGVJGPCOGQHXGTVGDTCGVQVJG
KPVGTPCNCPFUWRGTſEKCN RNCVGU VJCV HQTO GXGT[ CTO LQKPV DWV CEEQTFKPI VQ 4CUOWUUGP
VJGVGTOXGTVGDTCGTGHGTUQPN[VQVJGKPVGTPCNRNCVGUKPGCEJUGIOGPVQHVJGCTO
6JGCTOUWUGFD[QRJKWTQKFUVQOQXGHGGFCPFRTQVGEVVJGOUGNXGUHTQORTGFCVQTUCTG
XGT[XCTKCDNGKPVJGKTUJCRGKPVJGKTCDKNKV[VQƀGZ KP VJG EJCTCEVGT QH VJGKT KPVGIWOGPVU
CPFKPVJGFGITGGVQYJKEJVJG[CTGCTOGF+VKURQUUKDNGVQIGVUQOGKPHQTOCVKQPCDQWV
VJGJCDKVUQHCURGEKGUD[CPCN[\KPIKVUCTOOQDKNKV[ .KVXKPQXC
1RJKWTQKFUCTGECTPKXQTQWUUWURGPUKQPſNVTCVKQP QT FGVTKVWU HGGFGTU $CTPGU CPF
4WRRGTV 6JKUITQWRQHGEJKPQFGTOUFQPQVJCXGCPCPWUPQTKPVGUVKPGKPUVGCF
VJG[IGVTKFQHVJGKTYCUVGOCVGTKCNUD[OGCPUQHVJGDWTUCNUNKV (KIWTG 6JGDWTUCN
UNKV KU C URGEKCNK\GF RQWEJNKMG UVTWEVWTG NQECVGF CV VJG DCUG QH VJG CTOU CPF KU CNUQ
KPXQNXGF KP TGRTQFWEVKQP CPF TGURKTCVKQP 6JG PGTXQWU U[UVGO QH QRJKWTQKFU KU PQV
EGPVTCNK\GFJQYGXGTVJGKTYJQNGDQF[JCUGRKVJGNKCNEGNNUUGPUKVKXGVQVQWEJ $CTPGU
CPF4WRRGTV +PUQOGURGEKGUVJGTGKUCRJQVQUGPUKVKXGU[UVGOCVVJGVKRQHVJG
CTOUOCFGQHECNEKVGET[UVCNUUQCMGFKPUQHVVKUUWGYJKEJECPFGVGEVVJGFKTGEVKQPCPF
KPVGPUKV[QHNKIJV #K\GPDGTIGVCN
1RJKWTQKFU CTG HQQF HQT ſUJGU ETWUVCEGCPU RQNKEJCGVGU CUVGTQKFU CPF QVJGT
QRJKWTQKFU2TGFCVQTUJCXGKPVGPUKſGF VJGKT CEVKXKVKGU UKPEG ,WTCUUKE VKOGU YJGP VJG[
FKXGTUKſGF #TQPUQP 6JGUG GEJKPQFGTOU CTG ECRCDNG QH NQUKPI QPG QH VJGKT
/#46 0/'&4#01#0&)#4% #$#44'4#
CTOUQTRCTVQHKVKHVJG[HGGNVJTGCVGPGFHTQORTGFCVQTQTGPXKTQPOGPVCNUVTGUUVJGNQUV
RQTVKQPQHVJGDQF[ITQYUCICKPVJTQWIJVJGFGXGNQROGPVQHPGYRNCVGU
&145#.574(#%'
(+)74'+NNWUVTCVGFINQUUCT[QHOQTRJQNQIKECNVGTOUWUGFKPVJKUUVWF[
(155+.12*+741+&51(/':+%1
#NVJQWIJVJGTGKUCNQVQHTGUGCTEJEQPEGTPKPIVJGJKIJGTVCZQPQO[QHQRJKWTQKFU
/CVUWOQVQ/WTCMCOK(GNN5RGPEGTCPF9TKIJV5OKVJGV
CN VJGTGKUUVKNNCPGGFHQTCEQORNGVGTGXKUKQP
5RGPEGTCPF9TKIJVyUENCUUKſECVKQP TGEQIPK\GF HQWT QTFGTU QH HQUUKN CPF
TGEGPVQRJKWTQKFU5VGPWTKFC1GIQRJKWTKFC2JT[PQRJKWTKFCCPF1RJKWTKFC6JGſTUV
VYQQTFGTUCRRGCTGFFWTKPIGCTN[2CNGQ\QKEVKOGU 5RGPEGTCPF9TKIJV CPF
CTG VJG OQUV RTKOKVKXG HQTOU DGNKGXGF VQ JCXG NKXGF KP UJCNNQY YCVGT HGGFKPI QP
UOCNNQTICPKEUWURGPFGFRCTVKENGU9KVJVJGGZEGRVKQPQHVJGHCOKN[1RJKQECPQRKFCG
YJKEJ DGNQPIU VQ QTFGT 1GIQRJKWTKFC 5VGPWTKFC CPF 1GIQRJKWTKFC DGECOG GZVKPEV
KPVJG2CNGQ\QKE $CODCEJ 2JT[PQRJKWTKFCCPF1RJKWTKFCCFQRVGFFKHHGTGPV
HGGFKPIJCDKVU6JGOGODGTUQHVJGQTFGT2JT[PQRJKWTKFCFGXGNQRGFDTCPEJGFCTOU
KPETGCUKPI VJG UWTHCEG HQT HQQF VTCRRKPI 6JG OGODGTU QH VJG QTFGT 1RJKWTKFC JCF
CITGCVGTOQDKNKV[VQVJGKTCTOUYJKEJGPCDNGFVJGOVQDGEQOGRTGFCVQTUQHOCP[
URGEKGUNGCFKPIVJGOVQDGVJGOQUVCDWPFCPVCPFFKXGTUGITQWRQHQRJKWTQKFUHTQO
VJG/GUQ\QKEVQRTGUGPV (KIWTG
6JG ſTUV TGEQTF QH HQUUKN QRJKWTQKFU FCVGU DCEM VQ VJG 1TFQXKEKCP PGCTN[
OKNNKQP[GCTUCIQYKVJVJGIGPWU5VGPCUVGTYJKEJJCUDGGPKFGPVKſGF HTQO KUQNCVGF
QUUKENGUCTOUFKUERCTVUCPFEQORNGVGURGEKOGPUEQNNGEVGFHTQOVJG7PKVGF5VCVGU
%CPCFC +TGNCPF -CUCLUVCP CPF 5EQVNCPF &GCP #NVJQWIJ QRJKWTQKFU CTG
EQPUKFGTGFVQDGQPGQHVJGOQUVUWEEGUHWNITQWRUCOQPIGZVCPVGEJKPQFGTOUVJG[
(+)74')GQNQIKECNTCPIGUCPFFKXGTUKV[QHVJG1TFGTUYKVJKPVJG%NCUU1RJKWTQKFGC2
2CNGQ\QKE//GUQ\QKE%%GPQ\QKE1TFGT5VGPWTKFC1TFGT1GIQRJKWTKFC1TFGT
2JT[PQRJKWTKFC1TFGT1RJKWTKFC /QFKſGF HTQO $CODCEJ
/#46 0/'&4#01#0&)#4% #$#44'4#
CNOQUVYGPVGZVKPEVCVGPFQH2GTOKCP1PN[CUOCNNITQWRQHQRJKWTQKFUUWTXKXGFVJG
2GTOKCPGZVKPEVKQPGXGPVTCFKCVKPIVQVJGPWOGTQWUHQTOUQHQRJKWTQKFUHQWPFVQFC[
&GURKVG VJG HCEV VJCV QRJKWTQKF TGOCKPU CTG SWKVG EQOOQP KP /GUQ\QKE CPF
%GPQ\QKETQEMUVJGHQUUKNTGEQTFQHVJGQRJKWTQKFUKUXGT[UECTEGYJGPEQORCTGFVQ
2CNGQ\QKEFGRQUKVU ,CIV 1RJKWTQKFUCTGEQOOQPN[RTGUGTXGFCUFKUCTVKEWNCVGF
QUUKENGUQTHTCIOGPVUQHFKUEUCPFCTOU.QECNKVKGUYJKEJ[KGNFOQTGQTNGUUEQORNGVG
URGEKOGPU CTG XGT[ HGY *QYGXGT VJGTG CTG UQOG GZVTCQTFKPCT[ FGRQUKVU CTQWPF
VJG YQTNF ECNNGF őDTKVVNGUVCTU DGFUŒ HTQO OCP[ IGQNQIKE CIGU YJGTG QRJKWTQKF
URGEKOGPFGPUKV[KUXGT[JKIJ #TQPUQPCPF5WGU 6JGURGEKſE KFGPVKſECVKQP
QHFKUUQEKCVGFQUUKENGUKUQHVGPFKHſEWNV DWV PQV KORQUUKDNG 1RJKWTQKFU UGGO VQ DG
GXQNWVKQPCT[EQPUGTXCVKXGCPFKVKUEQOOQPVQTGEQIPK\G/GUQ\QKEQT%GPQ\QKEVCZC
CUTGRTGUGPVCVKXGQHGZVCPVIGPGTC -WVUEJGTCPF8KNNKGT
6JG(QUUKN4GEQTFQH/GZKECP1RJKWTQKFU
6JG HQUUKN TGEQTF QH /GZKECP QRJKWTQKFU KU TGNCVKXGN[ UECTEG YJGP EQORCTGF
VQ QVJGT ITQWRU QH GEJKPQFGTOU 6JG CPCN[UKU QH QRJKWTQKFU FKXGTUKV[ CPF IGQNQIKE
FKUVTKDWVKQP 6CDNG(KIWTG YCUTGEGPVN[RWDNKUJGFD[/CTVÈP/GFTCPQ
(+)74')GQITCRJKECNFKUVTKDWVKQPQHQWVETQRUEQPVCKPKPIHQUUKNQRJKWTQKFUKP/GZKEQ
(155+.12*+741+&51(/':+%1
+ZVCNVGRGE(O1CZCEC
3WKTQ\$CTTQUQCPF5QWT6QXCT DTKGƀ[ FGUETKDGF C 2CNGQ\QKE QRJKWTKPKF

HTQO +ZVCNVGRGE (QTOCVKQP 2GPPU[NXCPKCP 1CZCEC 6JKU KU VJG QNFGUV QRJKWTQKF
HQWPFKP/GZKEQ6JGURGEKOGPKUFGRQUKVGFCVVJG2CNGQPVQNQI[/WUGWO(CEWNVCF
FG%KGPEKCU70#/CPFKUTGRTGUGPVGFD[PGICVKXGKORTGUUKQPUQHVJGFQTUCNCPF
XGPVTCNUWTHCEGU
6JGFKUEKURGPVCIQPCN1TCNRNCVGUCPFCFQTCNUJKGNFUCTGXGT[NCTIGCPFVJKP6JG
CTOUCTGNCTIGCPFVJKPYKVJQWVFQTUCNRNCVGUVJGXGPVTCNCTORNCVGUCTGKPEQPURKEWQWU
YJKNGVJGVGPVCENGRQTGUCTGXGT[YKFG 3WKTQ\$CTTQUQCPF5QWT6QXCT
6JKUURGEKOGPTGRTGUGPVUVJGOQUVCWUVTCNſPFKPI KP /GZKEQ
6NC[ÕC(O2WGDNC
6JGQEEWTTGPEGQH%TGVCEGQWUQRJKWTQKFUCV6NC[ÕC3WCTT[2WGDNCYCUVJGſTUV
TGRQTVQHQRJKWTQKFUHTQO/GZKEQ #RRNGICVG$WKVTÎP5¶PEJG\CPF/CNRKEC
%TW\ 6JGQEEWTTGPEGUYGTGCNUQNCVGTEQPſTOGF D[ UGXGTCN CFFKVKQPCN YQTMGTU
#RRNGICVG(GNFOCPPGVCN'URKPQUC#TTWDCTTGPCGVCN *QYGXGT
PQFGVCKNGFFGUETKRVKXGYQTMJCUDGGPFQPGYKVJVJGUGURGEKOGPU+PCFFKVKQP$WKVTÎP
CPF5QNÈU/CTÈP KPFKECVGVJGGZKUVGPEGQHC%TGVCEGQWUQRJKWTQKFURGEKOGP
IGPWU1RJKWTCEQNNGEVGFKP2WGDNCDWVVJG[FQPQVIKXGGPQWIJKPHQTOCVKQPVQENCTKH[
VJGGZCEVVCZQPQOKECPFIGQITCRJKECNRNCEGOGPVQHVJKUURGEKOGP
6Q FCVG VJKTVGGP FKHHGTGPV HQUUKN QRJKWTQKFU HTQO 6NC[ÕC 3WCTT[ .QYGT
%TGVCEGQWU#NDKCP JCXGDGGPEQNNGEVGFCPFCTGWPFGTUVWF[D[VJGſTUV CWVJQT QH VJKU
YQTM6YGNXGQHVJGOCTGRCTVQHVJG%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈC+PUVKVWVQ
FG)GQNQIÈC70#/CPFVJGTGOCKPKPIURGEKOGPKUFGRQUKVGFCVVJG2CNGQPVQNQI[
/WUGWO (CEWNVCF FG %KGPEKCU 70#/ 6JGUG CTG EQORNGVG URGEKOGPU ſXG QH
VJGOYKVJVJGFQTUCNUWTHCEGGZRQUGFCPFGKIJVYKVJVJGXGPVTCNUWTHCEGGZRQUGF
6JG 6NC[ÕC 3WCTT[yU URGEKOGPU UJQY CHſPKVKGU YKVJ TGRTGUGPVCVKXGU QH VJG
1RJKWTCIGPWU6JGFQTUCNCPFXGPVTCNUWTHCEGUQHVJGQRJKWTQKFFKUEKUEQXGTGFD[
QXGTNCRRKPIUOCNNUECNGUQHXGT[FKHHGTGPVUK\GCPFUJCRG6JGURKPGNGVUQHVJGCTO
EQODCTGXGT[HGYCPFUOCNN6JGTGCTGGPNCTIGFOQWVJUNKVUYKVJUQOGUOCNNCPFVJKP
VGGVJ6JGUJCRGQHVJGRTQZKOCNFQTUCNCTORNCVGUKUTJQODQKFCNYJKNGVJGFKUVCNUCTG
VTKCPIWNCT8GPVTCNCTORNCVGUCTGRGPVCIQPCNYKVJVQVGPVCENGUECNGU6JGNCVGTCN
CTORNCVGUCTGNQPIYKVJVQURKPGU (KIWTG
+PUQOGURGEKOGPUVJGCTOUCTGGZVGPFGFCPFQTKGPVGFKPFKHHGTGPVYC[UKPUGXGTCN
QVJGTUVJG[CTGEQPVTCEVGFWPFGTVJGEGPVTCNFKUMVJGUGRQUVWTGUECPJGNRVQKPHGTVJG
DGJCXKQTQHVJGCPKOCNDGHQTGFGCVJ6JGGZEGNNGPVRTGUGTXCVKQPQHVJGUGURGEKOGPU
GPCDNGU ſPG FGVCKNU QH VJGKT CPCVQO[ VQ DG GCUKN[ UGGP (KIWTG 'PXKTQPOGPVCN
EQPFKVKQPUVJCVCEEQWPVHQTUGFKOGPVFGRQUKVKQPCV6NC[ÕC3WCTT[JCXGDGGPKPVGTRTGVGF
KPUGXGTCNFKHHGTGPVYC[U/CNRKEC%TW\GVCN CPF2CPVQLC#NQT UWIIGUV
VJCVVJGFGRQUKVYCUHQTOGFCVCRQUVTGGHNCIQQP EQPPGEVGFYKVJVJGQRGPUGC
/#46 0/'&4#01#0&)#4% #$#44'4#
(+)74'1TCNUWTHCEGQHQRJKWTQKFURGEKOGPHTQO6NC[ÕC3WCTT[KP2WGDNCFGRQUKVGFCVVJG
2CNGQPVQNQI[/WUGWO(CEWNVCFFG%KGPEKCU70#/
YJGTGCU#RRNGICVG CPF'URKPQUC#TTWDCTTGPCCPF#RRNGICVG RTGUGPV

CP WR VQ FCVG OQFGN YJGTG VJG[ UWIIGUV CP GZVTGOGN[ UJCNNQY RQUVTGGH UVCIPCPV
CPCGTQDKECPFJ[RGTUCNKPGNCIQQPUWTTQWPFGFQPQPGUKFGD[UGOKCTKFNCPFCPFQP
VJGQVJGTUKFGD[CFGGRGTYGNNQZ[IGPCVGFNCIQQPYKVJCJKIJDKQFKXGTUKV[ſPCNN[
-CUJK[COC GV CN UWIIGUV C FGRQUKV HQTOGF YKVJKP FGGR UGC EQPFKVKQPU UGG
#RRNGICVGGVCNKPVJKUDQQM
#IWLC(O%JKJWCJWC
/CTVKP/GFTCPQKPTGRQTVGFVJGſTUV TGEQTF QH CP QRJKWTQKF DGNQPIKPI VQ VJG

HCOKN[#ORJKWTKFCGHTQOVJG%TGVCEGQWUQH%JKJWCJWC+PVJCVYQTMUJGQPN[DTKGƀ[
FGUETKDGFKVJQYGXGTVJGEQORNGVGFGUETKRVKQPQHVJCVHQUUKNKUQPGQHVJGUWDLGEVUKP
JGT/CUVGTU&GITGG6JGUKU
6JGEQORNGVGURGEKOGPKUTGRTGUGPVGFD[VJGXGPVTCNUWTHCEGYKVJVYQGZVGPFGF
CTOUGZRQUGFCPFVJGFKUVCNRCTVUQHVJGQVJGTVJTGGCTOUHQNFGFPGCTVJGEGPVTCNFKUM
6JGCTOUCTGVJKPCPFƀGZKDNG 6JG XGPVTCN CTO RNCVGU CTG RGPVCIQPCN VJG NCVGTCN CTO
RNCVGUCTGYKFGTCVVJGDCUGYKVJVQNCTIGCPFVJKPURKPGU6JGOQWVJUNKVUCTGXGT[
YKFGYKVJUOCNNQTCNRCRKNNC6JGQTCNUJKGNFUCTGVTKCPIWNCTVJGDWTUCNUNKVUCTGNCTIG
(155+.12*+741+&51(/':+%1
CPF EQPXGZ (KIWTG 6JKU URGEKOGP UJQYU CHſPKVKGU YKVJ TGRTGUGPVCVKXGU QH VJG
IGPWU#ORJKWTC
6JKU URGEKOGP YCU EQNNGEVGF CV #IWLC (QTOCVKQP %JKJWCJWC KP UGFKOGPVU
EQPUKFGTGF VQ DG VTCPUKVKQPCN DTCEMKUJ OCTKPG CPF ƀWXKCN GPXKTQPOGPVU .GJOCP
*QYGXGTEQPUKFGTKPIVJGOCTKPGPCVWTGQHVJGQRJKWTQKFURTQDCDN[VJGFGRQUKV
TGUGODNGUCOCTKPGGPVTCPEGKPCEQCUVCNƀQQF RNCKP 6JG URGEKOGP KU FGRQUKVGF CV VJG
2CNGQPVQNQI[/WUGWO(CEWNVCFFG%KGPEKCU70#/
%GTTQFGN2WGDNQ(O%QCJWKNC
1PN[ QPG URGEKOGP QH QRJKWTQKF JCU DGGP TGRQTVGF HTQO %GTTQ FGN 2WGDNQ
(QTOCVKQP%QCJWKNC /CTVKP/GFTCPQ (KIWTG +VKUEWTTGPVN[DGKPIUVWFKGF
D[ VJG UCOG CWVJQT &WG VQ RGTOKPGTCNK\CVKQP VJG FQTUCN UWTHCEG QH VJKU URGEKOGP
KUXGT[YGNNRTGUGTXGF7PHQTVWPCVGN[VJKUURGEKOGPKUKPEQORNGVGNCEMKPIQPGCTO
CPFVJGFKUVCNRQTVKQPUQHVJGQVJGTU+VUJQYUCHſPKVKGU YKVJ TGRTGUGPVCVKXGU QH VJG
1RJKQOWUKWOIGPWU6JGFQTUCNUWTHCEGQHVJGFKUEKUCNOQUVEQORNGVGN[EQXGTGFD[
VJGTCFKCNUJKGNFURTKOCT[CPFKPVGTTCFKCNOCTIKPCNRNCVGU/KFFNGCPFFKUVCNFQTUCN
CTOURNCVGUCTGCDUGPV.CVGTCNCTORNCVGUCTGYKPIUJCRGFCPFEQXGTCNOQUVEQORNGVGN[
VJG UWTHCEG QH VJG CTO (KIWTG 6JG URGEKOGP KU FGRQUKVGF CV VJG 2CNGQPVQNQI[
/WUGWO(CEWNVCFFG%KGPEKCU70#/
6JG%GTTQFGN2WGDNQ(QTOCVKQPJCUDGGPKPVGTRTGVGFCUCFGNVCKEGPXKTQPOGPV
KPCEQCUVCNƀQQF RNCKP VJG FGRQUKV TGUGODNGU C OKZVWTG QH HTGUJ DTCEMKUJ CPF OCTKPG
YCVGTUYKVJQWVCP[DCTTKGTUVQDNQEMVJGVGTTGUVTKCNXGTVGDTCVGOKITCVKQPU -KTMNCPFGV
CN
5CP,WCP(O%JKCRCU
# EQORNGVG URGEKOGP QH QRJKWTQKF CUUKIPGF VQ VJG HCOKN[ 1RJKQNGWEKFCG YCU
DTKGƀ[ FGUETKDGF D[ /CTVÈP/GFTCPQ KV DGNQPIU VQ VJG 5CP ,WCP (QTOCVKQP
%JKCRCUCPF JCU TGOCTMCDN[RTGUGTXGFGZVGPFGFCTOU CPF XGPVTCNUWTHCEG (KIWTG
(+)74'1TCNUWTHCEGQHVJGCORJKWTQKFHQWPFKP%JKJWCJWC /CTVÈP/GFTCPQ
/#46 0/'&4#01#0&)#4% #$#44'4#
(+)74' &QTUCN UWTHCEG QH VJGQRJKWTQKFURGEKOGPHTQO%QCJWKNCTGRQTVGFD[/CTVKP

/GFTCPQ
%CNEKWOECTDQPCVGRTGUGTXCVKQPGPCDNGUQDUGTXCVKQPQHVTKFKOGPUKQPCNHGCVWTGUQH
VJKUURGEKOGP
6JGUJCRGQHFKUEKURGPVCIQPCNDWTUCNUNKVUNCTIG6JGOQWVJUNKVKUXGT[YKFG
6JGFKUVCNRCTVUQHQTCNRNCVGUCTGKPEQPVCEV8GPVTCNCTORNCVGUCTGTJQODQKFCN6JG
NCVGTCNCTORNCVGUCTGXGT[YKFGCPFEQXGTCNOQUVEQORNGVGN[VJGCTOUWTHCEGVYQ
URKPGUCTGRTGUGPV (KIWTG
6JG5CP,WCP(QTOCVKQPKUDGNKGXGFVQTGRTGUGPVCPQRGPRNCVHQTOUJCNNQYOCTKPG
GPXKTQPOGPV #IWKNCT2KÌC YKVJVGTTGUVTKCNKPƀWZ 6JG URGEKOGP KU FGRQUKVGF CV
VJG2CNGQPVQNQI[/WUGWO+PUVKVWVQFG*KUVQTKC0CVWTCNFGN'UVCFQFG%JKCRCU
'N%KGPCPF#NOGLCU(QTOCVKQPU$CLC%CNKHQTPKC5WT
6JG QRJKWTQKFU TGRQTVGF HTQO 'N %KGP (QTOCVKQP KP $CLC %CNKHQTPKC 5WT D[
/CTVKP/GFTCPQ CTG TGRTGUGPVGF D[ KORTGUUKQPU QH VJTGG URGEKOGPU YKVJ
GZRQUGFXGPVTCNUWTHCEGUCPFEQORNGVGDQF[FKUMUJQYGXGTVJGFKUVCNRQTVKQPUQHVJG
CTOUCTGCDUGPV (KIWTG 6JGURGEKOGPUCTGFGRQUKVGFCVVJG2CNGQPVQNQI[/WUGWO
(CEWNVCFFG%KGPEKCU70#/6JGFGVCKNGFFGUETKRVKQPQHVJGUGURGEKOGPUKUDGKPI
EQORNGVGFD[VJGUCOGCWVJQT
6JG KPVGTTCFKCN OCTIKPU QH VJG FKUE CTG EQPXGZ 6JG QTCN UJKGNFU EQXGT CNOQUV
CNNVJGKPVGTTCFKCNCTGCQHVJGFKUEVJG[CTGNCTIGCPFR[TKHQOU$WTUCNUNKVUNCTIGCPF
EQPXGZ6JGCTOUCTGUJQTVYKVJVJGYKFGUVRCTVCVVJGDCUGCPFGZVTGOGN[CEWVGCVVJG
VKRU8GPVTCNCTORNCVGUUOCNNCPFSWCFTCPIWNCTNCVGTCNCTORNCVGUEWTXGFYKVJUJQTV
(155+.12*+741+&51(/':+%1
(+)74' 8GPVTCNUWTHCEGQHVJGQRJKWTQKFURGEKOGPCUUKIPGFVQVJGHCOKN[1RJKQNGWEKFCG
HQWPFKP%JKCRCUD[/CTVKP/GFTCPQ
URKPGUEQORTGUUGFVQVJGDQF[CTO (KIWTG 6JGUGHQUUKNQRJKWTQKFUUJQYCHſPKV[

YKVJVJGTGRTGUGPVCVKXGUQHVJG5VGIQRJKWTCIGPWU
6JG.CVG1NKIQEGPG/KFFNG/KQEGPG'N%KGP(QTOCVKQPJCUDGGPKPVGTRTGVGFCU
CVTCPUKVKQPCNGPXKTQPOGPVHTQOVGTTGUVTKCNVQFGGRUGCHCEKGU #RRNGICVG DWV
VJGFGRQUKVYJGTGVJGHQUUKNQRJKWTQKFUJCXGDGGPHQWPFKUEJCTCEVGTK\GFD[CUVCDNG
UJCNNQYRNCVHQTO
$WKVTÎP GV CN TGRQTVGF VJG RTGUGPEG QH 2NKQEGPG DTKVVNGUVCT DGFU YKVJKP
(+)74' 8GPVTCN UWTHCEG QH VJTGG QRJKWTQKF URGEKOGPU HTQO 'N %KGP (QTOCVKQP $CLC
%CNKHQTPKC5WT
/#46 0/'&4#01#0&)#4% #$#44'4#
VJG #NOGLCU (QTOCVKQP $CLC %CNKHQTPKC 5WT 6JG DTKVVNGUVCT NC[GT KU EQORQUGF QH
UGFKOGPVU KPVGTRTGVGF CU C UJCNNQY OCTKPG GPXKTQPOGPV FGRQUKVGF WPFGT PQTOCN
UCNKPKV[ EQPFKVKQPU $WKVTÎP GV CN /QTG VJCP QPG JWPFTGF URGEKOGPU YGTG
EQNNGEVGFCPFCUUKIPGFVQVJGIGPWU1RJKWTC*QYGXGTVJGTGKUPQFGVCKNGFFGUETKRVKQP
QHVJGUGHQUUKNUKPVJGNKVGTCVWTGCPFVJGſPCN VCZQPQOKE RNCEGOGPV QH VJGUG URGEKOGPU
TGOCKPUWPEGTVCKP
6JGHQUUKNTGEQTFQH/GZKECPQRJKWTQKFUKUTGRTGUGPVGFD[HQWTIGPGTCCPFVYQ
HCOKNKGUCNNDGNQPIKPIVQVJGQTFGT1RJKWTKFC6JGUGHQUUKNUEQXGTCYKFGUVTCVKITCRJKE
TCPIGHTQOVJG2GPPU[NXCPKCPVQVJG2NKQEGPG 6CDNG(KIWTG +VKUKORQTVCPVVQ
PQVG VJCV HQUUKN QRJKWTQKFU QH /GZKEQ JCXG DGGP WR VQ PQY TGRQTVGF D[ /GZKECP
KPXGUVKICVQTUYJQYQTMCPFUVWF[CVVJG7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
YJGTGVJGOCLQTKV[QHURGEKOGPUCTGFGRQUKVGF
2TGUGPV5VWFKGU
6CZQPQOKE FGVGTOKPCVKQP QH HQUUKN QRJKWTQKFU KU FKHſEWNV DGECWUG VJG FQTUCN
CPFXGPVTCNEQORNGVGUWTHCEGUCTGTCTGN[RTGUGTXGFKPVJGHQUUKNTGEQTFGXGPKHHQUUKN
QRJKWTQKFU CTG YGNN RTGUGTXGF KV KU UVKNN FKHſEWNV VQ OCMG CP CEEWTCVG VCZQPQOKE
RNCEGOGPV %QTPGNNGVCN #EEWTCVGVCZQPQOKECUUKIPOGPVQH/GZKECPHQUUKN
QRJKWTQKFU KU GURGEKCNN[ FKHſEWNV FWG VQ VJG UOCNN PWODGT QH MPQYP URGEKOGPU
HTQO/GZKEQ6JKUKUGZGORNKſGF YJGP VJGTG KU QPN[ QPG URGEKOGP QH C IKXGP PGY
VCZQPQOKERQUKVKQPVJCVJCUQPN[VJGQPGUWTHCEGXGPVTCNQTFQTUCNGZRQUGFYJGP
DQVJ UWTHCEGU CTG PGGFGF HQT VCZQPQOKE CUUKIPOGPV 6JKU KU VTWG YKVJ URGEKOGPU
HTQO%GTTQFGN2WGDNQ(QTOCVKQP%QCJWKNC#IWLC(QTOCVKQP%JKJWCJWC5CP,WCP
(QTOCVKQP %JKCRCU CPF 'N %KGP (QTOCVKQP $CLC %CNKHQTPKC 5WT *QYGXGT IQQF
RTGUGTXCVKQPQHVJGUGHQUUKNUFQGUCNNQYVJGQDUGTXCVKQPQHUQOGFKCIPQUVKEUVTWEVWTGU
QHVJGFKUMCPFCTOU
6JGHTCIKNKV[QHHQUUKNQRJKWTQKFUECWUGFD[VJGFGITCFCVKQPQHQTICPKEOCVVGT
RTQXQMGUCTCRKFFKUCTVKEWNCVKQPQHVJGUMGNGVQP+UQNCVGFQUUKENGUUJQWNFDGTGRTGUGPVGF
OQTGQHVGPKPVJGHQUUKNTGEQTFVJCPVJGTGNCVKXGN[TCTGYJQNGDQF[ *QVEJMKUUGVCN
CCPFD 6JGTGCTGPQUVWFKGUQPOGZKECPQRJKWTQKFUVJCVTGRQTVVJGſPFKPI QH
UMGNGVCNQUUKENGU+PCFFKVKQPVJGTGKUPQTGRQTVKPVJGNKVGTCVWTGVJCVTGHGTUVQVJGſPFKPI
QHOCTMUQTVTCEMUKPUGFKOGPVUVJCVYQWNFKPFKECVGCEVKXKV[D[QRJKWTQKFGEJKPQFGTOU
KP/GZKEQ $GNN
#VRTGUGPVVJGUVWF[QH/GZKECPHQUUKNQRJKWTQKFUKURCTVQHC/CUVGTU&GITGG
RTQLGEV D[ /CTVÈP/GFTCPQ CV VJG (CEWNVCF FG %KGPEKCU 70#/ 6JKU RTQLGEV
KPENWFGUCNNMPQYPURGEKOGPUQHQRJKWTQKFU 6CDNG YKVJVJGGZEGRVKQPQHVJQUG
TGRQTVGFD[3WKTQ\$CTTQUQCPF5QWT6QXCT CPF$WKVTÎPGVCN 9KVJVJKU
/CUVGTUTGUGCTEJKVKUJQRGFVJCVOQTGGNGOGPVUVQTGſPG VJG VCZQPQOKE FGVGTOKPCVKQP
QH/GZKECPHQUUKNQRJKWTQKFUECPDGCEEQORNKUJGF+PCFFKVKQPVJKUUVWF[YKNNKPENWFG
KUQNCVGFUMGNGVCNQUUKENGUCPFKPVJGHWVWTGYJGPVJGPWODGTQHURGEKOGPUCPFVJG
RTGUGTXCVKQP QH OCVGTKCN RGTOKV KV UQOG CURGEVU QH GXQNWVKQP GVJQNQI[ HWPEVKQPCN
(155+.12*+741+&51(/':+%1
6#$.' (QUUKN TGEQTF QH QRJKWTQKFU EQNNGEVGF KP /GZKEQ #DDTGXKCVKQPU (%/2 /WUGQ
FG2CNGQPVQNQIÈC(CEWNVCFFG%KGPEKCU70#/+)/%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈC
+PUVKVWVQFG)GQNQIÈC70#//2%*/WUGQFG2CNGQPVQNQIÈC%JKCRCU
6#:# (14/#6+10%1..'%6+10 4'('4'0%'

56#6'CPF#)'
1RJKWTC #NOGLCU(O$%5 ! $WKVTÎPGVCN
2NKQEGPG
CHH5VGIQRJKWTC 'N%KGP(O$%5 /2(% /CTVKP/GFTCPQ
.CVG1NKIQEGPG RGTUQDU
(CO1RJKQNGWEKFCG 5CP,WCP(O /2%* /CTVKP/GFTCPQ
%JKCRCU/KFFNG
'QEGPG
CHH1RJKQOWUKWO %GTTQFGN2WGDNQ(O /2(% /CTVÈP/GFTCPQ
%QCJWKNC.CVG RGTUQDU
%TGVCEGQWU
CHH#ORJKWTC #IWLC(O%JKJWCJWC /2(% /CTVKP/GFTCPQ
.CVG%TGVCEGQWU RGTU1DU
CHH1RJKWTC 6NC[ÕC(O +)//2(% /CTVÈP/GFTCPQ
2WGDNC'CTN[ RGTUQDU
%TGVCEGQWU #NDKCP 3WKTÎ\$CTTQUQ
(CO1RJKWTKPKFCG +ZVCNVGRGE(O1CZCEC /2(% CPF5QWT6QXCT
2GPPU[NXCPKCP
CPCVQO[VCRJQPQO[RCNGQGEQNQI[CPFRCNGQDKQIGQITCRJ[
%QORNGVGCPFYGNNRTGUGTXGFHQUUKNQRJKWTQKFURGEKOGPUECPDGTGNCVGFVQGZVCPV
HCOKNKGUCPFIGPGTC6JGTGHQTGVJG/CUVGTUTGUGCTEJYKNNKPENWFGCFGVCKNGFEQORCTCVKXG
CPCN[UKUQHHQUUKNCPFGZVCPVQRJKWTQKFUKPENWFKPIUQOGHCOKNKGUCOQPIVJG
URGEKOGPUFGRQUKVGFCVVJG%QNGEEKÎP0CEKQPCNFG'SWKPQFGTOQUFG/ÃZKEQQHVJG
+PUVKVWVQ FG %KGPEKCU FGN /CT [ .KOPQNQIÈC 70#/ CPF VJG TGEGPV QRJKWTQKFU
%QNNGEVKQPCVVJG0CVWTCN*KUVQT[/WUGWOQH.QU#PIGNGU%QWPV[
2TGRGTCVKQP QH QRJKWTQKF URGEKOGPU KU FQPG D[ EJGOKECN CPF OGEJCPKECN
VTGCVOGPVYJKEJGPCDNGUVJGſPG CPCVQO[ QH VJG HQUUKN QRJKWTQKF VQ DG XKGYGF WPFGT
VJG UVGTGQUEQRKE OKETQUEQRG UECPPKPI GNGEVTQP OKETQUEQRG (KIWTG CPF :TC[U
(KIWTG
1VJGT(QUUKN'EJKPQFGTOUQH/GZKEQ
6JG FGITGG CPF SWCNKV[ QH RTGUGTXCVKQP COQPI VJG ENCUUGU QH GEJKPQFGTOU KU
DCUGFWRQPKPRCTVVQVJGRTQRQTVKQPQHQTICPKECPFKPQTICPKEOCVVGTVJCVEQORQUGU
VJGO6JGUGFKHHGTGPEGUECWUGCDKCUKPVJGHQUUKNTGEQTFHCXQTKPIVJQUGHQTOUYKVJ
ITGCVGTSWCPVKVKGUQHECNECTGQWUUMGNGVCNOCVGTKCNCPFPCTTQYGTUWVWTGUCOQPIRNCVGU
6JKUKUTGƀGEVGF KP VJG HQUUKN TGEQTF QH GEJKPQFGTOU CNN QXGT VJG YQTNF $QCTFOCP
GVCN KPENWFKPI/GZKECPHQUUKNGEJKPQFGTOU
'EJKPQKFU CTG VJG ITQWR QH GEJKPQFGTOU DGUV TGRTGUGPVGF KP /GZKEQ +P
/#46 0/'&4#01#0&)#4% #$#44'4#
(+)74'+OCIGQDVCKPGFYKVJUECPPKPIGNGEVTQPOKETQUEQRG Z &GVCKNQHFQTUCNRNCVGU

C NCVGTCNRNCVGU D CPFURKPGU E QHVJGCTOUQHCPQRJKWTQKFHQUUKNHTQO2WGDNC
(+)74'+OCIGQDVCKPGFYKVJ:TC[VGEJPKSWGQHVJGHQUUKNQRJKWTQKFHTQOVJG5CP,WCP
(QTOCVKQP%JKCRCU
(155+.12*+741+&51(/':+%1
VJGTG YGTG /GUQ\QKE CPF %GPQ\QKE V[RG URGEKGU FGUETKDGF HTQO /GZKEQ
2GTTKNNKCV +P VJG PWODGTU TGCEJGF /GUQ\QKE CPF %GPQ\QKE
URGEKGUFGUETKDGFHTQOVJGUVCVGUQH$CLC%CNKHQTPKC5QPQTC%JKJWCJWC%QCJWKNCCPF
0WGXQ .GÎP $WKVTÎP CPF 5QNÈU/CTÈP 0KGVQ.ÎRG\ CPF )CTEÈC$CTTGTC KP
VJKUXQNWOG TGRQTVURGEKGUQHETGVCEGQWUGEJKPQKFUHTQO/ÃZKEQ6JKUFKXGTUKV[
KUENQUGN[TGNCVGFVQVJGQUUKſGF ECNECTGQWU OCVGTKCN VJCV EQORQUGU VJG GEJKPQKFU DQF[
OQTRJQNQI[YJKEJCNNQYUHQTVJGRTGUGTXCVKQPQHEQORNGVGQTICPKUOUKPVJGHQUUKN
TGEQTF
6JG HQUUKN TGEQTF QH /GZKECP ETKPQKFU KU TGRTGUGPVGF D[ QPN[ C HGY URGEKGU
7RWPVKNVJGTGYGTGQPN[2CNGQ\QKECPF/GUQ\QKEV[RGURGEKGUFGUETKDGF
2GTTKNNKCV (QWT [GCTU NCVGT VJG PWODGT JCF ITQYP VQ 2CNGQ\QKE CPF
/GUQ\QKEURGEKGUEQNNGEVGFHTQOVJGUVCVGUQH2WGDNC)WGTTGTQ1CZCEC6COCWNKRCU
*KFCNIQ%JKCRCUCPF%QCJWKNC $WKVTÎPCPF5QNÈU/CTÈP 6JGETKPQKFDQF[
EQPUKUVUQHVKIJVN[UWVWTGFECNECTGQWURNCVGUOCMKPIVJGOIQQFECPFKFCVGUHQTHQUUKN
RTGUGTXCVKQP
+PVJGENCUU*QNQVJWTQKFGCVJGTGCTGUGXGPEQORNGVG%TGVCEGQWUURGEKGUEQNNGEVGF
HTQO6NC[ÕC3WCTT[2WGDNC/GZKEQ #RRNGICVGGVCN (KXGQHVJGUGURGEKGUCTG
ENQUGN[TGNCVGFVQVJG(COKN[2UQNKFCGQPGQHVJGODGNQPIUVQVJG(COKN[2J[NNQRJQTKFCG
CPFVJGNCUVURGEKGUDGNQPIUVQCPGYHCOKN[ $WKVTÎPGVCNC #PGYIGPWUCPF
URGEKGU 1EWKNKPRKNNK HCWUVKPQK YCU CNUQ FGUETKDGF KP TGRTGUGPVKPI VJG UGEQPF
HQUUKN TGEQTF KP VJG YQTNF HQT VJG (COKN[ %CWFKPKFCG $WKVTÎP GV CN D 1PG
[GCTNCVGT#RRNGICVGGVCN TGCUUKIPGFVJGJQNQVJWTQKFUHTQO6NC[ÕC3WCTT[
KPFKECVKPI VJCV HQWT QH VJG UGXGP URGEKOGPU DGNQPI QT CTG ENQUGN[ TGNCVGF VQ VJG
(COKN[2UQNKFCGQPGURGEKOGPKURCTVQHVJG(COKN[5ENGTQFCEV[NKFCGQPGURGEKOGP
TGRTGUGPVUCPGY(COKN[CPFVJGNCUVURGEKOGPYCURNCEGFKPCPKPEGTVCGUGFKU(COKN[
(WTVJGTTGUGCTEJKUPGGFGFVQEQTTGEVN[RNCEGVJGUGUGXGPURGEKGUKPVQGZCEVVCZQPQOKE
CUUKIPOGPV6JGUGſPFKPIU EQPUVKVWVG VJG ſTUV TGEQTF QH EQORNGVG HQUUKN JQNQVJWTQKFU
KP VJG #OGTKECP EQPVKPGPV VJG ſTUV TGEQTF QH EQORNGVG UMGNGVCN JQNQVJWTQKFU QH
%TGVCEGQWUCIGCPFVJGſTUV TGEQTF QH VJKU ENCUU QH GEJKPQFGTOU KP /GZKEQ 6JG UGXGP
URGEKOGPU CTG FGRQUKVGF KP VJG %QNGEEKÎP 0CEKQPCN FG 2CNGQPVQNQIÈC +PUVKVWVQ FG
)GQNQIÈC70#/
#NVJQWIJJQNQVJWTQKFUCTGYGNNTGRTGUGPVGFKPVJGHQUUKNTGEQTFQH/GZKEQVJG
RTGUGTXCVKQP QH VJGUG URGEKOGPU YCU HCXQTGF D[ VJG GZEGRVKQPCN EQPFKVKQPU QH VJG
UGFKOGPVCT[GPXKTQPOGPVKPYJKEJVJG[YGTGFGRQUKVGF UGG#RRNGICVGGVCNKPVJKU
DQQM 6JGTGCTGQPN[UKZNQECNKVKGUYQTNFYKFGYJGTGEQORNGVGJQNQVJWTQKFUJCXGDGGP
RTGXKQWUN[TGRQTVGF $WKVTÎPGVCNC *QNQVJWTQKFUCTGWUWCNN[QPN[TGRTGUGPVGF
D[KUQNCVGFQUUKENGUDGECWUGOQUVQHVJGDQF[KUEQORQUGFQHQTICPKEOCVGTKCNYJKEJ
KUTCRKFN[FGITCFGF
6JGHQUUKNTGEQTFQH/GZKECPCUVGTQKFUKUNKOKVGFVQQPG%TGVCEGQWUURGEKGUHTQO
2WGDNC/GZKEQ $WKVTÎPCPF5QNÈU/CTÈP JQYGXGTVJGTGKUPQKPHQTOCVKQP
EQPEGTPKPI VJG NQECVKQP QH YJGTG KV YCU HQWPF QT YJGTG KV YCU CEEGUUKQPGF
%TGVCEGQWUCUVGTQKFUJCXGDGGPOGPVKQPGFD[UGXGTCNYQTMGTUHTQO6NC[ÕC3WCTT[
/#46 0/'&4#01#0&)#4% #$#44'4#
2WGDNCJQYGXGTPQPGQHVJGOCTGHQTOCNFGUETKRVKXGRWDNKECVKQPU #RRNGICVG
#RRNGICVG(GNFOCPPGVCN'URKPQUCGVCNCPF-CUJK[COCGVCN
#RRNGICVGGVCN KPVJKUXQNWOG OGPVKQPVJGRTGUGPEGQHCVNGCUVVYQQTVJTGG
HQTOUQHCUVGTQKFUKPVJG6NC[ÕC3WCTT[VJCVJCXGPQVDGGPENCUUKſGF 6JG CUVGTQKFU
DQF[ KU HQTOGF D[ PWOGTQWU ECNECTGQWU QUUKENGU UWVWTGF D[ QTICPKE OCVVGT VJCV
DTGCMUFQYPCHVGTDWTKCNYJKEJHCEKNKVCVGUVJGFKUITGICVKQPQHVJGQUUKENGU6JGTGHQTG
RTGUGTXCVKQPQHEQORNGVGHQUUKNCUVGTQKFUKUTCTG
%QPENWUKQPU
9KVJKPGZVCPVHQTOUQHQRJKWTQKFUVJGPWODGTQHHQUUKNURGEKOGPUKUTGNCVKXGN[
UECTEG QPN[QHCNNMPQYPIGPGTCJCXGDGGPHQWPFCUHQUUKNU$QCTFOCPGVCN
6JGTCTKV[QHHQUUKNQRJKWTQKFUKUFWGVQVJGHTCIKNKV[CPFEQORQUKVKQPQHVJG
UMGNGVQP #NUQ KV OWUV DG PQVGF VJCV VJG UECTEKV[ QH TGRQTVU QH HQUUKN GEJKPQFGTOU
KP /GZKEQ KU RTQDCDN[ FWG VQ VJG NCEM QH URGEKCNKUVU KP VJKU ITQWR *QYGXGT HQUUKN
QRJKWTQKFU JCXG C YKFG UVTCVKITCRJKE TCPIG KP /GZKEQ 6JG ſTUV CWVJQT QH VJKU
EJCRVGT ECVCNQIWGF UKZ HQTOU QH HQUUKN QRJKWTQKFU HTQO UGXGP FKHHGTGPV HQTOCVKQPU
KP%JKJWCJWC%QCJWKNC2WGDNC1CZCEC%JKCRCUCPF$CLC%CNKHQTPKC5WTYKVJCIGU
TCPIKPI HTQO 2GPPU[NXCPKCP VQ 2NKQEGPG #V RTGUGPV VJG UCOG CWVJQT KU RTGRCTKPI
UQOGQHVJQUGHQUUKNUVQTGſPG VJGKT VCZQPQOKE KFGPVKV[ D[ WUKPI EQORCTCVKXG CPCN[UKU
YKVJTGEGPVQTICPKUOUCPFKPPQXCVKXGVGEJPKSWGUNKMGUECPPKPIGNGEVTQPOKETQUEQR[
CPFZTC[UXITVJGQPGUEQNNGEVGFHTQO6NC[ÕC#IWLC%GTTQFGN2WGDNQ5CP,WCP
CPF'N%KGP(QTOCVKQPU
6JGUG HQUUKN GEJKPQFGTOU EQPVTKDWVG KORQTVCPV KPHQTOCVKQP CDQWV UGFKOGPVCT[
GPXKTQPOGPVUDGJCXKQTCPFEQOOWPKV[GEQNQI[&WGVQVJGRTGUGTXCVKQPDKCUKPVJG
HQUUKNTGEQTFQRJKWTQKFUOC[JCXGCNYC[UDGGPCUCDWPFCPVCPFFKXGTUGKPVJGHQUUKN
TGEQTFCUVJG[CTGVQFC[*QYGXGTHQTPQYQRJKWTQKFUCTGEQPUKFGTGFCNQYFKXGTUKV[
HQUUKNITQWRKP/GZKECPRCNGQPVQNQIKECNTGEQTFU
5[UVGOCVKEYQTMKP/GZKEQEQPEGTPKPIVJKUITQWRKUTGCEJKPIOCVWTKV[CPFKV
KUGZRGEVGFYKVJQPIQKPITGUGCTEJVJCVVJGHQUUKNTGEQTFQH/GZKECPQRJKWTQKFUYKNN
EQPVKPWG ITQYKPI VCZQPQOKECNN[ CPF KP QVJGT KORQTVCPV CURGEVU UWEJ CU DGJCXKQT
GXQNWVKQPVCRJQPQO[RCNGQGEQNQI[CPFRCNGQDKQIGQITCRJ[CPFHTQOVJQUGUVWFKGU
ſPCNN[ VJKU KORQTVCPV ITQWR QH GEJKPQFGTOU EQWNF DG DGVVGT WPFGTUVQQF KP /GZKEQ
4GHGTGPEGU
#IWKNCT2KÌC/$KQGUVTCVKITCHÈCIGPGTCNFGN6GTEKCTKQ 2CNGÎIGPQ FGNC.QECNKFCF'N,QDQ6WZVNC
)WVKÃTTG\%JKCRCU7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
#K\GPDGTI,6MCEJGPMQ#9GKPGT5#FFCFK.CPF*GPFNGT)%CNEKVKEOKETQNGPUGUCURCTV
QHVJGRJQVQTGEGRVQTU[UVGOKPDTKVVNGUVCTU0CVWTG
#RRNGICVG 5 2 6JG 'N %KGP (QTOCVKQP 5VTCVC QH 1NKIQEGPG CPF 'CTN[ /KQEGPG CIG KP $CLC
%CNKHQTPKC5WT7PKX0CN#WVÎP/ÃZ+PUV)GQN4GX
#RRNGICVG52#RTGNKOKPCT[UVWF[QHVJG6NC[ÕC3WCTT[PGCT6GRGZKFG4QFTÈIWG\2WGDNC4GX
5QE/GZ2CNGQPVN
(155+.12*+741+&51(/':+%1
#RRNGICVG52#P1XGTXKGYQHVJG%TGVCEGQWUſUJGU QH VJG 3WCTTKGU PGCT 6GRGZK FG 4QFTÈIWG\

2WGDNC /ÃZKEQ KP /GUQ\QKE (KUJGU5[UVGOCVKEU CPF 2CNGQGEQNQI[ #TTCVKC ) CPF 8KQJN )
GFU
#RRNGICVG 5 $WKVTÎP5¶PEJG\ $ ' CPF 5QNÈU/CTÈP ( # 5GXGP PGY VCZC QH JQNQVJWTKCPU
*QNQVJWTQKFGC'EJKPQFGTOCVC HTQOVJG6NC[WC3WCTTKGUPGCT6GRGZKFG4QFTÈIWG\2WGDNC/ÃZKEQ
.QYGT%TGVCEGQWU #NDKCP CIG:NNN%QPXGPEKÎP)GQNÎIKEC0CEKQPCN.KDTQFGTGUÕOGPGU
#TQPUQP42TGFCVKQPQPHQUUKNCPF4GEGPVQRJKWTQKFU2CNGQDKQN
#TQPUQP4CPF5WGU*6JGHQUUKNTGEQTFQH$TKVVNGUVCTUDGFUKP'EJKPQFGTODKQNQI[ $WTMG4
/NCFGPQX2.CODGTV2CPF2CTUNG[4GFU ##$CNMGOC2WDNKUJGTU0GVJGTNCPFU
$CODCEJ 4 %NCUUGU CPF #FCRVKXG 8CTKGV[ 6JG 'EQNQI[ QH &KXGTUKſECVKQP KP /CTKPG (CWPCU
VJTQWIJVJG2JCPGTQ\QKEKP2JCPGTQ\QKE&KXGTUKV[2CVVGTPU2TQſNGU KP /CETQGXQNWVKQP 8CNGPVKPG
,GF 2TKPEGVQP7PKXGTUKV[2TGUU2TKPEGVQP
$CTPGU4CPF4WRRGTV'<QQNQIÈCFGNQU+PXGTVGDTCFQU/E)TCY*KNN+PVGTCOGTKECPC/ÃZKEQ
R
$GNN%/#UVGTQKFCPF1RJKWTQKFVTCEGHQUUKNUHTQOVJG.QYGT%TGVCEGQWUQH%JKNG2CNCGQPVQN

$QCTFOCP 4 %JGGVJCO # CPF 4QYGNN # (QUUKN +PXGTVGDTCVGU $NCEMYGNN 5EKGPEG 'FKVQTKCN
'PINCPFR
$WKVTÎP$CPF5QNÈU/CTÈP(#.C$KQFKXGTUKFCFGPNQUGSWKPQFGTOQU(ÎUKNGU[4GEKGPVGUFG
/ÃZKEQKP&KXGTUKFCF$KQNÎIKECGP/ÃZKEQ )ÈQ#TI¶G\4[.ÎRG\1EJQVGTGPC'GFU 7PKX
0CN#WVÎP/ÃZ+PUV%KGPE/CT.KOPQN
$WKVTÎP$5QNÈU/CTÈP(#/KTCPFC,%CPF/KTCPFC,$'N*CNNC\IQFGWP1ſWTQKFGC
2NKQEGPKEQFGNC4GIKÎPFG8K\ECÈPQ$CLC%CNKHQTPKC5WT:NN%QPXGPEKÎP)GQNÎIKEC0CEKQPCN5QE
)GQN/GZ.KDTQFG4GUÕOGPGUR
$WKVTÎP5¶PEJG\$'#RRNGICVG52CPF5QNÈU/CTÈP(#C'NRTKOGTJCNNC\IQFGJQNQVWTKCU
GP/ÃZKEQRTQEGFGPVGUFGNC%CPVGTC6NC[ÕC #NDKCPQ FG6GRGZKFG4QFTÈIWG\2WGDNC8%QPITGUQ
0CNEKQPCNFG2CNGQPVQNQIÈC/GOQTKC
$WKVTÎP5¶PEJG\$'CPF/CNRKEC%TW\46GRGZKFG4QFTÈIWG\2WGDNC7PCNQECNKFCFHQUKNÈHGTC
HCOQUCFG/ÃZKEQ2TKOGT%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC.KDTGVQIWÈCFGNCGZEWTUKÎPR

$WKVTÎP5CPEJG\ $ ' 5QNÈU/CTÈP ( # CPF #RRNGICVG 5 D 7PC PWGXC GURGEKG FG JQNQVWTKC
'EJKPQFGTOCVC *QNQVJWTQKFGC FGN %TGV¶EKEQ FG 6GRGZK FG 4QFTÈIWG\ 2WGDNC :NNN %QPITGUQ
0CEKQPCNFG<QQNQIÈC2TQITCOC[TGUÕOGPGUR
%QTPGNN9.GOQPG&CPF0QTNCPF9#NDKCPQRJKWTQKFUHTQO%GTTQFG%TKUVQ4G[&QPC#PC
%QWPV[0GY/GZKEQ,2CNGQPVQN
&GCP,9JCVOCMGUCPQRJKWTQKF!#OQTRJQNQIKECNUVWF[QHVJGRTQDNGOCVKE1TFQXKEKCPUVGNNGTQKF
5VGPCUVGTCPFVJGRCNGQDKQNQI[QHVJGGCTNKGUVCUVGTQKFUCPFQRJKWTQKFU<QQN,.KPP5QE

&QPQXCP5-6JGVCRJQPQO[QHGEJKPQFGTOUECNECTGQWUOWNVKGNGOGPVUMGNGVQPUKPVJGOCTKPG
GPXKTQPOGPVKP6JG2TQEGUUGUQH(QUUKNK\CVKQP &QPQXCP5-GF $GNJCXGP2TGUU.QPFQP

'URKPQUC#TTWDCTTGPC.CPF#RRNGICVG52#RCNGQGEQNQIKECNOQFGNQHVJGXGTVGDTCVGDGCTKPI
DGFU KP VJG 6NC[ÕC SWCTTKGU PGCT 6GRGZK FG 4QFTÈIWG\ 2WGDNC /ÃZKEQ KP /GUQ\QKE (KUJGU Ō
5[UVGOCVKEUCPF2CNGQGEQNQI[ #TTCVKC)CPF8KQJN)GFU 8GTNCI&T(TKGFTKEJ2HGKN/WPEJGP
)GTOCP[
'URKPQUC#TTWDCTTGPC./QPVGNNCPQ$CNNGUVGTQU/CPF#RRNGICVG52CNGQPVQNQIKECNJKIJNKIJV
QHVJG/KZVGEC2QDNCPCKP%GPVTCN/GZKEQKP)WKFGDQQMQHVJGſGNF VTKRU 5QEKGV[ QH 8GTVGDTCVG
2CNGQPVQNQI[ %CTTCP\C%CUVCÌGFC1GF 7PKX0CN#WVÎP/ÃZ+PUV)GQN
(GNFOCPP48GIC(#RRNGICVG5CPF$KUJQR)'CTN[%TGVCEGQWU#TVJTQRQFUHTQOVJG6NC[ÕC
(QTOCVKQPCV6GRGZKFG4QFTÈIWG\2WGDNC/ÃZKEQ,2CNGQPVQN
(GNN * $ 5[PQRVKE MG[U VQ VJG IGPGTC QH 1RJKWTQKFGC 8KEVQTKC 7PKX 9GNNKPIVQP <QQN 2WDN

*GPFNGT)/KNNGT,2CYUQP&CPF-KGT25GC5VCTU5GC7TEJKPUCPF#NNKGU'EJKPQFGTOUQH
(NQTKFCCPFVJG%CTKDDGCP5OKVJUQPKCP+PUVKVWVKQP2TGUU9CUJKPIVQPR
/#46 0/'&4#01#0&)#4% #$#44'4#
*QVEJMKUU(2TQMQR4CPF2GVT8C+UQNCVGFUMGNGVCNQUUKENGUQHCPGYDTKVVNGUVCTQHVJG(COKN[
%JGKTQRVGTCUVGTKFCG 5RGPEGT 'EJKPQFGTOCVC 1RJKWTQKFGC KP VJG .QYGT &GXQPKCP QH
$QJGOKC %\GEJ4GRWDNKE ,%\GEJ)GQN5QE
*QVEJMKUU(2TQMQX4CPF2GVT8D+UQNCVGF8GTVGDTCGQH$TKVVNGUVCTUQHVJG(COKN[-NCUOWTKFCG
5RGPEGT 'EJKPQFGTOCVC 1RJKWTQKFGC KP VJG &GXQPKCP QH $QJGOKC %\GEJ 4GRWDNKE ,
%\GEJ)GQN5QE
,CIV,9/(QUUKNGZRNCKPGF2QUV2CNGQ\QKEQRJKWTQKFU)GQNQI[6QFC[/CTEJ#RTKN
-CUJK[COC;(CUVQXUM[&'4WVJGHQTF5-KPI,CPF/QPVGNNCPQ/)GPGUKUQHCNQECNKV[
QH GZEGRVKQPCN HQUUKN RTGUGTXCVKQP RCNGQGPXKTQPOGPVU QH 6GRGZK FG 4QFTÈIWG\ OKF%TGVCEGQWU
2WGDNC/ÃZKEQ %TGV4GU
-KTMNCPF,+*GTP¶PFG\4#IWKNNÎP/%&GNICFQFG,GUÕU%4)ÎOG\4CPF8CNNGLQ+
6JG.CVG%TGVCEGQWU&KHWPVC)TQWRQHVJG2CTTCU$CUKP%QCJWKNC/ÃZKEQCPFKVUXGTVGDTCVGHCWPC
KP)WKFGDQQMQHVJGſGNF VTKRU 5QEKGV[ QH 8GTVGDTCVG 2CNGQPVQNQI[ %CTTCP\C%CUVCÌGFC1GF
7PKX0CN#WVÎP/ÃZ+PUV)GQN
-WVUEJGT/CPF8KNNKGT.1RJKWTQKFTGOCKPUHTQOVJG6QCTEKCPQH5CKPVG8GTIG &GWZ5GXTGU
(TCPEG RCNGQDKQNQIKECNRGTURGEVKXGU)GQDKQU
.GJOCP6/.CVG%CORCPKCPFKPQUCWT$KQIGQITCRJ[KPVJG9GUVGTP+PVGTKQTQH0QTVJ#OGTKEC
KP&KPQ(GUV+PVGTPCVKQPCN 9QNDGTI&.5VWOR'CPF4QUGPDGTI)&GFU 2#ECF0CV5EK
2JKNC
.KVXKPQXC 0 / 6JG NKHG HQTOU QH QRJKWTQKFGC DCUGF QP VJG OQTRJQNQIKECN UVTWEVWTGU QH VJGKT
CTOU KP'EJKPQFGTOU6JTQWIJVKOG &CXKF)WKNNG(ÃTCNCPF4QWZGFU $CNMGOC4QVVGTFCO
/CNRKEC%TW\ 8 2CPVQLC#NQT , CPF )CNIWGTC4QUCU ) /KETQHCEKGU FG NC %CPVGTC 6NC[ÕC
2WGDNC/ÃZKEQ70#/+PUV)GQNNNN5KORQUKQ)GQNQIÈC4GIKQPCN/ÃZKEQ/GOQTKC
/CTVKP/GFTCPQ.'NTGIKUVTQFGQſWTQKFGQU HÎUKNGU FG /ÃZKEQ [ NC FGUETKREKÎP FG FQU PWGXCU
HQTOCU RCTC GN %TGV¶EKEQ [ 6GTEKCTKQ 7PRWDNKUJGF 2TQHGUUKQPCN VJGUKU 7PKXGTUKFCF 0CEKQPCN
#WVÎPQOCFG/ÃZKEQ
/CVUWOQVQ*#OQPQITCRJQH,CRCPGUG1RJKWTQKFGCCTTCPIGFCEEQTFKPIVQCPGYENCUUKſECVKQP
,%QNN5EK+OR7PKX6QM[Q
/WTCMCOK56JGFGPVCNCPFQTCNRNCVGUQTVJG1RJKWTQKFGC4Q[CN5QE0GY<GCNCPF6TCPU
2CPVQLC#NQT,)GQNQIÈC[RCNGQCODKGPVGUFGNC%CPVGTC6NC[ÕC6GRGZKFG4QFTÈIWG\'UVCFQFG
2WGDNC7PKX0CN#WVÎP/ÃZ+PUV)GQN4GX
2GTTKNNKCV/%'EJKPQFGTOCVCKP(ÎUKNGU6KRQ/GZKECPQU 2GTTKNNKCV/%[%CTTGÌQ#.GFU
7PKX0CN#WVÎP/ÃZ+PUV)GQNR
3WKTQ\$CTTQUQ 5 CPF 5QWT6QXCT ( 0WGXQ 4GIKUVTQ FG 1ſWTQKFGQ 1RJKWTKPKFCG RCTC GN
2GPUKNX¶PKEQFG#OÃTKECFGN0QTVGRTQXGPKGPVGFGNC(QTOCEKÎP+ZVCNVGRGE1CZCEC/GOQTKCFGN8
%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC4GUÕOGPGU5QE/GZ2CNGQPVR
4CUOWUUGP*9%TGVCEGQWU#UVGTQKFGCCPF1RJKWTQKFGCYKVJURGEKCNTGHGTGPEGVQVJGURGEKGU
HQWPFKP&GPOCTM&CPO)GQN7PFGTU5GT
5OKVJ # $ 2CVGTUQP ) . , CPF .CHC[ $ 1RJKWTQKF RJ[NQIGP[ CPF JKIJGT VCZQPQO[
OQTRJQNQIKECNOQNGEWNCTCPFRCNGQPVQNQIKECNRGTURGEVKXGU<QQN,.KPP5QE
5RGPEGT9-CPF9TKIJV%9#UVGTQ\QCPUKP6TGCVKUGQP+PXGTVGDTCVG2CNGQPVQNQI[2CTV7
'EJKPQFGTOCVC /QQTG4%GF )GQN5QE#OCPF.CYTGPEG-CPUCU7PKX-CPUCU2TGUU
77
6CNDQV6&CPF.CYTGPEG,/6JGGHHGEVQHUCNKPKV[QPTGURKTCVKQPGZETGVKQPTGIGPGTCVKQPCPF
RTQFWEVKQPKP1RJKQRJTCIOWUſNQITCPGWU 'EJKPQFGTOCVC 1RJKWTQKFGC ,'ZR/CT$KQN'EQN

%JCRVGT
(QUUKNTGEQTFQH7RRGT2CNGQ\QKE/CTKPG+PXGTVGDTCVGUHTQO
/GZKEQ
5#4##37+41<$#44151CPF(4#0%+5%15174618#4
%KWFCF7PKXGTUKVCTKC%Q[QCE¶P/ÃZKEQ&(UCSD"JRHEKGPEKCUWPCOOZ
#DUVTCEV
+PVTQFWEVKQP
6GEVQPKE(TCOGYQTM
%QOOWPKVKGUQHVJG7RRGT2CNGQ\QKE
)TQWRUQH Marine +PXGTVGDTCVGU4GNCVGFVQVJG7RRGT2CNGQ\QKEQH/GZKEQ....................

%QPENWUKQPU
#EMPQYNGFIOGPVU
4GHGTGPEGU
#DUVTCEV
7RRGT 2CNGQ\QKE HQUUKN KPXGTVGDTCVGU QH /GZKEQ TGRTGUGPV EQOOWPKVKGU QH OCTKPG
GPXKTQPOGPVUCUUQEKCVGFYKVJEQPVKPGPVCNOCTIKPU#JKIJRGTEGPVCIGQHXGT[FKXGTUG
DTCEJKQRQFU CPF OQNNWUMU CEEQORCPKGF D[ QVJGT NGUUGT FKXGTUG ITQWRU UWEJ CU
GEJKPQFGTOUCTVJTQRQFUDT[Q\QCPUCPFEQTCNUQEEWTVJTQWIJQWVVJG7RRGT2CNGQ\QKE
UGSWGPEG QH /GZKEQ 1WVETQRU QH %CTDQPKHGTQWU CPF 2GTOKCP TQEMU CTG GURGEKCNN[
CDWPFCPVCPF/GZKECPHQUUKNHCWPCUHTQOVJQUGU[UVGOUGZJKDKVCPCHſPKV[ VQ UKOKNCT
CIGHQUUKNHCWPCUHTQOVJGTGUVQH0QTVJ#OGTKECVJKUKUGURGEKCNN[VTWGKPVJG[QWPIGUV
HCWPCU6JKUUKOKNCTKV[OC[DGGZRNCKPGFD[VJGEQPſIWTCVKQP CPF IGQITCRJKE RQUKVKQP
QHVJG.CVG2CNGQ\QKEETWUVCNRQTVKQPUVJCVHQTOOQFGTPFC[/GZKEQ&WTKPIVJG.CVG
2CNGQ\QKE2CPIGCYCUHQTOKPICPFVJGQEGCPVJCVGZKUVGFDGVYGGP)QPFYCPCCPFVJG
PQTVJGTPEQPVKPGPVUYCUPCTTQYKPIFWTKPIVJGGPVKTG%CTDQPKHGTQWUCPF'CTN[/KFFNG
2GTOKCPVJCVQEGCPEQXGTGFNCTIGTGIKQPUQH0QTVJ#OGTKECCPFGZVGPFGFQXGTVJG
OCLQTKV[QHYJCVEQPUVKVWVGURTGUGPVFC[/GZKEQ

722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
+PVTQFWEVKQP
6JTQWIJQWV VJG VGTTKVQT[ QH /GZKEQ QWVETQRU QH TQEMU HTQO CNN RGTKQFU QH VJG
2CNGQ\QKECTGTGRTGUGPVGF5VTCVKITCRJKEUGSWGPEGUQHVJG%CTDQPKHGTQWUCPF2GTOKCP
CTG GURGEKCNN[ CDWPFCPV (KIWTG %CTDQPKHGTQWU CPF 2GTOKCP UGSWGPEGU EQPVCKP
OQUVN[ DKQVKE EQOOWPKVKGU VJCV FGXGNQRGF KP OCTKPG GPXKTQPOGPVU CUUQEKCVGF YKVJ
EQPVKPGPVCNOCTIKPU6JGFKXGTUKV[QHVJGDKQVKEEQOOWPKVKGUEQPUKUVUQHTGRTGUGPVCVKXGU
QHOQUVQHVJGMPQYPKPXGTVGDTCVGRJ[NC+VKUKORQTVCPVVQPQVGVJCVCNCTIGRCTVQHVJCV
FKXGTUKV[JCUUVKNNPQVDGGPHQTOCNN[FGUETKDGF6JGTGUGCTEJVJCVJCUDGGPRWDNKUJGF
KPFKECVGU VJCV VJG OQUV CDWPFCPV CPF FKXGTUG ITQWRU HQT VJG 7RRGT 2CNGQ\QKE QH
/GZKEQ CTG DTCEJKQRQFU CPF OQNNWUMU HQNNQYGF D[ GEJKPQFGTOU CPF CTVJTQRQFU
1VJGTITQWRUUWEJCUDT[Q\QCPUCPFEQTCNUCTGCNUQEQOOQPDWVJCXGPQVTGEGKXGF
OWEJUEKGPVKſE UVWF[ &GURKVG VJKU VJG KPHQTOCVKQP VJCV JCU DGGP IGPGTCVGF TGICTFKPI
VJG KPXGTVGDTCVGU QH VJG 7RRGT 2CNGQ\QKE QH /GZKEQ JCU GUVCDNKUJGF C UKOKNCTKV[
DGVYGGPVJGOCTKPGHCWPCUHTQO/GZKEQCPFVJQUGHTQOVJGTGUVQH0QTVJ#OGTKEC
6JKUUKOKNCTKV[EQTTGURQPFUVQVJGKFGCUVJCVJCXGDGGPRTQRQUGFYKVJTGURGEVVQVJG
IGQITCRJKE EQPſIWTCVKQP QH VJG 'CTVJ CPF VJG EJCPIGU VJCV VQQM RNCEG FWTKPI VJG
%CTDQPKHGTQWU2GTOKCP 6JG QDLGEVKXG QH VJKU YQTM KU VQ RTGUGPV C U[PVJGUKU QH VJG
GZKUVKPI MPQYNGFIG EQPEGTPKPI KPXGTVGDTCVG HQUUKNU VJCV JCXG DGGP TGRQTVGF HQT VJG
7RRGT2CNGQ\QKEQH/GZKEQ
6GEVQPKE(TCOGYQTM
6JGVGEVQPKEGXQNWVKQPQH/GZKEQKUCRGEWNKCTCPFFKHſEWNV RTQDNGO #NVJQWIJ

UQOG CURGEVU QH VJG VGEVQPKE GXQNWVKQP QH /GZKEQ MKPGOCVKE JKUVQT[ CTG TGNCVKXGN[
YGNN MPQYP HQT GZCORNG VJG EQNNKUKQP DGVYGGP 0QTVJ CPF 5QWVJ #OGTKEC FWTKPI
VJG.CVG2CNGQ\QKEQVJGTCURGEVUUWEJCUVJGQTKIKPCPFFCVGQHVJGCEETGVKQPQHVJG
VGTTCPGUVJCVEQPUVKVWVGVJGTGIKQPCTGNKVVNGWPFGTUVQQF6JKUFKURCTKV[KUFWGKPNCTIG
OGCUWTGVQVJGGPQTOQWUGZVGPUKQPCPFXQNWOGQH%GPQ\QKEXQNECPKUOKP/GZKEQ
YJKEJ RNCEGU NKOKVCVKQPU WRQP ICKPKPI CEEGUU VQ VJG OQTG CPEKGPV TQEMU CPF QVJGT
UVTWEVWTGU PGEGUUCT[ VQ GUVCDNKUJ VJG URCVKCNVGORQTCN GXQNWVKQP QH VJG VGTTKVQT[ VJCV
/GZKEQGPEQORCUUGU 1TVGIC)WVKÃTTG\GVCN
'ZKUVKPIKPHQTOCVKQPKPFKECVGUVJCVCVNGCUVRCTVQH/GZKEQJCFKVUQTKIKPUKPXCTKQWU
CNNQEJVQPQWUVGEVQPKEVGTTCPGUƀQQTGF D[ 2TQVGTQ\QKE OGVCOQTRJKE DCUGOGPVU (QT
GZCORNGVJGUGFKOGPVCT[TQEMUQHPQTVJYGUVGTP/GZKEQHQTORCTVQHVJG%JKJWCJWC
%CDQTECCPF%QTVG\VGTTCPGUCPFCTGTGNCVGFVQVJGGXQNWVKQPQHVJGOCTIKPUVQVJGYGUV
CPFUQWVJQH.CWTGPVKC1PVJGQVJGTJCPFVJGUVTCVKITCRJKEUGSWGPEGUQHVJG'CTN[
/KFFNG2CNGQ\QKEHTQOEGPVTCNCPFUQWVJGTP/GZKEQCTGXGT[FKHHGTGPVVJCPVJQUGQH
0QTVJ#OGTKECUWIIGUVKPIVJCVVJGUGVGTTCPGUGXQNXGFKPFGRGPFGPVN[QH.CWTGPVKCCV
NGCUVWPVKNVJG'CTN[%CTDQPKHGTQWU 5¶PEJG\<CXCNCGVCN

37+41<$#44151#0&5174618#4
(+)74' 7RRGT 2CNGQ\QKE NQECNKVKGU QH /GZKEQ $CLC %CNKHQTPKC 0GCT 5CP (GNKRG
2GTOKCP0QTVJGTP5KGTTC2KPVCUQWVJQH.CIWPC5CNCFC%CTDQPKHGTQWU!#TTQ[Q<COQTC
PGCT 'N 8QNE¶P <COQTC 2GTOKCP .GQPCTFKCP! %JKCRCU #IWCECVG 4KXGT PQTVJYGUVGTP
%JKEQOWUGNQ 5CPVC 4QUC +PHGTKQT (QTOCVKQP 2GPPU[NXCPKCP %QOCNCRC 4KXGT%WKNEQ
4KXGT%CUJÕ CTGC UQWVJGCUVGTP %JKEQOWUGNQ 2CUQ *QPFQ (QTOCVKQP /KFFNG 2GTOKCP
/QPVG 4GFQPFQ)WCFCNWRG 8KEVQTKC CTGC )TWRGTC (QTOCVKQP .QYGT 2GTOKCP %JKJWCJWC
/KPC 2NQOQUCU2NCEGT FG )WCFCNWRG CTGC /QPKNNCU (QTOCVKQP 7RRGT /GODGT 7RRGT
/KUUKUUKRRKCPVQ.QYGT2GPPU[NXCPKCP%QCJWKNC.CU&GNKEKCU8CNNG[.CU5CTFKPCU(QTOCVKQP
.QYGT2GTOKCP .GQPCTFKCP 2CNQ3WGOCFQ.C&KHWPVCCPF.C%QNQTCFCHQTOCVKQPU7RRGT
2GTOKCP 9QTFKCP %CRKVCPKCP CPF #OCTKUUKCP )WGTTGTQ 1NKPCN¶ .QU #TEQU1NKPCN¶
(QTOCVKQP /KFFNG 2GTOKCP ! *KFCNIQ 1VNCOCNCECVNC 6W\CPEQC (QTOCVKQP .QYGT
2GTOKCP2GOWZEQ/KOKCIWCEQ6W\CPEQC PQV)WCECOC[C (QTOCVKQP2GTOKCP 7RRGT
9QNHECORKCP.QYGT .GQPCTFKCP %CNPCNK 8KEGPVG )WGTTGTQ (QTOCVKQP /KUUKUUKRRKCP
&GN/QPVG(QTOCVKQP2GPPU[NXCPKCP1CZCEC5CPVKCIQ+ZVCNVGRGE5CPVKCIQ(QTOCVKQP
/KUUKUUKRRKCP 1UCIGCP +ZVCNVGRGE(QTOCVKQP.QYGT/KFFNG2GPPU[NXCPKCP2WGDNC5CP
5CNXCFQT2CVNCPQC[C2CVNCPQC[C(QTOCVKQP.QYGT/KUUKUUKRRKCP2GTOKCP5QPQTC0GCT
$KUCPK/KUUKUUKRRKCP5KGTTCFGN6WNG%CNK\C'UECDTQUC!/KUUKUUKRRKCP -KPFGTJQQMKCP
1UCIGCP *QTSWKNNC(QTOCVKQP2GPPU[NXCPKCP #VQMCP8KTIKNKCP 'CTR(QTOCVKQP2GTOKCP
9QNHECORKCP 'N#PVKOQPKQ/QPQU(QTOCVKQP2GTOKCP0QTVJQH%CPCPGC %QNKPC
.KOGUVQPG 2GTOKCP 9QNHECORKCP.GQPCTFKCP 6COCWNKRCU2GTGITKPC%CP[QPPQTVJQH
%KWFCF8KEVQTKC8KEGPVG)WGTTGTQ(QTOCVKQP.QYGT/KUUKUUKRRKCP
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
%QOOWPKVKGUQHVJG7RRGT2CNGQ\QKE
6JG 7RRGT 2CNGQ\QKE OCTKPG HCWPCU QH /GZKEQ TGRTGUGPV UJCNNQY YCVGT
EQOOWPKVKGU+VKUCNUQRQUUKDNGVJCVVWTDKFKV[EWTTGPVUVQFGGRGT\QPGUQHVJGOCTKPG
GPXKTQPOGPVEQWNFJCXGVTCPURQTVGFUQOGQHVJGOUWEJJCUDGGPVJGKPVGTRTGVCVKQP
IKXGP TGEGPVN[ VQ VJG 2GPPU[NXCPKCP HCWPC HTQO VJG +ZVCNVGRGE (QTOCVKQP YKVJKP
VJG/GZKECPUVCVGQH1CZCEC $WKVTÎPGVCN CPFVJG2GTOKCPHCWPCHTQOVJG
6W\CPEQCYKVJKPVJG/GZKECPUVCVGQH*KFCNIQ 5QWTGVCND4QUCNGU.CICTFG
GV CN KP RTGUU %QORCTKPI VJG HQUUKN CUUQEKCVKQPU KP YJKEJ VJGUG HCWPCU CTG HQWPF
YKVJ VJQUG VJCV JCXG DGGP FGUETKDGF HQT VJG .QYGT 2CNGQ\QKE %QQRGT GV CN
4QDKUQP CPF 2CPVQLC 5QWT6QXCT KV KU PQVCDNG VJCV VJG RCVVGTPU VJCV
ECP DG QDUGTXGF KP VJG HCWPCU HTQO /GZKEQ EQTTGURQPF VQ VJQUG FKUEQXGTGF KP VJG
TGUVQHVJGYQTNF6JGEQORCTKUQPUTGƀGEV VJG GZKUVGPEG QH KORQTVCPV EJCPIGU YKVJKP
VJGDKQNQIKECNITQWRUCUUQEKCVGFYKVJGRKEQPVKPGPVCNUGCƀQQTU 6JG IGQNQIKECN TGEQTF
QH VJG 2CNGQ\QKE QH /GZKEQ CNVJQWIJ UECTEG CPF KPVGTOKVVGPV CNUQ ENGCTN[ TGƀGEVU
KORQTVCPVEJCPIGUKPVJGDKQNQIKECNITQWRUCUUQEKCVGFYKVJGRKEQPVKPGPVCNUGCƀQQTU
6JGOCTKPGTGEQTFQHVJG'CTN[2CNGQ\QKEHTQO/GZKEQKPENWFGUCUFQOKPCPV
ITQWRU VTKNQDKVGU CPF DTCEJKQRQFU CUUQEKCVGF YKVJ CP CDWPFCPV CPF FKXGTUG HCWPC
KP YJKEJ CTEJCGQE[CVKFU OQNNWUMU CPF ITCRVQNKVGU CTG EQOOQP YKVJKP CUUQEKCVKQPU
EQORTKUGFQHDGPVQPKEGRKHCWPCNQTICPKUOU#VVJGQPUGVQHVJG.CVG2CNGQ\QKENKHG
HQTOUEJCPIGFPQVCDN[YKVJVJGRTGUGPEGQH CEVKXGRTGFCVQTUUWEJCUPCWVKNQKFUCPF
COOQPQKFUEQOOQPKP2GTOKCPNQECNKVKGUQTNKMG*GNKEQRTKQPCUJCTMTGRQTVGFHTQO
2GTOKCPNQECNKVKGUKPVJGPQTVJCPFUQWVJQH/GZKEQ $TKFIGU5QWT6QXCTGVCN
FGRQUKVHGGFKPIQTICPKUOUCOQPIYJKEJCTGHQWPFVJGPWEWNQKFDKXCNXGUCPF
UWURGPUKQPHGGFKPIQTICPKUOUGURGEKCNN[EQTCNUDT[Q\QCPUDTCEJKQRQFUDKXCNXGU
CPFUGUUKNGGEJKPQFGTOU6JGUWURGPUKQPHGGFGTUGZJKDKVTGOCTMCDNGFKXGTUKſECVKQP
CURCTVQHVJGGRKHCWPCVJGETKPQKFUVJCVRQUUGUUGFCUVGOCPFYJQUGOQDKNGCTOU
YQWNFRTQFWEGEWTTGPVUQHYCVGTVJCVRGTOKVVGFVJGOVQVTCRRCTVKENGUQHHQQFYGTGVJG
FQOKPCPVQTICPKUOUCDQXGVJGUGCDGFCURCTVQHVJGKPHCWPCVJGDKXCNXGURTGUGPVGFC
ITGCVFKXGTUKV[CPFUQOGQHVJGOUWEJCUUQOG2JQNCFQO[QKFCEQWNFJCXGDWTTQYGF
VQITGCVGTFGRVJUKPVQVJGUWDUVTCVWO
)TQWRUQH/CTKPG+PXGTVGDTCVGU4GNCVGFVQVJG7RRGT2CNGQ\QKE
QH/GZKEQ
6CDNGURTGUGPVCU[PVJGUKUQH7RRGT2CNGQ\QKENQECNKVKGUQH/GZKEQCPFVJG
VCZC QH KPXGTVGDTCVGU VJCV JCXG DGGP TGRQTVGF HTQO VJGO 1VJGT %CTDQPKHGTQWU CPF
2GTOKCPNQECNKVKGUYGTGPQVKPENWFGFKPVJGVCDNGUFWGVQVJGHCEVVJCVVJG[CTGPQV
HQUUKNKHGTQWU VJG[ CTG QH EQPVKPGPVCN QTKIKP QT QPN[ EQPQFQPVU HWUKNKPKFU QT QVJGT
QTICPKUOUPQVEQPUKFGTGFKPVJKUUVWF[YGTGEQNNGEVGFHTQOVJGO6JGNQECNKVKGUCTG
NKUVGF CEEQTFKPI VQ VJG PCOG QH VJG /GZKECP 5VCVG KP YJKEJ VJG[ CTG GPEQWPVGTGF
(KIWTG #NUQYKVJKPVJGNQECNKV[NKUVKPIUVJGURGEKGUCTGQTFGTGFU[UVGOCVKECNN[
HQNNQYKPIVJGCTTCPIGOGPVGUVCDNKUJGFKPVJGOQUVTGEGPVXQNWOGUQHVJG6TGCVKUGQP
+PXGTVGDTCVG2CNGQPVQNQI[
37+41<$#44151#0&5174618#4
$CLC%CNKHQTPKC
0GCT5CP(GNKRG$CLC%CNKHQTPKCVJGTGKUCEQPINQOGTCVGQH/KQEGPGQTGCTNKGT
6GTVKCT[ CIG YKVJ ENCUVU EQPVCKPKPI HGECN RGNNGVU ICUVTQRQFU DT[Q\QCPU ETKPQKFU
DNWGITGGPCNICGCPF2GTOKCPHWUWNKPKFUQHGCTN[.GQPCTFKCPCIG )CUVKNGVCN
2TQDCDNG%CTDQPKHGTQWUETKPQKFUUQNKVCT[EQTCNUCPFDTCEJKQRQFUJCXGDGGPFKUEQXGTGF
KPVJG0QTVJGTP5KGTTC2KPVCLWUVUQWVJQH.CIWPC5CNCFC /E'NFQYPG[
6#$.' %TKPQKFU HTQO <COQTC (QTOCVKQP 2GTOKCP .GQPCTFKCP! #TTQ[Q <COQTC PGCT
'N 8QNE¶P $CLC %CNKHQTPKC 6JG ETKPQKF EQNWOPCNU HQWPF KP VJG FGDTKU ƀQYU QH VJG <COQTC
(QTOCVKQPCTGVJGNCTIGUVKPFKCOGVGTMPQYPCP[YJGTGCPFCTGVJQWIJVVQDGNCVG2CNGQ\QKEKP
CIG6JGTGNCVKXGN[KPƀGZKDNG EQNWOPU VJCV VJGUG EQNWOPCNU CPF RNWTKEQNWOPCNU HQTOGF WR VQ
EOKPFKCOGVGT CTGKPVGTRTGVGFVQJCXGNKXGFKPTGNCVKXGN[UVTQPIEWTTGPVUCNQPIVJGGFIGQHVJG
UJGNHQTWRRGTUNQRG 9GDUVGTCPF&GNCVVTG
5RGEKGU 1TFGT (COKN[
%TKPQKFU
#RNGVQCPVGTKUDCLCGPUKU 7PEGTVCKP 7PEGTVCKP
9GDUVGTCPF&GNCVVTG
%JKCRCU
6#$.' 2GPPU[NXCPKKCP HQUUKNU HTQO 5CPVC 4QUC +PHGTKQT (QTOCVKQP #IWCECVG 4KXGT
PQTVJYGUVGTP %JKEQOWUGNQ %TKPQKFU CTG EJCTCEVGTKUVKE QH VJG 2GPPU[NXCPKCP HTQO 6GZCU
CPF-CPUCU+PVJGUCOGNQECNKV[DKXCNXGUCPFPQVHQTOCNN[FGUETKDGFEQTCNUDT[Q\QCPUCPF
COOQPKVGUJCXGCNUQDGGPHQWPF $WKVTÎPD
$KXCNXGU
#XKEWNQRGEVGPUR 2VGTKQKFC #XKEWNQRGEVKPKFCG
2CNCGQNKOCUR 2VGTKQKFC .KOKFCG
%TKPQKFU
%[NKPFTQECWNKUEWUſUMK! 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
.CORTQUVGTKIOCOKTKſEWO 7PEGTVCKP (NQTKE[ENKFCG
/QQTGCPF,GHHQTFU
6#$.')CUVTQRQFHTQO2CUQ*QPFQ(QTOCVKQP/KFFNG2GTOKCPPGCT%QOCNCRC4KXGT
UQWVJGCUVGTP%JKEQOWUGNQ%JKCRCU $WKVTÎPC
)CUVTQRQFU
$GNNGTQRJQP $GNNGTQRJQP #TEJCGQICUVTQRQFC $GNNGTQRJQPVKFCG
ETCUUWU/GGMCPF9QTVJGP
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.' (QUUKNU HTQO )TWRGTC (QTOCVKQP .QYGT 2GTOKCP /QPVG 4GFQPFQ)WCFCNWRG
8KEVQTKCCTGC%JKCRCU 4G[GTQUFG%CUVKNNQ
%QTCNU
.QRJQRJ[NNKFKWOMC[UGTK 4WIQUC .QRJQRJ[NNKFKKFCG
OCLQT *WCPI
.QRJQRJ[NNKFKWO 4WIQUC .QRJQRJ[NNKFKKFCG
\CRJTGPVQKFGC *WCPI
6#$.'6JGUGHQUUKNUCTGRCTVQHCNKUVRTGUGPVGFKPVJGYQTMQH#IWKNGTC /KFFNG

2GTOKCPHTQO%JKEQOWUGNQCTGC%JKCRCU .QECNKVGUCPFHQTOCVKQPCTGPQVEGTVCKP
$T[Q\QCPU
(GPGUVGNNC!UR %T[RVQUVQOCVC (GPGUVGNNKFCG
$TCEJKQRQFU
2TQFWEVWUUGOKTGVKEWNCVWU/CTVKP 2TQFWEVKFC 2TQFWEVKFCG
)CUVTQRQFU
2NGWTQVQOCTKC!UR #TEJCGQICUVTQRQFC 2NGWTQVQOCTKKFCG
6#$.'.KUVQHHQUUKNURTGUGPVGFD[$QUÅ /KFFNG2GTOKCPHTQO%JKEQOWUGNQCTGC

%JKCRCU7PFGVGTOKPCVGFDKXCNXGUCPFETKPQKFUJCXGCNUQDGGPEQNNGEVGF .QECNKVGUCPFHQTOC
VKQPCTGPQVEGTVCKP
$TCEJKQRQFU
2TQFWEVWUUR 2TQFWEVKFC 2TQFWEVKFCG
&KGNCUOCUR 6GTGDTCVWNNKFC &KGNCUOCVKFCG
$T[Q\QCPU
(GPGUVGNNCUR %T[RVQUVQOCVC (GPGUVGNNKFCG
)CUVTQRQF
2NGWTQVQOCTKCUR #TEJCGQICUVTQRQFC 2NGWTQVQOCTKKFCG
6#$.' /KFFNG 2GTOKCP (QUUKNU HTQO %JKEQOWUGNQ CTGC %JKCRCU CPF RTQDCDNG CFLCEGPV
RQTVKQPUQH)WCVGOCNC.KUVHTQO#IWKNGTC /×NNGTTKGFGVCN
%QTCNU
<CRJTGPVKUUR 4WIQUC <CRJTGPVKFCG
$TCEJKQRQFU
2TQFWEVWUTQIGTUK 2TQFWEVKFC 2TQFWEVKFCG
0QTYQQFCPF2TCVVGP
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF

2TQFWEVWUUECDTKEWNWU/CTVKP 2TQFWEVKFC 2TQFWEVKFCG
2TQFWEWUPQFQUWU0GYDGTT[ 2TQFWEVKFC 2TQFWEVKFCG
2TQFWEVWUQEEKFGPVCNKU0GYDGTT[ 2TQFWEVKFC 2TQFWEVKFCG
2TQFWEVWUOGZKECPWU5JWOCTF 2TQFWEVKFC 2TQFWEVKFCG
/CTVKPKCNKPGCVC5QYGTD[ 5RKTKHGTKFC +PIGNCTGNNKFCG
5RKTKHGTECOGTCVWU/QTVQP 5RKTKHGTKFC 6TKIQPQVTGVKFCG
5RKTKIGTC #VJ[TKU UWDVKNKVC*CNN #VJ[TKFKFC #VJ[T[FKFCG
6#$.'(QUUKNUHTQO6QFQU5CPVQUCNQPI%WKNEQ4KXGT%JKCRCU.KUVHTQO/×NNGTTKGF
5RQPIG
5VTQOCVKFKWOEH5V[RKECNG)KTV[ .KVJKUVKFC 7PEGTVCKP
$T[Q\QCP
(GPGUVGNNCEH(ECRKVCPGPUKU)KTV[ %T[RVQUVQOCVC (GPGUVGNNKFCG
$TCEJKQRQFU
&KEV[QENQUVWUCHH& 2TQFWEVKFC 2TQFWEVKFCG
UGOKTGVKEWNCVWUECRKVCPGPUKU )KTV[
)CUVTQRQFU
2NGWTQVQOCTKC!EH2! #TEJCGQICUVTQRQFC 2NGWTQVQOCTKKFCG
ECTKPKHGTC)KTV[
2NGWTQVQOCTKCEH2 #TEJCGQICUVTQRQFC 2NGWTQVQOCTKKFCG
PGINGEVC)KTV[
6#$.'#OOQPQKFUHTQO2CUQ*QPFQ(QTOCVKQP2GTOKCP .GQPCTFKCP 0QTVJPQTVJGCUV

QH%CUJÕTQCFVQ5CP,QUÃ/QPVGPGITQ%JKCRCU /×NNGTTKGFGVCN)WVKGTTG\)KN
6JQORUQP
%GRJCNQRQFU
2GTTKPKVGUJKNNK 5OKVJ #OOQPQKFGC 2GTTKPKVKFCG
2GTKVTQEJKCOWNNGTTKGFK #OOQPQKFGC 2QRCPQEGTCVKFCG
/KNNGTCPF(WTPKUJ
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
%JKJWCJWC
6#$.' (CWPC HTQO /KPC 2NQOQUCU2NCEGT FG )WCFCNWRG #TGC %JKJWCJWC /QPKNNCU
(QTOCVKQP 7RRGT /GODGT 7RRGT /KUUKUUKRRKCP VQ .QYGT 2GPPU[NXCPKCP 7PFGUETKDGF
EQPWNCTKKFUJCXGCNUQDGGPHQWPFCVVJKUNQECNKV[ $TKFIGU
$TCEJKQRQFU
$WZVQPKCUR 2TQFWEVKFC 2TQFWEVKFCG
%JQPGVGUUR 2TQFWEVKFC %JQPGVKFCG
1XGTVQPKCUR 2TQFWEVKFCG .KPQRTQFWEVKFCG
.KPQRTQFWEVWUUR 2TQFWEVKFCG .KPQRTQFWEVKFCG
.GKQTJ[PEJWUUR 4J[PEJQPGNNKFC .GKQTJ[PEJKFCG
%TWTKVJ[TKUUR 5RKTKHGTKFC #ODQEQGNKKFCG
2WPEVQURKTKHGTUR 5RKTKHGTKPKFC 2WPEVQURKTKHGTKFCG
6#$.'(CWPCHTQO2CUVQT.KOGUVQPG.QYGT2GPPU[NXCPKCPVQ.QYGT2GTOKCP 7RRGT
9QNHECORKCP CIG &GUOQKPGUKCP /KUUQWTKCP 8KTIKNKCP CPF 9QNHECORKCP HWUWNKPKFU JCXG
DGGPKFGPVKſGF $TKFIGU
%QTCNU
+XCPQXKC!5R 4WIQUC .QPUFCNGKKFCG
%JCGVGVGUUR 6CDWNCVC %JCGVGVKFCG
$TCEJKQRQFU
#PVKSWCVQPKCUR 2TQFWEVKFC 2TQFWEVKFCG
5EJWEJGTVGNNCQT&GTD[KCUR 1TVJQVGVKFC 5EJWEJGTVGNNKFCG
%NGKQVJ[TKFKPCUR #VJ[TKFKFC #VJ[TKFKFCG
*WGUVGFKCUR #VJ[TKFKFC 0GQTGV\KKFCG
ő5RKTKHGTŒVGZCPWU 5RKTKHGTKFC 6TKIQPQVTGVKFCG
6#$.' +PXGTVGDTCVGU HTQO 2NQOQUCU (QTOCVKQP CIG WPEGTVCKP #IG EQWNF TCPIG HTQO
9QNHECORKCPKPVQVJG6TKCUUKE2GTOKCPUJCTM*GNKEQRTKQPJCUDGGPHQWPFKPVJGUCOGNQECNKV[
$TKFIGU
$TCEJKQRQFU
.GKQTJ[PEJQKFGCEH.DKUWNECVC 4J[PEJQPGNNKFC 2GVCUOCTKKFCG
%QORQUKVCUR #VJ[TKFKFC #VJ[TKFKFCG
)CUVTQRQFU
$CD[NQPKVGUEH$CEWVWU #TEJCGQICUVTQRQFC 1ORJCNQVTQEJKFCG
&KUEQVTQRKU!UR #TEJCGQICUVTQRQFC 1ORJCNQVTQEJKFCG
$C[NGCUR #TEJCGQICUVTQRQFC 4CRJKUVQOCVKFCG
37+41<$#44151#0&5174618#4
6#$.'5RQPIGUHTQO2NQOQUCU(QTOCVKQP .QYGT2GTOKCP 6JGURGEKOGPUCTGYKVJKPC

TGGHCNNKOGUVQPGEJCTCEVGTK\GFD[VJGRTGUGPEGQH6WDKRJ[VGU $TKFIGU
5RQPIGU
#EVKPQEQGNKCEH#OCNCPFTKPC 6JCNCOKFC !
)KTV[QEQGNKCFWPDCTK 6JCNCOKFC %GN[RJKKFCG
)WCFCNWRKCCHH)E[NKPFTKECN 6JCNCOKFC !
*GNKQURQPIKCXQMGUK .KVJKUVJKFC %[NKPFTQRJ[OCVKFCG
%QCJWKNC
6#$.'.QYGT2GTOKCP .GQPCTFKCP KPXGTVGDTCVGHQUUKNUHTQO.CU5CTFKPCU(QTOCVKQP
.CU&GNKEKCU8CNNG[%QCJWKNC/GZKEQ %NQWF9CTFNCYGVCN
$TCEJKQRQFU
'NNKQVGNNCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
%QORTGUUQRTQFWEVWUUR 2TQFWEVKFC /QPVKEWNKHGTKFCG
%QUEKPQRJQTCUR 2TQFWEVKFC .[VVQPKKFCG
&GTD[KCUR 1TVJQVGVKFC &GTD[KKFCG
.GKQT[JPEJQKFGCUR 4J[PEJQPGNNKFC 2GVCUOCTKKFCG
%TWTKVJ[TKUUR 5RKTKHGTKFC #ODQEQGNKKFCG
0GQURKTKHGTUR 5RKTKHGTKFC 6TKIQPQVTGVKFCG
0GQRJTKECFQVJ[TKUUR 5RKTKHGTKFC 'N[VJKFCG
5RKTKHGTGNNKPCUR 5RKTKHGTKPKFC %TGPKURKTKHGTKFCG
%GRJCNQRQFU
2GTTKPKVGUXKFTKGPUKU$ÑUG #OOQPQKFGC 2GTTKPKVKFCG
/GFNKEQVVKCEQUVGNNKHGTC #OOQPQKFGC /GFNKEQVVKFCG
/KNNGTCPF(WTPKUJ
'WOGFNKEQVVKCYJKVPG[K $ÑUG #OOQPQKFGC /GFNKEQVVKFCG
6#$.' 7RRGT 2GTOKCP 9QTFKCP %CRKVCPKCP #OGTCTCUUKCP KPXGTVGDTCVG HQUUKNU HTQO
2CNQ3WGOCFQ.C&KHWPVCCPF.C%QNQTCFCHQTOCVKQPU.CU&GNKEKCU8CNNG[%QCJWKNC/GZKEQ
%NQWF9CTFNCYGVCN
$TCEJKQRQFU
1TDKEWNQKFGCQXCNKU%NQWF .KPIWNKFC &KUEKPKFCG
%JQPGVGUFGNKEKCUGPUKU-KPI 2TQFWEVKFC %JQPGVKFCG
&[QTQUEH&GZVGPUWU 2TQFWEVKFC 4WIQUQEJQPGVKFCG
%QQRGTCPF)TCPV
#XQPKCEQUVCVC-KPI 2TQFWEVKFC 2TQFWEVGNNKFCG
#XQPKCUWDSWCFTCVC%NQWF 2TQFWEVKFC 2TQFWEVGNNKFCG
'EJKPCWTKUUR 2TQFWEVKFC 2TQFWEVGNNKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF
/CTIKPKHGTCRQRGKOKPQT-KPI 2TQFWEVKFC 2TQFWEVGNNKFCG

2CWEKURKPKHGTCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
.KQUQVGNNCEH.RQRGK 5JWOCTF 2TQFWEVKFC 2TQFWEVGNNKFCG
.KQUQVGNNCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
;CMQXNGXKCFGOWPKVKXWU %NQWF 2TQFWEVKFC 2TQFWEVGNNKFCG
&KEV[QENQUVWUFGOKPWVKXWU%NQWF 2TQFWEVKFC 2TQFWEVKFCG
-QEJKRTQFWEVWU! 2TQFWEVKFC 2TQFWEVKFCG
9CCIGPQEQPEJCUR 2TQFWEVKFC 'EJKPQEQPEJKFCG
%CPETKPGNNCTWIQUC%NQWF 2TQFWEVKFC .KPQRTQFWEVKFCG
%VGPCNQUKCUR 2TQFWEVKFC #WNQUVGIKFCG
'EJKPQUVGIGUUR 2TQFWEVKFC #WNQUVGIKFCG
2TQTKEJVJQHGPKCNKMJCTGYK-KPI 2TQFWEVKFC 4KEJVJQHGPKKFCG
2TQTKEJVJQHGPKCRGTOKCPC 2TQFWEVKFC 4KEJVJQHGPKKFCG
5JWOCTF
2TQTKEJVJQHGPKCUR 2TQFWEVKFC 4KEJVJQHGPKKFCG
/GGMGNNCGPKIOC%NQWF 1TVJQVGVKFC /GGMGNNKFCG
5VTGRVQTJ[PEJWUEH5 1TVJQVGVKFC 5EJWEJGTVGNNKFCG
ITGICTKWO)KTV[
'PVGNGVGUUR 1TVJKFC 'PVGNGVKFCG
.GKQTJ[PEJQKFGCUEJWEJGTVK%NQWF 4J[PEJQPGNNKFC 2GVCUOCTKKFCG
.GKQT[JPEJQKFGCNCXGKU%NQWF 4J[PEJQPGNNKFC 2GVCUOCTKKFCG
2WIPQKFGUUR 4J[PEJQPGNNKFC 2GVCUOCTKKFCG
2CTCPQTGNNCKORGTKCNGU%NQWF 4J[PEJQPGNNKFC 2CTCPQTGNNKFCG
5VGPQUEKUOCMKPIK%NQWF 4J[PEJQPGNNKFC 5VGPQEKUOCVKFCG
4J[PEJQRQTCVC[NQTK)KTV[ 4J[PEJQPGNNKFC 4J[PEJQRQTKFCG
2GVCUOCVJGTWUUR 4J[PEJQPGNNKFC 2GVCUOCVJGTKFCG
%QORQUKVCGOCTIKPCVCCHſPKU #VJ[TKFKFC #VJ[TKFKFCG
)KTV[
*WUVGFKCEH*OGGMCPC #VJ[TKFKFC 0GQTGV\KKFCG
5JWOCTF
*WUVGFKCOGZKECPC *CCEM #VJ[TKFKFC 0GQTGV\KKFCG
%TWTKVJ[TKUCVGPWCVC%NQWF 5RKTKHGTKFC #ODQEQGNKKFCG
#VVGPWCVGNNCCVGPWCVC %NQWF 5RKTKHGTKFC #ODQEQGNKKFCG
/CTVKPKCUR 5RKTKHGTKFC +PIGNCTGNNKFCG
ő5RKTKHGTKPKFCŒNCZC)KTV[ 5RKTKHGTKPKFC 5RKTKHGTKPKFCG!
*GVGTGNCUOCUJWOCTFKWO)KTV[ 6GTGDTCVWNKFC &KGNCUOCVKFCG
&KGNCUOKPCIWCFCNWRGPUKU)KTV[ 6GTGDTCVWNKFC &KGNCUOCVKFCG
&KGNCUOCUR 6GTGDTCVWNKFC &KGNCUOCVKFCG
%GRJCNQRQFU
$KVCWPKQEGTCUEQCJWKNGPUG/KNNGT 0CWVKNQKFGC 1TVJQEGTCVKFCG
5VGCTQEGTCUUR 0CWVKNQKFGC )T[RQEGTCVKFCG
6KVCPQEGTCUUR 0CWVKNQKFGC )T[RQEGTCVKFCG
.KTQEGTCU!UR 0CWVKNQKFGC .KTQEGTCVKFCG
$CEVTKVGUOGZKECPWU/KNNGT #OOQPQKFGC $CEVTKFCG
#ICVJKEGTCUIKTV[K$ÑUG #OOQPQKFGC #ICVJKEGTCVKFCG
#ICVJKEGTCUUWGUUK)GOOGNNCTQ #OOQPQKFGC #ICVJKEGTCVKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF

2QRCPQEGTCUDQYOCPK $ÑUG #OOQPQKFGC 2QRCPQEGTCVKFCG
5VCEJGQEGTCUVQWOCPUM[CG #OOQPQKFGC 2QRCPQEGTCVKFCG
/KNNGTCPF(WTPKUJ
5VCEJGQEGTCUIGOOGNNCTQK/KNNGT #OOQPQKFGC 2QRCPQEGTCVKFCG
9CCIGPQEGTCUIWCFCNWRGPUG)KTV[ #OOQPQKFGC %[ENQNQDKFCG
9CCIGPQEGTCUFKGPGTK$ÑUG #OOQPQKFGC %[ENQNQDKFCG
9CCIGPQEGTCUMCTRKPUM[K/KNNGT #OOQPQKFGC %[ENQNQDKFCG
9CCIGPQEGTCUIKTV[K #OOQPQKFGC %[ENQNQDKFCG
/KNNGTCPF(WTPKUJ
6KOQTKVGUUEJWEJGTVK #OOQPQKFGC %[ENQNQDKFCG
/KNNGTCPF(WTPKUJ #OOQPQKFGC )CUVTKQEGTCVKFCG
2UGWFQICUVTKQEGTCUTQCFGPUG #OOQPQKFGC 0GQKEQEGTCVKFCG
$ÑUG
2UGWFQICUVTKQEGTCUJCCEMK/KNNGT #OOQPQKFGC 0GQKEQEGTCVKFCG
#NVWFQEGTCUUR #OOQPQKFGC 0GQKEQEGTCVKFCG
5VTKIQIQPKCVKVGUMKPIK/KNNGT #OOQPQKFGC 0GQKEQEGTCVKFCG
#FTKCPKVGUFWPDCTK #OOQPQKFGC #FTKCPKVKFCG
/KNNGTCPF(WTPKUJ
#FTKCPKVGUPGYGNNK #OOQPQKFGC
/KNNGTCPF(WTPKUJ #FTKCPKVKFCG
#FTKCPKVGURNWOOGTK/KNNGT #OOQPQKFGC #FTKCPKVKFCG
&QT[EGTCUFKHWPVGPUG /KNNGT #OOQPQKFGC #FTKCPKVKFCG
2UGWFCICVJKEGTCUURKPQUWO/KNNGT #OOQPQKFGC #FTKCPKVKFCG
'RKVJCNCUUQEGTCUTW\GPEGXK #OOQPQKFGC 6JCNCUUQEGTCVKFCG
/KNNGTCPF(WTPKUJ
/GFNKEQVVKCDWTEMJCTFVK$ÑUG #OOQPQKFGC /GFNKEQVVKFCG
/GFNKEQVVKCYJKVPG[K$ÑUG #OOQPQKFGC /GFNKEQVVKKFCG
/GFNKEQVVKCIKTV[K #OOQPQKFGC /GFNKEQVVKFCG
/KNNGTCPF(WTPKUJ
/GFNKEQVVKCUR #OOQPQKFGC /GFNKEQVVKKFCG
2TQRKPCEQEGTCUDG[TKEJK #OOQPQKFGC /GFNKEQVVKKFCG
)GOOOGNNCTQ
2TQRKPCEQEGTCUUR #OOQPQKFGC /GFNKEQVVKKFCG
'RKUCIGEGTCUPQFQUWO9CPPGT #OOQPQKFGC /GFNKEQVVKKFCG
'RKUCIGEGTCUUR #OOQPQKFGC /GFNKEQVVKKFCG
2CTCEGNVKVGUQTPCVWU #OOQPQKFGC 2CTCEGNVKVKFCG
/KNNGTCPF(WTPKUJ
2CTCEGNVKVGUCNVWFGPUKU $ÑUG #OOQPQKFGC 2CTCEGNVKVKFCG
2CTCEGNVKVGUJQGHGTK)GOOOGNNCTQ #OOQPQKFGC 2CTCEGNVKVKFCG
2CTCEGNVKVGUTGEVCPIWNCTKU/KNNGT #OOQPQKFGC 2CTCEGNVKVKFCG
-KPIQEGTCUMKPIK/KNNGT #OOQPQKFGC 2CTCEGNVKVKFCG
:GPQFKUEKVGUYCCIGPK #OOQPQKFGC :GPQFKUEKFCG
/KNNGTCPF(WTPKUJ #OOQPQKFGC :GPQFKUEKFCG
%KDQNKVGUOQLUKUQXKEUK/KNNGT
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF

%KDQNKVGUYCCIGPK
/KNNGTCPF(WTPKUJ #OOQPQKFGC :GPQFKUEKFCG
5[TFGPKVGUUR #OOQPQKFGC !
'QCTCZQEGTCUTW\JGPEGXK
5RKPQ\C(WTPKUJCPF)NGPKUVGT #OOQPQKFGC !
5VTCEJGQEGTCUIGOOGNNCTQK/KNNGT #OOQPQKFGC !
'RKDCNCUUQEGTCUTW\JGPEGXK
/KNNGTCPF(WTPKUJ #OOQPQKFGC !
/GZKEQEGTCUIWCFCNWRGPUG )KTV[ #OOQPQKFGC !
0GQIGQEGTCUI[TV[K
/KNNGTCPF(WTPKUJ
6#$.'%TKPQKFHTQO2GTOKCPTQEMUQH8CNNGFG.CU&GNKEKCU%QCJWKNC 5VTKORNG
%TKPQKFU
2CTURCPKQETKPWUDGKPGTVK5VTKORNG %NCFKFC 5RCPKQETKPKFCG
)WGTTGTQ
6#$.' $TCEJKQRQFU CPF ETKPQKFU 'USWKXGN/CEÈCU .ÎRG\.ÎRG\
CPF VTKNQDKVGU )CTKDC[4QOGTQ GV CN HTQO .QU #TEQU1NKPCN¶ (QTOCVKQP 2GTOKCP QH
1NKPCN¶)WGTTGTQ
$TCEJKQRQFU
2CTCOCTIKPKHGTC!UR 2TQFWEVKFC /CTIKPKHGTKFCG
&KEV[QENQUVWUFGRTGUUWU%QQRGT 2TQFWEVKFC 2TQFWEVKFCG
.KPQRTQFWEVWUUR 2TQFWEVKFC .KPQRTQFWEVKFCG
2CTCPQTGNNCKORGTKCNKU%NQWF 4J[PEJQPGNNKFC %COCTQVQGEJKKFCG
9GNNGTGNNCNGOCUKOKPQT%QQRGT 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
/CTVKPKCUR 5RKTKHGTKFC /CTVKPKFCG
&KGNCUOCCHH&URCVWNCVWO)KTV[ 6GTGDTCVWNKFC &KGNCUOCVKFCG
%TKPQKFU
2GPVCTKFKECRGPVCIQPCNKU 7PEGTVCKP 2GPVCECWNKUEKFCG
/QQTGCPF,GHHQTFU
6TKNQDKVGU
#PKUQR[IGRGTCPPWNCVC 5JWOCTF 2V[EJQRCTKKFC 2JKNNKRUKFCG
37+41<$#44151#0&5174618#4
6#$.'$TCEJKQRQFUCPFEGRJCNQRQFUHTQO.QU#TEQU1NKPCN¶(QTOCVKQP7PKV/KFFNG
2GTOKCP1NKPCN¶)WGTTGTQ )QP\¶NG\#TTGQNCGVCN
$TCEJKQRQFU
1TDKEWNQKFGCUR .KPIWNKFC &KUEKPKFCG
-TQVQXKCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
%CPETKPGNNCUR 2TQFWEVKFC .KPQRTQFWEVKFCG
.GKQTJ[PEJQKFGCUEJWEJGTVK 4J[PEJQPGNNKFC 2GVCUOCTKKFCG
%NQWF
6QOKQRUKUUR 5RKTKHGTKFC +PIGNCTGNNKFCG
%GRJCNQRQFU
$KVCWPKQEGTCUEQCJWKNGPUKU/KNNGT 1TVJQEGTKFC 1TVJQEGTCVKFCG
/KNNGTCPF(WTPKUJ
2UGWFQICUVTKQEGTCUTQCFGPUG #OOQPQKFGC 0GQKEQEGTCVKFCG
$ÑUG
6#$.'%QPWNCTKKFUDTCEJKQRQFUICUVTQRQFUDKXCNXGUCPFEGRJCNQRQFUHTQO.QU#TEQU
1NKPCN¶(QTOCVKQP7PKV/KFFNG2GTOKCP1NKPCN¶)WGTTGTQ )QP\¶NG\#TTGQNCGVCN
%QPWNCTKKFU
2CTCEQPWNCTKCUR %QPWNCTKKFC %QPWNCTKKFC
$TCEJKQRQFU
1TDKEWNQKFGCQXCNKU%NQWF .KPIWNKFC &KUEKPKFCG
6JCOPQUKCFGRTGUUC %QQRGT 2TQFWEVKFC 2TQFWEVKFCG
)CUVTQRQFU
$CD[NQPKVGUECTKPCVWU;QEJGNUQP #TEJCGQICUVTQRQFC 1ORJCNQVTQEJKFCG
$KXCNXGU
2QUKFQPKGNNCUR 2VGTKQKFC /[CNKPKFCG
%GRJCNQRQFU
/KNNGTCPF(WTPKUJ
2CTCEGNVKVGUGNGICPU)KTV[ #OOQPQKFGC 2CTCEGNVKVKFCG
6#$.' %GRJCNQRQF CPF ETKPQKF HTQO .QU #TEQU1NKPCN¶ (QTOCVKQP 7PKV /KFFNG
2GTOKCP1NKPCN¶)WGTTGTQ )QP\¶NG\#TTGQNCGVCN
%GRJCNQRQFU
2CTCEGNVKVGUGNGICPU)KTV[ #OOQPQKFGC 2CTCEGNVKVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF

%TKPQKFU
2TGRVQRTGOPWO TWIQUWO /QQTG 7PEGTVCKP .GRVQECTRJKKFCG
CPF,GHHQTFU
6#$.' $TCEJKQRQFU ICUVTQRQFU CPF EGRJCNQRQFU HTQO .QU #TEQU1NKPCN¶ (QTOCVKQP
7PKV/KFFNG2GTOKCP1NKPCN¶)WGTTGTQ CEEQTFKPIVQ)QP\¶NG\#TTGQNCGVCN
$TCEJKQRQFU
6JCOPQUKCFGRTGUUC %QQRGT 2TQFWEVKFC 2TQFWEVKFCG
9GNNGTGNNCUR 4J[PEJQPGNNKFC 9GNNGTGNNKFCG
*WUVGFKCUR #VJ[TKFKFC 0GQTGV\KKFCG
5RKTKHGTGNNKPCETKUVCVC 5RKTKHGTKPKFC %TGPKURKTKHGTKFCG
8QP5EJNQVJGKO
)CUVTQRQFU
$CD[NQPKVGUECTKPCVWU;QEJGNUQP #TEJCGQICUVTQRQFC 1ORJCNQVTQEJKFCG
%GRJCNQRQFU
/GVCEQEGTCUUR 0CWVKNKFC 6CKPQEGTCVKFCG
/KNNGTCPF(WTPKUJ
*KFCNIQ
6#$.' $TCEJKQRQFU CPF VTKNQDKVGU HTQO 6W\CPEQC (QTOCVKQP .QYGT 2GTOKCP
1VNCOCNCECVNC*KFCNIQ+PVJGUCOGNQECNKV[HWUWNKPKFUTWIQUGEQTCNUDT[Q\QCPUDKXCNXGUCPF
ETKPQKFUJCXGCNUQDGGPEQNNGEVGF 5QWT6QXCTGVCND
$TCEJKQRQFU
-TQVQXKCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
&CU[UCTKCUR 2TQFWEVKFC 2TQFWEVKFCG
&GTD[QKFGUEHFWPDCTK 1TVJQVGVKFC 1TVJQVGVKFCG
%QQRGTCPF)TCPV
0GQURKTKHGTEH0CORJKI[WU 5RKTKHGTKFC 6TKIQPQVTGVKFCG
%QQRGTCPF)TCPV
5RKTKHGTGNNKPCVTKEQUC 5RKTKHGTKFC %TGPKURKTKHGTKFCG
%QQRGTCPF)TCPV
*QNQUKC!UR 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
6TKNQDKVGU
#PKUQR[IGYJKVGK 2V[EJQRCTKKFC 2JKNNKRUKFCG
2CDKCPCPF(CIGTUVTQO
37+41<$#44151#0&5174618#4
6#$.' %TKPQKFU HTQO 6W\CPEQC (QTOCVKQP 2GTOKCP WRRGT 9QNHECORKCPNQYGT

.GQPCTFKCP 2GOWZEQ /KOKCIWCEQ *KFCNIQ #TGNNCPQ)KN GV CN 6JGUG DGFU YGTG
EQPUKFGTGFCURCTVQH)WCECOC[C(QTOCVKQPVJCVETQRUQWVKP6COCWNKRCU5VCVG
%TKPQKFU
%[ENQECWFGZRNGPWU 7PEGTVCKP %[ENQOKUEJKCFG
/QQTGCPF,GHHQTFU
%[ENQECWFGZLWEWPFWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
/QQTGCPVGTKURGTHQTCVWU 7PEGTVCKP %[ENQOKUEJKKFCG
/QQTGCPF,GHHQTFU
%[ENQETKUVCEJGPG[K 7PEGTVCKP .GRVQECTRJKKFCG
/QQTGCPF,GHHQTFU
2TGRVQRTGOPWOTWIQUWO 7PEGTVCKP .GRVQECTRJKKFCG
/QQTGCPF,GHHQTFU
6#$.'$TCEJKQRQFUHTQO8KEGPVG)WGTTGTQ(QTOCVKQP/KUUKUUKRRKCP%CNPCNK*KFCNIQ
/QTGPQ%CPQCPF2CVKÌQ4WK\
$TCEJKQRQFU
1XGTVQPKCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
#NNQTJ[PEJWUEH#JGVGTQRUKU 4J[PEJQPGNNKFC #NNQTJ[PEJKFCG
5GRVQU[TKPIQVJ[TKUEH5FGOCPVGK 5RKTKHGTKPKFC 5[TKPIQVJTKFKFCG
6#$.'$TCEJKQRQFU /QTGPQ%CPQCPF2CVKÌQ4WK\ CPFETKPQKFU $WKVTÎPGVCN

HTQO&GN/QPVG(QTOCVKQP2GPPU[NXCPKCP%CNPCNK*KFCNIQ
$TCEJKQRQFU
0GQURKTKHGTUREHHCUEKOIGT 5RKTKHGTKFC 6TKIQPQVTGVKFCG
%TKPQKF
%[NKPFTQECWNKUEWUſUMK 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
$CT[UEJ[TCPQUWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
/QQTGCPF,GHHQTFU
%[ENQECWFGZKPUCVWTCVWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
%[ENQECWFGZEH%EQUVCVWU/QQTG 7PEGTVCKP %[ENQOKUEJKFCG
CPF,GHHQTFU
/QQTGCPVGTKUYC[NCPFGPUKU/KNNGT 7PEGTVCKP %[ENQOKUEJKFCG
2NWOOGTCPVGTKUUCPUCDC 7PEGTVCKP (NQTKE[ENKFCG
/QQTGCPF,GHHQTFU
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF
*GVGTQUVGNGEJWUMGKVJK/KNNGT 7PEGTVCKP .GRVQECTRJKKFCG
1CZCEC
6#$.'$TCEJKQRQFU 0CXCTTQ5CPVKNN¶PGVCN CPFTQUVTQEQPEJU 3WKTQ\$CTTQUQ
GV CN HTQO 5CPVKCIQ (QTOCVKQP .QYGT /KUUKUUKRRKCP 1UCIGCP 0QEJKZVN¶P TGIKQP
1CZCEC6JGUGQTICPKUOUHQTOGFRCTVQHCEQOOWPKV[YKVJCDWPFCPVURQPIGUVCDWNCVGEQTCNU
DT[Q\QCPUOQNNWUMUCPFETKPQKFU
$TCEJKQRQFU
#EVKPQEJQPEJWUNCOGNNQUUWU #VJ[TKFKFC #VJ[TKFKFCG
.ÃXGKNNÃ
6QT[PKHGTRUGWFQNKPGCVWU *CNN 5RKTKHGTKFC 'N[VJKFCG
EH5[TKPIQVJ[TKUUR 5RKTKHGTKPKFC 5[TKPIQVJ[TKFKFCG
2WPEVQURKTKHGTIKICU 5RKTKHGTKPKFC 2WPEVQURKTKHGTKFCG
5QWT6QXCTCPF0CXCTTQ
4QUVTQEQPEJU
2UGWFQOWNEGQFGPUECPEGNNCVWU %QPQECTFKQKFC %QPQECTFKKFCG
*[FG
6#$.' %QPWNCTKKFU DTCEJKQRQFU CPF ICUVTQRQFU HTQO +ZVCNVGRGE (QTOCVKQP .QYGT
/KFFNG2GPPU[NXCPKCP0QEJKZVN¶PTGIKQP1CZCEC%QPWNCTKKFUCPFICUVTQRQFUHTQO$WKVTÎPGV
CN $TCEJKQRQFUHTQO5QWT6QXCT 5QWT6QXCTCPF3WKTQ\$CTTQUQ CPF
5QWT6QXCTCPF/CTVÈPG\%JCEÎP
%QPWNCTKKFU
2CTCEQPWNCTKCUR %QPWNCTKKFC %QPWNCTKKFCG
$TCEJKQRQFU
1TDKEWNQKFGCOKUUQWTKGPUKU .KPIWNKFC &KUEKPKFCG
5JWOCTF
6QTPSWKUVKCUR 2TQFWEVKFC #PQRNKKFCG
0GQEJQPGVGU 0 ITCPWNKHGT 2TQFWEVKFC 4WIQUQEJQPGVKFCG
1YGP
0GQEJQPGVGU 0 OKZVGEQ 5QWT 2TQFWEVKFC 4WIQUQEJQPGVKFCG
6QXCTCPF/CTVÈPG\%JCEÎP
4GVKEWNCVKCJWGEQGPUKU -KPI 2TQFWEVKFC 2TQFWEVKFCG
'EJKPCTKCUGOKRWPEVCVC 5JGRCTF 2TQFWEVKFC 'EJKPQEQPEJKFCG
.KPQRTQFWEVWURNCPKXGPVTCNKUXCT 2TQFWEVKFC .KPQRTQFWEVKFCG
KZVCNVGRGPUKU 5QWTCPF3WKTQ\
.KPQRTQFWEVWUGEJKPCVWU*QCTG 2TQFWEVKFC .KPQRTQFWEVKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF
1TVJQVGVGUOKZVGEC 1TVJQVGVKFC 1TVJQVGVKFCG

5QWTCPF3WKTQ\
&GTD[KCETCUUC 1TVJQVGVKFC &GTD[KKFCG
/GGMCPF*C[FGP
)CUVTQRQFU
#PQORJCNWUUR #TEJCGQICUVTQRQFC #PQORJCNKFCG
6#$.'$KXCNXGU 3WKTQ\$CTTQUQCPF2GTTKNNKCV VTKNQDKVGU /QTÎP4ÈQUCPF

2GTTKNNKCV CPFETKPQKFU $WKVTÎPGVCN HTQO+ZVCNVGRGE(QTOCVKQP.QYGT/KFFNG
2GPPU[NXCPKCP5CPVKCIQ+ZVCNVGRGE1CZCEC1PGURGEKOGPQHWPFGUETKDGFQRJKWTQKFJCUDGGP
HQWPFCVVJKUNQECNKV[ 3WKTQ\$CTTQUQCPF5QWT6QXCT
$KXCNXGU
0WEWNQRUKUUR 0WEWNQKFC 0WEWNKFCG
2CNCGQPGKNQUKPWQUWU 0WEWNQKFC /CNNGVKKFCG
3WKTQ\CPF2GTTKNNKCV
2CNG[QNFKCUR 0WEWNQKFC 0WEWNCPKFCG
2JGUVKCDGNNKUVTKCVC 5VGXGPU 0WEWNQKFC 0WEWNCPKFCG
2JGUVKCUR 0WEWNQKFC 0WEWNCPKFCG
2CTCNNGNQFQPVGPWKUVTKCVWU #TEQKFC 2CTCNNGNQFQPVKFCG
/GGMCPF9QTVJGP
/[CNKPGNNCOGGMK &WPDCT 2VGTKQKFC /[CNKPKFCG
5GRVKO[CNKPCUR 2VGTKQKFC /[CNKPKFCG
.GRVQFGUOC .GRVQFGUOC UR 2VGTKQKFC 2VGTKPGKFCG
2VGTKPQRGEVKPGNNCUR 2VGTKQKFC 2VGTKPQRGEVKPKFCG
#XKEWNQRGEVGP EH # DCUKNKEWU 2VGTKQKFC #XKEWNQRGEVKPKFCG
0GYGNN
#XKEWNQRGEVGPUR# 2VGTKQKFC #XKEWNQRGEVKPKFCG
#XKEWNQRGEVGPUR$ 2VGTKQKFC #XKEWNQRGEVKPKFCG
#XKEWNQRGEVGPUR% 2VGTKQKFC #XKEWNQRGEVKPKFCG
#XKEWNQRGEVGPUR& 2VGTKQKFC #XKEWNQRGEVKPKFCG
.KOKRGEVGPEH.VGZCPWU)KTV[ 2VGTKQKFC #XKEWNQRGEVKPKFCG
5VTGDNQRVGTKCUR 2VGTKQKFC #XKEWNQRGEVKPKFCG
'WEJQPFTKCEH'NGXKEWNC0GYGNN 2VGTKQKFC #XKEWNQRGEVKPKFCG
'WEJQPFTKCUR 2VGTKQKFC #XKEWNQRGEVKPKFCG
5EJK\QFWUEH5WNTKEJK9QTVJGP 6TKIQPKQKFC /[QRJQTKKFCG
2GTOQRJQTWUURKPWNQUC 8GPGTQKFC 2GTOQRJQTKFCG
/QTPKPIUVCT
2GTOQRJQTWUEH2QDNQPIWU 8GPGTQKFC 2GTOQRJQTKFCG
/GGM
#UVCTVGNNCEQPEGPVTKEC %QPTCF 8GPGTQKFC #UVCTVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF
'FOQPFKCQXCVC 2JQNCFQO[QKFC 'FOQPFKKFCG

/GGMCPF9QTVJGP
'EVQITCOO[UKCRTQNCVC*QCTG 2JQNCFQO[QKFC )TCOO[UKKFCG
6TKNQDKVGU
)TKHſVJKFGU KZVCNVGRGEGPUKU 2V[EJQRCTKKFC 2JKNNKRUKFCG
/QTÎPCPF2GTTKNNKCV
%TKPQKFU
%[NKPFTQECWNKUEWUſUMK 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
%[ENQECWFGZKPUCVWTCVWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
6#$.'+PXGTVGDTCVGUHTQOVJG.QYGT/KUUKUUKRRKCPQH2CVNCPQC[C(QTOCVKQP5CP5CNXCFQT
2CVNCPQC[C2WGDNC 8KNNCUGÌQT/CTVÈPG\GVCN
%QTCNU
0GQ\CRJTGPVKUUR 4WIQUC *CRUKRJ[NNKFCG
$TCEJKQRQFU
$CTTQKUGNNCUR .KPIWNKFC .KPIWNKFCG
%JQPGVGUUR 2TQFWEVKFC 2TQFWEVGNNKFCG
4WICWTKUUR 2TQFWEVKFC 2TQFWEVGNNKFCG
4J[VKQRQTCEHDNCKTK /KNNGT 2TQFWEVKFC 2TQFWEVGNNKFCG
5KPWCVGNNCUKPWCVC FG-QPKPEM 2TQFWEVKFC 2CWNQUVGIKFCG
#EVKPQEQPEJWUUSWCOQUWU #VJ[TKFKFC #VJ[TKFKFCG
2JKNNKRU
#EVKPQEQPEJWURNCPQUWNECVWU #VJ[TKFKFC #VJ[TKFKFCG
2JKNNKRU
/CTVKPQVJ[TKUNKPGCVWU 5QYGTD[ 5RKTKHGTKFC! !
5RKTKHGTITGIGTK 9GNNGT 5RKTKHGTKFC 5RKTKHGTKFCG
2TQURKTCUR 5RKTKHGTKFC 5RKTKHGTKFCG
7PKURKTKHGTUR 5RKTKHGTKFC 5RKTKHGTKFCG
#U[TKPZKCNCVC/E%Q[ 5RKTKHGTKPKFC 5[TKPIQVJT[FKFCG
%TKPQKFU
.QOCNGIPWOJQTOKFKWO 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
%[ENQUVGNGEJWUVWTTKVWU 7PEGTVCKP 'ZCGUKQFKUEKFCG
/QQTGCPF,GHHQTFU
2GPVCIQPQOKUEJWUUR 7PEGTVCKP
37+41<$#44151#0&5174618#4
6#$.' +PXGTVGDTCVGU HTQO VJG /KFFNG 2GPPU[NXCPKCP QH 2CVNCPQC[C (QTOCVKQP 5CP
5CNXCFQT2CVNCPQC[C2WGDNC 8KNNCUGÌQT/CTVÈPG\GVCN
%QTCNU
.QRJQRJ[NNKFKWOUR 4WIQUC .QRJQRJ[NNKFKKFCG
$TCEJKQRQFU
-QUNQYUMKCUR 2TQFWEVKFC 2TQFWEVKFCG
#PVKSWCVQPKCUR 2TQFWEVKFC 2TQFWEVKFCG
4GVKEWNCVKCUR 2TQFWEVKFC 2TQFWEVKFCG
.KPQRTQFWEVWUUR 2TQFWEVKFC .KPQRTQFWEVKFCG
6#$.' +PXGTVGDTCVGU HTQO VJG 7RRGT 2GPPU[NXCPKCP QH 2CVNCPQC[C (QTOCVKQP 5CP
$TCEJKQRQFU
%JCQKGNNCITWGPGYCNFVK -TQVQX 2TQFWEVKFC 2TQFWEVKFCG
'EJKPCTKCUR 2TQFWEVKFC 'EJKPQEJQPEJKFCG
5RKTKHGTGNNCUR 5RKTKHGTKFC 5RKTKHGTKFCG
%TGPKURKTKHGTUR 5RKTKHGTKPKFC %TGPKURKTKHGTKFCG
)CUVTQRQFU
/GGMQURKTCUR %CGPQICUVTQRQFC /GGMQURKTKFCG
%TKPQKFU
%[ENQECWFGZV[RKEWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
/GICECPVJQRQTCHCNNCEKU/QQTG 7PEGTVCKP
6#$.' +PXGTVGDTCVGU HTQO VJG 2GTOKCP 9QNHECORKCP QH 2CVNCPQC[C (QTOCVKQP 5CP
$TCEJKQRQFU
9GNNGTGNNCUR 4J[PEJQPGNNKFC 9GNNGTGNNKFCG
$KXCNXGU
2CNCGQOWVGNC 2CNCGQOWVGNC UR 7PKQPQKFC 2CNCGQOWVGNKFCG
5EJK\QFWUUR 6TKIQPKQKFC /[QRJQTKKFCG
%GRJCNQRQFU
$CEVTKVGUUR $CEVTKVKFC $CEVTKFCG
2TQRGTTKPKVGUUR #OOQPQKFGC 2GTTKPKVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.' +PXGTVGDTCVGU HTQO VJG 2GTOKCP .GQPCTFKCP QH 2CVNCPQC[C (QTOCVKQP 5CP
)CUVTQRQFU
-GGPGKCUR #TEJCGQICUVTQRQFC 5KPWQRGKFCG
1ORJCNQPGOCUR #TEJCGQICUVTQRQFC *QNQRGKFCG
$KXCNXGU
/[CNKPCCRCEJGUK/CTEQW 2VGTKQKFC /[CNKPKFCG
#PPWNKEQPEJCUR 2VGTKQKFC #XKEWNQRGEVKPKFCG
2GTOQRJQTWUUR 8GPGTQKFC 2GTOQRJQTKFCG
%GRJCNQRQFU
$CEVTKVGUUR $CEVTKVKFC $CEVTKFCG
/GFNKEQVVKCUR #OOQPQKFGC /GFNKEQVVKKFCG
6#$.' $TCEJKQRQFU CPF ETKPQKFU HTQO 2CVNCPQC[C (QTOCVKQP 2GTOKCP 5CP 5CNXCFQT
2CVNCPQC[C2WGDNC 'USWKXGN/CEKCU
$TCEJKQRQFU
&KEV[QENQUVWUUR 5VTQRJQOGPKFC &KEV[QENQUVKFCG
%TKPQKFU
+UQETKPWUUR +UQETKPKFC +UQETKPKFCG
%[ENQOKUEJWUCNVGTPCVWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
4J[UQECOCZEH4ETKUVCVC/QQTG 7PEGTVCKP /KNNGTKETKPKFCG
CPF,GHHQTFU
.QOCNGIPWOJQTOKFKWO 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
5VKDGTQUVCWTWUCGUVKOCVWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
$NQVJTQPCIOCEKPEVWVWO 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
%[ENQECWFGZV[RKEWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
/QQTGCPF,GHHQTFU
/QQTGCPVGTKURGTHQTCVWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
/QQTGCPVGTKUEH/ 7PEGTVCKP %[ENQOKUEJKFCG
YC[NCPFGPUKU/KNNGT
&KGTQECNKRVGTEH&FQVGT 7PEGTVCKP (NWEVKEJCTCEKFCG
/QQTGCPF,GHHQTFU
#ORJQNGPKWO!EH#CRQNGIOC 7PEGTVCKP 'ZCGUKQFKUEKFCG
/QQTGCPF,GHHQTFU
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF
(NQTKE[ENWUEH(CPIWUVKOCTIQ 7PEGTVCKP (NQTKE[ENKFCG

/QQTGCPF,GHHQTFU
%[ENQTKUVCEJGPG[K 7PEGTVCKP .GRVQECTRJKKFCG
/QQTGCPF,GHHQTFU
2TGRVQRTGOPWO!EH2TWIQUWO 7PEGTVCKP .GRVQECTRJKKFCG
/QQTGCPF,GHHQTFU
2VGTQVQETKPWUEH2DKHWTECVWU 7PEGTVCKP *GZCETKPKVCEGC
9CEJUOWVJCPF5RTKPIGT
6#$.'/KUUKUUKRRKCP2GPPU[NXCPKCPETKPQKFUHTQO5CP5CNXCFQT2CVNCPQC[C2WGDNC7PKV
+/KUUKUUKRRKCP 1UCIGCP 8GNCUEQFG.GÎPCPF$WKVTÎP
%TKPQKFU
5VKDGTQUVCWTWUCGUVKOCVWU 7PEGTVCKP %[ENQOKUEJKFCG
/QQTGCPF,GHHQTFU
#ORJQNGPKWOCRQNGIOC 7PEGTVCKP 'ZCGUKQFKUEKFCG
/QQTGCPF,GHHQTFU
6#$.' %TKPQKFU HTQO 5CP 5CNXCFQT 2CVNCPQC[C 2WGDNC 7PKV +++ 7RRGT 2GPPU[NXCPKCP
8KTIKNKCP 8GNCUEQFG.GÎPCPF$WKVTÎP
%TKPQKFU
/QQTGCPF,GHHQTFU
5QPQTC
6#$.'+PXGTVGDTCVGUHTQO0QTVJYGUVGTP5QPQTC/KUUKUUKRRKCPQWVETQRUPGCT$KUCPK 'CUVQP
GVCN
%QTCNU
4QVKRJ[NNWOQEEKFGPVCNG'CUVQP 4WIQUC /GVTKQRJ[NNKFCG
4QVKRJ[NNWOXGUKEWNQUWO'CUVQP 4WIQUC /GVTKQRJ[NNKFCG
6TQEJQRJ[NNWO 6TQEJQRJ[NNWO UR 4WIQUC .CEEQRJ[NNKFCG
6TQEJQRJ[NNWO 4WIQUC .CEEQRJ[NNKFCG
$CTTCPFGQRJ[NNWO UR
%[UVGNCUOCKPXCIKPCVWO'CUVQP 4WIQUC 2QN[EQGNKKFCG
%[CVJCZQPKCEQTFKNNGTGPUKU'CUVQP 4WIQUC %[CVJCZQPKKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF
6TKRNQRJ[NNKVGU *QOCNQRJ[NNKVGU 4WIQUC *CRUKRJ[NNKFCG

EKTEWNCTKU'CUVQP
6TKRNQRJ[NNKVGU *QOCNQRJ[NNKVGU UR 4WIQUC *CRUKRJ[NNKFCG
6TKRNQRJ[NNKVGUUR 4WIQUC *CRUKRJ[NNKFCG
0GQ\CRJTGPVKUVGPGNNC /KNNGT 4WIQUC *CRUKRJ[NNKFCG
GOGPF'CUVQP
-QPKPEMQRJ[NNWOUR 4WIQUC #WNQRJ[NNKFCG
%CPKPKCEQTPKEWNWO /KNNGT 4WIQUC %[CVJQRUKFCG
GOGPF'CUVQP
%CPKPKCUR 4WIQUC %[CVJQRUKFCG
%CPKPQRJ[NNWOUQPQTGPUG'CUVQP 4WIQUC %[CVJQRUKFCG
.KVJQUVTQVKQPGNNCEQPƀWGPU'CUVQP 4WIQUC .QPUFCNGKKFCG
2NGWTQFKEV[WOUWDTCOQUWO 6CDWNCVC (CXQUKVKFCG
'CUVQP
5[TKPIQRQTCVWDKHGTC'CUVQP 6CDWNCVC #WNQRQTKFCG
5[TKPIQRQTCUR 6CDWNCVC #WNQRQTKFCG
$TCEJKQRQFU
.GRVCGPC&CNOCP 5VTQRJQOGPKFC 4CſPGUSWKPKFCG
.GRVCGPCEQQRGTK5CPFGTU 5VTQRJQOGPKFC 4CſPGUSWKPKFCG
2NKEQEJQPGVGUIGPKEWNCVWU 9JKVG 2TQFWEVKFC 4WIQUQEJQPGVKFCG
4GVKEWNCVKCEQQRGTGPUKU 5YCNNQY 2TQFWEVKFC 2TQFWEVKFCG
5EJGNNYKGPGNNCWODQPCVC5CPFGTU 1TVJQVGVKFC 2WNUKKFCG
5EJWEJGTVGNNCUR 1TVJQVGVKFC 5EJWEJGTVGNNKFCG
4JKRKFQOGNNCEH4OKUUQWTGPUKU 1TVJKFC 4JKRKFQOGNNKFCG
5YCNNQY
2GTFKVQECTFKPKCEH2FWDKC *CNN 1TVJKFC 4JKRKFQOGNNKFCG
5EJK\QRJQTKCUWNECVC5CPFGTU 1TVJKFC 5EJK\QRJQTKKFCG
%COCTQVQGEJKCUR 4J[PEJQPGNNKFC %COCTQVQGEJKKFCG
&QTUKUKPWUNQWKUKCPGPUKU 9GNNGT 4J[PEJQPGNNKFC 0QOKPCFWDKC
ő%NGKQVJ[TKFKPCŒINGPRCTMGPUKU #VJ[TKFKFC #VJ[TKFKFCG
9GNNGT
ő%NGKQVJ[TKFKPCŒUR #VJ[TKFKFC #VJ[TKFKFCG
%QORQUKVCQDGUC5CPFGTU #VJ[TKFKFC #VJ[TKFKFCG
*WUVGFKCEKTEWNCTKU /KNNGT #VJ[TKFKFC 0GQTGV\KKFCG
%[TVQURKTKHGT!NCVKQT 5YCNNQY 5RKTKHGTKFC %[TVQURKTKHGTKFCG
%TWTKVJ[TKUNGXKEWNC 4QYNG[ 5RKTKHGTKFC #ODQEQGNKKFCG
6[NQVJ[TKU!UR 5RKTKHGTKFC /WETQURKTKHGTKFC
%[TVKPCDWTNKPIVQPGPUKU4QYNG[ 5RKTKHGTKPKFC %[TVKPKFCG
2WPEVQURKTKHGTUWNEKHGT5CPFGTU 5RKTKHGTKPKFC 2WPEVQURKTKHGTKFCG
2WPEVQURKTKHGTINQDQUC5CPFGTU 5RKTKHGTKPKFC 2WPEVQURKTKHGTKFCG
)KTV[GNNCUR 6GTGDTCVWNKFC &KGNCUOCVKFCG
)KTV[GNNC!UR 6GTGDTCVWNKFC &KGNCUOCVKFCG
&KGNCUOQKFGUUR 6GTGDTCVWNKFC &KGNCUOCVKFCG
&KGNCUOQKFGU! 6GTGDTCVWNKFC &KGNCUOCVKFCG
$GGEJGTKCUR 6GTGDTCVWNKFC *GVGTGNCUOKPKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF
$KXCNXGU
2CTCNNGNQFQPUWNECVWU9GNNGT #TEQKFC 2CTCNNGNQFQPVKFCG
4QUVTQEQPEJU
%QPQECTFKWOUR %QPQECTFKQKFC %QPQECTFKKFCG
)CUVTQRQFU
$GNNGTQRJQPUR #TEJCGQICUVTQRQFC $GNNGTQRJQPVKFCG
5VTCRCTQNNWU 'WQORJCNWU UR# #TEJCGQICUVTQRQFC 'WQORJCNKFCG
5VTCRCTQNNWU 'WQORJCNWU UR$ #TEJCGQICUVTQRQFC 'WQORJCNKFCG
2JCPGTQVKPWUEH2RCTCFQZWU #TEJCGQICUVTQRQFC 'WQORJCNKFCG
9KPEJGNN
2NCV[UEJKUOCUR #TEJCGQICUVTQRQFC 5KPWQRGKFCG
4JKPGQFGTOCEH4P[UVKKFG #TEJCGQICUVTQRQFC 5KPWQRGKFCG
-QPKPEM
$C[NGCCHH$[XCPKK .GXGKNNÃ #TEJCGQICUVTQRQFC 4CRJKUVQOCVKFCG
$QTGUVWUUR #TEJCGQICUVTQRQFC 2J[OCVQRNGWTKFCG
2NCV[EGTCU 2NCV[EGTCU UR# #TEJCGQICUVTQRQFC 2NCV[EGTCVKFCG
2NCV[EGTCU 1TVJQP[EJKC UR# #TEJCGQICUVTQRQFC 2NCV[EGTCVKFCG
%GRJCNQRQFU
6TKDQNQEGTCUFKIQPWO /GGMCPF 0CWVKNKFC 6TKIQPQEGTCVKFCG!
9QTVJGP
6#$.' /KUUKUUKRRKCP -KPFGTJQQMKCP1UCIGCP KPXGTVGDTCVGU HTQO 5KGTTC FGN 6WNG

5QPQTC'UECDTQUC.KOGUVQPG )QP\¶NG\.GÎP
%QTCNU
6TQEJQRJ[NNWO 4WIQUC .CEEQRJ[NKKFCG
6TQEJQRJ[NNWO UR
%[CVJCZQPKCEQTFKNNGTGPUKU'CUVQP 4WIQUC %[CVJCZQPKKFCG
6TKRNQRJ[NNKVGU *QOCNQRJ[NNKVGU 4WIQUC *CRUKRJ[NNKFCG
EKTEWNCTKU'CUVQP
0GQ\CRJTGPKVGUUR 4WIQUC *CRUKRJ[NNKFCG
5[EJPQGNCUOC!UR 4WIQUC *CRUKRJ[NNKFCG
5VGNEJQRJ[NNWOOKETQUV[NWO 4WIQUC .KVJQUVTQVKQPKFCG
%CPKPQRJ[NNWOUR 4WIQUC %[CVJQRUKFCG
5[TKPIQRQTCUR 6CDWNCVC #WNQRQTKFCG
$TCEJKQRQFU
1TVJQVGVGUUR 1TVJQVGVKFC 1TVJQVGVKFCG
5EJWEJGTVGNNCEH5RQVQUKGPUKU 1TVJQVGVKFC 5EJWEJGTVGNNKFCG
%$KCPUQP
5EJK\QRJQTKCUWNECVC5CPFGTU 1TVJKFC 5EJK\QRJQTKKFCG
%NGKQVJ[TKFKPCUR #VJ[TKFKFC #VJ[TKFKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF

%[TVQURKTKHGTEH%NCVKQT 5RKTKHGTKFC %[TVQURKTKHGTKFCG
5YCNNQP
%TWT[VJ[TKUUR 5RKTKHGTKFC #ODQEQGNKKFCG
5RKTKHGTVGPWKEQUVCVWU*CNN 5RKTKHGTKFC 6TKIQPQVTGVKFCG
5RKTKHGTNQWKUKCPGPUKU4QYNG[ 5RKTKHGTKFC 6TKIQPQVTGVKFCG
&KGNCUOCEJQWVGCWPGPKU9GNNGT 6GTGDTCVWNKFC &KGNCUOCVKFCG
6#$.'2GPPU[NXCPKCP #VQMCP&GUOQKPGUKCP/KUUQWTKCPCPF8KTIKNKCP KPXGTVGDTCVGU

HTQO*QTSWKNNC(QTOCVKQP(WUWNKPKFUCPF6WDKRJ[VGUURJCXGDGGPEQNNGEVGFHTQOVJGUCOG
NQECNKVKGU )QP\¶NG\.GÎP
%QTCNU
%JCGVGVGUUR 6CDWNCVC %JCGVGVKFCG
$T[Q\QCPU
%[ENQVT[RCUR %[ENQUVQOCVC (KUVWNKRQTKFCG
2TKUOQRQTCUR %[ENQUVQOCVC *GZCIQPGNNKFCG
$TCEJKQRQFU
%TWT[VJ[TKUUR 5RKTKHGTKFC #ODQEQGNKKFCG
6#$.' 2GTOKCP 9QNHECORKCP KPXGTVGDTCVGU HTQO 'CTR (QTOCVKQP )QP\¶NG\.GÎP

$TCEJKQRQFU
&KEV[QENQUVWUUR 2TQFWEVKFC 2TQFWEVKFCG
9GNNGTGNNCOWNVKRNKECVC 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
)CUVTQRQFU
5EJK\QUVQOCUR #TEJCGQICUVTQRQFC 'WQORJCNKFCG
5JCPUKGNNCRNCPKEQUVC )KTV[ #TEJCGQICUVTQRQFC 2QTVNQEMKGNNKFCG
37+41<$#44151#0&5174618#4
6#$.' +PXGTVGDTCVGU HTQO .QU /QPQU (QTOCVKQP 2GTOKCP QH 'N #PVKOQPKQ 5QPQTC
%QQRGTGVCN (WUWNKPKF2CTCHWUWNKPCCPVKOQPKGPUKUKPFGVGTOKPCVGFURQPIGUCPFEQTCNU
JCXGCNUQDGGPTGRQTVGFHQTVJGUCOGHQTOCVKQP
$TCEJKQRQFU
1TDKEWNQKFGCUR .KPIWNKFC .KPIWNKFCG
%JQPGVGUHQUJCIK%QQRGT 2TQFWEVKFC %JQPGVKFCG!
%JQPGVGUIKDDGTWNWU%QQRGT 2TQFWEVKFC %JQPGVKFCG!
%JQPGVGUOQPQUGPUKU%QQRGT 2TQFWEVKFC %JQPGVKFCG!
/CTIKPKHGTCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
.KQUQVGNNCCPIWUVCVC%QQRGT 2TQFWEVKFC 2TQFWEVGNNKFCG
.KQUQVGNNCTWIQUC%QQRGT 2TQFWEVKFC 2TQFWEVGNNKFCG
.KQUQVGNNCUWDTWIQUC%QQRGT 2TQFWEVKFC 2TQFWEVGNNKFCG
.KQUQVGNNCOCIPKTWIQUC%QQRGT 2TQFWEVKFC 2TQFWEVGNNKFCG
/WKTYQQFKCUR 2TQFWEVKFC 2TQFWEVGNNKFCG
&KEV[QENQUVWUFGRTGUUWU%QQRGT 2TQFWEVKFC 2TQFWEVKFCG
9CCIGPQEQPEJCOQPVRGNKGTGPUKU 2TQFWEVKFC 'EJKPQEQPEJKFCG
)KTV[
#PKFCPVJWUCNCVWU%QQRGT 2TQFWEVKFC .KPQRTQFWEVKFCG
%CPETKPGNNCRJQURJCVKEC%QQRGT 2TQFWEVKFC .KPQRTQFWEVKFCG
*GVGTCNQUKCOGZKECPC%QQRGT 2TQFWEVKFC 5VTQRJCNQUKKFCG
&GTD[KCCTGNNCPQK%QQRGT 1TVJQVGVKFC &GTD[KKFCG
&GTD[KCGNQPICVC%QQRGT 1TVJQVGVKFC &GTD[KKFCG
5VTGRVQTJ[PEJWUUR 1TVJQVGVKFC 5EJWEJGTVGNNKFCG
.GKQTJ[PEJQKFGCENQWFK%QQRGT 4J[PEJQPGNNKFCG 2GVCUOCTKKFCG
5VGPQUEKUOCUR 4J[PEJQPGNNKFCG 5VGPQUEKUOCVKFCG
4J[PEJQRQTCVC[NQTK)KTV[ 4J[PEJQPGNNKFCG 4J[PEJQRQTKFCG
4J[PEJQRQTCVC[NQTKTQVWPFC 4J[PEJQPGNNKFCG 4J[PEJQRQTKFCG
%QQRGT
4J[PEJQRQTCDKEQUVCVC%QQRGT 4J[PEJQPGNNKFCG 4J[PEJQRQTKFCG
9GNNGTGNNCJGOKRNKECVC%QQRGT 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
9GNNGTGNNCNGOCUK%QQRGT 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
9GNNGTGNNCNGOCUKOKPQT%QQRGT 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
9GNNGTGNNCTQVWPFC%QQRGT 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
9GNNGTGNNCUR 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
7PEKPWPGNNKPC!RWNEJTC%QQRGT 4J[PEJQPGNNKFCG 9GNNGTGNNKFCG
%QORQUKVCITCPFKU%QQRGT #VJ[TKFKFC #VJ[TKFKFCG
*WUVGFKCOGGMCPC 5JWOCTF #VJ[TKFKFC 0GQTGV\KKFCG
*WUVGFKCOGGMCPCRNKECVGNNC #VJ[TKFKFC 0GQTGV\KKFCG
%QQRGT
*WUVGFKCGNQPICVC%QQRGT #VJ[TKFKFC 0GQTGV\KKFCG
2UGWFQOCTVKPKCOCTVKPG\K%QQRGT 5RKTKHGTKFC /CTVKPKKFCG
5RKTKHGTGNNC!UEQDKPQKFGC%QQRGT 5RKTKHGTKFC 5RKTKHGTNNKFCG
5RKTKHGTGNNCUR 5RKTKHGTKFC 5RKTKHGTNNKFCG
2WPEVQURKTKHGTEQPXGZWU%QQRGT 5RKTKHGTKPKFC 2WPEVQURKTKHGTKFCG
5RKTKHGTGNNKPCNCZC )KTV[ 5RKTKHGTKPKFC %TGPKURKTKHGTKFCG
5RKTKHGTGNNKPCUQPQTGPUKU%QQRGT 5RKTKHGTKPKFC %TGPKURKTKHGTKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF
)NQUUQVJ[TQRUKUOCIPC%QQRGT 6GTGDTCVWNKFC /WVCVKQPGNNKPCG

&KGNCUOCƀQTGUK%QQRGT 6GTGDTCVWNKFC &KGNCUOCVKFCG
&KGNCUOCEH&RTQNQPICVWO 6GTGDTCVWNKFC &KGNCUOCVKFCG
)KTV[
&KGNCUOCEH&URCVWNCVWO)KTV[ 6GTGDTCVWNKFC &KGNCUOCVKFCG
*GVGTGNCUOCEQPVTGTCUK%QQRGT 6GTGDTCVWNKFC *GVGTGNCUOKPKFCG
*GVGTGNCUOCUR 6GTGDTCVWNKFC *GVGTGNCUOKPKFCG
5ECRJQRQFU
2NCIKQIN[RVCECPPC 9JKVG &GPVCNKKFCG
)CUVTQRQFU
'WRJGOKVGUUWDRCRKNNQUWU 9JKVG #TEJCGQICUVTQRQFC 5KPWKVKFCG
9CTVJKCUR #TEJCGQICUVTQRQFC 5KPWKVKFCG
5VTCRCTQNNWU!UR #TEJCGQICUVTQRQFC 'WQORJCNKFCG
1ORJCNQVTQEJWU!UR #TEJCGQICUVTQRQFC 1ORJCNQVTQEJKFCG
2NGWTQVQOCTKC!UR# #TEJCGQICUVTQRQFC 2NGWTQVQOCTKKFCG
2NGWTQVQOCTKC!UR$ #TEJCGQICUVTQRQFC 2NGWTQVQOCTKKFCG
2NGWTQVQOCTKC!UR% #TEJCGQICUVTQRQFC 2NGWTQVQOCTKKFCG
1TVJQP[EJKCUR# #TEJCGQICUVTQRQFC 2NCV[EGTCVKFCG
$KXCNXGU
0WEWNCUR 0WEWNQKFC 0WEWNKFCG
0WEWNCPCQDGUC9JKVG 0WEWNQKFC 0WEWNCPKFCG
/[CNKPCUR 2VGTKQKFC /[CNKPKFCG
#XKEWNQRGEVGPCHH# 2VGTKQKFC #XKEWNQRGEVKPKFCG
OQPVRGNKGTGPUKU)KTV[
%[TVQTQUVTCUR 2VGTKQKFC 1Z[VQOKFCG
5EJK\QFWURCTXWNWU%QQRGT 6TKIQPKQKFC /[QRJQTKKFCG
2NGWTQRJQTWUUQPQTGPUKU%QQRGT 8GPGTQKFC 2GTOQRJQTKFCG
%GRJCNQRQFU
6#$.'+PXGTVGDTCVGUHTQONQYGTOQUVHCWPCNJQTK\QPQH%QNKPC.KOGUVQPG2GTOKCP NCVG
9QNHECORKCP PQTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN 7PUVWFKGFDT[Q\QCPU
CPFECNECTGQWUITGGPCNICRTQDCDN[/K\\KCCTGCNUQRTGUGPV
$TCEJKQRQFU
/GGMGNNCUR 1TVJQVGVKFC /GGMGNNKFCG
)CUVTQRQFU
5VTCRCTQNNWUUR #TEJCGQICUVTQRQFC 'WQORJCNKFCG
EH#RCEJGNNC!CTK\QPGPUKU #TEJCGQICUVTQRQFC 'QVQOCTKKFCG
9KPVGTU
9QTVJGPKCUR #TEJCGQICUVTQRQFC .QRJQURKTKFCG
#OCWTQVQOCUR #TEJCGQICUVTQRQFC 6TQEJQPGOCVKFCG
;WPPCPKCQHUQOGCWVJQTU
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF
)N[RVQURKTCUQPQTGPUKU$NQFIGVV #TEJCGQICUVTQRQFC /KETQFQOCVKFCG

/QQTGCPF)TC[
#PQORJCNWUUR #TEJCGQICUVTQRQFC #PQORJCNKFCG
6TCEJ[FQOKCUR #TEJCGQICUVTQRQFC 0GTKVQRUKFCG
$KXCNXGU
'FOQPFKCUR 2JQNCFQO[QKFC 'FOQPFKKFCG
6#$.')CUVTQRQFHTQO7RRGTHCWPCNKPVGTXCN OCDQXGVJGDCUGQHVJGUGEVKQP QH

%QNKPC.KOGUVQPG2GTOKCP .GQPCTFKCP 0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN

)CUVTQRQFU
'WQORJCNWUMCKDCDGPUKU%JTQPKE #TEJCGQICUVTQRQFC 'WQORJCNKFCG
6#$.'2GTOKCPOQNNWUMUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJG
UGEVKQP 0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN
)CUVTQRQFU
'WQORJCNWUMCKDCDGPUKU! #TEJCGQICUVTQRQFC 'WQORJCNKFCG
%JTQPKE
%KDGEWKC!UR #TEJCGQICUVTQRQFC /WTEJKUQPKKFCG
)QPKCUOCUR #TEJCGQICUVTQRQFC /WTEJKUQPKKFCG
1TVJQPGOCUR %CGPQICUVTQRQFC 6WTTKVGNNKFCG
$KXCNXGU
2CNCGQPWEWNCUR 0WEWNQKFC 0WEWNKFCG
#XKEWNQRKPPCUR /[VKNQKFC 2KPPKFCG
5EJK\QFWUUR 6TKIQPKQKFC /[QRJQTKKFCG
#UVCTVGNNCUWDSWCFTCVC)KTV[ 8GPGTQKFC #UVCTVKFCG
6#$.'2GTOKCPOQNNWUMUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJGUGEVKQP
0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN
)CUVTQRQFU
'WRJGOKVGUUR #TEJCGQICUVTQRQFC 5KPWKVKFCG
'WQORJCNWUUR #TEJCGQICUVTQRQFC 'WQORJCNKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF
5VTCRCTQNNWUUR #TEJCGQICUVTQRQFC 'WQORJCNKFCG

0CVKEQRUKUUR #TEJCGQICUVTQRQFC 0GTKVQRUKFCG
)QPKCUOCVGTGDTC 9JKVG #TEJCGQICUVTQRQFC /WTEJKUQPKKFCG
$KXCNXGU
2CNCGQPWEWNCUR 0WEWNQKFC 0WEWNKFCG
5EJK\QFWUUR 6TKIQPKQKFC /[QRJQTKFCG
#UVCTVGNNCUWDSWCFTCVC)KTV[ 8GPGTQKFC #UVCTVKFCG
5CPIWKPQNKVGU!UR 2JQNCFQO[QKFC )TCOO[UKKFCG
5ECRJQRQFU
2NCIKQIN[RVCUR &GPVCNKKFCG
6#$.'2GTOKCPICUVTQRQFUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJGUGEVKQP
)CUVTQRQFU
9CTVJKCUR #TEJCGQICUVTQRQFC 5KPWKVKFCG
1PEQEJKNWUKPUQNKVWU%JTQPKE #TEJCGQICUVTQRQFC 0GTKVKFCG
6#$.'2GTOKCPOQNNWUMUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJGUGEVKQP
)CUVTQRQFU
9CTVJKCUR #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
$GNNGTQRJQPUR #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
'WQORJCNWUMCKDCDGPUKU%JTQPKE #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
9QTVJGPKCEH9ETGPWNCVC$CVVGP #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
)N[RVQURKTCUR #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
)N[RVQURKTCVGTGDTC 9JKVG #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
%KDGEWKCEGFCTGPUKU9KPVGTU #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
$KXCNXGU
5CPIWKPQNKVGU!UR 2JQNCFQO[QKFC 2JQNCFQO[QKFC
#XKEWNQRKPPCUR /[VKNQKFC /[VKNQKFC
6#$.'2GTOKCPKPXGTVGDTCVGUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQH
VJGUGEVKQP 0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN

$TCEJKQRQFU
2GPKEWNCTKUEH2UWDEQUVCVC-KPI 2TQFWEVKFC 2TQFWEVKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF
2QPVKUKCCHH2UVGJNKUVGJNK 4J[PEJQPGNNKFC 2QPVKUKKFCG

%QQRGTCPF)TCPV
&KGNCUOCUR 6GTGDTCVWNKFCG &KGNCUOCVKFCG
)CUVTQRQFU
#RCEJGNNCUR #TEJCGQICUVTQRQFC 'QVQOCTKKFCG
)N[RVQURKTCUR #TEJCGQICUVTQRQFC /KETQFQOCVKFCG
-KPKUJDKCUR %CGPQICUVTQRQFC 2TQEGTKVJKKFCG
6#$.'+PXGTVGDTCVGUHTQOGCUVQHVJGOGCUWTGFUGEVKQPHTQO%QNKPC.KOGUVQPG0QTVJQH
%CPCPGC PQTVJGTP 5QPQTC $NQFIGVV GV CN .QECNKV[ ,5 7PFGVGTOKPGF UOQQVJ
UOCNNDTCEJKQRQFURGNOCVQ\QCPQUUKENGUCPFVTKNQDKVGHTGGEJGGMUCPFR[IKFKCCNUQCTGRTGUGPV
CVVJKUNQECNKV[
$TCEJKQRQFU
/GGMGNNCUR 1TVJQVGVKFC /GGMGNNKFCG
2QPVKUKCPURCHH2UVGJNKUVGJNK 4J[PEJQPGNNKFC 2QPVKUKKFCG
%QQRGTCPF)TCPV
)CUVTQRQFU
9QTVJGPKC!QT2NCV[YQTVJGPKC!UR #TEJCGQICUVTQRQFC .QRJQURKTKFCG
)N[RVQURKTCUR #TEJCGQICUVTQRQFC /KETQFQOCVKFCG
-KPKUJDKCPQFQUC9KPVGTU %CGPQICUVTQRQFC 2TQEGTKVJKKFCG
$KXCNXGU
$CMGXGNNKCUR 2VGTKQKFC $CMGXGNNKKFCG
6COCWNKRCU
6#$.'.QYGT/KUUKUUKRRKCP 1UCIGCP DTCEJKQRQFUHTQO8KEGPVG)WGTTGTQ(QTOCVKQP
2GTGITKPC%CP[QP0QTVJQH%KWFCF8KEVQTKC6COCWNKRCU 5QWT6QXCT5QWT6QXCTCPF
/CTVÈPG\%JCEÎP5QWT6QXCTGVCNC
$TCEJKQRQFU
$CTTQKUGNNCUR .KPIWNKFC .KPIWNKFCG
;CIQPKCEQNNKPUQPK%CTVGT 2TQFWEVKFC #PQRNKKFCG
&GTD[KC!UR 1TVJQVGVKFKPC &GTD[KKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF
%COCTQVQGEJKCUR 4J[PEJQPGNNKFC %COCTQVQGEJKKFCG

4QVCKCUWDVTKIQPC 4J[PEJQPGNNKFC 6GVTCECOGTKFCG
/GGMCPF9QTVJGP
.COGNNQUCVJ[TKUNCOGNNQUC #VJ[TKFKFC #VJ[TKFKFCG
.ÃXGKNNÃ
%NGKQVJ[TKFKPCVGPWKNKPGCVC #VJ[TKFKFC #VJ[TKFKFCG
4QYNG[
%COCTQRJQTGNNCUR #VJ[TKFKFC /GTKUVKFCG
#NKURKTKHGTVCOCWNKRGPUKU 5RKTKHGTKFC 5VTQRJQRNGWTKFCG
5QWT6QXCT#NXCTG\CPF
/CTVÈPG\%JCEÎP
6[NQVJ[TKU!UR 5RKTKHGTKFC /WETQURKTKHGTKFC
6QT[PKHGTRUGWFQNKPGCVWU*CNN 5RKTKHGTKFC 'N[VJKFCG
5[TKPIQVJ[TKUEH5V[RC9KPEJGNN 5RKTKHGTKPKFC 5[TKPIQVJ[TKFKFCG
5[TKPIQVJ[TKU!UR 5RKTKHGTKPKFC 5[TKPIQVJ[TKFKFCG
$GGEJGTKCEJQWVGCWGPUKU 9GNNGT 6GTGDTCVWNKFC *GVGTGNCUOKPKFCG
%QPENWUKQPU
#EWTUQT[CPCN[UKUQH7RRGT2CNGQ\QKEKPXGTVGDTCVGITQWRUQH/GZKEQOC[DG
UWOOCTK\GFCUHQNNQYU
5RQPIGU Ō 6JG TGHGTGPEGU HQT VJKU ITQWR CTG TGUVTKEVGF VQ C URQPIG QH VJG QTFGT
.KVJKUVKFCHTQOVJG7RRGT2CNGQ\QKEQH%JKCRCU /×NNGTTKGFGVCN CPFURQPIGU
DGNQPIKPIVQVJGQTFGTU.KVJKUVKFCCPF6JCNCOKFCHTQO2GTOKCPTQEMUQH2NQOQUCU
(QTOCVKQP%JKJWCJWC $TKFIGU
%QPWNCTKKFU Ō 6JG RTGUGPEG QH EQPWNCTKKFU JCU DGGP TGRQTVGF HTQO VJG 7RRGT
/GODGT QH VJG .CVG /KUUKUUKRRKCP'CTN[ 2GPPU[NXCPKCP /QPKNNCU (QTOCVKQP KP
VJGCTGCQH/KPCU2NQOQUCU2NCEGTFG)WCFCNWRG%JKJWCJWC $TKFIGU 6JG
IGPWU2CTCEQPWNCTKCJCUDGGPTGRQTVGFHQTVJG/KFFNG2GTOKCP.QU#TEQU1NKPCN¶
(QTOCVKQP KP )WGTTGTQ )QP\¶NG\#TTGQNC GV CN CPF HQT VJG 2GPPU[NXCPKCP
+ZVCNVGRGE(QTOCVKQPKP1CZCEC $WKVTÎPGVCN
%QTCNUŌ&WTKPIVJG.CVG2CNGQ\QKEVJGTGGHUYGTGHQTOGFD[CXCTKGV[QHQTICPKUOU
UWEJCUURQPIGUDT[Q\QCPUECNECTGQWUCNICGCPFUQOGENCUUGUQHDTCEJKQRQFU4WIQUG
CPFVCDWNCVGEQTCNUYGTGCJGTOCV[RKECNQTICPKUOUCNVJQWIJVJG[NKXGFCUUQEKCVGFVQ
VJGTGGHU6JGOQUVVJQTQWIJUVWF[QHTWIQUGCPFVCDWNCVGEQTCNUQH/GZKEQYCUHTQO
/KUUKUUKRRKCPTQEMUQH5QPQTC 'CUVQPGVCN)QP\¶NG\.GÎP
37+41<$#44151#0&5174618#4
$T[Q\QCPU Ō 2TQOKPGPV KP VJKU ITQWR CTG VJG %[ENQUVQOCVC DT[Q\QCPU QH VJG
2GPPU[NXCPKCP *QTSWKNNC (QTOCVKQP KP 5QPQTC )QP\¶NG\.GÎP CPF VJG
WPFGVGTOKPGF%T[RVQUVQOCVCDT[Q\QCPUHTQOVJG2GPPU[NXCPKCP+ZVCNVGRGE(QTOCVKQP
KP1CZCEC 1TVÈ\.Q\CPQ 1HVJGNCVVGTVJGHGPGUVGNNKFUYGTGXGT[FKXGTUGCPF
CDWPFCPV CPF FQOKPCVG KP VJG OCTKPG EQOOWPKVKGU JQYGXGT VJGKT CDWPFCPEG OC[
DGQXGTGUVKOCVGFFWGVQVJGHCEVVJCVOCP[CTGEQOOQPN[RTGUGTXGFCUUOCNNDTQMGP
HTCIOGPVU
$TCEJKQRQFU Ō $TCEJKQRQFU CTG YGNN TGRTGUGPVGF VJTQWIJQWV VJG %CTDQPKHGTQWU

2GTOKCPNQECNKVKGUQH/GZKEQCUVJG[CTGCNUQKP%CTDQPKHGTQWU2GTOKCPTQEMUQHVJG
TGUVQH0QTVJ#OGTKEC#VVJGIGPGTKENGXGNITGCVSWCPVKVKGUQHEQUOQRQNKVCPDTCEJKQRQF
HQTOUCTGTGEQIPK\GFDWVKVKUPQVCDNGVJCVVJGIGPGTCVJCVJCXGCTGUVTKEVGFIGQITCRJKE
FKUVTKDWVKQPCTGV[RKECNN[0QTVJ#OGTKECP#OQPIUVVJGDKQVKEEQOOWPKVKGUKPYJKEJ
DTCEJKQRQFUCTGHQWPFVJG[TGRTGUGPVVJGITGCVGUVTGNCVKXGCDWPFCPEGDWVKPUQOG
ECUGU DTCEJKQRQF FKXGTUKV[ KU PQV CU GZVGPUKXG CU VJCV QH DKXCNXGU 6JG DGUV TGEQTF
QH /GZKECP HQUUKN DTCEJKQRQFU CTG HTQO VJG /KUUKUUKRRKCP QH 6COCWNKRCU 1CZCEC
CPF 5QPQTC 5QWT6QXCT 0CXCTTQ5CPVKNN¶P GV CN 5QWT6QXCT CPF
/CTVÈPG\%JCEÎP 5QWT6QXCT GV CN C 'CUVQP )QP\¶NG\.GÎP
2GPPU[NXCPKCPQH1CZCEC 5QWT6QXCT5QWT6QXCTCPF3WKTQ\$CTTQUQ
5QWT6QXCTCPF/CTVÈPG\%JCEÎP CPF2GTOKCPQH5QPQTCCPF%QCJWKNC
%QQRGT GV CN %NQWF 9CTFNCY GV CN 6JG DTCEJKQRQF HCWPCU
QH VJG %CTDQPKHGTQWU QH 6COCWNKRCU 2WGDNC )WGTTGTQ CPF 1CZCEC CTG UKOKNCT VQ
%CTDQPKHGTQWUQWVETQRUKPVJGGPVKTGTGIKQPQHVJG/KF%QPVKPGPVYJKNGVJG2GTOKCP
DTCEJKQRQF HCWPCU HTQO /GZKEQ CTG NKOKVGF KP VJGKT UKOKNCTKV[ VQ VJG HCWPCU QH VJG
UQWVJGCUVGTP 7PKVGF 5VCVGU KP RCTVKEWNCT VQ VJQUG HQWPF KP VJG 5VCVGU QH 6GZCU CPF
0GY/GZKEQ
5ECRJQRQFUŌ6JGQPN[VYQGZCORNGUQHUECRJQRQFUTGHGTTGFVQKPVJGNKVGTCVWTG
RGTVCKPVQVJGIGPWU2NCIKQIN[RVCHTQOVJG2GTOKCPQH'N#PVKOQPKQCPF%CPCPGC
5QPQTC %QQRGTGVCN$NQFIGVVGVCN
)CUVTQRQFUŌ)CUVTQRQFUCTGYGNNTGRTGUGPVGFJQYGXGTVJGKTRTGUGTXCVKQPWUWCNN[
FQGUPQVCNNQYKFGPVKſECVKQP VQ URGEKGU NGXGN 6JG ITGCVGUV FKXGTUKV[ QH ICUVTQRQFU JCU
DGGPTGRQTVGFHTQO2GTOKCPTQEMUQH5QPQTC $NQFIGVVGVCN)QP\¶NG\.GÎP
-PKIJVKP%QQRGTGVCN
4QUVTQEQPEJUŌ4QUVTQEQPEJUCTGCPGZVKPEVENCUUQHOQNNWUMUTGRTGUGPVGFKP/GZKEQ
D[ 2UGWFQOWNEGQFGPU ECPEGNNCVWU YJKEJ JCU RGTOKVVGF EQPſTOCVKQP QH 1UCIGCP
CIG 'CTN[/KUUKUUKRRKCP HQTVJG5CPVKCIQ(QTOCVKQPNQECVGFYKVJKPVJG0QEJKZVNCP
TGIKQPQH1CZCEC 3WKTQ\$CTTQUQGVCN +PRTGXKQWU[GCTU%QPQECTFKWOUR
YCUTGHGTTGFVQCUCDKXCNXGHTQO/KUUKUUKRRKCPTQEMUQHPQTVJGCUVGTP5QPQTC 'CUVQP
GVCN
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
$KXCNXGUŌ6JGITGCVGUVNGXGNQHFKXGTUKV[QHDKXCNXGUTGRQTVGFVQFCVGKUHTQOVJG
'CTN[/KFFNG2GPPU[NXCPKCP+ZVCNVGRGE(QTOCVKQPYKVJURGEKGUHTQOVJGHCOKNKGU
0WEWNKFCG /CNNGVKKFCG 0WEWNCPKFCG 2CTCNNGNQFQPVKFCG /[CNKPKFCG 2VGTKPGKFCG
2VGTKPQRGEVKPKFCG #XKEWNQRGEVKPKFCG /[QRJQTKKFCG 2GTOQRJQTKFCG #UVCTVKFCG
'FOQPFKKFCG CPF )TCOO[UKKFCG 6JGUG URGEKGU KPENWFG GRKHCWPCN CPF KPHCWPCN
GNGOGPVU5KOKNCTVQVJGDTCEJKQRQFUQHVJG%CTDQPKHGTQWUHTQO+ZVCNVGRGEDKXCNXGU
FGOQPUVTCVG TGNCVKQPUJKRU VQ HCWPCU QH VJG /KF%QPVKPGPV 3WKTQ\$CTTQUQ CPF
2GTTKNNKCV
%GRJCNQRQFUŌ4QEMUVJCVEQPVCKP7RRGT2CNGQ\QKEEGRJCNQRQFUCTGNQECVGFKP
XCTKQWUUVCVGUQH/GZKEQ2GTOKCPEGRJCNQRQFURGEKGURTGFQOKPCVGKPDQVJPWODGT
CPFIGQITCRJKEFKUVTKDWVKQP6JKUKUGZGORNKſGF KP VJG U[UVGOCVKE UVWF[ QH VJG 2GTOKCP
EGRJCNQRQFUHTQO&GNKEKCU%QCJWKNCYJKEJFGOQPUVTCVGFVJGFKXGTUKV[CVVCKPGFD[
VJGITQWRFWTKPIVJG7RRGT2CNGQ\QKE /KNNGT 2GTOKCPEGRJCNQRQFUJCXGCNUQ
DGGPTGRQTVGFHTQOVJG2CVNCPQC[C(QTOCVKQPQH2WGDNC 8KNNCUGÌQT/CTVKPG\GVCN
CPFHTQO/KUUKUUKRRKCPTQEMUQH5QPQTC 'CUVQPGVCN
6TKNQDKVGUŌ#OQPIVJGEQOOWPKVKGUQHKPXGTVGDTCVGUQHVJG7RRGT2CNGQ\QKEQH
/GZKEQVJGVTKNQDKVGUCTGUECTEGCPFVJGKTTGEQTFKUNKOKVGFVQVJGTGRQTVQH)TKHſVJKFGU
KZVCNVGRGEGPUKUHQTVJG2GPPU[NXCPKCP+ZVCNVGRGE(QTOCVKQPKP1CZCEC /QTÎP4ÈQU
CPF 2GTTKNNKCV #PKUQR[IG RGTCPPWNCVC HTQO VJG /KFFNG 2GTOKCP .QU #TEQU
1NKPCN¶(QTOCVKQPQH)WGTTGTQ )CTKDC[4QOGTQGVCN CPF#PKUQR[IGYJKVGK
HTQOVJG.QYGT2GTOKCP6W\CPEQC(QTOCVKQPQH*KFCNIQ 5QWT6QXCTGVCND
6JGUGURGEKGUYKVJGZEGRVKQPQH#PKUQR[IGRGTCPPWNCVCQHYJKEJQPN[QPGGZCORNG
JCUDGGPHQWPFCTGRTGUGPVKPTGNCVKXGCDWPFCPEGHQTOKPIRCTVQHEQOOWPKVKGUQH
VGTTKIGPQWU RNCVHQTO GPXKTQPOGPVU 6JG UOCNN FKXGTUKV[ QH %CTDQPKHGTQWU2GTOKCP
VTKNQDKVGUKUCVTCKVVJCVKUUJCTGFYKVJVJGOCLQTKV[QHVJGEQPVGORQTCT[NQECNKVKGUQHVJG
YQTNFCPFKUVJGRTKPEKRCNRTQFWEVQHVJGFGENKPGQHVJKUITQWRVJTQWIJQWVVJG7RRGT
/KFFNG2CNGQ\QKE
%TKPQKFU Ō 7RRGT 2CNGQ\QKE ETKPQKFU QH /GZKEQ CTG CDWPFCPV DWV YKVJ VJG
GZEGRVKQPQHVJGETKPQKFFGUETKDGFD[5VTKORNG HTQOVJG2GTOKCPQH%QCJWKNC
VJGETKPQKFHQUUKNUEQPUKUVRTKPEKRCNN[QHHTCIOGPVUCPFKUQNCVGFRNCVGUQHUVGOU6JG
OCLQTKV[QHVJGETKPQKFUVWFKGUKP/GZKEQJCXGHQNNQYGFVJGENCUUKſECVKQP RTQRQUGF
D[/QQTGCPF,GHHQTFUKPOCKPN[HQTFGUETKDKPIRCTVUFKUCUUQEKCVGFHTQOVJGKT
EQNWOPU UVGOU $WKVTÎPD8KNNCUGÌQT/CTVÈPG\GVCN$WKVTÎPGVCN
8GNCUEQFG.GÎPCPF$WKVTÎP'USWKXGN/CEÈCU'USWKXGN/CEÈCU
GVCN #NVJQWIJCXCUVSWCPVKV[QHKUQNCVGFRNCVGUOC[JCXGEQTTGURQPFGFVQ
QPGUKPINGQTICPKUOVJGCDWPFCPEGCPFVJGXCTKGV[QHETKPQKFHQTOUKPFKECVGVJCVVJG
ITQWR YCU CP KORQTVCPV CPF FKXGTUG EQPUVKVWGPV QH VJG OCTKPG EQOOWPKVKGU QH VJG
7RRGT2CNGQ\QKE
37+41<$#44151#0&5174618#4
1RJKWTQKFU Ō 6JG QPN[ TGHGTGPEG VQ VJG 1RJKWTQKF ITQWR HQT VJG 2CNGQ\QKE QH
/GZKEQ EQTTGURQPFU VQ CP GZCORNG QH VJG HCOKN[ 1RJKWTKPKFCG EQNNGEVGF HTQO VJG
CTIKNNCEGQWU UVTCVC QH VJG +ZVCNVGRGE (QTOCVKQP 3WKTQ\$CTTQUQ CPF 5QWT6QXCT
+VKURQUUKDNGVJCVKVTGRTGUGPVUCPGYIGPWUCPFCVVJGUCOGVKOGEQPUVKVWVGU
VJGOQUVCWUVTCNTGEQTFQH2GPPU[NXCPKCPQRJKWTQKFUMPQYPVQFCVG
#EMPQYNGFIOGPVU
6JKU TGUGCTEJ YCU UWRRQTVGF D[ 2#2++6 RTQLGEV PWODGT +0 &)#2#
70#/
4GHGTGPEGU
#IWKNGTC,)5KPQRUKUFGIGQNQIÈCOGZKECPC$QN+PUV)GQN/ÃZ
#TGNNCPQ)KN,8CEJCTF&;WUUKO5CPF(NQTGUFG&KQU)QP\¶NG\##URGEVQUGUVTCVKIT¶ſEQU
GUVTWEVWTCNGU [ RCNGQIGQIT¶ſEQU FGN 2ÃTOKEQ +PHGTKQT CN ,WT¶UKEQ +PHGTKQT GP 2GOWZEQ 'UVCFQ FG
*KFCNIQ/ÃZKEQ4GX/GZ%KGPE)GQN
$NQFIGVV4$/QQTG6'CPF)TC[(5VTCVKITCRJ[CPFRCNGQPVQNQI[QH.QYGT2GTOKCPTQEMU
PQTVJQH%CPCPGCPQTVJGTP5QPQTC/GZKEQ,5#O'CTVJ5EK
$ÑUG'4GUGÌCCEGTECFGNCIGQNQIÈCFG%JKCRCU[6CDCUEQ$QN+PUV)GQN/ÃZ
$TKFIGU.9)GQNQI[QHOKPC2NQOQUCU2NCEGTFG)WCFCNWRGCTGC%JKJWCJWC/GZKEQ96GZ
)GQN5QE
$WKVTÎP$'C$GNNGTQRJQP $GNNGTQRJQP ETCUUWU/GGMCPF9QTVJGP /QNNWUEC)CUVTQRQFC GPGN
2ÃTOKEQFG%JKCRCU7PKX0CN#WVÎP/ÃZ+PUV)GQN4GX
$WKVTÎP$'D+PXGTVGDTCFQU %TKPQKFGC[$KXCNXKC FGN2GPUKNX¶PKEQFG%JKCRCU7PKX0CN#WVÎP
/ÃZ+PUV)GQN4GX
$WKVTÎP$'(NQTGUFG&KQU)QP\¶NG\#CPF8CEJCTF&0WGXQUJCNNC\IQUFGKPXGTVGDTCFQU
RCNGQ\QKEQU 5E[RJQ\QC%QPWNCVC #EJCGQICUVTQRQFC6TQEJKPC [ 'EJKPQFGTOCVC%TKPQKFGC GP NC
TGIKÎPFG0QEJKZVNCP+ZVCNVGRGE1CZCECm4GWPKÎP0CEKQPCNFG%KGPEKCUFGNC6KGTTC$QN+PH7P
)GQH/GZR
$WKVTÎP$'2CVKÌQ,CPF/QTGPQ#%TKPQKFGUFGN2CNGQ\QKEQ6CTFÈQ 2GPUKNX¶PKEQ FG%CN
PCNK*KFCNIQ4GX5QE/GZ2CNGQPV
%NQWF2'2GTOKCPDTCEJKQRQFURVQH)GQNQI[CPF2CNGQPVQNQI[QHVJG2GTOKCPCTGCPQTVJYGUV
QH.CU&GNKEKCUUQWVJYGUVGTP%QCJWKNC)GQN5QE#O5RGE2CR
%QQRGT)##TGNNCPQ#48,QJPUQP,*1MWNKVEJ8,5VQ[CPQY#CPF.QEJOCP%J
)GQNQIÈC[RCNGQPVQNQIÈCFGNC4GIKÎPFG%CDQTECPQTRQPKGPVGFG5QPQTC2CTVG2CNGQPVQNQIÈC[
GUVTCVKITCHÈCFGN%¶ODTKEQFG%CDQTEC7PKX0CN#WVÎP/ÃZ+PUV)GQN$QN
%QQRGT)#&WPDCT%1&WPECP*/KNNGT#-CPF-PKIJV,$(CWPCRÃTOKECFG'N
#PVKOQPKQQGUVGFG5QPQTC7PKX0CN#WVÎP/ÃZ+PUV)GQN$QN
'CUVQP9*5CPFGTU,'-PKIJV,$CPF/KNNGT#-/KUUKUUKRRKCP(CWPCKP0QTVJYGUVGTP
5QPQTC/GZKEQ5OKVJ/KUE%QNN
'USWKXGN/CEÈCU % +PXGTVGDTCFQU FGN 2CNGQ\QKEQ 6CTFÈQ FG NCU TGIKQPGU FG 1NKPCN¶ )WGTTGTQ [
2CVNCPQC[C2WGDNC7PRWDNKUJGF/5VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ(CEWNVCF
FG%KGPEKCU
'USWKXGN/CEÈCU%$TCSWKÎRQFQU[%TKPQKFGUFGN2CNGQ\QKEQVCTFÈQFGNCU(QTOCEKQPGU1NKPCN¶
)TQ2CVNCPQC[C[%WZVGRGSWG2WGDNC7PRWDNKUJGF2J&VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOC
FG/ÃZKEQ(CEWNVCFFG%KGPEKCU
'USWKXGN/CEÈCU%#WUKEJ9+$WKVTÎP5CPEJG\$'CPF(NQTGUFG&KQU#2GPPU[NXCPKCP
CPF /KUUKUUKRRKCP RNWTKEQNWOPCN CUUGODNCIGU ENCUU %TKPQKFGC HTQO UQWVJGTP /ÃZKEQ CPF C PGY
QEEWTTGPEGQHCEQNWOPYKVJCVGVTCNQDCVGNWOGP,2CNGQPVQN
)CTKDC[4QOGTQ./)WGTTGTQ5W¶UVGIWK/CPF6QTTGUFG.GÎP46TKNQDKVGRÃTOKEQFGNC
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
(QTOCEKÎP1NKPCN¶ .QU#TEQU 'UVCFQFG)WGTTGTQ8+%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE

/GZ2CNGQPV4GUÕOGPGUR
)CUVKN4).GOQPG&8CPF5VGYCTV9,2GTOKCP(WUWNKPKFUHTQOPGCT5CP(GNKRG$CLC
%CNKHQTPKC#O#UUQE2GVT)GQN$WNN
)QP\¶NG\#TTGQNC%8KNNCUGÌQT/CTVKPG\#$CPF%QTQPC'USWKXGN42GTOKCPHCWPCQHVJG
.QU#TEQU(QTOCVKQP/WPKEKRCNKV[QH1NKPCN¶5VCVGQH)WGTTGTQ/GZKEQ4GX/GZ%KGPE)GQN

)QP\¶NG\.GÎP%'UVTCVKITCHÈCFGN2CNGQ\QKEQFGNC5KGTTCFGN6WNGPQTGUVGFG5QPQTC7PKX0CN
#WVÎP/ÃZ+PUV)GQN4GX
)WVKÃTTG\)KN 4 $QUSWGLQ )GQNÎIKEQ FGN 'UVCFQ FG %JKCRCU KP )GQNQIÈC FGN /GUQ\QKEQ [
GUVCTVKITCHÈCRÃTOKECFGN'UVCFQFG%JKCRCU /CNFQPCFQ-QGTFGNN/GF ::%QPITGUQ)GQNÎIKEQ
+PVGTPCEKQPCN/GZKEQ'ZEWTUKÎP%R
.ÎRG\.ÎRG\ / $ $TCSWKÎRQFQU FGN 2CNGQ\QKEQ 6CTFÈQ FG NC TGIKÎP FG 1NKPCN¶ 'UVCFQ FG
)WGTTGTQ7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
/E'NFQYPG[ 4 % #P QEEWTTGPEG QH 2CNGQ\QKE HQUUKNU KP $CLC %CNKHQTPKC /GZKEQ %QTFKNNGTCP
5GEVKQPVJ#PPWCN/GGVKPI)GQNQIKECN5QEKGV[QH#OGTKEC#DUVTCEVUYKVJ2TQITCOUR
/KNNGT#-)GQNQI[CPFRCNGQPVQNQI[QHVJGRGTOKCPCTGCPQTVJYGUVQH.CU&GNKEKCUUQWVJGUVGTP
%QCJWKNC/GZKEQRCTV2GTOKCP%GRJCNQRQFU)GQN5QE#O5RGE2CR
/QQTG4%CPF,GHHQTFU4/%NCUUKſECVKQP CPF PQOGPENCVWTG QH HQUUKN ETKPQKFU DCUGF QP UVWFKGU
QH FKUUQEKCVGF RCTVU QH VJGKT EQNWOPU KP 'EJKPQFGTOCVC /QQTG 4 % GF 6JG 7PKXGTUKV[ QH
-CPUCU2CNGQPVQNQIKECN%QPVTKDWVKQPU7PKX-CPUCU2CNGQPV+PUV
/QTGPQ%CPQ#CPF2CVKÌQ4WK\,'UVWFKQFGN2CNGQ\QKEQGPNC4GIKÎPFG%CNPCNK*IQ GPNC
5KGTTCOCFTG1TKGPVCN 7PRWDNKUJGF2TQHGUUKQPCNVJGUKU+PUVKVWVQ2QNKVÃEPKEQ0CEKQPCN
/QTÎP4ÈQU#CPF2GTTKNNKCV/%7PCGURGEKGPWGXCFGNIÃPGTQ)TKHſVJKFGU2QTVNQEM #TVJTQRQFC
6TKNQDKVC FGN2CNGQ\QKEQ5WRGTKQTFG1CZCEC7PKX0CN#WVÎP/ÃZ+PUV)GQN4GX
/×NNGTTKGF(-)/KNNGT#-CPF(WTPKUJ9/6JG/KFFNG2GTOKCPQH%JKCRCUUQWVJGTPOQUV
/GZKEQCPFKVUHCWPC#O,5EK
0CXCTTQ5CPVKNN¶P & 5QWT6QXCT ( CPF %GPVGPQ)CTEÈC ' .QYGT /KUUKUUKRRKCP 1UCIGCP
DTCEJKQRQFUHTQOVJG5CPVKCIQ(QTOCVKQP1CZCEC/GZKEQUVTCVKITCRJKECPFVGEVQPKEKORNKECVKQPU
,5#O'CTVJ5EK
1TVGIC )WVKÃTTG\ ( 5GFNQEM 4 . CPF 5RGGF 4 % 'XQNWEKÎP VGEVÎPKEC FG /ÃZKEQ FWTCPVG
GN(CPGTQ\QKEQKP$KQFKXGTUKFCFVCZQPQOÈC[DKQIGQITCHÈCFGCTVTÎRQFQUFG/ÃZKEQJCEKCWPC
UÈPVGUKUFGUWEQPQEKOKGPVQXQNÕOGP++ .NQTGPVG$QWUSWGVU,)QP\¶NG\5QTKCPQ'CPF2CRCXGTQ
0GFU R
1TVK\.Q\CPQ,#%QPUKFGTCEKQPGU2CNGQCODKGPVCNGU[/QTHQNÎIKECUFGNCU%QNQPKCUFG$TKQ\QCTKQU
2GPUKNX¶PKEKQU FG NC (QTOCEKÎP +ZVCNVGRGE GP NC 4GIKÎP FG 0QEJKZVN¶P 1CZCEC 7PRWDNKUJGF
2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
3WKTQ\$CTTQUQ5#CPF2GTTKNNKCV/%2GPPU[NXCPKCPPWEWNQKFU $KXCNXKC HTQOVJG+ZVCNVGRGE
(QTOCVKQP1CZCEC/GZKEQ,2CNGQPVQN
3WKTQ\$CTTQUQ5#CPF2GTTKNNKCV/%2GPPU[NXCPKCP$KXCNXGUHTQOVJG+ZVCNVGRGE(QTOCVKQP
/GZKEQ,2CNGQPVQN
3WKTQ\$CTTQUQ 5 # 2QLGVC ,T , 5QWT6QXCT ( CPF /QTCNGU5QVQ 5 2UGWFQOWNEGQFGPU C
/KUUKUUKRRKCP4QUVTQEQPEJHTQO/GZKEQ,2CNGQPVQN
3WKTQ\$CTTQUQ 5 # CPF 5QWT6QXCT ( 0WGXQ TGIKUVTQ FG QſWTQKFGQ 1RJKWTKPKFCG RCTC GN
2GPUKNX¶PKEQFG#OÃTKECFGN0QTVGRTQXGPKGPVGFGNC(QTOCEKÎP+ZVCNVGRGE1CZCEC8%QPITGUQ
0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV4GUÕOGPGUR
4G[GTQUFG%CUVKNNQ//%QTCNGUFGN2ÃTOKEQ+PHGTKQTFGN'UVCFQFG%JKCRCU/ÃZKEQ7PKX0CN
#WVÎP/ÃZ+PUV)GQN2CNGQPVQN/GZR
4QDKUQP4#CPF2CPVQLC#NQT,2CNGQ\QKEUGFKOGPVCT[TQEMUKP1CZCEC/GZKEQ5EKGPEG

4QUCNGU.CICTFG . %GPVGPQ)CTEÈC ' &QUVCN , 5QWT6QXCT ( 1EJQC%COCTKNNQ * CPF 3WKTQ\
37+41<$#44151#0&5174618#4
$CTTQUQ 5 +P RTGUU 6JG 6W\CPEQC (QTOCVKQP QH *KFCNIQ UVCVG GXKFGPEG QH CP 'CTN[ 2GTOKCP
5WDOCTKPG%QPVKPGPVCN#TEKP'CUVGTP/GZKEQ4GX/GZ%KGPE)GQN
5¶PEJG\<CXCNC,.%GPVGPQ)CTEÈC'CPF1TVGIC)WVKGTTG\(4GXKGYQHRCNGQ\QKEUVTCVKITCRJ[
QH/GZKEQCPFKVUTQNGKPVJG)QPFYCPC.CWTGPVKCEQPPGEVKQPUKP.CWTGPVKC)QPFYCPCEQPPGEVKQPU
DGHQTG2CPIGC 4COQU8#CPF&WPECP-,GFU )GQN5QE#O5RGE2CR
5QWT6QXCT ( %QOWPKFCFGU %¶ODTKEQ1TFQXÈEKECU FGN ¶TGC FG 5CPVKCIQ +ZVCNVGRGE 1CZCEC
(QTOCEKÎP 6KÌÕ +ORNKECEKQPGU 2CNGQCODKGPVCNGU [ 2CNGQIGQIT¶ſECU 4GX 5QE /GZ 2CNGQPV

5QWT6QXCT($TCSWKÎRQFQURGPUKNX¶PKEQUFGN¶TGCFG5CPVKCIQ+ZVCNVGRGE/WPKEKRKQFG0QEJKZVN¶P
1CZCEC7PRWDNKUJGF/5VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
5QWT6QXCT($TCSWKÎRQFQUFGN/KUKUÈRKEQ+PHGTKQT 1UCIGCPQ FGNC(QTOCEKÎP8KEGPVG)WGTTGTQ
GPGN#PVKENKPQTKQ*WK\CEJCN2GTGITKPCPQTVGFG%KWFCF8KEVQTKC6COCWNKRCU/ÃZKEQ7PRWDNKUJGF
2J&VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
5QWT6QXCT(CPF/CTVÈPG\%JCEÎP/.$TCSWKÎRQFQUEJQPGVQKFGQUFGN%CTDQPÈHGTQFG/ÃZKEQ
4GX'UR2CNGQPV
5QWT6QXCT ( CPF 3WKTQ\$CTTQUQ 5 # $TCSWKQRQFQU RGPUKNX¶PKEQU 5VTQRJQOGPKFC FG NC
(QTOCEKÎP+ZVCNVGRGE5CPVKCIQ+ZVCNVGRGE1CZCEC4GX5QE/GZ2CNGQPV
5QWT6QXCT(#NXCTG\/(CPF/CTVÈPG\%JCEÎP/.C.QYGT/KUUKUUKRRKCP 1UCIGCP URKTG
DGCTKPIDTCEJKQRQFUHTQO%CÌQPFGNC2GTGITKPCPQTVJQH%KWFCF8KEVQTKC6COCWNKRCU0QTVJGCUVGTP
/GZKEQ,2CNGQPVQN
5QWT6QXCT(3WKTQ\$CTTQUQ5#CPF#RRNGICVG522TGUGPEGQH*GNKEQRTKQP %JQPFTKEJVJ[GU
'NCUOQDTCPEJKK KPVJG2GTOKCP2CVNCPQC[C(QTOCVKQP2WGDNC/GZKEQ,2CNGQPVQN
5QWT6QXCT(2ÃTG\*WGTVC#3WKTQ\$CTTQUQ5#CPF%GPVGPQ)CTEÈC'D$TCSWKÎRQFQU[
VTKNQDKVGUFGN2ÃTOKEQFGNPQTQGUVGFGNGUVCFQFG*KFCNIQ/ÃZKEQ4GX/GZ%KGPE)GQN
5VTKORNG*.#2GTOKCP%TKPQKFHTQO%QCJWKNC/GZKEQ,2CNGQPVQN
6JQORUQP/.4QECURCNGQ\QKECUFGN5WTFG/ÃZKEQKP)GQNQIÈCFGNOGUQ\QKEQ[GUVCTVKITCHÈC
2ÃTOKEC FGN 'UVCFQ FG %JKCRCU /CNFQPCFQ-QGTFGNN / GF :: %QPITGUQ )GQNÎIKEQ
+PVGTPCEKQPCN/ÃZKEQ'ZEWTUKÎP%R
8GNCUEQFG.GÎP2CPF$WKVTÎP$'#NIWPQUETKPQKFGUFGN2GPUKNX¶PKEQFGNC4GIKÎPFG5CP
5CNXCFQT 2CVNCPQC[C GUVCFQ FG 2WGDNC /ÃZKEQ +++ %QPIT 0CN 2CNGQPV 5QE /GZ 2CNGQPV
4GUÕOGPGUR
8GNCUEQFG.GÎP2CPF$WKVTÎP$'#NIWPQUETKPQKFGU 'EJKPQFGTOCVC%TKPQKFGC FGN/KUKUÈRKEQ
2GPUKNX¶PKEQFG5CP5CNXCFQT2CVNCPQC[C'UVCFQFG2WGDNC4GX5QE/GZ2CNGQPV
8KNNCUGÌQT/CTVÈPG\ # $ /CTVÈPG\%QVÃU # CPF %QPVTGTCU/QPVGTQ $ $KQGUVTCVKITCHÈC FGN
2CNGQ\QKEQ 5WRGTKQT FG 5CP 5CNXCFQT 2CVNCPQC[C 2WGDNC /ÃZ 4GX 5QE /GZ 2CNGQPV

9CTFNCY$4(WTPKUJ9/CPF0GUVGNN/-)GQNQI[CPF2CNGQPVQNQI[QHVJG2GTOKCPDGFU
PGCT.CU&GNKEKCU%QCJWKNC/GZKEQ)GQN5QE#O$WNN
9GDUVGT)&CPF&GNCVVTG/22GTOKCPETKPQKFEQNWOPCNUHTQOVJG<COQTC(QTOCVKQPPGCT'N
8QNECP$CLC%CNKHQTPKC0QTVG/ÃZKEQKP6JG2TGDCVJQNKVJKE5VTCVKITCRJ[QH2GPKPUWNCT%CNKHQTPKC
)CUVKN4)CPF/KNNGT4*GFU )GQN5QE#O5RGE2CR
%JCRVGT
/GUQ\QKE1UVGKEJVJ[CPUQH/GZKEQ
,'55#.8#4#&1146')# -#6+# # )10<.'<
41&4 )7'< #.$'461 $.#0%12+¤¦0 .7+5 '52+015#
#447$#44'0#CPF'40'56118#..'5&#/+0

Ŗ+PUVKVWVQFG)GQNQIÈC7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ%KWFCF7PKXGTUKVCTKC
&(/ÃZKEQ

Ŗ%GPVTQFG+PXGUVKICEKQPGU$KQNÎIKECU7PKXGTUKFCF#WVÎPQOCFGN'UVCFQFG*KFCNIQ-O
ECTTGVGTC2CEJWEC6WNCPEKPIQ2CEJWEC*KFCNIQ/ÃZKEQ

Ŗ%GPVTQFG+PXGUVKICEKQPGUGP%KGPEKCUFGNC6KGTTC7PKXGTUKFCF#WVÎPQOCFGN'UVCFQFG
*KFCNIQ-O%CTTGVGTC2CEJWEC6WNCPEKPIQ2CEJWEC*KFCNIQ/ÃZKEQ

Ŗ/WUGQ'NKUGQ2CNCEKQU#IWKNGTC%CN\FGNQU*QODTGU+NWUVTGUUP2CTSWG/CFGTQ%QNQPKC
%GPVTQ%26WZVNC)WVKÃTTG\%JKCRCU/ÃZKEQ
#DUVTCEV
+PVTQFWEVKQP
*KUVQT[QH/GZKECP2CNGQKEJVJ[QNQI[
/CKP/GUQ\QKE/GZKECP.QECNKVKGU
6NC[ÕC3WCTT[VJG(KTUV/GZKECP.CTIGUV¼VVG
8CNNGEKNNQ
/WJK3WCTT[
1VJGT.QECNKVKGU
5[UVGOCVKE4GXKGYQH/GUQ\QKE1UVGKEJVJ[CP(KUJGUQH/GZKEQ
5CTEQRVGTKIKCPU
2TKOKVKXG#EVKPQRVGT[IKCPU
6GNGQUVGKVJG%TQYPKPI#EVKPQRVGT[IKCPU
6GNGQEGRJCNCVJG/QUV#FXCPEGF6GNGQUVGK
2CNGQDKQIGQITCRJKECN+ORNKECVKQPU
(KPCN4GOCTMU
4GHGTGPEGU
#DUVTCEV
6JKURCRGTRTQXKFGUCPWRFCVGFTGXKGYQHVJG/GUQ\QKEHQUUKN1UVGKEJVJ[CPTGEQTF
QH /GZKEQ 6JKU ECVCNQIWG KPENWFGU OWNVKRNG GPVTKGU QH RCRGTU VJGUGU CPF FKXGTUG
UEKGPVKſE OGGVKPI TGRQTVU TGICTFKPI %TGVCEGQWU 1UVGKEJVJ[CP ſUJGU QH /GZKEQ VJCV

/'51<1+%156'+%*6*;#051(/':+%1
TGƀGEV VJG RTGUGPV UVCVG QH MPQYNGFIG +P CFFKVKQP KV RTQXKFGU C TGXKGY QH VJG /GZKECP
RCNGQKEJVJ[QNQI[JKUVQT[KPENWFKPIVJGOQUVTGEGPVHQUUKN1UVGKEJVJ[CPFKUEQXGTKGU
9KVJKP VJKU HTCOGYQTM UQOG U[UVGOCVKE CPF RCNGQDKQIGQITCRJKECN KORNKECVKQPU
IGPGTCVGF HTQO VJG GPTKEJOGPV QH VJG /GZKECP /GUQ\QKE 1UVGKEJVJ[CP TGEQTF
CTG DTKGƀ[ FKUEWUUGF RTQXKFKPI HWVWTG RGTURGEVKXGU VQ VJKU [QWPI ſGNF QH /GZKECP
UEKGPEG
+PVTQFWEVKQP
5KPEGYJGPVJGſTUV TGRQTV QH C /GZKECP HQUUKN ſUJ CRRGCTGF VJG CFXCPEGOGPV
QH 2CNGQKEJVJ[QNQI[ JCU HCEGF OCP[ FKHſEWNVKGU KP /GZKEQ (QT C NQPI VKOG QPN[
HQTGKIPRCNGQPVQNQIKUVUNGCFVJGKPXGUVKICVKQPUQP/GZKECPHQUUKNſUJGU 0GXGTVJGNGUU
CHVGT C UNQY CPF RTQITGUUKXG EQNNCDQTCVKQP YKVJ /GZKECP UEKGPVKUVU VQFC[ TGCEJ QP
U[UVGOCVKE VCRJQPQOKECN RCNGQDKQIGQITCRJKECN CPF RCNGQGPXKTQOGPVCN CURGEVU QH
/GZKECPHQUUKNſUJGU KU WPFGTYC[
6JGJKUVQT[QH/GZKECPRCNGQKEJVJ[QNQI[UJKHVGFFTCUVKECNN[KPCHVGTVJG
FKUEQXGT[ QH VJG 6NC[ÕC SWCTT[ EQPUKFGTGF VQ DG VJG (KTUV /GZKECP .CIGTUVV¼VG D[
UQOG PCVKQPCN CPF KPVGTPCVKQPCN RCNGQPVQNQIKUVU FWG VQ KVU CDWPFCPV FKXGTUG CPF
GZVTCQTFKPCT[ YGNNRTGUGTXGF HQUUKNU HQT YJKEJ HQUUKN ſUJGU CTG PWOGTQWU #HVGT
VJG UEKGPVKſE FKUEQXGT[ QH VJG 6NC[ÕC SWCTT[ NQECNKV[ D[ 5JGNVQP 2 #RRNGICVG CPF
.WKU 'URKPQUC#TTWDCTTGPC RCNGQPVQNQIKUVU CPF UVWFGPVU JCXG DGGP KPEQTRQTCVGF
KPVQRTQLGEVUHQEWUGFQPVJGRTGUGTXCVKQPCPFUVWF[QHVJG6NC[ÕCHQUUKNU4GEGPVN[
[QWPI UEKGPVKUVU CTG UVWF[KPI ſUJ TGOCKPU HTQO PGY CPF QNF NQECNKVKGU KPETGCUKPI
VJG/GZKECPHQUUKNſUJ TGEQTF CPF VJG PWODGT QH URGEKOGPU JQWUGF KP EQNNGEVKQPU QH
/GZKECP/WUGWOUCPF7PKXGTUKVKGU#FFKVKQPCNN[UEKGPVKſECNN[ OKPFGF RGQRNG CPF
2CNGQPVQNQIKECN#OCVGWT#UUQEKCVKQPUJCXGUVCTVGFVQUWRRQTVVJGTGUGCTEJQH/GZKECP
UEKGPVKUVUCPFQHVGPTGRQTVVJGFKUEQXGT[QHPGYHQUUKNſUJ NQECNKVKGU 6QFC[ C UOCNN
ITQWRVJCVKPXQNXGUCVNGCUVVYQIGPGTCVKQPUQHUVWFGPVUCPFOCVWTGRCNGQPVQNQIKUVU
EQPUVKVWVGUVJGOQUVKORQTVCPVEKTENGQH/GZKECP2CNGQKEJVJ[QNQIKUVUMPQYPVQFCVG
+PVJKUEJCRVGTYGRTQXKFGCPWRFCVGFCUUGUUOGPVQPVJG/GZKECPHQUUKNTGEQTF
QHVJG/GUQ\QKE1UVGKEJVJ[CPUQTDQP[ſUJGU (WVWTG KPXGUVKICVKQPU TGNCVGF YKVJ VJKU
ITQWR QH XGTVGDTCVGU OWUV KPENWFG VJG NCTIG PWODGT QH FKUEQXGTKGU QH HQUUKN ſUJGU
HTQO/GZKECPVGTTKVQTKGU6JKUTGXKGYTGEQPUVTWEVUVJGJKUVQT[CPFCVVGORVUVQIKXG
UQOGKPUKIJVKPVQVJGHWVWTGQHVJG/GZKECP2CNGQKEJVJ[QNQI[
*KUVQT[QHVJG/GZKECP2CNGQKEJVJ[QNQI[
/GZKECP RTG*KURCPKE EKXKNK\CVKQPU JCF UQOG EQPVCEV YKVJ HQUUKN ſUJGU DWV
WPHQTVWPCVGN[VJGDGNKGHUTGNCVGFVQVJKUEQPVCEVKUNQUV'XKFGPEGKUTGRTGUGPVGFD[ſUJ
TGOCKPUHQWPFQPVJGNKOGUVQPGDNQEMUWUGFFWTKPIVJGEQPUVTWEVKQPQH2CNGPSWGCP
KORQTVCPV/C[CPCTEJCGQNQIKECNUKVGKP%JKCRCU5VCVG 5CRRGT/×NNGTKGF
CPFC%CTEJCTQFQPOGICNQFQPVQQVJHQWPFKP.C8GPVCCP1NOGECUCTEJGQNQIKECN
UKVG KP 6CDCUEQ #RRNGICVG RGTU QDU )ÈQ#TI¶G\ CPF 4QFTÈIWG\#TÃXCNQ

#.8#4#&1146')#'6#.
5EKGPVKſE TGUGCTEJ QP /GZKECP HQUUKN ſUJGU UVCTVGF KP VJG :+: EGPVWT[ (KIWTG
YJGP *GTOCP XQP /G[GT FGUETKDGF VJG UJCTM %CTEJCTQFQP OGZKECPWU
CRQUUKDNG%OGICNQFQPU[PQP[OQWU DCUGFQPCUKPINGVQQVJHTQOCPWPEGTVCKP
NQECNKV[ KP /KEJQCE¶P 6JG ſTUV /GZKECP HQUUKN 1UVGKEJVJ[CP MPQYP 2T[OPGVGU
NQPIKXGPVGT%QRGYCUGTGEVGFDCUGFQPCUKPINGURGEKOGPHTQOCPWPEGTVCKP
NQECNKV[PGCT6WZVNC)WVKÃTTG\%JKCRCU.CVGT(GNKZ TGRQTVGFVJGQEEWTTGPEG
QH6JTKUUQRU!TGOCKPUCPFFGUETKDGFVYQ'CTN[%TGVCEGQWUCEVKPQRVGT[IKCPUURGEKGU
1VQOKVNCURGEKQUCCPF$GNGPQUVQOWUQTPCVWUHTQO%GTTQFGNC8KTIGP1CZCEC
#V VJG GPF QH VJG :+: EGPVWT[ VJG ETGCVKQP QH UGXGTCN /GZKECP +PUVKVWVKQPU
FGFKECVGFVQ0CVWTCN5EKGPEG4GUGCTEJGPEQWTCIGFVJGRCTVKEKRCVKQPQHPCVKQPCNUEKGPVKUVU
KPRCNGPVQNQIKECNUVWFKGU#IWKNGTC VJGſTUV /GZKECP IGQNQIKUV
RCNGQPVQNQIKUV VJCV KFGPVKſGF HQUUKN ſUJGU HTQO /GZKEQ TGRQTVGF VJG QEEWTGPEG QH
%TGVCEGQWU ſUJGU KP JKU IGQNQIKECN RCRGTU KPENWFKPI UJCTM CPF %GTCVQFWU TGOCKPU
HTQO.QU2G[QVGUKPVQVJG2CTTCU$CUKP%QCJWKNCCPFVJGFQWDVHWNN[QEEWTTGPEGQH
&KRNQO[UVWUURCPF5[NNCGOWUNCVKHTQPUHTQOWPMPQYPNQECNKVKGU8KNNCFC KP
JKUő%CV¶NQIQFGNC%QNGEEKÎPFG(ÎUKNGUFGN/WUGQ0CEKQPCNŒKPENWFGFVJGTGEQTFQH
CRQUUKDNG%TGVCEGQWUCPFUVKNNWPFGUETKDGFVGNGQUVEQNNGEVGFPGCT6WNC*KFCNIQ
6JG/GZKECP4GXQNWVKQPUVCTVGFKPYJKEJKPVGTTWRVGFCNNRCNGQPVQNQIKECN
TGUGCTEJKPVJGEQWPVT[*QYGXGTFWTKPIVJKUVKOGHQTGKIPRCNGQPVQNQIKUVURWDNKUJGF
VJGſTUV TGRQTVU QP %GPQ\QKE UJCTM VGGVJ HTQO 8GTCETW\ &KEMGTUQP CPF -GY
CPF$CLC%CNKHQTPKC 9KVVKEJ /GCPYJKNG$ÑUG EQPVKPWGFJKUUVWFKGU
QP/GUQ\QKEUJCTMUHTQOVJGPQTVJGTPRCTVQH/GZKEQ6JGUGUVWFKGURTQXKFGVJGDCUGU
HQTHWVWTGCFFKVKQPCNTGUGTCEJ ,QTFCPCPF*GTVNGKP*GTVNGKPCPF,QTFCP
*CPPCCPF*GTVNGKPCPF$ÑUGCPF%CXKPU +PCFFKVKQPFWTKPIVJKURGTKQF
$TQYP TGRQTVGFVJGQEEWTTGPEGQHVJGſTUV /GZKECP %GPQ\QKE HTGUJYCVGT HQUUKN
ſUJGU HTQO ,CNKUEQ
1PEGVJG/GZKECP4GXQNWVKQPYCUQXGTCUNQYDWVRTQITGUUKXGEQPUQNKFCVKQPQH
/GZKECPRCNGQPVQNQIKUVUYCURQUUKDNG&WTKPIVJGHQNNQYKPI[GCTU(-/×NNGTTKGF
EQPVTKDWVGF VJTGG RCRGTU QP HQUUKN ſUJGU KPENWFKPI JKU KFGPVKſECVKQP QH 2[EPQFWU
UR CPF VGNGQUVU QP NKOGUVQPG TGOCKPU HTQO VJG #TEJGQNQIKECN TWKPU QH 2CNGPSWG
%JKCRCU RTGXKQWUN[ PQVGF D[ 5CRRGT KP /×NNGTTKGF *G CNUQ TGRQTVGF
VJG FKUEQXGT[ QH %TGVCEGQWU UJCTM VGGVJ HTQO 5KGTTC FG 5CP /KIWGN *KFCNIQ 5VCVG
/×NNGTTKGF CPFFGUETKDGF*GNKEQRTKQPOGZKECPWUHTQO.CU&GNKEKCU%QCJWKNC
5VCVG /×NNGTTKGF YJKEJUVKNNTGRTGUGPVUVJGQPN[2CNGQ\QKEſUJ MPQYP HTQO
/GZKEQVYQCFFKVKQPCNTGRQTVUQH*GNKEQRTKQPURCTGHTQO%JKJWCJWC $TKFIGUCPF
&GHQTF CPF2WGDNC 5QWT6QXCTGVCN
6JGKPEQOKPIQH/CPWGN/CNFQPCFQ-QGTFGNNVJGőNCUV*WODQNVKCPPCVWTCNKUVQH
OQFGTP/GZKEQŒ FG%UGTPC DTQWIJVCPCFFKVKQPCNKORWNUGVQVJGEQPUQNKFCVKQP
QH VJG /GZKECP 2CNGQPVQNQI[ /CPWGN /CNFQPCFQ -QGTFGNN KPENWFGF DQP[ ſUJGU
CPFUJCTMUKPJKU%CVCNQIWGQH/GZKECP(QUUKN(KUJGU /CNFQPCFQ-QGTFGNNC
CPFD 5QOG[GCTUNCVGT&WPMNGCPF/CNFQPCFQ-QGTFGNN FGUETKDGFVJG
/'51<1+%156'+%*6*;#051(/':+%1
(+)74' 4GOCTMCDNG /GZKECP HQUUKN ſUJGU FGUETKDGF FWTKPI VJG :+: EGPVWT[ #
%CTEJCTQFQP OGZKECPWU XQP /G[GT VJG ſTUV /GZKECP HQUUKN ſUJ FGUETKDGF = HTQPVCN
NGHV CPFNCVGTCN TKIJV XKGYUCURWDNKUJGFD[XQP/G[GT ?$ 2T[OPGVGUNQPIKXGPVGT
%QRGVJGſTUV /GZKECP HQUUKN DQP[ ſUJ FGUETKDGF CHVGT $CTFCEM RN + ſI $ %
1VQOKVNCURGEKQUC(GNKZ& (TQPVCNDQPGQH$GNGPQUVQOWUQTPCVWU(GNKZ %CPF&
CHVGT#RRNGICVGſI G CPF F TGURGEVKXGN[
#.8#4#&1146')#'6#.
ſTUV /GZKECP ,WTCUUKE DQP[ ſUJ )[TQFWUOCETQRJVJCNOWUCPFCP'CTN[%TGVCEGQWU

VGNGQUVU.GRVQNGRKUVCOCPGPUKUDQVJFKUEQXGTGFPGCT6CO¶P5CP.WKU2QVQUÈ(KPCNN[
/CNFQPCFQ-QGTFGNN FGUETKDGF VJG 7RRGT 6WTQPKCP KEVKQHCWPC HTQO :KNKVNC
CNUQKP5CP.WKU2QVQUÈ5VCVG
$QVJ9QTNF9CTUJCNVGFVJGYQTMQHHQTGKIPRCNGQPVQNQIKUVUQP/GZKECPHQUUKN
ſUJGU GZEGRV HQT VJG TGRQTV QH 'QEGPG1NKIQEGPG VGGVJ QH%CTEJCTQFQPOGICNQFQP
HTQO 6CDCUEQ .GTKEJG #HVGT VJGUG EQPƀKEVU C PGY IGPGTCVKQP QH HQTGKIP
KPXGUVKICVQTU CUUWOGF VJG UVWFKGU QP /GZKECP HQUUKN UJCTMU -WEMQY C
CPF D $TKFIGU CPF &GHQTF *GTVNGKP /KPEJ GV CN #UJD[
-TWEMQYCPF6JKGU 0GXGTVJGNGUUUKPEGVJCVVKOGVJGRCTVKEKRCVKQPQH
/GZKECPKPUVKVWVKQPUCPFRCNGQPVQNQIKUVUITCFWCNN[DGECOGRTGFQOKPCPVOCKPN[KPVJG
CTGCQHHQUUKNUJCTMUCPFTC[U #RRNGICVG#RRNGICVGCPF'URKPQUC
#TTWDCTTGPC 'URKPQUC#TTWDCTTGPC 'URKPQUC#TTWDCTTGPC CPF
#RRNGICVG &WTJCO GV CN #TCPFC/CPVGEC #IWKNNÎP
/CTVÈPG\GVCN)QP\¶NG\$CTDCCCPFD)QP\¶NG\$CTDCGVCN
$NCPEQ2KÌÎP(GTTWUSWÈC8KNNCHTCPECGVCNCPF5QWT6QXCT
GVCN-KTMNCPFCPF#IWKNNÎP/CTVÈPG\-KTMNCPFGVCN)QP\¶NG\
$CTDCGVCN#NXCTCFQ1TVGICGVCN#TCPFC/CPVGEC
5VWFKGU QP VJG %GPQ\QKE HTGUJYCVGT QUVGKEJVJ[CP ſUJGU HTQO VJG TKEJ 2NKQ
2NGKUVQEGPG FGRQUKVU QH VJG %JCRCNC .CMG $CUKP ,CNKUEQ HQTOCNN[ DGICP KP
&QYPU /KNNGT 5OKVJ GV CN 5OKVJ %CXGPFGT CPF
/KNNGT 'XGPVWCNN[ VJGUG KPXGUVKICVKQPU KPENWFGF QVJGT CTGCU TGCEJKPI VJG
FQYPVQYPQH/GZKEQ%KV[ $TCFDWT[ CPFCNQECNKV[KP5QPQTC 5JCY
YJKEJ GXGP VQFC[ KU UWDUVWFKGF 5KPEG VJG yU /GZKECP RCNGQPVQNQIKUVU JCXG
DGGP VJG UQNG TGUGCTEJGTU TGNCVGF VQ VJG HTGUJYCVGT HQUUKN ſUJGU QH /GZKEQ $NQEM
+VWTTKCIC FGUETKDGF ő#NICUGC RCNGQOGZKECPCŒ KPHQTOCN WPRWDNKUJGF PCOG
DCUGF QP 2NGKUVQEGPG HTGUJYCVGT ſUJ TGOCKPU EQNNGEVGF D[ /CNFQPCFQ-QGTFGNN
KP 6NCRCEQ[C 'UVCFQ FG /ÃZKEQ *GTP¶PFG\,WPSWGTC TGEQIPK\GF C UMWNN
DGNQPIKPI VQ +EVCNWTWU KP JKU FGUETKRVKQP QH VJG 2NGKUVQEGPG HQUUKNU HTQO .CIWPC
FG NC /GFKC .WPC 5CP .WÈU 2QVQUÈ 5VCVG #NXCTG\ CPF #TTKQNC GTGEVGF VJG
IQQFGKF6CRCVKCQEEKFGPVCNKUHTQO5CPVC4QUCNÈC,CNKUEQ5VCVG#NXCTG\
CPF#NXCTG\CPF/QPEC[Q EQPVKPWGFVJGUVWFKGUQPHQUUKNſUJGU HTQO ,CNKUEQ
CPF'UVCFQFG/ÃZKEQ'URKPQUC2ÃTG\CPFEQNNCDQTCVQTU KFGPVKſGF C DCFN[
RTGUGTXGFE[RTKPQFQPVKFſUJ HTQO %GPQ\QKE FGRQUKVU CV VJG .QU #JWGJWGVGU NQECNKV[
PGCT6GRGZKFG4QFTÈIWG\2WGDNC5VCVG)W\O¶PCPFEQNNCDQTCVQTU RGTHQTOGF
C UVTCVKITCRJKECN CPCN[UKU QH VJG V[RG NQECNKV[ QH 6CRCVKC $GEGTTC/CTVÈPG\
FGUETKDGFVJG2NKQEGPGIQQFGKFſUJGU DCUGF QPN[ QP ſPU CPF VCKNU HTQO #VQVQPKNEQ
'N )TCPFG (QTOCVKQP *KFCNIQ 5VCVG #NXCTCFQ1TVGIC CPF %CTTCP\C%CUVCÌGFC
CE KFGPVKſGF 2NKQEGPG +EVKQDWUURCPF+EVCNWTWUURHTQOHTGUJYCVGTNQECNKVKGU
KP*KFCNIQ5VCVGRTGXKQWUN[TGRQTVGFHQTVJGNCVVGTCWVJQT KP%CTTCP\C%CUVCÌGFCGV
CN%CTTCP\C%CUVCÌGFCCPF/KNNGT%CUVKNNQ%GTÎPGVCN 4GEGPVN[
%CUVCÌGFC2QUCFCU CNUQTGRQTVGFVJGRTGUGPEGQHHQUUKNUDGNQPIKPIVQVJGUGVYQ
/'51<1+%156'+%*6*;#051(/':+%1
NCVVGTIGPGTCHTQO/KQEGPGQWVETQRUPGCT2CPQVNC6NCZECNC
+PXGUVKICVKQPU QP /GZKECP %GPQ\QKE OCTKPG DQP[ ſUJGU DGICP YKVJ VJG
KFGPVKſECVKQP QH UGXGTCN URGEKGU DCUGF QP QVJQNKVU HTQO 8GTCETW\ 9GKNGT
5ECTEGCFFKVKQPCNYQTMUKPENWFGVJGTGRQTVQHUQOGſUJ TGOCKPU HTQO $CLC %CNKHQTPKC
/KPEJGVCN#TCPFC/CPVGEC CPFVJGTGRQTVQHVJGDNWGOCTNKP/CMCKTC
PKITKECPU (KGTUVKPGGVCN 6JGUGOKPKOWOUVWFKGUQPN[UJQYCUOCNN
RCTVQHVJGNCTIGCTTC[QHVJGDQP[ſUJ TGOCKPU EQNNGEVGF UKPEG VJG ŏU CNQPI VJG $CLC
%CNKHQTPKC2GPKPUWNC
+P VJG OKF yU &WPMNG RTGFKEVGF VJG RTGUGPEG QH C %TGVCEGQWU NKVJQITCRJKE
NKOGUVQPG NQECNKV[ GZKUVKPI UQOGYJGTG KP /GZKEQ &WTKPI OCP[ [GCTU VJGTG YCU
RTCEVKECNN[PQRTQITGUUKPVJGFKUEQXGT[CPFUVWF[QH/GUQ\QKEDQP[ſUJGU KP /GZKEQ
GZEGRVHQTCXCIWGTGRQTVQHWPEGTVCKPſUJ TGOCKPU HTQO 'N )CNNQ (QTOCVKQP $CLC
%CNKHQTPKC .KNNGITCXGP 0GXGTVJGNGUUKP&WPMNGyURTGFKEVKQPECOGVTWG
YKVJVJGUEKGPVKſE FKUEQXGT[ QH VJG 6NC[ÕC 3WCTT[ D[ 5 2 #RRNGICVG . 'URKPQUC
#TTWDCTTGPCCPF2.ÎRG\0GTK
#RRNGICVGJGTGKPEQPUKFGTGFVJGő(CVJGTQHVJG/GZKECP2CNGQKEJVJ[QNQI[ŒFWG
JKURCTVKEKRCVKQPKPVJGHQTOCVKQPQHPGYIGPGTCVKQPUQH/GZKECPRCNGQKEJVJ[QNQIKUVU
(KIWTG CTTKXGFVQ/GZKEQFWTKPIVJGŏUKPVGTGUVGFQPVJGHQUUKNUJCTMUNQECNKVKGUKP
VJG$CLC%CNKHQTPKC#RRNGICVGCPFJKUſTUV /GZKECP UVWFGPV . 'URKPQUC#TTWDCTTGPC
ETGCVGFQPGQHVJGNCTIGUVEQNNGEVKQPUQHHQUUKNſUJGU HTQO VJKU 5VCVG KPENWFKPI UJCTM
CPFVGNGQUVGCPVGGVJPQYJQWUGFKPVJG%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈC +)/
5KPEGVJGUEKGPVKſE FKUEQXGT[ QH VJG 6NC[ÕC 3WCTT[ DQVJ RCNGQPVQNQIKUVU JCXG DGGP
KPEJCTIGQHRTQLGEVUFGFKECVGFVQVJGEQNNGEVRTGUGTXCVKQPCPFUVWF[QHVJGHQUUKNU
HTQO VJKU NQECNKV[ #RRNGICVG CPF 'URKPQUC#TTWDCTTGPC 'URKPQUC
#TTWDCTTGPCCPF#RRNGICVGCOQPIQVJGTU
6JG KPEQTRQTCVKQP QH [QWPI UVWFGPVU HTQO VJG (CEWNVCF FG %KGPEKCU 70#/
VQ VJGUG RTQLGEVU JCU [KGNFGF WPRWDNKUJGF VJGUGU CPF UEKGPVKſE RCRGTU TGNCVGF VQ
%TGVCEGQWU 1UVGKEJVJ[CPU )QP\¶NG\4QFT ÈIWG\ )QP\¶NG\
4QFTKIWG\ CPF 4G[PQUQ )QP\¶NG\4QFTÈIWG\ GV CN CPF #NXCTCFQ
1TVGICCCPFD .)TCPFGCPF&$CTFCEMDQVJHTQOVJG(KGNF/WUGWO
QH%JKECIQYGTGKPXQNXGFKPVJG6NC[ÕCRTQLGEVDGKPIEQTGURQPUKDNGKPC0CVKQPCN
5EKGPEG(QWPFCVKQPITCPVHTQOVQ0QYCFC[U.)TCPFGKUEQCWVJQTQH
VJGCOKKF2CEJ[COKCOGZKECPC)TCPFGCPF$GOKUCPFJKUPWOGTQWURGTUQPCN
QDUGTXCVKQPUCTGKPENWFGFKPVQRCRGTUVJCVFGCNYKVJVJG6NC[ÕCſUJGU KG %JCPI CPF
)TCPFG$TKVQ/CKUG[)TCPFG
+P VJG OKFyU $CTTKQU4KXGTC TGXKGYGF VJG NKVGTCVWTG QP /GZKECP
HQUUKN XGTVGDTCVGU KP VJKU YQTM JG TGEQTFGF /GUQ\QKE 1UVGKEJVJ[CP HQUUKN ſUJ
VCZC HTQO NQECNKVKGU 6JKU ECVCNQIWG UJQYU C UKIPKſECPV RTQITGUU HTQO VJQUG
DQP[ ſUJGU TGRQTVGF HTQO VJG /CNFQPCFQ-QGTFGNNyU (QUUKN (KUJGU QH
/GZKEQ(WTVJGTOQTG)QP\¶NG\4QFTÈIWG\ GXCNWCVGFOQTGGZVGPUKXGN[VJGUG
TGEQTFUKPENWFKPIVJGEQNNGEVKQPUJQWUGFKPVJG+PUVKVWVQFG)GQNQIÈCCPF(CEWNVCF
FG%KGPEKCU70#/UJGHQWPF%TGVCEGQWUHQUUKNſUJ NQECNKVKGU KP VJG 5VCVGU QH
&WTCPIQ%QCJWKNC6COCWNKRCU*KFCNIQ%JKJWCJWC0WGXQ.GÎP5CP.WKU2QVQUÈ
#.8#4#&1146')#'6#.
(+)74'*KUVQT[QHVJG/GZKECPHQUUKNQUVGKEJVJ[CPTGUGCTEJGUUKPEGVJGDKTVJQHVJG/GZKECP
2CNGQKEJVJ[QNQI[KP:+:EGPVWT[(KPGCTTQYGFNKPGUUJQYVJGVGCEJGTUVWFGPVTGNCVKQPUJKRU
2CTGPVJGUGUUJQYVJGRGTKQFQHCEVKXGVKOGQHGCEJCWVJQTKPVQVJGRCNGQKEJVJ[QNQI[ſGNF
/KEJQCE¶P1CZCEC8GTCETW\%JKCRCUCPF2WGDNC
+P$NCPEQ2KÌÎP UVCTVGFVQYQTMKP8CNNGEKNNQC.CVG%TGVCEGQWU
6WTQPKCP HQUUKN NQECNKV[ PGCT /QPVGTTG[ %KV[ 0WGXQ .GÎP 5VCVG TGRQTVKPI VJG
GZKUVGPEGQHYGNNRTGUGTXGFDQP[ſUJGU +P VJKU UCOG [GCT 2CNGQPVQNQI[ UVWFGPVU QH
%JKCRCU5VCVGDGICPVJGſGNF YQTMU VJTQWIJQWV VJG 5VCVG FKUEQXGTKPI C IQQF PWODGT
QH/GUQ\QKE1UVGKEJVJ[CPU #XGPFCÌQ)KNGVCN
%CTTCP\C%CUVCÌGFC CPF #RRNGICVG FGUETKDGF CP KUQNCVGF WPEGTVCKP
R[EPQFQPV XQOGT HTQO *KFCNIQ 5VCVG /QTG TGEGPVN[ )QP\¶NG\4QFTÈIWG\ CPF
/'51<1+%156'+%*6*;#051(/':+%1
EQNNCDQTCVQTU TGRQTVGF VJG /WJK 3WCTT[ CNUQ KP *KFCNIQ CPF DGICP VJG
VCZQPQOKECNUVWFKGUQHKVU%GPQOCPKCPſUJ CUUGODNCIG )QP\¶NG\4QFTÈIWG\
)QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG +P VJG 5VCVG QH %QCJWKNC VJG
OGODGTUQH2#5#% CDDTGXKCVKQPKP5RCPKUJHQT#OCVGWT2CNGQPVQNQIKUVQH5CDKPCU
FKUEQXGTGFUQOGHQUUKNſUJ NQECNKVKGU PGCT VJG VQYP QH /Õ\SWK\ %QCJWKNCCPFUKPEG
#NXCTCFQ1TVGIC $NCPEQ2KÌÎP CPF )QP\¶NG\4QFTÈIWG\ JCXG UVWFKGF VJKU
PGY .CVG %TGVCEGQWU ſUJ NQECNKV[ $NCPEQ2KÌÎP GV CN 4GICTFKPI UQWVJGTP
/GZKEQ)CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC DGICPVJGEQNNGEVKQPCPFUVWF[
QHſUJGU HTQO VYQ .CVG %TGVCEGQWU NQECNKVKGU #TTQ[Q .CU $QECU CPF 6GOQ\QN SWCTTKGU
PGCT6CZEQ)WGTTGTQ5VCVG+PCFFKVKQPFWTKPIVJGſTUV TGUWNVU QH VJG UVWF[ QP
VJGſUJGU HTQO 'N 'URKPCN 3WCTT[ PGCT 1EQ\QEQCWVNC %JKCRCU 5VCVG YGTG RWDNKUJGF
)QP\¶NG\4QFTÈIWG\ GV CN 1XCNNGU&COK¶P CPF 1XCNNGU&COK¶P CPF
#NXCTCFQ1TVGIC
/CKP/GUQ\QKE/GZKECP1UVGKEJVJ[CP.QECNKVKGU
&KUVTKDWVKQPQHVJG/GUQ\QKEHQUUKNſUJ NQECNKVKGU KP /GZKEQ (KIWTG KU UVTQPIN[

KPƀWGPEGF D[ IGQNQIKECN GXGPVU UGG .ÎRG\4COQU 1TVGIC)WVKÃTTG\ GVCN
COQPI QVJGTU #NVJQWIJ UQOG OCTKPG VTCPUKVKQPCN CPF EQPVKPGPVCN 6TKCUUKE
QWVETQRUCTGRTGUGPVKP/GZKEQTGRQTVUQHHQUUKNſUJGU HTQO VJGUG TQEMU CTG KPGZKUVGPV
0QYCFC[U VJG -KOOGTKFIKCP UGEVKQP QH VJG 6CO¶P DGFU PGCT /QEVG\WOC 4KXGT
6CO¶P 5CP .WKU 2QVQUÈ 5VCVG &WPMNG CPF /CNFQPCFQ-QGTFGNN TGRTGUGPVU
VJG QPN[ /GZKECP ,WTCUUKE NQECNKV[ DGCTKPI HQUUKN ſUJGU 6JKU UGEVKQP KU KPENWFGF
YKVJKPVJGEQORNGZUGFKOGPVCT[U[UVGOCUUQEKCVGFVQ,WTCUUKECPF%TGVCEGQWUOCTKPG
RNCVHQTOUKUNCPFUTGGHUCPFDCUKPUVJCVYGTGRTGUGPVFWTKPIVJGFGXGNQROGPVQHVJG
)WNHQH/GZKEQ+PVGTGUVKPIN[VJGQPN[/GZKECP%TGVCEGQWUſUJ NQECNKV[ MPQYP UQ
HCTVJCVKUEQPUKFGTGFCUCHTGUJYCVGTFGRQUKVKU'N'URKPCN3WCTT[KP%JKCRCU5VCVG
)QP\¶NG\4QFTÈIWG\GVCN
6NC[ÕC3WCTT[VJG(KTUV/GZKECP.CTIGUV¼VVG
6JG6NC[ÕC3WCTT[KUCVQOVJKEMQWVETQRPCOGFCUVJG/KFFNG/GODGT
QHVJG6NC[ÕC(QTOCVKQPD[2CPVQLC#NQT +VKUCUGSWGPEGQHVJKPNCOKPCVGF
[GNNQYDTQYPNKOGUVQPGUVTCVCYKVJTGFQTCPIGENC[GPTKEJGFHQTJGOCVKVKEOKPGTCNU
HQTOKPIVJGDGFFKPIRNCPGU6JG6NC[ÕCHQUUKNCUUGODNCIGKPENWFGUCNICGDGPVQPKE
HQTCOKPKHGTU URQPIGU IQTIQPKCPU CPPGNKFU ICUVTQRQFU DKXCNXGU COOQPQKFU
DGNGOPQKFUETWUVCEGCPUCTCEJPKFUKPUGEVUGEJKPQKFUCUVGTQKFUJQNQVWTKFUETKPQKFU
QRJKWTQKFUſUJGU TGRVKNGU RQQTN[ RTGUGTXGF YQQF RQNNGP RGTOKPGTCNK\GF YQQF CPF
RNCPVRTKPVU UGG#NXCTCFQ1TVGIC#RRNGICVG#RRNGICVGGV
CN(GNFOCPPGVCN)QP\¶NG\4QFTÈIWG\GVCN)TCPFGCPF$GOKU
COQPIQVJGTU
$CUGFQPKVUCOOQPQKFUCPFDGNGOPQKFU/KFFNGVQ.CVG#NDKCPCIGJCUDGGP
#.8#4#&1146')#'6#.
CUUKIPGF VQ VJG /KFFNG /GODGT QH VJG 6NC[ÕC (QTOCVKQP 5GKDGTV\ CPF $WKVTÎP
$WKVTÎP CPF /CNRKEC%TW\ CPF 5GKDGTV\ CPF 5RCGVJ 4GEGPVN[
-CUJK[COCGVCN UWIIGUVGFCRQUUKDNG#RVKCPCIGHQTVJGUGUVTCVCDCUGFQPVJG
QEEWTTGPEGQHUGXGTCNKPPGTUJGNHDGPVJQPKEHQTCOKPKHGTU0GXGTVJGNGUUCRCNGQOCI
PGVQUVTCVKITCRJKECNCPCN[UKURGTHQTOGFD[$GPCOOKCPFEQNNCDQTCVQTU
EQPſTOU VJG #NDKCP CIG CUUKIPGF VQ VJKU NQECNKV[
#DQWVQHVJGOCETQHQUUKNUEQNNGEVGFKPVJG6NC[ÕC3WCTT[DGNQPIVQFKXGTUG
1UVGKEJVJ[CPſUJ VCZC 6CDNG KPENWFKPI C UCTEQRVGT[IKCP 'URKPQUC#TTWDCTTGPC GV
CN CPFUGXGTCNCEVKPQRVGT[IKCPITQWRU#EVWCNN[CNCTIGRCTVQHVJGUGſUJGU CTG
KFGPVKſGF CV FKHHGTGPV UWRTCURGEKſE NGXGNU #RRNGICVG #RRNGICVG GVCN
CPFDGKPIRQVGPVKCNPGYURGEKGU%QPVTCT[VQ2CPVQLC#NQT CPF/CKUG[
YGTGOCTMVJGCDUGPEGQHUJCTMTGOCKPUKPVJKUNQECNKV[
6JG HQUUKN ſUJ URGEKGU HQTOCNN[ FGUETKDGF HTQO VJKU NQECNKV[ KPXQNXG VJG
KQPQUEQRKHQTO6GQKEJVJ[UMCNNKUVQU#RRNGICVGVJGR[EPQFQPVKHQTO6GRGZKEJVJ[U
CTCPIWVJ[QTWO#RRNGICVGVJGCOKKF2CEJ[COKCOGZKECPC)TCPFGCPF$GOKU
VJG OCETQUGOKKFU /CETQUGOKQEQV\WU COGTKECPWU )QP\¶NG\4QFTÈIWG\
#RRNGICVG CPF 'URKPQUC#TTWDCTTGPC CPF 0QVCIQIWU PQXQOWPFK )QP\¶NG\
4QFTÈIWG\CPF4G[PQUQCUYGNNCUVJG+EJVJ[QFGEVKHQTO7PCOKEJVJ[UGURKPQUCK
#NXCTCFQ1TVGIC$GUKFGUVJGFGUETKRVKQPUQHUGXGTCNPGYſUJ VCZC HTQO 6NC[ÕC
CTGKPRTGRCTCVKQPKPENWFKPIC.GRKFQVGUURVYQOCETQUGOKKFUCPKQPQUEQRKHQTO
VJTGGKEJVJ[QFGEVKHQTOUCPGNNKOOKEJVJ[KHQTOCPFCVNGCUVUGXGPR[EPQFQPVKHQTOU
&KXGTUGRCNGQGEQNQIKECNOQFGNUJCXGDGGPUWIIGUVGFVQGZRNCKPVJGGZVTCQTFKPCT[
RTGUGTXCVKQPQHVJGXGTVGDTCVGHQUUKNUQHVJG6NC[ÕC3WCTT[+PQPGQHVJGUGOQFGNU
VJG6NC[ÕCFGRQUKVYCURQUUKDNGKPCP1RGP/CTKPG$CUKPYKVJTGUVTKEVGFEKTEWNCVKQP
YKVJ UVQTOFQOKPCVGF UGFKOGPVCVKQP CPF UVTQPI VGTTGUVTKCN KPƀWGPEG -CUJK[COC
GV CN +P EQPVTCUV QVJGT CWVJQTU UWIIGUV VJCV VJG FGRQUKV QH VJG 6NC[ÕC
NKOGUVQPGUVTCVCQEEWTTGFKPCVTCPUKVKQPCNGPXKTQPOGPVCEEQTFKPIVQ#RRNGICVGCPF
EQNNCDQTCVQTU KPVJKUXQNWOGP KVYCUKPVQCTGUVTKEVGFDCUKPPGCTVQVJGEQCUVYJKEJ
KUEQORCTCDNGVQVJGNCIQQPCNOQFGNRTQRQUGFHQTVJGHQUUKNDGCTKPINKOGUVQPGDGFU
CV 5QNPJQHGP )GTOCP[ %QPVTCT[ VQ VJGUG OQFGNU /CNRKEC%TW\ GV CN CPF
2CPVQLC #NQT UWIIGUV C OQTG QRGP DCEMTGGH NCIQQP PGXGTVJGNGUU TGEGPVN[
)WGTTGTQ#TGPCU =UGG CNUQ )WGTTGTQ#TGPCU GV CN ? EQTTQDQTCVGF VJG
TGUVTKEVGFDCUKP EQPFKVKQP HQT VJG 6NC[ÕC FGRQUKV DCUGF QP C %CTDQP CPF 1Z[IGP
KUQVQRKECPCN[UKUUJQYKPIVJCVHTGUJYCVGTYCUEQPVCKPGFKPVQ6NC[ÕCDCUKPFWTKPICV
NGCUVUQOGFGRQUKVKQPCNGXGPVU
8CNNGEKNNQ
+P KPJCDKVCPVU QH 8CNNGEKNNQ C UOCNN XKNNCIG NQECVGF -O PQTVJ QH
/QPVGTTG[%KV[0WGXQ.GÎP5VCVG (KIWTG DGICPVJGGZVTCEVKQPQHƀCIUVQPGU KP
UQOGOCTNQWVETQRUVJTGGMKNQOGVGTUYGUVQHVJKUVQYP5JQTVN[VJGDGCWV[QHCNCTIG
CTTC[QHXGTVGDTCVGCPFKPXGTVGDTCVGHQUUKNUFKUEQXGTGFKPVJGUGTQEMUGPEQWTCIGFVJG
/'51<1+%156'+%*6*;#051(/':+%1
NQECNIQXGTPOGPVVQETGCVGCUOCNNOWUGWOő/WUGQ%CUCFGNC2NQOCFCŒVQGZJKDKV
VJGUGOCVGTKCNU
6JG HQUUKN DGCTKPI UVTCVC QH 8CNNGEKNNQ EQPUKUV QH C JQOQIGPGQWU UGSWGPEG QH
CDQWVOVJKEMſPGN[ NCOKPCVGF RKPM OCTNUVQPG KPVGTNC[GF D[ EO VJKEM TGFDTQYP
UJCNGU$NCPEQ2KÌÎP CPF$NCPEQ2KÌÎPGVCN TGICTFGFVJKUNKVJQNQIKE
UGSWGPEGCUCWPKVYKVJKPVJG#IWC0WGXC(QTOCVKQPYJKEJEQPUKUVUQHCNCOKPCVGF
FCTMITC[ NKOGUVQPG UGSWGPEG DGCTKPI TKEJ OKETQHQUUKNU CUUGODNCIG DGKPI CP[
XGTVGDTCVG TGOCKPU TCVJGT TCTG *QYGXGT KP 8CNNGEKNNQ VJG OCTNUVQPG WPKV WPFGTNKGU
EQPEQTFCPVN[ VJG #IWC 0WGXC NKOGUVQPGU CPF EQPVTCTKN[ VQ YJCV YCU GZRGEVGF
GZJKDKVU C YGNNRTGUGTXGF XGTVGDTCVG CUUGODNCIG OCKPN[ ſUJGU 6JG OCTNUVQPG CPF
HQUUKNKHGTQWUWPKVQH8CNNGEKNNQKUENGCTN[FKHHGTGPVKCDNGHTQOVJGV[RKECNNKVJQNQI[QH
VJG #IWC 0WGXC (QTOCVKQP KP EQPUGSWGPEG $NCPEQ CPF %QXKP UWIIGUVGF
VJGő8CNNGEKNNQ/GODGTŒHQTVJKUWPKVYJKEJCIGKU.QYGT/KFFNG6WTQPKCPFWGVJG
RTGUGPEGQHVJGCOOQPKVGU/COOKVGUCPF2UGWFQCURKFQEGTCU
&WTKPI $NCPEQ2KÌÎP NGCFGF RCNGQPVQNQIKECN CPF IGQNQIKECN
KPXGUVKICVKQPUQP8CNNGEKNNQUWRRQTVGFD[PCVKQPCNCPFKPVGTPCVKQPCNKPUVKVWVKQPU*KU
TGUGCTEJ KPENWFGU FKXGTUG VCZQPQOKECN VCRJQPQOKECN CPF UGFKOGPVQNQIKECN CURGEVU
QHVJKUHQUUKN.CIGTUV¼VVG $NCPEQ2KÌÎPGVCNCD$NCPEQCPF
(+)74'6JGOCKP/GZKECP/GUQ\QKE1UVGKEJVJ[CPNQECNKVKGU
#.8#4#&1146')#'6#.
%CXKP $NCPEQ2KÌÎP CPF (TG[ C CPF D +P 8CNNGEKNNQ VJG OCETQHQUUKNU
CTGTGNCVKXGN[YGNNMPQYPVJGTCTGKPXGTVGDTCVGUOCKPN[CTGCOOQPKVGUCPFDKXCNXGU
KPQEGTCOKFU +P EQPVTCUV VJG FKXGTUG XGTVGDTCVG CUUGODNCIG VJCV OCKPN[ KPXQNXGU
ſUJGU CNUQ KPENWFGU VWTVNGU CPF QVJGT WPKFGPVKſGF TGRVKNGU #NN VJGUG XGTVGDTCVG HQUUKNU
CTG RTGUGTXGF KP VYQ FKOGPUKQPU FWG VQ EQORTGUUKQPCN HQTEGU CPF UJQY UGXGTCN
FGITGGUQHFKUCTVKEWNCVKQPHTQOKUQNCVGFGNGOGPVUVQEQORNGVGURGEKOGPUVQVCNDQPG
ECNEKVGTGRNCEGOGPVCPFTCTGN[VJGUQHVVKUUWGUCTGRTGUGTXGF=CNVJQWIJRCTVUQHCIKNN
EQORNGZDGNQPIKPIVQCPWPEGTVCKPR[EPQFQPVKHQTOJCXGDGGPFQEWOGPVGF $NCPEQ
2KÌÎP$NCPEQGVCN ?
6JG 8CNNGEKNNQ HQUUKNKHGTQWU OCTN UVTCVC YGTG HQTOGF KP C FGGR CPF TGUVTKEVGF
FGRQUKV WPFGT TGNCVKXGN[ PQTOCN VQ NQY QZ[IGP EQPEGPVTCVKQPU YJKEJ RTQDCDN[
TGRTGUGPVCPGCTN[6WTQPKCPOCZKOWOVTCPUITGUUKXGGXGPV6JKURCNGQGPXKTQOGPVCN
OQFGN KU DCUGF QP UQOG UGFKOGPVQNQIKECN HGCVWTGU QH VJKU HQUUKN DGCTKPI NQECNKV[
KPENWFKPIVJGſPG NCOKPCVKQP VJG QEEWTTGPEG QH OKETKVKE OCVTKZ YKVJ HGY VQ CDWPFCPV
DKQENCUVU CU YGNN CU VJG NCEM QH DKQVWTDCVKQP CFFGF VQ VJG QEEWTTGPEG IQGVJKVG
6JGUGEQPFKVKQPUEQWNFJCXGUGVVJGHTCOGYQTMHQTVJGGZEGNNGPVRTGUGTXCVKQPQHVJG
QTICPKUOUFGRQUKVGFCHVGTVJGKTFGCVJWPFGTPQTOCNECWUGUTCVJGTVJCPKPCUEGPCTKQ
QH CP QDTWVKQPCN FGRQUKV KP YJKEJ VJG QTICPKUOU FKG KPVQZKECVGF WPFGT GHHGEVU QH
FKHHGTGPVRJ[UKEQEJGOKECNHCEVQTU VWTDKFKVKEEWTTGPVUNQYEQPEGPVTCVKQPQHQZ[IGPQT
JKIJUCNKPKV[KPVJGYCVGTEQNWOPGVE
6JG CRRTQZKOCVGN[ HQUUKN ſUJGU FKUEQXGTGF FWTKPI VJG ſTUV ſXG [GCTU QH
RCNGQPVQNQIKECN KPXGUVKICVKQPU KP 8CNNGEKNNQ KPENWFG CV NGCUV UJCTM CPF DQP[ ſUJ
VCZC6JGUJCTMUCTGTGRTGUGPVGFD[UGXGTCNNCOPKHQTOXGTVGDTCNEGPVTCCVTWPMQHC
5E[NN[QTJKPWUNKMGURGEKOGPCPFUQOG2V[EJQFWUVGGVJ $NCPEQ2KÌÎPGVCN
#DQWVQHDQP[ſUJGU EQNNGEVGF KP 8CNNGEKNNQ DGNQPI VQ 6UGNHCVKCUR $NCPEQCPF
%CXKP 1VJGTſUJ VCZC HQWPF KP 8CNNGEKNNQ CTG CP WPFGUETKDGF R[EPQFQPVKHQTO
TGNCVGFQTDGNQPIKPIVQ0WTUCNNKC $NCPEQCPF(TG[C $NCPEQCPF%CXKP
TGRQTVGFVJGQEEWTTGPEGQHVJGIGPWU#TCTKRKEJVJ[URTGXKQWUN[MPQYPQPN[KPTGOQVG
NQECNKVKGUKPVJGPQTVJGTPRCTVQH5QWVJ#OGTKECCPF#HTKECCPFGTGEVGFVYQPGYVGNGQUVU
URGEKGU8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWOCPKPWUWCNKEJVJ[QFGEVKFYKVJCPKPWUWCN
JKIJ PWODGT QH XGTVGDTCN EGPVTC CPF )QWNOKOKEJVJ[U TQDGTVK C RCEJ[TJK\QFQPVKF
YKVJHWUKHQTODQF[$NCPEQ2KÌÎP COQPIQVJGTU TGRQTVGFUQOGQVJGT
ſUJGU HTQO 8CNNGEKNNQ KPENWFKPI C PGY URGEKGU QH 4J[PEJQFGTEGVKU $NCPEQ2KÌÎP
CPF#NXCTCFQ1TVGICKPRTGR
/WJK3WCTT[
6JG /WJK 3WCTT[ FKUEQXGTGF KP D[ KPXGUVKICVQTU QH VJG 7PKXGTUKV[
#WVÎPQOCFGN'UVCFQFG*KFCNIQ 7#'* KUNQECVGFPGCT<KOCR¶PVQYPMO
PQTVYGUVGTP2CEJWEC%KV[*KFCNIQ5VCVGKPEGPVTCN/GZKEQ (KIWTG 5KPEG
-CVKC#)QP\¶NG\4QFTÈIWG\JCUDGGPKPXQNXGFKPVJGIGQNQIKECNCPFRCNGQPVQNQIKECN
UVWFKGUECTTKGFQPVJKUKORQTVCPVNQECNKV[
/'51<1+%156'+%*6*;#051(/':+%1
6JG/WJK3WCTT[TGRTGUGPVUCPGKIJVOGVGTUVJKEMUGSWGPEGQHITC[NCOKPCVGF
NKOGUVQPGUYKVJKPVGTDGFKPINWVKVGUCPFƀKPV PQFWNGU YJKEJ JCXG DGGP TGEQIPK\GF CU
RCTVQHVJG#NDKCP%GPQOCPKCPCIG5CP,QCSWÈP(CEKGUYKVJKP'N&QEVQT(QTOCVKQP
)QP\¶NG\4QFTÈIWG\CPF$TCXQ%WGXCUKPRTGUU
6QFC[ OQTG VJCP URGEKOGPU QH DQVJ KPXGTVGDTCVGU CPF ſUJGU HTQO /WJK
3WCTT[ CTG JQWUGF KPVQ VJG EQNNGEVKQP QH VJG 2CNGQPVQNQIKECN /WUGWO QH 7#'*
#OQPI VJGUG HQUUKNU VJG KPXGTVGDTCVGU KPENWFG COOQPKVGU RNCPEVQPKE ETKPQKFU
GSWKPQKFURKPGUCPFETWUVCEGCPU )QP\¶NG\4QFTÈIWG\GVCN8GICGVCN
YJGTGCUVJG/WJKXGTVGDTCVGCUUGODNCIGTGRTGUGPVGFGZENWUKXGN[D[ſUJGU KPENWFGU
EQPFTKEJVJ[GU CPF VGNGQUVU 5JCTMU KFGPVKſGF CTG KUQNCVGF VGGVJ QH 2V[EJQFWU UR
5SWCNKEQTCZ UR CPF UQOG XGTVGDTC CPF VQQVJ TGOCKPU QH WPEGTVCKP CHſPKV[ 'XGP
YJGPCNCTIGCOQWPVQHVJGVGNGQUVUHTQO/WJKKPXQNXGVQFC[CTGWPFGTRTQEGUUQH
KFGPVKſECVKQP KPFWDKVCDNG VCZQPQOKECN KFGPVKſECVKQPU KPXQNXG URGEKOGPU DGNQPIKPI VQ
+EJVJ[QFGEVKHQTOGU'PEJQFQPVKFCG DGKPI'PEJQFWUURVJGOQUVCDWPFCPVſUJ KP VJG
SWCTT[ 2CEJ[TJK\QFQPVKFCG+EJVJ[QVTKPIKFCG&GTEGVKFCG*CNGEKFCG$GT[EKHQTOGU
1UVCTKQRJU[CPU CU YGNN CU WPEGTVCKP %NWRGQOQTRJU CPF 'NQRQOQTRJU )QP\¶NG\
4QFTÈIWG\CPF#RRNGICVG)QP\¶NG\4QFTÈIWG\)QP\¶NG\4QFTÈIWG\GV
CN
1VJGT.QECNKVKGU
6QFC[UGXGTCN/GZKECP%TGVCEGQWUHQUUKNſUJ NQECNKVKGU CTG MPQYP (KIWTG KP

VJG5VCVGUQH$CLC%CNKHQTPKC5WT%JKCRCU%JKJWCJWC%QCJWKNC&WTCPIQ)WGTTGTQ
*KFCNIQ0WGXQ.GÎP1CZCEC2WGDNC5CP.WKU2QVQUÈ6COCWNKRCUCPF8GTCETW\
$CTTKQU4KXGTC )QP\¶NG\4QFTÈIWG\ CPF #NXCTCFQ1TVGIC GV CN
ECVCNQIWGFCNNVJKUſUJ CUUGODNCIGU PGXGTVJGNGUU OCP[ FGVCKNGF UVWFKGU QP
VJGU[UVGOCVKEQHVJGUGſUJGU KU PGGFGF VQ JCXG C EQORTGJGPUKXG MPQYNGFIG CDQWV VJG
/GZKECP(QUUKNſUJ TGEQTF
'XGPYJGPQPN[UECTEGCPFHTCIOGPVCT[HQUUKNURGEKOGPUHTQOUGXGTCNQHVJGUG
NQECNKVKGUCTGMPQYPFWGVQVJGHCEVVJCVKPOQUVQHVJGECUGUVJG[JCXGDGGPXKUKVGF
CPF EQNNGEVGF QPN[ QPEG UKPEG VJGKT FKUEQXGT[ PQYCFC[U PGY CPF QNF HQUUKN ſUJ
NQECNKVKGUCTGKPENWFGFKPTWPPKPIIGQNQIKECNCPFRCNGQPVQNQIKECNRTQITCOUVJCVYKNN
RTQFWEGPGYCPFDGVVGTUCORNGUUQQP
5[UVGOCVKE4GXKGYQH/GUQ\QKE1UVGKEJVJ[CP(KUJGUQH/GZKEQ
#TGXKGYQHVCZQPQOKECNUVWFKGUQPVJG/GUQ\QKE1UVGKEJVJ[CPſUJGU QH /GZKEQ
KURTQXKFGFKPVJKUUGEVKQP 6CDNG 6JKUWRFCVGFECVCNQIWGKPENWFGUCNNQHVJGTGEGPV
#.8#4#&1146')#'6#.
FKUEQXGTKGUCUYGNNCUUQOGRTGNKOKPCT[TGUWNVUCPFCFXCPEGUQPVJGUVWF[QHCNCTIG
RCTVQHVJG/GZKECPHQUUKNſUJ TGEQTF
5CTEQRVGT[IKCPU
#EVKPKUVKC
+P)TCPFGTGEQIPK\GFCEQGNCECPVJURGEKOGPKPVJGWPKFGPVKſGF ſUJ UGEVKQP

QH VJG 6NC[ÕC EQNNGEVKQP CV 70#/ 'URKPQUC#TTWDCTTGPC GV CN KFGPVKſGF
VJKUURGEKOGPCU#ZGNTQFKEJVJ[UEH#CTCTKRGPUKUCOQPQURGEKſE VCZQP RTGXKQWUN[
EQNNGEVGFKP#RVKCPCIGQWVETQRUQHVJG5CPVCPC(QTOCVKQP$TC\KN#NVJQWIJVJGUG
CWVJQTUCTGGZRGEVKPIVQſPF OQTG EQGNCECPVJ URGEKOGPU VQ KORTQXG UWEJ KFGPVKſECVKQP
VQCURGEKſE NGXGN VJKU ſTUV /GZKECP EQGNCECPVJ TGRTGUGPVU VJG [QWPIGT CPF PQTVJGTP
OQUVTGEQTFQH#ZGNTQFKEJVJ[U CNUQUGG#RRNGICVGGVCN
&KRPQK
#IWKNGTC TGRQTVGF VJG QEEWTTGPEG QH %GTCVQFWU KP VJG .CVG %TGVCEGQWU
6WTQPKCP 'N2G[QVGNQECNKV[KPVQVJG2CTTCU$CUKP%QCJWKNC5VCVG.CVGT#IWKNGTC
EQPſTOGF VJKU TGEQTF NCVGT DWV VJG HQUUKN OCVGTKCN PGXGT YCU FGUETKDGF QT
KNNWUVTCVGFCRRTQRTKCVGN[CPFKVUURGEKſE FGVGTOKPCVKQP KU UVKNN RGPFKPI #EEQTFKPI VQ
/CNFQPCFQ-QGTFGNN VJKUOCVGTKCNYCUFGRQUKVGFKPVQVJGRCNGQPVQNQIKECN
EQNNGEVKQP PQY%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈC QHVJG+PUVKVWVQFG)GQNQIÈC
70#/
2TKOKVKXG#EVKPQRVGT[IKCPU
6JG/GZKECPHQUUKNTGEQTFQHVJGTC[ſPPGF ſUJGU QT CEVKPQRVGT[IKCPU KPXQNXGU

UGXGTCNITQWRU6JGEJQPFTQUVGCPU RTKOKVKXGCEVKPQRVGTKIKCPU CTGTGRTGUGPVGFD[C
UEWVGTGOCKPDGNQPIKPIVQ#PEKRGPUGTTGEQXGTGFKPVJGOKFFNG/KQEGPGQWVETQRUQH
.C/KUKÎP$CLC%CNKHQTPKC5VCVG #TCPFC/CPVGEC +PEQPVTCUVVJG/GZKECP
/GUQ\QKE PGQRVGT[IKCPU CNUQ TGHGTTGF CU JKIJGT CEVKPQRVGT[IKCPU KPENWFG UGXGTCN
ITQWRUVJCVEQPUVKVWVGVJGOQUVFKXGTUGCPFCDWPFCPVCOQPIVJG/GZKECP/GUQ\QKE
HQUUKNſUJGU
#OKKHQTOGU
6JG EJCTCEVGTK\CVKQP QH 1VQOKVNC URGEKQUC (GNKZ KU DCUGF QP C YGNN
RTGUGTXGFUMWNNCPFUECNGUQHCNCTIGſUJ EQNNGEVGF KP %GTTQ FG NC 8KTIGP 1CZCEC 5VCVG
(KIWTG% 6JKUURGEKGUKUOKUURGNNGFKP#RRNGICVG CUő1VCOKVNCURGEKQUCŒ
CPFKP5KNXC$CTEGPCU CUő1VQOKVNCURGEKQNCŒ#NVJQWIJQTKIKPCNN[1VQOKVNC
YCU VJQWIJ CU RCTV QH VJG 5CWTQFQPVKFCG PQY KP VJG 1TFGT +EJVJ[QFGEVKHQTOGU
*C[ CPF#RRNGICVG COQPIQVJGTU TGLGEVGFVJKUKFGC0QY1VQOKVNC
/'51<1+%156'+%*6*;#051(/':+%1
KU TGICTFGF CU C RTKOKVKXG CEVKPQRVGT[IKCP RTQDCDN[ TGNCVGF VQ VJG COKKFU UWEJ CP
KFGCVJCVYGHQNNQYJGTG 6CDNG PQVYKVJQWVEQPUKFGTKPIVJCVCEQORNGVGUVWF[QH
VJKUURGEKOGPKUTGSWKTGFVQFGVGTOKPCVGKVUCHſPKVKGU &GURKVG QH #RRNGICVGyU
UWIIGUVKQPVJCVVJKUOCVGTKCNKUJQWUGFCVVJG(GNKZEQNNGEVKQPCV.GR\KPI7PKXGTUKV[
)GTOCP[VJGCEVWCNGZKUVGPEGQHVJKUOCVGTKCNKUSWGUVKQPGF
6JGDGUVRTGUGTXGFCPFYGNNMPQYP/GZKECPHQUUKNCOKKFUCTGHTQOVJG6NC[ÕC
3WCTT[ CPF VJG[ JCXG DGGP FGUETKDGF CU 2CEJ[COKC OGZKECPC )TCPFG CPF $GOKU
2TGXKQWUN[ #RRNGICVG CPF 'URKPQUC#TTWDCTTGPC EQPUKFGTGF VJGUG
HQUUKNU DGNQPIKPI VQ 8KFCNCOKC CPF NCVGT #RRNGICVG UWIIGUVGF VJG RTGUGPEG
QHVYQCOKFURGEKGUKP6NC[ÕCPGXGTVJGNGUUCEEQTFKPIVQ)TCPFGCPF$GOKU
VJGTGKUPQVGXKFGPEGQHCP[CFFKVKQPCNCOKKFURGEKGUKP6NC[ÕC+PCFFKVKQPUQOG
WPEGTVCKP%CVWTKFNKMGſUJGU JCXG CNUQ DGGP KFGPVKſGF KP VJKU NQECNKV[ #RRNGICVG GV
CN
6JGQEEWTTGPEGQHVJGIGPWU/GNXKWUKP.CVG%TGVCEGQWUUGFKOGPVUQH%QCJWKNC
YCUTGRQTVGFD[4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTÈ\ DCUGFQPUECTEG
XGTVGDTCN HTCIOGPVU TGEQXGTGF KP 'N 2GNKNNCN NQECNKV[ %GTTQ FGN 2WGDNQ (QTOCVKQP
%QCJWKNC 5VCVG #FFKVKQPCN FKUEQXGTKGU KP VJKU HQTOCVKQP KPENWFG VJG TGEQXGT[ QH C
UMWNNVJCVUWRRQTVUQEEWTTGPEGQH/CNXKWUKPPQTVJGTP/GZKEQ *GTP¶PFG\4KXGTCGV
CN YJKEJTGRTGUGPVUVJGUQWVJGTPOQUVTGEQTFQHVJKUIGPWUKP#OGTKEC
#FFKVKQPCN .CVG %TGVCEGQWU COKKF HQUUKN URGEKOGPU JCXG DGGP EQNNGEVGF KP
QWVETQRUDGNQPIKPIVQVJG%QTTCNFG'POGFKQ(QTOCVKQP %CDWNNQPC)TQWR 5QPQTC
5VCVG .WECUCPF)QP\¶NG\.GÎP DWVDGUVRTGUGTXGFOCVGTKCNCPFQTFGVCKNGF
UVWFKGUCTGPGGFGFVQFGſPG VJGKT ſPG VCZQPQOKE CHſPKVKGU
%QPVTCT[VQ$NCPEQ2KÌÎPGVCN C CTGEGPVFGVCKNGFTGXKGYQHVJGHQUUKN
ſUJGU HTQO 8CNNGEKNNQ $NCPEQ2KÌÎP RGTU QDUGTX TGXGCNGF VJG VQVCN CDUGPEG
QHCOKKFTGOCKPU
+QPQUEQRKHQTOGU
6JGQTFGT+QPQUEQRKHQTOGUGTGEVGFD[)TCPFGCPF$GOKU KUC6TKCUUKE

'CTN[%TGVCEGQWUCEVKPQRVGT[IKCPITQWR+VU/GZKECPTGEQTFKUTGUVTKEVGFVQQPN[VYQ
URGEKGU HTQO VJG 'CTN[ %TGVCEGQWU #NDKCP NKVJQITCRJKE NKOGUVQPGU QH VJG 6NC[ÕC
3WCTT[#NVJQWIJVJGFGUETKRVKQPQH6GQKEJVJ[UMCNNKUVQU#RRNGICVGKUDCUGF
QPCHGYURGEKOGPUVQFC[KVKUMPQYPD[CVNGCUVDGCWVKHWNURGEKOGPU6GQKEJVJ[U
DGNQPIU VQ C ITQWR QH JGCX[ TJQODQKFUECNGF +QPQUEQRKHQTOGU VJCV KPENWFGU VJG
#OGTKECPIGPWU/CETGRKUVKWUCPFVJG'WTQRGCPIGPWU1RJKQRUKU
6JGUGEQPF/GZKECPKQPQUEQRKHQTOſUJ YCU KPFGRGPFGPVN[ KFGPVKſGF D[ )TCPFG
KP )TCPFG CPF $GOKU YJQ TGICTFGF KV CU +QPQUEQRWU UR C ,WTCUUKE
%TGVCEGQWU 'WTQRGCP IGPWU CPF #RRNGICVG GV CN YJQ EQPUKFGTGF KV CU
CP 1UJWPKCNKMG HQTO FWG VQ KVU CRRCTGPV UKOKNCTKV[ YKVJ VJKU 5QWVJ #OGTKECP ſUJ
2TGNKOKPCT[ TGUWNVU QP VJG UVWF[ QH VJKU URGEKOGP UJQY VJCV KV KU CP +QPQUEQRWU
1UJWPKC KPVGTOGFKCVG HQTO #NXCTCFQ 1TVGIC CPF 'URKPQUC#TTWDCTTGPC
#.8#4#&1146')#'6#.
'URKPQUC#TTWDCTTGPC CPF #NXCTCFQ1TVGIC CPF KVU HQTOCN FGUETKRVKQP KU

WPFGTGFKVQTKCNTGXKGY
$NCPEQ2KÌÎPGVCN GTTQPGQWUN[TGRQTVVJGQEEWTTGPEGQHſUJ DGNQPIKPI VQ
+QPQUEQRKFCGKPVJG.CVG%TGVCEGQWUSWCTTKGUPGCT/Õ\SWK\%QCJWKNC5VCVG#EVWCNN[
CUHCTCUYGMPQYVJGTGKUPQGXKFGPEGQHCP[PQPVGNGQUVQUVGKEJVJ[CPſUJGU KP VJGUG
NQECNKVKGU #NXCTCFQ1TVGICRGTUQDUGTX
.GRKUQUVGKHQTOGU
.WECUCPF)QP\¶NG\.GÎP TGRQTVGFVJGQEEWTTGPEGQHUECNGUDGNQPIKPI

VQ.GRKUQUVGWUQTICTU .GRKUQUVGKHQTOGU HTQOVJG.CVG%TGVCEGQWUUVTCVCQH2CEMCTF
5JCNG%CDWNNQPC)TQWR5QPQTC5VCVG
#FFKVKQPCN.GRKUQUVGWUTGOCKPUKPENWFKPIUECNGUXGTVGDTCGQRGTENGUCPFUMWNN
HTCIOGPVU CTG HTQO NQECNKVKGU YKVJKP %GTTQ FGN 2WGDNQ (QTOCVKQP %QCJWKNC 5VCVG
4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTÈ\*GTP¶PFG\4KXGTCGVCN
/CETQUGOKKFCG
6JG/GZKECPOCETQUGOKKFUTGRTGUGPVVJGſTUV TGEQTF QH VJG HCOKN[ KP #OGTKEC

)QP\¶NG\4QFTÈIWG\ )QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG
0GCT YGNNRTGUGTXGF OCETQUGOKKF URGEKOGPU UQ HCT TGEQXGTGF KP VJG
#NDKCP NKVJQITCRJKE NKOGUVQPG UVTCVC QH 6NC[ÕC 3WCTT[ KPENWFG /CETQUGOKQEQV\WU
COGTKECPWU )QP\¶NG\4QFTÈIWG\ GV CN 0QVCIQIWU PQXQOWPFK )QP\¶NG\
4QFTÈIWG\CPF4G[PQUQCUYGNNCUQVJGTVYQPGYHQTOUYJKEJCTGKPRTQEGUU
QHHQTOCNFGUETKRVKQPU6JGQVJGTVYQOCETQUGOKKFUHQWPFKPVJG#RVKCPUVTCVCQH'N
'URKPCN3WCTT[%JKCRCU5VCVGEQPUVKVWVGVJGQNFGTTGEQTFQHVJKUHCOKN[KP/ÃZKEQ
1PG QH VJGUG URGEKOGPU HTQO 'N 'URKPCN DGNQPIU VQ /CETQUGOKWU HQWPGVK URGEKGU
MPQYPHTQO'WTQRGCP,WTCUUKETQEMU6JKUTGOCKPUQHOCETQUGOKKFHQWPF%JKCRCU
TGRTGUGPVVJGUGEQPFHTGUYCVGTOCETQUGOKKFTGEQTFMPQYPKPVJGYQTNF )QP\¶NG\
4QFTÈIWG\GVCN
2[EPQFQPVKHQTOGU
6JG 2[EPQFQPVKHQTOGU CTG C JKIJN[ URGEKCNK\GF 6TKCUUKE'QEGPG ſUJ ITQWR

EJCTCEVGTK\GFD[VJGKTFGGRDQFKGUCPFETWUJKPIVGGVJDCVVGT[6JKUITQWRKUYKFGN[
TGRTGUGPVGFD[PWOGTQWU/GZKECPHQUUKNU (KIWTG KPENWFKPI,WTCUUKE%TGVCEGQWU
CUYGNNCURTQDCDN['QEGPGURGEKOGPU #RRNGICVGGVCN
6JG QNFGUV TGEQTF QH C /GZKECP R[EPQFQPVKHQTOU KU C XQOGT RNCVG HTQO VJG
,WTCUUKE UVTCVC PGCT 6CO¶P 8KNNCIG 5CP .WKU 2QVQUÈ 5VCVG YJKEJ KU KFGPVKſGF CU
)[TQFWUEH)OCETQRJVJCNOWUD[&WPMNGCPF/CNFQPCFQ-QGTFGNN
%CTTCP\C%CUVCÌGFC CPF #RRNGICVG TGRQTVGF CPQVJGT WPKFGPVKſGF
R[EPQFQPV XQOGT HTQO VJG %TGVCEGQWU UVTCVC QH %GTTQ .QU /GPFQ\C 'N &QEVQT
/'51<1+%156'+%*6*;#051(/':+%1
(QTOCVKQP *KFCNIQ 5VCVG .CVGT VJKU URGEKOGP YCU TGEQIPK\GF CU EH 2[EPQFWU UR
D[ %CUVKNNQ%GTÎP GV CN 0GXGTVJGNNGU KP VJKU RCRGT YG RTGHGT VQ TGRQTV KV
CU WPEGTVCKP R[EPQFQPVKHQTO VCZC DGECWUG VJGTG CTG ſXG XQOGTKPG VQQVJ TQYU KP
2[EPQFWU 2Q[CVQ#TK\C CPF 9GP\ EJCTCEVGT CPF VJKU URGEKOGP UJQYU
QPN[VJTGG
/×NNGTKGF UWIIGUVGF VJCV VJG R[EPQFQPV OCVGTKCNU HTQO 2CNGPSWG
%JKCRCU ſTUVN[ TGRQTVGF D[ 5CRRGT CTG 'QEGPG TGOCKPU VJCV DGNQPI VQ
2[EPQFWU4GEGPVN[VJGLQWTPCNKUV'4QOGTQ TGRQTVGFVJCV-KODGTN[5OKVJ
HTQO/KEJKICP7PKXGTUKV[ FKUEQXGTGFCPGY'QEGPGR[EPQFQPVURGEKGUQHVJGIGPWU
%QGNQFWUHTQOCNKOGUVQPGSWCTT[QH%JKCRCU5VCVG#EEQTFKPIVQVJKULQWTPCNKUVVJKU
URGEKGUKUPCOGFKPJQPQTQH/T#NXCTQ2CUEWCNYJQGNGXGP[GCTUDGHQTGHQWPFC
UKPINGUOCNNCPFEQORNGVGR[EPQFQPVKPCNKOGUVQPGSWCTT[KPCPGCTD[CTGC YJKEJ
RTQDCDN[KUVJGUCOGNQECNKV[QHVJQUGR[EPQFQPVUHQWPFKPVJGTWKPUQH2CNGPSWG /GCP
YJKNGCVVJGENQUGQHVJGſPCN GFKVKQP QH VJKU EJCRVGT PQ QVJGT OCPWUETKRV TGRQTVKPI VJKU
TGEGPVſPFKPIU JCU DGGP RWDNKUJGF PGXGTVJGNGUU PGKVJGT C RTGEKUG FGUETKRVKQP QH VJGUG
URGEKOGPUPQTCP[FGVCKNGFIGQNQIKECNUVWFKGUQHVJGKTRQUUKDNGNQECNKV[QTNQECNKVKGU
JCXGGXGTRGTHQTOGF#FFKVKQPCNTGEGPVN[FKUEQXGTGFR[EPQFQPVKHQTOTGOCKPUHTQO
VJKU CTEJGQNQIKECN UKVG 1XCNNGU&COK¶P CPF #NXCTCFQ1TVGIC RGTU QDU
UWRRQTVVJGKFGCVJCVVJGUGſUJGU CTG QNFGT VJCP 'QEGPG RTQDCDN[ .CVG %TGVCEGQWU CPF
VJCVVJG[FQPQVDGNQPIVQ2[EPQFWUDWVVJGEQPſTOCVKQP QH VJKU PGY KPVGTRTGVCVKQP
OWUVYCKVHQTFGVCKNGFCPCN[UGU
7PFQWDVGFN[VJG6NC[ÕC3WCTT[JCXGRTQXKFGFVJGNCTIGUVCPFYGNNRTGUGTXGF
TGEQTF QH 2[EPQFQPVKHQTOGU KP /GZKEQ 0QYCFC[U 6GRGZKEJVJ[U CTCPIWVJ[QTWO
#RRNGICVGKUVJGQPN[VCZQPHQTOCNN[FGUETKDGFHTQO6NC[ÕC3WCTT[PGXGTVJGNGUU
QVJGTPWOGTQWUHQTOUKFGPVKſGF KP VJKU 'CTN[ %TGVCEGQWU NQECNKV[ #RRNGICVG
#RRNGICVGGVCN#RRNCICVGGVCN #RRNGICVG TGEQIPK\GFCP
KUQNCVGF 0GQRTQUEKPGVGU XQOGT DQPG YJKEJ UJQYU VJG EJCTCEVGTKUVKE CNVGTPCVKQP QH
QPGNCTIGCPFVYQUOCNNVGGVJQPVJGOCKPXQOGTKPGVQQVJTQY %QPVTCT[VQ#RRNGICVG
JGTGKP YG UKORN[ TGHGTTGF VQ CNN VJG TGOCKPKPI WPFGUETKDGF HQTOU QPN[ CU
R[EPQFQPVKHQTOU 6CDNG DGECWUGVJGKTFGUETKRVKQPUVKNNKUKPRTQEGUU
6JGſTUV YQTMU QH VJG HQUUKN ſUJ CUUGODNCIG HTQO KP 8CNNGEKNNQ FKF PQV KPENWFG
VJGQEEWTTGPEGQH2[EPQFQPVKHQOGU $NCPEQ2KÌÎPGVCN DWVTGEGPVN[KFGPVKſGF
URGEKOGPUQHVJKUNQECNKV[CTGTGRQTVGFCU0WTUCNNKCEH0IQVVWTQUWO $NCPEQ2KÌÎP
GV CN C QT UKORN[ CU 0WTUCNNKC UR $NCPEQ2KÌÎP CPF (TG[ D E
$NCPEQ2KÌÎPCGVCN 9GWUGFVJGFGUKIPCVKQP0WTUCNNKCURKPQWT/GZKECP
/GUQ\QKE1UVGKEJVJ[CP#UUCGODNCIG.KUV 6CDNG FWGVJGCODKIWKV[QHVJGGCTNKGT
CPFKUQNCVGFRTGXKQWUőURGEKſE NGXGNŒ TGRQTV 'XGP YJGP VJKU VCZQPQOKE CUUKIPCVKQP
UVKNN TGSWKTGU C FGVCKNGF CPCN[UKU YG PQVGF VJCV 0WTUCNNKC KU C %GPQOCPKCP'QEGPG
OCTKPGIGPWURTGUGPVKP$TC\KN/QTQEEQ.GDCPQPCPF+VCN[YJGTGCU8CNNGEKNNQKUC
.CVG%TGVCEQGWU 6WTQPKCP NQECNKV[NQECNK\GFXGT[HCTHTQOVJQUGEQWPVTKGU6JGTGHQTG
VJGHWVWTGEQPſTOCVKQP QH UWEJ VCZQPQOKECN CUUKIPCVKQP QH VJKU R[EPQFQPVKHQTOU HTQO
#.8#4#&1146')#'6#.
(+)74'#RTQIPCVGF2[EPQFQPVKHQTOſUJ HTQO 'N 'URKPCN 3WCTT[ %JKCRCU
8CNNGEKNNQYKNNEQPVTKDWVGVQVJGWPFGTUVCPFKPIQHVJGGXQNWVKQPCT[CPFDKQIGQITCRJKECN
RCVVGTPUQHVJKUITQWR
#EVWCNN[ VJG HQTOCN FGUETKRVKQP QH VJG TCTG RTQIPCVGF CPF UKPING EQORNGVG
R[EPQFQPVKHQTOURGEKOGPHTQO'N'URKPCN3WCTT[%JKCRCU (KIWTG KUKPRTQEGUU
DWVKVKUTGOCTMCDNGVJCVCUQEEWTUYKVJVJGOCETQUGOKKFUHTQOVJKUNQECNKV[VJKUTCTG
ſUJ TGRTGUGPVU VJG UGEQPF HTGUJYCVGT R[EPQFQPVKHQTO TGEQTF MPQYP KP VJG YQTNF
(KPCNN[ UQOG QVJGT /GZKECP R[EPQFQPVKHQTOU KPENWFG C EQORNGVG URGEKOGPU
HTQO VJG .CVG %TGVCEGQWU 6GOQ\QN 3WCTT[ PGCT 6CZEQ )WGTTGTQ 5VCVG FGRQUKVGF
KPCRTKXCVGEQNNGEVKQPUQOGVQQVJRNCVGUHTQOCRQUUKDNG.CVG%TGVCEGQWUNQECNKV[
PGCT +ZECSWKZVNC 2WGDNC 5VCVG #NXCTCFQ1TVGIC CPF #RRNGICVG RGTU QDU
CPFHTCIOGPVCT[URGEKOGPUHTQO'N%JCPIQ3WCTT[%JKCRCU
5GOKQPQVKHQTOGU
6JG TGEQTF QH VJKU RTKOKVKXG JGCX[UECNGF CTOGF ſUJ ITQWR KP /GZKEQ QPN[
KPXQNXGU'CTN[%TGVCEGQWU #RVKCP .GRKFQVGUURGEKOGPUHTQOVJG5CVGUQH%JKJWCJWC
CPF2WGDNC
.WKU 4 5GIWTC 7PKXGTUKFCF 0CEKQPCN #WVÎPQOC FG $CLC %CNKHQTPKC 5WT
EQNNGEVGFCPKUQNCVGFDQF[HTCIOGPVUJQYKPIVJGURKPGFQTUCNGFIGUECNGUVJCVJGNRU
VQKVUKFGPVKſECVKQP CU .GRKFQVGUURKPVJGQWVETQRUQH4CPEJQ%QPUWGNQ%WEJKNNQ
(QTOCVKQP%JKJWCJWC5VCVG
/'51<1+%156'+%*6*;#051(/':+%1
#FFKVKQPCNN[ CDQWV C FQ\GP EQORNGVG CPF HTCIOGPVCT[ UMGNGVQPU DGNQPIKPI

VQ .GRKFQVGU UR JCXG DGGP KFGPVKſGF KP 6NC[ÕC 2WGDNC 5VCVG (KIWTG 6JGUG
UGOKPQVKHQTOUCTGVJQWIJVQTGRTGUGPVCVNGCUVVYQFKHHGTGPVURGEKGU #RRNGICVG
#RRNGICVG GV CN # HQTOCN FGUETKRVKQP QH VJKU ſUJGU KU WPFGT RTGRCTCVKQP D[
#RRNGICVGCPF#NXCTCFQ1TVGIC
6GNGQUVGKVJG%TQYPKPI#EVKPQRVGT[IKCPU
6GNGQUVGK VJG OQPQRJ[NGVKE ITQWRU QH VJG OQFGTP FQOKPCVG ſUJGU CRRGCTGF
FWTKPIVJG6TKCUUKEFWTKPIVJG,WTCUUKEVJG[TCRKFN[GXQNXGFKPVQCPCTTC[QHFKXGTUG
NKHGUVTCVGIKGUDQF[HQTOUCPFGXGPVWCNN[DGECOGCFCRVGFVQVJGOQUVFKXGTUGCSWCVKE
JCDKVCVURTQITGUUKXGN[FKURNCEKPIVQVJGRTKOKVKXGCEVKPQRVGT[IKCPITQWRU
6JG HQUUKNU QH GCTN[ VGNGQUVU FKUEQXGTGF KP /GZKEQ CTG ENCUUKſGF YKVJKP VJG
HQNNQYKPIQTFGTU
#URKFQTJ[PEJKHQTOGU
6JKURKRGſUJ ITQWR KU C EJCTCEVGTKUVKE ,WTCUUKE2CNGQEGPG OCTKPG CPF EQPVKPGPVCN

OQPQRJ[NGVKE VGNGQUV ENCFG $TKVQ YJKEJ KPXQNXGU VYQ IGPGTC HQWPF KP VJG
/GZKECP%TGVCEGQWUTGEQTF$GNGPQUVQOWUCPF8KPEVKHGT
6JG QTKIKPCN FGUETKRVKQP QH VJG GCTN[ #OGTKECP CURKFQTJ[PEJKHQTO MPQYP
$GNGPQUVQOWU QTPCVWU (GNKZ KU DCUGF QP 0GQEQOKCP KUQNCVGF TGOCKPU HTQO
%GTTQFGNC8KTIGP6NCZKCEQ1CZCEC5VCVG4GEGPVN[$TKVQ PQVGFUQOG
TGOCTMCDNGEJCTCEVGTUQHVJKUXCNKFURGEKGUDWVVJGUECTEGCPFRQQTOCVGTKCNCXCKNCDNG
RTGXGPV CP[ HWTVJGT VCZQPQOKECN CPCN[UKU #NVJQWIJ #RRNGICVG CPF %QOCU
EQNNGEVGFUQOGHGYCFFKVKQPCNTGOCKPUQH$GNGPQUVQOWUKPVJKUCTGCQH1CZCEC5VCVG
(+)74'.GRKFQVGUURHTQO6NC[ÕC3WCTT[
#.8#4#&1146')#'6#.
RTQDCDN[DGNQPIKPIVQVJGUCOGURGEKGU VJGKTHTCIOGPVCT[PCVWTGJCUPQVRGTOKVGF
CP[HWTVJGTCFXCPEG
# NCTIGCOQWPVQH YGNNRTGUGTXGF $GNQPQUVQOWU URGEKOGPUKP /GZKEQEQOGU
HTQO VJG #NDKCP NKVJQITCRJKE NKOGUVQPGU QH 6NC[ÕC 3WCTT[ 2WGDNC $TKVQ
PCOGFUQOGQHVJGUGURGEKOGPUCUő$GNGPQUVQOWUURHQTOŒIKXKPIUQOGQHVJGKT
RGEWNKCT EJCTCEVGTU DWV VJGKT HQTOCN FGUETKRVKQP KU UVKNN RGPFKPI #V VJG UCOG VKOG
8KPEVKHGT QPN[ QEEWTU KP VJG NKOGUVQPGU QH 6NC[ÕC DWV VJG UVWF[ QH CDQWV C FQ\GP
URGEKOGPUMPQYPKUKPRTQITGUU
+EJVJ[KFGEVKHQTOGU

/GZKECP+EJVJ[QFGEVKHQTOeUTGRTGUGPVCPCDWPFCPVCPFFKXGTUGHQUUKNCUUGODNCIG
#NXCTCFQ1TVGIC C CPCN[\GFVJKUTGEQTFEQPENWFKPIVJCVCNNVJGUG/GZKECP
HQUUKNſUJGU CTG TGNCVKXG FGTKXGF URGEKGU DGNQPIKPI VQ VJG UWDQTFGT +EJVJ[QFGEVQKFGK
#NUQ JG CITGGF YKVJ RTGXKQWU CWVJQTU KG $CTFCEM QP VJG PQVFKCIPQUVKE
PCVWTGQHVJGHTCIOGPVGFſP TC[ HTQO %GTTQ FG NC 8KTIGP 1CZCEC TGEQIPK\GF D[ (GNKZ
CU6JTKUUQRU!CPFKPVJGFWDKQWUCUUKIPCVKQPQHVJGUECNGCPFJGKORTGUUKQP
QHCRCTVKCNXGTVGDTCNEQNWOP YJKEJUJQYUVJGV[RKECNKEJVJ[QFGEVKHQOFQWDNGNCVGTCN
UQEMGVKPVJGEGPVTC HTQOVJG6WTQPKCPUGFKOGPVUQH#IWC0WGXC(QTOCVKQPPGCT
:KNKVNC5CP.WKU2QVQUÈ5VCVGCU:KRJCEVKPWUOQNQUUWUCPF+EJVJ[QFGEVGUTGURGEVKXGN[
CUVJG[YGTGTGRQTVGFD[/CNFQPCFQ-QGTFGNN
(TQO 8CNNGEKNNQ 0WGXQ .GÎP 5VCVG CPQVJGT /GZKECP +EJVJ[QFGEVKHTQO YCU
FGUETKDGF8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWO$NCPEQCPF%CXKP (KIWTG +VKU
EJCTCEVGTK\GFD[KVUNCTIGPWODGTQHXGTVGDTCG PGCTVQCJWPFTGF CPFTGNCVKXGUOCNN
VGGVJ
2T[OPGVGU NQPIKXGPVGT %QRG C OQPQURGEKſE CPF OQPQV[RKE IGPWU KU
HTQOCPWPEGTVCKPNQECNKV[ RQUUKDNGQH'CTN[%TGVCEGQWUCIG PGCT6WZVNC)WVKÃTTG\
%JKCRCU6JKUKUQNCVGTGRQTVCPFRQQTTGEQTFRTGENWFGFVJGKPENWUKQPQHVJKUſUJ KP
CP[RJ[NQIGPGVKEUVWF[CPFQHVGPKVYCUEQPUKFGTCVGFCUCPKPEGTVCGUGFKUHQTO KG
/CKUG[ WPVKN#NXCTCFQ1TVGIC UWIIGUVGFVJCV2T[OPGVGUKUENQUG
TGNCVGFVQ%NCFQE[ENWUCPFQVJGTFGTKXGFKEJVJ[QFGEVQKFIGPGTC
#NXCTCFQ1TVGIC D TGEQIPK\GF CV NGCUV HQWT PGY
KEJVJ[QFGEVKHQTO URGEKGU HTQO 6NC[ÕC 3WCTT[ #OQPI VJGO QPN[ 7PCOKEJVJ[U
GURKPQUCK#NXCTCFQ1TVGICJCUDGGPFGUETKDGFHQTOCNN[+VKUTGOCTMCDNGVJCV
VJGUGURGEKOGPUCTGFKHHGTKPIHTQOGCEJQVJGTOCKPN[D[VJGPWODGTQHXGTVGDTCG
4GEGPVN[)CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC KFGPVKſGF VJG RTGUGPEG
QHCſTUV RGEVQTCN TC[ VJCV UJQYU VJG EJCTCEVGTKUVKE őKEJVJ[QFGEVKFŒ DNCFGUJCRG CPF
UQOGKUQNCVGFKEJVJ[QFGEVKHQTOXGTVGDTCGKPVJG6WTQPKCPUVTCVCGZRNQKVGFKPVJG#TTQ[Q
.CU$QECU3WCTT[PGCT6CZEQ)WGTTGTQ4GOCKPU UECNGUVCKNUUMWNNXGTVGDTCGCPF
QVJGTRCTVUQHVJGDQF[ QHNCTIGKEJVJ[QFGEVKHQTOU YJKEJVQVCNNGPIVJKUGUVKOCVGF
KPOQTOQTG JCXGDGGPEQNNGEVGFKPVJG.CVG%TGVCEGQWUQWVETQRUPGCT/Õ\SWK\
%QCJWKNC 5VCVG $NCPEQ2KÌÎP GV CN 6YQ KEJVJ[QFGEVKHQTO URGEKOGPU CTG
KPENWFGFKPVJGſUJ CUUGODNCIG TGEQXGTGF KP VJG OKFFNG %TGVCEGQWU NKOGUVQPGU QH VJG
/'51<1+%156'+%*6*;#051(/':+%1
(+)74'8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWO$NCPEQCPF%CXKPHTQO6WTQPKCPQWVETQRU
QH8CNNGEKNNQ0WGXQ.GÎP5VCVG/GZKEQ
/WJK3WCTT[*KFCNIQCDGCWVKHWNN[RTGUGTXGFJGCFCPFCFGNKECVGURGEKOGPNCEMKPI
VJGUMWNN #NXCTCFQ1TVGICRGTUQDUGTX
.GRVQNGRKHQTOGU
.GRVQNGRKU YCU C /GUQ\QKE JKIJN[ UWEEGUUHWN EQUOQRQNKVCP VCZQP ECRCDNG QH

NKXKPI KP DQVJ OCTKPG CPF HTGUJYCVGT GPXKTQPOGPVU .GRVQNGRKU VCOCPGPUKU &WPMNG
CPF/CNFQPCFQ-QGTFGNNHTQOVJG,WTCUUKENQECNKV[KP6CO¶P5CP.WKU2QVQUÈ
5VCVGKUVJGQPN[KFGPVKſGF NGRVQNGRKHQTO ſUJ KP /GZKEQ
2JQNKFQRJQTKHQTOGU
6JG2JQNKFQRJQTKHQTOGUCTGCRCTCRJ[NGVKEITQWRMPQYPHTQOVJG.CVG6TKCUUKE
VQVJG%TGVCEGQWU6JG[TGRTGUGPVVJGOQUVRTKOKVKXGVGNGQUVENCFG #TTCVKC +P
/GZKEQ VJGKT TGEQTF KU TGUVTKEVGF VQ UECTEG WPFGUETKDGF #NDKCP 2JQNKFQRJQTKFNKMG
URGEKOGPUHTQO6NC[ÕC3WCTT[ #RRNGICVGCPF#RRNGICVGGVCN
6GNGQEGRJCNCVJG/QUV#FXCPEGF6GNGQUVU
6GNGQEGRJCNCKUVJGETQYPITQWRQHVGNGQUVU 2KPPC CPFKPENWFGUVCZCYKVJ

#.8#4#&1146')#'6#.
HQUUKNCPFNKXKPIHQTOUCUVJG1UVGQINQUUQOQTRJU DQP[VQPIWGſUJGU 'NQRQOQTRJU

VCTRQPUGGNUCPFTGNCVKXGU CPF%NWRGQOQTRJU JGTTKPIUCPFCNNKGU CNNYKVJ,WTCUUKE
URGEKGUCPF'WVGNGQUVGK ECTRUEJCTCEKPUECVſUJGU CPF CFXCPEGF URKP[ ſUJGU COQPI
QVJGTU VJCVGXQNXGFUKPEGVJG'CTN[%TGVCEGQWU+P/GZKEQVJGTGKUPQHQUUKNQTNKXKPI
QUVGQINQUUQOQTRJUMPQYPDWVCNCTIGPWODGTQHVJGQVJGT/GUQ\QKEVGNGQEGRJCNC
HQTOUCTGRTGUGPVKPVJGEQWPVT[
#NDWNKHQTOGU
$TCPPGTKQPKUCP KPEGTVCGUGFKU#NDWNKHQTOIGPWU (WNNGN VJCVKPENWFGU

VYQ 'CTN[ %TGVCEGQWU #RVKCP URGEKGU HTQO VJG 5CPVCPC (QTOCVKQP $TC\KN +P VJG
6NC[ÕC3WCTT[CHGYURGEKOGPUJCXGDGGPTGEQIPK\GFCPFUKORN[PCOGF$TCPPGTKQP
NKMGHQTOU #RRNGICVGGVCN 6JGUG/GZKECPCNDWNKHQTOUTGRTGUGPVVJGRQUUKDNG
NCVGUVUPQTVJGTPOQUVTGEQTFQHVJKUIGPWU
$GT[EKHQTOGU
6JKU FKXGTUG ENCFG RTQDCDN[ CRRGCTGF KP VJG #NDKCP CPF TCFKCVGF FWTKPI VJG
.CVG%TGVCEGQWUDGEQOKPICUWEEGUUHWNITQWRCNNQXGTVJGYQTNF )QQF[ +P
/GZKEQUVKNNWPFKUETKDGFDGTKEKHQTOUCTGRTGUGPVKPVYQNQECNKVKGU6JGGCTNKGUVTGEQTF
KUHTQOVJG#NDKCP6NC[ÕC3WCTT[ #RRNGICVGGVCN)QP\¶NG\4QFTÈIWG\GVCN
4GEGPVN[ HQUUKNU QH VJGUG ſUJGU YGTG TGEQXGTGF KP VJG #NDKCP%GPQOCPKCP
UGFKOGPVUQHVJG/WJK3WCTT[ )QP\¶NG\4QFTÈIWG\CPF)QP\¶NG\4QFTÈIWG\
CPF#RRNGICVG +PDQVJECUGUVJGURGEKOGPUCTGWPFGTUVWF[
2TGXKQWUTGRQTVUCDQWVVJG6WTQPKCPDGTKEKHQTOUHTQO8CNNGEKNNQCTGGTTQPGQWU
CPF EGTVCKPN[ VJGTG KU PQ GXKFGPEG VQ EQTTQDQTCVG VJGKT QEEWTTGPEG KP VJKU NQECNKV[
$NCPEQ2KÌÎPRGTUQDU

%NWRGKHQTOGU

#IWKNGTC TGRQTVGF VJG QEEWTTGPEG QH 5[NNCGOWU NCVKHTQPU KP /GZKEQ
VJG TGHGTTGF OCVGTKCN KU NQUV CPF VJG NQECNKV[ YCU PGXGT RTQRGTN[ TGEQTFGF #U YKVJ
RTGXKQWUCWVJQTU KG/CNFQPCFQ-QGTFGNN JGTGYGTGICTFVJKUTGEQTFCUCP
KPXCNKFTGRQTV
'NQRKHQTOGU
/GZKECP GNQRKHQTOU KPENWFG /GICNQRU UR CPF 2CTCGNQRU UR HTQO 6NC[ÕC
3WCTT[ #RRNGICVG#RRNGICVGGVCN/CKUG[ +PCFFKVKQPVJGTG
CTG UQOG KPFGVGTOKPCVG GNQRKHQTOU URGEKOGPU HTQO VJG #TTQ[Q NCU $QECU SWCTT[
PGCT6CZEQ)WGTTGTQ )CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC HTQOVJG/WJK
3WCTT[*KFCNIQ )QP\¶NG\4QFTÈIWG\GVCN CPFHTQO1CZCEC #RRNGICVGCPF
/'51<1+%156'+%*6*;#051(/':+%1
%QOCU PGXGTVJGNGUUCHQTOCNUVWF[QHVJGUGHQUUKNUKUTGSWKTGF
5GXGTCN DGCWVKHWN YGNNRTGUGTXGF URGEKOGPU DGNQPIKPI VQ VJG TCTG GNQRKF ſUJ
.COKPQURQPF[NWU 5RTKPIGT JCXG DGGP EQNNGEVGF HTQO VJG .CVG %TGVCEGQWU
RTQDCDN[ 6WTQPKCP SWCTTKGU PGCT /Õ\SWK\ %QCJWKNC 5VCVG 2KÌÎP$NCPEQ GV CN
+PVJGUGſUJGU VJG XGTVGDTCG JCXG VJG NCOKPCT CURGEV QH VJG VTCPUXGTUG RTQEGUUGU
TGEQIPK\GFCUCFKCIPQUVKEEJCTCEVGTQH.COKPQURQPF[NWU#ECTGHWNCPCVQOKECNUVWF[
QHVJKUWPEGTVCKPGNQRKFKUKPRTQEGUUCPFUQQPVJGFGUETKRVKQPQHVJGURGEKOGPUQHVJG
UGEQPFYQTNFTGRQTVQHVJKUIGPWUYKNNDGRWDNKUJGF (KIWTG
'NNKOOKEJVJ[KHQTOGU
+P/GZKEQCVNGCUVVYQMPQYP'CTN[%TGVCEGQWUNQECNKVKGUDGCTURGEKOGPUVJCV
DGNQPIVQVJKUITQWREQOOQPN[PCOGFVJGFQWDNGCTOQTGFJGTTKPIU
#IWKNGTC TGRQTVGFVJGQEEWTTGPEGQHC/GZKECP&KRNQO[UVWUURHTQOCP
WPEGTVCKPNQECNKV[KPPQTVJGTP/GZKEQ6JGCWVJGPVKEKV[QHVJKUTGRQTVKUEJCNNGPIGFFWG
VJGNCEMQHVJGCRRTQRKGVGſGNF FCVC CPF VJG CRRCTGPV NQUV QH VJG TGHGTTGF OCVGTKCN
#RRNGICVG TGRQTVGFVJGQEEWTTGPEGQH&KRNQOKUVWUTGNCVGFHQTOUDWVKP
QWT RTGUGPV MPQYNGFIG VJGUG GNNKOOKEJVJ[KHQTOU TCVJGT DGNQPI VQ 'NNKOOKEJVJ[U
%JCPI CPF )TCPFG ſI G H CNVJQWIJ VJGUG ſUJGU EQWNF TGRTGUGPV C PGY
IGPWU #RRNGICVGGVCN 2TGUGPVN[.KNKC#TKCUKURTGRCTKPIJGT/CUVGT&GITGG
VJGUKUKPENWFKPIVJGFGUETKRVKQPQHVJGUGHQUUKNſUJGU
)QPQTJ[PEJKHQTOGU
6JGTGCTGPQFGUETKRVKXGUVWFKGUQP/GZKECP)QPQTJ[PEJKHQTOGUQT/KNMſUJGU
CPFCNNKGUPGXGTVJGNGUUVJGTGCTGTGRQTVUQHVJGUGſUJGU HTQO VYQ NQECNKVKGU
#RRNGICVG KNNWUVTCVGF CP #NDKCP IQPQTJ[PEJKHQTO HTQO VJG 6NC[ÕC
3WCTT[ 2WGDNC 5VCVG CNUQ UGG )TCPFG CPF #RRNGICVG GV CN 5QOG
QVJGTWPEGTVCKPIQPQTJ[PEJKHQTOGUJCXGDGGPEQNNGEVGFKPVJG/WJK3WCTT[*KFCNIQ
)QP\¶NG\4QFTÈIWG\CPF#RRNGICVG
2CEJ[TJK\QFQPVKHQTOGU
#EEQTFKPIVQ%CXKP #TCTKRKEJVJ[U0QVGNQRU4JCEQNGRKU2CEJ[TJK\QFWU

)QWNOKEJVJ[UCPFQVJGTIGPGTCHQTORCTVQHVJKUENWRGQEGRJCNCQTFGT(QUUKNUQHVJGUG
IGPGTCJCXGDGGPTGEQXGTGFKP/GZKECP%TGVCEGQWUNQECNKVKGU
6JG[QWPIGTCPFſTUV 0QTVJ #OGTKECP URGEKOGPU DGNQPIKPI VQ #TCTKRKEJVJ[UC
FGGRDQFKGFſUJ IGPWU YGTG EQNNGEVGF KP VJG 6WTQPKCP FGRQUKVU QH 8CNNGEKNNQ 0WGXQ
.GÎP5VCVG $NCPEQCPF%CXKP
#V NGCUV HQWT RCEJ[TJK\QFQPVKHQTOGU IGPGTC JCXG DGGP EQNNGEVGF KP /GZKEQ
6JG 4JCEQNGRKUNKMG HQTO CPF 0QVGNQRU UR URGEKOGPU JCXG DGGP EQNNGEVGF KP VJG
#NDKCPNKOGUVQPGUQH6NC[ÕC3WCTT[6JG6WTQPKCP)QWNOKOKEJVJ[UTQDGTVK$NCPEQ
#.8#4#&1146')#'6#.
CPF %CXKP HTQO 8CNNGEKNNQ 0WGXQ .GÎP 5VCVG TGRTGUGPVU VJG ſTUV /GZKECP
RCEJKTJK\QFQPVKF KFGPVKſGF CPF EJCTCEVGTK\GF CV C URGEKſE NGXGN 1VJGT URGEKOGPU
TGRQTVGF CU RCEJ[TJ[\QFQPVKFU CTG HTQO %GTTQ FG NC 8KTIGP 6NCZKCEQ 1CZCEC
#RRNGICVGCPF%QOCU VJG/WJK3WCTT[*KFCNIQ5VCVG )QP\¶NG\4QFTÈIWG\
GVCN CPFVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC5VCVG $NCPEQGVCN
6UGNHCVKKHQTOGU $CPCPQIOKKHQTOGU
(+)74' .COKPQURQPF[NWU UR HTQOVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC5VCVG/GZKEQ

*GCFCPFRCTVQHVJGVTWPM CDQXG CPFXGTVGDTCGUJQYKPIVJGNCOKPCTCURGEVQHVJGVTCPUXGTUG
RTQEGUUGU DGNQY 5ECNGDCTUGSWCNEO
/'51<1+%156'+%*6*;#051(/':+%1
(QUUKNUDGNQPIKPIVQ6UGNHCVKKHQTOGUQT$CPCPQIOKKHQTOGUEQPHQTOCNCTIG.CVG
%TGVCEGQWUOCTKPGITQWR2TGXKQWUN[VJGUGHQUUKNſUJGU YGTG EQNNGEVGF QPN[ KP 0QTVJ
#OGTKEC'WTQRGCPF#HTKEC
9KVJKP VJG NCUV [GCTU TGOCKPU QH 6UGNHCVKKHQTOGU JCXG DGGP TGEQXGTGF KP
FKHHGTGPV7RRGT%TGVCEGQWU/GZKECPNQECNKVKGU#RRNGICVG TGRQTVGFCP#NDKCP
$CPCPQIOKWUNKMG ſUJ HTQO 6NC[ÕC 3WCTT[ EGPVTCN /GZKEQ $NCPEQ2KÌÎP
KNNWUVTCVGFUQOGEQORNGVG6WTQPKCPURGEKOGPUQH6UGNHCVKCURHTQO8CNNGEKNNQ0WGXQ
.GÎP 5VCVG KP PQTVJGTP /GZKEQ (KIWTG )CTKDC[4QOGTQ CPF #NXCTCFQ1TVGIC
KFGPVKſGF UQOG 6WTQPKCP 6UGNHCVKKHQTOGU TGOCKPU HTQO #TTQ[Q NCU $QECU
)WGTTGTQKPUQWVJGTP/GZKEQ
4GEGPVN[2KÌÎP$NCPEQ TGRQTVGFUQOGRNGVQFQPVKFNKMGſUJGU HQWPF KP VJG
SWCTTKGUPGCT/Õ\SWK\%QCJWKNCPQTVJGTP/GZKEQPGXGTVJGNGUUVJGCPCN[UKUQHUQOG
EQORNGVGCPFDGVVGTRTGUGTXGFURGEKOGPUUJQYUVJCVVJKUſUJGU DGNQPI VQ 6UGNHCVKC
#NXCTCFQ1TVGICRGTUQDUGTX
5CNOQPKHQTOGU
5CNOQPKHQTOGUCTGCFKXGTUGITQWRQHVGNGQUVUGPEQORCUUKPIUGXGTCNUWDQTFGU
VJCVTCFKCVGFFWTKPIVJG.CVG%TGVCEGQWU6JKUITGCVTCFKCVKQPKUGXKFGPVKPVJG7RRGT
%TGVCEGQWU NQECNKVKGU QH /ÃZKEQ UGG 6CDNG 6JG UWDQTFGTU 'PEJQFQPVQKFGK
+EJVJ[QVTKPIQKFGK%KOQNKEJVJ[QKFGKCPF*CNGEQKFGKTGRTGUGPVGFKP/ÃZKEQCTGHQWPF
VJTQWIJQWVOQUVQHVJG.CVG%TGVCEGQWUNQECNKVKGU
5GXGTCNHQUUKNUDGNQPIKPIVQ'PEJQFWURTQDCDN[TGRTGUGPVKPIFKHHGTGPVURGEKGU
JCXGDGGPEQNNGEVGFKP8CNNGEKNNQ0WGXQ.GÎP $NCPEQ2KÌÎP 5CP,QUÃFGNCU
4WUKCU6COCWNKRCUCPF:KNKVNC5CP.WKU2QVQUÈ /CNFQPCFQ-QGTFGNN
)CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC KFGPVKſGF CP KUQNCVGF NQYGT LCY
QH 'PEJQFWU UR HTQO #TTQ[Q NCU $QECU )WGTTGTQ CPF )QP\¶NG\4QFTÈIWG\ CPF
#RRNGICVG TGEQIPK\GFEQORNGVGCPFHTCIOGPVCT[URGEKOGPUDGNQPIKPIVQVJKU
IGPWUHTQOVJG/WJK3WCTT[*KFCNIQ$GUKFGUURGEKOGPUTGHGTTGFVQ2CTCGPEJQFWU
UR JCXG DGGP EQNNGEVGF KP VJG /WJK 3WCTT[ )QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG
#NCTIGEQORNGVG'PEJQFWUURGEKOGPCPFUGXGTCNHTCIOGPVUQHKVUDQF[JCXG
DGGPEQNNGEVGFKPVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2KÌÎP$NCPEQGVCN
1VJGT [GV WPFGUETKDGF .CVG %TGVCEGQWU /GZKECP 5CNOQPKHQTOGU KPXQNXG
&GTEGVKU 4J[PEJQFGTEGVKU EH 5CWTQTCORJWU 'PEJQFWU *CNGEKFU +EJVJ[QVTKPIKFU
HTQO 8CNNGEKNNQ 0WGXQ .GÎP $NCPEQ2KÌÎP COQPI QVJGTU
5KOKNCTCUUGODNCIGUJCXGDGGPTGRQTVGFHTQOVJG/WJK3WCTT[*KFCNIQ )QP\¶NG\
4QFTÈIWG\GVCN CPFVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2KÌÎP$NCPEQGV
CN +PCFFKVKQPURGEKOGPUQHVJKUIGPWUYGTGEQNNGEVGFKP#TTQ[QNCU$QECU
)WGTTGTQ5VCVGD[)CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC #EVWCNN[$NCPEQ
2KÌÎPCPF#NXCTCFQ1TVGICCTGYQTMKPIQPVJGFGUETKRVKQPQHCPGY4J[PEJQFGTEGVKU
URGEKGUHTQOVJG8CNNGEKNNQ3WCTT[
;CDTWFKEJVJ[NKMGURGEKOGPUJCXGDGGPTGRQTVGFHTQOVJG/WJK3WCTT[*KFCNIQ
5VCVG )QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG CPF HTQO VJG 6NC[ÕC 3WCTT[ KP
#.8#4#&1146')#'6#.
2WGDNC #RRNGICVGGVCN 5QOGQVJGT;CDTWFKEJVJ[UNKMGURGEKOGPUJCXGDGGP

EQNNGEVGFKPVJG#RVKCPUVTCVCQH'N'URKPCN3WCTT[%JKCRCU #NXCTCFQ1TVGICCPF
1XCNNGU&COK¶PRGTUQDUGTX
7PFGVGTOKPCVGF6GNGQUVU
5GXGTCN CPF FKXGTUG TGOCKPU QH WPFGVGTOKPCVGF 6GNGQUVU HTQO /GZKECP

%TGVCEGQWUNQECNKVKGUCTGKPRTQEGUUQHKFGPVKſECVKQP DWV KP OCP[ ECUGU CFFKVKQPCN
HQUUKNCPFTGEGPVOCVGTKCNKUPGGFGFHQTCFGSWCVGCPCVQOKECNEQORCTKUQPU+VKUVQPQVG
VJGTGOCTMCDNGKPETGCUGKPVJGPWODGTQHURGEKOGPUCPFNQECNKVKGUJQWUGFRTQRGTN[
EWTCVGF CPF TGEQTFGF KP RCNGQPVQNQIKECN /WUGWOU CPF 7PKXGTUKVKGU OCKPN[ VJQUG
TGRQTVGFHTQO%QCJWKNC%JKCRCU)WGTTGTQCPF*KFCNIQ
2CNGQDKQIGQITCRJKECNKORNKECVKQPU
6JGUECTEGQEWTTGPEGQH/GZKECP,WTCUUKEHQUUKNſUJ CUUGODNCIG RTGENWFGU CP[

UKIPKſECPV RCNGQDKQIGQITCRJKECN CPCN[UKU GZEGRV HQT C DTKGH EQOOGPVCT[ +P TGEGPV
CPF EQORTGJGPUKXG RJ[NQIGPGVKE CRRTQCEJGU QP 2[EPQFQPVKHQTOGU VJG EGPVTCN
RCRKNNCKPXQOGTKPGCPFRTGCTVKEWNCTVGGVJJCUDGGPEQPUKFGTGFCUCPCWVCRQOQTRJKE
CPFFKCIPQVKEEJCTCEVGTHQT)[TQFWU 2Q[CVQ#TK\CCPF9GP\ DCUGFQP
VJKUEQPFKVKQPVJGKFGPVKſECVKQP QH VJG XQOGT HTQO VJG ,WTCUUKE UVTCVC PGCT 6CO¶P
5CP.WKU2QVQUÈFGUETKDGFD[&WPEMNGCPF/CNFQPCFQ-QGTFGNN CU)[TQFWU
(+)74'6UGNHCVKCURHTQO8CNNGEKNNQ0WGXQ.GÎP
/'51<1+%156'+%*6*;#051(/':+%1
6#$.' /GUQ\QKE $QP[ ſUJGU QH /GZKEQ #DDTGXKCVKQPU Ō '4%6 'UEWGNC

4GIKQPCN FG %KGPEKCU FG NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FG )WGTTGTQ 6CZEQ
)WGTTGTQ/ÃZKEQ(%/2/WUGQFG2CNGQPVQNQIÈC(CEWNVCFFG%KGPEKCU70#/
(%6 (CEWNVCF FG %KGPEKCU FG NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FG 0WGXQ .GÎP
.KPCTGU0WGXQ.GÎP(/0*(KGNF/WUGWOQH0CVWTCN*KUVQT[%JKECIQ+NNKPQKU
75# +).70#/ +PUVKVWVQ FG )GQNQIÈC 70#/ +)/ %QNGEEKÎP 0CEKQPCN FG
2CNGQPVQNQIÈC +).70#/ +0#*&2 &GRCTVCOGPVQ FG 2TGJKUVQTKC +PUVKVWVQ
0CEKQPCNFG#PVTQRQNQIÈCG*KUVQTKC&(/ÃZKEQ/&% KPHQTOCNCDDTGXKCVKQP
/WUGQFGN&GUKGTVQ%QCJWKNC/ÃZKEQ/0*0/WUGQ0CEKQPCNFG*KUVQTKC0CVWTCN
&( /ÃZKEQ /'2# KPHQTOCN CDDTGXKCVKQP /WUGQ 'NKUGQ 2CNCEKQU #IWKNGTC
%JKCRCU/ÃZKEQ2#5#%%QNGEEKÎPFGNC5QEKGFCF%KXKNő2CNGQPVÎNQIQU#UQEKCFQU
FG 5CDKPCU # %Œ 7#*/2 /WUGQ FG 2CNGQPVQNQIÈC 7PKXGTUKFCF #WVÎPQOC FG
*KFCNIQ /ÃZKEQ 750/ 7PKVGF 5VCVGU 0CVKQPCN /WUGWO 9CUJKPIVQP & %
75#2GTUQPCNQDUGTXCVKQPUCTGUWRRQTVGFD[WPRWDNKUJGFRJQVQITCRJU5RGEKOGPU
WPFGT UVWF[ CTG FGPQVGF D[ WPFGTNKPGF CDDTGXKCVKQPU OGCPKPI VJCV VJGKT QHſEKCN
KPEQTRQTCVKQPUVQCEQNNGEVKQPKUKPRTQEGUUQTVJCVVJGUGYKNNDGFGRQUKVGFKPVJGTGHGTTGF
EQNNGEVKQPUCHVGTRWDNKECVKQP +VCNKECDDTGXKCVKQPUFGPQVGVJCVFWRNKECVGUCPFQTRGGNU
QHVJGTGHGTTGFURGEKOGPUCTGJQWUGFKPVJGTGURGEVKXGEQNNGEVKQPU
6#:# .QECNKV[5VCVGCPF %QNNGEVKQP
5#4%126'4;)++
#ZGNTQFKEJVJ[U 6NC[ÕC#NDKCP2WGDNC +)/
EH#CTCTKRGPUKU
%GTCVQFWUUR 2CTTCU6WTQPKCP!%QCJWKNC +)/
#%6+0126'4;)++
#OKKHQTOGU
/GNXKWUUR %GTTQFGN2WGDNQ(O%QCJWKNC +)/CPF/&%
1VQOKVNCURGEKQUC %GTTQFGNC8KTIGP1CZCEC %QNNGEVKQP(GNKZ.GKR\KI
7PKXGTUKV[!
2CEJ[COKCOGZKECPC 6NC[ÕC2WGDNC +)/CPF(/0*
#OKKFU %QTTCNFG'POGFKQ(O5QPQTC +)/
%CVWTKFNKMG 6NC[ÕC2WGDNC +)/
+QPQUEQRKHQTOGU
6GQKEJVJ[UMCNNKUVQU 6NC[ÕC2WGDNC +)/
+QPQUEQRKF 6NC[ÕC2WGDNC +)/
PGYIGPCPFUR
.GRKUQUVGKHQTOGU
.GRKUQUVGWU %GTTQFGN2WGDNQ(O%QCJWKNC /&%
.GRKUQUVGKFU .GRKUQUVGWU %GTTQFGN2WGDNQ(O%QCJWKNC +)/CPF/&% 2CEM
CTF5JCNG5QPQTC +)/
/CETQUGOKFCG
0QVCIQIWUPQXQOWPFK 6NC[ÕC2WGDNC +)/
/ETQUGOKWUHQWPGVK 'N'URKPCN%JKCRCU /'2#
/CETQUGOKQEQV\WUCOGTKECPWU 6NC[ÕC2WGDNC+)/
/CETQUGOKQEQV\WUCOGTKECPWU 6NC[ÕC2WGDNC +)/
/CETQUGOKFU
#.8#4#&1146')#'6#.
6#$.'%QPVKPWGF

2[EPQFQPVKHQTOGU ! UGG4QOGTQ
%QGNQFWUPUR 0GCT6CO¶P5CP.WKU2QVQUÈ 750/
)[TQFWUEH)OCETQRJVJCNOWU 8CNNGEKNNQ0WGXQ.GÎP (%6
0WTUCNNKCUR 6NC[ÕC2WGDNC +)/
0GQRTQUEKPGVGU 2CNGPSWG%JKCRCU +0#*&2QT+0#*
2[EPQFWUUR 6NC[ÕC2WGDNC +)/
6GRGZKEJVJ[UCTCPIWVJ[QTWO 6NC[ÕC 2WGDNC +)/ 8CNNGEKNNQ 0WGXQ .GÎP (%6
2[EPQFQPVKFU 'N'URKPCN%JKCRCU (%2 %GTTQ.QU/GPFQ\C*KFCNIQ
+)/ CPF6GOQ\QNSWCTT[PGCT6CZEQ)WGTTGTQ
#NXCTCFQ1TVGICRGTUQDU +ZECSWKZVNC2WGDNC
#RRNGICVGCPF#NXCTCFQ1TVGICRGTUQDU
5GOKQPQVKHQTOGU 6NC[ÕC2WGDNC +)/ 4CPEJQ%QPUWGNQ%JKJWCJWC !

.GRKFQVGUUR
6GNGQUVGK
#URKFQTJ[PEJKHQTOGU
$GNGPQUVQOWUQTPCVWU %GTTQ FG NC 8KTIGP 1CZCEC %QNNGEVKQP (GNKZ .GKR\KI
7PKXGTUKV[!
$GNQPQUVQOWUUR 6NC[ÕC2WGDNC +)/ /WJK*KFCNIQ 7#*/2 %GTTQ
FGNC8KTIGP1CZCEC (%/2
8KPEVKHGTUR 6NC[ÕC2WGDNC +)/
2JQNKFQRJQTKHQTOGU
2JQNKFQRJQTKFNKMG 6NC[ÕC2WGDNC +)/
.GRVQNGRKHQTOGU
.GRVQNGRKUVCOCPGPUKU 0GCT6CO¶P5CP.WKU2QVQUÈ 750/
+EJVJ[QFGEVKHQTOGU
+EJVJ[QFGEVGU :KNKVNC5CP.WKU2QVQUÈ +0#*&2
EH+EJVJ[QFGEVGU
2T[OPGVGUNQPIKXGPVGT 0GCT6WZVNC)WVKÃTTG\%JKCRCU 750/+)//'2#
6JTKUUQRU!UR %GTTQ FG NC 8KTIGP 1CZCEC %QNNGEVKQP (GNKZ .GKR\KI
7PKXGTUKV[!
7PCOKEJVJ[UGURKPQUCK 6NC[ÕC2WGDNC +)/
8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWO 8CNNGEKNNQ0WGXQ.GÎP (%6
:KRJCEVKPWUCWFCZ OQNQUUWU :KNKVNC 5CP .WKU 2QVQUÈ /CNFQPCFQ-QGTFGNN
RGTUQPCNQDUGTXCPFFTCY
+EJVJ[QFGEVKFUQT 3WCTTKGU PGCT /Õ\SWK\ %QCJWKNC 2#5#% 6NC[ÕC
+EJVJ[QFGEVKHQTOGU 2WGDNC +)/ #TTQ[QNCU$QECU)WGTTGTQ +)/ /WJK
3WCTT[*KFCNIQ 7#*/2
6GNGQEGRJCNC
#NDWNKHQTOGU
$TCPPGTKQPNKMGHQTO 6NC[ÕC2WGDNC +)/
$GT[EKHQTOGU
$GT[EKHQTO 6NC[ÕC 2WGDNC +)/ 8CNNGEKNNQ 0WGXQ .GÎP (%6
WPFGUETKDGFHTQOU /WJK3WCTT[*KFCNIQ 7#*/2
/'51<1+%156'+%*6*;#051(/':+%1
6#$.'%QPVKPWGF
%NWRGQOQTRJC
5[NNCGOWUNCVKHTQPU! 7PMPQYP #IWKNGTC
'NNKOOKEJVJ[KHQTOGU
'NNKO[EJVJ[UUR 6NC[ÕC2WGDNC +)/
&[RNQO[UVWU!UR 7PMPQYP #IWKNGTC
2CTCENWRGKFU 'N'URKPCN%JKCRCU /'2#
'NQRKHQTOGU
/GICNQRUUR 6NC[ÕC2WGDNC +)/
2CTCGNQRUUR 6NC[ÕC2WGDNC +)/
.COKPQURQPF[NWUUR 3WCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#%
'NQRKFCG /WJK3WCTT[*KFCNIQ 7#*/2
)QPQTJ[PEJKHQTOGU
)QPQTJ[PEJKHQTOGU 6NC[ÕC2WGDNC +)/ /WJK*KFCNIQ 7#*/2
2CEJ[TJK\QFQPVKHQTOGU
#TCTKRKEJVJ[UUR 8CNNGEKNNQ0WGXQ.GÎP (%6
)QWNOKOKEJVJ[UTQDGTVK 8CNNGEKNNQ0WGXQ.GÎP (%6
0QVGNQRUUR 6NC[ÕC2WGDNC +)/
4JCEQNGRKUŌNKMGHQTO 6NC[ÕC2WGDNC +)/
2CEJ[TJ[\QFQPVKFU 0GCT %GTTQ FG NC 8KTIGP 6NCZKCEQ 1CZCEC (%/2
8CNNGEKNNQ 0WGXQ .GÎP (%6 /WJK 3WCTT[ *KFCNIQ
7#*/2 SWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#%
6UGNHCVKKHQTOGU
6UGNHCVKCUR #TTQ[Q NCU $QECU )WGTTGTQ +)/ SWCTTKGU PGCT
/Õ\SWK\ %QCJWKNC 2#5#% 8CNNGEKNNQ 0WGXQ .GÎP
(%6
$CPCPQIOKWUNKMG 6NC[ÕC2WGDNC +)/
5CNOQPKHQTOGU
'PEJQFWUUR 8CNNGEKNNQ0WGXQ.GÎP (%6 :KNKVNC5CP.WKU2QVQUÈ
RGTUQDU #TTQ[QNCU$QECU)WGTTGTQ +)/ /WJK
*KFCNIQ 7#*/2 5CP,QUÃFGNCU4WUKCU6COCWNKRCU
+0#*&2
&GTEGVKUUR 8CNNGEKNNQ0WGXQ.GÎP (%6
2CTCGPEJQFWUUR /WJK*KFCNIQ 7#*/2
4J[PEJQFGTEGVKUUR 8CNNGEKNNQ0WGXQ.GÎP (%6 #TTQ[QNCU$QECU
)WGTTGTQ +)/
EH5CWTQTCORJWU 8CNNGEKNNQ0WGXQ.GÎP (%6
;CDTWFKEJVJ[NKMG 6NC[ÕC2WGDNC+)//WJK*KFCNIQ 7#*/2 'N'U
RKPCN3WCTT[%JKCRCU /'2#
1VJGTWPFKUETKDGFHQTOU
%KOQNKEJVKFU 8CNNGEKNNQ0WGXQ.GÎP (%6
'PEJQFQPVKFU 6NC[ÕC 2WGDNC +)/ 8CNNGEKNNQ 0WGXQ .GÎP (%6
/WJK*KFCNIQ 7#*/2 3WCTTKGUPGCT/Õ\SWK\
&GTEGVKFU %QCJWKNC 2#5#%
8CNNGEKNNQ0WGXQ.GÎP (%6 /WJK*KFCNIQ
7#*/2 3WCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#%
*CNGEKFU SWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#%
#.8#4#&1146')#'6#.
6#$.'%QPVKPWGF
8CNNGEKNNQ0WGXQ.GÎP (%6 /WJK*KFCNIQ

7#*/2
+EJVJ[QVTKPIKFU 8CNNGEKNNQ0WGXQ.GÎP (%6 /WJK*KFCNIQ
7#*/2
#WNQRKHQTOGU 8CNNGEKNNQ0WGXQ.GÎP (%6 /WJK*KFCNIQ
7#*/2
'NQRJQOQTRU 6NC[ÕC2WGDNC +)/ #TTQ[QNCU$QECU)WGTTGTQ
WPFGUETKDGFHQTOU +)/ PGCT%GTTQFGNC8KTIGP6NCZKCEQ1CZCEC
(%/2
%NWRGQOQTRJU 6NC[ÕC2WGDNC +)/ #TTQ[QNCU$QECU)WGTTGTQ
WPFGUETKDGF +)/ SWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#%
5CNOQPKHQTOGU /WJK*KFCNIQ 7#*/2
7PFGVGTOKPCVGF 6NC[ÕC2WGDNC +)/ /WJK*KFCNIQ 7#*/2
1UVGKEJVJ[CPUCPF6GNGQUVU 8CNNGEKNNQ0WGXQ.GÎP (%6 0GCT6WNC*KFCNIQ
/0*0 #TTQ[QNCU$QECU)WGTTGTQ '4%6 %JKCRCU
/'2#
EH)OCETQRVCNOWUKUEQPſTOGF 7PHQTVWPCVGN[ FWG VQ VJG NCEM QH DGVVGT URGEKOGPU

PGKVJGTVJKU/GZKECPTGEQTFPQTVJQUGVJTGGCFFKVKQPCN#OGTKECP VYQHTQO6GZCUCPF
QPG HTQO %WDC )[TQFWU TGEQTFU 4QOGT )TGIQT[ YGTG KPENWFGF KP
2Q[CVQ#TK\CCPF9GP\yU OQPQITCRJKETGXKGYQH2[EPQFQPVKHQTOGU
#EEQTFKPIVQ/CVQU VJG6GVJ[U5GCGXQNXGFHTQOVJGGCUVVQVJGYGUV
HQTOKPI RCTV QH VJG /GFKVGTTCPGCP 5GC FWTKPI VJG 6TKCUUKE CPF RCTV QH VJG #VNCPVKE
1EGCP FWTKPI VJG 'CTN[ %TGVCEGQWU #RVKCP#NDKCP )GQNQIKECN GXKFGPEG UWIIGUVU
VJCVVJGHQTOCVKQPQHVJG)WNHQH/GZKEQUVCTVGFKPVJG.CVG6TKCUUKECPFEQPENWFGF
CVVJGGPFQHVJG,WTCUUKE 1TVGIC)WVKÃTTG\GVCN &WTKPI,WTCUUKE%TGVCEGQWU
VKOGUJCNNQYVTQRKECNOCTKPGYCVGTUCUUQEKCVGFVQFGXGNQROGPVQHKUNCPFUCPFTGGHCN
EQOOWPKVKGU QEEWRKGF VJG EQPVKPGPVCN RNCVHQTO QH 0QTVJ #OGTKEC /GZKEQ CPF
%CTKDDGCP$CUGFQPGXKFGPEGFGTKXGFHTQOHQUUKNOCTKPGTGRVKNGU)CURCTKPK
UWIIGUVGFC,WTCUUKEUGCYC[EQPPGEVKQPDGVYGGPVJG)WNHQH/GZKEQCPF'WTQRG6JG
0QTVJ #OGTKECP 5QWVJ #OGTKECP CPF 'WTQRGCP ,WTCUUKE QEEWTTGPEG QH )[TQFWU
KPENWFKPIVJG/GZKECPTGRQTVFKUEWUUGFCDQXGUWRRQTVUVJKUEQPENWUKQPCDQWVUWEJ
,WTCUUKE UGCYC[ .CVGT (GTTWUSWÈC8KNNCHTCPEC CPF %QOCU4QFTÈIWG\ CNUQ
DCUGF QP HQUUKN OCTKPG TGRVKNGU RTQRQUGF C UKOKNCT EQPPGEVKQP DWV HQT VJG 'CTN[
%TGVCEGQWU6JG%WDCPCPF'WTQRGCPFKUVTKDWVKQPQHQVJGT,WTCUUKEſUJGU =CU %CVWTWU
GWPCVQKFGUCPFRTQDCDN[.GRVQNGRKUCPF5CWTQRUKU 6JKGU ?RTQXKFGUCFFKVKQPCN
UWRRQTVVQVJGUGKFGCUCUYGNNCUVJGQEEWTTGPEGQHCFFKVKQPCNYGNNMPQYP'WTQRGCP
,WTCUUKEſUJ HQTOU PQY TGEQTFGF KP VJG /GZKECP %TGVCEGQWU CUUGODNCIGU 6JKU VJG
ECUG QH VJG /CETQUGOKWU HQWPGVK VJG URGEKOGP EQNNGEVGF KP 'N 'URKPCN )QP\¶NG\
4QFTÈIWG\GVCN CPFVJGUGTXGTCNOCETQUGOKKFURGEKGUMPQYPHTQOVJG6NC[ÕC
3WCTT[ )QP\¶NG\4QFTÈIWG\CPF)QP\¶NG\4QFTÈIWG\GVCN
/'51<1+%156'+%*6*;#051(/':+%1
TGRQTVGFHQTVJGſTUV VKOG KP VJG 0GY 9QTNF

1PVJGQVJGTJCPF/CKUG[ CPCN[\GFVJGCUUQEKCVKQPQHVJGIGQITCRJKECN
FKUVTKDWVKQP QH ſUJGU KP #HTKEC 5QWVJ #OGTKEC CPF VJG %CTKDDGCP KPENWFKPI
/GZKEQ YKVJKP VJG EQPVGZV QH VJG CRGTVWTG QH VJG #VNCPVKE 1EGCP VJTQWIJQWV VJG
'CTN[ %TGVCEGQWU #RVKCP#DKCP CP GRKUQFG VJCV KPXQNXGU VJG EQPVKPGPVCN DTGCM
WRQH9GUVGTP)QPFYCPC $9) KPENWFKPIVJG9GUVGTP#HTKECCPF'CUVGTP5QWVJ
#OGTKECPCTGCU$CUGFQPVJGRTGUGPVTGXKGYQHVJG/GZKECP/GUQ\QKEſUJGU UQOG
PQVGUECPDGCFFGFVQ/CKUG[yU TGXKUKQPCNVJQWIJVJKUGZGTEKUGYKNNRTQFWEG
COQTGEQORNGZRTQEGUUVQGZRNCKPVJGFKUVTKDWVKQPQHUQOGQHVJG'CTN[%TGVCEGQWU
URGEKGU /CKUG[ FKF PQV TGRQTV ,WTCUUKE ſUJGU KP VJG $9) CTGC DWV VJG
VCZQPQOKECN CHſPKVKGU QH UQOG 'CTN[ %TGVCEGQWU ſUJGU HTQO %GPVTCN CPF 5QWVJGTP
/GZKEQENGCTN[CTGENQUGN[TGNCVGFVQENCFGUMPQYPKPVJG,WTCUUKE'CTN[%TGVCEGQWU
9GUVGTP6GJ[UTGCNO6JGUG/GZKECPHQUUKNſUJGU UGG 6CDNG CTG /CETQUGOKKFCG
+QPQUEQRKHQTOGU #URKFQTJ[PEJKHQTOGU .GRVQNGRKHQTOGU 5GOKQPQVKHQTOGU CPF
#OKKHQTOGU 6JG QEEWTTGPEGU QH VJGUG ſUJGU RTQDCDN[ UJQY VJCV VJG[ CTTKXGF VQ
VJG/GZKEQFWTKPI,WTCUUKEVKOGUQTCVVJGDGIKPPKPIQHVJG'CTN[%TGVCEGQWUCPF
RTQDCDN[VJG[GXQNXGFYKVJUQOGKPFGRGPFGPEGKP/GZKEQUKPEGVJGP
$GUKFGUVJCV$NCPEQCPF%CXKP CPF)QP\¶NG\4QFTÈIWG\CPF$TCXQ%WGXCU
KPRTGUU TGEQIPK\GFVJCVUGXGTCN.CVG%TGVCEGQWU/GZKECPſUJGU UJQY CHſPKVKGU YKVJ
QVJGT 6GVJ[CP CUUGODNCIGU NQECVGF KP 0QTVJ #OGTKEC 5QWVJ #OGTKEC #HTKEC CPF
'WTQRG6JGUGCWVJQTUDCUGFVJGKTQDUGTXCVKQPUQPVJGRTGUGPEGQHUGXGTCNſUJ ENCFGU
CU4J[PEJQFGTEGVKU6UGNHCVKC#TCTKRKEJVJ[U;CDTWFKEJVJ[UCPF2CTCGPEJQFWUVJCV
CEEGPVWCVGVJGKORQTVCPEGQHVJG/GZKECP/GUQ\QKEſUJ TGEQTF KP VJG WPFGTUVCPFKPI
QHVJGRCNGQDKQIGQITCRJKERCVVGTPUVJCVQUVGKEJVJ[CPUJCFFWTKPIVJG/GUQ\QKE
(KPCN4GOCTMU
#P GZEKVKPI HWVWTG KU YCKVKPI HQT VJG UOCNN /GZKECP 2CNGQKEJVJ[QNQIKECN
%QOOWPKV[VJCVKUHCEKPIVJGEJCNNGPIGQHUVWF[KPICEQORCTCVKXGN[NCTIG/GZKECP
/GUQ\QKE ſUJ TGEQTF /CP[ RQVGPVKCN PGY URGEKGU JCF DGGP TGEQIPK\GF CPF VJGKT
PWODGT KU EQPUVCPVN[ KPETGCUKPI UQ UGXGTCN [GCTU QH KPVGPUG YQTM CTG TGSWKTGF
0GXGTVJGNGUUYGJCXGLWUVUVCTVGFNGCTPKPIUQOGQHVJGKORNKECVKQPUVJCVVJKUTGEQTF
JCUYKVJKPQWTMPQYNGFIGQH/GZKECP2CNGQPVQNQI[5WTGN[VJGUGKPEQOKPIGHHQTVU
CTGIQKPIVQEJCPIGQWTWPFGTUVCPFKPIQHVJGU[UVGOCVKEUGXQNWVKQPCPFDKQIGQITCRJ[
QHOCP[/GUQ\QKEſUJ ITQWRU
4GHGTGPEGU
#IWKNGTC,)$QUSWGLQ)GQNÎIKEQFG/ÃZKEQ$QN+PUV)GQN/ÃZ
#IWKNGTC,).GU)KUUGOGPVUECTDQPKHÂTGUFG%QCJWKNC)WKFG)ÃQNQIKSWGFW/GZKSWGR
#IWKNGTC,)#RGTÁWUWTNC)ÃQNQIKGFW/GZKSWGRQWTUGTXKTFŏGZRNKECVKQP¶NCECTVGIÃQNQIKSWGFG
Ny#OÃTKSWGFW0QTF%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN:ÃOG5GUUKQP/GZKEQ+
#IWKNNÎP/CTVÈPG\/%'URKPQUC$CPF-KTMNCPF,+4QUVTQFG2G\5KGTTC+UEJ[TJ[\COKTC
(COKNKC5EJNGTQTJKPEJKFCG FGNC(QTOCEKÎP.WVKVC2CTTCU %CORCPKCPQ6CTFÈQ%TGV¶EKEQ5WRGTKQT
#.8#4#&1146')#'6#.
%QCJWKNC/ÃZKEQ8+%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV.KDTQFG4GUÕOGPGU
R
#NXCTCFQ1TVGIC,C&GUETKREKÎPRTGNKOKPCTFGWP)ÃPGTQ0WGXQ+EJVJ[QFGEVKHQTOG 0GQRVGT[IKK
6GNGQUVGK FG NC %CPVGTC 6NC[ÕC %TGV¶EKEQ 6GORTCPQ GP 6GRGZK FG 4QFTÈIWG\ 2WGDNC /ÃZKEQ
7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
#NXCTCFQ1TVGIC , D +EJVJ[QFGEVKHTQOGU OGZKECPQU 7P CP¶NKUKU FG UW FKXGTUKFCF #XCPEGU GP
+PXGUVKICEKÎP 2CNGQPVQNQIÈC FG 8GTVGDTCFQU 7PKX #WVÎP 'FQ *KFCNIQ +PUV +PX %KGPE 6KGTTC
2WD'UR
#NXCTCFQ1TVGIC,E#XCPEGUGPGN'UVWFKQFGNQU+EJVJ[QFGEVKHQTOGUFGNC%CPVGTC6NC[ÕC6GRGZK
FG4QFTÈIWG\2WGDNC8+%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNQGPV4GUÕOGPGUR

#NXCTCFQ1TVGIC,6JGEJCTCEVGTK\CVKQPQHVJGKEJVJ[QFGEVKHQTOUQHVJG6NC[WCSWCTT[KP2WGDNC
5VCVG/GZKEQVJ#PPWCN/GGVKPI5QE+EJVJ*GTR#DUVTCEVUR
#NXCTCFQ1TVGIC,&GUETKRVKQPCPFTGNCVKQPUJKRUQHCPGY+EJVJ[QFGEVKHQTOſUJ HTQO VJG 6NC[ÕC
(QTOCVKQP 'CTN[%TGVCEGQWU#NDKCP 2WGDNC/GZKEQ,8GTV2CNGQPV
#NXCTCFQ1TVGIC , 5KUVGO¶VKEC FG NQU RGEGU +EJVJ[QFGEVKHQTOGU FG NC %CPVGTC 6NC[ÕC 2WGDNC
/ÃZKEQ7PRWDNKUJGF2J&6JGUKU7PKXGTUKFCF0CEKQPCNCWVÎPQOCFG/ÃZKEQR
#NXCTCFQ1TVGIC,CPF#RRNGICVG526JGHQUUKNEQPUGTXCVKQPQPVJG6NC[ÕCSWCTTKGU6GRGZKFG
4QFTÈIWG\2WGDNC/ÃZKEQTF#PPWCN/GGVKPI)GQN5QE#O5QWVJ%GPVTCN5GEVKQP#DUVTCEVU
YKVJ2TQITCOU#
#NXCTCFQ1TVGIC,CPF'URKPQUC#TTWDCTTGPC..QUKQPQUEQRKFQUFGNC%CPVGTC6NC[ÕC6GRGZK
FG4QFTÈIWG\2WGDNC4GWPKÎP#PWCN7P)GQH/GZCPF:++4GWPKÎP0CEKQPCN5'.2'4
2TQITCOC[4GUÕOGPGUR#
#NXCTCFQ1TVGIC , CPF %CTTCP\C 1 C 6JG HQUUKN ſUJGU HTQO 2NKQEGPG NQECNKVKGU PGCT 6WNC FG
#NNGPFG *KFCNIQ /ÃZKEQ PF #PPWCN /GGVKPI 5QEKGV[ QH 8GTVGDTCVG 2CNGQPVQNQI[ , 8GTV
2CNGQPV 5WRRNGOGPVVQ0WODGT #
#NXCTCFQ1TVGIC,CPF%CTTCP\C1D'XKFGPEKCUHÎUKNGUFGNC2TGUGPEKCFGWP.CIQFWTCPVGGN
2NKQEGPQGPNCUEGTECPÈCUFG6WNC*KFCNIQ+++4GWPKÎP0CEKQPCNFG%KGPEKCUFGNC6KGTTC +++40%6
7P)GQH/GZ4GUÕOGPGUR
#NXCTCFQ1TVGIC , CPF %CTTCP\C 1 E .QU RGEGU HÎUKNGU FG NC TGIKÎP FG 6WNC *KFCNIQ 8+++
%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV2QPGPEKCUR
#NXCTCFQ1TVGIC,'URKPQUC#TTWDCTTGPC.CPF)W\O¶P(2GEGUKP(ÎUKNGUFG/ÃZKEQ%QCJWKNC
WPC XGPVCPC C VTCXÃU FGN VKGORQ )QDKGTPQ FGN 'UVCFQ FG %QCJWKNC %QCJWKNC /ÃZKEQ )QP\¶NG\
)QP\¶NG\#*CPF#&G5VÃHCPQ(CTÈCUGFU R
#NXCTCFQ1TVGIC , )CTKDC[4QOGTQ . / CPF 8GIC ( 4C[CU HÎUKNGU FGN %TGV¶EKEQ 5WRGTKQT
FGN 'UVCFQ FG )WGTTGTQ +: %QPITGUQ 0CEKQPCN FG 2CNGQPVQNQIÈC 5QE /GZ 2CNGQPV .KDTQ FG
4GUÕOGPGUR
#NXCTG\ , %QPVTKDWEKÎP CN EQPQEKOKGPVQ FG NQU DCITGU HÎUKNGU FG %JCRCNC [ <CEQCNEQ ,CNKUEQ
/ÃZKEQ+PUV0CN#PVTQRQN*KUV&GRV2TGJKUV2CNGQGEQN
#NXCTG\,%QPVTKDWEKÎPCNEQPQEKGOKGPVQFGNQURGEGUHÎUKNGUFG%JCRCNC[<CEQCNEQ #VGTÈPKFQU[
%KRTÈPKFQU #P+PUV0CN#PVTQRQN*KUVmÃRQEC
#NXCTG\ , CPF , #TTKQNC 2TKOGT IQQFGKFQ HÎUKN RTQEGFGPVG FGN 2NKQEGPQ LCNKEKGPUG 2KUEGU
6GNGQUVQOK $QN5QE%KGPE0CV,CNKUEQ
#NXCTG\,CPF/'/QPEC[Q%QPVTKDWEKÎPCNCRCNGQKEVKQNQIÈCFGNC%WGPECFG/ÃZKEQ#P+PUV
0CN#PVTQRQN*KUVmÃRQECR
#RRNGICVG522J[NGVKEUVWFKGU2CTV+6KIGT5JCTM7PKX0CN#WVÎP/ÃZKEQ+PUV)GQN4GX

#RRNGICVG 5 2 'N RTKOGT TGIKUVTQ FG WPC UGNCEKHCWPC OKQEÃPKEC FG /KEJQCE¶P +++ %QPITGUQ
0CEKQPCNFG<QQNQIÈC5QE<QQN/GZ4GUÕOGPGUR
#RRNGICVG526JG'N%KGP(QTOCVKQPUVTCVCQH1NKIQEGPGCPF'CTN[/KQEGPGCIGKP$CLC%CNKHQTPKC
5WT7PKX0CN#WVÎP/ÃZKEQ+PUV)GQN4GX
/'51<1+%156'+%*6*;#051(/':+%1
#RRNGICVG52#RTGNKOKPCT[UVWF[QHVJG6NC[ÕC3WCTT[PGCT6GRGZKFG4QFTÈIWG\2WGDNC5QE
/GZ2CNGQPV4GX
#RRNGICVG 5 2 # PGY IGPWU CPF URGEKGU QH C JQNQUVGCP DGNQPIKPI VQ VJG HCOKN[ 1RJKQRUKFCG
6GQKEJVJ[UMCNNKUVQUHTQOVJG%TGVCEGQWUPGCT6GRGZKFG4QFTÈIWG\2WGDNC7PKX0CN#WVÎP/ÃZ
+PUV)GQN4GX
#RRNGICVG 5 2 2GEGU KP (ÎUKNGU 6KRQ /GZKECPQU 2WDNKECVKQP VQ EGNGDTCVG VJG EGPVGPCT[ QH
VJG+PUVKVWVQFG)GQNQIÈC %CTTGÌQ#./%2GTTKNNKCV%)QP\¶NG\#TTGQNC52
#RRNGICVG1%CTTCP\C%CUVCÌGFCCPF'/CTVÈPG\*GTP¶PFG\GFU 7PKX0CN#WVÎP/ÃZ+PUV
)GQN
#RRNGICVG 5 2 # PGY IGPWU CPF URGEKGU QH R[EPQFQPV 6GRGZKEJVJ[U CTCPIWVJ[QTWO HTQO VJG
%TGVCEGQWU #NDKCP QH%GPVTCN/GZKEQ6GRGZKFG4QFTÈIWG\2WGDNC7PKX0CN#WVÎP/ÃZ+PUV
)GQN4GX
#RRNGICVG526JGWUGQHVQQVJUGVUKP/GZKECPURGEKGUQHVJGIGPWU%CTEJCTJKPWUYKVJEQOOGPVU
QP VJG HQUUKN JKUVQT[ QH VJKU IGPWU KP /GZKEQ #O 'NCUOQDTCPEJ 5QE 7PKX 6GZCU CV #WUVKP
#DUVTCEVU$QQMR
#RRNGICVG52#PQXGTXKGYQHVJG%TGVCEGQWUſUJGU QH VJG SWCTTKGU PGCT 6GRGZK FG 4QFTÈIWG\
2WGDNC /ÃZKEQ KP /GUQ\QKE (KUJGU 5[UVGOCVKEU CPF 2CNGQGEQNQI[ #TTCVKC ) CPF 8KQJN )
GFU /×PEJGPR
#RRNCICVG524GEGPVCFXCPEGUKPQWTMPQYNGFIGQHVG.CIGTUVCVÅPVJCV1EEWTUKPVJG6NC[WCSWCTTKGU
PGCT6GRGZKFG4QFTKIWG\2WGDNC/GZKEQ6JKTF+PVGTPCVKQPCN5[ORQUKWOQP.KVQITCRJKE.KOGUVQPGU
4GXKUVCFGN/WUGQ%KXKEQFK5EKGP\G0CVWTCNKő4PTKEQ%CHſŒ UWRNGOOGPVQ CN 8QNWOGP
#RRNGICVG526JG2[EPQFQPVHCWPCHTQOVJG.QYGT%TGVCEGQWUQH6GRGZKFG4QFTÈIWG\ 2WGDNC
/ÃZKEQ +++ +PVGTPCVKQPCN /GGVKPI QP /GUQ\QKE (KUJGU 5[UVGOCVKEU 2CNGQGPXKTQOGPVU CPF
$KQFKXGTUKV[#DUVTCEVUDQQMR
#RRNGICVG52CPF#NXCTCFQ1TVGIC,7RFCVGQHVJG6NC[ÕC/QFGNTF#PPWCN/GGVKPI)GQN
5QE#O5QWVJ%GPVTCN5GEVKQP#DUVTCEVUYKVJ2TQITCOU#
#RRNGICVG52#NXCTCFQ1TVGIC,)CTEÈC$CTTGTC21XCNNGU&COK¶P'CPF'URKPQUC#TTWDCTTGPC
.#P¶NKUKUFGNCFKXGTUKFCFFGRGEGUR[EPQFQPVKHQTOGUFG/ÃZKEQ+:%QPITGUQ0CEKQPCNFG
2CNGQPVQNQIÈC5QE/GZ2CNGQPV.KDTQFG4GUÕOGPGUR
#RRNGICVG52$WKVTÎP$'CPF.ÎRG\0GTK2.C%CPVGTC6NC[ÕCGPNCTGIKÎPFG6GRZKFG
4QFTÈIWG\2WGDNC'N5QNPJQHGPFG/ÃZKEQ8+%QPITGUQ0CEKQPCNFG<QQNQIÈC5QE<QQN/GZ
4GUWOGPGU PQVRCIKPCVGF
#RRNGICVG 5 2 CPF %QOCU 1 2TKOGTC KEVKQHCWPC FGN %TGV¶EKEQ +PHGTKQT FG /ÃZKEQ GUVCFQ FG
1CZCEC8%QPITGUQ)GQNÎIKEQ0CEKQPCN5QE)GQN/GZ4GUÕOGPGUR
#RRNGICVG5 2 CPF 'URKPQUC#TTWDCTTGPC . 6JG IGQNQI[ CPF UGNCEJKCPRCNGQPVQNQI[QH .QOC
FGN6KTCDW\ÎP %QTMUETGY*KNN 5CPVC4QUCNÈC$%5KP)GQNQI[QH0QTVJYGUVGTP/GZKEQCPF
5QWVJGTP#TK\QPC(KGNFVTKRHQTVJG)GQNQIKECN5QEKGV[QH#OGTKEC 1TVNKGD.CPF4QNF¶P,GFU
7PKX0CN#WVÎP/ÃZ+PUV)GQNR
#RRNGICVG5 2 CPF 'URKPQUC#TTWDCTTGPC . .KVQITCRJKENKOGUVQPGNKMGFGRQUKVU KP 6GRGZKFG
4QFTÈIWG\2WGDNC/GZKEQVJ#PPWCN/GGVKPI5QEKGV[QH8GTVGDTCVG2CNGQPVQNQI[(KGNF)WKFG
HQTVJGGZEWTUKQPR
#RRNGICVG52(GTTWUSWKC8KNNCHTCPEC+CPF'URKPQUC#TTWDCTTGPC.2TGNKOKPCT[QDUGTXCVKQPU
QPVJG)GQNQI[CPF2CNGQPVQNQI[QHVJG#TTQ[Q6KDWTÎPCTGC$CJÈC#UWPEKÎP$CLC%CNKHQTPKC5WT
/ÃZKEQKP$CLC%CNKHTQPKC)GQNQI[(KGNFIWKFGUCPF2CRGTU #DDQVV2#CPF4)QTFQP)CUVKN
GFU )GQN5QE#O#PPWCN/GGVKPIR
#RRNGICVG52)QP\¶NG\4QFTÈIWG\-CPF#NXCTCFQ1TVGIC,(KUJHCWPCQHVJG6NC[WCSWCTTKGU
KP2CNGQPVQNQIKECNJKIJNKIJVUQHVJG/KZVGEC2QDNCPCKP%GPVTCN/GZKEQ(KGNF)WKFG 'URKPQUC
#TTWDCTGPC . /QPVGNNCPQ$CNNGUVGTQU / CPF #RRNGICVG 5 2 GFU VJ #PPWCN /GGVKPI QH
5QEKGV[QH8GTVGDTCVG2CNGQPVQNQI[R
#RRNGICVG52CPF9KNUQP'%%QTTGNCVKQPQHHQUUKNKHGTQWUWRRGT1NKIQEGPGQT.QYGT/KQEGPG
UGEVKQPUCV5CP6GNOQ2QKPVCPF#TTQ[Q)WCFCNWRG$CLC%CNKHQTPKC5WT/GZKEQCPFCRQUUKDNGPGY
#.8#4#&1146')#'6#.
RJQURJCVGUQWTEG%QPITGUQ.CVKQPQCOGTKECPQFG)GQNQIÈC4GUÕOGPGU
#TCPFC/CPVGEC ( , 8GTVGDTCFQU OCTKPQU HÎUKNGU FG NC /KUKÎP $CLC %CNKHTQPKC /ÃZKEQ
7PRWDNWUJKGF/5VJGUKU7PKXGTUKFCF#WVÎPQOCFG$CLC%CNKHTQPKC
#TCPFC/CPVGEC ( , 6CHQPQOÈC FG 6KDWTQPGU (ÎUKNGU FGN )ÃPGTQ +UWTWU GP .C /KUKÎP $CLC
%CNKHQTPKC8+++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV2QPGPEKCUR
#TCPFC/CPVGEC(,6CHQHCEKGUFGNC(QTOCEKÎP4QUCTKQ$GCEJ/KQEGPQOGFKQ$CLC%CNKHQTPKC
/ÃZKEQ+:%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV.KDTQFG4GUÕOGPGUR
#TTCVKC)6JG5KUVGT)TQWRQH6GNGQUVGQ%QPUGPUWUCPF&KUCITGGOGPVU,8GTV2CNGQPVŌ
#UJD[,48GTVGDTCVG2CNGQGEQNQI[QHVJG.CVG2NKQEGPG#TTQ[Q5CNCFC.QECN(CWPC$CLC%CNKHQTPKC
5WT/ÃZKEQ2CNGQGEQNQIÈCFGXGTVGDTCFQUFGNCHCWPCNQECNFGN#TTQ[Q5CNCFCFGN2NKQEGPQVCTFÈQ
$CLC%CNKHQTPKC5WT/ÃZKEQ%KGPEKCU/CTKPCU
#XGPFCÌQ)KN / , %QWVKÌQ,QUÃ / # CPF 2KOGPVGN<GRGFC ( 4GUECVG FGN RCVTKOQPKQ
2CNGQPVQNÎIKEQFGNC%CTTGVGTC1EQ\QEWCWVNC%QUQNGCECSWG'UVCFQFG%JKCRCU/ÃZKEQ8+%QPITGUQ
0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV4GUÕOGPGUR
#XGPFCÌQ)KN , ( 2KOGPVGN CPF %QWVKÌQ / %TGVCEGQWU XGTVGDTCVGU HTQO %JKCRCU 5QWVJGTP
/GZKEQ TF #PPWCN /GGVKPI )GQN 5QE #O 5QWVJ%GPVTCN 5GEVKQP #DUVTCEVU YKVJ 2TQITCOU
#
$CTDQWT%&#DKQIGQITCRJKECNJKUVQT[QH%JKTQUVQOC 2KUEGU#VJGTKPKFCG #URGEKGUƀQEM HTQO
VJG/GZKECPRNCVGCW%QRGKC
$CTFCEM & #PCVQO[ CPF GXQNWVKQP QH %JKTQEGPVTKF ſUJGU 7PKX -CPUCU 2CNGQPV %QPVT 8GTV
CTVKENGR
$CTTKQU4KXGTC/'UVWFKQ#PCNÈVKEQFGNTGIKUVTQRCNGQXGTVGDTCFQNÎIKEQFG/ÃZKEQ7PRWDNKUJGF
$GEGTTC/CTVÈPG\%#'UVWFKQCPCVÎOKEQFGNCUCNGVCUKORCTGUFGNQU)QQFGKFQUHÎUKNGURTQEGFGPVGU
FG5CPEVQTWO (QTOCEKÎP#VQVQPKNEQGN)TCPFG *KFCNIQ7PRWDNKUJGF$CEJGNQTŏUFGITGG6JGUKU
7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ(CEWNVCFFG'UVWFKQU5WRGTKQTGUFG<CTCIQ\CR
$GPCOOK/7TTWVKC(WEWICWEJK,CPF#NXCTCFQ1TVGIC,/CIPGVKERQNCTKV[UVTCVKITCRJ[QH
VJG6NC[ÕC(QTOCVKQPPGCT6GRGZKFG4QFTÈIWG\5VCVGQH2WGDNC/GZKEQ4GWPKÎP#PWCNFGNC
7PKÎP)GQHÈUKEC/GZKECPC.KDTQFG4GUÕOGPGUR
$GPCOOK/7TTWVKC(WEWICWEJK,CPF#NXCTCFQ1TVGIC,/CIPGVKERQNCTKV[UVTCVKITCRJ[QHVJG
ő/GZKECP5QNPJQHGPŒ6JG6NC[ÕC(QTOCVKQPPGCT6GRGZKFG4QFTÈIWG\5VCVGQH2WGDNC/GZKEQ
'WTQRGCP)GQUEKGPEGU7PKQP)GQRJ4GU#DUVTXQNR
$NCPEQ#CPF%CXKP.0GY6GNGQUVGKHTQOVJGCIWC0WGXC(QTOCVKQP 6WTQPKCP 8CNNGEKNNQ 0'
/GZKEQ %42CNGQGXQN
$NCPEQ2KÌÎP#8CNNGEKNNQ0WGXQ.GÎP;CEKOKGPVQHQUKNÈHGTQFGN0QTGUVGFG/ÃZKEQ7PRWDNKUJGF
/5VJGUKU7PKXGTUKFCF#WVÎPQOCFG0WGXQ.GÎP
$NCPEQ2KÌÎP#.CVG%TGVCEGQWU 6WTQPKCP ſUJ CUUGODNCIG HTQO 8CNNGEKNNQ PQTVJGCUVGTP /GZKEQ
%QNNQSWGUWTNG%ÃPQOCPKGP$WNN5QE'V5EK0CVR
$NCPEQ2KÌÎP#2TKOGTTGIKUVTQFG#TCTKRKEJVJ[U5KNXC5CPVQU 6GNGUQVGK#TCTKRKEJVJ[FCG
GP UGFKOGPVQU %TGV¶EKEQU 6WTQPKCPQ FGN 0QTGUVG FG /ÃZKEQ 8+++ %QPITGUQ 0CEKQPCN FG
2CNGQPVQNQIÈC5QE/GZ2CNGQPV2QPGPEKCUR
$NCPEQ2KÌÎP#CPF(TG['C#PGY+EJVJ[QFGEVQKFGKHTQOVJG#IWC0WGXC(QTOCVKQP .CVG
%TGVCEGQWU 8CNNGEKNNQ 0' /GZKEQ +++ +PVGTPCVKQPCN /GGVKPI QP /GUQ\QKE (KUJGU 5[UVGOCVKEU
2CNGQPXKTQOGPVUCPF$KQFKXGTUKV[#DUVTCEVDQQMR
$NCPEQ 2KÌÎP # CPF (TG[ ' D (KTUV QEEWTTGPEG QH 0WTUCNNKC UR 2[EPQFQPVQKFGK KP OCTKPG
UGFKOGPVUQHVJG#IWC0WGXC(QTOCVKQP 6WTQPKCP 8CNNGEKNNQ0'/GZKEQCPFKVUUKIPKſECPEG 8+
'WTQRGCP9QTMUJQRQP8GTVGDTCVG2CNGQQPVQNQI[#DUVTCEVXQNWOGR
$NCPEQ 2KÌÎP # CPF (TG[ ' E (KTUV QEEWTTGPEG QH 0WTUCNNKC UR 2[EPQFQPVQKFGK KP OCTKPG
UGFKOGPVUQHVJG#IWC0WGXC(QTOCVKQP 6WTQPKCP 8CNNGEKNNQ0'/GZKEQCPFKVUUKIPKſECPEG +++
+PVGTPCVKQPCN/GGVKPIQP/GUQ\QKE(KUJGU5[UVGOCVKEU2CNGQPXKTQOGPVUCPF$KQFKXGTUKV[#DUVTCEV
DQQMR
$NCPEQ2KÌÎP#(TG['CPF5VKPPGUDGEM9C#PGYXGTVGDTCVGHCWPCHTQO8CNNGEKNNQ0.
/'51<1+%156'+%*6*;#051(/':+%1
(QUUKN.CIGTUV¼VVG KP VJG 7RRGT %TGVCEGQWU QH 0' /GZKEQ 8 'WTQRGCP 9QTMUJQR QP 8GTVGDTCVG
2CNGQQPVQNQI[#DUVTCEVUR
$NCPEQ2KÌÎP#5VKPPGUDGEM9CPF.ÎRG\1NKXC,)D+EVKQHCWPCFG8CNNGEKNNQ0WGXQ.GÎP
/ÃZKEQ8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV.KDTQFG4GUÕOGPGUR

$NCPEQ2KÌÎP#(TG['5VKPPGUDGEM9CPF.ÎRG\1NKXC,).CVG%TGVCEGQWU 6WTQPKCP
ſUJ CUUGODNCIG HTQO 8CNNGEKNNQ 0QTVJGCUVGTP /GZKEQ 0,D)GQN2CN¼QPV#DJ
$NCPEQ2KÌÎP#.ÎRG\1NKXC,)5VKPPGUDGEM9#FFGVG6CPF)QP\¶NG\#*8CNNGEKNNQ
0WGXQ.GÎPő(QUUKN.CIGTUV¼VGŒGPGN0QTGUVGFG/ÃZKEQ8+%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC
5QE/GZ2CNQGPV4GUÕOGPGUR
$NCPEQ2KÌÎP#2QTTCU*8GIC8GTC()QP\¶NG\4QFTÈIWG\-#CPF#NXCTCFQ1TVGIC,
/Õ\SWK\ %QCJWKNC C PGY HQUUKNKHGTQWU NQECNKV[ PQTVJGCUVGTP /GZKEQ +: %QPITGUQ 0CEKQPCN FG
2CNGQPVQNQIÈC5QE/GZ2CNGQPV.KDTQFG4GUÕOGPGUR
$NCPEQ2KÌÎP#5VKPPGUDGEM9.ÎRG\1NKXC,)(TG['#FCVVG6CPF)QP\¶NG\#*
8CNNGEKNNQ0WGXQ.GÎPWPCPWGXCNQECNKFCFHQUKNÈHGTCFGN%TGV¶EKEQ6CTFÈQGPGNPQTGUVGFG/ÃZKEQ
4GX/GZ%KGPE)GQN
$NQEM+VWTTKCIC%%QPVTKDWEKÎPCNGUVWFKQUFGNQURGEGUHÎUKNGUFGN8CNNGFG/ÃZKEQ7PRWDNKUJGF
$ÑUG'#NIWPCUHCWPCUFGN%TGV¶EKEQ5WRGTKQTFG%QCJWKNC[TGIKQPGUNKOÈVTQHGU+PUV)GQN/ÃZ
$QNR
$ÑUG'CPF%CXKPU16JG%TGVCEGQWUCPF6GTVKCT[QHUQWVJGTP6GZCUCPFPQTVJGTP/GZKEQ7PKX
6GZCU$WNNR
$TCFDWT[2,2CNGQNKOPQNQI[QH.CMG6GZEQEQ/GZKEQ'XKFGPEGHTQOFKCVQOU.KOP1EGCPQIT

$TKFIGU . 9 CPF &G(QTF 4 - 2TG%CTDQPKHGTQWU 2CNGQ\QQKE 4QEMU KP EGPVTCN %JKJWCJWC
/GZKEQ#O#UUQE2GVT)GQN$WNN
$TKVQ 2 / 4ÃXKUKQP FGU #URKFQTJ[PEJKFCG 2KUEGU #EVKPQRVGT[IKK FW /ÃUQ\QÊSWG QUVÃQNQIKG
TGNCVKQPURJ[NQIÃPÃVKSWGUFQPPÃGUGPXKTQOGPVCNGUGVDKQIÃQITCRJKSWGU)GQFKXGTUKVCU
$TQYP$$TCEJ[QUVTCEQPCPGYIGPWUQH)N[RVQFQPVUHTQO/GZKEQ#O/WU0CV*KUV$WNN

%CTTCP\C%CUVCÌGFC1CPF#RRNGICVG522TKOGTTGIUKVTQFGRGEGURKEPQFÎPVKFQUGPGN'UVCFQ
FG*KFCNIQ7PKX#WVÎP'FQ*KFCNIQ2CPETQOQ
%CTTCP\C%CUVCÌGFC1CPF/KNNGT'95GNGEVGFNCVG%GPQ\QKEXGTVGDTCVGNQECNKVKGUKPVJG5VCVG
QH *KFCNIQ CPF )WCPCLWCVQ /GZKEQ (KGNF )WKFG VJ #PPWCN /GGVKPI QH 5QEKGV[ QH 8GTVGDTCVG
2CNGQPVQNQI[R
%CTTCP\C%CUVCÌGFC1/KNNGT'9CPF/CTVÈPG\,)WKFGDQQMQH)WCPCLWCVQPF#PP/GGV
5QE8GTV2CNGQPVR
%CUVCÌGCFC2QUCFCU % +FGPVKſECEKÎP FG OCFGTCU VGTEKCTKCU FG 2CPQVNC 6NCZECNC /ÃZKEQ [ UWU
KORNKECEKQPGU RCNGQDKQNÎIKECU 7PRWDNKUJGF 2TQHGUUKQPCN VJGUKU 7PKXGTUKFCF 0CEKQPCN #WVÎPQOC
FG/ÃZKEQ
%CUVKNNQ%GTÎP , %CDTCN2GTFQOQ / # CPF %CTTCP\C%CUVCÌGFC 1 8GTVGDTCFQU (ÎUKNGU FGN
'UVCFQFG*KFCNIQ (QUUKN8GTVGDTCVGUHTQOVJG5VCVGQH*KFCNIQ 7PKX#WVÎP'FQ*KFCNIQ
R
%CXGPFGT / 6 CPF /KNNGT 4 4 5CNOQ CWUVTCNKU C PGY URGEKGU QH HQUUKN UCNOQPQKF HTQO
UQWVJYGUVGTP/GZKEQ7PKX/KEJKICP%QPVTKD/WU2CNGQPVQN8R
%CXKP.)QWNOKEJVJ[UCTCODQWTIK%CXKPCPFVJGRJ[NQIGPGVKETGNCVKQPUJKRURHVJG%TGVCEGQWU
2CEJ[TJK\QFQPVKFCG++++PVGTPCEKQPCNOGGVKPIQP/GUYQ\QKEſUJGU 5[UVGOCVKEU 2CNGQGPXKTQOGPVU
CPF$KQFKXGTUKV[#DUVTCEVDQQMR
%JCPI//CPF)TCPFG.4GFGUETKRVKQPQH2CTCENWRGCEJGVWPIGPUKUCPGCTN[ENWRGQOQTRJ
HTQOVJG.QYGT%TGVCEGQWUQH5QWVJGTP%JKPC(KGNFKCPC)GQNPUGT
%QRG'&1PVYQGZVKPEVHQTOUQH2J[UQUVQOKQHVJG0GQVTQRKECNTGIKQP2TQE#O2JKN5QE

&G%UGTPC</GOQTKCNVQ/CPWGN/CNFQPCFQ-QGTFGNN)GQN5QE#OR
#.8#4#&1146')#'6#.
&KEMGTUQP4'CPF-GY9596GTVKCT[/QNNWUMUCPF'EJKPQFGTOUQH6WZRCP/ÃZKEQ)GQN
5QE#O$WNN
&QYPU 6 (QUUKN XGTVGDTCVGU HTQO .CIQ FG %JCRCNC ,CNKUEQ /GZKEQ %QPITGUQ )GQNÎIKEQ
+PVGTPCEKQPCN::mUGUUKQP5GE8++2CNGQPVQNQIÈC6CZQPQOKC['XQNWEKÎPR
&WPMNG & * CPF /CNFQPCFQ-QGTFGNN / 0QVGU QP UQOG /GUQ\QKE HQUUKN ſUJ TGOCKPU HTQO
/GZKEQ,9CUJ#ECF5EK
&WTJCO 9 , #RRNGICVG 5 2 CPF 'URKPQUC#TTWDCTGPC . 1PUJQTG OCTKPG %GPQ\QKE CNQPI
UQWVJYGUV2CEKſE EQCUV QH /GZKEQ)GQN5QE#O$WNN
'URKPQUC#TTWDCTGPC..QUVKDWTQPGUHÎUKNGU .COPKHQTOGU FGN4CPEJQ#NIQFQPGU$CLC%CNKHQTPKC
5WT/ÃZKEQ7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
'URKPQUC#TTWDCTGPC . 0GQIGPG URGEKGU QH VJG IGPWU +UWTWU 'NCUOQDTCCPEJKK .COPKFCG KP
UQWVJGTP%CNKHQTPKC75#CPF$CLC%CNKHQTPKC5WT/GZKEQ7PRWDNKUJGF/5VJGUKU%CNKHQTPKC
5VCVG7PKXGTUKV[
'URKPQUC#TTWDCTGPC.CPF#NXCTCFQ1TVGIC,.CUCſPKFCFGU FG NQU KQPQEÎURKFQU FG NC %CPVGTC
6NC[ÕC2WGDNC8+++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV2QPGPEKCUR
'URKPQUC#TTWDCTGPC.CPF#RRNGICVG52#RQUUKDNGOQFGNHQTVJGRCNGQGEQNQI[QHVJGXGTVGDTCVG
DGCTKPIDGFUKPVJG6NC[ÕCSWCTTKGUPGCT6GRGZKFG4QFTÈIWG\2WGDNC/ÃZKEQKP/GUQ\QKE(KUJGU
5[UVGOCVKEUCPF2CNGQGEQNQI[ #TTCVKC)CPF8KQJN)GFU /×PEJGPR
'URKPQUC#TTWDCTGPC . CPF #RRNGICVG 5 2 4GXKUKÎP FG NQU VKDWTQPGU FG NC (QTOCEKÎP 'N
%KGP$CLC%CNKHQTPKC5WT/ÃZKEQ8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV
4GUÕOGPGUR
'URKPQUC#TTWDCTGPC.#RRNGICVG52CPF)QP\¶NG\4QFTÈIWG\-6JGſTUV OGZKECP TGEQTF
QHCEQGNCECPVJ 1UVGKEJVJ[GU5CTEQRVGT[IKK HTQOVJG6NC[ÕCSWCTTKGUPGCT6GRGZKFG4QFTÈIWG\
2WGDNC YKVJ C FKUEWUUKQP QP VJG KORQTVCPEG QH VJKU HQUUKN 5KZVJ 0QTVJ #OGTKECP 2CNGQPVQNQIKECN
%QPXGPVKQP2CNGQPV5QE5RGE2WD
'URKPQUC2ÃTG\ * )QP\¶NG\4QFTÈIWG\ - CPF #RRNGICVG 5 2 0WGXQU 4GIKUVTQU FG 2GEGU
&WNEGCEWÈEQNCU(ÎUKNGUGP/ÃZKEQ++%QPITGUQ0CEKQPCNFG+EVKQNQIÈC4GUÕOGPGUR
(GNFOCPP4/8GIC(,#RRNGICVG52CPF$KUJQR)#'CTN[%TGVCEGQWUCTVJTQRQFUHTQOVJG
6NC[ÕC(QTOCVKQPCV6GRGZKFG4QFTÈIWG\2WGDNC/GZKEQ,2CNGQPV
(GNKZ , 8GTUVGKPGTWPIGP CWU FGT OGZKECPKUEJGP,WTC WPF -TGKFG (QTOCVKQP 2CNCGQPVQITCRJKEC

(GTTWUSWÈC8KNNCHTCPEC + &KUVTKDWVKQP QH %GPQ\QKE XGTVGDTCVG HCWPCU KP /KFFNG #OGTKEC CPF
RTQDNGOUQHOKITCVKQPDGVYGGP0QTVJCPF5QWVJ#OGTKECKP%QPGZKQPGUVGTTGUVTGUGPVTG0QTVG[
5WFCOÃTKEC (GTTWUSWÈC8KNNCHTCPEC+GF 7PKX0CN#WVÎP/ÃZ+PUV)GQN$QN
(GTTWUSWÈC8KNNCHTCPEC + #RRNGICVG 5 2 CPF 'URKPQUC#TTWDCTTGPC . (KTUV 2CNGQIGPG
UGNCEJKHCWPCQHVJG/KFFNG#OGTKECP%CTKDDGCP#PVKNNGCPTGIKQP.C/GUCFG%QRQ[CYGUVEGPVTCN
%JKCRCU /GZKEQ5[UVGOCVKEU CPF 2CNGQPVQNQIKECN UKIPKſECPEG 4GX /GZ %KGPE )GQN

(KGTUVKPG*.#RRNGICVG52)QP\¶NG\$CTDC)5EJYGPPKEMG6CPF'URKPQUC#TTWDCTTGPC.
# HQUUKN DNWG OCTNKP /CMCKTC PKITKECPU .CEGRGFG HTQO VJG OKFFNG HCEKGU QH VJG 6TKPKFCF
(QTOCVKQP WRRGT/KQEGPGVQWRRGT2NKQEGPG 5CP,QUÃFGN%CDQ$CUKP$CLC%CNKHQTPKC5WT/GZKEQ
5QWVJ%CNKH#ECF5EK$WNN
(KNNGWN#$CWIGKEJVJ[UECGTWNGWU)GPGV5RPQXCPGYCNDWNKHQTOſUJ HTQO VJG *CWVGTKXKCP QH
/CUUKHFGU$CWIGU (TCPEG ,8GTV2CNGQPVŌ
(KVEJ',(QUUKN.CPVGTPſUJ QVQNKVJU QH %CNKHQTPKC YKVJ PQVGU HQUUKN /[EVQRJKFCG QH 0QTVJ #OGTKEC
.QU#PIGNGU%QWPV[/WU%QPVTKD5EK
)CTKDC[4QOGTQ . / CPF #NXCTCFQ1TVGIC , 'N JCNNC\IQ FG RGEGU HÎUKNGU GP GN #TTQ[Q .CU
$QECU[NC%CPVGTC6GOC\QN%TGV¶EKEQ5WRGTKQTGPNCTGIKÎP0QTVGFGN'UVCFQFG)WGTTGTQ8+++
%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV2QPGPEKCUR
)CURCTKPK<$.QUTGRVKNGUOCTKPQULWT¶UKEQUFG#OÃTKECFGN5WT#OGIJKPKCPC
)ÈQ#T¶IG\ ( CPF 4QFTÈIWG\#TÃXCNQ * ' 2CPQTCOC FG NC RCNGQPVQNQIÈC /GZKECPC %KGPEKC
GTIQUWO
/'51<1+%156'+%*6*;#051(/':+%1
)QP\¶NG\$CTDC ) (CWPC FG 'NCUOQDTCPSWKQU FGN 'QEGPQ OGFKQ FG NC (QTOCEKÎP 6GRGVCVG
$CLC %CNKHQTPKC 5WT /ÃZKEQ +++ 4GWPKÎP +PVGTPCEKQPCN UQDTG )GQNQIÈC FG NC 2GPÈPUWNC FG $CLC
%CNKHTQPKC7PKX#WVÎP$CLC%CNKHQTPKC5WT#DUVTCEVUR
)QP\¶NG\$CTDC)C%GPQ\QKE%JQPFTKEJVJ[CPUCUUGODNCIGUHTQO$CLC%CNKHQTPKC2GPKPUWNCVJ
#PPWCN/GGVKPI#O5QE+EJVJ[QN*GTRGVQN#DUVTCEVUR
)QP\¶NG\$CTDC)D(CWPCNUWEEGUUKQPQHVJG%TGVCEGQWUCPF6GTVKCT[EJQPFTKEJVJ[CPUHTQO$CLC
%CNKHQTPKC2GPKPUWNC/GZKEQVJ#PPWCN/GGVKPI5QE8GTV2CNGQPV#DUVTCEVUR#
)QP\¶NG\$CTDC)%QWVKÌQ,QUG/#CPF1XCNNGU&COK¶P'%CTEJCTQENGUCPIWUVKFGPU#ICUUK\
%JQPFTKEJVJ[GU 1VQFQPVKFCG FGN 1NKIQEGPQ 6CTFÈQ FG NC (QTOCEKÎP .C 3WKPVC )TWRQ
5KOQLQXGN.QECNKFCFNQU2QEKVQU5KOQLQXGN%JKCRCU8+++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC
5QE/GZ2CNGQPV2QPGPEKCUR
)QP\¶NG\$CTDC ) %QWVKÌQ / # CPF 1XCNNGU&COK¶P ' #FKEKQPGU C NC HCWPC FG UGNCEKQU
VKDWTQPGU [ TC[CU FGN 'QEGPQ OGFKQ FG NC (QTOCEKÎP 5CP ,WCP %JKCRCU /ÃZKEQ +: %QPITGUQ
0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV.KDTQFG4GUÕOGPGUR
)QP\¶NG\$CTDC ) *GTTGTC)KN . # CPF 4QUCNGU.ÎRG\ # %CV¶NQIQ FG NQECNKFCFGU FG NC
%WGPEC $WGPCXKUVC5CP ,QUÃ FGN %CDQ $CLC %CNKHQTPKC 5WT /ÃZKEQ 8+ %QPITGUQ 0CEKQPCN FG
2CNGQPVQNQIÈC5QE/GZ2CNGQPV4GUWOGPGUR
)QP\¶NG\4QFTÈIWG\ - # &GUETKREKÎP RTGNKOKPCT FG WP PWGXQ JQNÎUVGQ /CETQUGOKKFCG FGN
%TGV¶EKEQ6GORTCPQ #NDKCPQ FGNC%CPVGTC6NC[ÕCGP6GRGZKFG4QFTÈIWG\2WGDNC7PRWDNKUJGF
)QP\¶NG\4QFTÈIWG\-#.QURGEGU%TGV¶EKEQUFG/ÃZKEQ7PKX0CN#WVÎP/ÃZ+PUV)GQN
7PRWDNKUJGFTGRQTVR
)QP\¶NG\4QFTÈIWG\ - # 6CZQPQOÈC FG NC (COKNKC /CETQUGOKKFCG 1UVGKEJVJ[GU*QNQUVGK FG
NC%CPVGTC6NC[ÕC %TGV¶EKEQ6GORTCPQ 6GRGZKFG6TQFTÈIWG\2WGDNC/ÃZKEQ7PRWDNKUJGF/5
VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
)QP\¶NG\4QFTÈIWG\-#2CNGQKEJVJ[QHCWPCQHVJG6NC[WCSWCTT[2WGDNCKPEGPVTCN/GZKEQ 5VCVGQH
2WGDNC VJ#PPWCN/GGVKPI#O5QE+EJVJ[QN*GTRGVQN#DUVTCEVUR
)QP\¶NG\4QFTÈIWG\-#2CNGQKEVKQHCWPCFGNC%CPVGTC/WJKGP<KOCR¶P*KFCNIQ8+++%QPITGUQ
0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPVQN2QPGPEKCUR
)QP\¶NG\4QFTÈIWG\-#&GUETKREKÎP[5KUVGO¶VKECFGNC(COKNKC/CETQUGOKKFCG 0GQRVGT[IKK
*CNGEQUVQOK FG NC %CPVGTC 6NC[ÕC 2WGDNC UKIPKſECPEKC RCNGQIGQIT¶ſEC [ RCNGQPVQGEQNÎIKEC
7PRWDNKUJGF2J&VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
)QP\¶NG\4QFTÈIWG\-#CPF#RRNGICVG52/WJKSWCTT[CPGY%TGVCEGQWUſUJ NQECNKV[ KP
%GPVTCN/GZKEQVJ#PPWCN/GGVKPI5QE8GTV2CNGQPV#DUVTCEVUR#
)QP\¶NG\4QFTÈIWG\-#CPF#RRNGICVG526JGRTGUGPEGQHVJG/CETQUGOKKFCG *CNGEQUVQOK KP
VJG6NC[ÕC3WCTTKGU%GPVTCN/GZKEQ++++PVGTPCVKQPCN/GGVKPIQP/GUQ\QKEſUJGU#DUVTCEVUR
)QP\¶NG\4QFTÈIWG\ - CPF 4G[PQUQ 8 * # PGY 0QVCIQIWU /CETQUGOKKFCG*CNGEQUVQOK
URGEKGU HTQO VJG #NDKCP 6NC[ÕC 3WCTT[ %GPVTCN /GZKEQ KP /GUQ\QKE (KUJGU Ō 5[UVGOCVKEU
2CNGQGPXKTQOGPVU CPF $KQFKXGTUKV[ ) #TTCVKC CPF # 6KPVQTK GFU 8GTNCI &T (TKGFTKEJ 2HGKN
/×PEJGPR
)QP\¶NG\4QFTÈIWG\ - # #RRNGICVG 5 2 CPF 'URKPQUC#TTWDCTGPC . # PGY /CETQUGOKKF
2KUEGU0GQRVGT[IKK#NGEQUVQOK HTQOVJG#NDKCPQH/GZKEQ,8GTV2CNGQPV
)QP\¶NG\4QFTÈIWG\ - # (KGNKV\ - % CPF $TCXQ%WGXCU 8 .QU RGEGU CWNQRKHQTOGU FG NC
%CPVGTC/WJKFG<KOCR¶P*KFCNIQ+:%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV
.KDTQFG4GUÕOGPGUR
)QP\¶NG\4QFTÈIWG\-#)CTEÈC$CTTGTC2CPF#XGPFCÌQ,7PPWGXQTGIKUVTQFGNC(COKNKC
/CETQUGOKKFCG 0GQRVGT[IKK*CNGEQUVQOK GP%JKCRCU5WTGUVGFG/ÃZKEQ:8+%QPXGPEKÎP)GQNÎIKEC
0CEKQPCNCPF+++4GWPKÎPFG%KGPEKCUFGNC6KGTTC5QE)GQN/GZ#DUVTCEVDQQMR
)QP\¶NG\4QFTÈIWG\-#/QTGPQ6QXCT4CPF8GIC8GTC(<KOCR¶PWPCPWGXCNQECNKFCF
ETGV¶EKECOCTKPCGPGNGUVCFQFG*KFCNIQ/ÃZKEQ8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE
/GZ2CNGQPV4GUÕOGPGUR
)TCPFG . CPF $GOKU 9 ' # %QORTGJGPUKXG 2J[NQIGPGVKE 5VWF[ QH #OKKF ſUJGU #OKKFCG
#.8#4#&1146')#'6#.
DCUGFQPEQORCTCVKXGUMGNGVCNCPCVQO[#P'ORKTKECN5GCTEJHQT+PVGTEQPPGEVGFRCVVGTPUQP0CVWTCN
*KUVQT[5QE8GTV2CNGQPV/GO5WRRN,8GTV2CNGQPVR
)TCPFG.&KUVTKDWVKQPRCVVGTPUCPFJKUVQTKECNDKQIGQITCRJ[QHIQPQT[PEJKHQTOſUJGU 'WVGNGQUVGK
1UVCTKQRJ[UK KP/GUQ\QKE(KUJGU5[UVGOCVKEUCPF5VTCVKITCRJ[ #TTCVKC)CPF*25EJWNV\G
GFU 8GTNCI2HGKN/×PEJGPR
)WGTTGTQ#TGPCU4+EPQHÎUKNGUFGKPXGTVGDTCFQUFGNC(QTOCEKÎP6NC[ÕCGP6GRGZKFG4QFTÈIWG\
2WGDNC/ÃZKEQ7PRWDNKUJGF/5VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
)W\O¶P#(5VKPPGUDGEM94QDNGU%COCEJQ,CPF2QNCEQ1,'NRCNGQNCIQFG#OCVKVN¶P
,CNKUEQ 'UVTCVKITCHÈC 5GFKOGPVQNQIÈC 2CNGQPVQNQIÈC FG NC NQECNKFCF VKRQ FG 6CRCVKC QEEKFGPVCNKU
1UVGKEJVJ[GU)QQFGKFCG 5QE/GZ2CNGQPV4GX
*CPPC)&CPF*GTVNGKP.)'ZRGFKVKQPQHVJG%CNKHQTPKC#ECFGO[QH5EKGPEGUVQVJG)WNHQH
%CNKHQTPKCKP)GQNQI[CPF2CNGQPVQNQI[2TQE%CNKHQTPKC#ECF5EK
*C[215GEQPFDKDNKQITCRJ[CPFECVCNQIWGQHVJGHQUUKNXGTVGDTCVGQH0QTVJ#OGTKEC%CTPGIKG
+PUV9CUJKPIVQP2WDN
*GTP¶PFG\,WPSWGTC#(CWPC.QECN.CIWPC/GFKC.WPC2NGKUVQEGPQ6CTFÈQ/WPKEKRKQFG4ÈQ
8GTFG5CP.WKU2QVQUÈ/ÃZKEQ7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOC
FG/ÃZKEQ
*GTP¶PFG\4KXGTC4.CURNC[CUFGN%TGV¶EKEQGP%QCJWKNC8+%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC
5QE/GZ2CNGQPV.KDTQFG4GUÕOGPGUR
*GTP¶PFGC4KXGTC4-KTMNCPF,+CPF)ÎOG\0ÕÌG\4%TGVCEGQWU&KPQUCWTUHTQOVJG5VCVGQH
%QCJWKNC/GZKEQKP'URKPQUC#TTWDCTTGPC./QPVGNNCPQ$CNNGUVGTQU/CPF#RRNGICVG52
EQQTFU (KGNF)WKFGQHVJGVJ#PP/GGV5QE8GTV2CNGQPVR
*GTVNGKP . ) 2NKQEGPG HQUUKNU HTQO 4CPEJQ 'N 4GHWIKQ $CLC %CNKHQTPKC CPF %GTTCNXQ +UNCPF
/GZKEQ2TQE%CNKHQTPKC#ECF5EK
*GTVNGKP.)CPF,QTFCP'-2CNGQPVQNQI[QHVJG/KQEGPGQH.QYGT%CNKHQTPKC2TQE%CNKHQTPKC
#ECF5EK
,QTFCP&5CPF)KNDGTV,<(QUUKN(KUJGUQH5QWVJGTP%CNKHQTPKC5VCPHQTF7PKXGTUKV[2WDNKECVKQPU
7PKXGTUKV[5GTKGUR
,QTFCP'-CPF*GTVNGKP.):+8'ZRGFKVKQPVQ4GXKNNCIKIGFQ+UNCPFU/GZKEQKP8++
%QPVTKDWVKQPUVQVJG)GQNQI[CPF2CNGQPVQNQI[QHVJG6GTVKCT[QH%GFTQU+UNCPFUCPFCFLCEGPVRCTVU
QHNQYGT%CNKHQTPKC2TQE%CNKHQTPKC#ECF5EK:8
-CUJK[COC;(CUVQXUM[&'4WVJGTHQTF5-KPI,CPF/QPVGNNCPQ/)GPGUKUQHCNQECNKV[
QH GZEGRVKQPCN HQUUKN RTGUGTXCVKQP RCNGQGPXKTQOGPVU QH 6GRGZK FG 4QFTÈIWG\ OKF%TGVCEGQWU
2WGDNC/GZKEQ %TGV4GU?
-KTMNCPF,+CPF#IWKNNÎP/CTVÈPG\/%5EJK\QTJK\CHTQO.CVG%TGVCEGQWUQHPQTVJGTP/GZKEQ
VJGWNVKOCVGUCYſUJ,8GTV2CNGQPV UWRRN R#
-KTMNCPF , + *GTP¶PFG\4KXGTC 4 #IWKNNÎP/CTVKPG\ / % &GNICFQ FG ,GUÕU % 4 )ÎOG\
0WÌG\4CPF8CNNGLQ+6JG.CVG%TGVCEGQWU&KHWPVC)TQWRQHVJG2CTTCU$CUKP%QCJWKNC
/GZKEQCPFKVU8GTVGDTCVGHCWPCKP%TGVCEGQWU&KPQUCWTUHTQOVJG5VCVGQH%QCJWKNC/GZKEQ *
*GTP¶PFG\4KXGTC,+-KTMNCPFCPF4)ÎOG\0WÌG\GFU (KGNF)WKFGVJ#PPWCN/GGVKPIQH
5QEKGV[QH8GTVGDTCVG2CNGQPVQNQI[7PKX#WVÎP'FQ*KFCNIQ#XCPEGUGP+PXGUVKICEKÎPURGEKCN
RWDNKECVKQPR
-TWEMQY 6 &KG UVTCVKITCRJKUEJG WPF RCNCGQIGQITCRJKUEJG $GFGWVWPI FGT OKQ\¼PGP
'NCUOQDTCPEJKGTHCWPC XQP $CLC %CNKHQTPKC /GZKEQ 0 ,CJTD )GQN 2CN¼QPV /QPCVEJ ,CTJI

-TWEMQY6C&CU/KQ\¼PFGT)QNHM×UVGPGDGPGXQP/GZKEQ0,CJTD)GQN2CN¼QPV#DJ
-TWEMQY 6 D $GKVTCI \WT OKQ\¼PGP 'NCUOQDTCPEJKGT(CWPC XQP $CLC %CNKHQTPKC /GZKEQ $QN
#UQE/GZ)GQN2GVTQNR
-TWEMQY6(QUUKNWEJGKP5×F/GZKEQ5QPFGTFTWEMCUő&GT#WHUEJNWUŒ
-TWEMQY6CPF6JKGU&&KG0GQUGNCEJKGTFGT2CN¼QMCTKDKM%QWTKGT(QTUEJ5GPEMGPDGTIR
.GTKEJG / %QPVTKDWVKQP C ÃVWFG FGU RQKUUQPU HQUUKNGU FGU RC[U TKXGTCKPU FG NC /GFKVGTTCPÃG
#OGTKECPG 8GPG\WGNC6TKPKVÃ#PVKNNGU/GZKSWG /ÃO5QE2CNGQPVQN5WKUU
.KNNGITCXGP#,2TGNKOKPCT[TGRQTVQPVJG.CVG%TGVCEGQWUOCOOCNUHTQOVJG'N)CNNQ(QTOCVKQP
/'51<1+%156'+%*6*;#051(/':+%1
$CLC%CNKHTQPKC0QTVG/ÃZKEQ.QU#PIGNGU%QWPV[/WU%QPVTKD5EK
.ÎRG\4COQU'2CNGQIGQITCHÈC[6GEVÎPKECFGN/GUQ\QKEQGP/ÃZKEQ7PKX0CN#WVÎP/ÃZ
+PUV)GQN4GX
.WECU 5 CPF )QP\¶NG\.GÎP % 2CNGQPVQNQI[ QH VJG 7RRGT %TGVCEGQWU %CDWNNQPC )TQWR
0QTVJGCUVGTP5QPQTCKP5VWFKGUQPVJG/GUQ\QKEQH5QPQTCCPF#FLCEGPV#TGCU ,CESWGU#[CNC%
%/)QP\¶NG\.GÎPCPF,4QNF¶P3WKPVCPCGFU )GQN5QE#O5RGE2CR
/CNFQPCFQ-QGTFGNN/C2GEGU(ÎUKNGUFG/ÃZKEQ+'NCUOQDTCPSWKQU4GX5QE/GZ*KUV0CV

/CNFQPCFQ-QGTFGNN/D#FKEKQPGUCő2GEGU(ÎUKNGUFG/ÃZKEQ+'NCUOQDTCPSWKQUŒ4GX5QE
/GZ*KUV0CV
/CNFQPCFQ-QGTFGNN/2GEGUHÎUKNGUFG/ÃZKEQ++&KRPQQU)CPQKFGU[6GNGQUVGQU4GX5QE
/GZ*KUV0CV
/CNFQPCFQ-QGTFGNN/2GEGUHÎUKNGUFG/ÃZKEQ+++0QVCRTGNKOKPCTUQDTGRGEGUFGN6WTQPKCPQ
UWRGTKQTFG:KNKVNC5CP.WKU2QVQUÈ/ÃZKEQ%KGPEKC
/CKUG[,%QPVKPGPVCNDTGCEMWRCPFVJGFKUVTKDWVKQPQHſUJGU QH 9GUVGTP )QPFYCPC FWTKPI VJG
'CTN[%TGVCEGQWU%TGV4GU
/CVQU4/&6JGPQTVJGCUV$TC\KNKCPTKHVUU[UVGO6GEVQPKEU
/G[GT*XQP7DGT7JFGyU5COONWPI/GZKMCPKUEJGP#PVKSWKV¼VGP/KPGTCNKGPWPF2GVTGHCMVGP0
,CTJD/KPGT)GQN2CN¼QPVR
/G[GT*XQP5VWFKGP×DGTFCU)GPWU/CUVQFQP2CNGQPVQITCRJKEC
/KNNGT 4 4 3WCVGTPCT[ HTGUJYCVGT ſUJGU QH 0QTVJ #OGTKEC KP 9TKIJV ' * CPF (TG[ ) &
GFU 6JG3WCVGTPCT[QHVJG7PKVGF5VCVGU2TKPEGPVQP7PKX2TGUU0GY,GTUG[R
/KNNGT444GRQTVQH%QOOKVVGGQP4GUGCTEJ#O2JKN5QE2JKNCFGNRJKC;GCTDQQMR
/KPEJ#,5EJWNVG%-CPF*QHOCP)#/KFFNG/KQEGPGCIGHQT4QUCTKVQ$GCEJ(QTOCVKQPKP
PQTVYGUVGTP$CLC%CNKHTQPKC/GZKEQ)GQN5QE#O$WNN
/×NNGTTKGF ( - #RWPVGU )GQNÎIKEQU [ 'UVTCVKIT¶ſEQU UQDTG GN 8CNNG FGN /G\SWKVCN 'UVCFQ FG
*KFCNIQ#P'UE0CN%KGPE$KQN
/×NNGTTKGF(-'N'FÃUVKFQ*GNKEQRTKQPGPEQPVTCFQRQTRTKOGTCXG\GP/ÃZKEQGPGN'UVCFQFG
%QCJWKNC%KGPEKC
/WNNGTTKGF(-#NIWPQUHÎUKNGUOCTKPQUFGN6GTEKCTKQ+PHGTKQT[/GFKQFG2CNGPSWG%JKCRCU4GX
5QE/GZ*KUV0CV
1TVGIC)WVKÃTTG\(/KVTG5CNC\CT./4QNF¶P3WKPVCPC,/QT¶P<GPVGPQ&#NCPK\#NXCTG\5#
CPF0KGVQ5COCPKGIQ#(6GZVQGZRNKECVKXQFGNC3WKPVC'FKEKÎPFGNC%CTVC)GQNÎIKECFG
NC4GRÕDNKEC/GZKECPC'UECNCy7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ+PUVKVWVQFG
)GQNQIÈCCPF%QPUGLQFG4GEWTUQU0CVWTCNGU5GETGVCTÈCFG'PGTIÈC/KPCUG+PFWUVTKC2CTCGUVCVCN
/CRCEQPVGZVQGZRNKECVKXQGUECNCyR
1TVGIC)WVKÃTTG\(5GFNQEM4.CPF5RGGF4%'XQNWEKÎP6GEVÎPKECFG/ÃZKEQFWTCPVGGN
(CPGTQ\QKEQKP.NQTGPVG$QWSWGVU,'')QP\¶NG\5QTKCPQCPF02CRCXGTQ GFU $KQFKXGTUKFCF
6CZQPQOÈC[$KQFKXGTUKFCFFG#TVTÎRQFQUFG/ÃZKEQ*CEKCWPC5ÈPVGUKUFGUWEQPQEKOKGPVQ8QN
++7PKX0CN#WVÎP/ÃZ(CE%KGPE%10#$+1CPF$C[GT/ÃZKEQR
1XCNNGU&COK¶P ' &GVGTOKPCEKÎP 6CZQPÎOKEC FG WP 2CTCENWRGKFQ 6GNGQUVGK %NWRGQOQTRJC
HÎUKNFGNC%CPVGTC'N'URKPCN1EQ\QEQCWVNCFG'URKPQUC%JKCRCU7PRWDNKUJGF2TQHGUUKQPCNVJGUKU
7PKXGTUKFCFFG%KGPEKCU[#TVGUFG%JKCRCU
1XCNNGU&COK¶P ' CPF #NXCTCFQ1TVGIC , .QU RCTCENWRGKFQU FG NC %CPVGTC 'N 'URKPCN
1EQ\QEQCWVNCFG'URKPQUC%JKCRCU8+++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV
2QPGPEKCUR
2CPVQLC#NQT,)GQNQIÈC[RCNGQCODKGPVGUFGNC%CPVGTC6NC[ÕC6GRGZKFG4QFTÈIWG\GUVCFQFG
2KPPC/FG6GNGQUVGCPOQPQRJ[N[KP/.,5VKCUUP[.42CTGPVKCPF)&,QJPUQP GFU
+PVGTTGNCVKQPUJKRUQH(KUJGU#ECFGOKE2TGUU5CP&KGIQRŌ
4QFTÈIWG\FGNC4QUC4CPF%GXCNNQU(GTTÈ\5458GTVGDTCVGUQHVJG'N2GNKNNCN.QECNKV[ %CORCPKCP
%GTTQFGN2WGDNQ(QTOCVKQP 5QWVJGCUVGTP%QCJWKNC/GZKEQ,8GTV2CNGQPV
#.8#4#&1146')#'6#.
4QOGTQ'&GUEWDTGPHÎUKNFGRG\PQEQPQEKFQ6CDCUEQ*Q[/CTVGUFG/CT\QFG 5GEEKÎP
5WTGUVG R
5CRRGT-7GDGT)GDKTIUDCWWPF$QFGPFGUPQGTFNKEJGP/KVVGNCOGTKMC2GVGTO/KVV'TI*GHV
5EJYGPPKEMG 6 CPF )QP\¶NG\$CTDC ) (ÎUKNGU CNÎEVQPQU FG NCU ECRCU FG HQUHQTKVC ITCPWNCT FGN
/KGODTQ 5CP ,WCP (QTOCEKÎP GN %KGP $CLC %CNKHQTPKC 5WT 5W KORQTVCPEKC RCTC GN /QFGNQ
UGFKOGPVQNÎIKEQ8+%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNQGPV4GUÕOGPGUR
5GKDGTV\'CPF$WKVTÎP$'2CNGQPVQNQIÈC['UVTCVKITCHÈCFGNQU0GQJKDQNKVGUFGN#NDKCPQFG6GRGZK
FG4QFTÈIWG\'UVCFQFG2WGDNC %TGV¶EKEQ/GFKQ/GZKEQ 4GX5QE/GZ2CNGQPV
5GKDGTV\'CPF5RCGVJ%%TGVCEGQWUDGNGOPKVGUQH/GZKEQ+++6JG#NDKCP0GQCPF/GUQJKDQNKVGU
QHVJGő/GZKECP5QNPJQHGPŒ6GRGZKFG4QFTÈIWG\ 5VCVGQH2WGDNC CPFVJGKTDKQUVTCVKPQO[ .QYGT
%TGVCEGQWU 0,D)GQN2CN¼QPV#DJ
5JCY#%.CHCWPCTGIKQPCNő'N)QNHQŒFGN2NGKUVQEGPQ/GFKQRTQXGPKGPVGFGN0QTGUVGFG5QPQTC
/GZKEQVJ#PPWCN/GGVKPI5QE8GTV2CNGQPV#DUVTCEVU PQVRCIKPCVGF
5KNXC$¶TEGPC#.QECNKFCFGUFGXGTVGDTCFQUHÎUKNGUFGNC4GRÕDNKEC/GZKECPC7PKX0CN#WVÎP
/ÃZ+PUV)GQN2CNGQPV/GZ
5OKVJ./6JGGXQNWVKQPCPFGEQNQIKECNJKUVQT[QHVJGſUJ HCWPC QH VJG 4ÈQ .GTOC $CUKP /GZKEQ
7PRWDNKUJGF2J&&KUUGTVCVKQP7PKXGTUKV[QH/KEJKICP
5OKVJ./.CVG%GPQ\QKEſUJGU KP VJG YCTO FGUGTV CFCRVCVKQPU KP (KUJGUKP0QTVJ#OGTKEC&GUGTVU
0CKOCP,4CPF5QNV\.&GFU ,QPJ9KNG[CPF5QPU0GY;QTMR
5OKVJ . / %CXGPFGT / 6 CPF /KNNGT 4 4 %NKOCVKE CPF $KQIGQITCRJKE UKIPKſECPEG QH C
ſUJ HCWPC HTQO VJG .CVG 2NKQEGPG 'CTN[ 2NGKUVQEGPG QH VJG .CMG %JCRCNC $CUKP ,CNKUEQ /GZKEQ
5VWFKGUQP%GPQ\QKE2CNGQPVQNQI[CPF5VTCVKITCRJ[KPJQPQT%NCWFG9*KDDCTF7PKX/KEJKICP
2CR2CNGQPV
5QWT6QXCT ( 3WKTQ\$CTTQUQ 5 # CPF #RRNGICVG 5 2 2TGUGPEG QH *GNKQEQRTKQP
%JQPFTKEJVJ[GU 'NCUOQDTCPEJKK KP VJG 2GTOKCP 2CVNCPQC[C (QTOCVKQP 2WGDNC /GZKEQ ,
2CNGQPV
5RTKPIGT8)#PGYIGPWUCPFURGEKGUQH'NQRKFſUJ .COKPURQPF[NWUVTCPUXGTUGU HTQOVJG
7RRGT%TGVCEGQWUQH6GZCU%QRGKC
6JKGU&.GRKFQVGUINQTKCGURPQX #EVKPQRVGT[IIKK5GOKQPQVKHQTOGU HTQOVJG.CVG,WTCUUKEQH
%WDC,8GTV2CNGQPV
8GIC ( , )CTEÈC$CTTGTC 2 %QWVKÌQ / 0[DQTI 6 %KHWGPVGU4WK\ 2 )QP\¶NG\4QFTÈIWG\ -
/CTVGPU#&GNICFQ%4CPF%CTDQV)'CTN[%TGVCEGQWU#TVJQRQFUHTQO2NCVVGPMCNM
HCEKGUKP/GZKEQ%QPVT<QQN
8KNNCFC/%CV¶NQIQFGNC%QNGEEKÎPFG(ÎUKNGUFG/ÃZKEQ#P/WU0CE/ÃZKEQ+ORTGPVCFGN
/WUGQ0CEKQPCN/ÃZKEQR
9GKNGT 9 /KQ\¼PG (KUEJ1VQNKVJGP CWU FGT $QJTWPI 5 RCDNQ KO $GEMGKP XQP 8GTCETW\ KP
/GZKMQ0,CTJD)GQN2CN¼QP#DJ
9KNNGT44CPF5OKVJ/.1TKIKPCPFIGQITCRJ[QHVJGſUJGU QH %GPVTCN /GZKEQ %CR
KP6JG\QQIGQITCRJ[QH0QTVJ#OGTKECPHTGUJYCVGTſUJGU *QEWVV%J*CPF9KNG['1GFU
9KNG[+PVGTUEKGPEG2WDNKECVKQPR
9KVVKEJ'4GUVQUFG5GNCEKQUFGN6GTEKCTKQFGNC&KXKUKÎPFGN0QTVGFGNC$CLC%CNKHQTPKC#EVCU
5GUKÎP8GTCETW\CPC5QE)GQN/GZR
%JCRVGT
4GUGCTEJQP(QUUKNCORJKDKCPUCPFTGRVKNGUKP/GZKEQHTQO
VQ GCTN[ KPENWFKPI OCTKPG HQTOU DWV GZENWFKPI
RVGTQUCWTUFKPQUCWTUCPFQDXKQWUN[DKTFU
8 %614*7)14';0151
+PUVKVWVQ FG $KQNQIÈC 70#/ %KTEWKVQ 'ZVGTKQT %KWFCF 7PKXGTUKVCTKC %Q[QCE¶P
/ÃZKEQ&(XTG[PQUQ"KDWPCOKDKQNQIKCWPCOOZ
#DUVTCEV
+PVTQFWEVKQP
*KUVQTKECN$CEMITQWPF
6CZC#PCN[UKU
#ORJKDKCPUCPF4GRVKNGUKP6KOGCPF5RCEG
6JG8CNKFKV[QH6CZC'TGEVGFYKVJ/GZKECP(QUUKN/CVGTKCN
/WUGWOUCPF+PUVKVWVKQPU*QWUGF6[RGUCPF1VJGT/CVGTKCN
#PCN[UKUQHVJG&QEWOGPVU2TQFWEGF%QPEGTPKPIYKVJ#ORJKDKCPUCPF4GRVKNGUKP
/GZKEQ
%QPENWUKQPU
#EMPQYNGFIOGPVU
4GHGTGPEGU
#DUVTCEV
6JGCORJKDKCPCPFTGRVKNGHQUUKNTGEQTFKP/GZKEQKUUECTEG6JGTGJCXGDGGPTGRQTVGF
WPKSWGVCZQPNQECNKV[CIGTGEQTFUHTQONQECNKVKGU/QUVHQUUKNUCTGHTCIOGPVCT[
CPFVJGKTVCZQPQOKEUVCVWUKUFKHſEWNV VQ CUUGUU JQYGXGT UQOG CTG DGCWVKHWNN[ RTGUGTXGF
RGTOKVVKPI GXGP IQQF ENCFKUVKE CPF DKQIGQITCRJKECN CPCN[UKU #OQPI CORJKDKCPU
VJGTGCTGTGEQTFUQHECWFCVGUCPFCPWTCUTGUVTKEVGFVQVJG0GQIGPGCPF3WCVGTPCT[
4GRVKNGU KPENWFG VWTVNGU YJKEJ CTG VJG OQUV CDWPFCPV ETQEQFKNGU KEJVJ[QUCWTU
UCWTQRVGT[IKCPU C DCUCN NGRKFQUCWTQOQTRJ URJGPQFQPVKCPU C DCUCN USWCOCVG VTWG
USWCOCVGNK\CTFUCPFUPCMGUHTQOVJG.CVG6TKCUUKEVQVJG*QNQEGPG.QECNKVKGUCTG
FKUVTKDWVGF KP /GZKECP UVCVGU HTQO YJKEJ 5QPQTC DGCTU OQUV TGEQTFU 0KPGVGGP
URGEKGU DCUGF QP /GZKECP HQUUKNU JCXG DGGP GTGEVGF 6JTGG JCXG DGGP EQPUKFGTGF

4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
KPXCNKF QPG JCU EJCPIGF VCZQPQOKE UVCVWU CPF CV NGCUV VYQ OQTG CTG SWGUVKQPGF
/QUV QH VJG V[RG URGEKOGPU FGUKIPCVGF CTG JQWUGF KP /GZKECP KPUVKVWVKQPU 6JGTG
JCXGDGGPOCKPPQPTGFWPFCPVRWDNKUJGFFQEWOGPVUVJCVOGPVKQPNKUVQTFGUETKDG
HQUUKNCORJKDKCPUCPFTGRVKNGUKPENWFKPIUEKGPVKſE RCRGTU DQQMU CPF DQQM EJCRVGTU QH
KPVGTPCVKQPCNCPFPCVKQPCNEKTEWNCVKQPOGGVKPICDUVTCEVUIWKFGDQQMUCPFPGYUNGVVGTU
1HCNNRCRGTURWDNKUJGFQPN[CTGHQTOCNRWDNKECVKQPUKPGKVJGTPCVKQPCNQTKPVGTPCVKQPCN
RTGUU CPF YGTG RWDNKUJGF KP KPVGTPCVKQPCN LQWTPCNU QT GFKVQTKCNU /GZKECPU JCXG
RWDNKUJGF QPN[ KPVGTPCVKQPCN RCRGTU *QYGXGT /GZKECP RCNGQJGTRGVQNQI[ JCU
UKIPKſECPVN[ KPETGCUGF KP VJG NCUV VYQ FGECFGU CNVJQWIJ OQUV KPHQTOCVKQP KU JKFFGP KP
ITC[NKVGTCVWTGQHFKHſEWNV CEEGUU VQ VJG KPVGTPCVKQPCN EQOOWPKV[ +V KU KORGTCVKXG VJCV
/GZKECPYQTMGTUFQEWOGPVVJGKTFKUEQXGTKGUKPHQTOCNRWDNKECVKQPU
+PVTQFWEVKQP
#U YKVJ OQUV EQWPVTKGU QH VJG YQTNF VJG CORJKDKCP CPF TGRVKNG HQUUKN TGEQTF
KP /GZKEQ KU UECTEG CPF HTCIOGPVCT[ 6JG NCEM QH IQQF FGUETKRVKXG HQUUKN OCVGTKCN
JCUNGCF/GZKECPRCNGQPVQNQIKUVUVQQXGTNQQMVJGUGITQWRUCPFPQURGEKCNKUVUYGTG
GXGTHQTOGFWPVKNTGEGPVN[YJGPVJGYGNNRTGUGTXGFTGRVKNGHQUUKNUHTQOVJG6NC[WC
(QTOCVKQPKP6GRGZKFG4QFTÈIWG\2WGDNC/GZKEQYGTGſTUV FGUETKDGF 5KPEG VJGP
VJGPWODGTQHTGUGCTEJGTUCPFRCTVKEWNCTN[UVWFGPVUKPVGTGUVGFKPRCNGQJGTRGVQNQI[
JCUKPETGCUGF
7RWPVKNNCVGUOQUVNKVGTCVWTGTGHGTTKPIVQHQUUKNCORJKDKCPUCPFTGRVKNGUYCU
TGUVTKEVGFVQNKUVKPIUQHCRRTQZKOCVGVCZQPQOKEPCOGUHTQOHQUUKNUKVGUYGNNMPQYP
OCKPN[HQTVJGKTOCOOCNUCITQWRKPIYJKEJTGUGCTEJKUXGT[CEVKXG2CRGTUYJKEJ
VJGKT OCKP UWDLGEV YGTG CORJKDKCPU TGRVKNGU QT DQVJ YGTG RTCEVKECNN[ PQPGZKUVGPV
CPFGXGPVQFC[QPN[CUOCNNRQTVKQPQHVJGURGEKOGPUTGRQTVGFJCUDGGPTGXKGYGFCPF
VJGVTWGKFGPVKV[QHOQUVKUUVKNNWPEGTVCKP
/GZKECPU CTG RTQWF QH VJGKT YKNFNKHG FKXGTUKV[ #ORJKDKCPU CPF TGRVKNGU CTG
PQVGYQTVJ[DGECWUG/GZKEQDGCTUVJGUGEQPFJKIJGUVFKXGTUKV[YQTNFYKFGHQNNQYKPI
#WUVTCNKC+PHCEV/GZKEQJCUVJGJKIJGUVFKXGTUKV[RGTCTGCWPKVYJGPKUVCMGPKPVQ
CEEQWPV VJCV #WUVTCNKC JCU CP CTGC VJU NCTIGT 6JG ITGCV YKNFNKHG FKXGTUKV[ QH
/GZKEQJCUDGGPGZRNCKPGFD[CPGZVTGOGN[EQORNGZRJ[UKQITCRJ[CUUQEKCVGFYKVJ
KVUVTCPUKVKQPCNRQUKVKQPDGVYGGPVYQKORQTVCPVDKQIGQITCRJKETGCNOUVJG0GQVTQRKECN
CPF VJG 0GCTEVKE 6JG EQORNGZ RJ[UKQITCRJ[ TGUWNVU KP VJG IGPGTCVKQP QH C ITGCVGT
PWODGT QH JCDKVCVU CPF DCTTKGTU VJCV RTQOQVGU URGEKCVKQP /GZKECP NCPFUECRG KU
PQV C OQFGTP QEEWTTGPEG UKPEG OQUV QH VJG OQWPVCKP EJCKPU YGTG HQTOGF FWTKPI
VJG 6GTVKCT[ 'XGP KP VJG %TGVCEGQWU CPF GCTNKGT /GZKEQ YCU UWDLGEVGF VQ C UGTKGU
QH QEGCPKE VTCPUITGUUKQPU CPF TGITGUUKQPU YJKEJ TGUWNVGF KP VJG CRRGCTCPEG CPF
FKUCRRGCTCPEG QH KUNCPFU C RJGPQOGPQP VJCV CNUQ RTQOQVGU URGEKCVKQP /GZKECP
EQORNGZ IGQNQIKECN JKUVQT[ RTGFKEVU VJG RTGUGPEG QH C NCTIG CORJKDKCP CPF TGRVKNG
DKQFKXGTUKV[KPVJGRCUV
4';0151
6JKURCRGTKPVGPFUVQRTQXKFGCTGXKUKQPQHVJGNKVGTCVWTGEQPEGTPKPIHQUUKNCORJKDKCPU
CPFTGRVKNGUKP/GZKEQHTQOVQGCTN[6CZQPQOKEITQWRUCTGCUCPFVKOG
RGTKQFUYGTGCPCN[\GFUGRCTCVGN[CUYGNNCUVJGYQTMQH/GZKECPRCNGQPVQNQIKUVUQPVJG
UWDLGEV/CP[NQECNKVKGUCPFVCZQPQOKEPCOGUTGRQTVGFKP/GZKECPNKVGTCVWTGYJKEJCTG
PQVTGCFKN[CEEGUKDNGCTGCNUQKPVTQFWEGFVQVJGKPVGTPCVKQPCNEQOOWPKV[
6JKUYQTMKUNCTIGN[DCUGFQP$CTTKQU4KXGTC RTQHGUUKQPCNVJGUKUYJGTG
JGNKUVUOCP[TGRQTVUQHHQUUKNCORJKDKCPCPFTGRVKNGQEEWTTGPEGUKP/GZKEQ
*KUVQTKECN$CEMITQWPF
6JGſTUV TGRQTV QH C HQUUKN TGRVKNG HTQO /GZKEQ YCU D[ ,QUÃ #IWKNGTC KP
JKUő$QUSWGLQ)GQNÎIKEQFG/ÃZKEQŒ+PVJKURCRGT#IWKNGTCFGUETKDGUVJGRTGUGPEG
QHRNCVGUQHC.CVG%TGVCEGQWU 'CTN[6WTQPKCP UQHVUJGNNGFVWTVNG6TKQP[ZUR!HTQO
VJG2G[QVGU&KXKUKQPCV2CTTCU%QCJWKNCKPVJG4ÈQ$TCXQ#HVGTVJKUſTUV FKUEQXGT[
PQVJKPIGNUGKUOGPVKQPGFKPVJGNKVGTCVWTGWPVKNVJGGCTN[U
2CRGTUTGUVTKEVGFVQVJGſTUV JCNH QH VJG VJ EGPVWT[ CTG VJQUG QH #IWKNGTC
YJQOGPVKQPUHQTVJGUGEQPFVKOGVJG6TKQP[ZſPFKPI 9KGNCPF FGUETKDKPI C
HTCIOGPVCT[NQYGTLCYQHVJGOCTKPGTGRVKNG2NGUKQUCWTWUOGZKECPWUHTQOVJGGCTN[
%TGVCEGQWU FGRQUKVU PGCT 6NCZKCEQ 1CZCEC VJG ſTUV PGY URGEKGU QH C HQUUKN TGRVKNG
HTQO/GZKEQCPF/×NNGTTKGF OGPVKQPKPIVYQRCTVKCNOQUCUCWTUHTQO
VJG.CVG%TGVCEGQWUQH6COCWNKRCUCPFCPKPVGTPCNOQNFQHCVWTVNGHTQOVJG6GTVKCT[
QH%JKCRCUTGURGEVKXGN[
&WTKPIVJGUGEQPFJCNHQHVJGVJEGPVWT[CPFVJGGCTN[DGIKPPKPIUQHVJGUV
HQUUKNCORJKDKCPCPFTGRVKNGTGUGCTEJKPETGCUGFUKIPKſECPVN[ &WTKPI VJKU VKOG HTCOG
OQUV QH VJG OCKP FQEWOGPVU EQPEGTPGF YKVJ QT TGHGTTKPI VQ HQUUKN CORJKDKCPU CPF
TGRVKNGUYGTGRWDNKUJGF1HVJGUGRWDNKECVKQPUKVKUYQTVJOGPVKQPKPIVJGFGUETKRVKQPU
QHDGCWVKHWNN[RTGUGTXGFJQNQV[RGUQHVWTVNGUURJGPQFQPVKCPUDCUCNNGRKFQUCWTUCPF
NK\CTFU6JGUGHQUUKNUCTGVJGUMWNNQH2CTCFKRUQUCWTWUOGZKECPWU (TKGUGVCN
HTQOVJGNCVG'QEGPGFGRQUKVUQH/CTſN )WCPCLWCVQ VJG CNOQUV EQORNGVG UMGNGVQP
QH )QRJGTWU CWHHGPDGTIK /QQUGT HTQO VJG +NNKPQKCP %GFC\Q NQECN HCWPC KP
#IWCUECNKGPVGU QPG QH VJG HGY UMWNNU QH )QRJGTWU CUUQEKCVGF YKVJ KVU UJGNN CPF
RQUVETCPKCNUMGNGVQPHTQOYJKEJ)FQPNCNQKCIKCPVVWTVNGHTQOVJG4CPEJQNCDTGCP
FGRQUKVU QH 8KNNCIT¶P PQTVJYGUV 6COCWNKRCU YCU TGEGPVN[ FGUETKDGF 4G[PQUQ CPF
/QPVGNNCPQ VJG GZSWKUKVGN[ YGNN RTGUGTXGF DCUCN NGRKFQUCWTQOQTRJU CPF
URJGPQFQPVKCPUHTQOVJGOKF,WTCUUKETGFDGFUQH.C$QEC(QTOCVKQPCV*WK\CEJCN
%CP[QP 6COCWNKRCU %NCTM CPF *GTP¶PFG\ 4G[PQUQ KP
RTGUU 4G[PQUQ CPF %NCTM VJG DGCWVKHWNN[ RTGUGTXGF EQORNGVG UMGNGVQPU QH
URJGPQFQPVKCPUDCUCNUSWCOCVGUCPFVTWGNK\CTFUHTQOVJG'CTN[%TGVCEGQWUQHVJG
6NC[ÕC(QTOCVKQPPGCT6GRGZKFG4QFTÈIWG\2WGDNC 4G[PQUQ
4G[PQUQCPF%CNNKUQP4G[PQUQGVCN CPFVJGUMWNNQHVJGPGY
ETQEQFKNGURGEKGU)GQUCWTWUXKIPCWFK (TG[GVCN HTQOVJGOKFFNG6KVJQPKCP
FGRQUKVUQH.C2KOKGPVC(QTOCVKQPPGCT/C\CVGRGE2WGDNC
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
1VJGT KORQTVCPV HQUUKNU VJCV JCXG DGGP TGEGPVN[ FGUETKDGF CTG TGOCKPU QH VJG
NCTIGUVMPQYPOCTKPGECTPKXQTG.KQRNGWTQFQPHGTQZ $WEJ[GVCN HTQOVJG
-KOOGTKFIKCP.C%CUKVC(QTOCVKQP#NUQQWVUVCPFKPICTGVJGPQV[GVFGUETKDGFEQORNGVG
UMGNGVQPUKPENWFKPIVJGHTQIUCPFUCNCOCPFGTUHTQOVJG2NKQEGPGHQUUKNKHGTQWUTGIKQPQH
5CPVC/CTÈC#OCLCE#VQVQPKNEQGN)TCPFG*KFCNIQ (WGPVGU)WGTTCCPF8GNCUEQFG
.GÎP VJGVWTVNGUCPFETQEQFKNGUHTQO6NC[ÕC 4G[PQUQGVCN CPFCP
CNOQUVEQORNGVGUMWNNQHCIQPKQNQRJKFETQEQFKNGHTQOVJG/CCUVTKEJVKCP1EQ\QEQCWVNC
(QTOCVKQPQH%JKCRCU %CTDQV%JCPQPCCPF%QWVKÌQ,QUÃ
4GOCKPKPI FGUETKDGF QT NKUVGF VCZC CTG TGRTGUGPVGF D[ KPEQORNGVG UMGNGVQPU
CPFUMWNNUKUQNCVGFQUVGQNQIKECNGNGOGPVUCPFHTCIOGPVCT[OCVGTKCNHTQOOCP[UKVGU
DTQCFN[ FKUVTKDWVGF VJTQWIJ UVCVGU QH VJG /GZKECP 4GRWDNKE 0GY IGPGTC CPF
QT URGEKGU FGUETKDGF HTQO HTCIOGPVCT[ OCVGTKCN CTG VJG GCTN[ %TGVCEGQWU OCTKPG
TGRVKNG2NGUKQUCWTWUOGZKECPWU 9KGNCPF HTQO6NCZKCEQ1CZCECMPQYPHTQO
VJG HTCIOGPVCT[ WRRGT CPF NQYGT LCYU VJG *GORJKNNKCP $WHQ ECORK $TCVVUVTQO
C HTQO ;GRÎOGTC %JKJWCJWC QPN[ MPQYP HTQO KVU NGHV VKDKC CPF ſDWNC VJG
NCVG 2NGKUVQEGPG NK\CTFU %VGPQUCWTC RTGOCZKNNCTKU CPF .GRKFQRJ[OC CTK\GNQIN[RJWU
.CPIGDCTVGN HTQOVJG5RWMKN%CXG;WECVCPMPQYPHTQOVJGRTGOCZKNNCCPF
TKIJV FGPVCT[ TGURGEVKXGN[ VJG 9KUEQPUKCP 2JT[PQUQOC LQUGEKVGPUKU $TCVVUVTQO
D HTQO 0WGXQ .GÎP MPQYP HTQO C UMWNN HTCIOGPV CPF VJG VWTVNG )QRJGTWU
RCTIGPUKU /QQUGT QPN[ MPQYP HTQO C HTCIOGPVCT[ UJGNN HTQO VJG +NNKPQKCP
%GFC\QNQECNHCWPCKP#IWCUECNKGPVGU#EQPVTQXGTU[QPVJGXCNKFKV[QHVJGUGVCZCJCU
DGGPTCKUGFOCKPN[DGECWUGVJGKTFGUETKRVKQPUYGTGDCUGFQPPQPFKCIPQUVKEHGCVWTGU
#FFKVKQPCNKPFKTGEVGXKFGPEGUQHVJGRTGUGPEGQHHQUUKNTGRVKNGUKP/GZKEQCTGCP
KUQNCVGFDTCKPECUGQHCETQEQFKNG ,%NCTMRGTUEQO HTQOVJGNCVG%CORCPKCP%GTTQ
FGN2WGDNQ(QTOCVKQPPGCT5CNVKNNQ%QCJWKNCQTKIKPCNN[VJQWIJVVQDGCEJCUOQUCWT
DTCKPECUG *GTP¶PFG\4KXGTCCPF&GNICFQFG,GUÕU CPCOOQPKVGUJGNNYKVJ
RTQDCDNGOQUCUCWTDKVGUHTQOVJG/CCUVTKEJVKCPHQWPFCVVJG#TTQ[QFG5CPVC%CVCTKPC
'N4QUCTKQ$CLC%CNKHQTPKC 5CWN CPFCVWTVNGKIPKVGHTQOVJG.CVG%TGVCEGQWU
QH%QCJWKNC 4QFTÈIWG\FGNC4QUCCPF&¶XKNC4QFTÈIWG\
6CZC#PCN[UKU
6CZCCPFDKQIGQITCRJKECNCPCN[UGUYGTGRGTHQTOGFD[ICVJGTKPIWPKSWGTGRQTVU
QHHQUUKNCORJKDKCPUCPFTGRVKNGUOGPVKQPGFNKUVGFQTFGUETKDGFKPNKVGTCVWTGEQPUKFGTGF
KPFGRGPFGPVN[HTQOVJGKTVCZQPQOKETCPM#WPKSWGTGEQTFKUFGſPGF CU VCZC RTGUGPV
KP C FKHHGTGPV NQECNKV[ CPF UVTCVKITCRJKE NGXGN GXGP YKVJKP VJG UCOG NQECNKV[ 6CZC
TGRQTVUHTQOVJGUCOGNQECNKV[CPFCIGOGPVKQPGFKPFKHHGTGPVRCRGTUYGTGEQPUKFGTGF
TGFWPFCPVCPFYGTGPQVWUGF6QCXQKFCFOKUUKQPGTTQTU GIVJGFWRNKECVKQPQHVCZC
HTQO FKHHGTGPV TGRQTVU TGFWPFCPV VCZC YGTG OGTIGF HTQO GCEJ QVJGT KPVQ C UKPING
TGEQTFCUOWEJCURQUUKDNG+PUWEJECUGUVJGXCNKFPCOGWUGFYCUVJCVQHVJGOQUV
TGEGPV EKVCVKQP QH VJG VCZC QT VJG PCOG WUGF KP VJG OQUV KORQTVCPV RWDNKECVKQP +P
C HGY RWDNKUJGF FQEWOGPVU KV YCU KORQUUKDNG VQ FKUVKPIWKUJ YJGVJGT CWVJQTU YGTG
4';0151
TGHGTTKPI VQ FKHHGTGPV VCZC QT VQ VJG UCOG QPG 6JGUG ECUGU YGTG EQPUKFGTGF KP VJG
CPCN[UGUDWVECTGHWNN[FKUEWUUGFUKPEGVJG[OKIJVDGKPETGCUKPITKEJPGUUCTVKſEKCNN[
5RGEKCNECUGCTGFQEWOGPVURTQFWEGFD[%CUVKNNQŌ%GTÎPŏUYQTMKPIVGCOYJGTGYJCV
UGGOUVQDGVJGUCOGHQUUKNURGEKOGPKUOGPVKQPGFTGRGCVGFN[CVFKHHGTGPVVCZQPQOKE
TCPMU QT KFGPVKVKGU (QT GZCORNG KV KU WPEGTVCKP KH VJG /KQEGPGNCVG 2NGKUVQEGPG
6GJWKEJKNC<CEWCNVKRCPCORJKDKCPUTGHGTTGFD[%CUVKNNQ%GTÎPGVCN KPENWFG
VJQUGQHVJG/KQEGPG6GJWKEJKNC<CEWCNVKRCPCORJKDKCPUTGHGTTGFD[%CUVKNNQ%GTÎP
%CUVKNNQ%GTÎP CPF )Q[GPGEJGC %CUVKNNQ%GTÎP GV CN CPF
%CUVKNNQ%GTÎPGVCN CNVJQWIJVJGUGNCUVRCRGTUEGTVCKPN[FQPQVKPENWFGVJG
NCVG2NGKUVQEGPGCORJKDKCPUVJCVJCXGDGGPPGXGTTGRQTVGFKPCHQTOCNRCRGT(QTCNN
ECNEWNCVKQPUWPFGVGTOKPGFXCTKQWU CORJKDKCPUCPF TGRVKNGUTGRQTVGF D[ /KNNGTCPF
%CTTCP\C%CUVCÌGFC CPFVJGTGEQTFQHEH2NCVGECTRWU (TG[GVCN YGTG
GZENWFGFUKPEGVJG[FKFPQVRTQXKFGEQNNGEVKPIFCVCKPVJGKTTGRQTVU
7RVQPQYVJGTGJCXGDGGPTGRQTVGFCORJKDKCPUCPFTGRVKNGU 6CDNG
HTQO/GZKEQ#OQPICORJKDKCPUſXG CTG WPFGVGTOKPGF TGRQTVU ſXG ECWFCVGU CPF
CPWTCPU#OQPITGRVKNGUCTGWPFGVGTOKPGFVWTVNGU RNGWTQFKTGU QPGDCUCN
NGRKFQUCWTQOQTRJUGXGPURJGPQFQPVKCPUQPGDCUCNUSWCOCVGVTWGUSWCOCVGU
NK\CTFUCPFUPCMGU ETQEQFKNGUCPFPQPUSWCOCVGOCTKPGTGRVKNGU (KIWTG
7PKFGPVKſGF CORJKDKCPU CPF TGRVKNGU CTG WUWCNN[ TGRQTVGF YJGP KPVTQFWEKPI
PQPNQYGTXGTVGDTCVGHCWPCNCUUGODNCIGUDGKPIWPEGTVCKPKHVJGUGTGRQTVUTGHGTVQC
UKPINGQTUGXGTCNVCZC#OD[UVQOCKUVJGQPN[IGPWUQHECWFCVGURTQRGTN[KFGPVKſGF
$TCVVUVTQO C NXCTG\ CPF *WGTVC +P CFFKVKQP $WHQ )CUVTQRJT[PG
*[NC *[NCEVQRJTKPG 'NGWVJGTQFCEV[NWU .GRVQFCEV[NWU 2VGTPQJ[NC 4CPC
4JKPQRJT[PWU5ECRJKQRWUCPF5[TTJQRJWUJCXGDGGPTGRQTVGFHQT#PWTC
4GRVKNGUCTGEQPUKFGTCDN[OQTGCDWPFCPVVJCPCORJKDKCPU6JGTGOC[DGOQTG
WPKFGPVKſGF TGRVKNGU PQV EQPUKFGTGF KP VJKU RCRGT (QT GZCORNG %QRG GV CN
OGPVKQPGFC%CORCPKCPTGRVKNGOKETQHCWPCHQTVJG%CÌÎP5CPVC'NGPC0CVKQPCN2CTM
%JKJWCJWCYKVJQWVURGEKH[KPIVJGPWODGTQTKFGPVKV[QHVJGVCZC5KOKNCTECUGUYGTG
EQPUKFGTGFCUCUKPINGTGRQTVECWUKPIQOKUUKQPGTTQTU
#OQPI TGRVKNGU VWTVNGU CTG VJG OQUV CDWPFCPV 1H VWTVNG TGEQTFU CTG
ET[RVQFKTCPUCPFVYQRNGWTQFKTCPU6JGOQUVCDWPFCPVKFGPVKſGF IGPWU KU -KPQUVGTPQP
YKVJTGEQTFUHQNNQYGFD[)QRJGTWUYKVJ6JGTGOCKPKPIVCZCCTGQPN[TGRQTVGF
QPGQTHGYVKOGU6JGUGKPENWFG#FQEWU#URKFGTGVGU%QORUGO[U)GQEJGNQPG
CPFQT *GRGTQVGUVWFQ EH *QRNQEJGN[U UKOKNCT VQ 0GWTCPM[NWU 0CQOKEJGNKU EH
2TQVQEJGN[FTC6GTTCRGPG6GUVWFQ6TCEJGO[U TGRQTVGFCU%JT[UGO[U2UGWFGO[U
QT6TCEJGO[U 6TKQP[ZCPFVJGRNGWTQFKTCP$QVJTGO[U
%TQEQFKNGU CTG UECTEG KP /GZKECP HQUUKN TGEQTF CNVJQWIJ XGT[ FKXGTUG /CP[
VCZC JCXG DGGP TGRQTVGF CNVJQWIJ OCVGTKCN KU WUWCNN[ PQV YGNN RTGUGTXGF HQT IQQF
VCZQPQOKEKFGPVKſECVKQP 2TKOKVKXG ETQEQFKNGU KPENWFG IQPKQNQRJKFU VJCNNCVQUWEJKFU
OGVTKQTJ[PEJKPGU VGNGQUCWTKFU CPF WPKFGPVKſGF OGVCUWEJKCPU CPF OGUQUWEJKCPU
/QFGTPETQEQFKNGUCTGCNNTGHGTTGFVQVJGIGPWU%TQEQF[NWU/KNNGT KFGPVKſGF
C NQYGT LCY HTQO VJG $NCPECP .CU 6WPCU .QECN (CWPC KP $CLC %CNKHQTPKC 5WT CU
%TQEQF[NWUOQTGNGVVK
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
6#$.'0WODGTQHWPFGVGTOKPGFRTQRQUGFCPFFGUETKDGFPGYURGEKGUCPFVCZQPQOKE
NGXGNQHKFGPVKſECVKQP QH CORJKDKCPU CPF TGRVKNGU TGRQTVGF HQT /GZKEQ
VQVJGUWRTCIGPGTKE
TGEQTFUTGHGTTGFVQ
TGEQTFUTGHGTTGFVQ
TGEQTFUTGHGTTGF
VJGIGPGTKENGXGN
VJGURGEKGUNGXGN
WPFGVGTOKPGF
PGYURGEKGU
PGYURGEKGU
FGUETKDGF
RTQRQUGF
TGEQTFU
URGEKGU
NGXGN
#/2*+$+#05

WPFGVCORJKDKCPU

WTQFGNGU

CPWTCPU

4'26+.'5

KPFGVTGRVKNGU

VWTVNGU

ETQEQFKNGU

NGRKFQUCWTQOQTRJU

őGWT[CRUKFUŒ

616#.
6JGTGJCXGDGGPTGRQTVGFNGRKFQUCWTQOQTRJU6JG/GUQ\QKEHQTOUCTGVJG
DGUVMPQYPRCTVKEWNCTN[VJQUGQHVJGOKF,WTCUUKE.C$QEC(QTOCVKQPCPFVJGGCTN[
%TGVCEGQWU 6NC[ÕC (QTOCVKQP (TQO *WK\CEJCN CTG VJG DCUCN NGRKFQUCWTQOQTRJ
6COCWNKRCUCWTWUOQTGPQK %NCTMCPF*GTP¶PFG\ MPQYPHTQOCUMWNNCPFC
DCUKETCPKWO VJG URJGPQFQPVKCPU %[PQURJGPQFQP JWK\CEJCNGPUKU 4G[PQUQ
4G[PQUQ VJGOQUVCDWPFCPVNQECNHQTOMPQYPHTQOUGXGTCNFGPVCNGNGOGPVU
VJGFYCTH<CRCVCFQPGLKFQGPUKU 4G[PQUQCPF%NCTM MPQYPD[CUKPINGCNOQUV
EQORNGVG UMWNN C XGPQOQWU URGEKGU 4G[PQUQ KP RTGUU CPF VYQ PQV [GV HQTOCNN[
FGUETKDGF HQTOU 4G[PQUQ (TQO 6NC[ÕC CTG VJG CSWCVKE URJGPQFQPVKCP
#PM[NQURJGPQFQP RCEJ[QUVQUWU 4G[PQUQ CPF VJG DGCFGF URJGPQFQPVKCP
2COK\KPUCWTWUVNC[WCGPUKU 4G[PQUQ 9QTNFYKFGKORQTVCPVHQTOUKPENWFGVJG
DCUCNUSWCOCVG*WGJWGEWGV\RCNNKOKZVGEWU 4G[PQUQ UKUVGTITQWRQHCNNMPQYP
USWCOCVGUCPFVJGDCUCNUEKPEQOQTRJ6GRGZKUCWTWUVGRGZKK 4G[PQUQCPF%CNNKUQP
#NN6NC[ÕCTGRVKNGUMGNGVQPUCTGCOQPIVJGDGUVRTGUGTXGF
4';0151
(+)74'(TGSWGPE[QHWPKSWGVCZQPNQECNKV[CIGTGEQTFUQHCORJKDKCPUCPFTGRVKNGURGT
JKIJTCPMVCZQPQOKEITQWR
6JGTG CTG TGRQTVU QH VTWG NK\CTFU CPF OCTKPG OQUCUCWTU CPF UPCMGU
6JGUG KPENWFGU VJG OQFGTP IGPGTC #OGKXC $CTKUKC %CNNKUCWTWU %PGOKFQRJQTWU
#URKFQUEGNKU %VGPQUCWTC 5EGNQRQTWU VJG IGPWU YKVJ VJG OQUV TGRQTVU
!.CGOCPEVWU .GRKFQRJ[OC CPF 2JT[PQUQOC # XCTCPKF NK\CTF %JCOQRU
2QN[IN[RJCPQFQPCPFVJGOQUCUCWTU%NKFCUVGUEH/QUCUCWTWUCPFEH2NCVGECTRWU
CTG %TGVCEGQWU .WECU GV CN 0[FCO 'XGTVJ GV CN (TG[ GV CN

#NNTGRQTVGFUPCMGUCTGHTQOVJGNCVG%GPQ\QKEYKVJVJGGZEGRVKQPQHCPKUQNCVGF
XGTVGDTCTGHGTTGFCU%QPKQRJKUURD[#IWKNNÎP HTQOVJG.CVG%TGVCEGQWU%GTTQ
FGN 2WGDNQ (QTOCVKQP %QCJWKNC JQYGXGT VJKU KFGPVKſECVKQP PGGFU VQ DG XGTKſGF
.CVG%GPQ\QKEUPCMGUCTG$QC%TQVCNWUCPFQT$QVJTQRU&T[OCTEJQP&T[OQDKWU
'NCRJG *[RUKINGPC .CORTQRGNVKU /CUVKEQRJKU! 2KVWQRJKU 5CNXCFQTC 5RKNQVGU
6JCOPQRJKU VJGOQUVCDWPFCPVIGPWU CPF6TKOQTRJQFQP/QUVTGRQTVUCTGHTQOVJG
5RWMKN%CXG .CPIGDCTVGN 4CPEJQ.C$TKUEC5QPQTC 8CP&GXGPFGTGVCN
CPF$CLC%CNKHQTPKC5WT /KNNGT
(QT VJG RWTRQUG QH VJKU RCRGT PQPUSWCOCVG OCTKPG TGRVKNGU CTG ITQWRGF CU
őGWT[CRUKFUŒ 6JGUG CTG VJG NGUU CDWPFCPV VCZC COQPI /GZKECP TGRVKNGU CPF QPN[
ſXG KEJVJ[QUCWTU CPF UKZ UCWTQRVGT[IKCP JCXG DGGP TGRQTVGF /QUV HQUUKNU YGTG
EQNNGEVGF KP VJG /GUQ\QKE FGRQUKVU QH PQTVJGTP /GZKEQ YKVJ VJG GZEGRVKQP QH VJG
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
JQNQV[RGQH2NKQUCWTWUOGZKECPWUCPFCPQVJGT!2NKQUCWTKFCGHTQO1CZCEC 9KGNCPF
(GTTWUSWÈC8KNNCHTCPECCPF%QOCU 1PN[5JCUJVCUCWTWUCNVKURKPWUCPF
6QTGVQEPGOWUECNKHQTPKEWUHTQO5QPQTC .WECUCPF)QP\¶NG\.GÎP CPFVJG
#TCODGTTKOQPUVGT.KQRNGWTQFQPHGTQZ $WEJ[GVCN YGTGEQORNGVGGPQWIJVQ
DGKFGPVKſGF VQ VJG URGEKGU NGXGN
#ORJKDKCPUCPF4GRVKNGUKP6KOGCPF5RCEG
#ORJKDKCPUCPFTGRVKNGUCTGDTQCFN[FKUVTKDWVGFVJTQWIJQWVVJG/GZKECPVGTTKVQT[
JCXKPITGEQTFUHTQOVJG6TKCUUKEVQVJG*QNQEGPG6YGPV[QPGQHVJGUVCVGUJCXG
HQUUKNJGTRGVQHCWPCKPNQECNKVKGU6JGOQUVKORQTVCPVUVCVGUNKUVGFCEEQTFKPIVQ
VJGKTTKEJPGUUCTG5QPQTCYKVJTGRQTVU%QCJWKNCYKVJ6COCWNKRCUCPF;WECV¶P
YKVJ0WGXQ.GÎPYKVJCPF'UVCFQFG/ÃZKEQ*KFCNIQ,CNKUEQCPF2WGDNC
CNNYKVJ (KIWTG 6JGTGOCKPKPIUVCVGUJCXGNGUUVJCPTGRQTVU#NNTGRQTVUQH
;WECV¶P CTG QH 2NGKUVQEGPG*QNQEGPG UWDHQUUKNU HTQO NQECN ECXGU EQPVTCUVKPI YKVJ
%QCJWKNCYJGTGOQUVHQUUKNUCTGHTQOVJG/GUQ\QKE1HCNNWPKSWGTGEQTFUCTG
HTQOVJG3WCVGTPCT[HTQOVJG.CVG%TGVCEGQWUHTQOVJG0GQIGPGHTQOVJG
NCVG,WTCUUKEHTQOVJG'CTN[%TGVCEGQWUGKIJVHTQOVJGOKFFNG,WTCUUKEVJTGGHTQO
VJG2CNGQEGPGCPFVYQHTQOVJG6TKCUUKE (KIWTG 6JGTGCTGPQTGRQTVUGCTNKGTVJCP
VJGNCVG6TKCUUKE
6JGGCTNKGUVMPQYPTGEQTFUCTGVJGKEJVJ[QUCWTU5JCUJVCUCWTWUCNVKURKPWUCPF
6QTGVQEPGOWUECNKHQTPKEWUHTQOVJGNCVG6TKCUUKEFGRQUKVUCV/KPCGN#PVKOQPKWOCV
5KGTTCFGN#NCOQ5QPQTC .WECUCPF)QP\¶NG\.GÎP 6JG*WK\CEJCN%CP[QP
TGFDGFUQH.C$QEC(QTOCVKQPKUVJGQPN[MPQYP/KFFNG,WTCUUKENQECNKV[#FFKVKQPCN
VCZCHTQO*WK\CEJCNCTGUGXGTCNRCTVKCNUMWNNUQH/GVCUWEJKC %NCTMGVCND
CPFCRTKOKVKXGETQEQF[NQOQTRJUMWNNHTCIOGPV %NCTMGVCNC .CVG,WTCUUKE
FGRQUKVUCTGHTQO%QCJWKNC0WGXQ.GÎPCPFCUKPINGTGEQTFHTQO2WGDNCYJGTGVJG
ETQEQFKNG)GQUCWTWUXKIPCWFK (TG[GVCN YCUFGUETKDGF6JGOQUVKORQTVCPV
NCVG,WTCUUKEFGRQUKVUCTGVJGUGTKGUQHNQECNKVKGUPGCT#TCODGTTK0WGXQ.GÎP $WEJ[
GVCNKPRTGUU#TCPFC/CPVGECCPF5VKPPGUDGEM(TG[GVCN EQORTKUKPI
FGRQUKVU QH .C %CUKVC CPF .C %CLC (QTOCVKQPU CV #UWPEKÎP )CNGCPC 5CP .WECU
4ÈQ2CDNKNNQ%KGPGIWKNNCU*KFCNIQG+VWTDKFG<CTCIQ\C.C#PIQUVWTCCPF5KGTTCGN
/QPVGNQPIQ2GFTGIQUQCOQPIQVJGTU(TQOVJGUGNQECNKVKGUVJGTGJCXGDGGPFGUETKDGF
RCTVKCNUMWNNUCPFUMGNGVQPUQHETQEQFKNGU VJCNCVVQUWEJKCPUCOGVTKQTJ[PEJKPGCPF
CVGNGQUCWTKF CPGWKEJVJ[QRVGT[IKCPKEJVJ[QUCWTCPGNCUOQUCWTKFRNKQUCWTKFCPF
VJGIKCPV.KQRNGWTQFQPHGTQZ $WEJ[GVCN$WEJ[GVCNKPRTGUU (TQOVJG
V[RG5GEVKQPQH.C%CUKVC(QTOCVKQPCV5KGTTCFG2CTTCU%QCJWKNCUQWVJQH)GPGTCN
%GRGFCQPN[UQOGXGTVGDTCGCPFRNCVGUQH+EJVJ[QUCWTWU! 2GVGTUQP4QFTÈIWG\GV
CN QH-KOOGTKFIKCPQTGCTN[6KVJQPKCPCIGCTGOGPVKQPGF
/QUVQHVJGMPQYP'CTN[%TGVCEGQWUNQYGTXGTVGDTCVGUKP/GZKEQCTGHTQOVJG
6NC[ÕC3WCTT[PGCT6GRGZKFG4QFTÈIWG\2WGDNC+PCFFKVKQPVQVJGRTGXKQWUN[NKUVGF
NGRKFQUCWTU 4G[PQUQ4G[PQUQCPF%CNNKUQP VJKUNQECNKV[
4';0151
(+)74'(TGSWGPE[QHWPKSWGVCZQPNQECNKV[CIGTGEQTFUQHCORJKDKCPUCPFTGRVKNGURGT
UVCVG #DDTGXKCVKQPU #IU #IWCUECNKGPVGU $% $CLC %CNKHQTPKC $%5 $CLC %CNKHQTPKC 5WT
%JKJ %JKJWCJWC %JKU %JKCRCU %QCJ %QCJWKNC &WT &WTCPIQ 'OGZ 'UVCFQ FG /ÃZKEQ
)VQ)WCPCLWCVQ*IQ*KFCNIQ,CN,CNKUEQ/KEJ/KEJQCE¶P0.0WGXQ.GÎP1CZ1CZCEC
2WG2WGDNC5.25CP.WKU2QVQUÈ5QP5QPQTC6CD6CDCUEQ6COR6COCWNKRCU;WE;WECV¶P
<CE<CECVGECU
(+)74'(TGSWGPE[QHWPKSWGVCZCNQECNKV[CIGTGEQTFUQHCORJKDKCPUCPFTGRVKNGU
RGTCIG
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
JCURTQFWEGFUGXGTCNEQORNGVGCPFRCTVKCNUMGNGVQPUQHVYQVWTVNGVCZCCPFCETQEQFKNG
4G[PQUQGVCN 1VJGTGCTN[%TGVCEGQWUNQECNKVKGUCTGHQWPFKP1CZCECKPVJG
6NCZKCEQCTGCCPFPGCT*WCLWCRCPFG.GÎP 9KGNCPF(GTTWUSWÈC8KNNCHTCPEC
CPF %QOCU (TQO 6NCZKCEQ VJG V[RG URGEKOGP QH 2NGUKQUCWTWU OGZKECPWU
YCU TGEQXGTGF 9KGNCPF CPF HTQO VJG NCVG $GTTKCUKCPGCTN[ *CWVGTKXKCP QH
*WCLWCRCP FG .GÎP 1CZCEC CP KEJVJKQUCWTKF EGPVTC CPF C 2NKQUCWTKFCG! FGPVCT[
CUUQEKCVGFYKVJCUECRWNCTHTCIOGPV (GTTWUSWÈC8KNNCHTCPECCPF%QOCU YGTG
CNUQTGEQXGTGF
.CVG%TGVCEGQWUFGRQUKVUDGCTKPINQYGTXGTVGDTCVGCTGCDWPFCPV/QUVNQECNKVKGU
CTGGKVJGT%CORCPKCPQT%CORCPKCP/CCUVTKEJVKCPKPCIGCPFCTGDCUKECNN[FKUVTKDWVGF
VJTQWIJ VJG PQTVJGTP UVCVGU QH VJG TGRWDNKE $CLC %CNKHQTPKC 5QPQTC %JKJWCJWC
%QCJWKNCCPF0WGXQ.GÎP1PN[VYQNQECNKVKGUJCXGDGGPTGRQTVGFVQDG6WTQPKCP
VJG2G[QVGU&KXKUKÎPCV2CTTCUQPVJG4ÈQ$TCXQHTQOVJGPQTVJ2TGUKFKWOVQ2KGFTCU
0GITCU%QCJWKNC #IWKNGTC CPF8CNNGEKNNQ0WGXQ.GÎP $NCPEQ2KÌÎP
GV CN YJGTG C UQHV UJGNNGF VWTVNG 6TKQP[Z UR CPF WPFGVGTOKPGF EJGNQPKCPU
JCXGDGGPTGRQTVGFTGURGEVKXGN[
6JGQNFGUV.CVG%TGVCEGQWUTGEQTFQHCOCTKPGTGRVKNGKUVJCVQH/×NNGTTKGF
YJQTGRQTVGFVYQRCTVKCNKPFKXKFWCNUQHCOQUCUCWTHTQO4C[ÎPPQTVJQHVJG;COGUÈ
4KXGTCVMOU09QH6CORKEQ6COCWNKRCU6JGUGURGEKOGPUYGTGFGRQUKVGFKPVJG
/WUGQ0CEKQPCNFG*KUVQTKC0CVWTCNKP/GZKEQ%KV[DWVCTGPQYRTQDCDN[NQUV
6JG %GTTQ FGN 2WGDNQ (QTOCVKQP CTGC PGCT 5CNVKNNQ DGCTU VJG OQUV KORQTVCPV
.CVG%TGVCEGQWU NCVG%CORCPKCP TGRVKNGHCWPCKP/GZKEQJQYGXGTQRRQUKVGVQVJG
HQUUKNU HTQO VJG ,WTCUUKE CPF 'CTN[ %TGVCEGQWU FGRQUKVU VJG HQUUKNU HTQO %QCJWKNC
CTG RTGUGTXGF VQ DG WUGF HQT IQQF VCZQPQO[ CPF U[UVGOCVKEU 6JGUG UKVGU JCXG
RTQFWEGF FKHHGTGPV TGEQTFU KPENWFKPI VJG VWTVNGU %QORUGO[U EH *QRNQEJGN[U
-KPQUVGTPQKFGC EH 2TQVQEJGN[FTC 6TKQPKEJKFCG #FQEWU CPF C HQTO UKOKNCT VQ
0GWTCPM[NWU 4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTK\'XGTVJGVCN
VJGUQWVJGTPOQUVTGEQTFQHVJGRNGWTQFKTG$QVJTGO[U )CTEÈCCPF4G[PQUQ C
XCTCPKFNK\CTF 'XGTVJGVCN VJGUPCMGSWGUVKQPCDN[TGHGTTGFVQCU%QPKQRJKU
#IWKNNÎP VJGOQUCUCWTU%NKFCUVGURTQDCDN[EH2NCVGECTRWUCPWPFGVGTOKPGF
/QUCUCWTKC 'XGTVJ GV CN (TG[ GV CN CPF NQPIKTQUVTKPG ETQEQFKNGU
RTQDCDN[ )QPKQRJQNKFKFCG 4QFTÈIWG\FG NC 4QUC CPF %GXCNNQU(GTTK\ 6JG
NCEM QH IQQF OCVGTKCN OCMGU KFGPVKſECVKQPU VQ VJG IGPGTKE CPF RCTVKEWNCTN[ VQ VJG
URGEKſE NGXGN FWDKQWU UQ VJG TGEQXGT[ QH OQTG EQORNGVG OCVGTKCN KU PGGFGF DGHQTG C
ſPCN HCWPCN NKUV ECP DG RTQFWEGF
6JG RQUUKDNG %CORCPKCP/CCUVTKEJVKCP #IWLC ,CXGNKPC CPF 5CP %CTNQU
HQTOCVKQPU NQECVGF QP VJG %JKJWCJWC%QCJWKNC DQTFGT CTG VJG UGEQPF OQUV
CDWPFCPV .CVG %TGVCEGQWU FGRQUKVU KP /GZKEQ 6JGUG JCXG DGGP TGEGPVN[ UVWFKGF
D[ / /QPVGNNCPQ$CNNGUVGTQU CPF , 9GUVICVGŏU VGCOU /QPVGNNCPQ$CNNGUVGTQU GV
CN9GUVICVGGVCNCD%QRGGVCN 7PHQTVWPCVGN[WRVQ
PQYPQHQTOCNNKUVUJCXGDGGPRTQFWEGF6JGRTGUGPEGQHCTGRVKNGOKETQHCWPCVJG
VWTVNG#URKFGTGVGUUQHVUJGNNGFVWTVNGUCPFQVJGTEJGNQPKCPUCPFETQEQFKNGUKPENWFKPI
IQPKQNQRJKFUCPFCUJQTVUPQWVGFHQTOJCXGDGGPTGRQTVGF
4';0151
+P$CLC%CNKHQTPKCCNNMPQYP.CVG%TGVCEGQWUNQYGTVGVTCRQFUCTGHTQOVJGNCVG
%CORCPKCP 'N )CNNQ (QTOCVKQP 6JKU UKVG DGCTU VJG QNFGUV MPQYP HQUUKN CORJKDKCP
HTQO /GZKEQ .KNNGITCXGP CNVJQWIJ PQ VCZQPQOKE KFGPVKV[ JCU DGGP IKXGP
4GRVKNGHQUUKNUJCXGQPN[DGGPTGHGTTGFVQJKIJGTVCZQPQOKETCPMU GIVWTVNGNK\CTFU
CPF CNNKICVQT UKE .KNNGITCXGP YKVJ VJG GZEGRVKQP QH VJG TGEGPVN[ TGRQTVGF
0CQOKEJGNKU 4QFTÈIWG\FG NC 4QUC CPF #TCPFC/CPVGEC MPQYP HTQO
HTCIOGPVU QH EQUVCN CPF RNCUVTCN RNCVGU CPF VJG NK\CTF 2QN[IN[RJCPQFQP DCLCGPUKU
0[FCO MPQYPHTQOUGXGTCNKUQNCVGFLCYHTCIOGPVU
5QPQTCP.CVG%TGVCEGQWUFGRQUKVUCTGHTQOVJG%CORCPKCP/CCUVTKEJVKCP%QTTCN
FG 'POGFKQ .QOCU %QNQTCFCU CPF 2CEMCTF 5JCNG HQTOCVKQPU HTQO VJG %CDWNNQPC
)TQWR .WECU GV CN 6JGTG JCXG DGGP TGRQTVGF KUQNCVGF RNCVGU QH VTKQPKEJKF
VWTVNGU KUQNCVGF GWUWEJKCP ETQEQFKNG XGTVGDTCG CPF VJG TKIJV FGPVCT[ QH VJG NK\CTF
%JCOQRUUGIPKU
0Q TGEQTFU QH .CVG %TGVCEGQWU CORJKDKCPU CPF TGRVKNGU CTG MPQYP HTQO VJG
EGPVTCNRCTVQH/GZKEQDWV%JKCRCUNQECVGFCVVJGUQWVJGTPOQUVRCTVQHVJGEQWPVT[
JCU RTQFWEGF TGOCKPU QH CP CNOQUV EQORNGVG UMWNN QH C IQPKQNQRJKF ETQEQFKNG
CUUQEKCVGF YKVJ UQOG RQUVETCPKCN GNGOGPVU UGXGTCN KUQNCVGF ETQEQFKNG TGOCKPU QH C
NCTIGT ETQEQFKNG CPF UGXGTCN VWTVNG GNGOGPVU #XGPFCÌQ)KN GV CN %CTDQV
%JCPQPCCPF%QWVKÌQ,QUÃ 6JGUGHQUUKNUYGTGEQNNGEVGFKPVJG/CCUVTKEJVKCP
1EQ\QEQCWVNC (QTOCVKQP VJCV QWVETQRU KP UGXGTCN TQCF EWVU CV VJG 6WZVNC )WVKÃTTG\
CTGC%JKCRCU
'CTN[%GPQ\QKETGOCKPUCTGXGT[UECTEG(TQOVJGGCTN[1NKIQEGPG %JCFTQPKCP
CECTCRCEGHTCIOGPVQHCVWTVNG (GTTWUSWÈC8KNNCHTCPEC HTQO4CPEJQ)CKV¶P
2TKGVQU (QTOCVKQP %JKJWCJWC YCU TGRQTVGF CPF HTQO VJG NCVG 'QEGPG VJG NK\CTF
2CTCFKRUQUCWTWU OGZKECPWU (TKGU GV CN HTQO /CTſN )WCPCLWCVQ YCU
FGUETKDGF
0GQIGPG FGRQUKVU CTG COQPI VJG DGUV RTQURGEVGF YKVJKP /GZKEQ HQT VJG
GUVCDNKUJOGPVQHHCWPCNEQTTGNCVKQPUDGVYGGPNQECNKV[DCUGFHQUUKNOCOOCNU9KVJKPVJKU
TGUGCTEJOQFGNVJGMPQYNGFIGQHCORJKDKCPUCPFTGRVKNGUJCUDGGPNGHVQWVCNVJQWIJ
VJGKTRTGUGPEGJCUDGGPFQEWOGPVGFVJQTQWIJN[/QUV0GQIGPGFGRQUKVUCTGNQECVGF
KP EGPVTCN /GZKEQ CPF JCXG DGGP GZVGPUKXGN[ EQNNGEVGF D[ 1 %CTTCP\C%CUVCÌGFC
CPF9/KNNGTŏUVGCOYJQJCXGFKUEQXGTGFOCP[PGYHQUUKNUKVGU6JGUGNQECNKVKGU
JCXG DGGP FCVGF GKVJGT CU *GORJKNNKCP NCVG /KQEGPGGCTN[ 2NKQEGPG QT $NCPECP
NCVG 2NKQEGPGGCTN[ 2NGKUVQEGPG 0GQIGPG NQECNKVKGU CTG HQWPF KP #IWCUECNKGPVGU
$CLC %CNKHQTPKC $CLC %CNKHQTPKC 5WT %JKJWCJWC )WCPCLWCVQ *KFCNIQ ,CNKUEQ
/KEJQCE¶P CPF 0WGXQ .GÎP /KNNGT CPF %CTTCP\C%CUVCÌGFC OGPVKQP PGY
*GORJKNNKCPVQ$NCPECPNQECNKVKGUCV<CECVGECUCPF'UVCFQFG/ÃZKEQCNVJQWIJVJG[
FQPQVURGEKH[YJGTGVJGUGHQUUKNCORJKDKCPUQTTGRVKNGUYGTGEQNNGEVGF/QUV0GQIGPG
TGRQTVU CTG HTQO *KFCNIQ YKVJ WPKSWG TGEQTFU HQNNQYGF D[ $CLC %CNKHQTPKC 5WT
YKVJCPF,CNKUEQYKVJUKZ6JGOQUVCDWPFCPVTGEQTFUCTGHTQOVWTVNGUKPENWFKPI
VJGIGPGTC-KPQUVGTPQPHTQO<KGVNCPGCT<CEWCNVKRCPCPFVJGHQUUKNKHGTQWUTGIKQPQH
6WNCDQVJKP*KFCNIQCPF.C)QNGVC/KEJQCE¶P6TCEJGO[UCNUQHTQO<KGVNCCPF
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
CP WPEGTVCKP NQECNKV[ HTQO ,CNKUEQ )GQEJGNQPG HTQO VJG 5CP ,QUÃ FGN %CDQ DCUKP
CPF$CJÈC6QTVWICU$CLC%CNKHQTPKC5WT6GUVWFQHTQO.C)QNGVCCPFEH)QRJGTWU
HTQOPGCT4KPEÎPFGNC%QPEJC%JKJWCJWC $TCVVUVTQOC%CUVKNNQ%GTÎPGVCN
(NQTGU 8KNNGNC /KNNGT CPF %CTTCP\C%CUVCÌGFC %TQEQFKNGU CTG
QPN[MPQYPHTQOUKZTGEQTFUQH%TQEQF[NWUHTQO<KGVNCVJG6GEQNQVN¶PDCUKPCPFVJG
%CPVGTC,QEQVGRGE,CNKUEQCPF.CU6WPCU$CLC%CNKHQTPKC5WT 5OKVJ/KNNGT
4QFTÈIWG\*WGTVC CPF )W\O¶P)WVKÃTTG\ %CUVKNNQ%GTÎP GV CN
/KNNGTCPF%CTTCP\C%CUVCÌGFC)CTEÈC2ÃTG\CPF4G[PQUQ .K\CTFUCTG
MPQYPHTQOVJGIGPGTC2J[PQUQOCCPF5EGNQRQTWUCV<KGVNC %CUVKNNQ%GTÎP
%CUVKNNQ%GTÎP GV CN CPF ;GRÎOGTC .KPFUC[ UPCMGU HTQO EH $QC
EH %TQVCNWU CPF !2KVWQRJKU HTQO .CU 6WPCU $CLC %CNKHQTPKC 5WT /KNNGT
CPFCORJKDKCPUHTQO$WHQECORKHTQO;GRÎOGTC%JKJWCJWCCPF*[NCCPF4CPC
HTQO<KGVNCCPFVJGHQUUKNKHGTQWUTGIKQPQH5CPVC/CTÈC#OCLCEPGCT#VQVQPKNEQ'N
)TCPFG*KFCNIQ $TCVVUVTQOC%CUVKNNQ%GTÎPCPF)Q[GPGEJGC(WGPVGU
)WGTTCCPF8GNCUEQFG.GÎP 6JGTGOCKPKPITGRQTVUCTGGKVJGTWPFGVGTOKPGF
QTKFGPVKſGF VQ C JKIJGT VCZQPQOKE TCPM
3WCVGTPCT[ FGRQUKVU RTGUGTXG C ITGCVGT FKXGTUKV[ QH CORJKDKCPU CPF TGRVKNGU KP
/GZKEQ 9KVJQWV VCMKPI KPVQ CEEQWPV GCTN[ 2NGKUVQEGPG $NCPECP NQECNKVKGU JGTG
KPENWFGF YKVJ VJG 0GQIGPG TGEQTFU VJGTG CTG WPKSWG TGRQTVU KP UVCVGU
CORJKDKCPU CPF TGRVKNGU /QUV TGEQTFU CTG HTQO ;WECV¶P 'UVCFQ FG /ÃZKEQ
,CNKUEQCPF6COCWNKRCU+ORQTVCPV2NGKUVQEGPGNQECNKVKGUYKVJCORJKDKCPUCPFTGRVKNGU
CTG VJG .CVG 2NGKUVQEGPG4GEGPV %WGXC FG 5RWMKN PGCT %CNEGJVQM CPF %WGXC FG
.CTCPGCT;QMCVCPF6KEWN;WECV¶P .CPIGDCTVGN VJGNCVG2NGKUVQEGPG%GTTQ
FG 6NCRCEQ[C UQWVJ QH 6NCRCEQ[C CPF <WORCPIQ FG 1ECORQ 'UVCFQ FG /ÃZKEQ
$TCVVUVTQOCNXCTG\CPF*WGTVC VJG9KUEQPUKCP5CP,QUGEKVQ%CXG
PGCT #TCODGTTK 0WGXQ .GÎP $TCVVUVTQO D /GCF GV CN VJG +NNKPQKCP
6QDC #IWCUECNKGPVGU KP VJG %GFC\Q CPF 5CP (TCPEKUEQ %TGGM PGCT #IWCUECNKGPVGU
EKV[ /QQUGT VJG.CVG2NGKUVQEGPG%WGXCFGN#DTCPGCT8KNNC#PVKIWC
/QTGNQU 6COCWNKRCU *QNOCP VJG NCVG 5CPICOQP9KUEQPUKCP ,QEQVGRGE
CTGC,CNKUEQ 5OKVJ VJG+TXKPIVQPKCP !GPF-CPUKCP 'N)QNHQFG5CPVC%NCTC
5QPQTC 5JCY VJG .CVG 2NGKUVQEGPG 5CPICOQP 4CPEJQ .C $TKUEC 5QPQTC
8CP&GXGPFGTGVCN CPFVJGGPFQHVJG2NGKUVQEGPG.QU6CPSWGU<CECVGECU
)W\O¶PCPF2QNCEQ
#U YKVJ OQUV QH VJG HQUUKN TGEQTF VWTVNGU CTG CDWPFCPV (QTV[ UKZ VWTVNGU JCXG
DGGPTGRQTVGFKPENWFKPIVJGIGPGTC)GQEJGNQPG)QRJGTWU-KPQUVGTPQP6GTTCRGPG
6GUVWFQ CPF 6TCEJGO[U .CPIGDCTVGN *KDDCTF (NCPPGT[
)CTEÈC%QQM )WGPVJGT %CDTGTC%CUVTQ NXCTG\ CPF *WGTVC
*GTP¶PFG\,WPSWGTC /QQFKG CPF 8CP &GXGPFGT (GTTWUSWÈC
8KNNCHTCPEC CPF 6QTTGU4QNF¶P /QQUGT 5OKVJ .QTGP\Q CPF
/KTCODGNN 2QNCEQ4COQU 5JCY 8CP &GXGPFGT GV CN
)W\O¶PCPF2QNCEQ)WKNNGVVGGVCN$TCXQ%WGXCU4G[PQUQ
CPF/QPVGNNCPQ .K\CTFUKPENWFGU#OGKXC$CTKUKC%CNNKUCWTWU#URKFQUEGNKU
4';0151
%VGPQUCWTC!.CGOCPEVWU.GRKFQRJ[OC2J[PQUQOCCPF5EGNQRQTWU .CPIGDCTVGN
$TCVVUVTQO C D (NCPPGT[ *QNOCP .QTGP\Q CPF
/KTCODGNN 8CP &GXGPFGT GV CN %CUVKNNQ%GTÎP GV CN /GCF GV
CN %CUVKNNQ%GTÎPGVCN TGHGTTGFVQ$CTKUKCHTCIOGPVCT[OCZKNNCUCPF
LCYUHTQO6WNCJQYGXGT/GCFGVCN EQPUKFGTGFVJGUGVQDGCTQDWUVHQTO
QHRJT[PQUQOCVKF GI5EGNQRQTWU FWGVQVJGNCEMQHCFJGTKPIQUVGQFGTOU5PCMGU
KPENWFG$QC%TQVCNWUCPFQT$QVJTQRU&T[OCTEJQP&T[OQDKWU'NCRJG*[RUKINGPC
.CORTQRGNVKU /CUVKEQRJKU 6JCOPQRJKU 6TKOQTRJQFQP 5CNXCFQTC CPF 5RKNQVGU
.CPIGDCTVGN$TCVVUVTQOCNXCTG\CPF*WGTVC5OKVJ
8CP&GXGPFGTGVCN 2NGKUVQEGPGETQEQFKNGUCTGQPN[TGRTGUGPVGFD[VYQTGRQTVU
QH%TQEQF[NWUHTQO5QPQTCCPF,CNKUEQ /KNNGTCPF%CTTCP\C%CUVCÌGFC/GCF
CPF$¶G\
#ORJKDKCPU CTG CNUQ CDWPFCPV IGPWU #OD[UVQOC KU MPQYP HTQO VJG 'UVCFQ
FG /ÃZKEQ $TCVVUVTQO C NXCTG\ CPF *WGTVC CPF VJG CPWTCPU $WHQ
'NGWVJGTQFCEV[NWU )CUVTQRJTKPG .GRVQFCEV[NWU 2VGTPQJ[NC 4CPC 4JKPQRJT[PWU
5ECRJKQRWU CPF 5[TTJQRJWU HTQO 5QPQTC 'UVCFQ FG /ÃZKEQ 6COCWNKRCU CPF
;WECV¶P .CPIGDCTVGN$TCVVUVTQOC*QNOCPNXCTG\CPF*WGTVC
5JCY8CP&GXGPFGTGVCN /CP[QVJGT2NGKUVQEGPGTGRQTVUCTG
WPKFGPVKſGF QT MPQYP QPN[ WR VQ VJG UWRTCIGPGTKE NGXGN
6JG8CNKFKV[QH6CZC'TGEVGFYKVJ/GZKECP(QUUKN/CVGTKCN
1HVJGWPKSWGTGEQTFUQHCORJKDKCPUCPFTGRVKNGUYGTGFGUETKDGFCUPGY
IGPGTC CPFQT URGEKGU /CP[ QH VJGUG VCZC CTG PQV XCNKF CP[OQTG OCKPN[ DGECWUG
VJGKT QTKIKPCN FGUETKRVKQPU YGTG DCUGF QP KPEQORNGVG V[RG OCVGTKCN QT VCZC YGTG
GTGEVGFWUKPIKPXCNKFETKVGTKC(QTGZCORNG&GNVCVOGPCRTGOCZKNNCTKU .CPIGDCTVGN
FGUETKRVKQPYCUDCUGFQPCRTGOCZKNNCYKVJVJTGGVGGVJYCUNCVGTTGHGTTGFVQ
%VGPQUCWTCD['UVGU KPFKECVKPIVJCVVJGURGEKGU%VGPQUCWTCRTGOCZKNNCTKUKUPQV
FGſPCDNG YKVJ VJG CXCKNCDNG OCVGTKCN CPF VJWU UJQWNF DG C PQOGPFWDKWO+ORGUQFGPU
CTK\GNQIN[RJWU .CPIGDCTVGN YJKEJFGUETKRVKQPYCUDCUGFQPCTKIJVFGPVCT[
KUEGTVCKPN[C.GRKFQRJ[OC *GEJV'UVGU JQYGXGT.CTK\GNQIN[RJWU
UJQWNFUVKNNDGEQPUKFGTGFCXCNKFURGEKGUFKHHGTKPIQPN[HTQOQVJGTNGRKFQRJ[OCUKP
VJGTGNCVKXGN[NCTIGTCPFOQTGTQDWUVVGGVJVJGRCTVKCNUPQWVKPVQYJKEJ2NGUKQUCWTWU
OGZKECPWU 9KGNCPF YCUFGUETKDGFJCUDGGPUCKFVQDGWPFKCIPQUVKE 9GNNGU
CPF VJCV VJG URGEKGU UJQWNF DG EQPUKFGTGF C PQOGP FWDKWO CPF CNVJQWIJ
)QRJGTWUCWHHGPDGTIK /QQUGT YCUDCUGFQPCPCNOQUVEQORNGVGUMGNGVQPKV
KUPQYEQPUKFGTGFVQDGC)DGTNCPFKGTK $TCODNG/QTCHMC FWGVQVJG
CDUGPEGQHVTWGFKCIPQUVKEHGCVWTGU
1VJGTVCZCVJCVCTGRTQDCDN[DCUGFQPWPFKCIPQUVKEJQNQV[RGURGEKOGPUCTG$WHQ
ECORK $TCVVUVTQO C )QRJGTWU RCTIGPUKU /QQUGT CPF 2JT[PQUQOC
LQUGEKVGPUKU $TCVVUVQTOD #NVJQWIJNKVGTCVWTGSWGUVKQPKPIVJGKTUVCVWUJCUPQV
DGGPHQWPFVJGXCNKFKV[QHVJGUGURGEKGUPGGFUTGXKUKQP$WHQECORKKUDCUGFQPCNGHV
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
VKDKCCPFſDWNC )RCTIGPUKUQPCRQUVGTKQTHTCIOGPVQHCECTCRCEGCPF2LQUGEKVGPUKU
QPCVGORQTCNDQPGYKVJHQWTURKPGU1PVJGQVJGTJCPF2CTCFKRUQUCWTWUOGZKECPWU
FGUETKRVKQP (TKGUGVCN YCUDCUGFQPCPKEGEQORNGVGETCPKWOCUUQEKCVGFVQKVU
NQYGTLCYCPFJCUPQVDGGPSWGUVKQPGF'UVGU EQPUKFGTGFKVXCNKF6JGTGEGPVN[
FGUETKDGF 2QN[IN[RJCPQFQP DCLCGPUKU HTQO $CLC %CNKHQTPKC 0[FCO KU CNUQ
DCUGFWRQPHTCIOGPVCT[FGPVCNOCVGTKCN
/GZKECPCWVJQTUJCXGHQTVJGOQUVRCTVGTGEVGFTGEGPVN[FGUETKDGFPGYURGEKGU
6JGUGCTGDCUGFQPDGCWVKHWNN[RTGUGTXGFEQORNGVGJQNQV[RGUMGNGVQPUQTUMWNNUHTQO
VJG 6NC[ÕC CPF *WK\CEJCN FGRQUKVU 4G[PQUQ KP RTGUU
4G[PQUQCPF%NCTM4G[PQUQCPF%CNNKUQP 6YQQVJGTPGYVCZCDCUGF
QPYGNNRTGUGTXGFJQNQV[RGUCTG)GQUCWTWUXKIPCWFK (TG[GVCN CPF)QRJGTWU
FQPNCNQK 4G[PQUQCPF/QPVGNNCPQ
/WUGWOUCPF+PUVKVWVKQPU*QWUGF6[RGUCPF1VJGT/CVGTKCN
/QUV JQNQV[RGU QH URGEKGU ſTUV FGUETKDGF YKVJ OCVGTKCN EQNNGEVGF YKVJKP VJG
/GZKECP VGTTKVQT[ CTG PQY JQWUGF KP /GZKECP OWUGWOU QT KPUVKVWVKQPU 'KIJV
JQNQV[RGURNWUUGXGTCNRCTCV[RGUCPFJ[RQFKIOOCVGTKCNHTQO*WK\CEJCNCPF6NC[ÕC
CTG JQWUGF KP VJG /WUGQ FG 2CNGQPVQNQIÈC QH VJG +PUVKVWVQ FG )GQNQIÈC 70#/
6JGUG URGEKOGPU CTG VJG V[RGU QH 6COCWNKRCUCWTWU OQTGPQK %[PQURJGPQFQP
JWK\CEJCNGPUKU <CRCVCFQP GLKFQGPUKU C PGY IGPWU CPF URGEKGU QH URJGPQFQPVKCP
2COK\KPUCWTWU VNC[WCGPUKU #PM[NQURJGPQFQP RCEJ[QUVQUWU *WGJWGEWGV\RCNNK
OKZVGEWUCPF6GRGZKUCWTWUVGRGZKK#NUQKPVJKUUCOGOWUGWOCTGJQWUGFVJGV[RG
URGEKOGPQH2QN[IN[RJCPQFQPDCLCGPUKUHTQO$CLC%CNKHQTPKCCPF)QRJGTWUFQPNCNQK
HTQOPGCT8KNNCIT¶P6COCWNKRCUVJGUCOGCUCTGHGTTGFURGEKOGPQH2CTCFKRUQUCWTWU
OGZKECPWU1VJGT/GZKECP/WUGWOUJQWUKPIV[RGURGEKOGPUCTGVJG/WUGQ4GIKQPCN
FG*KUVQTKCFG#IWCUECNKGPVGUKPVJG%KV[QH#IWCUECNKGPVGU#IWCUECNKGPVGUYJGTG
VJGV[RGURGEKOGPQH)QRJGTWUCWHHGPDGTIKKUUVKNNKPGZJKDKVKQPCPFVJG%QNGEEKÎP
2CNGQPVQNÎIKECQHVJG(CEWNVCFFG%KGPEKCUFGNC6KGTTC7PKXGTUKFCF#WVÎPQOCFG
0WGXQ.GÎPYJKEJMGGRUVJGTGEGPVN[FGUETKDGF)GQUCWTWUXKIPCWFK1VJGTJQNQV[RG
URGEKOGPU CTG KP .QU #PIGNGU %QWPV[ /WUGWO 6GZCU /GOQTKCN /WUGWO 75
0CVKQPCN/WUGWOCPF#OGTKECP/WUGWOQH0CVWTCN*KUVQT[6JGTGEGPVNQECVKQPQH
VJGJQNQV[RGQH2NKQUCWTWUOGZKECPWUTGOCKPUWPEGTVCKP
+V KU PQV YGNN FQEWOGPVGF YJGTG OQUV PQPJQNQV[RG URGEKOGPU CTG JGNF
RCTVKEWNCTN[ VJQUG OGPVKQPGF KP CDUVTCEVU QT ſGNF IWKFGU YJGTG VJG ſPCN RNCEGOGPV
OKIJVPQVDGEQPUKFGTGFKORQTVCPVVQOGPVKQP1VJGTOCVGTKCNKUMGRVKPOCP[QVJGT
OWUGWOU #OQPI /GZKECP OWUGWOU CTG VJG 'UVCEKÎP 4GIKQPCN FGN 0QTQGUVG
70#/ /WUGQ FG2CNGQPVQNQIÈC[)GQNQIÈCQHVJG(CEWNVCFFG%KGPEKCU70#/
/WUGQFG2CNGQPVQNQIÈCQHVJG+PUVKVWVQFG)GQNQIÈC70#/KPENWFKPICNOQUVCNN
QH VJG OCVGTKCN QTKIKPCNN[ RNCEGF KP VJG +PUVKVWVQ )GQNÎIKEQ FG /ÃZKEQ %QNGEEKÎP
2CNGQPVQNÎIKEC QH VJG +PUVKVWVQ FG *KUVQTKC 0CVWTCN 6WZVNC )WVKÃTTG\ %JKCRCU
&GRCTVCOGPVQ FG 2TGJKUVQTKC QH VJG +PUVKVWVQ 0CEKQPCN FG #PVTQRQNQIÈC /WUGQ
4';0151
0CEKQPCN FG *KUVQTKC 0CVWTCN /GZKEQ /WUGQ FG 2CNGQPVQNQIÈC FG )WCFCNCLCTC
/WUGQ 4GIKQPCN FG *KUVQTKC FG #IWCUECNKGPVGU [ .CDQTCVQTKQ FG 2CNGQPVQNQIÈC [
#TSWGQNQIÈCFGN%GPVTQ+0#*#IWCUECNKGPVGUKPENWFKPIRCTVKCNN[(%OCVGTKCNQH1
/QQUGT5GETGVCTÈCFG'FWECEKÎP2ÕDNKEC%QCJWKNC PQYCVVJG/WUGQFGN&GUKGTVQ
5CNVKNNQ /WUGQFG2CNGQPVQNQIÈCQHVJG+PUVKVWVQFG+PXGUVKICEKQPGUFG%KGPEKCUFG
NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FGN 'UVCFQ FG *KFCNIQ 2CEJWEC CPF %QNGEEKÎP
2CNGQPVQNÎIKEC QH VJG (CEWNVCF FG %KGPEKCU FG NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FG
0WGXQ.GÎP.KPCTGU(QTGKIP/WUGWOUCTGOQUVN[0QTVJ#OGTKECPCPFKPENWFGVJG
#OGTKECP /WUGWO QH 0CVWTCN *KUVQT[ 0GY ;QTM .QU #PIGNGU %QWPV[ /WUGWO
.QU#PIGNGU%CNKHQTPKC/KFYGUVGTP7PKXGTUKV[6GZCU6GZCU/GOQTKCN/WUGWO
#WUVKPKPENWFKPITGOCKPKPI(%OCVGTKCNQH1/QQUGT7PKXGTUKV[QH%CNKHQTPKC.QU
#PIGNGU%CNKHQTPKC/WUGWOQH2CNGQPVQNQI[7PKXGTUKV[QH/KEJKICP#PP#TDQT
/KEJKICPVJG750CVKQPCN/WUGWO9CUJKPIVQP&%
#PCN[UKUQHVJG&QEWOGPVU2TQFWEGF%QPEGTPKPIYKVJ
CORJKDKCPUCPF4GRVKNGUKP/GZKEQ
6JKUUGEVKQPCVVGORVUVQRTQXKFGCRCPQTCOCQHVJGTGUGCTEJQPCORJKDKCPUCPF
TGRVKNGUQH/GZKEQ#PCN[UKUYCURGTHQTOGFQPCNNFQEWOGPVUVJCVOGPVKQPNKUVQT
FGUETKDGCP[CORJKDKCPQTTGRVKNGHQWPFKPPCVKQPCNCPFKPVGTPCVKQPCNNKVGTCVWTG6JG
VGTO FQEWOGPV KU WUGF JGTG VQ TGHGT VQ CNN RTKPVGF RCRGTU VJCV FKURNC[ KPHQTOCVKQP
CDQWVCPCORJKDKCPQTCTGRVKNG6JGTGCTGVJTGGECVGIQTKGUQHFQEWOGPVUCEEQTFKPI
VQVJGKTKORQTVCPEGCPFTCPIGQHFKUVTKDWVKQPC UEKGPVKſE RCRGTU DQQMU CPF DQQM
EJCRVGTURTQFWEGFKPKPVGTPCVKQPCNLQWTPCNUQTGFKVQTKCNUD UEKGPVKſE RCRGTU DQQMU
CPFDQQMEJCRVGTURTQFWEGFKPPCVKQPCNLQWTPCNUQTGFKVQTKCNUCPFE VJGUGUCDUVTCEVU
KPPCVKQPCNCPFKPVGTPCVKQPCNOGGVKPIUCPFEQPITGUUGUſGNF IWKFGU CPF PGYUNGVVGTU
6QFGEKFGYJGVJGTCRCRGTYCUYTKVVGPD[CPCVKQPCNQTCPKPVGTPCVKQPCNCWVJQTQPN[
VJGPCVKQPCNKV[QHVJGſTUV CWVJQT YCU EQPUKFGTGF
4GUWNVUKPFKECVGVJCVVJGTGJCXGDGGPRWDNKUJGFPQPTGFWPFCPVOCKPFQEWOGPVU
VJCVOGPVKQPNKUVQTFGUETKDGCORJKDKCPUCPFTGRVKNGUIKXKPICVQVCNQHTGEQTFU
YKVJCWPKSWGNQECNKV[CPFCIG 6CDNG 1HCNNVJGUGFQEWOGPVUQPN[CTGHQTOCN
RWDNKECVKQPU KP GKVJGT PCVKQPCN QT KPVGTPCVKQPCN LQWTPCNU DQQMU QT DQQM EJCRVGTU
PWODGTVJCVTGRTGUGPVUDCTGN[VJGQHCNNPQPTGFWPFCPVFQEWOGPVU6JKUOGCPU
VJCVVJGTGOCKPKPIQHVJGKPHQTOCVKQPECPDGEQPUKFGTGFCUITC[NKVGTCVWTGPQV
CXCKNCDNGQTQHFKHſEWNV CEEGUU VQ VJG KPVGTPCVKQPCN RCNGQPVQNQIKECN EQOOWPKV[ 6JKU
RTQDNGOKUUVTGUUGFKPETQEQFKNGUYJGTGQHVJGTGRQTVUCTGRTGUGPVGFKPKPHQTOCN
NKVGTCVWTG/GZKECPTGUGCTEJGTUJCXGRTQFWEGFQPN[QHCNNHQTOCNRWDNKECVKQPU
CUſTUV CWVJQTU
%QPUKFGTKPICNNPQPTGFWPFCPVFQEWOGPVUYGTGRWDNKUJGFKPKPVGTPCVKQPCN
LQWTPCNU DQQMU CPF DQQMU EJCRVGTU VJCV KU RCRGTU 1H VJGUG RCRGTU /GZKECP
TGUGCTEJGTUYTQVGQPN[KPVJGYJQNGJKUVQT[QH/GZKECPRCNGQJGTRGVQNQI[VJTGG
CTGHCWPCNNKUVKPIU (NQTGU8KNNGNC4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTK\
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
2QNCEQ4COQU CPFVJGTGOCKPKPICTGHQTOCNFGUETKRVKQPUQHPGYVCZC
KPENWFKPIENCFKUVKECPFKPUQOGECUGUDKQIGQITCRJKECNCPCN[UGUKPVJGOQFGTPUGPUG
4G[PQUQ KP RTGUU 4G[PQUQ CPF %NCTM 4G[PQUQ CPF
%CNNKUQP 4G[PQUQ CPF /QPVGNNCPQ 6JGUG NCUV CPCN[VKECN RCRGTU CTG
WPKSWGCOQPI/GZKECPCWVJQTU
1H VJG WPKSWG TGEQTFU QH CORJKDKCPU CPF TGRVKNGU /GZKECP TGUGCTEJGTU
OGPVKQPNKUVQTFGUETKDGQPN[6JKUKUQPN[CNQYRGTEGPVCIGYJGPUECNGF
VQ VJG FQEWOGPVU RTQFWEGF D[ /GZKECPU 4GEGPV RCRGTU JCXG KPETGCUGF
VJG PWODGT QH JQNQV[RGU FGUKIPCVGF D[ /GZKECPU CPF PQY PCVKQPCN CWVJQTU JCXG
FGUKIPCVGFPKPGQHVJGJQNQV[RGUQHURGEKGUFGUETKDGFHTQOOCVGTKCNEQNNGEVGFKP
/GZKEQ
*KUVQTKECNN[ VJG RTQFWEVKQP QH FQEWOGPVU OGPVKQPKPI NKUVKPI QT FGUETKDKPI
CORJKDKCPUCPFTGRVKNGUJCUKPETGCUGFGZRQPGPVKCNN[UKPEGVJGU (KIWTG +P
VJGNCUVHQWT[GCTUVJGTGYGTGFQEWOGPVURTQFWEGFVYQOQTGVJCPKPVJGU
FGECFG6JGKPETGCUGKPVJGRTQFWEVKQPQHFQEWOGPVUKUEQQRVGFYKVJCUWDUVCPVKCN
ITQYVJQHITC[NKVGTCVWTG CDUVTCEVUVJGUGUſGNF IWKFGU CPF PGYUNGVVGTU VQYCTFU VJG
NCUVFGECFGU (KIWTG DWVVJGPWODGTQHHQTOCNRCRGTUFQGUPQVUJQYCPKORQTVCPV
ITQYVJ UKPEG VJG RCRGTU RTQFWEGF RGT FGECFG JCXG TGOCKPFGF CNOQUV UVCDNG UKPEG
VJGU&WTKPIVJGUHQTOCNUEKGPVKſE RTQFWEVKQP CRRGCTU VQ JCXG KORTQXGF
DWVVJKUUJQWNFQPN[DGTGƀGEVGF YKVJ C NCTIGT PWODGT QH GZRGEVGF RCRGTU VQ DG
RWDNKUJGFFWTKPIVJGſTUV FGECFG QH VJG UV EGPVWT[ 6JG KPETGCUG QH ITC[ NKVGTCVWTG
FGPQVGUCITQYVJKPVJGPWODGTQHTGUGCTEJITQWRUKPVJGYJQNGEQWPVT[VJCVJCURCKF
OQTGCVVGPVKQPVQTGRQTVKPIVJGRTGUGPEGQHCORJKDKCPUCPFTGRVKNGUCVVJGKTNQECNKVKGU
*QYGXGTKVCNUQFGPQVGUVJGNCEMQHRTQHGUUKQPCNITQWRUECRCDNGQHRWDNKUJKPI
VJGKTſPFKPIU KP DTQCFN[ FKUVTKDWVGF LQWTPCNU GKVJGT PCVKQPCN QT KPVGTPCVKQPCN
%QPENWUKQPU
/GZKEQKUCEQWPVT[KPYJKEJHQUUKNCORJKDKCPUCPFTGRVKNGUCTGYGNNFKUVTKDWVGF
QXGTCDTQCFTCPIGQHVKOGHTQOVJGNCVG6TKCUUKEVQVJG*QNQEGPG6CZQPQOKECNN[
/GZKEQ KU CNUQ XGT[ FKXGTUG CNVJQWIJ KV ECPPQV DG EQORCTGF VQ QVJGT EQWPVTKGU
YKVJ C DTQCFGT VKOG TCPIG CPF OQTG HQUUKN NQECNKVKGU /GZKEQ NCEMU CORJKDKCP CPF
TGRVKNGDGCTKPIFGRQUKVUCTGCUHTQOVJG2CNGQ\QKEVQVJGOKF6TKCUUKEYJKEJCTGYGNN
TGRTGUGPVGF KP VJG 7PKVGF 5VCVGU CPF %CPCFC 6JKU FQGU FGOQPUVTCVG VJCV /GZKECP
XGTVGDTCVGDGCTKPIHCWPCNQWVETQRUCTGCNYC[U[QWPIGT
6JGCDUGPEGQHRCNGQPVQNQIKUVUKPVGTGUVGFKPVJGUVWF[QHCORJKDKCPUCPFTGRVKNGU
JCU MGRV /GZKEQ HTQO C EQORNGVG WPFGTUVCPFKPI QH VJGKT XGTVGDTCVG HCWPCU 6JG
CORJKDKCPCPFTGRVKNGHQUUKNTGEQTFKUSWKVGNCTIGCPFUVKNNDCTGN[MPQYP/CP[TGRQTVU
EQOKPI OCKPN[ HTQO VJG %GPQ\QKE CPF VJG .CVG %TGVCEGQWU PGGF VQ DG ECTGHWNN[
TGXKGYGFUKPEGVJG[CTGDCUGFQPHTCIOGPVCT[CPFPQVYGNNRTGUGTXGFOCVGTKCNVJCV
EQWNF NGCF VQ HCNUG KFGPVKſECVKQPU +P CFFKVKQP OWEJ QH VJG WPKFGPVKſGF OCVGTKCN
OGPVKQPGFVQDGRTGUGPVKPUGXGTCNNQECNKVKGUDWVUGVCUKFGD[VJGCWVJQTUCNUQPGGFU
VQDGUVWFKGF+VKURCTVKEWNCTN[KPVGTGUVKPIVJCVHQUUKNUHTQOVJG0GQIGPGQHEGPVTCN
4';0151
6#$.' #PCN[UKU QH CORJKDKCP CPF TGRVKNG TGEQTFU KP FQEWOGPVU RTQFWEGF EQPUKFGTKPI
PCVKQPCNCPFKPVGTPCVKQPCNLQWTPCNUDQQMUCPFDQQMEJCRVGTUCPFITC[NKVGTCVWTGKPENWFKPI
CDUVTCEVUVJGUGUſGNF IWKFGU CPF PGYUNGVVGTU
YTKVVGPD[/GZKECPU
#DUVTCEVUVJGUKUſGNF
IWKFGUPGYUNGVVGTU
QHKPVGTPCVKQPCN
FQEWOGPVUYTKVVGP
QHVCZCTGHGTTGF
RCRGTUYTKVVGPD[
QHFQEWOGPVU
/CKPTGHGTGPEGU
PWODGTQHVCZC
+PVGTPCVKQPCN
D[/GZKECPU
QHHQTOCN
D[/GZKECPU
QHHQTOCN
RWDNKECVKQP
RWDNKECVKQP
/GZKECPU
0CVKQPCN
TGHGTTGF
RCRGTU

CORJKDKCPU
WPFGVTGRVKNGU
VWTVNGU
EQEQFKNGU
NGRKFQUCWTQOQTRJU
őGWT[URUKFUŒ
6QVCN

&QEWOGPVU
(+)74' (TGSWGPE[ QH OCKP FQEWOGPVU VJCV OGPVKQP NKUV QT FGUETKDG CORJKDKCPU CPF
TGRVKNGURTQFWEGFKP[GCTENCUUGUFWTKPIVJGUCPFU+PVJGVJEGPVWT[QPN[C
UKPINGRCRGTYCURWDNKUJGF
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
(+)74'(TGSWGPE[CPFRGTEGPVCIGQHITC[NKVGTCVWTGFQEWOGPVUVJCVOGPVKQPUNKUVUQT
FGUETKDGUCORJKDKCPUCPFTGRVKNGUQWVNKPGFCUCRTQRQTVKQPQHHQTOCNRWDNKECVKQPUKPPCVKQPCN
QTKPVGTPCVKQPCNLQWTPCNUDQQMUQTDQQMEJCRVGTU
/GZKEQVJCVYGTGTGRQTVGFKPKPHQTOCNFQEWOGPVUCTGCDWPFCPV
6JG RCNGQJGTRGVQNQIKECN TGUGCTEJ RTQFWEVKQP KP /GZKEQ KU HCT HTQO DGKPI
UCVKUHCEVQT[+PVJGYJQNGJKUVQT[QHVJKUFKUEKRNKPGYGJCXGRTQFWEGFCUſTUV CWVJQTU
QPN[ HQTOCN RCRGTU QH YJKEJ QPN[ CTG QH DTQCF KPVGTPCVKQPCN FKUVTKDWVKQP
#NVJQWIJKVKUENGCTVJCVTGUGCTEJITQWRUCTGOQTGCPFOQTGKPVGTGUVGFKPVJGUVWF[QH
CORJKDKCPUCPFTGRVKNGUVJGTGKUCPGGFVQHQTOCNK\GVJGKTFKUEQXGTKGUD[RWDNKUJKPI
VJGKTTGUWNVUKPGKVJGTPCVKQPCNQTKPVGTPCVKQPCNLQWTPCNU+VKUKORGTCVKXGVQKPENWFGKP
GXGT[TGUGCTEJVGCORTQITCOVJGKTſPFKPIU CXCKNCDNG VQ VJG PCVKQPCN CPF KPVGTPCVKQPCN
EQOOWPKV[ 1VJGTYKUG CNN VJG KPHQTOCVKQP YG JCXG RTQFWEGF VQ FCVG YKNN TGOCKP
FQOGUVKECPFPQVCXCKNCDNGVQVJGKPVGTPCVKQPCNUEKGPVKſE EQOOWPKV[
#EMPQYNGFIOGPVU
+YQWNFNKMGVQVJCPM4QUC'NGPC6QXCTHQTRTQXKFKPIOGYKVJUQOGNKVGTCVWTG+YCU
PQVCYCTGQHCPF2KNCT/GNICTGLQCPF'WIGPKC<CT\CHQTTGXKGYKPIVJGITCOOCT
4GHGTGPEGU
#IWKNGTC,$QUSWGLQ)GQNÎIKEQFG/ÃZKEQ$QN+PUV)GQN/ÃZR
#IWKNGTC,%CTVG)GQNÎIKSWGFWNŏ#OGTKSWGFW0QTF%QPIT)GQN+PVGT%QORVG4GPFQWUFWNC
:GOGUGUUKQP
#IWKNNÎP/5PCMGVTWPMXGTVGDTCG %QPKQRJKUUR QH%CORCPKCPCIGHTQO%QCJWKNC/ÃZKEQ,
8GTV2CNGQPV#
NXCTG\6CPF*WGTVC24GUVQUÎUGQUFGCPſDKQU [ TGRVKNGU GP 6NCRCEQ[C 6NCRCEQ[C +8 /ÃZKEQ
4';0151
$QN+PUV0CN#PVTQR*KUV/ÃZ
#TCPFC/CPVGEC(CPF5VKPPGUDGEM94GRVKNGUOCTKPQUFGN,WT¶UKEQUWRGTKQT -KOOGTKFIKCPQ FGN
0QTGUVGFG/ÃZKEQ8+%QPIT0CN2CNGQPV5QE/GZ2CNGQPV/GOR
#XGPFCÌQ)KN / , %QWVKÌQ,QUÃ / # CPF 2KOGPVGN<GRGFC ( 4GUECVG FGN RCVTKOQPKQ
RCNGQPVQNÎIKEQ FG NC ECTTGVGTC 1EQ\QEWCWVNC%QUQNGCECSWG 'UVCFQ FG %JKCRCU 8+ %QPIT 0CN
2CNGQPV5QE/GZ2CNGQPV/GOR
$CTTKQU4KXGTC * 'UVWFKQ CPCNÈVKEQ FGN TGIKUVTQ RCNGQXGTVGDTCFQNÎIKEQ FG /ÃZKEQ 7PRWDNKUJGF
$NCPEQ2KÌÎP # .ÎRG\1NKXC , ) 5VKPPGUDGEM 9 #FCVVG 6 CPF )QP\¶NG\ # 8CNNGEKNNQ
0WGXQ .GÎP őHQUUKN NCIGTUV¼VVGŒ GP GN 0QTGUVG FG /ÃZKEQ 8+ %QPIT 0CN 2CNGQPV 5QE /GZ
2CNGQPV/GOR
$TCODNG&/5ECRVQEJGN[UIGPGTKETGXKUKQPCPFGXQNWVKQPQHIQRJGTVQTVQKUGU%QRGKC

$TCVVUVTQO*$6JGHQUUKNRKVXKRGTU 4GRVKNKC%TQVCNKFCG QH0QTVJ#OGTKEC6TCPU5CP&KGIQ
5QE0CV*KUV
$TCVVUVQTO*$C4GEQTFUQHUQOG2NKQEGPGCPF2NGKUVQEGPGTGRVKNGUCPFCORJKDKCPUHTQO/GZKEQ
$WNN5QWVJ%CN#ECF5EK
$TCVVUVQTO*$D2NGKUVQEGPGNK\CTFUHTQO5CP,QUGEKVQ%CXGTP/GZKEQYKVJFGUETKRVKQPQHPGY
URGEKGU%QRGKC
$TCXQ%WGXCU 8 / 2NGKUVQEGPG HCWPCN CUUGODNCIG HTQO UQWVJEGPVTCN TGIKQP QH VJG UVCVG QH
*KFCNIQEGPVTCN/GZKEQ,8GTV2CNGQPV#
$WEJ[ /% (TG[ ' 5VKPPGUDGEM 9 CPF .ÎRG\1NKXC , ) (KTUV QEEWTTGPEG QH C IKICPVKE
RNKQUCWTKF RNGUKQUCWT KP VJG NCVG ,WTCUUKE -KOOGTKFIKCP QH /ÃZKEQ $WNN 5QE )GQN (TCPEG

$WEJ[/%(TG['5VKPPGUDGEM9CPF.ÎRG\1NKXC,)KPRTGUU#PCPPQVCVGFECVCNQIWGQHVJG
WRRGT,WTCUUKE -KOOGTKFIKCPCPF6KVJQPKCP OCTKPGTGRVKNGUKPVJGEQNNGEVKQPUQHVJG7PKXGTUKFCF
#WVÎPQOCFG0WGXQ.GÎP(CEWNVCFFG%KGPEKCUFGNC6KGTTC.KPCTGU/GZKEQ1T[EVQU
%CDTGTC%CUVTQ4(CWPCHÎUKNRNGKUVQEÃPKECGP,QEQVGRGE,CNKUEQ$QN+PUV0CN#PVTQR*KUV/ÃZ
CÃRQEC QEVFKE
%CTDQV%JCPQPC ) ( CPF %QWVKÌQ,QUÃ / # %QEQFTKNQU HÎUKNGU FGN %TGV¶EKEQ 5WRGTKQT
/CCUVTKEJVKCPQ RTQXGPKGPVGU FG NC (QTOCEKÎP 1EQ\QEQCWVNC %JKCRCU 8++ %QPIT 0CN 2CNGQPV
5QE/GZ2CNGQPV/GOR
%CUVKNNQ%GTÎP , / $KQGUVTCVKITCHÈC FG NQU UGFKOGPVQU EQPVKPGPVCNGU FGN ¶TGC FG <CEWCNVKRCP
/KQEGPQ VCTFÈQ 'UVCFQ FG *KFCNIQ /ÃZKEQ 7PRWDNKUJGF /5 VJGUKU 7PKXGTUKFCF 0CEKQPCN
#WVÎPQOCFG/ÃZKEQ
%CUVKNNQ%GTÎP,/CPF)Q[GPGEJGC+(QUUKNCPWTCPUHTQO*KFCNIQ,8GTV2CNGQPV#
%CUVKNNQ%GTÎP,/%CDTCN2GTFQOQ/#CPF%CTTCP\C%CUVCÌGFC18GTVGDTCFQU(ÎUKNGUFGN
'UVCFQFG*KFCNIQ7PKX#WVÎP'FQ*KFCNIQ5RGE2WDR
%CUVKNNQ%GTÎP,/%CTTCP\C%CUVCÌGFC1CPF%CDTCN2GTFQOQ/#8GTVGDTCFQUEGPQ\QKEQUFGN
GUVCFQFG*KFCNIQ8+%QPI0CN2CNGQPV5QE/GZ2CNGQPV/GOR
%CUVKNNQ%GTÎP , / %CDTCN2GTFQOQ / # CPF $TCXQ%WGXCU 8 / /KETQXGTVGDTCFQU FGN
/KQEGPQVCTFÈQFGN'UVCFQFG*KFCNIQ8++%QPI0CN2CNGQPV5QE/GZ2CNGQPV/GO
%NCTM,/CPF*GTP¶PFG\4#PGYDWTTQYKPIFKCRUKFHTQOVJG,WTCUUKE.C$QEC(QTOCVKQPQH
6COCWNKRCU/GZKEQ,8GTV2CNGQPV
%NCTM,/(CUVQXUM[&'/QPVGNNCPQ/*QRUQP,#CPF*GTP¶PFG\4C#FFKVKQPUVQ
VJGOKFFNG,WTCUUKEXGTVGDTCVGUHCWPCQH*WK\CEJCN%CP[QP6COCWNKRCU/GZKEQ,8GTV2CNGQPV
#
%NCTM , / /QPVGNNCPQ / *QRUQP , # *GTP¶PFG\ 4 CPF (CUVQXUM[ & ' D #P GCTN[ QT
OKFFNG,WTCUUKEVGVTCRQFCUUGODNCIGHTQO.C$QECHQTOCVKQP0QTVJ'CUV/GZKEQKP+PVJG5JCFQY
QHVJG&KPQUCWTU 0%(TCUGTCPF*&5WGUGFU %CODTKFIG7PKXGTUKV[2TGUU0GY;QTMR

%QRG&'PINCPF$$TQYP4$9GUVICVG,CPF2KVVOCP,#.CVG%TGVCEGQWU %CORCPKCP
OCTKPGXGTVGDTCVGOKETQHCWPCHTQOVJG#IWLC(QTOCVKQPQH%JKJWCJWC/GZKEQ,8GTV2CNGQPV
#
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
'XGTVJ & 5CORUQP 5 4QFTÈIWG\FG NC 4QUC 4 # #IWKNNÎP/CTVÈPG\ / % $TKPMOCP & $ CPF
.ÎRG\'URKPQ\C , .CU #IWKNCU #P WPWUWCNN[ TKEJ %CORCPKCPCIG XGTVGDTCVG NQECN KP
5QWVJGTP%QCJWKNC/GZKEQ,8GTV2CNGQPV#
'UVGU4*CPFDWEJFGT2CN¼JGTRGVQNQIKG)WUVCX(KUEJGT8GTNCI5VWVVICTVR
(GTTWUSWÈC8KNNCHTCPEC + 4CPEJQ )CKV¶P NQECN (CWPC 'CTN[ %JCFTQPKCP 0QTVJGCUVGTP
%JKJWCJWC$QN5QE)GQN/GZ
(GTTWUSWÈC8KNNCHTCPEC + CPF %QOCU 1 4GRVKNGU OCTKPQU OGUQ\QKEQU GP GN 5WTGUVG FG /ÃZKEQ
[ UW UKIPKſECEKÎP IGQNÎIKECRCNGQPVQNÎIKEC 8 %QPX )GQN 0CN 5QE )GQN /GZ 4GUÕOGPGU R

(GTTWUSWÈC8KNNCHTCPEC + CPF 6QTTGU4QNF¶P 8 'N TGIKUVTQ FG OCOÈHGTQU VGTTGUVTGU FGN
/GUQ\QKEQ[%GPQ\QKEQFG$CLC%CNKHQTPKC7PKX0CN#WVQP/GZ+PUV)GQN4GX
(NCPPGT[-88GTVGDTCVGHCWPCCPFJWPVKPIRCVVGTPUKP6JGRTGJKUVQT[QHVJG6GJWCECP8CNNG[
8QN'PXKTQPVOGPVCPF5WDUKUVGPEG $[GTU&5GF 7PKXGTUKV[QH6GZCU2TGUU#WUVKPR

(NQTGU8KNNGNC 1 *GTRGVQHCWPC QH /GZKEQ &KUVTKDWVKQP CPF GPFGOKUO KP $KQNQIKECN &KXGTUKV[
QH/GZKEQ1TKIKPUCPF&KUVTKDWVKQP 624COOQQTVJ[4$[G#.QVCPF,(CGFU 1ZHQTF
7PKXGTUKV[2TGUU0GY;QTMR
(TG['$WEJ[/%CPF5VKPPGUDGEM96JGOQPUVGTQH#TCODGTTKCPFHTKGPFU0GYſPFU QH
OCTKPG TGRVKNGU KP VJG /GUQ\QKE QH PQTVJGCUVGTP /ÃZKEQ VJ 'WTQRGCP 9QTMUJQR QP 8GTVGDTCVG
2CNCGQPVQNQI[#DUVTR
(TG[ ' $WEJ[ / % 5VKPPGUDGEM 9 CPF .ÎRG\1NKXC , ) )GQUCWTWU XKIPCWFKP UR
%TQEQF[NKHQTOGU6JCNCVVQUWEJKC ſTUV GXKFGPEG QH OGVTKQTJ[PEJKF ETQEQFKNKCPU KP VJG .CVG ,WTCUUKE
6KVJQPKCP QHEGPVTCNGCUV/GZKEQ UVCVGQH2WGDNC %CP,'CTVJ5EK
(TKGU%,T*KDDCTF9%CPF&WPMNG*&'CTN[%GPQ\QKE8GTVGDTCVGUKPVJG4GF%QPINQOGTCVG
CV)WCPCLWCVQ/GZKEQ5OKVJ/KUE%QNN
(WGPVGU)WGTTC'2CPF8GNCUEQFG.GÎP/2#PWTQUFGNC(QTOCEKÎP#VQVQPKNEQGN)TCPFG
/ÃZKEQ8+++%QPIT0CN2CNGQPV/GOR
)CTEÈC2ÃTG\.CPF4G[PQUQ8*.QUHÎUKNGUFGNIÃPGTQ%TQEQF[NWUGP/ÃZKEQ[UWJKUVQTKC
DKQIGQIT¶ſEC 8+++%QPIT0CN2CNGQPV5QE/GZ2CNGQPV/GOR
)CTEÈC 4 CPF 4G[PQUQ 8 * 6JG UQWVJGTPOQUV TGEQTF QH VJG VWTVNG $QVJTGO[U 6GUVWFKPGU
2NGWTQFKTC KPVJG%GTTQFGN2WGDNQ(QTOCVKQPPGCT5CNVKNNQ%QCJWKNC/ÃZKEQVJ#PP/GGV
6GZCU#ECF5EK6GZCU#/+PV7PKX.CTGFQ6GZCUR
)CTEÈC%QQM#%JKOCNJWCE¶PWPCTVGHCEVQCUQEKCFQCOGICHCWPC+PUV0CN#PVTQRQN*KUV/ÃZ

)Q[GPGEJGC / ) + CPF %CUVKNNQ%GTÎP , / *KUVQTKC IGQNÎIKEC FG NCU UGTRKGPVGU $QN 5QE
*GTRGVQN/GZ
)WGPVJGT ' 9 7PVGTUWEJWPIGP \WT LWPIGKU\GKVNKEJGP WPF PCEJGKU\GKVNKEJGP IGQNQIKUEJGP WPF
RCN¼QPVQNQIKUEJGP )GUEJKEJVG KP &CU /GZKMQ 2TQLGEV FGT &GUGUEJGP (QTUEJKPIUIGOGKPUEJCHV
$GTKEJVG ×DGT DG[QPPGPG WPF )GRNCPVG CTDGKVGP ( 6KEJ[ GF (TCP\ 5VGKPGT 8GTNCIG )/$*
9KGUDCFGPR
)WKNNGVVG&(GTTWUSWÈC8KNNCHTCPEC+,KOÃPG\*KFCNIQ')WVKÃTTG\.KOÎP1CPF)WPPGN)(
2TGNKOKPCT[TGRQTVQPCPGY2NGKUVQEGPG(CWPCNUKVGKPUQWVJGTP2WGDNC/GZKEQ,8GTV2CNGQPV
#
)W\O¶P#(CPF2QNCEQ1,6QTVWICUHÎUKNGUFG&WTCPIQ[<CECVGECU8+%QPIT0CN2CNGQPV
5QE/GZ2CNGQPV/GOR
)W\O¶P#(CPF2QNCEQ1,8GTVGDTCFQURNGKUVQEÃPKEQUFGNQU6CPSWGU<CECVGECU8++%QPIT
0CN2CNGQPV5QE/GZ2CNGQPV/GOR
*GEJV/#PGYZCPVWUKKFUNK\CTFUHTQOVJG'QEGPGQH9[QOKPI#O/WU0QXKVCVGU
*GTP¶PFG\,WPSWGTC # (CWPC NQECN .CIWPC /GFKC .WPC 2NGKUVQEGPQ 6CTFÈQ /WPKEKRKQ FG 4ÈQ
8GTFG5CP.WKU2QVQUÈ/ÃZKEQ7PRWDNKUJGF2TQHGUUKQPCNVJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOC
FG/ÃZKEQ
*GTP¶PFG\4KXGTC4CPF&GNICFQFG,GUÕU%#PGPFQECUVQHCEGTCVQRUKCPDTCKPECXKV[HTQO
VJG%GTTQFGN2WGDNQ(QTOCVKQP .CVGUV%CORCPKCP7RRGT%TGVCEGQWU %QCJWKNC/GZKEQ,8GTV
4';0151
2CNGQPV##
*KDDCTF 9 % 2NGKUVQEGPG XGTVGDTCVGU HTQO VJG 7RRGT $GEGTTC $GEGTTC 5WRGTKQT (QTOCVKQP
8CNNG[ QH 6GSWKZSWKCE /GZKEQ YKVJ PQVGU QP QVJGT 2NGKUVQEGPG HQTOU 7PKX /KEJKICP %QPVTKD
/WU2CNGQPV
*QNOCP#, #UOCNN2NGKUVQEGPGJGTRGVQHCWPCHTQO6COCWNKRCU3WCTV,(NQTKFC#ECF
5EK
.CPIGDCTVGN5&6JGTGRVKNGUCPFCORJKDKCPUKP(CWPCNCPF#TEJGQNQIKECNTGUGCTEJGUKP;WECVCP
%CXGU 64*CVVGF %TCPDTQQM+PUV5EK$WNN
.KNNGITCXGP#,#PGYIGPWUQHVJGTKCPOCOOCNHTQOVJG.CVG%TGVCEGQWUő'N)CNNQ(QTOCVKQPŒ
$CLC%CNKHQTPKC/GZKEQ,2CNGQPV
.KPFUC['/.CVG%GPQ\QKEOCOOCNUHTQO0QTVJYGVGTP/GZKEQ,8GTV2CNGQPV
.QTGP\Q . , CPF /KTCODGNN . 'N %GFTCN 5.2 /ÃZKEQ 7P UKVKQ EQP RTGUGPEKC JWOCPC FG
O¶UFGCÌQU:%QPI7PKÎP+PVGT%KGPE2TGJKUV2TQVQJKUV/ÃZKEQ&(1EV
%QOKUKÎP:++%QNQSWKQ'NRQDNCOKGPVQFG#OÃTKEC'XKFGPEKCCTSWGQNÎIKECFGQEWRCEKÎPJWOCPC
GP#OÃTKECCPVGTKQTCCÌQUCRR
.WECU5)-WGU$5CPF)QP\¶NG\.GÎP%/2CNGQPVQNQI[QHVJG7RRGT%TGVCEGQWU%CDWNNQPC
)TQWR0QTVJGCUVGTP5QPQTCKP5VWFKGUQPVJG/GUQ\QKEQH5QPQTCCPF#FLCEGPV#TGCU %,CESWGU
#[CNC%/)QP\¶NG\.GÎPCPF,4QNF¶P3WKPVCPCGFU )GQN5QE#O5RGE2CR

.WECU5)CPF)QP\¶NG\.GÎP%/+EJVJ[QUCWTUHTQOVJG7RRGT6TKCUUKEQH5QPQTCCPFVJG
DKQEJTQPQNQI[QH6TKCUUKEKEJVJ[QUCWTUKP5VWFKGUQPVJG/GUQ\QKEQH5QPQTCCPF#FLCEGPV#TGCU
%,CESWGU#[CNC%/)QP\¶NG\.GÎPCPF,4QNF¶P3WKPVCPCGFU )GQN5QE#O5RGE2CR

/GCF,+CPF$CG\#%TQEQFKNKCPTGOCKPUHTQOVJG2NGKUVQEGPGQH0QTVJGCUVGTP5QPQTC/GZKEQ
%TQE5RGE)T0GYUN
/GCF,+#TTQ[Q%CDTCNGU,CPF,QJPUQP'2NGKUVQEGPGNK\CTFU 4GRVKNKC5SWCOCVC HTQO5CP
,QUGEKVQ%CXG0WGXQ.GÎP/ÃZKEQ%QRGKC
/KNNGT96JGNCVG2NKQEGPG.CU6WPCUNQECN(CWPCHTQO5QWVJGTPOQUV$CLC%CNKHQTPKC/ÃZKEQ,
2CNGQPV
/KNNGT9CPF%CTTCP\C%CUVCÌGFC16JG6GEQNQVN¶PDCUKP%GPVTCN/ÃZKEQ#PGYCTGCHQTNCVG
%GPQ\QKEVGTTGUVTKCNXGTVGDTCVGU,8GTV2CNGQPV#
/KNNGT9CPF%CTTCP\C%CUVCÌGFC10GYHCWPCNFKUEQXGTKGUKPVJG*GORJKNNKCP$NCPECPDCUKPU
QHEGPVTCN/GZKEQ,8GTV2CNGQPV#
/KNNGT9CPF%CTTCP\C%CUVCÌGFC1.CVG6GTVKCT[XGTVGDTCVGUCPFUGFKOGPVCVKQPKPVJG5CP,QUÃ
FGN%CDQ$CUKP5QWVJGTP$CLC%CNKHQTPKC,8GTV2CNGQPV#
/QPVGNNCPQ$CNNGUVGTQU/*GTP¶PFG\4KXGTC4NXCTG\4G[GU)#PFTCFG4COQU2CPF/CTVÈP
/GFTCPQ.&KUEQXGT[QH.CVG%TGVCEGQWUXGTVGDTCVGNQECNHCWPCUKP0QTVJ/ÃZKEQ,8GTV
2CNGQPV##
/QQFKG$-CPF8CP&GXGPFGT46'ZVKPEVCPFGZVKTRCVKQPKPVJGJGTRGVQHCWPCQHVJGUQWVJGTP
JKIJRNCKPUYKVJGORJCUKUQP)GQEJGNQPGYKNUQPK 6GUVWFKPKFCG *GTRGVQNQIKEC
/QQUGT 1 .C HCWPC ő%GFC\QŒ FGN 2NGKUVQEGPQ FG #IWCUECNKGPVGU 7PKX 0CN #WVQP /ÃZ +PUV
$KQN#P
/QQUGT 1 # PGY URGEKGU QH 2NGKUVQEGPG HQUUKN VQTVQKUG IGPWU )QRJGTWU HTQO #IWCUECNKGPVGU
#IWCUECNKGPVGU/GZKEQ5QWVJYGUV0CVWT
/QQUGT 1 2NGKUVQEGPG HQUUKN VWTVNGU HTQO #IWCUECNKGPVGU 7PKX 0CN #WVÎP /ÃZ +PUV
)GQN
/QTCHMC & , *KUVQTKECN $KQIGQITCRJ[ QH VJG $QNUQP 6QTVQKUG #PP %CTPGIKG /WU 0CV *KUV

/WNNGTTKGF ) - ( 7P TGRVKN [ CNIWPQU KPXGTVGDTCFQU HÎUKNGU FG 4C[ÎP 'UVCFQ FG 6COCWNKRCU
7PKX0CN#WVÎP/ÃZ+PUV$KQN#P
/WNNGTTKGF)-((ÎUKNGUTCTQUFG/ÃZKEQ+++7PCVQTVWICHÎUKNFGNGUVCFQFG%JKCRCU#P+PUV
$KQN7PKX0CN#WVÎP/ÃZ
0[FCO 4 . 2QN[IN[RJCPQPFQVKPCG 5SWCOCVC 6GKKFCG HTQO VJG OGFKCN CPF .CVG %TGVCEGQWU
PGYTGEQTFUHTQO7VCJ75#CPF$CLC%CNKHQTPKCFGN0QTVG/GZKEQKP8GTVGDTCVG2CNGQPVQNQI[
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
KP7VCJ &&)KNNGVVGGF 7VCJ)GQNQIKECN5WTXG[5CNV.CMG%KV[RŌ

2GVGTUQP4QFTÈIWG\4*#IWKTTG)CT\C5,8GNCUEQ5GIWTC,#CPF&GNICFQFG,GUÕU%4
'XKFGPEKCUFGWPTGRVKNOCTKPQFGN,WT¶UKEQ5WRGTKQTGPNC5KGTTCFG2CTTCU%QCJWKNC/ÃZKEQ8++
%QPIT0CN2CNGQPV5QE/GZ2CNGQPVR
2QNCEQ4COQU14GUVQUHÎUKNGUFG)NQUUQVJGTKWO['TGOQVJGTKWO 'FGPVCVC GP/ÃZKEQ#PCKU++
%QPIT.CVKP2CNGQPV
4G[PQUQ8*&GUETKREKÎPFGNQUGUHGPQFQPVGU 5RJGPQFQPVKC4GRVKNKC FGNC(CWPCFGN%CÌÎPFGN
*WK\CEJCN ,WT¶UKEQ6GORTCPQ/GFKQ 6COCWNKRCU/ÃZKEQ7PRWDNKUJGF/5VJGUKU7PKXGTUKFCF
0CEKQPCN#WVÎPQOCFG/ÃZKEQ
4G[PQUQ 8 * # OKFFNG ,WTCUUKE 5RJGPQFQPNKMG URJGPQFQPVKCP &KCRUKFC .GRKFQUCWTKC HTQO
*WK\CEJCN%CP[QP6COCWNKRCU/ÃZKEQ,8GTV2CNGQPV
4G[PQUQ8*#őDGCFGFŒURJGPQFQPVKCP &KCRUKFC.GRKFQUCWTKC HTQOVJG'CTN[%TGVCEGQWUQH
%GPVTCN/ÃZKEQ,8GTV2CNGQPV
4G[PQUQ8**WGJWGEWGV\RCNNKOKZVGEWUIGPGVURPQXCDCUCNUSWCOCVG 4GRVKNKC HTQOVJG
'CTN[%TGVCEGQWUQH6GRGZKFG4QFTÈIWG\%GPVTCN/GZKEQ2JKN6TCPU4Q[5QE.QPFQP5GT$

4G[PQUQ 8 * # PGY NK\CTF HTQO VJG 'CTN[ %TGVCEGQWU .CIGTUVCVVGP QH 6GRGZK FG 4QFTÈIWG\
2WGDNC4KX/WU%KX5EKGP0CVő'PTKEQ%CHſŒ UWRN
4G[PQUQ 8 * #P WPWUWCN CSWCVKEURJGPQFQPVKCPHTQO VJG6NC[WC(QTOCVKQP #NDKCP %GPVTCN
/ÃZKEQ,2CNGQPV
4G[PQUQ8*)TQYVJRCVVGTPUCPFQPVQIGPGVKEXCTKCVKQPQHVGGVJCPFLCYUQHVJGOKFFNG,WTCUUKE
URJGPQFQPVKCP %[PQURJGPQFQP JWK\CEJCNGPUKU 4GRVKNKC 4J[PEJQEGRJCNKC %CP , 'CTVJ 5EK

4G[PQUQ8*KPRTGUU2QUUKDNGGXKFGPEGQHCXGPQOCRRCTCVWUKPCOKFFNG,WTCUUKEURJGPQFQPVKCP,
8GTV2CNGQPV
4G[PQUQ8*CPF%CNNKUQP)#PGYUEKPEQOQTRJHTQOVJGGCTN[%TGVCEGQWUQH2WGDNC/ÃZKEQ
<QQN,.KPP5QE
4G[PQUQ 8 * CPF %NCTM , / # FYCTH URJGPQFQPVKCP HTQO VJG *WK\CEJCN (QTOCVKQP QH
6COCWNKRCU/ÃZKEQ,8GTV2CNGQPV
4G[PQUQ8*CPF/QPVGNNCPQ/#PGYIKCPVVWTVNGQHVJGIGPWU)QRJGTWU %JGNQPKC6GUVWFKPGU
HTQOVJG2NGKUVQEGPGQH6COCWNKRCU/ÃZKEQCPFKVUDGCTKPIQPVJGRJ[NQIGP[CPFDKQIGQITCRJ[QH
IQRJGTVWTVNGU,8GTV2CNGQPV
4G[PQUQ8*%CDTCN2GTFQOQ/#CPF%NCTM,/6JGTGRVKNGUQHVJG6NC[ÕC(QTOCVKQP
KP )WKFG $QQM QH VJG (KGNF 6TKRU QH VJG VJ /GGVKPI QH VJG 5QEKGV[ QH 8GTVGDTCVG 2CNGQPVQNQI[
. 'URKPQUC#TTWDCTTGPC / /QPVGNNCPQ$CNNGUVGTQU CPF 5 2 #RRNGICVG GFU #XCPEGU GP
+PXGUVKICEKÎP7PKX#WVÎP'FQ*IQ5RGE2WDNR
4QFTÈIWG\FG NC 4QUC 4 CPF #TCPFC/CPVGEC ( , 0WGXQU JCNNC\IQU FG XGTVGDTCFQU FG NC
(QTOCEKÎP 'N )CNNQ %CORCPKCPQ 6CTFÈQ FGN GUVCFQ FG $CLC %CNKHQTPKC /GO 8++ %QPIT 0CN
2CNGQPV5QE/GZ2CNGQPVR
4QFTÈIWG\FGNC4QUC4#CPF%GXCNNQU(GTTK\5458GTVGDTCVGUQHVJG'N2GNKNNCN.QECNKV[
%CORCPKCP %GTTQ FGN 2WGDNQ (QTOCVKQP 5QWVJGCUVGTP %QCJWKNC /ÃZKEQ , 8GTV 2CNGQPV

4QFTÈIWG\FGNC4QUC4CPF&¶XKNC4QFTÈIWG\,47PCKEPKVCFGSWGNQPKQFGN%TGV¶EKEQ5WRGTKQT
FG%QCJWKNC/ÃZKEQ/GO8+%QPIT0CN2CNGQPV5QE/GZ2CNGQPVR
4QFTÈIWG\*WGTVC/CPF)W\O¶P)WVKÃTTG\42TKOGTTGIKUVTQFGNIÃPGTQ%TQEQF[NWUFGN2NKQEGPQ
FG6GEQNQVN¶P,CNKUEQ/ÃZKEQ+++%QPIT0CN2CNGQPVQN5QE/GZ2CNGQPV/GOR
5CWN.4#JQNNQURKPGF#PCRCEJ[FKUEWURGPPKPUWNCTKUYKVJRQUUKDNGOQUCUCWTDKVGKORTGUUKQPU
.QU#PIGNGU%Q/WU%QPVTKD5EK
5JCY # % .C (CWPC TGIKQPCN ő'N )QNHQŒ FGN 2NGKUVQEGPQ OGFKQ RTQXGPKGPVG FGN 0QTQGUVG FG
5QPQTC/ÃZKEQ5QE8GTV2CNGQPVVJ#PP/GGVKPI/ÃZKEQ&(
5OKVJ./6JGGXQNWVKQPCPFGEQNQIKECNJKUVQT[QHVJGſUJ HCWPC QH VJG 4ÈQ .GTOC $CUKP /GZKEQ
7PRWDNKUJGF2J&&KUUGTVCVKQP7PKXGTUKV[QH/KEJKICP
4';0151
8CP&GXGPFGT644GC#/CPF5OKVJ/.6JG5CPICOQPKPVGTINCEKCNXGTVGDTCVGHCWPC
HTQO4CPEJQ.C$TKUEC5QPQTC/ÃZKEQ6TCPU5CP&KGIQ5QE0CV*KUV
9GNNGU52#PGYURGEKGUQHGNCUOQUCWTHTQOVJG#RVKCPQH%QNQODKCCPFCTGXKGYQH%TGVCEGQWU
RNGUKQUCWTU7PKX%CNKHQTPKC2WDN)GQN5EK
9GUVICVG , 9 $TQYP 4 $ %QRG & CPF 2KVVOCP , # .CVG %TGVCEGQWU FKPQUCWTDGCTKPI
EQOOWPKV[HTQOEQCUVCNFGRQUKVUKP%JKJWCJWC/GZKEQ,8GTV2CNGQPV#
9GUVICVG,9$TQYP4$%QRG&CPF2KVVOCP,C&KUEQXGT[QHFKPQUCWTTGOCKPUKPEQCUVCN
FGRQUKVUPGCT1LKPCIC/GZKEQ,8GTV2CNGQPV#
9GUVICVG,92KVVOCP,$TQYP4$CPF%QRG&D%QPVKPWGFGZECXCVKQPQHVJGſTUV FKPQUCWT
EQOOWPKV[HTQO%JKJWCJWC/GZKEQ,8GTV2CNGQPV#
9KGNCPF4)2NGUKQUCWTWU 2QN[RV[EJQFQP OGZKECPWU+PUV)GQN/ÃZKEQ2CTGTIQPGU
%JCRVGT
#4GXKGYQHVJG&KPQUCWTKCP4GEQTFHTQO/GZKEQ
*%614'4+8'4#5;.8#47$041&4 )7'<&'.#415#
CPF,14)'#146+</'0&+'6#
&GRCTVCOGPVQFG2CNGQPVQNQIÈC/WUGQFGN&GUKGTVQ#2%25CNVKNNQ%QCJWKNC
/ÃZKEQ
#DUVTCEV
+PVTQFWEVKQP
&KPQUCWT'XKFGPEGQH/GZKEQ
1UVGQNQIKECN4GEQTF
+EJPQNQIKECN4GEQTF
(KPCN%QOOGPVU
#RRGPFKZ5WOOCT[QHVJG&KPQUCWT$GCTKPI.QECNKVKGUKP/GZKEQ
#EMPQYNGFIOGPVU
4GHGTGPEGU
#DUVTCEV
5GXGTCNFKPQUCWTNQECNKVKGUJCXGDGGPTGRQTVGFHTQO/GZKEQ+P9GTPGT,CPGPUEJ
TGRQTVGFVJGſTUV FKPQUCWT DQPG TGOCKPU CU /QPQENQPKWUHTQO.C5QNGFCFYGUVGTP
%QCJWKNC5KPEGOQTGFKPQUCWTTGOCKPUJCXGDGGPTGRQTVGFHTQOVJGPQTVJGTP
/GZKECP UVCVGU QH $CLC %CNKHQTPKC 5QPQTC %JKJWCJWC %QCJWKNC CPF 6COCWNKRCU
5GXGTCN FKPQUCWT HQQVRTKPV NQECNKVKGU JCXG CNUQ DGGP TGRQTVGF HTQO VJG PQTVJGTP
RQTVKQP QH /GZKEQ (TQO VJG EGPVTCN CPF UQWVJGTP /GZKECP UVCVGU QH /KEJQCE¶P
2WGDNCCPF%JKCRCUFKPQUCWTTGOCKPUJCXGCNUQDGGPTGRQTVGF4GEGPVN[HTCIOGPVU
QH *GVGTQFQPVQUCWTWU CPF 5[PVCTUWU YGTG HQWPF KP 6COCWNKRCU 4GGXCNWCVKQP
QH FKPQUCWT TGOCKPU HTQO 2WGDNC KPFKECVG VJCV VJG[ DGNQPI VQ C VGVTCRQF +P $CLC
%CNKHQTPKCVJGTGCTGTGEGPVſPFKPIU QH #WDN[UQFQPVGGVJ+P%JKJWCJWCHTCIOGPVUQHC
OGODGTQH6KVCPQUCWTKFCGJCXGDGGPHQWPF+P/KEJQCE¶PJCFTQUCWTDQPGUJCXGDGGP
TGRQTVGF 6JG KEJPQNQIKECN TGEQTF JCU KPETGCUGF KP TGEGPV [GCTU YKVJ VJG FKUEQXGT[
QH PGY NQECNKVKGU KP %QCJWKNC CPF 2WGDNC YJGTG VYQ NQECNKVKGU KPENWFG VTCEMU QH
VGVTCRQFU UCWTQRQFU CPF QTPKVQRQFU +EJPKVGU HTQO QPG QTPKVQRQF HCOKN[ CPF HTQO
UGXGTCN VGVTCRQF HCOKNKGU JCXG DGGP TGRQTVGF HTQO /KEJQCE¶P 5KPEG VJG FKUEQXGT[
QHFKPQUCWTTGOCKPUCDQWV[GCTUCIQFKPQUCWTFKUEQXGTKGUKP/GZKEQJCXGDGGP

#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
UKIPKſECPV JQYGXGT VJG ſGNF KU UVKNN KP KVU KPHCPE[ YKVJ OWEJ UVKNN VQ DG NGCTPGF
+PVTQFWEVKQP
/GZKEQ JCU UGXGTCN /GUQ\QKE QWVETQRU VJCV JCXG [KGNFGF HQUUKN XGTVGDTCVGU
KPENWFKPI FKPQUCWT TGOCKPU 6JG ſTUV FGUETKDGF FKPQUCWT TGOCKPU YGTG TGRQTVGF
HTQOVJG.C5QNGFCF$GFUKPVJGYGUVGTPRCTVQH%QCJWKNCKPPQTVJGTP/GZKEQD[VJG
)GTOCPRCNGQPVQNQIKUV9GTPGT,CPGPUEJYJQKPEQOOGPVGFQPVJGFKUEQXGT[
QHUGXGTCNEGTCVQRUKCPUMGNGVCNGNGOGPVUCVVTKDWVGFVQ/QPQENQPKWU ,CPGPUEJ
,WUVCHGY[GCTUNCVGTOQTGFKPQUCWTTGOCKPUYGTGTGRQTVGFHTQOPQTVJGTP/GZKEQKP
RCTVKEWNCTHTQOVJGPQTVJGTPRCTVQHVJGUVCVGQH5QPQTC .CPIUVQPCPF1CMGU
.WNNCPF9TKIJV
6JTQWIJQWVVJGyUVQyURCNGQPVQNQIKUVUHTQOVJG.QU#PIGNGU%QWPV[
/WUGWOQH0CVWTCN*KUVQT[EQPFWEVGFFKPQUCWTTGUGCTEJKP/GZKEQ .CPIUVQPCPF
1CMGU /QTTKU C D 6JG
.#%/ITQWREQNNGEVGFJCFTQUCWTKCPFKPQUCWTUHTQO$CLC%CNKHQTPKCCPFIGQNQIKECN
YQTMFQPGKPUQWVJGCUVGTP%QCJWKNC[KGNFGFGXKFGPEGQHJCFTQUCWTKCPCPFEGTCVQRUKCP
FKPQUCWTU /WTTC[GVCN
#VVJGGPFQHVJGyUVJGſTUV FKPQUCWT VTCEMU HTQO /GZKEQ YGTG TGEQTFGF HTQO
/KEJQCE¶P (GTTWUSWÈC8KNNCHTCPECGVCNCD 5KPEGVJGPVJGFKPQUCWTKCP
RCNGQKEJPQNQIKECNTGEQTFQH/GZKEQJCUITQYPEQPUKFGTCDN[
&WTKPIVJGſTUV RCTV QH VJG yU C U[UVGOCVKE FGUETKRVKQP QH FKPQUCWT TGOCKPU
HTQO%QCJWKNCYCUWPFGTVCMGPD[CVGCOHTTQOVJG4Q[CN1PVCTKQ/WUGWOJQYGXGT
PQ HWNN FGUETKRVKQP QH VJKU OCVGTKCN JCU [GV DGGP RWDNKUJGF #NUQ KP VJG yU
CPQVJGTRCNGQPVQNQIKECNGHHQTVYCUWPFGTVCMGPD[VJG+PUVKVWVQFG)GQNQIÈCHTQOVJG
7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ 70#/ TGUWNVKPIKPVJGFKUEQXGT[CPF
OQWPVKPIQHCIT[RQUCWTJCFTQUCWTUMGNGVQP *GTP¶PFG\
5KPEGVJGGCTN[yUCUWTXG[HQEWUGFQPVJG.CVG%TGVCEGQWUQHUQWVJGCUVGTP
%QCJWKNCJCU[KGNFGFCFKXGTUGCUUGODNCIGQHFKPQUCWTOCVGTKCN *GTP¶PFG\
*GTP¶PFG\ CPF -KTMNCPF 4QFTÈIWG\FG NC 4QUC CPF %GXCNNQU(GTTK\
$TKPMOCPGVCN'DGTVJGVCN4QFTÈIWG\FGNC4QUCGVCN &WTKPI
VJG NCUV FGECFG %QCJWKNC IQXGTPOGPV JCU EQPVTKDWVGF VQ VJG UVWF[ QH FKPQUCWTKCP
RCNGQPVQNQI[TGKPHQTEGFKPYJGPVJG/WUGQFGN&GUKGTVQYCUHQWPFGFKP5CN
VKNNQ/GZKEQ
&KPQUCWTUHTQO/GZKEQJCXGDGGPOCKPN[EQNNGEVGFHTQOVJG/GZKECPPQTVJGTP
UVCVGUQH$CLC%CNKHQTPKC5QPQTC%JKJWCJWC%QCJWKNCCPF6COCWNKRCU6JG%GPVTCN
RQTVKQPQH/GZKEQJCU[KGNFGFFKPQUCWTGXKFGPEGHTQO2WGDNC&KPQUCWTKEJPQNQI[KU
EWTTGPVN[MPQYPHTQOUGXGTCNVTCEMUKVGUKPEGPVTCNCPFPQTVJGTP/GZKEQ
6JGFKPQUCWTKCPTGEQTFQH/GZKEQECPDGCRRTQCEJGFHTQOVYQRQKPVUQHXKGY
VJGQUVGQNQIKECNCPFRCNGQKEJPQNQIKECNRGTURGEVKXGU6JKURCRGTTGXKGYUVJGFKPQUCWT
UVWFKGUHTQO/GZKEQVCMKPIKPVQCEEQWPVVJGRTGUGPVMPQYNGFIGQHDQVJRGTURGEVKXGU
4+8'4#5;.8#'6#.
+P CFFKVKQP VJG PCVWTG CPF KORNKECVKQPU QH VJG /GZKECP FKPQUCWT TGEQTF KU CNUQ
FKUEWUUGF
&KPQUCWT'XKFGPEGQH/GZKEQ
1UVGQNQIKECN4GEQTF
6JGQNFGUVFKPQUCWTTGOCKPUKP/GZKEQYGTGEQNNGEVGFHTQOTQEMUQHVJG/KFFNG
,WTCUUKE.C$QEC(QTOCVKQPCV*WK\CEJCN%CP[QPKP6COCWNKRCUPQTVJGCUVGTP/GZKEQ
8GTVGDTCVGHQUUKNUKPVJKUNQECNKV[QEEWTKPUGFKOGPVUFGRQUKVGFCUYCVGTNCKPFGDTKU
ƀQYU %NCTMGVCN(CUVQXUM[GVCN
#OQPIVJGFKPQUCWTKCPTGOCKPUEQNNGEVGFCV*WK\CEJCN%CP[QPCTGQTPKVJKUEJKCP
VGGVJUKOKNCTVQVJQUGQH*GVGTQFQPVQUCWTWU (CUVQXUM[GVCN 6JGTQRQFTGOCKPU
KPENWFGNCVGTCNN[EQORTGUUGFUGTTCVGFVGGVJCUYGNNCUCPCTVKEWNCVGFRGNXKUUCETWO
CPF C RCTVKCN UMWNN QH VYQ KPFGVGTOKPCVG FKPQUCWTKCP URGEKOGPU +P TGICTF VQ VJG
KPFGVGTOKPCVGFKPQUCWTKCPURGEKOGPUVJGRGNXKUTGUGODNGUVJG5QWVJ#HTKECPVJGTQRQF
5[PVCTUWUYJGTGCUVJGHTCIOGPVCT[UMWNNUWIIGUVUCHſPKVKGU YKVJ VJG /CPKTCRVQTC QT C
%GTCVQUCWTWU#DGNKUCWTKFCGENCFG /WPVGT 6JGNCTIGTDQPGHTCIOGPVUHQWPF
YKVJKPVJGUCOGFGRQUKVOC[CNUQTGRTGUGPVUCWTQRQFU (CUVQXUM[GVCN
+P VJG ſTUV FKPQUCWT TGOCKPU HTQO %GPVTCN /GZKEQ YGTG EQNNGEVGF PGCT
5CP(GNKRG1VNCNVGRGEUQWVJYGUVQH2WGDNCHTQO.CVG,WTCUUKE 6KVJQPKCP QT'CTN[
%TGVCEGQWU $GTTKCUKCP TQEMU 1TVGIC)WGTTGTQ +P VJKU OCVGTKCN YCU
EQPUKFGTGF VQ DGNQPI VQ C UCWTQRQF *GTP¶PFG\ CPF 'URKPQUC#TWDCTTGPC
JQYGXGT TGEGPV YQTM FQPG D[ 4KXGTC5[NXC KPUVGCF FGUETKDG KV CU DGNQPIKPI VQ C
OGFKWOUK\GVJGTQRQFFKPQUCWT 4KXGTC5[NXC
1PGQHVJGſTUV UVWFKGF FKPQUCWTKCP HCWPCU YCU HTQO .CVG %TGVCEGQWU TQEMU QH
$CLC%CNKHQTPKC6YQFKHHGTGPVHQTOCVKQPUJCXG[KGNFGFVJGUGFKPQUCWTTGOCKPUVJG
%CORCPKCP.C$QECPC4QLCCPFVJG.CVG%CORCPKCP'N)CNNQ(QTOCVKQP
6JG .C $QECPC 4QLC (QTOCVKQP JCU [KGNFGF C RCTVKCN UMGNGVQP QH VJG NCTIG
VJGTQRQFFKPQUCWT.CDQECPKCCPQOCNC /QNPCT 6JGHGYMPQYPETCPKCNDQPGU
UJCTGUKOKNCTKVKGUYKVJ%JKNCPVCKUCWTUCPF+PFQUCWTUCPFCNUQYKVJV[TCPPQUCWTUJQ
YGXGTVJG[JCXGUQOGRGEWNKCTKVKGUQHVJGKTQYP /QNPCT (QTKPUVCPEGRWDGU
CPFKUEJKCCTGV[RKECNV[TCPPQUCWTKCP[GVVJGUJQTVDCEMYCTFUNQRKPILCYUWRRQTVKPI
SWCFTCVG KU ENCUUKE CNNQUCWTQKF +P CFFKVKQP VJG HTQPV VGGVJ CTG PQV SWKVG &ETQUU
UGEVKQPGF 2CWN
6JG .CVG %CORCPKCP 'N )CNNQ (QTOCVKQP JCU [KGNFGF CDWPFCPV JCFTQUCWTKCP
OCVGTKCN .CPIUVQPCPF1CMGU/QTTKUCD
CUYGNNCUTGOCKPUQHVJGTQRQFFKPQUCWTU#OQPIQVJGTJCFTQUCWTKCP
OCVGTKCN VJCV TGOCKPU WPKFGPVKſGF .CODGQUCWTWTU NCVKECWFWU /QTTKU YCU
FGUETKDGF QP VJG DCUKU QH C RCTVKCN UMGNGVQP /QTTKU C 9GKUJCORGN
(KIWTG #PKUQNCVGFQUVGQFGTOUWIIGUVUVJGRTGUGPEGQHCPCPM[NQUCWT /QTTKU
VGPVCVKXGN[TGHGTTGFVQ'WQRNQEGRJCNWUCPFQVJGTQTPKVJKUEJKCPTGOCKPU
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
(+)74'4GEQPUVTWEVKQPQH.CODGQUCWTWUNCVKECWFWUYKVJVJGUMWNNQH.NCODGK5ECNGDCTO
JCXGDGGPCVVTKDWVGFVQEGTCVQRUKCPU 9GKUJCORGN
6Q FCVG VJG TGOCKPU TGNCVGF VQ 6JGTQRQFC KPENWFG DQPGU CVVTKDWVGF VQ
6TQQFQPVKFCG&TQOCGQUCWTKFCG1TPKVJQOKOKFCGCPF6[TCPPQUCWTKFCG 4QFTÈIWG\
FGNC4QUCCPF#TCPFC/CPVGEC9GKUJCORGN #OQPIVJGVJGTQRQFCP
OCVGTKCNCPKUQNCVGFVQQVJRTGUGTXGUCPWPWUWCNRQUVGTKQTECTKPCITQQXG6JKUITQQXG
UVTWEVWTG CNVJQWIJ EQPVTQXGTUKCN JCU DGGP KPVGTRTGVGF CU C URGEKCNK\CVKQP VQ C MKPF
QH GPXGPQOCVKQP COQPI VJGTQRQF FKPQUCWTU 4QFTÈIWG\FG NC 4QUC CPF #TCPFC
/CPVGECCD #FFKVKQPCNVJGTQRQFOCVGTKCNKPENWFGUKUQNCVGFVGGVJTGHGTTGF
VQVJGGPKIOCVKEIGPWU#WDN[UQFQP 2CWN
6JG .CVG %TGVCEGQWU %CDWNNQPC )TQWR KP PQTVJGCUVGTP 5QPQTC JCU [KGNFGF
FKPQUCWTKCPTGOCKPUDGNQPIKPIVQ*CFTQUCWTKFCG%GTCVQRUKFCGCPF6[TCPPQUCWTKFCG
EH#NDGTVQUCWTWU #FFKVKQPCNXGTVGDTCVGHQUUKNUKPENWFGſUJGU VWTVNGU ETQEQFKNKCPU
CPFNK\CTFU .WECUCPF)QP\¶NG\.GÎP 6JG%CDWNNQPC)TQWRJCUDGGPFCVGF
CU.CVG%CORCPKCP'CTN[/CCUVTKEJVKCPCPFVJGKPHGTTGFRCNGQGPXKTQPOGPVKUVJCVQH
CPKPNCPFGZVGPUKXGƀWXKCN CPF NCEWUVTKPG U[UVGOU .WECU CPF )QP\¶NG\.GÎP
6CNKCHGTTQ
.CVG %TGVCEGQWU FKPQUCWTU HTQO VJG #IWLC (QTOCVKQP JCXG DGGP EQNNGEVGF
HTQOVJGPQTVJGCUVGTPEQTPGTQH%JKJWCJWC6JGOQUVCDWPFCPVOCVGTKCNKUVJCVQH
JCFTQUCWTKCPFKPQUCWTUDWVCNUQEJCUOQUCWTKPGEGTCVQRUKCPGNGOGPVUJCXGTGEGPVN[
DGGPKFGPVKſGF #PFTCFG4COQU GVCN/QPVGNNCPQ$CNNGUVGTQUGVCN CPF
UOCNNVQNCTIGVJGTQRQFUJCXGCNUQDGGPTGEQTFGF1VJGTXGTVGDTCVGUKPENWFGCOKKFCPF
NGRKUQUVGKFſUJGU CPF VTKQP[EJKFU COQPI QVJGT VWTVNGU 9GUVICVG GVCN 6JG
QEEWTTGPEGQHVKVCPQUCWTKFUCWTQRQFECWFCNXGTVGDTCGKPPQTVJGCUVGTP%JKJWCJWCJCXG
DGGPTGEGPVN[FQEWOGPVGF /QPVGNNCPQ$CNNGUVGTQU
#UPQVGFKPVJGKPVTQFWEVKQPVJGſTUV FKPQUCWT TGOCKPU TGRQTVGF HTQO /GZKEQ
EQOGHTQO%QCJWKNCKPPQTVJGTP/GZKEQ ,CPGPUEJ 4GNCVKXGN[TGEGPVGZVGPUKXG
UWTXG[KPI FQPG KP VJG UQWVJGCUVGTP RQTVKQP QH %QCJWKNC JCU [KGNFGF CFFKVKQPCN
QTPKVJKUEJKCPCPFUCWTKUEJKCPFKPQUCWTTGOCKPU
1TPKVJKUEJKCP FKPQUCWTU CTG MPQYP HTQO UGXGTCN RCTVKCN UMGNGVQPU QH
4+8'4#5;.8#'6#.
JCFTQUCWTKCP FKPQUCWTU QH DQVJ JCFTQUCWTKPG CPF NCODGQUCWTKPG UWDHCOKNKGU

CU YGNN CU RCTVKCN UMGNGVQPU QH EGPVTQUCWTKPG CPF EJCUOQUCWTKPG EGTCVQRUKCPU
*GTP¶PFG\CPF-KTMNCPF-KTMNCPFGVCN$TKPMOCPGVCN'DGTVJ
GV CN 1VJGT QTPKVJKUEJKCP TGOCKPU KPENWFG KUQNCVGF QUVGQFGTOU TGNCVGF VQ
#PM[NQUCWTKFCG 5CWTKUEJKCP TGOCKPU DGNQPI OCKPN[ VQ 6JGTQRQFC CPF TGEQTF VJG
RTGUGPEG QH 6TQQFQPVKFCG &TQOCGQUCWTKFCG 1TPKVJQOKOKFCG EH 1TPKVJQOKOWU
CPF6[TCPPQUCWTKFCG 4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTK\9GKUJCORGN
#IWKNNÎP/CTVÈPG\RGTUEQO
6JGRCNGQGPXKTQPOGPVKPYJKEJVJGFKPQUCWTUHTQO%QCJWKNCNKXGFYCUVJCVQH
CPGZVGPUKXGNQYITCFKGPVCPFOWFFQOKPCVGFNQYGTEQCUVCNRNCKPU#PKPVGTGUVKPI
QDUGTXCVKQP KU VJCV VJGUG GPXKTQPOGPVU YGTG UWDLGEV VQ HTGSWGPV UVQTOIGPGTCVGF
ƀQQFKPI GXGPVU 'DGTVJ GVCN 6JGENKOCVGYCUJQVCPFJWOKFYKVJCDWPFCPV
TCKPHCNN CPF NKVVNG QRRQTVWPKV[ HQT GZVGPUKXG UWDCGTKCN GZRQUWTG CPF FT[KPI +P HCEV
CNOQUVCNNQHVJGVTCEMUYGTGOCFGKPXGT[UJCNNQYYCVGTPQOQTGVJCPEGPVKOGVGTU
KPFGRVJ 'DGTVJGVCN
#FFKVKQPCNDWVWPFGUETKDGFFKPQUCWTTGOCKPUHTQO/GZKEQCTGMPQYPVQQEEWT
KP%JKCRCUCPF/KEJQCE¶P+P%JKCRCU'CTN[QT/KFFNG,WTCUUKETGOCKPUJCXGDGGP
EQNNGEVGF HTQO ,WKSWKRKNCU %KPVCNCRC CPF .C %QPEQTFKC NQECNKVKGU 2KOGPVGN RGTU
EQO #NUQKP%JKCRCUHTCIOGPVCT[FGPVCNGNGOGPVUHTQOVJG/CCUVTKEJVKCP
1EQ\QEQCWVNC(QTOCVKQPHQWPFPGCT,CNVGPCPIQ4KXGTJCXGDGGPFKUEQXGTGF 2KOGPVGN
RGTUEQO +P/KEJQCE¶PJCFTQUCWTKCPFKPQUCWTTGOCKPUCTGMPQYPVQQEEWT
KP.CVG%TGVCEGQWUUGFKOGPVUJQYGXGTVJGIGQNQIKECNWPKVKUUVKNNWPMPQYP #IWKNNÎP
/CTVÈPG\RGTUEQO
#XCKNCDNGKPHQTOCVKQPUWIIGUVUVJCVVJGUQWVJGTPRNCKPUFKPQUCWTKCPHCWPCQHVJG
7PKVGF5VCVGUGZVGPFGFYKVJTGNCVKXGN[NKVVNGEJCPIGKPVQPQTVJGTP/GZKEQ%WTTGPV
TGUGCTEJ KU [KGNFKPI GZVGPUKXG RCNGQGPXKTQPOGPV CPF RCNGQIGQITCRJKECN CURGEVU QH
FKPQUCWTUHTQOVJGUGCTGCUQHPQTVJGTP/GZKEQ 'DGTVJGVCN #RTGNKOKPCT[
ENWUVGT CPCN[UKU JCU TGXGCNGF QPN[ VJTGG FKHHGTGPV RCNGQIGQITCRJKECN TGIKQPU YJGTG
%TGVCEGQWU FKPQUCWTU HTQO /GZKEQ NKXGF 6JG ſTUV KU KP VJG PQTVJGTP RQTVKQP QH
/GZKEQVJGUGEQPFKPYJCVKUPQY$CLC%CNKHQTPKC2GPKPUWNCCPFVJGVJKTFKUKPEGPVTCN
/GZKEQ
+EJPQNQIKECN4GEQTF
+EJPQHQUUKNUTGEQTFVJGCEVKXKV[QHNKXKPIQTICPKUOU6JGHQUUKNUWUWCNN[EQPUKFGTGF
WPFGTVJGUEQRGQHKEJPQNQI[KPENWFGGIIUPGUVUGIIUJGNNUUMKPKORTGUUKQPUUVQOCEJ
EQPVGPVU CPF CUUQEKCVGF GXKFGPEG QH HGGFKPI DGJCXKQT GI VQQVJOCTMGF DQPGU
ICUVTQNKVJUGVE EQRTQNKVGUCPFQDXKQWUN[VTCEMUQTHQQVRTKPVU )KNNGVGCPF.QEMNG[
.QEMNG[
&KPQUCWTGIIUJGNNUJCXGDGGPFGUETKDGFHTQOVJG.CVG%TGVCEGQWU %CORCPKCP
'N )CNNQ (QTOCVKQP QH $CLC %CNKHQTPKC 6JGUG GIIUJGNNU DGNQPI VQ VJG V[RKECN
RTQNCVQURJGTWNKVKEOQTRJQV[RGCVVTKDWVGFVQQTPKVJQRQFFKPQUCWTU OCKPN[JCFTQUCWTU
CPF CTG CUUQEKCVGF YKVJ UQOG PGQIPCVJQWU CXKCP GIIUJGNNU 4QFTÈIWG\FG NC 4QUC
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
C #DWPFCPVFKPQUCWTKCPGIIUJGNNHTCIOGPVUDGNQPIKPIVQCVNGCUVVJTGGFKHHGTGPV
OQTRJQV[RGUYGTGTGEGPVN[EQNNGEVGFHTQOVJGlCVG%CORCPKCP%GTTQFGN2WGDNQ
(QTOCVKQPKPUQWVJGCUVGTP%QCJWKNC #IWKNNÎP/CTVÈPG\RGTUEQO
&KPQUCWT UMKP KORTGUUKQPU CTG MPQYP HTQO VJG UVCVGU QH $CLC %CNKHQTPKC CPF
%QCJWKNC +PVGTGUVKPIN[ UMKP RCVEJGU CTG HTGSWGPVN[ HQWPF KP CUUQEKCVKQP YKVJ
JCFTQUCWTECTECUUGU /QTTKU*GTP¶PFG\CPF&GNICFQFG,GUÕU
$TQOCNKVGUCTGHQUUKNUTGNCVGFVQHGGFKPIDGJCXKQT *WPV KPENWFKPIUVQOCEJ
EQPVGPVU QT EQNQNKVGU TGIWTIKVCNKVGU CPF EQRTQNKVGU QT HQUUKN HCGEGU 7R WPVKN PQY
PGKVJGTFKPQUCWTUVQOCEJEQPVGPVUPQTICUVTQNKVJUJCXGDGGPTGEQTFGFHTQO/GZKEQ
JQYGXGTXGTVGDTCVGEQRTQNKVGUTGNCVGFVQFKPQUCWTUJCXGDGGPFGUETKDGFHTQOVJG.CVG
%TGVCEGQWUQH%QCJWKNCKPPQTVJGTP/GZKEQ 4QFTÈIWG\FGNC4QUC
&KPQUCWT VTCEMU CTG MPQYP HTQO UGXGTCN NQECNKVKGU KP VJG EGPVTCN CPF PQTVJGTP
RCTVUQH/GZKEQ/KFFNG,WTCUUKEFKPQUCWTVTCEMUCVVTKDWVGFVQVJGTQRQFCPFUCWTQRQF
FKPQUCWTUCTGMPQYPHTQOVJG:QEJKZVNCRKNEQCTGCKP1CZCEC (GTTWUSWÈC8KNNCHTCPEC
GVCN .CVG,WTCUUKEVJGTQRQFCPFQTPKVJQRQFFKPQUCWTVTCEMUCTGMPQYPHTQO
CP CTGC PGCT VJG VQYP QH %JWVC PQY ECNNGF 2NC[C #\WN /KEJQCE¶P (GTTWUSWÈC
8KNNCHTCPECGVCNCD 6JGVTCEMUKP%JWVCCTGUKIPKſECPV DGECWUG PQV QPN[
FQVJGVTCEMUTGRTGUGPVVJGſTUV TGEQTF QH HQQVRTKPVU FGUETKDGF HTQO /GZKEQ DWV VJG[
CNUQTGRTGUGPVVJGſTUV TGEQTF QH HQQVRTKPVU FGUETKDGF HTQO .CVKP #OGTKEC +P CFFKVKQP
CUNCDDGCTKPIVJGTQRQFVTCEMUQHRTQDCDNG,WTCUUKECIGDWVQHWPMPQYPRTQXGPGPEG
KUTGRQTVGFHTQO&WTCPIQ 4QFTÈIWG\FGNC4QUCD4QFTÈIWG\FGNC4QUCGVCN

'CTN[%TGVCEGQWUQTPKVJQRQFVJGTQRQFCPFUCWTQRQFVTCEMUYGTGTGEGPVN[HQWPF
KPUQWVJGTP2WGDNCKPEGPVTCN/GZKEQ6JGUGVTCEMUCTGFKUVTKDWVGFYKVJKPUKZVTCEM
DGCTKPINC[GTUYKVJKPVJG5CP,WCP4C[C(QTOCVKQP %CTTKNNQ/QPVKGNGVCNKPRTGUU
4QFTÈIWG\FGNC4QUCGVCN
.CVG%TGVCEGQWU /CCUVTKEJVKCP VTCEMUCVVTKDWVGFVQ*CFTQUCWTKFCGCPF5CWTQRQFC
CTGMPQYPHTQOVJG/GZECNC(QTOCVKQPPGCT/KVGRGEYKVJKPVJGUQWVJYGUVGTPRCTV
QH 2WGDNC (GTTWUSWÈC8KNNCHTCPEC GV CN (GTTWUSWÈC8KNNCHTCPEC GV CN
6JGUGUCWTQRQFKORTGUUKQPUCVVTKDWVGFVQ[QWPIKPFKXKFWCNUCTGQHVJGUCOGUK\GCU
UCWTQRQF HQQVRTKPVU HTQO VJG .CVG %TGVCEGQWU ,KPIFQPI (QTOCVKQP QH -QTGC .KO
;CPI CPF .QEMNG[ 6JGTG KU CNUQ VJG RQUUKDKNKV[ VJCV VJG RTQFWEGT QH VJGUG
VTCEMUYCUCPCFWNVURGEKOGPQHUOCNNUK\G %CNNKUQPCPF3WKOD[9GKUJCORGN
GVCN 6JGJGKIJVGUVKOCVGQHOUWIIGUVUCPCPKOCNQHCDQWVQTONQPI
6JKUOGCPUVJCVVJGVTCEMOCMGTJCUCNGPIVJVJCVEQTTGURQPFUVQQHVJCVQH
VJGVKVCPQUCWTKFU#PGZCORNGQHUOCNNUCWTQRQFUJCUDGGPTGRQTVGFHTQOVJG*CVGI
$CUKP4QOCPKCYJGTGKUQNCVGFOCVGTKCNQHCUOCNNUK\GUCWTQRQFQEEWTU ,KCPWCPF
9GKUJCORGN /WUUGNN CPF 9GKUJCORGN 4QOCPKC KU YGNN MPQYP HQT
DGKPICPCTEJKRGNCIQFWTKPIVJG%TGVCEGQWUCXGT[UKOKNCTUKVWCVKQPVQVJGEGPVTCNRCTV
QH/GZKEQCVVJCVVKOG6JGUOCNNUK\GQHVJGFKPQUCWTKP4QOCPKCYCURTQDCDN[FWG
VQIGQITCRJKEDCTTKGTUUWEJCUKUNCPFU 4KXGTC5[NXC
#PQVJGTlCVG%TGVCEGQWUVTCEMUKVGHTQOEGPVTCN/GZKEQKUMPQYPCU'N#IWCLG
4+8'4#5;.8#'6#.
(+)74' 6JG FKPQUCWT HQQVRTKPVU HTQO 'N #IWCLG YJKEJ CTG UKOKNCT VQ HQQVRTKPVU HTQO
/KVGRGETGRTGUGPVVJGOQUVCWUVTCNHCWPCHQT0QTVJ#OGTKECC 6JGTQRQFHQQVRTKPVYJGTGVJG
CNNWZECPDGEQPſFGPVCNN[ CVVTKDWVGF VQ VJG (COKN[ 6[TCPPQUCWTKFCG D #P WPWUWCNN[ DKI UK\GF
1TPKVJQRQFKORTGUUKQPCVVTKDWVGFVQVJG(COKN[*CFTQUCWTKFCG
HTQO VJG #IWKNKNNCU 5CPFUVQPG QH /KEJQCE¶P 1TVÈ\/GPFKGVC GV CN 1TVÈ\
/GPFKGVC 6JG'N#IWCLGRCNGQKEJPQHCWPCKPENWFGUOQTRJQV[RGUTGHGTTGFVQ
6[TCPPQUCWTKFCG&TQOCGQUCWTKFCG1TPKVJQOKOKFCGCPF*CFTQUCWTKFCG (KIWTG
*QYGXGT KV JCU DGGP EQOOGPVGF VJCV VJG FKXGTUKV[ QH VJGUG VTCEMU OC[ TGRTGUGPV
GZVTCOQTRJQNQIKECNXCTKCVKQPQHCNGUUGTPWODGTQHOQTRJQV[RGU 4QFTÈIWG\FGNC4QUC
GVCN 6JG'N#IWCLGNQECNKV[TGRTGUGPVUVJGOQUVCWUVTCN%TGVCEGQWUVJGTQRQF
HQQVRTKPV UKVG HQWPF KP 0QTVJ #OGTKEC (TQO QUVGQNQIKECN GXKFGPEG VJG 'N #IWCLG
NQECNKV[KUUKOKNCTVQVJGQPGHQWPFKP%QCJWKNC+PCFFKVKQPVJG'N#IWCLGHQQVRTKPVU
YGTGHQWPFYKVJKPEQPVKPGPVCNUGFKOGPVUYJKEJCFFUFGVCKNVQVJGRCNQGIGQITCRJKE
KPVGTRTGVCVKQPQH/GZKEQFWTKPIVJG.CVG%TGVCEGQWU5GXGTCNXGTVGDTCVGVTCEMUKVGU
CTGEWTTGPVN[MPQYPHTQOVJG.CVG%CORCPKCP%GTTQFGN2WGDNQ(QTOCVKQPKPVJG
UQWVJGCUVGTPRCTVQH%QCJWKNC1PGQHVJGUGVTCEMUKVGUMPQYPCU.CUIWKNCUEQXGTU
CRRTQZKOCVGN[OCPFKUEWTTGPVN[VJGNCTIGUVFQEWOGPVGFFKPQUCWTVTCEMUKVGKP
/GZKEQ 4QFTÈIWG\FGNC4QUCGVCN
6TCEMU CPF VTCEMYC[U QH UOCNN VQ NCTIG VJGTQRQFU GI QTPKVJQOKOKFU CPF
V[TCPPQUCWTKFU CPF NCTIG QTPKVJQRQFU KP DKRGFCN CPF SWCFTWRGFCN ICKVU GI VJG
.CUIWKNCU6TCEMUKVG CTGMPQYPHTQOUGXGTCNNQECNKVKGUKPUQWVJGCUVGTP%QCJWKNC
1VJGT%QCJWKNCXGTVGDTCVGVTCEMUKPENWFGVJQUGQHVWTVNGUETQEQFKNGURVGTQUCWTU EH
2VGTCKEJPWU CPFDKTFU #IWKNNÎP/CTVÈPG\GVCN$TKPMOCPGVCN'DGTVJ
GVCN4QFTÈIWG\FGNC4QUCGVCN 6JG'N2GNKNNCN6TCEMUKVG
YKVJKP VJG .CVG %CORCPKCP /WGTVQ (QTOCVKQP RTGUGTXGU VTCEMU QH UOCNN VJGTQRQF
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
FKPQUCWTU KP CUUQEKCVKQPYKVJ VJQUG QH VWTVNGUETQEQFKNGURVGTQUCWTU 2VGTCKEJPWU

DKTFUCPFRQUUKDN[COCOOCN 4QFTÈIWG\FGNC4QUC4QFTÈIWG\FGNC
4QUCGVCN 9KVJKPVJGUVTCVKITCRJKEUGSWGPEGQHVJG1NOQU(QTOCVKQP
NQECVGF PGCT 5CDKPCU KP PQTVJEGPVTCN %QCJWKNC CPQVJGT .CVG %TGVCEGQWU 'CTN[
/CCUVTKEJVKCP VTCEMUKVGJCU[KGNFGFFGGRVTCEMUQHOGFKWOUK\GFVJGTQRQFFKPQUCWTU
CUYGNNCUVJQUGQHUOCNNQTPKVJQRQFUCPFCUUQEKCVGFVTCEMUKPENWFKPIVJQUGQHVWTVNGU
ETQEQFKNGUCPFUOCNNDKTFU 4QFTÈIWG\FGNC4QUCGVCN
(KPCN%QOOGPVU
6JG UVWF[ QH FKPQUCWTU HTQO /GZKEQ JCU C JKUVQT[ QH PGCTN[ [GCTU YKVJ C
UKIPKſECPV KPETGCUG KP UEKGPVKſE FKPQUCWTKCP TGUGCTEJ KP VJG NCUV HGY [GCTU *QYGXGT
VJG MPQYNGFIG QH FKPQUCWTU HTQO VJKU CTGC QH UQWVJGTP 0QTVJ #OGTKEC KU UVKNN HQT
VJGOQUVRCTVWPGZRNQTGFYJGPEQORCTGFVQQVJGTRCTVUQHVJGYQTNFYKVJGZVGPUKXG
/GUQ\QKERCTVKEWNCTN[%TGVCEGQWUQWVETQRU6JGTGHQTGVJGHQNNQYKPIRQKPVUEQWNFDG
CFQRVGFCUſPCN EQOOGPVU CDQWV VJG TGEQTF QH FKPQUCWTU HTQO /GZKEQ (KIWTG
6JG/KFFNG,WTCUUKEVQ.CVG%TGVCEGQWUFKPQUCWTTGEQTFQH/GZKEQEQORTKUGU
COQFGTCVGFKXGTUKV[QHVCZCKPENWFKPIUGXGTCNVTCEMUKVGU#NVJQWIJVJGQUVGQNQIKECN
TGOCKPUQHUQOG.CVG%TGVCEGQWUFKPQUCWTUKP/GZKEQCTGTGUVTKEVGFVQUQWVJGCUVGTP
%QCJWKNCVJGRTGUGPEGQHKEJPQHCWPCUQHVJGUCOGCIGKP%GPVTCN/GZKEQGUVCDNKUJGU
YKVJEQPſFGPEG VJG RTGUGPEG QH FKPQUCWTU VQ NQYGT NCVKVWFGU
9KVJKP VJG UVCVG QH %QCJWKNC KV KU RQUUKDNG VQ ſPF CDWPFCPV .CVG %TGVCEGQWU
XGTVGDTCVGTGOCKPUKPENWFKPIFKPQUCWTUKPCUUQEKCVKQPYKVJVTCEMUKVGU6JGCUUQEKCVKQP
QH FKPQUCWT DQPGU CPF FKPQUCWT VTCEMU RTQXKFGU C WPKSWG QRRQTVWPKV[ VQ EQORCTG
FKPQUCWT VTCEMU YKVJ RQUUKDNG VTCEMOCMGTU 6JG ſPFKPI QH JCFTQUCWTKCP VTCEMU KP
FKTGEVCUUQEKCVKQPVQCVNGCUVVJTGGNCODGTQUCWTKPGJCFTQUCWTRCTVKCNUMGNGVQPUCVVJG
.CUIWKNCUVTCEMUKVGKPUQWVJGCUVGTP%QCJWKNCGZGORNKſGU VJKU RQKPV 4QFTÈIWG\FG
NC4QUCGVCN
#UOGPVKQPGFGCTNKGTVJG.CU#IWKNCUVTCEMUKVGKUEWTTGPVN[VJGNCTIGUVFKPQUCWT
VTCEM UKVG KP /GZKEQ 4GEGPV YQTM JCU TGXGCNGF VJKU UKVG VQ DG C OGICVTCEM UKVG
.QEMNG[ UKOKNCTVQVJQUGHQWPFKPQVJGTCTGCUQH0QTVJ#OGTKEC
#FFKVKQPCNN[ /GZKEQ JCU VJG QPN[ MPQYP /KFFNG ,WTCUUKE FKPQUCWTKCP HCWPC
HTQO0QTVJ#OGTKECTGRTGUGPVGFD[VYQNQECNKVKGUCPKEJPQHCWPCHTQO1CZCECCPF
UCWTKUEJKCPCPFQTPKVJKUEJKCPTGOCKPUHTQO6COCWNKRCU %NCTMGVCN(GTTWUSWÈC
8KNNCHTCPECGVCN
6JGUVWF[QHFKPQUCWTUHTQO/GZKEQYCUURQTCFKEKPVJGRCUVCPFJCUQPN[TGEGPVN[
DGGPVJGHQEWUQHTGPGYGFUEKGPVKſE TGUGCTEJ 6JG CWVJQTU DGNKGXG VJCV QPIQKPI CPF
EQPVKPWGF TGUGCTEJ YKNN WPFQWDVGFN[ TGUWNV KP PGY VCZC CPF XCNWCDNG CPF XCTKGF
KPHQTOCVKQP CDQWV FKPQUCWT FKXGTUKV[ CU YGNN CU RCNGQDKQNQIKECN RCNGQGEQNQIKECN
CPFRCNGQDKQIGQITCRJKECNCURGEVUQHFKPQUCWTUHTQOVJKURQTVKQPQHUQWVJGTP0QTVJ
#OGTKEC
4+8'4#5;.8#'6#.
(+)74'/CRUJQYKPIVJGFKPQUCWTNQECNKVKGUHTQO/GZKEQ
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1

#RRGPFKZ5WOOCT[QHVJG&KPQUCWT$GCTKPI.QECNKVKGUQH/GZKEQ
,WTCUUKENQECNKVKGU
6COCWNKRCU
C *WK\CEJCN(QTOCVKQP 'CTN[,WTCUUKE
6JGTQRQFC
%QGNWTQUCWTKFCG
5[PVCTUWU
1TPKVJQRQFC
*GVGTQFQPVQUCWTKFCG
*GVGTQFQPVQUCWTWU
2WGDNC

C 1NVCNVGRGE7PMPQYP(QTOCVKQP .CVG,WTCUUKEŌ'CTN[%TGVCEGQWU
! 6JGTQRQFCKPFGV
1CZCEC
C :QEJKZVNCRKNEQ6GEQEQ[WPEC)TQWR /KFFNG,WTCUUKE
6JGTQRQFHQQVRTKPVU
5CWTQRQFHQQVRTKPVU
/KEJQCE¶P
C %JWVC .CVG,WTCUUKE
6JGTQRQFHQQVRTKPVU
1TPKVJQRQFHQQVRTKPVU
+IWCPQFQPVKFCG
&WTCPIQ
C 7PMPQYP(QTOCVKQP ! ,WTCUUKE
6JGTQRQFHQQVRTKPV
%TGVCEGQWUNQECNKVKGU
2WGDNC
C /KVGRGE/GZECNC(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFHQQVRTKPVU
5CWTQRQFHQQVRTKPVU
4+8'4#5;.8#'6#.
6KVCPQUCWTKFCG
*CFTQUCWTKFCG
D 5CP/CTVKP#VGZECN5CP,WCP4C[C(QTOCVKQP 'CTN[%TGVCEGQWU
6JGTQRQFHQQVRTKPVU
5CWTQRQFHQQVRTKPVU
$CLC%CNKHQTPKC
C 'N4QUCTKQ.C$QECPC4QLC(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFC
.CDQECPKCCPQOCNC
D 'N4QUCTKQ'N)CNNQ(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFC
6[TCPPQUCWTKFCG
EH#NDGTVQUCWTWU
#WDN[UQFQP
6TQQFQPVKFCG
1TPKVJQOKOKFCG
1TPKVJQRQFC
*CFTQUCWTKFCG
.CODGQUCWTWUNCVKECWFWU
6J[TGQRJQTC
#PM[NQUCWTKFCG
EH'WQRNQEGRJCNWU
%JKJWCJWC
C 5PCMG4KFG(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFC
1TPKVJQRQFC
*CFTQUCWTKFCG
%GTCVQRUKC
%GTCVQRUKFCG

D #NVCTGU#IWLC(QTOCVKQP .CVG%TGVCEGQWU
5CWTQRQFC
6KVCPQUCWTKFCGKPFGV
5QPQTC
C %CDWNNQPC)TQWR .CVG%TGVCEGQWU
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
6JGTQRQFC
6[TCPPQUCWTKFCG
1TPKVJQRQFC
*CFTQUCWTKFCG
%GTCVQRUKC
%GTCVQRUKFCG
%QCJWKNC
C 5QNGFCF$GFU .CVG%TGVCEGQWU
%GTCVQRUKC
%GTCVQRUKFCG
%GPVTQUCWTWU
D %GTTQFGN2WGDNQ(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFC
1TPKVJQOKOKFCG
&TQOKEGKQOKOWU
6[TCPPQUCWTKFCG
#NDGTVQUCWTWU
&TQOCGQUCWTKFCG
5CWTQTPKVJQNGUVGU
1TPKVJQRQFC
*CFTQUCWTKFCG
-TKVQUCWTWU
.CODGQUCWTWU
6J[TGQRJQTC
#PM[NQUCWTKFCG
EH'WQRNQEGRJCNWU
E 5CDKPCU1NOQU(QTOCVKQP .CVG%TGVCEGQWU
1TPKVJQRQFC
*CFTQUCWTKFCG
-TKVQUCWTWU
6JGTQRQFHQQVRTKPVU
F .CUIWKNCU%GTTQFGN2WGDNQ(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFHQQVRTKPVU
G 'N2GNKNNCN/WGTVQ(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFHQQVRTKPVU
4+8'4#5;.8#'6#.
/KEJQCE¶P
C 'N#IWCLG#IWKNKNNC5CPFUVQPG .CVG%TGVCEGQWU
6JGTQRQFHQQVRTKPVU
6[TCPPQUCWTKFCG
1TPKVJQOQOKOKFCG
&TQOGQUCWTKFCG
*CFTQUCWTKFCG
D .CVG%TGVCEGQWU
1TPKVJQRQF
*CFTQUCWTKFCG
%JKCRCU
C 1EQ\QEQCWVNC(QTOCVKQP .CVG%TGVCEGQWU
6JGTQRQFCKPFGV
#EMPQYNGFIOGPVU
9GVJCPM5%NCDD[$))TCEGCPF#55OKVJHQTVJGKTECTGHWNTGXKGYU
4GHGTGPEGU
#IWKNNÎP/CTVÈPG\ / % 8CNNGLQ)QP\¶NG\ + *GTP¶PFG\ 4 CPF -KTMNCPF , + &KPQUCWT
VTCEMYC[ HTQO VJG %GTTQ FGN 2WGDNQ (QTOCVKQP &KHWPVC )TQWR .CVGUV %CORCPKCP %TGVCEGQWU
%QCJWKNC/GZKEQ,8GTV2CNGQPV#
#PFTCFG4COQU2/QPVGNNCPQ$CNNGUVGTQU/%GXCNNQU(GTTK\545CPF.Q\CPQ)CTEÈC5#
.CVG%TGVCEGQWUCUUQEKCVKQPHTQO#NVCTGU%JKJWCJWC/GZKEQ,8GTV2CNGQPV#
$TKPMOCP&$'DGTVJ&#5CORUQP5&#IWKNNÎP/%&GNICFQFG,GUÕU%4CPF4QFTÈIWG\
FG NC 4QUC 4# 2CNGQPVQNQI[ CPF UVTCVKITCRJ[ QH VJG FKPQUCWTDGCTKPI %GTTQ FGN 2WGDNQ
(QTOCVKQPUQWVJGTP%QCJWKNC/GZKEQ,8GTV2CNGQPV#
%CNNKUQP)CPF3WKOD[*/6KP[FKPQUCWTUCTGVJG[HWNN[ITQYP,8GTV2CNGQPV

%CTTKNNQ/QPVKGN'1TVK\7DKNNC#$TCXQ%WGXCU8/CPF4QFTÈIWG\FGNC4QUC4# +PRTGUU
*WGNNCUFGFKPQUCWTKQUGPGN%TGV¶EKEQ+PHGTKQTFG5CP/CTVÈP#VGZECN2WGDNC2CNGQU#PVKIWQ
%NCTM,//QPVGNNCPQ/*QRUQP,#*GTP¶PFG\4CPF(CUVQXUM[&'#P'CTN[QT/KFFNG
,WTCUUKEVGVTCRQFCUUGODNCIGHTQOVJG.C$QEC(QTOCVKQPPQTVJGCUVGTP/GZKEQKP6JGUJCFQYQH
VJGFKPQUCWTU 'CTN[/GUQ\QKEVGVTCRQFU 0%(TCUGTCPF*&5WGUGFU %CODTKFIG7PKXGTUKV[
2TGUURR
'DGTVJ&#5CORUQP5&4QFTÈIWG\FGNC4QUC4##IWKNNÎP/CTVÈPG\/%$TKPMOCP&$
CPF.ÎRG\'URKPQ\C,.CUIWKNCU#PWPWUWCNNN[TKEJ%CORCPKCPCIGXGTVGDTCVGNQECNKV[KP
UQWVJGTP%QCJWKNC/GZKEQ,8GTV2CNGQPV 5WRRNVQ0Q #
'DGTVJ&#&GNICFQFG,GUÕU%4.GTDGMOQ,($TKPMOCP&$4QFTÈIWG\FGNC4QUC4#
CPF5CORUQP5&%GTTQFGN2WGDNQ(O &KHWPVC)TQWR7RRGT%TGVCEGQWU 2CTTCU$CUKP
UQWVJGTP%QCJWKNC/GZKEQ4GHGTGPEG5GEVKQPU#IGCPF%QTTGNCVKQP+PUVKVWVQFG)GQNQIÈC4GX
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
/GZ%KGPEKCU)GQN
(CUVQXUM[&'%NCTM,/5VTCVGT0*/QPVGNNCPQ/*GTP¶PFG\4CPF*QRUQP,#
&GRQUKVKQPCNGPXKTQPOGPVUQHC/KFFNG,WTCUUKEVGTTGUVTKCNXGTVGDTCVGCUUGODNCIG*WK\CEJCN%CP[QP
/GZKEQ,8GTV2CNGQPV
(GTTWUSWÈC8KNNCHTCPEC + #RRNGICVG 5 2 CPF 'URKPQUC#TTWDCTTGPC . C .CU JWGNNCU O¶U
CWUVTCNGUFGFKPQUCWTKQUGP0QTVG#OÃTKEC[UWUKIPKſECEKÎP IGQDKQNÎIKEC #EVCU FGN ++ %QPITGUQ
FG2CNGQPVQNQIÈC[$KQGUVTCVKITCHÈC[+%QPITGUQ.CVKPQCOGTKECPQFG2CNGQPVQNQIÈC$WGPQU#KTGU
#TIGPVKPC
(GTTWUSWÈC8KNNCHTCPEC + #RRNGICVG 5 2 CPF 'URKPQUC#TTWDCTTGPC . D 4QECU
XQNECPQUGFKOGPVCTKCU OGUQ\QKECU [ JWGNNCU FG FKPQUCWTKQU GP NC TGIKÎP UWTQEEKFGPVCN RCEÈſEC FG
/ÃZKEQ7PKX0CN#WVÎP/ÃZKEQ+PUV)GQN4GX
(GTTWUSWÈC8KNNCHTCPEC + 6KNVQP 6 . .CPI * 4 2KVVOCP , ) CPF .QEMNG[ / )
&KPQUCWTKEPKVCUVCTFKETGV¶EKECUGP2WGDNCUWTQEEKFGPVCN[UWUKIPKſECEKÎP IGQNÎIKEQRCNGQPVQNÎIKEC
/GOQTKCUFGN+8%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC
(GTTWUSWÈC8KNNCHTCPEC+,KOÃPG\*KFCNIQ'CPF$TCXQ%WGXCU8/,WTCUUKECPF%TGVCEGQWU
FKPQUCWTHQQVRTKPVUHTQO/ÃZKEQCFFKVKQPUCPFTGXKUKQPU,8GTV2CNGQPV 5WRRNVQ0Q
#
(GTTWUSWÈC8KNNCHTCPEC + ,KOÃPG\*KFCNIQ ' CPF $TCXQ%WGXCU 8 / (QQVRTKPVU QH UOCNN
UCWTQRQFUHTQOVJG/KFFNG,WTCUUKEQH1CZCECUQWVJGCUVGTP/ÃZKEQKP6JG%QPVKPGPVCN,WTCUUKE /
/QTCNGUGF /WU0QTVJ#TK\$WNN(NCIUVCH#TK\QPCRR
(QTF6.CPF%JWTG&,ő#WDN[UQFQPŒVGGVJHTQOVJG'N)CNNQ(QTOCVKQP .CVG%CORCPKCP QH
$CLC %CNKHQTPKC VJG UQWVJGTPOQUV TGEQTF QH V[TCPPQUCWTKF VJGTQRQFU /E%QTF 4 & CPF $QC\ &
GFU 9GUVGTP#UUQEKCVKQPQH8GTVGDTCVG2CNGQPVQNQIKUVUCPF5QWVJYGUV2CNGQPVQNQIKECN5[ORQUKWO
2TQEGGFKPIU/GUC5QWVJYGUV/WUGWO$WNNGVKP0QRR
)KNNGVVG & & CPF .QEMNG[ / ) &KPQUCWT VTCEMU CPF VTCEGU %CODTKFIG 7PKXGTUKV[ 2TGUU
%CODTKFIGR
*GTP¶PFG\40GYFKPQUCWTſPFU KP VJG %GTTQ FGN 2WGDNQ (QTOCVKQP 7RRGT %TGVCEGWU %CORCPKCP
HTQO%QCJWKNC/GZKEQ,8GTV2CNGQPV 5WRRNVQ0Q #
*GTP¶PFG\4.QUFKPQUCWTKQU[QVTQUXGTVGDTCFQUHÎUKNGUFGN%TGV¶EKEQ5WRGTKQTGP%QCJWKNC)GQ
70#/
*GTP¶PFG\4/GZKECPFKPQUCWTUKP'PE[ENQRGFKCQH&KPQUCWTU %WTTKG2,CPF-2CFKCPGFU
#ECFGOKE2TGUU5CP&KGIQ%CNKHQTPKCRR
*GTP¶PFG\4CPF'URKPQUC#TTWDCTTGPC.&KPQUCWTNQECNKVKGUKP/GZKEQ,8GTV2CNGQPV
5WRRNVQ0Q #
*GTP¶PFG\4CPF-KTMNCPF,+6JGTGFKUEQXGT[QHCTKEJWRRGTOQUV%CORCPKCPFKPQUCWTNQECNKV[
KPVJG%GTTQFGN2WGDNQ(O%QCJWKNC/GZKEQ,8GTV2CNGQPV#
*GTP¶PFG\ 4 CPF &GNICFQFG ,GUÕU % 4 *CFTQUCWT UMKP KORTGUUKQP CPF CUUQEKCVGF UMGNGVCN
TGOCKPUHTQO%GTTQFGN2WGDNQ(O 7RRGTOQUV%CORCPKCP UQWVJGCUVGTP%QCJWKNC/GZKEQ,8GTV
2CNGQPV#
*WPV#2.CVG2GPPU[NXCPKCPEQRTQNKVGUHTQOVJG-KPPG[$TKEM3WCTT[EGPVTCN0GY/GZKEQYKVJ
PQVGUQPVJGENCUUKſECVKQP CPF WVKNKV[ QH EQRTQNKVGU 0GY/GZKEQ$WT/KP/KPGT4GUEJ$WNN

,CPGPUEJ89&KPQUCWTKGT4GUVGCWU/GZKMQ%GPVT/KP)GQN2CN$
,KCPW%/CPF9GKUJCORGN&$6JGUOCNNGUVQHVJGNCTIGUV#PGYNQQMCVRQUUKDNGFYCTſPI KP
UCWTQRQFFKPQUCWTU)GQN/KLP
-KTMNCPF , + *GTP¶PFG\ 4 #IWKNNÎP/CTVÈPG\ / % &GNICFQFG ,GUÕU % 4 )ÎOG\0ÕÌG\ 4
CPF8CNNGLQ)QP\¶NG\+6JG.CVG%TGVCEGQWU&KHWPVC)TQWRQHVJG2CTTCU$CUKP%QCJWKNC
/GZKEQCPFKVUXGTVGDTCVGHCWPC(KGNF6TKR)WKFG$QQM5QEKGV[QH8GTVGDTCVG2CNGQPVQNQI[#PPWCN
/GGVKPIRR
.CPIUVQP,T9CPF1CMGU/**CFTQUCWTUKP$CLC%CNKHQTPKC)GQN5QE#OGT#DUVTCEVU
.KO 5 - ;CPI ; 5 CPF .QEMNG[ / ) .CTIG &KPQUCWTU HQQVRTKPVU CUUGODNCIGU HTQO VJG
%TGVCEGQWU,KPFQPI(QTOCVKQPQH-QTGCKP&KPQUCWTUVTCEMUCPFVTCEGU )KNNGVG&&CPF/)
4+8'4#5;.8#'6#.
.QEMNG[GFU %CODTKFIG7PKX2TGUURR
.QEMNG[ / ) 6TCEMKPI &KPQUCWTU # 0GY .QQM CV CP #PEKGPV 9QTNF %CODTKFIG 7PKXGTUKV[
2TGUU
.WECU 5 ) CPF )QP\¶NG\.GÎP % / 4GRQTVG RTGNKOKPCT UQDTG NQU FKPQUCWTKQU FGN %TGV¶EKEQ
6CTFÈQFGNC%WGPECFG%CDWNNQPC$QN&GRV)GQN7PKX5QPQTC
.WECU5)CPF)QP\¶NG\.GÎP%/(QUUKNXGTVGDTCVGUHTQOVJG7RRGT%TGVCEGQWU%CDWNNQPC
)TQWRPQTVJGCUVGTP5QPQTC/GZKEQ,8GTV2CNGQPV#
.WECU5)CPF)QP\¶NG\.GÎP%/&KPQUCWTKQUFGN%TGV¶EKEQ6CTFÈQFGN)TWRQ%CDWNNQPC
5QPQTC)GQN0QTQGUVG
.WNN45CPF9TKIJV0'*CFTQUCWTKCPFKPQUCWTUQH0QTVJ#OGTKEC)GQN5QE#OGT5RGE
2CR
/QNPCT 4 ' # FKUVKPEVKXG VJGTQRQF FKPQUCWT HTQO VJG 7RRGT %TGVCEGQWU QH $CLC %CNKHQTPKC
/GZKEQ ,2CNGQPV
/QPVGNNCPQ$CNNGUVGTQU / # VKVCPQUCWTKF UCWTQRQF HTQO VJG 7RRGT %TGVCEGQWU QH %JKJWCJWC
/GZKEQ4GX/GZ%KGP)GQN
/QPVGNNCPQ$CNNGUVGTQU/*GTP¶PFG\4NXCTG\4G[GU)#PFTCFG4COQU2CPF/CTVÈP/GFTCPQ
.&KUEQXGT[QH.CVG%TGVCEGQWUXGTVGDTCVGNQECNHCWPCUKPPQTVJGTP/GZKEQ,8GTV2CNGQPV
##
/QTTKU9,$CLC%CNKHQTPKC.CVG%TGVCEGQWUFKPQUCWTU5EKGPEG
/QTTKU9,/GUQ\QKECPF6GTVKCT[8GTVGDTCVGUKP$CLC%CNKHQTPKC0CVN)GQIT5QE4GUEJ4GRVU

/QTTKU9,#IKCPVJCFTQUCWTKCPFKPQUCWTHTQO$CLC%CNKHQTPKC,2CNGQPV
/QTTKU 9 , C /GUQ\QKE CPF 6GTVKCT[ 8GTVGDTCVGU KP $CLC %CNKHQTPKC 0CVN )GQIT 5QE 4GUEJ
4GRVU
/QTTKU9,D#TGXKGYQH2CEKſE %QCUV JCFTQUCWTU , 2CNGQPV
/QTTKU9,#PGYURGEKGUQHJCFTQUCWTKCPFKPQUCWTHTQOVJG7RRGT%TGVCEGQWUQH$CLC%CNKHQTPKC
Ō!.CODGQUCWTWUNCVKECWFWU,2CNGQPV
/QTTKU 9 , %CNKHQTPKC FKPQUCWTU KP .CVG %TGVCEGQWU &GRQUKVKQPCN 'PXKTQPOGPVU CPF
2CNGQIGQITCRJ[ 5CPVC #PC /QWPVCKPU 5QWVJGTP %CNKHQTPKC $QVVLGT & , %QNDWTP + 2 CPF
%QQRGT,&GFU 2CEKſE 5GEVKQP 5'2/ (KGNF6TKR8QNWOGCPF)WKFGDQQMRR
/QTTKU9,#2CNGQPVQNQIKETGEQPPCKUUCPEGQH$CLC%CNKHQTPKC/GZKEQ0CVN)GQIT5QE
4GUEJ4GRVU
/WPVGT4%6YQVJGTQRQFFKPQUCWTURGEKOGPUHTQO*WK\CEJCN%CP[QP/GZKEQ,8GTV2CNGQPV
#
/WTTC[ ) ' $Q[F & 4 9QNNGDGP , # CPF 9KNUQP , # .CVG %TGVCEGQWU HQUUKN NQECNKV[
'CUVGTP2CTTCU$CUKP%QCJWKNC/GZKEQ,2CNGQPV
/WUUGNN,CPF9GKUJCORGN&/CI[CTQUCWTWUCPFVJGRQUUKDNGTQNGQHRTQIGPGUKUKPUCWTQRQF
FGXGNQROGPV,8GTV2CNGQPV#
1TVGIC)WGTTGTQ$2CNGQOCIPGVKUOQ[IGQNQIÈCFGNCU7PKFCFGU%N¶UVKECU/GUQ\QKECUFGNTGC
6QVQNVGRGE+ZECSWKZVNC'UVCFQFG2WGDNC[1CZCEC70#/(CE%KGPEKCU6GUKUFG/CGUVTÈCRR
1TVÈ\/GPFKGVC , # &KPQUCWTKEPKVCU %TGV¶EKEQVCTFÈCU FG 'N #IWCLG /KEJQCE¶P 4GIKÎP
5WTQEEKFGPVCN FG /ÃZKEQ [ UWU KORNKECEKQPGU IGQNÎIKEQRCNGQPVQNÎIKECU 6GUKU FG .KEGPEKCVWTC
(CEWNVCFFG%KGPEKCU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQRR
1TVÈ\/GPFKGVC , # )CTEÈC1TQ\EQ , (GTTWUSWÈC8KNNCHTCPEC + ,KOÃPG\*KFCNIQ ' CPF $TCXQ
%WGXCU8/2TKOGTJCNNC\IQFGJWGNNCUFGFKPQUCWTKQGP/KEJQCE¶PUWTQEEKFGPVCN4GRQTVG
RTGNKOKPCT 8++ %QPITGUQ 0CEKQPCN FG 2CNGQPVQNQIÈC [ + 5KORQUKQ )GQNÎIKEQ GP GN 0QTGUVG FG
/ÃZKEQ/GOQTKCU
2CWN)52TGFCVQT[&KPQUCWTUQHVJG9QTNF#%QORNGVG+NNWUVTCVGF)WKFG5KOQP5EJWUVGT0GY;QTM
4KXGTC5[NXC*'&KPQUCWTUHTQOVJG/KZVGEC4GIKQPKP%GPVTCN/GZKEQ/CUVGT&GITGG6JGUKU
&GRCTVOGPVQH'CTVJ5EKGPEGU7PKXGTUKV[QH$TKUVQNRR
4QFTÈIWG\FGNC4QUC4#C%¶UECTCUFGJWGXQCXKCPCU 0GQIPCVJCG [FG1TPKVJQRQFC &KPQUCWTKC
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
FGN%TGV¶EKEQ6CTFÈQFG$CLC%CNKHQTPKC/ÃZKEQ8+%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC/GOQTKCU

4QFTÈIWG\FGNC4QUC4#D#XGUQFKPQUCWTKQUGP&WTCPIQ/ÃZKEQ!8+%QPITGUQ0CEKQPCNFG
2CNGQPVQNQIÈC/GOQTKCU
4QFTÈIWG\FG NC 4QUC 4 # 2VGTQUCWT VTCEMU HTQO VJG .CVG %TGVCEGQWU QH PQTVJGTP /ÃZKEQ
2CNGQGEQNQIKECNCPFCPCVQOKECNKORNKECVKQPU6YQJWPFTGF[GCTUQHRVGTQUCWTU6QWNQWUG(TCPEG
5VTCVCUÃTKG
4QFTÈIWG\FGNC4QUC4#2VGTQUCWTVTCEMUHTQOVJG.CVGUV%CORCPKCP%GTTQFGN2WGDNQ(QTOCVKQP
QHUQWVJGCUVGTP%QCJWKNC/GZKEQKP'XQNWVKQPCPF2CNCGQDKQNQI[QH2VGTQUCWTU $WHHGVCWV'
CPF,//C\KPGFU )GQNQIKECN5QEKGV[.QPFQP5RGEKCN2WDNKECVKQPURR
4QFTÈIWG\FGNC4QUC4#CPF#TCPFC/CPVGEC(,6JGTQRQFVGGVJHTQOVJG.CVG%TGVCEGQWU
'N)CNNQ(QTOCVKQP$CLC%CNKHQTPKC/GZKEQ8+++PVGTPCVKQPCN5[ORQUKWOQP/GUQ\QKE6GTTGUVTKCN
'EQU[UVGOU$WGPQU#KTGU#DUVTCEVU
4QFTÈIWG\FGNC4QUC4#CPF#TCPFC/CPVGEC(,C9GTGVJGTGXGPQOQWUVJGTQRQFU!,8GTV
2CNGQPV#
4QFTÈIWG\FGNC4QUC4#CPF#TCPFC/CPVGEC(,D0WGXQUJCNNC\IQUFGXGTVGDTCFQUFGNC
(QTOCEKÎP'N)CNNQ %CORCPKCPQ6CTFÈQ FGN'UVCFQFG$CLC%CNKHQTPKC8+%QPITGUQ0CEKQPCNFG
2CNGQPVQNQIÈC[+5KORQUKQ)GQNÎIKEQGPGNPQTGUVGFG/ÃZKEQ/GOQTKCU
4QFTÈIWG\FG NC 4QUC 4 # CPF %GXCNNQU(GTTK\ 5 4 5 8GTVGDTCVGU QH VJG 'N 2GNKNNCN .QECNKV[
%CORCPKCP %GTTQ FGN 2WGDNQ (QTOCVKQP UQWVJGCUVGTP %QCJWKNC /GZKEQ , 8GTV 2CNGQPV

4QFTÈIWG\FG NC 4QUC 4 # %GXCNNQU(GTTK\ 5 4 5 CPF 5KNXC2KPGFC ( , 2CNGQDKQNQIKECN
KORNKECVKQPUQH%CORCPKCPEQRTQNKVGU2CNCGQIGQIT2CNCGQENKOCV2CNCGQGEQN
4QFTÈIWG\FG NC 4QUC 4 # .ÎRG\'URKPQ\C , 8CNNGLQ)QP\¶NG\ , + 'DGTVJ & # CPF 5KOKVJ ,
#*WGNNCUFGXGTVGDTCFQUETGV¶EKEQU %CORCPKCPQ6CTFÈQ(QTOCEKÎP%GTTQFGN2WGDNQ FGN
UWTGUVGFG%QCJWKNC/ÃZKEQ8+++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC/GOQTKCURR
4QFTÈIWG\FG NC 4QUC 4 # 'DGTVJ & # $TKPMOCP & $ 5CORUQP 5 & CPF .ÎRG\'URKPQ\C
, &KPQUCWT VTCEMU HTQO VJG .CVG %CORCPKCP .CU #IWKNCU NQECNKV[ UQWVJGCUVGTP %QCJWKNC
/GZKEQ,8GTV2CNGQPV#
4QFTÈIWG\FGNC4QUC4##IWKNNÎP/CTVÈPG\/%.ÎRG\'URKPQ\C,CPF'DGTVJ&#6JG
HQUUKNTGEQTFQHXGTVGDTCVGVTCEMUKP/GZKEQ+EJPQU
6CNKCHGTTQ 0 . #P QEEWTTGPEG QH 7RRGT %TGVCEGQWU UGFKOGPVU KP PQTVJGTP 5QPQTC /GZKEQ ,
)GQN
9GKUJCORGN&$&KPQUCWTKCPFKUVTKDWVKQPKP6JG&KPQUCWTKC 9GKUJCORGN&$&QFUQP2
CPF*1UOÎNUMCGFU %CNKHQTPKC7PKXGTUKV[2TGUU$GTMGNG[RR
9GKUJCORGN&$0QTOCP&$CPF)TKIQTGUEW&6GNOCVQUCWTWUVTCPUU[NXCPKEWUHTQOVJG.CVG
%TGVCEGQWUQH4QOCPKC6JGOQUVDCUCNJCFTQUCWTKFFKPQUCWT2CNCGQPV
9GUVICVG , 9 $TQYP 4 $ %QRG & CPF , 2KVVOCP # .CVG %TGVCEGQWU FKPQUCWTDGCTKPI
EQOOWPKV[HTQOEQCUVCNFGRQUKVUKP%JKJWCJWC/GZKEQ,8GTV2CNGQPV#
%JCRVGT
/GZKECP(QUUKN/COOCNU9JQ9JGTGCPF9JGP!
/#4+51. /106'..#01$#..'56'415 CPF '&7#4&1

,+/0'<*+&#.)1

+PUVKVWVQFG)GQNQIÈC70#/%KTEWKVQ'ZVGTKQT%KWFCF7PKXGTUKVCTKC&GNGICEKÎP%Q[QCE¶P
&(/ÃZKEQOCTOQPV"UGTXKFQTWPCOOZ

7PKXGTUKFCFFGN/CT%CORWU2WGTVQ'UEQPFKFQ-O%CTTGVGTC2WGTVQ'UEQPFKFQ1CZCEC
2WGTVQ'UEQPFKFQ1CZCEC/ÃZKEQGFWCTFQLJ"\KECVGNCWOCTOZ
#DUVTCEV
+PVTQFWEVKQP
9JCV & Q 9G -PQY!
/COOCNKCP&KUVTKDWVKQP#EEQTFKPIVQ#IG
9JQ9JGTGCPF9JGP!
/GUQ\QKE
6GTVKCT[
'QEGPG1NKIQEGPG4GEQTF
'CTN[/KFFNG/KQEGPG4GEQTF
.CVG/KQEGPG2NKQEGPG4GEQTF
3WCVGTPCT[
5QOG+PVGTGUVKPI6QRKEU
/GZKEQCPFVJG*KUVQT[QH5QOG6CZC
#2CNGQU[PGEQNQIKECN6QRKE
/GZKEQCPFVJG)TGCV#OGTKECP(CWPCN+PVGTEJCPIG
+UQVQRKE5VWFKGU
/GZKEQ&WTKPIVJG2NGKUVQEGPG
(KPCN4GOCTMU
4GHGTGPEGU
#DUVTCEV
#NVJQWIJVJGGCTNKGUVTGRQTVQHCHQUUKNOCOOCNHTQO/GZKEQFCVGUHTQOQWT
MPQYNGFIGQHVJGITQWRKUUVKNNRQQT6JG/GZKECPOCOOCNKCPHQUUKNTGEQTFKUDKCUGF
VQYCTFUVJGNCTIGUK\GFVCZCCPF[QWPIGTCIGU
6JGOCOOCNKCPTGEQTFKP/GZKEQTCPIGUHTQOVJG,WTCUUKEVQVJG3WCVGTPCT[

/':+%#0(155+./#//#.59*19*'4'#0&9*'0
/QUVQHVJG%GPQ\QKEGRQEJUGZEGRVHQTVJG2CNGQEGPGJCXGOCOOCNDGCTKPIFGRQUKVU
6JGTGCTGGZKUVUICRUUWEJCUNCVG'QEGPGGCTN[1NKIQEGPGGCTN[/KQEGPGCPFGCTN[
NCVG/KQEGPGYJGTGPQHQUUKNUJCXGDGGPHQWPF6JG/GUQ\QKEOCOOCNKCPTGEQTF
KURQQTN[TGRTGUGPVGFD[VJTGGNQECNKVKGUKPVJGPQTVJGTPRCTVQH/GZKEQ6JGGCTN[
6GTVKCT[KUCNUQTGRTGUGPVGFD[QPN[CHGYNQECNKVKGUYKFGURTGCFVJTQWIJQWV/GZKEQ
6JGNCVG6GTVKCT[ NCVG/KQEGPGGCTN[2NKQEGPG KUTGRTGUGPVGFHTQOYGNNFQEWOGPVGF
GZRQUWTGU KP VJG EGPVTCN RCTV QH /GZKEQ #NVJQWIJ VJG 3WCVGTPCT[ TGEQTF KU XGT[
CDWPFCPVCPFKURTGUGPVKPCNNVJGUVCVGUQH/GZKEQVJGTGCTGRTQDNGOUYKVJFGVCKNGF
FCVKPIQHVJGUGNQECNKVKGUCPFNKVVNGKUMPQYPCDQWVUOCNNUK\GOCOOCNU
&WG VQ KVU IGQNQIKECN JKUVQT[ CPF IGQITCRJKE RQUKVKQP /GZKEQ DGCTU C ITGCV
FKXGTUKV[QHGPXKTQPOGPVCNEQPFKVKQPUYJKEJKUTGƀGEVGF KP KVU JKIJ GZVCPV OCOOCN
DKQFKXGTUKV[/GZKEQRNC[GFCPKORQTVCPVTQNGKPVJGGXQNWVKQPQHUGXGTCNOCOOCN
ITQWRUFWTKPIVJG%GPQ\QKE&WTKPIVJGNCVG/GUQ\QKECPFGCTN[%GPQ\QKE/GZKEQ
YCU VJG UQWVJGTPOQUV NCPFOCUU QH 0QTVJ #OGTKEC YJGTG UGXGTCN OCOOCN ITQWRU
GXQNXGF CFCRVKPI VQ OQTG VTQRKECN EQPFKVKQPU .CVGT FWTKPI VJG )TGCV #OGTKECP
(CWPCN+PVGTEJCPIG/GZKEQYCUVJGRCVJHQTVJG5QWVJ#OGTKECPOCOOCNKOOKITCPVU
VQPQTVJGTPNCPFUCPFKVYCUVJGTGIKQPYJGTGUQOGKOOKITCPVUTGOCKPGF6JGTQNG
VJCV/GZKEQRNC[GFFWTKPIVJG+EG#IGUYJGVJGTKHKVYCUCTGHWIGHQTPQTVJGTPHQTOU
QTPQVJCUDGGPSWGUVKQPGF
#FFKVKQPCNYQTMKUPGGFGFKPQTFGTVQJCXGCOQTGEQORTGJGPUKXGWPFGTUVCPFKPI
QH/GZKECPRCNGQOCOOCNU
+PVTQFWEVKQP
6Q QWT MPQYNGFIG VJG GCTNKGUV RWDNKUJGF TGEQTF QH HQUUKN OCOOCNU HTQO
/GZKEQKUCPCPQP[OQWURCRGTYTKVVGPKPYJKEJOGPVKQPGFVJGTGOCKPUQHC
RTQDQUEKFGCP$[VJGNCVGGKIJVGGPVJCPFGCTN[PKPGVGGPVJEGPVWTKGUPCVWTCNJKUVQTKCPU
CPFIGQITCRJGTUGZRNQTGTUDGICPVQCTTKXGRTQFWEKPIVJGſTUV UEKGPVKſE QDUGTXCVKQPU
CPF FGUETKRVKQPU QH /GZKEQ &WTKPI VJG PKPGVGGPVJ EGPVWT[ PCVKXG CPF HQTGKIP
KPXGUVKICVQTU YTQVG OCP[ RCRGTU FGUETKDKPI HQUUKN OCVGTKCN QH /GZKEQ JQYGXGT
VJGUG GCTN[ TGRQTVU FKF PQV RTQXKFG CEEWTCVG KFGPVKſECVKQP QH VJG HQUUKN NQECNKVKGU QT
UVTCVKITCRJKERQUKVKQP+VKUKORQTVCPVVQOGPVKQPVJCVD[OKFFNGPKPGVGGPVJEGPVWT[
C UKIPKſECPV KORTQXGOGPV KP VJG EQNNGEVKPI FGUETKDKPI CPF OCRRKPI QH /GZKECP
OKPGTCNUCPFHQUUKNUQEEWTTGF /QPVGNNCPQ$CNNGUVGTQU
6JG PKPGVGGPVJ EGPVWT[ YCU CNUQ C VKOG YJGP PCVWTCN JKUVQT[ UQEKGVKGU CPF
PCVKQPCNOWUGWOUYGTGHQWPFGFUWEJCUVJG5QEKGFCF/GZKECPCFG*KUVQTKC0CVWTCN
YKVJKVUQHſEKCN LQWTPCN ő.C 0CVWTCNG\CŒ +P VJG 5QEKGFCF %KGPVÈſEC
/CPWGN#N\CVGYCUHQWPFGFYJKEJNCVGTDGECOGVJG#ECFGOKC0CEKQPCNFG%KGPEKCU
6JG/WUGQ0CEKQPCNFG/ÃZKEQYCUHQWPFGFKPCPFKPENWFGFCFGRCTVOGPVQH
0CVWTCN*KUVQT[#VVJGGPFQHVJGPKPGVGGPVJCPFGCTN[VYGPVKGVJEGPVWTKGU)GTOCP
EQPVTKDWVKQPUYGTGKORQTVCPVVQVJGUVWF[QHCPEKGPVNKHGCPFIGQNQI[QH/GZKEQ
&WTKPIVJGyUyUCPFGCTN[yUHQUUKNOCOOCNTGUGCTEJHQEWUGFNGUU
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
QPVJGFGVCKNGFFGUETKRVKQPUCPFOQTGQPEQTTGNCVKQP'URGEKCNN[FWTKPIVJGyU
#TGNNCPQCIGQNQIKUVHTQOVJG+PUVKVWVQFG)GQNQIÈCDTQWIJVXGTVGDTCVGHQUUKNUVQVJG
CVVGPVKQPQHRCNGQPVQNQIKUVUVJTQWIJJKUIGQNQIKEUVWFKGUQH%GPVTCN/GZKEQ
5KPEGVJGPVJGſGNF QH VJG XGTVGDTCVG RCNGQPVQNQI[ JCU DGGP ITQYKPI CPF KU PQY
FGXGNQRGFCVUGXGTCNCECFGOKEKPUVKVWVKQPUYJGTGVJGTGCTGKPVGTFKUEKRNKPCT[RTQLGEVU
YJGTGHQTGKIPRCNGQPVQNQIKUVUEQNNCDQTCVG
5GXGTCN CVVGORVU VQ FGOQPUVTCVG VJG MPQYNGFIG QH VJG /GZKECP XGTVGDTCVG
RCNGQPVQNQI[ ſGNF JCXG DGGP OCFG UWEJ CU /CNFQPCFQ-QGTFGNN NXCTG\
5KNXC$¶TEGPC CPF $CTTKQU4KXGTC 4GEGPVN[ /QPVGNNCPQ
$CNNGUVGTQU CPF #TTQ[Q%CDTCNGU EQORKNGF C UVCVG QH VJG CTV OQPQITCRJ QP
/GZKECPOCOOCNKCPRCNGQHCWPCU
6JG OCKP RWTRQUG QH VJKU EQPVTKDWVKQP KU VQ TGUWOG CPF EQOOGPV VJG RTGUGPV
UKVWCVKQPQHVJGHQUUKNOCOOCNKCPTGEQTFKP/GZKEQCRRQKPVKPIVJGOCKPNQECNKVKGU
VJGKTCIGUCPFUQOGTGNGXCPVVCZC
9JCV &Q9GMPQY!
/COOCNKCP&KUVTKDWVKQP#EEQTFKPIVQ#IG
/GUQ\QKE
#NVJQWIJEQPVKPGPVCN/GUQ\QKEQWVETQRUCTGYKFGURTGCFKPVJGPQTVJGTPRCTVQH
/GZKEQVJGTGCTGQPN[VYQNQECNKVKGUVJCVJCXG[KGNFGFOCOOCNTGOCKPU6JGUGCTG
'N 4QUCTKQ KP $CLC %CNKHQTPKC QH %CORCPKCP CIG .CVG %TGVCEGQWU CPF %CÌÎP FGN
*WK\CEJCNKP6COCWNKRCUQHNCVGGCTN[,WTCUUKECIG (KIWTG 4GEGPVN[CPGYſPF
QHCOCOOCNJCUDGGPTGRQTVGFHTQOVJG%GTTQFGN2WGDNQKP%QCJWKNCCYGNNMPQYP
CTGCMPQYPHQTKVUFKPQUCWTUTKEJPGUU
6GTVKCT[
(CWPCUCPFUKPINGQEEWTTGPEGUQH6GTVKCT[CIGEQOGHTQOQHVJG/GZKECP
UVCVGUEQXGTKPICNOQUVCNNVJGEQWPVT[yUVGTTKVQT[ (KIWTGU YKVJVJGGZEGRVKQP
QH UQOG UVCVGU KP VJG YGUVGTP 5KPCNQC 0C[CTKV &WTCPIQ CPF )WGTTGTQ EGPVTCN
'UVCFQFG/ÃZKEQCPF&KUVTKVQ(GFGTCN PQTVJGCUVGTP %QCJWKNC0WGXQ.GÎPCPF
6COCWNKRCU GCUVGTP 5CP .WKU 2QVQUÈ 8GTCETW\ CPF 6CDCUEQ CPF VJG ;WECV¶P
RGPKPUWNC %CORGEJG;WECV¶PCPF3WKPVCPC4QQ
6JGCDUGPEGQHVJGVGTTGUVTKCNHQUUKNOCOOCNUHTQOUGXGTCNUVCVGUECPDGGZRNCKPGF
VCMKPIKPVQCEEQWPVVJGKTIGQNQIKECNJKUVQT[NKVJKETGEQTFCPFVJGRQQTRTQURGEVKPIKP
VJQUGCTGCU
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
3WCVGTPCT[
6JG UKVWCVKQP KU EQORNGVGN[ FKHHGTGPV HQT VJG 3WCVGTPCT[ TGEQTF YJGTG VJG
UVCVGUQHVJGEQWPVT[JCXG[KGNFGFOCOOCNKCPTGOCKPU#TTQ[Q%CDTCNGUGVCN
UJQYGFKPVJGKTCPCN[UKUVJCVVJG'UVCFQFG/ÃZKEQJCUVJGJKIJGUVRGTEGPVCIGQHVJG
TGRQTVGFNQECNKVKGUHQTVJG3WCVGTPCT[6QVJGEQPVTCT[VJGUVCVGUYKVJVJGRQQTGUV
TGEQTFQH3WCVGTPCT[HQUUKNOCOOCNUCTG%QNKOC6CDCUEQ0C[CTKVCPF%CORGEJG
9JQ9JGTGCPF9JGP!
/GUQ\QKE
6JGQNFGUV/GUQ\QKEOCOOCNKCPTGEQTFEQOGUHTQOVJGNCVGGCTN[,WTCUUKE.C
$QEC (QTOCVKQP CV %CÌÎP FGN *WK\CEJCN KP 6COCWNKRCU KP PQTVJGCUVGTP /GZKEQ
+V KPENWFGU VJG VTKV[NQFQPVKF $QECVJGTKWO OGZKECPWO CPF C UWKVG QH YJCV KU DGUV
FGUETKDGFCUOCOOCNKCHQTOU6JG.C$QECHCWPCTGRTGUGPVPGYVCZCQHőVTKEQPQFQPVŒ
OCOOCNU
(+)74' /GUQ\QKE CPF 'QEGPG1NKIQEGPG NQECN HCWPCU DGCTKPI OCOOCNKCP TGOCKPU CPF
UKPINGQEEWTTGPEGU%CÌÎPFGN*WK\CEJCNNCVGGCTN[,WTCUUKE6COCWNKRCU'N4QUCTKQ.CVG
%TGVCEGQWU$CLC%CNKHQTPKC%GTTQFGN2WGDNQ(O.CVG%TGVCEGQWUQH%QCJWKNC.QOCU
.CU6GVCUFG%CDTC9CUCVEJKCP$CLC%CNKHQTPKC'N/CTſN $TKFIGTKCP7KPVCP )WCPCLWCVQ
4CPEJQ)CKV¶P%JCFTQPKCP%JKJWCJWC5KOQLQXGN#TKMCTGGCP%JKCRCU
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
6JG.C$QECHCWPCKUPQVENQUGN[TGNCVGFVQ,WTCUUKEOCOOCNUFGUETKDGFGNUGYJGTG
UWIIGUVKPIVJGRTGUGPEGQHCTCFKCVKQPQHGCTN[OCOOCNUVJCVUJQYXCTKCVKQPUQPVJG
RTKOKVKXGőVTKEQPQFQPVŒOQNCTRCVVGTPUCPFFKHHGTKPIYKFGN[KPNQYGTLCYOQTRJQNQI[
/QPVGNNCPQGVCN
/GUQ\QKE OCOOCNU QH %CORCPKCP CIG JCXG DGGP FGUETKDGF D[ .KNNGITCXGP
CPF%NGOGPU HTQO%CORCPKCPNC[GTUQHVJG'N)CNNQ(QTOCVKQP
KP $CLC %CNKHQTPKC VJGUG KPENWFG VJG OWNVKVWDGTEWNCVGU /GUQFOC EH / HQTOQUC
!5V[IKO[U UR C RGFKQO[F OCTUWRKCN 2GFKQO[U UR CPF CP GWVJGTKCP QH WPEGTVCKP
CHſPKVKGU )CNNQNGUVGURCEJ[OCPFKDWNCTKU6JGOCOOCNKCPCUUGODNCIGJCUCNUQDGGP
KFGPVKſGF CV VJG ,WFKVJKCP 6GTNKPIWC NQECN HCWPC KP 6GZCU 4QYG GVCN
4GEGPVN[ #IWKNNÎP/CTVÈPG\ GV CN TGRQTVGF C OWVNVKVWDGTEWNCVG VQQVJ
HTQOVJG.CVG%TGVCEGQWU%GTTQFGN2WGDNQ(QTOCVKQP%QCJWKNCKPETGCUKPIVJG/G
UQ\QKEOCOOCNKCPTGEQTFHQT/GZKEQ
(+)74' 'CTN[/KFFNG /KQEGPG NQECN HCWPCU DGCTKPI OCOOCNKCP TGOCKPU CPF UKPING
QEEWTTGPEGU6WDWVCOCCPF;ÃEQTC*GOKPIHQTFKCP5QPQTC'N<Q[CVCN*GOKPIHQTFKCP
#IWCUECNKGPVGU 5WEJKNSWKVQPIQ *GOKPIHQTFKCP 1CZCEC .C /KUKÎP $CTUVQXKCP
$CLC%CNKHQTPKC.C2WTÈUKOC$CTUVQXKCP$CLC%CNKHQTPKC5WT/CVCVNCPCPF0GLCRC
$CTUVQXKCP1CZCEC+ZVCRC$CTUVQXKCP%JKCRCU5KOQLQXGN'CTN[/KQEGPG%JKCRCU
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
6GTVKCT[
6JG'QEGPG1NKIQEGPG4GEQTF
6JG QNFGUV 6GTVKCT[ HCWPC KU VJG .QOCU .CU 6GVCU FG %CDTC HTQO VJG 'CTN[
'QEGPGQH$CLC%CNKHQTPKC (KIWTGU 6JGOCOOCNKCPHCWPCKUCTQWPFOKNNKQP
[GCTUQNFCPFEQTTGURQPFUVQVJG9CUCVEJKCP0QTVJ#OGTKECP.CPF/COOCN#IG
0QXCEGEMGVCN +VKUKPVGITCVGFD[QTFGTUHCOKNKGUCPFOQPQV[RKE
IGPGTCQHYJKEJQHVJGQTFGTUQHVJGHCOKNKGUCPFQHVJGIGPGTC
CTGCTEJCKEOCOOCNUVJGOQUVFKXGTUGCTGVJGEQPF[NCTVJUYKVJHQWTURGEKGU#NUQ
VJGTGCTGUQOGGPFGOKEHQTOUUWEJCUVJGOCTUWRKCN'UVGNGUVGUGPUKUVJGEQPF[NCTVJ
'EVQEKQP KIPQVWO CPF CP WPPCOGF IGPWU QH RCPVQFQPV 0QXCEGEM GV CN
(+)74' .CVG /KQEGPG2NKQEGPG NQECN HCWPCU DGCTKPI OCOOCNKCP TGOCKPU CPF UKPING
QEEWTTGPEGU.CU6WPCUCPF/KTCƀQTGU GCTN[ $NCPECP $CLC %CNKHQTPKC 5WT 5CP ,QUÃ
FG 2KOCU $NCPECP 5QPQTC ;GRÎOGTC $CUWEJKN CPF /CVCEJKE NCVG *GORJKNNKCP
%JKJWCJWC/KÌCECCPF%QPEJCGCTN[$NCPECP%JKJWCJWC6GEQNQVN¶PNCVG*GORJKNNKCP
CPF!NCVG$NCPECP,CNKUEQ%QNQVN¶P*GORJKNNKCP,CNKUEQ6GQECNVKEJGNCVG*GORJKNNKCP
,CNKUEQ %KPEC *GORJKNNKCP /KEJQCE¶P .C )QNGVC GCTN[ $NCPECP /KEJQCECP
6WNC *GORJKNNKCP QT $NCPECP *KFCNIQ <KGVNC6GJWKEJKNC GCTN[ *GORJKNNKCP$NCPECP
*KFCNIQ .C 2NGICTKC NCVG *GORJKNNKCP *KFCNIQ .CU #TEKPCU $NCPECP *KFCNIQ
.CPFC FG /CVCOQTQU *GORJKNNKCP 3WGTÃVCTQ 6NCZECNC UKPING QEWTTGPEG $NCPECP
6NCZECNC5CP/KIWGNFG#NNGPFGGCTN[*GORJKNNKCPGCTN[$NCPECP)WCPCLWCVQ.QU
5CNC\CT*GORJKNNKCP<CECVGECU
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
/C'RQEJ 0QTVJ#OGTKECP.CPF /GZKECPOCOOCN

/COOCN#IGU TGEQTF
.CVG 4CPEJQNCDTGCP
2NGKUVQEGPG
'CTN[/KFFNG +TXKPIVQPKCP

.CVG $NCPECP
2NKQEGPG
'CTN[
*GORJKNNKCP
.CVG

%NCTGPFQPKCP
/KQEGPG
/KFFNG $CTUVQXKCP
*GOKPIHQTFKCP
'CTN[

.CVG#TKMCTGGCP

.CVG 'CTN[#TKMCTGGCP
1NKIQEGPG
9JKVPG[CP
'CTN[
1TGNNCP
.CVG %JCFTQPKCP

&WEJGUPGCP
7KPVCP
'QEGPG /KFFNG
$TKFIGTKCP

'CTN[ 9CUCVEJKCP
(+)74'6JG0QTVJ#OGTKECP.CPF/COOCN#IGUCPFVJG/GZKECPOCOOCNKCPTGEQTF
6JGſNNGF TGEVCPING OGCPU C OQTG RTGEKUG CIG CUUKIPOGPV QH UQOG HCWPCU
(GTTWUSWÈC8KNNCHTCPEC GV CN +VU HCWPCN EQORQUKVKQP UJQYU C EQODKPCVKQP

QH CTEJCKE RCNGQIGPG VCZC UWEJ CU %QPF[NCTVJTC /GUQP[EJKC 2CPVQFQPVC CPF
6KNNQFQPVKC CPF OQFGTP VCZC UWEJ CU %CTPKXQTC 2GTKUUQFCEV[NC #TVKQFCEV[NC CPF
4QFGPVKC
6JG /KFFNG 'QEGPG 'N /CTſN NQECN HCWPC KU NQECVGF KP )WCPCLWCVQ EGPVTCN
/GZKEQ (KIU +V KU EQPUKFGTGF QH $TKFIGTKCP7KPVCP CIG DCUGF WRQP VJG
GXQNWVKQPCT[ UVCIG QH UQOG QH VJGKT GPFGOKE HQTOU (GTTWUSWÈC8KNNCHTCPEC
(GTTWUSWÈC8KNNCHTCPECGVCN 6JKUHCWPCEQPUKUVUQHſXG QTFGTU Ō QPG CTEJCKE
UGXGPHCOKNKGUCPFUGXGPOQPQV[RKEIGPGTCVJCVFKURNC[UCNCTIGFGITGGQHGPFGOKUO
6JGOQUVFKXGTUGCPFOQUVUVWFKGFITQWRKUVJG4QFGPVKCYKVJVJTGGURGEKGU#NOQUV
CNNVJGOCOOCNUVJCVJCXGDGGPEQNNGEVGFHTQOVJG'N/CTſN CTG UOCNN VQ XGT[ UOCNN
HQTOU6JGTGKUQPN[QPGOGFKWOUK\GFQTICPKUOCVCRKTQKF (GTTWUSWÈC8KNNCHTCPEC
GVCN
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
6JGVJKTF'QEGPGHCWPCQH/GZKEQKUVJG4CPEJQ)CKV¶PNQECNHCWPCHTQOVJG
.CVG'QEGPGQH%JKJWCJWCPQTVJGTP/GZKEQ (KIU +VJCUDGGPCUUKIPGFVQVJG
%JCFTQPKCPNCPFOCOOCNCIGDCUGFQPHCWPCNEQORQUKVKQP (GTTWUSWÈC8KNNCHTCPEC
(GTTWUSWKC8KNNCHTCPEC GV CN (QWT QTFGTU HCOKNKGU CPF
IGPGTCKPVGITCVGVJKUHCWPCCPFVJGQPN[CTEJCKEOCOOCNKUQPGURGEKGUQHEQPF[NCTVJ
EQPUKFGTGFCPGYIGPWUQHJ[CGPQFQPVKF6JGCTVKQFCEV[NUCTGVJGOQUVFKXGTUGITQWR
YKVJ ſXG QTGQFQPV URGEKGU CITKQEJGTKFU RNWU OGT[EQKFQFQPVKFU CPF VYQ UOCNN
TWOKPCPVHQTOU (GTTWUSWÈC8KNNCHTCPECGVCN 6JGRGTKUUQFCEV[NUKPENWFGVJG
GSWKF /GUQJKRRWU VGZCPWU VJG TJKPQ *[TCEQFQP PGDTCUMGPUKU CPF VJG VKVCPQVJGTG
$TQPVQRU EH $ DTCEJ[EGRJCNWU 6JG CTVKQFCEV[NU CTG TGRTGUGPVGF D[ HQWT HCOKNKGU
CPFUGXGPIGPGTCCNUQVJGHQNNQYKPITQFGPVUCTGRTGUGPVVJGRCTCO[KF/KVQPQO[U
ICKVCPKC CPF VJG E[NKPFTQFQPVKFU ,C[YKNUQPQO[U QLKPCICGPUKU , RKPVQGPUKU CPF
2UGWFQE[NKPFTQFQP EH 2 OGFKWU $WTMG (GTTWUSWÈC8KNNCHTCPEC CPF 9QQF
-QTVJ
6JGOQUVTGEGPVCFFKVKQPVQVJG/GZKECP2CNGQIGPGOCOOCNTGEQTFKUCUKPING
QEEWTTGPEG HTQO VJG .CVG 1NKIQEGPG QH 5KOQLQXGN %JKCRCU UQWVJGCUVGTP /GZKEQ
(KIWTGU +VKUCPGYIGPWUCPFURGEKGUQHCJGNQJ[KFDWPQFQPVCTVKQFCEV[NQH
GCTN[#TKMCTGGCPCIG (GTTWUSWÈC8KNNCHTCPECC
6JG'CTN[/KFFNG/KQEGPG4GEQTF
6JGGCTN[OKFFNG/KQEGPGTGEQTFKUTGRTGUGPVGFD[VYQUKPINGQEEWTTGPEGUCPF
VYQHCWPCUHTQOVJG'CTN[/KQEGPGQHPQTVJYGUVGTPEGPVTCNCPFUQWVJGCUVGTP/GZKEQ
CPFſXG HCWPCU HTQO VJG /KFFNG /KQEGPG QH VJG PQTVJYGUVGTP CPF UQWVJGCUVGTP RCTVU
QH/GZKEQ (KIWTG 6JG'CTN[/KQEGPGHCWPCUCTGQH*GOKPIHQTFKCPCIGCPFVJG
/KFFNG /KQEGPG QPGU HCNN YKVJKP VJG $CTUVQXKCP NCPF OCOOCN CIG #NVJQWIJ VJG
HCWPCNTGEQTFFQWDNGUVJCVHTQOVJG'QEGPG1NKIQEGPGKVKUUVKNNOGCIGTCPFKPENWFGU
OWEJNGUUOKETQOCOOCNU
6JG *GOKPIHQTFKCP UKPING QEEWTTGPEGU EQOG HTQO 6WDWVCOC CPF ;ÃEQTC KP
5QPQTC (KIWTG YJGTGCPGPFGOKEURGEKGUQHCUVGPQO[NKPGECOGNCPFQHCNGRQTKF
JCXGDGGPFGUETKDGF ,KOÃPG\*KFCNIQGVCN(GTTWUSWÈC8KNNCHTCPECD
6JG'N<Q[CVCN(CWPCKUNQECVGFKP#IWCUECNKGPVGUEGPVTCN/GZKEQ (KI 6YQ
QTFGTUHQWTHCOKNKGUCPFHQWTOQPQV[RKEIGPGTCQHOGFKWOVQNCTIGUK\GJCXGDGGP
FGUETKDGF &CNSWGUVCPF/QQUGT5VGXGPU,KOÃPG\*KFCNIQGVCN
6JGHCWPCNEQORQUKVKQPUJQYUCUVTQPIDKCUCICKPUVECTPKXQTGUCPFOKETQOCOOCNU
UKPEG WR VQ PQV QPG QH VJGUG JCXG DGGP KFGPVKſGF 6JG OQUV FKXGTUG ITQWR KU VJG
CTVKQFCEV[NUYKVJVJTGGURGEKGUQPGQHVJGODGKPICPGPFGOKEIGPWUCPFURGEKGUQH
ƀQTKFCVTCIWNKPG ECOGN ,KOÃPG\*KFCNIQ GVCN
6JG NCUV *GOKPIHQTFKCP HCWPC KU HTQO 5WEJKNSWKVQPIQ 1CZCEC UQWVJGCUVGTP
/GZKEQ (KIWTGU 6JGHQUUKNOCOOCNDGCTKPIDGFUQXGTNKGCOKNNKQP
[GCTU XQNECPKE VWHH 6YQ QTFGTU HQWT HCOKNKGU CPF ſXG OQPQV[RKE IGPGTC CTG
RTGUGPV6JGCTVKQFCEV[NUCTGVJGOQUVFKXGTUGVCZCYKVJVJTGGURGEKGUKPENWFKPICP
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
GPFGOKEIGPWUCPFURGEKGUQHM[RVQEGTCVKPGRTQVQEGTCVKFENQUGN[TGNCVGFVQC[QWPIGT
*GORJKNNKCP URGEKGUHTQOVJG)WNH%QCUVCN2NCKP ,KOÃPG\*KFCNIQ,KOÃPG\
*KFCNIQGVCN(GTTWUSWÈC8KNNCHTCPECD
1P VJG QVJGT JCPF VYQ OCKPN[ OCTKPG OCOOCN HCWPCU .C /KUKÎP $CLC
%CNKHQTPKC CPF .C 2WTÈUKOC $CLC %CNKHQTPKC 5WT KPVGITCVG VJG $CTUVQXKCP TGEQTF
QH PQTVJYGUVGTP /GZKEQ (KIWTG #V .C /KUKÎP VJG QPN[ TGEQIPK\GF VGTTGUVTKCN
OCOOCNKUCPWPKFGPVKſGF ECOGN CPF CV .C 2WTÈUKOC VJG QPN[ OCOOCN KU QPG URGEKGU
QHCOGFKWOUK\GFECPKF (GTTWUSWÈC8KNNCHTCPECD
6JGQVJGTVYQ$CTUVQXKCPHCWPCUCTGKP1CZCEC (KIWTGU 6JG/CVCVN¶PNQECN
HCWPC KPENWFGU HQWT QTFGTU GKIJV KFGPVKſGF HCOKNKGU RNWU QPG QT VYQ WPKFGPVKſGF
PKPGKFGPVKſGF IGPGTC RNWU QPG QT VYQ WPKFGPVKſGF CPF URGEKGU CICKP RNWU QPG
QTVYQWPKFGPVKſGF QH OGFKWO VQ NCTIG UK\G OCOOCNU UWEJ CU C OWUVGNKF ECOGN QT
RTQVQEGTCVKF 6JG QPN[ GXKFGPEG QH UOCNNUK\GF QTICPKUOU CTG VJG TQFGPV IPCYKPI
OCTMUQDUGTXGFQPUQOGGNGOGPVU $TCXQ%WGXCU,KOÃPG\*KFCNIQ
6JGQVJGT$CTUVQXKCPHCWPCKU0GLCRCYJGTGſXG QTFGTU HCOKNKGU RNWU QPG QT
VYQWPKFGPVKſGF IGPGTC RNWU QPG QT VYQ WPKFGPVKſGF CPF URGEKGU RNWU QPG QT
VYQWPKFGPVKſGF CTG RTGUGPV $TCXQ%WGXCU ,KOÃPG\*KFCNIQ
6JGUQWVJGTPOQUV$CTUVQXKCPHCWPCQHVJGEQWPVT[KUCV+ZVCRCKP%JKCRCU (KIWTG
+V KPENWFGU VYQ QTFGTU VJTGG HCOKNKGU IGPGTC CPF URGEKGU 6JGTG KU C UVTQPI
DKCU VQYCTFU OGFKWO VQ XGT[ NCTIG UK\G OCOOCNU UWEJ CU C JQTUG C TJKPQ CPF C
IQORJQVJGTG (GTTWUSWÈC8KNNCHTCPEC,KOÃPG\*KFCNIQGVCN
4GEGPVN[CPGYURGEKGUQHRTQVQEGTCVKPGRTQVQEGTCVKFHTQOVJG'CTN[/KQEGPG
QH5KOQLQXGN%JKCRCUYCUFGUETKDGFYJKEJCRRCTGPVN[YCUCPKUQNCVGFQEEWTTGPEG
9GDDGVCN
6JG.CVG/KQEGPG2NKQEGPG4GEQTF
9KVJQWVFQWDVVJGOCOOCNUHTQOVJKUVKOGURCPCTGVJGDGUVUVWFKGFQHCNNVJG
/GZKECP6GTVKCT[6JGTGEQTFEQPUKUVUQHUGXGPHCWPCUCPFCUKPINGQEEWTTGPEGHTQO
VJGPQTVJYGUVGTP/GZKEQCPFPKPGHCWPCUCPFVJTGGUKPINGQEEWTTGPEGUHTQOEGPVTCN
/GZKEQ (KIWTG
6JGUGHCWPCUJCXGDGGPFCVGFCU.CVG/KQEGPGGCTNKGUV2NKQEGPG *GORJKNNKCP
OCOOCNCIG 'CTN[2NKQEGPG $NCPECPOCOOCNCIG QTDQVJDCUGFQPCEQODKPCVKQP
QHHCWPCNEQORQUKVKQPOCIPGVQUVTCVKITCRJ[CPFTCFKQOGVTKEFCVGU
0QTVJGTPRCTVQHVJGEQWPVT[6YQGCTN[$NCPECPHCWPCUCTGMPQYPHTQO$CLC
%CNKHQTPKC5WTPQTVJYGUVGTP/GZKEQ (KI .CU6WPCUNQECNHCWPCEQORTKUGUUKZ
QTFGTUPKPGHCOKNKGUCPFOQPQV[RKEIGPGTC1PN[QHVJGTGEQIPK\GFURGEKGU
CTGTQFGPVUCPFNCIQOQTRJU6JGECPKFUCPFECOGNUCTGVJGOQUVFKXGTUGITQWRUYKVJ
VYQURGEKGUGCEJ /KNNGT/KNNGTCPF%CTTCP\C%CUVCÌGFC
6JG /KTCƀQTGU NQECN HCWPC KPENWFGU UGXGP QTFGTU GKIJV HCOKNKGU CPF GKIJV
OQPQV[RKEIGPGTC6JGTGCTGQPN[VYQURGEKGUQHUOCNNUK\GCNCIQOQTRJCPFCTQFGPV
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
6JKUHCWPCUJCTGUUGXGTCNVCZCYKVJVJG.CU6WPCUNQECNHCWPC#TGOCTMCDNGſPF KU C
ITQWPFUNQVJYJKEJTGRTGUGPVUVJGſTUV TGEQTF QH VJKU 5QWVJ #OGTKECP OCOOCN KP VJG
$CLC%CNKHQTPKC2GPKPUWNC %CTTCP\C%CUVCÌGFCCPF/KNNGT
+P5QPQTCPGCT5CP,QUÃFG2KOCU (KIWTG VJGTGKUCUKPINGQEEWTTGPEGQHC
IQORJQVJGTGURGEKGUQH$NCPECPCIG .KPFUC[/KNNGTCPF%CTTCP\C%CUVCÌGFC

+P%JKJWCJWCVJGTGCTGVJTGGNCVG*GORJKNNKCPCPFVYQGCTN[$NCPECPNQECNKVKGU
(KIWTG YJKEJHQTCNQPIVKOGTGRTGUGPVGFVJGDGUVMPQYPNCVG6GTVKCT[HCWPCUQH
/GZKEQ0QPGQHVJGOJCXGCP[TGEQTFQH5QWVJ#OGTKECPOCOOCNU
6JGNCVG*GORJKNNKCP;GRÎOGTCNQECNHCWPCKPENWFGUGKIJVQTFGTUHCOKNKGU
IGPGTC CPF URGEKGU QH VJGO CTG UOCNN URGEKGU TGRTGUGPVGF D[ CP
KPUGEVKXQTGCDCVTQFGPVUCPFNCIQOQTRJU6JGOQUVFKXGTUGVCZCCTGVJGGSWKFUCPF
VYQTQFGPVHCOKNKGU *GVGTQO[KFCGCPF%TKEGVKFCG YKVJHQWTURGEKGUGCEJ .KPFUC[
.KPFUC[CPF,CEQDU
6JG QVJGT VYQ NCVG *GORJKNNKCP HCWPCU CTG $CUWEJKN CPF /CVCEJKE (KIWTG
#V$CUWEJKNVJGTGCTGſXG QTFGTU CPF UGXGP HCOKNKGU IGPGTC CPF URGEKGU QH YJKEJ
QPN[ QPG KU C UOCNN OCOOCN #V /CVCEJKE VJGTG CTG HQWT QTFGTU CPF HCOKNKGU CPF
UGXGPOQPQV[RKEIGPGTCQPN[VYQURGEKGUCTGOKETQOCOOCNU+P/CVCEJKEVJGOQUV
FKXGTUGVCZCCTGVJGGSWKFUYKVJVJTGGURGEKGU .KPFUC[ /CVCEJKE;GRÎOGTC
CPF$CUWEJKNCTGIGQITCRJKECNN[ENQUGVJGſTUV VYQ UJCTG CNN VJG KFGPVKſGF OCOOCN
VCZCCPF$CUWEJKNUJCTGUUQOGOCOOCNVCZCRQUUKDN[VJGUGHCWPCUEQPUVKVWVGVJTGG
UCORNGUQHCNCTIGTOCOOCNCUUGODNCIG
6JGGCTN[$NCPECP/KÌCEC(CWPC (KIWTG KPENWFGUUKZQTFGTUHCOKNKGUCPF
OQPQV[RKEIGPGTCQHURGEKGUCTGQHUOCNNUK\G .KPFUC[.KPFUC[
CPF ,CEQDU 6JG OQUV FKXGTUG ITQWR KU VJG 'SWKFCG YKVJ VJG VYQ V[RKECN
$NCPECPURGEKGU0CPPKRWURGPKPUWNCVWUCPF'SWWU &QNKEJQJKRRWU UKORNKEKFGPU+V
KUKORQTVCPVVQPQVGVJGRTGUGPEGQHCEGTXKFKPVJKUHCWPCDGECWUGKVKUVJGQPN[TGEQTF
QHVJKUITQWRTGRQTVGFHQTVJG6GTVKCT[QH/GZKEQ
6JGQVJGTGCTN[$NCPECPNQECNHCWPCQH%JKJWCJWCKU%QPEJCYJGTGHQWTQTFGTU
UKZHCOKNKGUPKPGIGPGTCCPFURGEKGUQEEWT1PN[QPGURGEKGUKUCNCTIGOCOOCN
CNNQVJGTUCTGTQFGPVUKPUGEVKXQTGUCPFNCIQOQTRJU .KPFUC[
%GPVTCN/GZKEQ4GICTFKPIVJGHQUUKNTGEQTFHTQOEGPVTCN/GZKEQVJGTGKUCUKPING
QEEWTTGPEG QH C *GORJKNNKCP GSWKF URGEKGU HTQO <CECVGECU (KIWTG %CTTCP\C
%CUVCÌGFCCPF/KNNGT
+PVJGUVCVGQH,CNKUEQVJTGGHCWPCUCTGTGRQTVGF (KIWTG 6GEQNQVN¶PKPENWFGU
OCOOCNKCPHCWPCUQHNCVG*GORJKNNKCPCPF!NCVG$NCPECPCIG6JGFKXGTUKV[QHVJG
*GORJKNNKCPVCZCKUTGRTGUGPVGFD[UGXGPQTFGTUHCOKNKGUCPFOQPQV[RKEIGPGTC
JGTGCTGQPN[VYQURGEKGUQHOKETQOCOOCNU6JGOQUVFKXGTUGITQWRKUVJG'SWKFCG
YKVJ VJTGG URGEKGU #FFKVKQPCNN[ CPF VJGTG KU C TGEQTF QH C ITQWPF UNQVJ TGEQXGTGF
HTQO C FCVGF XQNECPKE CUJ QH OKNNKQP [GCTU /KNNGT CPF %CTTCP\C%CUVCÌGFC
%CTTCP\C%CUVCÌGFCCPF/KNNGTC 6JG6GEQNQVN¶P$NCPECPHCWPC
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
EQORTKUGHQWTQTFGTUſXG HCOKNKGU CPF OQPQV[RKE IGPGTC VYQ QH YJKEJ CTG 5QWVJ

#OGTKECPKOOKITCPVU %CTTCP\C%CUVCÌGFCCPF/KNNGTC
+P %QNQVN¶P (KIWTG VJTGG *GORJKNNKCP GSWKF URGEKGU JCXG DGGP TGEQTFGF
%CTTCP\C%CUVCÌGFC CPF /KNNGT %CTTCP\C%CUVCÌGFC GV CN 6JG NCVG
*GORJKNNKCP 6GQECNVKEJG NQECN HCWPC KPENWFGU HQWT QTFGTU CPF HCOKNKGU CPF ſXG
OQPQV[RKEIGPGTC /QPVGNNCPQ$CNNGUVGTQU QHOGFKWOVQNCTIGUK\G1HVJGO
VYQCTGGSWKFU6JKUHCWPCUJCTGVJGKTVCZCYKVJ6GEQNQVN¶PVJGTGHQTGVJGJCDKVCVHQT
DQVJRTQDCDN[YCUUKOKNCT
+PVJGUVCVGQH/KEJQCE¶PVYQHCWPCUCTGMPQYP%KPSWCQH*GORJKNNKCPCIGCPF
VJGGCTN[$NCPECP.C)QNGVC (KIWTG #V%KPSWCRGEECT[URGEKGUVYQGSWKFURGEKGU
CPF QPG CPVKNQECRTKF URGEKGU CTG TGEQTFGF %CTTCP\C%CUVCÌGFC GV CN 6JG
.C)QNGVCNQECNHCWPCEQPUKUVUQHUKZQTFGTUPKPGHCOKNKGUCPFOQPQV[RKEIGPGTC
QHYJKEJCTGQHUOCNNUK\G /KNNGTCPF%CTTCP\C%CUVCÌGFC%CTTCP\C
%CUVCÌGFCCPF/KNNGT #HQTOQHCJ[GPCKURTGUGPVKPVJKUHCWPCCPFCNQPI
YKVJVJGQPGHTQO/KÌCEC %JKJWCJWC TGRTGUGPVUVJGQPN[TGEQTFQHCJ[GPCVCZQP
KP/GZKEQ
+PVJGUVCVGQH*KFCNIQVJTGGHCWPCUCPFQPGUKPINGQEEWTTGPEGCTGMPQYP (KIWTG
+P6WNCQPG*GORJKNNKCPQT$NCPECPGSWKFURGEKGUJCUDGGPTGRQTVGF %CTTCP\C
%CUVCÌGFCGVCN 6JG6GJWKEJKNCNQECNHCWPCJCUDGGPMPQYPUKPEGVJGŏU
DGKPIQPGQHVJGſTUV 6GTVKCT[ HCWPCU UVWFKGF KP /GZKEQ 4GEGPVN[ ENQUG VQ 6GJWKEJKNC
KPVJGUCOGDCUKPQH<CEWCNVKR¶PCPQVJGTNQECNKV[PCOGF<KGVNCQHGCTN[*GORJKNNKCP
CIGYCUFKUEQXGTGF %CTTCP\C%CUVCÌGFC 6JG<KGVNC6GJWKEJKNCNQECNHCWPCKU
GCTN[*GORJKNNKCPVQ$NCPECPKPCIG#UCYJQNGKVKPENWFGUUKZQTFGTUPKPGHCOKNKGU
CPFOQPQV[RKEIGPGTCQHYJKEJſXG CTG GCTN[ *GORJKNNKCP QPG KU $NCPECP CPF
CVNGCUVQPGKUQHNCVG*GORJKNNKCP /KNNGTCPF%CTTCP\C%CUVCÌGFC%CTTCP\C
%CUVCÌGFCCPF'URKPQUC#TTWDCTTGPC%CUVKNNQ%GTÎP #NNVJGTGEQXGTGF
OCOOCNUCTGQHOGFKWOVQNCTIGUK\GVJGGSWKFUCTGVJGOQUVFKXGTUGCPFVJGTGKUC
TGEQTFQHITQWPFUNQVJVJCVRTQDCDN[TGRTGUGPVUQPGQHVJGQNFGUVTGEQTFUHQT/GZKEQ
%CTTCP\C%CUVCÌGFCCPF/KNNGT
#PQVJGTHCWPCKU.C2NGICTKCQHNCVG*GORJKNNKCPCIG (KIWTG YJGTGUKZQTFGTU
HCOKNKGUCPFOQPQV[RKEIGPGTCCTGRTGUGPVVJGTGCTGVJTGGUOCNNUK\GFURGEKGU
CPF C TGEQTF QH C ITQWPF UNQVJ %CTTCP\C%CUVCÌGFC GV CN 2CFKNNC)WVKÃTTG\
%COGNUCPFGSWKFUCTGVJGOQUVFKXGTUGVCZCYKVJVJTGGURGEKGUGCEJ
6JGNCUVMPQYPNQECNKV[HTQOVJGUVCVGQH*KFCNIQ.CU#TEKPCUKUQH$NCPECP
CIGVYQGSWKFQPGVC[CUUWKFQPGECOGNKFCPFQPGIQORJQVJGTGURGEKGUCTGRTGUGPV
%CTTCP\C%CUVCÌGFCGVCN
+PVJGUVCVGQH3WGTÃVCTQVJG*GORJKNNKCPNQECNHCWPCQH.CPFCFG/CVCOQTQU
(KI KPENWFGUCPGSWKFCECOGNCPFCPCPVKNQECRTKFURGEKGU %CTTCP\C%CUVCÌGFC
GVCN
+PVJGUVCVGQH6NCZECNCVJGTGKUVJGTGEQTFQHCIQORJQVJGTGQH$NCPECPCIG
YJKEJTGRTGUGPVUVJGſTUV HQUUKN XGTVGDTCVG TGRQTVGF HQT VJG NCVG 6GTVKCT[ QH /GZKEQ
/KNNGTCPF%CTTCP\C%CUVCÌGFC
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
6JG DGUVMPQYP HCWPC QH NCVG 6GTVKCT[ CIG HTQO EGPVTCN /GZKEQ CPF RTQDCDN[
HQTCNNVJGEQWPVT[CVNGCUVHQTOCETQOCOOCNUKUVJG5CP/KIWGNFG#NNGPFGNQECN
HCWPC KP VJG UVCVG QH )WCPCLWCVQ +V KPENWFGU C UWRGTKORQUGF UWEEGUUKQP QH VJTGG
6GTVKCT[0QTVJ#OGTKECPNCPFOCOOCNCIGUGCTN[*GORJKNNKCPNCVG*GORJKNNKCPCPF
GCTN[ $NCPECP %CTTCP\C%CUVCÌGFC %CTTCP\C%CUVCÌGFC CPF 9CNVQP
%CTTCP\C%CUVCÌGFCCPF/KNNGT%CTTCP\C%CUVCÌGFCCPF/KNNGT/KNNGT
CPF%CTTCP\C%CUVCÌGFC/QPVGNNCPQ$CNNGUVGTQUCOQPIQVJGTU
6JG GCTN[ *GORJKNNKCP VCZC KFGPVKſGF CTG VYQ GSWKFU QPG ECOGN CPF QPG
CPVKNQECRTKFURGEKGU %CTTCP\C%CUVCÌGFCCPF/KNNGT,KOÃPG\*KFCNIQ
CPF%CTTCP\C%CUVCÌGFC,KOÃPG\*KFCNIQ 6JGNCVG*GORJKNNKCPHCWPC
KPENWFGUUGXGPQTFGTUHCOKNKGUIGPGTCCPFURGEKGUQHYJKEJCTG
UOCNNUK\GF6JGOQUVFKXGTUGITQWRUCTGVJGETKEGVKFTQFGPVUYKVJURGEKGUCPF
VJGECOGNUCPFGSWKFUYKVJHQWTURGEKGUGCEJ %CTTCP\C%CUVCÌGFC%CTTCP\C
%CUVCÌGFC CPF 9CNVQP %CTTCP\C%CUVCÌGFC CPF /KNNGT %CTTCP\C
%CUVCÌGFC CPF /KNNGT /KNNGT CPF %CTTCP\C%CUVCÌGFC /QPVGNNCPQ
$CNNGUVGTQU,KOÃPG\*KFCNIQ
6JGGCTN[$NCPECPHCWPCHTQO5CP/KIWGNFG#NNGPFGEQPUKUVUQHUGXGPQTFGTU
HCOKNKGUIGPGTCCPFURGEKGUQHYJKEJTCDDKVUCPFUSWKTTGNUTGRTGUGPV
QHVJGHCWPC6JGOQUVFKXGTUGITQWRUCTGECOGNUYKVJſXG URGEKGU CPF TCDDKVU YKVJ
HQWT /KNNGT CPF %CTTCP\C%CUVCÌGFC %CTTCP\C%CUVCÌGFC CPF /KNNGT
,KOÃPG\*KFCNIQ 5K\G TCPIG QH VJG OCOOCNU XCTKGU HTQO C USWKTTGN VQ C
IQORJQVJGTG
+P5CP/KIWGNFG#NNGPFGVJGTGCTGUQOG*GORJKNNKCPCPFGCTN[$NCPECPVCZC
UWEJCUHGNKFUECPKFUECOGNUCPFCPVKNQECRTKFUVJCVUJQYWRGCTNKGTQTNCUVGFNQPIGT
VJCPKPVJG7PKVGF5VCVGUHCWPCU %CTTCP\C%CUVCÌGFCCPF/KNNGT/KNNGTCPF
%CTTCP\C%CUVCÌGFC,KOÃPG\*KFCNIQCPF%CTTCP\C%CUVCÌGFC,KOÃPG\
*KFCNIQ,KOÃPG\*KFCNIQGVCN
(WVWTG TGIKQPCN YQTM UJQWNF EQPUKFGT VJGUG PGY VGORQTCN TCPIGU KP QTFGT VQ
EQPUVTWEVCFGVCKNGFRKEVWTGQHVJGDKQEJTQPQNQI[QH0QTVJ#OGTKEC
3WCVGTPCT[
+P/GZKEQCNVJQWIJVJGRNGKUVQEGPKEUGFKOGPVUCTGYKFGN[FKUVTKDWVGFCPFVJG
TGOCKPUQHHQUUKNOGICHCWPCCTGWUWCNN[HQWPFFWTKPICITKEWNVWTGCEVKXKVKGUQTEKXKN
EQPUVTWEVKQPU VJG VCZQPQOKE FKXGTUKV[ IGQITCRJKECN CPF VGORQTCN HQUUKN OCOOCN
FKUVTKDWVKQPU CTG PQV YGNN WPFGTUVQQF 6JG 2NGKUVQEGPG KU FKXKFGF KPVQ VYQ 0QTVJ
#OGTKECP NCPF OCOOCN CIGU +TXKPIVQPKCP CPF 4CPEJQNCDTGCP /QUV 2NGKUVQEGPG
/GZKECP NQECNKVKGU CTG CUUKIPGF VQ VJG NCVGT 6JGTG CTG QPN[ VYQ NQECN HCWPCU VJCV
JCFDGGPCUUKIPGFVQVJG+TXKPIVQPKCP#TTQ[Q'N%GFC\QKP#IWCUECNKGPVGU /QQUGT
/QQUGT CPF &CNSWGUV /QPVGNNCPQ$CNNGUVGTQU CPF 'N )QNHQ KP
5QPQTC 5JCY 6JGTGCUQPQHVJKUUKVWCVKQPOKIJVDGVJGNCEMQHTCFKQOGVTKE
FCVKPI OGVJQFU NCEM QH RTQURGEVKPI CPF ſGNF YQTM QT OC[DG VJGTG CTG PQ HCWPCU
QH VJKU CIG /QPVGNNCPQ$CNNGUVGTQU #TTQ[Q%CDTCNGU GV CN 6JG NCUV
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
CNVGTPCVKXGKUVJGNGCUVRTQDCDNG6JGTGHQTGVJGTGKUCPKORQTVCPVVGORQTCNICRKPQWT
WPFGTUVCPFKPIQHVJGYJQNG2NGKUVQEGPGRKEVWTG
#TTQ[Q%CDTCNGU GV CN RTGUGPVGF C FCVCDCUG YJGTG KPHQTOCVKQP QH
NQECNKVKGU VCZC MPQYP IGQITCRJKE NQECVKQPU CPF CIG CTG KPENWFGF KV UJQWNF DG
OGPVKQPGFVJCVVJGUVWF[KUTGUVTKEVGFVQVJGNCUV[GCTU
+PVJGKTCPCN[UKUQTFGTUHCOKNKGUIGPGTCCPFURGEKGUCTGTGEQTFGF
1HVJGVQVCNPWODGTQHIGPGTCCTGGZVKPEVCPFGKIJVCTGPQVRTGUGPVPQYKP/GZKEQ
#NUQQHVJGVQVCNPWODGTQHURGEKGUCTGGZVKPEVCPFCTGPQVRTGUGPVPQYKP/GZKEQ
6JGPWODGTQHTGEGPVURGEKGUFQWDNGUVJG3WCVGTPCT[yUTGEQTF6JGFKHHGTGPEGUVTKXGU
KPVJGPWODGTQHUOCNNUK\GFOCOOCNUKPVJGTGEGPVHCWPCOCOOCNUCTGOWEJOQTG
CDWPFCPV CNVJQWIJ VJKU ECP DG GZRNCKPGF D[ VJG DKCU KP VJG OGVJQF QH EQNNGEVKPI
#PQVJGTKORQTVCPVFKHHGTGPEGKUVJCVKPVJGTGEGPVHCWPCUNCTIGOGICJGTDKXQTGUUWEJ
CU:GPCTVJTC2GTKUUQFCEV[NC#TVKQFCEV[NCCPF2TQDQUEKFGCCTGPQVRTGUGPV
5QOG+PVGTGUVKPI6QRKEU
/GZKEQ KU NQECVGF DGVYGGP VJG VGORGTCVG CPF VTQRKECN DGNVU CPF VJG EQPVCEV
QT KPVGTſPIGTKPI QH VJG 0GQVTQRKECN CPF 0GCTEVKE DKQIGQITCRJKE TGIKQPU NKGU KP KVU
VGTTKVQT[ (C CPF /QTCNGU &WG VQ KVU IGQNQIKECN JKUVQT[ CPF IGQITCRJKE
RQUKVKQP/GZKEQDGCTUCITGCVFKXGTUKV[QHGPXKTQPOGPVCNEQPFKVKQPUVJCVKUTGƀGEVGF
KPVJGTKEJPGUUQHKVUVGTTGUVTKCNXGTVGDTCVGU
/GZKEQCPFVJG*KUVQT[QH5QOG6CZC
6JGRTGUGPEGQHEGTVCKPURGEKGUVJCV[KGNFKORQTVCPVKPHQTOCVKQPHQTWPFGTUVCPFKPI
VJG GXQNWVKQP QH URGEKſE ITQWRU UJQWNF DG OGPVKQPGF 5QOG GZCORNGU CTG IKXGP
DGNQY
#VVJG'N/CTſN NQECN HCWPC VJG TQFGPV /CTſNQO[U CGYQQFKKUXGT[UKOKNCTVQVJG
'QEGPG2NCV[RKVCO[U 9QQFCPF2CVVGTUQP2CVVGTUQPCPF9QQF HTQO
2CVCIQPKCYJKEJKUEQPUKFGTGFCPCPEGUVTCNHQTOQHVJG5QWVJ#OGTKECPECXKQOQTRJ
TQFGPVU 2CVVGTUQPCPF9QQF /CTſNQO[UKUVJGPEQPUKFGTGFCUWTXKXQTQHVJG
GCTN[%GPQ\QKERTQVQIQOQTRJTQFGPVUVJCVKUOQTRJQNQIKECNN[ENQUGVQVJGCPEGUVTCN
HQTOQHVJGECXKQOQRJU
6JG RTGUGPEG QH C PGY M[RVQEGTCVKPG RTQVQEGTCVKF KP VJG *GOKPIHQTFKCP QH
UQWVJGCUVGTP/GZKEQKUXGT[KPVGTGUVKPIUKPEGCVRTGUGPVKVEQWNFDGEQPUKFGTGFVJG
UKUVGTVCZQPQH-[RVQEGTCUVJG[QWPIGUVMPQYPRTQVQEGTCVKF+VURTGUGPEGKPCVTQRKECN
TGIKQPCITGGUYKVJ9GDDŏUCUUGTVKQPVJCVRTQDCDN[CNCTIGRCTVQHVJGGXQNWVKQPCT[
JKUVQT[ QH VJG -[RVQEGTCVKPK QEEWTTGF KP VJG UWDVTQRKECN UCXCPPCU QH /GUQCOGTKEC
9GDD
+PVJGGCTN[$NCPECPHCWPCUQHEGPVTCN/GZKEQUQOGURGEKOGPUUJQYKPVGTOGFKCVG
EJCTCEVGTU DGVYGGP VJG GSWKFU &KPQJKRRWU OGZKECPWU VJG CPEGUVQT QH VJG IGPWU
'SWWU CPF 'SWWU UKORNKEKFGPU VJG ſTUV VTWG 'SWWU TGƀGEVKPI VJCV RTQDCDN[ VJG
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
ITCFWCN QT RJ[NGVKE VTCPUKVKQP DGVYGGP VJG VYQ URGEKGU VQQM RNCEG KP VJKU TGIKQP QH
VJGEQWPVT[ %CTTCP\C%CUVCÌGFCCPF/KNNGT/KNNGTCPF%CTTCP\C%CUVCÌGFC
/CE(CFFGPCPF%CTTCP\C%CUVCÌGFC
#2CNGQU[PGEQNQIKECN6QRKE
6JKUKUCRTGNKOKPCT[CPCN[UKUQHVJGHGGFKPIUVTCVGIKGUQHVJGOCOOCNUVJTQWIJ
VJG%GPQ\QKE6JGIQCNKUVQFGVGEVEJCPIGUKPVJGUVTWEVWTGQHVJGEQOOWPKVKGUCPF
CRRGCTCPEGUQHPGYYC[UQHHGGFKPI1PGYQTFQHECWVKQPVJKUKUCſTUV CVVGORV WU
KPIVJGKPHQTOCVKQPHTQOUQOGEJQUGPNQECNHCWPCUYJKEJCTGEQPUKFGTGFOQFGTCVGN[
YGNNUVWFKGFYGQPN[WUGOCETQHCWPCCPFYGCTGCYCTGVJCVCEEQTFKPIVQUGXGTCN
CWVJQTUUQOGQHVJGURGEKGUWUGFCTGEQPUKFGTGFKPXCNKFURGEKGU
+PVJGQNFGUV6GTVKCT[NQECNHCWPC.QOCU6GVCUFG%CDTCQH9CUCVEJKCPCIGVJG
HCWPCNCUUQEKCVKQPUWIIGUVUCFGEKFWQWUHQTGUV (GTTWUSWÈC8KNNCHTCPECGVCN
VJGJGTDKXQTGUCTGOQTGFKXGTUGVJCPVJGECTPKXQTGUCUGZRGEVGFCPFPQITC\GTUCTG
KFGPVKſGF (KIWTG
6JG RCNGQGPXKTQPOGPV QH VJG QPN[ /GZKECP %JCFTQPKCP NQECN HCWPC 4CPEJQ
)CKV¶P JCU DGGP KPVGTRTGVGF CU C UWDVTQRKECN HQTGUV (GTTWUSWÈC8KNNCHTCPEC GV CN
*GTGVJGECTPKXQTGUCTGGZVTGOGN[UECTEGCNUQPQITC\GTUCTGKFGPVKſGF CPF
VJGCTVKQFCEV[NURGTKUUQFCEV[NUCPFOKETQOCOOCNUYGTGDTQYUGTU (KIWTG
/CVCVN¶PCPF0GLCRCCTGNQECVGFKPVJGUQWVJGTPRCTVQHVJGEQWPVT[CPFCTGVJG
VYQDGUVMPQYP$CTUVQXKCPNQECNHCWPCU6JGGPXKTQPOGPVJCUDGGPKPVGTRTGVGFCUC
VTQRKECNYQQFNCPFUCXCPPC ,KOÃPG\*KFCNIQGVCN 6JGFKXKUKQPQHVJGHGGFKPI
UVTCVGIKGU CTG SWKVG UKOKNCT KP DQVJ QH VJGO (KIWTGU +P CFFKVKQP ITC\GTU CTG
RTGUGPV+PVJGUGNQECNHCWPCUOGT[EJKRRKPGUJKRRCTKQPKPGUCPFGSWKPGUCTGRTGUGPV
YJKEJ UWIIGUVU VJG RTGUGPEG QH FKHHGTGPV GSWKF NKPGCIGU 6JG EQQEEWTTGPEG QH CNN
VJGUGURGEKGUQHGSWKFUVQIGVJGTFQGUPQVQEEWTKP$CTUVQXKCP75HCWPCU%CTPKXQTGU
CTGRQQTN[TGRTGUGPVGF
6JG.CVG/KQEGPGCPF2NKQEGPGKUVJGQPN[VKOGYJGTGKVKURQUUKDNGVQEQORCTG
HCWPCUHTQOFKHHGTGPVNCVKVWFGUKP/GZKEQJGTGVJGNQECNHCWPCUHTQO%JKJWCJWCCPF
EGPVTCN /GZKEQ CTG EQORCTCDNG +P VJG PQTVJGTP NQECN HCWPC QH ;GRÎOGTC
NCVG*GORJKNNKCP VJGECTPKXQTGUCTGYGNNTGRTGUGPVGFCPFITC\KPIKUVJGFQOKPCPV
HGGFKPI UVTCVGI[ COQPI VJG JGTDKXQTGU (KIWTG +P EQORCTKUQP VJG HCWPC HTQO
EGPVTCN/GZKEQ JGTGTGRTGUGPVGFD[VJG5CP/KIWGNNQECNHCWPC VJGECTPKXQTGUCTG
PQV CU CDWPFCPV CU KP ;GRÎOGTC CPF VJG DTQYUGTU CTG DGVVGT TGRTGUGPVGF (KIWTG
6JKUFKHHGTGPEGOKIJVTGƀGEV C VTWG FKHHGTGPEG KP VJG UVTWEVWTG QH VJG UCXCPPCyU
XGIGVCVKQPDGVYGGPPQTVJGTPCPFEGPVTCN/GZKEQ
+VKUKPVGTGUVKPIVQPQVGVJGTCTKV[QTCDUGPEGQHUQOGDTQYUKPIHQTOUUWEJCU
EGTXKFUQTFTQOQOGT[EKFU6JGUGVCZCJCFCNQYFKXGTUKV[CPFYGTGPQVCUCDWPFCPV
CU QVJGT CTVKQFCEV[NU KP VJG NCVG *GORJKNNKCP CPF GCTN[ $NCPECP KP VJG 7 5 NQECN
HCWPCU ,CPKUCPF/CPPKPI9GDD 2QUUKDNGHWVWTGRCNGQPVQNQIKECNYQTM
YKNNFKUENQUGVJGKTRTGUGPEGKP/GZKECPHCWPCU
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
%QORCTKPIVJGGCTN[$NCPECPNQECNHCWPCU/KÌCEC %JKJWCJWC CPF5CP/KIWGN

FG#NNGPFG EGPVTCN/GZKEQ VJGQPN[FKHHGTGPEGKUVJCVKPVJGNCEMQHDTQYUGTNKMG
OKZGFHGGFGTUCV/KÌCEC (KIWTGU
%QPEGTPKPIVJGRQUUKDNGHGGFKPIUVTCVGIKGUQHVJG2NGKUVQEGPGOCETQOCOOCNU
ECTPKXQTGU EQPUVKVWVG CNOQUV C SWCTVGT QH VJG VQVCN URGEKGU TGEQTFGF HTQO /GZKEQ
EQWPVT[ (KIWTG 6JGJGTDKXQTGUOCKPHGGFKPIRTGHGTGPEGKUITC\KPIHQNNQYGFD[
DTQYUKPICPFOKZGFHGGFGTU6JGRTQRQTVKQPUQHVJGJGTDKXQTGECVGIQTKGUUWIIGUVVJCV
VTGGUCPFUJTWDUEQPVKPWGFDGKPICPKORQTVCPVGNGOGPVQH/GZKECPJCDKVCVUFWTKPI
VJG2NGKUVQEGPG
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHOCOOCNUHTQOVJG.QOCU.CU6GVCUFG%CDTCNQECN
HCWPC9CUCVEJKCP$CLC%CNKHQTPKC
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHVJGOCOOCNUHTQOVJG4CPEJQ)CKVCPNQECNHCWPC
%JCFTQPKCP%JKJWCJWC
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
/GZKEQCPFVJG)TGCV#OGTKECP(CWPCN+PVGTEJCPIG
$GECWUGQHKVUIGQITCRJKERQUKVKQP/GZKEQRNC[GFCPKORQTVCPVTQNGKPVJGGXGPV
QHYJCVJCUDGGPECNNGFVJGő)TGCV#OGTKECP(CWPCN +PVGTEJCPIGŒ VJCV VQQM RNCEG
FWTKPIVJGNCVG6GTVKCT[6JGUVWF[QHVJGNCVG6GTVKCT[HCWPCUKP/GZKEQKPFKECVGUVJG
RTGUGPEGQHUGXGTCN5QWVJ#OGTKECPNKPGCIGUCVNGCUVUKPEG*GORJKNNKCPVKOGU
5RGEKGU QH ITQWPF UNQVJU RCORCVJGTGU IN[RVQFQPVU CPF ECR[DCTCU COQPI
QVJGTUJCXGDGGPKFGPVKſGF HTQO UGXGTCN NQECNKVKGU 5VTCVC QH OKNNKQP [GCTU NCVG
*GORJKNNKCP KP)WCPCLWCVQJCU[KGNFGFVYQMKPFUQHITQWPFUNQVJUCECR[DCTCCPFC
(+)74' 2TQDCDNG HGGFKPI UVTCVGIKGU QH VJG OCOOCNU HTQO VJG /CVCVN¶P NQECN HCWPC
$CTUVQXKCP1CZCEC
(+)74' 2TQDCDNG HGGFKPI UVTCVGIKGU QH VJG OCOOCNU HTQO VJG 0GLCRC NQECN HCWPC
$CTUVQXKCP1CZCEC
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
IN[RVQFQPVJCXGDGGPTGEQTFGFKPDGFUQHOKNNKQP[GCTU GCTN[$NCPECP 6JKU

KUVJGQNFGUVTGEQTFHQTECR[DCTCUKP0QTVJ#OGTKEC6JGRTGUGPEGQHITQWPFUNQVJU
KPQVJGT*GORJKNNKCPNQECNKVKGU <KGVNCCPF.C2NGICTKCKP*KFCNIQCPF6GEQNQVN¶P
KP ,CNKUEQ UWIIGUVU VJCV VJGUG 5QWVJ #OGTKECP KOOKITCPVU YGTG SWKVG UWEEGUUHWN
SWKEMN[TGCEJKPICYKFGFKUVTKDWVKQP
6JG)TGCV#OGTKECP(CWPCN+PVGTEJCPIGJCUDGGPRQUVWNCVGFVQJCXGQEEWTTGF
DGVYGGP CPF OKNNKQP [GCTU CIQ /CTUJCNN &KUEQXGTKGU KP EGPVTCN
/GZKEQ UVTQPIN[ UWIIGUVU VJCV VJG OKITCVKQP QH CV NGCUV VJG 5QWVJ #OGTKECP HQTOU
VQYCTFU VJG PQTVJGTP NCPFU UVCTVGF GCTNKGT VJCP RTGXKQWUN[ EQPUKFGTGF /KNNGT CPF
%CTTCP\C%CUVCÌGFC%CTTCP\C%CUVCÌGFCCPF/KNNGTCD
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHVJGOCOOCNUHTQOVJG;GRÎOGTCNQECNHCWPCNCVG
*GORJKNNKCP%JKJWCJWC
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHOCOOCNUHTQOVJGNCVG*GORJKNNKCPNQECNHCWPCU
5CP/KIWGNFG#NNGPFG)WCPCLWCVQ
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHGCTN[$NCPECPOCOOCNUHTQOVJG/KÌCEC(CWPC
QH%JKJWCJWC
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHOCOOCNUHTQO.CU)QNQPFTKPCUNCVG*GORJKNNKCP
QH*KFCNIQ
9KVJKPETGCUKPIſGNF YQTM KP NCVG 6GTVKCT[ CPF 2NGKUVQEGPG FGRQUKVU CFFKVKQPCN

TGOCKPUQHVJG5QWVJ#OGTKECPKOOKITCPVURCORCVJGTGUIN[RVQFQPVUITQWPFUNQVJU
CPFECR[DCTCUCTGDGKPIFKUEQXGTGFUWIIGUVKPIVJCVVJG5QWVJ#OGTKECPVCZCYGTG
SWKVGCUWEEGUUHWNITQWRKP/GZKEQ
+UQVQRKE5VWFKGU
5VCDNGECTDQPKUQVQRGUJCXGRTQXGPDGGPXGT[WUGHWNKPTGEQPUVTWEVKPIFKGVCT[
RTGHGTGPEGU QH JGTDKXQTG HQUUKN OCOOCNU VJWU VJG[ JCXG DGGP WUGF KP UGXGTCN
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
(+)74' 2TQDCDNG HGGFKPI UVTCVGIKGU QH OCOOCNU HTQO VJG 5CP /KIWGN FG #NNGPFG NQECN
HCWPCNCVG*GORJKNNKCP)WCPCLWCVQ
RCNGQGEQNQIKE UVWFKGU QH UQOG 6GTVKCT[ CPF 2NGKUVQEGPG HCWPCU CPF URGEKſE VCZC
QH 0QTVJ #OGTKEC /CE(CFFGP CPF %GTNKPI -QEJ -QEJ GV CN
(GTCPGE(GTCPGECPF/CE(CFFGP 6JGDCUKERTKPEKRNGKUVJCVFKHHGTGPV
RJQVQU[PVJGVKE RCVJYC[U % % CPF %#/ IKXG FKHHGTGPV TCVKQU QH %% KP
FKHHGTGPVMKPFUQHRNCPVUYJKEJCTGTGƀGEVGF KP VJG GPCOGN QH VJG VGGVJ QH VJG CPKOCNU
VJCVCVGVJGO6TQRKECNYCTOUGCUQPUGFIGUCPFITCUUGU % CTGGPTKEJGFYKVJ%
%RNCPVUKPENWFKPIOQUVDTQYUGCPFJKIJNCVKVWFGITCUUGUCTGGPTKEJGFYKVJ%CPF
%#/RNCPVUKPEQTRQTCVGKPVGTOGFKCVGTCVKQUQHDQVJ 1ŏ.GCT['JNGTKPIGTGVCN
'JNGTKPIGTCPF/QPUQP
0QTVJ #OGTKECP UVWFKGU JCXG DGGP FQPG YKVJ HQUUKNU VJCV RTQEGGF HTQO JKIJ
CPFOKFNCVKVWFGUDWVVQQWTMPQYNGFIGPQPGJCXGDGGPFQPGYKVJOCOOCNUHTQO
UQWVJGTP0QTVJ#OGTKEC5QYJCVYKNNDGVJGTGUWNVUKPCRRN[KPIVJGECTDQPKUQVQRGU
VGEJPKSWGU VQ VJG NQYNCVKVWFG /GZKECP VCZC! 9KNN VJG URGEKGU OCKPVCKP VJG UCOG
KPHGTTGF FKGVCT[ RTGHGTGPEG DTQYUGT OKZGFHGGFGT QT ITC\GT KPFGRGPFGPVN[ QH VJG
RNCEGYJGTGVJG[NKXGFQTKVYKNNEJCPIGCEEQTFKPIVQNCVKVWFG!9KNNFKGVCT[RCVVGTPU
QHFKGVCT[EJCPIGCETQUUVKOGUWEJCUKPUQOGVCZCQHJQTUGU DTQYUKPIVQITC\KPI
CPFYKNNVJGUCOGVKOKPIDGQDUGTXGFCNNCNQPI0QTVJ#OGTKECQTYKNNVJG[EQWNFDG
FGEQWRNGF!9JCVECPVJGKUQVQRKEUKIPCNUVGNNWUCDQWVVJGMKPFUQHXGIGVCVKQPRTGUGPV
KPFKHHGTGPVIGQITCRJKETGIKQPUQH/GZKEQ!(WVWTGYQTMYKNNJGNRCPUYGTKPIVJGUGCPF
QVJGTKPVGTGUVKPISWGUVKQPU
/GZKEQ&WTKPIVJG2NGKUVQEGPG
6JG 2NGKUVQEGPG GRQEJ KU EJCTCEVGTK\GF D[ TCRKF CPF TGRGCVGF ENKOCVKE
ƀWEVWCVKQPU 'PXKTQPOGPVCN EJCPIGU JCXG KPXQNXGF VJG KPETGCUKPI QH KEG UJGGVU VJG
UK\GUCPFEQWTUGUQHTKXGTUCUYGNNCUVJGFGXGNQROGPVCPFFT[KPIQHGZVGPUKXGNCMGU
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
CUYGNNCUƀWEVWCVKQPU KP UGC NGXGN YGTG QDUGTXGF #NN VJGUG ENKOCVG EJCPIGU CHHGEVGF
VJGFKUVTKDWVKQPFKXGTUKV[CPFUVTWEVWTGQH0QTVJ#OGTKECPOCOOCNEQOOWPKVKGU
(KPCNN[VJGGPFQHVJG2NGKUVQEGPGKUOCTMGFD[CUKIPKſECPV GZVKPEVKQP GXGPV
VJCV FGEKOCVGF VJG NCTIG OCOOCN JGTDKXQTGU CPF ECTPKXQTGU QH UGXGTCN EQPVKPGPVU
)TCJCO
6YQOQFGNUJCXGDGGPRTQRQUGFVQGZRNCKPVJGYC[VJCVVJGVGTTGUVTKCNDKQVCQH
VJGPQPINCEKCVGFCTGCUQH0QTVJ#OGTKECTGURQPFGFVQVJGƀWEVWCVKPI GPXKTQPOGPVCN
EQPFKVKQPU 6JG %NGOGPVUKCP OQFGN RTQRQUGU VJCV NCTIG ITQWRU QH URGEKGU UJKHVGF
CUVKIJVN[NKPMGFCPFEQGXQNXGFCUUGODNCIGU6JG)NGCUQPKCPOQFGNUWIIGUVUVJCV
KPFKXKFWCNURGEKGUTGURQPFGFVQVJGUGEJCPIGUKPCEEQTFCPEGYKVJVJGKTQYPVQNGTCPEG
NKOKVU )TCJCO GV CN UWIIGUVGF VJCV VJG OCOOCN EQOOWPKVKGU KP 7PKVGF
5VCVGUJCXGTGURQPFGFKPC)NGCUQPKCPOCPPGT
6JGOCOOCNUTGURQPUGVQ.CVG3WCVGTPCT[GPXKTQPOGPVCNƀWEVWCVKQPU KP /GZKEQ
KUCPGPKIOC$CUGFWRQPGPFGOKEVCZCVTGGURGEKGUTKEJPGUUVQRQITCRJ[ENKOCVG
CPFIGQITCRJKEFKUVTKDWVKQPQHUQOGCPKOCNITQWRUUWEJCUDWVVGTƀKGU 6QNGFQ
UWIIGUVGFVJGRTGUGPEGQHſXG RTKOCT[ TGHWIGU NQECVGF KP VJG .CECPFQPC CPF 5QEQPWUEQ
TGIKQPUYKVJKPVJGUQWVJGTPOQUVRCTVQH/GZKEQCPFVJTGGUGEQPFCT[TGHWIGUKPVJG
UVCVGQH8GTCETW\6JKUJCUDGGPSWGUVKQPGFD[UQOGUVWFKGUQPXGTVGDTCVGU (NQTGU
8KNNGNC
6JGTQNGVJCV/GZKEQRNC[GFFWTKPIVJG2NGKUVQEGPGKUPQVYGNNWPFGTUVQQF+V
JCUDGGPUWIIGUVGFVJCVFWTKPIVJGOCZKOWOGZVGPUKQPQHVJGKEGUJGGVVJG5KGTTCU
/CFTGU CPF VJG 6TCPUOGZKECP 8QNECPKE $GNV DGJCXGF CU C TQWVG QH FKURGTUCN QH
VGORGTCVGURGEKGU5QOGPQTVJGTPURGEKGU OCKPN[TQFGPVU GZRCPFGFVJGKTFKUVTKDWVKQP
VQYCTFUVJGUQWVJ6JGTGEGPVTGNKEVFKUVTKDWVKQPUQH)NCWEQO[U/KETQVWUCPF5QTGZ
CTGEQPUKFGTGFCURTQQHQHVJKUOKITCVKQPFWTKPIVJG9KUEQPUKPKCP (CCPF/QTCNGU

#UHCTCUYGMPQYPQUVWFKGUJCFDGGPOCFGCPCN[\KPIJQYVJGFKUVTKDWVKQPCPF
UVTWEVWTGQHVJGEQOOWPKVKGUQHOCOOCNUEJCPIGFFWTKPIVJG2NGKUVQEGPG
6JGUVWF[QHVJG2NGKUVQEGPGHCWPCUCPFWPFGTUVCPFKPIVJGTGURQPUGQHVGTTGUVTKCN
DKQVKEEQOOWPKVKGUVQGPXKTQPOGPVCNEJCPIGUKUHWPFCOGPVCNVQOQFGNKPICPFRNCPPKPI
HQTHWVWTGENKOCVGEJCPIG
(KPCN4GOCTMU
1WT MPQYNGFIG QH VJG OCOOCNKCP HQUUKN TGEQTF JCU KORTQXGF ITGCVN[ FWTKPI
VJGVYGPVKGVJEGPVWT[NXCTG\ TGEQTFGFURGEKGUKPENWFGFKPIGPGTC
CPF DGNQPIKPI VQ QTFGTU #NN QH JKU TGEQTFU CTG QH 2NKQEGPG QT 2NGKUVQEGPG KP
CIG 6YGPV[ [GCTU NCVGT $CTTKQU4KXGTC TGRQTVGF URGEKGU KPENWFGF
KP IGPGTC TGRTGUGPVKPI QTFGTU CPF HCOKNKGU CPF TCPIGU HTQO VJG .CVG
%TGVCEGQWUWPVKN2NGKUVQEGPG+PVJGOQPQITCRJEQORKNGFD[/QPVGNNCPQ$CNNGUVGTQU
CPF#TTQ[Q%CDTCNGU VJGOCOOCNKCPTGEQTFTCPIGUHTQOVJG,WTCUUKEWPVKNVJG
2NGKUVQEGPG6JG2CNGQIGPGKUTGRTGUGPVGFD[URGEKGUCPFIGPGTCKPENWFGFKP
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
HCOKNKGUCPFQTFGTU6JG/KQEGPGTGEQTFKPENWFGUURGEKGUIGPGTC
HCOKNKGUCPFQTFGTUVJG.CVG6GTVKCT[TGEQTFKPENWFGUURGEKGUIGPGTC
HCOKNKGUCPFQTFGTU#PFVJG2NGKUVQEGPGTGEQTFKPENWFGUURGEKGUIGPGTC
HCOKNKGUCPFQTFGTU+VUJQWNFDGPQVGFVJCVVJGFKXGTUKV[QHVJGOKETQOCOOCNU
KUWPFGTGUVKOCVGFEQPUKFGTKPIVJCVKPVJGGZVCPVOCOOCNKCPHCWPCUVJGOQUVCDWPFCPV
ITQWRUCTGVJGTQFGPVUCPFVJGDCVUYJKEJTGRTGUGPVVJGQHVJGVQVCNGZVCPVHCWPC
4COÈTG\2WNKFQCPF/×FGURCEJGT 6JKUUKVWCVKQPKUOCKPN[FWGVQVJGOGVJQF
QHEQNNGEVKPI
#NVJQWIJ QWT MPQYNGFIG QH HQUUKN OCOOCNU JCU KORTQXGF KPHQTOCVKQP QP
/GUQ\QKE OCOOCNU KU UVKNN RQQTN[ CPF KU TGFWEGF VQ QPN[ VYQ MPQYP NQECNKVKGU
6JG .CVG %TGVCEGQWU VCZC CTG CNUQ RTGUGPV KP VJG PQTVJGTP NQECN HCWPCU UWEJ CU KP
/QPVCPC CPF 9[QOKPI VJG GZEGRVKQP KU VJG PGY IGPWU CPF URGEKGU )CNNQNGUVGU
RCEJ[OCPFKDWNCTKUYJKEJTGEGPVN[YCUTGRQTVGFHTQO6GZCUCUPQVGFCDQXG9KVJ
HWTVJGTſGNFYQTM CPF RTQURGEVKPI VJG FKXGTUKV[ YKNN DG KPETGCUGF CPF VJG TGNCVKQPUJKRU
YKVJVJGPQTVJGTPHCWPCUYQWNFDGENGCTGT
6JG /GZKECP 6GTVKCT[ CPF 3WCVGTPCT[ NQECN HCWPCU UJQY UVTQPI UKOKNCTKV[ VQ
VJQUGFGUETKDGFKP7PKVGF5VCVGUUWIIGUVKPIVJCVCUCYJQNGVJG0QTVJ#OGTKECPNCPF
OCOOCNHCWPCUEQPUVKVWVGFCNCTIGEQOOWPKV[YKVJUQOGNQECNQT GPFGOKEHQTOU
7PHQTVWPCVGN[NKVVNGKUMPQYPHTQOVJGUQWVJGTPOQUVVTQRKECNTGIKQPQH/GZKEQYJGTG
VJGGPXKTQPOGPVCNEQPFKVKQPUUJQWNFJCXGDGGPFKHHGTGPVHTQOVJGPQTVJGTPNCVKVWFGU
CPFKVKUJGTGYJGTGVJGOCLQTKV[QHVJGGPFGOKEHQTOUUJQWNFDGNQECVGF
$CUGFQP(KIWTGKVKUENGCTVJCVOQUVQHVJG%GPQ\QKEGRQEJUCTGTGRTGUGPVGF
KPVJG/GZKECPOCOOCNKCPTGEQTFQPN[VJG2CNGQEGPGKUPQVTGEQTFGF6JGHQUUKN
OCOOCNKCPTGEQTFKUſNNGF YKVJ ICRU
/WEJYQTMPGGFUVQDGFQPGKPQTFGTVQFGXGNQRCFGVCKNGFCPFFGGRWPFGTUVCPFKPI
QH VJG /GZKECP HQUUKN OCOOCNU KP CNN KVU FKHHGTGPV FKUEKRNKPGU +V UJQWNF DG PQVGF
VJCVGZVGPUKXGſGNF CPF NCDQTCVQT[ YQTM KP QPIQKPI 4GUWNVU RTQOKUG VQ CFF WUGHWN
KPHQTOCVKQPVQſNN VJG ICRU QH QWT MPQYNGFIG
4GHGTGPEGU
#IWKNNÎP/CTVÈPG\/<GNGPKVUM[&$TKPMOCP&CPF'DGTVJ&'IIUJGNNHTCIOGPVUHTQOVJG
7RRGTOQUV%GTTQFGN2WGDNQ(QTOCVKQP 7RRGT%TGVCEGQWU/ÃZKEQ,8GTV2CNGQPVQN#
NXCTG\6%CV¶NQIQRCNGQOCUVQ\QQNÎIKEQOGZKECPQ+PVU0CN#PVTQR*KU&GRVQ2TGJKU2WDN
R
#TTQ[Q%CDTCNGU , 2QNCEQ 1 CPF ,QJPUQP ' .C OCUVQHCWPC FGN EWCVGTPCTKQ FG /ÃZKEQ KP
#XCPEGUGPNQUGUVWFKQURCNGQOCUVQ\QQNÎIKEQU //QPVGNNCPQ$CNNGUVGTQUCPF,#TTQ[Q%CDTCNGU
EQQTF +PUV0CN#PVTQR*KUV%QN%KGPVR
$CTTKQU4KXGTC * 'UVWFKQ CPCNÈVKEQ FGN TGIKUVTQ RCNGQXGTVGDTCFQNÎIKEQ FG /ÃZKEQ 7PRWDNKUJGF
$TCXQ%WGXCU8/.QUÃSWKFQUOGUQOKQEÃPKEQUFGN'UVCFQFG1CZCECVCZQPQOÈCGKORNKECEKQPGU
RCNGQDKQNÎIKECU7PRWDNKUJGF/5FKUUGTVCVKQP7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
$WTMG,,#TF[PQO[UCPF&GUOCVQNCIWUKPVJG0QTVJ#OGTKECP1NKIQEGPG#PP%CTPGIKG/WU

%CTTCP\C%CUVCÌGFC14KPQEGTQPVGUFGNCHCWPCFGN4CPEJQ'N1EQVG/KQEGPQVCTFÈQ *GPſNKCPQ
VCTFÈQ FG)WCPCLWCVQ/ÃZKEQ7PKX0CN#WVÎP/ÃZ4GX+PUV)GQN
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
%CTTCP\C%CUVCÌGFC1/CUVQHCWPCFGN/KQEGPQ6CTFÈQFGNC%WGPEC%CTDQPÈHGTCFG<CEWCNVKR¶P
*KFCNIQ/ÃZKEQ7PKX#WVÎP'FQ*KFCNIQ4GX+PX2CPETQOQ
%CTTCP\C%CUVCÌGFC 1 CPF 'URKPQUC#TTWDCTTGPC . .CVG 6GTVKCT[ GSWKFU HTQO VJG 5VCVG QH
*KFCNIQ/ÃZKEQ7PKX0CN#WVÎP/ÃZ+PUV)GQN4GX
%CTTCP\C%CUVCÌGFC1CPF/KNNGT9'*GORJKNNKCPCPF$NCPECPCIGHGNKFUHTQOEGPVTCN/GZKEQ
,2CNGQPV
%CTTCP\C%CUVCÌGFC1CPF/KNNGT9'2CNGQHCWPCUFGXGTVGDTCFQUFGNCUEWGPECUUGFKOGPVCTKCU
FGN6GTEKCTKQ6CTFÈQFGNC(CLC8QNE¶PKEC6TCPUOGZKECPCKP#XCPEGUGP+PXGUVKICEKÎP2CNGQPVQNQIÈC
FG8GTVGDTCFQU 1%CTTCP\C%CUVCÌGFCCPF&%ÎTFQDC/ÃPFG\GFU 7PKX#WVÎP'FQ*KFCNIQ
2WDN'URGER
%CTTCP\C%CUVCÌGFC 1 CPF /KNNGT 9 ' # PGY 2NKQEGPG VGTTGUVTKCN XGTVGDTCVG NQECNKV[ HTQO
UQWVJGTP$CLC%CNKHQTPKC,8GTV2CNGQPV#
%CTCP\C%CUVCÌGFC1CPF/KNNGT9'5GNGEVGFNCVG%GPQ\QKEXGTVGDTCVGNQECNKVKGUKPVJGUVCVGU
QH *KFCNIQ CPF )WCPCLWCVQ /GZKEQ KP )WKFG $QQM QH VJG (KGNF 6TKRU 5QEKGV[ QH 8GTVGDTCVG
2CNGQPVQNQI[ VJ #PPWCN /GGVKPI /GZKEQ %KV[ 1 %CTTCP\C%CUVCÌGFC GF #XCPEGU GP
+PXGUVKICEKÎP7PKX#WVÎP'FQ*KFCNIQ2WDN'URR
%CTTCP\C%CUVCÌGFC1CPF/KNNGT9'C2CNGQPVQNQI[CPFUVTCVKITCRJ[QHVJG6GEQNQVN¶P$CUKP
,CNKUEQ/GZKEQ,8GTV2CNGQPV#
%CTTCP\C%CUVCÌGFC1CPF/KNNGT9'D+POKITCPVGUUWFCOGTKECPQUGPNCUHCWPCUFGN6GTEKCTKQ
VCTFÈQ FGN EGPVTQ FG /ÃZKEQ KP #XCPEGU GP NQU GUVWFKQU RCNGQOCUVQ\QQNÎIKEQU / /QPVGNNCPQ
$CNNGUVGTQUCPF,#TTQ[Q%CDTCNGUEQQTF +PUVKV0CN#PVTQRQN*KUV%QN%KGPVR
%CTTCP\C%CUVCÌGFC 1 /KNNGT 9 ' CPF -QYCNNKU $ , 0GY XGTVGDTCVG HCWPCU HTQO VJG
6TCPUOGZKECP8QNECPKE$GNV%GPVTCN/GZKEQ,8GTV2CNGQPV#
%CTTCP\C%CUVCÌGFC 1 CPF 9CNVQP # %TKEGVKF TQFGPVU HTQO VJG 4CPEJQ GN 1EQVG (CWPC NCVG
*GORJKNNKCP /KQEGPG )WCPCLWCVQ/ÃZKEQ7PKX0CN#WVÎP/ÃZ4GX+PUV)GQN
%CUVKNNQ%GTÎP , (QUUKN XGTVGDTCVGU HTQO VJG /KQEGPG QH *KFCNIQ /GZKEQ , 8GTV 2CNGQPV
#
%NGOGPU9#)CNNQNGUVGURCEJ[OCPFKDWNCTKU 6JGTKCKPEGTVCGUGFKU/COOCNKC HTQOVJG.CVG
%TGVCEGQWUFGRQUKVUKP$CLC%CNKHQTPKCFGN0QTVG/GZKEQ2CNGQ$KQU
&CNSWGUV 9 9 CPF /QQUGT 1 $ /KQEGPG XGTVGDTCVGU HTQO #IWCUECNKGPVGU EGPVTCN /GZKEQ
6GZCU/GO/WU2GCTEG5GNNCTFU5GTKGU
'JNGTKPIGT,4CPF/QPUQP4-'XQNWVKQPCT[CPFGEQNQIKECNCURGEVUQHRJQVQU[PVJGVKERCVJ
XCTKCVKQP#PP4GX'EQN5[UV
'JNGTKPIGT,45CIG4((NCPCICP.$CPF2GCTE[49%NKOCVGEJCPIGCPFGXQNWVKQPQH%
RJQVQU[PVJGUKU6TGPFU'EQN'XQN
(C , ' CPF /QTCNGU . / 2CVTQPGU FG FKXGTUKFCF FG OCOÈHGTQU FG /ÃZKEQ KP &KXGTUKFCF
DKQNÎIKECFG/ÃZKEQQTÈIGPGU[FKUVTKDWEKÎP 624COCOQQTVJ[4$[G#.QVCPF,(CEQOR
7PKX0CN#WVÎP/ÃZ+PUV$KQNR
(GTCPGE 4 5 5VCDNG KUQVQRGU J[RUQFQPV[ CPF VJG RCNGQFKGV QH *GOKCWEJGPKC /COOCNKC
%COGNKFCG C OQTRJQNQIKECN URGEKCNK\CVKQP ETGCVKPI GEQNQIKECN IGPGTCNK\CVKQP 2CNGQDKQNQI[

(GTCPGE4CPF/CE(CFFGP$,'XQNWVKQPQHVJGITC\KPIPKEJGKPVJG2NGKUVQEGPGOCOOCNUHTQO
(NQTKFCGXKFGPEGHTQOUVCDNGKUQVQRGU2CNCGQIGQIT2CNCGQENKOCVQN2CNCGQGEQN
(GTTWUSWÈC8KNNCHTCPEC+4CPEJQ)CKV¶PNQECNHCWPC'CTN[%JCFTQPKCPPQTVJGCUVGTP%JKJWCJWC
5QE)GQN/GZ$QN
(GTTWUSWÈC8KNNCHTCPEC+#PGYTQFGPVIGPWUHTQO%GPVTCN/GZKEQCPFKVUDGCTKPIQPVJGQTKIKPQH
VJG%CXKQOQTRJCKP2CRGTUQPHQUUKNTQFGPVUKP*QPQTQH#NDGTV'NOGT9QQF %%$NCEMCPF/
4&CYUQPGFU 0CV*KUV/WU.QU#PIGNGU%QWPV[5EKGPEG5GTR
(GTTWUSWÈC8KNNCHTCPEC+$KQUVTCVKITCRJ[QHVJG/GZKECPEQPVKPGPVCN/KQEGPG2CTV++PVTQFWEVKQP
CPFVJG0QTVJYGUVGTPCPFEGPVTCNHCWPCU2CTV++6JG5QWVJGCUVGTP 1CZCECP HCWPCU2CTV+++6JG
UQWVJGTPOQUV %JKCRCU HCWPCCPFEQPENWFKPITGOCTMUQPVJGFKUEWUUGFXGTVGDTCVGTGEQTF7PKX0CN
#WVÎP/ÃZKEQ+PUV)GQN2CNGQPV/GZR
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
(GTTWUSWÈC8KNNCHTCPEC+C6JGſTUV 2CNGQIGPG OCOOCN TGEQTF QH OKFFNG#OGTKEC *GNQJ[KFCG PGY

IGPCPFUR,8GTV2CNGQPV#
(GTTWUSWÈC8KNNCHTCPEC+D/GZKEQŏU/KFFNG/KQEGPGOCOOCNKCPCUUGODNCIGUCPQXGTXKGY#O
/WU0CV*KUV$WNN
(GTTWUSWÈC8KNNCHTCPEC + )CNKPFQ*GTP¶PFG\ % CPF $CTTKQU4KXGTC * .QU OCOÈHGTQU
QNKIQEÃPKEQU FG /ÃZKEQ TGXKUKÎP [ CFKEKÎP C NC (CWPC .QECN 4CPEJQ )CKV¶P (QTOCEKÎP 2TKGVQU
%JCFTQPKCPQFG%JKJWCJWCPQTQTKGPVCNKP*QOGPCLGCN2TQHGUQT6KEWNNXCTG\ ,#TTQ[Q%CDTCNGU
CPF1,2QNCEQEQQTF +PUV0CN#PVTQRQN*KUV%QN%KGPVR
(GTTWUSWÈC8KNNCHTCPEC+,KOÃPG\*KFCNIQ'1TVK\/GPFKGVC,#CPF$TCXQ%WGXCU8/
'N TGIKUVTQ RCNGQIÃPKEQ FG OCOÈHGTQU FG /ÃZKEQ [ UW UKIPKſECEKÎP IGQNÎIKECRCNGQPVQNÎIKEC KP
#XCPEGUGPNQUGUVWFKQURCNGQOCUVQ\QQNÎIKEQU //QPVGNNCPQ$CNNGUVGTQUCPF,#TTQ[Q%CDTCNGU
EQQTF +PUV0CN#PVTQRQN*KUV%QN%KGPVR
(GTTWUSWÈC8KNNCHTCPEC+CPF9QQF#'0GYHQUUKNTQFGPVUHTQOVJG'CTN[1NKIQEGPG4CPEJQ)CKV¶P
NQECNHCWPCPQTVJGCUVGTP%JKJWCJWC/GZKEQ6GZCU/GO/WU2GCTEG5GNNCTFU5GT
(NQTGU8KNNGNC1*GTRGVQHCWPCFG/ÃZKEQFKUVTKDWEKÎP[GPFGOKUOQKP&KXGTUKFCFDKQNÎIKECFG
/ÃZKEQQTÈIGPGU[FKUVTKDWEKÎP 624COCOQQTVJ[4$[G#.QVCPF,(CEQOR 7PKX0CN
#WVÎP/ÃZ+PUV$KQNR
)TCJCO49'XQNWVKQPQHPGYGEQU[UVGOUCVVJGGPFQHVJG2NGKUVQEGPGKP6JG/COOQVJUKVG
QH*QV5RTKPIU5QWVJ&CMQVC .#IGPFDTQCF,+/GCFCPF.90GNUQPGFU +PE5EK2CR

)TCJCO 4 9 .WPFGNKWU ' . ,T )TCJCO / # 5EJTQGFGT ' - 6QQOG[ 4 5 +++ #PFGTUQP
' $CTPQUM[ # & $WTPU , # %JWTEJGT %J )TC[UQP & - )WVJKTG 4 & *CTTKPIVQP %
4 ,GHHGTUQP ) 6 /CTVKP . & /E&QPCNF * ) /QTNCP 4 ' 5GOMGP * # ,T 9GDD
& 5 9GTFGNKP . CPF 9KNUQP / % 5RCVKCN TGURQPUG QH OCOOCNU VQ .CVG 3WCVGTPCT[
GPXKTQPOGPVCNƀWEVWCVKQPU 5EKGPEG
,CPKU %J / CPF /CPPKPI ' &TQOQOGT[EKFCG KP 'XQNWVKQP QH 6GTVKCT[ /COOCNU QH 0QTVJ
#OGTKEC8QNWOG%CTPKXQTGUWPIWNCVGUCPFWPIWNCVGNKMGOCOOCNU %J/,CPKU-/5EQVV
CPF..,CEQDUGFU %CODTKFIG7PKXGTUKV[2TGUU0GY;QTMR
,KOÃPG\*KFCNIQ ' .CU OCUVQHCWPCU OGUQOKQEÃPKECU FGN 5WTGUVG FG /ÃZKEQ [ UW UKIPKſECEKÎP
RCNGQDKQNÎIKE7PRWDNKUJGF/5FKUUGTVCVKQP7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
,KOÃPG\*KFCNIQ'$KQGUVTCVKITCHÈCFGNQUCTVKQF¶EVKNQU 6[NQRQFC[4WOKPCPVKC FGNCUHCWPCUFGN
6GTEKCTKQVCTFÈQFGNC(CLC8QNE¶PKEC6TCPUOGZKECPC7PRWDNKUJGF2J&FKUUGTVCVKQP7PKXGTUKFCF
0CEKQPCN#WVÎPQOCFG/ÃZKEQ
,KOÃPG\*KFCNIQ'CPF%CTTCP\C%CUVCÌGFC1$KQGUVTCVKITCHÈCFGNQUCTVKQF¶EVKNQUFGNCUHCWPCU
FGN 6GTEKCTKQ VCTFÈQ FGN ¶TGC FG 5CP /KIWGN FG #NNGPFG )WCPCLWCVQ :8+ %QPXGPEKÎP )GQNÎIKEC
0CEKQPCN5QE)GQN/GZ#DUVTCEVUR
,KOÃPG\*KFCNIQ'%CTTCP\C%CUVCÌGFC1CPF/QPVGNNCPQ$CNNGUVGTQU/#2NKQEGPGTGEQTFQH
%CRTQOGT[Z /COOCNKC#PVKNQECRTKFCG KP/GZKEQ,2CNGQPV
,KOÃPG\*KFCNIQ'(GTTWUSWÈC8KNNCHTCPEC+CPF$TCXQ%WGXCU8/'NTGIKUVTQOCUVQHCWPÈUVKEQ
OKQEÃPKEQ GP /ÃZKEQ [ UWU KORNKECEKQPGU IGQNÎIKEQRCNGQPVQNÎIKECU KP #XCPEGU GP NQU GUVWFKQU
RCNGQOCUVQ\QQNÎIKEQU //QPVGNNCPQ$CNNGUVGTQUCPF,#TTQ[Q%CDTCNGUEQQTF +PUV0CN#PVTQRQN
*KUV%QN%KGPVR
-QEJ2.+UQVQRKETGEQPUVTWEVKQPQHRCUVEQPVKPGPVCNGPXKTQPOGPVU#PP4GX'CTVJ2NCP5EK

-QEJ2.*QRG-#CPF9GDD5&6JGKUQVQRKEGEQNQI[QHNCVG2NGKUVQEGPGOCOOCNUKP
0QTVJ#OGTKEC2CTV(NQTKFC%JGO)GQN
-QTVJ990GY1NKIQEGPGTQFGPVUHTQOYGUVGTP0QTVJ#OGTKEC%CTPGIKG/WU0CV*KUV#PP

.KNNGITCXGP,#2TGNKOKPCT[4GRQTVQP.CVG%TGVCEGQWUOCOOCNUHTQOVJG'N)CNNQHQTOCVKQP
$CLC%CNKHQTPKC0QTVG/GZKEQ%QPVTKD5EK0CV*KUV/WU.QU#PIGNGU%QWPV[
.KNNGITCXGP,##PGYIGPWUQHVJGTKCPOCOOCNUHTQOVJG.CVG%TGVCEGQWU'N)CNNQ(QTOCVKQP
$CLC%CNKHQTPKC/GZKEQ,2CNGQPV
.KPFUC['*.CVG%GPQ\QKEOCOOCNUHTQO0QTVJYGUVGTP/GZKEQ ,8GTV2CNGQPVQN
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
.KPFUC['*CPF,CEQDU..2NKQEGPGUOCNNOCOOCNHQUUKNUHTQO%JKJWCJWC/GZKEQ7PKX
0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ
/CE(CFFGP $ CPF %CTTCP\C%CUVCÌGFC 1 %TCPKWO QH &KPQJKRRWU OGZKECPWU /COOCNKC
'SWKFCG HTQOVJGGCTN[2NKQEGPGQHEGPVTCN/GZKEQCPFVJGQTKIKPQH'SWWU$WNN(NQTKFC/WU0CV
*KUV
/CE(CFFGP $ , CPF %GTNKPI 6 /COOCNKCP JGTDKXQTG EQOOWPKVKGU CPEKGPV HGGFKPI GEQNQI[
CPF ECTDQP KUQVQRGU C OKNNKQP[GCT UGSWGPEG HTQO VJG 0GQIGPG QH (NQTKFC , 8GTV 2CNGQPV

/CNFQPCFQ-QGTFGNN/.QUXGTVGDTCFQUHÎUKNGUFGN%WCVGTPCTKQFG/ÃZKEQ4GX5QE/GZ*KUV
0CV
/CTUJCNN . ) )GQEJTQPQNQI[ CPF .CPF /COOCN DKQEJTQPQNQI[ QH VJG 6TCPUCOGTKECP HCWPCN
KPVGTEJCPIGKP6JG)TGCV#OGTKECP$KQVKE+PVGTEJCPIG ()5VGJNKCPF5&9GDDGFU 2NGPWO
2TGUU0;R
/KNNGT9'6JGNCVG2NKQEGPG.CU6WPCU.QECN(CWPCHTQOUQWVJGTPOQUV$CLC%CNKHQTPKC/GZKEQ
,2CNGQPV
/KNNGT9'CPF%CTTCP\C%CUVCÌGFC10GYNCIQOQTRJUHTQOVJG2NKQEGPGQHEGPVTCN/GZKEQ
,8GTV2CNGQPV
/KNNGT9'CPF%CTTCP\C%CUVCÌGFC1.CVG%GPQ\QKEOCOOCNUHTQOEGPVTCN/GZKEQ,8GTV
2CNGQPV
/KNNGT9'CPF%CTTCP\C%CUVCÌGFC1.CVG6GTVKCT[ECPKFUHTQO%GPVTCN/GZKEQ,2CNGQPV

/KNNGT9'CPF%CTTCP\C%CUVCÌGFC1'CTN[5QWVJ#OGTKECPKOOKITCPVUKPEGPVTCN/GZKEQCPF
VKOGUQHVJGKTCRRGCTCPEGU,8GTV2CNGQPV#
/KNNGT 9 ' CPF %CTTCP\C%CUVCÌGFC 1 +ORQTVCPVG QH /GZKEQyU NCVG 6GTVKCT[ OCOOCNKCP
HCWPCUKP#XCPEGUGPNQUGUVWFKQURCNGQOCUVQ\QQNÎIKEQU //QPVGNNCPQ$CNNGUVGTQUCPF,#TTQ[Q
%CDTCNGUEQQTF +PUV0CN#PVTQRQN*KUV%QN%KGPVR
/QPVGNNCPQ$CNNGUVGTQU / 2NKQEGPG %COGNKFCG QH 4CPEJQ 'N 1EQVG EGPVTCN /ÃZKEQ , /COO

/QPVGNNCPQ/2CPQTCOCFGNCUHCWPCURNGKUVQEÃPKECUFG/ÃZKEQ%QPXGPEKÎPUQDTGNC'XQNWEKÎP
)GQNÎIKECFG/ÃZKEQ5QE)GQN/GZ/GOQTKCUR
/QPVGNNCPQ$CNNGUVGTQU/7PCGFCFFGNKTXKPIVQPKCPQCNTCPEJQNCDTGCPQRCTCNCHCWPC%GFC\QFGN
GUVCFQFG#IWCUECNKGPVGU7PKX0CN#WVÎP/ÃZ+PUV)GQN4GX
/QPVGNNCPQ$CNNGUVGTQU/0GYXGTVGDTCVGNQECNKV[QHNCVG*GORJKNNKCPCIGKP6GQECNVKEJG,CNKUEQ
/GZKEQ4GX/GZ%KGPE)GQN
/QPVGNNCPQ$CNNGUVGTQU//GZKEQCPF%GPVTCN#OGTKECKP'PEN[ENQRGFKCQH2CNGQPVQNQI[8QN
'F4QPCNF5KPIGT(KV\TQ[&GCTDQTP2WDNKUJGTUR
/QPVGNNCPQ$CNNGUVGTQU / *QRUQP , # %NCTM , / (CUVQXUM[ & ' CPF *GTP¶PFG\4KXGTC *
/COOCNU HTQO VJG OKFFNG ,WTCUUKE QH *WK\CEJCN %CP[QP 6COCWNKRCU /GZKEQ , 8GTV
2CNGQPV#
/QPVGNNCPQ$CNNGUVGTQU/CPF,#TTQ[Q%CDTCNGU#XCPEGUGPNQUGUVWFKQURCNGQOCUVQ\QQNÎIKEQU
+PUV0CN#PVTQRQN*KUV%QN%KGPVR
/QQUGT1.CHCWPCő%GFC\QŒFGN2NGKUVQEGPQGP#IWCUECNKGPVGU7PKX0CN#WVÎP/ÃZ#P+PUV
$KQN
/QQUGT1CPF&CNSWGUV992NGKUVQEGPGOCOOCNUHTQO#IWCUECNKGPVGU%GPVTCN/ÃZKEQ,
/COO
0QXCEGEM/,(GTTWUSWÈC8KNNCHTCPEC+(N[PP,,9[UU#4CPF0QTGNN/9CUCVEJKCP
GCTN['QEGPG OCOOCNUCPFQVJGTXGTVGDTCVGUHTQO$CLC%CNKHQTPKC/GZKEQVJG.QOCU.CU6GVCU
FG%CDTC(CWPC$WNN#O/WU0CV*KUV
1ŏ.GCT[/*%CTDQPKUQVQRGUKPRJQVQU[PVJGUKU$KQ5EKGPEG
2CFKNNC)WVKÃTTG\,/$KQGUVTCVKITCHÈCFGN¶TGCFGNCU)QNQPFTKPCU6GTEKCTKQ6CTFÈQFG6GRGLKFGN
4ÈQ'UVCFQFG*KFCNIQ/ÃZKEQ7PRWDNKUJGF/5FKUUGTVCVKQP7PKXGTUKFCF0CEKQPCN#WVÎPQOC
FG/ÃZKEQ
/106'..#01$#..'56'415#0&,+/0'<*+&#.)1
2CVVGTUQP$CPF9QQF'#4QFGPVUHTQOVJG&GUGCFCP1NKIQEGPGQH$QNKXKCCPFVJGTGNCVKQPUJKRU
QHVJG%CXKQOQTRJC7PKX*CTXCTF/WU%QOR<QQN$WNN
4COÈTG\2WNKFQ , CPF /×FGURCEJGT % 'UVCFQ CEVWCN [ RGTURGEVKXCU FGN EQPQEKOKGPVQ FG NQU
OCOÈHGTQUFG/ÃZKEQ%KGPEKC
4QYG 6 %KHGNNK 4 .GJOCP 6J CPF 9GKN # 6JG %CORCPKCP 6GTNKPIWC NQECN HCWPC YKVJ C
UWOOCT[ QH QVJGT XGTVGDTCVGU HTQO VJG #IWLC (QTOCVKQP 6TCPU 2GEQU 6GZCU , 8GTV 2CNGQPV

5JCY # %J 6JG OKFFNG 2NGKUVQEGPG 'N )QNHQ NQECN HCWPC HTQO PQTVJYGUVGTP 5QPQTC /GZKEQ
7PRWDNKUJGF/5VJGUKU%CNKHQTPKC5VCVG7PKXGTUKV[
5KNXC$¶TEGPC#.QECNKFCFGUFGXGTVGDTCFQUHÎUKNGUGPNC4GRÕDNKEC/GZKECPC70#/+PUVKVWVQFG
)GQNQIÈC7PKX0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ
5VGXGPU 5 / (WTVJGT UVWF[ QH %CUVQNQP NQECN HCWPC 'CTN[ /KQEGPG $KI $GPF 0CVKQPCN 2CTM
6GZCU6GZCU/GO/WU2GCTEG5GNNCTFU5GTKGU
6QNGFQ8/2NGKUVQEGPGEJCPIGUQHXGIGVCVKQPKP6TQRKECN/GZKEQKP$KQNQIKECNFKXGTUKſECVKQP
KPVJGVTQRKEU )62TCPEGGF %QNWODKC7PKXGTUKV[2TGUUR
9GDD5&-[RVQEGTCUCOCVQTWOPGYIGPWUCPFURGEKGUHTQOVJG2NKQEGPGQH(NQTKFCVJGNCUV
RTQVQEGTCVKFCTVKQFCEV[NU,8GTV2CNGQPV
9GDD5&%GTXKFCGCPF$QXKFCGKP'XQNWVKQPQH6GTVKCT[/COOCNUQH0QTVJ#OGTKEC8QNWOG
%CTPKXQTGUWPIWNCVGUCPFWPIWNCVGNKMGOCOOCNU %J/,CPKU-/5EQVVCPF..,CEQDU
GFU %CODTKFIG7PKXGTUKV[2TGUU0GY;QTMR
9GDD5&$GCVV[$.CPF2QKPCT),T0GYGXKFGPEGQH/KQEGPG2TQVQEGTCVKFCGKPENWFKPIC
PGYURGEKGUHTQO%JKCRCU/GZKEQ$WNN#O/WU0CV*KUV
9QQF#'CPF2CVVGTUQP$6JGTQFGPVUQHVJG&GUGCFCP1NKIQEGPGQH2CVCIQPKCCPFVJGDGIKPPKPIU
QH5QWVJ#OGTKECPTQFGPVGXQNWVKQP7PKX*CTXCTF/WU%QOR<QQN$WNN
%JCRVGT
4GXKUKQPQH4GEGPV+PXGUVKICVKQPUKPVJG6NC[ÕC3WCTT[
5*'.6102#22.')#6'.7+5'52+015##447$#44'0#
,'55#.8#4#&1146')#CPF/17.17&$'0#//+

Ŗ+PUVKVWVQFG)GQNQIÈC7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ%KWFCF7PKXGTUKVCTKC
&(/ÃZKEQ

Ŗ+PUVKVWVQFG)GQHÈUKEC7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ%KWFCF7PKXGTUKVCTKC
&(/ÃZKEQ
#DUVTCEV
+PVTQFWEVKQP
)GQNQIKECN#URGEVU
.QECVKQPQHVJG6NC[ÕC3WCTT[
4GIKQPCN)GQNQI[
6JG6NC[ÕC3WCTT[ .QECN)GQNQI[
#IG#UUKIPOGPVU $KQUVTCVKITCRJ[CPF/CIPGVQUVTCVKITCRJ[
5GFKOGPVQNQIKECNCPF6CRJQPQOKECN#URGEVU
6JG0CVWTGQHVJG5GFKOGPVUQH6NC[ÕC
%[CPQDCEVGTKCN/CVU*[RGTUCNKPKV[CPF#PQZKEKV[
6JG2CNGQDKQVCQH6NC[ÕC
'XKFGPEG4GEQXGTGFHTQO8CUEWNCT2NCPVU
5GUUKNG1TICPKUOU +PXGTVGDTCVGUCPF#NICG 6TCPURQTVGFD[5VQTOU
/QDKNG1TICPKUOUő&TCIIGFŒVQVJG&GRQUKVD[5VQTOUQTVJCV'PVGTGF(NQCVKPI
#HVGT&GCVJ
'XKFGPEG4GEQXGTGFHTQOVJG(KUJ(CWPC
6JG4GRVKNGUQH6NC[ÕC VJG+PUWNCT%QPEGRV
2CNGQGEQNQIKECN/QFGNUQH6NC[ÕC
5JCNNQY9CVGT$CEM4GGH.CIQQPCN+PVGTRTGVCVKQP
1RGP/CTKPG$CUKPYKVJ5VQTO&QOKPCVGF5GFKOGPVCVKQP/QFGN
6JG(TGUJYCVGT5KIPCN
(KPCN4GOCTMU
#EMPQYNGFIOGPVU
4GHGTGPEGU
#RRGPFKZ(CWPCNCPF(NQTCN.KUVQH6NC[ÕC

4'%'06+08'56+)#6+105+06.#;#37#44;
#DUVTCEV
6JG 6NC[ÕC 3WCTT[ KP 6GRGZK FG 4QFTÈIWG\ 2WGDNC /ÃZKEQ KU QPG QH VJG OQUV
KORQTVCPV NQECNKVKGU KP VJG 0GY 9QTNF DGECWUG QH KVU WPKSWGN[ TKEJ DKQVC (QT VJG
NCUVVYGPV[[GCTUKVUGZEGRVKQPCNN[YGNNRTGUGTXGFHQUUKNEQPVGPVCPFKVUVCRJQPQOKECN
CPFRCNGQGEQNQIKECNKORNKECVKQPUJCXGECWIJVVJGCVVGPVKQPQHOCP[IGQNQIKUVUCPF
RCNGQPVQNQIKUVUUKPEGVJKU.CIGTUV¼VVGTGRTGUGPVUCPKORQTVCPVPGYCUUGVKP/GZKECP
2CNGQPVQNQI[ +P VJKU RCRGT YG TGXKGY CNN VJG TGEGPV KPXGUVKICVKQPU TGNCVGF VQ C
FGXGNQROGPVQHVJGRCNGQGEQNQIKECNOQFGNUVQGZRNCKPVJGGZVTCQTFKPCT[EQPUGTXCVKQP
QHVJGTKEJCPFFKXGTUGHQUUKNCUUGODNCIGQH6NC[ÕC
+PVTQFWEVKQP
6JG6NC[ÕCRTQLGEVJCU[KGNFGFUQHCTOQTGVJCPURGEKOGPUOCP[EQPUKFGTGF
YQTNFENCUUHQUUKNUKPENWFKPIVJGRTGUGTXCVKQPQHUQHVRCTVUKPſUJGU #NXCTCFQ1TVGIC
CPF#RRNGICVG#NXCTCFQ1TVGICCPF'URKPQUC#TTWDCTTGPC (KGNFYQTM
EQPUGTXCVKQPCPFVJGKPXGUVKICVKQPQHVJGHQUUKNOCVGTKCNUJCXGDGGPNCTIGN[ECTTKGF
QWV D[ VJG )GQNQIKECN +PUVKVWVG QH VJG 7PKXGTUKFCF 0CEKQPCN #WVÎPQOC FG /ÃZKEQ
70#/ 6JG6NC[ÕC%QNNGEVKQPKUJQWUGFCVVJG2CNGQPVQNQIKECN/WUGWOQH70#/
%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈC YKVJXGT[HGY CPFEQPVTQNNGF GZEGRVKQPU
6JG OCKP GHHQTV QH VJG 6NC[ÕC KPXGUVKICVKQPU JCU DGGP HQEWUGF QP VJG
EJCTCEVGTK\CVKQPQHVJKU#NDKCPDKQVC/CP[QHVJG6NC[ÕCURGEKOGPUTGRTGUGPVPGY
VCZCPGCTN[QHVJGUGHQUUKNUCTGKFGPVKſGF CV VJG UWRTCURGEKſE NGXGN 6Q FCVG COQPI
/CUVGTUCPF2J&VJGUGUCPFVJTQWIJEQNNCDQTCVKQPYKVJHQTGKIP2CNGQPVQNQIKUVUQPN[
QHVJKUWPKSWGCUUGODNCIGJCUDGGPFGUETKDGF6JGVCZQPQOKECNITQWRURTGUGPV
KP6NC[ÕCJCXGDGGPTGXKGYGFD['URKPQUC#TTWDCTTGPCCPF#RRNGICVG CPF
OQTGTGEGPVN[D[-CUJK[COCGVCN KPENWFKPIKPHQTOCVKQPFGTKXGFHTQOPGY
URGEKGU QH ſUJGU TGRVKNGU CTVJTQRQFU COOQPKVGU DGNGOPKVGU CPF UGXGTCN MPQYP
URGEKGUQHRQNNGPCPFDGPVJQPKEHQTCOKPKHGTC0GXGTVJGNGUUYGHGGNVJCVVJGEWTTGPV
NKVGTCVWTGFQGUPQVIKXGCUWHſEKGPV RKEVWTG QH YJCV JCU DGGP EQNNGEVGF KPENWFKPI VJG
[GV WPFGUETKDGF DKQVC #U C RCTVKCN TGOGF[ JGTGKP YG JCXG CUUGODNGF VJG YJQNG
RCNGQDKQVC UGG#RRGPFKZ
$GUKFGUVJGVCZQPQOKECNCURGEVUQH6NC[ÕCVJCVUVKNNCTGKPCDGIKPPKPIUVCIGKV
JCUCNUQDGGPCPKORQTVCPVIQCNHQTVJG)GQNQIKECN+PUVKVWVGVQGNWEKFCVGVJGRQUUKDNG
RCNGQDKQNQIKECN EQPFKVKQPU VJG 3WCTT[ TGRTGUGPVU CPF VJTQWIJ VJG UVWF[ QH VJG
EQORNGOGPVCT[IGQNQIKECNUGFKOGPVQNQIKECNCPFRCNGQPVQNQIKECNKPHQTOCVKQPGZRNCKP
VJGRCNGQCODKGPVCNCPFRQUVFGRQUKVKQPCNEQPFKVKQPUVJCVRTQFWEGFVJKUGZVTCQTFKPCT[
HQUUKN FGRQUKV 6JGTG CTG UGXGTCN RCNGQGEQNQIKECN OQFGNU VQ GZRNCKP VJG FGRQUKV QH
VJG NCOKPCVGF NKOGUVQPGU QH 6NC[ÕC CPF KVU GZVTCQTFKPCT[ HQUUKNU #RRNGICVG
2CPVQLC#NQT'URKPQUC#TTWDCTTGPCCPF#RRNGICVGCPF-CUJK[COCGVCN
0GXGTVJGNGUUVJGUGKPXGUVKICVKQPUCUUGUUUQOGEQPVTCUVKPIKFGCUVJCVKPENWFG
VKFCNKPƀWGPEGF UJCNNQY YCVGT GPXKTQPOGPV YKVJ FKUUGECVKQP RGTKQFU C EQORCTKUQP
#22.')#6''6#.
YKVJVJG7RRGT,WTCUUKE5QNPJQHGP.CIGTUV¼VVGCPF OQTGTGEGPVN[6NC[ÕCJCUDGGP
EQPUKFGTGFCUCPQRGPOCTKPGDCUKPYKVJUVQTOUFQOKPCVGFUGFKOGPVCVKQPCPFDQVVQO
YCVGTUYKVJTGUVTKEVGFEKTEWNCVKQP
+PVJKURCRGTYGCVVGORVVQWRFCVGVJGTGUWNVUQHQWTKPXGUVKICVKQPUCVVJG6NC[ÕC
3WCTT[HQNNQYKPIVJGTGUWNVUQHVYQCTGCU
C 0GYOCIPGVQUVTCVKITCRJKECNFCVCVQTGſPG VJG RTGXKQWU #NDKCP CIG CUUKIPOGPV
VJCVTGEGPVN[JCUDGGPEJCNNGPIGFRNCEKPIVJG6NC[ÕC3WCTT[OKNNKQP[GCTUQNFGT
YKVJKPVJG#RVKCP
D 2CNGQPVQNQIKECNGXKFGPEGVJCVYKNNCFFKPVJGWPFGTUVCPFKPIQHVJGPCVWTGQHVJG
RTGCPFRQUVFGRQUKVKQPCNEQPFKVKQPU GIVJGRTGUGPEGQHCNICNOCVUCPFVJGPCVWTGQH
VJGJGOCVKVKENC[GTURTGUGPVKPVJGDGFFKPIRNCPGUQHNKOGUVQPGU
9KVJCNNVJKUPGYCPFUQOGCNTGCF[RWDNKUJGFGNGOGPVUYGCVVGORVVQTGGPHQTEG
QWTUJCNNQYYCVGTDCEMTGGHNCIQQPCNKPVGTRTGVCVKQPCUQRRQUGFVQCPQRGPOCTKPG
FGGRYCVGTDCUKP
)GQNQIKECN#URGEVU
.QECVKQPQHVJG6NC[ÕC3WCTT[
6JG6NC[ÕC3WCTT[KUNQECVGFKPVJGUQWVJGTPRCTVQHVJG/GZKECP5VCVGQH2WGDNC
CRRTQZKOCVGN[MOUQWVJGCUVQH/GZKEQ%KV[ (KIWTG 6JGFGRQUKVEQPUKUVUQH
C UGTKGU QH EQOOGTEKCNN[ CEVKXG NKOGUVQPG SWCTTKGU KP VJG 6NC[ÕC TCXKPG $CTTCPEC
6NC[ÕC PGCTVJGVQYPQH6GRGZKFG4QFTÈIWG\6JKUKUCUKVGVJCVHQTVJGNCUV[GCTU
JCUDGGPGZRNQKVGFHQTDWKNFKPIHCEKPIUCPFƀCIUVQPGU 6JG NCTIG PWODGT QXGT
QHOCETQHQUUKNUEQNNGEVGFCPFVJGUWRGTDRTGUGTXCVKQPQHVJGRCNGQPVQNQIKECNOCVGTKCNU
OCMGVJKUNQECNKV[QPGQHVJGOQUVKORQTVCPVCTGCUHQTTGUGCTEJKPVJG0GY9QTNF
4GIKQPCN)GQNQI[
6JG 6NC[ÕC (QTOCVKQP YCU FGUETKDGF D[ 2CPVQLC#NQT CPF #RRNGICVG
FKUEWUUGF CFFKVKQPCN IGQNQIKECN UGVVKPIU 6JG 6GRGZK FG 4QFTÈIWG\ CTGC NKGU
YKVJKP C TGIKQP QH 2CNGQ\QKE %CODTKCP1TFQXKEKCP OGVCOQTRJKE TQEMU QH VJG
#ECVN¶P %QORNGZ &WTKPI ,WTCUUKE VKOGU VJKU EQORNGZ TGRTGUGPVGF C RQUKVKXG NCPF
UWTHCEG 1TVGIC)WGTTGTQ CEQPFKVKQPVJCVEQWNFJCXGRGTUKUVGFWPVKNVJG'CTN[
%TGVCEGQWU GPEQORCUUKPI VJG VKOG HQT VJG FGRQUKVKQP HQT VJG 6NC[ÕC DGFU 5KPEG
2CPVQLC#NQT FGUETKDGFVJG6NC[ÕC(QTOCVKQP VJGHQUUKNDGCTKPIWPKVQHVJG
6NC[ÕC3WCTT[ YGJCXGFGVGEVGFKPVJGUWTTQWPFKPITGIKQPCPWODGTQHRTG6NC[ÕC
WPKVUVJCVYCTTCPVKPXGUVKICVKQPCPFEJCTCEVGTK\CVKQP
6JGVQRQHVJG#ECVN¶P%QORNGZKUGTQFGF6QRRKPIVJKUWPKVVJGTGCTGUCPFUVQPG
DGFUYKVJQWVHQUUKNUCPFCDQXGVJGUGNC[GTULWUVWPFGTVJG6NC[ÕC(QTOCVKQPVJGTGKU
CMKNQOGVGTVJKEMUGSWGPEGQH7RRGT,WTCUUKEQT.QYGT%TGVCEGQWUNKOGUVQPGU
4GUVKPICDQXGVJG6NC[ÕCDGFUVJGTGKUCPWPMPQYPVJKEMPGUUQH6GTVKCT[TQEMU
4'%'06+08'56+)#6+105+06.#;#37#44;
(+)74' # .QECVKQP CPF IGQNQI[ QH 6NC[ÕC 3WCTT[ CHVGT 5GKDGTV\ CPF 5RCGVJ
$ 6NC[ÕC3WCTT[KPFKECVGFD[CUVGTKUMDGVYGGPVJGEKVKGUQH2WGDNCCPF#ECVN¶P2WGDNC%
)GQNQIKE UMGVEJ QH VJG KOOGFKCVG UWTTQWPFKPI QH VJG 6NC[ÕC 3WCTT[ KP VJG WRRGT $CTTCPEC
6NC[ÕC& )GPGTCNK\GFNKVJQUVTCVKITCRJKEUGEVKQPQHVJG$CTTCPEC6NC[ÕC
#22.')#6''6#.
QHVJG2KGFG8CECCPF#IWCFG.WPC(QTOCVKQPU(TQOVJKUNCUVWPKVEQOGVJGNCTIG
VTCXGTVKPGDNQEMUVJCVTGRTGUGPVQPGQHVJGOQUVKORQTVCPVGEQPQOKECNUQWTEGUQHVJG
6GRGZK4GIKQP
2CPVQLC#NQT RTQRQUGF VJG PCOG 6NC[ÕC (QTOCVKQP HQT VJG #NDKCP
ECTDQPCVGUVJCVCRRGCTKPVJG6NC[ÕCTCXKPGCPFUWDFKXKFGFVJGOKPVQVJTGGOGODGTU
(KIWTG 6JGDCUGQHVJG6NC[ÕC(QTOCVKQPKUPQVGZRQUGFCPFVJGVQRKUVTWPECVGFCPF
EQXGTGFD[VJG2KGFG8CEC 2NKQEGPG CPF#IWCFG.WPC 2NGKUVQEGPG HQTOCVKQPU
6JG6NC[ÕC3WCTT[ .QECN)GQNQI[
#EEQTFKPIVQ2CPVQLC#NQT VJG.QYGT/GODGTEQPUKUVUQHCVNGCUVOQH

DKQVWTDCVGFVKIJVN[HQNFGFDNWKUJITC[OKETKVKENKOGUVQPGU6JTQWIJQWVVJKUWPKVVJGTG
CTGPWOGTQWUDGFUYKVJOKNKQNKFUCPFKVKUECRGFD[CPWPFGUETKDGFOQNNWUMHCWPCQH
XGT[UOCNNDKXCNXGUCPFICUVTQRQFU 'URKPQUC#TTWDCTTGPCCPF#RRNGICVG 6JG
RTGUGPEGQHVJGTWFKUV6QWECUKCRQN[I[TCCPFVJGDKXCNXG%JQPFTQFQPVCEJCTCEVGTK\G
VJKUOGODGT6JGDKQUVTCVKITCRJ[QHVJGUGOQNNWUMUUGVUVJG.QYGT/GODGTQHVJG
6NC[ÕC(QTOCVKQPYKVJKPVJG.QYGT#NDKCP #NGPE¶UVGT
6JG/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQPEQTTGURQPFUVQYJCVKPVJKUEJCRVGT
YKNNDGECNNGFőVJG6NC[ÕC3WCTT[Œ+VKUVJGOQUVKORQTVCPVWPKVFWGVQKVUPWOGTQWUCPF
FKXGTUGHQUUKNCUUGODNCIG6JGUGSWGPEGKUCDQWVOVJKEMCPFEQPUKUVUQHOWNVKRNG
NCOKPCG QH GZVTGOGN[ ſPGITCKPGF [GNNQYDTQYP OKETKVKE NKVQITCRJKE NKOGUVQPGU
6JG DGFFKPI RNCPGU UJQY XGT[ FKUVKPEVKXG TGFFKUJ[GNNQY VQ RWTRNKUJTGF JGOCVKVKE
NC[GTU YJKEJ DGCT C NCTIG CTTC[ QH GZEGRVKQPCNN[ YGNNRTGUGTXGF CPF CTVKEWNCVGF
HQUUKNU*QTK\QPVCNN[VJKUNKOGUVQPGGZRQUWTGOGCUWTGUOCPFKVKUDQWPFGFVQ
VJGYGUVD[CPQXGTVJTWUVCPFVQVJGGCUVKVKUEQXGTGFD[XGIGVCVKQP#NVJQWIJVJG
QWVETQRUGGOUVQQUOCNNQWTTGEGPVKPXGUVKICVKQPUJCXG[KGNFPGYRTQOKUKPICTGCU
YKVJQWVETQRUQH6NC[ÕCNKOGUVQPGUYJKEJCTGKPVJGRTQEGUUQHDGKPIOCRRGFCPF
RWDNKUJGF
(KPCNN[VJG7RRGT/GODGTQHVJKUHQTOCVKQPEQPUKUVQHCPKPEQORNGVGUGSWGPEG
QHITC[FQNQOKVGUCPFKVUCIGKUEQPUKFGTGFCU%GPQOCPKCPFWGVQVJGRTGUGPEGQH
VJG OKNKQNKF URGEKGU &KE[ENKPC UEJNWODGTIGTK (GTP¶PFG\$GEGTTC KP 2CPVQLC#NQT

#IG#UUKIPOGPVU $KQUVTCVKITCRJ[CPF/CIPGVQUVTCVKITCRJ[
$GPCOOK GV CN TGRQTVGF C OCIPGVQUVTCVKITCRJ[ECN CPCN[UKU VQ

FGVGTOKPG VJG RCNGQOCIPGVKE UKIPCN KP C XGTVKECN UGEVKQP QH VJG 6NC[ÕC 3WCTT[
KPENWFKPIUCORNGUHTQOJQTK\QPU (KIWTG
+PVJKUNQECNKV[VJGNKOGUVQPGUCTGYGCMN[OCIPGVK\GFCPFGZJKDKVKPIGPGTCNVYQ
EQORQPGPVOCIPGVK\CVKQPU6JGOCIPGVKERTQRGTVKGUCPFEJCTCEVGTKUVKETGOCPGPEGCTG
FQOKPCVGF D[ UQHV CPF JCTF EQGTEKXKV[ OCIPGVKE OKPGTCNU OQUV QH YJKEJ RTQDCDN[
HQTOGFGCTN[KPVJGFGRQUKVKQPCNCPFFKCIGPGVKEJKUVQT[6JGUGEVKQPFKURNC[UCOGCP
4'%'06+08'56+)#6+105+06.#; #37#44;
(+)74'/CIPGVQUVTCVKITCRJ[QHVJG6NC[ÕC3WCTT[8CTKCVKQPQHVJGIGQOCIPGVKERCNGQOCIPGVKE
UKIPCN $ VTQWIJQWVVJG/KFFNG/GODGTCPFRCTVQHVJG.QYGT/GODGTQHVJG6NC[ÕC(QTOCVKQP #
%QTTGNCVKQPQHVJGOCIPGVQ\QPGUVTCEGFHTQO$QHVJG6NC[ÕC3WCTT[ % YKVJKPVJGIGQOCIPGVKE
RQNCTKV[VKOGUECNG )265 QHVJG.QYGT%TGVCEGQWU & )265CHVGT)TCFUVGKPGVCN
#22.')#6''6#.
FKTGEVKQPU&u+uMAuCPF&u+u
MAu
1WTCPCN[\GFUGEVKQPQHVJG6NC[ÕC3WCTT[RTQXKFGUTGXGTUGCPFPQTOCNRQNCTKVKGU
TGURGEVKXGN[UWRRQTVKPICRTKOCT[QTKIKPQHVJG%J4/HQNNQYKPIVJGTGXGTUCNVGUV
/E(CFFGPCPF/E'NJKPP[ VJGTGUWNVYCURQUKVKXG*QYGXGTCHQNFVGUVYCU
PQVRQUUKDNGCUDGFFKPIKUWPKHQTOCVVJGNQECNUGEVKQP6JGVYQFKTGEVKQPUCTG
PQVCPVKRQFCNRTQDCDN[FWGVQVJGUVTQPIQXGTRTKPVQHVJGRTGUGPVFC[ſGNF YJKEJ OC[
PQVJCXGDGGPTGOQXGFEQORNGVGN[6QNKOKVVJGDKCUKPIGHHGEVFWGVQVJGRTGUGPVFC[
QXGTRTKPVYGTGHGTTGFCNNFKTGEVKQPUVQEQOOQP NQYGT JGOKURJGTGCPFECNEWNCVGFCP
QXGTCNNOGCPQH&GEu+PEuMAu+PCFFKVKQPYGEQORCTGF
QWTFKTGEVKQPUYKVJVJGTGHGTGPEGFKTGEVKQPUHQTUVCDNG0QTVJ#OGTKECFGTKXGFHTQOVJG
#29RCVJQH$GUUGCPF%QWTVKNNQV
(KPCNN[ YG GUVKOCVGF VJG OCIPGVKE FKTGEVKQP HQT VJG 6NC[ÕC (QTOCVKQP
/C CIQ CU TGCNN[ ENQUG VQ VJCV GZRGEVGF KP C UVCDNG 0QTVJ #OGTKEC &GE u
+PE u YKVJ C UNKIJVN[ NQYGT KPENKPCVKQP 6JG KPENKPCVKQP XCNWG KU NQYGT VJCP
GZRGEVGFCVVJGUKVGNCVKVWFGHQTVJGOKFFNG%TGVCEGQWUOCIPGVKEſGNF 6JG FGRQUKVKQPCN
IGQOGVT[QHVJG6NC[ÕCDGFUOC[DGRTQFWEGFD[VJGFKHHGTGPEGDGVYGGPVJGHQWPF
CPFGZRGEVGFKPENKPCVKQPU6JKUKUV[RKECNQHFGVTKVCNTGOPCPV &4/ 2CNGQOCIPGVKE
FCVCVJGTGHQTGUWIIGUVUPQUKIPKſECPV TGNCVKXG OQXGOGPVU QH VJG 6NC[ÕC (QTOCVKQP KP
TGURGEVVQUVCDNG0QTVJ#OGTKECFWTKPIVJGOKFFNG%TGVCEGQWU7TTWVKC(WEWICWEJK
DCUGFQPRCNGQOCIPGVKEFCVCHTQOVJG/QTGNQU(QTOCVKQPCNUQUWIIGUVGFVJKU
VGEVQPKEUVCDKNKV[DGVYGGPUQWVJGTP/GZKEQCPFVJG0QTVJ#OGTKEC
5KPEG VJG FKUEQXGT[ QH VJG 6NC[ÕC 3WCTT[ RCNGQPVQNQIKUVU JCXG CVVGORVGF VQ
CUUKIPCFCVGVQVJKUNQECNKV[-CUJK[COCGVCN TGEQIPK\GFVJGHQNNQYKPI
DGPVJKEHQTCOKPKHGTC5RKTQNQEWNKPCETGVCEGC6TQEJCOOKPQKFGUEQTQPWU&GTXGPVKPC
ſNKRGUEWK 5CDCWFKC OKPWVC 4WOCPQNQEWNKPC TQDWUVC 8CNXWNKPGTKC UR 'CTNCPFKC!
EQPTCFKCPFRTQDCDN[2TCGEJT[UCNKFKPCKPHTCETGVCEGCCPF0CWVKNQEWNKPCUR6JGUG
CWVJQTURTQRQUGFCNQYGT#RVKCPCIGHQTVJKUCUUQEKCVKQPYJKEJKUV[RKECNQHNQYGT
#RVKCP KPPGT UJGNH UGFKOGPVU KP VJG #RGPPKPGU CU YGNN CU VJG 9GUV #NRU8GTEQTU
CPF%JCTVTGWUGTGIKQPU*QYGXGTQPGUGGUVJCVUQOGURGEKGUJCXGNCTIGUVTCVKITCRJKE
TCPIGUVJCVGZEGGFVJG#RVKCP(QTGZCORNG2TCGEJT[UCNKFKPCKPHTCETGVCEGCKUMPQYP
HTQOVJGNQYGT#RVKCPVQVJGGPFQHVJG#NDKCP5CDCWFKCOKPWVCUVTGVEJGUCUHCTCU
OKFFNG#NDKCPYJKNG5RKTQNQEWNKPCETGVCEGCKUMPQYPQPN[HTQONQYGT%GPQOCPKCP
%JKQEEJKPKGVCN (TQOVJGUGTGOCTMUVJGCIGQHVJKUCUUQEKCVKQPEQWNFDG
[QWPIGTVJCPVJGCIGRTQRQUGFD[VJGUGCWVJQTU
+P 0QTVJ #OGTKEC COOQPKVG TCPIGU QH JKIJ TGUQNWVKQP CTG CXCKNCDNG HQT VJG
%GPQOCPKCPVJTQWIJNQYGT/CCUVTKEJVKCPKPVGTXCN %QDDCPGVCN 6JGNQYGT
%TGVCEGQWU KU UWDFKXKFGF KPVQ COOQPKVG \QPGU CPF UWD\QPGU )TCFUVGKP GV CN
HTQOVJGWRRGT8CNCPIKPKCPVQVJG#NDKCP%CPVW%JCRC TGEQIPK\GFVJG
IGPWU*[UVGTQEGTCU/QTVQPKEGTCUCPFEH#PKUQEGTCUYJKEJTGRTGUGPVCV[RKECNNCVG
#NDKCPCOOQPKVGCUUGODNCIGQHVJG'WTQRGCP\QPGDGKPIUKOKNCTVQVJG/QTVQPKEGTCU
KPƀCVWO \QPG CV /QPV 4KUQW UQWVJGCUV (TCPEG RTQRQUGF CU VJG UVTCVQV[RG HQT VJG
4'%'06+08'56+)#6+105+06.#;#37#44;
#NDKCP%GPQOCPKCPDQWPFCT[ )CNGGVCN +PEQPENWUKQPC.CVG#NDKCPCIG

ECPDGCUUKIPGFWPFQWDVGFN[VQVJG6NC[ÕC3WCTT[
+P VJG NCVG #NDKCP VJG UWD\QPGU QH *[UVGTQEGTCU QTDKIP[K CPF *[UVGTQEGTCU
XCTKEQUWOCTGECRCDNGQHIGQITCRJKECNN[XGT[YKFGURTGCFTGEQIPKVKQPQWVUKFGQHVJG
'WTQRGCP RTQXKPEG 9KGFOCPP CPF 1YGP #EEQTFKPI VQ QWT RQNCTKV[ EJTQP
KPVGTRTGVCVKQP (KIWTG /QTVQPKEGTCUCPF*[UVGTQEGTCUQEEWTCVVJGRQNCTKV[EJTQP
%PT OCIPGVQ\QPGU44EQTTGNCVGFYKVJEJTQP%PT KPHCEV)TCFUVGKPGV
CN PQVGF VJG RTGUGPEG QH C UJQTV KPVGTXCN QH PQTOCN RQNCTKV[ KP VJKU EJTQP
6JKUKPVGTRTGVCVKQPCRRGCTUEQPUKUVGPVYKVJCRTQRQUCND[)TCFUVGKPGVCN YJQ
RNCEGFVJG/QTVQPKEGTCUKPƀCVWO <QPGQHVJG'WTQRGCPRTQXKPEGKPVJGNCVG#NDKCP
6JKURQNCTKV[OCIPGVQ\QPGUGSWGPEGEQTTGNCVGUYKVJ%PPŌ%PPEJTQPUYKVJ
CPCIGQHVQ/CHQTVJG6NC[ÕC(QTOCVKQPJCXKPICUGFKOGPVCVKQPTCVGQH
CDQWVEOMC
5GFKOGPVQNQIKECNCPF6CRJQPQOKECN#URGEVU
6JG0CVWTGQHVJG5GFKOGPVUQH6NC[ÕC
#EEQTFKPIVQ2CPVQLC#NQT VJG/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQP

EQTTGURQPFU VQ C UGSWGPEG QH VJKPN[ NCOKPCVGF NKOGUVQPGU OWFUVQPGU HQTOGF
D[ OKETKVG CPF VQ C NGUUGT FGITGG OKETQGURCTKVG /CNRKEC%TW\ GV CN 1VJGT
KPVGTRTGVCVKQPU #RRNGICVG CPF 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG
TGICTFCENQUGEQORCTKUQPQHVJGUGUGFKOGPVUCPFVJQUGFGUETKDGFHTQO5QNPJQHGPC
UNCDUQHCNOQUVRWTGOKETKVG CVCPQTJQPG[EQNQTGFCURGEV TGNCVGFVQ$CTVJGNGVCN
őƀKP\ŒCPFD VJGſUUKNG UJCN[ NC[GTU VJCV HQTO VJG UVTCVKſECVKQP RNCPGU VJCV
YGTGCPCNQIK\GFYKVJVJG5QNPJQHGPyUőH¼WNGŒ $CTVJGNGVCN
/QTGTGEGPVN[-CUJK[COCGVCN VJTQWIJOKETQHCEKGUCPCN[UKUD[QRVKECN
RGVTQITCRJ[ CPF UVCVKUVKECN HCEKGUVTCPUKVKQP CPCN[UKU TGRQTV UKZ RTKOCT[ VGZVWTGU
VGTOGFOKETQHCEKGUVJCVEQPUKUVQH
$KQENCUVKE ITCKPUVQPG EQPUKUVKPI QH CDWPFCPV RQQTN[ UQTVGF HQTCOKPKHGTC CPF

OKETKVKERGNQKFU
2GNQKFCNITCKPUVQPGEQPUKUVKPIQHXGT[YGNNUQTVGFOKETKVKERGNQKFU
9CEMUVQPGRCEMUVQPGOKETQHCEKGUEQPUKUVKPIQHYGNNUQTVGFOKETKVKERGNQKFUKPC
OKETKVKEOCVTKZEQQEEWTUYKVJTCTGHQTCOKPKHGTCVGUVU
6GZVWTGFOWFUVQPG
/CUUKXGOWFUVQPG
(KPGN[NCOKPCVGFOWFUVQPG6JGTGEQPUVTWEVGFOKETQHCEKGUUWEEGUUKQPKPFKECVGFC
TGEWTTKPIWRYCTFſPKPI UGSWGPEGU
#U VJG RTGXKQWU CWVJQTU -CUJK[COC GV CN TGEQIPK\GF VJG PCVWTG QH
6NC[ÕC UGFKOGPVU CU NCTIGN[ EQORQUGF QH NCOKPCVGF OKETKVGU PGXGTVJGNGUU VJG[
HWTVJGTOQTGFGUETKDGCOQTGEQORNGZCOCNICOQHRTKOCT[CPFFKCIGPGVKECNN[CNVGTGF
#22.')#6''6#.
UGFKOGPVQNQIKECN HCDTKEU /QTG KORQTVCPV VJG[ FKUEWUU VJG TWUV[ EQNQTGF DGFFKPI
RNCPGU VJCVECPXCT[VQCTGFFKUJ[GNNQYQTGXGPVQRWTRNKUJTGFVQPGU UVCKPGFD[
JGOCVKVGCUőNCTIGN[UGEQPFCT[CPFOQDKNK\GFVJTQWIJVGZVWTCNFKUEQPVKPWKVKGUFWTKPI
FKCIGPGUKUŒ 6JGUG TGUWNVU EQPVTCUV YKVJ VJG CWVJKIGPKE PCVWTG QH VJG JGOCVKVG VJCV
YCUTGRQTVGFD['URKPQUC#TTWDCTTGPCCPF#RRNGICVG TGICTFKPIVJGGXKFGPEG
VJCV VJG ETGXCUUGU CPF HQNFKPI YKVJKP VJG HQUUKNU CTG ſNNGF YKVJ YJCV CV VJG VKOG QH
FGRQUKVKQPEQWNFJCXGDGGPCőJGOCVKVKEUQWRŒVJCVYJGPUGVVNGFKPſNNGF CP[ JQNGU
QT FGRTGUUKQPU YJGTG UQOG FGEC[ OC[ JCXG QEEWTTGF #NUQ YKVJKP VJG UGSWGPEG
QH NCOKPCVKQPU UVWFKGF KP 6NC[ÕC D[ -CUJK[COC GV CN VJG[ KPVGTRTGVGF VJG
RTGUGPEGQHőVJKPTGFFKUJENC[G[NCOKPCGCUPWOGTQWUUGTTCVGUV[NQNKVGUŒUVTWEVWTGU
RTGXKQWUN[TGICTFGFD[5GKDGTV\CPF$WKVTÎP CUE[CPQDCEVGTKCNOCVU (KIWTG
$GHQTGCPFUKPEGVJGRWDNKECVKQPQH-CUJK[COC GVCN YGJCXGQDUGTXGF
NKVVNG GXKFGPEG QH UV[NQNKVGU KP VJGUG UVTCVC YJKEJ FQ PQV TGRNCEG VJQUG UWRGTſEKCN
UVTWEVWTGUVJCVYGCPFQVJGTCWVJQTU KG5GKDGTV\CPF5RCGVJ JCXGEQPUKFGTGF
CUE[CPQDCEVGTKCNOCVU
#HVGTVJGEJCNNGPIGOCFGD[-CUJK[COCGVCN QHVJGDKOQFCN5QNPJQHGPyU
ƀKP\ CPF H¼WNG RCTCFKIO 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG QWT RTGUGPV
QDUGTXCVKQPUVGPFVQHQEWUKPCVNGCUVHQWTV[RGUQHGXGPVU QTRJGPQOGPC VJCVJCXG
VQ DG EQPUKFGTGF VQ WPFGTUVCPF VJG UGFKOGPVU CV 6NC[ÕC 6YQ QH VJGO CTG FGTKXGF
CPF UVTQPIN[ EQPVTQNNGF D[ UVQTOU VJCV EQWNF EQTTGURQPF VQ VJG FQWDNGOQPUQQP
KPƀWGPEGU TGRQTVGF D[ -CUJK[COC GV CN 6JGUG UGFKOGPVU KPXQNXG C VJG
CWVJKIGPKE JGOCVKVG UGPUW 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG RTGUGPV KP
CNNVJGDGFFKPIRNCPGUQHVJG/KFFNG/GODGTUGEVKQPCPFVJCVCVCNNVKOGUEQXGTVJG
OGICHQUUKNUYJKEJCUUVCVGFCDQXGCTGRTQHWUGN[KPſNVTCVGF YKVJ VJG JGOCVKVG ITCKPU
CPFQVJGTENC[OKPGTCNUCPFD VJGQVJGTV[RGQHőUVQTOEQPVTQNNGFŒUGFKOGPVUTGNCVGF
VQE[CPQDCEVGTKCNOCVU+PVJKUECUGVJGOCVUCEVGFCUUGFKOGPVCT[VTCRUEQPUKUVKPI
PGCTN[QHJGOCVKVG CPFQVJGTENC[OKPGTCNU CPF%C%+VKUKPVGTGUVKPIVQ
PQVGVJGUVTQPITGNCVKQPUJKRHQWPFDGVYGGPOCP[OGICHQUUKNU OQUVN[ſUJGU CPF VJG
E[CPQDCEVGTKCNHCDTKEKPYJKEJVJG[CTGKODGFFGF
6JG QVJGT VYQ GNGOGPVU VQ DG EQPUKFGTGF EQTTGURQPF VQ UGFKOGPVU VJCV YGTG
PQVTGNCVGFVQUVQTOUDWVCTGC JQPG[EQNQTGFNC[GTUVJCVDCTGCFKXGTUGRNCPMVQPKE
DKQVC CPF D VJKEMGT NC[GTU QH CNOQUV RWTG QXGT %C% YKVJ PQ CRRCTGPV
HQUUKN GXKFGPEG OC[DG FWG VQ TGET[UVCNNK\CVKQP FWDDGF őNKVJQITCRJKE NKOGUVQPGUŒ
+PVGTGUVKPIN[ UKPEG VJG /GZKECP #TV %QOOWPKV[ KP RTQFWEKPI JKIJSWCNKV[
NKVJQITCRJUJCUWUGFVJGUGUNCDUUWEEGUUHWNN[ 8KNC 6JGEJCTCEVGTKUVKEUQHVJG
NKVJQITCRJUHTQOVJG6NC[ÕCUNCDUJCXGDGGPEQORCTGFYKVJVJGQPGUQDVCKPGFHTQO
VJGNKOGUVQPGUCV5QNPJQHGPD[)GTOCPCTVKUVUCPFUEKGPVKUVUYKVJHCXQTCDNGTGUWNVU
)WPVJGT8KQJNHQTOGTFKTGEVQTQHVJG,WTC/WUGWOCV'KEJV¼VV)GTOCP[RGTEQO
+VKUKORQTVCPVVQPQVGVJGUKOKNKVWFGDGVYGGPVJGUGVYQNKVJQNQIKGUDGECWUG
HQT VJG NCUV [GCTU JKIJ SWCNKV[ NKVJQITCRJU JCXG DGGP QPN[ QDVCKPGF HTQO VJG
5QNGPUJQHGPyUNKOGUVQPGU
2TGUGPV KPXGUVKICVKQPU YKNN TGXGCN VQ YJCV GZVGPV VJGUG HQWT UGFKOGPVQNQIKECN
4'%'06+08'56+)#6+105+06.#;#37#44;
(+)74'# *QTK\QPVCNXKGYQHCRQTVKQPQHCE[CPQDCEVGTKCNOCVCUGZRQUGFCHVGTSWCTT[KPI
QRGTCVKQPU KP VJG NKOGUVQPGU QH VJG WRRGT RCTV QH VJG 6NC[ÕC 3WCTT[ $ %NQUGWR HTQO VJG
TGEVCPINGOCTMGFKP#5ECNGDCTGSWCNUVQEO
#22.')#6''6#.
V[RGU EQTTGURQPF VQ -CUJK[COC GV CN UKZ OKETQHCEKGU CPF UGFKOGPVQNQIKECN
HCDTKEU
%[CPQDCEVGTKCN/CVU*[RGTUCNKPKV[CPF#PQZKEKV[
9KVJKP VJG OKFFNG CPF WRRGT UGEVKQPU QH VJG 6NC[ÕC DGFU /KFFNG /GODGT
QH VJG 6NC[ÕC (QTOCVKQP PWOGTQWU WPFWNCVKPI DGFU CTG RTGUGPV 6JGUG UVTWEVWTGU
YKVJCPCXGTCIGFVJKEMPGUUTCPIKPIDGVYGGPCPFEOJCXGDGGPKFGPVKſGF CU
E[CPQDCEVGTKCNOCVU 5GKDGTV\CPF$WKVTQP'URKPQUC#TTWDCTTGPCCPF#RRNGICVG
5GKDGTV\ CPF 5RCGVJ 4GEGPVN[ VJG RTGUGPEG QH VJGUG OKETQDKCN OCVU
JCU TGEGKXGF C YKFGN[ FKHHGTKPI KPVGTRTGVCVKQP -CUJK[COC CPF EQNCDQTCVQTU
TGICTFGFVJGUGUVTWEVWTGUCUJGOCVKVGUVCKPGFUGTTCVGUV[NQNKVGURTGENWFKPICNNRTGXKQWU
KPVGTRTGVCVKQPUQHE[CPQDCEVGTKCNOCVU
6JG EQPVTQXGTU[ DGVYGGP VJG QEEWTTGPEG QH VJGUG DKQIGPKE UVTWEVWTGU QT VJGKT
CDUQNWVGN[CDUGPEGKPVJG6NC[ÕCDGFUDGEQOGUQHOCLQTKORQTVCPEGYJGPVJGFGRVJ
QH VJG YCVGT KP YJKEJ FGRQUKV YCU HQTOGF KU EQPUKFGTGF #EEQTFKPI VQ QWT TGEGPV
QDUGTXCVKQPU VJG OKFFNG CPF WRRGT 6NC[ÕC DGFU DGCT C PWODGT QH GZCORNGU VJCV
UWRRQTVVJGKFGCVJCVUWEJUVTWEVWTGUCTGCEVWCNN[RTGUGPV
+P6NC[ÕCE[CPQDCEVGTKCNOCVUCTGGZRTGUUGFKPRCVEJGUEQXGTKPICTGCUPQNCTIGT
VJCPUSWCTGOGVGTU (KIWTG /CP[QHVJG6NC[ÕCHQUUKNUJCXGDGGPHQWPFKODGFFGF
YKVJKPVJGWPFWNCVKQPUQHVJGUGCNICNOCVUVTWEVWTGU(KIWTGUJQYUC6GRGZKEJVJ[U
CTCPIWVJ[QTWOURGEKOGPKPYJKEJVJGECWFCNſP KU ſTON[ CFJGTGF VQ VJG OCV YJKNG
VJGTGUVQHVJGDQF[JCUOQXGF6JKUEQJGUKXGVGZVWTGRTQFWEGFD[VJGNKO[PCVWTGQH
VJGOKETQDKCNOCVUJCUCNUQDGGPFQEWOGPVGFKPHQUUKNUHTQO5QNPJQHGP 8KQJN
+PHCEVVJKUGPXGNQRKPIQHVJGſUJGU CPF QVJGT QTICPKUOU GPECRUWNCVKPI VJGO KP C ſNO
QHECNEKWOECTDQPCVGEQWNFDGEQPUKFGTGFQPGQHVJGOCLQTHCEVQTUKPWPFGTUVCPFKPI
VJGGZEGRVKQPCNRTGUGTXCVKQPQHVJKUUKVG
6JGOQUVEQPXKPEKPIGXKFGPEGQHVJGRTGUGPEGQHE[CPQDCEVGTKCKP6NC[ÕCEQOGU
HTQOUCORNGUVCMGPKPETQUUUGEVKQPUCPFRNCKPXKGYUHTQOVJGWRRGTRCTVQHVJG/KFFNG
/GODGT(KIWTG#UJQYUVJGV[RKECNWPFWNCVKQPUQHVJGOCVU9JGTGCU(KIWTG$
VCMGPKPCRNCPGXKGYCVVJGUCOGNGXGNUJQYUUQOGOKETQDKCNſNCOGPVU HQWPF YKVJKP
VJG6NC[ÕCNC[GTU$GTPKGTCPFEQNNCDQTCVQTU ſI JCXG FQEWOGPVGF UKOKNCT
GXKFGPEGKPVJGOKETKVKE-KOOGTKFIKCPNKOGUVQPGUQH%GTKP(TCPEG
6JG KORQTVCPEG QH FGVGEVKPI VJG RTGUGPEG QH E[CPQDCEVGTKCN OCVU CV NGCUV KP
VJGOKFFNGCPFWRRGTRCTVQHVJG6NC[ÕCUGEVKQPUTGUVUQPVJGMPQYPHCEVVJCVVJGUG
QTICPKUOUUJQYXGT[UGVNKOKVUYJGPEQPUKFGTKPIVJGYCVGTFGRVJKPYJKEJVJG[NKXG
%[CPQDCEVGTKC TGƀGEV VJG DNWGITGGP YCXGNGPIVJU QH VJG NKIJV CPF WUG VJG TGF HQT
RJQVQU[PVJGUKU#UVJGTGFKUCNQPIYCXGGPFQHVJGXKUKDNGNKIJVURGEVTWOVJKUEQNQTKU
VJGſTUV VQ DG CDUQTDGF YJGP RCUUKPI VJTQWIJ VJG YCVGT EQNWOP #EEQTFKPIN[ KP ENGCT
VTQRKECNYCVGTVJGKPVGPUKV[QHTGFNKIJVYQWNFDGVQQNQYHQTGHſEKGPV RJQVQU[PVJGUKU
DGNQYOGVGTU $CTVJGNGVCN 6JGTGHQTGVJGRTGUGPEGQHE[CPQDCEVGTKCNOCVU
TGRTGUGPVUCUVTQPICTIWOGPVKPHCXQT6NC[ÕCDGKPICUJCNNQYYCVGTFGRQUKV
1PG UKIPKſECPV GNGOGPV VQ EQPUKFGT KP 6NC[ÕC KU VJG NCEM QH DKQVWTDCVKQP D[
4'%'06+08'56+)#6+105+06.#; #37#44;
OCETQDGPVJQPKEQTICPKUOUQPGQHVJGTGCUQPUYJ[VJGFGRQUKVKUUQſPGN[ NCOKPCVGF
CUKUKPVJGECUGQH5QNPJQHGP $CTVJGNGVCN 6JGDGUVGZRNCPCVKQPHQTVJKUKU
CP GZEGUUKXG EQPEGPVTCVKQP QH UCNV KP VJG YCVGT MPQYP CU J[RGTUCNKPKV[ #NVJQWIJ
UQHCTQPN[FGOQPUVTCVGFKPFKTGEVN[VJGGZRTGUUKQPQHVJKUVQZKEEQPFKVKQPKURTGUGPV
KPVJGRQUVOQTVGOEQPVQTVKQPUHQWPFKPOCP[QHVJGHQUUKNUTGEQXGTGFKPCTGCEVKQP
FWGVQVJGQUOQVKEYKVJFTCYQHVJGYCVGTHTQOVJGKTVKUUWGUKPYJCVKUMPQYPCUőVJG
DTKPGGHHGEVŒ $CTVJGNGVCN8KQJN #OQPIVJGUGRQUVOQTVGOHGCVWTGU
KP6NC[ÕCYGECPOGPVKQP 6JGWPPCVWTCNEWTNKPIQHVJGCTOUQHUGTRGPVUVCTU UGG
VJGEJCRVGTő(QUUKN1RJKWTQKFUHTQO/GZKEQŒKPVJKUDQQM CPF 6JGEQPURKEWQWU
EQPVTCEVKQPQHVJGDCEMOWUENGUKPOCP[ſUJ NCTXCG CPF KP UQOG QH VJG UNGPFGTDQFKGF
CFWNVſUJGU KG GNQPICVGF KEJVJ[QFGEVKFU $GNGPQUVQOWUENWRGQOQTRJNCTXCGGVE
8KQJN TGRQTVGFVJKUPGETQNKVKEHGCVWTGKPVJGHQUUKNDGCTKPIDGFUQH5QNPJQHGP
KNNWUVTCVKPIC6JCTUKUFQDKWUURGEKOGPUVTQPIN[DGPVD[FGJ[FTCVKQPHTQOCDTKPGV[RG
GPXKTQPOGPV
#NVJQWIJ VJG KPUVCPEGU FKUEQXGTGF CV 6NC[ÕC UVTQPIN[ UWRRQTV VJG QEEWTTGPEG
(+)74' 6GRGZKEJVJ[U CTCPIWVJ[QTWO #RRNGICVG KODGFFGF KP C E[CPQDCEVGTKCN

OCV
#22.')#6''6#.
(+)74'/KETQUEQRKEXKGYQHE[CPQDCEVGTKCNOCVUHTQOVJGWRRGTRCTVQHVJG6NC[ÕC3WCTT[
# %TQUUUGEVKQPQHCUGTKGUQHE[CPQDCVGTKCNOCVUUQYKPIVJGV[RKECNWPFWNCVKQPUKPVJGVYQ
WRRGT NC[GTU CU YGNN CU VJG NCTIG COQWPV QH VTCRRGF OCVGTKCNU YKVJKP VJG ECNECTGQWU OCVTKZ
UECNGDCTGSWCNUVQEO $ *QTK\QPVCN RNCPGXKGY UGEVKQPQHVJGUCOGUCORNGUJQYPKP#
KPYJKEJPWOGTQWUE[CPQDCVGTKCNſNCOGPVU RQKPVGF D[ CTTQYU ECP DG UGGP UECNG DCT GSWCNU
VQOO
4'%'06+08'56+)#6+105+06.#;#37#44;
QHCJ[RGTUCNKPGGPXKTQPOGPVCNQPIVJGUGEVKQPVJKUUEGPCTKQUJQWNFDGCPCN[\GFKP
VJGEQPVGZVVJCVPQGXCRQTKVKEOKPGTCNUUWEJCUI[RUWOCPFQTRUGWFQOQTRJUCNVU
JCXGDGGPHQWPFUQHCT+PVGTGUVKPIN[VJKUJCUDGGPVJGUCOGEQPFKVKQPTGRQTVGFHTQO
5QNPJQHGPD[$CTVJGNCPFEQNNCDQTCVQTU #EEQTFKPIVQVJKURQKPVQHXKGYVJG
YCVGTUCV5QNPJQHGP CUKP6NC[ÕC PGXGTTGCEJGFVJGJKIJUCNKPKV[PGGFGFVQUVCTVVJG
RTGEKRKVCVKQPQHGXCRQTKVKEOKPGTCNUFWGVQCEQPUVCPVKPƀWZ QH PQTOCN OCTKPG YCVGT
+P6NC[ÕCDGUKFGUVJGKPƀWZ QH NGUU UCNKPG EQPFKVKQPU VJGTG YCU RTQDCDN[ CP GZVTC
KPRWVQHHTGUJQTDTCEMKUJYCVGTCHHGEVKPIVJGFGRQUKVKQPCNGPXKTQPOGPV
6JGKFGCTGICTFKPIVJGRTGUGPEGQHCPQZKEEQPFKVKQPUKPVJG/KFFNG/GODGTQH
VJG6NC[ÕC(QTOCVKQPUOWUVDGEQPUKFGTGF6JKUKPVGTRTGVCVKQPKUDCUGFQPVJGQEEW
TTGPEGQHNKVVNGQTPQUGFKOGPVCT[UVTWEVWTGUCVVTKDWVCDNGVQVTCEVKQPVTCPURQTV OCKPN[
YCXGCEVKQP KPVJG6NC[ÕCDGFU6JKUEQPFKVKQPKUQDVCKPGFYJGVJGTKPCPQRGPOCTKPG
DCUKP UGPUW-CUJK[COCGVCN QTKPCENQUGFCPFRTQVGEVGF YKVJPQUVTQPIYCXG
CEVKQPGZEGRVFWTKPIOQPUQQPCNUVQTOU UJCNNQYDCUKP UGPUW'URKPQUC#TTWDCTTGPC
CPF#RRNGICVG +PVJKUSWKGVőUVCIPCPVŒGPXKTQPOGPVQZ[IGPEQPEGPVTCVKQPYCU
FGRNGVGFVQCRQKPVYJGTGVJGDQVVQOYCVGTUVWTPGFEQORNGVGN[CPQZKE2CTVKEWNCTN[CU
GXCRQTCVKQPKPETGCUGFUCNKPKV[UKIPKſECPVN[ TQUG VQ C NGXGN KP YJKEJ VJG YCVGT EQNWOP
YCUPQVCDNGVQJQNFCP[OQTGQZ[IGPKPUQNWVKQP
6JG2CNGQDKQVCQH6NC[ÕC

'XKFGPEG4GEQXGTGFHTQO8CUEWNCT2NCPVU
6JGHQUUKNRNCPVUCV6NC[ÕCCTGSWKVGTCTGCPFUVKNNKPPGGFQHUVWF[6JGſTUV TGRQTV
QHCVGTTGUVTKCN XCUEWNCT RNCPVYCUOCFGD[/CTVKNN YJGTGJGOGPVKQPUVJG
RTGUGPEGQH(TGPQNGRUKUVJCVHQTVJGVKOGDGKPIYKNNDGEQPUKFGTGFCUEH(TGPQNGRUKU
QT C XGT[ ENQUG VCZQP 1VJGT EQPKHGTU KFGPVKſGF KP 6NC[ÕC CTG EH #TCWECTKC CPF
$TCEJ[RJ[NNWOCUYGNNCUVJG$GPPGVVKVCNGU<COKVGUCPFOCP[UOCNNHTCIOGPVUQH
HQUUKNYQQF
%QPVTCT[VQQVJGTI[OPQURGTOU$TCEJ[RJ[NNWONCEMGFCYGNNFGXGNQRGFYQQF[
őUMGNGVQPŒ CPF VJGTGHQTG KU TGICTFGF CU C YGCMUVGOOGF UJTWDD[ RNCPV UKOKNCT
VQ YJCV VQFC[ KU HQWPF QP VJG UCNV[ UQKNU QH FGUGTVU QT GZVTGOGN[ CTKF CTGCU YJGTG
JCNQRJ[VKEXGIGVCVKQPKURTGXCNGPV $CTVJGNGVCN 6JGHCEVVJCV$TCEJ[RJ[NNWO
QPN[ NKIPKſGF VJG EGPVTCN RCTV QH KVU DTCPEJGU CPF UVGO OC[ GZRNCKP YJ[ CNVJQWIJ
HQUUKNYQQFJCUDGGPEQNNGEVGFKP6NC[ÕCKVCNYC[UCRRGCTUCUUOCNNDTKVVNGRKGEGU6JG
QVJGTIGPGTCQHXCUEWNCTRNCPVUKFGPVKſGF FQ PQV UGGO VQ EQPVTCFKEV VJG UCNV[CTKF QT
UGOKCTKF RCNGQGPXKTQPOGPVVJCVJCUDGGPFGUETKDGFHQT$TCEJ[RJ[NNWORCTVKEWNCTN[
(TGPQNGRUKU YJKEJ KU CNUQ EQOOQPN[ TGRQTVGF HTQO őUVTGUUGFŒ GPXKTQPOGPVU +V KU
KORQTVCPV VQ PQVG VJCV VQ QWT MPQYNGFIG PQ OGUQRJ[VKE XGIGVCVKQP JCU [GV DGGP
EQTTGEVN[KFGPVKſGF KP 6NC[ÕC GI HGTPU JQTUGVCKNU ENWD OQUUGU GVE CPF VJGTGHQTG
VJGNCPFCFLCEGPVQTPGCTVJG6NC[ÕCFGRQUKVEQWNFDGEQORCTGFVQYJCVVQFC[CTGVJG
EQCUVUQH#TCDKC
#22.')#6''6#.
5GUUKNG1TICPKUOU +PXGTVGDTCVGUCPF#NICG 6TCPURQTVGFD[5VQTOU
#P KORQTVCPV YGCNVJ QH QTICPKUOU VJCV PQTOCNN[ CTG HQWPF ſTON[ CVVCEJGF VQ
VJGUWDUVTCVGKPYJKEJVJG[NKXGD[OGCPUQHCőTQQVŒU[UVGOQTJQNFHCUVCTGQHVGP
HQWPFKPVJG6NC[ÕC3WCTT[NCEMKPIVJGKTCPEJQTKPIOGEJCPKUOU6JGUGKPENWFGCV
NGCUV VYQ FKHHGTGPV HQTOU QH URQPIGU JQWUGF KP VJG HQUUKN EQNNGEVKQP D[ OQTG VJCP
KPFKXKFWCNUOQTGVJCPIQTIQPKCPEQTCNU TGRTGUGPVKPICVNGCUVVQVYQHQTOU
CPF UGXGTCN UVGO ETKPQKFU VJCV CU VJG ITQWRU CDQXG OGPVKQPGF NCEM VJGKT JQNFHCUV
6JKUEQPFKVKQPQEEWTUYJGPVJGUGQTICPKUOUYGTGTKRRGFQHHHTQOVJGKTUWDUVTCVGD[C
UVTQPIUVQTO+VUJQWNFDGPQVGFVJCVUQOGVJCNNQKFCNICG RQUUKDN[DTQYP JCXGDGGP
FKUEQXGTGFKPVJGRCNGQDKQVC6JGUGQTICPKUOUCNUQUGGOVQJCXGNQUVVJGKTJQNFHCUVU
CPFVJGTGHQTGYGKPENWFGVJGOKPVJKUőVCRJQPQOKECNŒECVGIQT[
/QDKNGQTICPKUOUő&TCIIGFŒVQVJG&GRQUKVD[5VQTOUQTVJCV
'PVGTGF(NQCVKPICHVGT&GCVJ
6JKUKURTQDCDN[VJGECVGIQT[VJCVKPENWFGUVJGNCTIGUV CPFOQUVFKXGTUG CTTC[QH

KPXGTVGDTCVGUVJCVJCXGDGGPHQWPFKP6NC[ÕCUQHCT9KVJKPVJKUECVGIQT[CTGCPPGNKF
YQTOU DT[Q\QC! UVCTſUJGU UGC WTEJKPU UGTRGPV UVCTU ETCDU CPF KUQRQFU VJGTG
KUUQOGWPGZRNQTGFGXKFGPEGVJCVVJGKUQRQFUEQWNFDGNKXKPIKPVJGFGRQUKVCUſUJ
UECXGPIGTU 'XKFGPVN[FWGVQVJGKTUOCNNUK\GCPFUVTQPIOQTRJQNQIKECNUVTWEVWTGCNN
QHVJGUGQTICPKUOUEQWNFDGGCUKN[FTCIIGFD[UVTQPIUVQTOUYKVJQWVNQUKPIUKIPKſECPV
RCTVU QH VJGKT CPCVQO[ QT ECWUKPI CP[ EQPURKEWQWU OCTMU QP VJG DQVVQO QH VJG
FGRQUKV0GXGTVJGNGUUYGCNUQJCXGFGNKECVGQTICPKUOUVJCVſNNGF YKVJ ICU EQWNF JCXG
ƀQCVGF PQV FTCIIGF KPVQ VJG HQUUKN DGFU #OQPI VJGUG YG ſPF EQORCTCVKXGN[ RQQTN[
RTGUGTXGF COOQPKVGU KP CNN ECUGU OKUUKPI VJG CRV[EJK +P UQOGVJKPI VJCV EQPVTCUVU
YKVJYJCVJCUDGGPTGRQTVGFKP5QNPJQHGPYJGTGCNCTIGPWODGTQHCOOQPKVGUCTG
RTGUGTXGFYKVJVJGCRV[EJKKPUKFGVJGDQF[EJCODGT $CTVJGNGVCN 6JGIWCTFU
QHDGNGOPKVGUTGRTGUGPVCPQVJGTIQQFGZCORNGQHEGRJCNQRQFUVJCVEQWNFJCXGGPVGTGF
VJG FGRQUKV NKHVGF D[ FGEQORQUKVKQP ICUGU UGG 5GKDGTV\ CPF 5RCGVJ 5QOG
GEJKPQFGTOU UWEJ CU VJG JQNQVJWTKCPU UGXGP QT GKIJV HQTOU TGEQIPK\GF CPF KP VJG
RTQEGUUQHDGKPIFGUETKDGF RQUUKDN[YGTGſNNGF YKVJ ICUGU CU VJG[ YGTG ECTTKGF KPVQ
6NC[ÕCD[YCXGUCPFYCVGTVWTDWNGPEGUECWUGFD[UVTQPIUVQTOU6JGRCNGQDKQVCCNUQ
KPENWFGUOWNVKRNGGZCORNGU OQUVN[WPKFGPVKſGF QH UOCNNUK\GF ENCOU Q[UVGTU CPF
ICUVTQRQFU 6JGUG OQNNWUMU OC[ JCXG CTTKXGF CVVCEJGF VQ IQTIQPKCPU QT CNICG VJCV
JCXG DGGP HQWPF KP 6NC[ÕC 1PG CNICG V[RG KU UKOKNCT VQ 5CTICUUWO CPF VJG QVJGT
EQWNFTGUGODNGőMGNRŒ#NVJQWIJVJGőCNICNŒTGOCKPUCTGTCTG KPOQUVQHVJGECUGU
VJG[YGTGPQVRTGUGTXGF VJGOGPVKQPGFOQNNWUMUCTGEQOOQPN[HQWPFKPENWUVGTU
HQTOGFD[UKZQTUGXGPURGEKOGPUVJCVYGTGDWTKGFHQNNQYKPIVJCVRQUKVKQPCHVGTVJG
CNICGFGEC[GF
+VKUKORQTVCPVVQPQVGVJGRTGUGPEGQHCPQFQPCVGFTCIQPƀ[ P[ORJ UWIIGUVKPI
VJGőHTGUJYCVGTŒPCVWTGQHCVNGCUVUQOGQHVJGDGFUQHVJG6NC[ÕC3WCTT[#PFſPCNN[
VJGRTGUGPEGQHCURKFGTCPFCUOCNNFKRVGTC 6WRWNKFCG őOC[ƀ[Œ KU KPVGTRTGVGF CU
őYKPFDNQYPŒ
4'%'06+08'56+)#6+105+06.#;#37#44;
'XKFGPEGTGEQXGTGFHTQOVJG(KUJ(CWPC
#U JCU DGGP HTGSWGPVN[ TGRQTVGF VJG 6NC[ÕC 3WCTT[ TGRTGUGPVU C HQUUKN ſUJ
NQECNKV[ /CTVKNN2CPVQLC#NQT#RRNGICVG#RRNGICVGGVCN
CPF#NXCTCFQ1TVGICGVCNKPVJKUDQQMCOQPIQVJGTU VJGTGHQTGVJGRCNGQGEQNQIKECN
GXKFGPEGFGTKXGFHTQOVJKUITQWRFGUGTXGUURGEKCNCVVGPVKQP
9KVJOQTGVJCPHQUUKNſUJGU EQNNGEVGF VQ FCVG VJGTG CTG GZCORNGU QH ſXG
őDKQVKETGCNOUŒVJCVJCXGDGGPECVGIQTK\GFCUHQNNQYU
%QUOQRQNKVCP%QCUVCN
(KUJGUEQOOQPN[TGRQTVGFCNQPICNNVJGEQCUVCNUJCNNQYYCVGTUQHVJG6GVJ[CP
TGCNO KPVJGQNFCPFPGYYQTNF 9KVJKPVJKUECVGIQT[YGJCXGTGEQXGTGF.GRKFQVGU
8KPEVKHGTCPF$GNGPQUVQOWU#NUQUGXGTCNGNQRQOQTRJUHTQO6NC[ÕCECPDGKPENWFGF
KP VJKU EQCUVCN ECVGIQT[ 1PG $TCPPGTKQPNKMG HQTO /GICNQRU UR 0QVGNQRU CPF
4JCEQNGRJKUNKMGHQTOCTGURGEKGUVJCVCNVJQWIJTGRQTVGFHTQOEQCUVCNUJCNNQYYCVGT
FGRQUKVU HTQO OCP[ RNCEGU QH VJG YQTNF UKOKNCT VQ RTGUGPV FC[ 'NQRU CU C V[RKECN
EQCUVCNHQTO VJGKTUVTQPIDQF[UVTWEVWTGFQGUPQVFKUECTFVJGRQUUKDKNKV[QHſPFKPI
VJGOKPFGGRGTQEGCPKEHQUUKNſUJ NQECNKVKGU
4GGH&YGNNGTU
4GGHFYGNNGTUCTGCPKORQTVCPVITQWRQHPGCTUJQTGſUJGU CUUQEKCVGF YKVJ EQTCN

TGGHU9KVJKPVJKUECVGIQT[R[EPQFQPVUJCXGTGEGKXGFOQTGUEKGPVKſE CVVGPVKQP VJCP
CP[QVJGTQHVJGHQUUKNURTGUGPVKP6NC[ÕC#HVGTVJGENWRGQOQTRJUVJGR[EPQFQPVU
CTG KP 6NC[ÕC D[ HCT VJG OQUV FKXGTUG ITQWR KP VJG RCNGQDKQVC +P #RRNGICVG
FGUETKDGF6GRGZKEJVJ[UCTCPIWVJ[QTWOCPFUKPEGUGXGPIGPGTCYKVJCVNGCUVVGPPGY
URGEKGUJCXGDGGPTGEQIPK\GFCPFVQFC[CTGKPVJGRTQEGUUQHDGKPIFGUETKDGF#NVJQWIJ
VJGTGCTGTGRQTVUQHHTGUJYCVGTR[EPQFQPVUKP6NC[ÕCVJGTGKUGXKFGPEGQHVJGKTENQUG
CUUQEKCVKQPYKVJEQTCNTGGHU6JGſTUV CWVJQT FGUETKDGF UGXGTCN CPCVQOKECN GNGOGPVU
HQWPF KP R[EPQFQPVU VJCV TGNCVG VJGO GEQNQIKECNN[ YKVJ VJG RTGUGPVFC[ DTKNNKCPVN[
EQNQTGFRCTTQVſUJ C EQOOQP FYGNNGT QH EQTCN TGGHU GI DQF[ UJCRG CPF UVTWEVWTG QH VJG
VGGVJ +PCFFKVKQP#RRNGICVG CPCN[\GFR[EPQFQPVKFIWVEQPVGPVUCPFEQRTQNKVG
OCUUGUſPFKPI YJKVG RQYFGT VJCV YJGP XKGYGF WPFGT C OKETQUEQRG TGUWNVGF KP RWTG
YJKVGCPIWNCTECNEKVGITCKPUVJCVYGTGVJQWIJVVQTGRTGUGPVVJGETWUJGFEQTCNVJCVYCU
RCUUKPIVJTQWIJVJGIWV+P6NC[ÕCDGUKFGUVJGR[EPQFQPVUOCETQUGOKKFſUJGU JCXG
CNUQDGGPTGEQIPK\GF6JKUITQWRKUYGNNTGRTGUGPVGFKPVJGſUJ HCWPC CPF TGEGPVN[
/CETQUGOKQEQV\WUCOGTKECPWUYCUFGUETKDGFD[)QP\¶NG\4QFTÈIWG\GVCN
6JKUKUQPGURGEKGUQHCVNGCUVHQWTQVJGTPGYHQTOUVJCVCTGKPRTQEGUUQHDGKPIUVWFKGF
/CETQUGOKKFUCTGWUWCNN[HQWPFCUUQEKCVGFYKVJTGGHUYKVJKPVJG6GVJ[CPTGCNOCPF
VJG[CNUQYGTGTGRQTVGFHTQONQYGPGTI[NCIQQPCNGPXKTQPOGPVU $CTVTCO
#22.')#6''6#.
(KPCNN[CEEQTFKPIVQ#RRNGICVGGVCN CPF#NXCTCFQ1TVGICCPF'URKPQUC

#TTWDCTTGPC VYQ HQTOU QH +QPQEQURKHQTOGU JCXG DGGP TGEQIPK\GF QPG KU
6GQKEJVJ[U MCNNKUVQU CPF VJG QVJGT KU C PGY IGPWU KP RTQEGUU QH DGKPI FGUETKDGF
CPF FWG VQ VJGKT ETWUJKPI VGGVJ VJGUG ſUJGU YGTG CFCRVGF VQ HGGF QP KPXGTVGDTCVGU
RTQVGEVGFYKVJUJGNNUQTJCTFGPGFUVTWEVWTGU+PCFFKVKQPVJG[JCXGDGGPKPVGTRTGVGF
CUTGGHFYGNNGTU
(TGUJYCVGT2TQXGPKGPEG
'XGPVJQWIJKVKUFKHſEWNV VQ RTQXG VJGTG CTG UGXGTCN [GV WPFGUETKDGF HQTOU KP VJG

6NC[ÕCſUJ HCWPC VJCV CTG VJQWIJV VJTQWIJ EQORCTKUQPU YKVJ VJGKT EQWPVGTRCTVU KP QVJGT
FGUETKDGFHQUUKNNQECNKVKGUVQDGHTGUJYCVGTHQTOU6JKUECVGIQT[RTQDCDN[EQORTKUGU
UGXGTCN QH VJG OCP[ ENWRGQOQTRJ ſUJGU VJG OQUV CDWPFCPV ITQWR KP 6NC[ÕC GI
URGEKGUQH%NWRGCNKMGHQTOU'NNKOOKEJVJ[UCPFQVJGT%NWRGKHQTOGU +PCFFKVKQP
VJGRTGUGPEGQH VJGCOKKF 2CEJ[COKCOGZKECPC ECPDGTGICTFGFCUVJGNCUVOCTKPG
COKFQHKVUNKPGCIGQTQPGQHVJGſTUV URGEKGU QH VJKU VCZQP VQ XGPVWTG KPVQ HTGUJYCVGT
)TCPFG CPF $GOKU FGUETKDGF 2 OGZKECPC HTQO OCTKPG YCVGTU DCUGF QP
R[EPQFQPVLCYVGGVJKPKVUUVQOCEJTGIKQP[GVYGFQPQVFKUECTFCRQUUKDNGHTGUJYCVGT
RTQXGPKGPEGHQTVJKUURGEKGU6JGUCOGIQGUHQTVJGUCTEQRVGT[IKCP#ZGNTQFKEJVJ[UEH
#CTCTKRGPUKUTGRQTVGFKP6NC[ÕCD['URKPQUC#TTWDCTTGPCGVCN 6JGTGCTG
UGXGTCNGZCORNGUKPVJGNKVGTCVWTGQHYGNNFQEWOGPVGFOCTKPGCPFHTGUJYCVGTURGEKGU
QHCEVKPKUVKCPU EQGNCECPVJU VJGTGHQTGYGVJKPMVJCVVJGTGKUPGGFHQTOQTGFGVCKNGF
UVWFKGUVQFGVGTOKPCVGVJGEQTTGEVHTGUJYCVGTQTOCTKPGQTKIKPQHVJGTGOCKPUQHVJKU
EQGNCECPVJ
6JG#WVQEJVJQPQWU(KUJGU .KXKPIKPVJG.CIQQP
$GUKFGUVJGVQZKEKV[ FWGVQJ[RGTUCNKPKV[ QHVJGDQVVQOYCVGTUQHVJGDCUKPKP

YJKEJVJG6NC[ÕCFGRQUKVYCUHQTOGFVJGWRRGTRCTVQHVJGYCVGTEQNWOPYCUCDNG
VQ UWRRQTV C FKUVKPEVKXG ſUJ HCWPC 6JKU KU GXKFGPEGF D[ VJG RTGUGPEG QH PWOGTQWU
ſUJ EQRTQNKVGU CPF TGIWTIKVCVKQPU YJGTG ſUJ RCTVU CPF QT KPXGTVGDTCVGU UVTWEVWTGU
ECP DG QDUGTXGF UGG (GNFOCPP GV CN #PQVJGT NKPG QH GXKFGPEG VJCV URGCM
HQTCPCWVQEJVJQPQWUſUJ HCWPC TGUVU QP UGXGTCN HQTOU QH ENWRGQOQTRJU CPF UQOG
KPVGTGUVKPI KEJVJ[QFGEVKFU VJCV UJQY C NCTIG CTTC[ QH UK\GU VJCV RQUUKDN[ TGRTGUGPV
NKHGE[ENGUKPYJKEJUGTKGUQHNCTXCNVQCFWNVUVCIGUJCXGDGGPTGEQTFGF#NUQVJGTG
CTGYGNNFQEWOGPVGFGZCORNGUQHőſUJ VQ ſUJŒ RTGFCVKQP KP VJG UWTHCEG YCVGTU QH VJG
FGRQUKVKPYJKEJVJGRTG[GFſUJ ECP DG UVKNN UGGP KP VJG OQWVJ QH VJG ſUJ RTGFCVQT +P
QVJGTURGEKOGPUVJGRTG[UECPDGUGGPKPVCEVKPUKFGVJGFKIGUVKXGVTCEVUUWIIGUVKPIVJCV
VJGRTGFCVQTECWIJVKVURTG[YKVJKPVJGNCIQQPQTPGCTVQVJGUKVGQHFGRQUKVKQP
6JGTGKUCFFKVKQPCNGXKFGPEGVQUJQYVJCVGPQWIJőNKHGŒEQWNFVJTKXGVGORQTCNN[
KP VJG CTGC QH FGRQUKVKQP YJKEJ RTQDCDN[ EQWNF CNUQ KPENWFG UGXGTCN TGRVKNGU GI
ETQEQFKNGUCPFQPGHQTOQHCUGOKCSWCVKEURJGPQFQPVKF +PCFFKVKQPKVKUVJQWIJV
4'%'06+08'56+)#6+105+06.#;#37#44;
VJCVWRQPVJGFGCVJQHVJGſUJ CTVJTQRQFU UWEJ CU KUQRQFU (GNFOCPP GVCN CPF

CNCTIGCTTC[QHDGPVJKEOKNKQNKFHQTCOKPKHGTCEQWNFJCXGUECXGPIGFQPVJGKTEQTRUGU
'URKPQUC#TTWDCTTGPCCPF#RRNGICVG 4GEGPVN[VJGRQUUKDKNKV[QHNKHGQPVJG
DQVVQOQHVJG6NC[ÕCőNCIQQPŒYCUTGRQTVGFD[)WGTTGTQ#TGPCU YJGTGUJG
FGUETKDGUſXG FKUVKPEVKXG GVJQNQIKECN ECVGIQTKGU QH DGPVJKE őKPXGTVGDTCVG VTCEMUŒ HTQO
VJGWRRGTRCTVQHVJG/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQP
1RGP1EGCP(KUJGU
+V KU RQUUKDNG VJCV UQOG NCTIG KEJVJ[QFGEVKFU 4JCEQNGRKUNKMG HQTOU CPF
GNQRKF CNNKGU EQWNF VJTKXG KP QRGP QEGCPKE EQPFKVKQPU CPF VJCV YJGVJGT őECTTKGFŒ QT
őUYKOOKPIŒTGCEJGFVJG6NC[ÕCNCIQQPFWTKPIJKIJVKFGUQTUVQTOU
6JG4GRVKNGUQHVJG6NC[ÕC3WCTT[ 6JG+PUWNCT%QPEGRV
#HVGTVJGſUJ HCWPC HQUUKN TGRVKNGU TGRTGUGPV VJG UGEQPF OQUV KORQTVCPV VCZQPQOKE
ITQWRRTGUGPVKPVJGRCNGQDKQVCQH6NC[ÕC4G[PQUQGVCN TGRQTVGFVJGRTGUGPEG
QH CV NGCUV ſXG OCLQT TGRVKNKCP ITQWRU +UQNCVGF DQPGU UKOKNCT VQ 0[EJVQUCWTWU CPF
2VGTCPQFQPTGRTGUGPVRVGTQUCWTU4GEGPVN[CEQORNGVGCTVKEWNCVGFRVGTQUCWTURGEKOGP
YCUHQWPF%TQEQFKNGUCTGMPQYP VYQURGEKOGPUQPGCEQORNGVGLWXGPKNGCPFCP
CNOQUVEQORNGVGFKUCTVKEWNCVGFCFWNVYJKEJDGNQPIVQVJGUCOGVCZQPUKOKNCTVQVJG
.CVG ,WTCUUKE %TQEQFKNGKOWU 6WTVNGU CTG TGRTGUGPVGF D[ HQWT EQORNGVG UMGNGVQPU
VJTGGCFWNVUCPFQPGJCVEJNKPI KPVJGRTQEGUUQHUVWF[ #UCNCVG/GUQ\QKETGEQTF
VJG URJGPQFQPVKCP HCWPC EQPUKUVU QH 2COK\KPUCWPWU VNC[WCGPUKU 4G[PQUQ C
VGTTGUVTKCNURJGPQFQPVKFYKVJKVUDQF[CPFVCKNEQXGTGFYKVJUOCNNTQWPFGFQUVGQFGTOU
CUYGNNCUCHCVVCKNUKOKNCTVQVJCVQHVJGNKXKPI)KNCOQPUVGT *GNQFGTOCUWURGEVWO CP
CFCRVCVKQPVJCVTGNCVGUVJKUURGEKOGPVQFT[QRGPGPXKTQPOGPVUCPF#PM[NQURJGPQFQP
RCEJ[QUVQUWU 4G[PQUQ CP WPWUWCN JGTDKXQTQWU URJGPQFQPV YKVJ C UJQTV CPF
XGT[UVQWVRCEJ[QUVQVKETKDUUWIIGUVKPICUGOKCSWCVKEJCDKVCV6YQNK\CTFUCTGCNUQ
RTGUGPV *WGJWGEWGV\RCNNK OKZVGEWU 4G[PQUQ C VGTTGUVTKCN NK\CTF VJCV GXGP
TGVCKPKPI RTKOKVKXG HGCVWTGU TGUGODNGU OQFGTP KIWCPKFU CPF 6GRGZKUCWTWU VGRGZKK
4G[PQUQCPF%CNNKUQPCPQVJGTVGTTGUVTKCNNK\CTFOQFGTPKPCRRGCTCPEG
'XKFGPVN[ VJG JGTRGVQHCWPC QH 6NC[ÕC DGCTU TGRTGUGPVCVKXGU QH UGXGTCN
CFCRVCVKQPUƀKIJV RVGTQUCWTU UGOKCSWCVKE CPF CORJKDKCP NKHG QPG URJGPQFQPVKCP
#PM[NQURJGPQFQP RCEJ[QUVQUWU CPF VJG ETQEQFKNKCPU TGURGEVKXGN[ CPF UVTKEVN[
VGTTGUVTKCN RQUUKDN[ CFCRVGF VQ FT[ QRGP GPXKTQPOGPVU QPG URJGPQFQPVKCP
2COK\KPUCWTWUVNC[WCGPUKUCPFVJGVYQNK\CTFU
+VKUKORQTVCPVVQCFFVJKUTGRVKNKCPKPHQTOCVKQPVQVJGRCNGQGEQNQIKECNGXKFGPEG
FGTKXGFHTQOVJGſUJ HCWPC FWG VQ VJG KPVGTGUVKPI OKZVWTG QH QTICPKUOU HTQO FKHHGTGPV
GPXKTQPOGPVUTGEQTFGFKP6NC[ÕCOCKPN[VQGZRNCKPVJGQTKIKPCPFVTCPURQTVCVKQPQH
GCEJQHVJGHQUUKNGNGOGPVU#UVJGſTUV RVGTQUCWT GXKFGPEG HQWPF KP VJG SWCTT[ YCU
KUQNCVGFDQPGUKVYCUDGNKGXGFVJCVVJGTGOCKPUJCFTGCEJGFVJGFGRQUKVƀQCVKPI HTQO
#22.')#6''6#.
EQORCTCVKXGN[NQPIFKUVCPEGU4GEGPVN[ ,WPG CEQORNGVGCTVKEWNCVGFURGEKOGP

YCU HQWPF KPFKECVKPI VJCV CU KP 5QNPJQHGP UQOG RVGTQUCWTU OC[ JCXG UWPM VQ VJG
DQVVQOQHVJGNCIQQPYKVJQWVFKUCTVKEWNCVKQPD[VJGUVTQPIUVQTOUQTOQPUQQPYKPFU
7PHQTVWPCVGN[ VJG VWTVNGU JCXG PQV DGGP UVWFKGF GPQWIJ VQ FKUENQUG VJGKT RQUUKDNG
VGTTGUVTKCN QT OCTKPG QTKIKP CPF VJGTGHQTG VJG RQUUKDKNKVKGU QH VJGKT VTCPURQTVCVKQP
KPVQVJG6NC[ÕCDGFUKUEQPVTQXGTUKCN+PVJGECUGQHVJGETQEQFKNGUVJGKTCORJKDKCP
JCDKVUUWIIGUVVJCVVJG[EQWNFJCFNKXGFUQENQUGVQVJGFGRQUKVVJCVVJGKTVTCPURQTVCVKQP
UJQWNFPQVDGGPUGGPCUőRTQDNGOCVKEŒKPVGTOUQHVJGCDUGPEGQHHTCEVKQPVTCPURQTV
UVTWEVWTGUYKVJKPVJGSWCTT[NKOGUVQPGU
6JGKPHQTOCVKQPFGTKXGFHTQOVJGUVTKEVN[VGTTGUVTKCNNGRKFQUCWTU QPGURJGPQFGPVKF
CPFVYQNK\CTFU TGRTGUGPVUCUVTQPICTIWOGPVHQTEQPUKFGTKPIVJGRTQZKOKV[QHNCPFVQ
VJGFGRQUKVKQPCNGPXKTQPOGPV4GICTFKPIVJKUNCPFOCUUCFLCEGPVVQ6NC[ÕC4G[PQUQ
GVCN CNUQTGRQTVGFOQTRJQNQIKECNRJ[NQIGPGVKECPFDKQIGQITCRJKECNCPCN[UGU
QH VJGUG VGTTGUVTKCN URJGPQFQPVKCPU CPF NK\CTFU UJQYKPI VJCV C VJG VCZC DGCT C
EQPUKFGTCDN[FKHHGTGPVOQTRJQNQI[HTQOVJGKTCPEGUVTCNV[RGUCPFD VJG[UGGOVQDG
RTGUGTXGFCUTGNKEVUKPTGNCVKXGN[NCVGFGRQUKVU
6JG EQGZKUVGPEG QH TGNCVKXGN[ RTKOKVKXG HQTOU YKVJ CV[RKECN OQTRJQNQIKGU KU
RTQDCDN[ GZRNCKPGF D[ VJG GXQNWVKQP QH VJG NKPGCIGU KP CP KPUWNCT U[UVGO 9JGTG
KUQNCVKQPRTGUGTXGUCPEKGPVHQTOUCPFIGPGVKEFTKHVRNC[UCPKORQTVCPVTQNGKPſZCVKQP QH
GXQNWVKQPCT[PQXGNVKGU 4G[PQUQGVCN 6JKUKPHQTOCVKQPUGGOUVQDGEQPUKUVGPV
YKVJ VJG RTGUGPEG QH #NDKCP UJCNNQY CPFQT FGGR YCVGTU KP UQWVJEGPVTCN /ÃZKEQ
6JGTGHQTGVJGKPƀWGPEG QH VJG VGTTGUVTKCN GNGOGPVU RTGUGPV KP VJG OKZGF CUUGODNCIG
CV6NC[ÕCUGGOUVQEQTTGURQPFVQCPKPUWNCTU[UVGOTCVJGTVJCPVQCYGNNEQPPGEVGF
GZVGPUKQPQHVJGUQWVJGTPGZVTGOGQHőOKFFNGŒ%TGVCEGQWU0QTVJ#OGTKEC*QYGXGT
VJGNCVGTRQUUKDKNKV[QHC0QTVJ#OGTKECPRGPKPUWNCECPPQVDGTWNGFQWV
2CNGQGEQNQIKECN/QFGNUQH6NC[ÕC
5KPEG VJG 6NC[ÕC ő.CIGTUV¼VVGŒ YCU ſTUV TGRQTVGF D[ #RRNGICVG CPF 'URKPQUC
#TTWDCTTGPC QPGQHVJGOCKPIQCNUKPCNNUWDUGSWGPVKPXGUVKICVKQPUJCUDGGP
HQEWUGFKPVJGUVWF[QHVJGRCNGQGPXKTQPOGPVCNCPFRQUVFGRQUKVKQPCNEQPFKVKQPUVJCV
RTQFWEGF VJG TGOCTMCDNG RTGUGTXCVKQP HQWPF CV VJG 6NC[ÕC 3WCTT[ 6JG CVVGORVU
VQ KPVGTRTGV VJG RCNGQGPXKTQPOGPVU TGRTGUGPVGF CV 6NC[ÕC KPENWFG C ITQYKPI NKUV QH
KPXGUVKICVKQPU #RRNGICVG /CTVKNN /CNRKEC%TW\ GV CN 2CPVQLC
#NQT 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG (GNFOCPP GV CN
-CUJK[COCGVCNCPF)WGTTGTQ#TGPCU
(QT C EQORNGVG FKUEWUUKQP QH VJG FKHHGTGPV OQFGNU UWIIGUVGF HQT VJG
RCNGQGPXKTQPOGPVU QH 6NC[ÕC UGG 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG
CPF-CUJK[COCGVCN (QTVJGRWTRQUGQHVJKUEJCRVGTYGYKNNQPN[FKUEWUU
VYQ ITQWRU QH KFGCU VJCV QPG YC[ QT CPQVJGT GPEQORCUU VJG RCNGQGEQNQIKECN CPF
UGFKOGPVQNQIKECNKPHQTOCVKQPFGTKXGFHTQORCUVCPFTGEGPVKPXGUVKICVKQPU
4'%'06+08'56+)#6+105+06.#; #37#44;
5JCNNQY9CVGT$CEM4GGH.CIQQPCN+PVGTRTGVCVKQP
+PVJKUECVGIQT[VJG6NC[ÕCFGRQUKVTGRTGUGPVUCUJCNNQYEQCUVCNNCIQQP KPVGTVKFCN
\QPG DGJKPFCDCTTKGTTGGHVJCVCEEQTFKPIVQ2CPVQLC#NQT YCUEQPPGEVGFVQVJG
QRGPUGC9KVJKPVJGUCOGEQPVGZV CEQCUVCNNCIQQPDGJKPFCDCTTKGTTGGH #RRNGICVG
CUYGNNCU'URKPQUC#TTWDCTTGPCCPF#RRNGICVG RTQRQUGFCFQWDNG
GPENQUGFNCIQQPKPYJKEJVJGUGFKOGPVCT[GPXKTQPOGPVTGICTFGFYCUCPGZVTGOGN[
UJCNNQY ENQUGF NCIQQP YKVJ UVCIPCPV CPCGTQDKE CPF J[RGTUCNKPG YCVGT (KIWTG
#EEQTFKPI VQ 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG 'XKFGPVN[ VJGUG KFGCU
ECNN HQT UJCNNQY DCUKPU CP KPVGTRTGVCVKQP DCUGF QP VJG QDUGTXCVKQP QH FGUKEECVKQP
ETCEMU /CNRKEC%TW\ GV CN 2CPVQLC#NQT GXKFGPEG VJCV JCU DGGP
EJCNNGPIGFD[-CUJK[COCGVCN TGICTFKPIVJGUWRRQUGFFGUKEECVKQPUVTWEVWTGU
CUU[PCGTGUKUETCEMU$GECWUGQHQWTTGEGPVKPXGUVKICVKQPUKP(KIWTGYGUJQYCPQVJGT
GZCORNGQHYJCVYGVJKPMOC[TGRTGUGPVCTGCNőOWFETCEMŒFGRKEVKPICPGRKUQFGKP
YJKEJVJGNCIQQPTGCEJGFUWDCGTGCNGZRQUWTG#NUQVJGUGUJCNNQYYCVGTDCEMTGGH
NCIQQP KPVGTRTGVCVKQPU ECNN HQT VJG RTGUGPEG QH E[CPQDCEVGTKCN OCVU UGG UGEVKQP QP
E[CPQDCEVGTKCNOCVUKPVJKUEJCRVGT DTCEMGVKPIVJGNQYGTFGRVJQHVJGNCIQQPKPPQ
OQTGVJCPOCPGUVKOCVGFFGRVJVJCVKPENGCTUWDVTQRKECNYCVGTUE[CPQDCEVGTKCECP
UVKNNRJQVQU[PVJGUK\G $CTVJGNGVCN
1RGP/CTKPG$CUKPYKVJ5VQTO&QOKPCVGF5GFKOGPVCVKQP/QFGN
#URCTVQHVJGTGEGPVKPXGUVKICVKQPUKP6NC[ÕC-CUJK[COCGVCN EQODKPGF

UVCVKUVKECNN[ DCUGF OKETQHCEKGUVTCPUKVKQP CPCN[UKU YKVJ URGEVTCN CPCN[UKU QH FGRVJ
UGTKGU OGCUWTGOGPVU KP CP CVVGORV VQ DGVVGT WPFGTUVCPF VJG NKVJQNQIKGU CPF QVJGT
VCRJQPQOKECN HCEVQTU KPXQNXGF KP VJG RCNGQGPXKTQPOGPVCN UGVVKPI +P XCTKCPEG YKVJ
VJGUJCNNQYYCVGTDCEMTGGHNCIQQPCNKPVGTRTGVCVKQPUHQT-CUJK[COCGVCN VJG
6NC[ÕCFGRQUKVTGRTGUGPVUCPQRGPOCTKPGDCUKPYKVJUVQTOFQOKPCVGFUGFKOGPVCVKQP
CPFDQVVQOYCVGTUYKVJTGUVTKEVGFEKTEWNCVKQP6JG[CNUQHQWPFCTGRGVKVKXGRCVVGTPKP
VJGUGFKOGPVCT[UGSWGPEGKPVGTRTGVGFCU/KNCPMQXKVEJE[ENGUCVVTKDWVGFVQFQWDNG
OQPUQQPKPƀWGPEGU HTQO DQVJ VJG PQTVJGTP CPF UQWVJGTP JGOKURJGTGU -CUJK[COC
GVCN #NVJQWIJVJKUOQFGNFKUECTFUVKFCNFGRQUKVUUQOGQHVJGEJCTCEVGTKUVKEU
QH VJKU UJCNNQYYCVGT V[RG QH FGRQUKV CU FGUETKDGF D[ (GNFOCPP GV CN CTG
CEMPQYNGFIGFD[-CUJK[COCGVCN GIVGTTGUVTKCNCPFOCTKPGCUUGODNCIGU
RTGUGPV KP VJG FGRQUKV 'XKFGPVN[ VJKU QRGP OCTKPG DCUKP OQFGN ECNNU HQT VJG NCEM
QHCP[VTCEGQHUJCNNQYYCVGTFGRQUKVHGCVWTGU GIE[CPQDCEVGTKCNOCVUFGUKEECVKQP
ETCEMU GVE GNGOGPVU VJCV YG VJKPM CTG UVKNN EQPVTQXGTUKCN +P CFFKVKQP VJG OQFGN
ECNNUHQTCUKVGQHFGRQUKVKQPNQECVGFKPCFKUVCNRCTVQHCUJGNHCPQEGCPKEDCUKPQTCP
KPVTCETCVQPKEUGC6JKUFKUVCNUJGNHCPFDCUKPUGFKOGPVCVKQPEQPƀKEVU YKVJ VJG RTGUGPEG
QH UOCNN VGTTGUVTKCN HQUUKNU NK\CTFU URKFGTU CPF KPUGEVU #U C RQUUKDNG UQNWVKQP VQ
VJKU KPEQPUKUVGPE[ -CUJK[COC GV CN VJGQTK\G C TGKPWPFCVGF TQWIJ -CTUV
VQRQITCRJ[KPYJKEJCDCUKPVTCRRKPIUVQTOKPFWEGFUWURGPUKQPFGRQUKVHCKTN[ENQUGVQ
#22.')#6''6#.
(+)74'5MGVEJOCRQHVJGRCNGQGPXKTQPOGPVQH6NC[ÕC
CVGTTGUVTKCNUQWTEGEQWNFQEEWT#EEQTFKPIVQVJKUKFGCCFGGRCPFUVGGRFGRTGUUKQPKP
RTQZKOKV[VQNCPFYQWNFTGEGKXGQPN[QEECUKQPCNUVQTOKPFWEGFUWURGPFGFUGFKOGPVU
CPF HQTO NCOKPCG KP VJG DQVVQO QH VJG FGRTGUUKQP (WTVJGTOQTG KH VJG TGNKEV MCTUV
VQRQITCRJ[ YGTG GZVTGOG GPQWIJ VJGP VJG DCUKP EQWNF JCXG DGGP RTQVGEVGF HTQO
RJ[UKECN FKUVWTDCPEG QH FGRQUKVU CPF HTQO VJG HQTOCVKQP QH UGFKOGPVCT[ UVTWEVWTGU
FWGVQVTCEVKQPVTCPURQTV
#UKPRTGXKQWUOQFGNU6NC[ÕCJCUDGGPEQORCTGFYKVJQVJGTYGNNMPQYPHQUUKN
NQECNKVKGU GI5QNJJQHGP -CUJK[COCGVCN RTQRQUGFVJGKPVTCETCVQPKE/QYT[
5JCNGQH9[QOKPICUCUGVVKPIVJCVEQWNFGZRNCKPVJGRCNGQGPXKTQPOGPVCNEQPFKVKQPU
VJCVRTGXCKNGFKP6NC[ÕC9GDGNKGXGVJCVKPRCNGQEQNQIKECNVGTOUVJGDKQVCUQHDQVJ
WPKVU 6NC[ÕCCPFVJG/QYT[5JCNG CTGYKFGN[FKHHGTGPV6NC[ÕCKUOWEJTKEJGTCPF
DGCTU CP CNOQUV GZENWUKXG őUJCNNQY YCVGTŒ HCWPC UGG UGEVKQP QP VJG RCNGQDKQVC QH
6NC[ÕC
+P CP CVVGORV VQ UVTGUU VJG UKIPKſECPEG QH VJG PCVWTG QH VJG RCNGQPVQNQIKECN
EQPVGPVUKPCUVWF[QHCFGRQUKVNKMG6NC[ÕCYGYKNNFKUEWUUVJGſUJ HCWPC QH YJCV VQ
QWTWPFGTUVCPFKPITGRTGUGPVUQPGQHVJGHGYYGNNMPQYP%TGVCEGQWUQEGCPKE FGGR
YCVGT ſUJ HCWPC 6JG EJCNM FGRQUKVU QH VJG /QQTGXKNG (QTOCVKQP QH #NCDCOC UGG
#RRNGICVG CTGHQUUKNKHGTQWUGPQWIJVQUGTXGCUCOGCPKPIHWNEQPVTCUVYKVJYJCV
JCUDGGPTGEQTFGFKPVJGőUJCNNQYYCVGTŒ/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQP
#VVJG/QQTXKNG%JCNMVJGHQNNQYKPIſUJ ITQWRU JCXG DGGP TGEQTFGF
4'%'06+08'56+)#6+105+06.#;#37#44;
C &GGRYCVGTEJKOCGTKFU CVNGCUVCVNGCUVVJTGGURGEKGU
D 5GXGTCNURGEKGUQHRGNCIKEUJCTMU OGCUWTKPIQXGTVJTGGOGVGTUNQPI
E #NCTIGPQPTGGHR[EPQFQPV GI*CFTQFWU
F #VNGCUVVJTGGHQTOUQHRCEJ[TJK\QFQPVKFU UVTQPIHCUVUYKOOGTUVJCVECPDG
EQPUKFGTGFGSWKXCNGPVUVQRTGUGPVFC[VWPC
G 6YQURGEKGUQHNCTIGKEJVJ[QFGEVKFU GI+EJVJ[QFGEVGUCPF:KRJCEVKPWU *GTGYG
PQVGVJCVVJGUGNCTIGKEJVJ[QFGEVKFU QXGTVYQOGVGTUNQPI CTGXGT[FKHHGTGPVHTQO
VJGEQORCTCVKXGN[UOCNNHQTOUVJCVQEEWTKP6NC[ÕC UGG#NXCTCFQ1TVGIC

H 5ECNGUQHFGGRYCVGTDGT[EKHQTOGU
I 6JG XGT[ EQOOQP RTGUGPEG QH UECNGU DGNQPIKPI VQ O[EVQRJKFU NCPVGTP ſUJGU
YJKEJECPDGEQPUKFGTGFQPGQHVJGDGUVKPFKECVQTUQHVJGFGGRYCVGTGPXKTQPOGPV
YJGTGVJG/QQTXKNG%JCNMYCUFGRQUKVGF
+VKUKPVGTGUVKPIVQOGPVKQPVJCVPQPGQHVJGUGITQWRUQHſUJGU CTG HQWPF KP 6NC[ÕC

KPCEQNNGEVKQPVJCVVQFCVGKUTGRTGUGPVGFD[OQTGVJCVſUJGU UGG UGEVKQP QP VJG
RCNGQDKQVCQH6NC[ÕC
9G ECP CNUQ OGPVKQP VJG RTGUGPEG QH CDWPFCPV NCTIG OCTKPG TGRVKNGU NKMG
OQUCUCWTU CPF IKICPVKE VWTVNGU KP VJG /QQTGXKNNG UGG 4WUUGNN 5WEJ NCTIG
CPKOCNUCTGCDUGPVKP6NC[ÕCVJCVQPVJGQVJGTJCPFUJQYUCTGRVKNKCPHCWPCOQUVN[
EQORQUGF QH UOCNN VGTTGUVTKCN NK\CTFU UGXGTCN ƀ[KPI EQCUVCN RVGTQUCWTU QPG UOCNN
RQUUKDN[CORJKDKCP URJGPQFQPVKCPVYQOGFKWOVQUOCNNUK\GFETQEQFKNGUCPFVJTGG
UOCNNVWTVNGU VJCVRQUUKDN[ECPDGHTGUJYCVGTQTVGTTGUVTKCN
6JG(TGUJYCVGT5KIPCN
4GEGPVN[ KPXGUVKICVKQPU DCUGF QP KUQVQRKE CPCN[UKU HQEWUGF QP VJG OCTKPG QT
HTGUJYCVGTPCVWTGQHVJGNKOGUVQPGUKPVJGFGRQUKVJCXGDGGPECTTKGFQP)WGTTGTQ
#TGPCU RTGNKOKPCT[TGUWNVUUJQYVJCVCVNGCUVKPVJGWRRGTNC[GTUQHVJG/KFFNG
/GODGTQHVJG6NC[ÕC(QTOCVKQP WRRGTRCTVQHVJGUGEVKQP VJGőNCIQQPŒYCUJKIJN[
KPƀWGPEGF D[ HTGUJ YCVGT YKVJ C UECTEG DWV KORQTVCPV DGPVJKE EQOOWPKV[ YKVJ ſXG
FKUVKPEVKXGGVJQNQIKECNECVGIQTKGU 2CTVQHVJGUGTGUWNVUKUKPXCTKCPEGYKVJUQOGQH
VJG RTGXKQWU KFGCU RTQRQUGF HQT VJG őCPQZKEDQVVQO VQZKEŒ 6NC[ÕC DGFU /QUVN[
DCUGF QP KP RCNGQPVQNQIKECN GXKFGPEG 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG
CPF (GNFOCPP GV CN TGEQIPK\GF VJG KPƀWGPEG QH VJG HTGUJ YCVGT KP 6NC[ÕC
OCKPN[VJGRTGUGPEGKPVJGRCNGQDKQVCQHCPQFQPCVGFTCIQPƀ[ P[ORJ C UOCNN FKRVGTC
őOC[ƀ[Œ CPF OCP[ HTGUJ YCVGT ſUJGU 0GXGTVJGNGUU PQDQF[ JCU [GV GNWEKFCVGF KH
VJKUőHTGUJYCVGTUKIPCNŒKUWPKSWGVQCUKPINGNC[GTQTKHKVKUUGSWGPVKCNCPFKHKVECP
DGVTCEGF JQTK\QPVCNN[ CNQPIVJGGPVKTGSWCTT[
#U KV ECP DG UGGP VJGTG CTG UVKNN OCP[ KPEQPUKUVGPEKGU CPF EQPVTCFKEVKQPU
COQPI VJG FKHHGTGPV KFGCU TGICTFKPI VJG RCNGQGPXKTQPOGPVCN CPF RQUVFGRQUKVKQPCN
EQPFKVKQPUVJCVRTQFWEGF6NC[ÕC'XGT[PGYTGUWNVEQPſTOU VJG EQORNGZ PCVWTG QH
VJKUGZVTCQTFKPCT[HQUUKNFGRQUKVCPFECNNUHQTOQTGKPVGTFKUEKRNKPCT[KPXGUVKICVKQPU
#22.')#6''6#.
(+)74'%TCEMGFUNCDHTQOVJG6NC[ÕC3WCTT[
(KPCN4GOCTMU

+VKUGXKFGPVVJCVVJG6NC[ÕC3WCTT[KP6GRGZKFG4QFTÈIWG\2WGDNC5VCVG/GZKEQ
KUCWPKSWGFGRQUKVVJCVUJQYUUKOKNCTKVKGUYKVJQVJGTHCOQWU/GUQ\QKEHQUUKNKHGTQWU
NQECNKVKGUQHVJGYQTNF GI5QNPJQHGP%GTKPCPF0WURNKPIGTCOQPIQVJGTU +VKUCNUQ
ENGCTVJCVVJGFGRQUKVDGCTURCTVKEWNCTKVKGUVJCVECNNHQTOQTGVJQTQWIJUVWFKGUCKOGFKP
VJQUGFGVCKNUVJCVVQFC[CTGHQTOKPIRCTVQHVJGRQNGOKEKUUWGUVJCVJCXGCTQUGHTQOVJG
TGUWNVUQDVCKPGFHTQOVJGTGEGPVKPXGUVKICVKQPUFKUEWUUGFJGTGKP
(TQO QWT RGTURGEVKXG QPG KORQTVCPV RQKPV QH EQPVGPVKQP EQTTGURQPFU VQ VJG
UJCNNQYYCVGTXGTUWUQEGCPKEPCVWTGQHVJGFGRQUKV6JKUEQPVTQXGTU[VQDGEQPUKFGTGF
C UJCNNQY YCVGT FGRQUKV TGSWKTGU CFGSWCVG EJCTCEVGTK\CVKQP QH VJG RTGUGPEG QH
E[CPQDCEVGTKCN OCVU CPFQT VJG FKUEQXGT[ QH WPFGPKCDNG GXKFGPEG QH GXCRQTKVKE
OKPGTCNU QT FGUKEECVKQP ETCEMU +P VJG ECUG QH VJG FGGR YCVGT QTKGPVGF OQFGN KV KU
KORQTVCPVVQUVWF[CPFTGGXCNWCVGVJGRCNGQGEQNQIKECNPCVWTGQHVJGDKQVCVQſPF C
UKIPKſECPV OKPKOCN PWODGT QH őRGNCIKEŒ QT őFGGR YCVGT FYGNNGTUŒ YKVJKP VJG OQTG
VJCPHQUUKNUEQNNGEVGFVQFCVG
+PCFFKVKQPVQUWRRQTVVJGőQRGPOCTKPGFGGRYCVGTEQPEGRVŒKVKUXGT[KORQTVCPV
VQNQECVGVJGUGVVKPIQHVJGFGRQUKVKPEQPVGZVYKVJVJGTGIKQPCNIGQNQI[QHVJGOKFFNG
#NDKCP QH VJKU RCTV QH /GZKEQ RCTVKEWNCTN[ YJGP VJG OQFGN PGGFU VQ GZRNCKP VJG
4'%'06+08'56+)#6+105+06.#;#37#44;
OKZGF CUUGODNCIG OCTKPG HTGUJ YCVGT CPF VGTTGUVTKCN QTICPKUOU 6JGUG HWVWTG
KPXGUVKICVKQPUUJQWNFVCMGKPVQEQPUKFGTCVKQPVJGVGEVQPKEGXGPVUMPQYPHQTGCUVGTP
/GZKEQCUUQEKCVGFYKVJVJGHQTOCVKQPQHVJG)WNHQH/GZKEQCPFVJGKTEQPUGSWGPV
FKHHGTGPVKCN DNQEM HCWNVKPI 6JKU VGEVQPKE UGVVKPI EQWNF UGTXG CU C DGVVGT UEGPCTKQ VQ
EQPEGKXGEQORCTCVKXGN[FGGRDCUKPUCFLCEGPVVQNCPFYKVJDQTFGTUUJCNNQYGPQWIJVQ
FGXGNQREQTCNTGGHU /QT¶P<GPVGPQRGTUEQO,WN[
#PQVJGT UGV QH TGUGCTEJ KPXQNXGU UGFKOGPVQNQIKECN CPF IGQEJGOKECN CPCN[UGU
VJGUGKPENWFGC VJGRTQDNGOQHVJGſPKPIWRYCTFU NCOKPCVKQPU KP C ENQUG NCIQQPCN
V[RG QH GPXKTQPOGPV VJG UJCNNQY YCVGTFGGR YCVGT QEGCPKE DCUKP EQPVTQXGTU[ D
VJGFKCIGPGVKEQTCWVJKIGPKEQTKIKPQHHGCVWTGUUWEJCUVJGJGOCVKVGHQWPFCNQPIVJG
DGFFKPI RNCPGU QH VJG NKOGUVQPGU UNCDU CPF E VJG RTGUGPEG QH RTGUUWTGUQNWVKQP
KPFKECVQTUU[PCGTGUKUETCEMU (KIWTG
+PCFFKVKQPVJGTGEQTFQHCHTGUJYCVGTKUQVQRKEUKIPCNYKVJKPVJGUGEVKQPTGSWKTGU
CPGZVGPUKXG NC[GTD[NC[GT CPCN[UKUQHVJG/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQP
YKVJVJGQDLGEVKXGVQſPF CP[ E[ENGU QH GXGPVWCN HTGUJ YCVGT KPƀWGPEG KP VJG FGRQUKV
6JGUGUVWFKGUCUYGNNCUVJGUGFKOGPVQNQIKECNKPXGUVKICVKQPUKPXQNXGFGVCKNGFUGEVKQPU
CETQUUVJGSWCTT[VQCUUGUCNNXGTVKECNCPFNCVGTCNEJCPIGURTGUGPVKPVJGQWVETQRVJCV
OGCUWTGUOHTQOQPGGZVTGOGQHVJGSWCTT[EQORNGZVQVJGQVJGT
(KPCNN[ VJG OCIPGVKE RQNCTKV[ UVTCVKITCRJ[ EQODKPGF YKVJ COOQPKVG
DKQUVTCVKITCRJKE CIG CUUKIPOGPVU RGTHQTOGF D[ $GPCOOK GV CN KP RTGR
JCXGDTCEMGVGFVJGCIGQH6NC[ÕCDGVYGGP/KFFNGCPF7RRGT#NDKCP /C
*QYGXGTVJGTGKUUVKNNUQOGFKUETGRCPE[DGVYGGPVJKUCIGCUUKIPOGPVCPFVJG#RVKCP!
CIGCUUGUUGFD[-CUJK[COCGVCN DCUGFQPKPPGTUJGNHDGPVJKEHQTCOKPKHGTC
(WTVJGTOQTG VQ FCVG VJGTG CTG VYQ FKHHGTKPI GUVKOCVGU QH TQEM CEEWOWNCVKQP TCVGU
DQVJ QDVCKPGF VJTQWIJ FKHHGTGPV OGVJQFU (QT VJG URGEVTCN CPCN[UKU QH FGRVJUGTKGU
OGCUWTGOGPVUQHOCIPGVKEUWUEGRVKDKNKV[QH-CUJK[COCGVCN VJGTCVGKU
EOM[T CU HQT $GPCOOK GV CN KP RTGUU DCUGF QP OCIPGVKE RQNCTKV[ UVTCVKITCRJ[
VJG GUVKOCVGF UGFKOGPVCVKQP TCVG KU EOM[T 6JGUG TCVGU PGGF VQ DG CPCN[\GF
CPF TGGXCNWCVGF FWG VQ VJG KORQTVCPEG QH VJKU CURGEV KP VJG WPFGTUVCPFKPI QH VJG
RCNGQGPXKTQPOGPVCNUGVVKPICPFKVUF[PCOKEU
#HVGTſPKUJKPI VJKU EJCRVGT KV KU ENGCT VJCV VJG 6NC[ÕC 3WCTT[ KU UVKNN QPG QH VJG
OQUVKORQTVCPVFGRQUKVUYKVJGZEGRVKQPCNHQUUKNRTGUGTXCVKQPKPVJGYQTNF#HVGTOQTG
VJCV VYGPV[ [GCTU QH RCNGQPVQNQIKECN KPXGUVKICVKQPU VJG CDWPFCPEG CPF FKXGTUKV[ QH
HQUUKNUPGYVQUEKGPEGJCUPQVFGETGCUGFCPFCTGKPPGGFQHVCZQPQOKEFGUETKRVKQP6JG
QTKIKPCPFPCVWTGQHVJKUKORQTVCPV/GZKECPő-QPUGXCV(QUUKN.CIGTUV¼VVGPŒKUUVKNNPQV
YGNN WPFGTUVQQF CPF VJGTGHQTG KVU UGFKOGPVCT[ RQUVFGRQUKVKQPCN CPF IGQEJGOKECN
RTQEGUUGUTGRTGUGPVCYGCNVJQHRTGUGPVCPFHWVWTGKPXGUVKICVKQPU
#EMPQYNGFIOGPVU
9GVJCPM(TCPEKUEQ8GICCPF/CTÈCFGN%CTOGP2GTTKNNKCV/QPVQ[CYJQKPXKVGF
WUVQRCTVKEKRCVGKPVJKUDQQM6JG(CWPCNCPF(NQTCNNKUVQH6NC[ÕCYCUQDVCKPGFVJTQWIJ
#22.')#6''6#.
VJGIGPGTQWUEQNNCDQTCVKQPQH(TCPEKUEQ8GIC/CTÈCFGN%CTOGP2GTTKNNKCV$NCPEC
'UVGNC$WKVTÎP8ÈEVQT*WIQ4G[PQUQCPF'PTKSWG/CTVÈPG\*GTP¶PFG\9GYQWNF
CNUQ NKMG VQ CEMPQYNGFIG VJG KPURKTKPI FKUEWUUKQPU YKVJ &T &CPVG /QT¶P <GPVGPQ
CPF / % )CDTKGNC )W\\[ #TTGFQPFQ CPF 4QUCNÈC )WGTTGTQ #TGPCU TGICTFKPI VJG
2CNGQGPXKTQOGPVU CPF )GQNQIKECN UGVVKPIU QH 6NC[ÕC +PI ,WNKQ %CDCNNGTQ %QTQPC
GNCDQTCVGFQPVJGRCNGQGPXKTQOGPVCNUMGVEJOCRDCUGFQPRCNGQIGQITCRJ[QH6NC[ÕC
#PVQPKQ#NVCOKTC)CNNCTFQVQQMCNNVJGRJQVQITCRJUUJQYPVJTQWIJQWVVJKUEJCRVGT
4GHGTGPEGU
#NGPE¶UVGT)7PCPWGXCGURGEKGFG6QWECUKCGPGN%TGV¶EKEQOGFKQFGNQUGUVCFQUFG1CZCEC[
2WGDNC7PKX0CN#WVÎP/ÃZ+PUV)GQN2CNGQPV/GZ
#NXCTCFQ1TVGIC , +EJVJ[QFGEVKHQTOGU OGZKECPQU 7P CP¶NKUKU FG UW FKXGTUKFCF #XCPEGU GP
+PXGUVKICEKÎP2CNGQPVQNQIÈCFG8GTVGDTCFQU7PKX#WVÎP'FQ*KFCNIQ2WD'UR
#NXCTCFQ1TVGIC,&GUETKRVKQPCPFTGNCVKQPUJKRUQHCPGY+EJVJ[QFGEVKHQTOſUJ HTQO VJG 6NC[ÕC
(QTOCVKQP 'CTN[%TGVCEGQWU#NDKCP 2WGDNC/GZKEQ,8GTV2CNGQPV
#NXCTCFQ1TVGIC,CPF#RRNGICVG526JGHQUUKNEQPUGTXCVKQPQHVJG6NC[ÕC3WCTT[KP2WGDNC
5VCVG/GZKEQTF#PP/GGV5QWVJ%GPVTCN5GEVKQP)GQN5QE#O#DUVTCEVUR#
#NXCTCFQ1TVGIC,CPF'URKPQUC#TTWDCTGPC..QUKQPQUEQRKFQUFGNC%CPVGTC6NC[ÕC6GRGZK
FG4QFTÈIWG\2WGDNC4GWPKÎP#PWCN7P)GQH/GZCPF:++4GWPKÎP0CEKQPCN5'.2'4
4GUÕOGPGUR#
#NXCTCFQ1TVGIC,CPF'URKPQUC#TTWDCTGPC.%QPUGTXCEKÎPFG6GLKFQU$NCPFQUGPNQUHÎUKNGUFGNC
%CPVGTC6NC[ÕC+:%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC5QE/GZ2CNGQPV4GUÕOGPGUR
#NXCTCFQ1TVGIC,)QP\¶NG\4QFTÈIWG\-#$NCPEQ2KÌÎP#'URKPQUC#TTWDCTTGPC.CPF1XCNNGU
&COK¶P'/GUQ\QKE1UVGKEJVJ[CPUQH/GZKEQ6JKUXQNWOG
#RRNGICVG 5 2 6JG 8GTVGDTCVG (CWPC QH VJG 5GNOC (QTOCVKQP KP #NCDCOC 2V 6JG (KUJGU
(KGNFKCPC)GQN/GO
#RRNGICVG52#RTGNKOKPCT[UVWF[QHVJG6NC[ÕC3WCTT[PGCT6GRGZKFG4QFTÈIWG\2WGDNC5QE
/GZ2CN4GX
#RRNGICVG 5 2 # PGY IGPWU CPF URGEKGU QH R[EPQFQPV 6GRGZKEJV[U CTCPIWVJ[QTWO HTQO VJG
%TGVCEGQWU #NDKCP QHEGPVTCN/GZKEQ6GRGZKFG4QFTÈIWG\2WGDNC7PKX0CN#WVÎP/GZ+PUV
)GQN4GX
#RRNGICVG52#PQXGTXKGYQHVJG%TGVCEGQWUſUJGU QH VJG SWCTTKGU PGCT 6GRGZK FG 4QFTÈIWG\
2WGDNC/GZKEQKP#TTCKVC)CPF8KQJN) GFU /GUQ\QKE(KUJGU5[UVGOCVKEUCPF2CNGQGEQNQI[
8GTNCI&T(TKGFGTKEJ2HGKN/WPKEJR
#RRNGICVG52CPF'URKPQUC#TTWDCTTGPC..KVJQITCRJKENKOGUVQPGNKMGFGRQUKVUKP6GRGZKFG
4QFTÈIWG\2WGDNC/GZKEQ7PKX0CN#WVÎP/ÃZ+PUV)GQNVJ#PP/GGV5QE8GTV2CNGQPV
(KGNFVTKRIWKFGDQQMR
#RRNGICVG52)QP\¶NG\4QFTÈIWG\-CPF#NXCTCFQ1TVGIC,(KUJHCWPCQHVJG6NC[ÕCSWCTTKGU
KP2CNGQPVQNQIKECNJKIJNKIJVUQHVJG/KZVGEC2QDNCPCKP%GPVTCN/GZKEQ(KGNF)WKFG 'URKPQUC
#TTWDCTTGPC./QPVGNNCPQ$CNNGUVGTQUCPF/CPF#RRNGICVG52EQQTFKPCVQTU VJ#PPWCN
/GGVKPIQH5QEKGV[QH8GTVGDTCVG2CNGQPVQNQI[7PKX#WVÎP'FQ*KFCNIQ5RGE2WDR
$CTVJGN - 9 5YKPDWTPG 0 * / %QPYC[ /QTTKU 5 5QNPJQHGP Ō # UVWF[ KP /GUQ\QKE
RCNCGQPVQNQI[%CODTKFIG7PKXGTUKV[2TGUURR
$CTVTCO#9*6JG/CETQUGOKKFCC/GUQ\QKEHCOKN[QH*QNQUVGCPſUJGU $TKVKUJ/WU0CV
*KUV$WNN
$GPCOOK / 7TTWVKC(WEWICWEJK , CPF #NXCTCFQ1TVGIC , /CIPGVKE RQNCTKV[ UVTCVKITCRJ[ QH
VJG6NC[ÕC(QTOCVKQPPGCT6GRGZKFG4QFTÈIWG\5VCVGQH2WGDNC/GZKEQ4GWPKÎP#PWCN7P
)GQH/GZ4GUÕOGPGUR
$GPCOOK/7TTWVKC(WEWICWEJK,CPF#NXCTCFQ1TVGIC,/CIPGVKERQNCTKV[UVTCVKITCRJ[QHVJG
4'%'06+08'56+)#6+105+06.#;#37#44;
ő/GZKECP5QNPJQHGPŒ6JG6NC[ÕC(QTOCVKQPPGCT6GRGZKFG4QFTÈIWG\5VCVGQH2WGDNC/GZKEQ
'WTQRGCP)GQUEKGPEGU7PKQP)GQRJ4GU#DUVTCEVUR
$GTPKGT 2 )CKNNCTF % )CNN , % $CTCNG ) $QWTUGCW , 2 $WHHGVCWV ' CPF 9GP\ 5
/QTRJQIGPGVKEKORCEVQHOKETQDKCNOCVUQPUWTHCEGUVTWEVWTGUQH-KOOGTKFIKCPOKETKVKENKOGUVQPGU
%GTKP(TCPEG 5GFKOGPVQNQI[
$GUUG,CPF%QWTVKNNQV8#RRCTGPVCPFVTWGRQNCTYCPFGTCPFVJGIGQOGVT[QHVJGIGQOCIPGVKE
ſGNF QXGT VJG NCUV /[T ,)GQRJ[U4GUFQK,$
%CPVÕ%JCRC#.CUCOQPKVCUFGN#NDKCPQ5WRGTKQTFG6GRGZKFG4QFTÈIWG\2WGDNC5QE/GZ
2CNGQPV4GX
%QDDCP9#/GTGYGVJGT'#(QWEJ6&CPF1TDCFQXKEJ,&5QOG%TGVCEGQWUUJQTGNKPGU
KPVJG9GUVGTP+PVGTKQTQHVJG7PKVGF5VCVGUKP/GUQ\QKE5[UVGOUQH4QEM[/QWVCKP4GIKQP %CRWVQ
/82GVGTUQP,#CPF(TCPE\[M-,GFU 75#R
%JKQEEJKPK//CPEKPGNNK#CPF4QOCPQ#5VTCVKITCRJKEFKUVTKDWVKQPQHDGPVJKEHQTCOKPKHGTC
KPVJG#RVKCP#NDKCPCPF%GPQOCPKCPECTDQPCVGUGSWGPEGUQHVJG#WTWPEKCPF#WUQPKOQWPVCKPU
UQWVJGTP.C\KQ+VCN[$'06*15ŏGOG5[ORQUKWOKPVGTPCVKQPCNUWTNGU(QTCOKPKHGTGUDGPVJKSWGU
$WNNGVKPFGU%GPVTGUFG4GEJGTEJGU'ZRNQTCVKQP2TQFWEVKQP'NH#SWKVCKPG/GO
'URKPQUC#TTWDCTGPC.CPF#RRNGICVG52#RCNGQGEQNQIKECNOQFGNQHVJGXGTVGDTCVGDGCTKPIDGFU
KPVJG6NC[ÕC3WCTTKGUPGCT6GRGZKFG4QFTÈIWG\2WGDNC/ÃZKEQKP/GUQ\QKE(KUJGU5[UVGOCVKEU
CPF2CNGQGEQNQI[ #TTCVKC)CPF8KQJN)GFU 8GTNCI&T(TKGFTKEJ2HGKN/×PEJGPR

'URKPQUC#TTWDCTGPC.#RRNGICVG52CPF)QP\¶NG\4QFTÈIWG\-#6JGſTUV /GZKECP TGEQTF
QHC%QGNCECPVJ 1UVGKEJVJ[GU5CTEQRVGT[IKK HTQOVJG6NC[ÕC3WCTTKGUPGCT6GRGZKFG4QFTÈIWG\
2WGDNC YKVJ C FKUEWUUKQP QP VJG KORQTVCPEG QH VJKU HQUUKN 5KZVJ 0QTVJ #OGTKECP 2CNGQPVQNQIKECN
%QPXGPVKQP2CNGQPVQN5QE5RGE2WDNR
(GNFOCPP4/8GIC(,#RRNGICVG52CPF$KUJQR)#'CTN[%TGVCEGQWUCTVJTQRQFUHTQO
VJG6NC[ÕC(QTOCVKQPCV6GRGZKFG4QFTÈIWG\2WGDNC/GZKEQ,2CNGQPV
)CNG # 5 -GPPGF[ 9 , $WTPGVV , # %CTQP / CPF -KFF $ ' 6JG .CVG #NDKCP VQ 'CTN[
%GPQOCPKCP UWEEGUUKQP CV VJG /QPV 4KUQW PGCT 4QUCPU &TQOG 5' (TCPEG CP KPVGITCVGF UVWF[
COOQPKVGUKPQEGTCOKFURNCPMVQPKEHQTCOKPKHGTCPCPPQHQUUKNUQZ[IGPCPFECTDQPKUQVQRGU %TGV
4GU
)QP\¶NG\4QFTÈIWG\ - # 5 2 #RRNGICVG CPF . 'URKPQUC#TTWDCTGPC # PGY /CETQUGOKKF
2KUEGU0GQRVGT[IKK#NGEQUVQOK HTQOVJG#NDKCPQH/GZKEQ,8GTV2CNGQPV
)TCFUVGKP(/#IVGTDGTI(21II,)*CTFGPDQN,XCP8GGP26JKGTT[,CPF*WQPI#
#6TKCUUKE,WTCUUKECPF%TGVCEGQWUVKOGUECNG+P)GQEJTQPQNQI[6KOG5ECNGUCPF)NQDCN
5VTCVKITCRJKE%QTTGNCVKQP $GTIITGP9#-GPV&8#WDT[/2*CTFGPDQN,GFU 5QE
'EQP2CNGQPV/KPGTCN5RGE2WDNŌ
)TCPFG . CPF 9 ' $GOKU # %QORTGJGPUKXG 2J[NQIGPGVKE 5VWF[ QH #OKKF ſUJGU #OKKFCG
DCUGFQPEQORCTCVKXGUMGNGVCNCPCVQO[#P'ORKTKECN5GCTEJHQT+PVGTEQPPGEVGFRCVVGTPUQP0CVWTCN
*KUVQT[5QE8GTV2CNGQPV/GO 5WRRN,8GTV2CNGQPV
)WGTTGTQ#TGPCU4+EPQHÎUKNGUFGKPXGTVGDTCFQUFGNC(QTOCEKÎP6NC[ÕCGP6GRGZKFG4QFTÈIWG\
2WGDNC/ÃZKEQ7PRWDNKUJGF/5VJGUKU7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ
-CUJK[COC;(CUVQXUM[&'4WVJGTHQTF5-KPI,CPF/QPVGNNCPQ/)GPGUKUQHCNQECNKV[
QH GZEGRVKQPCN HQUUKN RTGUGTXCVKQP RCNGQGPXKTQOGPVU QH 6GRGZK FG 4QFTÈIWG\ OKF%TGVCEGQWU
2WGDNC/GZKEQ %TGV4GU
/CNRKEC%TW\8/2CPVQLC#NQT,CPF)CNIWGTC4QUCU)/KETQHCEKGUFGNC%CPVGTC6NC[ÕC
2WGDNC/ÃZKEQ5KORQUKQUQDTG)GQNQIÈC4GIKQPCNFG/ÃZKEQ7PKX0CN#WVÎP/ÃZ+PUV)GQN
/GO
/CTVKNN&#PGY5QNPJQHGPKP/ÃZKEQ)GQNQI[6QFC[,CPWCT[(GDTWCT[R
/E(CFFGP 2 . CPF /E'NJKPP[ / 9 %NCUUKſECVKQP QH VJG TGXGTUCN VGUV KP RCNCGQOCIPGVKUO
)GQRJ,+PV
1TVGIC)WGTTGTQ$2CNGQOCIPGVKUOQ[IGQNQIÈCFGNCUWPKFCFGUEN¶UVKECUOGUQ\QKECUFGNCTGCFG
6QVQNVGRGE+ECSWKZVNCGUVCFQUFG2WGDNC[1CZCEC7PRWDNKUJGF/5VJGUKU7PKXGTUKFCF0CEKQPCN
#WVÎPQOCFG/ÃZKEQ
#22.')#6''6#.
2CPVQLC#NQT,)GQNQIÈC[RCNGQCODKGPVGUFGNC%CPVGTC6NC[ÕC6GRGZKFG4QFTÈIWG\GUVCFQFG
4G[PQUQ8*#őDGCFGFŒURJGPQFQPVKCP &KCRUKFC.GRKFQUCWTKC HTQOVJG'CTN[%TGVCEGQWUQH
/GZKEQ,8GTV2CNGQPV
4G[PQUQ8*#ECVN¶PVKFC[GNQTKIGPKPUWNCTFGNCHCWPCVGTTGUVTGFG6NC[ÕC7PKX#WVÎP'FQ
*KFCNIQ2WD'UR
4G[PQUQ 8 * #P WPWUWCN CSWCVKEURJGPQFQPVKCPHTQO VJG6NC[ÕC(QTOCVKQP #NDKCP %GPVTCN
/ÃZKEQ,2CNGQPV
4G[PQUQ8*CPF%CNNKUQP)#PGYUEKPEQOQTRJHTQOVJGGCTN[%TGVCEGQWUQH2WGDNC/GZKEQ
<QQN,.KPP5QEŌ
4G[PQUQ 8 * %CDTCN2GTFQOQ / # CPF %NCTM , 6JG 4GRVKNGU QH VJG 6NC[ÕC (QTOCVKQP KP
2CNGQPVQNQIKECN JKIJNKIJVU QH VJG /KZVGEC 2QDNCPC KP %GPVTCN /GZKEQ (KGNF )WKFG 'URKPQUC
#TTWDCTGPC./QPVGNNCPQ$CNNGUVGTQU/CPF#RRNGICVG52EQQTFKPCVQTU VJ#PPWCN/GGVKPI
5QE8GTV2CNGQPV7PKX#WVÎP'FQ*KFCNIQ2WD'UR
4WUUGNN&8GTVGDTCVG(CWPCQHVJG5GNOC(QTOCVKQPKP#NCDCOC2V6JG/QUCUCWTU(KGNFKCPC
)GQN/GO
5GKDGTV\ ' CPF $WKVTÎP $ ' 2CNGQPVQNQIÈC [ 'UVTCVKITCHÈC FG NQU 0GQJKDQNKVGU FGN #NDKCPQ FG
6GRGZKFG4QFTÈIWG\'UVCFQFG2WGDNC %TGV¶EKEQ/GFKQ/GZKEQ 5QE/GZ2CNGQPV4GX

5GKDGTV\'CPF5RCGVJ%%TGVCEGQWUDGNGOPKVGUQH/ÃZKEQ+++6JG#NDKCP0GQCPF/GUQJKDQNKVGU
QHVJGő/GZKECP5QNPJQHGPŒ6GRGZKFG4QFTÈIWG\ UVCVGQH2WGDNC CPFVJGKTDKQUVTCVQPQO[ .QYGT
%TGVCEGQWU 0,D)GQN2CN¼QPV#DJ
7TTWVKC(WEWICWEJK,2CNGQOCIPGVKEUVWF[QHVJG%TGVCEGQWU/QTGNQU(QTOCVKQP)WGTTGTQ5VCVG
UQWVJGTP/GZKEQ6GEVQPQRJ[UKEU
8KQJN)5QNPJQHGP.KVQITCRJKE.KOGUVQPGUKP2CNGQDKQNQI[#5[PVJGUKU $TKIIU&')CPF
24%TQYVJGTGFU $NCEMYGNN5EKGPVKſE 2WDNKECVKQPU R
8KNC%.KVQITCRJKE.KOGUVQPGCENQUGGPEQWPVGTDGVYGGPRCNGQPVQNQI[CPFRTKPVOCMKPIKP6JKTF
+PVGTPCVKQPCN 5[ORQUKWO QP .KVQITCRJKE .KOGUVQPGU 4GPGUVQ 5 GF 4GX /WU %KX 5EK 0CV
ő'PTKEQ%CHſŒ UWRRN8QNR
9KGFOCPP,CPF1YGP*).CVG#NDKCPCOOQPKVGDKQUVTCVKITCRJ[QHVJG-KTEJTQFG+DQTGJQNG
*CPPQXGT)GTOCP[2CNCGQIGQIT2CNCGQENKOCVQN2CNCGQGEQN
#RRGPFKZ(CWPCNCPF(NQTCN.KUVQHVJG6NC[ÕC3WCTT[
'7$#%6'4+#
%[CPQDCEVGTKC
24161%6+56#
%CNECTGQWUPCPPQRNCPMVQPKPFGV
%CNEKURJGTUKPFGV
(QTCOKPKHGTKFC 4GRQTVGFKP-CUJK[COCGVCN
&GTXGPVKPCſNKRGUEWK 0GCIW
'CTNCPFKC!EQPTCFK#TPCWF8CPPGCP
0CWVKNQEWNKPCUR
2TCGEJT[UCNKFKPCKPHTCETGVCEGC.WRGTVQ5KPPK RTQDCDNG
4WOCPQNQEWNKPCTQDWUVC0GCIW
5CDCWFKCOKPWVC*QH-GT
5RKTQNQEWNKPCETGVCEGC4GWUU
6TQEJCOOKPQKFGUEQTQPWU.QGDNKEJCPF6CRRCP
4'%'06+08'56+)#6+105+06.#;#37#44;
8CNXWNKPGTKCUR
2.#06#'
2JCGQRJ[EGCGDTQYPCNICG
6YQKPFGVV[RGU1PGUKOKNCTVQ5CTICUUWO
VJGQVJGTKUCőVJCNNQKFŒCNICG
)[OPQURGTOQRJ[VC
$GPPGVVKVCNGU
<COKVGU
%QPKHGTQRJ[VC
EH#TCWECTKC
EH(TGPQNQRUKU
EH$TCEJ[RJ[NNWO
UOCNNRKGEGUQHKPFGVGTOKPCVGFYQQF
21..'0
7PFGT UVWF[ D[ ' /CTVÈPG\*GTP¶PFG\ CPF ' 4COÈTG\#TTKCIC CV +PUVKVWVQ FG
)GQNQIÈC70#/
#0+/#.+#
2QTKHGTC
6YQFKHHGTGPVHQTOUKPFGV
%PKFCTKC
#PVJQ\QC
)QTIQPKCPEQTCNUVYQMKPFUKPFGV
#PPGNKFC
(GYURGEKOGPUKPFGV
/QNNWUEC
$KXCNXKC
+PQEGTCOWU
2GEVKPKFUKPFGV
1UVTGKFUKPFGV
)CUVTQRQFC
5GXGTCNHQTOUVJCVJCXGPQVDGGPFGVGTOKPCVGF
%GRJCNQRQFC
$GNGOPQKFGC
0GQJKDQNKVGUOKPKOWUQDVWUWU5VQNNG[
0OKPKOWURKPIWKU5VQNNG[
0OKPKOWUENCXKHQTOKU5GKDGTV\CPF$WKVTÎP
0RTCGWNVKOWU5RCGVJ
/GUQJKDQNKVGUUGOKECPCNKEWNCVWU $NCKPXKNNG
#OOQPQKFGC
/QTVQPKEGTCUUR
*[UVGTQEGTCUUR
#22.')#6''6#.
#PKUQEGTCUUR

#TVJTQRQFC
#TCEJPKFC
#VQECVNGTCPWNHQK(GNFOCPP8GIC#RRNGICVGCPF$KUJQR
+PUGEVC
1FQPCVC
+ZVCJWCDGPLCOKPK(GNFOCPP8GIC#RRNGICVGCPF$KUJQR
7PKFGPVKſGF őKPUGEV NCTXCŒ OC[ ƀ[!
/CNCEQUVTCEC
+UQRQFC
#TEJCGQPKUEWUCTCPIWVJ[QTWO(GNFOCPP8GIC#RRNGICVGCPF
$KUJQR
&GECRQFC
2TQVCGINCOKPWUEWNC(GNFOCPP8GIC#RRNGICVGCPF$KUJQR

$TCEJ[WTC
6GRGZKECTEKPWUVNC[WCGPUKU(GNFOCPP8GIC#RRNGICVGCPF
$KUJQR
1UVTCEQFC!
'EJKPQFGTOCVC
'EJKPQKFGC
#VNGCUVVYQHQTOUVJCVJCXGPQVDGGPFGVGTOKPCVGF
*QNQVWTQKFGC
'KIJVVCZCVJCVCTGKPVJGRTQEGUUQHFGUETKRVKQPWPFGTUVWF[D[52
#RRNGICVGCPF$'$KWVTÎPCV+PUVKVWVQFG)GQNQIÈC70#/
#UVGTQKFGC
6YQQTVJTGGHQTOUPQV[GVKFGPVKſGF
1RJKWTQKFGC
1PGURGEKGUQHőUGTRGPVUVCTŒUGG/CTVÈP/GFTCPQCPF)CTEÈC
$CTTGTC KPVJKUDQQM
%TKPQKFGC
1PGHQTOQHCPWPKFGPVKſGF HTGG NKXKPI ETKPQKF
8'46'$4#6#
2KUEGU
(KUJGUTGRTGUGPVCTQWPFQHVJGHQUUKNUTGEQXGTGFKP6NC[ÕC
3WCTT[ #RRNGICVG #RRNGICVG CPF EQNNCDQTCVQTU
CPF
#NXCTCFQ1TVGICCPFEQNNCDQTCVQTU KPVJKUDQQM RWDNKUJGFNKUVUQH
ſUJGU KP 6NC[ÕC
4'%'06+08'56+)#6+105+06.#;#37#44;
4GRVKNKC
%JGNQPKC
#VNGCUVVYQVCZCVJCVKPENWFGVJTGGEQORNGVGCFWNVURGEKOGPUCPF
QPGJCVEJNKPI
2VGTQUCWTKC
/QTGVJCPKUQNCVGFDQPGUCPFQPGCTVKEWNCVGFURGEKOGPTGEGPVN[
EQNNGEVGFUQOGGNGOGPVUJCXGDGGPCUUKIPGFVGPVCVKXGN[VQ
0[EJVQUCWTWUCPF2VGTCPQFQP
%TQEQF[NKC
6YQURGEKOGPU QPGLWXGPKNGCPFVJGQVJGTKUCPCFWNVKPFKXKFWCN
UKOKNCTVQ%TQEQFKNGKOWUDWVUVKNNCTGEQPUKFGTGFKPFGV
5RJGPQFQPVC
2COK\KPUCWTWUVNC[WCGPUKU4G[PQUQ
#PM[NQURJGPQFQPRCEJ[QUVQUWU4G[PQUQ
.CEGTVKNKC
*WGJWGEWGV\RCNNKOKZVGEWU4G[PQUQ
6GRGZKUCWTWUVGRGZKK4G[PQUQCPF%CNNKUQP
Index
Abelisauridae, 235 Cretaceous, 48

Aguilillas sandstone, 238 Jurassic, 51
Aguja Formation, 236 Triassic, 54
Albertosaurus, 236 Cretaceous echinoids
Anacardiaceae, 7, 8, 10, 12, 13, 32 publications, 99-101
Ankylosauridae, 237, 243, 244 recent studies, 102, 104
Anura, 213 species, 105-109
Araceae, 9, 10, 12 Cretaceous vegetation, 2, 3
Arecaceae, 12 Dinosaurs
Arikareean, 252, 255, 256 Baja California, 233, 234-236,
Artiodactyls, 256, 262 238, 243
Aublysodon, 233, 236, 243 Chihuahua, 233, 234, 236, 243
Baja Calfornia Peninsula, 1, 5, 6, 13, Coahuila, 233, 234, 236-240, 244
14, 35, 174, 237, 258 Early Cretaceous, 235, 238, 242,
Barstovian , 253, 255, 256, 257, 262, 243
266 eggshells, 237
Berberidaceae, 8 ichnites, 233
Betulaceae, 12, 43, 44 Michoacán, 233, 234, 237, 238,
Blancan, 213, 219, 220, 253, 254, 242, 245
257-263, 265 Middle Jurassic, 235, 237, 238,
Boreotropical, 38 240, 242
Bridgerian, 251, 252, 255 Sonora, 233, 234, 236, 243
Burgos Basin, 12, 25 Tamaulipas, 233-235, 240, 242
Cabullona Group, 182, 183, 219, 236, Dromaeosauridae, 235, 237, 238, 244
243 Early Cretaceous
Carnivores, 256, 262, 263, 268 Crocodile, 211, 212
Ceratopsidae, 236, 243, 244 Marine reptile, 212, 213, 215,
Ceratosaurus, 235 218
Cerro del Pueblo Formation, 237, Turtles, 218, 219
239, 244 Sphenodontians 209
Chadronian, 219, 252, 255, 256, 262, El Aguaje, 238, 239, 245
263 El Gallo Formation, 174, 219, 235,
Chortis block, 2-5, 13, 14, 20 237, 243, 253
Collections of fossil fishes, 174 El Pelillal track site, 239, 244
Coprolites, 237, 238 Environments and
Corals chronostratigraphic inference during
306
Eocene, 23, 25 Labocania anomala, 235, 243

Eocene-Ologocene, 25 Lambeosaurus laticaudus, 235, 236,
Miocene, 27, 30 243
Oligocene, 26, 27 La Popa Basin, 13
Oligocene-Miocene, 27 Laramide orogeny, 37
Paleocene, 23 La Soledad Beds, 234
Pliocene, 30 Las Aguilas track site, 240
Echinoderms Late Cretaceous
asteroids, 116, 128, 129 Amphibian, 219
crinoids, 128 Crocodile, 219
echinoids, 128 Lizard, 219, 236, 292, 293, 295,
holothuroids, 128 296
ophiuroids, 115, 116, 118, 119, Mosasaurs, 211, 215, 219, 236
120, 122-126, 165, 176 Snake, 215, 218
Eocene volcanic rocks, 4 Turtle, 211, 213, 218, 219, 236,
Equids, 258-262 239, 240
Eucommiaceae, 7, 11 Late Eocene
Faja Volcánica, 3, 4, 13 Lizard, 219
Faunal Interchange, 264 Late Jurassic
Feeding strategies, 262-267 Crocodile, 212, 216
Flowering plants, 7 Late Pleistocene
Fossil Crustacea Amphibians, 220
cuticle, 80, 96, 97 Crocodile, 220
paleobiogeography, 95 Lizards, 221
paleoecology, 95 Phrynosoma, 212, 215, 221, 222,
systematics, 81 Leguminosae, 7-10, 13, 26, 30, 32
Gulf Coast Province, 20, 38 Lithographic limestone, 174, 182,
Gulf of California, 3, 6 183, 187, 283
Hadrosauridae, 236, 238, 239, 243- Local faunas
245 Concha local fauna, 254, 258
Hamamelidaceae, 10 El Marfil, 252, 255, 256, 261
Hemingfordian, 253, 255-257, 262 El Zoyatal, 253, 256
Hemphillian, 212, 220, 254, 255, Goleta, 220, 254, 259
257-263, 265, 266, 267 Ixtapa, 253
Heterodontosaurus, 233, 235, 242 La Plegaria, 254, 259
Huizachal Canyon, 211, 216, 235 Las Tunas, 214, 258
Ice ages, 2, 250 Lomas Las Tetas de Cabra,
Irvingtonian, 220, 255, 261 252, 254, 262, 263
Isthmus of Panama, 1, 2, 7, 14 Matatlán, 257, 264
Juglandeaceae, 13, 43-45 Miñaca, 258, 264, 266
Lagerstätte(n), 170, 179, 276, 277, Miraflores, 254, 258
293, 299 Nejapa, 257, 262
La Boca Formation, 211, 214, 216, Rancho Gaitán, 262
235, 252 San Miguel de Allende, 260,
La Bocana Roja Formation, 235, 243 264, 265, 267
307
Suchilquitongo, 257 bivalves, 136-138, 145, 146, 149,

Tecolotlán, 259 151, 152, 155, 158-161, 163,
Tehuichila, 213, 259 164
Teocaltiche, 259 brachiopods, 133, 134, 136-141,
Yepómera, 212, 258, 265 144-148, 150-152, 154-158,
Los Ahuhuetes, 10, 14, 173 160-163, 164,
Magmatic provinces, 3 bryozoans, 133, 134, 136-138,
Mammalian record 146, 148, 156, 158, 162, 163
Cretaceous, 253 cephalopods, 135, 137, 139-143,
Early-Middle Miocene, 269 149, 152, 156
Eocene-Oligocene, 269 conulariids, 140, 145, 148, 162
Jurassic, 252 corals, 140, 146, 148, 150, 151,
Late Miocene-Pliocene, 269 153, 155-157, 162
Quaternary, 269 crinoids, 136-138, 144, 146, 147,
Maniraptora, 235 149-153, 164
Marine regressions, 4, 6 gastropods, 137-140, 145, 146,
Menispermaceae, 12 148, 149, 151, 152, 155,
Mesozoic osteichthyans, 169, 170, 156, 158-161, 163
176 rostroconchs 148, 155, 163
Mexcala Formation, 91, 92, 238, 243 scaphopods, 158, 160, 163
Monoclonius, 233, 234 sponges, 141, 148, 157, 162
Muerto Formation, 240, 245 trilobites, 136, 144, 146, 149,
Muhi Quarry, 176, 180, 188-193, 197 150, 164
Multituberculates, 253 Phytolaccaceae, 12
Musaceae, 9, 12 Pleistocene mammals, 252, 258, 259
Natural History, 2, 223, 234, 250 Pteraichnus, 239
Oligocene Rancholabrean, 255, 261
turtle, 219 Ranunculaceae, 12
Olmos Formation, 240, 244 Rodentia, 255
Ophiuroids Rudists
anatomy, 121, 126, 128 geologic formations, 63, 67, 68
diversity, 128 localities, 68, 70, 71, 72
fossil record, 119, 125, 126, 129, species, 73
130 Salicaceae, 10, 11, 14
habits, 116, 118 San Felipe Otlaltepec, 235
taxonomy, 118 San Juan Raya Formation, 83, 238,
Ornithomimidae, 236, 237, 239, 243, 243
244 Sapotaceae, 13, 25, 38
Ornithomimus, 237 Sierra Madre del Sur, 3, 5
Osteological record, 235 Sierra Madre Occidental, 3, 4, 13, 20,
Paleopeninsula of Coahuila, 12 37, 39, 66,
Paleocene vegetation, 2 Sierra Madre Oriental 4, 6, 72
Paleozoic invertebrates skin impressions, 237, 238
Syntarsus, 233, 235, 242
Tertiary
308
climatic trends, 37 189, 276, 283, 290, 296,

paleopalynology, 22, 23 297, 304
palynofloristic affinities, 31 magnetostratigraphy, 279, 280
palynomorphs, 20, 22, 23, 25, paleoecological models, 294
30, 31, 37, 42 regional geology, 277, 298
Tertiary Formations reptiles, 292
Claiborne, 22, 25, 33, 34, 36, 37 soft parts (preservation), 276
Cuayuca, 20-23, 26-28, 31-36, vascular plants, 288
38, 39 Troodontidae, 236, 237, 243
La Purísima, 21, 22, 253, 257 Tyrannosauridae, 236, 237, 239, 243-
La Quinta, 22, 25, 30, 33, 35, 36 245
Paraje Solo, 22, 31, 33-36 Vallecillo, 175, 178, 179, 182, 184,
Pichucalco, 22, 30, 32, 33, 35, 185, 187, 189, 192, 193, 195,
36, 39 196, 197, 218
Pie de Vaca, 22, 23, 26, 28, 31, Vegetation types during Tertiary
33, 35, 36, 279, chaparral, 27, 38, 39
San Gregorio, 20-22, 27, 29, 32- cloud forest, 25-27, 30, 38
36, 38 coniferous forest, 20, 26, 30, 38
Tertiary Groups low biomass, 27, 34, 38
Balsas, 20-24, 26, 27, 31, 32, 34, pine-oak forest, 31
35, 37 temperate forest, 38
Esperanza, 22, 27, 33, 34, 37 thorn scrub, 30
titanosaurid sauropod, 236 thorn woodland, 26, 34
Theropoda, 235, 237, 242-245 tropical forest, 7, 25, 30,
Tlayúa Quarry, 120, 121, 129, 130, tropical rain forest, 31, 37, 39
170, 174, 176, 177, 182, 183, Wilcox Flora, 38
185-187, 189, 190-192, 197, 198, Wasatchian, 252, 254, 255, 262, 263
218, 276-282, 284, 287, 289, Werner Janensch, 233, 234
290, 292, 294, 297-299, 302 Xenarthra, 261
biostratigraphy, 279 Xochixtlapilco, 238, 242
cyanobacterial mat(s), 283, 285- Yucatan Peninsula, 1, 4, 14, 251
287, 294, 295, 298,
fishes, 174, 176, 177, 182, 186,

Topics in Geobiology 24 Studies On Mexican Paleontologyfrancisco

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Topics in Geobiology 24 Studies On Mexican Paleontologyfrancisco

Uploaded by

Copyright:

Available Formats

Volume 24 • TOPICS IN GEOBIOLOGY • Series Editors: Neil H. Landman and Douglas S.

Current volumes in this series

Volume 24: Studies on Mexican Paleontology

Volume 23: Applied Stratigraphy

Volume 22: The Geobiology and Ecology of Metasequoia

Volume 21: High-Resolution Approaches in Stratigraphic Paleontology

Volume 20: Predator-Prey Interactions in the Fossil Record

Volume 19: Fossils, Phylogeny, and Form

Volume 18: Eocene Biodiversity

Volume 17: The History and Sedimentology of Ancient Reef Systems

Volume 16: Paleobiogeography

Volume 15: Environmental Micropaleontology

Volume 14: Neogene, Paleontology of the Manonga Valley, Tanzania

Volume 13: Ammonoid Paleobiology

MARÍA DEL CARMEN PERRILLIAT

SERGIO R.S. CEVALLOS-FERRIZ

ISBN-10 1-4020-3882-8 (HB)

Top cover illustrations:

Printed on acid-free paper

All Rights Reserved

Printed in the Netherlands.

Other volumes are more theme based such as predator-prey relationships,

Jesús Alvarado-Ortega Instituto de Geología, Universidad Nacional Autónoma de

Shelton P. Applegate Instituto de Geología, Universidad Nacional Autónoma de

Mouloud Benammi Instituto de Geofísica, Universidad Nacional Autónoma de

Alberto Blanco-Piñón Centro de Investigaciones en Ciencias de la Tierra,

Sergio R. S. Cevallos-Ferriz Instituto de Instituto de Geología, Universidad

Luis Espinosa-Arrubarrena Instituto de Geología, Universidad Nacional

Harry F. Filkorn Department of Invertebrate Paleontology, Natural History

Pedro García-Barrera Museo de Paleontología, Departamento de Biología

Katia A. González-Rodríguez Centro de Investigaciones Biológicas, Universidad

Enrique A. González-Torres Instituto de Instituto de Geología, Universidad

Eduardo Jiménez-Hidalgo Universidad del Mar - Campus Puerto Escondido, Km

Leonora Martín-Medrano Museo de Paleontología, Departamento de Biología

Enrique Martínez-Hernández Instituto de Geología, UNAM. Departamento de

Marisol Montellano-Ballesteros Instituto de Geología, UNAM. Circuito Exterior,

Itzia Nieto-López Museo de Paleontología, Departamento de Biología Evolutiva,

Torrey G. Nyborg Department of Natural Sciences, Loma Linda University, Loma

Jorge A. Ortíz-Mendieta Departamento de Paleontología, Museo del Desierto, A.P.

Ernesto Ovalles-Damián Museo Eliseo Palacios Aguilera, Calz. de los Hombres

María del Carmen Perrilliat Instituto de Geología, Universidad Nacional Autónoma

Sara A. Quiroz-Barroso Museo de Paleontología, Departamento de Biología

Elia Ramírez-Arriaga Instituto de Geología, UNAM. Departamento de Paleontología.

Víctor Hugo Reynoso Instituto de Biología, UNAM. Circuito Exterior. Ciudad

Héctor E. Rivera-Sylva Departamento de Paleontología, Museo del Desierto, A.P.

Rubén Rodríguez de La Rosa Departamento de Paleontología, Museo del Desierto,

Francisco Sour-Tovar Museo de Paleontología, Departamento de Biología Evolutiva,

Francisco J. Vega Instituto de Geología, Universidad Nacional Autónoma de México,

Published titles in Topics in Geobiology Book Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii

Chapter 1 Ɣ Geological Setting and Phytodiversity in Mexico

Sergio R. S. Cevallos-Ferriz and Enrique A. González-Torres

Chapter 2 Ɣ Tertiary Palynofloristic Correlations between Mexican Formations with

Enrique Martínez-Hernández and Elia Ramírez-Arriaga

Chapter 3 Ɣ Mesozoic Corals of Mexico

Chapter 4 Ɣ Rudists of Mexico: Historical Aspects and Selected Areas of Research

Chapter 5 Ɣ Mesozoic and Tertiary Decapod Crustacea from Mexico

Francisco J. Vega, Torrey G. Nyborg and María del Carmen Perrilliat

Chapter 6 Ɣ Cretaceous Echinoids of Mexico

Itzia Nieto-López and Pedro García-Barrera

Chapter 7 Ɣ Fossil Ophiuroids of Mexico

Leonora Martín-Medrano and Pedro García-Barrera

Chapter 8 Ɣ Fossil Record of Upper Paleozoic Marine Invertebrates from Mexico

Sara A. Quiróz-Barroso and Francisco Sour-Tovar

K &GXGNQROGPVQHNCTIGOCIOCVKERTQXKPEGU (KI &GXGNQROGPVQHVJG5KGTTC

KK (TCIOGPVCVKQP CPF FKURNCEGOGPV QH EQPVKPGPVCN UGIOGPVU (KI 6JG

KKK /CTKPG TGITGUUKQPU (KI 6JG OCTKPG TGITGUUKQPU VJCV GZVGPUKXGN[

(+)74'56GTVKCT[HQUUKNU(TWKVUKOKNCTVQ+PIC.GCƀGV UKOKNCT VQ 2KVJGEGNNQDKWO

UQOGCTGCUQH%JKCRCU /CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCIC #NUQD[

'04+37' /#46 0'<*'400&'< CPF '.+# 4#/ 4'<

VQVCZCCPFTQYUEQTTGURQPFVQHQTOCVKQPU CTGCU (WTVJGTOQTGVJGTGYGTGEQFKPI

9KVJKP VJG 2CNGQEGPG'QEGPG VKOG KPVGTXCN 4QUCNGU.QOGNÈ GV CN

1NKIQEGPG +PCFFKVKQPſXG TCPIG\QPGU YGTG GUVCDNKUJGF2UKNCVTKEQNRQTKVGUETCUUWU

/CTVÈPG\Ō*GTP¶PFG\CPF4COÈTG\#TTKCIC C UVWFKGFDQTGJQNGUQHVJG5CP

.CPIGPJGKOGVCN OCFGCRCN[PQNQIKEUVWF[QHCODGTDGCTKPIUVTCVCVJCV

+++ 'URGTCP\C)TQWR 'QEGPG1NKIQEGPG

(+)74'%NCFQITCOYJGTGDTCPEJGUCTGFGſPGF D[ RTGUGPEG QH VCZC 0WODGTU EQTTGURQPF

2CNGQPV5QE/GO ,2CNGQPV 5WRRNRCTVQH R

(+)74'6JG7RRGT,WTCUUKEVTCPUITGUUKQP O[CIQ EQXGTGFCNOQUVſHV[ RGTEGPV QH VJG

5GRCTCVGF RNCVHQTOU GXGPVWCNN[ HQTOGF C OGICECTDQPCVGF RNCVHQTO YJKEJ

(+)74'/GZKECPVGTTKVQT[KPVJG6WTQPKCPUVCIG O[CIQ #HVGT#NGPE¶UVGT

5KGTTC/CFTG 4CFKQNKVGUUR 1EQ\QEQCWVNC

#PIQUVWTC 2NCIKQRV[EJWULCOCKEGPUKU 9JKVſGNF 6WZVNC$GTTKQ\CDCN

1EEWTTGPEG%WTCVKQPCPF+FGPVKſECVKQP QH (QUUKN &GECRQF

.QECNKV[(QTOCVKQP %JKCRCU 'N 'URKPCN 3WCTT[ 5KGTTC /CFTG (QTOCVKQP #IG

(+)74' 1RJVJCNOCRUGWFGU! UR'N'URKPCN 3WCTT[5KGTTC /CFTG (QTOCVKQP %JKCRCU

(+)74' &CMQVKECPEGTCWUVTCNKU4CVJDWP LWXGPKNGURGEKOGP 5KGTTC'N#PVTKUEQ0WGXQ

(IGURE %WVKEWNCT UVTWEVWTG QH %CTEKPGTGVGU RNCPGVCTKWU8GIC (GNFOCPP1ECORQ CPF

CPPKUEQNNGIKVPQVKUQDUGTXCVKQPKDWUGVCFWODTCVKQPKDWUKNNWUVTCVKX 2(FG5KGDQNF #

.KUVQHURGEKGU UV4GRQTV .QECVKQPU

.KUVQHURGEKGU UV4GRQTV .QECVKQPU

.KUVQHURGEKGU UV4GRQTV .QECVKQPU

.KUVQHURGEKGU UV4GRQTV .QECVKQPU

.KUVQHURGEKGU UV4GRQTV .QECVKQPU

$WKVTÎP5$6TGUGURGEKGUFGGSWKPQKFGU 'EJKPQFGTOCVC'EJKPQKFGC FGN%TGV¶EKEQ5WRGTKQTFG

.'1014#/#46 0/'&4#01CPF2'&41)#4% #$#44'4#

3WKTQ\$CTTQUQCPF5QWT6QXCT DTKGƀ[ FGUETKDGF C 2CNGQ\QKE QRJKWTKPKF

YJGTGCU#RRNGICVG CPF'URKPQUC#TTWDCTTGPCCPF#RRNGICVG RTGUGPV

/CTVKP/GFTCPQKPTGRQTVGFVJGſTUV TGEQTF QH CP QRJKWTQKF DGNQPIKPI VQ VJG

(+)74' &QTUCN UWTHCEG QH VJGQRJKWTQKFURGEKOGPHTQO%QCJWKNCTGRQTVGFD[/CTVKP

URKPGUEQORTGUUGFVQVJGDQF[CTO (KIWTG 6JGUGHQUUKNQRJKWTQKFUUJQYCHſPKV[

6#:# (14/#6+10%1..'%6+10 4'('4'0%'

(+)74'+OCIGQDVCKPGFYKVJUECPPKPIGNGEVTQPOKETQUEQRG Z &GVCKNQHFQTUCNRNCVGU

#RRNGICVG52#P1XGTXKGYQHVJG%TGVCEGQWUſUJGU QH VJG 3WCTTKGU PGCT 6GRGZK FG 4QFTÈIWG\

6JGVGEVQPKEGXQNWVKQPQH/GZKEQKUCRGEWNKCTCPFFKHſEWNV RTQDNGO #NVJQWIJ